The shares offering of the Company was comprised by: (i) a public offering of shares in the Bulgaria and (ii) private placement of shares outside Bulgaria to international institutional and professional investors, in accordance with Regulation S. Subject to the offering were 25.6 million existing shares, plus 17 million shares, pursuant to over-allotment arrangements or 25% of the capital of the Company. The offer price per share, determined in a book-building process, was BGN 4.5 (the nominal value of a share is BGN 1).

Lead manager of the offering was Central Cooperative Bank, Sofia. The shares were admitted for traded on the Bulgarian Stock Exchange.

Zarneni Hrani Bulgaria AD is one of the leaders on the Bulgarian grain and oleaginous crops market and in the production of vegetable oils. The Company is a joint stock company established on 26 November 2007 by means of a merger of eight companies having a similar scope of activities and integrated to a large extent before the merger via common economic operations.

The registered share capital of the Company is BGN 170.8 million. According to the consolidated pro forma financial report of the Issuer as of 30 September 2007, the Issuer’s balance assets amount to BGN 273,952,000.

The main business spheres of the activity of Zarneni Hrani are: trade, including import and export, of grain crops (wheat, barley, maize), oil-yielding seeds (sunflower, rapeseed); provision of storage services for grain and oleaginous raw materials; production and trade of vegetable oils (cooking oil); distribution of fertilizers, plant protection preparations, seeds and fuels. In 2008 the Issuer intends to establish as a main sphere of business activity the production and trade of biodiesel.