Kerry Group Profile

Largest ingredients & flavours business in the world Global No 1 by scale and technology Blue-chip customer base Broad geographic spread sales in 140 countries Unrivalled technology synergies, end-use market focus and applications expertise, supported by industry leading Centres of Excellence Leading UK/Irish supplier of branded and customer branded foods Category leader chilled cabinet Brand leaders in Irish & UK markets Leader in selected customer branded growth categories Unrivalled route to market including dedicated distribution network in Ireland & UK

Kerry Ingredients & Flavours Worldwide Locations

Manufacturing Plants Sales Offices

Ingredients & Flavours Strategic Evolution

1992Expanded Food Ingredients Platform Globally (Europe, Latin America, Asia Pacific)

1989 Develop NA Food Ingredients Platform (Beatreme Food Ingredients)

1986 Publicly Traded as Kerry Group PLC (access to funds for growth)

1983 Kerry Foods Ireland Established (Retail Dairy Products and Chilled Foods)

1974 Listowel Plant Opens (milk collection, processing and Protein Dairy Technology)

Ingredients & Flavours Strategic Evolution

2009 One Kerry Strategy for Kerry Worldwide Disposal of Fragrance and Yog Fruit 2007 One Kerry Strategy for the Americas Combined functional ingredients, flavours, and ingredient systems to form integrated Food & Beverage Platforms 2004 Developed Global Functional Bio-Ingredient Platform Quest Ingredients (Global) Emulsifiers and Fermented Ingredients 2002-2006 Developed Beverage Ingredients and Systems Platform Stearns & Lehman (Syrups), DaVinci Gourmet (Syrups), Extreme Foods (Smoothies) 2000 2006 Developed Global Flavour Platform (Beverage Focus) SunPure (US), Manheimer (US), Metrarom (CAN), Crystals International (US), San Giorgio (Italy)

Kerry Technology Evolution

Leading Ingredients and Flavours Companies

Revenue m

Kerry is the largest player in the ingredients and flavours market Highly fragmented, but growing market ($50bn) Benefits to being a scale player Consolidation potential

Most recently published results

Industry Supply Chain

Retail Brands

Functional Ingredients
Emulsifiers Enzymes Cultures Hydrocolloids Colours Proteins Flavours

Customised Ingredient & Flavour Systems

Kerry is the leader in the development of a new sector of the supply chain: supplying Customised Ingredient & Flavour Systems that provide marketeers with components that speed product development and reduce manufacturing investment. For example, where does. An Ice Cream mfr. get Cookie Dough? A Frozen Dinner mfr. get Cheese Sauce? A Bakery get Coloured Sprinkles? A Beverage mfr. get Stabilized Coffee extract? A Nutrition Bar mfr. get High Protein Crisps? From Kerry!

Store Brands

Commodities
Dairy Flour Fruits Oils Soya Spices Starch Sugar

Restaurants

Leveraging Kerry Technologies Example Culinary Applications

Cold Form Extrusion FlavorCore FILLINGS Bake-stable Cheese & Dairy Vegetables Meat Poultry Mimix

FLAVOURS Dairy Powders Savory Flavours Meat Flavours Vegetable, Herb & Spice Flavours Savoury Flavour Modulators Cheese-based Flavours Dairy-based Flavours Smoke Flavours

SAUCES Savoury Cheese & Dairy Sweet

COATINGS Bakable Coatings Crumbs Blended Breaders Batters Predusts & Matrices

Fibre Fortified

Leveraging Kerry Technologies

HOT EXTRUSION Rice crisp Soy crisp Fruit / vegetable Shapes Colours Flavours SOLNUTS Flavour infused

EXTRUDED PIECES Sizes and shapes Whole grain Fibre Protein Fruit / vegetable Calcium added Organic

GRANOLA Fruit Whole grain Fibre Protein Multi-grain Organic Flavours

CLUSTERS Fruit Whole grain Fibre Protein Vegetable With & w/out nuts Omega-3 fortified Organic Flavours Preformed

FLAKES Extruded whole grain Fibre Protein Multi-grain Organic Flavours

COATED PIECES Extruded pieces Clusters / granolas Cookie dough Nutty raisins Flavours

Leveraging Kerry Technologies

Fruit Flavours Sweet / Brown Flavours Flavoured Juice Concentrates Flavour Masking Sweetness Enhancement

Dairy Proteins Soya Proteins Low Lactose Proteins Clear Proteins etc.

Emulsifiers Stabilizer Systems Fibre Systems Natural Colour Options

Complete Formulation Aseptic Packaging Retort Plastic Bottles Foodservice Sizing

Kerry Ingredients & Flavours leveraging technology

leadership in global food and beverage markets
Technology
Functional Ingredients 10% Savoury & Dairy Systems & Flavours 47%

Region
Asia-Pacific 15%

EMEA 39%

Americas 46%

End Use Market

Beverage 19% Pharma 4% Confectionery 4% Beverage Systems & Flavours 12% Primary/Regional Ingredients 15% Ice-cream & Frozen Desserts 4% Appetisers & Side Dishes 5% Soups, Sauces & Dressings 5% Prepared Meals 6% Dairy 10% Cereal & Bars 6% Savoury Snacks 7% Meats 18%

Bakery 12%

Cereal & Sweet Systems & Flavours 16%

Based on third party revenue

Ingredients & Flavours: Growth Drivers

Convenience, variety, enhanced nutrition / performance Clean label, low-sodium, low-calorie, hi-fibre, fusion flavours Digestive comfort, bone or heart health wellbeing Satiety control / weight management vs. affordable indulgence Life-stage nutrition Demographics, urbanisation, emerging markets Food safety / security / shelf-life of products Sustainability provenance of raw materials Customer alliances customised solutions

Global Food and Beverage Trends

Sodium reduction Clean labels Food safety

Value

Formula optimization Speed-to-market Technology layering

Health

Indulgence

Portability Ready-to-use Easy preparation

Convenience

Fusion flavours Sensory appeal Culinary touch

Kerry's Competitive Advantage

Customised Ingredient & Flavour systems
Strong customer alliances Technology breadth Layering Applications expertise Consumer & market understanding Flexible manufacturing Global footprint Each Technology area has a distinctive set of Competitors

Kerry Foods An Overview

Category leader - chilled cabinet Brand leaders - Irish and UK markets Customer brands selected markets Manufacturing facilities throughout Ireland and the UK Dedicated distribution network in Ireland and the UK Supplier to all major supermarket groups, convenience stores and independent retailers

Manufacturing Locations
Value Added Dairy Charleville, Ireland Coleraine, N. Ireland Listowel, Ireland Omagh, N. Ireland Ossett, UK Portadown, N. Ireland

3 Dairies (Limerick, Galway, Killarney) Value Added Meat Shillelagh, Ireland Enniskillen, N. Ireland Spalding, UK Meal Solutions Attleborough, UK Burton-on-Trent, UK Food-to-go & Other 40 Depots, UK 12 Depots, Ireland Dublin, Ireland Gainsborough, UK Thurcroft, UK Divisional HQ Egham, UK Carrickmacross, Ireland London, UK Poole, UK Hyde, UK

Leading UK/Ireland Consumer Food Groups

The UK/Ireland food and drink market is worth circa 100bn.
Major food companies in GB/IOI (t/o incl confectionery and beverages)
Premier

Major added value chilled food companies (in GB/IOI)

Nestle

ABF

* * * *

Arla

Kerry

Dairy Crest

Northern

UB

Princes

Kellogg

* Kerry chilled markets

Source: Nielsen, IGD Source: OC&C, Nielsen, TNS, Other

Source: OC&C

Kerry Foods: Market Positioning

#1 UK sausage (Richmond) #2 UK sausage (Walls) Biggest food brand in IRL (Denny) #1 & 2 IRL cooked meats brands (Denny & Shaws) #1 meat snacks (Mattessons) #1 UK chilled ready meals supplier #1 UK frozen ready meals supplier

#1 UK cheese snack (Cheestrings) #1 IRL natural cheese (Charleville & Coleraine) #1 IRL dairy spread (Dairygold) #1 IRL dairy spread supplier #1 UK pvt label dairy spread and cheese supplier #1 UK chilled van sales operation #1 IRL chilled van sales operation #1 IRL sandwich (Freshways)

Kerry Foods: Product Categories vs Market Channels

Kerry Foods On-going Innovation Programme

Consumer Foods Strategy

Continued investment in Fridge Fresh Leverage brand heritage Innovation to lead category growth Continued brand and marketing investment Reposition Irish brands for value-conscious consumer Drive efficiencies through lean programme

Group Goals & Long Term Targets

Group revenue: +2% to +4% (LFL) volume growth Margin: 10% Group margin in 5 years Adjusted EPS* 10%+ ROAE* 15%+ and CFROI 12%+

Note: * before intangible amortisation and non-trading items

2009 Financial Highlights

Revenue 4,521m (4.8%) like-for-like

Trading profit

422m

3.8% like-for-like

Trading margin

9.3%

+80bps

Adjusted profit after tax*

291m

+8.4%

Adjusted EPS*

166.5 cent

+8.2%

Free cash flow

367m

2008: 227m

Note: * before intangible asset amortisation and non-trading items

Interim Management Statement

(AGM 5 May 2010)
Reported revenues up 5.9% on Q1 Continuing business volumes: Group+5.1% Ingredients & Flavours +5.2% Consumer Foods +3.3% Solid business margin improvement: Ingredients & Flavours +70bps Consumer Foods +40bps Ingredients & Flavours: solid project/innovation pipeline layering technologies/cross-selling opportunities Group +50bps

Consumer Foods: brand investment and repositioning to drive growth consolidation in customer branded growth categories

Prospects: Continued Growth in 2010

Strong operating momentum into 2010 organic growth + margin expansion Organisation aligned to economic and market challenges Ingredients & Flavours: Solid project/innovation pipeline Layering technologies/cross-selling opportunities Consumer Foods: Brand investment and repositioning to drive growth Consolidation in customer branded growth categories Strong balance sheet and cash generation

Confident of delivering earnings growth to a range of 182 to 185 cent per share (2009: 166.5 cent)

Group Summary
Global leader in ingredients & flavours Category leader in chilled foods Platform broad technology base wide customer base global geographical spread Business model built for double digit organic growth and return on investment