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Olam International Limited

Investor PresentationMay 2015

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This presentation may contain statements regarding the business of Olam International Limited and its subsidiaries (‘Group’) that are of a forward looking nature and are therefore based on management’s assumptions about future developments.

Such forward looking statements are intended to be identified by words such as ‘believe’, ‘estimate’, ‘intend’, ‘may’, ‘will’, ‘expect’, and ‘project’ and similar expressions as they relate to the Group. Forward-looking statements involve certain risks and uncertainties because they relate to future events. Actual results may vary materially from those targeted, expected or projected due to several factors.

Potential risks and uncertainties includes such factors as general economic conditions, foreign exchange fluctuations, interest rate changes, commodity price fluctuations and regulatory developments. The reader and/or listener is cautioned to not unduly rely on these forward-looking statements. We do not undertake any duty to publish any update or revision of any forward-looking statements.

Cautionary note on forward looking statements

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• Growing population

• Increasing food consumption per capita with rising incomes

• Dietary shift to protein and fat rich diets

• Rapid urbanisation resulting in higher per capita consumption

• Growing use of biofuel

• Growing population

• Increasing food consumption per capita with rising incomes

• Dietary shift to protein and fat rich diets

• Rapid urbanisation resulting in higher per capita consumption

• Growing use of biofuel

• Declining arable land• Decline in productivity• Impact of urbanisation• Water constraints

• Carbon and Environmentalconstraints

• Impact of climate change• Logistics and storage capacity

issues

• Declining arable land• Decline in productivity• Impact of urbanisation• Water constraints

• Carbon and Environmentalconstraints

• Impact of climate change• Logistics and storage capacity

issues

Rising demand Supply constraints

Market context: The agri-sector is attractive with favourable long-term dynamics

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Our Vision & Governing Objective

To be a differentiated,leading, global agri-business.

Maximising intrinsic shareholder valueover time for our continuing shareholders,

in an ethical, socially responsible andenvironmentally sustainable manner.

Vision

Governing Objective

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Overview of Olam

� Olam is a leading global agri-business operating across the value chain

� Presence across 16 platforms, 5 agri-commodity segments across 4 value chain steps

� Approximately 23,000 employees operate in over 65 countries delivering to over 13,800 customers worldwide

� Olam’s customers include leading multinational corporations such as Kraft Foods, Nestlé, Lavazza, Mars, Tchibo and Planters

� Olam is listed on the Singapore Stock Exchange and is a component of the Straits Times Index (STI)

� Olam is supported by strong shareholders

� Temasek (58% stake): One of the largest investment companies in the world (rated AAA/Aaa)

� Kewalram Chanrai Group (around 15% stake): Founder of Olam. A widely diversified conglomerate with interests in manufacturing, agro commodities, international trade and property development

� Olam’s management (7%)

Who are we?Who are we?

FY2014

5 segments

16 platforms

4 value chain steps

65 countries

> 13,800 customers

~ 23,000 employees

Volume: 14.9Mn tonnes

S$19.4bn turnover

S$641.3m PAT

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Olam’s Business Model

Orig

in

Cus

tom

er

Flexible business model to achieve rapid, cost effective and profitable growth

Farming Origination Logistics ProcessingMarketing Solutions & Services

Trading &Distribution

Integrated supply chain manager

Integrated end-to-end capabilities across the supply chain

Value added services

Proven and flexible business model

Pricing power

Olam actively manages its commodity price risk

A commodities trader

Mere agents

A trading company

Only a regional player

Speculative traders

Trading partners who are proprietary traders

What we ARE NOTWhat we ARE

Olam is a truly global agri-business supply chain m anager

Manage physical delivery of goods

Principal to goods traded

Total supply chain manager, adding value at every stage

Global player

Maintain a hedged book

Trading partners are producers/industrial end users

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Olam Business Model: Focused, differentiated and defensible

1Focus on niche commodities & niche businesses with leadership positions (e.g. Edible Nuts, Cocoa, Coffee, Spices & Vegetable Ingredients, Dairy, Rice, Packaged Foods, Rubber & SEZ)

2Adopt defensible niche strategies in mainstream commodity categories(e.g. Grains - Africa Milling; Sugar – Indonesia Refining, India Milling; Palm - leadership in W. Africa)

4 Out-origin our competition - buying from growers & village level agents at the farmgate

5Provide value added solutions and services to customers (traceability guarantees, sustainable and certified raw materials, vendor managed inventory solutions, risk management solutions and proprietary market intelligence)

6 Uniquely shaped portfolio - selective & diversified upstream participation across products and geographies

3 Unique Africa footprint and operating capabilities(Direct presence in 24 countries in Africa)

We are differentiated in 6 ways

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0

5

10

15

20

25

1989 1992 1995 1998 2001 2004 2007 2010 2013

Ola

m’s

Rev

enue

(S

$bn)

In 25 years, we have grown from a single product ex porter to a global agri-business leader

The formative years

Businessmodel development

Rapid expansion, private equity and IPO

Buildinga global leader

1 2 3 4

1989 – 1994

� Established to export non-oil products from Nigeria

� Engaged in origination, primary processing & trading/marketing

1995 – 2001

� Expansion into Asia and Europe

� Refined farm gate to factory gate model

� Entry into new products e.g. coffee, rice, sugar & wood products

2002 – 2005

� Investment by leading private equity firms

� In 2005, listed on SGX

� Expansion into Middle East, North and South America

2006 – present

� Global leader in agri-commodities supply chain management, participating across the value chain

� Start of inorganic expansion phase

The Olam Timeline

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Global reach across 65 countries

1

1994

•7 Products

•4 Countries

2005

•14 Products

•~40 Countries

2014

•16 Platforms

•~65 Countries

Foundedas an

exporterin Nigeria in

1989

2001

•10 Products

•~20 Countries

4Global presence

across5 continents

3 Expansion into North and South America, Middle East

2Expansion into Asia

and Europe

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Edible Nuts

Spices & Vegetable

Ingredients

Coffee

Cocoa

Palm

Grains & Oilseeds

Dairy

Sugar/Sweeteners

Rubber

Natural Fibres

Wood Products

Rice

CFS

Packaged Foods

Fertiliser

Special Economic Zone

(SEZ)

Edible Nuts, Spices & Vegetable

Ingredients


Ingredients

Confectionery & Beverage

Ingredients


Ingredients

Food Staples & Packaged

Foods

Food Staples & Packaged

Foods

IndustrialRaw Materials


Commodity Financial Services


16 PLATFORMS ACROSS 5 SEGMENTS

Adjacent businesses

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

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Olam Business Model: Portfolio focused on agri-sect or but broadly diversified

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Olam Business Model: Proof of execution with leader ship positions across diverse platforms

Edible Nuts, Spices & Vegetable Ingredients



Ingredients


Ingredients



Food Staples & Packaged Foods

Food Staples & Packaged Foods

• Cashew: #1 global supplier

• Almond: #2 global grower

• Peanut : Largest independent US blancher & ingredient manufacturer, #3 US sheller

• Hazelnut : Top 3 global supplier

• Dehydrated onion and garlic : #1 global supplier

• Sesame : #1 global supplier

• Coffee: Top 3

global supplier

• Cocoa: #1 global

trader and

exporter

• Grains : #2 miller in Africa

• Palm: Developing one of

the largest sustainable

Palm businesses in Africa

• Dairy: Top 3 dairy farming

operations globally

• Rice: #2 global supplier

• Packaged Foods : Strong

market positions in West

Africa in Seasonings,

Paste, Biscuits, Candies,

Noodles

• Cotton : #1

privately-owned

global ginner; #2

global merchant

• Rubber:

Developing one of

the largest

sustainable Rubber

businesses in Africa

• Wood Products:

#1 global supplier of

FSC certified

tropical products

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Olam Business Model: A highly defensible & differentiated portfolio

Olam ADM Bunge Cargill Dreyfus GlencoreNoble Agri

WilmarNo. of Major Competitors

Edible Nuts 1Spices & Vegetable Ingredients

None

Coffee 2

Cocoa 3

Dairy None

Rice 2

Grains 7

Sugar/Sweeteners 6

Palm 3

Packaged Foods 1

Natural Fibres 4

Wood Products None

Rubber 1

Fertiliser None

CFS 3

SEZ None

Presence in products (#)

16 5 2 6 7 3 5 5

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Olam Business Model: Starting with core Supply Chai n capabilities built over 25 years

GlobalOrigination& Sourcing

PrimaryProcessing

Inland & Marine Logistics

Trading

Value Added Services

RiskManagement

OlamSupply Chain >13,800

customers> 3.9M

growers

(examples)

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Olam Business Model: Selective expansion into highe r return upstream and mid/downstream opportunities

Olam Supply ChainSelective

Mid / DownstreamSelective Upstream

Farming & plantations

GlobalOrigination& Sourcing Value-added

processingPrimaryProcessing

Inland & Marine Logistics

Trading

Value Added Services

RiskManagement

• Perennial tree crops

• Annual crops

• Dairy farming

• Forest concessions

• Secondary manufacturing

• Branding and distribution in Africa

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Olam Business Model: Building unique competitive advantages in each value chain step

• Cost leadership (below the marginal cost producer’s cost of production)

• Multi products/origins• Synergies across value

chain

• Global footprint• Global scale• Out origination

• Value-added services• Trading/Risk arbitrage/

Risk Management Skills

• High asset utilisation• Control of choke points• Customer loyalty• Excess return opportunities

UpstreamUpstream Supply chainSupply chain Mid/downstreamMid/downstream

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Well diversified, across scale platforms & the valu e chain – A uniquely shaped portfolio

Supply chain Mid/down streamUpstream


Confectionery & Beverage Ingredients

Food Staples &PackagedFoods


Commodity FinancialServices

2014

Edible Nuts

CFS

Spices & Veg. Ingredients

Coffee

Cocoa

Dairy

Grains/Rice

Sugar/Sweeteners

Palm

Packaged Foods

Natural Fibres

Wood Products

Rubber

Fertiliser

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Significant investments already made to back strate gy

Supply chainUpstream Mid/downstreamSupply chainUpstream Mid/downstream



Food Staples and Packaged

Foods

Food Staples and Packaged

Foods


Ingredients


Ingredients

IndustrialRaw

Materials

IndustrialRaw

Materials

• Almond orchards (Australia, US)

• Peanut farming (Argentina, S.Africa)

• Tomato, Garlic, Onion (US)

• Almond orchards (Australia, US)

• Peanut farming (Argentina, S.Africa)

• Tomato, Garlic, Onion (US)

• Coffee plantations (Laos, Tanzania,

Ethiopia, Zambia, Brazil)

• Cocoa plantations (Indonesia)

• Coffee plantations (Laos, Tanzania,

Ethiopia, Zambia, Brazil)

• Cocoa plantations (Indonesia)

• Dairy farming (Uruguay: NZFSU,

Russia: Rusmolco)

• Palm plantations (SIFCA, Gabon)

• Grains farming (Russia: Rusmolco)

• Rice Farming (Nigeria)

• Dairy farming (Uruguay: NZFSU,

Russia: Rusmolco)

• Palm plantations (SIFCA, Gabon)

• Grains farming (Russia: Rusmolco)

• Rice Farming (Nigeria)

• Coffee new sourcing origins (Mexico, Guatemala, Nicaragua)

• Coffee new sourcing origins (Mexico, Guatemala, Nicaragua)

• Cotton (Australia, US, Africa)

• Wood Products sourcing (Panama/Costa Rica)

• Cotton (Australia, US, Africa)

• Wood Products sourcing (Panama/Costa Rica)

• Sugar refinery (Indonesia: PT DUS)

• Sugar milling (India: GSIL/Hemarus)

• Wheat milling (Nigeria, Ghana, Senegal, Cameroon)

• Dairy/Juice/Biscuits (West Africa: Kayass, Titanium)

• Dairy processing (Malaysia and Uruguay)

• Palm refining (East Africa)

• Sugar refinery (Indonesia: PT DUS)

• Sugar milling (India: GSIL/Hemarus)

• Wheat milling (Nigeria, Ghana, Senegal, Cameroon)

• Dairy/Juice/Biscuits (West Africa: Kayass, Titanium)

• Dairy processing (Malaysia and Uruguay)

• Palm refining (East Africa)

• Argentina shelling and blanching expansion

• Argentina shelling and blanching expansion

• Grains sourcing and elevation (Australia: Mitsubishi JV , Russia: Azov)

• Grains sourcing and elevation (Australia: Mitsubishi JV , Russia: Azov)

• Timber forestry concession (Republic of Congo)

• Rubber plantations (Gabon, SIFCA)

• Timber forestry concession (Republic of Congo)

• Rubber plantations (Gabon, SIFCA)

• Cashew mechanisation (India, Cote d’Ivoire)

• Hazelnut processing (Turkey: Progida)

• Peanut processing (US: UB, McCleskey Mills)

• Almond processing (Australia)

• SVI (US: Gilroy/VKL, Egypt: Dehydro, Peru)

• Sesame hulling (Nigeria)

• Cashew mechanisation (India, Cote d’Ivoire)

• Hazelnut processing (Turkey: Progida)

• Peanut processing (US: UB, McCleskey Mills)

• Almond processing (Australia)

• SVI (US: Gilroy/VKL, Egypt: Dehydro, Peru)

• Sesame hulling (Nigeria)

• Fertiliser manufacturing (Gabon)

• SEZ (Gabon)

• Fertiliser manufacturing (Gabon)

• SEZ (Gabon)

• Cocoa specialty fats (UK: Britannia)

• Soluble coffee manufacturing. (Vietnam, Spain)

• Cocoa processing (IVC, Spain, Nigeria

Indonesia, ADM Cocoa)

• Cocoa specialty fats (UK: Britannia)

• Soluble coffee manufacturing. (Vietnam, Spain)

• Cocoa processing (IVC, Spain, Nigeria

Indonesia, ADM Cocoa)

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Highly diversified across products and geographies

Sales revenue by product (FY14)Sales revenue by product (FY14) Sales revenue by continent (FY14)Sales revenue by continent (FY14) Sourcing volume by continent (FY14)Sourcing volume by continent (FY14)

Total = S$19,422m Total = 14.88 MMTTotal = S$19,422m

Highly diversified product portfolio providing stab ility to earnings and cash flows with strong presen ce in growth markets in Asia, Africa and Latin America

Confectionery & beverage ingredients26%

Confectionery & beverage ingredients26%

Edible nuts, spices & vegetable ingredients18%

Edible nuts, spices & vegetable ingredients18%

Food staples & packaged foods37%

Food staples & packaged foods37%

Industrial raw materials

%19

Industrial raw materials

%19

Asia and Middle East41%


Africa21%Africa21%

Europe21%Europe21%

Americas%17

Americas%17



Americas19%Americas19%

Europe27%Europe27%

Africa17%Africa17%

>80% of the portfoloio is related to food and food products

Strong focus on emerging marketsBalanced portfolio across countries and both hemispheres

FY14: July 2013 to June 2014

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Diversified customer base with long term relationsh ips

11,10011,600

12,300

13,800

10,620

6,500

13,600

FY08 FY09 FY10 FY11 FY12 FY13 FY14

Number of customersNumber of customers Strong and reputable customer baseStrong and reputable customer base

More than 13,800 customers worldwide including seve ral leading global brands

FY: July to June

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5,7217,006

8,45210,675

15,953 14,877

FY09 FY10 FY11 FY12 FY13 FY14

Continued track record of growth and profitability

SalesSales

EBITDAEBITDA Invested Capital (excluding GFC & Long Term Investm ent)Invested Capital (excluding GFC & Long Term Investm ent)

Sales volumeSales volume

Strong growth in volumes and EBITDA

8,588 10,45515,735 17,094

20,802 19,422


432610

893991

1,171 1,169


3,454

5,468

7,7699,616

10,930 11,351


In S$mIn S$mIn ‘000MTIn ‘000MT

In S$mIn S$m In S$mIn S$m

FY: July to June

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FY2016 Goals: Four priorities and six pathways esta blished

Accelerate free cash flow generation

Reduce gearing Reduce complexity

Promote better under-

standing of Olam’sbusiness

Recalibrate pace of investments

Optimise Balance SheetPursue opportunities for unlocking Intrinsic Value

Reshape portfolio and reduce complexity

Improve operating efficiencies

Enhance stakeholder communication

1 2 3 4

… 6 pathways were developed to realise these 4 priorit ies:

1 2 3

4 5 6

The FY2013 Strategy Review and stakeholders consult ation have established 4 additional priorities:

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Pathway 1: Recalibrate pace of investments

Recalibrate pace of investments1

Extract full value from existing investments

Reduce pace of capex and acquisitions by ~S$1B compared to

previous plan (S$1.2-1.6B capex for FY14-16)

Re-balance between long gestation and faster yielding projects

FY10-12 Capexspent was

S$3.3B

FY: July to June

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Pathway 2: Optimise Balance Sheet

Optimise Balance Sheet2

Sale and Leaseback of upstream assets to reduce asset intensity, generate cash flow and improve

overall returns(proof of concept already established with

US Almond orchards)

Fixed asset securitisation to generate cash, reduce asset intensity and improve returns

(manufacturing assets)

Working capital optimisation(factoring of receivables, release of working capital from

closing sub-scale profit centers and countries)

Release an estimated ~S$500Mof cash

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Pathway 3: Pursue opportunities for unlocking Intri nsic Value

Pursue opportunities for unlocking Intrinsic Value3

Divest non-core assets(e.g. Basmati Rice)

Assess value impact of equity ‘carve-out’ via minor ity stake sale or flotation

(grow to full potential; generate cash; illuminate value)

Pursue JV / strategic alliances in select platforms(e.g. PFB, Dairy, etc.)

Release an estimated

~S$1Bof cash

Review options to co-share investments, enhance execution effectiveness of large capex and long

gestation investments (e.g. Fertiliser, SEZ in Gabon)

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Pathway 4: Reshape portfolio and reduce complexity

Reshape portfolio and reduce complexity4

Reshape portfolio

Rationalise sub-scale profit centres and countries wi th return norms below benchmark

• Invest and Grow: Edible Nuts, Spices & Vegetable Ingredients, Coffee, Cocoa, Grains

• Grow with Strategic Partners: Packaged Food Business, Palm, Rubber, Fertiliser, SEZ

• Optimise: Natural Fibres, Rice, CFS

• Restructure: Wood, Dairy, Sugar & Sweeteners

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Edible Nuts

“Extend leadership across edible nut categories ”

• Almonds : expand upstream acreage in Australia & USA but with lesser capital intensity through sale & leaseback structures

• Peanuts : M&A to break into US shelling market

• Cashew : scale up supply chain & achieve full potential in mechanical processing

• Hazelnuts : maintain position. Explore JV for upstream

• Walnuts, Pistachio, Pecans : explore entry upstream or integrated entry options

1 Spices & Vegetable Ingredients

• Dehydrates : replicate and scale up dehydrated onion business outside US (Egypt, India)

• Spices & Blends : expand in value added processing. Invest upstream in Black Pepper Plantation in S.E. Asia

• Tomato paste : optimise and extract full value from existing investments

“Maintain US leadership and extend global footprint”


“Be the leading confectionery and beverage ingredients

supplier”

• Coffee : successfully execute integrated value chain strategy

• Cocoa : build global scale integrated position in the midstream part of the value chain through M&A

• Dairy : scale up the supply chain business. Invest in midstream processing in Uruguay & explore Australia/US/Europe. Turn around Russia and Uruguay upstream farming operations - evaluate exit vs. retain in 2 years.

Olam Africa

• PFB: Double down on Nigeria and drive to profitability in PFB; explore strategic partnership (at attractive valuation)

“Participate in African consumer story”

“Supply food staples/ingredients into Africa”

• Grains : Expand milling capacity in Africa and enter value added adjacent products

• Rice : maintain leading position in Africa and integrate upstream into farming (Nigeria)

“Leverage Africa as globally competitive supply source”

1

2

3

• SEZ Gabon : Invest in Port and related Ag logistics

“Participate in African Ag infrastructure”4

2 3 4


• Leverage market intelligence and risk arbitrage skills

• Maintain optionality to scale business after proof of concept

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• Plantations : successfully execute Palm & Rubber upstream plantation investments in Africa; explore outgrower Palm project around nucleus plantations. Consider monetising plantation expertise by providing plantation advisory services (fee based income) in the future

• Fertiliser : leverage low cost feedstock to be a globally competitive urea manufacturer (de-consolidate & co-share investment risk with strategic partner)

�

�

Optimise

• Sugar : move to asset light supply chain model & trading focus

• Natural Fibres : focus investments, continue to grow trading capabilities

• Wood Products : restructure by exiting Gabon forestry & saw milling operations, reduce capital intensity and overheads

5

�

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• Sale & Leaseback of Upstream Assets• Explore setting up a Business Trust for processing assets

�

Pathway 4: Reshape portfolio and reduce complexity

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Pathway 5: Improve operating efficiencies

Improve operating efficiencies5

Achieve S$50-60M (~10%) annual reduction on existing overhead cost base

Streamline region and country structures; reduce support cost through shared services

Streamline manufacturing overheads (S$30-40M annual impact)

Continue to drive greater operating leverage in overheads

Release an estimated ~S$80-

100M annual savings

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Pathway 6: Enhance stakeholder communication

Enhance stakeholder communication6

Supplement existing disclosure with details on inve stment performance

Strategy-in-Action: Set up a calendar of field visi ts to various Olamoperations globally

Organise ‘Investor days’ for platform/ segment-wise presentation

Evaluate structure/ content of results announcement s for easier interpretation and analysis

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Summary of four priorities and 6 pathways

Accelerate free cash flow

generationReduce gearing

Reduce complexity

Promote better understanding of Olam’s business

Recalibrate pace of investments

Optimise Balance SheetPursue opportunities

for unlocking Intrinsic Value

Reshape portfolio and reduce complexity

Improve operating efficiencies

Enhance stakeholder communication

1 2 3 4

11 22 33

44 55 66

• Reduce gearing boundary condition from <2.5x to <2.0x by end of plan period

• Become free cash flow positive by FY2014

• Reduce planned capex by ~ S$1B

• Generate additional cash of ~S$1.5B

• Optimise portfolio and rationalisesub-scale profit centers

• Enhance stakeholder communication

• Reduce pace of capex by ~S$1B

• Release an estimated ~S$500M of cash

• Release an estimated ~S$1B of cash

• Optimise portfolio (4 categories of platforms); rationalise profit centers not meeting productivity norms

• Release an estimated ~S$80-100M annual savings

• Provide additional details on performance, organise field visits and Investor days, etc.

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Impact of strategic initiatives

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Q1 2015: Financial Highlights

• Operational PATMI up by 25.7% while Reported PATMI down 92.1% due to exceptional items

• Decline in overall sales volume mainly due to discontinued / restructured lower margin businesses

• Strong underlying growth across all segments with the exception of Food Staples & Packaged Foods. Overall EBITDA was marginally lower than Q1 2014

• Q1 2015 recorded a net operational loss on fair valuation of biological assets of S$14.7 mn compared to a loss of S$8.7 mn in Q1 2014

• Tax expenses, Net finance costs and Depreciation & Amortisation were all lower than Q1 2014, resulting in improved operational PATMI

Note: Q1 2015 and Q1 2014 refer to the quarter ended 31 Mar

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Results Achieved: Strong earnings growth with continued investments at portfolio level

• Decline in fixed capital as a result of lower capex and divestments

• Decrease in working capital from lower receivables and margin accountswith brokers

IC excludes (a) Gabon Fertiliser Project (31-Mar-15: S$173.7 mn, 31-Dec-14: S$182.4 mn, 31-Mar-14: S$177.0 mn), and

(b) Long Term Investment (31-Mar-15: S$333.9 mn, 31-Dec-14: S$334.4 mn, 31-Mar-14: S$392.2 mn)

EBITDA/

Avg IC 10.7% 10.8% 9.6%

Note: Years ended 31 Dec. Q1 2015 and Q1 2014 refer to the quarter ended 31 Mar.

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Edible Nuts,

Spices &

Vegetable

Ingredients

Edible Nuts,

Spices &

Vegetable

Ingredients

Confectionery

& Beverage

Ingredients

Confectionery

& Beverage

Ingredients

• Almonds and US Spices & Vegetables Ingredients businesses performed well.

• Peanuts in Argentina impacted adversely by lower prices

• Invested capital decreased by S$228.1 million due to the sale and leaseback of upstream almond assets and a reduction in tomato paste and cashew inventories

• EBITDA growth of 8.0% with good contributions from both Coffee and Cocoa platforms

• Invested capital in the segment increased by S$411.4 million mainly due to an increase in inventory levels carried at higher average prices

Results Achieved: Significant increase in segment earnings with continuing investments (1/2)


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Food Staples

& Packaged

Foods

Food Staples

& Packaged

Foods

Industrial

Raw

Materials

Industrial

Raw

Materials

• Grains and Rice distribution, Sugar and Dairy supply chain businesses performed well

• EBITDA down on lower volumes, underperformance in Uruguay Dairy and impact of currency devaluation in import and domestic businesses, particularly in Nigeria, Ghana & Mozambique

• Invested capital reduction from strategic plan initiatives and reduction in Grains and Dairy volumes

• Segment EBITDA up by 5.0% due to higher contribution from Cotton and Wood Products businesses, partly offset by lower contribution from Rubber, Fertiliser trading and the SEZ business

• Invested capital declined marginally by S$30.3 million with investments in upstream Rubber plantations partly offset by reduction in segment working capital

Results Achieved: Significant increase in segment earnings with continuing investments (2/2)


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• EBITDA decline from lower SIFCA contribution, restructuring of upstream coffee plantation in Laos and upstream Dairy underperformance

• Fixed capital increased due to investments in upstream farming and plantations across Rice, Coffee, Palm, Dairy and Rubber

Results Achieved: Investments still maturing in the Upstream segment

Upstream

EBITDA/

Avg IC 8.7% 8.2% 6.6%


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• EBITDA decline due to lower trading volumes and margins, particularly in grains, rice, cotton, cashews and wood products

• Fixed capital reduced from the execution of various strategic initiatives. Working capital increased primarily from higher Confectionery & Beverage Ingredients segment inventories, carried at higher prices

Results Achieved: Steady performance in the Supply Chain segment

Supply Chain

EBITDA/

Avg IC 12.4% 13.9% 12.5%


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• EBITDA growth from commissioning of new facilities (Senegal wheat mill, Cocoa processing in Côte d’Ivoire) and improved performance from existing facilities

• Fixed capital investments in wheat flour mills (Senegal and Cameroon), palm refineries (East Africa) and cocoa processing (Côte d’Ivoire), offset by impact of strategic plan initiatives. Working capital largely flat

Results Achieved : Improved performance from the Mid/downstream segment

Mid/Downstream

EBITDA/

Avg IC 9.0% 8.2% 8.2%


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• Projects that are still gestating and have not started to contribute any earnings . In upstream , this involves projects that are still to produce their first yields and in the midstream it includes projects that are still under construction .

• Projects that have reached maturity (upstream), or full capacity utilisation (midstream organic), or acquisitions where initial integration has been completed

• Projects (upstream) that have started yielding but not fully mature, or midstream projects commissioned but not yet at full capacity utilisation.

• For example: Gabon Palm and Rubber plantations, Wheat Milling in Cameroon.

• For example: Argentina Peanut farming, Nigeria Cocoa processing, Gilroy.

• For example: Rice farming in Nigeria and Wheat Milling in Ghana.

Fully Contributing projects

Partially Contributing projects

Gestating projects

Investment assessment based on stage of evolution

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Upstream Mid/DownstreamSupply Chain

Expected EBITDA/IC in plan period: 15-18%

Expected EBITDA/IC in plan period: 13-16%

Expected EBITDA/ICin plan period: 10-13%

Results Achieved: Significant upside potential from Upstream & Mid/downstream at full maturity

FY14: July 2013 to June 2014

40

Q1 2015: Balance Sheet Summary

• Optimising tenor and overall cost of borrowing mix

• Reduction in cost of borrowing via buyback of higher cost bonds

• Issuance of new medium term notes at a lower coupon

41

Debt mix

Mar - 15 Dec - 14

• Exercised the option to redeem the US$750.0 mn 6.75% bonds in full – one time cost of S$97.7 mn recorded

in Q1 2015. Expected to generate annual interest savings of ~S$55.0 mn to S$60.0 mn for the remaining 3

years of the life of the bond

• Issued US$50.0 mn 5 year notes via private placement to an institutional investor at a fixed coupon of 4.00%

• First issuance in the A$ market with an initial A$150.0 mn at a fixed US$ coupon of 3.975% for 5 years

• Issued additional A$ bonds of A$30.0 mn at a fixed US$ coupon of 3.60% for 5 years

42

Q1 2015: Significant improvement in cash flow gener ation

SGD Mn

• Generated positive FCFF in Q1 2015 due to higher operating cash flows and

lower working capital requirements, partly offset by higher Capex from the

investment in MMI

Note: Q1 2015 and Q1 2014 refer to the quarter ended 31 Mar.

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Q1 2015 : Improved gearing

*RMI: inventories that are liquid, hedged and/or sold forward

*RMI: inventories that are liquid, hedged and/or sold forward

• Reduction in gearing vs March 2014 from a combination of lower

net debt and higher equity

• Gearing remains within our 2016 objective of at or below 2.0x

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Q1 2015: Ample liquidity

*RMI: inventories that are liquid, hedged and/or so ld forward

S$ Mn as of 31 Mar 2015

• Available liquidity sufficient to cover all repayment and Capex obligations

• Borrowing mix currently weighted towards medium and long term

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Summary – Since IPO

Description FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY20 11 FY 2012 FY 2013 FY 2014CAGR

(%)Volume (‘000 metric tonnes)

2,553 3,172 3,773 4,926 5,721 7,006 8,452 10,675 15,953 14,877 21.6%

Revenue (S$m) 3,369 4,361 5,456 8,112 8,588 10,455 15,803 17,094 20,802 19,422 21.5%

NPAT (S$m) 66 87 109 168 252 360 445 404 392 641 28.7%

PATMI (S$m) (Ex. Exceptionals)

66 87 109 151 182 272 373 356 349 325 19.4%

EPS (Cents) 5.11 5.61 6.85 10.28 14.71 17.91 20.27 14.96 14.36 24.65 19.1%

EPS (Cents) (Ex. Exceptionals)

5.11 5.61 6.85 10.09 10.96 14.58 17.58 14.33 13.78 12.83 10.8%

FY: July to June

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Highly experienced Board

� Appointed to the Board in 1995

� He has been the Group CEO of the Kewalram Chanrai Group since 2004

� He has worked in various operations of the Kewalram Group in Africa, the UK and Singapore

Narain GirdharChanraiNon-Executive Director


� He is Chairman of the Land Transport Authority of Singapore and Nomura Singapore Limited

� He is a Director of Nomura Holdings Inc. (Japan)


� He is currently Chairman of Neptune Orient Lines Ltd, Singapore Technologies Engineering Ltd and Fullerton Fund Management Co. Ltd and non-executive director of Singapore Exchange Ltd and the Defence Science and Technology Agency

Michael Lim ChooSan Non-Executive and Independent Director

Kwa Chong SengDeputy Chairman, Non Executive and Independent Director


� He has been with Kewalram Chanrai Group for two decades and in 1989 mandated to build an agricultural products business for the Group

� He was named Ernst & Young Entrepreneur of the Year 2008 Singapore

Sunny George VergheseGroup ManagingDirector and CEO

R. JayachandranNon-Executive Chairman

� Appointed as Non-Executive Chairman in 2006

� He has been on the board of Kewalram Singapore Limited since 1979 and a member of the Kewalram Chanrai Group Board since 1992

� He is also a founding shareholder and Director of Redington Group of Companies


� He is currently the Executive Director – Finance & Business Development, leading the Company’s overall Strategy and New Business Development activities as well as oversee the Finance & Accounts, Treasury, Corporate Affairs, Strategic Investments and the Investor Relations functions

Shekhar AnantharamanExecutive Director


� He is currently the Chairman of the Asia Pacific Advisory Board for Apollo Management and a director of Edelweiss Financial Services Ltd.

� He is also President of Phoenix Advisers Pte Ltd.Sanjiv MisraNon-Executive and Independent Director


� Chairman of Akzo Nobel India Limited and an Independent and Non-Executive Director of GlaxoSmithKline Pharmaceuticals Ltd, StarHub Ltd, SATS Limited, DBS Group Holdings Limited and DBS Bank Limited.


� Mr. Pinard spent 17 years with IFC becoming the Director of Agricultural Department, responsible for managing IFC’s US$1.5bn portfolio of loan and equity investments in agribusiness and food industries

Nihal KaviratneNon-Executive and Independent Director

Jean-Paul PinardNon-Executive and Independent Director


� Mr. Tomlin retired from UBS Investment Bank in 2009, having served as Vice Chairman, Asia and subsequently Senior Advisor, after spending 30 years with Schroder Group

Robert Michael Tomlin Non-Executive and Independent Director

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A diversified and supportive shareholder group

Kewalram ChanraiGroup

Olam’s Management

~15% 58% ~7%

TemasekHoldings

Other Institutional and Public

~20%

Shareholding Structure Shareholding Structure

Kewalram Chanrai GroupKewalram Chanrai Group TemasekTemasek

� Kewalram Chanrai Group established Olam in 1989

� A widely diversified conglomerate with interests in manufacturing, agro commodities, international trade and property development

� One of the largest investment companies in the world (rated AAA/Aaa) with a portfolio of S$215bn

� Temasek invested S$437.5mm in Olam in June 2009

� Participated in a Preferential Offering and subscribed an additional shares in June 2011

� Increased stake via open market purchases in 2012/13

� Became a Controlling Shareholder of Olam post the voluntary general offer in 2014

Olam’s managementOlam’s management

� Olam’s management has a significant shareholding in the company; including stock options, Olam’s management’s share in the company will be about 10%

Public shareholdersPublic shareholders

� Olam has a wide shareholder base and is widely held by institutional investors

Based on 2,440,721,869 shares in issue excluding treasury shares

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Strong risk management systems

Strong risk managementStrong risk management

As a general principle, Olam has appropriate polici es for risks that are insurable across products and geographies

Risks Mitigants

Issuer sovereign, credit

and counterparty risk

� No single counterparty accounts for more than 5% of Olam’s sales

� No pre-finance crops. Advances given to the local agents only at the beginning of the crop arrival season

� Political risk insurance cover provides the necessary safeguards against political and sovereign events

Market risks � Hedging all physical trades with futures contract

� 80 – 90% of inventories are hedged or sold forward

� Do not use financial instruments to speculate

� Currency covers are taken on a transactional basis

Operational risks � Regular internal and external audits

� Insurable operational risks relating to inventories, transits, property are covered through appropriate insurance

policies

Information risks � Detailed IT policies and control procedures

� Disaster recovery plan for EDP Systems

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Recognitions

Recipient of :

• IR Magazine Awards Southeast Asia for Best Use of Technology and Best in Sector (Diversified Industrials) in 2013 and Best in Sector (Consumer Staples) and Most Progress in IR in 2014

• Rainforest Alliance ‘Sustainable Standard-Setter’ Award 2013

• Brendan Wood TopGun CEO Designation – Mr. Sunny Verghese

• Forbes Asia's Fabulous 50, 2009, 2010 & 2012

• Best Annual Report (Bronze), Singapore Corporate Awards 2012

• Medium Cap Corporate of the Year Award (Asiamoney) 2012

• 2011 Singapore Corporate Award winners for Best Managed Board and Best CEO – Mr. Sunny Verghese

• Grass Roots Asia Pacific Award for Best Reward & Recognition Strategies, Singapore HRM Awards 2011

• Medium-Cap Corporate of the Year (2010), Singapore by Asiamoney

• Best Executive in Singapore (2010) – Mr. Sunny Verghese, CEO, by Asiamoney

• Excellence in Innovation, Frost & Sullivan Growth Excellence Awards 2010

• Most Transparent Company (Commerce/Food & Beverages), SIAS Investors’ Choice Awards 2005-2014

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Thank You

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