On February 10, 2009 the Board of Directors of ERG Capital – 3 ADSIP based on its authority under Art. 13, para. 3 of the By-laws of the Company made a decision for the issuance and private placement of a secured corporate bond with the following terms:

Face Value: minimum 6 (six) million Euro, maximum 7 (seven) million Euro

Maturity: 3 (three) years after the date of issuance

Coupon: 10 % (ten per cent) p.a.

Frequency of the coupon payments: 3 (three) months

Collateral: real estate owned by the Company, coverage 150%

Prepayment option: in full, at the date of each coupon payment following the second

Prepayment fee: 2% of the face value of the bond.

The Company will use the proceeds from the bond to refinance a bank loan and to fund operations.

The Company will take all necessary actions to list the bond for trading on the BSE-Sofia within 6 months after the issue date.