CBA Asset Management is part of organized chain of stores for food retail and other fast moving goods – CBA Bulgaria, founded under the Hungarian model with the label of CBA, created as union of independent food retail store owners. CBA AM is leader in the North Central Region of Bulgaria with 30% of the turnover of CBA Bulgaria. Operates with 9 supermarkets and one logistic center with total area of 10,140 sq.m. including commercial area of 3,905 sq.m. through its 100% owned daughter companies: CBA Veliko Tarnovo Ltd., CBA Russe Ltd. and CBA Gabrovo Ltd.

CBA Asset Management will offer to investors 3.9 million new shares which represents capital increase from BGN 16.3 million to BGN 20.2 million. The new shares have par value of BGN 1.00 and minimal issue price of BGN 2.00, determined with the decision of the General Meeting Shareholders of the issuer.

The shares’ Offer Price will be determined in the process of bookbuilding by the Lead Managers of the issue UniCredit Bulbank and Somoni Financial Brokerage together with the Issuer after the analysis of the volume and allocation of the submitted limited and market orders.

The Offering will be considered successful provided 70% of the offered shares are subscribed – 2,730,000 shares. In the condition that the book is covered 200%, the major shareholders may additionally distribute to investors up to 780,000 existing shares.

Bookbuilding will start on the first business day following the elapsing of 7 days after the date of the announcement of the public offering in the State Gazette, respectively announcement in a daily newspaper and will finish at the end of the third day after the start of the bookbulding.

Immediately after registration of the new shares in the Trade Register, Central Depository and Financial Supervision Commission an application for registration of the new shares at BSE – Sofia will be filed.

The accumulation account for payment of the subscribed shares opened with UniCredit Bulbank is:

IBAN: BG 89 UNCR 70001500 769 664

BIC: UNCRBGSF

The Prospectus is approved by Financial Supervision Commission with decision No 1305-Е dated 22 October 2007.

Submission of Orders – from 9 am on 14th November 2007 until 5 pm on 16th November 2007. Last date for payment for the allocated shares – 22nd November 2007

Тhe prospectus is only available in bulgarian language.

Presentation

Order for subscription CBA via UniCredit Bulbank

Order for subscription CBA via Investment Intermediary

Appendix 1