Investor Presentaiton

JICA Backup Cocoa Processing Processing in Côte d'Ivoire is dominated by four large global players who own 80% of the ~690,000 tons of 1st level processing Estimated processing capacity as of 2018 (tons) +Barry Callebaut 190,000 Olam Cargill CEMOI 90,000 Others 40,000 6% Choco Ivoire (Caf cocoa) 30,000 4% Ivory Cocoa Products (ICP) 20,000 3% Entered in recent years Source: IFC (2015); Press Search (2019) Sucso 20,000 3% 120,000 161,000 13% 17% Condicaf 20,000 3% 1st level estimated capacity (tons) CEMOI 10,000 - 23% 2nd level processing estimated capacity 27% 81

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