Announcement by the Bulgarian Stock Exchange – Sofia PLC

With regard to the publication in Issue 38 of The State Gazette of 03/05/2005 referring to the initial increase of the capital of AKTIV Properties REIT – Plovdiv, Bulgaria, Stock Exchange Code: /AKTIV/, we would like to advise you of the following:

Pursuant to Art.3, in connection with Art.5 of Annex No.10 to the Stock Exchange Regulations the following issue is registered for trade on the IPO Market:
Issuer: AKTIV Properties REIT, Plovdiv, Bulgaria
Number of Shares before the Increase: 500,000
Number of Shares Offered for Subscription: 150,000
Par Value: BGN1.00 (one Bulgarian Lev)
Issue Value: BGN1.00 (one Bulgarian Lev)
Starting Date for Subscription of Shares: 11/05/2005
Closing Date for Subscription of Capital Increase Shares: 16/06/2005
Stock Exchange Member – Underwriter Performing the Initial Sale of Rights: Karol Financial House PLC, Sofia, Bulgaria
Stock Exchange Code Assigned to the Issued Rights on the IPO Market: R1AKTIV
Number of Rights Issued: 150,000
Rate between issued rights and new shares: right/share – 1/1
Starting and Closing Dates of the Offering for Initial Sale of Rights on the Exchange: 11/05/2005 – 20/05/2005

Pursuant to Art.9, in connection with Art.10 of Annex No.10 to the Stock Exchange Regulations the following issue is registered for trade on the Unofficial Market:
Issuer: AKTIV Properties REIT, Plovdiv, Bulgaria
Number of Shares before the Increase: 500,000
Number of Shares Offered for Subscription: 150,000
Par Value: BGN1.00 (one Bulgarian Lev)
Issue Value: BGN1.00 (one Bulgarian Lev)
Starting Date for Subscription of Shares: 11/05/2005
Closing Date for Subscription of Capital Increase Shares: 16/06/2005
Stock Exchange Code Assigned to the Issued Rights on the IPO Market: R2AKTIV
Number of Rights Issued: 150,000
Starting and Closing Dates for Transfer of Rights: 11/05/2005 – 20/05/2005
Starting Date for Trading of Rights on the Exchange: 11/05/2005
Closing Date for Trading of Rights on the Exchange: 20/05/2005
Stock Exchange Member – Underwriter Authorized to Service the Increase of Capital: Karol Financial House PLC, Sofia, Bulgaria

Bulgarian Stock Exchange – Sofia PLC informs all stock exchange brokers that the initial sale of the first issue of rights for the initial increase of the capital of AKTIV Properties REIT, Plovdiv, Bulgaria will be launched starting from 11/05/2005 at a Mixed Closed Auction organized by the Trade System.

The Stock Exchange Code of the issue is R1AKTIV – registered in the Listing: LIST. The time range for the performance of the auction is set for the period from 09:30 A.M. until 11:00 A.M.

The secondary sale of an issue of rights for the initial increase of the capital of AKTIV Properties REIT, Plovdiv, Bulgaria will start on 11/05/2005 and will last from 09:30 A.M. until 11:00 A.M. The Stock Exchange Code of the issue is R2AKTIV – registered in the Listing: UNEO.