INVL Baltic Farmland

Earnings Release • Feb 28, 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% 2.00% 8.41% UAB LJB Investments Irena Ona Mišeikienė UAB Lucrum investicija

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

30.29%

28.86%

Alvydas Banys Indrė Mišeikytė Other shareholders

Book value of one share, EUR* 3.21 3.51 Dividend yield, %* 2.1 2.0 Profit (loss), EUR thousand 2015 2016 Revenue 460 531 Revaluation of investment property 678 1,098 Reversal of impairment of trade receivable 21 6 Profit before tax 979 1,398 Net profit 838 1,193

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

Key information for 2016 Key figures ³¹ December

Book value of land, EUR thousand 11,237 12,335 Cash, EUR thousand 367 209 Other assets, EUR thousand 61 88

2015

31 December 2016

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

Historical relation between share price and BV

Agricultural land portfolio of INVL Baltic Farmland, AB