2008 Preliminary Results17th September 2008

2

Contents

Highlights from 2008 ……………………………………………… 3

Financial Information ……………………………………………… 4

Origin at a glance ………………………………………………… 12

Business Review

- Agri-Nutrition ……………………………………………………… 16

- Food ………………………………………………………………… 26

Primary Food Production – Global dynamics …………………… 31

Strategy and Outlook ……………………………………………… 40

Contact Us …………………………………………………………… 43

3

Highlights From 2008Transformational year for Origin

Transformational Year– Excellent financial and operating performance– Extension of business model through strategic acquisitions

Acquisition of Masstock Group Holdings– Leading provider of agronomy and prescriptive farming systems– Geographic expansion opportunity

Acquisition of controlling interest in Odlums Group– Improved performance in second half of year– Integration well advanced

Investment in direct arable farming in Eastern Europe– 20% interest in Continental Farmers Group

Cork South Docklands– Significant progress – Formal adoption of Local Area Plan– Planning application lodged for catalyst site.

Financial Information

5

2008 Financial Highlights

Revenue growth of 69% to €1,504m

Operating profit* increased 86% to €70.9m

Profit before financing costs* up 75% to €73.2m

Comparable adjusted fully diluted EPS** up 74% to 34.05 cent

Net cash inflow from operating activities up 66% to €74.6m

* Before intangible amortisation and exceptional items

** 2007 adjusted to reflect the current capital structure of the group

6

2008 Preliminary Results – Profit and Loss86% increase in Operating Profit

Year Ended July FY08€m’s

FY07€m’s Growth

Revenue 1,504.2 889.4 69%

EBITDA 80.0 45.7 75%

Operating Profit 70.9 38.1 86%

Associates – PAT 2.3 3.7 (38%)

Profit before financing costs 73.2 41.8 75%

EBITDA % 5.3% 5.1%

Operating Profit % 4.7% 4.3%

7

Segmental AnalysisStrong growth in Agri-Nutrition and Food

FY08€m’s

FY07€m’s Growth Excluding

Acquisitions

Revenue1,165.3 647.7 80%

40%Agri-Nutrition

69%

34%Food 338.9 241.7 6%Total 1,504.2 889.4 26%

99%52%

Operating Profit

Food

86%15.9 10.455.0 27.7 55%Agri-Nutrition

6%

Operating MarginAgri-Nutrition 4.7% 4.3%Food 4.7% 4.3%

Total 70.9 38.1 42%

Total 4.7% 4.3%

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2008 Preliminary Results – Profit and Loss74% increase in Comparable Adjusted EPS*

Year Ended July FY08€m’s

FY07€m’s Growth

Profit before financing costs 73.2 41.8 75%

Financing cost, net (14.6) (2.6)

Amortisation (2.4) (0.8)

Profit before tax 56.2 38.4 46%

Taxation (11.7) (6.4)

Profit for the financial year 44.5 32.0 39%

* Before intangible amortisation and exceptional items

** 2007 adjusted to reflect the current capital structure of the Group

Diluted EPS based on 137.7m shares – dilutive impact of deferred convertible shares (FY07 - 137.0 m shares)

Comparable adjusted fully diluted EPS* - cent 34.05 19.63**

Adjusted fully diluted EPS* - cent 34.05 23.93 42%

74%

Exceptional Gain, net of tax - 0.7

9

Cash Flow/ Net debtExcellent cashflow generation

FY08 €m’s

FY07 €m’s

Cashflow from operating activities 80.6 45.8Change in working capital 16.8 0.9

Net cash inflow from operating activities 74.6 44.9

Dividends 0.2 0.6

(1.8)-

(6.1)Insurance/Disposal Proceeds - 7.6Acquisition expenditure incl. Debt (141.8) -Investment in associate (15.6) -Issue of shares - 102.4Group restructuring/Payment to IAWS - (255.6)

Translation 0.7 0.134.4

(71.7)

Interest (9.7)

Capital expenditure (21.5)

Opening net debt (71.7)

Closing net debt (175.1)

Taxation (13.1)

+76%

+66%

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Balance SheetStrong Balance Sheet to support future development

July 2008€m’s

July 2007€m’s

Development Properties 192.4 165.5

Deferred consideration (12.5) -

Other Tangible Assets 106.1 71.1Intangibles/Goodwill 116.4 15.2Associates 32.8 26.5Working Capital 35.5 22.3

Net Debt (175.1) (71.7)Taxation – incl DT (44.8) (38.7)Provisions/Grants (27.4) (6.8)Shareholders Funds 223.4 183.4

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Net debt / Tax Rate

Year Ended July €mFY08

€mFY07

Bank Borrowing (Net) 175.1 71.7

Net Debt / EBITDA 2.2X 1.6X

Interest Cover ** 4.9x -

Effective tax rate* 21.7% 18.5%

* Wholly owned subsidiaries** Operating Profit to Net Interest charge

Origin at a Glance

Origin at a glance….

Agri Nutrition Food

Focused on the primary and value added sectors of the food industry

Agri Inputs- Feed Ingredients- Fertiliser

Integrated on-farm agronomy

Marine Proteins

Direct Farming

Ambient FoodFlour Milling

FY08 Operating Profit - €70.9m

Food 22%Agri-Nutrition 78%

14

Expanding geographic spread …

Derry

New Ross

Cork

Askeaton

Ayr

Ardee Immingham

Ipswich

Plymouth

Newport

Foynes

Ringaskiddy

Belfast

Dublin

Killybegs

Aberdeen

Grimsby

Shetland Islands Marine ProteinsFertiliserHorticultural FertiliserFeed IngredientsFoodIntegrated On-Farm AgronomyDirect Farming

Poland & Ukraine

Lublin

Olsztyn

PoznanAlexandrow

PszennoL’Viv

Swincz

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Management Team

Tom O'Mahony

CEO

PeadarKearney

Food

Liam LarkinAgri Inputs

Tom TynanMarine Protein

Brendan FitzgeraldFinance

John Butler

Property

Declan GiblinCorporate

Development

Declan GiblinExec. Chairman

Masstock

Business Review – Agri-Nutrition

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Agri InputsRelationships with leading global suppliers

Market leader in sourcing and distribution of key inputs driving on-farm efficiency

– Feed Ingredients– Seed– Fertiliser– Crop Protection

Strategic relationships with global suppliers confer substantial benefits

– Supply– Flexibility– Support geographic expansion

Competitive advantage– Scale– Customer specific input profile– Procurement and hedging strategies– Efficient handling and distribution capability– Strategically located and well invested facilities

18

Agri Inputs – Feed IngredientsStrong performance underpinned by stable livestock numbers

All Ireland businessLeading supplier of feed ingredients and cereals to animal feed and milling industries 2008 performance

– Volume growth – Stable livestock numbers– Volatility– Product substitution programmes– Strong performance from Cereals

19

Agri Inputs – FertiliserExcellent performance in the UK driven by increased demand

Leading supplier of blended fertilisers in Ireland and the UKRecord world prices on the back of rising global demand2008 performance

– UK: Excellent performance• Volume growth with

increased arable application• Operational capability

– Ireland• Strong performance on back of reduced application

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Integrated On-Farm Agronomy & Management AdvisoryExcellent performance from Masstock

Leading agronomy and farming systems advisory provider to arable and grassland farm enterprises in the UK and Poland2008 Performance

– Increased acreage– Growth in serviced channel– Superior product strategy– Management

• Rebranding• Restructuring

21

Research and DevelopmentWhy it matters

Fundamental to business model

– Technically driven

– Product strategy fits with customer requirements

– Early evaluation of new technologies

– Allows older technology to be refreshed

– Sustainability

– Strong competitive advantage

Research and development builds stronger linkages with our seed,fertiliser and crop protection manufacturing partners

22

Masstock’s SMARTfarmCommunication platforms enabling technology transfer

CUSTOMERS

ViaSMARTfarms

“Do-How”

CROP PROTECTION

FERTLISERS

SEED

R & D“Know-how”

SMART FarmsDemonstrates service offeringCommunication of product strategyAwareness & relationship developmentDemonstration of investment driving farm profit

Replicated Trials Sites32,000 plots

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Trials Data demonstrating investment is key to profit

Grain @ £60/t

£56

£122

Grain @ £100/t

£116

£258

Grain @ £130/t

£161

£360

0

100

200

300

400

Base Programme High InputProgramme

Marg

in O

ver C

rop

Prot

ectio

n Co

st (£

/ha)

Margin / Ha

Margin / Ha

Increasing investment on crop protection

Incr

easi

ng re

turn

s on

inve

stm

ent

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Direct FarmingAcquisition of 20% interest in Continental Farmers Group

Investment in direct farming in Ukraine and PolandContinental Farmers Group

– In Poland since 1994– Established in Western Ukraine

in 2006Current landbank

– Poland – 2,400ha – Ukraine – 18,000 ha

leasehold in Western Ukraine (L’Viv region)Aim to build a sustainable 25,000 ha operation in UkraineOrigin has 2 seats on CFG Board

– Active day to day involvement– Input sourcing programmes and agronomy expertise

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Marine Proteins Satisfactory performance against a backdrop of lower price realisations

Leading producer of fishmeal and fish oil in Ireland and the UK– Key protein and energy raw material for aquaculture and animal feed

diets2008 performance

– Reduced raw material intake• Lower meal price realisations

– Increased use in pig & poultry diets– Management refocus

Strategic consolidation– Raw material landing and conversion efficiencies– Improved customer logistics and product offering– Optimise North Atlantic production capacity

Origin ideally positioned to lead and support consolidation initiative– Discussions continuing with Austevoll Seafood ASA

Business Review – Food

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Food - Shamrock FoodsStrong underlying sales growth

Leading ambient food sales, marketing and distribution businessFocussed on two business areas:

– Two leading Irish brands – Shamrock & Roma– Foremost provider of distribution and

supply chain solutions2008 Performance

– Shamrock & Roma brands – 14% underlying sales growth • Shamrock – further expansion across healthy, convenience & snacking

categories• Roma - extension into Mediterranean and organic food ingredients

– Foodservice– Agency Business– Business successfully recovered input price inflation during the year

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Food – OdlumsImproved performance in second half of the year

Odlums– Largest cereal miller in Ireland

2008 Performance– First half impacted by timing of price increases– Margin recovery in second half of the year– Management– Customers– New product development

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Food Integration Well Advanced

Sales, marketing, distribution and product development now combined

Benefits– Commercial focus– Service levels – product and distribution

– Customer reach– Procurement

Market positioning– Market leading

– Complementary– Category Attributes

• Quality, Healthy & Natural

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Property - Cork South DocklandsSignificant progress during the year

Extensive engagement with City Council & other land ownersCork South Docks Local Area Plan (‘SDLAP’) adopted by Cork City Council

– Origin supports the recommendationsSubmission of Masterplan for entire 32 acre landholding

– Sets out vision for Origin’s footprintSubmitted planning application for catalyst 2 acre gateway site

– Mixed use developmentValue realisation

– Timing– Flexibility– Liquidity

Primary Food Production – Global dynamics

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Global Food Supply Challenge

Production– Elimination of buffer grain stocks– Limited locations to accelerate output– Availability of arable land

Demand– Population growth– Rising incomes– Dietary change – higher meat and dairy consumption– Rising per capita food intake

Volatility– Weather– Energy– Funds

Challenge – Food Security, Self Sufficiency and Sustainability– Feed additional 70m population pa over next 30 years

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Grain and Cereal Production vs. Agricultural Area Indexed: 1961 = 100

0

50

100

150

200

250

300

1961 1966 1971 1976 1981 1986 1991 1996 2001 20060

50

100

150

200

250

300

Food Production Agricultural Area

Food ProductionCAGR: 2.1%

Agricultural AreaCAGR: 0.2%

Source: FAO FASTAT 2008 http://www.faostat.fao.org

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World Major Crop* Production and Yields

0

500

1000

1500

2000

2500

3000

1972 1977 1982 1987 1992 1997 2002 2007

Prod

uctio

n in

'000

Ton

nes

0

1

2

3

4

5

6

Yield

in T

onne

s / H

a

Production Yields

* Cereals, Rice and Oilseeds Source: USDA

35

Global Population and Agricultural Land Area (ha) Forecast, 1965-2030f

Source FAO and World Bank

36

Cereal Production – Supply falls short of Demand

-100

-80

-60

-40

-20

0

20

40

60

80

100

1980

/81

1985

/86

1990

/91

1995

/96

2000

/01

2005

/06

Mill

ion

T

-50

-40

-30

-20

-10

0

10

20

30

40

50

%

Production Surplus / Deficit Stocks-to-use ratio

Source USDA

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World Stocks* as Days of Consumption, 1960-2008

0

20

40

60

80

100

120

140

1960 1964 1968 1972 1976 1980 1984 1988 1992 1996 2000 2004 2008

Day

s

*Soya, Corn and Wheat

Copyright © 2008 AgResource Company. All Rights Reserved.

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Food will become a Strategic Asset

Food price inflationEnergy Incomes Investment and Commercial returns critical link to higher production

– Sophisticated farming systems and new technologies– Scalability– Inputs– Output sustainability– Maximise underutilised productive land

Strong Return to Management

39

Origin’s integrated capability to support primary food production and drive farm profitability.

Global inputs sourcing &

delivery capability

Geographic reach

Prescriptive farming systems

“Do-How”

Yield enhancing technology

“Know-How”

Direct Farming

extension

Riskmanagement

Strategy and Outlook

41

Future Opportunity

Agri-Nutrition

Food

Inputs

Integrated on farm agronomy

Direct Farming

Scale B2B positionDirect linkages to Primary Food ProducersAdvanced technical competenceGeographic extension capability

Fundamental business withstrong market positions

Well positioned Irish brand focussedbusiness with capacity for growthMilling & Ambient Food

Organic GrowthAcquisition

Strategic Consolidation

InnovationFocussed Development

Position Opportunity

Marine Proteins

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2009 Outlook

Further growth in 2009 Agri-Nutrition

– Full Year ownership of Masstock– Business momentum

• Market positioning• Access

Food– Full year ownership of Odlums– Organic growth– Integration benefits

Business model well positioned – Excellent platform for growth

On target to deliver another year of growth

Contact Us

44

Origin Investor Relations would be happy to facilitate any further information requests.

Contact Name: Marion CaulwellPhone: +353 1 612 1311Fax: +353 1 612 1321 E-mail: caulwellm@originenterprises.ieWebsite: www.originenterprises.com/investor_centreContact us: Origin Investor Relations

151 Thomas StreetDublin 8Ireland