WORKSHOP AQUA CAPITAL

Communication, Positioning & Reputation

Strategic Workshop

Internal · Confidential · 2026

This workshop is not a presentation.
It is a pause.

Over the past 16 years, Aqua Capital has built something genuinely rare:

A platform with deep operational expertise, a differentiated thesis, and a portfolio of companies that the world's largest food strategics have chosen to acquire.

That is not accidental. It reflects the conviction, discipline and vision of everyone in this room.

And yet the world around us has changed — profoundly and permanently. Food security has become a geopolitical priority. Climate is reshaping the economics of agriculture. Capital is moving in new directions.

The very definition of what agro means — in the eyes of investors, governments, and society — is being rewritten.

In this context, how we communicate what we are is inseparable from how clearly we understand what we are. And in a world that changes faster than at any point in our firm's history, that understanding must be revisited — not once, but continuously.

Today is not about arriving at final answers. It is about asking better questions — together.

The three blocks of reflection that follow are designed to surface what each of you truly thinks, challenge assumptions that may have calcified over time, and open space for a conversation about where Aqua is going and how the world should understand us when we get there.

Before communication, there must be clarity.

Before exposure, there must be positioning.

Before marketing, there must be institutional intent.

SECTION 1

SECTION 3

There are no wrong answers in this room. The goal is not consensus — it is clarity. Every honest disagreement that surfaces today is a sign of a firm that is thinking seriously about its future.

When you explain to someone outside the industry why you work in agro and food, what do you tell them?

If food systems collapsed — not as a metaphor, but as a real scenario — what would be the first five things that stopped working in the world?

In your view, has the definition of 'agro' changed in the last decade? If so, how — and are we reflecting that change in how we present ourselves?

Which global trend — climate, geopolitics, demographics, technology — do you believe will most fundamentally reshape food systems in the next 10 years? And is Aqua positioned to lead in that space?

If a sovereign wealth fund from the Middle East asked you why they should care about Latin American food systems, what would be the three things you'd say?

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SECTION 3

ALMOST DONE!

There are no wrong answers in this room. The goal is not consensus — it is clarity. Every honest disagreement that surfaces today is a sign of a firm that is thinking seriously about its future.

In 10 years, when people in institutional markets think of food systems investing in the Americas, what do you want them to think of first?

Which firm — inside or outside our sector, anywhere in the world — do you most respect for the way they have built their institutional identity and reputation? What specifically do they do that we should learn from?

After a first encounter with Aqua's brand, what is the ideal thing someone says to a colleague?

If Aqua were to be written about in the Financial Times in 2030 — not as a fund, but as a platform that shaped food systems in the Americas — what would the headline say?

Complete this sentence: "Unlike every other fund in our space, Aqua Capital..."

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Communication, Positioning & Reputation

This workshop is not a presentation. It is a pause.

There are no wrong answers in this room. The goal is not consensus — it is clarity. Every honest disagreement that surfaces today is a sign of a firm that is thinking seriously about its future.

This workshop is not a presentation.
It is a pause.