Resolutions of the General Extraordinary Shareholders Meeting of INVL Baltic Farmland

Resolutions of the General Extraordinary Shareholders meeting of INVL Baltic Farmland that was held on 31 October 2022.

1. Regarding the adjustment of the terms of payment for audit services

1.1. To set an additional remuneration of up to EUR 6,000 per year (VAT will be calculated and paid additionally in accordance with the order established in legal acts) to the Company’s audit company UAB PricewaterhouseCoopers, legal entity code 111473315, for the audit services of the annual financial statements for 2022 year in order to meet the requirements of the Articles 3 and 4 of the Commission Delegated Regulation (EU) 2018/815 of 17 December 2018 supplementing Directive 2004/109/EC of the European Parliament and of the Council with regard to regulatory technical standards on the specification of a single electronic reporting format.

2. Regarding the election of an auditor to carry out of the audit of the annual financial statements and setting conditions of payment for audit services

2.1. To conclude an agreement with UAB PricewaterhouseCoopers, legal entity code 111473315, to carry out of the audit of the annual financial statements of the INVL Baltic Farmland, AB for 2023 year and establish the payment in the amount of EUR 12,200 per year plus indexation (price increase) based on the average annual inflation  published by the Department of Statistics under the Government of the Republic of Lithuania in April of 2023, calculated based on the harmonized index of consumer prices (HICP) plus EUR 6,000 for single electronic reporting format (ESEF) verification (VAT will be calculated and paid additionally in accordance with the order established in legal acts). The Board of the INVL Baltic Farmland, AB reserves the right to increase the remuneration of the audit company by no more than 25 percent of the total remuneration approved by this decision, if the scope of audit work changes significantly.

Additional information:

At an extraordinary general meeting on Monday, the shareholders of INVL Baltic Farmland, a company that invests in agricultural land, approved higher expenses for audit services for 2022. By decision of the shareholders, the audit of the company’s financial reports for next year will also be performed by PricewaterhouseCoopers.

PricewaterhouseCoopers is auditing INVL Baltic Farmland’s 2022 financial reports. Costs of the audit of the company are rising following an increase in the amount of work involved due to requirements that listed companies prepare and publish audited annual reports in the European Single Electronic Format (ESEF). According to the shareholders’ decision, additional compensation of no more than EUR 6,000 (excluding VAT) may be paid to PricewaterhouseCoopers for the services.

For PricewaterhouseCoopers, 2023 will be the last year for which it will audit the farmland investment company’s financial statements, since under current regulations the same audit firm cannot audit a company’s activities for more than 10 years. The fee to be paid for the audit services, in addition to ESEF costs, is EUR 12,200, which would be indexed to the average annual inflation rate for April of the current year.

INVL Baltic Farmland plans revenue of EUR 718,000 this year and a consolidated net profit of EUR 646,000. The operating forecasts are based on the rental agreements that are in place and assume that during this year the value of the company’s land holdings will not change, there will be no further purchases or sales of land, and there will be no changes in provisions for receivables or impact of tenant debts 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:

Egle Surpliene

Director

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