Final Results -2-

which cash represented GBP11.6 million including GBP2.9 million held in escrow. 
We certainly live in unusual times. 
 
 
Windsorville is now not just the largest shareholder but owns a majority of the 
shares in the Company. I pointed out in my recent circular to shareholders the 
risk of remaining as a shareholder in a Company that may well be delisted and 
taken private. Given the risks associated with remaining a minority shareholder 
in an unquoted company, your Directors advised shareholders on 20 March 2009 to 
accept the Offer, as indeed they have done, or intend to, in respect of their 
own shareholdings amounting to 967,936 BPD shares, representing approximately 
0.9% of the issued share capital of the Company. 
 
 
Windsorville has stated its intention to honour the existing employment rights 
of all employees of the Bulgarian Property Developments Group. Windsorville 
intends to seek the resignation or removal of all or the majority of the BPD 
directors and the appointment of such other persons as directors of Bulgarian 
Property Developments Plc ("BPD") as Windsorville considers appropriate. 
 
 
Group Results 
The results for the year ended 31 December 2008 show a loss after tax of 
GBP357,000 which is in line with expectations. This result includes increased 
rental income of GBP1.1 million (2007: GBP0.5 million) from the existing 
buildings at the Sofia Central Commercial Site and at Varna. Depreciation on the 
existing buildings has been charged in the year for the first time resulting in 
a GBP1.4 million charge to expenses. Offsetting this were realised exchange 
gains of GBP2.4 million from the conversion of Euros held back into Sterling in 
order to pay for the GBP21 million Special dividend. Sterling weakened from 
EUR1.36 as at 31 December 2007 to EUR1.02 as at 31 December 2008. 
 
 
Payment of Special dividend of GBP21 million 
Following the cancellation of the Company's share premium account and the 
Company having complied with its undertaking to the Court regarding creditor 
protection, BPD paid a dividend of 19p per share on 17 July 2008 to shareholders 
who were on the share register on 11 July 2008. 
 
 
Portfolio and Net Asset Value ("NAV") 
The portfolio was valued on 31 December 2008 by Colliers CRE at GBP66.2 million. 
However, as required under the Takeover Panel rules, BPD had its portfolio 
revalued by Colliers CRE as at 27 February 2009 and the valuation at that date 
was GBP54.8 million. 
 
 
The effect of this is that the NAV at 31 December 2008 was 65.1p per share. 
 
 
Full details of the portfolio are contained within the notes to the financial 
statements. 
 
 
 
CHAIRMAN'S STATEMENT (continued) 
for the year ended 31 December 2008 
 
 
Sale and purchase of properties with FairPlay and subsequent legal dispute 
As shareholders will be aware, FairPlay Commercial EAD ("FPC") has failed to 
complete its purchase of our 50% stake in Varna Logistics at the agreed price of 
EUR15 million and has launched a court case either to have the contract declared 
void and recover the EUR3.9 million deposit that it paid or to have the contract 
price unilaterally reduced to EUR9.3 million. Full details of this dispute are set 
out in note 25 of the financial statements. Suffice it to say, we are vigorously 
resisting these actions and are hopeful of success. 
 
 
The Sofia Central Commercial Site 
This is the Group's most important asset and represents almost half of the value 
of the Group's portfolio. 
 
 
The Group has applied for permission to increase the permitted build area on the 
site from 130,000 square metres to in excess of 290,000 square metres. The 
rezoning process is substantially complete. The directors believe that 
permission should be granted for the increase in density by the end of 2009. The 
effect of such an increase in density would be that the value of the site would 
increase from the value ascribed to it by Colliers in December 2008 of GBP32.6 
million to GBP62.4 million, the increase being equivalent to approximately 27.5p 
per BPD share (at year end exchange rate of GBP1: EUR1.026) or, using Colliers' 
February valuation, from GBP26.8 million to GBP47.9 million, an increase of 
GBP21.1 million or 19.5p per BPD share (at 27 February 2009 exchange rate of 
GBP1: EUR1.121). 
 
 
Sandanski Retail Centre OOD ("SRC") 
The Group has acquired the 50% of shares of SRC, which it did not own for a 
consideration of EUR900,000. 
 
 
Trakia Retail Centre OOD ("TRC") 
BPD purchased FairPlay International AD's 50% shareholding in TRC, which owned a 
site in the city of Plovdiv for EUR3 million (GBP2.9 million) and then sold the 
whole site for EUR6 million (GBP5.8 million) realising a gain of GBP0.7 million. 
 
 
 
 
Christian Williams 
Chairman 
 
 
24 March 2009 
 
 
 
REPORT OF THE DIRECTORS 
for the year ended 31 December 2008 
 
 
The directors present their report with the financial statements of the Group 
for the year ended 31 December 2008. 
Principal activity 
The principal activity of the Group in the period under review was that of 
property development and property trading in Bulgaria. The development of the 
Group's business and future prospects are considered in the Chairman's statement 
on page 4. 
Results and dividends 
The audited financial statements for the year ended 31 December 2008 are set out 
on pages 11 to 54. The consolidated income statement showing the results for the 
period is set out on page 11. Bulgarian Property Developments Plc paid a 
dividend of 19p per share on 17 July 2008 to shareholders who were on the share 
register on 11 July 2008. 
Business review 
Review of the Group's development and performance 
The Chairman's Report on the preceding page 4 gives a comprehensive review and 
assessment of the Group's activities during the period and its position at 31 
December 2008 and prospects for the forthcoming year. 
 
 
Business risk 
The Group's returns may be subject to the risks associated with the development 
of real estate projects. These risks include: risks relating to project 
financing, that a developer becomes unable to fulfil its obligations, that a 
suitable developer may not be available, that planning consents are delayed or 
not obtained, that the management services from Bulgarian Property Management 
Limited and the Group's management teams cease to continue, events affecting any 
Joint Venture partner or difficulties in identifying and securing attractive 
property investments in Bulgaria. 
Other risks identified by the Group include: geographical and political risks 
associated with Bulgaria, financial risks such as lack of available funds to 
meet the Group's needs, interest rate risk and currency risk (See note 1). 
The Group views effective risk management as integral to the day-to-day business 
decisions and encourages all its managers to assess risk on a continuous basis. 
Future development 
Since 5 March, Windsorville is the controlling shareholder of BPD. It is the 
current intention of the board of Windsorville that, now that the Offer becomes 
unconditional in all respects, will explore options to raise additional capital 
for BPD, which may be raised all or in part from Windsorville. The Group will 
develop and improve its existing property portfolio. 
Environment 
The Group is committed to effective environmental management, and regards 
regulatory compliance as a minimum standard. In the light of best practice in 
the property development industry, the Group will seek to set policies that 
match the Groups operations with the increasing need to manage environmental 
performance of existing and new developments; including energy and water 
consumption, waste management, water and air pollution, and contractor and 
tenant awareness. 
Key performance indicators (KPI's) 
The Group's success is principally measured in terms of the adjusted Net Asset 
Value per share. This is based upon the market value of the Group's property 
portfolio as valued by a third party valuer, Colliers, London. This allows the 
Group's management to monitor the growth in value created as projects are 
developed. 
The adjusted Net Asset Value is arrived at with reference to the Group's 
property assets as valued by Colliers, London, reflecting the actual percentages 
held by the Group. To this figure is added its non property assets minus its 
total liabilities. In calculating the adjusted Net Asset Value, no provision is 
made for tax that may arise on a sale at that value. Please refer to the 
Chairman's statement for details of the Group's performance in respect of this 
KPI. 
 
 
 
REPORT OF THE DIRECTORS (continued) 
for the year ended 31 December 2008 
 
 
Directors 
The directors during the period were: 
C D L Williams 
I L G Hesmondhalgh 
P A Pashov 
K J Springall 
J S Mackay 
N K Galchev 
R N Galtcheva (alternate) 
 
 
Following Windsorville Investments Limited becoming the owner of the majority of 
the shares in the Company, it is expected that Mr. Richard McGuire and Mr. Marek 
Piwek will be appointed as directors of the Company and that all, or the 
majority, of the current board will step down. In accordance with the Company's 
articles of association, it is expected that both Mr. Richard McGuire and Mr. 
Marek Piwek will retire from office at the Annual General Meeting, being the 
first such meeting following their appointment and, being eligible, each will 
offer themselves for re-appointment. 
 
 
The interests of the directors holding office at 31 December 2008 in the issued 
share capital of the Company are as follows: 
 
 
+---------------------------------------------+----------------+----+----------------+ 
|                                             |    31 December |    |    31 December | 
|                                             |           2008 |    |           2007 | 
+---------------------------------------------+----------------+----+----------------+ 
|                                             |   Ordinary 25p |    |   Ordinary 25p | 
|                                             |         shares |    |         shares |