COFCO International Limited 0506 HK 2006 Results Announcement 19

COFCO International Limited(0506. HK） 2006 Results Announcement 19 April 2007 1

Disclaimer The slides herein are prepared by COFCO International Limited (the "Company") solely to be used as a support for oral discussions of its annual results for the year 2006. They may not be distributed, reproduced or re-distributed or passed on, directly or indirectly, to any person, in whole or in part, for any purpose. By participating in this presentation, you agree to be bound by the forgoing restrictions. Any failure to comply with these restrictions may constitute a violation of applicable laws and regulations. The information contained in this presentation does not constitute or form part of any offer for sale or subscription of or solicitation or invitation of any offer to buy or subscribe for any securities nor shall it or any part of it form the basis for or be relied on in connection with any contract or commitment whatsoever. This presentation may contain forward-looking statements. Prospective investors are cautioned that actual results may differ materially from those set forth in any forward-looking statements herein. The information contained in these slides herein has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of any information or opinion contained herein. The information contained in these slides should be considered in the context of the circumstances prevailing at the time and has not been, and will not be, updated to reflect material developments which may occur after the date of the presentation. None of the Company, or any of their respective directors, officers, employees, agents or advisers shall be in any way responsible for the contents hereof, or shall be liable for any loss arising from use of the information contained in these slides herein or otherwise arising in connection therewith. " 2

Contents 1. The Reorganization 2. 2006 Pro Forma Financial Performance 3. 2006 Business Review 4. Outlook and Prospects 3

COFCO Int’l (0506. HK） 1. The Reorganization 4

Objectives of the Reorganization l To create two key flagships, namely branded food business and agri-industrial business within COFCO Group l To develop a more focused business strategy executed by a professional team to enhance the shareholders’ value l To establish the company as the market leader in China branded food & beverage industry 5

Restructuring Steps Step 1: Acquisition & Disposal of Assets Step 2: Spin-off of China Agri Holdings l Form wholly-owned subsidiary China Agri Holdings to hold the Agri -Industrial Businesses l Spin-off of China Agri Holdings by way of special dividend, and listing of China Agri Holdings by way of introduction l Acquisition of Food & Beverage Businesses and Agri-Industrial Businesses from COFCO (HK) l Transfer of Non-core Business back to COFCO(HK) l China Agri Holdings offers new shares through a Global Offering and was listed on HKSE on 21 st, March l Accomplished on December 31, 2006 6

Organization Structure post Spin-off COFCO Group 100% COFCO (HK) and Its Affiliates* 74. 25% COFCO International Limited(0506. HK) 100% Wines Beverages China Great Wall Wines 65% COFCO Coca-Cola Beverages Ltd 100% COFCO Huaxia Greatwall Wine 100％ 100% COFCO Greatwall Wine (Yantai) 100% COFCO Wines and Spirits 80% COFCO Huaxiahong Wines and Spirits (Shenzhen) 50％ 100％ Hunan COFCO Coca-Cola Tianjin COFCO Coca-Cola Beverages Yantai Greatwall Wines and Spirits 100％ Qighuangdao Huaxia 100％ Greatwall Wines & Spirits 100％ COFCO Shaoxing Winery COFCO Foods Sales and Distribution 100% COFCO Le Conte Food (Shenzhen) 90% Shenzhen Le Conte Marketing Services Zhanjiang COFCO Coca-Cola Beverages Hainan COFCO Coca-cola Company 100％ Gansu COFCO Coca-Cola COFCO Navavally Jundung Vineyard 100％ Confectionary Jilin COFCO Coca-Cola Beverages 100％ 55％ Consumer-pack Edible Oil 80% Xinjiang COFCO Coca-Cola Other associated companies 7

Core Management Team post Spin-off Mr. Ma, Jianping, 42 Executive Director Deputy General Manager Extensive experience in strategy management Ms. Luan, Xiuju, 41 Executive Director Head of Beverage Division Extensive of experience in beverage production, trade and management Mr. Zhang, Zhentao, 43 Executive Director Head of Consumer-pack Edible Oil Division Extensive experience in oil trade and management Mr. Qu, Zhe, 43 Executive Director Managing Director Extensive experience in food & beverage products Mr. Wufei, 36 Head of Wine division Extensive experience in wine business Mr. Mak, Chi Wing, William, 45 Executive Director Deputy General Manager Extensive experience in corporate governance Mr. Cao, Zhaoliang, 40 Head of Confectionery division Extensive experience in confectionery business Mr. Man, Jacky, 31 Financial Controller Extensive financial industry & corporate finance 8

COFCO Int’l (0506. HK） 2. 2006 Pro Forma Financial Performance 9

Post Spin-off Pro Forma Results Highlights 31 December 2006 31 December 2005 Turnover HK$6, 509 mm HK$5, 749 mm Operating Profit HK$538 mm HK$420 mm EBITDA HK$663 mm HK$583 mm Profits after Tax & MI HK$342 mm HK$257 mm Earnings per share HK 12. 9 cents HK 9. 8 cents ROE 11. 5 % 11. 6% ROA 8. 2% 7. 9% 10

Pro Forma Assets, Liabilities and Equities 31 December 2006 31 December 2005 Total Assets HK$6, 837 mm HK$5, 291 mm Total Liabilities HK$2, 231 mm HK$1, 907 mm HK$730 mm HK$793 mm Net Assets HK$3, 876 mm HK$2, 591 mm Cash on book HK$1, 308 mm HK$516 mm 32. 63% 36. 04% 15. 4% 23. 2% Minority interests Total Liabilities/Total Assets Interest Bearing Debt/Net Assets Pro Forma No. of Shares Issued 2, 791 mm shares 2, 638 mm shares 11

Pro Forma Turnover Breakdown 2006 2005 +/-% Wines 1, 803 1, 552 16. 2% Beverages 2, 431 1, 917 26. 8% (HK$mm) Consumer-pack Edible Oil Confectionary Total 1, 854 1, 899 -2. 4% 421 381 10. 4% 6, 509 5, 749 13. 2% 12

Pro Forma Operating Profit and Net Profit Operating Profit Net Profit 2006 2005 +/-% Wine 321. 5 298. 5 7. 7% Beverage 159. 9 115. 8 Consumer-pack 63. 2 Edible Oil 12. 7 Confectionary 25. 1 (HK$mm) -8 2006 2005 Wine 221. 2 184. 6 19. 8% 38. 1% Beverage 114. 8 85. 7 33. 9% 397. 6% Consumer-pack 25 Edible Oil 0. 2 11781% Confectionary -15. 1 19. 7 — (HK$mm) +/-% — 13

Pro Forma Net Profit and EPS Growth (HK$mm) (HK$ cents/share) 360 +33% 270 12. 9 342. 1 12 +32% 257. 4 14 9. 8 10 8 180 6 90 4 2 0 05 06 Profit Attributable to Shareholders 05 06 Earnings per share 14

Pro Forma Total Assets and Net Assets by Business Total Assets Confectionary 8. 9％ Consumerpack Edible Oil 6. 8% Others 10. 9% Beverage 35. 9% Net Assets Wine 37. 5% Confectionary 8. 1％ Consumer-pack Edible Oil 1. 6% Others 18. 1% Wine 41. 2% Beverage 31% 15

COFCO Int’l (0506. HK） 3. 2006 Business Review 16

Still the Market Leaders 2006 Market Share 2006 Ranking 17. 5% 1 53% 1 Consumer-pack Edible Oil 12. 5% 2 Le Conte Chocolate 14. 5% 2 Products & Brands Greatwall Wines Coca-Cola Beverages* *Note: market share and ranking of Coca-Cola Beverages refers to that of sparkling drinks in the sales regions under franchise 17

Mission and Vision Mission: To maximize value for customers, shareholders and employees by providing nutritious and healthy food Vision: To become the leading food and beverage company with the most valuable brands in China 18

Our Competitive Edges l Channels——A professional sales & marketing team and an extensive sales network throughout China l Brands—— A portfolio of well-known consumer brands l Innovation——In-house R&D capabilities and product innovation capabilities l Management——Professional management team 19

Wine Business Performance in 2006 l. Turnover of Wine Business in 2006 reached HK$1, 803 mm, 16. 3% increase from 2005, higher than the industry revenue growth of the year l. We sold 86, 100 tonnes of wine in 2006, an increase by 11% from 77, 700 tonnes in 2005. l. ROE in 2006 was 16. 6% 20

Wine Business Future Development Initiatives l. Expansion of production capacity—— Production capacity in 2006 reached 110, 000 tonnes per annum. It is expected that production capabilities in 2007 will increase by 6, 000 tonnes; Navavally Jundung Vineyard was established with an investment of RMB 260 million in Yantai, positioned to produce high end Chateau wines and is expected to commence operation in mid-2007 l. Product Positioning——Product streamline and integration of the current three wineries were completed. Three principal product series, namely Huaxia Cru Vineyard Series, Star-rating series and Coast series will be launched, to better define and enrich our product portfolio l. Enhancement of Brands Images——Further enhance the brand image of Greatwall through the exclusive wine supplier position to Beijing 2008 Olympics; devote more sources into brand image building l Integration of Channels——Further distribution channel integration of the three wineries. Initiating pilot schemes in northern China and southern China to explore new sales and distribution model l. External Expansion——To seek mergers and acquisition opportunities in and outside the PRC 21

Beverage Business Performance in 2006 l. One of the three Coca-Cola Beverages bottler groups in the PRC, through a 65% owned JV with the Coca-cola Company. Currently this business owns six operating plants in Tianjin, Hunan, Hainan, Jilin, Gansu and Zhanjiang. This business also has minority interests in 14 other bottling plants in cities like Nanjing, Hangzhou and Guangzhou l. Our franchise sales regions include: Tianjin, Hebei, Inner Mongolia, Jilin, Hunan, jiangxi, Guizhou, Gansu, Ningxia, Qinghai, Xizang, Xinjiang, Hainan and Zhanjiang l. The population in the sales regions under franchise accounts for 28% of the PRC population, GDP accounts for 21% of total GDP l. Annual Coca-Cola consumption per capita in our regions is 11. 5 8 oz-cup, whilst the annual consumption per capita in the country is 20. 3 8 oz-cup l. Thank for the growth in both sales volumes and prices, the Beverage Business recorded a turnover of HK$2, 431 million in 2006, an increased by 26. 8% from 2005. Sparkling drinks accounted for 86% and still drinks accounted for 14%. Such growth rate exceeded that of the industry, and ranked top among the bottlers of Coca-Cola in China 22

Beverage Business Future Development Initiatives l. Capacity Expansion——We plan to build new plants and add new product lines. l. Product Mix Adjustment——We will gradually increase the percentage of still drinks. It is expected that in the coming three years, the sales volume of sparkling drinks will decrease from the current 86％ to 77％ and that of still drinks will increase from the current 14％ to 23％ l. Optimization of Geographic Lay-out ——We will seek to optimize the geographic locations of our sales channels Sparking drinks Market 53% share in 2006 Fruit juice Tea Water 5. 3% 1. 9% 7% 23

Consumer-pack Edible Oil Business Performance in 2006 l. Growth in consumer-pack edible oil market in the PRC remains strong. According to the data provided by AC Nielsen, it is expected that the industry as a whole will maintain average growth of around 8％ in the future l. In the Reorganization, we separated the consumer-pack edible oil business from the oilseed processing business, to establish a sales company operated by a professional team to focus on brand management and sales and marketing capability l. The Fortune related brands wholly-owned by our parent is licensed to us exclusively l. Have a comprehensive product portfolio, including blended cooking oil, peanut oil, corn oil, sunflower seed oil, vitamin A enriched oil, sesame oil, olive oil and soybean oil l. Excluding the sales of Northsea, an associated company, the Turnover of consumerpack edible oil was HK$1, 854 mm, which were decreased by 2. 4% from 2005, mainly due to the decrease in the sales of edible oil with low gross profit margin 24

Consumer-pack Edible Oil Business Future Development Initiatives l. Adjust product portfolio and increase the weighting of products with higher gross profit margins to enhance overall profitability l. New “Fortune” brand logo will be launched in mid-2007 to enhance the brand image l. To further develop distribution channels and manage distributors, to increase the sales coverage at retail level 25

Confectionery Business Performance in 2006 l. The Confectionery Business achieved a turnover of HK$421 million in 2006, an increase of 10. 4% from 2005 l. Due to a surge in raw material prices, including sugar, gross profit margin decreased slightly to 44. 3% l. Due to the increase in marketing investment, this business recorded loss for the year. 26

Confectionery Business Future Development Initiatives l Plan to rebuild the “Le Conte” brand to satisfy the upgrading of consumer taste l. To expand mass channels in major and middle cities and channels in second to third tier cities so as to enhance product penetration rate l. To develop differentiated products with good growth prospects, and invest reasonably on marketing and promotion so as to secure long term growth l. To strive for improvement in operation from 2006 and achieve turnaround in 2007 27

COFCO Int’l (0506. HK） 4. Outlook and Prospects 28

Outlook and Prospects As a company dedicated to branded food business, COFCO Int’l will leverage on the three engines of brands, channels and R&D to maximize the synergies among its business units and drive the company’s transformation and development l Brands consolidation, promotion and extension l Sales channels and network integration and sharing l New product development and new business expansion l Explore synergies in procurement, production, and logistics l Centralize financial management, client bases and form a unified corporate culture 29

Outlook and Prospects Major Future Growth Drivers l Consolidate corporate resources, including brands, channels, R&D, production, logistics and corporate structure l Achieve organic growth from existing businesses: e. g. energising marketing efforts for branded consumer-pack edible oils; studying the possibility of extending the “Fortune” brand product range; extending and expanding the range of wine brands; tapping into the high-end confectionery product category l New business development: identify and nurture new growth businesses, external M&As 30

Outlook and Prospects l Formulate and constantly review the long-term strategic development plan of the company l Improve corporate governance and corporate control, strengthen team-building, establish an effective incentive mechanism to achieve better organisational integration l Enhance corporate transparency and improve investor communication l With the ultimate goal of maximising shareholder value, strive to enhance the company’s overall profitability and build COFCO International into the leading player in the branded food industry in China 31

Thank you！ 32