SEMBRADOR PREMIUM AGRICULTURE FUND MANAGER PEI- AGRI INVESTOR CHICAGO OCT 2015

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1 SEMBRADOR PREMIUM AGRICULTURE FUND MANAGER PEI- AGRI INVESTOR CHICAGO OCT 2015

2 Sembrador 2015 B. SEMBRADOR Investment thesis High value added permanent crops Sustainable agriculture Precision agriculture Management Breaking language barriers Visibility (dataroom)

3 Sembrador 2015 SEMBRADOR - FUNDS CRECIMIENTO AGRICOLA 2005 AGRODESARROLLO 2010 VICTUS CHILE 2014 VICTUS COLOMBIA 2015 Country Chile Chile Chile Colombia and other Lock up period years years years 10 years Status Invested (75% divested) Invested Investing Fundraising Assets (6-7) N/A AGRODESARROLLO Name Fund ownership El Arenal SpA 95% Products Has Location Table grapes, pomegranates, citrus 200 Vicuña Pan de Azúcar S.A 90% Lemons & Oranges 100 Coquimbo South Bloom SpA 85% Plums 32 Mostazal Montegiallo S.A. 70% Kiwis and pears 65 Sagrada Familia Nucis Austral S.A. 88,9% Chestnuts Walnuts 335 Trehualemu/ Linares Saba SpA 85% Cherries, pears, apples 140 Linares Andean Truffles SpA 82,5% Black truffles 100 Mulchén Botanical Solutions SpA 50% Bio pesticide - RM Savia Espárragos SpA 50% Post harvest technology - RM

4 Sembrador 2015 Grapes and pomegranates

5 Sembrador 2015 Technology

6 Sembrador 2015 Cherries

7 Sembrador 2015 Chestnuts

8 Sembrador 2015 Black truffles

9 Pacific Agri Capital Bill Randall (Founding Partner) Leading Latam agricultural asset manager and project developer Transplanting a successful agricultural model from Southeast Asia to Latin America Investing from Colombia with experienced international investment and agricultural professionals Focus on greenfield and mature permanent crops projects, including 1 st level processing Investment thesis Fragmented industries with strong fundamentals and significant barriers to entry Real asset play through land ownership 9 year track record, participating in the successful development of over 30,000 hectares with >US$500m asset value* Fund 1: 39% IRR, Full exit Fund 2: 23% unrealized IRR* Fund 3: 98% unrealized IRR* Implementation of institutional best practices to ensure low cost production Positioning assets for exits through strong governance and scale High social impact linked to rural development *Pro forma values are hypothetical scenarios for illustrative purposes, based on various assumptions and future expectations that may not materialize or may change significantly. Substantiating data available upon request. Investors risk the loss of some or all of investment. This information is privileged and strictly confidential. It does not constitute a guarantee, offer or solicitation of any kind and does not indicate liability on the part of the provider. Past performance and track record is not indicative of future performance. Future performance is not guaranteed. Please refer to the full disclaimer on page 2. 9

10 Cacao example 5x more FCF from best practices* Through the implementation of best practices in the development, maintenance and post-harvest processes, the free cash flow of one hectare can increase by 5x Small Farm model Plantation model Comments Production (tonnes / ha) Tree density Fertilization Pruning Pest & disease control Irrigation & drainage Strict seed selection Price (US$ / tonne) Revenue (US$ / ha) 2,000 1,000 3,000 7,500 By-pass middle men No Africa government set price Premium for scale, quality and consistency due to the centralization and quality control of the post-harvest Certification premium Cash costs (US$ / ha) 350 (1) 4,000 Higher due to best in class maintenance practices Formal administration Cash and operational management Free cash flow (US$ / ha) 650 3,500 (1) Cocoa Barometer 10 *Pro forma values are hypothetical scenarios for illustrative purposes, based on various assumptions and future expectations that may not materialize or may change significantly. Substantiating data available upon request. Investors risk the loss of some or all of investment. This information is privileged and strictly confidential. It does not constitute a guarantee, offer or solicitation of any kind and does not indicate liability on the part of the provider. Past performance and track record is not indicative of future performance. Future performance is not guaranteed. Please refer to the full disclaimer on page 2.

11 Workshop A: Latin American Case Study Agri Investor Forum 2015 Chicago, October 29 th & 30 th, 2015

12 Zooming into the region Colombia Peru Brazil Paraguay Argentina Chile Uruguay 12

13 Valoral Advisors: Specialized in Latam food & agri investments Number of active food & agricultural funds by region AuM by main target region (excl. commodities & listed equities) 100% = US$ 38.4 Billion 12% 9% 9% 11% 12% % 14% 15% 17% 18% 18% 18% '05 '06 '07 '08 '09 '10 '11 ' H'15 Q' % 10% 7% 6% 16% 49% North America South America Europe Asia Pacific Oceania Africa CIS Others South America Others Source: Valoral Advisors. 13

14 Latam food & agri space: 3 main asset categories High Relative liquidity Structured finance funds ~ $1.5 Billion Farmland funds ~ $3.5 Billion Private equity funds ~ $1.5 Billion Venture capital funds ~ $50 Million Low Low risk / Low return Risk/return profile High risk / High return Source: Valoral Advisors. 14

15 As commodities go down so do currencies. Price evolution of selected commodities (Accum. variation since Jan 2012) Evolution of local currencies against the U.S. Dollar (Accum. variation since Jan 2012) Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 60% Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 20% 40% 20% 0% -20% -40% Crude oil Iron ore Copper Soybean Corn Wheat 0% -20% -40% Argentina Brazil Chile Colombia Paraguay Peru Uruguay -60% -80% Average drop: - 39% -60% Average drop: - 34% 15

16 M&A activity in the food & agribusiness sector: Trends & sectors Regional food & agribusiness M&A volume (US$ Billion) M&A volume by main sector Food distribution, food retail & food service Agricultural inputs supply & distribution Storage, logistics & trading Processing & food production Animal protein Feedstock & biofuels Packaged food Beverages Source: Valoral Advisors analysis based on several sources. 16

17 Perceived risk can represent an opportunity in the current context. Conceptual Perceived Actual for outsiders Arbitrage opportunity that can be captured with the adequate local approach Risk Actual for insiders 17

18 Where do we go from here? What can we expect from politics & regulations going forward? What do lower asset values & lower currencies mean to investors? How can investors play the income vs. appreciation game? How are niche themes like water, agtech, aquaculture represented in the region? 18

19 Contact information Valoral Advisors Sarl Disclaimer South America Gorostiaga th Floor C1426 Buenos Aires Argentina Europe 76, Am Bongert L-1270 Lux Merl G. D. of Luxembourg T: The information and opinions in this document were prepared by Valoral Advisors Sarl ( Valoral ). The information and opinions are provided for informational purposes only and are subject to change without notice. The information contained in this document has been compiled from sources believed to be reliable; however, the information has not been independently verified. Accordingly, no representation, warranty, expressed or implied is made as to the fairness, accuracy, completeness or correctness of the information and opinions contained in this document. To the fullest extent permitted by law, none of Valoral, its directors, employees, agents or other person accept any liability for any loss whatsoever arising from any use of the content shown in this document. Nothing in this document constitutes investment, legal, tax or other advice and no person s objectives, financial information, or particular needs have been considered in preparing the information displayed. Before making an investment decision, you should consider the suitability of an investment in light of your particular investment needs, objectives and financial circumstances and consult an independent professional financial or other advisor. Copyright Notice: Valoral Advisors Sarl All rights reserved.