Agro Finance ADSITS : REIT with investment portfolio of 14 072 hectares agricultural land as December 31st , 2017

Agro Finance REIT

4003 Plovdiv

5 Dunav Blvd.

Tel:.[phone]

INFORMATION BULLETIN

DECEMBER 2017

Investment portfolio

As of December 31st, 2017 the investment portfolio of Agro Finance REIT includes 14 072 hectares of agricultural land. The funds invested by the Company amount to BGN 44.257 million (EUR 22.628 million), at an average acquisition price (all costs included) of BGN 3145.00 (EUR 1608.01) per hectare.

Investment portfolio structure as of December 31st, 2017

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, 2017 the portfolio consists of 96.92 % 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 3.08 % in lower categories.

Agricultural land portfolio structure by categories

Category	Acquired land (hectares)	% of the total land acquired
І-II	624	4.44%
III-V	12 141	86.27%
VІ	874	6.23%
VІІ-X	433	3.08%
Total	14 072	100.00%

As of December 31st, 2017 88.33 % 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	5896	41.90
North Central region	4601	32.70
Northeastern region	1949	13.85
Southern region	1 626	11.55
Total	14 072	100.00

The agricultural land is mostly concentrated in Montana, Pleven and Vratsa districts where Agro Finance REIT owns in total 8 611 hectares (61 % of the Company's investment portfolio).

Map of the agricultural land portfolio by districts as of December 31st, 2017

Rents Information

As of December 31st, 2017 nearly 12.6 thousand hectares are rented for the current 2017/2018 agricultural season (96 % of the acquired land). The average contracted rental payment for 2017/2018 agricultural season is EUR 253 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	96 %
2011/2012	13 600	96 %	138	98 %
2012/2013	13 900	99 %	167	93 %
2013/2014	13 600	96 %	199	98 %
2014/2015	13 800	98 %	247	~100 %
2015/2016	13 500	96%	247	~100 %
2016/2017	13 600	96%	248	79 %
2017/2018	12 600	90%	253	66%

* As of the end of the corresponding agricultural season 3

Stock Exchange information about Agro Finance REIT for December 31st, 2017

Agro Finance REIT (6AG)	Share price BGN*
Beginning of month (open)	4.00
End of month (close)	4.00
Change %	0 %
Market capitalization (million BGN)*	128 879
Market capitalization (million EUR)	65 895
Net asset value per share (30.06.2017)	BGN 1.98 (EUR 1.01)

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