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Decision by the Financial Supervision Commission of the Republic of Bulgaria of June 22, 2005

22.06.2005

By its Decision No. 404 of June 22, 2005 the Financial Supervision Commission of the Republic of Bulgaria decided:

Enters the emission of one hundred and fifty thousand (150,000) ordinary , registered, dematerialized, freely transferable shares with voting rights, with a par value of each share BGN1.00 (one Bulgarian Lev), tradable on regulated securities market, issued by AKTIV Properties REIT, which public offering was successfully completed, into the Register of Public Companies and Securities Issuers operating under Art. 30, Para. 1, Item 3 of the Law on Financial Supervision Commission and kept by the Commission.