1. New Capital Flows for Agriculture Moscow November 9, 2010 Chris Erickson Managing Director - HighQuest Partners CEO - Soyatech

3. How Much / Over What Time Frame?

4. Who is Investing / In What?

5. What are their Investment Objectives?

8. 10X over the past 5 years

9. $10+ Bn of new money already in the pipeline

10. The pace is accelerating$100 - $200 Billion Capital Inflow over 3-5 years

11. Why Now? Food Security Financial Crisis Attractive Fundamentals (supply / demand imbalance)

12. Why Now?Growing Demand Global demand for major crops is being driven by three factors 1. Population Growth 2. Protein Consumption 3. Biofuels Feed Food Ethanol

13. Why Now?Tight Supply: Declining Yield Improvements Trailing 10-Year Yield Improvement

15. This is not realistic

17. Political InstabilitySources: Aprosoja; HighQuest Analysis

19. Asian

21. Endowments

23. Private Equity Structures

24. Hedge FundsInfrastructure / Logistics Direct Investments Commodities Private Equity

25. Ag Managers Tend to be Geographically Focused Globally there are ~60-70 ag-investment managers ... of which ~20 are institutional calibre

28. Effectively shutting down foreign investment in AgricultureAs a result, Investors are looking to Russia and the Ukraine

30. Government Can Only Provide a Small Share of This

32. Legal System

34. How Can We Help You?

35. Thank You Hunt Stookey Managing Director – Investment Consulting HighQuest Partners hstookey@highquestpartners.com +1 (617) 872 7477 Boston - St. Louis 458 Boston Road, Topsfield, MA 01983 (978) 887 8800 |www.highquestpartners.com