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Interim Results H1 FY17 Presented by Paul Selway-Swift Magomet Malsagov Rakesh Sinha 7 March 2017 Disclaimer This document, which is personal to the recipient and has been issued by PureCircle Limited (the Company), comprises


  1. Interim Results H1 FY17 Presented by Paul Selway-Swift Magomet Malsagov Rakesh Sinha 7 March 2017

  2. Disclaimer • This document, which is personal to the recipient and has been issued by PureCircle Limited (the “Company”), comprises written materials/slides for presentations to be held in March 2017. This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares in the Company, nor shall any part of it nor the fact of its distribution form part of or be relied on in connection with any contract or investment decision relating thereto, nor does it constitute a recommendation regarding the securities of the Company. • This document has not been verified, does not purport to contain all information that a prospective investor may require and is subject to updating, revision and amending. The information and opinions contained in this document are provided as at the date of this presentation and are subject to change without notice. In furnishing this document, the Company does not undertake or agree to any obligation to provide the attendees with access to any additional information or to update this document or to correct any inaccuracies in, or omissions from, this document that may become apparent. • No reliance may be placed for any purposes whatsoever on the information or opinions contained in this document or on its completeness. No representation or warranty, express or implied, is given by or on behalf of the Company its directors, officers or employees or any other person as to the accuracy or completeness of the information or opinions contained in this document and no liability whatsoever is accepted by the Company or any of its members, directors, officers or employees nor any other person for any loss howsoever arising, directly or indirectly, from any use of such information or opinions or otherwise arising in connection therewith. • This document and its contents are confidential and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, in whole or in part, for any purpose. This presentation is for information purposes only and is directed only at, in the United Kingdom, qualified investors who are persons who (i) have professional experience in matters relating to investments falling within Article 19(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order"); (ii) are persons falling within Article 49(2)(a) to (d) ("high net worth companies, unincorporated associations, etc") of the Order; or (iii) are persons to whom it may otherwise be lawfully communicated (all such persons together being referred to as "Relevant Persons"). By attending the presentation to which this document relates or by accepting this document, you will be take to have represented, warranted and undertaken that you are a Relevant Person. • Certain statements, beliefs and opinions in this document, are forward-looking, which reflect the Company’s or, as appropriate, the Company’s directors’ current expectations and projections about future events. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Forward-looking statements contained in this document regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements, which speak only as of the date of this document. • By attending the presentation to which this document relates or by accepting this document in any other way you agree to be bound by the foregoing provisions. 1

  3. Overview Presented by Magomet Malsagov, Chief Executive Officer

  4. CEO Overview Highlights CBP • Sales were $47m, down 13%, as a direct • US Customs and Border Protection (CBP) consequence of CBP action. actions severely impacted H1. • Sales outside US grew +10% led by EMEA & • Access to one third of FY16 market denied LatAm • Removed from WRO list on 30 January after a • Strategic drive to higher value Value Added thorough investigation products progressed well • PureCircle fully committed to CSR & • Gross Margins remain strong at 40%+ Sustainability • Positive Operating Cash Flow.(+$8.5m) • $15m H1 impact on Revenue • $42m Refinery Capacity Expansion completed on time and on budget Key Messages on Stevia • New Shanghai Office & Laboratory completed • Stevia is highly efficient source of sweetness, and • PureCircle continues to lead industry innovation 100% natural alternative to sugar. and unlock market. • Much smaller land, carbon and water footprint than sugar. • Exciting developments in Agronomy and R&D programmes • No calories, tooth friendly. • Low glycemic index, safe for diabetics. • Non GMO. 3

  5. Stevia Adoptions: Penetration of big brands, more diverse categories Big Brand Examples Category Innovation Coca-Cola Life (CSD) Nature Sweet Spike Table Top TCCC (Stevia + Monk Fruit Coca-Cola Life Natural Sweetener Canada, Columbia, Tabletop) Spike Saudi Arabia, and Whole Earth Rebranding Malaysia South Aftrica USA Australia 50%, 56%, 50%, 50% Sugar Reduction and 37% reduction, respectively Lala Chocolate Low 7UP (CSD) Nescafe Herdez (Ice Cream) Fat Milk India Nestle Nestle Grupo Lala 30% Sugar Reduction Canada Mexico Mexico New Product 25% Sugar Reduction 25% Sugar Reduction The London Essence Co McKay Nutriactive Activa Volvic Juiced Britvic Nestle Danone Danone UK Chile Brazil UK Reduced calories New Product 20% Sugar Reduction >30% Sugar Reduction (less than 20 calories per 100ml) 4

  6. Who we sell to 5

  7. The following winds 6

  8. Financial Review Presented by Rakesh Sinha, Chief Financial Officer

  9. Profit & Loss H1 FY2017 US$ (millions) H1 FY17 H1 FY16 Change • Revenue of $47m; challenging CBP Revenue 47.2 54.5 (7.3) impacted environment, resulting in lower Gross Profit 19.1 22.6 (3.5) volumes and operating profit. Gross Margin % 40.4% 41.5% • Revenue growth (excl. US) of more than +10%. Other income 0.3 0.2 0.1 SG&A (13.9) (12.1) (1.8) • Gross Margin 40.4% has remained robust • Average Selling price lower due to mix. Operating Profit 5.5 10.7 (5.3) • Moderating leaf cost and supply chain Operating margin % 11.6% 19.7% efficiencies resulting in lower cost of manufacturing. Other Expenses (5.1) (6.1) 0.9 • SG&A increase represents investment in Finance Costs (2.3) (2.8) 0.4 Sales and Marketing personnel. Taxation 1.5 (0.4) 1.9 • Lower finance costs due to renewed Share of Profit/(Loss) in JV 0.2 – 0.2 terms on our financing facilities. Forex (0.4) 3.5 (3.9) • Weakening of operating currencies in key sales markets, resulted in forex loss. Net Profit (0.7) 5.0 (5.7) Net Profit % -1.4% 9.2% • Net Loss of $0.7m, driven by lower top line EPS – Diluted (US Cents/Share) (0.4) 2.9 (3.3) Adjusted EBITDA 9.0 13.5 (4.5) 8

  10. Diversified Revenue Streams Strong Europe & Latin America Growth. Higher margin Value Added products form greater part of the portfolio. Basic Ingredients Value Added RebA 97 Alpha RebA 80 Alpha 2 H1 2017 SG95 RebA 99 SG95-20 SG95-30 Custom Blends Sigma S PSB-XXXX Sigma D 5 custom Sigma T1 ingredients Sigma T4 Sigma T5 Sigma-B Flavours NSF01 Breakthrough H1 2016 NSF02 Delta NSF03 RebM NSF04 Zeta-M NSF05 Sweta Low Purity SG90 9

  11. Balance Sheet US$ (millions) H1 FY17 H1 FY16 FY16 NON – CURRENT ASSETS 141.4 111.9 125.5 • PPE: Capacity expansion - Property Plant & Equipment 80.6 58.1 65.7 - Intangible Assets 49.6 40.7 48.5 - Other non-current assets 11.2 13.1 11.3 • Intangibles: Leaf CURRENT ASSETS 201.0 188.3 220.3 development & R&D - Inventories 102.6 84.4 84.6 - Trade Receivables 50.1 45.4 62.8 - Cash and bank balances 30.3 48.5 61.0 • Inventories: Leaf - Other current assets 18.0 10.0 11.9 purchase/stock build for H2 342.4 300.2 345.8 TOTAL ASSETS 72.7 51.4 86.1 NON - CURRENT LIABILITIES • Trade receivables: CBP 72.2 50.5 84.9 - Long-term borrowings Impact - Other payables & accruals 0.5 0.6 1.2 0.0 0.3 - Deferred Income • Cash: Capacity expansion CURRENT LIABILITIES 77.3 61.2 55.9 - Trade payables 19.4 4.7 5.6 - Short-term borrowings 38.2 44.0 29.0 • Trade Payables: longer - Other payables & accruals 19.7 12.5 21.3 credit with leaf suppliers TOTAL LIABILITIES 150.0 112.6 142.0 192.4 187.6 203.8 TOTAL EQUITY TOTAL LIABILITIES & EQUITY 342.4 300.2 345.8 10

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