November 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 22 556 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 16 221 ha to 413 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 highest dividend yield on the Bulgarian Stock Exchange (BSE) for the period 2013-2017 Top 6 company by traded volume of shares on the BSE for the last 3 years Top 2 REIT by free float in Bulgaria – 57.00% The largest BG REIT by market cap – EUR 85 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 - 1 908 21.8% foreign ownership of the market cap Source: Shareholders’ Book as of September 30, 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 22 556 ha of agricultural land Source: Advance Terrafund as of September 30, 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 September 30, 2018

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 € 2018-2019 20 008 16 221 81.1% 203.52 3 301 296 2017-2018 19 618 15 709 80.1% 200.31 3 146 753 2016-2017 20 761 16 918 81.5% 197.31 3 338 238 *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, 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 48 200 ha versus 25 800 ha total sold Total sales on leasing and deferred payment left until now – 2 258 ha Land sales of ATERA Year Sold ha Average sale price in €/ha Sales revenue in € 2018 13 5 849 73 560 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 25 751 121 294 100 Source: Advance Terrafund as of October 31, 2018

International grains market Source: International Grains Council It is expected the consumption of grain foods to exceed the production in 2018 for the first time in the last 5 years Higher world prices for wheat, corn and barley The oil price has risen with over 50% and it has increased the demand for rape seed and corn for biofuel production Grain stores (-3 m. tons compared to 2017, -57 m. t. or -9.3% compared to 2018) Forecast – increased production of forage and stable high prices Page 17

Bulgarian grains market Main agri-products production, according to the Min. of Agriculture Average prices of main agri-products, VAT included, according to the Min. of Agriculture Unrealized stocks – 3.3 m. t. wheat, 2.7 m. t. corn, 0.4 m. t. sunflower Forecast – higher prices for wheat, barley, corn and sunflower in comparison with last two years, according to the Center for Agri-Policy Analysis (CAPA)   01.11.2018 Annual change, % Areas of harvesting (ha) Harvested areas (ha) Harvested areas, % Production (tons) Average yield (kg/dca) wheat 1 139 245 100.0% 5 401 376 474 3.7% 3,7% -6,3% -9,5% barley 114 856 501 187 436 -12,0% -19,2% -8,2% rapeseed 183 490 456 184 249 13.9% -0,6% -12,6% sunflower 734 999 734 465 99.9% 1 886 608 257 -9,3% -9,0% 2,5% 12,7% corn 410 103 397 254 96.9% 3 000 293 755 -1,9% 2,9% 33,2% 29,5%   01.11.2017 31.10.2018 Annual change, % wheat 326 408 25.0% 308 382 23.7% barley 300 418 39.2% rapeseed 820 0.0% sunflower 659 634 -3.8% corn 310 Page 18

Bulgarian farmland market The sale of the unrealized stocks in Bulgaria at higher prices for wheat and corn in comparison with the last two years would generate higher returns for the farming companies Increased demand for farmland purchases from investors and farmers Rents increase Page 19

CAP 2021 - 2027 Discussions among the EU members over the European Commission proposals: Should the CAP budget be reduced with 4.1% up to € 365 billion ? Should there be a ceiling for direct payments up to 60 000 € (now it is 150 000 €)? Could the different EU governments control if the farming companies subdivide their business in order to avoid the ceilings? The direct payments per ha in BG would shrink with 0.79% (2.50 BGN/ha) Till May 2019 the final EU budget for 2021-2027 is expected to be passed Стр. 20

Land portfolio turnover Source: Advance Terrafund

Our key financial indicators Total raised capital since foundation EUR 65.7 mn or 0.77 EUR/share Total distributed dividends since foundation EUR 78.2 mn or 0.97 EUR/share 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 highest dividend yield of all most liquid companies at BSE for the period 2013-2017 Dividend Yield, % Company 2013 2014 2015 2016 2017 5yr Average Return Advance Terrafund REIT 16.7 12.3 4.8 8.1 7.7 9.9 Bulland Investments REIT 11.9 21.2 7 5 9.1 Bulgartabac Holding JSC 9.2 14.6 17.6 8.3 CEZ Distribution Bulgaria JSC 16 14.7 9.4 8 Oil and Gas Exploration and Production Plc 17.7 7.1 3.9 3.5 4.1 7.3 Sopharma Properties REIT 7.9 6.7 5.3 4.4 Sopharma Trading JSC 7.2 4.9 5.6 M+S Hydraulic PLC 5.8 4.2 4.3 3.2 Hydraulic Elements and Systems PLC 0.6 5.1 6.4 4 Bulgaria Real Estate Fund REIT 4.5 3.3 Stara Planina Hold PLC 1.6 2.4 5.2 3.4 2.7 3.1 Monbat PLC 1.8 2.9 2.8 Korado Bulgaria PLC 2.5 Fairplay Properties REIT 11.5 2.3 EMKA JSC 2.2 Top 15 Bulgarian companies, regularly paying dividend throughout 2013-2017, 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   30.09.2018 31.12.2017 ASSETS Investment property 207,072 201,592 Receivables on lease contracts and on deferred payment sales 9,737 11,833 Non-current assets 216,809 213,425 4,454 3,484 Trade and other receivables 3,858 2,834 Cash and cash equivalents 19,445 29,688 Current assets 27,757 36,006 Investment properties held for sale 824 2,446 245,390 251,877 TOTAL ASSETS LIABILITIES Trade and other liabilities 2,852 2,979 Dividend liabilities 84 9,001 Provisions 35 Current liabilities 2,971 12,015 TOTAL LIABILITIES 242,419 239,862 NET ASSETS CAPITAL Core capital 85,110 Premiums from issues 43,411 Other reserves 4 Non-allocated profit 113,894 111,337 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 1,786 18,457 Book value of the sold property (1,718) (13,059) Profit from sale of investment property 68 5,398 Revenues from lease and rent of investment property 4,653 4,784 Reimbursed losses from depreciation of advances to suppliers - 1,316 Interest income 599 471 Other revenues 29 112 TOTAL REVENUE 5,349 12,081 Costs for hired services (2590) (3,938) Employee benefits expense (94) Finance costs (2) (1) Other expenses (13) (6) TOTAL EXPENSES (2,699) (4,039) PROFIT FOR THE YEAR 2,650 8,042 Other comprehensive income TOTAL COMPREHENSIVE INCOME FOR THE YEAR Basic earnings per share (BGN) 0.031 0.094 Amounts are in thousands BGN unless indicated otherwise

GDP growth in CEE countries Attachment GDP growth in CEE countries Modest GDP growth in Bulgaria compared to the other CEE countries Real GDP, (YoY % change) 2016 2017 2018 f 2019 f Bulgaria 3.94 3.56 3.80 3.10 Serbia 2.80 1.81 3.50 Romania 4.82 7.00 5.10 Croatia 3.17 2.78 2.60 Turkey 3.18 7.05 4.41 3.97 Greece -0.24 1.35 2.02 1.83 Czech Republic 2.59 4.29 3.52 3.04 Poland 2.86 4.55 4.07 3.54 Hungary 2.21 3.99 3.00 Estonia 2.06 4.85 3.93 3.22 Lithuania 2.35 3.83 3.16 3.05 Latvia Russia -0.20 1.55 1.71 1.49 Ukraine 2.44 2.53 3.19 3.26 Source: Karoll Capital Management

Stock exchange markets in CEE Attachment Stock exchange markets in CEE Bulgarian market is among the worst performing as at Q3 2018 Regional Indices (ann. % change) 2014 2015 2016 2017 Oct '18 SOFIX Bulgaria 6.20 -11.72 27.24 15.50 -11.90 BELEX15 Serbia 19.50 -3.44 11.38 5.90 -2.60 BET Romania 9.10 -1.11 1.15 9.40 9.90 CROBEX Croatia -2.70 -3.20 18.06 -7.60 -3.50 BIST 30 Turkey 26.40 -17.64 8.94 47.60 -21.80 PX Czech Republic -4.30 1.02 -3.63 17.00 -1.10 WIG20 Poland -19.72 4.77 -12.60 BUX Hungary -10.40 43.81 33.79 23.00 -5.60 OMX Tallinn Estonia -7.70 19.06 19.63 -5.00 OMX Vilnius Lithuania 7.30 7.42 14.92 -0.30 OMX Riga Latvia -11.30 45.66 23.46 35.80 -4.40 MICEX Russia -7.15 26.12 26.76 -5.50 11.50 UX Ukraine 13.54 -31.76 16.04 71.30 27.70 MSCI EFM (E+C)   -22.21 -8.32 24.40 2.66 -9.33 MSCI EFM (E+C) ex RU 2.24 -22.13 -1.29 22.39 -23.60 S&P 500 11.40 -0.73 9.54 19.42 1.40 DAX 2.70 9.56 6.87 12.51 -11.40 Nikkei 225 7.10 9.07 0.42 19.10 -3.70 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.