Dear Shareholder,

I regret to inform you that the sale of the farm in Oravita has come to a bit of a standstill.
This has come as a surprise, since the buyers have spent a lot of time and money on Due Diligence, etc., without any particular remarks or issues arising.

The buyers, with whom we have been negotiating for around 10 months, remain very interested, but have just announced that they are unable to enter into a binding agreement at this stage, with at least a further 2 months going by before any resumption of the process. We do not feel that we can sit around and wait for so long, and we are therefore once again offering the site for sale to both new and previously interested buyers.

At the time that the previous newsletter was issued, the harvest of wheat and rape had just commenced in Amaru. Yields were lower than expected – wheat 5 t/ha and rape 2.6 t/ha – due in particular to the severe impact of last winter on crops in this area.In Videle the final yields were 6.8 t/ha for wheat and 3.5 t rape/ha.135 ha of soya have been harvested at a yield of 1.5 t/ha – with soya being hit by a hailstorm earlier in the year. This yield is, however, high enough to generate a considerable subsidy, whilst also qualifying as an MFO crop.

A small amount of sunflower has been harvested with a provisional yield of approx. 2 t/ha. The remaining sunflower and maize will be ready for harvesting within a few weeks, after which we will issue a final statement with regard to the harvest.

The majority of winter rape is in the ground, whilst sowing of wheat will begin within a few days using those species that can cope with early sowing. We will try to sow as much winter seed as possible.

The shareholders’ meeting is scheduled to be held on Monday 27 November at 11.00 in Tårnsalen at Agri Nord, Hobrovej 437, in Aalborg.

This newsletter is somewhat shorter than normal, but I thought it important to inform you of the announcement made by the potential buyer in Oravita as soon as it came to our attention.

Best regards
Agri Invest A/S
Preben Hansen, Chairman
Mobile +45 40 34 68 21
preben@avdebogaard