AgDevCo Ghana Manuel Bueno December 2014

2 Our Approach A G D EV C O IS A NOT - FOR - PROFIT AGRICULTURAL DEVELOPMENT FUND Mozambique (2010): Management of USD 23m BAGC catalytic fund Zambia (2013): USD 15m catalytic fund for investment in SMEs; Developing 2-3 PPP irrigation projects Ghana (2012): USD 15m fund; developing two large greenfield farms Malawi (2013): USD 15m catalytic fund for investment in SMEs; Tanzania (2012): Five investments, expanding pipeline and local presence  AgDevCo builds and finances agricultural businesses that are commercially viable and beneficial to the local agricultural economy  Our businesses include small-scale and emergent local farmers, input suppliers and processors and storage providers  We aim to make a ~10% USD return on our investments

3 I N G HANA, A G D EV C O IS UNDERTAKING A FOUR DISTINCT ACTIVITIES, ALL AIMING TO SUPPORT THE COMMERCIALISATION OF THE AGRICULTURE SECTOR SME investments “Large” investments Crop demonstrations Project development  Investing in agribusinesses which are located in the three northern regions (or which support production in those regions)  Deploying long-term debt or equity, USD 500,000-1,000,000 per business with low cost of capital  USD 15 million to invest over three years in businesses  Investing in established businesses which provide services to large numbers of small scale producers  Deploying long-term debt or equity, USD 1,000,000+ per business with low cost of capital  Flexible core funding available  Developing two large (4,000-8,000 ha) greenfield irrigated farms under a nucleus/outgrower model  Responsible for land consultation, technical studies and for proving commercial viability  USD 4 million of secured funding to cover project development expenditure  Testing seed varieties which are new to Ghana at four demonstration sites  Aiming to prove maximum yield potential under commercial conditions  Communicating results widely to farmers, buyers and others a

H OW CAN WE WORK TOGETHER ? What does AgDevCo Ghana offer? AgDevCo Ghana provides long term loans (3-8 years) typically around $500,000-$2,000,000 in 1-4 disbursements. These loans are in USD at a 10% USD interest rate. AgDevCo structures each loan in order to adjust to the company’s cash flow, and may consider grace period on principal investment. AgDevCo can also provide some working capital financing to support the long term loan. What companies is AgDevCo looking for? AgDevCo is looking for commercially viable local businesses with strong social impact and who are excited to work closely with us. These businesses need to have a proven business model (ideally already at break-even) which they are searching to scale up with our funding. AgDevCo partners closely with businesses to enhance core business areas such as agronomy best practices, financial management, corporate governance, operations and supply chain, and environmental and social impact. AgDevCo Due Diligence process Given the comparatively high risk of AgDevCo’s investments and our search for good partners, our Due Diligence is extensive and usually takes 4-6 months, depending on the information available from the potential borrower. Due Diligence covers the following aspects: a) senior management and shareholders; b) market analysis and competition; c) company operations and supply chain; d) financial analysis and projections; e) legal due diligence; f) proposed project analysis; and g) environmental and social impact. Footer Text 4

THANK YOU Manuel Bueno Ghana Investment Manager AgDevCo Ghana 235A Soula Loop, Labone P.O. Box CT 8889, Cantonments Accra-Ghana