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Bulgarian hospitality real estate developer joins LSE

Date: 28.04.2006

Sigma Capital Investments S.A., a leading developer of hospitality real estate on the Bulgarian Black Sea Coast and the largest owner of premium quality hotel space in the country, is to be listed on the main market of the London Stock Exchange.

Sigma would become the first Bulgarian company to list on the main UK exchange. The deal is expected to be completed during the second quarter of 2006.

Citigroup and ING are acting as financial advisers to Sigma Capital Investments S.A.

"Listing on the London Stock Exchange provides an excellent opportunity for Sigma to accelerate its development as a trusted and reliable hotel and lodging developer in Bulgaria taking advantage of the country's growing popularity as a holiday destination. We believe that our reputation and our growth plans will provide long-term and reliable returns for our future shareholders," Henning Krippendorff, Chief Executive Officer of Sigma, commented.

Sigma gives an opportunity to invest in a hotel and lodging business in Bulgaria, one of emerging Europe's most advanced holiday destinations, with a significant scaleability of the business both locally and regionally. It manages a high-quality asset portfolio of four branded hotels in highly desirable locations along the Bulgarian Black Sea Coast, with a total of 1,993 available rooms.

The company is also currently developing two more hotels, which will add 875 rooms by the end of 2006; including these hotels under development, the Company's portfolio represents an estimated 35% of the branded hotels in Bulgaria.

Sigma's hotels are located near the cities of Varna and Bourgas, Bulgaria's two main cities on the Black Sea. They are managed by leading hotel operators such as Kempinski, Iberostar and IFA.

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