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CAMPOSOL
THE WORLD’S LARGEST ASPARAGUS EXPORTER
Catering to a growing world affluence and higher demand for quality agricultural products




    Fourth Quarter and Preliminary Full Year 2012 Results



    28 February 2013
    Executive Chairman Samuel Dyer Coriat
    CFO                Jorge Ramirez




  Not for reproduction or distribution. The information contained herein may be subject to change without prior notice   1
Disclaimer



•    This presentation has been prepared by Camposol Holding Plc. (the “Company”). The presentation and its contents may not be reproduced, redistributed or passed on, directly or
     indirectly to any other person or published or reproduced directly or indirectly, in whole or in part, by any medium or in any form for any purpose. Specifically, the presentation may
     not be distributed, forwarded or published, directly or indirectly, in whole or in part, in or into the United States, Canada, Australia or Japan, or in any other jurisdiction in which such
     distribution, or publication would be prohibited by applicable law.

•    The information contained in this presentation does not constitute or form part of, and should not be construed as, an offer or invitation to subscribe for or purchase the securities
     discussed herein in any jurisdiction, nor does it constitute a recommendation regarding the securities of the Company. Neither this presentation nor any part of it shall form the basis
     of, or be relied upon in connection with any offer, or act as an inducement to enter into any contract or commitment whatsoever.

•    Specifically, this presentation and the information contained herein are not an offer of securities for sale in the United States and are not for publication or distribution to persons in
     the United States (within the meaning of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”)). The securities in the Company have not been and will
     not be registered under the Securities Act.

•    The presentation is the sole responsibility of the Company. The information may be subject to updating, completion, revision and amendment and such information may change
     materially. No representation or warranty, express or implied, is or will be made by the Company, its advisors, parent or subsidiary undertakings of any of the foregoing or any such
     person’s affiliates, directors, officers or employees, or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this presentation and
     any reliance you place on them will be at your sole risk. Without prejudice to the foregoing, the Company, its advisors, parent or subsidiary undertakings of any of the foregoing and
     any such persons’ affiliates, directors, officers or employees do not and will not accept any liability whatsoever for any loss howsoever arising, directly or indirectly, from use of this
     presentation or its contents or otherwise arising in connection therewith. The Company is under no obligation to update or keep current the information contained in this presentation
     and any opinions expressed in it are subject to change without notice.

•    This presentation contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates.
     Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words “believes”, “expects”,
     “predicts”, “intends”, “projects”, “plans”, “estimates”, “aims”, “foresees”, “anticipates”, “targets”, and similar expressions. The forward-looking statements contained in this
     presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are uncertain and subject to risks. A
     multitude of factors can cause actual events to differ significantly from any anticipated development. Neither the Company or its advisors nor any parent or subsidiary undertakings of
     any of the foregoing or any such person’s affiliates, directors, officers or employees make any guarantees that the assumptions underlying such forward-looking statements are free
     from errors nor does any of the foregoing accept any responsibility for the future accuracy of the opinions expressed in this presentation or the actual occurrence of the forecasted
     developments.

•    The presentation is disclosed pursuant to, and is governed by, Norwegian law and regulations. Any dispute arising out hereof shall be resolved in Norway, with the ordinary courts of
     Norway as legal venue.




                                                                                                                                                                                                     2
Agenda



         Highlights

         Company Overview & Main Crops and Trends
         Financial Highlights

         Conclusions & Outlook
         Appendix
Highlights: Lower avocado volumes due climatic conditions (mostly
mature fields) and lower prices from US market

         Revenues and EBITDA (USD MM) Q4 2012                     Volume sold during Q412 was 24,131 net MT, up 15.2%
                                                                  from Q411 explained mainly by an increase in volumes
                                   EBITDA       Sales
                                                                  of preserved asparagus and artichokes. Average price
70
                                                                  was USD 2.79 per net KG, up 12.0% from the same
60                                                                period in 2011.
50
                                                                  Sales of USD 67.4 million, up 29% from Q411.
40                                                      67.4
30                    52.3
                                                                  EBITDA before fair value adjustments (b.f.v.a.) of USD
                                                                  5.3 million, 43.9% lower than Q411. EBITDA margin
20
                                                                  decreased to 7.9%.
10
                       9.5                              5.3
 0
                     Q4 2011                         Q4 2012



         Revenues and EBITDA (USD MM) Q4 YTD 2012
                                                                  Volume sold in 2012 was 70,949 MT, down 4.1% from
                                                                  2011 mainly explained by lower volumes of avocado.
                                   EBITDA       Sales             Average price of USD 2.58 per net KG, up 13.7% from
180
                                                                  2011.
160
                                                                  Sales of USD 183.2 million, up 9.2% from 2011.
140
                                                        183.2
120
                                                                  EBITDA (b.f.v.a.) of USD 16.9 million compared to USD
100                   167.8
                                                                  30.8 million for the 2011, mainly explained by lower
 80
                                                                  volumes of avocado, due to climate conditions in Peru
 60

 40
                                                                  and record high production in California and Mexico,
 20
                                                                  which adversely affected prices in the US market.
                       30.8
                                                        16.9
     0
                     Q4 YTD 2011                    Q4 YTD 2012
                                                                  As of December 31st, the Company maintains a Cash
                                                                  Balance of USD 28.5 million.

                                                                                                                           4
Avocado volumes in US market have been record high in 2012,
volumes up 23% and prices down 40% compared to 2011
                            800



                                                                                                      $2.68
                            700



                            600


                                                                              $1.98
                            500
          VOLUME (000 MT)




                                                                      $1.84           $1.86
                                   $1.74
                                                                                                              $1.61
                                                                                              $1.57
                            400                       $1.47



                                                              $1.19
                            300



                            200



                            100



                              0                                                                                       $0.00




                                   2004               2005    2006    2007    2008    2009    2010    2011    2012*
        California                196.0               137.1   273.7   111.8   149.6   79.5    249.0   130.8   191.6
        Chile                      97.0               121.2   70.0    112.3   65.4    113.0   64.9    70.0    60.7
        Mexico                     38.5
                                   34.6                                               38.0            46.3    30.9
        Peru                        0.0                0.0     0.0     0.0     0.0     0.0     0.1     9.0    16.8
        Total Volume YTD          366.0               414.6   473.9   482.5   488.9   530.6   613.2   568.9   699.5
        Price Fob/kg Peru         $1.74               $1.47   $1.19   $1.84   $1.98   $1.86   $1.57   $2.68   $1.61


• Others = Florida, Dominican Republic, New Zealand
• Source :HASS AVOCADO BOARD, USDA

                                                                                                                              5
During the Peruvian window (may-sep) in US market volumes up 34%
and prices down 46% compared to last year
                          350                                                                                             $3.50




                          300                                                                                             $3.00




                                                                                                         $2.94




                          250                                                                                             $2.50




                                                                              $2.23    $2.23
        VOLUME (000 MT)




                          200                                        $2.03                                                $2.00




                                                  $1.71                                         $1.71
                                 $1.66
                                                                                                                  $1.60
                          150                                                                                             $1.50




                                                            $1.20

                          100                                                                                             $1.00




                           50                                                                                             $0.50




                            0                                                                                             $0.00




                                2004             2005      2006     2007     2008     2009     2010     2011     2012
        California               118                  78    165      79       101      53       175      102      145
        Chile                    19                   30    10       23        8       39        4       16        4
        Mexico                    1                   54    29       87       78       101      84       89       138
        Others *                 16                   11     9       18       19       17       14       23       14
        Peru                      0                   0      0        0        0        0        0        8       17
        Q2-Q3                   154.77          172.55     212.77   207.64   206.18   210.36   276.41   237.27   318.73
        Price Fob Peru          $1.66            $1.71     $1.20    $2.03    $2.23    $2.23    $1.71    $2.94    $1.60


• Others = Florida, Dominican Republic, New Zealand
• Source :HASS AVOCADO BOARD, USDA

                                                                                                                                  6
Agenda



         Highlights

         Company Overview & Main Crops and Trends
         Financial Highlights

         Conclusions & Outlook
         Appendix
Camposol at a glance


      Largest asparagus exporter in the world (volumes).          Main operations
      Largest producer of Hass avocados (planted area).
                                                                                     Tumbes
      Positioned in the healthy food segments: fruits and                             Shrimp
      vegetables.                                                            Piura
                                                                        Mangoes, Peppers,
      Large bank of lands: 18,600 net hectares(1) out of which               Grapes         Chao
      approximately 7,000 hectares have been planted.                                Avocado, White/
                                                                                     Green asparagus
      Fields managed using advanced agricultural practices;                                    Lima
      processing plants fitted with state of the art equipment.

      Favorable tax and labor regime.

      Employs on average 10,000 workers .

      Strong Volume Growth without additional substantial
      CAPEX.

      Strong Corporate Governance:
      –    Adheres to Norwegian Code of Practice on Corporate
           Governance.
      –    Listed in Oslo Stock Exchange.
      –    Board members: 5 of 8 members are independent.


(1) 1 hectare = 2.47 acres


                                                                                                       8
Strong expected growth without substantial additional
                  CAPEX
                    Avocado                         Grapes                     Asparagus                       Mango         Tangerines           Total




                                                                                                                                                                Crop yield as % of peak
                  Planted hectares                                                                                                                                 yields production
  Unproductive




                       449                                                                                        35             102               586                          0%
     phase




                                                        0                             0
                   (17% of total)                                                                            (8% of total)   (100% of total)   (10% of total)
  yield phase
    Medium




                     1,342                            351                             0                           47               0              1,740            25 to 80%
                   (51% of total)               (78% of total)                                              (10% of total)                     (28% of total)
  High yield




                       825                           100                         2,516                           368                             3,809           80 to 100%
    phase




                  (32% of total)                (22% of total)               (100% of total)               (82% of total)
                                                                                                                                   0           (62% of total)
          Total




                     2,616                            451                         2,516                          450             102              6,135
           has
Margin(1)
 Profit
 Gross




                     51.8%                          34.9%                         18.0%                        12.9%            73.5%            24.5%

                   Only 32% of avocado planted areas have reached peak yields.

                   Source: Company data.
                   Note: Table excludes approximately 300 hectares planted with rotational crops such as piquillo pepper.
                   (1) As of December 31, 2012.                                                                                                                                           9
World wide demand for avocado has increased significantly due to
growing awareness of its health benefits
 Demand                                                                           Global imports
                                                                              (US$ million)                              2001 global imports US$422 million
Global consumption of avocado has been growing at a very fast pace                                                     2010 global imports US$1,655 million
mainly due to the growing popularity of the fruit and for its proved health
benefits.                                                                            6.2x            705   2.8x        675        4.8x

Europe had been the traditional importer of avocado. However, since
                                                                                                             246
early 2000’s imports by the US and Japan have grown at even faster rates.                114                                                      121
                                                                                                                                     25
Currently, the US is the largest importer of avocado, representing close to
37% of global imports, and has one of the fastest growth rates of                             N. America          Europe                  Japan
consumption in the world, estimated a 10% per annum by the Hass
Avocado Board.                                                                                                2001         2010



  Health Benefits of Avocado

Avocado’s health benefits are due mainly to its high levels of vitamins A,
B, E and G, high levels of potassium (higher than bananas), and also high
levels of monosaturated fat.

The American Journal of Medicine (December 1999) showed that avocados
are rich in beta-sitosterol, a natural substance shown to significantly
lower blood cholesterol levels.

The oil produced by the fruit’s skin is also widely used in the beauty
products industry, mostly for the production of facial creams, hand
lotions and fine soap, and the remaining pulp residue after oil extraction
is used as stockfeed for livestock.



Camposol is positioned to take advantage of the increased global demand for avocado
consumption.
Source: International Trade Center, American Journal of Medicine.

                                                                                                                                                              10
Due to prior investments, Camposol is ideally positioned to capture
 the growth opportunities in the US avocado market…
    Evolution of US local production and imports of avocado                                            Forecasted US supply gap
(in 000 MT)                                                                                        (in 000 MT)

                                                                                   578

                                                                                                                                                                       295
                                                                                                                                                           221
                                                                                                                                               156
       249                                                                                                                        98
                                                                                                                    46


                                                                                                           653
                                                                                                                              Supply growth @3.0%
       2000     2001    2002   2003   2004   2005   2006    2007   2008    2009    2010                   2012     2013          2014         2015        2016         2017
                                 Local production     Imports
                                                                                                                  Supply (imports + local production)   Gap (demand - supply)



    Price and per capita consumption of avocado in US market
                                                                                                      Decreasing production from California has increased the need for
 Price growth 1980 – 2011E: 4.0x                                                                      avocado imports:
 Consumption per capita growth 1980 – 2011E: 1.9x
                                                                                                       − Imported volumes have grown by 450% since 2000.
                                                                                        2.1
                                                                                     $2.0              − Local supply remains erratic due to seasonality.

 1.1
                                                                                                      Projections show demand outpacing supply even with the addition
                                                           1.0
                                                                                                      of increased imports from new countries like Peru.
                                                                                                      Although Peruvian avocado was cleared halfway through the
       $0.5                                                                                           export campaign (early in Q311), thus increasing avocado supply to
                                                                                                      the US market, average export prices increased as growing US
 1980            1985          1990          1995          2000        2005           2010
                                                                                                      demand outpaced supply.
             Consumption - kg per capita                   US market price - US$ per Kg



 The US market dynamics will be a key driver for growth in average prices of fresh avocado.
 Source: Hass Avocado Board, US Avocado Price Trend Analysis and Forecast (2011-2014), Maximice.



                                                                                                                                                                                11
World grape demand has been growing steadily and Peru maintains a
strong competitive advantage due to its high yields.
     Production                                                                   Global imports(1)
                                                                               (US$ million)                                          2001 global imports US$2,902 million
   Grapes are mostly consumed fresh and grown in two different varieties:
                                                                                                                                      2010 global imports US$7,032 million
   seedless and seeded.
   Uniquely for Peru, grapes produce their first harvest within one year and
                                                                                     2.0x                    2.2x         3001              2.7x
   are fully productive after three years.
   Increasing volume contribution from Camposol.                                                    1929
                                                                                                               1387
   – Camposol’s first grape harvest produced during 2011.                                 963
                                                                                                                                               159           435
   Field management improvements to increase labor efficiency and product
   quality.
                                                                                            N. America               Europe                          China
   – Still challenges in field, pre-packing and packing operations, to be
     mitigated with 2012 CAPEX plan.
                                                                                                                2001          2010
   – Customized packing for supermarkets needs.



     Demand                                                                         Major grape producers – 2010 yields
                                                                               (metric tons per hectare)
   Consumption growing worldwide, especially in Asia.

   All year round consumption .                                                       18.7
                                                                                                     16.3     16.3             15.6
   Good positioning of Peruvian grapes in major markets.                                                                                       14.6

                                                                                                                                                                   9.5
   Favorable trends in volumes and prices for seedless varieties.

   – Changes in customer preference, from seeded to seedless in Asian
     markets, in tandem with growth in income per capita.
                                                                                                                              South                            World
                                                                                      Peru          Brazil    U.S.                             Chile
                                                                                                                              Africa                           (avg.)




  Grapes are set to contribute to the Company’s growth profile, with particularly attractive
  economics in place for the seedless varieties.
Source: International Trade Organization, FaoStat, Company data.
(1)     Includes only fresh grapes.
                                                                                                                                                                             12
Peru has positioned itself as a major supplier of asparagus…

   Production                                                                     2010 global exports of asparagus
                                                                               Total global exports: US$1,164 million
  Asparagus is a spring vegetable that is grown in 2 ways:
  – Green asparagus is usually preferred in the US.                                                   Rest of world
                                                                                                          27%                                Peru
  – White asparagus is usually preferred by Europeans.
                                                                                                                                             34%
  In the past 10 years, Peru has almost tripled its global exports of
  asparagus.
  Unlike most countries, Peru’s unique climate permits year round                                         China
  production of asparagus.                                                                                 9%
  China, previously a major exporter, has reduced its exports, mainly due to                                                        Mexico
                                                                                                                   US
  a rise in internal demand.                                                                                                         19%
                                                                                                                  11%


   Demand                                                                          Global imports
                                                                               (US$ million)                                            2001 global imports US$787 million
  China is the largest global consumer of asparagus as well as the largest
                                                                                                                                      2010 global imports US$1,400 million
  producer.
                                                                                      3.3x                    1.3x             664            0.8x
                                                                                                    601
  White asparagus is very popular in Germany, France and other European                                                 503
  countries.
                                                                                          184
                                                                                                                                                    95           79
  In the past 10 years the US has significantly increased consumption of
  fresh green asparagus and is growing in popularity.
                                                                                             N. America                   Europe                         Japan

                                                                                                                        2001       2010




 Peru has positioned itself as the world’s top exporter of asparagus, an increasingly popular
 product in new markets such as the US.
Source: International Trade Organization, company data.
                                                                                                                                                                             13
´
 …and Camposol has become the world´s largest exporter of
 asparagus, a status it expects to maintain.
    Asparagus volume sold and total hectares planted                                                      Asparagus revenues and gross margin
                                                                                                        Average price
                                                                                                        US$ / MT:       2,190          2,240             2,530             2,860
             2,702                                                                                                                                       23.1%
                                    2,633                2,633                                                                         19.4%                                17.9%
                                                                                  2,516
                                                                                                                         9.7%

                                                                                                                                                                            67.7
             26,840                                                                                                     58.8                             57.9
                                   24,455               22,842                   23,783                                                54.8


             2009                   2010                 2011                     2012                                  2009           2010              2011               2012
                              Volume sold (MT)          Total Hectares Planted                                                  Revenues (US$ mm)                Gross Margin (%)




    Camposol’s asparagus average yield during life cycle(1)                                                    Camposol is Peru’s largest producer and world largest exporter of
                                                                                                               asparagus, benefiting from the country’s climatic advantage.

                                           19                                                                  Camposol produces and exports green and white asparagus.
                                   17            18
                       16                                 17
                                                                       16                                      It is also sold in three formats: i) fresh, ii) preserved and iii) frozen.
                                   15       18                                   15
                       15                                         15                                           Due to larger volumes produced, Camposol has historically exported
                  12
                                                                            12                                 asparagus at lower prices than its main competitors.
                                                                                           9
                                                                                           4                   To reduce the price gap and take advantage of its superior scale,
         5                                                                                          4          Camposol is increasing its exports to Germany and has signed a
                                                                                                               commercial agreement with Riberebro .
     1        2        3       4        5        6       7         8         9        10       11
                                                                                                               China´s supply (Peru´s main competitor in white asparagus) is
                                        Actual         Expected
                                                                                                               decreasing.



 Asparagus will continue to be a core product for Camposol, allowing the company to bolster its
 global position by increasing sales to growing markets for imports, such as Germany.
Source: Company Data
(1) Yields taken from historical production of asparagus in Camposol’s fields

                                                                                                                                                                                            14
Other products – Mango, peppers and artichoke.

    Mango                                        Peppers (rotational crop)                  Artichoke (rotational crop)                   Shrimp

Market overview/trends:                       Market overview/trends:                    Market overview/trends:                       Market overview/trends:
    Consumption growing worldwide                Consumption limited to Spain, France,      Increasing demand from channels in the         Consumption has kept growing despite
    Considered premium                           Italy, Greece & US                         US market                                      recent economic downturn
    Still exotic in Europe, room for growth      Limited availability outside of these      Low barriers for entry (no crop                Climatic phenomena has affected
                                                 countries                                  specialization required) plus attractive       output in Asian countries
    Lower yields from Peru resulting in                                                     current price level may encourage
    higher prices during current season          Overall exports declining                                                                 Peru’s shrimp exports have grown
                                                                                            volume increases during 2012                   consistently since 2005 to satisfy global
                                                                                                                                           demand




Camposol outlook:                             Camposol outlook:                          Camposol outlook:                             Camposol outlook:
   Capture more value through tree ripped         Consolidate direct sales to                Growth opportunities in value added          Second largest shrimp producer in the
   and air freighted mango                        supermarkets                               presentations: grilled, tapenades and        country with 492 hectares of shrimp
   Increase demand for frozen product             Growth opportunities in value added        frozen                                       farms
   Implement reliable 3rd party sourcing          presentations                                                                           Shrimp farming has important synergies
   business model                                                                                                                         with Camposol’s frozen business




   In addition to these products Camposol produces tangerines, which provide the Company with
   additional growth opportunities.

                                                                                                                                                                                       15
Diversification
Continuous positive trend towards Fresh Produce, direct sales and market diversification

     Net Volume Sold by format (MT 000 / % of Total)                                                                Sales by destination (USD MM / %)
                               Fresh               Preserved               Frozen                                                            USA             Europe   Asia               Others


             59.0                       59.8                    73.9                     70.9                               121.4                   119.3              167.8                         183.2
               9%                         9%                                                                                 5%
                                                                                                                             1%                       5%
                                                                                                                                                      1%                 7%                           8%
                                                                12%                      12%
                                                                                                                                                                         7%                           9%


                                         47%                    36%                      38%
 1            56%                                                                                               1
                                                                                                                                73%                   78%                                            56%
                                                                                                                                                                        64%



                                                                52%                      50%
                                         44%
              35%
                                                                                                                                21%                                     22%                          27%
                                                                                                                                                      16%
 0                                                                                                              0
              2009                       2010                   2011                     2012                                   2009                  2010              2011                         2012




     Sales by Channel USD MM (direct* / importers)                                                                  Volume Raw material MT 000 (own and suppliers)
                                       Direct                      Importers                                                                        Suppliers                      Own
                                                                                                                                                                              Vol Raw M at erial       %Suppliers

             121.4                     119.3                   167.8                   183.2


                                                                                                                                                                                                    23%


 1                                       77%                    76%                      73%                    1                                                     10%
              87%                                                                                                                                     93%                92%                         88%
                                                                                                                                94%
                                                                                                                          6%                       7%
                                                                                                                                                                      105.7                        100.0
                                                                                                                         75.4                      82.1

                                         23%                    24%                      27%
              13%                                                                                                                                                        8%                          12%
 0                                                                                                              0               6%                      7%
              2009                       2010                   2011                     2012                            20092009                     2010
                                                                                                                                                   2010                 2011
                                                                                                                                                                      2011                         Jun-12 YTD
                                                                                                                                                                                                     2012



 * Direct Sales include all sales performed by our commercial offices in Europe and US, as well direct shipments from Lima to Supermarkets, retails, etc.



                                                                                                                                                                                                                16
Selling Prices with favorable trend in company´s main products
Fresh avocado prices lower than 2011 but above 2008 - 2010, before opening of US market

     Fresh Products Prices (USD/KNE)                                                                             Preserved Products Prices (USD/KNE)
            White Asparagus          Green Asparagus          Avocado             Mango       Grapes                                           White Asparagus    Green Asparagus      Pepper

5                                                                                                            5

4                                                                                                            4

3                                                                                                            3

2                                                                                                            2

1                                                                                                            1

0                                                                                                            0
          2008                2009                 2010                    2011               2012                    2008         2009         2010             2011               2012




     Frozen Products Prices (USD/KNE)
                              White Asparagus            Green Asparagus            Avocado          Mango
 5

 4

 3

 2

 1

 0
           2008               2009                     2010                2011               2012



Note: Prices shown are based on company sales. These are not market prices.
Source: Camposol.
                                                                                                                                                                                           17
Agenda



         Highlights

         Company Overview & Main Crops and Trends
         Financial Highlights

         Conclusions & Outlook
         Appendix
Financial Highlights
EBITDA margin at 9% while net leverage up to 8.1x

   Volume Harvested (000 MT)                                                                 Total Sales per Product (USD MM)
                      Asparagus     Avocado      Mangoes   Grapes   Pepper   Other                        Asparagus   Avocado   Mangoes   Grapes   Pepper   Other
                                                                     94.9                                                                                             183.2
                                                                     2.8
       88.1                                                                           77.5                                                          167.8
                                                                                                                                                                       35.5
                                                  76.7               17.5                                                                           18.9
       14.1                                                                                    140.7
                           71,1                   1.4                                 4.9
                                                                     7.5                                                                            20.4               15.3
                           2.0                                                                               121.4              119.3
       14.0                                       17.7                                12.2      25.1
                                                                                                                                                    14.8               18.2
                           15.2                                      13.6                                                        9.8
                                                  2.2                                           13.3          17.8
       8.6                                                                            8.9                                                           16.0               14.7
                            1.3                                                                  8.6                             17.5
                            6.3                   9.4                                                         18.0
                                                                                      10.6                                        3.2
                                                                     20.9                                      2.0               13.4                                  31.4
       21.5                11.5                   13.2                                          31.6           8.5                                  39.9
                                                                                      15.2                    16.4               20.5


                           34.8                   32.8               32.6                       62.1                                                                   68.1
       29.9                                                                                                   58.7               54.8               57.9
                                                                                      25.7



       2008                2009                   2010               2011             2012      2008          2009               2010               2011               2012




   EBITDA (USD MM) / EBITDA Margin (% of Sales)                                              Net Debt / Leverage (USD MM / x EBITDA B.F.V.A.)

             EBITDA BFVA          M argin BFVA                                                                                                      Debt       Debt / EBITDA bf va
                                                                    18%
                                                 17%

                                                                                                7.8x                                                                  8.1x
                                                                                                              6.9x
                                                                                      9%
       7%                   7%
                                                                                                                                3.5x                2.7x            136.5
                                                                    30.8
                                                 20.4                                          77.2                             72.4               83.9
                                                                                     16.9                    60.5
       9.9                 8.8


      2008                 2009                  2010               2011             2012      2008         2009                2010               2011              2012


 Source: Camposol Holding PLC



                                                                                                                                                                               19
Cash Flow
Company maintains a strong cash balance of + USD 28 million


 Cash Flow (USD Million)

                                  Q4 2012      Q4 2011     2012         2011


 EBITDA                                  5.3         9.5        16.9        30.8

 Working Capital Changes                 6.6       (1.3)      (14.5)      (12.8)

 Interest Expense Net                  (3.7)       (2.3)      (16.3)       (8.5)

 Income Tax                              0.0         0.9       (0.0)       (0.0)

Net Cash Flow from Operations           8.2         6.8       (13.9)           9.5

Net Cash Flow from Investments        (11.1)       (4.7)      (24.9)      (19.6)

Net Cash Flow from Financing            5.6        (0.7)       60.7            6.8

Net Cash Flow during the period         2.7         1.4        21.9        (3.3)

Cash beginning of the period           25.8         5.2           6.6          9.9

Cash end of the period                 28.5         6.6        28.5            6.6




                                                                                     20
Funding Mix
 Camposol increased its debt’s average life from 3.2 to 4.9 years after the bond issuance.

     Long-term Debt Schedule Before Issuance of Bonds                                Debt Breakdown before Issuance of Bonds

Long term debt: US$ 64.7mm                                                                                                                Total debt: US$ 90.2 million
Average life: 3.2 years                                                                                 Short-term
                                                                                                        bank debt            Syndicated
                                                                                                           28%                  Lo an
                                0.9                                                                                             65%
                                              0.9
                                                           0.5

      1.5          1.3          17.7
                   7.4                        13.5         11.8
      8.1                                                              0.2    0.3
                                                                                               Other lo ng-
     2012         2013         2014           2015         2016       2017    2018              term debt
                                                                                                   7%
                            Syndicated Loan         Other Long-term Debt


     Current Long-term Debt Schedule                                                 Current Debt Breakdown(1)
 Long term debt: US$ 131.3mm
 Average life: 4.9 years                                               0.2                            Other lo ng-   Sho rt-term
                                                                                                       term debt     bank debt
                                                                                                          5%             4%
                                                                                                                                    Senio r
                                                                      125.0                                                        Unsecured
                                                                                                                                     No tes
      1.5          1.3
                   0.0          0.9           0.9          0.5                0.3                                                     91%

     2012         2013         2014           2015         2016       2017    2018

                                  Bond      Other Long-term Debt




Source: Company data.
(1) Assumes USD 125 million Senior Unsecured Notes issuance.


                                                                                                                                                                         21
Agenda



         Highlights

         Company Overview & Main Crops and Trends
         Financial Highlights

         Conclusions & Outlook
         Appendix
Main Conclusions and Outlook

 Avocado harvested volumes from our fields are expected to be 50% higher than in 2012 (around 23,000 MT), an important
 increase from the 15,168 MT in 2012, product of a combination of higher yields from old fields and the new fields moving
 up the maturity curve.

 Positive trend in prices in most company’s products, specially for asparagus.

 Continue positive Diversification trend:
 – Direct Sales up from 24% in 2011 to 27% in 2012
 – Fresh sales from 52% of total sales in 2011 to 50% of total sales in 2012
 – Volume from third parties up from 10% in 2011 to 23% in 2012

 CAPEX Plan for 2013 of USD 13 million.
 – Around 1/3 in maintenance CAPEX, 1/3 to increase operational efficiency and 1/3 in new plantations.

 Strong Growth in volumes by 2015 without substantial CAPEX.
 – 2012 volumes of avocado, asparagus, grapes affected by “El Niño”.
 – 2013 volumes from Avocados mostly from young plantations (less affected by climactic changes)

 The long term growth prospects for exotic fruits & vegetables markets are excellent.
 – Specially for the fresh avocados, asparagus and grapes.
 – Also for Preserved Asparagus due to China decrease in supply.

 Continue to reinforce Commercial Offices in EU and US.
 − Increase Direct Sales with own distribution.

 In 2013, we signed an agreement with AGRICOM, one of the major fruit exporters from Chile, to jointly commercialize its
 products in Europe. Such agreement will allow us to offer avocado almost year round to our clients. Among the products
 we will commercialize together are avocados, grapes, citrus, blueberries, pomegranates among others.

                                                                                                                            23
Volume Harvested & Average Yield of avocado and asparagus


          Avocado: Planted Area (Has) & Average Age of Plantation (Years)          Avocado: Total Volume Harvested (000 Tm) & Average Yield (MT/Ha)

                                                                           128
                                                                  357      229             26.4
                                                                                                                                      22.1
                                                    993                                                        16.2
                                                                  763      763                       13.9
                                                                                                                                                                  13.4
                                  1,665
                      1,462                                                                                                                          10.6   7.4
                                                                                                                                3.9           4.6
                                                    671           671      671
           382
                                                                                                                                 3                           12
           825         825        825               825           825      825
                                                                                     22                                                        6
                                                                                                                                 18
                                                                                                    11       13                                               11
                                                                                                                                               9

           2008       2009        2010              2011          2012    2013E     2008          2009      2010               2011           2012          2013E
                                 Production    Expansion                                                       Old Fields   New Fields



          Asparagus volume harvested vs. hectares productive phase                 Asparagus: Total Volume Harvested (000 Tm) & Average Yield (MT/Ha)



                                 2,634                                                                      12.4              12.4
60,000    2,634       2,634                        2,633                                          12.2
                                                                 2,516    2,516    10.0                                                       10.2          12.3
50,000
40,000
30,000
                                                                                    30             35        33                 33                           31
20,000               34,828                                                                                                                    26
          29,855                 32,803            32,637                 31,075
                                                                 25,738
10,000
    0
           2008       2009        2010              2011          2012    2013E     2008          2009      2010               2011           2012          2013E
                                      Tot al Tns           Has                                              Old Fields        Average Yield




                                                                                                                                                                         24
Estimated Volume


 Avocado volume


               Avocado              2012     2013E


      Volumes harvested (MT 000)    15,168   23,277


      Third party supply (MT 000)   2,532     3,000


     Volume produced KNE (MT 000)   13,911   21,019




 Asparagus volume


              Asparagus             2012     2013E


      Volumes harvested (MT 000)    25,738    31,075


      Third party supply (MT 000)    1,902       -


     Volume produced KNE (MT 000)   20,356    22,865




                                                       25
Q&A




      26
Agenda



         Highlights

         Company Overview & Main Crops and Trends
         Financial Highlights

         Conclusions & Outlook
         Appendix
Largest Shareholders as of December 31st 2012

       Investor                            Shares            Percentage

  1    DYER-CORIAT HOLDING, S.L               8,571,000              28.73%
  2    EUROCLEAR BANK S.A./N.V. ('BA')        6,602,098              22.13%
  3    ANDEAN FISCHING L.L.C                  3,380,100              11.33%
  4    CAMPOSOL S.A.                          2,613,130               8.76%
  5    FONDO DE INVERSIÓN AGROINDUSTRIAL      1,908,750               6.40%
  6    WEILHEIM INVESTMENTS S.L.              1,338,913               4.49%
  7    PERU LAND FARMING LLC                    960,695               3.22%
  8    QVT FUND V LP I                          893,741               3.00%
  9    QVT FUND LP                              707,287               2.37%
  10   DEUTSCHE BANK AG LONDON                  685,008               2.30%
  11   CAMPOSOL HOLDING PLC                     355,372               1.19%
  12   JPMORGAN CHASE BANK                      265,462               0.89%
  13   QVT FUND IV LP I                         152,329               0.51%
  14   JUSTNES REDERIAS                         145,300               0.49%
  15   MP PENSJON PK                            137,000               0.46%
  16   JAHRMANN AS                              125,200               0.42%
  17   BANK OF NEW YORK MELLON SA/NV            107,110               0.36%
  18   CLEARSTREAM BANKING                      102,108               0.34%
  19   SIX SIS AG 25PCT                             87,128            0.29%
  20   MILLCOM NORGE AS                             60,000            0.20%
       TOTAL TOP 20                         29,197,731              97.88%
       OTHERS                                   636,089               2.12%
       TOTAL                                29,833,820             100.00%




                                                                              28
Key company strengths


Strong fundamentals, unique competitive advantages, solid strategy, management capacity and strong
corporate governance place Camposol in a unique position in its competitive landscape.


                                           1) Strategic location




         5) Strong growth without                                                2) Vertically integrated,
           substantial additional                                               with presence throughout
                  CAPEX                                                           the entire value chain




                                                                    3) Diversified portfolio
                  4) Global reach and world-
                                                                   and leading position in its
                        class customers
                                                                         main products


                                                                                                             29
1) Strategic location: yields, prices and agricultural risk


    Highlights                                                  Major asparagus producers – 2010 yields
                                                              (metric tons per hectare)
   Climatic factors in Peru provide significantly better
   product yields.
                                                                      10.8

   Natural greenhouse conditions and stable temperatures                             7.0
                                                                                             6.0                           6.0
   throughout the year:                                                                               5.1         4.9


   − Humboldt current.
                                                                                                                          World
                                                                      Peru          Italy   China    Spain      Germany
   − Proximity to the tropical equatorial regions.                                                                        (avg.)


   − Little weather fluctuations.
                                                                Major avocado producers – 2010 yields
   Sandy soils with drip irrigation systems along coastal      (metric tons per hectare)
   desert plains.

   Year round supply of asparagus.                                    10.4
                                                                                     9.7     9.0                           8.4
   No extreme climate:                                                                                 6.6        6.2

   − All major agricultural risks (floods, frost, droughts)
     mitigated by the stable weather conditions.
                                                                      Peru          Chile   Mexico   Colombia     U.S.    World
                                                                                                                          (avg.)




 Peru’s climate allows Camposol to produce more efficiently all-year round, take advantage of
 production windows not available to competitors, and achieve higher than average yields.
Source: FAOStat, ACM.


                                                                                                                                   30
1) Strategic location: yields, prices and agricultural risk


                   Major asparagus producers - seasonality                                 Main producers of avocado and grapes

                   30        2005                 2006                     2007

                   25
000 MT per month




                   20

                   15

                   10
                                                                                              Equator
                   5
                                                                                                              PERU
                                                                                                              PERU

                        0
                                                                                         Legend
                                                                                         Emerging producing
                                           USA    Mexico    Peru                         Historically producing




                   Year-round production cycle:                                           Grapes and avocado have been traditionally grown and consumed in the
                                                                                          northern hemisphere.
                   – Unique production window; the only major exporting country during
                     the July-February period                                             As population expanded, regions in the southern hemisphere became the
                                                                                          natural suppliers of these fruits.
                   – Efficient asparagus production compared to competing countries
                                                                                          – Consumers in the northern hemisphere were subject to natural
                   Similar climatic benefits and unique export windows also present in      seasonality and harvest of these fruits, lacking adequate supply during
                   avocado production.                                                      a significant portion of the year.

                   Peruvian products expected to gain enhanced access to international    Countries such as Peru now take a lead role in supplying the northern
                   markets through free trade agreements.                                 hemisphere by taking advantage of a different seasonality, effectively
                                                                                          creating ‘year-round’ supply, and accessing the market when supply
                                                                                          from other regions is seasonally low.


            Peru’s climate allows Camposol to produce more efficiently all-year round, take advantage of
            production windows not available to competitors, and achieve higher than average yields.
Source: FAOStat, ACM, company data.
                                                                                                                                                                      31
2) Vertically Integrated, with a presence throughout the entire value
chain




1 Raw materials                                                                     Processing 2
  Company-owned fields                                                  Streamlined processing
  – Full control over production,                                       – Only Peruvian company with
    including quality and logistics.                                      fully integrated processing
      – No dependence on 3rd                                              process (preserved, fresh and
        party production.                                                 frozen).
                                                                        – All major quality and process
  – Total product traceability                                            certifications (HACCP, Global
      – Higher degree of control                                          Gap, TNC, among others).
        over product quality and                                        – Significant investments made
        consistency.                                                      in optimizing plant efficiency
                                                                          and reducing dependency on
                                                                          skilled labor.
4 Distribution                                                                         Products 3
  Global customer base                                                  Focus on niche and high margin
  – Long-term relationships with                                        crops
    leading retail chains in both                                       – Producing 5 of the most
    Europe and the US (private                                             important Peruvian non-
    labels).                                                               traditional exports, in three
                                                                           different presentations.




Camposol’s vertical integration allows the Company to manage and benefit from each stage in the
entire production and commercialization cycle.
                                                                                                           32
3) Diversified portfolio and leading position in its main products


    Main Peruvian agribusiness products

        Avocado                                  Fresh grapes                                  Asparagus                 Mango            Pepper




     2010 Camposol market position in Peru, measured as volume produced
            #1                                         # 10                                         #1                     #1               #2


     2010 US$ value of global imports and 2006 - 2010 global imports CAGR
   $1.7bn | 23.9%                                $7.0bn | 11.3%                               $1.4bn | 5.6%           $1.6bn | 16.8%   $2.3bn | 22.6%


     2010 Peru market share of exports and 2006 – 2010 CAGR
    5.8% | 118.2%                                 2.9% | 87.8%                               34.1% | 12.0%             7.0% | 17.0%     4.3% | 10.4%


     2012 Camposol’s Gross Profit Margin
        51.8%                                          34.9%                                      18.0%                   12.9%            16.2%


      Asparagus, avocado, pepper, mango and grapes represented ~77% of Peru’s total exports of fruits and vegetables during 2010.

      − Global avocado imports have grown at 24% CAGR over the last five years.

      Camposol is the largest asparagus exporter in the world, and the largest Hass avocado producer in the world.

  Camposol is the leading fruits and vegetable exporter in Peru.
Source: Company estimates, International Trade Organization, Ministerio de Agricultura del Peru and press releases.
                                                                                                                                                        33
…which allows for year-round use of labor and production facilities


                                                                                                                                   Gross
                                                                                                                          (1)              (1)
                        Jan       Feb        Mar       Apr           May   Jun   Jul   Aug   Sep   Oct   Nov   Dec    Sales       profit


Avocado                                                                                                                17.2%      36.3%


Grapes                                                                                                                 9.9%       14.1%


Green asparagus
                                                                                                                       37.2%      27.4%
White asparagus


Mango                                                                                                                  8.0%        4.2%


Piquillo pepper                                                                                                        8.4%        5.5%


Shrimp                                                                                                                 11.5%       9.3%


Tangerines + other                                                                                                     7.8%        3.2%

                                                                                                                       100%        100%
Total
                                                                                                                     $183.2 MM   $44.9 MM

(1) Contribution to sales and gross profit as of December 31 2012.



 Camposol has year-round production that allows for cost-effective use of labor and productive
 resources
Source: Company data.


                                                                                                                                                 34
4) Global Reach and world-class customers

    World Class Customers                                                                                        Share of Sales by Continent (% ot Total)
                                                                                                                         1%               3%                     7%               9%


                                                                                                                        75%                                     64%              56%
                                                                                                                                          80%


                                                                                                                                                                                 35%
                                                                                                                                                                29%
                                                                                                                        24%
                                                                                                                                          17%
                                                                                                                        2009              2010                  2011             2012

                                                                                                               Source: Company data
                                                                                                                                          Asia     Europe      America



    Global Presence 2012                                                                                              Fresh products    sold     under   own    label:   Camposol™,     Andes™,
                                                                                                                      Amazonas™.

                                                                                                                      Company produces “Private Label” for major retailers.

                                                                                                                      Sales to Asia began in 2009 with Grapes (Red Globe) and continued in
                                                                                                                      2010 with Fresh Mangoes.

                                                                                                                      Growing export volume and destinations, with products reaching 33
                                                                                                                      countries in 2010 and 39 countries in 2012.

                                                                                                                  − Significant growth opportunity in avocado sales to the US.

                                                                                                                      10 year contract with Riberebro (one of Europe's leading specialists
                                                                                                                      in canned vegetables) including exclusivity on preserved asparagus
                                                                                                                      and piquillo peppers in Spain, Portugal and France.
                                 HQ & Operations    Commercial Office   Exports




  Camposol has a leading global distribution network with presence in the US, Europe and Asia.
Source: Company estimates, International Trade Organization, Ministerio de Agricultura del Peru and press releases.
                                                                                                                                                                                             35
There was a mild appearance of “El Niño” during H1 2012 which
 affected volumes of this year in avocado and asparagus mainly.




Source: CLIMATE PREDICTION CENTER/NCEP/NWS and the International Research Institute for Climate and Society


                                                                                                              36
“El Niño” Development
 Although models have reduced their forecast on intensity, it has to be closely monitored
 to determine impact in 2013 volumes.




                                                              Concensus of different models       about
                                                              potential intensity of “El Niño”.

                                                              “El Niño development must be closely
                                                              followed in the next few months.




Source: Geomap Consultores


                                                                                                      37
…due to 67% of planted avocado areas reaching peak production
  yields by 2015.
     Avocado volume sold and total hectares planted                                                    Avocado revenues and gross margin
                                                                                                    Average price
                                                                                                    US$ / MT:   1,630              1,680                  2,260                 2,210
                                   2,488                  2,488                  2,616
            2,278                                                                                               57.8%              61.3%                  66.6%
                                                                                                                                                                                52.5%


                                                         17,611                                                                                            39.9
                                  12,301                                        14,096                                                                                          31.1
           10,047                                                                                               16.3                20.6

            2009                   2010                   2011                   2012                           2009                2010                   2011                 2012
                           Volume sold (MT)        Total Hectares Planted                                                      Revenues (US$ mm)             Gross Margin (%)




                                                                                                   Note:   Ovals represent average yearly price in US$ per Kg exported.


     Total avocado hectares, by year of first harvest                                                  Camposol’s avocado average yield during life cycle(1)
                                                                      Total Hectares Planted       (MT / Hectares)

                                        2015                                           2,616
                                    2013
                                         5% 2002 - 2010
                                     9%        31%                                                                                                            29                30
                                                                                                                                                     18               18                18
                                                                                        825   ha                                            15                22                22
                                                                                                                                   12
                               2012                                                     671   ha                                                     12
                                                                                                                                                                      16                17
                                29%                                                                                                           13
                                                                                        763   ha                           4        10
                                               2011                                     229   ha                               4
                                               26%                                      128   ha
                                                                                                           1         2     3        4        5       6         7          8      9      10

                                                                                                                                           Actual         Expected



  The opening of the US market has led to a substantial increase in the average price of avocado
  sold, increasing by 35% in 2011.
Source: Company Data.
(1) Yields taken from historical production of avocado in Camposol’s existing fields.

                                                                                                                                                                                             38

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Camposol: resultados del año 2012

  • 1. CAMPOSOL THE WORLD’S LARGEST ASPARAGUS EXPORTER Catering to a growing world affluence and higher demand for quality agricultural products Fourth Quarter and Preliminary Full Year 2012 Results 28 February 2013 Executive Chairman Samuel Dyer Coriat CFO Jorge Ramirez Not for reproduction or distribution. The information contained herein may be subject to change without prior notice 1
  • 2. Disclaimer • This presentation has been prepared by Camposol Holding Plc. (the “Company”). The presentation and its contents may not be reproduced, redistributed or passed on, directly or indirectly to any other person or published or reproduced directly or indirectly, in whole or in part, by any medium or in any form for any purpose. Specifically, the presentation may not be distributed, forwarded or published, directly or indirectly, in whole or in part, in or into the United States, Canada, Australia or Japan, or in any other jurisdiction in which such distribution, or publication would be prohibited by applicable law. • The information contained in this presentation does not constitute or form part of, and should not be construed as, an offer or invitation to subscribe for or purchase the securities discussed herein in any jurisdiction, nor does it constitute a recommendation regarding the securities of the Company. Neither this presentation nor any part of it shall form the basis of, or be relied upon in connection with any offer, or act as an inducement to enter into any contract or commitment whatsoever. • Specifically, this presentation and the information contained herein are not an offer of securities for sale in the United States and are not for publication or distribution to persons in the United States (within the meaning of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”)). The securities in the Company have not been and will not be registered under the Securities Act. • The presentation is the sole responsibility of the Company. The information may be subject to updating, completion, revision and amendment and such information may change materially. No representation or warranty, express or implied, is or will be made by the Company, its advisors, parent or subsidiary undertakings of any of the foregoing or any such person’s affiliates, directors, officers or employees, or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this presentation and any reliance you place on them will be at your sole risk. Without prejudice to the foregoing, the Company, its advisors, parent or subsidiary undertakings of any of the foregoing and any such persons’ affiliates, directors, officers or employees do not and will not accept any liability whatsoever for any loss howsoever arising, directly or indirectly, from use of this presentation or its contents or otherwise arising in connection therewith. The Company is under no obligation to update or keep current the information contained in this presentation and any opinions expressed in it are subject to change without notice. • This presentation contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words “believes”, “expects”, “predicts”, “intends”, “projects”, “plans”, “estimates”, “aims”, “foresees”, “anticipates”, “targets”, and similar expressions. The forward-looking statements contained in this presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are uncertain and subject to risks. A multitude of factors can cause actual events to differ significantly from any anticipated development. Neither the Company or its advisors nor any parent or subsidiary undertakings of any of the foregoing or any such person’s affiliates, directors, officers or employees make any guarantees that the assumptions underlying such forward-looking statements are free from errors nor does any of the foregoing accept any responsibility for the future accuracy of the opinions expressed in this presentation or the actual occurrence of the forecasted developments. • The presentation is disclosed pursuant to, and is governed by, Norwegian law and regulations. Any dispute arising out hereof shall be resolved in Norway, with the ordinary courts of Norway as legal venue. 2
  • 3. Agenda Highlights Company Overview & Main Crops and Trends Financial Highlights Conclusions & Outlook Appendix
  • 4. Highlights: Lower avocado volumes due climatic conditions (mostly mature fields) and lower prices from US market Revenues and EBITDA (USD MM) Q4 2012 Volume sold during Q412 was 24,131 net MT, up 15.2% from Q411 explained mainly by an increase in volumes EBITDA Sales of preserved asparagus and artichokes. Average price 70 was USD 2.79 per net KG, up 12.0% from the same 60 period in 2011. 50 Sales of USD 67.4 million, up 29% from Q411. 40 67.4 30 52.3 EBITDA before fair value adjustments (b.f.v.a.) of USD 5.3 million, 43.9% lower than Q411. EBITDA margin 20 decreased to 7.9%. 10 9.5 5.3 0 Q4 2011 Q4 2012 Revenues and EBITDA (USD MM) Q4 YTD 2012 Volume sold in 2012 was 70,949 MT, down 4.1% from 2011 mainly explained by lower volumes of avocado. EBITDA Sales Average price of USD 2.58 per net KG, up 13.7% from 180 2011. 160 Sales of USD 183.2 million, up 9.2% from 2011. 140 183.2 120 EBITDA (b.f.v.a.) of USD 16.9 million compared to USD 100 167.8 30.8 million for the 2011, mainly explained by lower 80 volumes of avocado, due to climate conditions in Peru 60 40 and record high production in California and Mexico, 20 which adversely affected prices in the US market. 30.8 16.9 0 Q4 YTD 2011 Q4 YTD 2012 As of December 31st, the Company maintains a Cash Balance of USD 28.5 million. 4
  • 5. Avocado volumes in US market have been record high in 2012, volumes up 23% and prices down 40% compared to 2011 800 $2.68 700 600 $1.98 500 VOLUME (000 MT) $1.84 $1.86 $1.74 $1.61 $1.57 400 $1.47 $1.19 300 200 100 0 $0.00 2004 2005 2006 2007 2008 2009 2010 2011 2012* California 196.0 137.1 273.7 111.8 149.6 79.5 249.0 130.8 191.6 Chile 97.0 121.2 70.0 112.3 65.4 113.0 64.9 70.0 60.7 Mexico 38.5 34.6 38.0 46.3 30.9 Peru 0.0 0.0 0.0 0.0 0.0 0.0 0.1 9.0 16.8 Total Volume YTD 366.0 414.6 473.9 482.5 488.9 530.6 613.2 568.9 699.5 Price Fob/kg Peru $1.74 $1.47 $1.19 $1.84 $1.98 $1.86 $1.57 $2.68 $1.61 • Others = Florida, Dominican Republic, New Zealand • Source :HASS AVOCADO BOARD, USDA 5
  • 6. During the Peruvian window (may-sep) in US market volumes up 34% and prices down 46% compared to last year 350 $3.50 300 $3.00 $2.94 250 $2.50 $2.23 $2.23 VOLUME (000 MT) 200 $2.03 $2.00 $1.71 $1.71 $1.66 $1.60 150 $1.50 $1.20 100 $1.00 50 $0.50 0 $0.00 2004 2005 2006 2007 2008 2009 2010 2011 2012 California 118 78 165 79 101 53 175 102 145 Chile 19 30 10 23 8 39 4 16 4 Mexico 1 54 29 87 78 101 84 89 138 Others * 16 11 9 18 19 17 14 23 14 Peru 0 0 0 0 0 0 0 8 17 Q2-Q3 154.77 172.55 212.77 207.64 206.18 210.36 276.41 237.27 318.73 Price Fob Peru $1.66 $1.71 $1.20 $2.03 $2.23 $2.23 $1.71 $2.94 $1.60 • Others = Florida, Dominican Republic, New Zealand • Source :HASS AVOCADO BOARD, USDA 6
  • 7. Agenda Highlights Company Overview & Main Crops and Trends Financial Highlights Conclusions & Outlook Appendix
  • 8. Camposol at a glance Largest asparagus exporter in the world (volumes). Main operations Largest producer of Hass avocados (planted area). Tumbes Positioned in the healthy food segments: fruits and Shrimp vegetables. Piura Mangoes, Peppers, Large bank of lands: 18,600 net hectares(1) out of which Grapes Chao approximately 7,000 hectares have been planted. Avocado, White/ Green asparagus Fields managed using advanced agricultural practices; Lima processing plants fitted with state of the art equipment. Favorable tax and labor regime. Employs on average 10,000 workers . Strong Volume Growth without additional substantial CAPEX. Strong Corporate Governance: – Adheres to Norwegian Code of Practice on Corporate Governance. – Listed in Oslo Stock Exchange. – Board members: 5 of 8 members are independent. (1) 1 hectare = 2.47 acres 8
  • 9. Strong expected growth without substantial additional CAPEX Avocado Grapes Asparagus Mango Tangerines Total Crop yield as % of peak Planted hectares yields production Unproductive 449 35 102 586 0% phase 0 0 (17% of total) (8% of total) (100% of total) (10% of total) yield phase Medium 1,342 351 0 47 0 1,740 25 to 80% (51% of total) (78% of total) (10% of total) (28% of total) High yield 825 100 2,516 368 3,809 80 to 100% phase (32% of total) (22% of total) (100% of total) (82% of total) 0 (62% of total) Total 2,616 451 2,516 450 102 6,135 has Margin(1) Profit Gross 51.8% 34.9% 18.0% 12.9% 73.5% 24.5% Only 32% of avocado planted areas have reached peak yields. Source: Company data. Note: Table excludes approximately 300 hectares planted with rotational crops such as piquillo pepper. (1) As of December 31, 2012. 9
  • 10. World wide demand for avocado has increased significantly due to growing awareness of its health benefits Demand Global imports (US$ million) 2001 global imports US$422 million Global consumption of avocado has been growing at a very fast pace 2010 global imports US$1,655 million mainly due to the growing popularity of the fruit and for its proved health benefits. 6.2x 705 2.8x 675 4.8x Europe had been the traditional importer of avocado. However, since 246 early 2000’s imports by the US and Japan have grown at even faster rates. 114 121 25 Currently, the US is the largest importer of avocado, representing close to 37% of global imports, and has one of the fastest growth rates of N. America Europe Japan consumption in the world, estimated a 10% per annum by the Hass Avocado Board. 2001 2010 Health Benefits of Avocado Avocado’s health benefits are due mainly to its high levels of vitamins A, B, E and G, high levels of potassium (higher than bananas), and also high levels of monosaturated fat. The American Journal of Medicine (December 1999) showed that avocados are rich in beta-sitosterol, a natural substance shown to significantly lower blood cholesterol levels. The oil produced by the fruit’s skin is also widely used in the beauty products industry, mostly for the production of facial creams, hand lotions and fine soap, and the remaining pulp residue after oil extraction is used as stockfeed for livestock. Camposol is positioned to take advantage of the increased global demand for avocado consumption. Source: International Trade Center, American Journal of Medicine. 10
  • 11. Due to prior investments, Camposol is ideally positioned to capture the growth opportunities in the US avocado market… Evolution of US local production and imports of avocado Forecasted US supply gap (in 000 MT) (in 000 MT) 578 295 221 156 249 98 46 653 Supply growth @3.0% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2012 2013 2014 2015 2016 2017 Local production Imports Supply (imports + local production) Gap (demand - supply) Price and per capita consumption of avocado in US market Decreasing production from California has increased the need for Price growth 1980 – 2011E: 4.0x avocado imports: Consumption per capita growth 1980 – 2011E: 1.9x − Imported volumes have grown by 450% since 2000. 2.1 $2.0 − Local supply remains erratic due to seasonality. 1.1 Projections show demand outpacing supply even with the addition 1.0 of increased imports from new countries like Peru. Although Peruvian avocado was cleared halfway through the $0.5 export campaign (early in Q311), thus increasing avocado supply to the US market, average export prices increased as growing US 1980 1985 1990 1995 2000 2005 2010 demand outpaced supply. Consumption - kg per capita US market price - US$ per Kg The US market dynamics will be a key driver for growth in average prices of fresh avocado. Source: Hass Avocado Board, US Avocado Price Trend Analysis and Forecast (2011-2014), Maximice. 11
  • 12. World grape demand has been growing steadily and Peru maintains a strong competitive advantage due to its high yields. Production Global imports(1) (US$ million) 2001 global imports US$2,902 million Grapes are mostly consumed fresh and grown in two different varieties: 2010 global imports US$7,032 million seedless and seeded. Uniquely for Peru, grapes produce their first harvest within one year and 2.0x 2.2x 3001 2.7x are fully productive after three years. Increasing volume contribution from Camposol. 1929 1387 – Camposol’s first grape harvest produced during 2011. 963 159 435 Field management improvements to increase labor efficiency and product quality. N. America Europe China – Still challenges in field, pre-packing and packing operations, to be mitigated with 2012 CAPEX plan. 2001 2010 – Customized packing for supermarkets needs. Demand Major grape producers – 2010 yields (metric tons per hectare) Consumption growing worldwide, especially in Asia. All year round consumption . 18.7 16.3 16.3 15.6 Good positioning of Peruvian grapes in major markets. 14.6 9.5 Favorable trends in volumes and prices for seedless varieties. – Changes in customer preference, from seeded to seedless in Asian markets, in tandem with growth in income per capita. South World Peru Brazil U.S. Chile Africa (avg.) Grapes are set to contribute to the Company’s growth profile, with particularly attractive economics in place for the seedless varieties. Source: International Trade Organization, FaoStat, Company data. (1) Includes only fresh grapes. 12
  • 13. Peru has positioned itself as a major supplier of asparagus… Production 2010 global exports of asparagus Total global exports: US$1,164 million Asparagus is a spring vegetable that is grown in 2 ways: – Green asparagus is usually preferred in the US. Rest of world 27% Peru – White asparagus is usually preferred by Europeans. 34% In the past 10 years, Peru has almost tripled its global exports of asparagus. Unlike most countries, Peru’s unique climate permits year round China production of asparagus. 9% China, previously a major exporter, has reduced its exports, mainly due to Mexico US a rise in internal demand. 19% 11% Demand Global imports (US$ million) 2001 global imports US$787 million China is the largest global consumer of asparagus as well as the largest 2010 global imports US$1,400 million producer. 3.3x 1.3x 664 0.8x 601 White asparagus is very popular in Germany, France and other European 503 countries. 184 95 79 In the past 10 years the US has significantly increased consumption of fresh green asparagus and is growing in popularity. N. America Europe Japan 2001 2010 Peru has positioned itself as the world’s top exporter of asparagus, an increasingly popular product in new markets such as the US. Source: International Trade Organization, company data. 13
  • 14. ´ …and Camposol has become the world´s largest exporter of asparagus, a status it expects to maintain. Asparagus volume sold and total hectares planted Asparagus revenues and gross margin Average price US$ / MT: 2,190 2,240 2,530 2,860 2,702 23.1% 2,633 2,633 19.4% 17.9% 2,516 9.7% 67.7 26,840 58.8 57.9 24,455 22,842 23,783 54.8 2009 2010 2011 2012 2009 2010 2011 2012 Volume sold (MT) Total Hectares Planted Revenues (US$ mm) Gross Margin (%) Camposol’s asparagus average yield during life cycle(1) Camposol is Peru’s largest producer and world largest exporter of asparagus, benefiting from the country’s climatic advantage. 19 Camposol produces and exports green and white asparagus. 17 18 16 17 16 It is also sold in three formats: i) fresh, ii) preserved and iii) frozen. 15 18 15 15 15 Due to larger volumes produced, Camposol has historically exported 12 12 asparagus at lower prices than its main competitors. 9 4 To reduce the price gap and take advantage of its superior scale, 5 4 Camposol is increasing its exports to Germany and has signed a commercial agreement with Riberebro . 1 2 3 4 5 6 7 8 9 10 11 China´s supply (Peru´s main competitor in white asparagus) is Actual Expected decreasing. Asparagus will continue to be a core product for Camposol, allowing the company to bolster its global position by increasing sales to growing markets for imports, such as Germany. Source: Company Data (1) Yields taken from historical production of asparagus in Camposol’s fields 14
  • 15. Other products – Mango, peppers and artichoke. Mango Peppers (rotational crop) Artichoke (rotational crop) Shrimp Market overview/trends: Market overview/trends: Market overview/trends: Market overview/trends: Consumption growing worldwide Consumption limited to Spain, France, Increasing demand from channels in the Consumption has kept growing despite Considered premium Italy, Greece & US US market recent economic downturn Still exotic in Europe, room for growth Limited availability outside of these Low barriers for entry (no crop Climatic phenomena has affected countries specialization required) plus attractive output in Asian countries Lower yields from Peru resulting in current price level may encourage higher prices during current season Overall exports declining Peru’s shrimp exports have grown volume increases during 2012 consistently since 2005 to satisfy global demand Camposol outlook: Camposol outlook: Camposol outlook: Camposol outlook: Capture more value through tree ripped Consolidate direct sales to Growth opportunities in value added Second largest shrimp producer in the and air freighted mango supermarkets presentations: grilled, tapenades and country with 492 hectares of shrimp Increase demand for frozen product Growth opportunities in value added frozen farms Implement reliable 3rd party sourcing presentations Shrimp farming has important synergies business model with Camposol’s frozen business In addition to these products Camposol produces tangerines, which provide the Company with additional growth opportunities. 15
  • 16. Diversification Continuous positive trend towards Fresh Produce, direct sales and market diversification Net Volume Sold by format (MT 000 / % of Total) Sales by destination (USD MM / %) Fresh Preserved Frozen USA Europe Asia Others 59.0 59.8 73.9 70.9 121.4 119.3 167.8 183.2 9% 9% 5% 1% 5% 1% 7% 8% 12% 12% 7% 9% 47% 36% 38% 1 56% 1 73% 78% 56% 64% 52% 50% 44% 35% 21% 22% 27% 16% 0 0 2009 2010 2011 2012 2009 2010 2011 2012 Sales by Channel USD MM (direct* / importers) Volume Raw material MT 000 (own and suppliers) Direct Importers Suppliers Own Vol Raw M at erial %Suppliers 121.4 119.3 167.8 183.2 23% 1 77% 76% 73% 1 10% 87% 93% 92% 88% 94% 6% 7% 105.7 100.0 75.4 82.1 23% 24% 27% 13% 8% 12% 0 0 6% 7% 2009 2010 2011 2012 20092009 2010 2010 2011 2011 Jun-12 YTD 2012 * Direct Sales include all sales performed by our commercial offices in Europe and US, as well direct shipments from Lima to Supermarkets, retails, etc. 16
  • 17. Selling Prices with favorable trend in company´s main products Fresh avocado prices lower than 2011 but above 2008 - 2010, before opening of US market Fresh Products Prices (USD/KNE) Preserved Products Prices (USD/KNE) White Asparagus Green Asparagus Avocado Mango Grapes White Asparagus Green Asparagus Pepper 5 5 4 4 3 3 2 2 1 1 0 0 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 Frozen Products Prices (USD/KNE) White Asparagus Green Asparagus Avocado Mango 5 4 3 2 1 0 2008 2009 2010 2011 2012 Note: Prices shown are based on company sales. These are not market prices. Source: Camposol. 17
  • 18. Agenda Highlights Company Overview & Main Crops and Trends Financial Highlights Conclusions & Outlook Appendix
  • 19. Financial Highlights EBITDA margin at 9% while net leverage up to 8.1x Volume Harvested (000 MT) Total Sales per Product (USD MM) Asparagus Avocado Mangoes Grapes Pepper Other Asparagus Avocado Mangoes Grapes Pepper Other 94.9 183.2 2.8 88.1 77.5 167.8 35.5 76.7 17.5 18.9 14.1 140.7 71,1 1.4 4.9 7.5 20.4 15.3 2.0 121.4 119.3 14.0 17.7 12.2 25.1 14.8 18.2 15.2 13.6 9.8 2.2 13.3 17.8 8.6 8.9 16.0 14.7 1.3 8.6 17.5 6.3 9.4 18.0 10.6 3.2 20.9 2.0 13.4 31.4 21.5 11.5 13.2 31.6 8.5 39.9 15.2 16.4 20.5 34.8 32.8 32.6 62.1 68.1 29.9 58.7 54.8 57.9 25.7 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 EBITDA (USD MM) / EBITDA Margin (% of Sales) Net Debt / Leverage (USD MM / x EBITDA B.F.V.A.) EBITDA BFVA M argin BFVA Debt Debt / EBITDA bf va 18% 17% 7.8x 8.1x 6.9x 9% 7% 7% 3.5x 2.7x 136.5 30.8 20.4 77.2 72.4 83.9 16.9 60.5 9.9 8.8 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 Source: Camposol Holding PLC 19
  • 20. Cash Flow Company maintains a strong cash balance of + USD 28 million Cash Flow (USD Million) Q4 2012 Q4 2011 2012 2011 EBITDA 5.3 9.5 16.9 30.8 Working Capital Changes 6.6 (1.3) (14.5) (12.8) Interest Expense Net (3.7) (2.3) (16.3) (8.5) Income Tax 0.0 0.9 (0.0) (0.0) Net Cash Flow from Operations 8.2 6.8 (13.9) 9.5 Net Cash Flow from Investments (11.1) (4.7) (24.9) (19.6) Net Cash Flow from Financing 5.6 (0.7) 60.7 6.8 Net Cash Flow during the period 2.7 1.4 21.9 (3.3) Cash beginning of the period 25.8 5.2 6.6 9.9 Cash end of the period 28.5 6.6 28.5 6.6 20
  • 21. Funding Mix Camposol increased its debt’s average life from 3.2 to 4.9 years after the bond issuance. Long-term Debt Schedule Before Issuance of Bonds Debt Breakdown before Issuance of Bonds Long term debt: US$ 64.7mm Total debt: US$ 90.2 million Average life: 3.2 years Short-term bank debt Syndicated 28% Lo an 0.9 65% 0.9 0.5 1.5 1.3 17.7 7.4 13.5 11.8 8.1 0.2 0.3 Other lo ng- 2012 2013 2014 2015 2016 2017 2018 term debt 7% Syndicated Loan Other Long-term Debt Current Long-term Debt Schedule Current Debt Breakdown(1) Long term debt: US$ 131.3mm Average life: 4.9 years 0.2 Other lo ng- Sho rt-term term debt bank debt 5% 4% Senio r 125.0 Unsecured No tes 1.5 1.3 0.0 0.9 0.9 0.5 0.3 91% 2012 2013 2014 2015 2016 2017 2018 Bond Other Long-term Debt Source: Company data. (1) Assumes USD 125 million Senior Unsecured Notes issuance. 21
  • 22. Agenda Highlights Company Overview & Main Crops and Trends Financial Highlights Conclusions & Outlook Appendix
  • 23. Main Conclusions and Outlook Avocado harvested volumes from our fields are expected to be 50% higher than in 2012 (around 23,000 MT), an important increase from the 15,168 MT in 2012, product of a combination of higher yields from old fields and the new fields moving up the maturity curve. Positive trend in prices in most company’s products, specially for asparagus. Continue positive Diversification trend: – Direct Sales up from 24% in 2011 to 27% in 2012 – Fresh sales from 52% of total sales in 2011 to 50% of total sales in 2012 – Volume from third parties up from 10% in 2011 to 23% in 2012 CAPEX Plan for 2013 of USD 13 million. – Around 1/3 in maintenance CAPEX, 1/3 to increase operational efficiency and 1/3 in new plantations. Strong Growth in volumes by 2015 without substantial CAPEX. – 2012 volumes of avocado, asparagus, grapes affected by “El Niño”. – 2013 volumes from Avocados mostly from young plantations (less affected by climactic changes) The long term growth prospects for exotic fruits & vegetables markets are excellent. – Specially for the fresh avocados, asparagus and grapes. – Also for Preserved Asparagus due to China decrease in supply. Continue to reinforce Commercial Offices in EU and US. − Increase Direct Sales with own distribution. In 2013, we signed an agreement with AGRICOM, one of the major fruit exporters from Chile, to jointly commercialize its products in Europe. Such agreement will allow us to offer avocado almost year round to our clients. Among the products we will commercialize together are avocados, grapes, citrus, blueberries, pomegranates among others. 23
  • 24. Volume Harvested & Average Yield of avocado and asparagus Avocado: Planted Area (Has) & Average Age of Plantation (Years) Avocado: Total Volume Harvested (000 Tm) & Average Yield (MT/Ha) 128 357 229 26.4 22.1 993 16.2 763 763 13.9 13.4 1,665 1,462 10.6 7.4 3.9 4.6 671 671 671 382 3 12 825 825 825 825 825 825 22 6 18 11 13 11 9 2008 2009 2010 2011 2012 2013E 2008 2009 2010 2011 2012 2013E Production Expansion Old Fields New Fields Asparagus volume harvested vs. hectares productive phase Asparagus: Total Volume Harvested (000 Tm) & Average Yield (MT/Ha) 2,634 12.4 12.4 60,000 2,634 2,634 2,633 12.2 2,516 2,516 10.0 10.2 12.3 50,000 40,000 30,000 30 35 33 33 31 20,000 34,828 26 29,855 32,803 32,637 31,075 25,738 10,000 0 2008 2009 2010 2011 2012 2013E 2008 2009 2010 2011 2012 2013E Tot al Tns Has Old Fields Average Yield 24
  • 25. Estimated Volume Avocado volume Avocado 2012 2013E Volumes harvested (MT 000) 15,168 23,277 Third party supply (MT 000) 2,532 3,000 Volume produced KNE (MT 000) 13,911 21,019 Asparagus volume Asparagus 2012 2013E Volumes harvested (MT 000) 25,738 31,075 Third party supply (MT 000) 1,902 - Volume produced KNE (MT 000) 20,356 22,865 25
  • 26. Q&A 26
  • 27. Agenda Highlights Company Overview & Main Crops and Trends Financial Highlights Conclusions & Outlook Appendix
  • 28. Largest Shareholders as of December 31st 2012 Investor Shares Percentage 1 DYER-CORIAT HOLDING, S.L 8,571,000 28.73% 2 EUROCLEAR BANK S.A./N.V. ('BA') 6,602,098 22.13% 3 ANDEAN FISCHING L.L.C 3,380,100 11.33% 4 CAMPOSOL S.A. 2,613,130 8.76% 5 FONDO DE INVERSIÓN AGROINDUSTRIAL 1,908,750 6.40% 6 WEILHEIM INVESTMENTS S.L. 1,338,913 4.49% 7 PERU LAND FARMING LLC 960,695 3.22% 8 QVT FUND V LP I 893,741 3.00% 9 QVT FUND LP 707,287 2.37% 10 DEUTSCHE BANK AG LONDON 685,008 2.30% 11 CAMPOSOL HOLDING PLC 355,372 1.19% 12 JPMORGAN CHASE BANK 265,462 0.89% 13 QVT FUND IV LP I 152,329 0.51% 14 JUSTNES REDERIAS 145,300 0.49% 15 MP PENSJON PK 137,000 0.46% 16 JAHRMANN AS 125,200 0.42% 17 BANK OF NEW YORK MELLON SA/NV 107,110 0.36% 18 CLEARSTREAM BANKING 102,108 0.34% 19 SIX SIS AG 25PCT 87,128 0.29% 20 MILLCOM NORGE AS 60,000 0.20% TOTAL TOP 20 29,197,731 97.88% OTHERS 636,089 2.12% TOTAL 29,833,820 100.00% 28
  • 29. Key company strengths Strong fundamentals, unique competitive advantages, solid strategy, management capacity and strong corporate governance place Camposol in a unique position in its competitive landscape. 1) Strategic location 5) Strong growth without 2) Vertically integrated, substantial additional with presence throughout CAPEX the entire value chain 3) Diversified portfolio 4) Global reach and world- and leading position in its class customers main products 29
  • 30. 1) Strategic location: yields, prices and agricultural risk Highlights Major asparagus producers – 2010 yields (metric tons per hectare) Climatic factors in Peru provide significantly better product yields. 10.8 Natural greenhouse conditions and stable temperatures 7.0 6.0 6.0 throughout the year: 5.1 4.9 − Humboldt current. World Peru Italy China Spain Germany − Proximity to the tropical equatorial regions. (avg.) − Little weather fluctuations. Major avocado producers – 2010 yields Sandy soils with drip irrigation systems along coastal (metric tons per hectare) desert plains. Year round supply of asparagus. 10.4 9.7 9.0 8.4 No extreme climate: 6.6 6.2 − All major agricultural risks (floods, frost, droughts) mitigated by the stable weather conditions. Peru Chile Mexico Colombia U.S. World (avg.) Peru’s climate allows Camposol to produce more efficiently all-year round, take advantage of production windows not available to competitors, and achieve higher than average yields. Source: FAOStat, ACM. 30
  • 31. 1) Strategic location: yields, prices and agricultural risk Major asparagus producers - seasonality Main producers of avocado and grapes 30 2005 2006 2007 25 000 MT per month 20 15 10 Equator 5 PERU PERU 0 Legend Emerging producing USA Mexico Peru Historically producing Year-round production cycle: Grapes and avocado have been traditionally grown and consumed in the northern hemisphere. – Unique production window; the only major exporting country during the July-February period As population expanded, regions in the southern hemisphere became the natural suppliers of these fruits. – Efficient asparagus production compared to competing countries – Consumers in the northern hemisphere were subject to natural Similar climatic benefits and unique export windows also present in seasonality and harvest of these fruits, lacking adequate supply during avocado production. a significant portion of the year. Peruvian products expected to gain enhanced access to international Countries such as Peru now take a lead role in supplying the northern markets through free trade agreements. hemisphere by taking advantage of a different seasonality, effectively creating ‘year-round’ supply, and accessing the market when supply from other regions is seasonally low. Peru’s climate allows Camposol to produce more efficiently all-year round, take advantage of production windows not available to competitors, and achieve higher than average yields. Source: FAOStat, ACM, company data. 31
  • 32. 2) Vertically Integrated, with a presence throughout the entire value chain 1 Raw materials Processing 2 Company-owned fields Streamlined processing – Full control over production, – Only Peruvian company with including quality and logistics. fully integrated processing – No dependence on 3rd process (preserved, fresh and party production. frozen). – All major quality and process – Total product traceability certifications (HACCP, Global – Higher degree of control Gap, TNC, among others). over product quality and – Significant investments made consistency. in optimizing plant efficiency and reducing dependency on skilled labor. 4 Distribution Products 3 Global customer base Focus on niche and high margin – Long-term relationships with crops leading retail chains in both – Producing 5 of the most Europe and the US (private important Peruvian non- labels). traditional exports, in three different presentations. Camposol’s vertical integration allows the Company to manage and benefit from each stage in the entire production and commercialization cycle. 32
  • 33. 3) Diversified portfolio and leading position in its main products Main Peruvian agribusiness products Avocado Fresh grapes Asparagus Mango Pepper 2010 Camposol market position in Peru, measured as volume produced #1 # 10 #1 #1 #2 2010 US$ value of global imports and 2006 - 2010 global imports CAGR $1.7bn | 23.9% $7.0bn | 11.3% $1.4bn | 5.6% $1.6bn | 16.8% $2.3bn | 22.6% 2010 Peru market share of exports and 2006 – 2010 CAGR 5.8% | 118.2% 2.9% | 87.8% 34.1% | 12.0% 7.0% | 17.0% 4.3% | 10.4% 2012 Camposol’s Gross Profit Margin 51.8% 34.9% 18.0% 12.9% 16.2% Asparagus, avocado, pepper, mango and grapes represented ~77% of Peru’s total exports of fruits and vegetables during 2010. − Global avocado imports have grown at 24% CAGR over the last five years. Camposol is the largest asparagus exporter in the world, and the largest Hass avocado producer in the world. Camposol is the leading fruits and vegetable exporter in Peru. Source: Company estimates, International Trade Organization, Ministerio de Agricultura del Peru and press releases. 33
  • 34. …which allows for year-round use of labor and production facilities Gross (1) (1) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Sales profit Avocado 17.2% 36.3% Grapes 9.9% 14.1% Green asparagus 37.2% 27.4% White asparagus Mango 8.0% 4.2% Piquillo pepper 8.4% 5.5% Shrimp 11.5% 9.3% Tangerines + other 7.8% 3.2% 100% 100% Total $183.2 MM $44.9 MM (1) Contribution to sales and gross profit as of December 31 2012. Camposol has year-round production that allows for cost-effective use of labor and productive resources Source: Company data. 34
  • 35. 4) Global Reach and world-class customers World Class Customers Share of Sales by Continent (% ot Total) 1% 3% 7% 9% 75% 64% 56% 80% 35% 29% 24% 17% 2009 2010 2011 2012 Source: Company data Asia Europe America Global Presence 2012 Fresh products sold under own label: Camposol™, Andes™, Amazonas™. Company produces “Private Label” for major retailers. Sales to Asia began in 2009 with Grapes (Red Globe) and continued in 2010 with Fresh Mangoes. Growing export volume and destinations, with products reaching 33 countries in 2010 and 39 countries in 2012. − Significant growth opportunity in avocado sales to the US. 10 year contract with Riberebro (one of Europe's leading specialists in canned vegetables) including exclusivity on preserved asparagus and piquillo peppers in Spain, Portugal and France. HQ & Operations Commercial Office Exports Camposol has a leading global distribution network with presence in the US, Europe and Asia. Source: Company estimates, International Trade Organization, Ministerio de Agricultura del Peru and press releases. 35
  • 36. There was a mild appearance of “El Niño” during H1 2012 which affected volumes of this year in avocado and asparagus mainly. Source: CLIMATE PREDICTION CENTER/NCEP/NWS and the International Research Institute for Climate and Society 36
  • 37. “El Niño” Development Although models have reduced their forecast on intensity, it has to be closely monitored to determine impact in 2013 volumes. Concensus of different models about potential intensity of “El Niño”. “El Niño development must be closely followed in the next few months. Source: Geomap Consultores 37
  • 38. …due to 67% of planted avocado areas reaching peak production yields by 2015. Avocado volume sold and total hectares planted Avocado revenues and gross margin Average price US$ / MT: 1,630 1,680 2,260 2,210 2,488 2,488 2,616 2,278 57.8% 61.3% 66.6% 52.5% 17,611 39.9 12,301 14,096 31.1 10,047 16.3 20.6 2009 2010 2011 2012 2009 2010 2011 2012 Volume sold (MT) Total Hectares Planted Revenues (US$ mm) Gross Margin (%) Note: Ovals represent average yearly price in US$ per Kg exported. Total avocado hectares, by year of first harvest Camposol’s avocado average yield during life cycle(1) Total Hectares Planted (MT / Hectares) 2015 2,616 2013 5% 2002 - 2010 9% 31% 29 30 18 18 18 825 ha 15 22 22 12 2012 671 ha 12 16 17 29% 13 763 ha 4 10 2011 229 ha 4 26% 128 ha 1 2 3 4 5 6 7 8 9 10 Actual Expected The opening of the US market has led to a substantial increase in the average price of avocado sold, increasing by 35% in 2011. Source: Company Data. (1) Yields taken from historical production of avocado in Camposol’s existing fields. 38