Deals

Global Agribusiness Deal Activity

May 2015

Table of Contents

Section Overview

Page

1

Agribusiness News & Multiples

1

2

Markets Update

6

Agribusiness News & Multiples

Global Agribusiness • Deal Activity PwC

May 2015 1

Section 1 – Agribusiness News & Multiples

Dairy Red Meat Pork Dairy M&A News Egypt: Arla Foods and Eygpt’s largest dairy company, Juhayna Food Industries, have agreed to form a JV to sell Arla Products in Egypt. Brazil: Brazil’s competition authority have cleared Lactalis to acquire Dairy units from BRF for US$1.8 bn. Vietnam: Vinamilk is rumoured to be in talks to acquire several European dairy operations. Management News US: The Michigan Milk Producers Association has appointed Josep Barenys as CFO.

Trading multiples (EV/EBITDA)

Transaction multiples (EV/EBITDA) 25.0x

Nestlé S.A. Unilev er plc 15.0x Unilev er NV Mondelez International, Inc. 10.0x Danone 5.0x Kraft Foods Group, Inc. General Mills, Inc. 0.0x Mead Johnson Nutrition Com pany Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Keurig Green Mountain, Inc. Want Want China Holdings Ltd. Bidder/Target 1: Pershing Square Capital/Mondelez, 2: Groupe Lactalis/Lactalis Puleva, 3: Median Pepsi-Cola/Wimm-Bill-Dann Food, 4: Bank Hapoalim/Parmalat, 5: Société pour le Average 20.0x

Red Meat

Financement de l'Industrie Laitière/Parmalat, 6: Suntory/Cerebos Pacific, 7: Savola Group/Almarai , 8: Trian Fund Management/ Danone, 9: Saputo Cheese Morningstar Foods, 10: Prominent Achiever / China Mengniu Dairy Co., 11: China Mengniu Dairy Co./Yashili International, 12: FB Participações/Vigor Alimentos, 13: Qurain Petrochemical Industries/Saudia Dairy & Foodstuff, 14: First Pacific & Wilmar International /Goodman Fielder, 15: Qurain Petrochemical Industries/Saudia Dairy & Foodstuff.16: Qurain Petrochemical Industries/Saudia Dairy & Foodstuff.17: First Pacific Company / Goofman Fielder Ltd. 18: Warrnambool Cheese and Butter / Lion Dairy & Drinks, Everyday cheese business.

M&A News

Transaction multiples (EV/EBITDA)

Australia: Brownes’ has appointed Tony Girgis as CEO & Managing Director.

Denmark: Finnish meat products manufacturer Atria to acquire Aalbaek Specialiteter, one of Europe's largest manufacturers of organic meat products. France: German retailer Metro has placed a bid to acquire Classic Fine Foods, in a deal that is potentially worth US$400m. Australia: Chongqing Hondo Agriculture Group plans to acquire US$100m of Australian cattle stations over the next year. Management News: Australia: Meat & Livestock Australia are on the search for three new non-executive board members.

Pork

Trading multiples (EV/EBITDA)

Russia: The Russian government has announced a plan to invest US$11 bn to expand domestic agricultural industries over the next five years, with about a third of this directed at meat producers. UK: The CMA has provisionally approved Pork Farms acquisition of savoury pastry business from Kerry Foods.

Sources: S&P Capital IQ, Factiva, PwC research

Global Agribusiness • Deal Activity PwC

1Yr Lgd 1Yr Fwd 1 5.5x 1 5.3x 24.9x 1 5.8x 1 3.8x 1 1 .2x 1 1 .1 x 7 .6x 1 6.1 x 1 3.4x 1 8.1 x 1 6.2x 1 3.4x 1 2.8x 8.0x 6.0x 1 2.1 x 1 0.2x 23.6x 1 7 .6x 14.6x 13.1x 15.7x 12.6x

25.0x Associated British Foods plc 20.0x Kraft Foods Group, Inc. BRF S.A. 15.0x Ty son Foods, Inc. Henan Shuanghui Inv estm ent & 10.0x Kerry Group plc Horm el Foods Corporation 5.0x JBS S.A. 0.0x Uni-President Enterprises Corporation Aug-10 Aug-11 Aug-12 Aug-13 Aug-14 Univ ersal Robina Corporation Median Bidder/Target 1: West Face Capital/Maple Leaf Foods, 2: Boparan Holdings/Northern Foods, Average 3: NA/Astarta Holding, 4: Leucadia/National Beef Packing, 5: TMK Holding/ National Beef Packing, 6: NA/Zhongpin, 7: Henan Shineway/Smithfield Foods, 8: Darling Ingredients/VION Ingredients, 9: NA/People's Food Holdings, 10: Sigma Alimentos/Campofrio Food Group, 11: L Sigma Alimentos/Campofrio Food Group, 12: JBS S.A , 13: Condorcet Opportunity / Campofrio Food Group, 14: Tyson Foods / The Hillshire Brands, 15: Nutresa / Aldage. 16: H. J Heinz Holding Corp / Kraft Foods Group.

Trading multiples (EV/EBITDA)

Transaction multiples (EV/EBITDA) 25.0x

M&A News

1Yr Lgd 1Yr Fwd 1 4.2 x 1 4.3 x 1 2 .6x 1 3 .6x 1 3 .9x 1 3 .3 x 1 6.4x 1 5.1 x 1 4.0x 1 2 .3 x 2 4.9x 1 5.8x 1 3 .8x 1 2 .4x 1 8.7 x 1 6.4x 1 2 .0x 1 1 .8x 1 5.9x 1 3 .7 x 14.1x 13.6x 15.6x 13.9x

20.0x 15.0x 10.0x 5.0x

0.0x Jun-10

Jun-11

Jun-12

Jun-13

Jun-14

Seaboard Corp. BRF S.A. Marudai Food Co., Ltd. Kraft Foods Group, Inc. Shandong Longda Meat Foodstuff Co., Ltd. Shandong Delisi Food Co., Ltd. SunJin Co., Ltd. China Putian Food Holding Lim ited WH Group Lim ited Median Average

1Yr Lgd 1Yr Fwd 6.7 x n.a. 1 3.8x 1 1 .2x 7 .1 x n.a. 24.9x 1 5.8x 50.8x n.a. 89.3x n.a. 1 1 .7 x n.a. 1 0.2x n.a. 6.0x 7 .7 x 11.7x 11.2x 24.5x 11.6x

Bidder/Target 1:Talleys Group/ AFFCO Holdings, 2: Premium Brings Holdings / Piller Sausages & Delicatessens, 3: Harim Holdings/ Sunjin Holdings Co. 4: LBO / Zhongpin Inc. 5: Mitsubishi Corp / Yonekyu Corp. 6: Henan Shineway Industry Group / Smithfield Foods Inc. 7: LBO / People’s Food Holdings Ltd. 8: Sigma Alimentos / Campofrio Food Group, SA. 9: JBS Australia Pty / P&M Smallgoods Pty

May 2015 2

Section 1 – Agribusiness News & Multiples

Poultry Grain & Beans Fruit, Vegetables & Nuts Poultry M&A News UK: BRF has entered into a JV with INVICTA Food Group to supply meat and poultry products in UK and Nordic countries. Management News No relevant news.

Grains & Beans M&A News Switzerland: Syngenta rejected Monsanto's US$45 bn bid saying it significantly undervalued the company. If successful, Monsanto is prepared to address regulatory concerns by divesting of Syngenta’s seed business. UK: BP has sold its 47% stake in Vivergo Fuels to Associated British Foods (ABF).

Transaction multiples (EV/EBITDA)

Trading multiples (EV/EBITDA)

20.0x 15.0x 10.0x 5.0x 0.0x Feb-10

Feb-11

Feb-12

Feb-13

Bidder/Target 1: Old Mutual Investment Group / Sovereign Food Investment , 2: West Face Capital / Maple Leaf Foods, 3: EASY BIO & FarmStory / Maniker Co., 4: Cherrybro Co ., 5: Sadia Alimentos / Avex S.A., 6: PT Japfa Comfeed / PT Multibreeder Adirama, 7: The Chefs' Warehouse Mid-Atlantic / Michael's Finer Meats & Seafoods, 8: Savola Group / Almarai, 9: Mitsubishi / Yonekyu, 10: Bellisio Foods / Overhill Farms.

Transaction multiples (EV/EBITDA)

BRF S.A. Ty son Foods, Inc. Cam pbell Soup Com pany Alm arai - Joint Stock Com pany JBS S.A. Uni-President Enterprises Corporation Univ ersal Robina Corporation Pilgrim 's Pride Corporation Charoen Pokphand Foods Public Co. Ltd. PPB Group Berhad Median Average

Trading multiples (EV/EBITDA)

25.0x

20.0x 15.0x 10.0x 5.0x

0.0x Oct-09

Oct-10

Oct-11

Oct-12

Oct-13

1Yr Lgd 1Yr Fwd 1 3 .8x 1 1 .2x 1 1 .1 x 7 .6x 1 2.4x 1 1 .9x 21 .6x 1 7 .0x 8.0x 6.0x 1 2.1 x 1 0.2x 23 .6x 1 7 .6x 5.6x 5.3 x 1 3 .2x 1 3 .6x 56.4x 3 9.8x 12.8x 11.5x 17 .8x 14.0x

Oct-14

Bidder/Target 1: GrainCorp. / GrainCorp Malt, 2: Tradewinds Malaysia / Padiberas Nasional Bhd, 3: Felda Global Ventures / Tradewinds Malaysia, 4: NA/ Kernel Holding, 5: PT Salim Ivomas Pratama / PT Perusahaan Perkebunan London Sumatra, 6: PT Bakrie Sumatera Plantations / Agri International Resources, 7: Vertical Capacity / IOI Corp., 8: Seaport Terminal (Johor), Acara Kreatif Sdn, Kelana Ventures/Padiberas Nasional, 9: Seaport Terminal (Johor), Acara Kreatif Sdn, Kelana Ventures / Tradewinds Malaysia , 10: Bollore/ Plantations Des Terres Rouges, 11: Seaport Terminal (Johor), Acara Kreatif Sdn, Kelana Ventures / Padiberas Nasional Bhd, 12: , PT Krishna Kapital/ PT Dharma Satya Nusantara. 13: SPC Kappa Co / Kappa Create Holdings Co. 14: Post Holdings / MOM Brands Company.

Archer-Daniels-Midland Com pany Wilm ar International Lim ited Bunge Lim ited IOI Corp.Bhd Kuala Lum pur Kepong Berhad Golden Agri-Resources Ltd PT Astra Agro Lestari Tbk First Resources Lim ited Genting Plantations Berhad KWS Saat SE Median Average

1Yr Lgd 1Yr Fwd 1 0.1 x 9.4x 1 5.0x 1 3 .6x 1 0.4x 7 .9x 1 5.9x 1 5.6x 1 5.5x 1 4.6x 1 3 .9x 1 1 .0x 1 0.5x 1 0.1 x 9.6x 9.6x 1 4.0x 1 4.9x 1 2.2x 1 1 .6x 13.0x 11.3x 12.7 x 11.9x

Fruit, Vegetables & Nuts M&A News UK: The Society of Growers of Topfruit (SGT), Fruit Growers Alliance (FGA) and Norman Collett have combined to form Avalon Produce Ltd (APL). Belgium: The merger of Greenyard Foods, UNIVEG, and Peatinvest has been finalised, subject to regulatory approval. A partial private placement is possible. Management News Europe: Steven Libermann has been appointed as CEO of Findus Southern Europe.

Global Agribusiness • Deal Activity PwC

Trading multiples (EV/EBITDA)

Transaction multiples (EV/EBITDA) 40.0x 30.0x

20.0x 10.0x 0.0x Aug-09

Aug-10

Aug-11

Aug-12

Aug-13

Aug-14

Bidder/Target 1: Eco-Trade Corp/YaSheng Group, 2: Bonduelle SA/France Champignon, 3: Inversiones Frutícolas / Copefrut, 4: ITOCHU/ Dole, Worldwide Packaged Foods and Asia Fresh Produce Businesses, 5: Dramd Participações e Administração / Rasip Agro Pastoril, 6: Golden Target Pacific / Camposol Holding, 7: Almarai / Continental Farmers Group, 8: Walden International / Le Gaga Holding, 9: D&C Group/ Camposol Holding, 10: Grupo Nutresa/ Setas Colombianas, 11: D&C Group/ Camposol Holding, 12: Valles Del Sur/ Hortifrut S.A., 13: Arlon Group/ Alico Inc., 14: FMR Rentas Generales/ Fruticola Viconto S.A., 15: D&C Group/ Camposol Holding, 16: Property & Building Corp./ Mehadrin, 17: NA/ Hortifrut. 18: Sucocitrico Cutrale Ltda / Chiquita Brands.

Felda Global Ventures Holdings Berhad PT Astra Agro Lestari Tbk KWS Saat SE Gansu Yasheng Industrial (Group) Co., United Plantations Bhd Fresh Del Monte Produce Inc. Kulim (Malay sia) Berhad Select Harv ests Lim ited Sarawak Oil Palm s Bhd Kav eri Seed Com pany Lim ited Median Average

1Yr Lgd 1Yr Fwd 1 2.1 x 1 2.5x 1 0.5x 1 0.1 x 1 2.2x 1 1 .6x 60.9x 22.2x 1 2.6x n.a. 8.9x 9.0x 22.3x 21 .8x 26.8x 1 0.6x 8.9x 8.0x 1 8.1 x 1 5.8x 12.4x 11.6x 19.3x 13.5x

May 2015 3

Section 1 – Agribusiness News & Multiples

Forestry & Landscaping Fertiliser & Agricultural Chemicals Forestry & Landscaping M&A News No relevant news. Management News US: The Ohio Nursery and Landscape Association Executive Director Kevin Thompson resigned. The National Association of Landscape Professionals appointed Scott Jamieson President of the Board of Directors. Canada: Mark Bishop replaced Reid Carter as Acadian’s President and CEO.

Transaction multiples (EV/EBITDA)

Trading multiples (EV/EBITDA)

35.0x 30.0x

25.0x 20.0x 15.0x 10.0x 5.0x

0.0x Aug-09

Aug-10

Aug-11

Aug-12

Aug-13

Bidder/Target 1: Placas do Parana /Arauco do Brasil, 2: FV S.A./Fiplasto S.A., 3: Meerwind/Rörvik Timber, 4: BC Investment management / Timber West Forest Corp, 5: LIXIL Group/Hivic Co., 6: Viking Investments Group/China Wood, 7: Viking Investments Group/China Wood, 8: Brookfield Asset Management / Western Forest Products, 9: Samling Strategic / Samling Global, 10: Samling Global / Lingui Developments, 11: Mill Road Capital / PRT Growing Service, 12: Rentech /Fulghum Fibres, 13: Weyerhaeuser / Longview Timber, 14: Boise Cascade Wood Products / Chester Wood & Moncure Plywood, 15: Louisiana-Pacific / Ainsworth Lumber, 16: Interfor / Tolleson Lumber, 17: Rentech / New England Wood.

West Fraser Tim ber Co. Ltd. Canfor Corp. Duratex SA Deltic Tim ber Corporation Sonae Indústria, S.G.P.S., S.A. Stella-Jones Inc. Interfor Corporation Boise Cascade Com pany Norbord, Inc. Suzano Papel e Celulose S.A. Median Average

1Yr Lgd 1Yr Fwd 1 1 .1 x 9.0x 7 .9x 7 .1 x 8.4x 6.5x 1 9.4x n.a. 7 .9x n.a. 21 .1 x 1 5.2x 1 2.4x 8.8x 8.2x 7 .6x 3 0.2x 1 4.7 x 1 1 .6x 6.8x 11.3x 8.2x 13.8x 9.5x

Fertiliser & Agricultural Chemicals M&A News US: Boulevard Acquisition Corp is buying Dow Chemical Company’s AgroFresh unit for up to US$860m. Dow Chemical is reportedly seeking to divest of between $7 bn and $8.5 bn in assets by mid2016. Alltech to acquire 100% of the outstanding stock of Ridley Inc. for US$424m. The transaction is subject to approval by Ridley shareholders, regulatory review, and other closing conditions. Denmark: FMC Corporation acquisition of Cheminova A/S has closed after FMC satisfied all conditions and regulatory approvals. The purchase price was approximately US$1.8 bn. Management News Australia: Ruralco’s Chief Executive and CFO have both resigned in the space of three days. Ruralco is now looking for their eighth CFO in nine years.

Trading multiples (EV/EBITDA)

Transaction multiples (EV/EBITDA) 25.0x 20.0x 15.0x 10.0x

5.0x 0.0x Aug-09

Aug-10

Aug-11

Aug-12

Aug-13

Aug-14

Monsanto Com pany Sy ngenta AG Potash Corp. of Saskatchewan, Inc. The Mosaic Com pany Saudi Arabian Fertilizer Com pany CF Industries Holdings, Inc. Agrium Inc. Yara International ASA Israel Chem icals Ltd. Public Joint Stock Com pany Uralkali Median Average

1Yr Lgd 1Yr Fwd 1 3 .4x 1 2 .1 x 1 5.4x 1 5.2 x 1 2 .6x 1 0.3 x 8.0x 7 .5x 1 4.8x 1 4.9x 9.2 x 7 .9x 1 3 .4x 8.4x 8.1 x 6.1 x 9.1 x 7 .8x 9.1 x 7 .6x 10.9x 8.2x 11.3x 9.8x

Bidder/Target 1: Koor Industries/ADAMA , 2: CF Industries/Terra Industries, 3: China National Chemical / ADAMA, 4: Uralkali /Silvinit, 5: Sumitomo Chemical / Nufarm, 6: Mineracao Naque/ Vale Fertilizantes, 7: Menoza Trading / OJSC PhosAgro, 8: CJSC Holding / SBU Azot, 8: EuroChem/K+S Aktiengesellschaft, 10: Youngor Investment/Kingenta Ecologic Engineering, 11: Norica /Grupa Azoty, 12: Grupa Azoty Spólka Akcyjna/Zaklady Azotowe Pulawy Spolka Akcyjna, 13: ADAMA /Hubei Sanonda Co., 14: Jiang Yin Hanying/Jiangsu ChengXing Phosph-Chemicals, 15: Yara International/OFD Holding, 16: EDAILY Co./ KG Chemical, 17: Adorabella/OJSC PhosAgro, 18: Platform Specialty Products/ Chemtura AgroSolutions, 19: Yara International/Galvani Indústria, Comércio E Serviços, 20: Boulevard Acquisiton / AgroFresh

US: FMC Corp announced Jamie Gomez-Arnau as Vice President of Agricultural Solutions in Europe, Middle East, and Africa. Wayne T. Smith was announced Chairman and CEO of BASF Corporation.

Sources: S&P Capital IQ, Factiva, PwC research

Global Agribusiness • Deal Activity PwC

May 2015 4

Section 1 – Agribusiness News & Multiples

Viticulture Agricultural Products & Machinery Fishery Viticulture Transaction multiples (EV/EBITDA) M&A News

Trading multiples (EV/EBITDA)

50.0x

No relevant news.

40.0x

Management News

30.0x

No relevant news.

20.0x 10.0x

0.0x Sep-09

Agricultural Products & Machinery

Sep-10

Sep-11

Sep-12

Sep-13

Bidder/Target 1: Advini/Laroche, 2: Nikora/JSC Teliani Valley, 3: Remgro and Zeder Investment /Capevin Holdings, 4: Kirin/Mercian, 5: SVL/Abrau-Durso, 6: Majority shareholders/Magnotta Winery, 7: Sogrape Vinho/Bodegas Lan, 8: Tempo Beverages/Barkan Wine Cellars, 9: FMR Rentas Generales/Viñedos Emiliana, 10: FMR Rentas Generales/ Treasury Wine Estates, 11: Kohlberg Kravis Roberts & Co / Treasury Wine Estates, 12: Private investor/ Schlumberger, 13: Private investor/ Schlumberger.

M&A News

Transaction multiples (EV/EBITDA)

Canada: Salford Group acquired Valmar Airflo Inc, a manufacturer of seeding and granular application equipment.

20.0x

Management News

10.0x

China: Noble Agri announced the appointment of Matt Jansen as CEO, previously at Archer Daniels Midland. Australia: Nufarm appointed its COO and acting CEO, Greg Hunt, to Managing Director and CEO. Netherlands: Nutreco CFO Gosse Boon has resigned, following the successful takeover bid by Dutch investor SHV Holdings.

5.0x

Jan-11

Jan-12

Jan-13

Transaction multiples (EV/EBITDA)

M&A News

40.0x

US: Copper River Seafoods has acquired a salmon processing facility and associated assets in Bristol Bay, Alaska from Extreme Seafoods. Management News Canada: President and COO of High Liner Foods, Keith Decker, to become CEO.

Jan-14

Bidder/Target 1: Woodstream/Zareba Systems, 2: Ag Growth International/Mepu Oy, 3: Converted Organics/TerraSphere Systems, 4: Blount/SpeeCo, 5: Kubota/Kverneland ASA, 6: Paine & Partners/Eurodrip SA, 7: Seoul Moongo Co. / Daedong Industrial Co., 8: Danfoss/ Sauer-Danfoss Inc., 9: NA/ China Farm Equipment, 10: Silverfleet Capital / Cimbria, 11: P&P Water Holding / Eurodrip S A, 12: MHR Fund Management / Titan International.

Fishery

20.0x 10.0x

Jul-11

Jul-12

Deere & Com pany Kubota Corporation CNH Industrial N.V. AGCO Corporation The Toro Com pany Turk Traktor v e Ziraat Makineleri Daedong Industrial Co., Ltd. Lindsay Corporation Titan International Inc. Jain Irrigation Sy stem s Lim ited Median Average

1Yr Lgd 1Yr Fwd 1 1 .8x 21 .6x 1 3.0x 1 0.7 x 1 0.9x n.a. 5.9x 8.6x 1 3.0x 1 1 .1 x 1 3.5x 1 0.3x 1 4.1 x n.a. 1 0.0x 1 1 .9x 1 7 .4x 1 1 .6x 8.6x 7 .1 x 12.4x 10.9x 11.8x 11.6x

Trading multiples (EV/EBITDA)

30.0x

0.0x Jul-10

1Yr Lgd 1Yr Fwd 1 8.0x 1 5.6x 1 7 .3x 1 4.8x 20.7 x 1 9.3x 1 7 .3x 1 5.2x 1 5.6x 1 3.2x 1 4.8x 1 3.6x 1 3.6x 9.1 x 1 3.5x 1 1 .8x 1 8.0x 1 5.5x 22.0x 21 .2x 17.3x 15.0x 17.1x 14.9x

Trading multiples (EV/EBITDA)

15.0x

0.0x Jan-10

Diageo plc Pernod-Ricard SA Brown-Form an Corporation Constellation Brands Inc. Jiangsu Yanghe Brewery Joint-Stock Dav ide Cam pari - Milano SpA LT Group, Inc. Treasury Wine Estates Lim ited Distell Group Lim ited Yantai Changy u Pioneer Wine Co. Ltd. Median Average

Jul-13

Bidder/Target 1: Thai Union Frozen Products/MW Brands, 2: Boparan Holdings/Northern Foods, 3: Corporacion Economica Damm / Pescanova, 4: Luxempart / Pescanova, 5: Orkla Brands / Rieber & Søn, 6: Tiger Brands / Oceana Group, 7: Geveran Trading Co ./ Marine Harvest ASA, 8: Profond Holding / Marine Harvest, 9: China Fishery Group / Copeinca, 10: Geveran Trading Co. / Marine Harvest, 11: RCL Foods / Foodcorp, 12: China Fishery Group/Copeinca, 13: CFG Investment / Copeinca.

Charoen Pokphand Foods Public Co. Marine Harv est ASA PT Indofood CBP Sukses Makm ur Tbk NH Foods Lim ited CALBEE, Inc. Toy o Suisan Kaisha Ltd. Thai Union Frozen Products Public SalMar ASA Lerøy Seafood Group Asa Guangdong Haid Group Co., Lim ited Median Average

1Yr Lgd 1Yr Fwd 1 3.2x 1 3.6x 1 0.1 x 9.0x 21 .0x 1 6.2x 9.0x 9.6x 1 9.7 x 1 6.1 x 9.9x 9.0x 1 3.3x 1 0.2x 7 .5x 7 .2x 9.4x 7 .2x 24.5x 20.6x 11.7x 9.9x 13.8x 11.9x

Sources: S&P Capital IQ, Factiva, PwC research

Global Agribusiness • Deal Activity PwC

May 2015 5

Markets Update

Global Agribusiness • Deal Activity PwC

May 2015 6

Section 2 – Markets Update

Macroeconomic and Foreign Exchange Data

Macroeconomic indicators Indicator Real GDP Growth (YoY) CPI Inflation (YoY) Unem ploy m ent rate Industrial Production Index (YoY) Producer Price Index (YoY) Exports ($US bn) Trade Balance ($US bn)

Australia 2 .5% 1 .7 % 1 .2 % 3 .3 % 2 .5% 52 .0 1 .1 -

Brazil -0.3 % 6.5% 4.6% -3 .8% 3 .7 % 51 .5 3 .3

China 7 .3 % 1 .6% n/a 7 .6% n/a 646.1 1 50.0

Germany 0.7 % 0.4% 4.9% 0.8% -0.3 % 3 1 9.6 66.2 -

India 7 .7 % 4.0% n/a 1 .9% 0.3 % 7 8.0 3 4.2 -

Japan -0.7 % 2 .5% 3 .5% -1 .4% 2 .4% 1 63 19 -

U.S. 2 .4% 1 .2 % 5.7 % 4.5% 1 .3 % 407 .6 1 81 .4

Notes: Data is quarterly reported data taken from the most recently available quarter • Current data is for 2014Q4 as reported by the Economist Intelligence Unit 7 May 2015 • Real GDP growth is calculated as % change year on year • CPI Inflation is calculated as % change year on year • Unemployment rate represents the actual unemployment as a percentage of the labour force • Industrial Production Index is calculated as % change year on year for the index • Producer Price Index in calculated as the % change year on year for the index of prices faced by firms, with the exception of Brazil whose index is based on a general prices • Exports fob in $US bn • Trade balance is calculated as Exports fob less imports cif in $US bn • Reported currencies for Exports and Trade Balances converted to $US at most recent conversion rates at time of writing •

Crude Oil - Brent ($ per Bbl. – ICE: ^B)

Gold ($ per troy oz. – COMEX: ^GC)

120.00

1,400.00

110.00

1,350.00

100.00

1,300.00

90.00 80.00

1,250.00

70.00

1,200.00

60.00

1,150.00

50.00 40.00 Apr-2014

Aug-2014

Dec-2014

Apr-2015

Dev el opm en t 6 5 .0 3 4 6 .4 0 1 1 5 .7 1

Lates t price 52-w eek low 52-w eek high

Aug-2015

Dec-2015

- Cr u de Oil Week-to-date Month-to-date Y ear-to-date

Apr-2016

-2 .5 0 % -2 .6 2 % 1 1 .7 2 %

1,100.00 May-2014

Sep-2014

Lates t price 52-w eek low 52-w eek high

Jan-2015

May-2015

Sep-2015

Jan-2016

Dev el opm en t - Gol d 1 ,2 0 6 .7 0 Week-to-date 1 ,1 4 2 .6 0 Month-to-date 1 ,3 3 9 .2 0 Y ear-to-date

May-2016

1 .2 0 % 2 .0 6 % 1 .9 1 %

Note: Straight line shows historical spot prices, dotted marked line shows futures prices. Price development table is based on most actively traded futures contract.

FX – Spot rates EUR 1 EUR 1 USD 1 BRL 1 CNY 1 INR

0.91 85 0.2 91 1 0.1 481 0.01 44

FX – Week-to-date % change USD 1 .0888 0.3 1 69 0.1 61 2 0.01 56

BRL 3 .43 56 3 .1 554 0.5087 0.0494

CNY 6.7 53 9 6.2 03 1 1 .9659 0.097 0

INR 69.61 1 9 63 .93 50 2 0.2 62 1 1 0.3 069 -

FX – Month-to-date % change 1 EUR 1 USD 1 BRL 1 CNY 1 INR

EUR 2 .82 % -1 .80% 2 .81 % 2 .3 5%

USD -2 .7 4% -4.49% -0.01 % -0.46%

BRL 1 .83 % 4.7 1 % 4.69% 4.2 2 %

1 EUR 1 USD 1 BRL 1 CNY 1 INR

EUR 1 .91 % -2 .00% 1 .92 % 1 .69%

BRL 2 .04% 3 .99% 4.00% 3 .7 7 %

CNY -1 .89% -0.01 % -3 .85% -0.2 3 %

INR -1 .67 % 0.2 1 % -3 .63 % 0.2 3 % -

BRL 6.7 8% 1 8.7 1 % 1 8.69% 1 7 .3 8%

CNY -1 0.03 % 0.02 % -1 5.7 5% -1 .1 1 %

INR -9.03 % 1 .1 4% -1 4.80% 1 .1 2 % -

USD -1 .87 % -3 .83 % 0.01 % -0.2 1 %

FX – Year-to-date % change CNY -2 .7 3 % 0.01 % -4.48% -0.45%

INR -2 .2 9% 0.46% -4.05% 0.45% -

1 EUR 1 USD 1 BRL 1 CNY 1 INR

EUR 1 1 .1 7 % -6.3 5% 1 1 .1 5% 9.92 %

USD -1 0.05% -1 5.7 6% -0.02 % -1 .1 3 %

Source: S&P Capital IQ

Global Agribusiness • Deal Activity PwC

May 2015 7

Section 2 – Markets Update

Commodities (1/2)

Corn ($ per bu. – CBOT: ^C)

Wheat ($ per bu. – CBOT: ^W)

5.00

7.00 6.50

4.50

6.00

4.00

5.50 5.00

3.50

4.50

3.00 May-2014

Sep-2014

Lates t price 52-w eek low 52-w eek high

Jan-2015

May-2015

Sep-2015

Jan-2016

Dev el opm en t - Cor n 3 .6 0 Week-to-date 3 .1 8 Month-to-date 4 .8 2 Y ear-to-date

May-2016

Jan-2015

May-2015

Sep-2015

Jan-2016

Dev el opm en t - Wh ea t 5 .1 3 Week-to-date 4 .6 0 Month-to-date 6 .7 7 Y ear-to-date

May-2016

-0 .2 2 % 8 .2 3 % -1 2 .9 6 %

Soybeans ($ per bu. – CBOT: ^S) 16.00 15.00 14.00 13.00

12.00 11.00 10.00 Sep-2014

Lates t price 52-w eek low 52-w eek high

Jan-2015

May-2015

Sep-2015

Jan-2016

Dev el opm en t - Oa t s 2 .4 8 Week-to-date 2 .3 0 Month-to-date 3 .7 1 Y ear-to-date

May-2016

5 .3 6 % 1 .5 9 % -1 8 .2 5 %

Soybean Meal ($ per T – CBOT: ^SM) 490.00 440.00 390.00 340.00

Sep-2014

Lates t price 52-w eek low 52-w eek high

Jan-2015

May-2015

Dev el opm en t 3 0 7 .1 0 2 9 8 .6 0 5 0 6 .0 0

Sep-2015

- Soy bea n Week-to-date Month-to-date Y ear-to-date

Jan-2016

9.00 May-2014

Sep-2014

Lates t price 52-w eek low 52-w eek high

Jan-2015

May-2015

Dev el opm en t 9 .4 6 9 .1 0 1 5 .1 8

Sep-2015

Jan-2016

- Soy bea n Week-to-date Month-to-date Y ear-to-date

May-2016

-0 .9 6 % -3 .0 6 % -7 .5 4 %

Sugar #11 ($ per lb – ICE: ^SB)

540.00

290.00 May-2014

Sep-2014

Lates t price 52-w eek low 52-w eek high

-2 .1 7 % -1 .6 7 % -9 .3 2 %

Oats ($ per bu. – CBOT: ^O) 3.80 3.60 3.40 3.20 3.00 2.80 2.60 2.40 2.20 2.00 May-2014

4.00 May-2014

May-2016

1 .2 2 % -2 .8 5 % -1 1 .6 5 %

0.20 0.19 0.18 0.17 0.16 0.15 0.14 0.13 0.12 0.11 May-2014

Sep-2014

Lates t price 52-w eek low 52-w eek high

Jan-2015

May-2015

Sep-2015

Jan-2016

Dev el opm en t - Su ga r 0 .1 3 Week-to-date 0 .1 2 Month-to-date 0 .1 9 Y ear-to-date

May-2016

-5 .3 0 % -2 .4 3 % -1 1 .4 3 %

Note: Straight line shows historical spot prices, dotted marked line shows futures prices. Price development table is based on most actively traded futures contract. Source: S&P Capital IQ

Global Agribusiness • Deal Activity PwC

May 2015 8

Section 2 – Markets Update

Commodities (2/2)

Cocoa ($ per MT – ICE: ^CC)

Coffee – Columbian ($ per lb – ICE: ^KC)

3,460.00

2.40

3,360.00

2.20

3,260.00

2.00

3,160.00

1.80

3,060.00

1.60

2,960.00

1.40

2,860.00

2,760.00

1.20

2,660.00 May-2014

1.00 May-2014

Sep-2014

Lates t price 52-w eek low 52-w eek high

Jan-2015

May-2015

Sep-2015

Jan-2016

May-2016

Dev el opm en t - Cocoa 3 ,1 4 5 .0 0 Week-to-date 2 ,6 7 2 .0 0 Month-to-date 3 ,3 7 1 .0 0 Y ear-to-date

2 .9 1 % 6 .8 6 % 8 .0 8 %

Rice – Rough #2 ($ per cwt. – CBOT: ^RR)

Sep-2014

Lates t price 52-w eek low 52-w eek high

Jan-2015

May-2015

Sep-2015

Jan-2016

Dev el opm en t - Coffee 1 .4 0 Week-to-date 1 .3 0 Month-to-date 2 .2 2 Y ear-to-date

May-2016

3 .2 1 % 1 .7 5 % -1 6 .0 6 %

Soybean Oil ($ per lb – CBOT: ^BO)

16.00

0.43

15.00

0.41

14.00

0.39

13.00

0.37

12.00

0.35

11.00

0.33

10.00

0.31

9.00 May-2014

Sep-2014

Lates t price 52-w eek low 52-w eek high

Jan-2015

May-2015

Sep-2015

Jan-2016

Dev el opm en t - Rou gh Rice 9 .6 5 Week-to-date 9 .4 5 Month-to-date 1 5 .3 2 Y ear-to-date

May-2016

0.29 May-2014

2 .1 7 % -3 .7 9 % -1 7 .8 7 %

Crude Palm Kernel Oil ($ per MT – KLSE: ^QF)

Sep-2014

Lates t price 52-w eek low 52-w eek high

Jan-2015

May-2015

Dev el opm en t 0 .3 2 0 .3 0 0 .4 1

Sep-2015

Jan-2016

- Soy bea n Week-to-date Month-to-date Y ear-to-date

May-2016

-3 .1 9 % 1 .6 7 % 0 .1 2 %

Milk – Class III ($ per lb – CME: ^DA)

820.00

0.26

770.00

0.24 0.22

720.00

0.20 670.00

0.18

620.00 570.00 May-2014

0.16 Sep-2014

Lates t price 52-w eek low 52-w eek high

Jan-2015

May-2015

Dev el opm en t 6 0 3 .0 0 5 7 2 .7 5 7 9 4 .5 0

Sep-2015

- Pa l m Oil Week-to-date Month-to-date Y ear-to-date

Jan-2016

May-2016

-1 .1 1 % 3 .7 4 % -7 .9 7 %

0.14 May-2014

Sep-2014

Lates t price 52-w eek low 52-w eek high

Jan-2015

May-2015

Sep-2015

Jan-2016

Dev el opm en t - Mil k 0 .1 7 Week-to-date 0 .1 5 Month-to-date 0 .2 5 Y ear-to-date

May-2016

-1 .5 5 % 1 .7 9 % 3 .7 7 %

Note: Straight line shows historical spot prices, dotted marked line shows futures prices. Price development table is based on most actively traded futures contract. Source: S&P Capital IQ

Global Agribusiness • Deal Activity PwC

May 2015 9

Section 2 – Markets Update

Equity Indices

MSCI USA

MSCI Europe

2,500

2,000

2,000

1,500

1,500 1,000 1,000

500

500 0 May-2010

May-2011

Lates t value 52-w eek low 52-w eek high

May-2012

Dev el opm en t 2 ,0 3 7 .4 9 1 ,7 7 8 .6 6 2 ,0 4 1 .7 3

May-2013

0 May-2010

May-2014

- MSCI USA Week-to-date Month-to-date Y ear-to-date

0 .2 6 % 0 .9 2 % 3 .7 0 %

MSCI Pacific

400 350 300 250 200 150 100 50 0 May-2010

2,500

2,000 1,500

1,000 500

May-2011

Lates t value 52-w eek low 52-w eek high

May-2012

May-2013

May-2014

Dev el opm en t - MSCI Pa cific 2 ,5 5 8 .5 2 Week-to-date 2 ,2 3 4 .5 1 Month-to-date 2 ,6 2 4 .6 4 Y ear-to-date

-0 .4 5 % 0 .9 4 % 1 1 .0 2 %

MSCI World/Food Products (Industry Index) 250

May-2013

May-2014

Dev el opm en t - MSCI Eu r ope 1 ,7 3 7 .1 5 Week-to-date 1 ,5 2 5 .0 6 Month-to-date 1 ,8 4 5 .7 3 Y ear-to-date

-0 .8 9 % 1 .2 7 % 8 .0 2 %

May-2011

Lates t value 52-w eek low 52-w eek high

May-2012

May-2013

May-2014

Dev el opm en t - MSCI BRIC 3 0 1 .0 9 Week-to-date 2 4 4 .9 0 Month-to-date 3 0 9 .9 1 Y ear-to-date

-0 .9 7 % -1 .0 0 % 1 4 .9 1 %

MSCI World/Retailing (Industry Group Index) 350

300

200

250

150

200 150

100

100

50 0 May-2010

Lates t value 52-w eek low 52-w eek high

May-2012

MSCI BRIC

3,000

0 May-2010

May-2011

50 May-2011

May-2012

May-2013

May-2014

Dev el opm en t - MSCI Wor l d/Food Pr odu ct s (In du st r y In dex) Lates t value 2 3 3 .2 3 Week-to-date -0 .6 9 % 52-w eek low 2 0 2 .7 5 Month-to-date 0 .3 9 % 52-w eek high 2 3 5 .2 8 Y ear-to-date 6 .6 4 %

0 May-2010

May-2011

May-2012

May-2013

May-2014

Dev el opm en t - MSCI Wor l d/Ret a il in g (In du st r y Gr ou p In dex) Lates t value 2 8 5 .7 0 Week-to-date 1 .4 9 % 52-w eek low 2 2 7 .0 6 Month-to-date -0 .9 4 % 52-w eek high 2 9 1 .0 2 Y ear-to-date 6 .7 6 %

Source: S&P Capital IQ

Global Agribusiness • Deal Activity PwC

May 2015 10

Section 2 – Markets Update

Credentials

Advisor to Inner Mongolia Yili Industrial Group investigations of NZ dairy processing opportunities including full due diligence.

Sell Side advice to Ravensdown on divestment of 100% of western Australian operation to Louis Dreyfus Commodities.

PwC advised on the sale of a cornerstone shareholding in DHL, one of New Zealand’s largest Dairy Farming Businesses.

Buy side advisory on acquisition of Coop Farms estate for £249m in one of the largest land sales in Britain of circa 40,000 acres.

Buy-side financial due diligence on Cardinal Foods on behalf of Lantmännen ek för.

Sale of

Sale of

Disposal of majority stake in QinYuan Bakery to EQT Greater China II Fund

Bright Sugar Co. Ltd. Acquisition of 60% stake in Yunnan Yin More Sugar Co. Ltd.

Guan Sheng Yuan Disposal of shares to CITIC Capital Holdings Ltd.

to Koch Fertiliser

Sell-side advisory

Buy-side advisory

Sell-side advisory

Sell-side advisory

Seller Advised by

Advisor to Hoogwegt Groep on the acquisition of 60% of the shares in Meelunie from Coöperatie AVEBE

Advisor to FrieslandCampina on the sale of its Elsterwerda plant based in Germany to Odenwald Fruechte

Due diligence advisor to McCain in the acquisition of Lutosa

Debt advisor to management of Heiploeg on its capital structure

Buy-side due diligence (financial, tax, pension and IT), tax structuring and indicative valuation advice on the merger with MUH Financial Advisory

Global Agribusiness • Deal Activity PwC

Total debt €130m

to

May 2015 11

Section 2 – Markets Update

PwC is a leading global M&A advisor with a strong international network

At any given time PwC has approximately 450 live sale mandates. Globally, we advise on over 350 deals per year.

Global Rank Advisor 1 Goldman Sachs 2 PwC 3 KPMG 4 Morgan Stanley 5 JPMorgan Americas Rank Advisor 1 Goldman Sachs 2 JP Morgan 3 Morgan Stanley 4 Barclays 5 Bank of America Merrill Lynch

Volume 378 365 324 285 275 Asia-Pacific Rank Advisor 1 PwC 2 KPMG 3 Deloitte 4 Morgan Stanley 5 Goldman Sachs

Volume 287 202 198 171 163

Volume 135 125 91 89 88

Europe Rank Advisor 1 PwC 2 Rothschild 3 KPMG 4 Deloitte 5 EY

Volume 243 213 212 175 174

Source: MergerMarket M&A Trend Report 2014

PwC Ranking FY’14 • Global buyouts: 1st • Global M&A: 2nd • Europe M&A: 1st • European buyouts: 1st • Asia-Pacific (excl. Japan): 1st • South Korea M&A: 1st • Denmark M&A: 1st • Finland M&A: 1st • Sweden M&A: 1st • Nordic group M&A: 1st • Iberian M&A: 1st • Australasia M&A: 2nd Global Agribusiness • Deal Activity PwC

May 2015 12

Section 2 – Markets Update

Agribusiness Network Global CF Leader Cornelis Smaal +31 88 792 6431 [email protected] Argentina Mariano Tomatis +54 11 4850 4757 [email protected] Gustavo Barrichi +54 341 446 8000 [email protected] Australia Craig Heraghty +61 282 661 458 [email protected] Brazil Ana Malvestio +55 16 2133 6624 [email protected] Jose Rezende +55 11 3674 2279 [email protected] Daniela Coco +55 19 3794 5400 [email protected] Canada Clinton L. Roberts +1 403 509 7307 [email protected] CEE Stephen Oldfield +44 (0) 771 038 8792 [email protected] China Frank Lyn +86 10 6533 2388 [email protected] Gabriel Wong +86 21 2323 2609 [email protected] Denmark Thomas Krantz +45 3 945 3140 [email protected]

Global Agribusiness • Deal Activity PwC

France Yves Pelle +33 (0) 299 231 705 [email protected] Germany Norbert Niedenhof +49 (0) 541 330 4330 [email protected] India Ajay Kakra +91 124 330 6029 [email protected] Sunjay VS +91 124 330 6171 [email protected] Indonesia Rizal Satar +62 21 5289 0350 [email protected] Ireland Jimmy Maher +353 (0) 1 792 6326 [email protected] Japan Matthew J Wyborn +81 (3) 3546 8570 [email protected] Taizo Iwashima +81 (3) 6266 5572 [email protected] MENA Mark Webster +966 (11) 211 0400 (Ext. 1555) [email protected] Netherland Ruud Kok +31 (0) 88792 6382 [email protected] Guido Emanuels +31 (6) 2042 0533 [email protected] New Zealand Craig Armitage +64 (3) 374 3052 [email protected]

Regan Hoult +64 (9) 355 8177 [email protected] Peter McMenamin +64 (3) 374 3011 [email protected] Romania Anca Scurtescu +40 21 22 53 871 [email protected] Singapore Richard Skinner +65 9823 3771 [email protected] South Africa Frans Weilbach +27 (21) 815 3204 [email protected] Sweden Marie Gustafsson +46 709 294 190 [email protected] Switzerland Dr. Martin Frey +41 58 792 15 37 [email protected] Ukraine Olena Volkova +38 (0) 56 733 5010 [email protected] UK Mark James +44 (0) 7803 858721 [email protected] Thomas Sengbusch +44 (0) 7725 069448 [email protected] USA Thomas Johnson +1 612 596 4846 [email protected] Sean Gaffney +1 216 875 3275 [email protected]

May 2015 13