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Interim Results 2 September 2016 Fyffes plc Fyffes overview Operates in the international tropical produce sector - Portfolio products bananas, pineapples, melons, mushrooms - Areas of activity Europe, US, Canada, Central & South

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Interim Results 2 September 2016

Fyffes plc

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Interim Results 2016

Operates in the international tropical produce sector

  • Portfolio products – bananas, pineapples, melons, mushrooms
  • Areas of activity – Europe, US, Canada, Central & South America

Market leader in 3 of our 4 product categories Integrated supply chain – production, procurement, shipping, ripening, distribution and marketing Oldest fruit brand in the world dating back to 1929 History extends to 125+ years Dual listing on Irish (ESM) and London (AIM) stock exchanges

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Fyffes overview

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Interim Results 2016

Total revenue EBITDA* EBITA* PBT* EPS**

Interim dividend per share

ROIC***

H1 2016

€739.3m €44.0m 36.6m 35.5m 10.01c 0.9032c 14.3%

H1 2015

€644.3m €39.5m €34.3m €33.9m 9.93c 0.8211c 16.8%

% Change

+14.7% +11.3% +6.6% +4.5% +0.8% 10.0% N/A

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* Before exceptional items and share of joint venture tax. ** Before exceptional items and amortisation charges. *** ROIC based on rolling twelve months, including JVs, compared to full year 2015. Includes pro forma 12 months for Highline.

Financial highlights | First half results

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Interim Results 2016

Reconfirming 2016 earnings targets

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EBITDA1 EBITA1 EPS2

2015 Actual

€56.1m €45.8m 12.73c

2016 Previous Guidance

€54-60m €42-48m 11.4-13.1c

2016 Updated Guidance3

€63-69m €49-55m 12.8-14.5c

% Change

(to Guidance mid-point)

+15.7% +15.6% +11.4%

1. Before exceptional items and share of joint venture tax. 2. Before exceptional items and amortisation. 3. Updated guidance issued 29 April 2016. Includes post acquisition contribution from Highline.

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Interim Results 2016

4 4 EPS - € cent

15.3 20.7 21.3 23.2 30.5 32.7 45.8 49.0- 55.0 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 26.9 29.6 40.0 40.0 56.1 63.0- 69.0 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 5.50 6.05 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

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Interim Results 2016

5 H1 2016 €’M H1 2015 €’M % Total turnover 739.3 644.3 +14.7% Adjusted EBITDA 44.0 39.5 +11.3% Depreciation (7.4) (5.2) Adjusted EBITA 36.6 34.3 +6.6% Net interest (incl JV’s) (1.1) (0.4) Adjusted PBT 35.5 33.9 +4.5% Exceptional credits/charges 1.7 (2.9) Amortisation (1.3)

  • Tax (incl share of JV’s)

(6.0) (4.4) Minority interest 0.2 0.3 Profit attributable to shareholders 30.1 26.9 +12.0%

  • c.15% increase in sales includes first time

contribution from Highline for 3 months post

  • acquisition. Volume growth in each category,

especially melons (+20%) following 2015 acquisition of additional farming assets. Some price inflation.

  • €2.3m increase in EBITA. Highline contribution

€2.3m. Other categories in line with prior year

  • verall. Analysed on following pages.
  • €1.7m exceptional credit includes €3.6m

curtailment gain on closure of UK DB pension scheme less €1.9m due diligence costs on acquisitions.

  • Underlying tax charge estimated at 15% (2015

full year 13.8%). Increase driven by geographic mix of profits including Highline acquisition.

Summary profit & loss | 2016 first half

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Interim Results 2016

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  • Challenging trading conditions in banana category in first half
  • Significant adverse exchange rate movement – particularly GBP/USD
  • Reduction in some input costs, particularly fuel
  • Secured some price increases but not sufficient to offset adverse exchange

rate movements

  • Further mid-single digit organic volume growth

Operating performance | Bananas

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Interim Results 2016

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  • Strong performance in pineapple category in first half
  • As in banana category, exchange rates a headwind due to USD strength, but

less exposure to USD/GBP rate as lower relative UK volumes

  • Secured increases in selling prices
  • Costs also lower, particularly fuel
  • Improved efficiency on own farms – higher yields and lower production costs
  • Strong mid-teens percentage increase in volumes

Operating performance | Pineapples

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Interim Results 2016

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  • Satisfactory result in melon category, including successful integration of

additional farming assets in Guatemala acquired in late 2015

  • 20%+ increase in volumes compared to previous import season. Now in

excess of 20m cases

  • Higher operating costs due to expanded footprint – additional shipping

capacity into US West Coast and wider sales distribution

  • Positive pricing environment during the season

Operating performance | Melons

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Interim Results 2016

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  • Highline Produce acquired in April 2016 for €99m (CAD$145m)
  • Immediately accretive
  • EBITA for 3 months post acquisition of €2.3m. In line with expectations
  • Experienced management team remaining with the business

Operating performance | Mushrooms

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Interim Results 2016

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H1 2016 €’M H1 2015 €’M % Adjusted profit before tax 35.5 33.9 +4.5% Less:

  • Underlying tax

(5.3) (4.4)

  • Minority interests

0.2 0.3 Adjusted earnings 30.4 29.8 +1.9% Diluted weighted average shares (M) 303.3 299.9 +1.1% Adjusted fully diluted earnings per share (cent) 10.01 9.93 +0.8%

  • Excludes exceptional items, amortisation charges and, in earlier years, share of Balmoral result

Adjusted earnings per share | 2016 first half

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Interim Results 2016

11 €’M €’M Operating cash flows Adjusted EBITDA 44.0 Exclude JV EBIT (4.4) Cash impact of exceptional items in DD costs (1.7) Dividends from JV’s 0.3 38.2 Investment and other expenditure Regular Capex (14.3) Acquisition costs (net of cash acquired) (92.2) Dividends paid (5.7) Tax paid (3.6) Pension / MNOPF (1.0) Deferred consideration payments (1.1) Working capital (seasonal inflow) 22.7 Other (2.8) (98.0) Net cash outflow (59.8) Opening net debt (39.3) Closing net debt (99.1)

  • Strong cash generation in period.

Operating cash flows of €38.2m

  • €92.2m invested in acquisitions net of

cash acquired

  • €22.7m seasonal working capital inflow

following end of US melon import season

  • Net debt will increase before end of year

due to seasonal rebuild of working capital in US melon business

  • Net debt/EBITDA 1.5 times based on mid

point of EBITDA range. Reflects seasonal working capital low point. Working capital will increase again by year end

Summary cash flow | 2016 first half

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Interim Results 2016

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June 2016 €’M Dec 2015 €’M Intangible assets 103.7 39.9 Property, plant and equipment 163.9 128.6 Investment in joint ventures 38.9 36.3 Investment in Balmoral 0.1 0.1 Working capital / hedging 69.2 87.6 Current / deferred tax (15.2) (8.4) MNOPF / Deferred consideration (1.9) (3.5) Pension deficit (net of DT) (16.8) (25.7) Net (debt) (99.1) (39.3) 242.7 215.6 Shareholders’ funds 241.2 213.9 Minority interests 1.5 1.7 242.7 215.6

  • Includes Highline. €66m goodwill / intangible

assets on acquisition

  • Significant high quality asset base – owns

c.5,000 hectares of land in Central America

  • Reduction in DB pension deficit following

closure of UK scheme to future accrual in

  • period. Closed Irish DB scheme in 2015
  • €27.3m increase in shareholders’ funds in
  • period. Mainly retained profit and actuarial

gains less dividends paid.

Summary balance sheet

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Interim Results 2016

Background to Mushroom Investment in 2016

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  • Reasons for a 4th category
  • Category selection criteria
  • Highline
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Interim Results 2016

Fyffes | 2008

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Bananas

  • No.3 in EU
  • Market in settlement phase post regime change in 2006

Melons

  • Purchased 60% of Sol
  • 7m box US import business
  • No.2 player in category

Pineapples

  • Farms operated as JVs
  • Sub-optimal yields
  • Profits c. breakeven
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Interim Results 2016

Fyffes | 2015

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Bananas

  • EU volume increased by 50% from 2006 regime change
  • No.1 volume player in EU
  • Costa Rica farm purchase
  • Significant logistics progression
  • China operations development

Melons

  • Extension of source base to include Guatemala
  • Extension of market base to US West Coast
  • Volume trebled to > 20m cases
  • Clear No.1 melon importer to US

Pineapples

  • JV partners bought out
  • Further farm purchases
  • Yields up to required levels
  • Returns in line with expectations
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Interim Results 2016

2015 Summary

  • All categories performing well
  • Platform significantly increased

– Geography – Volumes – Integration

  • Timing right to develop 4th category
  • Portfolio approach developed

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Interim Results 2016

Category selection criteria

  • Integrated business
  • Scale category
  • Scale player within category
  • Strong management
  • Opportunities to grow / consolidate within category

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Interim Results 2016

Purchase of Highline Produce

  • Detailed review of North American mushroom industry before choosing Highline
  • Fits criteria of being an established, successful, integrated operator in a category

with significant scale

  • Experienced management team
  • Debt free valuation of CAD$145m (€98m)
  • Immediately accretive

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Interim Results 2016

Fyffes | Market position

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Europe North America Market size (Cases) Market size (Cases/lbs)

Fyffes 46m 10m (JV) Fyffes 7m 3m Fyffes N/A 20m

#1 #3

  • 300m

75m

  • 250m

80m 50m #3 #1 #4

Fyffes N/A 58m

  • 1,100m lbs

#4

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Interim Results 2016

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Increasing dividend Share buy-backs Acquisitions at all points in the supply chain and

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

Focus on efficient capital allocation

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Interim Results 2016

Shareholder return

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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

2016 8.4

  • 8.4

Total 62.4 28.1 90.5

  • 2015 dividend +15.0%
  • 2016 interim dividend up 10%
  • Compound annual growth in dividend 2008-2015 of 9.0%
  • Dividend yield 1.8% based on 158 cent share price
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Interim Results 2016

Increased focus on production

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  • Farmed land in Central America – bananas, pineapples and melons
  • Land values appreciating in Central America
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Interim Results 2016

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Positive first half performance in 2016. EBITDA up 11.3% Reconfirming increased full year 2016 target ranges Post acquisition performance from Highline in line with expectations Focus on future development and shareholder value

Summary

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Interim Results 2016

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Overview of operations

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Interim Results 2016

Overview of operations |production

Production Profile Bananas Pineapples Melons Mushrooms Growing cycle 9 months 14 months 6-10 weeks 10 weeks Harvesting Year round Year round Seasonal Year round Fyffes’ own production c.7% c.65% c.100% c.90%

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Interim Results 2016

Key drivers of short term performance Banana category

  • Influenced by many factors, particularly volume
  • UK market – medium term pricing
  • Continental market – short term pricing more prevalent, but trend towards

medium term deals Selling price

  • Annual pricing and production costs

Cost of fruit

  • Long term container shipping deal in place
  • Fuel purchased weekly

Shipping / fuel

  • Costs US Dollar denominated
  • Revenue in Euro and Sterling

Exchange rates

  • Programmed reduction in banana import duty

Import duty

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Interim Results 2016

Overview of operations Banana category

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Logistics

  • Fruit shipped in container ships in reefer containers
  • Ensures freshness of produce and delays banana ripening process
  • 4 week round trip to / from Tropics. Routing tailored to our requirements
  • Weekly deliveries to multiple European ports
  • Bunker fuel a significant factor
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Interim Results 2016

Overview of operations Banana category

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Distribution

  • Supply ripened (yellow) bananas to customers in UK / Ireland, mainly larger retailers
  • Fyffes only operator in UK with national distribution coverage
  • Ripening process takes 5-9 days
  • Traditionally only unripened (green) bananas sold to customers in Continental

Europe

  • Increasing amount of Continental ripening including by Weichert and vanWylick JVs
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Interim Results 2016

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Key Producers Ecuador 280m Guatemala 115m Costa Rica 100m+ Philippines 100m+ Colombia 90m+ Key Distributors - Global Chiquita 125m Fresh Del Monte 117m Dole (post disposal) 110m Fyffes 56m Key Distributors - Europe Fyffes 46m Chiquita 33m Fresh Del Monte 23m Dole 19m

Bananas | Global marketplace

N America 250m cases marketed Europe 300m cases marketed Russia c.60m cases marketed Asia 120m cases marketed Middle East c.60m cases marketed China* 500m cases 15% imported

* Fyffes has new ripening JV in China. Targeting 3m+ cases per annum

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Interim Results 2016

Pineapples | Global marketplace

c.190 million cases marketed annually

  • North America – largest market with 80 million cases annually
  • Europe – 2nd largest market with 75+ million

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Key producers Cases ‘M Costa Rica (80%) 150 Philippines (10%) 20 Key distributors Cases ‘M Fresh Del Monte 60 Dole 35 Fyffes 10

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Interim Results 2016

Melons

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  • US imports c.50m cases of melons from November – May
  • #1 in this category –importing c.20m+ cases
  • Volumes / sales tripled since acquisition
  • Production capacity increased in Honduras and Guatemala each year

US market

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Interim Results 2016

Mushrooms

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  • 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
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Interim Results 2016

Highline | Production methodology

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  • Using “Dutch Style” growing method since 1985
  • Utilises highly specialised tunnels and grow rooms
  • Involves significant capital investment. Estimated replacement cost of facilities c.CAD$170m vs

CAD$145m purchase price

  • Phases II and III of growing process (substrate production and spawning) occur in specialised

tunnels rather than in grow rooms

  • Benefits:

– Further growing cycle, better utilisation of growing rooms – Higher quality product – Reduced risk of disease during growing – Facilitates organic certification

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Interim Results 2016

Major shareholders

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Holder

  • No. of ordinary

shares % of shares in issue (excl treasury shares) InterTech – South Carolina 39.0m 13.1% Balkan Investment Company (& related companies) 37.2m 12.1% Fidelity International – Boston 31.2m 10.5% Invesco Limited – USA 14.3m 4.8% BlackRock, Inc. – London 13.6m 4.6% BNP Paribas – Paris 11.9m 4.0% Farringdon Capital Management – Copenhagen 11.4m 3.8%

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Interim Results 2016

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Contact: Seamus Keenan Company Secretary Tel: +353 1 8872700 Email: skeenan@fyffes.com