Bulgarian Stock Exchange Sofia : Information by BSE-Sofia

With reference to the initial public offering of shares of Gradus AD-Stara Zagora on BSE-Sofia through the Xetra trading system, to be held on 18 and 19 June 2018, please, be hereby advised of the availability of a temporary issue of shares under the BSE code GR6T in the Xetra instrument group of shares, InstrGrp BSE0.

The IPO Auction will take place in the following way:
- Pre-trade phase: From 9:30 a.m. until 12:00 p.m.
During the pre-trade phase market participants will be able to enter orders and to modify or delete their existing buy orders.
- Call phase: From 12:00 p.m. until 4:00 p.m.
During the call phase, via the trading platform, market participants can enter as well as modify or delete their own buy orders, but information about the indicative price, executable volume and surplus will not be displayed. The orders will be checked for deviation from the reference price, which in this case is fixed to BGN 2.35 by the lead manager (Price Reasonability Check).
- Freeze phase: At 4:00 p.m.
At the beginning of the freeze phase, the Exchange will ex officio delete all orders out of the set price range between BGN 1.80 and BGN 2.35. The freeze phase will be manually stopped by the Exchange.
- Price determination phase: All trades will be concluded in accordance with the modified principle of highest volume transacted and smallest surplus within the price range of BGN 1.80 - BGN 2.35 defined by the terms of the initial public offering in the Prospectus of the issue.
- Suspended phase: After the end of the freeze phase, all unmet orders will be deleted (unexecuted buy orders from the first day of the auction are not transferred for the next day). The financial instrument goes into end-trade phase.
After the end of the auction, a report is automatically generated containing information on the executed trades.

Orders may be entered in the auction through the COBOS system and through the trading platforms of the investment intermediaries, in case the necessary settings are configured.
The applicable fees for trading on BSE-Sofia are described in the Tariff of fees e.g. for the exchange traded products: 0.075% of the executed order value, but not less than BGN 1.00 for trades up to BGN 50,000,000, and for trades above BGN 50,000,000, the fee is BGN 37,500 + 0.0375% of the excess
- In case the public offering is a success (i.e. at least 36,111,112 shares are underwritten), the abovementioned fees shall apply.
- In case the public offering is unsuccessful (i.e. less than 36,111,112 shares are underwritten), then the fee shall be BGN 1.00 exclusive of VAT for an executed order.

Please, refer to the Xetra IPO Auction for the Bulgarian Stock Exchange - Sofia document, available at the website of the Exchange.
Additional information may be obtained by the Trading Department at telephone numbers +359 2/ 9370933; 9370942 as well as by the Listing and Membership Department of BSE-Sofia at the telephone numbers +359 2/ 9370930; 9370932.