Martin Vesselinov Paev, CFA

Born: July 6, 1975

Business Address:
49 Madrid Blvd., Floor 1
Sofia 1505
BULGARIA
Mobile: +359 (88) 50-50-200
e-mail: paev@sortis.bg

Education:
June 2000 - June 2002 Passed all three levels in the Chartered Financial Analyst (CFA®) Program in three
consecutive years. Awarded the CFA® Charter on 18 September 2002.
Oct 1999 to Nov 2002 Sofia University “St. Kliment Ohridski”, Bulgaria
MBA in Banking and Finance; GPA 5.90 of 6.00
Master Thesis: “Central and East European Telecom Market: Mergers & Acquisitions”
Aug 1997 - Sep 1998 Universität des Saarlandes, Saarbrücken, Germany
Exchange student (scholarship from the “Deutscher Akademischer Austauschdienst“)
Jan - Aug 1997 Hoge School van Utrecht and Utrecht University, the Netherlands
Exchange student (scholarship from the TEMPUS Program of the EC)
Oct 1994 - Jul 1999 Sofia University “St. Kliment Ohridski”, Bulgaria
B.Sc. in Business Administration with emphasis on banking and finance
GPA 5.95 of 6.00; State Exam: 6.00 of 6.00
Sep 1989- May 1994 English Language School, Varna, Bulgaria
with emphasis on English and German; GPA 6.00 of 6.00
Sep 1987 - Jun 1989 School of Mathematics, Varna, Bulgaria
with emphasis on mathematics and computer science; GPA 6.00 of 6.00

Experience:
Dec 2007 to present Airport Business Park Ltd., Sofia, Bulgaria
General Manager
Project company for real estate project
Aug 2007 to present BPH Bulgaria 1 Ltd., Sofia, Bulgaria
General Manager
Project company for real estate project
Mar 2007 to present SORTIS Real Estate Ltd., Sofia, Bulgaria
Chief Executive Officer
Real estate asset management firm
Sep 2006 to present SORTIS INVEST Ltd., Sofia, Bulgaria
Owner and Executive Director
Provide financial and investment advisory services to various businesses. Source and screen
investment opportunities and deals for private equity, venture capital and other investment
funds, as well as for banks and other non-bank financial institutions.
Selected Clients: Ameta Holding (poultry producer), Speedy Net (Internet Service
Provider), Atlantis.BG (Internet Service Provider), FinAnalytica (risk management
software), Royal Sport (sports goods); leading commercial banks and leasing companies.

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Jun 2006 – Mar 2007 AIM-Salamanca Real Estate Investment Managers, Sofia, Bulgaria
Executive Director
Structured and manage the real estate investment management company, which is a joint
venture between Salamanca Capital Investments (United Kingdom) and ADDRESS Invest.
Aug 2005 – Aug 2006 Sunny Properties, Sofia, Bulgaria
Executive Director
Manage the special purpose vehicle established for the implementation of a EUR 2.5 mln
investment project for development of a residential complex comprising 84 vacation
apartments in Balchik, at the Bulgarian Northern Black Sea coast. The investors in the
project are asset management clients of ADDRESS Investment & Development.
Apr 2005 – Jul 2006 ADDRESS Investment & Development (ADDRESS GROUP), Sofia, Bulgaria
Executive Director
Structured and set up the asset management business of ADDRESS GROUP. Defined and
implemented company’s strategy. Structured investment products and vehicles (incl.
investment funds and special purpose vehicles). Met clients and potential clients.
Negotiated various contracts and transactions. Prepared investment strategy. Prepared and
reviewed financial forecasts. Reviewed status of investments and investment opportunities.
Gave interviews and presentations.
Apr 2004 – Aug 2006 Bulgarian CFA Society, Sofia, Bulgaria (former Bulgarian Association of Financial
Analysts)
Member of the Board of Directors in charge of Public Awareness & Institutional Relations
of the Bulgarian Chapter of the CFA Institute (USA)
Oct 2003 – Mar 2005 TBI-BAC Real Estate Investment Trust Plc., Sofia, Bulgaria
Executive Director
Structured the first Real Estate Investment Trust in Bulgaria. Brought the REIT through
registration, licensing by the Financial Supervisory Commission, IPO. Negotiated various
contracts. Prepared investment strategy, financial forecasts. Sought attractive investment
opportunities and analyzed potential investments. Gave public speeches and presentations.
Jan 2003 – Mar 2005 Balkan Advisory Company, Sofia, Bulgaria
Senior Associate – Investment Banking and Business Development
Manage and implement various projects in the fields of corporate finance, mergers &
acquisitions, project finance, capital markets, private equity and asset management.
Approach prospective clients and partners; make presentations. Negotiate and prepare
various contracts. Structure and develop new projects in various industries.
Focus on energy, telecommunications, financial institutions and asset management.
Selected clients: UBS Investment Bank, Dresdner Kleinwort Wasserstein, HSBC, Lazard,
Piraeus Bank (Greece), Eurobank, Roseximbank, Dalkia (France), TPP Varna, National
Electricity Company, Bulgargas, DHC Pleven, Pantel (Hungary), Prosoft
Aug - Dec 2002 Headquarters of the Bulgarian Navy, Varna, Bulgaria (compulsory military service)
Assistant in the Public Relations, Motivation and Welfare Department
Feb 2000 – Dec 2002 ETEBA Bulgaria S.A. (member of National Bank of Greece Group), Sofia, Bulgaria
Corporate Finance / Mergers & Acquisitions Consultant
Advised clients in all stages of M&A deals – from market survey and strategic planning, to
company valuation, to structuring and closing the deal. Provided fairness opinions.
Prepared business plans. Prepared presentations. Preserved previous duties (see below).
Selected Clients: Vodafone Group, Hellenic Petroleum, NBG Venture Capital

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 Feb 1999 - Jan 2000 ETEBA (National Investment Bank for Industrial Development), Sofia, Bulgaria
Research Analyst
Analysed industry sectors (e.g. telecommunications, IT), companies (e.g. cable TV
operators), stock exchange trade, fixed income securities, macroeconomic environment.
Searched for attractive investment opportunities in Bulgarian enterprises. Prepared
investment proposals for the private equity fund of NBG Group. Screened acquisition
targets. Consulted clients on M&A transactions (including privatizations).
Approached prospective clients. Organized the distribution of research products to clients,
and business partners. Negotiated and organized publication of research products by
information services like ISI Emerging Markets®, Reuters®, Bloomberg®, and MultexNet®.
Organized and supervised the development of a database for technical analysis of trading
on the stock exchange. Proposed allocation of securities in ETEBA's and clients' portfolios.
Oct 1998 - May 2002 Business Club at the Faculty of Economics and Business Administration,
Sofia University, Sofia, Bulgaria
Member of the Board of Directors
May 1998-Aug 1998 ING Barings, Frankfurt/Main, Germany
3-month internship in the Global Clients Department
Gained experience in developing relationships with global clients – Daimler-Benz, RWE,
Siemens, Viag, VEBA, Preussag, etc. Prepared reports on key clients, maintained a Lotus
Notes database, worked on an M&A transaction.
Jul - Sep 1995 Unimasters Logistics Group Ltd., Varna, Bulgaria
Terminal Container Operations
Organized and supervised reloading operations (containerisation and decontainerisation),
customs inspections and cargo examination. Kept up correspondence with port authorities.

Additional Qualifications:
May 2000 “International Marketing and Management for Information and Communication
Technology Companies in Bulgaria”
Training course organized by Twynstra Gudde and Larive on behalf of Senter, an
Agency of the Netherlands Ministry of Economic Affairs

Skills:
Language:
Bulgarian Native language
English Fluent (written and spoken)
German Very good (written and spoken)
Russian Good (written and spoken)
Greek Basic (written and spoken)
Computer:
Programming in: BASIC, Pascal, Java, HTML, SQL, Quel, QBE
Application DOS, Windows, MS Office Professional (Word, Excel, Access, PowerPoint, Outlook,
software: Binder, Project, Photo Editor), MS FrontPage, WordPerfect, Lotus 1-2-3, Lotus Notes,
CorelDraw, Adobe Photoshop, Adobe Acrobat, Internet, e-mail, ICQ, etc.

References:
Available upon request

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