Q1 Financial Report - 2011

COMMON SHARES
The following common shares were issued and outstanding and participated pro rata in dividends
during the periods indicated:
# Common Shares
December 31, 2009 13,078,040
Normal course issuer bid (674,600)
Share award incentive plan issuance 140,000
December 31, 2010 12,543,440
Conversion of subordinated debentures 2,556
March 31, 2011 and June 13, 2011 12,545,996
On December 10, 2009, Ag Growth commenced a normal course issuer bid for up to 1,272,423
common shares, representing 10% of the Company’s public float at that time. In the year ended
December 31, 2010, the Company purchased 674,600 common shares for $23.4 million under the
normal course issuer bid. The normal course issuer bid was terminated on December 9, 2010.
During the three month period ended March 31, 2011 2,556 common shares were issued on
conversion of $115,000 principal amount of Debentures. Ag Growth has reserved 2,554,136
common shares for issuance upon conversion of the Debentures as at March 31, 2011
Ag Growth has granted 220,000 share awards under its share award incentive plan. Effective
January 1, 2010, a total of 73,333 awards vested and the equivalent number of common shares
were issued to the participants. On October 15, 2010, an additional 66,667 share awards vested
and the equivalent number of common shares were issued to the participant. Effective January 1,
2011, 40,000 share awards vested however no common shares were issued as the participants
were compensated in cash rather than common shares. As at June 13, 2011, 40,000 share awards
remain outstanding and subject to vesting and payment of the exercise price are each exercisable
for one common share.
The administrator of the LTIP has acquired 317,304 common shares to satisfy its obligations with
respect to awards under the LTIP for fiscal 2007, 2008, 2009 and 2010. These common shares are
not cancelled but rather are held by the administrator until such time as they vest to the LTIP
participants. As at March 31, 2011, a total of 165,929 common shares related to the LTIP had
vested to the participants.
A total of 15,117 deferred grants of common shares are outstanding under the Company’s
Director’s Deferred Compensation Plan.
Ag Growth’s common shares trade on the TSX under the symbol AFN.
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