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.

2

H1 2016 Interim Management Report

Stan McCarthyCEO Kerry Group

Review of Business

Brian MehiganCFO Kerry Group

Financial Review

1

2

Outlook & Future Prospects

3

H1 2016 Highlights

Adjusted EPS*

+7.5%Volume

+3.2%Group Trading

Margin

+70bpsROACE*

13.1%Free Cash

Flow

€379mInterim

Dividend

+12.0%

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

• Adjusted EPS* increased 7.5% to 133.8 cent

• Group revenue at €3 billion reflecting 3.2% volume growth

• Group trading margin up 70bps

• ROACE* 13.1% (H1 2015: 14.1%)

• Free cash flow of €379m (H1 2015: €192m)

• Interim dividend increased by 12% to 16.8 cent

Solid H1

Volume

Margin

Cash Flow

H1 2016 – Market Overview

• Significant product churn: increased demand for product differentiation

• Nutrition, health & wellness and convenience demands

• Focus on food safety, clean label and food origin

• E-commerce marketplace growing rapidly

• Intersection of channel product offerings

• Widening meal occasion, ‘food-to-go’ and foodservice demands –

catalysts for innovation

Marketplace Dynamics

Developing Markets

Developed Markets

5

• Macro-economic environment remained challenging

• Currency volatility• Consumer trends driving a rapidly changing marketplace

• Slower economic growth

• Intensifying geopolitical and currency instability• Increased regulation advancing food safety, health awareness

Revenue and Margin Overview

€3,037mVolume +3.2%

Margin +70bps

Group

€2,379mVolume +3.5%

Margin +70bps

Taste & Nutrition

€697mVolume +2.3%

Margin +30bps

Consumer Foods

6

Business Review – Taste & Nutrition

• Volume growth – continuing to outperform markets

• Localised taste preferences and enhanced nutrition drives product innovation

• Foodservice channel – strong performance across all regions

• Price deflation of 2.2% reflecting customer partnership agreements

• Margin progression primarily driven by enhanced business quality

H1 2016 GROWTH

Revenue €2,379m +3.5%*

Trading profit €304m +7.9%

Trading margin 12.8% +70bps

Americas EMEA Asia-Pacific

3.5%

0.3%

9.5%

3.5%

AMERICAS EMEA APAC T&N

Volume Growth by Region

7

• Developed – strong performance in meat, dairy and beverage

• Developing – Brazil flat, Mexico and Central America good growth

• 2015 acquisitions performing well

• Significant product churn

• Developed – competitive environment limits growth

• Developing – geopolitical & economic issues impact a challenging marketplace

• Russia stabilised

• Strong growth across all regional developing markets

• Key drivers: beverage, dairy & foodservice

• Continued growth through lifestyle nutrition

Note: * volume growth

Business Review – Consumer Foods

• Broader retailer focus on EDLP

• Kerry Foods: volume growth led by strong performance in snacking and meal solutions

• Continued growth through e-tail

• Trading profit – improved underlying business more than offset by currency and disposals

• Margin improvement driven by ongoing efficiency programmes and repositioned portfolio

H1 2016 GROWTH

Revenue €697m +2.3%*

Trading profit €58m (3.7%)

Trading margin 8.3% +30bps

8

Dairy• Cheese snacking – continued growth

• Charleville – good performance

• Spreads – category challenges

• Cheestrings – launched in Spain/Portugal

Meat Products• Mattessons – strong growth

• Richmond – impacted by EDLP but good growth in frozen category

• ‘Fire & Smoke’ winning market share

Meal Solutions• Strong growth in chilled

• Launch of premium range in frozen sector

• Launched Pure ‘free-from’ range

Note: * volume growth

Financial Highlights

Revenue

€3,037m

Trading Profit

€322m

Adjusted EPS

133.8c

Brian MehiganCFO Kerry Group

9

Consistent Financial Performance in a Volatile and Changing Environment

• Changing consumer challenging status quo

• Customers investing in innovation

• Currency volatility

• Deflationary input cost environment

• Partnership model delivering

10 Sources: ECB FX rates | FAO World Food Price Index | Euromonitor

Raw Material Prices

Currency Volatility

GBP BRL ZAR

Global Market Growth

2015 2016F

H1 2016 Financial Highlights

+3.2% volume growth €3,037mRevenue

+7.4%€322mTrading profit

+70bps10.6%Trading margin

+7.5%133.8cAdjusted EPS*

(6.5%)126.4cBasic EPS

161% conversion**€379mFree cash flow

11Note: * before brand related intangible asset amortisation and non-trading items (net of related tax)

** expressed as a percentage of adjusted earnings after tax

Revenue Analysis

€3,028m

H1 2015

€3,037m

H1 2016

0.3%

(3.7%)

TranslationCurrency

(0.2%)

Transaction Currency

3.2%

Volume

(2.2%)

Price

3.2%

Acquisition/Disposal

12

Revenue – Volume Growth Ahead of Markets

€3,037m

€2,379m

€697m

Group Taste & Nutrition Consumer Foods

+3.2%

+3.5%

+2.3%

Volume Growth

13

Trading Margin – Expansion Ahead of Plan

€322m€304m

€58m

Group Taste & Nutrition Consumer Foods

+70bps +70

bps

+30bps

14

Margin Progression

H1 2015 Mix /operating leverage /

efficiencies

Net price Kerryconnect Translation FX /transaction FX

Acquisitions /disposals

H1 2016

Trading Margin Progression H1 2016

Margin 9.9% +0.4% +0.2% +0.1% (0.2%) +0.2% 10.6%

15

€300m

€322m

Free Cash Flow

H1 2016 H1 2015

€m €m

Trading profit 322 300

Depreciation (net) 67 61

Movement in average working capital 120 9

Pension contributions paid less pension expense (20) (24)

Cash inflow from operations 489 346

Finance costs paid (net) (24) (22)

Income taxes paid (23) (13)

Capital expenditure (net) (63) (119)

Free cash flow 379 192

16

Average Working Capital & Capital Expenditure (net) (€m)

17

162 156177

257

229 229

FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016

Capital Expenditure (net)

FY 2012 FY 2013 FY 2014 H1 2015 H2 2015 H1 2016

€120m Reduction

Average Working Capital Days

Working Capital

Note: * calculated as a percentage of revenue

** estimates for FY 2016

€m

3.1%* 2.7%*3.0%*

4.5%*3.8%* 3.8%**

H1

H2

Financial Ratios

Banking Ratios H1 2016 H1 2015 FY 2015

Net debt: EBITDA* 1.7x 1.6x 1.9x

EBITDA: net interest* 15.7x 19.4x 17.3x

Return Ratios

ROACE** 13.1% 14.1% 13.6%

ROAE** 16.8% 18.1% 17.5%

CFROI 14.5% 10.9% 11.3%

18Note: * calculated in accordance with lender covenants

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

Maturity Profile of Net Debt

H1 2016 H1 2015

Weighted average maturity years 7.0 6.1

19

(330)

180143

86

645

796

2016 2017 2020 2022 2023 2025

Kerryconnect Update

Progress to Date

T&N EMEA

T&N Asia-Pacific

Foods (phase 1)

Corporate

20

Scope Expansion Agenda to Completion

2015 acquisitions

New cloud platform

Foods (phase 2)

Cloud migration

T&N Latin America

T&N North America

Foods (phase 2)

One global platform – enabling Kerry’s complexity to be managed efficiently and consistently

Other Financial Matters

21

Finance Costs€39m – an increase of €3m, due to acquisition financing, offset by strong cash generation

Structural integration progressing

Net deficit increased by €61m to €314m, primarily due to a decrease in discount rates

Deflationary cycle continuing into H2

Estimating a 5% headwind at current rates for the full year

Negative impact from Sterling exchange rate

Pension

Raw Materials

Brexit

Currency

New Acquisitions

Outlook & Future Prospects

Stan McCarthyCEO Kerry Group

22

Unprecedented Change in the Food & Beverage Industry

23

Kerry Group: Uniquely Positioned to Meet Customer and Consumer Needs

No. 1 Taste & Nutrition

Company

Integrated Taste, Functional Ingredients & Systems capability

Insight led innovation

40 years of heritage in food & beverage and natural ingredients

Global science, technology and manufacturing infrastructure

24

Kerry Foods: Repositioned

for GrowthIndustry leading R&D

investment

Localised Taste &

Nutrition solutions

Speed-to-market

Manufacturing and innovation excellence

Trusted customer alliances

Investment in high growth segments – ‘in-market’ execution

Market-leading branding and consumer insights

E-commerce focus

International growth opportunities

Kerry’s Unique Taste & Nutrition Growth Model

25

Taste NutritionPure & Simple

Clean Label; Trusted; No Artificial Ingredients;

Free From

Authentic & FamiliarCooking Style;

Authentic;Taste of Time; Ethnic

Pleasure & Indulgence

New Taste, Fine-dining, Patisserie and

Coffeehouse Experiences

Fresh & Invigorating

Taste w/out Compromise; Fresh; Healthy Halo;

Natural Mood

Free FromFood Intolerance;

Low/No/Reduced Lactose; Gluten Free; Clean/Cleaner Label

Better For YouReduced Salt,Salt and Fat,

Balanced Choice

Good For YouProtein Fortification;

Carbohydrate Quality; Healthy Lipids; Micronutrient Fortification;

Naturally good for you

Tailored For YouInfant & Toddler, Performance

and HealthCare Nutrition; Weight Management

Kerry Taste Research Programme

26

CitrusNatural/Extracts

Sugar & Salt Perception

Dairy TasteSavoury Taste Smoke & Grill

Yeast

Technology Focus

Consumer

Analysis

Process

Applications

Pure & Simple Authentic & FamiliarPleasure & Indulgence Fresh & Invigorating

Sensory Excellence, Molecular Analytical, Regulatory

Distillation / Extraction / Reduction / Encapsulation / Reaction / Fermentation / Compounding

Beverages, Bakery, Confectionery, Dairy, Meats, Soups & Sauces, Snacks, Prepared Meals, Pharma

Partners

Kerry Nutrition Research Programme

27

Partners

Infant & Toddlers

Children & Adolescents

Early Adulthood

Healthy Ageing

Seniors

Digestive Health

Weight Management

Allergies & Immunity

Muscle Health

General Wellness

Lifestage

Kerry Case Study: ‘Clean Label’ Customer Positioning

28

Underpinned by understanding of the science and regulation of clean label ingredients

Remove

Customers seeking to replace ingredient(s) with clean label alternatives while retain key functionality, taste and/or

nutrition profiles in their products

Customers seeking to leverage clean label

technologies to reduce specific ingredients and

simplify their ingredient decks

Customers seeking to eliminate specific

ingredient(s)

• Natural Flavours

• No Flavours added

• Natural Colours

• Natural Preservative

• Natural Texture

• Short ingredient decks

• Natural ingredients that are multi-functional (e.g. roux)

• Regulatory & dietary recommendation compliance

• BHT replacement

• BPA replacement

• ‘No-No’ lists

Market needs (examples)

Replace Reduce

Customers asking for creative ways to

reposition products in the market place

• Product positioning and format

• Packaging, culinary processing

• Home cooked/Authentic

Customer expectation

• Consumer Insight• Global/Regional/National Regulation • Culinary Expertise• Applications Expertise

Re-position

Kerry’s Approach to Clean Label Product Innovation –Scalable Solutions

29

Delivering

• Innovative, consumer preferred products aligned with Clean Label market opportunities

• Sustainable technical, functional & regulatory solutions

• Scalable food & beverage application

ConsumerInsights &

Clean LabelEvolution

Kerry Foods: Continued Innovation for Today’s Marketplace

30

Authenticity / Flavour New Health ‘Free From’

Snacking Convenience

H1 2016 Outlook: Summary

• Kerry model resilient and well placed to respond to ongoing volatile and changing macroeconomic and

consumer landscape

• Unique taste & nutrition, functional ingredients & systems capabilities

• Localised innovation and speed to market

• Kerry Foods outperforming snacking, convenience and e-commerce growth rates

• 2015 acquisitions performing well

• Good opportunities through wider international taste, nutrition and foodservice markets

• Well positioned to address challenges and opportunities which ‘Brexit’ may present

Confident of delivering an underlying performance in the full year as previously guided. Taking into account

increased currency headwinds of 5% at current exchange rates, growth in adjusted* earnings per share in 2016 is

expected to be towards the middle to lower end of the 6% to 10% range of 320 to 332 cent per share

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

Additional Information

Business Review: Taste & Nutrition – Americas

• Business volumes +3.5%, pricing (2.0%)

• Taste technologies performed well – boosted by 2015 acquisitions (in particular Red Arrow Products)

• Continued growth in meat sector in North America

• Growth in snacking categories in Mexico & Central America

• Clean label trends drive growth in school meal sector and in bakery category

• Brazil remains challenging but growth in dairy taste and sauce systems

• Foodservice: good growth in all American markets

• Beverage taste & systems assisted by Island Oasis and Insight Beverages

• Wellmune® performs strongly in pharma and nutrition markets

H1 2016 GROWTH

Revenue €1,244m +3.5%*

34 Note: * volume growth

Business Review: Taste & Nutrition – EMEA

• Business volumes +0.3%, pricing (2.7%)

• Overall region challenging

• Significant ‘product churn’ in a deflationary environment

• Intensifying geopolitical and currency instability

• Foodservice channel continued to provide solid growth opportunities

• Acquisition of Vendin S.L. in Spain

• Meat sector remains highly competitive but improved performance reported in Russia and Eastern Europe

• Dairy sector impacted by oversupply position in international dairy markets

• Cereal and sweet sectors remain subdued

• Nutritional technologies continue to grow in infant and clinical nutritional sectors

H1 2016 GROWTH

Revenue €734m +0.3%*

35 Note: * volume growth

Business Review: Taste & Nutrition – Asia-Pacific

• Business volumes +9.5%, pricing (1.8%)

• Excellent performance in APAC developing markets

• Taste technologies achieve strong market development

• ‘Dairy Complete’ in Indonesia, the Philippines, Vietnam and China

• Snacking sector in Malaysia, Thailand and the Philippines

• Acquisition of Jungjin Foods assists development in South Korea

• Sweet technologies maintain growth in India and Indochina

• Meat sector in Australia and New Zealand remains subdued

• Beverage Systems: strong growth in foodservice and C-Stores

• Regulatory changes impacting infant nutrition sector in China – opportunities for Kerry’s Europe based nutrition technologies

H1 2016 GROWTH

Revenue €367m +9.5%*

36 Note: * volume growth

Revenue Growth Components H1 2016

Transaction Translation Acquisitions/Volumes Price Currency Currency Disposals Total

Taste & Nutrition 3.5% (2.2%) (0.2%) (3.8%) 5.3% 2.6%

Consumer Foods 2.3% (2.1%) (0.3%) (3.1%) (3.8%) (7.0%)

Group 3.2% (2.2%) (0.2%) (3.7%) 3.2% 0.3%

37

Trading Margin by Business

H1 2016 H1 2015Revenue Trading Profit Revenue Trading Profit

€m €m % €m €m %

Taste & Nutrition 2,379 304 12.8% 2,318 282 12.1%

Consumer Foods 697 58 8.3% 749 60 8.0%

Eliminations/unallocated (39) (40) – (39) (42) –

Group 3,037 322 10.6% 3,028 300 9.9%

38

Currency Basket - Headwind Increasing in H2

39

2016 2015

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

H1: (4%) H2 (est): (6%)

EPS Reconciliation

H1 2016 H1 2015 Growth€ cent € cent %

Adjusted EPS* 133.8 124.5 7.5%

Brand related intangible asset amortisation (5.8) (4.8)

Non-trading items (net of related tax) (1.6) 15.5

Basic EPS 126.4 135.2 (6.5%)

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

Free Cash Flow of €1.8bn Over 5 Years

41

FY 2015 FY 2014 FY 2013 FY 2012* FY 2011

€m €m €m €m €m

Trading profit 700 636 611 559 501

Depreciation (net) and impairment 126 104 109 114 101

Movement in average working capital (2) (59) (9) (41) (4)

Pension contributions paid less pension expense (57) (48) (36) (30) (34)

Cash Inflow from operations 767 633 675 602 564

Capital expenditure (net) (229) (257) (177) (156) (162)

Finance costs paid (net) (47) (42) (50) (49) (47)

Income taxes paid (38) (31) (36) (53) (76)

Free cash flow 453 303 412 344 279

Note: * 2012 restated due to adoption of IAS 19 (2011) ‘Employee Benefits’

Capital Expenditure – 5 Year History

42

5 Year Capital Expenditure

2015 2014 2013 2012 2011 Total

€m €m €m €m €m €m

Capital expenditure (net) 229 257 177 156 162 981

Depreciation (net) and impairment (126) (104) (109) (114) (101) (554)

Excess capital/depreciation 103 153 68 42 61 427

Kerry centre investments (27) (56) (21) (10) (5) (119)

Kerryconnect (30) (34) (26) (28) (30) (148)

Net investment for growth 46 63 21 4 26 160

Revenue volume growth 3.8% 2.4% 3.0% 2.8% 3.3% 15.3%

3.1%*

2.7%*3.0%*

4.5%*

3.8%*

2011 2012 2013 2014 2015

229

257

177156

162

Note: * calculated as a percentage of revenue

Net Debt (€m) as at 30 June 2016

Net @ Floating @ FixedDebt Rates Rates

Euro 1,119 244 875

Sterling – – –

US Dollar 721 414 307

Other 10 10 –

Gross debt 1,850 668 1,182

Cash (330) (330) –

Net debt 1,520 338 1,182

Gross debt 100% 36% 64%

Net debt 100% 22% 78%

43

Weighted average period for which rate is fixed: 7.1 years

Group Long Term Targets (5 Years 2013-2017)

44Note: * before brand related intangible asset amortisation and non-trading items (net of related tax)

Targets assume neutral currency and raw materials

Growth

VOLUME GROWTH

Taste & Nutrition 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

Taste & Nutrition 50bps p.a.

Consumer Foods 20bps p.a.

Group 30bps p.a.

(plus an additional 100bps from Kerryconnect project)

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

CFROI 12%+ ROAE* 15%+

ROACE* 12%+

Return

Shareholder Analysis

45 Shares in issue at 30 June 2016: 175,981,485

UK 15%

North America 20%

Continental Europe | Rest of World 19%

Ireland 3%Retail 29%

Kerry Co-operative 14%

Institutions 57%

Institutional Analysis