Glanbia acquisition

1

Analyst call 11 October 2018

2

Cautionary Statement

Acquisition Highlights

3

Enterprise value $350 million

Well-established brand in a strategic

adjacency to the GPN portfolio

Strong brand position in an attractive

& growing global category

Earnings accretive from 2019

Acquisition of SlimFast

Attractive portfolio

4

Lifestyle consumers

98% brand awareness

North America and UK

Primary channel FDMC

Strategic rationale

Meets the #1 motivation for our lifestyle consumers

Incremental growth category to performance nutrition

Provides scale in RTD and FDMC channel

Further opportunities for growth via innovation and distribution expansion

Acquisition of SlimFast

Nutritional

Supplements

Ready-to-drink

(“RTD”)

Ready-to-mix

(“RTM”)

5

Core need of lifestyle consumers

Managing weight is #1 motivation

Nutrition with regular exercise

aligns with GPN lifestyle consumer

RTD and snacks most popular

formats to achieve this

Favoured channel FDMC

SlimFast has one of the highest

levels of brand awareness in the

category Source: Glanbia Capital markets day 23 May 2018

Acquisition of SlimFast

$8bn in value

(RSV) 2018

US 33%

RoW 67%

Weight management nutrition products

Large and growing Category

6

Constant Currency

Global market growth rate

MSD%

Source: Euromonitor and Glanbia estimates

Acquisition of SlimFast

Financials

7

Purchase consideration $350m

Closing before the end of 2018

Transaction will be financed by

available banking facilities

A growing business at c.11%

EBITA margin

Earnings accretive from 2019

Acquisition of SlimFast

Adjusted EBITDA is before non recurring costs

SlimFast Financials

2017 $’m

Net Sales 212

Adj. EBITDA 24

Adj. EBITA 23

Conclusion

8

Strategic adjacency addressing a core consumer need

Attractive growing market incremental to Performance Nutrition

Great capability and scale in FDMC

Earnings accretive from 2019

Acquisition of SlimFast