INVL Baltic Farmland

Investor Presentation • May 3, 2017

INVL Baltic Farmland, AB was established on 29 April 2014 on the basis of a part of assets split-off from Invalda INVL, AB.

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.

On 30 June, 2015 the company has signed an agreement with INVL Farmland Management regarding administration of assets.

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

Board (the term of office – from 2014 untill 2018) Alvydas Banys (Chairman) Indrė Mišeikytė Darius Šulnis

CEO - Egle Surpliene

22.61% 7.83%

Agricultural land portfolio of INVL Baltic Farmland, AB

Plots belonging to the company are in the most fertile areas of Lithuania. They are highlighted in

blue.

Key figures ³¹ March 2015 2016 2017 Book value of land, EUR thousand 10,558 11,237 12,335 Cash, EUR thousand 382 567 451 Other assets, EUR thousand 330 378 392 Consolidated equity, EUR thousand 9,848 10,445 11,199 Deferred income tax liabilities, EUR thousand 843 950 1,125 Deferred revenue, EUR thousand 273 367 403 Other liabilities, EUR thousand 306 420 451 Controlled cultivated cropland area, ha 3,002 3,003 2,999 Average rental income per hectare, EUR 149 172 179 Book value of one share, EUR* 2.99 3.17 3.47 Dividend yield, %* 2.1 2.3 1.6 Profit (loss), EUR thousand 01.01.2015 – 31.03.2015 01.01.2016 – 31.03.2016 01.01.2017 – 31.03.2017 Revenue 121 129 134 Reversal of impairment of trade receivable 24 7 (2) Profit before tax 132 107 96 Net profit 116 92 82

\*https://www.invlbalticfarmland.com/lit/en/investor-relations/reports/indicator-formulas

Historical relation between share price and BV

Share price Premium/ discount vs BV, %
2016 Q1	(10.5)%
2016 Q2	(7.5)%
2016 Q3	8.7%
2016 Q4	(4.8)%
2017 Q1	21.5%

Key information for 3 months of 2017

31 March

31 March