Contact Wim Hasselman

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2 Due to increasing globalization, developing countries have become part of our world and poverty has become a worldwide responsibility. this challenges us to take a stand. what can we do to reduce poverty? How can we make a difference? Social projects such as medical care and education are important but do not address all of the problems involved. Sustainable economic development also has a vital role to play. However, this requires entrepreneurship as well as access to knowledge and finance. In many developing countries, access to knowledge and finance is limited. That is where Incluvest can make a difference! Contact Wim Hasselman Mobile: Skype: wimhasselman Mail: info@incluvest.com incluvest B.v. Spijksedijk 16E 4207 GN Gorinchem the Netherlands

3 Mission Incluvest B.V. is an impact investment firm that contributes to the sustainable improvement of living conditions in developing countries. Incluvest uses a combination of people and resources to invest in promising enterprises and service providers with a focus on agri-business or a link with agri value chains (essential for strengthening the chain). Such investments contribute to sustainable economic development and have a positive impact on the local community and economy. The underlying concept is inclusive investment : all parties in the value chain should profit from and connect with mainstream business. This includes, rather than excludes, the small farmers who grow crops and have the potential to grow themselves! Without these farmers, there is no inclusive economic development. Do you want to get involved? Are you an organization, investor or foundation that can provide knowledge or capital for promising enterprises in developing countries? Together with Incluvest you can! An integrated approach to risk management A sound business plan is the basis for every investment. However, an investment decision is never based on the business plan alone. So Incluvest also looks at the impact on the environment, the community and the value chain as well as how the investment will benefit farmers at the bottom of the supply chain. Where necessary we will bring in people and resources to strengthen the value chain. For example, we can provide expertise or empower small rural farmers to work together. This not only safeguards the success of the enterprise but it also reduces the risks of the investment. Knowledge of local markets For Incluvest investing is not a game of chance, but a decision made after careful consideration. Knowledge of the local market and the entrepreneur are crucial. Incluvest works with local intermediaries who have this knowledge. Together we assess the feasibility and risks of each investment. Our approach enables us to provide access to finance for entrepreneurs who commercial banks overlook. These banks often focus on short-term results and are highly risk aversive. Using networks, creativity and expertise Incluvest works in close cooperation with the development aid organization Woord en Daad to combine financial services with capacity building. Woord en Daad provides access to additional expertise and networks, such as access to government organizations. Incluvest and Woord en Daad have an extensive network of committed entrepreneurs and foundations in the Netherlands as well as networks in the regions Incluvest works in: Africa, Asia and Latin America. This unique combination of financial services and capacity building makes Incluvest a valuable investment partner! Lines of Business In Africa, Asia and Latin America Incluvest invests in two different lines of business: > Agribusiness Development: In many countries agriculture is one of the key sectors generating employment and income. Incluvest aims to contribute to a sustainable agribusiness sector by promoting entrepreneurship in primary production, agroprocessing and agribusiness support services. This is done in close collaboration with agribusiness-oriented service providers and facilitators. An example of such a business case is described on the last page. > Enterprise Development: In collaboration with our partner organizations and through direct financing, Incluvest helps many promising micro, small and medium-size enterprises realize their potential and contribute to economic development. Secondly, Incluvest invests in larger enterprises that have the potential to strongly impact the bottom of the pyramid. In line with our focus, these enterprises should directly or indirectly strengthen the agricultural supply chain.

4 Customized investment strategies For each investment opportunity, the board of Incluvest will decide based on a set of criteria what type of investment best fits the needs of the investee. Depending on the outcome, they may decide to provide a grant for just capacity building purposes, a short-term loan as working capital or an investment credit for the longer term. In other cases Incluvest provides equity to the enterprise or an existing fund, either directly or through a holding company. Our customized approach applies not only to the investees in the South, but also to the investors and co-investors in the North. Whether you are interested in inclusive private sector development by providing capital as a loan or by providing equity, Incluvest can offer an investment strategy tailored to your preferences. Conditions to participate Incluvest wants to be your preferred partner in inclusive private sector development based on a solid and sound business model. As we want you to have the right expectations then several criteria apply: > Minimum investment: 100,000 (in line with the rule AFM, the Netherlands Authority for the Financial Markets) > Different types of investment are possible: Donation directly labeled via Incluvest towards a specific investment opportunity > Co-investment with Incluvest Providing a loan to Incluvest where the lender is taking the risk Besides financial return for the investor, there is a focus on a high impact/social return

5 Creating social and financial returns Although our primary focus is on a high impact/social return, Incluvest takes the financial return on investment seriously. Besides the financial sustainability of an enterprise, we always estimate and measure the increase in employment and income for the target group of poor farmers. Our business is only successful when we realize this type of impact as well as a reasonable return on investment. Finally, the best RoI is the ideal combination of financial and social returns. That combination is the decisive factor. The financial return on investment can be either reinvested or returned to the investor. The impact is of course linked to the farmers in a sustainable way for both them and the enterprises. Shared ambition Time and time again we find promising enterprises that can make a real difference. Through Incluvest, we can help such enterprises realize their potential. Yet we cannot do this alone. Do you share our ambition? Then we would like to discuss the possibilities of a strategic partnership with you! Shared ambition, joint cooperation, huge impact! An enterprise that fl ourishes has an huge impact on the local community. It creates jobs and income at different levels. The increased income in turn provides more money for education and medical care. Your investment can help improve living conditions and the level of welfare. This is the best return that both you and we could wish for! Impact at a glance country sector intervention type Amount ( ) impact Benin / Sierra Leone / Burkina Faso Cashew, Soya, Fruit, Cacao Business development services and technical assistance to farmers, farmer groups and small food processors in the area of productivity, quality, fair trade certification and market linkages Grant 250, cooperatives strengthened; 3,000 farmers increased revenues by 30%, 10,000 farmers certified with 10% price bonus. Burkina Faso / Benin / Sierre Leone Fruit, Cacao, Cashew, Soya Rural Productive Infrastructure & Market Linkages Revolving Fund (warehouses, transportation) + Working capital for MFI s and trading companies Loan 850,000 More than 2,000 farmers improve access to markets and get access to credit and / or cash advances on crop contracts. Benin Cashew Investment in cashew processing creating local added value Equity 400, direct jobs and increased opportunity for smallholders

6 Business case as an example Creating opportunities in West Africa for small farmers in food value chains Many of the processed food products that are consumed in Europe find their source in West Africa. This continent is endowed with many natural resources. Its tropical climate is the basis for a large variety of agricultural products. Cacao, cashew nuts, fruits and crops like rice and cassava are produced in abundance there. However, most of the processed food products on the tables of European or North American consumers are not processed in West Africa. Processing capacity in West Africa is limited. Much of the added value therefore ends up in the hands of traders, transporters and processing companies outside of Africa! Food processing in the country of origin makes a major contribution to economic development. Processing factories create many direct jobs, tax revenues for the government, and opportunities for small farmers. Added value activities in food & agribusiness can have a large direct impact on poverty reduction. So far only a few companies have ventured into added value activities in commodities like cashew, cacao and fruits. A key barrier for investments in added value activities is how the supply chain is organized. Production is scattered and is realized by a large number of small producers whose production, harvest and storage practices do not meet international supply standards.

7 Cashew Sector Production in the cashew sector in West Africa is predominantly realized by small farmers in a multi- cropping system. Farmers own small pieces of land with cashew trees scattered around on this. Cashew has become an important crop given the recent uptake in demand and prices. Cashew is a welcome additional source of income in a period when cash is scarce. A recent study by USAID into the cashew sector in Ghana indicates that every 1,000 USD of cashew sales by farmers generates 120 jobs and about 1,400 USD in additional income for Ghanaian households, if the cashew nuts are processed within Ghana. At present, about 90% of the cashew is exported as raw cashew nuts. Replacing the exports of raw nuts by local processing has an enormous impact on job creation at various stages of the value chain and on off-farm household income. Inclusive competitive value chain Based on the above analysis, Incluvest has decided to cooperate with several key actors - national and international business partners and NGOs - in the cashew value chain. All partners subscribe to the objective of inclusive sustainable value chain development at the level of producers, traders and processors. As a result of this initiative, the income of farmers will increase, a steady sourcing of raw cashew nuts is guaranteed, and farm skills will be improved leading to knowledgeable partners who can determine the quality of produce and sell it at a fair price. The activities supported by Incluvest and other actors are illustrated in this diagram.

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