INVL Baltic Farmland

Investor Presentation • Feb 28, 2020

Key information for 2019

INVL Baltic Farmland, AB was established on 29 April 2014 on the basis of a part of assets split-off from Invalda INVL, one of the leading asset management groups in the Baltic region.

INVL Baltic Farmland manages shares of companies investing into agricultural land. INVL Baltic Farmland has 100% in 18 companies owning more than 3 thousand hectares of agricultural land in Lithuania

Companies - land owners and joint-stock company INVL Baltic Farmland, on 30 June 2015 have signed a property administration agreement with INVL Farmland Management which administrates agricultural land owned by the companies in order to ensure steady growth of income for the shareholders and the value of the land.

Shares of INVL Baltic Farmland are listed on Nasdaq Vilnius stock exchange Secondary list since 4 June 2014.

The land plots which the company owns are in the most productive regions of Lithuania. They're indicated in blue

Main characteristics of INVL Baltic Farmland shares admitted to trading
Shares issued and total voting rights granted by the issued shares, units	3,291,549
Number of votes for the quorum of the General Shareholders Meeting, units	3,228,510
Nominal value for one share, EUR	0.29
Total nominal value, EUR	954,549.21
ISIN code	LT0000128753
Exchange, List	AB Nasdaq Vilnius, Secondary list

The Board of INVL Baltic Farmland (term of office 2018-2022) and the Manager (director)

25+

5+

years in the Baltic private equity and asset management market

years direct experience in the Baltic private equity market

20+

years experience in the Baltic private equity and asset management market

25+

Experience in the Baltic market

INVL Baltic Farmland shareholders votes granted

3.48 EUR Share price as of 31 December 2019

EUR 11,235 thousand

Capitalization as of 31 December 2019

For more information please visit: https://invlbalticfarmland.com/

Key information for 2019

Key figures	31-12-2017	31-12-2018	31-12-2019
Book value of land, EUR thousand	12,964	13,922	14,719
Cash, EUR thousand	199	140	113
Other assets, EUR thousand	196	156	304
Consolidated equity, EUR thousand	12,002	12,630	13,443
Deferred income tax liabilities, EUR thousand	1,235	1,387	1,511
Other liabilities, EUR thousand	122	201	182
Controlled cultivated cropland area, thousand ha	3	3	3
Average rental income per hectare, EUR	179	188	202
Book value of one share (BV), EUR*	3.72	3.91	4.16
Dividend yield, %*	1.8	4.3	2.9
Profit (loss), EUR thousand	2017	2018	2019
Revenue	575	615	645
Revaluation of investment property	629	958	864
(Allowance for) reversal of impairment of trade receivables	(32)	(48)	(46)
Profit before tax	1,044	1,315	1,341
Net profit	885	1,113	1,136

*The Company publishes Alternative performance measures (AVR), that are in use of the Company, provides indicators definitions and calculation formulas. All the information is disclosed in the Company's web site section "For Intestors" → "Reports" → "Indicator formulas". The link is provided: https://www.invlbalticfarmland.com/lit/en/investor-relations/indicator-formulas

Turnover of INVL Baltic Farmland, AB shares, change of share price and indexes

For more information please visit: https://invlbalticfarmland.com/

30 June 2018	13.0
30 September 2018	4.4
31 December 2018	(10.5)
31 March 2019	(6.5)
30 June 2019	(7.0)
30 September 2019	2.8
31 December 2019	(16.3)