Actualidad y novedades en el mercado agroindustrial.

1. Deal Activity
Global Agribusiness
November 2014

2. 1 Agribusiness News & Multiples 1
2 Markets Update 6
PageSection Overview
Table of Contents

3. PwC
November 2014
Agribusiness
News &
Multiples
1
Global Agribusiness • Deal Activity

4. PwC
November 2014
NTM 2014F
12.8x 13.6x
5.4x 6.8x
11 .2x 11.2x
16.3x 19.8x
6.1x 6.4x
9.8x 10.2x
19.4x 21.6x
5.1x 5.3x
14.6x 16.0x
49.0x 49.0x
12.0x 12.4x
15.0x 16.0x
NTM 2014F
14.3x 14.4x
11.0x 11.6x
12.8x 13.6x
5.4x 6.8x
8.7x 10.0x
13.3x 13.9x
11.9x 12.8x
6.1x 6.4x
9.8x 10.2x
19.4x 21.6x
11.5x 12.2x
11.3x 12.1x
NTM 2014F
1 3.5x 1 3.9x
1 1.3x 1 2.0x
1 1.6x 11 .9x
1 2.9x 1 3.6x
1 1.6x 12.1 x
1 1.0x 11 .6x
1 1.2x 1 2.2x
1 6.5x 1 8.0x
1 9.1x 1 9.7 x
n.a. n.a.
11.6x 12.2x
13.2x 13.9x
Section 1 – Agribusiness News & Multiples
2
Global Agribusiness • Deal Activity
Dairy
Red Meat & Pork
Poultry
Transaction multiples (EV/EBITDA)
Bidder/Target 1: Pershing Square Capital/Mondelez, 2: Groupe Lactalis/Lactalis Puleva, 3:
Pepsi-Cola/Wimm-Bill-Dann Food, 4: Bank Hapoalim/Parmalat, 5: Société pour le
Financement de l'Industrie Laitière/Parmalat, 6: Suntory/Cerebos Pacific, 7: Savola
Group/Almarai , 8: Trian Fund Management/ Danone, 9: Saputo Cheese Morningstar Foods,
10: Prominent Achiever / China Mengniu Dairy Co., 11: China Mengniu Dairy Co./Yashili
International, 12: FB Participações/Vigor Alimentos, 13: Qurain Petrochemical
Industries/Saudia Dairy & Foodstuff, 14: First Pacific & Wilmar International /Goodman
Fielder, 15: Qurain Petrochemical Industries/Saudia Dairy & Foodstuff.
Trading multiples (EV/EBITDA)
Dairy
M&A News
China: Danone Asia Baby Nutrition to acquire 25% in
Yashili for US$566m.
FrieslandCampina enters into JV with China Huishan
Dairy to produce and sell infant formula in China.
Australia: Perich Group plans to invest A$100m into
Australian dairy to increase access to Asia.
France: Danone denies reports it has targeted Mead
Johnson for acquisition.
South Africa: The Abraaj Group (UAE) announced
acquisition of majority stake in Liberty Star.
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14
Red Meat & Pork
M&A News
Australia: Elders completes follow-on equity offering
of US$41.2m.
New Zealand: Cavalier Wool and New Zealand Wool
Services announce plans to merge.
Management News
No relevant news.
Bidder/Target 1: West Face Capital/Maple Leaf Foods, 2: Boparan Holdings/Northern Foods,
3: NA/Astarta Holding, 4: Leucadia/National Beef Packing, 5: TMK Holding/ National Beef
Packing, 6: NA/Zhongpin, 7: Henan Shineway/Smithfield Foods, 8: Darling
Ingredients/VION Ingredients, 9: NA/People's Food Holdings, 10: Sigma
Alimentos/Campofrio Food Group, 11: L Sigma Alimentos/Campofrio Food Group, 12: JBS
S.A , 13: Condorcet Opportunity / Campofrio Food Group, 14: Tyson Foods / The Hillshire
Brands.
Trading multiples (EV/EBITDA)Transaction multiples (EV/EBITDA)
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
Aug-10 Aug-11 Aug-12 Aug-13
Poultry
M&A News
France: Groupe Doux to sell 25% stake to Saudi
Arabian food group, Almunajem.
Management News
US: Foster Farms' President and CEO, Ron Foster, to
step down.
Bidder/Target 1: Old MutualInvestment Group / Sovereign Food Investment , 2: West Face
Capital / Maple Leaf Foods, 3: EASY BIO & FarmStory / Maniker Co., 4: Cherrybro Co ., 5:
Sadia Alimentos / Avex S.A., 6: PT Japfa Comfeed / PT Multibreeder Adirama, 7: The Chefs'
Warehouse Mid-Atlantic / Michael's Finer Meats & Seafoods, 8: Savola Group / Almarai, 9:
Mitsubishi / Yonekyu, 10: Bellisio Foods / Overhill Farms.
Transaction multiples (EV/EBITDA) Trading multiples (EV/EBITDA)
0.0x
5.0x
10.0x
15.0x
20.0x
Feb-10 Feb-11 Feb-12 Feb-13
Sources: S&P Capital IQ, Factiva, PwC research
Nestlé S.A.
Unilev er plc
Unilev er NV
Mondelez International, Inc.
Danone
Kraft Foods Group, Inc.
General Mills, Inc.
Mead Johnson Nutrition Company
Keurig Green Mountain, Inc.
Want Want China Holdings Ltd.
Median
Average
Associated British Foods plc
Kraft Foods Group, Inc.
BRF S.A.
Ty son Foods, Inc.
Henan Shuanghui Inv estment &
Kerry Group plc
Hormel Foods Corporation
JBS S.A.
Uni-President Enterprises Corporation
Univ ersal Robina Corporation
Median
Average
BRF S.A.
Ty son Foods, Inc.
Campbell Soup Company
Almarai - Joint Stock Company
JBS S.A.
Uni-President Enterprises Corporation
Univ ersal Robina Corporation
Pilgrim's Pride Corporation
Charoen Pokphand Foods Public Co. Ltd.
PPB Group Berhad
Median
Average

5. PwC
November 2014
NTM 2014F
13.4x 13.9x
8.5x 8.9x
9.7x 9.5x
23.3x 23.3x
9.7x 9.7x
7.9x 8.1x
9.3x 9.3x
-653.0x -653.0x
10.3x 10.3x
n.a. 22.1x
9.7x 9.6x
NTM 2014F
15.2x 15.0x
13.4x 13.9x
17.9x 18.7x
13.4x 14.1x
40.6x 51.0x
12.6x 13.3x
3.8x 4.3x
10.9x 11.4x
13.4x 13.4x
n.a. n.a.
13.4x 13.9x
15.7x 17.2x
NTM 2014F
7 .9x 9.3x
n.a. n.a.
7 .3x 8.3x
16.1x 16.7 x
13.8x 14.2x
n.a. n.a.
8.5x 8.9x
n.a. n.a.
15.1x 17 .2x
9.7x 9.5x
9.7x 9.5x
11.2x 12.0x
Grain & Beans
Fruit, Vegetables & Nuts
Viticulture
Section 1 – Agribusiness News & Multiples
3
Global Agribusiness • Deal Activity
Grains & Beans
M&A News
UK: Camgrain rejects takeover bid by Fengrain.
Germany: German co-op Agravis and two Danish
partners reported to acquire German grain trader
Getreide.
US: Andersons acquired Auburn Bean & Grain Co.
from The KMA Group for US$34.m.
Management News
Australia: Stuart Murdoch stepped down as chairman
of the Australian Grain Growers Co-operative .
Transaction multiples (EV/EBITDA) Trading multiples (EV/EBITDA)
Bidder/Target 1: GrainCorp. / GrainCorp Malt, 2: Tradewinds Malaysia / Padiberas Nasional
Bhd, 3: Felda Global Ventures / Tradewinds Malaysia, 4: NA/ Kernel Holding, 5: PT Salim
Ivomas Pratama / PT Perusahaan Perkebunan London Sumatra, 6: PT Bakrie Sumatera
Plantations / Agri International Resources, 7: Vertical Capacity / IOI Corp., 8: Seaport
Terminal (Johor), Acara Kreatif Sdn, Kelana Ventures/Padiberas Nasional, 9: Seaport
Terminal (Johor), Acara Kreatif Sdn, Kelana Ventures / Tradewinds Malaysia , 10: Bollore/
Plantations Des Terres Rouges, 11: Seaport Terminal (Johor), Acara Kreatif Sdn, Kelana
Ventures / Padiberas Nasional Bhd, 12: , PT Krishna Kapital/ PT Dharma Satya Nusantara.
0.0x
5.0x
10.0x
15.0x
20.0x
Oct-09 Oct-10 Oct-11 Oct-12 Oct-13
Fruit, Vegetables & Nuts
M&A News
US: Chiquita Brands to merge with Brazil’s Grupo
Cutrale and Safra Group in $1.3b deal after rejecting
merger with Fyffes (Ireland).
Papua New Guinea: Sime Darby Plantation makes
US$1.76b offer for New Britain Palm Oil.
Malaysia: Felda Global Ventures acquired Asian
Plantations for US$159m.
US: Archer-Daniels-Midland to acquire Specialty
Commodities for US$170m.
C&S Wholesale Grocers to acquire bankrupt Associated
Wholesalers for US$288m
Transaction multiples (EV/EBITDA) Trading multiples (EV/EBITDA)
Bidder/Target 1: Eco-Trade Corp/YaSheng Group, 2: Bonduelle SA/France Champignon, 3:
Inversiones Frutícolas / Copefrut, 4: ITOCHU/ Dole, Worldwide Packaged Foods and Asia
Fresh Produce Businesses, 5: Dramd Participações e Administração / Rasip Agro Pastoril, 6:
Golden Target Pacific / Camposol Holding, 7: Almarai / Continental Farmers Group, 8:
Walden International / Le Gaga Holding, 9: D&C Group/ Camposol Holding, 10: Grupo
Nutresa/ Setas Colombianas, 11: D&C Group/ Camposol Holding, 12: Valles Del Sur/
Hortifrut S.A., 13: Arlon Group/ Alico Inc., 14: FMR Rentas Generales/ Fruticola Viconto
S.A., 15: D&C Group/ Camposol Holding, 16: Property & Building Corp./ Mehadrin, 17: NA/
Hortifrut.
0.0x
10.0x
20.0x
30.0x
40.0x
Aug-09 Aug-10 Aug-11 Aug-12 Aug-13 Aug-14
Viticulture
M&A News
No relevant news.
Management News
No relevant news.
Transaction multiples (EV/EBITDA) Trading multiples (EV/EBITDA)
Bidder/Target 1: Advini/Laroche, 2: Nikora/JSC Teliani Valley, 3: Remgro and Zeder
Investment /Capevin Holdings, 4: Kirin/Mercian, 5: SVL/Abrau-Durso, 6: NA/Magnotta
Winery, 7: Sogrape Vinho/Bodegas Lan, 8: Tempo Beverages/Barkan Wine Cellars, 9: FMR
Rentas Generales/Viñedos Emiliana, 10: FMR Rentas Generales/ Treasury Wine Estates, 11:
NA/ Schlumberger, 12: NA/ Schlumberger.
0.0x
10.0x
20.0x
30.0x
40.0x
50.0x
Sep-09 Sep-10 Sep-11 Sep-12 Sep-13
Sources: S&P Capital IQ, Factiva, PwC research
Archer-Daniels-Midland Company
Wilmar International Limited
Bunge Limited
IOI Corp.Bhd
Kuala Lumpur Kepong Berhad
Golden Agri-Resources Ltd
PT Astra Agro Lestari Tbk
First Resources Limited
Genting Plantations Berhad
KWS SAAT AG
Median
Average
Diageo plc
Pernod-Ricard SA
Brown-Forman Corporation
Constellation Brands Inc.
United Spirits Limited
Dav ide Campari - Milano SpA
LT Group, Inc.
Treasury Wine Estates Limited
Distell Group Limited
Yantai Changyu Pioneer Wine Co. Ltd.
Median
Average
Felda Global Ventures Holdings Berhad
PT Astra Agro Lestari Tbk
KWS SAAT AG
Gansu Yasheng Industrial (Group) Co., Ltd.
United Plantations Bhd
Fresh Del Monte Produce Inc.
Kulim (Malaysia) Berhad
Xinjiang Guannong Fruit & Antler
Sarawak Oil Palms Bhd
Kaveri Seed Company Limited
Median

6. PwC
November 2014
NTM 2014F
7.0x 8.5x
n.a. 7.3x
6.7x 7.7x
n.a. n.a.
21.0x 26.6x
13.3x 15.2x
n.a. n.a.
6.5x 7.6x
n.a. n.a.
7.7x 8.8x
7.3x 8.5x
10.4x 11.7x
NTM 2014F
12.0x 13.5x
n.a. n.a.
n.a. n.a.
7.4x 8.2x
14.7x 15.7x
7.4x 7.1x
n.a. n.a.
6.4x 6.2x
n.a. n.a.
n.a. n.a.
7.4x 8.2x
9.6x 10.1x
NTM 2014F
7.7x 7.9x
8.2x 8.1x
n.a. n.a.
8.7x 8.5x
n.a. n.a.
n.a. n.a.
n.a. n.a.
n.a. n.a.
n.a. n.a.
8.2x 8.1x
8.2x 8.2x
Forestry
Landscape & Horticulture
Fertiliser & Agricultural Chemicals
Section 1 – Agribusiness News & Multiples
4
Global Agribusiness • Deal Activity
Transaction multiples (EV/EBITDA)
Bidder/Target 1: Placas do Parana /Arauco do Brasil, 2: FV S.A./Fiplasto S.A., 3:
Meerwind/Rörvik Timber, 4: LIXIL Group/Hivic Co., 5: Viking Investments Group/China
Wood, 6: Viking Investments Group/China Wood, 7: Samling Strategic / Samling Global, 8:
Samling Global / Lingui Developments, 9: Mill Road Capital / PRT Growing Service, 10:
Rentech /Fulghum Fibres, 11: Weyerhaeuser / Longview Timber, 12: Boise Cascade Wood
Products / Chester Wood & Moncure Plywood, 13: Louisiana-Pacific / Ainsworth Lumber, 14:
Interfor / Tolleson Lumber, 15: Rentech / New England Wood.
Trading multiples (EV/EBITDA)
Forestry
M&A News
No relevant news.
Management News
No relevant news.
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
35.0x
Aug-09 Aug-10 Aug-11 Aug-12 Aug-13
Landscape & Horticulture
M&A News
Australia: ‘Darling Farms’, a 14,676 ha cotton
property has been sold by the Buster and Cole families
for an undisclosed amount to a New South Wales
company.
Management News
Peter Kendall resigned as President of the World
Farmers’ Organisation (WFO) Board.
Bidder/Target 1:Massey Services / Sunair Services, 2: na / Cypark Resources Berhad, 3: na /
Parkwood HoldingS.
Transaction multiples (EV/EBITDA) Trading multiples (EV/EBITDA)
0.0x
5.0x
10.0x
15.0x
Sep-09 Sep-10 Sep-11 Sep-12 Sep-13
Fertiliser & Agricultural Chemicals
M&A News
US: Platform Specialty Products to acquire Arysta
LifeScience for US$3.5b pending regulatory approval.
Argentina: Bunge and Cooperativas Argentinas
acquired assets of Mosaic de Argentina for US$50m.
US: Bayer CropScience and DuPont Crop Protection
announce agreement for Bayer to purchase DuPont
Crop Protection Land Management assets in the North
America and Australasia.
Norway: CF Industries calls off merger talks with rival
Yara International.
Trading multiples (EV/EBITDA)
Bidder/Target 1: Koor Industries/ADAMA , 2: CF Industries/Terra Industries, 3: China
National Chemical / ADAMA, 4: Uralkali /Silvinit, 5: Sumitomo Chemical / Nufarm, 6:
Mineracao Naque/ Vale Fertilizantes, 7: Menoza Trading / OJSC PhosAgro, 8: CJSC Holding
/ SBU Azot, 8: EuroChem/K+S Aktiengesellschaft, 10: Youngor Investment/Kingenta
Ecologic Engineering, 11: Norica /Grupa Azoty, 12: Grupa Azoty Spólka Akcyjna/Zaklady
Azotowe Pulawy Spolka Akcyjna, 13: ADAMA /Hubei Sanonda Co., 14: Jiang Yin
Hanying/Jiangsu ChengXing Phosph-Chemicals, 15: Yara International/OFD Holding, 16:
EDAILY Co./ KG Chemical, 17: Adorabella/OJSC PhosAgro, 18: Platform Specialty Products/
Chemtura AgroSolutions, 19: Yara International/Galvani Indústria, Comércio E Serviços.
Transaction multiples (EV/EBITDA)
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
Aug-09 Aug-10 Aug-11 Aug-12 Aug-13
West Fraser Timber Co. Ltd.
Canfor Corp.
Duratex SA
Guangdong Weihua Corporation
Louisiana-Pacific Corp.
Stella-Jones Inc.
Zhongfu Straits (Pingtan)
Boise Cascade Company
Norbord, Inc.
Suzano Papel e Celulose S.A.
Median
Average
Rentokil Initial plc
MITIE Group PLC
Tianjin Teda Co., Ltd.
Cypark Resources Berhad
National Cleaning Co. (S.A.K.Closed)
Pan Pacific Corporation
800 Super Holdings Limited
UNIVERSAL ENGEISHA Co., Ltd.
Dionics Inc.
Median
Average
Monsanto Company
Syngenta AG
Potash Corp. of Saskatchewan, Inc.
The Mosaic Company
Saudi Arabian Fertilizer Company
CF Industries Holdings, Inc.
Agrium Inc.
Yara International ASA
Israel Chemicals Ltd.
Open Joint Stock Company Uralkali
Median
Average
Sources: S&P Capital IQ, Factiva, PwC research

7. PwC
November 2014
NTM 2014F
15.2x 13.7x
11.2x 11.5x
10.8x 12.3x
8.0x 5.9x
9.7x 10.6x
n.a. n.a.
n.a. n.a.
10.0x 9.7x
8.9x 10.7x
8.4x 9.0x
9.8x 10.7x
10.3x 10.4x
NTM 2014F
14.6x 16.0x
7.1x 8.8x
14.5x 16.2x
9.5x 10.0x
14.7x 16.3x
7.8x 8.0x
11.3x 12.3x
8.0x 7.8x
6.6x 7.3x
10.2x 11.9x
9.9x 10.9x
10.4x 11.5x
Agricultural Products & Machinery
Fishery
Section 1 – Agribusiness News & Multiples
5
Global Agribusiness • Deal Activity
Agricultural Products & Machinery
M&A News
US: Salford Group, manufacturer of tillage, seeding
and fertilizer application equipment, acquired BBI
Spreaders with support from GenNx360 Capital.
Netherlands: Nutreco director’s have supported
US$3.4b takeover deal by Dutch investment firm SHV.
The offer of €40 per share represented a 42% premium
to Nutreco’s traded price.
Management News
US: Cargill name Sarena Lin as president of the
company's global compound feed business unit.
Bidder/Target 1: Woodstream/Zareba Systems, 2: Ag Growth International/Mepu Oy, 3:
Converted Organics/TerraSphere Systems, 4: Blount/SpeeCo, 5: Kubota/Kverneland ASA, 6:
Paine & Partners/Eurodrip SA, 7: Seoul Moongo Co. / Daedong Industrial Co., 8: Danfoss/
Sauer-Danfoss Inc., 9: NA/ China Farm Equipment, 10: Silverfleet Capital / Cimbria, 11: P&P
Water Holding / Eurodrip S A, 12: MHR Fund Management / Titan International.
Trading multiples (EV/EBITDA)Transaction multiples (EV/EBITDA)
0.0x
5.0x
10.0x
15.0x
20.0x
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14
Transaction multiples (EV/EBITDA) Trading multiples (EV/EBITDA)
Fishery
M&A News
Norway: MC Ocean (Mitsubishi Corp) acquires
Cermaq ASA for US$1.31b.
Chile: EWOS acquired Nova Austral from Acuinova
and Pesca Chile for US$180m.
AquaChile to purchase controlling stake in Invermar.
CANADA: Zhangzidao (now Zoneco - China )
announced acquisition of Canadian lobster processor,
Capital Seafood International. The company said it
planned more acquisitions, “most likely in Nova
Scotia.”
Bidder/Target 1: Thai Union Frozen Products/MW Brands, 2: Boparan Holdings/Northern
Foods, 3: Corporacion Economica Damm / Pescanova, 4: Luxempart / Pescanova, 5: Orkla
Brands / Rieber & Søn, 6: Tiger Brands / Oceana Group, 7: Geveran Trading Co ./ Marine
Harvest ASA, 8: Profond Holding / Marine Harvest, 9: China Fishery Group / Copeinca, 10:
Geveran Trading Co. / Marine Harvest, 11: RCL Foods / Foodcorp, 12: China Fishery
Group/Copeinca, 13: CFG Investment / Copeinca.
0.0x
10.0x
20.0x
30.0x
40.0x
Jul-10 Jul-11 Jul-12 Jul-13
Charoen Pokphand Foods Public Co. Ltd.
Marine Harv est ASA
PT Indofood CBP Sukses Makmur Tbk
NH Foods Limited
CALBEE, Inc.
Toyo Suisan Kaisha Ltd.
Thai Union Frozen Products Public
SalMar ASA
Lerøy Seafood Group Asa
Guangdong Haid Group Co., Limited
Median
Average
Deere & Company
Kubota Corporation
CNH Industrial N.V.
AGCO Corporation
Toro Co.
Turk Traktor v e Ziraat Makineleri
First Tractor Co. Ltd.
Lindsay Corporation
Titan International Inc.
Jain Irrigation Systems Limited
Median
Average
Sources: S&P Capital IQ, mergermarket, PwC research

8. PwC
November 2014
Markets
Update
6
Global Agribusiness • Deal Activity

9. PwC
November 2014
Macroeconomic and Foreign Exchange Data
Section 2 – Markets Update
7
Global Agribusiness • Deal Activity
Source: S&P Capital IQ
FX – Spot rates FX – Week-to-date % change
Macroeconomic indicators
Notes: Real GDP growth represents the forecast percent change for the next quarter from the year ago period • CPI Inflation represents the forecast percent change in the
Consumer Price Index for the next month from the year ago period • Unemployment rate represents the latest available actual unemployment rate and is based on the ILO
methodology which can differ from domestic methodologies • Retail Sales growth represents the actual percent change for the latest available month from the year ago period •
Real Private Consumption Growth represents the actual percent change for the latest available quarter from the previous period • Consumer Confidence Index represents the
actual level of the index for the latest available month • Producer Price Index represents the actual level of the index for finished goods for the latest available month • Capacity
Utilisation represents the actual utilisation for the latest available month
Note: Straight line shows historical spot prices, dotted marked line shows futures prices. Price development table is based on most actively traded futures contract.
FX – Year-to-date % changeFX – Month-to-date % change
EUR USD BRL CNY INR
1 EUR - -1.97 % -1.07 % -1 .90% -1.66%
1 USD 2.01% - 0.92% 0.08% 0.32%
1 BRL 1 .08% -0.91% - -0.84% -0.60%
1 CNY 1 .93% -0.08% 0.84% - 0.24%
1 INR 1 .69% -0.32% 0.60% -0.24% -
80.00
85.00
90.00
95.00
100.00
105.00
110.00
115.00
120.00
Nov-2013 Mar-2014 Jul-2014 Nov-2014 Mar-2015 Jul-2015
Latest price 86 .2 5 Week-to-date 0.3 0%
52-w eek low 84 .5 2 Month-to-date 0.00%
52-w eek high 1 1 5 .06 Year-to-date -2 2 .7 1 %
Dev elopm ent - Crude Oil
Latest price 1 ,1 7 2 .5 1 Week-to-date -4 .3 8%
52-w eek low 1 ,1 61 .3 7 Month-to-date 0.00%
52-w eek high 1 ,3 91 .7 6 Year-to-date -2 .7 2 %
Dev elopm ent - Gold
1,100.00
1,150.00
1,200.00
1,250.00
1,300.00
1,350.00
1,400.00
Nov-2013 Feb-2014 May-2014 Aug-2014 Nov-2014
EUR USD BRL CNY INR
1 EUR - 1.2493 3.131 9 7 .6436 7 6.7 1 31
1 USD 0.8005 - 2.5069 6.1183 61.4050
1 BRL 0.3193 0.3989 - 2.4406 24.4944
1 CNY 0.1308 0.1634 0.4097 - 1 0.0363
1 INR 0.0130 0.0163 0.0408 0.0996 -
EUR USD BRL CNY INR
1 EUR - -0.26% 1 .7 1% -0.1 7 % -0.34%
1 USD 0.26% - 1.98% 0.09% -0.07 %
1 BRL -1 .68% -1.94% - -1.85% -2.01%
1 CNY 0.1 7 % -0.09% 1.88% - -0.16%
1 INR 0.34% 0.07 % 2.05% 0.1 6% -
EUR USD BRL CNY INR
1 EUR - -9.28% -3.7 1% -8.32% -9.90%
1 USD 1 0.23% - 6.14% 1 .06% -0.68%
1 BRL 3.85% -5.7 9% - -4.7 9% -6.43%
1 CNY 9.07 % -1.05% 5.03% - -1.7 2%
1 INR 1 0.99% 0.68% 6.87 % 1.7 5% -
Indicator Brazil China India Germany EU US Japan
Real GDP growth 1.9% na na 2.2% 1.6% 1.9% 2.7 %
CPI Inflation 6.2% 2.1% 8.9% 1.2% 1.1% 1.8% 3.0%
Unemploy ment rate 4.9% na na 5.0% 10.0% 5.9% 3.6%
Real Priv ate Consumption growth -0.5% na na 0.1% 0.0% 0.4% -5.1%
Producer Price Index na na na na na na na
Trade Balance na na na 707 .24 na -1,87 5.98 -288.61

10. PwC
November 2014
Commodities (1/2)
Section 2 – Markets Update
8
Global Agribusiness • Deal Activity
Corn ($ per bu. – CBOT: ^C)
Oats ($ per bu. – CBOT: ^O)
Soybean Meal ($ per T – CBOT: ^SM)
Wheat ($ per bu. – CBOT: ^W)
Soybeans ($ per bu. – CBOT: ^S)
Sugar #11 ($ per lb – ICE: ^SB)
Source: S&P Capital IQ
Note: Straight line shows historical spot prices, dotted marked line shows futures prices. Price development table is based on most actively traded futures contract.
3.00
3.50
4.00
4.50
5.00
5.50
Nov-2013 Mar-2014 Jul-2014 Nov-2014 Mar-2015 Jul-2015
Latest price 3 .7 3 Week-to-date 5 .4 0%
52-w eek low 3 .2 4 Month-to-date 0.00%
52-w eek high 5 .1 9 Year-to-date -1 0.7 9%
Dev elopm ent - Corn
4.00
4.50
5.00
5.50
6.00
6.50
7.00
7.50
8.00
Nov-2013 Mar-2014 Jul-2014 Nov-2014 Mar-2015 Jul-2015
Latest price 4 .4 9 Week-to-date 2 .2 8%
52-w eek low 3 .2 6 Month-to-date 0.00%
52-w eek high 7 .4 4 Year-to-date -2 9 .80%
Dev elopm ent - Wheat
3.00
3.50
4.00
4.50
5.00
5.50
Nov-2013 Mar-2014 Jul-2014 Nov-2014 Mar-2015 Jul-2015
Latest price 2 .05 Week-to-date -6.7 0%
52-w eek low 2 .05 Month-to-date 0.00%
52-w eek high 2 .7 2 Year-to-date -5 .08%
Dev elopm ent - Oats
9.00
10.00
11.00
12.00
13.00
14.00
15.00
16.00
Nov-2013 Mar-2014 Jul-2014 Nov-2014 Mar-2015 Jul-2015
Latest price 1 0.2 2 Week-to-date 4 .2 9%
52-w eek low 8.82 Month-to-date 0.00%
52-w eek high 1 5 .2 8 Year-to-date -2 1 .5 8%
Dev elopm ent - Soy bean
290.00
340.00
390.00
440.00
490.00
540.00
Nov-2013 Mar-2014 Jul-2014 Nov-2014 Mar-2015 Jul-2015
Latest price 4 4 2 .00 Week-to-date 3 .3 2 %
52-w eek low 3 4 0.3 0 Month-to-date 0.00%
52-w eek high 6 1 8.7 0 Year-to-date -1 0.4 7 %
Dev elopm ent - Soy bean
0.14
0.15
0.16
0.17
0.18
0.19
Nov-2013 Mar-2014 Jul-2014 Nov-2014 Mar-2015 Jul-2015
Latest price 0.1 6 Week-to-date 0.06 %
52-w eek low 0.1 4 Month-to-date 0.00%
52-w eek high 0.1 8 Year-to-date -2 .2 5 %
Developm ent - Sugar

11. PwC
November 2014
Commodities (2/2)
Section 2 – Markets Update
9
Global Agribusiness • Deal Activity
Cocoa ($ per MT – ICE: ^CC)
Rice – Rough #2 ($ per cwt. – CBOT: ^RR)
Crude Palm Kernel Oil ($ per MT – KLSE: ^QF)
Coffee – Columbian ($ per lb – ICE: ^KC)
Soybean Oil ($ per lb – CBOT: ^BO)
Milk – Class III ($ per lb – CME: ^DA)
Source: S&P Capital IQ
Note: Straight line shows historical spot prices, dotted marked line shows futures prices. Price development table is based on most actively traded futures contract.
2,600.00
2,700.00
2,800.00
2,900.00
3,000.00
3,100.00
3,200.00
3,300.00
3,400.00
3,500.00
Nov-2013 Mar-2014 Jul-2014 Nov-2014 Mar-2015 Jul-2015
Latest price 3 ,2 3 9.00 Week-to-date -4 .2 6%
52-w eek low 2 ,92 7 .00 Month-to-date 0.00%
52-w eek high 3 ,67 9.00 Year-to-date 4 .82 %
Dev elopm ent - Cocoa
12.00
12.50
13.00
13.50
14.00
14.50
15.00
15.50
16.00
16.50
Nov-2013 Mar-2014 Jul-2014 Nov-2014 Mar-2015 Jul-2015
Latest price 1 2 .06 Week-to-date -1 .5 2 %
52-w eek low 1 2 .06 Month-to-date 0.00%
52-w eek high 1 5 .5 7 Year-to-date -2 0.1 9%
Developm ent - Rou gh Rice
0.31
0.33
0.35
0.37
0.39
0.41
0.43
0.45
0.47
Nov-2013 Mar-2014 Jul-2014 Nov-2014 Mar-2015 Jul-2015
Latest price 0.3 6 Week-to-date 7 .7 3 %
52-w eek low 0.3 3 Month-to-date 0.00%
52-w eek high 0.4 3 Year-to-date -2 .1 1 %
Dev elopm ent - Soy bean
610.00
660.00
710.00
760.00
810.00
860.00
910.00
Nov-2013 Mar-2014 Jul-2014 Nov-2014 Mar-2015 Jul-2015
Latest price 6 9 7 .7 5 Week-to-date 4 .4 9 %
52-w eek low 6 1 8.00 Month-to-date 0.00%
52-w eek high 887 .7 5 Year-to-date -1 3 .03 %
Developm ent - Palm Oil
0.16
0.18
0.20
0.22
0.24
0.26
Nov-2013 Mar-2014 Jul-2014 Nov-2014 Mar-2015 Jul-2015
Latest price 0.1 5 Week-to-date -0.4 6 %
52-w eek low 0.1 2 Month-to-date 0.00%
52-w eek high 0.1 5 Year-to-date 2 5 .2 8%
Dev elopm ent - Milk
1.00
1.20
1.40
1.60
1.80
2.00
2.20
2.40
Nov-2013 Mar-2014 Jul-2014 Nov-2014 Mar-2015 Jul-2015
Latest price 2 .07 Week-to-date -0.4 2 %
52-w eek low 1 .2 0 Month-to-date 0.00%
52-w eek high 2 .3 9 Year-to-date 6 1 .9 4 %
Developm ent - Coffee

12. PwC
November 2014
Equity Indices
Section 2 – Markets Update
10
Global Agribusiness • Deal Activity
MSCI USA
MSCI Pacific
MSCI World/Food Products (Industry Index)
MSCI Europe
MSCI BRIC
MSCI World/Retailing (Industry Group Index)
Source: S&P Capital IQ
0
500
1,000
1,500
2,000
2,500
Nov-2009 Nov-2010 Nov-2011 Nov-2012 Nov-2013
Latest value 1 ,92 7 .4 4 Week-to-date 2 .6 9 %
52-w eek low 1 ,66 7 .6 0 Month-to-date 0.00%
52-w eek high 1 ,92 7 .4 4 Year-to-date 8.9 9 %
Developm ent - MSCI USA
0
500
1,000
1,500
2,000
Nov-2009 Nov-2010 Nov-2011 Nov-2012 Nov-2013
Latest value 1 ,6 4 0.2 2 Week-to-date 1 .81 %
52-w eek low 1 ,5 41 .3 6 Month-to-date 0.00%
52-w eek high 1 ,84 5 .7 3 Year-to-date -6 .7 6 %
Dev elopm ent - MSCI Eu rope
0
500
1,000
1,500
2,000
2,500
3,000
Nov-2009 Nov-2010 Nov-2011 Nov-2012 Nov-2013
Latest value 2 ,3 83 .1 0 Week-to-date 3 .09 %
52-w eek low 0.00 Month-to-date 0.00%
52-w eek high 0.00 Year-to-date -1 .9 5 %
Dev elopm ent - MSCI Pacific
0
50
100
150
200
250
300
350
400
Nov-2009 Nov-2010 Nov-2011 Nov-2012 Nov-2013
Latest value 2 80.87 Week-to-date 4 .03 %
52-w eek low 0.00 Month-to-date 0.00%
52-w eek high 0.00 Year-to-date 0.88%
Dev elopm ent - MSCI BRIC
0
50
100
150
200
250
Nov-2009 Nov-2010 Nov-2011 Nov-2012 Nov-2013
Latest value 2 1 5 .4 9 Week-to-date 2 .6 3 %
52-w eek low 1 9 4 .5 2 Month-to-date 0.00%
52-w eek high 2 2 6 .62 Year-to-date 3 .1 0%
Dev elopm ent - MSCI World/Food Products (Industry Index)
0
50
100
150
200
250
300
Nov-2009 Nov-2010 Nov-2011 Nov-2012 Nov-2013
Latest value 2 49 .1 7 Week-to-date 2 .9 3 %
52-w eek low 2 2 7 .06 Month-to-date 0.00%
52-w eek high 2 5 1 .7 5 Year-to-date -1 .03 %
Dev elopm ent - MSCI World/Ret ailing (Indust ry Group Index)

13. PwC
November 2014
Section 2 – Markets Update
11
Global Agribusiness • Deal Activity
Credentials
Advisor to Inner
Mongolia Yili Industrial
Group investigations of
NZ dairy processing
opportunities including
full due diligence.
Sell Side advice to
Ravensdown
on divestment of 100%
of western Australian
operation to Louis
Dreyfus Commodities.
PwC advised on the sale
of a cornerstone
shareholding in DHL,
one of New Zealand’s
largest Dairy Farming
Businesses.
Buy side advisory on
acquisition of Coop
Farms estate for
£249m in one of the
largest land sales in
Britain of circa 40,000
acres.
Buy-side financial due
diligence on Cardinal
Foods on behalf of
Lantmännen ek för.
Disposal of majority
stake in QinYuan
Bakery to EQT Greater
China II Fund
Sell-side advisory
Bright Sugar Co. Ltd.
Acquisition of 60%
stake in Yunnan Yin
More Sugar Co. Ltd.
Buy-side advisory
Guan Sheng Yuan
Disposal of shares
to CITIC Capital
Holdings Ltd.
Sell-side advisory
Sale of
to
Koch Fertiliser
Vendor advised by
Refinancing of
Shareholders
Advised by
Advisor to Hoogwegt
Groep on the
acquisition of 60% of
the shares in Meelunie
from Coöperatie AVEBE
Advisor to
FrieslandCampina on
the sale of its
Elsterwerda plant based
in Germany to
Odenwald Fruechte
Due diligence advisor to
McCain in the
acquisition of Lutosa
Debt advisor to
management of
Heiploeg on its capital
structure
Total debt
€130m
Buy-side due diligence
(financial, tax, pension
and IT), tax structuring
and indicative valuation
advice on the merger
with MUH
Financial Advisory

14. PwC
November 2014
Section 2 – Markets Update
12
Global Agribusiness • Deal Activity
PwC is the leading global M&A advisor with a
strong international network
At any given time PwC has approximately 450 live sale mandates. Globally, we advise on over 300 deals
per year.
PwC Ranking FY’13
• Global M&A: 1st
• European M&A: 1st
• European Buyouts: 1st
• UK M&A: 1st
• Spanish M&A: 1st
• Nordic M&A: 1st
• Swedish M&A: 1st
• Denmark M&A: 1st
• Finland M&A: 1st
• Iberian M&A: 1st
• Asia Pacific (excl. Japan): 1st
Volume
1 PwC 347
2 Goldman Sachs 304
3 KPMG 275
4 Morgan Stanley 261
5 JPMorgan 244
Rank Advisor
Global
Volume
1 Goldman Sachs 211
2 Morgan Stanley 171
3 JPMorgan 158
4 Bank of America Merryl Lynch 149
15 PwC 82
Rank Advisor
West Cluster
Volume
1 PwC 94
2 EY 63
3 KPMG 62
4 Goldman Sachs 61
5 UBS Investment Bank 58
Rank Advisor
East Cluster
Volume
1 PwC 235
2 KPMG 182
3 EY 171
4 Deloitte 158
5 Rothschild 151
Rank Advisor
Central Cluster
Source: MergerMarket M&A Trend Report 2013

15. PwC
November 2014
Agribusiness Network
Section 2 – Markets Update
13
Global Agribusiness • Deal Activity
Global CF Leader
Cornelis Smaal
+31 88 792 6431
cornelis.smaal@nl.pwc.com
Argentina
Mariano Tomatis
+ 54 11 4850 4757
mariano.c.tomatis@ar.pwc.com
Gustavo Barrichi
+ 54 341 446 8000
gustavo.h.barrichi@ar.pwc.com
Australia
Craig Heraghty
+61 282 661 458
craig.heraghty@au.pwc.com
Brazil
Jose Rezende
+55 11 3674 2279
jose.rezende@br.pwc.com
Luiz Barbosa
+55 16 2133 6694
luiz.barbosa@br.pwc.com
Daniela Coco
+55 19 3794-5400
daniela.coco@br.pwc.com
Canada
Lori Robidoux
204 926 2464
lori.j.robidoux@ca.pwc.com
CEE
Stephen Oldfield
+44 (0) 771 0388792
stephen.m.oldfield@uk.pwc.com
China
Frank Lyn
+86 10 6533 2388
Frank.lyn@cn.pwc.com
Gabriel Wong
+86 21 2323 2609
Gabriel.wong@cn.pwc.com
France
Yves Pelle
+ 33 (0) 299 231 705
yves.pelle@fr.pwc.com
Germany
Norbert Niedenhof
+49 (0) 541 3304 330
n.niedenhof@de.pwc.com
India
Ajay Kakra
+91 124 3306029
ajay.kakra@in.pwc.com
Sunjay VS
+91 124 3306171
sunjay.vs@in.pwc.com
Indonesia
Rizal Satar
+62 21 5289 0350
Rizal.satar@id.pwc.com
Ireland
Jimmy Maher
+353 (0) 1 792 6326
james.maher@ie.pwc.com
Japan
Matthew J Wyborn
+81 33 546 8570
Matthew.j.wyborn@jp.pwc.com
Taizo Iwashima
+81 3 6266 5572
taizo.iwashima@jp.pwc.com
MENA
Mark Webster
+966 11 211 0400 (Ext. 1555)
mark.a.webster@sa.pwc.com
Netherland
Marco Jansze
+31 (0) 88 792 3133
marco.jansze@nl.pwc.com
Guido Emanuels
+31 6 2042 0533
guido.emanuels@nl.pwc.com
New Zealand
Craig Armitage
+64 3 374 3052
craig.armitage@nz.pwc.com
Regan Hoult
+64 9 355 8177
regan.b.hoult@nz.pwc.com
Peter McMenamin
+64 3 374 3011
peter.j.mcmenamin@nz.pwc.com
Romania
Anca Scurtescu
+40 21 22 53 871
anca.scurtescu@ro.pwc.com
Singapore
Richard Skinner
+65 9823 3771
richard.skinner@sg.pwc.com
South Africa
Frans Weilbach
+27 (21) 815 3204
frans.weilbach@za.pwc.com
Sweden
Marie Gustafsson
+46 709 294 190
marie.gustafsson@se.pwc.com
Switzerland
Dr. Martin Frey
+41 58 792 15 37
Martin.frey@ch.pwc.com
Ukraine
Olena Volkova
+38 (0) 56 733 5010
olena.volkova@ua.pwc.com
UK
Liam Hennigan
+44 (0) 7841 494011
liam.hennigan@uk.pwc.com
Mark James
+44 (0) 7803 858721
mark.d.james@uk.pwc.com
Thomas Sengbusch
44 (0) 7725 069448
thomas.sengbusch@uk.pwc.com
USA
Thomas Johnson
+1 612 596 4846
thomas.r.johnson@us.pwc.com
Sean Gaffney
+1 216 875 3275
sean.gaffney@us.pwc.com