Holding Varna is increasing its capital from BGN 2 099 567 to BGN 5 235 931 in a public offering of 3 136 364 (three million one hundred and thirty six thousand three hundred and sixty four) ordinary shares, with par value of BGN 1 and issue price of BGN 22 each.

Holding Varna is increasing its capital from BGN 2 099 567 to BGN 5 235 931 in a public offering of 3 136 364 (three million one hundred and thirty six thousand three hundred and sixty four) ordinary shares, with par value of BGN 1 and issue price of BGN 22 each.

For subscription of one new share from the capital increase of the Issuer is necessary 0.669427 part of one right, or against 2 099 567 (two million ninety nine thousand five hundred and sixty seven) rights issued in total could be subscribed 3 136 364 (three million one hundred and thirty six thousand three hundred and sixty four) new shares from the capital increase.

The subscription for the new issue shall be considered successful, respectively the capital of Holding Varna AD shall be increased only by the amount of subscribed and paid shares, provided until the final term at least 1 568 182 (one million five hundred and sixty eight thousand one hundred and eighty two) new shares are subscribed and paid.

Right to participate in the capital increase have persons who have acquired shares at the latest 7 days after the date of the announcement of the public offering in the State Gazette. On the following business day Central Depository AD (CD AD) shall open accounts for the rights of the latter persons on the basis of the shareholders book. Against each acquired share as of the end of the stated date one right is issued. Each person may acquire rights in the period for the rights transfer/trade and during the opened auction. For acquiring of one new share at its issue price is necessary 0.669427 part of one right. Each person may subscribe minimum one new share and maximum such number of shares, corresponding to the number of acquired and/or owned rights multiplied by 1.4938. Provided the result is not a whole number, it shall be rounded to a whole number as follows: if the first figure after the decimal point is less than five – the number of shares shall be rounded to the lesser whole number, respectively if the first figure after the decimal point is equal to or greater than five – the result shall be rounder to the greater whole number of shares.

The dates in respect to the capital increase of Holding Varna are the following:

* Right to participate in the capital increase have the persons who have acquired shares at the latest 7 days after the announcement of the notice in the State Gazette or as of 24 October 2008 /Friday/, (executed deals at Bulgarian Stock Exchange – Sofia (BSE – Sofia) at the latest on 22 October 2008);

* Start date for rights trading at BSE –Sofia – 27 October 2008 /Monday/;

* Final date for deals with the rights at BSE - Sofia (Т+2) – 07 November 2008 /Friday/;

* Final date for blocking the rights and submission of Orders for subscription of shares (existing shareholders and these who have acquired rights in the period of rights trading) – 11 November 2008 /Tuesday/;

* Auction for unexercised rights according to Art. 112b (7) of Public Offering of Securities Act (POSA) – 18 November 2008 /Tuesday/;

* Final date for subscription and payment for the shares from the capital increase – 03 December 2008 /Wednesday/;

The capital account for payment of the subscribed shares opened with UniCredit Bulbank is: IBAN BG52UNCR70005509555581; BIC: UNCRBGSF

The Prospectus is approved by the Financial Supervision Commission (FSC) with decision No 1228 Е/02.10.2008 г.

The Prospectus for the public offering of the shares could be downloaded from the links below:

* Registration document (in Bulgarian)

* Project summary (in Bulgarian)

* Document for securities (in Bulgarian)

Order for Subscription of shares of Holding Varna AD through UniCredit Bulbank and through other Investment Intermediary (in Bulgarian)