On April 23rd 2013, 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 2012 and the Annual Consolidated Management Report of BACB for 2012 and (2) the Audited BACB Annual Financial Statements for 2012 and the Annual Management Report of BACB for 2012. 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. They shall be submitted for publishing in the Commercial Register as required by law.

The General Meeting of the Shareholders adopted a decision for re-election as members of the Supervisory Board of Mr. Evgenii Yakimov Ivanov – independent member of the Supervisory Board and Mr. Kiril Alexandrov Manov – independent member of the Supervisory Board, for a new term of office till July 5th 2016.
After the re-election of the above mentioned persons the Supervisory Board of BACB shall include five members with term of office till July 5th 2016, namely:
(1) Ms. Tzvetelina Borislavova Karagyozova;
(2) Mr. Jason Lyle Cook;
(3) Mr. Evgenii Yakimov Ivanov – independent member of the Supervisory Board;
(4) Mr. Kiril Alexandrov Manov – independent member of the Supervisory Board;
(5) Mr. Martin Boychev Ganev.
The re-election of the independent members of the Supervisory Board shall be submitted for registration in the Commercial Register pursuant to the statutory procedure.

Under item 8 of the Agenda a letter from Deloitte Audit OOD was reported to the General Meeting of the Shareholders. Deloitte Audit OOD in its capacity of specialized audit company was proposed to be appointed as a registered auditor of BACB for 2013 as per the proposed resolution included in the Agenda materials under item 8 of the Agenda. With the above mentioned letter Deloitte Audit OOD informed BACB that with the forthcoming conclusion and execution of a license agreement for a product, granted by Visa Europe Services Inc., based on technology owned by EMUE, a conflict with the professional independence of the auditor occurs. Therefore Deloitte Audit OOD withdraws its application for re-election as an independent auditor of the annual financial statements of BACB, from the GMS, convened for April 23, 2013. In relation to the above mentioned, the General Meeting of the Shareholders adopted a procedural decision not to vote on the proposal under item 8 of Agenda as included in the GMS agenda materials. Subsequently the General Meeting of the Shareholders did not adopt a decision under this Agenda item.
The BACB Management informed the General Meeting that a new extraordinary General Meeting of the Shareholders shall be convened. The extraordinary GMS Agenda shall include appointment of registered auditor of BACB for 2013 recommended by the Audit Committee.

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.”