Annual General Meeting29 April 2016

Fyffes plc

AGM 2016 1

Financial highlights | 2015

20142015 % Change

Total revenue €1,090.9m +12.1%€1,222.5m

EBITDA1 €48.2m +16.4%€56.1m

EBITA1 €40.1m +14.2%€45.8m

EPS2 11.17c +14.0%12.73c

Total dividend per share 2.387c +15.0%2.745c

ROIC3 16.6% +10.8%18.4%

1. Before exceptional items and share of joint venture tax2. Before exceptional items, amortisation3. ROIC after tax, including JVs

AGM 2016 22

EPS - € cent

15.320.7 21.3

23.2

30.5 32.7

45.8

49.0-55.0

0

10

20

30

40

50

60

70

2008 2009 2010 2011 2012 2013 2014 2015 2016

EBITA - €’M

40.1

Growth rate 2008 - 2015

Absolute CAGR

EBITDA 198% 16.9%

EBITA 200% 17.0%

EPS 222% 18.2%

18.9

25.7 26.929.6

40.0 40.0

56.1

63.0-69.0

0

10

20

30

40

50

60

70

80

2008 2009 2010 2011 2012 2013 2014 2015 2016

48.2

EBITDA - €’M

3.95

5.19 5.506.05

8.55 8.82

12.73

12.80-14.50

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

18.00

2008 2009 2010 2011 2012 2013 2014 2015 2016

11.17

2016 target ranges updated 29 April 2016, including impact of Highline for 9 months post acquisition

Fyffes earnings history & 2016 targets

AGM 2016

2016 Acquisition activity | Highline Produce

• Fits Fyffes strategic objective of adding a 4th product to our portfolio

• Fits criteria of being an established, successful, integrated operator in a category with significant scale

• Fully integrated Eastern Canada based mushroom business

• Experienced management team. 55 year history

• 4 owned production facilities and 1 leased distribution centre

• Debt free valuation of CAD$145m (€98m)

• Equivalent to 8.1 times pro forma annualised EBITDA of CAD$18m (€12m)

• Immediately accretive

• Net debt post acquisition less than 2.5 times EBITDA. Will reduce to less than 2 times within 2 years

3

AGM 2016

Mushrooms

4

• Total North American fresh mushroom market c.1,100m lbs (500k MT)

• Highline volumes c.58m lbs (26k MT)

– #4 position in North America

– #1 in Canada

– #1 globally in organic production

• Highline uses modern production systems

– Significant historical investment in facilities

– Focus on higher yields and good quality

• Mushrooms are a “superfood” – great source of minerals, vitamins and antioxidants

AGM 2016

2015 Acquisition activity | Farming assets

5

Purchased banana farm in Costa Rica

• Investment of US$15m• Have been operating farm since

early 2014 under lease arrangement

• Accounts for c.3% of Fyffes banana volumes

Purchased additional melon farming assets in Guatemala

• Comprises 2,500 hectares of leased land and 4 packaging stations

• Adds c.25% to existing capacity in melon category

• Investment of US$18.3m plus US$10m-US$12m incremental working capital

AGM 2016

Summary cash flow | 2015

6

• Strong cash generation in period. Operating cash flows of €55.9m, equivalent to 18.6 cent per share

• Significant investment expenditure in 2015 including €29.5m purchase of farming assets in banana and melon categories

• €20m paid to eliminate deficit in Irish DB pension scheme and all future liability. Accelerated pay down of new MNRPF liability

• Seasonal working capital compounded by acquisitions at end of year. Reduced by €6m repayment of supplier loans

• Closing net debt of €39.3m. Equivalent to 0.7 times Adjusted EBITDA

€’M €’M

Operating cash flows

Adjusted EBITDA 56.1

Exclude JV EBIT (1.7)

Dividends from JV’s 1.5 55.9

Recurring investment and other expenditure

Maintenance Capex (9.6)

Tax paid (4.3)

Pension deficit payments incl MNOPF/MNRPF (1.9)

Working capital / other (7.5) (23.3)

Free cash flow before dividends 32.6

Dividends paid (7.4)

Non recurring investment and other expenditure

Acquisition of farming businesses (26.8)

Farm purchase (2.7)

Termination of Irish DB pension scheme (20.0)

Non-recurring MNOPF/MNRPF payments (3.3) (52.8)

Net cash outflow (27.6)

Opening net debt (11.7)

Closing net debt (39.3)

AGM 2016

Balance sheet

7

2015€’M

2014€’M

Intangible assets 39.9 24.5

Property, plant and equipment 128.6 101.6

Investment in joint ventures 36.3 40.1

Investment in Balmoral 0.1 0.1

Working capital / hedging 87.6 77.9

Current / deferred tax (8.4) (10.2)

Provisions (3.5) (4.0)

Pension deficit (net of DT) (25.7) (34.0)

Net debt (39.3) (11.7)

215.6 184.2

Shareholders’ funds 213.9 182.7

Minority interests 1.7 1.6

215.6 184.2

• Significant high quality asset base – own c.5,000 hectares of land in Central America

• Also owns 4 large distribution centres– 3 in UK and 1 in Florida

• Reduction in pension deficit due to closure of Irish DB pension scheme. Also in process of closing larger UK DB pension scheme to future accrual

• €31.2m increase in shareholders’ funds, includes €17.1m translation gain on Sterling and US Dollar denominated net assets, plus €27.4m retained profits before €7.4m dividend

AGM 2016

Fyffes | Market position

8

Europe North AmericaMarket size

(Cases)Market size(Cases/lbs)

Fyffes 46m 10m (JV)

Fyffes 7m 3m

Fyffes N/A 17m

#1

#3

-

300m

75m

-

250m

80m

50m

#3

#1

#4

Fyffes N/A 58m

- - 1,100m lbs#4

AGM 2016

Focus on efficient capital allocation

Increasing dividend

Sharebuy-backs

Acquisitions at all points in the

supply chain and organic growth

9

• Key medium term focus is on growing the business through M&A• Believe further consolidation is needed in industry

AGM 2016

Shareholder return

10

Dividends€’M

Buybacks€’M

Total€’M

2007 5.3 1.7 7.0

2008 5.2 5.3 10.6

2009 5.7 - 5.7

2010 5.9 5.3 11.2

2011 5.9 12.7 18.6

2012 5.9 - 5.9

2013 6.2 - 6.2

2014 6.6 3.0 9.6

2015 7.3 - 7.3

Total 54.0 28.1 82.1

• 2015 dividend 2.745 cent (+15.0%)

• Compound annual growth in dividend 2008-2015 of 9.0%

• Dividend yield 1.7% based on 160 cent share price

AGM 2016

Summary

11

Strong 2015 result. EBITA up 14.2% to €45.8m

Acquisition of Highline Produce Limited for CAD$145m (€98m)

Revised 2016 target EBITA range of €49m-€55m(including Highline for 9 months post acquisition)

Focus on future development and shareholder value