Page 9 - Insider_H1_20th Aug

The first two quarters of 2018 were very exciting for the F&B business. The first quarter saw significant wins across sectors and
geographies. The business grew 17% over the same period last year. With a positive market outlook Dairy and Pharma posted a
greater than 30% growtj while our biggest segments of Beverage and Brewing posted a growth of 12%. Pakistan, West and
Nepal were the top three growth markets.

The second quarter saw strong headwinds in various sectors. Our largest sector of Beverage was hit by poor demand throughout
countries in the India Sub-continent. Brewing and Dairy were hit by unforeseen changes in market dynamics which were beyond
our sphere of influence. The F&B team worked on some fantastic wins to keep up the growth momentum. The Beverage sector
won significant market share from one of the largest franchisee bottlers. Our Pharma and Engineering team won the largest
engineered CIP System order from a large oral care company. The Processed Food team gained many wins at Snacks, Marine and
Chicken processing industries. Innovation sales was as high as 21% during this period.

Even after these significant headwinds, with the help of wins and pricing actions across customer segments, F&B ended the first
half exceeding 10% growth in topline and healthy margins. The F&B team shows all promises to be able to deliver the plan of
Mission650. The team understands that the second half of the year will be critical. The team is focused on executing the strong
sales funnel that they have built.

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