myAgro Quarterly Report | FY 2016 Q3 January – March 2016 Q3 at myAgro was focused on completing farmer enrollment and providing financial trainings to enable farmers to pay at least 30% of their total layaway goal. myAgro completed enrollment with over 24,000 farmers signing up for packages for the FY16 season – 1000 farmers over the enrollment target. Key insights from last year found that farmers who pay a significant portion early during the saving period are much more likely to achieve their layaway goals and to successfully plant with myAgro so myAgro also rolled out new financial trainings during this period in an effort to increase consistent layaway behavior from farmers. In addition to major milestones in the core program, myAgro also started a second pilot partnership with Oxfam and a new pilot partnership with Stromme Foundation to test working with female farmers in savings groups. This is an important opportunity for myAgro to learn not only how to reach more farmers more efficiently, but to also learn about how to partner with larger or more established organizations. We are excited to share additional payment updates and program progress in Q4 so stay tuned! Program Dashboard

Metric FY 13 Actual

FY 14 Actual

FY 15 Actual

FY 16 (E) Goals

FY 16 Actuals to Date

Scale: Farmers Served 1,200 + 3,500 + 10,000 15,000 � 18,000 exp.

Scale: myAgro Team 40 90 180 205 � 180 Scale: Vendors 12 70 226 309 � 313 Impact: % Harvest Increase

30 – 100% 50 – 100% 50 – 80% TBD TBD Dec

Field Sustainability % 24% 30% 29% 43% � 38% # SMS Payments 12,000 25,000 80,000 120,000 �106,662

myAgro Quarterly Report | FY 2016 Q3

Program Timeline

Activity Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Enrollment Payments Delivery Planting Ag Corps Hires Harvest Vendor Selection

myAgro Model myAgro’s unique mobile layaway platform allows farmers to save their funds in small increments, whenever they have cash available, using their mobile phones. myAgro’s system is a smart twist on how people in developing countries buy “airtime” for their cell phones: just as farmers go to their village shop to buy scratch cards for pre-paid phone minutes, they can now buy myAgro cards and layaway $1 to $50 to purchase seed and fertilizer during the planting season. When a farmer buys a myAgro card, a text message with the card’s code and amount is sent to myAgro’s database, and myAgro allocates the amount to the individual farmer’s account. myAgro then purchases high quality seed and fertilizer in bulk and, at planting time, delivers them to farmers along with technical training. myAgro farmers see a 50 - 100% increase in harvest yields, which translates to $50 - 150 in net income. myAgro’s program is an easy, transparent, and scalable way for farmers to increase investment in their farms and increase their income. Over the past several years, myAgro has developed an effective, replicable program model that is becoming increasingly cost-efficient. Each district has a hierarchy of Field Coordinators, Supervisors, Agents, and Vendors who work with farmers. Improvement of the trainings, materials, and systems that support the field teams have driven down the field cost of service delivery from $200/farmer in 2012 to around $60/farmer in 2015. 29% of field costs are currently covered by field revenue. Continued improvements in all of these areas will push the cost per farmer down further and drive myAgro to 100% field sustainability by 2021.

Core Program Update Enrollment and Payment Progress For FY16, myAgro expanded to one new district in Mali and focused on increasing density in existing villages. Total enrolled for the FY16 planting season was over 24,000 farmers. As of January, farmers had already saved 20% of the total annual layaway target, significantly more than in previous years.

myAgro Quarterly Report | FY 2016 Q3 Based on behavioral economic trials from FY 15, the enrollment process in 2016 included several deadlines and incentives to help farmers prioritize their payment progress early. This included a deadline by end of January to earn the myAgro wallet, a coveted status symbol, and a payment deadline specific to “Grande Producteurs” (farmers who contribute 35% of our revenue). Senegal is on track to plant with > 90% of enrolled farmers (similar to last year) while Mali is on track to plant with ~70% of farmers (up from 60% last year). The Mali payment progress to date is significantly higher than previous years due to the new deadline myAgro implemented (farmers had to pay at least $2 to receive the myAgro wallet) and as a result Mali’s numbers are harder to predict and may be higher. New Insights Help Refine myAgro’s Approach to Vegetable Packages In FY16, myAgro’s goal is to scale the existing vegetable program from 500 farmers to 1,500-2000 farmers. In order to do so, myAgro’s Innovation team focused the first part of the year on better understanding farmer challenges and choices in growing vegetables, with the hope of designing new packages and trainings that would increase the number of farmers who successfully completed their layaway package. Key insights included:

• Most farmers choose to grow vegetables as a convenient market crop. Women also expressed interest in planting vegetables because they increase the profitability of a small plot of land. Using these insights, myAgro will evaluate possible improving marketing to increase awareness of the high-impact that vegetables can have.

• Farmers don’t currently prioritize paying for a vegetable package. Data shows that farmers have trouble balancing multiple layaway packages and will prioritize cereal or peanut package payments, treating vegetable payments as secondary and optional. Many women chose to not enroll in a vegetable package unless they were 100% sure that they could finish their primary package (peanuts), preferring the satisfaction of finishing only one goal rather than risk disappointment by trying for a second. In project phase 2, myAgro will research and test new ways to incentivize farmers to make payments towards multiple layaway packages.

myAgro will focus on incorporating these insights into new package options and training modules to make growing vegetables easier and more attractive to farmers.

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myAgro Quarterly Report | FY 2016 Q3 R&D Market Access In addition to providing a mobile layaway platform that enables farmers to access high quality seed and fertilizer, and training on modern planting techniques, myAgro is also trialing a market access program with the goal of linking farmers to mills or grain cooperatives interested in buying their harvests. Because the program is still in trial phase, myAgro currently aggregates farmer harvests and sells them to local mills but in the future hopes to facilitate a more direct linkage between farmer cooperatives and the mills themselves. To date, myAgro purchased 120 tons of maize and roughly 7 tons of peanuts to be sold to mills, compared to 30 tons of maize and around 600 kg of peanuts for the FY14 growing season. Improving Vendor Engagement myAgro believes that vendors can take on increasing levels of responsibility, which can free field agents to serve greater numbers of farmers. With a more efficient farmer to field agent ratio, myAgro can realize greater program efficiencies, driving down total operational costs. In partnership with the World Bank’s Consultative Group to Assist the Poor (CGAP) and Dalberg Design Impact Group, myAgro is trialing a new Vendor Enrollment Toolkit, which could reduce field agent costs by 70% if successful. The Vendor toolkit focuses on:

• Incentivizing vendor engagement via perceived awards including a booklet with badges to mark milestones in number of cards sold etc. and an incentives chart that helps vendors track their incentives in tandem with myAgro field agents;

• Providing an enrollment and monitoring app on a smart phone; • Providing farmer and vendor notifications to enable the vendor

to build a relationship with farmers throughout the entire year and training modules through IVR in local languages.

myAgro will measure whether the toolkit is successful by evaluating the efficacy of vendor activities via the Salesforce data platform (# of sales made, number of new farmers, etc.) as well as via qualitative measurement of vendor & farmer engagement via satisfaction surveys. Expanding Work with Women’s Savings Groups In 2015, myAgro partnered with Oxfam America to learn how the myAgro mobile layaway payment platform could be leveraged for the benefit of Oxfam’s women’s savings groups in Senegal. 53 savings groups (1,465 farmers) gained access to myAgro’s mobile layaway platform and provided farmers with secure and private mechanisms for group savings. In 2016, myAgro and Oxfam are building off the work in Senegal to expand the pilot to 2,000 female farmers in women’s savings groups in Mali. An expanded pilot would support new learnings in:

• How to reap the benefits of group membership (financial discipline, courage, and

peer support) while also encouraging women to plant individual plots of land for individual smallholder plots of land

• Creating new product packages that match the interests of female farmers and introduce new income generating/income smoothing packages like vegetables

• How to adapt and operate the joint model successfully via partnership By scaling this partnership, the expanded pilot would put an increasingly larger number of farmers beyond the $2/day poverty line and drive new insights for a joint model of financial inclusion and myAgro is excited to work again with the Oxfam team.

myAgro Quarterly Report | FY 2016 Q3 Organization and Finance “Grow More with myAgro” – myAgro’s HR toolkit

Retaining top talent and investing in team capacity-building is a major priority of the organization and myAgro has spent the last six months working with a top human resource consultant to develop a comprehensive HR toolkit that helps team members create project plans, track performance, and assist managers in a comprehensive review and development process. With more than 205 staff between three countries, the organization will be rolling this toolkit out in the coming months with the goal of increasing organizational transparency and growth paths for all staff.

Finance & Fundraising myAgro is pleased to achieve a 100% donor renewal rate from 2015 and to have additional support from new family foundations including Pockets of Change, the Hoffman Family Foundation and others. myAgro was also pleased to partner with several new organizations including Stromme Foundation and Global Innovation Fund to trial new partnership activities focused on engaging and supporting farmers in savings groups. By the end of Q3, myAgro has raised $2.5 million for FY 2016 and continues to build a strong pipeline for FY17 and beyond. Investing for Long-Term Success: Massa Bagayogo

Farmers in the rural village of Fani Kodialan, approximately 100 kilometers from Bamako, had good rainfall this year. “In combination with the myAgro package, this resulted in an even better yield than last year,” the 40-year old farmer Massa Bagayogo explains. Each year, she is able to invest more and more in her fields and enjoys the convenience of mobile layaway. The mother of nine children says that before myAgro, it was almost impossible to get high quality seeds and fertilizer to improve her harvests and she used to struggle to keep food on the table. Since joining myAgro four years ago, her fields and her family have thrived.

Massa recently finished harvesting her 1/8-hectare peanut field and she is very satisfied with this year’s yield. “I managed to produce five bags of peanuts, each weighing 100 kilos. I’ll add an additional $90 to my income from peanuts alone!” Using their additional income, female farmers like Massa pay for children’s school fees, buy livestock, and invest in seeds and fertilizer for the following year. Massa has become quite savvy and is already looking ahead to how she can invest in inputs for next year. “I would like to save for another peanut package with myAgro,” she says. “And I will use the extra money that I earned to pay for laborers to plough my land. This is a real investment for me and will help me to get another great yield next year,” Massa explains proudly. “Whenever someone asks me how I have such good harvest results, I tell them about myAgro so they can benefit too.”