MINUTES

from an extraordinary general meeting of shareholders of

EUROHOLD BULGARIA AD

On this 09^th day of May, 2017, in the city of Sofia, 43 Christopher Columbus Blvd., at 11:00 a.m. an extraordinary general meeting of the shareholders of Eurohold Bulgaria AD was held in compliance with all provisions of the applicable legislation.

The meeting was attended by the shareholders whose names appear in the list made in compliance with the provisions of article 225 of the Commerce Act. The list of attending shareholders was certified by the chairman and the secretary of the general meeting and is integral part of these minutes. At the time of opening the general meeting of shareholders 6 (six) proxies were submitted for representation of shareholders at the general meeting.

The meeting was attended by Mr. Kiril Ivanov Boshov, Chairman of the Management Board, Mr. Assen Minchev Minchev, Executive Director and Mr. Razvan Stefan Lefter, member of the Supervisory Board.

The meeting was opened by Mr. Assen Minchev. He held an opening speech and made a proposal to appoint a Quorum and Represented Capital Commission, comprising of the following members: Ms. Michaela Velislavova Doycheva, PIN 7 - Chairwoman, and Ms. Natalia Ivanova Popova, PIN : member of the commission. On this proposal the general meeting of shareholders unanimously adopted the following

PROCEDURAL RESOLUTION:

Appoints Quorum and Represented Capital Commission comprising of the following members:

Ms. Michaela Velislavova Doycheva, PIN - Chairwoman, and Ms. Natalia Ivanova Popova, PIN $7$ – member.

Shareholder	Voted nFor''	Voted "Against"	Voted "Abstained"
Starcom Holding AD	59 166 804	WE WE ARE NOT THE REAL PROPERTY COURSE AND DESCRIPTION OF A PERSON WAS CONTINUED.	two are previous permanentals boo and that detailed with the sign age and that their certain and assumption of
Euro - Finance AD - votes pursunt instructions of Starcom Holding AD in relation to repo agreement	3 590 000	The following the the design person per security and the two that	the art would be the control and the control entrance of
Euroins Romania Asigurare Reasigurare S.A.-votes pursunt instructions of Starcom Holding AD in relation to repo agreement	14 108 000	on his spraw as you've school big on shutte forms also	We also all this tab war war aboves an we are to your location and with process attacks in , but you are
UPF Budeshte-votes pursunt instructions of Starcom Holding AD in relation to repo agreement	15 165 000	the top and the sea that services between the searches the sea and describe services the two day and to	We say the securities per ten we see the first set and particle are also normal parties our or
PPF Budeshte-votes pursunt instructions of Starcom Holding AD in relation to repo agreement	270 000	--------------------------------------	the main and hop them appr with alley them determined by them are present them between any year you can encour
Euroins Romania Asigurare Reasigurare S.A.	2767970	--------------------------------------	---------------------------------------
VPF Budeshte	116 000	between the presidence and the top and entropy entropy of	\$50 door now had not right take this play with the state when the pow spaces had the inaugurant of
UPF Budeshte	34 000		The providence of the form one due on the cost and her sea was the

PPF Budeshte	324 642	and the powersy special section will see and section because
Dar Finance EOOD	24 246 698
Overall percentage of the represented capital	100 %	season serves point much hingh our or group appear
Overall number of represented shares	119 789 114	in their state class and state and the disk day who has not per gar and social	---------------------------------------

The General Meeting of Shareholders asserted no objections brought against the above voting and the results thereof.

Ms. Michaela Doycheva, chairwoman of the Quorum and Represented Capital Commission, presented information about the shares registered for the general meeting. After being heard, upon prosposal of Mr. Assen Minchev the shareholders adopted the following

PROCEDURAL RESOLUTION:

The General Meeting of Shareholders of Eurohold Bulgaria AD founds that 6 (six) proxies for representation of shareholders at the general meeting are submitted to the company at the time of opening of the general meeting. It further founds that at the announced time for opening the meeting, and namely at 11.00 a.m., on 09.05.2017, the required quorum for holding a valid meeting in compliance with the company's articles of association is present, and that 10 (ten) persons, representing 119 789 114 (one hundred and nineteen million seven hundred and eighty nine thousand one hundred and forteen) ordinary, registered, dematerialized shares, being approximately 74, 24 % (seventy four point twenty four percent) of the capital of Eurohold Bulgaria AD are registered. Having in mind the above, there are no statutory obstacles to held the extraordinary general meeting of shareholders of Eurohold Bulgaria AD on 09.05.2017, at 11.00 $a.m.$

Shareholder	Voted	Voted	Voted
	"For"	"Against"	"Abstained"
Starcom Holding AD	59 166 804		---------------------------------------
Euro - Finance AD-votes pursunt	3 590 000		---------------------------------------
instructions of Starcom Holding AD in
relation to repo agreement
Euroins Romania Asigurare	14 108 000	---------------------------------------	of area land date exposure who seemeds the last sequence and performance con-
Reasigurare S.A. - votes pursunt
instructions of Starcom Holding AD in
relation to repo agreement
UPF Budeshte-votes pursunt	15 165 000		on the fire sees officially this difference that any descriptions were not decided
instructions of Starcom Holding AD in
relation to repo agreement
PPF Budeshte- votes pursunt	270 000	---------------------------------------	and the transfer and contact the property of the company of
instructions of Starcom Holding AD in
relation to repo agreement
Euroins Romania Asigurare	2767970		---------------------------------------
Reasigurare S.A.
VPF Budeshte	116 000		they believed determine the samples that they are the set also as the backer on the
UPF Budeshte	34 000
PPF Budeshte	324 642
Dar Finance EOOD	24 246 698
Overall percentage of the	100 %		the season pay not transfer season and and pay product processes a
represented capital
Overall number of represented	119 789 114	---------------------------------------	the sam size was now ways allowed wom sees moving per size with the reference permane was now
shares

Voting results are as follows:

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The General Meeting of Shareholders asserted no objections brought against the above voting and the results thereof.

After these findings in relation to the meeting's legitimacy, Mr. Assen Minchev made a proposal to the shareholders to elect a chairman of the General Meeting of Shareholders, a secretary of the meeting, and vote tellers. Ms. Tzvetelina Christova Stancheva Moskova, PIN P. , was proposed for chairwoman, Ms. Radoslava Nikolova Peneva, PIN . was proposed for secretary of the General Meeting of Shareholders; and Ms. Michaela Velislavova Doycheva, PIN ', and Ms. Natalia Ivanova Popova, PIN - for vote counters.

The General Meeting of Shareholders of Eurohold Bulgaria AD founds that no other nominations for chairman of the General Meeting of Shareholders, secretary of the General Meeting of Shareholders and vote counters are made, and therefore adopts the following

PROCEDURAL RESOLUTION:

Elects Tzvetelina Christova Stancheva Moskova, PIN ), a chairwoman of the General Meeting of Shareholders;
Elects Radoslava Nikolova Peneva, PIN and Management of the General Meeting of Shareholders:
Elects Michaela Velislavova Doycheva, PIN ! , and Natalia Ivanova Popova, PIN ote counters of the General Meeting of Shareholders.

Shareholder	Voted	Voted	Voted
	"For"	"Against"	"Abstained"
Starcom Holding AD	59 166 804	---------------------------------------	---------------------------------------
Euro - Finance AD-votes pursunt	3 590 000	---------------------------------------
instructions of Starcom Holding AD in
relation to repo agreement
Euroins Romania Asigurare	14 108 000	the day the year off the determined and the paid off the state and anti-sets and development of the process of	---------------------------------------
Reasigurare S.A. - votes pursunt
instructions of Starcom Holding AD in
relation to repo agreement
UPF Budeshte-votes pursunt	15 165 000	---------------------------------------	---------------------------------------
instructions of Starcom Holding AD in
relation to repo agreement
PPF Budeshte- votes pursunt	270 000	---------------------------------------	---------------------------------------
instructions of Starcom Holding AD in
relation to repo agreement
Euroins Romania Asigurare	2767970		EXPERIMENT AND MONETARY AND WAS THE UNIT WAS IMPOUNDED THE UNIT WAS IMPOUNDED.
Reasigurare S.A.
VPF Budeshte	116 000
UPF Budeshte	34 000
PPF Budeshte	324 642
Dar Finance EOOD	24 246 698
Overall percentage of the	100 %
represented capital
Overall number of represented	119 789 114	We find the Martineze also has enjoys and the basic on danger and any harmony country and the	WE have see would see with six with the first through any any six was that the set out one can give
shares

Voting results are as follows:

The General Meeting of Shareholders asserted no objections brought against the above voting and the results thereof.

After the adoption of the above resolution, the chaiwoman of the general meeting informed the attendees that according to the provision of art. 231, paragraph 3 of the Commerce Act the general meeting of the shareholders is not entitled to take decisions related to matters that are not announced in accordance to art. 223 and 223a of the Commerce Act, unless all the shareholders are present or are represented at the session of the general meeting and no one objects against the submission of such matters to debate. Considering the fact that all the shareholders are not present of today's session, the latter shall be held under the agenda as provided for in the notice to the shareholders announced in the trade register, namely:

Item one: Adoption of resolution for authorization of the Management Board and the persons who manage and represent Eurohold Bulgaria AD to execute a transaction as result of which the public company shall be bound as co-debtor for the undertakings of Eurolease Auto EAD, UIC 131289899, stemming from Bank Loan Agreement No. 2075.0615 dated 30.07.2015, executed by and between D Commerce Bank AD, UIC 121884560, as bank - creditor, Eurolease Auto EAD, as borrower and Avto Union AD, UIC 131361786, as co-debtor and Annex No. 1 dated 21.08.2015, Annex No. 2 dated 20.09.2016 and the possible forthcoming annexes thereto, under terms and conditions of the Bank Loan Agreement, as follows: loan for working capital with maximum amount of the principal between 2000 000 (two million) euro and 3 000 000 (three million) euro; final deadline for repayment: 05.08.2022; regular interest rate comprising of three-month EURIBOR plus surplus of 3.5 percentage points, but not less than 3,5% per annum; parties of the transaction are D Commerce Bank AD, UIC 121884560, as bank - creditor, Eurolease Auto EAD, as borrower and Eurohold Bulgaria AD, UIC 175187337, as co-debtor, pursuant to a reasoned report, drafted by the Management Board of the public company.

(draft of decision - The General meeting of the shareholders adopts resolution for authorization of the Management Board and the persons who manage and represent Eurohold Bulgaria AD to execute a transaction as result of which the public company shall be bound as codebtor for the undertakings of Eurolease Auto EAD, UIC 131289899, stemming from Bank Loan Agreement No. 2075.0615 dated 30.07.2015, executed by and between D Commerce Bank AD, UIC 121884560, as bank - creditor, Eurolease Auto EAD, as borrower and Avto Union AD, UIC 131361786, as co-debtor and Annex No. 1 dated 21.08.2015, Annex No. 2 dated 20.09.2016 and the possible forthcoming annexes thereto, under terms and conditions of the Bank Loan Agreement, as follows: loan for working capital with maximum amount of the principal between 2 000 000 (two million) euro and 3 000 000 (three million) euro; final deadline for repayment: 05.08.2022; regular interest rate comprising of three-month EURIBOR plus surplus of 3.5 percentage points, but not less than 3,5% per annum; parties of the transaction are D Commerce Bank AD, UIC 121884560, as bank - creditor, Eurolease Auto EAD, as borrower and Eurohold Bulgaria AD, UIC 175187337, as co-debtor, pursuant to a reasoned report, drafted by the Management Board of the public company.)

Item two: Adoption of resolution for authorization of the Management Board and the persons who manage and represent Eurohold Bulgaria AD to execute a transaction as result of which the public company shall be bound as guarantor for the undertakings of Eurolease Auto EAD, UIC 131289899, stemming from Agreement for granting of credit line No. 100-1935 dated 28.12.2016 executed by and between Eurobank Bulgaria AD, UIC 000694749, as bank - creditor, Eurolease Auto EAD, as borrower and the possible forthcoming annexes thereto, under terms and conditions of the Agreement for granting of credit line, as follows: loan for working capital with principal in amount of 8 214 486 (eight million two hundred and forteen thousand four hundred and eighty six) Bulgarian leva; final deadline for repayment: 15.12.2022; regular interest rate comprising of three-month SOFIBOR plus surplus of 2.72 percentage points, but not less than 2,85% per annum; parties of the transaction are Eurobank Bulgaria AD, UIC 000694749, as bank - creditor, Eurolease Auto EAD, as borrower and Eurohold Bulgaria AD, UIC 175187337 as guarantor, pursuant to a reasoned report, drafted by the Management Board of the public company.

(draft of decision - The General meeting of the shareholders adopts resolution for authorization of the Management Board and the persons who manage and represent Eurohold

Bulgaria AD to execute a transaction as result of which the public company shall be bound as guarantor for the undertakings of Eurolease Auto EAD, UIC 131289899, stemming from Agreement for granting of credit line No. 100-1935 dated 28.12.2016 executed by and between Eurobank Bulgaria AD, UIC 000694749, as bank - creditor, Eurolease Auto EAD, as borrower and the possible forthcoming annexes thereto, under terms and conditions of the Agreement for granting of credit line, as follows: loan for working capital with principal in amount of 8 214 486 (eight million two hundred and forteen thousand four hundred and eighty six) Bulgarian leva; final deadline for repayment: 15.12.2022; regular interest rate comprising of three-month SOFIBOR plus surplus of 2.72 percentage points, but not less than 2,85% per annum; parties of the transaction are Eurobank Bulgaria AD, UIC 000694749, as bank - creditor, Eurolease Auto EAD, as borrower and Eurohold Bulgaria AD, UIC 175187337 as guarantor, pursuant to a reasoned report, drafted by the Management Board of the public company.)

Item three: Adoption of resolution for election for new mandate of the member of the Supervisory Board of Eurohold Bulgaria AD - Mr. Assen Milkov Christov.

(draft of resolution - The General meeting of the shareholders elects for new mandate the member of the Supervisory Board of Eurohold Bulgaria AD - Mr. Assen Milkov Christov, for another five years as of the date of adoption of this resolution.)

Item four: Adoption of resolution for election for new mandate of the member of the Supervisory Board of Eurohold Bulgaria AD - Mr. Dimitar Stoyanov Dimitrov.

(draft of resolution - The General meeting of the shareholders elects for new mandate the member of the Supervisory Board of Eurohold Bulgaria AD - Mr. Dimitar Stoyanov Dimitrov, for another five years as of the date of adoption of this resolution.)

Item five: Adoption of resolution for election for new mandate of the member of the Supervisory Board of Eurohold Bulgaria AD - Mr. Radi Georgiev Georgiev.

(draft of resolution - The General meeting of the shareholders elects for new mandate the member of the Supervisory Board of Eurohold Bulgaria AD - Mr. Radi Georgiev Georgiev, for another five years as of the date of adoption of this resolution.)

Item six: Adoption of resolution for election for new mandate of the member of the Supervisory Board of Eurohold Bulgaria AD - Mr. Razvan Stefan Lefter.

(draft of resolution - The General meeting of the shareholders elects for new mandate the member of the Supervisory Board of Eurohold Bulgaria AD - Mr. Razvan Stefan Lefter, for another five years as of the date of adoption of this resolution.)

Item seven: Adoption of resolution for election for new mandate of the member of the Supervisory Board of Eurohold Bulgaria AD - Dar Finance EOOD.

(draft of resolution - The General meeting of the shareholders elects for new mandate the member of the Supervisory Board of Eurohold Bulgaria AD - Dar Finance EOOD, for another five years as of the date of adoption of this resolution.)

Item eight: Adoption of resolution for amendments of the Statutes of the company.

(draft of resolution - The General meeting of the shareholders adopts the following amendments in the Statutes of the company:

Art. 13, paragraph 5 of the Statutes is amended and shall have the following wording:

"(amended $-$ 30.06.2011, 09.05.2017) The management board of the company is entitled to adopt resolutions for capital increase up to BGN 500 000 000 (five hundred million leva) for a period of 5 (five) years after the entry of the Statutes' amendment, adopted with a resolution of the general meeting of shareholders on 09.05.2017, in the Trade Register, and in compliance with the provisions of article 194, paragraph 1 and paragraph 2, article 196, paragraph 1 and paragraph 2 of the Commerce Law, as well as the provisions of the Law for Public Offering of Securities."

Art. 17, paragraph 2 of the Statutes is amended and shall have the following wording:

"(2) (Amended - 14. 09. 2007, 29. 06. 2012, 09.05.2017) The resolution for issue of bonds is adopted by the general meeting of shareholders with more than 1/2 (one half) of the shares represented at the meeting. On the grounds of article 204, paragraph 3, in relation to article 196 of the Commerce Law, the General Meeting of Shareholders of the company may empower the Management Board to adopt resolutions for issue of one or more issues of bonds with nominal value up to EUR 300,000,000 (three hundred million euro) inclusive, for a period of 5 (five) years as from the date of entry of the amendment of the company's statutes adopted by the general meeting of shareholders held on 09.05.2017 in the trade register."

Art. 48, paragraph 1, item 16 of the Statutes is amended and shall have the following wording:

"16. (new - 14.09.2007, amended 29. 06. 2012,09.05.2017) on the grounds of article 204, paragraph 3 of the Commerce Law, within five years from the registration of the Statutes amendment adopted with resolution of the general meeting of shareholders dated 09.05.2017, the Management Board adopts resolution for issue of bonds with total nominal value of EUR 300,000,000 (three hundred million euro) inclusive, defines all mandatory and facultative parameters of the obligatory loans, specifies, supplements and amends all parameters and conditions of the obligatory loans in compliance with the market conditions and the investors' interest."

§ 4 Transitional And Final Provisions of the Statutes is amended and shall have the following wording:

"§ 4 (amendment - 14. 09. 2007., 26. 05. 2009., 18. 01. 2010., 05. 05. 2011, 30. 06. 2011, 29. 11. 2011, 29. 06. 2012, 07.02.2017 and 09.05.2017) These statutes are amended at the general meetings of shareholders held on 29. 06. 2007, 14. 09. 2007, 26. 05. 2009, 18. 01. 2010, 30.06.2011 , 29. 06. 2012 and 09.05.2017 respectively, by a resolution of the Management Board of the company of 05.05.2011, 29. 11. 2011 and 07.02.2017 adopted on the grounds of article 13., paragraph 5 of the Statutes in relation to article 196, paragraph 1 of the Commerce Law and successful subscription for company's capital increase under the provisions of the Law for Public Offering of Securitises, completed on 04.05.2011, on 28. 11. 2011 and on06.02.2017, whereas on the grounds of article 231, paragraph 3 of the Commerce Law, the statutes' amendments will be enforced upon their entry in the trade register."

Under item 1 of the agenda, the chairwoman of the meeting read the proposal under this item of the agenda. A clarification was made that the interested parties within the meaning of art. 114, paragraph 6 of Public Offering of Securities Act are not entitled to exercise their voting rights under this item of the agenda based on Art. 114a, paragraph 4 of Public Offering of Securities Act. No questions were raised, nor were proposals for other draft resolutions made. The chairwoman of the General Meeting put the draft resolution to voting, and thus the General Meeting of Shareholders with unanimity of the shares entitled to vote adopted the following

RESOLUTION Nº 1

The General meeting of the shareholders adopts resolution for authorization of the Management Board and the persons who manage and represent Eurohold Bulgaria AD to execute a transaction as result of which the public company shall be bound as co-debtor for the undertakings of Eurolease Auto EAD, UIC 131289899, stemming from Bank Loan Agreement No. 2075.0615 dated 30.07.2015, executed by and between D Commerce Bank AD, UIC 121884560, as bank - creditor, Eurolease Auto EAD, as borrower and Avto Union AD, UIC 131361786, as co-debtor and Annex No. 1 dated 21.08.2015, Annex No. 2 dated 20.09.2016 and the possible forthcoming

annexes thereto, under terms and conditions of the Bank Loan Agreement, as follows: loan for working capital with maximum amount of the principal between 2 000 000 (two million) euro and 3 000 000 (three million) euro; final deadline for repayment: 05.08.2022; regular interest rate comprising of three-month EURIBOR plus surplus of 3.5 percentage points, but not less than 3.5% per annum; parties of the transaction are D Commerce Bank AD, UIC 121884560, as bank creditor, Eurolease Auto EAD, as borrower and Eurohold Bulgaria AD, UIC 175187337, as co-debtor, pursuant to a reasoned report, drafted by the Management Board of the public company.

Voting results are as follows:

Shareholder	Voted	Voted	Voted
	"For"	"Against"	"Abstained"
Starcom Holding AD
Euro - Finance AD votes pursunt			---------------------------------------
instructions of Starcom Holding AD in
relation to repo agreement
Euroins Romania Asigurare
Reasigurare S.A. votes pursunt
instructions of Starcom Holding AD in
relation to repo agreement
UPF Budeshte votes pursunt	--------------------------------------	Wh was the ade doe doe service and the teameration of diffusion-to-take and the sign to
instructions of Starcom Holding AD in
relation to repo agreement
PPF Budeshte votes pursunt		---------------------------------------
instructions of Starcom Holding AD in
relation to repo agreement
Euroins Romania Asigurare	2767970		on won par war han our fax after province later province against the diplomatic man four books
Reasigurare S.A.
VPF Budeshte	116 000
UPF Budeshte	34 000
PPF Budeshte	324 642
Dar Finance EOOD	24 246 698
Overall percentage of the	100 %
represented capital
Overall number of represented	27 489 310	Whilst all the first the tric first file. An except the first day of the sea black of the co	this process you can also tap and you with any companies are you will
shares

The General Meeting of Shareholders asserted no objections brought against the above voting and the results thereof.

Under item 2 of the agenda, the chairwoman of the meeting read the proposal under this item of the agenda. A clarification was made that the interested parties within the meaning of art. 114, paragraph 6 of Public Offering of Securities Act are not entitled to exercise their voting rights under this item of the agenda based on Art. 114a, paragraph 4 of Public Offering of Securities Act. No questions were raised, nor were made proposals for other draft resolutions. The chairwoman of the General Meeting put the draft resolution to voting, and thus the General Meeting of Shareholders with unanimity of the shares entitled to vote adopted the following

RESOLUTION Nº 2

The General meeting of the shareholders adopts resolution for authorization of the Management Board and the persons who manage and represent Eurohold Bulgaria AD to execute a transaction as result of which the public company shall be bound as guarantor for the undertakings of Eurolease Auto EAD, UIC 131289899, stemming from Agreement for granting of credit line No. 100-1935 dated 28.12.2016 executed by and between Eurobank Bulgaria AD, UIC

000694749, as bank - creditor, Eurolease Auto EAD, as borrower and the possible forthcoming annexes thereto, under terms and conditions of the Agreement for granting of credit line, as follows: loan for working capital with principal in amount of 8 214 486 (eight million two hundred and forteen thousand four hundred and eighty six) Bulgarian leva; final deadline for repayment: 15.12.2022; regular interest rate comprising of three-month SOFIBOR plus surplus of 2.72 percentage points, but not less than 2,85% per annum; parties of the transaction are Eurobank Bulgaria AD, UIC 000694749, as bank - creditor, Eurolease Auto EAD, as borrower and Eurohold Bulgaria AD, UIC 175187337, as guarantor, pursuant to a reasoned report, drafted by the Management Board of the public company.

Voting results are as follows:

Shareholder	Voted	Voted
	.For''		Voted
Starcom Holding AD		"Against"	"Abstained"
Euro - Finance AD votes pursunt		Who pays then then then then bent went pays. Not loss then -believed was selected pays allowable throw over your con-
instructions of Starcom Holding AD in		---------------------------------------	---------------------------------------
relation to repo agreement
Euroins Romania Asigurare	a stati dan tanggal sa kalendar dan tanggal sama
Reasigurare S.A. votes pursunt			WE ARR ADS THE ARR ATHE WELFARE WAS IMPOUNDED. THE ARR AND THE WAY IN THE WAR WAS IMPOUNDED.
instructions of Starcom Holding AD in
relation to repo agreement
UPF Budeshte votes pursunt	the mate and materials state after after a forces and state the contract materials on	--------------------------------------
instructions of Starcom Holding AD in			---------------------------------------
relation to repo agreement
PPF Budeshte votes pursunt	CONTRACTOR AND ADDITIONS INTO AND INCOME.
instructions of Starcom Holding AD in			---------------------------------------
relation to repo agreement
Euroins Romania Asigurare	2767970
Reasigurare S.A.			---------------------------------------
VPF Budeshte	116 000	WE will be win borne and the same products and service and private whereas and and any more one of
UPF Budeshte	34 000
PPF Budeshte	324 642
Dar Finance EOOD	24 246 698
Overall percentage of the
represented capital	100 %
Overall number of represented	27 489 310
shares		the new two parties also the valuable for the art and any last started after approximate the term of the	---------------------------------------

The General Meeting of Shareholders asserted no objections brought against the above voting and the results thereof.

Under item 3 of the agenda, the chairwoman of the meeting read the proposal under this item of the agenda. There were no questions and discussions. Therefore, the chairwoman of the General Meeting put to voting the only draft resolution, namely this included in the invitation for the general meeting of the shareholders, published with the Trade register, and thus the General Meeting of Shareholders unanimously adopted the following

RESOLUTION Nº 3

The General meeting of the shareholders elects for new mandate the member of the Supervisory Board of Eurohold Bulgaria AD - Mr. Assen Milkov Christov, for another five years as of the date of adoption of this resolution.

Shareholder	Voted	Voted	Voted
	"For"	"Against"	"Abstained"
Starcom Holding AD	59 166 804
Euro - Finance AD-votes pursunt	3 590 000
instructions of Starcom Holding AD in
relation to repo agreement
Euroins Romania Asigurare	14 108 000
Reasigurare S.A.-votes pursunt
instructions of Starcom Holding AD in
relation to repo agreement
UPF Budeshte-votes pursunt	15 165 000
instructions of Starcom Holding AD in
relation to repo agreement
PPF Budeshte-votes pursunt	270 000
instructions of Starcom Holding AD in
relation to repo agreement
Euroins Romania Asigurare	2 767 970
Reasigurare S.A.
VPF Budeshte	116 000
UPF Budeshte	34 000
PPF Budeshte	324 642
Dar Finance EOOD	24 246 698
Overall percentage of the	100 %
represented capital
Overall number of represented	119 789 114	---------------------------------------	and that was not your teaming that with the sub-colored and this process and
shares

The General Meeting of Shareholders asserted no objections brought against the above voting and the results thereof.

Under item 4 of the agenda, the chairwoman of the meeting read the proposal under this item of the agenda. There were no questions and discussions. Therefore, the chairwoman of the General Meeting put to voting the only draft resolution, namely this included in the invitation for the general meeting of the shareholders, published with the Trade register, and thus the General Meeting of Shareholders unanimously adopted the following

RESOLUTION Nº 4

The General meeting of the shareholders elects for new mandate the member of the Supervisory Board of Eurohold Bulgaria AD - Mr. Dimitar Stoyanov Dimitrov, for another five years as of the date of adoption of this resolution.

Shareholder	Voted nFor''	Voted "Against"	Voted "Abstained"
Starcom Holding AD	59 166 804		as and show any way and sufficient pair who was two purposes over guit districts.
Euro - Finance AD-votes pursunt instructions of Starcom Holding AD in relation to repo agreement	3 590 000	per pada saat kase saat dalam dalam dalam kase saat dan dalam dan dikenal	The column result with the column results and the column results of the column results of the column
Euroins Romania Asigurare Reasigurare S.A. - votes pursunt instructions of Starcom Holding AD in relation to repo agreement	14 108 000	RECONSIDERED IN A 20 YOM AND A 20 YOM AND A 20 YOM AND A
UPF Budeshte-votes pursunt	15 165 000

instructions of Starcom Holding AD in relation to repo agreement
PPF Budeshte-votes pursunt instructions of Starcom Holding AD in relation to repo agreement	270 000	When every spreade as at this suitable to the change of the file stresses and the third	--------------------------------------
Euroins Romania Asigurare Reasigurare S.A.	2767970	--------------------------------------	---------------------------------------
VPF Budeshte	116 000	and and what was substant gar and alle the data and with also another deposits process whereas and results a
UPF Budeshte	34 000	---------------------------------------	NEV AND ARRANGE RESULTED RESULTED THIS COME AND MOVING WAS GOT WHO ARRANGED AND WAS NEVER WHEN THEY HAVE AND
PPF Budeshte	324 642	---------------------------------------	---------------------------------------
Dar Finance EOOD	24 246 698	stated to entropy to an as we be no me to an electric cores serves an walk in a car as	---------------------------------------
Overall percentage of the represented capital	100 %	We can see agreements are not any any way and we can enter travel and she was not as the case	and your permitted provided a size and your contractor and your disk duck may that were considered as an add- should be WHERE EXCHEDING HE ON THE WEIGHT SHOW THE SPECIFIC HEAT WAS TO
Overall number of represented shares	119 789 114	She was concerned with the same time with them with the same allowed a shoulder has seen the column of the same	analysis was an above the district and contact and the top and analysis appropriate the first and at

The General Meeting of Shareholders asserted no objections brought against the above voting and the results thereof.

Under item 5 of the agenda, the chairwoman of the meeting read the proposal under this item of the agenda. There were no questions and discussions. Therefore, the chairwoman of the General Meeting put to voting the only draft resolution, namely this included in the invitation for the general meeting of the shareholders, published with the Trade register, and thus the General Meeting of Shareholders unanimously adopted the following

RESOLUTION Nº 5

The General meeting of the shareholders elects for new mandate the member of the Supervisory Board of Eurohold Bulgaria AD - Mr. Radi Georgiev Georgiev, for another five years as of the date of adoption of this resolution.

Shareholder	Voted nFor''	Voted "Against"	Voted "Abstained"
Starcom Holding AD	59 166 804		275 We don't see your real tax and the first analysis adverse with this day the and we want to enter
Euro - Finance AD votes pursunt instructions of Starcom Holding AD in relation to repo agreement	3 590 000
Euroins Romania Asigurare Reasigurare S.A. votes pursunt instructions of Starcom Holding AD in relation to repo agreement	14 108 000	discussed and the ten part and was about the age was and when the data and was made and	of Mount data an in distriction of the party of the first function of the top and the control of the control of
UPF Budeshte votes pursunt instructions of Starcom Holding AD in relation to repo agreement	15 165 000	--------------------------------------	the top and was exceeding the top the securities of
PPF Budeshte votes pursunt instructions of Starcom Holding AD in relation to repo agreement	270 000	---------------------------------------	the set the set on the six money are prevail for the corresponding and the set
Euroins Romania Asigurare Reasigurare S.A.	2767970	---------------------------------------	provides advertisement and one and that you may the gate state, they experienced this company due to company and wide the
VPF Budeshte	116 000
UPF Budeshte	34 000
PPF Budeshte	324 642
Dar Finance EOOD	24 246 698
Overall percentage of the	100 %		---------------------------------------

represented capital
Overall number of represented	119 789 114
shares

The General Meeting of Shareholders asserted no objections brought against the above voting and the results thereof.

Under item 6 of the agenda, the chairwoman of the meeting read the proposal under this item of the agenda. There were no questions and discussions. Therefore, the chairwoman made explanation that as far as Mr. Razvan Lefter is an independent member of the Supervisory board, the provision of art. 116a, paragraph 5 of the POSA should apply and after that put to voting the only draft resolution, namely this included in the invitation for the general meeting of the shareholders, published with the Trade register, and thus the General Meeting of Shareholders with unanimity of the shares entitled to vote adopted the following

RESOLUTION Nº 6

The General meeting of the shareholders elects for new mandate the member of the Supervisory Board of Eurohold Bulgaria AD - Mr. Razvan Stefan Lefter, for another five years as of the date of adoption of this resolution.

Shareholder	Voted	Voted	Voted
	"For"	"Against"	"Abstained"
Starcom Holding AD			---------------------------------------
Euro - Finance AD-votes pursunt	air debug da bu weren ar de beneamde de bis waar as als an de bis	the Markov and survive the way and security that the third are discussed by the state.	---------------------------------------
instructions of Starcom Holding AD in
relation to repo agreement
Euroins Romania Asigurare	---------------------------------------	WE WE ARE WE AND AND ARRESTED AND MOVIES AND NOT AND NOT AND ARRESTED AND ARRESTED AT A \$2.00 MILLION COMPANY.	---------------------------------------
Reasigurare S.A.-votes pursunt
instructions of Starcom Holding AD in
relation to repo agreement
UPF Budeshte-votes pursunt	---------------------------------------	and this size supreme suppose that the difficulty state and holders after them you have specified above any page	---------------------------------------
instructions of Starcom Holding AD in
relation to repo agreement
PPF Budeshte-votes pursunt	---------------------------------------	---------------------------------------	en ver alle als sil als Versichert de est jährer als states als als en für der ein der ein der den e
instructions of Starcom Holding AD in
relation to repo agreement
Euroins Romania Asigurare			--------------------------------------
Reasigurare S.A.
VPF Budeshte	116 000	the set of the partner and property the placement of the set
UPF Budeshte	34 000
PPF Budeshte	324 642
Dar Finance EOOD	24 246 698
Overall percentage of the	100 %
represented capital
Overall number of represented	24 721 340	---------------------------------------	---------------------------------------
shares

Voting results are as follows:

The General Meeting of Shareholders asserted no objections brought against the above voting and the results thereof.

Under item 7 of the agenda, the chairwoman of the meeting read the proposal under this item of the agenda. There were no questions and discussions. Therefore, the chairwoman made explanation that as far as Dar Finance EOOD is an independent member of the Supervisory board, the provision of art. 116a, paragraph 5 of the POSA should apply and after that put to voting the only draft resolution, namely this included in the invitation for the general meeting of the shareholders, published with the Trade register, and thus the General Meeting of Shareholders with unanimity of the shares entitled to vote adopted the following

RESOLUTION Nº 7

The General meeting of the shareholders elects for new mandate the member of the Supervisory Board of Eurohold Bulgaria AD - Dar Finance EOOD, for another five years as of the date of adoption of this resolution.

Shareholder	Voted	Voted	Voted
	"For"	"Against"
Starcom Holding AD	---------------------------------------		"Abstalned"
Euro - Finance AD votes pursunt	and the state state and the second control of the control of the second control of the second control of the con-
instructions of Starcom Holding AD in			the star and address told theoretical product and have not see throws you are
relation to repo agreement
Euroins Romania Asigurare	---------------------------------------	the primary line was also and the first and experiments for the set also is
Reasigurare S.A. votes pursunt			the third manager and with the discussion concerns and with the same form
instructions of Starcom Holding AD in
relation to repo agreement
UPF Budeshte votes pursunt		Which are the device started and column are an extent
instructions of Starcom Holding AD in			---------------------------------------
relation to repo agreement
PPF Budeshte votes pursunt	---------------------------------------	--------------------------------------
instructions of Starcom Holding AD in
relation to repo agreement
Euroins Romania Asigurare	the season and should are annually devices are concerned and the con-	---------------------------------------	and statement will see that the condition on payment and sample and see also have a
Reasigurare S.A.
VPF Budeshte	116 000
UPF Budeshte	34 000
PPF Budeshte	324 642
Dar Finance EOOD	24 246 698
Overall percentage of the	100 %	---------------------------------------
represented capital			we have you and any about the wine for any use to the photo and with the support of the completion of the all-
Overall number of represented	24 721 340	---------------------------------------
shares			---------------------------------------

Voting results are as follows:

The General Meeting of Shareholders asserted no objections brought against the above voting and the results thereof.

Under item 8 of the agenda, the chairwoman of the meeting read the proposal under this item of the agenda. A proposal was made for the following draft resolution upon this item of the agenda:

"The General meeting of the shareholders adopts the following amendments in the Statutes of the company:

Art. 17, paragraph 2 of the Statutes is amended and shall have the following wording:

$\frac{\pi}{2}$ (Amended - 14. 09. 2007, 29. 06. 2012, 09.05.2017) The resolution for issue of bonds is adopted by the general meeting of shareholders with more than $\frac{1}{2}$ (one half) of the shares represented at the meeting. On the grounds of article 204, paragraph 3, in relation to article 196 of the Commerce Law, the General Meeting of Shareholders of the company may empower the Management Board to adopt resolutions for issue of one or more issues of bonds with nominal value up to EUR 200,000,000 (two hundred million euro) inclusive, for a period of 5 (five) years as from the date of entry of the amendment of the company's statutes adopted by the general meeting of shareholders held on 09.05.2017 in the trade register."

Art. 48, paragraph 1, item 16 of the Statutes is amended and shall have the following wording:

"16. (new $-$ 14.09.2007, amended 29. 06. 2012,09.05.2017) on the grounds of article 204, paragraph 3 of the Commerce Law, within five years from the registration of the Statutes amendment adopted with resolution of the general meeting of shareholders dated 09.05.2017, the Management Board adopts resolution for issue of bonds with total nominal value of EUR 200,000,000 (two hundred million euro) inclusive, defines all mandatory and facultative parameters of the obligatory loans, specifies, supplements and amends all parameters and conditions of the obligatory loans in compliance with the market conditions and the investors' interest."

§ 4 Transitional And Final Provisions of the Statutes is amended and shall have the following wording:

"§ 4 (amendment - 14. 09. 2007., 26. 05. 2009., 18. 01. 2010., 05. 05. 2011, 30. 06. 2011, 29. 11. 2011, 29. 06. 2012, 07.02.2017 and 09.05.2017) These statutes are amended at the general meetings of shareholders held on 29.06.2007, 14.09.2007, 26.05.2009, 18.01.2010, 30.06.2011 , 29. 06. 2012 and 09.05.2017 respectively, by a resolution of the Management Board of the company of 05.05.2011, 29. 11. 2011 and 07.02.2017 adopted on the grounds of article 13., paragraph 5 of the Statutes in relation to article 196, paragraph 1 of the Commerce Law and successful subscription for company's capital increase under the provisions of the Law for Public Offering of Securitises, completed on 04.05.2011, on 28. 11. 2011 and on06.02.2017, whereas on the grounds of article 231, paragraph 3 of the Commerce Law, the statutes' amendments will be enforced upon their entry in the trade register."

The chaiwoman put to vote the draft resolution, announced with the invitation to the shareholders, namely:

"The General meeting of the shareholders adopts the following amendments in the Statutes of the company:

Art. 13, paragraph 5 of the Statutes is amended and shall have the following wording:

Art. 17, paragraph 2 of the Statutes is amended and shall have the following wording:

$''(2)$ (Amended - 14. 09. 2007, 29. 06. 2012, 09.05.2017) The resolution for issue of bonds is adopted by the general meeting of shareholders with more than $\frac{1}{2}$ (one half) of the shares represented at the meeting. On the grounds of article 204, paragraph 3, in relation to article 196 of the Commerce Law, the General Meeting of Shareholders of the company may empower the Management Board to adopt resolutions for issue of one or more issues of bonds with nominal value up to EUR 300,000,000 (three hundred million euro) inclusive, for a period of 5 (five) years as from the

date of entry of the amendment of the company's statutes adopted by the general meeting of shareholders held on 09.05.2017 in the trade register."

Art. 48, paragraph 1, item 16 of the Statutes is amended and shall have the following wording:

§ 4 Transitional And Final Provisions of the Statutes is amended and shall have the following wording:

Shareholder	Voted	Voted	Voted
	"For"	"Against"	"Abstained"
Starcom Holding AD		59 166 804
Euro - Finance AD votes pursunt		3 590 000
instructions of Starcom Holding AD in
relation to repo agreement
Euroins Romania Asigurare		14 108 000
Reasigurare S.A. votes pursunt
instructions of Starcom Holding AD in
relation to repo agreement
UPF Budeshte votes pursunt		15 165 000
instructions of Starcom Holding AD in
relation to repo agreement
PPF Budeshte votes pursunt		270 000
instructions of Starcom Holding AD in
relation to repo agreement
Euroins Romania Asigurare		2767970
Reasigurare S.A.
VPF Budeshte		116 000
UPF Budeshte		34 000
PPF Budeshte		324 642
Dar Finance EOOD		24 246 698
Overall percentage of the		100 %
represented capital
Overall number of represented		119 789 114
shares

The draft resolution upon item 8 of the agenda, pubished with the invitation to the shareholders was unanimously rejected. The General Meeting of Shareholders asserted no objections brought against the above voting and the results thereof.

The chairmwoman put to vote the draft resolution, proposed on today's session, whereas the General meeting of the shareholders unanimously voted the following

RESOUTION Nº 8

The General meeting of the shareholders adopts the following amendments in the Statutes of the company:

Art. 17, paragraph 2 of the Statutes is amended and shall have the following wording:

"(2) (Amended - 14. 09. 2007, 29. 06. 2012, 09.05.2017) The resolution for issue of bonds is adopted by the general meeting of shareholders with more than $%$ (one half) of the shares represented at the meeting. On the grounds of article 204, paragraph 3, in relation to article 196 of the Commerce Law, the General Meeting of Shareholders of the company may empower the Management Board to adopt resolutions for issue of one or more issues of bonds with nominal value up to EUR 200,000,000 (two hundred million euro) inclusive, for a period of 5 (five) years as from the date of entry of the amendment of the company's statutes adopted by the general meeting of shareholders held on 09.05.2017 in the trade register."

Art. 48, paragraph 1, item 16 of the Statutes is amended and shall have the following wording:

"16. (new - 14.09.2007, amended 29. 06. 2012,09.05.2017) on the grounds of article 204, paragraph 3 of the Commerce Law, within five years from the registration of the Statutes amendment adopted with resolution of the general meeting of shareholders dated 09.05.2017, the Management Board adopts resolution for issue of bonds with total nominal value of EUR 200,000,000 (two hundred million euro) inclusive, defines all mandatory and facultative parameters of the obligatory loans, specifies, supplements and amends all parameters and conditions of the obligatory loans in compliance with the market conditions and the investors' interest."

§ 4 Transitional And Final Provisions of the Statutes is amended and shall have the following wording:

"§ 4 (amendment - 14. 09. 2007., 26. 05. 2009., 18. 01. 2010., 05. 05. 2011, 30. 06. 2011, 29. 11. 2011, 29. 06. 2012, 07.02.2017 and 09.05.2017) These statutes are amended at the general meetings of shareholders held on 29. 06. 2007, 14. 09. 2007, 26. 05. 2009, 18. 01. 2010, 30.06.2011, 29.06.2012 and 09.05.2017 respectively, by a resolution of the Management Board of the company of 05.05.2011, 29. 11. 2011 and 07.02.2017 adopted on the grounds of article 13., paragraph 5 of the Statutes in relation to article 196, paragraph 1 of the Commerce Law and successful subscription for company's capital increase under the provisions of the Law for Public Offering of Securitises, completed on 04.05.2011, on 28. 11. 2011 and on 06.02.2017, whereas on the grounds of article 231, paragraph 3 of the Commerce Law, the statutes' amendments will be enforced upon their entry in the trade register.

Voting results are as follows:

Shareholder	Voted $n$ For $n$	Voted "Against"	Voted "Abstained"
Starcom Holding AD	59 166 804
Euro - Finance AD-votes pursunt instructions of Starcom Holding AD in	3 590 000

relation to repo agreement
Euroins Romania Asigurare	14 108 000	---------------------------------------
Reasigurare S.A.- votes pursunt			AND ARD SEE WILL BEEN AND AND WAR WAR WAS ARRESTED FOR AND ARRESTED FOR DRY AND INSTITUTE AND INVESTIGATION
instructions of Starcom Holding AD in
relation to repo agreement
UPF Budeshte-votes pursunt	15 165 000	We like the service the line life place of a six-to- nor spring the service with line information data due the
instructions of Starcom Holding AD in			---------------------------------------
relation to repo agreement
PPF Budeshte-votes pursunt	270 000	---------------------------------------
instructions of Starcom Holding AD in			---------------------------------------
relation to repo agreement
Euroins Romania Asigurare	2767970	-------------------------	--------------------------------------
Reasigurare S.A.
VPF Budeshte	116 000	---------------------------------------	and allow the contract and the express that the furniture of a defensive star throwth our first and addressed
UPF Budeshte	34 000
PPF Budeshte	324 642
Dar Finance EOOD	24 246 698	---------------------------------------
Overall percentage of the	100 %	---------------------------------------	state, but what who will take again this that your personal parameters
represented capital
Overall number of represented	119 789 114	provided and this market with the set of the diffusion and the set between the provided and
shares			---------------------------------------

The General Meeting of Shareholders asserted no objections brought against the above voting and the results thereof.

Due to the exhaustion of the agenda, the General Meeting of Shareholders was closed at 11.35 a.m.

The chairwoman and the secretary of the General Meeting of Shareholders, and the vote counters executed these minutes.

The list of shareholders attending the General Meeting was certified by the chairwoman and the secretary of the General Meeting and is considered integral part of these minutes.

CHAIRMAN AND SECRETARIAT OF THE MEETING:

Chairman of the General Meeting of Shareholders,

TZVETELINA CHRISTOVA STANCHEVA MOSKOVA

Secretary of the General Meeting of Shareholders,

RADOSLAVA NIKOLOVA PENEVA

Counters of the General Meeting of Shareholders,

MICHAELA VELISLAVOVA DOYCHEVA

NATALIA IVANOVA POPOVA

TO DEPUTY CHAIRMAN OF FINANCIAL SUPERVISION COMISSION, IN CHARGE OF INVESTMENT SUPERVISION DEPARTMENT

From EUROHOLD BULGARIA AD Registered with the Commerce register at the Registry Agency, UIC 175187337 Having its headquarters and address of management at 43 Christopher Columbus Blvd., Sofia

Ref: list of persons who voted through representative under art. 116, paragraph 11 of the Public Offering of Securities Act

Dear Mr. Deputy – Chairman,

Based on art. 116, paragraph 11 of the Public Offering of Securities Act, we hereby notify you, that at the extraordinary session of the General meeting of the shareholders of EUROHOLD BULGARIA AD, held on 09. 05. 2017, shareholders have voted through proxies, as follows:

The shareholder STARCOM HOLDING AD, registered with the Commerce register of the Registry agency, UIC, exercised its voting rights pursuant to 59 166 804 number of shares through proxy;
The shareholder UNIVERSAL PENSION FUND FUTURE, registered with the register at the Sofia City Court, file № 11576/ 2003, BULSTAT, exercised its voting rights pursuant to 15 165 000 number of shares through proxy, in compliance with instructions of STARCOM HOLDING AD under repo-deal of shares;
The shareholder PROFESSIONAL PENSION FUND FUTURE, registered with the register at the Sofia City Court, file № 12563/ 2003, BULSTAT, exercised its voting rights pursuant to 270 000 number of shares through proxy, in compliance with instructions of STARCOM HOLDING AD under repo-deal of shares;
The shareholder EURO FINANCE AD, registered with the Commerce register of the Registry agency, UIC, exercised its voting rights pursuant to 3 590 000 number of shares through proxy, in compliance with instructions of STARCOM HOLDING AD under repo-deal of shares;
The shareholder EUROINS ROMANIA ASIGURARE REASIGURARE SA, registered with the Bucharest Commerce register under file number J40/ 2241/ 94, UIC, exercised its voting rights pursuant to 14 108 000 number of shares through proxy, in compliance with instructions of STARCOM HOLDING AD under repo-deal of shares;
The shareholder EUROINS ROMANIA ASIGURARE REASIGURARE SA, registered with the Bucharest Commerce register under file number J40/ 2241/ 94, UIC , exercised its voting rights pursuant to 2 767 970 number of shares through proxy.
1. 2017 г. Sofia, Bulgaria Yours sincerely:

Assen Minchev Minchev Hristo Lubomirov Stoev Executive director Procurator

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Eurohold Bulgaria AD

2576_rns_2017-05-15_608e3d7a-6acc-4487-9ad8-97dd21015081.pdf

MINUTES

from an extraordinary general meeting of shareholders of

EUROHOLD BULGARIA AD

PROCEDURAL RESOLUTION:

PROCEDURAL RESOLUTION:

PROCEDURAL RESOLUTION:

Art. 17, paragraph 2 of the Statutes is amended and shall have the following wording:

RESOLUTION Nº 1

RESOLUTION Nº 2

RESOLUTION Nº 3

RESOLUTION Nº 4

RESOLUTION Nº 5

RESOLUTION Nº 6

RESOLUTION Nº 7

RESOUTION Nº 8

CHAIRMAN AND SECRETARIAT OF THE MEETING:

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