Sale of at least 5 tobacco companies representing at least 50 percent of the assets of the entities of the Bulgartabac holding identified as salable in the Phase I preparation phase (measured either as 50 percent of the market value as estimated at the end of the financial advisor's Phase I valuation work, or as 50 percent of net assets of the entities to be privatised, or as 50 percent of sales in 2003 of the entities to be privatised)
At P1R1, privatization of cigarette making factories terminated due to withdrawal of the only bidder and political infighting. To date, sales of five tobacco processing companies have been negotiated and finalization of an additional one awaits approval by Bulgartabacs supervisory board. This benchmark has been dropped for the time being due to political problems which make progress impossible before the June 25, 2005 election.