AFRICAN AGRICULTURE FUND, A PRIVATE EQUITY FUND MANAGED BY PHATISA FUND MANAGERS LIMITED

Counsel to the African Agriculture Fund, a private equity fund managed by Phatisa Fund Managers Limited (Phatisa) which entered into a subscription agreement with Torre Industries Limited in terms of which AAF subscribed for 40% of the ordinary shares in Torre Equipment Africa Limited (TEA). This transaction constituted an approximate $15 million investment by Phatisa in TEA’s business. TEA is a pan-Africa equiptment distributor with operations in Cote d`Ivoire, Ghana, Liberia, Sierra Leone, Cameroon and Botswana.