REFERENCE of the non-current (long-term) assets as of of BULGARIAN ASSOCIATION OF THE CEMENT INDUSTRY

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1 Translation from Bulgarian ntangible assets ndicators a Pro_cj~cts of developmental ac~v~ty_. """fe~ncessions, patents, licenses, trademarks program products and similar rights and assets 3. Goodwill 4. Advance payments and intangible assets in the process of construction Total for grou_l! :. Long-term tangible assets. Land and buildings, inc!: -land -buildings Machines, production equipment-~nd apparatuses 3. Facilities, etc. 4. Advance payments and long-term tangible assets in the process of construction Total for group : L Long-term financial assets. Stocks and shares in companies of a qroup 2. Loans tocglll[>anies _<Jf a group 3. Stocks and shares in associated comp-anies and lioint ventures REFERENCE of the non-current (long-term) assets as of of BULGARAN ASSOCATON OF THE CEMENT NDUSTRY , Q t! - -- Accounting value of non-current assets: Subsequent assessment Depreciation Revalued value (4+5- of those of those in the charged deducted in the beginning at the end of the received during removed during ncrease Decrease 6) beginning of during the during the of the period period (+2-3) the year the period the period period period - ],_ Subsequent assessment -- at the end of the period ncrease Decrease (8+9-) Appendix NQ 5 to CC ~ ~ L_ Revalued depreciation at Balance value at the end of the the end of the period (+2- period (7-4) 3) 2 ~---f----_ ~~ r ~ f _()_ ~ ' _() -- - ()_ 4. Loans related to associated and joint ventures 5. Long-term investments 6. Other loans 7. Purchased own shares Total for group :_ V. Deferred taxes - Total non-current assets (+++V) Date of compilation: Compiled by: Chairman of the Board of Directors: Todor Kostov, the undersigned Boris Hristov Stoychev, h~eaby c. -. translation consists of pages. Translator:(.. :.. / ~ectness of this translation of the attached original document pelformed by me from Bulgarian into English. The /Boris Stoychevl

2 ~T'AliO TRANSLATON AGENCY ABV STUDO LTD Bulgaria, Sofia, 5 Graflgnatiev Str., Fl. 2, office 29 tel.:( ) ; tel./fax: ( ) , abv_studio@abv.bg Translation from Bulgarian TPEBO.[(N-ECKA AfEHl(H5 "AEB CTY)l,O" EOOl( rp. CocpHj!, yn. 'Tpa marrres"n~ 5, er. 2, ocpc 29 Ten.: (2) ; Ten./cpaKc: (2) , abv_studio@yahoo.com ' '" j ~ ',, '" ' ' - ',,' ' REPORT ON THE EQUTY Appendix N9 4 to CC ndv:otol of BULGARAN ASSOCATON OF THE CEMENT NDUSTRY for 2 ::uu... ()t".,.e:t U~r t. l hb'l tj(<~ f"('f') ~T ~.~,A)f~ ;,;.~~<t-t-d ~-~t~~~lt ii!d:~~.itr~~ ib.. ;:.;ti'ljt:: y Rt!+~J lij k.n::::h.. ~,~ f>'nl'i :.ohar~,;, R;:;>J.e'' 'l!l!:-.~ A:i -~t ~t)!! lv:l~ _6fSLtJat k:f Ott~ fh2t-:-:ja! ~~~ut: h:xn P'~'~Y~:.US 'ted!-<;. N<.f! -rtiv,.:z,:~~ R!a f.! j."-:!'it ()\!) (thcusdnci BGN\ Cw"'~l; T:.t.al ~~ (!rft/c S B:jLJc\'. Balan<:e in the beginning of the a-ccounting ~riod 2. Chdnges in.. <:counting policy 3. Errors 4. Balance after changes in accounting policies and errors 5. Ch"ng>E!s at the expense of tt,,., owners, md: - incre.:tse - decredse 6. Fin.,mcL. result from the current period 7, Allcx:.. tic n of profit, incl: - fc dividends 8. CCNerino fc r hj<sses 'lc. S.ltbsequent.. ssessments of.. ssets "nd li,bihties - in-ered se-s - decre<>ses. other ch"nges in equity. Balance at the end of the accounting period 2. Ch"'nge-s from tr.. nsl"tion of "nnu.. l fin"nci-o~l reports of compdnres =bro"d 3. Equity at the end of thoe accounting period (+.'- 2) () G t; !4 4 4 M lfi l Date of compilation: ll.ol.loll Compiled by: Chairman of the Board of Directors: Todor Kostov l, the undersigned Boris Hristov Stoychev, ~rtify the correctness of this translation of the attached original document peiformed by me from Bulgarian into English. The.. r translation consists of pages. Translato/.F /Boris Stoychev/

Translationfrom Bulgarian Appendix NQ 4 to CC REPORT ON THE EQUTY of BULGARAN ASSOCATON OF THE CEMENT NDUSTRY for 2 Reserves Premiums Reserve of Subscribed Related to ndicator from subsequent As per

3 Translationfrom Bulgarian Appendix NQ 4 to CC REPORT ON THE EQUTY of BULGARAN ASSOCATON OF THE CEMENT NDUSTRY for 2 Reserves Premiums Reserve of Subscribed Related to ndicator from subsequent As per the Articles capital Statutory purchased own emissions assessments of Association shares Other. - Financial result from previous years Current Non-allocated Retained profit/loss profit loss Total equity a Balance in the beginning of the accounting period 8 2. Changes in accounting policy 3. Errors 4. Balance after changes in accounting policies and errors 8 5. Changes at the expense of the owners, incl: - increase -decrease 6. Financial result from the current period 7. Allocation of profit, incl: - for dividends. 8. Covering for losses. 9. Subsequent assessments of assets and liabilities -increases -decreases. Other changes in equity 5. Balance at the end of the accounting period Changes from translation of annual financial reports of companies abroad 3. Equity at the end of the accounting E!!"iod (!_+/-2L Date of compilation: Compiled by: Chairman of the Board of Directors: Todor Kostov translation consists of page. Translator: ify the correctness of this translation of the attached original document performed by me from Bulgarian into English. The /Boris Stoychev/

4 cr;~ /l - -- erv All o : ( TRAl'-:SL\TOl\' AGENCY ABV STUDO LTD Bulgaria, Sofia. 5 Graf lgnatie\ Str.. Fl. 2, office 29 tel:( ) : tel. fax:( ) ahy_studio(flabv.bg npebo.j.'\l.![c\:a ArEHLl,H5l "AnB CTYD,HO" EOO)l, rp. Cocjlnll, yj... fpacjj HrHarueB'"Jf~ 5, cr. 2. ocjlnc 29 2 ) : Te:J. cjlakc:(2) , ahv _studio((liyahoo.com Translation from Bulgarian REPORT ON CASH FLOWS OF BULGARAN ASSOCATON OF THE CEMENT NDUSTRY FOR2 current previous NAME OF CASH FLOWS year year. Available cash flows in the beginning of the period. Cash flows from non-profit activity A. Receivables from non-profit activity. Conditional donations 2. Unconditional donations 3. Receivables from membership fees Receivables from social security companies 5. Compensations for insurance 6. Receivables from bank and currency operations 7. Other receivables Total receivables from non-profit activity B. Payments for non-profit activity. Paid donations 2. Paid salaries Paid social security 3 4. Payments under bank and currency operations 5. Payments for services Other payments 2 Total payments for non-profit activity 5 68 C Net cash flow from non-profit activity Cash flows from economic activity A. Receivables from economic activity. Receivables from sale of assets and services 2. Receivables from clients Receivables from bank and currency operations J;-

5 4. Other receivables Total receivables from economic activity B. Payments for economic activity. Payments for services and acquired assets 2. Payments to suppliers Paid taxes Payments under bank and currency operations 5. Other payments Total payments for economic activity C Net cash flow from economic activity V. Available cash in the end of the period V. Change of cash during the period Date of compilation: Compiled by: Chairman of the Board of Directors: Todor Kostov, the undersigned Boris Hristov Stoychev, hereby certify the correctness of this translation of the attached original document performed by me from Bulgarian into English. The translation consists of 2 pag Translator:!Boris Stoychev/

6 C'TAliO TRANSLATON AGENCY ABV STUDO LTD Bulgaria, Sofia, 5 Graf gnatiev Str., Fl. 2, office 29 tel.:( ) ; tel./fax: ( ) , abv_studio@abv.bg DPEBO)lALfECKA AfEHl(U "AEB CTY,,HO" EOO,, rp. CoqmJ, yn. 'Tpac!J mathes"n2 5, et. 2, oc!jhc 29 Ten.: (2) ; Ten.lc!JaKc: (2) , abv_studio@yahoo.com wxr:-< Translation from Bulgarian Name of expenses a. Expenses on the activity A. Expenses on regulated activity. Donations 2. Other expenses Total A B. Administrative expenses Total for group PROFT AND LOSS ACCOUNT of BULGARAN ASSOCATON OF THE CEMENT NDUSTRY FOR 2 FOR NON-PROFT ACTVTY Sum (in thousands Sum (in BGN) Name of income thousands BGN) Current year Previous year Current year 2 a. ncome from the activity A. ncome from regulated activity. ncome from conditional donations 2. ncome from unconditional donations 3. Membership fee Other income 2 78 Total for group Previous year /_L'

7 . Financial expenses 3. Expenses on interests 4. Negative differences from operations with financial assets and instruments 5. Negative differences from changes currency exchange rates 6. Other expenses on financial operations Total for group. Extraordinary expenses V. Loss from economic activity 37 4 V. Total expenses V. Result. Financial income 5. ncome from interests 6. ncome from partnerships 7. Positive differences from operations with financial assets and instruments 8. Positive differences from changes currency exchange rates 9. Other income from financial operations Total for group. Extraordinary income V. Profit from economic activity V. Total income V. Result Total (V+V) Total (V +V) Date of compilation: Compiled by: Chairman of the Board of Directors: Todor Kostov, the undersigned Boris Hristov Stoychev, hereby certify the correctness of this translation of the attached original document peiformed by me fr8}t }l:ifgarian into English. The translation consists of 2 pages. Translator: /Boris Stoychev/

8 etall~~ ~'RANSLATON AGENCY ABV STUDO LTD Str., FL 2, office 29 tel.:( ) ; tel/fax:( ) , abv_studio@abv.bg PROFT AND LOSS ACCOUNT of BULGARAN ASSOCATON OF THE CEMENT NDUSTRY FOR 2 FOR ECONOMC ACTVTY TPEBO.J:AqECKA AfEHU)U "AliB CTY.J:MO" EOO.J: rp. Coq:nur, yn. 'Tpacp lrhatrres"n" 5, et. 2, ocprrc 29 Ten.: (2) ; Tcn./cpaKc: (2) , abv_studio@yahoo.com Appendix N2 2 to CC Name of expenses Sum (in thousands BGN) Current Previous year year 2 3 A. EXPENSES B. NCOME. Reduction of the reserves of products and unfinished production Name of income. Net income from sales incl: 2. Expenses on raw materials, materials and external services, incl: a) production a) raw materials 4 3 b) goods b) external services c) services 2. ncrease in the reserves of products 3. Expenses on staff, incl: and unfinished production 3. Expenses on acquisition of assets in a) expenses on salaries an economic manner b) expenses on social security, incl: Other income, incl: - social security related to pensions - income from financing 4. Expenses due to depreciation and devaluation, Total income from operative incl: 8 6 activity a) expenses due to depreciation and devaluation of tangible and intangible assets, incl: ncome from interests in filial, associated and joint ventures, incl: - income from interests in companies - expenses due to depreciation 8 6 of a _group -expenses due to devaluation 6. ncome from other investments, loans, recognized as current assets, b) expenses due to devaluation of current assets incl: Sum (in thousands BGN) Current Previous year year ' c,, c #

9 5. Other expenses incl: a) balance value of sold assets b) provisions c) others Total expenses on op_erative activi_ty 6. Expenses due to devaluation of financial assets, including investments recognized as current assets, incl: - negative differences from changes in currency exchange rates 7. Expenses on interests and other financial expenses incl: - ex[:>enses related to companies of a group - negative differences from operations with financial interests - expenses on interests Total financial expenses Total expenses on ordinary activity 8. Profit from ordinary activity 9. Extraordinary expenses Total expenses. Accounting profit (total income - total expenses). Expenses on income tax 2. Other taxes alternative to corporate tax 3. Profit Total (total expenses ) ' ' ' - income from interests in companies of a group 7. Others interests and financial income, incl: a) income from companies of a group b) positive differences from operations with financial instruments c) positive differences from changes in currency exchange rates Total financial income Total income from ordinary activity Loss from ordinary activity Extraordinary income Total income Accounting loss (total income - total expenses) 37 4 '. Loss ( + and 2 from section A) 37 4 Total (total income+ ) ' j Date of compilation: Compiled by: Chairman of the Board of Directors: Todor Kostov, the undersigned Boris Hristov Stoychev, hereby certify the correctness of thytyh~ion of the attached original document performed by me from Bulgarian into English. The translation consists of2 pages. Translator: / h/!boris Stoychev/ ~

10 C!TAll~~ TRANSLATON AGENCY ABV STUDO LTD Bulgaria, Sofia, 5 Graf gnatiev Str., Fl. 2, office 29 tel.:( ) ; tcl./fax: ( ) , abv_studio@abv.bg npebo)laqecka ArEHJ)U "AEB CTY,,HO" EOO,, rp. Cocpwr, yrr. 'Tpacp limanres"n2 5, et. 2, ocpiic 29 Terr.: (2) ; Terr./cpaKc: (2) , abv_studio@yahoo.com <!~<: ' BALANCE SHEET OF BULGARAN ASSOCATON OF THE CEMENT NDUSTRY --~ as of ~ Assets Translation from Bulgarian , Liabilities Sections, groups, articles Sum (in Sections, groups, articles Sum (in thousands BGN) thousands BGN) Current Previous year Current Previous year year year ! a 2 a 2 A. Subscribed un~aid capital A. Equity capital. -- B. Fixed assets. Subscribed capi_tal - " ---. ntangible fixed assets. Premiums from issuance of shares Products of development activity. Revaluation reserve Concessions, patents, licenses, trademarks, computer V. Reserves!programs and other similar rights and assets --~ Goodwill Statutory reserv_e? Prepayments and intangible fixed assets under Reserve related to own shares bought back construction Total for Group Reserve according to the statutes. Tangible fixed assets Other reserves 96 8 Land and buildings Total for Group V Land V. Accumulated profit (loss) from previous years -Buildings Retained profit Machines and equipment Retained loss -4

11 ~~;:;~::S"~n~=~~ble fixed asse ~~., 46 ~~~~::.:.~t"~'fi~(-loss)_-- -~3~ 4 -~4 lconstr:uction=---=--=--==----- Total_~~~-j 55 _ ----= 7 = 7 ::----- ~otal for Group _ B. Provisions and similar payables j Long-term financial assets Provisions for -p-en-s-io_n_s_a_n_d. --r"'--, j other similar payables j ~toc~~nd share~~nterprises of a Q!Ql!P Provisions for tax~~incl ~oans t<:>_ente_rpris~ot'_e_g!ol.q [ -_Qeferredtaxes! _ Stock~nd share~_in related and mi)(ed enter rises Othe!_Qrovision~nd simila~_m~~bles Loans to r-_elat~ an<:j mixed enter rises Total for Section B f--~ 4 Long-term_Jovestments C. Payables Other loans Convertible bond loans with a separate announcement of the CBs X X Due within year Own shares bought back at nominal value Total for Group V. Deferred taxes Total for Section B Due over year Payables to financial institutions Due within year c. Current assets Due over l'y'_ear c. Current assets l!advances received. nventory Due within year Raw materials and sup_r lie-"-'s= t cc -=--=------'-~ Work in progress o - Finished_gQQds c - Goods for sale Due over year Pre a ments Payables under policies, incl.: Total for Group o Due within year. Receivables Due over year Receivables from clients and 2 3 Payables to enterprises of a suppliers, incl.: group, incl.: l: due over year Due within _l_year /;;if/-_ / / j " /. -. '

$----- ---------- --- --"-- - -- f;_due \{~r year n ----------- - - r-~--- -- ---~- Receivables from related and joint ventures, Payables to related and joint incl. ventures, incl.$

12 - -. r:ceivabies from an enterprise of a- group, Due over year cl " f;_due \{~r year n r-~ ~- Receivables from related and joint ventures, Payables to related and joint incl. ventures, incl.: due O\{er year Due within lyear Other receiva~les, incl. 3 4 Q_L!_e over year ~ due over _yee~r 2 Other payables, incl_~~- _ ' - - Total for Group 5 7 _QL.le with_in year --. nvestments Dut= over year ' Stocks and shares in enterprises of_(:_~ql.jq_ in_cl_uding: Own shares bought back at nominal X X - Payables to personnel, incl.: value Other investments Du~ within year Total for Grou~ Due over year - Social security payables, incl.: V. Cash Due within year -cash 2 5 Due over year -termless accounts (deposits) Tax payables, incl.: Total for Group V Due within year Total for Section C, incl.: 7 Total for Section C 44 5 Due within year 5 6 Due over year 6 D. Financing and deferred incomes D. Deferred expenses 2 -Financing - Deferred incomes SUM OF THE ASSETS 7 98 SUM OF LABLTES Compilation date: Compiled by: Chairman of the Board of Directors: Todor Kostov L the undersigned Boris Hristov Stoychev, hereby certify the correctness ofthi$ translation of the attached original document performed by me from Bulgarian into English. The translation comists of 3 pages. Translator@ }!Boris Stoychev/

(1) Consolidated Balance Sheets (1/2)

(1) Consolidated Balance Sheets (1/2) June 30, 2008 March 31, 2008 Fixed Assets A Telecommunications Assets Property, Plant and Equipment 1,643,491 1,542,127 ntangible Assets and Goodwill 270,122 269,028