Not applicable.

Altima Advisors:
The Altima Advisors have extensive experience in private equity investments with a strong track record.

It is proposed that IFC’s participation in the Investment Vehicle will be up to $75 million as described as above.

75.0 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	75.0

* These investment figures are indicative

The project will be in emerging countries globally.

IFC anticipates that the project will unlock the productive potential of agricultural land in emerging countries through investment in agri-business companies and have the following development impacts:

- the productivity of farm land and assets acquired and/or leased will be improved, increasing food production and value of farmland;
- local agricultural practices will be improved through the demonstration impact of the investee companies’ operations;
- local communities will benefit from the improvement in farming revenues and the associated demand for goods and services; and
- governments will benefit as farming operations become more profitable and are liable to higher income taxes.

With the proposed investment, IFC seeks (via the project) to indirectly cause the mobilization of international capital for land and primary production investments. The project investments are expected to benefit from the Altima Advisers emerging countries experience and sector expertise. The inclusion of IFC’s environmental and social sustainability standards and the monitoring of compliance will improve the quality of investments and intends to serve a demonstration effect to primary production industry

IFC have classified the project as a Category FI project according to IFC’s Environmental and Social Review Procedure.

During appraisal, IFC will analyze the Fund’s expected portfolio and sectors of investment and determine the Applicable Requirements if any, that would include a combination of:

- The IFC FI Exclusion List; and
- The applicable National Social and Environmental Laws and Regulations; and
- The IFC Performance Standards.

IFC will also review, if required, the capacity of the Fund to manage social and environmental risks and to establish and maintain a Social & Environmental Management System (SEMS). IFC may suggest Supplemental Actions to address any gaps in the SEMS if required.

IFC expects Altima to work with companies they are investing in to implement mitigation measures proportionate to identified risks on a case-by-case basis. In order to do this, Altima will be required to:

- Establish and maintain a Social & Environmental Management System (SEMS). IFC may suggest Supplemental Actions to address any gaps in the SEMS if required.
- Establish and maintain an Environmental and Social Criteria (ESC) to be followed when considering investments in consultation with and in to the satisfaction of IFC.
- Identify qualified persons that will be responsible to manage and implement the ESMS and ESC.
- Commit to implement the ESMS and ESC, with a view to ensuring that investments/activities supported by IFC financing are in compliance with the IFC FI Exclusion List, the applicable National Social and Environmental Laws and Regulations and, the applicable IFC Performance Requirements.
- Take reasonable action to remedy any gaps in SEMS implementation on an ongoing basis, and
- Submit a periodic report to IFC as per a format to be agreed with IFC.

The ESC for all operations will address the requirements stated in IFC Performance Standard 5 regarding land acquisition and involuntary resettlement and IFC Performance Standard 6 regarding biodiversity conservation.

Altima will report annually to IFC on its compliance with the above requirements, according to a mutually agreed format.