• Abstract and Figures
• Public Full-text

ENCLOSURES TO RULES AND REGULATIONS OF CENTRAL DEPOSITORY AD Enclosure 1(Е01) –Service Price Tariff of Central Depository AD. Enclosure 1(Е01) –Service Price Tariff of Central Depository AD.

№ SERVICES PRICE IN BGN EXPLANATORY NOTES

І. Mandatory payments paid by Central Depository Members 1. Affiliation fee for membership: 1.1 For Commercial Banks 1 000,00 The fee is paid in the year of accession to membership and annual 1.2 For Investment Intermediaries 500,00 payment will not be charged for this year. The fee is paid in full 1.3 For Investment Companies 500,00 amount regardless of the date of accession to membership. 1.4 For Managing Companies 500,00 1.5 For Stock Exchange 500,00

The fee is paid upon receipt of notification for approved 1.6 For performing activities as Registration Agent 750,00 application for Registration Agent. The full amount is charged regardless of the date of approval of the application.

2. Annual payments: It is not charged for the year of becoming a member of the Central Depository. It shall be paid in two installments: for the 2.1 For membership in the Central Depository 1 000,00 first half of the year – until 30.06, and for the second half of the year – until 23.12 of the respective year.

2.2 For Registration Agent 400,00 The terms under p.2.1 shall apply. 3. One-time fee for the Guarantee Fund 200,00 It is paid together with the affiliation fee under p.1 It is the minimum amount of the payment for crediting the account from which the Central Depository deducts ex-officio the fees and commissions, according to this Tariff, for the activities Maintenance fee from which the amounts due with regard to the activities of the 4. 300,00 performed by the Central Depository member. The balance of this Central Depository member are deducted ex-officio. account shall not be less than BGN 100 in the beginning of every business day.

II. Services for issuers: Monthly fee for maintenance of the actual status of the Register of Shareholders. The regular payment of the monthly fee covers the delivery of 5 print-outs of Registers of Shareholders as of 5. Monthly fee for maintenance of Register of Shareholders: dates, specified by the issuer, within one calendar year. Any additional request for preparing a Register of Shareholders is charged to the amount of 1 monthly fee under p. 5. The fee is calculated as a sum of the amounts under p. 5.1 and p. 5.2.

5.1 Amount on the basis of nominal value of the issue Nominal value of the issue Shareholders fee from to 1 50 BGN 25. 0 50 000 50 > BGN 30. 50 001 500 000 BGN 35. 500 001 1 000 000 BGN 37. 1 000 001 10 000 000 BGN 40. 10 000 001 > BGN 45.

For pension-security companies, insurance companies, investment 5.2 Amount on the basis of number of shareholders companies, managing companies, companies with special Numbers of Shareholders lower upper investment purpose, investment intermediaries and commercial fee banks,the monthly fee shall not be less than BGN 40. from to limit limit

1 50 0,01 0,25 BGN 0,25 per every 50 shareholders 51 1 000 0,15 3,00 BGN 0,30 per every100 shareholders 1 001 5 000 3,50 17,50 BGN 0,35 per every 100 shareholders 5 001 10 000 25,01 50,00 BGN 0,50 per every 100 shareholders 10 001 15 000 30,00 45,00 BGN 0,60 per every 200 shareholders 15 001 30 000 32,50 65,00 BGN 0,65 per every 300 shareholders 30 001 50 000 48,00 80,00 BGN 0,80 per every 500 shareholders 50 001 100 000 42,50 85,00 BGN0,85 per every1000 shareholders 100 001 > 63,33 BGN0,95 per every1500 shareholders Issuance of a certificate of the capital structure of companies which have concluded a 6. 12,00 contract with the Depository. Issuance of a certificate of capital structure of companies which have not concluded 7. 20,00 an agreement with the Depository. Issuance of Register of Shareholders out of the procedure established under the 8. Register Contract: 8.1 Up to 1000 shareholders 300,00 8.2 From 1000 to 10 000 shareholders 420,00 8.3 Over 10 000 shareholders 650,00 Issuance of a certificate of a company for registration on free market of the Bulgarian 9. 50,00 Stock Exchange – Sofia AD. 10. Deposit/withdrawal of securities:

Nominal value lower limit/ Fee in BGN from to upper limit 0 50 000 150 150,00 / 150,00 50 001 100 000 300 + 1,00/1000 300,00 / 350,00 100 001 200 000 400 + 0,90/1000 400,00 / 490,00 200 001 500 000 500 + 0,80/1000 500,00 / 740,00 500 001 1 000 000 750 + 0,70/1000 750,00 / 1100,00 1 000 001 5 000 000 1100 + 0,55/1000 1100,00 / 3300,00 5 000 000 10 000 000 3300 + 0,32/1000 3300,00 / 4900,00 10 000 001 20 000 000 4900 + 0,10/1000 4900,00 / 5900,00 20 000 001 100 000 000 5900 + 0,05/1000 5900,00 / 9900,00 100 000 000 > 9900 + 0,03/1000 9900,00 / =<50000,00 Initial offering of securities through the Bulgarian Stock Exchange – Sofia AD of 11. issues registered with the Central Depository – fee to the amount of the due one under p.10 p. 10. 12. Issuance of a depository receipt 0,30 13. Registration of the change of the nominal value of the shares 150,00 Closing of an account (lot) upon demand of a joint-stock company which register is 14. 1 000,00 maintained by the Depository The fee is 0,1% of the nominal value of the issue, but not less 15. Registration of a bond issue from 500,00 to 5000,00 than BGN 500 and not higher than BGN 5000.

Monthly fee for maintenance of the actual status of the Register of Bondholders. The regular payment of the monthly fee covers the delivery of 5 print-outs of Register of Bondholders as of dates, 16. Maintenance of Register of Bondholders 75,00 specified by the issuer, within one calendar year. For any additional request for preparing of a Register of Bondholders the fee is BGN 75.

17. Closing of a bond issue 500,00 Conversion of the specified (by the issuer) percentage of the capital of the joint-stock company into number of shares; preparing an excerpt of the shareholders which hold the so- Providing a report on the shareholders/bondholders which hold a certain percentage calculated number of shares and proving a print-out of the 18. of the company capital/the bond issue, specified by the issuer, as of a fixed date. 50,00 information where the shareholders are arranged by EGN/ BULSTAT. Upon explicit demand, the information may be provided on a disk (e-version).

19. Portfolio of an issuer 50,00 20. Issuance of a certificate of shareholders/bondholders, foreigners 50,00 21. Buy back of shares 500,00 Blocking and servicing of restricted securities upon demand of the issuer, in BGN, 22. 300,00 payable upon blocking, for every calendar year. Fee for temporary blocking of an issue, if needed by the issuer on account of the 23. 100,00 technological terms for registration in the court registry. 24. Report on issuers with state participation for public institutions 5,00 25. ISIN coding of an issue 56,00 26. Issuance of a certificate for exercised/not exercised RIGHTS 12,00 Issuance of a certificate for amounts received at the account of the Central Depository 27. 12,00 AD from sales of RIGHTS Report on the entities, exercised/not exercised RIGHTS upon capital increase of an 28. issuer. p.5 The issuer shall pay a monthly fee under p.5

The issuer shall pay a monthly fee under p.5. at the end of each 29. Dematerialization of securities p.5 quarter, upon a written notification from the Central Depository. Servicing of payments for a bond issue interests, principals as well as dividends – 30. 0.01% of the amount of the payments, but not less than BGN 500 and not more than 0,01% BGN 5 000. Calculation of dividends of a joint-stock company (issuers, holdings and investment 31. companies which have concluded a contract with the Depository) and print-out of a list for disbursement of the amounts: 31.1 up to 1000 shareholders 100,00 31.2 from 1000 to 10 000 shareholders 200,00 31.3 over 10 000 shareholders 300,00 Calculation of dividends of a joint-stock company which has not concluded a contract 32. with the Depository and print-out of a list for disbursement of the amounts: 32.1 up to 1000 shareholders 250,00 32.2 from 1000 to 10 000 shareholders 400,00 32.3 over 10 000 shareholders 600,00 33. Report on the general meetings of the public companies and the results from them. 5,00 The fee is paid for each one of the companies. 34. Registration of in-kind of securities 300,00 Registration of transformation (merger, acquisition, separation and division) of 35. 300,00 companies The fee is paid for every business day on which the report of the 36. Report on the number of the shares in circulation 2,50 Mutual fund and the Investment Company is prepared. ІII. Services for investment intermediaries: 37. Processing of a transfer 0,50 The fee is paid by the transfer parties for each one of the clients. The service includes: syntactic and logic checks and sending back respective messages with the results from them, comparison and establishment of the uniformity of the requisites (matching) of the transfer messages, processing of the messages for correction (if needed), blocking of securities in the account of the selling party, transfer of the securities (and the money, if the transfer includes payment) and sending back information for the completion of the process.

It includes: a syntactic check of the submitted message and sending back a message with the result from it, a logic check for correctness of the data submitted by the investment intermediary on the client and the type of the account to be open, sending back 38. Opening of an account 0,40 a message for the result from the logic check, processing of the messages for correction (if needed), opening of the account and sending back a message with the account number to the investment intermediary – applicant. Issuance of the form “Order for transfer of securities/compensatory instruments to a 39. 0,30 client account within an intermediary” Processing of the results from the centralized public tenders of the mass privatization 40. 0,60 The fee is paid for each one of the shareholders. for the investment intermediaries–members of Central Depository AD. The fee is paid for each one of the clients of the investment 41. Additional information services 0,30 intermediary. 42. Verification of a depository receipts through ISO message 0,20 43. Excerpt from the daily settlement of the transactions: 43.1 Print-out of the excerpts from the daily settlement of the transactions 20,00 Monthly fee Extraordinary generating and submitting of an excerpt from the daily settlement of 43.2 5,00 The fee is paid for each day for which the excerpt is prepared. the transactions 44. Issuance of a depository receipt 0,30 Fee for issuance of a depository receipt upon transfer of compensatory instruments 45. from personal account to client account in case the registration is on the grounds of a 1,00 decision for compensation (without issuance of a certificate for CI). Correction by Central Depository operator of incorrectly submitted data by a member 46. 50,00 in regard to a transaction not yet finalized. IV. Pledges The fee of BGN 40 covers only the first page of the application, whereas for every following page and for the document of 47. Registration of Special Pledges Agreement 40,00 consent, if attached separately, the fee of BGN 10 per each shall be paid. 48. Deletion of a pledge 25,00 49. Registration of additional circumstances under Pledges Agreement 25,00 50. Issuance of a certificate of lack/presence of registered circumstances 10,00 The fee is paid for each record in the certificate. 51. Registration of blocking/unblocking of securities 40,00

52. Issuance of a certificate of blocking upon demand of the parties under the agreement 10,00

V. Services for Registration Agents: The fee is paid by the transfer parties for each one of the clients. The service includes: syntactic and logic checks and sending back respective messages with the results from them, comparison and establishment of the uniformity of the requisites (matching) of the 53. Processing of a transfer 0,50 transfer messages, processing of the messages for correction (if needed), blocking of securities in the account of the selling party, transfer of the securities (and the money, if the transfer includes payment) and sending of information for completion of the process. It includes: a syntactic check of the submitted message and sending back a message with the result from it, a logic check for correctness of the data submitted by the investment intermediary for the client and the type of the account to be open, sending back 54. Opening of an account 0,40 a message with the result from the logic check, processing of the messages for correction (if needed), opening of the account and sending back a message with the account number to the investment intermediary – applicant. It includes: syntactic and logic checks of the submitted message and sending back the respective messages for the results from the 55. Duplicate of a depository receipt 3,00 checks, data generating and sorting in a format appropriate for printing on a pad (hard copy), print-out. 56. Report on securities or compensatory instruments holding (portfolio): The report includes: personal data of the person, name of the company (companies) from which issues the person holds securities, ISIN code of the issue (issues), nominal value, number of securities for each one of the issues and account type (personal 56.1 Standard portfolio of a physical person 5,00 or within an intermediary). The report shall be prepared as of the date of the application (report of the day). In case the portfolio is prepared with regard to inheritance procedure, when preparing it, the securities held by the deceased person shall be blocked. In addition to the data under p.54.1, the report includes the numbers of the investment intermediaries within which the client 56.2 Extended portfolio of a physical person 10,00 accounts are open, if any. The report shall be prepared as of the date of the application (report of the day). It is prepared usually in case of application for professional/ institutionary investor or in case the Commission of Financial Supervision requires such from investment intermediaries, 56.3 Portfolio as of a past date 12,00 registration agents, managing companies, etc. It includes the data under p.54.1 but shall be prepared as of a past date as indicated by the applicant. The report includes the entity data, the name of the company (companies) from which issues the entity holds securities, ISIN code of the issue (issues), the nominal value of the securities, the 56.4 Portfolio of a legal entity 50,00 number of securities for each one of the issues and the account type (personal or with an intermediary). The report shall be prepared as of the date of the application (report of the day). 57. Changing of personal data 3,00 58. Donation 5,00 VI. Internet services: Services for issuers which have entered into service agreement with the Central 59. Depository AD: 59.1 Report on Register of Shareholders – fee to the amount of the one due under p. 5 p.5 Report on registered transfers for a specified period – fee to the amount of the one 59.2 p.5 due under p. 5 59.3 Report on Register of Bondholders – fee to the amount of the one due under p.5 p.5 59.4 Official certificate of the capital structure 12,00 Services for issuers which have not entered into service agreement with the Central 60. Depository AD: 60.1 Report on Register of Shareholders – fee to the amount of the one due under p.8 p.8 Report on registered transfers for a specified period – fee to the amount of the one 60.2 p.8 due under p.8 60.3 Report on Register of Bondholders - fee to the amount of the one due under p. 8 p.8 Irregular reports for Register of Shareholders/Bondholders out of the procedure under The fee is to the amount of the half of the monthly fee due under 60.4 p.5 or p.8 1/2 * p.5(p.8) p.5 or p.8. 60.5 Portfolio of issuer 50,00 Check up from Special Pledge Register 60.6 5,00 VII. Services for payment by compensatory instruments (CI) under Art.13 of Law on 61. Transactions with Compensatory Instruments in favor of the local and central government authorities: 61.1 For payments by CI with nominal value up to BGN 4 999. 5,00 61.2 For payments by CI with nominal value from BGN 5 000 to BGN 49 999. 20,00 61.3 For payments by CI with nominal value from BGN 50 000 to BGN 499 999. 50,00 61.4 For payments by CI with nominal value over BGN 500 000. 100,00

VIII. Fees with regard to the procedure of registration of transactions with 62. compensatory instruments, concluded on OTC market:

Compensatory instrument nominal value 1 - 1 000 BGN. 20,00 1 001 – 5 000 BGN. 50,00 5 001 – 10 000 BGN. 100,00 10 001 – 50 000 BGN. 200,00 50 001 – 100 000 BGN. 500,00 Over 100 001 BGN. 1 000,00

63. IX. Irregular and informal reports

Report on a balance of the account of a securities holder for the States Receivables 63.1 10,00 Collection Agency, Territory Tax Offices and other empowered public authorities

Irregular report on changes in the registries (for the Depository members and their 63.2 50,00 clients) Informal report on registries, where the format of the report and the respective fee 63.3 By agreement shall be agreed in advance by the applicant and the Central Depository. Enclosure 2(E02) – Registration of securities issues and registration of changes in the register of the companies with dematerialized shares with Central Depository AD.

1. Company – issuer of securities shall be registered by : 1.1. The company – issuer, on the basis of the following documents: 1.1.1. Registration statement – Form 01/E02, where securities data, incl. their number and nominal value shall also be indicated.; 1.1.2. Copy of the certificate of actual legal status according to the Companies Register; 1.1.3. Copy of BULSTAT number certificate; 1.1.4. Copy of the actual Articles of Association of the company certified by the Companies Register/Register of the respective court; 1.1.5. Copy of the decision of the competent body of the issuer for issuing of the securities certified by the Companies Register/Register of the respective court; 1.1.6. Certificate of ISIN code of the issue; 1.1.7. List of the shareholders on hard copy and on a disk, containing the following data: 1.1.8. for local physical persons – full name of the shareholder, EGN, address according to identity document, number of shares; 1.1.9. for local legal entities – name of the company, seat and registered office, BULSTAT, number of shares; 1.1.10. for foreign physical persons – name, personal number „EGN”/social security number, permanent address and number of shares 1.1.11. For foreign legal entities - name, registration number of entering in the register of the respective country/BULSTAT (if available), registered office, address by registration and number of shares. 1.1.12. Agreement between Central Depository and the issuer for maintenance of actual register of dematerialized securities; 1.1.13. document for paid registration fee; 1.2. Investment intermediary – underwriter, member of Central Depository – the registration shall be performed based on the documents under p.p. 1.1.1 – 1.1.9, whereas a copy of the agreement between the issuer and the investment intermediary- underwriter for servicing the issue shall also be submitted. 1.3. The application for registration shall be signed by the representative of the issuer and the representative of the investment intermediary - underwriter. 1.4. Privatization Agency – registration shall be performed based on the documents under p.p. 1.1.1 – 1.1.9. 1.5. Information under p.1.1.7 on a disk shall be prepared in EXCEL format according to Form 02/E02. 1.6. Registration Documents on hard copy shall be signed by the representative of the company-issuer according to the court registration, and in case of p.1.3 – by the representative of Privatization Agency. 1.7. The submitted copies of documents shall be certified by the text “Confirming with the original”, signature of the person under p.1.5, date and seal of the companies. 2. Registration under p.1 shall be made within a 10-working day period following the submission of the full set of documents under p.1. in the Central Depository. 2.1. Following the registration, the Central Depository shall issue Act of registration of the issue which shall be submitted to the representative of the company – issuer, to a proxy explicitly authorized by him, or to the investment intermediary – underwriter. The act shall include information about the issue amount, list of the shareholders containing their names and the shares they hold. 2.2. Together with the Act under p. 2.1 depository receipts shall be provided to the shareholders for which personal accounts have been opened. The issuer and Central Depository can agree other procedure for submission of depository receipts. 2.3. In case of presence of encumbrances (distraints, pledges on the shares from the issue) Central Depository shall enter the encumbrances on basis of Statement - Form 01Б/E02. 3. Registration of changes. 3.1. Registration of capital increase by issuing of new shares – registration shall be performed based on: 3.1.1. Statement of registration of capital increase by issuing of new shares – Form 03/E02. 3.1.2. Copy of effective court order for the capital change certified by Companies Register/Register of the respective court; 3.1.3. Certificate for actual legal status by the Companies Register; 3.1.4. Copy of the decision of the competent body of the issuer for the capital change certified by Companies Register/Register of the respective court; 3.1.5. List of the shareholders, on hard copy and on a disk, who have acquired new shares from the capital increase, containing the following data: 3.1.5.1. for local physical persons – full name of the shareholder, EGN, address according to the identity documents, number of shares; 3.1.5.2. for local legal entities – name of the company, seat and registered office, BULSTAT, number of shares; 3.1.5.3. for foreign physical persons – name, personal number/social security number, permanent address and number of shares 3.1.5.4. For foreign legal entities - name, registration number of entering in the register of the respective country/BULSTAT (if available), registered office, address by registration and number of shares. 3.1.6. Annex to the Agreement under p. 1.1.8 in regard to the relationships between Central Depository and the issuer related to the capital increase provided they are not settled in this agreement. 3.1.7. Document for paid fee for registration of the change; 3.1.8. Certified copy of the agreement between the issuer and the investment intermediary provided the capital increase is registered through the investment intermediary. 3.1.9. Registered shares from the capital increase shall be blocked on the respective accounts of the shareholders until the capital increase is entered into the register under Art. 30 of the Law on Commission of Financial Supervision. Shares shall be unblocked based on a notification from the Commission of Financial Supervision, stating that the decision for registration of the capital increase is entered in the register in compliance with Art. 30 of the Law on Commission of Financial Supervision and it have entered into effect, within one working day following the receipt of the notification. During this period securities cannot be traded and encumbrances cannot be established thereon. 3.2. Registration of the capital increase through increasing the nominal value of the shares – shall be performed based on Application – Form 04/E02 and the documents under p.p. 3.1.2, 3.1.3, 3.1.4, 3.1.7. 3.3. After completion of the procedure of registration and payment of the shares from the capital increase pursuant to p.3.1 and p.3.2, the issuer shall notify the Central Depository about the completion of the procedure of capital increase. In case the shareholders have not paid the shares from the increase within the specified terms and they shall be cancelled therefore, in addition to the notification, the issuer shall enclose: 3.3.1. List of the shareholders whose shares should be cancelled. The list shall include the data under p. 1.1.7.1-1.1.7.4; 3.3.2. List of the shareholders acquired new shares from the increase. The list shall include the data under p.1.1.7.1-1.1.7.4; 3.3.3. Copy of the publication in State Gazette for advance notifying the shareholders with regard to registration and payment of additional contributions from the capital increase; 3.3.4. Statement of the representative of the company – issuer that the shareholders have not made contributions for paying the shares from the increase within the specified term. 3.4. Registration of the capital increase through rights issues and registration of rights entitling the holder to listed shares. 3.4.1. Registration of the rights issues and registration of rights entitling the holder to listed shares shall be performed according to Procedure 20 (E20). 3.4.2. Registration of the rights entitling the holder to listed shares shall be performed based on Statement – Form 03/E02 and the documents under p.p. 3.1.2, 3.1.3, 3.1.5. - 3.1.5.4, 3.1.6, 3.1.7. 3.4.3. Registered rights entitling the holder to listed shares shall be blocked on the respective accounts of the shareholders until the capital increase is entered into the register under Art. 30 of the Law on Commission of Financial Supervision. Shares shall be unblocked based on a notification from the Commission of Financial Supervision, stating that the decision for registration of the capital increase is entered in the register in compliance with Art. 30 of the Law on Commission of Financial Supervision and it has entered into effect. Unblocking shall be accomplished within one working day following the receipt of the notification. 3.5. Registration of the capital increase through initial offering of securities on Bulgarian Stock Exchange. 3.5.1. Central Depository registers temporary issue of securities which shall be subject of initial offering on the floor of Bulgarian Stock Exchange based on Statement Form 05/E02 and the following documents: 3.5.1.1. Decision of the competent body of the issuer for capital change through initial offering of securities on the floor of Bulgarian Stock Exchange; 3.5.1.2. Decision of the Commission of Financial Supervision for approval of Prospectus of the issuer for initial offering of securities; 3.5.1.3. Certified copy of the publication in State Gazette where the term of the subscription is specified; 3.5.1.4. Certificate from the service bank for opened and blocked account in compliance with Art.89 of LPOS. 3.5.1.5. Certificate of ISIN Code of the temporary issue 3.5.1.6. Document of paid fee for registration of temporary issue; 3.5.1.7. Agreement between the issuer and the investment intermediary, administrating the capital increase. 3.5.2. Securities from the issue under p.3.5.1 acquired during the subscription shall be registered on a client account with the investment intermediary through whom they have been acquired. 3.5.3. Following the completion of the subscription and the registration of the capital increase in Companies Register, Central Depository shall register the shares from the capital increase based on Statement Form 03/E02 and the documents under p.p. 3.1.2, 3.1.3, 3.1.6, 3.1.7. 3.5.4. Shares from the capital increase shall be registered on accounts of the shareholders with the investment intermediary, with which the accounts under p.3.5.2. have been opened. 3.5.5. Central Depository shall issue Act of registration of capital increase under this procedure, certifying the total amount of the issue / shares after the increase and data of the shareholders who have acquired shares from the increase. Registration of capital reduction Registration of capital reduction by reducing the nominal value of the shares – shall be performed based on Statement – Form 04/E02 and the documents under p.p. 3.1.2., 3.1.3, 3.1.4, 3.1.7. Upon explicit demand of the issuer /free style/ the Central Depository shall issue new depository receipts with changed nominal value of the shares. The receipts shall be submitted to the issuer for which the issuer shall pay a fee according to the Tariff of the Central Depository. The Central Depository shall issue Act of registration of the capital reduction under this procedure, certifying the total amount of the issue/ shares after reduction. Capital reduction through immobilization of shares. Immobilization of shares – shall be performed based on Statement – Form 06/П02; decision of the competent body of the issuer for reduction of the capital; list of the persons whose shares shall be immobilized including the data under p.p. 1.1.7.1 – 1.1.7.4; certified copy of the court order for registration of the capital reduction; annex to the Agreement under p.1.1.8 with regard to the relationships between the Central Depository and the issuer regarding reduction of the capital of the issuer; document for paid fee for registration of the change. In case of immobilizing of shares through buy back from the issuer, the investment intermediary servicing the buy-back shall notify the Central Depository for the beginning of the buy-back under this procedure and provide a certified copy of the court decision for registration in Companies Register the decision of the General Meeting of the issuer for the buy-back of shares intended their further immobilization. After completion of the buy-back of shares, the Central Depository shall issue a certificate of the amount of the shares bought back, registered on a client account in the name of the issuer with the investment intermediary, which have administrated the buy-back. The certificate shall be provided to the investment intermediary. Cancellation of the shares under p.3.6.2.2.1 shall be performed based on the following submitted documents: a certified copy of the decision of the General Meeting of the issuer for cancellation of the shares under p.p.3.6.2.2.1; a certified copy of the court order for reduction of the capital by the amount of the shares under p.3.6.2.2.1; Statement for cancellation of shares–Form 07/E02. Based on the documents under p. 3.6.2.2.2 the Central Depository shall transfer from the account under p. 3.6.2.2.1. to the issuer’s own account, and shall cancel/delete the shares from this account. The Central Depository shall issue Act for registration of the change. Registrations under p.3 shall be made within a 10 working day period after receiving of the full set of the documents unless other terms are specified by law. 4. Registration of apportation of securities. Registration shall be performed based on the following documents: Statement Form 08/E02 from the representative of the company for registration of the apportation through transfer of the shares from the account of the principal, holder of the securities to the company account. The statement shall be submitted together with the following documents: Copy of the decision of the competent body of the issuer/client certified by the Companies Register/Register of the respective court for participation in the company incorporation or in the increase of the capital through apportation of own securities. Copy of the decision for amendment of the contract of incorporation, respectively the Articles of Association certified by the Companies Register/Register of the respective court, including detailed description of the contribution and the contributor. Written consent of the contributor, certified in front of notary, with description of the contribution. Court order for incorporation of the company or increase of the capital – in original, transcript certified by court or copy certified in front of notary. Excerpt from the contract of incorporation, respectively Articles of Association certified in front of notary. Certified copy of the court order for acceptance of the expert assessment. Document for paid fee for registration of the apportation.

1. Registration of transformation of issuer/client (merger, consolidation, separation, division). Transformation of issuer/client shall be registered on the basis of: Statement for registration of transformation of issuer/client – Form 09/E02. Certified copy of a decision of the competent body of the issuer/client, taken the decision for transformation. It shall be submitted for both companies. Certified copy of court order for registration of the transformation in Companies Register. It shall be submitted for both companies. Certified copy of court order for deletion of issuer/client from the Companies Register (in case of merger, consolidation and division). Name, BULSTAT of the acquiring/newly established company shall be indicated in the application. Document for paid fee for registration of transformation. Each entry of transfer of shares in case of merger, consolidation, separation, division shall be charged separately for each registration. Transformation plan certified by the Companies Register/Register of the respective court, where the allocation of the shares after the transformation shall be indicated. List of the shareholders of the acquiring/newly established company with the shares they hold after the transformation. The list shall include the data specified under p.1.1.7.1 – 1.1.7.4. In case the shares of the transforming company are on a client account with an investment intermediary, the statement under p.5.1.1 and the documents under p.5.1.2-5.1.5 shall be submitted by the investment intermediary. In case the transforming company is an issuer, the statement and documents under p.5.1.2- 5.1.4 shall be submitted by the company – issuer. In cases under Art.262ч, para.5, of the Commercial Code, the statement shall be signed by the Board of Directors of the applicant, and in cases under p.5.2 – by the Board of Directors and Investment Intermediary in compliance with the requirements under Art.262 of the Commercial Code. Accounts of the shareholders opened after registration of the transformation shall remain client/personal as before the transformation. Before registration of transformation of issuer/client, the representative of the acquiring/newly established company shall submit a request to the Central Depository for issuance of a certificate of presence/lack of encumbrances on the shares that shall be acquired as a result of the transformation. In case of registration of transformation of an issuer/client, the Central Depository shall transfer the shares together with the encumbrances established thereon, if available, on the grounds of Art. 261d, para.2 of Commercial Code. In case of registration of transformation, for each entry the Central Depository shall issue Act of registration and depository receipts of the shareholders in the acquiring / newly established company in case the shares are on personal accounts. 2. Writing off a company-issuer by the Central Depository. Writing off a company-issuer by the Central Depository in case of changing the type of the shares from dematerialized into materialized shares shall be performed on the basis of: Application for writing off the issue - Form 10/E02 Court order certified by Companies Register/Register of the respective court for express registration in Companies Register of the change of the type of the shares from dematerialized into materialized shares. Copy of actual Articles of Association of the company, certified by Companies Register/Register of the respective court, which shall include the change of the types of the shares. Copy of the decision of the competent body of the issuer, certified by Companies Register/Register of the respective court, for change of the type of the shares from dematerialized into materialized shares. Document from the Commission of Financial Supervision for writing off the company from Public Companies Register and that the decision of the Commission of Financial Supervision has entered into effect. Document for paid fee for deletion of the issuer from the register of the Central Depository and fee for drawing out the securities. Writing off the company-issuer upon its deletion from Companies Register shall be made on the basis of: Notification in writing from the representative of the company-issuer. Certified copy of court order for registration of the deletion in Companies Register. Document for paid fee for deletion and drawing out the securities. In case the issue is encumbered (blocking, pledges or distraints on the shares) the Central Depository shall notify in writing the interest parties after receipt of the application for writing off the issue. In case the issue is encumbered (blocking, pledges or distraints on the shares) the issuer shall declare in writing that undertakes to enter in Register of Materialized Shares or on interim certificates, the encumbrances entered in the register of the Central Depository as of the moment of the writing off. Declaration – Form 11/E02. The company-issuer shall pay the amounts due under the agreement as per p.1.1.8 up to the moment of writing off the issue from the register of the Central Depository. The Central Depository shall issue Act for deletion of the issue from the register. The company shall issue materialized shares, interim certificates and a register of materialized shares on the grounds of the data specified in Deletion Act. 3. Bond issues shall be registered on the basis of: Registration Statement Form 12/E02, in which the bond issue data shall be specified: ISIN code of the issue; date of issuing; bond issue amount (in the respective currency); number of bonds; nominal value of one bond; bond type (ordinary debentures, mortgage backed securities); issue type (public/non-public); issue term; currency; interest; period of payment. Documents under p.p. 1.1.2 – 1.1.6 and list of bondholders which shall include the data specified under p.1.1.7.1 – 1.1.7.4. Copy of Memorandum for issuing the bond issue shall be submitted together with a copy of Articles of Association of the company under p.1.1.4. Agreement between the Central Depository and the issuer for maintenance of actual register of the bond issue, where the matters related to the writing off the issue from the registries of the Central Depository after its maturity can also be governed. Document for paid fee for registration of the bond issue. Registration shall be made within one working day. Central Depository shall issue Act of bond registration which shall be provided pursuant to p.2.1. 4. Writing off a bond issue from the register of the Central Depository. Bond issue shall be written off from the register of the Central Depository after expiration of its term, in compliance with the agreement under p. 7.3, and in case these issues are not governed in such agreement, the writing off shall be made on the grounds of application for writing off the issue from the register of the Central Depository submitted by the representative of the company, issuer of the bond issue and document for paid fee. The application shall include the date of maturity of the issue as well as the date on which the issue shall be written off from the register of the Central Depository. On the date specified by the issuer (under an agreement or respectively by application) the Central Depository shall delete the bond issue and shall issue Act of Deletion of the Issue therefore. 5. Disbursement of dividends and payments on bond issues. Disbursement of dividend on share issues. 9.1.1 Before disbursement of dividends the Central Depository shall allocate the amounts of the dividends among shareholders on the grounds of Statement which shall include: Issue identification - ISIN code, number of shares, nominal value per share. Dividend amount per share. The date at which the shareholders’ list shall be specified. Central Depository is not responsible in case the date specified in the statement is not in conformity with the requirements specified under Art.115b, para.1 of LPOS. Initial date of dividend disbursement Certified copy of the competent body for dividend disbursement shall be enclosed to the statement. Agreement for administration of the disbursement signed between the issuer and the Central Depository. Document for paid fee for the service provided shall be enclosed too. The issuer shall transfer the amount for disbursement of the dividends, after deduction of the tax due, to an account of the Central Depository whereas the amount shall be transferred within the terms as follows: For BGN payments – the amount should be deposited on an account of the Central Depository within 4 /four/ working days prior to the initial date of dividend disbursement, not including the date of disbursement; For FC payments – the amount should be deposited on an account of the Central Depository not later than 4 /four/ working days prior to the initial date of dividend disbursement, not including the date of disbursement; 9.1.6 In case of established encumbrances– distraints or pledges, the issuer shall provide consent on behalf of the creditors for dividend disbursement within the term as specified under Art.73 of Commercial Code. The amounts for the dividend shall be blocked on pledged or distrained shares by order of the issuer until consent of all the shareholders is provided. 9.1.7 The Central Depository shall prepare lists by investment intermediaries including allocation of the amounts for dividend disbursement to their clients, company shareholders. The lists shall be submitted to the respective investment intermediary together with the transfer of the amounts. 9.1.8 The Central Depository shall provide a list of the shareholders with personal accounts to the service bank according to the terms of an agreement signed between the bank, the company and the Central Depository. 9.1.9 In case the payments shall be made at issuer’s desk, the Central Depository shall provide the list for dividend disbursement by shareholders to an authorized representative of the issuer. 9.1.10 Dividend payment through the system of the Central Depository shall be made in compliance with Procedure №27. Disbursements on bond issues shall be made based on: Statement from the company-issuer of the issue which shall contain the data as follows: Issue identification – ISIN code, number of bonds, nominal value per bond. Amount of the payment due per bond. The date at which the bondholders’ list shall be specified. The Central Depository is not responsible in case the date specified in the statement is not in conformity with the requirement as specified by law or with the information announced in the issue prospectus. Maturity date of payment. Agreement for administration of the disbursement signed between the issuer and the Central Depository. Document for paid fee. The Central Depository shall notify the issuer about the total amount of payment after calculations and in round figures. The issuer shall transfer the amount for disbursement of the payments due under the bond issue to an account of the Central Depository after deduction of the tax due. The amount shall be deposited to the account of the Central Depository within the following terms: For BGN payments – the amount should be deposited to an account of the Central Depository within 4 /four/ business days prior to the initial date of payment, not including the payment date; For FC payments – the amount should be deposited on an account of the Central Depository not later than 4 /four/ business days prior to the initial date of payment, not including the date of payment; The Central Depository shall prepare lists by investment intermediaries with allocation of the payment amounts under the bond issue to their clients, company bondholders. The lists shall be submitted to the respective investment intermediaries along with the transfer of the amounts. Payments under bond issues through the system of the Central Depository shall be made in compliance with Procedure №27. 6. Preparing and receiving of check ups from the Central Depository Register. Preparing of Register of Shareholders – shall be made based on a written application submitted to the Central Depository /on spot, by post, by fax/- Form 13/E02. The application shall include the following data: Company name, BULSTAT number, seat and registered office. The date as of which Register of Shareholders shall be issued. The application for preparing the register of shareholders can be submitted via internet by filling in a electronic registration form: The issuer shall register initially in the web-site of the Central Depository in order to obtain an official access to menu “clients/conditions”, on the basis of a hard copy application containing the company name and post address, the company number with the Central Depository system; electronic address on which the check-ups requested shall be submitted; contact person’s full name and phone number. The application shall be signed by the representative of the company and shall be sent by post or by bearer. Menu “clients” shall be accessed following its initial registration in “REGISTRATION WEB.CDAD” on the grounds of username and password filled in. Based on the application under p.10.1.3.1 the Central Depository shall provide official access to menu “clients” to the person authorized by the issuer. The Central Depository shall prepare register of shareholders and other check-ups on the basis of the requests received electronically through menu “services for issuers” in the Central Depository web-site to the electronic address specified in the application. For changing the data under p.10.1.3.1 the issuer shall submit to the Central Depository new application on hard copy. Registers of shareholders on hard copy shall be provided to the representative of the company or a person explicitly authorized by him. Registers of shareholders shall be received in case the following documents are provided: Certificate of actual legal status of the company; Power of attorney, in case Register of Shareholders will be received by an authorized person; Identity card of the person receiving it Document for paid fee. Check ups upon demand of the Commission of Financial Supervision, bodies of judicial authorities and other public institutions. Check ups shall be prepared upon demand of the applicants and in conformity with the provisions of Art.133 of LPOS. Document for paid fee, if due, according to Central Depository Tariff, shall be submitted. Check-ups shall be provided to the applicant in the way of submission of the demand – respectively by post or by bearer. The Central Depository shall prepare/submit the following check-ups/pieces of information with regard to the registers of the joint-stock companies maintained by the Depository:  Certificate of capital structure;  Check-up for the movements registered in the account of the company – issuer;  Portfolio of issuer/client;  Check-up for a shareholder’s share in percentage;  Check-ups for the capital amount and for encumbrances on the issue;  Check-ups for paid dividends/interest and principals;  others The check-ups shall be provided to the empowered persons in compliance with the provisions of Art. 133 of LPOS and Art.21 of Regulation №8 of the Commission of Financial Supervision on the Central Depository of securities. The check-ups shall be prepared after receiving a written statement/demand by the applicant and shall be received by the applicant in the Central Depository office or by a person authorized by him against a document of fee paid for preparing the check-up. 7. ISIN Coding. ISIN Coding shall be made based on Demand From 14/EП02 submitted in the Central Depository for obtaining an ISIN code, which shall be completed by: Copy of actual court certificate certified by the Commercial Register. Document for paid fee for issuing ISIN code. The Central Depository shall provide ISIN code and register this code in Public Electronic Register of ISIN code of dematerialized securities and shall issue certificate of the code obtained to the applicant. ISIN Code Certificate shall be received by a representative of the issuer. In case of ISIN coding of materialized securities, a copy of the decision of the Ministry of Finance for printing materialized securities shall be enclosed to the demand under p.11.1. 8. Change of personal data of issuers of securities: In case of change of personal data of a company - issuer, the company issuer shall notify the Central Depository in writing for the changes immediately after their registration in Companies Register for which it shall enclose a copy of the court order for registration of the change. The notification shall be signed by the representative of the company. Company-issuer personal data shall be as follows: Name of the company-issuer; BULSTAT number; Seat and registered office; Change of the persons representing the company; Legal status of the company /bankruptcy proceedings, liquidation proceedings/. 9. Registration of securities issue in special cases. In case of immobilization/dematerialization of securities, the issuers should register the securities issue with the Central Depository pursuant to p.1. After registration of the issue, the securities shall be immobilized/dematerialized by an investment intermediary, with which the company-issuer has concluded an agreement. For immobilization/dematerialization of securities the investment intermediary shall submit to the Central Depository the following documents: 13.2.1 Application for immobilization/dematerialization of securities signed by the representative of the investment intermediary. 13.2.2 Certified copy of the agreement between the issuer and the investment intermediary. 13.2.3 Written statement of receipt and transfer between the investment intermediary and the Central Depository – Form 15/E02 , which shall contain the following data:  the shareholders’ data under p.1.1.7.1-1.1.7.4;  type of securities;  number of the denomination;  denomination structure of the securities – number of securities, nominal value per share and total nominal value;  subsequent numbers of the securities; Hand-over protocol shall be signed by the representative of the investment intermediary by court registration or by a person explicitly authorized by him; 13.2.4. Originals of securities; 13.2.5. Document for paid fee for immobilization/dematerialization of securities; 13.3. In case of registration of company-issuer if some personal data of the shareholders under p.1.1.7.1-1.1.7.4 are missing, the shares shall not be registered on the holders’ individual accounts. In this case the total amount of securities, of the shareholders with missing data, shall be registered in separate “deposit account of securities of shareholders with missing data”. When all required personal data for these shareholders are provided, the respective securities shall be transferred from the general deposit account to a holder’s own account. 14. The Central Depository may require other documents or information from the company if needed for registrations or changes in the register. Enclosure 4(E04) – Legitimation and Representation Procedure

LEGITIMATION 1. Applicant shall identify its type /legal entity or physical person/ for which it shall provide documents. The documents shall be verified and compared and their copies shall be kept with Registration Agent. The Registration Agent shall compare the data and signatures in all documents as well as the congruence of the person with the photo in the identity document. Bulgarian physical persons – Original and copy of Bulgarian identity document certified by the person /identity card or passport/. Foreign physical persons – Original international passport for entry in Bulgaria. The legalized original translation of the passport pages which shall contain the data specified below. This document shall be archived and shall be left at the desk.  Full name;  Passport number;  Date of issue (if indicated in the passport);  Date of expiry of the passport (if indicated in the passport);  Nationality;  Address (if indicated in the passport). Copy of the passport pages containing the information and the photo of the foreign physical person, which have been translated. Bulgarian legal entities /registered in Bulgaria/: Original certificate of actual legal status from Companies Register or a copy certified in front of notary /validity not more than 3 months/. Copy of identity code- BULSTAT number. Original Bulgarian identity document (documents) of the person (persons) representing the legal entity according to the court registration. Copy of the certificate of tax number of the company. The registration agent should advise the applicant that Central Depository AD is not responsible in any cases of illegal transfers of securities. Foreign legal entities/registered abroad/: Copy of the act of registration in the original language. Legalized translation (or legalized copy of the translation certified in front of notary) of the text of the registration act which shall contain the data specified below: Full name of the legal entity; Date of issue; Country of registration; Address of the legal entity; Name of the persons who are entitled to represent the legal entity. In case the legal entity is registered in Bulgaria, copy of the certificate of the company tax number should also be provided. REPRESENTATION 1. Representation can be established by court registration, by power of attorney certified in front of notary, by document for legal representative /parent, trustee, guardian/. The representative/authorized person shall provide documents proving the representation: Representation of Bulgarian legal entities by their representatives according to court registration: The representative should provide the whole personal information as a physical person according to legitimation procedures. The representative should be a person or one of the persons entered in the act of registration. In case the legal entity is represented by two or more persons together, the representation shall be jointly performed. Representation of foreign legal entities by their representatives according to the registration: The procedure under p. 1.4. and p.2.2. shall apply. Representation of Bulgarian legal entities by an authorized person: Express power of attorney by the representatives of the company certified in front of notary. In case of vagueness, inaccuracy or other doubts for improper representation the power of attorney shall not be accepted. The name of the person signed the power of attorney should correspond to one of the names according to the registration act. In case the legal entity is represented by two or more persons together, the power of attorney should be signed by all the representatives. The authorized person should provide the whole personal information as a physical person according to legitimation procedures and copy of the identity documents of the representative (representatives) of the legal entity certified by him. Representation of foreign legal entities by an authorized person: Express power of attorney by the representatives of the company certified in front of notary. In case of vagueness, inaccuracy or other doubts for improper representation the power of attorney shall not be accepted.  In case the power of attorney is certified in front of notary abroad, it shall be provided together with its official legalized translation.  The name of the person who has signed the power of attorney should correspond to one of the names according to the registration act. In case the legal entity is represented by two or more persons together, the power of attorney should be signed by all the representatives. The authorized person should provide the whole personal information as a physical person according to legitimation procedures and copy of the identity documents of the representative (representatives) of the legal entity certified by him. Representation of Bulgarian physical persons. Express power of attorney by the holder of the securities certified in front of notary. In case of vagueness, inaccuracy or other doubts for improper representation the power of attorney shall not be accepted. The representative should provide the whole personal information as a physical person according to legitimation procedures and copy of the identity documents of represented person /authorizing party/. Representation of foreign physical persons: Express power of attorney certified in front of notary. In case of vagueness, inaccuracy or other doubts for improper representation the power of attorney shall not be accepted. In case the power of attorney is certified I front of notary abroad, it shall be provided together with its official legalized translation. The representative should provide the whole personal information as a physical person according to legitimation procedures and copy of the identity documents of represented person /authorizing party/. Representation of infant physical persons (under 14 years): Original and copy of the permit by the regional court at the place of residence of the parent (parents) for administrating the securities of the infant person according to Art. 73, Para 2 of Family Code. Declaration certifying that the transfer is not a donation, waiver of rights, lending and guaranteeing the debts of third persons by pledge or endorsement which are considered null and void according to Art. 73, Para 3 of Family Code. The legal representative /parent or guardian/ should provide the whole personal information as a physical person according to legitimation procedures: Birth certificate, respectively a document proving the nomination of the person as a guardian – original and copy; Representation of physical persons under age /at age from 14 to 16 years/. Original and copy of the permit by the regional court at the place of residence of the parent (parents) for administrating the securities of the infant person according to Art. 73, Para 2 of Family Code. Declaration signed by the parents certifying that they agree with the transfer and registration of securities under the specified terms in benefit of the infant person. Certificate by the municipality council at the place of residence that the parents are not deprived of parent rights. All documents and forms should be filled in according to the general procedure and shall be signed by the infant person and the representatives /parent or guardian/ indicating “agree"; The representative should provide the whole personal information as a physical person according to legitimation procedures, as well as a copy, certified by him, of the identity document of the infant person. Declaration certifying that the transfer is not a donation, waiver of rights, lending and guaranteeing the debts of third persons by pledge or endorsement which are considered null and void according to Art. 73, Para 3 of Family Code. Birth Certificate, respectively a guardianship document – original and copy; Representation of physical persons under age /at age from 16 to 18 years/. The requirements under p.2.8 shall apply in case the person is not contracted a marriage. If the person under age is married: Marriage Certificate - original and copy. Identity document – original and certified copy; Declaration of the parents that they agree with transfer and registration of the securities under the specified terms. Notice: In case additional requirements for legislation and representation are envisaged by enactment, they should be observed by Registration Agent nevertheless they are not explicitly specified in these procedures. Enclosure 5(E05) – Registration Agent Activity

1. All documents in compliance to which/ on the grounds of which the Registration Agent shall conduct the service of its clients /respectively originals or certified copies/,are required and kept with Registration Agent. Registration Agent shall order in the Central Depository the respective activities electronically according to the established manner of communication with the Central Depository. Upon demand, Registration Agent is obliged to provide the respective documents within the term specified by the Central Depository. 2. Transfer of securities. All transfers – donation, inheritance, sale and other transfer against payment of securities of companies and compensatory instruments listed on the floor of Bulgarian Stock Exchange shall be registered by the Registration Agent at the relevant segment of the Bulgarian Stock Exchange. In any other cases the transfer is out of counter. Registration Agent shall order transfer of securities based on: Sale and purchase agreement between the parties of the transaction certified in front of notary. Original or a transcript of the agreement certified in front of notary shall be kept with the Registration Agent; Order for transfer of securities signed by transferor – Form 02/E05. Documents under Enclosure 4(E04) – Legitimation and Representation Procedure, of the transaction parties. Original document certifying the ownership on the securities, subject of the transaction / depository receipt, interim share certificate/. After verification of the documents under p.2.2, in case the transaction is admissible, the Registration Agent: shall register the persons – parties of the transaction as its clients with the Central Depository and shall open them client accounts / in case they have not been registered as such/– message МТ 599. In case the securities of the transferor are in personal account, the Registration Agent shall order their transfer to a client account of the transferor – messages МТ540 and МТ542. In the presence of the circumstances under p.2.3.1 and p.2.3.2 the Registration Agent shall order transfer of the securities – messages МТ540 and МТ542. 3. Donation Transfer of securities from donor’s account to the account of the person receiving the donation shall be performed on the basis of: Donation Agreement in writing, where the signatures shall be certified in front of notary. Original or a transcript of the agreement certified in front of notary shall be kept with the Registration Agent. Order for transferring the securities, subject of donation, signed by the donor – Form 02/П05. The order shall be filled in by the donor and shall be signed in front of an official of the Registration Agent; Documents under Enclosure 04(E04) – Legitimation and Representation Procedure, of the parties of donation. Original document certifying the ownership on the securities, subject of the donation / depository receipt, interim share certificate, electronic message by the Central Depository for availability of securities/. Certificate of paid tax, if due. /It is not required in cases under Art.31, para.2 and Art.44, para.5 of LLTF./ After verification of the documents under p.3.1 and in case the transfer is admissible, the Registration Agent shall order the transfer of the securities, subject of donation, under the procedure of p.2.3. 4. Transfer of securities in case of inheritance/except for inheritance by testament/legacy/ Securities from the account of legator to the accounts of the heirs shall be transferred on the basis of: Certificate of heirs. Request for a check-up for securities held by legator– Form 06/E05, signed by all heirs or persons authorized by them. Agreement for voluntary partition between all heirs according to Certificate of heirs, where the signatures shall be certified in front of notary. Based on the check-up under p.4.1.2 the agreement should cover all securities, subject of inheritance except those being subject of inheritance by succession of legacy. The order under p.4.1.4 shall be signed only by the heirs who shall be granted a share according to the agreement of voluntary partition. Order for transfer of the respective shares of securities from the account of the legator to the respective accounts of the heirs signed by all heirs or persons authorized by them Form 03/E05. Original document certifying the ownership on the securities, subject of inheritance /depository receipt, interim certificate/. In case the heirs do not possess such document, they shall provide a statement free style for this circumstance. The statement shall be signed by the persons under p.4.1.2. Certificate of tax paid, when due. In case an heir is represented by a person authorized by him, the power of attorney shall specify explicitly the actions that may be performed by the authorized person on behalf of the authorizing party. The power of attorney shall meet the requirements under Art.36 of Regulation №1 on requirements to the activities of the investment intermediaries. After verification of the documents under p.4.1 the Registration agent shall: submit to the Central Depository application for a check-up in respect of securities hold by legator and for their blocking – message МТ599. The Central Depository shall provide the check-up on hard copy and shall submit it to the Registration agent as well as shall block the securities, subject of inheritance. submit the check-up prepared by the Central Depository to the heirs. In compliance with the agreement of voluntary partition between the heirs, shall order transferring of the respective shares of securities from the legator’s account to the respective accounts of the heirs – messages МТ540 and МТ542. Transfer of securities to an account of each of the heirs shall be ordered by separate message. In case the legator is not a client of the Registration agent, upon receipt of message МТ599 under p.4.2.1, along with blocking the securities, being subject of inheritance, the Central Depository shall register the legator as a client of the Registration agent providing ex-officio a number to him. Registration agent should register the heirs who shall receive a share under the voluntary partition agreement as its clients and open them client accounts. Registration agent shall submit to the Central Depository message МТ545 and message МТ542 for transfer of the respective shares of securities, subject of inheritance, to the respective client accounts of the heirs. Upon receipt of these messages the Central Depository shall open client accounts of the legator with the Registration agent and shall credit them ex- officio from the respective accounts of the legator respectively opened in Register A or with other Investment intermediary. The official opening of accounts of the legator and transferring of securities to these accounts are at the expense of the Registration agent which shall be charged by the Central Depository with the respective fees. In case accounts with securities subject of inheritance have been opened with an investment intermediary and these securities have been ex-officio transferred under the procedure of p. 4.2.3.3, the intermediary shall be advised electronically that these transfers are in regard to the activities performed by the Registration agent. In case an heir is represented by a person authorized by him, the power of attorney shall specify explicitly and fully all the actions that may be performed by the authorized person on behalf of the authorizing party. The power of attorney shall meet the requirements under Art.36 of Regulation №1 on requirements to the activities of the investment intermediaries. 5. Transfer of securities in case of inheritance by testament/legacy. In case of inheritance by testament/legacy, the Registration agent shall require all the documents specified below to be provided to him: Certificate of heirs; Transcript, certified in front of notary, of an autographical or notaries testament prepared in style and containing all the requisites as required under Inheritance Act. Notary Protocol for announcement of testament; Certificate of paid inheritance tax if needed; Identity document. All documents except identity documents shall be provided in original or a transcript certified in front of notary. Documents shall be signed and certified at each page by the heir-applicant, the person received the documents and a person from the internal control department under the procedure established by Regulation № 1 on the requirements to the activities of the investment intermediaries. The person from the internal control department shall prepare a document for verification of the circumstances carried out under Art. 37 of the Regulation. The Registration agent shall submit to the Central Depository a request for a check-up and blocking of the securities – portfolio and order for transfer by form. All documents in regard to the transfer shall be kept with the Registration agent. The relationships between the persons, ordering transfer of the securities on the grounds of testament order/succession by legacy and the Registration agent shall be governed by agreement. In case of litigation of the inheritance, of caused material and intangible damages of the Central Depository, affecting the Depository reputation as well as any other claims related to the inheritance, the Registration agent and the heirs/testator shall bear responsibility in front of the Central Depository for its actions. In such cases, pursuant to a decision of the Board of Directors, the Central Depository can require collaterals and compensations, as well as the measures under Art. 17 of Rules and Regulations of the Central Depository to be applied, incl. termination of membership agreement and Registration Agent agreement. Registration agent shall be notified by the Central Depository on the legator’s portfolio – Form 06а/E05 and shall advise the heir-applicant only for the amount of the share he shall receive from the securities hold by the legator as specified in the testament/legacy. The Registration agent shall not advise the heir about the total availability on the legator’s accounts. According to the testament/legacy, the Registration Agent shall order transferring the respective shares of securities from the legator’s account to the respective accounts of the heirs – messages МТ540 and МТ542. Separate message shall be submitted for the transfer on an account of each one of the heirs based on Form 03а/E05. After receipt of the order, the Central Depository shall transfer the ordered securities, individualized by type, number, ISIN code. In case the availability on the legator’ account is below the requested one, the Central Depository shall transfer only the securities available in the register of the Central Depository. All transfers in case of inheritance by testament/legacy of shares of public companies, compensatory instruments and investment vouchers shall be registered by the Registration agent on the respective segment of the Bulgarian Stock Exchange. Registration agent shall perform its activities in regard to transfers in case of inheritance in conformity with all effective regulations and requirements while acting with professional care and in good faith. In cases of transfer of securities in case of inheritance by testament and succession by legacy subsidiary the general provisions under p.4 shall apply. 6. Change of personal data. Investors in dematerialized securities registered with the Central Depository can request changing of their personal data entered in the registers of the Central Depository through the Registration agent by providing the following documents: Application for change of personal data – Form 04/E05. In case the documents are provided by authorized person, a power of attorney in which the actions the authorized person may perform on behalf of the authorizing party shall be explicitly specified as well as the identity documents of the representative shall be submitted. The power of attorney shall meet the requirements under Art.36 of Regulation №1 on the requirements to the activity of the investment intermediaries. The documents under Enclosure 04(E04) – Legitimation and Representation Procedure. All original documents certifying the ownership on dematerialized securities /depository receipts/. In case of change of EGN data, a certificate of the names and EGN of the persons issued by ESGRAON office or Civil Status Department with the respective municipality. Court order or other act for changing the name /Marriage Certificate/ in case the personal data are changed by such acts/certificates. On the basis of the submitted documents, the Registration Agent shall perform the following actions: 6.2.1 Register the person under p.6.1. as his client by submitting to the Central Depository message МТ599, which shall include the data of the person as registered with the Central Depository /the wrong data of the person/. 6.2.2 After submission of the message under p.6.2.1 the Registration agent shall submit again to the Central Depository message МТ599, which shall include the identification number of the message under p.6.2.1, the correct data of the person, sub-identifactor for correction /”DUPL”/ and the respective code of changing the data. Separate message shall be submitted for each one of the changes. Codes for change of personal data: 101 – Change of NAME AND ADDRESS; 001 – Change of ADDRESS; 100 – Change of NAMES; 010 – Change of EGN or BULSTAT; 011 – Change of EGN and ADDRESS or BULSTAT and ADDRESS; 6.2.3. After successful registration of the data from the message under p.6.2.2 the Central Depository shall submit electronic message to the investment intermediaries having the person as its client and shall print depository receipts of the securities owned by the person in personal accounts. The depository receipts shall be provided to the Registration agent in order to be delivered to the person. 6.2.4. Personal data of clients holding compensatory instruments shall not be changed through Registration agent. Correction of data of such clients shall be carried out under procedure established under LTCI and Regulation on the activities of the Central Depository in respect of registration OF the issuance, transactions and payments by compensatory instruments – Chapter ІV. 6.2.4.1. In case one and the same person owns compensatory instruments and other types of securities, the change of the data in the registers of the Central Depository through Registration Agent shall be performed only in respect of the other types of securities. 7. Issuance of a duplicate of depository receipt. 7.1. Duplicate of a depository receipt shall be issued on the basis of the following documents: 7.1.1. Application for issuance of duplicate of depository receipt – Form 07/E05 7.1.2. Identity documents under Enclosure 04(E04) – Legitimation and Representation Procedure. 7.1.3. The documents for issuance of duplicate shall be handed in to the Registration agent personally by the securities owners; their handing in by an authorized person is not allowed in order the security and interests of the investors to be ensured. 7.2. Based on the documents under p.7.1 the Registration agent shall submit to the Central Depository message МТ59 for requesting issuance of duplicate of a depository receipt for the securities owned by the holder in a personal account from the respective issue. 7.3. The Central Depository shall submit electronic message to the Registration Agent with the result from the processing of the message under p.7.2, and in case the data in the message correspond to the data in the registers of the Central Depository, it shall print a duplicate of the depository receipt. 7.3.1. The depository receipt shall be provided against signature to an authorized official of the Registration agent. 8. Preparing of portfolio check-ups 8.1. Portfolio check-up shall be prepared on the basis of the following documents: 8.1.1. Application for check-up of portfolio status – Form 05/E05. 8.1.2. Identity documents under Enclosure 04(E04) – Legitimation and Representation Procedure. 8.2. Based on the documents under p.8.1 the Registration agent shall submit to the Central Depository message МТ599 for issuance of the respective portfolio type. 8.2.1. Codes for preparing check-ups for availabilities on accounts of clients 72-Check up for availabilities in accounts 73-Extended check-up for availabilities in accounts – includes also the numbers of the intermediaries where the accounts are opened/; 75-Check up for portfolio of candidates for professional investors; 81-Application for check up and blocking in regard to inheritance procedure; 85- Application for check up and blocking in regard to inheritance procedure by testament/legacy 8.2.2. For receiving of extended check-up for a portfolio including data of the investment intermediary with availabilities on client accounts of the holder, the holder should authorize one particular official of the Registration agent, by a power of attorney certified in front of notary containing notary certification of the signature, to receive the extended check-up from the Central Depository. Enclosure 6(E06) – Procedures of Ordering Transfer of Securities from Personal Account to Client Account with an Intermediary

1. Clients’ accounts of investors in dematerialized securities shall be opened with investment intermediaries and registration agents chosen by the owners of the securities, with which they have concluded an agreement pursuant to Regulation №1 of the Commission of Financial Supervision on the requirements to the activities of investment intermediaries. 2. Securities shall be transferred from personal to client account through the investment intermediaries and registration agents under p.1, on the basis of the following documents: 2.1. Concluded agreement pursuant to p.1; 2.2. Order for performing a transaction if not set in the agreement under p.2.1; 2.3. Document for legitimation or representation, pursuant to Enclosure 4/E04 for legitimation and representation; 2.4. Order for transfer of securities - Form 01/E06: 2.4.1. The forms are marked by unique numbers and shall be provided by the Central Depository for consideration. They are printed on three-layer chemicalized paper, each layer with different color. 2.4.2. The forms shall be received by persons authorized by the investment intermediaries, according to ordered amounts. The numbers of the received forms shall be specified in the written statement of receipt and transfer. 2.4.3. The investment intermediary shall be required to notify the Central Depository AD for the forms received by the specified employees and authorized persons, electronically, by submitting through the established means of communication to the Central Depository a text file with fixed length of the fields: file SLUV.TXT with following format: INW_ID - intermediary number- position from 1 to 10 incl. CLIENT_ID - client number of the employee or the authorized person – position from 12 to 22 incl. BEG_NUM - initial number of the order –position from 24 to 34 incl. END_NUM - end number of the order – position from 36 to 46 incl. VALID - validity - Y - valid, N - invalid- position 48 The file name shall include the number of the intermediary and the subsequent number of the file itself, for inst.: SLUV1_22777.ТХТ, whereas “22777” is number of the investment intermediary. 2.4.4. The Central Depository shall check the message МТ542 for securities transfer whether the form number under p.2.4.1 is indicated in the written statement of receipt and transfer under p.2.4.2 for the forms received by the investment intermediaries and in the notification file under p.2.4.3. In case it is not found – the order for securities transfer shall not be fulfilled and the Central Depository shall submit back electronic message with the reason of rejection. 2.4.5. Filling in the form under p.2.4.1 shall be required upon transfer of securities from physical persons’ accounts and upon transfer of compensatory instruments by legal entities. 2.4.6. Filling in the forms 2.4.6.1. It is a requirement that all fields of the form shall be filled in, whereas the field “represented by:” shall be filled in only in case the holder of the securities account is represented by an authorized person. 2.4.6.2. It is a requirement that the forms shall be signed personally by the principal and the employee of the investment intermediary/registration agent, respectively a person under Art.21 of Regulation №1 of the Commission of Financial Supervision on requirements to the activities of the investment intermediary. 2.4.7. The three copies of the completed form shall be stamped by the investment intermediary/registration agent, the third copy shall be handed to the client while the first and second copies shall be kept with the investment intermediary/registration agent. 2.4.8. The investment intermediary/registration agent shall notify the Central Depository for the numbers of the invalid forms pursuant to p.2.4.3 and shall keep them. 2.4.9. In case of replacement of the employee to whom the forms under p.2.4.1 are registered, the investment intermediary/registration agent shall notify the Central Depository for the replacement as follows: 2.4.9.1. It shall submit a message pursuant to p.2.4.3, in which shall specify the numbers of the forms to be written off from the employee to whom they have been registered. 2.4.9.2. After submission of the message under p. 2.4.9.1 it shall submit new message to notify the Central Depository about the new employee to whom the forms under p.2.4.9.1. shall be registered 2.4.10. Transfer of forms from one investment intermediary/registration agent to another investment intermediary/registration agent is not allowed. 2.5. Original document certifying the ownership on the securities – depository receipt, interim certificate. 2.5.1. It is a requirement that the investment intermediary/registration agent shall kept the documents under p.2.5 for each transaction in all the transfers from Register А to Register B, performed by him. 2.6. In case the holder of the securities accounts is represented by an authorized person, the investment intermediary/registration agent shall obligatory require and kept a declaration from the authorized person that he does not perform transactions with securities by occupation as well as an original power of attorney, respectively its transcript certified in front of notary, in case the power of attorney has multiple effect and the authorizing party is a person ordering only small irregular orders the investment intermediary shall obligatory require its copy certified by the authorized person and by an employee from internal control department. The power of attorney shall meet the requirements under Art.13, Para.1 of Regulation №1 of the Commission of Financial Supervision on requirements to the activities of the investment intermediaries. 3. Orders for transfer of securities shall be received and administrated only by the persons authorized by the investment intermediary/registration agent. 3.1. Persons under p.3 shall be declared in front of the Central Depository by an express written declaration and electronic message МТ599. In the electronic message after the provided client number of the employee the letter ‘S’ shall be filled in while for the persons authorized by the investment intermediary/registration agent – the letter ‘P’ shall be filled in. 4. The authorized persons of the holders of securities accounts which order transfers in their name, shall also be registered as clients of an investment intermediary/registration agent under the procedure for registration of clients. 5. When a client account is credited, all securities from the respective issue which are available on personal account shall be ordered compulsory for transferring. All orders for transfer and transactions shall be fulfilled thereafter except in the cases specified in these Rules and Regulations and the procedures thereto. 6. Messages Processing 6.1. Message МТ 599 for registration of a client and opening of an account – shall be executed immediately after its receiving in the system of the Central Depository and the check for syntactic authenticity. After completion of the processing the Central Depository shall send back a message to the investment intermediary/registration agent about the result which shall contain confirmation that the order is fulfilled or rejected and the reasons for rejection. The information about the fulfillment/rejection of the order shall be also included in the file containing information for the processed order of the investment intermediary/registration agent, automatically generated from the system of the Central Depository after each processing session. 6.2. Messages МТ540 and МТ542 containing order for transfer of securities – shall be executed as follows: 6.2.1. Upon receipt of the messages in the system if the Central Depository a syntactic analysis shall be conducted and a message shall be sent back thereafter with the results – whether the message is accepted or rejected and the reasons for this. 6.2.2. Process of comparison and establishment of uniformity of the requisites (matching) of the two messages shall be carried out. 6.2.3. Fulfillment of the order for transfer of securities from personal to client account. 6.3. All stages shall be accomplished during the first processing according to the time scale of the Central Depository for data proceeding, after the messages have entered in the system of thee Central Depository. In case the data of the messages do not correspond to the data registered in the system of the Central Depository, the transfer shall be rejected. The persons ordered the transfer shall be notified about the reasons for rejection. 6.4. The Central Depository shall notify the investment intermediary/registration agent for the completion of the transfer in the first information file following the processing in which the transfer is accomplished. 7. Prior to undertaking the actions under p.p. 1-5, the investment intermediary is obliged to check the availabilities on the holder’s personal account /account in Register А of the Central Depository/ by message МТ522. Enclosure 7(E07) – Processing of the Data from Investment Intermediaries for Transfer of Securities

REGISTERS OF SECURITIES 1. Register “А” 1.1. Dematerialized securities and compensatory instruments acquired during mass privatization, by initial issuing or otherwise shall be registered in Register А, on the holders’ personal accounts. After opening of the securities account, it shall be credited by the respective number of securities. 1.2. The accounts in Register A are kept by holder and issue. 2. Register B 2.1. Securities accounts of the investment intermediaries – Central Depository members as well as of their clients shall be registered in Register B. 2.2. The accounts in Register B are kept by holder, issue and investment intermediary if opened in the name of a client of an investment intermediary and by holder and issue if opened in the name of an investment intermediary. 2.3. Any holder, including an investment intermediary, when initially registered in the Central Depository registers, shall obtain a unique client number and the securities accounts shall be opened in the respective register thereafter. Upon all subsequent transfers of securities, including from Register A to Register B or in case of ex-officio transfer of securities from Register B to Register A, the unique client numbers shall be preserved. 3. Issuer Register – all legal entities which securities /shares, bonds/ shall be registered with Central Depository shall be included in Issuer Register. The registered securities are entered by ISIN code or five letter mnemo code. 3.1. Issuers and their securities shall be registered under the procedure established in Enclosure №2 / Procedure 02 to Rules and Regulations of the Central Depository. 4. Client Register - all physical persons and legal entities, Bulgarian or foreign persons respectively in their capacity of issuers, investors in dematerialized securities, Central Depository members shall be included in Client Register. 4.1. Issuers shall be registered under the procedure of Enclosure 2/ Procedure 02 to Rules and Regulations of the Central Depository. 4.2. The Central Depository members shall be registered following their assignment as members of the Central Depository by the Board of Directors on the grounds of the submitted documents for membership. 4.3. The clients of investment intermediaries/ registration agents shall be registered pursuant to Enclosure of item 6.1 of Enclosure 6/ Procedure 06 of Rules and Regulations of the Central Depository. 5. Securities Account Register – all opened securities accounts shall be entered by number therein. They are twelve figures and specified by types as follows: 5.1. Personal accounts of physical persons – the securities accounts of holders – physical persons in Register А. The numbers of these accounts start with 1. 5.2. Client accounts of physical persons – the accounts of holders – physical persons, clients of the members of the Central Depository. Their numbers start with 2; 5.3. Personal accounts of legal entities /except the accounts of the Central Depository members/- the securities accounts of holders – legal entities in Register А. Their numbers start with 3. The personal accounts of the Central Depository members also start with 3 but are kept in Register B. 5.4. Client accounts of legal entities –the accounts of holders - legal entities, clients of the Central Depository members. Their numbers start with 4. 5.5. Issue deposit accounts – the accounts of the issuers in which the new issues shall be registered and from which the respective number of securities shall be transferred to accounts of shareholders/ bondholders. Their numbers start with 5. 5.6. Issue deposit accounts managed by third party – these are accounts of issuers in which the new issues shall be registered in case of initial public offering if realized through a Central Depository member. Their numbers start with 6. 5.7. Transit accounts of investment intermediary – these are accounts of securities owned by the Central Depository members. They are the so called “technological” accounts used for optimizing the securities settlement transactions in case several clients of an investment intermediary take part in one transaction of securities. Their numbers start with 8. 5.8. Each securities account shall be identified by its unique number. 6. Transfer Register – all transfers of securities are included in this register whereas each transfer takes a subsequent transfer (transaction) number. Upon such transfer the following data shall be registered: the account number to be debited, the account number to be credited, ISIN/mnemo issue code, securities amount /number/, availabilities on the accounts after completion of the transaction; transaction date. 6.1. Transfers can be ordered by: 6.1.1. Members of the Central Depository through Central Depository operation system. 6.1.2. Privatization Agency or Ministry, sold their shares on cash transaction. 6.1.3. Ministry – for recovery of the ownerships under restitution claims. 6.1.4. Member of Central Depository– in case of initial public offering or in case securities issue is taken. 6.1.5. Issuer company – in case of capital change. 6.1.6. Public authority – party of a transaction where the payment is made by compensatory instruments in compliance with Collection of Compensatory Instrument Act. 7. Securities transfer: 7.1. From accounts in Register А to accounts in Register B – it is performed pursuant to Enclosure 6/Procedure 06 to Rules and Regulations of the Central Depository. 7.2. Between accounts in Register B – it is performed pursuant to Enclosure 7/Procedure 07 to Rules and Regulations of the Central Depository. 7.3. from accounts in Register B to accounts in Register А – it is performed ex-officio by the Central Depository in case of termination of the activity of Central Depository member in regard to withdrawal/ recovery of a license and in any cases as provided by law. 7.4. Specific cases of transfer: The Central Depository shall specify the procedure of transfer of securities in each particular case. SETTLEMENT 8. Instructions on performing transfers of securities, exchanged between the Central Depository AD and its members shall be announced by messages prepared in compliance with ISO15022. 9. Descriptions of the expressions within the meaning of Rules and Regulations of the Central Depository and the enclosures thereto. 9.1. Securities – all types of dematerialized securities as specified under Art.2 of Public Offering of Securities Act and compensatory instruments registered with Central Depository. 9.2. Transfer – combination of messages under p.9 for transfer of certain number of securities from a particular issue from the transferor’s account to the acquirer’s account. 9.3. Block – combination of fields in a particular message under p. 9, containing specific data required for securities transfer. 9.4. Field – part of a message under item 9 where certain requisites are entered. 9.5. Label – subsequent record of two figures and Latin letter /small or cap, called “option”/ by which the data type in the field under p. 10.4 shall be identified in compliance with ISO15022. 9.6. Identificator and sub-identificator – subsequent record of cap Latin letters after the label, which specify the type of the data in the field. According to the standards, the label and the identificator shall be separated by the symbol „:”„ while the identificator and the sub-identificator shall be separated by " / " or " // ". 9.7. Settlement – the moment of the final settlement of the obligations between the parties of the transaction. For transactions with payment through the Central Depository system this is the moment of transferring the means of payment from the buyer’s account to the seller’s account and transferring the securities from the seller’s account to the buyer’s account. For transaction performed without payment through the Central Depository system this is the moment of transferring the securities from the seller’s account to the buyer’s account. 9.7.1. In case of transactions with payment through the Central Depository system, the moment of blocking of the securities pursuant to p.16.2 of Enclosure 23 to Rules and Regulations of the Central Depository is the moment within the meaning of Art.109а, para.3, after which the order accepted by the Central Depository system for registration of the transfer cannot be cancelled by a participant in the system or third party and the execution of the order cannot be frustrated in any other way 9.7.2. In case of FOP transaction, the moment of initiating the processing for transfer of the ownership of the securities is the moment within the meaning of Art.109а, para.3, after which the order accepted by the Central Depository system for registration of the transfer cannot be cancelled by a participant in the system or third party and the execution of the order cannot be frustrated in any other way. 9.8. Matching – the process of comparison and establishing the correspondence of the requisites under counter messages. Messages shall be further processed only in case the correspondence is found.

OPERATIONS WITH SECURITIES 10. Investment intermediaries can order operations only in case their client (clients) is (are) party (parties) of these operations. 11.1. Registration of a client and opening a client account with investment intermediary – shall be performed by submitting МТ599 message which requisites shall be completed with the client personal data, securities issue and the account type under item 6. More than one issue can be identified in the message. 11.1.1. Registration of foreign physical persons - in case they do not have individual number of foreigners, they shall be provided with official personal identification number (EGN) formed by writing in sequence the four figures of the year of birth, the two figures of the month of birth, the two figures of the date of birth followed by two zeros – YYYYMMDD00. The last two figures of the record shall indicate the subsequent number of a registered foreign person with one and the same date of birth whereas for the first registered person this number is “00”. In case the record entered in EGN field already exists as a record of a foreign person registered with the Central Depository a new message shall be submitted where the EGN record shall end with the next number to follow. 11.1.2. The processing of the messages under p.11.1 shall be initiated immediately after their receipt in the Central Depository system except for the correction messages. Once their processing is completed /also for correction messages./ the system shall generate and submit back МТ597 message to confirm the registration or to specify the reasons of registration rejection. 11.1.3. For data correction in the messages under p. 11.1, МТ599 message shall be submitted, having the same number as the first submitted message whereas all the requisites of the new message shall again be filled in no matter whether they have been correct or incorrect in the first message. For identification of this message as a correction message in field 23G after NEWM identificator, “//DUPL” shall be added. The correction message shall be processed during the first processing to follow according to the regular time scale for data proceeding by the system of the Central Depository. 11.2. Transfer of securities without change in ownership. 11.2.1. Transfer of securities from personal to client account – it is performed pursuant to Enclosure 6 / Procedure 06/E06. 11.2.2. Transfer of securities from a client account with one investment intermediary to a client account with other investment intermediary. It shall be carried out by messages МТ542 – submitted by the investment intermediary - transferor, and МТ540 – submitted by the investment intermediary - acquirer. Transfer of securities in whole or in part only from one issue can be ordered by one transfer. 11.2.3. The transfer of securities from a client account to a personal account shall be performed only pursuant to p.8.3. 11.2.4. In case of change of personal data of the holder in regard to EGN/BULSTAT, Central Depository shall open ex-officio new account (accounts) of the holder with the amended EGN/BULSTAT data and transfer ex-officio the total number of securities from the old to the respective new accounts. This procedure shall not be applied to compensatory instruments, for which a specific procedure for compensatory instruments specified by the Central Depository shall apply. 11.3. Transfer of securities with change in ownership. 11.3.1. For stock exchange transactions – it shall be carried out on the settlement day if the following data are provided: Data received by Bulgarian Stock Exchange about the transaction parameters, on day Т+ 0 – 16.00 h., where „Т” is the day of conclusion of the transaction; and correctly completed data in the messages submitted by the respective investment intermediaries. For DVP transaction – the investment intermediary of the seller shall submit message МТ543, the investment intermediary of the buyer shall submit message МТ541. In case of syntactic mistakes the Central Depository system will reject the message and the respective investment intermediary should submit a new message. In case of logical mistakes, the investment intermediary shall submit new message, respectively МТ543 or МТ541, completed pursuant to p.11.1.3 . For FOP transactions investment intermediary of the seller shall submit message МТ542, and the investment intermediary of the buyer – МТ540. In case messages МТ543 and МТ541 are submitted for a particular transaction, in which one and the same fund (monetary) account is indicated both for depositing and crediting, the Central Depository system shall generate only application for transfer of securities without application for payment. 11.3.2. In case of transactions over the counter, respectively with DVP or FOP, the messages under p. 11.3.1 shall be used whereas the sub-identificator “CDAD/OTCО” shall be filled in 94В filed,“TRAD” identificator. 11.3.3. Transfers of securities with change in ownership by a registration agent, shall be performed in compliance with Enclosure 05/E05. 11.3.4. Messages for correction of false data or records in the messages under p.p. 11.3.1- 11.3.3 shall be accepted by Central Depository system until 17,00 h. of day Т+1. 11.3.5. Correction of data of type - change of a client, shall be accepted until the moment of blocking according to p.16.2 of Enclosure 23. 11.3.6. Upon completion of the settlement on the transaction, no correction of that transaction shall be allowed. 11.3.7. For all transactions concluded on the floor of Bulgarian Stock Exchange or transactions over the counter with DVP, the settlement cycle shall be finalized on day “Т+2”. For FOP transactions over the counter, the settlement cycle shall be finalized on day “Т+0”. 11.4. Custodial transactions – transactions where the accounts of the securities, subject of the transaction, are kept with an investment intermediary different from the investment intermediaries /brokers through which the transaction shall be concluded on the floor of the stock exchange. For completion of a transaction in such cases, the broker-seller of the trustee shall submit message for free delivery of securities - МТ542, and the broker – buyer of the trustee – МТ540. In these messages the client numbers of the clients with the trustees shall be indicated. The trustee of the seller shall submit message МТ543, and the trustee of the buyer – МТ541. 12. Types of messages for data exchange between the Central Depository and its members. 12.1. Orders – messages for transfer of securities from one account to another, these are messages МТ540, МТ541, МТ542 and МТ543 in any of their versions. 12.2. Responding messages – submitted by Central Depository in response of the messages under p.14.1 containing information of approval or rejection of the respective order and the reason of rejection. The messages are respectively МТ544 in response of МТ540; МТ545 in response of МТ541; МТ546 in response of МТ542, МТ547 in response of МТ543. These messages are generated by the system of the Central Depository immediately after receipt and check the physical validity of the orders by the intermediaries. Accepting the messages under p. 14.1 by the Central Depository system does not mean that these messages shall be fulfilled. For their fulfillment another controls shall be applied. 12.3. Messages for the status of the orders under p.12.1. МТ548 – submitted by the Central Depository on the settlement day containing information whether the transfer is performed or not and the reasons for this. МТ549 inquiry by a member of the Central Depository whether certain order for transfer is fulfilled. МТ536 – response to МТ549 for confirmation of securities transfer. МТ537 – response to МТ549 in case of rejected transfer, containing the reasons for its rejection. 13. Enclosure 9(E09) – Fulfillment of Applications from Investment intermediary/Registration Agent for printing of depository receipts (DR)

1. All DR shall be printed in the Central Depository and shall be issued only to the amount of the total balance of a particular securities account. 2. Applications for printing of DR may be submitted by: 2.1. Registration agents – for personal accounts of physical persons and legal entities, according to Procedure 5/05. 2.2. Investment intermediaries - for their personal or client accounts. The applications for DR for securities, subject of a transaction on which the settlement process is not completed yet, shall be rejected by the system. 3. The intermediaries and the registration agents shall obligatory collect and keep the old DR. For any lost old DR their holders shall fill in a free-style statement in writing which shall be kept with Investment intermediary/Registration Agent. 4. DR shall be printed by the Central Depository automatically, on the grounds of a message МТ599 received. Central Depository shall submit back a message МТ597 with information whether the message is accepted for processing by the Central Depository system. 5. Received messages for printing DR shall be processed according to the time schedule of the Central Depository with the last process of the day. After completion of the processing the Central Depository system shall submit a data file to the respective Investment intermediary/Registration Agent containing information for the applications which are fulfilled and the rejected ones as well as the reasons for their rejection. 6. DR printed after the processing under p3.1 shall be submitted with the Central Depository against signature on the next business day after 2 p.m. Enclosure 10(E10) – Procedures of Allocation of Depository Receipts

1. Depository receipts shall be provided to the issuer or a person authorized by him versus signature in one of the following cases:  Registration of new issue  Change of capital – increase or reduction /in case of cancellation of shares/  Apportion of securities  Transformation of a company - merger, consolidation, separation, division 1. In case of registration of transfers from a public account:  In case of cash transaction, depository receipts shall be provided to the holder of shares against signature.  In case of registration of preferential shares under Art.22 of TPSMEA, depository receipts shall be provided to the representative of the company or to a person authorized by the shareholders against signature.  In case of registration of shares under Art. 18 of TPSMEA, depository receipts shall be provided to the issuer or a person authorized by him against signature. 2. Shareholders who have acquired shares during centralized public auctions, shall acquire depository receipts through bank outlets which have concluded an agreement with the depository for allocation of the receipts. 3. Shareholders who have participated in centralized public auctions through an investment intermediary, shall settle their relationships with the investment intermediary, i.e. shall acquire their receipts from the intermediary. Enclosure 11 (E11) – Technological Procedure for Communication with the Information System of the CD AD

1. Access ways The ways to access the information system /IS/ of CD AD are the following: 1.1. Via dial-up, phone numbers: 4002090, 500290, 900290 1.2. Via radio frequency connection through the communication system of the Bulgarian Stock Exchange Sofia AD 1.3. Via Internet global network, SSL protocol. 2. Exchange protocol The data exchange protocol is TCP/IP. On application level, the protocol is FTP. Encrypting and electronic data exchange is used for all messages from and to CD AD. For this, a PKI infrastructure is built at CD AD, with a Central Certification Server to generate and store the X.509 certificates, along with a LDAP server. 3. Structure of the information transmitted The structure of the information transmitted is as follows: Information is exchanged in file format.

Information to CD AD: At the Central Depository AD, the basic communication standard adopted is the ISO15022 standard /also used by SWIFT/.

Information from CD AD to the information intermediaries: Information about the settlement: Central Depository AD generates information also in the form described in the Enclosure on the processing of data received from the intermediaries about the transfer of securities, according to the ISO 15022 standard. 4. Communications In order to communicate with the investment intermediaries, a LINUX server with a FTP server installed thereon is installed at the Central Depository. The data exchange between investment intermediaries includes: 4.1. Preparation, by the investment intermediaries, of the files about the transactions concluded, and archivating thereof with ARJ.EXE or WinZip. The investment intermediaries, with the help of the software they use, prepare the files and archivate them, while a copy of the archivated file is sent to the Central Depository. It is advisable to include the day and month of the relevant date in the files. The number of files and the sending time are determined by the investment intermediary. The file names should be up to 8 symbols long, if they are compressed with ARJ.EXE. To communicate under the ISO 15022 standard, only files compressed with WINZIP and having ZIP extension will be used. Files names can be arbitrarily long. The compressed file should contain only one uncompressed file having ISO extension.

4.2. Establishing a connection with the Central Depository’s communication server and copying the archivated file into the In subdirectory of the intermediary’s personal directory. Each intermediary receives Instruction (see Enclosures) from the Central Depository on how to establish connection with the communication server, in which instruction, along with the technological sequence of actions needed to establish the connection, the user name, password and NT domain are given as well. The user name and password can be changed upon user’s request, and the password can be changed by the user himself, from a remote workplace. Communication happens only via FTP protocol, which means that the way of sending and receiving is based on FTP commands, while principally meaning that on the root directory, the directories IN, OUT and ARHIV are available. As described in the Instruction, the files from the investment intermediary are copied into the In subdirectory on the depository’s server. Since the files are processed by the software at the Central Depository, it is possible that the file “disappears” right after being sent to the In subdirectory, which in practice means that the file has been already copied into the depository’s archive and loaded into the database. A file sent for the second time will be processed, too, but the attempt to load it into the database will result in generating an error message. In case files are sent that have the same name, but different contents, each file will be processed correctly, and while copying those into the Central Depository’s archive, the files of the same name will be renamed and given a subsequent number. If the file has not been processed yet – i.e., it is in the In subdirectory on the intermediary’s personal directory, - it can be deleted or replaced by the intermediary himself. This can lead to loss of information, in case the investment intermediary, who wants to send another file with the same name, but different information contents, does not check if the previous file has been loaded. 4.1. Checking the archivated file with ARJ.EXE. When checking the presence of files in the investment intermediaries’ directories, each file found is checked for correctness with ARJ.EXE. The file can be checked by the sender before as well as after being sent to the server, by way of executing the command "ARJ T name_of_file" in a DOS session. In case the file was achivated correctly, a message "testing name_of_file OK" appears for each file. 4.2. Copying the archivated file into the Central Depository’s archive, desarchivating and loading the individual files into the Central Depository’s database. When processing the data at the Depository, each file that has passed the test with ARJ.EXE or WINZIP is copied in the archive (with a new name, if necessary), desarchivated and loaded into the database in the same form as it was submitted. The loading also includes checking the data structure in the files themselves, and fixing the errors occurred in the loading process. The messages about data not loaded to the database are sent to the investment intermediary in the evening, along with the rest of the daily processing output. 4.3. In order to provide access to the Central Depository’s server, the following are required: 4.3.1. Presence of a PC with an operating system Windows XP/2000 or newer versions and a modem connected thereto; 4.3.2. Each user receives a pseudonym on the name of his/her directory (in the example below: myshare) and a password for access to it (in the example: 121212). 4.3.3. In Control Panel -> Network, it is necessary to have installed protocol TCP/IP and Client for Microsoft Networking. 4.3.4. In Control Panel -> Network, it is necessary to have installed protocol NETBEUI and Client for Microsoft Networking, for communication until 31 March 2001. 4.4. Data are sent to the Central Depository every day from 9:00 am to 6:00 pm, into the IN subdirectory of the personal directory. 4.5. Data about the investment intermediaries can be downloaded from 9:00 am to 6:00 pm, from the OUT subdirectory of the personal directory. The files are deleted after they are read. 4.6. The connection with the computer at the Central Depository is established as follows: 4.6.1. Start application Dial-Up Networking (Start->Programs->Accessories->Dial- Up Networking or via Explorer). If we cannot see it, i.e., the application is not installed, it should be installed from the Windows installation discs. 4.6.2. If connection is not established – it is established when logging in to the Central Depository for the first time, - we shall establish it: Make new connection…, where we enter code +359 for Bulgaria, 02 for Sofia and phone number 4002090, 500290, 900290. 4.6.3. We select the connection with the Central Depository while leaving the password field empty, and choose OK for the communication to start. 4.6.4. User name and password are entered: USER NAME: user1 Password: 121212 Logon Domain: ipdomain 4.7. Further notes: Each user has full rights within his/her directories, i.e. he/she can copy, delete or replace files and directories. To the IN directory, only archivated files are sent (ARJ and WINZIP – ZIP extension); files having extension other that ZIP are not processed by the Central Depository’s software. For Windows 95/98 users, it is required that the name of the Windows 95 user be the same as the USER NAME (in the example: user1). If the names are not the same, the access to the server will be normal, but if attempt is made to see the personal directory’s contents, a message “incorrect password” will appear. For Windows NT users, when inquired Connect As they should enter the user name for access to the depository’s server. The Central Depository’s server can be seen in Network Neighborhood (following a successful connecting), but only accessible is the respective investment intermediary’s directory. Besides, for Windows 98 users it is required to have the user name registered within Control Panel->Users. For FTP users:

1. After the connection is successfully established via Dial-UP or in another way, starting the FTP client follows and the FTP server is approached with the command:

C:>FTP 193.88.60.12

2. After the command is successfully executed, name and password inquiry appears above: User (193.88.60.12: None)) : myname Password :********

3. If connection is successful, a message appears: WELCOME INTO CENTRAL DEPOSITORY FTP SERVER User myname logged in.

4. Change directory: Cd /broker/XXXXX/in 5. Execute the series of commands to send a file: Hash 2048 Binary PUT name of file 6. Execute the series of commands to receive a file: Cd /broker/XXXXX/out Hash 2048 Binary GET name of file The directories’ contents can be reviewed with command LS or DIR. In case of FTP connection, the time of each session is limited to 15 minutes. When it runs out, the servers disconnects. In case of no activity throughout 5 minutes, the server disconnects automatically.

7. Disconnecting from the FTP server: Bye All rules regarding the files processing are valid for the files received via the FTP server.

For TCP/IP connection, the following dial-up connection options have to be set as follows: Allowed network protocols: TCP/IP TCP/IP Settings: Server Assigned IP address: marked Server assigned name server address: marked Use IP header compression: marked Use default gateway on remote network : маркирано

For users of the BSE-Sofia AD’s communication network and for Internet users, the FTP connection procedure starts from item 1 above, without making the dial-up connection. Enclosure 12 (E12) – Procedure for Levying of Distresses, Establishment of Pledges and Other Encumbrances on Securities Registered with CD AD

Establishing and Servicing Pledges under the Special Pledges Act (SPA). . Special pledges are established and serviced in accordance with the provisions of the Special Pledges Act /SPA/ and of the Rules of the Organization and Functioning of the Central Register of Special Pledges with the Ministry of Justice (the Central Register /CR/ Rules). . Initial recordation of the circumstances related to a special pledge established shall take place pursuant to the following documents: 1. An application for the registration of a special pledge agreement – Sample 01/E12. The application shall be signed by the Applicant and the Pledgor under the terms of Art. 27 of SPA. 2. A declaration by the Pledgor under Art. 264 of the Tax and Insurance Proceedings Code. In case of a legal entity, it should be signed by the company’s representative; in case of a physical entity, it should be signed by the declarer in front of the recordation officer at CD, whereas the officer shall certify with his/her signature that the declarer has signed in his/her presence. When the declaration is not signed in the CD officer’s presence, a notary attestation of the declarer’s signature is required, the date on which should not be earlier than one month before the establishment of the pledge. 3. A copy of the Pledgor’s Actual Legal Status Certificate. 4. A copy of the Applicant’s Actual Legal Status Certificate. . Recordation of changes related to the Pledge Creditor, the Pledgor, the modality, the amount of property pledged etc. shall take place pursuant to the following documents: 1. An application for the registration of a special pledge agreement – Sample 01/E12, whereas in Column 1, the registration number shall be stated of the Initial Recordation Order, and the information about the changes shall be filled in the respective groups and fields. In the fields pertaining to data that remain unchanged, the wording “no change” shall be filled in. 2. The application under item 3.1 shall be signed by the Pledgor and by the Pledge Creditor. In case the changes are related to partial deletion of the pledge/release of part of the pledged securities, the application may be signed by the Pledge Creditor only. . Renewal of the recordation shall take place pursuant to an Application for the Renewal of Recordation – Sample 11/E12, which should be signed by the Pledge Creditor’s representative or a person explicitly authorized by him with an attested power of attorney. . Deletion of the recordation shall take place pursuant to a Consent for the Deletion of Recordation – Sample 12/E12, which should be signed by the Pledge Creditor’s representative or a person explicitly authorized by him with an attested power of attorney. In Group No1 of Sample 12/E12, the number of the initial recordation must be entered. . Recordation of the proceeding to execution shall take place pursuant to an Application – Sample 05/E12, which should be signed by the Pledge Creditor’s representative or a person explicitly authorized by him with an attested power of attorney. 1. CD shall issue a Certificate of Proceeding to Execution Recorded in the Special Pledges Registry, in which [certificate] the following are stated: 1.1. Number and date of the recordation; 1.2. ISIN code and number of the securities that are subject of the execution; 1.3. Data of the Pledgor in accordance with the application for the registration of the pledge agreement; 1.4. Data of the Pledge Creditor in accordance with the application for the registration of the pledge agreement. 2. The Pledge Creditor shall realize the execution through an Investment Intermediary under the terms of Art. 33 of Ordinance No1 of the Financial Supervision Commission on the requirements related to the investment intermediaries’ activity. . Recordation of the delay of execution shall take place pursuant to an Application – Sample No7, which should be signed by the Pledge Creditor’s representative or a person explicitly authorized by him with an attested power of attorney. . Blocking/unblocking of the securities which are subject of the established special pledge shall take place according to an explicit written order by the Pledgor, with notary-certified signature. 1. The written order shall be in free format and should contain: a request for blocking; the ISIN code of the pledged securities and the name of the issuing company; the number of the securities; the reason for the blocking (a pledge); the name and the identifying code of the Pledge Creditor for the benefit of whom the blocking is taking place. 2. In case the Pledgor is a physical entity, the signature on the order should be notary- certified, or placed in the presence of the recordation officer at CD AD, who shall certify the signature under the established procedure. 3. In case the Pledgor is a legal entity, the blocking order should be signed by the person who represents this entity and the legal entity’s seal should be placed on it. 4. Unblocking of the securities which are subject of the established special pledge shall take place according to an explicit written order in free format, which should contain: a request for blocking; the ISIN code and number of the pledged securities; the name of the issuing company; the name and the identifying code of the Pledge Creditor as stated in Group No4 of Sample No1 – Application for the Registration of Pledge Agreement. This application should be signed by the Pledge Creditor and the Pledgor. . CD shall issue certificates and references about the recordation made of special pledges and circumstances related thereto pursuant to a written order by the interested person. The references/certificates shall contain the requisites prescribed in Art. 22 and Art. 23 of the Rules of the Organization and Functioning of the Central Register of Special Pledges. Distresses on Dematerialized Securities. . CD shall execute orders to distress securities in accordance with the provisions of Art. 109a, Art. 109в Paragraph 1 and Art. 138 of the Public Offering of Securities Act; of Art. 35, Paragraph 2 of Ordinance No8 of the Financial Supervision Commission; and Enclosure 23 [to the present Rules and Regulations] – Procedure for Completion of Transactions with Securities through Gross Settlement System in Real Time. . The recordation of distress shall take place pursuant to a distress notice issued by the respective empowered body – a judicial executor, a private executor or a public executor. 1. In case the issue has been registered with CD and the debtor possesses the securities stated in the distress notice, the circumstances related to the levied distress shall be entered in the Special Pledges Registry and the securities shall be blocked. 2. In case the securities possessed by the debtor are less than the quantity stated in the distress, then blocked shall be the entire quantity of securities available. The judicial executor body that has levied the distress shall be advised of these circumstances in written form within 3 days. . In case the circumstances under item 10 and item 11 are not present, the judicial executor body shall be advised in written form within 3 days that the distress cannot be executed and what the specific reasons are. . Distresses shall be discharged pursuant to a notice by the judicial executor body that has levied the distress. The circumstances related to the discharge shall be entered in the Special Pledges Registry and the securities that are subject of the distress shall be unblocked. . Special cases. 1. In case of transformation of the issuing company which has been registered at CD – transformation meaning result of bundling, merge, separation and partition, or change in the face value of a share by way of split of shares while the total amount of the issue is preserved, - the Central Depository, pursuant to the documents under item 5.1.7 and item 5.1.8 of Enclosure 02 to the Rules and Regulations of CD AD, submitted by the issuer, shall perform the ex-officio recordation of the distresses already levied. 2. In case of initial registration – immobilization and dematerialization of securities, - as well as in case of de-registration of securities, the recordation of the distress shall take place ex-officio, under argument of Art. 261г, Par. 2 of the Commercial Code. To this end, in case of registration the issuer shall submit to CD an Application – Enclosure 1b/E02, while in case of de-registration, the issuer shall fill in and deposit with CD the due declaration – Enclosure 11 / E02. 3. Payment of dividends, interests etc. on securities that are subject of pledges, distresses and other encumbrances shall take place under the terms of item 9.1.6 оf Enclosure 02 to the Rules and Regulations of CD. Collaterals under the Financial Collateral Agreements Act . . Financial Collateral Agreements with Extension of Pledge /Pledge Agreement/. 1. In order to note the pledge on the securities account which is subject of the financial collateral agreement with extension of pledge, the Secured Entity and the Securer shall provide to the Central Depository a notary-certified copy of the Pledge Agreement, which [agreement] should contain the following requisites at least: 1.1. The title Financial Collateral Agreements with Extension of Pledge. 1.2. An explicit mentioning that the agreement is subordinated to the provisions of the Financial Collateral Agreements Act. 1.3. Data about the contractual parties /Securer and Secured Entity/: in respect of the trade companies, these shall be the firm/company name, the seat and registered address, the BULSTAT registration number; in respect of the governmental bodies and public institutions, these shall be the name, the headquarters’ address, the status of the person signing the agreement. 1.4. The amount of the collateralized financial liabilities. 1.5. The nature/type, the issue, the ISIN code, the number of instruments forming the volume of the financial collateral. 1.6. The holder and the number of the account to which the amounts shall be remitted of the dividends/interests/principals originating from the pledged securities, in case such payments occur during the terms of validity of the agreement. 1.7. The terms and conditions under which the financial collateral should be realized, including the sequence of realization in cases when securities from different issues are pledged. 1.8. The term of validity of the agreement. 1.9. The date of conclusion of the agreement and the signature of each of the contractual parties. . Financial Collateral Agreements with Ownership Transfer /Ownership Transfer Agreement/. 1. In order to register the transfer of the securities which are subject of the financial collateral agreement with ownership transfer, the Secured Entity and the Securer shall provide to the Central Depository a notary-certified copy of the Financial Collateral Agreements with Ownership Transfer. The agreement should contain the following requisites at least: 1.1. The title Financial Instruments Transfer Agreement. 1.2. An explicit mentioning that the agreement is subordinated to the provisions of the Financial Collateral Agreements Act. 1.3. Data about the contractual parties /Securer and Secured Entity/: in respect of the trade companies, these shall be the firm/company name, the seat and registered address, the BULSTAT registration number; in respect of the governmental bodies and public institutions, these shall be the name, the headquarters’ address, the status of the person signing the agreement. 1.4. The amount of the collateralized financial liabilities. 1.5. The nature/type, the issue, the ISIN code, the number of instruments subject to transfer. 1.6. The holder and the number of the account to which the amounts shall be remitted of the dividends/interests/principals, in case such payments occur during the term of validity of the agreement. 1.7. In case the agreement contains a provision that the Secured Entity should extend – in accordance with Art. 2, Para.3 of the Financial Collateral Agreements Acts /FCAA/ - financial collateral of equal value through instruments registered with CD, the following elements should be included: а/ The nature/type, the issue, the ISIN code, the number of instruments ensuring financial collateral of equal value; b/ The holder and the number of the account to which the amounts shall be remitted of the dividends/interests/principals, in case such payments occur during the term of validity of the agreement. 1.8. The terms and conditions under which the financial collateral should be realized, including the sequence of realization of securities from different issues in case of Ownership Transfer Agreement. 1.9. The term of validity of the agreement. 1.10. The date of conclusion of the agreement and the signature of each of the contractual parties. . In case some of the requisites listed under item 15 or item 16 have not been included in the Pledge Agreement or the Financial Collateral Transfer Agreement, the parties on the respective agreement shall submit to CD an application for supplementation of the missing data, which shall be signed by the parties under the agreement. . When the term of validity of the agreement has expired or the agreement has been terminated, the parties on the agreement, or the party that is proceeding by right to realization of the financial collateral, shall state in written form in front of CD the holders and numbers of the accounts to which the securities shall be transferred that are subject of the Agreement. . In case the parties agree on modifications of the Financial Collateral Agreement’s parameters, each modification shall be certified by way of submitting to CD of an Annex to the initial Agreement. In case cession is realized under the Financial Collateral Agreement, in order to transfer the rights to the respective accounts, it is necessary to submit – along with the statement attesting the new creditor’s data, - also the written consent of the Securer, in accordance with the provisions of Art. 99 of the Obligations and Contracts Act. . Regardless of all possible versions of the Financial Collateral Agreement, in case particular conditions and limitations exist concerning the transfer of the securities that are subject of a financial collateral agreement, the transfer of ownership on the securities, the transfer of the securities from one account into another, or the execution thereon can only take place under the terms set in the Articles of Association of the issuing company, and following the vinculation requirements registered with the Central Depository. Enclosure 13 (E13) – Rules on the Organization and Use of the Guarantee Settlement Fund

1. Purpose 1.1. The Guarantee Settlement Fund (GSF) is a pool of funds from members of the Stock Exchange and CD AD (the Members), which has been established with the sole purpose to guarantee the settlement liabilities of the members, in accordance with CD AD’s definitions, regarding transactions concluded on the Stock Exchange and reported by the Stock Exchange to CD AD. The Fund is not used to guarantee any other liabilities of the members whatsoever. 2. Organization 2.1. GSF is a separate fund within and under the supervision of the Stock Exchange and CD AD. 2.2. GSF is administrated, controlled and managed by the GSF Governance Committee (the Committee). It is composed by the following 3 members having voting power: 1. One member elected from among the members of the Board of Directors of CD AD, by decision of the same body. 2. One member elected from among the members of the Board of Directors of the Stock Exchange. 3. The Executive Director of CD AD, who is also Chairperson of the Committee. 2.3. The Committee shall be able to elect 3 members with no voting power, i.e. as Advisors. These shall include a legal expert, a financial expert or an economist expert, and the Operational Manager of CD AD. 2.4. All members of the Committee, including the Advisors, shall be elected for a 3-year- term-in-office and can be re-elected without limitations. 2.5. The Committee shall be convened by the Chairperson at least once quarterly. In case of some Member’s insolvency for a settlement, or a potential/probable impossibility of a settlement, any member of the Committee shall be able to ask the Chairperson to convene an extraordinary session. These sessions may be held in operative order as well. 2.6. Any member of the Committee can give written authorization to any other member of the Committee. Any member of the Committee can possess not more than one such authorization/power of attorney. 2.7. On all issues within the competence of the Committee, decisions shall be made with simple majority. 2.8. The minimum quorum to convene a session of the Committee shall be half of its members who have voting power. 2.9. The members of the Committee shall participate voluntarily, i. e. without payment. The expenses occurred in relation with the fulfillment of their obligations may be covered by CD AD or the Stock Exchange. 2.10. Only with an official permit issued by decision of the Committee can an insolvent Member’s impossibility to pay a settlement be covered – except for the cases provided for under these Rules. 3. General and Specific Powers of the Committee 3.1. The Committee shall have all power, authority and rights that are necessary or required in relation to the management, control and activating of the GSF. 3.2. The Committee shall define the risks that can be covered, the minimum amount of GSF and the specific formula – same for all Members, - used to calculate the contribution due from each Member into GSF. The calculation formula and the deadlines can be modified by decision of the Committee. 3.3. The Committee shall approve the form (forms) in which the Members’ contributions can be paid in GSF. The possible contribution forms are: cash, short-term government securities or an irrevocable, transferable and unconditional bank’s guarantee. 3.4. The Committee shall be able to take any action considered expedient in order to arrange the Members’ settlement liabilities, including, but not limited to: 1. Monitoring the execution of settlement operations by insolvent Members; 2. Monitoring the proper spending of the GSF cash; 3. Monitoring the spending of insolvent Members’ assets, so that the GSF be subsequently compensated by the insolvent Member; 4. Selling and turning into cash all GSF assets; 5. Opening, keeping and controlling bank accounts for the available cash of the GSF and appointing one or several persons from among the Committee members with the right to sign for these bank accounts. 3.5. The Committee shall act, on behalf of the Members, as a creditor to the insolvent Member whose settlement liabilities have been covered by the GSF. 1. The Committee shall resolve all disputes and interpretations pertaining to these Rules. 3.6. The Committee’s decisions may be appealed against in front of the Board of Directors of the Stock Exchange or CD AD. 4. Members’ Deposits, Financing Requirements 4.1. Deposits of GSF Members shall be taken from the obligatory minimum deposit of each member and the current contribution of each member. GSF shall be supported by the Accountancy Department of the Stock Exchange, to which the GSF Members’ contributions are also made. 4.2. The GSF Members deposits shall be kept in the books separately for each individual Member. Separation means at least keeping separate analytical accounts for the amount of each Member’s deposit. 4.3. Contributions to GSF shall be paid in until the minimum amount is reached as determined by the Committee. Once the minimum fund amount is reached, the Members’ contributions are terminated. 4.4. The current contribution of a Member should be paid in within 5 business days upon receipt of the Stock Exchange’s notice of contribution due. Cash contributions shall be made to the account stated in the Stock Exchange Membership Agreements, unless otherwise provided for by Committee’s decision. 4.5. If there is an additional amount to be paid by some Member, as a result from the GSF being activated to satisfy settlement liabilities, this amount should be paid in within 5 business days upon receipt of the Committee’s notice that further means are necessary. 4.6. Membership termination does not lead to termination of liabilities related to covering the loss suffered by GSF as a result from the Fund being activated to satisfy settlement liabilities of the respective person. 4.7. The notice under Paragraphs 5 and 6 may be in e-format as well, and it may also be sent under the procedure for sending the transactions reports by the Members, in accordance with the Rules and Regulations of the Stock Exchange. 5. Activating and Using the GSF Means 5.1. GSF can only be used to cover settlement liabilities of the Members under those transactions on the Stock Exchange, for which net-base settlement has been agreed upon. GSF activating shall take place by decision of the Committee, except for the cases under Paragraph 2. 5.2. GSF shall cover the unpaid net cash liabilities of the clearing member on the next business day after the last settlement day allowed. 5.3. GSF can also be used to cover Members’ liabilities stemming from “short sales”, in accordance with an Ordinance by the Council of Ministers. In such cases, GSF shall be activated only when the short seller is unable to pay for the purchase of the respective securities, plus the fines and sanctions provided for those cases in the Ordinance quoted, the Regulations of the Stock Exchange and the Regulations of CD AD. 5.4. When using GSF for a settlement, the necessary means shall be taken from the insolvent Member’s account. If this account is depleted or the means are not enough to satisfy the settlement requirements, all additional amounts shall be taken from all other Members, either in equal portions, or based upon equal percentage rates complying with each Member’s deposit with GSF. 5.5. GSF usage shall be limited to satisfying the losses, liabilities or the transactions’ settlement liabilities and the appropriate expenses of the Members. This includes, but is not limited to, satisfying the liabilities under debts incurred by decision of the Committee, in order to satisfy similar settlement liabilities, which require further legal, accounting and operational assistance. 5.6. Cash deposits with GSF may be invested in short-term government securities, in order to get additional interest gain for the Members. The interest gain shall be distributed to the Members in equal portions and in compliance with each Member’s general deposit. 5.7. If GSF’ losses or expenses have been subsequently covered – partially or entirely, - the net amount reimbursed should be credited or distributed to the Members’ accounts, including the persons whose membership has been already terminated. 5.8. The Committee shall have the right to determine, by its decision, additional equal contributions due from the GSF Members in order to cover the net liabilities under an insolvent Member’s settlement. 6. Insolvent Member’s Participation, Sanctions 6.1. Besides the cases described in the above articles, in case when GSF is used to cover a settlement on behalf of an insolvent Member, the Committee shall designate a person to control/supervise the insolvent Member’s operations. This person shall be entitled to have access to all journals and recordings, as well as to receive cooperation from the part of all employees of the insolvent Member. 6.2. All Members – including all Members who are insolvent or gone bankrupt, - shall be liable for the entire amount of their settlement liability. All and any kind of expenses made by GSF from the accounts of all Members as a result from a specific insolvency, shall remain the liability of the insolvent Member who has originated these expenses. 6.3. A Member who has become unable to pay under a settlement shall be entitled to only execute transactions for liquidation of clients’ accounts. No new purchases shall be permitted. The only transactions allowed are those in which the client has paid in full for the government securities, the client has decided to liquidate all or some of his items, or to transfer his accounts to another Member. 6.4. The insolvent Member can be discharged as a full-fledged participant and re- established in good condition on the Stock Exchange and with the Central Depository AD only by decision of the Board of Directors of CD AD, decision of the Board of Directors of the Stock Exchange, and recommendation of the Committee, and upon receipt of the Member’s application for re-establishment of his membership, but not earlier than 90 days after the Member has settled his obligations and liabilities to CD AD and GSF. 6.5. Item 6.4 shall not be applied to the cases under Item 5.2, if the Member has covered his liabilities and has paid within due time all the fines determined in these Rules. 6.6. In case GSF is used to cover settlement payment, the insolvent Member shall be obligated to reimburse the full amount spent plus the fines due within 5 (five) business days following the day when the GSF was used. 6.7. Pecuniary Fines and Additional Sanctions: 1. In all cases when GSF has been used to cover settlement payment, the insolvent Member shall owe a pecuniary fine for each day passed until the reimbursement of the amount due in GSF. The pecuniary amount shall be determined as one per cent (1%) of the amount due for each day until the entire liability and the accrued fines are reimbursed. 2. If the insolvent Member has not covered his liability to the GSF within the deadline under Paragraph 6, upon a proposal by the Committee, the following sanctions can be imposed:  · additional pecuniary fine under the terms of the Rules and Regulations of the Stock Exchange, the minimum amount being BGN 1,000 (one thousand leva);  · suspension or termination of the membership, under the terms of the Rules and Regulations of the Stock Exchange and the Rules and Regulations of CD AD. 6.8. The pecuniary fines and sanctions imposed shall be paid in front of the Stock Exchange in the same way as the GSF contributions. The money collected in the form of fines and additional sanctions shall be distributed equally or proportionally to the accounts of all Members, depending on the procedure under which GSF has been used. 7. Drawing Means from GSF 7.1. After his Stock Exchange membership or CD AD membership was terminated, the respective entity shall have the right to ask for and to receive the net amount of the whole deposit on his account with GSF: · 90 (ninety) days following the termination of his Stock Exchange membership or CD AD membership; and · if all his transactions are closed and he has no future liabilities at CD AD; and · if all his liabilities to the Stock Exchange, CD AD and GSF are satisfied; and · by discretion of the Committee, the respective indemnities or bank guarantees have been exchanged for all transactions and liabilities.

8. Additional Disposition 8.1. Abbreviations and definitions used: 1. GSF – Guarantee Settlement Fund 2. CD AD – Central Depository AD 3. Stock Exchange – Bulgarian Stock Exchange–Sofia AD 4. Members – the members of the Stock Exchange and CD AD 5. Committee – the GSF Governance Committee 6. “Short sales” – transaction on the sale of securities on condition that the real seller does not possess at his own expense the respective securities. 8.2. For all issues not regulated in the present Rules, the Rules and Regulations of the Stock Exchange, the Rules and Regulations of CD AD and the pertaining legislation shall be applied. 9. Final Dispositions 9.1. Article 116 of the Rules and Regulations of the Stock Exchange shall be amended as follows: “ Art. 116 The Stock Exchange, jointly with the CD, shall establish and manage a Guarantee Settlement Fund to guarantee the net settlement liabilities under the transactions concluded on the Stock Exchange, in accordance with Enclosure to these Rules and Regulations.”

9.2. Articles 117-123 inclusively shall be revoked. 9.3. Everywhere in the Rules and Regulations of the Stock Exchange and the Rules and Regulations of CD AD and the Enclosures thereto, the wording “Guarantee Fund” shall be replaced by the wording “Guarantee Settlement Fund”. 9.4. The amounts accrued from members’ contributions to the Guarantee Fund at the Stock Exchange prior to these Rules’ entrance into force shall be regulated anew as GSF members’ deposits equal to the amount of contributions accrued by each Member. 9.5. The obligatory minimum deposit made by the Members with GSF shall be replenished within 10 (ten) business days upon receipt of the Committee’s notice of its decision on the amount of the minimum deposit with GSF. Enclosure 14 (E14) – Procedure for Initial Public Offering of Securities via BSE-Sofia

1. Upon application filed by an issuer or a duly authorized investment intermediary (II), who is a CD member, the Depository shall register a temporary issue with ISIN for initial public offering (IPO) through the stock exchange. The registration takes place in accordance with item 3.5. of Procedure 2/E02. 2. After the registration of the temporary issue, CD provides a Deed of Registration which the issuer submits to the BES in order to be assigned a stock exchange code. 3. The II under item 1, who is to enforce the offering, gives to CD a fund-raising account at a bank, to which the funds will be remitted from the persons who have subscribed securities from the offering. The bank should certify to CD that the funds under this account are blocked on the grounds of Article 89 of the Public Offering of Securities Act. 4. In case the subscription is terminated successfully, CD cancels the temporary registration of the issue and registers it with the same owners of the stock as an ordinary issue already launched. CD notifies BSE and registers within its system the stock exchange code of the new issue. In case of increase in the capital, the new stock shall be registered in accordance with item 3. of Procedure 2/E02. 5. In case the subscription is terminated unsuccessfully, the II under item 1 notifies CD of the outcome within the deadline under Article 84, Paragraph 3 of the Public Offering of Securities Act and applies for making lists of: 5.1. All individuals who have subscribed securities under the subscription. The list shall be provided to the investment intermediaries through whom the subscription has been done, and shall contain data about the clients who have subscribed shares and the amounts that have to be refunded. 5.2. The investment intermediaries through whom the subscription has been done. The list shall be provided to the investment intermediaries under item 1 and shall contain data about the IIs and the total amounts – for themselves and their clients - that have to be refunded. 6. In case the subscription is terminated unsuccessfully, CD shall notify the BSE. 7. The initial public offering shall start according to the procedure determined in the Rules and Regulations of the Bulgarian Stock Exchange. 8. The stock exchange transactions concluded shall be processed under the terms of item 11.3.1 of Procedure 07/E07. The II under item 1, in his capacity of seller under the transactions, shall obligatorily state the account under item 3 in all messages to CD. 9. The fees charged under the CD tariff for actions in execution of this procedure are not subject to refunding. Enclosure 15(E15) – Procedure in Case of Repurchase of Shares

In cases of repurchase of shares, the registration with the Central Depository AD takes place upon submission of the following:  An application by the issuer, with the enclosures envisaged in the Rules and Regulations;  A court decision on recordation into the commercial registry of the General Shareholders Meeting’s decision about the repurchase of shares;  A court decision on recordation into the commercial registry of the General Shareholders Meeting’s decision about the reduction of the capital, in case there is reduction;  Respectively, a list of shareholders whose shares shall be invalidated in case of reduction of the capital. Enclosure 16 (E16) – Procedure in the Case of Transformation of a Client/Issuer Registered within CD AD

1. The transformation-related documents – in case the shares are under a clients account, - shall be submitted to the Central Depository by the investment intermediary who is a member of the Depository which holds the clients accounts of the company under transformation. 2. The documents required under item 1 are: 2.1. a statement by the investment intermediary with an explicit order for recordation into the registry of the transformation-related circumstances /the statement shall be signed by the client too /; 2.2. court decision about the recordation; 2.3. BULSTAT and tax number of the client; 2.4. Requirements needed in order to perform the standard operations under the “taking” of a client from the investment intermediary. 3. In case the shares of the company under transformation are in Registry A, the transformation-related documents shall be submitted by an investment intermediary who is a member of the Depository. For the purpose of the transformation’s registration, the entity should become a client of an investment intermediary he/she/it has chosen. 4. In case the company under transformation is an issuer registered with the Central Depository, the documents shall be submitted by the issuer and Central Depository AD shall carry out the necessary actions to enter the respective circumstances into the registry, and shall thereof notify the investment intermediaries who are Depository members. The investment intermediary should notify his/her clients. After the recordation, the accounts at the Central Depository shall remain in the same category (clients’ accounts, personal accounts) as they were before the transformation. Enclosure 17(E17) – Registration and Settlement for Issues of Registered Compensatory Notes under the Ownership and Use of Agricultural Land Act and for Compensatory Instruments /CI/ under the Transactions with Compensatory Instruments Act /TCIA/

1. This procedure regulates the terms for registration and settlement of Registered Compensatory Notes /RCN/ - issued under the Ownership and Use of Agricultural Land Act - in the registries of Central Depository AD, and for CI issued under the terms of TCIA. 2. Registering a RCN issue: 2.1. When registering RCNs at the CD, a main issue is registered with code “PKB” and sub-issues with the respective “PKBXXXXX” codes for each RCN issuer. “XXXXX” is the unified location identifier of the land commission/municipal office on agriculture and forestry , which is the RCN issuer, in accordance with the National Statistical Institute’s Unified Classifier of Territorial Units. 2.2. The RCN should be recorded as sub-issues until the moment when the municipal and regional land tenders are closed within the respective areas of the land commissions/municipal offices on agriculture and forestry, which are the RCN issuers. After the tenders are closed, the respective sub-issues of the issuers from these areas shall be merged into the main issue. A letter of advice from the Ministry of Agriculture and Forestry to the CD shall be accepted as a document notifying about the closure of these tenders. 3. Clearing and Settlement Procedures under transactions with RCN: 3.1. Transactions with RCN are concluded and RCN transfers via registration agent are registered on the floor of BSE. 3.2. For transactions under item 3.1. with RCN sub-issues - “PKBXXXXX”, - the settlement shall be done under the terms of settlement for securities from public issues. 3.3. For transactions under item 3.1. with the main issue – “PKB”, the settlement shall be done under the terms of settlement for securities from public issues, with the following additions: 3.3.1. Under these issues, the Investment Intermediaries who are transaction partners can nominate several clients of theirs who can participate in the transaction both with RCN from the main issue and with different sub-issues. 3.3.2. The RCN total for all clients under the main issue as well as by sub-issues should equal the total of RCNs for which the transactions has been concluded. 3.3.3. The individual sub-issues may either be explicitly specified by the intermediaries for their clients, or not be specified. With unspecified sub-issues, acceptable are the cases when the intermediary has submitted a transaction participant message /МТ540 - МТ543/ about the main RCN issue only. With specified issues, messages should be submitted not only about the main RCN issue (or instead it), but also about each individual sub-issue. 3.3.3.1. In cases when the issues are specified for a client who is a RCN seller, they shall be searched for, blocked and transferred from the respective client’s accounts in the same way as they are specified. If, under a certain issue or sub-issue, there is not sufficient quantity of RCN available for trade, an error message shall be generated: “Insufficient quantity of papers” 3.3.3.2. In cases when the particular sub-issues are not specified for a given client who is a RCN seller, then the RCN shall be searched for, blocked and transferred from the respective client’s accounts in the following sequence:  First, a check of stock available shall be made for the main RCN issue’s account;  If RCN quantity on the main issue’s account is not sufficient, the available stock shall be checked for the existing sub-issues’ accounts, while following the alphabetical order of the sub-issues’ codes.  The search shall continue on all sub-issues, until the quantity requested by the client is satisfied  In case it is ascertained, after the check performed as above, that the seller does not have sufficient quantity of RCNs, an error message shall be generated: “Insufficient quantity of papers”. 3.3.3.3. In case the particular sub-issues are specified for a given client who is a RCN buyer, then the respective RCN quantities shall be specified by the seller as well, by issue and sub-issues. 3.3.3.4. In case the particular sub-issues are not specified for a given client who is a RCN buyer, then the papers received by the seller shall be entered into the main RCN issue’s account for the respective buyer, whereas the respective quantities shall be deducted from the amounts available on the sellers’ sub-issues accounts. 3.4. The particular issue and sub-issues shall be specified via individual messages /МТ540 - МТ543/ about each issue/sub-issue under the given transaction. In case there is no specification of the issues for the seller, it is mandatory to have opened a client’s account from the main issue. 4. The registration of CI transactions and CI settlements shall take place under the terms of the Ordinance on the Central Depository’s Activity related to the Registration of the Issuance of, Transactions with and Executing Settlements with Compensatory Instruments, as well as in accordance with Procedures N0N05, 6 and 7 of CD AD. 4.1. For settlements with CI under the terms of Art. 13 and Art. 13a of TCIA, the documents under Art. 13, Para.2 regarding the deletion of CI from the payer’s account shall be prepared in accordance with:  Sample 01/E17 – Order for Settlement with Compensatory Instruments for Legal Entities;  Sample 02/E17 – Order for Settlement with Compensatory Instruments for Physical Entities;  Sample 03/E17 – Notification of Settlement with Compensatory Instruments by the competent governmental body receiving the CI settlement.

4.2. When CI are returned under the terms of Art. 13b of the TCIA, CD shall open an account of the issuer following an order by the Central Register of Compensatory Instruments, on which the transfers are entered. After each transfer, CD shall delete the CI the particular CI and notify the CRCI thereof. Transfers shall be initiated based on Sample 01/E17 or Sample 02/E17, while explicitly mentioning the ground on which the order for transfer is given, and the order shall be accompanied by a copy of the court decision. 4.3. After the CI settlement is registered, CD shall send a confirmation of the settlement made to the competent governmental body receiving the CI settlement – Sample 04/E17. 4.4. CD AD shall register the CI settlement within up to three business days upon receipt of the complete set of documents required for the registration: from the part of the payer: an Order for Settlement with CI; an original deed of ownership on the CI; an acknowledgement of the fee paid under the CD tariff; from the part of the beneficiary: a Notification of the CI settlement from the competent governmental body. 5. Payments with CI in cases of centralized public tenders /CPT/ and non-attendant public tenders /NPT/ for the sale of residual stakes of state and municipal property. 5.1. CPTs and NPTs shall be held on the BSE floor under the terms defined by the competent governmental bodies. BSE shall notify CD about the tender conditions at least 1 business day before the day on which the tender is to take place. The notification shall include:  A list of the companies that are subject of the given tender;  A breakdown of the shares/stakes by lots (a lot is the obligatory minimum quantity of shares/stakes that can be purchased with a single order);  Way of payment: what portion of the shares/stakes can be paid for in cash, what portion can be paid for with compensatory instruments, and the type of these compensatory instruments. 5.2. About the transactions concluded, BSE shall sent the information to CD under the standard procedure, along with the data about the other transactions of that day. 5.3. The Investment Intermediaries shall send the information about the deals under item 5 under the procedure for sending information about the stock exchange transactions. 5.4. Closure of transactions 5.4.1. In cases of transactions with cash settlement, the Investment Intermediary shall remit the amount due under the transaction to the Privatization Agency’s account with the Bulgarian National Bank. A copy of the payment order shall be submitted to the Settlement Department at CD. On the grounds of the payment order submitted, CD shall close the transaction by transferring the securities to the buyer’s account. Following the closure of the transaction, CD shall send to the Privatization Agency the data about the transactions, the contents and format of these data being agreed upon by the parties beforehand. 5.4.2. In case the issue of the company that is subject of the transaction under item 5.4.1. is not registered with the Central Depository or these are stakes of limited liability companies, the transfer of ownership shall be performed by the Privatization Agency. CD shall sent to PA the data about the transactions, the contents and format of these data being agreed upon by the parties beforehand. 5.4.3. In cases of payment with CI, the Investment Intermediary shall sent to CD a message МТ541, in which data are additionally included about the CI with which the payment is made, namely the CI issue and quantity. In case payment is made with different CI under the same transaction, the II shall send an individual message about each type of compensatory instrument. On the grounds of the messages received, CD shall close the transaction by transferring the CI to a Privatization Agency’s account and rendering them to zero, while transferring the securities to the buyer’s account. Following the closure of the settlement, CD shall send to the Privatization Agency the data about the transactions, the contents and format of these data being agreed upon by the parties beforehand. 5.4.4. In case the issue of the company that is subject of the transaction under item 5.4.3. is not registered with the Central Depository or these are stakes of limited liability companies, the transfer of ownership shall be performed by the Privatization Agency. Following the closure of the settlement, CD shall send to the Privatization Agency the data about the transactions, the contents and format of these data being agreed upon by the parties beforehand. 5.5. No partial payment shall be allowed under a given transaction, respectively, no partial transfer shall be allowed of the securities that are subject of the transaction. Enclosure 18 (E18) – Registration and Transactions with Compensatory Instruments

1. In cases of registration and transactions with compensatory instruments, the provisions are applied of the Transactions with Compensatory Instruments Acts, the Public Offering of Securities Act, the Ordinance on the Central Depository’s Activity Related to the Registration of the Issuance, Transactions and Executing Payments with Compensatory Instruments, the Ordinance on the Terms and Working Procedures of the Central Registry of Compensatory Instruments. 2. For the activity under item 1, with regard to the compensatory instruments, the provisions of the Rules and Regulations of Central Depository AD and the Enclosures thereto shall be applied, unless explicitly provided otherwise. 3. The investment intermediaries who are CD members shall open clients accounts to physical entities who are owners of compensatory instruments on the following conditions: 3.1. An original deed /certificate/ of ownership is presented. The document shall be received by a representative of the member who has signed the order. 3.2. The provisions and procedures are completed of the Rules and Regulations on Account Opening, including the legitimating provisions. 3.3. The presence of compensatory instruments under CD account is checked via message МТ 522. 3.4. The Order for the Transfer of Compensatory Instruments form is filed, whereas in the field “from my own account No…” and the field “enclosed is depository receipt No…”, the unique number of the deed /certificate/ of ownership is filled in. 3.5. In cases when authorization is given by a physical entity, an original Power of Attorney is explicitly required, which has been certified by a notary and should be presented to an investment intermediary who is a CD member. 4. The investment intermediaries who are Depository members should, when opening clients accounts of legal entities, require the documents under item 3, whereas in the Order for Transfer, in the: 4.1. “Undersigned”, first field, the name of the legal entity which gives the order is filled in; 4.2. “Personal ID”, in the place of “ID card number”, the BULSTAT number is filled in; 4.3. “ Represented by”, third field, the full names of the person(s) representing the legal entity are filled in the first row and their personal ID numbers in the second row, in accordance with the up-to-date certificate of recordation in the commercial registry. A copy of the actual legal status certificate should be presented to the investment intermediary who is a CD member: this certificate has to be signed and stamped by the company’s representative, and should bear a date exceeding the date on which the Order for Transfer was signed by three months at latest. 4.4. The field “Power of Attorney No…” remains empty. 4.5. The field “Issue No…”: the issue code assigned by Central Depository AD is filled in. 4.6. The field “from my own account No…”: the number of the deed /certificate/ of ownership is filled in. 4.7. The field “enclosed is depository receipt No…”: the number of the deed /certificate/ of ownership is filled in again. 4.8. The Orders of Transfer on the part of legal entities shall be personally signed by the individual(s) representing the company. 5. In case transaction is executed with compensatory instruments that are registered to heirs and written under a common account, the following documents shall be submitted to the CD member investment intermediary: 5.1. Certificate of Heirs; 5.2. Deed /Certificate/ of ownership on the compensatory instruments; 5.3. Order for the Transfer of Compensatory Instruments, whereas in the first field, first row, after the “Undersigned”, “Heirs to” is filled in, and in the second row, the full names of the common Forbearer are filled in. In case there are several heirs, their names shall be written on the reverse side of the form, whereas the following are written: full names, personal ID, ID card number, signature, date. 5.4. In case of authorization, a notary-certified Power of Attorney is explicitly required for the execution of the transaction. The authorized heir/heirs shall sign the Order for Transfer form. 6. In case payment is executed with compensatory instruments, when the payer under the transaction is an owner of compensatory instruments and the payee is a competent governmental body, the following documents are required: 6.1. Order for Payment with Compensatory Instruments by their owner /in accordance with Sample 01/E17 or Sample 02/E17 - Order for Payment with Compensatory Instruments/; 6.2. Notification from the competent governmental body to the Central Depository /in accordance with Sample 03/E17/; 6.3. Deed /Certificate/ of ownership on the compensatory instruments; 6.4. Payment Order for the fee paid under item Х of the Central Depository’s Tariff for servicing of payments with compensatory instruments – paid by the owner of the compensatory instruments /Sample 4/. 7. The intermediary shall check the documents required for this procedure and shall store them at his/her office. Enclosure 19 (E19) – Procedure for Authorization of the Investment Intermediaries in the Communication System of CD AD through Smart Cards and Digital Certificates, Encrypting and File Signing

4. The purpose of the present technology is to provide signing with electronic signature to the electronic documents received from the investment intermediaries. CD AD signs with e-signature of its own the documents generated by it. The transferred data are encrypted. The main advantages are:  New level is reached regarding the security and protection of information exchanged between II and CD AD;  The possibilities to control the inflows of information increase significantly;  Providing paper bearers of the documents is no more necessary;  For the purposes of control, all paper documents will be stored with the investment intermediary, whereas CD AD will have the right to check if those comply with the electronic messages. 5. Requirements for the investment intermediaries: The investment intermediaries should have at their disposal a digital certificate under Standard Х.509 v3 issued by Central Depository AD. The certificate is personal for each employee communicating with the CD AD system. The certificate shall be stored on a smart card. A smart card reader must be available, which is installed on the PC from which the data will be prepared and forwarded to CDAD. Central Depository AD shall provide to all investment intermediaries program modules for encrypting, decrypting, signing and checking the signature on the files for communication between CD AD and the intermediaries. The investment intermediaries should have at their disposal CDAD’s public key for data encryption. It is available on CDAD’s webpage and is recorded on the smart card as well. 6. Requirements for the PC configuration the investor intermediary must have in order to communicate with CDAD: 7. The PC system must have operating system  MS Windows NT 4.0 Service Pack 4 or higher, or  MS Windows 2000, or  MS Windows XP 7.1. A smart card reader - it is provided by CD AD 7.2. A smart card with a certificate – it is provided by CD AD 8. Issuance of the certificate: The certificate shall be issued by CD AD under the following procedure:  An application (sample provided by the CDAD) shall be filed for certificate issuance, to which a copy shall be enclosed of the ID card of the person for whom the certificate is issued;  The application shall be processed with CDAD, by way of comparing with the data already available and the data from the person’s ID card and the application;  A certificate shall be issued which is signed by the CDAD certificate in accordance with the CDAD internal procedure;  The certificate is recorded on a smart card;  The smart card shall be handed over to the individual IN PERSON, in a sealed envelope, in exchange of a signature and ID card shown. In the envelope are the access code of the card and the directions for use thereof. 9. Signing and encrypting the file: The file which is used to complete this procedure must be prepared for sending in accordance with all CDAD regulations /compressed with ZIP, uncompressed with extension “.ISO”, etc/. The file shall be processed by way of executing commands in the following order:  CRYPTSIGN -i -o

-s< Signing person’s certificate identifier>- r -v -c Example: CRYPTSIGN -izacdad.zip -ozacdad.crp –s “Broker” –r “Depository” The file named zacdad.zip shall be crypted and signed with the Broker 1’s certificate for the Depository. A file named zacdad.crp is received which shall be sent to CDAD under the standard procedure. The procedure sends back Result 0, if the operation was terminated successfully; otherwise it sends back Error Code. 10. Decrypting and checking the file signature. To complete this procedure, the outcome file shall be downloaded from the CDAD’s communication server. The file shall be decrypted and checked by way of executing commands in the following order:  DECRYPTSIGN -i -o

Example: DECRYPTSIGN -iotcdad.crp -ootcdad.zip The file named otcdad.crp shall be decrypted and the signature shall be checked with the CDAD certificate. A file named otcdad.ZIP is received. The procedure sends back Result 0, if the operation was terminated successfully; otherwise it sends back Error Code. 11. CDAD proceedings After the file has been received at the CD AD, it shall be decrypted and the signature shall be checked. In case the signature and the file are valid, the latter shall be processed. The results of the processing shall be encrypted with the intermediaries’ certificate and shall be signed by CDAD. The results, signed and encrypted, shall be uploaded to the CDAD’s communication server to the intermediaries’ mailboxes. The intermediary is not obligated to provide a paper bearer to the CDAD. The intermediary is obligated to store in his/her archive all paper bearer, including the Order for Transfer form. CDAD has the right to check the intermediary for availability of the paper bearers related to the operations performed by him/her. CDAD has the right to request, at all times, from the investment intermediary the paper bearers of the submitted data, as well as those of the primary documents under all transactions. Enclosure 20(П20) – Registration of issues of rights and listing of shares for rights

1. The investment intermediary servicing the increase of capital shall submit a statement according to Form 01/E20 of this procedure for registration of issue of rights. The following documents for registration of issue of rights shall accompany the statement: 1.1. certified copy of a decision by the competent body of the issuer for increase of capital; 1.2. certified copy of the publication of the notification in Official Gazette; 1.3. certified copy of the contract of the issuer with the investment intermediary servicing the issue; 1.4. certified copy of a certificate for ISIN code; 1.5. certified copy of a decision of the Financial Supervision Commission for approval of the prospectus for capital increase (for joint stock companies with special investment purpose and other companies whenever legal requirements for such exist); 2. Document for paid registration fee for the issue of rights. 3. The investment intermediary under item 1 shall be obliged to observe that all rules and regulations be kept with reference to performance of the procedure on capital increase, as well as regarding the internal regulations of the company itself. 4. Following the submission of the full set of documents under item 1, Central Depository shall register the issue in compliance to the terms in the regulations. 5. When the issuer has not specified the way of registration of the rights on accounts (of the client or of the issuer), the registration shall be performed respectively by personal accounts of the holders in the General Register or by their client accounts with the investment intermediary, depending on where the shares are as of the moment of registration of the issue of rights. 6. For registration of rights entirely by client accounts, no depository receipts shall be issued. 7. In case of initial capital increase of a joint stock company with special investment purpose, the rights shall be registered on an account of the investment intermediary - underwriter of the issue or on a client issue account of the issuer with the investment intermediary - underwriter of the issue, in compliance to the contract pursuant to item1.3 8. For registration following the procedure under item 3.1., the issuer may require the issuing of the depositary receipts through the investment intermediary, for the rights registered by personal accounts. The receipts shall be provided to the owners as determined by the issuer. 9. Depository receipts shall be printed out within a term taking in consideration the technological time necessary for processing the information including the printing itself about which the issuer shall be notified in writing by the issue by the Central Depository AD of the registration act. 10. By decision of the issuer for the registered rights on personal accounts depository receipts may not be issued/printed out. In such a case the following requirements have to be fulfilled: 11. There should be a contract concluded between the issuer and an investment intermediary selected by the issuer for servicing the investors with rights on personal accounts, including a provision that the investment intermediary is entitled to require information by the Central Depository and based on it, to issue a document following the procedure pursuant to items 3.3 and 3.4 of this procedure for the rights held. This document (Enclosure 2/П20), contains the following obligatory and essential elements: 12. name of the investment intermediary – issuer of the document; 13. number of the document and date of issue; 14. title “Certificate”; 15. the full name and civil identification number (ЕГН), respectively title and BULSTAT of the holder of rights; 16. number of the personal account of the holder of rights (holder); 17. the amount of rights on the account at the moment of check-up; 18. ISIN code of issue; 19. Issuer. 20. A letter of notification by the issuer to Central Depository AD with regard to the circumstances under item 3.3. accompanied by a certified copy of the contract under item 3.3.1. 21. The check-up on the rights held and the issue of a document Form 02/E17 shall be performed only through the investment intermediary with whom the issue has concluded the contract pursuant to item 3.3.1. Due to its specificity, the notification МТ522 shall not contain the number of the personal account of the holder, but it shall be announced in the contract by Central Depository – notification МТ 521. Every certificate has an unique number formed by the global number of the intermediary as a prefix and the number of notification МТ 522. The investment intermediaries pursuant to item 3.3.1 shall not have the right to provide information taken from the certificate and/or its copy to anyone but the holder or to a person so authorized by an express power of attorney certified by a notary. 22. When transferring the rights from the personal to the client account, the number of the certificate under item 3.3.1 shall be entered in the three-layer paper-based order instead of a number of a depository receipt. 23. Following the registration of the issue of rights, Central Depository shall issue an Act for Registration of the Issue. 24. The holders of rights willing to exercise them and to acquire shares against them shall announce this circumstance to the investment intermediary. 25. In case the rights are not on a client account with the investment intermediary pursuant to item 4.1, this investment intermediary based on a statement pursuant to item 4.1, shall open a client account for the respective issue of rights with the intermediary, in accordance to Enclosure 06/П06 – for rights registered on personal account and in accordance to Enclosure 07/П07 – for rights registered on client account with another investment intermediary. 26. The investment intermediary under item 4.1.1 shall send a notification МТ542 with data about the client, ISIN code of the issue of rights, the number of shares, which shall be recorded. The investment intermediary servicing the issue of rights shall send a notification МТ540 with data about the issuer and the number of shares to be recorded to the person under item 4.1. In case of correspondence between the two notifications, the system of the Central Depository shall block the respective number of rights on the current account pursuant to item 4.1.1. 27. In case that instead of the notifications pursuant to item 4.1.2 the respective investment intermediaries send notifications МТ543 and МТ541, containing also data about the effecting of the payment, Central Depository (CD) shall transfer the respective amounts from the account of the investment intermediary pursuant to item 4.1.1 to the account of the investment intermediary servicing the issue of rights. 28. Within 3 /three/ working days following the completion of the procedure for capital increase the investment intermediary under item 1 shall be obliged to notify CD in writing about that. 29. Procedure for the sale under the conditions of an open auction pursuant to Art.112B, Para.7 of rights in case of capital increase of a public company. 30. The investment intermediary servicing the capital increase of the public company shall: 31. Notify Central Depository AD about the forthcoming auction pursuant to item 5 three working days prior to the date of the auction itself. 32. Within the term as per item 5.1.1 state opening of a client account of the issuer in accordance to the Rules and Regulations of CD AD. 33. State at Central Depository the issuance of certificate of the exercised and not exercised rights and shall pay the respective fee according to the Service Price Tariff of Central Depository. 34. When preparing the certificate pursuant to item 5.1.3., it shall encompass also the rights, subject to a procedure of inheritance, however, excluding stated transfers as of the moment of preparation of the certificate. These shall be deblocked in the system of Central Depository in order to be taken out of the inheritance procedure and shall be included in the overall number of rights offered at the auction. 35. In case the rights are subject of an ordered transfer with regard to an inheritance, they shall not be deblocked, so that the completion of the transfer is ensured. 36. During the following working day at the latest /two working days prior to the date of the auction/ Central Depository AD shall perform the order under item 5.1.2. 37. Central Depository AD shall automatically transfer the rights against which there are no shares listed from the new issue, including the rights pursuant to item 5.1.3.1, to the client account as per item 5.1.2. two working days prior to the auction. 38. The investment intermediary shall state in the Central Depository the issuance of certificate for the amounts received from the sale of rights on the account of CD and that the disposition with these amounts may be performed only following the entry at CD of the court registration of capital increase. The certificate shall be issued following the completion of transfers of the issue of rights, resulting from the auction pursuant to item 5. 39. In case of order of distraint of assets including rights, the body ordering the distraint shall be notified about the presence of the rights in the portfolio of the debtor. This shall not be the case when the order of distraint comes following the conclusion of the deals at the auction. In these cases Art.109 c, Para.1 of LPOS shall apply. When listing shares against rights the distraint shall be transferred on to the shares. 40. Completion of deals from the auction pursuant to Art.112b from LPOS. 41. All deals resulting from the auction shall be completed according to Enclosure 07/П07 from the Rules and Regulations of CD AD, with regard to deals with securities. 42. In case not all the rights are sold at the auction, the allocation of the overall number of unsold rights shall be performed based on the following algorithm: 43. The unsold rights shall be distributed in proportion to the number of rights transferred pursuant to item 5.3. in the overall pool of rights of the respective holder. 44. The right may not be severed. 45. The following quotient shall be formed of sale of rights: The sum of sold rights Q = 1 - ______Sum of rights offered at the auction 46. The number of offered rights in the overall pool of each holder shall be multiplied by the quotient of sale Q. 47. The figures resulting pursuant to item 5.6.2.4 for unsold rights shall be rounded off following the principle: for a fraction lesser than 0.5 – to the smaller whole number, for a fraction higher or equal to 0.5 – to the higher whole number. 48. The amounts pursuant to item 5.6.2.5 shall be summed up and shall be taken out of the total amount of unsold rights.( difference Р = unsold rights – sum of rights pursuant to item 5.6.2.5 /following rounding off/). 49. For every subject and participant in the pool for the auction a quotient of mistake shall be determined D = (sum under item 5.6.2.5 – calculated sum under item 5.6.2.4 ) / calculated sum under item 5.6.2.4. 50. If Р / from item 5.6.2.5.1. / is a positive figure, then 1 /one /is added to the sum under item 5.6.2.5 of the holder with the lowest quotient D, if it is a negative figure, then 1 /one/ is taken out of the sum under item 5.6.2.5 of the holder with the highest quotient D. If there are holders with equal maximum or minimum quotients D, the operation shall be performed on a lottery principle among them. With the amount thus calculated the holder shall participate in the further calculations instead of with the amount under item 5.6.2.5. 51. The algorithm shall be repeated from item 5.6.2.5.1. to item 5.6.2.5.3., until the result becomes Р =0 . 52. The unsold rights from the auction received pursuant to item 5.6.1. or item 5.6.2. shall be returned to the accounts of their holders / back pursuant to the procedure in item 5.3. / on the next working day following completion of settlement of all deals of the auction. 53. Investment intermediary underwriter of the issue shall state and CD shall prepare data on the persons who have listed rights. The preparation of the data shall be charged in compliance to the Service and Price Tariff of CD. 54. Order for distribution of the amounts received on account of Central Depository as a result of sale of rights and listing of shares in case of capital increase of issuer. 55. Terms and procedure of completion of issue of rights and distribution of amounts received in result of concluded deals with these rights at the stock exchange. 56. In case of completed issue and received amounts in result of concluded deals at the stock exchange for the sale of rights, at the CD documents for registration of the shares from the capital increase shall be submitted pursuant to item 3 from Enclosure 02/E02: 57. Investment intermediary member of CD, which services the issue, shall submit a statement communicating the completion of the issue and indicating the account of the investment intermediary where CD shall have to transfer the amounts from the sales of rights; 58. The issuing company shall submit a notification in writing indicating the bank account where the funds from sales from personal accounts through auction at the stock exchange shall be transferred. 59. CD shall transfer the funds from sales of rights registered on personal and client accounts within up to 10 working days following the deblocking of the shares from the capital increase pursuant to item 3.4.3 from Enclosure 02. In case the conditions of item 6.1.2 and item 6.1.3 are not fulfilled, the term shall start as from the moment of their implementation. 60. Following the completion of issue of rights CD shall perform the following actions: 61. CD shall prepare a list of persons – sellers of rights by investment intermediary, and delivery of this list to investment intermediary. The list shall contain the full names, respectively title, civil identification number (ЕГН) /BULSTAT, amount to be transferred to the benefit of the person. 62. CD shall notify by an electronic message investment intermediaries- sellers, about the completion of the issue following implementation of the conditions under item 6.1. In case investment intermediary is underwriter of the issue of rights, it is obliged to declare in writing to CD the account on which the amounts for the purposes of this procedure shall be transferred. 63. CD shall transfer the amounts on an account of investment intermediary as indicated in item 6.2.2 64. Terms and procedure for allocation of amounts as a result of auction at the stock exchange. 65. In case of amounts received as a result of auction for sale of rights from client accounts, the procedure pursuant to item 6.1 shall apply. 66. CD shall provide the issuing company with a list of the persons to whom the amounts shall have to be transferred that have been received from sale of rights. The list shall contain the data as per item 6.2. Enclosure 21(E21) – Identification of foreign persons holding securities with a trustee

67. This procedure shall determine the terms and procedure for identification of the clients of foreign persons that are entitled according to their national legislation to perform services and activities under Art. 74b of POSA/LPOS. 68. The identification of the persons under Item 1 shall be performed by an investment intermediary that is also a member of the CD and this act shall be done on the grounds of a print-out of S.W.I.F.T. or other type of message submitted by the foreign custodian to the investment intermediary, member of the CD, who maintains the client account of the custodian. The message shall bear identification data for the clients and it is mandatory to include the name of the physical/legal person that is a client of the foreign custodian. On the grounds of these orders the investment intermediary, also a member of the CD shall send messages for transfer of the respective portfolio. The documents that contain instructions with regard to the transfer shall be retained by the investment intermediary - a member of the CD Enclosure 23(E23)- Completion of Transactions with Securities through Gross Settlement System in Real Time

This procedure specifies the technology of processing and completion of transactions with securities. Subject of Regulation: 1. Subject of this procedure is as follows: All transactions with securities concluded on the regulated securities markets; Transactions registered with Central Depository AD with an order for monetary settlement on them; Transfer of securities as a result of initial offering or buy-back of securities; Buy-back and offering of securities by investment companies – open type; Orders for transfer of funds between settlement and non-settlement accounts of investment intermediaries; Other transactions which require transfers of funds. Main principles of processing of transactions with securities : 2. The transactions with Central Depository AD shall be finalized on day Т + 2 / the second day / following day Т. 3. The transactions with Central Depository AD shall be finalized on net basis in respect of cash receivables and obligations thereon. The net position of each member of Central Depository AD shall be calculated on basis of the transactions under item 1 performed during the day as well as those not finalized from the previous days. 4. The investment intermediaries shall be obliged to open at least one account (settlement account) under special management condition with any commercial bank, operating with RINGS for finalizing transactions with securities, according to Procedure of payments under transactions with dematerialized securities /PP/. The investment intermediaries have no right to debit these accounts in other way except by an order to Central Depository AD. 5. Central Depository AD shall be notified at least twice daily by the banks under item 8 about the funds available on the settlement accounts of the investment intermediaries. In case Central Depository AD is not notified about a settlement account of an investment intermediary, it shall accept that there are no funds available on this account. 6. The banks, members of the Depository declare before Central Depository AD a limit of cash funds intended for completion of transactions with securities /personal or administrated by their clients/. 7. Settlement account shall be debited by a holder – investment intermediary only for finalizing transactions with securities or pursuant to an order of transferring cash funds to other non-settlement account. 8. After calculation of the net positions of the investment intermediaries, the new debit net positions shall be compared to the data submitted by the commercial banks about the funds available on the settlement accounts of the investment intermediaries under item 9. In case of insufficiency the net position of the investment intermediary shall be corrected to a net position which is lower or equal to the funds available on all its settlement accounts. The correction shall be carried out in delay of finalizing a sufficient number of buy transactions of the respective investment intermediary under the present procedure. 9. After calculation of the net positions of the investment intermediaries, the new debit net positions shall be compared to the data submitted by the commercial banks about the funds available on the settlement accounts of the investment intermediaries under item 9. In case of insufficiency the net position of the investment intermediary shall be corrected to a net position which is lower or equal to the funds available on all its settlement accounts. The correction shall be carried out by later finalization of sufficient number of buy transactions of the respective investment intermediary under the present procedure. 9. When the net positions are calculated the following priorities listed from the highest to the lowest, shall be observed: Priority by type of market and market segments: Transactions concluded on regulated markets; Buy-back, commercial offering and other transactions under specific conditions for securities registered on regulated markets; Initial public offering; Transaction concluded on unregulated markets; Orders by investment intermediaries for transfer of funds to non settlement accounts. Priority by type of transaction: Transactions in which the parties – investment intermediaries trade at the expense of their clients; Transactions in which one of the parties - investment intermediaries trade at the expense of its clients; Transactions in which the parties – investment intermediaries trade at their own expense. Priority by time of conclusion of the transactions: Transactions received in the system earlier or concluded earlier on the regulated market are of higher priority in case of equal priorities under p. 13.1 and p. 13.2. 10. Transfer of cash funds from a settlement account to non-settlement account shall be performed through Central Depository AD. The investment intermediaries may order these transfers in writing or in electronic format as specified by the depository. The orders are entered to the current settlement cycle if received until 13.30 h. Otherwise they shall be accepted for completion in the next settlement cycle. Technology of finalizing the transactions : 11. Central Depository considers the day marked as day Т as follows:  For transactions concluded on the Bulgarian Stock Exchange – this is the day of receiving the transactions data. In case of delay by the Bulgarian Stock Exchange in submitting the data of the transactions, the Central Depository shall try to compensate the delay according to the day of conclusion;  For OTC transactions – this is the day of finalizing the process of comparison and establishment the uniformity of the requisites (matching) of messages for the transactions. 12. Until the end of day Т – 18.00 h. sufficient data for conclusion of the transaction should be submitted to Central Depository AD by the parties of the transaction – investment intermediaries. 13. The transaction data shall be reviewed until 19.00 h. and notice shall be submitted back to the investment intermediaries – parties of the transaction about eventual mistakes or discrepancies as well as about the stage of processing of the transaction. In case within the term under p. 12 insufficient data for conclusion of the transaction are submitted in Central Depository system, the check shall be performed after receipt of the data. 14. On day Т + 1 until 17.00 h. the investment intermediaries may correct the mistakes, correction of the transaction data. 15. On day Т + 2 until 9.00 h. the commercial banks shall submit information about the funds available on the settlement accounts of the investment intermediaries to Central Depository AD. 16. On day Т + 2 at 9.00 h. Central Depository AD shall list all the transactions with correctly received data by priorities as specified under p. 9. 16.1. Central Depository AD shall check the availability of the securities on the accounts of the holders – sellers of the transaction. In case of insufficiency of securities, the respective transaction shall not be processed under the general procedure and shall be marked “lack of securities”. The check on securities availability shall include the amount to be acquired from executable „buy transaction” of the respective securities, the same holder and which shall be finalized within the same settlement period. 16.2. For all the transactions, the securities shall be blocked on the account on which they are available. Central Depository shall consider that the moment of blocking of the securities under this procedure is the moment within the meaning of Art. 109c of Public Offering of Securities Act, after which no participant with the system or third party may cancel or repeal an order accepted by Central Depository system, or the fulfillment of this order to be frustrated in any other way. After that moment Central Depository does not execute a distraint or orders of establishing other encumbrances on the securities, being subject of the respective transaction. 16.3. Upon initiating the settlement of all the transactions at the expense of the clients where more than one client participates, the securities shall be transferred to intermediate account (under p.6.7. of Enclosure 7/E07), from which they shall be allocated according to the orders for transfers thereafter. 17. On the basis of all successively checked transactions, the net position of the respective investment intermediary shall be calculated by summarizing the amounts of all the orders by which the investment intermediary with receive funds and deducting the amounts of orders by which the investment intermediary is obliged to pay. The net position as calculated is debit, credit or zero. 18. Debit positions of each investment intermediary shall be compared to the amount of the funds available on its settlement accounts. In case of insufficiency of funds, the respective transaction shall not be processed under the general procedure by its priority and is marked “lack of funds”. The transactions shall be extracted one after another whereas new net positions of all investment intermediaries shall be calculated. 19. The steps under p.17 and p.18 shall be repeated until all net debit positions are lower or equal to the total summarized funds available on the settlement accounts of the investment intermediary. 20. Central Depository AD following completion of processing shall inform the investment intermediaries about the status of the deals. 21. From 10.30 to 13.00 h. the investment intermediaries may correct the funds available on the settlement accounts with the commercial banks. 22. On day T+2 until 13:00 h. the commercial banks shall submit the final data in respect of the funds available on the settlement accounts of the investment intermediaries to the Central Depository AD. 23. Central Depository AD shall perform the operations as specified from p.16 to p.20 considering the new availabilities ordered by the commercial banks on the settlement accounts of the investment intermediaries. In case a bank does not submit any data under item 28, Central Depository AD shall consider the data received under p.15 to be true. In case no data are received during the respective settlement period, Central Depository AD shall consider these accounts to have zero balance. The operations from p.16 to p.20 shall be performed on every round hour from 8:00 to 13:00 h. 24. On the basis of the received net positions of the investment intermediaries under p.18 and considering the burden of allocating the funds available on the settlement accounts of the investment intermediaries among the respective commercial banks as well as the positions of the banks themselves as a result of their transactions with securities, the net position of each commercial bank is found toward RINGS. For this purpose, all credit positions shall be summarized and all debit positions on the settlement accounts of the investment intermediaries - clients of the bank shall be deducted, as well as its own positions as a result of transactions with securities. The calculated net position is debit, credit or zero. 25. Central Depository AD on the basis of the calculations under p. 24, at 15.00 h. shall prepare and submit a message “Net Settlement Order “to RINGS, according to PP. 26. Until 17.00 h. Central Depository AD shall receive from RINGS a feedback for successful or unsuccessful processed message “Net Settlement Order”. 27. In case of unsuccessfully processed message under p.26, all transactions shall be transferred for the next settlement period, whereas during the calculation, the net positions of the commercial banks under p.24 for which information “Insufficient cash funds” is received, shall be deducted”. 28. In case of successfully processed message “Net Settlement Order“, the securities are transferred to the accounts of the holders. In case of transactions where the sellers and/or buyers are more than one, the securities shall be transferred by the respective transfer accounts (under p.6.7 of Enclosure 7/E07) of the investment intermediaries, being parties of the transaction. 29. In case of successfully processed message “Net Settlement Order“, Central Depository AD shall prepare a message to the commercial banks for the net positions on each settlement account with them as a result of the settlement performed on transactions with securities. The reference number of the transaction with the securities with Central Depository AD shall be specified as reason for the operations performed. 30. Central Depository AD shall notify the investment intermediaries for the finalized transactions. 31. The transactions marked as “waiting securities “ or “waiting cash funds“ shall be included in every settlement period to follow until they are successfully finalized but not later than day Т+7 inclusive. After that period they shall be marked “Not executable” and the respective parties and officials shall be advised thereafter. After expiration of this period the transaction shall be kept registered with Central Depository AD system and may be processed on the ground of further written information received by the regulated market or the parties of the transaction. Enclosure 24(E24) – Effecting payments with dematerialized securities

1. This Procedure regulates the principles, organization and technology for effecting payments for deals with dematerialized securities, performed through the system of CD through RINGS. 2. The procedure is in compliance to the requirements of Ordinance № 3 of the Bulgarian National Bank on Funds Transfers and Payment systems; Regulations and Procedures for Work of RINGS and other regulations of the activities of CD. 3. Definitions 3.1. Bank shall be a local bank or a branch of foreign bank that has received license for performance of banking activities at the territory of the Republic of Bulgaria through a branch. 3.2. Bank account of a member of Central Depository shall be a current account within the meaning of Art. 2, Para. 3, item 1 of Ordinance № 3 of the Bulgarian National Bank on Funds Transfers and Payment systems. The additional requirements for administration of the funds on these accounts shall be set forth in this procedure. 3.3. Order for settlement shall be a payment instruction submitted to RINGS by a system operator of payments according to a format determined in advance. 3.4. Request for a transfer shall be a declaration of intention made in writing or electronically by a member of the Central Depository submitted to the Central Depository. The request shall contain instruction for effecting a transfer from the bank account of the member of the Central Depository and shall have contents and essential and obligatory elements as set forth in the Rules and Regulations of the Central Depository. 3.5. Balance on the bank account shall be the disposable amount on a bank account for effecting a payment for deals with dematerialized securities. 3.6. Balance on an account with dematerialized securities is the number of free for transfer dematerialized securities on this account. 3.7. Dematerialized transfer is transfer of funds effected through debiting and crediting of bank accounts. 3.8. Calculated cash net liabilities are amounts received following the netting of the receivables and obligations arising following the conclusion and registration of deals with dematerialized securities by the members of Central Depository. 3.9. Settlement at the Bulgarian National Bank (BNB) shall be a transfer of funds between settlement accounts kept with the BNB of the participants in the settlement. 3.10. System for investment intermediaries (SII) shall be a system of instructions about the types of messages for transfer of dematerialized securities delivered electronically or otherwise between the Central Depository and its members. 3.11. Settlement account shall be an account of a participant in the settlement kept with the BNB. 3.12. Message of SII shall be a sequence of symbols according to the standard ASCII (American Standard Code for Information Interchange) with length and syntax, as described in the standards of ISO (International Standard Organization) - ISO 15022 format and specified in SII. 3.13. RINGS (Real-time Interbank Gross Settlement system) is a system for online gross settlement at the BNB, where settlement of payments in the national currency at the territory of the country is performed immediately and individually for every order of a transfer in compliance to operational rules and procedures prepared at the BNB. 4. General principles for payments for deals with dematerialized securities. 4.1. Participants in the payment process are as follows: 4.1.1. Member of Central Depository; 4.1.2. Bank with which a currency account of a member of the Central Depository is opened when this member is not a bank; 4.1.3. Central Depository; 4.1.4. Bulgarian National Bank – as an agent for settlement. 4.2. Settlement of dematerialized securities. Settlement of dematerialized securities shall be effected according to the procedure described in Enclosure 23 Section 3. 4.3. Reason for payment. The reasons for payment for deals with dematerialized securities shall be registered deals with dematerialized securities at the Central Depository with agreed delivery against payment based on which currency net exposures are calculated of the members of the Central Depository. 4.4. Preliminary consent for disposition with currency in cash on bank account of a member of the Central Depository. 4.4.1. For performance of payments for deals with dematerialized securities investment intermediaries other than banks shall open current accounts with a bank selected by them, which shall be used only for servicing of payments related to their activities as investment intermediaries. In the contract for account opening between the servicing bank and the investment intermediary, the account holder shall consent in advance that the accounts shall be debited solely by Central Depository on behalf of and at the expense of the investment intermediary in the following cases:  The cases as per item 4.3;  At the request of the account holder submitted to Central Depository according to the Rules and Regulations of Central Depository. 4.4.2. Every member of Central Depository shall consent in writing that Central Depository shall organize and perform all actions with regard to completion of deals with agreed delivery against payment and servicing of payments for bond issues. The member of Central Depository shall be obliged to fulfill all instructions of Central Depository, arising out of this consent. The member of Central Depository shall submit at the servicing bank “Consent for direct debit” – Enclosure № 7 to Art. 21, Para. 2 of Ordinance № 3 of the Bulgarian National Bank on Funds Transfers and Payment systems. 4.5. Cancellation of preliminary consent pursuant to item 4.4.2 Cancellation of preliminary consent for disposition with currency in cash by a member of the Central Depository other than a bank shall be possible only with the express consent of Central Depository following a written demand.. 4.6. Conditions for effecting a payment. Payment shall be effected under the following conditions: 4.6.1. The member of Central Depository shall have submitted to the servicing bank Consent for Direct Debit from the member’s bank account at the request of Central Depository, and shall declare this account at the Central Depository. 4.6.2. Members of Central Depository which are banks shall use in the cases pursuant to 4.6.1. their settlement accounts at the BNB without submitting Consent for Direct Debit. 4.6.3. In the bank account or the settlement account of the member of Central Depository there shall be sufficient funds. 4.6.4. The member of Central Depository shall have submitted in the due term the set of instructions for performance of transactions in compliance to the SII requirements. 4.7. Net exposures of the members of Central Depository 4.7.1. Central Depository shall calculate on a multilateral base the net exposures of the mutual currency obligations of the members arising as a result of the registered but unfinished deals with dematerialized securities as of the current moment and in compliance to the schedule of the system day of RINGS. 4.7.2. The calculation of the net exposures shall be performed simultaneously for the investment intermediaries and for the banks which participated in deals with dematerialized securities in accordance to Enclosure 23. 4.8. Aggregate net exposure of a bank 4.8.1. Central Depository shall calculate the aggregate net exposures of banks participating in payments for deals with dematerialized securities in RINGS, by summing up the net exposures of the members of Central Depository, clients of the respective banks, separately for every bank. 4.8.2. When the bank is a party in deals with dematerialized securities its net exposure shall also participate in the formation of the aggregate net exposure of the bank. 4.9. The advance notification of the banks about the net exposures with respect to deals with dematerialized securities The amount for payment to the respective bank shall be equal to its aggregate net exposure. Central Depository shall notify in advance the bank about the net exposures for deals with dematerialized securities in compliance to the schedule of the system day of RINGS and the Rules and Regulations of Central Depository. 4.10. Notification about balances on bank accounts By the provided Preliminary Consent for disposition with the bank account for deals with dematerialized securities, the member of Central Depository other than a bank shall agree that the bank through its Head Office shall inform on a daily basis Central Depository on the balance on the bank account. Bank-member of Central Depository shall inform the Central Depository also about the funds intended for the deals of the bank itself and bank’s clients in the bank’s capacity of investment intermediary. In case that a bank shall not fulfill its obligation pursuant to this item, it shall be deemed that all accounts of clients of Central Depository with this bank, including the bank’s own funds with reference to payments with dematerialized securities, shall be of zero balance. 4.11. Identification of the possible payments on bank accounts for concluded deals with dematerialized securities Based on the information about the balances on bank accounts Central Depository shall identify the concluding net exposures of its members and shall initiate a settlement order in RINGS. The deals for which there shall not be sufficient funds on bank accounts shall be included in the settlement order, which shall be submitted on the next system day of RINGS. Central Depository shall notify the parties in unfinished deals for the reasons for delay of the deals. 4.12. Settlement of payments for deals with dematerialized securities in RINGS 4.12.1. Based on identified aggregate net exposures pursuant to item 4.8. Central Depository shall form a settlement instruction on a multilateral base and shall submit it to RINGS. 4.12.2. The settlement of payments with settlement instruction for RINGS shall be performed in compliance to „Rules and Procedures for Work of Real-time Gross Settlement System (RINGS)” in accordance to the schedule of the system day of RINGS. Central Depository shall receive a confirmation by RINGS for performed or non-performed settlement. 4.12.3. In case of insufficiency of funds on a settlement account of one or more bank-payers, the settlement instructions submitted by Central Depository shall remain in a waiting mode in RINGS and be performed when the required amounts are provided. 4.12.4. On receipt by RINGS of an answer “rejected instruction” with information about the banks with insufficiency of funds on the settlement accounts, Central Depository shall perform the following procedures: -It shall exclude the banks indicated from the scheme for calculation of aggregate net exposures; -It shall calculate again the aggregate net exposures for the remaining banks generate and submit to RINGS a new settlement instruction/order. 4.12.5. Central Depository shall not maintain a queue of waiting instructions to RINGS for the next working day. For the non-performed instructions Central Depository shall create and send to the bank notifications for rejected deals. 4.12.6. At the end of the system day of RINGS Central Depository shall send to the BNB information about all deals rejected according to the terms of the preceding item. 4.12.7. Deals, for which no settlement has been performed as per item 4.12.2., shall be kept separate and shall be processed on the following system day. 4.12.8. The communication between Central Depository and RINGS shall be carried out through standard notifications as identified in „ Rules and Procedures for Work of Real-time Gross Settlement System (RINGS)”. 4.13. Confirmation of performed payment by Central Depository Central Depository shall notify the banks about the successfully performed settlement in RINGS. The notification shall contain the necessary and sufficient information for performance of all accounting entries related to the deals with dematerialized securities. 5. Communication between Central Depository and a bank 5.1. Central Depository shall exchange the information as set forth in this procedure with the banks through notifications from and to their head offices. 5.2. The communication between Central Depository and the banks shall be performed according to the order and procedures set forth in the Rules and Regulations of Central Depository. 5.3. The format of notifications shall be ISO 15022. 5.4. When informing Central Depository about balances on accounts as per item 4.10. banks shall use notification МТ 293 - ISO 15022. 5.5. When informing banks, Central Depository shall use notification МТ 298 SMT 201- ISO 15022, following a successfully processed instruction by RINGS. Enclosure 25(E25) – Regulating the payments between the investment intermediaries and their clients

1. Currency payments with respect to securities, rights, BDR, compensatory instruments between investment intermediary and investment intermediary’s clients with reference to orders for deals and deals on the stock exchange or at another regulated market shall be performed under the following terms and conditions: 1.1. Payment for one transfer of one client shall be indivisible and shall be performed by one instruction. 1.2. All payments above BGN 5000 (five thousand) shall be performed through a bank. 1.3. Currency transfers shall always be performed between a bank account of investment intermediary – member of Central Depository and a bank account of the client – holder, or an analytical account for currency of the client to the bank account for clients of a member of Central Depository as indicated according to item 1.6. 1.4. In case of authorization, the currency transfer shall be performed to the benefit of the authorizing party (holder) to holder’s bank account or the analytical account for currency of the holder to the bank account for clients of a member of Central Depository, as indicated according to item 1.6. 1.5. Currency transfers to clients with reference to deals concluded on the stock exchange shall be performed within three working days following completion of the transfer at Central Depository. 1.6. The bank account of the client together with the required information for performance of a transfer on which payments shall be performed for deals on the Stock Exchange shall be obligatorily indicated in the written contract between the client and investment intermediary – member of Central Depository or in the order submitted by the client. The preceding sentence shall not apply if in the contract between the client and the stock exchange member or in the order by the client it is indicated that the amounts due to the client shall be entered and kept in the client’s analytical account for currency with a member of Central Depository. 1.7. In the cases of authorization the member of Central Depository shall be obliged to require a letter of attorney certified by a notary which shall expressly indicate: 1.7.1. the bank account of the authorizing party /together with the required bank information for performance of a transfer/, on which payments shall be performed;

or 1.7.2. That the currency due to the client shall be entered and kept in the client’s analytical account for currency with a member of Central Depository.. 2. In case of authorization the members of Central Depository shall be obliged to act with due diligence so that the rights of the authorized person are confirmed in compliance with the will of the authorizing party. Enclosure 26(E26) – Registration of deals with compensatory instruments, concluded out of regulated market

1. The acquisition of compensatory instruments out of regulated market shall be registered at Central Depository AD through its member – bank or investment intermediary. 2. Registration under item 1 shall be performed through an investment intermediary - member of Central Depository AD, based on a contract with notary’s certification of the signatures submitted by the parties in the deal. In the cases of authorization, also a copy of the respective document of authorization certified by a notary shall be delivered. 3. The CD AD member shall provide to CD the following documents: 3.1. Statement by investment intermediary in accordance to Enclosure 1/E26; 3.2. Order of transfer of compensatory instruments according to sample – Enclosure 2/E26. The order shall be signed in two copies by the contractual parties and by a person, who is an authorized representative of the investment intermediary, and one of the copies shall remain with the investment intermediary; 3.3. A copy of the contract certified by a notary, certified by “true to the original”, with signature and seal of the representative of the investment intermediary. The contract certified by a notary shall be accepted, checked and kept by the investment intermediary. The investment intermediary shall provide a copy certified by it with the words “true to the original” to Central Depository AD; 3.4. A copy of the power of attorney certified by the investment intermediary in case such exists. The copy certified by a notary shall be accepted, checked and kept by the investment intermediary; 3.5. A document of ownership of compensatory instruments – a certificate or depository receipt. 3.6. A document for paid fee according to section.....from the CD Tariff. 4. The contract certified by a notary, the order, the power of attorney certified by a notary, copies of the documents for legitimacy and representation and any other documents to be required according to the Rules and Regulations of Central Depository shall be kept for an indefinite period with the investment intermediary. 5. The electronic message shall be processed following the provision and processing of the paper-based documents under item 3. The settlement period shall be 5 working days as from the date of submission of all documents meeting the requirements according to this procedure and the Rules and Regulations of Central Depository and received in Central Depository respective electronic messages for the deal. Enclosure 27(E27) – Procedure for performance of matured payments on bond issues and allocation of dividends on issues of shares

1. General provisions This procedure shall define the order and procedures for performance of matured payments on bond issues and payments of dividends on issues of shares by using the system of Central Depository (CD). It is related to the issuer company and the investment intermediaries (II). In case of regulatory restrictions for public companies the procedure shall apply to non-public companies. Dividends shall be paid through Central Depository to the accounts of investment intermediaries for them as well as for their clients. II shall be entirely responsible for the payment of the received amounts as dividends or payments on bonds to their clients.

2. Conditions In order to perform the actions regulated herein the following pre-conditions are required to be fulfilled: 2.1. Decision of the General Meeting of the company for distribution of dividend or fulfillment of the conditions for payment of interest and/or principal on the bond issue. 2.2. Contract between the issuing company or II authorized by the issuer with CD for use of the service set forth in this procedure, according to an enclosure. 2.3. Special account for receipt of the amounts for dividend payments / interest and principal on bonds, other than the settlement account opened by the investment intermediary who has also opened the client accounts. Investment intermediaries announce these accounts at CD. 2.4. CD shall open a special account for payment of the amounts following this procedure 3. Procedure 3.1. The issuing company or an investment intermediary authorized by it shall submit at CD a statement for distribution of dividend or for payments of interest and/or principal on bonds. The statement shall contain as a minimum the following information:  Identification of the issue – ISIN code, number of shares/bonds, face value;  Information about the payment – amount per one share/bond;  Date as of which the shareholding participation/the bond holders are identified. When there is a regulatory requirement about the date as of which the shareholding participation/the bond holders are identified, CD shall not check on whether this requirement is kept as this is an obligation entirely undertaken by the issuing company.  Maturity date of payments/initial date of payment of the dividend. 3.2. The company shall transfer the amounts for payments of dividends or payments for interest and/or principal with deduced tax on the CD account within 4 /four/ working days prior to the date of maturity of the respective payment not counting the maturity date, respectively prior to the initial date of dividend payment, indicated by the company in compliance to the regulatory requirements. 3.3. The shareholding participation/the bond holders shall be identified as of the date indicated in the statement as per item 3.1 and CD shall print out a Book of Shareholders/Bondholders as of this date, which CD provides to the company. The Book of Shareholders/Bondholders shall also include the calculated amount for the payment to every shareholder/ bondholder. 3.3.1. Upon preparation of the print out of the Book of Shareholders/Bondholders as per item 3.3 of E27/027/, CDAD provides the issuer with information on executed pledged attachments – pledges or collaterals. 3.4. Based on the data from the Book of Shareholders/Bondholders and the information about their client accounts by investment intermediaries, CD shall prepare lists for payment of the amounts from dividends, interest and/or principal payments. The lists shall be provided to every one of the investment intermediaries who has opened client sub- accounts to shareholders/bondholders as of the date of issue of the Book of Shareholders/Bondholders. For the sending of the lists the established manner of communication shall be used between Central Depository and the investment intermediary. The lists shall be sent on paper – in 2 copies and electronically. 3.5. The list pursuant to item 3.4 shall contain as minimum the following information: 3.5.1. Data about the issue – ISIN code, face value; 3.5.2. Information about every shareholder – full name for a physical persons or title of the legal person, civil identification number (ЕГН) or BULSTAT; Client number of shareholder/bondholder with the investment intermediary 3.5.3. Data about the amount due for payment to every shareholder/bondholder; 3.5.4. Place for signature. 3.6. Three working days prior to the date of maturity not counting the maturity date, the transfers of bonds shall be terminated and CD shall block the issue of bonds in order to identify the persons entitled to receive payment. 3.7. CD shall count for every investment intermediary the amount to be transferred for the due payments as dividends or interest and/or principal to its clients. 3.8. On the next working day following receipt of the total amount of dividend or interest and/or principal on its account, CD shall transfer the respective amounts to an account of the investment intermediaries who keep the respective client accounts. 3.9. The investment intermediaries shall be obliged to pay out the amounts to the bondholders who are their clients according to the list as per item 3.4 at the date of maturity of the respective payment. The investment intermediaries shall bear the full responsibility in case of delay or non-performance of their obligation for payment within the due term. 3.10. For payment of dividend investment intermediaries shall be obliged, as of the initial date of dividend payment indicated by the company, to ensure capacity for dividend payment to their client shareholders. 3.11. Investment intermediaries shall perform payments of the amounts for dividends and payments of interest and/or principal on bonds to their clients in compliance to the provisions of the Procedure for regulating the payments between the investment intermediaries and their clients Enclosure 25(E25) and in keeping with the following regulations: 3.11.1. up to 7 working days following the expiration of the term for payment of dividend/interest or principal, the investment intermediaries servicing the payments to shareholders/bondholders, shall present at CD lists for paid and unpaid dividend/interest or principal in an electronic document, defined by CD AD, declaring the amount of the unpaid sums. The electronic document should be digitally signed by the representative of the investment intermediary by court registration; 3.11.2. The unpaid amounts in BGN or foreign currency for the due dividend/interest or principal shall be transferred by the investment intermediary through a bank to an account of CD; 3.11.3. CD may require that the investment intermediary shall submit a certified copy of the payment documents certifying the payment effected to the shareholders/bondholders who are clients of the investment intermediary. 3.12. For shareholders/bondholders whose accounts are not kept with the investment intermediaries the amounts pursuant to this procedure may be paid through a bank indicated by the issuing company or authorized by CD in case of a contract concluded between them. 3.13. The payment of the amounts to shareholders as per item 3.12 shall be performed in compliance to the provisions in items 3.5 – 3.9. 3.14. The amounts unpaid within 3 /three/ months by investment intermediaries or by the bank in the case pursuant to item 3.12 shall be returned to an account of CD, and it shall return them to the company, to an account announced in advance. Enclosure 28(E28) – Transfer of Business Enterprise

For entering the transfer of business enterprise in the register of Central Depository AD the following documents shall be required:

1. Statement of the transferee of the business enterprise; 2. Certified copy of the court order for entering the transfer of the business enterprise in the Companies Register. Enclosures 29(E29) – Registration of issue of shares of mutual funds

1. For initial registration of issue of shares of a mutual fund in Central Depository the following documents shall be required: 1.1. Registration statement from the managing company /form ...... № ...../; 1.2. Effective decision of Commission of Financial Supervision for registration of the mutual fund under Art. 30, para. 1, p. 5 of the Law on Commission of Financial Supervision; 1.3. Copy of BULSTAT Registration; 1.4. Certified copy of Rules and Regulations of the mutual fund; 1.5. Certificate of actual legal status of the managing company according to Companies Register 1.6. ISIN Certificate; 1.7. Ageement between the issuer and Central Depository AD for maintenance of actual register of issue of shares 1.8. Document for registration fee paid 2. The documents under p. 1 shall be signed and certified by the representative of the managing company that has obtained permit by Commission of Financual Supervision to manage the mutual fund or a person explicitly authorized by him. 3. Following the registration of the issue of shares the Central Depository shall provide Act of Registration to the managing company. 4. The Rules in regard to writing off of issue of the company from the register of Central Depository AD and regarding the procedure of application and receipt of Register of Shareholders under Enclosure № 2 of these Rules and Regulations shall apply respectively also to the mutual funds as follows: 4.1. the term „Register of Shareholders” in case of mutual fund shall be replace by the term „Register of Holders of Mutual Fund Shares”; 4.2. the Register shall be received by the representative of the managing company that has obtained permit by Commission of Financual Supervision to manage the mutual fund or a person explicitly authorized by him. Enclosure 30(E30) – Registration and transaction of securities for which special terms and restrictions shall apply in regard to their transfer.

І. REGISTRATION OF THE ISSUE 1. Issue of securities for which special terms and restrictions shall apply in regard to their transfer /restricted securities/, shall be registered in Central Depository under the procedure specified in Enclosure 2/E02/ of Rules and Regulations of Central Depositor. In such cases the company – issuer shall submit additional Statement Form 01(E30) , which shall include: The condition that for the transfer of the securities and transactions with the seucities special terms and restricitions shall apply, shall be explicitly indicated therein; Order for blocking of the securities issue until the next order for transfer of shares according to the terms and requirements stipulated in Articles and Association and the internal regulations of the company; Instruction by the representative of the company which person (persons) are authorized to make the order /the instruction content shall be according Order Form 1б enclosed/ to the Depository for performing transactions with and transfers of shares of the company. 3.1 Statement Form 01(E30) shall be signed by the representative of the company – issuer or a person explicity authorized by him. In case the statement is signed by the authorized person, it shall be provided together with an explicit power of attorney with notary certification of the signature of the authorizing party. The statement Form 1а and all other documents shall be provided together with a certified declaration-spesimen of the empowered person (persons) who shall sign the order for unblocking and transfer of shares. 2. Central Depository shall register the securities issue within 10 /ten/ working days after receipt of the whole set of documents required for the securities registration. After registration of the issue, Central Depository shall issue Act of Registration and depository receipts of the shareholders.

ІІ. TRANSFER OF SHARES 3.1 Transfer of restricted shares shall be performed through an investment intermediary or registration agent. 3.2 Ordered transfer of restricted shares through the system of Central Depository shall be executed under the standard procedure but only after submission in the Central Depository of a letter from the investment intermediary of Seller or from the registration agent together with order from the company – issuer in original /Order Form 02(E30) for transfer of securities signed by the empowered person under p.І.1. 3.3 After compiling the documents under p.І.1. by the investment intermediary/ registration agent, he shall send to Central Depository system an electronic message for transfer of the particular shares as specified in the order from the company – issuer. 3.4 The securities in this order from the company-issuer /Order Form 1b/ and in the electronic message sent by the investment intermediary for transfer, shall be specified by number, nominal value, ISIN code and holder whose personal data shall also be specified therein. 3.5 Central Depository shall unblock and transfer only the number of securities as specified in the order provided that there is absolute correspondence between the data in the company’s order and the data in the transfer entered in the system of Central Depository.

Load more

  89

Copy Link