BULGARIAN STOCK EXCHANGE

BG TR30 Index (BG Total Return 30)

Initial date: 03 September 2007

Initial value: 1,000

Description

BG TR30 is an index based on the price performance of the common shares included in the index portfolio, as each constituent issue shall have equal weight.

The issues included in the calculation of the index should meet the following criteria:

- To have been admitted to trading on the Main Market of the Exchange (Bulgarian Stock Exchange or BSE);

- The market capitalisation of each issue should not be less than BGN 10,000,000 (10 million);

- The free-float (number of shares hold by minority shareholders, i.e. by holders of not more than 5 per cent of the votes in the General Meeting of the issuing company) should not be less than 10 per cent of the total volume of the issue;

- The size (amount) of each issue should not be less than 250,000 shares.

All issues meeting the conditions above are graded to the following criteria of equal weight:

- Market capitalisation;

- Number of transactions during the last 6 months;

- Turnover (value traded) during the last 6 months;

- Free-float.

The first 30 issues graded as above are included in the BG TR30 portfolio.

BG TR30 constituents (effective as of 18.03.2013):

Stock symbol	Issue	Weight factors as of 18.03.2013
3JR	Sopharma AD-Sofia	4.1721
3NB	Neochim AD-Dimitrovgrad	0.3825
4CF	CB Central Cooperative Bank AD-Sofia	10.7514
4EH	Eurohold Bulgaria AD-Sofia	10.1935
4ES	Energo-Pro Sales AD-Varna	0.6503
4I8	Industrial Capital Holding AD-Sofia	4.7145
4ID	Industrial Holding Bulgaria PLC-Sofia	13.1506
57B	Bulgartabac Holding AD-Sofia	0.1129
58E	Himsnab Bulgaria AD-Sofia	0.2947
5BD	Bulland Investments REIT-Sofia	9.7206
5BU	Bulgarian Real Estate Fund REIT-Sofia	16.0357
5F4	CB First Investment Bank AD-Sofia	5.2676
5H4	Balkan and Sea Properties REIT-Varna	0.6503
5MB	Monbat AD-Sofia	1.4641
5MH	M+S Hydraulic AD-Kazanlak	1.3969
5ODE	Odessos Shiprepair Yard AD-Varna	0.1249
5SR	Stara Planina Hold AD-Sofia	3.7867
5V2	Holding Varna AD-Varna	1.1786
6A6	Advance Terrafund REIT-Sofia	3.8329
6AB	Albena AD-Albena	0.1933
6C4	Chimimport AD-Sofia	6.8376
6C9	CB Corporate Commercial Bank AD-Sofia	0.1132
6K1	Kaolin AD-Senovo	2.7498
6S5	Sila Holding AD-Stara Zagora	5.8931
6S7	Synergon Holding AD-Sofia	9.8733
BSO	Bulgarian Stock Exchange-Sofia	3.4287
E4A	Enemona AD-Kozloduy	3.3472
G0A	Galata Investment Company AD-Varna	5.8931
SO5	Sopharma Trading AD-Sofia	4.8603
T57	Trace Group Hold AD-Sofia	2.9933

Formula for calculation of BG TR30

Where:

BG TR30 is an index of the regulated markets of BSE-Sofia;

P i,t is the price of the last trade in the i-th security on the t day;

D i,t is the divisor of the i-th security for the current trading session;

DIV i,t is the sum of the dividends distributed within the period between two dates of re-balancing of the index;

W i,t is the weight factor for the i-th security;

i is the indicator for each specific issue;

t is the date, for which the index is calculated.

The base value of the divisor is 1 (one). Upon the occurrence of a corporate event that requires a change in the divisor, the value of the divisor for the next trading session shall be calculated in the following way:

Where:

D i,t+1 is the divisor of the i-th security for the next trading session;

P^a i,t is the adjusted price of the last trade in the i-th security after the end of the session on the t day as result of the corporate event on the t+1 day;

P i,t is the price of the last trade in the i-th security on the t day.

Upon the occurrence of several corporate events that require a change in the divisor of a certain security, the divisor shall equal the product of the divisors related to each of the corporate events.

If a company included in the BG TR30 portfolio distributes dividend, the value of the respective dividend shall be capitalised into the index by adding it in the DIV field.

Formula for re-balancing of BG TR30

Where:

P i,t is the price of the last trade in the i-th security on the t day;

W i,t+1 is the new weight factor for the i-th security.

The BG TR30 daily values shall be calculated as a sum of the products of the price of the last trade and the respective weight factor of all issues included in the index base.

The index shall be re-balanced 4 (four) times per annum - on the first trading session following the third Friday of each calendar quarter.

The new weight factors shall be announced by the end of the following working day in the BSE Official Bulletin and shall become effective for the next trading session following the index re-balancing.

After index re-balancing, the divisors shall be reset to the value of 1 (one) and the dividends - to 0 (zero).

Decisions for a change in the BG TR30 base shall be taken twice per annum � on the first attendance meeting of the Board following 2nd March respectively 2nd September, on the grounds of the performed ranking on the basis of data as at 1st March and 1st September. The decisions shall become effective as from the first trading session following the third Friday of the month, in which the respective meeting has been held.

In case of extraordinary reviews of the index base of BG TR30 in pursuance with Article 21 of the Rules for Calculating the Indices of BSE-Sofia, the weight of each new issue shall equal the current weight of the issue which has been taken out.