Investor Presentaiton

5 K 10 K 15 K OK 0.7 K 1.2K 0.1 K Production cost Farmer Inland transport Taxes/Marketing board 20 K Back-up: Retailers and manufacturers collect ~80% of the value in the cocoa business Value Distribution (US $ per ton of cocoa bean, 2014) Share of profits by type of players (US $ per ton of cocoa bean) Cocoa Processing 1.4 K 0.8 K 0.0 K 0.2 K 0.0 K International Transport Cost of arrival International trader Processor and grinders Manufacturer Retail & taxes Retail value 6.4 K < 8.1 K 18.9 K 44.2% 2.1% 4.3% 6.6% 7.6% 35.2% Transportation and traders Taxes/Marketing Board Cocoa farmers Processors and Grinders Chocolate Manufacturer Retailer . Increasing 1st level processing of cocoa helps to capture an additional 7.6% in the value A larger opportunity in terms of value resides in 2nd level processing with the manufacturing of chocolate 85

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