March, 2015

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AgroGeneration SA - 33, rue d’Artois 75008 Paris, FRANCE – Tel.: +33 1 56 43 68 60

Investments into Ukraine’s Agriculture

AgroGeneration Example

WHY UKRAINIAN AGRICULTURE?

On average, Ukraine produces around 60M tons of grain. Following production increases are expected over the next decade:

+ 10M tons from unutilized land

+ 10M tons from reduction of harvesting losses (from 20% in Ukraine today to the western norm of 5%)

+ 60M tons from yield improvements

= 140M tons grain production

Ukraine consumes about 20-30M tons of grains so potential grain exports could be about 110-120M tons, which would make Ukraine the world’s largest exporter

Today Ukraine exports over 30M tons of grains, ranking among the TOP 5 of the world’s leading grain exporters

Total grain exports are expected to reach 33-35M tons in 2014/15MY

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Why Ukrainian Agriculture?Ukraine Has a Tremendous Export Potential

27.2%

45.8%

27.0%

2013 Ukraine Grains Export Structure by Region, %

Europe

MENA Region

Other Countries

12.4

21.7 22.7

32.3 34.0

32%

38%

49% 51% 53%

0%

10%

20%

30%

40%

50%

60%

0

5

10

15

20

25

30

35

40

10/11 11/12 12/13 13/14 14/15E

Ukraine. Grains Export Dynamics

Grains export, M tons Share in Production, %

Source: Ukrstat

Ukraine could potentially boost its grain production to 130-180M tons per annum or 3x current production levels and become the world’s largest grain exporter

Macro level

Political and economical recovery through peace, carrying out institutional reforms, economic reforms, strong and consistent NBU policies, anti-corruption, etc.

Stimulation of domestic production, thus increasing exports

Sector level

Adjustment and transparency of activities provided by Ministry of Agrarian Policy and Food of Ukraine

Land reform – laws no.1580 and no. 0944 on President’s desk.

Taxation system

– Retaining of special VAT treatment in the sector

– Retaining of flat tax in the sector

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Why Ukrainian Agriculture?Ukraine Still Has Issues to Resolve to attract investment

To realize its full potential, Ukrainian agriculture requires fundamental political and economic transformation followed by substantial investment

Encourage international financial sector representatives including banks and non-banking institutions to expand their operations in Ukraine

Political/economic risk insurance (e.g. from OPIC, WB)

Bank guarantees for working capital and equipment financing

Support Ukrainian exports worldwide

Stimulate investment activity in Ukraine by providing the country with “seed investments” to already existing and successfully operating in the country international investment funds

Explore use of US Treasury guarantees for investment support

Broad technical expertise from abroad in the main areas of reforms

Social support of villages

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Why Ukrainian Agriculture?What the World Should Do to Support Investment in Ukraine

Supporting from international environment is critically important

AGROGENERATION

The AgroGeneration StoryA New Start in Late 2013

Merger between AgroGeneration and Harmelia, finalized in late 2013, became a starting point for newly created agricultural market player’s further development

Albeit challenging, 2014 was successful for the AGG Group thanks to sound management, effective operations, and favorable weather conditions

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• Operations based in Kharkiv/Ukraine

• Strong financial situation

Harmelia

c. 70,000 ha (172,840 acres)

• Operations in 4 regions of Ukraine

• Public company

AgroGenerationc. 50,000 ha

(123,457 acres)

•5th largest pure crop producer and 12th major agricultural player in Ukraine

•Public company, listed on NYSE Euronext in Paris, with 18% free-float

•Strong management team with a proven track record and best Western corporate governance and managing practices

Merged Company

120,000 ha (296,297

acres)

AgroGeneration is a unique platform for investment in Ukraine due to experience in the field and a unique approach based on the creation of value

The AgroGeneration StoryA Large and Well-Diversified Farming Company in Ukraine

The company benefits from geographical diversification

Mitigation of weather risks

Diversification of high value crops produced (rapeseed, barley, corn, and soy in the West vs. sunflower, wheat, and legumes in the East)

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Kharkiv70,000 ha

(172,840 acres)

Sumy 9,000 ha

(22,222 acres)

Zhytomir 12,000 ha

(29,630 acres)

Lviv, Ternopil 29,000 ha

(71,605 acres)

Regions of AgroGeneration presence

AgroGeneration today: 1,400 FTE managing c.a. 120k ha (296.3k acres), over 200k tons of storage capacity, and over 400k tons harvested

Kyiv

Focus on regions with the best soils and the most stable climate conditions to minimize yield volatility

Total Production: 400,830 tons

Wheat142k tons (35% share)

Corn55k tons (14%)

Barley60k tons (15%)

Sunflower80k tons (20%)

Rapeseed19k tons (5%)

Soy7k tons (2%)

Legumes26k tons (7%)

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The AgroGeneration StoryWhat We Produce – 2014 Production Breakdown

In 2014, AgroGeneration harvested over 400k tons of crops in net weight

Grains74%

Oilseeds 26%

Wide variety of produced crops with focus on the most profitable ones

4.01

2.54

6.16

3.012.43

1.94

5.37

3.15

7.57

4.73

2.65 2.62

Wheat Rapeseed Corn Barley Peas Sunflower

Ukraine AgroGeneration

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Actual yields outperformed Ukrainian averages by over 20%-50% depending on crop

+35%+34% +23%+24% +57% +9%

The AgroGeneration StoryOutperforming the Market – 2014 Yields Comparison vs Ukraine

AgroGeneration transforms the land it works and today outperforms Ukrainian yields

33%

22%

45%

Grain sales

Exports

Processing (milling, crushing, etc.)

Local buyers (spot market)

27%

73%

Oilseed sales

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Breakdown of 2014 Sales, by purchaser

Direct distribution to major global dealers

Direct sales to exporters and manufacturers

Top-tier purchasers: TOEPFER, CARGILL, KERNELL, LOUIS DREYFUS

Risk hedging through futures contracts (currently account for around 20 to 30% of yearly sales)

The AgroGeneration StoryOur Sales Model

TOP-5 Buyers(International Traders)

EBITDA: €19.4 million**

Revenues: €64.7 million**

* Pro forma data (ex-Harmelia + ex-AgroGeneration: consolidation scopes), **Announced pre-audit figures

Key growth drivers, which led to remarkable Group performance, overcoming both negative 2013 results (related to the merger between Harmelia and ex-AgroGeneration) and an extremely strained economical and political situation in Ukraine in 2014:

Improvement in agronomic performance which was achieved thanks to amended ag technologies applied supported by favorable weather conditions during 2014

Sound management steps towards operational efficiency through a strict plan to cut structural costs, which was developed and implemented in 2014

Devaluation of the Hryvnia which had a positive impact for farming revenues in the Ukraine which was only partially offset by the increase in costs indexed to the dollar or euro

Successful turnaround of the company has already begun

The AgroGeneration StoryA Strong Increase in Operating Results

EBITDA: -€24.9 million*

Revenues: €75.5 million*

2013 (year of the merger) 2014

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Food Security Challenges Globally…

• Constrained agricultural production• Decreasing world grain stocks

…can be met by a limited number of countries, among which is Ukraine…

• Has the potential of dramatically increasing its production of basic agricultural commodities

• Can meet global requirements for food becoming the breadbasket of not just Europe, but of the World

… where AgroGeneration operates successfully and is…

• An excellent platform for further development and growth • Wide open for potential partnership and trade cooperation

ConclusionsGlobe → Ukraine → AgroGeneration