Bulgarian-American Credit Bank hereby informs you that in relation with the State of emergency imposed in Bulgaria pursuant to the Bulgarian Parliament’s decision dated 13 March 2020 and in compliance with Order No. RD-01-124/ 13.03.2020 of the Minister of Healthcare for imposing of anti-epidemic measures against the spread of COVID-19, and restriction and banning for holding of any kind of mass events, the Annual General Meeting of the Shareholders of BACB, convened for 22 April 2020, at 11:00 a.m., was not held due to lack of the required as per the BACB By-laws and art 227 of the Commercial Act minimum quorum of the share capital. At the prior announced opening hour and place for holding of the General Meeting of the Shareholders no shareholders representing at least 50% (fifty per cent) plus one share of the BACB share capital were present (in person or by proxy). This way the requirement of art. 30 (1) of the BACB By-laws, in connection to art .227 of the Commercial Act, for holding a legitimate session of the General Meeting of Shareholders was not met, namely – at the session of the General Meeting of the Shareholders at least fifty per cent (50%) plus one share of the registered capital to be present.

The failure of shareholders guarantying the minimum required quorum to be present at the meeting is due to and in connection with the orders of the government bodies of the Republic of Bulgaria and specifically in compliance with item 5 of Order No. RD-01-124/ 13.03.2020 of the Minister of Healthcare ordering the seizure of holding any kind of mass events in the country.

BACB Management and Supervisory bodies will undertake the respective actions regarding the organization and holding of the BACB Annual General Meeting of the Shareholders, which will be entirely consistent with all relevant developments of the situation in Bulgaria related to the taken by the government bodies’ anti-epidemic measures against the spread of COVID-19 and related to the physical holding of mass events with presence of groups of people. The use of the possibilities for holding GMS sessions by electronic means, provided by law, is also taken in consideration within the forms permitted by law and in strict compliance with the procedure as per the Public Offering of Securities Act.