1. November 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 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 highest dividend yield on the Bulgarian Stock Exchange (BSE) for the period
Top 3 company by traded volume of shares on the BSE for the last 3 years
Top 2 REIT by free float in Bulgaria – 56.19%
The largest BG REIT by market cap – EUR 97 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%
*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 September 30, 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
Source: Advance Terrafund as of September 30, 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 September 30, 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
80.8%
199.50
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 October 31, 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 47 500 ha versus 25 700 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
925
6 188
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
25 672
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.
Turkey for the first time is a net exporter of wheat
World wheat and corn prices – at low levels
All-time record production of wheat in Bulgaria in 2017 – 5.8 ml. t., average yield is10% higher than in 2016
Lower production of barley with 14% and of rape seed with 7%
Higher production of sunflower with 9% and of corn with 8%
Higher wheat price in Bulgaria with 12% at harvest time
Lower price of the sunflower with 15% and of the corn with 4%
Forecast:
World grain and oil seed prices will remain at low levels
Weaker interest for farmland purchases from investors
Slight rent price decrease
Page 17

18. CAP after 2020
Budget reduction for agriculture in the EU due to Brexit, immigration, security
Implementation of measures for management of the risk and the financial instruments
Bulgaria’s position about the CAP after 2020
Only improvement of the current structure and the measures, but not reconsidering the basic policy
Bigger flexibility – to respond to the various countries’ expectations
Finalizing the process of the direct payments’ equalizing among the EU members
Restraint of the redistributive payment
EU members to have the opportunity to choose “the green instruments” according to the regional peculiarities and restraints
Simplification of the control over the implementation of the measures in Pillar ǀ and ǁ
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 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

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
Аudited
ASSETS
Investment property
197,772
197,271
Financial lease receivables
1,804
2,012
Non-current assets
199,576
199,283
Assets held for sale
543
6,313
597
942
Rent and other receivables
4,173
12,043
Advances to suppliers -
564
Cash and cash equivalents
27,194
21,516
Current assets
32,507
41,378
232,083
240,661
TOTAL ASSETS
LIABILITIES
Client's prepaid rent
3,532
2,525
Income for future periods
1,552
Non-current liabilities
5,084
Commercial and other liabilities
4,066
7,021
Dividend liabilities 78
13,244
Provisions 55
Current liabilities
4,199
20,320
TOTAL LIABILITIES
9,238
22,845
222,800
217,816
NET ASSETS
CAPITAL
Core capital
85,110
Premiums from issues
43,411
Other reserves 3
Non-allocated profit
94,276
89,292
TOTAL CAPITAL
All amounts are in thousands BGN

24. Amounts are in thousands BGN unless indicated otherwise
Attachment
ATERA’s income statement
Interest income 99
132
Revenues from sales of investment property
11,445
9,834
Book value of the sold property
(7,966)
(7,595)
Profit from sale of investment property
3,479
2,239
Revenues from lease and rent of investment property
5,394
5.693
Income from subsequent valuation of investment properties, net
1,316 -
Other revenues
112
337
OPERATING REVENUES
10,400
8,401
Costs for hired services
(3,938)
(4,113)
Costs related to the personnel
(94)
(96)
Loss from subsequent assessment of investment property
(16)
Financial costs
(1)
Other costs
(6)
(7)
OPERATING COSTS
(4,039)
(4,233)
NET PROFIT
6,361
4,168
Other comprehensive income
TOTAL COMPREHENSIVE INCOME
Income per share (BGN)
0.07
0.05
Amounts are in thousands BGN unless indicated otherwise

25. 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
2017 f
Bulgaria
1.07
1.71
2.97
3.44
3.60
Serbia
2.57
-1.81
0.74
2.78
3.00
Romania
3.39
2.80
3.75
4.79
5.50
Croatia
-0.94
-0.40
1.65
2.93
2.94
Turkey
4.20
2.90
3.99
2.88
5.11
Czech Republic
-0.50
2.02
4.54
2.41
3.50
Poland
1.67
3.40
3.65
2.83
3.84
Hungary
1.53
3.64
2.00
3.20
Estonia
1.63
1.57
4.00
Lithuania
3.26
1.62
2.27
3.52
Latvia
4.23
2.36
2.73
1.95
Russia
2.20
1.00
-3.73
-0.25
1.80
Ukraine
-0.03
-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 from 2016
Regional Indices (ann. % change)
2013
2014
2015
2016
Sep '17
SOFIX
Bulgaria
42.28
6.20
-11.72
27.24
17.34
BELEX15
Serbia
6.51
19.50
-3.44
11.38
0.47
BET
Romania
26.10
9.10
-1.11
1.15
11.19
CROBEX
Croatia
3.10
-2.70
-3.20
18.06
-9.21
BIST 30
Turkey
-13.31
26.40
-17.64
8.94
31.70 PX
Czech Republic
-4.78
-4.30
1.02
-3.63
13.41
WIG20
Poland
-7.05
-3.50
-19.72
4.77
25.95
BUX
Hungary
2.15
-10.40
43.81
33.79
16.52
OMX Tallinn
Estonia
-7.70
19.06
19.63
13.99
OMX Vilnius
Lithuania
18.75
7.30
7.42
14.92
OMX Riga
Latvia
16.22
-11.30
45.66
23.46
36.13
MICEX
Russia
1.99
-7.15
26.12
26.76
-6.97 UX
Ukraine
-4.26
13.54
-31.76
16.04
48.94
MSCI EFM (E+C)
-11.15
-22.21
-8.32
24.40
-0.34
MSCI EFM (E+C) ex RU
-16.81
2.24
-22.13
-1.29
17.19
S&P 500
29.60
11.40
-0.73
9.54
12.53
DAX
25.48
2.70
9.56
6.87
11.74
Nikkei 225
56.72
7.10
9.07
0.42
6.50
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.