Invalda INVL — Interim / Quarterly Report 2021

Aug 31, 2021

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INVALDA INVL: Y2021 H1 RESULTS’ FACTSHEET

EUR thousandNon-current assetsCurrent assetsEquityNon-current liabilitiesCurrent liabilitiesResult before taxesNet resultNet result attributable to holders ofthe parent Company	Group’s	Group’s	Company‘s	Company‘s
	H1 2020	H1 2021	H1 2020	H1 2021
	70,309	84,379	72,867	87,258
	9,750	20,019	2,407	12,464
	73,730	96,869	73,549	96,732
	3,143	4,470	991	2,217
	3,186	3,059	734	773
	(4,683)	14,039	(4,719)	13,823
	(4,170)	13,062	(4,195)	13,047
	(4,195)	13,047	-	-

Invalda INVL is an asset management group that is open, growing and investing, and its activities create wellbeing for people.

The Group companies operating in Lithuania and Latvia provide services to more than 250 thousand individual and institutional regional and international clients, entrusting the Invalda INVL Group to manage EUR 1.4 billion in different asset classes, such as pension and investment funds, individual portfolios, private equity and other alternative investments.

Founded in 1991 by a group of academics to accumulate funds and carry out investment activities. Over its history Invalda INVL has executed deals worth more than EUR 1.7 bln. Listed on the stock exchange since 1995.

Changes in Invalda INVL share price and OMX Vilnius index over 10 years

Calculation of the net asset value of Invalda INVL

Index/Shares	01.01.2011	01.01.2021	30.06.2021	Change (%)since Jan. 2011	Change (%) in6 months of 2021
OMX Vilnius	409.65	816.64	924.50	125.68	13.21
Invalda INVL	1.989 EUR	7.60 EUR	8.85 EUR	367.57	22.57

Shareholders of Invalda INVL as of 31 August 2021

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----- Start of picture text ----- 12.89%1.98% 25.87%7.60%26.56%25.10%----- End of picture text -----

UAB LJB investments (a company controlled by A.Banys) Irena Ona Mišeikienė

UAB Lucrum Investicija (a company controlled by D.Šulnis) Alvydas Banys

Indrė Mišeikytė

Other shareholders (> 3400)

EUR thousand	Evaluation criteria	30.06.2020	30.06.2021
Investment into assetmanagement	Equity method	12,559	14,264
Investments into INVL Baltic SeaGrowth Fund (commitment toinvest is excluded)	Fair value of net assets	3,702	10,678
Investments into INVL Baltic RealEstate(includingloansgranted)	Market price	8,104*	4,421
Investments into Moldova-Agroindbank	Comparative method ofmultipliers	6,449	8,280
Investments into INVLTechnology	Market price	3,513	4,722
Investment into investment fundthrough subsidiaryand directly	Fair value of net assets	4,294*	1,355
Investments into Litagra	Combination of anddiscounted cash flows andsales comparison method**	14,992	16,765
Investments into Šiauliai Bank	Market price	13,443	21,911
Investments into Inservis(includingloansgranted)	Discounted cash flows**	5,222	5,356
Investments into other subsidiarycompanies (including loansgranted)	Fair value of net assets	479	61
Otherassets, other investments	Book value	2,078	6,235
Cash and cash equivalents	Book value	439	5,674
Total assets	Book value	75,274	99,722
Liabilities	Book value	1,725	2,990
Net asset value	Book value	73,549	96,732
Net asset value per share	Book value	6.29	8.23

• The value of investments in non-consolidated companies is included

** Comparative method of multipliers in 2020

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INVALDA INVL: Y2021 H1 RESULTS’ FACTSHEET

Asset management and investing is our core business. On 15 June 2021, we signed an agreement to acquire a life insurance business in the Baltic States and next year we hope to offer our customers more solutions to strengthen their financial security.

ASSET MANAGEMENT BUSINESS

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ASSET ASSET FARMLAND MANAGEMENT MANAGEMENT FINASTA MANAGEMENT

EUR million(if not stated otherwise)	30.06.2020	30.06.2020	30.06.2020	30.06.2021	30.06.2021	30.06.2021
	Lithuania	Latvia	Total	Lithuania	Latvia	Total
Number of clients, units	181.5	54.8	236.3	192.0	58.9	250.9
Amountearned(lossincurred) for clients	(42.98)			124.48
Asset under management*	936.3	118.4	1,054.7	1,253.2	182.6	1,435.8
2nd pillar pension funds	510.8	117.0	627.8	706.5	180.9	887.4
3rd pillar pension funds	41.4	1.4	42.8	66.9	1.7	68.6
Investment funds	52.6	-	52.6	54.9	-	54,9
Portfolios	66.2	-	66.2	81.4	-	81.4
Alternative assets	265.3	-	265.3	343.5	-	343.5
Revenues	6.14	0.32	6.46	6.69	0.43	7.12
Profit (loss) before tax, EURthousand**	806	(321)	485	2,209	(202)	2,007

• Eliminated investments into own products, for which management fee is not charged.

OTHER MAJOR INVESTMENTS, EUR MLN., AS OF 30.06.2021

Company	Activity	Directlyownedshare,%	Value oftheownedshares	Profit(loss) frominvestment
General partner investments
bsgf.invl.com	Thelargestprivateequityinvestment fund in the Baltics.Thefundisintendedforprofessional investors.	12.22	10.68+12.26commitment	2.67
www.invlbalticrealestate.com	Investments in commercial realestatecompany,actingasaclosed-end investment company.	23.43	4.42	0.67
https://www.maib.md/	The largest commercial bank inMoldova providing a full range offinancial services	7.9	8.28	0.93
www.invltechnology.com	Investmentsinaninformationtechnology company, acting as aclosed-end investment company.	15.39	4.72	0.82
INVL Emerging Europe BondSubfund www.invl.com	TheSub-Fund'sassetsareinvested in debt securities of CEEgovernments and companies thatappear to be the most attractive interms of credit analysis.	4.5	1.36	0.02
Other historical investments
www.litagragroup.lt	Primaryagriculturalproductioncompanythatconcentratesonagriculture - the cultivation of grain,milk and feed production.	48.81	16.77	0.88
www.sb.lt	Lithuaniancommercialbankprovidingfinancialservicesforbusiness and private clients.	5.48	21.91	5.68
www.inservis.lt	Facilitymanagementcompaniesgroup	100	5.36	0.29
www.vernitas.lt	Preparation of textile fibres.	11.06	0.44	-

• ** According to accounting data of Invalda INVL.

More information www.invaldainvl.com