MOVING FORWARDS,STRONGERFull Year Results 2017

Presented by

Paul Selway-Swift

Magomet Malsagov

Rakesh Sinha 19 September 2017

1

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2

Presented by

Magomet Malsagov, Chief Executive Officer

OVERVIEW

3

CEO OVERVIEW

• Sales $118.9m

(2016: $138.6m)

• Results should be seen

in the context of being

denied access to the US

market for 8 months

(now fully resolved)

• PureCircle grew outside

the US +8%

• Gross margin 38.5%

(2016: 41.1%)

• Positive Operating Cash

Flow $17.1m

(2016: $19m)

• Strategic drive to higher

value added products

progressed well

Financial Highlights

• Completed the $42m

expansion of our stevia

refinery in Malaysia on

time, on budget

• Opened new labs/offices

in Shanghai and Delhi

• Significant IP –

72 patents and 200

patents pending

worldwide

• Significant investment in

PureCircle Stevia

Agronomy Program

ensuring consistency of

best-tasting products and

new innovative

ingredients, such as

StarLeaf stevia and

vanilla and cocoa flavour

enhancers and

antioxidants

Operational

Highlights

• FTSE Small Cap and All

Share indexation

granted (Aug ’17)

• New $200m financing

facility secured enabling

a strong, stable financial

platform to fund future

growth (Sept ‘17)

Post Balance

Sheet Event

• Structural &

Fundamental shift in the

market to reduce sugar

in core brands

• No natural alternative to

stevia

• Stevia is a force for

good in the world

• Highly efficient and cost

effective source of

sweetness, and 100%

natural alternative to

sugar with great taste

• Much smaller land,

carbon and water

footprint than sugar

• No calories, tooth

friendly

• Low glycemic index,

safe for diabetics

Why Stevia?

4

OUR GLOBAL FOOTPRINT

5

VERTICAL INTEGRATION

Plant Breeding

Breeding

proprietary Stevia

varieties with

higher sweet

glycoside content

Harvesting

Cultivating best

sustainability

practices and

providing training

and materials to

ensure success

with local farmers

across four

continents

Extraction

Producing our own

extract to ensure

quality standards

are met

Purification

Purifying steviol

glycosides with an

unmatched scale

and consistency

Application

Providing

formulation

expertise to deliver

great-tasting

products

Finished

products

Providing our

customers with a

level of

transparency that

is superior to any

other stevia

manufacturer

1. 2. 3. 4. 5. 6.

6

HOW WE CREATE VALUE

We have

successfully

commercialised a

portfolio that

includes natural

sweeteners,

flavours and

speciality

ingredients based

on high purity

stevia, and have

deep expertise

across the value

chain, from seeding

to sweetener.

Research & Development (R&D)Multi-disciplinary approach spanning plant breeding, agronomy, biotechnology, biochemistry,

food technology and sensory analysis

Commercialisation• Scientific and Regulatory Affairs

• Sales & Marketing

7

WHO WE SELL TO

*PureCircle has over 300 customers in total

8

Big Brand Examples Category Innovation

Coca-Cola Life (CSD)

TCCC

Canada, Columbia, Saudi

Arabia, South Aftrica, and

Greece

50%, 56%, 50%,

37% and 50% reduction,

respectively

7UP (CSD)

Pepsi

India, France, Germany

30% Sugar Reduction

Activia

Danone

Brazil

20% Sugar Reduction

Nature Sweet

(Stevia + Monk Fruit

Tabletop)

Whole Earth

USA

Herdez (Ice Cream)

Nestle

Mexico

25% Sugar Reduction

The London Essence Co

Britvic

UK

Reduced calories

(less than 20 calories per

100ml)

Kids Tomato Ketchup

Kraft Heinz

Austria

50% Sugar reduction

Lactobacillus Drink

Weiquan

China

45% Sugar Reduction

McKay Nutriactive

Nestle

Chile

New Product

NesteaNestle

United States

30% Reduction

Tropicana 50 Multi-vitamin

Pepsi

UK/Ireland

50% Sugar Reduction

STEVIA ADOPTIONS: Penetration of big brands, more diverse categories

NescafeNestle

Canada

New Product

9

THE FOLLOWING WINDS

10

EMERGENCE OF SUGAR TAX

Sugar-related taxes in effect

Barbados

Belgium

Brunei

Chile

Dominica

Egypt

Fiji

Finland

France

Hungary

Mauritius

Mexico

Nauru

Norway

Philippines

Samoa

Saudi Arabia

St. Helena

US AREAS

Albany

Berkeley

Boulder

Cook County

Oakland

Philadelphia

San Francisco

Seattle, Washington

Proposed/raised for discussion

Australia

Estonia

India

Indonesia

Ireland

Malaysia

New Zealand

Portugal

South Africa

Spain

Thailand

UK (2018)

11

FINANCIALREVIEW

Presented by

Rakesh Sinha, Chief Financial Officer

• Revenue of $119m; challenging CBP

impacted environment ($30-35m), resulting

in lower volumes and operating profit.

• Revenue growth (excl. US) of +8%.

• Gross Margin of 38.5%

• Higher margin product volumes

particularly impacted due to no access to

US market for 8-months

• Benefit of moderating leaf cost diluted by

higher logistics and 3P sourcing.

• SG&A increase represents investment in

Commercial personnel.

• $5.3m Exceptional Items

• Net Profit of $7.2m

• Post Balance Sheet Events

- Inclusion in FTSE Small Cap & All-

Share Index

- $200m HSBC Finance Facility,

replacing existing facilities, allowing

greater flexibility and enabling a

stronger platform for growth.

PROFIT & LOSS 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

FY17 FY16

138.6

57.8

41.7%

0.3

(24.9)

33.2

24.0%

(10.2)

(5.3)

(3.3)

(1.2)

1.4

14.6

10.5%

8.4

34.2

118.9

45.8

38.5%

0.5

(28.7)

17.6

14.8%

(5.9)

(5.0)

(0.4)

0.1

0.8

7.2

6.1%

4.1

27.1

2017

2016

Basic Ingredients

42%

Value Added23%

Flavour30%

Breakthrough2%

Custom Blend1%

Low Purity2%

Revenue Mix by Product Category

North America

16%

EMEA44%

Latin America

26%

Asia12%

South Asia2%

Revenue Mix by Geographic Region

Basic Ingredients

46%

Value Added18%

Flavour33%

Breakthrough2%

Custom Blend0%

Low Purity1%

Revenue Mix by Product Category

North America

34%

EMEA29%

Latin America

23%

Asia13%

South Asia1%

Revenue Mix by Geographic Region

DIVERSIFIED REVENUE STREAMS

Strong Europe Growth.

Higher margin Value Added products form greater part of the portfolio.Product Categories

▪ Basic Ingredients

▪ Breakthrough

▪ Custom Blends

▪ Flavours

▪ Low Purity

▪ Value Added

NON – CURRENT ASSETS

- Property Plant & Equipment

- Intangible Assets

- Other non-current assets

TOTAL EQUITY

TOTAL LIABILITIES & EQUITY

BALANCE SHEET

NON - CURRENT LIABILITIES

- Long-term borrowings

- Other payables & accruals

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

156.2

90.6

54.7

10.9

207.6

362.0

205.8

106.0

58.0

33.0

8.8

362.0

39.6

39.0

0.6

114.8

11.1

78.7

25.0

154.4

125.5

65.7

48.5

11.3

203.8

345.8

220.3

84.6

62.7

61.0

12.0

345.8

86.1

84.9

1.2

55.9

5.5

29.0

21.4

142.0

US$ (millions) FY17 FY16

• PPE: Refinery capacity

expansion

• Intangibles: Leaf development &

R&D

• Inventories have increased due

to lower US sales (CBP

impacted)

• Improved receivables

management

• Cash: Refinery capacity

expansion

• Improved payables management

• Re-classification between L-T &

S-T borrowings (New finance

facility will change this)

Operating cash flow before

working capital changes

US$ (millions) FY17 FY16

21.8 31.9

Increase in inventories

Decrease/(Increase) in trade and

other receivables

Increase in trade

and other payables

(21.6)

4.6

12.3

(22.4)

(2.5)

12.0

Net cash from operations

before interest and tax 17.1 19.0

Net cash from operations after

interest and tax

Investing activities

Financing activities

10.3

(43.9)

8.7

13.1

(24.4)

14.8

Net cash flow (24.9) 3.5

Gross cash

Headroom

33.0

76.7

61.0

76.3

• $17.1m positive operating cash flow

despite business disruption and

lower margins

• Improved collections management

• Better payables management

• Investing:

Represents the investment in new

production line for capacity

expansion plus R&D projects.

• Financing:

$8.7m represents the net of

$120.8m repayment and $129.5m

drawdown on banking facilities.

CASH FLOW

16

MARKET DRIVERS

Powerful and dynamic

17

• 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.

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.

CONSIDERABLE GROWTH in the stevia market

• Stevia approved in

Brazil and India. Now 5

billion consumers have

access to Stevia.

• Sugar taxes being

imposed in major

markets.

• 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.

• Mintel report: > 13,000

products now launched

with Stevia: > 75%

within the last four

fiscal years.

• All major F&B

categories now

adopting across all

geographic regions.

Global obesity and diabetes

continue to increase

Potential of Stevia market materially enhanced

Potential of Stevia market materially enhanced

Growing number of products adopting Stevia

18

Global new product launches with stevia Top 10 global category by number of product launches

75% of

launches

occurred in

the past 4

fiscal years

MEA +94% +22%

LTAM +39% +2%

NTAM +28% +40%

Europe +25% +5%

APAC +19% +10%

5 yr CAGR 1yr

2 year CAGR

14%

33%

8%

11%

27%

18%

11%

8%

13%

16%

Growth in number of launches driven by NTAM, LTAM, and Europe, while beverages represent the fastest growing categories.

FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17

2,2322,408

2,792

3,144

251 368494

990

1,315

Total +26% +12%

485

364

323

306

219

206

186

168

118

117

Snacks

Juice Drinks

Other Beverages

Dairy

Carbonated Soft Drinks

Bakery

RTDs

Sweeteners & Sugar

Hot Beverages

Sugar & Gum Confectionery

23%

NEW PRODUCT LAUNCHES continue to roll out globally

19

FY2017 FY2018

Sigma-Beverage

• Improves taste profile in

beverage applications with

sugar-like taste.

• Launched at Food Matters

Live London.

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

StarLeafTM Stevia Variety

• Successful commercialization of best

tasting stevia variety

• >20x of the most sugar-like steviol

glycosides

• Unlock taste challenges for zero

calorie and no sugar added products

• Launched at Beverage Digest

New York

Stevia Antioxidant

• Developed first commercially available stevia antioxidant product

• Provides consumers access to a new health and wellness ingredient

• Offers a plant-based solution to stabilize flavors with cleaner taste profile

• Launched at IFT

New Stevia Flavor Modifiers

• Launched stevia flavour modifiers to

enhance cocoa and vanilla flavours

• Deliver cost savings as cocoa and vanilla

prices rise

• Help diversify customer’s risk around

supply volatility for these ingredients

Sigma-XceleratorTM

• New analytical tool helps customers

formulate

• Offers best tasting stevia solutions with

reduced development times

• Launched at DrinkTec

20

• All steviol glycosides (50+), including relatively new

sugar-like tasting molecules from stevia leaf approved by

US, Canada, Australia, New Zealand authorities for food

and beverage applications

• Joint (FAO & WHO) Expert Committee on Food Additives

(JECFA) has also approved all Steviol Glycosides (50+)

from stevia leaf in June 2017.

• JECFA approval facilitates the approval of sugar-like

tasting molecules from stevia leaf in major Latin America,

Asia and Africa markets in near future.

• EFSA is currently evaluating PureCircle petition for

approval of all steviol glycosides from stevia leaf and for

approval of enzyme modified stevia leaf extract (GSG).

• Argentina and Israel approved Reb M for food and

beverage applications

• Stevia leaf has been approved as food in tea, herbal tea

and fruit infusion in Europe.

REGULATORY PROGRESS in expanding the use of stevia

21

Lowest Carbon Footprint Lowest Water Footprint Lowest Land Footprint

12-82% 88% 1/5Less carbon than other natural sweeteners. Less water than other natural sweeteners. Size of Delaware = Amount of stevia

needed to replace 20% of today’s sugar

consumption.

2015 Carbon Study

KgCo2-e/kg SE*

Comparative Carbon Footprints

2015 Carbon Study

Liters/Kg SE*

Comparative Water Footprints

At least Uses

the land of

sugar cane

12% 48% 82%WATER

SUSTAINABILITY:Impact of PureCircle Stevia vs Sugar

22

OPERATIONALOVERVIEWGreatest tasting stevia

23

1. Aligned (de-centralised) Customer Service to 5 regional sales hubs to maximise order fulfilment

and enable greater customer centricity (e.g. time zone, language etc.)

2. Completed C-TPAT Certification of our China extraction plant (Customs trade partnership against

terrorism). Supply chain security compliance programme endorsed by the CBP. This is supported

by our major customers.

• Continued investment in Enterprise Resource Planning (ERP) integration to improve

customer service.

• Acceleration ERP automation to increase our total system throughput. (e.g. automated

invoicing).

• Improved S&OP process targeting forecast accuracy and production prioritisation.

• Expanding C-TPAT certification to our Malaysia plant to achieve end-to-end supply chain

certification and reduce lead time.

OPERATIONS: Supply Chain Review

24

• Expansion completed on time and on budget, performing at design capacity

• Full automation will be completed in Q2

• Once completed, the process control technology will maximize quality, improve higher efficiency and

lower manufacturing costs.

• 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.

REFINERY EXPANSION COMPLETED

25

• 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.

• Successful pilot scale trials for new sweetener and flavour

ingredients based on proprietary technologies.

• Trial plot cultivation of new varieties, developed by our

agriculture R&D team stevia breeding program, to

increase content of better tasting steviol glycosides.

• Proprietary bioinformatics resource developed, as a result

of continued studies of stevia plant at molecular level, to

identify new mechanisms of steviol glycosides

biosynthesis regulation.

RESEARCH & DEVELOPMENT

26

AGRICULTURE: From PureCircle R&D to commercial reality

Our unique proprietary StarLeafTM Stevia is the next generation

of stevia products.

• PureCircle’s new products allow up to 100% reduction in sugar or

artificial sweeteners.

• Through our leaf-focused R&D, we create improved varieties to deliver

better taste and increased sweetness content from the leaf.

• Following successful global commercial trials this fiscal year, we are now

starting seedling production (in billions) for our farmers

• We are focused on commercial growing partners, supported by our

technical growing knowledge

• We invest in mechanisation for our agricultural partners to help

scalability of production

• We provide our farming partners with the latest generation of StarLeafTM

Stevia varieties to give them the competitive edge for a profitable future

• Our geographic locations take advantage of both the Northern and

Southern hemispheres for future consistency of leaf supply

• Plan for leaf supply to be 100% StarLeafTM within three years

27

SUMMARY & OUTLOOK

Significant opportunities for growth

28

SUMMARY & OUTLOOK

Outlook

• Our Innovation pipeline is strong

• New $200m finance facility enables

a strong, stable financial platform for

PureCircle to fund future growth

• Robust business model –

geographic diversification reduces

significant exposure to geopolitical

and climate risks

• We have a unique market position –

no one knows more about the stevia

leaf than we do

• Moving forwards, stronger

Increased Market Opportunities

• Obesity. According to the WHO:

• At least 2.8m people die each year as

a result of being overweight or obese

• 39% of adults aged 18yrs and over

were overweight in 2014, and 13%

were obese

• 41m children under the age of 5 were

overweight or obese in 2014

• Diabetes. According to the WHO:

• The estimated diabetes prevalence

for adults between the ages of 20 and

70 worldwide for 2015 was 415 million

and it is expected to affect one person

in 10 by 2040 – 642m

• Sugar taxes:

• 8 countries have implemented a

sugar tax; in addition, 8 localities in

the US and 8 island nations/territories

Summary

• CBP issue resulted in missing some

US customers’ innovation cycles but

we used the time to invest in

creating an even stronger business

with the best-tasting, most-

consistent stevia in the market and

added significant capacity

• Everything we do is about helping

our customers achieve their goals of

reducing sugar/calories/cost of

ingredients without compromising

taste through high purity stevia

solutions

• Continually innovating – 2017:

StarLeaf stevia, cocoa/vanilla

flavours and antioxidants

29

NOTES I

30

NOTES II