As stated in the 11 September 2023 Announcement, the Board directed the Audit and Risk Committee (“ARC”) to conduct a review of the allegations in the Articles (as defined in the 11 September 2023 Announcement). The Company would like to update shareholders and the investing public that the review by the ARC (which was conducted with the assistance of external counsels and independent external accountants) (the “Investigation Team”) has been completed.

Based on the scope of the review, the Investigation Team did not identify evidence that establishes the allegations set out in the Articles. In particular, from the work performed by the Investigation Team as approved by the ARC and the Board of the Company during the review, the Investigation Team did not identify evidence that Olam Nigeria was involved in any of the specific allegations as contained in the Articles.

Olam Nigeria has cooperated fully with the Nigerian authorities and assisted in their enquiry. No charges have been brought against Olam Nigeria or any of its officers by the Nigerian authorities. All our businesses in Nigeria continue to operate normally.

Olam regards Nigeria as an important part of its future strategic plan and it will continue to seek future opportunities to grow its business there. Olam will also continue to further strengthen its governance and compliance in Nigeria.

BY ORDER OF THE BOARD
Sunny George Verghese
Co-founder and Group CEO, Executive Director
19 February 2024