20 June 2018

Capital Markets Event

2

Disclaimer

This presentation has been prepared by Genus (“Genus” or “the Company”) and has not been independently verified. Genus is solely responsible for the contents of this document and has taken all reasonable care to ensure that the facts stated herein are true and accurate in all material respects and that there are no material facts the omission of which would make misleading any statement in this document whether of fact or opinion.

While the information contained in this presentation has been provided in good faith, neither the Company, nor any of their advisers, representatives, officers, agents or employees makes any representation, warranty or undertaking, express or implied, in respect of this presentation and no responsibility or liability is accepted by any of them as to the accuracy, completeness or reasonableness of the information provided. The issue of this presentation to the recipient does not create any obligation on the part of the issuer to provide the recipient access to any additional information or to update this presentation or any additional information or to correct any inaccuracies in this presentation or any additional information which may become apparent. The recipient should conduct its own investigation into the Company and of any other information contained in the presentation.

This presentation is for information purposes only and does not constitute, and shall not be interpreted as, either an offer for sale, prospectus, invitation to subscribe for shares or debentures in the Company, or as the basis of a contract.

This presentation has been prepared on the basis that it will only be made available to investment professionals and is thereby exempt from the provisions of s21 of the Financial Services and Markets Act 2000.

3

Bob Lawson, Chairman

Welcome to the Genus Capital Markets Event

2018

4

Agenda

Karim Bitar CEO Pioneering animal genetic improvement

(2.00 – 2.15)

Dr. Jon Lightner Chief Scientific Officer Delivering superior genetic solutions through pioneering technologies

(2.15 – 2.45)

Dr. Bill Christianson COO Porcine Delivering genetic improvement to large integrated pork producers globally

(2.45 – 3.15)

Dr. Nate Zwald COO Dairy Delivering genetic improvement to progressive dairy farmers globally

(4.00 – 4.30)

Jerry Thompson COO Beef Delivering genetic improvement across the beef value chain globally

(4.30 – 4.50)

Stephen Wilson CFO Delivering sustainable profit growth and investing to strengthen our position

(4.50 – 5.05)

Q&A I (3.15 – 3.40) Q&A II (5.05 – 5.30)

BREAK (3.40 – 4.00) DRINKS RECEPTION (5.30 – 7.00)

Session 1 Session 2

5

Karim Bitar, CEO

Pioneering animal genetic improvement

6

Genus – global agricultural biotechnology pioneer

Pork Dairy Beef

(1) Adjusted operating profit including JVs; data for financial years ending 30 June

R&D

£372m Revenue

Genus in 2014

£459m Revenue

Genus in 2017

£45m Operating Profit1

£60m Operating Profit1

Performing well Turning around Starting to seize opportunity Robust pipeline

7

Genus vision

“Pioneering animal genetic improvement

to help nourish the world”

0

500

1,000

1,500

2,000

2,500

0

20

40

60

80

100

120

1995 2000 2005 2010 2015

Aver

age

milk

pro

duce

d pe

r far

m (t

onne

s)

Num

ber o

f dai

ry fa

rms

Number of US dairy farms (000s)

Average milk produced per US dairy (tonnes) 8

Positive long term demand drivers for our business

Consumption of animal protein

continues to grow1

Protein producers are getting larger and becoming more technified

(1) Represents forecast global production CAGR between 2017 – 2026 Sources: OECD-FAO; USDA; FAOSTAT

Consumers are demanding high quality, affordable protein produced sustainably

+1% +1% +2%

Consolidation (Top 3 market share)1 47% 27%

International competitors

Regional/other competitors

9

Competitive landscape

Pork Beef Dairy

(1) Genus estimates for financial year ending June 2017; includes merger between two Top 5 bovine genetics competitors in 2018 Note: competitor populations shown are not exhaustive

Internal Programmes

10

Genus business model

GENOMIC SELECTION GENE EDITING

SHARED PROPRIETARY TECHNOLOGY PLATFORM GENETIC IMPROVEMENT

Pork

Dairy

Beef

BIOSYSTEMS ENGINEERING

GENOME SCIENCE

11

Genus strategy and capabilities

Increasing genetic control & product differentiation

Deliver value in key markets and segments Share in the value delivered

Tailored products & services

Global supply chain

Strong customer relationships

Understanding customer needs

Data-driven validation

Performance-based pricing

Elite breeding herds - germplasm

Proprietary technology platform

Expert people

12

Dr. Jon Lightner, Chief Scientific Officer

Delivering superior genetic solutions

through pioneering technologies

13

Shared proprietary technology platform

GENOMIC SELECTION GENE EDITING

SHARED PROPRIETARY TECHNOLOGY PLATFORM GENETIC IMPROVEMENT

Pork

Dairy

Beef

BIOSYSTEMS ENGINEERING

GENOME SCIENCE

43% 35%

40% 27%

5% 13% 12%

18%

7% Gene editing

Research, IP, genome science,

management

14

Growing investment in R&D and IP

Dairy & Beef product develop.

Biosystems engineering

Porcine product development

100% = £35m

100% = £47m

R&D Investment1

IP position2

2014 2017

(1) Includes IntelliGen capitalised development cost; all data in FY17 constant exchange rates (2) Represents patents granted and applications that are owned and excludes in-licenced patents and applications; 2017 figure represents current position

~200 patents

~300 patents

+34%

15

Pioneering through people: culture and organization

Attract and develop talent

• Challenging expectations

• Best-in-class career opportunities

Engage people

• Communicate to drive alignment & trust

• Encourage thought leadership

Strengthen R&D community

• Expanded the team

• Over 100 PhDs staff (across Genus)

16

Accelerating our technology transformation

Programme status Impact today Impact tomorrow

Cutting edge lab and computing capabilities

A critical enabler but not a profit centre

Efficiency and improved customer solutions

Successful launch of leading semen sexing technology

Introduced competition to the market

Growing internal and

external business

Profit driver

Continued innovation

Industry leading programmes in porcine and

bovine

5+ years to commercial launch

Advancing development phase

Progressing to regulatory

approval

Genome Science

Biosystems Engineering

Gene Editing

17

Being the best at driving genetic improvement

Programme status Impact today Impact tomorrow

Industry leading genomic selection programme

Industry leading products

Maintain product leadership

Møllevang to further strengthen our offering2

Industry leading Holstein programme (De Novo)

46 Top 100 bulls globally1

Sustain product leadership

Produce 75%+ bulls internally (De Novo)

Developing industry leading terminal beef programme

(NuEra)

Discovering value through partnerships with leading

beef producers

Develop clear, demonstrable product advantage through

data

Pork

Dairy

Beef

(1) Refers to both active and non-active genomic bulls based on Net Merit Dollar rankings as at April 2018 (2) Effective July 2018

18

Genomic selection delivering: porcine

> Consistently sustained 35%+ increase in rate of gain

> Continue to lead the global industry

— Significantly increased animals genotyped

— Refined statistical methodology for maximizing accuracy 0

50

100

150

06 07 08 09 10 11 12 13 14 15 16 17

PIC Genetic Index

years

Relationship based genomic selection starts

19

Genomic selection made real

-5.0%

-2.5%

0.0%

2.5%

5.0%

-3.0

-2.0

-1.0

0.0

1.0

2.0

3.0

200601 200901 201201 201501 201801

Pre-wean survivability Total born

Birth Year / Month

Trends: pre-wean survivability and total born

Total bornPre-wean survivability

Success story...more and better piglets

2006 2009 2012 2015 2018

(1) Genetic trends from PIC genetic nucleus (2) Data rebased to zero based on animals born over the last two years in the genetic nucleus

Relationship based genomic selection starts

20

De Novo: Genus’s leading Holstein breeding programme

24

16

15 7

38

partner herds

Competitor 1 Competitor 2

Other

(1) Represents the Top 100 NM$ Holstein females as at April 2018 CDCB (using the 3 April 2018 official and weekly files from CDCB)

People & talent Technology Leading germplasm1 + +

Consistently producing

world leading Holstein bulls

Leading breeding prgramme =

21

Successfully launched Sexcel™ and Intelligen™

22

Multiple routes to market maximize technology impact

Sexing our own genetics

DIRECT

Processing third party genetics

INDIRECT

Licensing our technology

INDIRECT

Delivering superior genetic solutions through pioneering technologies

23

R&D VIDEO

24

Sexcel performance

Sexcel has demonstrated superior product performance

Rigorous scientific performance comparisons

> Captured large real world dataset

> Identified contemporaneous use of Sexcel and competitor sexed product

> Comparative analysis on 20,000+ inseminations in 130+ herds in 5 countries

> Statistically significant fertility improvement

> Customer observable

“…our cows are getting pregnant faster. Better results, better product”

“Thanks to ABS as it is going to increase my

profitability in future”

“We were very satisfied and hope to use more

and more”

“…a much better conception rate

compared to the old technology”

“I am delighted with the results and will now be using 100% Sexcel

in 2018”

- LUIS BETTENCOURT - Bettencourt Dairy

- JAIDEV SARASWAT - Saraswat Dairy Farm

- PEDRO HENRIQUE - Fazenda Figueiredo

- HARRY DEWIT - Blue Sky Farms

- GAVIN HAMILTON - Lockerbie

25

Transformational potential of gene editing

2013

2015 Today

• Advanced development of PRRSv technology by Genus

• Seeking proof of concept for Bovine Respiratory Disease Resilience

• Publication of PRRSv resistance by U Missouri and Genus

• Genus exclusive global license • First gene edited pig

created in collaboration with Roslin Institute (Edinburgh)

26

Combatting PRRSv through gene editing

PRRSv infected region PRRSv free region

PRRSv impacts pigs and producers around the world

Source: European PRRSpective Symposium (2015); Journal of Swine Health and Production (March/April, 2013)

€1.5bn+ cost impact in Europe

$650m+ cost impact in US

Genus research collaboration demonstrates PRRSv-resistance in pigs

> Resistance through edit of single native gene without introduction of other species’ DNA

> Gene edited pigs are not transgenic GMOs

> PRRSv resistance depends on gene being passed from both parents

27

PRRSv programme – significant progress made

December 2015 2016 2017 2018

- First PRRSv resistant pigs produced - Genus exclusive global license

Genus Caribou exclusive collaboration

Renovate Bio formed to conduct elite editing

Optimized Caribou reagents deployed for editing

First elite edited pigs born

US-FDA INAD granted1

(1) INAD refers to Investigational New Animal Drug application with the US Food and Drug Administration for the investigational PRRSv programme (2) ‘475 patent granted to the University of Missouri; and patent ‘790 patent granted to the University of Edinburgh; Note: Timeline represents calendar years

US and European patents granted2

28

PRRSv programme – path forward and key milestones

First breedings of elite edited pigs

~100 Homozygous edited pure line animals off test

~100 Homozygous Camborough™ parent sows farrowed

Live animal disease challenge of Genus edit

Additional animal disease challenge of Genus edit

Cell line disease testing of Genus edit

Animal Amplification & Evaluation

Disease Testing

Workstream

Regulatory Submissions

First US FDA submission

US FDA package complete

Timeline represents calendar years

2019 2020 2021 2022+ 2018

~1000 terminal pigs evaluated

Gateway #1 Gateway #2

29

Future directions

Delivering today… …shaping tomorrow

30

Dr. Bill Christianson, COO Porcine

Delivering genetic improvement to large

integrated pork producers globally

31

Never stop improving

32

PIC is the global leader in pig genetics

Internal programs

Other

Competitor 2

Competitor 1

Competitor 3 Competitor 4

Note: reflects competitive landscape in 2017 Source: Governmental agencies, local pork organizations, Genus estimates. Global porcine pig production market represents production in top pig production markets, including small and non-industrial farming activity in those markets. Market shares in addressable market represent the estimated share of production in advanced production in top pig production markets

23%

Advanced production

~50%

Less advanced production

~50%

Global pig production market Share of addressable market

33

Strong fundamentals for PIC genetics

Continued growth in pork

Competition

Rapid modernization

Increasing expectations

Implications for PIC

Growth of pig genetics market Improved ability for producers to measure impact of genetics Continued search for genetics that meet production needs Consolidating competitive landscape Opportunity for PIC to compete effectively and drive value for producers

Market dynamics

118 128

2017 2026

+1% p.a. Growth in all regions

Global Pork production outlook OECD (mln metric tons)

Example: consolidation in China (Rabobank)

0%

100%

08 09 10 11 12 13 14 15 16 17 18 19 20Commercial (>10,000 head)Mid sized (500 - 10,000 head)small size (<500 head)

Genetic gain requires scale & R&D investment

Investments for each $ of gain

34

PIC competes by driving genetic improvement in pig genetics

…resulting in acceleration of the rate of gain PIC investing in genetic gain levers…

ΔG = Selection Intensity* Genetic variation* Selection accuracy Generation Interval

ΔG

Selection intensity: increased pure line populations

Genetic variation: acquired new

germplasm

Generation interval: increased replacement rates in genetic farms

Selection accuracy: introduced relationship-

based genomics

Examples of recent investments

0

50

100

150

06 07 08 09 10 11 12 13 14 15 16 17

PIC Genetic Index

years

Relationship based genomic selection starts

35

PIC focuses on the top of the breeding pyramid

Great Grand Parent (GGP)

Grand Parent (GP)

Parent (P)

1

10

100

2500 produced

PIC owned / leased Contracted Customer Owned

Boar studs

boars

semen

Multiplication

Commercial production

Nucleus

Slaughter pigs

Pure line expansion

Cross breeding for parent (F1) production

F1 hybrid females to terminal sires

Genetic improvement

Objectives vary at each level of the pyramid

PIC presence in the pig breeding pyramid

Sows in inventory

36

PIC’s global supply chain has presence in all regions

Example: PIC owned & contracted elite nucleus farms in 6 clusters1

PIC manage genetics for 800+ farms

• 400+ multipliers (sireline & damline)

• ~400 boar studs Farms are owned by PIC, contracted from 3rd parties or owned by customers

PIC supply network

1. Farm locations indicative; overview includes two farms for gene editing project

Planned expansions in next ~4 years Existing elite farm

37

PIC sells to leading producers across the globe

PIC customers include over 70% of the world’s top pork producers who... • ...measure the impact of genetics

• ... aim to capture value along the end-

to-end pork supply chain PIC works with strong partners to supply smaller local producers

Delivering genetic improvement to leading integrated pork producers globally

38

CUSTOMER VIDEO

39

PIC’s sales approach is underpinned by a royalty model

- 12 24 36 48 60

£

Months since first stocking

Revenue Gross Margin

North America EMEA

Latin America Asia

96% 96% 96% 97% 97%

FY14 FY15 FY16 FY17 FY18 1H

65% 64% 73% 77% 77%

FY14 FY15 FY16 FY17 FY18 1H

38% 59% 64% 63% 70%

FY14 FY15 FY16 FY17 FY18 1H

35% 46% 41% 50% 47%

FY14 FY15 FY16 FY17 FY18 1H

PIC royalty model

Stocking Grand

Parents

Producing parent sows

Ramp up production

commercial pigs Full

production

% of volumes under royalty

40

Growth has come from organic and inorganic initiatives

Go to market Genetic gain Supply chain efficiency Customer focus Aligned interest

Inorganic

Génétiporc

Birchwood

Hermitage

Møllevang from July 2018

Organic

Genomics Elite farm expansions Key account strategy New royalty models

80+ production trials Transformation in Europe & China Profit plus products

Investments in services First China royalty contracts

Growth vs FY14

35%+ increase in rate of genetic gain1 Reduced lag by >0.5 year Grew volume by 14% Grew OP/MPE2 60%

Grew OP by 70%

1. Relative to FY13 baseline 2. Adjusted OP per market pig equivalent including our share of our Brazilian JV

41

PIC has delivered profitable growth

1. Refers to the number of market pig equivalents that contain our genetics; 2. Including Joint Ventures and including PIC Asia for all years; 3. Adjusted operating profit 4. Excludes Gene Editing

£169m £187m

£208m

£250m

2014 2015 2016 2017

£43m

£52m

£65m

£78m

2014 2015 2016 2017

£56m £64m

£78m

£95m

2014 2015 2016 2017

OP inc. Product Development3,4

OP ex. Product Development3 Revenue2

22% p.a. 19% p.a. 14% p.a.

122m 129m 133m 139m

2014 2015 2016 2017

Volume (MPE) 1

4% p.a.

42

Improved performance has enabled PIC to expand margins

Gross Margin (£/MPE)

• Accelerated genetic improvement in nucleus herds

• Drove down lag through expanding the PIC supply chain

• Demonstrated the value in customer systems with customer trials

• Continued shift from upfront sales to royalties tied to customer performance

• Introduction of premium sireline products

Actions that enabled margin improvement

FY13 FY17

FY13 FY17

+10%

+40%

Note: data is in FY17 constant currency

43

Case study: European transformation

Four pillars of PIC Europe transformation • Directly serving large integrated producers

• Serving other segments through distribution

partners

• Upgraded product by reducing genetic lag

• Right-sized the organization & strengthened talent

PIC Europe OP grew by 20% p.a. from FY14 to FY17

GOZAGRI

Examples of PIC distribution partners1

1. Møllevang strategic relationship to be effective from July 2018

(From July 2018)

44

Case study: PIC China has laid a strong foundation for growth

Shennong

CP

New Hope (incl. Besun JV)

Shanxi Daxiang

Guo Ming

Jinluo

Riverstone

Shyiang

Giastar

Track record:

• Introduced royalty to multiple customers

• Reduced genetic lag

• Reduced farming exposure

• Invested in local talent

• Significant growth since FY14

Strategic plan:

• Continue focus on professional producers

• Invest in own & contracted supply

• Double people capacity in core functions

PIC China track record and strategic plan Example: PIC China’s long term relationships

45

Building PIC’s competitive advantages

Global supply chain

Competitive product portfolio

Deep technical expertise

Strong cash generation & governance

• Leading products for all segments • Earliest adopter of technology

• Deliver improved germplasm

• Use sequencing data for accuracy • Progress PRRSv-resistance programme

• Supply base in all key regions reduce genetic lag and provide contingency

• Expand supply – especially North America elite nucleus and Asia

• Largest cross functional technical team in the industry

• Invest in technical team through training, hiring, partnerships

• Strong cash position from global scale • Monitor for M&A

Relations with top producers

• Serving >70% of ~200 largest producers; 77% of volumes under royalty

• Continue key account strategy • Leverage distribution model for

smaller producers

46

PIC: the world’s leading porcine genetics company

47

Q&A

Q&A – session I

48

Dr. Nate Zwald, COO Dairy

Delivering genetic improvement to progressive dairy farmers globally

49

Our global dairy business

Demand for quality dairy genetics is supported by strong long term fundamentals

50

GROWING DEMAND FOR HIGH QUALITY

DAIRY GENETICS

FARMER PRODUCTIVITY farmers want to produce more

milk with fewer inputs, as competition for resources grows

FARMER CONSOLIDATION larger farmers typically measure performance in more detail and better understand the impact of

superior genetics

CONSUMER DEMAND growing demand for affordable,

high quality and sustainably produced dairy products

COW HEALTH farmers desire cows that are

naturally more resilient, reducing the need for drugs

51

ABS Dairy produces and markets elite dairy genetics

~18m units sold annually

50,000+ customers

1,600+ employees globally

6 production studs

70+ countries

Commercial Platform

Breed superior bulls Collect and

process semen

Market semen and embryos Reproductive &

genetic services

Information as of June 2017; units as of 12 months ending December 2017

40 days

9 months

3-5 years

Genomic technology is changing the way genetics are evaluated and priced

52

INSEMINATION heifer is artificially bred with semen from a breeding bull

PREGNANCY CHECK heifer is checked to confirm

success of insemination

CALF IS BORN birthing ease assessed

‘CALF’ BEGINS PRODUCTIVE LIFE ‘calf’ gives birth and begins milking;

farmer realises the benefit of the genetics from the original insemination

Historically a bull would be evaluated according to how

productive its offspring are years after breeding…

…today a bull’s DNA is checked at birth against known markers,

which reliably indicates its quality as a breeding animal even

before it is sexually active

53

Dairy genetics market is changing rapidly

Source for dairy animal consolidation data: Genus analysis; US Holstein breeders represented in the Top 200 NM$ rankings by birth year; 2018 data based on Top 200 Holsteins active as at April 2018 CDCB (using the 5 April 2018 official and weekly files from CDCB); ABS volume growth data as for calendar year 2017

Ownership of the world’s leading dairy animals (used for breeding) is consolidating

Breeders in Top 200 NM$ bull rankings ABS volume growth by product type for 2017

Customers are harnessing sexing and IVF technologies to improve their herds

6%

29% 35%

Convetionalgenetics

Sexedgenetics

Embryos

107

48% 48

85%

# of breeders featured Top 20 breeders'share of top bulls

2008

2018

ABS has the strongest dairy product line-up in the industry

54 Analysis based on Top 100 Holsteins active as at April 2018 CDCB (using the 5 April 2018 official and weekly files from CDCB); NM$ refers to Net Merit Dollar rankings *Includes both active and non-active genomic bulls (all young bulls that are currently not yet producing semen, but have received genomic evaluations)

# of bulls

% of ABS Holstein bulls sourced internally

0

5

10

15

20

25

30

35

40

45

50

Competitor 1 Competitor 2 Competitor 3 Competitor 4

Top 100 NM$ bulls - Proven

Top 100 NM$ bulls - Active Genomic

Top 100 NM$ bulls - Pipeline*

Top 100 NM$ bull rankings

0% 20% 45% 65%

FY14 FY16 FY18F FY20F

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

ABS Competitor 1 Competitor 2 Competitor 3 Competitor 4 Competitor 5 Competitor 6 Competitor 7 Competitor 8 Competitor 9

Recently acquired share

Existing share

55

Consolidation in genetics is also driving consolidation amongst bovine genetics companies

Merging

Share of global bovine genetics by volume

Source: National industry associations; Genus estimates as at June 2017; volume relates to units of semen sold; shares based on top 30 target dairy and top 8 beef markets

Transforming ABS Dairy

56

Create superior genetics

Become the genetic advisor of choice

Capture a share of the value delivered

Large progressive dairies

Small/medium sized dairies

Sourcing bulls from third party breeders and utilising competitor’s

technology to sex semen

Selling proven bulls from catalogues based on public index scores

Unit pricing based on genetic merit

Making our own genes

Sexing genetics with our own technology

Producing embryos to accelerate genetic progress

Engaging with customer to define breeding objectives and build a

tailored index

Ensuring our genetics perform: technical & repro services

Moving towards subscription

model and value-share pricing

Online tool enabling all customers to tailor genetic selection

Ensuring our genetics perform: technical & repro services

Unit pricing based on

genetic merit

FROM

TO TO TO

Other sexed genetics

Demand for Sexcel is exceeding our expectations

57 (1) Revenues represent global revenues in FY17 constant currency (2) Represents average unit price for sexed genetics in constant currency with ‘Other sexed genetics’ data for the period July 2016 – May 2018; Sexcel data for the period August 2017 – May 2018

Global Sexcel revenues1 ABS average unit price for sexed genetics2

+5%

Sexcel sales are growing rapidly… …and we are capturing a share of the value

Revenues Sep 17 Jan 18 May 18

Sexcel as % of total sexed semen revenues 27% 58% 77%

Sexcel as % of total dairy semen revenues 8% 18% 26%

0

1

2

3

Aug 17 Sep 17 Oct 17 Nov 17 Dec 17 Jan 18 Feb 18 Mar 18 Apr 18 May 18

£m

ABS: the genetic and repro partner of choice for progressive dairy farmers globally

58

CUSTOMER VIDEO

ABS’s sexed genetics accelerate genetic progress and increase dairy farmers’ profitability

59

Higher quality heifers identified and bred with

sexed semen

Conventional dairy semen

Beef semen

High quality female calves (replacements)

Lower cost milking pregnancies

Milking pregnancies with higher value calf

ABS’s growing IVF platform means that more customers can access the power of male and female selection

60

ABS acquires IVB US media & embryo laboratory opens

New laboratory in Mexico

US key account business doubles year-on-year

IVB relocates to ABS’s Brazilian headquarters

IVB USA launched to serve progressive dairies

2015 2016 2017 2018 270,000+ embryos1

p.a.

(1) Volumes and growth relate to 12 months ending December 2017

+35%1

in 2017

ABS provides a differentiated service model for our customers globally

61

Universal genetic selection tool

High touch model for strategic accounts

PRODUCTION HEALTH CONFORMATION

Cheese

Fat & protein

Fluid

Maintain size

Smaller cows

Larger cows

Repro

General health

Udder health

Robot ready

Functional

Improve type

Simple online tool generates tailored genetic index and ranks bulls according to a

farmer’s specific requirements

Senior ABS thought leaders engaging directly with

customers to define and deliver their breeding goals

62

ABS has a strong global footprint

Direct presence

Indirect presence

ABS production stud(s)

Other bull facility

IVF facilities

IntelliGen facility

ABS: the genetic and repro partner of choice for progressive dairy farmers globally

63

Making our own elite genetics

Sexing with proprietary

technology

Producing embryos to accelerate

genetic progress

Total Genetic Solution

Delivering superior genetic and repro services

64

Jerry Thompson, COO Beef

Delivering genetic improvement across the beef value chain

globally

65

ABS’s global beef business

Beef is a large and growing opportunity

The top 6 markets account for over 60% of beef produced globally

Source: OECD-FAO; Beef and veal production in cwe; growth in consumption represents CAGR between 2017 – 2026

11 mT

10 mT

8 mT

7 mT

3 mT 3 mT

Global beef production 70mT

Consumption growth – developed 0.4%

Consumption growth – developing 1.4%

66

ABS is focused on key beef production markets where we can have an impact with elite terminal genetics

67 (1) BxB – purebred beef animal; BxD – beef animal crossed with a dairy animal; DxD – purebred dairy animal (2) Analysis excludes Dairy x Dairy matings; Source: OECD-FAO; AHDB; Genus estimates

11 mT

10 mT

94%

1% 6%

32%

50%

18%

88%

12%

BxB

BxB

BxD DxD

BxD

DxD

BxB (Tropical)

DxD

~50%

10-15%

5-10%

1 mT

Beef produced Genetic source of beef1 Beef produced through artificial insemination2

68

Transforming ABS Beef

Create superior genetics

Demonstrate value to our customers

Capture a share of the value delivered

Beef x Beef

Beef x Dairy

Beef x Tropical

Sourcing bulls from third party breeders

Selling ‘the bull’ based on generic industry evaluations to all segments

Unit pricing based on industry evaluations

Starting to produce genetics from our own

proprietary herds

&

developing proprietary indices tailored to specific segments

Demonstrating which genetics deliver value across the value chain

Capturing additional value

&

moving towards value-share pricing

Demonstrating which genetics deliver better calves when cross-bred

Demonstrating which genetics deliver value for the dairy farmer and

beef processor

TO TO TO

FROM

69

Shifting genetic focus to whole chain profitability

(1) Pedigree producers of commercial breeding stock (2) Commercial beef producers selling weaned calves (3) Develops weaned calves for sale to the feedlots Source: National Cattlemen’s Beef Association; USDA; Genus Estimates; data relates to US market

MATERNAL MATERNAL MATERNAL MATERNAL MATERNAL MATERNAL MATERNAL

HEALTH HEALTH HEALTH HEALTH HEALTH HEALTH HEALTH

EFFICIENT GROWTH EFFICIENT GROWTH EFFICIENT GROWTH EFFICIENT GROWTH EFFICIENT GROWTH EFFICIENT GROWTH EFFICIENT GROWTH

CARCASS CARCASS CARCASS CARCASS CARCASS CARCASS CARCASS

PROVENANCE PROVENANCE PROVENANCE PROVENANCE PROVENANCE PROVENANCE PROVENANCE

Seedstock1 Cow Calf2 Stocker3 Feedlot Packer Retailer Consumer

70,000 728,000 20,000 2,100 4 (major) 10s > 100m

Now our focus is to create new products prioritising

terminal genetics that deliver value across the

chain and create demand downstream

Traditionally we have focused on genetics from third-party breeders that prioritize traits

preferred by calf producers

Utilise insight from real data

for product development

Improve nucleus herd

Breed customer herd with our

genetics

Measure performance of offspring from

farm to fork

Developing whole chain profit-focused terminal genetics

70

We are developing proprietary genetics tailored to key markets

T14 Terminal Line

T15 Terminal Line

Partnering with a leading US feedlot to develop whole chain terminal BeefxBeef genetics

71

R&D partnership to discover value of

terminal genetics in customer system

Starting to collect data on total profitability from birth to harvest

Proprietary profit-focused index being

finalised

<2015 2016 2017 2018 2019+

Develop a scalable commercial supply and

value share model

Longstanding ABS beef genetics customer

Sire Index

Total Profit

Identifying which beef genetics are more profitable for tropical BeefxBeef cross-breeding, and capturing value

72

Increasing XBlack genetic index value

Sire 1 Sire 2 Sire 3 Sire 4

Price Pre XBlack

Price Post XBlack

No change

+12%

+21%

+74%

Change in price of genetics post XBlack launch

Source: Genus data

Delivering more profitable proprietary beef genetics to dairy farmers

73

Maximising dairy farmers’ profitability through proprietary beef genetics

Delivering more value

Source: Genus data

More milk from the herd

More calves to sell for beef

More £££ per calf sold

Incremental £ value to the dairy farmer by sire compared with low indexing sire

+37 +61

+77 +95 +101 +108 +114

+127 +141

+157

Sire1

Sire2

Sire3

Sire4

Sire5

Sire6

Sire7

Sire8

Sire9

Sire10

Strong double digit growth in average unit prices

since index launch

Delivering more profitable whole chain beef genetics to a leading beef processor

74

+1.8%

+3.2%

+2.3%

+4.7% +4.5%

+6.0% +6.1%

+7.8%

Medium index sireHigh index sire

Red meat Fillet Loin Rib eye

Source: Actual data from leading UK customer

Demonstrating which genetics produce more profitable carcasses

Carcass yield compared with low indexing sire

Delivering incremental profit and starting to implement a royalty model

Baseline: low index

bull

Incremental £ value per head realised by our customer compared with low indexing sire

+30

+141

Mediumindex sires

Highindex sires

Developing profit-focused terminal genetics

75

CUSTOMER VIDEO

76

Pioneering a new approach to genetic value creation for the beef industry

> ABS Beef is at the start of an exciting transformation

> The opportunity for whole chain profit focused terminal beef genetics is large

> The biology of bovine reproduction and pace of industry change make this a medium to long term opportunity

> ABS Beef is making good progress and there are encouraging early signs

77

Stephen Wilson, CFO

Delivering sustainable profit

growth and investing to strengthen our

position

78

Strong historical financial performance

Operating profit adjusted and includes joint ventures; profit before tax and earnings per share on adjusted basis; all numbers £m in actual currency for financial years ending 30 June

372 399 388 459

2014 2015 2016 2017

45 51 54 60

2014 2015 2016 2017

39 47 50 56

2014 2015 2016 2017

Revenue CAGR 7%

Profit Before Tax CAGR 13%

Operating Profit CAGR 10%

47 57 61 69

2014 2015 2016 2017

Earnings per Share (pence) CAGR 14%

79

Historical operating profit performance

FY14 FY17 CAGR actual

currency

CAGR constant currency

2018 H1 growth in

const. currency

55.6 94.8 20% 14% 7%

27.3 21.3 (8%) (10%) 47%

R&D (27.7) (43.8) (17%) (10%)

Central Costs (10.4) (12.2) (6%) (1%)

Operating Profit 44.8 60.1 10% 7%

Gene editing costs (add back)

- 3.5 - -

Operating Profit ex. gene editing 44.8 63.6 12% 9%

Operating profit represents adjusted operating profit including joint ventures; 2018 H1 growth compared with 2017 H1; financial years ending 30 June

£m

0

20

40

60

80

100

120

FY13 FY14 FY15 FY16 FY17

£m

Research & Development Capital Expenditure Acquisitions & Investments1 2

80

Investing to strengthen our position

(1) Includes IntelliGen capitalised development cost (2) Includes biological asset cash movements and finance lease payments

Invested £100m in 2017

Besun JV

51%

49%

81

Strong cash generation supporting investment and dividend growth

(53)

(112)

Opening net debt2014

Cash generated Capex Pension deficitrepair

Dividends Acquisitions &investments

Currency impact Closing net debt2017

176

(59)

(24)

(47)

(82)

(23)

Net debt 2014 refers to opening net debt in FY14 (as at 30 June 2013)

£m

1.0x EBITDA

1.5x EBITDA

82

We will continue to invest and strengthen our business

Pork Beef Dairy

Product/ technology

Supply chain

Enterprise system

PRRSv programme

New global production facility Expand supply chain

Møllevang effective July 2018

83

Focused on delivering sustainable growth

2009 - 2014 2014 - 2017 2017 - 2023

Operating profit – actual currency 2% 10%

Operating profit – constant currency 4% 7% Mid-high single digit

Operating profit – constant ex. gene editing 4% 9% Double digit

• Lead in profit-focused genetics

• Grow share of large progressive dairies globally

• Grow Sexcel

• Lead in profit-focused genetics

• Grow royalty with large producers

• Grow in China

• Develop and market profit-focused genetics

• Share in value delivered across the supply chain

Pork Dairy Beef

Growth (CAGR)

Profit drivers

84

Clear objectives to growing shareholder value

OBJECTIVE MEDIUM TERM TARGET

Grow operating profit

Convert profit to cash

Strengthen our capabilities

Maintain a strong balance sheet

10% CAGR constant currency, ex. gene editing

> 90% cash conversion net cash from operations : operating profit ex. JVs

Invest in our R&D technology platform, people, IT and supply chain

1.0x – 2.0x Net Debt : EBITDA

Shareholder returns Sustain a progressive dividend policy

85

Q&A

Q&A – session II