DEM-INTER RUSSIA Presentation August 2009

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1 Professional Farmers According to the World Bank, the really poor get three times as much extra income from an increase in farm productivity as from the same gain in industry or services DEM-INTER RUSSIA Presentation August 2009 Dem-Inter Ltd

2 Introduction Dem-Inter Russia brings together experienced farming professionals, who combine modern, global farming techniques with in-depth, Russian operational expertise. Dem-Inter enters into contracts for professional farm management, or consultancy to enhance or create sustainable businesses. Dem-Inter creates value where land is not solely the limiting factor but where essential supporting assets are limited, e.g. human resources, capital, technology, and marketing networks. Dem-Inter establishes sustainable systems with professional management through strict cost control, adding value, local involvement together with the sympathetic environmental operations Dem-Inter possesses the expertise and knowledge to operate under extreme conditions. Dem-Inter s requirements are highly fertile soils and adequate rainfall to be able to apply economies of scale for low cost quality food production. Dem-Inter provides management, training and mentoring to help local teams build a sustainable business through creating crop treatment, storage and processing facilities with access to national and international markets.

3 Investment Strategy To operate large scale farming units using a majority of investors equity and a minimum of debt. To invest in under performing agri-businesses through leases, joint ventures and service/management contracts. To produce high quality cash crops such as wheat (milling), barley (malting), sugar beet, potatoes, oilseed rape, soya, maize and sunflowers. To add value to the primary products through treatment, long term storage, milling and pressing. To modernise and mechanise existing farming operations to ensure the lowest possible cost of production. To operate profitable livestock enterprises involving home grown feed and a degree of processing to add value 3 The target minimum gross IRR is 20% non-leveraged.

4 Track Record Team of six experienced senior managers with experience of large scale crop production in Russia, Europe and Africa Experience of land acquisition in Russia, Eastern Europe, Africa and the UK Practical knowledge of large-scale agribusiness management and turn-around in Russia, Eastern Europe, Africa and UK producing returns well above industry norms. Experience of marrying international investors with politicians and local communities to enhance rural prosperity and food security

5 Investment Case Geographic Region Dem-Inter is focused on potential high yielding sites throughout Russia the key selection criteria being above average soils with adequate rainfall, well served by roads and railways. Sector Management Quality crop & livestock production in an under supplied market with a degree of primary processing to add value and maximise returns. Extensive track records in projects in Russia, Eastern Europe and Africa. Knowledge of local markets, language, politics and traditions. Sustainable, large scale international agricultural expertise ensuring the appropriate use of latest technology available. Value creation The global trend and political will for Food Security creates an economic opportunity in Russia. Producing profitable quality food crops / livestock and adding value to products on a large scale allows value to be extracted from supply chain ownership, asset and land value appreciation, and the economies of scale. Providing 1. Cash flow from agricultural operations & value adding 2. Capital appreciation from the business and assets involved

6 Investment Rationale Why Russia Strong economic growth Fertile soils and sufficient rainfall Abundant skilled labour Low cost of production from economies of scale Local demand for management skills, training & quality food production Opportunity to create sustainable farming systems for local communities Why Sector Why Dem-Inter Under-developed and mismanaged sector that historically has been ignored by international investors. Political advantage to be gained by those involved by significantly improving certain food imports and sustainability of rural communities. Management team has the necessary specialists with the appropriate experience. Extensive local knowledge and network. Successful business model with sustainable, profitable solutions. Why Now Increasing global demand for agricultural commodities Significant rises in commodity prices for the long term Global food crisis Russia seeks large scale, sustainable, quality food production to reduce escalating costs of imports and maintain Food Security Availability and willingness of government to provide suitable land resources with favourable conditions

7 Stakeholders contributions Rural Communities Provide land on long term leases Provide management and labour for operating company Provide market for products Federal & Regional Government Provide infra-structure support Provide production support Dem-Inter Provide skilled and suitably experienced management for mentoring and training of operating company s staff Provide access to international equity and local debt finance International Investors Provide international equity to ensure a sustainable operating company Insist on applying appropriate forms of Corporate Social Responsibility Local Banks Provide access to short term loans for inputs and machinery finance Provide efficient banking systems for the operating company

8 Typical Dem-Inter-Russia Operating Company Structure Shareholders can include the Local Community, Dem-Inter and International Investors The majority of the funding of the Operating Company will be in the form of equity, loans will be minimised. Dem-Inter will have a management contract with the Operating Company A General Director (GD) from the Local Community and the Dem-Inter Farms Director will be jointly accountable to the Shareholders for the approved annual budget of the Operating Company The GD will be assisted by a Deputy from the Local Community who will be responsible for Production The Dem-Inter Farms Director will be assisted by an experienced Dem-Inter Operator Trainer Dem-Inter will be responsible for mentoring and training all Operating Company staff The GD will be responsible for regular communications with the Local Community The GD & Dem-Inter Farms Director are jointly responsible for ensuring that all the relevant aspects of Health & Safety and Environmental Awareness are adhered to. 8

9 Stakeholders Financial Benefits Local communities Federal & Regional Government Shareholding and accompanying benefits in operating company Long term capital gain in land value Receive open market rent for land Staff of operating company receive profit share Strong operating company paying taxes Providing food security Reducing rural unemployment Sustainable solutions to successful land utilisation Dem-Inter Shareholding / profit share and accompanying benefits in operating company Long term gain in operating company value Regular management fee International Investors Shareholding and accompanying benefits in operating company Regular dividends from a sustainable business Long term gain in operating company value Banks Interest and capital repayment from loans to operating company Strengthens local, regional and national customers

10 Benefits to Local Communities Dem-Inter provides job opportunities and training. Dem-Inter provides career development opportunities at all levels. Dem-Inter injects cash into the local economy through wages and purchases. Dem-Inter mentors local farmers through free advise and assistance. Dem-Inter assists local social and educational services in a number of ways. Dem-Inter provides a localised, sustainable Food Security. 10

11 Production yield improvements using appropriate technology Production risk reduction through timely operations using appropriate modern techniques Dem-Inter regards the correct seedbed preparation (level and well structured) as one of the most important aspects of crop production. Efficient logistic disciplines on Dem-Inter Farms are the key to timeliness of all operations which in turn, maximises profitability. Dem-Inter adapts the latest farming technology to the Russian situation to ensure the production of the most cost effective and highest quality crop / livestock production Large western systems, effectively managed, ensure timely, accurate operations with lowest cost of production. Low cost producer status, on a world wide basis, using the very largest available machinery / equipment operated efficiently and effectively. Maximum crop / livestock quality and production are ensured through the appropriate selection of suitable varieties / genetics for the particular market, location and climate. 11

12 Professional Farm Management Services 12 Dem-Inter s objective is to become the most effective Farm Management Company in Russia by delivering latest management and technical input to significantly enhance the financial returns of land within a system of innovative, quality control, accountability, risk management and professional standards. Dem-Inter will provide value-added services and manage all strategic and day to day operations using an experienced management team. Dem-Inter will tailor bespoke solutions for each individual client and project. Dem-Inter will ensure meaningful accounting and reporting systems, maximise return on capital, improve local management s effectiveness, improve team communications, apply strict budgeting and cost control, and improved product marketing. Dem-Inter will implement appropriate technology for Russian conditions, significantly increasing the annual performance of the farms. Dem-Inter understands the benefits of correct, appropriate management with environmentally sustainable methods for long term, sustainable, production enhancement. Dem-Inter will increase profitability of managed farms through strict cost control and maximisation of return on capital through intensive staff mentoring and training programmes. Dem-Inter will implement International standards of audit and management to create additional value at the time of exit.

13 Main Crops Wheat is grown where there is sufficient summer rainfall, as the end price ensures a good margin. There is a lack of high quality wheat flour and Dem-Inter grow suitable varieties to reduce imports as well as lucrative contracts for feed wheat to the pig and poultry industry. Barley, using the appropriate varieties of malting barley in suitable climatic conditions Dem-Inter can secure lucrative malting barley contracts with the brewers locally. Any barley produced of lower quality is sold into the animal feed chain. Oilseed Rape Dem-Inter grows oilseed rape where they can secure suitably lucrative local contracts to ensure acceptable margins. Sunflowers are grown as part of the Dem-Inter rotation using appropriate high yielding varieties and provide a very good margin. Wherever possible Dem-Inter crush the sunflowers to add value and provide a locally utilisable oil and high protein sunflower meal. Sugar Beet is grown as part of the Dem-Inter rotation using appropriate high yielding varieties and provide a very good margin. Wherever possible Dem-Inter enter into long term off-take contracts with reliable, local sugar factories to add value. 13

14 Illustrative Crop EBITDA s (Harvest 2008) Winter wheat Spring barley Sugar Beet Crop yield T / ha Crop price EUR / T Crop sales EUR /ha Seeds, fertilisers, sprays EUR / ha Fuel Machinery repairs & Contract hire Crop treatment & storage Administration Personnel costs Property & land charges Operating Expenses EBITDA (pre-management) EUR / ha % 38% 30% 28% 14

15 FOOD SECURITY Feeding the Nation Processing Branding Harvest Treatment Storage Grains Fruit Pulses Meat Milk Vegetables Oils Seed Fertiliser Chemicals Machinery Fuel Feeds Management Labour Training Technology Finance Foundations Equity Political `Willingness Social Responsibility Land Tenure Sustainable Water Environmental Awareness 15

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