Investor day May 2016

ATERA at a glance About the company Advance Terrafund REIT(ATERA) is the largest public company with special investment purpose in Bulgaria by market capitalization, founded in 2005 Agricultural land The company owns 23 387 ha of agricultural land and it is the largest public company owner of farmland in the country Urban land The company owns 13.9 ha in Sofia, Stara Zagora and Vratsa Leased land 17 323 ha to 463 farmers

Main characteristics of ATERA BSE ticker: 6A6 (former ATERA) Bloomberg ticker: 6A6:BU Focused only on purchase, consolidation, lease and sale of land The largest BG REIT by market cap – EUR 90 million Top 5 company by traded volume on the Bulgarian Stock Exchange (BSE) for the last 12 months Top 2 REIT by free float in Bulgaria – 57.8% Top 2 company by size of dividend for 2014, 2013, 2012 and 201 The company is included in all indices of BSE and the SEE Links platform

Why invest in Bulgarian farmland? (1/2) High growth and low volatility Indicators for period 2006-2015 Δ% MSCI ЕМ Eastern Europe* Δ% BG farmland Δ% SOFIX** Standard deviation 38% 13% CAGR (Compound annual growth rate) -9% 16% -10% Holding period return -57% 272% -62% Calculations: Advance Terrafund Performance of MSCI EM EE, Bulgarian farmland and SOFIX *MSCI EM Eastern Europe index covers large and mid cap companies from the region **SOFIX is the official BSE index, based on the market cap of the 15 most liquid companies

Why invest in Bulgarian farmland? (1/2) BG farmland is seriously undervalued in comparison with the farmland in EU Low correlation to traditional retail investments Reliable cash-flow from rents Average prices in EU countries with liberal farmland markets in EUR/ha Source: EUROSTAT, Agriculture, Average farmland prices – 2009

272% land price growth for 10 years Bulgarian farmland market 272% land price growth for 10 years Indicator 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Sold land in ha 90 000 115 294 128 681 100 000 106 313 146 578 146 508 116 529 Average price in €/ha 1007 1202 1595 1519 1605 2035 2797 3037 3497 3743 Market volume in mln € 90.63 138.58 205.25 151.85 170.68 298.28 409.75 353.91 Land price change in % 17% 19% 33% -5% 6% 27% 37% 9% 15% 7% Source: Ministry of Agriculture and Food Supply, System for AgriMarket Information and National Statistical Institute

What is a REIT? Real Estate Investment Trust (REIT) characteristics: Special legislation in Bulgaria - Act on Special Investment Purpose Companies Must be listed - provides full transparency Minimum 90% of the net profit is distributed as dividends Tax-exempt profit - no corporate tax Dividend tax 5% for individuals Regulated by the Financial Supervision Commission Real estates are operated obligatory by a servicing company

Our organizational structure Board of Directors Duty Profession Elected to position Borislav Vitanov Chairman Lawyer 2005 Radoslav Manolov Member, Executive director Economist Nencho Penev Member

Our shareholder’s structure Number of ordinary shares - 85 110 091 Total number of shareholders - 1 652 27% foreign ownership of the market cap Source: Shareholders’ Book as of March 31, 2016

Our business model Purchase Land is bought from individuals and companies only Lease Land is leased to farmers Consolidation Natural concentration through new purchases in the village Participation in land consolidation projects Sales Through direct sales contracts Through deferred payment contracts

Our land investments Source: Advance Terrafund as of December 31, 2015

Our farmland by planning regions Total 23 387 ha of agricultural land Average land portfolio price 2367 €/ha Source: Advance Terrafund as of March 31, 2016

The most fertile soils are 1, 2, 4 Danube River Danube Valley Legend Chernozems (Black soils) Grey forest soils Planosols Smolnitza & Cinnamonic forest soils Cinnamonic forest soils Brown forest soils Mountain meadow soils Source: INSTITUTE OF SOIL SCIENCE “N. POUSHKAROV”

Our farmland by regions in ha Source: Advance Terrafund as of March 31, 2016

Land which could be leased** Our leased land Agricultural year* Land which could be leased** Leased land in ha Leased land as a % Average rent in €/ha Rent revenues in € Annual change in % 2015-2016f 21 615 17 323 80.1% 218.27 3 781 171 11% 2014-2015 20 273 16 228 80.0% 209.76 3 403 958 21% *The agricultural year starts on 1 Oct and finishes on 30 Sept the next year ** Lands, which are available as of 30 June for the respective year, decreased with all sold lands after that period. Source: Advance Terrafund as of April 30, 2016 Page 15

Average sale price in €/ha Our land banking Land banking - sale of agricultural land, which is concentrated or consolidated in one village, while still acquiring separated land plots in other villages Total acquired farmland since foundation 46 700 ha versus 23 300 ha total sold Land consolidation - the company has finished 4 projects and participates in 11 other projects Land sales of ATERA Year Sold ha Average sale price in €/ha Sales revenue in € 2016 72.7 7 119 517 537 2015 721.2 7 019 5 061 560 2014 3146.2 5 872 18 475 496 2013 4606.9 5 481 25 248 681 2012 7929.6 4 464 35 401 411 2011 6284.1 3 058 19 216 803 2010 462.7 2 741 1 268 041 2009 79.7 2 783 221 902 Total 23 303 105 411 429 Source: Advance Terrafund as of April 31, 2016

Farmland market Factors: Increased bank financing for farmers = increased indebtedness The world grain storage is the highest for the last 30 years World production and consumption of wheat in million tones production consumption Source: www.sinor.bg Wheat and corn prices - the lowest for the last 8 years Above factors are expected to push down slightly the farmland price Page 17

Land portfolio turnover Source: Advance Terrafund

Our key financial indicators Total raised capital since foundation EUR 65.7 mn Total distributed dividends since foundation EUR 66.4 mn Net income distribution for dividends ~ 100% No debt financing Amounts are in mn EUR unless indicated otherwise 2009 2010 2011 2012 2013 2014 2015 Net assets 78.95 77.98 97.34 102.16 102.20 101.34 113.22 NAV per share, in BGN 0.93 0.92 1.14 1.20 1.19 1.33 Income from rents 2.02 2.86 3.12 3.01 2.96 3.00 3.66 Income from land sales 0.22 1.27 19.22 35.40 25.25 18.48 6.72 Net income 1.63 2.28 10.97 21.47 17.32 13.06 4.45 EPS, distributable, in EUR 0.02 0.03 0.13 0.25 0.20 0.15 0.05 DPS, in EUR ROE, in % 2.0% 2.9% 12.5% 21.5% 16.9% 12.8% 4.1% Source: Advance Terrafund

Dividend yield The dividend yields of ATERA exceed these of SOFIX* *SOFIX is the official BSE index, based on the market cap of the 15 most liquid companies Source: REUTERS

Performance of SOFIX and ATERA Since its foundation ATERA totally outperforms SOFIX* *SOFIX is the official BSE index, based on the market cap of the 15 most liquid companies Source: www.Infostock.bg

All amounts are in thousands BGN Attachment ATERA’s balance sheet   31.03.2016 31.12.2015 ASSETS Investment property 204,954 203,576 Financial lease receivables 2,207 1,949 Non-current assets 207,161 205,525 Assets held for sale 5,351 5,003 386 431 Rent and other receivables 3,884 2,369 Advances to suppliers 564 Cash and cash equivalents 19,349 22,967 Current assets 29,534 31,334 236,695 236,859 TOTAL ASSETS CURRENT LIABILITIES Commercial and other liabilities 5,513 7,129 Dividend liabilities 7,969 7,970 Provisions 329 TOTAL CURRENT LIABILITIES 13,811 15,428 222,884 221,431 NET ASSETS CAPITAL Core capital 85,110 Premiums from issues 43,411 Non-allocated profit 94,363 92,910 TOTAL CAPITAL All amounts are in thousands BGN

Amounts are in thousands BGN unless indicated otherwise Attachment ATERA’s income statement   01.01.2016-31.03.2016 01.01.2015-31.03.2015 Interest income 43 85 Revenues from sales of investment property 970 12 Book value of the sold property (677) (4) Profit from sale of investment property 293 8 Revenues from lease and rent of investment property 1,861 1,701 Other revenues 16 25 OPERATING REVENUES 2,213 1,819 Costs for hired services (723) (653) Costs related to the personnel (31) Financial costs (1) Other costs (5) (23) OPERATING COSTS (760) (708) 1,453 1,111 NET PROFIT Other comprehensive income - TOTAL COMPREHENSIVE INCOME Income per share (BGN) 0.02 0.01 Amounts are in thousands BGN unless indicated otherwise

GDP growth in CEE countries Attachment GDP growth in CEE countries Weaker GDP growth forecasts in Bulgaria compared to the other CEE countries Real GDP, (YoY % change) 2013 2014 2015 2016 f 2017 f Bulgaria 1.07 1.71 3.00 2.30 Serbia 2.57 -1.81 0.75 1.80 Romania 3.39 2.80 3.70 4.20 3.60 Croatia -0.94 -0.40 1.60 1.90 2.10 Turkey 2.90 3.80 3.40 Czech Republic -0.50 2.02 2.50 2.40 Poland 1.67 Hungary 1.53 3.64 Estonia 1.63 1.10 2.20 Lithuania 3.26 2.93 2.70 3.10 Latvia 4.23 2.36 3.20 Russia 1.00 -3.70 -1.80 0.80 Ukraine -0.03 -6.83 -9.90 1.50 Source: Karoll Capital Management

Stock exchange markets in CEE Attachment Stock exchange markets in CEE Bulgarian market in Q1 2016 could not compensate the drop in 2015 Regional Indices (ann. % change) 2012 2013 2014 2015 Mar '16 SOFIX Bulgaria 7.25 42.28 6.20 -11.72 -3.16 BELEX15 Serbia 4.98 6.51 19.50 -3.44 -5.90 BET Romania 18.74 26.10 9.10 -1.11 -3.81 CROBEX Croatia 0.01 3.10 -2.70 -3.20 -1.18 BIST 30 Turkey 52.55 -13.31 26.40 -17.64 17.07 PX Czech Republic 14.01 -4.78 -4.30 1.02 WIG20 Poland 20.45 -7.05 -3.50 -19.72 7.45 BUX Hungary 7.06 2.15 -10.40 43.81 10.58 OMX Tallinn Estonia 38.22 11.38 -7.70 19.06 7.97 OMX Vilnius Lithuania 18.82 18.75 7.30 7.42 4.60 OMX Riga Latvia 6.67 16.22 -11.30 45.66 3.57 MICEX Russia 5.17 1.99 -7.15 26.12 6.23 UX Ukraine -34.84 -4.26 13.54 -31.76 -20.29 MSCI EFM (E+C)   17.51 -11.15 -22.21 -8.32 8.50 MSCI EFM (E+C) ex RU 34.08 -16.81 2.24 -22.13 6.94 S&P 500 13.41 29.60 11.40 -0.73 0.77 DAX 29.06 25.48 2.70 9.56 -7.24 Nikkei 225 22.94 56.72 7.10 9.07 -11.95 Source: Karoll Capital Management

Contact Atanas Dimitrov Investor Relation Director Advance Terrafund REIT adimitrov@karoll.bg 1 Zlatovruh Str. 1164 Sofia BULGARIA Tel: +35924008332 www.advanceterrafund.bg