Investor Presentaiton

Limited opportunity in 2nd level processing as only 4% of chocolate consumptions worldwide comes from Africa Cocoa Processing Cocoa production in 1,000 tonnes 2019/20 (forecast) Domestic consumption of cocoa in 1,000 tonnes 2018/19 Rest of Americas 1,164 USA 188 1,922 83 51 Eurpoe 802 Ghana Australia India 86 China 779 169 183 Japan Low demand for chocolate products in Africa, making large scale manufacturing unattractive 376 Rest of Asia 77 Rest of Asia Short to medium-term investment opportunities are in the first level processing 3,598 666 Rest of Africa 277 200 Indonesia Brasil 190 Brasil 849 328 Ecuador 2,130 Côte d'Ivoire 331 Rest of Americas Source: ICCO (2020); Cocoa Barometer 2020; BCG Analysis 82

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