Panorama Resort Pamporovo is placed in the Pamporovo Ski Resort – the pearl of the Bulgarian mountain resorts. It nests in the heart of the Rhodope Mountains which attract with the magnificent pine forests, green meadows and mountain peaks- bathed in sunlight. The resort offers a variety of amusements and facilities: there is one of the best ski- schools in Europe, alpine tracks with various grades of difficulty, long-distance running tracks, lifts, etc.

Facilities:

· Residential part – consists of 8 floors with 98 panoramic apartments

· Reception office

· Pizza - grill restaurant

· Gym club

· Ski room

· Ski rental

· Sauna - 2 saunas

· Parking - underground parking and another one with 21 parking places

Construction Description:

· External walls – hydro, thermo- and noise-isolation.

· Internal walls - double plasterboard system with high quality isolation

· Modern double glazed windows and doors

· The newest materials and technologies used in Panorama Resort are modern Italian, Spanish and other ones with theirs best quality.

· All apartments will be absolutely completed

· Bathrooms and toilets: floor to ceiling tiles, mixing taps, sinks

· Living rooms, bedrooms: tiled or laminated flooring and latex painted walls upon client’s demand

· Installed light fittings, plugs, switches

Date of completion:

The complex will be completed at the end of 2006.

Payment plan:

· 2000 EUR reservation fee (deductible from the price)

· 10% of the price at signing a Preliminary contract

· 60% of the price within 30 days after the signing of the Preliminary contract

· 25% of the price at the issuing of Act 15

· 5% of the price at the issuing of Act 16

Note: Act 15 means that all shared parts of a real estate are fully finished, including entrances, staircases, passages, underground parking, lifts, etc.

Act 16 means that all apartments are fully finished, as agreed in the Enclosure No 1 to the preliminary contract.

Property maintenance:

The apartment owners will pay an annual fee of 9 EUR/sqm for:

· 24 hours security

· Maintenance and cleaning of green areas and common areas