On May 08th 2014, the Annual General Meeting of the Shareholders of the “Bulgarian-American Credit Bank” (“BACB”) took place.

The General Meeting of the Shareholders (GMS) approved:
(1) the Audited BACB Annual Consolidated Financial Statements for 2013 and the Annual Consolidated Management Report of BACB for 2013 and
(2) the Audited BACB Annual Financial Statements for 2013 and the Annual Management Report of BACB for 2013.
The approved statements have been disclosed to the Financial Supervision Commission, the Bulgarian Stock Exchange-Sofia AD and to the general public pursuant to the provisions and terms of the Public Offering of Securities Act. The Statements have also been published on the corporate web site of BACB – www.bacb.bg. These documents shall be submitted for publishing in the Commercial Register as required by law.

Under item 7 of the Agenda the General Meeting the shareholders appointed the specialized audit company „Earnst & Young Audit” OOD to audit the BACB Financial Statements for 2014. „Earnst & Young Audit” OOD replaces the current auditor of BACB – “Deloitte Audit” OOD for of the following reasons:
With a written notification dated April 30th 2014 Deloitte Audit OOD, the specialized audit company, proposed for appointment as registered auditor of BACB for 2014 withdrew its proposal for performing the BACB audit for 2014 and asked the BACB Management to undertake the respective necessary measures so that the proposal not to be presented for discussion and approval by the General Meeting of the Shareholders of BACB. The withdrawal of the nomination is caused by the fact that the issues related to the Bank’s agreement with VISA Europe Services for the purchase and exploitation of a license for the software “EMUE” system which BACB started using in March 2014 are still not resolved as of the present moment. Since the ultimate license provider for the “EMUE” system, Emue Technologies Pty Ltd is related to Deloitte Australia, which is part of the global network of Deloitte, part of which is Deloitte Bulgaria in compliance with the applicable standards of ethics, it is considered that as an ongoing auditor of BACB Deloitte Audit OOD would be in terms of breach of independence.
As a result of the withdrawal of the nomination of Deloitte Audit OOD and With regard to the withdrawal of the nomination of Deloitte Audit OOD and because the Supervisory Board proposal for appointment of independent auditor of BACB includes alternative appointment of „Earnst & Young Audit” OOD, the General Meeting of the Shareholders adopted a decision for appointment of the specialized audit company „Earnst & Young Audit” OOD to audit the Financial Statements of BACB for 2014.

The General Meeting of the Shareholders adopted decisions under the rest of the items on the preannounced Agenda of the meeting; further information for the decisions taken is included in the Minutes of the meeting that shall be disclosed within the regulatory deadline.