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Investor Presentaiton

Cocoa processing dominated by small number of global players Cocoa Production in Côte d'Ivoire 900,000 smallholder farmers 1st level processing of Ivoirian Cocoa A few companies Cocoa Processing 2nd level processing (Chocolate manufacturing) Chocolate distribution 20% 100% 13% 17% Processing abroad 23% 7 Transport W 27% 1.60M tons (73%) Processors Barry Callebaut, Olam, Cargill, etc. Export Netherlands, > Processing Belgium, USA, Farming Germany, etc. ~2.20M tons Barry Callebaut Olam Cargill CEMOI Others Total Local processing The increase of cocoa 1st level processing capacity will be highly influenced by the global leaders installed in Côte d'Ivoire Source: IFC (2015); Cocoa Barometer 2020 ך Manufacturing Mondelez, Mars, Nestle, Hershey, Ferrero, Lindt & Transport Processing Export Netherlands, 0.60M tons (27%) UK, France, Germany, etc Sprungli, etc Traders Cemoi, ETG - Cargill, Barry Callebaut, Olam etc. Retailers Aldi, Lidl, Ahold, Marks & Spencer, Tesco, Carrefour, Walmart, etc. 80 60
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