American Chamber of Commerce

in Bulgaria

BOARD OF DIRECTORS • ANNUAL REPORT • FOR THE YEAR 2007

January, 2008 • Sofia • Bulgaria

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AMERICAN CHAMBEROF COMMERCEIN BULGARIA

Published by: The American Chamber of Commerce in Bulgaria, ©2007

Printed by: www.print.bg

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DEARAMCHAM MEMBER:

I am pleased to present you with a copy of AmChamBulgaria Annual Report for 2007.

This past year has been a great milestone for the countryas it has become an EU member. The Chamber itself hasshown a strong commitment to partner with the govern-ment and meet the challenges of a changing Bulgaria. We have had the privilege to cooperate with many localand foreign business associations and bring expertise andknowledge in addressing and solving a number of newissues in front of corporate business.

But the Chamber’s number one priority was to promotevibrant trade and economic relationship betweenBulgaria and U.S., and we are very happy to see that theyear has brought another record for U.S. investments intothe country. President Bush’s visit in June brought greaterconfidence to the country for the American and interna-tional business community which was followed by posi-tive economic results.

In future the Chamber will certainly continue to play amajor role in U.S. – Bulgarian commercial relations andin the development of a strong bilateral business network.

As the key to our positive results is the strong commitmentand leadership of our members we look forward toworking together in 2008 and make it another successstory for your companies and for the Chamber.

Sincerely,

Valentin GeorgievExecutive Director

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SOFIA, JANUARY, 2008

TABLE OF CONTENTS

Report of the Board of Directors page 5

Organizational Structure – Board of Directors and AmCham Team page 10

Membership 2007 page 11

Events 2007 page 17

Committees page 27

International Activities page 31

Lobbying page 32

Our speakers page 36

Publications page 38

AmCham Bulgaria in the Press page 40

Financial Report 2007 page 42

Audit Report for 2006 (excerpts) page 43

Contents

5

REPORT OF THEBOARD OF DIRECTORSFOR THE YEAR 2007

DEAR MEMBERS:

On behalf of the American Chamber of Commerce Board ofDirectors it is my pleasure to present you with our Annual Reportfor 2007. I am pleased to announce that the year 2007 was onewith many new initiatives which brought a new image and pres-tige to the organization along with a substantial increase inmembership. In the past, the usual growth in membership ofAmCham has been around 9 % annually while in 2007 we hadmore than a 14% increase and the members include many ofthe world’s largest multinational, as well as small and mid-size,companies working to strengthen their international networks.

AMCHAM SCORECARD

You will read further in the report about AmCham activities, theKey Performance Indicators will give a quick snapshot of ourachievements. It is also worth mentioning that our accomplish-ments have been widely acknowledged abroad.

In April, during the annual European Council of AmericanChambers of Commerce meeting in Washington D.C., the annu-al survey on AmCham performance in Europe showed thatAmCham Bulgaria is the best performing American Chamber inEurope for 2006. Our scorecard further shows we are the 3rdleast reliant Chamber on membership fees which means that ourbudget is safe, sound and business oriented; we have the 4thhighest profit ratio; we have the 5th highest percentage increasein membership; we are on 6th place in terms of net profit permember.

While these figures are important, it is far more substantial inwhat we have achieved by our activities.

THE U.S.-BULGARIA RELATIONSHIP AND THETRANSATLANTIC TRADE AGENDA

The past year was the first year of Bulgaria’s EU membership.Thus on January 1, 2007, we also became part of the U.S.-EUcommercial relationship, the largest trading relationship in the

ECACC SURVEY

European Council of AmericanChambers of Commerce (ECACC)ranks AmCham Bulgaria as the bestperforming Chamber for 2006.

AmCham Scorecard:

• 3rd least reliant on membership fees

• 4th highest profit ratio

• 6th highest net profit per member

• 5th highest percentage increase in

total membership

Report of the Board of Directors

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Report of the Board of Directors

AMCHAM KEY PERFORMANCE INDICATORS 2007

ActivityNumber Plan/ Number

DescriptionActual 2007 Plan 2008

MEMBERSHIP 266 / 284 302 Period 12/2006-11/2007

EVENTSConferences & Seminars 4 / 2 4 Conference “EU-US Economic Partnership: New Opportunities

for the Bulgarian Business" - 17.04.2007

US-Bulgaria Joint Training Facilities: Training Seminar on USContracting Procedures - 9-11.10.2007, Plovdiv

Business Luncheons, 10 / 6 6 GA -James Rigassio - 30.01.2007 General Assemblies, BL - Ivailo Kalfin - 23.02.2007Business Discussions BL - H.E. Elena Poptodorova, H.E. John Beyrle - 14.06.2007

GA - 19.06.2007 Discussion "How to Make Friends and Win EU Contracts" - 22.10.2007Business Discussion: "Bulgaria's First Year in the EU"- 6.11.2007

Fun and other events 6 / 5 6 Ski Tournament - 24.02.2007 Tennis Tournament - 9-10.06.2007 Independence Day celebration - 8.07.2007 Thanksgiving Day Dinner - 13.11.2007 X-mas Party - 11.12.2007

BAH and Cocktails 5 / 3 6 Global Benefits Group- 11.01.2007 Meet the New Members- 30.10.2007 Reception-Environmental Trade Mission

Others 2 / 1 2 Briefing on the Treaty for the Avoidance of Double Taxation - 21.03.2007

Visits 6 / 5 3 AmCham/USCS visit to U.S. Mission to EU – January 2007 AmCham EU/ECACC Bussines Briefings – February 2007Bulgaria Innovation Day in Brussels – March 2007ECACC Annual Meeting – April 2007Ambassadors Roadshow - 3-10.05.2007

International Cooperation 1 / 2 2 Economist Conference - December 11-12.2007 AmCham Training -Hungary- August 2007

PUBLICATIONS Magazine 10 issues, 48 pages Year Book 500 copies Brochure Annual Report 300 copies Web site, Daily News EU Post-Accession Instruments Guide 800 copies US Contracting Procedures Guide 200 copies Bulgaria/US Business Brochure 500 copies

PROJECTS JTF Project Mediation Training

COMMITTEES4 / 9 5 Public Affairs 7 / 5 5 EU Affairs 5 / 2 2 Pharma 2 / 4 4 CSR

LOBBYING Government Double Tax Treaty, Working permits and Visa issues,

Patent Act, Obligations and Contracts Act, Commercial Register,Temporary Labor Contracts,Promotions Act, Environmental Consultative Council

Advocacy Whistle blowing: DuPont, Chelopech Mining, Solae

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Report of the Board of Directors

world. Together the United States and EU account for 57 per-cents of the world’s Gross Domestic Product and more than halfof world trade with 1.8 billion USD turnover of goods and serv-ices per day.

In June we witnessed the visit of President Bush in Bulgaria.While the visit of a U.S. president to any country is always animportant event (with long-term significance for the bilateralrelations); for Bulgaria in particular, it brought positive publicitywith the huge coverage the country got by airing the visit onthe world’s media networks. President Bush praised Bulgaria forits achievements and stated further: “Success is evidenced byresults, by the results of attracting more capital. I know U.S.companies are seriously looking at Bulgaria, and that’s becausethere is transparency and fairness in taxes. In other words, whensomebody invests in a country, they expect to get a reasonablerate of return, and they expect government not to interfere, but,in fact, to expedite the flow of capital. And so, therefore, whenthe president talks about more capital coming to your countryfrom the United States, it means that the government has madereforms necessary to attract capital.”

The practice also shows that visits of U.S. presidents lead to pos-itive economic advancements, and the American and internation-al business circles become more confident in the stability of thecountry in both political and economic terms. As for Bulgaria, anumber of concrete practical steps have been undertaken,already proven by last year’s top-notch U.S. investments in ener-gy, real estate, telecom and consumer manufacturing. 2007marked also a new record in terms of U.S investments inBulgaria. The list of the top foreign investments begins with AESMaritza Iztok One Power Plant with 1.4 billion USD; the secondplace belongs to the joint project of Tishman International andGE Real Estate for the Sofia Airport Center worth 370 millionUSD. And we have witnessed also many more accomplishments inIT and telecom sector, entertainment industry, water supply andwater treatment, franchise and industrial application.

All these facts directed the Chamber’s agenda to Bulgaria’s placeand role in transatlantic trade relations.

“MORE EU MEANS MORE U.S.”

Yes, I am sure you have heard that many times this year. This isAmbassador Beyrle famous saying which we have put into action:

With the success stories of the American companies we have justdescribed above and the accomplishments in the bilateral gov-ernment relationship as the new treaty for investments promo-tion and the agreement on the avoidance of double taxation,

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Report of the Board of Directors

AmCham, Ambassador Beyrle, and Ambassador Poptodorova werejoined in the first Ambassadors/AmCham business roadshow toU.S. The coast-to-coast trip through San Jose, San Francisco,Denver, New York and Boston aimed to present Bulgaria to theU.S. business community as a new EU member and the oppor-tunities for U.S. companies to expand their trade and invest-ments in the country. Seminars, roundtables, press events andone-on-one meetings helped U.S. firms better understand andact on market opportunities in Bulgaria. In the following monthswe have seen a number of American companies visiting the coun-try, exploring the business climate, and making preparation tostart new projects here.

But we understand that while strengthening the bilateral traderelations between U.S. and Bulgaria we also work for the devel-opment of the EU-U.S. economic partnership. That was demon-strated during the joint event we did together with the GermanIndustrial Chamber in April. The conference “EU-U.S. EconomicPartnership: New Opportunities for Bulgarian Business” gatheredtogether more than 200 representatives of US, German andmultinational companies, diplomats, ministers, government offi-cials and high ranking judges to discuss competitiveness, invest-ments, financing and the legal framework of Bulgaria as a mem-ber of the EU, and as a part of EU-U.S. economic relations.

We can honestly say that this theme dominated throughout theentire year.

LOBBYING AND COMMITTEES

There is no doubt that the committees champions are the EUAffairs Committee and the Public Affairs Committee. But since wehave already talked enough so far about the EU agenda of theChamber - and you will read more about it later in the report,it is time to give credit to the amount of work and achievementsof the Public Affairs committee and its lobbying agenda. Thestrategy ranged from a number of position papers and state-ments on legislative initiatives to the management of relationswith Chamber’s stakeholders including Government and otherstate institutions; from the Double Tax Treaty to the CommercialRegister Reform and the Law on Obligations and Contracts; fromworking permits to whistle blowing and advocacy for individualcases of AmCham members.

Our focus in 2008 will continue to be the successful lobbying fora better business environment, instrumental advocacy for individ-ual members, assistance and expertise to the American compa-nies willing to take advantage of the business opportunities thatBulgaria offers.

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Report of the Board of Directors

Let me conclude here with another thought of Ambassador Beyrleshared in his article for the AmCham magazine:

“My mission for 2008 will be to highlight all the success stories….. to ensure that more American companies see Bulgaria blink-ing brightly on their radar screens when they consider interna-tional expansion. AmCham has been and will continue to be ourindispensable partner, trusted advisor and great friend in thiseffort. But we can’t do it alone: we need to encourage theBulgarian Government to work more actively and more effectivelyto attract more US business here. Bulgaria has a lot to offer –but it’s competing with all other new EU members who also wantAmerican investments.”

We understand that there is a lot of unfinished work forBulgarian business and the government. There are many tasksand challenges before us, and before the Bulgarian cabinet, toput the country firmly on the map of U.S. firms as a preferreddestination for business and investment.

We take also the Ambassador’s words as a recognition for theAmCham role in the bilateral U.S.- Bulgaria relations.

And so, my dear members and friends, the Board takes thesewords as a sincere acknowledgement of your constant efforts,commitment, and work to strengthen and develop the businessties between our two countries and to bring more prosperitybetween our two nations.

Thank you very much for that.

On my behalf let me also extend thanks to all the Board mem-bers and Committee Chairs who take on these voluntary posi-tions while performing their every day jobs. They have done out-standing work by mobilizing members and bringing new initiativesto the organization. It is also worth saying that the enthusiasticand very capable AmCham team, led by our Executive DirectorValentin Georgiev, contributed much to the success of theChamber.

If we say that 2007 has been another success story for AmCham,then a hefty part of the credit should go undoubtedly to ourfriends: the U.S. Ambassador John Beyrle, the Deputy Chief ofMission Alex Karagiannis, and Jim Rigassio, Commercial Counselor,for their support and dedication for the Chamber’s activities.

I wish all the success to you, and a very prosperous 2008!

Sincerely,Borislav Boyanov

President of Board of Directors

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AMERICAN CHAMBER

OF COMMERCE IN BULGARIA

BOARD OF DIRECTORS

Organizational structure

President ............................................ Mr. Borislav Boyanov Borislav Boyanov & Co.

Vice President .................................... Mr. Anthony Hassiotis Postbank

Vice President .................................... Mr. George Randelov IBM Bulgaria

Treasurer .................................. Ms. Tanya Kosseva-Boshova Landmark Property Bulgaria

Members.................................................. Ms. Olga Borissova Ellief Center for Education and Culture, AUBG

Mr. Thomas Higgins Balkan Accession Fund

Mr. Andon Ichev General Electric International

Mr. Stefan Ivanov Citibank N.A. Sofia Branch

Mr. Kenneth M. Lefkowitz New Europe Corporate Advisory

Ms. Eugenia Stoichkova The Coca-Cola Company Bulgaria

Mr. Chris Thompson Consultant

Ms. Elitza Tsaneva Ideal Standard Bulgaria

Ex-Officio Member .................................. Mr. James Rigassio US Commercial Counselor

AMCHAM TEAMExecutive Director ...................................... Valentin Georgiev valgeorg@amcham.bg

Event Manager .......................................... Tzonka Atanasova tzonka@amcham.bg

Chief Accountant .......................................... Bilyana Petrova bilyana@amcham.bg

PR and Publications Manager ..........................Irina Bacheva irina@amcham.bg

Business Development Manager.............. Nadejda Vakareeva nadia@amcham.bg

Office and Committees Manager .............. Milena Milenkova milena@amcham.bg

IT Manager .................................................. Nikolay Manolov nikolay@amcham.bg

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AMCHAM

MEMBERSHIP 2007

MEMBERSHIP 2007

AMCHAM MEMBERSHIP POLICY

The Board of Directors of the Chamber agreed to strengthenthe AmCham membership policy stressing on the US/interna-tional origin or active engagement in business with the US. Thegood corporate reputation and adherence to responsible busi-ness conduct principles have remained one of the most impor-tant criteria for membership acceptance. All members should becommitted to the aims and principles of the Chamber.

At the same time the Chamber had also become stricter on itsfee collection policy and maintaining the membership status fornon-paying members.

GROWTH IN MEMBERSHIP

In 2007 AmCham Bulgaria membership marked the biggest per-centage of growing for the last several years, from 248 mem-bers as of December 31, 2006 to 284 members as of December31, 2007, registering 14.5% increase.

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MEMBERSHIP 2007

Membership Structure by Membership Type, as of December 31, 2007

Membership Structure by Field of Business, as of December 31, 2007

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MEMBERSHIP 2007

NEW MEMBERS

Forty two new members joined the American Chamber of Commerce in Bulgaria in 2007.

Member Start Date Membership Type Field of Business

JANUARY

BC Serdon 01.01.2007 Local company Law and Consultancy

Ekotoi - Service Ltd. 01.01.2007 Multinational company Industrial Equipment and

Energy

IBS Bulgaria Ltd. 01.01.2007 Local company High-Tech, Telecom, and

Office Equipment

New Europe Directories Bulgaria 01.01.2007 Multinational company Media

MARCH

Bulgaria Platinum Group 01.03.2007 Multinational company Construction and Real Estate

DENIMAR Ltd. 01.03.2007 Local company Law and Consultancy

Environmental Quality 01.03.2007 Associate member Industrial Equipment and

Management, Inc. Energy

Plesio Computers Jsc 01.03.2007 Multinational company High-Tech, Telecom, and

Office Equipment

APRIL

Alexander Hughes Bulgaria OOD 01.04.2007 Multinational company Human Resource

Penkov, Markov & Partners OOD 01.04.2007 Local company Law and Consultancy

Outsource Partners International 01.04.2007 Multinational company Outsourcing, IT Services

MAY

Coface Bulgaria Credit 01.05.2007 Multinational company Financial and Insurance

Management Services EOOD

Mellon Bulgaria EAD 01.05.2007 Multinational company High-Tech, Telecom, and

Office Equipment

Neochimiki Bulgaria S.A. 01.05.2007 Multinational company Industrial Equipment and

Energy

Regus Bulgaria ltd. 01.05.2007 Multinational company Services

JUNE

BAE Systems International Ltd. 01.06.2007 Multinational company Defense

British American Tobacco 01.06.2007 Multinational company Consumer Goods

Bulgarian Land Development EAD 01.06.2007 Multinational company Construction and Real Estate

D&IC (Dun and Brudstreet 01.06.2007 Multinational company Law and Consultancy

Representative)

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MEMBERSHIP 2007

Member Start Date Membership Type Field of Business

International University College 01.06.2007 Individual / NGO Educational

Maria Vranovska, MD, MBA 01.06.2007 Individual / NGO Pharmaceutical and Medical

Piraeus Bank Bulgaria AD 01.06.2007 Multinational company Financial and Insurance

Praktiker EOOD 01.06.2007 Multinational company Consumer Goods

Scandinavia Motors Ltd. 01.06.2007 Multinational company Automobile

Unique Estates 01.06.2007 Local company Construction and Real Estate

United Healthcare Bulgaria

Group of Companies 01.06.2007 Multinational company Pharmaceutical and Medical

JULY

Astral Holidays AD 01.07.2007 Local company Travel and Tourism

Katilin Popov Enforcement Officers 01.07.2007 Individual / NGO Law and Consultancy

Siemens EOOD 01.07.2007 Multinational company High-Tech, Telecom, and

Office Equipment

AUGUST

Foster Wheeler Energia Polska, 01.08.2007 Multinational company Industrial Equipment

Branch Office Bulgaria and Energy

Immo Industry Bulgaria 01.08.2007 Multinational company Logistics and Transportation

OCTOBER

Candole Partners EOOD 01.10.2007 Multinational company Law and Consultancy

DuPont de Nemours 01.10.2007 Multinational company Industrial Equipment

International S.A. and Energy

Economedia AD 01.10.2007 Local company Media

General Security ltd. 01.10.2007 Local company Services

Hotel Yastrebets Wellness & SPA 01.10.2007 Local company Travel and Tourism

Trans Company Ltd. 01.10.2007 Local company Logistics and Transportation

NOVEMBER

ACO Building Elements Ltd. 01.11.2007 Multinational company Construction and Real Estate

Mercurius-Sofia 01.11.2007 Local company High-Tech, Telecom, and

Office Equipment

Renault Nissan Bulgaria SRL 01.11.2007 Multinational company Automobile

DECEMBER

Devin AD 01.12.2007 Multinational company Food and Beverages

Foundation for Local 01.12.2007 Individual / NGO Law and Consultancy

Government Reform

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AMCHAM MEMBER COMPANIES15 JANUARY 2007

MEMBERSHIP 2007

3M (East) AGAA KRES EOODABB Bulgaria EOODAbbott Laboratories S.A.AbCRO - BulgariaAccor Services BulgariaACO Building Elements Ltd.ACSIOR Ltd.ADIS Ltd.Advance International Transport(Balkan) EADAES CorporationAFA OODAIG Bulgaria Insurance & ReinsuranceCompany EADAIG Life BulgariaAIMS Human CapitalAlcoa Packaging BulgariaAlexander Hughes Bulgaria OODALEXANDROV GROUP CORPORATIONAlfred C.Toepfer InternationalAlliance One Tobacco BulgariaAllied Pickfords BulgariaAlter Ego Company OODAmerican College of SofiaAmerican English AcademyAmerican Resarch Center in SofiaAmerican University in Bulgaria (AUBG)Anglo-American School of SofiaAnton Preslavski, Liebert HirossAPIS - BULGARIA Ltd.APOLO Ltd.Aries CommerceAshtrom International EADAssociation Integra-BDSAstra Zeneca UK Ltd.Astral Holidays ADAT Engineering 2000 Ltd.Auditing Company Versi and PartnersLtd.Avendi Ltd.AVON Cosmetics Bulgaria Ltd.BAE Systems International Ltd.Balkan Accession FundBalkan News Corporation Plc.Balkan Star Automotive EOODBaxter AGBayer Bulgaria EOODBC Serdon

Berlitz Schools of LanguagesBG RadioBMG Ltd.Bodyguard-Fire-K Ltd.Borislav Boyanov & Co.Braykov's Legal OfficeBritish American TobaccoBrown Forman Beverages WorldwideSofia Branch LLCBulgaria Platinum Group EADBulgarian American Enterprise FundBulgarian Charities Aid Foundation(BCAF)Bulgarian Land Development EADBulgarian Telecommunications CompanyEADBusiness Media GroupBusiness Park Sofia EOODCallPoint New Europe ADCandole Partners EOODCar Rental Bulgaria Ltd.Carlsberg Bulgaria ADCefin Bulgaria EOOD (IVECO dealer)Center for the Study of DemocracyCENTURY 21 BulgariaChelopech Mining EADChris ThompsonCisco Systems BulgariaCitibank N.A.- Sofia BranchCity University of SeattleCleves EOODCMS Cameron McKenna EOODCoca-Cola HBC Bulgaria ADCoface Bulgaria Credit ManagementServices EOODColgate-Palmolive AdriaCOLLIERS InternationalConsulTeam Recruitment andSelection Ltd.Cook CommunicationsCorstjens Worlwide Movers GroupCPM Consultancy SllcCurtis / Balkan Ltd.D&IC (Dun and BradstreetRepresentative)DeConi InternationalDeloitte Bulgaria OODDENIMAR Ltd.Devin ADDHL Express Bulgaria Ltd.

Diageo Bulgaria LtdDiamed Ltd.Dimitrov, Petrov & Co.Djingov, Gouginski, Kyutchukov, &VelichkovDLA Piper Weiss-Tessbach Branch SofiaDobrev, Kinkin & Lyutskanov Law FirmDomaine Boyar ADDr. Emil Benatov & PartnersDr. I.S. Greenberg Medical Center,Ellen Ruth Greenberg, Ph.D.DuPont de Nemours International S.A.DynCorp International LLCEconomedia ADEffekten Und Finanz - Sofia ADEkotoi - Service Ltd.Electron Progress EADEli Lilly and CompanyElido (Lamel Ltd.)Elmec Sport Bulgaria EOODElta consult AD associated partner ofCB Richard Ellis for BulgariaEmerson Process Management AGEncouragement Bank ADEnel Maritza East 3 ADEnemona SAEngineeringservice Sofia Ltd.Environmental Quality Management, Inc.Epsilon Interactive InternationalEquest EADERATO HOLDING PlcErnst & Young BulgariaEuropean Bank for Reconstruction andDevelopment (EBRD)Flying Cargo Bulgaria Ltd. - Licenseeof FedExForce Delta Ltd.Forem Consulting BulgariaForton International JSCoFoster Wheeler Energia Polska, BranchOffice BulgariaFoundation for Local GovernmentReformG4S Security Services Bulgaria JSCGeneral Electric InternationalGeneral Security ltd.Genmark Automation Bulgaria Plc.GiTy Bulgaria ltd.GlaxoSmithKlineGlobal Benefits Group GBGI CEE LLC

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MEMBERSHIP 2007

Representrative OfficeGoodyear Dunlop Tires RomaniaGrand Hotel SofiaGrenville BulgariaGrey Worldwide Bulgaria EOODHewlett-Packard Bulgaria Ltd.Hilton SofiaHoliday Inn SofiaHoneywell EOODHotel Yastrebets Wellness & SPAIBM BulgariaIBS Bulgaria Ltd.Ideal Standard BulgariaImmo Industry BulgariaIn Time Ltd.Industrial Holding BulgariaING Bank Sofia BranchInterbrands Marketing & DistributionInc. OODInterdeanInternational University CollegeInvestbank Plc.IP Consulting Ltd.ISI Emerging Markets (InternetSecurities, Inc.)Johnson & Johnson Doo.Johnson Controls Electronics BulgariaJunior Achievement BulgariaKaliakra ADKamenitza ADKamor Auto EOODKatilin Popov Enforcement OfficersKempinski Hotel Grand Arena BanskoKolbis International TransferCorporationKPMG BulgariaKraft Foods BulgariaLANDMARK Property BulgariaLexim Sofia Ltd.Lindner Immobilien ManagementEOODLirex BG Ltd.Lowe Swing CommunicationsM & M Air Cargo Service Bulgaria OODM3 Communications Group, Inc. A Hil& Knowlton AssociateMagnetic Head TechnologiesMaria Vranovska, MD, MBAMarsh EOODMARTERN EOODMathnasium (Rossimat Ltd.)MBL Ltd.McDonald's Bulgaria Ltd.Mellon Bulgaria EADMerck Sharp & Dohme IDEA Inc.Mercurius-SofiaMicrosoft BulgariaMiltech Ltd.Mmd, Corporate, Public Affairs &

Public Relations ConsultantsMobiltel EADMonbat Plc.Moody International Ltd.Moten SportMoto-Pfohe Ltd.Motorola Bulgaria EADNational DISTRIBUTORSNATO Defense College Anciens'AssociationNDT Equipment Supplies LTDNeochimiki Bulgaria S.A.Net Is Ltd.Neterra CommunicationsNeumann International AGNew Europe Corporate AdvisoryNew Europe Directories BulgariaNexcom Bulgaria EADOn Bulgaria Ltd.Opet/Aygaz Bulgaria EADOracle East Central Europe Limited -Branch BulgariaOrbit Ltd.Orkikem Ltd.OSG Records ManagementOutsource Partners InternationalOzone Laboratories BulgariaPANDA - IP Ltd.Penev & Partners Law OfficesPenkov, Markov & Partners OODPfizer Luxembourg SARL,Representation Office BulgariaPhilip Morris Bulgaria EOODPioneer Semena Bulgaria EOODPiraeus Bank Bulgaria ADPlesio Computers JscPopov Legal OfficePostbankPostPathPraktiker EOODPratt & WhitneyPricewaterhouseCoopersProcter & Gamble BulgariaProSoftPSG Payroll Services Ltd.Radisson SAS Grand HotelReader's Digest EOODRegus Bulgaria Ltd.Renault Nissan Bulgaria SRLRising Force Co., Ltd.Rockwell/IntelpackS&T BulgariaSanofi - Aventis Bulgaria EOODScandinavia Motors Ltd.Schenker EOODSchering - Plough Central East -BulgariaSEAF Management Bulgaria EOODSheraton Sofia Hotel Balkan

Sherita M Ltd.

Siemens EOOD

Sienit Ltd.

SigmaBleyzer Investment Group LLC -Representative Office

Sofstroy AD

Soravia Bulgaria Ltd.

Stanton Chase International Bulgaria

Stefan Dimitrov, Norman RealestateCo. Ltd.

Symix Bulgaria OOD

TechnoLogica EOOD

TeleLink EAD

The Coca-Cola Company Bulgaria

Tishman Management Company Ltd.

Tissue Bank Osteocenter Bulgaria EAD

TMF

Totema Engineering

Trans Company Ltd.

TravelStoreMaker.com

Tumbleweed CommunicationsCorporation EOOD

UniCredit Bulbank

Unimasters Logistics Plc

Unique Estates

Unisys Bulgaria Branch

United Consulting Ltd.

United Healthcare Bulgaria Group ofCompanies

United Medical Communications

Vaptsarov Holding AD

Vector Management Bulgaria EOOD

Videolux Holding / Technopolis

VIP Security Ltd.

VISA International Service Association

VSK Kentavar Ltd.

Welcome to Bulgaria

Westinghouse Energy Systems BulgariaBranch

World Courier Bulgaria

WorleyParsons Europe Energy ServicesLtd.

Wrigley Bulgaria EOOD

Xerox Bulgaria Ltd.

Yavlena EOOD

Zlati Dinev Studio in partnership withOuterbridge/Morgan

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AMCHAM EVENTSOVERVIEW 2007

EVENTS 2007

JANUARY

BUSINESS AFTER HOURS COCKTAIL WITHGLOBAL BENEFITS GROUP/TIE CAREINTERNATIONAL, INC.January 11 • Piano Bar Sinatra

Global Benefits Group is one of the leading American compa-nies in the domain of fringe benefits worldwide. The GBG fam-ily of companies have been specializing in the internationalfinancial services market for over 20 years, serving as leadingdevelopers and distributors of products and services designedespecially for the needs of overseas workers and multi-nationalclients.

AMCHAM GENERAL ASSEMBLY MEETING WITHGUEST SPEAKER JAMES RIGASSIO, COMMERCIALCOUNSELOR, U.S. EMBASSY

January 30 • Radisson SAS Hotel

The AmCham General Assembly Meeting voted to elect eightmembers of the board. Two new persons entered the board:Thomas Higgins, Balkan Accession Fund and Andon Ichev,General Electric. Six board members were re-elected: OlgaBorissova, AUBG, Borislav Boyanov, Borislav Boyanov & Co,Anthony Hassiotis, Postbank, Kenneth Lefkowitz, NECA, GeorgeRandelov, IBM, Elitsa Tsaneva, Ideal Standard. Guest speaker atthe gathering was James Rigassio, U.S. Commercial Counselor.His address entitled "More EU means more U.S.: Embassy -AmCham initiatives for 2007" stressed on the commercial andinvestment opportunities for the U.S. companies arising fromBulgaria’s EU membership.

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EVENTS 2007

FEBRUARY

BUSINESS LUNCHEON WITH GUEST SPEAKERIVAILO KALFIN, DEPUTY PRIME MINISTER ANDMINISTER OF FOREIGN AFFAIRS

February 23 • Sheraton Sofia

AmCham members and representatives of Bulgarian-AmericanTrade and Economic Council had a business luncheon with IvailoKalfin, Deputy Prime Minister and Minister of Foreign Affairs. Inits lecture, entitled "Bulgaria's EU Membership: MoreOpportunities for Partnership between Bulgaria and USA",Minister Kalfin pointed out the excellent cooperation on polit-ical level between the two countries and the prospects for thedevelopment of the bilateral economic relations, using as anadditional opportunity the membership of Bulgaria into theEuropean Union. Elaborating on the cooperation in security, theminister counted the most important missions that the twocountries were involved in: Iraq, Afghanistan, and Kosovo.

AMCHAM SKI TOURNAMENT

February 24 • Vitosha Mountain

The third AmCham Ski Tournament attracted 87 participants intwo disciplines and four categories: men, women, children andteam. With great enthusiasm AmCham members, AmericanCollege students and journalists run for the AmCham cups.AmCham is thankful to the main sponsor of the eventScandivania Motors; to the main supporters: Moten Sport andNivea Lip Care, and to the companies that provided prizes:Allied Pickfords, Coca-Cola, Hilton Sofia, Kempinski Hotel GrandArena Bansko, Motorola Bulgaria, Nivea Lip Care, Radisson SASGrand Hotel, Scandinavia Motors, Sport Shops Chain SLS.

MARCH

AMCHAM BULGARIA HOSTS TWO STUDENTSWITHIN MANAGER FOR A DAY INITIATIVE

March 12

The Sixth National Manager for a Day Initiative under thepatronage of the Minister of Finance Plamen Oresharski, organ-ized by Junior Achievement Bulgaria, took place on March 12,2007. AmCham Bulgaria hosted two students, MilitzaZikatanova, American College of Sofia and Ina Zhderova,National Economic School.

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EVENTS 2007

BRIEFING ON THE TREATY FOR THEAVOIDANCE OF DOUBLE TAXATION WITHPLAMEN ORESHARSKI, MINISTER OF FINANCE,H.E. JOHN BEYRLE, U.S. AMBASSADOR ANDBORISLAV BOYANOV, AMCHAM PRESIDENT

March 21 • Academija Hall

American Chamber of Commerce in Bulgaria organized a brief-ing with the Ministry of Finance of Bulgaria and the U.S.Embassy in Bulgaria to shed more light on the signed Treaty forAvoidance of Double Taxation between the United States ofAmerica and Bulgaria in February 2007.

APRIL

CONFERENCE “EU-U.S. ECONOMICPARTNERSHIP: NEW OPPORTUNITIES FOR THEBULGARIAN BUSINESS”April 17 • Sheraton Sofia

The American Chamber of Commerce in Bulgaria and theGerman-Bulgarian Industrial Chamber of Commerce organizedon April 17, 2007 in Sheraton Sofia the Conference “EU-U.S.Economic Partnership: New Opportunities for the BulgarianBusiness”. More than 200 representatives of US, German andmultinational companies registered for the event, that wasmeant to shed more light on the competitiveness, investments,financing and legal framework of Bulgaria as a member of theEU, and a part of US-EU economic relations. The distinguishedspeakers such as Deputy Prime Minister Ivailo Kalfin, formerMinister of Economy and Energy Roumen Ovcharov, Minister ofPublic Works and Development Assen Gagauzov, Minister ofInterior Roumen Petkov, Deputy Minister of Finance DimitarIvanovski, Deputy Minister of Labor and Social Politic DimitarDimitrov, Chairman of the Commission for Protection ofCompetition Petko Nikolov, Deputy Chairman of the SupremeCourt of Cassation Roumen Nenkov discussed the role ofBulgaria as a member of EU and a part of US-EU relations. U.S.Ambassador John Beyrle welcomed Bulgaria joining the giganticpolitical and economic transatlantic partnership. Michael Geier,Ambassador of Germany talked about the important role of thetransatlantic relations in solving global political and economicissues.

AmCham kindly thanks all company-sponsors which made theforum possible: Bulgarian Telecommunications Company, BalkanStar Automotive, Siemens, ABB Bulgaria, Fraport Star Airport,Citibank, Moto-Pfohe, UniCredit Bulbank.

MAY

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EVENTS 2007

AMBASSADORS ROADSHOW - INVESTMENTOPPORTUNITIES IN BULGARIA

May 3-10 • Week-long Tour across the United States

AmCham, Ambassador Beyrle, and Ambassador Poptodorovawere joined in the first Ambassadors/AmCham business roadshow to U.S. The coast-to-coast trip through San Jose, SanFrancisco, Denver, New York and Boston aimed to presentBulgaria to the U.S. business community as a new EU mem-ber and the opportunities for U.S. companies to expandtheir trade and investments in the country. Seminars, round-tables, press events and one-on-one meetings helped U.S.firms better understand and act on market opportunities inBulgaria.

In the following months a number of American companiesvisited the country and started preparations for new proj-ects. The fields of interests are energy, IT, medical devices,bio-fuels and environment projects.

Ernst & Young provided critical support for the entire organ-ization while Citibank and DLA Piper were instrumental forthe successful meetings in New York.

BALKAN REAL ESTATE CONFERENCE

May 17-18 • Hilton Hotel

The First Regional Conference: “Balkan Real Estate Conference-Bulgaria, Romania, Serbia” was carried out on May 17th – 18thin Hilton Hotel. The conference was organized by BalPEx,Economedia group together with Balkan Consultancy Centerand with Colliers International – strategic partner andPricewaterhouseCoopers – consultant. The Conference focusedon the business opportunities in the property markets inBulgaria, Romania and Serbia. Tanya Kosseva-Boshova, LandmarkProperty Executive Director, represented AmCham and spoke ontrends and development of the market in Bulgaria.

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EVENTS 2007

JUNE

AMCHAM TENNIS TOURNAMENT

June 9-10 • Gloria Palace

Proving its popularity among AmCham members and guestcompanies, the sixth annual AmCham Tennis Tournament cameout with 45 players organized in 15 teams. Orkikem andGloria Palace Club became the team finalists, with Orkikemteam coming on top in a head-to-head battle on June 10th.Erato Holding shared the third place with the Embassy ofFrance players. AmCham is grateful to all sponsors and sup-porters who made the contest possible: Gloria Palace Club,Sport Shops Chain SLS and Dunlop Sport, Allied Pickfords,Bankya and Pain D’or.

BUSINESS LUNCHEON WITH GUEST SPEAKERSH.E. ELENA POPTODOROVA – BULGARIANAMBASSADOR TO THE UNITED STATES OFAMERICA AND H.E. JOHN BEYRLE – U.S.AMBASSADOR TO THE REPUBLIC OF BULGARIA

June 14 • Sheraton Sofia

As a NATO and an EU member Bulgaria has a new status andis a new quality partner in the transatlantic relations, Bulgaria’sAmbassador to the US Elena Poptodorova stated at theAmCham business luncheon, June 14. In his turn the USAmbassador to Bulgaria John Beyrle said that Bulgaria is animportant party in the transatlantic relations.

During the event, the two ambassadors informed the otherguests on their weeklong tour across the United States thatstarted on May 3. During the tour they promoted businessopportunities in Bulgaria as European Union member state.

AMCHAM GENERAL ASSEMBLY MEETING

June 19 • Hilton Hotel

On June 19th the AmCham General Assembly elected StefanIvanov, Citi Country Officer on the Chamber’s board. TanyaKosseva-Boshova, Landmark Property Executive Director was re-elected for a second term and she currently serves as aTreasurer of AmCham.

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EVENTS 2007

PANEL DISCUSSION WITH HASBRO INC. AND AMCHAM, ORGANIZED BY THE USCOMMERCIAL SERVICE IN BULGARIA

June 25 • Sheraton Hotel

The U.S. Commercial Service organized a panel discussion for abusiness delegation from Hasbro Inc., the second largest toymaker in the world. The session was designed to share firsthand insights of the business environment in Bulgaria. JimRigassio, the Commercial Counselor, the AmCham managementpresented by Borislav Boyanov and Valentin Georgiev, and theexecutives from the AmCham members National Distributors,Deloitte Bulgaria OOD and Videolux/Technopolis briefed theguests on the opportunities and challenges in the consumermarket in the country.

JULY

INDEPENDENCE DAY CELEBRATION

July 8 • Lozenets Residence

Not less than 2500 people gathered on the Sunday after-noon at the Lozenets Residence for the AmChamIndependence Day Community party. The residence hasbecome a familiar spot for the American community inBulgaria. AmCham members, U.S. embassy employees andfamilies, U.S. citizens in Bulgaria, celebrities and business-men came to the event. The AmCham Party meant fun,music, special moments, presents, ruffle prizes, deliciousmeals, beer and coca cola. H.E. John Beyrle, US Ambassadorto Bulgaria welcomed in Bulgarian language all the guestsand friends. “July Fourth is not only an American holiday buta one for every nation that treasures the ideal of freedom,democracy and responsibility”, the US envoy said. TheAmerican and Bulgarian anthems were performed live by“Georgi Robev” Choir Society. Chris Thompson’s band LateNight Messiah and later on BTR famous Bulgarian bandentertained the guests. The party was supported byScandinavia Motors – general representative of SAAB auto-mobiles for Bulgaria, Jack Daniel’s, BTC, vivatel, BulgarianLand Development, Dundee Precious Metals, UniCreditBulbank and Motorola. Lots of food, beer and drinks wereprovided by McDonald’s, Hilton Sofia, Radisson SAS, PainD’or, Popwestern, Coca-Cola, Kamenitza, Stella Artois,Tuborg, Shumensko, Zagorka, Jack Daniel’s TennesseeWhiskey. David Hampson, master of the ceremony,announced the winners of the fundraising ruffles, meant toserve for charity purposes. The main contributors for the

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EVENTS 2007

ruffles were Astral Holidays, Hilton Sofia, Radisson SASGrand Hotel Sofia, Yastrebets Wellness & SPA Hotel,Borovets, TravelStoreMaker.com, Allied Pickfords, CentralniHali, Motorola, Sheraton Sofia Hotel Balkan, BTC, vivatel,Grand Hotel Sofia, Interbrands Marketing & Distribution Inc.The party ended with glorious fire works and a huge cakebringing extra delight to the audience.

OCTOBER

US-BULGARIA JOINT TRAINING FACILITIES:TRAINING SEMINAR ON US CONTRACTINGPROCEDURES

October 9-11 • Novotel Plovdiv

A training seminar on US Contracting Procedures was organizedby the Defense Acquisition University (DAU), the AmericanChamber of Commerce in Bulgaria and the US Embassy onOctober 9-11 in Novotel Plovdiv. More than 100 Bulgarian com-panies throughout the country registered to learn more aboutthe US contracting procedures and the opportunities to partic-ipate in the tenders of the U.S. Army. Mark Lummer, U.S. ArmySMDC Contracting Executive, Professors Bruno Wengrowski andDavid Lewis from Defense Acquisition University, Maj. WilliamCundy, 409th Contracting Support Brigade and MonikaSchoeller, Defense Logistics Agency played critical role in mak-ing this training successful.

HOW TO MAKE FRIENDS AND WIN EUCONTRACTS SEMINAR

October 22 • Conference Hall, BCCI

How the Bulgarian businesses will protect their interests inEurope and how they will compete successfully within theEuropean market were the issues at focus during the seminar,organized by three business organizations: Bulgarian Chamberof Commerce and Industry, Confederation of Industrials andEmployers and AmCham Bulgaria. Ms. Bridget Czarnota,Former Head of the Bulgaria Unit of the EnlargementDirectorate General of the European Commission, moderatedthe discussions.

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EVENTS 2007

MEET THE AMCHAM NEW MEMBERS PARTY

October 30 • Radisson SAS Hotel

A promo evening of the AmCham Bulgaria new series of events,called “Meet the New Members”, took place on October 30 atFlannagans, Radisson SAS Grand Hotel. Seven new members ofthe Chamber were given floor to briefly present their activitiesin front of the AmCham community. These were the companies:Candole Partners EOOD, Economedia AD, General Security Ltd.,Hotel Yastrebets Wellness & SPA, Mercurius – Sofia, RenaultNissan Bulgaria SRL, and Trans Company Ltd.

Borislav Boyanov, AmCham President and Chris Thompson,AmCham Board Member welcomed the new members on theAmCham board and some hundred other guests at the partywho praised the cocktail as a good opportunity for net-working.

NOVEMBER

BUSINESS DISCUSSION: ”BULGARIA’SFIRST YEAR IN THE EU”November 6 • Radisson SAS Hotel

AmCham Bulgaria organized this first of-a-kind public discussionto evaluate Bulgaria’s first EU year. Guests speakers wereGergana Grancharova, Minister of EU Affairs, H.E. John Beyrle,U.S. Ambassador, H.E. Mario Jesus Dos Santos, Ambassador ofPortugal and Michael Humphreys, Head of Representation ofthe EC in Bulgaria. Minister Grancharova expressed her opinionthat the business community is well prepared for the EU mem-bership and its requirements while the formidable challengeawaits the municipalities and the administration handling EUintegration issues. “We have not build flexible mechanisms forcommunication with the business“ she said. US Ambassador JohnBeyrle shared his firm belief that Bulgaria can cope with thehigh-level corruption and organized crime which remain themain obstacles that discourage foreign investors. The head ofthe European Commission representation to the countryMichael Humphreys emphasized that Bulgaria should continueworking on solving its most serious problems. Ambassador MarioJesus dos Santos advised Bulgaria to further reform its educa-tion and healthcare system.

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EVENTS 2007

AMCHAM THANKSGIVING COMMUNITYDINNER

November 13 • Sheraton Sofia

More than 100 guests attended the 5th AmCham CommunityThanksgiving Dinner. In the American tradition it was an eventdedicated to charity fundraising, this year in favor of Association“Future for Kids with Disabilities”, Kazanluk, Home for ElderlyPeople, Durvenitsa District, Sofia, and Forest planting campaignof Community Foundation “Stara Zagora”. AmCham Bulgaria isthankful to the generosity of its members who contributed withspecial prizes for the fundraising and to all bidders in the silentauction.

The event was mainly supported by Enel Maritza East 3, PhilipMorris Bulgaria EOOD and AES Maritza East 1.

Ms Kamelia Todorova, a well known Bulgarian jazz singer,made a lovely performance during the charity evening.

DECEMBER

SEVENTH BUSINESS ROUNDTABLE WITH THEGOVERNMENT OF BULGARIA: MAKING EUMEMBERSHIP WORK FOR BUSINESS

December 11-12 • Sheraton Sofia

AmCham Bulgaria supported the Seventh Business Roundtablewith the Government of Bulgaria. Borislav Boyanov, AmChamPresident participated in the panel discussion “What BusinessWants: Regional and Country Directors’ Debate” together withPetar Dimitrov, Minister of Economy and Energy.

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EVENTS 2007

AMCHAM CHRISTMAS PARTY

December 11 • Hilton Hotel

American Chamber of Commerce winded up the year with aChristmas party where guests and friends of the Chamber fromthe business and political elite enjoyed Hilton Hotel hospitali-ty and the performance of the choir Georgi Robev that creat-ed a special Christmas atmosphere. George Marholev, DirtyPurchase, Sunrise, Amalia and Emo of Ahead added to the spe-cial party with lots of mood, joy and dancing provocations.AmCham greatly appreciates the kind support of Domaine Boyarand Johnnie Walker.

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AMCHAM COMMITTEES

AmCham Committees

PUBLIC AFFAIRS COMMITTEEChair: Kenneth M. Lefkowitz, NECA

Vice Chairs: Evgenia Stoichkova, The Coca-Cola Company Bulgaria Chris Thompson, Consultant

Mission: To develop and implement Chamber’s lobbying strategy for AmCham initiativesto further improve the business environment in Bulgaria, to work out posi-tion papers and statements on legislative initiatives and present them to theGovernment; to manage relations with Chamber’s stakeholders, includingGovernment and other state institutions.

Main Achievements: US-Bulgaria Double Tax TreatyLobby for signing of the treaty and ratification by the Bulgarian Parliamentand the U.S. Senate.

Work permits/visasLobby for legislative improvements and better coordination between theinstitutions on the work permits and visa procedures. Meetings were heldwith representatives of the Migration Directorate, Ministry of Interior andthe Ministry of Foreign Affairs. Draft an MOU to formalize the relationshipbetween AmCham and the Migration Directorate.

Obligations and Contracts ActA successful legislative initiative of AmCham to revoke the 10-years restriction in lease contracts between businesses.

Commercial Register ReformSupport for the reform of the commercial register.

Environmental Policy-makingInitiative for a Consultative Council between the Ministry ofEnvironment and businesses to improve the Government –business dialogue.Comments on the annual report of the Ministry ofEnvironment and Waters on the implementation of the AarhusConvention.Support to the U.S. Environmental Trade mission in October2007.

Advocacy/ WhistleblowingSupport on the cases of Solae, DuPont de NemoursInternational, and Dundee Precious Metals.

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AmCham Committees

EU AFFAIRS COMMITTEE

Chair: Olga Borissova, PhD, Ellief Center AUBG

Mission: To contribute to the successful integration of Bulgaria to the European Union,to promote Euro-Atlantic cooperation by becoming an active discussion forum,a source of reliable and practical information and an active contact point forAmCham members on all issues related to the European Union.

Main Achievements: Monthly workshops on EU topics:February 7th, 2007 Commercial Opportunities for U.S. Companies in Bulgaria after the EUAccessionSpeaker: Olga Borissova, PhD, Elieff Center AUBG

March 15th, 2007Prevention and Detection of Fraud in the CompanySpeakers: Ms. Silvena Toteva, Advisory Services South-East Europe, Mr. Emil Vassilev, Assurance Services, PricewaterhouseCoopers

April 26th, 2007Lobbying the EU: a New Venue for BulgarianCorporate Interests?Speaker: Prof. Jean Crombois, American University inBulgaria

September 27th, 2007Public / Private Partnership:Just a Political Fashion or Advanced Technology toReform Bulgarian Public Services & UtilitiesSpeaker: Mr. Nikolay Minkov, Managing Partner inUconomics OOD

November 14th, 2007EU - India Relations: New Opportunities for BulgariaSpeaker: Dr. Malgorzata Bonikowska, President, India EU Council

Business Guide on EU Post-Accession InstrumentsThe publication "Business Guide on EU Post-Accession Instruments -Commercial Opportunities for US companies" provides useful and practicalinformation about EU Structural Funds and EU programs available to thebusinesses and contains a database of key contacts in Sofia and in Brusselsregarding access to the EU financing instruments.

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AmCham Committees

CORPORATE SOCIALRESPONSIBILITY COMMITTEE

Co-Chairs: Elitza Barakova, Bulgarian Charities Aid FoundationDavid Hampson, Grenville Bulgaria

Mission: To encourage and facilitate responsible business practices among AmCham mem-bers and to support them to improve the quality and effectiveness of their CSRprogrammes and actions.

Main Achievements: Independence Day Party and Thanksgiving Community Dinner fundraising beneficiaries:

• Association “Future for Kids with Disabilities”,Kazanluk - The association is a support group for par-ents, experts and friends of 130 children with disabili-ties. The Association has started a partnership with ahorse-riding school in Maglizh where the kids have theirspecialized hypotherapy sessions.

• Home for Elderly People, Durvenitsa District, Sofia -the biggest home for elderly people in Bulgaria provid-ing care for 415 people.

• Forest planting campaign of Community Foundation“Stara Zagora” - in July and August 2007 51,000decares of woods were burnt down in the region ofStara Zagora.

Participation in the initiative “Manager for a Day”

AmCham ScholarshipsAs part of its CSR AmCham gives two scholarships tothe American University in Bulgaria and the AmericanCollege of Sofia.

Harvard Bulgarian Club Project SupportAmCham supported Harvard Bulgarian Club initiative called STEP Bulgaria, a volunteer project for students from Harvard University, Sofia University,American University in Bulgaria, American College of Sofia and the FirstEnglish Language School who volunteered during six weeks in the summer toteach English, computer literacy and useful life skills to 36 underprivilegedteenagers from 5 orphanages from different cities across the country.

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AmCham Committees

TOASTMASTERS CLUB

Chair: Hristo Chernev, BTC Mobile

Mission: Bringing people together from varied backgrounds with the desire of enhanc-ing their public speaking, leadership, and communication skills in an encourag-ing environment.

Background: The AmCham Toastmasters Club was established in 1999. Currently, the club hasover 30 registered members from various professions coming from multination-al corporations, non-governmental organizations, diplomatic missions, universi-ties, and local enterprises. Member of Toasmasters International.

Meetings The AmCham Toastmasters Club organizes regular meetings every second andforth Wednesday of the month. The club is open for everyone willing to improveand develop leadership and communicational skills in a welcoming and stimu-lating environment. The speeches which were given during the 23 meetings in2007 covered subjects like travel, management, economics, cinema, sports, etc.

Guest Speakers in 2007

January 10th 2007, Mr. Fauzi Bustami, Embassy of Indonesia inBulgaria – “Indonesia: Unity and Diversity”.

April 25th 2007, Ms. Diana Osinski, Bearing Point – “The Myers-Briggs Type Indicator and the Art of Presentation”.

Toastmasters Club Speech Contest 2007

The Toastmasters Club Speech Contest was held on May 9th. Thetask for the participants was to deliver an entertaining speech. Ina strong competition Krasimir Dimitrov from 3M won the heartsand minds of the audience with his speech “Kids – what we canlearn from them” – a very personal and humoristic story aboutthe valuable qualities we lose when we grow up and how we canregain them by learning from our children.

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International Activities

INTERNATIONALACTIVITIES

As a member of the US Chamber of Commerce, AmChamBulgaria is actively engaged in strengthening the EU-US eco-nomic partnership and particularly in finding new opportunitiesfor the Bulgarian businesses. Here is a snapshot of AmChaminternational activities in 2007:

• The U.S. Mission to EU training course “The New EU 2” –AmCham participated jointly with the U.S. CommercialService in Sofia

• ECACC/AmCham EU “Brussels Briefing Series”

• Bulgaria Innovation Day in Brussels – AmCham was part ofthe Bulgarian Government delegation headed by the PrimeMinister Sergei Stanishev

• ECACC annual meeting in Washington D.C

• Ambassadors/AmCham Roadshow in U.S.

The management of AmChams in Central and Eastern Europehad also a regional review meeting in August 2007, held inEger, Hungary. The chambers’ strategic planning, policy advoca-cy, public relations, publications, events, membership andfinance structure were discussed by the executive and staff rep-resentatives of the AmChams in Slovenia, Bulgaria, Slovakia,Poland, Hungary, Romania and Ukraine. The attendees sharedbest practices from their experience and received training ofspecial skills in negotiation and resolving conflicts.

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LOBBYING

In 2007 AmCham lobbied on behalf of its membership legitimate inter-ests on a number of issues:

US-Bulgaria Double Tax Treaty

A Treaty for Avoidance of Double Taxation between the United States andBulgaria (TADT) was signed in Washington D.C. on February 23, 2007, bythe Minister of Finance of Bulgaria Plamen Oresharski and the DeputySecretary of the U.S. Department of Treasury, Robert M. Kimmitt. Thetwo sides are now negotiating language for an additional protocol thatwill accompany the treaty. Once this has been agreed, the Treaty andprotocol must undergo formal ratification procedures in both the U.S.Senate and the Parliament of Bulgaria. Once ratified, they will takeeffect on January 1 of the following year.

Obligations and Contracts Act

A successful initiative of the Real Estate Committee provoked a legisla-tive change in the Obligations and Contracts Act. The 10-years restric-tion of lease contracts between businesses is now revoked.

Work permits/visas

The Public Affairs Committee lobbied for legislative improvements of thework permits and visa procedures. Meetings were held with representa-tives of the Migration Directorate, Ministry of Interior and the Ministryof Foreign Affairs.

Commercial Register Reform

AmCham actively supported the initiative of CLRP of the reform of thecommercial register.

Patent Act

The Healthcare Committee issued position papers on the amendmentsof the Patent Act and IPR violations of pharmaceutical products.

Temporary Employment Contracts

In September 2007, AmCham, CEIBG and BBLF addressed a letter to thePrime Minister concerning the practice of the tax administration to thecompanies’ expenses for temporary employees hired from HumanResource Agencies.

Environmental Policy-making

The Public Affairs Committee started an initiative for creation ofEnvironmental Consultative Council aimed to improve the government –business dialogue. Comments on the annual report of the Ministry ofEnvironment and Waters on the implementation of the AarhusConvention.

Advocacy/ Whistleblowing

Support on the cases of Solae, DuPont de Nemours International, andDundee Precious Metals.

AMCHAM

LOBBYING

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LOBBYING

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LOBBYING

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LOBBYING

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AMCHAM BULGARIA:

OUR SPEAKERS

Our speakers

James Rigassio, SeniorCommercial Officer, USEmbassy in Bulgaria

H.E. John Beyrle, USAmbassador to Bulgaria

H.E. Michael Geier, Ambassadorof the Federal Republic ofGermany to Bulgaria

Michael Humphreys, Head ofRepresentation of the EuropeanCommission in Bulgaria

Mark Lummer, U.S. ArmySMDC Contracting Executive

Bruno Wengrovski, USDefense AcquisitionUniversity

Gergana Grancharova,Minister of EU Affairs

Roumen Petkov, Minister ofInterior of Bulgaria

Roumen Ovcharov, Chairman of Parliamentary BudgetCommission and FormerMinister of Economy and Energy

Monika Schoeller,Supervisory Contract Officer,Defense Logistics Agency

Plamen Oresharski, Ministerof Finance

H.E. Elena Poptodorova –Bulgarian Ambassador to theUnited States of America

Wilhelm Kraus, Former President,German-Bulgarian Chamber ofIndustry and Commerce

David Lewis, US DefenseAcquisition University

Ivailo Kalfin, Deputy PrimeMinister and Minister ofForeign Affairs

Assen Gagauzov, Minister ofPublic Works and RegionalDevelopment

Petko Nikolov, Chairman,Commission for Protection ofCompetition

LTC Sean Scott, US ArmyAttache, U.S. Embassy

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Dimitar Dimitrov, DeputyMinister of Labor and SocialAffairs

Peter Simon, Regional Directorfor Romania, Bulgaria andMoldova, Country ManagerABB Bulgaria

Fernando Ponz Canto, FirstSecretary, Representation of theEuropean Commission to Bulgaria

H.E. Mario Jesus Dos Santos,Ambassador of Portugal

MAJ William Cundy, US ArmyContracting Officer, 409-thContracting Support Brigade

Boyko Dimitrachkov, DeputyCEO and Head of Business andWholesale Markets, BulgarianTelecommunications Company

Plamen Mitev, General Manager,Balkan Star Automotive Ltd.

Roumen Nenkov, DeputyChairman, Supreme Cassation Court

Ms. Maria Cappon, Memberof the National Assembly

Stefan Ivanov, Citi CountryOfficer

Stoyan Neshev, Former CEO,Siemens Bulgaria

Ognjan Donev, Vice President,German-Bulgarian Chamberof Industry and Commerce,Sopharma AD

Bridget Czarnota, Former Headof the Bulgaria Unit of theEnlargement Directorate General of the EC

Dimitar Ivanovksi, DeputyMinister of Finance

Dimo Nikolov, ManagingDirector, Moto-Pfohe EOOD

Eric Luftman, Deputy Director,Office of European andRegional Affairs, USDepartment of State

Our speakers

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PUBLICATIONS

AMCHAM BULGARIAPUBLICATIONSIN 2007

AmCham has several publications enhancing the communicationflow within the membership.

AMCHAM BULGARIA MAGAZINE

The official publication of the American Chamber is a primary forumfor political and economic analyses, highlighting of business oppor-tunities and AmCham-related news. Every month 2,500 copiesreach AmCham members, leading Bulgaria companies, business cen-ters, international hotel chains, the U.S. Embassy and the otherdiplomatic missions as well as the AmCham international network.

AMCHAM BROCHURES

“Bulgaria: New EU Member, New Opportunities for U.S.Businesses”. The brochure was presented during the AmCham-Ambassadors Roadshow in U.S.. It was supported by the USCommercial Service and covered the U.S. business in Bulgaria, theU.S.-Bulgaria trade and investment highlights as well as marketoverview of the leading sectors.

“Business Guide on EU Post-Accession Instruments -Commercial Opportunities for US companies". It is a jointpublication of AmCham, U.S. Commercial Service and AUBG. Theguide provides useful and practical information about EUStructural Funds and programs available to the businesses afterthe EU accession of Bulgaria and contains an invaluable data-base of key contacts in Sofia and in Brussels regarding access tothe EU financing instruments.

“United States Contracting Procedures: a Guide forBulgarian Businesses”. The brochure provides basic informationon the procurement procedures and business opportunities relat-ed to the US-Bulgaria Joint Training Facilities. The guide isdesigned to serve Bulgarian companies interested in the eco-nomic aspects of the operations of the US Army in the region,Middle East and Europe. The publication is supported by the U.S.Commercial Service.

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AMCHAM BULGARIA YEARBOOK

The AmCham Yearbook is one of the most up-to-date andsophisticated business guides to Bulgaria. It is a valuable refer-ence guide for both current members and potential memberswith an active interest in the Bulgarian market.

AMCHAM DAILY NEWS

Every morning AmCham members receive a summary of the localnews highlighting recent developments in the world of business,politics and international relations.

AMCHAM BULGARIA WEBSITE

On www.amcham.bg you can find detailed information aboutthe American Chamber of Commerce – activities, list of mem-bers, upcoming events and announcements, reports, Chamber’scommittees, media coverage and archive of past events.

AMCHAM BULGARIA ANNUAL REPORT

AmCham annual report is an assessment of the Chamber’sactivities, lobbying, regional cooperation, finances and publica-tions.

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AMCHAM BULGARIA

IN THE PRESSIN 2007

AMCHAM In the Press

In 2007, the events, activities and ini-tiatives of AmCham received regularand wide-scale coverage in theBulgarian printed and electronic media.The AmCham monitoring of press clip-ping showed 108 coverages /citings inthe print and Internet media. Therewere 67 quotings in the TV and elec-tronic media.

Media reports appeared in:

TV channels: BNT, bTV, Nova TV, BBT,Evropa, Evrokom, TV 7, Economica TV

Radio channels&Internet media:Horizont, Darik Radio; Info Radio,Stara Zagora radio, BGNES,Novinite.com, See News, Actualno.bg,Econ.bg, Insurance.bg, Dir.bg

Press and electronic media: DnevnikDaily, Capital Weekly, Klasa, PARIDaily, Sega Daily, Mediapool, 24Chasa, Novinar Daily, Stroitelstvo IGradat, Standard Daily, Sof ia Echo,Telegraph, Express, Nacionalna businessposhta (Stara Zagora).

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AMCHAM IN the Press

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FINANCIAL REPORT

FINANCIALREPORT 2007BUDGET 2008

COMPARATIVE ANALYSIS BUDGET 2007–2008

Total Budget Total Actual Total Budget2007 Expected 2007 2008

INCOME

Mem. Fees Current members 420 000 424 000 484 000

Mem. Fees - New members 32 400 54 000 32 400

Events 280 000 207 000 280 000

AmCham Publications 120 800 126 000 124 000

Other 4 200 26 000 6 000

TOTAL BGN: 857 400 837 000 926 400

EXPENSES

Events 260 000 168 000 210 000

AmCham Publications 120 000 126 000 124 000

Salaries and Bonuses 255 000 254 000 305 000

Other administrative costs 215 000 210 000 250 000

TOTAL BGN: 850 000 758 000 889 000

SURPLUS (DEFICIT) 7 400 79 000 37 400

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Audit Report for 2006

Note: The following pages present excerpts from the Annual Financial Statements of the Chamber. The full

Annual Management Report and Financial Statements as of 31 December 2006 are available at the offices

of AmCham for the members.

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Audit Report for 2006

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Audit Report for 2006

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Audit Report for 2006

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Audit Report for 2006

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