Privateandconfidential

Copyright2017©SIPAgriculture.AllRightsReserved.Thisdocumentisnotbindinganddoesnotformpartofanycontractoroffer.

SIPAgricultureisinvitingco-investorstojoinaninvestmentopportunityinamid-sizedPeruviancompanywhichgrowsfruitsandvegetablesunderirrigationandservesthemarketsofEurope,NorthAmerica,AsiaPacificandAustraliawithasparagus,avocadosandgrapes.

Overthelasteightyears,theCompany’srevenuesandEBITDAhavemultipliedby3and7times,respectively.Withatotal landbankofaround3,000ha,andinordertocontinuewithitsgrowth,theCompanywill launchanexpansionplanthatwillallowittogrowatatargetedCAGRof14%insalesand20%inEBITDAinthenext10years.

Overthelastdecade,Peruhasbecomeamajorproducerandexporterofhigh-valueandhealthyfruitsandvegetables,leadingtraderankingsforasparagus,avocadoandgrapes.Thenaturalconditionspresentinthecountryarecombinedwith a local business climate that welcomes foreign investors, encourages trade and is very favourable for thedevelopmentoffruitproductionandexportactivities.

IntroducingtheCompany

• The Company was established in Peru in 1997 as a family owned business. It started its activities with the production andmarketing of green asparagus, and later diversified its products portfolio with avocados and table grapes. As of 2015, theCompany’s breakdown of crops by harvested areawas asparagus (61%), grapes (23%) and avocados (16%). By 2020, the cropcompositionisexpectedtobeavocados(39%),grapes(38%)andasparagus(23%).

• AsofDecember2016,thecompanyowns2,986haofwhich573haareusedforinfrastructure/services/R&D,851haareplanted,havingalandbankfordevelopmentof1,562ha.Thelandisdistributedgeographicallyacrossthreeregionsalongthecoast,with785hainthecentre(Ancash)and1,200hainthesouth(Ica).TheCompanyalsohasa50%shareina1,000hafarmlocatedinsidethe Olmos project, a recently developed water irrigation project in the north (Lambayeque) which provides irrigation to over43,000ha.Thisfarmisstartingtobedevelopedthisyear.

• TheCompany’s integratedmodel, fromfarming topackaged fruitexport,allows togenerateandcapturemorevalueandoffersbetter traceability and quality assurance, reflected in a number of quality certifications. The Company has a strong focus oncorporatesocialresponsibility,activelyintegratingenvironmental,socialandgovernancemattersintothebusiness.

Lambayeque

Ancash

Ica

CALLAO Port (Lima)

PAITA Port

Privateandconfidential

Copyright2017©SIPAgriculture.AllRightsReserved.Thisdocumentisnotbindinganddoesnotformpartofanycontractoroffer.

TheInvestmentOpportunity

• TheattractivegrowthplanforthecomingyearsissizeableandtheCompanyrequiresexternalfundingtoexecuteit.SIPAgriculturehasengagedinexclusivediscussionswiththeCompany’smanagementandafinalizedBindingOfferisintheprocessofbeingsignedin order to acquire an equity interest in the Company. The proceeds of this new equity roundwill be allocated to the plantingexpansioninthefarmsheldbytheCompany,aswellastothedevelopmentoftheOlmosproject.

• ThisgrowthplanissupportedbytheexistinglandbankthattheCompanyholds,theavailableconditioningandpackagingcapacity,and the strong commercial prospects in the internationalmarkets. Theproposedexpansionplanwill see theCompany’splantedareagrowfrom851hainDecember2016to2,413haby2023.

• ThecompetitiveadvantageofPeruisdrivenbyauniquegeographywithmildtropicalclimateandtheAndesmountainrange,whichproducesanaturalgreenhouseeffectthroughoutthecoast.Thisallowsthecountrytohavesomeofthebestgrowingconditionsintheworld for a variety of conventional and tropical fruits. Peru’s strategic location in the southern hemisphere also allows it tosupply off-season products to European and North American markets before competition. Fruit and vegetable crops can bescheduledtoprofitfromseasonswheninternationalpricesarehigher.

• SIPAgriculturebelievesthataninvestment intheCompanyintheproposedtermsprovidesanattractiveopportunityto investorslooking for direct exposure to agricultural real assets focused on high quality, high value fresh fruit production. The investmentrationale issupportedby i) theglobalcompetitivepositionofPeruandtheCompany inanattractiveagriculturalsegment, ii) thetrackrecordofasuccessfulcompany,withsolidrootsandlargeupsidepotentialtoexpand,andiii)acapablemanagementteamandalignedshareholderstoenabletheplannedgrowth.

ValuationandExpectedReturns

• SIPAgriculture considers that a fair valuation for thebusiness isapproximatelyUS$55M,andhasnegotiatedaPre-Moneyequityvalue of US$ 48.97M with the Company’s shareholders. Thisreflectsadiscountof~US$6M.

• Under the preliminary agreed terms, SIP Agriculture willcontribute US$ 20M through a new equity issuance, whichrepresentsa29%oftheCompany’sPost-Moneytotalequity.

• SIPAgricultureconsidersthatasuitableinvestmentperiodtoholdthis investment is7to12years,consideringthebiologicalcyclesandthe“cashgeneration”profileofthisinvestment.

• Basedontheprojectedexitvalue,SIPAgricultureprojectsanafterfeesIRRinUS$toinvestorsof16-20%.Thesereturnsarebeforepotential taxesappliedondividendsandon capital gains, as SIPAgriculture is currently in theprocessof analysing themost taxefficientstructureforthisinvestment.

• OneoftheattractivefeatureofthisopportunityisthatthereareseveralrealisticexitoptionsavailablethatSIPAgriculturewillbuildovertime,tohavethebestoptionalitytorealizeasuccessfulsale.Amongtheseoptions,SIPAgricultureconsidersi)tradesaletoalarger localor international fruitcompany, ii) IPOin localorregionalmarket, iii)developmentofaJVwithanotherfruitcompanyand/ordistributorasanintermediatesteptoachieveanoutrightsale,andiv)re-purchasebytheCompany’shistoricalshareholders.

InvestmentTerms

Targetinvestmentsize US$20million

Sponsor’scommitment Minimum10%oftargetinvestment

Minimumcommitment US$1million

Closingdate 3monthsfromsigningBindingOffer

Managementfee 1.5%annualoninvestedcapital

Structuringfee 0.5%+realcosts,cappedat1.5%

Performancefee 10%carry,6%hurdlerate

ProjectedIRRafterfees(2017-25) 16-20%inUS$

Pre-money&Post-moneycalculations(US$'000) 31/12/2016EntrepriseValuePre-MoneyfromDCF(BaseCase) 61,125

(-)NetDebt/(Cash)asof4Q2016 (29,440)(+)Existingarablelandnotplantedin2016 9,481(+)Arablelandthatstopsproducingduring2016-2025 1,155(+)CAOInterest 12,713EquityValuePre-MoneyfromDCF 55,035Discountvs.agreedEquityValuation 6,069

L.O.I.IndicativeEquityValuePreMoney 55,000

FinalEquityValuePre-Money 48,966SIPContribution 20,000EquityValuePost-Money 68,966Pre-DealShareholders 71.0%SIPAgriculture 29.0%