We notify that PPC SA Board of Directors, during the meeting on 21st April 2005, decided the following:

1. to begin a tender process to hire a well established Consultant-Company, which operates in the market of Investment Companies on immovable property. Its task will be to examine the parameters and preconditions that will be taken into consideration in order to set up and operate Affiliate Companies to manage and utilize PPC SA immovable property. The Consultant, apart from a cost-benefit analysis, shall suggest the form of the new affiliate structure.

2. To participate in the privatization bid of the electricity generation plants in Bulgaria, Varna and Bobov Dol and to submit binding offers for the purchase of 100% of the total shares of the aforementioned electricity generation plants.

3. To suggest to Energy Regulatory Authority (PAE) and the Ministry of Development measures to contain the problem of the increased electricity demand during a few days and hours in July, a problem which is difficult to handle and highly costly. The measures pertain only to PPC SA big clients (around 1% of its clients) giving incentives for low consumption and imposing charges for an increased consumption. These measures do not refer to the rest 99% of its clients and definitely they do not touch upon household and other small consumers. Measures shall be sent to the attention of the clients they address after their approval by the Ministry of Development.