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The Agri-business Value Chain The agri-business value chain consists of four parts: An upstream piece which includes plantations, farming, forest concessions, dairy farming, and agri-inputs; A supply chain piece (Olams core); A midstream, value-added processing piece; and A downstream contract manufacturing, private label manufacturing and distribution piece.

We are today a leading global supply chain manager and processor of agricultural products and food ingredients from farm to factory gate. Our 10,000 employees worldwide operate an integrated supply chain for 20 products in 64 countries, delivering these products to over 10,000 customers globally. We are today a global leader in many of these businesses, including Cashew, Almond, Spices & Dehydrates, Sesame, Cocoa, Coffee, Rice, Cotton, Teak as well as Palm and Rubber in West Africa. We are suppliers to many of the world's most prominent brands offering them reliability, consistency, trust, traceability, and other value added services. This has helped us earn a reputation as the "brand behind the brands". Defining Olams Core Over the 20 years that we have been in business, we have developed a strong core as a leading global supply chain manager of agricultural raw materials and food ingredients. Our core business consists of five key facets:

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Sourcing/origination: Farm gate cross-sourcing model, built a valuable franchise of over 200,000 grower and supplier relationships; Primary processing: Converting agri-raw materials into intermediate products; Logistics: Inland and marine logistics; Risk Management: Capturing, measuring and managing risk at a transactional level; Trading/marketing: Providing customised marketing solutions and services to over 10,000 customers globally. In our business model, we try and capture a relatively more predictable fee quality kind of income for providing supply chain solutions. Our complete integration allows us to control our supply chain, achieve operational efficiencies, add value and manage the various risks along the entire supply chain, enabling us to therefore appropriate the margins which exist in each part of the supply chain. Our distinctive position is based on the strength of our origination capability, our strong position in the destination markets worldwide by virtue of our ability to offer customised marketing solutions and valueadded services to our customers, as well as our strength in risk management. We have been able to differentiate ourselves from competition as a result of these three distinctive capabilities while matching the best in the industry in respect of logistics, processing and distribution (Learn more about our competitive advantage). The key to our strong core business is a repeatable and scalable growth model that has allowed the company to reinforce and expand the core through geographic, value chain and product adjacencies by sharing customers, costs and capabilities. Our strong core has helped us perform strongly and consistently over the last 20 years across both economic and commodity cycles. We have built a strong business portfolio based on key strengths developed over the past two decades.

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Our Approach to Growth Our approach over the next six years (till 2015) is to: Consolidate the core by focusing and recognising its full potential; Identify the hidden assets, skills and capabilities that we have acquired over the last 20 years and explore how these could be leveraged; Expand by exploiting the power of the repeatable adjacency expansion formula; Refine the strategy by following profit pools as a direction finder for our future investments in different parts of the agri-business value chain. Based on the above analysis, for each of our businesses, we map the profit pool to determine the distribution of the profit pool between the upstream, Olam core, midstream and downstream segments. Having determined the size of opportunity in each of these segments, we look at our winnability in selectively integrating into the more attractive parts of the profit pool where excess return opportunities exist. There are five key strategic thrusts that we want to pursue as a result: Pursue integrated global value chain leadership; Selectively expand into value chain adjacencies; Optimise and extract full value from the core;

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Grow into new adjacent businesses building on the latent assets and capabilities that we have; Downsize/exit/prune unattractive businesses, origins, profit centres and activities. We map and prioritise our various businesses based on their historical financial performance, their current competitive position and the addressable size of the prize to determine which of these businesses will fall into each of these five strategic thrusts. Three businesses, namely coffee, edible nuts and West Africa palm, are selected for significant investments to build integrated global value chain leadership. Six other businesses including cocoa, dairy, sugar, rice, grains and spices and dehydrates fit selective value chain expansion strategy. Four businesses including cotton, sesame, pulses and wood products are selected for optimising the core and extracting the full potential of the investments already made. We also identified three new businesses that we would like to get into based on leveraging and building on the latent assets and capabilities that we have developed over the 20 years of being in this business. These three new businesses include Packaged Foods distribution in Africa, fertiliser distribution in Africa and the Commodity Financial Services business. The packaged foods distribution business leverages our distribution franchise and network in 24 African countries and in Russia. The fertiliser distribution business will leverage our grower and supplier relationships that we have built over the last 20 years and supply them with the fertiliser inputs they need and provide off-take for their commodities at the backend. In the commodity financial services business we plan to undertake three activities: i) market-making and volatility arbitrage trading; ii) providing risk management solutions; and iii) fund management first launching a relative value commodity fund. In this business we are leveraging our understanding of commodity markets, our knowledge of derivative markets and our strong risk management skills to enter this space. Upstream We are today integrated selectively upstream into plantations of palm and rubber in West Africa, coffee in Laos and almond orchards in

Australia, dairy farming in Uruguay, farming of peanuts in Argentina, rice in Nigeria and Mozambique, and forestry concessions in tropical hardwoods in Gabon. We plan to selectively integrate upstream into plantations of cashew and cocoa, farming of select annual crops like tomatoes, onions, wheat and stevia, as well as into agri-inputs, such as fertiliser distribution and manufacturing in certain countries. We will only target investing upstream in products and geographies where we can produce these crops cheaper and better on a sustainable basis and where there are clearly excess returns to be made. Sourcing/Origination Our experience starts at the origin. At the heart of our business is our origination activity, where our knowledge and expertise assist farmers and collectors and provide us with a consistent supply of good quality produce. Our physical presence across a wide network of locations allows us to source the products from as close to the farm gate as possible directly in the origin. To support this, we have developed a network of up-country procurement units and warehouses. Our trained and experienced field managers, with well-institutionalised field operating systems, enable us have an accurate stock and quality assessment process and practice effective risk management. This ensures a complete control over procurement, logistics and storage. There are major advantages by being present in up-country locations near the farm gate. Firstly, we gain access to a larger profit pool. Based on our estimates, 65% of the profit pool lies between the farm gate and exporters in the origin countries. By playing the role of an integrated supply chain manager, we disintermediate all other middle-men and brokers in the supply chain (town level agents, port city agents, exporters) and thereby are able to earn the higher margins. Secondly, we enjoy better delivery and fulfillment capability as our upcountry infrastructure and systems have enabled us to secure and deliver reliable supplies of agricultural products to customers in volatile commodity markets. Thirdly, being present at the farm gate allows us to differentiate ourselves from competition by embedding value-added services in our

products, such as traceability, customised grades and qualities, organically certified and fair trade certified produce, all of which allow us to earn a premium for our products. Finally, we are a multi-product company, which enables our country operations to cross-source products by sharing resources, thereby making each country and business, cost competitive and locally effective. However, the reason behind our success in origination lies not simply in our physical presence in many origins and our innovative approach to business but in our belief in partnerships, enabled by the close and productive relationships that we foster and develop with growers and suppliers. Primary Processing Olam is engaged in processing and adding value to the various agricultural products that we handle. We process many of the products before they are delivered to the final customer. The primary and intermediate processing of products in the origin enhances our origination strengths. Adding value through processing is fundamental to our strategy and enables us to provide the required quality for our customers on a consistent basis. Our processing activities range from processing and grading of coffee, grinding of cocoa beans, shelling and blanching of cashews and other edible nuts, ginning of seed cotton to cotton lint, to sawing of timber logs to sawn timber and milling and polishing of rice. Our qualified and experienced managers closely monitor every stage of processing and packaging to maintain stringent quality standards. The ability to control and add value through our own processing activities is pivotal to strengthening our overall supply chain management. Olam's processing activities, particularly in the developing countries, has helped to transfer technology, build local capability, create local employment, and generate higher foreign exchange earnings for these economies. Logistics Olam's infrastructure in the origins facilitates the efficient export and

import of our products. We have the ability to manage the multi-modal transportation requirements of our businesses. This ensures we remain competitive and flexible to meet our client's requirements, no matter how complex they are. We place significant emphasis on our ability to organise every detail of the logistics chain, beginning with the aggregation of numerous small parcels into suitably sized lots for shipment. Our investment in transportation infrastructure, combined with contractual agreements with numerous haulage companies, enables us to move our products quickly and efficiently from up-country to the port. The effective management and co-ordination of shipments is integral to our success, with our inhouse shipping function providing the company with additional advantages. The strength of our freighting and forwarding capability provides us with a competitive platform for our business and ensures reliable and timely delivery to our customers. Efficient logistics management is enabled by our wide geographical spread and the extensive infrastructure of warehouses and transportation systems we use. With our network, we have a global reach, but at the same time, we provide a local response to our customers and ensure a customised and efficient service. Everyday, throughout our worldwide operations, goods are being moved to our warehouses, shipped, discharged and delivered to our customers. The in-house management of our shipping operation also enables us to reduce costs, improve efficiency and maintain the quality of products. We are able to impact the rate of loading and discharge in the case of vessels on time charters, where there are significant benefits to be gained from compressing the turnaround time. As a result, customers receive reliable, timely and competitive supplies at their chosen destination. Trading/Marketing Our extensive network and integration within the supply chain enables us to provide our customers with timely, consistent and reliable supplies as well as up-to-date information on the world markets. This has helped us forge privileged relationships with the end-users to whom we provide various value added services and customised solutions.

Our customers expect a reliable supply and efficient service. We achieve this by getting to know our business partners and determining their specific needs. We are dedicated to building unique and long term relationships with customers that reflect their individual requirements. We provide them with customised solutions, including special grades and quality, traceability, vendor-managed inventory solutions, organically certified supplies or fair trade produce certified supplies, market intelligence and tailor-made risk management solutions. We are able to provide such solutions because of our origination capability and direct presence at the farm gate where we have a clear line of sight and visibility on where they originate and we maintain the chain of custody of the products which we source and supply. Our offices in Singapore, London and New York form the axis for all our hedging activity, with rapid access via our brokers to the major commodity exchanges around the world and to our banks for covering our currency exposure. These offices form the key hubs for our marketing activities with experienced traders who are in constant contact with our customers worldwide. To service the more specific customer requirements marketing offices have been established in Poland, Netherlands, Russia, France, Dubai, South Africa and China. In addition to our own marketing expertise and infrastructure, we have an extensive network of trusted and experienced agents, who complement our marketing capability with their in-depth understanding of the local markets. With our origination skills, we are able to offer a level of service and information, which differentiates us in the market place. We have strong relationships with our customers, including major multinationals and support their supply chain requirements adding value and providing a reliable source of raw materials and customised solutions and services to them. Olam provides timely and cost effective deliveries to customers throughout the world. Our supply chain infrastructure and our close relationships with other logistics companies enable us to meet the specific needs of our customers which vary in terms of location, time of delivery, volume, and packaging. What differentiates Olam is our willingness and ability to service each client's unique requirements.

As one of the world's leading supply chain managers of agricultural products and food ingredients, we deliver products of a consistent standard to our customers in the destination markets. With expertise in shipping and logistics, we are able to manage the supply chain and provide cost effective delivery of our products. We also provide valueadded services such as Vendor Managed Inventory (VMI), which involves the outsourcing of inventory activities by our customers to us to reduce working capital requirements and improve just-in-time practices by tapping our inventory management expertise. In order to understand our customers' requirements, we maintain regular communications with them, both pre-and post-delivery, through our network of offices and marketing agents/brokers. The timely supply of products of a consistently high standard ensures that our customers can outsource their inventory management to us, while having complete confidence in our ability to deliver. Midstream Midstream is value-added, secondary processing, converting intermediate products into ingredient quality products. Today, we participate in midstream processing of peanuts into peanut ingredients and spices into dehydrates in the US, soluble coffee manufacturing in Vietnam, cocoa processing in Nigeria, sugar milling and refining in India and Indonesia respectively, and palm oil refining in West Africa. We plan to invest further selectively in value-added midstream processing, including cocoa grinding in the origins, tomato paste manufacturing, wheat milling, sugar milling and refining, palm oil refining and almond processing. Like with upstream investments, we will only invest in midstream processing where excess return opportunities exist. Downstream Downstream activities relate to contract manufacturing and private labeling activities as well as distribution of food staples and packaged foods in consuming countries via a network of wholesalers and retailers. Our target markets for downstream activities are Russia, South Africa and West Africa. Our Competitive Advantage

Building Barriers to Entry: Origin Capabilities We possess strong origination skills as we buy from the lowest level of aggregation possible directly in the producing countries, process such produce into intermediate products, manage the logistics and various risks in these countries and export products of a consistent and reliable standard on time to customers. We have a direct presence in all key producing origins that account for at least 80% of world production of the various agricultural products. Our farm gate sourcing allows us to exercise control in the supply chain and appropriate higher value. Crosssourcing of multiple products in each country provides us with cost advantage and scalability. Our field operating systems have been developed to manage the supply chain complexities in challenging origins. In addition, we have put in place highly experienced teams on the ground at the origins with strong local knowledge of the operational conditions as well as strong relationships with local buying agents and growers. We believe these are the critical factors behind our origination capabilities, which has differentiated us from our competitors, particularly the global trade houses, who normally operate from the port cities and commercial capitals in the producing countries and rarely extend their operations to the farm gate. They would buy from portbased suppliers, agents and origin exporters, rather than set up a farm gate buying model given the complexities involved in upcountry operations. Building Barriers to Entry: Strong Market Capabilities In all of our operations, we have established strong relationships with end-customers including multinational corporations, which own internationally recognised brands. We believe that these strong relationships are built on our leading global market positions, for example we are: The largest supplier of Cashew and Sesame in the world; The largest supplier of Robusta coffee and one of the top five supplier of Arabica coffee in the world; The largest supplier of Cocoa beans worldwide; Amongst the top three global players in Rice;

 One of the top three suppliers of Cotton in the world; and One of the largest suppliers of Teak in the world. As market leaders, we have a detailed understanding of our customers' product requirements, which enables us to offer differentiated products, supply chain solutions and value-added services, including product traceability, customised qualities, vendor-managed inventory solutions and risk management solutions. We have a strong customer base of over 10,000 customers globally with a network of offices in all key destination markets. Through our direct end-customer relationships, we have high demand visibility. Given our origination, processing and logistics capabilities, we are able to deliver our products on time with consistent quality. We believe that our customers value us as a reliable counterparty and a long-term business partner. We believe our market capabilities have further differentiated us from competitors, particularly the origin trade houses. These origin trade houses are primarily port town suppliers and agents and indigenous origin exporters or importers based in destination markets who rarely operate in multiple countries and would normally sell their products to trade houses. As a result, they generally lack access to end-customers and market skills, which include market research and analysis, developing privileged relationships with customers, distribution and logistics capability, hedging and risk management skills. Unique Competitive Position Our unique competitive position stems from our capacity to combine origination and sourcing capabilities in the producing countries with trading, marketing, risk management capabilities in the destination markets concurrently. At the sourcing end, we seek to differentiate ourselves by out-origining our competitors by buying at the lowest level of aggregation possible, right at the farm gate. This entails buying from distributed collection points upcountry at the point of arrival of these products, often under very challenging conditions. At the marketing end, we seek to differentiate ourselves by offering various value-added services to our customers.

We continue to extend our competitive advantage by replicating our business model across new products, geographies and markets. Growth Model Olams growth model is driven by a clear definition and focus on our core business and a systematic and repeatable formula for adjacency expansion based on that core. We have defined that core business as supply chain managers of agricultural products and food ingredients. This means that we provide an end-to-end supply chain solution between the farm gate in producing countries and the factory gate of our customers in destination markets. Our growth has been driven by a business model which is both scalable and replicable. We have grown by taking advantage of adjacent opportunities in businesses which share geographies, products, customers and supply chain capabilities with our existing businesses. We have pursued this adjacency strategy to evolve from a one product and one country business to a global enterprise operating in 20 products in 64 countries. Growth through Geographic Adjacencies Olam has built a reputation of providing superior delivery and fulfillment capability from challenging producing countries and in volatile price environments. Our expansion into new geographies is determined by our ability to source existing products or replicate existing supply chains in these new countries. We started by supplying Cocoa from a single producing country in Africa to cocoa grinders and chocolate manufacturers in Europe and the USA. The same customers, satisfied with our services, asked us to source and supply cocoa for their special needs from other countries as well. We were thus able to expand into other cocoa producing countries at relatively low risk and with attractive economics. Today, we are present in most key cocoa producing origins. This approach of geographic growth in product areas where we have an existing customer base and a proven capability has guided our expansion into a global business which now operates successfully in 60 countries. Cross-sourcing of products has also enabled us to amortise our costs in any one country across multiple products and larger volumes.

While building the team and capabilities in origin markets, we have concurrently expanded our presence and built our marketing, trading and risk management skills in the consuming markets. Our ability to establish, replicate and scale up a successful model across origin markets in Africa, Asia and Latin America as well as to penetrate the developed markets of Europe and North America has created a unique competitive advantage for the company today and into the future. Growth through Value Chain Adjacencies Together with our strategy of product and geographic expansion, we have pursued a strategy of value chain expansion by combining various value-added services along with the physical products that we supply to our customers. This has allowed us to enhance our margins in the businesses that we participate in. At the heart of our competitive advantage is our origination capability, particularly our procurement reach in the producing countries where we buy from the lowest level of aggregation and as close to the farm gate as possible. This implies buying at distributed upcountry collection centres at the crop arrival point, which increases complexity. Our rigorous field operating systems and good quality people on the ground in these remote locations helps us protect the integrity of stocks (quantity and quality) lying in these distributed collection centres and effectively managing this enhanced complexity. This is a significant barrier to entry for most of our competitors. The industry is beginning to recognise that origin processing is capable of yielding products of an acceptable quality with significant cost savings. Furthermore, by processing at the origin, we can avoid the costs of transporting the portion of the product which is later discarded during processing. In the case of Cashew Nuts, we have built on the success of our processing operations in India, Vietnam and Brazil to set up processing facilities in East and West Africa. We have set up coffee processing facilities in East and West Africa, South East Asia and South America. We are also investing in infrastructure such as warehousing and logistics/transportation facilities in those countries where we have

sufficient operational scale and captive volumes to achieve cost savings by owning and managing the facility ourselves. Our diversified customer base is willing to pay a premium for valueadded services. We are using our knowledge and competitive strengths to develop specific solutions for our customers like offering customised grades and qualities, organic certification products, fair trade practice certification, vendor managed inventory solutions, customised risk management solutions and proprietary market intelligence. Providing an offering to the customer beyond just the physical product has enabled us have very high levels of customer loyalty and retention and contributed in a large measure to our ability to continuously grow our customer base. Growth through Product Adjacencies Olam has grown as a result of moving into various adjacent new product opportunities and leveraging our existing competencies into these adjacent product areas. Our expansion into new products has been shaped by our ability to either source the product using the existing supply chain infrastructure in the origins where we are present, or supply a new product or set of products to our existing customers. Our customers of cashew kernels, for example, had a requirement for other edible nuts such as peanuts, hazel nuts and almonds. A number of them wanted us to source these items for them from the origin countries where we were present. This led to the cashew business expanding into a much larger edible nuts business. Through repeated adjacency moves, Olam is today a global leader in the supply of various agricultural products and food ingredients to major multinationals. From one product, we have today grown to 20 products organised into four segments: Edible Nuts, Spices & Beans, Confectionery & Beverage Ingredients, Food Staples & Packaged Foods and Industrial Raw Materials.