<span class="txt-orange">Olam Group</span> <span class="txt-orange">completes US$1.24 billion sale of substantial minority stake</span> in Olam Agri to SALIC and enters into Strategic Supply &amp; Cooperation Agreement

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<span class="p1"><b>Singapore</b></span>

<span class="p1">Olam Group Limited (“Olam Group”) announced today that its wholly-owned subsidiary, Olam Holdings Pte. Ltd. has successfully completed the sale of a 35.43% minority stake in Olam Agri Holdings Pte. Ltd. (“Olam Agri”) to the SALIC International Investment Company for US$1.24 billion (approximately S$1.7 billion) on December 23, 2022. The transaction, which was previously announced on March 25, 2022, values Olam Agri at an equity valuation of US$3.5 billion (approximately S$4.7 billion).</span>

<span class="p1">Olam Group will continue to hold a majority stake of 64.57% in Olam Agri. Additionally, Olam Agri and Saudi Agriculture and Livestock Investment Company (“SALIC”) have entered into a Strategic Supply &amp; Cooperation Agreement, which will accelerate Olam Agri’s access into the large and high-growth Middle East markets.</span>

<span class="p1">In line with Olam Group’s Re-organisation, this transformative deal unlocks significant value for its shareholders, crystallises a benchmark valuation for Olam Agri today and creates a strong shareholder base, capitalises on partnership synergies to support Olam Agri’s growth and right-sizes Olam Group’s capital structure.</span>

<u><b>Management Comments: OGL and SALIC </b></u>

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Sunny Verghese
<span class="p1">The successful sale of the substantial minority stake in Olam Agri is in lockstep with the Group’s Re-organisation Plan. It is a testament to the strength of Olam Agri that we have completed a deal of this size amidst current macroeconomic uncertainty and geopolitical challenges. It also reflects Olam Agri’s food security expertise which is emerging as an important secular trend for our industry.</span>
Sunny Verghese -
Olam Group’s Co-Founder and Group CEO
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<span class="p1">“The completion of this deal is a step towards achieving the vision of SALIC to be a food security leader in alignment with the national food security strategy and the aspirations of the Kingdom of Saudi Arabia’s Vision 2030. This strategic partnership with Olam, whose global leadership is in the grains and&nbsp;diversified products, will be a key contributor towards achieving our Vision, and allowing both companies to contribute towards meeting the increasing global food demand.</span>

<span class="p1">“SALIC aims to continue contributing towards food security by diversifying international investments and securing sustainable sources for key commodities.”</span>
Sulaiman AlRumaih -
SALIC Group’s CEO
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