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Livestock Meat outlook China February 25, 2008 Table of contents Shiyao Investment Ltd Outlook of China livestock situation in 2008 Opportunities for US grain and livestock producers Shiyao Investment Ltd Shiyao Investment Ltd is a very focused company providing advisory and investment banking services with a strict focus on Greater China and Japan and on the complete food chain, from the farm to the end consumer. We are headquartered in Shanghai and established since 1999 Meat consumption in PRC: 92-02 Evolution of meat production in China between 1962 and 2002 Beef Consumption in PRC There are three forms of consumption for beef in PRC: 1. Frozen beef: Chinese beef cooking methods are mostly based on frying, and boiling while adding many condiments. People are used to buy frozen beef products for home consumption especially for festivals opportunities. 2. Fresh beef: This is the main form of consumption of residents particularly in rural market. Most people won’t keep the beef meat more than eight hours after buying it fresh. 3. Chilled beef: this form of consumption has developed in recent years. Together with the growth of modern retailers in PRC. ? Consumers consumption preference has evolved (from fresh meat to chilled meat, and from fat meat to lean meat, with a tendency to high quality consumption). Import/Export value of beef meat in PRC for the last 10 years Beef imports forecast By 2008, USMEF (US Meat Export Federation) expects Chinese beef imports to nearly double from levels of 2004. Increases in per capita income, improvements in the frozen product distribution chain, increasingly Western tastes and lower import duties will drive such import growth. Given the genetic constraints of the Chinese herd and the lack of intensive grain-fed production, USMEF estimates that China will face a serious challenge to meet its demand for high-quality beef with domestic sources – and will need to import more.