Final Results

Date: 19 September 2017

On behalf of: PureCircle Limited ("PureCircle" or "the Company")

Embargoed until: 0700hrs

PURECIRCLE LIMITED

FINAL RESULTS 2017

PureCircle (LSE: PURE), the world's leading producer and innovator of great-tasting stevia sweeteners for the global beverage and food industry, today announced its final results for the financial year ended 30 June 2017 ("FY17").

These results should be seen in the context of PureCircle being denied access to a market that represented a third of its revenues in 2016 as a result of PureCircle being on the US Customs & Border Protection (CBP) Withhold Release Order (WRO) list. After an extensive investigation into this issue, CBP confirmed the removal of PureCircle from the WRO list on 30 January 2017. Whilst sales to the US have now resumed it will take some time to rebuild the previous momentum in this region.

FINANCIAL HIGHLIGHTS

* Gross margin, operating profit and Adjusted EBITDA are alternative performance measures which the directors believe are helpful in understanding the performance of the business. Refer to note 27 for more details.

OPERATIONAL HIGHLIGHTS

§ +8% growth outside North America

§ Continued investment to drive growth by completing $42m expansion of stevia refinery in Malaysia and opened new labs and offices in Shanghai and Delhi; laboratory in Winnersh, England expanded

§ Continued investment and innovation to create new high purity, best-tasting products - Starleaf Stevia and vanilla and cocoa flavour enhancers, and antioxidants

§ 124 products launched worldwide in FY17 with PureCircle stevia

§ Potential for stevia market materially enhanced with sugar taxes being imposed in major markets

POST BALANCE SHEET EVENT

· New $200m financing facility with HSBC secured. This enables a strong, stable financial platform for PureCircle to fund future growth

Commenting on the final results, PureCircle's CEO Magomet Malsagov, said:

"PureCircle has a unique market position - no one knows more about the stevia leaf than PureCircle as demonstrated by our 72 patents and 200 patents pending. It is true that anyone can pick a stevia leaf but our competitive advantage is in what we do with it.

We have moved way beyond the first generation, commoditised product of Reb A and are onto our third and fourth generations of stevia - we are unwavering in our focus on bringing the best-tasting stevia. These new generations of natural-origin stevia products are revolutionising taste. Everything we do is about helping our customers achieve their goals of reducing sugar, calories and the cost of ingredients without compromising taste - since 2011, we have sold enough stevia sweeteners to enable a reduction of 3.8 trillion calories from global diets.

Our commitment to continued innovation is what will ensure we remain industry leaders and provide our strong diversified customer base with the breadth and depth of applications it requires. During the year, our continued focus on innovation unveiled both Starleaf stevia and our new Sigma tools that greatly facilitate our customers' work with stevia. We continue to invest in our systems, our people and our organisation in order that we can achieve our aspirations.

Whilst it has been a difficult year, it was not a systemic issue - it was caused by factors beyond the Company's control. We are moving forwards, stronger. Stevia is a force for good in the world - we are excited about the year ahead and look forward to the future with confidence."

DisclaimerThis document may contain forward-looking statements that may or may not prove accurate. For example, statements regarding expected revenue growth and operating profit, market trends and our product pipeline are forward-looking statements. Phrases such as "aim", "plan", "intend", "anticipate", "well-placed", "believe", "estimate", "expect", "target", "consider" and similar expressions are generally intended to identify forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from what is expressed or implied by the statements. Any forward-looking statement is based on information available to PureCircle as of the date of the statement. All written or oral forward-looking statements attributable to PureCircle are qualified by this caution. PureCircle does not undertake any obligation to update or revise any forward-looking statement to reflect any change in circumstances.

Investors/Analyst Enquiries:

A presentation to analysts will be held at 9:30am (UK time) today in Central London. Please contact Redleaf Communications at [email protected] for further details and instructions on how to connect via a conference call facility. US and international dial-in numbers are available.

A recorded audio webcast of the presentation will be made available at www.purecircle.com/investors from 2pm today.

Magomet Malsagov, CEO

Email: [email protected] 

Rakesh Sinha, CFO

Email: [email protected]

Media Enquiries

Carolyn Clark, Director of Global Marketing

Email: [email protected] Phone: 1 (630) 517 0812

Emma Kane (Redleaf), Media Relations

Email: [email protected] Phone: +44 (0)20 7382 4747

Notes to Editors

About PureCircle

§ PureCircle is the only company that combines advanced R&D with full vertical integration from farm to high-quality, great-tasting innovative stevia sweeteners.

§ The Company collaborates with farmers who grow the stevia plants and with food and beverage companies which seek to improve their low- and no-calorie formulations using a sweetener from plants.

§ PureCircle will continue to: lead in research, development and innovation; produce a growing supply of multiple varieties of stevia sweeteners with sugar-like taste, using all necessary and appropriate methods of production; and be a resource and innovation partner for food and beverage companies.

§ PureCircle stevia flavor modifiers work in synergy with sweeteners to improve the taste, mouthfeel and calorie profile, and enhance the cost effectiveness, of beverage and food products.

§ Founded in 2002, PureCircle is continually investing in breakthrough research and development and it currently has 72 stevia-related approved patents and 200 pending.

§ To meet growing demand for stevia sweeteners, PureCircle is rapidly ramping up its supply capability. It recently completed the expansion of its Malaysian stevia extract facility, increasing its capacity to supply the newer and great-tasting specialty stevia sweeteners and helping provide ever-increasing value to its customers.

§ PureCircle's shares are listed on the main market of the London Stock Exchange.

§ For more information, visit: www.purecircle.com

About Stevia

§ Given the growing global concerns about obesity and diabetes, beverage and food companies are working responsibly to reduce sugar and calories in their products, responding to both consumers and health and wellness advocates. Sweeteners from the stevia plant offer sugar-like taste and are becoming an increasingly important tool for these companies.

§ Like sugar, stevia sweeteners are from plants. But unlike sugar, they enable low-calorie and zero-calorie formulations of beverages and foods.

§ Stevia leaf extract is a natural-based, zero calorie, high-intensity sweetener, used by global food and beverage companies as a great-tasting zero-calorie alternative to sugar and artificial sweeteners.

§ Stevia is a naturally sweet plant native to South America; today, it is grown around the world, notably in Kenya, China and the US.

§ The sweet-tasting parts of the stevia leaf are up to 400 times sweeter than sugar: stevia's high-intensity sweetness means it requires far less water and land than sugar.

§ Research has shown that the molecules of the stevia leaf are present and unchanged in the dried stevia leaf, through the commercial extraction and purification process, and in the final stevia leaf extract product. All major global regulatory organisations, across 65 countries, have approved the use of high-purity stevia leaf extracts in food and beverages.

§ For more information on the science of stevia, please visit http://globalsteviainstitute.com 

Chairman's Statement

The downturn in sales and overall performance reported in these results should be read in the context of a severe disruption to our US business, as that market - which represented one third of sales in FY16 - was closed to us from June 2016 until January 2017, as a result of a Withhold Release Order ("WRO") issued by US Customs and Border Protection ("CBP"). We were able to respond satisfactorily to an intensive forensic examination by them which in itself took a great deal of management time until the WRO was lifted in January. The impact of this WRO on our business was significant and continues to be felt today. Outside the US, we recorded eight per cent growth; I believe that to come through as we did, indicates we have a robust business which can now move back to its pre-CBP growth trajectory.

During the year, we made significant investments in our future including the completion, on time and on budget, of our $42 million refinery expansion in Malaysia. This will ensure we have the capacity to deliver our latest products to our customers globally.

The global Stevia market continues to grow and we believe that we are better placed than our competitors to deliver to the world's food and beverage companies the low calorie, great tasting natural sweeteners that their consumers demand.

The Board

Peter Lai, after serving 9 years as an Independent Non-Executive Director retired as a director in March. He will, however, continue to be associated with PureCircle in China where his knowledge will be valuable in his role as Chairman of PureCircle Jiangxi. We are fortunate to have somebody of John Gibney's experience to succeed Peter as Chairman of our Audit Committee. Following an absence of 3-years owing to other business commitments we are delighted to welcome John Slosar back to our board.

Rakesh Sinha has now completed his first year as Chief Financial Officer and is making a valuable contribution to the company.

I would like to thank everyone at PureCircle for their hard work and dedication to the Company in what has been an extremely challenging year due the WRO issued in the US.

As we move ahead following the setback from the issue of the WRO in the US the future looks bright and we look forward to reporting strong progress in the future.

Paul Selway-Swift

Chairman

Chief Executive Officer Review

PureCircle has a unique market position - no one knows more about the stevia leaf than PureCircle as demonstrated by our 72 patents and 200 patents pending. It is true that anyone can pick a stevia leaf but our competitive advantage is in what we do with it.

We have moved way beyond the first generation, commoditised product of Reb A and are onto our third and fourth generations of stevia - we are unwavering in our focus on bringing the best-tasting stevia. These new generations of natural-origin stevia products are revolutionising taste.

Our expertise results from our ongoing investment in R&D into all aspects of the stevia plant. Everything we do is about helping our customers achieve their goals of reducing sugar, calories and the cost of ingredients without compromising taste. With our highest purity stevia solutions we work in partnership with our customers to achieve the taste profile they require for their products in their different markets around the globe. We are introducing new tools to help customers formulate with stevia more efficiently and quickly. That will reduce their development costs and accelerate speed to market for their products.

Powerful Market Trends

Powerful market trends continued to gather pace such as the global fight to combat obesity and diabetes through sugar taxes and increased regulation. Continued progress in regulatory approvals for stevia are also driving wider availability - today more than 5 billion customers globally have access to products using stevia.

There are significant opportunities for growth to support the largest food and beverage brands around the world in responding to these drivers and PureCircle is well placed to seize them.

Since 2011, we have sold enough stevia sweeteners to enable a reduction of 3.8 trillion calories from global diets. We are proud to be part of the effort to address the global obesity crisis. More than 600 million people are now estimated to be obese and 415 million estimated to have diabetes; this number is expected to more than double by 2040. Regulatory action to address these public health issues is increasing and this is coupled with consumers actively seeking natural sustainable ingredients instead of using artificial ones.

As the only vertically integrated stevia business, every element of our business is of paramount importance, every element of our business requires continual investment and nurturing. Our focus is to leverage our first mover advantage, IP and patent protection to deliver the best-tasting stevia in the market.

Agronomy

In everything we do, we seek to ensure that our growth is scaled in a sustainable way. Today we work with thousands of farmers around the world. By diversifying and expanding our stevia leaf supply across three continents, PureCircle has reduced geopolitical and climate risks ensuring it has the flexibility, capacity and robustness to cope with global market volatility, in whatever form that takes.

We invest in our supply chain - from leaf to product - to enable us to bring ever-improving solutions to our clients, across more food categories.

This year we developed our most advanced generation of stevia yet - Starleaf Stevia. This is a product of the Company's long-term investment of $100 million in its PureCircle Stevia Agronomy Program, announced in 2016. Starleaf stevia contains over 20 times more sugar-like glycoside content than standard stevia leaf varieties and will support developers in achieving deeper levels of calorific reduction in their final products without sacrificing taste. We have now moved to commercially scaling the leaf and are planting thousands of hectares of the third and fourth generation plants.

Farmers & Communities

PureCircle works with thousands of farmers around the world. Our stevia crops are one of the most lucrative crops a farmer can grow - they have multiple harvest cycles per annum, use considerably less land and water and, because of our vertically integrated supply chain and the way we work with co-operatives ensures we have full traceability of our stevia.

Production Facilities and Labs

We completed the $42m expansion of our Malaysian plant, effectively doubling capacity. These facilities are now fully operational and focused on delivering our higher margin, stevia solutions. Our state-of-the-art facilities are delivering operating efficiencies and incorporates a dedicated line, specifically designed for the high-purity Zeta family of ingredients - all this will enable us to support our long-term growth ambitions and sustain our market share.

We continued to drive the reach of our business and hence greater connectivity with local markets. We opened two new offices with innovation labs in Shanghai and New Delhi. Laboratory facilities are due to be expanded in the UK, whilst in the coming year our Chicago offices will be moving to larger premises downtown to accommodate our flagship innovation centre and laboratory.

Innovation

Stevia has come a long way from the commoditised product of Reb A. Today the third and fourth generation stevia solutions have superb taste profiles and go further to help unlock further demand to help moderate calories naturally. During the year, our continued focus on innovation unveiled both Starleaf stevia and our new Sigma tools that greatly facilitate our customers' work with stevia.

We also discovered new properties in the stevia leaf - vanilla and cocoa flavour enhancers as well as antioxidants. These new solutions will unlock industries outside of the sweetener market, namely cocoa, vanilla and antioxidant markets. The vanilla and cocoa flavour enhancers will significantly benefit Food & Beverage companies who will be able to use less of the high-cost vanilla and cocoa commodities in their products by using stevia to enhance those flavours. Although it has been known that stevia plants contain antioxidants, our ability to extract them from the leaf is a major commercial advance and will further support beverage and food companies in providing their customers with health benefits and great-tasting products containing compounds commonly found in 'superfoods' such as fruits, vegetables, nuts and grains.

These products are now in customers' hands for future commercial applications. Our commitment to continued innovation is what will ensure we remain industry leaders and provide our strong diversified customer base with the breadth and depth of applications they require.

Sustainability

Stevia is a force for good in the world. Our involvement throughout the supply chain enables us to be a key leader in corporate social responsibility. Because the leaf is 250-400 times sweeter, depending on application, than sugar; a little goes a long way. That means that one fifth of the land provides the same amount of sweetness achieved from other sweeteners made from sugar cane or corn. Less land means less water and less energy. This major impact is not just on the land but also the communities and co-operatives we work with.

Our commitment to corporate social responsibility is embedded in our corporate practices.

Opportunities

Mintel data shows that by the end of 2016, more than 11,000 food and beverage products containing stevia had been launched in the world since 2011. These launches span all regions of the world, across both developed and developing markets. The existing products are estimated to have the potential to support a stevia industry with a market size of more than $1 billion when those products are fully rolled out and mature - so, we have only touched the surface, despite our market leading position.

India is an example of the substantial opportunities that exist for PureCircle where stevia was approved for use as a Food & Beverage ingredient in November 2015. This is just one of the markets where there is a significant opportunity to exploit the desire to combat the obesity and diabetes epidemics and the desire for a healthy lifestyle.

In early 2016, Brazil also followed suit and approved the use of stevia as an ingredient permitted to be mixed with sugar, and China and Indonesia approved the use of stevia-based flavors, opening up significant additional market potential.

All these elements open up market potential for PureCircle's innovation pipeline. And the reason why PureCircle will provide the winning solution globally, is because beverage and food companies know that they can partner with PureCircle and achieve uncompromising taste profiles tailored to their individual markets.

We continue to invest in our people, systems, and vertically-integrated supply chain in order that we can achieve our aspirations.

Outlook

Whilst it has been a challenging year, it was not a systemic issue - it was caused by factors beyond the Company's control. Every year, global food and beverage brands launch increasing numbers of products incorporating plant-based stevia. We are market leaders, we have the most advanced technology, and we continue to invest to ensure we consistently deliver the best-tasting stevia. We are moving forwards, stronger, are excited about the year ahead, and look forward to the future with confidence.

Magomet Malsagov

Chief Executive Officer

Group Financial Review

The Group's FY17 financial year covers the year from 1 July 2016 to 30 June 2017. FY16 comparatives are for the year from 1 July 2015 to 30 June 2016.

Set out below is an extract from note 27 of the audited FY17 financial statements. The complete financial statements and the accompanying notes are in the Appendix.

Sales: FY17 sales decreased $19.7m (-14%) to $118.9m. Outside of the US, growth has primarily been driven by Europe, reflecting the continued positive mix benefit of the growth of Value Added and Breakthrough products. Our innovation continues to enable new Food and Beverage adoption of stevia and support continued roll-outs of products already launched

Gross margin: Gross margin decreased $12.0m or 20.8% to $45.8m (FY16 $57.8m). This decline is primarily driven by lower margins on Basic Ingredients.

Operating profit FY17 Operating profit decreased by US$15.6m to US$17.6m primarily due to lower gross profit and increase in general & administration cost.

Other expenses: FY17 other expenses principally comprise non-cash costs of the Group's LTIP scheme and STIP.

Finance costs: In FY17 finance costs of $5.0m (FY16 $5.3m) was consistent with previous period.

Net profit after tax: The Group recorded a $7.2m net profit in FY17, a $7.4m (-51%) reduction from FY16.

Financing and funding headroom: The Group ended FY17 with net debt of US$84.7m (FY16 US$52.9m) and cash and facility headroom of US$76.7m (FY15 US$76.3m). Net debt increased mainly due to higher capital expenditure. In September 2017, the Group secured a new $200m financing facility with HSBC to replace and consolidate existing loans.

RISKS AND UNCERTAINTIES

The Group operates a structured risk management process, which identifies and evaluates risks and uncertainties and reviews mitigation activity. Within this the principal risks and uncertainties which may affect the business activities of the Group are summarised below.

· Managing health and safety

PureCircle is in the food ingredient industry and operates a food grade supply chain which includes the world's largest high purity steviol glycosides extraction and refinery plant. PureCircle's manufacturing facilities in China and Malaysia operate using an integrated quality system and maintains high standards expected in the food safety management system namely FSSC 22000, FAMI-QS, SMETA, HACCP and ISO9001. It is also Halal and Kosher certified/ compliant. Health and safety considerations are of utmost importance to the Company.

The Group manages its health and safety requirements actively through clearly defined employee safety engagement strategies; safety protocols and standards that are set and monitored regularly by the Quality, Environmental, Healthy and Safety Leadership Team. At the functional level, there is a Safety Committee who oversee operational matters and execute the Group's overall health and

strategy in each geographical location. FY17 saw solid progress in PureCircle's Health & Safety environment. Actual Lost Time Injury Index at Group and manufacturing entity levels were within benchmark standards. Entities are in full compliance with initiatives such as training, toolbox completion and root cause analysis. In addition, the closure rate of the Hazard and Operational Studies at the new production line, is significantly above the benchmark best practice.

· Cyber security

IT security threats are becoming evermore advanced and frequent with breaches expanding their reach with more sophisticated methods. PureCircle being in a new, progressive industry is highly vigilant to these threats.

The Group has significantly stepped up its initiatives against cyber security threats by deploying a series of preventive, detective and corrective controls which act as (1) deterrent against unauthorised access; (2) monitor and alert the Organisation of any malicious/unauthorised activity and (3) provide support for post-incident activities, close any potential control gap and prevent future occurrence. As cyber attacks are constantly evolving, the Group's strategy is in the continued investment in next generation preventive, detective and corrective controls with advanced security and responsive features to secure our IT ecosystem. Our investment includes partnering with world class solution providers in this area ensuring each layer of PureCircle's

IT landscape is protected.

· Working capital funding to support growth plans

PureCircle fully controls the end-to-end process of its entire supply chain from leaf source to manufacturing; sales; distribution and customer relationship management. PureCircle is in a fast growing business which requires product innovation and investment in technology to stay ahead of competition. The Company needs to fund its working capital from leaf purchase to sales receivables and inventory holding. In view of the Company's growth plans and recent plant expansion, working capital requirements have increased. In addition, PureCircle needs to maintain sufficient liquidity to balance operating requirements with financial obligations and covenants.

The Group manages its cash flow through a series of on-going policies which includes continued focus on sales collection from customers, emphasis on excellent operations and sales forecast to ensure timely identification of any potential working capital deficiency and increased control over discretional spending. In addition, in September 2017, the Company arranged a new financing facility to finance its working capital requirements.

· Corporate social responsibility (CSR)

Allegations of Human Rights violation and Environment abuse might lead to legal actions against PureCircle; damage PureCircle's reputation; penalties including restrictions on operations.

PureCircle treats Human Rights and Environment with respect and promotes Corporate Social Responsibility (CSR) and corporate citizenship in all geographic regions whilst actively working with with local communities. Post the CBP clearance, PureCircle has not been complacent and has stepped up its whole CSR proactiveness and vigilance. The company has increased its controlled plantations thereby having greater transparency on the provenance of it's leaf sourcing. The heightened activity runs through the entire supply chain.

· Continued growth in the Stevia Market

PureCircle has pioneered the development of the high purity stevia market and is focused on the further development of the market in terms of product innovation and investment in technology. Additionally, the Group has an operationally leveraged business model in which profitability is sensitive to volumes. The Company's future profitability is sensitive to the continued growth of the stevia market.

Management mitigates this risk with an active programme of new stevia product innovation to support further adoption of stevia and to enable future food and beverage formulation projects. This is supported by investment in new or expanded innovation labs (e.g. India, China), where customers are able to codevelop solutions. External evidence, such as Mintel Data, shows continued strong growth in F&Bproduct launches using stevia which provides confidence in there being sustainable stevia market growth over the long term. With the removal of PureCircle from the Withhold Release Order (WRO), sales to the US has now resumed. Recovery of volumes in this market is fully expected.

· Competition

As pioneers in the development of the stevia market, PureCircle is currently believed to have a majority share of the Global stevia market. As stevia becomes more established as a large volume mainstream F&B ingredient, more competitors may enter the stevia market with the potential to reduce the Company's market share. In addition, the emergence of cheaper alternatives of stevia (artificial, genetically modified variants).

PureCircle is committed to providing the best tasting stevia for it's customers' applications. Our continued investment in R&D, innovation will maintain and develop our strong working relationships with existing and new customers.

· Management reliance and talent development and retention

Stevia is a relatively new industry, as a consequence the talent pool of management with the skills and experience of working in the stevia market is smaller than that in other more

established industries. The Group is reliant upon the performance of highly skilled personnel including its senior management team. There is a risk is that as the Organisation grows, the management talent pool does not grow in tandem with Organisation's requirements.

Greater management focus on recruitment quality, industry background and internal career development. The Group has ongoing investment in senior management retention programmes for all key managers, including the Group's Long Term Incentive Programme (LTIP).

· Concentrated production capacity

PureCircle is a fast growing company with production chain covering both extraction and refinery. Ensuring capacity keeps up with increasing customer demand. Given the relatively early stages of the industry, it is inevitable that for a certain period of time, the Group's production capacity will

be concentrated into specific facilities. A catastrophic event at either facility would impact the business.

The Group completed its $42m refinery expansion on FY17 facilitating significant end product capacity increase. The Group has explored alternative manufacturing options including 3rd Party toll manufacturing. In FY17, toll manufacturing was successfully trialled.

· Leaf procurement and sourcing

Dried leaf from the stevia plant is Group's primary raw material and constitutes a significant proportion of the Company's variable costs of production. It follows that the Company's financial performance can be impacted by material changes in the input costs of the stevia leaf. A significant majority of PureCircle's total leaf supply is sourced from China.

More of PureCircle's leaf is grown with larger commercial agricultural partners who are able to scale supply more quickly than traditional smallholders. This enables less variability in the sourcing, quality and hence price. Diversification of leaf supply continues in locations outside of China, namely Latin America and Africa. In both these locations, leaf yields are increasing. We are actively doing trials in the other locations too. Within China, the leaf is grown in 7 distinct regions across the country thereby mitigating the risk of a natural disaster to 1 or 2 regions.

· Intellectual property (IP) and innovation

Innovation is an essential part of PureCircle's success. Protecting the results of R&D and Innovation activity is critical since fast growth of industry, inevitably, attracts new players seeking to fast-track to a market-leading position using the latest innovations in this category. PureCircle remains in a leading position for global stevia-related patent publications. Focusing on IP protection at all levels is needed to ensure all of the Company's IP, whether patentable or not, is protected.

Directors' responsibility statement

The responsibility statement below has been prepared in connection with the company's full Annual Report for the year ended 30 June 2017. Certain parts thereof are not included within this announcement. We confirm to the best of our knowledge:

· the Annual Report for the year ended 30 June 2017, taken as a whole, is fair, balanced and understandable, and provides the information necessary for shareholders to assess the group's performance, business model and strategy;

· the financial statements, prepared in accordance with IFRS, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the Group respectively; and

· the Directors' Report and the Strategic Report include a fair review of the development and performance of the business and the position of the Group and the Company, together with a description of the principal risks and uncertainties that they face.

This responsibility statement was approved by the Board of Directors on 18 September 2017 and is signed on its behalf by:

1 GENERAL INFORMATION

The Company was incorporated and registered as a private limited company in Bermuda, under the Companies (Bermuda) Law 1981. The registered office and principal place of business are as follows:-

Registered office : Clarendon House, 2 Church Street,

Hamilton HM 11, Bermuda.

Principal places of business : Level 12, West Wing, Rohas PureCircle

No. 9, Jalan P. Ramlee

50250 Kuala Lumpur, Malaysia

915 Harger Road, Suite 250,

Oak Brook, IL 60523,

USA

The Company's shares are publicly traded on the Main Market of the London Stock Exchange.

In the financial statements, "Company" refers to PureCircle Ltd. and "Group" refers to PureCircle Ltd and its subsidiaries.

The financial statements were authorised for issue by the Board of Directors in accordance with a resolution of the Directors dated 18 September 2017.

2 PRINCIPAL ACTIVITIES

The Company is engaged principally in the business of investment holding whilst the principal activities of the rest of the Group are the production, marketing and distribution of natural ingredient including sweeteners and flavours.

There have been no significant changes in the nature of these activities during the financial year. The principal activities of the subsidiaries and joint venture are set out in Consolidated level Notes 6.

3 BASIS OF PREPARATION

The consolidated financial statements included in this preliminary announcement have been extracted from the Annual Report, including the audited financial statements for the year ended 30 June 2017. The report of the auditor on those Group Financial Statements was unqualified and did not contain an emphasis of matter paragraph. The Annual Report and Group Financial Statements for 2017 will be filed with the Registrar in due course. These consolidated financial statements do not constitute statutory accounts within the meaning of the Companies (Bermuda) Law 1981.

The Group has prepared its consolidated financial statements in accordance with International Financial Reporting Standards ("IFRS") and IFRS Interpretations Committee ("IFRS IC") Interpretations. The accounting policies are consistent with those described in the Annual Report and Group financial statements 2016.

The Group has, at the date of this announcement, sufficient existing financing available for its estimated requirements for at least the next 12 months. After reviewing the Group's annual budget, plans and the new $200m financing facility arranged with HSBC in September 2017, the Directors consider that the Group has adequate resources to continue operating and that it is therefore appropriate to continue to adopt the going concern basis of accounting in preparing the consolidated financial information. The HSBC facility constitutes a $100m term loan and a $100m revolving credit facility ('RCF'). The loan replaces our existing five facilities which are with four banks. The term loan refinances existing loans, with four years to maturity. The RCF has a tenure of three years and provides additional headroom for working capital to fund growth.

The new accounting standards, amendments and improvements to published standards and interpretations that are effective for the Group's financial year beginning on 1 July 2016 are as follows:

· Amendments to IFRS 11 "Joint Arrangements" Accounting for acquisition of interests in joint operations

· Amendments to IAS 16 and IAS 38 "Clarification of Acceptable Methods of Depreciation and Amortisation"

· Amendments to IFRS 10 and IAS 28 "Investment Entities"

· Amendment to IAS 1 "Presentation of financial statements - Disclosure Initiative"

· Annual Improvements to IFRSs 2012 - 2014 cycle

The adoption of these standards did not have any material effect on the financial performance or position of the Group.

4 FINANCIAL RISK MANAGEMENT

The Group's activities are exposed to a variety of financial risks including foreign currency risk, interest rate risk, credit risk, liquidity and cash flow risk, and capital risk management. The Group's overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group's financial performance.

(a) Financial risk management policies

(i) Foreign currency risk

The Group operates internationally and is exposed to foreign exchange risk when the Company and its subsidiaries enter into transactions that are not denominated in their functional currencies. Foreign exchange risk arises from commercial transactions, recognised assets and liabilities and net investments in foreign operations.

The Group manages its foreign exchange exposure by taking advantage of any natural offsets of the Group's foreign exchange revenue and expenses and from time to time enters into foreign exchange forward contracts for a portion of the remaining exposure relating to these forecast transactions when deemed appropriate.

The following table demonstrates the sensitivity of financial instruments to a reasonably possible change in foreign currencies exchange rates, with all other variables held constant of the Group's result:

The above represents favourable effects on the results of the Group should the respective currencies strengthen against the functional currencies of the entities within the Group, whilst weakening of the above currencies would have an equal but opposite effect to the amount shown above, on the basis that all other variables remain constant.

The foreign currency exposure profile represents the carrying amounts arising from currencies other than the functional currency of the respective entities in the Group. The foreign currency exposure profile of the Group at the reporting date was as follows:

(ii) Interest rate risk

Interest rate risk is the risk that the future cash flows of the Group's financial instruments will fluctuate because of changes in market interest rates.

The Group's exposure to interest rate risk arises mainly from interest-bearing borrowings at floating rates. The Group's interest rate profile is set out below:

Borrowings issued at variable rates expose the Group to cash flow interest rate risk which is partially offset by cash held at variable rates. The Group actively reviews its debt portfolio to mitigate the impact of interest risk. The Group does not utilise interest swap contracts or other derivative instruments for trading or speculation purposes.

As at balance sheet date, if interest rates on borrowings are 1% higher/lower for a year with all other variables held constant post-tax profit for the financial year would beUSD1,177,000 lower/higher (2016: post-tax profit for the financial year would be USD1,140,000 higher/lower), mainly as a result of higher/lower interest expense on floating rate borrowing.

(iii) Credit risk

The Group trades only with recognised, creditworthy third parties. It is the Group's policy that all customers who wish to trade on credit terms are subject to credit verification procedures. In addition, the payment profile of the customers and credit exposure are monitored on an ongoing basis with the result that the Group's exposure to bad debt is not significant. The Group also establishes an allowance account for impairment that represents its estimate of losses in respect of trade and other receivables. The Group's maximum exposure is the carrying amount as disclosed in Notes 12 and 13 to the financial statements.

At 30 June 2017, 2 customers (2016: 2) comprised more than 30% of total receivables and 13 customers (2016: 7) comprised 75% of total receivables. See Note 13 for ageing of trade receivables that are past due but not impaired.

The Group's and the Company's cash and cash equivalents are placed with creditworthy financial institutions and the risks arising thereof are minimised in view of the financial strength of these financial institutions.

(iv) Liquidity and cash flow risks

Liquidity and cash flow risks arise mainly from general funding and business activities. The Group's cash flow is reviewed regularly to ensure commitments are settled when they fall due.

Cash flow forecasting is performed both in the operating entities and on a Group consolidated basis. The Group monitors rolling forecasts of its liquidity requirements including projected sales revenues, inventory and capital expenditure requirements to ensure it has sufficient cash to meet operational needs while maintaining sufficient headroom on its undrawn committed borrowing facilities at all times so that the Group does not breach borrowing limits or financial covenants on any of its borrowing facilities. The Group invest surplus cash into financial interest bearing accounts and money market deposits.

The following tables detail the remaining contractual maturities at the reporting date of the Group's non-derivative financial liabilities, which are based on contractual undiscounted cash flows (including interest payments computed using contractual rates or, if floating, based on rates current at the reporting date) and the earliest date the Group can be required to pay:

(b) Capital risk management

The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while maximising the return to shareholders through the optimisation of the debt and equity balance.

The capital structure of the Group consists of debts, which include the borrowings disclosed in Note 14, cash and cash equivalents and equity attributable to equity holders of the parent, comprising issued capital, share premium, reserves and retained earnings.

The Group's policy is to maintain a strong capital base by having low to moderate gearing. The Group monitors capital on the basis of the gearing ratio. The ratio is calculated as net debt divided by total equity.

The gearing ratio at the financial year end was as follows: