Project tambora august 2016

“PROJECT TAMBORA”
Unique Agri-Business Opportunity
East Indonesia
August 2016

Introduc)on
•  FAC Consul)ng (the “Founder”) is seeking equity investor partners for “Project Tambora”,
a greenﬁeld agriculture project in Indonesia (NTB );

•  Despite an abundance of water and fer)le land, Indonesia remains a net importer of
many food crops and is far from achieving its long-stated goal of food self-suﬃciency;
•  The Project aims to take advantage of the chronic undersupply of domes)cally produced
vegetables by producing staple vegetable crops throughout the year; and
•  Export quality sweet corn, shallots and chilli will be retailed within Indonesia, primarily
Java and regional export markets.

“Equity partners” share common objec)ves and vision
Commercial objecHves
•  Develop the business to achieve + 100% IRR over 10 years, producing export quality staple
vegetable crops throughout the year - thus taking advantage of the the chronic undersupply
of domes)cally produced vegetables.
Environmental and Sustainability policy
•  Implement sustainable Good Agricultural Prac)ces (GAPs) aimed at pes)cide-free produce
and avoiding prac)ces that may impact the environment; and
•  Where possible, fossil fuel systems will be replaced with clean or renewable energy systems
to minimize our carbon foot print.
Corporate and Social responsibility
•  We aim to provide at least 150 full )me jobs to the surrounding community;
•  We recognize the need to develop local smallholder capacity and produc)vity and support
our communi)es in delivering smallholder export quality produce to high end markets; and
•  By demonstra)ng our commitment to Corporate Social Responsibility we aim to align our
business values, purpose and strategy with the needs of our clients, whilst embedding such
responsible and ethical principles into everything we do.

INDONESIA OVERVIEW
STAPLE FOOD – VEGETABLE PRODUCTION

Indonesians consider chili and shallots as staple foods and demand for
sweet corn is increasing
•  More than 80% of Indonesia’s vegetable produc)on originates from Java;
•  Short rota)on vegetable crops are produced in rota)on with rice, the main crop;
•  Java climate is “wet-tropical” – typically unpredictable prolonged wet and dry periods;
•  Adverse site condi)ons (Soils and climate) in Java result in limi)ng yield by at least 50%.
The Founder iden)ﬁed signiﬁcant opportunity to produce high value and high demand
vegetables (sweet corn, shallots and chili) in East Indonesia, and have developed a
cap)ve logis)c solu)on that should address transporta)on challenges

Java is the main vegetable producer and market for vegetables
Vegetable crops require well drained soils - whereas rice thrives in saturated soils

•  Mechanized land prepara)on is not possible on paddy fields. Consequently poor quality
seedbed prepara)on affects yield and high labor cost for manual land prepara)on; and
•  Unseasonal heavy rain affects Indonesian Chili, Shallot and sweet corn supply (higher prices)
because of these site condi)ons
Conclusion: Vegetable yield potenHal is limited by “rice paddy” site condiHons

Adverse weather (rainfall distribu)on) is another key limi)ng factor for
chili, shallot and sweet corn produc)on in Java
Java is located in wet-tropical climate

•  Prolonged wet season (7-8 months) and dry season (3-4 months);
•  Very wet periods (+200mm/month) are common for 4 to 5 months in a year;
•  Prolonged wet weather (+ 150mm/month) + cloudy condi)ons aﬀect yield and quality; and
•  Prolonged dry weather (without irriga)on) also result in reduced yields.
Java Malang – East Java
Under supply of staple food and poor quality are the main
drivers of supply ﬂuctuaHons & volaHle prices

Dry sub-tropical climate is beger suited to year-round vegetable
produc)on
East Sumbawa rainfall distribu)on is
more predictable:
•  ± 150mm/month over 4 months and
only 1 very wet month in a year
(+200mm);
•  Minimal interference is an)cipated
to the plan)ng and harves)ng
schedules therefore minimal impact
on supply and quality is expected;
•  Dry month rainfall distribu)on
ranges from 0 to 60mm per month;
and
•  With irriga)on, dry sub-tropical
climate of Sumbawa is beger suited
for year-round vegetable
produc)on.
East Sumbawa - Indonesia
Dompu – Dry Sub-tropical Climate
•  Main rainfall distribu)on over 6 mths: ± 1,100mm
•  Greater levels of solar radia)on (less cloud cover)
Private owned land (HGU 1,142 Ha) located in Dompu
is ready to be acquired

Tradi)onal wet markets and small stalls account for 85% of retail trade
Ministry of Trade (the MOT) Regula)on No. 70 of 2013:
•  80 % of all goods sold at each “Modern Store” must comprise locally produced goods;
•  The regula)on favors local producers of high quality produce to access modern stores;
•  Modern retailers account for 15% of the retail market;
•  Super and hypermarkets represented 60% of modern retail outlets and retail market
share con)nues to increase; and
•  “Modern Stores” do not oﬀer favorable payment terms (+ 60 days) for producers.

Indonesia fresh chili produc)on is limited to 4-5 months in a year
(avoiding wet and very dry seasons)
•  The main chili produc)on period is tradi)onally during wet & marginally dry periods
(May-June and Sept-Oct);
•  Under op)mum cold storage condi)ons, Chili shelf life is limited to 2-3 weeks and less than 3
days without post harvest pre-cooling and cold storage (tradi)onal produc)on);
•  Project Tambora intends to produce chili all year round and the cold chain will be developed
targe)ng maximum shelf life; and
•  Addi)onal area will be developed to take advantage of tradi)onal low supply periods
© Document copyright of FAC
Rainfall'Distribution
Index
Java'Rainfall Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec
Smallholders'Planting'Plan
Smallholders'Harvesting'Plan
Java'Chili'Prices
Sumbawa'Rainfall Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec
E.Sumbawa'Irrigated'Planting
E.Sumbawa'Harvesting'Plan
Java'Chili'Prices
2.5'Ha'per'Week
2.5'Ha'per'Week
Higher'Price Lower'Price Higher'Price Lower'Price Higher'Price
Sumbawa'Chili'Production'Plan'
Malang'E.Java'L'Traditional'Chili'Crop'Production'
Rainfed'Crops Irrigated'Crops'
Limted'Production Harvest'Peak Limited'Production Harvest'Peak Limited'Production
Higher'Price Lower'Price Higher'Price Lower'Price Higher'Price
Very'Wet'Months Wet'Months Marginal'Dry'Months Very'Dry'Months
Over'200mm'Rain 100'L'200mm'Rain 50'L'100mm'Rain <'50mm'Rain

Project Tambora Base Case model is based on Indonesian chili market
demand and tradi)onal (wet) market prices for Java
•  The market prefers fresh chili (80%)
compared to dried chili (20%);
•  Three types of chili are consumed:
-  Red Chili (50%)
-  Bird’s Eye Chili (42%)
-  Green chili (8%);
•  Small (Birds Eye Chili) retail price/kg
is higher compared to large and
green chili;
•  Large red chili is in greatest
demand during religious fes)ve
seasons; and
•  Tradi)onal wet market prices
(Jan-Feb 2015) range from
Rp 15,000 – Rp 40,000/Kg
(variable quality)
Red Chili harvested area 2001 - 2011
Project Tambora revenue for export
quality chili is conservaHvely based
on Rp 17,000/kg

High-end market opportuni)es will be explored to increase revenue
based on superior quality and regular supply
•  Small (Birds Eye Chili) is typically more expensive than large chili and red chili is more
expensive than the green chili varie)es; and
•  Jan-Feb 2015 Jakarta supermarket prices range from Rp 99,000 to Rp 159,000 per Kg.

Project Tambora aims to retail + 50% export quality chili
to local high-end wholesalers and export markets

Shallots produced in Java are tradi)onally harvested from May to July
(avoiding very wet and very dry seasons)
Java shallots are typically planted in wet months (February to April) on ex-paddy sites and
harvested from May to July (marginally dry months).

•  Shallots have low tolerance to prolonged wet soil condi)ons (not suited to very wet months)
and during the drier months requires irriga)on (500-600mm); and
•  Shallots produc)on will target periods of reduced supply (September to April).
Index
Smallholders'Harvesting'Plan
Java'Shallot'Prices
Java'Shallot'Prices Higher'Price Lower'Price Higher'Price
2.5'Ha'per'Week
Malang'E.Java'K'Traditional'Shallot'Crop'Production'
Rainfed'Crops
Limted'Production Harvest'Peak Limited'Production
Medium'Price Lower'Price Higher'Price
Sumbawa'Shallot'Production'Plan'
2.5'Ha'per'Week
Over'200mm'Rain 100'K'200mm'Rain 50'K'100mm'Rain <'50mm'Rain

Project Tambora model for shallot produc)on is also based on Java
market demand and Java tradi)onal market prices
•  Wet Market average prices range from Rp 15,000 to Rp 40,000/kg over the year. During
periods of cri)cal shortage, tradi)onal wet prices exceed Rp 40,000/Kg;
•  Government controls import permits, and in recent years allowed imports of 60,000 Mt; and
•  Feb 2015 supermarket price for Shallots averaged Rp 75,000/Kg (retailed in 500g bags)
quality shallot is conservaHvely
based on Rp 18,500/kg

Indonesia sweet corn is mostly grown on ex-paddy sites avoiding
extremely wet and extremely dry seasons

•  East West seeds report total sweet corn
acreage in Indonesia at 75,000 Ha
(yields average < 10 Mt/ Ha);
•  Most sweet corn is planted as a short
season crop prior to rice or arer rice
coinciding with drier months; and
•  Signiﬁcantly less sweet corn is produced
from July to January resul)ng in 20-30%
higher prices
East Java
Malang Indonesian wet tropical regions have
3 corn produc)on seasons:
-  1st crop November to February (49%)
-  2nd crop March to June (37 %)
-  3rd crop July to September (14%)

Java sweet corn is typically grown in rota)on with rice during very wet
and wet seasons
•  Java sweet corn (ex-paddy sites) produc)on and prices are aﬀected by adverse rainfall;
•  Sweet corn yields are retarded by heavy and prolonged rain (poor drainage condi)ons)
that combine with prolonged cloudy condi)ons.
Project Tambora aims to produce export quality sweet corn throughout the year,
taking advantage of reduced producHon in Java and NTB from July to December
Index
Smallholders'Harvesting'Plan Less'Prod. Limited'Production
Java'Sweet'Corn'Prices Medium'Price
Java'Sweet'Corn'Prices Medium'Price
Sumbawa'Sweet'Corn'Production'Plan'
2.5'Ha'per'Week
2.5'Ha'per'Week
Lower'Price Medium'Price Higher'Price
Lower'Price Medium'Price Higher'Price
Harvest'Peak Less'Production
Rainfed'Crops Irrigated'Crops' Water'limitations Rainfed'crop
Over'200mm'Rain 100'O'200mm'Rain 50'O'100mm'Rain <'50mm'Rain
Malang'E.Java'O'Traditional'Sweet'Corn'Production'

Compared to most other staple vegetables without op)mum cold
storage condi)ons, sweet corn shelf life is less than 36 hours
•  Sweet corn shelf life under op)mum cold storage condi)ons (0-2°C) is limited to 6 to 10
days and less than 36 hours without op)mum cold storage condi)ons;
•  For this reason supply is limited to smallholder produc)on in close proximity to market; and
•  Variety selec)on takes into considera)on Consumer preference (sweet tas)ng) and
producer preference (high yield, disease resistance and long shelf life);

Project Tambora aims to be Indonesia’s leading producer and preferred
supplier of aﬀordable super-sweet variety
•  Sweet corn is tradi)onally retailed in wet markets (with
husk on) in open containers or by weight whereas in
supermarkets, sweet corn is usually retailed in vacuum
packed containers without the husk;
•  Tradi)onal wet market prices are driven by local supply
and quality:
Prices range from Rp 1,500 to Rp 2,500 per cob equal to
Rp 9,000 – Rp 25,000 / kg

•  During Jan-March 2015 (tradi)onally peak supply period),
Jakarta supermarkets were retailing pre-packed sweet
corn at Rp 19,900/Kg; and
•  Project Tambora recognize an export market opportunity
for processed sweet corn products - our land capacity
and capability suits large scale sweet corn produc)on
quality sweet corn is conservaHvely
budgeted at Rp 9,000/kg

Project Tambora budgeted price/kg for export quality produce to bulk
wholesalers and traders is considered “conserva)ve”
Fresh Rp Price/kg Rp Price/kg Rp Price/kg
Produce Wet Market Supermarket Project Tambora

Chili 15,000- 50,000 75,000 – 150,000 14,0000
------------------------------------------------------------------------------------------------------------
Shallots 20,000- 50,000 50,000 – 85,000 18,500
------------------------------------------------------------------------------------------------------------
Sweet corn 9,000 – 25,000 20,000- 30,000 9,000

AlternaHve Crops
Export Market – Snack Food
Indonesia imports > 100,000 Mt/Ann

Alterna)ve high value vegetable crops will be produced on a smaller
scale to evaluate feasibility and market demand
Edamame (Vegetable Soybean)
•  Vegetable soybean (Edamame) is an ideal crop
rota)on op)on (adds nitrogen to the soil) and is
grown on a large scale in East Java for Asia’s high-
value export market (snack food); and
•  Produce that do not meet export quality
standards is oren retailed in supermarkets at
Rp30,000 to Rp 40,000/kg.

Garlic
•  Indonesia meets 90 percent of its garlic demand
from imports, with domes)c produc)on standing
at 13,000 tons per year;
•  Market prices: Rp 50,000 – Rp 100,000/kg
Soybean and garlic will be produced
on small scale (trial crops) to evaluate
site suitability, varie)es and to
demonstrate supply capability for
poten)al local and export markets.

PROJECT TAMBORA MARKETING STRATEGY
•  Project Tambora’s marke)ng strategy is based on retailing sweet corn, chili and shallots
in bulk to wholesalers and traders from cold storage warehouse facili)es in Java;
•  Small volumes (non-export quality) may be retailed from farm gate to local traders for
retailing to local markets (Sumbawa, Lombok and Bali); and
•  Medium and long-term objec)ve aim to secure regular orders from high-end markets.
ATI$$
Warehouse$
ATI$$
Farm$
Weekly$$Sea$Freight$
Export market opportuni)es for processed sweet corn (canning and/or frozen) and
edamame (frozen products) would be explored (to u)lize all available land)

PRIVATE LAND AVAILABLE
FOR ACQUISITION

Privately owned land suitable for year-round irrigated cash cropping is
available for acquisi)on
•  There is an opportunity to acquire a local company located on the island of
Sumbawa, Nusa Tenggara Barat (NTB) Indonesia;
•  The Company owns two adjoining HGU’s measuring a total of 1,142 Ha; and
•  At least 70% of the HGU area (800 Ha) is considered suitable for irrigated cropping;
Our Base Case model is based on developing irriga)on on 120 Ha,
providing signiﬁcant opportunity for expansion

Landscape and topography is comparable to temperate savannah and
desirable for intensive mechanized agriculture
•  Approximately 70% (800 Ha) is considered arable and these soils comply with Soil Class I
characteris)cs (Australian standards);
•  Our Base Case model assumes the development of 120 Ha for irrigated cash crops;
•  The remaining arable land (680 Ha) will be developed based on market demand; and
•  Infrastructure will be developed on non-arable land.
Above&Road&Landscapes&
Below&Road&Landscapes&

Site suitability assessment was conducted in 2014
Site Assessment concluded:

ü  Site is located in a sub-tropical climate and with approximately 800 Ha arable land;
ü  Climate, soils and topography suits sweet corn, chili and shallots all year round (all
three crops are common to this region);
ü  Soils are favorable for repeated irrigated cropping (virgin and deep sandy loam);
ü  Presence of a large under-ground aquifer (water source for irriga)on);
ü  No occupa)on by communi)es (no access to water), the area is sparsely
populated; and
ü  More than 2km of deep-water coastline oﬀers opportunity to establish a deep
water port.

The dry sub-tropical climate is well suited to year round produc)on of
Chili, shallots and sweet corn
Month Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec
Kempo:Rainfall 220 225 220 190 100 0 0 0 0 85 155 140
Min:Temp 21 21 21 21 20 18 18 19 20 20 21 21
Max:Temp 30 30 30 30 30 30 30 31 31 31 30 30
Rain:days 22 20 18 19 13 0 0 0 0 5 14 23
Eto 5 5 5 5 6 6 6 6 6 6 5 5
High:RH
Key Climate Indicators

•  Annual Rainfall
Sub-tropical rainfall: 1,300mm
Wegest months: December – February
(20- 23 rain days)
Dry months (no rain): Jun – Sept

•  Temperature
- Summer Temperatures
Max 31°C / Min 21°C
- Winter Temperatures
Max 31°C / Min 18°C
Mean Daily Temp: 24°C
Key Site Indicators
•  Well drained soils
•  Slight slope
Site suitability
criteria
Dompu / Kempo Data Sweet corn, Chili & Shallot
requirements
Summer Temp Range
Winter Temp Range
Mean Daily Temp
Summer: Max 31°C / Min 21°C
Winter: Max 31°C / Min 18°C
Mean Daily Temp: 24°C
Maximum: 30-32
Minimum: 10-18
Optimal: 20 -30
Seasonal Rainfall
Annual Rainfall
Summer: 1,200 – 1,250 mm
Winter: 100- 150 mm
1,335 mm
3.5 to 4 Ml/Ha (Drip irrigation)
Frequent applications
Susceptible to water logging
Solar radiation %
Jan- Feb: 42% - 49%
Mar- Dec: 69% - 93%
Maximum solar radiation required
Relative humidity %
Jan- May: 79% - 84%
June - Dec: 66% - 77%
High humidity increases the
incidence of fungal disease
Wind Speed (Knots) Ranges from 1 – 7 Knots Susceptible to strong winds
Evaporation (mm/day)
Jan- May: 5 mm (Summer)
June - Dec: 6 mm (Winter)
Sufficient supplementary irrigation
at various stages of growth
Soils
Sandy loam (well drained)
Virgin soil (pH to be tested)
Well drained loam - sandy loam
Ph range 5.8 to 7.5
Topography 0 to 2% Slight slope is preferred

The proposed East Sumbawa site is suitable for year round cash
cropping
Shallots, chili and sweet corn
are common smallholder
crops in Sumbawa (Bima,
Dompu and Sumbawa Besar).

Smallholder produc)vity is
limited by inadequate access
to water for irriga)on and
distance to the main markets
in Java (high cost and high
losses of perishable produce).

Founders have developed
solu)ons that address cold
supply chain and logis)c
challenges.
Site suitability criteria Proposed
Property
Comment
Climate:
Sub-tropical dry climate. ✔
Climate is not considered extreme for the
proposed cropping program. Adverse
(high rainfall) conditions are not frequent
Soils:
Virgin, deep sandy loam soils
✔
Chili, shallots and sweet corn require well-
drained soil – ideally sandy loam.
Irrigation potential:
The property is located above a large
aquifer – reported ground-water
potential 8-15 liters per sec (borehole
potential 800m3/day)
✔
Approximate 3,500m3/Ha water is
required to produce one crop. Maximum
requirement for 120 Ha estimated at
4,700m3/day from boreholes during dry
season (peak demand).
Community conflict:
Low risk of community conflict or
illegal occupation (limited access to
water)
✔
Good potential to support surrounding
community farmers through out-grower
programs
Existing access & infrastructure:
Nearest town is 50km away, nearest
Port is 30km away and both are
connected by new asphalt road.
Reliable and good mobile
telecommunication services are
available but no access to state
electricity supply.
✔
Basic services and all-weather access is
available
On site power generation options include
solar, gas (LPG) and diesel power
Cold supply chain logistics:
No available cold supply chain
services
✘
Propose to establish our own cold supply
chain (farm to warehouse)
Market access:
Long distance by road to the main
market (Java). Sea freight options are
limited. Nearest Port is 30km away
✘
Sea freight is potentially cheaper and
quicker than road transport.
Propose long term charter of a suitable
vessel - weekly service to / from Java
Opportunity to develop a deep water jetty
on site

The property has unlimited access to ground water (produc)ve aquifer)
Reference: Sumbawa Hydrogeological map (2001)
The proposed property is located in an area deﬁned as “Moderate
Produc)ve Aquifer” (Light Blue) yielding 5 to 10 liters per second”
(Poten)al = 800 m3/day)

Modern drip irriga)on systems op)mize water u)liza)on and allows
fer)lizer applica)on via irriga)on at any )me
•  Peak water requirement for 120 Ha is es)mated at 8,400 m3
per day, based on evapora)on of 7 mm/day, no rainfall and
100% of plant water requirement;
•  10-12 boreholes may be required;
•  The proposed irriga)on system is designed in 30 Ha Blocks (4);
•  Each block will have its own water storage and water supply
infrastructure (boreholes, borehole pumps, irriga)on pumps,
fer)ga)on injectors and backup generator); and
•  Solar powered pumps will be used to minimize pumping costs.
Project Tambora intends to design rainwater harvesHng
system that includes construcHon of a large storage dam to
reduce the requirement for groundwater extracHon

PROJECT TAMBORA
STARTUP DEVELOPMENT SCHEDULE
Year 1 Development ac)vi)es include:

•  Land Acquisi)on
•  Site development and planning
•  Temporary accommoda)on & oﬃces
•  Boreholes and tes)ng
•  Irriga)on storage dam construc)on
•  Installa)on of drip irriga)on systems
•  Buildings & infrastructure construc)on
•  Equipment purchases
•  Container jegy construc)on
•  Pack house and cold storage construc)on
•  Security infrastructure
•  Java Warehouse setup
•  Phased vegetable produc)on

The startup development schedule is aimed at achieving full produc)on
(2.5 Ha per week) commencing Q4
•  1st commercial crop may exclude sweet corn (not viable to ship small quan)ty to Java);
•  1st crop revenue is expected commencing Q3;
•  Full produc)on (2.5Ha/week) is set to commence in Q4 / retailing in Q1 of year 2;
•  Flexible produc)on scale – adjusted to suit site development progress and market demand;
•  Ini)al accommoda)on and oﬃce infrastructure will be containerized (quick and easy); and
•  The container jegy should be ready for use by Q4.
Year%
Quarter Q1 Q2 Q3 Q4
Land%Acquisition
Construction
Irrigation
Equipment%purchases
Port%Construction
Site%preparation
1st%Crop%(1%Ha/week)%E%%Chili%&%Shallots 1st%Crop
2nd%Crop%(2%Ha/week)%E%Sweet%corn,%Chili%&%Shallots 2nd%Crop
Full%Production%(2.5%Ha/week)%E%%Sweet%corn,%Chili%&%Shallots Full%Prod.
Plant%Trial%Crops%E%Garlic%&%Soybean 1st 2nd 3rd
Retail%1st%Crop%E%%Chili%&%Shallots 1st%Crop
Retail%2nd%Crop%Sweet%corn,%Chili%&%Shallots 2nd%Crop
Retail%2.5%Ha/WeekE%%Sweet%corn,%Chili%&%Shallots
Retail%Trial%Crops%E%Garlic%&%Soybean 1st 2nd
Year%1
Acquisition/DD HGU/Extension
Accomodation///Stores///Offices///Roads///Pack/house///Security
Boreholes///Dams///Drip/Irr.

The 2 year development schedule is aimed at comple)ng construc)on
and building a large storage dam for irriga)on
•  Arer Year 1 the farming opera)on needs to have iden)fied full )me staff and field
workers who will require on site accommoda)on and facili)es that include medical and
educa)onal facili)es for their immediate families;
•  A large water storage dam will be constructed on the property to capture rainwater runoff
(reduce dependence on boreholes); and
•  By year 2, the farm is ready to increase produc)on scale to suit local, regional and export
market demand and establish livestock enterprise (beef feedlot & abagoir) to u)lize crop
residue and processed waste.
Year%
Quarter Q1 Q2 Q3 Q4
Land%Acquisition
Construction
Irrigation
Equipment%purchases
Port%Construction
Site%preparation
Full%Production%(2.5%Ha/week)%I%%Sweet%corn,%Chili%&%Shallots Y2%I%Q1 Y2%I%Q2 Y2%I%Q3 Y2%I%Q4
Plant%Trial%Crops%I%Garlic%&%Soybean Y2#$#Q1 Y2#$#Q2 Y2#$#Q3 Y2#$#Q4
Retail%2.5%Ha/WeekI%%Sweet%corn,%Chili%&%Shallots Y1%I%Q4 Y2%I%Q1 Y2%I%Q2 Y2%I%Q3
Retail%Trial%Crops%I%Garlic%&%Soybean Y1#$#3rd#crop Y2#$#Q1 Y2#$#Q2 Y2#$#Q3
Year%2
Rainwater%Harvesting%Dam
Staff%&%Labour%permament%accommodation

Our “Base case” assumes year-round produc)on of sweet corn, chili and
shallots of equal area
Sweet%Corn Chili Shallots Soybean Garlic
Weekly&Planting 2.5&Ha 2.5&Ha 2.5&Ha
Weekly&Harvesting 2.5&Ha 2.5&Ha 2.5&Ha
Budget&Yield 18&Mt/Ha 14&Mt/Ha 15&Mt/Ha
Potential&Yield 22>25&Mt/Ha 20&Mt/Ha 25>30&Mt/Ha
Budget&Weekly&Production&(Mt) 45 35 37.5
Potential&Weekly&Production&(Mt) 55 50 62.5
Budget&Weekly&Shipments 45 35 37.5
Potential&Weekly&Shipments 55 50 62.5
Budget&Weekly&Retail 45 35 37.5
Potential&Weekly&Retail 55 50 62.5
Main%Crops Trial%Crops
0.5&Ha
0.5&Ha
Production%Plan
Land%Use%/%Crop%Options Sweet%Corn Chilli Shallots
Variety Golden%Sweet Birds%Eye%&%Large SAREN%TSS
Growing%Days% 80#$#85#Days 110$120#Days 70#$#90#Days
Budgeted%Yield%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
Potential%Yield
18Mt/Ha#######################
20$25Mt/Ha
14Mt/Ha#####################
18$22Mt/Ha
15Mt/Ha#################
20$30Mt/Ha
Stocking 75,000#/#Ha 30,000/Ha 160,000/Ha
Water%Requirement 3,500#m3/Ha 3,500#m3/Ha 3,500#m3/Ha
Full%Production%@%2.5%Ha/Week

COLD SUPPLY CHAIN
AND LOGISTICS

Cold supply chain must include post-harvest pre-cooling and op)mum
cold storage from farm to retail
Logis)cs
Temperature Control
(Refrigera)on)
Cold Chain
Logis)cs + =
Farm
ProducHon
Transport
Warehouse
Cold Storage
Wholesalers
Pre-Cooling
Pack house
Cold Storage
• Farm
• Pack house
• Pre-Cooling
• Grading
• Packing
ProducHon
• Container Trucks
• Reefer Containers
• Cold Storage
Road Transport
to Local Port • Loading
• Shipping
• Oﬀ-Loading
Sea Freight to
Java Port
• Transfer to Cold rooms
• Delivery to Warehouse
• Road Transport
Road Transport to
Java Warehouse • Produce retailed
to Wholesalers
and Traders
collected from
the Warehouse
Java Cold Storage &
Retail
Fresh Produce Op)mum Temp Maximum Shelf Life
Sweet Corn 0 – 2°C 6 – 8 Days
Chili 7 – 10 °C 14 – 21 Days
Shallots 0 – 2°C + 6 months

Cold supply chain requirements include post-harvest pre-cooling, pack
house cold storage, reefer cold storage and warehouse cold storage
Hydro-chiller Cold Rooms
Reefer Containers Swap Body Reefer Container

SHIPPING
Example: 140 TEU Vessel (20 Reefer points)

Example Vessel:
SHIFlag: Faeroe Islands
Built: Orskov Staalskibsverft AS, Denmark 1989.
Class: Bureau Veritas 1A1 Ice B, E0, KMC.
Deadweight: 3,223 Mt
Gross tonnage: 2,469 Mt
Loa: 87,05 m
Beam: 14,50 m.
Draught: 6.1 m
Container capacity: 140 TEU capacity 20 reefer plugs
Project requires long term )me charter of a small reefer vessel that is
geared with side-thrust capability
•  Cargo cranes: 2 x 15Mt Maritime hydraulic cranes 1 Maritime hydraulic crane of 50Mt
•  Hatch covers: 2 hatches type Kvaerner folding type each 20.70 x 10m / 4 x 2.50m
•  Flush steel pontoons on deck 2 and 3 Box hold.
•  Frozen cargo capacity: 2200 tons of frozen fish (can be used for other frozen product).
•  Refrigerator equipment: Sabroe refrigerating plant -27 C Tropic, 80m3/Hr air circulation.
•  Main engine: MAK type 8MU 453 C, 2400 kw/3260 bhp at 560 rpm
•  Service speed: 12.5 knots
•  Fuel oil consumption: 6,6 tons of MDO per 24 hours.
•  Shaft generator: Stamford MHC 434 E, 255 kva.
•  Require tub boat support when docking (no side –thrust capability)

Shipping costs (long term )me charter) es)mated at US$ 25,271 per trip
•  Time charter quote received from a local shipping agent;
•  Interna)onal )me charter rates for < 200 TEU Vessel = US$ 20/TEU/Day;
•  Our Base Case Time Charter cost (shipping 12 x 20r Reefer Containers) = US$ 55/TEU/day;
•  Signiﬁcant cost saving opportunity by increasing the number of containers per shipment.
Shipping'Cost'Criteria Rp'Costs
Re0flagging'Cost'(Rp) 420,000,000''''''''''''
Monthly'Time'Charter'Costs'(Rp) 850,000,000''''''''''''
Bunker'Cost '''at'1,500L'per'Day'@'Rp'12,000/L'
Port'Charges '''at'Rp'5'million'/'Loading'or'Discharge
Time'Charter'Rp'Costs/Trip 221,250,000'''''''''''' (4#Trips/Month)
'Bunker'Cost'(Rp)' 72,000,000'''''''''''''' 4#Shipping#Days/Trip
Port'Charges'(Rp) 10,000,000'''''''''''''' Per#Trip
Total'Costs'per'Trip'(Rp) 303,250,000'''''''''''' USD#25,271
Estimated'Rp'Cost'per'Kg 3,032.50'''''''''''''''''' (based#on#10,000kg#Container)
Monthly'Costs'(Rp) 1,213,000,000''''''''
Time%Charter%Cost%US$%per%TEU%per%day 59.03%%%% 10#Containers#per#trip#
Time%Charter%Cost%US$%per%TEU%per%day 19.68%%%% 30#Containers#per#trip
Time%Charter%Cost%US$%per%TEU%per%day 11.81%%%% 50#Containers#per#trip
Time%Charter%Cost%US$%per%TEU%per%day 5.90%%%%%% 100#Containers#per#trip

Our Base Case assumes no 3rd party cargo is included in
shipments to and from Java
Project Tambora - Base Case freight costs

@ Startup Phase 1: Rp 7,500 / Kg (4 Reefer containers/week)
@ Startup Phase II: Rp 3,192 / Kg (10 Reefer containers / week)
Full Produc)on (1 year): Rp 2,554 / Kg (12 reefer containers / week)
Phase&1 Phase&II Full&Operation
Time%Charter,%Bunker,%Port%Costs%(USD/trip) $25,271 $25,271 $25,271
ATI%Containers%per%Week 4 10 12
3rd%Patty%Containers%per%week
Trip%TurnHAround%(ATIHSurabyaHATI)
ATI%Weekly%Fresh%Produce%(Kgs) 40,000%%%%%%%%% 95,000%%%%%%%% 118,750%%%%%%%%%%
ATI%Produce%Budget%Cost%per%Kg Rp7,581 Rp3,192 Rp2,554
Business%Plan%Budget%(Rp/Kg) Rp7,581 Rp3,192 Rp2,554
Additional%Container%Space%Available%to%SBY 94 90 85
BASE&CASE:&East&Sumbawa&to&Surabaya&(Fresh&Produce&only)&One&Way
5H6%Days

Inclusion of 3rd Party cargo would reduce transport costs to < Rp 500/kg
•  Commodity road transport from Dompu to East Java cost Rp 850 – Rp 1,200/kg (1 way);
•  3rd Party dry-bulk cargo commodi)es includes 100,000 Mt animal feed corn (May – Sept);
•  Other commodi)es (10,000 – 20,000 Mt/Ann) include coﬀee, cashew and rice; and
•  Return cargo from East Java include cement, sugar, fer)lizer, seed and common goods.
Project Tambora aims to partner with a local shipping agent to achieve freight
costs < Rp 500/kg (50% Capacity to Java and 20% capacity from Java).

3rd party cargo can be loaded / discharged at Kempo & Calabai (public ports).
ATI$to$Surabaya 30%$Capacity 50%$Capacity 80%$Capacity
Surabaya$to$ATI 20%$Capacity 20%$Capacity 20%$Capacity
Time$Charter,$Bunker,$Port$Costs$(USD/trip) $25,271 $25,271 $25,271
ATI$Containers$(TEU)$per$Week 12 12 12
3rd$Patty$Containers$per$week 38 58 88
Trip$TurnIAround$(ATIISurabyaIATI)
Weekly$Fresh$Produce$(Kgs) 118,750$$$$$$$$$$ 118,750$$$$$$$$ 118,750$$$$$$$$$$$$$
3rd$Party$Dry$Cargo 380,000$$$$$$$$$$ 580,000$$$$$$$$ 880,000$$$$$$$$$$$$$
Total$Payload$per$Shipment$(2Iway) 498,750$$$$$$$$$$ 698,750$$$$$$$$ 998,750$$$$$$$$$$$$$
ATI$Produce$Cost$per$Kg Rp608 Rp434 Rp304
Additional$Container$Space$Available$to$SBY 70 50 20
5I6$Days
East$Sumbawa$to$Surabaya$(Farm$&$3rd$Party$Cargo)$B$Two$Way

Ini)ally fresh produce will be shipped via Kempo port to a cold storage
warehouse in Java
To minimize transport costs and minimize supply chain losses, Project Tambora intends to
develop a cold supply chain from farm to the Java warehouse (point of retail).

Loading port op)ons were evaluated:
•  The nearest ac)ve container port is located at Badas in Sumbawa Besar (55 Nm from
Kempo). This op)on would incur addi)onal transport costs and longer )me to market; and
•  The nearest seaport (inac)ve) is located at Kempo (the immediate preferred op)on)

Project Tambora plans to develop a cold supply chain that includes
on-site port infrastructure
To control transport costs and to ensure regular/scheduled weekly shipments to Java, the cold
supply chain will be developed from pack house to the Java warehouse

•  Bathometric chart illustrates a deep water coastline suitable for deep-water port;
•  On-site port infrastructure eliminates the reliance on public road and public port
infrastructure and road transport costs will be reduced; and
•  The deep-water jegy must be capable of loading and oﬀ-loading vessels requiring berthing
depth of 7-10 m

To achieve 6 day turn-around, Gresik Port (Surabaya) was iden)ﬁed as
the preferred discharge port
•  Gresik – Small local port is considered most suitable for discharging container cargo
from geared vessels (less possibility of port conges)on);
•  It is located in close proximity (10km) to JIIPE Industrial Complex (ATI Cold Storage
Warehouse op)on);
•  Export shipments can be redirected via TJ Perak (10 km away); and
•  Air freight exports are possible (Surabaya Interna)onal Airport) (30km from JIIPE).

GOOD AGRICULTURE PRACTICES (GAPs)
GAP requirements to achieve budgeted produc)on and export quality include:

•  Scheduled plan)ng, irriga)on, fer)liza)on, IPM, weed control and harves)ng;
•  Expert management is required;
•  Adequate labor supply for ﬁeld ac)vi)es (150-160 per day); and
•  Stand – alone logis)cs and cold supply chain to achieve weekly shipments to Java

Mechanized harves)ng provides opportunity to reduce labor
requirements and harves)ng costs

Mechanized harves)ng prac)ces would reduce labor requirements and
harves)ng costs
Processing Industry
Fresh Market

FINANCIAL & INVESTMENT
ANALYSIS

Management team would include experts in vegetable
produc)on, logis)cs and marke)ng
CEO$
P.Botha$
Finance$&$Admin$$
General$Manager$
Accountant$
Human$Resources$$
Manager$
Marke?ng$$
General$Manager$
(Expat)$
Opera?ons$$
General$Manager$
(Expat)$
Senior$Agronomist$$
(Expat)$
Division$Managers$
Sweet$corn$Manager$
Chili$Manager$
Shallot$Manager$
Irriga?on$Manager$
Laboratory$
Soil$&$Nutrients$
Pack$House$
Manager$
Maintenance$
Manager$
Logis?cs$$
General$Manager$

More than 50% of required CAPEX (US$ 2.9) is required for land
acquisi)on and infrastructure development
Note: Current owner is willing to consider outright sale or an Equity posi)on in the Company

INVESTMENT ANALYSIS
•  10 Year Arer Tax Cashﬂow
•  Tax @ 28 %
•  Discount Rate @ 10%
•  Overheads = 22% of total costs

Budgeted investment returns (IRR 40%) are based on conserva)ve
market prices and abnormally high shipping costs
Year
USD 0 1 2 3 4 5 6 7 8 9 10
P&L Yr1 Yr2 Yr3 Yr4 Yr5
Revenue 1,780,333 8,352,785 8,603,369 8,861,470 9,127,314 9,401,133 9,683,167 9,973,662 10,272,872 10,581,058
Crop%input%and%marketing%costs (2,328,469) (4,572,121) (4,705,289) (4,838,458) (4,971,627) (5,104,795) (5,237,964) (5,371,132) (5,504,301) (5,637,469)
SG&A (852,247) (1,241,595) (1,276,239) (1,311,922) (1,348,676) (1,386,532) (1,425,525) (1,465,687) (1,507,053) (1,549,661)
EBITDA (1,400,383) 2,539,070 2,621,840 2,711,090 2,807,011 2,909,806 3,019,679 3,136,843 3,261,518 3,393,928
Depreciation (229,947) (229,947) (241,065) (243,196) (245,327) (247,458) (105,777) (105,777) (105,777) (105,777)
ProfitBbeforeBtax (1,630,330) 2,309,123 2,380,776 2,467,894 2,561,684 2,662,348 2,913,901 3,031,066 3,155,740 3,288,150
Tax%@ 28% 456,492 (646,554) (666,617) (691,010) (717,272) (745,457) (815,892) (848,698) (883,607) (920,682)
ProfitBafterBtax (1,173,837) 1,662,568 1,714,159 1,776,884 1,844,413 1,916,890 2,098,009 2,182,367 2,272,133 2,367,468
CashBflow
EBITDA (1,400,383) 2,539,070 2,621,840 2,711,090 2,807,011 2,909,806 3,019,679 3,136,843 3,261,518 3,393,928
Income%tax 456,492 (646,554) (666,617) (691,010) (717,272) (745,457) (815,892) (848,698) (883,607) (920,682)
Working%capital 0
Capex:
Purchase%of%land (834,242)
Other%capex (1,689,936) (235,642) (49,634) (49,973) (50,322) (50,682) (51,053) (51,434) (51,828) (52,233) (52,233)
CashflowBbeforeBfinancing (2,524,178) (1,179,532) 1,842,881 1,905,250 1,969,757 2,039,057 2,113,295 2,152,352 2,236,317 2,325,678 2,421,013
Equity
Equity%financing 3,600,000
CashflowBafterBfinancing 1,075,822 M1,179,532 1,842,881 1,905,250 1,969,757 2,039,057 2,113,295 2,152,352 2,236,317 2,325,678 2,421,013
Opening%cash%balance 1,075,822 1,075,822 T103,710 1,739,171 3,644,421 5,614,178 7,653,235 9,766,530 11,918,882 14,155,200 16,480,878
Retained%cash 1,075,822 T1,179,532 1,842,881 1,905,250 1,969,757 2,039,057 2,113,295 2,152,352 2,236,317 2,325,678 2,421,013
Closing%cash%balance 1,075,822 M103,710 1,739,171 3,644,421 5,614,178 7,653,235 9,766,530 11,918,882 14,155,200 16,480,878 18,901,890
IRR
Equity%investment (3,600,000) 0 0 0 0 0 0 0 0 0 0
Free%cashflow%after%financing 1,075,822 (1,179,532) 1,842,881 1,905,250 1,969,757 2,039,057 2,113,295 2,152,352 2,236,317 2,325,678 2,421,013
CashflowBavailableBtoBs'holders (2,524,178) (1,179,532) 1,842,881 1,905,250 1,969,757 2,039,057 2,113,295 2,152,352 2,236,317 2,325,678 2,421,013
EquityBIRR 40%
NPV $7,229,845

Three “upside opportuni)es” have been iden)ﬁed that would
poten)ally increase IRR in excess of 150%
Three priority upside opportuni)es excluded from the budgeted “Base Case” model include:

1.  Reduce shipping costs by including 3rd party cargo with ATI cargo (+ 30% IRR);
2.  Premium prices (25%) are achievable for export quality produce (+26% IRR);
3.  Increased farm produc)on from 120 Ha to 240 Ha in Year 3 (+50% IRR).
Increase
farm
producHon
to 240 Ha
Target 25% price
premium for export
quality produce
Include 3rd Party dry bulk
containerized cargo with fresh
produce
Base Case: 120 Ha + High Shipping Cost + below average price
for export quality sweet corn, chili and shallots IRR 40 %
IRR 74 %
IRR 100 %
IRR 150 %
Years
1-2
Year
3

By including 3rd party dry bulk cargo, IRR can be increased by 30%
(based on conserva)ve market prices) from 120 Ha
Year
USD 0 1 2 3 4 5 6 7 8 9 10
P&L
Revenue 1,780,333 8,352,785 8,603,369 8,861,470 9,127,314 9,401,133 9,683,167 9,973,662 10,272,872 10,581,058
SG&A (852,247) (1,241,595) (1,276,239) (1,311,922) (1,348,676) (1,386,532) (1,425,525) (1,465,687) (1,507,053) (1,549,661)
EBITDA (238,397) 4,631,391 4,847,331 5,069,749 5,298,839 5,534,802 5,777,843 6,028,177 6,286,020 6,551,598
Depreciation (229,947) (229,947) (241,065) (243,196) (245,327) (247,458) (105,777) (105,777) (105,777) (105,777)
ProfitAbeforeAtax (468,344) 4,401,445 4,606,266 4,826,553 5,053,512 5,287,344 5,672,066 5,922,399 6,180,242 6,445,820
Tax%@ 28% 131,136 (1,232,404) (1,289,755) (1,351,435) (1,414,983) (1,480,456) (1,588,178) (1,658,272) (1,730,468) (1,804,830)
ProfitAafterAtax (337,207) 3,169,040 3,316,512 3,475,118 3,638,529 3,806,887 4,083,888 4,264,127 4,449,774 4,640,991
CashAflow
EBITDA (238,397) 4,631,391 4,847,331 5,069,749 5,298,839 5,534,802 5,777,843 6,028,177 6,286,020 6,551,598
Income%tax 131,136 (1,232,404) (1,289,755) (1,351,435) (1,414,983) (1,480,456) (1,588,178) (1,658,272) (1,730,468) (1,804,830)
Working%capital 0
Capex:
Other%capex (1,689,936) (235,642) (49,634) (49,973) (50,322) (50,682) (51,053) (51,434) (51,828) (52,233) (52,233)
CashflowAbeforeAfinancing (2,524,178) (342,903) 3,349,353 3,507,603 3,667,991 3,833,173 4,003,293 4,138,231 4,318,077 4,503,319 4,694,536
Equity
CashflowAafterAequityAfinancing 1,075,822 (342,903) 3,349,353 3,507,603 3,667,991 3,833,173 4,003,293 4,138,231 4,318,077 4,503,319 4,694,536
Debt
Drawdown 0 0 0 0 0 0 0 0 0 0 0
Repayment 0 0 0 0 0 0 0 0 0 0
CashflowAafterAfinancing 1,075,822 N342,903 3,349,353 3,507,603 3,667,991 3,833,173 4,003,293 4,138,231 4,318,077 4,503,319 4,694,536
Opening%cash%balance 1,075,822 1,075,822 732,919 4,082,272 7,589,876 11,257,867 15,091,040 19,094,333 23,232,563 27,550,640 32,053,960
Retained%cash 1,075,822 V342,903 3,349,353 3,507,603 3,667,991 3,833,173 4,003,293 4,138,231 4,318,077 4,503,319 4,694,536
Closing%cash%balance 1,075,822 732,919 4,082,272 7,589,876 11,257,867 15,091,040 19,094,333 23,232,563 27,550,640 32,053,960 36,748,495
IRR
Free%cashflow%after%financing 1,075,822 (342,903) 3,349,353 3,507,603 3,667,991 3,833,173 4,003,293 4,138,231 4,318,077 4,503,319 4,694,536
CashflowAavailableAtoAs'holders (2,524,178) (342,903) 3,349,353 3,507,603 3,667,991 3,833,173 4,003,293 4,138,231 4,318,077 4,503,319 4,694,536
EquityAIRR 74%
NPV $17,570,383

Achieving 25% premium on market price for export quality produce
shipped with 3rd party cargo would increase IRR by 26%
Year
USD 0 1 2 3 4 5 6 7 8 9 10
P&L
Revenue 2,225,417 10,440,981 10,754,211 11,076,837 11,409,142 11,751,416 12,103,959 12,467,078 12,841,090 13,226,323
SG&A (852,247) (1,241,595) (1,276,239) (1,311,922) (1,348,676) (1,386,532) (1,425,525) (1,465,687) (1,507,053) (1,549,661)
EBITDA 206,686 6,719,588 6,998,173 7,285,116 7,580,667 7,885,085 8,198,635 8,521,592 8,854,238 9,196,862
Depreciation (229,947) (229,947) (241,065) (243,196) (245,327) (247,458) (105,777) (105,777) (105,777) (105,777)
Profit?before?tax (23,260) 6,489,641 6,757,108 7,041,920 7,335,340 7,637,627 8,092,858 8,415,815 8,748,460 9,091,085
Tax%@ 28% 6,513 (1,817,099) (1,891,990) (1,971,738) (2,053,895) (2,138,536) (2,266,000) (2,356,428) (2,449,569) (2,545,504)
Profit?after?tax (16,747) 4,672,541 4,865,118 5,070,183 5,281,445 5,499,091 5,826,858 6,059,387 6,298,891 6,545,581
Cash?flow
EBITDA 206,686 6,719,588 6,998,173 7,285,116 7,580,667 7,885,085 8,198,635 8,521,592 8,854,238 9,196,862
Income%tax 6,513 (1,817,099) (1,891,990) (1,971,738) (2,053,895) (2,138,536) (2,266,000) (2,356,428) (2,449,569) (2,545,504)
Working%capital 0
Capex:
Other%capex (1,689,936) (235,642) (49,634) (49,973) (50,322) (50,682) (51,053) (51,434) (51,828) (52,233) (52,233)
Cashflow?before?financing (2,524,178) (22,443) 4,852,854 5,056,210 5,263,056 5,476,090 5,695,497 5,881,201 6,113,336 6,352,436 6,599,126
Equity
Cashflow?after?equity?financing 1,075,822 (22,443) 4,852,854 5,056,210 5,263,056 5,476,090 5,695,497 5,881,201 6,113,336 6,352,436 6,599,126
Debt
Drawdown 0 0 0 0 0 0 0 0 0 0 0
Repayment 0 0 0 0 0 0 0 0 0 0
Cashflow?after?financing 1,075,822 N22,443 4,852,854 5,056,210 5,263,056 5,476,090 5,695,497 5,881,201 6,113,336 6,352,436 6,599,126
Opening%cash%balance 1,075,822 1,075,822 1,053,379 5,906,234 10,962,443 16,225,499 21,701,589 27,397,085 33,278,286 39,391,622 45,744,058
Retained%cash 1,075,822 V22,443 4,852,854 5,056,210 5,263,056 5,476,090 5,695,497 5,881,201 6,113,336 6,352,436 6,599,126
Closing%cash%balance 1,075,822 1,053,379 5,906,234 10,962,443 16,225,499 21,701,589 27,397,085 33,278,286 39,391,622 45,744,058 52,343,184
IRR
Free%cashflow%after%financing 1,075,822 (22,443) 4,852,854 5,056,210 5,263,056 5,476,090 5,695,497 5,881,201 6,113,336 6,352,436 6,599,126
Cashflow?available?to?s'holders (2,524,178) (22,443) 4,852,854 5,056,210 5,263,056 5,476,090 5,695,497 5,881,201 6,113,336 6,352,436 6,599,126
Equity?IRR 100%
NPV $26,582,970

Increasing farm produc)on from 120 Ha to 240 Ha in Year 3 together
with premium market prices and lower shipping costs, provides
opportunity to exceed IRR 150%
Year
USD 0 1 2 3 4 5 6 7 8 9 10
P&L
Revenue 4,450,833 10,440,981 21,508,421 22,153,674 22,818,284 23,502,833 24,207,918 24,934,155 25,682,180 26,452,645
SG&A (852,247) (1,241,595) (1,659,110) (1,705,499) (1,753,279) (1,802,492) (1,853,182) (1,905,393) (1,959,169) (2,014,560)
EBITDA 2,432,103 6,719,588 14,889,713 15,488,577 16,105,408 16,740,743 17,395,138 18,069,165 18,763,413 19,478,488
Depreciation (229,947) (229,947) (241,065) (243,196) (245,327) (247,458) (105,777) (105,777) (105,777) (105,777)
Profit?before?tax 2,202,156 6,489,641 14,648,648 15,245,382 15,860,081 16,493,285 17,289,360 17,963,387 18,657,635 19,372,710
Tax%@ 28% (616,604) (1,817,099) (4,101,622) (4,268,707) (4,440,823) (4,618,120) (4,841,021) (5,029,748) (5,224,138) (5,424,359)
Profit?after?tax 1,585,553 4,672,541 10,547,027 10,976,675 11,419,258 11,875,165 12,448,339 12,933,639 13,433,497 13,948,351
Cash?flow
EBITDA 2,432,103 6,719,588 14,889,713 15,488,577 16,105,408 16,740,743 17,395,138 18,069,165 18,763,413 19,478,488
Income%tax (616,604) (1,817,099) (4,101,622) (4,268,707) (4,440,823) (4,618,120) (4,841,021) (5,029,748) (5,224,138) (5,424,359)
Working%capital 0
Capex:
Other%capex (1,689,936) (235,642) (49,634) 310,027 (50,322) (50,682) (51,053) (51,434) (51,828) (52,233) (52,233)
Cashflow?before?financing (2,524,178) 1,579,857 4,852,854 11,098,118 11,169,548 11,613,903 12,071,570 12,502,682 12,987,589 13,487,042 14,001,896
Equity
Cashflow?after?equity?financing 1,075,822 1,579,857 4,852,854 11,098,118 11,169,548 11,613,903 12,071,570 12,502,682 12,987,589 13,487,042 14,001,896
Debt
Drawdown 0 0 0 0 0 0 0 0 0 0 0
Repayment 0 0 0 0 0 0 0 0 0 0
Cashflow?after?financing 1,075,822 1,579,857 4,852,854 11,098,118 11,169,548 11,613,903 12,071,570 12,502,682 12,987,589 13,487,042 14,001,896
Opening%cash%balance 1,075,822 1,075,822 2,655,679 7,508,534 18,606,652 29,776,200 41,390,103 53,461,673 65,964,355 78,951,944 92,438,986
Retained%cash 1,075,822 1,579,857 4,852,854 11,098,118 11,169,548 11,613,903 12,071,570 12,502,682 12,987,589 13,487,042 14,001,896
Closing%cash%balance 1,075,822 2,655,679 7,508,534 18,606,652 29,776,200 41,390,103 53,461,673 65,964,355 78,951,944 92,438,986 106,440,882
IRR
Free%cashflow%after%financing 1,075,822 1,579,857 4,852,854 11,098,118 11,169,548 11,613,903 12,071,570 12,502,682 12,987,589 13,487,042 14,001,896
Cashflow?available?to?s'holders (2,524,178) 1,579,857 4,852,854 11,098,118 11,169,548 11,613,903 12,071,570 12,502,682 12,987,589 13,487,042 14,001,896
Equity?IRR 153%
NPV $56,508,037

Several other upside opportuni)es would signiﬁcantly increase
the projected investment returns
Livestock
Enterprise
Increased
Yields
Increase
area Chili &
Shallot
On Farm
sales
Reduce
ferHlizer
costs
Reduce
harvesHng
costs
Increase
total
producHon
Add
Soybean
& Garlic
Processed
foods Crop residue & processed
waste is u)lized as low
cost animal feed
(Beef or Pork Feedlot)
Shallots &
Chili
6-8 months
in a year
Non-export
quality produce
(no shipping cost)
Apply compost
produced on farm
Develop Smallholder
Out-growers
Canned sweet corn
& frozen edamame
for exports
Mechanized harves)ng
Sweet corn & Shallots
Addi)onal crops
are good for
Diversiﬁca)on

Project tambora august 2016

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Project tambora august 2016