#1Olam Olam Group Limited Forging a bold future ofi 119 Nikhil Krishnan Investor Presentation, May 2023#2Cautionary note on forward-looking statements Olam This presentation and announcement entitled "Forging a bold future" may contain statements regarding the business of Olam Group Limited and its subsidiaries ("the 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 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 Olam Group's future financial results are detailed in our circulars, information memorandums, information contained in this presentation, or discussed in the news releases and in the Management Discussion and Analysis section of the Company's and the Group's 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. Shareholders are advised to exercise caution in trading their Shares as there is no certainty or assurance as at the date of this presentation that the proposed IPO of Olam Agri and concurrent demerger will proceed, as they are subject to, inter alia, approval by regulators and future market conditions. Shareholders are advised to read this presentation and any further announcements by the Company carefully. Shareholders should consult their stockbrokers, solicitors or other professional advisors if they have any doubts about the action they should take. All statements other than statements of historical facts included in this presentation are or may be forward-looking statements. Forward-looking statements include but are not limited to those using words such as "seek", "expect", "anticipate", "estimate", "believe", "intend", "project", "plan", "strategy", "forecast" and similar expressions or future or conditional verbs such as "will", "would", "should", "could", "may" and "might". These statements reflect the Company's current expectations, beliefs, hopes, intentions or strategies regarding the future and assumptions in light of currently available information. Such forward-looking statements are not guarantees of future performance or events and involve known and unknown risks and uncertainties. Accordingly, actual results may differ materially from those described in such forward-looking statements. Shareholders and investors of the Company should not place undue reliance on such forward-looking statements, and the Company does not undertake any obligation to update publicly or revise any forward-looking statements. These materials are not for publication or distribution, directly or indirectly, in or into the United States (including its territories and possessions, any state of the United States and the District of Columbia). These materials are not an offer of securities for sale into the United States, the United Kingdom, European Economic Area, Canada, Australia or Japan. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as such term is defined in Regulation S under the U.S. Securities Act), except pursuant to a registration statement or an applicable exemption from registration under the U.S. Securities Act. No public offering of securities is being made in the United States. Olam Group Limited Investor Presentation | May 2023 2#3Group overview Olam We are a leading food and agri-business supplying food, ingredients, feed and fibre to over 20,200 customers worldwide. We are farmers Field and farming experts growing crops, such as almonds in Australia and USA, and coffee plantations in Laos and Zambia. Our scale gives us global market insights, shared learnings and efficiencies. We are suppliers Connecting customers to their source of supply via our direct and indirect global network of farmers. On the ground presence all year round executing procurement, traceability, warehousing, logistics and paperless trading. We are processors Transforming raw materials into bespoke ingredients across our 80 Tier 1 facilities. Focused on safety, fairness, quality, efficiency and the environment. We are innovators Offering added value solutions through our innovation centres and supply chain. Experts in product innovation, customisation, digital apps and co-manufacturing. Olam Group Limited Investor Presentation | May 2023 Not for distribution in the United States, the United Kingdom, European Economic Area, Canada, Australia or Japan 3#4Over 33 years of growth Our products Our countries Our revenue Our employees Olam Group Limited Investor Presentation | May 2023 Year: 1989 1 Nigeria Year: 2022 47 60+ S$2 million S$54.9 billion 47,600 Olam Not for distribution in the United States, the United Kingdom, European Economic Area, Canada, Australia or Japan 4#5Our aspiration Our Purpose To re-imagine global agriculture and food systems. Olam Group Limited Investor Presentation | May 2023 Our vision To be the most differentiated and valuable global food and agri-business by 2040. Our governing objective To maximise long-term intrinsic value for our continuing shareholders. Olam Not for distribution in the United States, the United Kingdom, European Economic Area, Canada, Australia or Japan 5#6Our shareholders First listed on the Singapore Exchange in 2005, we are now listed as Olam Group Limited since March 16, 2022, supported by a diversified shareholder group with long-term investment horizon. Olam Temasek Holdings Mitsubishi Corporation Kewalram Chanrai Group Directors Other Institutional and Public Investors 51.15% 14.45% 6.8% 4.4% 23.2% Note: Shareholdings are based on 3,837,983,185 issued shares (excluding treasury shares) as of March 16, 2023. Olam Group Limited Investor Presentation | May 2023 I Not for distribution in the United States, the United Kingdom, European Economic Area, Canada, Australia or Japan 6 CO#7Our customers Diversified base with long-term relationships Number of customers 17,300 20,900 20,200 2022 Olam Strong and reputable customer base STARBUCKS Kellogg's SUNTORY LAVAZZA CONAGRA Nestle - BRANDS - Good Food, Good Life PEPSICO ALDI Unilever Mondelēz Kraft Heinz International HERSHEY Kroger DE SMUCKER'S M McCormick MARS COSTCO WHOLESALE THE J. M. SMUCKER COMPANY LAWSON COFFEE Tchibo SERVICE 7 Not for distribution in the United States, the United Kingdom, European Economic Area, Canada, Australia or Japan More than 20,200 customers worldwide, including several leading global brands 2020 2021 Olam Group Limited Investor Presentation | May 2023#8Re-organisation of Olam Olam In January 2020, Olam announced a transformational Re-organisation Plan to re-organise its diverse business portfolio into three distinct operating groups that are Purpose-led and future-ready in order to maximise Olam's long-term value on a sustained basis. Objective To explore strategic options that would illuminate the current value in the business and develop new pathways to create further long-term value on a sustained basis Plan Simplify and focus our current diverse portfolio of businesses into three coherent operating groups that are more similar in nature, linked by an underlying logic and aligned to key consumer food and agri business trends respectively. Each entity has developed a compelling vision, a distinct equity story and reliable game plan for profitable growth and value creation on a sustained basis Olam Group Limited Investor Presentation | May 2023 Not for distribution in the United States, the United Kingdom, European Economic Area, Canada, Australia or Japan 8#9Our Re-organisation We created 3 distinct operating groups, all purpose-led & future ready Olam ofi Value-added ingredients & solutions serving high growth food & beverage categories Cocoa W A Coffee Dairy Nuts Spices Olam Group Limited Investor Presentation | May 2023 Olam Agri Differentiated global food, feed, and fibre agribusiness, focused on high growth end consumption markets - Grains & Oilseeds Cotton Wood Rice, Specialty Grains & Seeds Edible Oils Integrated Feed & Protein Natural Rubber Funds Management & Risk Management Solutions Freight & Logistics Remaining Olam Group All other remaining businesses Olam Global HoldCo (OGH): Continuing business, Gestating businesses and deprioritised assets earmarked for exit Nupo Ventures: Digital & sustainability start-up ventures Mindsprint: IT & digital services business Not for distribution in the United States, the United Kingdom, European Economic Area, Canada, Australia or Japan#10ofi in numbers Cocoa Coffee Nuts 16.40 Billion rev revenue (S$) Spices ofi make it real Dairy 1,112 & Million EBITDA (S$) 20,000+ employees 789 & Million ADJUSTED EBIT (S$) 10,000+ customers 110+1 49 € Manufacturing Countries facilities Note: Data restated to reflect transfer of ofi's Russian operations (primarily comprising the Rusmolco dairy farming operations, a part of Global Sourcing) from ofi to OGH. In addition, the Coffee plantation business was transferred from OGH to ofi (as part of Global Sourcing). All financial figures and customers are for full year 2022. Olam Group Limited Investor Presentation | May 2023 10 Not for distribution in the United States, the United Kingdom, European Economic Area, Canada, Australia or Japan#11ofi: Growth framework Organic Growth - Growing & extending the core Extract full value from current investments Increase share of value with targeted strategic customers Focus on cost competitiveness Expand innovation & sustainability solutions Accelerated M&A opportunities in higher value products, categories, and channels... • Channel expansion: private label, foodservice, e-commerce • Product extensions: Eg: nut ingredients, spice blends, etc ofi make it real lo Contribution to medium-term Volume growth: Low to Mid-single digit How S Contribution to medium-term EBIT' growth: High-single digit Category solutions: beverages, bakery & confectionery, snacks, culinary Inorganic Growth - Disciplined Buying Recent acquisitions of Club Coffee and Marsch in line with growth strategy 1: adjusted for one-off non-recurring items and amortisation of acquired intangibles Olam Group Limited Investor Presentation | May 2023 11 Not for distribution in the United States, the United Kingdom, European Economic Area, Canada, Australia or Japan#12Olam Agri in numbers 3 Segments 1 Food & Feed - 30+ Origination & Merchandising countries 9,600+ employees Olam Agri S$36.9b revenue 2 3 Food & Feed - Processing & Value-added Fibre, Agri- Industrials & Ag Services Note: All numbers are as of December 31, 2022. Olam Group Limited Investor Presentation | May 2023 38m tonnes in volume handled 60+ Manufacturing & processing facilities S$1,068m 000 EBITDA 2019-2022 CAGR: 28.5% 16.5% EBIT/IC S$858m EBIT 2019-2022 CAGR: 30.8% Not for distribution in the United States, the United Kingdom, European Economic Area, Canada, Australia or Japan 12#13Olam Agri: Positioning for future growth The Saudi Agricultural and Livestock Investment Company ("SALIC"), a wholly owned subsidiary of Public Investment Fund (PIF) of the Kingdom of Saudi Arabia (KSA), has invested US$1.24 billion for an estimated 35.4% stake in Olam Agri 1. Illuminates and unlocks value for our shareholders, thereby completing one of the key milestones of the Re- organisation Plan 2. Crystallises a benchmark valuation for Olam Agri and creates a strong shareholder base for a potential future listing and demerger of Olam Agri - Investment implies 100% equity valuation of US$3.5 billion for Olam Agri subject to closing balance sheet adjustments. 3. Raises significant net cash proceeds to repay debt at the Olam Group level and right-sizes the capital structure of Olam Group, thereby strengthening its balance sheet, improving credit profile and enhancing financial flexibility to capture future growth 4. Generates synergies and catalyses access for Olam Agri to new markets through a long-term Strategic Supply and Cooperation Agreement (SSCA) with SALIC Olam Group Limited Investor Presentation | May 2023 13 Not for distribution in the United States, the United Kingdom, European Economic Area, Canada, Australia or Japan#14Remaining Olam Group in numbers Volume Olam nupo MINDSPRINT VENTURES nupo Olam Olam Global Holdco 1,112,600 MT Revenue S$1.6 B Invested EBIT S$4.5 M S$2.7 B Capital Customers Olam Group Limited Investor Presentation | May 2023 3,100+ Employees 18,000+ Not for distribution in the United States, the United Kingdom, European Economic Area, Canada, Australia or Japan#15Remaining Olam Group Remaining Olam Group Olam Olam Global Holdco (OGH) holds 5 de-prioritised assets earmarked for exit, 3 gestating businesses and 1 continuing business, and will responsibly divest non-core assets, nurture and monetise gestating assets • In 2022, we divested our entire stakes in ARISE IIP and ARISE IS and investment in Ingredion SRSS (PureCircle) • To divest remaining 5 assets and explore strategic options to partially or fully monetise OPG, Packaged Foods and ARISE Ports & Logistics • Consistent with one of the key objectives of our Purpose to strive for food security for all, combined with our duty of care to our employees, herd population, customers and farmers, OGH will continue to operate Russian dairy farming operations (Rusmolco) Nupo Ventures acts as a foundry to build new sustainability and digital platforms for growth (Engine 2 initiatives); strategic partnership being explored to take it to full potential • • • Mindsprint Provides IT, digital and shared services to the operating groups, including ofi and Olam Agri through long-term service agreements Develop IT and digital services for third-parties Will explore strategic partnerships to take this business to full potential Olam Group Limited Investor Presentation | May 2023 Not for distribution in the United States, the United Kingdom, European Economic Area, Canada, Australia or Japan 15#16Olam Ventures 1 2&3 4 Disruptive idea Built on the twin engines of Digitalisation and Sustainability Leveraging Olam's core strengths & unique assets Strategic & Financial value to Olam 5 Material & Scalable opportunity - large enough opportunities that can become new engines of growth for Olam in 6 years (two 3-year planning cycles) 6 Smart investing (digital & sustainability) rather than asset-heavy capital led models Criteria for selecting Engine 2 ventures Currently six Engine 2 initiatives being developed Farmer Services Platform: Jiva Sustainability Lifestyles (Adva (B2C)), Smart carbon management Terrascope (B2B, formerly "GreenPass") platforms Olam Group Limited Investor Presentation | May 2023 Re Re CASHEWS METE Re- MIXED NUTS Olam Carbon Trading & Sustainable Landscapes Investment Platform Purpose Brands Re- (B2C) Food & Agri Sector Digital Sustainability platform 16 Not for distribution in the United States, the United Kingdom, European Economic Area, Canada, Australia or Japan#17Reporting segments and key performance metrics Operating group ofi Olam Agri Remaining Olam Group Businesses Cocoa, Coffee, Dairy, Nuts, Spices Grains & Oilseeds, Integrated Feed & Proteins, Edible Oils, Rice, Specialty Grains & Seeds, Cotton, Wood Products, Rubber, Commodity Financial Services Nupo Ventures, Mindsprint and Olam Global Holdco Reporting segments 1) Global Sourcing 2) Ingredients & Solutions 1) Food & Feed - Origination & Merchandising 2) Food & Feed - Processing & Value-added 3) Fibre, Agri-industrials & Ag Services 1) De-prioritised/Exiting Assets 2) Continuing/Gestating Businesses 3) Incubating Businesses Olam Key performance metrics Segment-level Volume, Revenue, EBIT, EBIT Margin, Invested Capital (IC), EBIT/IC Segment-level Volume, EBIT, EBIT per MT, Invested Capital (IC), EBIT/IC Segment-level Revenue, EBIT, Invested Capital (IC), EBIT/IC Consolidated Olam Group Volume, Revenue, EBITDA, EBIT, Invested Capital (IC), EBIT/IC, ROIC, ROE, FCF from Operations Olam Group Limited Investor Presentation | May 2023 Not for distribution in the United States, the United Kingdom, European Economic Area, Canada, Australia or Japan 17#18Progress update & next steps ofi make it real Plan primary listing on the premium segment of LSE and a concurrent listing in Singapore to take place after the Olam Agri IPO, subject to prevailing market conditions. Olam Agri Completed private placement of 35.4% stake in Olam Agri with SALIC as strategic investor for US$1.24 billion, valuing Olam Agri at US$3.5 billion equity value, releasing cash to reduce leverage at Olam Group level, realising a net gain of S$1.2 billion and directly accreting to the capital reserves of the Group on December 23, 2022 Execute dual listing of Olam Agri by H1 2023 on mainboard of SGX and Saudi Exchange We are aiming for an IPO size of approximately US$600- 700 million in primary proceeds and US$300-400 million in secondary proceeds, subject to market conditions and other relevant factors. Awaiting requisite approvals from regulatory authorities. Olam Olam Remaining Olam Group On completion of Olam Agri and ofi IPOs, the Group will remain listed on the SGX with Olam Global Holdco (OGH), Nupo Ventures (formerly Olam Ventures) and Mindsprint as its constituent businesses. OGH will continue to responsibly divest de-prioritised assets marked for exit and partially/fully monetise gestating assets to further reduce debt at Olam Group level. Evaluate various strategic options for Nupo Ventures and Mindsprint. 'Any listing and demerger, including the timing, venues and other terms thereof, are subject to inter alia prevailing market conditions, all requisite approvals and clearances from regulatory authorities, and relevant approvals of shareholders. It is also subject to final decision by Olam Group board. Shareholders should note that there is no certainty or assurance that the listing and demerger of Olam Agri and ofi will take place. Olam Group Limited Investor Presentation | May 2023 18 Not for distribution in the United States, the United Kingdom, European Economic Area, Canada, Australia or Japan#19Changes in Group structure 1 Current Structure Existing Shareholders Olam Group Limited 100.0% ofi Group Limited 100.0% Olam Holdings Pte. Ltd. 100.0% Olam Agri Pte. Ltd. 100.0% 100.0% Olam 100.0% 16.43% SALIC International Olam Global HoldCo Pte. Ltd. Olam Ventures Pte. Ltd. MindSprint Pte. Ltd. (1) Olam Agri Holdings Limited Olam International Limited Investment Company 35.43% 48.14% Olam Global Agri Pte. Ltd. ofi Subsidiaries Gestating assets and deprioritised businesses and assets Engine 2 businesses Digital and technology services Olam Agri Subsidiaries 2 Post-Transaction Structure after proposed Olam Agri IPO Existing Shareholders Olam Group Limited 100.0% 100.0% ofi Group Limited Olam Holdings Pte. Ltd. 100.0% 100.0% Olam International Limited Olam Global HoldCo Pte. Ltd. Olam Ventures Pte. Ltd. ofi Subsidiaries I Gestating assets and deprioritised businesses and assets Note: 1. Formerly known as Olam Technology and Business Services Pte. Ltd. Olam Group Limited Investor Presentation | May 2023 Engine 2 businesses Remaining Group 100.0% MindSprint Pte. Ltd.(1) I Additional Public Shareholders (after Olam Agri IPO) SALIC International Investment Company Olam Agri Holdings Limited Olam Global Agri Pte. Ltd. Digital and technology services Olam Agri Subsidiaries Olam Agri Issuer 19 Not for distribution in the United States, the United Kingdom, European Economic Area, Canada, Australia or Japan#20Group 2022 results At a glance 42.9 M MT S$54.9 B Volume & Revenue -5.6% +16.8% EBIT & Adjusted EBIT1 PATMI S$1,608.7 M S$1,658.8 M +13.1% 1 Excluding amortisation of acquired intangibles Olam Group Limited Investor Presentation | May 2023 +13.6% Operational PATMI S$781.5 M -18.7% S$1,949.4 M Free Cash Flow +S$2,979.9 M S$629.1 M -8.3% From 1.72x to Gearing 1.47x Olam 20 20 Not for distribution in the United States, the United Kingdom, European Economic Area, Canada, Australia or Japan#21Group 2022 results Consolidated results by operating group 89.0% Olam ofi Olam Agri Remaining Olam Group Volume ('000 MT) Revenue (S$ million) EBIT (S$ million) Invested Capital (S$ million) 2.6% 2.9% 0.3% 8.4% 13.8% 29.9% 26.5% 46.4% 42,873 -5.6% 67.2% 54,901.0 +16.8% 53.3% 1,608.7 +13.1% 19,332.5 +1.7% 59.7% Note: During 2021 and 2022, certain businesses were transferred between operating groups. The Coffee plantation business was transferred from Olam Global Holdco ("OGH") of Remaining Olam Group to ofi (as part of Global Sourcing) and ofi's Russian operations (primarily comprising the Rusmolco dairy farming operations, also a part of Global Sourcing) were transferred from ofi to OGH. The results for ofi and Remaining Olam Group for 2021 and 2022 are presented after incorporating these changes Olam Group Limited Investor Presentation | May 2023 21 Not for distribution in the United States, the United Kingdom, European Economic Area, Canada, Australia or Japan#22Group 2022 financial highlights 000 . . Healthy EBIT growth despite geopolitical risks and significant macroeconomic volatility EBIT grew 13.1% with positive EBIT contribution by Remaining Olam Group and strong performance by Olam Agri, which grew its EBIT by 13.9% (S$857.7 million) ofi delivered EBIT of S$746.5 million and Adjusted EBIT of S$788.51 million. despite surging inflationary costs and higher depreciation and amortisation from recent acquisitions Operational PATMI declined 18.7% to S$781.5 million against a strong prior period and on significantly higher net interest costs and tax provisions + * • • Strong cash flow generation Disciplined capital management Sale of 35.43% in Olam Agri for US$1.24 billion (S$1.7 billion): Released cash and generated a net gain of S$1.2 billion in capital reserves for the Group Strong cash generation with FCFF and FCFE of S$2.7 billion and S$1.9 billion respectively Working capital cycle time maintained despite impact from higher commodity prices Robust cash position of S$4.8 billion, with ample liquidity of S$24.6 billion and diversified pools of capital Reduced gearing at 1.47x (Dec-21: 1.72x); adjusted gearing net of RMI and secured receivables at 0.64x (Dec-21: 0.75x) $ Dividend Olam Final dividend of 4.5 cents per share (2021 second interim dividend: 4.5 cents) in addition to interim dividend of 3.5 cents (2021 interim dividend: 3.5 cents) 1 Excluding amortisation of acquired intangibles Olam Group Limited Investor Presentation | May 2023 22 22 Not for distribution in the United States, the United Kingdom, European Economic Area, Canada, Australia or Japan#23Group 2022 results: P&L statement Olam S$ million 2022 2021 % Change H2 2022 H2 2021 % Change Volume ('000 MT) 42,873.3 45,425.3 (5.6) 20,383.3 23,058.0 (11.6) Revenue 54,901.0 47,002.0 16.8 26,454.2 24,168.5 9.5 EBITDA^ 2,317.7 2,049.8 13.1 1,161.0 1,114.3 4.2 EBIT^ 1,608.7 1,422.6 13.1 798.2 781.0 2.2 Adjusted EBIT^ 1,658.8 1,459.9 13.6 824.6 807.8 2.1 PAT 551.6 602.8 (8.5) 157.2 220.1 (28.6) PATMI Operational PATMI^ ^ Exclude exceptional items 629.1 686.4 (8.3) 200.0 264.9 (24.5) 781.5 961.1 (18.7) 303.0 524.5 (42.2) Olam Group Limited Investor Presentation | May 2023 23 Not for distribution in the United States, the United Kingdom, European Economic Area, Canada, Australia or Japan#24Group 2022 results: Sales volume at 42.9 million MT 5.6% decline on disrupted grains and oilseeds trade flow from Russia, Ukraine Volume by operating group ('000 MT) Olam -5.6% 45,425 42,873 -92 -2,432 -29 2021 ofi Olam Agri Remaining Olam Group 2022 Note: During 2021 and 2022, certain businesses were transferred between operating groups. The Coffee plantation business was transferred from Olam Global Holdco ("OGH") of Remaining Olam Group to ofi (as part of Global Sourcing) and ofi's Russian operations (primarily comprising the Rusmolco dairy farming operations, also a part of Global Sourcing) were transferred from ofi to OGH. The results for ofi and Remaining Olam Group for 2021 and 2022 are presented after incorporating these changes Olam Group Limited Investor Presentation | May 2023 24 Not for distribution in the United States, the United Kingdom, European Economic Area, Canada, Australia or Japan#25Group 2022 results: EBIT increased by 13.1% to S$1.6 billion Adjusted EBIT up 13.6%; strong performance by Remaining Olam Group, Olam Agri EBIT by operating group (S$ million) +13.1% Olam 1,423 2021 Adjusted EBIT (S$ M) 1,460 105 -74 ofi Olam Agri 155 1,609 Remaining Olam Group 2022 +199 1,659 Note: During 2021 and 202, certain businesses were transferred between operating groups. The Coffee plantation business was transferred from Olam Global Holdco ("OGH") of Remaining Olam Group to ofi (as part of Global Sourcing) and ofi's Russian operations (primarily comprising the Rusmolco dairy farming operations, also a part of Global Sourcing) were transferred from ofi to OGH. The results for ofi and Remaining Olam Group for 2021 and 2022 are presented after incorporating these changes 25 Olam Group Limited Investor Presentation | May 2023 Not for distribution in the United States, the United Kingdom, European Economic Area, Canada, Australia or Japan#26Group 2022 results: Operational PATMI at S$782 million Reported PATMI declined 8.3% to S$629 million PATMI (S$ million) -8.3% Olam Operational PATMI (S$ M) ^ Excludes exceptional items 686 186 -317 -43 122 629 -6 2021 EBIT^ Net Finance Costs^ Taxation^ Exceptional Non-controlling Items Interests 2022 Olam Group Limited Investor Presentation | May 2023 961 -180 782 26 Not for distribution in the United States, the United Kingdom, European Economic Area, Canada, Australia or Japan#27Group 2022 results: Balance sheet Olam S$ million Fixed Capital Right-of-use assets Dec-2022 Dec-2021 Change 9,459.3 9,537.9 (78.6) 846.3 782.7 63.6 Uses of Capital Working Capital 8,538.9 8,115.6 423.3 Cash 4,805.6 4,317.5 488.1 Others 578.5 735.1 [156.6] Total 24,228.6 23,488.8 739.8 Equity & Reserves 7,700.0 7,210.5 489.5 Non-controlling interests 423.6 7.4 Short-term debt 5,052.0 6,937.6 416.2 (1,885.6) Sources Long-term debt 10,066.8 8,794.8 1,272.0 of Capital Short-term lease liabilities 140.8 138.0 2.8 Long-term lease liabilities Fair value reserve Total 886.3 839.8 46.5 (40.9) (439.3] 398.4 24,228.6 23,488.8 739.8 Olam Group Limited Investor Presentation | May 2023 27 Not for distribution in the United States, the United Kingdom, European Economic Area, Canada, Australia or Japan#28Group 2022 results: Marginal increase in invested capital¹ 1.7% increase driven mainly by working capital investments Invested Capital (S$ million) +1.7% 19,012 19,333 Working Capital Fixed Capital 8,977 9,266 10,036 10,066 Dec-21 Dec-22 Invested capital increase with higher working capital investments caused by higher commodity prices compared with 2021 Gearing (times) Net gearing - Adjusted net gearing 1.72 1.47 0.75 0.64 Olam Dec-21 Dec-22 Net gearing improved as cash proceeds from the sale of the substantial minority stake in Olam Agri were used to pay down debt 'Invested Capital excludes Gabon Fertiliser Project (31-Dec-2022: S$239.5 million; 31-Dec-21: S$253.7 million and Long-term Investment (31-Dec-2022: Nil; 31-Dec-2021: S$31.3 million). Olam Group Limited Investor Presentation | May 2023 28 Not for distribution in the United States, the United Kingdom, European Economic Area, Canada, Australia or Japan#29Group 2022 results: Strong positive free cash flow to equity at S$1.9 billion Olam Cash from divestments and significantly lower gross Capex led to strong positive FCFE Free Cash Flow to Equity (FCFE) (S$ million) +2,980 224 406 -34 2,706 1,949 -322 -1,031 2021 Operating Cash Flow (before Interest & Tax) Changes in Working Capital Tax Paid Capex/ Investments Net Interest Paid 2022 Net Operating 1,298 630 1,928 Cash Flow (S$ M) FCFF (S$ M) Olam Group Limited Investor Presentation | May 2023 -603 +3,302 29 Not for distribution in the United States, the United Kingdom, European Economic Area, Canada, Australia or Japan 2,699#30Group 2022 results: Strong liquidity position Total borrowings and available liquidity (S$ million) as at December 31, 2022 4,806 Short-Term Long-Term 770 5,636 13,420 24,632 +8,486 16,146 5,193 10,953 Cash and RMI* Secured Receivables Unutilised Bank Lines Available Liquidity Total Borrowings Short-term Fixed Deposits *RMI: Readily marketable inventories that are liquid, hedged and/or sold forward Olam Group Limited Investor Presentation | May 2023 Olam 30 30 Not for distribution in the United States, the United Kingdom, European Economic Area, Canada, Australia or Japan#31ofi 2022 results S$ Million EBIT S$ Million ofi make it real +3.9% Invested Capital +13.6% -9.0% 821 Global Sourcing +7.3% 746 692 Ingredients & Solutions 11,546 50% 10,762 45% 45% 8,943 39% 43% 55% 50% 55% 57% 57% 61% 2020 2021 2022 Restated Restated EBIT/MT (S$) 212 223 208 +5.8% -7.1% Adjusted EBIT 704 849 789 (S$) 43% Dec-20 Restated Dec-21 Restated Dec-22 EBIT/IC 7.9% 8.3% 6.7% • • • ofi's EBIT decreased 9.0% against a high base of 2021 which had benefited from Covid-19 bounce-back. Adjusted EBIT was down 7.1% year-on-year. Headwinds from China's unexpected lockdown and sudden and unprecedented surge in energy costs impacted Global Sourcing and Ingredients & Solutions segments respectively. New contracts from Q2 2022 are passing through higher input costs, driving improved EBIT/MT in H2 2022. Olam Group Limited Investor Presentation | May 2023 • IC increased 7.3%, driven by Ingredients & Solutions segment due to acquisitions and greenfield investments, partly offset by lower capital in Global Sourcing, as we maintained operational control on working capital, even amid inflationary pressures. Not for distribution in the United States, the United Kingdom, European Economic Area, Canada, Australia or Japan 31#32ofi 2022 results: Global Sourcing S$ Million EBIT S$ Million Invested Capital • +4.4% -6.6% Working Capital -17.8% Fixed Capital -4.2% 413 5,134 4,673 339 4,475 311 3,217 2,792 2,694 2020 Restated 2021 Restated 2022 EBIT/MT (S$) 102 138 114 +4.2% -17.6% Adjusted EBIT (S$) 318 419 345 EBIT decreased 17.8% from a strong prior year; also impacted by the sudden China lockdowns and lower margins in some Nuts categories. Adjusted EBIT declined 17.6% year-on-year. Olam Group Limited Investor Presentation | May 2023 • ofi make it real 1,917 1,881 1,781 Dec-20 Restated Dec-21 Restated Dec-22 EBIT/IC 6.1% 8.4% 7.4% IC decreased 4.2%, reflecting strong working capital management despite inflationary impact on input raw materials. Not for distribution in the United States, the United Kingdom, European Economic Area, Canada, Australia or Japan 32#33ofi 2022 results: Ingredients & Solutions S$ Million EBIT +3.4% -0.1% 408 407 381 Invested Capital Working Capital Fixed Capital 2020 Restated 2021 Restated 2022 EBIT/MT (S$) 386 327 321 +7.1% +3.0% Adjusted EBIT (S$) 386 430 444 • • EBIT maintained at S$407 million. Strong growth from Spices business in the US and hazelnut processing in Turkey was offset by cocoa and soluble coffee processing in Europe which saw a war-led spike in energy costs in H1 2022. Adjusted EBIT was up 3.0% year-on-year. Depreciation and amortisation charges stepped up due to recent acquisitions which have not contributed for the full year. Olam Group Limited Investor Presentation | May 2023 • ofi make it real +36.2% +16.1% 7,070 6,088 3,137 3,809 2,624 1,954 3,464 3,934 1,855 Dec-20 Restated EBIT/IC 10.6% Dec-21 Restated 8.2% Dec-22 6.2% IC increased 16.1%, driven by recent acquisitions and ongoing greenfield investments in Dairy processing, New Zealand, and soluble coffee facility in Brazil. 33 Not for distribution in the United States, the United Kingdom, European Economic Area, Canada, Australia or Japan#34Olam Agri 2022 results: Another strong year despite growing geopolitical risks and significant macroeconomic volatility S$ Million EBIT Food & Feed Origination & Merchandising +31.4% +13.9% 858 753 31% 35% 497 38% 49% 37% 50% 28% 20% 12% 2020 Restated 2021 2022 EBIT/MT (S$) 12 19 22 Olam Agri Food & Feed-Processing & Value-added S$ Million Fibre, Agri-industrials & Ag Services Invested Capital +10.3% -2.3% 7 5,242 5,124 4,211 16% 28% 19% 40% 44% 45% 44% 37% 27% Dec-20 Restated Dec-21 Dec-22 EBIT/IC (%) 13.4% 15.9% 16.5% Growth in EBIT in 2022 mainly attributable to Processing & Value-added segment The Food & Feed - Origination & Merchandising performed well as they did in 2021 despite the disruption in grains and oilseeds flows from Russia and Ukraine and volatile market conditions during the year. Freight business, Wheat Milling & Pasta, Rice and Edible Oils businesses performed better than 2021 with improved EBIT contribution. Fibre, Agri-industrials & Ag Services segment reported lower earnings against an exceptionally strong year in 2021. Olam Group Limited Investor Presentation | May 2023 IC declined 2.3% as working capital deployed in Fibre, Agri-industrials & Ag Services segment reduced substantially on lower cotton and rubber inventory, compensating for the increase in working capital from the Food & Feed - Origination & Merchandising segment due to higher grains and oilseeds prices. Not for distribution in the United States, the United Kingdom, European Economic Area, Canada, Australia or Japan 34#35Food & Feed - Origination & Merchandising: Resilient performance despite disrupted trade flows S$ Million EBIT Olam Agri +18.5% S$ Million Invested Capital +31.7% -1.6% Working Capital Fixed Capital +65.8% 267 263 1,411 187 2020 Restated 2021 2022 EBIT/MT (S$) 6 8 8 813 851 1,211 677 657 136 194 200 EBIT/MT (S$) Dec-20 Restated 34.7% Dec-21 Dec-22 32.1% 23.2% Against a strong prior year, Grains & Oilseeds trading reported lower earnings in 2022 on reduced exports out of Russia and Ukraine; some of the reduced volumes were compensated by higher sales volumes out of other origins, including North and South America, India and Australia. Freight business grew earnings on account of a larger freight capacity compared with 2021, supported by higher freight rates. Rice remained resilient despite export ban by India, with strong footholds in new markets across North Africa and the Middle East where demand is rising; Edible Oils' demand and sales remained buoyant during the year despite elevated prices. Olam Group Limited Investor Presentation | May 2023 IC markedly higher, driven by significantly higher working capital arising from the steep rise in grains and oilseeds prices and continuing supply chain disruptions. Not for distribution in the United States, the United Kingdom, European Economic Area, Canada, Australia or Japan 35#36Food & Feed - Processing & Value-added: Continued growth from value-added products, better efficiencies S$ Million EBIT EBIT/MT (S$) Olam Agri +29.8% S$ Million Invested Capital +11.4% +53.8% Working Capital +11.2% 423 Fixed Capital 2,307 2,074 1,859 275 251 816 1,062 591 2020 Restated 2021 2022 58 61 105 1,268 1,258 1,245 Dec-20 Restated Dec-21 Dec-22 EBIT/IC (%) 13.3% 14.0% 19.3% Strong increase in EBIT in 2022 was primarily due to a significant improvement in contribution from the Wheat Milling & Pasta business Marginally lower contribution from Integrated Feed & Protein: Adverse impact on day-old-chicks segment due to avian influenza in Nigeria, which was partly offset by healthy growth in the fish feed segment and broiler feed segments Rice, Specialty grains & Seeds performed better in 2022 compared with 2021 when sesame business underperformed; branded rice distribution business and rice milling in Nigeria performed well, compensating for the negative impact of flooding on rice farming Olam Group Limited Investor Presentation | May 2023 IC was up 11.2% on account of higher working capital due to higher rice prices as well as higher input prices across Wheat Milling & Pasta, Integrated Feed & Protein and Edible Oils processing businesses. Not for distribution in the United States, the United Kingdom, European Economic Area, Canada, Australia or Japan 36#37Fibre, Agri-industrials & Ag Services S$ Million EBIT 59 +70.6% -18.4% 211 172 2020 Restated 2021 2022 EBIT/MT (S$) 29 95 73 Olam Agri S$ Million Invested Capital -4.4% Working Capital -39.3% Fixed Capital 2,317 1,539 1,406 1,894 1,073 989 466 423 417 T Dec-20 Restate Dec-21 Dec-22 EBIT/IC (%) 4.8% 10.9% 9.2% EBIT declined against strong results in the prior year, primarily due to reduction in contribution from Funds Management and Cotton Cotton demand from mills in China, one of our major cotton markets, was significantly impacted by Covid-19 lockdowns; these were offset by firm demand in the US and other major markets, and improved integrated ginning in Africa and ginning income from Australia Sustainable forestry concessions and saw milling business in the Republic of Congo, and the rubber business in Côte d'Ivoire contributed to the growth in EBIT. Olam Group Limited Investor Presentation | May 2023 Substantially lower IC, mainly driven by reduced inventory levels in cotton and rubber. Not for distribution in the United States, the United Kingdom, European Economic Area, Canada, Australia or Japan 37#38Remaining Olam Group EBIT S$ Million Olam De-prioritised/Exiting Assets Continuing/Gestating Businesses Incubating Businesses +102.9% Invested Capital 4 S$ Million 14 3,512 -11.5% 52 3,009 924 564 -35 -27 -62 2,663 551 -29 -47 -56 -77 2,587 2,430 2,097 -120 -151 • • 2020 Restated 2021 Restated 2022 All segments registered an improvement in EBIT: De-prioritised/Exiting Assets segment improved EBIT by S$40.4 million due to better performance by sugar assets, India and absence of losses from assets that were divested or shut down during 2021 Continuing/Gestating Assets recorded positive EBIT because of higher fair value gains from Rusmolco, improved contribution by OPG on increased sales volumes and palm oil prices, higher production yields, and better results from Mindsprint Losses from Incubating Businesses narrowed in 2022. 1 14 Dec-20 Restated Dec-21 Restated 14 Dec-22 IC decreased by 11.5% as we sold our remaining equity stakes in ARISE IIP and ARISE IS. Note: ofi's Russian operations (primarily comprising the Rusmolco dairy farming operations, also a part of Global Sourcing) were transferred from ofi to OGH (to be part of Continuing/Gestating Businesses) in 2022. Results of the Remaining Olam Group for 2020 and 2021 are presented after incorporating these changes. Results of Continuing/Gestating Businesses also include those of shared services provided by Mindsprint. Olam Group Limited Investor Presentation | May 2023 38 Not for distribution in the United States, the United Kingdom, European Economic Area, Canada, Australia or Japan#39Business outlook and prospects 1 We expect commodity prices to ease from the highs of 2021/2022 although geopolitical uncertainties, supply chain disruptions and volatile market conditions are likely to persist. 2 ofi has entered 2023 with good momentum with timing and execution of new customer contracts proceeding to plan, passing through higher energy and other costs in line with expected lags. This, together with contribution from H2 2022 acquisitions and the organic business growth gives management confidence for improved financial performance in 2023. 3 Olam Agri expects to capture the significant growth opportunity that exists in the market to strengthen operating performance for 2023. Strategic Supply and Cooperation agreement with SALIC is expected to catalyse its growth in the Gulf region. 4 In view of the market uncertainties and high interest rates environment, we will continue to focus on managing our working capital in a disciplined manner. We expect to continue to incur one-off expenses associated with the Re- organisation Plan. LO 5 Olam Barring any unforeseen circumstances or unfavourable geopolitical, macroeconomic and roll- back on post-pandemic borders reopening by major economies, we are cautiously optimistic about our prospects for 2023. Olam Group Limited Investor Presentation | May 2023 39 Not for distribution in the United States, the United Kingdom, European Economic Area, Canada, Australia or Japan#40Governance Board of directors 3 3 3 3 1 Lim Ah Doo Chairman and Non-Executive and Independent Director Sunny Verghese Executive Director, Co-Founder and Group CEO Nihal Vijaya Devadas Kaviratne, CBE Independent Non-Executive Director Yap Chee Keong Independent Non-Executive Director Marie Elaine Teo Independent Non-Executive Director Dr Joerg Wolle Independent Non-Executive Dr Ajai Puri Independent Non-Executive Nagi Hamiyeh Hideyuki Hori Shuji Kobayashi Non-Executive Director Non-Executive Director Non-Executive Director Director Director Olam Group Limited Investor Presentation | May 2023 Olam Not for distribution in the United States, the United Kingdom, European Economic Area, Canada, Australia or Japan 40#41Governance Five Board Committees oversee risk management The Board Risk Committee 900 100 10 Audit Committee Capital and Investment Committee Corporate Responsibility and Sustainability Committee Trading: e.g. Price, Basis, Liquidity Operational: Credit, Counterparty, Transactional Currency Operational: Stock, Quality, Fraud, Systems & Controls Regulatory & Compliance: Bribery/Corruption, Transfer Pricing, Taxation • Political & Sovereign • Regulatory & Compliance: • Others: Cybersecurity, IT Market Compliance Natural Perils Operational: Project Execution, Asset Utilisation Currency: Translational Currency Capital Structure & Financing: Interest Rate, Funding Liquidity/Margin Call; Credit Metrics, Activist Investor, Short Seller Attack Agricultural: Weather, Pests, Diseases, Agronomy Reputational: Social, Health, Safety, Environmental Olam Group Limited Investor Presentation | May 2023 I Olam Nomination and Remuneration Committee Key Persons Not for distribution in the United States, the United Kingdom, European Economic Area, Canada, Australia or Japan 41 All strategic risks are overseen by the Executive Committee#42Governance: Living our Purpose Sustainability framework Prosperous farmers and Thriving communities Purpose outcomes food systems Material Areas Economic Safe and opportunity Education Nutrition decent and skills and health Diversity and Climate action UN SDGs 1 NO POVERTY 8 DECENT WORK AND ECONOMIC GROWTH 4 QUALITY EDUCATION 3 GOOD HEALTH AND WELL-BEING 2 ZERO SSS HUNGER 5 GENDER EQUALITY UN SDG Enablers PEACE, JUSTICE 16 AND STRONG INSTITUTIONS Re-generation of the living world GENDER EQUALITY 13 2 ZERO HUNGER 10 REDUCED INEQUALITIES 555 17 PARTNERSHIPS FOR THE GOALS Healthy Water Healthy ecosystems soils CLIMATE ACTION 15 Olam Food loss and waste LIFE ON LAND LIFE 15 ON LAND 6 CLEAN WATER AND SANITATION 12 RESPONSIBLE CONSUMPTION AND PRODUCTION QO 7 AFFORDABLE AND CLEAN ENERGY 13 CLINATE ACTION ZERO HUNGER 2 SSS 6 CLEAN WATER AND SANITATION Olam Group Limited Investor Presentation | May 2023 Not for distribution in the United States, the United Kingdom, European Economic Area, Canada, Australia or Japan 42#43Recognitions Top Score for Olam Group in the Oxfam Agribusiness Scorecard 2022 Featured in 2022's and 2021's Fortune Global 500 IR Magazine Southeast Asia Awards 2020 and 2019: Best Annual Report (Mid-cap) Olam The Asset Triple A Country Awards 2020: Best Issuer for Sustainable Finance and Best Sustainability-linked Loan Singapore Corporate Awards 2019, Best Annual Report (Silver) Top 30 ASEAN public listed companies in corporate governance practices 2019 ASEAN Business Advisory Council (ASEAN-BAC) AGROW Awards 2018: Champion Inclusive Agri-business Africa CEO Forum Awards 2018: International Company of the Year Singapore Sustainability Reporting Awards (SSRA) 2018 by Singapore Institute of Directors, SGX and Global Compact: Best Sustainability Report for Established Reporters Winner of Sustainability Award, Runner-up of 'Most Transparent Company' Award, Commerce, SIAS 19th Investors' Choice Awards 2018 Sustainable Business Award, Large Organisation category, Singapore Apex Corporate Sustainability Awards, 2017 Olam Group Limited Investor Presentation | May 2023 Not for distribution in the United States, the United Kingdom, European Economic Area, Canada, Australia or Japan 43#44Olam Group Limited Investor Presentation | May 2023 olamgroup.com/investors.html [email protected] Olam