Half Yr Ended 31 Dec

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1

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 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 uncertaint ies 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 Olam’s future

financial results are detailed in our listing prospectus, listed in this presentation, or

discussed in the company’s press releases and in the Management Discussion and

Analysis section of the company’s Results Announcements and filings with SGX.

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

Presentation Outline

Business Model

Risk Management

Analysis of Financials

Shareholding Structure & Governance



3

Business Model



4

Our Business: Supply Chain Manager of Agricultural Raw Materials

Integrated from farm gate to factory gate

Managing risk at every stage

O r i g i n

C u s t o m e

r

DistributionPrimaryProcessing

Shipping& Marine

Logistics

SourcingOrigination

MarketingInlandLogistics &

Warehousing

Rule 1: Differential Value Chain Integration

End-to-end Supply Chain Capabil ity



5

Our Products: Building Leading Global Position

More than 25% market

share of global rawcashew nut trade

Edible Nuts, Spices & Beans• Cashew nuts• Other edible nuts• Sesame1.

• Spices• Beans

Confectionery & Beverage Ingredients• Cocoa

• Coffee

One of three largestsuppliers of cocoa &robusta coffeeworldwide

2.

Fibre & Wood Products• Cotton• Wood products

One of the leadingsuppliers of teak inthe world

4.

Food Staples & Packaged Foods• Rice• Sugar

One of the top threeglobal rice suppliers3. • Dairy products

• Packaged foods

• Sheanuts

Rule 2: High absolute Market Share - Top 3 Global Rank



6

• Russia

• Poland

• France

• UK

• Italy

• Holland

• Ukraine

• Spain

Europe

Asia

• Singapore

• China

• Indonesia

• Vietnam

• India

• PNG

• Nigeria• Ghana• Benin• Togo

• Ivory Coast• Burkina Faso• G. Bissau• G. Conakry• Cameroon• Gabon• D R Congo

W. Africa

• Mozambique

• Zimbabwe

• S. Africa

Southern Africa

• Tanzania

• Kenya

• Uganda

• Madagascar

• Mauritius

E. Africa

N. America

• USA

• Brazil

• Argentina

• Peru

S. America

• U.A.E

• Turkmenistan

• Uzbekistan

• Kazakhstan

• Tajikistan

Middle East &Central Asia

Our Geographies: Linking origins, processing centres & markets

Rule 3: Strong Origin Presence

Rule 4: Strong End Market Presence

• Algeria

N. Africa



7

Our Customers: Strong Customer Base

Over 3,300 customers, 50 end marketsGrowing our customer base by 10% each year

Rule 5: Direct End-Customer Relationships



8

Our History: Rapid Growth & Expansion

1989Start-Up

1 product1 country1 end Market4 customers2 employees

S$0.15m Book ValueS$0.15m Mkt. ValueNil MVA

200614 products

42 countries

50 end markets3,300 customers

5,000 employees

S$3.37b turnover (FY2005)

S$67m PAT (FY2005)S$497m Book Value (FY2005)

S$2.5b Mkt. Cap

S$2.0b MVA

Transitioned from a Trader to an Integrated Supply Chain Manager

Sales CAGR 57% and PAT CAGR 51% over the last 15 years





10

Industry Analysis

Liberalisation & deregulation of State Commodity Boards / monopolies

Dismantling of trade barriers (WTO initiated)

Fixed nature of production

Increasing trend towards processing in the producing countries

Predictable & stable demand

Rising customer expectations

Exploiting these trends requires both origin & market skills



11

Deepening Unique Competitive Position

Origin Capabilities

Market

Capabilities

Hi

Lo Hi

Global Trade House

Origin Trade House

Extending our competitive advantage period

Combining origin & market capabilities concurrently



12

Supply Chain

Farmer

Village Level Agent

Town Level Agent

Port City Agent

Exporter

Importer

Distributors/Agents

End User

65%of

ProfitPool

35%

ofProfitPool



13

Growth Strategy



14

Sourcing, logistics, primary processing, marketing/trading,& risk management of agricultural raw materials

CoreSupply chain manager of

agricultural raw materials

Origin sourcing

Logistics Marketing/trading

Risk management

Primaryprocessing

Defining our Core Business:



15

Our Growth Strategy: Scalability & Replicability

Product Adjacency

Geography Adjacency

ValueChain

Adjacency

Customer Sharing

Channel

Sharing

CostSharing

CapabilitySharing

Growth Adjacency

Criteria

Growth Adjacency

Vectors

Planning forMultiple Time

Horizons

CORESupply ChainManager of

agri raw materials



16

Organic Growth: 4 pathways



17

Growth Strategy: Organic + Inorganic (FY2006 - 2011)

40% of earnings grow th 30% of earnings grow th

10% of earnings grow th20% of earnings grow th



18

Capital Expenditure Plans:

Financial attractiveness Strategic attractiveness

Weighted average of:

• Net present value(threshold is positive NPV)

• Internal rate of return

(threshold is 6% spread over

WACC )• Payback period

• Strategic necessity

• Olam winnability- Proximity to the core

- Olam’s competitiveness

- Execution risk

• Asset risk- Investment size

- Geographic concentration

- Product priority/Concentration

We plan to invest S$200 million in capital expenditure over40 projects over the next 6 years. These projects will beevaluated on 2 dimensions



19

Prioritisation of Capital Expenditure Initiatives

0Unfavourable

5.0Favourable

Low

High

Medium

Prioritize

Deprioritize

Selectively consider

2.5

Strategic assessment

Financialattractiveness

• NPV

• IRR

• Payback

• Strategic necessity• Olam winnabilty• Asset risk

(15 proposals withS$62m capex)





20

Olam: Achieving Global Leadership

1. Pecans

2. Macadamia

3. Pinenuts

4. Walnut

5. Soyabean

6. Wheat7. Whey powder

8. Pulses & Beans

New productsGrow volumes in existing products &integrating into higher value added services

High

Low

Cross Product Opportunit ies

Distant follower Leader/Close followerOlam market share

• Shipping operations • Port & Inland logistics • Solutions and services

PATmargin

2

4 1 3&

SugarCashew

MilkPowder

Sesame*

Pulses

CocoaTimber Rice

Coffee

Cotton

Spices

PFB

Other Edible Nuts



21

Growth Strategy

Past: only organic growth

Future: Combining organic and inorganic growth

Why inorganic growth?

Organic growth rate will slow at the end of the current strategic

planning period (2011) as we will build leadership position in

most of our businesses with high absolute market share

Accumulation of both financial and managerial resources tosupport additional growth opportunities available

M&A capability takes several years to develop and we would like

to start now to build this capability Key competitors of Olam have successfully used acquisitions as

a growth engine.



22

Growth Strategy: Inorganic Growth

When would Olam consider M&A?

Accelerated entry into identified new product adjacency

Accelerated access into a new geography

Reducing timing to impact for a new value chain expansion

initiative

Overcome industry barriers

Maintain industry attractiveness

Taking advantage of ‘favorably priced’ targets with highoverlap with Olam



23

Olam: M&A framework & policy

Framework

• We will seek to build our M&A expertise over a mult i-year periodthrough a series of small deals (str ing of pearls approach)

M&A Policy

• We would make acquisitions throughout economic cycles andnot try to time the market

• We would seek to do deals where it is possible to acquire acontrol ling stake or management control

Frequency

Timing

Size

Controlstake

Strategic vs.financial

• We would not enter into deals purely based on ‘P/E arbitrage’opportunit ies as the prime driver of the transaction

• Sweet spot deals: 5%-10% of market cap• Maximum deal size: 10% of market cap• Maximum deal value per annum: 15% of our market cap



24

Risk Management



25

Risk Management is a Core Competence

Establish governance & oversight

Identify enterprise-wide risks

Capture & measure at the transactional level

Monitor & manage risks

Create an organisational culture which respects risk





27

Identify Risks in our Supply Chain

Insurable Risks

Cash & stock

Fixed assets

Inland & marine transit

Political & sovereign

Non–insurable Risks

Operational risks

Information risks

Trading risks

- Outright price

- Basis

- Currency

- Credit

- Counterparty



28

Monitor & Manage Risks

VaR (US$) Activity Risk Exposure

Shipment of goodsdeliver docs to

customersCollecting payment

Counterparty risk closedcredit risk begins

& closed when paymentis col lected

Physical procurement Outright pr ice risk created

Sell futuresOutright price risk closed

Basis risk exposure created

Sell physicals on

differentialBasis closed, counterparty

exposure begins

Fixing physicals / buyback futures

Counterparty risk continues

VaR per MT US$ 0.20

VaR per MT US$ 2.08

VaR per MT US$ 28.63

VaR per MT US$ 7.37

Al l Risks Closed



29

A Culture which Respects Risk

Operating managers manage risk & return on a real time basis

Compensation systems based on risk-adjusted business

performance measures

Alignment of management & shareholder’s interest – significant

equity ownership by management team



30

Analysis of Financials



31

Resilient Earnings Model

Volume - within our control & based on growth through

adjacencies

Enhancing margins by providing various value-added services

including processing, VMI, customised grades and qualities,

organic certification, FTP certification, risk management solutions,

etc.

Interest cost is passed through to customers

Net contribution $ / MT - targeted minimum & stable within a range

2 key profitability drivers: (a) Volume (b) Net Contribution/ton



32

FY2002 FY2003 FY2004 FY2005

1,582

2,274

2,610

3,369

0

250

500

750

1,000

1,250

1,500

1,750

2,000

2,250

2,500

2,750

3,000

3,250

$3,500M

S a l e s T u r n o v e r

( S $ m i l l i o

n )

Sales CAGR (FY2002-05): 29%

Strong, Consistent, Profitable Growth:

FY2002 FY2003 FY2004 FY2005

2529

48

67

0

10

20

30

40

50

60

$70M

N P A T

( S $ m i l l i o n )

NPAT CAGR (FY2002-05): 39%

Sales Turnover Net Profit After Tax



33

Earnings Growth Despite Volatile Prices

0

500

1,000

1,500

2,000

2,500

1999 2000 2001 2002 2003 2004 2005

0

10

20

30

40

50

60

70

80

S$ Milli on

PAT COCOA COFFEE COTTON CASHEW

US$ Price



34

Segmental Analysis FY2005: Summary

Edible Nuts, Spices

& BeansConfectionery &

Beverage IngredientsFibre & Wood

ProductsFood Staples &

Packaged Foods

• Turnover $566.8m

• Volume 0.396mmts• NC $40.9 m

• NC Share 22.8%



• NC Share 37.3%



• NC Share 15.2%


• Volume 0.468m• NC $44.4 m

• NC Share 24.7%

• Turnover S$3.37 bill ion• Volume 2.55 mts• NC S$179.6 m• NPAT S$67.02 m

Olam Consolidated



35

Segmental Analysis: Edible Nuts, Spices & Beans

95-1039787Net Contribution/ton(S$)

49.9%

50.3%

37.5%

CAGR

29.0

391.8

300

FY2004

40.9

566.8

395

FY2005 9M FY2006FY2003

32.218.2Net Contribution(S$million)

389.5250.9Revenue(S$million)

338209

Volume

(‘000 metric tons)

Description



36

Segmental Analysis: Confectionary & Beverage Ingredients


36.7%

6.5%

9.3%

CAGR

58.5

1,031.2

497

FY2004

66.9

1,345.9

588

FY2005 9M FY2006FY2003


1,334.01,187.4Revenue(S$million)

578492Volume(‘000 metric tons)

Description



37

Segmental Analysis: Food Staples & Packaged Foods


29.0%

23.2%

0.5%

CAGR

21.3

552.9

896

FY2004

33.3

782.7

1,102

FY2005 9M FY2006FY2003



1,1031,092

Volume


Description



38

Segmental Analysis: Fibre & Wood products


55.8%

45.1%

33.9%

CAGR

33.3

634.4

359

FY2004

44.4

673.8

468

FY2005 9M FY2006FY2003



466261

Volume


Description



39

Balance Sheet Analysis: Summary

496,725

496,72518,416

1,450,747

175,026

2,140,914

265,833

165,367

1,019,025

649,179

39,166FY2005

189,863

189,86347,174

849,706

154,976

1,241,719

177,150

100,372

478,058

464,944

21,269FY2004

118,230

118,23022,782

642,279

85,740

869,031

133,870

44,042

310,995

362,410

17,714FY2003

605,166Debtors

477,749Equity & Reserves

477,749Net Assets86,648Other Liabilities

1,653,660Borrowings

163,385Trade Creditors

2,381,443Total Assets

493,296Other Current Assets

163,911Cash & Cash Equivalents

1,055,876

63,1949M FY2006

Stocks

Current Assets

Fixed Assets(figures in S$’000)



40

Balance Sheet Analysis: Ratios

1.46

98%

20

11

119

70

FY2005

1.20

98%

23

14

71

64

FY2004

1.15

98%

15

11

53

58

FY2003

14Trade Creditors (days)

97%Current Assets / Total Assets (%)

93Stock (days)

1.49Current Ratio (x)

19 Advance to Suppliers (days)

50

9M FY2006

Debtors (days)

Current Asset Ratios



41

Balance Sheet Analysis : Debtors & Stock

87.5%

69.8%

FY2005

86.9%

66.2%

FY2004

86.2%

62.4%

FY2003

85.5%Stock (% sold forward / hedged)

63.3%

9M FY2006

Debtors (% Secured)



42

Balance Sheet Analysis: Gearing

3.122.912.63.95.1Net Debt toEquity (x)

3.46

After FairValue Adj.Reserve

163.9

3.68

0.43

3.23

Before FairValue Adj.Reserve

9M FY2006

165.4100.444.0Cash & CashEquivalents(S$million)

3.13.81.9Cash to Sales (%)

Liquidity

0.2

2.9

FY2005

0.2

4.4

FY2004

0.9

5.5

FY2003

Adjusted Debt toEquity (x)

Gross Debt toEquity (x)

Leverage (x)



43

Results:

9M FY2006Consolidated P&L Analysis



44

Sales Volume: 2.484 million metric tons

25.3% growth over 9M FY2005

Volume growth across all 4 segments

Consolidated P&L Analysis: 9M FY2006



45

Sales Volume Growth: Segmental Contribution

9M FY2005 Edible Nuts,

Spices & Beans

Confectionery

& BeverageIngredients

Food Staples &

Packaged Foods

Fibre & Wood

Products

9M FY2006

1,982.7 55.7119.7

210.8115.5 2,484.4

0

200

400

600

800

1000

1200

1400

1600

1800

2000

2200

2400

$2600

Sales Volume(1,000 Mts)

11%

Sales Volume growth 25.3%, 501,768 mts

24%42%

23%

20% 26%Growth Over 9M FY2005: 24% 33%



46

Total Revenue: S$3,342.3 million


Revenue growth in 3 out of 4 segments

Consolidated P&L analysis: 9M FY2006



47

Sales Revenue Growth: Segmental Contribution

9M FY2005 Edible Nuts,Spices & Beans Confectionery& BeverageIngredients

Food Staples & Packaged Foods Fibre & WoodProducts 9M FY2006

2,556.2

-38.0

312.0254.9

257.2 3,342.3

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

2,200

2,400

2,600

2,800

3,000

3,200

$3,400M

SalesRevenue (S$ M)

Sales revenue growth 30.8%, S$786.1 million

(5%)40%

32%33%

(9%) 31% 42% 52%Growth Over 9M FY2005:





49

Gross Contribution (GC) : S$245.3 million


GC growth across all segments


G C t ib ti G th S t l Sh



50

Gross Contribution Growth: Segmental Share

9M FY2005 Edible Nuts,

Spices & Beans

Confectionery

& BeverageIngredients

Food Staples &

Packaged Foods

Fibre & Wood

Products

9M FY2006

170.47.3

29.5

17.9

20.2 245.3

0

20

40

60

80

100

120

140

160

180

200

220

240

$260M

Gross Contribution(S$ M)

GC growth 44.0%, S$74.9 million

10% 39%

24%27%

21% 47%Growth Over 9M FY2005: 51% 52%



51

Gross Contribution Growth: Sources

9M FY2005 Volume Growth Margin Growth 9M FY2006

170.4

44.1

30.8 245.3

0

50

100

150

200

250

$300M

Gross Contribution(S$ M) 59%

41%

GC growth 44.0%, S$74.9 million

Interest Costs



52

Total increase in interest costs S$32.7 mill ion or 91.4%.

Interest Costs

30.8%786,1492,556,1513,342,300Sales

11,787Interest variance due to interest rate increase

32,732Total Net Increase in Interest

20,945Interest variance due to working capital increase

20.8%1.01%4.84%5.85%Interest Rate

91.4%32,73235,80068,532Interest Expenses

% IncreaseIncrease

(S$’000)

9M FY2005

(S$’000)

9M FY2006

(S$’000)



53

Net Contribution (NC) : S$176.8 million


NC growth across all segments


Net Contribution Growth: Segmental Share



54

g

9M FY2005 Edible Nuts,Spices & Beans

Confectionery& BeverageIngredients

Food Staples & Packaged Foods

Fibre & WoodProducts

9M FY2006

134.6 3.4

16.09.4

13.4 176.8

0

10

20

30

40

50

60

70

80

90

100

110

120

130

140

150

160

170

$180M

Net Contribution(S$ M)

NC growth 31.4%, S$42.2 mill ion

22%

38%8%

32%

12% 34%Growth Over 9M FY2005: 35% 41%

Net Contribution Margin 5.29% in 9M FY2006 vs 5.26% in 9M FY2005

Net Contribution per ton S$71/ton in 9M FY2006 vs S$68/ton in 9M FY2005



55

Net Contribution Growth: Sources

9M FY2005 Volume Growth Margin Growth 9M FY2006

134.6

34.97.3 176.8

0

20

40

60

80

100

120

140

160

$180M

Net Contribution(S$ M)

NC growth 31.4%, S$42.2 million

83%

17%

Impact of FRS 102



56

Impact of FRS 102

The following two Schemes under the ambit of FRS 102:

Employee Share Subscription Scheme (ESSS)

Employee Share Options Scheme (ESOS)

The impact of FRS 102 on the Financial Statements is as

follows:

310699

Balance C/F

7372,457

Total

243827

9M FY2006

184E S O S931E S S S

Prior Year Adjustment

S$’000



57

SG&A increased by 32.7% to S$106.9 million in

9M FY2006.


3.15

80.5

9M FY2005

3.20

106.9

9M FY2006

SG&A / Sales ratio

SG&A (S$ million) (32.7%)

Change




58

Net Profit After Tax (NPAT): S$61.9 million


Earnings per Share (EPS)

3.98 cents/share in 9M FY2006 vs 3.95 cents/sharein 9M FY2005 (based on weighted average no. of

shares)




59

Results: 9M FY2006

Segmental Analysis

Segmental Analysis 9M FY2006: Summary



60

Edible Nuts, Spices

& BeansConfectionery &

Beverage IngredientsFibre & Wood

ProductsFood Staples &

Packaged Foods

• Turnover $389.5 m


• NC Share 18.2%

• Turnover $1,333.9 m


• NC Share 35.5%



• NC Share 20.3%



• NC Share 26.0%

• Turnover S$3,342.3 million• Volume 2.484 mmts• NC S$176.8 m• NPAT S$61.9 m

Olam Consolidated

Segmental Analysis: Edible Nuts Spices & Beans



61

Segmental Analysis: Edible Nuts, Spices & Beans

9M FY20059M FY2006

11.8%10228,8319532,247Net Contribution(S$’000)

1,512

S$/Ton

(8.9%)427,4831,151389,460Revenue

(S$’000)

19.7%282,772338,498Volume(metric tons)

Amount S$/Ton Amount% ChangeDescription

S t l A l i C f ti & B I di t



62

Segmental Analysis: Confectionary & Beverage Ingredients

9M FY20059M FY2006


2,231

S$/Ton

30.5%1,021,8932,3091,333,933

Revenue

(S$’000)

26.1%457,956577,667Volume(metric tons)

Amount S$/Ton Amount

% ChangeDescription




63


9M FY20059M FY2006


683

S$/Ton

41.8%609,476784864,399

Revenue

(S$’000)

23.6%891,8261,102,665Volume(metric tons)

Amount S$/Ton Amount

% ChangeDescription

S t l A l i Fib & W d d t



64

Segmental Analysis: Fibre & Wood products

9M FY20059M FY2006

41.4%9332,4539945,891Net Contribution

1,420

S$/Ton

51.7%497,2991,621754,508Turnover

33.0%350,107465,599Volume

Amount S$/Ton Amount% ChangeDescription

Well Diversified Sourcing: Origins



65

9.3%

28.1%

50.0%

12.6%

Asia & Middle East

Africa

Americas

Europe

Sourcing Volume 9M FY2006 Sourcing Volume 9M FY2005

6.4%

47.2%

38.8%

7.6%

Africa

Asia & Middle East

Americas

Europe

Well Diversified Sales: Markets



66

Sales Turnover 9M FY2005

36.6%

12.5%

24.6%

26.3%

Africa

Americas

Asia & Middle East

Europe

Sales Turnover 9M FY2006

28.9%

21.0%

15.7%

34.4%

Africa

Americas

Asia & Middle East

Europe

Well diversified: Customers



67

3.6%Fibre & Wood Products

2.7%

11.4%

2.4%

Top 5 Customer Shareof Total Sales

Segment

Food Staples & Packaged Foods

Confectionery & Beverage Ingredients

Edible Nuts, Spices & Beans

No customer accounts for more than 5% of our sales.



68

Results: 9M FY2006

Balance Sheet Analysis

Balance Sheet Analysis: Summary



69

(6.8%)649,179605,166Debtors

(4.1%)498,251477,749Equity & Reserves

(4.1%)498,251477,749Net Assets370.5%18,41686,648Other Liabilities

14.0%1,450,7471,653,660Borrowings

(6.7%)175,026163,385Trade Creditors

11.2%2,142,4402,381,443Total Assets

83.9%266,219493,296Other Current Assets

(0.9%)165,367163,911Cash & Cash Equivalents

1,019,025

40,64930 Jun 2005

1,055,876

63,19431 Mar 2006

3.6%Stocks

Current Assets

55.5%Fixed Assets & Investments% Change(Figures in S$’000)




70


1.281.49Current Ratio (x)

20

11

119

70

30 Jun 2005

2693Stock (days)

(6)14Trade Creditors (days)

(8)19 Advance to Suppliers (days)

20

Change

50

31 Mar 2006

Debtors (days)

Current Asset Ratios



71

Balance Sheet Analysis: Debtors

63.3% of Debtors secured by Letter of Credit / Docs of

Title.

Debtor quality good. No additional provisions created

over June 2005

Balance Sheet Analysis: Stock



72

85.5% of stocks sold forward or hedged.

The increase in inventory value is entirely on account of volumeincreases. $78.4 m of the inventory value increase is due to an

increase in volume of the stock carried.

$41.5 m of stock value reduced due to a reduction in prices ofthe underlying products.

1,019.0

55.5

304.2

510.6

148.7

Jun 2005

(16.9%)252.9Food Staples & Packaged Foods

3.6%1,055.9Total

199.9%166.5Fibre & Wood Products

(8.7%)

14.5%

Increase

466.3

170.2

Mar 2006

Confectionery & Beverage Ingredients

Edible Nuts, Spices & Beans

(in S$ Millions)

Balance Sheet Analysis: Fixed Assets



73

y

Fixed assets

Investment in fixed assets amounted to S$32.4

million in 9M FY2006 as compared to S$14.2 millionin 9M FY2005.

Investments in fixed assets grew 55.7% to S$63.28

million as at end Q3FY2006 compared to S$40.65million as at the end of 30th June 2005.

The fixed asset investment is mainly on account of

processing facilities in China, Uganda, Gabon andVietnam and various warehousing related

investments in Cote d’Ivoire, Nigeria and Gabon.

Balance Sheet Analysis: Cash & Borrowings



74

Cash and Fixed Deposits decreased by 0.9% to S$163.9 million

Borrowings:

Only 57.7% of our total credit facilities were used as of 31st Mar.

0.8%24.3Long Term Loan

24.7%708.6MTN / Medium Term Loan

100.0%

4.8%

17.0%

52.7%

% Share

485.7Committed Banking Facili ties

2,864.7Total

137.6Islamic Financing

1,508.5

31 Mar 2006

Short Term Banking Facili ties

(in S$ mil lion)

Update on US$ 300 million Syndicated Term Loan



75

Update on US$ 300 million Syndicated Term Loan

5 year unsecured, unrated, term loan.

Mandated Lead Arrangers are SCB, HSBC, DBS and Rabo

Bank.

In the final stages of completion.

Purpose of loan – Capex, M&A and Long Term Working

Capital.

Balance Sheet Analysis: Gearing



76

2.023.12

3.46

After FairValue Adj.

Reserve

165.4 m

3.08

2.522.58

2.91

30 Jun 2005

(1.5 m)163.9 mCash & Cash Equivalents

0.603.68Cash to Sales (%)

Liquidity

(0.5)Interest Coverage (x)(0.33)2.91Net Debt to Equity (x)

(0.32)3.23Gross Debt to Equity (x)

Vis-à-visbefore Fair

Value Adj.Reserve

Before FairValue Adj.

Reserve

Leverage (x)

Change31 Mar 2006

Balance Sheet: Analysis of Gearing



77

Net Debt/Equity Adj. Stock Adj. Debtors Adj. Net Debt/Equity

2.91 x

-889

-383

0

500

1,000

$1,500M

Net

Debt/Equity (x)

Adjusting: hedged, liquid inventory

0.43 x

Impact of FRS 39



78

Impact on P&L is reduction in profits of S$0.4 million.

Reduction in equity as of 31 March 2006 is S$34.6 million.

FRS 39 allows for hedge accounting to be applied when stricteffectiveness criteria are met.

We have assessed the effectiveness of our hedging

instruments and have concluded that the majority of thederivatives qualifies for hedge accounting. Hence, adjustment

due to adoption of FRS 39 has mainly flown to equity.

We do not expect any adverse impact of these measurementsto the results of the Company.



79

Our Shareholders,

Board & Governance

Our Shareholding Structure



80

1,554,584,400

572,349,216

80,675,378

119,274,471

274,150,458

508,134,877

Shares Held

100.00

36.82

5.19

7.67

17.63

32.69

%

International FinanceCorporation (IFC)

AIF

Public

Total

Olam Management

Shareholder

Kewalram Chanrai Group

(KSL)

Our shareholding structure today is as follows:

A total of 158 institutional shareholders across 31 regions identified

as of end March 2006 (Source: Thomson Financial)

Distribution of Public Institutional Shareholders



81

7.8%

5.5%

12.2%

21.6%

42.7%

10.2%

By Geography By Investment Style

5.6%

4.9%

6.5%

7.8%

30.9%

29.8%

14.5%

UK

Others

HKG

Other Europe

US

S’pore

Others

Hedge Funds

Broker-Dealer

No Style

GARP

Core Value

Growth

Top 20 Public Institutional Shareholders



82

(By Alphabetical Order)

HSBC Group10.Fidelity9.

F&C Asset Management8.

Deutsche Bank7

Credit Suisse Group6.

Capital Group5.

Barclays Global Investors4.

Asia Life Assurance3.

Arisaig Partners2.

AIG1.

State Street Corporation18.

Prudential Asset Mgmt17.

T. Rowe Price19.UBS Global Asset Mgmt20.

Penta Investment Advisors16.

Old Mutual15.

Newton Investment Mgmt14.

Merril l Lynch & Co.13.

Lloyd George Management12.

J.P. Morgan Chase & Co.11.

DIRECTORPeter Amour

Our Board & Corporate Governance

CHAIRMAN



83

AIF Capital(Non-Executive)

DIRECTOR Andy Tse AIF Capital

(Non-Executive)

DIRECTORMark Daniell(Independent)

1

2

3

4

5

6

7

9

DIRECTORMichael Lim(Independent)

10

DIRECTORRobert Tomlin

(Independent)

11

DIRECTORWong Heng TewTemasek Holdings(Non-Executive)

8

6 Board Committees

75% of the Board is Non-Executive.

25% is independent & additional 25% of theBoard would represent minority interest

DIRECTOR

Sridhar KrishnanSnr Managing Director (Executive)

DIRECTOR A. Shekhar

Snr Managing Director

(Executive)

R. Jayachandran(Non-Executive)

DIRECTORSunny VergheseGroup MD & CEO

(Executive)

DIRECTORN. G. Chanrai

(Non-Executive)



Recognitions:



85

"Best Investor Relations for an IPO' award” - IR Magazine Awards 2005, SouthEast Asia

"Most Transparent Company" (Category - New Issues) - SIAS Investors' Choice Awards 2005

"Leading HR Practices Award in Compensation & Reward Management" - TheSingapore HR Awards 2005

Recipient of :



86

Thank You

Documents

Half Yr Ended 31 Dec