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SKOLKOVO VENTURES AGTECH FUND I

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SKOLKOVO VENTURES

AGTECH FUND I

AgTech I at a GlanceS

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• The first venture fund in Russia investing in Agriculture Technology

• The fund’s investment strategy targets high growing Russian agtech companies in domestic and international markets as well as global startups aiming at developing business in Russia

• The management team includes Skolkovo Ventures professionals with a vast investment experience in Biotech, IT and Agtech, as well as entrepreneurial experience in agritechnology in Russia and the United States

• To industry partners: we help find and invest in promising projects within Skolkovo ecosystem, on the broader Russian market and across the globe

• To startups: we provide not only funding, but also access to major Russian customers and the Skolkovoinfrastructure

• Target fund size - RUR3.0 billion (appx. US$ 50 mln), including RUR1.5 billion from the fund’s anchor investor - RVC

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Why AgtechS

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10%Global GDP

#2Fastest growing

sector since 1999

1,5% p.a.Insufficient increase in

average yield*

Industry Digitization Index ***

+70%Food demand

increase by 2050

x3Increasing scarcity

of land resources**

Food&Agro - the $7.8 trillion global market on the edge of revolutionary changes

Source: AgFunder, Plunkett Food Industry Almanac. Food & Agro includes agriculture, food and beverage production* World Bank, annual increase of the average yield decreased from 3% in the 1960-1980s to 1,5% by the 2000s ** The cropland per capita is forecast to decrease from 0,6 ha per person in 2000 to 0,2 ha per person by 2050 *** McKinsey Industry Digitization Index, Agrifood is the least digitized industry.

#22

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Growing demand for food amid limited land resources can be met only through adoption of technologies in agriculture****

**** Key technologies include: Mobile Computing; Off-grid Energy; Computation & Machine Learning; Satellite & Imagery; Data SensorInput; Wireless Communications; Drones; Robotics & Automation; Genetics &Synthetic Bio

Why AgtechS

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• Investments in Agtech increased 8th fold in 2010-2016

• 580 venture deals announced only in 2016 (+10%)

• Major companies (Monsanto, Syngenta, DuPont, John Deere, Bayer, BASF, etc.) have been actively investing through corporate VCs and participate in agtech funds as LPs

• Five agtech funds were raised in 2016 , with 8 more funds are raising capital in 2017

• Top VCs (KPCB, Khosla, A16Z, GV) have been actively investing in Agtech since 2013

• The dynamics of 2015-2016 reflects mainly decline of the “overheated” food e-commerce segment as the market has become more mature

• The growth of interest to AgTech was triggered by two landmark deals: Monsanto-ClimateCorp ($930M, 2013) and Bayer-AgraQuest ($425M, 2014)*

VC Investors and industry leaders have already acknowledged the potential of Agtech

Source: AgFunder* Other examples of successful startups on slide 18 3

0,4 0,5 0,50,9

2,4

4,6

3,2

2010 2011 2012 2013 2014 2015 2016

20172016201520142013201220112008

Cultivian I($34M)

Middleland Capital

Avrio Ventures LP II($92M)

Greensoil Agro &Food I ($12М)

Omnivore Partners I ($40М)

Fall Line Farms I ($127М)

Cultivian Sandbox II($115М)

Closed Loop(Evergreen)

CapAgro Innovation Fund ($47М)

Greensoil Agro &Food II ($19М)

S2G Ventures($125M)

PowerPlant VС($42M)

New Crop($25M)

Lewis & Clark($20M)

Avrio VC FundIII ($110M)

Pontifax ($200M)

Anterra CapitalFund I ($125M)

Finistere II($150M)

2 2 1 1 4 2 1 5 2

Innova Ag IV ($31M)

Annual financing in Agtech 2010-2016, $B

Agtech Funds announced close 2006-2017

• One of the leading industries (4.5% GDP) with strong positions on export markets (world’s #1 wheat exporter)

• Despite the resent negative GDP dynamics, agriculture has demonstrated 3,6% CAGR in the last 3 years

• Russia possesses about 10% of the global arable land bank

• High concentration of the land bank and food processing by major agriholdings that accumulate huge resources and therefore demand for technology. Top 50 agriholdings control over 12 mln ha (10%) of the agricultural land in total

• Global and regional leaders of the fertilizer industry, agricultural machinery, pesticides and other segments

Why Agtech in RussiaS

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Agriculture sector is an essential driver of the Russian economy

*Source: AB-CENTER, Rosstat, Soyuzmoloko, FCS, FAO.org 4

22,1 20,925,1

4,0 5,32,93,5 3,75,3

0,0

5,0

10,0

15,0

20,0

25,0

30,0

35,0

2014 2015 2016

Пшеница Ячмень Кукуруза Прочие

Grain exports from Russia, million tons

30,7 31,2

34,5

8,5 9,1 9,5 9,9

92105 105

119593

661738

790

0

200

400

600

800

0,0

50,0

100,0

150,0

200,0

2013 2014 2015 2016

Мясо Зерно Молочные продукты

Agriculture in Russia, million tons*

Meat Grain Dairy products

Wheat Barley Corn Other

Why Agtech in RussiaS

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• Considering that the global land bank is expected to grow by 4,3% or 70 mln ha by 2050, Russia can become the major growth contributor if manages to add 21mln ha

• Russia has the potential of an intensive growth via higher yields and productivity by 30-70% to achieve the today's level of the leading countries

• Top agriholdings shift their focus from expanding the land bank to increasing yield and efficiency creating demand for new technologies

• Russian fertilizer manufacturers hold the leading positions in the world and look for value growth opportunities and diversification

• The active government policy aimed at providing support to the industry through grants and lending in addition to closing the market for a number of foreign rivals, which stimulates production growth and demand for technology

• According to Research, Global warming may contribute to the average yield increase in Russia due to extension of the growing season which opens possibilities to use land farther in the North*

Adoption of agriculture technologies will unlock the immense industry potential

Source: AB-CENTER, Ministry of agriculture, HIS Global Insights*https://www.bloomberg.com/view/articles/2017-09-04/russia-is-an-emerging-superpower-in-global-food-supply ** The cost of the product manufactured in the industry according to the current prices in 2010-2015 5

120122 123 124

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2012 2013 2014 2015 2016 2050

Arable lands in Russia, million hectares*

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50

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Зерновые ц/га Кукуруза ц/га

Россия Австралия Канада Франция Германия США

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Молочная прод-ть скота т/год

Potential of entering new areas

+8

+13

Available planned growth

Russia agriculture market, B RUR**

Crop yield and livestock productivity, 2008-2013

46% 52% 49% 52% 51% 52%54%

48% 51% 48%49%

48%

2010 2011 2012 2013 2014 2015

Растениеводство Животноводство

25873261 3339 3687

43195037

Livestock productionCorp production

Corn, hwt/haCrops, hwt/ha Dairy cattle productivity, t/year

Russia CanadaAustralia France Germany USA

Why Agtech in SkolkovoS

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Unique ecosystem for startups, corporates and investors

Skolkovo Ecosystem

Partners

85 partners – corporations, including SAP, EMC, IBM, GE, Panasonic, Intel, Siemens, Samsung, Cisco, и др.

6’300+ Workplace 24 R&D centers

Residents

1’737 Residents 130,1 B RUR Participants revenue 25,3 B RUR Investments 22’100 Workplace 1’100+ Patents

Investors

100+ VC Funds and PE Funds 9,0 B RUR firm commitments 34.7 B RUR soft commitments 200+ Business angels 210+ Mentors

Skolkovo Open University

Skolkovo innovation city Infrastructure

Technopark

Laboratories and research infrastructure

Centers for collective use

The educational environment

Skoltech, leading graduate research university

International and Russian universities and partners

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Skolkovo Agtech

• Startup applications 450

• Residents 91

• Experts 102

• Partners 15

Skolkovo Ventures TeamS

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VASILY BELOVGeneral Director Previously Senior Vice-President for Innovations, SkolkovoFoundation. Member of the Working Group on Energy Efficiency of the Commission under the President of the Russian Federation, Member of the BoD of PJSC RossetiEducation: Moscow State University, Cambridge Business School

The unique combination of qualified team and Skolkovo ecosystem

• The division of agricultural technologies in Skolkovo was launched in July 2015 within Biomedical Technologies Cluster.

• During this time, Skolkovo Agtech selected and provided grant support for over 80 projects. Major agri market players including Cherkizovo, EFCO, Rusagro, Miratorg, Syngenta and others joined as industry partners.

• Unique expertise, experience in incubation and acceleration help identify promising and fast growing startups

Skolkovo Agtech - Agriculture and industrial biotechnology

ROMAN KULIKOV - Head of Agtech division and Director of acceleration, Skolkovo Foundation

PAVEL MOROZOVMD, Head of Venture Capital DepartmentPreviously – Investment Director at VTB Capital, RBV Capital and Troika Dialog. Participated in over 25 venture investments in IT, biotech and industrial startups: Evernote, RetroSense (acquired by Allergan), Bonti; served as board member in iiko, Grid Dynamics (acquired by Teamsun), etc. Education: Moscow State University, Ph.D. in mathematics

PAVEL DANILOVManaging Partner AgTech Fund I

Previously Investment Director at ONEXIM Group, M&A Barclays, co-founded 2 startups in agtech Maiaki, USA and Agrosputnik, Russia. Board member of agriholding UAI, RBC media, Quadra, Optogan, Profotech, Renaissance Credit; Board observer at Uralkali, RenCapital, Rusal, OPIN and Soglasie InsuranceEducation : USUE, New Economic School, Stanford GSB

SERGEY SOBOLEVInvestment Manager AgTech Fund I

Previously held the position of Investment Manager at Polar Star Ventures and BioFund RVC focused on biotechnology. Participated in over 15 venture investments in biotech and industrial startups: ExoAtlet (Russia), BioScale (ProterixBio, USA) and other. Education: NUST MISIS

Skolkovo Ventures AgTech Fund I

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Farm Mgmt Software, Sensing & IoTAg data capturing devices, decision supportsoftware, big data analytics

Novel Farming SystemsIndoor farms, insect, algae & microbeproduction

Investment focusS

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Projects with a developed product, clear market strategy and qualified team in the following major Agtech segments:

Ag BiotechnologyOn-farm inputs for crop & animal ag includinggenetics, CRISPR, microbiome, breeding

Robotics, Mechanization, & EquipOn-farm machinery, automation, dronemanufacturers, grow equipment

Supply Chain TechnologiesFood safety & traceability tech, logistics &transport, food processing

Bioenergy & BiomaterialsNon-food extraction & processing, feedstocktechnology

Innovative FoodAlternative proteins, novel ingredients &supplements

Food Marketplace/EcommerceOnline Farm-2-Consumer, meal kits,specialist consumer food delivery

8Agtech segmentation based on Agfunder Investing Report 2016