The document summarizes LandAfrique's proposed fully integrated cassava project in Nigeria. The project will include a 400 hectare cassava seed farm, 4000 hectare main cassava farm, and a state-of-the-art processing plant to produce 50 tons per day of cassava starch and 50 tons per day of glucose syrup. The project aims to capitalize on the large demand-supply gap that currently exists in Nigeria for cassava-based products like starch and sweeteners. Financial projections indicate the project offers attractive returns, with estimated internal rates of return of 26.9-40.4%.

1. Nigeria’s industrial vertically integrated
cassava project
Agbara Estates by LandAfrique
London, United Kingdom
March 2014

2. Disclaimer
The information contained in this presentation or subsequently provided to any recipient of this presentation whether
orally or in writing by or on behalf of LandAfrique Agro Limited or its respective employees, agents or consultants
(Information) is provided to the recipients on the terms and conditions set out in this notice. The purpose of this
presentation is to provide recipients with information relating to LandAfrique Agro Limited. This presentation has been
prepared by LandAfrique Agro Limited and each recipient must make his/her own independent assessment and
investigation of LandAfrique Agro Limited and its business and assets and should not rely on any statement or the
adequacy and accuracy of any information.
The material in this presentation (“material”) is not and does not constitute an offer, invitation or recommendation to
subscribe for, or purchase any security in LandAfrique Agro Limited nor does it form the basis of any contract or
commitment. LandAfrique Agro Limited makes no representation or warranty, express or implied, as to the accuracy,
reliability or completeness of this material.
LandAfrique Agro Limited, its directors, employees, agents and consultants shall have no liability, including liability to
any person by reason of negligence or negligent misstatement, for any statements, opinions, information or matters,
express or implied, arising out of, contained in or derived from, or for any omissions from this material except liability
under statute that cannot be excluded.
Statements contained in this material, particularly those regarding possible or assumed future performance, costs,
dividends, production levels or rates, prices, resources, reserves or potential growth of LandAfrique Agro Limited ,
industry growth or other trend projections are, or may be, forward looking statements. Such statements relate to future
events and expectations and, as such, involve known and unknown risks and uncertainties.
Actual results and developments may differ materially from those expressed or implied by these forward looking
statements depending on a variety of factors.
LandAfrique Agro Limited invites interested parties to view and review their further data on request and signature of a
formal confidentiality agreement.

3. The first fully integrated industrial cassava operation in Nigeria
• Largest mechanized farm in Nigeria on a 4,000 hectare of land owned by the group
• State-of-the-art processing plant, co-located with the farm
• The Company owned by the Lawson Group- a diversified conglomerate with a 50-year
track record of business in Nigeria and West Africa
• High market demand for end products- starch & glucose syrup
• Soya as fallow crop-brings additional revenues besides enhancing soil fertility
• A bio-gas plant supplements energy; reduces effluents
• Attractive cash flows and profitability with a short payback period
A land mark project for Nigeria:

4. • Incorporated on May 2, 2012 to undertake fully-integrated agricultural business
• 4000 ha of land for the project is owned by the Group
• The integrated cassava project consisting of:
• CASSAVA SEED FARM PROJECT & CASSAVA FARM PROJECT
• PROCESSING PLANT & BIO-GAS PLANT
• Progress to date includes acquisition of planting material and starting of planting for Seed Farm
LandAfrique is owned by the Lawson Group, a family owned Nigerian conglomerate, founded in
1959 with a 50-year track record of doing business in Nigeria:
REAL ESTATE DEVELOPMENT - AGBARA ESTATES LIMITED
Oldest private sector integrated development in Nigeria. Home to 27 factories
Tenants include: Nestle, Unilever, GlaxoSmithKline and Procter & Gamble
OIL AND GAS TRADING - ACORN PETROLEUM PLC
26-year track record in Nigeria International trade of petroleum products
Extensive footprint in Nigeria including: 16 Retail outlets and 30,000mt storage facilities
Lawson GroupL
Company overview

5. Mr Tunde Akindele, MBA. - Director
20-year business track record in Nigeria
Managing Director of Kinda Associates, a Nigerian haulage, travel and management consulting business
Handled Personnel functions , credit administration and public relations in a large hospital
Miss Nibukun Lawson - Chairman
She is a Chartered Accountant and has worked at KPMG in London and Paris
Has experience working in Corporate Development at Ecobank Transnational Incorporated
Has previously worked as a Finance Director at Vitamalt Plc
Currently overseeing all the finance functions for the Lawson Group
Mr Nadhan K Ramachandran, MBA.- Managing Director
Over 30 years experience in finance, manufacturing and agriculture with core area in business strategy
Held senior management role on National Dairy Development Board, responsible for India’s milk revolution
Formerly General Manager of The Industrial Finance Corporation of India Ltd-IFCI Ltd (12 years)
Ex-Director on the board of Indian Dairy Machinery Manufacturing Co. Ltd
Mr Jaiye Senbanjo, MSc. Agronomy – Executive Assistant to the Managing Director
5 years experience as agronomist in rubber and palm oil plantations in West and Central Africa
Extensive knowledge on pest management and crop protection & field experience in beef production
Mr Arif Deshmukh, BSc. Agriculture - Farm Manager
Relevant experience as farm manager in a cassava cultivation and starch production in Nigeria
Long experience working as agricultural consultant for plantation development
Start-up management team

6. Project Location
• 40 Km from the capital city Abuja
• Excellent access via Abuja-Keffi main road
• 4000 hectare project site acquired
• Ideal land for cassava cultivation
Nigeria
Project Site
Ideally located….

7. The Integrated Cassava Project
Phase 1 Phase 2 Phase 3Project designed to have three phases
to achieve de-risking of perceivable
risks
Totally balanced, integrated and
synchronised
One-time Seed Farm for providing planting
material for the main farm in the 2nd
year.
Main farm will start providing the required
raw material for the plant from 3rd
year
onwards when the plant will be
commissioned
Seed farm, main farm and factory-all will be
co-located at Keffi
A biogas plant: to utilise bio waste of
effluents, will save energy costs while
addressing effluent concerns
Soya as fallow crop: adds soil fertility and
bring additional revenues
SEEDFARM
••400Hectares
••Productionof
planting
material
FARM
••4000ha,Fullyowned
••Fullymechanized
••50%owncultivation
••50%onleaseto
farmers
PROCESSING
PLANTS
••StarchPlant
••GlucosePlant
••BioGasPlant
••Diversifiedend
products
Q-1, 2014
Q-2 ,2015
Q-1, 2015
Q-2, 2016
Q-4, 2014
Q-2, 2016
Totally balanced, integrated and synchronised

8. Phase 1: Cassava Seed Farm
• Seed Farm covers 400 ha , fully mechanised
farming operations ; being developed
during Q1-2014 to Q2 2015
• Designed to produce planting material for
Phase 2- Main Cassava Farm
• Both the land for the integrated project and
the Seed Farm- being fully funded by the
current shareholders
• 4000 ha of land owned by the group valued
on lease rental basis at ₦ 1885 mn or US$
11.855 mn
Funding by Promoters
Ensuring desired variety of planting material….
Phase 1 Phase 2 Phase 3
SEEDFARM
••400Hectares
••Productionof
planting
material
FARM
••4000Hectares
••Fullymechanized
••Fullyowned
••50%own
cultivation
••50%onleaseto
farmers
PROCESSING
PLANTS
••StarchPlant
••GlucosePlant
••BioGasPlant
••Diversifiedend
products
Q-1, 2014
Q-2 ,2015
Q-1, 2015
Q-2, 2016
Q-4, 2014
Q-2, 2016
Item ₦ (Mn.) US$ (Mn.)
Land 4000 ha 1885.000 11.855
Seed Farm @
223.000 1.403
Land & Seed Farm 2108.000 13.258
@
Equipment, infrastructure, op. expenses, R&D

9. Phase 2: Cassava Main Farm
• 4000 hectare cassava farm fully
mechanised
• The farm will produce a minimum of
120,000 tons of fresh cassava tubers
annually
• This meets the full requirement of
cassava tubers for the plant (400 tons
per day) to support 50 tons per day of
starch and 50 tons per day of glucose
syrup production in 300 days a year
Funding Requirement
50% own cultivation: ensuring stability
50% leasing to farmers: ensuring inclusive
growth by farmers’ participation….
Phase 1 Phase 2 Phase 3
Item ₦ (Mn.) US$ (Mn.)
Farm Equipment 333.450 2.097
Farm Infrastructure 430.475 2.708
W.Capital & Fixed Costs 801.107 5.038
Total 1565.032 9.843
Q-1, 2014
Q-2 ,2015
Q-1, 2015
Q-2, 2016
Q-4, 2014
Q-2, 2016
SEEDFARM
••400Hectares
••Productionof
planting
material
FARM
••4000ha,Fullyowned
••Fullymechanized
••50%owncultivation
••50%onleaseto
farmers
PROCESSING
PLANTS
••StarchPlant
••GlucosePlant
••BioGasPlant
••Diversifiedend
products

10. • The cassava starch & glucose factory is 400
tons per day capacity of fresh cassava tuber
• State-of-the-art plant for the production of
2.5 t/h of cassava starch and 2.5 t/h of
adjunct syrup from cassava starch slurry
[Annual production: 15,000 tons of starch and
15,000 tons of syrup]
• The factory is a co-integrated with biogas
plant which will supplement energy
requirements from LPFO with biogas for
heat generation. This will ensure energy
efficiency & environmentally friendly
Phase 3: Processing Plants
Funding Requirement
Bio gas plant for treating effluents & energy….
Item ₦ (Mn.) US$ (Mn.)
Plant & Equipment 2,843.830 17.885
Biogas Plant 309.195 1.945
Civil Infrastructure 999.000 6.283
W. Capital & Fixed Costs 918.699 5.778
Total 5,070.724 31.891
Q-1, 2014
Q-2 ,2015
Q-1, 2015
Q-2, 2016
Q-4, 2014
Q-2, 2016
Phase 1 Phase 2 Phase 3
SEEDFARM
••400Hectares
••Productionof
planting
material
FARM
••4000ha,Fullyowned
••Fullymechanized
••50%owncultivation
••50%onleaseto
farmers
PROCESSING
PLANTS
••StarchPlant
••GlucosePlant
••BioGasPlant
••Diversifiedend
products

11. ➢ Third most important source of
food calories in tropical
countries after rice and maize
➢ Good resistance to drought,
disease and pests
➢ Very productive - each plant
can produce 5-6 kgs of tubers in
a season
➢ Due to high water content (60-
65%), tubers are perishable and
thus need to be processed near
production site.
➢Cassava-UNCTAD.org
Africa contributes more than a
half of the global supply
Asia contributes a third of
world production
Latin America and the
Caribbean contribute one-fifth
of world production
••A third of African
production is from
Nigeria- largest world
producer with 45 mt
••Leader-Thailand (30 mt)
••Leader- Brazil (25 mt)
World Production is approx. 250 million tons (mt)
90% of production consumed as food constituting about
50% of energy requirements of Nigerians….
Why Cassava?

12. Industry outlook

13. Value-added Chain Estimated Demand (tons) Fresh cassava tubers
required (tons)
Incremental Area
(@25t/ha)
Starch 230,000 1,150,000 46,000
*Sweeteners 190,000 950,000 38,000
Source: Nigeria Cassava Transformation Action Plan 2012
* Assumes 50% replacement of imported sugar in the sweetener industry
Federal government’s Cassava Transformation Plan estimates requirement of
additional 12.8 million tons of cassava tubers for value-added products (Starch
/Flour/ Sweeteners/ Dried Chips/ Fuel Ethanol/ High Quality Garri) which require
incremental cultivation in an area of 510,000 ha.
It is estimated that the demand of starch and sweeteners in the country is of the
order of 230,000 tons and 190,000 tons respectively as below:
The Nigerian Market
“Nigerian cassava-based industrial products are just a
fraction of imports: the growth potential is huge”

14. Thickeners
Bouillon
Fillers
Soups, tablets, face creams and pharmaceuticals
Binders
In sausages, processed meats
Stabilizers
Ice cream
Product Applications…..
Multifarious uses for edible Starch….

15. • About 85% of requirement of Starch and 100% of Glucose Syrup in Nigeria is met by imports.
Therefore, the products of the company are import substitutes
• There are only two existing large players in the starch industry which collectively can meet only
8% of the annual demand
• Only one company in Glucose syrup industry which is presently non-operational.
• The cassava starch / sweetener industry has strong entry barrier- requiring large own land area for
cultivation to meet assured tuber supply for processing
Demand-Supply Gap
for Starch and Modified Starch
Present demand mostly met by imports: therefore
products of the company substitute imports....

16. A compelling investment

17. The Investment in the integrated project is estimated to cost ₦ 8,744 million (US$
55.0 million) as under:
The promoters of the project would provide equity towards the cost of Land
(valued based on the lease rentals) and the cost of Seed Farm.
Investment in the Project
Sr. No Description Cost
₦ (mn.) US$ (mn.)
1 Land 1,885.000 11.855
2 Seed Farm 223.000 1.403
3 Main Cassava Farm 1,565.032 9.843
4 Starch & Glucose Plant 4,761.529 29.946
5 Biogas Plant 309.195 1.945
Total 8,743.756 54.992

18. The estimates on profitability for the Farm and Processing Plant
operations for the next 10-year period show attractive returns
The average annual revenues are estimated at ₦ 1,169 million (US$
7.35 million) for the Farm operations and ₦ 3,937 million (US$
24.76 million) for the Processing Plant operations
The farm is expected to generate an average annual cash flow
(PBDIT) of ₦ 493 million (US $ 3.10 million) and the Processing
Plant ₦ 2,408 million (US$ 15.14 million)
The Return on Investment (ROI) for the overall project is estimated
to be 31% and the IRR 36%
Profitability Projections

19. Profitability Projections
Projects Yield / Cap. IRR
CASSAVA FARM
Normal expected yield 30 tons/ ha 26.9
Sensitivity parameter - reduced yield 24 tons/ha 20.3
STARCH & GLUCOSE PLANT
Normal expected cap. utilization 70%- 95% 40.4
Sensitivity: reduced cap. utilization 56% -76% 26.6
The estimates on profitability for the Farm and Processing Plant
operations for a 10-year period show attractive returns. The Internal Rate
of Return (IRR) for the Farm and Processing Plant works out to 26.9% and
40.4% respectively under expected operations. Under unforeseen
stressed operations (sensitivity analysis), the IRR is still attractive at
20.3% and 26.6% respectively. The IRR for the overall project is
estimated at 36%

20. LandAfrique Agro’s Journey towards healthy, eco-friendly
food options….
LandAfrique Agro plans to
devote a part of its resources
towards R & D activities with
the main objective of
developing crops & products
that are more eco-friendly
and that provide healthier
food options worldwide.
LandAfrique Agro R&D

21. How can you get involved?
• Invest
– access the deal and make a commitment
homestrings.com/VehiclePreview/a03F0000009uUV1IAM
• Promote
– Your own project, fund or bond on Homestrings
• Participate
– Diaspora Investment Symposium
– Investing in East Africa, July - London

22. Contacts
• Eric V. Guichard – Founder and CEO
eric@homestrings.com
service@homestrings.com
• Web: www.Homestrings.com
• @Homestrings & facebook.com/Homestrings