Invalda INVL

Earnings Release • May 29, 2020

INVALDA INVL: 2020 Q1 RESULTS' FACTSHEET

Invalda INVL is an asset management group whose companies have been entrusted with the management of assets of over EUR 950 mln by more than 200 thousand clients.

Companies in the Invalda INVL group manage pension and mutual funds, alternative investments (private equity, private debt and real estate funds), individual portfolios and other financial instruments.

Founded in 1991 by a group of academics to accumulate funds and carry out investment activities. Over its history Invalda INVL has executed deals worth more than EUR 1.5 bln.

Listed on the stock exchange since 1995.

Changes in Invalda INVL share price and OMX Vilnius index over 10 years

Shareholders of Invalda INVL

	Group's		Company's
EUR thousand	2019 Q1	2020 Q1	2019 Q1	2020 Q1
Non-current assets	64,227	69,731	63,797	73,815
Current assets	10,197	13,054	6,994	3,579
Equity	69,175	76,458	69,175	76,209
Non-current liabilities	990	2,905	1,075	712
Current liabilities	2,568	3,422	541	473
Result before taxes	3,937	(11,376)	3,939	(11,383)
Net result	3,664	(10,559)	3,664	(10,576)
Net result attributable to holders of the parent Company	3,664	(10,576)	3,664	(10,576)

Calculation of the net asset value of Invalda INVL

EUR thousand	Evaluation criteria	31.03.2019	31.03.2020
Investment into asset management	Equity method	10,441	13,948
Investments into INVL Baltic Sea Growth Fund (commitment to invest is excluded)	Fair value of net assets	1,221	1,895
Investments into INVL Baltic Real Estate	Market price	10,637	14,261*
Investments into Moldova Agroindbank	Comparative method of multipliers	4,023	6,173
Investments into INVL Technology	Market price	2,712	2,836
Investment into investment fund	Fair value of net assets	5,456*	5,078*
Investments into Litagra (including loans granted)	Comparative method of multipliers	14,129	14,084
Investments into Šiauliai Bank	Market price	15,124	11,433
Investments into Inservis (including loans granted)	Comparative method of multipliers	4,295	3,837
Investments into other subsidiary companies (including loans granted)	Fair value of net assets	521	415
Other assets, other investments	Book value	1,046	1,230
Cash and cash equivalents	Book value	1,186	2,204
Total assets	Book value	70,791	77,394
Liabilities	Book value	(1,616)	(1,185)
Net asset value	Book value	69,175	76,209
Net asset value per share	Book value	5.98	6.56**

* The value of investments in non-consolidated companies is included

** Decision to pay dividends EUR 0.80 per share was approved on 30.04.2020, which accordingly reduce the net asset value per share

More information www.invaldainvl.com

INVALDA INVL: 2020 Q1 RESULTS' FACTSHEET

Value of Directly the owned Company Activity owned shares share, % 31.03, mln. EUR General partner investments The largest private equity 1.9+ INVL Baltic Sea investment fund in the 17.79	Profit (loss) from investment mln. EUR
Growth Fund Baltic countries. The fund 12.2 commit is intended for bsgf.invl.com ment to professional investors. invest	(1.4)
Investments in commercial real estate 13.2 company, acting as a 30.01 closed-end investment www.invlbalticrealestate.com company.	1.5
The largest commercial ASSET MANAGEMENT bank in Moldova providing ASSET ASSET FMĮ INVL FARMLAND 6.2 7.9 a full range of financial MANAGEMENT MANAGEMENT FINASTA MANAGEMENT services https://www.maib.md/	(1.8)
EUR million 31.03.2019 31.03.2020 Investments in information (if not stated otherwise) technology company, Lithuania Latvia Total Lithuania Latvia Total 2.8 14.75 acting as a closed-end www.invltechnology.com Number of clients, units 154.8 51.9 206.7 181.2 54.1 235.3 investment company.	(0.3)
Other historical investments Amount earned (loss
48.0 (118.0) inccured) for clients Primary agricultural production company that Asset under management* 783.4 81.1 864.5 865.2 103.7 968.9 concentrates on agriculture - the cultivation 2nd pillar pension funds 413.9 75.5 489.4 450.4 102.4 552.8 14.1 48.81 of grain, milk and feed 3rd pillar pension funds 26.9 1.3 28.2 35.4 1.3 36.7 production. www.litagragroup.lt Investment funds 59.5 - 59.5 47.7 - 47.7	(3.2)
Lithuanian commercial Portfolios 60.0 - 60.0 49.3 - 49.3
bank providing financial 5.48 11.4 services for business and Alternative assets 223.1 4.3 227.4 282.4 - 282.4 private clients. www.sb.lt Revenues (January – March) 2.2 0.1 2.3 3.9 0.1 4.0	(5.2)
Facility management Profit (loss) before tax, EUR companies' group 3.8 100 239 (53) 186 640 (262) 378 thousand* (January – March) www.inservis.lt Eliminated investments into own products, for which management fee is not charged.	(0.7)

** According to accounting data of Invalda INVL.