Structure

Bulgarian Real Estate Fund Inc.– legal entity holder of the licence for Special Purpose Investment Company, listed on the Bulgarian Stock Exchange – Sofia.

Board of Directors – the Fund has one tier management system.

Institutional Investor – professionally managed investment companies, Banks, Pension Funds, Insurance Companies and Investment Funds (see Shareholders).

Retail Investors – local and foreign legal entities or individuals who acquire shares in the Fund (see Shareholders).

Management Company – Real Estate Management Ltd (REM), responsible for the management of the Fund’s investments, flow generation, book-keeping, legal advisory and real estate services.

Depository Bank – DSK Bank AD, the second largest Bulgarian bank, owned by the Hungarian OTP. Nominated for “Best Bank” in Bulgaria for 2012.

Real Estate Agencies – companies, such as Colliers, Forton (Cushman&Wakefield) and MBL (CB Richard Ellis), subcontracted by the Management Company to provide real estate brokerage services, full range of services related to the rental relationships, property management and maintenance, as well as assistance in refurbishment, reallocation and accommodation.

Auditor - certified auditing company.

Appraisers – Certified independent appraisers, assigned by the Board of Directors for valuation of the Fund’s assets.