SEMBRADOR

PREMIUM AGRICULTURE

FUND MANAGER

PEI- AGRI INVESTOR

CHICAGO OCT 2015

Sembrador | 2015

B. SEMBRADOR

Investment thesis

High value added permanent crops

Sustainable agriculture

Precision agriculture

Management

Breaking “language” barriers

Visibility (dataroom)

Sembrador| 2015

CRECIMIENTO AGRICOLA

2005

AGRODESARROLLO

2010

VICTUS CHILE

2014

VICTUS COLOMBIA

2015

Country Chile Chile Chile Colombia and other

Lock up period 10-15 years 10-15 years 10-12 years 10 years

StatusInvested

(75% divested)Invested Investing Fundraising

Assets 7 9 3 (6-7) N/A

NameFund

ownershipProducts Has Location

AGRODESARROLLO

El Arenal SpA 95%Table grapes,

pomegranates, citrus200 Vicuña

Pan de Azúcar S.A 90% Lemons & Oranges 100 Coquimbo

South Bloom SpA 85% Plums 32 Mostazal

Montegiallo S.A. 70% Kiwis and pears 65 Sagrada Familia

Nucis Austral S.A. 88,9% Chestnuts Walnuts 335 Trehualemu/ Linares

Saba SpA 85% Cherries, pears, apples 140 Linares

Andean Truffles SpA 82,5% Black truffles 100 Mulchén

Botanical Solutions

SpA50% Bio pesticide - RM

Savia Espárragos

SpA50% Post harvest technology - RM

SEMBRADOR - FUNDS

Sembrador| 2015

Grapes and pomegranates

Sembrador| 2015

Technology

Sembrador| 2015

Cherries

Sembrador| 2015

Chestnuts

Sembrador| 2015

Black truffles

*Pro forma values are hypothetical scenarios for illustrative purposes, based on various assumptions and future expectations that may not materialize or may change significantly. Substantiating data available upon request. Investors risk the loss of some or all of investment. This information is privileged and strictly confidential. It does not

constitute a guarantee, offer or solicitation of any kind and does not indicate liability on the part of the provider. Past performance and track record is not indicative of future performance. Future performance is not guaranteed. Please refer to the full disclaimer on page 2.

9

Pacific Agri Capital – Bill Randall (Founding Partner)

Real asset play through land ownership

Fragmented industries with strong

fundamentals and significant barriers to entry

Implementation of institutional best

practices to ensure low cost production

High social impact

linked to rural development

Positioning assets for exits

through strong governance and scale

Leading Latam agricultural asset manager and project developer

• Transplanting a successful agricultural model from Southeast Asia to Latin America

• Investing from Colombia with experienced international investment and agricultural professionals

• Focus on greenfield and mature permanent crops projects, including 1st level processing

9 year track record, participating in the successful development of over 30,000 hectares with >US$500m asset value*

• Fund 1: 39% IRR, Full exit

• Fund 2: 23% unrealized IRR*

• Fund 3: 98% unrealized IRR*

Investment thesis

*Pro forma values are hypothetical scenarios for illustrative purposes, based on various assumptions and future expectations that may not materialize or may change significantly. Substantiating data available upon request. Investors risk the loss of some or all of investment. This information is privileged and strictly confidential. It does not

constitute a guarantee, offer or solicitation of any kind and does not indicate liability on the part of the provider. Past performance and track record is not indicative of future performance. Future performance is not guaranteed. Please refer to the full disclaimer on page 2.

10

Through the implementation of best practices in the development, maintenance and post-harvest processes, the free cash flow of one hectare can increase by 5x

Cacao example – 5x more FCF from best practices*

(1) Cocoa Barometer

• Tree density

• Fertilization

• Pruning

• Pest & disease control

Comments Small Farm model Plantation model

• By-pass middle men

• No Africa government set price

• Premium for scale, quality and consistency

due to the centralization and quality control of

the post-harvest

• Certification premium

• Higher due to best in

class maintenance

practices

• Formal administration

(1)

• Irrigation &

drainage

• Strict seed

selection

• Cash and

operational

management

Production

(tonnes / ha)

Revenue

(US$ / ha)

Cash costs

(US$ / ha)

Free cash flow

(US$ / ha)

Price

(US$ / tonne)

0.5

1,000

350

650

2,000

2.5

7,500

4,000

3,500

3,000

Workshop A: Latin American Case Study

Agri Investor Forum 2015

Chicago, October 29th & 30th, 2015

12

Zooming into the region

Brazil

Paraguay

Uruguay

Argentina

Colombia

Peru

Chile

13

Valoral Advisors:

Specialized in Latam food & agri investments

AuM by main target region

(excl. commodities & listed equities)

100% = US$ 38.4 Billion

49%

16%

10%

8%

7%

6%

North America

South America

Europe

Asia Pacific

Oceania

Africa

CIS

Others

Number of active food & agricultural funds by region

6 8 11 18 23 31 34 38 47 50 52 524677

117140

167194 202

224231 235 239 242

52

85

128

158

190

225236

262278 285 291 29412%

9% 9%

11% 12%14% 14% 15%

17% 18% 18% 18%

'05 '06 '07 '08 '09 '10 '11 '12 13 14 1H'15 Q'315

South America Others

Source: Valoral Advisors.

Venture capital

funds

~ $50 Million

Farmland funds

~ $3.5 Billion

Structured

finance funds

~ $1.5 Billion

Private equity

funds

~ $1.5 Billion

14

Latam food & agri space:

3 main asset categories

Risk/return profile

High risk / High returnLow risk / Low return

Relative

liquidity

High

Low

Source: Valoral Advisors.

15

As commodities go down…

so do currencies.

Price evolution of selected commodities(Accum. variation since Jan’ 2012)

-80%

-60%

-40%

-20%

0%

20%

40%

60%

Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15

Crude oil

Iron ore

Copper

Soybean

Corn

Wheat

Average drop:

- 39%

-60%

-40%

-20%

0%

20%

Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15

Argentina

Brazil

Chile

Colombia

Paraguay

Peru

Uruguay

Evolution of local currencies against the U.S. Dollar(Accum. variation since Jan’ 2012)

Average drop:

- 34%

16

M&A activity in the food & agribusiness sector:

Trends & sectors

Source: Valoral Advisors analysis based on several sources.

Regional food & agribusiness M&A volume

(US$ Billion)

M&A volume by main sector

• Animal protein

• Feedstock & biofuels

• Packaged food

• Beverages

Food distribution, food

retail & food service

Agricultural inputs

supply & distribution

Storage, logistics &

trading

Processing & food production

17

Perceived risk can represent an opportunity

in the current context.

Perceived

Actual for outsiders

Actual for insiders

Arbitrage opportunity

that can be captured

with the adequate local

approach

Risk

Conceptual

18

Where do we go from here?

What do lower asset values & lower currencies mean to investors?

How can investors play the income vs. appreciation game?

What can we expect from politics & regulations going forward?

How are niche themes like water, agtech, aquaculture represented

in the region?

Contact information

Disclaimer

The information and opinions in this document were prepared by Valoral Advisors Sarl (“Valoral”). The information and opinions are provided forinformational purposes only and are subject to change without notice. The information contained in this document has been compiled from sourcesbelieved to be reliable; however, the information has not been independently verified. Accordingly, no representation, warranty, expressed or impliedis made as to the fairness, accuracy, completeness or correctness of the information and opinions contained in this document. To the fullest extentpermitted by law, none of Valoral, its directors, employees, agents or other person accept any liability for any loss whatsoever arising from any use ofthe content shown in this document.

Nothing in this document constitutes investment, legal, tax or other advice and no person’s objectives, financial information, or particular needs havebeen considered in preparing the information displayed. Before making an investment decision, you should consider the suitability of an investment inlight of your particular investment needs, objectives and financial circumstances and consult an independent professional financial or other advisor.

Copyright Notice: © Valoral Advisors Sarl 2015. All rights reserved.

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