PresentedbyBecsWillson

Agriculture- InvestorReady?

LegalNoticeThis presentation is being provided solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy interests in any investment fund. Such an offer or solicitation may only be made through the applicable fund’s offering documents. The funds are speculative and illiquid investments that involve a high degree of risk. Investors could lose all or substantially all of their investment. An investment in the interests of any one or more funds is suitable (if at all) for only a limited portion of the risk segment of an investor’s portfolio.

IntroductiontoProterraInvestmentPartners

• Alternativeinvestmentmanagerfocusedonprivateequityinvestments

• $2.4billioninassetsundermanagement

• 54employees

• Experiencedseniorleadershipteamthathasworkedtogetherfornearlyadecade,combiningdiverseinvestmentskillsandhands-onexperienceacrossmultiplesectorsandindustries

• ProterralaunchedasastandaloneinvestmentadvisoronJanuary1,2016

• TheBlackRiverPEFundsspunoutfromBlackRiverAssetManagement,awholly-owned,independentlymanagedsubsidiaryofCargill

• CargillcontinuestobeastrategiclimitedpartnertotheFunds

OurGlobalFootprint

1Dataasof06/30/20172RepresentsasumofallinvestmentsmadeinUSDsincetheinceptionofthePEFunds.

StaffLocationsCapitalInvestedinMillions

• Minneapolis(Headquarters)• London• Mumbai• Singapore• Shanghai• Sydney• SaoPaulo

StaffLocations

CompanyOverview1 OurHistory InvestmentThemesAgriculture• Land• Landmanagement/operations,• Infrastructure(storage,barges,etc.)

Food• Proteinproduction(beef,dairy,pork)• Valueaddedprocessing(dairyprocessing,

packagedfood,etc.)• Supplychain(Logistics,coldchain)

Metalsandmining• Bulkminerals(coal,ironore,industrial

minerals)• Basemetals(copper,nickel,zinc)• Preciousmetals(gold,platinum)

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Country Capital Invested2

As of 03/31/17 (USD)China $383.4 millionBrazil $224.8 millionAustralia $164.8millionIndia $100.4 millionColombia $86.7 millionUnited States $69.7 millionSouth Africa $64.1 millionPhilippines $41.3 millionParaguay $33.1 millionMexico $37.6 millionThailand $15.4 million

ProterraInvestmentStrategies

We offer investors proprietary strategies that seek to leverage the full strengths of our firm. Our funds’ investments reflect fundamental perspectiveson the macro- and micro-economic trends driving the markets where we invest. Through an emphasis on strong local relationships and expertise, weaspire to provide unique opportunities for investors.

AgricultureInvestmentStrategyPursuesrelativevalueinvestmentsinoperatingfarmlandandinfrastructurebasedonourviewthatrisingfooddemandcallsforanincreaseinfarmlandaswellasincreasedinvestmentinexistingfarmland.

• TotalStrategyCommitmentis$783million• Targetdealsize$25-75million.• Vintageyears2010and2013

Food Investment Strategyseeks growth equity investments in three food industry sectors: protein production, value-added processing, and supply chain management.We focus on sustainable scale, cash flow, local demand, and alignment with strong management teams.

• Total Strategy Commitment is $1.2 billion• Target deal size $25-100 million.• Vintage years 2010 and 2014

Metals & Mining Investment StrategySeeks to invest in sustainable development projects and operations with growth potential, low cash costs of production, or the operating flexibilityto insulate against volatility of the commodity markets.

• Total Strategy Commitment is $165 million• Target deal size $15-40 million.• Vintage year 2013

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WhatwebelievemakesAustralianAgricultureanattractiveassetclassforinvestors?

• Surplus Production

• Proximity to Markets

• World market pricing – ability to hedge

• Transparent land ownership/leasing rules

• Responsible Management Practices

• Low Sovereign Risk/ strong judicial system

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HistoricalchallengesofInstitutionalInvestmentinAgriculture

• Lack of consistent returns.

• A developing asset class.

• Too few managers.

• Lack of consistent returns.

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Changingtheperception

In our opinion:

• Shift is happening in Europe/US/Middle East who are starting to allocate more of their funds to Agriculture. Small % but it means big $$$.

• The most successful farmers in Australia are larger family operations who generate, on average, higher returns than their corporate counterparts. Around 60 to 70% of investment per year is provided directly by the owners of family farms (source ABARES). This flow of funds will likely provide great opportunities for investor-ready operations.

• We need successful fund managers bringing returns back to investors. This includes operational returns as well as long term capital growth.

• Models that replicate the success of the large, well run family farms and can achieve further scale will likely be attractive.

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Whatwebelievemakesanopportunity“investor-ready”?

• Demonstrated Track Record in generating returns.

• Historical Data; financial performance/yields/price achieved.

• Price Risk Management to mitigate risks.

• Scale – managing $5MM and $50MM are the same.

• Strong leadership; Ethical, Social and environmental standards.

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Questions?/ContactInformation

ProterraInvestmentPartners

BecsWillson,ManagingDirectorbwillson@proterrapartners.com

+61417423937