May 2018 Investor Day

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 22 080 ha of agricultural land and it is the largest public company owner of farmland in the country Urban land The company owns 13.3 ha in Sofia, Stara Zagora and Vratsa Leased land 15 914 ha to 440 farmers

Main characteristics of ATERA BSE ticker: 6A6 (former ATERA) Bloomberg ticker: 6A6:BU Focused only on purchase, consolidation, lease and sale of land ATERA earns the second highest dividend yield on the Bulgarian Stock Exchange (BSE) for the period 2012-2016 Top 5 company by traded volume of shares on the BSE for the last 3 years Top 2 REIT by free float in Bulgaria – 57.01% The largest BG REIT by market cap – EUR 96 million The company is included in all indices of BSE and the SEE Link platform

Why invest in Bulgarian farmland? (1/2) High growth and low volatility Indicators for period 2008-2017 Δ% MSCI ЕМ Eastern Europe* Δ% BG farmland Δ% SOFIX** Standard deviation 38% 13% 34% CAGR (Compound annual growth rate) 6% 12% 7% Holding period return 65% 179% 89% *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 Calculations: Advance Terrafund Performance of MSCI EM EE, Bulgarian farmland and SOFIX

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 2018

179% land price growth for 10 years Bulgarian farmland market 179% land price growth for 10 years Indicator 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Average price in €/ha 1595 1519 1605 2035 2797 3037 3497 3743 3891 4458 Land price change in % 33% -5% 6% 27% 37% 9% 15% 7% 4% 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 Executive director Economist Nencho Penev Non-executive director

Our shareholder’s structure Number of ordinary shares - 85 110 091 Total number of shareholders - 1 889 23% foreign ownership of the market cap Source: Shareholders’ Book as of March 31, 2018

Our business model Land is bought from individuals and companies only 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, 2017

Our farmland by planning regions Total 22 080 ha of agricultural land Source: Advance Terrafund as of March 31, 2018

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, 2018

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 € 2017-2018 19 508 15 914 81.6% 200.71 3 194 129 2016-2017 20 630 16 787 81.4% 197.73 3 319 315 *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 31, 2018 Page 15

Average sale price in €/ha Our land banking Land banking - sale of agricultural land, which is concentrated in one village, while still acquiring separated land plots in other villages Total acquired farmland since foundation 47 900 ha versus 25 800 ha total sold Total sales on leasing and deferred payment until now – 2 230 ha Land sales of ATERA Year Sold ha Average sale price in €/ha Sales revenue in € 2018 1 10 226 15 188 2017 992 6 155 6 103 740 2016 1 517 6 740 10 222 907 2015 721 7 019 5 061 560 2014 3 146 5 872 18 475 496 2013 4 607 5 481 25 248 681 2012 7 930 4 464 35 401 411 2011 6 284 3 058 19 216 803 2010 463 2 741 1 268 041 2009 80 2 783 221 902 Total 25 739 121 220 540 Source: Advance Terrafund as of April 31, 2018

Farmland market Factors: Lower production of wheat in the USA and in Russia in 2018 Higher world prices for wheat, corn, rape seed and barley High yields for wheat, rape seed and barley in Bulgaria in 2018 The oil price has risen with over 35% and it would increase the demand for rape seed and corn for biofuel production Forecast: The world grain stores in 2019 – 2.7% lower World grain and oil seed prices would rise with 3-4%, except for the sunflower Increased demand for farmland purchases from investors and farmers Rents increase Page 17

CAP 2021 - 2027 European Commission proposals: Total EU budget - 1.28 trillion € (1.03 € for 2014-2020) Increased budget payment from 1% to 1.11% of the GDP of any of the 27 countries CAP budget reduction with 4.1% up to 365 billion € - 286.2 billion € for direct payments and 78.8 billion € for the AFRD Increased share of the national financing for the Rural Development (RD) with 10% The direct payments per ha in BG would shrink with 2% (4 BGN/ha) Ceiling for direct payments up to 60 000 € (now it is 300 000 €) Big part of the RD Program measures would no longer be financed for free, instead would be replaced with low interest loans or guarantees In June 2018 would be published the legislative proposals for the new CAP Till May 2019 the final EU budget for 2021-2027 should be passed Стр. 18

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 78.2 mn Net income distribution for dividends ~ 100% No debt financing Amounts are in mn EUR unless indicated otherwise 2011 2012 2013 2014 2015 2016 2017 Net assets 97.34 102.16 102.20 101.34 113.22 112.52 122.64 NAV per share, in BGN 1.14 1.20 1.19 1.33 1.32 1.44 Income from rents 3.12 3.01 2.96 3.00 3.66 3.85 3.34 Income from land sales 19.22 35.40 25.25 18.48 6.72 17.10 10.46 Net income 29.26 25.16 17.76 12.64 17.26 6.34 15.39 EPS, distributable, in EUR 0.13 0.25 0.20 0.15 0.05 0.09 0.06 DPS, in EUR ROE, in % 12.5% 21.5% 16.9% 12.8% 4.1% 6.6% 4.3% Source: Advance Terrafund

Dividend yield ATERA earns the second highest dividend yield of all most liquid companies at BSE for the period 2012-2016 Dividend Yield, % Company 2012 2013 2014 2015 2016 5yr Average Return CEZ Distribution Bulgaria JSC 62.1 16.0 0.0 14.7 18.6 Advance Terrafund REIT 19.7 16.7 12.3 4.8 8.1 Sopharma Properties REIT 9.2 7.9 6.7 5.3 9.5 Bulland Investments REIT 11.9 21.2 7.0 8.0 Bulgartabac Holding JSC 12.1 14.6 7.2 M+S Hydraulic PLC 17.0 5.8 4.2 4.3 3.9 7.1 Sopharma Trading JSC 11.2 4.9 5.6 Oil and Gas Exploration and Production PLC 17.7 3.5 6.4 Bulgaria Real Estate Fund REIT 4.5 5.1 3.3 3.7 Hydraulic Elements and Systems PLC 0.6 3.4 Monbat PLC 1.8 2.9 3.2 Stara Planina Hold PLC 1.6 2.4 5.2 2.6 EMKA JSC 2.0 2.7 2.2 2.3 2.5 Sopharma JSC Fairplay Properties REIT 10.9 Top 15 Bulgarian companies, regularly paying dividend throughout 2012-2016, selected among the companies participating in BGBX40 (index of the 40-th most liquid Bulgarian companies) Source: Thomson Reuters Datastream

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   31.12.2017 31.12.2016 ASSETS Investment property 202,459 201,592 Receivables on lease contracts and on deferred payment sales 12,013 11,833 Non-current assets 214,472 213,425 3,570 3,484 Trade and other receivables 3,708 2,834 Cash and cash equivalents 28,411 29,688 Current assets 35,689 36,006 Investment properties held for sale 2,128 2,446 TOTAL ASSETS 252,289 251,877 LIABILITIES Trade and other liabilities 2,271 2,979 Dividend liabilities 9,000 9,001 Provisions 35 Current liabilities 11,306 12,015 TOTAL LIABILITIES 240,983 239,862 NET ASSETS CAPITAL Core capital 85,110 Premiums from issues 43,411 Other reserves 4 Non-allocated profit 112,458 111,337 TOTAL CAPITAL All amounts are in thousands BGN

Amounts are in thousands BGN unless indicated otherwise Attachment ATERA’s income statement   2018 2017 Revenues from sales of investment property (410) (425) Book value of the sold property 60 168 Profit from sale of investment property 1,583 1,626 Revenues from lease and rent of investment property 6,525 7,532 Reimbursed losses from depreciation of advances to suppliers - 700 Interest income 201 142 Other revenues 20 8 TOTAL REVENUE 1,864 2,644 Costs for hired services (701) (759) Employee benefits expense (31) Other expenses (11) (4) TOTAL EXPENSES (743) (794) PROFIT FOR THE YEAR 1,121 1,850 Other comprehensive income for the year TOTAL COMPREHENSIVE INCOME FOR THE YEAR Basic earnings per share (BGN) 0.013 0.02 Amounts are in thousands BGN unless indicated otherwise

GDP growth in CEE countries Attachment GDP growth in CEE countries Weaker GDP growth in Bulgaria compared to the other CEE countries Real GDP, (YoY % change) 2014 2015 2016 2017 f 2018 f Bulgaria 1.71 2.97 3.44 3.60 3.20 Serbia -1.81 0.74 2.78 3.00 3.50 Romania 2.80 3.75 4.82 5.50 4.40 Croatia -0.40 1.65 2.98 2.94 2.68 Turkey 2.90 3.99 3.18 5.11 3.48 Czech Republic 2.02 4.54 2.59 2.58 Poland 3.40 3.65 2.64 3.84 3.35 Hungary 3.64 1.95 Estonia 1.07 2.06 4.00 3.73 Lithuania 2.93 1.62 2.30 3.52 3.46 Latvia 2.36 2.73 3.92 Russia 1.00 -3.73 -0.23 1.80 1.60 Ukraine -6.83 -9.87 2.31 2.04 Source: Karoll Capital Management

Stock exchange markets in CEE Attachment Stock exchange markets in CEE Bulgarian market is among the worst performing as at Q1 2018 Regional Indices (ann. % change) 2014 2015 2016 2017 Mar '18 SOFIX Bulgaria 6.20 -11.72 27.24 15.50 -4.20 BELEX15 Serbia 19.50 -3.44 11.38 5.90 -2.20 BET Romania 9.10 -1.11 1.15 9.40 12.40 CROBEX Croatia -2.70 -3.20 18.06 -7.60 -2.10 BIST 30 Turkey 26.40 -17.64 8.94 47.60 -0.30 PX Czech Republic -4.30 1.02 -3.63 17.00 4.20 WIG20 Poland -3.50 -19.72 4.77 -10.20 BUX Hungary -10.40 43.81 33.79 23.00 -5.40 OMX Tallinn Estonia -7.70 19.06 19.63 2.20 OMX Vilnius Lithuania 7.30 7.42 14.92 7.50 OMX Riga Latvia -11.30 45.66 23.46 35.80 5.00 MICEX Russia -7.15 26.12 26.76 -5.50 7.60 UX Ukraine 13.54 -31.76 16.04 71.30 23.40 MSCI EFM (E+C)   -22.21 -8.32 24.40 2.66 MSCI EFM (E+C) ex RU 2.24 -22.13 -1.29 22.39 -7.10 S&P 500 11.40 -0.73 9.54 19.42 -1.20 DAX 2.70 9.56 6.87 12.51 -6.40 Nikkei 225 7.10 9.07 0.42 19.10 -5.80 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 This presentation provides only information about the activity and the structure of the Company and do not represent a recommendation or an offer for buying or selling the shares of Advance Terrafund REIT.