Extraordinary meeting of shareholders of bulbank held today

The Extraordinary Meeting of the shareholders approved the transfer of undistributed profit from previous years, amounting more than BGN 111 million to General Purpose Reserve Fund. The transfer, in accordance with the last regulation changes, will lead Bulbank to have total capital base of more than BGN 400 million, by far the most capitalised Bank in Bulgaria.

The Meeting of Shareholders also voted in favour of a new Dividend Policy for the next three years with maximum 70% payout.

Finally the Meeting approved enlargement in scope of the Fund for Financial Support of Employees with Heavy Diseases to expand into Social Responsibility Fund to support projects in the areas of education, health, social responsibility and environment.

Mr. Andrea Moneta was appointed to be a new member of the Supervisory Board of Bulbank, replacing Mr. Paolo Fiorentino, following the appointment of Andrea Moneta as Head of New Europe Division in UniCredit Group. It is expected Mr. Moneta, Group Deputy Chief Operating Officer and former Head of Private Banking Division of UniCredit Group, to be proposed to chair the Supervisory Board during the next meeting of the Board to be held in October 7, 2004.

Andrea Moneta (1965)

Andrea Moneta joins UniCredito Italiano in year 2000 as Group Chief Financial Officer, responsible for Corporate Group Treasury & Capital Markets, Group Planning and Control. In year 2002 Mr. Moneta was appointed Group Deputy Chief Operating Officer and headed the Private and Assets Management Division of the Group, being responsible for Pioneer Investments and Private Banking in UniCredit. Earlier this year Andrea Moneta was appointed Head of New Europe Division of UniCredit Group. The professional path of Mr. Moneta includes important positions in Andersen Consulting and European Central Bank. Andrea Moneta is married and has two children.