1. November 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 413 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
Top 6 company by traded volume of shares on the BSE for the last 3 years
Top 2 REIT by free float in Bulgaria – 57.00%
The largest BG REIT by market cap – EUR 85 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
21.8% foreign ownership of the market cap
Source: Shareholders’ Book as of September 30, 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 September 30, 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 September 30, 2018

15. 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 €
20 008
16 221
81.1%
203.52
19 618
15 709
80.1%
200.31
20 761
16 918
81.5%
197.31
*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, 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 48 200 ha versus 25 800 ha total sold
Total sales on leasing and deferred payment left until now – ha
Land sales of ATERA
Year
Sold ha
Average sale price in €/ha
Sales revenue in €
2018 13
5 849
73 560
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
25 751
Source: Advance Terrafund as of October 31, 2018

17. International grains market
Source: International Grains Council
It is expected the consumption of grain foods to exceed the production in 2018 for the first time in the last 5 years
Higher world prices for wheat, corn and barley
The oil price has risen with over 50% and it has increased the demand for rape seed and corn for biofuel production
Grain stores (-3 m. tons compared to 2017, -57 m. t. or -9.3% compared to 2018)
Forecast – increased production of forage and stable high prices
Page 17

18. Bulgarian grains market
Main agri-products production, according to the Min. of Agriculture
Average prices of main agri-products, VAT included, according to the Min. of Agriculture
Unrealized stocks – 3.3 m. t. wheat, 2.7 m. t. corn, 0.4 m. t. sunflower
Forecast – higher prices for wheat, barley, corn and sunflower in comparison with last two years, according to the Center for Agri-Policy Analysis (CAPA)
Annual change, %
Areas of harvesting (ha)
Harvested areas (ha)
Harvested areas, %
Production (tons)
Average yield (kg/dca)
wheat
100.0%
474
3.7%
3,7%
-6,3%
-9,5%
barley
436
-12,0%
-19,2%
-8,2%
rapeseed
249
13.9%
-0,6%
-12,6%
sunflower
99.9%
257
-9,3%
-9,0%
2,5%
12,7%
corn
96.9%
755
-1,9%
2,9%
33,2%
29,5%
Annual change, %
wheat
326
408
25.0%
308
382
23.7%
barley
300
418
39.2%
rapeseed
820
0.0%
sunflower
659
634
-3.8%
corn
310
Page 18

19. Bulgarian farmland market
The sale of the unrealized stocks in Bulgaria at higher prices for wheat and corn in comparison with the last two years would generate higher returns for the farming companies
Increased demand for farmland purchases from investors and farmers
Rents increase
Page 19

20. CAP
Discussions among the EU members over the European Commission proposals:
Should the CAP budget be reduced with 4.1% up to € 365 billion ?
Should there be a ceiling for direct payments up to € (now it is €)?
Could the different EU governments control if the farming companies subdivide their business in order to avoid the ceilings?
The direct payments per ha in BG would shrink with 0.79% (2.50 BGN/ha)
Till May 2019 the final EU budget for is expected to be passed
Стр. 20

21. Land portfolio turnover
Source: Advance Terrafund

22. Our key financial indicators
Total raised capital since foundation EUR 65.7 mn or 0.77 EUR/share
Total distributed dividends since foundation EUR 78.2 mn or 0.97 EUR/share
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

23. Dividend yield
ATERA earns the highest dividend yield of all most liquid companies at BSE for the period
Dividend Yield, %
Company
2013
2014
2015
2016
2017
5yr Average Return
Advance Terrafund REIT
16.7
12.3
4.8
8.1
7.7
9.9
Bulland Investments REIT
11.9
21.2 7 5
9.1
Bulgartabac Holding JSC
9.2
14.6
17.6
8.3
CEZ Distribution Bulgaria JSC 16
14.7
9.4 8
Oil and Gas Exploration and Production Plc
17.7
7.1
3.9
3.5
4.1
7.3
Sopharma Properties REIT
7.9
6.7
5.3
4.4
Sopharma Trading JSC
7.2
4.9
5.6
M+S Hydraulic PLC
5.8
4.2
4.3
3.2
Hydraulic Elements and Systems PLC
0.6
5.1
6.4 4
Bulgaria Real Estate Fund REIT
4.5
3.3
Stara Planina Hold PLC
1.6
2.4
5.2
3.4
2.7
3.1
Monbat PLC
1.8
2.9
2.8
Korado Bulgaria PLC
2.5
Fairplay Properties REIT
11.5
2.3
EMKA JSC
2.2
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

24. 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:

25. All amounts are in thousands BGN
Attachment
ATERA’s balance sheet
ASSETS
Investment property
207,072
201,592
Receivables on lease contracts and on deferred payment sales
9,737
11,833
Non-current assets
216,809
213,425
4,454
3,484
Trade and other receivables
3,858
2,834
Cash and cash equivalents
19,445
29,688
Current assets
27,757
36,006
Investment properties held for sale
824
2,446
245,390
251,877
TOTAL ASSETS
LIABILITIES
Trade and other liabilities
2,852
2,979
Dividend liabilities 84
9,001
Provisions 35
Current liabilities
2,971
12,015
TOTAL LIABILITIES
242,419
239,862
NET ASSETS
CAPITAL
Core capital
85,110
Premiums from issues
43,411
Other reserves 4
Non-allocated profit
113,894
111,337
TOTAL CAPITAL
All amounts are in thousands BGN

26. Amounts are in thousands BGN unless indicated otherwise
Attachment
ATERA’s income statement
2018
2017
Revenues from sales of investment property
1,786
18,457
Book value of the sold property
(1,718)
(13,059)
Profit from sale of investment property 68
5,398
Revenues from lease and rent of investment property
4,653
4,784
Reimbursed losses from depreciation of advances to suppliers -
1,316
Interest income
599
471
Other revenues 29
112
TOTAL REVENUE
5,349
12,081
Costs for hired services
(2590)
(3,938)
Employee benefits expense
(94)
Finance costs
(2)
(1)
Other expenses
(13)
(6)
TOTAL EXPENSES
(2,699)
(4,039)
PROFIT FOR THE YEAR
2,650
8,042
Other comprehensive income
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
Basic earnings per share (BGN)
0.031
0.094
Amounts are in thousands BGN unless indicated otherwise

27. GDP growth in CEE countries
Attachment
GDP growth in CEE countries
Modest GDP growth in Bulgaria compared to the other CEE countries
Real GDP, (YoY % change)
2016
2017
2018 f
2019 f
Bulgaria
3.94
3.56
3.80
3.10
Serbia
2.80
1.81
3.50
Romania
4.82
7.00
5.10
Croatia
3.17
2.78
2.60
Turkey
3.18
7.05
4.41
3.97
Greece
-0.24
1.35
2.02
1.83
Czech Republic
2.59
4.29
3.52
3.04
Poland
2.86
4.55
4.07
3.54
Hungary
2.21
3.99
3.00
Estonia
2.06
4.85
3.93
3.22
Lithuania
2.35
3.83
3.16
3.05
Latvia
Russia
-0.20
1.55
1.71
1.49
Ukraine
2.44
2.53
3.19
3.26
Source: Karoll Capital Management

28. Stock exchange markets in CEE
Attachment
Stock exchange markets in CEE
Bulgarian market is among the worst performing as at Q3 2018
Regional Indices (ann. % change)
2014
2015
2016
2017
Oct '18
SOFIX
Bulgaria
6.20
-11.72
27.24
15.50
-11.90
BELEX15
Serbia
19.50
-3.44
11.38
5.90
-2.60
BET
Romania
9.10
-1.11
1.15
9.40
9.90
CROBEX
Croatia
-2.70
-3.20
18.06
-7.60
-3.50
BIST 30
Turkey
26.40
-17.64
8.94
47.60
-21.80 PX
Czech Republic
-4.30
1.02
-3.63
17.00
-1.10
WIG20
Poland
-19.72
4.77
-12.60
BUX
Hungary
-10.40
43.81
33.79
23.00
-5.60
OMX Tallinn
Estonia
-7.70
19.06
19.63
-5.00
OMX Vilnius
Lithuania
7.30
7.42
14.92
-0.30
OMX Riga
Latvia
-11.30
45.66
23.46
35.80
-4.40
MICEX
Russia
-7.15
26.12
26.76
-5.50
11.50 UX
Ukraine
13.54
-31.76
16.04
71.30
27.70
MSCI EFM (E+C)
-22.21
-8.32
24.40
2.66
-9.33
MSCI EFM (E+C) ex RU
2.24
-22.13
-1.29
22.39
-23.60
S&P 500
11.40
-0.73
9.54
19.42
1.40
DAX
2.70
9.56
6.87
12.51
-11.40
Nikkei 225
7.10
9.07
0.42
19.10
-3.70
Source: Karoll Capital Management

29. 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.