Investor

Presentation
Company Presentation

January 2018
Table of Contents

Company Overview 4

Key Highlights 11

Financial Overview 19
Forward Looking Statement
This presentation contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact included in this presentation are
forward-looking statements. Forward-looking statements are based on our current expectations and assumptions relating to our financial condition, results of operations, plans,
objectives, future performance and business. Specifically, these statements include, among other things, statements that describe our expectations for the growth of our business,
expansion into new geographic markets, maintaining and expanding our relationship with key retail partners, the financial impact of new sales contracts on our revenue, our plan to make
significant capital expenditure, and other statements of management's beliefs, intentions or goals. You can identify forward-looking statements by the fact that they do not relate strictly
to historical or current facts. These statements may include words such as "foresee", "forecast", "anticipate”, "estimate“, "expect“, "project“, "plan“, "intend“, "believe“, and other words
and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. These forward-looking statements
are based on assumptions that we have made in light of our industry experience and on our perceptions of historical trends, current conditions, expected future developments, and other
factors we believe are appropriate under the circumstances. As you consider this presentation, you should understand that these statements are not guarantees of performance or
results. They involve risks, uncertainties (many of which are beyond our control), and assumptions, some of which are described under "Risk Factors” in our Annual Reports on Form 20-F
and our Registration Statement on Form F-l filed with the Securities and Exchange Commission. You should be aware that many factors could affect our actual financial results and cause
them to differ materially from those anticipated in the forward-looking statements. Since we operate in an emerging and evolving environment and new risk factors and uncertainties
emerge from time to time, you should not rely upon forward looking statements as predictions of future events. We undertake no obligation to update any forward-looking or other
statements herein to reflect events or circumstances after the date hereof, whether as a result of new information, future events, or otherwise.
Because of these factors, we caution that you should not place undue reliance on any of our forward-looking statements. Further, any forward-looking statement speaks only as of the
date on which it is made. New risks and uncertainties arise from time to time, and it is impossible for us to predict those events or how they may affect us. We have no duty to, and do not
intend to, update or revise the forward-looking statements In this presentation after the date of this presentation.

Market and Industry Data

This presentation contains estimates and projections regarding market and industry data (including competitive position) that were obtained from internal company surveys as well as
third-party sources such as market research, consultant surveys, publicly available information, and industry publications and surveys. Third party industry publications, studies, and
surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but there is no guarantee of the accuracy or completeness of such data.
While the Company reasonably believes that each of these publications, studies, and surveys has been prepared by a reputable source, neither the Company, nor any connected persons
of the Company, or their respective agents, employees, or advisers has independently verified the data contained therein. Market and industry data are subject to change due to limits on
the availability and reliability of raw data, the voluntary nature of the data gathering process, and other limitations and uncertainties inherent in any statistical survey, interpretation or
presentation of market and industry data, and management's estimates and projections. In addition, projections are often wrong. As a result, you should be aware that market and
industry data set forth herein, and estimates, projections and beliefs are (i) based on such data and (ii) relating to certain financial and performance metrics presented herein, may not be
reliable. We have not independently verified any of the data from third-party sources or ascertained the underlying economic assumptions relied upon therein; accordingly we cannot
guarantee the accuracy or completeness of any such data. Similarly, internal surveys, which we believe to be reliable, are based upon management's knowledge of the industry as of the
date of such surveys and have not been verified by any independent sources and are subject to change. As a result, we cannot guarantee the accuracy or completeness of any such
information and you should not place undue reliance on such information when making an investment decision.
By accepting this document you agree to accept the terms set out above and to be bound by the foregoing limitations. All subsequent written and oral forward looking statements
concerning the proposed transaction or other matters and attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary
statements referenced above.

3
COMPANY OVERVIEW
A Rich Heritage with Over 100 Year Legacy
1915
Founded as an 1995 2015
agro-commodity India’s first fully integrated 100-year centennial
trading house by and automated rice milling Distribution wins – Publix,
factory 2008 2011
the Chanana family Launch of the Established Shaw’s Supermarkets, Gelson’s
AMIRA brand subsidiary in UK Markets, Safeway, Albertsons,
2013 Organics Harmons Grocery, Murphy’s
Launch of organic Markets, Whole Foods and SPD
division Markets

1978
ANIL CHANANA 2016
established 2009 Distribution wins – Cost
international business Established subsidiary 2012 2014 Plus World and MAN
2006 in US and launched Amira Nature Acquired Basmati Rice Consumer (for U.A.E.)
KARAN A CHANANA takes over international Foods Ltd. GmbH in Germany to
and initiates transformation to marketing/distributor listed on NYSE strengthen distribution
a professionally managed office network in Europe
global business

• Since its founding in 1915, Amira has evolved from a domestic, family owned Indian business to a professionally managed, global
branded, publicly traded, growing packaged food company
• The Company has received numerous accolades:
§ Since 2010, Amira has been recognized in multiple years by the World Economic Forum as a “Global Growth Company”, an
invitation-only community consisting of ~300 of the world’s fastest-growing corporations
§ The World Consulting & Research Corporation named Amira one of “Asia’s Most Promising Brands”
§ Planman Marcom voted Amira the “INDIAN POWERBRAND” in the Food Category in 2011 and 2013
§ Amir was voted best partner in the “Staples” category in 2013 at the Bharti Walmart Private Limited Annual Supplier Conference
§ VWP World Brand recognised the Amira Brand as “The Admired Brand of India” in 2014–2015
§ Inc. India featured Amira as one of India’s fastest growing mid-sized companies in 2010, 2011, 2012 and 2013

5
 Amira Overview

Global Marketer, Distributor, Processor with Significant Manufacturing Infrastructure

● Leading global player in the branded, packaged specialty rice industry;
● Headquartered in Dubai, UAE, Amira has offices in India, Germany, the U.S. and the U.K.
● Fully integrated manufacturing and 15 distribution centers in India, additional manufacturing in
Germany.

Product Portfolio
● Approximately three quarters of sales come from Basmati rice, the core focus of the company;
● Sells more than 20 owned brands globally, spanning numerous price points;

Global Management Team, Tried & Tested Business Model

● Globalization of brands, business and management team;
● Sustained organic business expansion since 2012 IPO.

Sales data is based on most recently reported financial results. 6

 Company Overview
FY 2017 Sales by Product FY 2017 Sales by Brand FY 2017 Sales by Region*

Other North
Institutional Asia Pacific
Specialty America
12% 8.0%
Amira 1%
Rice 5%
13% Branded
45.0%
EMEA
Third India
Party 44.0%
Basmati 49.9%
Rice Branded
75% 47.0%

$551.8 million Sales for FY 2017

1H FY2018 Sales by Product 1H FY2018 Sales by Brand*

Institutional
Other 17.2%
19%

Specialty Rice Amira

15% Branded
Basmati Rice and Third
67% Party
Branded
82.8%

$228.9 million Sales for 1H FY2018

*Sales by ‘region’ & by ‘brand’ data is disclosed in the Company’s Form 20F annually

7
A Closer Look at Amira’s Broad Product Portfolio

Institutional Offerings
Opportunistic sale of agricultural products to
Rice large international and regional trading firms
Products

Premium Basmati Rice Value Basmati Rice Other Specialty Rice

• Pure Basmati Rice • Daily Fresh Basmati Rice • Thai Jasmine Rice Wheat Barley Legumes
• Extra Long Grain Basmati Rice • Goodlength Day to Day • Sharbati Aromatic Long
Brand • Indian Basmati Rice Basmati Rice Grain Rice
• Brown Basmati Rice • Everyday Basmati Rice • Kheer Rice
Product • Traditional Basmati Rice • Goodlength Broken • Khichdi Rice
Lines • Smoked Basmati Rice Basmati Products • Sona Masoori Rice
• Parboiled Basmati Products Maize Sugar Soybean Meal
• Banquet Rice

• Consists of the finest grains of • Consist of different types of • Thai Jasmine: sourced from
aromatic Basmati Rice high-quality rice including a mix Thailand and has a fragrant
Product • Aged for as much as of Basmati rice varieties and a aroma and chewy texture
12+ months mix of broken rice • Sharbati Aromatic Long Grain:
Features • More than doubles in size • Value alternative commonly an everyday rice for daily Onions Potatoes Millet
when cooked used as an “everyday” Basmati consumption; often purchased
• Rich taste and fragrant aroma and by restaurants and catering by foodservice customers Other Product Adjacencies
companies • Kheer: formulated for
rice pudding
• Khichdi: formulated for Indian
and South Asian comfort food;
also used as infant and
toddler food
• Sona Masoori: aromatic and
light grain white rice
Edible oils
Branded P P P
Organic Products
Third Party
Branded P P P

Broad product portfolio with more than 300 SKUs globally

8
Dynamic and Flexible Global Procurement Strategy with Significant Barriers
for New Participants

Global Procurement strategy

1 Rice Procured “Early-Stage” 3 Rice Procured “Mid- and Late-Stage”

— Amira purchases paddy (rice) in an unfinished state from a large network — Amira buys rice from brokers or other third party millers at the mid-late
of procurement agents and local Indian farmers (typically between (semi-finished) stage of the processing cycle in India, Germany, UK or
September and March) other location
— The farmers bring their paddy to markets called “Mandi,” where they sell,
— While purchasing rice in the mid-late stage rice is more expensive than
at a set price, to buyers from millers, brokers, and companies like Amira
early stage rice upon Amira’s initial purchase, it has a lower in-house
— The markets function as a price setting process run by the local processing cost and storage requirement
governments, who set the market-wide prices at which Amira ends up
purchasing paddy — Average drying/warehousing time for mid-stage rice can be as much as
four to six months or more
2 Processing — Fully processed rice may also be purchased from third-party mills for
immediate re-sale (Amira can use its facilities for packaging or rely on third
— Amira then selects the highest quality paddy available and brings it back to parties)
its factory to mill, separate, remove impurities, and package into ready-to-
sell rice — Amira sources product from third party providers both inside and outside
— Amira leverages proprietary technology for the quality-testing of of India
purchased paddy
— Once the early-stage rice has been processed by Amira, it is then dried and
aged for 12 months or more in warehouses before it is ready for wholesale
distribution

Amira Distribution Center, Mumbai

Basmati rice is only grown in the northern region of the Indian sub-continent in the foothills of the Himalayas.

9
 Amira in India

• Amira has established 15 Company managed 15 distribution centers

today, up from 1 at IPO
distribution centers in India to provide it greater Himachal
Zirakpur (Punjab) Pradesh
control over its expansion efforts in its home country Punjab Uttarakhand

location Haryana Delhi

Gurgaon Surajpur (Uttar Pradesh)
Lucknow
• Amira is one of a handful of large relevant players in Jaipur
Rajasthan
Uttar
Pradesh
the domestic India market Indore

Kolkata
• Amira represents a meaningful opportunity to Ahmedabad

consolidate the market over time Mumbai

Ranchi

Hyderabad

Bangalore Vijayawada
Chennai

Amira Distribution Center, Mumbai, India

Amira Billboard, New Delhi Airport Amira Employees Amira Manufacturing Facility, Gurugram, Amira Factory and warehouse, Gurugram,
Haryana, Delhi NCR , India Haryana, Delhi NCR , India

Strong GDP Growth and an Emerging Middle Class Expected to Continue Acceleration of Trade-up to
Branded Premium Packaged Specialty Rice Products.

10
KEY HIGHLIGHTS
Key Investor Highlights
1
Large Staple Consumer
Category with Highly
Supportive Industry and
Sub Category
Fundamentals
6 2

Highly Experienced and A Market Leader with

Successful Management Differentiated Business
Team Model

5 3

Strong Financial Track Globally Diversified with

Record, Underpinned by Wide Customer Base and
Stable Margins Broad Product Portfolio
4

Vertically Integrated,
“State-of-the-art” Supply
Chain and Operations

12
 1. Rice is a $275bn Global Staple Category with Favorable Market
Conditions
Large Industry with Steady Growth Packaged Rice Industry Dynamics (1) (2)

Global Rice Consumption Packaged Rice Industry Brand Ownership(3)

550 Other
Brands
512
Metric tonnes (mm)

497 504 87.3%

476 479 475 483 490
466
475 456
436 435 443
418 425
406 412
400

Top Ten Brands (2)

12.7%
325 • Highly fragmented industry, limited concentration of brand
ownership on global, regional and country basis

250 Packaged Rice Industry Consumption by Geographic Region(3)

2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
Middle
East and
Africa
Source: Business Monitor International research, as of Jan 2017
15.6%
• Rice is the primary staple for >50% of the world’s population and
Latin
provides >20% of the global caloric intake(4) Asia America
§ Represents 30% of caloric consumption in Asia(4) Pacific, 12.3%
59.3% North
• Defensive and non-cyclical with steady growth America
5.5%
• Improves with age and has an extremely long shelf life (up to 5+
Western
years) if stored properly Australasia Eastern Europe
0.4% Europe 5.0%
• Global rice consumption is growing, estimated to reach c.483 million 1.8%
metric tonnes in 2017(5) • Highly diversified market sub-segments driven by factors such as
• The global rice market is estimated at c.$275bn(6) and has grown at varied taste and preferences, rice varieties and quality and
c. 2% volume CAGR over the 2010 – 2015 period income levels across the world

Note: Represent modern trade channels only.

1. $64 billion size of segment reported by Euromonitor refers only to channels tracked by the data provider and results in underestimating the overall market size
2. Percentages represent global market share in packaged rice by value
3. Euromonitor as of January 2017 – represents global market share in 2016 packaged rice by value
4. Jefferies report dated 21 September 2016
5. Business Monitor International research, as of Jan 2017
6. Horizon Research report dated 25 July 2012
13
1. Basmati is a Highly Attractive Segment of the Overall Rice Category
Basmati is a Value-Add, High Growth Variant of Rice Basmati’s Premium Pricing
International Volumes of India Basmati Rice(1) (Amira Price Realization)
($/MT)

1,500 1,402 1,500

4.5 4.0 1,328 1,305
3.8 3.7
3.5 1,216
Metric tonnes ( mm)

1,191 1,162
3.2 1,250 1,250
1,076 1,057
3.0 1,036
2.4
2.0 1,000 1,000
1.6
1.5 1.2
1.0
750 750
542
489 505 487
452 459 448
0.0 500 417 406 500
2007

2008

2009

2010

2011

2012

2013

2014

2015

2016
• Amira is a global leader in Indian Basmati rice market with more 250 250
than $570 million of (LTM) sales in the $6.9 billion Indian Basmati
rice market (2) 0 0
• Basmati rice is a premium, aromatic long-grain rice grown in the FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 1HFY18
northern region of the Indian sub-continent in the foothills of the Specialty Rice per MT Basmati Rice per MT
Himalayas
• Basmati’s superior quality commands a premium price
§ Regarded as healthy (hypoallergenic and gluten free), with a
lower glycemic index than white rice § Often 2 – 3x plus the price of other variants of rice
§ Considered a premium food product: it improves with age and is • Basmati pricing has started recovery in early FY18 from 2015 / 2016
typically stored for as much as 12+ months trough levels.
• Basmati market has seen steady volume growth in India and • Fragmented supply chain, challenging for Western companies to
internationally
consistently source large quantities of Basmati rice
§ Of the estimated $6.9bn (2) Indian Basmati rice market, ~70% is
sold internationally and ~30% is sold in India • Top 5 players in control of less than 30% of category

India Basmati rice is a ~$6.9 billion (2) subcategory of the ~$50 billion (3) Indian rice market, of which ~70% is sold
internationally and ~30% is sold in India

Source: Company materials, Food and Agricultural Organization report, USDA, ICRA Limited (March 2016)
1. APEDA Agri-exchange.
2. Market size from CRISIL – Indian headquartered global analytical & advisory company.
3. Business Monitor International 2016 14
2. Amira is a Market Leader with a Differentiated Business Model

Global Players/Brands Regional Players India Specialty Rice

RiceFit

Fragmented Regional Brands Lack Sophisticated Management,

No Pure Play Global Rice Players without Global Management governance and Legacy Planning,
Teams or Perspective Limited Global Breadth and Reach

Amira is Uniquely Positioned to Consolidate the Global Specialty Rice Market

15
3. Globally Diversified with Wide Customer Base and Broad Product
Portfolio
Presence Across Five Continents(1) Diverse Customer Base
Modern Retail, New Delhi, India Top Customers at IPO (2012)
Whole Foods, USA
Kaiser’s, Germany
Top 5
Customers
47%
Rest of
Customers
53%

Traditional Retail, New Delhi, India Top Customers FY2017

Costco, United States Top 5
Customers
India Headquarters 24%
& Processing Facility
Amira offices
Waitrose, London
Rest of
Customers
76%

India Middle East US UK Germany

(1) Information obtained from the Group’s distribution channel

16
3. Globally Diversified with Wide Customer Base and Broad Product
Portfolio

Tailored Product Offering for the Targeted Consumer Segments Across

Product Shelving Around the World
Products and Price Points
India Middle East

Gourmet
Avg Selling Px:
INR 160-190/kg
UK: £4.79/kg

Premium
Avg Selling Px: INR 110-140/kg
UK: £1.50-2.32/kg

Mainstream Germany
Avg Selling Px: INR 80-110/kg
UK: £1.20-1.62/kg

Popularly Priced Products

Avg Selling Px: INR 50-70/kg
UK: £0.90-1.20/kg

Copenhagen UK USA

17
 4. Vertically Integrated, “State-of-the-art” Supply Chain

Basmati Value Chain

Scope of Amira’s operations

Directly Production Procurement Processing Distribution

Sourced
Paddy Basmati/ Storage
Storage Retail Sector
Non-Basmati Procurement of early-stage paddy Milling Separation (min. 3 Packaging
(6-9 months) Distribution
Rice Farms months)
Procurement
Strategy

Basmati/ Storage
Storage Retail Sector
Mid-/ Non-Basmati Procurement of early-stage paddy Milling Separation (min. 3 Packaging
(6-9 months)
months)
Distribution
Late-Stage Rice Farms
Rice

• Global presence with established roots – With procurement, • Adding value with state-of-the-art • Reliability to valued
processing, and distribution facilities throughout the Basmati rice processing capabilities – State-of-art, customers – Establishment
producing region fully automated and integrated the and fostering of stable
processing and milling facility with a relationships across 5
• Diversified supplier base and purchasing power – Longstanding capacity to process c.24 metric tons continents and with many
relationships with a large network of procurement agents and a of paddy per hour of the world’s premier
large number of local Indian paddy farmers, which allows Amira to retailers
• Stability of supply – Ability to deliver
consistently source high- quality paddy at competitive prices
large quantities of high-quality
• Global brand and value-
products globally in a timely manner,
• Organic sourcing initiative – Developed organic sourcing initiatives added offerings – Focus on
essential to the success of both the
which allow Amira to source and sell organic certified products in providing customers with
Amira branded and third-party
India, Europe, and the US consistent high-quality,
branded businesses
authentic specialty rice

18
FINANCIAL OVERVIEW
 Solid Performance Since 2010
$ in millions
Revenue •Amira delivered 15.5% revenue CAGR from FY 2010 through the FY 2017
552 period, driven by strong double digit volume growth and benefitting from
improved price plus mix trends

329 Amira branded sales grew at ~20% CAGR over the period based on
•outperformance in both its domestic and international markets
202
through the conversion of some of its historical third party
branded customers
•increased penetration of existing geographies and an expanded
geographic footprint
2010 2012 2017
Amira branded sales doubled which now account for approximately
EBITDA 44.5% of total sales or nearly half of core rice revenues.
70.5 • India sales doubled as the Company increased its customer base of
large distributors and launched 15 managed distribution centres as
part of its strategy to increase penetration and grow volumes in its
import home market
39.7
• Strong operating performance and momentum in the business led by
21.5 superior Company execution on its expansion strategy and favourable
industry trends
• Adjusted EBITDA has been stable with improved trends over the long
term period (average EBITDA margins of 12.7% from FY 2010 through
2010 2012 2017 FY 2017)
Amira Branded Sales • Amira added c.150bps of EBITDA margin in FY 2011, following its last
major factory upgrade in FY 2010 (doubled internal production
245.7 capacity from 12 MT per hour to 24 MT per hour)
• Amira benefits from a consistent variable cost model which allows it to
121.7
efficiently scale its business up or down
• Improved 13.7% Adjusted EBITDA margins for 1H FY2018 , up 60 bps
compared to H1 FY2017 primarily driven by improved pricing
2012 2017 environment.

20
Key Working Capital Items
$ in millions
FY2014 FY2015 H1 2016 FY2016 H1 2017 FY2017 H1 2018

Inventories $255.0 $262.9 $233.7 $239.0 $244.6 $273.1 $306.8

% LTM sales 46.6% 37.6% 35.9% 42.4% 45.1% 49.5% 53.8%

Trade receivables(1) $80.9 $130.4 $168.3 $189.7 $194.7 $209.7 $191.6

% LTM sales 14.8% 18.6% 25.8% 33.7% 35.9% 38.0% 33.6%

Trade payables $41.2 $34.3 $27.7 $14.5 $16.8 $13.0 $7.9

% LTM sales 7.5% 4.9% 4.2% 2.6% 3.1% 2.3% 1.4%

Net adjusted working

$298.2 $366.2 $374.8 $420.3 $435.8 $494.0 $531.5
capital(2)

% LTM sales 54.5% 52.3% 57.5% 74.6% 80.3% 89.5% 93.3%

Commentary
• Amira’s inventories included paddy (raw materials) and rice (finished goods) and are valued at the lower of cost and net realizable value(3). Amira’s
inventory level has remained in the region of 35-55% of sales from FY2014 to H1 2018. The write down of inventories for Amira remained minimal at
less than 0.1% of the total inventory value historically.
• Amira’s inventories represent a highly monetizable asset that can be sold at virtually any time in the lifecycle, should Amira choose to do so.
• Amira’s Trade receivables as a percentage of sales increased over time in line with growth in the international space where invoices are typically
settled after longer periods. Receivables comprise of retail and institutional customers. Receivables cycle has also been temporarily extended as a
result of a challenging operating environment, including India’s demonetization (“no big bills”) policy during winter 2016 and implementation of GST
law. Receivables levels have started to decrease since the December 2016 period (after Demonetization).
• Amira’s Trade payables comprise mainly of semi-processed rice suppliers and paddy suppliers in addition to other expenses incurred in the normal
course of business.
Source: Values based on publicly filed financial statements.
Note: Interim results and ratio analyses have not been audited. Net adjusted working capital is defined in Appendix for Non-IFRS measures.
1. Trade receivables balance for 1H FY2018 includes $111.2 million of receivables that are not past due, $43.1 million due less than 3 months, $35.4 million due less than
six month, $1.6 million due less than one year and $0.2 million due more than one year.
2. Net adjusted working capital is defined as total current assets minus: (a) total current liabilities (b) cash and cash equivalents and plus current debt.
3. Net realizable value is the estimated selling price in the ordinary course of business less estimated cost of completion and selling expenses. 21
Highly Experienced and Successful Management Team
Our Management team has transformed Amira from a local, family-owned business into a global,
professionally run company
Overview of Key Management & Board

Years of Relevant
Name Position Experience Experience
Chairman and Chief
Karan A. Chanana 20+
Executive Officer

Varun Sethi Chief Financial Officer 14+

Key Management

Amy Greene LoCasio Head of Investor Relations 20+

Rajesh Arora Managing Director, Amira India 25+

Vice President, Amira I Grand

Alireza Yazdi 20+
Foods Inc., USA

Harash Pal Sethi Independent Director 40+ Cornelius Barton & Co.

Neal Cravens Independent Director 35+

Board

Nathalie Dauriac Independent Director 15+

Robert Wagman Independent Director 25+

22