At a session held on November 16, 2005, the Financial Supervision Commission (FSC) adopted the following Resolutions:

 1. The Commission issued a licence to Intercapital Property Development SPV, Sofia City, to perform the following activities in its capacity of a special purpose vehicle: investment of monies raised through issuance of securities into real estate /real estate securitization/.
The Commission approved a prospectus for public offering of 750,000 pieces of ordinary, registered, dematerialized, freely-transferable voting shares, having a nominal value of BGN 1 each, issued by Intercapital Property Development SPV as a result of the company’s initial capital raise.
The Commission entered the abovementioned issue of shares /undergoing an issuance process/ into the Public Companies’ Registry.

 2. The Commission approved amendments to the Articles of Association of Park SPV, adopted by a resolution of the company’s general meeting of shareholders held on October 18, 2005.

3. The Commission adopted amendments to the Financial Supervision Commission’s Instructions with Regard to Submission of the Necessary Documentation on Issuance of Approvals, Permits, Confirmations and Periodic Disclosure of Information.