BPD Bulgarian Prop.

RNS Number:7318J
Takeover Panel
12 December 2007

                                                                         2007/40

                      BULGARIAN PROPERTY DEVELOPMENTS PLC
                                    ("BPD")


                          WINDSORVILLE INVESTMENTS LTD

                                ("WINDSORVILLE")

Following recent representations made by the advisers to BPD, the Panel
Executive has been considering the application of Rule 2.4(b) of the Code to the
approach by Windsorville to BPD.  Following discussions with both parties'
advisers, the Panel Executive has ruled that, unless the Panel Executive
consents otherwise, Windsorville must, by 5pm on 28 December 2007, either
announce a firm intention to make an offer for BPD under Rule 2.5 of the Code or
announce that it does not intend to make an offer for BPD.  In the event that
Windsorville announces that it does not intend to make an offer for BPD,
Windsorville and any person acting in concert with it will, except with the
consent of the Panel Executive, be bound by the restrictions contained in Rule
2.8 of the Code for six months from the date of such announcement.

Each of the parties has accepted this ruling.

12 December 2007


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