OLAM INTERNATIONAL TO ACQUIRE DEHYDRATED AND VEGETABLE

Singapore, June 8, 2010 – Olam International Limited (“Olam” or “the Company”), a leading global, integrated supply chain manager and processor of agricultural products and food ingredients, today announced that the Company will acquire the dehydrated and vegetable products business and operating assets of Gilroy Foods & Flavors (“Gilroy”) from ConAgra Foods, Inc. (“ConAgra Foods”), including its dehydrated onion, garlic, capsicum, Controlled Moisture™ vegetables, GardenFrost® purees RediMadeTM shelf-stable purees and fresh vegetable operations, for a total cash consideration of US$250 million, subject to final working capital adjustments at closing.

The completion of this transaction is expected in 30 to 60 days, subject to satisfaction of customary closing conditions, including normal regulatory approvals. As part of this acquisition, Olam has entered into a long term supply agreement to cater to ConAgra Foods’ ongoing requirements for dehydrated vegetable products.

Gilroy has a long history and strong track record of operations for more than 50 years and is one of North America’s largest processors of onion, garlic, capsicum and other speciality vegetable products. It is regarded by the food industry as a global leader in this business. Its high solid seed development programme is considered to be the industry benchmark and provides it significant competitive advantage on account of its
relatively higher yields and therefore lower cost position. The breeding of high solid onions is a path dependent process and it will take several years for new entrants to catch up.

Olam’s Executive Director Shekhar Anantharaman said: “This transaction is a good example of our focused corporate strategy to build leadership in selective value chain adjacencies through investments in upstream and midstream assets. Apart from helping us build an integrated leadership position in the Spices & Dehydrates portfolio, it will also help us raise our overall portfolio margins.”