www.seaf.com

SEAF AGRIBUSINESS OVERVIEW

Istanbul October 14, 2010

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SEAF Overview

501(c)(3) not-for-profit global fund management group founded 1989 Invests growth capital and provides technical assistance to SMEs in

emerging markets Headquartered in Washington, DC 125 employees with a network of 20 offices located across 5

continents. 26 funds (20 currently active) across 30 countries with aggregate

committed capital of $579 million. $356 million invested in 320 SMEs worldwide, with 175 exits since

inception.

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Our current global investment network includes 30 countries on 5 continents.

SEAF was established in 1989;

$579 million under management

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Representative Investors

Development Finance Institutions

Belgian Investment Office Black Sea Trade and Development Bank Deutsche Investions- und Entwicklungsgesellschaft European Bank for Reconstruction and Development FMO Finnish Fund Industrial Cooperation International Finance Corporation Kazakh National Innovation Fund Millennium Challenge Georgia Fund (MCG) Norwegian International Fund for Developing

Countries Overseas Private Investment Corporation (OPIC) Polish Cooperation Fund Small Industries Development Bank of India State Secretariat for Economic Affairs, Switzerland Swedfund International AB United States Agency for International Development

Commercial Investors Kotak Mahindra Bank Life Insurance Corporation of India New York Life International Pound Capital Seguros Suramericana

Socially Responsible Investors

Calvert Social Investment Fund Calvert World Values International Equity Fund Sarona Capital Omidyar Network

Pension Funds AFP Prima AFP Integra Proteccion Provenir Colfondos Evangelische Kirche in Hesse and Nassau

Foundations Ford Foundation Foundation for the Development of Polish

Agriculture

Total Committed Capital $579 million

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SEAF’s Differentiation

SME investments in emerging markets as a core business

Strong team with regional contacts and experience

Global contacts for exit as well as co-financing

Broad experience in most sectors of SME investments

Solid track record and success ratio over 20 years

More than 100 investments in agribusiness alone

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SEAF’s Approach to Business Partnering

CORPORATEGOVERNANCE

FINANCIALCONTROL

ADDITIONALFINANCING

OPERATIONSASSISTANCE

MARKETING &STRATEGY

- Design effective incentive structures- Board of Directors oversight- Legal structure

- Business planning and budgeting- Accounting and management information

systems- Facilitating hiring and training of CFO

- Identify new sources of financing- Leverage relationships with local banks- Provide negotiation and contracting

support

- Cooperatively identify areas for improvement

- Facilitate visits by outside experts

- Develop marketing plans- Support marketing teams

SEAF works with its investee companies to provide a full array of support:

GLOBAL NETWORKING

- Introduce global business networks- Support export and import

strategies

www.seaf.com* Data estimated** The Gross IRR does not include the performance of the IGF, which is a fund not 100% managed by SEAF.

SEAF Performance Benchmarks

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Total Realizations 172

Invested Capital93.1

million

Returned Capital212.3

million

Gross IRR 14.4%

Multiple of Capital Invested

2.3x

Gross IRR 15%

Multiple of Capital Invested

1.7x

Gross IRR 37%

Multiple of Capital Invested

2.9x

Management Buy-Outs (MBOs)

Strategic Sales

Sales to Financial InvestorsGross IRR 59%

Multiple of Capital Invested

3.2x

Exits from all SEAF Investment Funds

Exits from all SEAF Investment Funds

4/22/10

MBOs: improving cash flow, working capital, and pushing for dividendsStrategic Investors: consolidations and foreign investorsFinancial Investors: consolidations and holding companies

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Agribusiness Track Record

Agribusiness Investments PerformanceAs of December 2009 (in USD ‘000)

No. of Investmen

ts

Invested Capital

Realized

Proceeds

Residual FMV Value

Total Realized & Unrealized FMV Value

Gross IRR

Multiple of

Capital Investe

d

Recent Unrealized Investments 9 15,622 626 16,023 16,649 34% 1.1X

Recent Realized Investments 40 21,010 33,227 29,938 63,165 27% 3.0x

Unrealized Valued Investments 15 32,900 3,050 33,932 36,983 4% 1.1X

Total 64 69,532 36,903 79,893 116,796 19% 1.7X

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HOA BINH CORPORATION

INCREASING THE AGRICULTURAL PRODUCTIVITY OF VIETNAM HBC’s harvester reduces harvesting costs for farmers by approx. 40%. Increased efficiency allows farmers to reallocate labor to other activities, diversifying their

products and working to achieve a better quality of life. Farmers who own harvesters often provide harvesting services to other farmers,

promoting entrepreneurship and creating new sources of income for their farms. Though 75% of the Vietnamese population works in agriculture, less than 30% of

agriculture is mechanized. HBC provides affordable, reliable machines to promote a more efficient agriculture industry in Vietnam.

HBC offers options for well-priced, quality generators—HBC’s products are higher quality than Chinese imports, but more reasonably priced than Japanese imports

HBC coordinates with banks to provide customers with financing options—extending the opportunities and benefits of mechanized agriculture to a greater percentage of the farming population.

Agricultural Machinery and Generator Assembly and Distribution.

Date of Investment: July 2009Amount Invested: $1.7 MillionType of Investment: Convertible bondUse of Funds: Launch sales and service

business line for agricultural machinery.

Vietnam

Company Case Study:

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PIUNIK GEORGIAGeorgia

Company Case Study:

Opportunity: Expansion from poultry imports to own production of hatching & consumer eggs, day-old chicks & animal feed, addressing limited supply from Armenian imports and the growing demand in Georgia

Company largely replaced its imports with its own local production

Loan used to purchase farming equipment, laying hens & working capital.

Development Impact: positively impacted Georgia’s poultry & animal feed agribusiness supply chain by increasing the demand while providing higher quality and lower cost products to Georgian consumers, thus generating greater demand for Georgian products.

Integrated Poultry BusinessDate of Initial Investment: December

2008Amount Invested: $2 MillionType of Investment: Risk CapitalInvestment Fund: Georgia Regional

Development FundUse of Funds: Equipment, hatching

hens, working capital

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FROZEN FOOD LATVIALatvia

Company Case Study:

Opportunity: significant market fragmentation with 26 independent frozen food distributors in Latvia serving a growing number of consumers.

Over 7 year partnership, company rapidly expanded and combined/integrated with 2 other companies.

By 2004, FFL was the leading independent frozen foods distributor in Latvia with 3,500 domestic customers and 3,000 pieces of freezing equipment.

Between 2000 – 2007: Sales increased from $2.3 M to $24.5

M Approx. 30% market share in frozen

seafood distribution & 25% in ice cream distribution

Exit: 100% FFL sold to Estonian company

Frozen Food DistrubtorDate of Initial Investment: July 2000Amount Invested: $934,000Type of Investment: EquityInvestment Fund: Baltics Small Equity FundDate of Exit: October 2007Type of Exit: Trade SaleGross IRR: 38%Multiple of Capital Invested: 6.0X

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SUNSHINE EXPORTSPeru

Company Case Study:

Works with more than 600 large, medium- and small-sized mango producers in Peru

Provides technical assistance & agribusiness training to all farmers

Connects small farmers to int’l markets At time of initial investment, Sunshine

was looking to expand production beyond fresh fruit to include frozen, canned and dried produce. allow company to keep 100% of all

produce received from suppliers, rather than discarding blemished fruit, increasing profits for both the company and the farmers

Largest Peruvian mango exporter: 15% of market (2007/08)

Produce Processor and DistributorDate of Initial Investment: Oct 2005Amount Invested: $6.7 millionType of Investment: Equity & DebtInvestment Fund: Trans-Andean Fund Peru;

SEAF SME Debt Facility; SEAF Global SME Facility

Use of Funds: Purchase property, equipment & facilities; working capital

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At time of initial investment, Artima was 1 year old and operated 3 supermarketsDuring the investment period (2002 – 2005):

Artima expanded to 14 stores in 13 cities Annual revenues grew to EUR 32 million Employment increased from 251 at the time of investment (2002) to 1,097 in

2004, with SEAF arranged training Artima was sold to Enterprise Investors who sold it to Carrefour in 2007 for Euro 21

M

Romania

Supermarket ChainDate of Initial Investment: September 2002Amount Invested: $3.1 MillionType of Investment: EquityInvestment Funds: Trans-Balkan

Romania ;CEE Growth FundDate of Exit: March 2005Type of Exit: Sale to Financial

InvestorGross IRR: 59%Multiple of Capital Invested: 2.6 X

ARTIMACompany Case Study:

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Investment Targets: Lessons Learned

Farmers Aggregators

Processor

s

Logistics service

providers

Distributors /

Wholesales

Retailers Consumers

SEAF seeks to understand the entire value chain to target the companies with greatest leverage to add value

• Primary agriculture generally too volatile (local/global exogenous factors)

• Balancing value chain in concert with understanding market yields good results (PPZP; Sunshine/Symbio/Agroaromas; Ecopex; HuiJi/Hua Long)

• Accounting, cost reduction and transparency key (Bazi;Tinex;Szadrob)

• Productivity enhancement key driver (Indoor, HBC; Aqua Tudakul)

• Consolidation in generally fragmented markets (FFL; Artima)

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• Every $1 invested in the SMEs profiled generated on average an additional $12 in the local economy.

• 66% Economic Rate of Return on investments.

• The economic impacts of SME investment are spread among various groups of stakeholders in the respective local economies (see chart below).

Methodology: As part of case studies, using a cash flow model, to which social impacts are added to financial cash flows, SEAF calculated the Net Benefit/Cost Ratio (net financial and social returns / amount invested) at a zero percent discount rate. Social cash flows are estimated based on company/employee interviews and other research.

Development Impact: The Multiplier Effect

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Highlights from our Original Original Research Research on the Development Development Impact Impact of our Investments:*

•17% average annual growth in non-seasonal employment.

•79% of these new jobs go to semi- and unskilled workers.

•70% of companies have women employees in senior management positions.

•31% average annual growth in taxes paid to the government after SEAF investment.

•On average, 5% of company revenues were contributed to local charities and community projects in 2008.

•On average, each company paid approx. $3 Million to local suppliers on a yearly basis.

•SMEs train employees and increase benefits.

SEAF’s Development Impact Record

For more on our Development Impact Reports, please visit: www.seaf.com/impact.htm

*All numbers refer to 2008 development impact data.

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Georgia Regional Development Fund

$30 million fund MCC/MCG ownership

Objective: to invest in SMEs in regions of Georgia outside of Tbilisi

Emphasis on agribusiness and tourism

SEAF selected in a competitive tender in 2006

10 investments thusfar 60% of capital invested $2 million average investment

size

Fund Case Study:

47% AGRIBUSINESS47% AGRIBUSINESS

14% ICT 14% Retail Trade

15% Tourism

9% Construction

INDUSTRY BREAKDOWN

Piunik – Integrated Poultry Business

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Kutaisi

Georgia Regional Development Fund (GRDF)

Batumi

TelaviMtskheta

Mestia

Poti Kaspi

TBILISI

Sighnaghi

Investee

Location

Doki Tbilisi

Dogan Marneuli

Bazi Mtskheta

Rcheuli Telavi Sighnagi Batumi Kutaisi

Piunik Kaspi

Tetnuldi Mestia

Ecopex Mtskheta

Prime Concrete

Poti

Madai Poti

Delta Comm

SW Georgia

Kutaisi

Marneuli

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GRDF Portfolio

MadaiBlack Sea Anchovy Fishing

$3 million investmentparticipatory debt plus equity

Use of Funds: Purchase of ship and equipment and processing plant upgrades

Opportunity: First Georgian company to engage in modern Black Sea fishing

Expected IRR: 38%

PiunikIntegrated poultry business

$2 million investmentparticipatory debt

Use of Funds: Equipment, hatching hens, working capital

Opportunity: Expansion from poultry imports to own production of eggs, incubation and feed, addressing limited supply from Armenia and growing demand

Expected IRR: 24%

BAZIFood canning/jarring and concentrate production

$2 million investmentparticipatory debt plus equity

Use of Funds: Apple concentrate production equipment

Opportunity: Cannery with largest distribution in Georgia entering apple concentrate production, which is in high demand in Europe & globally

Expected IRR: 25%

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GRDF Portfolio

EcopexHazelnut processing/export

$2 million investmentparticipatory debt plus equity

Use of Funds: Purchase of land, processing equipment, and working capital

Opportunity: Opportunity to increase capacity for a technically capable player adhering to global standards. Contracts, LOIs and other leads in place. Steady growing global demand.

Expected IRR: 30%

DoganAnimal feed and pet food producer. Also trades animal medicine and vaccines.

$700,000 investment; debt

Use of Funds: Improve the quality of its extruded feed production line; expand the line to include feed for “pre-starter broilers” (one to seven-day-old chicks); expand the company’s storage and warehousing facilities.

Opportunity: only producer of extruded feed in the Caucasus positioned to grow through import substitution and the growing agribusiness sector in Georgia

Expected IRR: 23%