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

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.