AGRO FINANCE REIT : with investment portfolio of 13 857 hectares agricultural land as December 31st, 2020

Agro Finance REIT

4003 Plovdiv

5 Dunav Blvd.

Tel:.[phone]

INFORMATION BULLETIN

DECEMBER 2020

Investment portfolio

As of December 31st 2020 the investment portfolio of Agro Finance REIT includes 13 857 hectares of agricultural land. The funds invested by the Company amount to BGN 44.007 million (EUR 22.501 million), at an average acquisition price (all costs included) of BGN 3175.8 (EUR 1623.76) per hectare.

1

Investment portfolio structure as of December 31st 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 December 31st 2020 the portfolio consists of 96.88 % 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 3.12 % in lower categories.

Agricultural land portfolio structure by categories

Category	Acquired land	% of the total
	(hectares)	land acquired
І-II	633	4.57%
III-V	11 947	86.21%
VІ	845	6.10%
VІІ-X	432	3.12%
Total	13 857	100.00%

As of December 31st 2020 88.35 % 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	5738	41.41
	North Central region	4581	33.06
	Northeastern region	1924	13.88
	Southern region	1614	11.65
	Total	13 857	100.00

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

2

Map of the agricultural land portfolio by districts as of December 31st 2020

Rents Information

As of December 31st 2020, nearly 13.2 thousand hectares are rented for 2020/2021 agricultural season (95 % of the acquired land). The average contracted rental payment for 2020/2021 agricultural season is EUR 267 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	13 000	93%	273	96%
2020/2021	13 200	96%	267	73%

* As of the end of the corresponding agricultural season

3

Stock Exchange information about Agro Finance REIT for December, 2020

Agro Finance REIT (6AG)	Share price
BGN*
Turnover (number of shares)	0
Market capitalization (million BGN)	103 103
Market capitalization (million EUR)	52 716
Net asset value per share (30.09.2020)	BGN 2.16 (EUR 1.10)

EUR 1 = BGN 1.95583

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

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

4