ANFI - Amira Nature Foods Ltd

1
Investor Presentation
2
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 give our current
expectations and projections 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 managements beliefs, intentions or
goals. You can identify forward-looking
statements by the fact that they do not relate
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"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 (some
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-1 filed with the
Securities and Exchange Commission. Although we
believe that these forward-looking statements are
based on reasonable assumptions, 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.
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the United States, 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
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date on which it is made. New risks and
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impossible for us to predict those events or how
they may affect us. Except as required by law, 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.
3
Market and Industry Data
This presentation contains estimates and
projections regarding market and industry data
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. We believe the information provided or
made available by these third-party sources is
generally reliable. However, market data is
subject to change and cannot always be verified
with complete certainty 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 data and managements
estimates and projections. In addition,
projections are often wrong. As a result, you
should be aware that market data set forth
herein, and estimates, projections and beliefs
(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 managements knowledge
of the industry as of the date of such surveys
and have not been verified by any independent
sources. 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.
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Table of Contents
COMPANY OVERVIEW KEY INVESTMENT
HIGHLIGHTS FINANCIAL OVERVIEW APPENDIX
5
COMPANY OVERVIEW
6
A Leading Growth Company with a Rich Heritage
1915 Founded as an Agro-commodity trading house
by the Chanana family

• Founded in 1915, Amira has evolved into a leading
  global provider of packaged Indian specialty
  rice, predominantly Basmati rice

1978 Established International business
1995 Indias first fully Integrated and
automated Rice milling factory

• Evolved from a domestic Indian business to a

professionally managed high growth global branded
company
2006 KARAN A CHANANA takes over and initiates
transformation to a professionally managed
global business

• Q3 2015 LTM Revenue increased to 659.2 million
  (31.6 growth YoY) and adjusted EBITDA increased
  to 93.0 million (38.2 growth YoY)

2008 Launch of the AMIRA Brand
2009 Established subsidiary in US and launched
international marketing/distributor office

• Continued to receive the status of Global Growth
  Company by the World Economic Forum

2011 Established Subsidiary in UK

• Voted Asias Most Promising Brand by the WCRC
  group in 2013-2014

2012 Amira Nature Foods Ltd. listed on NYSE
2013 Organics Launch of Organic Division

• Voted INDIAN POWERBRAND in the Food Category

2014
by Planman Marcom in 2011 and 2013
Acquired Basmati Rice GmbH in Germany to
strengthen distribution network in Europe
2015 100 Year Centennial
Source ANFIs publicly filed 20-F and other
publicly available information
7
A Leading Global Branded Packaged Food Company
with a Proven Track Record
Focused on Basmati rice, a healthy, high growth,
high margin product Listed on the NYSE in Oct
2012 under the symbol ANFI
Amira Corporate Office Multiple Accolades
Q3 2015 LTM Revenue of 659 million vs. 342
million at IPO Adjusted EBITDA more than
doubled from 42 million at IPO to 93 million
for Q3 2015 LTM Conservative balance sheet of
1.7x net debt / EBITDA
Indian Power Brands Global Super Power Edition
2011 2013
Inc. India featured Amira as one of Indias
fastest growing mid- sized companies in 2010,
2011, 2012 and 2013
Best Partner in the Staples category in 2013
at the Bharti Walmart Private Limited Annual
Supplier Conference
Recognized as a Global Growth Company since
2010, an invitation- only community consisting
of 300 of the worlds fastest-growing
corporations each year
Sales in more than 60 countries compared to 40 at
IPO
Source ANFIs public financial statements and
other publicly available information
8
Basmati Rice Overview and Production Process
What is Basmati Rice?
Rice Statistics

• Long-grain rice with distinct nutty flavor and
  strong aroma
• Exclusively grown at the base of Himalayan
  Mountains in India and Pakistan
• Regarded as healthy gluten free and a lower
  glycemic index than white rice
• Considered a premium food product as it improves
  with age and is typically stored for 12 months or
  more

• Rice is the primary staple for over 50 of the
  worlds population

• Rice provides more than 1/5 of global caloric
  intake and cannot be substituted
• Rice is not genetically modified and is a good
  source of vitamins and minerals, such as iron,
  vitamin D, calcium and fiber, among others

Basmati Value Chain Amiras area of
activities Processing Milling Separation Packagin
g
Distribution
Procurement
Production Basmati/ Non-Basmati Rice Farms
Retail Sector Distributors
Procurement
Uttar Pradesh
Source ANFI publicly filed 20-F, public company
materials, Food and Agricultural Organizational
report, USD
9
Company Snapshot
Leading global provider of branded packaged
Indian specialty rice Sales by Product Sales
by Brand Sales by Geography
North America 2
Institutional 13
Other 14
Asia Pacific (ex-India) 14
Third party Branded 44
EMEA 43
Specialty Rice 21
Amira Branded 43
Basmati Rice 65
India 41
Q3 2015 LTM Revenues 659.2 million Q3 2015 LTM
EBITDA 93.0 million

• Amira branded products are the focus of our
  global expansion strategy
• Launched in 2008 and sold in more than 40
  countries
• Branded sales have nearly doubled in size since
  time of IPO

Amira Branded

• Foundation of our initial international expansion
• Launched in 1978 and sold in more than 40
  countries
• Low financial risk and high visibility into top
  and bottom line

Third-Party Branded

• Other agricultural products including wheat,
  barley, legumes and other produce
• Opportunistic, profitable non-core business
• Strengthens relationships with farmers and
  customers

Institutional
Note Sales by product, brand and geography based
on FY 2014 results.
Source ANFI publicly filed 20-F
10
Diverse Product Range - Catering To All Consumer
Segments
Best Money Can Buy
Gourmet
Value Surplus
Premium
Value for Money
Mainstream
Popular Range
Popularly Priced Products
Broad product offering with more than 200 SKUs
globally
Source ANFIs publicly filed 20-F and other
publicly available information
11
Recent Product Initiatives
Diversifying portfolio with value-add adjacencies
launching in India and plan to take
internationally in the future
Adjacencies Amira Premium Ready-to-Heat
The Organics

• Amiras Organic business was established to build
  upon our Passion for Purity by offering,
• Certified organic, premium snack and ready-to-
  heat meals to health and socially conscious
  consumers around the world
• Integrity in food with absolutely no adulteration

? Traceable ingredients and process from farm to
fork
Basmati Rice with Lentils
Basmati Rice with Kidney Beans
? Fair trade and corporate social responsibility
for our consumers, farmers our planet
Amira Premium Snacks

• Strong relationships with more than 7,500
  certified organic farmers in India
• All natural products from one of the greatest
  agricultural regions INDIA
• Organic certification in India is recognized by
  the USDA

Source ANFIs publicly filed 20-F and other
publicly available information
12
KEY INVESTMENT HIGHLIGHTS
13
Key Investment Highlights
1 Large and Growing Industry with Attractive
Pricing Dynamics
9
Proven Financial Results
8 Committed and Successful Management Team
2 Global Leader in a Fragmented Category
Strong and Growing Global Presence in more than
60 Countries
7 Best-in-Class Supply Chain and Operations
3
Strong Brand and Product Innovation
4 Favorable Economic Trends in Home Market of
India
6
5 Well-Established Relationships with Worlds
Leading Retailers
PROVEN BUSINESS MODEL WITH TRACK RECORD OF SUCCES
S
14
1. Basmati Rice A Large and Diverse Market
Basmati is a highly attractive category given its
premium price and superior growth Key Rice
Industry Facts Basmati Is a Differentiated
Category within Rice

• Highly fragmented industry
• Superior quality commands premium price
• Specialty product only grown in Indian
  subcontinent
• Slender, extra long grain with a pearly hue,
  known for its aromatic characteristics
• Allergy-free product that must be aged for 12
  months

Wholesale 275bn(1)
Global Basmati 6bn(1)
Rest of World 225bn
India 50bn(2)

• And We are a Global Leader in Basmati Rice
• Voted Asias Most Promising Brand by the WCRC
  group in 2013

• Voted INDIAN POWERBRAND in the Food Category by
  Planman Group in 2011 and 2013
• Best Partner in the Staples category in 2013 at
  the Bharti Walmart Private Limited Annual
  Supplier Conference
• Recognized as a Global Growth Company since 2010,
  an invitation-only community consisting of 300
  of the worlds fastest-growing corporations each
  year
• Strong Relationships with leading global
  retailers such as Carrefour, Costco, Metro Cash
  Carry, Tesco and Walmart

(1) Horizon Research (2) CRISIL
15
1. Basmati RiceStrong Growth and Premium Pricing
Dynamics
Basmati has consistently grown at a rate well
above the overall rice industry and commands a
significant price and margin premium to
manufacturers
Basmati Category Growing Faster Than Global Rice
Sales
Commands Premium Pricing
30
1,600
1,426
1,328
1,400
24
25
1,191
1,162
1,200
1,076
1,036
20
2008-2013 CAGR ()
1,000
Price per MT ()
15
15
800
600
505
502
489
459
452
10
417
400
4
5
200
0
0
FY10
YTD Q2 FY15
FY11 FY12 Basmati Rice
FY13 FY14 Specialty Rice
Basmati Rice Volume Outside India
Global Rice Volume Basmati Rice Volume in India
Double-digit growth in domestic and
international consumption in both historical and
forecasted five year periods Source CRISIL,
Euromonitor
Note Basmati and Specialty Rice pricing per MT
based on Amira price realization.
16
2. A Global Leader in a Fragmented Category
Leading Position Internationally by Sales Among
Indian Specialty Rice Players
Solid Position in the Domestic Indian Market by
Sales
Packaged Rice Industry Dynamics
Top 10 Brands(1)
323
664
Top 10 Brands 9.8
(1.1)
(1.7)
(2.1)
241
267
Generics (0.9)
Arawana brand (1.0)
209
224
200
Heilongjiang Agriculture Bei Da Huang brand
(0.7)
167
Other Brands 90.2
(0.6)
154
Shinmei (0.6)
Gyeonggi Nonghyup Nonghyup brand (0.6)
85
76
2014 Value US71bn
0 100 200 300 400 Annual International sales
(USm)
0 200 400 600
800
(0.5)
Annual Indian sales (USm)
ANFI is a leading global provider of branded
packaged Indian specialty rice
Note Converted exchange rates of 61.1 INR/USD
and 1.63 GBP/USD. Annual sales figures represent
March FY14 results Source ANFIs publicly filed
20-F, Company filings, Euromonitor, and
Management estimates ANFI sales include Amira
Branded, Third Party branded and Instititutional
sales
Source Euromonitor Represents global market
share in 2014 packaged rice by value. (1)
Parentheses represent global market share in
packaged rice by value.
17
3. Strong and Growing Global Presence

• Sales in 60 countries vs. 40 at time of IPO
• Approximately 60 of sales achieved
  internationally in FY2014
• Strong historical presence in India and the
  Middle East
• Continued expansion into developed markets,
• i.e. US, UK, Continental Europe

Amira India Headquarters Processing
Facility Amira Offices
Sales of Amira Branded Products Sales of
Third-Party Branded Institutional Sales of
Amira Branded, Third-Party Branded Institutional
Source ANFIs publicly filed 20-F and publicly
available data Note Country sizes are not
altered to be representative of ANFIs sales
presence
18
3. ANFI Has Invested In Physical Infrastructure
with Sales Offices, Processing Equipment and
Storage Around the World
ANFIs Offices Around the World
Delhi Office (Current)
Delhi Office (New)
New York Office
Dubai Office
Dusseldorf, Germany Office
UK Office
Distribution Center, India
Processing Facility, Gurgaon, India
ANFIs offices, factory and warehouses have been
visited and diligenced by its investment bankers,
lawyers, sellside research analysts and numerous
investors
Note for illustrative purposes only. ANFI has
additional offices, production facilities that
have not been depicted above.
19
3. ANFIs Products Sit On the Shelves Around the
World
WH Smith, New Delhi Morrisons, London Dansk,
Copenhagen
Food Palace, Qatar
Marianos, Chicago, USA
Costco, USA
Established base in high growth emerging markets
with opportunity to increase penetration in
developed markets Packaged rice market size in
US 2.5bn, UK 850mm and Continental Europe
4.5bn Source Euromonitor
20
3. ANFI Has Made Concerted Efforts to Support the
Brand
Wall Street Journal The Grocer, UK
Public Transportation, UK
Airport Billboard, New Delhi
21
4. Favorable Economic Trends in Home Market of
India
Amira positioned to benefit from favorable
macroeconomic and demographic trends in India

• Rapidly growing middle class

15 DCs today, up from 1 at IPO
Estimated middle class population CAGR is 13
between 2005 and 2025, reaching 583 million
Indian middle class citizens by 2025(1) (current
population of India is 1.267 billion)
Zirakpur (Punjab) Punjab Haryana Gurgaon Jaipur
Himachal Pradesh Uttarakhand Surajpur (Uttar
Amira is able to serve pan-India with extensive
distribution structure and plans to supplement
direct distribution as needed
Delhi
Pradesh) Lucknow
Rajasthan
Uttar Pradesh
Indore

• Robust growth expected in modern trade in India

Kolkata
17 CAGR from 2014 to 2019 estimated for modern
trade (organized retail formats), which is
estimated to account for 11 of Indian retail
trade in 2014(2)
Ahmedabad
Ranchi
Mumbai
Hyderabad
Amira has a dedicated sales team focused on the
modern trade channel
Vijayawada Chennai
Bangalore
Amira has first mover advantage due to
entrenched relationships

• Increasing private consumption

• Establishment of 15 company managed distribution
  centers in India provides Amira with greater
  control over its expansion efforts in its
  important home geography

Private consumption estimated to increase at a
7 CAGR between 2005 and 2025, reaching 1.5
trillion in 2025(1)

• Expected to drive deeper and more broad market
  penetration
• Expected to generate higher service levels of
  fill rates, inventory turnover and replenishment

1. McKinsey Global Insight, assumes 0.0223 INR/USD
   exchange rate.
2. Planet Retail.

22
5. Well-Established Customer Relationships
Selected Customers In Spring 2015, Amira Nature
Foods Ltd Announced Three New Partnerships to
Expand Amira Branded Sales in the United States
Revenue by Top 5 Customers
3rd Party Branded Partners
2014
2012 (IPO)
Top 5 Customers 47
Top 5 Customers 34
Rest of Customers 53
Amira has strong relationships with leading
global retailers
Rest of Customers 66 Source ANFIs publicly
filed 20-F and publicly available data
Note For FY 2014, Amira branded sales, third
party branded sales and institutional sales
contributed 43, 44 and 13, respectively, of
total ANFI sales.
23
6. Strong Brand and Continuous Product and
Packaging Innovation
Core Rice Offerings Core Basmati
Rice Innovation Across Rice Categories
Leveraging Our Expertise into New Adjacencies
Ready to Eat Snacks
Organics

• Broad product range across size and value pyramid

• Launched Amira brand in 2008 initial focus on
  Indian market, now in 40 countries around the
  world
• Amira brand has nearly doubled since IPO to
• 240 million as of fiscal 2014
• Consumer awareness built through multi-pronged
  marketing strategy

• Continued focus on innovation and consumer
  friendly adjacencies (edible oils, snacks and
  ready meals)

• Launched organic initiative in 2013
  relationships with more than 7,500 organic
  farmers in India

Source ANFIs publicly filed 20-F and other
publicly available information
24
6. Brand Building Based on Consumer Research
Best Fit Product Strategic Packaging
Brand and Relevant Pricing
Promotion Advertising
Successful Consumer Strategy Eye Level
Placement
25
7. Superior Sourcing Network The Amira Advantage
Best-in-class supply chain Long-standing
relationships with local paddy farmers and a
large network of procurement agents allow us to
consistently source high-quality and quantity of
paddy
Basmati rice is grown exclusively in foothills of
the Himalayas in the India subcontinent
Major Basmati-Growing Regions
Paddy procurement typically occurs between
September and March
Himachal Pradesh
Punjab Haryana
Basmati rice may be purchased in unfinished state
from local paddy
Uttarakhand
farmers via the mandi process, or in semi
finished form from third party millers
Uttar Pradesh
Rajasthan
Uttar Pradesh
Amira has long-standing relationships with top
procurement agents and local paddy farmers in
all major paddy procurement centers
Amira procures the highest quality paddy for
production, including proprietary technology for
the testing of purchased paddy We maintain ample
warehousing capacity to store the paddy for
optimal aging (12 months), resulting in
high-end, premium all-natural Basmati
rice Relationships with more than 200,000
farmers and more than 7,500 certified organic
farmers
Source ANFIs publicly filed 20-F and other
publicly available information
26
7. Processing Capacity to Support Growth

• Existing Facility
• Currently operates a state-of-the-art, fully
  automated and integrated processing and milling
  facility in Guragon, India (originally
  constructed in 1995 with major upgrades in 2010)
• Includes grading and packaging units, along with
  modern in-house laboratory for quality assurance
  and warehousing
• Processing capacity of 24 metric tons per hour
  (27 metric tons per hour including leased
  facilities)
• Existing site zoned for residential development
• Processing Capacity

• Planned Facility
• Land
• Previously secured 48.2 acres of land in Karnal,
  Haryana, India
• Purchase of Amira Enterprises with 86 acres of
  adjacent land
• Strategically located near rice growing region
  and
• 132 km from New Delhi
• Factory Equipment
• Buhler rice processing facility on order for 8.3
  million
• Next generation machinery adds 48 metric tons
  per hour of rice milling capacity
• Upon completion of installation, 12 metric tons
  per hour facility (2010 vintage) will move to new
  location and shutter older-era equipment
• Phase 1 Capabilities
• 60 metric tons per hour of modern, untouched-by-
  hand processing equipment
• Consolidation of warehousing onsite vs. multiple
  leased locations today
• Modern Amira factory office compound and RD lab

Currently process 30-35 product as early stage
product, additional 30-35 reprocessed and
remainder via 3rd party After completion of new
facility, will process 50 as early stage rice,
additional 30-35 reprocessed and remainder via
3rd party
?
60
Installed Capacity (MT/HR)
24
?
Post Expansion Plan
Today
Source ANFIs publicly filed 20-F and other
publicly available information
27
8. Committed and Successful Management Team
Our management team has transformed Amira from a
local, family-owned business into a global,
professionally run company Years of
Relevant Name Position Experience Experience
Karan A. Chanana Chairman 19
Bruce Wacha Chief Financial Officer 15
Protik Guha CEO, Amira India 20
Rajesh Arora Sr. Executive Director Finance 25

Ashish Poddar Executive Director Finance 16
Tony OConnor CEO, Amira UK Europe 39
Tobias Sterath CEO, Basmati Rice GmbH 10
Alireza Yazdi Vice President, Amira U.S., Canada, South America 20

Neal Cravens Independent Director 35
Shiv Surinder Kumar Independent Director 21
Harash Pal Sethi Independent Director 40
Key Management
Board
Cornelius Barton Co.
28
9. Proven Organic Financial Results
120
700
659
609
576
(1)
547
600
LTM Adj. EBITDA ( millions)
93
100
LTM Revenue ( millions)
501
86
472
80
444
500
75
80
414
401
67
360
342
400
61
57
52
60
50
45
300
41
40
200
20
100
0
0
Jun.13 Sep.13 LTM Adj. EBITDA
Dec.13 Mar.14 LTM Revenue
Jun.12
Sep.12
Dec.12
Mar.13
Jun.14
Sep.14
Dec.14
Revenue growth(1) 19.4 28.7 56.2 10.2 37.6 36.1 25.1 33.0 25.9 30.9 35.0
Adj. EBITDA growth(1) 22.0 53.8 54.2 16.0 43.2 38.8 48.7 44.0 30.9 39.4 36.6
(2)
Peer CAGR for the period LTM Dec. 2012 to LTM
Dec. 2014
Revenue CAGR 28.3 36.6 61.5 15.7 7.2 3.3 22.8 35.0 17.5 10.9 13.9 9.5 26.7 32.4 18.9 4.6 7.9 10.0 2.8 4.3 5.3 6.3 4.3 7.4 8.6 -4.3 -23.0 22.1 25.9 5.3 16.2 14.2 12.5
Adj. EBITDA CAGR 28.3 36.6 61.5 15.7 7.2 3.3 22.8 35.0 17.5 10.9 13.9 9.5 26.7 32.4 18.9 4.6 7.9 10.0 2.8 4.3 5.3 6.3 4.3 7.4 8.6 -4.3 -23.0 22.1 25.9 5.3 16.2 14.2 12.5
Adj. EPS CAGR 28.3 36.6 61.5 15.7 7.2 3.3 22.8 35.0 17.5 10.9 13.9 9.5 26.7 32.4 18.9 4.6 7.9 10.0 2.8 4.3 5.3 6.3 4.3 7.4 8.6 -4.3 -23.0 22.1 25.9 5.3 16.2 14.2 12.5
Significant Acquisitions - ? ? (3) ? ? ? - - - ? ?

• EBITDA bar graph and revenue trend line are based
  on LTM numbers, while indicated growth rates
  reflect yoy quarterly growth
• Quarter end for McCormick Company, Inc. is
  August 31st Boulder Brands Inc. CAGR corresponds
  to the period LTM Sep. 2012 to LTM Sept. 2014
• On Dec. 23, 2013 Boulder Brands, Inc. announced
  the acquisition of EVOL Foods and estimated EVOL
  would generate 25M in net sales and
  approximately 1.5M in EBITDA for the year
  ending Dec. 31, 2014 On June 1, 2012 Boulder
  Brands, Inc. announced the acquisition of Udi's
  Healthy Foods, LLC and noted Udis had TTM sales
  of 60.9 million and TTM adjusted EBITDA of
• 7.2 million
• Source Public filings, Capital IQ, and other
  publicly available data

29
FINANCIAL OVERVIEW
30
Strong, Sustainable Performance Over Time, While
Increasing Margins
Consistently delivered over 26 top-line growth
in the last four plus years while increasing
Adj. EBITDA by 34 Revenue Adj. EBITDA
24
100
700
93
659
90
22
600
80
547
75
20
70
500
18
EBITDA margin
( in millions)
414
60
( in millions)
52
400
16
50
329
40
14.1
300
13.8
40
255
14
31
12.7
202
30
12.1
200
22
12
12.1
20
100
10
10.7
10
0
8
0
FY 2010 FY 2011 FY 2012 FY 2013 FY 2014
LTM Q3 2015
FY 2010
FY 2011
FY 2012
FY 2013
FY 2014
LTM Q3 2015
Source ANFIs publicly available financial
statements Note Fiscal years ended March 31. LTM
values are unaudited figures.
31
EBITDA Generation and Seasonality
Predictable and seasonal business with Q4
generating 34 of revenues and Adj.
EBITDA Fiscal 2013 and 2014 Revenue
Distribution Fiscal 2013 and 2014 Adj. EBITDA
Distribution
Q1 2014 20
Q1 2013 19
Q1 2013 19
Q1 2014 19
Q4 2013 34
Q4 2013 35
Q4 2014 34
Q4 2014 35
Q2 2014 19
Q2 2013 19
Q2 2014 20
Q2 2013 19
Q3 2014 26
Q3 2013 28
Q3 2013 27
Q3 2014 27
LTM Rolling Adj. EBITDA and Margin
( in millions) 100.0
14.5
93.0
90.0
85.6
14.1
14.0
80.0
14.0
80.0
75.5
13.9
13.8
70.0
13.5
60.0
2015 Q1
2015 Q2
2015 Q3
2014 Q4 Source ANFI publicly filed 20-F and
other publicly available data
32
Balanced Business Model with Steady Growth Profile
Revenue by Geography Revenue by Brand
North America 2
Asia Pacific (ex-India) 14
Third party Branded 44
Institutional 13
FY14 Revenues and Change y-o-y ? India 224.1,
up 18.6 (31.5 in Indian rupees) ? EMEA
237.5, up 22.9 ? Asia Pac 73.9, up gt100 ?
N. America 11.8, up 73.5

• Amira Branded / Third Party Branded 50/50
  split today
• Institutional returns to 5 12 level
  historically seen

EMEA 43
Amira Branded 43
India 41
Revenue by Brand Over Time
( in millions)
239 239
214
192
181
122
118
95
95
78
69
42
29
27
7
FY2010
FY2011
FY2013
FY2014
FY2012 Third Party Branded
Institutional
Amira Branded
Source ANFI publicly filed 20-F and other
publicly available data
33
Disciplined Cost Structure and Capital Spending
Plan

• Historically invested in only the most modern
  manufacturing equipment which has allowed us to
  benefit from low maintenance capex
• Maintenance capex expected to be less than 2-3
  million per year
• In the process of breaking ground on our new
  processing facility in Karnal, India which will
  increase our capacity from 24 to 60 MT / hour,
  further benefiting our margins
• Strong controls over employee costs with 439 of
  477 employees based in Indian home market
• Historical Capital Expenditures

6
5.5
5
3.9
4
( in millions)
3
1.8
2
0.9
0.9
1
-
FY2010
FY2011
FY2012
FY2013
FY2014
of sales
2.7
0.7
0.3
0.2
0.7
Source ANFI publicly filed 20-F and other
publicly available data
34
ANFI Continues to Maintain a Conservative Capital
Structure

• ANFI continues to maintain a conservative balance
  sheet with
• 187.1 million of total debt at December 31, 2014
  compared to December 31, 2014 LTM adjusted
  EBITDA of 93 million
• Total Debt to adjusted EBITDA ratio of just 2.0x
  at December 31, 2014, compared to 2.4x and 3.1x
  at December 31, 2013
• and March 31, 2013, respectively
• Net Debt to LTM adjusted EBITDA ratio of just
  1.7x at December 31, 2014
• LTM Adjusted EBITDA to Finance Cost (net of
  Finance Income) ratio of 3.3x at December 31,
  2014
• ANFI had 27 million of cash on its balance sheet
  and 21.6 million available under its current
  borrowing facility suggesting more than
  sufficient capital to fund its continuing
  operations
• Strong relationships with consortium of Indian
  banks

ANFI Leverage (Total Debt / LTM Adj. EBITDA)
5.0x
4.0x
Total Debt / LTM Adj. EBITDA
3.1x
3.0x
2.5x
2.4x
2.4x
2.4x
2.3x
2.2x
2.0x
2.0x
1.0x
0.0x
Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 A
NFI Interest Coverage (LTM Adj. EBITDA / Finance
Costs Net of Finance Income)
Peer Leverage Levels (Total Debt / LTM Adj.
EBITDA)
5.0x
5.0x
LTM Adj. EBITDA / Finance Cost (net of Finance
Income)
3.9x
Total Debt / LTM Adj. EBITDA
4.0x
4.0x
3.3x
3.3x
3.2x
3.1x
3.0x
3.0x
3.0x
2.8x
3.0x
3.0x
2.5x
2.0x
2.0x
2.0x
1.0x
1.0x
0.0x

Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15
Mid and Small Cap Food Competitors (Avg)
Large Cap Food Competitors (Avg)
Amira
Source Derived from public Company financial
statements and Capital IQ as of May 11,
2015 Note ANFI values based on publicly filed
financial statements Interim results and ratios
have not been audited. Large Cap companies
include Campbells, ConAgra, General Mills,
Kellogg, Mead Johnson, Kraft, Mondelez, PepsiCo,
JM Smucker, and McCormick.
32
Mid and Small Cap companies include Pinnacle,
Treehouse, Snyders-Lance, BG Foods, Flowers
Foods, Post Holding Cop., Hain Celestial,
WhiteWave, JJ Snack Foods, SodaStream, Boulder
Brands, Diamond Foods, Monster Beverage, and
Herbalife.
35
2014 Fiscal Year Performance Review
Revenue
Key Drivers
Revenue increased by 133.7 million, or 32.3, to
547.3 million
800
547.3
600
International sales increased by 98.5 million,
or 43.8, to 323.2 million, India sales
increased by 35.2 million, or 18.6, to 224.1
million (up 31.5 in rupees y-o-y)
( in millions)
413.7
400
200
0
Amira branded sales increased by 43.8 million,
or 22.4, to 238.8 million, and 3rd party
branded sales increased by 24.3 million, or
11.3, to 239.1 million, institutional sales
increased by 65.6 million to 69.4 million
2013 2014
Adjusted EBITDA
150
Adjusted EBITDA increased by 23.1 million, or
44.0, to 75.5 million driven by strong sales
growth for the period as well as increased
pricing and operating efficiencies.
( in millions)
100
75.5
52.2
50
Margins increased by more than 100 bps, driven by
pricing improvements in cost of materials as
of sales (75.7 vs 77.3) and freight,
forwarding and shipping (4.3 vs. 5.1) and was
offset in part by an increase in employee
expenses as a of sales (2.1 vs. 1.3)
0
2013 2014
Adjusted EPS
Adjusted profit after tax increased by 93.2 to
41.0 million, compared to 21.2 million, driven
by increased EBITDA, operating leverage and a
reduction in effective tax rate of 19.6 from
30.0
( in millions)
1.14
1.20 0.80
0.59
0.40 0.00
2013 2014
Adjusted EPS increased by 0.59 or 93 to 1.14
Note Does not include the full benefit of
Basmati Rice GmbH which had approximately 9
million in calendar year 2013 sales and was
acquired in January 2014 Adjusted EBITDA and
Adjusted EPS exclude the impact of non cash
compensation in the amount of 0.2 million and
2.9 million for the fiscal years ended 2013 and
2014, respectively weighted average diluted
shares for the period were 35.7 million and 35.9
million for fiscal years 2013 and 2014,
respectively. Please see Non IFRS Measures in
this release for a reconciliation of Adjusted
EBITDA and Adjusted profit after tax to the IFRS
measure of profit after tax.
33
36
3 Months Ended Q3 2015 Financial Highlights
Revenue
Key drivers

• Revenue increased 49.9 million or 35.0 to
  192.4 million driven primarily by increased
  sales volume and product mix of rice in India and
  internationally

35.0
250.0 200.0 150.0 100.0 50.0 0.0
192.4
( in millions)
142.5

• Sales in India increased by 20.3 million or
  30.7, to 86.6 million, non-India or
  international sales increased 29.6 million or
  38.9, to
• 105.8 million
• Amira branded and third party branded sales
  increased 39.9 million, or 29.2, to 176.4
  million, Institutional sales were 16.0 million
  compared to 5.9 million a year ago

2014 2015
Adjusted EBITDA

• Cost of material including the change in finished
  goods as a percentage of revenue increased by
  390 basis points to 79.3 of sales from 75.4 in
  the year ago period. Cost of material including
  change in finished goods as a percentage of
  revenue plus foreign exchange gain/ (loss) (due
  to hedging of foreign exchange risk) increased
  by 330 basis points to 79.2 of sales from
  75.9. Increase largely driven by higher cost of
  raw material from the procurement season of FY
  2014
• Freight, forwarding and handling expenses
  decreased by 180 basis points to 2.4 of sales
  from 4.2 in the prior period, due to more
  shipments involving free on board (FOB).
  Employee benefit costs decreased 110 basis
  points to 2.3 of sales compared to 3.4. Other
  expenses decreased 80 basis points to 3.2 of
  sales from 4.0. Other gains / losses showed a
  gain of 1.3 million versus a loss of 0.9
  million in the prior year period.

40.0 36.6
27.7
30.0
( in millions)
20.3
20.0
10.0
0.0
2014 14.3
2015 14.4
margin
Adjusted EPS
52.9
0.50 0.40 0.30 0.20 0.10 0.00
0.44

• Adjusted EBITDA increased 7.4 million or 36.6
  to 27.7 million, with adjusted EBITDA margins
  increased 10 bps to 14.4
• The Companys effective tax rate was 21.8 for
  the period compared to 19.1 in the year ago
  period, Adjusted profit after tax increased 5.5
  million or 52.9 to 15.9 million from 10.4
  million and Adjusted EPS increased 52.9 to
  0.44 per share from 0.29 per share in the prior
  year period

( per share)
0.29
2014 2015
Note Interim results are not audited. Includes
full benefit of Basmati Rice GmbH which was
acquired in January 2014 Adjusted EBITDA and
Adjusted EPS exclude the impact of non cash
compensation weighted average diluted shares
were 35.9 million and 35.9 million for the three
months ended December 31, 2013 and December 31,
2014, respectively. Please see Non-IFRS
Measures in this release for a reconciliation of
Adjusted EBITDA and Adjusted profit after tax to
the IFRS measure of profit after tax.
37
Key Working Capital Items
in millions
Q4 2014
Q2 2015
Q3 2015
Q3 2014
Inventories 253.9 255.0 251.3 253.8
LTM sales 50.7 46.6 41.3 38.5
Trade receivables 74.7 80.9 86.5 99.1
LTM sales 14.9 14.8 14.2 15.0
Trade payables 68.3 41.2 11.9 16.5
LTM sales 13.6 7.5 1.9 2.5
Net Adjusted working capital 262.9 298.2 325.3 339.4
LTM sales 52.5 54.5 53.4 51.5
Source Values based on publicly filed financial
statements Note Interim results and ratio
analyses have not been audited. A reconciliation
for LTM sales is included in the appendix. Net
adjusted working capital is defined in Appendix
for Non-IFRS measures.
38
Key Capital Structure Items
in millions
Q4 2014
Q2 2015
Q3 2015
Q3 2014
Cash and cash equivalents
33.8
37.6
25.7
27.0
Total debt
160.3
184.8
184.2
187.1
LTM adjusted EBITDA
67.4
75.5
85.6
93.0
Total debt / LTM adjusted EBITDA
2.4x
2.4x
2.2x
2.0x
Net debt / LTM adjusted EBITDA
1.9x
2.0x
1.9x
1.7x
Source Values based on publicly filed financial
statements Note Interim results and ratio
analyses have not been audited. A reconciliation
for LTM adjusted EBITDA is included in the
appendix.
39
Outlook
Long term
FY 2015
Revenue
25 growth
1.0 billion
Adjusted EBITDA
25 growth
150 million
Note Long term outlook represents Revenue and
Adjusted EBITDA targets through FY2018 set by
management at time of IPO.
40
Recap of Amira Credit Highlights

• Established, 100 year old company with a track
  record of proven financial results
• Global leader in a large and growing category
  with attractive pricing dynamics
• Recognized international brand that represents a
  value-add and premium high quality product
• Deep, entrenched and longstanding relationships
  with a vast network of trusted suppliers Proven
  ability to expand internationally and diversify
  business profile
• Defensive business model with a strong inherent
  free cash flow generation profile (currently
  reinvesting back into the business)
• Experienced management team with focus on
  preserving a conservative capital structure and
  financial policy

41
APPENDIX SUPPLEMENTAL MATERIALS
42
Amira Nature Foods Corporate Structure
Corporate Structure
Karan A. Chanana
Public shareholders
69.4(b) 30.6
Amira Nature Foods Ltd (British Virgin Islands)
100
Amira Nature Foods Ltd (Mauritius)
100 80.4
Amira Pure Foods Private Limited (India)
Karan A. Chanana and affiliates
Amira I Grand Foods Inc. (British Virgin Islands)
19.6(a)
100
International Subsidiaries(c )

• Assumes the completion of the purchase by Karan
  A. Chanana of 1,500,000 equity shares of Amira
  India.
• Includes Share options granted and vested till
  March 31, 2014.
• International subsidiaries are Amira I Grand
  Foods Inc., Amira Food Pte. Ltd., Amira C Foods
  International DMCC, Amira Foods (Malaysia) SDN.
  BHD., Basmati Rice GmbH, Basmati Rice North
  America LLC, Amira G Foods Limited, and Amira Ten
  Nigeria Limited.
• Source Company filings

43
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44
Contact AMIRA

• www.amira.net
• amirafoods_at_amirafoods.com