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  BSE – Sofia launched the BG REIT Index on September 3rd, 2007. The index is based on the free-float adjusted market capitalization of special investment purpose companies that operate in the field of securitization of real estate and/or land, i.e. real estate investment trusts (REITs).

  The market capitalization of a company is defined as a multiplication of the number of shares in its issue and the weighted-average price per share of the same issue for the respective trading session.

  Only issues listed on the BSE – Sofia and meeting the criteria below are included in the BG REIT index portfolio:

  - The issues should have been traded on a market, organized by the Exchange, for at least 3 (three) months before their introduction into the BG REIT portfolio. Provided an issue has been transferred for trading from one market segment to another, the first quotation date of the issue shall be assumed as its first trading date;
  - The market capitalizations of each issue should not be less than BGN 5,000,000 (five million);
  - The value traded in each issue during the last 12 (twelve) months should not be less than BGN 1,500,000 or the number of trades in the issue during the last 12 (twelve) months should not be less than 750 transactions;
  - 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 15 per cent of the total volume of the issue.

  11 companies take part in the BG REIT Index calculation.

Company List – BG REIT Portfolio - effective 03.09.2007

BSE – Sofia code	Company	Free Float	Weight Factor
ATERA	Advance Terrafund REIT-Sofia	0.8684	0.6834
ALOFMI	Agricultural Land Opportunity Fund Mel Invest REIT-Sofia	0.6199	1
AKTIV	Aktiv Properties REIT-Plovdiv	0.6674	1
BMREIT	BenchMark Fund Estates REIT-Sofia	0.6257	1
BREF	Bulgarian Real Estate Fund REIT-Sofia	0.3181	1
LAND	Bulland Investments REIT-Sofia	0.7948
ELARG	Elana Agricultural Land Opportunity Fund REIT-Sofia	0.4625	0.889789
FPP	FairPlay Properties REIT-Sofia	0.2215	1
ICPD	Intercapital Property Development REIT-Sofia	0.6937	1
PARK	Park REIT-Sofia	0.2462	1
TBIRE	Prime Property BG REIT-Sofia	0.2824	1

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