FairPlay Properties REIT realized BGN 1.834 mln profit for the first quarter of 2008

The Fund accounted BGN 6.908 mln revenues from activity in its Intermediate Report
Sofia, April 23, 2008

FairPlay Properties REIT realized 1,834 mln net profit for the first quarter of 2008. In accordance with the intermediate report as at 31.03.2008, the revenues of the Company from sales of apartments increased three times compared with the same accounting period of the previous year and amounts to BGN 6.737 mln.
The total revenues from the activity of the Fund amounts to BGN 6.908 mln. 98% of which or BGN 6.737 mln are formed from the conclusion of Sales Agreements of 36 apartments (Holiday village “Santa Marina” – 34 apartments, Holiday village “St. Ivan Rilski” – 2 apartments). The Company accounts revenues from rents BGN 148 thousand and BGN 19 thousand from management. Through the first quarter of 2008, the Company has made new investments at the amount of BGN 6, 4 mln excl. VAT. 
As at the end of March 2008, FairPlay Properties REIT has 48 not completed Sales Agreements, which will realize additional profit of BGN 4.348 mln through the next accounting period of 2008. The company also has concluded Reservation forms for future sale of more 43 apartments at the amount of BGN 12.430 mln.
For the first three months of the year, the Company has concluded Sales Agreements for 53 apartments (50 from Holiday village “Santa Marina”- Sozopol and 3 from Holiday village “St. Ivan Rilski” – Bansko) with TBA 3 586 sq. m. at the amount of BGN 8.775 mln. The Fund has accumulated BGN 8, 907 mln from payments of such agreements from the beginning of the year until 31March. 
At 14 April, FairPlay Properties REIT started the payment of the dividend for 2007 at the amount of BGN 8 mln or BGN 0, 1433 per share, including the new securities from the fourth capital increase from BGN 50 700 000 to BGN 55 825 370 shares. For the whole 2008, the Company plans BGN 42.46 mln revenues from sales and BGN 10, 4 mln profit for distribution as a result the dividend will be BGN 0, 16 per share.
   On the March 6, this year, successfully finished the Subscription about the fourth capital increase of FairPlay Properties REIT. In the terms of the Subscription the shareholders subscribed 5 125 370 new shares. At 28.04.2008 the Commercial Register of the Registry Agency registered the capital increase of the Company from BGN 50 700 000 to BGN 55 825 370, divided to the same number shares.
   FairPlay Properties REIT is the biggest in assets Company for securitization of real estate (without agricultural lands) with 14,59% market share and had fourth place towards this index from all the REITs invested in the real estates, listed on the BSE ( according the statistics of Financial Supervision Commission for the third quarter of 2007). According the information from the last Prospectus of the Company the market value of its assets as at November 2007 exceeds BGN 170 mln.
   FairPlay Properties has an award from the Investor‘s Association for “The Best Corporate Governance of REITs 2006”.

   FairPlay Properties REIT is listed on the Bulgarian Stock Exchange – Sofia on 17 February 2006. The main shareholder in the Company is FairPlay International JSC with 67 % quota in the capital. The rest of the shareholders are institutional investors (10 Pension funds, 15 Mutual funds, 4 Investment companies) and over 270 legal and physical entities, private investors.