Real estate asset management, investment management

1. Sofia September 2008

11. BOARD OF DIRECTORS Mr. Martin Paev, CFA (born 1975, Bulgarian) – Chief Executive Officer Mr. Paev structured the first Real Estate Investment Trust in Bulgaria (TBI-BAC REIT) and acted as the REIT’s Executive Director from its establishment until he joined Address Group as Executive Director of ADDRESS Investment & Development in 2005. In 2006 he established SORTIS Invest, an investment advisory firm, providing services in the fields of private equity, venture capital, corporate finance and mergers & acquisitions. Martin Paev has 7+ years of investment banking, M&A and asset management experience at the investment banks ING Barings in Frankfurt/Main (Germany), ETEBA (National Bank of Greece Group) in Sofia, Bulgaria, Balkan Advisory Company (an independent investment banking boutique in South-Eastern Europe) in Sofia, Bulgaria and SORTIS Invest in Sofia, Bulgaria. Educated in Bulgaria, Netherlands & Germany, he has Master’s degree in Banking & Finance and Bachelor’s Degree in Business Administration. Mr. Paev is CFA ® Charterholder and served two mandates as Board member of the Bulgarian CFA Society. Mr. Thomas Higgins (born 1966, US citizen) – Board Member, Investor Mr. Higgins is an investment professional who has been living and working in Bulgaria for the last 15 years. From 1993 to 2005 he worked for the Bulgarian-American Enterprise Fund (BAEF) where he become Managing Director and Chief Investment Officer in 1997. In 2005 Mr. Higgins co-founded and become Co-Managing Partner of the Balkan Accession Fund (BAF), a EUR 110 million private equity & mezzanine finance investment fund primarily focused on helping successful Bulgarian and Romanian companies expand in the region. He has previously worked also with Coopers & Lybrand and Equitable Real Estate in New York. Mr. Higgins has held significant leadership positions in the Bulgarian business community, which currently includes Financial Director and Board Member of the Confederation of Employers & Industrialists in Bulgaria, Board Member of the American Chamber of Commerce in Bulgaria, Member of the University Council of the American University in Bulgaria and Co-Founder and Board Member of the Bulgarian Business Foundation for Education. Mr. Higgins is an MBA graduate from the Kellogg School of Management at Northwestern University and received a B.Sc. degree in Finance and Management Information Systems from the University at Albany – summa cum laude. Mr. Higgins speaks Bulgarian. Mr. Joel Baquiche (born 1951, British) – Board Member, Investor Mr. Baquiche is an experienced investor in private equity and international real estate. He has been doing real estate development in Paris (France) and overseeing family property interests in New York, Atlanta and Florida (USA). Mr. Baquiche is an active investor in real estate projects in the UK since 1987 and in Bulgaria and Romania since 2005. In the period 1974-1980 Mr. Baquiche has represented European companies in the transport, trading and construction sectors in Egypt. In 1982 he became Founder and 50% shareholder of Checkout Computer Systems, an EPOS manufacturer for the hospitality industry. Mr. Baquiche has made numerous investments in start-ups and SMEs, listed and unlisted companies. Mr. Baquiche studied Economics at Manchester University. He has been a Committee member of London Business Angels Network and London Seed Capital Fund for many years. Corporate Presentation

12. Eng. Ivaylo Angelov, (born 1968, Bulgarian) – Project Manager Ivaylo Angelov has significant project management and technical experience in the construction and real estate business. He has 15+ years of professional experience and has completed numerous developments of office, industrial and residential buildings with aggregate gross built-up area of about 200 000 sq.m. Mr. Angelov has worked as Site Engineer and Project Manager on a number of construction sites, some of which are: Business Park Sofia - Construction of Building B2 (GBA 20,000 sq.m.); Residential complexes at Manastirski Livadi, Sofia (aggregate GBA 30,000 sq.m.) and Malinova Dolina, Sofia (GBA 16,700 sq.m.); Apartment buildings - Borovetz (GBA 24,500 sq.m); Office building – Gorubliane, Sofia (GBA 20,000 sq.m.). Mr. Angelov has a degree in Civil Engineering from the Military Construction Academy in Sofia, Bulgaria. Ms. Teodora Eftimova, (born 1979, Bulgarian) – Investment Officer Teodora Eftimova has professional experience in the fields of financial planning, investment analysis and business valuation of real estate investment projects. She has been involved in the development of gated community projects with sizes between 15 000 sq.m. and 45 000 sq.m. GBA in the outskirts of Sofia city. Ms. Eftimova has comprehensive experience in various procedures related to the construction and real estate business, such as land acquisition, regulating land, market evaluation and research, investment project financing, tax and accounting and administrative requirements regarding the property investment process. Ms. Eftimova has a Master’s degree in Accounting and Financial Control from the University of National and World Economy in Sofia, Bulgaria. Corporate Presentation KEY TEAM MEMBERS

14. APPENDIX BULGARIA OVERVIEW Corporate Presentation

21. CONTACTS Corporate Presentation SORTIS REAL ESTATE www.sortis.bg Mr. Martin Paev, CFA CEO SORTIS Real Estate Tel: +359 2 946-39-15 Fax: +359 2 946-39-16 Mobile: +359 88 50-50-200 e-mail: [email_address] Mr. Joel Baquiche Board Member, Investor SORTIS Real Estate Tel/Fax: +44 (207) 368-65-66 Mobile: +44 (7930) 39 - 82 - 80 e - m ail: [email_address] baquiche@sortis.bg Mr. Thomas Higgins Board Member, Investor SORTIS Real Estate Tel: +359 2 946-39-15 Fax: +359 2 946-39-16 Mobile: +359 888 45 - 20 - 51 e-mail: [email_address]