2. Presentation Deloitte Recommendations Objectives Agreed Changes Three-Block Recovery Approach Strategies Personal Drivers Projection Challenges Medium Term Strategies

3. Deloitte Recommendations Proposal 1 – Cane Replanting Programme Detail Business Plan being prepared Indentify Low-yield Farms / Areas Involvement of Tribunal, SRIF, SPF, SCGC, CGF, FDB and FSC Revolving Fund Facility Advisory and Monitoring Proposal 2 - Cane Quality Payment System Deferred to 2012 Season Further review of NRI System Review of Core Sampling Lessons from ASR Trails and Working Systems

4. Deloitte Recommendations Proposal 3 – Single Extension Programme Hand-in-hand with Proposal 1 Proposal 4 – Aggregation of Small Farms Hand-in-hand with Proposal 1 Identification underway (Both yield and area) Proposal 5 & 6– FSC to Harvest and Deliver Cane Need for Legislative change Will be implemented in 2012

5. Objectives WITHIN TWO YEARS, RETURN THE CANE INDUSTRY TO LONG TERM COMMERCIAL VIABILITY WITHIN TWO YEARS RETURN FIJI SUGAR CORPORATION TO PROFITABILITY

6. Agreed Changes Delist FSC from SPSE Came into effect from 24 th February 2011. Government to Acquire 100% of FSC Delivery under FSC Control Target for 2012 Crushing Season Restructure of FSC Organization From Hierarchical to Matrix Structure Backward Integration

7. 3-Block Approach A Increase in good quality cane yield B Highly efficient cane processing C Revenue from multiple products/multiple buyers

8. Block C Strategy Products Raw Sugar Molasses Ethanol Refined Sugar Electricity Multiple Customers Partnering Arrangement with Customers

9. Raw Sugar Pricing Existing Price (Partially Revised) Approx. US$0.22 cents per lb Negotiated Price for 2011/12 Season Fixed for 12 months. Better than present World Forward Price ($0.22/lb) Possible Pol premium

10. Tate & Lyle Partnering 10 Target Areas Full involvement in Preparing Mills for Crushing Season Preventive Maintenance / Continuous Improvement Comprehensive Inspection of Boilers Water Management Inspection, maintenance / replacement of Valves Cane feeders and Mill Setting Cane delivery logistics Cane planting support programme Mill management best practice / mentoring Improvement to Extension Services

11. EOI Ethanol Approximately 8 Companies Being reviewed Refinery and Packaging Approximately 5 Companies Being reviewed Electricity Generation Objective to meet FSC energy requirements AND additional revenue from Electricity sales Replace of FSC dedicated Energy Center - $80m Steam and Electricity facility - $130m Incremental Revenue - $35m per annum from Electricity

12. Steam & Electricity Partnering FEA Long term power purchase agreement Take-or-pay arrangement Wheeling Arrangement Vatukoula Gold Mines Ltd Off-take Agreement Contribution to Feasibility Study Financing Options FSC Product Exchange Agreement Financing Options

13. Block B Strategy Reliability and Production Consistency Very Targeted 2011 Maintenance Master Plan Not Doing Maintenance BUT Preparing the Mills for Crushing Reduce Crushing Rate to Manageable Levels Remove Destructive Competition Special Assistance from Tate & Lyle Technicians Losses and Wastage Better Milling to reduce Juice in Bagasse Re-cycle Spillage Production Cost Implement targeted Cost Effectiveness Value-driven Expenditure Partnering Stockholding with Equipment Suppliers

14. Block A Strategy Increase Quality Cane Production Helping Hand for New Growers Improve Quality Cane Yield Revolving Fund availability Premium Payment for Quality Cane Introduction of cane quality payment FSC Backward Integrate Acquire new and un-used Cane Plantation

15. Personal Drivers Commercial & Economic Viability Stand on our own 2 feet No Hand-out but Hand-up Succession Planning Allow Senior Managers to Step up Training Program through Hands-on Exchange Seamless Relationship Suppliers / Manufacturers / Customers

16. Projection – High Level Years20102011 Cane Crush1.778m2.100m Sugar Make131,000168,000 Molasses Make113,00084,000 TCTS13.512.5 Molasses %-age6.5%4.0% Revenue$135m$193m

17. Challenges Mindset Very Traditional and Institutional Sugar vs Cane Destructive Behaviour Ego-driven Outputs Stressing of machineries Money will Fix Everything Over $100m spent in the last 3 years Always Someone elses Fault Everyone is a Sugar Expert Lack of Good Competent People

18. Medium Term Strategy Ethanol Plant Ability to switch from Sugar (& Molasses) to Ethanol Sugar Refinery and Packaging Value-adding for Pacific Consumption Satellite Juicing Stations Localized Extraction of Juice Conversion to Syrup Briquetting of Bagasse

19. Thank You