ASTARTA N : presentation 9M20

9M20 operating and financial results

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This presentation includes forward-looking statement, i.e. statements that are not historical facts, including statements about the Company's beliefs and expectations and the Company's targets for future performance are forward-looking statements. These statements are based on current plans, estimates and projections, and therefore investors should not place undue reliance on them. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Forward-looking statements are not intended to be a guarantee of future results, but instead constitute the Company's current expectations based on reasonable assumptions. Actual results could differ materially from those projected in our forward-looking statements due to risks, uncertainties and other factors.

In preparation of this document we used certain publicly available data. While the sources we used are generally regarded as reliable we did not verify their content. The Company does not accept any responsibility for using any such information. Although care has been taken to ensure that the facts stated in the presentation are accurate, and that the opinions expressed are fair and reasonable, the contents of this presentation have not been verified by the Company no representation or warranty, express or implied, is given by or on behalf of the Company any of its respective directors, or any other person as to the accuracy or completeness of the information or opinions contained in this presentation. Neither the Company nor any of its respective members, directors, officers or employees or any other person accepts any liability whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith.

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9M20 HIGHLIGHTS

Summary P&L

EURk	9M19	9M20
Revenues, including	325 711	290 548
Agriculture	147 522	121 287
Sugar production	86 809	87 093
Soybean processing	61 545	53 555
Cattle farming	24 947	25 043
Cost of sales, including	(293 024)	(241 709)
Effect of FV remeasurement of AP	(46 276)	(26 056)
Changes in FV of BA and AP*	27 056	33 533
Gross profit	59 743	82 372
Gross profit margin	18%	28%
EBIT	7 909	38 326
Depreciation & Amortisation	45 678	43 497
EBITDA, including	53 587	81 823
Agriculture	36 956	59 565
Sugar production	3 626	13 278
Soybean processing	5 896	4 875
Cattle farming	7 255	5 029
EBITDA margin	16%	28%
Interest expense on lease liability	(17 935)	(17 933)
Other finance costs	(14 083)	(7 221)
Forex gain/loss	22 728	(18 577)
Net profit (loss)	1 927	(4 719)
Net profit (loss) margin	1%	(2%)

*FV - Fair Value, BA - Biological Assets, AP - Agricultural Produce

• ASTARTA's consolidated revenues amounted to EUR291m in 9M20, 11% down y-o-y, on lower sales volumes of grains and soybean products
• Revenues in the Agricultural segment stood at EUR 121m (18% lower y-o-y), or 42% of the total. Revenues in the Sugar segment were flat at EUR87m
• The Soybean Processing and the Cattle Farming segments generated EUR54m and EUR25m of revenues, correspondingly, vis- à-vis EUR62m and EUR25m in 9M19
• Exports contributed EUR146m, or half of the total revenues
• Gross profit increased by 38% y-o-y to EUR82m as Cost of sales reduction by 18% y-o-y to EUR242m offset the revenue decline
• Accordingly, EBITDA grew by 53% y-o-y to EUR82m
• Excluding the impact of IAS41, Gross Margin improved from 24% to 26% and EBITDA Margin - from 22% to 26%

EURk	9M19	9M20
Gross Profit, ex BA & AP remeasurement	78 963	74 895
Gross Margin, ex BA & AP remeasurement	24%	26%
EBITDA, ex BA & AP remeasurement	72 807	74 346
EBITDA margin, ex BA & AP remeasurement	22%	26%

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9M20 HIGHLIGHTS

Summary Сash Flows

EURk	9M19	9M20
Pre-tax income	(608)	(4 739)
D&A	45 678		43 497
Financial interest expenses, net	13 217		6 898
Interest on lease liability	17 935		17 933
Changes in FV of BA and AP	(27 056)		(33 533)
Forex gain/loss	(22 728)		18 577
Income taxes paid	(1 455)		(2 156)
Working Capital changes	108 902		56 483
Other	534		2 741
Operating Cash Flows	134 419		105 701
Investing Cash Flows	(19 758)		(9 737)
Debt proceeds	60 331		74 010
Debt repayment	(136 889)		(120 966)
Finance interest paid	(14 389)		(7 278)
Land lease repayment	(30 260)		(29 760)
Financing Cash Flows	(121 207)		(83 994)

• ASTARTA reported Operating Cash Flows of EUR106m versus EUR134m in 9M19. Operating Cash Flows before Working Capital changes increased from EUR26m to EUR49m (excluding IAS41 - EUR83m versus EUR53m)
• Capex tightly controlled at EUR10m in 9M20
• These measures allowed the Company to pay down a further EUR47m of bank debt on a Cash Flow Basis
• As a result Net Debt reduced to EUR175m corresponding to Net debt/EBITDA (LTM) of 1.6x at the end of 9M20
• As at the end of 9M20 ASTARTA complied with financial covenants

Summary Balance Sheet

EURk	9M19	YE19	9M20
Right-of-use asset (mainly land)	140 894	142 035	107 227
Biological assets (non-current)	23 026	30 011	23 559
PP&E and other	317 595	300 193	220 512
Inventories, including RMI*	162 831	193 681	76 307
Biological assets (current)	79 103	16 109	67 681
AR and other	69 944	64 206	50 789
Cash and equivalents	8 219	13 033	19 631
Total Assets	801 612	759 268	565 706
Equity	441 113	438 755	344 334
Long-term loans	126	591	56 520
Land lease liability (mainly land)	101 561	103 391	80 370
Other	12 527	10 930	7 088
Non-current liabilities	114 214	114 912	143 978
ST debt and similar	172 350	148 811	31 024
Current lease liability (mainly land)	33 454	36 073	26 535
Other	40 481	20 717	19 835
Current liabilities	246 285	205 601	77 394
Total equity and liabilities	801 612	759 268	565 706
EBITDA LTM	53 544	77 923	106 159
Lease liability (mainly land)	135 015	139 464	106 905
RMI*	90 921	142 500	33 295
Net debt total	299 272	275 833	174 818
ND total/EBITDA (х)	5.6	3.5	1.6
Adjusted net debt = (ND-RMI)	208 351	133 333	141 523
Adj ND/EBITDA (х)	3.9	1.7	1.3
*RMI = Finished Goods			4