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Agro Finance REIT Owned 11,418 Ha of Land as at End-2008

Agro Finance REIT's investment portfolio included 11,418 hectares of agricultural land as at December 31, 2008. The total amount of the acquired land increased with 73 % from the beginning of the year, the company told The funds invested by the Company stand at 31.609 million leva (16.162 mln euros), at an average acquisition price (all costs included) of 2,768.30 leva (1,415.41 euros) per hectare.As of December 31, 2008 the portfolio consists of 95.79 % agricultural land, classified in categories from I to VI (10 categories in total, category I is of highest quality), which are Company's investment priority, and of 4.21 % lower categories. A total of 87.19 % of the agricultural land acquired was in three of the six regions of the country - Northwestern, North Central and Northeastern, as at December 31, 2008. The land of these regions is of high-quality and has a strong potential for further development of agricultural activities.Most concentrated is the agricultural land in Montana, Pleven and Vratsa districts where Agro Finance REIT owns 2,200, 2,000 and 1,700 hectares, respectively.A total of 99.42 % of the agricultural land in the company's portfolio was cultivated as at the end of 2008 and in process for renting out for 2008/2009 agricultural season. Up to December 31, 2008 over 5,000 hectares were rented out for 2008/2009 agricultural season (44 % of the acquired land). The average contracted rental payment stands at 89 euros per hectare. Another 300 hectares are prepared for renting out and the rental contracts are in progress to be registered into the municipality offices for agriculture.