ASTAPepperCropReport

AlanMilroyJupiterCommodities,Inc.

VietnamCropFebruary April2012

DongNai 11,000/13,000mtBinhPhuoc 28,000/30,000mtGiaLai 29,000/32,000mtDakNong 15,000/17,000mtDak Lak 15,000/17,000mtOthers 22,000/24,000mt===============================Total 120,000/133,000mt

IndianCropFebruary May2012

KarnatakaregionChickmanglore 10,000/12,000mtHassan/Saleshupur/Coorg 8,000/9,000mt

KeralaregionIdukki 10,000/11,000mtWynad 7,000/8,000mtOthers(Kotiayam/Calicutetc)9,000/10,000mt======================================

Total 44,000/50,000mt

BrazilCrop

August November2012

Para(NorthBrazil) 29,000/31,000mtEspirtoSantos (SouthBrazil) 6,000/7000mt=======================================Total 35,000/38,000mt

IndonesiaCropJan March2012 4,500mtJuly September2012 22,000/26,000mt=========================================Total 26,500/30,500mt

Note:Jan MarchcroppredominatelyLightberries

Sarawak(Malaysia)Crop

April June2012

Sarawak 10,000/12,000mt

Note:Includesabout40%whitepepperand60%blackpepper.

OtherAreaCrop2012SriLanka 9,000/11,000mtblackpeppermostlyfordistillationMadagascar 1,500mtblackpepperFAQgradesCambodia 4,000mtblackpeppermostlyFAQgradesChina 21,000/22,000mt MostlywhitepepperMisc. 4,000/5,000mt==========================Total 39,500/43,000mt

BlackPepperProduction2012 CarryoverasofJanuary1,2012

Vietnam 5,000mtIndia 15,000mtBrazil 13,000mtIndonesia 6,000mtSarawak 7,000mtOthers 4,000mt===========================SubTotal 50,000mt

Adjustmentsforwhiteproduction()Vietnam 1,000mtBrazil 500mtSarawak 2,000mtOthers 2,000mt============================Subtotal 5,500mt

Totals44,500mt

Vietnam 120/133,000mtIndia 45/50,000mtBrazil 35/38,000mtIndonesia 26.5/30,500mtSarawak 10/12,000mtOthers 39.5/43,000mt============================SubTotal276,000/306,000mt

Adjustmentsforwhiteproduction()Vietnam 25,000mtBrazil 3,500mtSarawak 4,500mtOthers 26,000mt============================Subtotal 59,000mt

Totals217,000/247,000mt

Totalavailableblackpepper2012:261,000mtupto291,500mt

WhitePepperProduction2012

Indonesia 16,000mtVietnam 25,000mtBrazil 3,500mtSarawak 4,500mtOthers 26,000mt============================SubTotal75,000mt

CarryoverasofJanuary1,2012

Indonesia 10,000mtVietnam 1,000mtBrazil 500mtSarawak 2,000mtOthers 2,000mt===========================SubTotal 15,500mt

Totalavailablewhitepepper2012:90,500mt

Totalblackpepperproduction2012 217,000mt/247,000mtTotalblackpeppercarryover01/01/201244,500mt========================================================Totalblackpepperavailable2012261,500/291,500mt

Totalwhitepepperproduction2012 75,000mtTotalwhitepeppercarryover01/01/2012 15,500mt========================================================Totalwhitepepperavailable201290,500mt

Totalblack&whitepepperavailable2012352,000/382,000mt

ExportsBlack&WhitePepper,January March2012

Vietnam30,900mt

India6,000mt

Indonesia7,000mt

Brazil6,500mt

Misc.5,000mt

Total=55,400mt

ConsumptionofBlackandWhitePepper

Consuming/NonProducingAreas 187,000/205,000mt

NorthAmerica70,000/75,000mt

Europe70,000/75,000mt

Asia/PacificRim25,000/28,000mt

MiddleEast12,000/15,000mt

Africa10,000/12,000mt

ProducingCountries/Domestic 127,000/136,000mt

Brazil&South/CentralAmerica7,000/9,000mt

Asia(Viet/Indo/India/China/Etc)120,000/125,000mt

TotalWorldConsumption:314,000/341,000mt

SubTotal:127,000/136,000mt

SubTotal:187,000/205,000mt

Totalworldproduction 292,000mt/322,000mtTotalworldconsumption 314,000mt/341,000mt========================================================Difference2012prod.vs.consumption ()22,000/19,000mtAddedcarryover (+)60,000/60,000mt========================================================TotalAvailable/Consumption38,000/41,000mt

TotalofBothBlackandWhitePepperfor2012

DEFICIT

EXCESS

Consumption Ingeneralworldconsumptionhasincreasedby3%perannum.

ThemaingrowthhoweverhasbeeninIndiaandAsiaPacificareas.

TheConsumptionofpepperisgrowingnotsomuchwithincreasedpopulationbutmajorchangesininternationaleatinghabits.

Consumptionisalsogrowingwiththeinternationalincreaseofmiddleclassindevelopingcountries.

Iftheworldfinancialandpoliticalmarketsremainreasonablystablewecanexpectacontinuedgrowthinconsumptiononaglobalscale.

Pepperdemandshouldbeconsideredbasicallyinelasticbasedoncontinuedhigherconsumptionduringthisperiodofhighprices.

Production Generallyspeakingweshouldexpectproductiontofallinthepresent

producingcountries LandpricesinnonCommunistproducingcountriesisincreasingrapidly

duetoincreasedpopulations Laborcostsareincreasingthroughoutproducingareas Productioncosts fertilizer irrigation watercostsincreasingaswell

energyprices Waterandirrigationbecomingmoreandmoreanissueasresidential

areascompetewithfarmers Pepperhascompetingcropssucharerubber,coffee,cocoa,freshfruits,

palmoil,etc. Withpotentialglobalwarmingwecanexpectmoreextremeweather

patterns NewareasshalldevelopsuchasCambodia Laos andperhapsAfrica

inareasalongtheequatorialband

Conclusion

Worldpepperproductionversusworldconsumptionisaboutevenwithinthemarginoferrorofabout20,000mt.

Carryoverstocksinproducingcountrieshasfallenbyatleast50%overlast4yearsandcanassumewillnotberebuiltatthesehighpricelevels.

ExpectedcontinuedgrowthinworldpopulationsespeciallyAsiaandPacificrimcountries.

Continuedglobal"fusion"ofeatingculturesandincreaseinconsumptionofprocessed/readymadefoods .

Variableseffectingconclusion: Economy exchangerates overallincreaseinvirtuallyall

commodityprices geopoliticalunrestinvariouspartsoftheworld.

Thankyou

SEEYOUIN2013!

PLEASELEAVEMEETINGEVALUATIONS

WITHASTASTAFFTHANKYOU!