CANBUL INTERNATIONAL INVESTMENTS Ltd.

During the past couple of years the Bulgarian real estate market has become an appealing investment opportunity.

Here are some notes about the favourable business climate in Bulgaria and what makes it such a hot investment spot:

•  Property prices are amongst the lowest in Europe;

•  Fast developing real estate market;

•  Liberal foreign investment laws;

•  Improving bank mortgage system;

•  Stable political and economic environment;

•  Excellent return on investment (ROI);

•  Limited currency risk (BGN is fixed to the EURO under a stable currency board);

•  Significant foreign investment in real estate;

•  Foreigners can legally own property through appropriate legislative schemes;

•  Opportunity to buy land through a company registered in Bulgaria with up to 100% foreign 
   ownership;

•  Cost of living is the lowest in Europe;

•  Beautiful beach and ski resort areas set to expand rapidly in the short term;

•  Historical old towns;

•  Healthy and growing open market economy;

•  Stable democracy;

•  EU membership expected in 2007;

•  Highly-skilled, English-speaking work force at competitive cost;

•  The most stable and predictable business and political environment in South-East Europe;

•  NATO membership since 29 March 2004;

•  The lowest operating cost in a European market economy;

•  Industrial goods traded duty free between Bulgaria and the EU, EFTA, CEFTA and
  Turkey - a market of about 510 million citizens;

•  Excellent climate, natural scenery, food and hospitality;

•  GDP is projected to grow by 5% on average per year in the medium term;

•  As a result of the achieved macroeconomic stability foreign direct investments have
  been steadily on the rise, growing by 56.9 % in 2003. The FDIs are expected to
  surpass USD 2 bln. in 2004, representing 7.5 % of real GDP;

•  The EU countries generated about 70% of that investment stock. Top investors in
   Bulgaria have been Germany, Greece, Italy, Belgium, Austria, USA, the UK, the
   Netherlands, Russia, etc;

•  Corporate tax rate 15% in 2005 and 0% in areas of high unemployment;

•  VAT exemption of equipment imports for investment projects over 5 million;

•  Annual depreciation rate of 30% for machinery & equipment and 50% for software
  and hardware;

•  Smooth, speeded up administrative service;

•  Infrastructure subsidy for investment projects over 50 million;

•  55 treaties for avoidance of double taxation;

•  52 agreements on mutual protection and promotion of foreign investment.