28.08.2008

Dear Investors, Finally we have the pleasure to contact you with good news! Today the National Building Control Department appointed a State Admittance Commission, which is supposed to determine the suitability for the building utilization as a result of which this Commission issues an Utilization Permission – Protocol Form 16. We received a date for the Commission inspection - September 8th, 2008. Soon after this date we will receive the Permission or called Protocol Form 16, for which we will instantly inform you. We were waiting for this date quite long, but set this delay to the lots of property constructions in Bulgaria and also to the fact that August is the holiday month in Bulgaria. Finally we would like to express our appreciation for your patience. In September you will become into possession of your property and as you have been very reliable business partners up to now, we hope we will continue our good business relations in the future. Best regards, Dimitar Andonov Executive Director Mirage Bansko Plc

31.07.2008

Dear Investors, According to the pre-opening schedule the Soft Opening of Vihren Palace Ski & Spa Resort is planned for 1st November 2008 and the Grand Opening will be in Mid December. In this connection we would like to remind you that after Protocol Form 16 is issued you will have for deadline 1st November to furnish your apartments in Vihren Residence. With regard to this we will expect your final decision on the Rental Management Contracts we have offered as the contracting for the coming winter season is approaching its end and we need to have at least your verbal agreement in order to include your property in the renting-out list. Best regards,

31.07.2008

Dear Investors, In connection with the expected Protocol Form 16 We would like to inform you that all the necessary documents have been successfully submitted to the National Building Control Department. We expect the final statement of the commission and hopefully this will happen in a period of two weeks. We consider it our duty to inform you via e-mail as soon as we receive it and publish it on the official web-site. Best regards,

14.05.2008

Dear Sir or Madam We would like to inform you that Protocol Form 16 of the complexes Vihren Palace and Vihren Residence is about to be signed at the beginning of June 2008. Once Protocol Form 16 is signed, the complexes can start operating on the holiday property market. If you are interested in renting out your apartment, please contact our partner in this business - ‘Mirage Bansko Property’ Ltd. ‘Mirage Bansko Property’ Ltd. is a company engaged in maintenance and management of complexes Vihren Palace and Vihren Residence in city of Bansko, Bulgaria. You can contact ‘Mirage Bansko Property’ Ltd at Valya Bocheva - Sales Manager We look forward to successfully completing the project and to continuing our business relationship with you. Yours faithfully Dimitar Andonov Executive director of ‘Mirage Bansko’ Plc

14.05.2008

As we receive a lot of questions from your clients concerning the preliminary contracts, we would like to clear out the following issues: 1. Be aware that the development of a new hotel, especially located in such a destination as Bansko, takes some time and a lot of investments. The first two years is a period of making a brand and hard transition, during which the complex will be very intensively advertised and promoted. This is a period in we can not guarantee any stable income. The contracting has been already started and we are working for the best of it. What we are sure about is that those two years will be quite hard years for all of us, and only after that we will be able to give you any concrete numbers.. 2. The other thing we would like bring to your attention are the furniture packages. We would like to recommend to those who want to furnish the apartments by themselves to have a look at the web site of Vihren Residence / www.vihrenresidence.com/ and see the photos of the rooms we have already furnished, the type and position of the different furniture. In order to offer a good and competitive 4-star product on the market, we do not want to escape from the architectural and interior design of the building already. Kindest regards, Valya Bocheva Sales Manager

08.01.2008

08 January 2007 Re: Vihren Palace and Vihren Residence Dear Sir or Madam, We have duly informed you that the complexes Vihren Palace and Vihren Residence have been completed according to the approved projects and construction permit, so they are ready to be accepted and receive government approval by the local state commission appointed by the National construction control directorate. The buildings and apartments are also equipped with all facilities and furniture (in Vihen Palace). Unfortunately, Municipality of Bansko has not yet fulfilled its obligation to accept officially all external infrastructure systems – water supply system, sewerage, electric transmission network, street building etc., which prevents our buildings to receive government approval. We have been recently informed that all necessary steps will be taken by the Municipality of Bansko this month, including an appointment of a committee to carry out all acceptance procedure. Therefore, pursuant to Article 4, paragraph 6 of the preliminary contract and on the grounds of the delay caused by Municipality of Bansko, we advise you that the term for putting the buildings into operation will be respectively prolonged with the term necessary to the Municipality to accomplish the external infrastructure acceptance procedure. We are very sorry to have to postpone the putting the building into operation, but in the circumstances we have no choice. Yours faithfully, Dimitar Andonov

24.11.2007

We have duly informed you about the signing of the Protocol Form 15 of the complexes Vihren Palace and Vihren Residence and the failure of Municipality of Bansko to complete on time all external infrastructure system work related to the project, which is local authority’s duty. This failure resulted in delay of putting the complexes into operation as initially scheduled, although the buildings are totally completed and connected to the external infrastructure systems – water supply system, sewerage, electric transmission network, etc. Despite of the delay, most of the work has been done so far and the local authority and utility companies are currently in process of testing and accepting the external infrastructure work. Fortunately, we were informed that the testing and accepting procedure of the infrastructure work is about to be completed in mid December, which will allowed buildings to be accepted and receive government approval by the local state commission appointed by the National construction control directorate. The expecting date for signing Protocol Form 16 is 20 December, 2007. Therefore, pursuant to Article 3 of the preliminary contract, we expect to receive the final payment of the price upon notification as stipulated in the preliminary contract. We look forward to completing the project successfully and to continuing business relationship with you. Yours faithfully Dimitar Andonov Executive director of ‘Mirage Bansko’ Plc

30.06.2007

Regarding your inquiry and our engagements, we made some analysis and evaluation of the possible furnishing of the apartments in your building “ Vihren Residence “ in Bansko, having in mind two possible styles of furniture: • “ Comfort “ Style • “ Modern Line “ Style As “ Comfort “ Style we define furnishing like the one we have already done in all apartments of the floors of “ Vihren Palace “ Hotel ,which is specified and modified according to the existing space, required quantities and completion requirements to suit best the specific architecture of the apartments. As “ Modern Line “ Style we define a much more contemporary style of furnishing, including higher quality of materials as PWP “ EGGER “ – “ walnut Dijon “ color , which is one of the most luxurious decoration. In order to get some closer impression we enclose, as promised, the computer 3-D color graphic, according to which we have prepared a description of the furniture as well as their prices. According to our architects the entire furnishing of a type of apartment in “ Vihren Palace “ would include the following furniture: • Double-bed French type, with a plate and a bedside table, also a wardrobe in one of the bedrooms; • Two single beds French type, with plates and bedside tables, also a wardrobe in the other bedroom; • Dining table with 4 upholstered chairs; • TV board and other lounge furniture; • 21-inch TV • Dressing table, mirrors, tables – one or two; • Upholstered furniture – double or triple armchairs; or corner upholstered furniture with a stool; • Thin and thick curtains with curtain-ledges for them; • Towels, household linens and face towels; • Picture, ash-trays a.o. accesories; The real delivery price of the furnishing in “ Comfort “ Style for one type of apartment in “ Vihren Palace “ is EUR 6000 without VAT. The real delivery price of the furnishing in “ Modern Line “ Style for one type of apartment in “ Vihren Palace “ is EUR 8500 without VAT. Please be noted, that if you offer to your customers furnishing in one or the other style according to the orientation prices that we offer, the overall price would depend on the particular apartment, and in case that this apartment would require a greater amount of furniture, the price difference will have to be covered either by you, or by your customer. Looking forward to your kind comments, With best regards, Dimitar Andonov General Manager

21.06.2007

Dear Sir or Madam. We are pleased to present to you our offer for furnishing your apartment in case you would like to enter into a contract with us for managing your property. Should you wish to do business with us and make profit out of renting your apartment, we are able to include your apartment in Vihren Palace hotel complex, where successful renting requires apartments to be furnished according to a certain standards. We are able to offer to you two types of furnishing - Comfort Style and Modern Style. The two style furnishing and the price list can be seen on our website www.vihrenresidence.com- interior design. Please note that the offers and prices refer to a furnishing of standard type apartment with area of 66 sq. m. The concrete furnishing price will depend on the area of the apartment and will be subject to a separate contract. We would be grateful if you let us know about you decision within 15 days from the date of this letter’s delivery and place an order in writing. Having chosen your type of furnishing, a contract will be signed. If you have any queries concerning our proposal, please do not hesitate to contact us.

25.07.2006

The preliminary design of the Spa Center of Vihren Palace and Vihren Residence is a fact. The project has been developed by Nola 7 Ltd. - one of the leading companies in this field. Please find the pictures of the swimming pool, massage rooms, sweating-bath, etc in the SPA Center section.