1. Investor day 15 November 2016

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
The largest BG REIT by market cap – EUR 88 million
Top 4 company by traded volume on the Bulgarian Stock Exchange (BSE) for the last 3 years
Top 2 REIT by free float in Bulgaria – 58.01%
Top 2 company by size of dividend for 2014, 2013, 2012 and 201
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
38%
13%
CAGR (Compound annual growth rate)
-9%
16%
-10%
Holding period return
-57%
272%
-62%
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. 272% land price growth for 10 years
Bulgarian farmland market
272% land price growth for 10 years
Indicator
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Average price in €/ha
1007
1202
1595
1519
1605
2035
2797
3037
3497
3743
Land price change in %
17%
19%
33%
-5% 6%
27%
37% 9%
15% 7%
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
Member, Executive director
Economist
Nencho Penev
Member

9. Our shareholder’s structure
Number of ordinary shares
Total number of shareholders
26% foreign ownership of the market cap
Source: Shareholders’ Book as of September 30, 2016

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 deferred payment contracts

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

12. Our farmland by planning regions
Total ha of agricultural land
Average land portfolio price 2429 €/ha
Source: Advance Terrafund as of September 30, 2016

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 September 30, 2016

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 €
21 253
16 416
77.2%
200.25
21 034
17 377
82.6%
217.83
20 273
16 228
80.0%
209.76
*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, 2016
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 47 000 ha versus 23 900 ha total sold
Land consolidation - the company has finished 4 projects and participates in 11 other projects
Land sales of ATERA
Year
Sold ha
Average sale price in €/ha
Sales revenue in €
2016
654
6 631
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
23 884
Source: Advance Terrafund as of September 30, 2016

17. Farmland market Factors:
The world grain storage is the highest for the last 30 years
World wheat and corn prices - the lowest for the last 8 years
Lower oil price:
lower demand of agroproducts for biofuel production
lower grain and oil seed prices
Wheat production in Bulgaria in 2016 – highest level for the last 36 years
Grain and oil seed prices in Bulgaria in 2016 – 10% lower than 2015 on average
15% higher cost prices for Bulgarian grain and oil seed producers
Forecast:
World grain and oil seed prices will remain at very low levels
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
2009
2010
2011
2012
2013
2014
2015
Net assets
78.95
77.98
97.34
102.16
102.20
101.34
113.22
NAV per share, in BGN
0.93
0.92
1.14
1.20
1.19
1.33
Income from rents
2.02
2.86
3.12
3.01
2.96
3.00
3.66
Income from land sales
0.22
1.27
19.22
35.40
25.25
18.48
6.72
Net income
1.63
2.28
10.97
21.47
17.32
13.06
4.45
EPS, distributable, in EUR
0.02
0.03
0.13
0.25
0.20
0.15
0.05
DPS, in EUR
ROE, in %
2.0%
2.9%
12.5%
21.5%
16.9%
12.8%
4.1%
Source: Advance Terrafund

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

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
ASSETS
Investment property
196,183
203,576
Financial lease receivables
2,436
1,949
Non-current assets
198,619
205,525
Assets held for sale
10,616
5,003
680
431
Rent and other receivables
3,242
2,369
Advances to suppliers
564
Cash and cash equivalents
19,844
22,967
Current assets
34,946
31,334
233,565
236,859
TOTAL ASSETS
CURRENT LIABILITIES
Commercial and other liabilities
5,909
7,129
Dividend liabilities
161
7,970
Provisions 55
329
TOTAL CURRENT LIABILITIES
6,125
15,428
224,914
221,431
NET ASSETS
CAPITAL
Core capital
85,110
Premiums from issues
43,411
Non-allocated profit
96,393
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
132
118
Revenues from sales of investment property
9,834
3,135
Book value of the sold property
(7,595)
(1,732)
Profit from sale of investment property
2,239
1,403
Revenues from lease and rent of investment property
5,693
5,053
Other revenues
337 66
OPERATING REVENUES
8,401
6,640
Costs for hired services
(4,113)
(2,751)
Costs related to the personnel
(96)
Loss on subsequent valuation of investment property
(16)
(6)
Financial costs
(1)
(2)
Other costs
(7)
(298)
OPERATING COSTS
(4,233)
(3,153)
NET PROFIT
4,168
3,487
Other comprehensive income -
TOTAL COMPREHENSIVE INCOME
Income per share (BGN)
0.05
0.04
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 Q tries to compensate the drop in 2015
Regional Indices (ann. % change)
2012
2013
2014
2015
Sep '16
SOFIX
Bulgaria
7.25
42.28
6.20
-11.72
9.48
BELEX15
Serbia
4.98
6.51
19.50
-3.44
-1.21
BET
Romania
18.74
26.10
9.10
-1.11
-0.96
CROBEX
Croatia
0.01
3.10
-2.70
-3.20
14.90
BIST 30
Turkey
52.55
-13.31
26.40
-17.64
7.11 PX
Czech Republic
14.01
-4.78
-4.30
1.02
-9.70
WIG20
Poland
20.45
-7.05
-3.50
-19.72
-8.05
BUX
Hungary
7.06
2.15
-10.40
43.81
15.65
OMX Tallinn
Estonia
38.22
11.38
-7.70
19.06
OMX Vilnius
Lithuania
18.82
18.75
7.30
7.42
11.85
OMX Riga
Latvia
6.67
16.22
-11.30
45.66
19.26
MICEX
Russia
5.17
1.99
-7.15
26.12
12.30 UX
Ukraine
-34.84
-4.26
13.54
-31.76
18.12
MSCI EFM (E+C)
17.51
-11.15
-22.21
-8.32
7.75
MSCI EFM (E+C) ex RU
34.08
-16.81
2.24
-22.13
-5.15
S&P 500
13.41
29.60
11.40
-0.73
6.08
DAX
29.06
25.48
2.70
9.56
-2.16
Nikkei 225
22.94
56.72
7.10
9.07
-13.58
Source: Karoll Capital Management

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