Disclaimer: Forward Looking Statements

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1 20 February 2018

2 Disclaimer: Forward Looking Statements This presentation/announcement may contain forward looking statements with projections regarding, among other things, the Group 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. Therefore actual results may differ materially from these projections. These forward looking statements speak only as of the date they were made and the Group undertakes no obligation to publicly update any forward looking statement, whether as a result of new information, future events or otherwise. Kerry

3 2017 Kerry

4 2017 Highlights Strong volume driven performance ahead of our markets R&D, Capital and M&A enhancing our foundational technologies and expanding our routes to market Strategy & Business Model for growth 4.3% 1.3% Taste Master Tianning Ben Alimentos Ganeden Dottley Spice Kettle (Tyson) Hasenosa Market Kerry Kerry

5 2017 Performance Delivering Growth & Return Volume (LFL) Trading Margin Adjusted EPS* (CCY) Volume (LFL) +4.3% Trading Margin 12.2% Adjusted EPS (CCY) +9.4% ROACE* Free Cash Flow Dividends Note: * before brand related intangible asset amortisation and non-trading items (net of related tax) 1 expressed as a percentage of adjusted earnings after tax Kerry

6 Market Overview Consumer revolution continues Growth in out-of-home consumption Geopolitical and regulatory changes Channel proliferation Increased demand for speedy innovation Varied economic growth and currency volatility Health & wellness drives growth of clean label Elevated taste requirements Growth of plant based proteins and flexitarianism Convenience demands broaden channel development Developing markets represent 97% of global population growth Increased middle class demographic and spend General wellness and convenience driving Taste & Nutrition led innovation Food safety and quality prioritised Technology driving channel diversification Kerry

7 Revenue and Margin Growth 6,408m Volume +4.3% Margin +0bps 5,159m Volume +4.7% Margin +20bps 1,331m Volume +2.4% Margin (70bps) Kerry

8 Business Review Taste & Nutrition Revenue 5,159m +4.7%* Trading profit 767m +7.1% Trading margin 14.9% +20bps Volume growth ahead of our markets: continued development through global, regional and local customer engagement strong growth in clean label, natural extracts and our nutritional portfolio Good growth in Americas; good recovery in EMEA; double digit growth in Asia Foodservice & C-store strong performance globally, led by growth in Meat, Snacking & Beverage applications Price inflation of 2.0% reflecting our customer pricing pass-through model Margin progression underlying growth driven by operating leverage, portfolio enhancement & efficiencies 5.4% 5.1% 4.1% 4.2% Q1 Q2 Q3 Q Note: * volume growth Kerry

9 Business Review Taste & Nutrition Business Growth by Region 11.1% 4.7% 4.2% 3.3% AMERICAS EMEA APAC T&N Developed clean label and elevated taste, strong catalysts for innovation Strong performance in Meat, Snacking and Beverage EUMs Developing Brazil delivering good growth, Mexico and Central America sustained development Foodservice and convenience provide solid innovation opportunities Developed good growth through Authentic Taste into Beverage, Meat and Dairy EUMs Developing Russia performing well. Improved performance in Sub-Saharan Africa and MENAT Foodservice strong H2 volumes from seasonal products/ltos Lower dairy market pricing in H2 Regional developing markets excellent growth and development Regional foodservice growth highly favourable Strong growth Meat, Dairy and Beverage EUMs Continued M&A and organic investment for growth Acquisition integration & footprint expansion progressing well DEVELOPED DEVELOPING REVENUE REVENUE REVENUE Note: third party revenue Kerry

10 Our Taste & Nutrition Business Today 16% Meat +6.2% Savoury & Dairy Systems & Flavours +4.8% Beverage Systems & Flavours +7.9% Pharma/Functional Ingredients (1.3%) Cereal & Sweet Systems & Flavours Regional Ingredients 13% Bakery & Confectionery 12% Cereal, Sweet & Other 11% Meals 10% Dairy 7% Snacks 26% Beverages 5% Pharma Kerry

11 Business Review Consumer Foods Revenue 1,331m +2.4%* Trading profit 108m (8.1%) Trading margin 8.1% (70bps) Volume growth led by strong growth in food-to-go and snacking Inflationary environment with 2.0% average pricing Innovations good performance with better-foryou, authentic meals Frozen retail category remains challenged Richmond successful relaunch Spreads spreadable butter technology winning Fire & Smoke range performing strongly 2.3% 2.3% 2.8% 2.4% Underlying margin improvement more than offset by 100bps fx headwind New strategic plan and new structures to deliver growth Meat snacking growth led by Fridge Raiders Dairy snacking good development through branded innovations Food-to-go solutions Rollover and Wall s driving growth with new listings New channels strong growth through new launches. New direct-to-consumer platform Q1 Q2 Q3 Q Note: * volume growth Kerry

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13 Strong Underlying Financial Performance Developing Kerry s business model for tomorrow s world Delivering continued strong volume growth Managing input cost environment Working through currency volatility Generating cash for growth 3.8% 3.9% 4.8% 4.7% 501m Q1 Q2 Q3 Q STG USD Sources: FAO annual food price index, ECB foreign exchange rates, Kerry market estimates Kerry

14 2017 Financial Highlights Revenue +4.3% volume growth Trading profit Growth of 31m Trading margin Adjusted EPS* Flat year on year +5.5% equating +9.4% CCY Basic EPS +10.1% Free cash flow 83% conversion 1 Note: * before brand related intangible asset amortisation and non-trading items (net of related tax) 1 expressed as a percentage of adjusted earnings after tax Kerry

15 FY 2017 Currency Dynamics 3-4% of Group Revenue net euro sterling exposure Group Revenue Kerry

16 Revenue Growth Analysis ,131m ,408m 4.5% Volume Volume 4.3% 3.6% Translation currency Transaction currency Price Acquisition/ disposal (2.4%) (0.2%) 2.0% 0.8% Kerry

17 Revenue Continued Volume Growth Ahead of Markets 3.6% 4.3% +4.3% 6.4b +1.3% +4.7% 5.2b +1.4% 3.8% 3.0% 2.4% +2.4% +0.8% 1.3b Group Taste & Nutrition Consumer Foods Kerry volume growth Market volume growth* * Kerry market estimates based on published data and company volume disclosures Kerry

18 Trading Margin Achieved Expansion as per Plan 12.2% 12.2% 14.9% 12.2% 781m 0 bps +20bps 11.5% 750m 781m 767m 11.1% 700m 10.5% 8.1% 9.6% 611m 636m -70bps 108m 2012* Group Taste & Nutrition Consumer Foods 2017 Trading margin % 2017 Margin progression Note: * base year for current 5 year plan 2012 restated due to adoption of IAS 19 (2011) Employee Benefits Kerry

19 Trading Margin Breakdown 2016 Operating leverage / Portfolio mix Net price Efficiencies R&D Kerryconnect Currency Acquisitions 2017 Kerry

20 Free Cash Flow Strong Performance Trading profit Depreciation (net) Movement in average working capital Pension contributions paid less pension expense (95) (118) Cash inflow from operations Finance costs (60) (62) Taxation (55) (57) Capital expenditure (net) (297) (210) Free cash flow Cash conversion* 83% 100% Note: *free cash flow as a % of adjusted earnings after tax Kerry

21 Financial Ratios Net debt: EBITDA* Max 3.5x 1.4x 1.5x EBITDA: net interest* Min 4.75x 16.2x 14.0x ROACE¹ 12% 13.0% 12.9% ROAE¹ 15% 15.7% 16.5% CFROI 12% 10.9% 12.8% Note: * calculated in accordance with lender covenants ¹ before brand related intangible asset amortisation and non-trading items (net of related tax) Kerry

22 Non-Trading Items Net Credit of 10m Charge of 12m Brexit mitigation plan progressing reducing sterling transaction currency exposure restructuring less profitable businesses executing the KerryExcel cost optimisation programme Charge of 36m integration of 2017 acquisitions, along with other recent major acquisitions, particularly Red Arrow and Island Oasis Income of 53m deferred tax assets and liabilities revalued post US Tax Cuts and Jobs Act resulted in a non-cash deferred tax credit in FY 2017 Taste Master Tianning Ben Alimentos Ganeden Dottley Spice Kettle (Tyson) Hasenosa Kerry

23 Other Financial Matters Decrease of 4.8m to 65.6m principally due to cash generation and bond repayment Cash contributions made to de-risk pension plans Deficit down to 102m at year end 2017 ETR of 13.4% maintain expectation of similar rate post US tax reform 2017 inflationary effect, with markets softening in H2 Continuing currency headwinds both translation and transaction Translation (4%) (7%) Transaction (3%) (2%) Kerry

24 Performance Versus 5 Year Group Targets ( ) Volume Growth Trading Margin Expansion Adjusted* EPS Growth 3.0% 2.4% 3.8% 3.6% 4.3% + Total +70 bps +260bps +40 bps +60 bps = +90 bps ROACE* ROAE* CFROI* X 14.2% 14.4% 13.6% 12.9% 13.0% 18.0% 18.6% 17.5% 16.5% 15.7% 12.6% 11.3% 12.8% 10.9% 9.1% *Calculated before brand related intangible asset amortisation and non-trading items (net of related tax) ¹ Growth in constant currency as per target (adjusted EPS in Euro shown above) Kerry

25

26 Consumer Revolution: Unprecedented Change & Opportunity Source: Kerry analysis & insight, The Brookings Institution Kerry

27 Kerry Positioned to Win Across the Global Marketplace Profound consumer led food revolution at unprecedented pace Highly fragmented marketplace Projected short to medium term market growth of 1-3% Kerry s Holistic Business Model delivering right across all market sectors and geographies Local Regional Top 10 Globals Smaller Globals Local Top 10 Globals Regional Smaller Globals Local Regional Top 10 Globals Smaller Globals Source: Kerry Internal Estimates, Euromonitor, RTS Food Trending, MC Allegra, Technomic, Globaldata Kerry

28 Taste & Nutrition Kerry

29 Consumer Foods Kerry

30 Drivers of Margin Expansion Leverage 1 Kerry platform New foundation technologies Manufacturing excellence Fragmentation response Leverage routes to market New markets Supply chain excellence Localisation of footprint Leverage customer centres New channels / geographies Commercial excellence Increased R&D Leverage footprint Manage churn with agility Service excellence Kerryconnect/Business Services Kerry

31 Scalable Business Model: Acquisitions Update Taste Master Tianning Ben Alimentos Ganeden Dottley Spice Kettle (Tyson) Hasenosa Oakhouse Hangman SIAS Season to Season Kerry

32 Outlook 2018 Continued performance ahead of our markets Taste & Nutrition: good growth prospects, in particular in developing markets, while bearing in mind strong EMEA comparatives in 2017 Kerry Foods: new strategies & structures to deliver growth against the backdrop of a cautious consumer and Brexit challenge Continued strength of Euro currently representing an EPS translation headwind of 7% Continued investment to meet needs of fragmented marketplace and realisation of growth opportunities Scalable business model through continued organic and M&A investment Note: * before brand related intangible asset amortisation and non-trading items (net of related tax) Kerry

33

34

35 Exchange Rate Movements 3% USD CAD MXN BRL CNY MYR AUD GBP ZAR RUB (0%) (1%) (4%) (5%) (7%) (7%) (8%) (10%) (11%) * Spot exchange rates as of 16 February 2018 Kerry

36 Revenue Growth Components FY 2017 Taste & Nutrition 4.7% 2.0% 0.0% (1.9%) 0.9% 5.7% Consumer Foods 2.4% 2.0% (0.9%) (3.8%) 0.2% (0.1%) Group 4.3% 2.0% (0.2%) (2.4%) 0.8% 4.5% Kerry

37 Trading Margin by Business Taste & Nutrition 5, % 4, % Consumer Foods 1, % 1, % Eliminations/unallocated (82) (94) (82) (83) Group 6, % 6, % Kerry

38 EPS Reconciliation Adjusted EPS* % Brand related intangible asset amortisation (13.4) (13.1) Non-trading items (net of related tax) 5.8 (7.4) Basic EPS % Note: * before brand related intangible asset amortisation and non-trading items (net of related tax) Kerry

39 Free Cash Flow 5 Year History Trading profit Depreciation (net) and impairment Movement in average working capital (2) (59) (9) Pension contribution paid less pension expense (95) (118) (57) (48) (36) Capital expenditure (net) (297) (210) (229) (257) (177) Finance costs (60) (62) (47) (42) (50) Taxation (55) (57) (38) (31) (36) Free cash flow Cash conversion 83% 100% 85% 62% 91% Note: * free cash flow as a % of adjusted earnings after tax Kerry

40 Net Debt ( m) as at 31 December 2017 Euro 1, Sterling 1 1 US dollar Other Gross debt 1, Cash (313) (313) Net debt 1, Gross debt % 60% Gross debt % 65% Kerry

41 Maturity Profile of Net Debt Strong Balance Sheet Position Kerry

42 Strong Earnings Growth While Maintaining Return on Capital Employed ROACE* % EPS* Cent % % 10% % 6% % 100 2% 50 0% EPS* ROACE* Note: * before brand related intangible asset amortisation and non-trading items (net of related tax) Kerry

43 Leader in R&D and No. 1 in Developing Markets Kerry Peer 2 Peer 3 Peer 1 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 Peer 11 Peer 12 Peer 13 1,347 1, Kerry Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 Peer 11 Peer 12 Peer 13 Kerry estimates based on most recent accounts published Kerry

44 Shareholder Analysis North America 19% UK 14% Continental Europe Rest of World 22% Ireland 3% Shares in issue at 31 December 2017: 176,182,405 Kerry

45 20 February 2018

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