1. BCCI Macroeconomic Indicators Source: Ministry of Economy

2. Bulgarian Economy in 2002: Well on Track  Economic growth of 4.5% in Q3 and 4.3% for the first three quarters: Bulgaria is among the leaders in Europe  Inflation of 3.8%  Record high forex reserves: EUR4.56bn (November 2002)  Near record low external public debt for the first eleven months: USD8.2bn  Robust growth in tourism revenues: 9.98% compared to 2001  Unemployment of 16.27%, a drop of 1.63% compared to 2001  Current and trade account deficits to GDP ratios improving  Presence of “functioning market economy” (EC Report)

3. Macroeconomic Stability - Testimony from Abroad  The Government’s economic program has received positive evaluation. The country’s credit rating has been raised on several occasions and currently stands at BB (with positive outlook) according to Standard&Poor’s, BB (with positive outlook) by Fitch IBCA, and B1 (with positive outlook) by Moody’s). Japan Credit Rating Agency recently assigned Bulgaria a rating of BB (with positive outlook). More rating upgrades are expected in 2003.  Support of the international financial institutions –the IMF approved a two-year stand-by agreement for SDR250m –the World Bank adopted a supporting strategy worth USD750m in total –the EBRD launched a USD500m private sector financing program

4. GDP Growth (by Quarters, %) Source: CANSTAT, EUROSTAT

5. Source:EBRD, Ministry of Economy GDP Growth (%)

6. Gross Domestic Product (EUR bn) Source: Ministry of Finance

7. GDP Structure (by Sector, %) Source: National Statistics Institute

8. GDP Structure (by Ownership, %) Source: National Statistics Institute

9. Annual Inflation (%, Year-End, 1991-2003E) Source: National Statistics Institute

10. Inflation (%, Year-End) Source: Governmental Sources and National Statistics Institute

11. Base (Benchmark) Interest Rate (%, 01/1998-01/2003) Source: Bulgarian National Bank 2.5%

12. Base (Benchmark) Interest Rate (%, Year-End) Source: Governmental Sources and Bulgarian National Bank

13. Budget Surplus/Deficit (% GDP) Source: Governmental Sources and Ministry of Finance CEE Countries (2001) Bulgaria

14. Foreign Exchange Reserves (EUR m) 4 062 Eurobond Issue 12/11/2001 Source: Bulgarian National Bank

15. Foreign Debt (USD m, 1996-2002E) Source: Bulgarian National Bank

16. Government Debt (% GDP, 1997-September 2002) Source: Bulgarian National Bank Maastricht criterion

17. Source: National Statistics Institute Average Salary (EUR)

18. Source: EBRD Annual Salaries (USD, 2002)

19. Source: AIMS Human Capital Bulgaria Low average High average Gross Monthly Salary Levels (USD)

20. Low average High average Source: AIMS Human Capital Bulgaria Gross Monthly Salary Levels (USD)

21. Gross Capital Formation (% GDP) Source: Ministry of Finance and National Statistics Institute

22. Macroeconomic Indicators (1) Source: Ministry of Finance

23. Macroeconomic Indicators (2) Source: Ministry of Finance, Ministry of Economy and Bulgarian National Bank