AGRO FINANCE is a joint stock company with special investment purpose securitization of agricultural land. As of March 31st, 2008 the agricultural land possessed by the company is 72 559 decares which is five times over in comparison with March 31st, 2007. Out of them 99,14% are under cultivation and in a process of leasing or renting.

AGRO FINANCE REIT increases its capital from BGN 16 137 954 to BGN 32 275 908 under conditions of initial public offering of 16 137 954 ordinary dematerialized shares with one voting right, with par value of BGN 1 and issue price of BGN 1,20 each. The increase of the capital will be considered successful if at least one share is subscribed and paid until the officially announced subscription deadline. The capital will be increased to the amount of the subscribed and paid shares. Against each existing share as of 2nd May 2008 one right will be issued, giving the possibility one share to be subscribed with the issue price BGN 1,20 each. Everyone may subscribe at least one new share and to utmost such number of shares equal to the number of the owned and/or acquired rights.

Initial date for trade (sale) of rights and for the subscription of shares – May 7th, 2008. Final date for the rights’ trading on the BSE is two working days before the final date for the rights’ transfer – May 20th, 2008. The initial date for the subscription of the shares coincides with the initial date for the trading of the rights. Final date for the subscription of shares from the rights’ holders – May 22nd, 2008. The non-exercised rights will be sold on an open auction at the BSE – Sofia – May 29th, 2008. The persons who acquire rights during the auction may subscribe the relevant number of the shares until the deadline for the shares’ subscription – June 13th, 2008.

The announcement of the offering is promulgated by the State Gazette dated April 25th, 2008. The Prospectus is approved by the Financial Supervision Commission with decision No 1572-E dated November 28th, 2007.

The accumulation account for payment of the subscribed shares opened with United Bulgarian Bank is: IBAN BG 37 UBBS 80025036096420; BIC: UBBSBGSF

Address to which should be submitted Orders for subscription of shares through UniCredit Bulbank:

UniCredit Bulbank

7 Sveta Nedelya sq., room 430

Sofia 1000, Bulgariaa

For contacts: 00359 2 923 2114; 00359 2 923 2889; 00359 2 923 2750

Documents:

• Subscription form for shares of AGRO FINANCE REIT

• Prospectus is available only in Bulgarian language