Jan-13Feb-13M

ar-13Apr-13M

ay-13Jun-13Jul-13Aug-13Sep-13O

ct-13N

ov-13Dec-13Jan-14Feb-14M

ar-14Apr-14M

ay-14Jun-14Jul-14Aug-14Sep-14O

ct-14N

ov-14Dec-14Jan-15Feb-15M

ar-15Apr-15M

ay-15Jun-15Jul-15Aug-15Sep-15O

ct-15N

ov-15Dec-15Jan-16

$1.25

$1.50

$1.75

$2.00

$2.25

$2.50

$2.75

$3.00

$3.25

WW240 WW320

LP

US$/lb

Cashew Kernels Marketsin 2016

2

• Presentations 40 minutesEurope , US , India , Middle East

• Discussion 15 minutes

• Questions & Answers 15 minutes

Cashew Kernels Marketsin 2016

Speakers

• European Market Jim Fitzpatrick – Importer , business development consultant and mentor.

• US Market Marc Rosenblatt - Partner Richard Franco Agency. Family brokerage and agency business founded in

1947. Third generation trading cashews , tree nuts and more from many origins into the US market.

Agenda & Speakers

• Indian MarketRahul Kamath - Partner of M/s Bola Surendra Kamath and Sons, one of the leading exporters of cashews in Karnataka State, India. President of Karnataka Cashew Manufacturers Association.

• Middle East Market Mohamad Meeran Saheb , EMCO International Long established commodity trading house based here in Dubai

sourcing wide range of products for over 30 years.

Snapshot European Cashew Kernels Market

Jim FitzpatrickIngredient Sourcing Solutions

Cashew Project Management Services

6

• Market size and trend • Major Importers• Sources of product• Impact of currency• Major Trends in the market

European Cashew Kernels Market

7

Europe Cashew Kernels Imports

Source: Eurostat , ISS estimates for this chart

2002 2007 2010 2011 2012 2013 2014 2015 Est0

20,000

40,000

60,000

80,000

100,000

120,000

Growth returns & accelerates ; 12% average over 4 years

8

European Import is concentrated

Netherlands 42%

Top Five 85%

Netherlands is the entry point for distribution

The bulk of cashews consumed in Europe are eaten as snacks.

Where does Europe buy its cashews kernels ?

Source: Eurostat

Vietnam58%

India27%

Brazil6%

Africa6%

Other1%

Indonesia1%

2014

Where does Europe buy its cashews kernels ?

Source: Eurostat

Vietnam68%

India23%

Africa4%

Brazil3%

Indonesia2%

2015 11 months

Trends in European Sourcing

2002 2007 2010 2011 2012 2013 2014 20150

10000

20000

30000

40000

50000

60000

70000

80000

Vietnam India Brazil Africa

2007 Vs 2015 Vietnam +205%Total Imports + 26% India -35%

Brazil -47% Africa +3% Source: Eurostat 11 months & estimate

European Buyer Requirements

Traceability

Product Quality Specification

Standards ,Cert. of AnalysisReliability &

Contract Fidelity

Competitive Market Pricing

Packaging Standard Handling Materials

Access to Product Innovations

Legislative Aflatoxin

Phytosanitary Contamination

Important Trends in European Cashews

• Food Safety is the primary concern • Consolidation – fewer bigger buyers • Growth – driven by increased snacking, healthy eating,

stable prices. • Powerful supermarkets• De-commoditisation – direct links needed to meet

buyers requirements – buyers work with processors.• Sustainability – environmental & social

Europe and Prices- WW320 US$ & Euro/Lb

Sources: ISS, World Bank

Jan-14

Feb-14

Mar-14

Apr-14

May-14Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14Jan-15

Feb-15

Mar-15

Apr-15

May-15Jun-15

Jul-15

Aug-15

Sep-15

Oct-15

Nov-15

Dec-15Jan-16

Feb-16

1.00

1.50

2.00

2.50

3.00

3.50

4.00

PricesUS$/lb 14% above 2 year lowest

Euro/lb 41% above 2 year lowest

Impacts demand in 2016 ?

15

Summary

• Long term positive outlook.• Buyers requirements more complex require more

complex & long term relationships with suppliers. • Social and Environmental issues key.• Growth may be interrupted by price rises to the

consumer in 2016