PRESENTED BY CAPITAL LOUNGE GMBH

dated April 2020 THE STOCK EXCHANGES OF THE 3 THE STOCK EXCHANGES OF THE BALKANS 3 THE BULGARIAN 6 DEVELOPMENT 8 SET-UP 13 BGBX40 19 BEAM 61 PERFORMANCE 74 INDUSTRY SECTORS 70 COSTS 74 APPENDIX 76 76

THE presented by Capital Lounge SET-UP : THE STRUCTURE OF THE BULGARIAN STOCK EXCHANGE

THE STOCK EXCHANGES OF THE BALKANS

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 3 OVERVIEW : THE STOCK EXCHANGES OF THE BALKANS

EXCHANGE BOSNIA & HERZEGOVINA CROATIA GREECE HUNGARY FOUNDATION 2001 1991/1918 1907 1876 1864 EQUITIES 863 310 101 296 46

EXCHANGE MACEDONIA MONTENEGRO ROMANIA SERBIA SLOVENIA FOUNDATION 1995 1993 1839 1894 1989 EQUITIES 368 296 400 488 89 THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 4 OVERVIEW : THE STOCK EXCHANGES OF THE BALKANS

The accumulated Market Capitalization of all included Stock Exchanges sums up to 113,2 billion Euro. Bulgaria ranks with a Market Capitalization of almost 13 billion Euro in the centre (rank five) of all ten Stock Exchanges. The biggest exchange is the Group (Greece) with a Market Capitalization of more than 30 billion Euro. Romania is on rank two with a Market Capitalization of close to 20 billion Euro.

35.000.000.000 €

30.000.000.000 €

25.000.000.000 €

20.000.000.000 €

15.000.000.000 €

10.000.000.000 €

5.000.000.000 €

0 € BOSNIA & BULGARIA CROATIA GREECE HUNGARY MACEDONIA MONTENEGRO ROMANIA SERBIA SLOVENIA HERZEGOVINA

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 5 SET-UP : THE STRUCTURE OF THE BULGARIAN STOCK EXCHANGE

THE BULGARIAN STOCK EXCHANGE

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 6 INTRODUCTION : THE BULGARIAN STOCK EXCHANGE

The history of the Bulgarian capital market dates back from the beginning of the 20th century. The first provisional Stock Exchange Act was adopted in 1907 and regulated the structure and functions of both the stock and commodity exchanges in the country. On April 15th 1914, under the King's Decree №7 was established the first real Bulgarian stock exchange, named Stock Exchange. It was a market place for trading public and private securities.

Sofia Stock Exchange started its activity in January 1918. Initially there were 21 companies listed on the exchange. Trading on Sofia Stock Exchange ceased during the period November 1925 - September 1928 due to political reasons. During the world economic crisis of 1929-1933 the Exchange worked on a small scale due to the bankruptcy of a large number of local companies and low liquidity. In 1947 Sofia Stock Exchange ceased its operations and during the communistic regime there was no capital market in Bulgaria. The latter was re-established with the introduction of the Commerce Act in 1991.

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 7 SET-UP : THE STRUCTURE OF THE BULGARIAN STOCK EXCHANGE

DEVELOPMENT

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 8 BELOW YOU WILL FIND THE IPO-HISTORY OF THE BULGARIAN STOCK EXCHANGE

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0 2000 2001 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Between 1991 and 1999, a total of 74 issuers went public on the Bulgarian Stock Exchange. So far, there are only companies fromBulgaria traded on the BSE.

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 9 DEVELOPMENT : BRIEF TIMELINE OF IMPORTANT MILESTONES

May 1995 First Bulgarian Stock Exchange became one of the founders of the Federation of Euro-Asian Stock Exchanges (FEAS). July 1995 The Securities, Stock Exchanges and Investment Companies Act (SSEC) was adopted setting up the basis of the Bulgarian regulated capital market. Dezember 1995 BSE = First Bulgarian Stock Exchange, Plovdiv Stock Exchange, Black Sea Stock Exchange, Dunav Commodity Exchange and Sever Stock Exchange. August 1996 Central Depository AD was established. It is the only institution in Bulgaria that provides settlement of corporate securities in book-entry form. October 1996 SSEC introduced the prospectus requirement. As no company complied, trading on the Bulgarian Stock Exchange was ceased. July 1997 Bulgarian Stock Exchange AD changed its name to Bulgarian Stock Exchange - Sofia (BSE-Sofia) AD. October 1997 BSE-Sofia AD was officially licensed. More than 1,000 companies were listed on the Free Market as a result of the Mass Privatization Program. January 1998 The Privatization Program on the stock exchange initiated with the sale of 60% in the capital of Elkabel AD - a Burgas cable producer. August 1999 BSE-Sofia introduced an official bonds market segment on which the first public corporate bond issue (IT company ProSoft AD) was registered. Dezember 1999 Public Offering of Securities Act was adopted by the Parliament repealing the former Securities, Stock Exchanges and Investment Companies Act. BSE-Sofia launched a new trading system based on the NASDAQ quotation system. On October 20, 2000 the calculation of the SOFIX index started. October 2000 The first mortgage bond issue was listed on BSE-Sofia issued by Bulgarian American Credit Bank AD. October 2001 BSE-Sofia obtained a license to organize an unofficial market of securities, which replaced the existing Free market. December 2001 BSE-Sofia launched its internet-based application for an authorized and secure access to the BSE Trading System in real time, named COBOS. February 2003 Financial Supervision Commission (FSC) pulled together the regulation of a number of financial (non-banking) sectors under one body. March 2003 The first initial public offering was carried out on the Bulgarian Stock Exchange by the Internet company Investor.BG AD. July 2004 A stake of 34.78% in Bulgarian Telecommunication Company (BTC) AD was privatized; BTC became the largest Bulgarian public company. January 2005 BSE-Sofia started the BG40 index, including the Top 40 companies graded by the number of transactions executed in the last 6 months. February 2005

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 10 DEVELOPMENT : BRIEF TIMELINE OF IMPORTANT MILESTONES

June 2005 BSE-Sofia introduced a new product, named BSE Charts, which gave an opportunity for analysis of the exchange trade in real time. October 2006 BSE Sofia adopted the first Code of Corporate Governance for the capital market. It was intended for the public companies, listed on the Exchange. January 2007 BSE-Sofia officially launched EXTRI, a system for information disclosure by public companies and other issuers of securities.

June 2007 BSE-Sofia became a full member of the Federation of European Securities Exchanges, representing operators of the European regulated markets. September 2007 BSE-Sofia started two new indices BG Total Return 30 and BG REIT, showing the fluctuations in the prices of real estate / land companies. October 2007 BSE-Sofia and Deutsche Boerse AG signed on October 30, 2007 an agreement for the implementation of the electronic trading system XetraA®. January 2008 BSE-Sofia launched X3News to fulfill legal obligations for information disclosure to the public according to the Law on public offering of securities. April 2008 BSE-Sofia launched X3Analyses, a financial analyses application. June 2008 BSE-Sofia successfully launched the Deutsche Boerse electronic trading system . November 2009 BSE-Sofia AD was officially awarded the certificates for the international standards ISO 9001:2008 and ISO/IEC 27001:2005. September 2010 BSE-Sofia increased its capital from BGN 5,867,860 to BGN 6,582,860. All subscribed by the Ministry of Finance of the Republic of Bulgaria. December 2010 BSE-Sofia starts a Disaster Recovery Centre. January 2011 BSE Sofia becomes a publicly listed company (stock symbol: BSO). July 2011 The duration of the trading sessions was extended till 5.30 p.m aiming at synchronization with the European markets. December 2011 33% government stakes in the electricity distribution companies were successfully privatized through BSE-Sofia. March 2012 New market segmentation in the main market BSE (www.bse-sofia.bg) and the alternative market BaSE (www.basemarket.bg). October 2012 33% government stakes in the electricity distribution companies Energo-Pro Grid and Energo-Pro Sales were successfully privatized by BSE-Sofia. 33% government stakes in the electricity distribution companies CEZ Electro Bulgaria and CEZ Distribution Bulgaria were privatized by BSE-Sofia. November 2012

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 11 DEVELOPMENT : BRIEF TIMELINE OF IMPORTANT MILESTONES

May 2014 BSE, Macedonia & Croatia signed a grant agreement with the European Bank for Reconstruction & Develop. for the creation of a regional platform. April 2016 SEE Link (www.see-link.net) became fully operational with the launch of an order-routing system that connected BSE, Croatia and Macedonia. September 2016 The first Bulgarian Exchange Traded Fund was listed: Expat Bulgaria SOFIX UCIT ETF by the local fund manager Expat Asset Management. October 2016 Establishment of the Bulgarian Capital Markets Development Board by Central Depository, FSC, Mr. Delyan Dobrev and numerous NGOs. November 2016 Adoption of Bulgarian Capital Market Development Strategy October 2017 Start of Trading in Government Securities on the BSE-Sofia February 2018 BSE-Sofia acquires Independent Bulgarian Energy Exchange June 2018 The GAM of the Bulgarian Stock Exchange-Sofia has decided to change the name by removing the word "Sofia" from the name of the institution. August 2018 Successful IPO: the producer of chicken meat Gradus raised nearly BGN 81.4 M, the company’s shares were listed on the BSE. December 2018 BSE has been granted an approval by the FSC to create a new SME Growth Market called BEAM (Bulgarian Enterprise Accelerator Market). March 2019 BSE and ELITE signes a Memorandum to create an agile ecosystem of prosperous SMEs in Bulgaria. June 2019 Deutsche Bоerse's T7 enables market participants of BSE first in Eastern Europe to benefit from state-of-the-art trading technology.

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 12 SET-UP : THE STRUCTURE OF THE BULGARIAN STOCK EXCHANGE

SET-UP

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 13 SET-UP : THE SEGMENTS OF THE BULGARIAN STOCK EXCHANGE

BSE BaSE beam

Premium Equities Segment

Standard Equities Segment

Subscription Rights Segment

Special Purpose Vehicles Segment

Bonds Segment

Compensatory Instruments Segment

Exchange Traded Products Segment

Government Securities Segment

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 14 SET-UP : OVERVIEW OF THE SEGMENTATION

All in all there are 353 financial instruments listed on the The segmentation according to the Market Capitalization results Bulgarian Stock Exchange (BSE). 87 percent of those in a similar set-up compared to the set-up based on the pupre instruments have a secondary listing on the London Stock number of listed companies per segment. Exchange. Mostly on the SETSqx segment. The most frequented The financial instruments listed in the BaSE segment represent segment of BSE is the alternative BaSE market segment to which the biggest Market Capitalization (9,3 million Euro). shares of companies are transfered that do not meet the The second biggest segment is the Standard Equities Segment minimum requirements for the main market (anymore). with 55 listed equities. The quantitative break-down of financial instruments (by The smallest segment is the Subscription Rights Segment. There number) that are listed on the BSE is displayed below. By the are two financial instruments listed, representing a value of way: 27 of the still displayed issuers are delisted already. 8.232 Euro.

BaSE Standard Equities Segment Bonds Segment Premium Equities Segment Special Purpose Vehicles… Compensatory Instruments… Delisted SETSqx NON CCP BaSE (139) Bonds Segment (70) Standard Equities Segment (55) Delisted (27) Exchange Traded Products… Government Securities Segment (16) Exchange Traded Products Segment (14) Government Securities Segment Special Purpose Vehicles Segment (13) Premium Equities Segment (7) Subscription Rights Segment SETSqx NON CCP (7) Compensatory Instruments Segment (3) Subscription Rights Segment (2) 0 € 5.000.000.000 € 10.000.000.000 €

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 15 SET-UP : THE FOUR MAIN INDICES OF BSE

The Bulgarian Stock Exchange established the following four Indices:

BG BG BG SOFIX BX40 REIT TR30

GENERAL CRITERIA

BGBX40: Issues admitted to trading on a regulated market Issues of companies that have not been declared bankrupt or into liquidation, not are carrying out a company recovery plan Issues not been temporarily suspended from trading

BGREIT: Issues admitted to trading on a regulated market Issues of companies that have not been declared bankrupt or into liquidation, not are carrying out a company recovery plan Issues not been temporarily suspended from trading

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 16 SET-UP : THE FOUR MAIN INDICES OF BSE

The Bulgarian Stock Exchange established the following four Indices:

BG BG BG SOFIX BX40 REIT TR30

GENERAL CRITERIA

BGTR30: Issues admitted to trading on a regulated market Issues of companies that have not been declared bankrupt or into liquidation, not are carrying out a company recovery plan Issues not been temporarily suspended from trading

SOFIX: Issues admitted to trading on a regulated market Issues of companies that have not been declared bankrupt or into liquidation, not are carrying out a company recovery plan Issues not been temporarily suspended from trading There is no legal uncertainty because of which the size of the issue cannot be accurately and undeniably determined Number of shareholders: min. 750 Freefloat: min. BGN 10 million

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 17 SET-UP : THE FOUR MAIN INDICES OF BSE

7,6% 3,2% 2,5% 7,4% 0,4%

16,3% 18,9% 26,3% 43,5% 38,4%

42,6% 47,5%

32,6% 35,% 32,8% 44,7%

NUMBER OF FINANCIAL INSTRUMENTS MARKET CAPITALISATION TRADES TURNOVER

BGBX40 BGTR30 SOFIX BGREIT

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 18 SET-UP : THE STRUCTUREBGBX40 OF THE : OVERVIEW BULGARIAN STOCK EXCHANGE

BGBX40 THE MOST ACTIVELY TRADED BULGARIAN INDEX

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 19 SET-UP : THE STRUCTUREBGBX40 OF THE : OVERVIEW BULGARIAN STOCK EXCHANGE

BGBX40 is an index, that covers 40 issues of common shares with the greatest number of transactions and the highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on January 01, 2014. BGBX40 Index is a replacement of the discontinued BG40IND Index.

BGBX40 is an index, that covers 40 issues of common shares with the greatest number of transactions and the highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on January 01, 2014. BGBX40 Index is a replacement of the discontinued BG40IND Index.

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 20 SET-UP : THE STRUCTUREBGBX40 OF : THE COMPANIESBULGARIAN STOCK EXCHANGE ADVANCE TERRAFUND - REIT Advance Terrafund REIT is a closed-end public fund that invests in agricultural land and urban land in the vicinity of the bigger cities with the purpose of receiving income from leasing agricultural land to farming companies and urban land sales.

KEY DATA WEBSITE ISIN BG1100025052 www.advanceterrafund.bg TYP REIT MANAGEMENT BGBX40 is an index, that covers 40 issues of common EXCHANGE Bulgaria SE Radoslav Iliev Manolov shares with the greatest number of transactions and the BGBX40 5.869% Chief Executive Officer highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued61.71% BG40IND Index. TOP SHAREHOLDERS Stanimir Vladimirov 20.39% Karoll Capital Mgmt. 18.60% International Finance 17,70% Expat Asset Mgmt. 1,33% Manolov Radoslov 0,18%

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 21 SET-UP : THE STRUCTUREBGBX40 OF : THE COMPANIESBULGARIAN STOCK EXCHANGE AGRIA GROUP HOLDING AD Agria Group Holding AD-Varna is a holding company carrying out investment activities. The Company, through its subsidiaries, carries out agricultural activities, trading and processing of grain, bread production, and alternative energy production.

KEY DATA WEBSITE ISIN BG1100085072 www.agriabg.com TYP Common Stock MANAGEMENT BGBX40 is an index, that covers 40 issues of common EXCHANGE Bulgaria SE Emil Veselinov Raykov shares with the greatest number of transactions and the BGBX40 0.463% Chief Executive Officer highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued17.93% BG40IND Index. TOP SHAREHOLDERS EMRA EOOD 46.50% KOMERS EOOD 25.42% Svetlomir Iliev Todor 10.15% Universal Pension Trust 5.82% Karoll Capital Mgmt. 0.43%

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 22 SET-UP : THE STRUCTUREBGBX40 OF : THE COMPANIESBULGARIAN STOCK EXCHANGE AKTIV PROPERTIES - REIT Aktiv Properties REIT holds interests in real estate properties. The Trust seeks to invest in construction, improvement, and furnishing projects in the real estate industry with intent of managing, renting, leasing, and selling the real estate assets.

KEY DATA WEBSITE ISIN BG1100003059 www.aktivproperties.com TYP REIT MANAGEMENT BGBX40 is an index, that covers 40 issues of common EXCHANGE Bulgaria SE Dilian Peichev Panev shares with the greatest number of transactions and the BGBX40 0.921% Chief Executive Officer highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued65.11% BG40IND Index. TOP SHAREHOLDERS PT Holding AD 29.00% Raiffeisen BG Equity 7.74% Raiffeisen BG Balance 7.43% Sienit Ltd 5.89% Karoll Capital Mgmt. 2.26%

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 23 SET-UP : THE STRUCTUREBGBX40 OF : THE COMPANIESBULGARIAN STOCK EXCHANGE ALBENA AD Albena AD operates hotels and restaurants and provides international tourism services. The Company operates resorts on the Black Sea in Bulgaria.

KEY DATA WEBSITE ISIN BG11ALBAAT17 www.albena.bg TYP Common Stock MANAGEMENT BGBX40 is an index, that covers 40 issues of common EXCHANGE Bulgaria SE Krasimir Veselinov Stanev shares with the greatest number of transactions and the BGBX40 2.806% Chief Executive Officer highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued36.03% BG40IND Index. TOP SHAREHOLDERS Albena Holding AD 63.39% UPF Trust 6.01% Allianz Bulgaria AD 3.75% Expat Asset Mgmt. 0.67% Albena Invest Holdg. 0.58%

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 24 SET-UP : THE STRUCTUREBGBX40 OF : THE COMPANIESBULGARIAN STOCK EXCHANGE ALCOMET AD - SHUMEN Alcomet AD-Shumen produces aluminum Rolled products and extrusions. The Company's products include cast billets and coils, sheets, strips, and foils, pipes, tubes, and cold drawn bars.

KEY DATA WEBSITE ISIN BG11ALSUAT14 www.alcomet.eu TYP Common Stock MANAGEMENT BGBX40 is an index, that covers 40 issues of common EXCHANGE Bulgaria SE Huseyin Yorucu shares with the greatest number of transactions and the BGBX40 0.639% Chairman Mgmt Board highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued26.75% BG40IND Index. TOP SHAREHOLDERS Alumetal SA 73.25% FAF Metal Industry 16.86% Allianz SE 3.04%

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 25 SET-UP : THE STRUCTUREBGBX40 OF : THE COMPANIESBULGARIAN STOCK EXCHANGE ALLTERCO AD Allterco AD, doing business as Allterco, provides telecommunication services. The Company offers mobile, voice, data, and card payment solutions. Allterco serves customers worldwide.

KEY DATA WEBSITE ISIN BG1100003166 www.allterco.com TYP Common Stock MANAGEMENT BGBX40 is an index, that covers 40 issues of common EXCHANGE Bulgaria SE no info BGBX40 0.512% shares with the greatest number of transactions and the highest median value of the daily turnover during the lastFREEFLOAT 6 months. The calculation of BGBX40 started on January100.00%01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued BG40IND Index. TOP SHAREHOLDERS Karoll Capital Mgmt. 0.82%

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 26 SET-UP : THE STRUCTUREBGBX40 OF : THE COMPANIESBULGARIAN STOCK EXCHANGE BULGARIAN REAL ESTATE FUND - REIT Bulgarian Real Estate Fund Inc operates as a real estate investment trust. The Company invests in retail, office, industrial and multi-family residential properties. Bulgarian Real Estate Fund serves clients in Bulgaria.

KEY DATA WEBSITE ISIN BG1100001053 www.brefbg.com TYP REIT MANAGEMENT BGBX40 is an index, that covers 40 issues of common EXCHANGE Bulgaria SE no info BGBX40 2.963% shares with the greatest number of transactions and the highest median value of the daily turnover during the lastFREEFLOAT 6 months. The calculation of BGBX40 started on January81.88%01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued BG40IND Index. TOP SHAREHOLDERS Swedbank AB 17.58% Hansapank Clients 12.49% Scandenskilda Banken 4.39% Danske Bank A/S 3.48% Avaron Funds 2.48%

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 27 SET-UP : THE STRUCTUREBGBX40 OF : THE COMPANIESBULGARIAN STOCK EXCHANGE BULGARIA STOCK EXCHANGE Bulgarian Stock Exchange-Sofia is the only stock exchange in Bulgaria. The Exchange organizes trading in securities and other financial instruments, operates and maintains information systems for trading in securities, and maintains a clearing system for securities transactions executed on the Exchange.

KEY DATA WEBSITE ISIN BG1100016978 www.bse-sofia.bg TYP Common Stock MANAGEMENT BGBX40 is an index, that covers 40 issues of common EXCHANGE Bulgaria SE Prof. Manyu Moravenov Phd shares with the greatest number of transactions and the BGBX40 1.008% Chief Executive Officer highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued49.95% BG40IND Index. TOP SHAREHOLDERS Ministry of Finance Bulg. 50.05%

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 28 SET-UP : THE STRUCTUREBGBX40 OF : THE COMPANIESBULGARIAN STOCK EXCHANGE CB CENTRAL COOPERATIVE BANK AD Central Cooperative Bank AD provides various banking services. The services include retail banking, commercial loans, currency trading and securities trading.

KEY DATA WEBSITE ISIN BG1100014973 www.ccbank.bg TYP Common Stock MANAGEMENT BGBX40 is an index, that covers 40 issues of common EXCHANGE Bulgaria SE Prof. Aleksandar Vodenicharov shares with the greatest number of transactions and the BGBX40 1.465% Chairman Mgmt. Board highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued36.734% BG40IND Index. TOP SHAREHOLDERS CBB Group EAD 60.70% Armeec Insurance JSC 4.05% Chimimport AD 2.56% PFP Consent 1.81% Caceis Bank 1.51%

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 29 SET-UP : THE STRUCTUREBGBX40 OF : THE COMPANIESBULGARIAN STOCK EXCHANGE CB FIRST INVESTMENT BANK AD CB First Investment Bank AD is active in the deposit business and provides services in retail and corporate banking. The bank offers consumer and mortgage loans, credit and debit cards, precious metals sales, revolving loans, letters of credit and other commercial loans.

KEY DATA WEBSITE ISIN BG1100106050 www.fibank.bg TYP Common Stock MANAGEMENT BGBX40 is an index, that covers 40 issues of common EXCHANGE Bulgaria SE Nikola Bakalov shares with the greatest number of transactions and the BGBX40 2.208% Chief Executive Officer highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued15.000% BG40IND Index. TOP SHAREHOLDERS Minev Todorov Tzeko 42.50% Ivailo Dimitrov Mutafchiev 42.50% SEB 0.42% Eaton Vance Corp 0.36% Expat Asset Mgmt. 0.35%

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 30 SET-UP : THE STRUCTUREBGBX40 OF : THE COMPANIESBULGARIAN STOCK EXCHANGE CEZ DISTRIBUTION BULGARIA AD CEZ Distribution Bulgaria AD-Sofia operates and manages an electricity distribution network, consisting of MV, LV and HV electricity power lines and electricity systems, which is used for transmission and distribution of electric power in order to supply electricity to supplier companies. The Company distributes to districts in Bulgaria.

KEY DATA WEBSITE ISIN BG1100025110 www.cez-rp.bg TYP Common Stock MANAGEMENT BGBX40 is an index, that covers 40 issues of common EXCHANGE Bulgaria SE Petr Holakovsky shares with the greatest number of transactions and the BGBX40 6.281% Member Mgmt. Board highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued33.000% BG40IND Index. TOP SHAREHOLDERS CEZ 67.00% UPFREX UPF 6.99% UPC CCB-SILA 4.99% PPF Trust 3.09% PPF Doverie AD 1.93%

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 31 SET-UP : THE STRUCTUREBGBX40 OF : THE COMPANIESBULGARIAN STOCK EXCHANGE CHIMIMPORT AD Chimimport AD is an investment holding company. Then Company, through its subsidiaries, is involved in activities that include import, export, re-export and other commercial transactions with oil and other chemical products, commission, forwarding & warehousing transactions, commercial agency & brokerage, investment, & tourist services.

KEY DATA WEBSITE ISIN BG1100046066 www.chimimport.bg TYP Common Stock MANAGEMENT BGBX40 is an index, that covers 40 issues of common EXCHANGE Bulgaria SE Tsvetan Tsankov Botev shares with the greatest number of transactions and the BGBX40 6.654% Vice Chairman Mgmt. Board highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued26.070% BG40IND Index. TOP SHAREHOLDERS Chimimport AD 73.93% Expat Asset Mgmt. 0.51% Eaton Vance Corp 0.50% Prudential Financial 0.22% Karoll Capital Mgmt. 0.10%

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 32 SET-UP : THE STRUCTUREBGBX40 OF : THE COMPANIESBULGARIAN STOCK EXCHANGE DOVERIE HOLDING AD Doverie Holding AD manages companies operating in the chemical and oil, construction materials, textile, dairy, services and trade industry sectors.

KEY DATA WEBSITE ISIN BG1100038980 www.doverie.bg TYP Common Stock MANAGEMENT BGBX40 is an index, that covers 40 issues of common EXCHANGE Bulgaria SE Alexander Georgiev Hristov shares with the greatest number of transactions and the BGBX40 3.172% Chief Executive Officer highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued58.060% BG40IND Index. TOP SHAREHOLDERS Sopharma AD 33.02% Telecomplect AD 8.92% Expat Asset Mgmt. 1.32%

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 33 SET-UP : THE STRUCTUREBGBX40 OF : THE COMPANIESBULGARIAN STOCK EXCHANGE ELANA AGROCREDIT AD ELANA Agrocredit AD is a financial leasing company offering financial leasing for purchases of agricultural land to agricultural producers.

KEY DATA WEBSITE ISIN BG1100040101 www.agrocredit.elana.net TYP Common Stock MANAGEMENT BGBX40 is an index, that covers 40 issues of common EXCHANGE Bulgaria SE Gergana Kostadinov shares with the greatest number of transactions and the BGBX40 1.961% Chief Executive Officer highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued94.958% BG40IND Index. TOP SHAREHOLDERS CHEMAX Pharma 5.04% Allianz Bulgaria AD 3.53% UPF Trust 3.02% Alpha Bulgaria AD 3.02% DSK Asset Mgmt. 2.72%

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 34 SET-UP : THE STRUCTUREBGBX40 OF : THE COMPANIESBULGARIAN STOCK EXCHANGE EUROHOLD BULGARIA AD Eurohold Bulgaria AD is a holding company . The company offers services such as vehicle sales, finance and leasing services, general insurance and health insurance through its subsidiaries.

KEY DATA WEBSITE ISIN BG1100114062 www.eurohold.bg TYP Common Stock MANAGEMENT BGBX40 is an index, that covers 40 issues of common EXCHANGE Bulgaria SE Kiril Ivanov Boshov shares with the greatest number of transactions and the BGBX40 3.180% Co Chief Executive Officer highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued33.330% BG40IND Index. TOP SHAREHOLDERS Starcom Holding AG 54.21% KJK Fund II Sicav 12.46% Expat Asset Mgmt. 0.16% KD Funds Mgmt. 0.15% Casa 4 Funds Lux Euro 0.02%

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 35 SET-UP : THE STRUCTUREBGBX40 OF : THE COMPANIESBULGARIAN STOCK EXCHANGE GRADUS AD Gradus AD produces and processes poultry products. The Company offers chicken products, including chicken meatballs, kebabs, nuggets, wings, drumsticks, fillets, and legs. Gradus also provides sausages and ready for consumption products. Gradus serves customers in Bulgaria.

KEY DATA WEBSITE ISIN BG1100002184 www.gradus.bg TYP Common Stock MANAGEMENT BGBX40 is an index, that covers 40 issues of common EXCHANGE Bulgaria SE Ivan Angelov shares with the greatest number of transactions and the BGBX40 4.472% Executive Director highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued18.560% BG40IND Index. TOP SHAREHOLDERS Angelov Luka 40.72% Angelov Ivan 40.72% Expat Asset Mgmt. 0.41% Karoll Capital Mgmt. 0.03%

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 36 SET-UP : THE STRUCTUREBGBX40 OF : THE COMPANIESBULGARIAN STOCK EXCHANGE HOLDING SVETA SOFIA AD Holding Sveta Sofia AD acquires, appraises, and manages shares, bonds, and the cession of licenses for patents. The Company specializes in the investment in and financing of other enterprises in the financial services, retail, textiles, machinery and equipment, transportation, paper and food producing industries.

KEY DATA WEBSITE ISIN BG1100008983 www.sveta-sofia.com TYP Common Stock MANAGEMENT BGBX40 is an index, that covers 40 issues of common EXCHANGE Bulgaria SE Dimitar Borisov Raikov shares with the greatest number of transactions and the BGBX40 1.548% Member Mgmt. Board highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued88.300% BG40IND Index. TOP SHAREHOLDERS ADARA AD 11.70%

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 37 SET-UP : THE STRUCTUREBGBX40 OF : THE COMPANIESBULGARIAN STOCK EXCHANGE HOLDING VARNA AD Holding Varna AD is active in the area of valuation, acquisition, management and sale of ownership in Bulgarian and International companies. The Company's activities also include production and trade of goods and services, financing of businesses and valuation of patents.

KEY DATA WEBSITE ISIN BG1100036984 www.holdingvarna.com TYP Common Stock MANAGEMENT BGBX40 is an index, that covers 40 issues of common EXCHANGE Bulgaria SE Ivelina Kancheva Shaban shares with the greatest number of transactions and the BGBX40 5.643% Co Chief Executive Officer highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued77.041% BG40IND Index. TOP SHAREHOLDERS Andezit OOD 22.96% Expat Asset Mgmt. 0.09%

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 38 SET-UP : THE STRUCTUREBGBX40 OF : THE COMPANIESBULGARIAN STOCK EXCHANGE HYDRAULIC ELEMENTS AND SYSTEMS AD Hydraulic Elements & Systems AD designs, produces, and services a wide range of hydraulic cylinders for the construction industry.

KEY DATA WEBSITE ISIN BG1100BL5ZP0 www.hes-co.com TYP Common Stock MANAGEMENT BGBX40 is an index, that covers 40 issues of common EXCHANGE Bulgaria SE Vasil Georgiev Velev shares with the greatest number of transactions and the BGBX40 0.872% Chairman highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued27.190% BG40IND Index. TOP SHAREHOLDERS Stara Planina Holding AD 64.53% Slavyana AD 8.28% Allianz Bulgaria AD 6.99% POK Allianz Bulgaria 4.81%

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 39 SET-UP : THE STRUCTUREBGBX40 OF : THE COMPANIESBULGARIAN STOCK EXCHANGE INDUSTRIAL CAPITAL HOLDING AD Industrial Capital Holding AD is an investment holding company. The Company owns interests in a wide range of companies including ones that manufactures winding wires, insulated and telephone cables, hydraulic motors and steering units, metal working machines, and cutting and grinding materials,

KEY DATA WEBSITE ISIN BG1100010989 www.hika-bg.com TYP Common Stock MANAGEMENT BGBX40 is an index, that covers 40 issues of common EXCHANGE Bulgaria SE Dimitar Bogomilov Tanovski shares with the greatest number of transactions and the BGBX40 0.892% Co Chief Executive Officer highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued74.561% BG40IND Index. TOP SHAREHOLDERS Industrial Credit Bulgaria 17.98% ZAI AD 10.02% EMKA AD 10.01% Allianz Bulgaria AD 6.53% Ishay Horn 5.41%

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 40 SET-UP : THE STRUCTUREBGBX40 OF : THE COMPANIESBULGARIAN STOCK EXCHANGE INDUSTRIAL HOLDING BULGARIA PLC Industrial Holding Bulgaria PLC is a holding company that manages investment portfolios that invest in the shipping, mechanical engineering and manufacturing industries. She is also active in river cruises, tobacco, oil and energy companies.

KEY DATA WEBSITE ISIN BG1100019980 www.bulgariaholding.com TYP Common Stock MANAGEMENT BGBX40 is an index, that covers 40 issues of common EXCHANGE Bulgaria SE Daneta Angelova Zheleva shares with the greatest number of transactions and the BGBX40 2.522% Chief Executive Officer highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued58.806% BG40IND Index. TOP SHAREHOLDERS Venturas Limited Cyprus 22.60% Bulls AD 8.72% Allianz BLG Universal 6.86% TB Alliance Bulgaria 4.99% Dzherman Sofia AD 4.88%

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 41 SET-UP : THE STRUCTUREBGBX40 OF : THE COMPANIESBULGARIAN STOCK EXCHANGE KORADO BULGARIA AD Korado Bulgaria AD-Strazhitsa manufactures central heating equipment. The Company products include flat panel radiators, bathroom radiators, fitting elements and solid fuel fireplaces.

KEY DATA WEBSITE ISIN BG11LUSTAT13 www.korado.bg TYP Common Stock MANAGEMENT BGBX40 is an index, that covers 40 issues of common EXCHANGE Bulgaria SE Jiri Reznicek shares with the greatest number of transactions and the BGBX40 0.871% Chairman Mgmt. Board highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued34.533% BG40IND Index. TOP SHAREHOLDERS Korado Bulgaria AD 65.46%

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 42 SET-UP : THE STRUCTUREBGBX40 OF : THE COMPANIESBULGARIAN STOCK EXCHANGE M+S HYDRAULIC AD M+S Hydraulic AD Kazanlak manufactures hydraulic motors, steering units, valves, brakes and accessories.

KEY DATA WEBSITE ISIN BG11MPKAAT18 www.ms-hydraulic.com TYP Common Stock MANAGEMENT BGBX40 is an index, that covers 40 issues of common EXCHANGE Bulgaria SE Stoil Stoyanov Kolev shares with the greatest number of transactions and the BGBX40 3.612% Co Chief Executive Officer highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued23.385% BG40IND Index. TOP SHAREHOLDERS Stara Planina Hold AD 30.60% MS 97 JSC 23.86% Industrial Capital Hldg. 22.15% Expat Asset Mgmt. 0.36% NLB Skladi 0.12%

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 43 SET-UP : THE STRUCTUREBGBX40 OF : THE COMPANIESBULGARIAN STOCK EXCHANGE MONBAT AD MonBat manufactures battery starters, traction batteries and standing batteries.

KEY DATA WEBSITE ISIN BG1100075065 www.monbat.com TYP Common Stock MANAGEMENT BGBX40 is an index, that covers 40 issues of common EXCHANGE Bulgaria SE Atanas Stoilov Bobokov shares with the greatest number of transactions and the BGBX40 1.993% Chief Executive Officer highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued24.430% BG40IND Index. TOP SHAREHOLDERS Prista Oil EAD 46.36% Unicredit Spa 25.68% MonBat AD 3.53% Expat Asset Mgmt. 0,40% Prudential Financial 0.25%

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 44 SET-UP : THE STRUCTUREBGBX40 OF : THE COMPANIESBULGARIAN STOCK EXCHANGE NEOCHIM AD Neochim AD-Dimitrovgrad manufactures chemicals and chemical products. The Company produces ammonium nitrate, ammonia, nitric acid, sodium nitrate, ammonium bicarbonate and formaldehyde.

KEY DATA WEBSITE ISIN BG11NEDIAT11 www.neochim.bg TYP Common Stock MANAGEMENT BGBX40 is an index, that covers 40 issues of common EXCHANGE Bulgaria SE Dimitar Stefanov Dimitrov shares with the greatest number of transactions and the BGBX40 1.140% Chief Executive Officer highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued51.690% BG40IND Index. TOP SHAREHOLDERS EKO Tech AD 24.28% Euro Fert AD 24.03% Feboran AD 20.30% Agrofer Intl. Liechtenstein 7.68% PFP Consent 2.34%

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 45 SET-UP : THE STRUCTUREBGBX40 OF : THE COMPANIESBULGARIAN STOCK EXCHANGE ODESSOS SHIPREPAIR YARD Odessos Shiprepair Yard AD repairs domestic and international sea vessels. The Company provides painting, steel, as well as mechanical services.

KEY DATA WEBSITE ISIN BG11KOVABT17 www.odessos–yard.bg TYP Common Stock MANAGEMENT BGBX40 is an index, that covers 40 issues of common EXCHANGE Bulgaria SE Dimitar Ivanov Todorov shares with the greatest number of transactions and the BGBX40 0.515% Chief Executive Officer highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued100.000% BG40IND Index. TOP SHAREHOLDERS no info

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 46 SET-UP : THE STRUCTUREBGBX40 OF : THE COMPANIESBULGARIAN STOCK EXCHANGE RODNA ZEMYA HOLDING AD Rodna Zemya Holding AD operates as a holding company. The Company through its subsidiaries provides acquisition, management, evaluation, and sale of shares in Bulgarian and other companies as well as trades in bonds and patents.

KEY DATA WEBSITE ISIN BG1100051983 www.rodnazemya.bg TYP Common Stock MANAGEMENT BGBX40 is an index, that covers 40 issues of common EXCHANGE Bulgaria SE Biser Lozkov Lozev shares with the greatest number of transactions and the BGBX40 3.232% Chairman of the Board highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued71.808% BG40IND Index. TOP SHAREHOLDERS Bulgarian Mills EOOD 28.19% Finance Consulting SA 4.38% CB First Investment Bank 0.56%

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 47 SET-UP : THE STRUCTUREBGBX40 OF : THE COMPANIESBULGARIAN STOCK EXCHANGE SIRMA GROUP HOLDING JSC Sirma Group Holding JSC provides software development, system integration, and software implementation. Sirma develops semantic platforms and solutions, cognitive software business solutions, industrial applications, mobile platforms and applications serving enterprises in the financial, healthcare, industrial, and archival verticals.

KEY DATA WEBSITE ISIN BG1100032140 www.sirma.com TYP Common Stock MANAGEMENT BGBX40 is an index, that covers 40 issues of common EXCHANGE Bulgaria SE Tsvetan Borisov Alexiev shares with the greatest number of transactions and the BGBX40 0.985% Chief Executive Officer highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued100.000% BG40IND Index. TOP SHAREHOLDERS Karoll Capital Mgmt. 0.21% Expat Asset Mgmt. 0.17%

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 48 SET-UP : THE STRUCTUREBGBX40 OF : THE COMPANIESBULGARIAN STOCK EXCHANGE SOFIA COMMERCE-PAWN BROKERAGE Sofia Commerce-Pawn Brokerage AD provides financial services. The Company offers home mortgages, personal and business banking loans, and other services.

KEY DATA WEBSITE ISIN BG1100053054 www.sofiacommerce.net TYP Common Stock MANAGEMENT BGBX40 is an index, that covers 40 issues of common EXCHANGE Bulgaria SE Irena Todorova Vacheva shares with the greatest number of transactions and the BGBX40 0.260% Chief Executive Officer highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued100.000% BG40IND Index. TOP SHAREHOLDERS no info

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 49 SET-UP : THE STRUCTUREBGBX40 OF : THE COMPANIESBULGARIAN STOCK EXCHANGE SOPHARMA AD Sopharma AD researches, manufactures, and trades drugs and chemical pharmaceutical preparations. The Company produces and sells a broad spectrum of medicines, phytochemical products, and synthetic drug forms.

KEY DATA WEBSITE ISIN BG11SOSOBT18 www.sopharma.bg TYP Common Stock MANAGEMENT BGBX40 is an index, that covers 40 issues of common EXCHANGE Bulgaria SE Ognian Ivanov Donev shares with the greatest number of transactions and the BGBX40 10.042% Chief Executive Officer highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued40.160% BG40IND Index. TOP SHAREHOLDERS Donev Investment Hldg. 25.20% Telecomplect AD 20.41% Rompharm OOD 7.52% Sopharma AD 6.71% Expat Asset Mgmt. 0.68%

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 50 SET-UP : THE STRUCTUREBGBX40 OF : THE COMPANIESBULGARIAN STOCK EXCHANGE SOPHARMA PROPERTIES - REIT Sopharma Properties REIT manage real estate on a fee or a contract basis. The company invests in the building and development of real estate and is also involved in the selling, leasing or renting of properties.

KEY DATA WEBSITE ISIN BG1100031068 www.sopharma-imoti.com TYP REIT MANAGEMENT BGBX40 is an index, that covers 40 issues of common EXCHANGE Bulgaria SE Boriss Borissov shares with the greatest number of transactions and the BGBX40 2.040% Chief Executive Officer highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued43.582% BG40IND Index. TOP SHAREHOLDERS Stoev Ventzislav Simeo 23.22% Donev Ognian Ivanov 20.11% Telecomplect Invest AD 17.50% Donev Investment Hldg. 13.09% TBI Asset Mgmt. 0.00%

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 51 SET-UP : THE STRUCTUREBGBX40 OF : THE COMPANIESBULGARIAN STOCK EXCHANGE SOPHARMA TRADING AD Sopharma Trading AD-Sofia is a drug distributor and also offers pre-distribution services such as storage, logistics, marketing, and financial services.

KEY DATA WEBSITE ISIN BG1100086070 www.sopharmatrading.bg TYP Common Stock MANAGEMENT BGBX40 is an index, that covers 40 issues of common EXCHANGE Bulgaria SE Dimitar Georgiev Dimitrov shares with the greatest number of transactions and the BGBX40 3.240% Chief Executive Officer highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued4.000% BG40IND Index. TOP SHAREHOLDERS Sopharma AD 73.31% Donev Ognian Ivanov 22.69% Karoll Capital Mgmt. 0.06%

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 52 SET-UP : THE STRUCTUREBGBX40 OF : THE COMPANIESBULGARIAN STOCK EXCHANGE SPEEDY AD Speedy AD provides courier and transportation services. The Company delivers shipments to all locations in Bulgaria, as well as locations internationally. Speedy operates a fleet of vehicles in various sizes.

KEY DATA WEBSITE ISIN BG1100007126 www.speedy.bg TYP Common Stock MANAGEMENT BGBX40 is an index, that covers 40 issues of common EXCHANGE Bulgaria SE Valeri Mektupchiian shares with the greatest number of transactions and the BGBX40 1.945% Chief Executive Officer highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued6.130% BG40IND Index. TOP SHAREHOLDERS Speedy AD 93.86% Terra Capital Plc 0.88%

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 53 SET-UP : THE STRUCTUREBGBX40 OF : THE COMPANIESBULGARIAN STOCK EXCHANGE STARA PLANINA HOLD AD Stara Planina Hold AD-Sofia is a holding company. The Company, through its subsidiaries, manufactures pistons, hydraulic cylinders and motors, brakes, batteries, knitwear, socks, perfumes, cosmetics, and essential oils. Stara Planina Hold operates in Bulgaria and sells products globally.

KEY DATA WEBSITE ISIN BG1100005971 www.sphold.com TYP Common Stock MANAGEMENT BGBX40 is an index, that covers 40 issues of common EXCHANGE Bulgaria SE Vasil Georgiev Velev shares with the greatest number of transactions and the BGBX40 4.322% Chairman highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued65.470% BG40IND Index. TOP SHAREHOLDERS Potreb Invest Fondation 22.17% Garant 5 Ltd. 12.36% Allianz Bulgaria AD 5.94% Expat Asset Mgmt. 0.61% Karoll Capital Mgmt. 0.06%

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 54 SET-UP : THE STRUCTUREBGBX40 OF : THE COMPANIESBULGARIAN STOCK EXCHANGE SYNERGON HOLDING PLC Synergon Holding PLC is a holding company that acquires and invest in companies that are involved in the trade, tourism, and chemical industries. The Company purchases and sells patents and bonds, as well as provides financing to its subsidiaries. Synergon invests in Bulgarian and foreign companies.

KEY DATA WEBSITE ISIN BG11000033981 www.synergon.bg TYP Common Stock MANAGEMENT BGBX40 is an index, that covers 40 issues of common EXCHANGE Bulgaria SE Marin Petrov Stoyanov shares with the greatest number of transactions and the BGBX40 0.486% Chairman highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued69.510% BG40IND Index. TOP SHAREHOLDERS OMEGA BI DI Holding AD 27.78% Petrol-In AD 18.50% Bedo Doganan 2.51% Stoyanov Marin Petrov 0.11% Stulian Stoyanov 0.09%

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 55 SET-UP : THE STRUCTUREBGBX40 OF : THE COMPANIESBULGARIAN STOCK EXCHANGE SYNERGON HOLDING PLC Tchaikapharma High Quality Medicines provides individuals and families with a wide range of pharmaceutical products. It supplies pharmacies both with patented pharmaceuticals manufactured by large multinationals and with generic ones manufactured in modern plants. Tchaikapharma High Quality Medicines operates in Bulgaria.

KEY DATA WEBSITE ISIN BG1100008074 www.tchaikapharma.com TYP Common Stock MANAGEMENT BGBX40 is an index, that covers 40 issues of common EXCHANGE Bulgaria SE Biser Rosenov Georgiev shares with the greatest number of transactions and the BGBX40 3.038% Chief Executive Officer highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued100.000% BG40IND Index. TOP SHAREHOLDERS no info

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 56 SET-UP : THE STRUCTUREBGBX40 OF : THE COMPANIESBULGARIAN STOCK EXCHANGE TRACE GROUP HOLD AD Trace Group Hold AD-Sofia is a building contractor involved in building highway s, bridges and other engineering operations, including military projects.

KEY DATA WEBSITE ISIN BG1100049078 www.tracebg.com TYP Common Stock MANAGEMENT BGBX40 is an index, that covers 40 issues of common EXCHANGE Bulgaria SE Denislava Lyubenova shares with the greatest number of transactions and the BGBX40 1.129% Chairman Mgmt. Board highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued19.440% BG40IND Index. TOP SHAREHOLDERS Mihaylov Nikolay Ganchev 80.56% Galini – H Ltd 9.00% Karoll Capital Mgmt. 0.23%

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 57 SET-UP : THE STRUCTUREBGBX40 OF : THE COMPANIESBULGARIAN STOCK EXCHANGE VELGRAF ASSET MANAGEMENT AD Velgraf Asset Management AD buys, rents and leases, manages and sells real estate properties.

KEY DATA WEBSITE ISIN BG1100010104 www.velgraf.com TYP Common Stock MANAGEMENT BGBX40 is an index, that covers 40 issues of common EXCHANGE Bulgaria SE Rumen Goranov Tsonokov shares with the greatest number of transactions and the BGBX40 7.684% Chief Executive Officer highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued69.801% BG40IND Index. TOP SHAREHOLDERS Brilliance Ltd 30.20% Central Cooperative Bank 17.83% PFP Consent 6.64% UPC CCB - Power 5.31%

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 58 SET-UP : THE STRUCTUREBGBX40 OF : THE COMPANIESBULGARIAN STOCK EXCHANGE YURI GAGARIN PLC Yuri Gagarin PLC-Plovdiv offers printing services and manufactures industrial machinery. The Company primarily prints cigarette packaging materials, and produces machines, spare parts, and filters for the tobacco industry.

KEY DATA WEBSITE ISIN BG11PLPLVT16 www.gagarin-bt.com TYP Common Stock MANAGEMENT BGBX40 is an index, that covers 40 issues of common EXCHANGE Bulgaria SE Kiril Dimitrov Hristov shares with the greatest number of transactions and the BGBX40 0.051% Chief Executive Officer highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued27.150%% BG40IND Index. TOP SHAREHOLDERS Barranco EOOD 49.00% Como Tabaco Ltd 18.00% Pension Insur Co Allianz 6.98% Clairmont Holding Ltd 5.85% Karoll Capital Mgmt. 0.18%

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 59 SET-UP : THE STRUCTUREBGBX40 OF : THE COMPANIESBULGARIAN STOCK EXCHANGE YURI GAGARIN PLC Yuri Gagarin PLC-Plovdiv offers printing services and manufactures industrial machinery. The Company primarily prints cigarette packaging materials, and produces machines, spare parts, and filters for the tobacco industry.

KEY DATA WEBSITE ISIN BG11PLPLVT16 www.gagarin-bt.com TYP Common Stock MANAGEMENT BGBX40 is an index, that covers 40 issues of common EXCHANGE Bulgaria SE Kiril Dimitrov Hristov shares with the greatest number of transactions and the BGBX40 0.051% Chief Executive Officer highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued27.150%% BG40IND Index. TOP SHAREHOLDERS Barranco EOOD 49.00% Como Tabaco Ltd 18.00% Pension Insur Co Allianz 6.98% Clairmont Holding Ltd 5.85% Karoll Capital Mgmt. 0.18%

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 60 SET-UP : THE STRUCTUREBGBX40 OF THE : OVERVIEW BULGARIAN STOCK EXCHANGE

beam THE MULTILATERAL TRADING FACILITY TO GIVE GROWTH FOR YOUNG START- UPS

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 61 SET-UP : THE STRUCTUREbeam OF THE: OVERVIEW BULGARIAN STOCK EXCHANGE

Bulgarian Stock Exchange uses the same SME Growth Market beam is a special market electronic trading platform T7®, operated by organised by the Bulgarian Stock Exchange Deutsche Boerse, for both the trading on the (BSE) which enables the financing of small regulated market and the beam market. and medium companies in Bulgaria. The Transactions in financial instruments Exchange has been granted an approval by admitted to trading on the beam market are the Financial Supervision Commission to executed on the basis of the buy and sell create the new SME Growth Market beam in orders entered by the Exchange members the end of 2018. The trading and of the market maker quotes. Orders and on beam market is executed through the quotes constitute a firm request to buy or to same trading platform T7® and under the sell a particular amount of financial same trading rules as those on the BSE main instruments at a set price or at a market market. price and at particular additional parameters. The financial instruments, admitted to beam Market main objective is to provide trading on the beam market are traded in small and medium enterprises with the continuous trading and the trading hours (in opportunity to raise funds within easier terms local time) are as follows: than those on the regulated market, while at the same time providing them with similar 09:30 - 10:00 Pre-trading advantages as those of public 10:00 - 10:10 Opening auction companies. beam market is also an 10:10 - 16:55 Continuous trading intermediate step on the road of a company 16:55 - 17:00 Closing auction to the regulated market. 17:00 - 17:30 Post-trading

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 62 SET-UP : THE STRUCTUREbeam OF : REQUIREMENTS THE BULGARIAN STOCK EXCHANGE

The basic requirements for the companies that want to be admitted to trading on the beam market are: ▪ to be registered as joint-stock companies in Bulgaria or abroad; ▪ in the Company's articles of association certain texts to be included concerning the admission to trading on beam Market such as: specific conditions for the protection of investors, as well as explicit powers of the General Meeting of Shareholders to take a decision regarding the termination of the beam Market registration; a detailed description of the terms and conditions under which the General Meeting may take a decision to increase the capital and requirement for a qualified majority of 90 (ninety) percent of the total number of votes represented at the General Meeting needed for the above mentioned amendments; ▪ to prepare an admission document (using a provided by BSE template) that contains detailed information about the company and its management and supervisory bodies. The document should be drafted in Bulgarian or English language and approved by the respective Advisor; ▪ as part of the admission document, the company should present an audited financial statement for the prior financial year. ▪ to have at least a 2 years contract with an Advisor approved by BSE; ▪ the financial instruments to be registered for trading should meet the following conditions: 1. to be dematerialized or immobilized and to be registered in a depository institution; 2. to hold no restrictions or conditions for their transfer; 3. not to be listed for trading on the BSE’s Main or Alternative markets. Information disclosure by companies on beam market After being registered on beam market, companies are required to disclose any relevant information relating to the company or its financial instruments within 3 days of its occurrence. Companies must also submit the following financial reports: ▪ semi-annual - no later than August 30 of the respective year, respectively - September 30 for consolidated reports; ▪ annual audited - no later than April 30 of the following calendar year, respectively - May 30 for consolidated reports; ▪ annual non-audited - no later than February 28 of the following calendar year and respectively - March 31 for consolidated reports

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 63 SET-UP : THE STRUCTUREbeam OF :THE COMPANIES BULGARIAN STOCK EXCHANGE

So far, there is just one company scheduled to enter the unregulated market segment beam:

Company Biodit Global Technology AD Biodit has developed and pioneered the first in world WBLS®(Wireless Biometric Locking System). CEO Julian Sofroniev The wireless biometric devices set a new standard Email [email protected] in systems for access control combined with a Website www.biodit.com flexible software platform. A solution with no need for cabling, pre-installation or any construction and Mobile 00359 989 996 000 repair works.

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 64 SET-UP : THE STRUCTUREbeam OF THE : ADVISORS BULGARIAN STOCK EXCHANGE

MARKET ADVISOR WEBSITE CITY CEO EMAIL Important part of the functioning of the beam market are the so called Advisors. Aval In AD www.aval-in.com Sofia Bistra Ilkova [email protected] Advisors are consulting companies whose Elana Trading AD www.elana.net Sofia Radoslava Maslarska [email protected] primary role is to support the issuers during their listing process and subsequently in their karoll AD www.karollbroker.bg Sofia Angel Rabadzhiyski [email protected] life as traded companies. In order to obtain counseling status, applicants must meet a Gyurov & Rizov Law www.grlawoffice.bg Sofia Krasimir Gyurov [email protected] number of conditions relating to their competence and the reputation of the iRS EOOD www.irsbg.info Sofia Daniela Peeva not disclosed members of their management bodies. Risk Transfer OOD not disclosed Sofia not disclosed not disclosed Advisors usually engage in investment, audit or tax services and business, consultancy and business related to merger, acquisition or restructuring transactions, financial analysis and valuations, etc.

The status of an advisor is obtained after approval of the relevant documents by the BSE. It is necessary for each issuing company to conclude a contract with an advisor approved by the Exchange for a period of at least 2 years.

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 65 SET-UP : THE STRUCTUREBGBX40 OF THE : OVERVIEW BULGARIAN STOCK EXCHANGE

PERFORMANCE KEY FACTS ABOUT THE TRADING ACTIVITY

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 66 PERFORMANCE : THE TRADING VOLUME

▪ The annual Trading Volume of BSE listed equities sums up to 165 million Euro. ▪ Excluding all equities without any trading activity in the past 12 months (39%), the average trading volume per issuer equals to 1,1 million Euro. ▪ Comparison: the average Trading Volume of NASDAQ listed Amazon.com is 4 billion Euro per day.

BSE TOP10 : TRADING VOLUME

ISSUER ISIN SEGMENT TRADING VOLUME (P.A.) SOPHARMA SOFIA BG11SOSOBT18 Premium Equities 33.575.222 € 235 Holdings BG1100017174 Standard Equities 16.407.491 € CAPITAL CONCEPT BG1100074084 BaSE 10.880.166 € DOVERIE HOLDING BG1100038980 Standard Equities 5.122.854 € ALBENA BG11ALBAAT17 Standard Equities 4.364.259 € RODNA ZEMYA HOLDING BG1100051983 Standard Equities 4.183.265 € GREEN TOWN PROJECTS BG1100014189 BaSE 4.094.819 € EUROHOLD BULGARIA BG1100114062 Standard Equities 3.931.092 € HOLDING SVETA SOFIA BG1100008983 Standard Equities 3.762.453 € ADVANCE TERRAFUND BG1100025052 Special Purpose Vehicles 3.680.000 €

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 67 PERFORMANCE : OUTPERFORMER

The TOP-Performer of the past 52 week is Sofia based Holding Coop-Yug AD, a holding company with particular interest in acquiring stakes in and managing Bulgarian as well as foreign companies. The total trading volume was just 848 Euro.

ISSUER ISIN PERFORMANCE INDUSTY HOLDING COOP-YUG BG1100017984 499,8% Financial Services PREMIER FUND REIT BG1100009064 366,6% Real Estate EKIP-98 HOLDING BG1100007985 331,4% Financial Services MEL INVEST HOLDING BG1100010971 257,1% Food & Beverage BIANOR BG1100007076 159,5% Technology OPTELA-LASER TECHNOLOGIES BG11OPPLBT17 125,8% Industrial Goods & Services SLANTSE STARA ZAGORA BG11SLSTAT17 104,1% Personal & Household Goods CBA ASSET MANAGEMENT BG1100064077 75,4% Retail BALKANCAR-ZARYA BG11BAPAAT13 72,9% Industrial Goods & Services FORUCOM REIT-HASKOVO BG1100057063 53,4% Real Estate

The real winner another Sofia based holding company: EKIP-98 holding AD with a performance of 367% and a trading volume of almost 2 million The Market Capitalization of all BSE-listed equities Euro. EKIP is listed in the BaSE segment. decreased in the past 52 weeks by 5,5 percent.

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 68 PERFORMANCE : UNDERPERFORMER

The worst performance during the past 52 weeks showed Sofia based Sparky Eltos AD, a producer of electronic tools such as drilling machines, perforators, angle-grinding machines , circular saws, milling machines, knife saws,etc.

ISSUER ISIN PERFORMANCE INDUSTY SPARKY ELTOS BG11ELLOAT15 -96,5% Personal & Household Goods METIZI BG11MEROAT18 -95,2% Basic Resources TODOROFF BG1100090064 -82,3% Food & Beverage ZAVOD ZA SHLIFOVACHNI BG11ZAASAT12 -81,7% Industrial Goods & Services INTERCAPITAL PROPERTY DEV BG1100018057 -74,3% Real Estate YURI GAGARIN PLC-PLOVDIV BG11PLPLVT16 -73,7% Personal & Household Goods ENERGETICS AND ENERGY BG1100026068 -71,4% Real Estate SUNNY DAY BG11SLVAAT13 -67,9% Travel & Leisure ERG CAPITAL-3 REIT-SOFIA BG1100069068 -65,5% Real Estate PETROL BG11PESOBT13 -63,8% Retail

Sparky Eltos AD had a lost 96,5 percent of its market capitalization with trades summing up to only 12.824 Euro. It is traded in the BaSE segment.

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 69 SET-UP : THE STRUCTUREBGBX40 OF THE : OVERVIEW BULGARIAN STOCK EXCHANGE

INDUSTRY SECTORS OVERVIEW ABOUT THE COMPOSITION

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 70 INDUSTRY SECTORS : OVERVIEW– TOURISM INDUSTRY THE LARGEST SECTOR

Travel & Leisure (67,52%) Real Estate (8,81%) Financial Services (7,23%) „The Travel & Leisure (Tourism) Industrial Goods & Services (2,24%) Banks (2,18%) Food & Beverage (2,15%) Health Care (1.68%) Utilities (1,57% Technology (1,19%) Industrie is with a market share of Personal & Household Goods (1,04%) Retail (1,03%) Construction & Materials (0,74%) 67,52% by far the largest Industry Automobiles & Parts (0,62%) Basic Resources (0,45%) Private Equity (0,45%) Chemicals (0,36%) Media (0,33%) Oil & Gas (0,24%) Sector of the Bulgarian Stock Telecommunications (0,28%) Exchange.“

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 71 INDUSTRY SECTORS : OVERVIEW– TOURISM INDUSTRY THE LARGEST SECTOR

NR. INDUSTY SECTOR NR. Of COMPANIES SECRTOR MARKET CAPITALIZATION Ø CAPITALIZATION / ISSUER MARKET SHARE 1Travel & Leisure (67,52%) 11 8.942.644.007 € 812.967.637 € 67,52% 2Real Estate (8,81%) 57 1.166.261.647 € 20.460.731 € 8,81% 3Financial Services (7,23%) 50 957.363.115 € 19.147.262 € 7,23% 4Industrial Goods & Services (2,24%) 27 297.098.348 € 11.003.643 € 2,24% 5Banks (2,18%) 5 288.455.080 € 57.691.016 € 2,18% 6Food & Beverage (2,15%) 19 285.215.171 € 15.011.325 € 2,15% 7Health Care (1.68%) 4 222.432.417 € 55.608.104 € 1,68% 8Utilities (1,57% 3 207.411.550 € 69.137.183 € 1,57% 9Technology (1,19%) 7 157.458.151 € 22.494.022 € 1,19% 10 Personal & Household Goods (1,04%) 26 137.859.334 € 5.302.282 € 1,04% 11 Retail (1,03%) 4 136.722.068 € 34.180.517 € 1,03% 12Construction & Materials (0,74%) 13 97.925.781 € 7.532.752 € 0,74% 13Automobiles & Parts (0,62%) 3 82.274.485 € 27.424.828 € 0,62% 14 Basic Resources (0,45%) 9 60.196.237 € 6.688.471 € 0,45% 15 Private Equity (0,45%) 1 59.023.152 € 59.023.152 € 0,45% 16 Chemicals (0,36%) 3 47.350.941 € 15.783.647 € 0,36% 17 Media (0,33%) 3 43.068.819 € 14.356.273 € 0,33% 18Oil & Gas (0,24%) 2 32.384.275 € 16.192.138 € 0,24% 19 Telecommunications (0,28%) 1 23.310.720 € 23.310.720 € 0,18%

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 72 SET-UP : THE 10 LARGEST COMPANIES OF THE BULGARIAN STOCK EXCHANGE

It is an interesting fact that the largest BSE-listed company is not part of the Premium Equities Segment but of the BaSE Segment.

Capital Concept, being publicly traded since 2009, is part of the Travel & Leisure Industry. It has a Market Capitalization of 8,6 billion Euro.

ISSUER ISIN IPO PRICE/SHARE SEGMENT INDUSTRY MARKET CAP CAPITAL CONCEPT BG1100074084 2009 3,99 EURBaSE Travel & Leisure 8.578.673.667 € TCHAIKAPHARMA HIGH QUALITY BG1100008074 2015 5,93 EURStandard Equities Segment Real Estate 487.439.440 € SOFIA HOTEL BALKAN BG11ZESOAT12 1998 49,84 EURBaSE Travel & Leisure 262.363.104 € SOPHARMA BG11SOSOBT18 1998 1,48 EURPremium Equities Segment Health Care 195.011.576 € GRADUS BG1100002184 2018 0,74 EURStandard Equities Segment Food & Beverage 179.327.200 € CEZ DISTRIBUTION BULGARIA BG1100025110 2012 84,35 EURStandard Equities Segment Utilities 162.622.944 € VELGRAF ASSET MANAGEMENT BG1100010104 2010 2,04 EURStandard Equities Segment Financial Services 141.049.809 € SPEEDY BG1100007126 2012 25,05 EURStandard Equities Segment Technology 137.451.942 € SOPHARMA PROPERTIES REIT BG1100031068 2006 3,09 EURSpecial Purpose Vehicles Segment Real Estate 129.956.871 € CHIMIMPORT BG1100046066 2006 0,50 EURPremium Equities Segment Financial Services 124.344.778 €

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 73 SET-UP : THE STRUCTUREBGBX40 OF THE : OVERVIEW BULGARIAN STOCK EXCHANGE

COSTS FEES COLLECTED BY THE BULGARIAN STOCK EXCHANGE

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 74 SETCOSTS-UP : THE : FEES STRUCTURE COLLECTED OF BY THE THE BULGARIAN STOCK STOCK EXCHANGE EXCHANGE

Market Segment Admission Fee Annual Fee Corporate Action Fee Premium Equities BGN 500 BGN 1,000 to 3,000 BGN 500 Discounts to the annual fees for 0.01% of Market Value issuers listed on the Premium Standard Equities BGN 500 BGN 1,000 to 3,000 BGN 500 Equities, Standard Equities and 0.01% of Market Value Special Purpose Vehicles Segment: BaSE no fee BGN 1,000 to 3,000 BGN 500 0.01% of Market Value ▪ 50% of the escess of the Subscription Rights BGN 100 no fee no fee minimum fee where the free float Segment of the issue during the last Special Purpose BGN 500 BGN 1,000 to 3,000 BGN 500 calendar year has been not less Vehicles Segment 0.01% of Market Value than 35% of the entire issue. Bonds Segment BGN 500 BGN 1,000 BGN 1,000 ▪ 50% of the excess over the Compensatory no fee no fee no fee Instruments Segment minimum fee where the issuer has signed a contract with a Exchange Traded BGN 500 BGN 1,000 no fee Products Segment market maker in order to ensure Government Securities BGN 200 BGN 120 no fee minimum liquidity. Segment

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 75 THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 76 SET-UP : THE STRUCTUREAPPENDIX OF THE: QUOTATION BULGARIAN LIST STOCK EXCHANGE

52W NR ISSUER FIRST TRADE NR OF SHARES ISIN QUOTE MARKET CAP PERF. SEGMENT INDUSTRY 1235 Holdings AD 2018 5.109.000BG1100017174 11,55 € 59.024.890 € 13,0%Standard Equities Private Equity 2ADVANCE EQUITY HOLDING AD 2006 35.945.592BG1100033064 0,13 € 4.593.847 € 25,0%BaSE Financial Services 3ADVANCE TERRAFUND - REIT 2005 85.110.088BG1100025052 0,82 € 69.613.243 € -17,3%Special Purpose Vehicles Real Estate 4AGRIA GROUP HOLDING AD-VARNA 2008 6.800.000BG1100085072 2,66 € 18.076.032 € -50,0%Standard Equities Financial Services 5AGRO FINANCE 2005 32.219.708BG1100039061 1,89 € 60.941.644 € 0,0%BaSE Real Estate 6AGROENERGY INVEST REIT 2006 27.961.916BG1100025060 0,52 € 14.437.073 € 0,0%BaSE Real Estate 7AKTIV PROPERTIES REIT 2005 2.192.011BG1100003059 4,60 € 10.085.004 € 31,4%Special Purpose Vehicles Real Estate 8AKUMPLAST AD DOBRICH 2006 7.233BG11AKDOAT10 51,12 € 369.751 € 0,0%BaSE Industrial Goods & Services 9ALBENA AD 1998 4.273.126BG11ALBAAT17 15,44 € 65.969.545 € -30,1%Standard Equities Travel & Leisure 10 ALCOMET AD-SHUMEN 1998 17.952.960BG11ALSUAT14 2,61 € 46.805.521 € -56,4%Standard Equities Basic Resources 11ALFA WOOD BULGARIA AD 2006 610.610BG11TUDOAT17 0,92 € 559.050 € 0,0%Delisted Basic Resources 12ALPHA BULGARIA AD 2012 1.181.160BG1100038097 0,41 € 489.085 € 0,0%BaSE Financial Services 13ALTERKO AD 2016 15.000.000BG1100003166 1,57 € 23.617.440 € 23,2%Standard Equities Telecommunications 14 ALTERON REIT - VARNA 2009 650.000BG1100111076 10,22 € 6.645.600 € 0,0%BaSE Real Estate 15ARCO TOWERS REIT 2007 682.500BG1100017075 1,96 € 1.339.753 € 0,0%BaSE Real Estate 16 ARMEJSKI HOLDING AD 1999 515.838BG1100009973 0,15 € 79.109 € 2,2%BaSE Financial Services 17 AROMA AD 2005 15.491.829BG1100087987 0,50 € 7.761.035 € -24,6%BaSE Personal & Household Goods 18ASENOVA KREPOST AD-ASENOV 1998 2.546.011BG11ASASBT10 6,59 € 16.789.619 € 22,8%BaSE Industrial Goods & Services 19ATOMENERGOREMONT AD 2015 15.355.140BG1100007159 2,73 € 41.995.079 € -1,0%BaSE Retail 20BALKAN AND SEA PROPERTIES RE 2007 6.925.156BG1100099065 8,79 € 60.890.404 € 4,8%Special Purpose Vehicles Real Estate 21 BALKANCAR-ZARYA AD 2006 2.403.956BG11BAPAAT13 0,33 € 786.497 € 72,9%BaSE Industrial Goods & Services 22BESTTECHNICA TM-RADOMIR PAD 1998 13.168.228BG11TERAAT17 0,10 € 1.346.320 € 0,0%Delisted Industrial Goods & Services 23BG AGRO 2009 40.357.440BG1100151072 0,82 € 33.009.157 € 0,0%Standard Equities Food & Beverage 24 BGI GROUP AD-SOFIA 2008 6.665.000BG1100016077 0,48 € 3.168.648 € -1,1%BaSE Real Estate 25BIANOR 2007 675.222BG1100007076 4,09 € 2.761.388 € 159,5%BaSE Technology

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 77 SET-UP : THE STRUCTUREAPPENDIX OF THE: QUOTATION BULGARIAN LIST STOCK EXCHANGE

NR ISSUER FIRST TRADE NR OF SHARES ISIN QUOTE MARKET CAP 52W PERF. SEGMENT INDUSTRY 26BILLBOARD AD 2008 15.000.000BG1100088076 0,13 € 1.993.680 € -13,3% Standard Equities Media 27 BIOIASIS AD-SOFIA 2008 1.200.000 BG1100008082 8,22 € 9.864.115 € 0,0% BaSE Health Care 28BOLKAN PROPERTY INSTRUM REIT 2008 500.000BG1100072070 5,62 € 2.811.600 € 0,0% BaSE Real Estate 29BRAVO PROPERTY FUND REIT 2018 36.700.000 BG1100016176 0,54 € 19.699.092 € 0,0% Special Purpose Vehicles Real Estate 30BULGAR CZECH INVEST HOLDING 2006 1.191.105BG1100053989 0,95 € 1.132.541 € 16,2% BaSE Financial Services 31 BULGARIA HOLDING COMPANY 2004 6.583.803BG1100001988 0,24 € 1.581.851 € -32,9% SETSqx NON CCP Financial Services 32BULGARIA STOCK EXCHANGE-SOFI 2011 6.582.860BG1100016978 2,18 € 14.335.573 € -21,1% Standard Equities Financial Services 33BULGARIAN AMERICAN CREDIT BA 2006 24.691.312BG1100098059 3,37 € 83.306.511 € 2,3% Standard Equities Banks 34BULGARIAN INVESTMENT GROUP 2006 650.000BG1100047056 0,15 € 99.684 € 0,0% BaSE Real Estate 35BULGARIAN REAL ESTATE FD INC 2005 34.641.924BG1100001053 0,81 € 28.157.233 € -18,0% Special Purpose Vehicles Real Estate 36BULGARIAN RIVER SHIPPING AD 2006 35.708.672 BG1100100038 0,21 € 7.484.252 € -41,4% Standard Equities Industrial Goods & Services 37 BULGARSKA ROZA AD 1998 5.350.980BG11BAKAAT18 0,61 € 3.282.505 € -40,0% SETSqx NON CCP Personal & Household Goods 38BULGARSKA ZAHAR AD-DOLNA MIT 1998 718.162BG11BADOAT11 0,01 € 7.342 € 0,0% BaSE Food & Beverage 39BULGARSKI TRANSPORTEN HLDG 2006 328.523BG1100020988 1,23 € 403.058 € 0,0% BaSE Financial Services 40BULGARTABAK HOLDING 1997 7.367.222BG11BUSOGT14 2,52 € 18.529.330 € -36,5% BaSE Personal & Household Goods 41 BULLAND INVESTMENTS REIT 2006 15.008.125BG1100067054 0,51 € 7.672.154 € -10,4% Special Purpose Vehicles Real Estate 42BULVESTA HOLDING AD 2006 719.703BG1100008975 0,10 € 73.582 € 0,0% BaSE Financial Services 43CAPITAL CONCEPT LTD JSC 2009 2.151.467.008BG1100074084 3,99 € 8.578.673.489 € 0,6% BaSE Travel & Leisure 44CAPITAL MANAGEMENT SPV-SOFIA 2008 1.758.296BG1100121059 33,23 € 58.424.659 € 11,5% Special Purpose Vehicles Financial Services 45CB FIRST INVESTMENT BANK AD 2007 110.000.000BG1100106050 0,88 € 97.281.360 € -51,7% Premium Equities Banks 46CBA ASSET MANAGEMENT AD-VELI 2008 2.020.000BG1100064077 0,51 € 1.032.624 € 75,4% BaSE Retail 47 CCB REAL ESTATE FUND REIT-SO 2008 1.077.193BG1100120051 24,44 € 26.321.599 € 17,7% BaSE Real Estate 48CEE PROPERTIES REIT 2007 650.000BG1100006060 0,92 € 598.104 € 20,0% BaSE Real Estate 49CENTRAL COOP BANK AD 1999 127.129.968BG1100014973 0,50 € 63.039.174 € -37,0% Premium Equities Banks 50CEZ DISTRIBUTION BULGARIA AD 2012 1.928.000 BG1100025110 84,35 € 162.622.944 € -29,5% Standard Equities Utilities

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 78 SET-UP : THE STRUCTUREAPPENDIX OF THE: QUOTATION BULGARIAN LIST STOCK EXCHANGE

NR ISSUER FIRST TRADE NR OF SHARES ISIN QUOTE MARKET CAP 52W PERF. SEGMENT INDUSTRY 51 CEZ ELECTRO BULGARIA AD-SOFI 2012 5.000 BG1100024113 7.668,00 € 38.340.000 € -37,0%Standard Equities Utilities 52CHERNOMORSKI HOLDING 1998 2.289.147 BG1100069985 0,20 € 468.085 € -56,5%BaSE Financial Services 53CHIMIMPORT AD 2006 239.646.272BG1100046066 0,50 € 120.057.031 € -45,6%Premium Equities Financial Services 54CITI PROPERTIES REIT-SOFIA 2008 1.300.000 BG1100074076 0,46 € 598.104 € 0,0%BaSE Real Estate 55COLOS 2010 160.300 BG1100014049 5,11 € 819.454 € 0,0%Delisted Real Estate 56DEBITUM INVEST SPV 2011 650.000BG1100014106 0,52 € 338.926 € 0,0%BaSE Real Estate 57 DEKOTEX CARPET AD 1998 15.041.610 BG11DESLAT11 0,10 € 1.537.854 € -33,4%BaSE Personal & Household Goods 58DELTA KREDIT ADSIC 2007 1.300.000 BG1100088068 18,81 € 24.455.808 € 0,9%BaSE Real Estate 59DOBROTITSA-BSK AD-DOBRICH 2006 44.477BG11DODOVT18 7,67 € 341.050 € 0,0%BaSE Construction & Materials 60DOBRUDZHA HOLDING AD 1998 296.320BG1100016986 0,13 € 37.870 € 0,0%BaSE Financial Services 61 DOMINANT FINANCE AD 2006 13.200.000 BG1100108031 0,01 € 161.948 € 0,0%Delisted Financial Services 62DOVERIE HOLDING AD 1998 18.736.100BG1100038980 1,84 € 34.480.420 € 38,4%Standard Equities Financial Services 63DRUZHBA-RAZGRAD AD 1998 204.895BG11DRRAAT10 0,44 € 90.078 € -33,9%BaSE Automobiles & Parts 64DUPNITZA-BT AD 1999 536.562BG11DUDUBT16 0,36 € 194.746 € 0,0%BaSE Personal & Household Goods 65EKIP-98 HOLDING AD 2007 180.006BG1100007985 8,69 € 1.564.324 € 331,4%BaSE Financial Services 66EKOINVEST HOLDING AD 2006 1.156.996BG1100022984 0,88 € 1.017.305 € 0,0%Delisted Financial Services 67ELANA AGROCREDIT AD 2013 36.629.924BG1100040101 0,50 € 18.350.713 € -16,2%Standard Equities Financial Services 68ELEKTROMETAL AD 1998 32.307 BG11ELPAAT17 2,81 € 90.834 € 0,0%BaSE Basic Resources 69ELENITE AD 1998 340.700BG11ELNEAT15 0,28 € 95.791 € 0,0%Delisted Travel & Leisure 70ELHIM ISKRA AD-PAZARDZHIK 1998 25.108.410 BG11ELPABT16 0,37 € 9.241.502 € -26,5%Standard Equities Personal & Household Goods 71 EMKA AD-SEVLIEVO 1998 21.699.726BG11EMSEAT19 1,02 € 22.185.800 € -21,9%Standard Equities Industrial Goods & Services 72ENERGETICS AND ENERGY SAVING 2006 4.454.126BG1100026068 0,01 € 22.769 € -71,4%BaSE Real Estate 73ERG CAPITAL-1 REIT 2006 3.000.000BG1100038048 0,64 € 1.917.000 € 0,0%BaSE Real Estate 74 ERG CAPITAL-3 REIT-SOFIA 2007 2.100.000BG1100069068 1,02 € 2.147.040 € -65,5%BaSE Real Estate 75ETROPAL AD-ETROPOLE 2007 5.000.000BG1100001038 2,96 € 14.824.800 € 10,5%Standard Equities Health Care

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 79 SET-UP : THE STRUCTUREAPPENDIX OF THE: QUOTATION BULGARIAN LIST STOCK EXCHANGE

NR ISSUER FIRST TRADE NR OF SHARES ISIN QUOTE MARKET CAP 52W PERF. SEGMENT INDUSTRY 76 EUROCAPITAL BITEX AD 2003 2.900.000 BG1100097036 0,51 € 1.467.655 € 0,0% Delisted Technology 77 EUROHOLD BULGARIA AD 2007 197.525.600BG1100114062 0,41 € 80.275.194 € -57,0% Standard Equities Financial Services 78 EUROTERRA BULGARIA AD 2006 4.550.000 BG1100013058 1,02 € 4.651.920 € 0,0% BaSE Real Estate 79 EXCLUSIVE PROPERTY REIT 2007 9.452.340 BG1100083069 0,55 € 5.170.279 € 44,6% Special Purpose Vehicles Real Estate 80 EXPAT BETA REIT 2008 5.143.190 BG1100018081 0,49 € 2.497.739 € 0,0% Special Purpose Vehicles Real Estate 81 EXPAT REALTY REIT 2008 2.000.000 BG1100065074 2,45 € 4.907.520 € 1,2% SETSqx NON CCP Real Estate 82 FAIRPLAY PROPERTIES REIT 2006 33.145.400 BG1100042057 0,14 € 4.574.861 € -45,7% Special Purpose Vehicles Real Estate 83 FARMSTARINVEST HOLDING AD 2005 372.687BG1100039988 0,49 € 180.992 € 0,0% Delisted Financial Services 84FAVORIT HOLD AD 1999 2.356.923 BG1100035986 0,64 € 1.518.122 € -57,2% BaSE Financial Services 85 FAZERLES AD 1998 515.000 BG11FASIAT18 9,30 € 4.791.478 € -9,0% Standard Equities Basic Resources 86 FORMOPLAST AD KARDZHALI 1998 3.798.905 BG11FOKAAT18 2,91 € 11.069.401 € 5,5% Standard Equities Industrial Goods & Services 87 FORUCOM REIT-HASKOVO 2007 1.809.740 BG1100057063 0,61 € 1.110.167 € 53,4% BaSE Real Estate 88 FUND ESTATES REIT 2005 23.394.706 BG1100036042 0,01 € 251.147 € 0,0% BaSE Real Estate 89 FUTURES CAPITAL AD-SOFIA 2014 420.500BG1100016119 12,78 € 5.373.990 € 0,0% BaSE Financial Services 90 GALATA INVESTMENT CO AD-VARN 2013 68.571.232BG1100035135 1,00 € 68.705.083 € 11,4% Standard Equities Real Estate 91 GARANT INVEST HOLDING AD-KUS 2001 249.278BG1100003984 1,48 € 369.550 € 0,0% BaSE Banks 92 GOTSE DELCHEV TABAC AD-GOTSE 1999 962.120 BG11GOGOAT17 2,04 € 1.967.343 € 0,0% BaSE Personal & Household Goods 93 GRADUS AD 2018 243.608.704 BG1100002184 0,74 € 179.327.188 € -18,9% Standard Equities Food & Beverage 94 GREEN TOWN PROJECTS EAD 2019 4.059.000BG1100014189 4,40 € 17.844.663 € 7,5% BaSE Construction & Materials 95 HAD AKB KORPORATION 1998 2.843.483 BG1100011987 0,05 € 145.359 € 0,0% Delisted Financial Services 96 HBG INVESTMENT PROPERTY 2008 682.500 BG1100108064 0,05 € 34.889 € 0,0% Delisted Real Estate 97 HD DUNAV AD VRATSA 2006 215.000BG1100015988 4,09 € 879.264 € 0,0% BaSE Financial Services 98 HERTI AD-SHUMEN 2008 12.013.797BG1100061073 0,70 € 8.352.376 € 0,0% BaSE Industrial Goods & Services 99 HIMSNAB BULGARIA AD 2006 2.494.631 BG11EMTOAT16 24,23 € 60.447.104 € 6,2% Standard Equities Personal & Household Goods 100 HOLDING CENTER AD 2008 159.758 BG1100080982 16,67 € 2.662.386 € 41,7% BaSE Financial Services

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 80 SET-UP : THE STRUCTUREAPPENDIX OF THE: QUOTATION BULGARIAN LIST STOCK EXCHANGE

NR ISSUER FIRST TRADE NR OF SHARES ISIN QUOTE MARKET CAP 52W PERF. SEGMENT INDUSTRY 101 HOLDING COOP-YUG AD 2006 2.785.062 BG1100017984 0,92 € 2.562.703 € 499,8% BaSE Financial Services 102 HOLDING SVETA SOFIA 1999 9.940.391 BG1100008983 1,85 € 18.395.131 € -3,2% Standard Equities Financial Services 103 HOLDING VARNA AD 2006 6.485.897 BG1100036984 19,02 € 123.339.968 € 0,5% Standard Equities Financial Services 104 HYDRAULIC ELEMENTS & SYSTEMS 1998 18.193.752 BG11HIYMAT14 1,69 € 30.692.132 € -33,2% Standard Equities Industrial Goods & Services 105 HYDROPNEUMOTECHNICS AD 2006 39.892 BG11HIKAAT14 28,63 € 1.141.996 € -29,1% BaSE Industrial Goods & Services 106 HYPOCAPITAL REIT 2006 65.000 BG1100020061 5,37 € 348.894 € 0,0% Delisted Real Estate 107 IMMI AD 2007 86.865 BG11IMSOAT13 2,55 € 221.583 € 0,0% BaSE Industrial Goods & Services 108 IMMOVABLE PROPERTIES SOFIA R 2008 650.000 BG1100101069 3,27 € 2.126.592 € 10,3% SETSqx NON CCP Real Estate 109 INDUSTRIAL HOLDING BULGARIA 1998 107.400.640 BG1100019980 0,40 € 42.824.502 € -22,0% Standard Equities Financial Services 110 INDUSTRIAL HOLDING COMPANY 2005 231.224BG1100012985 0,05 € 11.820 € 0,0% Delisted Financial Services 111 INDUSTRIALEN CAPITAL HOLDING 2005 15.864.544 BG1100010989 0,77 € 12.164.932 € -31,2% Standard Equities Financial Services 112 INDUSTRIALEN FOND AD 2001 805.951 BG1100007993 0,26 € 206.001 € 0,0% SETSqx NON CCP Financial Services 113 INFRA HOLDING PLC- SOFIA 2008 58.362.964 BG1100004081 0,01 € 596.703 € 25,0% BaSE Industrial Goods & Services 114 INTERCAPITAL PROPERTY DEVELO 2005 6.011.476 BG1100018057 0,11 € 639.198 € -74,3% BaSE Real Estate 115 INTERLOGIC REAL ESTATE JSC 2005 2.136.960 BG1100032041 0,03 € 54.621 € 0,0% BaSE Real Estate 116 INTERLOGIC-LEASING SA 2005 4.547.434 BG1100049045 0,00 € 4.649 € 0,0% BaSE Real Estate 117 INTERSTANDARTS AD 2006 87.776 BG1100003034 0,51 € 44.871 € 0,0% BaSE Industrial Goods & Services 118 INVEST PROPERTY REIT 2006 1.666.400 BG1100065066 0,26 € 425.932 € 0,0% BaSE Real Estate 119 INVESTOR.BG AD 2006 4.782.362BG1100019048 8,59 € 41.071.690 € 4,3% Standard Equities Media 120 KABILE -LB AD 1998 231.385 BG11KAJMAT16 0,26 € 59.142 € 0,0% BaSE Food & Beverage 121 KATEX KAZANLAK 2000 2.443.639 BG1100018990 1,53 € 3.747.565 € 0,4% BaSE Personal & Household Goods 122 KAUCHUK AD 1998 942.091 BG11KAPAAT12 20,45 € 19.263.877 € 33,3% BaSE Chemicals 123 KMM AD 2006 300.000 BG11KMSUAT11 0,62 € 185.566 € 4,9% BaSE Industrial Goods & Services 124 KORADO BULGARIA AD-STRAZHITS 2007 13.168.614BG11LUSTAT13 2,58 € 33.995.567 € -29,4% Premium Equities Construction & Materials 125 KOSTENETS - HHI AD 1998 1.042.593 BG11KOKOAT15 2,04 € 2.126.564 € 0,0% BaSE Basic Resources

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 81 SET-UP : THE STRUCTUREAPPENDIX OF THE: QUOTATION BULGARIAN LIST STOCK EXCHANGE

NR ISSUER FIRST TRADE NR OF SHARES ISIN QUOTE MARKET CAP 52W PERF. SEGMENT INDUSTRY 126 KOTLOSTROENE AD 1998 237.588BG11KOSOAT17 7,67 € 1.821.825 € 0,0% BaSE Construction & Materials 127 KREPEZHNI IZDELIA AD PLOVDIV 1998 239.343 BG11KRPLAT10 0,03 € 7.341 € 0,0% BaSE Construction & Materials 128 LAV AD 1998 281.872BG11LAGAAT12 0,26 € 72.046 € 0,0% delisted Personal & Household Goods 129 LAVENA AD 1998 9.919.410BG11LASUAT14 1,87 € 18.559.137 € -2,7% Standard Equities Personal & Household Goods 130 LESOPLAST AD 1998 404.634 BG11LETRAT14 13,86 € 5.607.674 € 0,0% Delisted Basic Resources 131 LOMSKO PIVO AD 2007 4.500.000 BG1100043071 0,18 € 8.100.000 € -22,2% BaSE Food & Beverage 132 M+S HIDRAVLIK AD 1998 39.445.200 BG11MPKAAT18 2,79 € 109.895.905 € -28,8% Standard Equities Industrial Goods & Services 133 MAK AD 1999 404.721 BG11MAGAAT11 15,34 € 6.206.801 € -11,5% BaSE Personal & Household Goods 134 MARITSATEX AD PLOVDIV 1998 468.921 BG11MAPLAT17 0,53 € 246.904 € 0,0% BaSE Personal & Household Goods 135 MART BULGARIA AD-SOFIA 2008 1.000.000 BG1100089074 0,26 € 255.600 € 0,0% Delisted Industrial Goods & Services 136 MEDIA SYSTEMS AD STARA ZAGOR 2006 3.499.971 BG1100082061 0,37 € 1.295.370 € 0,0% Delisted Technology 137 MEL INVEST HOLDING 1998 3.641.000 BG1100010971 0,13 € 465.320 € 257,1% BaSE Food & Beverage 138 MEN INVESTMENT GROUP AD 2007 700.000 BG1100109062 0,35 € 243.331 € 0,0% Delisted Real Estate 139 MESOKOMBINAT - KAZANLAK AD 2007 23.500 BG11MEKABT10 0,51 € 12.013 € 0,0% Delisted Food & Beverage 140 METIZI AD 2006 7.502.055 BG11MEROAT18 0,03 € 203.258 € -95,2% BaSE Basic Resources 141 MIZIA-PLEVEN AD 1999 70.229 BG11MIPLBT18 10,22 € 718.021 € -16,7% BaSE Personal & Household Goods 142 MOMINA KREPOST AD 1998 1.691.184BG11MOVEAT12 1,62 € 2.731.925 € 2,6% BaSE Health Care 143 MONBAT AD 2007 39.000.000 BG1100075065 2,11 € 82.139.616 € -39,9% Premium Equities Automobiles & Parts 144 NADEZHDA AD-SOFIA 1999 3.935.119BG1100041984 0,36 € 1.418.201 € 9,1% BaSE Industrial Goods & Services 145 NASH DOM BULGARIA HOLDING AD 2006 5.481.696 BG1100068987 2,04 € 11.208.972 € 0,0% BaSE Food & Beverage 146 NEOCHIM AD-DIMITROVGRAD 1998 2.654.358 BG11NEDIAT11 11,25 € 29.851.972 € 1,8% Standard Equities Chemicals 147 NIKOTIANA-BT HOLDING AD-SOFI 2005 1.800.000 BG1100057980 0,00 € 3.681 € 0,0% BaSE Personal & Household Goods 148 NOV VEK HOLDING AD 2006 5.610.437BG1100058988 7,92 € 44.454.859 € 3,3% Standard Equities Financial Services 149 ODESSOS SHIPREPAIR YARD AD 1998 586.642 BG11KOVABT17 32,21 € 18.893.158 € -18,7% Standard Equities Industrial Goods & Services 150 OIL & GAS EXPLORATION 2003 12.228.062 BG1100019022 2,66 € 32.505.124 € -25,7% Standard Equities Oil & Gas

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 82 SET-UP : THE STRUCTUREAPPENDIX OF THE: QUOTATION BULGARIAN LIST STOCK EXCHANGE

NR ISSUER FIRST TRADE NR OF SHARES ISIN QUOTE MARKET CAP 52W PERF. SEGMENT INDUSTRY 151 OPTELA-LASER TECHNOLOGIES AD 1998 26.272.084 BG11OPPLBT17 0,04 € 940.120 € 125,8% BaSE Industrial Goods & Services 152 ORGTECHNICA AD 1998 255.381 BG11ORSIAT18 1,02 € 261.102 € 0,2% BaSE Industrial Goods & Services 153 PALDIN HOLDING AD-PLOVDID 2001 270.588BG1100048989 1,79 € 484.136 € 20,9% BaSE Financial Services 154 PARK INC 2006 9.720.266 BG1100016051 0,34 € 3.304.385 € 11,3% BaSE Real Estate 155 PAZARDZHIK BTM AD 1998 202.548 BG11PAPABT16 0,01 € 1.346 € 0,0% BaSE Personal & Household Goods 156 PESTOREMONT AD 1999 30.070 BG11PESOAT14 0,51 € 15.372 € 0,0% delisted Industrial Goods & Services 157 PETROL AD 1998 27.312.404BG11PESOBT13 0,13 € 3.518.449 € -63,8% Standard Equities Retail 158 PHARE AD 2019 2.500.000 BG1100002192 2,04 € 5.112.000 € 14,3% Delisted Food & Beverage 159 PREMIER FUND REIT 2006 650.000 BG1100009064 3,58 € 2.325.960 € 366,6% BaSE Real Estate 160 PRIME PROPERTY BG-REIT 2005 35.706.592 BG1100109039 0,15 € 5.475.963 € -25,0% BaSE Real Estate 161 PRINZ VON PREUSSEN CAPITAL L 2020 50.000 BG1100003158 0,51 € 25.560 € 0,0% BaSE Financial Services 162 PULDIN LION GROUP REIT-SOFIA 2019 1.300.000 BG1100102067 0,92 € 1.196.208 € 0,0% BaSE Real Estate 163 RAZVITIE INDUSTRIA HOLDING 1999 9.980.925 BG1100043980 1,10 € 11.020.858 € 2,8% Standard Equities Financial Services 164 REAL BULLAND JSC 2013 2.500.000BG1100006136 0,54 € 1.341.900 € -4,8% BaSE Real Estate 165 REAL ESTATE INVESTMENTS FUND 2008 650.000 BG1100020079 9,20 € 5.981.040 € 0,0% BaSE Real Estate 166 REGALA INVEST AD VARNA 2013 18.428.734 BG1100036133 1,46 € 26.943.399 € 0,0% Standard Equities Real Estate 167 REPUBLIKA HOLDING AD 2001 116.284 BG1100059986 1,28 € 148.611 € 0,0% BaSE Financial Services 168 RODNA ZEMYA HOLDING AD 2013 56.010.596 BG1100051983 1,18 € 65.855.018 € 28,2% Standard Equities Financial Services 169 RODOPSKA SLAVA AD-BENKOVSKI 2007 17.367 BG11ROBEBT10 0,51 € 8.878 € 0,0% BaSE Personal & Household Goods 170 ROI PROPERTY FUND - REIT 2008 6.162.500 BG1100026076 3,12 € 19.216.647 € 27,1% Special Purpose Vehicles Real Estate 171 ROZACHIM AD-GORNA ORYAHOVITS 2006 128.328 BG11ROGOAT14 2,04 € 262.405 € 0,0% BaSE Personal & Household Goods 172 RUEN HOLDING AD 2006 301.255 BG1100024980 0,51 € 154.002 € 0,0% BaSE Personal & Household Goods 173 SERDICA PROPERTIES REIT 2007 650.000 BG1100112066 14,31 € 9.303.840 € 0,0% BaSE Real Estate 174 SEVER HOLDING AD 2006 780.660 BG1100034989 1,74 € 1.356.850 € -2,9% BaSE Financial Services 175 SEVERCOOP GUMZA HOLD 1999 5.347.798 BG1100026985 1,77 € 9.458.928 € -4,4% Standard Equities Financial Services

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 83 SET-UP : THE STRUCTUREAPPENDIX OF THE: QUOTATION BULGARIAN LIST STOCK EXCHANGE

NR ISSUER FIRST TRADE NR OF SHARES ISIN QUOTE MARKET CAP 52W PERF. SEGMENT INDUSTRY 176 SEVKO AD-SEVLIEVO 2008 67.806 BG11SESEAT13 0,47 € 31.889 € 0,0% BaSE Personal & Household Goods 177 SHUMEN-TABAC AD-SHUMEN 1998 429.992 BG11SUSUVT18 0,55 € 237.177 € 0,0% BaSE Personal & Household Goods 178 SILA HOLDING AD 2006 36.852.996 BG1100027983 1,12 € 41.446.353 € 8,9% Standard Equities Financial Services 179 SIMAT AD 1998 295.239 BG11SIGABT16 0,53 € 155.907 € 0,0% BaSE Construction & Materials 180 SIRMA AD 1998 101.693BG11SIPLAT13 1,02 € 104.023 € 0,0% BaSE Personal & Household Goods 181 SIRMA GROUP HOLDING JSC 2015 59.360.520 BG1100032140 0,20 € 12.016.659 € -49,6% Premium Equities Technology 182 SLANCHEV BRYAG AD 1998 1.957.808BG11SLNEAT19 0,77 € 1.501.247 € -46,4% BaSE Travel & Leisure 183 SLANCHEV BRYAG HOLDING AD 2006 386.538 BG1100060984 0,51 € 197.598 € 13,6% BaSE Travel & Leisure 184 SLANCHEVI LACHI AD SOFIA 2006 468.876BG11SLPRAT12 0,26 € 119.845 € 0,0% Delisted Food & Beverage 185 SLANTCHO AD-SVISHTOV 2008 3.200.000 BG1100037008 3,83 € 12.268.800 € -14,3% BaSE Food & Beverage 186 SLANTSE STARA ZAGORA- BT AD 1998 1.177.860BG11SLSTAT17 7,51 € 8.851.194 € 104,1% BaSE Personal & Household Goods 187 SLIVNITSA-1968 AD 2006 109.310 BG11SLSLAT15 0,26 € 27.940 € 0,0% Delisted Construction & Materials 188 SOFIA FILM AD 2009 750.000 BG1100051025 0,00 € 3.451 € 0,0% Delisted Media 189 SOFIA HOTEL BALKAN AD-SOFIA 1998 5.263.896BG11ZESOAT12 49,84 € 262.363.104 € 0,0% BaSE Travel & Leisure 190 SOPHARMA AD SOFIA 1998 134.797.904 BG11SOSOBT18 1,48 € 199.146.110 € -17,7% Premium Equities Health Care 191 SOPHARMA BUILDINGS REIT-SOFI 2008 649.990 BG1100084075 0,66 € 431.957 € 0,0% BaSE Real Estate 192 SOPHARMA PROPERTIES REIT 2006 21.415.928BG1100031068 3,09 € 66.234.325 € -7,6% Special Purpose Vehicles Real Estate 193 SOPHARMA TRADING AD-SOFIA 2008 34.276.048BG1100086070 2,63 € 90.237.866 € -28,0% Standard Equities Retail 194 SPARKY AD-RUSE 2008 12.000.000 BG1100091070 0,51 € 6.134.400 € 0,0% BaSE Industrial Goods & Services 195 SPARKY ELTOS AD-LOVECH 1998 39.985.608 BG11ELLOAT15 0,01 € 531.457 € -96,5% BaSE Personal & Household Goods 196 SPECIALIZED BUSINESS SYSTEM 2007 1.000.000 BG1100093068 0,82 € 817.920 € 6,7% BaSE Technology 197 SPEEDY AD 2012 5.377.619BG1100007126 25,05 € 134.702.903 € -5,8% Standard Equities Technology 198 ST KONSTANTIN & ELENA AD 1999 2.309.561 BG11SVVAAT11 8,95 € 20.661.333 € -22,1% Standard Equities Travel & Leisure 199 STARA PLANINA HOLD AD 1999 21.000.000BG1100005971 2,47 € 51.958.368 € -20,0% Standard Equities Industrial Goods & Services 200 STATUS PROPERTIES REIT 2007 650.000 BG1100062063 0,18 € 116.298 € 0,0% SETSqx NON CCP Real Estate

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 84 SET-UP : THE STRUCTUREAPPENDIX OF THE: QUOTATION BULGARIAN LIST STOCK EXCHANGE

NR ISSUER FIRST TRADE NR OF SHARES ISIN QUOTE MARKET CAP 52W PERF. SEGMENT INDUSTRY 201 STEEL PROFILES AD SOFIA 1998 69.259 BG11STPOAT17 0,00 € 0 € 0,0% delisted Basic Resources 202STOCK PLUS AD 2008 4.809.450BG1100079075 0,79 € 3.786.230 € 0,0% BaSE Real Estate 203STROYINVEST HOLDING AD 2004 375.288BG1100021986 0,01 € 4.412 € 0,0% BaSE Construction & Materials 204SUNNY DAY AD VARNA 1998 11.326.296BG11SLVAAT13 0,18 € 2.026.501 € -67,9% BaSE Travel & Leisure SUPER BOROVETS PROPERTY 205FUND 2007 23.379.996 BG1100041067 1,31 € 30.596.746 € 12,9% Special Purpose Vehicles Real Estate 206SVINECOMPLEX NIKOLOVO AD-NIK 2006 3.500.000BG1100072013 1,69 € 5.904.360 € 0,0%BaSE Food & Beverage 207 SYNERGON HOLDING PLC 1998 18.358.848 BG1100033981 0,38 € 6.991.857 € -22,8% Standard Equities Financial Services 208SYNTHETICA AD 2013 3.000.000BG1100008132 21,98 € 65.944.800 € 2,4% Standard Equities Financial Services 209TCHAIKAPHARMA HIGH QUALITY M 2015 82.200.000 BG1100008074 5,93 € 487.439.424 € 21,5% Standard Equities Real Estate 210 TEC MARITSA 3 AD DIMITROVGRA 2008 93.700 BG1100034021 68,82 € 6.448.702 € 0,0% BaSE Utilities 211 TECHNOLOGY & INNOVATION COMP 2001 24.000.064BG1100006979 0,01 € 343.527 € 0,0% BaSE Financial Services 212 TEXIM BANK AD 2013 27.995.036BG1100001921 1,42 € 39.784.753 € -0,7% Standard Equities Banks 213 TK-HOLD AD 2006 8.539.384BG1100009981 0,82 € 6.984.533 € -1,8% BaSE Financial Services 214 TODOROFF AD-SOFIA 2007 3.400.000BG1100090064 0,02 € 67.785 € -82,3% BaSE Food & Beverage 215 TOPLIVO AD 1998 5.416.829BG11TOSOAT18 0,92 € 4.984.349 € -40,0% Standard Equities Industrial Goods & Services 216 TOURIN PROPERTIES REIT-SOFIA 2008 650.000BG1100083077 0,79 € 511.711 € 2,7% BaSE Real Estate 217 TRACE GROUP HOLD AD-SOFIA 2007 24.200.000BG1100049078 1,35 € 32.659.546 € -2,9% Standard Equities Construction & Materials 218 TRAKIISKO PIVO AD-PAZARDZHIK 2006 48.063 BG11TRPABT13 2,56 € 122.849 € 0,0% BaSE Food & Beverage 219 TRANSINVESTMENT SPV-SOFIA 2006 650.000BG1100062055 0,61 € 398.736 € 0,0% BaSE Financial Services 220TRANSSTROY-AM AD-SOFIA 2006 54.513 BG11TRSOVT10 4,09 € 222.936 € 0,0% BaSE Construction & Materials 221 TRANSSTROY-BURGAS AD 2006 87.714BG11TRBUAT16 2,30 € 201.777 € 0,0% BaSE Construction & Materials 222UNITED PROPERTIES REIT 2007 650.000BG1100095063 0,77 € 498.420 € 0,0% BaSE Real Estate 223VAPTSAROV AD 1998 500.000BG11VAPLAT16 0,38 € 191.700 € 0,0% BaSE Oil & Gas 224 VARNA-PLOD AD-VARNA 2006 52.709 BG11VAVAGT15 152,34 € 8.029.563 € 0,0% BaSE Food & Beverage 225VELBAZHD AD 2006 380.319BG11VEKYAT12 0,38 € 145.814 € 0,0% BaSE Personal & Household Goods

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 85 SET-UP : THE STRUCTUREAPPENDIX OF THE: QUOTATION BULGARIAN LIST STOCK EXCHANGE

NR ISSUER FIRST TRADE NR OF SHARES ISIN QUOTE MARKET CAP 52W PERF. SEGMENT INDUSTRY 226VELGRAF ASSET MANAGEMENT AD 2010 68.979.760BG1100010104 2,04 € 141.049.813 € 3,7% Standard Equities Financial Services 227 VELINA AD 2007 1.530.000 BG11VEVEBT12 4,27 € 6.530.836 € 0,0% BaSE Travel & Leisure 228VENUS AD-SOFIA 2008 3.062.500BG1100093076 0,05 € 156.555 € 2,2% BaSE Real Estate 229VEREYA-TUR AD 1998 62.692 BG11VESTVT16 10,22 € 640.963 € 0,0% BaSE Travel & Leisure 230VIDACHIM AD 1998 2.892.074BG11VIVIBT14 0,15 € 443.528 € 0,0% BaSE Automobiles & Parts 231 VINARSKA IZBA VRACHANSKA TEM 2006 46.905 BG11VIVRAT14 0,48 € 22.539 € 0,0% Delisted Food & Beverage 232VINZAVOD AD-ASENOVGRAD 1998 10.016.526BG11VIASAT18 0,11 € 1.126.499 € -12,0% BaSE Food & Beverage 233VIPOM AD 2005 299.120BG11VIVIAT15 1,53 € 458.730 € -62,5% BaSE Industrial Goods & Services 234WEB MEDIA GROUP AD-SOFIA 2006 2.840.000BG1100017059 0,64 € 1.829.278 € 5,0% BaSE Technology 235WELDING MACHINES JSC-PERNIK 2008 106.338 BG11ZAPEAT11 1,02 € 108.720 € 0,0% Delisted Industrial Goods & Services 236YAMBOLEN 1998 1.222.299 BG11JMJMBT14 0,33 € 406.146 € -23,5% BaSE Chemicals 237 YURI GAGARIN PLC-PLOVDIV 1998 1.003.904 BG11PLPLVT16 1,79 € 1.796.185 € -73,7% Standard Equities Personal & Household Goods 238YUTEX HOLDING AD-SOFIA 2006 596.025BG1100063988 0,82 € 487.501 € -20,0% BaSE Financial Services 239YUZHEN INDUSTRIALEN PARK AD 1998 1.031.802BG11STSEAT16 0,01 € 10.549 € 0,0%Delisted Basic Resources 240 ZAHARNI ZAVODI AD 1998 11.112.919BG11ZAGOBT19 1,38 € 15.338.495 € -15,1% BaSE Food & Beverage 241 ZARNENI HRANI BULGARIA AD-SO 2007 195.660.288 BG1100109070 0,07 € 14.503.123 € -42,0% Standard Equities Food & Beverage 242 ZAVOD ZA SHLIFOVACHNI MASHIN 2006 194.526BG11ZAASAT12 0,31 € 59.665 € -81,7% BaSE Industrial Goods & Services 243 ZAVODSKI STROEZHI-DEVNYA AD 2006 69.702 BG11ZADEAT15 4,10 € 285.766 € 0,0% BaSE Construction & Materials 244 ZENIT AGROHOLDING AD-SOFIA 2007 248.364BG1100104980 3,58 € 888.746 € 6,0%SETSqx NON CCP Financial Services 245 ZENITH PROPERTIES REIT-SOFIA 2007 650.000BG1100024071 0,59 € 382.122 € 0,0% BaSE Real Estate 246 ZLATEN LEV HOLDING SOFIA 2006 6.481.960 BG1100011995 0,20 € 1.325.431 € -18,7% BaSE Financial Services 247 ZLATNI PYASATZI AD VARNA 1998 6.493.577BG11ZLVAAT14 0,61 € 3.983.420 € -55,6% Standard Equities Travel & Leisure 248 ZSK-LOZOVO AD 2007 91.168 BG11ZSBUAT17 94,57 € 8.621.940 € 0,0% BaSE Construction & Materials

THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 86 The Bulgarian Stock Exchange Survey presented by Capital Lounge GmbH

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