May 2015Investment Offering MemorandumA Hotel Investment Opportunity

Mariyan (Marty) DimitrovChairmanFISAB (Foreign Investment Support Agency in Bulgaria) PRIMEBELLS Ltd+359 886 656 157Marty@PrimeBells.com

APPOINTED INVESTMENT ADVISER

FISAB (Foreign Investment Support Agency in Bulgaria)PRIMEBELLS Ltd Registered in England and Wales | No: 08282238

Registered office:

W1H 4ADSentinel House16 Harcourt StreetMarylebone, London

www.PrimeBells.com

DISCLAIMER

FISAB (Foreign Investment Support Agency in Bulgaria) PRIMEBELLS Ltd (‘’PrimeBells’’) is the exclusive advisor forthe sale of the *****Grand Hotel SPA & Wellness Pomorie in town of Pomorie, Burgas Municipality, Bulgaria.

The Investment Offering Memorandum has been prepared by PrimeBells for use by a limited number of parties,and does not purport to provide a necessarily accurate summary of the Property or any of the documents relatedthereto, nor does it purport to be all inclusive or to contain all of the information which prospective investors mayneed or desire. All projections have been developed by Seller, PrimeBells and designated sources and are basedupon assumptions relating to the general economy, competition and other factors beyond the control of Seller andtherefore are subject to variation. No representation is made by Seller or PrimeBells as to the accuracy orcompleteness of the information contained herein and nothing contained herein is, or shall be relied on as, apromise or representation as the future performance of the Property. Although the information contained herein isbelieved to be correct, Seller and its employees disclaim any responsibility for inaccuracies and expect prospectivepurchasers to exercise independent due diligence in verifying all such information. Further, PrimeBells, Seller andits employees disclaim any and all liability for representations and warranties, expressed and implied, contained in,or for omission from, the Investment Offering Memorandum, or any other written or oral communicationtransmitted or made available to the recipient. The Investment Offering Memorandum does not constitute arepresentation of the business or affairs of the Property or Seller since the data and preparation of the InvestmentOffering Memorandum have remained the same. Analysis and verify action of the information contained in theInvestment Offering Memorandum is solely the responsibility of the prospective purchaser.

Seller and PrimeBells each expressly reserve the right, at their sole discretion, to reject any or all expressions ofinterest or offers regarding the Property and/or terminate discussion with any entity at any time with or withoutnotice. Seller shall have no legal commitment or obligations to any entity reviewing the Investment OfferingMemorandum, or making an offer to purchase the Property, unless or until such offer is approved by Seller, awritten agreement for the purchase of the Property has been fully executed, delivered and approved by Seller andits legal counsel and any conditions to the Seller’s obligations there under have been satisfied or waived.

This Investment Offering Memorandum and the contents, except such information which is a matter of publicrecord or it is provided in sources available to the public, are of a confidential nature. By accepting the InvestmentOffering Memorandum, you agree that you will hold and treat it in the strictest confidence, that you will notphotocopy or duplicate it, that you will not disclose the Investment Offering Memorandum or any of the contentsto any other entity (except to outside advisors retained by you of necessary, for your determination of whether ornot to make a proposal and from whom you have obtained an agreement of confidentiality) without the priorwritten authorization of Seller or PrimeBells and that you will not use the Investment Offering Memorandum orany of the contents in any fashion or manner detrimental to the interest of Seller or PrimeBells.

© FISAB (Foreign Investment Support Agency in Bulgaria) PRIMEBELLS Ltd (‘’PrimeBells’’)The information contained in this document has been obtained from sources believed reliable. While PrimeBells does not doubt itsaccuracy, PrimeBells has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility toindependently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only anddo not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factorswhich should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independentinvestigation of the property to determine to your satisfaction the suitability of the property for your needs.

For additional information on this opportunity, please visit our website at: www.primebells.com/#!spa/c1u42

CONTENTS

EXECUTIVE SUMMARY1.//

2.// PROPERTY OVERVIEW

3.// AREA OVERVIEW

4.// HOTEL MARKET OVERVIEW

5.// FINANCIAL SUMMARY

LOCATION

ONLY 12 KM (15 MINUTES DRIVING) AWAY FROM THE CLOSEST INTERNATIONAL AIRPORT, BURGAS

SECTION ONE// EXECUTIVE SUMMARY

FISAB (Foreign Investment Support Agency in Bulgaria) PRIMEBELLS Ltd (‘’PrimeBells’’) has been retained as theexclusive advisor with respect to the sale of the *****Grand Hotel SPA & Wellness Pomorie in town of Pomorie,Burgas Municipality, Bulgaria.

LOCATION: The complex is located on the south-eastern coast of the Black Sea at a massive salt water lake in thetown of Pomorie, Bulgaria, built on a plot of 24 300 sq.m. The GIA of the hotel building amounts to 21 158sq.mincluding 70 single rooms, 80 double rooms, 9 rooms for disabled people and 19 apartments, all spread across 6floors with eastern exposure revealing astonishing sea views.

The town of Pomorie is a talasso-, pelo- and climate-therapy resort, located on a slightly elevated peninsula to thenorth end of the Burgas gulf established in the VI-V Century B.C.

Opportunity Overview

OFFERS INVITED

Offers are Invited in Excess of // €25,900,000

Reflecting capital value of // €145,505 per unit

INVESTMENT HIGHLIGHTS• With its name and location, *****Grand Hotel SPA & Wellness Pomorie is well-established and recognized

hotel within the European hotel industry.

• Awards:- Diamond Globe for the Best Hotel on the Balkans by IHRA – International Hotel and Restaurant Association –

20 January 2010- Golden Prize for the Best Hotel among Grand Hotels - Tourism and Recreation Magazine – March 2010.- Awards for the Best Spa Hotel in Bulgaria - ARENA BEAUTY Magazine, 26 April 2010.- Certificate for the Best Balneal Hotel for 2007 by the BHRA - June 2007.- The Building of the Year – the most prestigious event of awards in the field of architecture and construction in

Bulgaria, organized by Construction Town Magazine;- Nomination by the Money Newspaper for the highest RevPAR for 2008.- The most active participant in the organisation of Spa – Expo 2008 in Moscow;

• A new owner will benefit from a rebound in the market with continued improvement in the National economy,which is evident in current Hotel and market operating trends. The Hotel’s RevPAR have increased since 2008.(Look at Section Five / Financial Summary)

• The Hotel was build from 2005 to 2006 and first opened in Q2/2007. Current plans are to establish relations andcontracts with local sports teams and football clubs as they can use the hotel facilities for their needs, alsoconnections with Health Ministries in Arab countries and institutions across Europe and other parts in theWorld. This provides an opportunity to boost occupancy in 2015/2016.

• A new owner has the opportunity to improve Hotel profitability via hands-on management and better expensecontrols. An aggressive on-site operator can drive revenue and reduce operating expense.

The transaction will be completed an Asset Deal.

As the condition is perfect, there is no need of any refurbishment works.

INVESTMENT HIGHLIGHTS (Continued)• With its strong location, only 27 km from the best city in Bulgaria, Burgas, one of the most preferable tourist

destinations in Europe and the distance of only 12km or 15 minutes driving to the closest Airport, the Hotel willalways be preferred among most the hotels in the area.

SECTION TWO // PROPERTY OVERVIEW

Property Overview

SUMMARY:The complex consist of a 5 Stars All Season Balneal SPA & Wellness Hotel with medical mud & Saltwater, treatment department, a Sports hall with 2 squash halls.

ARCHITECTURAL CONCEPT: The six floor hotel building is formed by two connecting long parts, creating one insideyard with pools, places for sunbaths and area of greenery with water cascades and other park elements. The hotelprivacy is achieved by a high fencing with an artificially terraced park to the east. The connection between thevisitors and the beach is fulfilled through a footbridge. The footbridge passes over the fencing and the street andends directly on the beach. The restaurant area and its service are concentrated at the south part of thecomposition. The balneology and the mud-therapy are located in the north part where separate entrances leaddirectly to the beach alley. The building is made by mixed concrete construction – monolithic in the high corpusesand sectional in the lower corpuses. The building is constructively divided into 4 blocks in the higher corpuses – A,B, C and D, and 2 more blocks in the lower corpuses – E and F.

SPA, WELLNESS & MEDICAL TREATMENT: The most appealing natural resource of the Hotel is the World famoushealing mud & lye, favourable for treatment of: arthrosis, arthritis, states post traumas and fractures, neuritis,radiculitis, disk herniation disease, paediatric cerebral palsy, sterility, dysmenorrhea, ovaries hypo function,parametritis, prostatitis, epididymitis, vasculitis, psoriasis, psoriatic arthritis, hypotrophy skin lesions, bronchitis,sinusitis and many other.

The centre for mud, lye and salt-water treatment has its own entrance, which is of significant importance for thedaily spa procedures. The clients are welcomed in the separate entrance hall with reception desk. There are specialfully equipped to the highest standards medical offices and the centre has 28 separate compartments for mudtreatment and 6 more compartments for lye treatment. All the procedures are cared by a highly educated doctors.

HOTEL ROOMS & APARTMENTS: The hotel rooms are designed according to all requirements and correspond tothe European standards for FIVE STARS category.

ROOMS SINGLE DOUBLE FOR DISABLED SUITES

70 80 9 19

TOTAL 178

OFFERED SERVICES: All offered services and procedures can be subdivided into four main categories:• Hotel & Conference services;• Medical & rehabilitation services;• Professional sportsmen training services;• Healthy food, Dietology & Nutrition services.

SITE:The complex is build on a plot of 24 300sq.m

GROSS FLOOR AREA:21 158sq.m

The competitive advantages of this Hotel are the following:• Location – unique combination of nature, sea climate, sea water, beach, lake with healing mud and water with lye;• Transportation – 15 minutes driving away from the nearest Airport;• Comfort – the rooms, sport and commercial dwellings are designed to supply comfort according to all

requirements a 5 Star hotel can offer;• Equipment & personnel – the sport and medical equipment of the Hotel and the medical stuff can successfully

serve tourists seeking a high standard wellness procedures including professional sports team and disabledpeople;

• Security – in the specific region, where the hotel is situated, serious crimes have never been registered. Thetourists 'physical security and also their personal belongings are to be ensured by state of the art technology forvideo surveillance, access control, fire detection and extinguishing, also personal safe boxes;

The hotel rooms are fully equipped with all appliances required for the categorization of the 5 Star Hotel.This includes:• Luxury bathroom & toilets;• Interactive TV, I-net + Satellite system;• Minibar;• Radio;• Telephone with direct line in the room & the bathroom;• Safe box;• 24 hours room service.

The conference department of the Hotel includes:• Two business rooms;• Multifunctional conference hall (126 seats), Pull down projector screen, LCD projector;

The guests of the hotel can also enjoy the other possibilities such as:• Open-air Bar, Sun deck & Beach Bar, Billiard;• Day Bar & Fresh Bar at the pool;• Rooftop Bar & Winter Garden;• Library;• Business center;• Shops, Kids place, Beauticians & Hair dressers;

SPA & MEDICAL TREATMENT:THALASSOTHERAPY: The center of Thalassotherapy offers all procedures with sea and lake water. Personalizedpackages according to the client’s condition and desires is available.

WELLNESS: The wellness center is on the first and second floor with separate entrances to the natural green terraceand the court providing marvelous views towards the sea and the lake. The center offers physical exercise, yoga,aerobic, kalanetik, massages, acupuncture, aromatherapy, electrotherapy, medical consultations, dental care,cosmetics and body peeling, 2 saunas, steam bath, iced room, solariums, Ultrasonic therapy and 4 swimming pools ofdifferent size.

TRAINING PROFESSIONAL SPORTSMEN:The sports part of the complex is designed for training professional teams even during the winter. The complex offersa regulation sized fitness center and indoor sports halls

HEALTHY FOOD, DIETOLOGY & NUTRITION:To reach the maximum result from the SPA & Medical treatment, it is of significant importance to keep a healthy diet.Each client is able to discuss with a nutritionist who will recommend a suitable diet. There are two restaurants & BBQarea providing 250 seats for the guests. The products used are from controlled areas & certified producers.

SECTION THREE // AREA OVERVIEW:Pomorie is located in the southern part of the Bulgarian Black Sea Coast, 27 km away from Burgas and approximately400 km away from Sofia. The population of the town is around 14 000 people. E87 main road connecting thenorthern and the southern parts of the Black Sea Coast passes through Pomorie. Varna, Burgas, Sozopol, and Nesebarcan be reached via Pomorie Port. The town lies in close proximity to the international airport of Burgas.

Pomorie is one of the most popular destinations in summer– the average air and water temperature in the month ofJuly is 23.6°С, there are up to 2360 hours of sunshine every year, and the beach is about 5 km long. Winters are mildand with minimum precipitation.

Moreover, the region has been famous for the medicinal qualities of the mud extracted during the production of saltin Pomorie Lake ever since ancient times. The healing powers of the mineral water in the town are also well-known.The slow cooling of the sea water is very typical for the region. In the morning before sunrise the air is rich in ozone,negative ions, ultraviolet rays and iodine released in gas form by seaweed.

The earliest evidence of human activity found in Pomorie date back to the Neolithic Age (6th millennium BC). Thereare also traces from the Chalcolithic Age (5th millennium BC), the Bronze Age (3rd – 2nd millennium BC) and the IronAge (end of the 2nd millennium BC). In the 2nd century BC Pomorie was named Anchialus. In 45 Anchialus becamepart of the Roman Empire. The town expanded during the 2nd century when it was moved to a new place (inPaleocastro Area). The period during which Anchialus was part of the Roman Empire was marked by powerfulprogress. The economic and political development of the town was proven by the fact that it started to mint coins.The nymph cult was extremely widespread during this period. According to local people the so-called Anchialicnymphs were three girls who inhabited the mountains, the forests and the rivers. They were regarded as goddesses –protectors of springs. This cult was related to the nearby Aqua Kalide mineral springs – the modern-day Burgasmineral baths which were called Anchialus baths. The town was visited personally by the rulers of the Roman Empire,as great celebrations were held on 28 October 294 in honour of the visit of Emperor Diocletian.The town retained its strategic position in the Middle Ages. Oftentimes its region became a scene of violent battlesbetween the Bulgarians and the Byzantines and the control over the town switched many times from one camp tothe other. In 1453 Anchialus was conquered by the Ottomans. During the second half of the 18th century and the firsthalf of the 19th century the coastal town functioned as an administrative centre. The town was liberated from theOttoman rule on 26 January (7 February according to the new calendar) 1878.

Anchialus continued to develop after the Liberation – the local people engaged in vine-growing, wine production,fishing, salt production, etc. The production of salt has always been very important for Pomorie Region. Fishing alsoplays a significant part for the livelihood of people and the economy of the town. Crafts and trade by sea weredeveloped predominantly. In 1934 Anchialus was renamed to Pomorie.

Considerable part of the finds discovered during archaeological digs in the region can be seen at Pomorie HistoryMuseum. The archaeological exhibition is spread around several halls. The main part of the finds is displayed in thePrehistory Hall. They date back to the Chalcolithic Age (5th millennium BC) and were discovered in KozarevaSettlement Mound. Many of the items exhibited in the Antiquity Hall were found on the bottom of the sea, while theRoman and medieval town of Anchialus is represented by artefacts discovered during excavations in PaleocastroArea. There is a special museum hall devoted to coins. The oldest exhibits displayed in the Numismatics Hall are fromGreek coastal poleis, coins of Thracian and Macedon kings (5th – 1st centuries BC). Central spot is given to the bronzecoins minted in Anchialus during the Roman Age and to medieval Bulgarian coins.

On the second floor visitors can see the traditional arrangement of an urban home in Anchialus – drawing-room,bedroom and various objects. Traditional costumes and female adornments typical of the ethnographic groups in theregion are displayed there. The Bulgarian history in the period 1878 – present day is illustrated in two other sectionsof the museum by a rich collection of photographs and documents.

SECTION THREE // AREA OVERVIEW: (Continued)The Museum of Salt which follows the development of the salt production industry which has played an importantrole for the town and the region both in the past and in the present opened doors on the shore of Pomorie Lake in2002. This is the only place in Bulgaria where salt-mines using ancient salt production technologies continue tooperate. Pomorian lye used for the treatment of skeletal and skin diseases is extracted during the salt productionprocess. The museum exhibition comprises a rich collection of photographs, authentic tools and other exhibits.Visitors can make a tour around the functioning salt-mines.

Old Pomorian Houses Reserve is situated near the seacoast, at the eastern end of Pomorie. The buildings found thereprovide examples of the typical architectural design of the houses in the Black Sea Region. When strolling aroundPomorie, do not miss the chance to visit some of its Christian temples – St. George Monastery, the Church of theTransfiguration of God – the oldest building in the town, the Birth of the Virgin Mary Temple, etc.

The Pomorian Beehive Tomb lies to the right of the Pomorie – Burgas road. It impresses with its architectural designand it is the only one of its kind on the Balkan Peninsula. According to some people the tomb served as a mausoleumof a wealthy family from Anchialus. Some of the finds discovered there can be seen in the History Museum. It wasdeclared an architectural-construction monument of culture by virtue of publication in State Gazette, issue No 35 of1965.

Pomorie is a popular tourist destination and it provides its guests with many accommodation opportunities. There arealso plenty of venues and restaurants in the town.

Thanks to the medicinal qualities of its mud, Pomorie has become a popular balneological and SPA resort visitedduring winter and summer. The UNESCO listed old towns of Nesebar and Sozopol which are famous for theirarchaeological discoveries and ancient histories are not far away. Sunny Beach Resort is also close to Pomorie.It provides various forms of entertainment 24 hours a day.

More About the area, Burgas Overview:

Blue Flag beaches

Primarily, it’s the beaches that make the Bourgas region tick. This pocket of land on Bulgaria’s eastern side lays claimto some of the best swathes of sand on the country’s 378-kilometre coastline. Sunny Beach is the place on mosttourists’ lips. The Blue Flag beach here is 8 kilometres long and complemented with more than 600 cafés, restaurantsand bars. Obzor follows hot on its heels in the popularity stakes. The 6-kilometre sandy beach here sidles up tothatched beach bars, mini golf courses, and fun fairs.

Historical sites

The Bourgas region’s cultural clock chimes loudest in Nessebar. Just 10 minutes’ drive from Sunny Beach, the old partof this town is a UNESCO World Heritage Site. Three millennia of history are accounted for here. There are Byzantinechurches, 19th-century town houses and the ruins of Roman and Middle Age forts.

Nightlife with a capital N

The Bourgas region’s after dark scene gives night owls something to really get their beaks into. No-one keeps time inthe bars and clubs in Sunny Beach. The party starts with booze cruises at lunchtime, continues with bar crawls beforetea, and ends when the sun rises the next day.

SECTION FOUR //HOTEL MARKET OVERVIEW:Bulgarian Hotel Market is considered to be one of the fastest growing markets in the world and one of the mostcompetitive in terms of business costs. Sofia, Burgas and Varna are being transformed, with strong efforts beingmade in improving the travel infrastructure and promoting tourism.

Hotel projects are starting to be considered as attractive investments, their viability stemming from increasinginternational travel, the low cost of labour, low taxation and an adequate number of reasonable skilled personnel.The prevalent trend is for existing and well established hotels to be purchased and new ones to be developed as partof large scale mixed-use retail or business schemes, as this further enhances the operating and value potential of theproperty and helps complement and support the main commercial uses.

Sofia, Burgas, Plovdiv and Varna are the biggest cities in Bulgaria but still lags behind other European cities in termsboth the quality of product and the number of adequate rooms. The presence of international brands is still limitedand those that are present are mostly franchises. The supply in hotels in Bulgaria has more than doubled in the pastfew years. And approximately 10 000 new rooms are expected to open and to be operated by International brandsover the next 4 to 5 years. Much of the future investments and development activities are expected to be around theairports, main railway stations and city centers.

Yearly occupancy at hotels in Sofia, Burgas, Plovdiv and Varna remained fairly stable, at more than 55% for the pastone year. This stability was due in part to a steady increase in the supply of hotel rooms. ADR (Average Daily Rate) hasgrown steadily, on account primarily of strong economic growth and business activity, and the entry of more brandedhotels; this has helped rise average rates.

Branded upscale hotels have outperformed the market in terms of both occupancy and average rate. Occupancybetween 2012 and 2014 was consistently about 7 percentage points higher than the rest of the market. Qualityhotels enjoyed a ‘’modest’’ (4%) compound annual growth in average from the same period.

According to our hotel valuation indexes, hotel values per room are in the price range of €120 000 to €150 per key.However, as plenty of the owners are In financial difficulties due to the financial crisis in 2009, they are open foroffers and negotiations and transactions are usually completed with 10 to 20% below the asking price.

As Bulgaria continues its growth trend, the country is considered to be one of the markets with greatest potential inEurope, given lack of quality hospitality groups and the fact, that in terms of gross hourly earnings, Bulgaria remainsthe most competitive EU country; this consideration is only expected to encourage business activities in the biggestcities.

17.13% Russia

16.83% Germany

8.62% Romania

7.24% UK

6.68% Poland

4.41% Ukraine

4.41%

6.68%7.24%

8.62%

16.83%17.13%

4-5 Stars 1-2 Stars 3 Stars

Overnight stays by foreigners Beds as % of total

Position within the country: 1

Position in Bulgaria: 1

Increase of beds 2008 – 2014 (total)

Beds registered

Position within the country: 1

Position in Bulgaria: 1

Increase of nights 2008 – 2014 (total)

Nights registered in 2014 (in thousands)

Nights registered

TOURIST PROFILE OF BURGAS REGION

Position in Bulgaria: 1

6.2

3.7

0

2

4

6

8

Burgas region Bulgaria

Ø Length of stay 2014 (in days)

With a total of 120,986 beds in accommodation facilities Burgas occupies firstplace of all 28 districts in Bulgaria. Duiring the period 2008 - 2014 the number ofbeds in the area has increased by 22 053, which gives it first place in the country.

In 2014 Burgas region have registered approx. 8.1 million nights, an increase of 1.9million nights compared to 2008. In terms of total number of overnights Burgasoccupies first place in all fields.

The average length of stay of arrivals in 2014. was 6.2 days (first place) and 80.7%(second place) of all overnight stays were generated by foreigners.

Position in Bulgaria: 2

80.7%64.9%

0%

25%

50%

75%

100%

Burgas region Bulgaria

Registered foreign guests 2014 (in %)

8,052

0 2,500 5,000 7,500 10,000

121

0 30 60 90 120 150

Beds in 2014 (in thousands)

22

0 5 10 15 20 25

1

1,876

0 500 1,000 1,500 2,000 2,500

122

•Statistics by NSI (National institute of Statistics

SECTION FIVE// FINANCIAL SUMMARYThe revenues and expenses utilized in this income summary are based upon FISAB (Foreign Investment SupportAgency in Bulgaria) PRIMEBELLS’s review of historical operating results including the 2012 through 2014 fiscal yearend operating statements for the Hotel. The income summary in this Investment Offering Memorandum reflects oneperspective as to the Property's operating and financial results. The income summary set forth in this InvestmentOffering Memorandum does not constitute a representation, warranty, or guaranty by FISAB (Foreign InvestmentSupport Agency in Bulgaria) PRIMEBELLS, or the Owner, of any of the assumptions or numbers set forth herein or anyeconomic value attributable to the Property or income that may be derived there from.

PLEASE NOTE THAT THE FIGURES SHOWN ARE IN EUR.

€ % € % € %ROOMS 178 178 178DAYS IN PERIOD 366 365 365AVAILABLE ROOMS 65148 64970 64970OCCUPIED ROOMS 33106 33000 32319OCCUPANCY 50.82 50.79 49.74ADR 48.48 52.57 50.93RevPAR 25.06 27.30 26.03RevPAR Growth

ROOMS 1361029 1507322 1424424MINOR OPERATING DEPARTMENT 2489171 2893367 2351466TOTAL DEPARTMENTAL EXPENCES TOTAL REVENUE 3850200 4400689 3775891

ROOMS -849767 -925950 -914701MINOR OPERATING DEPARTMENTS -1360036 -1386624 -1314020TOTAL DEPARTMENTAL EXPENSES -2209804 -2312573 -2228721

DEPARTMENTAL PROFIT 1640396 2088116 1547169EBITDA 1191993 1572734 1110526

UNDISTRIBUTED EXPENSES Admin. & General -448403 -515382 -436643DEPRECIATION -988838 -969921 -921348UtilitiesTOTAL EXPENSES / EBIT 203155 602813 189178FINANCIAL EXPENSES -1064510 -975545 -894250

GROSS OPERATING PROFIT -861355 -372732 -705072

FIXED EXPENSESProperty taxes 84874 7158 0InsuranceTOTAL 84874 7158 0

NET OPERATING INCOME -776480 -365574 -705072

*****GRAND HOTEL POMORIE HISTORICAL PROFIT & LOSS STATEMENT 2012 2013 2014

DEPARTMENTAL REVENUES

DEPARTMENTAL EXPENSES

Mariyan (Marty) DimitrovChairmanFISAB (Foreign Investment Support Agency in Bulgaria) PRIMEBELLS Ltd+359 886 656 157Marty@PrimeBells.com

CONTACT THE APPOINTED INVESTMENT ADVISER

FISAB (Foreign Investment Support Agency in Bulgaria)PRIMEBELLS Ltd Registered in England and Wales | No: 08282238

Registered office:

W1H 4ADSentinel House16 Harcourt StreetMarylebone, London

www.PrimeBells.com