On March 12, 2009 ERG Capital – 3 ADSIP placed privately and issued a secured corporate bond under the following terms and conditions:

Face Value: 6,514,000 (six million five hundred and fourteen thousand) 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 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.

The deal manager was Astra Investment AD.