Investor day 15 November 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 23 204 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 16 416 ha to 434 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 88 million Top 4 company by traded volume on the Bulgarian Stock Exchange (BSE) for the last 3 years Top 2 REIT by free float in Bulgaria – 58.01% 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 European countries in EUR/ha Source: Media publications 2016

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 Average price in €/ha 1007 1202 1595 1519 1605 2035 2797 3037 3497 3743 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 - 1 665 26% foreign ownership of the market cap Source: Shareholders’ Book as of September 30, 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 23 204 ha of agricultural land Average land portfolio price 2429 €/ha Source: Advance Terrafund as of September 30, 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 September 30, 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 € 2016-2017 21 253 16 416 77.2% 200.25 3 287 290 2015-2016 21 034 17 377 82.6% 217.83 3 785 258 2014-2015 20 273 16 228 80.0% 209.76 3 403 958 *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 October 31, 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 47 000 ha versus 23 900 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 654 6 631 4 335 758 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 23 884 109 229 651 Source: Advance Terrafund as of September 30, 2016

Farmland market Factors: The world grain storage is the highest for the last 30 years World wheat and corn prices - the lowest for the last 8 years Lower oil price: lower demand of agroproducts for biofuel production lower grain and oil seed prices Wheat production in Bulgaria in 2016 – highest level for the last 36 years Grain and oil seed prices in Bulgaria in 2016 – 10% lower than 2015 on average 15% higher cost prices for Bulgarian grain and oil seed producers Forecast: World grain and oil seed prices will remain at very low levels Slight farmland sale price decrease Slight rent price decrease 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 70.8 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   30.09.2016 31.12.2015 ASSETS Investment property 196,183 203,576 Financial lease receivables 2,436 1,949 Non-current assets 198,619 205,525 Assets held for sale 10,616 5,003 680 431 Rent and other receivables 3,242 2,369 Advances to suppliers 564 Cash and cash equivalents 19,844 22,967 Current assets 34,946 31,334 233,565 236,859 TOTAL ASSETS CURRENT LIABILITIES Commercial and other liabilities 5,909 7,129 Dividend liabilities 161 7,970 Provisions 55 329 TOTAL CURRENT LIABILITIES 6,125 15,428 224,914 221,431 NET ASSETS CAPITAL Core capital 85,110 Premiums from issues 43,411 Non-allocated profit 96,393 92,910 TOTAL CAPITAL All amounts are in thousands BGN

Amounts are in thousands BGN unless indicated otherwise Attachment ATERA’s income statement   01.01.2016-30.09.2016 01.01.2015-30.09.2015 Interest income 132 118 Revenues from sales of investment property 9,834 3,135 Book value of the sold property (7,595) (1,732) Profit from sale of investment property 2,239 1,403 Revenues from lease and rent of investment property 5,693 5,053 Other revenues 337 66 OPERATING REVENUES 8,401 6,640 Costs for hired services (4,113) (2,751) Costs related to the personnel (96) Loss on subsequent valuation of investment property (16) (6) Financial costs (1) (2) Other costs (7) (298) OPERATING COSTS (4,233) (3,153) NET PROFIT 4,168 3,487 Other comprehensive income - TOTAL COMPREHENSIVE INCOME Income per share (BGN) 0.05 0.04 Amounts are in thousands BGN unless indicated otherwise

GDP growth in CEE countries Attachment GDP growth in CEE countries Modest GDP growth forecast in Bulgaria compared to the other CEE countries Real GDP, (YoY % change) 2013 2014 2015 2016 f 2017 f Bulgaria 1.07 1.71 2.97 3.00 2.80 Serbia 2.57 -1.81 0.74 2.50 Romania 3.39 3.75 4.96 3.76 Croatia -0.94 -0.40 1.65 1.90 2.10 Turkey 4.20 2.90 3.99 3.28 2.98 Czech Republic -0.50 2.02 4.54 2.45 2.67 Poland 1.67 3.40 3.65 3.13 3.37 Hungary 1.53 3.64 2.94 2.00 Estonia 1.63 1.52 Lithuania 3.26 2.93 1.62 2.59 Latvia 4.23 2.36 2.73 2.54 Russia 2.20 1.00 -3.73 -0.76 Ukraine -0.03 -6.83 -9.87 1.49 2.53 Source: Karoll Capital Management

Stock exchange markets in CEE Attachment Stock exchange markets in CEE Bulgarian market in Q3 2016 tries to compensate the drop in 2015 Regional Indices (ann. % change) 2012 2013 2014 2015 Sep '16 SOFIX Bulgaria 7.25 42.28 6.20 -11.72 9.48 BELEX15 Serbia 4.98 6.51 19.50 -3.44 -1.21 BET Romania 18.74 26.10 9.10 -1.11 -0.96 CROBEX Croatia 0.01 3.10 -2.70 -3.20 14.90 BIST 30 Turkey 52.55 -13.31 26.40 -17.64 7.11 PX Czech Republic 14.01 -4.78 -4.30 1.02 -9.70 WIG20 Poland 20.45 -7.05 -3.50 -19.72 -8.05 BUX Hungary 7.06 2.15 -10.40 43.81 15.65 OMX Tallinn Estonia 38.22 11.38 -7.70 19.06 OMX Vilnius Lithuania 18.82 18.75 7.30 7.42 11.85 OMX Riga Latvia 6.67 16.22 -11.30 45.66 19.26 MICEX Russia 5.17 1.99 -7.15 26.12 12.30 UX Ukraine -34.84 -4.26 13.54 -31.76 18.12 MSCI EFM (E+C)   17.51 -11.15 -22.21 -8.32 7.75 MSCI EFM (E+C) ex RU 34.08 -16.81 2.24 -22.13 -5.15 S&P 500 13.41 29.60 11.40 -0.73 6.08 DAX 29.06 25.48 2.70 9.56 -2.16 Nikkei 225 22.94 56.72 7.10 9.07 -13.58 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