AGRO FINANCE REIT : with investment portfolio of 13 861 hectares agricultural land as September 30th, 2020

Agro Finance REIT

4003 Plovdiv

5 Dunav Blvd.

Tel:.[phone]

INFORMATION BULLETIN

SEPTEMBER 2020

Investment portfolio

As of September 30th 2020 the investment portfolio of Agro Finance REIT includes 13 861 hectares of agricultural land. The funds invested by the Company amount to BGN 43.917 million (EUR 22.454 million), at an average acquisition price (all costs included) of BGN 3168.30 (EUR 1619.93) per hectare.

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Investment portfolio structure as of September 30th , 2020

The Company maintains permanent structure of its portfolio and adheres to its policy of investing in high-quality land in regions with well-developed renting relations.

As of September 30th , 2020 the portfolio consists of 96.94 % agricultural land, classified in categories from I to VI (10 categories in total, category I is of highest quality), which are Company's investment priority, and 3.06 % in lower categories.

Agricultural land portfolio structure by categories

Category	Acquired land	% of the total
	(hectares)	land acquired
І-II	636	4.59%
III-V	11 953	86.23%
VІ	848	6.12%
VІІ-X	424	3.06%
Total	13 861	100.00%

As of September 30th , 2020 88.34 % of the agricultural land acquired is in three of the six regions of the country - Northwestern, North Central and Northeastern regions. The land of these regions is of high quality and has a strong potential for further development of agricultural activities.

Agricultural land portfolio structure by regions

Region	Acquired land	% of the total
(hectares)	land acquired
Northwestern region	5741	41.42
North Central region	4580	33.04
Northeastern region	1924	13.88
Southern region	1616	11.66
Total	13 861	100.00

The agricultural land is mostly concentrated in Montana, Pleven and Vratsa districts where Agro Finance REIT owns in total 8 511hectares (61 % of the Company's investment portfolio).

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Map of the agricultural land portfolio by districts as of September 30th 2020

Rents Information

As of September 30th,2020, nearly 13.0 thousand hectares are rented for 2019/2020 agricultural season (93 % of the acquired land). The average contracted rental payment for 2019/2020 agricultural season is EUR 273 per hectare.

Structure by agricultural seasons

			Average contracted
Agricultural	Land rented	% of the total land	rental payment per	% collected
season	(hectares) *	acquired	hectare /EUR/ *	payments
2008/2009	8 600	69 %	92	98 %
2009/2010	11 500	88 %	104	98 %
2010/2011	12 200	93 %	117	99 %
2011/2012	13 600	96 %	138	98 %
2012/2013	13 900	99 %	167	93 %
2013/2014	13 600	96 %	199	99 %
2014/2015	13 800	98 %	247	~100%
2015/2016	13 500	96%	247	~100%
2016/2017	13 600	96%	248	~100%
2017/2018	13 300	96%	250	83%
2018/2019	13 300	96%	256	96%
2019/2020	13 000	93%	273	96%

* As of the end of the corresponding agricultural season

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Stock Exchange information about Agro Finance REIT for September, 2020

Agro Finance REIT (6AG)	Share price
BGN*
Turnover (number of shares)	0
Market capitalization (million BGN)	113 220
Market capitalization (million EUR)	57 889
Net asset value per share (31.06.2020)	BGN 2.04 (EUR 1.04)

EUR 1 = BGN 1.95583

* The market capitalization is calculated on the basis of last close price

Plovdiv	Desislava Stoyanova
October 15th, 2020	Director of Investor Relations

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