Pure Circle H1FY11 Interim SLIDES

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PureCircle Limited : FY2011 Interim ResultsInvestors March 2011


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1. Overview CEO

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PureCircle - Investor Slides - All rights reservedMarch 2011


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Sales: Timing of contracted volumes; will be sold in 2H FY 2011

Gross assets of $270m, including inventories of $114m.

Cash and banking facility headroom >$50m: sufficient for projected fundingneeds.

Two new Global Key Accounts (GKAs) contracts secured and two GKAcontracts extended and deepened.

Excludin existin GKAs, Stevia sales increased over 200%

OVERVIEW

FY 2011 sales expected to be in the range $50m to $60m.

USA 2010 retail data: Stevia sweetened products $809m, up 126%.PCL total

share in excess of 90%* (exclude TT and include indirect). Regulatory clearances expected Europe & Asia Pacific by end 2011

Tereos and Nordzucker JVs and Dohler partnership now operational.

Supply chain progress on track5



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2. Financials CFO

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$m6 months ended

H1 FY 201131 Dec 2010

H1 FY 201031 Dec 2009

Financials Summary

Revenues 13.6 37.5

Net (Loss)/Profit (7.0) 1.6

EBITDA 1.1 7.4

Financials Overview

Gross Assets 270.4 271.1

Inventories 113.5 58.9

Gross cash 30.8 80.3

Net debt (76.7) (20.5)


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$m 1H FY 2011 1H FY 2010

Global Key Account 1 20

Other High Purity Sales 10 3

Sales analysis by half

Co-product & low purity sales 2 14

Total for half year 13 37

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$m6 months ended

H1 FY 2011 H1 FY 2010

Revenues 13.6 37.5

Gross Profit 0.9 10.2

Other income & expenses 0.4 0.0

Profit & Loss Account

Administrative expenses

Operating (Loss)/Profit

(5.2)

(3.9)

(5.8)

4.4

Interest / Tax (3.1) (2.8)

Net (Loss) / Profit (7.0) 1.6

EBITDA (1.1) 7.4

EPS: Basic / Diluted (4.54)/(4.44) 1.21/1.20


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$m H1 FY2011 H1 FY2010

Non-Current Assets 104.8 88.7

Working Capital

Current Assetsof which inventory

165.6113.5

182.458.9

Balance Sheet

Current Liabilities (35.6) (51.9)

Sub-total 130.0 130.5

Less: Non-Current Liabilities (82.7) (60.4)

Net Assets 152.1 158.8


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$m 31 Dec 2010 31 Dec 2009

Operating cash flow, before workingcapital

(4.9) 8.1

Net working capital change:(of which Inventory) (18.9)(28.6) (32.7)(27.2)

Interest / tax (4.2) (2.8)

Investing cash flow (4.4) (8.3)

Cash Flow

Cash flow: Operating & Investing (32.4) (35.7)

Share issue - 64.0

Net debt (repayment) / drawdown (1.1) 32.7

Forex 0.8 0.4

Net increase/(decrease) in cash (32.7) 61.4

Cash at beginning 62.6 18.9

Cash at end 29.9 80.3


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$50m Cash and Facility Headroom

Sufficient for projected funding requirements

Net Debt of $77m:

Financed business expansion and stock build

Seasonal peak: expected to reduce steadily over next 18 24

Treasury

months

No major capex foreseen over next 18 months

Current inventories represent more than $150m sales value

12PureCircle - Investor Slides - All rights reserved

March 2011


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3. Sales and Marketing

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High Purity Stevia Revenues By Month

FY2011

FY2010

Excludes sales to Beverage GKAs This represents 227% growth over the same time period last year

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PureCircle USA YTD Customers Serviced By Month

40

50

60

70

80

Between Feb 2010 and Feb 2011, USA customers grew from 33 to 72 This represents a 118% increase in customers in the past 12 months

0

10

20

30


March 2011


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Sales slower than anticipated due to estimated current

inventory at beverage GKAs (Reb A MT)

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* FDA Approval: 17/12/2008



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Carbonated Soft Drink Category in the US have not

yet launched products using Reb A

Current customer inventory less than 3% of USA category potential 17PureCircle - Investor Slides - All rights reservedMarch 2011


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EU Approval expected for late 2011, is key to fulfill

Stevia Potential


March 2011


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PureCircle Customer Product Pipeline

Phases of Product Launch Cycle

69

60

70

80

32

15

40

4038

5

0

10

20

30

40

50

R&D Initial Launch Established Launch Multi-Market Rollout

2009

2010


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$934

$995

$846

$800

$1,000

$1,200 Annualized All Channel Retail Dollar Sales ($)-

Nielsen Captured

Market : USA Retail Sales: Stevia Sweetened Products

$63

$434$488

$443 $459

$-

$200

$400

$600

Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010

91%


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Broadening Category Usage

100

120

140

160

Cereal

Dessert MixEnergy Drink

Yogurt

Snack

Sports Drink

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0

20

40

60

80Salad Dressing

RTD Tea

Powdered Soft Drink

Carbonated Soft Drink

Bread

Fruit Drink

Soymilk

Juice

Sugar Substitute

Flavored Water


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Broadening F&B Customer Usage

100

120

140

160

Other

Unilever

Bimbo Bakeries

Interstate

Kraft

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-

20

40

60

80 Zevia

McNeil

Merisant

Dean Foods

Cumberland

Cargill/Truvia

Coca-Cola

PepsiCo


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Recent New Product Launches

USA Launches

Sobe Lifewater 0 extensions Trop50 extensions Silk Soymilk extension

Vitamin Water Zero extension Arizona Tea for Kids Blue Sky Free energy drink Wishbone extensions Green Mountain Hot Apple Cider K-Cups

Australia Launch

Equal Stevia sweetener Heinz Golden Circle

Lipton Green Tea Schweppes Cottees Cordial Concentrate P&N Beverages Go CoCo

Other Launches

Lipton Form Plus tea (Turkey) So Sweet sweetener (India)

France Launch

Danone Taillefine spoonableyoghurt

Fanta Still Beghin Say Ligne Stevia


March 2011


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Mexico New Product Launches w/Stevia

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Bonafont

Water withNatural Lime

Juice

Bonafont Flavoured WaterG2 by GATORADE

Lala FruggisLala Petizoo


Lala Chocolate

ure a a e op


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4. Outlook

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Outlook

Current pipeline suggests FY2011 sales outturn of $50m - $60m

2H Sales underpinned by balance of committed volumes &

growing level of repeat orders

Timing of EU and other clearances have deferred somecus omer pro ec s

Long term mass volume market assessment intact: PCL wellplaced when scaled market emerges

True sales velocity not expected until Calendar 2012 and 2013

Until then some continued short term sales volatility26



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PureCircle Limited : FY2011 Interim ResultsInvestors March 2011

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Pure Circle H1FY11 Interim SLIDES