History

Trigon Agri was established in May 2006. The initially committed start-up capital of EUR 20 million was raised from Trigon Capital and primarily Finnish high net worth individuals. Trigon Capital remains a minority shareholder in the Group while its wholly-owned subsidiary Trigon Agri Advisors provides management services to the Group (Please see further under section ’Corporate Governance’).

In 2006 Trigon Agri made its first investments in farming companies by acquiring cereal farming operations in eastern Ukraine nearby the city of Kharkov. The acquisitions marked the establishment of the first production cluster of Trigon Agri group. During the second half of 2006 dairy farms were acquired but the St Petersburg farm was of greenfield character and consequently commercial milk production did not start until April 2008.

On 17 May 2007, Trigon Agri completed a private placing of shares to institutional investors and high net worth individuals in several European Union member states and in the United States securing approximately EUR 50 million, before issue costs. Following the private placing, Trigon Agri’s shares were listed on the NASDAQ OMX First North alternative stock exchange in Stockholm on 18 May 2007.

With the capital raised in 2007, the company continued the expansion of its cereal farming in Kharkov and made the first investments into railroad connected large storage facilities (elevators) pursuing its strategy of building an integrated production, storage and trading operation. During the first quarter of 2008, a second production cluster was established nearby the city of Kirovograd in Ukraine, and two further clusters nearby the cities of Samara and Penza in Russia. After the set up of operations in three additional cereal production clusters in the Black Earth region, the Trigon Agri group had by the middle of 2008 established a strong platform for cereal production, storage and trading throughout the Black Earth regions of Ukraine and Russia.

On 7 April 2008, Trigon Agri entered into an agreement with Ramburs Group, a leading Ukrainian commodities trading group, for the establishment of the joint venture company Ramburs Trigon. The joint venture handled sales and trading activities as well as the management of the cereal storage operations of the Trigon Agri group.

On 6 May 2008, Trigon Agri completed a further follow-on capital raising of EUR 105 million to fund the expansion of its operations in the Black Earth regions of Ukraine and Russia. The funds raised from the placing were intended for financing investment programmes in the existing production clusters.

In late 2009, Trigon Agri acquired the fifth operational cereal cluster in Stavropol, Russia, expected to add another 15,312 hectares of harvest in 2010.

In December 2009, an agreement to acquire a brownfield elevator next to its farming operations in the Stavropol region was signed, with the transaction expected to close during the fourth quarter of 2010.

In August 2010, Trigon Agri acquired the minority share of Ramburs Trigon, thereby fully taking over the operations of its sales and trading joint venture.

In December 2010, Trigon Agri A/S was approved for listing on the main market of NASDAQ OMX Stockholm.