Elta Consult JSC,Atrend EOOD  and ICM Projects Ltd will act as property management companies for the Company.Their obligations include the servicing, support and management of the acquired immovable properties as well as construction activities and improvements on these properties.The servicing companies are obliged to find tenants or buyers of immovable properties, to negotiate with them specific terms and conditions as well as to prepare the properties in a satisfactory condition for the clients, to contact the tenants, including collection of rent in the name and on the account of the Company.The property management companies should also monitor the correct fulfillment of all other obligations under the rental contracts and immediately inform the Company for damages and violations against these properties, as well as to make repairs, apart from the ones which the tenants are obliged to make on their account, to pay on the account of the Company all taxes, fees and utilities, to provide optimal insurance packages on the real estates, etc.

Elta Consult JSCwas established in 1991.Towards the end of 2003 the company is an associate partner of CB Richard Ellisfor Bulgaria.Elta ConsultCBRichardEllisis member of the American chamber of commerce in Bulgaria, NAR-NationalAssociationofRealtorsUSA, CIPSNetwork (CertifiedInternationalPropertySpecialist), CEREAN –CentralEasternRealEstateAssociationNetwork, NARE – National Association for Real Estate, Bulgarian Industrial Association, Bulgarian Chamber of Commerce and Industry.As of the end of 2002, architect Valeri Leviev – Manager of the company is an honorable chairman of CEREAN –Central Eastern Real Estate Association Networkand its ex president for 2000 and 2001. He is also one of the founding members of the National Association for Real Estateand Chairman of the Executive Council in 1995 and 1996.

The main office of CB Richard Ellis is in Los Angelis. Thecompanyisaworldleaderintherealestateindustry, withmorethan 14,000 expertsemployedinover 250 officesin 50 countries around the world.CB Richard Ellisis listed on the New York Stock Exchange as of 18 June 2004.The company holds a management portfolio of real estate and corporate services, as the area of real estate exceeds 76.4 million sq. m. as the investment assets are worth more than USD 14 billion.The company has finalized deals at USD 11 billion with credit financing and 26,000 evaluations and consulting assignments.

ATrend EOOD was established in 1997.ATrend EOOD is a real estate agency, specialized in facilitation of the contacts with potential foreign investors, interested in immovable property with the objective of maximization of profits from realized investments.ATrend EOODis one of the leading real estate agencies with well established position on the North Black Sea Coast.ATrend EOODhas offices and representatives in Varna, Golden Sands, Albena, Smolyan, Pamporovo and Bansko.ATrend EOODcurrently employs 19 highly qualified managers and consultants, including three foreign advisors – British citizens, offering high profile servicing and professional advice to its numerous clients.Amongst the most recent projects of ATrend EOODis the sale of 115 panorama apartments in Byala beach resort, 105 apartments in residential complex Trigor – complex Alen Mak in Varna, 21 apartments in residential complex at the village Stoykite – Pamporovo, 26 apartments in the residential complex of SMK Varna and others.

ICM Projects single member limited liability company is specialized in the market research, elaboration of project assignments, price strategies, strategies for the specific foreign markets. ICM Projects Ltd. introduces outsourcing of marketing and sales for investors who are focused among other on the construction of real estate properties. Some of the partners of ICM Projects Ltd are such renowned companies as Prime Capital Management, Overseas Dreams, Switch Homes, CK Estate Denmark, Advodan Denmark, Holiday Shop.