#1Olam Group Limited Re-organisation of Olam: Proposed Olam Agri IPO and Demerger Extraordinary General Meeting March 29, 2023 | Singapore Olam#2Notice Olam This presentation should be read in conjunction with Olam Group Limited's Circular to Shareholders in relation to the Proposed Olam Agri Disposal, the Proposed Olam Agri Dilution and the Proposed Olam Agri Capital Reduction, lodged on SGXNET on March 6, 2023. Extraordinary General Meeting | March 29, 2023 2#3Cautionary note on forward-looking statements Olam The information contained in this presentation is for information purposes only and does not constitute or form part of any offer or invitation to sell or issue or subscribe for, or any solicitation of any offer or invitation to purchase, acquire or subscribe for any securities or rights to purchase securities in Olam Group Limited (the "Company") (including any ordinary shares in the Company ("Shares") in Singapore, the United States or any other jurisdiction) or any other securities. This Presentation should not, nor should anything contained in it, form the basis of, or be relied upon in any connection with any contract or commitment whatsoever. The information in this Presentation is qualified by, and should be read in conjunction with, the full information contained in the circular released by the Company to its shareholders on 06 March 2023 (the "Circular"). In the event of any inconsistency or conflict between this extract and the Circular, the Circular shall prevail. The information contained in this Presentation includes historical information about and relevant to the Company, and should not be regarded as an indication of the future performance or results of the Company. The past performance of the Company is not necessarily indicative of the future performance of the Company. Past performance information given in this Presentation is given for illustration purposes only and should not be relied upon as (and is not) an indication of future performance. All statements contained in this Presentation and oral statements that may be made by the Company or its Directors, officers or employees acting on its behalf, that are not statements of historical fact, constitute "forward-looking statements". Some of these statements can be identified by words that have a bias towards the future or, are forward-looking such as, without limitation, "anticipate", "aim", "believe", "could", "estimate", "expect", "forecast", "if", "intend", "may", "plan", "possible", "predict", "probable", "project", "seek", "should", "will" and "would" or other similar words. However, these words are not the exclusive means of identifying forward-looking statements. All statements regarding the Group's future financial position, operating results, business strategies, plans and future prospects are forward-looking statements. These forward-looking statements, including but not limited to statements as to the Group's revenue and profitability, prospects, future plans and other matters discussed in this Presentation regarding matters that are not historical facts, are merely predictions. These forward-looking statements involve assumptions, known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Group, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements and financial information. Extraordinary General Meeting | March 29, 2023 3#4Cautionary note on forward-looking statements (cont'd) Olam These forward-looking statements speak only as at the date of this Presentation. Such forward-looking statements and financial information are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. No assurance can be given that future events will occur or that assumptions are correct. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, changes in operating expenses (including employee wages, benefits and training costs), governmental and public policy changes, and the continued availability of financing in the amounts and the terms necessary to support future business. As these statements and financial information reflect the current views of the Company concerning future events, these statements and financial information necessarily involve risks, uncertainties and assumptions. Actual future performance could differ materially from these forward-looking statements and financial information. A potential investor is cautioned not to place undue reliance on these forward-looking statements. None of the Company and any other person represents or warrants that the Group's actual future results, performance or achievements will be as discussed in those statements. The information and opinions contained in this Presentation are provided as at the date of this Presentation (unless stated otherwise) and are subject to change without notice, and does not purport to be complete or comprehensive. The Company disclaims any responsibility to amend, modify or revise any forward-looking statements or publicly announce any revisions to those forward-looking statements, on the basis of any subsequent developments, information or event, even if new information becomes available or other events occur in the future. Nothing contained herein or therein is, or shall be relied upon as a promise, warranty, guarantee or representation, whether as to the past or the future and no reliance, in whole or in part, should be placed on the fairness, accuracy, completeness or correctness of the information contained herein or therein. Further, nothing in this Presentation should be construed as constituting legal, business, tax or financial advice and you should consult your own independent professional advisers. Neither the Company, BNP Paribas, acting through its Singapore branch, Credit Suisse (Singapore) Limited, DBS Bank Ltd., The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch, Mizuho Securities (Singapore) Pte. Ltd., or any of their affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising, whether directly or indirectly, from any use or reliance of this Presentation or its contents or otherwise arising in connection with this Presentation. This Presentation is not an offer for sale of securities into the United States or elsewhere. Neither this presentation or any part thereof may be (a) used or relied upon by any other party or for any other purpose, (b) copied, photocopied, duplicated or otherwise reproduced in any form or by any means, or (c) forwarded, published, redistributed, passed on or otherwise disseminated or quoted, directly or indirectly, to any other person either in the investors' organisations or elsewhere. By attending this presentation, investors agree to be bound by the terms above. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore. 4 Extraordinary General Meeting | March 29, 2023#5Agenda 1 2 Re-organisation of Olam Proposed transactions overview 3 4 5 Overview of the Olam Agri business Strategic rationale Next steps Extraordinary General Meeting | March 29, 2023 Olam 5 10#61 Re-organisation of Olam Olam DANNY 6#7Our Re-organisation We created 3 distinct operating groups, all purpose-led & future ready ofi Value-added ingredients & solutions serving high growth food & beverage categories Cocoa W Coffee Dairy Nuts Spices Olam Agri Differentiated global food, feed, and fibre agribusiness, focused on high growth end consumption markets BBB - ☐ Olam Remaining Olam Group All other remaining businesses Grains & Oilseeds Cotton Wood Rice, Specialty Grains & Seeds Edible Oils Integrated Feed Natural Rubber Funds Management & Risk Management Solutions Olam Global HoldCo (OGH): Continuing business, Gestating businesses and deprioritised assets earmarked for exit Olam Ventures: Digital & sustainability start-up ventures MindSprint: IT & digital services business & Protein Freight & Logistics 7 Extraordinary General Meeting | March 29, 2023 Not for distribution in the United States, the United Kingdom, European Economic Area, Canada, Australia or Japan#8Re-organisation of Olam: Next steps ofi make it real Plan primary listing on the premium segment of LSE and a concurrent listing in Singapore¹ to take place following the Olam Agri IPO, subject to prevailing market conditions. Olam Agri Plan dual listing of Olam Agri as early as H1 2023 with primary listing on mainboard of SGX and a possible concurrent listing on the Saudi Exchange of the Kingdom of Saudi Arabia, subject to prevailing market conditions 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. Olam Agri is planning a target dividend payout ratio of up to 50% of profits after tax attributable to its shareholders, to be paid semi-annually. This is consistent with its target to achieve a net gearing ratio of approximately 2.0 times net debt to equity or 1.0 time on adjusted net debt to equity basis, after adjusting net debt for readily marketable inventories and secured receivables. Olam Olam Remaining Olam Group On completion of Olam Agri, ofi IPOs, the Group will remain listed on the SGX with OGH, Olam Ventures and MindSprint as its businesses. Continue to responsibly divest de-prioritised assets marked for exit and partially/fully monetise gestating assets to reduce leverage. Evaluate various strategic options for Olam 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. Extraordinary General Meeting | March 29, 2023 8#92 Proposed transactions overview AMA OLD MANI GOL Qualidade rimein Qualidade Extra Lone oz Branco Extra La NET WT. SK T.5Kg MA GOLD avade 11. Gold A 147.00 5K Aman Amala AAMA COLD Olam okg Toke MAMA GOLD AFRICANA à foullia toda sposta Primeira Qualidade Arroz Branco Extra Longo NET WT. 5Kg 9#10Proposed transactions overview Proposed Transactions Olam Proposed Olam Agri Disposal The proposed sale by the Company of a certain number of Olam Agri Holdings Pte Ltd (OAHPL) Shares in connection with the OAHPL IPO, comprising: • . • The vendor sale of OAHPL Shares by the Company in the OAHPL IPO The market sales of any OAHPL Shares (where applicable) which are not distributed to Shareholders as a result of the distribution ratio and treatment of fractional entitlements as determined by the Board in connection with the Proposed Olam Agri Capital Reduction The sale of OAHPL Shares to the Stabilising Manager(s) under the Over-allotment Option • The subsequent market sales of any remaining OAHPL Shares following the expiry of the Over- allotment Option Period Proposed Olam Agri Dilution The proposed dilution of the Company's interest in OAHPL by 20% or more as a result of the New Olam Agri Issue Proposed Olam Agri Capital Reduction The proposed capital reduction exercise to be undertaken by the Company under Section 78G read with Section 781 of the Companies Act to effect the Proposed Olam Agri Demerger 10 Extraordinary General Meeting | March 29, 2023#11Changes in Group structure 1 Current Structure Existing Shareholders Olam Group Limited Olam 100.0% Olam Holdings Pte. Ltd. 100.0% ofi Group Limited 100.0% 100.0% 100.0% 100.0% Olam Agri Pte. Ltd. 16.43% SALIC International Olam Global HoldCo Pte. Ltd. Olam Ventures Pte. Ltd. MindSprint Pte. Ltd.(1) Olam Agri Holdings Pte. Ltd. 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 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 Gestating assets and deprioritised businesses and assets Remaining Group Note: 1. Formerly known as Olam Technology and Business Services Pte. Ltd. Engine 2 businesses Additional Public Shareholders (after Olam Agri IPO) 100.0% MindSprint Pte. Ltd. (1) Olam Agri Holdings Pte. Ltd. Olam Global Agri Pte. Ltd. Digital and technology services Olam Agri Subsidiaries Olam Agri Extraordinary General Meeting | March 29, 2023 SALIC International Investment Company Issuer 11 Not for distribution in the United States, the United Kingdom, European Economic Area, Canada, Australia or Japan#123 Overview of the Olam Agri business M LTD. VAPAPA Olam Tour 12#13Olam Agri at a Glance We are a global agri business, achieving high growth & returns 26.9Bn 38.3MM 30+ Our size and scale Revenue (US$) Revenue CAGR Volume (MT) Countries of Presence 60+ Manufacturing & Processing Facilities (1) Olam Agri 9,500+ Employees (2) (20-22) 28.9% Our Distinctive 621.9MM 30.9% Performance EBIT (US$) Track Record 33.4% 15% 44% EBIT CAGR (20-22) EBIT/MT CAGR (20-22) Average EBIT/IC(³) (20-22) Average ROE(4) (20-22) Notes: Figures denote FY22 actuals unless otherwise specified. 1. Comprise Tier 1 & 2 facilities 2. As of December 2022 3. EBIT / Average of Beginning and Ending Period Invested Capital (Working Capital + Fixed Capital) 4. Return on Equity = PATMI / Average of Beginning and Ending Period Equity 13 Not for distribution in the United States, the United Kingdom, European Economic Area, Canada, Australia or Japan Extraordinary General Meeting | March 29, 2023#14Olam Agri Long-Term Secular Trends We are supported by strong sector fundamentals. Growing Demand for Food Driven by population growth, younger demographics, per capita income growth and rising urbanisation Growing Resource Scarcity Declining arable land, declining soil fertility, declining bio-diversity Change in Dietary Habits Shift towards higher protein and fat-based diets in emerging markets Growing Food security concerns Shifting Trade Flows Growing Geopolitical Fragmentation and Increasing protectionist sentiments raising trade barriers and/or tariffs Growing Demand for Biofuels Demand for palm oil, soybean oil, sunflower oil and rapeseed oil as biofuel has increased, and growing diversion of corn and sugar into biofuel production Sustainability Consumers are ever-more concerned with climate and nature impacts, demanding greater transparency over how agricultural commodities are produced Not for distribution in the United States, the United Kingdom, European Economic Area, Canada, Australia or Japan. 14 Source: Independent Market Report by OC&C Extraordinary General Meeting | March 29, 2023#15Olam Agri Portfolio A Food & Feed 1 Food & Feed: Origination & Merchandising Operations of origination, sourcing, merchandising and trading of grains & oilseeds, edible oils and rice Origination & Merchandising 2 Food & Feed: Processing & Value Added Processing agricultural raw materials directly sourced through our O&M global network and from third-parties into intermediate products, catering to B2B as well as B2C Wheat Milling & Pasta | Integrated Feed & Protein | Rice, Specialty Grains & Seeds B Fibre, Agri-Industrials & Ag-Services 3 Fibre, Agri-Industrials & Ag-Services Comprises of four business units; cotton, rubber, wood products and our fund management business Fibre | Agri-Industrials & Ag-Services Top 2 shipper of soybeans from Brazil by volume (2021)(1) Leading rice merchant from key Asian export markets (2021)(2) Leading rice exporter out of India (2021)(3) Top 2 leading wheat miller in Africa by capacity(4) Equal #1 animal feed producer in Nigeria(5) A leading integrated rice milling player in Nigeria(6) A global leader in cotton merchandising by volume (2021)(7) Leading positions in key export markets for cotton (8) One of the largest natural rubber players in Côte d'Ivoire (9) Olam Agri '22A Volume Contribution '22A EBIT Contribution 83.3% 30.7% 31.9M MT US$190.5MM 10.5% 49.3% 4.0M MT US$306.7MM 6.2% 20.0% Revenue from Europe 9.8% Africa 19.1% Contracts with Customers by Region (2022) Americas 9.4% Asia, Middle East & Australia 61.7% 2.4M MT US$124.7MM Europe 20.5% Africa 15.0% Sourcing Volume by Region (2022) Americas 38.6% Asia, Middle East & Australia 25.9% Source: Independent Market Report by OC&C. Notes: 1. Olam Agri was the #2 shipper of Soybeans from Brazil in 2021 with c.12% volume share 2. Based on customs volume data from ports in India, Vietnam and Thailand that account for 27% of global exports, within volumes that name the exporter 3. Olam Agri was the #1 rice exporter from India, based on customs volume data representing c.22% of total India rice export volumes, within volumes that name the exporter 6 Top #2 Rice Miller by capacity amongst key competitors identified by management, as of 2021 7. Based on volume market share of over 14% in international trade 8. Volume shares of over 20%, 20%, 30%, of export volumes in USA, Australia and Africa respectively in 2021, implying at least a top 4, 4 and 3 position 15 9. The company is at least one of the top 8 players in unprocessed natural rubber purchases (defined as company purchases as a share of total production in Côte d'Ivoire and company trade as a share of total exports from Côte d'Ivoire) from Côte d'Ivoire in 2022 and at least a top 4 player in (processed and unprocessed) Natural Rubber exports out of Côte d'Ivoire in 2021 Extraordinary General Meeting | March 29, 2023 Not for distribution in the United States, the United Kingdom, European Economic Area, Canada, Australia or Japan 4. Olam Agri is one of the top two millers in Africa by capacity based on the competitors identified by The Africa Report 5. Agri Reseaux, Feed Markets in West Africa, 2023#16Core Competencies Olam Agri's Operating Model Farming Processing & Manufacturing Sourcing & Origination Transport & Logistics Trading & Merchandising Olam Agri Risk Management & Data Analytics Farming expertise through investments in broad acre row crop farming and out-grower programmes in Brazil, Australia, and Nigeria (cotton, soy, corn and rice), and tropical hardwood forest concessions in the Republic of Congo Flexible, multi-source, multi-strategy origination model focused on participating in fast growing global trade corridors/trade flows. This includes our network of estimated 2.2 million farmers(1) Strategic & value-added processing facilities in excess return high growth destination markets leveraging our engineering, technical & manufacturing capabilities Logistics and freight management capabilities support the value chain from origination to destination markets Global player, exporting from the largest producing regions & fast-growing trade routes Data analytics capabilities, bespoke IT systems, governed by robust internal risk management framework Note: 1. As of 2021 16 Not for distribution in the United States, the United Kingdom, European Economic Area, Canada, Australia or Japan Extraordinary General Meeting | March 29, 2023#17Key Investment Highlights 1 High Growth & Returns 2 Differentiated Business Model 3 Strategic Partnerships: SALIC 4 Sustainability Impact: Proprietary Assets & Capability Provides Advantages 30.9% EBIT CAGR* Leading position and growing market shares in fast growing corridors 33.4% EBIT/MT CAGR* Fixed asset light operating model 15% Average EBIT/IC(1) Olam Agri 44% Average* ROE (2) Select fixed asset investments focused on high growth destination markets Independent and adaptable model at origin & destination markets Olam Agri's Operating Model سالك SALIC * SALIC's mandate is to achieve food security for the Kingdom of Saudi Arabia through both upstream and downstream investments To ensure long-term food security, SALIC has identified 12 key food commodities which Olam Agri already deals with 6 commodities Internationally recognised sustainability efforts 73 bn fortified products produced by nearly 400,000 farmers supported through livelihood programs No.1 Oxfam Agri-business Scorecard 2021 No. 22 of 350 companies: food and agricultural sector World Benchmark Alliance's agri-sector scorecard Comprehensive digital platform AtSource SPYDER 5 Our Shareholders: Blue Chip Sponsors Our Management: 6 An experienced management team equipped with in- depth industry expertise Notes: Figures denote FY22 actuals unless otherwise specified. SALIC سالك 530+ Global Management Team TEMASEK >40 Nationalities 20+ Average Years of Experience Mitsubishi Corporation 8+ Average Years of Tenure Not for distribution in the United States, the United Kingdom, European Economic Area, Canada, Australia or Japan 17 1. EBIT / Average of beginning and end of period Invested Capital (Working Capital + Fixed Capital). 2. Return on Equity = PATMI / Average of beginning and end of period Equity. *20A-22A Extraordinary General Meeting | March 29, 2023#18Olam Agri Growth Framework A Repeatable growth formula 1. Expanding into New Product Adjacencies Products that share customers, channels, costs and capabilities with our existing businesses Expanding into New 4. Businesses Leveraging latent capabilities & assets acquired over time in existing businesses and deploying it into new business opportunities (trade and structured finance, risk management services, quantitative funds, freight management etc.) 5. Strategic Partnerships Catalysed by forging strategic partnerships like SALIC to accelerate profitable growth Chain 2. Expanding into New Value Chain Adjacencies Particularly focused on the midstream part of the value chain (value added processing / manufacturing) and selectively upstream in farming and downstream in packaging, branding & distribution eographical 3. Expanding into New Geographical Adjacencies Leveraging key strength built in existing businesses and existing countries and expanding this into new geographies (both from an origin and destination standpoint) Not for distribution in the United States, the United Kingdom, European Economic Area, Canada, Australia or Japan 18 Extraordinary General Meeting | March 29, 2023#19Olam Agri Capex Pipeline to Support Growth Ambition • We have ongoing and planned capital expenditure in the range of US$750-850MM for 2023 and 2024 (US$240-280MM)(2) Origination & Merchandising 0-5% (US$0-40MM)(2) Investments to build our fleet through long term leasing and vessel ownership which will expand our freight operating capabilities Fibre, Agri-Industrial 30-35% & Ag-Services Investments to expand farming and production capacity of our facilities o Cotton: We plan to expand Brazil farming and increase our cotton ginning footprint in Australia, as well as deepen integral cotton ginning in Africa to improve yields O Rubber: We plan to increase our rubber processing capacity in Côte d'Ivoire o Wood products: We plan to expand our capacity in value addition due to a shift in customer preference to finish and semi-finished products US$ 750-850MM (1) Processing & Value-Added 55-70% (US$440-560MM)(2) Investments to expand and increase the production capacity of our facilities o Wheat Milling & Pasta: We plan to double our logistic fleet over 3 years; expand our wheat milling capacity; and increase our pasta and semolina production capacity O Integrated Feed & Protein: We plan to double fish feed capacity in selected West African markets; add farms to increase broiler day-old chicks capacity; engage in backward and forward integration in soy crush in selected African markets; and invest or acquire new businesses and capabilities in Asia and Africa. O Rice, Specialty Grains & Seeds: We also intend to enhance paddy milling capacity in Africa and install a rice bran facility in Africa to extract value from the bran produced as by-product of milling activities Source: Company information Notes: 1. Refers to ongoing and planned capital expenditure 2. Calculated by applying percentage range to midpoint of planned capital expenditure of US$800MM 19 Not for distribution in the United States, the United Kingdom, European Economic Area, Canada, Australia or Japan Extraordinary General Meeting | March 29, 2023#20PASTA aroni Elbow 4 Strategic rationale STALTO PASTA Caroni Elbow PASTA caroni Elbow PASTA LTD BARST BUA BUA PASTA LID BUA PASTA 31 PACKS X 900 M SAPTACIPES Macaroni Elbow BUA BUA PASTA Macaroni Elbow BUA 28 PACKS BUA PASTA LTD. BUA PASTA Macaroni Elbow BUA PASTA LTD. 200 CAL PASTA aroni Elbow BUA TALTO agg A PASTA ni BUA Paten by BUA PASTA LTD BUA PASTA BUA Macaroni Elbow BUA BUA BUA PASTA BUA BUA PASTA Macaroni Elbow BUA Olam BUA PA Масал E BUA PASTA LTD BUA PASTAL 22 C La Sal BUA PASTA Macaroni Elbow BUA PASTA LTD BUA PASTA BUA PA BUA Macar El Macaroni Elbow BUA BUA PASTA LT BUA PA Macar Elb A PASTA LTD BUA PASTA Macaroni Elbow BUA PASTA#21Benefits and rationale • • Greater focus on core business Allow OAHPL and the rest of the • Olam Group to focus on their respective core businesses Implement strategies to grow and expand their businesses independently • Olam Unique business focus and value proposition + By being separately listed, each corporation will be able to attract its own wider and deeper pool of investors interested in its particular businesses and business model The separate listings will also provide Shareholders with more flexibility for the diversification of their investments in accordance with, amongst others, their individual risk appetites and investment preference • Greater visibility and understanding of Olam Agri The Proposed Olam Agri Demerger will provide the market and investors with greater visibility and understanding of the Olam Agri business as a separate and independent business from the rest of the Olam Group, allowing it to attract more targeted investments and opening it up to a wider pool of investors Provides Olam Agri with a transparent valuation benchmark and allows it to be assessed and valued more distinctly, thus benefiting Shareholders as a whole Extraordinary General Meeting | March 29, 2023 21 Not for distribution in the United States, the United Kingdom, European Economic Area, Canada, Australia or Japan#225 Next steps Olam 22 22#23Next steps Olam 1 EGM for approval of the Proposed OA Disposal, the Proposed OA Dilution and the Proposed OA Capital Reduction March 29, 2023 2 Last date of "cum" trading of the Shares on the SGX-ST To be announced by the Company 3 Date and time of commencement of "ex" trading of the Shares on the SGX-ST To be announced by the Company 4 Distribution Record Date The record date to be separately announced, fixed by the Company for the purpose of determining entitlements of the Shareholders in respect of the Proposed OA Capital Reduction To be announced by the Company 5 Distribution Effective Date The date on which OAHPL Shares are credited into the Securities Accounts of the Distribution Entitled Shareholders under the Proposed Olam Agri Demerger To be announced by the Company Extraordinary General Meeting | March 29, 2023 23 Not for distribution in the United States, the United Kingdom, European Economic Area, Canada, Australia or Japan#24Olam Group Limited olamgroup.com/investors.html [email protected] Olam