GOING UPSTREAM

Building on existing and new capabilities, we identified excess return integration opportunities in the upstream segment of the value chain andbegan making investments on a selective basis. These investments have resulted in plantation ownership and management (perennial treecrops), farming (annual crops), dairy farming and forest concessions management, as well as a major initiative in fertiliser manufacturing.

These opportunities have been both organic and through acquisitions. Our upstream segment now consists of: palm (Roundtable Sustainable Palm Oilcertified) and rubber plantations in Africa; almond plantations in Australia and California; coffee plantations in Tanzania, Ethiopia and Laos; a cocoaplantation in Indonesia; peanut farming in Argentina and South Africa; rice farming in Nigeria; dairy farming in Uruguay and Russia; the development oftropical forest concessions (Sustainable Forest Management certified) in The Republic of Congo, and a fertiliser manufacturing plant in The Republic ofGabon.

Plantations –Perennial Tree Crops

Farming – AnnualCrops

ForestryConcessions

Dairy Farming

Agri­inputs

Upstream Origination

SecondaryProcessing

Midstream Downstream