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,