Agro Finance REIT : AD with investment portfolio of 13 802 hectares agricultural land as October 31st 2021

Agro Finance

4003 Plovdiv

5 Dunav Blvd.

Tel:.[phone]

INFORMATION BULLETIN

OCTOBER 2021

Investment portfolio

As of October 31st, 2021 the investment portfolio of Agro Finance AD includes 13 802 hectares of agricultural land. The funds invested by the Company amount to BGN 43.860 million (EUR 22.425 million), at an average acquisition price (all costs included) of BGN 3177.7 (EUR 1624.73) per hectare.

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Investment portfolio structure as of October 31st, 2021

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 October 31st, 2021 the portfolio consists of 96.86 % 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 3.14 % in lower categories.

Agricultural land portfolio structure by categories

Category	Acquired land	% of the total
	(hectares)	land acquired
І-II	633	4.59%
III-V	11 893	86.17%
VІ	843	6.10%
VІІ-X	433	3.14%
Total	13 802	100.00%

As of October 31st, 2021 88.33 % 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	5694	41.26
North Central region	4578	33.17
Northeastern region	1919	13.90
Southern region	1611	11.67
Total	13 802	100.00

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

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Map of the agricultural land portfolio by districts as of October 31st, 2021

Rents Information

As of October 31st, 2021, nearly 13.5 thousand hectares are rented for 2021/2022 agricultural season (98 % of the acquired land). The average contracted rental payment for 2021/2022 agricultural season is EUR 308 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	97%
2018/2019	13 300	96%	256	96%
2019/2020	13 100	94%	273	~100%
2020/2021	13 300	96%	367	93%
2021/2022	13 500	98%	308	68%

* As of the end of the corresponding agricultural season

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Stock Exchange information about Agro Finance AD for October, 2021

Agro Finance (AGF)	Share price
BGN*
Turnover (number of shares)	0
Average price	3.700
Market capitalization (million BGN)	119 213
Market capitalization (million EUR)	60 953
Net asset value per share (30.09.2021)	BGN 2.05 (EUR 1.05)

EUR 1 = BGN 1.95583

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

Plovdiv	Desislava Stoyanova
November 15th, 2021	Director of Investor Relations

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