EXPORT TRADING GROUP

United States of America

British Virgin Islands

Mauritius

United Kingdom

China

Vietnam

Singapore

South Africa

NamibiaBotswana

Zimbabwe

Zambia Mozambique

Tanzania

Malawi

BurundiRepublic ofthe Congo

Kenya

Ethiopia

United Arab Emirates

Sudan

Niger

Nigeria

Mali

Burkina Faso

TogoIvory CoastSierra Leone

Guinea Bissau

Senegal

BeninGhana

Uganda

Rwanda

MyanmarIndia

Argentina

Australia

Switzerland

CONTENTS

IntroducIng Etg 2

Business overview 4

Historical Highlights 6

group Structure 8

group Management Structure 10

Staff complement 12

group Shareholding 13

corporate governance 14

compliance and Sustainable Business Practices 15

Supporting and Empowering Farmers 16

committed to communities 21

AgrIculturAl ExPErtISE 22

overview of Agricultural Activities in Africa 24

Processing and Beneficiation 26

Farming and Asset Acquisition 27

Warehousing 28

logistics 29

Major commodities Procured 30

BuSInESS ovErvIEW 34

group Philosophy 36

commodities traded 38

FuturE FocuS 40

Strategy for growth 42

the Future of Agri-commodities 44

conclusion 47

contAct uS 48

1

ETG’s forty-year track record in the African agricultural market has beenpivotal in stimulating the continent’s economy by supporting small-scalefarmers in their endeavours and assisting them in reaching ready marketsinternationally. We aspire to nurturing and uplifting farmers at grass-rootslevel as well as improving the quality of life of all of Africa’s inhabitants. We empower small-scale farmers by instilling good farming practices toenhance crop productivity and quality, while facilitating access to agricultural equipment and provisions. ETG procures at farm-gate level, passing on the benefits of market-related prices by sorting, processing, storing and then exporting the commodities. ETG continually invests in infrastructural improvements in Africa. We create employment in the countries in which we are active and open up market opportunities in regions previously inaccessible to small-scalefarmers. Mindful of Africa’s nutritional challenges, ETG has initiated a project todecrease dependence upon starch by substituting soya crops – a valuablesource of protein, demonstrating our constant and overriding desire tofacilitate and improve quality of life. We wish to make a real difference inAfrica – in the lives of her farmers, her economies and her peoples. To thisend, ETG is dedicated and committed.

INTRODUCING ETG

BuSInESS ovErvIEW

Vertical investment into large-scale farming in recent years has allowed thegroup to support small-scale farming around the large farming entities. Twoof the Group's largest farming ventures, Mpongwe Farms in Zambia andKapunga Rice Farm in Tanzania, support in excess of 300 small-scale farmers.

The Group’s ongoing commitment to value added agricultural investment has seen it establish processing, cleaning and packaging plants in Ethiopia, Zambia, Malawi, Mozambique,Tanzania, Uganda and India.

Integrating farming, trading and processing of agricultural commodities is Etg’s speciality - from Africa’s farms to the world’s supermarkets.

4 5

INTRODUCINGETG

1

With offices in 40 countries and a staff complement of over 6 500, ETG has the largest integrated agricultural supply chain in the regions within which it operates. Due to ETG's longstanding track record in Africa and other emerging markets, the Group is ideally placed to provide small growers with the best market prices for their goods, and at the same time offer them the most affordable inputs and farming advice.

Export Trading Group (ETG) focuses on the production, processing and distribution of agricultural commodities, farm inputs and farm implements. The Group also has investments in information technology, bio-energy, mining, hospitality, forestry, transport and logistics.

ETG operates in Australia, Argentina, Kenya, Uganda, Tanzania, Ethiopia, Sudan, Malawi, Mozambique, Zambia, Zimbabwe, South Africa, Dubai, United States of America, India, Benin, Botswana, Burkina Faso, Myanmar, Burundi, China, Ghana, Guinea Bissau, Ivory Coast, Mali, Namibia, Nigeria, Niger, Rwanda, Senegal, Sierra Leone, Singapore, Switzerland, Togo, United Kingdom, Vietnam and the Democratic Republic of Congo. In most of these countries, ETG has developed an extensive network of farm collection points for commodity procurement, warehouses, silos and processing plants.

ETG focuses on both the procurement and movement of agricultural goods as well as the supply of agricultural inputs and best farming practice support.

Most of the commodities purchased comprise ofunprocessed or semi-processed agriculturalproducts. These are cleaned, graded and packagedby ETG prior to distribution in local and internationalmarkets. Ten per cent of the Group’s agri-commodities are processed into supermarket-ready products. ETG currently procures in Maize, Wheat, Soya Beans, Rice,Sorghum, Millet, Beans, Pigeon Peas, Cow Peas, Chick Peas, Green Gram, Groundnuts, raw Cashew Nuts, Sesame Seed, Niger Seed, Coriander Seeds, Cumin Seed, Linseed, Ginger, Cloves, Sugar, Coffee, Fertiliser and Tea. Maize constitutes the largest commodity by volume.

By investing in processing plants, the Group not onlyprovides jobs for local communities, but also addsvalue to the commodities procured. This means, furthermore, that ETG stimulates foreign revenue inflows into countries where the Group is present and active.

Export Trading Company is established to market Kenyan-produced and -manufactured goods in East and Central Africa.

Export Trading Company is introduced into the East African Market as an agricultural market participant.

Export trading changes focus to service trading routes in Uganda, Ethiopia, Sudan and Somalia. Expansion into Southern Africa via Malawi.

World Food Programme becomes the Export Trading Group’s largest customer.

Group strategy expanded through establishment of storage, procurement and logistical infrastructure in East and Central Africa.

With the support of local small growers, ETG becomes the largest food aid supplier to World Vision, the International Commission of the Red Cross and Norwegian Church Aid.

Vertical expansion into agricultural manufacturing and processing, covering milling, dal mills, corn-soya blend factories, cleaning and packaging plants. Enables the Group to provide better markets for locally produced goods in the countries within which it operates. Investment in farming, including Rice and Wheat estates in Southern Tanzania.

HIStorIcAl HIgHlIgHtS

1967 2006

2007

2008

2009

2010

1983

1989

1995

1998

2002

2005

6 7

Since its formation, Etg has built its business around the small-scale farmer, which has allowed it to expand across many African and emerging market countries

ETG opens its 60th warehouse in Mozambique – enabling the Group to support small growers in the region, sharing best farming practices with local communities.

Establish a Cashew processing facility in Mozambique, providing in excess of 400 jobs to the local community.

Acquisition of Mpongwe Farm, Zambia – one of the largest established cereal farms in Africa. Thirty per cent of its produce is sourced from outgrower schemes.

Investment in a tea estate in Mozambique. Processing assets acquired in India and Uganda. Opened Zimbabwe office. Set up Cashew processing facilities in Tanzania.

Opened a North American office. Added to existing processing plants through the expansion of Wheat mills, a fully integrated biscuit plant in India, Tasty soya Products and Corn Soya Blend processing plants in Uganda and Ethiopia. Ventured into coffee trading through a new coffee processing unit.

Opened 15 new procurement offices in Africa – of which, 11 are based in West Africa – for the purpose of buying crops from small growers, including Coffee, Cocoa, Fertiliser, Cashew Nuts, Rice, Sesame Seeds and other commodities. Further expansion into Asia and South East Asia, opening entities in China, Myanmar and Vietnam, positions the Group to source better markets for locally produced African products.

8 9

Etctanzania

EtcZambia

cIElMActanzania

conserveira doIndicoMozambique

EMc limitadaMozambique

Etc Singapore

dInAMozambique

Etc Agrotractors & Implementsuganda

Etc Agrotractors & ImplementsMalawi

Etc Agrotractors & ImplementsKenya

the Agrotractors & Implementstanzania

Agro tractors &Implements limitadaMozambique

Etc HoldIngStanzania

KoroSHoAfricatanzania

KoroSHoMozambique ldA

PoArice Millstanzania

PoArice MillsMalawi

tHE AgroIndustriesMalawi

AgroIndustries ldAMozambique

SEBA FoodSMalawi

SEBA FoodSZambia

SEBA FoodSMauritius

Etc AgroProcessorsIndia

tHE AgroProcessing Africatanzania

SdZ cHA SArl

ProcurEMEnt / WArEHouSIng

ExPort trAdIng grouPSingapore

Etc HoldIngSMauritius

ProductIon ProcESSIng

SPEcIAlISAtIon

KAPungArIcE Project

EtcBIo-EnErgYltd

Mpongwe, Zambia. Largest Grain Estate in Africa and largest Wheat producers in Zambia. Also produces jatropha.

Socledade de desenvolvimento da Zambezia. Produces black CTC tea which is stored at SDZ before departure to final destination.

Procures Maize, Beans, Green Gram, Pigeon Peas, Rice, Fertiliser and Spices from local small growers.

Procures Maize, Fertiliser, Sesame Seeds, Cashew Nuts, Yellow Gram from small growers.

Procures all commodities from small growers.

Procures Maize, Groundnuts, Soya Beans and large volumes of Fertiliser from small growers.

Manufacturers of Glass Lamps and Exporters of Timber creating jobs for local communities.

Procures Sugar Beans, Ground Nuts, Sunflower Seeds, Millet, Rice, Maize, Wheat and Fertiliser from small growers.

This company acts as a holding company for the Marine businesses in Zambia and Malawi.

Parle-G Biscuit factory, Wheat milling and warehousing, creating jobs and boosting government's foreign revenue.

Processes Chick Peas, Green Gram and Pigeon Peas in a plant in Dodoma, creating jobs and boosting government's foreign revenue.

POA Malawi is a future company that will be a Rice milling unit creating jobs and boosting government's foreign revenue.

This company is a holding company for the Seba companies in Malawi and Zambia creating jobs and boosting government's foreign revenue.

Soya Beans are processed into Tasty Soya Pieces creating jobs and boosting government's foreign revenue.

Soya Beans are processed into Tasty Soya Pieces creating jobs and boosting government's foreign revenue.

Raw Cashew Nuts are processed into Cashew Kernels and distributed under the Korosho brand, creating jobs and boosting government's foreign revenue.

Raw Cashew Nuts are processed into Cashew Kernels and distributed under the Korosho brand, creating jobs and boosting government's foreign revenue.

Processing of Pigeon Peas and Dal milling creating jobs and boosting government's foreign revenue.

Toor Dal or Pigeon Peas are processed at this plant in Gurue, creating jobs and boosting government's foreign revenue.

Rice Mill based in Mikumi with an average capacity of 30 mt per day, creating jobs and boosting government's foreign revenue.

Future company that will specialise in Logistics, and assist in lowering logistical costs for commodities procured from local farmers.

Sole Distributor of Mahindra brand Tractors and Farm Machinery.

Sole Distributor of Mahindra brand Tractors and Farm Machinery.

Sole Distributor of Mahindra brand Tractors and Farm Machinery.

Sole Distributor of Mahindra brand Tractors and Farm Machinery.

Supplier of Agro Machinery and Farm Implements.

Production of Maize, Wheat and Soya at Mpongwe and Rice at Kapunga.

Sub-holding company that was incorporated in 2009. It holds shares in ETG Cargo.

This company specialises in Logistics in Mozambique. Assists lowering logistical costs for commodities procured from local farmers.

Administration services and sub-holding company.Procurement and distribution of commodities like Pulses, Rice, Wheat, Maize, Sesame Seeds and Fertiliser.

Cold Storage, Real Estate and Land. Falls under Group LH.

Procures Beans, Pigeon Peas, Fertiliser and other commodities from small growers.

This company is a branch of ETC Kenya and procures Sesame Seeds, Ginger and Maize from small growers.

Procures Pigeon Peas, Maize, Rice and other commodities from small growers.

Procures Fertiliser, Rice, Maize and Wheat from small growers.

Land and Warehousing in Beira creating jobs for local communities.

This company was incorporated in 2010 and expanded the group to the USA.

Commercialisation of frozen fish. Falls under Grupo LH.

Prawn Fisheries and Exporters. Falls under Group LH.

Procures Maize, Maize Meal, Sugar and Rice from small growers.

Largest Rice estate in Tanzania, Wheat and Barley cultivation.

EtcKenya

Etcuganda

AngoPEScA

FrIgoPEScA

AcFuAE

EtcuSA

Etc AgroSouth Africa

EtcMalawi

EtcEthiopia

IEtcZimbabwe

Etc MArInEMauritius

Etc MArInEMozambique

linder Holdingsltd.Mozambique

EtcMarine ServicesMalawi

BIo-EnErgYInvestments

grouP StructurE

grouP MAnAgEMEnt StructurE

PrAdIP r. PAtElManaging Director

10 11

Etg has a dynamic management structure conducive to a spirit of entrepreneurship and accountability within the group. Board executive and senior management levels exist as follows:

MAHESH r. PAtElChief Executive Officer

KEtAn v. PAtElManaging Director

vASudEv BArKurGroup Chief

Financial Officer

country managers:

Benin RAKESH SHARMA Nigeria RAJEEV KUMAR

Burkina Faso SHIBU ABRAHAM Rwanda GAURANG PATEL

China RYAN HENG Singapore RAJ RANI

UAE TEJHASH MODH South Africa CECILIA MARRYATT

Ethiopia PRADEEP GANGWAR Southern Sudan HEMANSU PATEL

Ghana SANJEET ACHRAYA Switzerland GRAHAM WOOD

India ASHISH AJMERA Togo JEGAN NATHAN

Ivory Coast PATRICK LAZZARINI Uganda SAILESH PATEL

Kenya SANJAY KUMAR BHARDWAI USA CLINT CUNY

Malawi MOHAN RAO Vietnam ELTON DANG

Mali ROHIT BATRA Zambia SHASHI GUPTA

Mozambique GUILLERMO MACHADO Zimbabwe JOANNE ROBERTS

Myanmar SANJAY P JAIN

JAYESH PAtElGroup Chief

Operating Officer

JEAn crAvEnHead

Corporate Finance

13

grouP SHArEHoldIngStAFF coMPlEMEnt

12

ETG, and its affiliated companies, employs more than 6 500 people across 40 countries.

Staff numbers per country:

Benin 2 Mali 2 Switzerland 1

Burkina Faso 5 Mozambique 2308 Tanzania 2317

China 3 Myanmar (Burma) 10 Togo 3

Ethiopia 50 Niger 2 Uganda 18

Ghana 11 Nigeria 14 United Arab Emirates 4

Guinea-Bissau 2 Rwanda 2 United Kingdom 1

India 727 Senegal 2 USA 2

Ivory Coast 2 Singapore 7 Vietnam 3

Kenya 98 South Africa 18 Zambia 73

Malawi 297 Southern Sudan 96 Zimbabwe 8

Ownership of ETG rests with three primary shareholders who are also actively involved in the business operations. These key shareholders are:

MAHESH R. PATEL

Mahesh was born and raised in Nairobi, Kenya. In 1976, he obtained a Bachelor of Commerce degree, majoring in Accounting and Business Administration, from Gujarat, India. He joined Export Trading Company Limited in 1978 and acquired the business in 1981. His passion, dedication, vision, and vast experience have seen him become the driving force behind the Group and have been instrumental in turning ETG into the integrated agricultural commodities house it is today.

KETAN V. PATEL

Ketan was born in Kenya and moved to the United Kingdom to undertake hishigher education. He joined Export Trading Company as a shareholder in 1986, operating from the London office where he managed the export of goods from the United Kingdom. It was in the late 1980s that Ketan assisted Mahesh in the process of transforming Export Trading Company from a general trading entity to a fully-fledged soft commodities business.

PRADIP R. PATEL

Pradip was born and raised in Kenya. He started his career in 1978 as a trader for a hardware-merchandising corporation. His business acumen quickly saw him promoted to head trader after which he joined Export Trading Company in 1985. He heads Group Operations in Kenya, Uganda and Ethiopia.

corPorAtE govErnAncE

the group’s executives and managers are committed to the principles of integrity, responsibility and accountability to their key partners - the small growers and the governments that represent the small growers

15

Corporate Governance is an integral part of the sustainable success of ETG. The Group’s executives and managers are committed to the principles of integrity, responsibility and accountability in all their business dealings. Their key objective is to protect the interests of stakeholders, management and the communities in which ETG operates.

Social and Environmental Impact Management

ETG is committed to:

1. Leading the industry in minimising the impact of its activities on the environment,

2. Accepting responsibility for any harmful effects that its operations may have on both the local and global environment and is constantly committed to reducing them, and

3. Measuring its environmental impact (footprint), setting targets for ongoing improvement.

To achieve this, the following key points have been strategised:

• Minimisingwastebyevaluatingoperationsandensuringthat

theyareasefficientaspossible.

• Sourcingpowerrequirementsresponsiblyandminimising

toxicemissionsthroughthecorrectfleetselectionanduse.

• Promotingrecyclingactively,bothinternallyandamongst

customersandsuppliers.

• Sourcingandpromotingaproductrangetominimisethe

environmentalimpactofbothproductionanddistribution.

• Meetingorexceedingallenvironmentallegislationpertinentto

theETG.

• Implementinganaccreditedprogrammetooffsetgreenhouse

gasemissionsgeneratedbyouractivities.

Human resources Management

A detailed policy for Human Resources was formulated that

complies with both host country legal requirements and ETG

standards. The policy, which is periodically reviewed and updated,

is available to all ETG employees to consult at any time.

Each employee enters into a written contract, when they join

the Company, detailing the responsibilities and expectations

of both parties. ETG remuneration levels exceed minimum wage

requirements in the countries in which the Group operates and the

general employment conditions are consistently above host country

standards.

occupational Health and Safety

A policy for Occupational Health and Safety was formulated

that fully complies with international standards and host country

occupational health and safety requirements. All employees receive

the requisite training and are made fully aware of occupational

health and safety requirements in their various roles.

The policy is prominently displayed in all buildings and annual audits

are conducted to ensure that plants, warehouses and farms fully

comply with these requirements.

Pollution Prevention

ETG is dedicated to pollution prevention. The Company has

developed a pesticide management plan that has been

incorporated in its warehouses, processing plants and farming

manuals. Proper training is also provided to employees in the

handling, storage and disposal of pesticides.

coMPlIAncE And SuStAInABlE BuSInESS PrActIcES

14

17

SuPPortIng And EMPoWErIng FArMErS

ETG has observed the following agricultural commonalities among these countries:

• Farming is undertaken mainly by small-scale farmers, with large commercial farms a rarity. Most farmers farm small areas of land, averaging between one to two acres. The cultivation area is limited by the use of basic tools and implements such as the hand hoe. Few farmers have the necessary finances to improve crop yields by buying certified seed and fertiliser or to access agricultural machinery.

• At harvest, the farmer reserves 75% of the crop for personal consumption, while the subsistence surplus (25%) is available for sale in the market. The cash obtained from the sale of the surplus crop provides the farmer with income to pay for essentials such as children’s education, doctor’s bills, etc.

Export Trading Group is focused on creating growth for Africa by enhancing the potential of its agricultural sector.

The agricultural sector in sub-Saharan Africa provides a livelihood for at least 75% of the population, making it an important focus area for the achievement of growth. Over the past 40 years, ETG has taken time to intimately understand how the agricultural sector functions in each of the following countries: Ethiopia, Kenya, Tanzania, Uganda, Malawi, Mozambique and Zambia.

cHAllEngES BEIng MEt Under the traditional, low-cost low-yield way of

farming, the following elements are present:

• Farmers are often located in largely inaccessible rural areas, making it expensive for buyers to engage directly with them: Under these circumstances, should farmers find a market for their commodity, at all, the price obtained will be heavily discounted.

• Farmers often do not have the upfront cash requirements to transport commodities for sale to a central market: The surplus produced by one single farmer is insufficient to fill a truck and pay for its costs.

• Farmers do not have sufficient storage capacity to store a commodity for sale at a later date.

• Farmers have little say in the supply chain which is largely controlled by middlemen: Each level of intermediation results in less transparency, a lack of market, high transaction costs, and, ultimately, lost value for the farmer.

• Farmers are adversely affected by poor quality controls: This contributes to post-harvest losses and lower prices for their produce.

• Farmers lack access to finance for agricultural inputs: Without fertilisers, high-yielding seeds, and equipment, it’s impossible for farmers to increase income and

improve their livelihood.

1616

18 19

For over 40 years, ETG has been solving and addressingthe constraints faced by farmers, in the following way:

• Alleviating the need for a farmer to travel long distances to find a market for their commodity. ETG has achieved this by bringing the market directly to the farmer at farm-gate level. With a network of 500 warehouses spread out across Ethiopia, Kenya, Tanzania, Uganda, Malawi, Mozambique and Zambia, located in both rural and main agricultural-producing areas, a ready market is provided for the small-scale farmers’ surplus agricultural production. This type of procurement enables the farmer to bypass the middlemen and achieve the maximum price for their commodity.

In 2009, ETG procured about one million metric tonnes of agricultural commodity in the region. This commodity was traded regionally and internationally.

• Providing service centres for farmers at ETG’s procurement warehouses. ETG provides farmers with education on crop cultivation and husbandry as well as appropriate post-harvest handling (cleaning, drying, sorting and grading). This enables them to better respond to the market requirements in terms of quality, quantity and standardisation.

• Providing essential inputs such as storage, fertilisers and equipment at affordable prices. ETG is implementing a scheme to provide inputs on credit

to farmers in order to enable them to farm without the burden of up-front cash requirements at the start of the planting season. Such a scheme will be supported by ETG guaranteeing a minimum off-take price for all commodity produced, including crop insurance, so that a farmer

is aware of his minimum cash flow when taking the loan.

Etg is committed to assisting small-scale farmersovercome traditional infrastructural challenges to go beyond subsistence farming and become highly active participants in the African economy.InnovAtIvE SuPPort

In addition to improving the standard of living of local farmers and their families, ETG is committed to playing a significant part in the economic development of the regions in which it operates, and contributing to the improvement of the quality of life of the communities in those regions.

20 21

Through its processing facilities, ETG offers jobs to members of local communities, imparting skills and knowledge, and establishing infrastructures on which communities can further build their own economic growth.

On a broader scale, ETG works closely with rural communities, community leaders, and local and national governments to explore and implement ways in which the benefits of international trade, and the resulting increased financial inflows, can be passed on to the people of the region.

Where ETG owns farming operations, it not only employs people from the surrounding communities, but also works closely with those communities to find ways of uplifting their people. These initiatives include everything from making grazing land available to stock farmers, improving roads, offering practical training to farmers and students from the area, and developing sporting facilities with a view to building a sense of community pride and unity.

ETG also involves itself directly with the communities of the various regions by offering financial and food support to people in need. At various times, the organisation has sought ways to improve the life of the many orphans in the regions through the donation of chocolates and biscuits.

coMMIttEd to coMMunItIES

The business also offers financial assistance during times of community need by making donations of money or supplies to communities affected by floods, droughts or other disasters. Where possible, ETG also donates money for the building or upgrading of much needed schools and clinics, thereby enhancing the quality of life of the people and ensuring that they enjoy futures that offer better opportunities for employment.

Farmers working with Etg enjoy a guaranteedmarket for their produce, access to good qualityservices, consistent and fair market prices coupled with instant payments.

going forward, Etg will continue to deepen its procurement network, providing a more extensive range of value-added services to farmers. this commitment to ensure the sustainability and profitability of farming undertakings will contribute to the growth of the African continent.

AGRICULTURAL EXPERTISE

AGRICULTURALEXPERTISE

2

ovErvIEW oF AgrIculturAl ActIvItIES In AFrIcA

24 25

While the long term success of ETG has primarily been the result of its many years of proven expertise in the agricultural trade and export industry, the Group also boasts significant farming and warehousing assets, a trusted and reliable transport and port handling infrastructure, and extensive processing and beneficiation facilities.

trade and Export

More than 80% of commodities procured by ETG are bought directly from farmers, who are paid cash-on-delivery at local field warehouses. These are located within reach of the farmers in each country from which ETG sources commodities. The remaining portion of ETG’s agricultural commodities is sourced from other smaller traders and commercial or semi-commercial farms. Once procured, the commodities are transported to the small buying centres, where they are graded,

processed and standardised before being transferred to the larger ETG warehouses. From here, approximately 90% of the produce is repackaged and distributed locally or exported internationally, while the remaining 10% is processed further at ETG’s various processing plants.

ETG also trades in fertilisers and pesticides. About half of the fertiliser traded by the Group is imported to satisfy tender programme. Fertilisers imported by ETG for its own account are distributed for resale to farmers in the various ETG operational areas.

ETG’s physical trading unit has its headquarters in Dar es Salaam.

The Group has a derivative hedging and corporate finance unit in

Johannesburg, South Africa, which hedges group commodity exposures

on the South African Futures Exchange as well as the Chicago Board of

Trade, Kansas Board of Trade and the London Futures Exchange. Risk

management, the reporting of group exposure to commodities, foreign

exchange, freight, country and interest rate risk, are undertaken from the

Group’s Johannesburg office.

Commodity Location mt / Year Detailing and Branding

Soya Pieces Zambia, Malawi, Uganda & Ethiopia 7 350The soya pieces are produced under the “SEBA” brand as “Tasty Soya Pieces”.

Corn Soya Blend Malawi 56 000This product is exclusively for food aid and currently comprises the largest portion of the Group’s processing activities.

Dal (Pigeon Peas) Mozambique, Malawi & Tanzania 48 000

The Pigeon Peas are polished, split, de-husked and sorted for different product types and are packed for the export market under the “Toor” brand.

Maize Malawi 18 600 The Maize is sold under the “Super Ufa” brand.

Cashew Kernels Mozambique & Tanzania 10 400The Cashew Kernels are packed and exported to Europe, North America and the Middle East under the “Korosho” brand name.

Rice Tanzania 35 000Rice is produced under the “Falcon” brand name.

Sesame Seeds Mozambique 5 500The Sesame Seeds are de-hulled and produced under the brand “Agro Processing”.

Coffee Uganda 18 000Coffee is processed and exported to Sudan, Germany, Netherlands and Belgium.

Fertiliser Mozambique (under construction) & Tanzania (planned)

50 000 A Granulation plant is planned for Tanzania.

Wheat Flour India 65 000Wheat Flour is further processed into bisuits which are manufactured under the “Parle-G” brand name.

ProcESSIng And BEnEFIcIAtIon

ETG’s key focus on supply chain management has seen the Group develop extensive procurement, storage and logistics networks in each country within which it operates. This is a key strategic and competitive differentiator for ETG.

In 2002, the Group substantially increased investment in agricultural processing. Currently, ETG has 21 processing centres in Zambia, Malawi, Tanzania, Uganda, Ethiopia, India and Mozambique. The agro-processing plants add value to commodities sourced in each country, creating jobs for the local communities and earning valuable foreign currency for the countries in which the Group operates.

FArMIng And ASSEt AcquISItIon

26 27

In 2006, the Group embarked on a strategic initiative to backward integrate through the acquisition of large-scale commercial farms and farmland. To date, it has acquired farming assets in Zambia, Mozambique, Tanzania, Kenya and Uganda. The acquisition of these farming assets has allowed the Group to support small-scale farming around these estates.

Details of the Group’s main productive agricultural farming assets

Location Size Crops Description

Mbeya, tanzania 7 023 ha

Rice

(Wheat and barley crops can

be produced as well)

Largest Rice estate in Tanzania. Potential to acquire additional adjacent land. The estate has 3 000 ha under Wheat and 300 ha under barley cultivation.

Mpongwe, Zambia 45 421 ha

Maize

Wheat

Soya Beans

Jatropha

(Barley can also be produced)

Largest grain estate in Africa. Largest Wheat producer in Zambia. Farmland includes irrigated as well as dry land production. Additional land available for clearing and cultivation of Wheat amounts to 29 000 ha. Current Wheat cultivation comprises 3 000 ha irrigated and 5 000 ha dry land.

Socialende de

Zambezia cha Sarl,

gurue, Mozambique

7 385 ha Tea1 655 ha under tea with a further 3 000 ha in the process of being developed. Tea is exported mostly to Mombasa.

Apart from the exsisting farms, ETG has 136 140 ha of greenfields in Tanzania, 156 000 ha in Mozambique and 13 000 ha in the DRC.

logIStIcS

The ETG logistics operations unit is based in Dar es Salaam. An outstanding logistics network, incorporating a fleet of trucks, ensures that the Group has the necessary capacity to transport commodities procured or imported across Africa. By managing its own logistics, the Group can ensure that savings in logistical costs are transferred to the farmer. Importation costs of much needed farming inputs are also substantially reduced. Whilst ETG has its own fleet of commercial trucks, more than 90% of the commodities are transported by commercial transporters contracted to the Group in 2007. To reduce congestion in the port of Dar es Salaam the Group entered into a joint venture with the Sharaf Group from the UAE, as well as the National Development Corporation of Tanzania, to develop two inland container depots to handle containerised cargo.

Examples of ETG's key trade routes

Origination Destination Commodity Exported

Malawi, Mozambique, Zambia, tanzania, Kenya, uganda, Ethiopia

India, Singapore, North Korea, China, Japan, Europe, South Africa & Kenya

Pulses, Maize

Benin, Burkina Faso, ghana, tanzania, Mozambique, Mali, nigeria, Sierra leone, togo Far East, Europe, USA Sesame Seeds

uganda, Ethiopia, tanzania Sudan, Germany, The Netherlands, Belgium Coffee

Mozambique Kenya, Pakistan Tea

Benin, Burkina Faso, ghana, Sierra leone, togo, Kenya, Mozambique, tanzania India, USA, Europe Cashew Nuts

Origination Destination Commodity Imported

Eastern Europe, Australia, South AmericaSouth Africa, Zimbabwe, Tanzania, Malawi, Kenya, Uganda, Benin

Wheat

ukraine, russia, Egypt, Jordan, chinaKenya, Malawi, Tanzania, South Africa, Mozambique, Ghana, Uganda, Rwanda, Burundi, DRC, Zimbabwe, Vietnam

Fertiliser

Brazil, South America Kenya, Tanzania, Uganda Sugar

thailand, vietnam, china, PakistanTogo, Benin, Burkina Faso, Burundi, Ghana, Guinea-Bissau, Ivory Coast, Mali, Niger, Nigeria, Rwanda, Senegal, Sierre Leone

Rice

WArEHouSIng

ETG currently has a storage capacity of 1.69 million tonnes covering ten countries. The Group is differentiated from other companies by its ability to procure commodities at farm-gate level and store produce for extensive periods of time thereby providing markets to local communities throughout the year.

While the majority of the Group’s warehousing capacity is in Mozambique, Tanzania and Malawi, ETG’s philosophy of ensuring it has the

necessary infrastructure in place to support its business operations means that the Group has warehouse capacity in every country within

which it operates. Warehouses in Senegal, Burundi, South Africa, Ghana, Ivory Coast, Mali, Niger and Rwanda with an estimated capacity of

21 000 megatons, are planned.

Country No. of warehouses Total capacity Total size

Malawi 8 194 294 tonnes 97 147 m2

tanzania 34 145 000 tonnes 72 500 m2

Mozambique 19 79 800 tonnes 39 900 m2

Kenya 6 163 000 tonnes 81 500 m2

Zambia 22 31 000 tonnes 13 000 m2

uganda 3 6 300 tonnes 3 150 m2

Ethiopia 1 7 000 tonnes 3 500 m2

28 29

Pulses

Pulses are grown abundantly in various parts of Africa, making them one of the region’s major export commodities. ETG owns a number of

processing plants that serve to complete the pulses supply and value chain. Procurement takes place at farm gate level, after which the raw

commodity is processed, packaged and branded. The final product is exported primarily to Europe and Asia. Various pulses are processed,

traded, and exported, including Pigeon Peas, yellow and Green Gram, mung dal and sugar beans. The Group exports over 150 000 tonnes

of pulses from Malawi, Mozambique, Kenya and Tanzania.

Pigeon Peas | ETG procures Pigeon Peas, at farm-gate level, from farmers in Mozambique, Malawi, Tanzania and Kenya. After

procurement, the raw commodity is cleaned and prepared for export to consumers in Europe and Asia. Along with the export of raw Pigeon

Peas, the Group has pigeon pea processing plants in Malawi, Mozambique and Tanzania, where the raw commodity is processed, packed

and branded. This final product is then shipped to various international destinations. ETG exports over one hundred thousand metric tons of

Pigeon Peas per annum.

Beans | Beans represent a major source of dietary protein and micronutrients for rural poor people. ETG procures a variety of beans,

including sugar beans, white pea beans, khaki beans, butter beans, and others, throughout the region from Ethiopia to South Africa. The

raw beans are cleaned and bagged at ETG’s various processing facilities before being stored to meet local and regional demand or exported

internationally. The Group trades approximately thirty thousand metric tons of beans every year.

ETG has a strong procurement unit that, in conjunction with its vast storage infrastructure across East, West and Southern Africa, makes the Group one of the largest physical agricultural procurers in Africa. Commodities procured include:

cereals

Consumption habits within the Eastern, Central and Southern African region make cereals a significant staple food, with Rice one of the

most popular food sources around the coastal regions and maize inland. ETG has developed its business around these consumption habits,

effectively meeting the consumption requirements of the various communities.

Maize | As the most consumed cereal in the sub-Saharan region, maize suffers from a high demand to supply ratio, primarily as a result of

inconsistent weather patterns, poor farming techniques and political instability. White maize is the preferred choice of much of the population

in this region, while yellow maize is predominantly used as animal feed.

ETG procures white maize directly from the rural farmer (or smallholder), via its collection centres located throughout the region. The product

is cleaned, graded and packaged before being supplied to communities via ETG’s established logistics network. The business model is

designed to ensure that the supply chain addresses the needs of areas where a shortage of maize exists via a constant supply from areas

with surplus production. ETG procures over half a million metric tonnes of white maize from the countries within which it operates, in the

proportions indicated below.

Wheat | The shortage of Wheat in the region makes it necessary to import the commodity from destinations like North and South America,

the Black Sea and Australia. The Group’s approach combines such an import programme with domestic procurement from local farmers as

well as production on ETG-owned farms in Zambia.

rice | Since Rice is not readily produced on the African continent, most of the supply to the regions is via imports from Asia. ETG

endeavours to meet the varying needs and budgets of its consumers by supplying different qualities of Rice as required. The Group imports

almost 150 000 tonnes of Rice for distribution to its Eastern, Southern and Central African markets. Rice is also grown on the Group’s 8 000

hectare farm in Tanzania.

MAJor coMModItIES ProcurEd

30 31

Maize

48

13

19

8 45

3

0

Zambia

Uganda

Malawi

Kenya

Tanzania

Mozambique

Zimbabwe

India

%

Wheat

655

7

23South Africa

Malawi

Zimbabwe

India

%Uganda

Malawi

Kenya

Mozambique

Zimbabwe

%

Rice41

25

25

8

1

PigeonPeas

Malawi

Kenya

Tanzania

Mozambique

%

46

24

1

29

Zambia

South Africa

Uganda

Malawi

Kenya

Tanzania

Mozambique

Zimbabwe

%

Beans

8

12

1

15

48

13

12

oilseeds

ETG’s oilseed portfolio comprises Sesame Seeds and Soya Beans. Sesame Seeds are processed primarily in Mozambique and Tanzania

before being exported to Asia. Raw Sesame Seeds are also exported to crushers in Asia for the production of cooking oil. ETG procures

over 30 000 tonnes of Sesame Seeds annually.

As part of its social responsibility commitment, ETG provides high quality, cost effective protein sources to many African communities

through the production of a protein rich corn-soy blend and soy pieces. These products are sold at very reasonable prices and have helped

reduce malnutrition amongst poverty stricken parts of the African population. The corn-soy blend, which is a world food program approved

commodity, is produced from a blend of Maize, Soya Bean and Sugar. The tasty soy product (TSP) is made from Soya Bean extrusion. Both of

these commodities are sold to the domestic markets of the countries in which they are processed. ETG also grows Soya Beans on its farm in

Zambia.

Edible nuts and Spices

Edible nuts and spices are high-value commodities exported to Europe, Asia and North America. ETG’s edible nut portfolio comprises

Cashews and groundnuts. Both commodities are procured at a farm-gate level. Groundnuts are sold raw to end users in Asia, while Cashew

Nuts are processed in the Group’s Cashew factories, pre-packed, branded and exported to markets in Europe, Asia and North America.

The Group has four Cashew factories in Tanzania and Mozambique. In some cases the Cashew kernel is also exported raw to other

processors. ETG procures close to 30 000 tonnes of nuts annually.

ETG also procures approximately 5 000 tonnes per year of high value spices like ginger, cloves and Coriander Seed for export to Asia.

Sugar

ETG is involved in procurement operations in the COMESA (Common Market for Eastern and Southern Africa) region, where the Group’s

key strength is its ability to distribute the locally procured product, while also supplying Sugar from South Africa, Brazil and Asia to areas of

shortage within the sub-Saharan region. Around 20 000 tonnes of Sugar is traded by ETG annually.

coffee and tea

ETG recently entered the coffee market with the acquisition of a processing facility in Uganda and estimates that it will trade about

15 000 tonnes of coffee in its first year of operation. The commodity is procured directly from farmers before being processed, sorted and

packaged. The product is currently marketed in North Africa, with plans to expand into Europe and East Africa.

Tea is also a relatively new addition to the Group’s portfolio, resulting from the acquisition of a 7 000 hectare estate in Mozambique.

Currently, the farm produces 2 000 tonnes of tea annually, however, it is envisaged that this amount will be increased through targeted

investments and improvements to the estate.

Fertilisers

Thanks to a number of forward thinking agricultural policies, farming techniques in many African countries are steadily improving. One such

policy is the promotion of increased usage of fertilisers amongst rural farmers as a means of enhancing crop yields. ETG’s philosophy of

providing a complete supply chain from producer to end user saw the Group initiate a fertiliser supply programme in the regions in which it

operates. Fertiliser is sourced directly from manufacturers in Egypt, China and Europe before being supplied at a reasonable cost to farming

operations. This has resulted in more durable supply programs, one of which involves the provision of fertiliser to farmers along with a

guarantee to purchase the final commodity produced. This effectively mitigates the price risks that would otherwise have faced these

farmers, while ensuring a steady supply of good quality produce.

32 33

CashewNuts

Kenya

Tanzania

Mozambique

%

81

163

Fertiliser

Zambia

South Africa

Uganda

Malawi

Tanzania

Zimbabwe

%

51

21

203

50

SoyaBeans

Tanzania

Mozambique

%

SesameSeeds

69

31

South Africa

Uganda

Malawi

Tanzania

Mozambique

%

87

4 45

0

Gram

Chick Peas

Cow Peas

Groundnuts

Tea

Sorghum

Spices

Popcorn

Coriander Seeds

%

46

13

11

8

17

3

1 1

OtherCommodities

BUSINESS OVERVIEW

BUSINESSOVERVIEW

3

ETG has a solid small grower support foundation which allows it to extend its operations within and outside Africa in order to increase profitability.

Efficient management, with a high emphasis placed on social responsibility, ensures that this is done in a sustainable and fiscally sound manner.

Etg’s regional footprint creates adynamic cross-border tradingenvironment that assists the groupin providing sustainable marketsto its small growers.

36 37

grouP PHIloSoPHY

ETG endeavours to invest in businesses that uplift its core activities, while creating economies of scale to support its small grower base over the long term.

The Group is committed to ameliorating all its activities, in each country, by means of ongoing investment in its staff, infrastructure and processing. This also contributes to the sustainability of the farming activities in those regions and to the strength of the entire supply chain.

Through the Group's head office network in each country within which it operates, the Group has

the ability to gauge the needs of the small growers it supports. Warehouse and processing facility managers are in constant contact with small growers, gaining an on the ground understanding of the demands and challenges faced by them.

The Group believes in investing in human capital to grow its business. Special attention is therefore paid to recruiting the most appropriate and qualified staff, and offering comprehensive, ongoing training at every employee level from top level management to factory and field workers.

commodities traded per country

coMModItIES trAdEdfor the year ended March 2010

38 39

Zambia South Africa uganda Malawi Kenya tanzania Mozambique Zimbabwe India nigeria Benin togo ghana

Maize ü ü ü ü ü ü ü

Pigeon Peas ü ü ü ü

Fertiliser ü ü ü ü ü ü ü ü ü ü

Sugar ü ü

Rice ü ü ü ü ü ü ü ü ü ü ü

Sesame Seeds ü ü

Wheat ü ü ü ü ü ü ü

Cashew Nuts ü ü ü ü ü ü ü

Gram ü ü ü

Soya Beans ü ü ü ü ü ü

Sugar Beans ü ü ü ü ü ü ü ü

Chick Peas ü ü

Cow Peas ü ü ü

Groundnuts ü ü ü

Tea ü

Sorghum ü ü ü

Potatoes ü

Corn Flour ü

Spices ü ü ü

Chunni ü

Husk ü

Sun Oil ü ü

Popcorn ü

Coriander Seeds ü

Bambara Nuts ü

Sunflower Seeds ü

Coffee ü ü

FUTURE FOCUS

StrAtEgY For groWtH

4

FUTUREFOCUS

As the Etg business model continues to provide highly attractive returns to investors and business partners, the organisation has a philosophy of building on its achievements and prudently expanding its operations for the benefit of all stakeholders.

42 43

Providing Bigger Markets for Existing Small growers

The Group’s immediate priority is to achieve the full potential of its

existing core businesses and grow volumes in these products to

realise the full benefits of increased scale. In addition, by

streamlining our logistical capacity we believe we will be able to

offer small growers better prices for their produce and thereby

stimulate production.

new Products and regions

While the Group recognises the need to penetrate new products

and regions as a sustainable growth strategy, the choice of

products and markets will be determined strictly in keeping with its

identified core competency of adding value throughout the supply

chain. The Group has already identified potential investments in

products and regions that will significantly contribute to its expan-

sion strategy and these will be investigated further, and pursued

in the coming months and years.

Adding value via vertical Integration

With a philosophy of enhancing value and always servicing the

customer with top quality products, ETG will continue to add to

its processing network. Investment in processing not only creates

much needed jobs, but also increases foreign revenue inflows for

the local governments in the respective countries in which the

Group operates.

ongoing Strengthening of leadership and Management

The success of ETG, to date, can largely be attributed to the

strength and vision of the Company’s leadership and the quality

of its management at every level. To ensure the continued and

sustainable growth of the Company, particular focus will be paid to

deepening the management talent pool by training, mentoring and

coaching employees who demonstrate management potential, while

continuing to attract the most talented individuals to fill positions of

management and leadership across the Group.

ETG’s development model is driven by the organisation’s commitment to providing a comprehensive, end-to-end supply chain solution between the farm-gate in producer countries and the supermarket shelves of countries to which we export commodities.

Since inception, business growth has been the result of the Group’s commitment to the communities and small scale farmers for whom it provides markets.

Going forward, however, ETG has recognised that continued, sustainable growth will result from a focus on the following four key strategic imperatives:

ETG is confident that this growth strategy, combined with the organisation’s established small grower support base, will offer significant opportunities for sustainable growth and see an overall uplifting of the agricultural markets within which the Group operates.

In addition, the Group’s commitment to investing in infrastructure such as warehousing, silos, logistics and transportation, port and barge facilities, plus container terminals, ensures that ETG has the resources and capacity to continue delivering its exceptional range of value-adding services, while steadily expanding operations and enhancing long term sustainable markets for the small growers that have helped build the Company to where it is today.

tHE FuturE oF AgrI-coMModItIES

44 45

Ensuring the world’s growing population has enough to eat is the

challenge facing politicians in both the developing and developed

worlds, and the need to address that problem will ensure that

commodities will be one of the most important asset classes of the

next decade.

More than a cycle

The large share of agriculture in Africa’s GDP suggests that

agriculture is key for overall economic growth – growing agriculture

will consequently grow economies across the whole continent.

Small farmers in Africa will be playing a pivotal role in feeding the

world over the next decade or two.

The cost of producing food in First World countries is extremely

high and land is scarce. On the other hand, sub–Saharan Africa

has enormous natural, physical and human potential, using less

than 25% of the arable land and less than 14% of the irrigation

potential. Agricultural commodity prices have fallen following the

global economic downturn, and memories of food riots in 2007/08

in a range of countries from Mexico to Morocco, are fading. But

underlying secular changes to global supply and demand have

made the future course of world food prices highly uncertain. It is

likely that prices will not resume the long term downward trend in

real terms that prevailed from 1975 to 2005.

Globally, the demand for food is rising 3.3% per annum, whilst the

supply of land increases by 1% per annum. With agricultural land

in developed countries shrinking, as urbanisation expands, food

production will be seen to be the critical resource which Africa can

supply to the world. However, the ability of Africa to supply the

world’s food requirements can only occur if interventions are made

at numerous levels – from the provision of finance, to infrastructure

development, to effective market linkages. For example, Africa’s use

of fertiliser is only 2% of the world average and, as a result, cereal

yields in sub-Saharan Africa are only 1.3t/ha compared to 3.5t/ha

in Europe and 5.5t/ha in North America. Raising yields requires a

combination of education through extension services, access to

appropriate and timely inputs as well as access to finance to

purchase inputs.

demand outstripping supply

Population growth is the key determinant of demand for food

grains. In August 2009, the Department for the Environment, Food

and Rural Affairs (Defra), launched a review of the UK’s food

security in which it stated that the world population is expected to

reach 9 billion by 2050, requiring a 70% rise in food production to

prevent widespread hunger. Consumption patterns, too, are

changing. As real incomes rise, particularly from very low levels of

per capita income, so does daily calorie intake. Moreover, the

proportion consumed as protein, particularly meat, increases. This

has a leveraged effect, because meat production requires

proportionally more grains. For example, seven kilogrammes of

feedstock grains are needed to produce one kilogramme of beef.

As global demand for agricultural produce increases, the small grower in the emerging market is in the ideal situation to benefit from this sustainable demand. ETG is well-positioned to assist the small farmer in getting his produce to the world in the most cost effective manner.

The long term trends in agricultural commodities will provide some of the most exciting production and processing opportunities across all asset classes in the next decade. The increase in demand for agricultural produce, both from local markets and other emerging markets such as India and China, will allow the Group to increase prices offered to small growers in Africa, on an ongoing basis.

the focus of the donor community has shifted from food aid and now emphasises developing small-scale farmers and establishing food security. the stage is being set for food production in Africa to gain momentum. Africa’s farmers are unique in that they generally have access to land that is free (communally held) or can be used at a relatively low cost. this free/low-cost land provides farmers with a significantly reduced cost structure.

concluSIon

Annual growth in global cereal yields falls far short of the pace required to match the expected increase in demand from the combination of population growth, dietary change and increased biofuels usage.

46 47

These demand trends need not lead to higher agricultural prices if

supply can keep pace. Growth in supply is the result of a

combination of acreage expansion and increases in yields.

According to the Food and Agriculture Organisation (FAO) of the

United Nations, growth in yields is slowing. Over the past 45 years,

average annual growth in global cereal yields has been 2% per year,

but over the past 20 years it has slowed to 1.3%. This falls far short

of the pace required to match the expected increase in demand

from the combination of population growth, dietary change and

increased biofuels usage.

This puts the onus of increasing supply on acreage expansion. But

according to the FAO, over the last five decades, global cultivated

acreage has expanded by just less than 15%, primarily through

growth in South America and Africa. There is scope for additional

significant acreage expansion in South America, Indonesia and the

former Soviet Union. But much of this land is remote and will require

considerable investment in infrastructure that can take years, or

even decades, to build. Climate change, too, could play its part in

the supply of suitable land for cultivation. Projected increases in

temperatures through the impact of global warming are expected

to have a dramatic impact on agricultural production in areas

vulnerable to a reduction in water. The overall picture, therefore, is

one of considerable uncertainty.

While this combination of factors has led some analysts to question whether the sector finds itself in a “bubble” scenario, the fundamental factors that drive agricultural commodities and the improbability of finding technological substitutes for the end products mean that demand is likely to remain constant, and price fluctuations will be in reaction to inflationary factors.

The challenge with regard to Africa’s small-scale farmers is more than facilitating the ability to sell crops – it is about providing access to a complete solution that ensures long term sustainability and food security, while fostering higher standards of living across the continent.

47

contAct uS

48

unItEd ArAB EMIrAtES

AGRI COMMODITIES & FINANCE. FZE

208-B Twin Towers Shopping Mall

Deira, Dubai

Post Box 40410

UAE

Tel: +971 4 223 8801

Fax: +971 4 223 8863

Email: acf@acfdxb.com

IndIA

ETC AGRO PROCESSING ( INDIA ) PVT. LTD.

19-B, 3rd Floor, Everest

156 Tardeo Road

Mumbai - 400 034

India

Tel: +91 22 235 25781 / 9920204356

Fax: +91 22 235 20791

Email: info.india@exporttradinggroup.com

KEnYAEXPORT TRADING CO. LTD.

3rd Floor, Block B, Argwings

Kodhek Road (Opp. Radar Security)

Kilimani

P.O. Box 57661-00200

City Square

Nairobi

Kenya

Tel: +254 20 266 0880

+254 20 266 0882/3

Fax: +254 20 266 0883

Email: info.kenya@exporttradinggroup.com

MAlAWI

EXPORT TRADING CO. LTD.

Temple Street

Behind Securicor Office

P.O. Box 51722

Limbe

Malawi

Tel: +265 1 842 669 / 842 670

Fax: +265 1 842 663

Email: info.malawi@exporttradinggroup.com

MoZAMBIquE

EXPORT MARKETING CO. LDA

196 RUA Francisco Matange

P.O. Box 215

Cidade De Nampula

Mozambique

Tel: +258 26 213 944

Fax: +258 26 218 320

Email: info.mozambique@exporttradinggroup.com

SoutH AFrIcA

ETC AGRO (PTY) LTD.

6th floor, South Wing

Sandton City Office Towers

Cnr Rivonia and Fifth Street

Sandhurst

2196

Johannesburg

South Africa

P.O. Box 78637

Sandton

2146

Tel: +27 11 669 0940

Fax: +27 11 783 5341

Email: info@etcagro.co.za

tAnZAnIA

EXPORT TRADING CO. LTD.

9th floor,

Harbour View Towers

Samora Avenue

P.O. Box 10295

Dar es Salaam

Tanzania

Tel: +255 22 211 6094 / 211 5651 / 211 7212

Fax: +255 22 211 2341 / 211 2493

Email: info.tanzania@exporttradinggroup.com

ugAndA

EXPORT TRADING CO. (U) LTD.

2nd floor, Above Katumba Furniture

UMA Show Ground

P.O. Box 33336

Jinja Road

Kampala

Uganda

Tel: +256 414 254 642

Fax: +256 414 254 645

Email: info.uganda@exporttradinggroup.com

uSA

EXPORT TRADING GROUP USA

Delaware Technology Park

1 Innovation Way

Newark, DE 19711

USA

Tel: +1 302 893 0609

Toll Free: +1 888 875 0554

Email: info.usa@exporttradinggroup.com

ZAMBIA

EXPORT TRADING CO. LTD.

Plot No. 8087, Chinika

P.O. Box 30090

Lusaka

Zambia

Tel: +260 21 1 287806 / 287808

Fax: +260 21 1 287709

Email: info.zambia@exporttradinggroup.com

All information contained in this document was correct at the time of going to print.

ZIMBABWE

IETC ZIMBABWE (PVT) LTD.

57 Enterprise Road

Newlands

Harare

Zimbabwe

Tel: +26 378 8243

Fax: +26 377 6268

Email: info.zimbabwe@exporttradinggroup.com

IvorY coASt

EXPORT TRADING CO. - CI SARL

22 Avenue Joseph Anoma

Rue de Banques

20 BP 910 Abidjan 20

Tel: +225 383 7777

Email: info.invorycoast@exporttradinggroup.com

BurKInA FASo

EXPORT TRADING CO.

11 BP 11740

Quagadougou 11

Burkina Faso

Tel: +22 67 931 4563

Email: info.burkinafaso@exporttradinggroup.com

nIgEr

EXPORT TRADING CO. Niger SARL

BP 1124

(Derrière Grand Marché)

351, Rue Du Senegal

Niamey

Niger

Tel: +254 73 364 1582

Email: info.niger@exporttradinggroup.com

MAlI

EXPORT TRADING CO. MALI SARL

Songoniko Commercial

Rue 139 Porte 110

Bamako

Mali

Tel: +22 37 062 6277

Email: info.mali@exporttradinggroup.com

togo

EXPORT TRADING GROUP TOGO SARL

Quartier Assiganto

Avenue Maman N’Danida

01 BP 4888

Togo

Tel: +228 727 0691

Email: info.togo@exporttradinggroup.com

BEnIn

EXPORT TRADING CO. BENIN SARL

Carré No 272 Lieudit

Gbedokepo, Maisoin

Younoussa Fati

01 BP 2934

Benin

Tel: +22 99 617 0691

Email: info.benin@exporttradinggroup.com

gHAnA

ETC AGRO GHANA LTD.

c/o R. S. Agbenoto and Associates

4th Floor, Total House

25 Liberia Road

Ghana

Tel: +233 54 958 4339

Email: info.ghana@exporttradinggroup.com

vIEtnAM

EXPORT TRADING GROUP

Petro Tower, 12th floor

Room No: 1238

1-5 Le Duan St

Dist 1

Ho Chi Minh City

Vietnam

Tel: +84 5 404 6868

Email: info.vietnam@exporttradinggroup.com

cHInA

EXPORT TRADING GROUP

Room 6F, Qian Jiang Building

No. 971 Dongfang Rd

Pudong New Area

Shanghai

Tel: +65 9 818 7978

Email: info.china@exporttradinggroup.com

SIngAPorE

EXPORT TRADING GROUP PTE LTD

EXPORT TRADING COMMODITIES PTE LTD

One Raffles Place

#44-01A

OUB Centre

Singapore

048616

Tel: 6568400

Fax: 65364470

Email: info.singapore@exporttradinggroup.com

SWItZErlAnd

EXPORT TRADING GROUP GENEVA

Tel: +41 799623330

Email: info.switz@exporttradinggroup.com

SoutH SudAn

EXPORT TRADING GROUP

P.O. Box 22

Juba

Southern Sudan

Tongping Area

(near Airport & UNMIS Camp,

behind Payii Road & Construction Co.)

Tel: +249 95 544 5501

Email: info@hydrosudan.com

nIgErIA

ETC AGRO CO. LTD.

House No. 21

Olutunda Street

Ilepeju

Lagos

Nigeria

Tel: +234 805 587 9407

Email: info.nigeria@exporttradinggroup.com