www.elana.net

ЕLANA Investment

www.elana.net

Leading EU funding consultant

ELANA Investment was founded in 1999 г. to provide expertise on EU funding and support business and other municipality institutions in raising funds for their investment programmes and development.

ELANA Investment is currently one of the leading consultants of the Bulgarian business and public administration in developing successful investment projects and business plans funded by the EU operational programmes and other sources. The company is part of the family of market leaders within one of the largest local non-banking financial institutions ELANA with 20-years of history on the Bulgarian financial and consultancy market.

The service:

Provides consultancy to agricultural producers, enterprises and public administration in developing successful investment projects and business plans for applying for EU funding or for grants at international organisations. Provides technical assistance in management of the project implementation.

Public engagement:ЕLANA Investment is a founder of the Bulgarian Association of EU Programmes’ Consultants (BAEPC) – Kristina Tsvetanska, the executive director of the company, is the deputy chairperson of the association. ELANA Financial Holding is a member of the Confederation of Employers and Industrialists in Bulgaria (CEIB) – ELANA Investment experts are involved in analyses and development of proposals for improvements of EU funding procedures in the country on behalf of CEIB.

ELANA Investment is certified by the ISO 9001:2008 standard with UKAS (UK) accreditation and ANAB (USA) accreditation: Certificate No. BG13007Q ISO 9001:2008

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Accomplishments

ELANA Investment highlights of accomplishments:

Over 500 enterprises, agricultural producers and municipalities have acquired EU funding for investing in their business development through ELANA Investment consultancy;

Over BGN 200 mln of EU funding was raised for Bulgarian business and municipalities through ELANA Investment expertise.

The first JESSICA agreement with the European Investment Bank as part of a consortium with the leading partner Societe Generale Expessbank for managing the Regional Urban Development Fund with JESSICA resources.

Over 180 successful projects within EU Structural Funds for Bulgaria with aid of approx. BGN 100 mln raised within 4 years;

Over 120 successful projects within the EU pre-accession programmes – over BGN 75 mln raised;

Managed the implementation of the first Phare technical assistance project in Bulgaria (EUR 3 mln) for providing support to 150 SMEs.

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Public engagement

ELANA Investment is a founding member of Bulgarian Association of EU Programmes’ Consultants (BAEPC). The association is active on cooperation with the managing bodies of the EU funding programmes in Bulgaria towards improvement of procedures and successful absorption.

ELANA Investment experts is involved in the process of improvement and programming of EU funds with analyses and proposals on behalf of BAEPC and the Confederation of Employers and Industrialists in Bulgaria (CEIB).

Kamen Kolchev, Chairman of the Board of ELANA Investment and ELANA Financial Holding is a member of the Monitoring Committee of the Rural Development Programme and OP Competitiveness.

Kristina Tsvetanska, Executive Director, is the Deputy Chairperson of BAEPC. She is a member of the regular working groups within the monitoring committees of the Rural Development Programme and OP Competitiveness. She is a member of the CEIB EU Policy Committee.

Teodora Ovcharova, Board member, is part of the working groups within the monitoring committees of the Rural Development Programme and OP Competitiveness.

Stoyan Nedev, Chief EU Programmes expert, is the secretary of the working group within the National rural network, Ministry of Agriculture and Food.

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Highlights of experience

In the period of 2000 – 2011 ELANA Investment has developed and managed successfully projects of enterprises, agricultural producers and municipalities helping them acquire over BGN 200 mln aid in their investment programmes through applications to EU Structural funds or pre-accession programmes:

Highlights of experience with EU Structural Funds

142 approved projects within the Rural Development Programme – implemented aid for investment in agriculture and municipality improvements at the amount of BGN 47 mln;

39 approved projects within OP Competitiveness - implemented aid for investment in Bulgarian manufacturing and production at the amount of BGN 41 mln;

Regional Urban Development Fund (RUDF) – ELANA Investment is a shareholder within the consortium that manages RUDF – the financial product of the urban development instrument JESSICA according to an agreement with the European Investment Bank. The consortium includes the leading shareholder Societe Generale Expressbank, ELANA Investment, ELANA Holding and Balkan Advisors. BGN 110 mln will be invested by 2015 in urban development of the 6 major cities in Bulgaria.

1 approved project within OP Regional Development – total value of BGN 5 mln for introduction of energy efficiency measures in Blagoevgrad Municipality;

5 technical assistance projects of municipalities in progress within OP Environment; 1 successfully accomplished contract for the Ministry of Interior’s Directorate "Coordination of combating offenses

affecting the financial interests of the European Communities“ - developing a project for OP Technical Assistance with aid implemented approx. BGN 900 000;

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Highlights of experience

In the period of 2000 – 2011 ELANA Investment has developed and managed successfully projects of enterprises, agricultural producers and municipalities helping them acquire over BGN 200 mln aid in their investment programmes through applications to EU Structural funds or pre-accession programmes:

Highlights of experience with EU pre-accession programmes

Implemented 87 projects within SAPARD programme of over BGN 65 mln within the programme period of 2001 -2007;

Implemented the first EU Phare technical assistance project for SMEs in Bulgaria (SRAFAS; EUR 3 mln);

15 implemented projects of enterprises with aid of over EUR 1 mln within Phare grant schemes;

9 projects implemented with investment of BGN 3 mln for modernisation of agriculture within Agriculture State Fund grant programmes.

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Services

Services to local & international business and municipalities (public administration): Consulting on opportunities for technical and financial assistance provided by all funding programmes in Bulgaria; Primary structuring of applicant’s investment idea and research on feasible funding opportunities; Defining the project idea eligibility in accordance with relevant requirements of selected funding programme; Consulting throughout the entire investment project cycle:

• Application form preparation; • Monitoring and evaluation form; • Business plan preparation including: summary, aims and strategy, activities, market analysis, product strategy,

marketing plan, financial plan; • Projected cash flow, income and outcome analysis, financial indicators; • Full set of tender documents and technical specifications;• Financial and cost-benefit analysis;• Pre-investment research;• Additional technical assistance throughout project implementation;

Development of tender procedures and relevant documentation; Consultation on project reporting and submission of payment claims.

Services to international businesses and public organizations: Advising international companies with businesses in Bulgaria on EU funding opportunities; Networking with local businesses and public administration; Structuring and developing of local and international funding and investment vehicles

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Regional Urban Development Fund

On 29 December 2011 European Investment Bank, in its capacity as the Manager of the JESSICA Holding Fund Bulgaria, concluded an agreement for the establishment of Regional Urban Development Fund (RUDF) by the shareholders of the consortium: Societe Generale Expressbank, ELANA Holding, ELANA Investment and Balkan Advisors;

RUDF will invest BGN 36,9 mln of JESSICA funds combined with the BGN 73,8 mln contribution of the leading shareholder Societe Generale Expressbank in urban development projects in 6 major cities of Bulgaria – Plovdiv, Varna, Bourgas, Rousse, Stara Zagora, Pleven. A total of BGN 110 mln will stir regional urban development by 2015.

RUDF investment will be provided through low-interest loans and capital to municipalities, private investors or public-private partnerships.

The JESSICA investment portfolio may include projects with the following scope: rehabilitation of deprived urban areas, basic infrastructure works, energy networks and energy efficiency in the context of a wider urban development plan, etc.

Contact: http://www.jessicafund.bg/

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Rural Development Programme: Experience

Rural Development Programme – RDP (2007 – 2013)

ELANA Investment consultants have acquired in-depth expertise in various sectors of Bulgarian agriculture and are experienced in successful projects throughout over 10 years – through projects within pre-accession SAPARD and in the last 4 years – the Rural Development Programme.

Since RDP start in 2008 ELANA Investment has consulted 142 approved projects within 7 measures of the programme – the projects have invested in the customers’ businesses approx. BGN 47 mln aid.

115 agricultural projects had been implemented successfully and approx. BGN 30.5 mln aid has fueled the modernization and technological advancement of agricultural producers as well as improvement of infrastructure in municipalities.

ELANA Investment experts are members of the regular working groups within the monitoring committee of the Rural Development Programme and contribute to the improvement of the procedures and effectiveness of the programme.

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Rural Development Programme: Experience

RDP approved projects of ELANA Investment 2008 - 2011

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Rural Development Programme: Experience

Rural Development Programme – RDP (2007 – 2013)

Some of ELANA Investment customers with considerable investment projects:

“Yaitsa & ptitsi – Zora“ AD – the largest eggs producer in the country.

„Josi“ OOD – one of the largest producers of dairy products.

„Aron“ OOD – the largest rice producer, founded the largest plan for rice production in the Balkan region with aid from RDP measure 123.

„Grand Agro“ OOD – one of the largest grain producers in Southern Bulgaria.

Sofia Municipality – in 2009 ELANA Investment in consortium with New-I won Sofia Municipality tender for consultancy contract for RDP projects until 2013 г.

„Semena Sinhron“ OOD – large agricultural producer with the largest cow farm in Southern Bulgaria.

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OP Competitiveness: Experience

OP Competitiveness (2007 – 2013)

ELANA Investment consultants work on OP Competitiveness projects from the very start of the programme in 2008. The company provides profound expertise based on many years of experience in business analyses, including market and financial analysis, valuation of enterprises, restructuring, etc. ELANA Investment consultants have acquired the experience through projects in various industrial sectors since 90s. Some of the company customers that have successful track record with Phare projects continue now the same way with OP Competitiveness.

39 approved projects of manufacturers within the grant procedures for modernization and innovations’ implementation.

Approx. BGN 41 mln was invested in the expansion of ELANA customers’ businesses following the approved applications.

ELANA Investment consultants are active in designing proposals and analyses on improving EU funding procedures in the country – through the membership in the Bulgarian Association of EU Programmes’ Consultants (BAEPC) and the Confederation of Employers and Industrialists in Bulgaria (CEIB).

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OP Competitiveness: Experience

Large enterprises with successful projects:

Bulmetal OOD with 2 projects (large metal packaging producer) Sopharma AD (one of the largest pharmaceutical companies with extended international markets).

Some SMEs with successful projects:

Index-6 OOD with 2 projects (the largest producer of food & beverages filling & capping machines) Bulmetal Trading EOOD with 2 projects (large metal packaging producer) Yoveta Glass EAD (glass products) Pasat Bulgaria AD (large fibre glass producer, large producer of boats) Dunav Press AD (one of the most advanced printing houses in the country) Harpel OOD (producer of luxury paper packaging) Tractor OOD (producer of parts for agricultural equipment) Bankware OOD (Mastercard licensed plastic cards producer) Vereya Invest AD (producer of wooden furniture) Sidjest OOD (stationery and luxury paper packaging producer) Chimax Pharma EOOD with 2 projects (pharmaceutical company) FZ Milve AD (pharmaceutical company) Podemkran AD (producer of crane components) Panhim OOD (chemical industry) Metal agro AD (producer of agricultural equipment) Builvest-2000 OOD (printing house) ADD-Bulgaria OOD (smart metering systems) Liftcom OOD (producer of lifts) Primeks EOOD (tire manufacturer)

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Projects for municipalities

ELANA Investment develops projects and provides technical assistance to municipalities within the Rural Development Programme, OP Regional Development, OP Environment. The services are designed to meet all stages of the application with all analyses included as well as the tender documentation.

OP Environment (2007 – 2013)

ELANA Investment has provided technical assistance to projects of the municipalities Petrich, Kresna, Pazardzhik, Belene.

OP Regional Development (2007 – 2013)

ELANA Investment has developed one approved project within OP Regional Development and is currently providing technical assistance for its implementation – an investment of approx. BGN 4 mln aid is being implemented through energy efficiency measures for schools and kindergardens in Blagoevgrad municipality.

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SAPARD Programme: Experience

SAPARD successful projects (2001 – 2006)

ЕLANA Investment has developed and managed implementation of 87 successful projects funded by SAPARD Programme, which has raised grants for agricultural producers at the amount of over BGN 65 mln. Some of the customers have acquired investments through several successful projects within SAPARD and recently through the Rural Development Programme.

The projects were implemented in 17 sectors of agriculture and farming: dairy processing and production; perennial farming; crop production; poultry farming and egg production; wine production; fruits and vegetables; meat processing; fisheries and aquaculture; rural tourism; wood processing; beekeeping; horse breeding; essential oil plants; agroecology; municipalities.

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SAPARD Programme: Experience

Some of ELANA Investment customers with successful SAPARD projects are:

„Yaitsa & ptitsi – Zora“ AD (the biggest eggs producer in the country); „Semena Sinhron“ OOD (large agricultural producer with the biggest cow farm in Southern Bulgaria); “Deroni” OOD (major player in food industry); “Ivcom” EOOD (crop production); “Mesokombinat-Razgrad” (meat processing plant); dairy producer “Bulgarian Cheese” OOD; major wineries „Todorov Agro“ EOOD and “Damyanitsa” AD; canning factory „Juper“ AD, etc.

Agriculture State Fund grants: Successful projects

Within the Agriculture State Fund grant programme for agricultural equipment (2005 - 2007) ELANA Investment consultants had provided customers with 9 successful projects of over BGN 3 mln.

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PHARE Programme: Experience

Phare Programme successful projects (2000 – 2007)

Technical Assistance for SME Development (2000)

Consortium of ELANA Investment and the Spanish consultant IDOM implemented the first Phare technical assistance project for SME support (EUR 3 mln) - SRAFAS, 2000. The project was designed to support Bulgarian SMEs through consultancy.

The results of the project: Following an information campaign, 150 Bulgarian companies registered to get free consultancy; 40 companies were supported by providing marketing strategies, HR advice on constructing Marketing

departments and training of staff; 7 companies were consulted on industrial production management and in quality management system

introduction; 6 companies acquired a fully developed management information system;

40 companies acquired consultancy on effective financial management.

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PHARE Programme: Experience

Phare Programme successful projects (2000 – 2007)

Phare SME grant schemes

Within the Phare SME grant schemes ELANA Investment has helped 15 customers raising over EUR 1 mln funding for their investment projects.

The SMEs successful projects came from a range of sectors of economy: meat processing; dairy; winery; crop production; fiberglass products, boats manufacturing; textile; armoured doors, etc.

Some of the successful investment projects: Emil Iliev EOOD (leading meat products producer in Northeast Bulgaria), Damyanitsa AD (leading winery), Josi OOD (leading dairy producer), Passat Bulgaria (leading provider of fiberglass products and one of the largest boat manufacturers in the country), etc.

The investment project application of Damyanitsa AD got the highest mark in the project assessment process among 1400 applications – within 2006 grant scheme.

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A team of experienced consultants

ELANA Investment team includes experts with long experience in various funding sources and applications – recent years EU Structural Funds, pre-accession programmes and other international donor initiatives. The team also includes specialised legal experts in EU programmes.

ELANA Investment Management

Kristina Tsvetanska – Executive director and Board member

10-years experience as consultant on EU Structural funds and pre-accession funds as well as with international donor programmes. Developed and managed projects for OP Competitiveness, Rural Development Programme, OP Regional Development, OP Environment, SAPARD, Phare and others. Ongoing analyses and proposals for improvement of the Rural Development Programme and OP Competitiveness for the EU consultants Association and CEIBG. Graduated Banking and Finance at the University of National and World Economy-Sofia. 7 years of experience in the banking sector. Deputy chairperson Bulgarian Association of EU Programmes’ Consultants (BAEPC).

Teodora Ovcharova – Head of European Programmes Department and Board member

Consultant with 10-years experience in EU pre-accession and EU Structural funds. Special in-depth focus on valuations of Bulgarian enterprises, restructuring, M&A, structuring of funding vehicles such as BEEF. Ongoing analyses and proposals for improvement of the Rural Development Programme and OP Competitiveness for the EU consultants

Association and CEIBG. Graduated Finance at the University of National and World Economy-Sofia.

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A Family of Market Leaders

ELANA Investment is part of one of the largest non-banking financial groups in Bulgaria – ELANA group of companies.

ELANA is a preferred partner to local and international investors for 20 years already in a range of expertise areas: asset management, trading on financial markets, investment banking, business consultancy, real estate investment, renewable energy investment, etc.

ELANA Financial Holding comprises the following companies: ELANA Investment – leading EU funding consultant to business and public institutions ELANA Fund Management – one of the first asset managers in Bulgaria, 8 years in the top 3 of the mutual

funds market ЕLANA Trading – one of the first brokerages in the country, 20 years in the top 3 of brokerage services and

investment banking The holding was also major player in stirring a transparent agricultural land market in Bulgaria – founder of the

first REIT for investing in agricultural land in the country – ELANA Agricultural Land Opportunity Fund – EALOF

ELANA Holding comprises the following divisions: ЕLANA Energy Management – develops renewable energy production projects – approx. 40 projects for wind

and solar parks. Fund management of the Bulgarian Energy Efficiency Fund - as part of the World Bank selected fund

management consortium Econoler-EnEffect-Elana - the first private fund manager of a public financial institution in Bulgaria;

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ЕLANA InvestmentSopharma Business Towers5, Lachezar Stanchev str., tower B, Sofia 1756tel: +359 2 81 000 50, fax: +359 2 95 815 23investment@elana.net, eufunds@elana.net