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Project Hoyo Hoyo
Ai-in invmn ppni In MamiPai, Nvm 2009
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Pjc H H Pnain
Nvm 2009
C o N f I d e N t I A l
2
AgrIbusINessINvestMeNtoPPortuNIt
yIN
MozAMbIque
N m 2 0 0 9 Ai-in invmn ppni
In Mami
ovviw
qi Naa rc s.A. (“qNr” h
“Cmpan”) i a piva P cmpan hasuccessfully engages, through its subsidiaries and afliates,
i-n pcin, i- an ai-in in s-
sahaan Aica, bai, Pa an spain.
Wihin aiin, h Cmpan i cn cmmi
h pmn pnnia cp in bai (40,000
hca), pnnia cp in W Aica (v 50,000
hca), pnnia an ana cp in Ana (30,000
hca) an ana cp in Mami.
The Company, through its subsidiaries and afliates, has
h cncin rih r a prid 50 yar, wih anpin xnd i a a 99 yar, vr w
cain in Mzamiqu ain 30,000 hcar and
and ambitions to develop the two locations into protable
agribusinesses over the next ve years (the “Project”).
th Pjc i ivn h i ha h i an
opportunity for QNR and new investors to benet from
incain wwi man aica an
pc a (i) h w ppain inca an (ii)
gPd p capia xpan, pcia in Aia an Aica.
th api xpanin min cnmi ch a
Inia an China vn Aica (pincipa sh Aica,Namiia, Kna an Mami), h ca hih
man cmmi pc ( xamp China i
cn h a an ) an anm
aica pc. th dic a cnvinc ha
h nx invmn ni i ik s-sahaa
Aica an avaiaii an w an an a
c, an h hav aa inv h a an
consequent nancial resources, to (i) identify projects
with a good risk-reward prole, in stable countries such
a Mami, an (ii) ain pain.
th Cmpan i pimai cn Mi Pai
Amaa a 87.5 pcn an h manamn wn h
mainin ha capia. Mi Pai Amaa i a w
knwn an hih pc P npn,
wh i qNr ha va cmpani pain
in Pa, bai, Mami an ean ep in
acivii a iv a pinin iin, chn, a
a, invmn ankin an win.
Mami – Cn ovviw
Mami ain inpnnc in 1975 n h
fn liaçã Mçami (fim), which
had been ghting the former colonial power Portugal,
inc 1964.
Mami ha n a a cn inc h n
h civi wa in 1992. sinc h Pac ta rm,
h cn ha ha mi-pai cin. th
in pa, fim ha n in pw inc 1994 anppiin h vnmn ha main pac.
Pin, Aman ga, wa -c in h n
oc 2009 wih a a maji (v 75%
h v). Innaina v j h cin
fair and “a true reection of the will of the people of
Mami”.
In spite of low ination since the late 1990’s coupled
a n cnmic wh (ava 7.6 pcn a
gdP wh v h a 10 a), h cn i i
pnn in nain an aianc mi a cnain.
In an nca fin dic Invmn,
Mami in an nc a biaa Invmn
Amn (h “Amn”) in 2005 wih h uni
sa. th Amn aan u.s. inv naina
treatment status, unrestricted repatriation of prots,
h ih mp nca xpaia chnica an
manaia pnn, an inin hi-pa aiain
in h vn an invmn xppiain ip.
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Pjc H H Pnain
Nvm 2009
C oNf I de Nt I A l
3
A gr I -b u s I Ne s s I N v
e s t Me Nt oP P or t uNI t y I N
M oz A Mb I q ue
N m 2 0 0 9
nain in ami h Cmmnwah c, which
wa n a m biih cn. exp n ha hi
xcpin wa m ik ma ca h n
cnmic ink wih nihin cni ch a sh
Aica, Maawi, tanania an zamia – a m biih
cni – an m mphaica h n pp
Mami h ca Nn Mana.
I h n ha Mami ha a
axain a wih Pa, Maii, Ia, an h
uni Aa emia.
fina, i i impan mnin ha Mami i a
ina h lm an Cn amn, which
man ha aica pc xp h eu wi
.
excpina Manamn anPjc spn
The Company’s senior management and chairmanship
ha a innaina pjc manamn an
manaia xpinc. th manamn am i ha
ri lanin. Mi Pai Amaa c-n h
Cmpan wih ri lanin an h a h viina
c hin h Pjc.
António Botelho, h fam mana i ca a
n a h Pjc a h n n ha a
ai-in xpinc an mana a panain
in bai. Aiina, h wa n in Mami an i
w cnnc wihin h cn.
Miguel Pais do Amaral, a 55, Chaiman qi
Hin an qi Naa rc, i a nwn
P npn innaina a wih
xpinc in nnin an iin api xpanin
in. Mi v v 8 a a chaiman
an Ceo Mia Capia (an innaina P
mia p wih mak capiaiain 500 Miin €),
wa pvi chaiman Aa Capia, ba Mm
a eknih, h Cmpani généa eax, an
1 MIgA i an anc pa th W bank gp an i aan piva invmn in mm cni.
2 f nc h IMf xpc h eu 27 w a 1 pcn han 2010-11.
th Amn a pvi aiain ih
h Innaina Cn smn Invmn
dip in Wahinn h Pai-a Innaina
Cham Cmmc.
Mami ha a in iaa invmn
amn wih Aia, bim, China, Ca, dnmak,
ep, finan, fanc, gman, Innia, Ia, Maii,
th Nhan, Pa, sh Aica, swn,swian, h uni Kinm, an zimaw.
Mami i a a mm h Miaa
Invmn gaan Anc 1 .
Over the last ve year, a combination of sound economic
pici an mak-in m inc a
inows of Foreign Direct Investments mainly to nance
ma-pjc in minin an aminim m an
h van invmn in Aiin, bankin an
tcm. In pi a wwn fin dic
Investments (inows were $ 587 million in 2008 versus$ estimated 225 million in 2009 and an estimated $
345 miin in 2010), h IMf cn ca ha
a gdP in Mami w w n ava a
6 pcn in 2010 an 6.8 pcn in 20112 an ha
ination would remain subdued around 6 percent.
Mami ha a aiv vin ik amn
h s-sahaan cnmi: h cn i a b
an a h hih p ecnmi Ininc
uni (“eIu”). I h n ha hi ik amn
m h eIu i n j an cnmic amn an
ivn cni, a an amn m an va
in an cnmica pin viw (vin ik,
cnc ik an ankin c ik a inc
xamp h aii nc pp ih).
f nc nihin sh Aica i a bb
h eIu, ukain CCC, China bbb an bai bb.
I i a inin n ha in 1995, Mami
cam a mm h biih Cmmnwah an
it was the rst (and probably the last) example of a
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Pjc H H Pnain
Nvm 2009
C o N f I d e N t I A l
4
AgrIbusINessINvestMeNtoPPortuNIt
yIN
MozAMbIque
N m 2 0 0 9 pi ha ac a cnan Pax oi an ga.
H an hi ca a gman sach in Nw yk an
lnn an Mian bank in Mai.
Mi aa m h Ini spi técnic in
lin an cmp an MbA m h Ina in fanc.
Rui Laurentino, a 43, Ceo qi Naa
rc, ha a i manaia an pjc manainxpinc. H wa h Manain dic epaxi
Cnin in bai an Pa havin mana aic
an paina pjc cin in in ini
an pp h n pc in -sahaan Aica
nwn iniin. Pi ha h wa h ra
ea Makin dic W fai exp 98 h
in lin. ri a hi ca in McKin & Cmpan
wh h wk n en, tcmmnicain,
Inanc an Cnm g a pjc.
ri aa in Manamn m h Cna
Cnncic sa univi (usA) an ha an MbA
m h univi Ha (usA).
Antonio Botelho, a 54, fam Mana h
Pjc, anmi ainin, wa Aica dic
a I h in Pa an in bai, wh h wa
h pni h impmnain nic i
(Soy, Sunower, Jatropha, Canola and Sugar Cane) in
h cni - h wa na in cha manain
pain a a 25,000 ha panain ( s an Cn)
in Paaná, bai. Pi ha, h wa Makin dic
an a n bin uni dic a Naaa, wh hwa pni h makin an a h
anima pc. la n, h cam h pni
h i in.
Anni aa in h nwn P
nivi Ini spi Anmia.
José Coelho, a 51, Cp Cina h Pjc,
worked in the late 80’s as the business unit manager at
one of the current concessions, where Soy, Sunower
an h c w vp. H wa pni
h Mamican gvnmn pjc Pii Pii an
wa pvi invv, a a mana, in a aica
an cncin (a in Mami) pin i.
José graduated as an Agronomist in Mozambique and
pursued specic studies in Cuba.
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Pjc H H Pnain
Nvm 2009
C oNf I de Nt I A l
5
A gr I -b u s I Ne s s I N v
e s t Me Nt oP P or t uNI t y I N
M oz A Mb I q ue
N m 2 0 0 9
lcain, cain, cain…
th dic qNr an hi ca am in
Mami hav viw v h a h a,
m han 400,000 ha an in Mami an
iniia v w cain wih pciv 20,000 ha
an 10,000 ha aa an. dic cmmn ha
they had identied additional locations in Mozambique
ha c apppia an xpanin h
Pjc h i wa i a ca a a
h inmain an n h cain hav n n
cai .
on h cncin i a m cnia panain
an h h n a m a-inia cmpx.
Inviw an h hiica cmnain n
h dic n h hi h panain
wa inmna in h cin h cain, a i
conrmed that both locations had been productive
in h P cnia a an m cn h 20,000 ha cncin.
th w and cncin ar iday cad (c
prximiy a nxu rad, rai nwrk and harur)
and benet from similar soil and hygrometric conditions
as the best Soy and Sunower concessions currently in
xpiain in brazi. thr i a pny aur avaia
in h rin a ca armr ar uinc and ma
nrprnuria armr wih an avra 10 ha.
Kpin in min ha h c h an an a
c a a a acin h c bai, h Pjc iik hw an xm caiv n v a vn
year period and expected to become free cash ow
piiv wihin 24 mnh, in pi a invmn
a a a (pnin a a n aiina 4,000
ha nw amin ni a n a).
bh cncin :
Ideal local soil conditions
• sia i pH v, wih n v i
ccin i,
• excn anic ma v, ha h a
hih pcivi,
• Hmn i x wih main ca am,
wih hih aica va.
Climate conditions similar to Brazil
• sia mpa, in h ain an
an,
• Ava vain (n cncin ha an
vain 100-200m an h h 400-500m),
• raina ii vn hh h a (an 900mm/a), ia cp wh,
• lw mpa in h an,
• oi h Ccn .
Useable and close logistics
• th ap a ai acci h a
an ai (a h ap a wihin a 400 km
ai),
• bh ap a aa ina in Aianan epan hippin , a xpc
cmpiiv iic c.
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Pjc H H Pnain
Nvm 2009
C o N f I d e N t I A l
6
AgrIbusINessINvestMeNtoPPortuNIt
yIN
MozAMbIque
N m 2 0 0 9
3 Wi hp://www.hia.cm./
gain in h a a
th Cmpan, a havin h i an ci
h amin pain manamn (am mana, cp
cina, 3 cp mana an xpanin mana)
a cn cncin a pi 125 hca in ach
cncin.
In hi pi, va p ( s, samand Sunower) as well as the acquired machinery and
ii, a in in maximi h
xpc i pn pmn.
dic a pannin p h cncin in
ni 4,000 ha, which i h i h dic i
more cost-efcient in terms of machinery required and
hman c, h h aw maximi h
prots made on the concessions.
During the well dened rainy season, from September to
Mach, h ca wah i wam an ain i aa ii in h ain an, makin i apppia
w sam an s.
din h c an an, m Api A,
the concessions will grow Sunower.
I h n ha ca h cimaic cniin
cp ma a, h avin cp mana nh
im wn w cp pan win h vaii
han h ain vaii iina pann, i h mak
prices had increased substantially for a specic variety
v h pann vai ( xamp cana inaof Sunower) as to maximize the economic prole of
h Pjc.
ov im, dic w ik inc i pan
(which c ih in ai-in h i-
in) an ma an ai ca an/ pc
pnin hih cmmcia main.
b famin Pacic inca ian n
dic w ik impmn h manamn
an ai-in pacic in h w cncin (cp
pciaiain, ic panin m, iiain, p an
ia cn, mchanica havin) an wi n k
mp an mana ain in bai, a i.
dic h Cmpan a a wkin c
wih nwn baiian ppi h cin
an wi ca a nic ank in h
Mami cncin v im (an wih cnmic
va aach), in an inca h pcivi.
th dic a hav an amn wih h IAC -
Anmic Ini Campina an wih Hia3, a
nic nhanc a in bai.
rik Manamn i a a ccia acivi n which h
dic hav n an wi v aciv, hh
va iniiaiv.
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Pjc H H Pnain
Nvm 2009
C oNf I de Nt I A l
7
A gr I -b u s I Ne s s I N v
e s t Me Nt oP P or t uNI t y I N
M oz A Mb I q ue
N m 2 0 0 9
financia
bcau h mddd rik xcuin and paramr
that could change the prole return of the Project, Directors
hav chn raiic aumpin r h dpymn h
rst two 4,000 ha farming blocks in 2010.
th rvn pjcin hav n ivn h a ain pc in h cncin, amin cnvaiv
i han h iv achiv v h nx
w a. dic hav am pcin i
2.60 n/ha san, 1 n/ha sam
and 2.00 ton/ha for Sunower seeds. It should be noted
ha h i ampin a ini h i
v n h baiian panain an dic
xpc ha a 5 a h i in Mami
h cnv h cn baiian i: 3.60 n/
ha san, 1.50 n/ha sam an 3.00
ton/ha for Sunower seeds. It should be noted that the
prices used in the nancial model for the three varieties
ain pc a icn h cn mak
fob pic va – cnvaiv dic k
a icn cn pic h ampin ma
in the nancial model ($ 350 per ton for Soybeans, $
400 per ton for Sunower seeds and $ 700 per ton for
sam ) an a i n accn an pic
growth over the next ve years.
oprain c cni C gd sd (c
d, archmica and u r armin quipmn),
suppir and exrna Cnracr C (Inuranc,
land tax, tranpr, scia suppr), and sg&A. sg&A
i mainy drivn y ca a numr: ach 4,000
hcar armin c i imad rquir 2 nir
arm manar, 2 aian arm manar, 20 machin
prar, 2 mchanica, 3 mchanica aian, 20 arm
wrkr and 20 ana arm wrkr. th Prjc wi
a hav 3 xpr crp manar – ach pciaiin in
n h cary rain rwn acr h cncin
– manad y 1 crp crdinar. In addiin, h farm
Manar wi a dircy aid y an xpanin
manar, rpni r a h nw ara dpymn.
Under this set of assumptions; the nancial prole of the
Pjc k xm appain wih pjc n
41 pcn p annm an a mip 5 im
the money invested over a ve-year period – which
cmpa i w wih n n i invmn.
f nc, h ava n v h
W bank in 2008 pjc in sh Amica w:
Anina 28%, bai 30%, ua 23% an Paaa
20%.
dic xpc h in ach piiv -cah
ow within the next 24 months.
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Pjc H H Pnain
Nvm 2009
C o N f I d e N t I A l
8
AgrIbusINessINvestMeNtoPPortuNIt
yIN
MozAMbIque
N m 2 0 0 9 The Project nancial accounts are summarized below for 2010-2015:
Note: The area deployed differs from 4,000 multiples, as there will be 2 crop seasons and in the 2nd crop season there will be
relevant follow areas (aligned with crop rotation best practices).
th Pjc i amin acc , ih m
innaina ank ch a h Aican dvpmn
bank h c, an a cnvaiv in a
14% p annm n h - which av amp m
for negotiation and also reects the costs of guaranties
ch a MIgA aan xamp.
The Directors intend to le for a MIGA guarantee for h invmn a hi n, a i c pvi
h ca iia in Mami a a hah an
with a maturity of ve years between the investment
vhic h inv in Pa an h Mami
subsidiary to benet from the EU and Portuguese duties
amn wih Mami.
Invmn uch a machinry, vhic and inrarucur
are expected to be nanced principally using loans from
ca ank and dprciad vr 10 yar in h aanc
h.
The Company is seeking a total of $ 8 million (for a
35%-45% ak n h Pjc) an w ik invi
in pai m wih h dic h
Cmpan a n a pi nan h
avn an pnia h Pjc.
th nw i wi n n v aci a ak n
the Project as is, but also to nance what the Directorsiv i wh/pmn pan.
exi an iii ppnii a ik pvi
inv wihin 5 a, ih in h m a a
an i ak ( h wh Pjc) a a ,
an IPo h Pjc n h AIM in lnn an IPo
n a ca ck xchan ch a h sh Aican
ck xchan. gvnanc an xi aanmn wi
a awa.
A more granular nancial model in Excel and additional
inmain i avaia inv viw, nc h hav n in an NdA wih h Cmpan.
$ 2010 2011 2012 2013 2014 2015
Area deployed (ha) 8,215 14,850 20,250 25,650 31,050 32,400
rvn 202,272 8,932,896 14,315,627 20,392,798 27,234,248 34,916,124
opain C 1,566,040 6,425,286 9,799,642 13,083,458 15,901,542 18,684,385
EBITDA -1,363,768 2,507,610 4,515,985 7,309,340 11,332,706 16,231,739
dpciain 404,360 902,360 1,118,360 1,258,360 1,538,360 1,538,360EBIT -1,768,128 1,605,250 3,397,625 6,050,980 9,794,346 14,693,379
In pai 822,165 1,383,230 1,990,169 1,872,717 1,755,265 1,467,857
oh nn paiv 280,000 - - - - -
EBT -2,870,293 222,020 1,407,456 4,178,263 8,039,081 13,225,522
Cpa tax - - 18,707 187,210 514,501 846,433
Impi tax ra 0.00% 0.00% 1.33% 4.48% 6.40% 6.40%
Net Proft -2,870,293 222,020 1,388,750 3,991,053 7,524,580 12,379,089
ebItdA main n.a. 28.07% 31.55% 35.84% 41.61% 46.49%
ebIt main n.a. 17.97% 23.73% 29.67% 35.96% 42.08%
Pbt main n.a. 2.49% 9.70% 19.57% 27.63% 35.45%
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Pjc H H Pnain
Nvm 2009
C oNf I de Nt I A l
9
A gr I -b u s I Ne s s I N v
e s t Me Nt oP P or t uNI t y I N
M oz A Mb I q ue
N m 2 0 0 9
siciain h Cmpan Inin Invmn
The Company intends to raise $ 8 million in this equity
n ( a 35%-45% ak n h Pjc) cmp
h vpmn i cn pi pjc;
h Pjc in ni 4,000 ha, an na wkin
capia pp.
Invmn ppa ma ih i, i-
ink a cminain h.
An ppa mi h cnain a a h
win inmain:
1. Invin eni; a ai cipin h
ppciv inv incin i ini,
shareholder structure, benecial owners, fund
c an k mn cpa
vnanc;
2. A pimina Nn-binin o ipain h
amn h pp invmn an an
paica cniin ain h;
3. The investor’s view on the investment opportunity
an pc:
d. sray, cmmrcia raina, manamn, c
. sc financ
. d diinc timin an scp
N invmn ha m civ ni
i ha n accp h a dic h
Company and denitive agreements have been executed
h Cmpan an h inv.
A cmmnicain h ic a dKA
rpnaiv i in h cnac h. un
n cicmanc h h Cmpan an i
mp cnac ic wih h win
cnn dKA.
Inv wh a in in accin an viwin
condential documents and the nancial model for
h Pjc wi i in an NdA wih h
Cmpan.
Interested parties are invited to conrm their interest by
a win ppa.
Cnc
un hwi xp pvi, a nc
cnc in h Pnain a h uni sa
da.
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Pjc H H Pnain
Nvm 2009
C o N f I d e N t I A l
10
AgrIbusINessINvestMeNtoPPortuNIt
yIN
MozAMbIque
N m 2 0 0 9
4 As dened in the EU Prospectus Directive.
gna dicaim an Cniniai
This condential Solicitation of Interest Presentation (the
“Pnain”) h H H pjc qi
Naa rc s.A., a cmpan incpa in
Pa (“qNr” h “Cmpan”), ha n ppa
h Cmpan wih, an a h h Cmpan,
h pviin danKnih Avi (“dKA” “the Advisors”), solely for use by qualied investors in
vaain hi in in makin a ppa h
Cmpan invmn.
The information contained in this proposal is condential.
It and any further condential information made
available to you must be held in complete condence
an cmn cnainin ch inmain ma n
ic wih pi win cnn
h Avi. An pcin iiin hi
Pnain, in wh in pa, h ic i
cnn, h hi Pnain an pph han minin mi an invmn ppa
h Cmpan, wih h pi win cnn h
Cmpan, i phii. b accpin hi Pnain,
h cipin a h in in i ni.
Nih h Cmpan h Avi n an hi
respective afliates accept liability or responsibility for the
accac cmpn , n mak an pnain
waan, xp impi, wih pc an
, miamn mipnain in,
miin m inmain an pinin cnain in
hi Pnain n which hi Pnain i a
an h inmain pnain ppi
ma in cnncin wih h Pnain a
h anan an pjcin cnain in hi
Pnain.
thi Pnain i n inn m h ai
an invmn ciin an h n cni
a a cmmnain h Cmpan h Avi
or any of their respective afliates to submit a proposal
invmn. each pn whm hi Pnain
i ma avaia h Avi m mak i wn
inpnn amn h ppni ci
hin, incin h mi an ik invv in makin
an invmn in h Cmpan a w a h a an
ax cnnc wih pc h. N pn ha
n ahi iv an inmain mak an
pnain n cnain in hi Pnain.
In nihin hi Pnain, nih h Cmpan,
nor the Advisors nor any of their afliates undertake
pvi h cipin wih acc an aiina
inmain pa hi Pnain cc
an inaccaci hin which ma cm appan.
thi Pnain i inn ici in
in h Cmpan. th Pnain n cni
an ha n m an h
iciain an pcha ci an
cii, n ha i m h ai an cnac. thi
Pnain n cni an iciain
in an a jiicin an pn which i i
naw mak an iciain.
each cipin h, accpin iv hi
Pnain an an aachmn h, a
pmp n hi Pnain an an h
cmn inmain nih i i (1) ch
cipin min n mi an invmn
proposal, (2) the recipient’s proposal is not accepted by
h Cmpan, (3) h ppni mi ppa
i mina h Cmpan.
In this notice, “afliates” means in relation to the Company
h Avi, hin cmpani, cmpani n
cn ch hin cmpani, an iiai
and their respective directors, ofcers, employees,
cnac, avi an an.
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Pjc H H Pnain
Nvm 2009
C oNf I de Nt I A l
11
A gr I -b u s I Ne s s I N v
e s t Me Nt oP P or t uNI t y I N
M oz A Mb I q ue
N m 2 0 0 9
tax an la dicaim
y h n cn h cnn hi Pnain
a ax h invmn, a, in, accnin
avic. In makin a ciin mi a ppa,
h cn wn an, in avi an/
ax avi a a, in, accnin, ax an
a ma cncnin a ppa invmn.
diiin hi Pnain in m cain
jiicin ma ic phii aw.
rcipin a i cmp wih a icin
phiiin in ch jiicin. Nih h Cmpan
nor the Advisors nor their respective afliates accepts
an iaii an pn in ain h iiin
pin hi Pnain in m an jiicin.
This Presentation has not been led with any regulatory
ahi in an jiicin an i i n h innin
the Company or the Advisors to effect any such ling.
rik dicaim
An invmn in h pjc H H wi invv
signicant risks. Before submitting a proposal for
invmn, h cni whh hav
the nancial ability and willingness to accept the risk
chaaciic acia hwih.
A amn cnain in hi Pnain, incin
h painin h Pjc i, ima an
a pan, ima, wh, aihin nwmak, xpanin in nw mak an a pan
h han amn hiica ac, a wa-
kin amn jc a nm ncaini
ha c ca aca i maia m
amn ma. th amn a a n a
nm ampin an, hi na, invv
ania ik an ncain. Accin, aca
ma i m h pjc impi
h wa-kin amn. fac ha ma ca
ch a inc inc, a n imi , h
ic in hi Pnain.
Nih h Cmpan n h Avi pvi an
assurance as to the Company’s plans or ability to effect
an pann an/ pp acin. In aiin, h
Advisors have no rst-hand knowledge of management
an h cann cmmn n i capaiii, inn,
c, xpinc an mak n amp
. saiica inmain, amn, an mak i
aa wa pvi h Cmpan i an ana c iv ia, nih h
Cmpan n h Avi pvi an aanc, n
nn i ivn, a h accac an cmpn
hi inmain.
th cnn hi Pnain a a n
inmain na avaia h pic m c
iv ia. N pnain i ma ha i
i im, acca cmp. th Cmpan ha akn
ca an cain in cmpiain aa a hi ha
n ain m vai c incin which i
considers reliable and rst hand. However, neither theCmpan n h Avi aan h accac,
aac cmpn an inmain n h a
pni an miin h
ain m h ch inmain. th Avi
shall have no nancial or other liability whatsoever to
cipin hi Pnain. th inmain hin,
h wih a ima an ca, can chan
wih nic.
thi Pnain n pp a iciain
an avic painin a an in an a
a avi cn xp / vaainivia in ppc an h van
a cmn akin an ciin a n
inmain pvi in h i. Nih h Avi
n i ic ana mp accp an
iaii whav n h accp pniii
any nancial consequences arising from the use of any
inmain pvi hin.
7/27/2019 Quifel Investor Summary#En
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Pjc H H Pnain
C o N f I d e N t I A l
AgrIbusINessINvestMeNtoPPortuNIt
yIN
MozAMbIque
N m 2 0 0 9
London Ofce Paris Ofce
3 M lnn Pac
lnn se1 2re
14 i Aa
75007 Pai
t: +44 (207) 959 2249
fax: +44 (207) 959 2201
t: +33 (1) 75 43 60 90
fax: +33 (1) 75 43 60 95
W : h p : / /www.ankn ih av i .cm
emai : [email protected]
danKnih Avi i an inpnn Cpa
financ Avi bi a in Pai an lnn.
W c pimai n pic an piva anacin n
mim i cmpani in ep an h usA.
o nwk wa n innaina pina
on the belief that corporate nance services to small and
mim cmpani h impv ivin a
c n h manamn am in h n-in an h
a i h cmpan.
o amiin i anm n-akin ia in
mak-ain cmpani. W pi v n havin
h viin, knw, ainhip an caivi iv
cin h cmpiiv h h n win.
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