» Review of Business Stan McCarthy CEO

» Financial Review Brian Mehigan CFO

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» Q&A

2009 Year End Results

2009 in Perspective

» Group revenue €4.5 billion (-4.8% LFL)

» Impact of pricing and rationalisation volumes

» Continuing volumes +2.2%

» Group trading margin up 80bps to 9.3%

» Ingredients & Flavours +90bps to 10.4%

» Consumer Foods +40bps to 7.1%

» EPS* and dividend

» Adjusted EPS* up 8.2% to 166.5 cent

» Final dividend of 17.3 cent (total 2009 dividend up 11.1% to 25 cent)

» Free cash flow of €367m

Results Highlights

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

Like-for-like Revenue Growth Analysis

Note: like-for-like represents revenue growth before subsidiary translation and acquisitions/disposals impact

Group: €4,521m

LFL (4.8%)Price/mix (3.6%)Currency (0.5%)Vol (ratl) (2.9%)

Vol (cont) +2.2%

Consumer Foods: €1,713m

LFL (6.1%)Price/mix (3.2%)Currency (1.3%)Vol (ratl) (1.6%)

Vol (cont) 0.0%

Ingredients & Flavours: €3,261m

LFL (4.5%)Price/mix (4.2%)Currency +0.1%Vol (ratl) (3.3%)

Vol (cont) +2.9%

Revenue Growth

Note: * revenue by location of customers

Continuing volume Like-for-like Like-for-like Like-for-like

» Americas* 3.0% (5.2%) 6.7% 7.0%

» EMEA* 2.3% (6.2%) 4.0% 4.6%

» Asia-Pacific* 9.1% 6.6% 19.3% 17.3%

Ingredients & Flavours 2.9% (4.5%) 7.5% 7.8%

Consumer Foods 0.0% (6.1%) 5.4% 5.6%

Group 2.2% (4.8%) 6.3% 6.7%

2009 2008 2007

2009 Like-for-like

Revenue €3,261m (4.5%)

Trading profit €340m 4.9%

Trading margin 10.4% +90bps

» Continuing volumes +2.9%, trading margin +90bps to 10.4%

» Underlying growth and ‘go-to-market’ efficiencies driving margin expansion

» Industry NPD slow but accelerated in Q4

» Dairy, oils and grain raw material pricing significantly lower

» Dairy & savoury applications up in QSR, savoury snacks and nutritional end-use-

markets. Dera acquisition expands footprint in European markets

» Cereal & sweet impacted by lower premium sales but good progress in bakery

» Good growth in Beverage Systems – through syrups/sauces and taste modulation

» Functional segments – good growth in fermentation and emulsifier applications

» Asia-Pacific markets continued strong development – e.g. Indonesia

Business Review – Ingredients & Flavours

2009 Like-for-like

Revenue €1,713m (6.1%)

Trading profit €122m 0.0%

Trading margin 7.1% +40bps

» Continuing volumes on par with 2008 despite economic conditions in IRL/UK

» Trading margin +40bps to 7.1% driven by efficiencies, including ‘lean’ programme

» UK market: Strong brand performance; Richmond, Wall’s, Mattessons

Successful launch of Cheestrings Shots and Low Low cheese

Acquisition of Adams Pastry – extension of Wall’s brand

Outperformed market growth rates in chilled ready meals

Reduced exports of frozen ready meals from Ireland to UK due to currency

» IRL market: Deflationary recessional environment impacted all categories

Leading brands lose to private label, discounters and tertiary brands

Strategic acquisition of Breeo brands – complementary to Kerry’s brands

Food-to-go segment contracted – impacting on Freshways

MBO of Kerry Spring agreed

Repositioning of brands prior to year-end

Business Review – Consumer Foods

Food & Beverage (non-alcoholic) Consumer Price Index 2009

UK IRL

2009 Financial Highlights

€4,521m (4.8%) like-for-like

€422m 3.8% like-for-like

9.3% +80bps

166.5 cent +8.2%

€367m 2008: €227m

Revenue

Trading profit

Trading margin

Adjusted EPS*

Free cash flow

Adjusted profit after tax* €291m +8.4%

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

Group Revenue Growth Components

Note: year on year % change

Continuin

g v

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Tota

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Price

/mix

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(4.8%)

(5.6%) 2.2% (2.9%) (3.6%) (0.5%) (2.8%) 2.0%

Ingredients & FlavoursRevenue Growth Components

Note: year on year % change

Continuin

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Tota

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Rat

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Price

/mix

Tra

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Rep

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Acq

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(4.5%)

(4.4%) 2.9% (3.3%) (4.2%) 0.1% (0.4%) 0.5%

Consumer FoodsRevenue Growth Components

Note: year on year % change

Continuin

g v

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Tota

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Rat

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Price

/mix

Tra

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Acq

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(6.1%)

(8.5%) 0.0% (1.6%) (3.2%) (1.3%) (6.5%) 4.1%

Trading Profit Margin %

2009 2008

Ingredients & Flavours 10.4% 9.5%

Consumer Foods 7.1% 6.7%

Group 9.3% 8.5%

Trading Profit Growth

€422m

€409m

2009 Trading Profit: Like-for-like % Growth

Like-for-like Acquisitions/ Reporting Reported

growth disposals currency growth

Ingredients & Flavours 4.9% 0.8% (0.3%) 5.4%

Consumer Foods 0.0% 5.6% (8.6%)* (3.0%)

Group 3.8% 2.3% (2.9%) 3.2%

Note: * in addition trading currency negatively impacted

Consumer Foods trading profit by €25m in 2009

Euro - Sterling Trend

0.85

0.79

0.94

0.75

0.95

2009 2008Avg fx rate 0.89 0.80% change (11.3%)

0.89

2009

2008

H1 H2

Euro – US Dollar Trend

1.57

1.39

1.47

1.30

1.39

2009

2008

1.44

2009 2008Avg fx rate 1.40 1.47% change 4.8%

H1 H2

2008 2009

Continuingvolumes

Margin 8.5% +0.2% +0.0% +0.5% +0.4% (0.3%) 0.0% 9.3%

Acquisitions& disposals

Trading Profit Progression

Translationcurrency

Net price/miximpact Transaction

currency

Rationalisation

€409m

€422m

Non-trading Items (net of tax) €73.3m

Cost€m

Facilities closed/streamlined2008/2009

Ingredients & Flavours plant closures and rationalisation

51.5 50

Consumer Foods (including Breeo) restructuring 31.0 15

Loss on disposal of businesses / non-current assets 14.0

Reversal of incomplete acquisition (Breeo) (23.2)

Income statement charge (net of tax) 73.3

Net cash outflow in 2009* (9.4)

Working capital reduction 100.0

Note: * after Breeo deposit credit

2009 2008

Trading profit 422 409

Depreciation (net) 97 94

Movement in working capital 133 18

Payments into pension plans (net) (42) (34)

Finance costs (78) (73)

Taxation (57) (42)

Free cash flow before capital expenditure 475 372

Capital expenditure (net) (108) (145)

Free cash flow 367 227

Free Cash Flow (€m)

» Acquisition expenditure 2009: €291m (2008: €64m)

» €100m of working capital reduction due to restructuring

2009 2008

EBITDA : net interest 7.8x 6.5x

Debt : EBITDA 2.2x 2.3x

ROAE 16.7% 15.7%

ROACE 12.4% 11.8%

CFROI 15.3% 10.2%

Financial Ratios

Note: * calculated in accordance with banking covenants** before intangible asset amortisation and non-trading items

*

*

**

**

Pro-forma*

31 Dec 2009 31 Dec 2009 31 Dec 2008

Within 1 year (238) (104) (161)

Between 1 and 2 years 332 604 321

Between 2 and 5 years 430 430 771

Over 5 years 635 229 233

1,159 1,159 1,164

Weighted average maturity (years) 5.8 2.8 3.4

Maturity Profile of Net Debt (€m)

* Pro-forma is stated after the new bond issue on 20 January, 2010

» Finance costs Down €7.9m – impact of strong cashflow

and reduced interest rates offset by

acquisitions and capital investment.

» Taxation Tax charge on normal trading activity 18.2%

(2008: 19.8%). Reduction due mainly to

geographic split of profits, R&D tax credits

and changes in local tax rates.

» Pension Net deficit increased by €26m to €141m due

mainly to reduced discount rates and higher

inflation expectations in the UK offset by

better return on assets.

Other Financial Matters

» Positioning

» 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

» Strategy

» Continue to maximise organic growth opportunity

» Technology layering and cross-selling opportunities

» Continue to expand geographic market base

» Maximise opportunities through global customer alliances

» Increase market focused innovation

» Continuous efficiency gains to drive margin growth

» Value enhancing acquisitions

Kerry Business Model: Strategies – Ingredients & Flavours

Kerry Ingredients & Flavours – leveraging technology leadership in global food and beverage markets

Technology Region

End Use Market

Savoury & Dairy Systems

& Flavours 47%

Cereal & Sweet Systems & Flavours

16%

Beverage Systems & Flavours

12%

EMEA39%

Asia-Pacific15%

Americas46%

Meats18%

Bakery12%

Dairy10%

Cereal & Bars6%

Savoury Snacks7%

Prepared Meals6%

Soups, Sauces & Dressings5%

Appetisers & Side Dishes5%

Ice-cream & Frozen Desserts

4%

Confectionery4%

Pharma4%

Beverage19%

Primary/RegionalIngredients

15%

Based on third party revenue

FunctionalIngredients

10%

Leading Ingredients and Flavours Companies

» 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

Revenue €m

Most recently published results

» 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

Ingredients & Flavours: Growth Drivers

Global Food and Beverage Trends

Value

Convenience

IndulgenceHealth

Formula optimizationSpeed-to-marketTechnology layering

Fusion flavoursSensory appealCulinary touch

PortabilityReady-to-useEasy preparation

Sodium reductionClean labelsFood safety

» Positioning

» 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

» 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

Kerry Business Model: Strategies – Consumer Foods

Major food companies in GB/IOI(t/o incl confectionery and beverages)

Premier

Nestle

ABF

Arla

Kerry

Dairy Crest

Northern

UB

Princes

Kellogg

Leading UK/Ireland Consumer Food Groups

The UK/Ireland food and drink market is worth circa €100bn.

Source: OC&C, Nielsen, TNS, Other

*

***

* Kerry chilled markets

Source: Nielsen, IGDSource: OC&C

Major added value chilled foodcompanies (in GB/IOI)

Kerry Foods:Product Categories vs Market Channels

Brands Ireland Repositioning –e.g. Added Value Meat Categories

Kerry Foods’ On-going Innovation Programme

Kerry Foods: Market Positioning

#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 sausage (Richmond)

#2 UK sausage (Wall’s)

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 chilled van sales operation

#1 IRL chilled van sales operation

#1 IRL sandwich (Freshways)

» Group revenue: +2% to +4% (LFL) volume growth

» Margin: 10% Group trading margin in 5 years

» Adjusted EPS* 10%+

» ROAE* 15%+ and CFROI 12%+

Kerry Group: Long Term Targets

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

Future Prospects:

» 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)

Revenues and Profitability

Group Revenues (€bn) Group Trading Profit (€m)

10 Year CAGR 6.3% 10 Year CAGR 7.6%

Ingredients & Flavours Trading Profit

Trading Profit Trading Margin

Consumer Foods Trading Profit

Trading Profit Trading Margin

Cashflow & EPS

Free Cash Flow (€m)EBITDA (€m)

EPS & Dividends (cent)

Dividend per share Adjusted EPS

2009 Like-for-like

Revenue €1,287m (5.2%)

Business Review – Ingredients & FlavoursAmericas

» Continuing volumes +3%

» Increase in home consumption at expense of foodservice

» Store-label increased market share

» Brands focused on NPD to increase differentiation

» Kerry Center (Beloit, WI) leads commercial development and innovation

» Meat applications weaker but culinary performed well

» Acquisition of Prima – improved positioning in Central America

» Cereal & Sweet impacted by shift from premium

» Beverage driven by taste modulation and natural flavours

» Continued growth in pharma applications

2009 Like-for-like

Revenue €1,124m (6.2%)

Business Review – Ingredients & FlavoursEMEA

» Continuing volumes +2.3%

» Lower raw material costs – dairy, oils & grain

» Good growth in QSR applications

» Dera acquisition strengthens savoury applications

» Cereal & sweet impacted by promotional activity but bakery performed well

» Ice-cream and frozen desserts - good opportunities for NPD

» Beverage applications driven by cost optimisation

» Primary dairy impacted by weak international demand and build up of stocks

» Fruit preparations in France disposed of mid-year

2009 Like-for-like

Revenue €404m 6.6%

Business Review – Ingredients & FlavoursAsia-Pacific

» Good regional growth – continuing volumes +9.1%

» Meat systems strong in Thailand and Indonesia

» Savoury snacks – good growth in all markets

» Dairy systems & flavours – double digit growth in Indonesia

» Lipid systems grew in South East Asia

» Continued development of savoury & dairy and nutritional technologies

in China

» Da Vinci flavoured beverage systems – good performance

» Emulsifiers and enzymes achieve wider applications

» Kerry Pinnacle continued growth in lifestyle bakery

2009 2008

Trading Trading

Revenue Profit Revenue Profit

€m €m % €m €m %

Ingredients & Flavours 3,261 340 10.4% 3,409 323 9.5%

Consumer Foods 1,713 122 7.1% 1,872 126 6.7%

Eliminations/unallocated (453) (40) - (490) (40) -

Group 4,521 422 9.3% 4,791 409 8.5%

Trading Margin by Business

Raw Material Cost % of Prior Year Raw Material Spend

2009 – significant drop in dairy, wheat, oils and fats

2009 2008 2007 2006 2005

Trading profit 422 409 401 384 380

Depreciation (net) 97 94 99 103 102

Movement in working capital 133* 18 (9) (35) 10

Payments into pension plans (net) (42) (34) (29) (11) (9)

Capital expenditure (net) (108) (145) (89) (88) (120)

Finance costs (78) (73) (79) (77) (64)

Taxation (57) (42) (37) (35) (51)

Free cash flow 367 227 257 241 248

Five Year Free Cash Flow (€m)

* Approximately €100m attributable to the Group restructuring programme

Net @ Floating @ Fixeddebt rates rates

Euro 503 503

Sterling 119 119

US Dollar 471 103 368

Other 66 66

1,159 791 368

100% 68% 32%

Weighted average period for which rate is fixed: 1.3 years

Net Debt Profile (€m) as at 31 December 2009

EPS Reconciliation

2008 2009 Growth

€ cent € cent %

153.9 Adjusted EPS* 166.5 8.2%

(8.5) Intangible asset amortisation (9.6)

(44.1) Non-trading items (net of tax) (41.9)

101.3 Basic EPS 115.0 13.5%

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

Ingredients Consumer& Flavours Foods Eliminations Total

Reported FY 2008 3,388 1,774 (371) 4,791

Reclassification of intersegment sales* 21 98 (119) -

Re-presented FY 2008 3,409 1,872 (490) 4,791

Reconciliation of Revenue - from reported FY 2008 to re-presented FY 2008 (€m) following adoption of IFRS 8

Reconciliation of business segment revenue

Europe/ Americas EMEA Asia-Pacific Total

Reported FY 2008 1,343 2,970 478 4,791

Transfer of Africa & Middle East - 94 (94) -

Re-presented FY 2008 1,343 3,064 384 4,791

Reconciliation of revenue by location of customers

Europe/ Asia- Inter-Americas EMEA Pacific segment Total

Reported FY 2008 1,343 1,246 478 321 3,388

Reclassification of intersegment sales - (45) (94) 160 21

Re-presented FY 2008 1,343 1,201 384 481 3,409

Reconciliation of Ingredients & Flavours revenue

Note: * primarily represents transfer of dairy and cheese sales between segments