Q4 2014 INTERIM REPORT PRESENTATIONCEO D Ry Wagner and CFO John Janczak

April 2015

CEO D. Ry Wagner and CFO John Janczak

Bringing Prosperity to the Grower, the Crop and the Soil TM

Bringing Prosperityospe ty

Bringing Prosperity to the Grower, the Crop and the Soil TM2

Cautionary Statement onForward-looking Statements

Certain statements in this document constitute "forward looking statements '' All statements other than statements of historical facts included in this

Forward looking Statements

Certain statements in this document constitute forward-looking statements. All statements other than statements of historical facts included in this

document, including those regarding our future financial position and results, business strategy, plans and objectives of management for future

operations, including development plans and statements on industry growth are forward-looking statements. These statements may be identified by

words such as "expects," "looks forward to," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "will," "project" or words of similar meaning.

Such forward looking statements involve known and unknown risks uncertainties and other factors which may cause our actual results businessSuch forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, business

strategy, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or

implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding our present and future

business strategies and the environment in which we will operate in the future. Factors that could cause our actual results, performance or achievements

to differ materially from those in the forward looking statements include among others changes in the political economic or regulatory conditions in theto differ materially from those in the forward-looking statements include, among others, changes in the political, economic or regulatory conditions in the

markets in which we operate, and currency exchange fluctuations.

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of

activity, performance or achievements.

Bringing Prosperity to the Grower, the Crop and the Soil TM3

HighlightsConsolidation, corporate development activities and financing

• Q4 sales revenue and cash collection reflect current business seasonality

• Global R&D facility opened in Davis California and Senior R&D staff hired• Global R&D facility opened in Davis, California and Senior R&D staff hired

• Transition of key corporate functions to the U.S. complete, and strengthening of the Board of Directors initiated

• Additional financing completed via successful Convertible Bond Issue and subscription right conversions

Bringing Prosperity to the Grower, the Crop and the Soil TM4

Financial Review

Bringing Prosperity to the Grower, the Crop and the Soil TM

Financial Summary Q4 2014

• Q4 recognized sales revenue of USD 1.9m, reflecting the current business seasonality. No sales revenue recognized in Mexico.

• Q4 analytically restated sales revenue of USD 3.8m, driven by deployed volume of approx. 287,000 units in Mexico

• EBITDA pre earn-out: USD – 7.9m in Q4 vs USD -2.9m in Q3

• Number of employees reduced from 152 to 137 during the quarter. USD 0.3m charged to P&L as redundancy costs related to reduction in manning and moving of certain corporate functions to the US.

• Cash collection of USD 1.7m in Q4. Cash position ended at USD 20.6m, a increase of USD 11.6m during the quarter. Additional financing of USD 17.3m bond issue and USD 2.0m subscription rights conversion off set by net loss before depreciation of USD 5.7m.

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Q4 Sales Revenue 36% above Q4 2013; FY 2014 55% above FY 2013FY 2014 55% above FY 2013

7

Group sales revenueQuarterly and accumulative per year, USD million

6.7

1.9 

4 55

5.56

6.5

4.8

1.4 

0.6 

3.1 

4.5 4.2 

33.54

4.5

0.7 

1.1 3.9 

1.3 

2.0 

11.52

2.5

1.3 0.3 0.3 

00.51

2013 Q1 2013 Q2 2013 Q3 2013 Q4 2014 Q1 2014 Q2 2014 Q3 2014 Q4

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Profit and LossCondensed and Unaudited

USD YE 2014 Q4 2014 YE 2013

Sales revenue 6,670,499 1,868,979 4,392,522

• Q4 recognized sales revenue of USD 1.9m – no sales

revenue recognized for sales to distributors in Mexico

• Cost of goods sold of USD 1.0m reflects the low sales volume

Salaries and personnel costs impacted by the provisions of

Other operating revenue 865,604 298,237 4,942,853Operating revenue 7,536,103 2,167,216 9,335,375

Cost of goods sold -2,419,994 -1,021,489 -906,676Salaries and personnel costs -11,114,067 -2,838,081 -14,128,392

• Salaries and personnel costs impacted by the provisions of

USD 0.3m for reduction in mannaing and moving of corporate

functions to the US

• R&D expenses amounted USD 0.9m in the quarter.

Depreciation and amortization -2,655,732 -639,752 -3,691,328Other operating expenses -14,471,097 -5,944,215 -75,514,401Earn-out -287,012 -287,012 6,710,264Total operating expenses -30,947,902 -10,730,549 -87,530,533

Operating income 23 411 799 8 563 333 78 195 158

• No earn-out recorded in the quarter due to weak results in the

Mexican market

• EBITDA pre earn-out negative USD 7.9m

Operating income -23,411,799 -8,563,333 -78,195,158

Net financial income / expense (-) 5,076,849 3,691,624 8,341,919

Net income / loss (-) before taxes -18,334,950 -4,871,709 -69,853,239

Tax expense -1,508,619 -1,401,140 916,631

Minority Interest -32,005 -19,837 -445,500

Net income / loss (-) -19,811,564 -6,253,012 -68,491,108

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Balance Sheet - AssetsCondensed and Unaudited

USD 12.31.2014 09.30.2014 12.31.2013

Assets

Goodw ill 6,059,319 7,275,514 8,658,890

• Changes in inventories reflect seasonality of sales in the

quarter

A t i bl i d b USD 0 8 t USD 23 9

Other intangible assets 1,437,192 1,669,214 1,894,907

Deferred Tax Asset 905,883 987,669 1,020,617

Total intangible assets 8,402,394 9,932,397 11,574,414

Land 67,968 74,109 76,480

Buildings 2 936 094 3 092 628 3 145 202• Accounts receivable increased by USD 0.8m to USD 23.9m

during the quarter. The item includes invoiced interest costs

and services in Mexico of USD 1.7m. Accounts receivable

towards the distributors in Mexico ended at USD 21.6m in Q4.

Buildings 2,936,094 3,092,628 3,145,202

Improvements to leased premises 1,230,843 596,668 256,935

Vehicles 670,609 810,200 1,239,757

Machines, f ixtures and f ittings etc. 6,166,190 6,669,466 6,981,277

Accumulated depreciation -3,116,804 -3,163,949 -2,574,223

Total tangible fixed assets 7 954 900 8 079 122 9 125 428

• Other receivables decreased to USD 9.0m during the quarter.

In the receivables figure is VAT of USD 8.1m, of which the

largest part is related to operations in Mexico.

Total tangible f ixed assets 7,954,900 8,079,122 9,125,428

Total non-current assets 16,357,294 18,011,519 20,699,842

Inventories 9,679,505 10,732,164 12,339,969

Accounts receivable 23,948,714 23,196,110 22,058,279

Other receivables 8 962 735 11 762 239 12 822 622Other receivables 8,962,735 11,762,239 12,822,622

Total receivables 32,911,449 34,958,349 34,880,901

Bank deposits, cash etc. 20,570,194 8,909,086 25,066,669

Total current assets 63,161,148 54,599,599 72,287,539

Total assets 79,518,442 72,611,118 92,987,381

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Balance Sheet – Equity and LiabilitiesCondensed and Unaudited

USD 12.31.2014 09.30.2014 12.31.2013

Share capital 97,803 100,607 106,729Premium reserve 131 176 300 148 922 928 157 989 676

• Accounts payable decreased by USD 0.3m to USD 4.1m at

the end of the quarter.

• Other current liabilities ended at USD 22.0m. Included in the

figure is USD 12 3m classified as a deferred revenue accrual

Premium reserve 131,176,300 148,922,928 157,989,676Total paid in capital 131,274,103 149,023,535 158,096,405

Minority interests -545,508 -625,076 -513,503Accumulated P&L -94,407,983 -104,878,266 -95,631,555

Total equity 36,320,612 43,520,193 61,951,347figure is USD 12.3m classified as a deferred revenue accrual,

VAT of USD 6.3m, accrued earn-out of USD 1.0m related to

the acquisition of Bioderpac, and redundancy and closing

costs of USD 3.0m

Deferred tax - - - Total provisions for liabilities - - -

Other non-current liabilities 15,886,991 378,448 630,233Total non-current liabilities 15,886,991 378,448 630,233

Accounts payable 4,136,713 4,455,752 6,450,462Current tax payable 1,154,020 607,005 874,421Other current liabilities 22,020,106 23,649,720 23,080,918Total current liabilities 27,310,839 28,712,477 30,405,801

Total liabilities 43 197 830 29 090 925 31 036 034Total liabilities 43,197,830 29,090,925 31,036,034

Total equity and liabilities 79,518,442 72,611,118 92,987,381

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Cash FlowCondensed and Unaudited

USD YE 2014 Q4 2014 YE 2013Cash flow from operating activitiesProfit/Loss (-) before tax -18,334,950 -4,871,709 -69,853,239

• The net cash flow from operating activities

amounted to USD 11.6m in the quarter. This

was driven by the bond issuance in the amount

of USD 15.3m and USD 2.0m subscription

Depreciation and amortisation 2,655,732 639,752 3,691,328Changes in inventories, receivables and payables -1,543,720 -818,984 63,193,270Changes in other accruals/currency effects -3,752,893 66,431 -31,537,077Net cash flow from operating activities -20,975,831 -4,984,510 -34,505,718

of USD 15.3m and USD 2.0m subscription

rights conversion

• Cash collection of USD 1.7m in the quarter

• Cash position of USD 20.6m at the end of the

Cash flow from investment activitiesInvestments/disposals of tangible fixed assets -627,947 -713,470 -1,636,393Changes in other investments 0 0 0Net cash flow from investment activities -627,947 -713,470 -1,636,393

Cash flow from financing activitiesquarter

Cash flow from financing activitiesProceeds from borrowings (current and non-current) 15,065,703 15,317,488 363,241Net proceeds from issuance of shares 2,041,600 2,041,600 26,646,951Net cash flow from financing activities 17,107,303 17,359,088 27,010,192

Net change in cash and cash equivalents -4,496,475 11,661,108 -9,131,919Net change in cash and cash equivalents 4,496,475 11,661,108 9,131,919Cash and cash equivalents at beginning of period 25,066,669 8,909,086 34,198,588Cash and cash equivalents at end of period 20,570,194 20,570,194 25,066,669

Bringing Prosperity to the Grower, the Crop and the Soil TM11

Business Review

Bringing Prosperity to the Grower, the Crop and the Soil TM

The Agrinos Strategy:Focus on 4-Dimensional Approach c s s pp c

Organization – Crops – Geography – Technology

Agrinos is committed to developing these four Agrinos is committed to developing these four dimensions to grow as a company

• We have initiated an Organizational Design that will enable us to rapidly grow in multiple geographies g g p y g p g g paround the world

• We have prioritized our Global Crops and Core Geographies• We have initiated significant investments to better enable our Current Technologies and to set the stage

for the development of New Technologies

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Agrinos Commercial Operations:A leader in Biological Inputs for Crop Productivityg c p s C p c y

USAChina

USA Europe

Mexico

Brazil India

Malaysia/Indonesia

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Plant Date:Harvest Date:

Crop:Location:

Variety:

November 2013August, 2014WheatTri cities WashingtonSoft white wheat

Rates/Application:

Method:

Pre plant Pivot application of HYT A + HYT B

Pivot and SprayApproximately 129 acres

Example Farm Trial ResultsUS WHEAT

Variety: Soft white wheat Approximately 129 acres

147.16150

Washington StateFarm Trial Data

133.61140

145

d (B

U/A

C)

Control

HYTA + HYTB

133.61

125

130

135Yiel

d

Treated

Greater than 3:1 Return on Investment

Grower Standard

125Yield/bu/acTreatment to the Grower

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Creating the R&D Infrastructure for Innovation

• Located in a global center for the development of Biological Solutions: Davis, CA

– Serves to attract and retain strong talent to Agrinos– Linkages to major agricultural and biotech expertise

and collaboration opportunities with the University of California, Davis

– Pilot fermentation capability, microbiology, analytical biochemistry, data analysis to become an internal core competency

• Elected first of two Options to • Elected first of two Options to expand to 19,000 sq. feet by early 2016 in the same facility, with expansion suitable for laboratory space already in place.

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Agrinos Product Development Pipeline: Accelerating InnovationAccelerating Innovation

Market expansion for current product lines

Market introduction of enhancements of current products & testing of new products

2014 2016 2017 20182015

Market introduction of new products

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Outlook and Focus for FY 2015

Focus on core business units to create strong revenue growth driven by• Focus on core business units to create strong revenue growth driven by expansion of the distribution networks

• R&D organization to be expanded and Davis lab to be completed and fully equipped in 2015

• Continue efforts to further strengthen the Board of Directors with focus on expertise in agricultural technologies and markets

• Continue work on strategic partnership development throughout the year

Main forecast assumptions

• Initiate new production of some key products due to increased market demand and decreasing inventory

• Sales revenues expected to be greater than $10 million USD in 2015• Agrinos will not update its sales revenue forecasts in quarterly reports in 2015• Agrinos will not update its sales revenue forecasts in quarterly reports in 2015

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S d O tl kSummary and Outlook

Bringing Prosperity to the Grower, the Crop and the Soil TM

YTD 2014 Development Enables Financing and Implementation of Growth Strategyp gy

• Solid growth via commercial, technological and organizational achievements made YTD 2014• Investments made in support of strategic long-term focus: Bringing R&D professionals and corporate

f Sfunctions together in the U.S• Douglas Ry Wagner announced as CEO, John Janczak as CFO and Nick Adamchak, General Manager

of Ameropa North America, named to the Board of Directors• Successful issuance of convertible bond guaranteed by key shareholders to finance 2015 investments for

growth• Commercial growth in the U.S. and core geographies, and continued development of research and

development operations, will remain key priorities moving into 2015

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