National Confectioners Association

1. National Confectioners Association State of the Industry Conference Miami, FL February 20, 2010

2. Agenda • Company Overview & Footprint • Market Review & Outlook • DFI Capabilities • Consumer Trends

3. Company Overview Farming Refining Consumer Goods ® ® ® ® Florida Crystals Corporation and the Sugar Cane Growers Cooperative have created the first fully integrated sugar cane company in North America, taking products from field to shelf. The addition of the Domino , C&H , and Redpath brands has created a North American distribution capability. ® ® ® ® ® • Farms 180,000 acres in South Florida • Operates 2000 pieces of farm equipment • Crop is harvested between October and April • Uses rice for crop rotation • Operates three sugar mills and a rice mill • Mills process 800,000 tons of raw sugar annually • Only sugar supplier with national brands • Distribution channels include Ingredients, Food Service and Grocery customers • Produces more than 1500 SKUs of both branded and private label products • First Sugar Cane Company to produce certified organic sugar • Produces a full line of rice products, including half of all the rice consumed in South Florida • Operates refineries in New York, Baltimore, South Florida, New Orleans, San Francisco, Toronto • Operates a 130 Megawatt cogeneration plant • Produces more than 3,000,000 tons of refined sugar annually

4. Our North American Footprint

5. Market Outlook • World market deficit becomes very evident in December 2009.

6. The 2010 DEFICIT in pictures – Historically…

7. World market deficit becomes very evident in December 2009. Brazil crop ends – fails to meet expectations. Market Outlook

8. Brazilian Industrial Yields:kg/tonne of cane - bi-weekly Source: UNICA Jenkins Sugar Group

9. World market deficit becomes very evident in December 2009. Brazil crop ends – fails to meet expectations. India becomes consistent importer due to crop shortfalls Market Outlook

10. INDIA • Cane shifts with prices • This year’s deficit not fully addressed yet; election delayed decisions • Yield could be impacted by fertilizer usage • Poor Monsoon – El Nino • Crushing capacity is there going forward

11. Difficult to model… Unclear until it actually happens. Export volume test, or elasticities of demand? Government intervention can accentuate and accelerate it – seizures, hoarding rules, price This time LDC’s are importers. DEMAND DESTRUCTION - HOW LIKELY?

12. Market Outlook/Summary • 2010/2011 shows a more balanced market • Projected surplus is small and in places that tend to “stock build” and “not export”. • Brazil & India offer huge swing potentials. • Funds, who hold a record 18.0 million mt of sugar, could lighten. • As always, WEATHER is a huge and unpredictable variable.

13. Raw Sugar Prices - #16 Market

14. Domino * C&H * Florida Crystals * Redpath • Reliable provider to the Confectioners Industry for over 100 years. • Current supply source in all of North America (USA, Canada & Mexico) • Supplier to confectionery industry of all grades of sugar (granulated, liquid, Invert, Large Grain, Fondants, Molasses, Colored Crystals & Grain Extracts).

15. Specialty Ingredients INNOVATIVE FUNCTIONAL INGREDIENTS SPECIALTY INGREDIENTS WITH APPLICATION TO CONFECTIONERY INDUSTRY • Molasses • Grain Extracts – Malt & Rice • Invert Syrups • Fondant Sugars • Confectioners Colored Sugar Crystals © 2007 Domino Specialty Ingredients. All Rights Reserved.

16. Liquid Molasses • Flavor Profile: caramelized sugar, mild to robust, licorice, bitter to sweet • Sweetness • Mask Unpleasant Flavors: e.g. bitter taste of bran • Enhances Flavors of: • Praline Rums • Licorice Maple • Caramel Coffee • Butterscotch Chocolate • Roasted Peanuts INNOVATIVE FUNCTIONAL INGREDIENTS MOLASSESFLAVOR: © 2007 Domino Specialty Ingredients. All Rights Reserved.

17. Malt Extract INNOVATIVE FUNCTIONAL INGREDIENTS MALT PRODUCT RANGE • 100 % Malt Extract – Conventional and Organic • Dry Malt Extract • Co-Extracts • Malt/Corn Blends Traditional Applications • Specialty Breads – French & Italian, Rolls, Bagels Crackers • Cookies – Peanut Butter, Malt • Confections – Malted Milk Balls • Snack Items – Pretzels, Bread Sticks, Pizza Dough • RTE Cereals • Malt Vinegar © 2007 Domino Specialty Ingredients. All Rights Reserved.

18. Invert Syrup INNOVATIVE FUNCTIONAL INGREDIENTS INVERT SYRUPS • Product Types • Full Invert – Liquid – FreshVert®/Nulomoline® • Paste – FreshVert Creamy/Nulomoline Congealed • Partial Invert - #11 Nulomoline® & Crystal 50 • Invert/Honey – Mate ‘N Match™ Honey • Traditional Applications • Bakery • Cakes & Cookies • Icings/Confectionery • Snacks © 2007 Domino Specialty Ingredients. All Rights Reserved.

19. Fondant Sugars INNOVATIVE FUNCTIONAL INGREDIENTS FONDANT SUGARS • Product Types • Nulofond® – Sucrose Agglomerate • Bakers Drivert®/Drifond® – 7 to 9% Invert • EasyFond® – 3 to 4% Invert • Amerfond® – 5% Invert • Functional Properties • Rapid Rate Particle Dispersion • Eliminates Cooking Process • Free-Flowing • Traditional Applications • Confections – Cream Centers, Fudge, Cherry Cordials, Mints © 2007 Domino Specialty Ingredients. All Rights Reserved.

20. Confectioners Colored Crystals Sugar INNOVATIVE FUNCTIONAL INGREDIENTS ADDITIONAL PRODUCTS • Confectioners Colored Sugar Crystals - Coarse grain sugar available in 8 individual colors or a “rainbow” of all colors combined: red, orange, yellow, green, blue, violet, pink, white © 2007 Domino Specialty Ingredients. All Rights Reserved.

21. Conversions from HFCS to Sucrose Concerns about “Effectiveness” of Artificial Sweeteners Concerns about “Healthfulness” of Artificial Sweeteners Major Consumer Trends Impacting Sugar Consumption

22. HFCS–55 Deliveries for Human Consumption, Calendar Years 1998 – 2009 5,700 HFCS–55 Total Deliveries 5,637 5,599 5,593 5,565 5,561 • 863,000 strv = - 15.4% • Avg. -123,285/ yr. 5,443 5,374 5,400 5,314 5,292 Projection based on comparable CY 2005 – CY 2008 9–month deliveries 5,150 5,100 4,968 4,800 4,736 Thousand Short Tons, Refined Value 4,500 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 + 270 + 300 Change From Previous Calendar Year + 76 + 28 + 6 - 22 - 60 - 69 - 72 - 142 - 156 - 159 - 232  300 Source: USDA. Economic Research Service, Briefing Room. Sugar and Sweetener Yearbook Tables: Excel (.xls) Spreadsheets, Tables 28 and 30. http://www.ers.usda.gov/briefing/sugar/Data/data.htm. Accessed November 23, 2009. © The Sugar Association, Inc. November 24, 2009

23. Thomas’ English Muffins Capri Sun Bull’s Eye BBQ Sauce Ocean Spray Drinks & Craisins Fuze Vitamin Water Throwback (Pepsi) Snapple Red Bull & Monster Prego Tomato Sauce Sips Flowers Brands Hunt’s Ketchup Heinz Ketchup Jones Soda List of Products which have Switched from HFCS to Sugar

24. Brand, Private Label, Artificial Sweetener Users Consumers think of Domino/C+H as the brand they can trust, and value that Domino has been around for generations/100 years Artificial sweetener users were just as likely as brand and private label users to value the natural purity of sugar, expressing some guilt over consuming artificial ingredients The taste of sugar remains unrivaled by other sweeteners, all consumers prefer to use real sugar for baking Artificial sweetener users are less likely to care about the taste of real sugar when it comes to coffee and other hot beverages Nearly all consumers were pleasantly surprised to learn that sugar is just 15 calories per teaspoon, adding that knowing this would make them more likely to use sugar in their hot beverages at a minimum Many were convinced by the “sugar in moderation” studies read in magazines Select Learnings from Positioning Research

25. Studies in rats show they don’t lose weight when they eat artificially sweetened food. They eat more, and gain more. (Dr. Susan Swithers, Purdue University, article in Behavioral Neuroscience Feb. 2009) http://www.ama-assn.org/amednews/2008/04/07/hlsa0407.htm “A paper in the Feb. 12 Circulation, for instance, associated drinking one can of diet soda per day with a 34% increased risk of developing metabolic syndrome compared with those who did not drink any carbonated beverages. People who drank the sugar-sweetened versions had a 10% increase in risk.” http://www.ama-assn.org/amednews/2008/04/07/hlsa0407.htm "I'm wondering if maybe the artificial sweetener makes you feel hungrier somehow," said Lyn Steffen, MPH, PhD, one of the authors and associate professor at the University of Minnesota in Minneapolis. "You drink this artificially sweetened drink, and you might feel satisfied for a short time. At the end of the day, it actually makes you eat more.“ http://www.ama-assn.org/amednews/2008/04/07/hlsa0407.htm Artificial Sweeteners actually cause weight gain

26. Number of calories are very important to these consumers; however they are the second least likely (behind health conscious consumers) to know that there are only 15 calories On average people think there are 62 calories per teaspoon Brand sugar 48 Artificial Sweetener 73 Health Conscious 78 Organic 55 They feel some guilt about using artificial ingredients and many say they “would never let my kids use artificial sweeteners” They use zero calorie sweeteners predominantly in hot beverages Several were aware that zero calorie sweeteners create cravings so you end up eating more calories Select Findings – Artificial Sweetener Users

27. Questions?