1. May Investor Day

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 – 57.01%
The largest BG REIT by market cap – EUR 96 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
38%
13%
34%
CAGR (Compound annual growth rate) 6%
12% 7%
Holding period return
65%
179%
89%
*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 2018

6. 179% land price growth for 10 years
Bulgarian farmland market
179% land price growth for 10 years
Indicator
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
Average price in €/ha
1595
1519
1605
2035
2797
3037
3497
3743
3891
4458
Land price change in %
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, 2018

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 March 31, 2018

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, 2018

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
15 914
81.6%
200.71
20 630
16 787
81.4%
197.73
*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 31, 2018
Page 15

16. Average sale price in €/ha
Our land banking
Land banking - sale of agricultural land, which is concentrated in one village, while still acquiring separated land plots in other villages
Total acquired farmland since foundation 47 900 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 €
2018 1
10 226
15 188
2017
992
6 155
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
25 739
Source: Advance Terrafund as of April 31, 2018

17. Farmland market Factors:
Lower production of wheat in the USA and in Russia in 2018
Higher world prices for wheat, corn, rape seed and barley
High yields for wheat, rape seed and barley in Bulgaria in 2018
The oil price has risen with over 35% and it would increase the demand for rape seed and corn for biofuel production
Forecast:
The world grain stores in 2019 – 2.7% lower
World grain and oil seed prices would rise with 3-4%, except for the sunflower
Increased demand for farmland purchases from investors and farmers
Rents increase
Page 17

18. CAP 2021 - 2027 European Commission proposals:
Total EU budget trillion € (1.03 € for )
Increased budget payment from 1% to 1.11% of the GDP of any of the 27 countries
CAP budget reduction with 4.1% up to 365 billion € billion € for direct payments and 78.8 billion € for the AFRD
Increased share of the national financing for the Rural Development (RD) with 10%
The direct payments per ha in BG would shrink with 2% (4 BGN/ha)
Ceiling for direct payments up to € (now it is €)
Big part of the RD Program measures would no longer be financed for free, instead would be replaced with low interest loans or guarantees
In June 2018 would be published the legislative proposals for the new CAP
Till May 2019 the final EU budget for should be passed
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
2011
2012
2013
2014
2015
2016
2017
Net assets
97.34
102.16
102.20
101.34
113.22
112.52
122.64
NAV per share, in BGN
1.14
1.20
1.19
1.33
1.32
1.44
Income from rents
3.12
3.01
2.96
3.00
3.66
3.85
3.34
Income from land sales
19.22
35.40
25.25
18.48
6.72
17.10
10.46
Net income
29.26
25.16
17.76
12.64
17.26
6.34
15.39
EPS, distributable, in EUR
0.13
0.25
0.20
0.15
0.05
0.09
0.06
DPS, in EUR
ROE, in %
12.5%
21.5%
16.9%
12.8%
4.1%
6.6%
4.3%
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
ASSETS
Investment property
202,459
201,592
Receivables on lease contracts and on deferred payment sales
12,013
11,833
Non-current assets
214,472
213,425
3,570
3,484
Trade and other receivables
3,708
2,834
Cash and cash equivalents
28,411
29,688
Current assets
35,689
36,006
Investment properties held for sale
2,128
2,446
TOTAL ASSETS
252,289
251,877
LIABILITIES
Trade and other liabilities
2,271
2,979
Dividend liabilities
9,000
9,001
Provisions 35
Current liabilities
11,306
12,015
TOTAL LIABILITIES
240,983
239,862
NET ASSETS
CAPITAL
Core capital
85,110
Premiums from issues
43,411
Other reserves 4
Non-allocated profit
112,458
111,337
TOTAL CAPITAL
All amounts are in thousands BGN

24. Amounts are in thousands BGN unless indicated otherwise
Attachment
ATERA’s income statement
2018
2017
Revenues from sales of investment property
(410)
(425)
Book value of the sold property 60
168
Profit from sale of investment property
1,583
1,626
Revenues from lease and rent of investment property
6,525
7,532
Reimbursed losses from depreciation of advances to suppliers -
700
Interest income
201
142
Other revenues 20 8
TOTAL REVENUE
1,864
2,644
Costs for hired services
(701)
(759)
Employee benefits expense
(31)
Other expenses
(11)
(4)
TOTAL EXPENSES
(743)
(794)
PROFIT FOR THE YEAR
1,121
1,850
Other comprehensive income for the year
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
Basic earnings per share (BGN)
0.013
0.02
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 is among the worst performing as at Q1 2018
Regional Indices (ann. % change)
2014
2015
2016
2017
Mar '18
SOFIX
Bulgaria
6.20
-11.72
27.24
15.50
-4.20
BELEX15
Serbia
19.50
-3.44
11.38
5.90
-2.20
BET
Romania
9.10
-1.11
1.15
9.40
12.40
CROBEX
Croatia
-2.70
-3.20
18.06
-7.60
-2.10
BIST 30
Turkey
26.40
-17.64
8.94
47.60
-0.30 PX
Czech Republic
-4.30
1.02
-3.63
17.00
4.20
WIG20
Poland
-3.50
-19.72
4.77
-10.20
BUX
Hungary
-10.40
43.81
33.79
23.00
-5.40
OMX Tallinn
Estonia
-7.70
19.06
19.63
2.20
OMX Vilnius
Lithuania
7.30
7.42
14.92
7.50
OMX Riga
Latvia
-11.30
45.66
23.46
35.80
5.00
MICEX
Russia
-7.15
26.12
26.76
-5.50
7.60 UX
Ukraine
13.54
-31.76
16.04
71.30
23.40
MSCI EFM (E+C)
-22.21
-8.32
24.40
2.66
MSCI EFM (E+C) ex RU
2.24
-22.13
-1.29
22.39
-7.10
S&P 500
11.40
-0.73
9.54
19.42
-1.20
DAX
2.70
9.56
6.87
12.51
-6.40
Nikkei 225
7.10
9.07
0.42
19.10
-5.80
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.