20.09.2005Changes to the Management of Municipal Bank AD

The following changes have been entered in the Batch of Municipal Bank AD with the Commercial Register under Sofia City Court Decision No. 25/16.09.2005 and No. 26/16.09.2005 issued on 17.09.2005:

1. Vanya Georgieva Vassileva is struck off as a Member of the Managing Board and Chief Executive Officer as of 26.09.2005 and Alexandar Petrov Lichev is entered as Chief Executive Officer as of 26.09.2005; 2. Lyubomir Pavlov, Ventseslav Nikolov, and Peter Djorinski are struck off as members of the Supervisory Board, and the new Supervisory Board entered comprises:

• Dimitar Paunkov Kolev – Chairman; - Nikifor Istaliyanov Vangelov – Deputy Chairman; - Spas Simeonov Dimitrov
  Management Structure