International Limited

SOL is a Global Commodities Company Supplying Quality Products at Best Prices. We Focus on Long-Term Relationships and the Application of Value Added Solutions.

Who We Are 1At a Glance 2About Us 3Financial Highlights 4Our Journey 6Chairman’s Message 8Board of Directors 10CEO’s Message 12Executive Committee 14Operational Review 16Agri Business DivisionConsumer Business DivisionEgyptTurkeyCorporate Social Responsibility 24Corporate Governance Report 26Directors’ Report 34Consolidated Financial Statements 37

Content

INDIA TURKEY USAB-37, Sector-1Noida, U.P. 201301+91.995.896.6881+91.120.244.3716

Avrupa Serbest Bölgesi132 Ada, 11 ParselÇORLU 59860+971.567.886.750

245 East 58 StreetSuite 27 ENew York, NY 10022 +1.646.367.3725

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ABOUT USSOL started as a merchant of food products. From the very beginning we com-mitted ourselves to long-term relationships and innovative trading. By com-bining our regional market knowledge with global logistics we quickly earned a reputation as a reliable and competitive supplier of commodities.

SOL has evolved to become one of the leading global commodities trading houses. Through our trading o�ces, we are well positioned in all important regions worldwide including INDIA, USA, BRAZIL, UAE, CHINA and TURKEY.

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StructureSOL has a �at, meritocratic organisational structure, which encourages an entrepreneurial and collaborative approach, with everyone primarily focused on delivering results, and delivering them e�ciently and safely.

SOL maintains a short chain of command to facilitate e�cient decision-making, which ensures we act decisively in the interest of our clients. We have built a lean, responsive business where local managers have scope to develop solutions that bene�t their customers. We bridge the gap between commodity producers and end-users with a range of services. We store, transport, risk manage and �nance commodity holdings.

Our presence at each stage of the commodity chain provides us with superior market insight and access to market opportu-nities.

We have built a strong market reputation as a reliable and competitive supplier of quality product on a timely basis. Success in our business requires extensive market knowledge and logistics capability.

SOL procures commodities from thousands of third party producers worldwide. This provides diversi�cation for our custom-ers and enables us to identify opportunities to grow our asset base.

Strategy

• Strive for Excellence in everything we do.• Honouring our commitments, doing what is right for the long-term.• Work as one team to try and find the best long-term solutions.• Supply innovative and trusted products to our customers.• Serve our customers in a reliable, efficient and profitable manner.• Build a socially responsible and environmentally friendly organization.

Our Values

We attribute our continuing growth and success to our employees, who provide a tremendous level of expertise across all global markets.

We empower and our ethos is entrepreneurial. We encourage people to make decisions and be responsible for their outcomes. Our approach is founded in teamwork but we also recognize individual contribution.

We attract people with extraordinary vision. We expect a lot, but we give a lot in return. And we recognize and reward exceptional talent.

Our People

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SOL International Ltd. operates through four business segments: foods, metals and energy.

Our food division specializes in supplying food products, con-sumable goods and beverages to clients across the globe. Our solid �nancial structure, track record and global network of suppliers allow us to provide a one-stop shop solution for our clients.

SOL has expanded our trading portfolio to include the global sourcing and delivery of crude oil and re�ned oil products, LPG, natural gas and LNG, coal, biofuels, carbon and metals. Our activities along the energy supply chain support our ability to identify and capture trading opportunities and enhance our business pro�tability.

SOL is a leading supplier of metals, minerals and ores. With operations from India to the United States and from Australia to Africa, our global presence has enabled our business to gain critical mass in the global supply pipeline.

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FOOD

METALS

ENERGY

SERVICES

FOOD

We are a leading supplier of Rice. We supply all the variet-ies of Raw and Aromatic Rice from Vietnam, Thailand, India and Pakistan. In addition to milled rice, we also orig-inate basmati paddy in India, and brown unmilled rice in Vietnam. We primarily export to the Middle East and Africa. We have a highly experienced and diverse team helping to build our Rice Platform.

RICE

Indian 1121 Steamed Basmati 1121 Creamy Sella Basmati 1121 Golden Sella Basmati Pusa Steam Pusa Creamy Sella Sugandha Parboiled Sharbati Parboiled Pooni Steam Sona Masoori Steamed Swarna Masoori Raw PR11 Steamed PR11 Parboiled Long Grain - IR64 Raw White ong Grain - IR64 Parboiled L100% Broken Raw White - Sortex100% Broken Parboiled – SortexPARIMAL Thai Jasmine White White Glutinous Black Glutinous Red Cargo Brown

VietnameseWhite long grainWhite medium grainFragrant grain Japonica typeJasmine RiceGlutinous Rice Pakistan 1121 Super Basmati Super Fine Pk-385 Basmati PK-198 Basmati D-98 Basmati PK-386 Long Grain Irri-9, Irri-6 Long Grain

RICE RICE

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FOOD

We source a large spectrum of oilseeds products such as soybeans, soybean oil, rapeseeds canola, rapeseed/canola oil, sun�ower oil, cottonseed oil, peanut oil, palm oil and corn oil.We also trade in oilseeds meals used in the animal feed industry.

OILS & OILSEEDS

Sun�ower Oil Soybean OilCorn OilPalm OleinCanola OilRapeseed OilCottonseed OilRice Bran OilOlive Oil

Sun�ower Seed MealSoybean MealSoy Protein ConcentrateCorn Germ MealRapeseed MealCottonseed MealRice Bran MealWheat Bran Meal

OILS OILSEEDS

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FOOD

We supply dairy products such as regular and instant whole milk powder, fat-�lled milk powders, skimmed milk powders, infant formula, butter, anhydrous milk fat, whey concentrates and powders, milk protein concentrates and cheeses including mozzarella, cheddar, cream cheese, gouda and edam. Our dairy suppliers are located in Oceania, EU, USA and Asia.

DAIRY

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We supply poultry, pork and beef products of the highest quality from

South America, Australia, New Zealand and Asia. We trade in the �nest brands

where our customers are con�dent that our products will deliver a great tasting

experience each and every time.

MEATS

Skim Milk Powder: Low, Medium and High HeatWhole Milk Powder: Normal, InstantInfant Milk Powder: Stages 1 2 & 3, 900gm Steel Can, 25kg BagDemineralised whey powder: D40, D90Sweet whey powderWhey powder concentrateButter: Salted, UnsaltedCheese: Cheddar, Mozzarella, Camembert, Brie, Blue, Processed Cheddar, ParmesanLactoseCreamUHT milk

DAIRY

FOOD

POULTRY

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SEAFOOD

Chicken Farmers of Canada is a national organization, with a mandate to grow consumer demand for Canadian-grown chicken. Most of the people that enjoy our great Canadian chicken reside within our borders as our system focuses on supplying the domestic market.

Chicken Farmers of Canada is a national organization, with a mandate to grow

consumer demand for Canadian-grown chicken. Most of the people that enjoy

our great Canadian chicken reside within our borders as our system focuses on

supplying the domestic market.

FOOD

Our sugar trading and marketing arm sources sugar and ethanol through our origination network in Brazil, India, Thailand and other geographies and markets it to customers around the world. We source cane and beet re�ned sugar in Brazil, India, Central America and Thailand. We ship bulk raw sugar in vessels from countries such as Brazil and Thailand.

SUGAR

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PACKAGEDWe market a range of

branded packaged food products to consumers

across African markets. Our portfolio of package foods currently includes Tomato

Paste, Pasta, Biscuits, Edible Oil, Instant Noodles, Co�ee,

Tea, and other Beverages.

Cabernet SauvignonShirazMerlotDry redChardonnaySauvignon BlancRieslingDry White750ml Bottle2 to 4 litre bag in a box24,000 litre Flexitank

PACKAGED

FOOD

We supply grains such as wheat, corn, sorghum, barley, chickpeas as well as wheat �our, corn �our and pasta from our o�ces throughout the Asian region. We export wheat from North America, India, EU, Russia, Argentina and Australia. US, India, Brazil, Argentina and Ukraine are the primary origins for corn exports.

PULSES

Yellow Peas - Whole, SplitLentils - Red, Green, Whole, SplitChick peas - Desi, Kabuli, 7, 8, 9, 10 mmFava Beans - Whole, SplitBroad Beans - Whole, SplitBlue Peas - Whole, SplitField PeasAdzuki BeansOrganic green leaf powders- wheat grass, alfalfa, Lupins - Whole, Kernel, Hull

PULSES

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SPICESWe market a range of

branded packaged food products to consumers

across African markets. Our portfolio of package foods currently includes Tomato

Paste, Pasta, Biscuits, Edible Oil, Instant Noodles, Co�ee,

Tea, and other Beverages.

FOOD

We source biscuits, cookies and confectionary items from the largest manufacturers across Asia. The brands we rep-resent are some of the most popular in the world. We also undertake private label manufacturing for our regular customers. High quality brands characterize our biscuits portfolio; one that is trusted by customers across the globe.

BISCUITS

Wheat - AGP, APH, APW, ASW, H, FED, DR1CornWheat FlourCorn FlourBarley - Feed Grade, Malting Grade, Pearled BarleySorghumOats - Milling, Feed, Instant, Rolled

GRAINS

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GRAINSWe supply grains such as wheat, corn, sorghum, barley, chickpeas as well as wheat �our, corn �our and pasta from our o�ces throughout the Asian region. We export wheat from North America, India, EU, Russia, Argentina and Australia. US, India, Brazil, Argentina and Ukraine are the primary origins for corn exports.

FOOD

We source biscuits, cookies and confectionary items from the largest manufacturers across Asia. The brands we rep-resent are some of the most popular in the world. We also undertake private label manufacturing for our regular customers. High quality brands characterize our biscuits portfolio; one that is trusted by customers across the globe.

NUTS

Almonds - in shell and kernel Macadamias - in shell and kernelWalnuts - in shell mammoth, jumbo, large and kernel halves and piecesPecans- in shell and kernel halves and pieces.

NUTS

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METALS

WE CAN OFFER A WIDE RANGE OF COMPETITIVELY - PRICED PRODUCTS SUCH AS

STEEL

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Our local presence supports the development of close relations with our business partners, while our international network brings together buyers and sellers of steel in di�erent parts of the world.

WE HAVE FIRST-HAND KNOWLEDGE OF TRADING IRON OREIRON OREIron ore is the world’s most actively traded metal commodity. We have very good access to producers of iron ore from Brazil, South Africa, Chile, Mexico and India. We trade a range of iron ore products and grades, including �ne, low-grade and high-grade lump and pellets. We have also built up strong contacts with the major Chinese buyers. We specialise in the sourcing and physical supply of iron ore and manganese ore to a vast number of geographical locations.We have considerable experience in iron ore markets together with the knowledge of the various components of the commodity supply chain; from sourcing through to end use. We operate primarily as physical traders aiming to supply the right grade at the right price at the right time.

METALS

NON-FERROUS

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WE TRADE IN REFINED PETROLEUM PRODUCTS SUCH AS GASOLINEWe are active in the non-ferrous trade, sourcing re�ned metals including copper, aluminium, steel, tin, zinc, lead and nickel. We have stable, long-term relationships with producers, smelters and consumers. We have strong ties with key producing areas in South America. We are also well placed to capitalize the strong growth of new production in Africa. Many of our metal customers are in Asia. China alone now takes more than 40% of global output. We optimise the supply chain between re�ners and end-users. With our global perspective we can take full advantage of regional arbitrage opportunities.

CONCENTRATES & ORES

A mine’s production has speci�c mineral composition and ore mineralogy. Smelting facilities are often engineered to process the associated mine’s output. Re�ners and Smelters buy the metal content in the ore. They deduct treatment and re�ning charges. Metal prices, energy prices, freight costs and smelting capacity dictate concentrates pricing. We source alumina from Australia, Brazil, Guyana, Surina-me and Guinea. We source copper, lead and zinc from South America, Africa and Indonesia. We sell to smelters in Western Europe, China, US and Japan. We aggregate ores from a variety of sources and blend to smelters’ requirements. We liaise closely to produce distinct, relevant blends for every customer.

OUR RANGE OF PRODUCTS INCLUDES, BUT IS NOT LIMITED TOFERROALLOYSOur goal is to sell and deliver ferroalloys to our consumers in Asia and the Americas. Our distinct advantage is our unique, international network of ferroalloy producers to ensure our customers enjoy low costs and reliable supplies without having to compromise on quality.

ENERGY

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WE TRADE IN COKING COAL AND THERMAL COALCOALIron ore is the world’s most actively traded metal commodity. We have very good access to producers of iron ore from Brazil, South Africa, Chile, Mexico and India. We trade a range of iron ore products and grades, including �ne, low-grade and high-grade lump and pellets. We have also built up strong contacts with the major Chinese buyers. We specialise in the sourcing and physical supply of iron ore and manganese ore to a vast number of geographical locations.We have considerable experience in iron ore markets together with the knowledge of the various components of the commodity supply chain; from sourcing through to end use. We operate primarily as physical traders aiming to supply the right grade at the right price at the right time.

WE HAVE FIRST-HAND KNOWLEDGE OF THE CRUDE OIL MARKETSCRUDECrude is the world’s most actively traded physical commodity. Crude is mostly sold through long-term contracts between state oil producers and re�ners.Only about a third of total Crude production is Freely-traded. We source from private �rms, production companies and national governments. We work with smaller producers that seek marketing expertise to help distribute their crude globally. Every refinery studies density, sulphur content, acidity, metals content, and distillation cut points among a broad range of parameters when valuing crude oil streams. We operate primarily as physical traders aiming to supply the right grade at the right price at the right time.

ENERGY

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WE TRADE IN REFINED PETROLEUM PRODUCTS SUCH AS GASOLINEGASOLINEUsed as transporation fuel. Motor gasoline is the most widely consumed re�ned Petroleum product. Gasoline represents almost 26% of the yield of crude oil, hence its price follows the crude oil prices. We are constantly tracking gasoline movement looking for arbitrage opportunities. We monitor supply, demand and production �ows to bene�t from price di�erentials. We analyse price differentials between gasoline grades. We track trans-Atlantic, East-West and other regional di�erentials. We assess seasonal variations. We maintain long-term relationships with various oil majors, oil companies and wholesalers and retailers. We work closely with refineries in South America, Europe and Russia. We optimise the supply chain between re�ners and end-users. We deliver gasoline on an as-needs basis by focusing on customer requirements.

WE TRADE IN REFINED PETROLEUM PRODUCTS SUCH AS FUEL OILFUEL OILUsed for power generation and as bunker fuel by ships. Fuel oil is a by-product of the refining process. However, since it trades at a discount to crude, re�neries are reducing fuel oil production. The bulk of demand for fuel oil is for bunkers. We serve the main fuel centres and the trade routes to the markets of Africa and South America. We supply the dominant RMG380 and related standards to our bunker fuel customers. Our customers are demaning lower sulphur content fuel oil. This is increasing the price di�eren-tial between low- and high-sulphur fuel oils. We have excellent relationships with power generators and bunker fuel traders.

ENERGY

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WE TRADE IN MID-DISTILLATES SUCH AS JET FUEL, DIESEL AND GAS OILMID DISTILLATESDiesel is mainly used as transporation fuel and for power generation and heavy-duty engines. Jet Fuel is used as jet aircraft fuel. Low-sulphur (ULSD) diesels is popular in Europe and the US while Higher sulphur gas oil is popular in Asia, Africa & South America. However, low-sulphur fuel is becoming the norm for automotive engines. We trade low-sulphur and high-sulphur distillates. We respond quickly to demand shift in different locations. We supply jet fuel for many airports and government organizations. We trade in physical arbitrage opportunities in di�erent regions – wherever is the most attrac-tive location for that fuel. The overall aim is for every barrel to move to the best-priced location.

WE TRADE IN BIOFUELS SUCH AS BIODIESEL AND ETHANOLBIOFUELS

Biofuels are typically blended into gasoline or diesel for use in automobiles. In some instances vehicles run on pure biofuel.

Growing environmental awareness and an increased focus on energy security have helped to

create a huge market for biofuels. Even though Biofuels are relatively expensive We are commit-ted to promoting biofuels as a sustainable alternative to fossil fuel-based diesel.

We source Biodiesel globally – Rapeseed biodiesel (RME) from Northern Europe, Palm biodiesel (PME) from Indonesia and Malaysia and Soy biodiesel (SME) from Argentina and North America.

US is the largest exporter of ethanol followed by Brazil. Pricing and production is linked to corn,

sugar and gasoline markets.

We trade in arbitrage opportunities – We track interactions between oil majors, blenders , the energy markets and political systems across the world.

WE TRADE IN BIOFUELS SUCH AS BIODIESEL AND ETHANOL

ENERGY

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WE TRADE IN LPG AND LNGLPG & LNGLPG is an inexpensive, clean fuel producing 75% less carbon monoxide.LPG serves the fast-growing auto gas market. It is in demand as a petrochemical feedstock.In some countries it is a popular heating fuel and used for o�-grid refrigeration. Generators use LPG to make low emission electricity. Since both butane and propane evaporate at low temperatures, they are transported in liquid form in refrigerated or pressurised containers. Most LPG suppliers have limited storage facilities and some are required to burn o� excess output. By trading we are putting their LPG to a better economic use. Natural Gas is the fastest growing fossil fuel. LNG is the fuel of choice as it is very e�cient and produces less harmful emissions than other alternatives. As countries move away from nuclear energy and impose stricter pollution controls, Asia and Latin America will have increasing LNG demand. The US and Europe will be very important contributors to growth and liquidity in the LNG market.The LNG market is transitioning from long term (15 years +) contracts to spot and shorter term trades. We trade LNG, propane, butane and mixed LPG. We buy from re�ners and gas producers. LPG and LNG trading opportunities are West to East. Our trade in natural gas is expected to grow exponential-ly over the longer term, as more supply is extracted from the huge shale gas deposits in the US and elsewhere.

ENERGY

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WE TRADE IN PETROCHEMICALS INCLUDING OLEFINS AND AROMATICS

PETRO - CHEMICALS

WE ARE A LEADING SUPPLIER OF WOOD FROM AFRICA, BRAZIL AND NEW ZEALAND

WOOD

INDIA TURKEY USAB-37, Sector-1Noida, U.P. 201301+91.995.896.6881+91.120.244.3716

Avrupa Serbest Bölgesi132 Ada, 11 ParselÇORLU 59860+971.567.886.750

245 East 58 StreetSuite 27 ENew York, NY 10022 +1.646.367.3725