1. February 2018

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 13.3 ha in Sofia, Stara Zagora and Vratsa
Leased land
ha to 440 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 second highest dividend yield on the Bulgarian Stock Exchange (BSE) for the period
Top 5 company by traded volume of shares on the BSE for the last 3 years
Top 2 REIT by free float in Bulgaria – 56.82%
The largest BG REIT by market cap – EUR 97 million
The company is included in all indices of BSE and the SEE Link 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%
*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

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 December 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, 2017

12. Our farmland by planning regions
Total ha of agricultural land
Source: Advance Terrafund as of December 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 December 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 €
19 508
15 909
81.5%
200.76
20 387
16 544
81.2%
198.52
*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, 2018
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 47 700 ha versus 25 800 ha total sold
Total sales on leasing and deferred payment until now – ha
Land sales of ATERA
Year
Sold ha
Average sale price in €/ha
Sales revenue in €
2017
1 054
6 233
2016
1 517
6 740
2015
721
7 019
2014
3 146
5 872
2013
4 607
5 481
2012
7 930
4 464
2011
6 284
3 058
2010
463
2 741
2009 80
2 783
Total
25 801
Source: Advance Terrafund

17. Farmland market Factors:
World grain storage – 268 ml. t. – new record, 4% above 2016
Russia with historic yield of wheat – 82 ml. t. – 17% growth
World wheat and corn prices – at low levels
All-time record production of wheat in Bulgaria in 2017 – 5.8 ml. t.
Lower production of barley with 14% and of rape seed with 7%
Higher production of sunflower with 9% and of corn with 8%
Lower wheat price with 6% compared to February 2017
Lower corn price with 9% compared to February 2017
Forecast:
World grain and oil seed prices will remain at low levels
Increased demand for farmland purchases from investors and farmers
Rents increase
Page 17

18. CAP after 2020
Budget reduction for agriculture in the EU due to Brexit, immigration, security
Most of the EU countries insist the direct payments per ha to be kept
Demand for more autonomy when defining the ceiling for direct payments for the different states
Implementation of measures for management of the risk and the financial instruments
Bigger focus on “genuine” farmers, young entrants and small family farms
It is expected till the mid-2019 to be clarified the priorities for CAP after 2020
Стр. 18

19. Land portfolio turnover
Source: Advance Terrafund

20. 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

21. Dividend yield
ATERA earns the second highest dividend yield of all most liquid companies at BSE for the period
Dividend Yield, %
Company
2012
2013
2014
2015
2016
5yr Average Return
CEZ Distribution Bulgaria JSC
62.1
16.0
0.0
14.7
18.6
Advance Terrafund REIT
19.7
16.7
12.3
4.8
8.1
Sopharma Properties REIT
9.2
7.9
6.7
5.3
9.5
Bulland Investments REIT
11.9
21.2
7.0
8.0
Bulgartabac Holding JSC
12.1
14.6
7.2
M+S Hydraulic PLC
17.0
5.8
4.2
4.3
3.9
7.1
Sopharma Trading JSC
11.2
4.9
5.6
Oil and Gas Exploration and Production PLC
17.7
3.5
6.4
Bulgaria Real Estate Fund REIT
4.5
5.1
3.3
3.7
Hydraulic Elements and Systems PLC
0.6
3.4
Monbat PLC
1.8
2.9
3.2
Stara Planina Hold PLC
1.6
2.4
5.2
2.6
EMKA JSC
2.0
2.7
2.2
2.3
2.5
Sopharma JSC
Fairplay Properties REIT
10.9
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

22. 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:

23. All amounts are in thousands BGN
Attachment
ATERA’s balance sheet
Unaudited
/Recalculated/
ASSETS
Investment property
179,823
185,785
Receivables from sales with deferred payment
10,303
7,252
Financial lease receivables
1,530
2,012
Non-current assets
191,656
195,049
2,908
1,603
576
942
Rent and other receivables
2,833
12,043
Advances to suppliers -
564
Cash and cash equivalents
29,688
21,516
Current assets
36,005
36,668
Assets held for sale
1,954
8,028
229,615
239,745
TOTAL ASSETS
LIABILITIES
Commercial and other liabilities
2,979
6,383
Dividend liabilities 72
13,244
Provisions 35 55
Current liabilities
3,086
19,682
TOTAL LIABILITIES
226,529
220,063
NET ASSETS
CAPITAL
Core capital
85,110
Premiums from issues
43,411
Other reserves 4 3
Non-allocated profit
98,004
89,292
TOTAL CAPITAL
All amounts are in thousands BGN

24. Amounts are in thousands BGN unless indicated otherwise
Attachment
ATERA’s income statement
/Recalculated/
Interest income
673
291
Revenues from sales of investment property
20,452
33,450
Book value of the sold property
(14,594)
(24,388)
Profit from sale of investment property
5,858
9,062
Revenues from lease and rent of investment property
6,525
7,532
Income from subsequent valuation of investment properties, net -
1,868
Reimbursed losses from depreciation of advances to suppliers
1,316
Other revenues
162
335
OPERATING REVENUES
14,534
19,088
Costs for hired services
(5,128)
(6,248)
Costs related to the personnel
(125)
(130)
Financial costs
(1)
(2)
Loss from depreciation of receivables
(239)
(280)
Loss from urbanizing land pots
(911)
Other costs
(289)
(22)
OPERATING COSTS
(6,693)
(6,682)
NET PROFIT
7,841
12,406
Other comprehensive income
TOTAL COMPREHENSIVE INCOME
Income per share (BGN)
0.09
0.15
Amounts are in thousands BGN unless indicated otherwise

25. GDP growth in CEE countries
Attachment
GDP growth in CEE countries
Weaker GDP growth in Bulgaria compared to the other CEE countries
Real GDP, (YoY % change)
2014
2015
2016
2017 f
2018 f
Bulgaria
1.71
2.97
3.44
3.60
3.20
Serbia
-1.81
0.74
2.78
3.00
3.50
Romania
2.80
3.75
4.82
5.50
4.40
Croatia
-0.40
1.65
2.98
2.94
2.68
Turkey
2.90
3.99
3.18
5.11
3.48
Czech Republic
2.02
4.54
2.59
2.58
Poland
3.40
3.65
2.64
3.84
3.35
Hungary
3.64
1.95
Estonia
1.07
2.06
4.00
3.73
Lithuania
2.93
1.62
2.30
3.52
3.46
Latvia
2.36
2.73
3.92
Russia
1.00
-3.73
-0.23
1.80
1.60
Ukraine
-6.83
-9.87
2.31
2.04
Source: Karoll Capital Management

26. Stock exchange markets in CEE
Attachment
Stock exchange markets in CEE
Bulgarian market slows its growth compared to 2016
Regional Indices (ann. % change)
2013
2014
2015
2016
2017
SOFIX
Bulgaria
42.28
6.20
-11.72
27.24
15.50
BELEX15
Serbia
6.51
19.50
-3.44
11.38
5.90
BET
Romania
26.10
9.10
-1.11
1.15
9.40
CROBEX
Croatia
3.10
-2.70
-3.20
18.06
-7.60
BIST 30
Turkey
-13.31
26.40
-17.64
8.94
47.60 PX
Czech Republic
-4.78
-4.30
1.02
-3.63
17.00
WIG20
Poland
-7.05
-3.50
-19.72
4.77
BUX
Hungary
2.15
-10.40
43.81
33.79
23.00
OMX Tallinn
Estonia
-7.70
19.06
19.63
OMX Vilnius
Lithuania
18.75
7.30
7.42
14.92
OMX Riga
Latvia
16.22
-11.30
45.66
23.46
35.80
MICEX
Russia
1.99
-7.15
26.12
26.76
-5.50 UX
Ukraine
-4.26
13.54
-31.76
16.04
71.30
MSCI EFM (E+C)
-11.15
-22.21
-8.32
24.40
2.66
MSCI EFM (E+C) ex RU
-16.81
2.24
-22.13
-1.29
22.39
S&P 500
29.60
11.40
-0.73
9.54
19.42
DAX
25.48
2.70
9.56
6.87
12.51
Nikkei 225
56.72
7.10
9.07
0.42
19.10
Source: Karoll Capital Management

27. 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.