Disclaimer: Forward Looking Statements

Disclaimer: Forward Looking Statements

This presentation/announcement may contain forward looking statements with projections regarding, among other things, the Company’s strategy, revenues, earnings, trading profit, trading margin, finance costs, tax rate, capital expenditure, dividends, cash flow, net debt or other financial measures, the impact of foreign exchange fluctuations, the impact of raw material fluctuations and other competitive pressures. These and other forward looking

statements reflect management expectations based on currently available data.

However actual results will be influenced by, among other things, macro-economic conditions, food industry supply and demand issues, foreign exchange fluctuations, raw material and commodity fluctuations, the successful

acquisition and integration of new businesses, the successful execution of business transformation programmes and other, as of today, unknown factors and therefore actual results may differ materially from these projections.

These forward looking statements speak only as of the date they were made and the Company undertakes no obligation to publicly update any forward looking statement, whether as a result of new information, future events or otherwise.

H1 2015 Interim Management Report

Review of

Business

Financial

Review

Outlook &

Future

Prospects

+2.7%

+40bps

H1 2015: Results Highlights

›

Adjusted EPS* increased 8.1% to 124.5 cent

›

Group revenue at €3.0 billion reflecting 2.7% volume growth

›

Group trading margin up 40bps

›

Ingredients & Flavours +40bps

›

Consumer Foods +20bps

›

ROACE* 14.1% (H1 2014: 14.3%)

›

Free cash flow €192m

›

Interim dividend increased by 11.1% to 15.0 cent

+8.1%

+14.1%

+11.1%

H1 2015 Overview

› Changing marketplace, ‘New Consumer’ trends

› Changing retail and foodservice dynamics

› Increased volatility, impact of currency movements

› Developed markets: broadly stable but repositioning for evolving market conditions

› Developing markets: geopolitical issues persist but zones more stabilised

› Kerry Strategic growth platforms well positioned to respond to customer requirements

› Innovation & Technology network providing speed to market

› Solid innovation platform through ‘clean label’, ‘free from’ nutritional & wellness offerings

› Technology development – organic and acquisition investment

Revenue & Margin Overview

€3,028m

Volume: +3.0%

Margin: +40bps

€2,318m

€749m

INGREDIENTS & FLAVOURS CONSUMER FOODS

Volume: +2.7%

Margin: +40bps

Volume: +1.9%

Margin: +20bps

Business Review – Ingredients & Flavours

› Volume +3.0% and pricing (2.8%) › Trading profit +12.3%

› Margin growth of 40bps

› Taste & Nutrition platforms sustain business development › Solid performance in American markets

› Acquisition of Insight Beverages, KFI Savory and Baltimore Spice › EMEA developed markets stabilised – encouraging innovation pipeline

› EMEA developing markets – continued market development despite geopolitical issues › Acquisition of IOI Loders Croklaan and PST

› Slowdown in Asia economic growth but good Kerry business development › Strong growth in nutritional & wellness applications

H1 2015 GROWTH

Revenue €2,318m +3.0%*

Trading profit €281m +12.3%

Ingredients & Flavours Revenue Analysis

Americas +3.3%

EMEA +0.7%

Asia-Pacific +7.2%

Total +3.0%

REVENUE BY TECHNOLOGY* H1 2015 YEAR ON YEAR VOLUME GROWTH

Savoury & Dairy 41%

Beverage 20%

Cereal & Sweet 17%

Functional Ingredients | Pharma 14%

Regional Technologies 8%

* As at 31 December 2014

Taste &

Nutrition

Business Review – Consumer Foods

› Volume +1.9% and pricing (2.6%) › Margin growth of 20bps

› Portfolio repositioning to-date delivering against changing consumer environment › MBO of ‘Direct-to-Store’ completed in H1

› Acquisition of Rollover Ltd (UK) – extending Kerry Foods’ ‘hot-to-go’ offering › Strong growth in snacking and meal solutions

› Good growth in chilled meals and recovery in frozen › Mattessons Fridge Raiders +8% YOY

› Promotional activity impacting UK sausage category › Spreads decline in line with category performance › Denny Gold Medal performing well in Ireland

› Successful launch of ‘Fire & Smoke’ range › Charleville solid performance in cheese

› Cheestrings – continued growth in France, Germany and Poland

H1 2015 GROWTH

Revenue €749m +1.9%*

Trading profit €60m (3.9%)

Brian Mehigan CFO

Financial

Highlights

124.5 cent

€300m

€3,028m

Solid Financial Performance in a Changing Market

›

Changing consumer and economic environment

›

Input cost deflation

›

Financial market volatility

›

1 Kerry investment

H1 2015 Financial Highlights

Note:* before brand related intangible asset amortisation and non-trading items (net of related tax)

+2.7% volume growth

€3,028m

Revenue

+9.0%

€300m

Trading profit

+40bps

9.9%

Trading margin

+8.1%

124.5 cent

Adjusted EPS*

+22.0%

135.2 cent

Basic EPS

Strong cash

generation

€192m

Free cash flow

Revenue Analysis

€2,893m

H1 2014

€3,028m

H1 2015

8.4%

(3.8%)

(2.7%)

2.7%

4.7%

€3,028m €2,318m €749m 0 500 1,000 1,500 2,000 2,500 3,000

Group Ingredients & Flavours Consumer Foods

Revenue – Volume Growth Ahead of Markets

Volume Price (2.7%) +2.7% (2.8%) +3.0% (2.6%) +1.9% 14

Continued Trading Margin Expansion

Group Ingredients & Flavours Consumer Foods

Margin Progression Trading Margin % 9.9% +40 bps 12.1% +40 bps 8.0% +20 bps

Trading Margin Progression H1 2015 – Group

Net price Currency Kerryconnect / pension

Disposals / acquisitions

H1 2015

Free Cash Flow (€m)

H1 2015

H1 2014

Trading profit

300

275

Depreciation (net)

61

52

Movement in average working capital

9

(73)

Pension contributions paid less pension expense

(24)

(21)

Finance costs

(22)

(21)

Taxation

(13)

(12)

Free cash flow before expenditure

311

200

Capital expenditure (net)

(119)

(98)

Financial Ratios

BANKING RATIOS

H1 2015

H1 2014

Net debt: EBITDA*

1.6x

1.5x

EBITDA: net interest*

19.4x

13.3x

RETURN RATIOS

ROAE**

18.1%

18.2%

ROACE**

14.1%

14.3%

CFROI

10.9%

10.7%

Note: * calculated in accordance with lender covenants

Maturity Profile of Net Debt (€m)

H1 2015 H1 2014

Weighted average maturity years 6.1 5.8

(178) 34 0 151 479 85 654 52 (240) (140) (40) 60 160 260 360 460 560 660 2015 2015 2016 2017 2020 2022 2023 2025

Acquisition and Disposal Update

ACQUISITIONS COMPLETED

Taste Nutrition Developing Markets Consumer Foods

ACQUISITIONS SIGNED

PST

Baltimore Spice

IOI Loders Croklaan JV

Taste Nutrition Developing Markets Consumer Foods

20

DISPOSALS COMPLETED

Pinnacle lifestyle bakery Direct-to-Store business

FINANCE

COSTS

€36.3m – an increase of €4.4m due primarily to exchange rate and

pension finance

Other Financial Matters

CURRENCY

Annual impact in line with previous guidance

PENSION

Net pension deficit €361m – cost up significantly and actions being

taken to address

KERRYCONNECT

Deployment on track in EMEA and Asia-Pacific. Incremental costs

year-on-year €11m as previously guided

Kerry Investor Day 2015

Kerry Investor Day 2015

Kerry Global Technology and Innovation Centre, Naas

15 October 2015

Stan McCarthy

CEO

Outlook and

Future Prospects

The Changing Marketplace – ‘New Consumer’

The ‘New Consumer’ consumption and shopping trends present challenges for

traditional food retailers and CPG companies

›

Demographics

›

Attitude

›

Pace of life

›

Awareness

› Shopping for immediate satisfaction – 25% of all meals consumed by millennials

include items purchased the same day › Use of mobile technology

› Seeking total value, freshness, experience › Creating, customising solutions

› Active co-creators of content, products and experiences

› Looking at back-of-pack in detail

The Changing Marketplace – New Shopper Behaviour

› Same weekly shopping list › Lowest price, multi buys › Shopping for solutions

› Passive recipients of brand communications › On pack marketing/messaging

The Changing Marketplace – Foodservice/Retail Trends

Better For You

Fresh & Clean

‘clean label’

Customisation

making every experience personal, fun and interactive

Snacking

Premiumisation

and artisanal products

Indulgence

dessert inspired everything

The Changing Marketplace – Development Driven by

Foodservice Trends

The foodservice channel continues to grow and steal consumer share from retail.

Growth broadening from the QSR sector to fast casual, c-stores and supermarket

foodservice segments

›

Global chain / QSR sector diversifying

menu offerings

›

Street / brand sector suppliers achieve

solid growth

›

LTOs play a significant role in driving

restaurant traffic

›

Local / regional cuisines are

outperforming

›

Growth of digital marketing,

engagement and e-commerce

›

Requirement for innovative,

customised solutions

Kerry Market Positioning

› Market leading Taste & Nutrition platforms

› Authentic Taste portfolio

› Depth of Nutrition & General Wellness capability

› Global Technology Application and Culinary leadership

› Speed of innovation

› Accelerating growth in Developing Markets

› Expanding global Foodservice portfolio and growth platforms

› Global and regional customer alliances

Key Nutrition Market Segments Linked to Life-stages

Rapid growth & development Learning & development. Physical and emotional maturing Lifestyle factors, maternal health Maintenance/ prevention

Specific health issues arise/manage health issues

e.g. EPA/DHA, Calcium, Vit A,C,D Protein Iron

e.g. EPA/DHA, Calcium, Vit A,C,D Protein Iron, Wholegrain Probiotics, superfoods, protein, natural ingredients e.g. wholegrains, probiotics, plant sterols, protein, calcium

e.g. protein, calcium, vitamin D, etc.

Growth &

development, brain, bone & digestive health, food intolerance and allergies

Growth &

development, brain, bone, digestive & immune health, food intolerance and allergies General wellness, weight management, performance, nutrition, maternal nutrition Weight management & diabetes, bone, cognitive, heart, immune, muscle & digestive health

Digestive, bone, heart, immune & cognitive health, malnutrition, weight management & diabetes, critical care

Demographic

Health Focus

Infant &

Toddlers

Children &

Adolescents

Early

Adulthood

Healthy

Ageing

Seniors

Ingredients

Examples

Key

Nutritional

Requirements

Kerry Nutrition & Wellness – Food and Beverage Focus

‘FREE FROM’

Category

Description

Examples

‘BETTER-FOR-YOU’

‘GOOD-FOR-

YOU’

‘TAILORED-

FOR-YOU’

Avoidance

Moderation

Balance &

Positive Nutrition

Targeted Nutrition

Food Intolerance Low/No/Reduced Lactose Gluten Free Clean/Cleaner Label Protein Fortification Vegetable | Dairy Carbohydrate Quality

Fibre – Prebiotics | Wholegrains

Healthy Lipids

Trans & PHO Replacement | Healthy Oils

Micronutrient Fortification

Minerals Enrichment | Vitamins Enrichment

Naturally Good For You

‘Free-from’ or ‘zero’ variants of products. For

consumers who seek to eliminate particular nutrients or food types due to health concerns

Products with ‘diet’, ‘low’ or ‘less’ tags. For

the high majority of consumers who believe

that unhealthy indulgences need to be

moderated for a balanced diet and can be replaced with a guilt free

option

Functional products, ‘superfoods’ and natural

foods. For self-accountable consumers

who believe that diet and nutrition is an important route to

wellness

For individuals within the broader population who

have specific nutritional needs based on their need-state and life-stage.

E.g. infants, athletes, seniors and individuals

with specific medical conditions such as diabetes Reduced Sugar Reduced Salt Reduced Fat Balanced Choice

Infant & Toddler Nutrition Performance Nutrition

Healthcare Nutrition (including all need-states)

Weight Management

Kerry Global Foodservice Strategy

Kerry Focus:

Foodservice channel including C-stores in developed and developing markets.

Global, Regional & Local cuisines and customised solutions

›

Continue to drive growth in

Foodservice Channel through

Chain Menu innovation and

brand expansion

›

Leverage all Kerry

Dual Strategy

Global Foodservice

Chain Strategy

Global Foodservice

Brand Strategy

Consumer Foods: Market Dynamics

Kerry Foods Positioning

›

Recovery is firmly on the horizon

›

Unemployment falling

›

Average earnings growth vs cost

of living

›

Consumer confidence on the rise

›

More channels, more fragmented,

more complex

›

Growth of discounters

›

Growth of online

UK & Ireland

›

Repositioned portfolio

›

Brand leadership

›

Diversified channel and customer base

›

Outperforming etail growth rates

›

Focus on growth categories

›

Snacking, food-to-go, meal

solutions

›

Insulated by technology

›

Growing international presence

Kerry Foods Today

2015 Outlook: Summary

›

Focused and well positioned for changing marketplace

›

Taste, Nutrition & Wellness platforms aligned to retail and foodservice dynamics

›

Repositioned Kerry foods portfolio aligned to snacking, meal solutions and channel

diversification

›

Underpinned by Kerry Technology & Innovation Network

›

Speed to market

›

Solid innovation

›

Kerry ‘Chain’ and Brand strategies delivering good growth in Foodservice

›

Solid opportunities for growth in developing markets

›

Strong balance sheet and cash generation

›

Busy acquisition pipeline

Based on Group year-to-date performance, current exchange rates and

business momentum, we are increasing our full year guidance. We expect to

achieve 6% to 9% growth in adjusted EPS* in 2015

Questions

and Answers

Additional

Information

Business Review – Ingredients & Flavours Americas

›

Volumes +3.3%, pricing (2.0%)

›

Solid Kerry performance – outperforming industry growth rates

›

Taste technologies delivering innovation in retail and foodservice channels

›

Progress through ‘clean label’ technology in meat and bakery sectors

›

Brazil impacted by inflationary pressures

›

Good growth in savoury snacks in Mexico and Central America

›

Seasonal launches in ice cream offset decline in sweet sector

›

Continued growth in Beverage Flavours and Systems

›

Good performance in Kerry brands and foodservice channel

›

Acquisition of Insight Beverages, KFI Savory and Baltimore Spice

H1 2015 GROWTH

Revenue €1,080m +3.3%*

Business Review – Ingredients & Flavours EMEA

›

Volumes +0.7%, pricing (3.8%)

›

Stabilised overall market but consumer spend constrained

›

Geopolitical issues persist in developing zones

›

Encouraging innovation pipeline assisted by Global Centre in Ireland

›

Improved performance in Sub-Saharan Africa and MENAT

›

Good Kerry development in Russia despite impact of trade sanctions

›

Beverage Systems & Flavours maintain solid growth

›

Growth through dairy systems in foodservice

›

Continued growth in nutritional applications due to investment programme in Ireland

›

Primary dairy market returns significantly reduced

H1 2015 GROWTH

Business Review – Ingredients & Flavours Asia-Pacific

›

Volumes +7.2%, pricing (2.4%)

›

Good Kerry market development despite reported lower level of economic activity

›

Solid requirement for innovation – particularly through nutritional and wellness

applications

›

Growth of e-commerce in Chinese infant nutrition sector

›

Dairy Systems & Flavours delivering in Indonesia, the Philippines, China and Vietnam

›

Strong growth in foodservice channel – premium sauces and beverage systems

›

Foodservice brands extended to new territories

›

Excellent progress in India through beverage flavours, dairy flavours, emulsifiers, texturants

and meat systems

›

Australia and New Zealand impacted by industry competitive issues

›

Sale of Pinnacle lifestyle bakery in Australia completed in May

H1 2015 GROWTH

Revenue €414m +7.2%*

Revenue Growth Components H1 2015

VOLUMES PRICE TRADING

CURRENCY LIKE-FOR-LIKE REPORTING CURRENCY DISPS/ ACQS TOTAL Ingredients & Flavours 3.0% (2.8%) 0.0% 0.2% 8.8% (0.4%) 8.6% Consumer Foods 1.9% (2.6%) 0.2% (0.5%) 6.7% (12.6%) (6.4%) Group 2.7% (2.7%) 0.1% 0.1% 8.4% (3.8%) 4.7%

Trading Margin by Business

H1 2015 H1 2014

TRADING TRADING FY 2014

REVENUE PROFIT REVENUE PROFIT MARGIN

€M €M % €M €M % %

Ingredients & Flavours 2,318 281 12.1% 2,133 251 11.7% 13.7%

Consumer Foods 749 60 8.0% 801 62 7.8% 8.3%

Eliminations/unallocated (39) (41) – (41) (38) – –

Group 3,028 300 9.9% 2,893 275 9.5% 11.1%

EPS Reconciliation

H1 2014

H1 2015

GROWTH

€ CENT

€ CENT

%

110.8

Basic EPS

135.2

22.0%

4.3

Brand related intangible asset amortisation

4.8

0.1

Non-trading items (net of related tax)

(15.5)

Net Debt (€m) as at 30 June 2015

@ FLOATING

@ FIXED

DEBT

RATES

RATES

Euro

598

293

305

Sterling

–

–

–

US Dollar

844

531

313

Other

13

13

–

Gross debt

1,455

837

618

Cash

(178)

(178)

–

Net Debt

1,277

659

618

Gross Debt

100%

58%

42%

Net Debt

100%

52%

48%

Weighted average period for which rate is fixed: 6.1 years

Currency Basket – Tailwind to Soften in H2

H1 2015 June m/e

2015 2014

Free Cash Flow of €1.6bn Over 5 Years

2014 2013 2012* 2011 2010

€M €M €M €M €M

Trading profit 636 611 559 501 470

Depreciation (net) and impairment 104 109 114 101 148

Movement in working capital (59) (9) (41) (4) (21)

Pension contributions paid less pension expense (48) (36) (30) (34) (41)

Capital expenditure (net) (257) (177) (156) (162) (139)

Finance costs (42) (50) (49) (47) (58)

Taxation (31) (36) (53) (76) (54)

Free cash flow 303 412 344 279 305

Note: * 2012 restated due to adoption of IAS 19 (2011) ‘Employee Benefits’ and movement on working capital calculated on an average basis for

Group Long Term Targets (5 Years 2013-2017)

Return

ROACE* 12%+

CFROI 12%+

ROAE*15%+

Adjusted EPS* Growth +10% p.a. by

VOLUME GROWTH

Ingredients & Flavours

4% to 6% p.a.

Consumer Foods

2% to 3% p.a.

Group

3% to 5% p.a.

(assumes market growth rate of 2% to 3% p.a.)**

MARGIN EXPANSION

Ingredients & Flavours

50bps p.a.

Consumer Foods

20bps p.a.

Group

30bps p.a.

Shareholder Analysis

Ireland 2%

Continental Europe | Rest of World15%

Shares in issue at 30 June 2015: 175,875,719 North America 20%

UK 18%

Kerry Co-operative14%

Retail 31%