Company Zlatni Piasaci AD

Zlatni Pyasatsi AD Varna (Golden Sands PLC) is a Bulgaria-based company that is principally engaged in the tourism industry. It provides services and facilities for leisure and recreation, focusing on various hotels, dining and entertainment options, as well as the management and maintenance of the resort infrastructure. The property of the Company includes three hotels, four holiday villages, four swimming pools, a number of restaurants, shops and shopping centers, as well as sports facilities, additional service buildings and the Aquapolis water park. It owns and operates a number of subsidiaries, through which it is engaged in the residential and commercial real estate construction, lending and sale, as well as the energy management, water supply and sewerage. The Company operates through six subsidiaries and two affiliated companies. As of December 31, 2011, the Company’s major shareholder was Zlatni AD with a stake of 63.84%.