Dear Clients/Investors,

EuEurolink Investment Group was founded in Varna in 1994, at a time when Bulgaria was considered a very hostile and treacherous investment market. Over the last fifteen years our Group has experienced the transition of the country from being sunk in post-communist chaos to enjoying unprecedented development and achieving EU membership in 2007. We, at Eurolink Investment Group, have worked hard to bring about the changes that have sparkedsparked this development. We now feel gratified that the strong belief we have always had in the prospects of Bulgaria and its people has been justified by the country’s impressive growth figures.

Our vision and belief in the prospects of the Bulgarian market gave us the confidence to establish and successfully develop our business. This experience, built over the years, makes us a leading local investment specialist. Our business ethics and professional approach focus on assessing our clients’ investment needs and giving them advice that is right for them. We focus on providing facts and evidence and allow each person to make a free and educated decision. educated decision.

When you visit us and have a chance to be shown around the areas which our Group has invested in, it will become very clear that we have a long-term vision. This vision involves the development of a brand new town. Our clear vision for the development of New Varna gives tremendous prospects to our investments and the community we belong to. To this end, we have strong support from the local authorities of Varna, whom we consider our allies and partners in this immense undertaking. partners in this immense undertaking.

Thanks to our tested experience and proven track-record, Eurolink Investment Group looks into the future with confidence. The trust expressed by our many satisfied investors and business associates, as well as the safety an equity of over €260 mn guarantees, give us strong foundations for further growth and development. You are cordially invited to join us for a viewing trip in the area and take a chance to discuss and exchange ideas about how we can help you invest safely and secuhow we can help you invest safely and securely.

Christopher ViolarisChairman and C.E.O.

Message from the Chairman

page 3

Eurolink Investment Group specializes in land investment and development. It provides professional consultancy services to institutional and private investors. The major shareholder and CEO of the Group is Dr. Christopher Violaris. He is also the president of the Chamber of Foreign Investors in Bulgaria. The Group’s main offices are based in Varna (Bulgaria). There are representative offices in Cyprus (Nicosia) and the United Kingdom (London). EuEurolink Investment Group has partnerships with companies in Russia (Moscow and St. Petersburg) and South Africa (Johannesburg).

Our vision and strong faith in the potential of the Bulgarian market have led to the continuous and successful expansion of the Group. The expertise acquired over the years has facilitated the establishment of Eurolink Investment Group as a leading player in the investment field of Varna and Bulgaria. Its financial performance has been astonishing. Since 2004 the Group’s average rate of return on investment has been 68% per annum.

Eurolink Investment Group consists of:

1. BUY & SELL BULGARIA LTD – deals with buying and selling land and properties for the Group’s clients.

2.2.EUROLINK INVESTMENT LTD – deals with acquisition of land and properties for the Group itself, as well as for a selected group of clients. Furthermore it conducts market research for companies operating in Bulgaria or foreign companies interested in penetrating into the Bulgarian market.

3.3.EUROLINK BUILD LTD – the Group’s construction arm, fully equipped and licensed to build housing, commercial and industrial complexes.

4. EUROLINK FINANCE LTD – deals with the financial operations and obligations on the Group’s investment projects and the implementation of its strategy.

5.5.MANPOWER (BULGARIA) LTD – specializes in providing technical support and a wide range of machinery for the needs of the Group.

Corporate Profile

page 5

Eurolink Investment Group offers land that is undisputedly a first class product and follows a disciplined and well-structured strategy. These two attributes form a solid platform from which the Group is expected to continue its successful progress.

While investing in the design of a new city, the Group’s main goal is to raise Varna’s standard of living. To this effect, the Eurolink Investment Group is extremely cautious when it comes to forming alliances. So far, the Group has cooperated with corporate clients of international standing, such as: Royal Van Ommeren N.V - Holland, British Petroleum Plc - England, Barclays Bank Plc - England, Intergolf Inc. - USA/Ireland, PK Capital Investments - Russia, and “Erasmus” Multilingual Schools - Switzerland. Russia, and “Erasmus” Multilingual Schools - Switzerland.

Aphrodite Hills Golf Course grounds

At present Eurolink Investment Group is the owner of more than 13.5 million square meters of prime land that borders the Sea Lake of Varna and is within the city boundaries. In December 2008, the value of this land was estimated at more than 260 million, based on the average price of land transactions declared at the Varna Land Registry in 2008. According to national and international land and property specialists and publications, such as the Knight Frank Report,Report, Hot Property Magazine and the Bulgarian Real Estate Agents Association, this land is classified as one of the prime locations in Bulgaria.

The land owned by the Group has already been included in the official new Town Plan for the Development and Expansion of Varna. New Varna will be built on the south side of the Sea Lake, in the areas of Konstantinovo, Galata, and Zvezditsa. Eurolink Investment Group owns 75% of the land between Konstantinovo and Zvezditsa, as well as the land around Konstantinovo and the town of Beloslav.

page 7

1. Eurolink Investment Group was introduced to the Bulgarian market in 1994 as a specialized consulting unit focused on the privatization of state-owned enterprises. By 1995 the Group had successfully guided its clients through the privatization of 18 state factories.

2.2. In 1994 Eurolink Investment Group entered a joint venture with Dutch investors in the textile and footwear industry. By 1996 the Group jointly owned 32 factories with a personnel consisting of 40 managers and 1000 employees. The total units produced per month reached 500,000.

3.3. In 1996 Eurolink Investment Group sold its share in the textile and footwear business. Consequently, Eurolink Investment Ltd was set up with the aim to find new investment opportunities in Bulgaria. Varna’s real estate industry was identified as a key business sector, offering lucrative investment opportunities.

4. In 1996 Eurolink Investment Group incorporated Buy & Sell Bulgaria Ltd. The Group was a pioneer in acquiring prime land in top locations around Varna. The company could see that the land had the potential of accommodating the city plans for expansion.

5. In 2006 the Group registered its third division Eurolink Finance Ltd. It offers a wide range of financial services that are tailor-made to the needs of the company’s clientele.

6.6. Eurolink Investment Group is the major owner of the land on which New Varna will be built. Its development is expected to take between 10 and 15 years. Since January 2009 proceedings on the infrastructure of the area have already commenced.

History

page 9

Our vision is to create a brand new city, New Varna, which will become a preferred place for living, raising children and retiring. We aim to create a modern and environmentally friendly city, which will offer high standards and quality of living to its inhabitants.

Our mission is to achieve an optimal financial return for our clients through responsible business practices, to offer professional development for our employees and to contribute to the improvement of the standard of living of the communities we belong to.

The Group’s activities, future plans and objectives are based on three very profound principles:

1. Perfect and in-depth knowledge of the market, the business environment, the Bulgarian laws and regulations, the future plans and ambitions of the state and, above all, the mentality, culture and potential of the Bulgarian people.

2.2. Understanding our client’s aspirations and goals, and offering the highest possible standard of professional services to cover the wide spectrum of Investment, Property Development, Project & Property Management, Investment Financing, Mortgages, Banking and Legal Services, Construction and Architecture.

3.3. The Group’s investment strategy reaches beyond the realization of its business goals. Eurolink Investment Group enjoys a close relationship with the local authorities of Varna, with the aim to secure a thriving and sustainable standard of living in the area. The Group has already made a considerable investment in the development of the city’s infrastructure and cultural character. This strategy of local involvement has been an essential part of our successsuccess and ability to effectively manage Eurolink Investment Group’s investments.

PrinciplesVision

Mission

page 11

The foundation of our business is people. We believe in building relationships with our clients based on trust and unwavering commitment to excellence. Our focus is the complete satisfaction of every client. We use a team centered approach to manage every aspect of the business.

OurOur Human Resources Policy is to recruit the best qualified individuals who thrive on the excitement of collaboration and the discovery of new opportunities. Our ongoing training and development programs ensure that learning and skills are constantly renewed and refreshed to meet the modern work practices expected from our clients and associates.

Our Group’s dynamic workforce consists of 40 highly motivated professionals specialized in: • Land Investment and Development;• Investment Financing;• Investment Management;• Mutual Funds;• Accounting and Legal services; and• Accounting and Legal services; and• Market Research.

Our aim is to build a thriving business model based on intellectual capital and close business relationships with our clients and business associates. Our people have been an integral part of our success story so far and they are the foundation of our future growth.

Our Team

page 13

Investment Performance facts for Bulgaria

• Foreign direct investment at 18,1% of GDP (EUR 6,5 bn in 2008)

• Knight Frank Global Index stated that Bulgaria was the 2nd most popular EU destination in terms of Capital Growth, at 13.1% in the first quarter of 2008.

•• Land and Property represent 40% of FDI at an estimated investment of €5 bn in 2007. For 2008, Land and Property represent 47% of FDI at an estimated investment of €7.9 bn.

• EU funds for the development of the Bulgarian infrastructure total €6.5 bn. The project maturity period is estimated to be in 2014.

•• Since December 1, 2009 the credit grade rating of Bulgaria has been raised from BB negative to BB stable by "Standard & Poor's". The Credit Rating Agency expects Bulgaria to close 2009 and 2010 with the lowest deficit of all EU state-members thanks to its conservative fiscal policy.

Bulgaria Fact Sheet

page 13

• The political situation in Bulgaria (a NATO member state since 2004) is the most stable and predictable in the Balkans.

• Bulgaria is a party to 52 international agreements for the protection and stimulation of investments on a reciprocal basis, and to 55 agreements for avoidance of double taxation.

•• As an EU member since 2007, Bulgaria’s legal framework is fully compliant with EU standards. In addition International Accounting Standards have been universally adopted in Bulgaria.

• There is no tax on capital or on interest. Capital Gains Tax stands at 10% net. In a number of cases, it is even 0%, if the gains derive from the sale of assets donated by or inherited from parents.

•• Corporate tax is 10% and it goes down to 0% in regions of high unemployment. Taxation on company dividends is 5% and there is no additional taxation on repatriation of the dividends to any EU member state.

• There is a liberal regime governing capital repatriation after taxes. For further information please contact our Legal and Taxation Department.

• Legal Entities fully owned by foreigners, registered in Bulgaria, can buy and hold land and farm land. Non-Bulgarian individuals can buy land indirectly by setting up a Bulgarian company, in which they may own up to 100% of the equity. From 2012, EU citizens will be able to buy land directly.

•• Strategic Investments exceeding €5 mn enjoy a number of tax and charge exemptions for land and property transactions. In all other respects foreign investors are treated equally to Bulgarians. When international agreements, to which Bulgaria is party, offer better treatment than the national legislation the former have precedence. The law also offers protection against nationalisation.

•• The Liabilities and Contracts Act allows creditors to collect their receivables, as well as compensation for non-payment of liabilities. • The Civil Procedure Code allows disputes to be taken to foreign courts, in case one of the parties is a resident of the foreign country.

•• Besides the economic crisis and its negative international impact, the Bulgarian economy is holding with great potentials for recovery.

Business and Legal Environment

page 17

Varna is the largest city and seaside resort on the Bulgarian Black Sea Coast. It is the second-largest metropolis in Bulgaria, after Sofia, and the 80th largest in the European Union. Since 2001 its population has tripled and at the end of 2008 has reached 970,000, according to the recent statistics announced by the Mayor of Varna, Kiril Yordanov. Since 2001 investments in Varna have exceeded €3.5 bn, while unemployment is now well below 3%.3%.

Commonly referred to as the seaside (or summer) capital of Bulgaria, Varna is a major tourist destination, a university centre and headquarters of the Bulgarian Navy and merchant marine. It is the second most important economic centre of Bulgaria after Sofia. It is also the country's foremost trade link with Russia and one of the major hubs for the Black Sea region.

The local economy is service-based, with 61% of net revenue generated in trade and tourism, 16% in manufacturing, 14% in transportation and communications and 6% in construction.

The city is the easternmost destination of Pan-European transport corridor 8. Major industries in Varna are transportation, distribution, shipbuilding, ship repair and other marine industries.

In June 2007, Eni and Gazprom unveiled the South Stream project, whereby a 900-km-long offshore natural gas pipeline from Russia's Dzhubga with an annual capacity of 31 cubic kilometers is planned to come ashore at Varna, en route to Italy and Austria.

TTourism is of foremost importance, with the suburban beachfront resorts of Golden Sands, Holiday Club Riviera, Sunny Day, Albena and others. The resorts have a total capacity of over 120,000 beds (2007). They attract millions of visitors each year (€6.75 mn in 2007). Varna is also Bulgaria's unique international cruise destination (over 60 cruise ships visited the city in 2008) and a major international convention and spa centre.

InIn September 2004, FDI Magazine (a Financial Times publication) proclaimed Varna to be the ‘South-eastern European City of the Future’, citing its strategic location, fast-growing economy, rich cultural heritage and higher education. In April 2007, rating agency Standard & Poor's announced that it had raised its long-term issue credit rating for Varna to BB+ from BB, declaring the city’s outlook "stable" and praising its “improved operating performance”. In April 2008,2008, Knight Frank placed Bulgaria at the top of the Global House Price Index, ahead of previous leader Latvia.

Varna Overview

page 19

• Foreign Direct Investment in Varna was estimated at €1.5 bn for 2007 and is expected to have reached €2.7 bn in 2008.

•• Fraport Group from Germany has entered a 35-year concession agreement for €400 mn to upgrade the terminals of Burgas and Varna international Airports. In addition, there are direct flights from the UK, Ukraine, Hungary and Austria to Varna. In the summertime there are scheduled flights to Varna Airport from 80 European cities.

•• EON, a German energy Group, has acquired 2 electricity distributors and their headquarters are currently located in Varna’s new Business Park.

• The Bulgarian Shipping Consortium, Navibulgar, was sold to KG Maritime, a German company, for €225 mn.

•• The headquarters of Piccadilly supermarkets are located in Varna. Piccadilly was acquired by Maxi-Delta, the largest business group in Serbia, for €100 mn.

• By 2010, four new multi-floor shopping malls will be built in Varna. They will be operated by large foreign consortia.

• According to the new Town Plan of Varna, a project approved for the widening and deepening of the Canal linking the Commercial Port with a lake to the West of Varna will be financed by a Japanese Bank, at a total of €400 mn.

•• The same Town Plan provides for the conversion of the existing Varna Port facilities into a marina, and the construction of four additional marinas, one of which will be built on land owned by Eurolink Investment Group.

• Well-developed communications network and information environment.

•• Well-developed network of financial and credit institutions for the support of small and medium-sized businesses.

• One of the main priorities of Varna Municipality is the creation of a favorable business environment for the attraction of investments, which will contribute to an even more impressive improvement in the employment opportunities in the region.

•• The public-private partnership between the Municipality and the private companies is another priority, through transformation of vacant land, warehouses and other commercial property for the development of alternative businesses under preferential conditions.

•• Business professionals have been employed by the Municipality. Their role is to support Invest Bulgaria Agency in their efforts to help first and second class certified investors. Thus investors will be offered a personalized administrative service, whenever they need support from the local administration, including the preparation and provision of any documents related to the investment.

•• City regulation and infrastructure conditions allow the creation of a customs-free zone.

• Active international co-operation and participation in EU infrastructure projects.

Varna Municipality Support for Foreign Investment

FDI Case Studies for Varna

page 21

Eurolink Investment Group specializes in the acquisition and development of land. At present, it owns more than 13.5 million square meters of land, which is in the process of the Land Development Cycle. The Cycle consists of five steps:

• Acquisition of land;

• Registration of the land in the Master Plan for the city’s expansion;

•• Development of the infrastructure for transforming a big amount of agricultural land into modern housing complexes and building plots;

• Final Product – Building Plans, Permissions and Property Development; and

• Design and construction of facilities, destined to improve the quality of life, health and entertainment of the inhabitants.

Eurolink Investment Group can offer a variety of plots in prime locations. These include seaside plots ranging from 10 to 500 acres and located only 10 minutes from the centre of Varna, plots within the city boundaries with panoramic sea views, countryside plots with golf course views, residential plots in exclusive areas, homes for people who choose serenity when they retire, commercial plots for various business activities and agricultural plots.plots.

Our philosophy is to work closely with our clients and partners to promote the creation of unique complexes and implement a plan dedicated to human beings and their right to enjoy life in a warm, peaceful and natural environment.

A detailed, modern, professional, environmentally friendly, sustainable and eco-friendly city Master Plan will be prepared for Eurolink Investment Group’s land. The Master Plan will be based on the new Varna Town Plan approved by the Municipal Council of Varna. On this plan Eurolink Investment Group’s land will be separated into three different categories:

• Land ready for development;

•• Land under study and planning; and

• Land reserved for future expansion needs.

Land Development Projects

page 23

Land Ready for Development consists of projects like Marina Gardens, Marina Hills, Marina Bay, Golf Hills, Eagle’s Nest, Aphrodite Hills Golf Course, Aphrodite Meadows, Springfields, Artemis Groves, Lakeside Views and the Royal Oakwood Golf Course. The plots have been designed among others to provide:

• 2 golf courses of professional standard;

•• Luxury villas in exclusive residential plots, ranging from 700 to 10,000 square meters of land;

• A private marina accommodating approximately 650 luxury yachts (Marina Bay);

• Unique natural beauty, forests and green areas, purely for private use all year round;

• Private roads, infrastructure and amenities; and

•• Commercial amenities, restaurants, bars, supermarkets, shops.

Marina Gardens

Land Ready for Development

page 25

Land under Study and Planning includes plots in the areas of Old Vines, Marina Village, Golf Side, Lakeside Views, Politeia, Elenitsa Village, The New Village and the Forest Side. These plots are currently under study in terms of the following envisaged projects:

• Residential plots that are able to accommodate approximately 40,000 residents;

• Commercial plots for light industrial premises;

•• Natural areas to facilitate natural parks and green areas;

• Design and implementation of an infrastructure to facilitate private roads, pavements, electricity, water, gas and telecommunication services; and

•• Elenitsa Village – a village that is designed in the spirit of the traditional Bulgarian architecture and will offer entertainment, relaxation and cultural events throughout the year. Facilities are also under study for the accommodation of workshops where visitors will get acquainted with traditional crafts and trades.

Old Vines

Land under Study and Planning

page 27

Land Reserved for future expansion needs includes plots in the areas of Panorama, Acropolis, and the Ranch. Eurolink Investment Group will decide on their use and a relevant analysis of the development characteristics of the regions will take place at a future stage.

TheThe Master Plan for the region rests on hard work and an approach that will lead to the development of a modern city - self-supporting and self-sufficient. The purpose is to create a unique area including features for the generations to come. The optimal timescale for this plan to be completed is estimated to take 10 to 15 years.

Acropolis

Land Reserved for Future Expansion Needs

The Master Plan

page 29

The Group’s primary goal is to create unique, self-sufficient residential communities, as well as exclusive projects in the ‘leisure and lifestyle’ sector.

Our projects and services are not geared to investors who view Varna as a purely tourist destination. Instead, our target markets consist of:

•• Institutional investors in the fields of land development, real estate development, commercial property and finance (including Investment Funds);

• Private investors, who wish to:

o have a permanent residence in Bulgaria, including expatriates and retirees; o place their funds in a secure and guaranteed-return product on a medium to long-term period; o make an investment that offers an opportunity for excellent returns; and

• Mature investors, who share our vision and wish to participate in and capitalize on our strategy.

Market research

Eurolink Investment Group offers a complete range of Market Research services, which include market intelligence, competition analysis, market share, and property market analysis.

Financial services

InIn 2006 the launch of Eurolink Finance Ltd took place in an effort to provide reliable financial services to the Group’s investors.

Financial services offered by Eurolink Finance Ltd include:• Investment Financing;• Investment Management;• Investment Funds;• Mutual Funds; and•• Mortgages.

Legal services

BesidesBesides legal consultation and advice, Eurolink Investment Group offers company registrations, litigation, court representation, land regulation and any other legal service required by our clients. Our Legal Department employs the services of six English-speaking lawyers and legal advisors for the benefit and convenience of our clients.

Accounting & taxation

AccountingAccounting and auditing services, as well as tax consultation services, are available. We can address all requirements relating to company accounting, taxation, tax exemptions and property tax. We usually offer our services on the basis of a yearly contract but individual consultation on a case-by-case basis can be also considered in special circumstances.

ServicesProject Approach & Investor Profile

page 31

Eurolink Investment Group has been actively involved in the community of Varna, not only by creating new career opportunities but also by trying to increase and improve the quality of life of its citizens.

The Group’s charity initiatives include:

•• “Choose Life”, a huge campaign aiming to motivate the young generation to be involved in sports and dance activities, music, arts and education, and stay away from addictions and crime;

• Charity fairs and charity art auctions, being a successful attempt to raise money for the less fortunate;

•• Financing the convention of the international students organization AIESEC (Association Internationale des Etudiants en Sciences Economiques et Commerciales), International Lead the Leaders Conference 2008, Varna;

• Granting scholarships to students and disadvantaged kids in Varna;

• Donation of money to the Poor People’s Home, which provides food for hundreds of homeless people every day; and

• Sponsorship of six young football teams in Varna, some of which include very promising football players.

• Financing the repair of a church in Konstantinovo;

•• Retirement Homes Bulgaria, a project of Eurolink Investment Group aiming at offering the best possible advice and assistance for relocation after retirement. Its main purpose is to champion quality of life for all seniors by offering high standards and quality of living in a modern and environmentally friendly brand new city quarter - New Varna.

DDr. Christopher Violaris, the Managing Director of Eurolink Investment Group, was nominated and awarded the “For a good deed 2008” prize, presented by the Youth Activities and Sports Department of the Municipality of Varna. He has also been named officially to be awarded the title of ‘Honorary Doctor of Architecture’ at Varna Free University.

Community Contribution

page 33

So far the Group has associated with worldwide renown corporate clients such as:

• Intergolf Inc from the USA – an alliance has been formed with Eurolink Investment Group for the development of 2 golf courses: the Royal Oakwood and the Aphrodite Hills. The total investment is estimated at €20 mn.

•• Erasmus Multilingual Schools – is a famous international organization in the educational sector. Erasmus is based in Zurich, Switzerland and offers worldwide exceptional private education at all levels of schooling. Eurolink Investment Group is currently negotiating the sale of 30,000 square meters of land, in the heart of the new city, for the construction of a dynamic and multilingual 12form school of extremely high standards. Based on research thatthat has been carried out, the school will attract students from all over Bulgaria, Romania, Russia, and Greece.

• Barclays Bank of the UK – Eurolink Investment Group is the Bank’s consultant in Bulgaria, with a main focus on the banking and monetary sectors.

•• PK Capital Investments from St Petersburg, Russia – is a financial institution with a strong presence in the construction industry and finances residential complexes. The company is currently negotiating with Eurolink Investment Group for an alliance in the construction of the Albena Cliffs project, which will be built on the Group’s land, situated near the resort of Albena. The project’s end customers will be Russian investors.

•• British Petroleum (Bulgaria) Plc from the UK – Eurolink Investment Group was designated to carry out a feasibility study on the petroleum industry in Bulgaria in order to facilitate the penetration of British Petroleum into the market.

Business Associates

page 35

We kindly invite you to join us on a guided tour of Varna and to discuss and exchange ideas. Our Group can help you invest wisely and safely. Your satisfaction will be our success!

Bulgaria HeadquartersEurolink House - 19 Khan Omurtag str. 9000 Varna, Bulgariatel: +359 52699731fax: +359 52639001fax: +359 52639001info@eurolink-bulgaria.com

For more details about our company, Bulgaria and the real estate investment potential of Varna, please visit our web sites:

• www.eurolink-cyprus.com• www.buy-sell-bulgaria.com• www.eurolink-finance.com

Cyprus Office7 Nikokreontos Street, Archangelos 2332 Nicosia, Cyprustel: +357 22371512fax: +357 22370271office@eurolink-cyprus.com

UK Office120, Grosvenor Gardens House35-37 Grosvenor GardensLondon SW1W 0BStel: 0870 9746546london@eurolink-overseas.co.uk

Contact information