Industry Report Warehousing and support activities for transportation 2018

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This industry report is part of your subcription access to SeeNews | seenews.com/subscription CONTENTS

I. KEY INDICATORS

II. INTRODUCTION

III. REVENUES

IV. EXPENSES

V. PROFITABILITY

VI. EMPLOYMENT 1 SeeNews Industry Report

the industry. In 2016 their number totalled 2,382.

I. KEY INDICATORS NUMBER OF COMPANIES IN WAREHOUSING AND SUPPORT ACTIVITIES FOR TRANSPORTATION INDUSTRY BY SECTORS The Warehousing and support activities for transportation SECTOR 2018 2017 2016 industry in Bulgaria was represented by 2,531 companies at OTHER TRANSPORTATION SUPPORT 1,857 1,791 1,722 the end of 2018, compared to 2,429 in the previous year ACTIVITIES and 2,382 in 2016. SERVICE ACTIVITIES INCIDENTAL TO LAND 206 178 187 TRANSPORTATION The industry's net profit amounted to BGN 338,223,000 in SERVICE ACTIVITIES INCIDENTAL TO WATER 193 197 208 2018. TRANSPORTATION WAREHOUSING AND STORAGE 102 106 98 The industry's total revenue was BGN 4,855,354,000 in CARGO HANDLING 92 84 88 2018, up by 7.09% compared to the previous year. SERVICE ACTIVITIES INCIDENTAL TO AIR 81 73 79 TRANSPORTATION

The combined costs of the companies in the Warehousing

and support activities for transportation industry reached BGN 4,471,032,000 in 2018, up by 6.64% year-on-year. III. REVENUES The industry's total revenue makes up 4.91% to the country's Gross domestic product (GDP) in 2018, compared The total revenue in the industry was BGN 4,855,354,000 in to 4.72% for 2017 and 4.29% in 2016. 2018, BGN 4,533,890,000 in 2017 and 3,975,357,000 in 2016.

A total of 29,135 people were employed in the Warehousing and support activities for transportation industry in 2018, Total revenue compared to 30,771 in 2017 and 41,846 in 2016. Net sales revenue 4,855,354,000 4,900,000,000 Most of the companies in the industry are based in , 4,533,890,000 followed by Varna and . 4,410,000,000 3,975,357,000 4,397,635,000 3,920,000,000 3,910,401,000 II. INTRODUCTION 3,430,000,000 3,468,345,000 In 2018 the companies in the Warehousing and support 2,940,000,000 activities for transportation industry numbered 2,531, 2,450,000,000 distributed in 6 sectors. BGN

1,960,000,000

1,470,000,000 INDUSTRY STRUCTURE BY SECTORS AND NUMBER OF COMPANIES

206 980,000,000

193 490,000,000

102 0 2016 2017 2018 92

81 The companies in the Warehousing and support activities for transportation market of Bulgaria earned combined net sales revenues of BGN 4,397,635,000 in 2018.

In annual terms, sales marked a rise of 12.46% compared to 2017. In comparison to 2016 they rose by 26.79%. In 2017 sales grew by 12.75% year-on-year.

1,857 The Warehousing and support activities for transportation industry total revenue make up 4.91% to the country's GDP in 2018, compared to 4.72% for 2017 and 4.29% in 2016.

Other transportation support activities

Service activities incidental to land transportation Service activities incidental to water transportation

Warehousing and storage Cargo handling Others

In 2017 there were a total of 2,429 companies operating in 2 SeeNews Industry Report

Share in GDP 4.91% 5 4.72% INDUSTRY'S NET SALES REVENUE STRUCTURE BY SECTORS 10.20% 4.54.29% 10.70%

4 5.95% 3.5

2.52% 3 3.18% 2.5

2

1.5

1

0.5 67.46%

0 2016 2017 2018 Other transportation support activities Service activities incidental to air transportation Cargo handling In 2018 the Warehousing and support activities for Service activities incidental to land transportation transportation industry contributed to GDP BGN Warehousing and storage 4,630,603,000 in Gross value added (GVA) accounting for 2.54% of the total for the country's economy. Others

In the previous year, the industry's GVA amounted BGN The highest growth, of 76.31%, was recorded by Cargo 4,251,484,000, accounting for 2.50% of the total for the handling, while Service activities incidental to air country in 2017. In 2016 the GVA of the Warehousing and transportation registered the sharpest decline, of 11.91%. support activities for transportation was BGN 3,763,204,000, or 2.47% of the GVA for the country's economy. TOP COMPANIES' REVENUE BY SECTORS SEGMENT COMPANY TOTAL REVENUE NET SALES (BGN) REVENUE (BGN) GVA BY SECTORS OTHER TRANSPORTATION SUPPORT ACTIVITIES RANK SECTOR BGN SHARE OF THE COUNTRY'S GOPET TRANS EOOD 288,545,000 284,145,000 GVA (%) STL OIL AND GAS SERVICES OOD 229,868,000 229,867,000 1 OTHER TRANSPORTATION SUPPORT 2,946,424,000 1.61 SCHENKER EOOD 110,525,000 109,714,000 ACTIVITIES SERVICE ACTIVITIES INCIDENTAL TO AIR TRANSPORTATION 2 SERVICE ACTIVITIES INCIDENTAL TO LAND 536,256,000 0.29 TRANSPORTATION STATE ENTERPRISE AIR TRAFFIC SERVICES 258,154,000 216,443,000 AUTHORITY DF 3 SERVICE ACTIVITIES INCIDENTAL TO AIR 495,931,000 0.27 TRANSPORTATION FRAPORT TWIN STAR AIRPORT 145,283,000 144,649,000 MANAGEMENT AD 4 CARGO HANDLING 397,549,000 0.22 SPIDEX OOD 19,330,000 19,308,000 5 WAREHOUSING AND STORAGE 140,745,000 0.08 SERVICE ACTIVITIES INCIDENTAL TO WATER TRANSPORTATION 6 SERVICE ACTIVITIES INCIDENTAL TO 113,698,000 0.06 WATER TRANSPORTATION PORT FLOT 99 AD 8,111,000 7,245,000 BOURGAS TUG SERVICE EOOD 7,874,000 7,871,000 PORT FLOT-BURGAS AD 7,787,000 5,863,000 We expect, based on the trend in the last three years, the total SERVICE ACTIVITIES INCIDENTAL TO LAND TRANSPORTATION revenue of the Warehousing and support activities for NATIONAL RAILWAY INFRASTRUCTURE 425,245,000 108,963,000 transportation industry to change at a compound annual COMPANY DF growth rate (CAGR) of 10.52% in 2019. TSENTAR ZA GRADSKA MOBILNOST EAD 110,079,000 109,193,000 BRIDGE CALAFAT AD 18,973,000 18,851,000 NET SALES REVENUE BY SECTORS CARGO HANDLING RANK SECTOR NET SALES REVENUE BMF PORT BURGAS EAD 304,477,000 301,216,000 (BGN) PORT VARNA EAD 71,321,000 71,082,000 1 OTHER TRANSPORTATION SUPPORT ACTIVITIES 2,966,426,000 PORT BOURGAS EAD 7,352,000 5,764,000 2 SERVICE ACTIVITIES INCIDENTAL TO AIR 470,460,000 TRANSPORTATION WAREHOUSING AND STORAGE 3 CARGO HANDLING 448,581,000 SARENS NV - BRANCH BULGARIA 58,935,000 56,907,000 4 SERVICE ACTIVITIES INCIDENTAL TO LAND 261,499,000 BERS LOGISTICS FRESH EOOD 15,986,000 15,441,000 TRANSPORTATION VARNA STORAGE EOOD 7,656,000 6,563,000 5 WAREHOUSING AND STORAGE 140,007,000 6 SERVICE ACTIVITIES INCIDENTAL TO WATER 110,662,000 TRANSPORTATION The top 10 companies in terms of total revenue in Warehousing and support activities for transportation accounted for 41.51% of the industry's total in 2018, 37.27% in 3 SeeNews Industry Report

2017 and 37.84% in 2016. TOP 10 COMPANIES BY TOTAL REVENUE IN THE MARKET OTHER TOP 10 COMPANIES BY TOTAL AND NET SALES REVENUE IN THE TRANSPORTATION SUPPORT ACTIVITIES WERE: INDUSTRY COMPANY BGN RANK COMPANY TOTAL REVENUE NET SALE GOPET TRANS EOOD 288,545,000 (BGN) REVENUE (BGN) STL OIL AND GAS SERVICES OOD 229,868,000 1 NATIONAL RAILWAY INFRASTRUCTURE 425,245,000 108,963,000 COMPANY DF SCHENKER EOOD 110,525,000 2 BMF PORT BURGAS EAD 304,477,000 301,216,000 UNIMASTERS LOGISTICS SCS EOOD 72,194,000 3 GOPET TRANS EOOD 288,545,000 284,145,000 M & M MILITZER MUNCH BG OOD 61,326,000 4 STATE ENTERPRISE AIR TRAFFIC SERVICES 258,154,000 216,443,000 GEFCO BULGARIA EOOD 50,640,000 AUTHORITY DF BULGARIAN PORTS INFRASTRUCTURE DF 44,456,000 5 STL OIL AND GAS SERVICES OOD 229,868,000 229,867,000 DELAMOD BULGARIA OOD 40,292,000 6 FRAPORT TWIN STAR AIRPORT 145,283,000 144,649,000 CARGO-PARTNER EOOD 37,389,000 MANAGEMENT AD BON MARINE OOD 37,135,000 7 SCHENKER EOOD 110,525,000 109,714,000 8 TSENTAR ZA GRADSKA MOBILNOST EAD 110,079,000 109,193,000 9 UNIMASTERS LOGISTICS SCS EOOD 72,194,000 71,996,000 The 10 largest companies in terms of total revenue in sector 10 PORT VARNA EAD 71,321,000 71,082,000 Other transportation support activities earned total revenue of BGN 972,370,000 and accounted for 20.03% of the industry's total revenue. The total revenues of the top 10 companies in the Warehousing and support activities for transportation were TOP 10 COMPANIES BY TOTAL REVENUE IN THE FIELD SERVICE 2.04% of GDP in 2018, compared to 1.76% for 2017 and 1.62% ACTIVITIES INCIDENTAL TO AIR TRANSPORTATION WERE: in 2016. COMPANY BGN STATE ENTERPRISE AIR TRAFFIC SERVICES AUTHORITY DF 258,154,000 The top 10 by assets in the Warehousing and support activities FRAPORT TWIN STAR AIRPORT MANAGEMENT AD 145,283,000 for transportation industry made up BGN 1,221,161,000, or SPIDEX OOD 19,330,000 27.77% of the total net sales revenue. SWISSPORT BULGARIA AD 15,613,000 GOLDAIR HANDLING BULGARIA OOD 14,414,000 TOP 10 BY TOTAL ASSETS IN THE INDUSTRY AIR STAR OOD 9,920,000 RANK COMPANY BGN GLOBAL MAINTENANCE OOD 6,785,000 1 NATIONAL RAILWAY INFRASTRUCTURE COMPANY DF 4,310,634,000 AVIEYSHAN SARVISIZ BULGARIA OOD 6,395,000 2 BULGARIAN PORTS INFRASTRUCTURE DF 941,481,000 BULGARIAN AIRWAYS GROUP EAD 5,944,000 3 KG MARITIME SHIPPING AD 459,689,000 SKY-XS EOOD 4,853,000 4 STATE ENTERPRISE AIR TRAFFIC SERVICES AUTHORITY 416,672,000 DF 5 FRAPORT TWIN STAR AIRPORT MANAGEMENT AD 404,581,000 The 10 largest companies in terms of total revenue in sector 6 BULGARIAN AIRWAYS GROUP EAD 339,575,000 Service activities incidental to air transportation earned total 7 BMF PORT BURGAS EAD 330,952,000 revenue of BGN 486,691,000 and accounted for 10.02% of 8 TSENTAR ZA GRADSKA MOBILNOST EAD 255,455,000 the industry's total revenue. 9 PORT VARNA EAD 77,621,000

10 STL OIL AND GAS SERVICES OOD 76,859,000 TOP 10 COMPANIES BY TOTAL REVENUE IN THE FIELD SERVICE ACTIVITIES INCIDENTAL TO WATER TRANSPORTATION WERE: COMPANY BGN TOP 10 COMPANIES WITH HIGHEST ANNUAL GROWTH IN PORT FLOT 99 AD 8,111,000 OPERATING REVENUE IN WAREHOUSING AND SUPPORT BOURGAS TUG SERVICE EOOD 7,874,000 ACTIVITIES FOR TRANSPORTATION PORT FLOT-BURGAS AD 7,787,000 RANK COMPANY Y/Y GROWTH FRACHTIMPEX EOOD 6,313,000 1 SEF SPED LODGE EOOD 24450.00% PILOTSKA STANTSIA BURGAS OOD 5,854,000 2 FEELPOINT EOOD 7425.00% VTC AD 5,737,000 3 MASALTOV EOOD 7060.34% PILOTSKA STANCIA VARNA-P EOOD 5,685,000 4 KLIK AVIEYSHAN NETUARK EOOD 6300.00% EUROPORT OOD 5,258,000 5 MINI LOJISTIK EOOD 6200.00% BMF TUG SERVICE EOOD 5,199,000 6 BALKAN SHIPPING AND CREW AGENCY EOOD 6025.00% BALKAN SHIPPING AND CREW AGENCY EOOD 3,931,000 7 B2B CONSULTING EOOD 3867.35%

8 VLAD AVIATION TECHNICAL SUPPORT EOOD 3820.00%

9 AEROCLUB SOFIA EOOD 3423.08% The 10 largest companies in terms of total revenue in sector 10 DELADI TRANS OOD 3150.00% Service activities incidental to water transportation earned total revenue of BGN 61,749,000 and accounted for 1.27% of the industry's total revenue.

4 SeeNews Industry Report

Total Expenses TOP 10 COMPANIES BY TOTAL REVENUE IN THE SECTOR SERVICE Operational expenses ACTIVITIES INCIDENTAL TO LAND TRANSPORTATION WERE: 4,471,032,000 COMPANY BGN 4,500,000,000 NATIONAL RAILWAY INFRASTRUCTURE COMPANY DF 425,245,000 4,192,792,000 4,390,523,000 TSENTAR ZA GRADSKA MOBILNOST EAD 110,079,000 4,050,000,000 DANUBE BRIDGE VIDIN CALAFAT AD 18,973,000 3,650,687,000 4,088,912,000 3,600,000,000 DS TRANSPORT SOLUTION BG EOOD 4,254,000 AVTOEXPRES AD 2,452,000 3,542,038,000 3,150,000,000 KANTOS BG EOOD 2,272,000

DO BULGARIA OOD 1,640,000 2,700,000,000 AVTOBUSNI PREVOZI - 98 AD 832,000 TORIS BG EOOD 832,000 2,250,000,000 BGN GEO CORRECT EOOD 795,000 1,800,000,000

1,350,000,000 The 10 largest companies in terms of total revenue in sector

Service activities incidental to land transportation earned total 900,000,000 revenue of BGN 567,374,000 and accounted for 11.69% of the industry's total revenue. 450,000,000

TOP 10 COMPANIES BY TOTAL REVENUE IN THE SECTOR CARGO 0 HANDLING WERE: 2016 2017 2018 COMPANY BGN

BMF PORT BURGAS EAD 304,477,000 In annual terms, total expenses grew by 6.64% compared to PORT VARNA EAD 71,321,000 2017 and rose by 22.47% in comparison to 2016. PORT BOURGAS EAD 7,352,000

KRZ PORT BOURGAS AD 6,948,000 The total operating expenses of the companies in the PACKIN EOOD 6,013,000 Warehousing and support activities for transportation industry PRISTANISHTE LESPORT AD 5,720,000 were BGN 4,390,523,000 in 2018. PORT BULGARIA WEST AD 5,420,000 PORT COMPLEX ROUSSE EAD 5,322,000 Operating costs rose by 7.38% compared with the previous ODESOS PBM EAD 5,164,000 year and increased by 23.95% when compared to 2016. GARFICONSULT EOOD 4,529,000 We expect, based on the trend in the last three years, the total costs of the Warehousing and support activities for The 10 largest companies in terms of total revenue in sector transportation industry to change at a compound annual Cargo handling earned total revenue of BGN 422,266,000 growth rate (CAGR) of 10.67% in 2019. and accounted for 8.70% of the industry's total revenue. TOTAL COSTS BY SECTORS TOP 10 COMPANIES BY TOTAL REVENUE IN THE MARKET RANK SECTOR TOTAL COSTS (BGN) WAREHOUSING AND STORAGE WERE: 1 OTHER TRANSPORTATION SUPPORT ACTIVITIES 2,837,082,000 COMPANY BGN 2 SERVICE ACTIVITIES INCIDENTAL TO LAND 645,563,000 SARENS NV - BRANCH BULGARIA 58,935,000 TRANSPORTATION BERS LOGISTICS FRESH EOOD 15,986,000 3 SERVICE ACTIVITIES INCIDENTAL TO AIR 428,249,000 VARNA STORAGE EOOD 7,656,000 TRANSPORTATION EUROFINANCE SERVICE OOD 6,360,000 4 CARGO HANDLING 312,667,000 EN PI TRANSPORT I SPEDITSIA OOD 5,340,000 5 WAREHOUSING AND STORAGE 145,945,000 SLUNCHEV DAR AD 5,160,000 6 SERVICE ACTIVITIES INCIDENTAL TO WATER 101,526,000 TRANSPORTATION BERS LOGISTICS OOD 4,277,000

E-LOGISTICS EOOD 4,277,000

SERVIZEN TSENTAR ZA METALI EAD 4,139,000 GROHMANN BULGARIA OOD 3,899,000

The 10 largest companies in terms of total revenue in sector Warehousing and storage earned total revenue of BGN 116,029,000 and accounted for 2.39% of the industry's total revenue.

IV. EXPENSES

The combined costs of the companies in the Warehousing and support activities for transportation industry reached BGN 4,471,032,000 in 2018.

5 SeeNews Industry Report

Employment expenses INDUSTRY'S TOTAL COSTS STRUCTURE BY SECTORS Salaries expenses 14.44% Social security expenses 9.58% 800,000,000 741,637,000 750,232,000 677,409,000 6.99% 700,000,000

600,000,000 2.27% 629,412,000 604,926,000

3.26% 500,000,000552,631,000

400,000,000 BGN

300,000,000

200,000,000 123,523,000 135,456,000 119,413,000

100,000,000 63.45%

0 Other transportation support activities 2016 2017 2018 Service activities incidental to land transportation Service activities incidental to air transportation Cargo handling The highest growth in labour costs, of 17.62%, was registered by Other transportation support activities, while Service Warehousing and storage activities incidental to air transportation marked the sharpest Others fall, of 16.75%.

Service activities incidental to land transportation marked the The monthly costs per employee in the Warehousing and highest annual rise in total expenses, of 17.49%, while total support activities for transportation industry averaged BGN expenses fell the most, by 19.74%, for Service activities 2,146 in 2018, BGN 2,008 in 2017 and BGN 1,349 in 2016. incidental to air transportation. The monthly social security costs per employee in the In terms of operating expenses, the highest rise, of 17.76%, industry averaged BGN 342 in 2018, versus BGN 367 in 2017 was recorded by the Service activities incidental to land and BGN 246 in 2016. transportation sector. The sharpest decline was posted by Service activities incidental to air transportation - 19.72%. EMPLOYMENT EXPENSES IN WAREHOUSING AND SUPPORT ACTIVITIES FOR TRANSPORTATION BY SECTORS IN 2018 The biggest spenders in the industry, with costs of over 10% RANK SECTOR EMPLOYMENT AVERAGE EXPENSES (BGN) EXPENSES PER of industry's costs, numbered 13, including BULGARIAN EMPLOYEE PORTS INFRASTRUCTURE DF, STL OIL AND GAS SERVICES (BGN) OOD, FRAPORT TWIN STAR AIRPORT MANAGEMENT AD, 1 SERVICE ACTIVITIES INCIDENTAL TO LAND 219,741,000 15,646 TRANSPORTATION STATE ENTERPRISE AIR TRAFFIC SERVICES AUTHORITY DF, 2 SERVICE ACTIVITIES INCIDENTAL TO AIR 207,130,000 74,028 NATIONAL RAILWAY INFRASTRUCTURE COMPANY DF. The TRANSPORTATION medium spenders, or those in the 5% and 10% range count 13 3 OTHER TRANSPORTATION SUPPORT 193,753,000 28,837 and include TRUCK FERRY EOOD, KUEHNE + NAGEL EOOD, ACTIVITIES GEBRUEDER WEISS EOOD, GEFCO BULGARIA EOOD, DSV 4 CARGO HANDLING 87,138,000 22,877 ROAD EOOD. Below 5% threshhold are 2,505 companies, 5 SERVICE ACTIVITIES INCIDENTAL TO WATER 24,097,000 29,603 including RIENT SHIPMANAGEMENT EOOD, GREEN WAY TRANSPORTATION TRANSPORT OOD, CONEINT BG EOOD, BALKAN EXPRESS 6 WAREHOUSING AND STORAGE 18,373,000 19,340 BG OOD, ISTEYT LODZHISTIK OOD.

Employment expenses in the Warehousing and support THE TOP 10 COMPANIES BY AVERAGE MONTHLY COSTS PER activities for transportation industry increased by 1.16% on the EMPLOYEE IN THE INDUSTRY year to BGN 750,232,000 in 2018. RANK COMPANY BGN 1 BON MARINE OOD 278,750 2 SCHENKER EOOD 51,500 3 NEFT OIL EOOD 31,107 4 MAROTO EOOD 21,750 5 KG MARITIME SHIPPING AD 21,583 6 MARIN STAR EOOD 21,083 7 SARENS NV - BRANCH BULGARIA 21,000 8 BGK B URGAS EOOD 18,833

6 SeeNews Industry Report

Net profit/loss 9 RUSKI MORSKI KORABEN REGISTAR KLON 16,250 10 GOGIS MARIN OOD 13,667 Operating profit/loss 384,322,000 390,000,000

351,000,000 341,098,000 The industry's tax expenses stood at BGN 46,099,000 in 2018. 324,670,000 In 2017 it paid taxes of BGN 41,724,000. In 2016 the industry 312,000,000 338,223,000 paid BGN 32,793,000 in taxes. 299,374,000 273,000,000291,877,000 Average taxes expenses by company 234,000,000 19,000 18,213

17,177 195,000,000

17,100 BGN

156,000,000 15,200

13,767 117,000,000

13,300 78,000,000

11,400 39,000,000

9,500 0 BGN

7,600 2016 2017 2018

5,700 TOP 10 COMPANIES BY HIGHEST NET PROFIT IN WAREHOUSING AND SUPPORT ACTIVITIES FOR TRANSPORTATION 3,800 RANK COMPANY BGN 1 BMF PORT BURGAS EAD 109,834,000 1,900 2 FRAPORT TWIN STAR AIRPORT MANAGEMENT AD 45,460,000 3 STL OIL AND GAS SERVICES OOD 35,647,000 0 4 STATE ENTERPRISE AIR TRAFFIC SERVICES AUTHORITY DF 30,884,000 2016 2017 2018 5 DANUBE BRIDGE VIDIN CALAFAT AD 13,417,000 6 PORT VARNA EAD 10,886,000 EXPENSES ON TAXES BY SECTORS 7 P.F.C. EOOD 8,728,000 RANK SECTOR BGN Y/Y CHANGE 8 MSC BULGARIA OOD 6,304,000 1 OTHER TRANSPORTATION SUPPORT 20,509,000 26.15% 9 SCHENKER EOOD 6,294,000 ACTIVITIES 10 NEFT OIL EOOD 5,836,000 2 CARGO HANDLING 14,506,000 32.62%

3 SERVICE ACTIVITIES INCIDENTAL TO AIR 9,641,000 -7.96% TRANSPORTATION 4 SERVICE ACTIVITIES INCIDENTAL TO WATER 1,718,000 -20.02% TOP COMPANIES BY HIGHEST NET LOSS IN WAREHOUSING AND TRANSPORTATION SUPPORT ACTIVITIES FOR TRANSPORTATION RANK COMPANY BGN 5 WAREHOUSING AND STORAGE 570,000 -39.94% 1 NATIONAL RAILWAY INFRASTRUCTURE COMPANY DF 81,648,000 6 SERVICE ACTIVITIES INCIDENTAL TO LAND -845,000 -188.39% TRANSPORTATION 2 BULGARIAN PORTS INFRASTRUCTURE DF 12,744,000 3 KG MARITIME SHIPPING AD 10,766,000 4 GLOBAL TECHNOLOGY COMPANY (GTC JSC) EAD 3,070,000 5 GRAZHDANSKO LETISHTE 2016 AD 2,099,000

V. PROFITABILITY The combined operating earnings of the companies in the The industry's net profit amounted to BGN 338,223,000 in Warehousing and support activities for transportation market 2018, compared to a net profit of BGN 299,374,000 in 2017 rose by 12.67% y/y to BGN 384,322,000 in 2018. and a net profit of BGN 291,877,000 in 2016. OPERATING PROFIT/LOSS BY SECTORS (BGN) SECTOR 2018 2017 2016 OTHER TRANSPORTATION SUPPORT 179,210,000 137,217,000 199,093,000 ACTIVITIES CARGO HANDLING 142,775,000 105,771,000 38,592,000 SERVICE ACTIVITIES INCIDENTAL TO AIR 97,759,000 103,038,000 63,391,000 TRANSPORTATION SERVICE ACTIVITIES INCIDENTAL TO 17,779,000 20,881,000 20,075,000 WATER TRANSPORTATION WAREHOUSING AND STORAGE 11,607,000 4,252,000 7,692,000 SERVICE ACTIVITIES INCIDENTAL TO -64,808,000 -30,061,000 -4,173,000 LAND TRANSPORTATION

The profit margin for the Warehousing and support activities 7 SeeNews Industry Report

for transportation industry stood at 7.98% in 2018, while in 2017 it amounted to 7.62% and 8.46% in 2016. LEADING INDUSTRY'S SECTORS BY ROE 34 33.02 PROFIT MARGIN BY SECTORS 30.6 RANK SECTOR PROFIT MARGIN 27.2 1 CARGO HANDLING 31.47% 2 SERVICE ACTIVITIES INCIDENTAL TO AIR TRANSPORTATION 18.85% 23.8 3 SERVICE ACTIVITIES INCIDENTAL TO WATER 15.30% TRANSPORTATION 20.4 4 WAREHOUSING AND STORAGE 7.56% 17 5 OTHER TRANSPORTATION SUPPORT ACTIVITIES 5.99% 13.6 6 SERVICE ACTIVITIES INCIDENTAL TO LAND -11.18% 11.45 10.44 TRANSPORTATION 10.2

6.8 The Warehousing and support activities for transportation 3.4 industry's return on equity (ROE) is 7.45% compared to 6.63% 0 in 2017 and 6.90% in 2016. Cargo handling Other transportation Service activities support activities incidental to air transportation The Warehousing and support activities for transportation's return on assets (ROA) was 3.40%, while in 2017 it amounted TOP 10 COMPANIES BY HIGHEST AVERAGE NET PROFIT PER to 3.05% and 3.02% in 2016. EMPLOYEE IN WAREHOUSING AND SUPPORT ACTIVITIES FOR

TRANSPORTATION RANK COMPANY BGN COMPANY ROE HEADQUARTERS ROA (CITY) 1 BON MARINE OOD 4,655,000 VARNA 8 7.45% 2 AQUARIO SHIPPING SPLTD EOOD 1,553,000 VIDIN 6.9% 3 SARENS NV - BRANCH BULGARIA 1,015,000 BURGAS 7 6.63% 4 NEFT OIL EOOD 833,714 VARNA 5 ROSSBULTRANS AD 707,500 VARNA 6 6 BULGARIAN AIRWAYS GROUP EAD 703,000 SOFIA 7 AS GOLD GROUP EOOD 644,000 RUSE

5 8 TIXIM EOOD 560,000 PAZARDZHI K 9 AIR STAR OOD 544,667 SOFIA 4 10 GRAIN TRANS EOOD 438,000 VARNA

3 3.4% 3.02% 3.05% About 40.00% of the 10 leading companies in terms of net 2 profit per employee are located in VARNA, while 20.00% are SOFIA-based and 10.00% are headquartered in . 1 The average net sales revenue per employee in the

0 Warehousing and support activities for transportation industry 2016 2017 2018 amounted to BGN 150,940 in 2018, up by 18.77% compared to 2017 and up by 82.11% compared to 2016.

The industry's average operating revenue per employee rose LEADING INDUSTRY'S SECTORS BY ROA by 13.63% year-on-year in 2018 to BGN 165,285. It grew by 22 20.71 80.26% compared to 2016. 20 The Warehousing and support activities for transportation 18 market generated an average BGN 166,650 in total revenue 16 per employee. In 2017 and 2016 the figure was BGN 147,343 14 and BGN 95,000, respectively.

12 The average total revenue per company in the Warehousing 10 and support activities for transportation industry went up to BGN 1,918,354 in 2018 from BGN 1,866,566 in 2017. The 2016 8 6.95 value was BGN 1,668,916. 5.71 6 4 A company in the Warehousing and support activities for transportation field made on average a net sales revenue of 2 BGN 1,737,509 in 2018, compared to BGN 1,609,881 in 2017 0 and BGN 1,456,064 in 2016. Cargo handling Service activities Other transportation incidental to air support activities transportation The Warehousing and support activities for transportation

8 SeeNews Industry Report

industry made 1.51% of the overall sales country-wide, rising and support activities for transportation industry was BGN its market share by 0.07 pp. 2,656,862,000 versus BGN 2,625,044,000 a year ago. In 2016 the industry's indebtedness totalled BGN 2,831,392,000. Operating profit per employee for the industry as a whole was BGN 13,191 in 2018. For comparison in 2017 it amounted to INDUSTRY'S INDEBTEDNESS BY SECTORS (BGN) BGN 11,085 and BGN 11,085 in 2016. SECTOR 2018 2017 2016 OTHER TRANSPORTATION 1,362,709,000 1,285,683,000 1,318,460,000 THE TOP BY OPERATIONAL PROFIT PER EMPLOYEE IN SUPPORT ACTIVITIES SERVICE ACTIVITIES INCIDENTAL 425,774,000 448,874,000 523,505,000 WAREHOUSING AND SUPPORT ACTIVITIES FOR TRANSPORTATION TO LAND TRANSPORTATION RANK COMPANY BGN SERVICE ACTIVITIES INCIDENTAL 376,765,000 460,502,000 579,221,000 1 BON MARINE OOD 5,173,000 TO AIR TRANSPORTATION 2 AQUARIO SHIPPING SPLTD EOOD 1,725,000 CARGO HANDLING 217,419,000 228,634,000 218,353,000 3 SARENS NV - BRANCH BULGARIA 1,086,000 WAREHOUSING AND STORAGE 177,503,000 127,565,000 108,228,000 4 NEFT OIL EOOD 920,571 SERVICE ACTIVITIES INCIDENTAL 96,692,000 73,786,000 83,625,000 5 ROSSBULTRANS AD 786,500 TO WATER TRANSPORTATION

TOP 10 COMPANIES WITH HIGHEST CORRELATION OPERATING Debt-to-assets ratio of the companies in the industry is 0.27 REVENUE - NUMBER OF EMPLOYEES - EMPLOYMENT EXPENSES* in 2018. It was 0.27 in 2017 and 0.29 in 2016. RANK COMPANY NAME CORRELATION (BGN) 1 BON MARINE OOD 33,605,000 According to market experts, the greatest impact on the 2 SARENS NV - BRANCH BULGARIA 28,201,500 development of the Warehousing and support activities for 3 NORDSTAR LOGISTIC OOD 19,342,000 transportation industry has land and buildings assets. In 2018 4 NOVALOG OOD 8,976,500 it stood at BGN 1,280,274,000, according to the financial statements of the companies in the industry. In 2017 the 5 S-P RENTALS END LOGISTICS EOOD 6,630,000 figure was BGN 1,241,067,000 and BGN 1,057,341,000 in 6 SCHENKER EOOD 5,869,000 2016. 7 GRAIN TRANS EOOD 5,596,000

8 TRUCK FERRY EOOD 5,439,333 9 BRAVO SPED OOD 5,275,000 10 CIVRIL LOGISTIKA EOOD 5,160,000 VI. EMPLOYMENT

A total of 29,135 people were employed in the Warehousing *The correlation is calculated by subtracting the quotient of the operating profit, and and support activities for transportation market at the end of the employment expenses to the number of employees. 2018, compared to 30,771 in 2017 and 41,846 in 2016.

AVERAGE REVENUES PER EMPLOYEE IN WAREHOUSING AND NUMBER OF EMPLOYEES BY INDUSTRY SECTORS SUPPORT ACTIVITIES FOR TRANSPORTATION IN 2018 SECTOR NUMBER SHARE OF SECTOR AVERAGE NET AVERAGE AVERAGE NUMBER OF INDUSTRY SALES OPERATING TOTAL EMPLOYEES TOTAL REVENUE REVENUE REVENUE (BGN) (BGN) (BGN) SERVICE ACTIVITIES INCIDENTAL TO LAND 14,045 48.21% OTHER TRANSPORTATION 441,498 445,563 448,920 6,719 TRANSPORTATION SUPPORT ACTIVITIES OTHER TRANSPORTATION SUPPORT ACTIVITIES 6,719 23.06% SERVICE ACTIVITIES INCIDENTAL 168,142 185,349 187,994 2,798 CARGO HANDLING 3,809 13.07% TO AIR TRANSPORTATION SERVICE ACTIVITIES INCIDENTAL TO AIR TRANSPORTATION 2,798 9.60% SERVICE ACTIVITIES INCIDENTAL 135,948 142,790 146,566 814 WAREHOUSING AND STORAGE 950 3.26% TO WATER TRANSPORTATION SERVICE ACTIVITIES INCIDENTAL TO WATER 814 2.79% SERVICE ACTIVITIES INCIDENTAL 18,619 41,285 41,350 14,045 TRANSPORTATION TO LAND TRANSPORTATION

CARGO HANDLING 117,769 119,103 119,570 3,809

WAREHOUSING AND STORAGE 147,376 161,567 165,844 950

AVERAGE REVENUE PER COMPANY IN WAREHOUSING AND SUPPORT ACTIVITIES FOR TRANSPORTATION IN 2018 SECTOR AVERAGE NET AVERAGE AVERAGE NUMBER OF SALES OPERATING TOTAL COMPANIES REVENUE REVENUE REVENUE (BGN) (BGN) (BGN) SERVICE ACTIVITIES INCIDENTAL 5,808,148 6,402,543 6,493,926 81 TO AIR TRANSPORTATION CARGO HANDLING 4,875,880 4,931,109 4,950,457 92 SERVICE ACTIVITIES INCIDENTAL 1,269,413 2,814,796 2,819,199 206 TO LAND TRANSPORTATION OTHER TRANSPORTATION 1,597,429 1,612,137 1,624,282 1,857 SUPPORT ACTIVITIES WAREHOUSING AND STORAGE 1,372,618 1,504,794 1,544,627 102 SERVICE ACTIVITIES INCIDENTAL 573,378 602,233 618,161 193 TO WATER TRANSPORTATION

The total indebtedness of the companies in the Warehousing 9 SeeNews Industry Report

TOP 10 FIRMS BY SHARE IN INDUSTRY'S TOTAL NUMBER OF ALLOCATION OF EMPLOYEES BY INDUSTRY'S SECTORS EMPLOYEES 3,809 RANK COMPANY NUMBER OF SHARE EMPLOYEES 1 NATIONAL RAILWAY INFRASTRUCTURE 11,241 38.58% COMPANY DF 2,798 6,719 2 PORT VARNA EAD 1,479 5.08% 3 TSENTAR ZA GRADSKA MOBILNOST EAD 1,337 4.59% 4 STATE ENTERPRISE AIR TRAFFIC SERVICES 1,128 3.87% 950 AUTHORITY DF 5 BMF PORT BURGAS EAD 991 3.40% 814 6 ZHP SEKTSIYA - 896 3.08% 7 FRAPORT TWIN STAR AIRPORT MANAGEMENT 643 2.21% AD 8 BULGARIAN PORTS INFRASTRUCTURE DF 340 1.17% 9 GOLDAIR HANDLING BULGARIA OOD 309 1.06% 10 SWISSPORT BULGARIA AD 272 0.93%

The Warehousing and support activities for transportation 14,045 industry is the 22nd largest employer in the country with 29,135 employees with the largest employer being Retail Service activities incidental to land transportation trade, except of motor vehicles and motorcycles with 222,070 Other transportation support activities and Extraction of crude petroleum and natural gas at the Cargo handling bottom with 28 employees. Service activities incidental to air transportation Warehousing and storage The Warehousing and support activities for transportation's Others share in the country's total employment was 1.26% in 2018, 1.68% in 2017 and 2.17% in 2016. The analysis on companies' sizes by the number of employees, shows that 1237 firms have less than 50 We expect, based on the trend in the last three years, the employees*, 41 have between 50 and 250 employees* and 10 number of employees of the Warehousing and support companies employ more than 250*. activities for transportation industry to change at a compound annual growth rate (CAGR) of -16.56% in 2019. * Companies without data in the number of employees at end of the year are not taken into consideration.

COMPANIES IN THE INDUSTRY BY SIZE IN TERMS OF NUMBER OF EMPLOYEES

1 300 1 237 1 200 1 100 1 000 900 800 700 600 500 400 300 200 100 41 10 Small Medium Big

The employees of the leading 10 companies when it comes to numbers make up 63.96% of the workforce in the industry in 2018.

10 SeeNews Industry Report

The industry is represented by the following companies

RIENT SHIPMANAGEMENT EOOD LAMASPED OOD ALLETS SERVICE EOOD MARIN STAR EOOD GREEN WAY TRANSPORT OOD POLIANNA EOOD SPARTAK ATANAS IVANOV ET SDA-5 EOOD CONEINT BG EOOD ELBEGEN AD ELKSE EOOD MIDLAND INTERSPRED EOOD BALKAN EXPRESS BG OOD AURORA MARITIME EOOD DANI KO INTERNATIONAL EOOD YOUN LOGISTICS EOOD ISTEYT LODZHISTIK OOD FAIR FRACHT EOOD BG KOZMETIK EOOD VALMAR OYL EOOD INTERSPIYD SPED EOOD GERMASHINI EOOD CARGOTIME EOOD PETROV CONSULTING EOOD AG LOGISTICS TRANS OOD LOYD SHIPING EOOD MARVAL LOGISTIK EOOD PANOS DIMITRAS EOOD DJORDJI SPED EOOD NCL NEO CARGO LOGISTIC OOD VENELIN TRAYANOV - 08 EOOD ATLANTIS EOOD ULTIMA TRANS EOOD LAMBRO GRUP EOOD GRAIN TRANS EOOD AKSIM OOD FIRST SPED OOD TETRIX PARK EOOD RMD SERVICES OOD ADIS GLOBAL EOOD TRANSSPED 2016 EOOD ET EMO BIRATA - EMIL NAYDENOV DEMETRA ZH EOOD BIOLOGISTICS EOOD MERCURY EXPORT EOOD GOOD FAITH SHIPPING OOD SYNAIRGIA OOD ISA KOLEV EOOD VDD LOGISTICS EOOD SIMEKSTRANS EOOD AFBSPED EOOD GLOBAL MAINTENANCE OOD CULINAR AIRPORT CENTER AD GLOBAL MARITIME SERVICES OOD VIKTORIA EUROTRANS EOOD IKEMAR EOOD VAN I MAN OOD LUFTHANZA KARGO AG BULGARIA KLON AVTOMIVKA TSENTRAL PARK EOOD MOLLY GROUP BULGARIA OOD K - L 2010 EOOD NEDELCHEV INVEST OOD OU EM KEY OOD NAVY CON EOOD AUTOSTOP-RUMEN PANCHEV EOOD EXIMPO R TRANS EOOD NIRAD OOD PARALAKS LOGISTIKS OOD TRUCK FERRY EOOD TRANS BRIDGE EOOD TINCHEV EOOD VESLAM SHIPPING AND CHARTERING EOOD KONI 1 OOD KET KOMERS EOOD ET BEYTULA 17 - SHABANALI SHABANALI PORT COMPLEX ROUSSE EAD IOANI TRANS EOOD COSMOS SHIPPING AD OPTIMA LOGISTICS EOOD ESPRIM OOD TEAM CARGO MD OOD MULTISERVICE EOOD LOGICS D EOOD TOPALOV INTERSPED EOOD NAVISPED 15 EOOD TEMELKO ZLATANOV - TIMCHO EOOD GO SHIPPING BULGARIA OOD LIMAR 97 EOOD SANTERA TRANS SOLUTIONS OOD INNOWAYS OOD TUNEV EOOD TSATAS TRANS D OOD EUROBUL EOOD POINTBLANK DISPACH EOOD BORGI 7 EOOD ALFA STAR LM EOOD RIBEX MARITIME OOD DAS GLOBAL LOGISTICS EOOD ITT LOGISTIC EOOD YAVOR 78 KT EOOD NS INVEST 6 EOOD PRIVE TRANS OOD DB KARS EOOD SIRIUS - SM EOOD M FREIGHT AND LOGISTICS EOOD VEZNI 2007 EOOD STL OIL AND GAS SERVICES OOD TRIP 84 OOD ITPLEYS OOD GIMEX CONSULT EOOD KD-MD CONSULTING EOOD NEFTOCHIMTRAIN OOD PODELENIE SIGNALIZATSIYA I MORFEY LOGISTICS EOOD EUROPE - ESI TRANS EOOD RIMI TRANSPORT EOOD TELEKOMUNIKATSII STILDA - 77 EOOD GLOBE CARGO OOD DOSAM EOOD INFINITI FREYT EOOD HRISTO MITOV 46 ET OHRID EKSPRES EOOD EOL COMPANY OOD STAMOVI-BV EOOD AIRTICKET BULGARIA EOOD BRAVO ELECTRONICS L T D EOOD SI DI MOELLER EOOD COTECNA BULGARIA OOD TORNADO - TRANSPORT EOOD SIY SHIP KAMPANI EAD BULGERIAN FRUT LODZHISTIKS EOOD BULGARIAN PORTS INFRASTRUCTURE DF HRISTAKOS EOOD ANDREEA SHIPPING AND TRADING OOD MARTA-2013 EOOD MEGA GRUP BULGARIA EOOD AHILEOS SHIP MENIDZHMANT EOOD AB LOGISTICS EOOD TP FERAG SPEDITSION AD DIFENS KONSULT EOOD VIASPED EOOD MAKS GALON IVAN IVANOV ET YUNITRANS OOD DEMO - DEMIR PALOV ET BELADONA 1109 EOOD STM GROUP EOOD ATTD EOOD NOBLE LOGISTICS EOOD MPV AVTO OOD SOFIA LOGISTIKS ASETS EOOD TAKOTRANS EOOD AVTOKRAN - PODEM EOOD BMA TRANS EOOD MARVI LOGISTIC BULGARIA EOOD KARGO TRANSPORTER OOD UNITA - TRANSPORT AGENCY EOOD NIKEA GLOBAL EOOD BALKAN LLOYD EOOD FORCE EUROPE OOD ADL OOD G E S F EOOD TRANSSPLAV OOD MULTRATAG BURGAS EOOD TRANS SUPPORT SERVICE EOOD PYRVI PUBLISHEN SKLAD EOOD PROXIMA BG EOOD KINTRANS OOD NEOTRANS EOOD BERS LOGISTICS OOD JOEBSTL BULGARIA OOD OH TIME SERVICES BG EOOD LOGISPOL EOOD ML SPEDITION EOOD DOUBLE D FREIGHT FORWARDING OOD SIGMA SHIPPING OOD SITY CLUBS EOOD CGS SPED OOD KNK DEVEL PMENT EOOD EL END EM MENIDZHMANT OOD IKA TREYD EOOD BORIS BOZHILOV - 2010 EOOD TANSPED EOOD V A M FORWARDING OOD AVTOTEH OOD BULFRACHT- SHIPBROKERS OOD ZHELEZOPATNA SEKTSIYA - GORNA AGENCIYA ZA MITNICHESKI USLUGI EOOD VLAD TERENTEV EOOD ORYAHOVITSA MAREKS 71 EOOD BULAIRBASE EOOD TRANSRENT EOOD INTERTRANS EOOD ET GEORGI DAMYANOV-RONI MAKROAGENT EOOD DP NKZHI UDVGD PLOVDIV VASER EOOD DURI KORPOREYSHAN EOOD ET VALENTIN STOYKOV BERS LOGISTICS FRESH EOOD REMAKS-13 EOOD GEO CORRECT EOOD NEXT EUROPE CARGO EOOD SKY-XS EOOD VAMOS MARITIME OOD ALFA MARIN OOD S S 58 EOOD XP TRANSPORT EOOD KRASIMIR ALEKSANDROV 2016 EOOD KAY GROUP EOOD BULSPED SERVICES EOOD MARVEL OOD IVANKA SLAVOVA 96 ET TMT CARGO EOOD ROUD ASISTANS 1 EOOD PLANET - EXPRESS OOD KANEKSHAN 2018 EOOD SISAM BULGARIA OOD ES BI EY BULGARIA OOD NIKAMR OOD BELORA BULLGARIA EOOD MAK-BG TRADE OOD BALKANTURS EOOD RAIL CARGO LOGISTICS BULGARIA EOOD KRISKO 08 EOOD SMART TRANS OOD INTERLINK LODZHISTIK SOLYUSHANS EOOD OBSHTESTVEN PARKING AD EURO DEPO OOD MIBI EOOD GERGANA STOIANOVA 53 EOOD OTYO 89 EOOD AQUILA SHIPPING OOD LODZHISTIK STIL INTERNESHANAL TRANS EOOD ATLAS KARGO OOD 11 SeeNews Industry Report

PRIMUS GLOBAL EOOD IZGREV 2008 EOOD AVS BULGARIA EOOD MARTI 5 EOOD MIRA M EOOD KALIS NEYCHEVA EOOD KRAS TRANS - R EOOD MERI-SPED EOOD TIA LOGISTIK OOD VLAD AVIATION TECHNICAL SUPPORT EOOD KONTROLING BURGAS EOOD KORSTAR OOD ISA CARGO EOOD PASAT 2018 EOOD AGENA TRANS OOD FAST LOGISTIC 2018 EOOD QUEHENBERGER LOGISTICS BLG EOOD BRIGHT LINES CARGO OOD BAGER TOM EOOD GEKO 16 OOD SIRIUS LOGISTICS OOD VIP ESTATE EOOD ET KOSTAKIS-52 - KOSTADIN APOSTOLOV PLAMAX OOD AMADEUS BULGARIA OOD IV-AVTO 70 EOOD KORMORAN SHIPING OOD NETI - KOMERS EOOD M V KONSULT 2000 OOD TRIMPEX UNION OOD ROYAL TAXI BG OOD MIM LOGISTIC OOD BRIZ - 2B EOOD BOLKAN LOGISTIC SERVICES EOOD MULTRASHIP BULGARIA EOOD DIVAMAR AD GREEN SHOP EOOD AIRMOBILE OOD BTS GLOBE EOOD TERA TRANS AS EOOD ARPA KONSULT EOOD FENIKS SPED OOD ET LO-BI-BISER NIKOLOV APRODO EOOD STEFAN GOCHEV 07 EOOD SEA MASTERS - RACHEV EOOD FOTEV-TRANS EOOD UNITCARGO BULGARIA OOD EVROTRANS - 07 OOD FRAPORT TWIN STAR AIRPORT MANAGEMENT V END D OOD BOP TRANS EOOD AD DZHENERAL TRANS OOD BRG LOGISTIC EOOD STOMIT EOOD AVTOTEK OOD B H AIR LOGSTIC OOD INTAYM LODZHISTIK EOOD IVKOM GEORGI DIMITROV EOOD KIM TRANS 2016 EOOD LANDO - BULGARIA OOD ALEX-M D COMPANY EOOD LEONELLAS SPED OOD FIGEL EOOD EURO AGENT EOOD NEDEV SIY SARVISES EOOD AVIO BRAVO EOOD AVIOTEH OOD CONSULT 320 EOOD DV PARTNER OOD 2 SERVICE EOOD VARNA-SPED 2 OOD MESOKOMBINAT - DISK EOOD JR SPEDITION EOOD SKORPION 24 OOD TERMINALI EAD THRAKIA SPED EOOD TAHI EOOD VIKING 6 EOOD OSOGOVO TRANSPORT OOD ZAPRYANOV M G EOOD RAVA SPED OOD DUBAL VE KO - EOOD TOP SPED-2011 EOOD O.K. SUPERSTARS EOOD VIA MULTIMA BULGARIA EOOD TIR LOGISTIK - BG OOD KIPARIS 56 GEORGI PAUNOV ET MV OYL EOOD MM LOGISTIC EOOD A.B.C. SHIPPING OOD R A Y GARAGE AND TRANS EOOD ECORA EOOD PRISTANICHTE NIKOPOL EOOD ES DI UAY EOOD M I M ER KARGO SARVIS BULGARIA OOD BADO GRUP EOOD SDM SHIPPING EOOD NSEW SHIPPING EOOD NAVI LOGISTICS EOOD AUTOMARSAN SPEDITION EOOD VAPA 50 EOOD TRANS - OCEAN SHIPPING AGENCY EOOD TEDI SPED EOOD KOLLANG OOD TRANS LIMAK OOD H ESSERS BULGARIA EOOD FRIGO SPED EOOD VIACONSULTING - 5 EOOD TRANS VELT 2011 EOOD PREMIUM LODZHISTIKS 07 EOOD TAMIKO HOLIDEY OOD RAIS OOD DMR EOOD MKS OOD ALEKS SIY SARVISES EOOD ZAGORA SPED TRANS EOOD BON MARIN LODZHISTIK OOD ZDRAMI 2006 EOOD EGT EXPRESS BG EOOD S LOGISTICS EOOD GROHMANN BULGARIA OOD TRANSIMPEX TRADING OOD MARINOV TRANS 2008 EOOD TRANSALEKS INTERNATSIONALE SPEDITSION BG VANESA I CO EOOD KORADO - SK EOOD OOD GROWER MEDIA EOOD TRANS - JEM OOD SI-KE SPED EOOD ET EMO - EMIN EMIN MM - SPED EOOD STEYA COMMERCE EOOD ET MARS - VALENTIN VELEV UEARHAUZING END LOGISTIKS EOOD KRIS-88 EOOD BOMAR SPED BG EOOD TEOMAG EOOD VAJO TRADING EOOD S.T.S. COMPANY 2014 EOOD RUNITON TONCHEV I SIE SD NASKO BORISOV - 99 EOOD POSEIDON INTERNATIONAL TRANSPORT OOD CARGO LOGO EOOD KANTOS BG EOOD A PLUS EOOD TAL AVIATION BULGARIA OOD VESELA - 69 EOOD MEF SPEDITION OOD SARBINOV AVIATION EOOD TRO EOOD VILI AGRO EM EOOD TEHNO DNJ OOD EL GATO EOOD LOGKON IYST BULGARIA OOD TRANSPLAM 2015 EOOD BMF TUG SERVICE EOOD EVRO LOGISTIK 2014 EOOD HUMANNO OTNOSHENIE KAM ZHIVOTNITE OOD MTMAT EOOD ITL EOOD DMT 93 EOOD IMBELE EOOD ELEM EOOD LOGISTICA BALKANICA EOOD TRANSLOGIKA EOOD E-LODZHISTIKS KONTROL EOOD GLOUBUL IMPRUV EOOD AP CONSULT OOD ET NIKOLA KARABULEV - DM 98 DSV AIR & SEA EOOD VIB PARTS OOD R-2009 OOD SVOBODNA ZONA RUSE EAD PORT INVEST EOOD BLAST-MET EOOD FENIKS-21 EOOD BULVALTRANS EOOD FENIKS GRUP BG EOOD C. GEERTS TRANSPORT EOOD EPARK EOOD MERIDIAN - VV EOOD N TRANS B V EOOD PRESTO LINES EOOD LERON OOD BIRD SHIP MENIDZHMANT SARVISES OOD HOLAND PORT TRANSPORT EOOD BG-EUROINVEST OOD ATAOR 64 EOOD BEHI PROPERTIES OOD ECU WORLDWIDE BULGARIA EOOD ELENICA SPED EOOD VLADI KAR EOOD K BOZHILOV EOOD BLAGOVEST KIRCHEV ET KOM AVTOTRANSPORT EOOD FRESH 85 EOOD CONTROL UNION BULGARIA EOOD SPRINT SPED EOOD ALKOS CHARTARING OOD HIDROSERVICE EOOD PORT BULMARKET EAD SPEDEX V & V OOD LIDL DIDZHITAL INTERNESHANAL LODZHISTIKS VIGORFLUSS BALKANS EOOD NATALI 02 EOOD BULGARIA EOOD SEM SPED TRANS OOD GARAGE 9 EOOD MIS KONSULT OOD KEZON EOOD MARGO SHUGAR GRUP EOOD STOYAN AVELOV ET ATRIS MARIN EOOD BT LOGISTIC EOOD TRANS LINK OOD ZET EL SOLYUSHAN EOOD ET YAVRENA-IVELINA GUGLEVA REKS KARGO OOD ER MIZIA EOOD KSK LOGISTIC EOOD IVO - KONSULT PLEVEN EOOD FEARCHART EOOD TERRA SPED OOD TITIS 2 EOOD ALTA CARGO EOOD BMG TRANSPORT OOD UNILOG OOD MIP EOOD PILOT 652008 EOOD ASPEN TRANS EOOD SMART DRIVE OOD TTL EOOD BEKKER SERVICES EOOD ARKAS BULGARIA OOD YORDANIS SPED - 90 EOOD FLAY KAR I PARK EOOD KRIS-EM GRUP EOOD ES PLYUS BG EOOD SEZI 1984 EOOD DOMEKS EOOD BG LOG - M EOOD ALKOR EM OOD LIDIKAR OOD BLACK SEA LOGISTICS EOOD RIBNI RESURSI EOOD AV SPEDITION EOOD V-PILOT EOOD ABRA EOOD MAXAL SHIPPING EOOD ANASTASAKOS TRANS EOOD BAKALOVI TRANS LOGISTIK EOOD STOGED OOD ET VLADETINA - VLADIMIR TOPALOV EVGENI GAYDAROV 95 EOOD BESEMANS-67 EOOD VARNA STORAGE EOOD XTRMTE EOOD ER EM DJI TRANS EOOD VENGER P EOOD NTZ TRANSPORT OOD 12 SeeNews Industry Report

FESHAN SHPED EOOD SMART LOGISTIKS BG OOD FREELINE OOD ALEKSA IM EOOD LOGI 9 OOD LOGOTRANSPEED EOOD TSENTAR ZA GRADSKA MOBILNOST EAD GLOBAL SHIPPING AD BAS BULGARSKI AVIATSIONNI USLUGI EOOD LOGICINVEST EOOD KARGO ONLAYN EOOD GLOBELINK BULGARIA EOOD MTA EOOD TRIONIKA LOGISTIK EOOD ET ELIS-IVAN PENCHEV BULSCAN TRADE EOOD ET BOVEMA - TODOR PAVLOV FRIGO STOK OOD DELADI TRANS OOD N T Z LOGISTICS EOOD NIKSI 2016 EOOD DIS - EKSPRES EOOD TRANS HAL OOD EVREN GLOBAL LOZHISTIK EOOD TRANSPORT I LOGISTIKA IVANOVI EOOD SANDEV TRANS OOD EUROPACK HMR LLC EOOD DESIBO EOOD GALANT EOOD SPEED SPED EOOD VELMEX 3 EOOD TVP EOOD VTD LOG EOOD DEDALOS FORWARDING EOOD ANTENOR EOOD ZERO POYNT GRUP OOD T END T - 2001 EOOD ETNA KARGO INVESTMANTS 1 OOD BOP BG OOD ELEFTERIA TRANS EOOD PHILIA FREIGHT AND INTERNATIONAL TRADE ASHAK 8888 EOOD REGEN GROUP OOD GEBRUEDER WEISS EOOD EOOD VALEMO SPORT EOOD KOMPAS TRANSPORT EOOD PILOTSKA STANCIA VARNA-P EOOD ALPHA MARITIME EOOD RANKY EOOD DA LOGISTICA GROUP EOOD NIKOLOV EOOD NEDJO-MC EOOD AB GRUP BG OOD KOSTADINOV - 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TRADE EOOD DM GRUP 2018 EOOD INSA PORT EOOD GRAND LOGISTIKS EOOD MGT-TRADE EOOD BULGARIAN ANIMAL TRANSPORT EOOD SBONA FRUIT LOGISTICS SERVICE EOOD TRANSPORT SPED EOOD DUNAV - SPED EOOD ET FAVORIT-D.D.D. - DIMO DRAGIEV DSL REEFER AND PROJECT LOGISTICS OOD TERRAKOM BG EAD IPSTAR EOOD MERPAR EOOD B2B CONSULTING EOOD ET SERYOZHA GEORGIEV PARVANOV - SANI SPED OOD BUMERANG JIX 69 EOOD YUNAYTED KARGO EOOD MINKOVI-72 OOD ALEX TRAVEL TOUR EOOD TRIDENT FREIGHT OOD LOGMAN EOOD MPM GROUP 1 EOOD METRO-KALEYA CONSORTIUM OOD MOBILE HRISTOV EOOD SITI MINKOV EOOD RISE SPEDITION EOOD PAN CARGO GROUP OOD DZHIGRUP EOOD ET SHOKI - 75 - SHUKRI AHMED BOUT SARVIZ EOOD DEYA 03 EOOD DISEL CERVIS - NIKOLOV UM EOOD GOLD AIR AVIATION CARGO AND TOURIZM IMAIDI EOOD EOOD ALERE OOD SWANS PARTNERSHIP EOOD SORIN KUIKTRANS EOOD KARGO TSENTAR OOD ALOG OOD PLAM 7 EOOD TRANSKOM OOD OMICRON-GEORGI VASSILEV ET STATE ENTERPRISE AIR TRAFFIC SERVICES IDK CONSULT EOOD AUTHORITY DF ET FINAL-AS - HOSEIN ELIANI SI BI TRANS 2014 OOD INTERNATIONAL CARGO OOD ESPERANZA 2008 EOOD EM KOMFORT OOD DOBREVI SPED OOD SOFIA INTERSPED EOOD ANKORTI EOOD GALEV EOOD DS LOGISTICS OOD PAPLOG GMBH EOOD FAVORITE - 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G EOOD DEBORA KOMERS OOD LIDITRANS SPED EOOD STABIL 98 EOOD MAVALOG EOOD ENERGOVOD EKSPORT EOOD ILITRANS EOOD EUROLOGISTIK EOOD IV-KA SPED OOD DIMITRANS SPED EOOD RODOPI INVEST GRUP AD DORNER BALKAN ENTERPRISES EOOD MIRAMAR EOOD FERA I FERAHIDIN BAYRAKTAROV ET PROFIT M EOOD UARLD LIFT OOD NAVISPED EAD TOKER OOD OL SARVISIZ EOOD 13 SeeNews Industry Report

KAPANOV OOD BELCHOVI TRANS EOOD DITRIH A B LOGISTIK EOOD ROLINA 2016 OOD ACT LOGISTIC AD EMS - BULGARIA - TRANSPORT OOD ET RADOKSA - RADOSLAV NEDYALKOV DZHUS 9 EOOD AGROTRANS EOOD DODO SPED EOOD SR LOGISTICS EOOD VOLO OOD ZHI SPED EOOD TM INFRASTRUKTURA AD ORLOVSKI - STOIL ORLOVSKI ET ITG - INTERNATIONAL TRADING GROUP EOOD K G CARGO EOOD MGS TRANS EOOD HERRERA EUROTRANS EOOD OLSIYS INK OOD VEP LOGISTICS EOOD KARLOSPED EOOD TMT 2015 EOOD LOUDPORT OOD ET IVO - IVELIN IVANOV GOPET TRANS EOOD MIRONA - M EOOD VINAPAT EOOD DINAMIK AUTO EOOD NAUTICAL SERVICES - VARNA EOOD A M K 2013 AD IA TRANS LIMITED EOOD VELES TRANS EOOD MIDSTRIYM LAYN EOOD TARA SPEDITION EOOD DELEV 750 EOOD EHIDOTRANS EOOD KARIETA EOOD FEELPOINT EOOD METALHIMCARGO EOOD MCMC EOOD TRANSPERANT EOOD TEMPO - TRANSPORT OOD TRAK SPEDISHANS EOOD STREAMER EOOD FERTI TRANS OOD MISHEL 2005 EOOD SHIPPING POINT OOD PARKINGATI EOOD DENISTRANS LOGISTIC COMPANY EOOD EVROKRIS EOOD PORT VARNA EAD SMART LOGISTICS OOD BALMAKS - TREIDING EOOD RB TRANSPORT IMPORT EKSPORT OOD NAVIGATION SHIPPING AND TRADING EOOD MN-DIO TRANCE EOOD ORBIT EOOD PREMIUM SOLUTION EOOD DP CONSULTING BULGARIA EOOD IORGU SPEDITION EOOD ZVEZDA 10 EOOD TRANS SEA SERVISE MANAGEMENT EOOD TIM ER EOOD PFC SOLUTION EOOD BULTRANSSPED EOOD PRIMOTI BG EOOD SEO OOD VAN I KAR - 14 EOOD EVROAGENT EOOD BUL UNION TRANS OOD SMARINES EOOD LCSC OOD BULGARIAN SHIPPING COMPANY OOD KIKO 86 EOOD SPEDITOR TRANS EOOD HARBORSZ LOGISZTIKA EOOD DEL-TO EOOD K S SPED EOOD MEYLEND LODZHISTIKS BULGARIA EOOD KA BU 2012 OOD AS LOGISTIC EOOD TIXIM EOOD LUCA VILACO SPEDITION EOOD HIDRO KONSULT EOOD J KAPA TRANS EOOD MS SHIPPING OOD VARNA KONTROL SI EOOD AY EM KEY NUR OOD DI TRANS 10 OOD VANESA-2007 KIRIL KIRILOV ET UNIPARTNER EOOD ZONATA 2002 OOD ASOV EOOD ALFA INTERSPED OOD BOURGAS TUG SERVICE EOOD VB - COMERS OOD SEA-LINE VARNA EOOD ABA PROJECT EOOD FRIGO TRANSPORT SERVISES (F T S ) EOOD AS GOLD GROUP EOOD HM TRANS EOOD MAAT BA OOD TRANS CAR GROUP 17 EOOD L D M EOOD AI CARGO BG OOD BULGEYT GRUP EOOD SER VI EOOD KONSULTTRANS TK EOOD M RING EOOD VITES KARGO-PM OOD PAPASMEL EAD DZZD TKB SOFIYA - PLOVDIV TIMEKS EM EOOD ARIS CARGO OOD SI SE EOOD CJ TRANS GROUP OOD DZHENERAL SHIPING EOOD HALK-69 EOOD DIAMAND EOOD VENIG COMMERCE EOOD M & D FORWARDING EOOD PIRIN SPED EOOD PRAYM SHIPING EOOD SHIPMAN BG OOD ZIS - ZAHARIEV OOD YUTL EOOD PARL BUL EOOD MARINA EOOD TEGEYA 97 EOOD PRISTANISHTE VIDIN EOOD BVLM BULGARIA EOOD BANENSKIYA EOOD TARA-TRANS OOD ALMIRK EOOD DIRECT SPED SERVICE EOOD TRANSTERRA LOGISTICS (BULGARIA) OOD SERAY TRANS EOOD PATNA POMOSHT CHOCHO OOD EUROJET FLIGHT SERVICES BULGARIA EOOD VEREYA TRANS OOD G O L I D G D EOOD ET STIVA - STOYAN VATSEV POWER SUPPLY BULGARIA EOOD PORTOVI FLOT SOFIYA EOOD ERAS TRANSPORT EOOD HIDROSTOK EOOD MAVERICK INTERNATIONAL EOOD KRISI 07 EOOD SMART EXPRESS OOD MAVA 2017 EOOD ATM 91 SPED EOOD GENCHO-KTM 300 EXC EOOD DELTA TEST OOD FIESTA 77 OOD EZEREC 2002 EOOD TERMINAL OPERATOR EOOD MELTA AD VES I KO 2 EOOD NOGI TRANS OOD ROYAL PARTNER OOD DUAL EXPEDITI EOOD ALI GROUP EOOD PLAMA OILS OOD ANI& DI EOOD TRANSATLANTIC LOGISTICS EOOD SAUTSTAR BULGARIA EOOD ROS - MAR 2011 EOOD PARAGRAPH BG EOOD NEAMAR OOD COSMOS LOGISTIC EOOD ET TEHNOKOL - MARIO DZHAMALOV BULSPEDIT EOOD FUEGO LOGISTIC EOOD TRANSARC EOOD MONTREX EOOD ANIKAR 16 EOOD TARA-SPED EOOD NELIAN SPED EOOD DANUBE STAR SHIPPING EOOD DAGA SERVICE - PATNA POMOSHT EOOD NR TRADING SERVICES CO EOOD BATON EOOD MEGAN 17 EOOD PLAM I SINOVE EOOD PETROV MARINE SERVICES EOOD ALVAMAK EOOD R N R CORPORTATION EOOD G SMART SOLUTION EOOD VIVINPELET EOOD VELIT EOOD ANSI 2002 OOD VALI SPED EOOD DANMARTRANS 1 EOOD NUVEL D EOOD GOGIS MARIN OOD ELIN G K 2014 OOD AGROMILL LOGISTIC OOD ELION LOGISTICS EOOD SILVER IMPEX EOOD YUNAYTED FREYT BULGARIA EOOD BLUMSAYD EOOD BULPLAST 21 EOOD SELTSE TURS EOOD JVL BULGERIA HOLDING OOD ESCORT SPEDITION EOOD ALPHA JET SERVICES OOD USA LOGISTICS SERVICES EOOD NEPTUN MENIDZHMANT OOD BISI STANISLAV BUDAKOV ET ELI D TRADE EOOD POLYCARGO TRANS EOOD ARTEVI EOOD RELAKS AUTO GRUP EOOD PARAGRAFI EOOD TRANSPEDO EOOD KEY END VI SPED OOD D & S TRANS LOGISTICS EOOD ADELANTE COMMERCE EOOD GEFALEN EOOD ZINOVIEVI EOOD SISTEMI ZA KORABNA NAVIGATSIA EOOD SIGURA OOD VEKTOR SPED OOD BULGARO BG EOOD MARWEL 1 EOOD VEGA SMART SERVIZ EOOD NIKA 05 EOOD PEPI TRANS BG EOOD MEGA FAST LOGISTICS EOOD K I K - 05 EOOD MAREKS OOD AZARA TRANS LTDT EOOD RUSEV TRANS 1 EOOD NATALI SPED-NI EOOD MET BULGARIA OOD NPG EOOD JETTRANS BULGARIA EOOD SHIPCO TRANSPORT BULGARIA EOOD VLADI KAR 2 EOOD BEKA ROAD ASSISTANCE EOOD DITREYD 11 EOOD NAVIBORN EOOD DNES TRANS EOOD R S LOGISTIC OOD TREYDIKA EOOD EMMA TRANS EOOD DELTA SHIPPING SERVICES EOOD GLOBAL MARITAYM SERVISES EOOD ACVILON 2009 EOOD KEY END DI EAR SARVISES EOOD AVANTI KARGO EOOD TRANSMODAL EOOD DELTA TRANSPORT EOOD MARANATA LOGISTIC OOD CONSTANT FLOW EOOD AQUARIO SHIPPING SPLTD EOOD UNIKALNI IMOTI BG EOOD EKOLOGISTIK EOOD EM AY PARTNARS OOD ZHELYAZKOV TRANS EOOD 14 SeeNews Industry Report

PATRA SHIPPING EOOD EVO TRANS INTERCAR OOD DELIVERY SUCCESS OOD INTERMODAL SOLUTIONS EOOD BULGARIAN CARGO EXPRESS AD A V L CHARTERING INTERNATIONAL N.V. SOFIA TSC SPED EOOD D END V KOMERS EOOD BRANCH MT TRANS BG EOOD DELTA TRANSPORT-97- RUSE OOD BONUS EOOD S D A SOLUTIONS OOD BULTRANS EOOD P M G EOOD QUENTIN EOOD BIAS TRANS MED EOOD J.Y.G EOOD EN AI PI OOD PB MANAGEMENT EOOD PILOT 672009 EOOD TARNOVO LOGISTIK OOD ALFA TRANSPORT EOOD ZHIRUET BD EOOD KOST EOOD HOMOLOGATION SERVICE BULGARIA OOD ET DIANIRA - PETKANA STOYANOVA MEGA AGENCIES EOOD MAXILOG EOOD ET IVA - DIMITAR METODIEV VECTORZ D EOOD MERIDIAN 7543 EOOD TIVA PLUS OOD GTA PETROLEUM OOD AGL INTERNATIONAL TRANSPORT OOD P.F.C. EOOD DIVATO EOOD BULECOSPED OOD I.L.T.ZEUGMA EOOD TARALANSKI GRUP EOOD SSS SEM RAIL OOD KEY PARTNERS EOOD KOOP - ZLATEN PLOD EOOD CARGOSPEED OOD CASPIAN TRANSIT EOOD PREMIUM LOGISTICS 2018 EOOD FLEKS KARGO BULGARIA OOD ITBS EUROPE EOOD INTERTRANS DT EOOD TURAERO OOD DANI LIFT 1 EOOD ET NEDKA STOEVA - SERVIZ GUMI LOGISTAR BULGARIA EOOD D LOG LOZHISTIK ULUSLARARASA NAKLIAT DASH KOLORTSVET EOOD AKUALISBREMAR TEKNIKAL SARVISIZ VARNA TIDZHARET EOOD SVOBODNA BEZMITNA ZONA BURGAS AD KLON INTER TIR SERVIZ EOOD IBEROTRANS EOOD AVIEYSHAN TEHNIKAL SARVISIS SOFIA EOOD DETA MARITIME EOOD ET ANDI - ASEN DIMITROV RRH-95 OOD FOREST SHIPPING EOOD BGK B URGAS EOOD SPASOVI - VL EOOD ENERGIYNA DAGA EOOD DIAMIT EOOD VL GRUP EOOD DESPRED AD GRAZHDANSKO LETISHTE GORNA ORYAHOVITSA DANIALE EOOD RAY BG 73 EOOD KABRANOVA 69 EOOD 2016 AD D S 11 EOOD ADMIRAL TRADE EOOD AIR STAR OOD SPEEDLOG OOD NDS-KA EOOD FLEKSI TRANS LEND OOD TRANS BALKANI OOD IVANEL-M SPEDITION EOOD BULTRANS LOGISTIK EOOD ZARNEN TERMINAL VARNA ZAPAD AD RODI ROAD OOD HILLEBRAND BULGARIA EOOD BLEK SIY EYDZHANSI OOD EUROPEAN AVIATION MAINTENANCE EOOD KB CORPORATION EOOD BULCARGO EOOD ALL SERVICE EOOD ANVAS SHIPING-CHARTERING-FORUARDING AUTOASSISTANCE OOD ET GROS - IVAN UZUNOV EOOD NAUTICAL SERVICES - VARNA 1 EOOD NYAKSHA TRANS OOD CARGO AND FREIGHT SERVICES EOOD EDB LOGISTICS EOOD BULFRAHT OOD K-I LOGISTIKS EOOD MIHNEVI TRANS EOOD MARTIN08 EOOD MW MARITIME CHARTERING EOOD PANINI BULGARIA EOOD REKORDA KONTROL END SARVISIZ OOD RIV SISTEM EOOD GEORG 09 EOOD SPEDEX LOGISTICS EOOD EFFCIENT SUPPORT COMPANY EOOD LUMONDAR EOOD SPIDEX OOD MPA BULGARIA EOOD STEFTRAK EOOD NESHANAL LOGISTIK EOOD EKOTRANS BILD EOOD ATEGO ASISTANS OOD IDB LOGISTIC EOOD DAYMANS DENI OOD NAVIO EOOD SVK TRANSPORT I SPEDITSIYA EOOD TTM EXPRESS OOD AVEAS INTERNATIONAL EOOD EXPRESS CARGO IMPORT EXPORT EOOD ETNA CARGO OOD ET INA - KRASIMIRA TASEVA RUBICON TRANSPORT EXPRESS OOD VAZ - 2010 EOOD TAIS SHIPPING LLC EOOD TANGRA SHIPPING AND TRADING OOD PAMSHPED OOD DTA GROUP EOOD KONTROL EOOD TITAN 77 OOD VARNA PILOT EOOD BURGAS PILOTAZH HOLDING OOD ANET ANNA KUTLOVA ET MAIK TRANS 2014 EOOD KMARK EOOD AVTO TREID 79 EOOD TRADING AND TRANSPORT SOLUTIONS EOOD STEDY VARNA OOD APED LOGISTIK EOOD IGNIS TRADE OOD TRANSMOBILLE OOD ABI TRANS EOOD MARKOV AND SON BG EOOD BSTRANS EOOD VASTEL SHIPING I TARGOVIA EOOD YSL ULUSLARARASA NAKLIAT EOOD GEFCO BULGARIA EOOD VITORIO 2015 EOOD M GRUP INVEST 13 EOOD DUNAVSKI DRAGAJEN FLOT - DUNIM EAD G INVEST GRUP OOD KOREKTINVEST EOOD INOVEYTAN EOOD TBS TRANSPORT AND TRADING OOD DSV ROAD EOOD LUKS EAR KARGO EOOD MERK TRANS EOOD KARIMEX-SHIPPING AGENCY AND MARINE GLOBAL TECHNOLOGY COMPANY (GTC JSC) EAD GEO PARTNERS EOOD SERVICES OOD AVEAS INTERNATIONAL CONSULT EOOD VS TRANS LOGISTIC LLC EOOD AOP INVEST OOD NAVSTAR-1 OOD SHAYN 86 EOOD EKSPRESSERVIZ 02 EOOD DZHEMELLI -TREYD OOD ET REKORD - EVLOGI KITOV TERRA LOGISTICS & TRANSPORT EOOD FUTURE LINE M OOD MI TRANSPORT 808 EOOD F SHIPING OOD SIMA G EOOD HUDSON SHIPPING LINES EOOD ILFLOT OOD EPSILON EOOD IVIS 70 OOD ST TRANS EOOD CEAN PRO EOOD SONAHT BULGARIA OOD CARGO LIBAS EOOD IVAX 2010 EOOD UARLDGEYT LODZHISTIKS EOOD MUSSON - BTB EOOD SPEZZATA IMPEX BG EOOD IVAS - 56 OOD ODESOS PBM EAD RENI TRANSPORT EOOD DANIAL - J TRANS EOOD BON MARINE OOD TRANS FREIGHT 11 EOOD LODZHISTRIYM BG EOOD STEFDI 04 EOOD SIY PARTNER SHIPING EOOD ASTRAL LOGISTIK EOOD ESG - TRANSPORT EOOD MANOLOV SPED EOOD AUTO-HELP RUSENIN EOOD VIGOR LOGISTIC OOD SEMOV SPED EOOD ALKS A OOD EXPRESS CONTAINER SERVICES EOOD BALGARSKA MORSKA KOMPANIYA - PF EOOD KRAMOR EOOD QUIX EOOD NEOSPED EOOD A2 LOGIC EOOD LOGISTICHEN TSENTAR STRUMA OOD A PLANET EOOD VASKO BALKANSKI ET IVAN AUTO ASISTANS EOOD AUTOGRUP INFINITI OOD LOCATOR BG OOD H H BROTHERS MARITIME EOOD EARLIN EOOD ABI KUOLITI KANSALTING EOOD TOP SPED 2018 EOOD STAR KARGO LODZHISTIKS OOD ZARALOGISTIKS INT. EOOD BREYNTURBO OOD BOLID 1 OOD CALISKAN TRANSPORT EOOD RUTONI OOD GLOBO SPED OOD INTER AY IVAN TOTEV ET DZZD DASKALOV I SIE UROZHAY 2011 DZZD BCK FREIGHT EOOD INTERTRUCK BG AD EUROPARTNER 08 EOOD FLAMINGO SHIPPING EOOD CARE TRANS EOOD VEMI 9 OOD GLOBAL TRADE LOGISTIC EOOD WASTE TO ENERGY SOLUTION EOOD MAR TRADING EOOD TEODSTRAKT OOD ASTRA 0110 EOOD LOGI SPED OOD INTERSHIPPING EOOD RUSKI MORSKI KORABEN REGISTAR KLON ARTI LOGISTICS EOOD CECO KOZ EOOD VMD 2017 OOD GLOBAL SHIPING BULGARIA EOOD BARSA 1 EOOD DIA - KA EKSPORT EOOD DEVI TRANS EOOD EMI TRANS 08 EOOD MUVING BG OOD ANTEK OOD MART MATEV EOOD ET VANYA - NEDKO TODOROV TOMIS ESTATES EOOD EG TRANS LOGISTICS OOD 15 SeeNews Industry Report

EXPRESS INTERNATIONAL CARGO EOOD MARSI EOOD POPKRASTEVI OOD APOSTOLOV ENGINEERING AND CONSULTING EOOD AIT LOGISTIK EOOD NEFF MARIN ELECTRONICS SERVICES EOOD SEAWAY LOGISTICS EOOD SUNTRUST EOOD PORT BULGARIA WEST AD PAEKING GLADSTONE EOOD ORION-KOLEV EOOD VITA TRANSPORT EOOD DAELA EOOD BAREKSIM EOOD EUROSPED EOOD NADYA GROUP 83 EOOD BG-SPEDITSIYA EOOD DAR SPED 2015 EOOD NEFT OIL WAREHOUSING EOOD CARGO-PARTNER EOOD TRIMPEX MANAGEMENT EOOD RIS 2 EOOD GAB LOGISTICS EOOD BULGERM OOD VARNA MARITIME SERVICES EOOD VANESA BERK TRANS EOOD KROL TRANS OOD KAS GROUP 77 EOOD MEDI EOOD IVELIN YOSIFOV EOOD S-P RENTALS END LOGISTICS EOOD ASTARTA-21 AD ATON TREYD EOOD VALENTINO 7 EOOD VASNAVI EOOD VED TRANS EOOD NAUTIKO EOOD SHIPMASTER EOOD KIOSEOGLOU EOOD FLIYT MENIDZHMANT EOOD KAM 33 EOOD A S G WIND TRANSPORT BULGARIA OOD ANLEKTRA SPEDISHAN EOOD ON-EM LOGISTIC EOOD PAGT TRANS EOOD MACROSPED EOOD CARGO HANDLING SERVICES OOD AVTOUSPEH-3 OOD ET DARKOM-LYUBOMIR POPOV SIABILITI BULGARIA OOD ABART 2000 EOOD VERTA EOOD N I D 93 SASHT KLON CREDO GARANT EOOD SIY GRUP EOOD FORS TRAK EOOD NOTILAS SABMARIYNABUL UARKS OOD AIR LYNX EOOD AVIATION SPECIALIST EOOD DELOGYSTIC EOOD GEO-LOGISTIKA EOOD GALATEYA TRANS EOOD BREAKBULK SHIPPING EOOD TAMIKO TRADE EOOD HANA PROGRES AD RABOTNICHESKO DELO EOOD HIMER-TRANS EOOD LOGISPED EOOD ESTRELLA TRANS OOD EUROSPACE -A5 EOOD BULGARSKI KORABEN REGISTAR EAD TRANSLOG UNIVERSAL EOOD TOP KAR GROUP EOOD DI KEY MULTIMODALNA TRANSPORTNA TEHKAR EKSPRES EOOD KOMPANIA OOD EURO LOGISTIC EOOD ET UDIAN - 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5 EOOD NIKMARK TRANS OOD SINTRA OOD CHRISTRANS - NIKOLAI HRISTOV ET AEROCONTRACTOR EOOD NTG EOOD LESOTERM-M EOOD NIK SEGA ENGINEERING EOOD FRONTEKS OOD BUL-INVOICE OOD NIA-99 OOD MOST TRANS EOOD KRASTITELSKI ENGINEERING EOOD UNI TEST 1 EOOD KRISTIS OOD STOYPEKS EOOD KAMIO TRANS 93 EOOD FREELOG TRANS OOD BELL TT LOGISTIK OOD WORLD TRANSPORT OVERSEAS BULGARIA EOOD POLAR EXPRESS EOOD V T COMPANY GR EOOD BL LODZHISTIKS EOOD EY SI EL EOOD MSC BULGARIA OOD UNIVERS LODJISTIC EOOD PULSAR-13 EOOD DEMETRA EOOD TRANSCONCULT AND SPEDITION EOOD KG MARITIME SHIPPING AD SYSTEM MANAGED FLEET EOOD ANKORT EOOD RENTAL SARVIS EOOD OKTOBRA EOOD LEVENOV EOOD T-VOSTOK BG OOD PETAR KARAMINCHEV AD KEI EM TRADE EOOD JEVENOR EOOD ENGIE TRANS OOD KOKO 07 EOOD 16 SeeNews Industry Report

DK MENAZHMENT EOOD CARGO SYSTEM OOD VAS SPED EOOD ANABEL CARGO EOOD EXPO LOGISTIK EOOD P V D - GROUP OOD G-TRANCE 3000 EOOD K A ALBA DOS EOOD BRIZ 805 EOOD LETISHTE PLOVDIV AD ARIESMAR EOOD ALBA SPED AD VASBOR ASSISTANT EOOD KRAMAR NAVIGETION EOOD HEPI AUTO EOOD STADEYA HOTEY OOD DR HANDEL & USLUGI EOOD VSV EOOD DYS LOGISTICS EOOD INTERLOGISTICA EOOD LLC HLADILNIKA OOD SPED-CONSULT EOOD INAUT EOOD RIMOS TRADE EOOD CRUISES OOD GREEN LIGHT LOGISTICS OOD NEXT TIME EOOD KRASIELA N KRASIMIRA TSANKOVA ET DI VI ES INTEREVRO EOOD OGI - 2006 EOOD SANSHAJN OOD LUX DOORS 1 EOOD DIENTRAK EOOD AVTOMOBILNI PREVOZI BALCHIK OOD TI EN DI KEPITAL EOOD TRANSSERVIZ-A OOD SIMTRANS 05 EOOD MS CONSULT AND TRADING EOOD ROMTRANS SARVISIS EOOD VENTEM EOOD JULIA 16 EOOD BULGARIAN AIRWAYS GROUP EAD FLEX LOGISTICS EOOD ARNAUDOV EOOD ILCE BULGARIA EAD DESPRED - P OOD VIKTORIA 2006 OOD MED SPED OOD ALBERT TRANS EOOD V H - MORSKI USLUGI EOOD MB - AQUA GROUP EOOD REBELDE BULGARIA EOOD QUANTUM INVESTMENTS AD SKY LOG OOD TRANSLION AD DA-PE-JU- TRANS EOOD SG LOGISTICS EOOD ET SIRIUS -SIRMA MARINOVA ST GLOBAL NETWORK EOOD BUONALTERNATIVA EOOD KARNAVAL EOOD KAPRIKON 13 EOOD BOYANOV - CONSULT AGENCY EOOD TP BRITISH EARUEYS GIA TRANS EOOD DUNAVSKA SARVEYORSKA KOMPANIYA OOD BURGAS SPEDITION COMPANY EOOD ZHELYAZKO EOOD LOGSYSTEMS OOD FINTRADE ENGINEERING EOOD KTMU EOOD GALCHINI EOOD ET DIMO MARKOV +SIMONA SPEDISHANS EOOD VP BRAND EOOD ANDI 54 OOD GIMEX LOGISTIC OOD BATERFLAY 2003 EOOD SEA PARTNER EOOD TRUCKSAT OOD BEST CONSULT 2012 OOD TORIS BG EOOD MITKO IVANOV - 92 EOOD ASSET FREIGHT EOOD PARKING MANAGEMENT COMPANY EOOD DIVEZA EOOD KALIDEA LOGISTIK EOOD MIRA LOG EOOD S P J TRANS OOD KANEKSHAN OOD VFS CHARTERING OOD RADIOTAKSI FM OOD DOSTAVKI VARNA EOOD SLK EOOD PRESCORP EOOD TRANS DELIVERY SUCCESS OOD TRANSPOWER EOOD DANI TRANS LOGISTIK EOOD GLOBUL TRANS LOGISTIKA OOD ARGO S OOD MIREKS SHIPPING OOD RBT LODZHISTIK EOOD DRAMANA OOD INA - 81 OOD VICTORY LOGISTICS EOOD INTERPRED-BG AD COMMERCE - D EOOD IPM LOGISTICS EOOD K & K SPED LOGISTIC COMPANY EOOD ET ROKO-73 - RADOSLAV SLAVOV GLOBAL LOGISTICS SERVICES EOOD BULSPEKTRA EOOD ZODIAC SHIPPING OOD MM YANAKIEV TRANS EOOD IDEALITY-AA EOOD OLIMPIK UORF EOOD DEVOPS EOOD SHMETERLING TRAVAL BULGARIA EOOD FORWARDING AND LOGISTICS BG EOOD FENIKS- TODOR MARKOV ET TOTAL SERVICES BULGARIA EOOD ANICCA SPED EOOD KARTAL EOOD BALMAKS TREYDING SOFIYA EOOD ASLANIDIS B.GROUP EOOD BALIK-PENYO KOSTOV EOOD JULIUS-PLEVEN EOOD FLY LOVERS INTERNATIONAL EOOD TRANSPORTNA KOMPANIA LIDER OOD DORIS TRANS EOOD BETULDJOIS 18 EOOD ALLTRANS LOGISTIC EOOD DISPRED EOOD SIKO SPED EOOD UPRAVLENIE NA DVIZHENIETO NA VLAKOVETE I ELMAR-BG OOD GAROVATA DEYNOST-G.ORYAHOVITSA PKV TRANSPORT EOOD EAGLE EXPRESS INC EOOD BZHL 5 EOOD UNI VD TRANS 8580 OOD SITGO OVARSIYZ BULGARIA OOD SIY-LAYN EOOD ALFA LOGISTIC EOOD OPTIMUS TRADE EOOD BITUM TRADING EOOD PILOTSKA STANTSIYA VARNA MTM INTERNATIONAL TRANSPORT EOOD EZ ENTERPRISE EOOD NITROPOLYCHIM AD EUROLOG OOD EKOTURS KITEN EOOD TOSIL 7 EOOD GROUMAKS EOOD ZHI AN EOOD STYLE LOGISTIC EOOD TREKKO SPEDISHAN EOOD IRIDA OOD QBI GROUP EOOD VALMEG EOOD BEST FREIGHT GROUP EOOD IRS OOD LOGITRADE EOOD OVARSIYZ KAMARS KAMPANI LIMITID OOD TRANSIT TRADE ZONE AD SI - YAN I SIN EOOD MONIEN EOOD NIKOLOV GRUP 93 EOOD LOGISPED EOOD FLY SERVICE EOOD KRO-MAK EOOD MIKI AVTO EOOD ELAN TRANS BG EOOD KLIMARIN OOD SI KARGO EOOD NORDSTAR LOGISTIC OOD JL FREIGHT EOOD MERX GLOBAL OOD T N SPED EOOD B-D SPED EOOD ELMONA OOD CUSTOM SERVICES AGENCY EOOD VEGAN EOOD LUFTHANSA TECHNIK AG BRANCH BULGARIA LOGITEX OOD KCHT PERFEKTA EOOD ACE LOGISTICS OOD ANTEYA CONSULT EOOD INTERNATIONAL CHARTERING EOOD ANTOV EOOD TERRA ECO CONTANERS EOOD ASTROMAR OOD SAVI EL TRANS EOOD INTER SPED 2003 EOOD TEDI LOGISTICS EOOD EUROPE SPEED OOD EUROLOG EOOD KOTSI TRANS EOOD ISACHES EOOD EN TI ZET SPED OOD ESP TRAKIA EOOD HADZHIYSKI OOD EUROTRANZIT TRANZIT EOOD DANI 05 OOD MAMAN AVIATION - BRANCH BULGARIA AEGEAN CARGO LOGISTICS EOOD VULKAN 64 EOOD KADO OOD SPED SERVICE SINGLE MEMBER EOOD SBTCOURIER OOD EMBAR EOOD AGRICULTUR CORPORDTION EOOD SITIKS EOOD DDB CONSULT EOOD EXTRANS OOD AGRESIV STAYL OOD IC LOGISTICS OOD ET ARAKS-MASIS - GARO KRIKOR HELVETSIA LIMITID OOD SILVERBIRD TRADING& TRANSPORT OOD MINCHEV TRANSPORT OOD TOT ALEXANDROVI OOD DELEPTA SPED OOD METALIMPEKS 2003 EOOD CIVRIL LOGISTIKA EOOD EKOLODZHISTIKS EOOD MAR GROUP 71 EOOD ALNIMAR EOOD ACHILLEAS FORWARDING & TRADING OOD IV TRADE-CO EOOD VALENTIN DIMITROV BLAGOEV ET ADVANS INTERNESHANAL TRANSPORT GLOBE AIR CARGO EOOD SEVANTSS LOGISTIKS EOOD MEDICALOG EOOD /BALKAN/ EAD CONSORTIUM MARINA BALCHIK AD RM-07 EOOD SPED EOOD CMV SPEDITION EOOD S.D.K. SOFIA EOOD KAUBER EOOD DJETOPS EOOD KBK TRANSPORT EOOD EUROFINANCE SERVICE OOD BE ACCURATE OOD MIRTON - 15 EOOD EFRS KONSALTING EOOD VEGA SPEDTRANS EOOD COMBI EXPERT EOOD BUL TREYD 2017 EOOD AGM EOOD DEPO 2013 EOOD TRANS - 100 BE OOD TRANSPORTCONSULT EOOD INTER TRANS LOGISTIK EOOD CARGO PLANET OOD SOFIA EAR KARGO HENDLING OOD KMK GRUPS EOOD APOISE D EOOD SIMPERTO 1 EOOD R J S MENAGMENT EOOD 17 SeeNews Industry Report

M TRANS 1 EOOD F LOGISTICS EOOD EVROKARGO INSPEKSHAN EOOD TIR EKSPRES OOD ALEXANDER LOGISTICS OOD ES KONSULT EOOD R-BAG BULGARIA EOOD AVIORI OOD LUMEX-52 EOOD SVT TRANS EOOD P28K EOOD CARGONET BG EOOD SPEDMAR OOD VIKS TREYD EOOD PEGASUS TRANSPORT EOOD A A RUSE EOOD VELIT-M EOOD EURO TAXI 3 OOD OCEAN LOGISTIC EOOD ULTIMAX EOOD ET KOMEKSMASH-63 - VASIL PIRONKOV TIVA COM OOD AVTOTRANSPORT OOD ARIS SHIPPING & TRADING OOD AIRBRIDGE OOD MW LOGISTICA OOD DS TRANSPORT SOLUTION BG EOOD E B LOGISTIK OOD DZZD SAMILEKS BALKAN TRANSPORTATION SERVICES AD AUTOMAKS 2009 EOOD ARGO SPEDISHAN EOOD SPEDITION 1 EOOD TRANS 2014 DOBRI NEDYALKOV ET FLIGHT DISPATCH EOOD PS CONSULTING EOOD NIKOLAS-C EOOD DEVCO GROUP BG OOD LOGRIS EOOD BLEMA TRANS SPEDITION BULGARIA EOOD PAMELA OOD MEROVIK EOOD BARS TREYD OOD BAS EKSPRES OOD LARIVAS EXPRESS EOOD OPTIMIST - STEFAN LASKOV ET MAVA LOGISTIK EOOD BELTRANS LOGISTIK INTERNATIONAL EOOD ELIMAR DZZD YUROTREYDING INTER TRANSPORT EOOD ARISTIDES TRANS EOOD STENVAL-TRANS OOD WHITE GROUPLTD EOOD ROKADA EOOD G TRANS TRADE EOOD KBM GROUP EOOD AEROCLUB SOFIA EOOD EM KONSULT EOOD TRANS KONCEPT OOD BADINVEST EOOD MARINE ELECTRONICS EOOD ET BIHLYUMOV H.P. - HRISTO BIHLYUMOV KAPAKS OVARSIYS EOOD KARGO HENDLING AND LASHING EOOD P & M LOGISTIK OOD SHIPEKS INDASTRIS EOOD PORT FLOT-BURGAS AD ZENIT SHIPING EOOD SWISSPORT BULGARIA AD CHECHEV GEORGI CHECHEV ET NAMAK EOOD VLADI TRAKING INKORPOREYTID DZZD ESTRELA EOOD DOSTAVIAM EOOD SHANS 1979 EOOD BULBRIT SPED EOOD VLADISVET OOD KIOG LOGISTIC OOD STYLIS TRANS 2016 EOOD BULGARTRANS SPED EOOD KAMEN TODOROV 2016 EOOD TNS SHIPBROKERS AND AGENTS OOD BEKA SILVIA BALABANOVA ET QUICK CARGO BULGARIA OOD BELS SHIPING AGENCY EOOD M-K TRANS SPEDITION OOD KIV LOGISTIC EOOD PEPI TRANS 86 EOOD ET KRISTO - HRISTO TSVETANOV MRN SHIPPING OOD O-CONNECT DISTRIBUTION OOD INTERNET SHOPING EOOD FLEXY TRANS OOD DINERU EOOD FRUT SPED EOOD ESV BULGARIA EOOD YASKAR YASEN KRACHOV ET ET NUKO - NURHAN RUFIEV PROSPED LOGISTIC EOOD MDE TRANS EOOD NIKOLAY KRALEV-NIKI ET VOL TRANS EOOD DELEPTA EOOD BULTREN OOD FIA TRANS LOGISTICS OOD SHINK BROKERS EOOD KOMERS 2 EOOD AS-VI TRANSPORT EOOD PERSONNEL AND LOGISTICS EOOD STRATEL OOD BURGAS SHIPPING AGENT EOOD YUNAYTED TREYDARS GRUP EOOD PARKINGI I GARAZHI EOOD IANIS GARGO BULGARIA EOOD L N GROUP S A EOOD SUPERKARS AUTOMOTIV EOOD PATNA POMOSHT KALEV EOOD STBIZ EOOD EUROPORT OOD LOGISTIK 2007 OOD KARGO INSPEKSHANS SARVISIS OOD K I J - SOFIA OOD EKSPERT KUOLITI EAR EOOD NIKIFORIDIS AUTO EOOD KAAN INTERNATIONAL TRANSPORT EOOD BS GLOBALPHARMA EOOD PORT WEST AD AVTOTRANSPORT EOOD BENA NAKLIAT VE TIDZHARET OOD TOMEX TRANS 99 BG OOD ITBUL EOOD TRANSPOT EOOD MINI LOJISTIK EOOD KANOPUS PROCESSING EOOD DZH I A OOD KDM NORT SPED EOOD ALEXIS COMPANY OOD INTERNATIONAL BUSINESS POINT EOOD ME.DEMIR OOD DAFNE FORIYN TREYD END INTERNESHANAL TRANSPORT OOD CALYPSO TECHNOLOGIES EOOD PORT ASSIST EOOD SAIS OOD PARIS BG GROUP EOOD YANIMA OOD EUXINOS TRANS EOOD TOMCHEVI INVEST OOD A V AIR EOOD SAVONIA EOOD K-SHIPING EOOD VANKO 07 EOOD SIMEK EAR OOD SLUNCHEV DAR AD GEORGI DILANOV ET BALKAN LOGISTICS SERVICES OOD EOOD EVO MARITIME SERVICES OOD SKANDINAVIA LOGISTICS EOOD DIMANA LOGISTICS OOD CONTINO BULGARIA EOOD PROTECHS SERVICE EOOD SKORTRANS LOGISTIK OOD ERTRANS EOOD TRIP 74 OOD VICTORIA MARITIME TRADING EOOD ABEL TRANS OOD MIT DI KOMERS EOOD DANUBE SHIPPING OOD MONTROSE EOOD M G T EOOD BG TREID IN EOOD GLOBAL COMMODITY SERVICES EOOD TAKSI BULGARIA OOD UEST IYST SPEDISHAN EOOD AMPLIO EOOD SIY LINK SHIPING OOD CASTOR SHIPPING EOOD TRANSCAPITAL SPED EOOD ATRIS KORABNA AGENTSIA EOOD TI END PI SPED EOOD ESPANA EOOD DONAU TRANZIT OOD CTS COATING EOOD MONEX AD DANIELS 2009 EOOD ALFA KONSULT 2004 OOD CONTINENTAL LOGISTIC AND SERVICES EOOD CD TRANSPORT CD EOOD HENI KWATRO TIME EOOD SONIK SPEDISHAN OOD ES DI KARGO EOOD TRANS EKSPRES LOGISTIK EOOD KN LOGISTICS EOOD IN-EX LR EOOD IVES OOD INHAUZ LOGISTIKS SARVISIZ EOOD ET IVAYLO STANOEV TOP LOGISTIC OOD AGRO HAUS EOOD KI TRANS KOMERS EOOD AVTOTRANSPORT EOOD B AND G EOOD TAKSI BULGARIA GP PAZARDZHIK OOD UTS EOOD DZHEY AR INVEST AD NAPOITELNI SISTEMI NP OOD STRAT EOOD VERSUS TIME EOOD TIM 2001 OOD ALEKS CUSTON CONSULT OOD MFS EOOD STEMART EOOD EVO TRANSPORT AND LOGISTICS EOOD TRANSPORT SECTOR EOOD PRIDE CONSULT EOOD INTEZ TRANSPORT EOOD VEGA SHIPPING AND TRAIDING EOOD TROFOS EOOD HALON BG EOOD FPL EOOD MORGAN WILLIAMSON CORP. EOOD FKH EOOD MICROBUS BG EOOD EUROCARGO INS EOOD COSMOS ENERGY EOOD V& M EOOD TRANS KIBERNETIKA EOOD GABRIO BG EOOD INTERTRANS CARRIERS OOD VITOSLAV TRANS 2016 EOOD SOFIYA DIZAYN DISTRIKT OOD ET ZLATINKA KURTOVA AYINTAP EXPRESS FRIGO LOGYSTIC OOD TRANSCOM-AVTOGARA EOOD VIKIMAR 2013 EOOD DARA TRADE OOD D A P CARGO TRANS EAD STORIDZH OYL EAD MULTIPRO FREIGHT EOOD PARKING SISTEMI EOOD BARKO SARVISIZ EOOD LING 5 EOOD A LYA MER OOD OLYMP SPED EOOD STIFADORSKA KOMPANIA EOOD NIKKA SPED - DV EOOD BSA OOD IATA-BRANCH SOFIA BULGARIA KTD KCHT START LOGISTIK EOOD PS EXPRESS EOOD DS TRANSPORT EOOD ZAF LODZHISTIK EOOD PLOVDIV EKSPRESS 2000 OOD VRISAKI SPEDISHAN OOD PROGRES 88 EOOD MARSHIP EOOD YULIUS-PARK EOOD MSPED TRANS EOOD ZEFIROS EOOD MARINE SARVIS KAMPANI EOOD ROSSPED EOOD VESLAM SHIPPING AND MANNING EOOD 18 SeeNews Industry Report

ZDRAMI EOOD ET KRASIMIR RADKOV ALCOS TRANSPORT EOOD INTERKAMION KONSULTING EOOD SANIKOMERS 90 EOOD OTS EKSPRES EOOD TRANSEKO 33 EOOD SHATRO MARINE AGENCY EOOD INTER MISSUS EOOD DINA GRUP INTERNESHANAL EOOD DELTA SHIPPING EOOD BLASIS EAD PLASKE EOOD M D A TRANSPORT EOOD NS ROY OOD SPEDEX NET OOD ALEKSANDAR BORISOV - 1975 EOOD LEONARDO TRANS EOOD BSA BULGARIA OOD MLADENOVI 5 EOOD M-ROAD EOOD EVRO BOND EOOD SKM PORT VIDIN AD TARGOVSKO DRUZHESTVO P.A.YAN EOOD VURON EOOD IHB SHIPING KO EAD VIA OPTIMA OOD UE ESTIMEYBUL IMPEKS EOOD AVTOGARA OOD BG LOGISTICS 83 EOOD FOOD LOGIC EOOD CMA CGM BULGARIA EAD EVROTRANSFER OOD MJ SPED EOOD INTERPRED EUROLOGISTIC EOOD MEGAPEKS GRUP EOOD ELVIN - 16 EOOD TRANSMOND AT EOOD VALVIKSIM 2006 EOOD LIBRA MARITIME OOD BULMAX EOOD OMNISOL FREIGHT EOOD EM I EL OOD TEO TRANS 59 EOOD LOAD AND GO OOD DUNAVSKI INDUSTRIALEN PARK AD JAIMEX OOD SLS KARGO BG OOD TI DZHI ENERDZHI EOOD EGAL GLOBAL LOGISTIK EOOD HONETRA EOOD JURAVLI 2015 OOD TERRA 08 EOOD EPARK 2 EOOD TRANS RENT 2000 EOOD ALDA 2006 ATANAS AVRAMOV 2 EOOD IRIDA-TRANS SECURITY EOOD AGRO TREYD AS OOD VEDA CONSULT OOD LS TRANSPORT EOOD SEA TRANSPORTER EOOD NS 2017 OOD TOVARO RAZTOVARNA EOOD SANISTROY EOOD AGILA LOGISTIC EOOD ANLEKTRA EOOD BURGAS MARINE CONSULTING EOOD AVTOEXPRES AD UNI-ORIENT SHIPPING AGENCY EOOD G S CONSULT EOOD PRISTANISHTE LESPORT AD ZALLE EOOD PEGAS 77 EOOD BI LODZHISTIKS EOOD BIO PROM INVEST EOOD OLIMP-63- KRASIMIR IVANOV EOOD EVRO HIP EOOD BOROMA 66 EOOD TUG SERVICES EOOD AZ GROUP EOOD KUNKA DIMOVA ET SEABRIDGE AGENCIES EOOD NIKNI EOOD GVS CARGO EOOD NAP TRANS OOD FREIGHTSPED EOOD HV STROY EOOD INTER EXPRESS FREIGHT EOOD SPORT TRANS EOOD ELIA SPED EOOD SEF SPED LODGE EOOD EKSPRES KOSTADIN KOSTADINOV ET TIKO TAKSI EOOD INFERNO 80 EOOD KALIMBASSIERIS MARITIME EOOD HOT SPEDITION EOOD BUL - LAB OOD OHRIDA LODZHISTIKS EOOD KARPATIKA LODZHISTIK EOOD ANEV & ANEV OOD BULPORT LOGISTICS AD KASTAMS PRO EOOD VIKO 03 EOOD EM TE TRANS EOOD DESPINA 17 OOD GREEN LOGISTICS OOD MAURICE WARD & CO EOOD B N KARGO EOOD ES PI KONSULT OOD GROSS STANDARD EOOD ENATRANS LOGISTICS EOOD GREENSOM I.F.F. EOOD TOPALOV GLOBAL SPED EOOD BMF PORT BURGAS EAD K & K COMPANY OOD MSP TREYD 87 EOOD KRUISING SOLYUSHANS EOOD ALEX FREIGHT EOOD MARINE ENGINEERING TECHNOLOGY EOOD ID INTERNATSIONAL EOOD EUROPRIM GLOBAL LOGISTICS OOD PARK PLEYS EOOD INTER SHIPING END TREYDING EOOD SCORPION SHIPPING OOD MIG SPEDISHAN EOOD ELE TROINVEST EOOD T HAYRI - 86 EOOD ZHP SEKTSIYA - PLOVDIV SHERIF TRANS EOOD INTERLOGISTIKA GRUP OOD PROFEKTUS SISTEM OOD VART EOOD STORATEL EOOD PACKIN EOOD SYNERGY LOGISTICS OOD ADMIRAL FREIGHT EOOD COMMERCE SHIPPING EOOD BAKO KOMERS OOD SIKO EAR END SI EOOD S - SPED EOOD SCHENKER EOOD MXX RUSEVY EOOD MIG KO EOOD ET ANZHELA DOBRALIEVA TRADEMARK EOOD EPARK 3 EOOD RIDVAN SPEDITSIYA - TRANSPORT EOOD TRANDEV AUTO EOOD SPEDCOM EOOD ET HADZHI VASIL - VASIL GEORGIEV ET RAYKO VEZENKOV - IRETOS-YUG FORTUNA KARGO EOOD SHIP SERVICE EOOD SAG LODZHISTIKS BULGARIA OOD VAN HAUTE EOOD BMS LOGISTIK OOD DANUBE BRIDGE VIDIN CALAFAT AD RADIO CB TAXI OOD KSENIA EOOD ALFA AGENT EOOD DES LOGISTIC EOOD GMS FREIGHT OOD SIY SPED BG EOOD KOKICOM OOD SIDISPED OOD ATIRA BULGARIA OOD SIRIUS 76 EOOD INTERMODAL LODZHISTIK BULGARIA EOOD PROVENS EOOD STARBOARD SHIPPING EOOD D& V TRADE EOOD SANIDY 2 OOD KLIK AVIEYSHAN NETUARK EOOD MI PARKS EOOD RALLY 33 - CHAVDAR BORISSOV ET RUSTY EOOD STOYKO TODOROV ET BGLOG OOD ALMARA GOLD EOOD DEKRA DIMO STOYANOV ET DISTEVA SHIPING EOOD TECHNOLOGISTK OOD HARIZANOVA SPED EOOD ALEKSANDROV BUSINESS GROUP EOOD IYST LOGISTIK SARVIS EOOD BVA LOGISTICS OOD TRANSPORT AND TRADE EOOD DEKO BETZ EOOD B S D INTERNATIONAL EOOD THALES AUSTRIA GMBH - BRANCH BULGARIA DYNASTY EOOD SD LOGISTIKA 6571 OOD VANDA SPED EOOD NAVILINK EOOD AMPLIO BULGARIA EOOD MAKS TRAFIK OOD SN SPED EOOD DEISMO EOOD ER SARVIS OOD SIGMA GOLD EOOD UAYT STAR LAYN EOOD K & A EOOD EXIMA OOD EVISA OOD ESDZH EOOD ARNAUDOV GP EOOD JHL TRADE OOD AFAREAS MARITIME EOOD D G M LOGISTICS EOOD MILAKS-V EOOD RADIANT EOOD OMERAGIC SERVICE EOOD HERMES LIND OOD EKSPRES - TRANS M2017 EOOD TATLI TRANS EOOD ENERGOMONTAJ ATM OOD EDUARDS LODZHISTIKS BULGARIA EOOD ALFA IDT SLTD EOOD SMALTO-N OOD KORDON BG EOOD KNG LOGISTICS OOD TRANSEXPRESS EOOD SEM SPED 2008 EOOD ET NELIKA - NELI KASHMEROVA ELEGANS - 09 EOOD SILA - ANELIYA YOTOVSKA ET ROAD TRAK EOOD A V L CHARTERING INTERNESHANAL EOOD POLYCARGO TRANSPORT & LOGISTIK EOOD SHIP SA OOD PROLOGISTIC BG OOD DK TREYD OOD LTL TRANS BG EOOD BLACK SEA GRAINS EOOD OKER INTERNATSIONAL TRANSPORT EOOD LOGISTIK TRANS 2011 EOOD H2 FYUZHAN OOD BR KONSULTING EOOD KALIDEA SOFIA EOOD WILHELMSEN SHIPS SERVICE EOOD PFA - GLOBAL BULGARIA EOOD TP PREDSTAVITELSTVO NA POLSKI AEROLINII LOT DZHEY END EY TRANS EOOD SARENS NV - BRANCH BULGARIA V BULGARIA ARKADIA PROINVEST OOD MAERSK BULGARIA EOOD EKOL LOGISTICS BULGARIA EOOD EL DE TRANSIT EOOD FRIGO EXPRESS 2004 EOOD ET ELIT - PENYU KALEV VEEL TRAN EOOD ADONAY LODZHISTIK OOD ELS SERVICE EOOD RED ROUD EOOD ATHENAE R.V. OOD SERVISAIR CONSULTING EOOD PRO DRAYV 66 EOOD ZR GROUP EOOD ANDRES SPEDITIONS EOOD AVGUSTA - AGRO EOOD CD TRANSPORT BG EOOD 19 SeeNews Industry Report

STORES OOD DORA RAYKOVA OOD IMP LOGISTIC GLOBAL SOLUTIONS EOOD E-LOGISTICS EOOD SAYVABUL OOD MASALTOV EOOD U.F.F. UNITED FREIGHT FORWARDERS EOOD MARINOV SEA SERVICES EOOD D.G.F. TRAVEL EOOD ALEX-M COMPANY EOOD LIDER 50 V EOOD A LOGISTICS EOOD RACOON SHIPPING OOD SUNTRANS EOOD NAVIUS EOOD KASHMEROV GRUP OOD PRIMORSKA ANTREPOZITNA TARGOVIA OOD KBK GROUP SHIPPING EOOD DIGEST LOGISTICS OOD ET VENELIN TRAYANOV UNICARGO TRANS EOOD ULOGISTICS EOOD KIVI TRANS SPED EOOD AVANGARD NOVA EOOD MULTRASHIP BURGAS EOOD DIMISK OOD VAN SAN EOOD SINAV EOOD NORDIMPEX-KAMARASHEV I SIE SD ANDONOV - PARKING KULATA EOOD ROSSBULTRANS AD YANMAX OOD BOREY OOD TODOROV RS EOOD AUTONET - 3 EOOD SMOKOV-58 EOOD MAS AVIEYSHAN EOOD SD LACH-RAY-99 - BOGDANSKI S-IE GAZ DELIVERY EOOD CITY SPED EOOD DELAMOD BULGARIA OOD PATNA POMOSHT EOOD CARGO BULGARIA EOOD UARLD UEY INKORPOREYSHAN EOOD ETOVTRANS OOD TRUESTAR BULGARIA EOOD VIDIN - TRANS 97 EOOD ALGOKOM 10 EOOD MIDI SPED TRANS EOOD ARCO BG EOOD UNIPLANET EOOD AVENUE TRANS TREID AND KO EOOD AIRBORNE GLOBAL SERVICES EOOD BULITAL OOD ET BORISLAVA MANOILOVA-SOFIYA INTERSPED NETSYS LOGISTICS OOD DESPRED VV EOOD DISPATCH NP EOOD B P SPED EOOD UNIVERSAL COMMERCIAL & LOGISTICS COMPANY EOOD RUN AND DI EOOD RONDINELLA BG OOD KRZ PORT BOURGAS AD NARTSIS - 2011 EOOD LOGISTIC GROUP OOD GLOBAL KOREKT KONSULT EOOD BALMAR SHIPPING EOOD KARGO SKLAD YUG EOOD SNEJANKA - 7 EOOD SIMPLAM EOOD MASANDRA EOOD SPRING SPED EOOD Z.V.S DZHENERAL TREYDING EOOD S - P CONSULT 2 EOOD INTRAFREIGHT EOOD BULMARINE SHIPPING EOOD BOB TRAVEL EOOD GENERAL AUTO EOOD BOMEL TRANS EOOD TODOROV I S EOOD FAIR PLAY TIM OOD BOMAR AIR CARGO EOOD GLOBAL LOGISTIC SERVICE EOOD FIORA CONSULT EOOD BG LOGISTIK OOD BULINSECT EOOD BOMON SHIPPING EOOD PARIA EOOD IBER SPEDITION AUSTRIA EOOD KARGOMIG OOD VESNA 61 EOOD VIA MAR TRANSFIKS EOOD ET TAKSI-EKSPRES - VALENTIN SPASOV YUNIVARSAL TRANSPORT KAMPANI OOD EURO TRUCKING EAD SIRAKOV-24 EOOD DAF AUTO EOOD MD SHIP MENIDZHMANT EOOD AGROTRADE SHIPPING OOD BODA EAR KARGO EOOD DEMETRA TRANS TRADE OOD OT SOLUTIONS EOOD NITMANTRANS 87 EOOD KATONI I KO BULGARIA EOOD GLOBAL TRANS-BULGARIA OOD PORT BOURGAS EAD M M KA EOOD ALL WORLD SERVICES EOOD BUMITSPED OOD ET TANGO TANGO DELTA - TYANCHO PILOTSKA STANTSIA BURGAS OOD ZHELYAZKOV KRACHT BUILD EOOD SINTRANS EOOD BOSTANEAR LIMITID VELIKOBRITANIA INFINITY-L EOOD PRIME LOGISTICS EOOD OMONIA LOGISTICS OOD CAT BULGARIA EOOD NIKAS - TRANS EOOD EUROVET BULGARIA EOOD FAVARO EOOD SUKKOR OOD TRADE CONECTING END LODGISTIC-BULGARIA CHEM EXPORT BG EOOD EOOD D M LOGISTIC EOOD E H C EUROPEAN HEAVY CARRIERS P EOOD MISTRAL IMMOBILIEN EOOD FLY SAFE AVIATION CONSULTING OOD BULKONT OOD STARS EOOD FEAR UOTARS SA EOOD AGS BULGARIA EOOD ENIKK EOOD POLARIS MARITIME SURVEY END CNSULTING COMPANY EOOD GASMINA - YORDANOVI I SIE SD MIFIPI EOOD D I T TRANS OOD BOGDANOV TRANSLOGISTIC EOOD ET LYUMEKS - 52 - LYUBOMIR MLADENOV AKVAKULTURI - ZELENKA EOOD BRAVE MASTER LOGISTICS EAD SI AN LOGISTIK OOD LOGISTICO EOOD COMPETENT EOOD SIMPSON SPENCE YOUNG BULGARIA EOOD EN PI TRANSPORT I SPEDITSIA OOD JET A-1 EOOD EFL SERVICE GROUP EOOD TOPEK EOOD MEYER & MEYER BULGARIA EOOD ITBUL 2018 EOOD CREST AGENCY EOOD TIVIYA - SHIPING EOOD INTER - I EOOD BALGARSKA LOGISTICHNA KOMPANIYA EOOD BALKAN TRANS EKSPRES EOOD GRIMM SERVICE EOOD KRISTINA TRANS OOD ZHELEZOPATEN KOMPLEKS EAD ET D-R RAYKOV I PARTNYORI - GEORGI RAYKOV FORCETRANS BULGARIA EOOD B I G LOGISTICS OOD STRIGI TRANS EOOD INTER KLAS MN 2011 OOD BGIZBOR EOOD FAR LOGISTICS EOOD VI ES LOGISTIC EOOD PARK INDUSTRY EOOD DONAU RHEIN LOGISTIK EOOD EKROS EOOD ACCOUNTING COMPANY EUROSTANDARD OOD S N SPEDITION EOOD SIKO LOGISTICS OOD LESOTERM - EM EOOD EVROMOVER EOOD MAT EXPRESS EOOD ET ZHEKO ZHEKOV DHL LOGISTICS BULGARIA EOOD TOYA INVEST EOOD DAMIKRA EOOD PERCHEMLIEV 1 EOOD ET GEPARD 3 - ALEKSANDAR VASILEV AMA LOGISTIC EOOD VANSTAR EOOD ET YONI-08-GEORGI LAZAROV OILTANKING BULGARIA AD RTD GROUP EOOD TRI STAR EOOD ROYAL SMAK EOOD VTC AD INFLOT RUSE OOD GEYMINGRUM EOOD NEPTUN 2006 EOOD EVELOG EOOD SIS LOGISTIKS OOD TRANS X 2000 OOD IN TIME CARGO OOD MEJDUNARODNA SPEDITORSKA I TRANSPORTNA SSG INVEST OOD FIRMA SARATRANS OOD TS OVARSIZ EOOD EGM TRANS EOOD AVRIOTOURS OOD KENT LOG EOOD ORIENT CHARTERING & LOGISTIC EOOD EUROLOGISTIK EOOD TRANSPORTNO SPEDITORSKA KANTORA EOOD MARIN TAYM SHIP MENIDZHMANT OOD BOLCARGO EOOD VSI TRANS EOOD NIKOLOVA EOOD A& D - AIDA EOOD VESTEL 71 EOOD VARSA SHIPING OOD AEOLOS SHIPPING EOOD 2 EOOD MARVIK TRADE EOOD FRONTIERS EOOD VIP - 2 EOOD KRASTITELSKI EOOD EUROSPEED SERVICE OOD STELAMAR EOOD UNISHIPPING INTERNATIONAL EOOD 20 SeeNews Industry Report

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