Press Release

Olam International Limited (the “Company” or “Olam”) today announced that it has notified NZ Farming Systems Uruguay Limited (“NZFSU'”) of its intention to make a cash offer at NZ$0.70 per share for all of the shares in NZFSU that it does not already own (“the Offer”).

Olam is currently the largest shareholder in NZFSU with a 77.98% shareholding following the takeover offer for NZFSU that closed in September 2010. The Offer will be unconditional on opening, and NZFSU shareholders who accept the offer will be paid within 5 days of their acceptance.

The Offer gives shareholders another opportunity to exit at the same price offered in Olam’s 2010 Takeover Offer, despite the increase in capital requirements and changes to the business outlook for NZFSU compared with the earlier NZFSU Board’s forecasts at the time of the previous offer.

Olam’s offer price of NZ$0.70 cash per NZFSU share represents a 25% premium over the 3-month average trading price of NZ$0.56 and provides the following benefits to NZFSU shareholders:

• an opportunity to realize a significant premium to the current market price for NZFSU shares;
• the ability to sell their NZFSU shares in volume. Trading in NZFSU is very illiquid, with no trading occurring on more than half the trading days in 2011 and an average of less than NZ$4,500 worth of shares traded daily over the same period; and
• an opportunity to sell their shares before they are called upon to participate in any planned rights issue or face the prospects of being diluted. NZFSU announced in February 2011 that it expected to raise over US$100m (NZ$125m) of new capital within six to twelve months to fund the updated business plan capital expenditure and repay the Olam shareholder loan.

Olam expects to dispatch the offer document within 14 to 30 days from the date of this press release.

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.