LAKE CHARLES HARBOR AND TERMNAL DISTRICT ANNOUNCES AGREEMENT WITH IFG PORT HOLDINGS, LLC

The Board of Commissioners at the regularly scheduled monthly meeting of The Lake Charles Harbor and Terminal District authorized an agreement with IFG Port Holdings LLC (“IFG”). The purpose of the agreement is for IFG to design, construct and operate a state of the art export grain terminal at the Port's City Docks facility. IFG‘s capital investment at the Port of Lake Charles is expected to be up to $50 million.

“This agreement with IFG supports the continuing efforts made by the Port to promote jobs and economic development in Southwest Louisiana,” said Harry Hank, President of the Lake Charles Harbor and Terminal District. “The Port is pleased to enter into this agreement with IFG and looks forward to working with the IFG personnel to attract and grow agricultural exports through Southwest Louisiana.” Hank added.

Once completed the grain terminal will create up to 25 new jobs and will handle a substantial amount of agricultural products, most of which will arrive by rail. Prior to reaching an agreement with IFG, the Port held meetings with the Mayor of the City of Lake Charles, city commissioners, local law enforcement, and fire and rescue personnel and discuss the movement of rail traffic through the City of Lake Charles. The new terminal will include grain silos, conveyer systems and a ship loader capable of loading up to 2,000 tons per hour.

IFG is a global investment firm headquartered in New York. IFG specializes in developing, funding and operating infrastructure projects with a focus on agribusiness and port related investments. Grain Bulk Handlers Limited, a portfolio company of the IFG Fund L.P., operates the largest import grain terminal in Africa with a storage capacity exceeding of 155,000 metric tons (over 6 million bushels). This grain terminal operation is an integral part of the East African agricultural supply chain handling cargo for the World Food Programme, USAID and various food aid programs as well as numerous commercial importers. This terminal handles cargo destined for 8 countries in the region with a combined population exceeding 100 million people.

IFG is focused on establishing a global supply chain for grains by developing grain terminals in origination and destination markets worldwide. After carefully assessing various ports in the U.S. Gulf Coast and after a great deal of research, IFG determined that the Port of Lake Charles was the ideal location for a state of the art grain terminal to serve new markets worldwide and help increase US agricultural exports through Southwest Louisiana.