[PPT] - Results FOR THE YEAR ENDED 31 MARCH 2018 AGENDA INTRODUCTION & PowerPoint Presentation

SLIDE 1

Results

FOR THE YEAR ENDED 31 MARCH 2018

SLIDE 2 19 75 2 Year ended 31 March 2018 INTRODUCTION & HIGHLIGHTS Adam Couch, CEO FINANCIAL REVIEW Mark Bottomley, Finance Director COMMERCIAL REVIEW Jim Brisby, Commercial Director OPERATING & STRATEGIC REVIEW Adam Couch, CEO Q&A AGENDA

SLIDE 3 19 75 3 Year ended 31 March 2018 HIGHLIGHTS

Strong revenue growth
Record capital expenditure to add capacity,

extend capability and drive effjciencies

Planning approval granted for new world class poultry

primary processing facility with further associated investment to upscale existing agricultural operations

New Continental Foods facility complete

and being commissioned

Strong volume performance across each of our

four product categories

Dividend up 21.8% to 53.7p per share

Compound annual growth rates to 31 March 2018 REVENUE +10.1% ADJUSTED EARNINGS PER SHARE +10.8% ADJUSTED PROFIT BEFORE TAX +10.8% DIVIDEND PER SHARE +10.4% 10 YEAR RECORD

SLIDE 4 19 75 4 Year ended 31 March 2018 34.0 37.5 3.3 3.8 4.0 4.1 4.3 4.6 5.1 5.8 6.8 7.5 8.3 10.8 12.0 13.2 14.5 16.5 18.1 19.9 21.7 25.0 27.5 28.5 30.0 2.8 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 32.0 '15 '16 44.1 '17 '18 53.7 £64m 1.4 1.7 2.2 2.3 3.0 3.1 4.0 5.0 7.1 9.3 11.7 17.5 19.8 21.2 21.6 31.1 32.7 33.0 43.8 0.9 47.3 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 £116m £157m £313m £740m 49.1 52.2 57.8 64.4 '17 '18 £1,465m £1,005m 75.5 92.4 34.7 45.6 DIVIDEND PER SHARE (pence) ADJUSTED PROFIT BEFORE TAX 1 (£M) REVENUE 28 YEARS OF UNBROKEN DIVIDEND GROWTH 1. Excludes IAS41 movements on biological assets and acquisition related amortisation in 2018 and 2017. TRADING RECORD 1990 – 2018

SLIDE 5 19 75 5 Year ended 31 March 2018 FINANCIAL HIGHLIGHTS TOTAL SALES VOLUME GROWTH RECORD PIG NUMBERS PROCESSED TOTAL EXPORT SALES GROWTH INVESTMENT IN ASSET BASE FOR FUTURE GROWTH +13% 3.1M +30% £59M REVENUE (£M) +17.6% 2018 2017 1,464.5 1,245.1 ADJUSTED EARNINGS PER SHARE (P)1 +19.9% 2018 2017 145.0 120.9 FREE CASH FLOW (£M) +54.3% 2018 2017 111.7 72.4 ADJUSTED PROFIT BEFORE TAX (£M)1 +22.4% 2018 2017 92.4 75.5 DIVIDEND PER SHARE (P) +21.8% 2018 2017 53.7 44.1 NET FUNDS / (DEBT) +£31.6M 20.6 2018 (11.0) 2017 1. Excludes IAS41 movements on biological assets and acquisition related amortisation in 2018 and 2017

SLIDE 6 19 75 6 Year ended 31 March 2018 1. Like-for-like revenue excludes the contribution from Crown Chicken and Ballymena prior to the anniversary of their acquisition and also the impact of the 53rd week in the current year

2. Excludes IAS 41 movement on biological assets in both years
3. Excludes acquisition related amortisation in both years

FINANCIAL SUMMARY £M 2018 2017 % CHANGE Revenue 1,464.5 1,245.1 17.6% Like-for-like revenue 1 1,403.3 1,245.1 12.7% Adjusted gross margin 2 12.8% 12.8% – Adjusted operating profjt 2, 3 92.8 76.1 21.9% Adjusted operating margin 2, 3 6.3% 6.1% 22bps Adjusted profjt before tax 2, 3 92.4 75.5 22.4% Adjusted earnings per share 2, 3 145.0p 120.9p 19.9% Dividend per share 53.7p 44.1p 21.8%

SLIDE 7 19 75 7 Year ended 31 March 2018 £M 2018 2017 Cash generated from operations 127.7 87.7 Tax paid (15.6) (14.8) Net cash from operating activities 112.1 72.9 Net capital expenditure (58.0) (46.5) Acquisitions (5.3) (56.0) Disposals – 15.5 Interest paid (0.4) (0.5) Share issues 1.6 0.8 Dividend paid (18.2) (14.6) Net cash infmow / (outfmow) 31.8 (28.4) Net funds / (debt) 20.6 (11.0) NET CAPEX (£M) 2018 2017 Fresh pork 15.1 11.1 Convenience 31.9 23.9 Gourmet products 6.4 7.4 Poultry 4.6 3.9 Other – 0.2 Net capex 58.0 46.5 NET FUNDS / (DEBT) BRIDGE (£M) A d j u s t e d E B I T D A 100 120 140 80 60 40 20

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s N e t c a p e x D i v i d e n d s O t h e r 2 1 8 (11.0) 4.0 5.3 15.6 58.0 4.2 20.6 18.2 128.5 CASH FLOW

SLIDE 8 19 75 8 Year ended 31 March 2018 £M 2018 2017 Property, plant & equipment 237.3 215.7 Intangible assets 156.2 158.4 Biological assets 17.8 19.6 Working capital 71.5 68.3 Net funds / (debt) 20.6 (11.0) Tax, grants, provisions, pensions (23.5) (29.6) Net assets 479.9 421.4 KEY METRICS 2018 2017 ROCE 1 20.3% 19.0% Gearing – 3% Interest cover 221x 122x Dividend cover 2 2.7x 2.7x 1. Adjusted operating profit divided by the sum of average net assets, net debt, pension liabilities & deferred tax

2. On adjusted profit for the year

133 bps y-o-y improvement in ROCE BALANCE SHEET Inventories (3.0) Receivables 9.5 Payables (3.3) Net movement 3.2

SLIDE 9 19 75 9 Year ended 31 March 2018 POSITIVE 5 YEAR CAGR ACROSS KEY METRICS CAGR 15.9% FREE CASH FLOW (£M) ADJUSTED EBITDA (£M) FY17 FY17 80 60 60 40 40 20 100 80 120 100 140 120 FY14 FY14 FY15 FY15 FY16 FY16 CAGR 3.9% CAGR 4.8% ADJUSTED OPERATING MARGIN ROCE FY14 FY16 FY15 FY17 5.0% 6.0% 5.5% 6.5% 7.0% FY14 FY16 FY15 FY17 16% 17% 18% 19% 20% 5.4 16.8 5.8 17.0 6.4 18.2 6.1 19.0 71.3 59.1 77.0 52.7 85.9 83.4 103.7 72.4 FY18 FY18 128.5 111.7 FY18 6.3 FY18 20.3 CAGR 17.3%

SLIDE 10 19 75 10 Year ended 31 March 2018 FREE CASH FLOW NET CAPEX ACQUISITION / (DISPOSAL) DIVIDEND PAID CASH INFLOW / (OUTFLOW)* 2018 111.7 58.0 5.3 18.2 30.2 2017 72.4 46.5 40.5 14.6 (29.2) 2016 83.4 33.5 – 14.6 35.3 2015 52.7 20.4 17.7 15.3 (0.7) 2014 59.1 27.4 14.4 12.7 4.6 2013 49.0 30.5 5.8 11.4 1.3 2012 43.4 19.9 (14.5) 11.8 26.2 2011 50.0 33.9 – 10.5 5.6 521.7 270.1 69.2 109.1 73.3 * Excludes the proceeds from the issue of share options. RECORD CASH GENERATION BANKING FACILITY £160m revolving credit facility with four major UK banks Includes committed

verdraft of £20m

Option to access further £40m on same terms To November 2022 with opportunity to extend for a further year Unsecured 17.8 2016 20.6 2018 2017 CASH GENERATION 2011–2018 (£M) NET FUNDS / (DEBT) (11.0)

SLIDE 11 19 75 11 Year ended 31 March 2018 10 20 30 40 50 60 70 80 RECORD CAPITAL EXPENDITURE TO SUPPORT FUTURE GROWTH PIPELINE 2015 2016 2017 2018 2019F CAPITAL EXPENDITURE DEPRECIATION 47.0 34.3 18.3 21.2 58.7 21.1 27.7 35.7

SLIDE 12 19 75 12 Year ended 31 March 2018 CONSUMER TRENDS Spending habits Retail and foodservice Premium, convenient and healthy CRANSWICK PERFORMANCE Core category growth Poultry performance New markets OUTLOOK Consolidation Innovation Poultry strategy COMMERCIAL UPDATE

SLIDE 13 19 75 13 Year ended 31 March 2018 FRESH AND READY TO COOK PORK BACON & GAMMON SAUSAGE SLICED COOKED HAM FRESH PRIMARY CHICKEN ADDED VALUE CHICKEN COOKED CHICKEN FRESH BEEF FRESH LAMB 9% 7% 13% 41% 29% 24% 6% 12% 19% 4% 6% 24% 6% £7.88 0.00 2.00 March 2018 March 2017 4.00 6.00 8.00 10.00 £4.10 £4.15 £4.75 £4.49 £8.58 FRESH CHICKEN FRESH PORK FRESH BEEF FRESH LAMB £7.75 £8.40 Infmationary pressure on pig price easing UK and EU gap widening Retail price infmation Chicken and pork competitively priced EXPENDITURE SHARE(ii) MARKET OVERVIEW UK RETAIL AVERAGE PRICE (£/kg)(ii) PIG PRICE – UK & EU p/kg(i) 2017 2016 2015 2014 2010 2011 2012 2013 120 150 170 130 160 180 110 140 100 90 80 EU SPP DAPP 2018 SOURCE: i) AHDB April 2018 ii) Kantar 52w/e 25 March 2018

SLIDE 14 19 75 14 Year ended 31 March 2018 CRANSWICK PERFORMANCE *SOURCE: Kantar Worldpanel, 52 w/e 25 March 2018 NOTES: (i) Excludes the impact of 53rd week in the current year (ii) Like-for-like Fresh Pork sales exclude the contribution from Ballymena prior to 16 November. Including Ballymena prior to 16 November, Fresh Pork sales growth was +18.2%. Fresh Pork retail sales +6.8%, volume -3.6% (iii) Convenience comprises Cooked Meats and Continental Foods (iv) Gourmet Products comprises Sausage, Bacon and Pastry (v) Poultry comprises Fresh and Cooked Poultry. Like-for-like Poultry sales exclude the contribution from Crown Chicken prior to 8 April. Including Crown Chicken prior to 8 April, Poultry sales growth was +19.2% CRANSWICK SALES (i) ANNUAL SALES 2017-18 MARKET* ANNUAL SALES 2017-18 CATEGORY CHANGE CHANGE VALUE VOLUME VALUE VOLUME Fresh Pork (ii) +10.0% +5.6% +5.0%

0.7%

Convenience (iii) +10.1% +4.7% +1.9%

0.1%

Gourmet Products (iv) +20.2% +15.0% +3.3% +1.3% Poultry (v) +16.8% +12.0% +1.3% +2.2% Super premium +7.3% SALES PERFORMANCE BY CATEGORY

SLIDE 15 19 75 15 Year ended 31 March 2018 CRANSWICK PERFORMANCE GROUP SALES BY CHANNEL

72+24+6

RETAIL GROWTH 16% EXPORT GROWTH 30% FOOD SERVICE & WHOLESALE GROWTH 20% 71% 22% 7% Growth ahead of the market Major business wins Customer focused innovation Strategic relationships B2B relationships with retailer suppliers Recipe boxes and digital China approval for Northern Ireland USA volume and value growth New market development RETAIL FOODSERVICE AND WHOLESALE EXPORT

SLIDE 16 19 75 16 Year ended 31 March 2018

+2.5%

INFLATION CONSUMER TRENDS TOTAL VOLUME STATIC 4 % — Inflation rate (CPI) — Annual % change in average earnings 2.9% Dec 2017 Feb 2018 2.8% Dec 2017 Feb 2018 3 2 1 Apr Jun 2016 2017 2018 Jul Sept Oct Dec Jan Mar Jan Mar Apr Jun Jul Sept Oct Dec Dec Feb £ GROWTH

+2.5% +1.0%

POPULATION BUY LESS BUY ON DEAL SWITCH TO CHEAPER STORES TRADING DOWN 2FOR £5 WAGES GROWTH BEHIND INFLATION AND CONFIDENCE REMAINS LOW INDIVIDUAL HOUSEHOLDS BUYING REDUCED VOLUME CONSUMER SPENDING SUPPRESSED… …LEADING TO CHANGING BEHAVIOURS SOURCE: Kantar Usage Panel, April 2018 Note: Inflation is shown as three-month rolling average. Earning figures are three-month averages, excluding bonuses

SLIDE 17 19 75 17 Year ended 31 March 2018 5 10 15 20 25 M&S LIDL CO-OP ICELAND ALDI WAITROSE MORRISONS ASDA SAINSBURY’S TESCO GROWTH % GROCERY MARKET SHARE 3.1 0.3 1.9 1.9 0.3 0.2 12.4 11.0 2.8

1.3

% SHARE MARCH 2017 % SHARE MARCH 2018 RETAILER TRENDS Overall growth @ 2.5% Top 4 growth behind market (average 1.8%) Discounter growth slowing SOURCE: Kantar, Total Grocery, 12 w/e 25 March 2018

SLIDE 18 19 75 18 Year ended 31 March 2018 CONSUMER TRENDS – PREMIUM GROWTH 5 10 15 20 SAUSAGE BACON RASHERS GAMMON COOKED MEATS PREMIUM CATEGORY GROWTH (% YOY) Premium Total CRANSWICK CATEGORIES PERFORMING STRONGLY STRONG GROWTH IN PREMIUM OWN LABEL Provenance key for consumers Premium own label driving growth Allows retailers to difgerentiate VALUE OWN LABEL +5% 45% STANDARD OWN LABEL +6% 76% BRANDS +2% 100% PREMIUM OWN LABEL +13% 120% £ INDEX SOURCE: Kantar Usage Panel April 2018 SOURCE: Kantar 52 w/e 25 March 2018

SLIDE 19 19 75 19 Year ended 31 March 2018 CONSUMER TRENDS – CONVENIENCE AND HEALTH Consumers trading up for convenience Ease, not just speed Combination of scratch and pre-prepared solutions Recipe dish growth

41% 59%

TRADITIONAL MEALS VS MODERN MEALS POSITIVE HEALTH MESSAGES INCREASINGLY IMPORTANT n HEALTH BENEFITS n 1 OF 5 n NATURAL n LOWER FAT, SALT, ETC. n OTHER

32+29+16+13+15

31% 28% 15% 12% 14% CONSUMERS INCREASINGLY FOCUSED ON HEALTH BUYING CHOICES BASED ON HEALTH

33%

SHOPPERS CLAIMING TO EAT HEALTHIER

88%*

SOURCE: Kantar Usage Panel, April 2018 except * IGD Shopper Vista 2017

SLIDE 20 19 75 20 Year ended 31 March 2018 COMMERCIAL OUTLOOK INNOVATION Premium Convenience Healthy CONSOLIDATION Defmation Consolidation Effjciency POULTRY STRATEGY New site Internal supply Retail growth

SLIDE 21 19 75 21 Year ended 31 March 2018 GUIDING PRINCIPLES STRATEGIC PILLARS CONSOLIDATION DRIVING THE CORE DIVERSIFICATION EXPANDING OUR OFFER INTERNATIONAL DEVELOPING NEW OPPORTUNITIES HIGH QUALITY PRODUCTS SALES GROWTH SUSTAINABILITY PEOPLE INNOVATION OPERATING EXCELLENCE STRATEGY & BUSINESS MODEL PURPOSE FEEDING THE NATION WITH AUTHENTICALLY MADE, SUSTAINABLY PRODUCED FOOD; CREATED WITH PASSION QUALITY VALUE

SLIDE 22 19 75 22 Year ended 31 March 2018 SALES GROWTH HIGH QUALITY PRODUCTS OPERATING EXCELLENCE SUSTAINABILITY Market share gains Long-term relationships Building additional capacity Second Nature initiative Packaging pledges Waste reduction and energy effjciency commitments Record capital expenditure to enhance capability New Continental Foods facility Stronger throughput drives

perating effjciencies

Focus on premium Business wins based on quality Strong innovation pipeline DRIVING THE CORE BUSINESS CONSOLIDATION

SLIDE 23 19 75 23 Year ended 31 March 2018 SALES GROWTH HIGH QUALITY PRODUCTS OPERATING EXCELLENCE SUSTAINABILITY Strong growth category New retail business New class-leading poultry facility Integrated supply chain Low food miles adding to product quality Strong environmental and welfare credentials Drive effjciency through farm to fork model Optimise value of whole birds and portions Stronger throughput drives

perating effjciencies

Focus on premium tier From fresh to cooked added value Retail and

ut-of-home ranges

SIGNIFICANT GROWTH POTENTIAL THROUGH POULTRY STRATEGY DIVERSIFICATION

SLIDE 24 19 75 24 Year ended 31 March 2018

Investment in new, state-of-the-art, poultry

processing facility in Eye, Sufgolk

Associated investment in expansion of agricultural
perations to secure vertical supply chain
Double processing capacity with further

room for expansion

Facility adds retail supply capability
In-line chilling will improve quality and

consistency of product

Fresh and added value poultry markets

growing strongly

Incorporates highest animal welfare standards

INVESTING IN POULTRY DIVERSIFICATION

SLIDE 25 19 75 25 Year ended 31 March 2018 Weekly tonnage from 4.5k to 7k 100% self suffjcient for poultry feed Continue to develop feed for pigs and game Double capacity at hatchery All chicks to be managed through internal supply chain Proposed development at Kenninghall Increase from 26 farms to 45 farms Allocate dedicated farms and sheds to key retailers Retro-fjt all sheds with natural light to further improve welfare position MILLING HATCHERY FARMS POULTRY SUPPLY CHAIN DIVERSIFICATION

SLIDE 26 19 75 26 Year ended 31 March 2018 SALES GROWTH HIGH QUALITY PRODUCTS OPERATING EXCELLENCE SUSTAINABILITY Strong export sales growth China approval for Ballymena exports Developing direct relationships Higher welfare a key difgerentiator Emerging markets Develop international

perations

Effjcient production

f 5th quarter

Multiple accreditations Shanghai offjce Reputation of British

utdoor bred pork

Pre packed, higher welfare products for China Prime cuts to Europe, Japan & Australia EXPANDING OUR FOOTPRINT INTERNATIONAL

SLIDE 27 19 75 27 Year ended 31 March 2018 RECORD CAPITAL INVESTMENT TO ADD CAPACITY, DRIVE EFFICIENCY AND ENHANCE CAPABILITY CROWN CHICKEN SUFFOLK FRESH PORK HULL AND BALLYMENA CONTINENTAL FOODS BURY AGRICULTURE NORFOLK NEW PROCESSING FACILITY EXPANSION OF AGRICULTURAL OPERATIONS SITE UPGRADES NEW FACILITY PIG HERD EXPANSION

SLIDE 28 19 75 28 Year ended 31 March 2018 EMBRACING SUSTAINABILITY SUSTAINABLE AGRICULTURE USE OF RESOURCES FOOD WASTE PACKAGING AND PLASTIC EMPLOYEE ENGAGEMENT COMMUNITY ENGAGEMENT

SLIDE 29 19 75 29 Year ended 31 March 2018 Strong revenue & earnings growth Strong balance sheet & cash generation Strong poultry sales growth Investment in class-leading poultry facility New Continental Foods facility Record capital expenditure Pork & chicken competitively priced Gaining market share Growth strategy

n track

Strong Performance

“We continue to make good progress against each of our strategic

bjectives and we are well placed to continue our successful development

in the current financial year and over the longer term.”

Ongoing Investment Positive Outlook

SUMMARY AND OUTLOOK

SLIDE 30 19 75 30 Year ended 31 March 2018 Certain statements in this presentation are forward looking

statements. By their nature, forward looking statements involve a

number of risks, uncertainties or assumptions that could cause actual results or events to difger materially from those expressed or implied by those statements. Forward-looking statements regarding past trends or activities should not be taken as representation that such trends or activities will continue in the future. Accordingly undue reliance should not be placed on forward looking statements. DISCLAIMER

SLIDE 31 19 75 31 Year ended 31 March 2018 1970s Established Agri-Food business (animal feed) 1980s Move into Food production 1992 FT Sutton’s Deli Cooked Meats 1995 Simply Sausages – Gourmet Sausages 2001 Continental Fine Foods 2003 Sandwich Factory 2004 Jack Scaife’s – Dry cured air dried bacon 2005 Perkins Chilled Foods – sliced cooked meats 2009 Bowes of Norfolk – Primary processing 2010 Yorkshire Baker – Gourmet Pastry 2013 Pig rearing business – Outdoor Reared Pigs 2014 Benson Park – Premium Cooked Poultry 2016 Crown Chicken – Integrated chicken processor 2016 Sale of Sandwich Factory 2016 Ballymena – primary processing APPENDIX 1 OUR HISTORY

SLIDE 32 19 75 32 Year ended 31 March 2018 APPENDIX 2 OUR LOCATIONS

33+39+1:+12

33% 36% 19% 12% CATEGORY PROFILE % OF GROUP REVENUE Fresh Pork Convenience Gourmet Products Poultry Year ended 31 March 2018 HULL Fresh Pork, Preston Fresh Pork, Riverside Cooked Meats, Sutton Fields Gourmet Sausages, Lazenby’s Added Value Poultry, Benson Park MALTON Gourmet Pastry, Yorkshire Baker SHERBURN Gourmet Bacon, Sherburn-in-Elmet BARNSLEY Cooked Meats, Valley Park NORTHERN IRELAND Fresh Pork, Ballymena BURY New Continental Foods site, Roach Bank MANCHESTER Continental Foods, Guinness Circle Continental Foods, Hibernia Way DENBIGH Food Service, Colomendy EAST ANGLIA Fresh Pork and Sausages, Watton Crown Chicken, Weybread and Kenninghall MILTON KEYNES Cooked Meats, Delico Agriculture Pig and Poultry Production Heartland WATTON DENBIGH BURY MANCHESTER WEYBREAD MILTON KEYNES BALLYMENA BARNSLEY HULL SHERBURN MALTON

SLIDE 33 19 75 33 Year ended 31 March 2018 APPENDIX 3 ADJUSTED & REPORTED EARNINGS £M 2018 2017 Adjusted operating profjt 92.8 76.1 Net IAS 41 movement (2.2) 4.1 Acquisition related amortisation (2.2) (2.1) Operating profjt 88.4 78.1 Profjt before tax 88.0 77.5 Profjt after tax 70.0 62.4

SLIDE 34 19 75 34 Year ended 31 March 2018 TAX % 2018 2017 Headline tax rate 19.0 20.0 Disallowed expenses 1.4 0.9 Deferred tax rate change 0.3 – Prior year adjustments / other (0.2) (1.4) Efgective tax rate (continuing) 20.5 19.5 EARNINGS PER SHARE PENCE 2018 2017 Adjusted (continuing) 145.0 120.9 Acquisition related amortisation (4.3) (4.2) Net IAS 41 movement (4.3) 8.2 Tax impact 1.4 (0.7) On profjt for the year (continuing) 137.8 124.2 APPENDIX 4 TAX & EARNINGS PER SHARE