Press Release

    OLAM INTERNATIONAL ACHIEVES 78% SHAREHOLDING IN NZ FARMING SYSTEMS AFTER CLOSE OF TAKEOVER OFFER

    Press release

    Olam International Limited (“Olam”) wishes to announce that its takeover offer (“Offer”) for NZ Farming Systems Uruguay Limited (“NZFSU”) has successfully closed on 24 September 2010. Olam received acceptances representing 59.53% and now owns 190,452,137 Shares, representing 77.98% in the capital of NZFSU. Following the completion of the Offer, NZFSU is now a subsidiary of Olam. The total consideration paid by Olam for the additional 59.53% of NZFSU Shares from the
    Offer was NZ$101.8m. The Offer brings Olam’s total investment in NZFSU to NZ$120.3m, including the purchase of the initial shareholding.

    Olam’s dairy business has established strong positions in origination out of Western and Eastern Europe, Oceania, South America and South Asia as well as leadership positions in most markets in Africa. One of Olam’s current strategic initiatives is to selectively integrate upstream into plantations and farming, which includes dairy farming in cost competitive
    locations such as Uruguay. Olam believes that Uruguay has a comparative advantage in dairy farming and therefore the capacity to significantly expand its production of dairy products.

    Olam intends to seek appropriate representation on the board of NZFSU. As an immediate priority, Olam will review and confirm the business plan for NZFSU and assess the extent and timing of additional capital to be raised in order to complete the development of NZFSU farms. NZFSU shareholders will be notified once the business review is completed and plans for the future growth of NZFSU are finalized.

    Vivek Verma, Olam’s Global Head of Dairy & Coffee said: “Olam would like to thank all shareholders who supported the offer. We now look forward to working with NZFSU and continuing shareholders to progress the development of NZFSU.”

    Note:
    This release should be read and understood only in conjunction with the full text of Olam International Limited’s other announcements lodged on SGXNET on the same subject.

    About Olam International Limited

    Olam International is a leading global integrated supply chain manager and processor of agricultural products and food ingredients, sourcing 20 products with a direct presence in 64 countries and supplying them to over 11,100 customers. With direct sourcing and processing in most major producing countries for its various products, Olam has built a global leadership position in many of its businesses, including cocoa, coffee, cashew, sesame, rice, cotton and wood products. Headquartered in Singapore and listed on the SGX-ST on February 11, 2005, Olam currently ranks among the top 40 largest listed companies in Singapore in terms of market capitalisation and is a component stock in the Straits Times Index (STI), MSCI Singapore Free, S&P Agribusiness Index and the DAXglobal Agribusiness Index. Olam is the only Singapore firm to be named in the 2009 and 2010 Forbes Asia Fabulous 50, an annual list of 50 big-cap and most profitable firms in the region. It is also the first and only Singapore company to be named in the 2009 lists for the Global Top Companies for Leaders and the Top Companies for Leaders in the Asia Pacific region by Hewitt Associates, the RBL Group and Fortune. More information on Olam can be found at www.olamgroup.com.

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