Investor Presentation

Investor Presentation April 2016 Olam International Limited

Cautionary note on forward-looking statement 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. 2

An overview In 26 years, we have grown from a single product exporter, to a global agri-business leader, operating from seed to shelf Operating in 70 countries Portfolio of 16 platforms organised into 5 business segments with selective operations across 4 value-chain activities Headquartered in Singapore and listed on the mainboard of Singapore Exchange (SGX) Over 26,300 full-time employees catering for 16,200 customers worldwide Direct buying links with 4 million farmers 199 processing facilities globally 2.6 million hectares of land under Olam management 3

Our 26-year history 1989 2001 2015 Edible Nuts & Spices Products Food Staples & Packaged Foods 1 10 Industrial Raw Materials 47 Countries Nigeria SEAsia Europe and Russia 1 20 70 Revenue S$2M S$1.6B S$19.1B Employees* 2 1,500 26,300 * full-time employees 4

Our shareholders A diversified, supportive shareholder group with long-term investment horizon Shareholding Structure* Temasek Holdings Mitsubishi Corporation Olam s Management Kewalram Chanrai Group Other Institutional and Public ~ 51.4% 20.0% ~ 6.4% ~ 4.8% ~ 17.4% Temasek Holdings Mitsubishi Corporation Olam s Management Kewalram Chanrai Group One of the largest investment companies in the world (rated AAA/Aaa) with a net portfolio value of S$266bn Temasek invested S$437.5mn in Olam in June 2009 Participated in a Preferential Offering and subscribed additional shares in June 2011 Increased stake via open market purchases in 2012/13 Became a Controlling Shareholder of Olam post voluntary general offer in 2014 A global integrated business enterprise with over 200 offices and subsidiaries in approximately 90 countries Revenues of US$63.0 billion and Net Income of US$3.3 billion, with total assets of US$140.0 billion Clear vision of the long term value drivers and growth potential of the agri industry Strategic direction of Doubling earnings in non-resources sector by 2020 and goal of creating long term intrinsic value for its stakeholders Including stock options & warrants, Olam s management s share in the company will be about 8% Kewalram Chanrai Group established Olam in 1989 A widely diversified conglomerate with interests in manufacturing, agro commodities, international trade and property development * Based on 2,773,449,142 shares (excluding treasury shares) 5

Our purpose, governing objective and vision Our Governing Objective is to maximise longterm intrinsic value for our continuing shareholders. Our Vision is to be the most differentiated and valuable global agri-business (by 2040) We believe in first differentiating our business before scaling it and have differentiated ourselves in 6 areas, creating a focused and defensible portfolio. Our Purpose of Growing Responsibly describes how we do business. We ensure profitable growth is achieved in an ethical, socially responsible and environmentally sustainable manner. 6

Market context Attractive agri-sector with favourable long-term dynamics Demand factors Supply factors Population growth increasing demand for food Increased per capita food consumption driven by rising incomes and urbanisation Dietary shift towards protein and fats in developing countries resulting in multiplier impact on demand for food and feed raw materials Biofuels increasing demand for food and feed raw materials Growing scarcity of arable land due to urbanisation, soil erosion, soil degradation and related factors Slowing rate of agricultural productivity improvement Water scarcity due to climate change, and other environmental degradation Logistical inefficiencies and storage bottlenecks 7

Our business model Focused, differentiated and defensible 1. Focused on niche commodities and niche businesses with leadership positions (e.g. Edible Nuts, Cocoa, Coffee, Spices and Vegetable Ingredients, Cotton, Rice, Packaged Foods, Rubber) 2. Adopt defensible niche strategies in mainstream commodity categories (e.g. Grains: Africa Milling; Sugar: Indonesia Refining, India Milling; Palm: leadership in West Africa) 3. Unique African footprint and operating capabilities (Direct presence in 24 countries in Africa) 4. Out-origin our competition buying from growers and village level agents at the farmgate 5. Provide 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 and diversified upstream participation across products and geographies 8

Our business model Agri-focused portfolio but broadly diversified across 16 platforms Edible Nuts, Spices and Vegetable Ingredients Confectionery and Beverage Ingredients Food Staples and Packaged Foods Industrial Raw Materials Commodity Financial Services 1. Edible Nuts (Almonds, Cashews, Hazelnuts, Peanuts, Pistachios, Walnuts, Sesame) 2. Spices and Vegetable Ingredients (SVI) 3. Cocoa 4. Coffee 5. Dairy 6. Grains 7. Packaged Foods (PFB) 8. Palm 9. Rice 10. Sugar and Sweeteners 11. Cotton 12. Wood Products 13. Rubber 14. Fertiliser 15. Agri Logistics & Infrastructure 16. Commodity Financial Services (Market Making and Risk Management Solutions and Fund Management) 9

Our business model Leadership positions across diverse platforms Edible Nuts, Spices and Vegetable Ingredients Confectionery and Beverage Ingredients Food Staples and Packaged Foods Industrial Raw Materials Commodity Financial Services #1 global dehydrated onion and garlic supplier #1 global cocoa trader and exporter #2 global coffee supplier #1 global FSC certified contiguous tropical forestry concessions #2 global cotton merchant #1 global cashew supplier #2 global almond grower #2 global rice supplier 10

Our business model Defensible and differentiated portfolio Platform Olam ADM Bunge Cargill Dreyfus Glencore COFCO Wilmar No. of Major Competitors Edible Nuts 1 Spices & Vegetable Ingredients Coffee 2 Cocoa 2 None Dairy None Rice 2 Grains 7 Sugar/Sweeteners 6 Palm 3 Packaged Foods 1 Cotton 4 Wood Products None Rubber 1 Fertiliser None CFS 3 SEZ None Presence in products (#) 16 4 2 6 7 3 5 5 11

Our business model Core supply chain capabilities built over 26 years > 4 M growers Olam Supply Chain >16,200 customers Global Origination & Sourcing Primary Processing Inland & Marine Logistics Trading Value Added Services Risk Management (examples) 12

Our business model Selective value-chain participation Selective upstream Core supply chain Selective mid/downstream Perennial tree crops Broadacre row crops Dairy farming Forest concessions Global origination and sourcing Primary processing Inland and marine logistics Merchandising Trading Value-added solutions and services Risk Management Value-added/ manufacturing Branding and distribution (Africa) 13

Our business model Uniquely shaped portfolio: Well-diversified across value-chain participation 2016 Upstream Supply chain Mid/downstream Edible Nuts, Spices & Vegetable Ingredients Confectionery & Beverage Ingredients Edible Nuts Spices & Veg. Ingredients Coffee Cocoa Dairy Food Staples & Packaged Foods Grains/Rice Sugar/Sweeteners Palm Packaged Foods Cotton Industrial Raw Materials Wood Products Rubber Fertiliser Ag Logistics & Infrastructure Commodity Financial Services CFS 14

Our business model Significant investments made to build portfolio Upstream Supply chain Mid/downstream Edible Nuts, Spices & Vegetable Ingredients Almond orchards (Australia, US) Pistachio orchards (US) Peanut farming (Argentina) Tomato, Garlic, Onion (US) Argentina shelling and blanching expansion 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) Confectionery & Beverage Ingredients Coffee plantations (Laos, Tanzania, Ethiopia, Zambia, Brazil) Cocoa plantations (Indonesia) Coffee new sourcing origins (Mexico, Guatemala, Nicaragua) Soluble coffee manufacturing. (Vietnam, Spain) Cocoa specialty fats (UK: Britannia) Cocoa processing (IVC, Spain, Nigeria, Ghana, Germany, Netherlands, Singapore, Canada) Food Staples and Packaged Foods Dairy farming (Uruguay: NZFSU, Russia: Rusmolco) Palm plantations (SIFCA, Gabon) Grains farming (Russia: Rusmolco) Rice Farming (Nigeria) Grains sourcing and elevation (Australia: Mitsubishi JV, Russia: Azov) Sugar refinery (Indonesia: PT DUS) Sugar milling (India: GSIL/Hemarus) Wheat milling (Nigeria, Ghana, Senegal, Cameroon) Dairy/Juice/Biscuits (W.Africa: Kayass, Titanium) Dairy processing (Malaysia) Palm refining (East Africa) Animal Feed (Nigeria) Industrial Raw Materials Timber forestry concession (Republic of Congo) Rubber plantations (Gabon, SIFCA) Cotton (Australia, US, Africa) Wood Products sourcing (Panama/Costa Rica) Fertiliser manufacturing (Gabon) Agri logistics and infrastructure (SEZ, general cargo and mineral port, Gabon) 15

Our financials Diversified across products and regions Sales revenue by segment Sales revenue by region Sourcing volume by region Edible nuts, spices & vegetable ingredients 22% Confectionery & beverage ingredients 36% Africa 13% Asia and Middle East 39% Europe 30% Asia and Middle East 33% Food staples & packaged foods 28% Industrial raw materials 14% Europe 27% Americas 21% Africa 13% Americas 24% Total = S$19,053m Total = S$19,053m Total = 12.51 MMT >85% of the portfoloio is related to food and food products Strong focus on emerging markets Balanced portfolio across countries and both hemispheres Highly diversified product portfolio providing stability to earnings and cash flows with strong presence in growth markets in Asia, Africa and Latin America 16

Our financials Strong track record of growth and profitability Sales volume Sales In 000MT In S$m 13,925 15,542 14,022 12,507 20,040 19,772 18,967 19,053 2012 2013 2014 2015 2012 2013 2014 2015 EBITDA Invested Capital (excluding GFC & Long Term Investment) In S$m In S$m 1,063 1,200 1,107 1,123 10,866 11,412 11,557 14,430 2012 2013 2014 2015 2012 2013 2014 2015 Selective investments to back future growth 17

Our customers Diversified base with long-term relationships Number of customers Strong and reputable customer base 16,200 10,620 11,100 11,600 12,300 13,600 13,800 6,500 2008 2009 2010 2011 2012 2013 2014 2015 More than 16,200 customers worldwide including several leading global brands 18

2014-2016 goals Four priorities and six pathways established 2013 Strategy Review and stakeholders consultation established 4 priorities: 1 2 3 4 Promote Accelerate free better under- cash flow Reduce gearing Reduce complexity standing of Olam s generation business Recalibrate pace of investments 6 pathways to realise these 4 priorities: 1 2 3 Optimise Balance Sheet Pursue opportunities for unlocking Intrinsic Value 4 5 6 Reshape portfolio and reduce complexity Improve operating efficiencies Enhance stakeholder communication 19

Results achieved Impact of strategic initiatives 20

P&L analysis Decline in overall sales volume mainly due to discontinued / restructured lower margin businesses EBITDA growth of 1.5% to S$1,122.8 million driven by strong results from Edible Nuts & SVI, Confectionery & Beverage Ingredients and CFS, partly offset by underperformance in Food Staples & Packaged Foods and Industrial Raw Materials segments Lower net finance costs, offset by higher depreciation, amortisation and tax as compared to 12M 2014 Operational PATMI up 20.1% while Reported PATMI registered a loss of S$64.3 million due to exceptional items 21

EBITDA and invested capital 22

Edible Nuts, Spices & Vegetable Ingredients EBITDA 11.0% 10.4% 9.6% 11.4% /Avg IC The almonds business continued its strong performance, aided by favourable market conditions & A$ depreciation. MMI contributed to growth in EBITDA, partially offset by underperformance in the Argentinean Peanut business. Hazelnuts, cashews and the SVI business in the US performed well. Invested capital increased by S$124.3 mn as compared to end-dec 2014 due to the acquisition of MMI, investment in increased acreage of almond and pistachio plantations in the US and higher inventories of almonds & cashews due to increased prices 23

Confectionery & Beverage Ingredients EBITDA 18.5% 12.6% 9.9% 7.2% /Avg IC EBITDA growth driven by increased contribution from the Coffee platform and the ADM Cocoa acquisition, partly offset by a lower contribution from the Cocoa supply chain business Invested capital in the segment increased by S$2,468.3 mn as compared to end-dec 2014 primarily on account of the acquisition of ADM Cocoa 24

Food Staples & Packaged Foods EBITDA 9.4% 10.4% 8.8% 6.7% /Avg IC EBITDA growth from the Grains and Rice businesses was offset by reduced volumes from discontinued operations, continued underperformance of Dairy farming operations in Uruguay, adverse impact of currency devaluation on our Palm refining operations in Mozambique and the Packaged Foods business in Africa and a lower contribution from Sugar and Palm trading Invested capital increased by S$156.0 mn as compared to end-dec 2014 due to higher working capital deployed in this segment 25

Industrial Raw Materials EBITDA 6.5% 10.8% 11.6% 9.8% /Avg IC EBITDA growth from the Cotton and Wood Products businesses was offset by a reduced contribution from the SEZ business as compared to 12M 2014 Invested capital increased marginally by S$45.5 mn compared to end-dec 2014 due to investments in upstream Rubber plantations and SEZ in Gabon 26

Upstream EBITDA 8.7% 8.2% 6.6% 6.5% /Avg IC EBITDA growth due to increased contribution from almond and coffee plantations, partly offset by lower contribution from the Dairy farming operations in Uruguay Fixed capital increased on account of higher fixed capital invested in almond, coffee, palm and rubber plantations and rice farming 27

Supply Chain EBITDA 12.4% 13.9% 12.5% 12.3% /Avg IC EBITDA decline due to reduced volume from lower margin or discontinued operations and lower contribution from Sugar and Palm trading and the Cocoa supply chain business Invested capital in the segment reduced by S$84.5 million, despite an increase in fixed capital due to lower average commodity prices 28

Midstream/Downstream EBITDA 9.0% 8.2% 8.2% 6.5% /Avg IC Strong growth in EBITDA from wheat milling (Africa), soluble coffee processing (Vietnam, Spain), sugar refining (India), SVI and peanut businesses (US) and the cocoa processing business (IVC, ADM Cocoa) Invested capital increased by S$2,654.1 million during the period, mainly due to the MMI and ADM Cocoa acquisitions 29

Gestation mix Upstream Supply Chain Mid/Downstream EBITDA/ Avg IC 7% EBITDA/ Avg IC 12% EBITDA/ Avg IC 7% -1% 2% 12% 1% 14% 10% Expected EBITDA/IC at steady state: 15-18% Expected EBITDA/IC at steady state: 10-13% Expected EBITDA/IC at steady state: 13-16% 30

Free cash flow Generated positive net operating cash flow of S$154.9 million in 12M 2015 FCFF for 12M 2015 was negative S$2,062.6 million primarily from the acquisitions of MMI and ADM Cocoa for S$1,855.4 million 31

Gearing remains in line with 2016 objective *RMI: inventories that are liquid, hedged and/or sold forward Net gearing of 1.94 times at December 31, 2015 was higher than 1.85 times as at December 31, 2014 due to the acquisition of ADM Cocoa Gearing level remains in line with our 2016 objective of at or below 2.0 times 32

Ample liquidity S$ Mn as on 31 Dec 2015 *RMI: inventories that are liquid, hedged and/or sold forward Available liquidity sufficient to cover all repayment and Capex obligations Borrowing mix currently weighted towards medium and long term Continue to optimise debt tenor and cost 33

2016-2021 strategic plan 6 Criteria for portfolio prioritisation Address areas where performance has been inconsistent or did not meet expectations Double down on strong businesses to scale up and strengthen leadership positions Be selective and focus new investments on areas where we have the highest winnability and returns Further streamline our portfolio and release cash from divestments Find the right investment balance between contributing and gestating businesses Assess and manage portfolio risks 34

2016-2021 strategic plan Portfolio prioritisation 35

2016-2021 strategic plan Portfolio prioritisation (continued) 36

Growing responsibly Governance Environmental Social Strong governance Transparency Reliable systems Risk management Being good stewards of the environment Protecting the natural capital essential to our business Improving the livelihoods of those communities where we work Providing a fair, safe and healthy workplace for our people 37

Governance Board of Directors Appointed to the Board in 2014 Appointed to the Board in 1996 Kwa Chong Seng Non-Executive Chairman and Independent Director Mr Kwa 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. Sunny George Verghese Co-Founder & Group CEO Mr Verghese was with the Kewalram Chanrai Group when he was mandated in 1989 to build an agricultural products business now Olam for the Group. He was named Ernst & Young Entrepreneur of the Year 2008 Singapore Appointed to the Board in 2004 Appointed to the Board in 2015 Michael Lim Choo San Independent Director Mr Lim is Chairman of the Land Transport Authority of Singapore and Nomura Singapore Limited. He is a Director of Nomura Holdings Inc. (Japan). Katsuhiro Ito Non-Executive Director Mr Ito is a Senior Vice President of Mitsubishi Corporation. He has held senior positions within the Group in New York and other central functional roles in Tokyo. Appointed to the Board in 2015 Robert Michael Tomlin Independent Director Jean-Paul Pinard Independent Director Appointed to the Board in 2004 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. Appointed to the Board in 2008 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. Yutaka Kyoya Non-Executive Director Yap Chee Keong Independent Director Mr Kyoya is a Senior Vice President of Mitsubishi Corporation and COO of the company s Living Essential Resources Division. He has played various roles in Mitsubishi Corporation, in Tokyo as well as in its overseas offices, including the US, Malaysia and Singapore. Appointed to the Board in 2015 Mr Yap is Independent Chairman of CityNet Infrastructure Management and the lead Independent Director of Tiger Airways Holdings. He is also a board member of the Accounting and Corporate Regulatory Authority and a member of the Public Accountants Oversight Committee Sanjiv Misra Independent Director Appointed to the Board in 2013 Mr Misra 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. Marie Elaine Teo Independent Director Appointed to the Board in 2015 Ms Teo is Senior Advisor and Partner at the Holdingham Group Ltd. She has over 20 years of investment experience, primarily with The Capital Group Companies where she focused on Asian banks and global emerging markets. Appointed to the Board in 2014 Appointed to the Board in 1998 Nihal Kaviratne CBE Independent Director Mr Kaviratne is 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. Shekhar Anantharaman Executive Director He is currently the Executive Director & Group COO, assist Co- Founder and Group CEO in overseeing all aspects of Olam s business. 38

Governance Strong risk management systems Risks Issuer sovereign, credit and counterparty risk Mitigants 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 75 85% of inventories are hedged or sold forward Do not use financial instruments to speculate Operational risks Information risks Currency covers are taken on a transactional basis Regular internal and external audits Insurable operational risks relating to inventories, transits, property are covered through appropriate insurance policies Detailed IT policies and control procedures Disaster recovery plan for EDP Systems As a general principle, Olam has appropriate policies for risks that are insurable across products and geographies 39

Olam livelihood charter (OLC) Our purpose: To build sustainable smallholder supply chains Eight principles: Finance Improved yield Labour practices Market access Quality Traceability Social investment Environmental impact Benefit: Customers want reassurance of sustainable supply chains/traceability, but not necessarily 3 rd party certification. OLC being externally verified, opens up joint partnerships (e.g. Nestlé, USAID). 40

Recognition IR Magazine Awards Southeast Asia for Best in Sector (Consumer Staples) and Most Progress in IR in 2014 and Best Use of Technology and Best in Sector (Diversified Industrials) in 2013 Singapore Business Federation Sustainability Award 2014 Rainforest Alliance Sustainable Standard-Setter Award 2013 Guardian Sustainable Business Award, Society Category 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 Asian Human Capital Award 2012 2011 Singapore Corporate Award winners for Best Managed Board and Best CEO 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) 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 41

Investor Presentation April 2016