Changes to AKTIV Properties REIT Court File

On August 10, 2005, by its Decision No. 500404 the Plovdiv District Court entered the following changes in circumstances of AKTIV Properties REIT, Plovdiv (Bulgaria):

• changes in the membership of the Board of Directors: PT Holding AD was relieved of its duties as a member of the Board of Directors and Mr. Rashko Kirilov Radomirov was elected a new member of the Board of Directors;
• a change in the Company’s Articles of Association, in accordance with the Decision by the General Meeting of Shareholders held on June 30, 2005.