Passion for Taste & Health

Company Overview
March 2018
DISCLAIMER
This presentation includes statements data, forecasts, goals and Company plans that are "forward-looking statements“, as defined in the
Securities Law - 1968, whose occurrence is not certain and which are not solely in the Company's control. These forward-looking statements
are included, inter alia, in discussions of strategy, objectives, goals, plans, events, future intentions or other information relating to future
events or issues whose occurrence is not certain.
By their nature, forward-looking statements involve risk and uncertainty. Whether the forward looking information occurs or not is affected,
inter alia, by risk factors characteristic to the Company's operations and developments in the general environment and external factors
which impact the Frutarom Group and its area of activities.
This forward looking information could include facts and data based on the Company's subjective assessment, including with regards to the
current status of the Company and its business, the current situation in the industry in which the Frutarom Group operates, macro-financial
facts and information, all as are known to the Company on the date on which this presentation was prepared, some of which were given to
the Company by external sources, the content of which was not independently examined by the Company, and therefore the Company is not
responsible for their verity.
This presentation must be read together with the Company's periodic and immediate reports, and was not meant to replace the need for
study of reports the Company has published, including, inter alia, the Company's periodic report for 2017, published on March 2018, and
the Company's periodic and immediate reports subsequently published. These reports could include, inter alia, updates to the information
regarding the Company's activities or of the forward looking statements appearing in this presentation.
Subject to the requirements of applicable law, the Company does not intend to update any industry information or forward-looking
statements appearing in this presentation, and is not required to publish any additional presentations for its shareholders in future.

It is to be emphasized that the financial estimations and the pro-forma figures included in this presentation are based on figures which were
not audited or reviewed by an auditor and therefore the actual results may differ from these financial estimations.

2
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
A Leading Fast Growing Global Flavor & Fine Ingredient House

Broad Financial
Global Public
Product Success
Presence 2000-2017 Company
Portfolio

• A Top 10 flavor house • 70,000 products • 16x growth in sales • Listed on London & TLV
• Sales in over 150 • Over 10,000 raw (CAGR 18%) Stock Exchanges
countries materials • 30x growth in EBITDA* • From $13M to above
• Over 30,000 customers • Innovative pipeline • 38x growth in Net Profit* $5 B market cap

* Excluding non-recurrent expenses

** Following its accelerated internal growth and acquisitions made in 2017 (including Mighty, Enzymotec and Bremil), Frutarom’s annual sales run-rate already exceeds 1.5B$
4
 Global Expansion throughout the years
IBR
Unique
2000-2017 Sales CAGR of 18% Flavors
Amco Meroar
2000-2017 Flavor Division sales CAGR of 24% Rene
Vitiva
Laurent
Sales office Wiberg
Etol
Czech Rep. Ingrenat WFF
Acquisition
S. Africa
Rad Mylner Food SDFLC
Acatris
Blenders Algalo
CH Hansen Costa Rica
London DE
stock Gewurzmulle Savoury Taiga F&E
Mexico exchange r Flavours Grow
Kazakhsta
FSI FSI OH
Corona Extrakt MÜHLEHOF
n
Ukraine Sonarome Chemie GEWÜRZE
Abaco JannDeRee
HK F&F Canada
Poland Nesse Aromco
Rayner Oxford
1996 Tel BSA Redbrook Turpaz
Aviv Russia
Flachsmann Adumim CH Hansen PTI
stock Tohar Hong AM Todd
exchange IT
Kong Foote&Jenks
Turkey Nardi Mighty
Raychan Aroma Aromas
Flavour EAFI
Key CPL France
Taura
Baltimore Aroma Enzymotec
Brazil Piasa
Jupiter Hagelin
IFF FS Rieber
Meer Scandia AB Fortis
Botanicare India Citra
Belmay Source
Kunshan
Nutrfur Pollena

Montana Inventive Bremil

1990-2000 2001 -2004 2005 2006 2007 2009 2011 2012-2014 2015 2016 2017 2018
5
Global Presence

74 Production sites
93 R&D laboratories
6
111 Sales & Marketing offices
A Profitable Growth Story

* Excluding non-recurrent expenses

** Following its accelerated internal growth and acquisitions made in 2017 (including Mighty, Enzymotec and Bremil), Frutarom’s annual sales run-rate already exceeds 1.5B$

7
A Top-Ten Flavor House

Estimated Sales of Flavors

US$ M

+800 smaller companies

Source: Companies’ Publications, Leffingwell & Associates, Frutarom’s estimations

8
* Considering only Core Activity
Our Employees are the Key to Our Success

~5,400 employees worldwide

9
Increasing 2020 Goals

Following the accelerated profitable internal growth and 12 acquisitions

made in 2017 Frutarom Revenues Run-Rate exceeds $1.5 Billion

Above-industry Growth Continue Margin Expansion Continue Acquisitions Strategy

$2.25 Billion in revenues in 2020

23% EBITDA in our core business by 2020*

Strategic Focus:
Unique Customer Geographic
Leverage Supply Chain
Offering Focus Focus
Natural & Clean Label
Expand market share in Cross-selling Optimization
Innovative solutions
North America Integration of
Taste & Health to MNCs Opportunities operations
Local Mid Size & Accelerate growth
More profitable in key Emerging Global Purchasing
segments Private Label
Markets
10
* Given current product mix
Frutarom’s
Unique Offering
Growing Core Business
• Unique, high quality creation of sweet and
savory flavors for food and beverage
• Local and global tastes
• Value-added functional savory solutions for
the food industry (snacks, meat, fish, ready
meals, convenience food, organic, and culinary
segments)
• Comprehensive sweet and savory food
systems
• Unique technologies for fruit, spice,
vegetable, meat and fish preparations
Expands offering to enhance customer partnership
• Innovative, science-based health ingredients for
phyto-pharmaceuticals, dietary supplements,
functional food, specialty infant & elderly
nutrition, cosmetics & personal care
• Supporting the growing demand for natural
health and beauty
• Specialty botanical extracts, distillates, essential
oils and aroma chemicals
• Wide array of natural colors for food, beverage
and cosmetics
• Natural anti-oxidants and anti-microbial.
Biotechnology based products for natural food
preservation and shelf life extension
12
 Taste Fine
Solutions Ingredients

Sharing the
Passion for Taste & Health

We develop tailored solutions combining excellent taste

with health and functionality all under one roof
13
 Consumer Trends
Health, Wellness, Functional Food
79% of consumers indicate that they actively make dietary choices to prevent health conditions
such as obesity, diabetes and high cholesterol, but unwilling to forgo taste even for health…

Growth Drivers Opportunities

• Aging and rising obesity • Avoidance Products ("Free-from“/"zero“) or

• Consumer preference for Natural and Healthy
• Awareness and need for transparency
• Lifestyle & Income - willingness to try new food;
increasing usage in elderly clinical nutrition
• Snacking and eating meals throughout the day
• Growing willingness to purchase Private Label
Products
• Urbanization & modernization - Increasing usage
of infant formulas in many emerging markets
Moderation Products with "diet“, "low”, "less"
• Clean Label Products
• Natural and Organic products
• Positive Nutrition and Functional Food
• Healthier convenience food
• Growing market share in Private Label sector
• Penetration with specialty ingredients for infant
nutrition and elderly clinical nutrition

Meeting Consumer Trends Through Artful Creation and Innovation

14
Source: Nielsen, 2015, Euromonitor International 2013, 2014; DATAMONITOR 2011 REPORT, The NPD Group, 2011
Food Industry Goes Natural
• Dropping low-calorie sweetener aspartame from Diet Pepsi due to consumer’s preference
for soft drinks that are free of artificial sweeteners
• Removing all artificial ingredients from all its confectionary in the UK

• Reducing Sodium and removing artificial flavors from its cup noodles
• Removing artificial flavors from most products and replacing them with natural
alternatives, as of this year.
• Replacing artificial preservatives and additives by end of 2017
• Cut artificial flavors and colors by the end of 2018
• Replacing synthetic colors and artificial preservatives from best selling classic Macaroni &
Cheese starting 2016
• Collaborating with Evolution Fresh to Let Simple Ingredients Shine in New Smoothies and
Greek Yogurts, as customers are looking for foods with fewer ingredients that are
minimally processed and taste great
• Transforming to cleaner labels across all brands to meet consumer trends for food made
with genuine, simple ingredients
• Aiming to stop using artificial colors and flavors in its cereals and snack bars by the end of
2018
• Removing artificial ingredients from cereals by 2017
Strategically Positioned to meet Market Trends
Creation through Science and Innovation

Health &
Wellness Natural
Natural Reduced fat,
and Clean Taste
calories & salt
Label Solutions
Functional
Food Natural
Products with Colors
Health
properties
Natural
Food
Convenience
Protection
Ready Meals

Specialty
Ingredients for
Infant & Elderly
Cost Nutrition
Reduction

16
Frutarom - the Origin of Taste
Not Just Great Taste - Pioneering Disruptive Innovation

Citrus
Aroma Organic Expertise Taste Enhancers
Solutions Flavors  Tree to Market
Understanding  Sweetness enhancers
From natural flavors to Certified organic flavors  Control of RM  Sodium enhancers
delivery systems
 Strong Science

Natural Fruit FTNF &

Ingredients Beverage Base
Specialty  Growing consumer
ingredients through demand
innovative  Citrus expertise
technology  Clean label

Extensive global library of flavors developed with skill and passion

over decades of artful creation 17
Healthy and Tasty Success
Global manufacturer of natural, science-
based and high quality ingredients for
healthy nutrition and tasty solutions.
Innovative and market-oriented
formulations, geared to growing markets
like cognitive health, cardiovascular
health and wellness.
Concepts and healthy solutions for:
 FUNCTIONAL FOODS & BEVERAGES
 PHARMA
 DIETARY SUPPLEMENTS
High Barriers to Entry:
 Highly Regulated –
 Driven by Science Long Term
 Long product lifecycles
PLANT
BRANDED
Quality, branded plant extracts
with proprietary science
supporting their safety and
efficacy
BIOSCIENCES
Minerals, vitamins and other
nutrients, marine-derived
compounds and unique
ingredients that have proprietary
research behind them
PLANT
STANDARD
Plant extracts with a reported
standardization derived from
select sources and produced via
extracting technologies that lock
in important qualities
PHARMA
Pharma-grade herbal extracts
that meet the standards of the
pharmaceutical industry.
Empowered by the availability of
ASMFs.
We simplify your path into the
OTC-business 18
Natural and Clean Label trend drives Natural Color growth

Natural food color market is expected to reach $1.7B by 2020 at an annual growth of 6-7%*

Frutarom is Strategically positioned to serve this Two Domains of Expertise in natural Colors:
fast growing market: Pigments Extraction and Formulated Solutions

Supply Chain: Reliable & Transparent Sourcing

Primary Extracts / Clean Label Range

Advanced Formulation & Applications Centers: Pigments (E-number Free)
Offering a full solution of Flavor & Color

Quality: offering consistent

stable & reliable solutions

Competitive & wide offering

Partnership / Long Term cooperation

Source: Euro monitor 2015, NATCOL – Natural food Colors Association , NBJ’s Nutritional Raw Material & Ingredient Supply Report, FICCI -Global Nutraceutical Industry: Investing in Healthy Living, Canadean
database, Frutarom estimations as of Oct 2016
Natural Customized Solutions for Food Protection – the Natural choice
Market trend pushes for more Natural and Clean Label products - the need for
Natural Ingredients is rising

Natural Ability to Consumer Demand

Improve Shelf Life for Natural Market Growth
Leading Market Rate of nearly 6%*
Solutions
Position
Clean Label Regulations tighten

 Offering extensive customized portfolio of shelf life extending solutions

 Unique capabilities to bring out the freshness and good taste of your products
 Significant potential in the pet food and feed industries
 Growth potential in emerging countries
 Strengthening strategic position with recent acquisitions of Vitiva, Ingrenat and Nutrafur
 Leveraging on Cross Selling
* Sources: NATCOL – Natural food Colors Association , NBJ’s Nutritional Raw Material & Ingredient Supply Report, FICCI -Global Nutraceutical Industry: Investing in Healthy Living, Canadean database, Frutarom
estimations as of March 2018 20
Natural Cosmetics and Cosmeceuticals solutions

What We Offer
PERSONAL CARE NATURAL COLORS FOOD
COSMETICS SUPPLEMENTS

Anti-Inflammatory, Different sources for stable, Superior natural

Anti Aging Solution odorless and applicable color anti-oxidant
solutions

IBR-Pristinizer Frutarom Algae Farm

for pristine clear skin • Patented growing technologies
• Cultivation knowledge
In Cosmetics 2016: • Downstream capabilities for
Green Ingredient Award isolating the required active
BSB 2016: ingredients
Innovative Prize for Cosmetics and Raw • Formulation & Applications labs
Materials for tailor made solutions
• Clinical studies, Regulation &
Technical support 21
Infant Nutrition
 Advanced Lipids – a joint venture between
Frutarom & AAK Sweden- a leading supplier of
specialty oils for Infant Nutrition
 INFAT® is a sn-2 Palmitate (OPO) fat ingredient
manufactured by Advanced Lipids
 INFAT® is used in infant formulas to mimic the
composition, structure and benefits of human
milk fat.
 INFAT® benefits are clinically proven, published
in scientific journals and supported by KOL
 Proven safety and quality track record
 Advanced Lipids is a market leader of OPO, with
global S&M presence

Key Market Growth Drivers Average Global CAGR (2012-17):

135 million infants born annually 7.8%

$48 billion retail value China’s CAGR: 11.1%

SE Asia CAGR: 10.5%

38% from China 22
USA CAGR: 1.1%
Source: Euro monitor for packaged food, November 2017
 Backward Integration Projects - Direct Sourcing with Farmers
Annatto Plantations in LATAM Algae Farms in Israel Rosemary Plantations in Spain

Seeds used for natural food coloring Developing cosmetics, natural food colors Rosemary, as powerful natural anti-
and food supplements unique solutions oxidant for food & beverages

Harpagophytum Oat in Poland Fenugreek in India Paprika Plantations in

(Devil’s claw) in Namibia Spain

Used for the production of Extract helps to improve overall Extract, as a natural and safe Paprika- clean label color &
EFLA®pharm devil’s claw mental fitness/ enhances alternative to flavor ingredients
extract, an API for joint health cognitive function pharmaceutical heartburn
medications 23
Frutarom’s Natural Offering: Fully Integrated Solutions

Agriculture R&D Plants extraction Formulation Applications Global value

& bioscience chain

Globally Managing Fully Traceable Value Chain, from local agriculture to final application

Accessibility to strategic raw materials enhances our Affordable Natural Offering of Flavoring and Health

Ecofriendly practices in agricultural and production processes as core part of our Sustainability Approach

24
Customer in the Centre
A Unique product offering

Natural Taste Food

Fragrances
Ingredients Systems
Sweet &
Cosmetic Active
Savory Starter Culture
Ingredients
Flavors
Beverage Savory
Base Solutions
Natural Fruit Customer Functional
based = Ingredients
Ingredients Natural Partner Natural
Health Food
Solutions Protection
Algae Natural Herbal
Based
Colors Extracts
Ingredients Specialty
Citrus Ingredients for
Infant & Elderly
Culinary
Specialties
Nutrition
Natural
Anti-Oxidants
 Building a Fragrance Arm

Strategy Accelerated Expansion into

Growing Markets
• Fragrances market is valued at USD 13B*
and is synergetic to the flavors market in
terms of raw materials sourcing and Pollena Aroma
production processes
• Frutarom aims to leverage its global Turpaz Turpaz
Turpaz
infrastructure to gradually developing a
Sonarome
global footprint in fragrances with focus
on: Montana

Meroar SA Sonarome
• Growing Emerging Markets
• Local and Mid-size Customers
• Developing cross-selling opportunities
also with cosmetic and specialty fine
ingredients customers

• Small and Mid-size M&A Targets - Strong Pipeline is underway

• Profitability target in line with current core activities margins
26
* IAL , as of the end of 2016
Frutarom’s
Customer Focus

27
Growing Mid-Sized Food & Beverage Market

The Global Food Market

(% of Market Share**)

($1B-$3B)
9%

($3B-$10B)
11%
New Mid-size & Local Companies Emerging
• Growing Private Label Sector
• Developing Markets Market Small & Local

size
(<$1B)
60%

Fragmented market Large

(>$10B)
$4,601B*
20%
Service Expectations

* As of 2016, Frost & Sullivan, Nov 2017 28

** Source: Datamonitor and Frutarom’s estimations as of 2016
F&F Market Fragmented But Consolidating

The Global F&F Market

(% of Market Share)

800+ Companies
Large F&F players with full service (<$400M)
22%
platform, focused on top multinational
customers 4 Companies
Market (>$2.5B)
57%
Many small niche companies with size
limited service capability and regional
focus only 8 Companies $24.5B*
$0.4M-$1.5B)
21%
Few mid-sized players with both
regional strength and global platform

29
* Source: Dec, 2016 Laffingwell & Associates, Datamonitor, Euromonitor and Frutarom’s estimations
Natural Fine Ingredients – Targeted Focus on Accelerated Fast Growing Markets

Natural Fine Ingredients for Natural Colors, Natural Food Protection & Natural Health ingredients

Health Ingredients Natural Colors

Market Size ~ 2.5B$ Market Size ~ 1.3B$
CAGR ~6.5% CAGR ~6-7%
Pharmaceuticals, ~65% of the market
Nutraceuticals, Cosmetics Total comprised of local
and Functional applications Estimated & mid-sized players
Diversified market with Market size
~45% share in the emerging
markets of 4.5B$*

Natural Food
Protection
Market Size ~ 0.7B$
CAGR ~6%
Main catalysts for
growth are the
European & US
markets
Strategic Project to Grow Market Share
* Sources: NATCOL – Natural food Colors Association , NBJ’s Nutritional Raw Material & Ingredient Supply Report, FICCI -Global Nutraceutical Industry: Investing in Healthy Living, Canadian database, Frutarom
estimations as of Oct 2016 30
 Private Label – Mid-Sized and Local
• Substantial Market Share in EU
• Growing Penetration Rate in US
• High Growth Potential in Emerging Markets

38% 30% 20% 50%

Value share of Private label Private label accounts for $1 of every $3 One of every five items sold in Indian Private labels
averages 38% in Europe spent in the consumer packaged goods U.S supermarkets was a store market share is expected
(CPG) market in Europe brand to reach 50% by 2025

5% 62% 67% 80%

Value share of Private Label still Of consumers say buying Of consumers believe private More than eight of ten shoppers said
below 5% in Key Emerging Markets private label makes them label offers extremely good the store brands they opted for
(such as China and Brazil) – compared “favorably” to the national
feel like a smart shopper value for money brand. As a result of their trial, half
Substantial Growth Potential
switched to the store brand. 31
Sources: The Nielsen Company, November 2014 & November 2017, IRI, Private Label in Western Economies , June 2016; PLMA, November 2017
International Journal of Management and Commerce Innovations, March 2016
Private Label – Mid-Sized and Local

Source: The Nielsen Company, November 2014 & November 2017; PLMA- Private Label Manufacturers Association (yearbook 2017)
International Journal of Management and Commerce Innovations, March 2016 32
Frutarom’s
Geographic Focus

33
 Accelerated Growth and Gain of Market Share in North America
Acquisition
of Wiberg
Acquisition
(2016)
of Grow
Savory
(2016)
position in
Acquisition position in North
Acquisition of of Scandia Supplement America
Acquisition of BSA (2015) (2015) and
Additional substantial CitraSource Citrus Nutraceutical
Savory
foothold through the (2014) Expertise market
position in
acquisition of Hagelin Citrus North
Strengthening US (2013) capabilities and America
presence through • Lucrative beverage leadership
strategic market Presence in
acquisitions • Diversified customer Florida
• Flavor base
Specialties in the • Technological know
West Coast in how
2009
• Flavor Solutions
in Cincinnati in
2011

34
Accelerated Growth in Emerging Markets
Asia
• Acquired Mighty in Thailand
• Acquired WFF in Vietnam
• New State-of-the-art plant in China
• Acquisition of Inventive in China & HK
• Acquisition of Sonarome and BSA in India
• Expanded R&D and sales force in China,
Indonesia, Philippines, Thailand, Vietnam,
Sri Lanka and India
• Evaluating strategic acquisition
opportunities
Central & South America
• Acquired Meroar in Argentina
• Acquired SDFLC and Bremil in Brazil
• Acquired Piasa in Mexico
• Acquired Mylner and Nardi Aromas in Brazil
• Acquired Aroma in Guatemala
• Acquired Montana in Peru and Chile
• Evaluating strategic acquisition opportunities
East & Central Europe
• Market leadership in Central and East
Europe
• Acquired Pollena Aroma in Poland
• Acquired Etol in Slovenia and PTI in Russia
• Acquired Amco in Poland
• Wiberg acquisition contributes to
strengthen market leadership
• One of the only global players with major
production sites in Russia and Central
Europe
Africa
• Acquired Unique Flavors in South Africa
• New State-of-the-art plant in South Africa
• Fast growing operation, reinforced by
JannDeRee, Hagelin, Sonarome and Unique
acquisitions
• Enhanced R&D and sales force in fast
growing markets (Kenya, Nigeria etc.)
35
 Above Market Growth in North America & Emerging Markets

4.8 growth 5.7x growth

in North in Emerging
America** Markets**

10.7x growth
in Flavors
North
America**

* Following its accelerated internal growth and acquisitions made in 2017 (including Mighty, Enzymotec and Bremil), Frutarom’s annual sales run-rate already exceeds 1.5B$
** 2017 Run rate compared with 2010 36
Frutarom’s
Growth Strategy

37
Flavor Division
Growing Faster than the Market While Improving Profit & Profitability
Flavor Activity Trends
• Accelerated growth rates
• Higher profitability ~75% of
sales
• Margin improvement

Flavors
Sales, $M EBITDA %*

30% of
sales

Major contributors to growth in Profit & Profitability :

• Above market organic growth rate
• Successful integration of recent acquisitions
* Net of non-recurrent expenses 38
• Exploiting operational efficiencies
 Specialty Fine Ingredients Division
Accelerated Growth with Focus on Specialty Natural Offering
Fine Ingredient Activity Trends
• Accelerated profitable internal growth rates
• Increased capacity & margin improvement
~18% of
• Backward integration projects to optimize sales
strategic taste and health raw materials
Specialty Fine
Sales, $M Ingredients
EBITDA %*

17.9%*

15.8%*

Major contributors to growth in Profit & Profitability :

• Expanding offering into growing fields of desirable natural ingredients (natural colors, natural food protection, health
ingredients, cosmetics ingredients, specialty infant and elderly nutrition)
• Successful integration of recent acquisitions
* Net of non-
recurrent expenses
• Leveraging operational efficiencies and creation of centers of expertise in plant extraction 39

• Backward integration projects with agricultural institutes and farmers

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

Geographic  Developed markets (Europe and USA)

Reach  Emerging markets (Asia, LATAM, Central and Eastern Europe, Africa)

 Mid-sized and local

Customer  Private label
Focus  Multinational

 Natural Flavor Solutions (extracts, fruit bases specialty, essential oils)

 Natural Health Solutions /functional food ingredients
 Natural Color Solutions
Product  Natural Solutions for Food Protection
Offering
Integrated  Specialty Ingredients for Infant and Elderly Nutrition
solutions  Natural Cosmetics Ingredients
 Cost reduction solutions

 R&D and innovation – internal and external

Core
Competencies  Efficiencies, scale and synergies – cross selling
 Experienced global management 40
 Customer-driven organization
2017 KPI’s -
Continued Accelerated Growth - Record Revenues, Profits and Cash Flow
Revenues - $1,362.4 M
Flavor Business approx. 75% of Revenues

Growth - Sales Growth – 18.8%

Sales YoY Growth – 6.4% (on LFL basis)*
Core Business YoY Growth – 7.5% (on LFL basis)*
Flavors YoY Growth – 7.2% (on LFL basis)*
Specialty Fine Ingredients YoY Growth – 11.8% (on LFL basis)*

Gross Profit - $529.8M*

18.3% YoY Growth*
40.4% Core Business Gross Margin*

EBITDA - $267.5M*
23.1% YoY Growth*
20.9% Core Business EBITDA Margin*

Net Income - $154.3M*

19.4% YoY Growth*
11.3% Net Margin*

Cash Flow From Operations - $187.5M*

50.5% YoY Growth*

* Sales on a constant currency and pro-forma basis assuming the acquisitions performed and completed in 2016 had been consolidated on January 1, 2016, and the acquisitions performed in
2017 had been consolidated in 2016 according to their date of acquisition; Gross Profit, EBITDA, Net income, their growth rates and profitability margins are net of non-recurrent effects
41
which reduced the reported 2017 Gross Profit by 4.7M$, Operating Profit and EBITDA by 7.9M$ and the Net Income by 2.7M$
Q4/2017 KPI’s -
Continued Accelerated Growth - Record Revenues and Profits

Revenues - $357.5M
Flavor Business approx. 78% of Revenues

Growth - Sales Growth – 23.7%

Sales YoY Growth – 7.6% (on LFL basis)*
Core Business YoY Growth – 8.5% (on LFL basis)*
Flavors YoY Growth – 10.2% (on LFL basis)*
Specialty Fine Ingredients YoY Growth – 7.9% (on LFL basis)*

Gross Profit - $140.6M*

24.0% YoY Growth*
41.1% Core Business Gross Margin*

EBITDA - $69.0M*
31.0% YoY Growth*
20.6% Core Business EBITDA Margin*

Net Income - $38.8M*

14.4% YoY Growth*
10.9% Net Margin*

Cash Flow From Operations - $48.7M*

72.5% YoY Growth*
* Sales on a constant currency and pro-forma basis assuming the acquisitions performed and completed in 2016 had been consolidated on January 1, 2016, and the acquisitions performed in
2017 had been consolidated in 2016 according to their date of acquisition; Gross Profit, EBITDA, Net income, their growth rates and profitability margins are net of non-recurrent effects
which reduced the reported Q4/2017 Gross Profit by 1.8M$, Operating Profit and EBITDA by 3.2M$ and increased the Net Income by 1.0M$
42
Solid Balance Sheet & Cash Flow from Operations

Cumulative Cash Flow From Operations (M$) Cash Flow

• $1,014M - Cumulative cash flow since 2000
• 2017- $187.5M YoY growth of 50.5%
Balance Sheet
• Net debt (31.12.17) - $516M
• Equity (31.12.17) - $879M
• Equity Ratio1 at approx. 45.1%
• Leverage Ratio2 at approx. 26.5%
• Net Debt / EBITDA3 ratio = ~1.85

1 Equity ratio = Total equity / total assets

2 Leverage ratio = net financial debt / total assets 43
3 LTM adjusted Pro Forma EBITDA
Frutarom’s Strategy: Clear Focus Going Forward
Proven Acquisition Track Record of 71 Successful Acquisitions
33 companies acquired since the beginning of 2015
14 companies acquired since the beginning of 2017

Strict Acquisition Criteria: Focus on Integration Execution

 Highly valuable and experienced
management and employees
 Acquiring new customers
 Market share gain
 Product portfolio expansion
 R&D capabilities and unique technologies
 Capacity expansion
 Cost reduction opportunities
 Positive impact on EPS
 Retaining Management and Customers
 Cross Selling Opportunities
 Optimization & Harmonization of Resources
 Global Knowledge Sharing
 Operational Streamlining
 Cost Reduction and savings

 Accelerated Growth  Margin Improvement

 Value Creation
44
 Realizing Strategy through Acquisitions
Geographic Focus
North America
Hagelin
• Enhancing market position
in the US and EM
• Expertise in Beverages
CitraSource
• Enhancing Citrus
capabilities & leadership
• Presence in Florida – World
Center for Citrus
Scandia Citrus
• Enhancing market position
in the US
• Expertise in specialty Citrus
solutions
BSA
Canada , India
• Enhancing savory position in
North America and India
Wiberg
USA, Canada
• Enhancing savory position in WFF Vietnam
North America
Leveraging Synergies
Natural & Healthy
Emerging Markets Continuing to improve product mix and
PTI Russia & CIS Enhancing position in Health & Wellness
• Savory Solution leadership position Montana Food
in Eastern Europe Peru & Chile
CitraSource
Amco Poland Enhancing market position in • Enhancing Citrus
capabilities & leadership
Enhancing savory solutions LATAM
leadership in Eastern Europe Vitiva • Presence in Florida – World
Aroma Guatemala Slovenia
Center for Citrus
Enhancing market position in
Scandia Citrus
Food protection
Central America • Enhancing market
Natural Colors
Montana Food Health Ingredients position in the US
Peru & Chile Enhancing market • Specialty Citrus solutions Expertise
Ingrenat
position in LATAM Taura
Sonarome India Spain
Belgium, New Zealand, Australia
Enhancing market Food protection
Natural Colors Enhancing market position in
position in India and Africa
Inventive China
Natural Fruit-Based Ingredients
Nutrafur and specialty solutions
Enhancing market Specialty natural plant
position in Southeast Asia
extracts for food, health Inventive China
Nardi Aromas and food protection Enhancing market
beverage flavoring in Brazil
Piasa position in Southeast Asia
Savory solutions leadership in Mexico
Extrakt Chemie
Grow USA
Unique Flavors S. Africa Natural extracts for
Biotechnology products for
Pharma
the supplement and
SDFLC Brazil AB Fortis nutraceutical market
Mighty Thailand IBR Israel Enzymotec Israel
Meroar Argentina Innovative cosmetic Innovative specialty nutrition
ingredients Solutions
 Strong management, R&D and sales  Cross-selling opportunities
 Optimization & Savings 45
 Additional improvement in margins
Resource Optimization
Leveraging economies of scale

R&D Sales & Sourcing &

Marketing Production Logistics
Purchasing

Rationalizing Sales force

Global Purchasing
global R&D integration; Production sites Global logistics
from countries of
resources Cross-selling integration integration
origin
opportunities

 Several projects underway for optimization and margin improvement, including:

 Reorganization of the production infrastructure of the Savory business in Europe following the Wiberg acquisition
(Flavors Activity) is nearing completion and will yield annual savings of over US 12M, most of which gradually have
been reflected in 2017 and the balance will be gradually reflected during the course of the coming months.
 Streamlining of the global production resources in the field of natural plant extracts (Specialty Fine Ingredients
Activity), including the closure of Wadenswil site in Switzerland (planned in the end of Q2 2018), will yield annual
savings of US$ 6M, the majority of the savings will be reflected during the coming months.
 Building and strengthening the global purchasing organization will contribute to improved competiveness, profits and
profitability

46
Positive Outlook for 2018 and Onwards

Profitable rapid internal growth in core business

Continues Improvement in EPS
Focus on small, mid-size and private label customers
with better organic growth rate than the MNC’s

Focus on innovative, health & wellness oriented,

natural product mix

Successful integration of the recent acquisitions

Additional projects to improve efficiency, merge

activities and operations

Enhancing & leveraging global purchasing

Strong acquisitions pipeline

47
* Excluding non-recurrent expenses
Frutarom Is Increasing Its Strategic Goals

Above-industry Growth Continue Margin Expansion Continue Acquisitions Strategy

Combining rapid profitable organic growth with strategic

acquisitions

$2.25 Billion in revenues in 2020

23% EBITDA in our core business by 2020*

* Given current product mix 48

 Frutarom’s Vision

To Be The Preferred Partner

For Tasty And Healthy
Success