Invalda INVL — Interim / Quarterly Report 2018

May 31, 2018

INVALDA INVL 2018 Q1 RESULTS FACTSHEET

Invalda INVL, operating since 1991, is one of the leading asset management groups in the Baltic region. The companies it owns in Lithuania and Latvia manage more than 20 mutual, real estate and pension funds (2nd and 3rd pillar), alternative investments, individual portfolios, private equity and other financial instruments. Companies in the group manage more than EUR 600 million of assets entrusted to them by over 190 thousand clients in Lithuania and Latvia as well as international investors.

The shares of Invalda INVL have traded on the Nasdaq Baltic exchange since 1995.

Net assets of the Company, thousand EUR		Evaluation criteria	31-03-2017	31-03-2018
Investment into asset management		Equity method	7,371	9,095
Cash and cash equivalents		Book value	66	827
Investments into INVL Baltic Real Estate		Market price	8,377	9,576
Investments into INVL Technology		Market price	2,690	2,758
Other listed shares		Market price	1,120	1,622
Investments into Litagra. UAB		Comparative method of multipliers	16,208	10,439
Investments into Šiauliai Bank		Market price	13,299	19,741
Investments into Inservis. UAB (including loans granted)		Comparative method of multipliers	5,013	2,933
Investment into investment fund through subsidiary		Fair value of net assets	-	8,443
Investments into other subsidiary companies (including loans granted)		Fair value of net assets	931	1,963
Other loans, other assets		Book value	924	1,160
Liabilities		Book value	(1,007)	(2,467)
Net asset value			54,992	66,090
Net asset value per share, EUR			4.75	5.72
	Company's		Group's

	Company's		Group's
Main items of financial statements, thousand EUR	3 months of 3 months of		3 months of	3 months of
	2017	2018	2017	2018
Non-current assets	53,949	65,447	50,933	62,089
Current assets	2,050	3,110	5,985	7,664
Equity	54,992	66,090	54,992	66,090
Non-current liabilities	101	1,562	180	1,562
Current liabilities	906	905	1,746	2,101
Result before taxes	2,648	1,056	2,573	1,051
Net result	2,311	809	2,311	809

Turnover and share price of Invalda INVL

ASSET ASSET FMĮ INVL FARMLAND MANAGEMENT MANAGEMENT FINASTA MANAGEMENT
EUR million	2017			31-03-2018
(if not stated otherwise)	Lithuania	Latvia	total	Lithuania	Latvia	total
Number of clients, thousands	139.2	51.4	190.6	141.5	51.3	192.8
Asset under management*	533.7	77.8	611.5	559.5	67.9	627.4
2nd pillar pension funds	312.0	62.0	374	317.1	63.7	380.8
3rd pillar pension funds	21.1	1.2	22.3	21.5	1.2	22.7
Investment funds	87.4	-	87.4	89.5	-	89.5
Portfolios	43.7	0.2	43.9	42.9	-	42.9
Alternative assets	69.5	14.4	83.9	88.5	3.0	91.5
Revenues (January – March)	1.3	0.2	1.5	1.7	0.1	1.8
Profit before tax (EUR thousand)** (January – March)	(102)	27	-75	40	(27)	13

More information on the services and activity of asset management sector is provided on www.invl.com. * Eliminated investments into own products. for which management fee is not charged

** According to accounting data of Invalda INVL

SHARE PRICE CHANGE OF GROUP'S LISTED COMPANIES

ASSET MANAGEMENT OTHER INVESTMENTS

Company	Activity	Owned shares, %	Value of owned shares. mln EUR	Earned profit or accounted loss from the investment during 3 months of 2018, thousand EUR
www.invltechnology.com	Closed-ended type investment company investing in IT businesses	13.9	2.76	237
www.invlbalticrealestate.c om	Closed-ended type investment company investing in commercial real estate	32.13	9.58	(490)
www.litagragroup.lt	Primary agricultural production company concentrating on the cultivation of grain, as well as milk and feed production	36.9	10.44	467
www.sb.lt	Lithuanian commercial bank providing financial services to business and private clients	6.79	19.74	1,630
www.inservis.lt	Facilities management company	100	2.93	(645)

More information www.invaldainvl.com