PureCircle Limited : FY2011 Interim Results

Investors March 2011

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 2011. 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 Companys or, as appropriate, the Companys 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 telephone call presentation to which this document relates or by accepting this document in any other way you agree to be bound by the foregoing provisions.

2 PureCircle - Investor Slides - All rights reserved March 2011

Content
1. Overview 2. Financials 3. Sales and Marketing 4. Outlook 5. Questions CEO CFO VP Sales & Marketing CEO

3 3 PureCircle - Investor Slides - All rights reserved March 2011

1. Overview

CEO

4 4 PureCircle - Investor Slides - All rights reserved March 2011

OVERVIEW
Sales: Timing of contracted volumes; will be sold in 2H FY 2011 Gross assets of $270m, including inventories of $114m. Cash and banking facility headroom >$50m: sufficient for projected funding needs. Two new Global Key Accounts (GKAs) contracts secured and two GKA contracts extended and deepened. Excluding existing GKAs, Stevia sales increased over 200% FY 2011 sales expected to be in the range $50m to $60m. USA 2010 retail data: Stevia sweetened products $809m, up 126%.PCL total share in excess of 90%* (exclude TT and include indirect). Regulatory clearances expected Europe & Asia Pacific by end 2011 Tereos and Nordzucker JVs and Dohler partnership now operational. Supply chain progress on track

5 PureCircle - Investor Slides - All rights reserved March 2011

2. Financials

CFO

6 6 PureCircle - Investor Slides - All rights reserved March 2011

Financials Overview
$m 6 months ended Financials Summary
Revenues Net (Loss)/Profit EBITDA Gross Assets Inventories Gross cash Net debt 13.6 (7.0) (1.1) 270.4 113.5 30.8 (76.7) 37.5 1.6 7.4 271.1 58.9 80.3 (20.5)

H1 FY 2011 31 Dec 2010

H1 FY 2010 31 Dec 2009

7 PureCircle - Investor Slides - All rights reserved March 2011

Sales analysis by half

$m Global Key Account Other High Purity Sales Co-product & low purity sales Total for half year 1H FY 2011 1 10 2 13 1H FY 2010 20 3 14 37

8 PureCircle - Investor Slides - All rights reserved March 2011

Profit & Loss Account

$m 6 months ended H1 FY 2011 H1 FY 2010

Revenues

13.6

37.5

Gross Profit Other income & expenses Administrative expenses Operating (Loss)/Profit Interest / Tax Net (Loss) / Profit EBITDA EPS: Basic / Diluted

0.9 0.4 (5.2) (3.9) (3.1) (7.0) (1.1) (4.54)/(4.44)

10.2 0.0 (5.8) 4.4 (2.8) 1.6 7.4 1.21/1.20

9 PureCircle - Investor Slides - All rights reserved March 2011

Balance Sheet
$m Non-Current Assets Working Capital Current Assets of which inventory Current Liabilities Sub-total Less: Non-Current Liabilities Net Assets 165.6 113.5 (35.6) 130.0 (82.7) 152.1 182.4 58.9 (51.9) 130.5 (60.4) 158.8 H1 FY2011 104.8 H1 FY2010 88.7

10 PureCircle - Investor Slides - All rights reserved March 2011

Cash Flow
$m
Operating cash flow, before working capital Net working capital change: (of which Inventory) Interest / tax Investing cash flow Cash flow: Operating & Investing Share issue Net debt (repayment) / drawdown Forex Net increase/(decrease) in cash Cash at beginning Cash at end

31 Dec 2010
(4.9) (18.9) (28.6) (4.2) (4.4) (32.4) (1.1) 0.8 (32.7) 62.6 29.9

31 Dec 2009
8.1 (32.7) (27.2) (2.8) (8.3) (35.7) 64.0 32.7 0.4 61.4 18.9 80.3
11

PureCircle - Investor Slides - All rights reserved March 2011

Treasury
$50m Cash and Facility Headroom
Sufficient for projected funding requirements

Net Debt of $77m:

Financed business expansion and stock build Seasonal peak: expected to reduce steadily over next 18 24 months

No major capex foreseen over next 18 months Current inventories represent more than $150m sales value

12 PureCircle - Investor Slides - All rights reserved March 2011

3. Sales and Marketing

13 13 PureCircle - Investor Slides - All rights reserved March 2011

High Purity Stevia Revenues By Month

FY2011 FY2010

Excludes sales to Beverage GKAs This represents 227% growth over the same time period last year
14 PureCircle - Investor Slides - All rights reserved March 2011

PureCircle USA YTD Customers Serviced By Month

80 70 60 50 40 30 20 10 0

Between Feb 2010 and Feb 2011, USA customers grew from 33 to 72 This represents a 118% increase in customers in the past 12 months
15 PureCircle - Investor Slides - All rights reserved March 2011

Sales slower than anticipated due to estimated current inventory at beverage GKAs (Reb A MT)

* FDA Approval: 17/12/2008

16 PureCircle - Investor Slides - All rights reserved March 2011

Carbonated Soft Drink Category in the US have not yet launched products using Reb A

Current customer inventory less than 3% of USA category potential

17

PureCircle - Investor Slides - All rights reserved March 2011

EU Approval expected for late 2011, is key to fulfill Stevia Potential

18 PureCircle - Investor Slides - All rights reserved March 2011

PureCircle Customer Product Pipeline Phases of Product Launch Cycle

80 70 60 50 40 32 30 20 10 0 R&D Initial Launch Established Launch 40 38 2009 2010 69

15 4 0 Multi-Market Rollout
19 PureCircle - Investor Slides - All rights reserved March 2011

Market : USA Retail Sales: Stevia Sweetened Products

$1,200 Annualized All Channel Retail Dollar Sales ($)Nielsen Captured $995 $934 $846 $800 91% $488 $434 $400 $443 $459

$1,000

$600

$200 $63 $Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010
20 PureCircle - Investor Slides - All rights reserved March 2011

Broadening Category Usage

160 140 120 100 80 60 40 20 0
Cereal Dessert Mix Energy Drink Yogurt Snack Sports Drink Salad Dressing RTD Tea Powdered Soft Drink Carbonated Soft Drink Bread Fruit Drink Soymilk Juice Sugar Substitute Flavored Water
21 PureCircle - Investor Slides - All rights reserved March 2011

Broadening F&B Customer Usage

160 140 120 100 80 60 40 20 Other Unilever Bimbo Bakeries Interstate Kraft Zevia McNeil Merisant Dean Foods Cumberland Cargill/Truvia Coca-Cola PepsiCo

22 PureCircle - Investor Slides - All rights reserved March 2011

Recent New Product Launches

USA Launches Sobe Lifewater 0 extensions Australia Launch Trop50 extensions Equal Stevia sweetener Silk Soymilk extension Heinz Golden Circle Vitamin Water Zero extension Lipton Green Tea Arizona Tea for Kids Schweppes Cottees Cordial Concentrate Blue Sky Free energy drink P&N Beverages Go CoCo Wishbone extensions Green Mountain Hot Apple Cider K-Cups

France Launch Danone Taillefine spoonable yoghurt Fanta Still Beghin Say Ligne Stevia Other Launches Lipton Form Plus tea (Turkey) So Sweet sweetener (India)

23 PureCircle - Investor Slides - All rights reserved March 2011

Mexico New Product Launches w/Stevia

PureVia Table Top Bonafont Flavoured Water G2 by GATORADE

Bonafont Water with Natural Lime Juice

Lala Fruggis

Lala Chocolate

Lala Petizoo

24

PureCircle - Investor Slides - All rights reserved March 2011

4. Outlook

25 25 PureCircle - Investor Slides - All rights reserved March 2011

Outlook
Current pipeline suggests FY2011 sales outturn of $50m - $60m 2H Sales underpinned by balance of committed volumes & growing level of repeat orders Timing of EU and other clearances have deferred some customer projects Long term mass volume market assessment intact: PCL well placed when scaled market emerges True sales velocity not expected until Calendar 2012 and 2013 Until then some continued short term sales volatility
26 PureCircle - Investor Slides - All rights reserved March 2011

5. Questions

27 27 PureCircle - Investor Slides - All rights reserved March 2011

PureCircle Limited : FY2011 Interim Results

Investors March 2011