20 February 2018

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 2018 | 2

2017

© Kerry 2018 | 3

2017 Highlights

Strong volume driven

performance ahead of

our markets

© Kerry 2018 | 4

R&D, Capital and M&A enhancing

our foundational technologies

and expanding our routes to

market

Strategy & Business Model

for growth

1.3%

4.3%

Market Kerry

Taste Master

Tianning

Ben Alimentos

Ganeden

Dottley Spice

Kettle (Tyson)

Hasenosa

2017 Performance – Delivering Growth & Return

© Kerry 2018 | 5

Adjusted EPS (CCY)

+9.4%Volume (LFL)

+4.3%Trading Margin

12.2%

Volume (LFL) Trading Margin Adjusted EPS* (CCY)

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

Market Overview

• Consumer revolution continues

• Growth in out-of-home consumption

• Geopolitical and regulatory changes

• Channel proliferation

• Increased demand for speedy innovation

© Kerry 2018 | 6

• 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

Revenue and Margin Growth

© Kerry 2018 | 7

€6,408mVolume +4.3%

Margin +0bps

€5,159mVolume +4.7%

Margin +20bps

€1,331mVolume +2.4%

Margin (70bps)

Business Review – Taste & Nutrition

• 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

© Kerry 2018 | 8

4.1% 4.2%

5.4%5.1%

Q1 Q2 Q3 Q4

2016 2017

Revenue €5,159m +4.7%*Trading profit €767m +7.1%Trading margin 14.9% +20bps

Note: * volume growth

Business Review – Taste & NutritionBusiness Growth by Region

© Kerry 2018 | 9

3.3%

4.2%

11.1%

4.7%

AMERICAS EMEA APAC T&N

DEVELOPED

• 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

DEVELOPING

• 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

REVENUE REVENUE REVENUE

Note: third party revenue

Our Taste & Nutrition Business Today

© Kerry 2018 | 10

+6.2% Savoury & Dairy Systems & Flavours

+4.8%Beverage Systems & Flavours

+7.9%Pharma/Functional Ingredients

(1.3%)Cereal & Sweet Systems & Flavours

Regional Ingredients

16% Meat

13% Bakery & Confectionery

12% Cereal, Sweet & Other

11% Meals

10% Dairy

7% Snacks

26% Beverages

5% Pharma

Business Review – Consumer Foods

• Volume growth led by strong

growth in ‘food-to-go’ and

snacking

• Inflationary environment with

2.0% average pricing

• Underlying margin improvement

more than offset by 100bps fx

headwind

• New strategic plan and new

structures to deliver growth

Note: * volume growth © Kerry 2018 | 11

Revenue €1,331m +2.4%*Trading profit €108m (8.1%)Trading margin 8.1% (70bps)

2.3% 2.3%

2.8%

2.4%

Q1 Q2 Q3 Q4

2016 2017

• Innovations – good performance with better-for-you, authentic meals

• Frozen – retail category remains challenged

• Richmond – successful relaunch

• Spreads – spreadable butter technology winning

• Fire & Smoke – range performing strongly

• 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

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

Sources: FAO annual food price index, ECB foreign exchange rates, Kerry market estimates © Kerry 2018 | 13

501m

2013 20172015 2016 2017

3.8% 3.9%

4.8% 4.7%

Q1 Q2 Q3 Q4

2016 2017

STG USD

2017 Financial Highlights

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 2018 | 14

Revenue +4.3% volume growth

Trading profit Growth of €31m

Trading margin Flat year on year

Adjusted EPS* +5.5% equating +9.4% CCY

Basic EPS +10.1%

Free cash flow 83% conversion1

FY 2017 Currency Dynamics

© Kerry 2018 | 15

3-4% of Group Revenuenet euro – sterling exposure

Group Revenue

2017 2016

Revenue Growth Analysis

© Kerry 2018 | 16

€6,408m

2017

4.5%

3.6%

Volume

€6,131m

2016

4.3%

Volume

(0.2%)

Transactioncurrency

2.0%

Price

0.8%

Acquisition/disposal

(2.4%)

Translation currency

Revenue – Continued Volume Growth Ahead of Markets

* Kerry market estimates based on published data and company volume disclosures © Kerry 2018 | 17

3.0%

2.4%

3.8%

3.6%

4.3%

2013 2014 2015 2016 2017

€6.4b

€5.2b

€1.3b

Group Taste & Nutrition Consumer Foods

+1.3%

+4.3%

Kerry volume growth Market volume growth*

+1.4%

+4.7%

+0.8%

+2.4%

Trading Margin – Achieved Expansion as per Plan

Note: * base year for current 5 year plan | 2012 restated due to adoption of IAS 19 (2011) ‘Employee Benefits’ © Kerry 2018 | 18

€781m €767m

€108m

Group Taste & Nutrition Consumer Foods

0 bps

12.2%

2017 Trading margin % 2017 Margin progression

+20bps

14.9%

-70bps

8.1%

€611m

€636m

€700m

€750m

€781m

2013 2014 2015 2016 20172012*

12.2%

12.2%

11.5%

11.1%

10.5%

9.6%

Trading Margin Breakdown

© Kerry 2018 | 19

2016 Operating leverage/ Portfolio mix

Net price Efficiencies R&DKerryconnect

Currency Acquisitions 2017

Free Cash Flow – Strong Performance

Note: *free cash flow as a % of adjusted earnings after tax © Kerry 2018 | 20

Trading profit 781 750

Depreciation (net) 134 130

Movement in average working capital 93 137

Pension contributions paid less pension expense (95) (118)

Cash inflow from operations 913 899

Finance costs (60) (62)

Taxation (55) (57)

Capital expenditure (net) (297) (210)

Free cash flow 501 570

Cash conversion* 83% 100%

Financial Ratios

Note: * calculated in accordance with lender covenants | ¹ before brand related intangible asset amortisation and non-trading items (net of related tax) © Kerry 2018 | 21

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%

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

© Kerry 2018 | 22

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

Charge of €36m – integration of 2017 acquisitions, along with other recent major acquisitions, particularly Red Arrow and Island Oasis

Taste Master

Tianning

Ben Alimentos

Ganeden

Dottley Spice

Kettle (Tyson)

Hasenosa

Other Financial Matters

© Kerry 2018 | 23

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%)

Performance Versus 5 Year Group Targets (2013-2017)

*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 2018 | 24

14.2% 14.4% 13.6%12.9% 13.0%

2013 2014 2015 2016 2017

18.0% 18.6%17.5% 16.5% 15.7%

2013 2014 2015 2016 2017

ROACE* ROAE* CFROI* X

Volume Growth Trading Margin Expansion Adjusted* EPS Growth

+90 bps

+60 bps+40 bps

+70 bps

Total +260bps

2013 2014 2015 2016 2017

3.0%

2.4%

3.8%

3.6%

4.3%

2013 2014 2015 2016 2017

258

279

302

323341

2013 2014 2015 2016 2017

+ =

12.6%

9.1%

11.3%

12.8%

10.9%

2013 2014 2015 2016 2017

Consumer Revolution: Unprecedented Change & Opportunity

Source: Kerry analysis & insight, The Brookings Institution © Kerry 2018 | 26

Kerry – Positioned to Win Across the Global Marketplace

Source: Kerry Internal Estimates, Euromonitor, RTS Food Trending, MC Allegra, Technomic, Globaldata © Kerry 2018 | 27

• 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

Top 10 Globals

Smaller Globals

Regional

Local

Top 10 Globals

Smaller Globals

Regional

Local

Top 10 Globals

Smaller

Globals

Regional

Local

Taste & Nutrition

© Kerry 2018 | 28

Consumer Foods

© Kerry 2018 | 29

Drivers of Margin Expansion

© Kerry 2018 | 30

• Manufacturing excellence

• Supply chain excellence

• Commercial excellence

• Service excellence

• New foundation technologies

• New markets

• New channels / geographies

• Manage churn with agility

• Fragmentation response

• Localisation of footprint

• Increased R&D

• Kerryconnect/Business Services

• Leverage 1 Kerry platform

• Leverage routes to market

• Leverage customer centres

• Leverage footprint

Scalable Business Model: Acquisitions Update

© Kerry 2018 | 31

Taste Master

Tianning

Ben Alimentos

Ganeden

Dottley Spice

Kettle (Tyson)

Hasenosa

Oakhouse

Hangman

SIAS

Season to Season

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 2018 | 32

Exchange Rate Movements

* Spot exchange rates as of 16 February 2018 © Kerry 2018 | 35

(10%)

(7%)

(8%)

(11%)

(4%)

(0%)

(7%)

(1%)

3%

(5%)

USD CAD MXN BRL CNY MYR AUD GBP ZAR RUB

Revenue Growth Components FY 2017

© Kerry 2018 | 36

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%

Trading Margin by Business

© Kerry 2018 | 37

Taste & Nutrition 5,159 767 14.9% 4,880 716 14.7%

Consumer Foods 1,331 108 8.1% 1,333 117 8.8%

Eliminations/unallocated (82) (94) – (82) (83) –

Group 6,408 781 12.2% 6,131 750 12.2%

EPS Reconciliation

Note: * before brand related intangible asset amortisation and non-trading items (net of related tax) © Kerry 2018 | 38

Adjusted EPS* 341.2 323.4 5.5%

Brand related intangible asset amortisation (13.4) (13.1) –

Non-trading items (net of related tax) 5.8 (7.4) –

Basic EPS 333.6 302.9 10.1%

Free Cash Flow – 5 Year History

Note: * free cash flow as a % of adjusted earnings after tax © Kerry 2018 | 39

Trading profit 781 750 700 636 611

Depreciation (net) and impairment 134 130 126 104 109

Movement in average working capital 93 137 (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 501 570 453 303 412

Cash conversion 83% 100% 85% 62% 91%

Net Debt (€m) as at 31 December 2017

© Kerry 2018 | 40

Euro 1,062 279 783

Sterling 1 1 –

US dollar 582 373 209

Other 10 10 –

Gross debt 1,655 663 992

Cash (313) (313) –

Net debt 1,342 350 992

Gross debt 2017 40% 60%

Gross debt 2016 35% 65%

Maturity Profile of Net Debt – Strong Balance Sheet Position

© Kerry 2018 | 41

-299

14186

627

787

2017 2020 2022 2023 2025

Strong Earnings Growth While Maintaining Return on Capital Employed

Note: * before brand related intangible asset amortisation and non-trading items (net of related tax) © Kerry 2018 | 42

151.8163.9

192.1213.4

234.0

257.9278.9

301.9

323.4341.2

0

50

100

150

200

250

300

350

400

0%

2%

4%

6%

8%

10%

12%

14%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

EPS* ROACE*

ROACE* % EPS* Cent

Leader in R&D and No. 1 in Developing Markets

Kerry estimates based on most recent accounts published © Kerry 2018 | 43

259

194

143 139

105 102

75 71

37 34 21 15

4 4

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 1,222

995

732 716 624

392 303 298 264

190 155 141 135

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

Shareholder Analysis

Shares in issue at 31 December 2017: 176,182,405 © Kerry 2018 | 44

North America 19%

UK 14%

Continental Europe | Rest of World 22%

Ireland 3%

20 February 2018