KOOROORA COMMODITIES 粮食农业和粮食贸易项目。

1. KOOROORA COMMODITIES粮食农业和粮食贸易项目。 中效集团编制

2. KOOROORA COMMODITIESGrain farming and grain trading project. Pre-NDA presentation (English) Prepared by Sinogie Consulting Group

3. 介绍 • 这是一个极好的投资机会。这个项目将能够确保每年提供40,000吨或更多的小麦，并且以比目前低的多的价格提供给中国。 • 我们已经确定了毛利率约为31美元/每吨：这相当于每年124万美元的毛利，净资产收益率将在10％左右。 • 中国的投资者有能力直接销售这些小麦给中国的终端用户将进一步增加利润。

4. Introduction • This is an opportunity to invest in a project which will be able to secure 40,000 tonnes of wheat or more per year, and deliver it to China at far lower prices than are currently possible. • We have identified a gross margin of approximately US$ 31 per tonne: this equates to a gross profit of US$ 1.24 million per year, or an ROE of around 10%. • A Chinese investor with the ability to sell wheat directly to Chinese end-users would be able to further increase this margin.

5. 投资的是什么？ • 我们的客户(Roberts Farming) 经营一个靠近新南威尔士州（“新州”）达博的庞大农场已经有60年的历史。 • 投资者将把Kooroora Commodities的股权划分为一个新的实体。 • Kooroora Commodities将由Roberts Farming拥有一部分，另外的部分将由一个或更多的中国投资者拥有。 • Kooroora Commodities的价值将在1,400万澳元。 • Roberts Farming将保持Kooroora Commodities中48%的股权。 • 我们需要投资740万澳元来获得Kooroora Commodities中52%的股权。这可以由一个投资者投资740万澳元或由两个投资者各出370万澳元来各自获得26%的股权。 • 单独投资370万澳元并投资130万澳元的新南威尔士州政府债券可能将有资格获得显著投资人签证。 • 这些数字是可以商量的。

6. What is the investment? • Our client (Roberts Farming) has operated a large wheat farm close to Dubbo, NSW, for 60years. • The investor would be taking a stake in a new entity, Kooroora Commodities. • Kooroora Commodities will be part owned by Roberts Farming, and part owned by one or more Chinese investors. • Kooroora Commodities will be valued at A$ 14 million. • Roberts Farming will maintain a 48% stake in Kooroora Commodities. • We need an investment of A$ 7.4 million for a 52% stake in Kooroora Commodities. This could come from one investor with A$ 7.4 million, or two investors, each taking a 26% stake for A$ 3.7 million. • An individual who invested A$ 3.7 million, and invested A$ 1.3 million in New South Wales government bonds, may qualify for a Significant Investor Visa. • These figures are negotiable.

7. 投资的是什么？ (2) • Kooroora Commodities将涉及以下业务： • 直接出售Roberts Farming的小麦和其他粮食到中国。 • 直接出售邻近农场的小麦和其它粮食到中国。 • 储存，集装箱化并运输小麦和其它粮食。 • 直接种植角豆树，收获角豆并出售到中国。 • 该公司还将拥有2,000亩的耕地。

8. What is the investment? (2) • Kooroora Commodities will be involved in the following businesses: • Selling Roberts Farming’s wheat and other grain directly to China. • Selling neighbouring farms’ wheat and other grain directly to China. • Storing, containerising and transporting wheat and other grain. • Growing carob trees, harvestings carob, and selling carob directly to China. • The company will also own 2,000 acres of farmland.

9. 机会是什么？ • 达博的周边地区是澳大利亚最有生产力的小麦主产区之一。 • 达博周边地区许多种植的小麦中国正在食用。 • 达博离最近的主要港口 (Newcastle)不到400公里，离最近的集装箱港口 (悉尼的Port Botany)才刚刚超过400公里。

10. What is the opportunity? • The area around Dubbo is one of the most productive wheat-growing areas in Australia. • Much of the wheat grown around Dubbo is eaten in China. • Dubbo is just under 400km from the nearest major port (Newcastle), and just over 400km from the nearest container port (Port Botany in Sydney).

11. 机会是什么？ (2) • 在离开农场并到达Newcastle或Port Botany之间，小麦经过5个贸易公司。 • 这五家公司每年都盈利。 • 我们的机会就是绕过贸易公司并获得他们的利润。

12. What is the opportunity? (2) • Between leaving the farm and arriving at Newcastle or Port Botany, the wheat goes through up to five trading companies. • Each of these five companies makes a profit. • Our opportunity is to bypass the trading companies and take their profit.

13. 机会是什么？ (3) • 随着全球对粮食需求的不断增长，粮食价格将继续增加。 • 随着中国对肉类需求的增长，对动物谷物饲料的需求将继续增加。 • 由于粮食价格上涨，农业用地的价格将会上涨。 • Kooroora Commodities能在可预测的价格中提供投资者一个稳定的粮食供应。 • Kooroora Commodities的长角豆作物让投资者获得高品质的动物食品添加剂，这将提高它的价值。 • Kooroora Commodities的土地所有权将因土地价格上涨给投资者一个额外的投资回报。

14. What is the opportunity? (3) • As worldwide demand for food grows, grain prices will continue to increase. • As Chinese demand for meat grows, demand for animal-feed grains will continue to increase. • As grain prices rise, agricultural land prices will rise. • Kooroora Commodities can offer the investor a stable supply of grain at predictable prices. • Kooroora Commodities carob crop gives the investor access to a high-quality animal-food additive which is growing in value. • Kooroora Commodities’ land ownership gives the investor an additional return on investment as land prices rise.

15. 资产总结 • Kooroora Commodities 将有以下资产：

16. Summary of assets • Kooroora Commodities will have the following assets:

17. 投资选择 • 我们可以看到两个基本的投资选择。 • Roberts Farming将会愿意在有更大投资回报的前提下进一步稀释它的股权。

18. Investment options • We see two basic investment options. • Roberts Farming would be willing to dilute its equity stake in return for a larger investment.

19. 关于Roberts Farming • Roberts Farming 60年来一直参与达博附近的大规模小麦种植。 • Roberts Farming目前拥有10,000亩耕地，每年生产约8000吨的粮食。 • Roberts Farming作为一个独立单元是一个可行的农场。不管怎样，它试图通过直接出售Kooroora Commodities的小麦到中国来提高它的盈利能力。

20. About Roberts Farming • Roberts Farming has been involved in large-scale wheat farming near Dubbo for 60 years. • Roberts Farming currently owns 10,000 acres of farmland, and produces approximately 8,000 tonnes of grain per year. • Roberts Farming is, as a standalone unit, a viable farming operation. However, it seeks to improve its profitability through the direct sale of wheat to China through Kooroora Commodities.

21. 关于Roberts Farming (2) • Roberts Farming在新南威尔士州大规模粮食种植上有几十年的经验。 • 其管理团队非常熟悉当地的气候；收获趋势，交通问题，成本投入和所有在该地区与农业相关的其它问题。 • 它在粮食运输上有自己的车和大量的经验。 • 其管理团队实力雄厚，与其他当地农场；运输公司；设备供应商和集装箱运输公司有紧密的联系。

22. About Roberts Farming (2) • Roberts Farming has many decades of experience in large-scale grain farming in New South Wales. • Its management team is familiar with climate and harvest trend, transportation issues, input costs, and all of the other issues relevant to farming in the region. • It has its own trucks, and a great deal of experience in grain transportation. • Its management team has strong, well-established links with other local farms, transportation companies, equipment providers and containerisation companies.

23. 机会–粮食贸易 • Roberts Farming (“RF”) 将创建一个新的实体，Kooroora Commodities (“KC”)。 • KC将在自己的土地上建立6,000吨的粮食储存设施。 • KC将以有竞争力的价格买下Roberts Farming的粮食。 • KC也将以有竞争力的价格买下附近农场的粮食。 • KC将与合作伙伴合作在达博使粮食集装箱化。 • 集装箱化的粮食将直接以铁路运送到Port Botany并船运到中国。 • KC将直接出售粮食给贸易公司或中国的终端用户。

24. The opportunity – grain trading • Roberts Farming will create a new entity, Kooroora Commodities (“KC”). • KC will build a 6,000 tonne grain-storage facility on its own land. • KC will buy Roberts Farming’s grain at a competitive price. • KC will also buy grain from neighbouring farms at a competitive price. • KC will work with a partner to containerise grain in Dubbo. • The containerised grain will be sent by rail directly to Port Botany, and then shipped to China. • KC will sell grain directly to trading companies and/or end-users in China.

25. 机会–粮食贸易(2) • 我们相信将会有大范围的盈利。 • (以下数据是根据中级小麦的澳大利亚标准白标准（ASW），在2013年2月18日的价格。) • 根据ASW标准，在靠近达博的吉尔甘德拉出厂价为223澳元/吨。 • 在Port Botany码头上，充分记录密封条件下，集装箱小麦的DCT价格为334美元（327澳元）/吨 • 由此得出的总利润率为104澳元/吨。

26. The opportunity – grain trading (2) • We believe there is significant scope for profit. • (The figures below are based on Australian Standard White (“ASW”), a medium-grade wheat. Prices are as at February 18, 2013.) • The farm-gate price for ASW in Gilgandra, near Dubbo, was A$ 223 per tonne. • The DCT price for fully-documented sealed, containerised wheat on the dock at Port Botany was US$ 334 (A$ 327) per tonne. • This gives a total margin of A$ 104 per tonne.

27. 机会–粮食贸易(3) • 吉尔甘德拉出厂价和Port Botany码头DCT价格之间的差异为104澳元/吨。 • 任何达博的农场使用集装箱运输在70公里半径内将花费15澳元/吨。这些运输费用将由Roberts Farming和外部承包商来执行：应该可以有折扣。 • KC的集装箱伙伴将以65澳元/吨的价格来集装箱化小麦并用火车来运输到Port Botany。（我们相信将可以减少到60澳元/吨或更低，但我们将以65澳元/吨来计划） • 文件编制它们将花费3澳元/吨。 • KC从农场运输，集装箱化，记录并运输小麦到港口的最大成本为83澳元/吨。 • KC计划的最低利润为21澳元/吨。 • 我们预计可以实现更高的利润。 • 抛开计划的最低利润，我们相信其最低利润可以达到29-31澳元/吨。

28. The opportunity – grain trading (3) • The difference between the farm-gate price at Gilgandra and the DCT price at Port Botany is A$ 104 per tonne. • Transportation from any farm within a 70km radius of Dubbo to a containerisation facility will cost A$ 15 per tonne. This transportation will be carried out by Roberts Farming and outside contractors: discounts should be available. • KC’s containerisation partner will containerise the wheat and send it by train to Port Botany for A$ 65 per tonne. (We believe that it will be possible to reduce this to A$ 60 per tonne or lower, but we will use the A$ 65 price for planning.) • Documentation costs are A$ 3 per tonne. • The maximum cost to KC of transporting wheat from farms, containerising them, documenting them, and taking them to port is therefore A$ 83 per tonne. • This gives KC a projected minimum margin of A$ 21 per tonne. • We expect that higher margins can be achieved. • With projected discounts, we believe a minimum margin of A$ 29-31 per tonnecan be achieved

29. 粮食贸易– 毛利率 • 我们的初始目标是每月出货1,000吨:超过一半以上的粮食将来自Roberts Farming。 • 在第四年，我们预计出货量会上升到每周1,000吨，第五年，这将提升到每周1,250吨。

30. Grain trading – gross margins • We have targeted initial shipments of 1,000 tonnes per month: more than half of this will be accounted for by Roberts Farming. • By Year 4, we expect shipments to rise to 1,000 tonnes per week, and by Year 5, this should rise to 1,250 tonnes per week.

31. 粮食贸易– 粮食确保 • KC将有2,000亩土地。大约1000亩的土地将由RF来种植粮食。这将产生每年约1,000吨的小麦。 • RF将继续种植它自己的土地并产生每年约6000到8000吨的小麦。 • 剩余的小麦将从RF和KC 100公里半径内（多数来自西北）的邻近农场来购买。

32. Grain trading – securing grain • KC will have 2,000 acres of land. Around 1,000 acres of this will be farmed for grain by RF. This will produce around 1,000 tonnes of wheat per year. • RF will continue to farm its own land, and will produce 6,000 to 8,000 tonnes of wheat per year. • The remaining wheat will be purchased from neighbouring farms, within a 100km radius (more to the Northwest) of theRF and KC site.

33. 粮食贸易– 粮食确保(2) • 21-41澳元的利润率中我们相信KC可以用安全的手段比其他达博贸易商多几美元/吨的价格来支付给农民。 • 支付略高的价格将使我们能够保证粮食供应，同时保持强劲的利润率。 • 支付更高的价格可能并不会是必要的。 • 多数交易商在粮食交付后的30-60天或更多的时间后才支付给农民。 • 大多数农民都资金短缺。他们更愿意立即支付。 • 200万澳元的运营资金意味着KC可以立即支付给农民。 • 如果我们和其他贸易商用相同的价格支付给农民，但我们会立即支付，更多的农民将选择我们。 • 这意味着在最坏的情况下我们可能不得不放弃3-5澳元/吨的利润。但在大多数情况下，我们将能够保持我们的利润。

34. Grain trading – Securing grain (2) • The A$ 21-41 margin that we believe we can secure means that KC will be in a position to pay farmers several dollars per tonne more than Dubbo-based traders. • Paying a slightly higher price will enable us to secure supply while maintaining strong profit margins. • Paying a higher price will probably not even be necessary. • Most traders pay farmers 30-60 days or more after the grain is delivered. • Most farmers are short of cash. They would prefer to be paid immediately. • The A$ 2 million in operating capital will mean KC can offer farmers cash on delivery. • If we offer the same grain prices as other traders, but offer immediate payment, most farmers will choose to deal with us. • This means that, in a worst-case scenario, we may sometimes have to drop our margin by A$ 3 to A$ 5 per tonne. But in most situations, we will be able to maintain our margins.

35. 粮食贸易– 储存和运输 • KC设立了自己的6,000吨粮食储存设施。 • 设备，安装和基础设施成本为200万澳元。 • 安装地点将在KC的土地上。它将靠近Collie Road（一条穿过车队的柏油路）。车队一次可以运输50吨粮食。

36. Grain trading – Storage and transportation • KC will set up its own 6,000-tonne grain storage facility. • The equipment, installation, and groundwork will cost A$ 2,000,000. • The site will be installed on KC’s land. It will be close to Collie Road (apaved road with roadtrainaccess). Roadtrains cancarry 50 tonnes of grain at a time.

37. 粮食贸易– 储存和运输(2) • RF的车队将被用作从储存设施运输粮食。初始吞吐量为每年12,000吨，这将需要每天有一个运输50吨粮食的车队，一个星期运输五天。 • KC的储存设施一次可以储存6,000吨的粮食。储存设施将保持粮食的新鲜并确保没有寄生虫。 • 一直到粮食需要被运送到集装箱设施前，粮食将被储存在KC的设施中。

38. Grain trading – Storage and transportation (2) • RF’s roadtrains will be used to transport grain to and from the storage facility. With initial throughput of 12,000 tonnes per year, this will require one 50-tonne roadtrain per day, five days per week. • Up to 6,000 tonnes of grain can be stored at KC’s storage facility at any one time. The storage facility will keep the grain fresh and free of parasites. • Grain will be stored at KC’s facilityuntil it needs to be transported tothe containerisation facility.

39. 粮食贸易– 储存和运输(3) • RF将负责运输谷物粮食从KC的仓库到我们合作伙伴公司的集装箱内。 • 我们的合作伙伴会当场把小麦打包装进集装箱内，让后把集装箱放上火车。 • 目前，我们的合作伙伴是使用租赁的火车，但打算购买自己的火车，目前他们的火车是超载的。 • 我们的可做伙伴将收取KC，每吨最高65澳元为了检查小麦，包装，由铁路运输到Botany港口,在港口卸货，准备装运上货船。 • 我们坚信我们的合作伙伴会进一步减低价格，如果我们承担运送更大的量。

40. Grain trading – Storage and transportation (3) • RF will transport grain as required from KC’s storage facility to our partner firm’s containerisation facility. • Our partner firm will containerise the wheat on site, and load the containers onto a train. • At present, our partner leases whole trains, but our partner plans to buy its own trains. Our partner has excess capacity on its trains, and is keen to partner with us to use this excess capacity. • Our partner will charge KC a maximum of A$ 65 per tonne to inspect wheat, containeriseit, send it by rail to Port Botany, andoffload it at the port, ready to be loaded onto a ship. • We believe that our partner will bewilling to reduce this price further if wecommit to shipping large volumes.

41. 长豆角农业 • KC将会从RF这边获取3,000颗长豆角树，这些豆角树种植与2008年，将会在2018收成，而且这些树木将会有至少100年的生命值。 • 这些树木经由计算机化的灌溉系统之下生长 • 长豆角在中东地区用于甜品食物的烹饪。 • 长豆角先广泛用于动物添加剂中，可以提高动物的脾胃功能加速体重上升，在不用抗生素的情况下减少腹泻。 • 中国消费者及政府对于食品安全和动物使用药物的问题非常担忧，特别是最近KFC的事件，长豆角的需求会上升。

42. Carob farming • KC will take possession of 3,000 carob trees from RF. These trees were planted in 2008, and will reach commercial maturity in 2018. The trees will have a productive life of at least 100 years. • The trees are fed by a computerised drip-irrigation system. • Carob is used in the Middle East as an ingredient for sweet food. • Carob is increasingly used as a food additive for animals. It enhances animals’ appetite and speeds weight gain, and prevents diarrhoea and intestinal infections without the use of antibiotics. • As Chinese consumers and the Chinese government become more concerned about food safety and the use of drugs in animals – especially after the recent KFC scandal – demand for carob will increase.

43. 长豆角农业（2） • 长豆角树需经过以一段时间才能成熟。 • KC的树木已经有5年的时间了，将会在2018年收成，到那时每年每棵树会产出至少50公斤的长豆角豆荚，这个还是一个保守的估计，100公斤也是可能的。 • 到2023年，这些树木将会完全成熟，到那时每年每棵树会产出至少100公斤的长豆角豆荚，这个还是一个保守的估计，150公斤也是可能的。 • 有一个需要注意的重点，因为长豆角的需求上升，市场将供不应求，然而长豆角树需要10年才有收成，15年达到收成最高点，长豆角果园至少将要到2023年开始出产。 • 我们预期长豆角的需求会上升，RF/KC的长豆角将很快获得收成。

44. Carob farming (2) • Carob trees take some time to reach full maturity. • KC’s trees are already five years old. They will reach a commercial production level of maturity in 2018, and by then, will produce at least 50kgof carob pods per tree per year (this is a very conservative estimate: 100kg per tree per year is possible). • By 2023, they will reach full maturity, and will produce at least 100kg of carob pods per tree per year (this is a very conservative estimate: 150kg per tree per year is possible). • It is important to note that, as carob demand grows, the market will be unable to meet demand, as carob trees take ten years to reach commercial production and 15 years to reach peak production. New carob orchards which are planted now will not begin production until at least 2023. • RF/KC’s carob crop will reach commercial maturity soon after we expect carob demand to increase.

45. 长豆角农业（3） • 现在在农场长角豆每公斤售价10澳元。 • 然而，有一点值得注意的重要信息是去年保健品中实用长角豆的售价为35澳元。 • 我们的估价是基于市场项目的调查，但是可以达到更高的价格。 • 有一点值得被注意的是该掉头仅仅覆盖了长角豆产量数值。通过呵护这些树木可以获得更大利润。

46. Carob farming (3) • At current prices, the farm-gate price of carob pods is A$ 10 per kilogramme. • However, it is important to note that much of last year’s crop was sold to a company which uses carob in health foods for human consumption. This company paid RF A$ 35 per kilogramme. • We have based our projections on a market price of A$ 10 per kilogramme, but we believe that far higher prices are achievable. • It is worth noting that this projection only covers the market value of the carob crop. It would also be possible to earn carbon credits for maintaining the trees.

47. 长豆角农业(4) • 因为我们对于收入的预测比较保守，我们不对将来3~4年的收入进行预测，但是RF已经售出少了的长角豆给予最终的用户。 • 截止到2018年，KC的长豆角树将出产每年150,000公斤。 • 至少每公斤10澳元，总价值将达到1,500,000澳元。 • 截止到2023年，KC的长豆角树将出产每年450,000公斤。 • 至少每公斤10澳元，总价值将达到4,500,000澳元。

48. Carob farming (4) • As we are making a conservative income projection, we are not going to project any income from the carob crop over the next four years. However, it should be noted that RF has already sold small amounts of carob to end-users. • By 2018, KC’s carob trees should produce at least 3,000 x 50kg = 150,000kg of carob pods per year. • At a minimum of A$ 10 per kg, these will be worth at least A$ 1,500,000. • By 2023, KC’s carob trees should produce at least 3,000 x 100kg = 450,000kg of carob pods per year. • At a minimum of A$ 10 per kg, these will be worth at least A$ 4,500,000.

49. 长豆角农业 • KC拥有2，000英亩的土每亩价值1,000，总值达到200万澳元。 • 这些包括： • 谷物存储面积和额外的耕作的面积达到10英亩。 • 长豆角树果园达到35英亩。 • 2000英亩的土地用作于谷物生产。 • 我们假设RF是从KC这边租赁土地，租赁的价格为土地价格的3%。 • 我们坚信最差的情况下，平均每年土地至少增长2%，更快的增长速度也是有可能的。 • 这意味着RF土地租赁的价格会上涨到5%。

50. Land ownership and grain farming • KC will own just over 2,000 acres of land, valued at A$ 1,000 per acre, for a total of A$ 2 million. • This will include: • The grain storage site and additional land works: 10 acres. • The carob tree orchard: 35 acres. • 2,000 acres of farmland for grain production. • We envisage RF renting the farmland from KC. Land will be rented for 3% of its value. • We believe that, in a worst-case scenario, the value of the farmland will rise by an average of at least 2% per year. We believe that a more rapid rise is more likely. • This means that the projected rate of return on farmland rented to RF will be at least 5%.