Passion for Taste & Health

Company Overview
August 2017
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 2016, published on March 2017, 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.
A Leading Fast Growing Global Flavor & Fine Ingredient House

Broad Financial
Global Public
Product Success
Presence 2000-2016 Company
Portfolio

A Top 10 flavor house 60,000 products 14x growth in sales Listed on London & TLV
Sales in over 160 Over 6,000 raw (CAGR 18%) Stock Exchanges
countries materials 24x growth in EBITDA* From $13M to approx.
Over 30,000 customers Innovative pipeline 35x growth in Net Profit* $4 B market cap

* Excluding non-recurrent expenses

** Assuming all acquisitions made and completed since 2016 were consolidated as of 1.7.2016
 Global Expansion throughout the years
Unique
Flavors
Amco
2000-2016 Sales CAGR of 18% Vitiva
Rene
Wiberg Laurent
JannDeRee
Sales office Ingrenat
Etol
WFF
Czech Rep.
Acquisition PTI Food
S. Africa
Blenders
Rad Mylner Algalo SDFLC
Acatris CH Hansen Costa Rica Aroma Taiga
London DE F&E
Savoury Grow
stock Gewurzmulle
Mexico exchange r Flavours
Kazakhsta
FSI FSI OH Sonarome Extrakt
Corona Hagelin
n Chemie
Ukraine Abaco
HK F&F Canada
Poland Nesse Aromco BSA
Rayner Oxford CitraSource Redbrook
1996 Tel
Aviv Russia
Flachsmann Adumim CH Hansen
stock Tohar AM Todd
Hong IT Foote&Jenks Nardi
exchange
Kong Montana Aromas
Turkey
Flavour Raychan
France EAFI
Key CPL Taura
Piasa
Baltimore Brazil Aroma
Jupiter
Meer IFF FS Rieber Scandia
Botanicare India
Belmay Nutrfur
Kunshan

Inventive

1990-2000 2001 -2004 2005 2006 2007 2009 2011 2012 2013-2014 2015 2016 2017
Global Presence

62 Production sites
77 R&D laboratories
100 Sales & Marketing offices
A Profitable Growth Story

* Excluding non-recurrent expenses

** Assuming all acquisitions made and completed since 2016 were consolidated as of 1.7.2016
Our Employees are the Key to Our Success

5,000 employees worldwide

Goals & Strategy

Above-industry Growth Continue Margin Expansion Continue Acquisitions Strategy

$2 Billion in revenues in 2020

Above 22% EBITDA in our core business by 2020 *

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

* Given current product mix

Frutaroms
Unique Offering
Growing Core Business

Unique, high quality creation of sweet Specialty botanical extracts,

and savory flavors for food and beverage
products
Expertise in local and global tastes
Operational flexibility and local global
supply chain
Value-added functional savory solutions
for the food industry (snacks, meat, fish,
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
distillates, essential oils and aroma
chemicals
Innovative, science-based health
ingredients for phyto-
pharmaceuticals, nutraceuticals,
dietary supplements, functional
foods, cosmetics, and personal care
Supporting the growing demand for
health, wellness and beauty
Natural Food protection solutions
Natural Colors
Supporting the growing demand for
health, wellness and beauty
 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
Strategically Positioned to meet Market Trends
Creation through Science and Innovation

Natural Health &

and Clean Wellness
Functional Reduced fat,
Label
Food calories & salt Natural
Products with
Taste
Health
properties Solutions

Convenience
Ready Meals Natural
Colors

Natural
Cost Food
Reduction Protection
Frutaroms Natural Offering: Fully Integrated Solutions -
Backward integration projects 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 (Devils claw)

in Namibia Oat in Poland Fenugreek in India

Used for the production of EFLApharm Extract helps to improve overall mental Extract, as a natural and safe alternative to
devils claw extract, an API for joint health fitness/ enhances cognitive function pharmaceutical heartburn medications
Frutaroms 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
Customer in the Centre
A Unique product offering

Natural Taste Food

Ingredients Systems
Sweet &
Savory Starter Culture
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
Citrus Culinary
Specialties
Natural
Anti-Oxidants
Frutaroms
Growth Strategy
Flavor Division
Growing Faster than Market While Improving Profit & Profitability
Flavor Activity Trends
Higher growth rates
Higher profitability 74% of
Margin improvement sales

Flavors
Sales, $M EBITDA %*

**

30% of
sales

Major contributors to growth in Profit & Profitability :

Above market organic growth rate
Successful integration of recent acquisitions
Exploiting operational efficiencies
* Net of non-recurrent expenses
** As of Q2/2017
FI Division Accelerated Growth with Focus on Specialty Natural Offering
Fine Ingredient Activity Trends
Double digit growth rate in natural colors
and natural food protection
~20% of
Increased capacity & margin improvement sales
Backward integration program
FI
Sales, $M EBITDA %

18.5%*

Major contributors to growth in Profit & Profitability :

Expanding offering into growing fields
Successful integration of recent acquisitions
* As of Q2/2017, net of non-recurrent expenses Exploiting operational efficiencies
Above Market Growth in North America & Emerging Markets

4.3x growth 4.6x growth

in North in Emerging
America Markets

9.3x growth
in Flavors
North
America

*Assuming all acquisitions made and completed since 2016 were consolidated as of 1.7.2016
Frutaroms 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)

Product Natural Health Solutions /functional food ingredients
Offering Natural Color Solutions
Integrated
Natural Solutions for Food Protection
solutions
Cost reduction solutions

R&D and innovation internal and external

Core
Competencies Efficiencies, scale and synergies cross selling
Experienced global management
Customer-driven organization
Frutaroms Strategy: Clear Focus Going Forward
Proven Acquisition Track Record of 62 Successful Acquisitions
24 companies acquired since the beginning of 2015
5 companies acquired since the beginning of 2017
Strict Acquisition Criteria: Focus on Integration Execution
Highly valuable and experienced Retaining Management and Customers
management and employees Cross Selling Opportunities
Acquiring new customers Optimization & Harmonization of Resources
Market share gain Global Knowledge Sharing
Product portfolio expansion Operational Streamlining
R&D capabilities and unique technologies Cost Reduction and savings
Capacity expansion
Cost reduction opportunities
Positive impact on EPS

Accelerated Growth Margin Improvement

Value Creation
 Realizing Strategy through Acquisitions
Geographic Focus Natural & Healthy
North America Emerging Markets Continuing to improve product mix and
Hagelin PTI Russia & CIS strengthening position in Health & Wellness
Strengthening market position Strengthening leadership position Montana Food
in the US and EM in Eastern Europe Peru & Chile
CitraSource
Savory solutions leadership Strengthening market position Strengthening Citrus
Expertise in Beverages capabilities & leadership
Amco Poland in LATAM
CitraSource Strengthening savory solutions
Presence in Florida World
Strengthening Citrus Vitiva Center for Citrus
leadership in Eastern Europe
capabilities & leadership Slovenia Scandia Citrus
Presence in Florida World Aroma Guatemala Food protection
Strengthening market position in Strengthening market
Center for Citrus Natural Colors
Central America Health Ingredients position in the US
Scandia Citrus Montana Food Specialty Citrus solutions Expertise
Strengthening market position
Ingrenat
Peru & Chile Taura
in the US Spain
Strengthening market position Belgium, New Zealand, Australia
Expertise in specialty Citrus Food protection
in LATAM Strengthening market position in
solutions Sonarome India Natural Colors
Natural Fruit-Based Ingredients
BSA Strengthening market Nutrafur and specialty solutions
Canada , India position in India and Africa Specialty natural plant
Strengthening savory position Inventive China extracts for food, health Inventive China
in North America and India Strengthening market and food protection Strengthening market
position in Southeast Asia position in Southeast Asia
Wiberg Nardi Aromas Algalo Israel
USA, Canada beverage flavoring in Brazil Biotechnology startup for Grow USA
Strengthening savory position Piasa Algae-Based products
Biotechnology products for
in North America Savory solutions leadership in Mexico Extrakt Chemie the supplement and
Unique Flavors S. Africa Natural extracts for nutraceutical market
WFF Vietnam Pharma
SDFLC Brazil
Strong management, R&D and sales Cross-selling opportunities
Leveraging Synergies Optimization & Savings
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 almost completed and will yield annual savings of over US 12M, part of which are already started
to be seen in H1 2017 and the balance will be gradually reflected during the course of H2 2017
Streamlining of the global production resources in the field of natural plant extracts (Specialty Fine Ingredients
Activity) which is planned to yield annual savings of US$ 6M, to be reflected towards the end 2017
The projects are advancing successfully and according to plan with US$ 20-22M expected total operational savings
on an annual basis vs Frutaroms Q2/2016 cost structure, that are partly already reflected in H1 2017, and the rest to
be reflected gradually during the course of 2017t to be reflected gradually during the course of 2017
Building and strengthening the global purchasing organization will contribute to improved competiveness, profits and
profitability
Frutaroms
Q2/2017 & H1/2017
Results
 Q2/2017 KPIs -
Continued Accelerated Growth - Record Revenues and Profits

Revenues - $343.6M
Flavor Business approx. 74% of Revenues

Growth - Sales Growth - 14.4%

Sales YoY Growth 6.8% (on LFL basis)*
Net Income* EBITDA*
343.6 Core Business YoY Growth 7.6% (on LFL basis)*
Flavors YoY Growth 6% (on LFL basis)*
300.2
Specialty Fine Ingredients YoY Growth 14.3% (on LFL basis)*

Gross Profit - $132.6M*

218.5
13.5% YoY Growth*
68.1 40.4% Core Business Gross Margin*
57.5
42.9
EBITDA - $68.1M*
38.1 18.4% YoY Growth*
33.7
27.5 21.2% Core Business EBITDA Margin*

Net Income - $38.1M*

Q2 2015 Q2 2016 Q2 2017 13.1% YoY Growth*
11.1% Net Margin*

* 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 expenses
which reduced each of the reported Q2/2017 Gross Profit by 0.5M$, Operating Profit and EBITDA by 1.2M$ and the Net Income by 0.9M$, and on a constant currency basis.
H1/2017 KPIs -
Continued Accelerated Growth - Record Revenues, Profits and Cash Flow
Revenues - $646.1M
Flavor Business approx. 73% of Revenues

Growth - Sales Growth - 15.8%

Sales YoY Growth 6.1% (on LFL basis)*
Core Business YoY Growth 7.1% (on LFL basis)*
Net Income* EBITDA* Sales 646.1 Flavors YoY Growth 6.3% (on LFL basis)*
Specialty Fine Ingredients YoY Growth 10.8% (on LFL basis)*
558.0
Gross Profit - $249.1M*
16.4% YoY Growth*
412.7 40.0% Core Business Gross Margin*
124.7
104.8 EBITDA - $124.7M*
49.1 79.8 19.0% YoY Growth*
72.5 20.5% Core Business EBITDA Margin*
60.1

Net Income - $72.5M*

20.6% YoY Growth*
H1 2015 H1 2016 H1 2017 11.2% Net Margin*

Cash Flow From Operations - $75.4M*

37.5% 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 expenses
which reduced each of the reported H1/2017 Gross Profit by 1.3M$, Operating Profit and EBITDA by 2M$ and the Net Income by 1.6M$, and on a constant currency basis.
Solid Balance Sheet & Cash Flow from Operations

Cumulative Cash Flow From Operations (M$) Cash Flow

$902M - Cumulative cash flow since 2000
H1/2017 - $75.4M YoY growth of 37.5%
Balance Sheet
Net debt (30.06.17) - $512M
Equity (30.06.17) - $769M
Equity Ratio1 at approx. 43%
Leverage Ratio2 at approx. 28.6%
Net Debt / EBITDA3 ratio = ~2

1 Equity ratio = Total equity / total assets

2 Leverage ratio = net financial debt / total assets
3 LTM adjusted Pro Forma EBITDA
Positive Outlook for 2017 & 2018 and Onwards
Product Focus - unique offering and product portfolio focused on innovative integrated
solutions combining taste and health, natural and clean label products
Strategy Customer Focus - mid-size and local customers, the private label sector and unique
added value solutions to MNCs
Geographic Focus - Global leading position with focus on North America and on high
growth Emerging Economies

Announced 38 acquisitions since 2011 and 24 acquisitions since the beginning of 2015
13 companies acquired since the beginning of 2016 for ~330M$
5 companies acquired since the beginning of 2017
Recent
Cross-selling will contribute to improved accelerated growth of the combined activities
Acquisitions
Operational efficiencies and synergies from successful integration of acquisitions
expected to generate savings of $20-22 M Vs Frutaroms Q2/2016 cost structure
Global purchasing will further contribute to improvement in profits and margins
Strong acquisitions pipeline for supporting growth strategy remains intact

Maintaining a solid balance sheet based on strong business fundamentals, healthy

Financial profitability and robust cash flow from operations
Strength
Cumulative cash flow since 2000 - approx. US$ 902M
Positive Outlook for 2017 & 2018 and Onwards

Profitable internal growth in core business

Focus on small, mid-size and private label customers

with better organic growth rate than the MNCs

Focus on innovative, health & wellness oriented,

natural product mix

Successful integration of the recent acquisitions

Additional projects to improve efficiency, merge

activities and operations

Strengthening & leveraging global purchasing

Strong acquisitions pipeline

* Excluding non-recurrent expenses

Frutaroms Strategic Goals

Above-industry Growth Continue Margin Expansion Continue Acquisitions Strategy

Combining rapid profitable organic growth with strategic

acquisitions

$2 Billion in revenues in 2020

Above 22% EBITDA in our core business by 2020 *

* Given current product mix

 Frutaroms Vision

To Be The Preferred Partner

For Tasty And Healthy
Success