$ '000

Dec 31 2013 Dec 31 2013 Dec 31 2013 Dec 31 2013 Dec 31 2013 Dec 31 2013
Noble Group
Limited (SGX)
Olam
International
Limited (SGX)
Wilmar
International Ltd
(SGX)
Bunge Limited
(NYSE) ADM (NYSE)
Glencore
International
(London)
Risk free rate (10 year G Sec yield) 2.37% 2.37% 2.37% 2.42% 2.42% 2.42%
Avg Market Risk Premium (From Pablos
market risk premium survey 2013) 5.00% 5.00% 5.00% 5.70% 5.70% 5.50%
Current Beta for the stock (from Reuters) 1.61 1.52 0.87 0.91 0.85 1.21
Cost of Equity 10.42% 9.97% 6.72% 7.61% 7.27% 9.08%
Marginal Cost of Debt 4.34% 6.40% 3.80% 5.01% 4.13% 4.13%
Gearing (from 2013 Annual report) 1.19 2.25 0.67 0.41 0.322 0.825
Tax rate 17% 17% 17% 40% 40% 21%
WACC 6.71% 6.74% 5.29% 6.28% 6.10% 6.45%
WACC indicated in Annual Report 2013 6.70%
Assumptions
Risk free rate is taken as 10 years G Sec rate as on September 2014
Average risk premium is taken from Pablos survey of risk premium used by Companies across the globe for year 2013
Beta is taken from reuters as on Sep 2014
Cost of equity is calculated by using Capital Asset Pricing Method
Cost of debt is estimated based on market price of listed bonds wherever available. In other cases, average interest rate of recent fixed rate borrowings of the
Company is taken as marginal cost of debt. Historical cost debt is calculated for indicative purpose
Gearing is taken by considering long term debt and Share holders equity values available from the annual reports of the Companies
All figures are in US dollars
Estimate of Weighted Average Cost of Capital of Listed Competitors
Historical Cost of Debt
Noble Group
Limited (SGX)
Olam International
Limited (SGX)
Wilmar
International Ltd
(SGX)
Bunge Limited
(NYSE) ADM (NYSE)
Glencore
International
(London)
Finance expenses (from 2013 Annual report) 399493 547554 557234 363000 413000 1781000
Gross Debt (from 2013 Annual report) 6148019 8848238 26195574 9180000 6864000 55185000
Historical Cost of Debt 6.50% 6.19% 2.13% 3.95% 6.02% 3.23%
Marginal Cost of Debt
Interest rate of debt raised during 2013
Noble Group
Limited (SGX)
2 Y Medium Term note 4.50%
1 Y Medium Term note 4.22%
3 Y Medium Term note 4.30%
Marginal cost of debt (Avg) 4.34%
Interest rate of debt raised during 2013
Wilmar
International Ltd
(SGX)
5 Y Medium term note 3.50%
7 Year Medium term note 4.10%
Marginal cost of debt 3.80%
Olam International
Limited (SGX)
Issue of 2018 bonds - listed in SGX 6.75%
2018 bonds trading at ex-interest 1.055
Marginal cost of debt (Avg) 6.40%
Interest rate of debt raised during 2013
Bunge Limited
(NYSE)
Revolving credit arrangement L + 1.3625
Revolving credit arrangement L + 1.225
Revolving credit arrangement L + 1.225
Price of trading bond in FF stock exchange - Bunge LTD.FIN 05/15 102.629
Less: Accrued interest 0.82
Ex interest price 101.80
Coupon rate 5.1
Marginal cost of debt 5.01%
Interest rate of debt raised during 2012/2013 ADM (NYSE)
Debentures 4.02%
Shor term borrowings 4.24%
Marginal cost of debt 4.13%
Interest rate of debt raised during 2012/2013
Glencore
International
(London)
Revolving facility L +.85
5 year US bond 2.50%
10- year US bond 4.13%
$ '000
Dec 31 2013 Dec 31 2013 Dec 31 2013 Dec 31 2013 Dec 31 2013 Dec 31 2013
Noble Group
Limited (SGX)
Olam
International
Limited (SGX)
Wilmar
International Ltd
(SGX)
Bunge Limited
(NYSE) ADM (NYSE)
Glencore
International
(London)
Risk free rate (10 year G Sec yield) 2.37% 2.37% 2.37% 2.42% 2.42% 2.42%
Avg Market Risk Premium (From Pablos
market risk premium survey 2013) 5.00% 5.00% 5.00% 5.70% 5.70% 5.50%
Current Beta for the stock (from Reuters) 1.61 1.52 0.87 0.91 0.85 1.21
Cost of Equity 10.42% 9.97% 6.72% 7.61% 7.27% 9.08%
Marginal Cost of Debt 4.34% 6.40% 3.80% 5.01% 4.13% 4.13%
Gearing (from 2013 Annual report) 1.19 2.25 0.67 0.41 0.322 0.825
Tax rate 17% 17% 17% 40% 40% 21%
WACC 6.71% 6.74% 5.29% 6.28% 6.10% 6.45%
WACC indicated in Annual Report 2013 6.70%
Estimate of Weighted Average Cost of Capital of Listed Competitors
Historical Cost of Debt
Noble Group
Limited (SGX)
Olam International
Limited (SGX)
Wilmar
International Ltd
(SGX)
Bunge Limited
(NYSE) ADM (NYSE)
Glencore
International
(London)
Finance expenses (from 2013 Annual report) 399493 547554 557234 363000 413000 1781000
Gross Debt (from 2013 Annual report) 6148019 8848238 26195574 9180000 6864000 55185000
Historical Cost of Debt 6.50% 6.19% 2.13% 3.95% 6.02% 3.23%
FinanceExpenses
Bank loans 200836 272203 523179
Overdrafts 17695
Bonds 22982 120576
Notes 175675 98545
Interest rate swaps 30127
Others 38535 3928
Total Finance expenses 399493 547554 557234 363000 413000 1781000
Gross Debt
Bank loans 2866736 4778591 10367316 6607000
Pre shipment loan 9984205
Revolving credit facilities 400000 5702000
Bill discounts/trust receipts 5410674
Bank Overdrafts 261147 163013 703000 352000 5619000
LOC obligation 4470000
Finance leases 25966 8 393000
Bonds 372443 1809974 2236000
Debentures 4669000
US Commercial Paper 1645000
Term Notes 2908840 1972560 270358 3607000 1843000 32983000
Gross Debt 6148019 8848238 26195574 9180000 6864000 55185000
Share holders equity 5166911 3823728 15886821 9857000 20194000 53149000
Marginal Cost of Debt
Interest rate of debt raised during 2013
Noble Group
Limited (SGX)
2 Y Medium Term note 4.50%
1 Y Medium Term note 4.22%
3 Y Medium Term note 4.30%
Marginal cost of debt (Avg) 4.34%
Interest rate of debt raised during 2013
Wilmar
International Ltd
(SGX)
5 Y Medium term note 3.50%
7 Year Medium term note 4.10%
Marginal cost of debt 3.80%
Olam International
Limited (SGX)
Issue of 2018 bonds - listed in SGX 6.75%
2018 bonds trading at ex-interest 1.055
Marginal cost of debt (Avg) 6.40%
Interest rate of debt raised during 2013
Bunge Limited
(NYSE)
Revolving credit arrangement L + 1.3625
Revolving credit arrangement L + 1.225
Revolving credit arrangement L + 1.225
Price of trading bond in FF stock exchange - Bunge LTD.FIN 05/15 102.629
Less: Accrued interest 0.82
Ex interest price 101.80
Coupon rate 5.1
Marginal cost of debt 5.01%
Interest rate of debt raised during 2012/2013 ADM (NYSE)
Debentures 4.02%
Shor term borrowings 4.24%
Marginal cost of debt 4.13%
Interest rate of debt raised during 2012/2013
Glencore
International
(London)
Revolving facility L +.85
5 year US bond 2.50%
10- year US bond 4.13%
Date 5 Yr 7 Yr 10 Yr 20 Yr 30 Yr
2/9/2014 1.69 2.11 2.42 2.91 3.17
3/9/2014 1.69 2.11 2.41 2.9 3.15
4/9/2014 1.71 2.14 2.45 2.95 3.21
5/9/2014 1.69 2.14 2.46 2.97 3.23
8/9/2014 1.72 2.16 2.48 2.97 3.23
TREASURY BILLS
1-YEAR
ISSUE CODE BY14100S
COUPON RATE
MATURITY DATE 2-May-15
YIELD PRICE YIELD PRICE YIELD PRICE YIELD
3-Sep-14 0.34 106.41 0.52 105.12 1.38 105.71 2.36
4-Sep-14 0.34 106.41 0.51 105.12 1.38 105.92 2.33
5-Sep-14 0.34 106.39 0.52 105.02 1.4 105.79 2.35
8-Sep-14 0.34 106.39 0.5 105.1 1.38 105.88 2.34
9-Sep-14 0.34 106.35 0.52 104.92 1.42 105.5 2.38
10-Sep-14 0.34 106.31 0.53 104.6 1.49 104.92 2.44
Assumptions
Risk free rate is taken as 10 years US treasury bond rate
Average risk premium is taken from Pablos survey of risk premium used by Companies across the globe for year 2013
Beta is taken from reuters as on Sep 2014
Cost of equity is calculated by using Capital Asset Pricing Method
Cost of debt is estimated based on market price of listed bonds wherever available. In other cases, average interest rate of recent fixed rate borrowings of the

Company is taken as marginal cost of debt. Historical cost debt is calculated for historical purpose
Gearing is taken by considering long term debt and Share holders equity values available from the annual reports of the Companies
All figures are denominated in US dollars
Treasury yield curve rates from US department of treasury
Treasury yield curve rates from Monetory Authority of Singapore
1-Sep-16 1-Jun-19 1-Sep-24
3.75% 2.50% 3.00%
BONDS
2-YEAR 5-YEAR 10-YEAR
NY01100F NX09100W NY09100H
From Yahoo finance
Dec 31 2013 Dec 31 2013 Dec 31 2013
Noble Group Limited (SGX)
Olam
International
Limited (SGX)
Bunge Limited
(NYSE)
Forward P/E 15.7602 12.38 11.99
Cost of equity 6.35% 8.08% 8.34%
Debt to Equity 1.0971 2.21 0.837
WACC 6.43% 6.78% 6.34%
4-Sep-14
5-Sep-14
8-Sep-14
9-Sep-14
10-Sep-14
TREASURY BILLS
1-YEAR
ISSUE CODE BY14100S
COUPON RATE
MATURITY DATE 2-May-15
YIELD PRICE YIELD PRICE YIELD
3-Sep-14 0.34 106.41 0.52 105.12 1.38
4-Sep-14 0.34 106.41 0.51 105.12 1.38
5-Sep-14 0.34 106.39 0.52 105.02 1.4
8-Sep-14 0.34 106.39 0.5 105.1 1.38
9-Sep-14 0.34 106.35 0.52 104.92 1.42
10-Sep-14 0.34 106.31 0.53 104.6 1.49
NY01100F
3.75%
1-Sep-16
BONDS
2-YEAR 5-YEAR
NX09100W
2.50%
1-Jun-19
PRICE YIELD PRICE YIELD PRICE YIELD PRICE YIELD
105.71 2.36 102.02 2.71 108.28 2.81 96.95 2.91
105.92 2.33 102.45 2.67 108.55 2.79 97.31 2.89
105.79 2.35 102.19 2.69 108.14 2.82 96.82 2.92
105.88 2.34 102.33 2.68 108.27 2.81 96.91 2.91
105.5 2.38 101.69 2.74 107.62 2.85 96.06 2.96
104.92 2.44 100.87 2.8 106.73 2.91 95 3.02
NA12100N
2.75%
1-Apr-42
NY14100E
2.88%
1-Jul-29
NZ13100V
3.38%
1-Sep-33
BONDS
10-YEAR 15-YEAR 20-YEAR 30-YEAR
NY09100H
3.00%
1-Sep-24