(Pictures are placed under “News”)

Here a few updates since the last newsletter on 18 August.

Videle has, as mentioned previously, been hit hard by a very dry summer and therefore a very early harvest of 123 HA of maize – 3.3 t/HA and 78 HA of sunflowers – 1.5 t/HA. We are currently missing 110 HA of soya, which is almost ready for harvest.

Up until now 526 HA of rapeseed and 800 HA of wheat has been seeded.

Mizil/Amaru: The harvest here was 77 HA of sunflowers – 2 t/HA, and up until now, 779 HA of rapeseed and 700 HA of wheat has been seeded. This year we have received a lot of manure and 1000 tons of calcareous waste product.

Oravita: 443 HA of sunflowers have been harvested – 2.9 tons/HA. The harvest of 316 HA of maize has just finished with 8.7 t/HA. 830 HA of rapeseed have been seeded up until now. Problems with slugs has meant reseeding a provisional 47 HA, and it is expected that 50 HA more must be reseeded. There are currently 1500 HA of wheat seeded.

Seeding will continue on all 3 properties into November.

A lot of aftercrops have been seeded, which combined with alfalfa and soya, complies with the MFO requirement. Soil samples have been taken, so they comply with the adopted requirements in relation to fertiliser consumption.

Land swap/compaction is well underway, so that the cultivated area in better plots has increased.

It has succeeded in entering into a number of rental contracts for smaller plots and those that are unsuitable, so that we receive a rental income.

With respect to the sale of Oravita, there is still great interest and we just been approached by a potential buyer, who may be interested. I assess it as positive, even though it is moving slowly.

The shareholder meeting is scheduled for:

Friday 25 November at 10.30 in Tårnsalen/Agri Nord, Hobrovej 437, DK-9200 Aalborg SV

where there will be more detailed information on the operation.

We will also present the budget for 2017 at the shareholder meeting on the basis of the very bad economic result for 2015.

Yours sincerely,

Agri Invest A/S

Preben Hansen Chairman

Mobile + 45 40 34 68 21 preben@avdebogaard