Investor

CompanyPresentation
Presentation
June 2017
Table of Contents

1. Company Overview 5
2. Key Highlights 11
3. Historical Financials 21
4. Conclusions 27
Forward Looking Statement
This presentation contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact included in this presentation are
forward-looking statements. Forward-looking statements are based on our current expectations and assumptions relating to our financial condition, results of operations, plans,
objectives, future performance and business. Specifically, these statements include, among other things, statements that describe our expectations for the growth of our business,
expansion into new geographic markets, maintaining and expanding our relationship with key retail partners, the financial impact of new sales contracts on our revenue, our plan to make
significant capital expenditure, and other statements of management's beliefs, intentions or goals. You can identify forward-looking statements by the fact that they do not relate strictly
to historical or current facts. These statements may include words such as "foresee", "forecast", "anticipate”, "estimate“, "expect“, "project“, "plan“, "intend“, "believe“, and other words
and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. These forward-looking statements
are based on assumptions that we have made in light of our industry experience and on our perceptions of historical trends, current conditions, expected future developments, and other
factors we believe are appropriate under the circumstances. As you consider this presentation, you should understand that these statements are not guarantees of performance or
results. They involve risks, uncertainties (many of which are beyond our control), and assumptions, some of which are described under "Risk Factors” in our Annual Reports on Form 20-F
and our Registration Statement on Form F-l filed with the Securities and Exchange Commission. You should be aware that many factors could affect our actual financial results and cause
them to differ materially from those anticipated in the forward-looking statements. Since we operate in an emerging and evolving environment and new risk factors and uncertainties
emerge from time to time, you should not rely upon forward looking statements as predictions of future events. We undertake no obligation to update any forward-looking or other
statements herein to reflect events or circumstances after the date hereof, whether as a result of new information, future events, or otherwise.
Because of these factors, we caution that you should not place undue reliance on any of our forward-looking statements. Further, any forward-looking statement speaks only as of the
date on which it is made. New risks and uncertainties arise from time to time, and it is impossible for us to predict those events or how they may affect us. We have no duty to, and do not
intend to, update or revise the forward-looking statements In this presentation after the date of this presentation.

Market and Industry Data

This presentation contains estimates and projections regarding market and industry data (including competitive position) that were obtained from internal company surveys as well as
third-party sources such as market research, consultant surveys, publicly available information, and industry publications and surveys. Third party industry publications, studies, and
surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but there is no guarantee of the accuracy or completeness of such data.
While the Company reasonably believes that each of these publications, studies, and surveys has been prepared by a reputable source, neither the Company, nor any connected persons
of the Company, or their respective agents, employees, or advisers has independently verified the data contained therein. Market and industry data are subject to change due to limits on
the availability and reliability of raw data, the voluntary nature of the data gathering process, and other limitations and uncertainties inherent in any statistical survey, interpretation or
presentation of market and industry data, and management's estimates and projections. In addition, projections are often wrong. As a result, you should be aware that market and
industry data set forth herein, and estimates, projections and beliefs are (i) based on such data and (ii) relating to certain financial and performance metrics presented herein, may not be
reliable. We have not independently verified any of the data from third-party sources or ascertained the underlying economic assumptions relied upon therein; accordingly we cannot
guarantee the accuracy or completeness of any such data. Similarly, internal surveys, which we believe to be reliable, are based upon management's knowledge of the industry as of the
date of such surveys and have not been verified by any independent sources and are subject to change. As a result, we cannot guarantee the accuracy or completeness of any such
information and you should not place undue reliance on such information when making an investment decision.
By accepting this document you agree to accept the terms set out above and to be bound by the foregoing limitations. All subsequent written and oral forward looking statements
concerning the proposed transaction or other matters and attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary
statements referenced above.

3
COMPANY OVERVIEW
A Rich Heritage with Over 100 Year Legacy
1915
Founded as an 1995 2015
agro-commodity India’s first fully integrated 100-year centennial
trading house by and automated rice milling Distribution wins – Publix,
factory 2008 2011
the Chanana family Launch of the Established Shaw’s Supermarkets, Gelson’s
AMIRA brand subsidiary in UK Markets, Safeway, Albertsons,
2013 Organics Harmons Grocery, Murphy’s
Launch of organic Markets, Whole Foods and SPD
division Markets

1978
ANIL CHANANA 2016
established 2009 Distribution wins – Cost
international business Established subsidiary 2012 2014 Plus World and MAN
2006 in US and launched Amira Nature Acquired Basmati Rice Consumer (for U.A.E.)
KARAN A CHANANA takes over international Foods Ltd. GmbH in Germany to
and initiates transformation to marketing/distributor listed on NYSE strengthen distribution
a professionally managed office network in Europe
global business

• Since its founding in 1915, Amira has evolved from a domestic, family owned Indian business to a professionally managed, growing,
global branded, publicly traded, packaged food company
• The Company has received numerous accolades:
 Multiple years since 2010, Amira has been recognised by the World Economic Forum as a “Global Growth Company”, an invitation-
only community consisting of ~300 of the world’s fastest-growing corporations
 Inc. India featured Amira as one of India’s fastest growing mid-sized companies in 2010, 2011, 2012 and 2013
 A World Consulting & Research Corporation named Amira one of “Asia’s Most Promising Brands”
 Voted “INDIAN POWERBRAND” in the Food Category by Planman Marcom in 2011 and 2013
 Best Partner in the “Staples” category in 2013 at the Bharti Walmart Private Limited Annual Supplier Conference
 VWP World Brand recognised the Amira Brand as “The Admired Brand of India” in 2014–2015

5
Company Overview
Overview
• A leading global manufacturer, marketer, and distributor of branded, packaged specialty rice and other related food products with sales
in both emerging and developed markets across five continents around the world
• The majority of sales are generated through the sale of Basmati rice, the core focus of the Company, under its flagship Amira brand,
other Company owned brands, and third-party brands
• The Company’s packaged rice product portfolio is complemented by a growing line of related products including edible oils, organic
product offerings, and its institutional business which consists of opportunistic sales of agricultural products
• Vertically integrated business model with a global distribution platform, reaching out to a diverse base of customers
• 100+ year legacy as a family-owned and operated business which Amira has transformed into a professionally-managed, globally-
focused packaged food company with a leading position in the high growth Basmati rice category
• Chairman and CEO, Karan A. Chanana retains a large equity stake (c.75.3% of the business) (1) and the family has continued to make
investments ($13.04 million convertible notes in FY 2016(2) and $3 million in common stock in FY 2017(2)) since IPO
• Headquartered in Dubai, UAE, Amira has offices in India, Germany, the United States, and the UK, with nearly 250 employees worldwide

FY 2016 Sales by Product FY 2016 Sales by Brand FY 2016 Sales by Region

Institutional North Asia
Other
10% Amira America Pacific
14%
Branded 2% 1%
Specialty 44% EMEA
Rice India
53%
20% 44%
Basmati
Rice Third
66% Party
Branded
46%

$542.6 million LTM Sales at September 30, 2016

Source: Public company filings.
1. Includes 3.5 million shares held in a family trust.
2. Amira’s Financial Year ends the 31st March

6
A Closer Look at Amira’s Broad Product Portfolio

Institutional Offerings
Opportunistic sale of agricultural products to
Rice large international and regional trading firms
Products

Premium Basmati Rice Value Basmati Rice Other Specialty Rice

• Pure Basmati Rice • Daily Fresh Basmati Rice • Thai Jasmine Rice Wheat Barley Legumes
• Extra Long Grain Basmati Rice • Goodlength Day to Day • Sharbati Aromatic Long
Brand/ • Indian Basmati Rice Basmati Rice Grain Rice
• Brown Basmati Rice • Everyday Basmati Rice • Kheer Rice
Product • Traditional Basmati Rice • Goodlength Broken • Khichdi Rice
Lines • Smoked Basmati Rice Basmati Products • Sona Masoori Rice
• Parboiled Basmati Products Maize Sugar Soybean Meal
• Banquet Rice

• Consists of the finest grains of • Consist of different types of • Thai Jasmine: sourced from
aromatic Basmati high-quality rice such as a mix Thailand and has a fragrant
• Aged for as much as of Basmati rice varieties or a aroma and chewy texture
12+ months mix of broken rice • Sharbati Aromatic Long Grain:
• More than doubles in size • Value alternative commonly an everyday rice for daily Onions Potatoes Millet
when cooked used as an “everyday” Basmati consumption; often purchased
Product • Rich taste and fragrant aroma and by restaurants or catering by foodservice customers Other Product Adjacencies
companies • Kheer: formulated for
Features rice pudding
• Khichdi: formulated for Indian
and South Asian comfort food;
also used as infant and
toddler food
• Sona Masoori: aromatic and
light grain white rice
Edible oils
Branded   
Organic Products
Third Party
Branded   

Broad product portfolio with more than 300 SKUs globally

7
Dynamic and Flexible Procurement Strategy with Significant Barriers for
New Participants

Procurement

1 Rice Procured “Early-Stage” 3 Rice Procured “Mid- and Late-Stage”

 Amira purchases paddy (rice) in an unfinished state from a large network
of procurement agents and local Indian farmers (typically between
September and March)
 The farmers bring their paddy to markets called “Mandi,” where they sell,
at a set price, to buyers from millers, brokers, and companies like Amira
 The markets function as a price setting process run by the local
governments, who set the market-wide prices at which Amira ends up
purchasing paddy
2 Processing
 Amira buys rice from brokers or other third party millers at the mid-late
(semi-finished) stage of the processing cycle
 While this rice is more expensive than early stage rice upon Amira’s initial
purchase, it has a lower in-house processing cost and storage requirement
 Average drying/warehousing time for mid-stage rice can be as much as
four to six months or more
 Fully processed rice may also be purchased from third-party mills for
immediate re-sale (Amira can use its facilities for packaging or rely on third
parties)

 Amira then selects the highest quality paddy available and brings it back to  Amira sources from third party providers both inside and outside of India
its factory to mill, separate, remove impurities, and package into ready-to-
sell rice
 Amira leverages proprietary technology for the quality-testing of
purchased paddy
 Once the early-stage rice has been processed by Amira, it is then dried and
aged for 12 months or more in warehouses before it is ready for wholesale
distribution

Amira Distribution Center, Mumbai

Basmati rice is only grown in the northern region of the Indian sub-continent in the foothills of the Himalayas

8
 Amira Has Continued to Invest in India, its Important Home Geography

• Establishment of 15 Company managed distribution 15 distribution centers

today, up from 1 at IPO
centers in India provides Amira with greater control Himachal
Zirakpur (Punjab) Pradesh
over its expansion efforts in its important home Punjab Uttarakhand

geography Haryana Delhi

Gurgaon Surajpur (Uttar Pradesh)
 Expected to drive deeper and broader Jaipur Uttar
Lucknow
Rajasthan Pradesh
market penetration Indore

 Expected to generate higher service levels of fill Kolkata

Ahmedabad
rates, inventory turnover and replenishment
Ranchi
Mumbai

• Amira is one of a handful of large relevant players in Hyderabad

the domestic India market, which collectively controls

Bangalore Vijayawada
approximately less than 30% of the market Chennai

 Represents a meaningful opportunity to

consolidate the market over time Amira Distribution Center, Mumbai, India

Amira Billboard, New Delhi Airport Amira Employees Amira Manufacturing Facility, New Delhi, India Amira Factory, New Delhi, India

Strong GDP Growth and an Emerging Middle Class Expected to Continue Acceleration of Trade-up to
Branded Premium Packaged Specialty Rice Products

9
KEY HIGHLIGHTS
Key Credit Highlights
1
Large Staple Consumer
Category with Highly
Supportive Industry and
Sub Category
Fundamentals
6 2

Highly Experienced and A Market Leader with

Successful Management Differentiated Business
Team Model

5 3
Strong Financial Track
Globally Diversified with
Record, Underpinned by
Wide Customer Base and
Stable Margins and Robust
Broad Product Portfolio
Cash Flow Generation
4

Vertically Integrated,
“State-of-the-art” Supply
Chain and Operations

11
 1. Rice is a $275bn Global Staple Category with Favourable Market
Conditions
Large Industry with Steady Growth Packaged Rice Industry Dynamics (1) (2)

Global Rice Consumption Packaged Rice Industry Brand Ownership(3)

550 Other
Brands
Metric tonnes (mm)

512
490 497 504 87.3%

476 479 475 483

475 466
456
436 435 443
418 425
406 412
400

Top Ten Brands (2)

12.7%
325 • Highly fragmented industry, limited concentration of brand
ownership on global and regional / country basis

250 Packaged Rice Industry Consumption by Geographic Region (3)

2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
Middle
East and
Africa
Source: Business Monitor International research, as of Jan 2017
15.6%
• Rice is the primary staple for >50% of the world’s population and
Latin
provides >20% of the global caloric intake(4) America
Asia Pacific
 Represents 30% of caloric consumption in Asia(4) 12.3%
59.3%
North
• Defensive and non-cyclical with steady growth America
5.5%
• Improves with age and has an extremely long shelf life (up to 5+
Western
years) if stored properly Australasia Eastern Europe
0.4% Europe 5.0%
• Global rice consumption is growing, estimated to reach c.483 million 1.8%
metric tonnes in 2017(5) • Highly diversified market sub-segments driven by factors such as
• The global rice market is estimated at c.$275bn(6) and has grown at varied taste and preferences, rice varieties / quality and income
c. 2% volume CAGR over the 2010 – 2015 period levels across the world
Note: Represent modern trade channels only.
1. $64 billion size of segment reported by Euromonitor refers only to channels tracked by the data provider and results in underestimating the overall market size
2. Percentages represent global market share in packaged rice by value
3. Euromonitor as of January 2017 – represents global market share in 2016 packaged rice by value
4. Jefferies report dated 21 September 2016
5. Business Monitor International research, as of Jan 2017
6. Horizon Research report dated 25 July 2012
12
1. Basmati is a Highly Attractive Segment of the Overall Rice Category
Basmati is a Value-Add, High Growth Variant of Rice Basmati’s Premium Pricing (4)
International Volumes of India Basmati Rice(1) (Amira Price Realization)
($/MT)
*$1,500
3/31/17
1,500 1,402
“Last 1,500
4.5 4.0 1,328
3.8 3.7 Trade”
Metric tonnes ( mm)

3.5 1,191 1,216

3.2 1,250 1,162 1,250
1,115
3.0 1,076
1,036
2.4
2.0 1,000 1,000
1.6
1.5 1.2 *$1,058
1.0 9/30/16
750 750
“Trough”
505 542
452 489 459 487
0.0 500 417 430 500
2007

2008

2009

2010

2011

2012

2013

2014

2015

2016
• Amira is a global leader in Indian Basmati rice market with more 250 250
than $350 million of sales in the $6.9 billion Indian Basmati rice
market (2) 0 0
• Basmati rice is a premium, aromatic long-grain rice grown in the FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17E
northern region of the Indian sub-continent in the foothills of the Specialty Rice (Dom+Intl) per MT Basmati Rice (Dom+Intl) per MT
Himalayas
• Basmati’s superior quality commands a premium price
 Regarded as healthy (hypoallergenic and gluten free), with a
lower glycemic index than white rice  Often 2 – 3x plus the price of other variants of rice
 Considered a premium food product: it improves with age and is • Basmati pricing has recovered sharply from 2015 / 2016 trough
typically stored for as much as 12+ months levels
• Basmati market has seen steady volume growth in India and • Fragmented supply chain, challenging for Western companies to
internationally
consistently source large quantities of Basmati rice
 Of the estimated $6.9bn (2) Indian Basmati rice market, ~70% is
sold internationally and ~30% is sold in India • Top 5 players in control of less than 30% of category

India Basmati rice is a ~$6.9 billion (2) subcategory of the ~$50 billion (3) Indian rice market, of which ~70% is sold
internationally and ~30% is sold in country
Source: Company materials, Food and Agricultural Organization report, USDA, ICRA Limited (March 2016)
1. APEDA Agri-exchange.
2. Market size from CRISIL – Indian headquartered global analytical & advisory company.
3. Business Monitor International 2016
4. Amira Price Realization based on unaudited management figures, including estimates for FY 2017. 9/30/16 “Trough” pricing based on average pricing for six months ended 9/30/16. 3/31/17 “Last Trade” pricing
based on selling price realization for international sales of premium Basmati rice in March 2017.
13
2. Amira is a Market Leader with a Differentiated Business Model

Global Players/Brands Regional Players India Specialty Rice

RiceFit

Fragmented Regional Brands Lack Sophisticated Management,

No Pure Play Global Rice Players without Global Management governance and Legacy Planning,
Teams or Perspective Limited Global Breadth and Reach

Amira is Uniquely Positioned to Seize the Global Specialty Rice Opportunity as a Pure Play

14
3. Globally Diversified with Wide Customer Base and Broad Product
Portfolio
Presence Across Five Continents(1) Diverse Customer Base
Modern Retail, New Delhi, India Top Customers at IPO (2012)
Whole Foods, USA
Kaiser’s, Germany
Top 5
Customers
47%
Rest of
Customers
53%

Traditional Retail, New Delhi, India Top Customers FY 2016

Costco, United States
Top 5
India Headquarters Customers
& Processing Facility 30%
Amira offices
Waitrose, London
Rest of
Customers
70%

India Middle East US UK Germany

(1) Information obtained from the Group’s distribution channel

15
3. Globally Diversified with Wide Customer Base and Broad Product
Portfolio

Tailored Product Offering for the Targeted Consumer Segments Across

Product Shelving Around the World
Products and Price Points
India Middle East

Gourmet
Avg Selling Px:
INR 160-190/kg
UK: £4.79/kg

Premium
Avg Selling Px: INR 110-140/kg
UK: £1.50-2.32/kg

Mainstream Germany
Avg Selling Px: INR 80-110/kg
UK: £1.20-1.62/kg

Popularly Priced Products

Avg Selling Px: INR 50-70/kg
UK: £0.90-1.20/kg

Copenhagen UK USA

16
 4. Vertically Integrated, “State-of-the-art” Value Chain

Basmati Value Chain

Scope of Amira’s operations

Directly Production Procurement Processing Distribution
Sourced
Basmati/ Storage
Paddy Storage Retail Sector
Non-Basmati Procurement of early-stage paddy Milling Separation (min. 3 Packaging
(6-9 months) Distribution
Rice Farms months)
Procurement
Strategy

Basmati/ Storage
Storage Retail Sector
Mid-/ Non-Basmati Procurement of early-stage paddy Milling Separation (min. 3 Packaging
(6-9 months)
months)
Distribution
Late-Stage Rice Farms
Rice

• Global presence with established roots – With procurement, • Adding value with state-of-the-art • Reliability to valued
processing, and distribution facilities throughout the Basmati rice processing capabilities – State-of-art, customers – Allowing
producing region fully automated and integrated establishment and
processing and milling facility with a fostering of stable
• Diversified supplier base and purchasing power – Longstanding capacity to process c.24 metric tons relationships across 5
relationships with a large network of procurement agents and a of paddy per hour continents and with many
large number of local Indian paddy farmers, which allows Amira to of the world’s premier
• Stability of supply – Ability to deliver retailers
consistently source high- quality paddy at competitive prices
large quantities of high-quality
products globally in a timely manner,
• Organic sourcing initiative – Developed organic sourcing initiatives • Global brand and value-
essential to success in both the Amira
which allow Amira to source and sell organic certified products in added offering – Focus on
branded and third-party branded
India, Europe, and the US providing customers with
businesses
consistent high-quality,
authentic specialty rice

17
5. Proven Organic Financial Results

Historical Financial Performance

$1,200.0 $120.0

$99.9
$1,000.0 $100.0

Adj. EBITDA ($ millions)

$800.0 $75.5 $74.7 $80.0
Revenue ($ millions)

$71.6

$700.0
$600.0 $60.0
$52.4
$547.3 $563.5 $542.6
$39.7
$400.0 $40.0
$31.0 $413.7

$21.5 $329.0
$200.0 $20.0
$255.0
$201.7
12.1% 12.7% 13.8% 14.3% 13.3% 13.2%
10.7% 12.1%
$0.0 $0.0
FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 LTM H1 FY2017

Adj. EBITDA Revenue Adj. EBITDA Margin

Revenue growth +26.5% +29.0% +25.7% +32.3% +27.9% (19.5)%
Adj. EBITDA growth +43.9% +28.1% +32.1% +44.0% +32.4% (25.2)%

Source: Company filings & press releases

18
6. Highly Experienced and Successful Management Team
Our Management team has transformed Amira from a local, family-owned business into a global,
professionally run company
Overview of Key Management & Board
Years of Relevant
Name Position Experience Experience
Chairman and Chief
Karan A. Chanana 20+
Executive Officer

Chief Financial Officer and

Bruce Wacha 20+
Key Management

Executive Director

Senior Executive Director of

Rajesh Arora 25+
Finance, Amira India

Chief Executive Officer, Amira

Tobias Sterath 10+
Basmati Rice GmbH EUR

Vice President, Amira I Grand

Alireza Yazdi 20+
Foods Inc., USA

Neal Cravens Independent Director 35+

Board

Shiv Surinder Kumar Independent Director 21+

Cornelius Barton & Co.

Harash Pal Sethi Independent Director 40+

19
HISTORICAL FINANCIALS
Revenue Growth Performance
Delivered c.16.4% top-line CAGR over the past 7 years following our proven strategy
Revenue Performance Commentary
($m)
• Amira delivered 16.4% revenue CAGR from FY 2010 through the LTM H1
FY 2017 period, driven by strong double digit volume growth and
$800 benefitting from improved price plus mix trends
FY 2010 –
LTM  Amira branded sales grew at ~20% CAGR over the period based on
700.0 H1 2017 outperformance in both its domestic and international markets
CAGR through the conversion of some of its historical third party branded
customers, increased penetration of existing geographies and an
$600 16.4% expanded geographic footprint; Amira branded sales doubled which
563.5
547.3 542.6 now account for approximately 44% of total sales or nearly half of
core rice revenues
413.3  India sales doubled as the Company increased its customer base of
413.7
large distributors and launched 15 managed distribution centers as
$400 301.4 317.6 part of its strategy to increase penetration and grow volumes in its
330.4 import home market
329.0
255.0 18.8% • Amira reported 11 consecutive quarters of double digit revenue, EBITDA
255.0
and net income growth from the time of its IPO through FYE March 31st
201.7 217.0 2015
$200
158.0  Strong operating performance and momentum in the business led by
108.0 286.7 superior Company execution on its expansion strategy and favorable
245.9 245.9
189.0 212.3 industry trends
94.0 97.0 112.0
13.3% • FY 2016 was negatively impacted by a lower industry pricing, the impact
$0 of FX translation on its domestic Indian business and one-off business
LTM H1 2017
FY2010

FY2011

FY2012

FY2013

FY2014

FY2015

FY2016

disruption and lack of availability of growth funding

 The Company would have expected volume growth through lower
prices in the market in the absence of the business disruption
India International
• Return to growth during 2H FY 2017 with revenues increasing by
approximately 2% or more based on unaudited financials and full year
Note: Fiscal year ended March 31. revenues of approximately $550 million for 2017

21
 Stable EBITDA Margins Led by High Variable Cost Model and Pass Through
Nature of Business
EBITDA Performance Commentary

• Adjusted EBITDA has been stable with improved trends over the long
($m) (%)
term period (average EBITDA margins of 13.2% from FY 2010 through
$120 180%
LTM H1 2017)

• Amira added c.150bps of EBITDA margin in FY 2011, following its last

Cost of Materials net of Changes in Inventory of Finished Goods1 Margin

major factory upgrade in FY 2010 (doubled internal production
160% capacity from 12 MT per hour to 24 MT per hour)
99.9
$90 • Amira benefits from a consistent variable cost model which allows it
to efficiently scale its business up or down depending on the
140% opportunity set

75.5 74.7  Amira’s largest financial outlay is the purchase of paddy / rice,
71.7 c.80% of its sales are cost of materials, additional c.2% of sales are
$60 120% freight, forwarding, and handling

 Demonstrated ability to manage employee labor costs by

52.4 operating in low cost environment and exerting disciplined
controls over spending
100%
39.7 • Proven ability to hold margins at long term average despite 20% drop
$30 in revenues in FY 2016 following significant business disruptions while
31.0 80.7% simultaneously operating in a lower input cost environment
85.8% 80%
80.8% 80.1% 81.6%  Rice is not a commodity, instead, and most importantly, the aging
21.5 77.3% 79.4%
75.7% of rice leads to a natural hedge for the business

• Amira has shown a high degree of earnings quality with limited

$0 60%
EBITDA adjustments (historically only non-cash compensation,
FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 LTM
expenses from aborted 2015 bond process and the increased legal
H1
FY2017
spending associated with the successful defence against a Class Action
EBITDA and its lawsuit against the short sellers)
Margin 10.7% 12.2% 12.1% 12.7% 13.8% 14.3% 13.3% 13.2%
(%) • 13.2% Adjusted EBITDA margins for six months (or LTM) period ended
Note: Fiscal year ended March 31. September 30th, 2016 was in-line with historical average throughout
its life as a public company

22
Key Working Capital Items
$ in millions
FY2014 FY2015 H1 2016 FY2016 H1 2017

Inventories $255.0 $262.9 $233.7 $239.0 $244.6

% LTM sales 46.6% 37.6% 35.9% 42.4% 45.1%

Trade receivables(1) $80.9 $130.4 $168.3 $189.7 $194.7

% LTM sales 14.8% 18.6% 25.8% 33.7% 35.9%

Trade payables $41.2 $34.3 $27.7 $14.5 $16.8

% LTM sales 7.5% 4.9% 4.2% 2.6% 3.1%

Net adjusted working capital(2) $298.2 $366.2 $374.8 $420.3 $435.8

% LTM sales 54.5% 52.3% 57.5% 74.6% 80.3%

Commentary
• Amira’s inventories included paddy (raw materials) and rice (finished goods) and are valued at the lower of cost and net realizable value(3). Amira’s
inventory level has remained in the region of 35-45% of sales from FY2014 to H1 2017. The write down of inventories for Amira remained minimal at
less than 0.1% of the total inventory value historically
• Amira’s inventories represent a highly monetizable asset that can be sold at virtually any time in the lifecycle, should Amira choose to do so
• Trade receivables as a percentage of sales increased over time in line with growth in the international space where invoices are typically settled after
longer periods. Receivables comprise of retail and institutional customers. As at H1 FY 2017, less than 0.5% is past due for more than one year.
Receivables cycle has also been temporarily extended as a result of a challenging operating environment
• Trade payables comprise mainly of semi-processed rice suppliers and paddy suppliers in addition to other expenses incurred in the normal course of
business
Source: Values based on publicly filed financial statements.
Note: Interim results and ratio analyses have not been audited. Net adjusted working capital is defined in Appendix for Non-IFRS measures.
1. Trade receivables balance for FY 2016 includes $185.1 million of receivables that are not past due, $2.6 million due less than 3 months, $0.6 million due less than six month, $1.4 million due less than one year and
$1.0 million due more than one year.
2. Net adjusted working capital is defined as total current assets minus: (a) total current liabilities (b) cash and cash equivalents and plus current debt
3. Net realizable value is the estimated selling price in the ordinary course of business less estimated cost of completion and selling expenses. Impairments in last 2 years are negligible, where it was $0.2m and $0.1m
as of March 31, 2016 and March 31, 2015 respectively

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Disciplined Cost Structure and Capital Spending Plan
Historical Capital Expenditures(1)

$6.0
$5.5

$5.0
($ in millions)

$4.0 $3.7

$3.0
$2.4

$2.0 $1.8
$1.2
$0.9
$1.0 $0.6

$0.0
FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016

% of Sales 2.7% 0.7% 0.3% 0.3% 0.7% 0.3% 0.1%

• Historically, the company invested in only the most modern manufacturing equipment which has allowed it to benefit from low maintenance capex
 In 2010, the majority of capex relates to the doubling of Amira’s factory capacity. Amira benefitted from an increase of ~150bps EBITDA margin
following its factory expansion
 As part of its growth strategy, Amira used part of the proceeds from the IPO in 2012 to expand its milling and sorting capacity from 2014 through
2015
• Maintenance capex historically less than ~$2 million per year

1. Capital expenditures include purchase of property, plant, and equipment and intangible assets.

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Credit Statistics

ANFI Leverage (Total Net Debt / LTM Adj. EBITDA) Commentary

4.0x • As of September 30, 2016, $204.3 million of total debt and LTM
Adj. EBITDA of $71.7 million
2.4x 2.6x 2.6x

1.9x 1.9x 2.0x 1.9x 1.9x 1.9x

• Total Debt to Adj. EBITDA ratio of 2.9x at September 30, 2016
2.0x 1.7x 1.7x 1.6x

• Net Debt to LTM Adj. EBITDA ratio of 2.6x at September 30,

2016
0.0x
Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 H1'16 H2'16 H1'17
• LTM Adj. EBITDA to Finance Cost (net of Finance Income) ratio of
2.8x at September 30, 2016

ANFI Interest Coverage (LTM Adj. EBITDA /

Peer Leverage Levels (Total Net Debt / LTM Adj. EBITDA)
Finance Costs Net of Finance Income)

4.0x 4.0x
3.3x 3.2x 3.3x 3.2x
3.1x 3.0x 3.0x 3.1x 3.0x
2.8x 2.8x 2.9x 2.8x
2.5x 2.6x

2.0x 2.0x

0.0x 0.0x
Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 H1'16 H2'16 H1'17 Mid/Small Cap Food Large Cap Food Amira

Source: Derived from public Company financial statements and Capital IQ as of February 24, 2016.
Note: ANFI values based on publicly filed financial statements; preliminary and Interim results and ratios have not been audited.. Large Cap companies include Campbell’s, ConAgra, General Mills, Kellogg, Kraft,
Mondelez, PepsiCo, Mead Johnson, JM Smucker, McCormick.
Mid/Small Cap companies include Pinnacle, Treehouse, Snyder’s-Lance, B&G Foods, Flowers Foods, Post, Hain Celestial, WhiteWave, SodaStream, J&J Snack, Premier Foods, AdvancePierre, Nomad Foods, Monster
Beverage, Lamb Weston, Blue Buffalo, Hostess and Herbalife.

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CONCLUSIONS
Conclusions
Amira Key Highlights
1 • A large, staple category with steady growth and a very long shelf life (5+ years for packed product)
Staple Consumer Category • Highly fragmented industry with no clear leaders, characterised by high barriers to entry and growth
(procurement, WC need, product know-how, geographic indication, brand, visibility on costs)
with Highly Supportive
• Basmati is a highly attractive premium sub-segment of the rice market catering to a wealthier demographic
Industry Fundamentals enabling pricing premium, benefitting from growth of middle classes in EM countries and a largely under-
penetrated international market
2 • Global players with basmati representing only a small division of sales, hence lacking focus towards the
A Market Leader with category
• Indian players primarily dependent on home markets (and one other international market) and lacking
Differentiated Business appropriate back-end infrastructure
Model • Amira has strong and growing presence across 5 continents with established distribution routes throughout
emerging and international markets
3
• Broad and flexible product offering that can be tailored to target all value and price points
Globally Diversified with
• Diversified blend of leading retailers (Bharti, Publix, Costco, Whole Foods, etc) and institutional, 3rd Party
Wide Customer Base and Branded and distribution partners underpinned by strong relationships
Broad Product Portfolio • Significant decline of revenue concentration since IPO in 2012 (Top 5: 47% to 30% )

4 • Dynamic and flexible procurement strategy (supported by a large network of procurement agents throughout
Vertically Integrated, the Basmati rice producing region) from a diversified supplier base with procurement at competitive prices
combined with lower in-house processing and storage costs
“State-of-the-art” Supply
Chain and Operations • State-of-the-art, fully automated processing and milling capabilities
• Poised for a return to growth

5 • Revenue CAGR of 16.4% and Adjusted EBITDA CAGR of 20.3% between FY 2010 and LTM H1 FY 2017
Strong Financial Track
Record, Underpinned by • Margin stability ensured through complete visibility on costs before pricing considerations and currency
hedging to mitigate adverse FX risk—relative margin stability in the recent challenging basmati pricing
Stable Margins and Robust environment and short-term external issues
Cash Flow Generation • Investing in the most modern manufacturing equipment keeps maintenance capex <$1mm per year

6
• Experienced management team has transformed Amira from a local, family-owned business into a global,
Highly Experienced and professionally run company
Successful Management • Combined total of ~90 years of management experience with diverse backgrounds in the global rice industry
Team • Track record delivering high growth alongside disciplined cost structure and capital spend

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