Industry Report Sports activities and amusement and recreation activities 2016 BULGARIA

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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

In 2015 there were a total of 3,064 companies operating in the industry. In 2014 their number totalled 2,851. I. KEY INDICATORS NUMBER OF COMPANIES IN SPORTS ACTIVITIES AND The Sports activities and amusement and recreation AMUSEMENT AND RECREATION ACTIVITIES INDUSTRY BY activities industry in Bulgaria was represented by 3,377 SECTORS companies at the end of 2016, compared to 3,064 in the SECTOR 2016 2015 2014 previous year and 2,851 in 2014. OTHER AMUSEMENT AND RECREATION 2,000 1,815 1,692 ACTIVITIES The industry's net profit amounted to BGN 18,409,000 in FITNESS FACILITIES 513 452 427 2016. OTHER SPORTS ACTIVITIES 423 371 323 ACTIVITIES OF AMUSEMENT PARKS AND 190 182 178 The industry's total revenue was BGN 487,724,000 in 2016, THEME PARKS up by 5.19% compared to the previous year. OPERATION OF SPORTS FACILITIES 172 166 157 ACTIVITIES OF SPORT CLUBS 79 78 74 The combined costs of the companies in the Sports activities and amusement and recreation activities industry reached BGN 465,208,000 in 2016, up by 9.97% year-on- year. III. REVENUES

The industry's total revenue makes up 0.53% to the country's Gross domestic product (GDP) in 2016, compared The total revenue in the industry was BGN 487,724,000 in to 0.52% for 2015 and 0.45% in 2014. 2016, BGN 463,678,000 in 2015 and 382,431,000 in 2014.

A total of 7,683 people were employed in the Sports Total revenue activities and amusement and recreation activities industry Net sales revenue in 2016, compared to 7,587 in 2015 and 7,205 in 2014. 487,724,000 490,000,000 463,678,000 Most of the companies in the industry are based in Sofia, 441,000,000 followed by Varna and Plovdiv. 382,431,000 392,000,000

343,000,000 II. INTRODUCTION 354,904,000 294,000,000 313,169,000 In 2016 the companies in the Sports activities and amusement and recreation activities industry numbered 3,377, distributed 245,000,000264,993,000 in 6 sectors. BGN 196,000,000

147,000,000

INDUSTRY STRUCTURE BY SECTORS AND NUMBER OF COMPANIES 98,000,000 423 513 49,000,000

190 0 2014 2015 2016

172 The companies in the Sports activities and amusement and 79 recreation activities market of Bulgaria earned combined net sales revenues of BGN 354,904,000 in 2016.

In annual terms, sales marked a rise of 13.33% compared to 2015. In comparison to 2014 they went up by 33.93%. In 2015 sales rose by 18.18% year-on-year.

The Sports activities and amusement and recreation activities industry total revenue make up 0.53% to the country's GDP in 2,000 2016, compared to 0.52% for 2015 and 0.45% in 2014.

Other amusement and recreation activities

Fitness facilities Other sports activities

Activities of amusement parks and theme parks Operation of sports facilities Others

2 SeeNews Industry Report

Share in GDP 0.6 INDUSTRY'S NET SALES REVENUE STRUCTURE BY SECTORS

0.55 0.52% 0.53% 12.35% 17.34% 0.5 0.45% 0.45 6.85%

0.4

0.35 5.65%

0.3

0.25 21.80%

0.2

0.15

0.1

0.05 36.01%

0 2014 2015 2016 Other amusement and recreation activities Operation of sports facilities Activities of sport clubs In 2016 the Sports activities and amusement and recreation Other sports activities activities industry contributed to GDP BGN 411,833,000 in Fitness facilities Gross value added (GVA) accounting for 0.27% of the total for the country's economy. Others

In the previous year, the industry's GVA amounted BGN The highest growth, of 42.74%, was recorded by Activities of 409,950,000, accounting for 0.26% of the total for the sport clubs. There was no industry's sector to report a drop in country in 2015. In 2014 the GVA of the Sports activities and net sales revenues. amusement and recreation activities was BGN 318,600,000, or 0.22% 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 AMUSEMENT AND RECREATION ACTIVITIES RANK SECTOR BGN SHARE OF THE COUNTRY'S BILOT EOOD 22,986,000 111,000 GVA (%) NOVO INVESTMENT BULGARIA EOOD 8,465,000 6,140,000 1 OTHER AMUSEMENT AND RECREATION 162,828,000 0.11 SANDZHENERAL EOOD 7,648,000 0 ACTIVITIES OTHER SPORTS ACTIVITIES 2 ACTIVITIES OF SPORT CLUBS 83,297,000 0.06 AGENTSIA ZA MENIDZHMANT I REKLAMA V 4,506,000 4,468,000 3 OPERATION OF SPORTS FACILITIES 81,742,000 0.05 SPORTA EAD 4 OTHER SPORTS ACTIVITIES 40,143,000 0.03 PFC SLAVIA - 1913 AD 3,948,000 3,905,000 5 FITNESS FACILITIES 22,072,000 0.01 LT KONSULT I MENIDZHMANT EOOD 3,432,000 3,424,000 6 ACTIVITIES OF AMUSEMENT PARKS AND 21,751,000 0.01 ACTIVITIES OF AMUSEMENT PARKS AND THEME PARKS THEME PARKS SUNSET AQUAPARK AD 9,891,000 1,633,000

AKTIV 02 OOD 6,645,000 6,229,000

We expect, based on the trend in the last three years, the total UPPERFUNTASY RING PARK EOOD 2,240,000 2,199,000 revenue of the Sports activities and amusement and FITNESS FACILITIES recreation activities industry to change at a compound annual ATHLETIC FITNESS OOD 3,149,000 3,008,000 growth rate (CAGR) of 12.93% in 2017. EOOD LOTOS 7 - MCH 885,000 885,000 TOP FIT BG OOD 854,000 849,000 NET SALES REVENUE BY SECTORS ACTIVITIES OF SPORT CLUBS RANK SECTOR NET SALES PROFESSIONAL FOOTBALL CLUB 45,047,000 41,549,000 REVENUE (BGN) LUDOGORETS 1945 AD 1 OTHER AMUSEMENT AND RECREATION ACTIVITIES 127,813,000 PROFESSIONAL FOOTBALL CLUB LEVSKI AD 11,325,000 7,278,000 2 OPERATION OF SPORTS FACILITIES 77,378,000 PROFESSIONAL FOOTBALL CLUB CSKA EAD 7,081,000 1,168,000 3 ACTIVITIES OF SPORT CLUBS 61,526,000 OPERATION OF SPORTS FACILITIES 4 OTHER SPORTS ACTIVITIES 43,832,000 ULEN AD 28,139,000 27,477,000 5 FITNESS FACILITIES 24,309,000 PAMPOROVO AD 18,277,000 10,324,000 6 ACTIVITIES OF AMUSEMENT PARKS AND THEME PARKS 20,046,000 BOROSPORT AD 13,418,000 13,408,000

The top 10 companies in terms of total revenue in Sports activities and amusement and recreation activities accounted for 35.88% of the industry's total in 2016, 38.63% in 2015 and 37.73% in 2014. 3 SeeNews Industry Report

NAVY COMMERCE EOOD 4,392,000 TOP 10 COMPANIES BY TOTAL AND NET SALES REVENUE IN THE LAMS HOLDING GRUP OOD 3,214,000 INDUSTRY TON BONBON OOD 2,895,000 RANK COMPANY TOTAL REVENUE NET SALE (BGN) REVENUE (BGN) FAMILIA EOOD 2,875,000 1 PROFESSIONAL FOOTBALL CLUB 45,047,000 41,549,000 LUDOGORETS 1945 AD 2 ULEN AD 28,139,000 27,477,000 The 10 largest companies in terms of total revenue in sector 3 BILOT EOOD 22,986,000 111,000 Other amusement and recreation activities earned total 4 PAMPOROVO AD 18,277,000 10,324,000 revenue of BGN 67,536,000 and accounted for 13.85% of the 5 BOROSPORT AD 13,418,000 13,408,000 industry's total revenue. 6 PROFESSIONAL FOOTBALL CLUB LEVSKI AD 11,325,000 7,278,000 7 SUNSET AQUAPARK AD 9,891,000 1,633,000 TOP 10 COMPANIES BY TOTAL REVENUE IN THE SECTOR OTHER 8 NATIONAL SPORT BASE EAD 9,789,000 8,646,000 SPORTS ACTIVITIES WERE: COMPANY BGN 9 NOVO INVESTMENT BULGARIA EOOD 8,465,000 6,140,000 AGENTSIA ZA MENIDZHMANT I REKLAMA V SPORTA EAD 4,506,000 10 SANDZHENERAL EOOD 7,648,000 0 PFC SLAVIA - 1913 AD 3,948,000

LT KONSULT I MENIDZHMANT EOOD 3,432,000

BULGARIAN SKI POOL EOOD 2,735,000 The total revenues of the top 10 companies in the Sports activities and amusement and recreation activities were 0.19% SPOCS INTERNATIONAL SPORTSMANAGEMENT AND RIGHTS EOOD 1,868,000 of GDP in 2016, compared to 0.20% for 2015 and 0.17% in ADVENTURE FACILITY CONCEPTS AND MANAGEMENT OOD 1,437,000 2014. MONDEAL 2008 EOOD 1,343,000 PIRN GOLF & COUNTRY CLUB EAD 1,265,000 The top 10 by assets in the Sports activities and amusement BF BORBA - PUL EOOD 1,037,000 and recreation activities industry made up BGN 68,276,000, SPORTNA SOFIA - 2000 EAD 949,000 or 19.24% of the total net sales revenue.

TOP 10 BY TOTAL ASSETS IN THE INDUSTRY The 10 largest companies in terms of total revenue in sector RANK COMPANY BGN Other sports activities earned total revenue of BGN 1 NATIONAL SPORT BASE EAD 191,066,000 22,520,000 and accounted for 4.62% of the industry's total 2 ULEN AD 113,003,000 revenue. 3 PAMPOROVO AD 73,194,000 4 ACADEMICA 2011 EAD 67,935,000 TOP 10 COMPANIES BY TOTAL REVENUE IN THE FIELD ACTIVITIES 5 BILOT EOOD 67,564,000 OF AMUSEMENT PARKS AND THEME PARKS WERE: COMPANY BGN 6 BOROSPORT AD 51,976,000 SUNSET AQUAPARK AD 9,891,000 7 NOVO INVESTMENT BULGARIA EOOD 51,835,000 AKTIV 02 OOD 6,645,000 8 ARMITEKS EOOD 42,665,000 UPPERFUNTASY RING PARK EOOD 2,240,000 9 BILOT INVESTMANT EOOD 38,186,000 AQUAPOLIS OOD 1,502,000 10 PROFESIONALEN SPORTEN FUTBOLEN KLUB 37,916,000 CHERNOMORETZ BURGAS AD ESOESBG EOOD 1,150,000 AQUAPARK MANAGEMENT EOOD 869,000 GLOBAL GEYMS - 2010 OOD 777,000 TOP 10 COMPANIES WITH HIGHEST ANNUAL GROWTH IN INTERTUR OOD 406,000 OPERATING REVENUE IN SPORTS ACTIVITIES AND AMUSEMENT HAPPY LAND PARK MANAGAMENT PLS KDA 359,000 AND RECREATION ACTIVITIES EKSELSIOR EOOD 327,000 RANK COMPANY Y/Y GROWTH 1 BYALA-SPORT EOOD 10700.00% 2 SPORTEN TSENTAR ZHIRARDELI SPORT BANSKO AD 10333.33% The 10 largest companies in terms of total revenue in sector 3 BAY SANDE OOD 6657.14% Activities of amusement parks and theme parks earned total 4 GTK GROUP EOOD 5500.00% revenue of BGN 24,166,000 and accounted for 4.95% of the 5 INFINITY WAKE PARKS EOOD 5040.00% industry's total revenue. 6 SHANCE GAMES EOOD 5000.00% 7 TOMASS EOOD 4725.00% TOP 10 COMPANIES BY TOTAL REVENUE IN THE FIELD FITNESS 8 NERO 20 EOOD 4700.00% FACILITIES WERE: 9 KIDSZONE 1 EOOD 4300.00% COMPANY BGN 10 PLAY CLUB EOOD 3962.50% ATHLETIC FITNESS OOD 3,149,000 EOOD LOTOS 7 - MCH 885,000 TOP FIT BG OOD 854,000 TOP 10 COMPANIES BY TOTAL REVENUE IN THE INDUSTRY OTHER PREMIER HELT CLUB OOD 734,000 AMUSEMENT AND RECREATION ACTIVITIES WERE: BALANS ELIT EOOD 640,000 COMPANY BGN M-UNITE EOOD 635,000 BILOT EOOD 22,986,000 VIVID ESTATES AD 625,000 NOVO INVESTMENT BULGARIA EOOD 8,465,000 ARTEMA SPORT EOOD 551,000 SANDZHENERAL EOOD 7,648,000 PROFIT DV OOD 537,000 V-S 98 OOD 5,359,000 SEVDO 33 EOOD 451,000 INTERSERVICE UZUNOVI - AV OOD 5,263,000 MELIORA EOOD 4,439,000 The 10 largest companies in terms of total revenue in sector 4 SeeNews Industry Report

Fitness facilities earned total revenue of BGN 9,061,000 and accounted for 1.86% of the industry's total revenue. Total Expenses Operational expenses TOP 10 COMPANIES BY TOTAL REVENUE IN THE INDUSTRY 480,000,000 465,208,000 ACTIVITIES OF SPORT CLUBS WERE: 440,000,000 423,032,000 COMPANY BGN 413,359,000 434,781,000 PROFESSIONAL FOOTBALL CLUB LUDOGORETS 1945 AD 45,047,000 400,000,000 PROFESSIONAL FOOTBALL CLUB LEVSKI AD 11,325,000 393,639,000 360,000,000 PROFESSIONAL FOOTBALL CLUB CSKA EAD 7,081,000 371,035,000 PROFESIONALEN FUTBOLEN KLUB BEROE STARA ZAGORA EAD 6,813,000 320,000,000 PROFESSIONAL FOOTBALL CLUB BOTEV AD 3,784,000 280,000,000 PROFESSIONAL FOOTBALL CLUB LOKOMOTIV PLOVDIV - 1926 AD 3,214,000 PROFESIONALEN SPORTEN FUTBOLEN KLUB CHERNOMORETZ BURGAS 2,300,000 240,000,000

AD BGN 200,000,000 PROFESSIONAL BASKETBALL CLUB ACADEMIC EAD 2,241,000

OBSHTINSKI FUTBOLEN KLUB PIRIN EOOD 1,842,000 160,000,000 PROFESSIONAL FOOTBALL CLUB NEFTOCHIMIK BURGAS 1962 AD 1,560,000 120,000,000

80,000,000 The 10 largest companies in terms of total revenue in sector 40,000,000 Activities of sport clubs earned total revenue of BGN 85,207,000 and accounted for 17.47% of the industry's total 0 revenue. 2014 2015 2016

TOP 10 COMPANIES BY TOTAL REVENUE IN THE FIELD OPERATION In annual terms, total expenses rose by 9.97% compared to OF SPORTS FACILITIES WERE: COMPANY BGN 2015 and rose by 12.54% in comparison to 2014. ULEN AD 28,139,000 PAMPOROVO AD 18,277,000 The total operating expenses of the companies in the Sports BOROSPORT AD 13,418,000 activities and amusement and recreation activities industry NATIONAL SPORT BASE EAD 9,789,000 were BGN 434,781,000 in 2016. ACADEMICA 2011 EAD 6,488,000 Operating costs went up by 10.45% compared with the SPORTNI IMOTI PRIMORSKO AD 5,788,000 previous year and grew by 17.18% when compared to 2014. GOLF CLUB EOOD 1,845,000

VITOSHA SKI AD 1,739,000 We expect, based on the trend in the last three years, the total TENNIS MALEEVA AD 1,463,000 costs of the Sports activities and amusement and recreation BORIKO 2007 AD 1,447,000 activities industry to change at a compound annual growth rate (CAGR) of 6.09% in 2017.

The 10 largest companies in terms of total revenue in sector TOTAL COSTS BY SECTORS Operation of sports facilities earned total revenue of BGN RANK SECTOR TOTAL COSTS 88,393,000 and accounted for 18.12% of the industry's total (BGN) revenue. 1 OTHER AMUSEMENT AND RECREATION ACTIVITIES 140,125,000 2 OPERATION OF SPORTS FACILITIES 124,569,000 PRODUCTION SALES FIGURES FOR SPORTS ACTIVITIES AND 3 ACTIVITIES OF SPORT CLUBS 100,766,000 AMUSEMENT AND RECREATION ACTIVITIES IN 2016 4 OTHER SPORTS ACTIVITIES 44,611,000 SECTOR SALES IN BGN INCL. SALES ON INCL. EXPORTS 5 ACTIVITIES OF AMUSEMENT PARKS AND THEME PARKS 29,203,000 THE DOMESTIC IN BGN MARKET IN 6 FITNESS FACILITIES 25,934,000 BGN

OTHER AMUSEMENT AND RECREATION 370,450 0 370,000 ACTIVITIES

IV. EXPENSES

The combined costs of the companies in the Sports activities and amusement and recreation activities industry reached BGN 465,208,000 in 2016.

5 SeeNews Industry Report

Employment expenses INDUSTRY'S TOTAL COSTS STRUCTURE BY SECTORS Salaries expenses Social security expenses 21.66% 9.59% 127,389,000 130,000,000

117,000,000111,283,000 5.57% 106,612,000 114,718,000 104,000,000

6.28% 91,000,00099,098,000 88,206,000 78,000,000

65,000,000 BGN

52,000,000 26.78%

39,000,000

26,000,000 30.12% 10,669,000 11,601,000 12,613,000 13,000,000

0 Other amusement and recreation activities 2014 2015 2016 Operation of sports facilities Activities of sport clubs Other sports activities The highest growth in labour costs, of 35.83%, was registered by Activities of amusement parks and theme parks. Activities of amusement parks and theme parks

Others The monthly costs per employee in the Sports activities and amusement and recreation activities industry averaged BGN Activities of amusement parks and theme parks marked the 1,382 in 2016, BGN 1,171 in 2015 and BGN 1,287 in 2014. highest annual growth in total expenses, of 25.85%, while total expenses decreased the most, by 4.27%, for Activities of The monthly social security costs per employee in the sport clubs. industry averaged BGN 137 in 2016, versus BGN 127 in 2015 and BGN 123 in 2014. In terms of operating expenses, the highest rise, of 27.28%, was recorded by the Activities of amusement parks and EMPLOYMENT EXPENSES IN SPORTS ACTIVITIES AND theme parks sector. The sharpest fall was posted by Activities AMUSEMENT AND RECREATION ACTIVITIES BY SECTORS IN 2016 of sport clubs - 2.51%. RANK SECTOR EMPLOYMENT AVERAGE EXPENSES (BGN) EXPENSES PER EMPLOYEE The biggest spenders in the industry, with costs of over 10% (BGN) of industry's costs, numbered 16, including SPORTNI IMOTI 1 ACTIVITIES OF SPORT CLUBS 56,953,000 71,014 PRIMORSKO AD, AKTIV 02 OOD, PFC - CHERNO MORE AD, 2 OTHER AMUSEMENT AND RECREATION 28,385,000 9,276 BOROSPORT AD, ACADEMICA 2011 EAD. The medium ACTIVITIES spenders, or those in the 5% and 10% range count 21 and 3 OPERATION OF SPORTS FACILITIES 21,623,000 12,704 include UPPERFUNTASY RING PARK EOOD, GOLF CLUB 4 OTHER SPORTS ACTIVITIES 9,246,000 14,052 EOOD, ATHLETIC FITNESS OOD, NAVY COMMERCE EOOD, 5 FITNESS FACILITIES 6,405,000 6,947 PFC SLAVIA - 1913 AD. Below 5% threshhold are 3,340 6 ACTIVITIES OF AMUSEMENT PARKS AND 4,777,000 8,863 THEME PARKS companies, including DZZD PROFIT 5, ET GEORGI DZHAOV, BI - REYS EOOD, GABO 51 EOOD, EMA 2013 EOOD.

Employment expenses in the Sports activities and amusement THE TOP 10 COMPANIES BY AVERAGE MONTHLY COSTS PER and recreation activities industry went up by 19.49% on the EMPLOYEE IN THE INDUSTRY RANK COMPANY BGN year to BGN 127,389,000 in 2016. 1 PROFESSIONAL FOOTBALL CLUB LUDOGORETS 1945 AD 20,093 2 BILOT EOOD 9,111 3 PROFESIONALEN SPORTEN FUTBOLEN KLUB 7,750 CHERNOMORETZ BURGAS AD 4 LT KONSULT I MENIDZHMANT EOOD 7,750 5 PROFESSIONAL BASKETBALL CLUB ACADEMIC EAD 7,389 6 TOP FIVE SARL OOD 5,708 7 PROFESSIONAL FOOTBALL CLUB CSKA EAD 4,970 8 DP REYSING EOOD 4,833 9 TRAVEL IN EOOD 4,375 10 PROFESIONALEN FUTBOLEN KLUB BEROE STARA ZAGORA 4,374 EAD

The industry's tax expenses stood at BGN 4,107,000 in 2016. 6 SeeNews Industry Report

In 2015 it paid taxes of BGN 6,495,000. In 2014 the industry paid BGN 398,000 in taxes. Net profit/loss Operating profit/loss 40,000,000 37,162,000 Average taxes expenses by company 2,200 2,119 30,000,000 34,151,000

2,000 22,516,000

20,000,000 1,800 18,409,000

1,600 10,000,000

1,400 0 1,216 BGN 1,200 -10,000,000

BGN 1,000

-20,000,000 800 -28,009,000

600 -30,000,000 -31,326,000 400 -40,000,000

200 139 2014 2015 2016

0 2014 2015 2016 TOP 10 COMPANIES BY HIGHEST NET PROFIT IN SPORTS ACTIVITIES AND AMUSEMENT AND RECREATION ACTIVITIES RANK COMPANY BGN EXPENSES ON TAXES BY SECTORS 1 BILOT EOOD 22,116,000 RANK SECTOR BGN Y/Y CHANGE 2 SANDZHENERAL EOOD 7,647,000 1 OTHER AMUSEMENT AND RECREATION 2,049,000 12.40% 3 V-S 98 OOD 5,333,000 ACTIVITIES 4 MELIORA EOOD 1,861,000 2 OPERATION OF SPORTS FACILITIES 877,000 40.32% 5 AKTIV 02 OOD 1,758,000 3 OTHER SPORTS ACTIVITIES 680,000 -5.42% 6 FESTA DOLPHINARIUM EOOD 1,744,000 4 ACTIVITIES OF AMUSEMENT PARKS AND 386,000 60.17% 7 TSSN OOD 1,355,000 THEME PARKS 8 SPOCS INTERNATIONAL SPORTSMANAGEMENT AND 1,169,000 5 FITNESS FACILITIES 287,000 37.32% RIGHTS EOOD 6 ACTIVITIES OF SPORT CLUBS -172,000 -105.98% 9 NAVY COMMERCE EOOD 1,018,000 10 SUNSET AQUAPARK AD 913,000

V. PROFITABILITY TOP COMPANIES BY HIGHEST NET LOSS IN SPORTS ACTIVITIES AND AMUSEMENT AND RECREATION ACTIVITIES The industry's net profit amounted to BGN 18,409,000 in RANK COMPANY BGN 1 PFC - CHERNO MORE AD 5,099,000 2016, compared to a net profit of BGN 34,151,000 in 2015 and a net loss of BGN 31,326,000 in 2014. 2 NATIONAL SPORT BASE EAD 4,328,000 3 PAMPOROVO AD 3,886,000 4 ULEN AD 2,787,000 5 PROFESSIONAL FOOTBALL CLUB CSKA EAD 2,646,000

The combined operating earnings of the companies in the Sports activities and amusement and recreation activities market decreased by 39.41% y/y to BGN 22,516,000 in 2016.

OPERATING PROFIT/LOSS BY SECTORS (BGN) SECTOR 2016 2015 2014 OTHER AMUSEMENT AND RECREATION 51,075,000 53,319,000 36,451,000 ACTIVITIES ACTIVITIES OF AMUSEMENT PARKS AND 1,281,000 -654,000 -329,000 THEME PARKS OTHER SPORTS ACTIVITIES 797,000 3,456,000 3,776,000 FITNESS FACILITIES 340,000 -973,000 -3,519,000 ACTIVITIES OF SPORT CLUBS -11,028,000 -2,802,000 -38,480,000 OPERATION OF SPORTS FACILITIES -19,949,000 -15,184,000 -25,908,000

The profit margin for the Sports activities and amusement and recreation activities industry stood at 5.23% in 2016, while in 7 SeeNews Industry Report

2015 it amounted to 9.14% and -8.14% in 2014. LEADING INDUSTRY'S SECTORS BY ROE PROFIT MARGIN BY SECTORS 34 33.02 RANK SECTOR PROFIT MARGIN 30.6 1 OTHER AMUSEMENT AND RECREATION ACTIVITIES 35.72% 27.2 2 ACTIVITIES OF AMUSEMENT PARKS AND THEME PARKS 4.28% 3 OTHER SPORTS ACTIVITIES 1.76% 23.8 21.09 4 FITNESS FACILITIES 1.31% 20.4 5 ACTIVITIES OF SPORT CLUBS -12.35% 6 OPERATION OF SPORTS FACILITIES -20.56% 17 13.6

The Sports activities and amusement and recreation activities 10.2 7.6 industry's return on equity (ROE) is 2.28% compared to 4.64% 6.8 in 2015 and -5.12% in 2014. 3.4 The Sports activities and amusement and recreation 0 activities's return on assets (ROA) was 1.14%, while in 2015 it Activities of sport Other amusement and Activities of clubs recreation amusement parks and amounted to 2.33% and -2.26% in 2014. activities theme parks

TOP 10 COMPANIES BY HIGHEST AVERAGE NET PROFIT PER ROE EMPLOYEE IN SPORTS ACTIVITIES AND AMUSEMENT AND ROA RECREATION ACTIVITIES 5 RANK COMPANY BGN COMPANY HEADQUARTERS (CITY) 4.64% 4 1 BILOT EOOD 7,372,000 SOFIA 2 SUNSET AQUAPARK AD 913,000 POMORIE 3 2.33% 3 MONDEAL 2008 EOOD 762,000 BURGAS 2 4 SOLAR SAMAR FESTIVAL OOD 600,000 SOFIA 2.28%1.14% 5 PROPERTY INVEST EOOD 309,000 PAZARDZHI 1 K

0 6 TOMASS EOOD 167,200 BURGAS 7 EVROPARK OOD 137,000 SOFIA -1 8 FESTA DOLPHINARIUM EOOD 124,571 VARNA 9 VORIK GROUP EOOD 123,000 OBZOR -2.26%-2 10 AST-SERVICE EOOD 117,000 SOFIA -3

-4 About 40.00% of the 10 leading companies in terms of net

-5 profit per employee are located in SOFIA, while 20.00% are -5.12% BURGAS-based and 10.00% are headquartered in -6 PAZARDZHIK. 2014 2015 2016 The average net sales revenue per employee in the Sports

activities and amusement and recreation activities industry LEADING INDUSTRY'S SECTORS BY ROA amounted to BGN 46,193 in 2016, up by 11.91% compared to 11 2015 and up by 25.60% compared to 2014. 10.1 10 The industry's average operating revenue per employee 9 increased by 4.51% year-on-year in 2016 to BGN 56,021. It 8 went up by 17.23% compared to 2014.

7 The Sports activities and amusement and recreation activities 6 sector generated an average BGN 63,481 in total revenue per employee. In 2015 and 2014 the figure was BGN 61,115 and 5 BGN 53,079, respectively. 4 3 The average total revenue per company in the Sports activities and amusement and recreation activities industry 2 1.42 decreased to BGN 144,425 in 2016 from BGN 151,331 in 2015. 1 The 2014 value was BGN 134,139. 0.15 0 Other amusement and Activities of Other sports A company in the Sports activities and amusement and recreation amusement parks and activities activities theme parks recreation activities field made on average a net sales revenue of BGN 105,094 in 2016, compared to BGN 102,209 in 2015 and BGN 92,947 in 2014.

8 SeeNews Industry Report

The Sports activities and amusement and recreation activities was BGN 781,341,000 versus BGN 694,910,000 a year ago. In industry made 0.14% of the overall sales country-wide, 2014 the industry's indebtedness totalled BGN 742,939,000. increasing its market share by 0.02 pp. INDUSTRY'S INDEBTEDNESS BY SECTORS (BGN) Operating profit per employee for the industry as a whole was SECTOR 2016 2015 2014 BGN 2,931 in 2016. For comparison in 2015 it amounted to OPERATION OF SPORTS FACILITIES 248,214,000 233,806,000 293,224,000 BGN 4,898 and BGN 4,898 in 2014. OTHER AMUSEMENT AND RECREATION 244,017,000 151,234,000 107,837,000 ACTIVITIES THE TOP BY OPERATIONAL PROFIT PER EMPLOYEE IN SPORTS ACTIVITIES OF SPORT CLUBS 167,674,000 186,972,000 205,746,000 ACTIVITIES AND AMUSEMENT AND RECREATION ACTIVITIES ACTIVITIES OF AMUSEMENT PARKS AND 50,893,000 44,802,000 39,811,000 THEME PARKS RANK COMPANY BGN 1 BILOT EOOD 7,372,000 OTHER SPORTS ACTIVITIES 39,237,000 34,792,000 42,236,000 2 SUNSET AQUAPARK AD 982,000 FITNESS FACILITIES 31,306,000 43,304,000 54,085,000 3 MONDEAL 2008 EOOD 846,000 4 SOLAR SAMAR FESTIVAL OOD 666,000 5 PROPERTY INVEST EOOD 343,000 Debt-to-assets ratio of the companies in the industry is 0.48 in 2016. It was 0.47 in 2015 and 0.54 in 2014.

TOP 10 COMPANIES WITH HIGHEST CORRELATION OPERATING REVENUE - NUMBER OF EMPLOYEES - EMPLOYMENT EXPENSES* VI. EMPLOYMENT RANK COMPANY NAME CORRELATION (BGN) 1 SUNSET AQUAPARK AD 9,850,000 A total of 7,683 people were employed in the Sports activities 2 LT KONSULT I MENIDZHMANT EOOD 3,331,000 and amusement and recreation activities industry at the end 3 SOLAR SAMAR FESTIVAL OOD 1,650,000 of 2016, compared to 7,587 in 2015 and 7,205 in 2014. 4 MONDEAL 2008 EOOD 1,322,000 5 -2012 EOOD 1,159,000 NUMBER OF EMPLOYEES BY INDUSTRY SECTORS SECTOR NUMBER SHARE OF 6 PROFESIONALEN SPORTEN FUTBOLEN KLUB 673,667 INDUSTRY CHERNOMORETZ BURGAS AD TOTAL 7 SUNINVEST OOD 665,000 OTHER AMUSEMENT AND RECREATION ACTIVITIES 3,060 39.83% 8 SPORTNI IMOTI PRIMORSKO AD 586,778 OPERATION OF SPORTS FACILITIES 1,702 22.15% 9 DP REYSING EOOD 573,000 FITNESS FACILITIES 922 12.00% 10 PARTY PARTNERS OOD 451,000 ACTIVITIES OF SPORT CLUBS 802 10.44% OTHER SPORTS ACTIVITIES 658 8.56% ACTIVITIES OF AMUSEMENT PARKS AND THEME PARKS 539 7.02% *The correlation is calculated by subtracting the quotient of the operating profit, and the employment expenses to the number of employees.

AVERAGE REVENUES PER EMPLOYEE IN SPORTS ACTIVITIES AND AMUSEMENT AND RECREATION ACTIVITIES IN 2016 ALLOCATION OF EMPLOYEES BY INDUSTRY'S SECTORS SECTOR AVERAGE NET AVERAGE AVERAGE NUMBER OF SALES OPERATING TOTAL EMPLOYEES 802 REVENUE REVENUE REVENUE 922 (BGN) (BGN) (BGN) OTHER AMUSEMENT AND 41,769 46,734 62,484 3,060 RECREATION ACTIVITIES 658 OTHER SPORTS ACTIVITIES 66,614 68,681 69,009 658 ACTIVITIES OF AMUSEMENT 37,191 55,503 56,557 539 PARKS AND THEME PARKS FITNESS FACILITIES 26,366 28,152 28,497 922 539 ACTIVITIES OF SPORT CLUBS 76,716 111,385 111,893 802 1,702 OPERATION OF SPORTS FACILITIES 45,463 56,996 61,469 1,702

AVERAGE REVENUE PER COMPANY IN SPORTS ACTIVITIES AND AMUSEMENT AND RECREATION ACTIVITIES IN 2016 SECTOR AVERAGE NET AVERAGE AVERAGE NUMBER OF SALES OPERATING TOTAL COMPANIES REVENUE REVENUE REVENUE (BGN) (BGN) (BGN) ACTIVITIES OF SPORT CLUBS 778,810 1,130,772 1,135,924 79 3,060 OPERATION OF SPORTS FACILITIES 449,872 563,994 608,256 172 ACTIVITIES OF AMUSEMENT 105,505 157,453 160,442 190 Other amusement and recreation activities PARKS AND THEME PARKS Operation of sports facilities OTHER SPORTS ACTIVITIES 103,622 106,837 107,348 423 Fitness facilities OTHER AMUSEMENT AND 63,907 71,503 95,600 2,000 RECREATION ACTIVITIES Activities of sport clubs FITNESS FACILITIES 47,386 50,596 51,216 513 Other sports activities Others

The total indebtedness of the companies in the Sports The analysis on companies' sizes by the number of activities and amusement and recreation activities industry employees, shows that 1479 firms have less than 50 9 SeeNews Industry Report

employees*, 21 have between 50 and 250 employees* and 2 companies employ more than 250*.

* 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 1 500 1 479

1 350

1 200

1 050

900

750

600

450

300

150 21 2 Small Medium Big

The employees of the leading 10 companies in terms of numbers make up 23.83% of the workforce in the industry in 2016.

TOP 10 FIRMS BY SHARE IN INDUSTRY'S TOTAL NUMBER OF EMPLOYEES RANK COMPANY NUMBER OF SHARE EMPLOYEES 1 ULEN AD 424 5.52% 2 NATIONAL SPORT BASE EAD 294 3.83% 3 PAMPOROVO AD 216 2.81% 4 BOROSPORT AD 209 2.72% 5 PROFESSIONAL FOOTBALL CLUB LEVSKI AD 163 2.12% 6 TON BONBON OOD 121 1.57% 7 PROFESSIONAL FOOTBALL CLUB LUDOGORETS 117 1.52% 1945 AD 8 INTERSERVICE UZUNOVI - AV OOD 109 1.42% 9 ACADEMICA 2011 EAD 93 1.21% 10 STAR MENIDZHMANT EOOD 85 1.11%

The Sports activities and amusement and recreation activities industry is the 57th largest employer in the country with 7,683 employees with the largest employer being Retail trade, except of motor vehicles and motorcycles with 234,189 and Libraries, archives, museums and other cultural activities at the bottom with 54 employees.

The Sports activities and amusement and recreation activities's share in the country's total employment was 0.33% in 2016, 0.38% in 2015 and 0.39% in 2014.

We expect, based on the trend in the last three years, the number of employees of the Sports activities and amusement and recreation activities industry to change at a compound annual growth rate (CAGR) of 3.26% in 2017.

10 SeeNews Industry Report

The industry is represented by the following companies

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DEPRABEL TUK OOD BULBET EOOD GOLDAN BAG EOOD TOLT EOOD SOUL ENTERTAINMENT GROUP EAD BULGARIA TURS EOOD FERIYA ART 1 EOOD IDEA PRIMA - DIMITAR UVALIEV ET ROKO - ROSEN KOWACHEW ET RAZVLEKATELNI IGRI OOD TOP SECRET SHOW OOD GRATSIA SPORT EOOD D & G TRAVEL EOOD ASEN ASENOV M EOOD MODERM 2009 OOD ER ES TE 1 EOOD NIKOLETA-14 OOD KOLELO ZLATNI OOD LUNA PARK GARTNER EOOD MEDILET EOOD AQUAPOLIS OOD DZZD OZVUCHITELNI SISTEMI ORENDA 111 EOOD DINAMIK SPORT 28 EOOD GOLDAN GRUP 2014 EOOD KRASKO - DAFNE 2014 EOOD TRANSTRI OOD MAGIC PLAY EOOD BET SHANS EOOD NAD VARHA EOOD WEIDER GYM EOOD PROPOWER GROUP EOOD WILLOW MANAGEMENT EOOD VITAGER EOOD ET SHEN STOYAN SHENTOV CHEMPIANS DZHIM EOOD SPORT STORE OOD MEGA GOL EOOD KOSMOS KOM 13 EOOD FOLKLORIKA EOOD LOTOS 2007 EOOD ISI-37 EOOD FITPRO EOOD SANDOMAKS DISTRIBUSHAN EOOD MA-AN EOOD SPORT CLUB RIDE ENDURO EOOD HEPPY FEW TRAVEL GROUP D OOD GAMA 2002 DZZD ET IZABEL - RILKA GEORGIEVA KRONOS DS EOOD INVEST SPORT OOD KONEKTED 2014 EOOD PERI VOLAS EOOD BOMIVAS PLEY EOOD BLITS OOD MAYKO EOOD BANDERGROUP EOOD AGL OOD SPORT DESIGN EOOD ATLETIKKO OOD VIKI 90 ZLATKO ZELENIKOV ET MIDIYA EOOD NIAT EOOD NYU KARTS GRUP EOOD KUPIBILET.BG EOOD GTK GROUP EOOD POLINERO PLACE EOOD MIG AGRO EOOD NOVO SUN 13 EOOD BYALA-SPORT EOOD AGLO ART EOOD NASICH 2 EOOD ARVEN 67 EOOD IRRNIYA EOOD BALKAN INTERNATIONAL BASKETBALL LEAGUE ARTISTIKO 2015 EOOD EOOD ALEKO SPORT - 99 EAD HRISCHEVA PROSUIM EOOD ANAKONDA PARK EOOD DOBRICH PARK EOOD OOD BUMARS EOOD DZZD PROLET FUNTOPIA FRANCHISING EOOD ET GETS GEORGI CHENKOV VERTICALEN SVIAT OOD FK SPORTS INTERNATIONAL EOOD AKUA AZUL OOD STOMNATA TUTRAKAN EOOD MOLTAN KOR EOOD LODZHIK RUUM OOD FITNES ENERDZHI KLUB EOOD ATLAS 2009 OOD SINSOF EOOD ET ARBALET - IVAN STOYNOV ET ERRA - 90 - DIMITAR KOSTOV FINES 1 EOOD DIST OYL EOOD INTERSAUND EOOD SDRUZHENIE SK DB REYSING TIYM BALKAN TURIST SPORT EOOD IFS OOD KRAS 2008 EOOD GAP 2014 EOOD AMAROK EOOD RAYA YANA ANGELOVA EOOD RED NOUZ EOOD CHEPELARE KURORT AD ET MOMINA SALZA - METIN HASHIM ANIMOUSHAN EOOD DAMM 12 OOD KUEST LEND OOD ALK-PRIRODA EOOD GEYMING BG EOOD DZZD AOSP SIMEON DRAGANOV VUTOV BALGARSKOTO NASLEDSTVO OOD PEYNTBOL MANIYA OOD GARMEKS EOOD I G A GRUP EOOD ART MUSIC ATELIE EOOD ANNA STEFANOVA SHANS ET RULI OOD ET BEGA - SALI HASAN BIKEAREA EOOD VIOLETKA ATANASOVA EOOD ET VENETA STANOYKOVA-BOBI TOMAS 333 EOOD LINK OIM OOD DZZD GALFSTRIYM 77 YOGA MANDALA EOOD GSG GROUP EOOD VES TRANS 16 EOOD FIT POINT EOOD S.M.S.K. EOOD TERITAR OOD PROMIS PROPARTI EOOD ET FOTON - BORIS BORISOV HOOKAH VARNA OOD OLIMPIA OOD FERITEYL OOD BALAKOV SOKAR ARENA OOD MAT 8 EOOD TSANEVI-12 EOOD M T DZZD PARTY TEAM EOOD DUMI SPORTS MENIDZHMANT EOOD ALFA RIDERS OOD DZZD GALFSTRIYM-66 DANCHEVI-2014 EOOD EXTREME KIDS BM EOOD BET SPORT EOOD TRAPCHEV EOOD VENID ART OOD DANCE PALACESLTD OOD TK ROSITSA EOOD LUUK PRESTIZH OOD BONATO SPORT EOOD TROYA 2013 EOOD PIZNA MI 2 EOOD PROPAGANDA PRODUCTIONS OOD ET ALEKS 2000 -ALEKSANDAR KAPRICHEV FYUCHARPRUUF POLITIKAL OOD VI ES DENS EOOD PLANET SPORT 2014 OOD SOFIYA KIDS EOOD LEVEL BG OOD PROSPORT I V EOOD FINES 2022 OOD KZ I KO OOD S K S - 7 EOOD ATRAKTSII - ROPOTAMO OOD TIAF 2015 EOOD GOLF CLUB EOOD MIR 2006 OOD KPJ SYS EOOD BANSKO - PLANINSKI SPORT OOD HUNTING AND FISHING - TARGOVISHTE EOOD LILI LAND EOOD ET MYUZIK INSAYD-IVELINA GEORGIEVA ANVAYA EOOD ET DIMI-DIMO NIKOLOV M END T - 2012 OOD CHANCE - 95 EOOD SNAP 79 EOOD AKVA - SPORT EOOD NEDKOL SPORT EOOD 2 DE OOD MARKAS 92 EOOD PARTY COMPANY EOOD SIL 2013 OOD PROZHEKT UAN OOD ZA DETSATA ST EOOD BULGARIAN LIVE MUSIC EOOD VIVI 2006 EOOD VI.ES.TURS OOD EURO BOOKMAKER 1 OOD KODZHABASHEVI EOOD ET DETSKI RAY - DANIELA LYUBENOVA BURGAS BIYCH EOOD VAYA DIR OOD PAK-MAN EOOD FLAYS EOOD TIBET 2001 EOOD EN DI BALET EOOD ET DEDAL-YORDANKA MANEVA PFK BELITE ORLI AD ICEBERG 2010 EOOD VS DANCE ACADEMY EOOD ZONA 51 - 2015 EOOD MEADOWS IN THE MOUNTAINS BG EOOD KUHNYATA NA ZVEZDEV OOD STK 2016 EOOD ALEX DELUX EOOD P I S OPASEN CHAR EOOD ADIKA NIKOLAY ALEKSIEV EOOD KM SPORT 91 EOOD RIYVA IVANKA ILCHEVA ET BK TRENYORI OOD STENLI - 5 EOOD VIP SPORT EOOD ESOESBG EOOD FIT BG EOOD PRIMERA GRUP EOOD GRIYN FITNES EOOD ATLANTIS NN EOOD DZHULI MARULI EOOD PERFECT EVENT EOOD ET ATLETIKA ANTON BONOV FUTBOL NEPTUN EOOD ATHLETIC FITNESS OOD DERIBAS EOOD SPORTS PROPARTI MENIDZHMANT AD SCOUTING TEAM OOD ENERDZHI 1984 EOOD TAMIS OOD ANER SPORT SARVIS EOOD AGENCI BINEV EOOD SHMU OOD PLAMACHE BULGARIA EOOD VALENTINOV V EOOD TUITI PARTI EOOD ET PLAMEN IVANOV PRIZ AUTO EOOD GEOMIN INZHENERING EOOD NIDIM - 2014 OOD TIHO 60 EOOD THE SECRET EOOD TAY YUAN EOOD BALKANSKI GROUP OOD BG TRAVEL GRUP OOD DEYZIMEKS OOD MULTI SYSTEMS BG-BULGARIA EOOD TAKT - ZONA EOOD EVROBULNET OOD EDAYA EOOD FUMEKS-BULGARIA EOOD BOGATIR EOOD VESTIGO OOD V S TECH EOOD TSENTRAL MN EOOD 12 SeeNews Industry Report

MENIDZHARSKA AGENTSIYA LP SUPER SPORT POKAJI MI EOOD YUPA EOOD HIMERA EOOD RIN SPORT OOD ARTIFIT EOOD OFP TSENTAR LEVSKI DZZD CONCEPT CREATIVE CREW OOD ANIMATION WORLD EOOD EVARLEND BG EOOD TENIS KORTOVE EOOD GDV 3 OOD JUNIOR TOURS OOD SITARA DENS EOOD ANDINAS OOD MG SPORT OOD MULTISHOU LYUBOMIR PETKOV ET ET MALYANOV - DIMITAR MALYANOV VEGA BET EOOD D& L GROUP EOOD ET NIYA-TSVETA KRASTEVA ET DIMATA666-DIMITAR STANEV LATIANA EOOD TIARA-2016LTDO EOOD PRO HAUS 2017 EOOD CHEPELARE SPORT AD GALDI ES EOOD SKAY 15 EOOD ILKONI - ATRAKTSIONI EOOD VIP GYM EOOD SINYO LYATO 2014 OOD VUZHENI ISTORII OOD KARAT 2005 EOOD M.D.8 OOD IEST METAL EOOD ANTON APOSTOLOV 2011 OOD TOP LEVEL SPORT OOD GLORIART EOOD PYROWORKS EOOD NADIRA BG EOOD SOFBET 3 EOOD ET MIRO 63 - MIROSLAV IVANOV ET MIMONA-99 - TEODORA YONOVA MAKSIMA SPORTEN KOMPLEKS OOD BODI REVOLYUSHAN EOOD EFBET OOD YANA I SIN EOOD POLSON EOOD PALAR - 23 EOOD KONSTANT LAYFSTAYL EOOD FIORD EOOD MAYK 2013 MIHAIL MADZHAROV ET ASAT 2014 EOOD VEGAS-SPORT EOOD EL MAR 1 OOD VESELI IGRACHKI OOD VASILENEKS EOOD NADYA STOEVA ET HVARCHILO AK OOD VIVA1960 EOOD ET LEBIS - SIBEL AKIF SUNNY DANCE EOOD PEPO 87 EOOD MAYN TAUAR NIKOLAY IVANOV ET B - FIT EOOD TRIP OOD AS-09 OOD ARAHNA ART OOD FITNESS COMPANY EOOD PARTI CENTAR VEGA EOOD PARK INVEST EOOD EKO ETIKA EOOD STUDIO RITMO OOD TRIO FIT EOOD BEST PARTY OOD ET EMILIYA DIMITROVA - FADAN OGLEDALO SPORT EOOD REAL GAME 2 EOOD KRIS DEYNDZHARS EOOD YALCHIK OOD BGG EOOD VESUVIO EOOD NEVERLAND 2014 EOOD CREATIVE ENDEAVORS OOD VADI VAN KRIS OOD DZZD SKAY FLAY FOOTBALL DEVELOPMENT SERVICES EOOD EYCH EF BI EOOD MARIBO 2014 EOOD INTER-SPORT BANSKO OOD IVET MINCHEVA EOOD TODORKA GEORGIEVA ATANASOVA PIRIN KIK BOKS EOOD BORDAN - SPORT OOD ARENA GEYMS EOOD DA SENTAR EOOD INOHOLD AD BIOSPORT EOOD SPRINT EM OOD LOVE PLAYERS EOOD EVENT PROGECT EOOD D END S 2014 OOD LENINOV EOOD GENERAL TRADING GRUP EOOD ELMIRA STIL OOD POLIBOR BIO RELAX EOOD SAN BAYK EOOD BUKMEYKAR LYULIN -2016 EOOD POLTAVA - 73 EOOD ROSI ROSITSA PISHUTOVA ET SPORTNI BALONI EOOD DCB GROUP EOOD SPORTNI TEHNOLOGII EOOD MARAKAS EOOD TSSN OOD FREDDY ATTRACTION OOD EOOD SVISHTOVSKA AKADEMIYA MIDALIDARE UAYLDLAYF EOOD HR SUPPORT OOD MITRA 10 EOOD DZZD PLEYGRAUND PAHOMOV EOOD FUTURO-0609 EOOD RILA GOLF I SPA RIZORT AD ORANGE ENTERTAINMENT EOOD SFX-INTERNEHANAL-GEORGI KRAEV ET MOBILNA LOKALNA AGENTSIYA EOOD VALF EOOD EYSILAYF EOOD PI END PI MAUNTIN 2 EOOD YONITO 11 EOOD FK TSSKA AD VLADO DZHAMPING SPORT EOOD KOLEKTOR 04 SPLTD EOOD CATALYST BULGARIA EOOD MIND ROOMS OOD BULGARIA FOR YOU OOD MEHMED BRADARS OOD VESTA EOOD SHIDO FITNESS CENTER EOOD DENS ZON EOOD ANASTASIA AND CO EOOD EURO ADVISERS SPORTS AGENCY EOOD FANTASTIC CLUB EOOD MONIKA - 98 EOOD MENIDZHAR KOMPANIYA EOOD NIRONE OOD PFK VIDIMA RAKOVSKI AD STUDIO DIDZHEY DIDO EOOD AVOCON - VALENTINA ANDREEVA ET ET IVAYLO HRISTOV FIT FACT OOD FITNES KONSULT EOOD DIDI-13-DIANKO OTCHKOV ET SEVERIN SPORTS EOOD KADREV 1 EOOD VIVA NOVA 80 OOD GAME STUDIO PHANTOM OOD ET GERGANA TRUHCHEVA KARTAL-2015 EOOD FILT 2014 EOOD MVJ SPORT OOD RITAM 78 OOD VELIZAR BLASKOV EOOD KOLEKTOR 08 SPLTD EOOD SAGA SPORT - 1 EOOD KALSU OOD PEHO PETAR MINCHEV ET FITPERSONA EOOD SDRUZHENIE KLUB PO KONEN SPORT NOMAD EYDZH PARFEKT EOOD OPUS EOOD ENDYURANS GALF SPORT EOOD ENERDJI - PLAMEN CANKOV EOOD ANDERPAB OOD LIVEPROM OOD OLIMP 33 EOOD SPAS HRISTOZOV CHERVENAKOV ET DZZD DA SENTAR SKUL HOTEL CHIFLIK EOOD VOLLEY TREND SPORT EOOD ET LAZAROV I SINOVE FK BANSKO OOD PENUEL EOOD INTEKS TURS EOOD ET KRASI-KRASIMIR PARVANOV ADRENALIN OOD SIEM OOD BRIV COMPLECT EOOD SVETOSLAV DOCHKOV SIMA ET PESIDA PEPA DAMYANOVA ET HRISTO YOVCHEV - 2010 EOOD BULMEDIKS 2012 EOOD EKSTRIYM BULGARIA 338 EOOD SELECT INVEST 2010 OOD POLIMEX TRANSPORT OOD URANOS OOD HAPPY FIT GROUP OOD ARIADNE 1140 OOD OL KIDS EOOD CHERNOMORSKA BREGOVA GRUPA OOD UMBRELLA BEACH EOOD NYU FITNES SALYUSHANS OOD ORENDA DZZD RUDRAAKSHA EOOD HAPPY LAND PARK MANAGAMENT PLS KDA VALENTINO VALENTIN VAPTSAROV ET EKIPBOX OOD ALIEN PLACE 2013 EOOD LIFESTYLE ELEMENTS EOOD REMSTROY M OOD FANI PUL EOOD GEO SOURCE EOOD M-UNITE EOOD ET STOYAN TODOROV - 66 LIBERA TREYNING TSENTAR EOOD NATALYOGA EOOD DZZD PARTI TAYM LIBERTA 2007 EOOD MORSKI KLUB CHAYKA EOOD MULTILEND EOOD KIRIL VESKOV KANCHEV SHIPKA 1861 OOD FITNESS XTREME 2009 EOOD DENTAL TURS EOOD JIMEX EOOD ORCO BEACH EOOD PFC - CHERNO MORE AD ET ZTI - IVAYLA STOYANOVA NANA - PAVEL CHALAKOV ET STENIKOL EOOD DJONISPORT 125 EOOD NIKOLET EMILOVA EOOD KASKADAS ENTARTEYNMANT OOD JT DANCE EOOD OLYMP GYM EOOD ANDROMEDA DZZD SHENI-SUNI 2014 OOD VUK SPORT EOOD DANUBEHANT EOOD FORTUNA-13-D EOOD KOTOR EOOD LICHEN TRENYOR EOOD FENIKS 0407 EOOD MILANDAR OOD EMI KOMERS EOOD ET VIHAR ANNA - BOTYU KANEV MAVERIG OOD VELO TRANS 86 EOOD MLADEZHKI KLUB ZAEDNO PA BET EOOD MONDEAL 2008 EOOD VALKOOP EOOD AKVA MEDZHIK 65 EOOD DIM 2012 EOOD MOTOY BG EOOD ERMENCHUK EOOD DSD 2015 EOOD OLEYS INVEST EOOD M - INVEST COMPANY EOOD SKUTER RENT OOD 13 SeeNews Industry Report

BULGARIA RAFT END KAYAK EOOD DENIS CLUB OOD EVENT MANAGER GO4SHOW OOD D & S - 2011 OOD KALIGULA 88 EOOD EKOLOGICHEN TSENTAR EOOD ORHIDEYA MD DZZD FEYMAS KRYU ENTARTEYMANT OOD PRO FIGHT OOD ET EMIL ANDREEV - FELICHITA BIYOS MYUZIK EOOD KANPET EOOD REAL GAME 1 EOOD DARIZPA EOOD ROSKAZ OOD 3 FON INVEST EOOD PROPERTY INVEST EOOD BE ART 7 EOOD PRO LINE BG EOOD UNIKO - BG EOOD AKRA LIDO OOD TOTALI IREKTED OOD MEDIAR SHOPS OOD KRISKAR 2015 OOD LIGHT SERVICE EOOD ORANGE FINANCIAL EOOD DEMAR 1 OOD ARENASLOT OOD IGROMANIA EOOD NIKO SPORT EOOD P M BULGARIA OOD COFFEE TRAIDING BG 2019 EOOD STARTREYD BIYCH OOD TALANTI BG EOOD MORE 2010 EOOD RADOST I USMIVKA DZZD ALAMOS EOOD AS TRADE GROUP EOOD ANIMEICHEN ENTERTAIMENT AND ACTYVITY LEOPOLIS OOD EOOD ROOM 66 EOOD VIVA MOUSHAN OOD EKSPLOZIVNA FITNES MOSHTNOST OOD GALOKSA OOD NOVA VEND EOOD ANYAM OOD SDRUZHENIE SPORTEN KLUB EVROFITNES M K KO OOD MELISA VESELINA GOSPODINOVA ET PFC SLAVIA - 1913 AD DZHORDZHO END DZHI EOOD DANIMA OOD RITAM - AR ES DZHI EOOD NYU BEGINING 13 EOOD DJU - R EOOD PRIKAZKA EOOD ROL EKS 7777 EOOD TIMESCAPE EOOD INDIOLADZHI EOOD IN I YAN OOD ISA IMOTI STROITELSTVO ARHITEKTURA EOOD VGM EOOD ANANDA SARASVATI EOOD NIK ART STUDIO EOOD G GRUP 2016 EOOD TERESTRA - BULGARIA EOOD SATIA EOOD D-FUSION EOOD BULSPORT 365 OOD BILYANA 1300 EOOD ET HERA - PENCHO STOYANOV ELEGUA OOD ET PRES PANORAMA DIMITAR SROYKOV D M EKSTRIYM OOD VEL EOOD EVROLOT EOOD ET IVAN NEDELCHEV - 77 DREHA OOD ARTGROUND PRODUCTION EOOD SYAYVO SOZOPOL EOOD THE BEACH OOD FIS 2011 EOOD MORSKO KONCHE 2 EOOD MISHA FIT 90 EOOD BOROSPORT AD ET SNEZHI-STOYANKA TSVETANOVA ET KRASIMIR UZUNOV KARATA TEMPO 07 EOOD ARENA FUTBOL EOOD ET DIMITAR KOSTOV-G MERISPORT STRUMSKO OOD BARS 1 EOOD DZZD PROFIT 14 DERIDA DANCE EOOD TEOKOM EOOD VIBES FITNESS EOOD VENI - M EOOD PRO GYM EOOD BUZAKI ENTARTEYNMANT EOOD OBSHTINSKI FUTBOLEN KLUB PIRIN EOOD DZZD AND I EL ET NISONA 2 - KATERINA NAUMOVA MAXS FITNES EOOD RENESANS EOOD KIDSZONE 1 EOOD HUNI SPORT EOOD ICE SYNTHETIC OOD TOCHEN IZSTREL EOOD INSOMNIYA ENTARTEYNMANT OOD BEST FLEYVARS EOOD INTERNESHANAL SPORTS DIVELAPMANT EOOD VITOSHA SKI UCHILISHTA EOOD ULTIMI VARNA EOOD FILIUS OOD SITARA CONSULT EOOD SELINA IN EOOD MLADEKS SPORT EOOD ET DENKA NIKOLOVA BG TRAVEL AKADEMIA OOD NASKAR EOOD TOTAL ALEKSANDAR GROZDANOV ET YAN TAY DZI OOD ALMAR 29 EOOD SK- AVANGARD EOOD HERPETOLOGIYA OOD YOGO VIZHAN EOOD SMAYLING SHARKS EOOD FENIKS 14 EOOD STIV EKSTRIYM OOD EOOD DZHEY EM KA KONSULT DESTINY ENTERTAINMENT EOOD IVA-72 EOOD VIBES HEALTH AND FITNESS EOOD BINEVI EOOD IRONI DZZD NORT STAR KETARING EOOD GEGOV 2010 OOD HARA YOGA OOD AMORE EL EOOD CHOUA SVYAT OOD AS-23 MENIDZHMANT OOD VILA SHTUROTIA OOD GERACI EOOD AKTIV SPORT 2015 EOOD BLACK SEA GROUP EOOD EM EM KEI 2014 EOOD SHABLA PROPERTY EOOD PROFESSIONAL FOOTBALL CLUB CSKA EAD KRISTAL 08 EOOD EVENT ADZHENDA EOOD ROYAL TRADE 11 EOOD ET GEORGI FESHEV FIZZY APPLE EOOD EKOMAKS OOD PLANINSKI PRIKLYUCHENIYA OOD KARA 100 EOOD TOMAS PEEV EOOD STUDIO 7 GROUP OOD BOBO 1997 EOOD FUN POINT EOOD BUKMEIKAR 0126 OOD SPORT VENTURES EOOD VITALFIT OOD ORTO MEDIKAL BULGARIA EOOD YAVANA EOOD INTERGALAKTIK TREYDING KAMPANI EOOD TS O T OPTIMUS OOD FOLK KOLORIKA EOOD LIGHTHOUSE BEACH EOOD VALDANO 63 VALENTIN BILYANOV ET BWIN EOOD NENSI DANCE EOOD BET POINT 34 SPLTD EOOD ACADEMICA 2011 EAD PAMMAR 95 84 EOOD ARLEKIN-M OOD ZHIPI OOD ALYUR 2007 OOD VIKTORIYA - 2001 OOD FITNESS ENERGY CLUB VARNA EOOD TRANSFER KONSULT EOOD ELEKTRIK SM EOOD FLEKS EOOD DZZD PROFIT 122 NIKSI-NM-NIKOLAY MELIN ET RADEMAL OOD VANIS KAMPANI EOOD VIKTORIYA 77 EOOD KINETOBAL EOOD SOFI SPORT OOD KURAJ 51 OOD DZZD EMI DENS 60 EOOD PERFECT PARTI EOOD PLAY PARK SERVICE OOD OLIMPIA KONSULTING EOOD NYUARK OOD OHANA ENTARTEYMANT EOOD SK MUSTANG - GALINA MADZHAROVA EOOD AKVA STAR BULGARIA EOOD NUOM EOOD ET KATREN - OGNYAN AVRAMOV BE SHAPE EOOD VITAL ACTION BODY EOOD OGNENA XRIZANTEMA EOOD SUNINVEST OOD PERSENTSI OOD PRODANS BG EOOD BELADZHIO 2 DM EOOD START VLADIMIR VASILEV EOOD VELEVI SIE EOOD AKVATRAH - 1 EOOD AEROLUKS SERVIZ OOD DZZD PETRONIUM DEJA VU DESIGN EOOD KRIEYTIV ENTARTEYMANT OOD PARTY PARTNERS OOD VOLEY PROMOSHAN EOOD OFIS FRENDS END FEMILI BARBEKYU EOOD ORINDZH BG EOOD A-MEGA SITI EOOD DOBREVA 89 EOOD PLUS TOVA OOD INTERTREYD EOOD MINOKI OOD GET FIT EOOD MANKI ANIMEYSHAN EOOD ''CORECT DJIM''LTD OOD VOYVODI DZZD VIA TENIS STAR OOD GO4SHOW EOOD JIVKO - LUNAPARK EOOD ARENA SPORT EOOD D K B ROSSBULL COMMERS EOOD RACQUETBALL OOD RUSALKA DZZD FLORENTIN 67 EOOD KOMPLEKS TREYNING OOD ISI 2000 EOOD LB TURS EOOD NAVY COMMERCE EOOD OTOTRENING - BG EOOD BORD - KEPITAL 77 EOOD RISEPSHAN RUUM EOOD STAGABAUT OOD ZHARDANOV EOOD MAROKKA OOD BORLUKSI OOD ET AMIGO - IVAN IVANOV UNIVERSIADA EAD ET DIMITAR BLIZNAKOV ATLAS TSENTAR EOOD DND FIT OOD 360 HELT KLUB OOD VESELITE PARTITA EOOD ET ZHO TEM BIZHU - ZORNITSA GEORGIEVA MOREART EOOD TSE EM 2014 EOOD SUSTEYN EOOD SPORT SOLUTIONS EOOD ET SIKRIS - KRISTIAN CHELPANOV 14 SeeNews Industry Report

EVROBUK OOD KAMPANI RENTAL EOOD ET STOYAN PETROV-2000 YUPITER 1 EOOD PIST KART EOOD KOLEKTOR 81 SPLTD EOOD KING GROUP EOOD ET TG I SK - KOSTADIN STOYANOV GREEN CHERRY GROUP EOOD TOP FIT BG OOD STV INTERNATIONAL OOD MART DANCE STUDIO EOOD SDV KONSULTING EOOD AKVA FAYAR - 09 OOD ALBENA RASHEVA ET TEXEDO ENTERTAINMENT EOOD ENERGY GYM 2 016 EOOD AVIDI EOOD ET VESELA - VESELA GENCHEVA VENID ELEKTRIK BAYSIKALS OOD SISI - 2002 EOOD POLIS 2007 EOOD BILYANA FIREWORKS EOOD VENI ATRAKCION EOOD ESSS EOOD ENIMAL HAUS OOD ET IVAN DZHANKOV-RIT IZMIRA SPA 3 OOD DIMITAR METODIEV 2015 EOOD DZHONISPORT 128 EOOD ET GLOBUS-YANI YANEV CANDYLAND GROUP OOD PROFESSIONAL FOOTBALL CLUB BOTEV AD KOLEKTOR STZ SPLTD EOOD METROFLEX - SUPPLEMENTS EOOD MIT SEKYURITI 85 EOOD EXTRIIM ADVENTURE G AND P OOD FITNESS IDEA EOOD TERAHANT EOOD PAKOS - 90 EOOD ET MISHEL-DEBI M. 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MONO 2009 OOD NET-SKAT OOD TUNE UP EOOD KK TREYD EOOD PRO HOME SERVICES EOOD ET DANIEL PETROV BALKAN GEYMS OOD RESPEKT VLAD I KO EOOD VIENSKO KOLELO LASUR EOOD AKVA PLYUS 2010 EOOD LTL PLD OOD ET SHPUNG-PETKANA ILIEVA LIGHT LIME EOOD ET DIMITRINKA PUHLEVA KOLEVI DZZD RAY TT RAYKO TRENCHEV ET KUPEN SPORT EOOD RILPET OOD BOZHESTVENI TELA AEROBIK SPORT DZZD R & G HEALTHY MARKET EOOD ALFA FORCE EOOD 28 EOOD MOBISISTEM EOOD DANIKA 08 EOOD SOFIA MOTORS OOD AY-DZHI 2012 EOOD ET TONI 1141-ANTON ANDREEV LOUD CONCERT EOOD IALTA ICE OOD LEVITAN DZZD T A ILIEVI EOOD MAESTRO DI MORELLI LLC OOD V L V 98 OOD MAGNOLIA PARTNER EOOD LUDA NADPREVARA EOOD SPORT BEEVI AD ET TEODORA 53 - HRISTO KAMENOV EKSPRES V G VASIL GOGOV PETAR GOGOV ET FREYLE EOOD SHORTKAT KAMYUNIKEYSHANS EOOD HDZHIEV SPORT MENAGEMENT EOOD PRIYATELI NA PLAZHA EOOD THE ZOOT S SUSPENDERS EOOD YA YA EOOD EXTREME 85 EOOD EYCH VI GRUP OOD JUST 4 DANCE EOOD ART CLIMBING CENTER OOD TONI & KRIS EOOD VEGA 6 EOOD KOLEKTOR 2 EOOD DANCE VISION EOOD FITNES MANIDZHMANT SALYUSHANS OOD VANT 4 PARTNERS EOOD LAZAR MIHAILOV EOOD ODISIYA FESTIVAL OOD KRAYDZHIK EOOD DZHAMP ARENA BG EOOD SUPER HOLIDAY OOD DEKAM EOOD PARTY ANIMAL AGENCY EOOD BENELUX BUSINESS CENTER-BULGARIA EOOD GRIYK KRUIZ PORT EKSKARZHANS EOOD QUESTON OOD LARGUS EOOD BUBO EOOD PROKO SPORT MANAGEMENT OOD ET ARTLAYN- RAYNA ZAREVA HRISTOVA VIALE-SPORT EOOD UAYLD FAN EOOD KARAVANA VARNA OOD DNV MOTORSPORT EOOD LAV 24 OOD MOND TRAVEL EOOD NEPTUN FUTBOL EOOD ASK SPORT SOLUTIONS OOD BV KARABUNAR EOOD SDRUZHENIE SPORTEN KLUB ZA BOYNI NOVO INVESTMENT BULGARIA EOOD VENIRA 16 OOD IZKUSTVA KYOKUTEN K M C EOOD EKSPLO 1 EOOD VUICHO VANIO EOOD DJENI COLLECTION EOOD NIKMARINA BOUTS EOOD BEK TOTAL EOOD DESI PETRA EVTIMOVA ET ORANJE EOOD KONO SPORT EOOD GOLDAN SKIM PRODZHEKT EOOD HARMONIA - 2005 EOOD TZEROVSKY OOD LAYANS GEYT EOOD BRAYT AYDIAS GRUP EOOD FIT MIKS DZZD MONTANA PRO EOOD CLUB R - PARTY OOD BYUTI INDEKS EOOD NIKOL ND EOOD JUMPING FITNESS SOFIA BULGARIA EOOD GIMERA OOD FUNTASIA KIDS EOOD KRIGENIMA EOOD STAR BASKET CAMP EOOD TSETSO ANGELOV EOOD DANIK 68 EOOD DIMARTIVA EOOD SPORT EVOLUTION EOOD ONIK 1 EOOD ET IVANKA PIPERKOVA MATORIE -V-D.B. 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FUNCTIONAL PHYSIQUE EOOD VITOSHA DENS RADOSLAV TODOROV ET BULGARIAN NATIONAL TENNIS CENTRE EOOD IVTRANS-ZHELEV EOOD NEIL KIDS OOD VI END AY ENTERTEYMANT GOLDEN LAKES EOOD SHABLA GOLF-VAKLINO AD BLUMING 07 EOOD DZHONISPORT 81 EOOD VEDA GENERATSIYA EOOD AERODIUM-BULGARIA OOD KUTSAROV 2012 EOOD TRAKIYSKO HERPETOLOGICHNO DRUZHESTVO NATSIONALNA FUTBOLNA BAZA EAD CITY HUNTER EOOD EOOD BIYCH PROMOUSHANS OOD SPORT INDASTRI OOD SAMAR INVEST EOOD LUKSOR SILISTRA EOOD PROMIS PRO EOOD MOTORSPORT MENIDZHMANT EOOD ALIYANA 2002 OOD LODOS 22 EOOD IZMIRA SPA 2 OOD BODIMAR 04 EOOD SDRUZHENIE FK TALANTI ZHD SPORT EOOD ELI SAV EOOD QUESTOPIA OOD BODUROVA DIZAIN EOOD NEDELNIK M EOOD PLANETA HERA EOOD BAK BILDING EOOD NM 93 EOOD SARAFSKI 2009 EOOD SKI SISTEMI EOOD KOOPERATSIYA VODNA BAZA PANORAMA-2002 NIKO-19 EOOD KORONA GARDAN 3 EOOD SAYBERKET OOD VENIS BUKMEYKAR OOD AHIL 77 EOOD S.T.B.A SOKAR EOOD PIU-PIU LIMITED EOOD SALSA DE CUBA EOOD FKL EOOD MEYKUANGUD OOD KREATIVNI OOD ET ANDREY KIROV KEMAN VELICHKA I SINOVE EOOD STASI-86 EOOD KOMSULOV EOOD YORDAN VELIZAROV EOOD STEM ACADEMY OOD IVVK EOOD IMPRINT EOOD DANIKS SPORT EOOD SALSA XPRESSION EOOD EVROKOTT EOOD ET NEPTUN MOTORSPORT - 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BET EOOD - 2009 OOD PROFIT - DIMITAR VAKANCHIN ET ET IVAN YANKOV LAKI PHOTOVIDEO MEDIA EOOD A I T SPORT EOOD BIZED EOOD OPSIS EOOD IVM MANAGEMENT EOOD PIRIN 2000 EOOD PAMPOROVO AD TOP FIVE SARL OOD PRIMA - VANYA PAVLOVA EOOD SPORT CENTER BANSKO AD EZDA SOFIA EOOD GRUZI EOOD ET IVANINA VASKOVA - SHUMEN-2011 OPTIMA TSTS EOOD FIORE ART STUDIO OOD VLADO DZHAMPING SPORT 57 EOOD KRIS-SPORT EOOD ET DOMINIK 77 - DONCHO DONCHEV SPETSONE EOOD STI HOLIDAY EOOD SANI BIYCH DZHET OOD TERMAL EKSPENSHAN EOOD SMILEY SYS EOOD DAYNAMIK PRODZHEKT EOOD ET VOYSABEL-VANYA TALEVA PLAM INVEST EOOD GG GRUP OOD TIVA ENTARTEYMANT EOOD RIA STROY OOD ESTEYT INVEST EOOD ATMOSPHERE GROUP EOOD DZZD KRIS 2001 SPORT UNION OOD SILA INTERNATIONAL LAWYERS EOOD INTERNOBMEN OOD VR MAX OOD 5 ZA 4 OOD SD BIG STAR MEDINEX MP EOOD ADRENALIN KAZANLAK OOD BUKMEYKAR 1000 EOOD AGENCIA KM BULGARIA EOOD ENDURO 21 EOOD KEY EM DJI 2012 EOOD IRNA GRUP OOD ET GALIN GANEV-13 ET VENIKS - ALEKSANDAR IVANOV FESTA DOLPHINARIUM EOOD LUDETINI MM OOD ESCAPE ZONE OOD SIRIUS BG EOOD ET EVASPORT - PAVLINA VASILEVA SUPER MARIO - UNI EOOD ET STOYCHEV - IVAN PANAYOTOV VELIKOV 77 EOOD NASTROENIE EOOD EOOD BUL ART EKO FEST SL ENERTAINMENT EOOD SANDZHENERAL EOOD VADIMAR EOOD MEYZ ENTARTEYMANT OOD EG 2016 OOD REYDAR EOOD OLIMPIYA - ADV EOOD BALKANSPORT EOOD CENTURY 21 - PRESS EOOD NERO 20 EOOD BU H OOD SUB DAYVING EOOD BANKO VASILEV SKI EOOD 3 KEY GROUP OOD LUCKY BET 777 EOOD CRUGER BG EOOD STG 2013 EOOD IM - EX -EXHIBITIONS EOOD BAROVETSA 93 EOOD LOZEV DORA LOZEVA ET GALAKSI-83 EOOD SELECTIKO EOOD 17 SeeNews Industry Report

EKSELSIOR EOOD SUPERMARKET - 1 EOOD PERFECT FITNESS OOD ALEKRIA EOOD UEYSIS EOOD KA LAZ EOOD VESELIE - 08 OOD DELTA CART OOD EVRALO EOOD ARGI LUX EOOD DALILA 2008 EOOD NILI IVENTS EOOD MANIS 1 EOOD HMSU OOD ET PARMA - KOSTADIN MORYAKOV KREATIV NYU DIZAYN EOOD DRIYMS NRN EOOD ET BRATOEV - NIKOLA BRATOEV 3 KA EOOD NIRAMAR EOOD DSD 2017 EOOD SOLARIS TUR OOD TEMPO FITNESS OOD ET VENI 2012 - VENETA LIKOVA OVEN EOOD ARGILOV FUN GAMES EOOD EKSKEYP RUM EOOD SPORTEN KLUB PO KULTURIZAM I FITNES KASABOV SPORT DZZD FOLKLORIKA STEFKA SOTIROVA ET BGTSC EOOD KSN EOOD REVOLYUSHAN ENTARTEYNMANT OOD V-PIANO EOOD LITTLE STAR EOOD MRS UNIVERSE EOOD AKVA PARK IMOBILIE EOOD FAN END DZHOY OOD SIQ TREID EOOD VALETI BETSPEYS OOD DZHULI 65 OOD KOOPERATSIYA KIZOMBAHOLIKS BULGARIA ESKALIBUR EOOD FUTBOL GEYMS EOOD BVS ENTERTAINMENT OOD DAR 10 - M EOOD PERITOS EOOD ZELENIKOV & CO EOOD EGOIST 71 OOD ET SOFIYA-POMORIE - SOFIYKA GEORGIEVA AKTIV SPORT EOOD KALINA-YANA EOOD DELFI DZZD DZZD VESELOTO HORO PENIPUS EOOD IVKA - IVILINA PALEVA ET FIRST CLASS EVENT DESIGNERS EOOD ANKRIT OOD IVA DIVA EOOD ARGYM EOOD ENERGY EFFICIENT MANAGEMENT EOOD ROMFEJA-VATEV I S-IE SD PFK NESEBAR AD ATRAKTSION 2002 DZZD SPORT UEY EOOD TSESPORT 1 EOOD VOLEYBOLEN KLUB CHERNO MORE BASK AD JO I CA - KOMERSIAL OOD FRIDO EOOD ET SIRIUS-STALYU RAYCHEV GARVEL OOD VIAYAY 15 EOOD CHANOVE AND FRIENDS OOD MARIYAN IVANOV 73 EOOD TANTSUVAY S MEN EOOD ET FOTOS - ROMEO PARAPUNOV DOKOV-2008 EOOD PRODUCTION COMPANY H1 EOOD EVENTS BULGARIA EOOD VODNI SPORTOVE EOOD DZZD BOBO TOTALS EOOD EVROPARK OOD DARIA 2007 - PETAR MIHAJLOV ET YULIVAS OOD N I K SERVICES EOOD AIVAN I AIVAN EOOD TOP SPORT-82 EOOD TZMD EOOD PRAYM ENERDZHI EOOD IV DANCE EOOD FRESH MUSIC EOOD MORYATSITE DZZD PROFESSIONAL BASKETBALL CLUB ACADEMIC ET D- DEAN VALCHEV EAD NORDDZHIM IN OOD JENI-SK EOOD GALFSTRIYM S.A. EOOD ET NADEZHDA ZONGOVA - HOUPI-25 GBS-SPORT EOOD EM END UAY OOD ENERON EOOD ET MLADOST 91 - ROSTISLAV PETKOV PUHENATA KASHTA EOOD STARTREYD OOD VITOSHA SKI AD WATER AEROBICS - MARIYA SHPITSER EOOD KINAROV EOOD LATONA EOOD AGENTSIYA EL VI SPORT EOOD DESAFIO EOOD BI EI YR OOD SVETI STEFAN 14 EOOD TAKIS 666 TANCHO LYUDOV ET ALEGRIA KONSULT EOOD D AND V GYM EOOD SVETOVEN ALIANC ZA SPORT INTERNEHANAL MIS KASHA EOOD EOOD HALOMEDICA OOD PM PUMPING MUSCLES OOD SNTS EYNDZHALS MODELS SI GRUP 22 EOOD ET MONI - MOMCHIL DIMITROV FORMULA EVROTUR 2 EOOD PROSPORTS EOOD FIT EXPRESS EOOD ANNY TORLOVA EOOD DZZD MORSKA MECHTA ATRAKTSION 2002 OOD AT SKI EOOD DZHENKOV EOOD CHANOVE OOD YOVANA STAYL EOOD KOMITITE EOOD FRESH 4 EOOD AIRELIA EOOD PARTNERS KAMPANI OOD GRIPAR - SVETOSLAV GEORGIEV ET KALINA 81 EOOD SK MARS 42 EOOD DZHIMBO 2 OOD TOTAL 14 TT EOOD ANIMA ENTARTEYMANT EOOD MSV 2016 EOOD DZZD AY BI KOMPANIYA DAMORE EOOD V I Z EOOD ENERA EOOD M STERS F THE DANCE EOOD SPORT INVEST- PANAGYURISHTE OOD APEYS MYUZIK BULGARIA EOOD KOLOR EFEKT BULGARIA EOOD BESMI EOOD STEYBALKOM EOOD ET VENTSISLAVA DOCHEVA NEVE TOURS EOOD MERI- EM 07 EOOD PEGAS 89 EOOD DEKORSIS OOD INTERNESHANAL UOTAR RESKYU EOOD ELIAS BO EOOD SS TRADING EOOD SIY PARADAYZ EOOD TIPS FROM ITALI EOOD DZZD TODO THS BULGARIA EOOD TREND FOX OOD BALKAN AUDIO EOOD SANTELO TREYD EOOD VENI 2016 EOOD FULL ARTS EOOD ART ATELIE EOOD RAYYANA EOOD ARTLINE STUDIOS PUBLISHING EOOD -2012 EOOD MOTOLUX OOD MABO 11 OOD FUTBOL BET EOOD SD MARINOVI FLOTPROEKT AVA SKAY EOOD IVEM LIFE EOOD LERO1 EOOD TVORCHESKI KAT POD DAGATA EOOD NK 80 - 86 OOD BUNI TEAM EOOD EY DZHI IVENT OOD SPARTAK SPORT EOOD AGENCY ART RIUMF EOOD GOLD KAMPANI - IS EOOD ET HUDOZHESTVENA UKRASA - D.TSANEV PARTY AGENCY AND CATERING EOOD MULTY SISTEMS 2015 BG EOOD LABIRINT SOT EOOD NSA SPORT CONSULT EOOD ET DADI 88 - SVETLA TODOROVA BOYAR-7 EOOD OBSHTINSKI PLAZHOVE NESEBAR EOOD BORIKO 2007 AD NIKI SPORT 88 EOOD UNIVERSITETSKI NEDVIJIMI IMOTI - PRAVETZ AD SIMS EOOD SLATINA BET OOD SMAGMA EOOD VOINOVI TRAVEL EOOD MECHTANIA EOOD DISEVA EOOD ALEKSANDRA MITEVA 2016 EOOD DZHI TI - 2008 EOOD TONDI - M 2012 EOOD METALINVEST EOOD STOYANOV 66 EOOD APART BG OOD ELITE DZHOINT BULGARIA OOD GOLDEN BET EOOD MD PROGRESS EOOD NEVSKO SLANTSE OOD ADEKS ATANASKA YANKOVA ET INTERSMAYL EOOD NIKOLADI EOOD ECO - VNT EOOD ALFINA 2011 EOOD AKVA ART EOOD ATLAS K I P DZZD DRAGOMIROV-FF EOOD ANDZHELINA V B EOOD 37 GRADUSA YOGA EOOD PROFESSIONAL FOOTBALL CLUB NEFTOCHIMIK EKSSTRANSINGS BULGARIA OOD FLAMIN EOOD BURGAS 1962 AD TEENTENNIS EOOD MIHAL-S OOD NISK EOOD DUNAV BET EOOD FABRIKA ZA TANTSI I PECHAT EOOD POLINA DGORGOVA ETROPOLE ET RONKOR OOD ET KRISTAN-KRASIMIRA ANGELOVA ROK - 2 EOOD ET PLAM KOMERS - PLAMEN PANAYOTOV DIMALIS OOD ANDRAS TRADE EOOD GALAXY BOWLING SOFIA EOOD BENKOR SPORT- EOOD GLOBAL LOGISTIK BG EOOD TODOR SPORT-2015 EOOD LUMINATI EOOD CLUB MICKEY MOUSE EOOD KAVA BET EOOD WELNESS GROUP OOD YUNIK VIZHAN 2015 EOOD BOLKAN BILDARS GRUP OOD TENIS KLUB 1882 OOD SION-17 EOOD ESKEYP GEYMS OOD INSPIRIT-33 EOOD NIKOLAY STANEV OKEAN ET GHS 2009 EOOD ER SOFIYA - DINEVI OOD MIP GROUP 2012 EOOD BRATYA PICHUROVI EOOD 18 SeeNews Industry Report

BTOUR OOD ET REYS TAYMING BG - GEORGI RADEV GLARUS 76 EOOD IVAN STEFANOV TERZIYSKI ET EM VI DZHI 2013 EOOD SPORT HOUMS EOOD AY PI SI BARKOD OOD GRIYN ARENA EOOD KENAR NEDZHMI ALIEV ET GERMANOVA OOD MARTEMITA ENTARPRAYS OOD SPORT CAMPS OOD DALIS LILIA STOYCHEVA ET SERDIKA 2011 EOOD SPORTNA SOFIA - 2000 EAD ET INFOLANG - IVOSLAV MARINOV WORK AND TRAVEL ABROAD - WATA OOD YAN 86 EOOD EM DZHI EM GRUP OOD TONI SPORT EOOD ALEKS - 2002 OOD MG GRUP 2011 OOD VINIAMIN EOOD BACHI 2009 EOOD LIVAR 1969 EOOD TANDEM HRISTEVI SPORT ACADEMY OOD EF BASAR EOOD EKSPAND EOOD POWER POINT OOD FIBEKS EOOD RANKOV I SIE EOOD KAAROS-MARIANA YANKOVA ET BE ACTIVE ETERTAINMENT EOOD SIV 2007 EOOD MAGAZIN VITAMIN EOOD PERL CREEK VENTURES EOOD RUMAR-NG EOOD EMOTA PANAYOT PEEV ET MIT FITNES EOOD PRETTY DANCE HALL OOD COLLECTOR 18 EOOD DODO BEACH EOOD ET KRASIMIR DZHERMANOV DENI 1984 EOOD PROEKT 25 EOOD PROFESHANAL FUTBOL KOACHING EOOD ET ERING SUINGING SOFIA OOD ENIGMA IVELIN TERZIEV ET OLYMPIC - Y Y EOOD TEOFARM EOOD TANICHKA 79 EOOD KONTRAST 62 EOOD FUTBOLEN KLUB PIRIN - 2001 AD MP - 16 EOOD WINDBOAT RIDER EOOD MEMENTO MEDIYA OOD ANDI KLUB EOOD PFK CHERNOMORETS-POMORIE AD SREDETS LES EOOD ET NIK - KOSTADIN KOSTADINOV DI END VI KOMYUNIKEYSHANS OOD ANDREY GRAHOVSKI 2015 EOOD DZZD NEO NET DIKRA - 85 OOD PLAY WORLD EOOD DEXTROPHOBIA OOD ARTMUZIK EOOD KARAOLIS EOOD X CHALLENGE EOOD DEZIRA - S OOD KRASSI-KLUB EOOD KANGOO NT CLUB EOOD V I S 78 OOD V.N.KANCHEV EOOD LUNA 2000 EOOD SACHS - MG EOOD SARVIS STAYL EOOD KONSULOVI OOD ROYAL STEPS EOOD MARIN TEK EOOD ET KRONOS - TODOR KOLEV DZZD VIKTORIYA FYNBOS EOOD DIT SPORT DZZD LOKIBO EOOD MARINA KOLONINA OOD TONIS 1914 EOOD PROSVETLENIE - VARNA EOOD PLAZMAKS BULGARIA OOD ET MIT SISTEMS DIMITAR BALDZHIEV DZZD DISKAVARI SELEKT SMART COSULT EOOD DZZD DIVNI TANTSI EMVI EOOD NOMIS - 7 EOOD PRO GEYMS EOOD JETSKI BG EOOD VARIANT - E EOOD SUN DAYS OOD ATANAS VELIKOV RABEN AS ET PROFESIONALEN FUTBOLEN KLUB BEROE STARA RADI M 2010 OOD SPORTFEST EOOD ZAGORA EAD NITRODENS EOOD ORENDA 29 EOOD DIONIS 2002 EOOD ET LARA - KRASIMIR KRASTEV ALEKSANDAR ANGELOV EOOD ARTFASHIONBG EOOD KRAM INS EOOD RELEF NET OOD SET MAY BODI EOOD SARAFOZA OOD MIRO TUR EOOD ECO RIS 3 EOOD PROVENTA PARTNERS OOD STRELKOVI KLUB BALIST 95 KUMCHEV MYUZIK EOOD PACHO 2009 EOOD FRIST - 82 EOOD NIKEN - 15 EOOD ASPARA 9 EOOD ET SPORT LM-45 LYUBEN MARKOV PREM BIO EOOD KATLEYA-87 EOOD DARI-08 OOD IVO SKI EOOD ET RADINA DIB-RUSALKA EOOD SHANS - 2001 EOOD BG SPORT PUL EOOD JANA DEKOR 95 EOOD MEYBALI 2011 EOOD G OODVS MODELS BG EOOD DZZD INTERMYUZIK ROKADIT OOD PARTY DJS RENTALS OOD TATA 1 OOD NIKO 23 EOOD NEVERFALLING OOD ET FORUM 95 - GEORGI GOCHEV IFO GAMES OOD KRISTIAN KENOV EOOD MODNA AGENTSIA VIZAZH EOOD BORILAST-2010 EOOD ET PARA FLAY - LIDIYA DZHERMANOVA KANTAREV EOOD ARTGRAUND TSENTAR OOD IDA GRUP OOD DIVE BG EOOD STELIYAN EOOD VIDA 16 OOD SAGA SPORT OOD MEGA BET EOOD ET NLB-NATALI BRATOEVA ZEMINVEST OOD DZZD GORCHIVO DZZD SIS 68 CAPELLA BULGARIA AD BULL FISH 2014 EOOD ZHIVKO MANOLOV ZHIRO 41 ET MM FITNESS & SPA EOOD PAL OLE EOOD MODUL BILD EOOD ET RITAM - PETAR PANAYOTOV IZMIRA SPA OOD TREYD FOR GOLF EOOD OPTIHELT EOOD BERSI FISHING EOOD VAK 86 EOOD IPOS OOD ET ARKON - KONSTANTIN PETROV M I M 72 74 OOD YULIVA EOOD RIGENA EOOD DEMO ENTARTEYMANT EOOD KAPERA 17 EOOD WAKOSLOL OOD PRIMORSKI GOLF AD AQUAPARK MANAGEMENT EOOD RADOMIR GRUP OOD INTERSERVICE UZUNOVI - AV OOD REAL - SPORT EOOD ET KAZANOVA - GEORGI DIMOV HUSKYMO ICYLAND OOD ILANI TENNIS CONSULT OOD VLADO DZHAMPING SPORT 56 EOOD KRISTROY EOOD ET NURI - NURAY RASIMOV ZOE LIFE EOOD PRO FOOTBALL OOD MILANOV 61 EOOD BOGOMILOV 74 EOOD ISR 95 EOOD DIGITOPIYA EOOD AGENTSIA NAT EOOD EMIL LYUBENOV BONDEV ET DOBRICH PUL KLAB EOOD PI ER ES EOOD VBV TREYDING EOOD VR FUSION EOOD SRIS EOOD BURGAS LAYF TSENTAR OOD SALI EOOD HETTRIK EOOD BID TEH KAMPANI EOOD RIASOR OOD P& M GROUP OOD BG SPORTS CUP OOD VASTONI EOOD EKSPEKT BET EOOD M-SPORT EOOD ENERGIE-5 EOOD VIVATURS BG EOOD OMORFI EOOD TRAVEL EKSPERT EOOD MAYNDGEYMS OOD LP TRANS 5 EOOD MUSIK SERVISE EOOD RG MYUZIK EOOD MM & YA EOOD DOMS EOOD NIKSI BILD EOOD VODASPORT EOOD SITI SOFKONSULT EOOD KRASIMIRA NIKOLOVA EOOD ET BOGOV - MANOL BOGOV SK PHYSIOTHERAPY EOOD FLAY MOUSHAN 4 OOD SDRUZHENIE SPORTEN KLUB99 MARIO - IVAN MARKOV ET DA KYUB OOD SL BUILDINGS EOOD ET DANAIL ANTONOV GYULEMETOV - SUING PERFECT LIFE 24 OOD MAR KRELIYA OOD RAF OOD LIGHT SYSTEM EOOD UZANA TUR AD DID-07 OOD HARDCORE GROUP EOOD DENSHOL EOOD MINORI STIL EOOD TSESPORT EOOD TOMASS EOOD GETIVA OOD FUTBOLEN KLUB SOKOL-MARKOVO EOOD MAGICLAND EOOD SKI ALIANS SNEZHANKA EOOD BODIKONSTRUKTOR OOD PLAAT 2 EOOD EVROVESTI 2016 EOOD NORA 92 EOOD AY SOLUSHANS END DIVELAPMANT EOOD AVATAR TEAM EOOD SIENEL-2012 EOOD ANDZHI LYUBENS EOOD LEBRON EOOD VGYM OOD 19 SeeNews Industry Report

ANTO 2015 EOOD R S GROUP 80 OOD MODERNI SPORTNI SABITIYA OOD ART GRAO EOOD KOLOR BILIARD OOD MILVA MV EOOD ALEKS DIDZHEYS OOD SIG YAHT TREYDING OOD DANISHOW EOOD IVANOV MUZIK + EOOD ORFEY KRUIZ DZZD VM BIYCH EOOD MEDIALIS EOOD NEMO DAYVING OOD THE POINT ENTERTAINMENT OOD PROPARTI TAKS KONSULT EOOD DJ PRESENTS-DANIEL ANDREEV ET SPECIAL EVENTS COMPANY EOOD VADA 2014 EOOD BULGARIAN SKI POOL EOOD DJONY SPORT 2014 EOOD MANAGING AGENCY - TANEV OOD SEVDO 33 EOOD BANSKO SPORT OOD FLY THE EARTH EOOD BORDI - DIANA DRAGUSHEVA ET FANI 2012 EOOD MORSKO KONCHE 13 EOOD SOLEIL DOR EOOD ANGEL STOYKOV EOOD DZZD RADO KRASI PROFESSIONAL FOOTBALL CLUB LUDOGORETS 1945 AD STAVROS DRIFT EOOD REMI-SPORT EOOD VIKI-15A EOOD ODEL EOOD PRO AUDIO M EOOD BENITA 72 EOOD ALEKS SAUND - VELIN KOEV I SIE VALSHEBNITSITE EOOD BURGAS DZHIM EOOD ET EVA-NOA - TANYA BRASNICHEVA KOREKT MONO-2003 EOOD KATO NA KINO EOOD GAME BUL EOOD ET DMT-GEORGI GEORGIEV CROSSLIFE OOD VERSUSS ZH EOOD NIKELI - 2007 EOOD ALFA BRADARS OOD PROFOOTBALL LEAGUE EOOD VAYLET 09 EOOD ELEFUN OOD DELTA-2014 EOOD BET VV EOOD DONIBET EOOD DZZD NIE MRG BILD EOOD KANTRI LAYFSTAYL EOOD QUESTHOUSE EOOD ART TEHNOLODZHI OOD DZHOBS PD 11 EOOD EOOD DERON FINANS KONSULT R EOOD STAN I KO 67 OOD MACH-AP OOD PETING ZOO OOD AKVA VIZHAN 02 OOD PAMELS PLAMENA ANGELOVA ET V SPORT EOOD GALSKIYA 68 EOOD D B GROUP EOOD IVANOVI 14 EOOD SIY GLOBAL OOD GAYA OOD LAK - A EOOD PROFESIONALEN SPORTEN FUTBOLEN KLUB TABAKOV TROFI HANTING EOOD KOLEVI - 0003 OOD CHERNOMORETZ BURGAS AD SDRUZHENIE SPORTEN KLUB-SPLIT WASP - 08 EOOD BULGARIA ESKAPE OOD SPORT INVEST SOFIA OOD DOSKLADA EOOD ENDORPHIN OOD ULTIMI EOOD R - HUNTING EOOD DZZD IRALEKS LONGMARCH BOWLING BULGARIA EOOD NATALIA 2007 EOOD NUKIS-2015 EOOD VITA 2014 EOOD KRASI-89-LYUBKA MIRCHEVA ET VESPORT EOOD PET-A-TET OOD SKI RENTAL EOOD ET VENIDZHI - EKATERINA TONEVA TI ER ES DEPO OOD MARINA TRAVEL EOOD ET STENLI STANISLAV ANGELOV ET IVAN NINKOV NENCHEV BORIL BG EOOD MEGASPORT PRO EOOD SASTEZANIE 2 EOOD KULTUREN OTDIH TARGOVIYA I TURIZAM- AKVA YAK EOOD ET MOBAYL-SVETLEN PENEV MADAROVI SADRUZHIE SD VS - GRUP OOD LYUBO PETROV - 88 EOOD INTERTUR OOD IMG EOOD HISAR GOLF I SPA REZORT GEORGI PAVLOV MENIDZHMANT EOOD NO EXIT OOD DUE OOD MOSTAVCHUK EOOD MEYS MG EOOD RUSKI TENIS KLUB OOD CHANOVE AND THE SEA OOD FOKS ANIMEYSHAN EOOD FLOYD-2004 OOD BOLYARI 95 EOOD VIKI-CREATIVE AST BULGARIA EOOD VITAFARM 2012 EOOD SEVIN BORANOV ET KLIP OOD EKSPRESINTERKONTAKT OOD NEVADA 2003 EOOD SLAVOVI 2012 STOYAN SLAVOV ET ANTONOV ARMI EOOD SVETOSLAV PETROV ET NYU ODISEY GRUP EOOD SPORT REISEN EOOD RODOPSKI HANOVE OOD ALKON ADVENCHARS OOD BP 13-009 EOOD ZDRAVEY ZDRAVE EOOD ENERGY 2016 EOOD HELT SPORT EOOD ARTEMA SPORT EOOD DANIMART-9 EOOD MUSIKEY EOOD GEYM RUUM EOOD PREMIER HELT CLUB OOD MOZATI- GRUP EOOD PROFESSIONAL FOOTBALL CLUB MARITSA 1921 - S& M ENTERPRICE OOD VITALITI 1 OOD PFK MINYOR AD PLOVDIV AD MEDIAR FAN GEYMS OOD LEGION RAN EOOD BIOLAND BG OOD E T I EOOD EOOD UDI VANYA PAVLOVA MOYAT SPORT OOD ZHELEV GEYMS EOOD LALO INVESTMENTS OOD RADIYA OOD BALDER 2010 EOOD DI DZHEY DANI I KO EOOD FELICITA VT EOOD VODEN SVYAT - 66 EOOD ZENTRO EOOD BEACH VACANCE - IVAN MITEV ET ANGELA KARAMFILOVA - M ET PARTI ANIMALS 2012 EOOD GLOBAL GRUP EKO EOOD DRUZHBA SPORT OOD SARFING OOD VERA POPOVA - EVRO EOOD DEMA DYO EOOD DUNAV HELAS EOOD TOP CHANCE 2016 EOOD FUTBOLEN KLUB DIT SOFIYA EAD FOOTBALL CLUB DIT SPORT EAD GRAND ARENA OOD LUNA PARK GRUP SOFIA EOOD ET BORIS BEROV BSM EOOD SKAY VEKTOR EOOD SP GROUP BURGAS OOD MERILIYN 2011 OOD SANLEND D EOOD K - 16 EOOD SAMURAI TRADING CORP BVBA OOD PARTY UNITED OOD MORSKO KONCHE 3 EOOD MOBILET EOOD TITAN ODIT EOOD DZZD EKOKLUB ALEN MAK PRIKAZKA 1 EOOD DIVNI TANCI VARNA EOOD STOYKO GEORGIEV - EUROCOMMERCE ET THE NATURAL ADVENTURE COMPANY EOOD DENI PLYUS L EOOD PROFESSIONAL FOOTBALL CLUB LOKOMOTIV SELNICHKI TIYM EOOD PANISUS OOD PLOVDIV - 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DISTOSPORT EOOD LUNAPARK BULGARIA EOOD MERTINI OOD NET KONSULT INTERNESHANAL EOOD AFKK-2016 EOOD PATSEY OOD ET NIKOLINA DZHAMBAZOVA - ANTIM DZHAMBAZOV SB PRO AUDIO EOOD STUDIO UNITY EOOD COLUMBIA OOD BATUTI EOOD GASENITSA OOD ET KIS-99 - SILVIYA MARINOVA KARA MENIDZHMANT GRUP OOD KOLEKTOR 16 EOOD ET PEPINO 53 ILIYA GEORGIEV TOT SPORT EOOD IMPULS SA SASHKA ANGELOVA ET KEI ES TI AUTLET EOOD IMPULS 2012 OOD ET POYZAN - TODOR TODOROV MARKET 98 OOD DMT DEYA EOOD BK INVESTMANTS EOOD ART OF PERFORMANS EOOD KORFU HOLIDEY EOOD 24 SeeNews Industry Report

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