Delfi Limited

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We are one of the world's major manufacturers and suppliers of cocoa ingredients, namely cocoa powder, cocoa butter and cocoa liquor. We also manufacture and/or distribute branded consumer products, primarily chocolate confectionery for which we are the market leader in Indonesia.

Our capabilities extend across the spectrum of activities of the cocoa and chocolate industry:

We produce cocoa ingredients in six countries and supply our products to customers in over 30 countries world-wide with strong emphasis on food safety as well. These customers include leading international food and beverage companies such as Nestlé, Cadbury and the Mars Group. Our ability to deliver high quality products, which consistently meet tight customer specifications, is a key factor in our success.

We manufacture and distribute branded consumer goods in Indonesia and other countries in Asia. Our portfolio of brands includes some products which are leaders in their categories. Our branded chocolate confectionery and third party chocolate consumer products command a share of 56.9% in the urban grocery market for chocolate confectionery in Indonesia for the 12 month period ended March/April 2004 (Source: ACNielsen).

We began selling our products outside Indonesia in 1988 and now sell our chocolate confectionery products in 17 countries, including in Thailand, Japan, the Philippines, Hong Kong, Australia and China. We also distribute third party brands in Indonesia, Singapore and Malaysia, capitalising on our existing distribution channels.

Our strategy is to continue to build on the strengths of both of our business divisions. We see potential to further enhance our position in the cocoa ingredients market by broadening and deepening our relationship with international food and beverage companies. In our Branded Consumer Division we aim to continue to build on our strong market position in Indonesia and to further grow our non-Indonesian business, principally in Asia.

We are headquartered in Singapore and our principal operations are in Singapore, Indonesia, Malaysia, the Philippines, Thailand, Brazil and Mexico. We have six cocoa processing facilities located in Bandung (Indonesia), Bulacan (the Philippines), Chachoengsao province (Thailand), Bahia (Brazil), Mexico City (Mexico) and Johor (Malaysia). We also have two chocolate confectionery production facilities in Bandung (Indonesia) and Klang (Malaysia).

In 2003, we were awarded the top spot in the annual Singapore Enterprise 50 Award. This award recognises the contributions made by the fifty most enterprising, privately-held companies in Singapore and was established by Accenture and The Business Times, Singapore with support from the Economic Development Board and International Enterprise Singapore. In the same year, our "Ceres" brand received the "Superbrand Status" award following a selection process by the Indonesia Superbrands Council which is a part of the Superbrands Organization, a global, independent authority of branding.