camposol: resultados del año 2012

CAMPOSOLTHE WORLD’S LARGEST ASPARAGUS EXPORTERCatering to a growing world affluence and higher demand for quality agricultural products

1Not for reproduction or distribution. The information contained herein may be subject to change without prior notice

Fourth Quarter and Preliminary Full Year 2012 Resul ts

28 February 2013Executive Chairman Samuel Dyer CoriatCFO Jorge Ramirez

Disclaimer

• This presentation has been prepared by Camposol Holding Plc. (the “Company”). The presentation and its contents may not be reproduced, redistributed or passed on, directly or indirectly to any other person or published or reproduced directly or indirectly, in whole or in part, by any medium or in any form for any purpose. Specifically, the presentation may not be distributed, forwarded or published, directly or indirectly, in whole or in part, in or into the United States, Canada, Australia or Japan, or in any other jurisdiction in which such distribution, or publication would be prohibited by applicable law.

• The information contained in this presentation does not constitute or form part of, and should not be construed as, an offer or invitation to subscribe for or purchase the securities discussed herein in any jurisdiction, nor does it constitute a recommendation regarding the securities of the Company. Neither this presentation nor any part of it shall form the basis of, or be relied upon in connection with any offer, or act as an inducement to enter into any contract or commitment whatsoever.

• Specifically, this presentation and the information contained herein are not an offer of securities for sale in the United States and are not for publication or distribution to persons in the United States (within the meaning of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”)). The securities in the Company have not been and will not be registered under the Securities Act.

• The presentation is the sole responsibility of the Company. The information may be subject to updating, completion, revision and amendment and such information may change materially. No representation or warranty, express or implied, is or will be made by the Company, its advisors, parent or subsidiary undertakings of any of the foregoing or any such

2

materially. No representation or warranty, express or implied, is or will be made by the Company, its advisors, parent or subsidiary undertakings of any of the foregoing or any such person’s affiliates, directors, officers or employees, or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this presentation and any reliance you place on them will be at your sole risk. Without prejudice to the foregoing, the Company, its advisors, parent or subsidiary undertakings of any of the foregoing and any such persons’ affiliates, directors, officers or employees do not and will not accept any liability whatsoever for any loss howsoever arising, directly or indirectly, from use of this presentation or its contents or otherwise arising in connection therewith. The Company is under no obligation to update or keep current the information contained in this presentation and any opinions expressed in it are subject to change without notice.

• This presentation contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words “believes”, “expects”, “predicts”, “intends”, “projects”, “plans”, “estimates”, “aims”, “foresees”, “anticipates”, “targets”, and similar expressions. The forward-looking statements contained in this presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are uncertain and subject to risks. A multitude of factors can cause actual events to differ significantly from any anticipated development. Neither the Company or its advisors nor any parent or subsidiary undertakings of any of the foregoing or any such person’s affiliates, directors, officers or employees make any guarantees that the assumptions underlying such forward-looking statements are free from errors nor does any of the foregoing accept any responsibility for the future accuracy of the opinions expressed in this presentation or the actual occurrence of the forecasted developments.

• The presentation is disclosed pursuant to, and is governed by, Norwegian law and regulations. Any dispute arising out hereof shall be resolved in Norway, with the ordinary courts of Norway as legal venue.

Agenda

Highlights

Company Overview & Main Crops and Trends

Financial Highlights

Conclusions & Outlook

AppendixAppendix

Highlights: Lower avocado volumes due climatic conditions (mostly

mature fields) and lower prices from US market

� Volume sold during Q412 was 24,131 net MT, up 15.2%from Q411 explained mainly by an increase in volumesof preserved asparagus and artichokes. Average pricewas USD 2.79 per net KG, up 12.0% from the sameperiod in 2011.

� Sales of USD 67.4 million, up 29% from Q411.

� EBITDA before fair value adjustments (b.f.v.a.) of USD5.3 million, 43.9% lower than Q411. EBITDA margindecreased to 7.9%.

9.5 5.3

67.4

52.3

10

20

30

40

50

60

70

EBITDA Sales

Revenues and EBITDA (USD MM) Q4 2012

44

� Volume sold in 2012 was 70,949 MT, down 4.1% from2011 mainly explained by lower volumes of avocado.Average price of USD 2.58 per net KG, up 13.7% from2011.

� Sales of USD 183.2 million, up 9.2% from 2011.

� EBITDA (b.f.v.a.) of USD 16.9 million compared to USD30.8 million for the 2011, mainly explained by lowervolumes of avocado, due to climate conditions in Peruand record high production in California and Mexico,which adversely affected prices in the US market.

� As of December 31st, the Company maintains a CashBalance of USD 28.5 million.

30.8 16.9

183.2

167.8

0

20

40

60

80

100

120

140

160

180

Q4 YTD 2011 Q4 YTD 2012

EBITDA Sales

9.5 5.30

Q4 2011 Q4 2012

Revenues and EBITDA (USD MM) Q4 YTD 2012

$1.74

$1.47

$1.19

$1.84

$1.98

$1.86

$1.57

$2.68

$1.61

300

400

500

600

700

800

VOLUME (000 MT)

Avocado volumes in US market have been record high in 2012,

volumes up 23% and prices down 40% compared to 2011

34.6

2004 2005 2006 2007 2008 2009 2010 2011 2012*

California 196.0 137.1 273.7 111.8 149.6 79.5 249.0 130.8 191.6

Chile 97.0 121.2 70.0 112.3 65.4 113.0 64.9 70.0 60.7

Mexico 38.5

Peru 0.0 0.0 0.0 0.0 0.0 0.0 0.1 9.0 16.8

Total Volume YTD 366.0 414.6 473.9 482.5 488.9 530.6 613.2 568.9 699.5

Price Fob/kg Peru $1.74 $1.47 $1.19 $1.84 $1.98 $1.86 $1.57 $2.68 $1.61

$0.00 0

100

200

300

38.0 46.3 30.9

VOLUME (000 MT)

5

• Others = Florida, Dominican Republic, New Zealand• Source :HASS AVOCADO BOARD, USDA

$1.66$1.71

$2.03

$2.23 $2.23

$1.71

$2.94

$1.60$1.50

$2.00

$2.50

$3.00

$3.50

150

200

250

300

350

VOLUME (000 MT)

During the Peruvian window (may-sep) in US market volumes up 34%

and prices down 46% compared to last year

2004 2005 2006 2007 2008 2009 2010 2011 2012

California 118 78 165 79 101 53 175 102 145

Chile 19 30 10 23 8 39 4 16 4

Mexico 1 54 29 87 78 101 84 89 138

Others * 16 11 9 18 19 17 14 23 14

Peru 0 0 0 0 0 0 0 8 17

Q2-Q3 154.77 172.55 212.77 207.64 206.18 210.36 276.41 237.27 318.73

Price Fob Peru $1.66 $1.71 $1.20 $2.03 $2.23 $2.23 $1.71 $2.94 $1.60

$1.20

$0.00

$0.50

$1.00

0

50

100

VOLUME (000 MT)

6

• Others = Florida, Dominican Republic, New Zealand• Source :HASS AVOCADO BOARD, USDA

Agenda

Highlights




AppendixAppendix

Camposol at a glance

� Largest asparagus exporter in the world (volumes).

� Largest producer of Hass avocados (planted area).

� Positioned in the healthy food segments: fruits and vegetables.

� Large bank of lands: 18,600 net hectares(1) out of which approximately 7,000 hectares have been planted.

� Fields managed using advanced agricultural practices; processing plants fitted with state of the art equipment.

Main operations

PiuraMangoes, Peppers,

Grapes ChaoAvocado, White/ Green asparagus

Lima

Tumbes Shrimp

8

processing plants fitted with state of the art equipment.

� Favorable tax and labor regime.

� Employs on average 10,000 workers .

� Strong Volume Growth without additional substantial CAPEX.

� Strong Corporate Governance:

– Adheres to Norwegian Code of Practice on Corporate Governance.

– Listed in Oslo Stock Exchange.

– Board members: 5 of 8 members are independent.

(1) 1 hectare = 2.47 acres

Strong expected growth without substantial additional

CAPEX

AsparagusAvocado MangoGrapes Tangerines Total

Crop yield as % of peak yields productionPlanted hectares

Unproductive

phase 0449

(17% of total)

102(100% of total)

586(10% of total)

0% 35(8% of total)

0

9

Source: Company data.Note: Table excludes approximately 300 hectares planted with rotational crops such as piquillo pepper.(1) As of December 31, 2012.

Medium

yield phase

High yield

phase

Total

has

Gross

Profit

Margin

(1)

0

2,516(100% of total)

2,516

18.0%

1,342(51% of total)

825(32% of total)

2,616

51.8%

47(10% of total)

368(82% of total)

450

12.9%

451

34.9%

0

0

102

73.5%

1,740(28% of total)

3,809(62% of total)

6,135

24.5%

25 to 80%

80 to 100%

Only 32% of avocado planted areas have reached peak yields.

100(22% of total)

351(78% of total)

(US$ million) 2001 global imports US$422 million

2010 global imports US$1,655 million

Demand Global imports

114246

25

705 675

121

N. America Europe Japan

2001 2010

6.2x 2.8x 4.8x

� Global consumption of avocado has been growing at a very fast pacemainly due to the growing popularity of the fruit and for its proved healthbenefits.

� Europe had been the traditional importer of avocado. However, sinceearly 2000’s imports by the US and Japan have grown at even faster rates.

� Currently, the US is the largest importer of avocado, representing close to37% of global imports, and has one of the fastest growth rates ofconsumption in the world, estimated a 10% per annum by the HassAvocado Board.

World wide demand for avocado has increased significantly due to

growing awareness of its health benefits

10

Source: International Trade Center, American Journal of Medicine.

Health Benefits of Avocado

Camposol is positioned to take advantage of the increased global demand for avocado consumption.

� Avocado’s health benefits are due mainly to its high levels of vitamins A,B, E and G, high levels of potassium (higher than bananas), and also highlevels of monosaturated fat.

� The American Journal of Medicine (December 1999) showed that avocadosare rich in beta-sitosterol, a natural substance shown to significantlylower blood cholesterol levels.

� The oil produced by the fruit’s skin is also widely used in the beautyproducts industry, mostly for the production of facial creams, handlotions and fine soap, and the remaining pulp residue after oil extractionis used as stockfeed for livestock.

Forecasted US supply gapEvolution of US local production and imports of avocado

653

221156

9846

295

2012 2013 2014 2015 2016 2017

Supply (imports + local production) Gap (demand - supply)

Supply growth @3.0%

(in 000 MT) (in 000 MT)

Due to prior investments, Camposol is ideally positioned to capture

the growth opportunities in the US avocado market…

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010Local production Imports

578

249

11

Price growth 1980 – 2011E: 4.0xConsumption per capita growth 1980 – 2011E: 1.9x

� Decreasing production from California has increased the need foravocado imports:

− Imported volumes have grown by 450% since 2000.

− Local supply remains erratic due to seasonality.

� Projections show demand outpacing supply even with the additionof increased imports from new countries like Peru.

� Although Peruvian avocado was cleared halfway through theexport campaign (early in Q311), thus increasing avocado supply tothe US market, average export prices increased as growing USdemand outpaced supply.

The US market dynamics will be a key driver for growth in average prices of fresh avocado.

Price and per capita consumption of avocado in US market

Source: Hass Avocado Board, US Avocado Price Trend Analysis and Forecast (2011-2014), Maximice.

1.01.1

2.1

$0.5

$2.0

1980 1985 1990 1995 2000 2005 2010

Consumption - kg per capita US market price - US$ per Kg

Production Global imports(1)



(US$ million)

9631387

159

1929

3001

435

N. America Europe China

2001 2010

2.0x 2.2x 2.7x

� Grapes are mostly consumed fresh and grown in two different varieties:seedless and seeded.

� Uniquely for Peru, grapes produce their first harvest within one year andare fully productive after three years.

� Increasing volume contribution from Camposol.

– Camposol’s first grape harvest produced during 2011.

� Field management improvements to increase labor efficiency and productquality.

– Still challenges in field, pre-packing and packing operations, to bemitigated with 2012 CAPEX plan.

– Customized packing for supermarkets needs.

World grape demand has been growing steadily and Peru maintains a

strong competitive advantage due to its high yields.

12

Demand

16.3 16.3 15.6 14.6

9.5

18.7

Peru Brazil U.S. South

AfricaChile

World

(avg.)

Grapes are set to contribute to the Company’s growth profile, with particularly attractive economics in place for the seedless varieties.

� Consumption growing worldwide, especially in Asia.

� All year round consumption .

� Good positioning of Peruvian grapes in major markets.

� Favorable trends in volumes and prices for seedless varieties.

– Changes in customer preference, from seeded to seedless in Asianmarkets, in tandem with growth in income per capita.

Source: International Trade Organization, FaoStat, Company data.(1) Includes only fresh grapes.

Major grape producers – 2010 yields

(metric tons per hectare)

2010 global exports of asparagus

Global imports

Production

� Asparagus is a spring vegetable that is grown in 2 ways:

– Green asparagus is usually preferred in the US.

– White asparagus is usually preferred by Europeans.

� In the past 10 years, Peru has almost tripled its global exports ofasparagus.

� Unlike most countries, Peru’s unique climate permits year roundproduction of asparagus.

� China, previously a major exporter, has reduced its exports, mainly due toa rise in internal demand.

Peru34%

Mexico19%

US11%

China9%

Rest of world27%

Total global exports: US$1,164 million

Peru has positioned itself as a major supplier of asparagus…

13

Global importsDemand

184

503

95

601 664

79

N. America Europe Japan

2001 2010

3.3x 1.3x 0.8x

� China is the largest global consumer of asparagus as well as the largestproducer.

� White asparagus is very popular in Germany, France and other Europeancountries.

� In the past 10 years the US has significantly increased consumption offresh green asparagus and is growing in popularity.

Peru has positioned itself as the world’s top exporter of asparagus, an increasingly popular product in new markets such as the US.

Source: International Trade Organization, company data.

(US$ million) 2001 global imports US$787 million


Asparagus volume sold and total hectares planted Asparagus revenues and gross margin

26,84024,455 22,842 23,783

2,702 2,633 2,633 2,516

2009 2010 2011 2012

Volume sold (MT) Total Hectares Planted

58.8 54.8 57.967.7

9.7% 19.4%

23.1% 17.9%

2009 2010 2011 2012

Revenues (US$ mm) Gross Margin (%)

…and Camposol has become the world´́́́s largest exporter of

asparagus, a status it expects to maintain.

Average price

US$ / MT: 2,190 2,240 2,530 2,860

14

Asparagus will continue to be a core product for Camposol, allowing the company to bolster its global position by increasing sales to growing markets for imports, such as Germany.

� Camposol is Peru’s largest producer and world largest exporter ofasparagus, benefiting from the country’s climatic advantage.

� Camposol produces and exports green and white asparagus.

� It is also sold in three formats: i) fresh, ii) preserved and iii) frozen.

� Due to larger volumes produced, Camposol has historically exportedasparagus at lower prices than its main competitors.

� To reduce the price gap and take advantage of its superior scale,Camposol is increasing its exports to Germany and has signed acommercial agreement with Riberebro .

� China´s supply (Peru´s main competitor in white asparagus) isdecreasing.

Camposol’s asparagus average yield during life cycle(1)

12

15 15

9

5 44

16171819

16

1215

18

17

15

1 2 3 4 5 6 7 8 9 10 11

Actual Expected

Source: Company Data(1) Yields taken from historical production of asparagus in Camposol’s fields

Market overview/trends:

� Increasing demand from channels in the US market

� Low barriers for entry (no crop specialization required) plus attractive current price level may encourage volume increases during 2012


� Consumption growing worldwide

� Considered premium

� Still exotic in Europe, room for growth

� Lower yields from Peru resulting in higher prices during current season


� Consumption limited to Spain, France, Italy, Greece & US

� Limited availability outside of these countries

� Overall exports declining

Camposol outlook:

� Growth opportunities in value added presentations: grilled, tapenades and

Camposol outlook:

� Consolidate direct sales to supermarkets

Camposol outlook:

� Capture more value through tree ripped and air freighted mango

Mango Peppers (rotational crop) Artichoke (rotational crop)


� Consumption has kept growing despite recent economic downturn

� Climatic phenomena has affected output in Asian countries

� Peru’s shrimp exports have grown consistently since 2005 to satisfy global demand

Camposol outlook:

� Second largest shrimp producer in the country with 492 hectares of shrimp

Shrimp

Other products – Mango, peppers and artichoke.

15

presentations: grilled, tapenades and frozen

supermarkets

� Growth opportunities in value added presentations

and air freighted mango

� Increase demand for frozen product

� Implement reliable 3rd party sourcing business model

In addition to these products Camposol produces tangerines, which provide the Company with additional growth opportunities.

country with 492 hectares of shrimp farms

� Shrimp farming has important synergies with Camposol’s frozen business

Sales by destination (USD MM / %)Net Volume Sold by format (MT 000 / % of Total)

35%44%

52% 50%

56%47% 36% 38%

9% 9% 12% 12%

0

1

2009 2010 2011 2012

Fresh Preserved Frozen

Diversification

Continuous positive trend towards Fresh Produce, direct sales and market diversification

21% 16% 22% 27%

73% 78% 64% 56%

1% 1%7% 9%

5% 5% 7% 8%

0

1

2009 2010 2011 2012

USA Europe Asia Others

59.0 59.8 73.9 121.4 119.3 167.8 183.270.9

6% 7% 8% 12%

94% 93% 92% 88%

0

1

2009 2010 2011 Jun-12 YTD

Suppliers Own

16

Sales by Channel USD MM (direct* / importers)

2009 2010 2011 2012

* Direct Sales include all sales performed by our commercial offices in Europe and US, as well direct shipments from Lima to Supermarkets, retails, etc.

2009 2010 2011 2012

13%23% 24% 27%

87%77% 76% 73%

0

1

2009 2010 2011 2012

Direct Importers

167.8 183.2

75.4 82.1105.7 100.0

7%

10%

23%

6%

2009 2010 2011 2012

Vol Raw M aterial % Suppliers

Volume Raw material MT 000 (own and suppliers)

119.3121.4

Fresh Products Prices (USD/KNE) Preserved Products Prices (USD/KNE)

0

1

2

3

4

5

2008 2009 2010 2011 2012

White Asparagus Green Asparagus Avocado Mango Grapes

0

1

2

3

4

5

2008 2009 2010 2011 2012

White Asparagus Green Asparagus Pepper

Selling Prices with favorable trend in company´s main productsFresh avocado prices lower than 2011 but above 2008 - 2010, before opening of US market

0

1

2

3

4

5

2008 2009 2010 2011 2012

White Asparagus Green Asparagus Avocado Mango Grapes

1717

Frozen Products Prices (USD/KNE)

Note: Prices shown are based on company sales. These are not market prices.

Source: Camposol.

0

1

2

3

4

5

2008 2009 2010 2011 2012

White Asparagus Green Asparagus Avocado Mango

Agenda

Highlights




AppendixAppendix

Volume Harvested (000 MT) Total Sales per Product (USD MM)

29.9 34.8 32.8 32.625.7

21.5 11.5 13.220.9

15.2

8.66.3 9.4

13.6

10.6

1.32.2

7.5

8.9

14.015.2

17.7

17.5

12.2

14.1

2.01.4

2.8

4.9

2008 2009 2010 2011 2012

Asparagus Avocado Mangoes Grapes Pepper Other

62.1 58.7 54.8 57.9 68.1

31.616.4 20.5

39.931.4

8.6

8.5 13.4

16.0 14.7

2.03.2

14.8 18.2

13.3

18.017.5

20.4 15.325.1

17.8 9.8

18.935.5

2008 2009 2010 2011 2012

Asparagus Avocado Mangoes Grapes Pepper Other

140.7

121.4 119.3

88.1

71,176.7

167.8

94.9 183.277.5


EBITDA margin at 9% while net leverage up to 8.1x

19

EBITDA (USD MM) / EBITDA Margin (% of Sales)

77.260.5 72.4 83.9

136.5

7.8x 8.1x

2.7x3.5x

6.9x

2008 2009 2010 2011 2012

Debt Debt / EBITDA bfva

Net Debt / Leverage (USD MM / x EBITDA B.F.V.A.)

2008 2009 2010 2011 2012 2008 2009 2010 2011 2012

9.9 8.820.4

30.8

16.9

18%

9%7% 7%

17%

2008 2009 2010 2011 2012

EBITDA BFVA M argin BFVA

Source: Camposol Holding PLC

Cash Flow (USD Million)

Q4 2012 Q4 2011 2012 2011

EBITDA 5.3 9.5 16.9 30.8

Working Capital Changes 6.6 (1.3) (14.5) (12.8)

Interest Expense Net (3.7) (2.3) (16.3) (8.5)

Cash Flow

Company maintains a strong cash balance of + USD 28 million

2020

Income Tax 0.0 0.9 (0.0) (0.0)

Net Cash Flow from Operations 8.2 6.8 (13.9) 9.5

Net Cash Flow from Investments (11.1) (4.7) (24.9) (19.6)

Net Cash Flow from Financing 5.6 (0.7) 60.7 6.8

Net Cash Flow during the period 2.7 1.4 21.9 (3.3)

Cash beginning of the period 25.8 5.2 6.6 9.9

Cash end of the period 28.5 6.6 28.5 6.6

8.1 7.4

17.7 13.5 11.8

1.5 1.3

0.9 0.9

0.5

0.2 0.3

2012 2013 2014 2015 2016 2017 2018

Syndicated Loan Other Long-term Debt

Debt Breakdown before Issuance of Bonds

Long term debt: US$ 64.7mm

Average life: 3.2 years

Long-term Debt Schedule Before Issuance of Bonds

Syndicated Loan65%

Other long-term debt

7%

Short-term bank debt

28%

Total debt: US$ 90.2 million

Funding Mix

Camposol increased its debt’s average life from 3.2 to 4.9 years after the bond issuance.

21

0.0

125.0

1.5 1.3 0.9 0.9 0.5

0.2

0.3

2012 2013 2014 2015 2016 2017 2018

Bond Other Long-term Debt

Source: Company data.(1) Assumes USD 125 million Senior Unsecured Notes issuance.

Current Long-term Debt Schedule Current Debt Breakdown(1)

Senior Unsecured

Notes91%

Other long-term debt

5%

Short-term bank debt

4%

Long term debt: US$ 131.3mm

Average life: 4.9 years

Agenda

Highlights




AppendixAppendix

� Avocado harvested volumes from our fields are expected to be 50% higher than in 2012 (around 23,000 MT), an important increase from the 15,168 MT in 2012, product of a combination of higher yields from old fields and the new fields moving up the maturity curve.

� Positive trend in prices in most company’s products, specially for asparagus.

� Continue positive Diversification trend:– Direct Sales up from 24% in 2011 to 27% in 2012– Fresh sales from 52% of total sales in 2011 to 50% of total sales in 2012– Volume from third parties up from 10% in 2011 to 23% in 2012

� CAPEX Plan for 2013 of USD 13 million.– Around 1/3 in maintenance CAPEX, 1/3 to increase operational efficiency and 1/3 in new plantations.

Main Conclusions and Outlook

– Around 1/3 in maintenance CAPEX, 1/3 to increase operational efficiency and 1/3 in new plantations.

� Strong Growth in volumes by 2015 without substantial CAPEX.– 2012 volumes of avocado, asparagus, grapes affected by “El Niño”.– 2013 volumes from Avocados mostly from young plantations (less affected by climactic changes)

� The long term growth prospects for exotic fruits & vegetables markets are excellent.– Specially for the fresh avocados, asparagus and grapes.– Also for Preserved Asparagus due to China decrease in supply.

� Continue to reinforce Commercial Offices in EU and US.− Increase Direct Sales with own distribution.

� In 2013, we signed an agreement with AGRICOM, one of the major fruit exporters from Chile, to jointly commercialize itsproducts in Europe. Such agreement will allow us to offer avocado almost year round to our clients. Among the productswe will commercialize together are avocados, grapes, citrus, blueberries, pomegranates among others.

232323

2213

189 11

3

612

11

3.9

26.4

22.1

4.67.4

13.916.2

13.410.6

2008 2009 2010 2011 2012 2013E

Volume Harvested & Average Yield of avocado and asparagus

Avocado: Planted Area (Has) & Average Age of Plantation (Years) Avocado: Total Volume Harvested (000 Tm) & Average Yield (MT/Ha)

825 825 825 825 825

671 671 671

763 763

382

1,462 1,665

993

357 229

825

128

2008 2009 2010 2011 2012 2013E

29,855 34,828 32,803 32,63725,738 31,075

2,633 2,516 2,5162,634 2,6342,634

0

10,000

20,000

30,000

40,000

50,000

60,000

2008 2009 2010 2011 2012 2013E

Tot al Tns Has

Old Fields New Fields

24

Asparagus volume harvested vs. hectares productive phase Asparagus: Total Volume Harvested (000 Tm) & Average Yield (MT/Ha)

Expansion Production

30 33 3326 3135

10.012.2 12.4 12.4

10.2 12.3

2008 2009 2010 2011 2012 2013E

Old Fields Average Yield

Estimated Volume

Avocado volume

Avocado 2012 2013E

Volumes harvested (MT 000) 15,168 23,277

Third party supply (MT 000) 2,532 3,000

Volume produced KNE (MT 000) 13,911 21,019

25

Asparagus volume

Asparagus 2012 2013E

Volumes harvested (MT 000) 25,738 31,075

Third party supply (MT 000) 1,902 -

Volume produced KNE (MT 000) 20,356 22,865

Q&A

26

Agenda

Highlights




AppendixAppendix

Largest Shareholders as of December 31st 2012

Investor Shares Percentage

1 DYER-CORIAT HOLDING, S.L 8,571,000 28.73%

2 EUROCLEAR BANK S.A./N.V. ('BA') 6,602,098 22.13%

3 ANDEAN FISCHING L.L.C 3,380,100 11.33%

4 CAMPOSOL S.A. 2,613,130 8.76%

5 FONDO DE INVERSIÓN AGROINDUSTRIAL 1,908,750 6.40%

6 WEILHEIM INVESTMENTS S.L. 1,338,913 4.49%

7 PERU LAND FARMING LLC 960,695 3.22%

8 QVT FUND V LP I 893,741 3.00%

9 QVT FUND LP 707,287 2.37%

10 DEUTSCHE BANK AG LONDON 685,008 2.30%

11 CAMPOSOL HOLDING PLC 355,372 1.19%

2828

11 CAMPOSOL HOLDING PLC 355,372 1.19%

12 JPMORGAN CHASE BANK 265,462 0.89%

13 QVT FUND IV LP I 152,329 0.51%

14 JUSTNES REDERIAS 145,300 0.49%

15 MP PENSJON PK 137,000 0.46%

16 JAHRMANN AS 125,200 0.42%

17 BANK OF NEW YORK MELLON SA/NV 107,110 0.36%

18 CLEARSTREAM BANKING 102,108 0.34%

19 SIX SIS AG 25PCT 87,128 0.29%

20 MILLCOM NORGE AS 60,000 0.20%

TOTAL TOP 20 29,197,731 97.88%

OTHERS 636,089 2.12%

TOTAL 29,833,820 100.00%

Strong fundamentals, unique competitive advantages, solid strategy, management capacity and strong corporate governance place Camposol in a unique position in its competitive landscape.

Key company strengths

1) Strategic location

5) Strong growth without

29

4) Global reach and world-class customers

2) Vertically integrated, with presence throughout the entire value chain

3) Diversified portfolio and leading position in its

main products

5) Strong growth without substantial additional

CAPEX

1) Strategic location: yields, prices and agricultural risk

7.06.0 5.1 4.9

6.0

10.8

Peru Italy China Spain GermanyWorld

(avg.)

� Climatic factors in Peru provide significantly betterproduct yields.

� Natural greenhouse conditions and stable temperaturesthroughout the year:

− Humboldt current.

− Proximity to the tropical equatorial regions.

− Little weather fluctuations.


Highlights Major asparagus producers – 2010 yields

30

10.49.7 9.0

6.6 6.28.4

Peru Chile Mexico Colombia U.S. World(avg.)

− Little weather fluctuations.

� Sandy soils with drip irrigation systems along coastaldesert plains.

� Year round supply of asparagus.

� No extreme climate:

− All major agricultural risks (floods, frost, droughts) mitigated by the stable weather conditions.

Peru’s climate allows Camposol to produce more efficiently all-year round, take advantage of production windows not available to competitors, and achieve higher than average yields.

Source: FAOStat, ACM.


Major avocado producers – 2010 yields

1) Strategic location: yields, prices and agricultural risk

2005 2006 2007

0

5

10

15

20

25

30

000 MT per month

PERUPERUPERUPERUPERUPERUPERUPERUPERU

Legend

Equator

Major asparagus producers - seasonality Main producers of avocado and grapes

31

USA Mexico PeruEmerging producingHistorically producing

� Year-round production cycle:

– Unique production window; the only major exporting country during the July-February period

– Efficient asparagus production compared to competing countries

� Similar climatic benefits and unique export windows also present in avocado production.

� Peruvian products expected to gain enhanced access to international markets through free trade agreements.

� Grapes and avocado have been traditionally grown and consumed in the northern hemisphere.

� As population expanded, regions in the southern hemisphere became the natural suppliers of these fruits.

– Consumers in the northern hemisphere were subject to natural seasonality and harvest of these fruits, lacking adequate supply during a significant portion of the year.

� Countries such as Peru now take a lead role in supplying the northern hemisphere by taking advantage of a different seasonality, effectively creating ‘year-round’ supply, and accessing the market when supply from other regions is seasonally low.

Peru’s climate allows Camposol to produce more efficiently all-year round, take advantage of production windows not available to competitors, and achieve higher than average yields.

Source: FAOStat, ACM, company data.

2) Vertically Integrated, with a presence throughout the entire value

chain

Raw materials1 Processing 2

� Company-owned fields

– Full control over production, including quality and logistics.

– No dependence on 3rd

party production.

– Total product traceability

– Higher degree of control

� Streamlined processing

– Only Peruvian company with fully integrated processing process (preserved, fresh and frozen).

– All major quality and process certifications (HACCP, Global Gap, TNC, among others).

32

Products 3Distribution4

� Global customer base

– Long-term relationships with leading retail chains in both Europe and the US (private labels).

– Higher degree of control over product quality and consistency.

Gap, TNC, among others).

– Significant investments made in optimizing plant efficiency and reducing dependency on skilled labor.

� Focus on niche and high margin crops

– Producing 5 of the most important Peruvian non-traditional exports, in three different presentations.

Camposol’s vertical integration allows the Company to manage and benefit from each stage in the entire production and commercialization cycle.

3) Diversified portfolio and leading position in its main products

Main Peruvian agribusiness products

Asparagus PepperMangoFresh grapesAvocado

2010 Camposol market position in Peru, measured as volume produced

# 1 # 2#1# 10# 1

33

2010 US$ value of global imports and 2006 - 2010 global imports CAGR

$1.4bn | 5.6% $2.3bn | 22.6%$1.6bn | 16.8%$7.0bn | 11.3%$1.7bn | 23.9%

2010 Peru market share of exports and 2006 – 2010 CAGR

34.1% | 12.0% 4.3% | 10.4%7.0% | 17.0%2.9% | 87.8%5.8% | 118.2%

18.0% 16.2%12.9%34.9%

2012 Camposol’s Gross Profit Margin

51.8%

� Asparagus, avocado, pepper, mango and grapes represented ~77% of Peru’s total exports of fruits and vegetables during 2010.

− Global avocado imports have grown at 24% CAGR over the last five years.

� Camposol is the largest asparagus exporter in the world, and the largest Hass avocado producer in the world.

Camposol is the leading fruits and vegetable exporter in Peru.Source: Company estimates, International Trade Organization, Ministerio de Agricultura del Peru and press releases.

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Sales(1)

Gross

profit(1)

Avocado 17.2% 36.3%

Grapes 9.9% 14.1%

Green asparagus

White asparagus

37.2% 27.4%

…which allows for year-round use of labor and production facilities

34

Mango 8.0% 4.2%

Piquillo pepper 8.4% 5.5%

Shrimp 11.5% 9.3%

Tangerines + other 7.8% 3.2%

Total100%

$183.2 MM

100%

$44.9 MM

(1) Contribution to sales and gross profit as of December 31 2012.

Camposol has year-round production that allows for cost-effective use of labor and productive resources

Source: Company data.

4) Global Reach and world-class customers

World Class Customers Share of Sales by Continent (% ot Total)

24%17%

29%35%

75% 80% 64% 56%

1% 3% 7% 9%

2009 2010 2011 2012

Asia Europe AmericaSource: Company data

3535

Global Presence 2012 � Fresh products sold under own label: Camposol™, Andes™,Amazonas™.

� Company produces “Private Label” for major retailers.

� Sales to Asia began in 2009 with Grapes (Red Globe) and continued in2010 with Fresh Mangoes.

� Growing export volume and destinations, with products reaching 33countries in 2010 and 39 countries in 2012.

− Significant growth opportunity in avocado sales to the US.

� 10 year contract with Riberebro (one of Europe's leading specialistsin canned vegetables) including exclusivity on preserved asparagusand piquillo peppers in Spain, Portugal and France.

Commercial OfficeHQ & Operations Exports

Camposol has a leading global distribution network with presence in the US, Europe and Asia.Source: Company estimates, International Trade Organization, Ministerio de Agricultura del Peru and press releases.

There was a mild appearance of “El Niño” during H1 2012 which

affected volumes of this year in avocado and asparagus mainly.

363636

Source: CLIMATE PREDICTION CENTER/NCEP/NWS and the International Research Institute for Climate and Society

“El Niño” Development

Although models have reduced their forecast on intensity, it has to be closely monitored

to determine impact in 2013 volumes.

373737

Source: Geomap Consultores

� Concensus of different models aboutpotential intensity of “El Niño”.

� “El Niño development must be closelyfollowed in the next few months.

10,047 12,30117,611 14,096

2,278 2,488 2,488 2,616

2009 2010 2011 2012

Volume sold (MT) Total Hectares Planted

16.3 20.639.9

31.1

57.8% 61.3% 66.6% 52.5%

2009 2010 2011 2012Revenues (US$ mm) Gross Margin (%)

Avocado revenues and gross marginAvocado volume sold and total hectares planted

Note: Ovals represent average yearly price in US$ per Kg exported.

…due to 67% of planted avocado areas reaching peak production

yields by 2015.

Average price

US$ / MT: 1,630 1,680 2,260 2,210

2002 - 201031%

201126%

201229%

20139%

20155%

38

4

12

13

12

29

16

30

17

4

10

1518

22

18

2218

1 2 3 4 5 6 7 8 9 10

Actual Expected

Total avocado hectares, by year of first harvest Camposol’s avocado average yield during life cycle(1)

The opening of the US market has led to a substantial increase in the average price of avocado sold, increasing by 35% in 2011.

Source: Company Data.(1) Yields taken from historical production of avocado in Camposol’s existing fields.

(MT / Hectares)Total Hectares Planted2,616

825 ha 671 ha763 ha229 ha128 ha

camposol: resultados del año 2012

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