1. Overview of the cashew sector in West Africa Pierre RICAU, Agro Market Analyst N’Kalô Service February, 18 th 2016

2. Evolution of West Africa exports over last 20 years 2 +28 000 MT/Y +46 000 MT/Y +76 000 MT/Y +136 000 MT/Y

3. Repartition of cashew production in West Africa in 2015 3 Côte d’Ivoire ~ 700 000 MT Guinea Bissau ~ 200 000 MT Nigeria ~ 175 000 MT Benin ~ 150 000 MT Ghana ~ 90 000 MT Burkina Faso ~ 80 000 MT Senegal ~ 40 000 MT Gambia ~ 10 000 MT Guinea ~ 50 000 MT Mali ~ 40 000 MT Siera Leone ~ 1 000 MT Togo ~ 15 000 MT

4. Main cashew production areas in West Africa Guinea Bissau and Casamance Older trees / slower growth Western Nigeria and Center Benin Many young plantations, fast growth CIV, Ghana, Burkina, Mali, Guinea Many young plantation, high density, fast growth

5. Weather situation in West Africa 5 -Late beginning of the rainy season: June/July -Normal to higher than average rainfall during the core of the rainy season: August/September -Higher than average rainfall during the end of the rainy season: October/November => late start of flowering -Few rainfall during December/January => Good for flowering/fruiting Climate Prediction Center (National Weather Service, USA)

6. Weather forecast during the cashew season 6 -No excessive rainfall or drought is expected in the cashew production area during the harvesting period. -Apart for the late harvest, no adverse weather this year

7. N’Kalô service’s production forecast model 7

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9. N’Kalô Service market analysis 9 -Our focus is on transparency, understanding and risk management in the agricultural sector in West Africa -More than 30,000 farmers and more than 100 local traders and processors informed in 2015 -From 2011, our advise has helped farmers, local traders and local processors to take better decisions

10. Market perspectives for 2016 season Qty: production is expected to increase by at least + 200 000 MT in West Africa in 2016 Timing: crop is late by 2 weeks to 1 month in many production areas. Main harvest is expected to begin at mid-March in Central West Africa. Strong competition for RCN at the beginning of the season but the second half of the season is very uncertain. 10

11. N’Kalô perspective Trying to fund our Production forecast project: -Better knowledge of cashew acreage in West Africa -Better knowledge of average yields/age in West Africa -Better understanding of weather impact on cashew yields -Network of monitored cashew farms to be able to predict yields before and during the season 11 Email Pierre RICAU: international@nkalo.com