Blueberry III

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 The proposed investment is to provide an additional new €9M senior secured syndicated loan (shared equally among IFC and FMO (Netherlands DFI) (collectively the “Lenders”) to United Exports Limited (“UE” or the “Company”) and its subsidiaries. The investment will be to establish frost mitigation measures as follows: (i) capital expenditure (CAPEX) on frost mitigation through: purchase and installation of equipment wind turbines, tunnels and sprinklers to improve circulation of warm air in farms worst hit by frost; purchase of temperature monitoring systems; replacement of existing berry orchards with varieties outside of the frost windows on farms worst hit by frost; (ii) expansion of berry orchards in the southern part of South Africa. An additional 47 ha of berry orchards will be established in existing farms; (iii) Establishment of a new farm or expansion of berry orchards of an additional 45 ha. UE operations involve growing, grading, processing, cooling and exporting of blueberries that covers (i) a propagation laboratory and plant nursery; (ii) farm preparation and establishment of irrigation and orchard infrastructure, netting infrastructure, planting, growing and harvesting of blueberries at 11 farms; (iii) on-site bulk packing and temporary storage; (iv) transport to central packing facilities (“the packhouse”); and (v) freight forwarding operations (primarily via ocean freight and secondarily via sea freight) to receiving facilities located near their customers. In 2019, IFC, IFU and FMO provided €30M mezzanine loan (current outstanding: €18M), and in 2020, IFC/FMO provided €3M COVID fast-track facility. Details on these investments can be found at: https://disclosures.ifc.org/project-detail/ESRS/40468/mbiza-blueberries and https://disclosures.ifc.org/project- detail/SII/44578/blueberry-covid. IFC’s findings of UE’s E&S performance for the duration of these loans has been deemed as satisfactory. The company continues to exhibit good E&S performance, maintains a credible E&S management system (ESMS) and certification to sustainability standards including GlobalGAP, the Sustainability Initiative of South Africa (SIZA) and the British Retail Consortium (BRC) for the packhouse.