Regarding approval of dividend allocation of INVL Baltic Farmland for the year 2022

The Annual General Shareholders Meeting of the public joint stock company INVL Baltic Farmland (hereinafter – “the Company“) held on 29 March 2023 approved to allocate a dividend of EUR 0.15 per share for the year 2022 (the total amount allocated for dividends is EUR 484 thousand).

The Board of the Company notes that the Dividend Payment Policy of the Company was approved during the Annual General Shareholders Meeting held on 10 April 2018, targeting at least EUR 0.10 per share dividend.

The Company notes that dividends will be paid out and the dividend payment procedure for 2022 published within one month from the General Shareholders Meeting that approved the decision to allocate the dividends. Persons, who will be shareholders of INVL Baltic Farmland at the end of 13 April 2023, the tenth day after the General Shareholders Meeting approving the resolution to allocate part of the Company’s profit for the payment of dividends, are entitled to receive dividends.

The ex-date is 12 April 2023. From that date, the new owner of the shares of INVL Baltic Farmland, ISIN code LT0000128753, which were acquired on the stock exchange with a settlement cycle of T+2, is not entitled to receive dividends for the year 2022.

Additional information:

INVL Baltic Farmland, a company that invests in agricultural land, will pay shareholders larger than usual dividends for 2022, allocating EUR 484,000 or EUR 0.15 per share. That and other decisions were adopted at the company’s annual general meeting of shareholders which took place today.

“INVL Baltic Farmland’s good performance last year enables it to pay larger dividends than the minimum of EUR 0.10 per share stipulated in the company’s dividend policy,” Alvydas Banys, INVL Baltic Farmland Chairman of the Board, says.

The meeting of the company’s shareholders on Wednesday, besides approving INVL Baltic Farmland’s 2022 financial statements, also established new procedures for the acquisition of own shares.

Under the new rules, an existing reserve of EUR 3.08 million would be used for own share purchases. The number of own shares acquired by INVL Baltic Farmland may not exceed 10% of the company’s share capital, and purchases of own shares will be allowed for 18 months from the date of the decision’s adoption at the shareholders’ meeting. The maximum purchase price per share is EUR 5.00 and the minimum EUR 3.00.

Shareholders also approved a proposal to update the company’s Audit Committee regulations as well as the wording of its Articles of Association and its Remuneration Policy due to amendments to the Law on Companies.

Last year, the farmland investment company had consolidated revenue of EUR 722,000 and consolidated net profit of EUR 1.97 million. Compared to 2021, revenue was up 8.6% and net profit grew 39.5%.

This year INVL Baltic Farmland plans consolidated revenue of EUR 790,000 and a net profit of EUR 365,000. The forecasts assume that during 2023 the value of the company’s land holdings will not change, no new agreements on the purchase or sale of land will be signed, and there will be no change in the impairment of trade receivables and no impact of trade receivables on the size of the administration fee.

INVL Baltic Farmland is listed on the Nasdaq Vilnius stock exchange. Its subsidiaries own approximately 3,000 hectares of agricultural land in Lithuania which is rented out to agriculture companies and farmers.

The person authorized to provide additional information:

Director Egle Surpliene

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