Trigon Agri Company Presentation

This presentation was prepared as of September 2012For further information please refer to www.trigonagri.com

September, 2012 Page 2

Who we are

• Trigon Agri is an integrated soft commodities producer, storage provider and trader with operations primarily in Russia and Ukraine

• Overall business strategy covers major value-adding agricultural activities

• Focus on large-scale farming clusters located in the Black Earth regions of Russia and Ukraine

• Total land-bank 181,452 hectares

• Trigon Agri endeavours to operate its agricultural businesses utilising environmentally and agronomically sustainable production methods, so as to protect the environment and consumer, produce food that is safe, of high quality and with a low carbon footprint

1) As at 30.06.2012

1

2

3

4

5

1

2

Trigon cereals production Trigon Dairy

Kirovograd: 20,424haElevator capacity 272,000 t Expansion pot. +40,000t

Penza: 36,173haElevator brown-field site Expansion pot. +100,000t

St Petersburg:

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5

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21

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Region Land, ha

Elevator

capacity,

tonnes

Trigon Agri cereals production

Kirovograd, Kharkov (Ukraine) 52,679 322,200 Stavropol (Russia) 36,589 BrownfieldPenza (Russia) 36,282 BrownfieldSamara (Russia) (land to be sold) 45,425 - Total 170,975 322,200

Trigon Dairy Farming

Estonia (Saaremaa, Kaiu, Väätsa) 7,986 - St Petersburg (Russia) 2,491 - Total 10,477 -

Total Trigon Agri 181,452 322,200

September, 2012 Page 3

Historical development

Jun 2006Dairy farms acquired in Estonia and St Petersburg

May 2007EUR 50 million private placement to international financial investors followed by a listing of the Company’s shares on First North

May 2006Company established with EUR 20 million in seed capital

Aug 2006First cereals farm acquisition in Kharkov (Ukraine)

Oct 2007-Apr 2008Establishment of three production clusters in Kirovograd (Ukraine), Penza (Russia), Samara (Russia)

Apr 2008Launch of sales and trading operations

Jul-Oct 2007First harvest collected in Ukraine in Kharkov cluster

Feb-Apr 2008Acquisition of three additional elevators in Ukraine

May 2008EUR 105 million follow-on capital raising

Oct 2009Acquisition of a production cluster in Stavropol (Russia)

Jun-Aug 2007Acquisition of first two storage elevators in Kharkov region

Aug 2010Acquisition of the minority share of Ramburs Trigon

Dec 2010Approved for listing on the main market of NASDAQ OMX Stockholm

June 2011Concluded a four-year bond issue in amount of SEK 350 million (EUR 38 million)

2011 Record

harvest, firstfull year profit

20083x increase incropped area, first EBITDA profit

2010Positive

EBITDA despiteworst weatherin history

2007First cerealsharvestcollected

2009Strong y-o-y growth in all segments

2006Start of operations

2012First dividend payment

September, 2012 Page 4

Business strategy, competitive strengths

Business strategy

• Acquire land near to road, rail and storage infrastructure

• Set up operations near to regional population centres

• Use primarily highest capacity Western manufactured machinery

• Use Russian language speaking management teams

• Develop integrated commodities, production, storage and trading operations

• Production clusters in geographically diversified areas allowing for weather hedge

• Be a leader in applying sustainable farming methods in the former Soviet Union

Competitive strengths

• High-quality land portfolio

• Optimal geographic location with access to required infrastructure and personnel

• Some of the lowest production costs in its region and in the sector globally

• Efficient application of modern agricultural know-how in the former Soviet Union setting

• Integrated business model with access to grain elevators and trading expertise

Value chainLand

acquisition and lease

Crop farming Crop storage Grain tradingProcessing

(not part of Trigon Agri)

September, 2012 Page 5

Asset description: Ukraine cereals production

• Ukraine cereals production

– Acquisition of first farm: 2006

– Area cropped1): 50,114ha

– Land under control2): 52,679ha

– Incl land under rental agreements2): 52,679ha

– Number of employees2): 615

– Total asset value2): EUR 56,130 thousand

– Incl non-current assets2): EUR 16,653 thousand

– EBITDA3): EUR 10,246 thousand

– EBITDA per ha3): EUR 204

– Storage elevator capacity2): 322,200 tonnes

• Operational focus:

– Increase efficiency of existing operations

– No near term expansion

• Ukraine cereals production constitutes of two smaller operational units (for details please refer to slide 6 and 7):

– Kharkov unit

– Kirovograd unit

1) In 2011 2) As at 30.06.2012 3) 2011 including Trigon Agri Group overhead allocation

Kiev

Port of Odessa

Port of Jushnyi Azov Sea port

Port of Novorossiysk

Kharkov unit

Kirovograd unit North

Major citiesMajor portsTrigon Agri cereals production

Kirovograd unit South

September, 2012 Page 6

Asset description: Ukraine cereals production, Kharkov unit

• Ukraine cereals production, Kharkov unit

– First harvest collected in 2007

– Area cropped1): 30,398ha

– Storage elevator capacity2): 50,000 tonnes

– The Group’s oldest cereals production unit

1) In 20112) As at 30.06.2012

Ukraine Kharkov

Gross yield, t/ha 2007 2008 2009 2010 2011

Winter wheat 2.95 5.66 4.14 3.85 4.71

Corn 5.26 6.24 5.78 2.22 8.03

Winter rapeseed - - - 3.01 1.52

Sunflower 2.52 2.74 2.71 1.86 2.95

Soya - 1.30 1.40 0.99 2.22

Total cereals 2.50 4.57 3.36 2.17 3.67

Kharkov city

Kharkov unit field structure:Western block

Kharkov unit field structure:Eastern block

Storage elevator

Storage elevator

1cm= 4.46km

1cm = 4.75km

1cm = 15.50kmMajor citiesTrigon Agri cereals productionTrigon Agri storage elevator

September, 2012 Page 7

Asset description: Ukraine cereals production, Kirovograd unit• Ukraine cereals production,

Kirvograd unit

– First harvest collected in 2008

– Area cropped1): 19,716ha

– Storage elevator capacity2): 272,200 tonnes

1) In 20112) As at 30.06.2012

Ukraine Kirovograd

Gross yield, t/ha 2008 2009 2010 2011

Winter wheat 3.52 3.95 3.75 3.74

Corn 5.33 7.98 7.67 11.55

Winter rapeseed 1.75 1.55 2.03 1.33

Sunflower 1.62 1.61 2.15 1.70

Soya 1.02 1.90 1.52 1.84

Total cereals 3.16 3.13 3.01 4.18

Nikolaev city

Kirovograd unit field structure:Southern block

Kirovograd unit field structure:Northern block

Storage elevator

1cm = 4.37km

1cm = 3.33km

1cm = 24.7km

Major citiesTrigon Agri cereals productionTrigon Agri storage elevator

September, 2012 Page 8

Asset description: Stavropol (Russia) cereals production

• Stavropol cereals production

– Acquired in 2009

– Area cropped1): 16,938ha

– Land under control2): 36,589ha

– Incl land in ownership2): 32,921ha

– Incl land under rental agreements2): 3,668ha

– Number of employees2): 119

– Total asset value2): EUR 25,036 thousand

– Incl non-current assets2): EUR 18,355thousand

– EBITDA3): EUR 692 thousand

– EBITDA per ha3): EUR 41

– Brownfield storage elevator

• Operational focus:

– Increase cropped area and efficiency

1) In 2011 2) As at 30.06.2012 3) 2011 including Trigon Agri Group overhead allocation

Russia Stavropol

Gross yield, t/ha 2010 2011

Winter wheat 2.56 3.34

Corn - -

Winter rapeseed - 1.34

Sunflower 1.28 1.09

Soya 0.42 0.37

Total cereals 2.13 2.11

Stavropol city

Ipatovo city

Stavropol cluster field structure

1cm = 8.99km

1cm = 3.43km

Major citiesTrigon Agri cereals production

September, 2012 Page 9

Asset description: Penza (Russia) cereals production

• Penza cereals production

– Acquired in 2008

– Area cropped1): 12,687ha

– Land under control2): 36,282ha

– Incl land in ownership2): 36,282ha

– Number of employees2): 98

– Total asset value2): EUR 33,703 thousand

– Incl non-current assets2): EUR 21,852 thousand

– EBITDA3): negative

– Brownfield storage elevator

• Operational focus:

– Increase cropped area

– Increase efficiency

1) In 2011 2) As at 30.06.2012 3) 2011 including Trigon Agri Group overhead allocation

Russia Penza

Gross yield, t/ha 2008 2009 2010 2011

Winter wheat 1.86 3.00 2.24 2.47

Corn - - - -

Winter rapeseed - - - 0.96

Sunflower 0.56 0.91 1.08 1.33

Soya - - 0.38 1.21

Total cereals 1.54 2.22 1.75 1.80

Penza cluster field structure

Saransk city

Kuznetsk city

Penza city

1cm = 15.3km

1cm = 2.9km

Major citiesTrigon Agri cerealsproduction

September, 2012 Page 10

Asset description: Rostov (Russia) cereals production• Rostov cereals production

– New cluster to be acquired in 2012

– Area cropped: 21,000ha of the farm area has been in uninterrupted farming use since the Soviet period

– Total land under control: 31,081ha

– Farm-based grain storage: 20,000 tonnes

– Irrigation infrastructure, allowing to quickly put into irrigation 5,500ha and potentially increase the irrigated area up to 20,000ha

Rostov cluster field structure

Rostov-on-Don cityAzov Sea port

1cm = 29.8km

1cm = 3.3km

Major citiesMajor portsTrigon Agri cereals production

September, 2012 Page 11

Asset description: Samara (Russia) cereals production

• Samara cereals production

– Acquired in 2008

– Land under control2): 45,425ha

– Incl land in ownership2): 42,425ha

– Total asset value2): EUR 27,645 thousand

– Incl non-current assets2): EUR 24,540 thousand

• Operational focus:

– Discontinue cereals farming operations starting from 2012

– Divestment of operations

1) In 20112) As at 30.06.2012

Samara city

September, 2012 Page 12

Asset description: Trigon Dairy Farming milk production

• Trigon Dairy Farming milk production

– Acquisition of Kaiu and Kärla farms: 2006

– Acquisition of St Petersburg (Dobruci) unit as a greenfield project: 2006

– Acquisition of Väätsa farm: 2012

– Number of milking cows1): 3,873

– Land under control1): 10,477ha

– EBITDA2): EUR 2,284 thousand

– EBITDA per milking cow2): EUR 1,210

• Operational focus:

– Expansion of dairy operations through new acquisitions

– Separate listing of AS Trigon Dairy Farming

1) As at 30.06.20122) In 2011

Karla

Kaiu / Väätsa

Dobruchi

ESTONIA

LATVIA

RUSSIA

September, 2012 Page 13

Cereals production

• As at August 16, 2012 the Group had completed 53% of the total estimated harvesting by area

• The total expected harvested area in 2012 is 87 thousand hectares (89 thousand hectares in 2011)

• The total expected gross harvest 14% lower compared to previous year

• Production was negatively influenced by severe drought and extreme heat conditions in the Stavropol production cluster (Russia) and Nikolaev production cluster (Ukraine)

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2007 2008 2009 2010 2011 2012E

Gross tonnes

Crop plan, ha

CROP PRODUCTION DYNAMICS

Crop plan, ha Gross production, t

September, 2012 Page 14

Storage, Trading & Milk production 2011

• Cereals Storage– During 2011 the cereals storage elevators of the Group handled a total of 312 thousand tonnes of commodities (2010: 253 thousand tonnes)

• Cereals Sales and Trading– The total volume of grains sold in 2011 was 219thousand tonnes (344 thousand tonnes in 2010)

– In 2011 88% of the sales were performed to the domestic market in Ukraine and Russia and 12% of the sales to export markets with CPT delivery terms.

– Out of the total volumes handled 77% was made up of the Group‘s own commodities (59% during 2010)

• Milk production– Showed continued efficiency improvements in 2011 – Milk productivity per cow increased up to 7% year-on-year

– In St Petersburg the Group continued the build-up program and increasing the number of cows

September, 2012 Page 15

Financial highlights 2011 and 1H 2012

• 2011 full year results:

– Total revenue, other income, fair value adjustments and changes in inventory: EUR 75,466 thousand (EUR 76,557 thousand in 2010)

– EBITDA: EUR 14,057 thousand (EUR 1,425 thousand in 2010)

– EBIT: EUR 6,242 thousand (loss of EUR 5,312thousand in 2010)

– Net profit: EUR 1,202 thousand (loss of EUR 7,723thousand in 2010)

• 1H 2012 results:

– Total revenue, other income, fair value adjustments and net changes in inventory: EUR 47,429 thousand (EUR 45,249 thousand in 1H 2011)

– EBITDA: EUR 16,130 thousand (EUR 21,042 thousand in 1H 2011)

– EBIT: EUR 11,946 thousand (EUR 17,251 thousand in 1H 2011)

– The Net profit: EUR 7,708 thousand (EUR 16,026 thousand in 1H 2011)

-12,000

-8,000

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2007 2008 2009 2010 2011

EUR thousand

2007 - 2011 EBITDA and Net profit development

September, 2012 Page 16

Income statement 2011 by segments

2011, in EUR thousand

Cereal

production

Ukraine

Cereal

production

Russia

Milk

production

Storage

services

Sales

and

trading

Eliminations

between

segments Total

Revenue between segments 17,031 7,439 - 2,603 49 -27,122 - Revenue from external customers 2,918 238 5,858 4,139 34,842 - 47,995Total segment revenue 19,949 7,677 5,858 6,742 34,891 -27,122 47,995

Subsidies 23 123 1,127 - - - 1,273Other income 700 4,661 143 127 2,105 -1,960 5,776Change in biol.assets 377 -198 94 - - - 273TOTAL income 21,049 12,263 7,222 6,869 36,996 -29,082 55,317

Change in inventories 13,835 4,603 1,974 -1 -264 2 20,149OPEX -24,638 -16,283 -6,912 -5,588 -37,068 29,080 -61,409EBITDA 10,246 583 2,284 1,280 -336 - 14,057

2010, in EUR thousand

Cereal

production

Ukraine

Cereal

production

Russia

Milk

production

Storage

services

Sales

and

trading

Eliminations

between

segments Total

Revenue between segments 17,696 9,811 - 6,716 1,282 -35,505 - Revenue from external customers 3,087 6,463 4,440 5,444 55,270 - 74,704Total segment revenue 20,783 16,274 4,440 12,160 56,552 -35,505 74,704

Subsidies 116 544 816 - - - 1,476Other income 1,108 2,518 145 376 381 -163 4,365Change in biol.assets -826 -2,187 42 - - - -2,971TOTAL income 21,181 17,149 5,443 12,536 56,933 -35,668 77,574

Change in inventories -93 -3,049 984 - 2 1,139 -1,017OPEX -19,470 -16,186 -5,026 -12,103 -56,876 34,529 -75,132EBITDA 1,618 -2,086 1,401 433 59 - 1,425

September, 2012 Page 17

Income statement 1H 2012 by segments

1H 2012, in EUR thousand

Cereal

production

Ukraine

Cereal

production

Russia

Milk

pro-

duction

Storage

services

Sales

and

trading

Eliminations

between

segments Total

Revenue between segments 11,828 3,243 2 504 5,363 -20,940 -

Revenue from external customers 222 19 4,203 1,469 22,121 28,034Total segment revenue 12,050 3,262 4,205 1,973 27,484 -20,940 28,034

Subsidies 1 17 318 - - 336Other income 207 354 41 15 1 618Change in biol.assets 24,431 8,293 992 - - 33,716TOTAL income 36,689 11,926 5,556 1,988 27,485 -20,940 62,704

Change in inventories -14,105 -2,832 637 - 381 644 -15,275Cost of purchased goods 15 -4 -19 -5 -26,040 19,722 -6,331OPEX -11,081 -6,806 -6,003 -2,128 -1,502 574 -26,946Gain from bargain purchase - - 1,978 - - 1,978EBITDA 11,518 2,284 2,149 -145 324 16,130

1H 2011, in EUR thousand

Cereal

production

Ukraine

Cereal

production

Russia

Milk

pro-

duction

Storage

services

Sales

and

trading

Eliminations

between

segments Total

Revenue between segments 301 397 - 472 15 -1,185 -

Revenue from external customers 644 70 2,760 1,347 2,292 7,113Total segment revenue 945 467 2,760 1,819 2,307 -1,185 7,113

Subsidies 22 32 483 - - 537Other income 148 34 153 31 22 388Change in biol.assets 26,116 12,436 346 - - 38,898TOTAL income 27,231 12,969 3,742 1,850 2,329 -1,185 46,936

Change in inventories -1,563 -438 313 - - 1 -1,687Cost of purchased goods -383 -857 -47 -122 -1,932 823 -2,518OPEX -10,048 -6,373 -3,080 -2,006 -543 361 -21,689EBITDA 15,237 5,301 928 -278 -146 21,042

September, 2012 Page 18

Trigon Agri balance sheet as of 30.06.2012

in EUR thousand 30.06.2012 31.12.2011

ASSETS

Cash and cash equivalents 6,805 19,313Trade and other receivables 21,040 19,282Inventories 12,878 29,865Biological assets 40,351 5,818Assets held for sale 67 138Total current assets 81,141 74,416

Prepaid land rents and land usage rights 5,464 5,876Other non-current prepayments 62 2,209Biological assets 9,083 5,143Other non-current assets 790 823Investment Property 23,878 22,486Intangible assets 192 -Property, plant and equipment 92,312 83,407Total non-current assets 131,781 119,944

Total assets 212,922 194,360

LIABILITIES

Trade and other payables 11,717 8,446Borrowings 9,059 7,891Total current liabilities 20,776 16,337

Trade and other payables 1,321 392Borrowings 55,340 51,856Deferred tax liabilities 3,046 3,077Deferred income from EU subsidies 656 600Total non-current liabilities 60,363 55,925

Total liabilities 81,139 72,262

EQUITY 131,153 121,670

Non-controlling interest in equity 630 428Total equity 131,783 122,098

Total equity and liabilities 212,922 194,360

Property, plant and equipment

Investment property

Biological assets

Other assets

Cash

Equity

Borrowings

Other liabilities

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Assets Equity and liabilities

BALANCE SHEET STRUCTURE 30.06.2012

September, 2012 Page 19

Dividend policy

• New dividend policy

– 2011 was a milestone year for us as we achieved our first full year net profit. On the back of this result we instituted a dividend policy of 30% of net profits at our annual general meeting in April 2012. This policy will dictate our dividends going forward with the first dividend already paid to our shareholders for the 2011 financial year.

September, 2012 Page 20

Outlook and vision

• Trigon Agri retain the targets for increasing the area harvested in the cereals production operations and expanding storage capacity

• Internal average 20% Return On Equity (ROE) target

– Expansion will only subject to our investment plans meeting stringent criteria regarding ROE

– Some parts of our business are already showing substantially higher ROE’s

– Focus is to make sure all of our assets yield at least our targeted returns over time, allowing for annual volatility related to weather or price fluctuations

• Prices year to date have shown a positive dynamic and are currently substantially higher than during the second half of last year

• The outlook for 2012 is favourable but we still have to see how the year will unfold in terms of the local weather conditions

Trigon Agri’s vision is to be one of the most cost efficient integrated softcommodities producers globally using sustainable farming methods

September, 2012 Page 21

Share and shareholders

The Group changed its listing currency from EUR to SEK on May 11, 2010.

Share price development

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Price, SEKVolume

Total volume Closing price SEK Nordic Small Cap SEK Pl

Follow-on offering EUR 1.50 (15.0 SEK)

Initial listing EUR 1.25 (11.5 SEK)

Major nominee shareholders as at 30.06.2012 Country No of shares Holdings in %

SWEDBANK Estonia/Sweden 13,412,933 10.3% JPM CHASE NA United Kingdom 12,678,284 9.8% ALECTA PENSIONSFÖRSÄKRING Sweden 11,400,000 8.8% J P MORGAN CLEARING CORP, W9 USA 10,533,489 8.1% SSB CL OMNIBUS AC OM09 (30PCT) USA 9,170,573 7.1% UB SECURITIES AB Finland 8,712,501 6.7% FIM BANK LTD Finland 7,251,998 5.6% MORGAN STANLEY & CO INC, W9 USA 7,085,409 5.5% NORDEA BANK FINLAND ABP Finland 4,884,431 3.8% CBLDN-POHJOLA BANK PLC CLIENT A/C Canada 4,827,471 3.7% SIX SIS AG, W8IMY Sweden 4,322,623 3.3% NTC S/A UK RESIDENTS USA 2,489,220 1.9% OTHER 32,858,547 25.3% TOTAL 129,627,479 100.0%

September, 2012 Page 22

Bond information

• Name: TAGR 001 O2

• ISIN code: SE0004019008

• Listed on the Corporate Bond List of NASDAQ OMX Stockholm

• The principal amount: SEK 350 million

• Nominal amount of one bond: SEK 10 thousand

• Issue date: June 29, 2011

• Final redemption date: June 29, 2015

• Next coupon date: June 29, 2013 (interest payments on June 29 each year)

• Annual fixed interest rate: 11%

• Financial covenants: ratio of Financial Indebtness to Shareholders Equity will never exceed 75%

Appendix

September, 2012 Page 24

State-of-the-art equipment base

500-550Hp tractor class

300-350Hp tractor class

Self-propelled sprayers

Combine harvesters

September, 2012 Page 25

Machinery monitoring

• All fields GPS mapped

• All equipment GPS monitored

Tallinn GPS controlcentre

24 hourmonitoring

Ukrainecereals

production: machineryGPS trackers

Stavropol cereals

production: machineryGPS trackers

Rostov cereals

production*: machineryGPS trackers

Penza cereals

production: machineryGPS trackers

*New cluster to be acquired in 2012

September, 2012 Page 26

Global industry overview

Source: UN, OECD, FAO, Knightfrank.com* In Ukraine only long-term land rental agreements can be acquired

0.10

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0.35

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0.45

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0.55

1960

1965

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2010

2015

2020

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2035

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2045

2050

Arable land, hectares per capita

02,0004,0006,0008,00010,00012,00014,00016,00018,000

England

France US

New-Zealand

Poland

Romania

Australia

Bulgaria

Brazil

Canada

Russia

Ukraine*

Farmland prices, USD per hectare

September, 2012 Page 27

Global industry overview (cont.)

Source: USDA

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CHINA FEED CONSUMPTION (WHEAT, CORN, SOYABEANS COMBINED)

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CHINA IMPORTS

Soybean Corn Wheat

September, 2012 Page 28

Global industry overview (cont.)

Source: USDA

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INDIA FEED CONSUMPTION (WHEAT, CORN, SOYABEANS COMBINED)

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INDIA IMPORTS

Soybean Corn Wheat