Presented byPaul Selway-SwiftMagomet MalsagovRakesh Sinha

7 March 2017

Interim ResultsH1 FY17

1

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OverviewPresented byMagomet Malsagov, Chief Executive Officer

3

CEO OverviewHighlights CBP

• Sales were $47m, down 13%, as a direct consequence of CBP action.

• Sales outside US grew +10% led by EMEA & LatAm

• Strategic drive to higher value Value Added products progressed well

• Gross Margins remain strong at 40%+

• Positive Operating Cash Flow.(+$8.5m)

• $42m Refinery Capacity Expansion completed on time and on budget

• New Shanghai Office & Laboratory completed

• PureCircle continues to lead industry innovation and unlock market.

• Exciting developments in Agronomy and R&D programmes

• US Customs and Border Protection (CBP) actions severely impacted H1.

• Access to one third of FY16 market denied

• Removed from WRO list on 30 January after a thorough investigation

• PureCircle fully committed to CSR & Sustainability

• $15m H1 impact on Revenue

Key Messages on Stevia

• Stevia is highly efficient source of sweetness, and 100% natural alternative to sugar.

• Much smaller land, carbon and water footprint than sugar.

• No calories, tooth friendly.• Low glycemic index, safe for diabetics.• Non GMO.

4

Stevia Adoptions: Penetration of big brands, more diverse categoriesBig Brand Examples Category Innovation

Coca-Cola Life (CSD)TCCCCanada, Columbia,Saudi Arabia, and South Aftrica50%, 56%, 50%, and 37% reduction, respectively

7UP (CSD)India30% Sugar Reduction

ActivaDanoneBrazil20% Sugar Reduction

NescafeNestleCanadaNew Product

Volvic JuicedDanoneUK>30% Sugar Reduction

Nature Sweet (Stevia + Monk Fruit Tabletop)Whole EarthUSA

Spike Table Top Natural Sweetener SpikeMalaysia

Lala Chocolate Low Fat MilkGrupo LalaMexico 25% Sugar Reduction

McKay NutriactiveNestle ChileNew Product

Herdez (Ice Cream)NestleMexico25% Sugar Reduction

The London Essence Co BritvicUKReduced calories (less than 20 calories per 100ml)

Coca-Cola LifeRebranding

Australia50% Sugar Reduction

5

Who we sell to

6

The following winds

FinancialReviewPresented byRakesh Sinha, Chief Financial Officer

8

Profit & Loss H1 FY2017

Revenue

Gross Profit

Gross Margin %

US$ (millions)

Other income

SG&A

Operating Profit

Operating margin %

Other Expenses

Finance Costs

Taxation

Share of Profit/(Loss) in JV

Forex

Net Profit

Net Profit %

EPS – Diluted (US Cents/Share)

Adjusted EBITDA

• Revenue of $47m; challenging CBP impacted environment, resulting in lower volumes and operating profit.

• Revenue growth (excl. US) of more than +10%.

• Gross Margin 40.4% has remained robust• Average Selling price lower due to mix.• Moderating leaf cost and supply chain

efficiencies resulting in lower cost of manufacturing.

• SG&A increase represents investment in Sales and Marketing personnel.

• Lower finance costs due to renewed terms on our financing facilities.

• Weakening of operating currencies in key sales markets, resulted in forex loss.

• Net Loss of $0.7m, driven by lower top line

H1 FY17 H1 FY16 Change

(7.3)

(3.5)

0.1

(1.8)

(5.3)

0.9

0.4

1.9

0.2

(3.9)

(5.7)

(3.3)

(4.5)

54.5

22.6

41.5%

0.2

(12.1)

10.7

19.7%

(6.1)

(2.8)

(0.4)

–

3.5

5.0

9.2%

2.9

13.5

47.2

19.1

40.4%

0.3

(13.9)

5.5

11.6%

(5.1)

(2.3)

1.5

0.2

(0.4)

(0.7)

-1.4%

(0.4)

9.0

9

Diversified Revenue StreamsStrong Europe & Latin America Growth. Higher margin Value Added products form greater part of the portfolio.

H1

2017

H1

2016

Basic IngredientsRebA 97RebA 80SG95

FlavoursNSF01NSF02NSF03NSF04NSF05Sweta

Value AddedAlphaAlpha 2RebA 99SG95-20SG95-30Sigma SSigma DSigma T1Sigma T4Sigma T5Sigma-B

BreakthroughDeltaRebM Zeta-M

Custom BlendsPSB-XXXX5 custom ingredients

Low PuritySG90

10

NON – CURRENT ASSETS- Property Plant & Equipment- Intangible Assets- Other non-current assets

US$ (millions) H1 FY17 H1 FY16 FY16

TOTAL EQUITY

TOTAL LIABILITIES & EQUITY

• PPE: Capacity expansion

• Intangibles: Leaf development & R&D

• Inventories: Leaf purchase/stock build for H2

• Trade receivables: CBP Impact

• Cash: Capacity expansion

• Trade Payables: longer credit with leaf suppliers

Balance Sheet

NON - CURRENT LIABILITIES- Long-term borrowings- Other payables & accruals- Deferred Income

CURRENT ASSETS- Inventories- Trade Receivables- Cash and bank balances- Other current assets

TOTAL ASSETS

CURRENT LIABILITIES- Trade payables- Short-term borrowings- Other payables & accruals

TOTAL LIABILITIES

141.480.649.611.2

192.4

342.4

201.0102.650.130.318.0

342.4

72.772.20.50.0

77.319.4 38.219.7

150.0

111.958.140.713.1

187.6

300.2

188.384.445.448.510.0

300.2

51.450.50.60.3

61.24.7

44.012.5

112.6

125.565.748.511.3

203.8

345.8

220.384.662.861.011.9

345.8

86.184.91.2

55.95.6

29.021.3

142.0

11

Operating cash flow beforeworking capital changes

US$ (millions) H1 FY17 H1 FY16 Variance

4.7 12.9 (8.2)

Increase in inventories

Decrease in trade and otherreceivables

Increase in trade and other payables

(18.0)

11.9

9.9

(21.7)

16.4

3.8

3.7

(4.5)

6.1

Net cash from operationsbefore interest and tax 8.5 11.4 (2.9)

Net cash from operations afterinterest and taxInvesting activities

Financing activities

5.4(28.3)

(6.4)

8.6(9.2)

(9.5)

(3.2)(19.1)

3.1

Net cash flow (29.3) (10.1) (19.2)

Gross cash

Headroom

30.0

74.6

48.2

72.7

• $8.5m operating cash flow

• Inventories increase due to leaf purchase & preparation for H2 (seasonality).

• Investing: Represents the investment of $22m in production capacity expansion plus R&D projects.

• Financing: $6.4m represents the net of $60.8m repayment and $54.4m drawdown on banking facilities.

Cash Flow

Market Drivers

13

Considerable Growth in the Stevia Market

Global obesity and diabetes continue to increase Potential of Stevia market materially enhanced

• Worldwide obesity has more than doubled since 1980.

• In 2014, 1.9+ billion adults were overweight. Of these 600+ million were obese.

• Worldwide diabetes is at 415 million, will rise to 642 million by 2040.

• Consumers seeking natural sustainable sources for their sweeteners.

• Stevia approved in Brazil and India. Now 5 billion consumers have access to Stevia.

• Sugar taxes being imposed in major markets.

Growing number of products adopting Stevia F&B industry to reduce added sugar

• Mintel report: > 9,000 products now launched with Stevia: > 70% within the last three years.

• All major F&B categories now adopting across all geographic regions.

• F&B industry now publicly committing to reduce added sugar and artificial sweeteners from their product portfolios.

• Stevia increasingly being used as part of the solution.

• Brands differentiating themselves via ingredients

http://www.who.int/mediacentre/factsheets/fs311/en/http://www.diabetesatlas.org/, 7th Ed.

Growth prospects for the market has grown considerably versus 12-months ago.

14

Global new product launches with Stevia Top10 global category by number of product launches

75%+ of launches

occurred in the past 3

years

20132012 2016201520142011

2,279

1,845

2,949

2,601

1,165

637

MEA +87% +3%

LTAM +50% +14%

NTAM +29% +34%

Europe +71% +4%

APAC +23% +11%

5 yr CAGR 1yr

Snacks 449

Carbonated Soft Drinks 200

Dairy 265

Sugar & Gum Confectionery

152Sweeteners & Sugar

Bakery 189

RTDs 197

101

Other Beverages 290

Juice Drinks 327

113Hot Beverages

2 year CAGR

18%

44%

29%

20%

27%

59%

-3%

-7%

19%

9%

18%

Growth in number of launches driven by Europe (71% 5-year CAGR) and Latin America (50% 5-year CAGR), while beverages represent the fastest growing categories.

New product launches continue to roll out globally

15

Progress in clearing remaining regulatory barriers

• Reb M approved in US, Canada, Australia & EU.

• More than 40 minor steviol glycosides in Stevia leaf extracts were identified, published in scientific journal and approved by US FDA and JECFA (Joint FAO & WHO Expert Committee on Food Additive) for food applications. Approval by other authorities in progress.

• Steviol Glycosides Approved in India, Gulf countries and Egypt.

• PureCircle enzyme modified Stevia leaf extracts as sweeteners approved in US. Approval by other authorities in progress.

• Blends of nutritive sweetener with high intensity sweeteners approved in Brazil.

• PureCircle NSF-02 approved in Indonesia and China.

16

Sustainability: Impact of PureCircleStevia vs Sugar

Lowest Carbon Footprint Lowest Water Footprint Lowest Land Footprint

30-80% 92% 1/5Less carbon than the next stevia sweetener or other natural sweeteners.

Less water than other natural sweeteners. Size of Delaware = Amount of stevia needed to replace 20% of today’s sugar consumption.

KgCo2-e/kg SE*Comparative Carbon Footprints

Liters/Kg SE*Comparative Water Footprints

At least Uses

the land of sugar cane

OperationalOverview

18

Gary Juncosa

• Appointment of Gary Juncosa as Chief Operating Officer in November 2016.

• Speciality chemical sector experience, including more than a decade in the Flavors and Fragrances industry.

• Priorities:

• Produce the highest quality, superior tasting Stevia and delivering proprietary systems to our strategic partners.

• Enhance the resources to improve operational efficiency

• Upgrading the supply chain to enhance customer integration

• Expanding our leaf supply partnerships in Latin America, Africa, North America, Southeast Asia and India.

Operations: New COO

19

Operations: Supply Chain ReviewDuring the CBP Crisis, we completed a thorough examination of our supply chain.

1. We made a complete assessment of our product life cycle from leaf to production to assess our velocity.

2. Completed detailed analysis of material provenance to assure sources.3. Improved traceability capabilities

FY’17 H2 Actions include:

• Acceleration of Enterprise Resource Planning (ERP) automation to increase our total system throughput.

• Global supply chain integration to improve customer service and reduce non-strategic inventory.

• Enhancing S&OP process targeting forecast accuracy and production prioritizing. • Expanding Global Sustainability, Quality Assurance and Safety capabilities.

20

Refinery Capacity Expansion Completed• PureCircle expanded its production capacity to meet anticipated future increased volume demand,

further sustain market share and its first mover advantage.

• New plant is mechanically complete and will be fully commissioned Q1 2017.

• Production capacity will be able to support revenue of approximately $450 to $500m.

• The new state of the art, fully automated plant will incorporate more advanced technology that will drive higher efficiency and lower manufacturing costs.

21

Research & Development• Process development team introduced new manufacturing schemes with 300%

improved throughput.

• Developed new product categories and respective production processes for novel high value ingredients derived from Stevia plant.

• New sweetener and flavor ingredients based on proprietary natural enzyme technologies.

• Agriculture R&D team Stevia breeding program resulted in new varieties with increased content better tasting steviol glycosides.

• Continued studies of Stevia plant at molecular level revealed new mechanisms of steviol glycosides biosynthesis.

22

Agriculture • We continue to innovate with our proprietary varieties to provide our customer with better

tasting products. This process starts with the leaf.• For our Agricultural development of stevia, we have committed to large scale plantations with

contracted production of high Reb M (close to sugar) tasting leaf.• We work closely with our production base with technical training and development to obtain the

highest standards throughout the value chain.

23

Agriculture - Mechanisation to deliver larger leaf volumes

• For us to be able to supply larger volumes of leaf for the future our plantations are mechanising the Agricultural process.

• Machine harvest and the leaf drying capacity are key areas of focus for our plantations future expansion.

24

Leaf China Prices• Have moderated, but still above historical levels. • Long term Stevia is highly efficient source of sweetness.• Until there is improved visibility of end Customer demand and large scale diversified supply,

leaf price volatility may continue. PureCircle plans to have a well diversified leaf supply by 2020.

100

150

200

250

300

350

400

FY2012 FY2013 FY2014 FY2015 FY2016 FY2017

Stevia Leaf Price Index – CHINA

25

Leaf Diversification• We continue to lead the diversification

of leaf supply into new geographic regions centered on our leaf development hubs in Africa and Latin America.

• We are accelerating development with large commercial agricultural partners (>20 hectares) who have the potential to scale supply more quickly than traditional smallholders (<0.5 hectares), which use more efficient farming techniques increasing yield significantly.

Average Farm Size <0.5 hectares >20 hectares

Before Now

Farming Practice Rain fed Drip irrigation

Mechanization None Harvester, dryer

Average Yield/Hectare >3 MT/hectare >8 MT/hectare

26

July December July December

• Improves taste profile in tea application while enhancing tea flavours.

• Launched at Institute Food Technologists Expo Chicago.

Sigma-Tea Zeta Sigma-Beverage

• Integrates rare glycosides for the most sugar-like taste profile in low-to-no calorie applications.

• Achieves very high level of sweetness, needed for deepest sugar reductions, without the negative attributes.

• Improves taste profile in beverage applications with sugar-like taste.

• Launched at Food Matters Live London.

FY2016 FY2017

Stevia solutions that allow deeper sugar reductions without compromising taste – preserving true flavour and superior mouthfeel.

End customers have now successfully commercialized products across both lines.

Innovation: New introductions enabling adoption of Stevia across F&B industry

Summary & Outlook

28

Summary & Outlook

• Underlying business is sound despite CBP disruption

• Strong double-digit growth in EMEA & Latin America

• Product portfolio diversification to Value Added products

• Gross Margins remain strong

• Positive operating cash flow.

• Making major strides in our R&D and Agronomy Programs

• Operationally prepared for growth with refinery capacity expansion completed.

Summary Increased Market Opportunities

Outlook

• Scope for usage of Stevia in the Global Food and Beverage Industry has significantly increased in the past 12-months

• Increasing number of countries implementing Sugar Taxes

• Launch of new specific solutions to broadened adoption across wider number of applications and increased levels of sugar reductions.

• Continuous increase in the number of product launches across multiple markets and categories globally with strongest growth in beverages.

• Our overall business will return to its solid growth trajectory after a period of recovery post the US CBP issue

• Innovation pipeline is strong

• Well positioned to capitalise on consumer trends of wellness, natural ingredients and less sugar.

• Long term prospects for this business is healthy; there will be volatility on the way.