February 19th 2018

COFCO International

GFAI Convention & Trade Show

Copyright © 2017 COFCO International. All rights reserved.

COFCO Means……

3

“Visionary blue” is the color of the sky,

representing goals, ideals and

pursuits

The upper part of the LOGO symbolises the

boundless sky and brilliant sunlight above. This

represents a transparent corporate management

philosophy, uplifting corporate culture and vibrant

working approaches to learning, growth and

professional development

“Youthful green” is the color of life,

representing energy, creativity and

continuous innovation.

At the centre of the logo, a person stands in the harvest field. The Chinese

symbol is 人 (Rén). It symbolizes people and their vitality, with hearts beating

as one. People strive to live in harmony and prosper. This also symbolises

COFCO’s teamwork spirit and sense of mission and cohesion.

“Joyful orange” is the colour of the

land, representing the harvest. It

symbolizes passion and

profoundness.

As a symbol that represents balance and harmony,

the hexagon is found in beautiful creations

throughout nature. It looks like the sun’s halo and is

also the most efficient geometrical structure thus

representing productivity and harmony.

“Commitment brown” represents

integrity and reliable quality.

Our Logo

4

From policy-

related operations

to market-

oriented

operations

From pure trading

business to

industrialized and

diversified business The

"government

company" stage

From diversified

business to “group

level

diversification

with relevance and

professionalization

of business units"

1st Leap:

COFCO transformed itself for survival to

respond to China's reform and opening-up

and the market economic environment

2

3

4

5

2nd Leap:

COFCO transformed itself to adapt to

economic globalization and the

internationalization of domestic

competition

From general

specialization to

"controlling key

links of the

industrial chain

and the high end

of the value

chain"

6

Build a leading

international

Agricultural business

Company.

"COFCO's new era"

1949 1987 1988 1990 1991 1992 2000 2004 2005 2007 2009 2010 2012 2013 2014 2016 2017

1

COFCO‘s History and Transformations

5

The Main Targets from 2016 to 2020

“1+4” development orientation is to develop into 1 subject with 4 functions.

One Subject

Four Roles

To develop COFCO as the unparalleled agri-food enterprise with

global layout, fully integrated value chain with access to the biggest

market and development potential

The leading role in modern agricultural construction

The supporting role in stabilizing the market supply

The demonstration role in guaranteeing food quality and safety

The leading role in global agricultural industries

COFCO Group 5-Year Business Plan

6

Grains, Oil, Sugar, Cotton

FoodstuffsFinancial

Services

Real

Estate

Core

Businesses

Main

Businesses

OthersOther

Businesses

COFCO Group's Business Categories

7

COFCO’s Organizational structure:

18+1

CO

FC

O G

rain

s

Real-Estate

SectorAgriculture Sector Food SectorFinancial

Sector

CO

FC

O In

tern

atio

na

l

CO

FC

O T

rad

ing

CO

FC

O O

ils

CO

FC

O B

ioc

he

mic

al

CO

FC

O F

ee

d

CO

FC

O S

ug

ar

Ch

ina

Te

x

CO

FC

O E

ng

ine

er. &

Te

ch

no

log

y

CO

FC

O W

ine

s &

Sp

irits

CO

FC

O C

oc

a-C

ola

CO

FC

O M

ea

t

Me

ng

niu

Dairy

Ch

ina

Te

a

wo

ma

i.co

m

(On

-line S

ho

pp

ing

Pla

tform

)

CO

FC

O P

ac

ka

gin

g

CO

FC

O C

ap

ital

CO

FC

O R

ea

l Es

tate

CO

FC

O N

utritio

n a

nd

He

alth

Re

se

arc

h In

stitu

te

R&D

Platform

COFCO

Human

Resources

Dept.

Production and

SafetyInternal Audit.

Corporate Culture

Dept.Corporate Office

Strategy &

Investment

Department

Financial

Dept.

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China Agri Chinatex CAL China

✓ Combined Capacity of 24mmt/y

✓ Market leader with combined market

share of 20%,

✓ Nation-wide coverage

COFCO Group’s Crush Assets in China

9

COFCO Leadership Development Center COFCO Museum COFCO Fortune PlazaCOFCO R&D Center

10

COFCO Corporation at-a-glance

COFCO GROUP

Chin

a A

gri

CO

FC

O

Tra

din

g

CO

FC

O

Inte

rna

tio

na

l

CO

FC

O T

un

he

CP

MC

CO

FC

O

En

gin

ee

rin

g

&T

ech

no

log

y

CO

FC

O W

ines

& S

pir

its

Me

ng

niu

Dair

y

Chin

a T

ea

CO

FC

O M

ea

t

Wom

ai.com

CO

FC

O L

an

d

CO

FC

O

Cap

ita

l

Chin

ate

x

CO

FC

O

Bio

ch

em

ical

CO

FC

O F

ee

d

CO

FC

O C

oca

-

Cola

Agriculture Business Food BusinessFinancial

Business

Property

Business

Nutr

itio

n &

Health R

esearc

h

Institu

te

Other

COFCO Group’s Portfolio of 18 specialized subsidiaries

1st

China's largest

fully integrated

agri-business

conglomerate

136st

Ranked in Fortune

Global 500 for 23

consecutive years

90m MT

$84B

Total Assets

31m MT

Storage capacity

54m MT

Port transit capacity

Processing Capacity

$76B

Revenue

156m MT

Volume

Key Numbers – 2017COFCO Group – Summary Description

▪ Headquartered in Beijing, China and present in more

than 140 countries, COFCO Corporation is a leading

supplier of agri-products

▪ COFCO owns global producing and purchasing

platforms and trading network, involving plantation,

purchasing, storage, logistics and port facilities

▪ COFCO also provides innovative financial services to

support agricultural development

▪ COFCO is the majority shareholder of COFCO

International Ltd. (CIL), which was formed following the

acquisition and merger of former Noble Agri Ltd. and

Nidera BV completed between 2015 and 2017

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CIL’s Shareholders

COFCO

International

Holdings Limited

IFC

Hopu

Temasek

Standard

Chartered

>50%

CIC

COFCO

International

Limited

(CIL)

<50%

100.00 %

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Vision

Mission

Core Values合Together

hé

COFCO International Corporate Culture System is composed as the Chinese character “合” : One Voice, One Team, One COFCO, One

Dream”

人 rén

(human)

一 yī

(one)

口 kǒu

(mouth)

People first

One Voice

One Team

One COFCO

One Dream

Nurture the world

Shared values

13

Vision

Vision

Mission

Core Values

To be, and be recognised as, a World-Class

Global Agribusiness

• Tier-1 player

• Global footprint

• Supply Chain Manager

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Mission

• In everything we do, we strive to create a

positive and sustainable impact on

• our people and shareholders;

• our customers and suppliers;

• the communities where we operate.

Vision

Mission

Core Values

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The Core Values Create:

Sunshine Culture

Sunshine

阳光

Sustainability

可持续Innovation

创新

Integrity

诚信

Inclusiveness

包容

The meaning of “Sunshine”: Positive energy, Passion, Positivity, Health, Transparency, Openness

- Bring positive energy

- Maintain “can do” attitude

- Be proactive

- Contribute to and recognize the importance of sustainable development

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CIL Global Business Overview

Business

segments

▶Soybean

▶Wheat

▶Corn

▶Coffee

▶Sugar cane

▶Cotton

▶Soybean crushing

▶Sunflower crushing

▶Veg Oil refining

▶Sugar milling

▶Palm refining

▶Fertilizer blending

▶Ethanol

▶Biodiesel

▶Cotton

▶Corn

▶Soybean

▶Grains

▶Sunflower seeds

▶Sugar

▶Coffee

▶Soybean meal

▶Soybean

▶Grains

▶Dry bulk

▶Liquid/edible oil

▶Multi-commodity

Sourcing Processing Warehousing Distribution

▶Barley

▶Sunflower

seeds

▶Sorghum

▶Rapeseed

Key Locations

Integrated

Value Chain

Logistics, Risk Management & Research

Grains & Oilseeds Sugar MillsSofts

▶Grains: Wheat, Barley, Corn, Sorghum

▶Oilseeds: Soybean, Sunflower, Rapeseed

▶Meal: Soybean and sunflower meal

▶Oil: Crude/Refined oils, kernels

▶Cotton

▶Coffee – Arabica, Robusta

▶Sugar – Raw, Crystal

▶Ethanol

▶Sugar (VHP /Crystal/White)

▶Ethanol (Anhydrous/Hydrous)

▶Energy/Bagasse

Origination

▶Brazil

Destination

▶Europe, China, Malaysia, Middle East,

North Africa

Origination

▶Brazil, Vietnam, Colombia, Central

America, U.S., India, Thailand, Europe

Destination

▶Europe, U.S.,Turkey, Japan, China,

Indonesia, India

Origination

▶South America, North America, Europe,

Ukraine, Romania, Kazakhstan, Russia, South

Africa, Australia

Destination

▶Asia, Europe, Middle East, Central America,

North Africa

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CIL’s Global FootprintNetwork of Strategically Located Assets

Sugar

▪ Export from Brazil, C. America, India, Thailand, Europe

▪ Import to China, Taiwan, Korea, Europe, C. America, SE Asia

Sugar Assets

▪ Four sugar mills in Sao Paolo State in Brazil with a total crushing capacity of 15.5MMt

▪ Sugar, ethanol and electricity production

Coffee

▪ Export from S. America, Colombia, C. America and SE Asia

▪ Import to Europe, US and Japan

Cotton

▪ Export from US, Brazil, India, W. Africa and Australia

▪ Import to Europe, China, SEA, India, and Turkey

Soybean Complex

▪ Export from South America and US to Asia and China

Sunflower Seeds Complex

▪ Export from Ukraine and S. Africa

▪ Import to Turkey, Europe and India

Wheat

▪ Export from S. America, Ukraine, Romania, Kazakhstan Russia, Europe (to China) and Australia (to Gulf States/China)

▪ Import to Middle East, North Africa and Asia

Corn

▪ Export from US, South America, Ukraine, Romania, Kazakhstan, Russia, and S. Africa

▪ Import to Middle East, North Africa and Europe

Port Terminal (incl. throughput agreement)

Warehouse and Storage

Processing

Main Commercial/Trading Offices

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In the Next 10 Years, Global G&O Market’s Future

Will Be Strongly Influenced by SAM’s Supply and

Asia’s Demand…

Source: USDA, BCG

South America: No. 1 net exporter

▪ 10y CAGR of Exports: 4.4%

North America: No. 2 net exporter

▪ 10y CAGR of Exports: 0.7%

Oceania: No. 4 net exporter

▪ 10y CAGR of Exports: 1.7%

Asia: Net importer

▪ 10y CAGR of Exports: 1.6%

Black Sea: No. 3 net exporter

▪ 10y CAGR of Exports: 2.2%%

Africa: Net importer

▪ 10y CAGR of Imports: 2.0%

Western Europe: Net importer

▪ 10y CAGR negative (1.7%)

Exports Imports

138 148

2016 2026

130

199

2016 2026

85 96

2016 2026

38 32

-70

-50

-30

-10

10

30

50

2016 2026 204 240

-290

-190

-90

10

110

210

310

2016 2026

138 169

-220

-170

-120

-70

-20

30

80

130

180

230

2016 2026

2327

2016 2026

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Vision: CIL to be and be recognized as a

World-Class Global Agribusiness

… expanding significantly into upcoming

growth regions in SE Asia

… stepping up Latin

America as it's supply-

power house, increasing

share of origination and

integrating e2e flows

… building corn-soy supply

flexibility in North America

through an asset right approach

… building on CIL's

profitable strongholds

in Europe and Black Sea

… leveraging unique access to China as a

competitive edge—and building a portfolio

around supplying China

SE Asia

and India

China

Aspire to be among top 3 traders in terms of global traded volumes in the next 5 years

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Strategy: Leverage China demand and become

a World-Class Global Agribusiness

1. Asset Backed Trading

...to: World-Class Global Agribusiness leveraging China

demand and ABT1

• Constellation of a series of loosely

connected portfolios

• Significant reliance on 3rd party purchase and lack of core assets

(excl.Argentina)

• Lack of strong supervision and governance; suffered from severe

loss from speculation

• Strong silo with limited cooperation and coordination between

regions

• Only focus on short term results and

annual target

• Enhance access to critical assets of key product lines and

increase origination

• Build multiple profit models based on information, resource

and assets

• Monitor position and risk exposure

• Promote collaboration/coordination between product

line and regions

• Strike a balance between long-term strategy and short-

term profits based on strategic directions

From standalone companies in the past

• Based on Asia/China demand, prioritize

the development of key product lines

21page

Global Grains Global softs

(Sugar, Cotton and

Coffee )

Global Oilseeds Global Freight SFM

CHINA

Our Operating Model, Driven By Product Lines

APAC

EMEA

North America

CIL HQ

South America

Product Lines：Main Profit Centers

Region：Auxiliary Profit

Centers

• Execution of Product Lines’ Strategy

• Regional Business

▪ Streamlined, promoting clear accountability and teamwork

22Source: USDA

USA

Brazil

Argentina

China

I1

US (#2)

• 2016: 53 mmt

• 2026: 59 mmt

China (#1)

• 2016: 83 mmt

• 2026: 120 mmt

Main Importing

countriesMain Exporting

countries

Brazil (#1)

• 2016: 54 mmt

• 2026: 89 mmt

Argentina (#3)

• 2016: 10 mmt

• 2026: 12 mmt

EU (#2)

• 2016: 15 mmt

• 2026: 14 mmt

MENA (#3)

• 2016: 7 mmt

• 2026: 10 mmt

G&O Global Supply & DemandSoybeans Trade Flow

Soybean: Move towards integrated supply provider leveraging on Chinese

demand

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Source: USDA

SE Asia1

USA

Black Sea

Brazil

Argentina

China

Backstop

E2

E1

Backstop

S.Korea

Main Importing

countriesMain Exporting

countries

Brazil (#3)

• 2016: 17 mmt

• 2026: 33 mmt

Argentina (#2)

• 2016: 21 mmt

• 2026: 30 mmt

US (#1)

• 2016: 48 mmt

• 2026: 55 mmt

China (#10)

• 2016: 3 mmt

• 2026: 6 mmt

Japan and South

Korea (#1)

• 2016: 25 mmt

• 2026: 25 mmt

SE Asia (#3)

• 2016: 19 mmt

• 2026: 20 mmtUkraine (#4)

• 2016: 17 mmt

• 2026: 23 mmt

G&O Global Supply & DemandCorn Trade Flow

Corn: Move towards a global ABT present in all key regions. Focusing on optimization of

existing logistic and origination capabilities. Increase geographic optionality and prepare for

China demand

24Source: USDA

China (#10)

• 2016: 4 mmt

• 2026: 3 mmt

SE Asia (#2)

• 2016: 31 mmt

• 2026: 35 mmt

MEA (#1)

• 2016: 52 mmt

• 2026: 62 mmt

SE Asia1

Black Sea

Australia

China

Backstop

Opportunistic

Canada E2

Main Importing

countriesMain Exporting

countries

Canada (#3)

• 2016: 22 mmt

• 2026: 24 mmt

EU (#2)

• 2016: 35 mmt

• 2026: 38 mmt

Black Sea (#1)

• 2016: 51 mmt

• 2026: 57 mmt

US (#4)

• 2016: 21 mmt

• 2026: 27 mmt

USA

G&O Global Supply & DemandWheat Trade

Wheat/Barley: Move towards ABT model with tailored approach to originate and

coordinate efforts among origination regions

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• CIL owns two elevators in the US; Chicago (302 kMt), and

Milwaukee (87 kMt) along with leased storage capacity in

the Chicago International Port.

• Our Chicago grain facility is of great strategic importance

as it is Regular for Delivery of corn, beans, wheat & oats at

the CBOT. The largest CBOT Delivery facility for corn &

soybeans.

• Cahokia is a high-speed truck & rail to Barge transload

facility. Our most recent acquisition. It has the highest

capacity in a critical market. Projected to reach 2.5 MLN

tons annual turnover.

2

1

3

4

1. Chicago Terminal:

Storage Capacity:

302,000MT

2. Milwaukee Terminal:

Storage Capacity: 87,000 MT

3. Cahokia– St. Louis, MO

Transload Facility

4. Chicago International Port:

Storage Capacity: 27,166 MT

5. Center Gulf Export Thru-

put

Where we are today

North America Asset Overview

26

27

Where we are todayCOFCO / Growmark Partnership Cahokia

COFCO/GROWMARK

Cahokia

CIL finalized an investment and origination

partnership at the Cahokia facility with the 2nd

largest agricultural supply & origination

cooperative in the United States. The strategic

partnership links the US farmer with China

demand thru COFCO.

CIL US G&O Facilities – Chicago & Milwaukee

CIL US G&O Head Office – Chicago, IL

Expected Rail Origination Area

Expected Truck Origination Area

Center Gulf Export TP

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Where we want to be

5 Year Strategic Plan: CIL USA G&O

Create an origination network that secures captive origination

for 60-75% of CIL US demand - approximately 10-15mln tons

Concept:

❖ 1/3rd from facilities operated by CIL; owned, leased, or other formal access agreement.

❖ 1/3rd from strategic origination alliances, favoring Coops

❖ 1/3rd from open market purchases; likely from other commercial grain companies

Priorities:

❖ Maximize Soybean origination to supply and leverage Cofco demand.

❖ Tributary to Center Gulf export to support Gulf Thru-put.

❖ PNW and TX Gulf export access

❖ Rail origination to supply Cofco US West Coast demand

❖ Assets that can access both domestic & export markets

❖ Favor facilities that link with existing assets & provide arbitrage opportunities.

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A reliable Supply Chain from North America requires access and participation in US Center Gulf

and the PNW. Access to both is required to be a reliable supplier to destination customers and the

access creates the opportunities to maximize freight and intra regional arbitrage.

Where we want to beUS “Supply Chain” Priorities: #1 US Center Gulf / #2 PNW

Source: PRX

Soybean Net Exports (+) and Imports (-), 17-18Million Bushels

Corn Net Exports (+) and Imports (-), 17-18Million Bushels

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Progress Since Cofco Majority Acquisition of

Noble Agri & Nidera in 2014:

❖ March 2015 acquired transload facility Cahokia, IL

• Loop track will 35,000 rail track with 2 rail pits, simultaneous shuttle unload grain & products.

• 2 barge belts and load docks each 60,000 bph.

❖ July 2015 entered thru-put agreement in Center Gulf

❖ September 2017 established partnership & strategic relationship with GROWMARK at Cahokia, IL.

❖ November 2017 established CIL North American HQ in Chicago, IL, co-located Cofco Agri & Nidera

❖ This month, added key staff to CIL USA

• Chris Faust, formerly GM North America Grain Gavilon, joins team as COO CIL Grains USA

• Guohua (Kevin) Yuan; joins team as Financial Director CIL North America

• Todd Collord, joins team as Corporate Controller CIL North America

• Maria Baron, formerly Controller Nidera USA, relocates to Chicago as Grains Controller CIL Grains USA

To begin immediately:

❖ Implementation CIL Grains USA 5 Year plan

Expected in near future:

❖ Legal entities Cofco Agri & Nidera North America merge into Cofco International.

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To be, and be recognized as, a World-Class Global

Agribusiness

“One Voice, One Team, One COFCO, One Dream”

COFCO International Ltd.

CONTACT US

312-341-3174