Agro Finance ADSITS : REIT with investment portfolio of 13 914 hectares agricultural land as December 31st, 2018

Agro Finance REIT

4003 Plovdiv

5 Dunav Blvd.

Tel:.[phone]

INFORMATION BULLETIN

DECEMBER 2018

Investment portfolio

As of December 31st, 2018 the investment portfolio of Agro Finance REIT includes 13 914 hectares of agricultural land. The funds invested by the Company amount to BGN 44.014 million (EUR 22.504 million), at an average acquisition price (all costs included) of BGN 3163.00 (EUR 1617.37) per hectare.

Investment portfolio structure as of December 31st, 2018

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, 2018 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 (hectares)	% of the total land acquired
І-II	639	4.59%
III-V	11 998	86.23%
VІ	851	6.12%
VІІ-X	426	3.06%
Total	13 914	100.00%

As of December 31st, 2018 88.36 % 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 (hectares)	% of the total land acquired
Northwestern region	5753	41.34
North Central region	4594	33.02
Northeastern region	1948	14.00
Southern region	1619	11.64
Total	13 914	100.00

The agricultural land is mostly concentrated in Montana, Pleven and Vratsa districts where Agro Finance REIT owns in total 8 509 hectares (61 % of the Company's investment portfolio).

Map of the agricultural land portfolio by districts as of December 31st, 2018

Rents Information

As of December 31st, 2018 nearly 13.1 thousand hectares are rented for the current 2018/2019 agricultural season (93 % of the acquired land). The average contracted rental payment for 2018/2019 agricultural season is EUR 262 per hectare.

Structure by agricultural seasons

Agricultural

Agricultural season	Land rented (hectares) *	% of the total land acquired	Average contracted rental payment per hectare /EUR/ *	% collected 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	82 %
2017/2018	13 300	96%	250	82%
2018/2019	13 100	93%	262	67%

* As of the end of the corresponding agricultural season

Stock Exchange information about Agro Finance REIT for December 31st, 2018

Agro Finance REIT (6AG)	Share price BGN*
Turnover (number of shares)	0
Market capitalization (million BGN)	99.881
Market capitalization (million EUR)	51.068
Net asset value per share (30.09.2018)	BGN 1.99 (EUR 1.02)

EUR 1 = BGN 1.95583

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

Plovdiv

January 15th, 2018

Desislava Stoyanova Director of Investor Relations