At a session held on July 14, 2005, the Financial Supervision Commission (FSC) adopted the following Resolutions:

1. The Commission approved the prospectus for secondary public offering of an issue of corporate naked debentures issued by the Bulgarian-American Credit Bank Plc. The said issue amounts to EUR 8 mln. allocated in 8 thousand pieces of ordinary, interest-bearing, registered, dematerialized, freely-transferable, naked corporate debentures, having nominal and issue value of EUR 1,000 each. The maturity set is 36 months, with a 6-month period of interest payments. The Commission entered the above issue into the Registry.

 2. The Commission divested the investment intermediary Capital Finance LLC, Sofia City, of the right to effect transactions in securities for its own account, to underwrite issues of securities and the right to borrow securities.

 3. The Commission approved a recovery programme of the investment intermediary MacCup Brokers JSC, Sofia City, with regard to the sale of shares of the company’s own securities portfolio. The programme’s implementation timeframe is until September 26, 2005.

 4. The Commission issued a licence to Advance Terrafund SPV to perform activities as a special purpose vehicle, and namely: investment of funds raised through issuance of securities into real estates (real estate securitisation). The Commission approved a prospectus for public offering of 150,000 pieces of ordinary, registered, dematerialized, freely-transferable voting shares, having nominal and issue value of BGN 1 each, as a result of increase in the company’s capital. The Commission entered the above issue into the Public Companies and Issuers of Securities Registry.

 5. The Commission issued a final prohibition on the publication of a tender offer submitted by Tourist Trust SPLTD., Sofia City, for the purchase of shares of Intertravelservice JSC, Sofia City, from the company’s other shareholders through the Investment Intermediary Capman Inc., Sofia City.

6. The Commission issued an actuarial licence of pension assurance companies and of the funds for supplementary pension insurance managed by these to three persons: Hristina Miteva, Dochko Boyadjiev and Valentina Ivanova.