cts/lb 28-Aug cts/lb Aug Aug-18 Weekly Var. Unit Brazil

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1 28-Aug 25-Sep 23-Oct 2-Nov 18-Dec 15-Jan -Feb -Mar 9-Apr 7-May 4-Jun 2-Jul 3-Jul 27-Aug $/mt August 2 August Sugar Prices and Macros as of 24-Aug Aug Aug Jul-18 Weekly Var.Monthly Var. 24-Aug Aug Jul-18 Weekly Var. Monthly Var. NY # USD Index London # USDBZL NY# USDINR Front White Premium EURUSD Market Situation at a Glance International Prices 24-Aug Aug-18 Weekly Var. Sugar NY # Front Spread London # $/mt Front Spread $/mt White Premium $/mt USD Index USDBZL R$/$ USDINR RUP/$ RUBUSD RUB/$ EURUSD $/EUR S&P DJ Industrial Avg Sugar Market NY # 11 Spread Evolution NY #11 Ldn # Light Crude Oil $/Barrel Corn cts/bushel Wheat cts/bushel Coffee (Arabic) Domestic Markets Aug Aug-18 Weekly Var. Unit Brazil -1 NY Front Month in BZL R$ Domestic: V8H9 H9K9 K9N9 N9V9 Esalq Sugar (R$) R$/5kg China 24-Aug Aug Weekly Var. Unit Esalq Sugar (US$) ZCE Front Month 4,776 4, RMB/mt Hydrous Ethanol (NY#11 equiv.) ZCE Front Spread RMB/mt Anhydrous Ethanol(NY#11 equiv.) Northern Spot Cash Rizhao 5,45 5,45 RMB/mt Southern Spot Cash Liuzhou 5,53 5,53 RMB/mt Ethanol/Gasoline in Sao Paolo Ethanol 2,393 2,423-3 R$/l USA 24-Aug Aug-18 Gasoline 4,189 4,28-19 R$/l No # Ethanol/Gasoline Parity 57.1% 57.6% % #16/11 Spread Anhydrous from US Parity USD/M3 Anhydrous to US Parity USD/M3 EU 24-Aug Aug-18 Inquota Price $/m3 India Out-of-Quota -2. $/mt ov Ldn NCDEX 31,42 31,64-22 RUP/mt S-Grade (Kolhapur )* 3,291 3,6-3 RUP/mt Russia 24-Aug Aug-18 M-Grade (Kolkatta )* 33,8 34, RUP/mt Price in Krasnodar $/m3 * price does not include GST of 5%

2 Day(s) Crushing Days Lost to Rain in CS Brazil CS Brazil Crush day loss Average Jan Jan Feb Feb Mar Mar 1.7 Apr Apr May May Jun Jun Jul Jul Aug Aug Sep Sep 3.8 Oct 3.7 Oct Nov Nov 4.5 Dec 5.7 Dec Indian 15 Day Cumulative Rain (% of normal rainfall)

3 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Feb-18 Apr-18 Jun-18 Aug-18 NY Flat price: The NY October contract tested the psychological level of, however it did not manage to stay below this level. Prices had recovered slighlty by the end of the week, closing at.25, 7 pts higher week-on-week. NY Spreads: The October/March spread closed the week at 82 points carry, up from 87 points carry a week earlier NY #11 Continuation chart London Market: The October/October White Premium dropped 2 dollars week-on-week, trading around $82/mt. However, it managed to close higher at 85 on Friday. The March/March White Premium closed at $68.8/mt Friday, unchanged week-on-week. COT Report: Speculators were net-short 175.3k lots, liquidating k of gross longs and adding 13.6k lots of new shorts. Index funds positions were barely changed week-on-week, they now hold 251.6k net-longs. While commercials bought net 24.3k lots, and now hold 76.4k net-shorts. BULL The effects of dry weather in Brazil are starting to show, with yields down 6% yearon-year in July. The sugar mix in CS Brazil has been exceptionally low over the past fortnight. Agricultural yields in Russia are extremely low. BEAR Rainfall across Thailand and India has been good so far this season. The release of Indonesian import licenses for Q3 218 are still pending. Surplus sugar from origins including Mexico, South Africa, and Fiji will put additional pressure on the October expiry.

4 mt/ha CS Brazil: UNICA Crushing Update Cane ( mt) 217/18 218/19 Variation Y-o-Y Fortnight 1H Aug Cane ( mt) 45,437 33,562-11,875 Sugar ( mt) 3,143 1,715-1,428 Ethanol ( M3) 1,955 1, ATR (kg/mt) Sugar mix (%) 5.1% 35.2% -14.9% 217/18 218/19 Variation Y-o-Y Cumulative 1H Aug Cane ( mt) 343, ,5 4,736 Sugar ( mt) 2,77 16,476-4,294 Ethanol ( M3) 13,566 18,46 4,48 ATR (kg/mt) Sugar mix (%) 48.7% 36.4% -.3% During the first half of August, mills crushed 33.6 million mt of cane, million mt down year-on-year due to the abundant rainfall. Despite the rainfall, the ATR increased from the previous fortnight to kg/mt, vs kg/mt last year. The sugar mix was extremely low at 35.2%, compared with almost 5% last season. The sugar mix was on the lower end of the range of market estimates, and so will be supportive for prices. Sugar production reached 1.7 million mt, 1.4 million mt less than last season. On a cumulative basis sugar production is 4.3 million mt down year-on-year, while the cane crush is 5 million mt ahead of last season. Agricultural yields for July fell to 78 mt/ha, vs 82.3 mt/ha in June and 82.8 mt/ha for the comparable period last year Agricultural yields CS Brazil Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2/11 211/ 2/13 213/14 214/15 215/16 216/17 217/18 218/19 source: CTC/Unica Russia: Production Update /18 218/19 Var Beet stored up 2, ,353 Beet processed 2,1 85-1,259 Beet in stocks Sugar produced Extr. rate Factories Russian harvesting and production results are lower than the comparable period last season: by 24 August, 43, ha were harvested and 1.4 million mt of beets had been dug out. Agricultural yields are at the lowest levels since 2/11 season at 33.5 mt/ha, and are 24% down year-on-year. 2 factories were operating as of August 2; they have processed 85k mt of beets and produced 1k mt of sugar, which is 156k mt less than last season. Extraction rate is good:.8%, slightly up year-on-year. If agricultural yields remain so low, production may fall substantially. Currently production estimates are 6 million mt for 18/19 season. mt/ha Agricultural yields in Russia 3 7-Aug 22-Aug 6-Sep 21-Sep 6-Oct 213/14 214/15 215/16 216/17 217/18 218/19 India: Monsoon Update In Uttar Pradesh, rainfall is 11% below average. In Central Maharashtra and Marathwada rainfall has been 9% and 4% above the historical average, respectively. South Karnataka received 21% less rainfall than normal, while North Karnataka received 11% more above the average. Telangana has received 8% below the average so far this season.

5 COT RECAP Date Spot Price Specs net positions Specs gross longs Specs gross shorts Index traders net positions Commercials net positions Commercials gross longs Commercial gross shorts OI (i)-(ii) (i) (ii) (iii)-(iiii) (iii) (iiii) , ,55 33, ,819-25, , ,828 1,73, ,255 26, , , ,71 28, ,76 1,89, ,63 232, , ,53-169,44 293,3 462,75 1,94, , , , , , , ,49 1,2, , , , ,461-4, , ,252 1,172, , , , ,97-119, ,92 454,479 1,174, , , ,914 25,246 -, , ,522 1,185, ,261 2, , ,598-76, ,59 434,927 1,213,793 Lastet Change ,63-11,982 13,621 1,352 24,25 19,655-4,595 28,655 4, 3, Pure Spec's net position (lots, LHS) Pure Spec Net vs. NY Spot NY#11 (, RHS) , 2, , -2, Chris Winship (7) Simon Haire (7) Zachary Wager (7) Franco Zaini (7) IMPORTANT NOTICE This report is compiled or derived from data and reports received by Wilmar Sugar Australia from a multitude of sources. While the data and reports reproduced above are prepared in good faith and with due care, Wilmar Sugar Australia is not in a position to verify all data or reports it receives. No responsibility is therefore accepted by Wilmar Sugar Australia for any inaccuracies or errors in this Report. Nor does Wilmar Sugar Australia purport or intend in this report to give to recipients any financial or commodity trading or recommendations. Information in this report may contain projections and forward looking statements that reflect Wilmar and Wilmar Sugar Australia s current views with respect to future events and financial performance. These views are based on current assumptions which are subject to various risks and which may change over time. No assurance can be given that future events will occur, that projections will be achieved, or that Wilmar and Wilmar Sugar Australia s assumptions are correct. Actual results may differ materially from those projected. This report does not constitute or form part of any opinion on any advice to sell, or any solicitation of any offer to purchase or subscribe for, any shares nor shall it or any part of it nor the fact of its report form the basis of, or be relied upon in connection with, any contract or investment decision.