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Liquidation of the convertable bond loan

02 Jul 2007

TO the Bondholders 
of Industrial Holding Bulgariq plc

ANNOUNCEMENT

On 1 June 2007, The General Meeting of Shareholders approved a decision to increase the capital of the Company by virtue of Article 195 of the Commerce Act through conversion of convertible bonds ISIN code BG 2100010045 into shares, namely:

1. The Capital of the Company shall be increased with up to BGN 5,250,805, through issuing up to 5,250,805 dematerialized, common, registered voting shares. The increase of the capital shall be conducted through converting up to 5,250,805 registered dematerialized convertible bonds into common, registered, dematerialized voting shares. The conversion of bonds shall be performed in ration 1 /one/ bond for 1 /one/ share in the maturity date of the bond loan – 2 July, 2007.

2. By virtue of Article 217 of the Commerce Act assigns to the Managing Board of the Company to establish the period and the procedure to convert bonds into shares.

3. Shares from the increase of the Company’s capital may be subscribed by the bond holders of the Company as of 22 June, 2007. The subscription of shares for convertible bonds shall be made by explicitly written application, which shall be filed on the address of the Investment Intermediary – CB Allianz Bulgaria AD, Sofia, 79, Knjaginja Maria Luiza blvd. In cases the application is filed by a proxy, the latter should present an explicit written power of attorney with a notary certificate of acknowledgement of the authorizer.

4. By virtue of Article 218 of the Commerce Act assigns to the Managing Board of the Company, after concluding the procedure to subscribe shares against bonds, to apply for subscription to Sofia City Court the exact amount of capital increase and to specify by name the bond holders, whose bonds have been converted into shares.

On 1 June 2007, in relation with the decision of GMS of Industrial Holding Bulgaria plc from 1 June 2007, the Management Board establishes the period from 25 June 2007 to 28 June 2007, in which bond holders of the Company, owners of convertible bonds as at 22 June 2007 shall write down shares from the capital increase of the Company by converting their own bonds.
The subscription of shares for convertible bonds shall be made by explicitly written application, which shall be filed until 13.00 h. on 28 June 2007 on the address of the Investment Intermediary – CB Allianz Bulgaria AD, Sofia, 79, Knjaginja Maria Luiza blvd. 
In cases the application is filed by a proxy, the latter should present an explicit written power of attorney with a notary certificate of acknowledgement of the authorizer.

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