February 2016 Page 1

ATERA at a glance Page 2 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 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 ha to 463 farmers

Page 3 BSE ticker: 6A6 (former ATERA) Bloomberg ticker: 6A6:BU Main characteristics of ATERA Focused only on purchase, consolidation, lease and sale of land The largest BG REIT by market cap – EUR 91 million Top 3 company by traded volume on the Bulgarian Stock Exchange (BSE) for the last 12 months Top 2 REIT with the biggest free float in Bulgaria – 57.9% Top 2 company by size of dividend for 2014, 2013, 2012 and 201 The company is included in all BSE indices

Why invest in Bulgarian farmland? (1/2) High growth and low volatility Page 4 *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 Indicators for period Δ% MSCI ЕМ Eastern Europe*Δ% BG farmlandΔ% SOFIX** Standard deviation 43%12%39% CAGR (Compound annual growth rate) -7%17%-5% Holding period return -46%305%-37%

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 Page 5 Source: EUROSTAT, Agriculture, Average farmland prices – 2009 Average prices in EU countries with liberal farmland markets in EUR/ha

305% land price growth for 10 years Page 6 Source: Ministry of Agriculture and Food Supply, System for AgriMarket Information and National Statistical Institute Indicator Sold land in ha Average price in €/ha Market volume in mln € Land price change in %14%17%19%33%-5%6%27%37%9%15% Bulgarian farmland market

What is a REIT? Real Estate Investment Trust (REIT) characteristics: Page 7 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 Page 8 Board of DirectorsDutyProfessionElected to position Borislav VitanovChairmanLawyer2005 Radoslav ManolovMember, Executive directorEconomist2005 Nencho PenevMemberLawyer2005

Our shareholder’s structure Page 9 Source: Shareholders’ Book as of December 31, 2015 Number of ordinary shares Total number of shareholders % foreign ownership of the market cap

Page 10 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 financial lease contracts

Our land investments Page 11 Source: Advance Terrafund as of December 31, 2015

Our farmland by planning regions Page 12 Source: Advance Terrafund as of December 31, 2015 Total ha of agricultural land Average land portfolio price 2367 €/ha

The most fertile soils are 1, 2, 4 Page 13 Legend 1.Chernozems (Black soils) 2.Grey forest soils 3.Planosols 4.Smolnitza & Cinnamonic forest soils 5.Cinnamonic forest soils 6.Brown forest soils 7.Mountain meadow soils Source: INSTITUTE OF SOIL SCIENCE “N. POUSHKAROV” Danube River Danube Valley

Our farmland by regions in ha Page 14 Source: Advance Terrafund as of December 31, 2015

Our leased land Page 15 *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 January 31, 2016 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 % f %78.8% %11% % %

Our land banking Page 16 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 ha versus ha total sold Land consolidation - the company has finished 4 projects and participates in 11 other projects Source: Advance Terrafund as of January 31, 2016 YearSold haAverage sale price in €/haSales revenue in € Total Land sales of ATERA

Our key financial indicators Page 17 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 *Unaudited data Source: Advance Terrafund Amounts are in mn EUR unless indicated otherwise * Net assets NAV per share, in BGN Income from rents Income from land sales Net income EPS, distributable, in EUR DPS, in EUR ROE, in %2.0%2.9%12.5%21.5%16.9%12.8%-

Dividend yield Page 18 The dividend yields of ATERA exceed these of SOFIX* Source: REUTERS *SOFIX is the official BSE index, based on the market cap of the 15 most liquid companies

Performance of SOFIX and ATERA Page 19 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:

Page 20 ATERA’s balance sheet All amounts are in thousands BGN Unaudited Audited ASSETS Investment property178,596172,009 Non-current assets held for sale3,314- Financial lease receivables2,380- Rent and other receivables2,3692,878 Advances to suppliers564 Cash and cash equivalents22,96748,452 TOTAL ASSETS210,19223,903 LIABILITIES Current liabilities7,27325,627 Provisions32967 TOTAL LIABILITIES7,60225, ,588198,209 NET ASSETS EQUITY Share capital85,110 Issue premiums43,411 Retained profit74,06769,688 TOTAL EQUITY202,588198,209 Attachment

Page 21 ATERA’s income statement Amounts are in thousands BGN unless indicated otherwise Income from interests1601,379 Income from sales and exchange of investment property13,13936,135 Carrying amount of property sold(7,740)(22,474) 5,39913,661 Income from lease and rent of investment property7,1505,872 Income from subsequent valuation of investment property, net-11,244 Other income79123 OPERATING INCOME12,78832,279 Expenses on hired services(5,015)(7,182) Payroll expenses(130)(117) Loss on subsequent valuation of investment property(8)- Financial expenses(2)(4) Loss on impairment of receivables(225)(192) Other expenses(327)(58) OPERATING EXPENSES(5,707)(7,503) NET PROFIT7,08124,726 Other comprehensive income-- TOTAL COMPREHENSIVE INCOME7,08124,726 Earnings per share (BGN) Attachment

Page 22 Contact 1 Zlatovruh Str Sofia BULGARIA Tel: Atanas Dimitrov Investor Relation Director Advance Terrafund REIT