INVL Baltic Farmland

Investor Presentation • Oct 25, 2019

Key information for 9 months of 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 own almost 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

4.00 EUR Share price as of 30 September 2019

12,914 thousand EUR

Capitalization as of 30 September 2019

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

Key information for 9 months of 2019

Key figures	30-09-2017	30-09-2018	30-09-2019
Book value of land, EUR thousand	12,335	12,964	13,860
Cash, EUR thousand	196	187	245
Other assets, EUR thousand	206	194	273
Consolidated equity, EUR thousand	11,362	11,746	12,554
Deferred income tax liabilities, EUR thousand	1,133	1,241	1,382
Deferred revenue, EUR thousand	134	141	151
Other liabilities, EUR thousand	108	217	291
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*	3.52	3.64	3.89
Dividend yield, %*	1.8	3.9	2.5
Profit (loss), EUR thousand	01.01.2017- 30.09.2017	01.01.2018- 30.09.2018	01.01.2019- 30.09.2019
Revenue	403	422	453
(Allowance for) reversal of impairment of trade receivables	(8)	(42)	(44)
Profit before tax	287	275	298
Net profit	245	229	247

*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

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

Historical relation between share price and BV*, % Share price Premium/discount vs BV*, %

30 June 2018	13.0
30 September 2018	4.4
31 December 2018	(0.1)
31 March 2019	(6.4)
30 June 2019	(7.0)
30 September 2019	2.8