On May 10, 2016, the Annual General Meeting of the Shareholders of the “Bulgarian-American Credit Bank” took place.

The General Meeting of the Shareholders took the following decisions:

(1)    approved: (1) the Audited BACB Annual Consolidated Financial Statements for 2015 and the Annual Consolidated Management Report of BACB for 2015 and (2) the Audited BACB Annual Financial Statements for 2015 and the Annual Management Report of BACB for 2015

(2)    took decision the 2015 profit of BACB after taxation to be allocated to the BACB Reserve Fund

(3)    appointed the specialized audit company - „Ernst & Young Audit” OOD, Sofia, recommended by the Audit Committee to audit the Financial Statements of BACB for 2016

(4)    took decisions for changes in the number and members of the BACB Supervisory Board, as follows:

(a)    Relieves Mr. Evgenii Yakimov Ivanov and Mr. Kiril Alexandrov Manov from the position of members of the BACB Supervisory Board;

(b)   Re-elects Ms. Tzvetelina Borislavova Karagyozova, Mr. Jason Lyle Cook and  Mr. Martin Ganev - independent member, as members of the Supervisory Board for a new five-year term of office until May 10, 2021;

After the relieve from the position of the persons under item 4(a) above and the re-election of the persons under item 4(b) above the Supervisory Board of BACB shall consist of three members with term of office until May 10th 2021, namely:

• Ms. Tzvetelina Borislavova Karagyozova;
• Mr. Jason Lyle Cook;
• Mr. Martin Boychev Ganev - independent member

(5)    took decision for changes in the number and members of the Audit Committee of BACB, as follows:

(a)    The Audit Committee of BACB shall consist of 3 (three) members, who shall be elected for a term of office of up to 3 years and can be reelected without limitations;

(b)   Relieve Mr. Evgenii Yakimov Ivanov and Mr. Kiril Alexandrov Manov from the position of members of the Audit Committee of BACB;

(c)    Appointment of Mr. Jason Lyle Cook, member of the Supervisory Board, as a new member of the BACB Audit Committee with term of office until May 10th 2019;

(d)   Re-election of Mr. Martin Boychev Ganev (Chairman) and Ms. Rayka Stoyanova Ontzova- independent member, for a new three-year term of office until May 10th, 2019;

After the relieve of position of the persons under item 5(b) above and the election and re-election of the persons under item 5(c) and item 5(d) above the Audit Committee of BACB shall consist of three members with term of office until May 10th 2019, namely:

• Mr. Martin Boychev Ganev – Chairman, member of the Supervisory Board;
• Mr. Jason Lyle Cook, member of the Supervisory Board;
• Mrs. Rayka Stoyanova Ontzova - independent member – independent member of the Audit Committee.

The General Meeting of the Shareholders adopted decisions under the other Agenda items on the preannounced Agenda of the meeting. Further information for the decisions taken shall be included in the Minutes of the meeting which shall be disclosed within the regulatory deadline.