2008 Interim Results

2

Overview of Origin Enterprises

Focus on the value added and primary sectors of the food industryGroup activities

– Ambient Food & Cereal Milling – Agri-Nutrition

• Agri-Inputs• Integrated on-farm agronomy• Marine Proteins

Associate– Feed manufacturing (50%)

• John Thompson

Property

Marine Proteins

Fertiliser

PB Kent

Chemicals

Animal Feed

Food

Masstock

Derry

New Ross

Cork

Askeaton

Ayr

Ardee Immingham

Ipswich

Plymouth

Newport

Foynes

Ringaskiddy

Belfast

Dublin

Killybegs

Aberdeen

Grimsby

Shetland Islands

Poland

Lublin

Olsztyn

Poznan

Alexandrow

Pszenno

3

Operational Highlights to 31 January 2008

Excellent performance from Agri-Nutrition

– Strong arable crop demand driving growth in UK agri-inputs market.

Strong sales growth momentum in Food.

Acquisition of controlling interest in Odlums.

Acquisition of Masstock Group Holdings Ltd

– Significantly extends Origin’s capability to support primary production.

Strong cashflow performance in period.

Property

– Adoption of Cork South Docks Local Area Plan

4

Interim Results Highlights to 31 January 2008

Revenue growth of 45.7% to €546.4m.

Operating profit* increased 70.7% to €20.2m.

Profit before financing costs* up 54.9% to €21.2m.

Comparable adjusted fully diluted EPS* up 68.5% to 9.37cent.

Group net borrowings of €164.4m post

– Acquisition spend - €59.3m

– Seasonal increase in working capital - €37.3m.

*Before intangible amortisation

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2008 Interim Results – Profit and Loss

Half Year Ended January 2008€m’s

2007€m’s Growth

Revenue 546.4 374.9 45.7%

EBITDA 23.8 15.4 54.8%

Operating Profit 20.2 11.9 70.7%

Associates – PAT 1.0 1.8 (48.2%)

Profit before financing costs 21.2 13.7 54.9%

EBITDA % 4.4% 4.1%

Operating Profit % 3.7% 3.2%

6

2008 Interim Results – Segmental Analysis

Half Year Ended January

2008€m’s

2007€m’s Growth

Growth excluding

AcquisitionsRevenue

48.6%

40.0%45.7%

98.8%42.9%70.7%

375.4 252.6Agri-Nutrition 48.6%Food 171.0 122.3 6.6%Total 546.4 374.9 34.9%

Operating Profit

Food 8.5 5.911.7 6.0 98.8%Agri-Nutrition

9.6%

Operating MarginAgri-Nutrition 3.1% 2.3%Food 5.0% 4.9%

Total 20.2 11.9 54.0%

Total 3.7% 3.2%

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2008 Interim Results – Profit and Loss

Half Year Ended January 2008€m’s

2007€m’s Growth

Profit before financing costs 21.2 13.7 54.9%

Financing cost, net (5.9) (0.1)

Amortisation (0.8) (0.4)

Profit before tax 14.5 13.2 10.0%

Taxation (2.6) (2.5)

Profit for the period 11.9 10.7 10.9%

*Before intangible amortisation

**Based on 137.5m shares (dilutive impact of DCS) for 2008 and 133m for 2007

***2007 adjusted to reflect the current capital structure of the Group.

Comparable adjusted fully diluted EPS - cent 9.37** 5.56***

Adjusted fully diluted EPS* - cent 9.37** 8.31** 12.8%

68.5%

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Cash Flow

Half Year Ended January 2008 €m’s

2007 €m’s

2007(Full year)

€m’sEBITDA 23.8 15.4

(40.4)0.0

(25.0)(0.1)

-(3.4)

Issue of share capital - - 102.519.50.134.425.5

46.9Working capital (37.3) 0.9Other 0.3 (1.1)Cashflow from operating activities (13.2) 46.7Interest (3.7) (1.8)

Capital Investment (15.4) (6.1)

Group restructuring / Payment to IAWS - (255.5)

Opening net debt (71.7) 34.4Closing net debt (164.4) (71.7)

Translation adjustment (1.1) 8.1

Acquisition (59.3) -

+47.2%

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Balance Sheet

Jan 2008€m’s

July 2007€m’s

Development Properties 192.4 165.5Other Tangible Assets 94.0 71.1Intangibles/Goodwill 53.0 15.2Associates 15.5 26.5Working Capital 75.2 22.3Net Debt (164.4) (71.7)Taxation – incl DT (46.6) (38.6)Provisions/Grants (7.1) (4.9)Employee Benefits (16.9) (1.8)Shareholders Funds 195.1 183.6

10

The changing context for primary food production

Population growth – Global population doubled between 1950 and 2005 to 6.4bn

– Population growing at 80m per annum

– Estimate 9bn by 2050.

Food Demand– Projected to double by 2050

– Urbanisation and economic growth driving higher food intake per capita

– Diversification of diets

– Increased cereal production required to meet higher protein and dairy consumption

Sources : R.L Thompson, University of Illinois, March 2007 United Nations Statistics

11

The changing context for primary food production

Soil and Water limitations– Global cropland is shrinking by more than 10m hectares pa due to soil

erosion

– Irrigation for agricultural use consumes 70% of worlds fresh water

– Increasing urbanisation is placing strains on global fresh water supply

• Already evident in Australia, China, Israel and USA– 1m litres of water to produce 1tn of grain in China

“Soil erosion is second only to population growth as the biggest environmental problem the world faces”

David Pimental – Professor of Ecology, Cornell University

Source : Cornell University & United Nations Statistics

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Alternative Markets for feed stocks - Global Ethanol Production – plus 40 mln m3 (85 %) in 10 years

18 19 20 21 21 22 23 23 24 24 25

1517 20 22 24 26 28 29 30 30 31

3.13.5

4.25.0

6.07.0

8.0 8.5 8.5 8.5 8.5

1011

1213

1415

1617 18 19 21

4651

5661

6670

7578 80

8285

0

10

20

30

40

50

60

70

80

90

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

in m

ln m

3

Brazil USA EU Others

Source: Toepfer International

13

World Wheat ending stocks

110.9124.9149.2151.0132.5

166.3

201.8 18.0%

20.2%

24.1%24.8%

22.8%

34.4%

27.6%

0.0

50.0

100.0

150.0

200.0

250.0

2001/2002 2002/2003 2003/2004 2004/2005 2005/2006 2006/2007 2007/20080.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

Ending Stocks (million T) World stock / usage % World

14

Price Trends – Wheat €/tn CIFFO Irl

110

130

150

170

190

210

230

250

270

Jun-

03

Sep-

03

Dec

-03

Mar

-04

Jun-

04

Sep-

04

Dec

-04

Mar

-05

Jun-

05

Sep-

05

Dec

-05

Mar

-06

Jun-

06

Sep-

06

Dec

-06

Mar

-07

Jun-

07

Sep-

07

Dec

-07

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New Context for Primary Production

Demand is growing.Limited choice of locations to accelerate output

– Grain production not keeping pace with consumption– The worlds arable land and fresh water are not distributed in the same

proportions as population.Challenge

– Deliver sustainable productivity– Optimise the efficiency of key farm inputs.

Opportunity– Enormous potential for efficient farm enterprises.

Origin ideally positioned to leverage opportunity.

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Agri Inputs – Feed IngredientsMarket leader in the importation of animal feed ingredients and cereals.

– Total all Ireland market c.6mt

Very satisfactory performance

– Volume growth

– Momentum within dairy

– Stable livestock population

Soya, Rape, Peas

Soya, Gluten & Dist

Soya, Citrus & Suns

Cereals, Rape, Suns & Milling wheat

P/Kernel & Copra

Citrus

Organic wheat

Product origins

17

Agri Inputs – Fertiliser

Market leader in importing and distribution of blended fertiliser in Ireland and the UK

– Ireland 1.7mt– UK 4.0mt.

Excellent half year performance

– UK volume growth• Higher cereal prices driving yield maximisation• Increased cereal plantings

– Ireland• Seasonally a H2 business

– Raw Material availability.

18

Marine Proteins

Leading producer of fishmeal and fish oil in Ireland & the UK.

Satisfactory performance

– Lower price realisations

– Increasing use of fishmeal in pig and poultry diets

Planning permission granted in October 2007 for new fishmeal and fish oil manufacturing facility in Killybegs.

Commencement of discussions with AustevollSeafood ASA to combine respective European fishmeal and fish oil operations.

Origin

19

Food - Shamrock Foods

Leading ambient food sales, marketing and distribution business.Focussed on two core business areas:

– Owner of two leading Irish brands – Shamrock & Roma

– Foremost provider of distribution and supply chain solutions.

Very satisfactory performance– Strong sales momentum from own brands– Diversification into snacking and ‘Wellness’

categories– Channel extension– Agency business performing well.

Input cost inflation.

20

Food – Odlums

Full control of Odlums since September 2007.

Odlums:

– Ireland’s largest cereal miller

– Leading Irish brand in retail flour

– Growing export branded oatmeal business.

Challenging H1 performance

– Significant wheat price increases

Integration

– Complimentary product and distribution profile

– Process commenced in the period.

21

Established in 1988.

Leading provider of integrated agronomy services directly to arable and grassland farm enterprises

– Delivery of prescription based advice and farm management advisory expertise combined with…

– Sale and distribution of seed, nutrition and crop protection inputs.

Scale– Servicing over 8,000 farm businesses in the UK representing c.25% of

the total arable crop– Servicing over 2,300 farm businesses in Poland representing c.20% of

the 100+Ha universe.

550 Employees.

Strong management capability.

Partners in Profitable Farming

22

Transaction Highlights

Acquired 100% of Masstock Group Holdings Limited effective 1 February 2008.

Transaction details

– 2007 Revenue - £250m

– 2007 EBIT - £6.8m (before non recurring items)

– Enterprise Value - £61m

– Deferred contingent consideration - £10m

Committed bank facilities increased to fund acquisition.

Earnings accretive for Origin from date of acquisition.

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How does agronomy work?

Agronomist visits farm(up to 25x per

year)

Analyse farmer’s needs

Prescription creation

Transmission of prescription

Delivery to farmer

Seed

Crop Protection

Nutrition

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The increasing influence of agronomy

Improving Crop Potential(Nutrition, Yields, Weed Control,Fungicides)

70/80’s

Maximising Financial Performance(Gross Margin, Cost Per Tonne, Grain Quality, Marketing)

80/90’s

Managing Farm Risk(Rotations, Varieties, Cultivations, Crop Establishment, Drought)

90/2000’s

Supporting Farm Management Objectives(Spreading Workload, Acreage Efficiency, Fixed Costs,Environmental Income)

2000

Impact On Overall Farm Profitability

How Agronomy Influences The Farm Business

2006Access To The New Opportunities(Food versus Fuel, Emerging Energy Markets,Land use, Cross Compliance)

2007+Long Term Sustainable Farming

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Research & Development

Masstock Integrated approach to delivering profitable farming– Plant breeding– Variety assessment

– Nutrition

– Protection

Co-ordinated growing systems– Detailed replicated assessments of new technologies, varieties

and growing systems

– Equip Masstock field teams with optimal product and messaging strategy on farm

SMART FARMING– Demonstrations of practical aspects of adopting new

management systems and fine tuning

– Located throughout the UK to reflect local soil types and climatic conditions

– Service showcase/ target new prospects

Replicated Trials Sites• Technical data• Aids product strategy

SMART FARMS• Service showcase• 150 meetings /yr• 5000 farmers• New business tool

26

Property - Cork South Docks

Cork South Docks Local Area Plan (“SDLAP”) adopted on 11 February 2008 by Cork City Council.The SDLAP provides a framework to promote the regeneration of the area. Formation of the Cork Docklands Development Forum

– Providing national momentum behind the development.

Submission by Cork City Council to the Gateway Innovation Fund

– Relating to key infrastructural elements to facilitate the wider development of the docklands.

Planning application for key 2 acre site.Business relocations being progressed.

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Outlook

Strong growth dynamic– Fundamental shift in supply/demand for Food.

– Confidence

– Repositioning within primary food production

• Focus on commercial returns

• Evolution of business model.

28

Origin Proposition

Agri-Inputs– Excellent model to support primary producer

• Superior business to business inputs offering with strong marketpositions

• Model extension through delivery of advanced IP based prescriptive farming systems combining science with best farming practice andeconomics.

Food– Excellent product development, marketing and distribution competence– Leadership positions across key ambient categories

Cash generative business modelAcquisition and consolidation opportunities

– Funding capacity for future developmentShareholder value focus

29

Origin Investor Relations would be happy to facilitate any further information requests.

Contact name: Marion Caulwell

Phone: +353 1 612 1311

Fax: +353 1 612 1321

Email: caulwellm@originenterprises.ie

Website: www.originenterprises.com/investor_centre

Contact us: Origin Investor Relations151 Thomas StreetDublin 8Ireland