Is it time for aggressive investment strategies? Arbitrage – an option for active money management

Who are we? 2 Bulbrokers is a fully licensed investment intermediary, regulated by The Bulgarian Financial Supervision Commission . We are among the biggest and most reputable brokerage companies in Bulgaria. We enjoy more than 14 years of professional experience and have participated in the most significant deals at the Bulgarian stock exchange, that put the fundamentals of the modern capital market history of Bulgaria. Bulgarian Telecommunication Company – 34,78% of the company’s shares - the biggest privatization deal on BSE-Sofia; Bulgartabac Holding -12,8% of the shares - the first successful and the biggest sale in the tobacco industry in Bulgaria; The privatization of the National Insurance Institute Group consisting of DZI Bank and DZI insurance and many others. Bulbrokers is also known as the leading investment intermediary in the field of electronic trading in foreign currency, foreign shares and derivatives. Our trading division is one of the most reputable and experienced team in Bulgaria. At the end of 2010 our customers’ assets amounted to nearly BGN 1 bln. and our client database comprises of over 25 thousand customers.

Savings vs. Interest Rates 3 Interests on deposits have been significantly decreasing over the last 12 months Whereas the volume of retail savings is at even higher level Source: www.bnb.bg

Key world facts 3 Source: Bloomberg

Arbitrage – an option for active money management 3 Arbitrage trading - involves two related markets or derivatives with the same underlying asset - you simultaneously buy one and sell the other. Thus your risk is restricted to the relation between the two markets or assets. Main characteristics: It is intrinsically less risky than ordinary trading, because you are not betting on the market rising or falling. It looks simple, yet you can not do arbitrage without a specific trading programme. Majority of traders consider it the holy grail, since it is a domain of professional investors and market makers.

Global Master 3 Effective yield for the period 13/12/2010 – 25/02/2011 Past performance is not indicative of future results Real results of Global Master 1 61.76% on yearly basis

Contacts 3 Elica Ivanova Sales and Marketing Director Sofia 7 "Sheinovo" str. phone: (02) 4893 678 mobile: 0882 280 052 e-mail: e.ivanova@bulbrokers.com www.bulbrokers.com

Disclaimer 3 Bulbrokers EAD assumes that the addressee understands and accepts in full all financial risks related to securities investments. In particular, the risks associated with an investment in the securities or the financial instruments under discussion are not explained. Any forecasts, price targets or yield may not be achieved due to multiple risk factors including, without limitation, market volatility, sector volatility, corporate actions, unavailability of complete and accurate information or that underlying assumptions made in this report were inapposite.Investments in derivatives involve high risk. The securities or investments may cause the investor to lose the amount invested. Past performance is not necessarily indicative of future performance. Changes in exchange rates may have an adverse effect on the value, price or income of the securities or investments. Bulbrokers EAD assumes no liability whatsoever for any loss or damage arising from any use of this report or its contents.