The following decision regarding the profit distribution was taken at the annual shareholders meeting on 13 June 2008:

The profit of 934 498.83 BGN will be distributed as follows:

• 204 894.01 BGN for dividends (this sum represents 100% of the transformed financial results as stated in Article 10, Paragraph 3 of the Special Investment Purpose Companies Act, which must be distributed as dividends)
• 729 604.82 BGN will not be distributed

The gorss dividend per share is 0,0157 BGN. Only the shareholders that have registered at Centralen Depositar AD up to 14 days after the annual shareholders meeting are eligible for dividends. The payment of the dividends will be made after 14 July 2008. The payment will be made through Centralen Depositar AD in accordance with Ordinance #8 (from 12 November 2003) of the Public Offering of Securities Act, the by-laws of Centralen Depositar AD and all other ordinances of the current Bulgarian legislation.

Bulland Investments would like to notify its shareholders and investors that it has submitted its quarterly financial report (as of 31 March 2008) to the Financial Supervision Commision on 23 April 2008. The financial report is available at 56 Vitosha Blvd., Sofia from 10:00 to 16:00 every working day, as well as at www.bulland.org.

The Board of Directors of Bulland Investments, based on Article 223, Paragraph 1 of TZ, would like to invite its shareholders at the annual shareholders meeting, which will be held on 13 June 2008 at 11:00. The address of the meeting is 56 Vitosha Blvd., Sofia. The agenda is as follows:

1. Approval of the annual accounting report, activities report, registered auditor report and the report of the investor relations director for 2007. Draft of the decision: The shareholders approve the accounting report, the activities report, the registered auditor report and the report of the investor relations director for 2007.
2. Approval of the decision for the 2007 profit distribution. Draft of the decision: The accounting profit of 934 498.83 BGN will be distributed as follows:
   • 204 894.01 BGN for dividends (this sum represents 100% of the transformed financial results as stated in Article 10, Paragraph 3 of the Special Investment Purpose Companies Act, which must be distributed as dividends)
   • 729 604.82 BGN will not be distributed
3. Dismissal of the members of the Board of Directors for their activities throughout 2007. Draft of the decision: The shareholders dismiss the members of the Board of Directors for their activities throughout 2007.
4. Approval of the decision for a change in the by-laws of the company. Draft of the decision: The shareholders approve the proposal of the Board of Directors to change the by-laws of the company.
5. Choice of a registered auditor for 2008. Draft of the decision: The shareholders choose as a registered auditor for 2008 Stoiyanka Yordanova Apostolova from BDO Akero Ltd, registration number 016.

The materials for the shareholders meeting are available every working day from 10:00 to 16:00 at the office of the company - 56 Vitosha Blvd., Sofia. All shareholders are invited to personally attend the meeting or send their representatives at it (as stated in Article 116 of the Public Offering of Securities Act). Only the shareholders that have acquired shares up to and including 30 May 2008 are eligible voters. The list of those voters will be provided by Centralen Depositar AD. The total number of shares, whose owners are eligible voters is 13 017 889. If the minimum number of people are not present at the meeting, in accordance with Article 227, Paragraph 3 of TZ, the annual shareholders meeting will be held at 11:00 on 27 June 2008 at the same place. It will have the same agenda, no matter how many shares are represented at the meeting.

On 07 April 2008, the Board of Directors of Bulland Investments made the decision to organize the annual shareholders meeting on 13 June 2008. The second item on the agenda of the meeting contains the following proposal for the distribution of the 2007 dividends:

The accounting profit of 934 498.83 BGN will be distributed as follows:

• 204 894.01 BGN for dividends (this sum represents 100% of the transformed financial results as stated in Article 10, Paragraph 3 of the Special Investment Purpose Companies Act, which must be distributed as dividends)
• 729 604.82 BGN will not be distributed

Bulland Investments would like to notify its shareholders and investors that it has submitted its annual financial report (as of 31 December 2007) to the Financial Supervision Commision on 31 March 2008. The financial report is available at 56 Vitosha Blvd., Sofia from 10:00 to 16:00 every working day, as well as at www.bulland.org.