FSC’s decisions from its meeting held on January 12, 2005:

1.The FSC approved the publishing of the following tender offer :
 – Company, object of the offer: Kaliakra AD, Town of Dobrich
– Offeror: Sereol Holding B.V., Holland  
– Authorized investment intermediary: Raiffeisen Bank
– Offered price per share: BGN 47.45

2. Adopted Instructions on submitting the necessary documents for issuance of approvals, licenses, affirmations and periodical disclosure.