1. Investor day May 2017

2. 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 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 434 farmers

3. 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
ATERA is with the highest traded volume of shares on the BSE for the last 3 years
Top 2 REIT by free float in Bulgaria – 57.95%
The largest BG REIT by market cap – EUR 94 million
The company is included in all indices of BSE and the SEE Links platform

4. Why invest in Bulgarian farmland? (1/2)
High growth and low volatility
Indicators for period
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%
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

5. 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

6. 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

7. 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

8. 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

9. Our shareholder’s structure
Number of ordinary shares
Total number of shareholders
23% foreign ownership of the market cap
Source: Shareholders’ Book as of March 31, 2017

10. 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

11. Our land investments
Source: Advance Terrafund as of December 31, 2016

12. Our farmland by planning regions
Total ha of agricultural land
Average land portfolio price 2459 €/ha
Source: Advance Terrafund as of March 31, 2017

13. 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”

14. Our farmland by regions in ha
Source: Advance Terrafund as of March 31, 2017

15. 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 €
19 922
16 319
81.9%
199.82
21 981
18 324
83.4%
214.11
*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 30, 2017
Page 15

16. 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 47 400 ha versus 25 200 ha total sold
Land consolidation - the company has finished 4 projects and participates in 11 other projects
In 2017 are sold ha and on deferred payment contracts – ha
Land sales of ATERA
Year
Sold ha
Average sale price in €/ha
Sales revenue in €
2016
1 517
6 740
2015
721.2
7 019
2014
3146.2
5 872
2013
4606.9
5 481
2012
7929.6
4 464
2011
6284.1
3 058
2010
462.7
2 741
2009
79.7
2 783
Total
24 747
Source: Advance Terrafund as of April 30, 2017

17. Farmland market Factors:
World grain storage – it is expected to exceed the record from 2016; in EU – to decrease with ~ 30%
World wheat and corn prices – down with 1-2%
Wheat production in Bulgaria in 2017 – it is expected a new record ~ 5.3 million tones
Wheat price in Bulgaria in 2017 – 5-6% higher than in 2016
Forecast:
World grain and oil seed prices will remain at low levels; higher corn price is expected
Slight farmland sale price decrease
Slight rent price decrease
Page 17

18. Land portfolio turnover
Source: Advance Terrafund

19. 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
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

20. Dividend yield
ATERA earns the highest dividend yield of all most liquid companies at BSE for the period
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 , selected among the companies participating in BGBX40 (index of the 40-th most liquid Bulgarian companies)
Source: Thomson Reuters Datastream

21. 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:

22. All amounts are in thousands BGN
Attachment
ATERA’s balance sheet
Audited
Audited
ASSETS
Non-current assets
Investment property
197,271
203,576
Financial lease receivables
2,012
1,949
199,283
205,525
Current assets
Assets held for sale
6,313
5,003
942
431
Rent and other receivables
12,043
2,369
Advances to suppliers
564
Cash and cash equivalents
21,516
22,967
41,378
31,334
240,661
236,859
TOTAL ASSETS
LIABILITIES
Non-current liabilities
Commercial liabilities
2,525 -
Current liabilities
Commercial and other liabilities
7,021
7,129
Dividend liabilities
13,244
7,970
Provisions 55
329
20,320
15,428
TOTAL LIABILITIES
22,845
217,816
221,431
NET ASSETS
CAPITAL
Core capital
85,110
Premiums from issues
43,411
Other reserves 3
Non-allocated profit
89,292
92,910
TOTAL CAPITAL
All amounts are in thousands BGN

23. Amounts are in thousands BGN unless indicated otherwise
Attachment
ATERA’s income statement
Interest income
172
160
Revenues from sales of investment property
21,348
13,139
Book value of the sold property
(15,300)
(7,740)
Profit from sale of investment property
6,048
5,399
Revenues from lease and rent of investment property
7,736
7,150
Income from subsequent valuation of investment properties, net
2,550
26,661
Other revenues
337 79
OPERATING REVENUES
16,841
39,449
Costs for hired services
(6,248)
(5,015)
Costs related to the personnel
(130)
Loss on impairment of receivables
(280)
(225)
Financial costs
(2)
Other costs
(22)
(327)
OPERATING COSTS
(6,682)
(5,699)
NET PROFIT
10,159
33,750
Other comprehensive income -
TOTAL COMPREHENSIVE INCOME
Income per share (BGN)
0.12
0.40
Amounts are in thousands BGN unless indicated otherwise

24. 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

25. Stock exchange markets in CEE
Attachment
Stock exchange markets in CEE
Bulgarian market in 2016 compensated the drop in 2015
Regional Indices (ann. % change)
2013
2014
2015
2016
March '17
SOFIX
Bulgaria
42.28
6.20
-11.72
27.24
8.11
BELEX15
Serbia
6.51
19.50
-3.44
11.38
2.11
BET
Romania
26.10
9.10
-1.11
1.15
13.89
CROBEX
Croatia
3.10
-2.70
-3.20
18.06
-0.28
BIST 30
Turkey
-13.31
26.40
-17.64
8.94
13.83 PX
Czech Republic
-4.78
-4.30
1.02
-3.63
6.46
WIG20
Poland
-7.05
-3.50
-19.72
4.77
11.71
BUX
Hungary
2.15
-10.40
43.81
33.79
-1.15
OMX Tallinn
Estonia
-7.70
19.06
19.63
4.34
OMX Vilnius
Lithuania
18.75
7.30
7.42
14.92
1.19
OMX Riga
Latvia
16.22
-11.30
45.66
23.46
4.98
MICEX
Russia
1.99
-7.15
26.12
26.76
-3.35 UX
Ukraine
-4.26
13.54
-31.76
16.04
-10.61
MSCI EFM (E+C)
-11.15
-22.21
-8.32
24.40
0.25
MSCI EFM (E+C) ex RU
-16.81
2.24
-22.13
-1.29
8.75
S&P 500
29.60
11.40
-0.73
9.54
5.53
DAX
25.48
2.70
9.56
6.87
7.25
Nikkei 225
56.72
7.10
9.07
0.42
-1.07
Source: Karoll Capital Management

26. Contact Atanas Dimitrov Investor Relation Director
Advance Terrafund REIT
1 Zlatovruh Str.
1164 Sofia
BULGARIA
Tel:
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.