23 Dec 2009 --- Olam International Limited refers to its announcement dated 1 July 2008 in connection with the formation of a 50:50 joint venture company named Olam Wilmar Investment Holdings Pte.Ltd. to acquire 26,544,609 shares, representing a 20% interest in PureCircle Limited, the leading producer of natural zerocalorie, high-intensity sweeteners from the stevia plant. PureCircle is listed on AIM market in London.

On 16 December 2009, 13,272,304 shares and 13,272,305 shares in PureCircle held by OWIH was transferred to Olam and Wii Pte. Ltd., a subsidiary of Wilmar International Limited (“Wii”), respectively. The 13,272,304 shares in PureCircle transferred from OWIH to Olam represent an 8.7% interest in PureCircle. Olam has an existing direct shareholding in PureCircle of 4,000,000 shares, or 2.61% of the enlarged issued share capital acquired through PureCircle’s placement of new shares in November 2009.

On 18 December 2009, the Company has entered into a sale and purchase agreement to acquire the 13,272,305 shares in PureCircle held by Wii for an aggregate consideration of 33,180,762 sterling pounds (the “Acquisition”). Following the Acquisition, Olam will own 30,544,609 shares representing approximately 20% interest in PureCircle. The consideration for the Acquisition was determined at arm’s length and on a willing-buyer and willing-seller basis taking into account, amongst others, the prevailing market price of the shares of PureCircle. The above consideration will be funded by the Company through its internal resources. Both Olam and Wilmar will take steps to commence a members’ voluntary winding up of OWIH.

The Company has acquired additional interests in PureCircle as it believes the investment in the company will lead to accretion of significant shareholder value in the long term for the following reasons:

· Strong growth prospects of PureCircle: Since US Food and Drug Administration “Generally Recognised as Safe” clearance for high purity Reb A to be used as a food and beverage ingredient was granted in December 2008, a range of steviasweetened products have been launched in the US and performed well, securing strong sales. For example, stevia-sweetened “tabletop” products have secured 10% of the US table-top sweetener market. Similarly, sales of PepsiCo’s SoBe Lifewater beverage flavours sweetened with Reb A, which were launched in 2009, are outperforming the category (Source: Nielsen). With continuing pressure for the reduction of calories in food and beverages, PureCircle’s discussions with both current and potential clients have led to the expectation that such clients are planning launches of stevia-sweetened products and line extensions in a wider range and larger size in 2010 and 2011. Olam therefore believes that PureCircle will benefit directly from these expected product launches.

· Strategic value for Olam: The Company is currently exploring several initiatives for developing the stevia leaf supply chain in countries where it has an active presence and where the agro-climatic conditions are suitable for stevia cultivation. In addition, Olam believes that there is potential to distribute Reb A and stevia-based tabletop products in markets where PureCircle does not have a direct presence today. Following the Acquisition, PureCircle now becomes an associated company of Olam. The Company intends to remain a long term investor of PureCircle and Mr. Sunny George Verghese, the Group Managing Director and CEO continues to serve as a non-executive director of PureCircle.

The Acquisition is not expected to have any significant impact on the earnings of the Company and its subsidiaries for the financial year ending 30 June 2010. Save as disclosed, none of the Company’s Directors or substantial shareholders has any interest, direct or indirect, in the abovementioned transactions.