News Releases

Bulgarian Energy Holding EAD
Toshiba Corporation

TOKYO — Toshiba Corporation (TOKYO: 6502) and Bulgaria's Bulgarian Energy Holding EAD (BEH EAD) today signed a Memorandum of understanding (MOU), under which they will discuss further developing cooperation in the field of energy and energy efficiency. The potential relationship between the parties includes closer cooperation in energy generation, including thermal power, hydro power, nuclear power and solar photovoltaic power, and increasing the efficiency of power transmission and distribution through the development of smart grids.

The MOU signing was attended by Mr. Traicho Traikov, Bulgaria's Minister of Economy, Energy and Tourism, who is in Japan with a Bulgarian delegation led by the Prime Minister, and who visited Toshiba today to mark completion of Toshiba's work in the rehabilitation of Maritsa East 2 Thermal Power Plant project.

BEH EAD is a shareholding company with 100% state owned participation. The Holding includes companies having activities in electricity generation and transmission, mining and companies with activities in gas transmission and public supply: Mini Maritsa Iztok EAD, Maritsa East 2 TPP EAD, Kozloduy NPP EAD, NEK EAD, Electricity System Operator EAD, Bulgargaz EAD, Bulgartransgaz EAD and Bulgartel EAD.

BEH EAD subject of activity is acquisition, management, assessment and sale of participations in trading companies, carrying out business activity in the fields of generation, production, transmission, transit, storage, management, distribution, sale and/or purchase of natural gas, electricity, thermal power, coals, as well as any other type of energy and raw materials for the production.

Electricity in Bulgaria is currently generated mainly by thermal power and nuclear power, and exports surplus electricity to neighboring countries. Following its accession to the EU in January 2007, the country has promoted a program of mitigating climate change by streamlining existing power plants to raise operating efficiency and by promoting increasing use of renewable resources. It has also introduced a feed-in tariff to encourage homeowners and businesses to install renewable power generation equipment, such as solar power.

Toshiba Group and BEH EAD have a long standing business relationship that includes equipment for the Chaira hydro power plant and rehabilitation of Kozloduy nuclear power plant and the Maritsa East 2 thermal power plant. On the basis of the MOU, Toshiba will seek to build on this to promote a mutually beneficial cooperative relationship and to support BEH EAD in providing the Bulgarian government with strategic advice and policy implementation in energy and infrastructure. Toshiba could contribute to conduct of feasibility studies on key infrastructure essential for securing Bulgaria's continued economic growth, including thermal, hydro and nuclear power, and the development of mega solar photovoltaic power systems and carbon capture and storage, with the objective of securing stable energy supply in harmony with environment.

Outline of Bulgaria Energy Holding

Founded:	2008
Headquarters:	Sophia, Bulgaria
Representatives:	Ms. Maya Hristova and Mr. Jordan Georgiev
Number of employee:	approx. 21,000
Net sales:	BGN 5.8 billion
Scope of business:	Holding company for Bulgaria's energy-related companies