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SMALL SHAREHOLDERS GAIN ACCESS TO RIGHTS ISSUED BY TBI-BAC-REAL ESTATE

The rights for initial raise of the capital of TBI-BAC-Real Estate, a company with special investment purpose, were mainly registered by the company's founders - Bulstrad AD (which controls 50% of its capital), Balkan Consulting Company owned by Vladimir Karolev and Alexander Bebov (with a 49.8% stake), and TBI Invest EAD (a 0.2% stake). Other investors only took 0.06% of the capital of TBI-BAC-Real Estate. The company was established with a capital amounting to BGN500,000, but according to theSpecial Purpose Companies Act, it must be raised by 30% through the stock exchange so that small investors get a chance to buy stakes, too. For this purpose, 150,000 rights were issued and each of them allowed the registration of one share of BGN1 face and issue value. The price of one right varied between BGN0.46 and BGN2.01.The sale of rights started on March 1, 2004 with a closed tender as decided by the Financial Supervision Commission. The procedure was chosen because of the manner by which the capital of another special investment company, Capital Direct 1, was raised on February 4. All of its 1,500 rights were transferred to the founders through a preliminary negotiated deal and no external investors were able to access it.The decision for initial raise of the capital of TBI-BAC-Real Estate was taken on the founders' meeting held on September 8, 2003. According to the company's statute, its managing bodies have at their disposal one year to raise the capital up to BGN150MN, as well as to issue bonds of the same value.TBI-BAC-Real Estate was licensed to operate as a company with special investment purpose on January 9. It is going to make investments in real estates. Companies with a special investment purpose are divided in two groups - for securitization of real estates and receivables. However, they are not allowed to do economic activities - for example, to negotiate the renting of the estates. To do so they have to sign agreements with the so called serving companies specialized in the respective branch and to pay for the service.The group of companies with special investment purpose will soon be expanded. The Elana financial company is planning to establish two companies of this type that will invest in real estates and agricultural land. The initial capital of the company that will invest in real estates will go beyond BGN1MN and will be raised several times by the end of the year.

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