Corporate secured bonds.

At its meeting (28.07.2006), the Board of Directors of the company has decided to issue corporate secured bonds. The total nominal value of the issue shall be EUR 4,000,000 and the term, respectively maturity, shall be 60 months following the date of issuing. The issue shall be backed with the highest priority mortgage on the right to build a hotel in Bansko and insurance of the financial risk. The interest rate shall be floating on amount of 6-month EURIBOR + 4.00% per annum, but not less than 6.75% p.a., payable through 6-month coupon instalments.