Company Overview November 2014

Frutarom’s Foundations

Founded in 1933, Frutarom combined the cultivation of aromatic plants and flowers with the extraction and distillation of flavors, fine ingredients and essential oils.

3

Frutarom - A Leading Fast Growing Global Flavor and Fine Ingredient House

4

Global company Broad product

portfolio Public company

Financial success since 2000

•Sales in 150 countries

•15,500 customers • A Top 10 flavor

house

•31,000 products •4,000 raw

materials • Innovative

pipeline

•Listed on London & TLV Stock Exchanges

•From $13M to approx. $1. 5B market cap

•9.8x growth in sales (CAGR 19.2%)

•14.9x growth in EBITDA

•17.7x growth in net profit

10 81 108

197 287

425 518

618

792

0

200

400

600

800

1000

Renenue, $M

*Pro-forma basis - had the acquisitions made in 2013 and the beginning of 2014 been consolidated starting from January 1, 2013

Frutarom - A Global Company

5

Accelerated growth – through organic and strategic acquisitions

Sales office Acquisition

2006 2007 2009 2012 1990-2000 2003 2004 2011 2001-2002 2005 2013

1996 Tel Aviv stock exchange

IFF FS

Adumim

Raychan

Rieber

EAFI

Savoury Flavours

Oxford

Belmay

Jupiter

FSI Corona

Nesse

CH Hansen DE

CH Hansen IT

Etol

Mylner

Aromco

FSI OH

Acatris

Flachsmann Tohar

Meer

Rayner HK F&F

CPL Aroma Flavour Key

Baltimore

Botanicare Kunshan

AM Todd

London stock

exchange

Russia

Canada

Turkey

France Mexico

Ukraine

Poland

Kazakhstan

Hong Kong

Costa Rica

Czech Rep.

S. Africa

India

Brazil

Gewurzmuller

Abaco

Rad

JannDeRee

PTI

Aroma

Hagelin

2014

Citrasource

Montana

Sales & Marketing – 81 Offices

Production – 35 Sites

R&D – 42 Labs

Frutarom - A Global Company We provide our customers with global and local support

Belgium

Brazil

China

Denmark

France

Germany

India

Indonesia

Israel

Italy

Kazakhstan

Mexico

Netherlands

Norway

Poland

Serbia

Singapore

Slovakia

Slovenia

South Africa

Turkey

Ukraine

UK South

UK North

Corona, CA New Jersey

Cincinnati, OH Switzerland

Moscow Saint Petersburg

Perm Saratov

Hong Kong

Costa Rica

Georgia

Guatemala

Novosibirsk Belarus

Moldova

Florida

Peru

Chile

6

7

Frutarom - A Profitable Growth Story (Sales, EBITDA, Net Profit, USD M)

1996 Tel Aviv stock exchange

IFF FS

Gewurzmuller

Adumim

Raychan

Rieber

EAFI

Savoury Flavours

Oxford

Balmey

Jupiter

FSI Corona

Nesse

CH Hansen DE

CH Hansen IT

Etol

Mylner

Aromco

FSI OH

Acatris

Flachsmann

Abaco

Tohar

Meer

Rayner HK F&F

CPL Aroma Flavour key

Baltimore

Botanicare Kunshan

AM Todd

Rad

London stock

exchange

Russia

Canada

Turkey

France Mexico

Ukraine

Poland

Kazakhstan

Hong Kong

Costa Rica

Czech Rep.

S. Africa

India

Brazil

JannDeRee

PTI

AROMA

Heglin

Net Profit 2000-2013

X17.7

EBITDA Profit 2000-2013

X14.9

Sales 2000-2013

X9.8 108

81 10

197

287

425

518

618 792*

4 6

18

30 33

42

52

71*

9 14

32

49

66

80

100

134*

1990 2000 2002 2004 2006 2009 2011 2012 2013

*Pro-forma basis - had the acquisitions made in 2013 and the beginning of 2014 been consolidated starting from January 1, 2013

Estimated Sales of Flavor US$ M

A Top-Ten Flavor House

Source: Companies’ Publications, Leffingwell & Associates, Reuters, Frutarom’s estimations * Sales in Core Business on a pro-forma basis - had the acquisitions made in 2013 and the beginning of 2014 been consolidated starting

from January 1, 2013 8

+700 smaller

companies

Continued Focus on Achieving Strategic Goals

Sales Grew From $10M at 1990 to $792M at 2013*

Accelerating Growth In Emerging Markets.

Fastest growing markets

Expanding Market Share In The US.

World’s biggest flavor market

Supply Chain Optimization.

Supported also by acquisitions

Accelerated Profitable Growth

Solid Cash Flow

EBITDA Grew From $1M at 1990 to $134M at 2013*

9

Constantly improving product mix.

Towards more profitable segments

*Pro-forma basis - had the acquisitions made in 2013 and the beginning of 2014 been consolidated starting from January 1, 2013

Accelerated Growth and Market Share in Emerging Markets

Asia

Central & South America Africa

Central and Eastern Europe

• Acquired Etol in Slovenia and PTI in Russia

• One of the only global players with major production sites in Russia

• Market leadership in Central and East Europe

• Cross selling and optimization opportunities

• Fast growing operation in South Africa, reinforced by JannDeRee acquisition

• Enhanced R&D and sales force in fast growing markets (Kenya, Nigeria and others)

• Building state-of-the-art manufacturing facility

• Expanded R&D and sales force in China, Indonesia, Philippines, Thailand, Vietnam, Sri Lanka

• Setting up flavor operation in India

• Building a state-of-the-art plant in China with both savory and sweet flavors capabilities

• Evaluating strategic acquisition opportunities

• Acquired Mylner in Brazil, Aroma in Guatemala and Montana in Peru and Chile

• Set up an independent operation in Costa Rica and Mexico

• Evaluating strategic acquisition opportunities

10

Expanding Flavors’ Market Share in the US

USA

Focus on the US as a key strategic market

Fast, above market rate, internal growth

Additional meaningful foothold through the

acquisition of Hagelin in 2013

• Lucrative beverage market

• Diversified customer base

• Technological know how

Strengthening US presence through 2

strategic acquisitions

•Flavor Specialties in the West Coast in 2009

•Flavor Solutions in Cincinnati in 2011

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3x growth in emerging

markets**

31% growth

in the BRIC

countries*

2x growth in the USA**

Growth Rate

Growing Share of Emerging Markets and the USA

Sales by Geography

* Pro-forma basis - had the acquisitions made in 2013 and the beginning of 2014 been consolidated starting from January 1, 2013 ** 9 months to Sep 2014 compared to 9 months in 2010

122 (27%)

222 (36%)

355 (45%)

229 (51%)

262 (42%)

272 (34%)

41 (9%)

66 (11%)

86 (11%)

60 (13%)

68 (11%)

79 (10%)

2010 2012 2013 Proforma

Emerging Markets Western Europe USA ROW

*

Fine Ingredients ~19%* of sales

Taste Solutions ~72%* of sales

• Unique, high quality creation of sweet and savory flavors for food and beverage products

• Expertise in local and global tastes • Operational flexibility and local global

supply chain • Value-added functional savory solutions

for the food industry (snacks, meat, fish, organic, and culinary segments)

• Comprehensive sweet and savory food systems

• Unique technologies for fruit, spice, vegetable, meat and fish preparations

• Specialty botanical extracts, distillates, essential oils and aroma chemicals

• Innovative, science-based health ingredients for phyto-pharmaceuticals, nutraceuticals, dietary supplements, functional foods, cosmetics, and personal care

• Supporting the growing demand for health, wellness and beauty

13

Trade & Marketing, ~9%* of sales Strengthening Frutarom’s partnership and offering to customers

Growing the Core Business

*Pro-forma basis - had the acquisitions made in 2013 and the beginning of 2014 been consolidated starting from January 1, 2013

We share the…

Passion for Taste & Health

Taste Solutions Fine Ingredients

We develop tailored solutions combining excellent

taste with health and functionality all under one roof 14

Consumers Trends Health, Wellness & Functional Food 67% of consumers state they attempt to consume healthier food and beverages either "all" or "most" of the time, but unwilling to forgo taste even for health…

Source: DATAMONITOR 2011 REPORT, The NPD Group, 2011

Growth drivers

Aging population and Rising obesity

Rising Consumer Awareness

Lifestyle & Income

Opportunities

Positive nutrition and functional foods

Convenience and processed food

Avoidance products ("Free-from“/"zero“) or Moderation Products with "diet“, "low”, "less"

Shorter Life Cycle of new Launches Innovation

Natural & Healthy Natural products and clean label

15

Frutarom provides Novel and Natural Health & Taste solutions 16

Key Market Drivers

Health & Wellness

Reduced fat, calories & salt

Functional Food

Products with Health properties

Cost Reduction

Natural and Clean Label

Convenience Ready Meals

Innovation

27 45

187

297370

457

571

2000 2002 2006 2009 2011 2012 2013*

18.7%17.5%

16.5%

20 35

142

220270

346 355

442

2000 2002 2006 2009 2011 2012 2013 2014

19.0%

20.4%

18.1%17.1%

Flavors - Most Profitable Activity Growing Fast

17

Full Year

• Above average market growth rates • Increasing market share in Emerging Markets - Latin America, Asia, Central

and Eastern Europe, Africa • North America flavor sales grew by more than 5x times since 2010**

9M 2014 (Revenues in US$ M)

* Pro-forma basis - had the acquisitions made in 2013 and the beginning of 2014 been consolidated starting from January 1, 2013 ** based on sales in 9M of 2014 compared with 9M of 2010

72% 32%

(Revenues in US$ M)

% of total sales

EBITDA Margin

EBITDA Margin

Fine Ingredients – Improved profitability

18

EBITDA Margin

• Enhanced product mix

• Focus on Natural high added value taste and health fine ingredients

• New innovative products successfully launched

Improvement was driven by

14.7%

Growing Mid-Sized Food & Beverage Market Over 65% of Market Controlled by Mid-Sized and Local Companies

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• New mid-sized/local companies emerging

• Private label

• Developing markets

• Service expectations

• Fragmented market

(% of Market Share)

The Global Food Market

*Source: Feb, 2014 Datamonitor, Euromonitor and Frutarom’s estimations

F&F Market Fragmented But Consolidating

*Source: Leffingwell & Associates, company’s estimations

(% of Market Share)

Market Share by size

2013 F&F Sales*

20

• Large number of small niche companies with limited service capability and regional focus only

• Few mid-sized players with both regional strength and global platform

• Large F&F players with full service platform, focused on top multinational customers

2013 Market Size

$24bn

Private Label – Mid-Sized and Local

8-in-10 of

European consumers said that after the economy improves they would not stop purchasing private

label(3)

1-in-4 of European

consumers said they will buy a larger

amount of private label brands than

currently(3)

In the USA, 39%

of consumers indicating plans to

increase their purchase of private

label products(2)

Private labels expected to

hold 50% of the global

food market by 2025(1)

21 (1) Source: Rabobank report: Private label vs. Brands: An Inseparable Combination, February 2011 (2) IRi: Private Label, Balancing Quality and Value, NOVEMBER 2013; (2) PLMA – Industry News 2014 (4) Source: The Nielsen Company, August 2009;

2009 Private label products held

20.4% of the food sector worldwide, with

European market penetration highest in the sector2 achieving

7.4% global growth(4)

Source: ACNielsen, industry insights, 2008, Private Label: Who will win the battle of the shelf? Branded or private label products? Sep 2009, ACNielsen, The global Staying Power of Private Label, Aug, 2010

22

50% by

2025

Private Label – Mid-Sized and Local

Frutarom’s Strategy: Clear Focus Going Forward Profitable Internal Growth

Customer Focus

Mid-sized and local Private label Multinational

Market Focus

Developed markets (Europe and USA) Emerging markets (e.g. Asia, Central & South America, Central

and Eastern Europe, Africa)

Product Portfolio

Natural (extracts, fruit bases specialty essential oils) Natural functional food ingredients Comprehensive, integrated solutions Cost reduction solutions

Core Competencies

R&D and innovation – internal and external Efficiencies, scale and synergies – cross selling Experienced global management Sales-driven organization

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38 successful acquisitions

Strict acquisition criteria: Highly valuable and experienced

employees

Major synergies and cross-selling

potential

Additional unique products and

technology

Positive impact on EPS

Focus on integration execution Optimization of cross selling

opportunities

Optimization and harmonization

of resources

Proven Acquisition Track Record

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2013 & 2014: 6 Acquisitions in Emerging Markets and the US

• Strengthening market position in South America

• Complementary Colors activity

Montana* Peru & Chile

PTI Russia & CIS

• Strengthening Leadership in East Europe

• Savory Solutions leadership

Aroma Guatemala

• Strengthening market position in Central America

Hagelin USA

• Strengthening market position in the US & EM

• Expertise in beverages

Strong management, R&D, sales and operational force

Cross selling opportunities

Leverage operational efficiencies

Opportunities for additional rationalization plans and improved margins

Continued implementation of rapid profitable growth strategy

CitraSource USA

• Strengthening Citrus capabilities and leadership

• Presence in Florida – world center for citrus

* Agreement signed on Sep 30, closing is under process. Frutarom’s Q3 2014 results do not include this acquisition

JannDeRee South Africa

• Strengthening market position in South Africa and Africa.

• Complementary Savory activity

Ongoing Projects for Resource Optimization Leveraging economy of scale

Rationalizing Global R&D

Resources - CPM

Global Purchasing at countries of

origin

Production sites integration

Global Logistics integration

Sales force integration

Production Sourcing & Purchasing

Logistics Sales &

Marketing R&D

• Capitalizing on the operational synergies created by the acquisitions made since May 2013;

• Other projects for optimization and margin improvement under way;

• Building and strengthening the global purchasing organization; 26

Gross Profit

EBIT8.7 14.4 17.024.218.6

26.3 29.439.0

135.3

157.1161.0

210.8

70.0

90.0

110.0

130.0

150.0

170.0

190.0

210.0

-10.0

10.0

30.0

50.0

70.0

90.0

110.0

130.0

150.0

Q3 2011 Q3 2012 Q3 2013 Q3 2014

Net Income EBITDA Sales

% EBITDAcore*

13.7%

16.7%18.3%

18.5%

20.2%

% EBITDA

19.1%17.3%

13.8%

* Core Business includes Flavor and Fine Ingredients activities

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Frutarom Presents Strong Q3 of 2014

Reached $210.8 M

Revenues grew 30.9%

5.7% YoY Pro-forma growth1

(net of currency effect)

Reached $ 81.6 M

40.8% gross margin in Core Business*

Reached $ 39.0 M

20.2% EBITDA margin in Core Business*

Reached $24.2M

11.5% net margin

Gross Profit

EBITDA

Growth

Revenues

1Pro- forma growth - assuming acquisitions performed in 2013 had been consolidated as of January 1, 2013 and that CitraSource, which was acquired during the first quarter of 2014, had been consolidated as of March 1, 2013

Net Profit

($M)

Results driven by: • Organic growth above average market growth rates • Successful integration of the acquisitions • Improved product mix • New acquisitions that are already contributing to sales and profits and expected further contribute to growth

and margin improvement

26.1 29.338.4

Q3 2012 Q3 2013 Q3 2014

17.3%19.1%

20.2%

57.4 61.977.7

Q3 2012 Q3 2013 Q3 2014

38.1%40.3%

40.8%

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Constantly Improving Core Business Margins & Profits

• Organic growth • Improved product mix • Recent acquisitions

Major contributors to growth in Profit & Profitability : • Successful integration of the acquisitions • Exploiting operational efficiencies

($M, Core business) ($M, Core business) ($M, Core business)

Margin Margin Margin

19.3 22.430.5

Q3 2012 Q3 2013 Q3 2014

12.8%14.6%

16.0%

Q3 Gross Profit Q3 EBITDA Q3 EBIT

Gross Profit

EBIT

34.1 41.4 48.767.962.3

79.8 87.7114.5

386.9

473.1 481.9

617.3

100.0

200.0

300.0

400.0

500.0

600.0

0.0

50.0

100.0

150.0

200.0

250.0

300.0

YTD 2011 YTD 2012 YTD 2013 YTD 2014

Net Income EBITDA Sales

% EBITDAcore*

16.1%

16.9% 18.2%

18.5%

20.1%

% EBITDA

18.9%17.3%

16.2%

* Core Business includes Flavor and Fine Ingredients activities

29

Frutarom Presents Strong 9 Months of 2014

Reached $617.3 M

Revenues grew 28.1%

4.7% YoY Pro-forma growth1

(net of currency effect)

Reached $241.0 M

41.1% gross margin in Core Business*

Over $ 114 M

20.1% EBITDA margin in Core Business*

Reached $67.9 M

11.0% net margin

1Pro- forma growth - assuming acquisitions performed in 2013 had been consolidated as of January 1, 2013 and that CitraSource, which was acquired during the first quarter of 2014, had been consolidated as of March 1, 2013

Gross Profit

EBITDA

Growth

Revenues

Net Profit

($M)

Results driven by: • Organic growth above average market growth rates • Successful integration of the acquisitions • Improved product mix • New acquisitions that are already contributing to sales and profits and expected further contribute to growth and

margin improvement

78.9 87.2112.8

YTD 2012 YTD 2013 YTD 2014

17.3%18.9%

20.1%

58.3 65.9

88.7

YTD 2012 YTD 2013 YTD 2014

12.8%14.3%

15.8%

172.6 184.6230.5

YTD 2012 YTD 2013 YTD 2014

37.9%39.9%

41.1%

30

Constantly Improving Core Business Margins & Profits

• Organic growth • Improved product mix • Recent acquisitions

Major contributors to growth in Profit & Profitability :

• Successful integration of the acquisitions • Exploiting operational efficiencies

9M Gross Profit 9M EBITDA 9M EBIT

($M, Core business) ($M, Core business) ($M, Core business)

Margin Margin Margin

Profitable Growth Generates Solid Balance Sheet & Cash Flow from Operations

• $ 413 M - Cumulative cash flow since 2009 to the end of Sep 2014

Balance Sheet

• Net debt (30.09.14) - USD 165.7M

• Equity (30.09.2014) - USD 546.7 M

• Net Debt/EBITDA –

• Currently 1.16x (based on LTM EBITDA)

• Historically below 2x

31

($M)

Cumulative Cash Flow

Positive Outlook for 2014/5

Profitable internal growth

Focus on innovative natural healthy product mix

Successful integration of the recent acquisitions

Additional projects to improve efficiency and merge activities and operations

Strengthening & leveraging global purchasing

Strong acquisitions pipeline

32

* EPS LTM Sep 2014

Above-Industry Organic Growth

Frutarom’s Strategy

Proven Acquisition

Track Record

Margin Expansion

33

Reaching revenues of $1 billion

Continue successful strategy of combining rapid profitable organic growth with strategic acquisitions

Achieving 20% EBITDA in our core business , given the current product mix

Frutarom’s Vision

34

To Be The Preferred Partner For Tasty And Healthy Success