At its meeting held on 25.04.2007 the Board of Directors of Euroterra Bulgaria AD-Sofia, BSE code – TERRA

At its meeting held on 25.04.2007 the Board of Directors of Euroterra Bulgaria AD-Sofia, BSE code – TERRA, has decided to appoint a GMS of the company as follows:

Euroterra Bulgaria AD-Sofia has appointed a General Meeting of Shareholders on 29.06.2007 at 10:00 a.m. in Sofia, 1 Vitosha Blvd., under the following agenda:

– Report of the management bodies about the activities of the company in 2006

– Adoption of the annual financial statement of the company for 2006

– Report of the certified public accountant about his audit for 2006

– Report of the Investor Relations Director

– Election of a certified public accountant

– Exemption from liability of the members of the management bodies for their activity in 2006

– Amendments to the Statute of the company

– Supplement of the subject of activity of the company

– Hearing and adoption of a grounded report of the Board of Directors as per Art. 114a (1) of the POSA about the expedience and conditions of deals for acquisition of real estates by the company as well as taking of a decision for authorisation of the Board of Directors in pursuance with Art. 114 and following of the POSA to concluded the deals with interested parties within the meaning of Art. 114 (5) of the POSA

– Hearing and adoption of a grounded report of the Board of Directors as per Art. 114a (1) of the POSA about the expedience and conditions of deals for acquisition, transferring, receiving and granting as security of fixed assets of the company, arising of liabilities and receivables for the company within the terms of Art. 114 and following of the POSA as well as taking of a decision for authorisation of the Board of Directors in pursuance with Art. 114 and following of the POSA to conclude the deals for acquisition, transferring, receiving and granting as security of fixed assets of the company, arising of liabilities and receivables for the company.

– Hearing and adoption of a grounded report of the Board of Directors as per Art. 114a (1) of the POSA about the expedience and conditions of a contract for obtaining of a bank credit on amount up to Euro 3,000,000 for the needs of the company, backing up the credit with assets of the company and taking of a decision for authorisation of the Board of Directors in pursuance with Art. 114 and following of the POSA to conclude the bank credit contract within the terms and conditions defined in the proposal by the Board of Directors and in the report as per Art. 114a (1) of the POSA, as enclosed to the written materials for the GMS.

– In case of an inquorate meeting, the GMS will be held on 16.07.2007 at 10:00 a.m. at the same place under the same agenda

The right to vote at the GMS will be entitled to all shareholders registered with the Central Depository fourteen (14) days before the date of the GMS, i.e. as of 15.06.2007 (Record Date)

The final date for transacting shares of this company on the BSE-Sofia, in result of which the holder will be entitled to exercise his voting right at the GMS, will be 13.06.2007 (i.e. Ex Date: 14.06.2007).