Olam International (VC2) Investor Update summary

Background and Progress on Re-organisation

• Initiated in January 2020, the plan split Olam into three operating groups to maximize long-term value.

• Completed carve-out in January 2022, creating ofi, Olam Agri, and Remaining Olam Group.

• Sold 35.43% of Olam Agri to SALIC for US$1.29b in 2022; agreement to sell remaining stake ongoing.

• Announced sale of remaining 64.57% stake in Olam Agri for US$4.0b valuation, with tranche 1 (44.58%) to close in Q4 2025.

• Previous asset sales include ARISE IIP/IS and transfer of sugar and edible oil assets.

Updated Reorganisation Plan and Objectives

• Allocate about US$2 billion to de-leverage and make the Remaining Olam Group debt-free and self-sustaining.

• Invest US$500 million equity into ofi within the next three months to support its pivot to value-added ingredients and solutions and potential dual listing.

• All assets and businesses of the Remaining Olam Group will be responsibly divested, with net proceeds distributed to shareholders via special dividends.

• Share buyback program to resume, pending renewal of the shareholder mandate at the upcoming AGM.

• The plan is funded by US$2.58 billion from the Olam Agri sale to SALIC and further proceeds from asset divestments.

OFI Business Strategy and IPO

• OFI has shifted from a commodity-focused model to 65-70% value-added ingredients and solutions.

• IPO timing for OFI depends on market and geopolitical conditions, with a dual listing in Europe and Singapore under consideration.

• US$500 million equity injection will position OFI for profitable growth and strategic options.