Opportunities in the Ukrainian Agricultural Sector March 2012

S T R I C T L Y C O N F I D E N T I A L 2 Source: Company info, public information, team analysis Company is a well-managed, profitable farm on 40,000 ha of land in Southern Ukraine. Produces primarily soybean and wheat. Processes some of its crops to produce animal feed. Company has already disposed of lesser performing land to consolidate operations for maximum efficiency. 90% of company’s production is sold through Glencore and Cargill. 100% owned by a Western organization that founded the company in Company lacks capital to develop further, and is prepared to discuss a sale, whole or partial, with a strategic investor only. Company’s financial statements are fully audited in accordance with IFRS. Operations located entirely in Kherson Oblast in Southern Ukraine. Good access to rail and deep sea ports. Opportunity description Land holdings Financials, Location and infrastructure Investment overview Company has 40,000 ha of land under lease. 20,000 ha is irrigated. Potential to irrigate another 1,000 ha by next year. Lease cost per ha averages USD 40. Harvested land was 36 thousand ha in 2011 (89% of land under lease). Wheat % Soybean % Other % Corn % Total = 119,000 tons Harvest 2011, thousand tonsYields 2011, ton/ha USD m Revenue EBITDA Net income Assets Debt Opportunity No. 1 40,000 ha farm in Southern Ukraine

S T R I C T L Y C O N F I D E N T I A L Opportunity No. 2 Port at the mouth of the Danube 3 Source: Company info, public information, team analysis 400 ha of zoned land available for the development of a port that can be used to handle bulk commodities, containers and other goods. Deep draft – 16 meters Draft can be deepened further, although silt from the Danube will require regular dredging. Location already zoned for port usage. Land is freehold and can be purchased. Ability to take cargo from Serbia and Romania that arrives by barge while servicing large panamax ships. Area free from congestion that plagues Odessa ports and drives up logistics costs. Land is owned by a private owner. Construction and licensing of the port would involve approval from Ukrainian government officials at the national, not the local, level. Port site located in Odessa Oblast, roughly 200 km from the city of Odessa. Good access to rail. Area large and underdeveloped. No existing infrastructure. Opportunity to build port to fit. Opportunity description Competition Location and infrastructure Detailed view of region Investment overview Constanza in Romania is the only nearby port. Fees in Constanza are extremely high, and an opportunity exists to capture Constanza traffic, most of which is by barge down the Danube. Area around port Conditions Danube open year round. Port location protected from open sea.

S T R I C T L Y C O N F I D E N T I A L Opportunity No. 3 Undeveloped land at developed port 4 Source: Company info, public information, team analysis Land is public and can be leased for 99 years. Construction and licensing of the port would involve approval from Ukrainian government officials at the national, not the local, level. Opportunity descriptionLocation and infrastructure Detailed view of region Investment overview Area around port Conditions Port open year round. Port location protected from open sea. View of land available for port Land available 4-5 ha of undeveloped land available in an existing port. Deep draft – 20 meters Location already zoned for port usage. Land must be leased from the government. A public tender or auction will be necessary to take lease of the land, which is owned by the Government of Ukraine. Port site located in Sevastopol in Crimea. Pier needs to be built. Good overall port infrastructure, but logistics to support new pier will to be constructed. Good access to rail.

S T R I C T L Y C O N F I D E N T I A L Opportunity No. 4 Pier at developed port in Sebastopol 5 Source: Company info, public information, team analysis Pier on 4-5 ha available in an existing port. Deep draft – 15 meters Location already zoned for port usage. Land must be leased from the government. A public tender or auction will be necessary to take lease of the land, which is owned by the Government of Ukraine. Land is public and can be leased for 99 years. Construction and licensing of the port would involve approval from Ukrainian government officials at the national, not the local, level. Port site located in Sevastopol in Crimea. Existing pier. Cranes and other general infrastructure already present. Good access to rail. Opportunity descriptionLocation and infrastructure Detailed view of region Investment overview Area around port Conditions Port open year round. Port location protected from open sea. View of land available for port Land available

S T R I C T L Y C O N F I D E N T I A L Lapersa Team 6 Mr Chatterton is a director and co- founder of Lapersa Enterprises, where he advises on and provide strategic asset management services for agriculture and energy investments into the former Soviet Union, with an emphasis on Ukraine and Russia. Mr Chatterton has spent the majority of the last 20 years living and working in the Former Soviet Union and Asia in executive roles for The AES Corporation, Volvo, and Yukos Oil, and has co- founded or was an early investor in several successful energy, renewable, and agriculture projects, which culminated either in listings on major European stock exchanges, or acquisitions by strategic investors. Mr Chatterton has an MBA from HEC Paris and is a Member of the Independent Board of Directors, UK Mr. Farley, a director at Lapersa, has since 2008 been heading investment banking activities for ARTA Investment Partners a Kiev-based investment bank that focuses on Ukraine and the region. Previously, Mr. Farley spent four years as a Vice President for Citigroup, where he led a team responsible for managing the bank’s USD 14 billion consumer liability portfolio in Germany. Giles has also worked as a management consultant for the Boston Consulting Group and as an investment analyst for Dialogue Capital Management, a New York-based hedge fund. Mr. Farley holds an M.B.A. from Stanford University’s Graduate School of Business and a B.A. from the University of California, Los Angeles. Chris ChattertonGiles Farley Mr. Chomiak is a Director and co-founder of Lapersa Enterprises. He has spent the last 21 years living and working in Ukraine as an agricultural advisor to the governments of Ukraine, the USA, Canada and Great Britain and managed agricultural projects with value exceeding US$150m. Over the last two years he has facilitated commercial transactions in Ukraine’s agricultural sector with a value exceeding US$500m, providing advice to Asian, European and US companies, sovereign wealth funds and private equity firms. Prior to coming to Ukraine, he was Dean of Extension at Olds College, Canada’s premier agricultural college, and had a 2,000 hectare grain and beef farm. Mr. Chomiak has an MA from University of Alberta. He speaks English, Ukrainian and Russian. Bohdan Chomiak