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EXPORT TRADING GROUP


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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 Beneficia tion 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-commoditie s 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-scale

farmers in their endeavours and assisting them in reaching ready markets

internationally. We aspire to nurturing and uplifting farmers at grass-roots

level as well as improving the quality of life of all of Africa’s inhabitants.

We empower small-scale farmers by instilling good farming practices to

enhance 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-scale

farmers.

Mindful of Africa’s nutritional challenges, ETG has initiated a project to

decrease dependence upon starch by substituting soya crops – a valuable

source of protein, demonstrating our constant and overriding desire tofacilitate and improve quality of life. We wish to make a real difference in

Africa – in the lives of her farmers, her economies and her peoples. To this

end, ETG is dedicated and committed.


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INTRODUCING ETG


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BUSINESS OVERVIEW

Vertical i nvestment into la rge-sca le farmin g in recent years has allowed t he

group to support small-scale farming around the large farming entities. Two

of the Group's largest farming ventures, Mpongwe Farms in Zambia and

Kapunga Rice Farm in Tanzania, support in excess of 300 small-scale

farmers.

The Group’s ongo ing commi tment t o value ad ded agri cultural investme nt

has seen it establish processing, cleaning and packaging plants in Ethiopia,

Zambia, Malawi, Mozambique,Tanzania, Uganda and India.

Integrating farming, tradingand processing of agriculturalcommodities is ETG’s speciality -from Africa’s farms to the world’ssupermarkets.

5

INTRODUCING

ETG

1

With offices in 40 countries and a staff complement of over 6 500, ETG has thelargest 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 al so has i nvestment s in info rmation

technology, bio-energy, mining, hospitality, forestry,

transport and logistics.

ETG operates in Australia, Argentina, Kenya, Uganda,

Tanzania, Ethiop ia, Sudan, Malawi, Mo zambique,

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 of

unprocessed or semi-processed agricultural

products. These are cleaned, graded and packaged

by ETG prior to distribution in local and international

markets. 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 only

provides jobs for local communities, but also adds

value to the commodities procured. This means,

furthermore, that ETG stimulates foreign revenue

inflows into countries where the Group is present and

active.


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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 M arket as an agricul tural ma rket par ticipant .

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 Inter national Commiss ion of t he Red

Cross and Norwegian Church Aid.

Vertical ex pansion into agr icultura l manufact uring

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

7

Since its formation, ETG has builtits business around the small-scalefarmer, which has allowed it toexpand across many African andemerging 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.

Acquisit ion of M pongwe Far m, 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.


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9

ETC

Tanzania

ETCZambia

CIELMACTanzania

Conserveira doIndicoMozambique

EMC LimitadaMozambique

ETC Singapore

DINA Mozambique

ETC AGRO

Tractors & Implements

Uganda

ETC AGRO


Malawi

ETC AGRO


Kenya

The AGRO


Tanzania

AGRO Tractors & Implements Limitada

Mozambique

ETC HOLDINGS

Tanzania

KOROSHO

AfricaTanzania

KOROSHO

MozambiqueLDA

POA Rice Mills

Tanzania

POA

Rice MillsMalawi

THE AGRO

Industries

Malawi

AGRO

Industries LDA

Mozambique

SEBA FOODSMalawi

SEBA FOODS

Zambia

SEBA FOODS

Mauritius

ETC AGROProcessors

India

THE AGRO

Processing AfricaTanzania

SDZ CHA SARL

PROCUREMENT / WAREHOUSING


Singapore

ETC HOLDINGS

Mauritius

PRODUCTION PROCESSING

SPECIALISATION

KAPUNGA RICEProject

ETCBIO-ENERGY Ltd

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

Socledade de Desenvolvimento da Zambezia. Producesblack CTC tea which is stored at SDZ before departure tofinal 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 volumesof Fertiliser from small growers.

Manufacturers of Glass Lamps and Exporters of Timbercreating 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 Marinebusinesses 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 aplant in Dodoma, creating jobs and boosting government'sforeign revenue.

POA Malawi is a future company that will be a Rice millingunit creating jobs and boosting government's foreignrevenue.

This company is a holding company for the Seba companiesin Malawi and Zambia creating jobs and boostinggovernment's foreign revenue.

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

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

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

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

Processing of Pigeon Peas and Dal milling creating jobs andboosting 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 mtper day, creating jobs and boosting government's foreignrevenue.

Future company that will specialise in Logistics, and assistin lowering logistical costs for commodities procured fromlocal farmers.

Sole Distributor of Mahindra brand Tractors and FarmMachinery.




Supplier of Agro Machinery and Farm Implements.

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

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

This company specialises in Logistics in Mozambique. Assists lowering logi stical costs for c ommodities procuredfrom local farmers.

Administration servic es 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 othercommodities from small growers.

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

Procures Pigeon Peas, Maize, Rice and other commoditiesfrom small growers.

Procures Fertiliser, Rice, Maize and Wheat from smallgrowers.

Land and Warehousing in Beira creating jobs for localcommunities.

This company was incorporated in 2010 and expanded thegroup 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 smallgrowers.

Largest Rice estate in Tanzania, Wheat and Barley cultivation.

ETCKenya

ETCUganda

ANGO

PESCA

FRIGO

PESCA

ACF

UAE

ETCUSA

ETC AGROSouth Africa

ETCMalawi

ETCEthiopia

IETCZimbabwe

ETC MARINEMauritius

ETC MARINEMozambique

Linder HoldingsLtd.

Mozambique

ETCMarine ServicesMalawi

BIO-ENERGY

Investments

GROUP STRUCTURE


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GROUP MANAGEMENT STRUCTURE

PRADIP R. PATEL

Managing Director

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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. PATEL

Chief Executive Officer

KETAN V. PATEL

Managing Director

VASUDEV BARKUR

Group 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 PATEL

Group Chief

Operating Officer

JEAN CRAVEN

Head

Corporate Finance


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13

GROUP SHAREHOLDINGSTAFF COMPLEMENT

2

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 ke y shareho lders 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

Adminis tration , from Gujar at, India . He joi ned Expor t Trading Com pany Limit ed

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 his

higher 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.


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CORPORATE GOVERNANCE

The Group’s executives and managers arecommitted to the principles of integrity,responsibility and accountability to theirkey partners - the small growers and thegovernments that represent the small growers

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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 andEnvironmental 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 fol lowing key poi nts have been str ategised:

• Minimising waste by evaluating operations and ensuring that

they are as efficient as possible.

• Sourcing power requirements responsibly and minimising

toxic emissions through the correct fleet selection and use.

• Promoting recycling actively, both internally and amongst

customers and suppliers.

• Sourcing and promoting a product range to minimise the

environmental impact of both production and distributi on.

• Meeting or exceeding all environmental legislation pertinent to

the ETG.

• Implementing an accredited programme to offset greenhouse

gas emissions generated by our activities.

Human Resources Management

A detailed polic y for Human Resources was formulated t hat

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 Oc cupational Healt h and Safety was f ormulated

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 p rominently displaye d 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 ANDSUSTAINABLE BUSINESS PRACTICES

4


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17

SUPPORTING ANDEMPOWERING 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 su rplus 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, u ltimately, lost value

for the farmer.

• Farmers are adversely affected by poor quality

controls: This co ntribu tes to po st-harv est los ses 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.

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8 19

For over 40 years, ETG has been solving and addressing

the constraints faced by farmers, in the following way:

• Allevia ting th e need fo r a farmer to trav el 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 en ables t hem to bet ter respon d 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 togo beyond subsistence farming and become highlyactive participants in the African economy.INNOVATIVE SUPPORT


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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.

0 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 quality services, consistent and fair market pricescoupled 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 farmingundertakings will contribute to the growth of the African continent.


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AGRICULTURAL EXPERTISE


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AGRICULTURAL

EXPERTISE

2

OVERVIEW OF AGRICULTURAL ACTIVITIES IN AFRICA

4 25

While the long term success of ETG has primarily been the result of its manyyears 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 ha s a deri vative hed ging and corporat e finance u nit 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 Lo ndon Future s Exchang e. 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.


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Commodity Location mt / Year Detailing and Branding

Soya Pieces Z amb ia, Mala wi , U gan da & Eth iop ia 7 35 0 The soya piece s are produced under the

“SEBA” brand as “Tasty Soya Pieces”.

Corn Soya Blend Malawi 56 000

This product is exc lusively for f ood 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 sol d under the “Super Uf a” brand.

Cashew Kernels Mozambique & Tanzania 10 400

The Cashew Kernel s are packed and ex ported

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 5 500 The 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 65 000

Wheat 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 su bstantially 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

6 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 i n Zambia, Mozambique, Tanzania, Kenya and Uganda.

The acqui sitio n of the se farmin g asset s has al lowed t he Group t o suppo rt small -scale fa rming aro und thes e 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 prod uced 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 av ailable for cle aring and cultiva tion 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.


17/29

LOGISTICSThe 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 v enture w ith the Sharaf Gro up from th e UAE, as well as the Nati onal D evelopmen t Corpora tion of Tanzania, to d evelop

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, EthiopiaIndia, Singapore, North Korea, China, Japan,

Europe, South Africa & KenyaPulses, Maize

Benin, Burkina Faso, Ghana, Tanzania,

Mozambique, Mali, Nigeria, Sierra Leone, TogoFar 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, TanzaniaIndia, USA, Europe Cashew Nuts

Origination Destination Commodity Imported

Eastern Europe, Australia, South AmericaSouth Africa, Zimbabwe, Tanzania, Malawi,

Kenya, Uganda, BeninWheat

Ukraine, Russia, Egypt, Jordan, China

Kenya, Malawi, Tanzania, South Africa,

Mozambique, Ghana, Uganda, Rwanda,

Burundi, DRC, Zimbabwe, Vietnam

Fertiliser

Brazil, South America Kenya, Tanzania, Uganda Sugar

Thailand, Vietnam, China, Pakistan

Togo, Benin, Burkina Faso, Burundi, Ghana,

Guinea-Bissau, Ivory Coast, Mali, Niger, Nigeria,

Rwanda, Senegal, Sierre Leone

Rice

WAREHOUSINGETG 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

8 29


18/29

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 p hysical 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 consume d cereal in the sub- Saharan region, maize suffers from a high d emand to supply rat io, 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 regi on makes it nece ssary to import the commodity f rom destinations l ike 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. ETGendeavours 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

0 31

Maize

48

13

19

8 4

5

3

0

Zambia

Uganda

Malawi

Kenya

Tanzania

Mozambique

Zimbabwe

India

%

Wheat

655

7

23

South Africa

Malawi

Zimbabwe

India

%Uganda

Malawi

Kenya

Mozambique

Zimbabwe

%

Rice

41

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

1

5

48

13

12


19/29


20/29

BUSINESS OVERVIEW


21/29

BUSINESS

OVERVIEW

3

ETG has a solid small grower support foundation which allows it to extend itsoperations 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.

6 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 i s commit ted to ameliora ting all its

activities, in each country, by means of ongoing

investment in its staff, infrastructure and processing.

This als o contr ibutes t o the su stainabi lity of the

farming activities in those regions and to the strength

of the entire supply chain.

Through th e Group's he ad 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 s mall growers,

gaining an on the ground understanding of the

demands and challenges faced by them.

The Group b elieves in invest ing in hum an capita l 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.


22/29

Commodities Traded per Country

COMMODITIES TRADEDfor the year ended March 2010

8 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


23/29

FUTURE FOCUS


24/29

STRATEGY FOR GROWTH

4

FUTURE

FOCUS

As the ETG business model continuesto provide highly attractive returnsto investors and business partners,the organisation has a philosophyof building on its achievements andprudently expanding its operationsfor the benefit of all stakeholders.

2 43

Providing Bigger Marketsfor Existing Small Growers

The Group’s immediate priority is to achieve the full potenti al of itsexisting 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 v ia Vertical Int egration

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 ofLeadership and Management

The success of E TG, to date, ca n largely be att ributed 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.


25/29

THE FUTURE OF AGRI-COMMODITIES

4 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 Afri ca’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 produc ing food in First World countries is e xtremely

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 globa l deman d for agri cultural 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 mostexciting 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.


26/29

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 farshort of the pace required to match the expectedincrease in demand from the combination ofpopulation growth, dietary change and increasedbiofuels usage.

6 47

These demand trends nee d not lead to hig her 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 Fo od and Agriculture Org anisation (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 expa nsion. 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


27/29

CONTACT US

8

UNITED ARAB EMIRATES

AGRI COMMODITIES & FINANCE. F ZE

208-B Twin Towers Shopping Mall

Deira, Dubai

Post Box 40410

UAE

Tel: +971 4 223 88 01

Fax: +971 4 223 8863

Email: [email protected]

INDIA

ETC AGRO PROCESSING ( INDIA ) PVT. LTD.

19-B, 3rd Floor, Everest

156 Tardeo Road

Mumbai - 400 034

India

Tel: +91 22 235 25 781 / 9920 204356

Fax: +91 22 235 20791


KENYA

EXPORT 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 0 880

+254 20 266 0882/3

Fax: +254 20 266 0883


MALAWI


Temple Street

Behind Securicor Office

P.O. Box 51722

Limbe

Malawi

Tel: +265 1 842 66 9 / 842 670

Fax: +265 1 842 663


MOZAMBIQUE

EXPORT MARKETING CO. LDA

196 RUA Francisco Matange

P.O. Box 215

Cidade De Nampula

Mozambique

Tel: +258 26 213 9 44

Fax: +258 26 218 320


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 09 40

Fax: +27 11 783 5341


TANZANIA


9th floor,

Harbour View Towers

Samora Avenue

P.O. Box 10295

Dar es Salaam Tanzania

Tel: +255 22 211 6 094 / 211 5 651 / 211 72 12

Fax: +255 22 211 2341 / 211 2493


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


USA

EXPORT TRADING GROUP USA

Delaware Technology Park

1 Innovation Way

Newark, DE 19711

USA

Tel: +1 302 893 06 09

Toll Free: +1 888 875 05 54


ZAMBIA


Plot No. 8087, Chinika

P.O. Box 30090

Lusaka

Zambia

Tel: +260 21 1 287 806 / 28780 8

Fax: +260 21 1 287709



28/29

All information containe d in this document was corre ct at the time of going to pri nt.

ZIMBABWE

IETC ZIMBABWE (PVT) LTD.

57 Enterprise Road

Newlands

Harare

Zimbabwe

Tel: +26 378 8243

Fax: +26 377 6268


IVORY COAST

EXPORT TRADING CO. - CI SARL

22 Avenue Joseph Anoma

Rue de Banques

20 BP 910 Abidjan 20

Tel: +225 383 777 7


BURKINA FASO

EXPORT TRADING CO.

11 BP 11740

Quagadougou 11Burkina Faso

Tel: +22 67 931 45 63


NIGER

EXPORT TRADING CO. Niger SARL

BP 1124

(Derrière Grand Marché)

351, Rue Du Senegal

Niamey

Niger

Tel: +254 73 364 1 582


MALI

EXPORT TRADING CO. MALI SARL

Songoniko Commercial

Rue 139 Porte 110

Bamako

Mali

Tel: +22 37 062 62 77


TOGO

EXPORT TRADING GROUP TOGO SARL

Quartier Assiganto

Avenue Maman N’Danida

01 BP 4888

Togo

Tel: +228 727 069 1


BENIN

EXPORT TRADING CO. BENIN SARL

Carré No 272 Lieudit

Gbedokepo, Maisoin

Younoussa Fati

01 BP 2934

Benin

Tel: +22 99 617 06 91


GHANA

ETC AGRO GHANA LTD.

c/o R. S. Agbenoto and Associates

4th Floor, Total House

25 Liberia Road

Ghana

Tel: +233 54 958 4 339


VIETNAM


Petro Tower, 12th floor

Room No: 1238

1-5 Le Duan St

Dist 1

Ho Chi Minh City

Vietnam

Tel: +84 5 404 686 8


CHINA


Room 6F, Qian Jiang Building

No. 971 Dongfang Rd

Pudong New Area

Shanghai

Tel: +65 9 818 797 8


SINGAPORE

EXPORT TRADING GROUP PTE LTDEXPORT TRADING COMMODITIES PTE LTD

One Raffles Place

#44-01A

OUB Centre

Singapore

048616

Tel: 6568400

Fax: 65364470


SWITZERLAND

EXPORT TRADING GROUP GENEVA

Tel: +41 79962333 0


SOUTH SUDAN


P.O. Box 22

Juba

Southern Sudan

Tongping Area

(near Airport & UNMIS Camp,

behind Payii Road & Construction Co.)

Tel: +249 95 544 5 501


NIGERIA

ETC AGRO CO. LTD.

House No. 21

Olutunda Street

Ilepeju

LagosNigeria

Tel: +234 805 587 9407



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