Go4Europe 2013 “Cross Border M&A in Agriculture” RB Halaby Chairman AgriCapital Corporation October 28th, 2013

Drivers of Agriculture Demand Technology Globalization buyer will recognize profitable opportunities to take advantage of cheap labor and raw materials, unmet consumer demand, deregulation, trade liberalization, and country integration of capital and product markets into global markets

Drivers of Agriculture - Demand World population is expected to reach more than 9 billion by 2050. Demand for food will double. buyer will recognize profitable opportunities to take advantage of cheap labor and raw materials, unmet consumer demand, deregulation, trade liberalization, and country integration of capital and product markets into global markets

Drivers of Agriculture - Demand More people eating better food Consumers becoming more demanding Health Food safety buyer will recognize profitable opportunities to take advantage of cheap labor and raw materials, unmet consumer demand, deregulation, trade liberalization, and country integration of capital and product markets into global markets

Drivers of Agriculture - Demand By 2050 global per capita income is expected to increase to nearly three times the 2005 level. Creates more and more higher-income consumers. buyer will recognize profitable opportunities to take advantage of cheap labor and raw materials, unmet consumer demand, deregulation, trade liberalization, and country integration of capital and product markets into global markets

Drivers of Agriculture - Demand buyer will recognize profitable opportunities to take advantage of cheap labor and raw materials, unmet consumer demand, deregulation, trade liberalization, and country integration of capital and product markets into global markets

Drivers of Agriculture -Technology “To meet the increasing demand from a growing population, we will need to produce more food in the next 40 years than has been produced in the previous ten thousand years. – Jason Clay, Senior VP WWF Source: USDA-NASS. 2012. Crop Production. United States Dept. of Agr - Nat'l Ag. Statistics Service, Washington, D.C.

Drivers of Agriculture -Technology Produce more for less Innovation driven by environmental limitations such as: Land erosion Limited useable water

Drivers of Agriculture -Technology The Productivity of America’s Farmers: Number of People Fed Annually by One American Farmer

Drivers of Agriculture -Technology U.S. Adaption of GM Field Crops: 1996 - 2007

Drivers of Agriculture -Technology Integrated Farming Systems Source: Monsanto Ag Science 2012

Drivers of Agriculture -Technology Galileo Wheel Ltd. A Revolutionary Approach to Tire Design Galileo 2012 Diagonal Ply 1898 Radial 1949 Lesser soil compaction Better traction Higher mileage

Drivers of Agriculture -Technology Agriculture Food Chain Technology Inputs Production Processing Distribution Retail Animal Genetics Genomics Plant & Animal Biotechnology Irrigation Technology Precision Agriculture Seed & Plant Genetics Information Systems Identification & Traceability Food Safety Animal Health Animal Nutrition & Feed Crop Protection Chemicals Farm Equipment Manufacturing Process Equipment Manufacturing Farm Finance Fertilizer & Plant Nutrition Grain Handling Equipment Risk Management Aquaculture Beef Dairy Grain Greenhouse & Nursery Horticulture Permanent Crops Pork Poultry & Egg Turf & Forage Vegetable, Fruits & Nuts Biofuel Grain Milling Meat Packing Oilseed Crushing Produce & Packing Rendering & Waste Water Recycling Ag Retailers Cold Chain & Food Logistics Commodity Trading Equipment Distributors Grain Logistics OTC Animal Health Products Consumer Garden Specialty Consumer Pet Specialty Pet Food 13

Drivers of Agriculture - Globalization Agriculture is agnostic – knows no border, nationality, religion, age, ethnicity, gender and color. Global Trade in Grain Source: FAO, 2007

Drivers of Agriculture - Globalization Global Food & Feed Trade Projected to Surpass $1.6 trillion by 2022 $35 billion in 1963 to nearly $1.5 trillion in 2021 Global food & feed imports projected to increase another $303 billion over next decade “Food & Feed” includes all agricultural trade minus tobacco, hides & skins, live animals, cotton, rubber & allied gums, cut flowers, and planting seeds Source: FAOSTAT; USDA/FAS Projections

Drivers of Agriculture - Globalization Food & Feed Exports Have More Than Tripled from Each Region over the Past Two Decades $35 billion in 1963 to nearly $1.5 trillion in 2021 Global food & feed imports projected to increase another $303 billion over next decade “Food & Feed” includes all agricultural trade minus tobacco, hides & skins, live animals, cotton, rubber & allied gums, cut flowers, and planting seeds Source: COMTRADE

Drivers of Agriculture - Globalization Agribusinesses are consolidating and becoming more global. Globalization of agribusiness is escalating Companies are seeking economies of scale to maximize efficiency and take as much cost out of the system as possible. Agriculture is unforgiving of inefficiencies. Governments seeking “guaranteed and stable” food supplies for their people. e.g. Asian companies, in cooperation with government, developing relationships with US companies to source US grain. Increased sourcing and competition from international agribusinesses.

Global Cross-Border M&A (all industry) buyer will recognize profitable opportunities to take advantage of cheap labor and raw materials, unmet consumer demand, deregulation, trade liberalization, and country integration of capital and product markets into global markets Source: Press Release mergermarket M&A Round up for 2012

Select Cross-Border M&A Deals (Israeli Ag) Select Cross-Border M&A Deals in Israeli Agribusiness Announced Date Target Co. Dominant Country Sector Buyer Co. Deal Value US$ (mm) 2/3/2013 Rosetta Green Ltd., Substantially All Assets Israel Biotech Monsanto United States Fertilizers and Agricultural Chemicals 37 5/14/2012 NaanDan Jain Irrigation C.S. Ltd. Construction and Farm Machinery Jain Irrigation Systems Limited India 34 6/12/2011 Netafim Ltd. Permira Advisers Ltd. United Kingdom Private Investment Firm 530 12/07/2010 The Scotts Company, LLC, Global Professional Business Unit Distributors Israel Chemicals Ltd. 255 10/11/2010 Makhteshim Agan Industries Ltd. China National Chemical Corporation China Diversified Chemicals 2797 7/9/2007 Zeraim Gedera Ltd. Agricultural Products Syngenta AG Switzerland 95 11/13/2006 Hazera Genetics Ltd.. Vilmorin & Cie France n/a

Select Cross-Border M&A Deals (Agribusiness) Select Cross-Border M&A Deals in Agribusiness (2012-2013) Announced Date Target Co. Dominant Country Sector Buyer Co. Deal Value US$ (mm) 10/7/2013 VION Ingredients Nederland (Holding) B.V. Netherlands Packaged Foods and Meats Darling International Inc. United States Agricultural Products 2,173 Warrnambool Cheese And Butter Factory Company Holdings Limited Australia Saputo, Inc. Canada 445 10/4/2013 Russian Quartz LLC Russia Precious Metals and Minerals Sumitomo Corporation Japan Trading Companies n/a 10/01/2013 Shamrock Seed Company, Inc. Vilmorin & Cie France 9/9/2013 Hubei Sanonda Co. Ltd. China Fertilizers and Agricultural Chemicals Makhteshim-Agan Industries Ltd. Israel 283 8/10/2013 Seed Co Zimbabwe 8/5/2013 Joe White Maltings Pty. Ltd. Cargill 302

Select Cross-Border M&A Deals (Agribusiness) Select Cross-Border M&A Deals in Agribusiness (2012-2013) Announced Date Target Co. Dominant Country Sector Buyer Co. Deal Value US$ (mm) 8/1/2013 Tyrrells Potato Crisps Ltd. United Kingdom Packaged Foods and Meats Investcorp Bank B.S.C. Bahrain Investment Holding Co. 152 7/31/2013 Boyuan Group, Bodashidi Plant China Fertilizers and Agricultural Chemicals LG Corp. South Korea Industrial Conglomerates 92 7/24/2013 EPAX A.S. Norway Pharmaceuticals FMC Corp. United States Diversified Chemicals 345 7/11/2013 Siamakme Aquatic Feeds Co., Ltd. Thailand Cargill Agricultural Products n/a 6/24/2013 Copeinca Asa China Fishery Group Limited 903 5/29/2013 Smithfield Foods, Inc. Shuanghui International Holdings Limited 7,276

Select Cross-Border M&A Deals (Agribusiness) Select Cross-Border M&A Deals in Agribusiness (2012-2013) Announced Date Target Co. Dominant Country Sector Buyer Co. Deal Value US$ (mm) 4/15/2013 Dieckmann GmbH & Co. KG, Oilseed Rape And Rye Seed Business Areas Germany Agricultural Products Monsanto United States Fertilizers and Agricultural Chemicals n/a 2/5/2013 Locker Group Pty. Ltd. Australia Diversified Metals and Mining Valmont Industries, Inc. Industrial Machinery 64 2/4/2013 Atlântica Sementes Ltda. Brazil Nufarm Limited 13 2/3/2013 Rosetta Green Ltd., Substantially All Assets Israel Biotech 37 1/23/2013 Arabian Agricultural Services Co. Ltd., Existing Corn Milling Facility in Al Kharj Saudi Arabia Cargill

Select Cross-Border M&A Deals (Agribusiness) Select Cross-Border M&A Deals in Agribusiness (2012-2013) Announced Date Target Co. Dominant Country Sector Buyer Co. Deal Value US$ (mm) 1/8/2013 Link Seed (Pty) Limited South Africa Agricultural Products Vilmorin & Cie France n/a 12/7/2012 Bunge Limited, Fertilizer Business in Brazil Brazil Fertilizers and Agricultural Chemicals Yara International ASA Norway 750 11/14/2012 Sunfield Seeds Inc. United States Syngenta AG Switzerland 10/18/2012 GrainCorp. Ltd. Australia Archer Daniels Midland Company 3,420 8/2/2012 Canadian Fertilizers Limited Canada CF Industries Holdings, Inc. 911 3/20/2012 Glencore International plc, Agri-Products Business of Viterra, Inc. Agri-product Retail Agrium Inc. 1,788 1/6/2012 Santal Equipamentos S/A Comércio e Indústria Construction and Farm Machinery AGCO Corporation 26

Select Cross-Border M&A assignments Select AgriCapital cross-border advisory assignments. Seeley, California Dessert Seed divested its onion breeding program to Enkhuizen, The Netherlands We advised Dessert Seed

AgriCapital Corporation AgriCapital Contact Information R.B. Halaby Chairman AgriCapital Corporation 1410 Broadway, Suite 1802 New York, NY 10018 Email: halaby@agricapital.com Telephone: (212) 944-9500 www.agricapital.com