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Presenters

Sunny Verghese
Co-Founder and Group CEO

A. Shekhar
Executive Director and Group COO

N. Muthukumar
President and Group CFO
2
Notice

This presentation should be read in conjunction with Olam International Limiteds

Financial Statements for the First Quarter ended March 31, 2017 (Q1 2017) and
Management Discussion and Analysis lodged on SGXNET on May 15, 2017.

3
Cautionary note on
forward-looking statements

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 managements 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. Such factors that may affect Olams future financial results are
detailed in our listing prospectus, listed in this presentation, or discussed in todays news
release and in the Management Discussion and Analysis section of the Companys First
Quarter ended March 31, 2017 results report and filings on SGXNET. 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.

4
Agenda

Q1 2017 highlights

Financial and operating performance

Segmental analysis

Balance sheet and cash flow

Key takeaways

5
Q1 2017
highlights
Q1 2017 highlights

PATMI grew 26.6% to S$143.9 million

Strong underlying growth with Operational PATMI up
14.1% despite higher depreciation and amortisation,
and finance costs
EBITDA grew 19.8% to S$398.6 million
Positive Free Cash Flow to Firm (FCFF) at S$134.9
million
Continued to execute 2016-2018 Strategic Plan based
on committed Capex

7
Financial and operating
performance
P&L Analysis
SGD Mn

Q1 2017 Q1 2016 % Change

Volume ('000 MT) 4,461.7 2,965.5 50.5

Revenue 5,804.2 4,761.4 21.9
Net gain/(loss) in fair value
(2.0) (5.3) (62.3)
of biological assets
EBITDA 398.6 332.8 19.8
Depreciation &
(88.6) (80.5) 10.1
Amortisation
Net Finance costs (139.6) (99.4) 40.4
Taxation (34.0) (31.0) 9.7
Exceptional items 0.0 (12.5) n.m.
PAT 136.5 109.4 24.7
PATMI 143.9 113.6 26.6
Operational PATMI 143.9 126.1 14.1

Volume growth mainly due to opportunistic trading volumes in Grains

Improved EBITDA growth from Edible Nuts, Spices & Vegetable Ingredients, Food Staples & Packaged
Foods, and CFS segments compensated for lower contribution from Confectionery & Beverage
Ingredients and Industrial Raw Materials, Ag Logistics & Infrastructure segments
Higher depreciation and amortisation charges due to enlarged fixed asset base
Increased net finance costs due to 1) larger invested capital base; 2) increase in benchmark interest
rates; 3) increase in higher-cost local borrowing in select geographies
9
EBITDA and Invested Capital
SGD Mn
EBITDA SGD Mn
Invested Capital
16,649.0 16,964.4
1,400 18,000
1,202.8 16,000
1,200 1,129.0 14,374.7 14,241.6
1,085.2
14,000
1,000 11,560.7
12,000 8,852.8 9,045.2
800 10,000 7,652.8 7,439.6
600 8,000 6,017.2
398.6 6,000
400 332.8
4,000 7,796.2 7,919.2
200 5,543.5 6,721.8 6,802.0
2,000
0 0
2014 2015 2016 Q1 2016 Q1 2017 Dec'14 Dec'15 Dec'16 Mar'16 Mar'17
restated restated restated restated
Fixed Capital Working Capital

Compared to end-Mar 2016:

Increase in Fixed Capital from acquisition of peanut shelling assets, as well as continued committed
investments in upstream and midstream assets
Increase in Working Capital from higher volumes and prices, including cashew, almonds, coffee and
cotton
Invested Capital excludes
(a) Gabon Fertiliser Project (31-Mar-17: S$223.3 million, 31-Dec-16: S$ 224.8 million, 31-Mar-16: S$ 211.6 million), and
(b) Long Term Investment (31-Mar-17: S$ 172.7 million, 31-Dec-16: S$ 148.4 million, 31-Mar-16: S$ 236.4 million)
10
Segmental
analysis
Edible Nuts, Spices & Vegetable Ingredients
SGD Mn
EBITDA SGD Mn
Invested Capital
450 3,701.4
393.5 4,000 3,642.7
400 3,363.6 3,463.0
360.5 3,500
3,237.3
350 331.8
3,000 1,421.0 1,436.0
300 1,415.0
2,500 1,587.1 1,201.0
250
200 2,000

150
138.0 1,500
100 80.2 1,000 2,048.0 2,221.7 2,036.3 2,265.4
1,776.5
50 500
0 0
2014 2015 2016 Q1 2016 Q1 2017 Dec'14 Dec'15 Dec'16 Mar'16 Mar'17
restated restated restated restated
Fixed Capital Working Capital

EBITDA up 72.1% mainly due to higher Edible Nuts contribution, primarily from peanut,
cashew and almond businesses; steady contribution from Spices & Vegetable Ingredients,
excluding tomato processing, which continued to underperform

Compared to end-Mar 2016, Invested Capital increased by S$464.1 million; Working

Capital rose with higher volumes and higher cashew and almond prices; Fixed Capital up
mainly due to acquisition of peanut shelling assets
12
Confectionery & Beverage Ingredients
SGD Mn
EBITDA SGD Mn
Invested Capital
450 7,000
407.2 6,109.5 6,397.2
5,680.9 5,785.4
400 6,000
350
5,000
300 275.6 284.0
4,000 3,246.9 4,940.4
250 4,568.7
4,329.7 4,478.0
200 3,000
150 2,000
105.2 2,745.4
100 75.0
1,000
50 1,351.2 1,540.8 1,307.4 1,456.8
501.5
0 0
2014 2015 2016 Q1 2016 Q1 2017 Dec'14 Dec'15 Dec'16 Mar'16 Mar'17
restated restated restated restated

Fixed Capital Working Capital

EBITDA down 28.7% due to lower contribution from Cocoa as a result of lower volumes and pressure on
supply chain margins caused by sharp market movements

Coffee achieved higher EBITDA from both green coffee and soluble coffee businesses

Invested Capital increased by S$611.8 million as compared with end-Mar 2016, driven by higher Working
Capital from higher Coffee volume and prices; Fixed Capital also increased with continued investments
in coffee plantations and expansion of soluble coffee capacity in Vietnam and Spain

13
Food Staples & Packaged Foods
SGD Mn
EBITDA SGD Mn
Invested Capital
350 330.2 5,000 4,522.1 4,660.2
295.2
300
4,000 1,450.0
250
3,075.1 3,230.6 1,498.3 3,313.9
212.1
200 3,000 817.0
708.7 915.0
150 118.3 2,000
100 85.7 3,023.8 3,210.2
1,000 2,366.4 2,315.6 2,496.9
50

0 0
2014 2015 2016 Q1 2016 Q1 2017 Dec'14 Dec'15 Dec'16 Mar'16 Mar'17
restated restated restated restated
Fixed Capital Working Capital

EBITDA up 38.0% with all platforms performing better than Q1 2016

Key contributor to growth was Grains in both origination and milling; continued improved performance
from Dairy upstream in Uruguay and Packaged Foods

Invested Capital increased by S$1.3 billion as compared with end-Mar 2016; higher Grains volumes and
dairy prices drove up Working Capital; Fixed Capital up mainly due to construction of animal feed mills,
wheat milling capacity expansion in Ghana and continued investments in upstream Palm in Gabon
14
Industrial Raw Materials
Ag Logistics & Infrastructure

SGD Mn
EBITDA SGD Mn
Invested Capital
250 2,500 2,220.9 2,091.3
215.6
1,872.0 1,917.5 1,844.9
200 185.1 2,000

1,500
1,212.7 1,106.0
150 135.2 911.9
974.2 884.5

100 1,000
65.2 62.2
50 500 1,005.6 1,008.2 960.4 985.3
897.8

0 0
2014 2015 2016 Q1 2016 Q1 2017 Dec'14 Dec'15 Dec'16 Mar'16 Mar'17
restated restated restated restated
Fixed Capital Working Capital

EBITDA declined 4.6% as a result of lower contribution from Wood Products due to
continued sluggish demand in India, partly offset by higher contribution from Cotton

Invested Capital up by S$246.4 million as compared with end-Mar 2016; Working Capital
increased with higher volumes and prices of Cotton; Fixed Capital up with continued
investments in upstream Rubber plantations in Gabon

15
Balance sheet and
cash flow
Balance sheet
SGD Mn

Change
31-Mar-2016
vs Mar 16
(assuming
Change (assuming
31-Mar-17 31-Mar-16 PPA
vs Mar 16 PPA
exercise
exercise
completed)
completed)
Uses of Capital
Fixed Capital 8,315.2 6,680.0 1,635.2 7,345.8 969.4
Working Capital 8,559.0 8,397.7 161.3 8,376.2 182.8
Cash 2,643.7 1,600.5 1,043.2 1,600.5 1,043.2
Others 336.0 580.8 (244.8) (63.5) 399.5
Total 19,853.9 17,259.0 2,594.9 17,259.0 2,594.9
Sources of Capital
Equity & Reserves 5,796.6 5,275.5 521.1 5,275.5 521.1
Non-controlling interests 222.4 231.2 (8.8) 231.2 (8.8)
Short term debt 5,612.2 5,564.6 47.6 5,564.6 47.6
Long term debt 8,505.3 6,412.7 2,092.6 6,412.7 2,092.6
Fair value reserve (282.6) (225.0) (57.6) (225.0) (57.6)
Total 19,853.9 17,259.0 2,594.9 17,259.0 2,594.9

Compared with end-March 2016 on a Purchase Price Allocation (PPA) adjusted basis for
acquisitions made during 2015 and 2016, the net increase in Fixed Capital and Working Capital
would be S$969.4 million and S$182.8 million respectively
17
Balance sheet
Optimising tenure and borrowing mix

Initiated debt refinancing programmes in Q1 2017:

Outstanding 7.0% Perpetual Capital Securities
unchanged at S$235.8 million as of end-Mar 2017
post call-back on Mar 1-7; to redeem all outstanding
Securities as at Sep 1, 2017
Issued US$300.0 million 5 year 10 month senior notes
due 2023 at 99.37 of principal and fixed coupon of
4.375%
Issued 5.7 billion (approx. US$50.0 million) senior
notes due 2022 at 98.0% of principal and fixed yen
coupon of 0.47%
18
Cash flow analysis
SGD Mn

Cash Flow Summary Q1 2017 Q1 2016 3M YOY 2016

Operating Cash flow (before Interest & Tax) 401.8 345.4 56.4 1,243.5
Changes in Working Capital (74.7) (35.5) (39.2) (227.7)
Net Operating Cash Flow 327.1 309.9 17.2 1,015.8
Net interest paid (176.4) (127.8) (48.6) (347.7)
Tax paid (7.0) (21.6) 14.6 (48.4)
Cash from divestments 33.3 6.8 26.5 32.0
Free cash flow before capex/ investments 177.0 167.3 9.7 651.7
Capex/ Investments (218.5) (451.1) 232.6 (1,417.5)
Free cash flow to equity (FCFE) (41.5) (283.8) 242.3 (765.8)

Higher net operating cash flow in Q1 2017

Generated improved Free Cash Flow before Capex and investments in Q1

2017 compared to Q1 2016

FCFE improved by S$242.3 million in Q1 2017 although still negative with

continuing Capex commitments
19
Gearing
SGD Mn
Change Change
31-Mar-17 31-Dec-16 31-Mar-16
vs Dec 16 vs Mar 16
Gross debt 14,117.5 13,670.5 447.0 11,977.4 2,140.1
Less: Cash 2,643.7 2,144.0 499.7 1,600.5 1,043.2
Net debt 11,473.8 11,526.5 (52.7) 10,376.9 1,096.9
Less: Readily marketable
5,773.6 5,909.2 (135.6) 5,097.8 675.8
inventory
Less: Secured receivables 1,107.0 1,381.4 (274.4) 1,102.4 4.6
Adjusted net debt 4,593.2 4,235.9 357.3 4,176.7 416.5
Equity (before FV adj reserves) 5,796.6 5,797.1 (0.5) 5,275.5 521.1
Net debt / Equity (Basic) 1.98 1.99 (0.01) 1.97 0.01
Net debt / Equity (Adjusted) 0.79 0.73 0.06 0.79 0.00

Despite higher gross debt, net debt reduced by S$52.7 million compared to
end-Dec 2016 due to higher cash balances
Net gearing at 1.98 times, similar to gearing levels as at end-Dec 2016 and
end-Mar 2016
20
 Liquidity position
S$ million as at Mar 31, 2017

14,118
7,759

Short Term
5,612

1,107 17,284

5,774
Long Term
8,505

2,644

Cash and short-term RMI* Secured Receivables Unutilised bank lines Available Liquidity Total Borrowings
fixed deposits

Available liquidity sufficient to cover all repayment and Capex obligations

*RMI: inventories that are liquid, hedged and/or sold forward 21

Key
takeaways
Key takeaways

Improved operational performance in Q1 2017 led by

Edible Nuts, Spices & Vegetable Ingredients and Food
Staples & Packaged Foods segments

Continue to focus on turning around underperforming

businesses, ensuring gestating businesses reach full
potential and sustaining positive free cash flow

Executing on 2016-2018 Strategic Plan and pursue

growth in prioritised clusters based on committed Capex

23
Q1 2017 Results Briefing
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