The Extraordinary General Meeting of the shareholders of Bulbank, which took place on January 8th, 2003 in the Head Office of the Bank in Sofia approved changes in the composition of the Supervisory Board of the Bank and changes in the management of the "Internal Audit" Department.

The General Meeting released Alessandro Decio as a member of the Supervisory Board. Alessandro Decio, who was responsible for Planning and Development of the New Europe Division of UniCredito Italiano Group, has resigned from Bulbank's Supervisory Board since he has now a new position within the Group, having been appointed in the Management Board of Zagrebacka banka (Zagreb, Croatia) as Deputy Chairman of the Croatian bank, which is part of UniCredito Italiano Group.

The Chairman of the General Meeting, Roberto Nicastro - Chairman of the Supervisory Board of the Bank expressed gratitude to A. Decio for his efforts and valuable contributions to the successful work of the Supervisory Board and the Bank in general. The General Meeting elected a new member of the Supervisory Board - Massimiliano Moi, who has replaced A. Decio as Head of Planning and Development of the New Europe Division of UniCredito Italiano.

Massimiliano Moi has graduated the Luigi Bocconi University, Milan. Between December 1990 and September 1991 he attends the International Management Exchange Program of Rensselaer Polytechnic Institute, Troy NY USA. He started his professional career in 1991and has worked for 3M as a Junior Product manager. He has been a Junior Consultant, Consultant and Manager in the Boston Consulting Group between 1993 and 1999. He has been also a Vice President - Clients in Financial Services and Telecom of Sapient Corporation, Boston USA and a Vice President - Strategy Financial Services of Sapient Corporation, Milan Italy. Between September 2001 and September 2002 he has been appointed for COO of IntesaBel Italia Sim, Milan.

Electing him for a member of the Supervisory Board of Bulbank, the General Meeting expressed high confidence in his ability to involve all efforts and long-term professional experience into adjusting the Bank's activity in one with the standards and the policy of the majority shareholder UniCredito Italiano S.p.A, as well as to maintain the leading position of the Bank on the domestic market and its reputation of a stable and highly respectable banking institution.

After the registration of the new member with the Commercial registry of Sofia City Court, the Supervisory Board of Bulbank shall consist of the following members: Roberto Nicastro, Fausto Alberto Galmarini, Dimitar Zhelev, Alois Steinbichler, Franco Benincasa, Ivan Stancioff, Massimiliano Moi.

The Extraordinary General Meeting of the shareholders of Bulbank AD endorsed to release from his position Hristo Chamov - Head of "Internal Audit" Department because of retirement. Roberto Nicastro expressed gratitude to H. Chamov for his effective work and essential contribution to the development and success of the Bank during his long career in Bulbank. Germano Perotto was elected for Head of the "Internal Audit" Department.

Germano Perotto has graduated as a Professional Accountant. He has a long standing banking career: in 1970 he joined former Credito Italiano Bank (now UniCredit Banca) - Milan covering various duties in Milan town agencies and, subsequently, in the following departments of Main Branch: Documentary credit, Lending and Business Development. In 1981 he was appointed Deputy Supervisor in Head Office International Division in charge of Country/Bank risks of a geographic area. In 1988 G. Perotto was appointed Assistant Chief Manager (Corporate and Correspondent Banking activities) in New York Branch. In 1991 he was transferred to Milan Head Office International Credit Department in charge for North American lending activity. In 1994 - joined Head Office Internal Control Department and appointed Senior Credit Auditor for international network. In 1999 Mr. Perotto joined Audit Group Division of UniCredito Holding Company as Senior Auditor in charge for foreign branches and subsidiaries, also supporting the work of local Internal Audit Departments of Eastern European subsidiaries.

The Chairman of the MB Levon Hampartzoumian has taken this occasion to express trust that the results of 2002 will be positive, with good profitability growth, in line with budget expectations.

The Chairman of the SB Roberto Nicastro has expressed his gratitude to the staff and the management of Bulbank for the usual high commitment and standard of professionalism that has been shown during the year 2002.