According to the latest report provided by Thomson Reuters Agency, Mergers and Acquisitions global market fell by 44% to USD 416 billion in the
first quarter of 2012 compared to the same period in 2011. The value is also 27% lower than the one of the Q4 2011 indicating decline globally. U.S.
M&A market fell 60% yoy, Europe has shown lowest number since Q2 2009, and emerging markets indicate 18% slowdown.

AgroInvest comment: Debt crisis in the Eurozone has left many companies with lower-than-desired liquidity and lower cash balance which led to
decrease in possibility to acquire new companies. At the same time last year’s high results require those companies to modernize acquired ones
and spend more funds in this direction.
 

AgroInvest