Court Ruling re Westhill Proceedings

COMPANY ANNOUNCEMENT

FOR IMMEDIATE RELEASE 19 September 2012

SOFIA PROPERTY FUND LIMITED

(the "Company")

Registered No: 43191

 COURT RULING RE WESTHILL PROCEEDINGS

On 15th December 2009 the Company announced that it had received an indication from Westhill BG8 AD (Westhill), a developer with which the Company has partnered on selected projects, that Westhill had lodged a claim with the relevant court in Bulgaria petitioning the court for insolvency proceedings to be brought against the Company's Bulgarian subsidiary. 

The Board of Directors of the Company is pleased to announce that the Sofia City Court has dismissed the claims of Westhill BG8 JSC, Westhill Development Partnership Ltd, and Westhill Bulgaria Ltd against the Company's Bulgarian subsidiary as groundless and has refused to open proceedings.

The court has awarded the Company's subsidiary costs to a total amount of BGN 317,000 (EUR 162,000) equally distributed against the three claimants.

Enquiries:

Sofia Property Fund Limited

Charles Burton

Panmure Gordon (UK) Limited

Dominic Morley

Phone: +44 207 614 8388