1. 2004 Interim Results Corporate Presentation

2. Highlights

3. - 3 - Summary of Interim Results 2003 2004 Change (%) Turnover Gross Profit EBITDA Net Profit Basic EPS (US cents) Per Share Interim Dividend (US cent) Per Share 94.8 24.0 26.7 9.9 0.94 0.321 109.4 37.4 31.8 15.7 1.04 0.506 +15.5% +56.0% +19.2% +57.9% +10.6% +57.6% Six months ended 30 June, USD million

4. - 4 - Continuous Improvement in Profitability % 24.0M 12.2 M 15.7 M 25.3% 9.9M 10.5% 30.7M 28.2% 11.2% 37.4M 34.2% 14.3%

5. - 5 - Strong Balance Sheet Cash 35.4 39.6 Short-term Debt 31.5 37.2 Long-term Debt 24.3 19.5 Total Debt 55.8 56.7 Shareholders’ Equity 225.1 232.4 As of 31 Dec 2003 (USD million) As of 30 Jun 2004 (USD million)

6. - 6 - 31 Dec 2003 30 June 2004 Current Ratio (Times) Net Gearing Ratio* (%) ROE Ratio (%) 2.09 9.0% 4.7% (30 June) 2.12 7.4% 6.7% Key Financial Ratio * net debt / equity

7. Business Review

8. - 8 - Market Analysis Turnover by Geographical Location ASEAN* & other regions 7.8% Vietnam 56.0% PRC 10.6% Japan 23.8% Taiwan 3.5% Vietnam 57.6% Japan 24.4% PRC 9.3% 2003 2004 Six Months Ended 30 June ASEAN* and other regions 5.2% * Other than Vietnam Taiwan 1.8%

9. - 9 - Major Market Analysis Vietnam 2004 1H economic growth at 7.1% Operations unaffected by bird flu outbreak due to implementation of precautionary measures Higher sales due to effective nationwide promotional activities and deeper market penetration to cover more areas Double digit growth in all major products including MSG, lysine and starch products GA sales lower due to customers’ switch to buying MSG for direct processing 12.0% to US$61.1 million

10. - 10 - Major Market Analysis Japan Main boost came from growing lysine sales at higher prices MSG sales temporarily down due to stock adjustment of a major customer; expected to pick up again in 2 nd half 12.9% to US$26.1 million ASEAN Contribution rising rapidly due to phenomenal sales growth of 52% and 138% for MSG and starch products respectively Identified by the Group as a major growth market: - comprised of some of Asia’s fastest growing economies with total population of over 500 million - free trade agreement in place with Vietnam 59.9% to US$4.0 million

11. - 11 - Major Market Analysis PRC MSG sales 19.4% higher as people’s dining expenditure grew Sales of starch products rocketed by over 15 times due to increased orders from large industrial customers as well as new customer Price of corn (main ingredient of GA) rose due to higher international grain prices which resulted in higher production cost 32.1% to US$11.6 million

12. - 12 - Major Market Analysis PRC (con’t) Acquisition of Shanghai Vedan Foods: Multiple benefits: significant boost in MSG production capacity in China. establishment of flagship head quarter in most efficient manner. ready infrastructure and facilities to allow speedy set up of new production lines. additional brand value from “Hoping” ( 皇品 ), a leading MSG brand in Greater Shanghai area.

13. - 13 - Product Analysis MSG 66.2% Lysine 17.2% G.A. 4.1% Cassava starch based products 7.8% Others 4.7% MSG 68.5% Lysine 12.4% G.A. 8.1% Cassava starch based products 5.6% Others 5.4% Turnover by Products 2003 2004 Six Months ended 30 June

14. - 14 - Major Product Analysis MSG Stable pricing environment on the back of solid demand Significant sales increase in several major markets including Vietnam, China, other ASEAN countries and Europe. ASEAN and Europe recorded an increase of 52% and 40.6% respectively Lysine Continual strong demand despite bird flu resulting in higher prices Orders up in Vietnam as well as other markets Starch Sales of modified starch rose remarkably by 108% Ability to customize diversified product types render increased orders from existing customers Secured news customers from China, Europe and Australia 11.6% to US$72.5 million 60.4% to US$18.8 million 63.2% to US$8.6 million

15. - 15 - Summary of Performance Achieved great leap in turnover due to higher sales in MSG, lysine and starch based products Reaped significant cost saving benefits from switch to natural gas as fuel at Vietnam plant Higher efficiencies also contributed to higher profit margins Penetrated new markets including Europe, Australia, Russia and South Africa Important progress made in PRC market expansion Stronger financial position : higher liquidity and lower net gearing ratio

16. Prospects For 2H 2004

17. - 17 - Favorable Market Environment in Asia ASEAN Free Trade Area (AFTA) promotes trade flow within the region Low per capita MSG consumption in the PRC and ASEAN countries presents huge potential High Economic Growth Forecasts for 2004 Vietnam 7.5% Strong Demand for Vedan’s Products Asia 6.1% PRC 7.0% Market outlook in Asia expected to remain positive:

18. - 18 - Phased expansion in various fast growth products: Boost Sales : Capacity Expansion

19. - 19 - Lower Costs: Enhance Cost Structure Energy Source Full switch to natural gas implemented in Vietnam: significant cost saving of at least US$4 million per year Materials Cassava Set up 3 more starch raw material processing plants in central part of Vietnam and also near border area to Cambodia Molasses Currently, mostly procured through third party trading agents, in the future, will purchase directly from large suppliers

20. - 20 - Improve Margins: New Product Launch Wide applications for food, cosmetic, agriculture, pharmaceutical, environmental and water treatment Started testing market response since 2003 through trial production Application for patent rights in process Commercial production to start by end of 2004 or early 2005 Versatile flavor enhancers made from MSG and various natural seasonings Product launch expected by end of 2004 Successfully innovated 4-5 different products Enjoys strong demand due to diverse tastes of Asian dishes PGA High Value-added Seasonings

21. - 21 - Our PRC Expansion Strategy Enhance operation of Shanghai Vedan Enterprise - Consolidation of brand and marketing resources - Integration of sales network with Xiamen Vedan - Recruitment of local talents to support expansion Merger and acquisition strategy remains: identify suitable targets with considerable brand awareness and established sales network Strategic alliance with local GA suppliers to secure raw material supplies Localization of business: invest in local talents Strengthen sales and marketing network

22. - 22 - “To be Asia’s leading manufacturer of fermentation-based amino acids, food additive products and cassava starch based products” Mission

23. - 23 - Q & A Session