November 2017

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 21 563 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 16 143 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 highest dividend yield on the Bulgarian Stock Exchange (BSE) for the period 2011-2015 Top 3 company by traded volume of shares on the BSE for the last 3 years Top 2 REIT by free float in Bulgaria – 56.19% The largest BG REIT by market cap – EUR 97 million 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 2007-2016 Δ% MSCI ЕМ Eastern Europe* Δ% BG farmland Δ% SOFIX** Standard deviation 37% 13% 36% CAGR (Compound annual growth rate) -10% 14% -12% Holding period return -60% 224% -67% *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 2016

224% land price growth for 10 years Bulgarian farmland market 224% land price growth for 10 years Indicator 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Average price in €/ha 1202 1595 1519 1605 2035 2797 3037 3497 3743 3891 Land price change in % 19% 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 - 1 833 23% foreign ownership of the market cap Source: Shareholders’ Book as of September 30, 2017

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, 2016

Our farmland by planning regions Total 21 563 ha of agricultural land Source: Advance Terrafund as of September 30, 2017

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, 2017

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 19 922 161 433 80.8% 199.50 3 220 748 2015-2016 21 981 18 324 83.4% 214.11 3 923 364 *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, 2017 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 47 500 ha versus 25 700 ha total sold Total sales on leasing and deferred payment until now – 2 141 ha Land sales of ATERA Year Sold ha Average sale price in €/ha Sales revenue in € 2017 925 6 188 5 720 427 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 25 672 120 837 227 Source: Advance Terrafund

Farmland market Factors: World grain storage – 268 ml. t. – new record, 4% above 2016 Russia with historic yield of wheat – 82 ml. t. Turkey for the first time is a net exporter of wheat World wheat and corn prices – at low levels All-time record production of wheat in Bulgaria in 2017 – 5.8 ml. t., average yield is10% higher than in 2016 Lower production of barley with 14% and of rape seed with 7% Higher production of sunflower with 9% and of corn with 8% Higher wheat price in Bulgaria with 12% at harvest time Lower price of the sunflower with 15% and of the corn with 4% Forecast: World grain and oil seed prices will remain at low levels Weaker interest for farmland purchases from investors Slight rent price decrease Page 17

CAP after 2020 Budget reduction for agriculture in the EU due to Brexit, immigration, security Implementation of measures for management of the risk and the financial instruments Bulgaria’s position about the CAP after 2020 Only improvement of the current structure and the measures, but not reconsidering the basic policy Bigger flexibility – to respond to the various countries’ expectations Finalizing the process of the direct payments’ equalizing among the EU members Restraint of the redistributive payment EU members to have the opportunity to choose “the green instruments” according to the regional peculiarities and restraints Simplification of the control over the implementation of the measures in Pillar ǀ and ǁ 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 2010 2011 2012 2013 2014 2015 2016 Net assets 77.98 97.34 102.16 102.20 101.34 113.22 111.37 NAV per share, in BGN 0.92 1.14 1.20 1.19 1.33 1.31 Income from rents 2.86 3.12 3.01 2.96 3.00 3.66 3.96 Income from land sales 1.27 19.22 35.40 25.25 18.48 6.72 10.92 Net income 2.28 10.97 21.47 17.32 13.06 4.45 7.44 EPS, distributable, in EUR 0.03 0.13 0.25 0.20 0.15 0.05 0.09 DPS, in EUR 0.02 0.08 ROE, in % 2.9% 12.5% 21.5% 16.9% 12.8% 4.1% 6.6% Source: Advance Terrafund

Dividend yield ATERA earns the highest dividend yield of all most liquid companies at BSE for the period 2011-2015 Dividend Yield, % Company 2011 2012 2013 2014 2015 5yr Average Return Advance Terrafund REIT 17.3 19.7 16.7 12.3 4.8 14.2 Bulgaria Real Estate Fund REIT 32.4 5.8 4.5 0.0 5.1 9.6 Sopharma Properties REIT 2.3 18.6 9.2 7.9 6.7 8.9 Sopharma Trading JSC 10.2 11.2 7.2 4.9 5.6 7.8 M+S Hydraulic PLC 5.4 17.0 4.2 4.3 7.4 Speedy PLC n/a 3.5 2.9 7.0 Oil and Gas Exploration and Production PLC 17.7 7.1 3.9 Fairplay Properties REIT 14.1 10.9 5.0 Bulgartabac Holding JSC 12.1 Elhim - Iskra JSC 2.4 3.2 3.4 Monbat PLC 1.8 3.3 Hydraulic Elements and Systems PLC 2.8 0.6 6.4 3.1 Stara Planina Hold PLC 0.5 1.6 5.2 2.1 EMKA JSC 2.0 2.7 2.2 Trace Group Hold PLC 0.9 2.6 Top 15 Bulgarian companies, regularly paying dividend throughout 2011-2015, 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   30.09.2017 Unaudited 31.12.2016 Аudited ASSETS Investment property 197,772 197,271 Financial lease receivables 1,804 2,012 Non-current assets 199,576 199,283 Assets held for sale 543 6,313 597 942 Rent and other receivables 4,173 12,043 Advances to suppliers - 564 Cash and cash equivalents 27,194 21,516 Current assets 32,507 41,378 232,083 240,661 TOTAL ASSETS LIABILITIES Client's prepaid rent 3,532 2,525 Income for future periods 1,552 Non-current liabilities 5,084 Commercial and other liabilities 4,066 7,021 Dividend liabilities 78 13,244 Provisions 55 Current liabilities 4,199 20,320 TOTAL LIABILITIES 9,238 22,845 222,800 217,816 NET ASSETS CAPITAL Core capital 85,110 Premiums from issues 43,411 Other reserves 3 Non-allocated profit 94,276 89,292 TOTAL CAPITAL All amounts are in thousands BGN

Amounts are in thousands BGN unless indicated otherwise Attachment ATERA’s income statement   01.01.2017-30.09.2017 01.01.2016-30.09.2016 Interest income 99 132 Revenues from sales of investment property 11,445 9,834 Book value of the sold property (7,966) (7,595) Profit from sale of investment property 3,479 2,239 Revenues from lease and rent of investment property 5,394 5.693 Income from subsequent valuation of investment properties, net 1,316 - Other revenues 112 337 OPERATING REVENUES 10,400 8,401 Costs for hired services (3,938) (4,113) Costs related to the personnel (94) (96) Loss from subsequent assessment of investment property (16) Financial costs (1) Other costs (6) (7) OPERATING COSTS (4,039) (4,233) NET PROFIT 6,361 4,168 Other comprehensive income TOTAL COMPREHENSIVE INCOME Income per share (BGN) 0.07 0.05 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 2017 f Bulgaria 1.07 1.71 2.97 3.44 3.60 Serbia 2.57 -1.81 0.74 2.78 3.00 Romania 3.39 2.80 3.75 4.79 5.50 Croatia -0.94 -0.40 1.65 2.93 2.94 Turkey 4.20 2.90 3.99 2.88 5.11 Czech Republic -0.50 2.02 4.54 2.41 3.50 Poland 1.67 3.40 3.65 2.83 3.84 Hungary 1.53 3.64 2.00 3.20 Estonia 1.63 1.57 4.00 Lithuania 3.26 1.62 2.27 3.52 Latvia 4.23 2.36 2.73 1.95 Russia 2.20 1.00 -3.73 -0.25 1.80 Ukraine -0.03 -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 slows its growth from 2016 Regional Indices (ann. % change) 2013 2014 2015 2016 Sep '17 SOFIX Bulgaria 42.28 6.20 -11.72 27.24 17.34 BELEX15 Serbia 6.51 19.50 -3.44 11.38 0.47 BET Romania 26.10 9.10 -1.11 1.15 11.19 CROBEX Croatia 3.10 -2.70 -3.20 18.06 -9.21 BIST 30 Turkey -13.31 26.40 -17.64 8.94 31.70 PX Czech Republic -4.78 -4.30 1.02 -3.63 13.41 WIG20 Poland -7.05 -3.50 -19.72 4.77 25.95 BUX Hungary 2.15 -10.40 43.81 33.79 16.52 OMX Tallinn Estonia -7.70 19.06 19.63 13.99 OMX Vilnius Lithuania 18.75 7.30 7.42 14.92 OMX Riga Latvia 16.22 -11.30 45.66 23.46 36.13 MICEX Russia 1.99 -7.15 26.12 26.76 -6.97 UX Ukraine -4.26 13.54 -31.76 16.04 48.94 MSCI EFM (E+C)   -11.15 -22.21 -8.32 24.40 -0.34 MSCI EFM (E+C) ex RU -16.81 2.24 -22.13 -1.29 17.19 S&P 500 29.60 11.40 -0.73 9.54 12.53 DAX 25.48 2.70 9.56 6.87 11.74 Nikkei 225 56.72 7.10 9.07 0.42 6.50 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.