Industry Report Accommodation 2018 BULGARIA

seenews.com/reports

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

I. KEY INDICATORS

II. INTRODUCTION

III. REVENUES

IV. EXPENSES

V. PROFITABILITY

VI. EMPLOYMENT 1 SeeNews Industry Report

NUMBER OF COMPANIES IN ACCOMMODATION INDUSTRY BY I. KEY INDICATORS SECTORS SECTOR 2018 2017 2016 The Accommodation industry in Bulgaria was represented HOTELS AND SIMILAR ACCOMMODATION 3,790 3,747 3,740 by 5,009 companies at the end of 2018, compared to 4,932 HOLIDAY AND OTHER SHORT-STAY 704 670 666 in the previous year and 4,921 in 2016. ACCOMMODATION OTHER ACCOMMODATION 478 479 490 The industry's net profit amounted to BGN 139,120,000 in CAMPING GROUNDS, RECREATIONAL VEHICLE 37 36 25 2018. PARKS AND TRAILER PARKS

The industry's total revenue was BGN 2,470,762,000 in 2018, up by 7.29% compared to the previous year.

The combined costs of the companies in the III. REVENUES Accommodation industry reached BGN 2,305,285,000 in 2018, up by 10.82% year-on-year. The total revenue in the industry was BGN 2,470,762,000 in 2018, BGN 2,302,836,000 in 2017 and 2,155,936,000 in 2016.

The industry's total revenue makes up 2.50% to the country's Gross domestic product (GDP) in 2018, compared Total revenue to 2.40% for 2017 and 2.32% in 2016. Net sales revenue 2,470,762,000 2,500,000,000 A total of 38,811 people were employed in the 2,302,836,000 Accommodation industry in 2018, compared to 38,445 in 2,250,000,0002,155,936,000 2017 and 37,593 in 2016. 2,178,554,000 2,000,000,000 Most of the companies in the industry are based in Sofia, 1,979,264,000 followed by Varna and Nesebar. 1,750,000,0001,826,256,000

1,500,000,000

II. INTRODUCTION 1,250,000,000 BGN In 2018 the companies in the Accommodation industry 1,000,000,000 numbered 5,009, distributed in 4 sectors. 750,000,000

500,000,000

INDUSTRY STRUCTURE BY SECTORS AND NUMBER OF COMPANIES 250,000,000

704 0 2016 2017 2018

The companies in the Accommodation market of Bulgaria earned combined net sales revenues of BGN 2,178,554,000 in 478 2018.

In annual terms, sales marked a growth of 10.07% compared 37 to 2017. In comparison to 2016 they grew by 19.29%. In 2017 sales increased by 8.38% year-on-year.

The Accommodation industry total revenue make up 2.5% to the country's GDP in 2018, compared to 2.40% for 2017 and 2.32% in 2016.

3,790

Hotels and similar accommodation

Holiday and other short-stay accommodation Other accommodation

Camping grounds, recreational vehicle parks and trailer parks

In 2017 there were a total of 4,932 companies operating in the industry. In 2016 their number totalled 4,921.

2 SeeNews Industry Report

Share in GDP 2.6 2.5% INDUSTRY'S NET SALES REVENUE STRUCTURE BY SECTORS 2.4% 2.42.32%

2.2

2

1.8

1.6

1.4 1.10% 1.2 1.49% 0.15% 1 97.26%

0.8

0.6

0.4

0.2

0 2016 2017 2018

Hotels and similar accommodation In 2018 the Accommodation industry contributed to GDP Holiday and other short-stay accommodation BGN 2,129,326,000 in Gross value added (GVA) accounting Other accommodation for 1.17% of the total for the country's economy. Camping grounds, recreational vehicle parks and trailer parks In the previous year, the industry's GVA amounted BGN 1,992,458,000, accounting for 1.17% of the total for the The highest growth, of 23.05%, was recorded by Camping country in 2017. In 2016 the GVA of the Accommodation was grounds, recreational vehicle parks and trailer parks, while BGN 1,784,366,000, or 1.17% of the GVA for the country's Other accommodation registered the sharpest decline, of economy. 0.16%.

GVA BY SECTORS TOP COMPANIES' REVENUE BY SECTORS SEGMENT COMPANY TOTAL REVENUE NET SALES RANK SECTOR BGN SHARE OF THE (BGN) REVENUE (BGN) COUNTRY'S GVA (%) HOLIDAY AND OTHER SHORT-STAY ACCOMMODATION 1 HOTELS AND SIMILAR ACCOMMODATION 2,058,634,000 1.13 UCHENICHESKI OTDIH I SPORT EAD 8,250,000 5,426,000 2 HOLIDAY AND OTHER SHORT-STAY 34,960,000 0.02 ROYAL COVE EOOD 2,742,000 2,728,000 ACCOMMODATION CORNER OOD 2,533,000 2,515,000 3 OTHER ACCOMMODATION 31,316,000 0.02 HOTELS AND SIMILAR ACCOMMODATION 4 CAMPING GROUNDS, RECREATIONAL 4,416,000 0.00 VEHICLE PARKS AND TRAILER PARKS TERRA TOUR SERVICE EOOD 53,212,000 48,319,000 GALAXY INVESTMENT GROUP OOD 35,290,000 25,971,000 VICTORIA TOURISTIC AD 28,581,000 27,044,000 We expect, based on the trend in the last three years, the total CAMPING GROUNDS, RECREATIONAL VEHICLE PARKS AND TRAILER PARKS revenue of the Accommodation industry to change at a CAMP SOUTH BEACH EOOD 2,073,000 848,000 compound annual growth rate (CAGR) of 7.05% in 2019. IF FAVORIT OOD 1,143,000 1,122,000 AURA TRADING EOOD 232,000 232,000 NET SALES REVENUE BY SECTORS OTHER ACCOMMODATION RANK SECTOR NET SALES REVENUE STUDENTSKI STOLOVE I OBSHTEZHTIYA EAD 14,537,000 7,990,000 (BGN) MOBIL EXPRESS OOD 858,000 158,000 1 HOTELS AND SIMILAR ACCOMMODATION 2,118,963,000 BITS MENADA KRUL KRAEVSKI KRAEVSKI SD 699,000 699,000 2 HOLIDAY AND OTHER SHORT-STAY 32,359,000 ACCOMMODATION 3 OTHER ACCOMMODATION 23,863,000 4 CAMPING GROUNDS, RECREATIONAL VEHICLE PARKS 3,369,000 The top 10 companies in terms of total revenue in AND TRAILER PARKS Accommodation accounted for 11.43% of the industry's total in 2018, 11.75% in 2017 and 13.31% in 2016.

3 SeeNews Industry Report

TOP 10 COMPANIES BY TOTAL AND NET SALES REVENUE IN THE ME TUR OOD 617,000 INDUSTRY OBEDINENIE LOGISTIKA NA MEROPRIATIA DZZD 616,000 RANK COMPANY TOTAL REVENUE NET SALE (BGN) REVENUE (BGN) 1 TERRA TOUR SERVICE EOOD 53,212,000 48,319,000 2 GALAXY INVESTMENT GROUP OOD 35,290,000 25,971,000 The 10 largest companies in terms of total revenue in sector 3 VICTORIA TOURISTIC AD 28,581,000 27,044,000 Holiday and other short-stay accommodation earned total revenue of BGN 18,621,000 and accounted for 0.75% of the 4 DUNI AD 26,782,000 25,178,000 industry's total revenue. 5 AKADEMIKA SEA PALASCE AD 26,706,000 26,493,000

6 HOTEL MANAGEMENT COMPANY EOOD 25,677,000 22,969,000 TOP 10 COMPANIES BY TOTAL REVENUE IN THE MARKET HOTELS 7 FAIRPLAY PROPERTIES MANAGEMENT EOOD 24,676,000 24,418,000 AND SIMILAR ACCOMMODATION WERE: 8 VG AD 21,439,000 16,270,000 COMPANY BGN 9 DIT HOTELI OOD 20,020,000 17,543,000 TERRA TOUR SERVICE EOOD 53,212,000 10 HVD HOTELS EAD 19,991,000 19,526,000 GALAXY INVESTMENT GROUP OOD 35,290,000 VICTORIA TOURISTIC AD 28,581,000 DUNI AD 26,782,000 The total revenues of the top 10 companies in the AKADEMIKA SEA PALASCE AD 26,706,000 Accommodation were 0.29% of GDP in 2018, compared to HOTEL MANAGEMENT COMPANY EOOD 25,677,000 0.28% for 2017 and 0.31% in 2016. FAIRPLAY PROPERTIES MANAGEMENT EOOD 24,676,000 VG AD 21,439,000 The top 10 by assets in the Accommodation field made up DIT HOTELI OOD 20,020,000 BGN 180,093,000, or 8.27% of the total net sales revenue. HVD HOTELS EAD 19,991,000

TOP 10 BY TOTAL ASSETS IN THE INDUSTRY RANK COMPANY BGN 1 SOK KAMCHIA EAD 248,566,000 The 10 largest companies in terms of total revenue in sector 2 TERRA TOUR SERVICE EOOD 242,405,000 Hotels and similar accommodation earned total revenue of 3 GALAXY INVESTMENT GROUP OOD 235,425,000 BGN 282,374,000 and accounted for 11.43% of the industry's total revenue. 4 SOFIA HOTEL BALKAN AD 159,351,000

5 SOFIA PRINCESS HOTEL AD 127,457,000 TOP 10 COMPANIES BY TOTAL REVENUE IN THE INDUSTRY 6 SUNNY TRAVEL CLUB EOOD 124,685,000 CAMPING GROUNDS, RECREATIONAL VEHICLE PARKS AND 7 INTERHOTEL GRAND-HOTEL SOFIA AD 108,693,000 TRAILER PARKS WERE: 8 GOLDEN SANDS AD 107,335,000 COMPANY BGN 9 DUNI AD 103,438,000 CAMP SOUTH BEACH EOOD 2,073,000 10 SUNNY DAY AD 99,491,000 IF FAVORIT OOD 1,143,000 AURA TRADING EOOD 232,000 ZORA ASENKA STANISHEVA ET 171,000 TOP 10 COMPANIES WITH HIGHEST ANNUAL GROWTH IN CAMPING VELIKO TARNOVO OOD 151,000 OPERATING REVENUE IN ACCOMMODATION LAGUNA TRAVEL EOOD 143,000 RANK COMPANY Y/Y GROWTH AVANGARD OOD 123,000 1 YOKETA CO OOD 84900.00 % SKORPION GRUP OOD 100,000 2 TRATONZOS EOOD 66600.00 TWO DREAMS OOD 88,000 % TRANSOYL EOOD 83,000 3 GASTHAUS EOOD 56200.00% 4 ROYAL COVE EOOD 45600.00% 5 PRESTIGE VARNA BG EOOD 26472.73% The 10 largest companies in terms of total revenue in sector 6 EFFECT 3 HOLIDAYS EOOD 22987.50% Camping grounds, recreational vehicle parks and trailer parks 7 TOURIST COMPANY EOOD 20233.33% earned total revenue of BGN 4,307,000 and accounted for 8 ABV TOURS OOD 19300.00% 0.17% of the industry's total revenue. 9 EXPERIA LUX OOD 17700.00% 10 BULGARIA HOLIDAY TRAVEL EAD 14865.52% TOP 10 COMPANIES BY TOTAL REVENUE IN THE MARKET OTHER ACCOMMODATION WERE: COMPANY BGN STUDENTSKI STOLOVE I OBSHTEZHTIYA EAD 14,537,000 TOP 10 COMPANIES BY TOTAL REVENUE IN THE MARKET HOLIDAY AND OTHER SHORT-STAY ACCOMMODATION WERE: MOBIL EXPRESS OOD 858,000 COMPANY BGN BITS MENADA KRUL KRAEVSKI KRAEVSKI SD 699,000 UCHENICHESKI OTDIH I SPORT EAD 8,250,000 V S LOZENETS EOOD 637,000 ROYAL COVE EOOD 2,742,000 BOR EOOD 636,000 CORNER OOD 2,533,000 ROMANTICA FOREST AD 582,000 DIMANA CONSULT EOOD 1,203,000 REAL ADVANCE OOD 505,000 ANY DESTINATION OOD 754,000 HS PROPARTI MENIDZHMANT EOOD 436,000 TD SREDNI KOLIBI EOOD 650,000 FAIN 2004 OOD 376,000 TARSAVA EOOD 637,000 PERSEY OOD 337,000 YANA 23 YANA BOGYA ET 619,000

The 10 largest companies in terms of total revenue in sector 4 SeeNews Industry Report

Other accommodation earned total revenue of BGN 19,603,000 and accounted for 0.79% of the industry's total revenue. INDUSTRY'S TOTAL COSTS STRUCTURE BY SECTORS

IV. EXPENSES

The combined costs of the companies in the Accommodation industry reached BGN 2,305,285,000 in 2018. 1.47% Total Expenses 1.83% 0.26% Operational expenses 96.44% 2,400,000,000 2,305,285,000

2,200,000,000 2,080,253,000 2,018,998,000 2,179,222,000 2,000,000,000

1,800,000,0001,893,127,000 1,925,398,000

1,600,000,000

1,400,000,000

1,200,000,000 Hotels and similar accommodation BGN 1,000,000,000 Holiday and other short-stay accommodation Other accommodation 800,000,000 Camping grounds, recreational vehicle parks and trailer parks 600,000,000

400,000,000 Camping grounds, recreational vehicle parks and trailer parks marked the highest annual growth in total expenses, of 200,000,000 70.42%.

0 2016 2017 2018 In terms of operating expenses, the highest growth, of 54.84%, was recorded by the Camping grounds, recreational vehicle parks and trailer parks sector. In annual terms, total expenses rose by 10.82% compared to 2017 and grew by 14.18% in comparison to 2016. The biggest spenders in the industry, with costs of over 10% of industry's costs, numbered 94, including PERLA TOURIST The total operating expenses of the companies in the AD, AIDATUR AD, AZALIA I EAD, HOTEL MANAGEMENT Accommodation industry were BGN 2,179,222,000 in 2018. COMPANY EOOD, KARACHISLC EAD. The medium spenders, or those in the 5% and 10% range count 98 and include Operating costs rose by 13.18% compared with the previous HERMES GROUP OOD, MERIDIAN HOTELS BULGARIA EOOD, year and rose by 15.11% when compared to 2016. HOME CARE HOTELS OOD, CLIMATE HOLIDAY OOD, VAYA TOUR EOOD. Below 5% threshhold are 4,817 companies, We expect, based on the trend in the last three years, the total including CONSUL 2001 OOD, VLADITURS EOOD, HELTH costs of the Accommodation industry to change at a AND SPA HOLIDAYS EOOD, DIZAYN STUDIO ERIH MILENOV compound annual growth rate (CAGR) of 6.85% in 2019. ET, IKONSULT BG EOOD.

TOTAL COSTS BY SECTORS Employment expenses in the Accommodation industry went RANK SECTOR TOTAL COSTS (BGN) up by 14.75% on the year to BGN 513,934,000 in 2018. 1 HOTELS AND SIMILAR ACCOMMODATION 2,223,255,000 2 HOLIDAY AND OTHER SHORT-STAY 42,144,000 ACCOMMODATION 3 OTHER ACCOMMODATION 33,848,000 4 CAMPING GROUNDS, RECREATIONAL VEHICLE PARKS 6,038,000 AND TRAILER PARKS

5 SeeNews Industry Report

Employment expenses Salaries expenses Average taxes expenses by company Social security expenses 6,000 5,735

600,000,000 5,500 5,261 5,031 513,934,000 5,000

500,000,000 4,500 447,864,000

393,918,000 4,000 400,000,000 441,010,000 3,500 383,922,000 3,000 300,000,000337,176,000 BGN BGN 2,500

200,000,000 2,000

1,500

100,000,000 72,469,000 56,021,000 63,538,000 1,000

500 0 2016 2017 2018 0 2016 2017 2018

The highest growth in labour costs, of 32.22%, was registered by Camping grounds, recreational vehicle parks and trailer EXPENSES ON TAXES BY SECTORS parks. RANK SECTOR BGN Y/Y CHANGE 1 HOTELS AND SIMILAR ACCOMMODATION 25,987,000 -6.27% The monthly costs per employee in the Accommodation 2 HOLIDAY AND OTHER SHORT-STAY 203,000 -36.96% industry averaged BGN 1,104 in 2018, BGN 971 in 2017 and ACCOMMODATION BGN 873 in 2016. 3 OTHER ACCOMMODATION 114,000 -39.68% 4 CAMPING GROUNDS, RECREATIONAL VEHICLE 53,000 8.16% PARKS AND TRAILER PARKS The monthly social security costs per employee in the industry averaged BGN 156 in 2018, versus BGN 138 in 2017 and BGN 124 in 2016.

EMPLOYMENT EXPENSES IN ACCOMMODATION BY SECTORS IN V. PROFITABILITY 2018 RANK SECTOR EMPLOYMENT AVERAGE EXPENSES (BGN) EXPENSES PER The industry's net profit amounted to BGN 139,120,000 in EMPLOYEE (BGN) 2018, compared to a net profit of BGN 194,298,000 in 2017 1 HOTELS AND SIMILAR ACCOMMODATION 496,484,000 13,205 and a net profit of BGN 112,176,000 in 2016. 2 OTHER ACCOMMODATION 9,030,000 24,605 3 HOLIDAY AND OTHER SHORT-STAY 7,546,000 9,749 Net profit/loss ACCOMMODATION Operating profit/loss 4 CAMPING GROUNDS, RECREATIONAL 874,000 11,973 VEHICLE PARKS AND TRAILER PARKS 240,000,000 222,583,000 220,000,000

THE TOP 10 COMPANIES BY AVERAGE MONTHLY COSTS PER 200,000,000 EMPLOYEE IN THE INDUSTRY 180,000,000 194,298,000 RANK COMPANY BGN 165,477,000

1 INTERCONTINENTAL MANAGEMENT BULGARIA EOOD 47,083 160,000,000 2 AIDATUR AD 40,833 136,938,000 140,000,000 3 STUDENTSKI STOLOVE I OBSHTEZHTIYA EAD 37,295 139,120,000 4 TRIOTURIST EOOD 17,667 120,000,000

5 WELA TOUR OOD 5,917 BGN 100,000,000112,176,000 6 SPORTELIT EAD 5,500 7 SYNERGON HOTELS AD 5,255 80,000,000 8 INTERNATIONAL HOSPITALITY AND ADVISORY SERVICES 4,917 60,000,000 EOOD

9 SREDETS BG EOOD 4,864 40,000,000 10 BU RIUSA 2 EOOD 4,367 20,000,000

0 The industry's tax expenses stood at BGN 26,357,000 in 2018. 2016 2017 2018 In 2017 it paid taxes of BGN 28,285,000. In 2016 the industry paid BGN 24,762,000 in taxes.

6 SeeNews Industry Report

ROE TOP 10 COMPANIES BY HIGHEST NET PROFIT IN ACCOMMODATION ROA RANK COMPANY BGN 6 1 SPORTELIT EAD 10,787,000 5.5 2 MARINE OOD 9,539,000 5.16%

3 DUNI AD 6,988,000 5 4 DIT HOTELI OOD 5,761,000 4.5 5 VG AD 5,642,000 6 BORA CONSULT 2002 OOD 4,763,000 4 7 ARALDICA BULGARIA EOOD 4,561,000 3.43% 3.5 8 HOTEL MANAGEMENT COMPANY EOOD 4,511,000 2.95% 9 SOFIA PRINCESS HOTEL AD 4,472,000 3

10 GLOBAL PROPERTIES LIMITED (BULGARIA) EOOD 4,181,000 2.5 2.57% 2

TOP COMPANIES BY HIGHEST NET LOSS IN ACCOMMODATION 1.5 RANK COMPANY BGN 1.69% 1.45% 1 SOK KAMCHIA EAD 39,076,000 1 2 SUNNY DAY AD 16,060,000 0.5 3 AMBASSADOR MANAGEMENT OOD 11,261,000 4 TI VI HOTEL OOD 6,198,000 0 5 GRAND HOTEL VARNA AD 3,074,000 2016 2017 2018

The combined operating earnings of the companies in the LEADING INDUSTRY'S SECTORS BY ROA Accommodation field decreased by 25.66% y/y to BGN 1.8 1.75 165,477,000 in 2018. 1.6 OPERATING PROFIT/LOSS BY SECTORS (BGN) 1.4 1.35 SECTOR 2018 2017 2016 HOTELS AND SIMILAR 163,882,000 219,135,000 135,722,000 1.2 ACCOMMODATION 1 HOLIDAY AND OTHER SHORT-STAY 2,755,000 2,550,000 -78,000 ACCOMMODATION 0.8 OTHER ACCOMMODATION 35,000 514,000 2,054,000 CAMPING GROUNDS, RECREATIONAL -1,195,000 384,000 -760,000 0.6 VEHICLE PARKS AND TRAILER PARKS 0.4

0.2 The profit margin for the Accommodation industry stood at 0 6.91% in 2018, while in 2017 it amounted to 10.00% and 6.75% -0.07 in 2016. -0.2 Hotels and similar Holiday and other Other accommodation accommodation short-stay PROFIT MARGIN BY SECTORS accommodation RANK SECTOR PROFIT MARGIN 1 HOTELS AND SIMILAR ACCOMMODATION 7.08% LEADING INDUSTRY'S SECTORS BY ROE 2 HOLIDAY AND OTHER SHORT-STAY ACCOMMODATION 6.28% 4 3.79 3 OTHER ACCOMMODATION 0.10% 3.6 3.5 4 CAMPING GROUNDS, RECREATIONAL VEHICLE PARKS AND -33.05% TRAILER PARKS 3.2 2.8

The Accommodation industry's return on equity (ROE) is 2.4 3.43% compared to 5.16% in 2017 and 2.95% in 2016. 2

1.6 The Accommodation's return on assets (ROA) was 1.69%, while in 2017 it amounted to 2.57% and 1.45% in 2016. 1.2 0.8 0.4 0 -0.4 Holiday and other Hotels and similar Other accommodation-0.26 short-stay accommodation accommodation

7 SeeNews Industry Report

TOP 10 COMPANIES BY HIGHEST AVERAGE NET PROFIT PER TOP 10 COMPANIES WITH HIGHEST CORRELATION OPERATING EMPLOYEE IN ACCOMMODATION REVENUE - NUMBER OF EMPLOYEES - EMPLOYMENT EXPENSES* RANK COMPANY BGN COMPANY RANK COMPANY NAME CORRELATION HEADQUARTERS (CITY) (BGN) 1 SPORTELIT EAD 5,393,500 POMORIE 1 AIDATUR AD 15,209,000 2 AIDATUR AD 3,401,000 HASKOVO 2 I HOTEL EAD 1,693,000 3 BALNEOHOTEL POMORIE AD 778,000 POMORIE 3 AMBASSADOR MANAGEMENT OOD 1,550,667 4 DITEX-DA EOOD 695,000 VELIKO TARNOVO 4 BALNEOHOTEL POMORIE AD 1,128,800 5 TRATONZOS EOOD 570,000 MALKO 5 DITEX-DA EOOD 1,017,000 TARNOVO 6 WELA TOUR OOD 984,000 6 MARINE OOD 502,053 NESEBAR 7 ROSS TRANS EOOD 946,000 7 SANITA VK OOD 206,000 NESEBAR 8 BUILDING STROYGROUP OOD 937,500 8 N P TOUR EOOD 205,000 CHEPELARE 9 ECO - LOZENETZ EOOD 853,000 9 MIKONOS-ALFA EOOD 188,000 KITEN 10 YOKETA CO OOD 844,000 10 OTO EOOD 171,000 RAZGRAD

*The correlation is calculated by subtracting the quotient of the operating profit, and About 20.00% of the 10 leading companies in terms of net the employment expenses to the number of employees. profit per employee are located in NESEBAR, while 20.00% are POMORIE-based and 10.00% are headquartered in AVERAGE REVENUES PER EMPLOYEE IN ACCOMMODATION IN MALKO TARNOVO. 2018 SECTOR AVERAGE NET AVERAGE AVERAGE NUMBER OF SALES OPERATING TOTAL EMPLOYEES REVENUE REVENUE REVENUE The average net sales revenue per employee in the (BGN) (BGN) (BGN) Accommodation industry amounted to BGN 56,132 in 2018, HOLIDAY AND OTHER SHORT- 41,807 56,642 58,009 774 up by 9.03% compared to 2017 and up by 15.55% compared STAY ACCOMMODATION to 2016. HOTELS AND SIMILAR 56,360 61,560 63,493 37,597 ACCOMMODATION The industry's average operating revenue per employee CAMPING GROUNDS, 46,151 49,534 66,342 73 increased by 6.61% year-on-year in 2018 to BGN 61,726. It RECREATIONAL VEHICLE PARKS AND TRAILER PARKS increased by 14.42% compared to 2016. OTHER ACCOMMODATION 65,022 91,929 92,324 367

The Accommodation market generated an average BGN

63,661 in total revenue per employee. In 2017 and 2016 the AVERAGE REVENUE PER COMPANY IN ACCOMMODATION IN 2018 figure was BGN 59,899 and BGN 57,349, respectively. SECTOR AVERAGE NET AVERAGE AVERAGE NUMBER OF SALES OPERATING TOTAL COMPANIES REVENUE REVENUE REVENUE The average total revenue per company in the (BGN) (BGN) (BGN) Accommodation industry went up to BGN 493,265 in 2018 HOTELS AND SIMILAR 559,093 610,674 629,851 3,790 from BGN 466,917 in 2017. The 2016 value was BGN 438,109. ACCOMMODATION CAMPING GROUNDS, 91,054 97,730 130,892 37 A company in the Accommodation sector made on average a RECREATIONAL VEHICLE PARKS AND TRAILER PARKS net sales revenue of BGN 434,928 in 2018, compared to BGN OTHER ACCOMMODATION 49,923 70,582 70,885 478 401,311 in 2017 and BGN 371,115 in 2016. HOLIDAY AND OTHER SHORT- 45,964 62,274 63,777 704 STAY ACCOMMODATION The Accommodation industry made 0.75% of the overall sales country-wide, rising its market share by 0.02 pp. The total indebtedness of the companies in the Operating profit per employee for the industry as a whole was Accommodation industry was BGN 3,992,638,000 versus BGN 4,264 in 2018. For comparison in 2017 it amounted to BGN 3,608,701,000 a year ago. In 2016 the industry's BGN 5,790 and BGN 5,790 in 2016. indebtedness totalled BGN 3,733,411,000.

THE TOP BY OPERATIONAL PROFIT PER EMPLOYEE IN INDUSTRY'S INDEBTEDNESS BY SECTORS (BGN) ACCOMMODATION SECTOR 2018 2017 2016 RANK COMPANY BGN HOTELS AND SIMILAR 3,798,835,000 3,426,763,000 3,557,651,000 1 SPORTELIT EAD 5,393,500 ACCOMMODATION 2 AIDATUR AD 3,465,000 HOLIDAY AND OTHER SHORT- 100,742,000 88,016,000 90,802,000 3 BALNEOHOTEL POMORIE AD 778,000 STAY ACCOMMODATION 4 DITEX-DA EOOD 695,000 OTHER ACCOMMODATION 57,542,000 57,990,000 54,590,000 5 TRATONZOS EOOD 633,000 CAMPING GROUNDS, 35,519,000 35,932,000 30,368,000 RECREATIONAL VEHICLE PARKS AND TRAILER PARKS

Debt-to-assets ratio of the companies in the industry is 0.49 in 2018. It was 0.48 in 2017 and 0.48 in 2016.

According to market experts, the greatest impact on the development of the Accommodation industry has land and buildings assets. In 2018 it stood at BGN 3,938,748,000, 8 SeeNews Industry Report

according to the financial statements of the companies in the industry. In 2017 the figure was BGN 3,860,359,000 and BGN COMPANIES IN THE INDUSTRY BY SIZE IN TERMS OF NUMBER OF EMPLOYEES 3,932,669,000 in 2016. 2 600 2 532 2 400 2 200 VI. EMPLOYMENT 2 000 1 800 A total of 38,811 people were employed in the 1 600 Accommodation industry at the end of 2018, compared to 38,445 in 2017 and 37,593 in 2016. 1 400 1 200 NUMBER OF EMPLOYEES BY INDUSTRY SECTORS 1 000 SECTOR NUMBER SHARE OF INDUSTRY 800 TOTAL HOTELS AND SIMILAR ACCOMMODATION 37,597 96.87% 600 HOLIDAY AND OTHER SHORT-STAY ACCOMMODATION 774 1.99% 400 OTHER ACCOMMODATION 367 0.95% 200 185 CAMPING GROUNDS, RECREATIONAL VEHICLE PARKS AND 73 0.19% 9 TRAILER PARKS Small Medium Big

The employees of the leading 10 companies in terms of numbers make up 8.58% of the workforce in the industry in 2018. ALLOCATION OF EMPLOYEES BY INDUSTRY'S SECTORS TOP 10 COMPANIES BY SHARE IN INDUSTRY'S TOTAL NUMBER OF EMPLOYEES RANK COMPANY NUMBER OF SHARE EMPLOYEES 1 TERRA TOUR SERVICE EOOD 640 1.65% 2 FAIRPLAY PROPERTIES MANAGEMENT EOOD 394 1.02% 3 DUNI AD 379 0.98% 4 SOK KAMCHIA EAD 295 0.76% 5 FESTA HOTELS AD 285 0.73% 774 6 HVD HOTELS EAD 282 0.73% 36773 7 AKADEMIKA SEA PALASCE AD 275 0.71% 37,597 8 HOTEL MANAGEMENT COMPANY EOOD 272 0.70% 9 TRADEPHARMA EOOD 265 0.68% 10 RILA - BOROVETZ AD 244 0.63%

The Accommodation industry is the 16th largest employer in the country with 38,811 employees with the largest employer being Retail trade, except of motor vehicles and motorcycles with 222,070 and Extraction of crude petroleum and natural gas at the bottom with 28 employees. Hotels and similar accommodation Holiday and other short-stay accommodation The Accommodation's share in the country's total Other accommodation employment was 1.67% in 2018, 2.10% in 2017 and 1.95% in

Camping grounds, recreational vehicle parks and trailer parks 2016.

We expect, based on the trend in the last three years, the The analysis on companies' sizes by the number of number of employees of the Accommodation industry to employees, shows that 2532 firms have less than 50 change at a compound annual growth rate (CAGR) of 1.61% in employees*, 185 have between 50 and 250 employees* and 9 2019. companies employ more than 250*.

* Companies without data in the number of employees at end of the year are not taken into consideration.

9 SeeNews Industry Report

The industry is represented by the following companies

CONSUL 2001 OOD ET ARGIROVI - ASYA ROMANOVA RELAX 2012 EOOD PASSAIA OOD VLADITURS EOOD MAK DI EOOD KUBOS EOOD TALASAKRA 07 EOOD HELTH AND SPA HOLIDAYS EOOD ISIS BG EOOD SAINT GEORGE MANAGEMENT EOOD CASA KIWI EOOD DIZAYN STUDIO ERIH MILENOV ET STANISLAVA 2018 EOOD ET SIGMA - 21 - SOFIYA BORISOVA EUROTOUR 2003 OOD HERMES GROUP OOD ET ANITA - PARVOLETA MAKARIEVA VAYA TOUR EOOD ET VEMONA - MILKO NANKOV IKONSULT BG EOOD TRYAVNA-BRIENZ OOD KOSTENAROVA - VASILKA IVANOVA ET MIKS EOOD BORDO TURS EOOD TRANS - KIKYOV ASEN KIKYOV ET O.M. RAZVITIE EOOD KARKON INVEST EOOD RITEYL FRANCHAYZ EOOD NIKRAS OIL OOD ALDO R OOD YORDANKA TODOROVA IVANOVA ET MILENA-95 - MITKA MIHOVA SANI BILDINGS OOD VK KRAYNOVI EOOD SLANCHEV TSVYAT 1 OOD AN EOOD HOME CARE HOTELS OOD MOSKOYANI OOD HOT SPRINGS BANIA EOOD BU 23 EOOD SKI HOUMS BANSKO EOOD DIAMI-13 EOOD RAY - G 2011 LLC EOOD AQUA PARADISE EOOD KRYU NOIR EOOD EMAKS 91 EOOD S D L INTERNESHANAL EOOD ROSS TRANS EOOD ESTERRA - VINI EOOD TODIA EOOD LITAL BIG TIYM EOOD VIKTOR VUCHKOV EOOD SONATA 2001 OOD WAIANDA EOOD S B OOD K I K BILDINVEST EOOD POWERTAN - BULGARIA OOD PIRIN ECO DENIZA CHOBANOVA ET VAROSHA 2007 OOD MERIDIAN HOTELS BULGARIA EOOD ET KIDI - MILYO STAMOV DIYANA BOZHINOVA EOOD HOTEL CENTRAL OOD TOP INVESTMENT OOD ANESTES EOOD VICTORIA SOZOPOL EOOD ET MELITUR - BILYANA GEORGIEVA DOTOVA DES TREID VENDING EOOD CLASMAN ENTERPRISES OOD BOARDING BANSKO OOD POKOLENIE EOOD AIATUR KONSTANTIN BOBCHEV ET RELAX TUR OOD ALDEMAR ITALIYA OOD DZHIYA - BEACH OOD HOTEL PLOVDIV AD RELAX GREEN OOD GARDENIA - 2016 OOD BONONIA TURIST OOD BALKAN HOSPITALITI OOD NAYT EOOD MILKA CHAYKOVA EOOD TONI 49 EOOD PRETENDENT EOOD POZLATENO EOOD SPORTEN COMPLEKS LAVA AD AGENTSIA ZA SPA I POCHIVKI EOOD BATOVA INVEST EOOD AVGUSTA TRAYANA TUR OOD INTELMAX OOD KALINA - BOROBO EOOD WILD THYME OOD PERVAYA LINIYA-UKRAINA EOOD ROYAL - SN EOOD DISKRET 07 OOD NOYON EOOD MODEA K EOOD HIGHLANDER EOOD SAMOKOV-BOROVETS AD ADELIN MLADENOV ASHKOV DORIS-E EOOD VILNI SELISHTA BOROVETS AD SUON INKORPOREYTID OOD PAMPOROVO PROPARTI EOOD SANI BIYCH APARTMANTS AD KARIK OOD HOTEL MANAGEMENT COMPANY EOOD ORION DOM OOD BENITO - 61 EOOD POPOV TOURS OOD TURS STROY EOOD TEAM HOLIDAY EOOD HRANINVEST OOD TARGET COM OOD G N T LODGINGS OOD IVTUR OOD ORO 2 EOOD IVKO CONCULT EOOD FARTUNA AM OOD SOFIYA DOLEN NYU YORK EOOD STROITELNI I INERTNI MATERIALI EOOD BLUE BUTTERFLY EOOD PALADIA EOOD ISPOLIN OOD PERLA TOURIST AD TOPI-2002 OOD HRISTINA BOYANOVA ET ECOCOMPLEX - KLISURA EOOD STRICT PROJECT EOOD SUNNY DREAMS 1 OOD BENELYUKS 2013 EOOD SVETI VLAS 98 EOOD BETSIM EOOD D& P HOTELS EOOD GALAKTIK 13 EOOD GD TRADING EOOD LYUTSIFER MARIA DONEVA ET SOLARIS 2000 OOD DREAM HAUSE BG EOOD NED NES EOOD DEYV 17 EOOD ARKOM EOOD ET EVROPA 2000 - KONSTANTIN BUDOV PITON TANYA PAVLOVA ET VINTAGE EOOD ESI OOD ET DAYA - DAFINKA YANKULOVA LORIS 1 EOOD NADEZHDA LEVSKA EOOD DEMIR - M 2018 EOOD RIG- TRAVEL OOD BN HOTELS EOOD DIONIS OOD FATUM 2001 EOOD BULGARIAN MADJESTIK HOMES OOD ZENIT 2014 EOOD PETAR LICHEV ET ADVANCED QUALITY SERVICES EOOD YASEN MESEC EOOD TRUDOVO-PROIZVODITELNA KOOPERATSIYA YUNIOR 2000 REDZHEP HISARSKI ET EMA 2009 EOOD SEVIMEKS EOOD IVAN DINEV ET KATYA MILEVA ASPEN BANSKO EOOD VIENA DV EOOD BOROTUR OOD GEOTRAVEL EAD ET MARINA - VELISLAVA ALEKSIEVA HOTEL TRYAVNA OOD KOPRINA-87 EOOD VILA DRAGANA EOOD PRETON MENIDZHMANT OOD DARIUS - 2004 EOOD ET RUSALKA KOSTADINOVA KAZASOVA KAMELIA IVEMO EOOD TRIOTURIST EOOD ET TOSHKO BALABANOV - KANARATA FRESH KITEN OOD VELEKA - TURS OOD ET HUBAVETS - TANYA GENCHEVA VICTORIOUS STAR EOOD INTERCONTINENTAL MANAGEMENT BULGARIA DREAMTOUR EOOD VALERI SHEKEROV ET KARACHISLC EAD EOOD HRIMAR 1518 EOOD NORT BEY OOD MOTEN DZZD KALIFER OOD AIDATUR AD CHICHIN ELENA KOEVA ET BP INVEST EOOD LUCKY NET EOOD MAKS - 6565 EOOD RINERKOM RIZVAN HALIL ET EXACTUM OOD BRAYDEYVS EOOD HOTEL LURD EOOD SONI 07 EOOD PAMPOROVO RESORTS EOOD PALATSO SOFKA STOEVA ET ER & DZHEY GRUP EOOD PEPI EOOD KOMPLEX RADETSKY EOOD GRUP INVEST 88 EOOD FERRO INVEST OOD VEKTOR BETA EOOD ELIZABET OOD MANTS EOOD IMOBAYL MENIDZHMANT SARVISEZ OOD EUROPA RESORT EOOD HITAR PETAR PETAR TSAROVSKI ET VERGINIYA SIMEONOVA 2015 EOOD MONCHEV GROUP OOD VIDEKS TS EOOD AQUA PARK AD KRIDI KOMERSIAL STANYU HRISTOV ET SUN PROPERTIES OOD ZORA INK EOOD BUL-BRAND OOD SHABLA LUKS EOOD CLIMATE HOLIDAY OOD BATA-2012 EOOD IVAYLO KALOYANOV G ET ET PETRANKA TATAROVA VI - TA 01 EOOD BOBI TUR 1 EOOD KALINKA PETKOVA HRISTOVA TUR INVEST DZZD AZALIA I EAD HELIOS BG OOD ZHANINI EOOD 10 SeeNews Industry Report

Z. H. YANITSA EOOD SAGA ER OOD ET TASHKO IVANOV SLAVKOV - TIS 95 AEMEL OOD ZELENO BADESHTE ZA VAS EOOD ASTORIA GROUP EOOD MARIO KIREV-FREI ET RARD-77 EOOD RENIM EOOD ZLATEV I SIE OOD ALIPI MLADENOV TSENOV ENEVI HOTELS EOOD MEKI EOOD ET DELCHO GEORGIEV KASHTATA S ELATA EOOD POLIKOMERS SG EOOD EY DZHI EM BILDING OOD IZMIRA SPA STRANDZHA OOD FLORA APART EOOD OLYMP HOLIDAYS EOOD ODAYA EOOD ET TSETSKA - TSETSKA DIMITROVA KALEV KOREKT EOOD MAKSI TSENTAR 2007 EOOD KONDOR OOD BALAKCHIEVI OOD MARBERY EOOD FORUM HOLIDAY EOOD ET MALI - PAVEL TSANEV KODZHAPASHI OOD UNIVERSE KEY EOOD HEPI TUR 3 EOOD SVETI NIKOLA OOD ORCO EOOD ZDRAVETS-TUR OOD BILIANTSI OOD ORION 2007 EOOD PCHELIN EAD VICTORIA TOURIST SO-LTD EOOD KI PROPARTIS OOD VICTORIA TOUR AD VESTEL - 76S EOOD ET TSVETA USHEVA - KOSTADIN USHEV CHERNO MORE HOTEL MENIDZHMANT AD JUSSI EOOD HEMUS 2005 EOOD KOM-EMINE ZD EOOD ANDZHELI OOD RADKA SMORCHOVSKA VARAMA ET FIRST POINT INVESTMENTS EOOD UPI - TI OOD ET VIT-53 - MARIELA DONCHEVA TICHA 2012 EOOD DIANA ANDREVA ANDREVA HEBROS OLD TOWN EOOD GEST RUUMS EDELVAYS EOOD EMILIA BORISOVA ZODIAK ET GALAKSI LP OOD PRESLAV - BG EOOD BORA 2005 OOD MEDIK LYUBOMIR MARINOV ET AVITOS OOD CHAR-2000 OOD A YA OOD HOTEL VIKTORIYA PALAS EOOD KRIM 2002 OOD ET TORA - TODOR YAMAKOV ALDEKS OOD DEMA KONSULT EOOD ET TODOR DARAKCHIEV - DOBI DIVA TURS 12 OOD IZOLA PARADISE EOOD SUNRISE CLUBLTD EOOD GRAND ROYALE EOOD ZORNICA DID EOOD RONEL OOD GALYA 81 GALUNA VELKOVA ET BRIZ 1 - S EOOD ALIS - 2005 EOOD SIRIUS B EOOD VICTORIA 8 EOOD KRISTIAN ESTEYTS - BULGARIA EOOD DIMITAR MUMDZHIDIS EOOD ORTO PROEKT EOOD DERBI 2018 EOOD ET ''MARIYANA KUZMOVA'' G S-HOTELS - GERGANA SIMOVA ET GOLDEN SANDS CONSULT OOD CHERNOMORSKA VAKANTSIYA EOOD TERRA TOUR SERVICE EOOD SIT 97 OOD SUPERMAR O EOOD DIANA 2402 EOOD VALENTINO PGM EOOD AZALIA 2015 EOOD ANTODES SP EOOD SVI - BULGARIA OOD ET N.M.TURIZAM - NAZMIE MEHMED LENA KART - 90 EOOD CHERNOMORSKI AYSBERG EAD KVANT MANAGEMENT EOOD KALINA IT 96 OOD DIVEDA TUR OOD BON BON HOLIDEY EOOD PIRINSKA TURISTICHESKA KOMPANIYA AD TERRA-SKY EOOD ET STREZOV INTERNESHANAL - MARIANA KALIOPA EOOD DZHIDROVA NILSEN VIEL VASIL BUDEV ET BOHEMY BG OOD UNI PROPERTI MENAGEMENT EOOD APPLEBEE SHALETS OOD SEBUR 2015 EOOD ROLAND 1969 EOOD EKO TUR 15 EOOD ET TOPO - ATANASKA KIREVA GLENVAL OOD LUBLIANA OOD ET AKTINIDIYA-IVANKA PAPUKCHIEVA YAEV OOD EVROTEKS TREYD EOOD ELENA EL EOOD RBK EOOD DMT 96 EOOD KATIKA - KATERINA GONDOVA - IVANOVA ET LALA - LALKA ARIZANOVA ET ET SONITA - SONYA HRISTOVA MUSALA-2011 EOOD DOBALKANA EOOD C& D CORRECT EOOD NADE EOOD RIBEK EOOD TUR - EKSPRES - SERVIS OOD RX 5 EOOD V END D TUR EOOD ET IV-KOMERS - IVANKA MIHALEVA GRIYN SPORT TSENTAR - MEZEK EOOD G U COMPANY EOOD ELIKA-ELITSA GAVAZOVA ET DOLOMITES OOD DIAR 08 EOOD MIG-04 OOD HOTEL SPORT AD CHART 1 PROPARTIS OOD AYVAZ RUMEN AYVAZOV ET AL MAX OOD AKTSENT OOD ET FOGA - DIMITAR DIMITROV URUMOVI OOD APM SPORT EOOD SOLID OOD BULFLEX EOOD BERBENKOV I SIN EOOD VDV TRAVEL EOOD HAUS TOP 2018 EOOD RUD INVEST EOOD ET MARS 99 - ANASTAS NEDEV HS PROPARTI MENIDZHMANT EOOD VYAGOS OOD PERUN - DIMITAR CHUCHEV ET APHRODITA HOTELS OOD HAPPYDERM EOOD ET REYNA - REYHAN CHOLAKOVA STEFI - PANAIOTOV EOOD MIRAZH 111 EOOD FIESTA I SIESTA OOD V G S 2010 EOOD VISITO OOD ATANAS MITKOV ET HOTELSKI KOMPLEKS MONTESITO EAD LONGOZ AD V ART STROY EOOD RUBICON - 70 EOOD TOP-TRAVEL EOOD ELINA-99-GEORGI HADHIEV ET GAUDI DIZAYN EOOD BOROINVEST AD MAKSINFORM OOD ET MARIETA KOPANAROVA - 2011 KITEN BEACH HOLIDAY OOD MAKSIM 67 EOOD HADZHIPASEV EOOD DZZD FIORD VIGO 2012 EOOD ET AIN - NIKOLAY ALEKSANDROV COMPLEX APOLON EOOD KUNDOLINI EOOD ES111 EOOD VLADI 72 EOOD TAFO INTERNATSIONAL EOOD BEINIT EOOD LOTOS MANAGEMENT EOOD EM PRAYS EOOD BRATYA TSANKOVI EOOD HORIZON DEVELOPMENTS SLTD EOOD VALENTINO EOOD EVRONET OOD BOBI TUR OOD GU - TRAKI AD 89 SERVICIS EOOD BG TUR OOD IZI TUR OOD RIVIERA AD TRENDAFIL KOSTADINOV ET STONEL - 2015 EOOD OMEGA JG EOOD PREYS INTERNATIONAL OOD KRISTIAN 67 EOOD PANDA 01 EOOD SIDNEY OOD REAL ADVANCE OOD ALBENA 16 EOOD SANEZAR EOOD TRADE ENERGY-2009 EOOD VIVA MIKS EOOD SLAVEX 02 EOOD VIEM INVEST EOOD ET MODUL - 90 - DIMO DIMOV AURA TRADING EOOD SIGMA SKI OOD PANORAMA REZORT EOOD HEMUSHOTELS J S C AD ELENA TOSHEVA 80 ET MURA BOROVETS AD MARIA NEVENA NEVENA DENEVA ET METALIK INTERKOMERSIAL EOOD BLU ORINDZH EOOD DRIM G G OOD V M C PIRIN OOD KRISBO 2000 OOD INDUSTRIAL INFRASTRUKTURA EOOD VAI GROUP OOD SPORTEN KOMPLEKS BANYA AD SANARA BULFEST 97 EOOD AMARIS TUR OOD REDIANS OOD DI MARE 2 OOD BRS EOOD HOLIDEY ON AD NATIONAL RUSE EOOD MARTI ANA LUKANOVA ET ARIS GB EOOD M END M BODUROVI EOOD SPA CENTRE - BALCHIK AD SABAZIY - AG EOOD DZHORDANI - 2005 OOD ARIESTOUR OOD MERI AD EMILIA LUKOVA ET ASO-11 EOOD ET YORDANKA SHUMENOVA ET MARIYA DRAGNEVA BOIANA DEVELOPERS OOD KAZABLANKA KOMPLEKS EOOD ISA ENGINEERING EOOD HEDES OOD RELAKS SHOP OOD ENICA-99 OOD EDELVAYS BUTIK HOTEL OOD NERPINA EOOD HOLIDAYINVEST 2009 EOOD 11 SeeNews Industry Report

OOD KARADJA 007 MSS 3 OOD MONI H EOOD EMERALD HOSPITALITY OOD AVON POWER EOOD GANASHEVI OOD VAROSHA 2018 EOOD DZZD FIORD LODZHING ZORNITSA 2001 OOD DZHEY PI EF SARVISIS EOOD BALKANDZHIYSKA OOD DIROSSI SERVICES OOD ET VALENTIN STOYANOV - VALMAR DEYA - DIMO PETKOV ET KINGS VALEY EOOD FELICIA-IMPULS 2009 EOOD DIMITAR MARLYOV ET ET VANINATA KASHTA - VANYA PETKOVA GLOGINO BV OOD HELIKA - K EOOD VIKTORIYA REST EOOD SHALE 63 EOOD LACH 2010 EOOD SIKRET GARDAN RURAL TURIZM OOD ELIDA EOOD SEMEEN HOTEL ZA SKI I SPA S BANYA EOOD ET POLINA - YORDANKA TODOROVA TOPLIKOS OOD PLAMEN AND TANIA ZELIAZKOVI EOOD KASTRAKLI EOOD KA END EM STUDIO EOOD TOPSTROY EOOD RONY HOLIDAY EOOD DOMENIKO - 71 EOOD GOBI DI OOD ET IV - PENKA ZAPRYANOVA CONECTIONS OOD ET ANMARI-51 - ANGEL ANGELOV AVRORA 22 EOOD KOLORIT 2018 EOOD HALA GROUP OOD PRESHAS EOOD ET GINKA STEFANOVA - RUTO MEYSA EOOD ALGESA EOOD TERES KM OOD SANRAYS BLU LAGUN OOD TEMPO 9 OOD VILSEY 1 OOD CENTRAL OK EOOD SBM BULTURCONSULT OOD MIHAIL HRISTOV AGOPOV IVILEND EOOD MARIANA ALEKSIEVA - DIMI ET DIK OOD ANA VAL EOOD BALCHIK PLAZA OOD TIA MARIYA OOD KOSOVSKI KASHTI OOD HAOS - 7 OOD HOTEL TCAR ASEN-ANTONIA GAVRILOVA ET TARSAVA EOOD BETULA EOOD PRO CARE 1 EOOD DANAYA TUR EOOD KAPIZIYNA KASHTA OOD AVRIVES EOOD PETAR GELOV 007 EOOD HOTEL CORAL EOOD APRILTSI HOLIDEYS 2015 EOOD ET ETI 59 - SVETLANA NAYDENOVA KOOPTURIST STRANDZHA EOOD NATALI KUIN EOOD SALAMANDAR 08 OOD ET SATORI - NADYA SAVEVA BALKANTOURIST TRAKIA AD TIDA - PRODUKT OOD ELIDAN M EOOD OASIS TOUR AD BULGARO AMERIKANSKA TURISTICHESKA KOMPANIA OOD NIYLANDHOUMS EOOD EPRINT ABV EOOD ASTREA 2015 CORP. EAD KASS STROY EOOD PREMIUM BRANDS BULGARIA OOD OVCHAROVSKI PLAZH AD RUSTIKA M EOOD PAPAYA INVESTMENTS BULGARIA EOOD ANY DESTINATION OOD DESPOT EOOD STOYAN VARDALIEV EOOD MORAVA TUR EOOD AFRODITI-1 EOOD TSVETKO PENKOV GEORGIEV AKTIVA PRIVAT EOOD IVATUR EOOD IRIS - 2017 GD EOOD DETELINA 2007 EOOD IK IMOTI EOOD ARKADIYA EOOD ORPHEUS HOTEL AD KALINKA INSIDE EOOD OBSTESTVENO HRANENE EOOD IVO 95 OOD INZHENERINGOVA MODULNA KASHTA BOYCHEV PERLA M2 EOOD TEBCOM EOOD I SIE SD CHIPLAKOFF OOD SANI-ART OOD GENADIY PETKOV ET RADIKA 1 OOD TOTAL MILUOL EOOD BORISLAV RANOV ET SKENDER HOLIDEY EOOD DESPOTIS EPE EOOD ET RAY - IVAN TERZIEV MARI D OOD VANINI MIK EOOD ET DESI - NADEZHDA STOYKOVA STABILNI EOOD NUMA EOOD SV RESOURCE EOOD HOLIDEY INVEST 03 OOD PESHTERA TURIST OOD SREDETS OYL EOOD PALMA OAZIS EOOD DIANA - 2001 EOOD VIP TURS 2017 EOOD SANI TOURS OOD BELLE EPOQUE MANAGEMENT OOD KINI 2001 OOD KOMPEKS OOD NIKI MAR 76 OOD EXPRESS- DONTCHEV OOD MOTOSAPIENS OOD ELIKO-7 OOD EMIL DIMITROV 70 EOOD DEDA-1973 EOOD VASHINGTON KB OOD MAK TURS OOD ET VIAMA - ATANAS ATANASOV KANTILENA 2 EOOD VILA MEZEK EOOD AKVA FRESH EOOD NEBESA EOOD A+N PRESTIZH OOD VAIA EOOD UYUT SOFIA EOOD A B INVESTMENT EOOD VIVA M EOOD WALTON ASSOCIATES SOFIA OOD BRIZ-2003 EOOD VIYOR 97 OOD GRIYN HIL BILDING EOOD IHOT@L MANAGEMENT EAD LANDMINSTER EOOD SD MDG - APOLONIYA - TURIST - KOLEVI SIE RILAPAS OOD V VEICHUK EOOD AVENUE OOD VIBA ALEKSANROVI I S IE SD ELPON OOD EM SMILE EOOD 17 SIRAKOVI EAD DJUMALIEV & CO OOD BALKAN HOLIDAYS GRUP EOOD KONKORD - 2003 OOD MAVRIS ST EOOD PELTEKOVI EOOD MIRANI 2010 EOOD ET EVRO STIL - PENKA IVANOVA ZORA-82 EOOD SAT - MG EOOD TSAM RIZORTS EOOD INES TRADING EOOD ENCHO NIKOLOV NIKOLOV AVA COMERSIAL EOOD NANSI-KOM EOOD DOFI OOD MITIDA INVEST EOOD KIOSKO OOD GIAS 2 EOOD COLOR M OOD TREN 2016 EOOD VARNEKS-95 EOOD SONY AGRO EOOD FASHION KIDS - VG OOD ELITE HOTELS EOOD GEOTEM.BG EOOD MARKZVET - ILIEVI S-IE SD TEIS EOOD KOMFORT 98 TI EM EOOD ET DARINA - KRASIMIRA GEORGIEVA DAGA HOLIDEY EOOD TUR TRANS EOOD MECHO TUR EOOD TONINA S EOOD SILVANA PATOVA ET SLAVI YULIA EOOD X & X EOOD RADA NRA EOOD PRO TREVAL OOD FOREST STAR 2008 OOD SARNITE-SINEVA BEACH AD SI SAYD TURS OOD KEMPFAYAR BG EOOD V S LOZENETS EOOD VALESTO EOOD D I D RIZORT OOD VPN EOOD AMG ENGINEERING EOOD J A A M EOOD DIRECT HOTEL SERVICES OOD GALAKSI-MIRKOV EOOD DRAGANOV KONSULT EOOD GENADA OOD Z CORPORATION OOD PRIVILEG TUR EOOD ELEGANT OOD TURSTROY 53 EOOD KOSTOVI EOOD PM2 EOOD STRANDZHA 12 OOD EURO LINK OOD AGRAHAUS RADOSTINA MITOVA ET VENDIS-SS OOD CONTINENT EOOD KRASIVA MARITZA AD STEFANY 13 - STEFKA NEDEVA ET SNEJANKA 8 EOOD ARIVA 6 EOOD BORINO HOLIDEYZ EOOD DRIYM FOREST AD ET ROMANS - IRENA ANDREEVA MGN EOOD KRASIMIR KOSTADINOV M 1 EOOD ANGELCHEV EOOD FI EOOD RIVAL 5 EOOD DRUMEVI - 2018 EOOD ITSOFF EOOD ET PETRANKA BAYREVA MD INVEST 2009 OOD MICE BULGARIA EOOD ABUDANTIA 78 OOD IMMOSOFIA OOD VILIYANA-VI EOOD AKAPELA EOOD PERINA MAUNTIYN EOOD BELVYU ZLATNI PYASATSI OOD FIDKOM OOD ROMANTIKA EAD HEFES - AILIN BAIRAM ET OVAR TREYD EOOD ALBA PROPARTIS OOD KAPRA SPORT OOD ETNO EOOD GOLDEN EOOD ROVET ENGINEERING OOD HAMA EOOD 12 SeeNews Industry Report

RUMINIKA EOOD VITA DZHI EOOD AVGUSTA TRAYANA TOUR EOOD ET BALKANSKI RAY - MILENA TODOROVA NIRVANA HOLIDAIZ EOOD DELYANA ZLATINOVA ILCHEVA ET LAZUREN BRYAG DZZD DUARTE HOLIDAY EOOD NEOSTIL OOD MARITSA IZTOK KOMERS OOD TOMIRIS EOOD VARSHEC HOLIDAY EOOD ET TATYANA NACHEVA DINAMIKA TUR 2015 EOOD MERIAN 8580 EOOD MGR MANAGEMENT EOOD GRAMOFON OOD N 12 NINA ELENKOVA ET ANA TRAVEL EOOD ET MOLDOVANA - TEMENUZHKA KAMOVA OLD BRDO OOD DAR-SOF EOOD ANRO EOOD ASI TUR EOOD MELNIK VIEW OOD FISHMASTER OOD BALSISTEM EOOD IRENOR OOD KASHTA ZA GOSTI NIYA EOOD WELLNESS DESIGNERS OOD SANRAYZ BEY OOD ET BRIZ - ENCHO STOYANOV ET PEMANITA - PETAR ATANASOV ALPINA V5 EOOD KAYO GRUP OOD MIG MM EOOD EDALIK-2010 EOOD VEGA OREOS OOD ET ANNA-MARIYA - HINKO GECHEV KID-KATERINA CHERGANOVA EOOD MOUNTAIN MM EOOD SETA 2014 EOOD KAMBERA PARADAYZ EOOD DIANA 2017 EOOD TRINITI PROPARTIS 2000 OOD ANIMEKS 77 EOOD TVORCHESKA KASHTA PETROHAN OOD HOTELLERIE SOFIA EOOD AMD RUS OOD ER SOFIA OOD ALIDA GRUP OOD SAMOKOV-TURIST EOOD GRADISTE-LT OOD BILYANA SUN TRAVEL EOOD RUSSEVI OOD CERATECH ENGINEERING OOD HOTEL INTERNATIONAL 2017 EAD RADINAS WAY EOOD KISI KOSTADIN KOSTADINOV ET FLY INS OOD RAYCHEVI KO EOOD ROKO-ARDA OOD RYURIK GRUP EOOD EXTRA EOOD KRAYMORSKI BRYAG OOD ASSPA EOOD ET SVETLI-2006 - VLADIMIR ZAHARIEV KYUDI 8 OOD ROZETLIV - 92 OOD ET POLARIS - NIKOLAY NIKOLOV MORSKI BRYAG 2 EOOD BARTIMEKS KRASTEVI OOD ATM - TSENTAR 2015 EOOD NADKA MANOLEVA EOOD CHERVENKA 13 EOOD DIONISOPOLIS BALCHIK EOOD TORNADO 16 EOOD POTREBITELNA KOOPERATSIA DEVNENSKI IZVORI LAV EYNDZHAL EOOD BORGEO OOD KOOP HOTEL RUSKOVETS EOOD IMPRES 2012 EOOD ELMANIKA EOOD PRB BG EOOD ET GOSPODINOV - NEDKO GOSPODINOV STENATA PROPARTI MENIDZHMANT OOD EMANUIL SHEYNIN ET SOLARKS EOOD VARVARA TURIST EOOD ANDROMEDA IN OOD EMA HOTELS EOOD PS ST NIKOLA OOD IVIO OOD MEYK 99 EOOD NADEJDA 32 EOOD ET MORSKA SINEVA - BOZHIDAR PASKOV RODI 2007 EOOD ATLANTIC HOF OOD KANDROVA OOD INVENTO ASETS EAD SAMAKS KOMERS OOD WELA TOURS OOD CALYPSO VILLAS EOOD NIKODIA EOOD VALENTIS EOOD APOROSI EOOD TOP KOREKT 2000 OOD ET ZLATAN VALCHEV RALICA ET KITEN - PETKO GEORGIEV ET EKOHAUS - ZDRAVKA USHEVA KAYA 1996 EOOD KATRAFILOV EOOD ROJEN-REST OOD ZEFIR 2011 OOD SIGNAL IVELINA STEFANOVA ET VEST EOOD MIMI VPGV EOOD RIEL 99 AD ET GEORGI DIMITROV STUDENETS EKOTUR EOOD STELA TOURS 2001 EOOD ROYAL LAYF EOOD VIEN OOD RELAX - COOP EOOD ET DETELINA-L - SERYOZHA PEHLIVANOV TASOS E.G. EOOD UNIPRAID EOOD REPUBLIKAKONSERV AD TURISTICH SKA KOMPANIA PREDEL AD ET VIKI - VELICHKA HRISTOVA KOSTADINOVA EDELVAIS TRAVEL OOD ET SOLARIS - VLADIMIR SOLAKOV - MICHO MIRA 1100 EOOD TOMOV HOUSE EOOD SOLAKOV MISTRAL HOLIDAYS OOD AVRAMOVI TUR 2018 EOOD EFVS OOD ALEKS TUR OOD VACATION REAL ESTATE EOOD ET VILA KOLOR - RADOSLAV KOVACHEV OTO EOOD NIKI GROUP 2000 OOD TRADE COMPANY ANDI - ANGEL BOGIDAROV ET IZRA - 10 EOOD FRIENDS VILLA EOOD NOY OAZIS OOD SD RUMIYANI - HRISTOV, ATANASOV S-IE RANCHOTO 2012 EOOD SD PANCHEV, KRASTEV I SIE IZVOR - MV OOD TOURIST COMPANY EOOD DZZD FIORD IN AMEYZ 2018 OOD MARIA LISEVA ET SREDNA GORA - PIRDOP AD AL REAL BEACH OOD NEPTUN - NV - NELI GEORGIEVA ET ET TSVETELINA - EMIL GEORGIEV D I G 8881 EOOD YU END MI-BI DZHI EOOD EL GRUP S EOOD SINAY KOMERS EOOD IVPEKS OOD DOBRI 73 DOBRI DOBREV ET IRIS 69 OOD GLUCKSSTERN BULGARIA EOOD STYLE 21 OOD MAKSI 2013 EOOD AGRO INVEST 12 EOOD GBS TOURS EAD ELBRUS HOLIDAYS EOOD MERSK EOOD SIM HOTEL MANAGEMENT OOD VESTA OOD ROSSY STYLE EOOD KLEPTUZA LIMITID EOOD TUNDJA TURIST 2004 AD ET MM - MARIO VALKOV BALINOV 73 EOOD AKVAMINERAL OOD MAGI GRUP OOD FERIE 1 - MANAGEMENT AND TRAVEL EOOD TRANSINVEST RUSE AD TUNDZA 2001 EOOD OPTIMAX TOUR OOD STEFAN STOEV 2012 EOOD HOTEL GABY EOOD PAPALICHEV EOOD BELVYU OOD UNISONIK EOOD ET UNI - BROKER - MLADEN VLADIMIROV FINES EOOD TI BI VI EOOD HOTEL EOOD ETNO HOLIDEY HAUS EOOD EKSPRES-TURS 1 EOOD SKALSKO TOUR EOOD MEGA - R EOOD VITA 2 EOOD TROYAN PLAZA AD MIHAELA DINEVA VANI M ET BKS 2003 EOOD LALEVI 79 OOD VLADY INVEST EOOD ET LYONI - MILENA VALOVA SI ES PRODZHEKT EOOD PREMIUM TUR EOOD BISTRETS AGRO INVEST EOOD ABDULLAH''S SUNNY ESTATE EOOD COOP CENTRAL EOOD VV ZORA EOOD WELCOME PLACE EOOD CARTOON TOURISM OOD PROPELOR EOOD VIKTORIA GOLD IVAN RAYKOV ET HAPPY HOLIDAY 2005 EOOD KETMASH-TR AD KRIS DEVIN EOOD ET GLOMAR - MARINKA STANEVA VALENA EOOD SLANTSE NIKOLAY MADZHAROV EOOD PAULINA - H CONSULT OOD NEPTUN EOOD PREMIUM BUILDING AD DVE SESTRI OOD ET DINS-53-SLAVCHO KITENOV GREENVILLE BULGARIA EOOD ALPINA TUR OOD ET VEZHEN KOMERS INZHENERING - PETAR MARIA RABOTOVA ET KIRYAKOV OOD PETROV VILA VERA 2012 EOOD RIKARD HOUM OOD LM HOLIDEYS OOD YUNIVARSAL INVESTMANT PROPARTI EOOD VALERI GERMANOV - S G ET LOIALTYGROUP EOOD AR-STROY EOOD TOP STARS EOOD A 16 GRUPLTD OOD SA 2011 EOOD GERMANEA EOOD ET BAKI - IVAN BAKARDZHIEV PILEVSKI OOD GRIGO-N EOOD VALENTIN GEORGIEV-VALENTINO EOOD ET SANIPARK - STOYANKA KARADZHOVA ET SUZANA GAZIEVA-SUZI 2012 ET BLAGOY KICHUKOV FAVORIT SOFIA EOOD KARAYSENSKI KASHTI EOOD MISSHA 76 EOOD ARABADZHIEV I SINOVE OOD G I P C LLD EOOD KENSTO EOOD BOUTIQUE HOTELS INTERNATIONAL EOOD GEIE ROSA BIANKA EUIE EEIG AVA PRIMAVERA EOOD DIONIS BG EOOD 13 SeeNews Industry Report

VILI-RAD EOOD BALKAN HOSPITALITY MANAGEMENT EOOD PRINCESS RESIDENCE OOD MV MB OOD ET DOBRINKA IVANOVA 2011 CREA INVESTMENT EOOD BORA 54 OOD LYO RETRO OLD TAUN EOOD ET HAVA BUHOVA EVEREST EOOD DARLING EOOD KAGIP EOOD TEA-06 EOOD EXPERIA LUX OOD ET NIKOLA TRIFONOV 2014 TEDY VARNA EOOD ET AVTO - DOCHO KUMANOV TVG INVEST OOD S V P EOOD CALIDUS-2011 EOOD EKO KOMERS OOD HOME CARE TRAVEL EOOD OBZOR MANAGEMENT AD SANI HILS ELENA SPA EOOD BUSINESS CENTER INFORMA-INTELLECT OOD BROD TUR EOOD PHERKAD EOOD D AND E PARTNERS OOD MARMARI DESBOR EOOD HERMES TURIST EOOD ISIMAKS EOOD AYVA-GEORGI AYVAZOV ET MARTINIKAA EOOD GALERIA TUR - VARNA OOD EREDITA OOD DID - 2016 EOOD BIOTRONIKS EOOD ARTEMIDA - 2013 EOOD BULTERA BULGARIA OOD PALDIN KOOP EOOD CO MORENIA EOOD ELIS VD EOOD ORBELOS BG OOD PERLA PLAYA OOD B & G HOLIDAYS EOOD OTELY ALISA 2017 OOD ISUR - RUSI STOICHEV ET PRESTIGE HOTELS EOOD FRETLY EOOD GLOBAL PROPARTIS MENIDZHMANT EOOD STRIMON SPA AD CONTINENTAL - 9000 OOD ET NIKI DINKOV-NIKOLAY DINKOV ECO HOTEL GORA EOOD BELICHANSKI KASHTI EOOD GOSTOPRIEMNITSI DZHAMBAZKI EOOD GAMMA SERVICES OOD ITALIAN HOUSE EOOD MARS HOTEL EOOD ET IVAN AMIROV KETMASH AD DOST 1 OOD VOLNA IDEI OOD DIMAR OOD H-M HOTELS EOOD ALI MYUMYUN ALI ET PLANINSKI RAY PENCHO KOSTOVSKI ET INTERNATIONAL HOSPITALITY AND ADVISORY SERVICES EOOD HALKOM OOD FH MANAGMENT EOOD ET MARAYA - ILIYANA BROMOVA EKZOTIK INVESTMANT EOOD IOLOV CARS EOOD ASHLI PRIM EOOD YUZHNI NOSHTI 1 OOD EKOTUR RODOPI OOD SONATA TOUR EOOD ET NEDA AVRAMOVA - NEDA ANNA SPIROVA EKOTURIZAM ET BRIO SELEKT EOOD SONATA EOOD MAUNT SENS OOD ET GLORIYA-96 - GENKA PEEVA COVEX OOD ET RA VI - RUMYANA CHOLAKOVA BANSKI HOLIDAYS OOD NORD HOLIDEY OOD EPOLET OOD SONYA GLAVCHEVA ET ET KATERINA TERZIEVA - KT WILLIAM CASEY CO SPLTD EOOD PALMA SB EOOD MITRANI EOOD PREMIUM TRAVAL EOOD TATAR - GINKA JORDANOVA ET CENTRAL PARK HOTEL SOFIA OOD SANDOR GROUP EOOD HOTEL PRINCESS EOOD STUDIO BG 2015 EOOD NEWARCTOUR OOD GO CAR WASH EOOD BEST HOTELS EOOD OLIMP - 99 EOOD VIVA GLOBAL EOOD EKO REZIDANS EOOD SOLAR INDASTRIS EOOD R 34 EOOD PAMPOROVO INVESTMANT GRUP EAD VIK ARBANASI EOOD SUNNY GARDEN EOOD ICEBERG BOROVEC DMA EOOD DRUSTAR TOURINVEST OOD VILLA AYA EOOD RESORTS MANAGEMENT OOD AVN TRIPS EOOD ET SEKULOVA KASHTA-SILVIYA MITKOVA ET SLAV-BARD - TSONKA VASILEVA NIKA NIKOLAY ARSENOV ET ET FEDYA UZUNOV NIKOLA ASENOV ASENOV IZGREV - 2007 EOOD SIMONA & CO OOD ELINOR 2002 OOD BRIZ 17 EOOD N M BON EOOD ZORA 2009 OOD TEXTRON HOLIDAYS EOOD VILIYA 2 OOD VEN OOD ET NIKI - NIKOLINKA CHOLAKOVA HV - 2005 OOD TEMA OOD KAM BURGAS EOOD ELIZAVETA DYU OOD SAINT MISHEL EOOD CHALA TUR EOOD GALERIYA - 2008 OOD SUNRISE HOTELS OOD BEGOVITZA OOD DIEM HOLIDAY COMPANY EOOD BALKAN TOURS EOOD AGALINA 65 EOOD BERG TOUR EAD SHIPKOVO - SPA OOD GRAND HOTEL PLOVDIV EOOD ALFA M 18 OOD AY HOTEL INVESTMANT EAD STUDIO APARTMENT INVEST EOOD SOFI-2001-IVELINA KOSTOVA ET TIVA VATEV 90 OOD ET SEMI - LAZAR ASEV ROJEN TURS OOD RUM - 66 - RUMEN RADEV ET TONI-EM-11 OOD TOPALOVI 2012 EOOD PAK 1871 EOOD ET ORFEY - TOSHKO RUSEV LETA 9 EOOD SOCHE OOD ESKI ZAARA OOD CORNER OOD ASAI - M OOD TALISE SPA OOD MIRO 08 OOD TARSIS HOTEL OOD ORBITA RILA-2000 OOD DIMCHEVI 2016 EOOD EICH EOOD ATLAS HOLIDAY EOOD HILS KLUB I RIZORT EOOD BORUNA EOOD OSAM INVEST KONSULT OOD ZARRA I VESSI EOOD ANGEL 1 EOOD SVETI KONSTANTIN-PESHTERA EAD IQ - VISION EOOD AVANGARD OOD REZIDANS OOD HISTORY INN OOD VINORAMA EOOD MARIYKA IVANOVA ET SULISSE EOOD HIPSTAR 2018 EOOD HOSTEL AVOCADO OOD ROSITSA GABROVSKA ET BRIC BILD EOOD SLAVET - 08 EOOD NIKOLA PETROV STROJ EOOD EDELWEISS TRANSLATION AGENCY EOOD DORA TODORKA DZHOGOLANOVA ET VIKTORIA GEORGIEVA-YULIYA ET MEMENTO MORI EOOD RADI VES TUR OOD ASTRA 04 EOOD SBMD OOD LEBESHKOVSKA-93 EOOD IVANKA KOLEVA PENEVA SOLAR RIDZH EOOD MAHARADZHA-2004 OOD VASILEVS BRATYA VASILEVI OOD KARADZHOV BD BORISLAV KARADZHOV ET IKE OOD DINASTIYA - 96 EOOD ZLATNA DUNA OOD DIVELA 3 EOOD TRENDY-M EOOD LIGHTHOUSE BEACH EOOD VARNATA EOOD STRANDZHA EKO - YOANNA ATANASOVA - RDS-16 TOUR TRANS EOOD BEDENSKI BANI BG OOD HRISTO ATANASOV ET HELP PEPA CHERNEVA ET RAISKI KAT OOD DIMARA OOD EVMAR 80 EOOD SPLENDID AD SAVITA 2017 EOOD REH GRUP EOOD GRAFIT GALLERY EOOD UNITEH STROY OOD EG SERVICES EOOD EMBO - 76 EOOD VERONIKA-BG EOOD G I R EOOD ET SAD 93 IVAN ANGELOV GUEST HAUSE AT DIADO VANCHO OOD ET KALOYAN STAMBOLIYSKI RIMSKA BANYA OOD APOLON - TUR OOD V I V-72 EOOD BULGARIAN COASTAL PROPERTIES OOD GARANT 95 STOYAN TSONEV ET RAIA IMPORT AND EXPORT EOOD KATRINI EOOD SOFIYA NUKS EOOD BULGARIAN ADVERTISING AND IMPRESARIO M DI SI EOOD BLYAN OOD AGENCY AD AMBASADOR TUR EAD EKO LEND INVEST OOD VEN PS COMMERCE EOOD BOLIARKA - MELNIK OOD DZHORDZH MARIA PETROVA ET RUSKO DIMITROV DIMITROV GRAND MANAGEMENT EOOD ELINOR AD ASTRA 03 EOOD RENI DANIEL SIRAKOV ET ET ANDON PISKYULEV KARDEA OOD KOTA 7 OOD IZI -2014 EOOD EN KORPOREYSHAN OOD AQUA KONSULT 2008 EOOD LOCAL PROPERTY RENTAL EOOD BALKAN-SB EOOD LIVILITA EOOD ORB EOOD ZAHARIEV & CO OOD 14 SeeNews Industry Report

ZEDA TOUR JSCO. AD EMALI 2006 EOOD VILA YAVOR EOOD BALI & AVM EOOD VAG INVESTMANT AD BULGARIEN DIREKT REISEN EOOD LOPUSHANSKI MOST OOD GORSKI PAT EOOD ET BONCHO BOYCHEV DOBRIN NEDYALKOV ABRASHEV KRYCY 09 OOD MARS APARTAMENTI EOOD MARINER 2006 EOOD DEVALD OOD SENATOR HOLIDEIS EOOD TRAYANA 1108 EOOD YUROPROPERTIS BG EOOD DZHIP SAFARI AD M TRADE 21 EOOD UNIKA TRYAVNA EOOD AKSEL DINCHER HADZHIEV ET KALCHEVATA KASHTA EOOD VILI RENT EOOD EXPLORE BANSKO HOLIDAYS OOD LAMBOV 69 OOD LILIA MI OOD ARTE HOTEL EOOD RUM 57 EOOD ETON AD AGROVIZHAN 70 EOOD ZOGRAF EOOD DOVERIE 2013 OOD LOTOS ROSI EOOD OLIMP 2010 OOD ITALYCOM EOOD AVATAR SPORT EOOD BM HOTELS EOOD ET ELTEPE-MIHAIL ZLATEV ARFA TURS OOD TI VI BI TUR OOD LSS - 11 EOOD PIRIN 2017 NT EOOD GARBISHTE EKOTUR OOD ET ANGELOVI-48 - GEORGI ANGELOV IVA 940 EOOD M A V 13 EOOD SAROS BG EOOD MARVEN EOOD TRICOM G T EOOD DP TRANSPORTNO STROITELSTVO I BORO TOURS DIRECT OOD ET PARADAYS - DANIELA MANCHEVA VAZSTANOVYAVANE - HOTEL ROSA ET ZHANA 49 - ZHELYAZKA DYANKOVA GRAND HAUS RADOSTINA ZDRAVKOVA ET TEDI-MS EOOD DOBRETIS EOOD KRISTAL G P EOOD TAM 2006 EOOD BULGARIA HOTEL MANAGEMENT AD KONDOR - 66 EOOD LAGUNA TURS OOD DIANA ATANAS MARINOV ET ARENA HOTELS EOOD BULGARIA HOLIDAY TRAVEL EAD SPORTGROUP SERVICES EOOD DIREKT GRUP EOOD SKORPIO 18 EOOD DRAKITE 2017 EOOD SLANCHEVA POLYANA EOOD BASHLI TOURS EOOD ELDIGA EOOD ET TSACHEV-33 - KINA TSACHEVA ET SPARTAK - RUMYANA RUSEVA ASPICOR OOD KASHTITE NA SLAVEYCHETO EOOD ET DIYAN DIMOV - DEM I YANI MANTS 3 EOOD STAS - 2008 EOOD MONIDES OOD ES DZHI GRUP BG EOOD VARBOV MOST EOOD AGONCEV OOD KATERINA SPASOVA-K I S EOOD DYLAV EOOD BANSKO 2017 DZZD MODEA DZZD ZAEDNO EN - 777 OOD ZLATICA DIMITROVA EOOD GAMA ENERDZHI EOOD MAKOSH EOOD BEDROOM PLACE EOOD MARI OOD TREVINA EOOD FISH 1 EOOD VERONA MILENIUM EOOD TOP 99 DDG OOD I HOTEL EAD ET NASH DOM - DOBRINKA IVANOVA HOTEL ZOO SOFIA LLC OOD VIOLETOV OGAN EOOD YUPITER KOMERS EOOD TRADEPHARMA EOOD BOR EOOD NORMA OOD AVTOKOMPLEKS IRIDA - EOOD EOOD ISIS 888 EOOD IDA TOURS OOD SANI TRAVAL OOD ELITSA PETROVA ET ES DZHI BULGARIA 2013 EOOD MONIK - M EOOD ORHIDERIA-IORDANKA MITOVA EOOD ZLATNA ZVEZDA SOZOPOL OOD ET LILIYA-V - VALKA MIHAYLOVA GOSTUL OOD PEGASUS BG OOD MON AMI APART EOOD BALAK INVE GROUP OOD ALLA KORZH EOOD TEIS HOLIDAYS OOD HASTINGS EOOD SK TRADE GROUP EOOD SUZANA SARIEVA ET OTVES OOD PETAR ATANASOV ET KALI KALINA BOZHKOVA ET ROYAL COVE EOOD BOLKAN DZHUAL MENIDZHMANT EOOD VIKTORIAS HAUS VIKTORIA GOVEDARSKA ET NYUANSI M EOOD VET TUR OOD SELECTBG.NET EOOD EMDI 98 EOOD STIL I UYUT EOOD ET PLAMENA-2004-TSVETANKA ATANASOVA BRATIA TIHOLOVI OOD SMART PROPERTYS INVESTMENTS OOD VD RIZORT OOD YAKOVLEV AND CO OOD ET BORDO - MILANKA MIHALEVA KB GROUP OOD ERMA 2014 EOOD PANORAMA - DOSPAT LLC OOD DEZINTEGRATOR-CO EOOD ET GEORGI BOZHILOV-57 MARINE OOD BUSINESSCONSULT OOD VALENTINA VPM 2010 EOOD DIANA MARGINA DARIBEL ET SHCOLA MASTEROV OOD VICTORY-DANIELA PETROVA-PILAFOVA ET PROSPECTOR BG EOOD EKO HRANI - 2 OOD GALINA SOFKOVA ET STEFKA LYUBENOVA DEMOS S ET DEMEKS GRUP END SPA REZORTS OOD ET DANI-82 - PETAR PENCHEV DEMIDA EOOD SALENA PRIM EOOD PRI ZHUZHU ANASTASIA TREPECHOVA ET BULUZ INVEST OOD TRV CONSTRUCTION OOD PERELIK PALAS OOD LOVNA REZIDENTSIYA PARAMUN OOD MALKA PERLA EOOD DESHKA-2018 OOD STANITA TOURS- STANISLAV TABOV ET ROZA END HAIV LEND OOD ET K-TIVA - VASILKA KUSEVA ROS ROSEN HRISTOZOV ET KINERET EOOD GERGANA TUDJAROVA EOOD DZHEY DABAL YU PROPARTI OOD ET MIHAIL KOSTADINOV - STRAKOV PETROV 2003 EOOD SPLENDIDA VM EOOD UNION TUR OOD ECOPARK ELENA OOD SUNDAY HOTELS OOD KEREMEDCHIEVI OOD TURMEDIKO EAD KILIMITE OOD GERMETO OOD FILLAND EOOD BANGLA EOOD VICHE - VESELIN VLADIMIROV ET EM VI RIZORT EOOD SILVI- SILVI ZAREVA ET GORSKI RAI 2 EOOD ZORA 13 EOOD EVROZEMEDELIE EOOD DENICA - STIL EOOD BALKAN TOP HOLIDEY OOD DAYANITSA OOD ET VELICHKA BELOKAPOVA ET SPARK - TUR - SAIT BOZOV LIZ AVRAM TRAVELING EOOD ACTIVE TOUR OOD LEFTEROVA FSO EOOD VASIMA EOOD HOTELSKO NASTANYAVANE EOOD RUSANOV GRUP EOOD SLANCHEVI LIVADI OOD GEBRAY OOD ARGO - 1956 EOOD ADVENCHARBG EOOD ROSGROUP 1 EOOD KRASI - KRASIMIRA KITANOVA ET ROYAL KING HOTEL OOD EOOD ART ECO LAND OOD MEGAS BEACH OOD PIRINTOURIST 2002 EOOD HRISTO DIMOV - LZD EOOD ALDURAL EOOD TUR SPORT INVEST EOOD INWICTA - 1 EOOD PENEVI GROUP EOOD DUMBOV I FAMILIA EOOD IVELINA - MARIYA DIMITROVA ET YANTRA SHARLOPOV HOTELS EOOD JULY-INVESTCONSULT OOD WALHALA EOOD ET PETRANA SHUKOVA ET KIRIL MANOV REZUMOTIV EOOD DESPINA GEORGIEVA GEORGIEVA SPA HOTEL PLANINATA EOOD STARLEND ENTARPRAYZ EOOD ZAHARIEV 88 OOD BITS MENADA KRUL KRAEVSKI KRAEVSKI SD VALENTINA VLADIMIROVA KOYCHEVA ET LES-KOMPAS - IVAN LESOV ROYAL HOLIDAY EXOTIC OOD AMB - M EOOD TROY OOD SANITA VK OOD VALAMAR EOOD ASTOMI STOYCHO GEORGIEV ET FLORES GRUP TSS EOOD ET IVAN UZUNOV - KOMERSIAL VALENTIN ROMANTIKA GALINKA MARINOVA ET KRAMAR KRASIMIR CHERNEV ET GOLDEN DUNES PRIMORSKO OOD UZUNOV FAKTORINGOVA KOMPANIA EOOD HASALT - BG EOOD YULI YA 65 EOOD MH - 2011 OOD VALEKS V V EOOD CHERVENATA SHAPCHITSA EOOD RELAX POMORIE IZTOK D EOOD ALEKSIMAR OOD SPLENDID VILLAGE OOD ILI NIKAYA EOOD BULGARIYA M EOOD HOTEL LIPITELTD EOOD ELIMEGAN OOD TRON KOMPLEKS OOD SHARLOPOV GROUP EAD AGROINVEST 84 GEORGI TOMOV ET KIA HOLIDAY LETINGS OOD 15 SeeNews Industry Report

INFO TURIST OFIS EOOD EOOD MIGEVA OOD ILMIDA OOD OPTICAL STORAGE AD EMIL YANKOV KOZAROV EOOD ATILI EOOD IV-GROUP OOD KONTINENTAL 99 EOOD BURGAS REPUBLIK EOOD DILYANA MARKOVA ET SOLD OOD COOL MANAGEMENT EOOD SKYLINE TUR OOD MANAGE RISK ASSETS M.R.A. OOD RILA TURS 2010 EOOD VER MAR OOD CHUCHULEV OOD VEKINGENERING OOD ET HOTEL POPOVO-IVANKA MARINOVA TANIN EOOD TRAFFIC TEHNOLOGIES OOD AIDEN 1 OOD CITY BUILD MANAGEMENT EOOD ENERGA OOD VG TURS EOOD ES PI VI - SARAFOVO EOOD VIYA 84 EOOD DIANA LYUBENOVA LYUBENOVA ET EDINIL - SNEZHA NIKOLOVA DALIA-08 OOD EZERETZ EOOD BALNEOLOGICHEN TSENTAR KAMENA EAD ET IVELIYA - FARIE KURTEVA EUROGRADE BG EOOD VITAMED PLUS 1 EOOD MARTONI 2012 EOOD MAK OOD MARAYA TRAVEL EOOD ZEYNEP MOLLOVA ET TABAK TRADING PARTNER EOOD LORA AM EOOD VICTORIA STONE OOD TATYANA KIPROVA LOVEN I SELSKI TURIZAM ET SUPER PLAM-EL-ELENA ANGOVA ET EVROTUR 7 EOOD MARINA SANDS OOD ET ZORA-DIMITAR TERZIEV VANELI SPA EOOD MD VARBANOVI OOD MARTIN MD DOTSOV EOOD PERI-PALAS EOOD ET AGROTREYD - ANA DIMITROVA PI EM HOLIDEY EOOD VIDINSCI - 79 EOOD VITAL TUR OOD REGATA EOOD BRISTOL BG OOD D - IVA 2011 EOOD PARIS 6 OOD IT COMPANY EOOD ANELIA - VM OOD PETSI PENKA TODOROVA ET KONSEY-69 EOOD NITSA 2012 EOOD PANCHUKOV AND SON OOD POS IDON - 71 OOD KIARA HOTELS EOOD VIKI 96 EOOD TREP EOOD PROFILAKTIKA, REHABILITATSIYA I OTDIH- KLON HOTEL - HOLDING 2 OOD YUBI SLAEVI EOOD BURGAS ELI & ISHO EOOD LUCKY FAMILY BILDING EOOD DANIEL HOUSE EOOD LAKI STROY EOOD EMO 99 - EMIL SPASOV ET MIKI-KRISTINA IATZINSKA ET SINEVA OOD AMBASSADOR MANAGEMENT OOD MONIKA 91 EOOD DUTCH ROCKS INVESTMENTS EOOD SLANCHEVI PYASATSI SARAFOVO EOOD PRESTIGE HOUSE OOD BUL BIOESET JSCO. AD NINA VIDEVA 75 EOOD EKOGRUP EOOD EUROPE AUCTION EOOD SID 2018 BURGAS EOOD DRUM OOD SI-MI OOD ANDI RENT COMPANY OOD SKILEV EOOD CHERNOMORETS ENCHO ZHEKOV ET GLORIA 17 OOD ID KUOLITI TIIM OOD ET IZGREV HAUS-STEFANIYA BARDAROVA MARAYA HOLIDAY EOOD LEROS OOD STELM OOD EKOTUR TRAVEL OOD ABRIT OOD ET RADO-52 - RADOSLAV SVRAKOV GLOBUS 2000 - SAMOKOV OOD KOPRIVLEN SOLAR VENETA STOYCHEVA ET DUNAY-1946 EOOD APOLONIA RESORT OOD RUNALI EOOD CENTRAL - PIRDOP VENTCHESLAV MOMTCHILOV PANCHOVI INVEST EOOD EVROKONTAKT-MARIN PETKOV ET ET ALEKSANDYR YARYMOV EOOD AVSTRALIA OOD NIK-PALAS EOOD SITI HOTEL PLOVDIV OOD RODNA ZEMIA BG EOOD DELFIN - 61 - RAVDA EOOD ET INTURS - IVANKA GOSPODINOVA ECO HILLS OOD ET ANTRAKT-ROSITSA TALEVA ADDE 2014 OOD FLORA N EOOD DANA DIAN MARINOV ET MIKONOS-ALFA EOOD ASPITUR OOD OLIMPIK - HOLIDEYZ EOOD KAZA ZDRAVA EOOD RENA-BV OOD OKP I KO EOOD AMB 2000 EOOD ANDZHELA SKI I GOLF HOLIDEYS OOD CENTRAL RELAX EOOD MANASTIRA SVISHTOV OOD STANIMIRA MARCOVA ET IVA IV 2014 EOOD VENIS 15 EOOD PARSEK SERVIS EOOD ILIAS STUDIOS EOOD TOMA DESPOLOV ET AFRIKA 1 EOOD PLAMO PM EOOD RENA PASTUHOVA ET ARGRUP RODOPI EOOD PALACE OOD TRADISHANAL BALGERIAN KOTIDZHES OOD PROFIT AD ILCHO BORISLAVOV ILIEV KAMI TRANS OOD ITT - 2011 OOD ET DUARKA - DARINA GANCHEVA KOSMOS 2011 EOOD MALINKA IVANOVA VALENTINA ET TENIDA 1982 OOD BUKOR SHTEPI EOOD GOLD OOD HABI EOOD IVEL OOD MANOLI TOUR EOOD MAKS TREYDING 85 OOD RTA INTEL EOOD CANAPE EOOD ELIT-95 OOD ET RALITSA - 2012 - EVGENI DOYCHEV GT EVROPA TRANSPORT EOOD PIRS - ZLATAN GOSHEV ET BLACK SEA HOTELS MANAGEMENT GROUP AD SEASIDE HOTEL MANAGEMENT OOD DEKO OOD HOTEL LILIA OOD HOME HOUSE SOFIA EOOD ARSENI HADZHIEV ET SINHRON 21 OOD MIG KATYA KYOSEVA ET SOLVEX TURINVEST EOOD GALACTIC TOUR EOOD VALENS VALENTIN SPASOV ET KACARIKAS EOOD ASTERA PYRVA BANSKO EAD PEMAR - 2013 EOOD INTERBUILD EOOD MONI 2010 MILEN MILANOV ET EMILI - FEMILY HOUSE EOOD LOGATERO M EOOD FINE MANAGEMENT EOOD BERBEROVA HISAR EOOD ET LASHOV - GEORGI LASHOV COOPTOURIST - KITEN EOOD AY DZHI DI TUR OOD HOLIDAY HOUSE EOOD BRIZ OOD ET YO 91 - YOSIF ANGELOV ET MANDZHURIYA - GANKO GANKOV FAMILIA 2017 EOOD GERGINA SVETOSLAV SLAVOV ET ET BOBI KOM - BOGDAN GEORGIEV SOFIYA DEN EOOD MIDAS M EOOD VITO - GABA OOD GLADE HOUSE TOURISM EOOD TH RUSALKA HOLIDAYS EOOD BR MANAGEMENT EOOD REA M EOOD GOLDAN KRIS EOOD VM MENIDZHMANT OOD KARVIS BALGERIA EOOD KONSTANTINOVI 2018 EOOD SUNNY TRAVEL EOOD VILA KAMCHIYA OOD LUBOMIRA DELCHEVA - 2011 ET GLOBAL GAME GROUP OOD EFROSINIY EOOD IVANI 2008 EOOD FRIY GARDAN EOOD PIRIN SHARLOPOV HOTELS OOD VELICHKA KOKALANOVA ET BELMEKEN DZHEMILE HAYROLA ET YOANA STOEVA ET EVROTEYMP OOD ROMANTICA FOREST AD FARMA MUNDO OOD MAGIC LIFE OOD ANATOLIY YANAKIEV - KLON AHTOPOL ALEKSANDAR 007 EOOD VIDIN STARIAT GRAD EOOD BULGARIA UAYN OOD ANHEA EOOD ANIMAH EOOD MONARCH OOD MIRAJ V D EOOD OSOGOVO EKO PRODZHEKT OOD AHRIDA AM EOOD EL END DI OOD BEYSKATA KASHTA OOD TANYA RAYKOVA 2011 ET PRIM TEAM OOD BIRS OOD FOREGO PROPERTY MANAGEMENT EOOD INGLOBO EOOD STELA MARIS EOOD KITA 2015 OOD ADI RENTAL OOD DZHUDI EOOD STIVAN 5 IVAN DIMOV ET DEMETRA 86 OOD USOETO EOOD ET DOKSI - DELCHO KAMBUROV PROFESIONALEN SPORTEN KLUB LEDENI ANGELI KOOP TSENTRAL DZZD SIYANIE - 22 EOOD ERBENEBE EOOD PLOVDIV AD EFMAR EOOD EDI DZZD KRISBO HOLIDAYS - ZHIVKA GENCHEVA ET ET ATANAS PONCHEV GROZEV LIRA EOOD INTERHOTEL - POMORIE SC. AD SANDROSE HOLIDAYS EOOD DYOR17 EOOD AERIS EOOD VIVA TUR OOD 16 SeeNews Industry Report

BUDGAKA EOOD CAMPANELLA HOLIDAYS SERVICES EOOD PRINTSES VT EOOD MIROSLAV MIRCHEV MIRO ET QUALITA OOD KORTEX TRADING AD NLMD EOOD RILENA OOD PLATINIUM INVESTMENT OOD RE L - 54 OOD VIKTOR-1-2011 EOOD ET VTV - VIKTORIYA PENEVA TSVETNA GRADINA 19 EOOD BADIMEX - DIMOV I SIE OOD LOT BG EOOD ANSI 2008 VIDIN EOOD LEGATO EOOD SAINT GEORGE PALACE OOD ET VASILENA - RUMYANA VASILEVA TWINHEAD OOD ET BOBI - BOYKO DOBREV IVI 2002 NIKOLAY NIKOLOV ET ET KIKAR MENIDZHMANT-KIRIL KARPACHKI SIRAYA GROUP OOD SILIVRAK OOD SK VETREN EOOD MARTIN 85 IRIN PASHALIEV ET MEGI - 2005 EOOD KRISOLINA OOD PLANITA AT EOOD ADEONA OOD KONTRASTI BG EOOD ASPIHOLIDEIS OOD DI MARE 1 OOD INTERVAL -INVEST OOD ZORA OOD SAN EOOD MADARA MENIDZHMANT OOD BRANIMIR - IVA DONEVSKA EOOD INTERHOTEL SANDANSKI BULGARIA AD ET HIL-IVAN IVANOV BLACK CAT THE ORIGINAL OOD ET MAGURA-VIKTORIYA STEFANOVA KUATRO M EOOD MESTA 57 58 EOOD P AND I GROUP OOD PARCHEV I S IE SD BALKANSKI TSENTAR DIPLOMAT OOD IVJ CONSULT EOOD HOT-BG EOOD SVETLA 94 SVETLANA DIMITROVA ET AVANGARD-SLAVOVI OOD NATURA DIVINA EOOD ET MANADZHUK - DIMCHO DIMOV AMORA BG EOOD AMAZING EOOD ET MESTA - AYSHE BUNTSEVA STANMARI OOD ET RUSANKA MITREVA ESTREYA OOD VEGA TURIST 91 EOOD EKOTUR VELEKA KATYA DAMYANOVA ET LYUBENOVA EOOD SELENA 2004 EOOD TOPOLINO-64 - GEORGI SLANCHEV ET SULTANA - TANYA KOPANAROVA ET RELAKS 05 EOOD HOTEL RELAKS EOOD BORDER HOME EOOD ET KATINA - KATYA MARINOVA MOBIL EXPRESS OOD POSOKI BULGARIA EOOD RIGA-HOTELS AD HAPPY TOUR EOOD VICTORIA INDUSTRY OOD ANASTASIA KARAYANEVA ET BOTABARA EOOD BRAVIS OOD STREV TYR AD HADZHIANKOVI EOOD ET VESELINA - FILIP FILIPOV KENTAVAR 2 OOD MOTEKS - NIKOLA IVANOV ET GRIYN KYUB OOD IVKON 22 OOD BLUE DREAM INC EOOD TEDI-82 EOOD AGIT-14 EOOD ET TODORA HRISTOVA 36 ET ELINZHENERING - VELIKO VELIKOV IGLIKA BULGARIA OOD RUSKOVI 2006 OOD APRILTSI 2008 EOOD ZERO CENTER EOOD VITA INTERNESHNAL 2002 OOD ZYUDHAUSTEHNIK EOOD HARMONIA USPEH EOOD G Y G OOD MEDICA NARECHENSKI BANI EOOD FANTAZIA EOOD CHERI OOD VALVES FUUD OOD GOLDEN SPORT TOUR OOD K HOLIDAY EOOD MARI KO EOOD IVA SHELDON ET ET PIRIN 2012 - ANASTASIYA CHOBANOVA MARBRO RESORTS EOOD PRESTIGE HOLIDAYS AD PI EM DZHEY EOOD ET KRUM KRUMOV 2009 TANYA LAZOVA ABRIEKSIA EOOD SEVASTOPOL 17 EOOD AVRORA INN OOD BOOMERANG VT OOD KOSTADIN YORDANOV YORDANOV DANAIL HALVADZHIEV ET YURTI-MAUNTEYN EOOD ELPIDA GI EOOD DJAMBAZOVI - EK OOD VEDA - TK EOOD K&P PROPERTY MANAGEMENT OOD DIMOKA EOOD BGADVANCE EOOD STRANDJA TOURISM OOD KAPRI 1 OOD E-CONSULT GROUP EOOD KUM 2016 EOOD KUKEN HRISTO KUKENSKI ET SOLERS-M EOOD PRESTIGE VARNA BG EOOD DESTINY HOLIDAYS EOOD ET ANI - ANKA PESHEVA DETELINA 69 OOD VILLA SINTICA AD PREDELA INVEST EOOD MUTSI DIMO PRODANOV ET ROYAL ASTORIA EOOD SHALOM 2014 EOOD MIX - VIDIN EOOD MEGI - M - 2012 EOOD ET GRANIT-90 - KOSTADIN DIMBAREV BTV - GRUP OOD ATOS - HOTELS OOD MARIYANA DANCHEVA EOOD ET IZGREV - TODOR TERZIEV BILIANA HMT OOD KIRIL GEORGIEV TABAKOV VIRZHINIA TURS EOOD IVAN IVANOV - CHIFLIK ET GREENFORD BULGARIA OOD HOLBORN EOOD EM 12 OOD NERA 1022 OOD LOPUSHNA TRAVEL TEODORA NIKOLOVA ET BILDKOM EOOD YAGODA 88 RAYNA ALEKSANDROVA ET PERIFANOV EOOD MD INVEST BULGARIA EOOD E END S IMOTI OOD IVA COMMERCE EOOD GALAKSI OOD BOSNEK EOOD FLORIAN 78 EOOD ALBI TOUR EOOD ER ZHI KONSULT OOD GUGLEVTSI EOOD KANTMED OOD VALITA - 07 EOOD ET INTRO-DIMITAR MIHAYLOV EURO INVEST COMPANY EOOD DANI SAT OOD NEDELINA-2011 EOOD MARITA 510 EOOD MOIRA OOD ET MAGI-M - MARIYA PISHTALOVA IZMIRA SPA 3 OOD E HOTEL AD DAGA-RAINBOW EOOD NT PLAM HOLIDAYS EOOD ET DIKI - YANI IVANOV ANDIMA-K EOOD M-S-T OOD SANI HOLIDEY - 2011 EOOD ADP 2013 EOOD BOYKO VALCHEV IVANOV PETYA RADOSTINOVA MARINOVA-HRISTOVA HOLIDEY INVEST S I S OOD PROFIT - N EOOD B.M.A. TRADING EOOD ET KALINA SEKULOVA-PROGRES BANKYA PALACE OOD MEGA TRANS AD PERLA 7 EOOD RENT VACATION EOOD LARISA 2003 EOOD SUMREST OOD ZHIRADI OOD ELEROX MANAGEMENT EOOD ULPIA TOURIST EOOD AMAR HOLIDAY OOD SPOMAR TOUR OOD VENECIA - SEG EOOD GEORGI TSVETKOV ET DUNEKS EOOD YAKOVI OOD PAI-HOST EOOD HEMDOS HRISTINA VALKOVA ET DELFIN - 3 - 2002 OOD INEST OOD GALIN KOLEV ET ET BASHAKOV - IVAN BASHAKOV SIGMA TUR EOOD ET 6 H 6 - DIMITRINKA STEFANOVA KATRIN KATERINA BUDINA ET ET CHOCHI-21 - LILIYA STOYANOVA KRASIMIR GEORGIEV RALEV AS HOTELI EOOD REMO TRAVEL OOD IDEYA KONSULT EOOD STEDAKO EOOD NEVSE MEHREM ET RENT A HOST EOOD SVETLOZAR - MARIETA SIMEONOVA ET MISTRAL TUR OOD DAMIRA EOOD EFFECT 3 EOOD KAMARAYA EOOD TONIKO OOD WHITE LAGOON EAD OVCHAGA-SOFIA ZADURIAN ET DIABED EOOD ERTIOS EOOD RILA SPA END KLUB EOOD VIS TIM EOOD BRG POMORIE EOOD VELIZARA - P EOOD IVATO EOOD HOTEL PREZIDIUM PALAS EOOD ASENOVA KASHTA EOOD BELLA VISTA EAD NOYA OOD ASPEKTTRAVEL EOOD PRIMA AT EOOD TOURS EOOD AROMA WAVE EOOD BLYAK SIY TUR EOOD DIEL FEMILI EOOD JEKOVI TUR EOOD ET DAGA - VLADIMIR PAVLOV DEVA 0408 EOOD ULTRAMAR HILLS EOOD AMBRA 2012 EOOD ALPIN HOLIDEY - SIM EOOD BALGERIYA PROPARTI SARVISIZ EOOD SHAI HOUSES 1 OOD PANORAMA 3D - ALEKSANDRA CHAVDAROVA ET TRAVAL SOLYUSHANS BULGARIA EOOD - SPA OOD GOKOTEL - PROGRAM EOOD VIZITO BG OOD 17 SeeNews Industry Report

ER AY DZHI GERGANA POPOVA ET SEND DZHORDZH 13 EOOD MDNN EOOD MODUS PLOVDIV OOD TROYA 999 OOD BUCH GROUP OOD AVV TURS EOOD BALEVUROV OOD TRAKIA 2016 OOD SNOWFLAKE CHALETS OOD KALINA 08 EOOD REZVAYA MS EOOD SAZA TOUR EOOD ES DZHI ES HAUS EOOD RADA LEFTEROVA SYAKOLOVA MITKOVI OOD MARKOS CONSUL L 01 EOOD COMERS-1 - IVAN MARKOVSKI ET DIKAVEDI DIANA ZASHKEVA ET ET STEDI - PENKA MINCHEVA INTERSTORM - TSVETELINA DIMITROVA ET TEOPOLIS TOUR OOD ELIA EOOD KRASITED EOOD EM DZHI INVEST VARNA EOOD ALEKO SHTASTLIVETSA OOD MOKA TURS OOD PETKO I IRA EOOD DIJIES OOD KRISTANI EOOD TOURTRANS 64 EOOD CALIPSO BLUE EOOD KADA RESURS EOOD JAVA - JANKO ATANASOV ET LUBTCHO ATANASOV ET ET KOSTADIN ZHELEV VANINA KOMERS 55 LIGHTHOUSE GOLF AND SPA HOTEL AD N P TOUR EOOD KAMI 2000 OOD MENELAO PETAR MENCHEV ET BOBI - BSD EOOD EKZ RENTALS EOOD VENIS 2015 EOOD MIG BURGAS EOOD CITY BOUTIQUE OOD IRIS 717 EOOD NATALI NIKOLAY IVANOV ET ROSS TRANS TOUR EOOD ADO 2014 EOOD HOTEL BOR EOOD STOIMEN GECHEV ET TROKA EOOD DI-VA-MA EOOD MERIDIAN TOURS OOD HVD HOTELS EAD FULSTOP SISTARS OOD ET YANKA DINEVA - 68 ET ANGEL PAUNOV MITKO DOYCHEV DOYCHEV V I T 2017 EOOD BORISLAV ILIEV 1973 ET SPS SVETLINA EOOD VITOSHA PARK REZIDANS EOOD ZHITEN KLAS - NIKI EOOD VIVA TRANSFERT EOOD ALMEDA AD ZONITSA EOOD ET LYUSI - SLAVCHO CHITAKOV GREEN CLEAN HOME EOOD SS 2001 AD KEMP SPOT OOD KUNCHO KOICHEV EOOD DINS - 53 EOOD HOSTEL GROUP EOOD TSENTRAL LYUBENOV EOOD CONTESSA 2000 OOD ZARA OOD SUNNY TRAVEL CLUB EOOD SANLAYT HOLIDEYS AD TIANNA - ANELIYA STOYANOVA ET FORTUNA - ANTOANETA IVANOVA ET ET RASHEL - N - NIKOLAY RASHEV ELENA OOD KONVENTA 7 EOOD KAVALER 2000 EOOD S AND G - N OOD GARANT TOURIST S.I.V. EOOD VLIV EOOD CASCADAS RESORT & SPA EOOD TOP INVEST EOOD ANI 18 EOOD ALEXANDRINA ENTERTAINMENT EAD PKM-2000 OOD K END M OOD BILDEX EOOD BONEVI 2017 EOOD SNEJANA TOUR AD BOROVETS SERVICE EOOD STOLICHANI DANIELA GERGOVA ET SKORPIO-61 E EOOD ET KIRIL KOLACHEV KAM-PAT OOD I GEORGIEVA EOOD ELENA INVEST OOD GRIYN LAYN EOOD PPS STROY OOD ET STOYAN VITANOV - VITO HAY SARVIS OOD PARADISE TOUR INVEST OOD ROSTOV AD SPAS KRASTEV BISA ET VELIKA 2009 OOD BALNEOHOTEL POMORIE AD ELENI 2 EOOD GERI - M EOOD TOCHEVA 2017 EOOD UNISON EOOD ROKAMAR EOOD LIMO GR UP OOD KOOPTUR EOOD 6 SPLTD EOOD INTENSO OOD TAYFUN 777 OOD ES KEY PI OOD ET AHMED ZABITEV ARKAN OOD KUMBA MAKUMBA 87 OOD DIABORA EOOD YONIDA-17 EOOD HADZHIEVI 2013 EOOD TRAKIYA OOD RING 66 EOOD KEY SITI EOOD RADINA 2003 EOOD GALABITSA MAVRODIEVA ET KOMFORT DELUKS OOD ET NIKOLINKA NACHEVA BOZHKOV I KO EOOD N S NADEZHDA SABEVA ET BETWEEN EOOD VENSIM OOD ODESSOS HOTELS AD DUNI AD KA EM-VARNA OOD RODOPSKI KONAK EOOD PANDION UAYLD TURS EOOD TATRA EOOD POLYKOM - SLAVEY DIMOV ET SKY INVEST 2 OOD ET AMATIEL - TSVETELINA BONEVA TILEVA 2016 EOOD ELISA KONSULT EOOD ELMAR TRAVEL - MALINA DONKOVA ET EFIR EOOD STARA REKA 2017 EOOD VILNA ZONA EOOD CENTRAL 52 EOOD MEGAFRUIT-2000 OOD TSENTRAL - PLOVDIV AD ET SIVEN - VENTSISLAV VENTSISLAVOV AT - KOMERS EOOD ROYAL BANSKO PROPERTY MANAGEMENT OOD ET NIKOLA GEORGIEV KASHTI BOLYAROVO ALFA 13 EOOD ALEKSANDROVI 2014 EOOD ET GEROVA - ELENKA KOSTADINOVA IVAN PETROV - TURIZAM ET ES ES YU EOOD MAX & CO AD SUN RESIDENCE EOOD KORSAR - 64 EOOD ET MAK - PERI -PETAR TSAROV KAT RINO SPA AD YONEDA EOOD DIVAYN-RR OOD LIANI OOD SUNSHINE HOLIDAYS EAD TRAYKO 54 EOOD ZAARA TOUR OOD ALPINE & CO OOD BOOMERANG MANAGEMENT EOOD STIVEST EOOD SHOPOV EOOD YONEL EOOD ADS - TRAVAL OOD M - POWER - XL EOOD RADIMA 7 EOOD NOVA SMART EOOD SILVAR OOD OLIVAR OOD ET KORONA - PETAR KALAPISH SLAVCHEVI-BD OOD PRIMA IMOT 2018 OOD BOR INVEST 1 OOD ET DICHKA GEORGIEVA ORLOVO GNEZDO 1902 EOOD VYAG 68 EOOD E UND A OOD ATAN 07 EOOD RANOVI 2010 OOD VIENTOS EOOD NIKOLAY LYUBOMIROV IVANOV ET LYUTVI MYUMYUN MYUMYUN NAYK ES GEORGI DIMITROV ET VERDI LOGISTICS EOOD MAGNOLIA-2000 EOOD FORI 69 S BOROVO EOOD TSENTAR AZ MOGA EOOD HOTEL SANTANA OOD ASTIME EOOD GARVANEC OOD ET GEORGI TSVETANOV - YORGO KRAUN FLAUARS EOOD ELLA-91 EOOD BRIAG SOFIA EOOD ECO SMART INVEST EOOD MANTAR - 2012 EOOD ET ANGELOV - TSVETOMIR ANGELOV RUGEST SOLE EOOD MARIYANA HRISTOVA HRISTOVA IVAL EOOD LOZENEC IN OOD D SITI EOOD SEVERIAN-BALATON OOD SINAGRO OOD ELTIES EOOD BYURO ZA MLADEZHKI TURIZAM HORIZONTI GEORGI RADOSLAVOV - PRESLAV ET OOD MLM-CONSULT EOOD FLAGMAN POMORIE EOOD ZIGEN OOD MARITSVETA SEVDALINA DIMITROVA ET DESTIMA OOD EL PARAYSO EOOD PESHTERSKI EOOD RINO-44 EOOD ROSCOM 63 EOOD BRAND HOTELS EOOD ASPA OOD WORLD RESERVATIONS BG EOOD AGITA EOOD OBZORI EOOD VIGI GEORGI ANDONOV ET TRIUMF-91 EOOD ONOFFTUR EOOD DALLAS - BUSINESS CLUB EOOD HANT POIBAR OOD ET DIANA IVANOVA GEO TOUR 66 EOOD ALINA 2016 EOOD PLAMARSKI EOOD EXPLORE BANSKO SERVICES OOD DIMI RAIZ EOOD HRIS 50 EOOD ABEL EOOD NA I BO 69 EOOD ET NIKOLAY CHAKALOV APOLIS OOD ET RIVA - IVAN GEOREV EDIT KONSTANTINOVA EOOD AURELIA INVEST OOD NAIDI M EOOD 18 SeeNews Industry Report

TONI CHOCHEVA ET VINARIA EOOD POLYA KRASIMIROVA KOLEVA MAXITOUR AD POLINEL INVEST OOD T S HOLIDEYS EOOD KOREKT DERELIEVI EOOD REGINA - P85 EOOD LUXOR COMPLEX EOOD FRIENDS 2016 EOOD GK INPEKS OOD FULL SAIL A EOOD DI EY AR OOD ZENITH ECO EOOD MZ - 82 EOOD KEK-KOSTOVI EOOD SISKO 13 EOOD EN EL PARTNERS OOD SHTASTLIV IZGREV EOOD ELIEZER-CD EOOD BON BON HOTELS OOD TRANS CONSORTIUM LOGISTIC OOD LOZENETS BIYCH PARK EOOD TRIO INVEST EOOD INTER TRAVEL OOD BULCAR EOOD ET LOVEN RAY - DAFINA KERELOVA PIRENYA EOOD TSVETE-TSVETANKA BOJIDAROVA ET NEAPOLIS 1 EOOD BAIRATUR EOOD ARISTAS EOOD ET BILYANA 2005 - BYANKA DIMOVA TOURIST EOOD HAPPY TOGETHER OOD FIORD GRUP DZZD STOYAN SARIEV STOYANSTROY ET VIKEYA VILLAGE EOOD IKORTO OOD IVANOVI 2010 EOOD MELIV EOOD ER DZHEY GRUP EOOD BELINTASH - 2012 EOOD ET TSANKA HRISTOVA ET DOBRINA SARIEVA TIGRIDA EOOD VEKILOV 2012 EOOD ET TAMBOS - ALEKSANDAR ZIKOVSKI TOMMY TOURS OOD ET MAGIYA-54 - DIMITAR MARINOV RADIMA 52 EOOD ZHIMAR VELIKO KUTSAROV ET TEDMAN EOOD TITANUS EOOD HOTEL MURSALITSA EAD BRIGANTINA SN EOOD MORE - 09 EOOD RUMAR EOOD ROYAL HOLIDAY EOOD TI END SI-HOLIDAY EOOD VILA BELISIMA EOOD INTERSTROY EOOD GOLDI 85 EOOD MILDKIDS EOOD SOFIA GALLERY SUITES EOOD ILIYAN ENCHEV SOLAKOV ANGLICHANKA EOOD REYNBOU ENTARPRAYZES OOD GERRI 2015 EOOD VILISTROY 1 EOOD DTM TRAVEL OOD APOLON BH EOOD SUNSHINE 22 EOOD PIRIN HOTEL MANAGEMENT OOD ECOLUXVILL EOOD KANTRI BI DZHI EOOD ENAYTURS EOOD MIROSEM EOOD ASEN KUKUNDZHIEV ET MATEV EOOD FERMAND OOD ET ZDRAVETS-ZDRAVKO MARINOV - NADEZHDA STL-INK OOD HOSTEL 44 OOD MARINOVA HASHOVE TURS EOOD TYAPTI MIRAZH EOOD STSENATA EOOD ALBATROS TURIST SERVICE OOD PASEB OOD DANIKO BG OOD ZORTEV MD MIHAIL ZORTEV ET ADVENTURE TRAVEL EOOD PB ORLINO EOOD BHM SERVICE EOOD SD BRATYA MOSKOYANOVI - BYALA SAN SENDS I ET KATERINI-62-KATYA STOYANOVA SI-E MARIZHANI OOD MAK OOD KIBOO 2015 EOOD KOOP -1 EOOD NATURA 2000 EOOD CONSUL 2017 EOOD ET ENERDZHI - MIROSLAV NEDKOV SATTVA EOOD SIMEONOV APARTMENTS EOOD TTRUST ASSET MANAGEMENT OOD RICH FOOD EOOD SLANCHEVO ALBI EOOD GEOSTEF OOD GOLDEN TOURS EOOD FUUD INSPAYAR EOOD VYATARNA MELNITSA EOOD IV 73 OOD NEPAR EOOD VS APARTMENTS OOD ROSITSA 2013 EOOD KRALSKO SELO EOOD ET SHANS - KRASIMIR VELCHEV MONDI KOREKT OOD EMBARS OOD GRAND FIESTA EOOD FAEMA ZLATINA PENCHEVA ET RUEN TURIST EOOD PERLA TOURIST INVEST EAD E-MARKETING OOD ET KRASIMIR KRASENOV - TIHIYA KAT 91 GLORIA-N OOD DRT 2013 EOOD BORUNOV EOOD DON MARO EOOD BOKORODO OOD ZELEN SVIAT - 2003 EOOD TSETSILIA 37 EOOD HOTEL COMPLEX MANASTIRA EOOD GANZ REAL ESTATE SERVICES EOOD PAMUKOV 64 EOOD GEORGI DEVEDZHIEV EKSPRES ET TROYA 97 EOOD TURIST EOOD ET KOPNEZH - ROSITSA DINEVA VEDAVI OOD PETKO GRUDOV EOOD MIOLA OOD IANG - 87 EOOD IRIV EOOD VG AD NUR TUR AYNUR MEHMEDALI ET DAMERA HOTELS OOD GRADINI - KARAIVANOV EOOD TASHI ZDRAVKA DIMCHEVA ET NEXUS ESTATES EOOD MAGI FOTI EOOD ET LYUBEN ANGELOV AR NUVO OOD MAK TURS AD LION HOTELS EOOD AGRO OBZOR EOOD MIRAD OOD ET DANI-24 - IVAN UCHKUNOV DZZD FEBA VIDUNIYA EOOD HIT-HOME EOOD PETRANKA ANGELOVA 2012 ET ET STELIYANA PANAYOTOVA ECO 2012 VULKO NIKOLOV ET DUNAV PLAZA OOD ZDRAVEC OOD BIZNES KONSULT OOD KORABA ARAPYA EOOD KOPEKS TRAVEL OOD TUZARI 1 L.T.D. OOD SKORPION GRUP OOD ET VENTSISLAV AYVAZOV - MARIYKA AYVAZOVA DANIELI GROUP - 2018 EOOD ACKTION OOD AMI VET ST OOD VANALEKS OOD PLAMI 04 OOD MIZA TOUR OOD ZVEGA EOOD EPOS OOD CORRECT 2004 EOOD GALINA 85 K OOD DELIST EOOD ET EMDZHI - 2014 - TSVETANA ARSENOVA SHURELOV MIROSLAV SHURELOV ET SIMPEH - DANIELA VUTKOVA ET VESELA KASHTA EOOD PERLA 2013 GALINA LYUBOMIROVA ET SENSEME OOD RUSIYANA - RUSI RUSEV ET TOPALOVI HOLIDAYS OOD SEASIDE SERVICE OOD OMEGA BULGARIA EOOD CAREVEC RENT EOOD AKUM AD ET DIMITAR RAYCHEV RADIANSTUR OOD ET MILENA-TURIST - MILENA YURUKOVA NORDEXA EOOD MORENI TUR OOD ELENKOVI 2018 OOD MARIA VALENTINOVA 92 ET VARNA RENTAL OOD VILLA KALIAKRA EOOD STANTUR EOOD INFINITY RESIDENCE EOOD MODEA S EOOD KATI YANKA HRISTOFOROVA ET ET VALENTIN ADAMOV - ADAMESK HM HOTELS AD BALNEOLOZHKI KOMPLEKS HISAR AD SANTI - 73 EOOD TRAN OOD SANTA MARINA - T OOD GALYA VESELINOVA NAYDENOVA ET DIKRAS - KRASIMIR DIMITROV AKVA VITA VELINGRAD OOD VIG - VELISLAVA PILCHEVA ET EM SMILE GROUP EOOD AMBELITZ SOFIA EOOD KAMEA VYU EOOD FISHMEN OOD BOROSTROY EOOD MAYUKO EOOD LAVAR 2015 EOOD ET INRA-2001 - ILIYAN YOVCHEV FENIKS 2004 OOD STARTAYM-R EOOD VILINA HRISTOVA EOOD ET RODHAD-B-BORAN HADZHIEV - ROSENA TREYSI LINK EOOD ET RENETA VIDELOVA ZEMLYANI EOOD HADZHIEVA HORLOG OOD SUNNY LAND 2012 EOOD VEGA EUROSTYLE EOOD SOFIA HOTELS MANAGEMENT EOOD LAKI RIZORT EOOD CON TOURS LIMITED OOD ET DIAS - VELICHKA DIONISOVA PEPINO TUR EOOD RID - 57 EOOD STRANDZHATA 79 EOOD HOUMLAYK OOD ET RAY - STANKA ANDONOVA MOTEKS 2017 EOOD VIKTRON 7 - IVAILO IVANOV ET NIS OOD HOLIDAY VILLAGE AQUA NEVIS AD TANDEM TRAVEL EOOD KATIA DAFOVSKA EOOD DANEV I DANEV EOOD MG HOLIDAY 2016 OOD TOTAL KOMERS OOD GLORIA - DIMITAR STOIMENOV ET YAVOR ZLATNI PIASACI EAD STAFIDKOVI OOD ET VALERI KOSTADINOV - EKSPRES-65 19 SeeNews Industry Report

BALNEOLECHENIE REHABILITACIYA I OTDIH OOD USTIKS OOD ARIRANG 2 OOD OKIBG EOOD TORLATSITE ILIA DIMITROV ET ANEL - 07 EOOD TRAVEL LIGHT EOOD T SPRINGS TANIA STANKOVA ET UNITURS AD VESLETS 37 LLC OOD MY HOLIDAY - DIMITRINA TRAYKOVA ET BALKAN HOLIDAYS SERVICES EOOD BOLKAN REZIDANS EOOD USTRA - TOUR EOOD PANORAMA OOD AIMA 97 EOOD PREDEL HUT EOOD DGV ZLATNI PYASATSI OOD VARNA TURISMO 9 EOOD MHQ EOOD ET IVALENA 48 ELENKA BARAKOVA DANI 1212 EOOD STROYALIANCE EOOD SILVIA LEVUNLIEVA- 2008 EOOD ET POLAH OT MINALOTO - HRISTO NENOV-2006 VELIMAR VELIKO VASILEV ET PARK MARKOVO EOOD METSOV EOOD N N UTI SPORT - NADIA MANCHEVA ET CASA COTON EOOD MARG OOD MARIANA APARTMENT EOOD AKSINIA 79 EOOD ET KARAVIDA-94 - GEORGI KARAVIDOV GANOZLIYATA OOD ELIZAVETA67 OOD DEMI - KAMELIA BORISOVA ET SILI TUR A OOD ET RAMSHTAYN - IVAYLO SICHANOV BACH BACHVAROVI EOOD BILD - KVK 2008 EOOD METALIKA IVAN ALEKSANDROV ET BUILDING COMPANY DIAMANT OOD GENCHEVI 73 EOOD YUNPO OOD ASTERA I EAD BORIKA - CHEPELARE AD GALANT LAVAR OOD ZSK-POSEEDON EAD GENI I ANTOAN EOOD LOPS-LUBEN EVTIMOV ET ICON - BOROVETS EOOD MEZHDUNARODEN TURISTICHESKI TSENTAR YARAMOV 2014 EOOD ET PENKA DELIKOSTOVA ET TERA - KRASIMIRA VASILEVA SVETI IVAN EAD TERA INVESTMENT OOD ET PERA - PETAR PETROV VILAST EOOD VIAN KOMERS EOOD IVORY TOWER EOOD BI ANA EOOD ALBERTO 2004 OOD ET EMKO-EMILIYAN ENEV KITNAL EOOD BX-90-ANGELOVI AND SIE SD PETYA ILIEVA KOSTADINOVA SHANTAL 77 ZHANINA STANISLAVOVA ET FAMILY TOUR STELIA OOD PANDION HOLIDEYS EOOD OSIKOVATA INTERNESHANAL OOD SAFI - 8005 - STIVAN VAZOV - ISKRA VAZOVA ET DIA TRAVEL OOD ET SASHO MIRCHEV VLADIMIR PETKOV PETKOV MELSA - COOP EOOD CONCEPT BULGARIA OOD TRIGLAV TAZHA EOOD FENIKS GOLD OOD ET SARA-M - TANYO MARKOV VILA LIVIA EOOD RICE - PENKA VLAHOVA ET NADYA GYUROVA 66 ET SHARKOV TURS EOOD NATAL MM EOOD VILI LIDIYA EOOD IVA HRISTOVA HRISTOVA SINETRON EOOD BISTRA I GALINA 2007 EOOD PS GRUP AD FIORD KONTROL DZZD DELOVA SEDMITSA MEDIA OOD ET TONI - ANTON IVANOV 2008 HERMES-1 EOOD PIRINA TURS OOD NADEZHDA PEYCHEVA ET ZLATNA RIBKA - BLAG OOD PLANINSKI RAY EOOD KATARA 2016 OOD ASPA TUR EOOD ARGANA PLYUS OOD LIKOM - K OOD FAU OOD SIMONA I S EOOD SOUTH BEACH - KITEN OOD SIMEONOV INVEST 2017 EOOD SREDETS BG EOOD SIEMA EOOD YUNIVARSAL BILDINGS EOOD REAL EXPERIENCE OOD AVENYU EOOD SEDEVCHO VARADINOV RIS ET INTER SANI HOLIDEYS EOOD BOLKAN TRADE OOD GRETIELI OOD ARON HOLIDEYS EOOD ILKA - KATRAFILOV OOD ET DIMOVA KOMERS - DIMITRA DIMOVA DZHEY AR BANSKO YU KEY OOD VEGA EM OOD KASHTA ZA GOSTI SOFIA TSENTAR DZZD NIKI TA TUR EOOD DIGS - T T EOOD ET IVAN HADZHIPOPOV ET NAZMI - YULIYA ASENOVA ES PROPARTIS SVETOSLAV SIMEONOV ET SUMMER PROPERTY EOOD HHM EOOD STEFANOVI KASHTI EOOD KRASI M OOD TSAREVETS RESIDENCE EOOD REY BI AS GARANTSTROY EOOD SELECT TOURISM EOOD ET DIKADI - KATYA DONCHEVA SILVIA ZOROVA ET KALISTO - ATANAS NIKOLOV SP ET KOLOR EOOD RAYA TUR - 2016 EOOD KAVARNA EOOD RED FEHU EOOD GREGS EOOD IONIKO TERMAL EOOD GIA HOLLIDAYS EOOD BOJANOVO 2003 EOOD ALPI EOOD KRANEVO BIYCH OOD PLANET INVESTMENT GROUP AD YOANA OOD KOJ EOOD BENDIDA VILLAGE OOD MALAK ISKAR AD MC INVEST EOOD ARSIS OOD ZNDK - BANSKO OOD SOLE - BULGARIA EOOD TSENTAR - 61 EOOD COMPLEX BOJILOVO OOD PETRA KAMENOVA ET VALCHEVI- LV OOD SPARTACUS VIP SERVISES OOD DAVITA OOD DYUN - 98 OOD MDL GRUP EOOD KIPARIS HOLIDEY OOD BLVD OOD ET EMILIYA KULEVA-BRATYA KULEVI - IVO KULEV- KAMELIA DIANA VALKANOVA ET EKOSTRYAHA OOD FORTE 2000 DESHKA EOOD ADONIS OOD RUNIK EOOD ESE - 96 EOOD VILMARTOUR EOOD METANOYA EOOD ARSHINKOV I DEMIROV 2 OOD SAGA DR EOOD ET GYORCHE - STOYANKA DIMITROVA ALPHA-M-59 EOOD HOUP 07 EOOD EKOTUR CHM OOD YOR DANIEL 2002 EOOD MARRINELLA APARMENTS EOOD VITORA EOOD ET FLAM PA - MIMI PANTEVA ET STEFAN ZLATANOV - SZ NORTIKOTOUR OOD 9 EOOD EKO INVEST - 2009 OOD ALIBI - 99 EOOD CHAPEL MARKETING INVESTMENT OOD EUROHOTELS EAD PETROKS OOD APART EOOD TURBOTRAVEL EOOD RIANON EOOD DOM RIBAKOVIH OOD RUMIKA - 90 EOOD NIKOM 2002 EOOD DOYCHEV HOLIDEY EOOD KA EM INZHENERING EOOD DEKADA 2008 OOD VODENICHAROVI - KS OOD ZORA 2000 OOD DROOM OOD ILIYA MATEV EOOD IV-KOMERS EOOD SOFIA ESSEN E EOOD KAMKROM OOD ARIMA EOOD MIROMEX EOOD KOTIDZH-BG EOOD ET SVETLINA PRASKOVA - SEVAST KLEYCH EOOD ELORA 09 OOD ZEMEDELIE SEVER OOD PRAVETS BOLKAN RIZORTS EOOD LUCKY LIGHT EOOD ET ZHERUNA - VALENTIN VALKOV KAMELIA - BATAK EOOD PERUN EOOD SVOBODA ZLATKOVA ET MUSALA 2014 OOD HOTEL ZARYA EOOD ROSE VALLEY APARTMENTS OOD ICEBERG BOROVEC OOD RENT HOME EOOD KIPARIS AM OOD EVRIDIKA 1 EOOD EVROBULGRI DIVELOPMANT EOOD TORNADO TK EOOD SIDI GRUP 76 OOD LIMART EOOD GRAND HOTEL HEBAR EOOD BESATUR AD PROMPROEKT OOD PARADISE 7 EOOD RADOST 59 EOOD MODEA - 21 VINPALAS-2005 AD ALEKS IL 99 EOOD EDIA EOOD TURISTI OOD MARCHELA GEORGIEVA NINOVA ET LIRA-RADKA DIMANOVA KVIRINAL OOD SEM 2001 OOD IVALIVETI EOOD DETAYL SEVIM AHMED ET SILK ROAD OOD RILA DREAMS HOTELS 1989 EOOD BETA P OOD ET GERGINA-A - STEFAN GERGINOV HIT PLAST BG EOOD TALIANA RESIDENCE EAD ET FORESTVIL - SAID DZHAMBAZOV NADIN POMORIE OOD PANORAMA STOYKITE HOLIDEY EOOD RIVEL EOOD GINS TURIST OOD DZZD BANSKO 2014 DIA STROY INVEST EOOD 20 SeeNews Industry Report

DORA-AM- EOOD BULGARIA SUPER TRAVAL EOOD THRACIAN HOTELIERS EOOD SITI GRUP AD TSEZAR 81 EOOD AGOS EOOD BELLA & MIA EOOD HOTEL RAI EOOD DILOV HOTELS OOD BONONIA TRAVEL EOOD LALOV EGREK MANAGEMENT EOOD MARTINE-2017 EOOD BEACH INVEST EOOD KRISTIN - HRISTINA BELEMEZOVA ET D I D I D OOD TEODORA IVANOVA MACHKOVA ET UPA EOOD HEPI TUR BULGARIA EOOD ARTEMIDA - 2016 EOOD ALBITSIA EOOD ELPI 12 OOD K-K IKO KANTARDJIEV EOOD STE MAK STEFAN STOYKOV ET BULGARIA HOLIDAYS EOOD ATI TURINVEST EOOD ALEKS 5 EOOD TERMO KONSULT OOD MILENA BOTEVA ET VINARA EOOD AGENT 67 EOOD PANORAMA SERVICES OOD VORIYA EOOD ET KESTEN - PETAR MATEEV MEJDUNARODEN CENTAR AMBASSADOR OOD ABONDANS 2013 OOD TOBO - HOTELI OOD BULREISEN EOOD HISAR - SH EOOD SHALE EOOD PREMIUM LR OOD KOLYO HRISTOV HRISTOV PURE ENERGY EOOD MARKITA 2 OOD EVRIDIKA 2000 AD GLOBUS VIVA - ANITA VOYNIKOVA EOOD LA PLEYS EOOD PILCHEVI EOOD MD GRUP INVEST - LOMBARDI EOOD VSELENA-STAVREVI EOOD VICTORIA - TSVETELINA IVANOVA ET EKSPERT MARINOV EOOD G V V AD ELENDA EOOD OPAL 74 EOOD ES - ES GRUP EOOD IRINA NIKOLAEVNA GRIGORENKO ET KRIS - LYUBOMIR PENEV DI EM ZHI 72 EOOD STAYKOV 2 EOOD PROLET 12 EOOD ADAMO EOOD SLAVIANSKA VT OOD CAPITAL CITY CENTER OOD ET NADEZHDA - TSONKA TOPALOVA MOLARI EOOD ET KAMELIYA - KALYA PERGELOVA AGV -ZAPRYAN ZAPRYANOV ET MARKONI OOD LAIV-21 EOOD S B ROYAL HOTELS EOOD HRIS 27 EOOD ATMADJOVI OOD PANICHISHTE LM EOOD EKO ZHERAVNA M EOOD IVALDI OOD IREL ADVICER S HOUSE EOOD MY HOME 1 OOD EUROGROUP INTERNATIONAL EOOD GASTHAUS EOOD VIKONT INTER EOOD DIMITAR GLINDJURSKI - DIDI ET LAZAR 90 EOOD MONKEY PAZEL EOOD ET ROSI - IVAN DOBREV IVANOV FAIRPLAY PROPERTIES MANAGEMENT EOOD HERMES-PL.STANCHEV EOOD SOZOPOLI HILS V 8 EOOD LION BURGAS EOOD LIMS-KOMERS EOOD SECHKOVI OOD UNI PROPARTIS MENIDZHMANT EOOD DESISLAVA SLAVEYKOVA ET ROSI ALBERTO EOOD HOTEL ORBITA EAD MARKONY N EOOD MINERAL VILLAGE EOOD ABUNDANCIA 777 EOOD Y D I - 1 EOOD NEVOR OOD SALYU E OOD PAVEL ZHELYAZKOV PAVLOV AKSA INVEST OOD KAZA REAL PROPERTIES EOOD VIP HOLIDAY EOOD PAN 2017 EOOD DIMANA BILD OOD PISANITSA 2008 EAD EMBERLI MANAGEMENT EOOD STAIK - M - GROUP OOD ET MARIYA POPOVA - MASIR CHAKMAKOVATA KASHTA EOOD PARADISE GROUP EOOD FRANCHESCO SOLA 1 CONSULTING EOOD KIS 06 EOOD PLA-MI EOOD LILYA 2010 EOOD ET IZGREV - NADEZHDA STANOEVA SPCH INTERNASIONAL EOOD NIKOLAY TACHEV EOOD NIKOL VD EOOD ET STEFANI-RADOSLAV BILYARSKI REH EOOD TRAKIYSKI KLAS BOGDANOVI OOD ET STEFANI -ELIT-STT - STEFKA MIHOVA BARKUT OOD HOTEL EVMOLPIA EOOD ET G I M - MIROSLAVA VESELINOVA 3MP GROUP EOOD TRAKIETZ 12 EOOD NVT OOD DEVIN BMZ EOOD BILIANA 016 EOOD FINANS TURS OOD ET PLAMI DN - DIMITAR NIKOLOV R S A INVESTMANT GRUP OOD MERIDIAN BOLYARSKI EOOD BU RIUSA 2 EOOD APART HOTEL TSAREVO EOOD DIDA BUNARA EOOD EKOFARM NIKOLA NIKOLAEV ET HOTEL INVESTMENT OOD INKRIS-9199 EOOD ANASTASIA OOD MARTIN SI IVANOVI SIE SD TENEKS EOOD KRISTO 2008 EOOD MARKONI MDS EOOD EDAN DEVELOPMENTS AD HRIGED EOOD LOZTUR EOOD AHTOPOL BIYCH EOOD NKN EOOD ELENA 89 EOOD SEA SENSE OOD INTECH-12 EOOD POLI-BD OOD PAVLOV I KO EOOD MARIA - ANTOANETA INVESTMENT OOD ET OHARA - ANASTASIYA STAYKOVA KRIKSIS EOOD ET CHAKAROV - TODOR CHAKAROV TINKOVI STS EOOD APOLONIYA BIYCH EOOD ET ELENKA - ELENA KOSTOVA CAMPUS 81 EOOD ET PENKA DIMOVA TEYLARD PROPARTIS OOD ET GOSPODIN TODOROV KAZLAROV RELAKS PROPARTI GRUP OOD SUNNY DAY AD DURHAN H EOOD SKAKLYA - PONOR EOOD TONI STORM AKSAKOVO EOOD GALINA TURS - 83 OOD ASHIKLAR EKO OOD ET VLADIMIR KOTIRKOV - MISHEL PRIRODA EOOD IKIT - IVAN TASHEV ET YORGANA PETAR PETROV ET NADYA-VALKO VALKOV ET TEDIBO - 70 EOOD INVESTIMPEX-INTERNATIONAL OOD ZMEYOVA NEVESTA EOOD TRIMONTIUM PRINCESS HOTEL AD VEBO 11 OOD LIDIA 2012 EOOD ELENA - EKOTUR OOD T ASSOS PROPERTIES AND RENTALS EOOD VODOKANALPROEKT YUG EOOD BOROVETS MANAGMENT EOOD DIMANA CONSULT EOOD MAGIS-M EOOD ET ELENA STOYKOVA - 26 VT HOTELS END RILEYTID SARVISIZ EOOD SIERA 90 EOOD NIKOLAY NENOV NENOV EL HOTELS EOOD S E I EOOD PLOVDIV 2019 EOOD SELEKT INVESTMANT EOOD ET ILAZ - IVAN IVANOV UKRABUL-MC EOOD HOTEL MEDITE EOOD NIKOLAY KULOV EOOD PALAS OOD SARNITE AD LIPCHEVI OOD RACHEV EOOD STOKROTKA OOD MAMMA MIA TRANS OOD IM TOPUZOVI - MOMCHILOVTSI OOD SPEKTAR A EOOD VALENTINO PMGV OOD S-SALIH FEIZICHAUSH-67 EKO TUR AINUR ADIL ET HART - PROPARTIS EOOD KEM - MARIANA KIROVA ET SENECO EOOD SUPERELEKTRA STEFANKA IVANOVA ET HOSTAL OOD BALKAN SEVER AD S.B.M.D.-FINANS OOD VITA RAMA OOD TRITON EOOD ROSITSA NIKOLOVA KOTAKOVA GRIFID HOLI EOOD EUROHOTELS AD ILCHO GEORGIEV MITKOV ODEON OOD KLASIK AB EOOD LIFT EOOD SOLE EOOD FORUMINVEST EOOD UZUNOV 08 OOD SIMEX TOUR EOOD MORSKOTO OOD BUNTOVNA EOOD STAN 3 OOD SUNNY SKY AD ET DESISLAVA LYUBOMIROVA INDEVAR SKAY EOOD AI - FI - 10 EOOD KLASIKA TRAVAL OOD HOTEL RIVA EOOD EL KA EOOD DIA TOUR OOD ELINOR 1963 EOOD ARACHIEV M MIHAIL HRISTOV YOVKA HRISTOVA SINHRO OOD ET STROY INVEST EOOD PRIMASTYLE EOOD DILO 2008 OOD DINA KOMERS ET ES DJI EM TUR EOOD ET SEKVOYA - MALIN YURUKOV - GALINA GRIYN AGRO 2014 EOOD YURUKOVA TERA VES EOOD TODOR KURTEV 12 ET SIRIUS - RUSKA ANDREEVA ET LIDERMARK EOOD D & S HOTELS EOOD 21 SeeNews Industry Report

HOTEL SPS OOD REYNBOU HOLIDEYZ EOOD NASTASI END ALEKS 2003 OOD UYUT 10 EOOD VES TUR EOOD FENIX MANAGEMENT EOOD SOFIA HOTEL BALKAN AD EKO TUR ROSITSA MITEVA ET TSEZAR 74 EOOD ABV TOURS OOD VALBOR EOOD YULK EOOD MILANOV 79 EOOD SIRENA 93 EOOD KOMAROVI I TSENOV OOD VILA GERANIUM EOOD SLAV-2002 EOOD PRESTIJ 2000 OOD DJORDJIA - 2010 EOOD MILENETS EOOD HELIOS MMC PRIMORSKO EOOD KASTROY YANAKIEV OOD ET PAYN STOUN - SONYA DIMITROVA SEVATUR EOOD INTERGRUP EOOD HOTEL SERVICES EOOD AM TUINS EOOD G AND D TRAVEL EOOD SKY HOTEL EOOD MELANG KARLOVO EOOD THE FEARNS EOOD EY.SI.AY. EOOD VILA DABOVETS EOOD M G PROPERTY MANAGEMENT EOOD BRAIN COMMERCE EOOD TIN - 88 EOOD DECHKONI EOOD TREBOR INVESTMENTS EOOD MD-INZHENERING EOOD ELIKA EK EOOD RODEGARD EOOD RANCHO MOMCHIL ZHELYAZKOV ET EREMIYA TURIST EOOD NIKOLAY NEDYALKOV MILUSHEV INVESTINZHENERING AV ATANAS VELIKOV ET ET KONTIR - IVANKA CHANEVA ELPIKOM EOOD TRAKIA INVEST 2008 EOOD ET HOTEL YANEVA - ILIANA YANEVA SOK KAMCHIA EAD MORSKI DAR EOOD ET ORION - MARIANA SHEYTANOVA INKONA EOOD SELEST OOD ET BULTOMI - KOSTADIN TOMOV - 73 ROYAL CLUB EOOD BULGARKA 2008 EOOD EMA 09 OOD ET RACHKO RACHEV BALKANETTE EOOD DAKIL MGM EOOD DELTA EPSILON EAD IVIS 1 EOOD NIKO YANKO YANEV ET ENI BOZHILOVA ET HRISTO STOEV ZHELYAZKOV TUR INVESTMANT OOD JOIS 99 EOOD DIM 98 EOOD ASTREA 2014 OOD DIDESOTS EOOD SITI HOTEL VT EOOD TSEZAR 06 OOD SKAUTSKI LAGER EOOD BRATYA IVANOVI OOD RELAKS OOD LINA 2013 EOOD VIDIMA-2008 EOOD KIRIL POMETKOV ET VILISLAVA OOD STEISY TRAVEL EOOD ECO LEIK EOOD NIKANTO HOLIDEYZ OOD PALMA LIFE AD TARA 2008 EOOD ATLANT-2017 EOOD ZORA 2003 EOOD ARAPIA SUN RESORT EAD VALE NELLI NINOVA EOOD ROYAL BOROVETS 2018 EOOD AGLIKA HOLIDEY OOD KALUCA SERVICE EOOD ET RUMI 2002 - RUMYANA BEBEVA LE RENDEZVOUS EOOD HLEBOPROIZVODSTVO OOD BURATA DIMITAR DIMITROV ET IMPERIAL 88 OOD HOROS TREYD OOD FIVE ROOMS OOD FG MANAGEMENT AND TRAVEL OOD ET TSVETAN STOYCHEV ELIBUL - STIL EOOD M I P INTERNATIONAL BULGARIA EOOD J AND B OOD DENISLAVA 09 2016 EOOD IVAN MATSUREV TAIM 99 ET KASHTA TSUTSOVI - DOBRINKA TSUTSOVA ET PASHA GLOBAL BULGARIA AD EAD KOOPERATSIYA PCHELINSKA VODA EVRO-INVEST 999 EOOD MIR 7578 EOOD RABISHA-SILVIQ HARALAMPIEVA ET AMFORA EOOD SOLIDIS EOOD IGID EOOD REMO TRADE OOD SOFIA OBZOR EOOD ET YANKOV TREYD-MILKA YANKOVA - MELNIK BG EOOD HOTEL COSMOPOLITAN AD TSVETOLYUB YANKOV EVRO OIL BULGARIA OOD PRIMA TRAVEL EOOD KRALINA 59 TACHKOVI S IE SD BULIMPEX AD MAUNTIN HOT SPRINGS EOOD HOTEL ORBEL EOOD ROYAL BEACH EOOD H& M BULGARIA OOD ET IV - IVAN DECHEV SUMER DREAMS EOOD DIMITAR STANCHEV DIS EOOD HOLIDEY AD SUNRISE HOME OOD ET VIKTOR MIHAYLOV NOVA SAN EOOD G& V GROUPS EOOD TERRA-VITA EOOD SVEGA OOD N G S OOD AND D MANAGMENT OOD GANT-KOMERS OOD GLORIA PALAS OOD RACHICH EOOD UNIVERSITETSKA TVORCHESKA BAZA PAISIY ASTORIYA BIYCH OOD VESELIN KOSTOV ET ELITE PROPERTY BG CO EOOD HILENDARSKI EOOD ET HRISSID - SIDER KABAIVANOV ET KREYZI HOLIDEY-SPAS LYAPCHEV - ET VEZHEN - ILIYAN GEORGIEV ET ELISAVETA ASENOVA 91 MIROSLAVA LYAPCHEVA RELAKS 2000 EOOD DIANA SOLAR EOOD KRIPTIK OOD SILVER EOOD YOKETA CO OOD RICH - 2003 EOOD MEGA TOUR 2005 EOOD ET SISI - SILVIYA TSONEVA VARDEV 57 OOD SIMONA TOURS EOOD IVAN V. LACHEV EOOD MIMOZA EOOD LIDER KORP EOOD TEODORA IVANOVA STOYCHEVA DENIT EOOD EVE - GENCHEV EOOD BOSEV I PARTNYORI OOD SOLE TRADER VIOLETA ATANASOV -TOUR ET CHERVENKOVA VODENITSA EOOD MATYO KOSTOV MATEV MYUZHGYAN AHMED KADIR DZZD GRAZHDANSKO DRUZHESTVO KITEN- PARADISE BEACH EAD D N M EOOD PAZARDZHIK KALOFER ECO TOUR OOD SVETOSLAV ANDREEV - SVETLI ET YUKON SOFIA EOOD ET DEVA-90 - TODOR PARASHKEVOV ROPOTAMO SHANS OOD HADZHIKOLEV EOOD ELEMENTY 7 EOOD SAMO EL EOOD HOTEL PIKA OOD KOPESTA 5 GERDZHIKOV GERDZHIKOVA I S IE SD DIBINVEST OOD MEDET MARIA NIKOLOVA ET OGNYANOVO SPA RESORT 2012 ET SHATO DE BERZHE OOD NESEBAR IN OOD DIVNA VELINGRAD OOD PP MANAGEMENT EOOD INTERTUR TREYDING OOD DIMIANA ALEKSANDAR MILANOV ET TERMOPOLIS BURGAS AD NIKOLAY MANOLOV EOOD MODINKOV 61 STOYU TRIFONOV ET BULGANED OOD MIRAGE PROPERTY MANAGEMENT OOD TOURIST PREMIUM INVESTMENT EOOD ROSINA END KO EOOD YULIA 2003 EOOD NIKI 77 EOOD SPEKTROTREYD EOOD ELEGIA TURS EOOD ET EVRUS - EVDOKIYA NIKOLOVA MELNIK HOTELS EOOD KO EOOD OGRAJDEN HOUSE EOOD PAPI OOD POLIMAR BG EOOD PENELOPA BUILDING EOOD DUNAV TOUR EOOD ET KONSTANTIN STAMATOV ET OGNYAN VATASHKI GARDENIYA 4 EOOD BYALA SAN SENDS EOOD SAPIENTSA EOOD FINKOSID EOOD ET PERFEKT - DANKA CHAKALOVA ET DANI - YORDAN TODOROV ECO - LOZENETZ EOOD VIP KOM 94 EOOD KALOYANA 2004 EOOD KRASIMIRA DUKINOVA ET VAMI KO AD MITYOVA KASHTA OOD FOR DAYREKSHANS EOOD BIG STAR TREYD AD KASAL INVEST EOOD VIKI GK EOOD MENDI EOOD EFFECT 3 HOLIDAYS EOOD DANI-86-2008 EOOD MINDEV KOMERS EOOD VESSELA SIMEONOVA - 2012 ET HOTEL-MAXIM OOD HARIGETUR EOOD POL 2000 EAD BUSINESS HOTEL VARNA EOOD APV KOMERS EOOD KANATEYA OOD DEMETRA BELLA EOOD DZHORDZH TOMAS PROPERTIS EOOD BUILDING STROYGROUP OOD GOLDEN ROKS OOD TOTEK EOOD AKRIMA INVEST OOD B R D OOD RADANI - 88 EOOD ZYUDRIYM EOOD RACHEV I RACHEV OOD ET SIMON-2009-SAMET ARIF ISTREYD OOD ONYX HOTELS EOOD IVASI OOD ALBERGI OOD VARNENSKI BRYAG AD VENTURA 2013 EOOD 22 SeeNews Industry Report

PARADIZO 2018 OOD ET BREZA-VP - VASIL PANKOV ARIYA -YA OOD PE GE HOLIDAY EOOD SUNNY BLUE OOD ET PAULINA-76 - PAVLINA DIMITROVA HIZHA PLEVEN EOOD GREEN COAST RESORTS EOOD KAMELIA MANAGEMENT OOD SHIK EOOD GEHARD EOOD DAPCHEVI EOOD ET HRISTO MARKOV - 80 - GEORGI MARKOV - STOEVA GROUP OOD SHIPKA EOOD BUTURE 64 OOD MARIYA MARKOVA ALEKS 71 OOD ARKO TUR EOOD EURO BOLKAN EOOD DIUAYT EOOD AURORA EAD VEKO INGENERING EOOD NIKEN INVEST EOOD HOMECARE BULGARIA EOOD BELMONT HOLIDAY OOD PAT-KAM OOD YOVKOV I YOVKOV OOD VITOSHA PRODZHEKT EOOD HAJIYATA OOD VAVA TUR EOOD STUDIO C-4 EOOD ADVENTOUR WORLD 21 EOOD GALERIA TUR OOD KIPA-68-KIRIL PANCHUKOV ET ELPIDA POMORIE EOOD ET ZDRAVETS-91 - SLAVCHO IVANOV TOPI - 2008 OOD GIONATA EOOD ALEKSA TRAVEL EOOD NENO MAVROV ET ET PANDORA - NEDYALKA POPOVA MIRA SOL EOOD VELMA TUR EOOD SOKOLETS - BOROVETS AD SIN GARDEN EOOD TIH-2008 EOOD PIND TODORKA PETROVA ET SUN SAIL BG EOOD INTERTUR OOD MM PANDUKOV EOOD KONSTANTINA ZAHARIEVA MILENKOVA ET AVIG EOOD SUNRISE HOLIDAYS AD VIKTORIA ZH EOOD DEVI EOOD IVAN PENCHEV ET DAMYAN - 1985 EOOD ET M 3113- PETYA SREDKOVA M G S FINANCIAL EOOD PRIME PROPERTY AND ASSETS OOD AGROPLOD OOD ELODI HOLIDEYS OOD ELIT-M 2014 EOOD STANKOFF OOD ELENA P EOOD MINA REZIDENS EOOD MACK ESTIMA EOOD T HOTELS EOOD INTELLECT COOP EOOD SANTANA OOD EVROVIT ENGINEERING EOOD OSMARSKI KUSHTI EOOD GRANITI EOOD EURO GROUP-012 EOOD KA EM TREYD EOOD VITOSHA PROPERTIES EOOD VEGA TEXTIL EOOD BLAGOVESTA VASILIEVA ET GOLDEN SANDS AD RNK GAZ EKSPORT EOOD M AND M AGENCY EOOD OLGA 1 OOD PERUN 2017 EOOD WINDING WALL EOOD AMAGI EOOD ALTID BULGARIEN OOD SONYA PETKOVA 2012 ET KOKOPELI OOD ET RADKA DERELIEVA ET PLOVDIV ELIT - ZLATKO GEORGIEV KRASI - ANDON OOD PIT COMPANY OOD TASURINCHI OOD KLANAYT EOOD K GROUP TRADING EOOD MIK KAR EOOD ARA MENIDZHMANT EOOD VAKANS EOOD 20-TH NOVEMBER OOD PARK HOTEL MOSKVA AD ET NEDA SPASOVA - 2008 SVEZH VYATAR EOOD DVE MOLEKULI EOOD ALEXANDER EXPORT IMPORT DOBRINOV & SIE VIZHANS PENKA KIRYAKOVA ET BODUROV GRUP EOOD SANTA MARINA-M OOD SD AY DZHI PI 2013 EOOD MICEV I SIN-MM EOOD VOYEGA EOOD MIRENA SYSTEMS OOD DEMA NOVA OOD TEDDY 2001 OOD OSTROVA OOD STEGAL 1 OOD SALKOV EOOD ET IVDING-46-69 - IVAN GARBACHEV POLISIMO TRAVEL EOOD 6ATO HOTEL EOOD DZZD ISS-2010 TIPERARY TEMPLE OOD VVS LUKS 1 OOD TONIK ANTON KYOSEV ET DETI 23 EOOD HOTEL AMOR EOOD ET DAYORA-DANIELA RAYKOVA KALOYAN TREYD EOOD EZERO OOD BLAGO 2000 EOOD BELLEVILLE EOOD ET RILA TUR -IVELINA GAVRILOVA VAIVEST OOD RALITSA - GELA PETROVA ET HOLIDAY RENTALS OOD KOTETEROV-INVEST EOOD REZIA EOOD ALIKANTE MUSTAFA ALIKANOV ATIDZHE VALCHKOVI OOD EKOTUR AD ALIKANOVA ET DZHIEL KONSULTANTS END PERSONAL ABC PROPERTIES OOD SVETI GEORGE - NESSEBAR EOOD REKRYUTMANTS, HOTELS END RESTORANTS MARIA SPASOVA NIKOLOVA MALYOVITSA ISTEYT EOOD BLU DANYUB EOOD OOD A-N MOSKOIANI EOOD KITKA PEPA GEORGIEVA ET CORAL PARADISE EOOD LYUBOMIR DIMITROV PANAYOTOV DRIYMS 07 EOOD ET RALITSA ILIEVA 2010 NEOSTIL 2015 EOOD REAL - SARAFOVO EOOD GEORGI DIMITROV DIMITROV RUMEN YAREV 2011 EOOD LEGITIM S OOD MALINA 92 EOOD OPAL 2004 OOD LILIA EOOD IVANELI - DENEVI EOOD EVROBAU IMOTI EOOD GILE OOD MILEN BELOV ET DZHUN ANGEL DZHUNINSKI ET MIMAKO EOOD DANILO EOOD SUN VIW BUILDING EOOD SILISTAR 2009 OOD GOGI EOOD NIKO L EOOD OMITURS EOOD NATI OOD YAMBOL TUR OOD ZAHARIEV OOD ASEN CHOLAKOV-BANKO CHOLAKOV ET TANAL EOOD ET DENIS M - MITKO SHTILIYANOV BESTA GD EOOD HRISTIAN 2006 EOOD KAMENNO SELO EOOD EMIL KOLEV-DORIDA ET SARA EOOD ZHELEV TURS EOOD GENERALOV - 71 EOOD DARAM EOOD KAPITAL INVEST EOOD HOTEL CHAMISHKI EOOD ET KOYO 2 96 DES MANAGEMENT OOD DZHI BI ES INZHENERING EOOD SOZOPOLO OOD ZI ZONA EOOD V I P COMMERCE OOD BALTO OOD NEVADA 2000 EOOD ET DANIELA TSVETANOVA MARS-DOM OOD ET HADZHIRUSKOV-DIMITAR RUSKOV LYUDO 1 EOOD SOTIROV RENTALS EOOD BAUTECH BULGARIA OOD WALTON ASSOCIATES BULGARIA OOD BALGARSKO TURISTICHESKO DRUZHESTVO PERLA VALI EOOD BELVEDERE REZORT OOD STROYTRANS EOOD GLOBAL TURS AD ARMENKOV - BOZHIDAR ARMENKOV ET EMONA 2001 OOD GLEN 2010 EOOD KAPITOL EOOD EKO BADEVTSI EOOD BI EN DZHEY PARTNERS OOD CHOCOLINA MARE EOOD GALAXY INVESTMENT GROUP OOD VASILEVI SCHETOVODSTVO I ODIT OOD TANYA 49 STOYANKA TODOROVA ET FENIKS 99 OOD IF FAVORIT OOD DENIGA EOOD MINI MOD KOLEKSHAN EOOD GSI DESIGN EOOD ALMARK 2000 OOD ZEA HOLIDEY EOOD ENCHEVI 4 EOOD ET M I S BUROV - ELI BUROVA LA DOLCHE VITA EOOD SNOUFLEYK PROPARTIS OOD YUNONA PETROVI SD ET VALET - SVETLA YONEVA JORA ACTIVITIES OOD IRKO-81-LTD EOOD HOLIDAY SITY EOOD ILVEIA EOOD MEZEKO EOOD NPS MANAGEMENT EOOD NENKO ATANASOV GEORGIEV ET RELAKS-VARNA EOOD PAMPOROVO VILLAGE MANAGEMENT OOD LECTI ADVENTURE EOOD GANZ REAL ESTATE EOOD BIOZEM-LORA STOYANOVA ET DEVA - DANIELA GEORGIEVA ET DRIYMS GLOBAL PROPARTI OOD DONYA PERFEKTA OOD HADJI HRISTOVATA KUSHTA EOOD DESIEM OOD BILTA EAD HERMES BUL OOD DREAM ADVENTURE EOOD AMON RA TURS OOD ZHITENKA EOOD VARSHETS TURS EOOD IZOLSTROY EOOD ROJENA 08 EOOD GERIKA VARNA OOD ZULFIE 63-ZULFIE TRAMPOVA ET SLAVKOVI - MILENA I TSVETAN EOOD MEDZHIK FUDS EOOD 23 SeeNews Industry Report

- EOOD DALIS - S OOD AUTO-GRUP OOD DAMYANOV EOOD ALRA- KAMPANI EOOD NEDYALKA MAVRODIEVA NEL PROPARTI ET LESHTENSKA IDILIA EOOD BELCHINSKI IZVOR OOD FAIN 2004 OOD DIMIVAL OOD VIDIMA TUR AD MAYA IVANOVA KRASTEVA VIGA INVEST EOOD PRESTIJ-DD EOOD IVELIYA RIZORT OOD BG ACCOMMODATIONS EOOD HOTELS MANAGEMENT 2003 HOLDING AD RAM - 61 EOOD REDJEP FEIZICHAUSH-80 ET KRIMSAN BEY EOOD ELITSA TUR EOOD ET ELENA BORISOVA - EKOTUR VIP EVROSTROY EOOD NIKI-99-NIKOLAY YURGANCHEV ET VILA BIANKA EOOD SLAVYANSKI OOD KEMA - 02 OOD ET DANI- GOSHO GEORGIEV CHALA INVEST OOD KEDAR SPA END UELNES EOOD DMV PARADAYZ EOOD DYNAMIC DEVELOPMENT EOOD M- MIGLENA RAYKOVSKA ET NIP INVEST OOD BILD INVEST CORP AD ET KITEKS - SONYA DONCHEVA EWROTEKS-W OOD CAMPING VELIKO TARNOVO OOD SEA VIEW 55 EOOD RENTA GRUP ECO HOTEL ZDRAVETZ EOOD SAPPHIRA OOD DOMINANT-NIKOLAY NENOV ET BILKARSKATA KASHA EOOD EOD OOD HOTEL MARTA EOOD ECOPRODUCT BG EOOD NP GRUP OOD BOYANKA GAMISHEVA ET ET TEODOR ZIRKOV - LAKI BARI TRAVEL EOOD ZELENA GARA OOD ET ELIS-V VALENTIN IVANOV MIHAELA - LYUBKA TANEVA ET BALKANOTPUSK EOOD EVANS I EVANS OOD BGMON EOOD HELA KH OOD BRAND MANAGEMENT EOOD KRISTOFAR INVEST EOOD REVERANS 2018 EOOD DP TSV - HOTEL DRYANOVO ESPERANSA N EOOD MIGIBEL EOOD VULKAN EOOD ENERGIA TECHNOINVEST EOOD G M CONSULT 13 OOD VIG STROY OOD IANIS - SULTANA IANJEVA ET UNIVERSAL YU EOOD ADAKTA KORAL OOD SUN WAY EOOD NICONSULT EOOD MERCURY DEVELOPMENTS EOOD STATEVIEW HOLIDAYS OOD ATANAS I NONA EOOD BULTAB OOD INTERNATIONAL GROUP OOD EVROKONSULT INVESTMANT EOOD ET STEFAN CHEKICHEV ET V.V. - VALCHO VALCHEV GARMEN HILLS EURL EOOD KRISIMILK OOD ET ZLATEN ROG - DIMITAR DIMITROV KEPITAL FAND AD POMORIE TURINVEST EAD YANEV I YANEV OOD ET VALENTINA PAVLOVA - VM IGLIKA 2015 OOD STILDOM 7 EOOD ONLAYN RESHENIYA EOOD MADRID 99 OOD TSEBO INVESTMANT EOOD NM HOTEL MANAGEMENT EOOD EDELWAIS EOOD MIG INZHENERING MITKO GORCHOV ET SUSSI - KARDJALI OOD REAL-222 EOOD MORENI - BP EOOD BELVEDERE MANAGEMENT EOOD ET DERO - MILKO MILKOV SPORTTOUR EOOD VES - INVEST OOD DIA TUR - 09 EOOD TD SREDNI KOLIBI EOOD KING MANSHAN RIZORT EOOD BOROVETS HILLS EOOD TOMA 4 OOD PALMA HOTELI OOD PHARMA COMMERCE EOOD STAYKOV EOOD KOVACHEVI OOD TITO TRI EOOD ALEGRA ELINA TODOROVA ET IVEL OOD BIOKOMERS INVEST EOOD HERMES - L.L. EOOD NORT 22 EOOD VIP - MEGLENA ALEKSOVA ET STANCHEV-RUSSE EOOD VE NOTEL EOOD DYANKOV-2013 EOOD INSAYD INVEST EOOD APARTIS EOOD FAVORIT OOD FN TUR EOOD AGREGAT-3 ALTEA BG OOD ET MILA ANTONIEVA AY DZHI BIZNES EOOD EMGEMI EOOD EY DZHEY KANSALTING EOOD DANIEL - X2 EOOD RAJ - 81 EOOD FANTAZIA ELENA ILIEVA ET KRES - BALKANSKI OOD GARANT TRADING-71''''- EOOD SVETLA RAYKOVA 73 OOD SHOPOV TREID EOOD ZAHARIEV 1981 EOOD PLAM - 98 - PLAMEN NIKOLOV ET WEST KARGO EOOD SREBARNA BARDING OOD HOTELSKI KOMPLEKS KARA EOOD GROZDAN EOOD ARGO IZRAEL OOD TORA BORA VILLAGE EOOD KALISTORA EOOD PETKOV 82 EOOD GOLDI INVEST EOOD GALERI EOOD COMVERS EOOD LYAVA REKA OOD ALEKS MM 11 EOOD ET ANTONIY - TATYANA DONCHEVA SNOMADS OOD MILLENIUM 2006 EOOD ET AS 66 - ASEN BUKOV DZHUMA EOOD GRAND OOD V I V INTERNACIONAL OOD VICTORI PROPARTI MENADJMANT OOD NVP OOD RIVAS TOUR EOOD ADELINA RAKOVSKA LOPYAN TUR ET VILA AMBROZIA EAD RED GOLD OOD BONBON - A EOOD HOTEL-HOLDING OOD KARDINAL 1 EOOD NAZMIE MYUMYUN ISKENDER ET MORAVSKO SELO EOOD ABAS OOD VKK-TUR EOOD AYRA 86 EOOD VEREYA TOUR AD KM PROPERTY MANAGEMENT OOD EKO INZHENERING S OOD SARALIEV EOOD D KONTROL EOOD KORNER 1 EOOD HOLIDEY IN BULGARIA EOOD OGI 65 OOD PRESTIGE 2018 EOOD GABI 1984 OOD TARA EOOD PARNAS 2000 EOOD AKADEMIKA SEA PALASCE AD EYDZHIYANVIU EOOD LUKS 2000 OOD PROFESIONALIST-99-GALABOVO AD VERONIKA O1 OOD ET PETYA - PETAR RAKOVSKI YONOV EOOD MY HOUSE ON JOLIOT CURIE EOOD WALTON ASSOCIATES-ECO EOOD RODOPA TUR OOD PLAM - MAR EOOD EUROCAR - VM OOD J F INVEST EOOD ET LYULIN - LATINKA PAUNSKA RISTO 2015 EOOD DIMI 737 OOD HES-7 OOD VERONIKA KATSILOVA ET HAUSHOLD BEEH EOOD DIMITAR ZORTEV ET SHEMESH EOOD PETAR PETMEZOV ET ET DANI-2000 - DANIELA STAYKOVA PROFONDO EOOD NIKOLOV I SADRUZNICI 2009 OOD PERLA 2005 EOOD DEVA 20 EOOD GALATI 1 EOOD DEVA 07 EOOD HIIM EOOD PARK VELIKA OOD RAYSKI KAT K G EOOD MATOKO EOOD INVESTKOM OOD SIRIUS 49 EOOD KOVACHEVITSA ISTEYTS 1 OOD KARETA MK MILCHO KARADZHOV VIOLETA PERLA - 46 - KIROV I SIE SD KARADZHOVA ET BUZIDIS HOLIDAY EOOD TSE EM HIKS EOOD LACHI 03 EOOD WELA TOUR OOD KRISTINA IZHBEHOVA ET ROSA - RUSKA MINCHEVA ET DIMGAL 12 EOOD DIONIS OOD AJAX BOUTIQUE APART HOTEL EOOD L. DA VINCHI EOOD LONG TRANS OOD REYTAN AD VECHIL 1 OOD PCHEL 60 - VASIL IVANOV ET SISI - 96 ASPARUHOVO OOD KATERINA - MK EOOD TITA EOOD DEA-2004 EOOD BREVTOUR EOOD BIZNES GRUP INVEST EOOD AGRODIA EOOD NEVI TUR OOD VASERO SPORT VASILKA MILKOVA ET VAV 2006 EOOD ET ANASTASIYA - ANASTAS KASHEROV SONYA MARIA 2009 EOOD MARKELA - KIROVA I SIE SD DZHI EM AY PLEYS EOOD HELAND-CHAKAROVA I SIE OOD AKTSENT 3N EOOD ET ASI - IVAYLO ASENOV BG LIATO EOOD MANIA BUILD OOD NATALIYA NIKOLOVA - 89 OOD ET VENITA - VENETA GOCHEVA TAB TUR EOOD KEDARA 05 EOOD 24 SeeNews Industry Report

GLOBAL GROUP INVESTMENTS OOD FABIANA INVEST EOOD ZDRAVETS ZAMFIROVI GEORGI IVANOV ET ZHERAVNA HOLIDEY EOOD AGRO MPD EOOD SOLARIS TURS BG EOOD ES BI TERME OOD SVETA GORA VELIKO TARNOVO OOD MARIA RADILOVSKA 2012 ET FABER PT ROSITSA SERAFIMOVA PETROVA ET NAVI TUR EOOD KRISTAL - MIROSLAV SARIEV ET TEMA 2 OOD HOTEL RODOPI OOD TABS EOOD AUGUSTA 91 AD PRIMAVERA - 2 PRIMORSKO EOOD GMK INVESTMENT SLTD EOOD NOVISSIMA OOD LAGOON CAMP EOOD ANDONI I SIE OOD VICTORIA TOURISTIC AD HOTEL MONI EOOD MONELO OOD DIMANS OOD GOLF RESORT MANAGEMENT EAD ORENDA TOUR EOOD COMINVEST AD NADEZHDA BOZHILOVA ET KOSTA VASILEV ET ET GEORGI KRASTEV - ROL FRENDHOTEL EOOD EIK-95 OOD ET BAROV-MARKO GEORGIEV GEORGIEVI 2014 OOD ET DETELINA HADZHIYSKA BULTRAK BALCHIK EOOD ET LENA - GENO GENOV DIMITAR DUMANOV ET GOLF VYU 2012 EAD VELI SPA EOOD TRANSCABLE OOD VENTOS - EL EOOD IVOMEKS - 5 EOOD RILA - BOROVETZ AD KARKOPTRANS EOOD ALEKS PALAS EOOD CONSULT TOUR 59 EOOD INTER 77 OOD CAMP SOUTH BEACH EOOD TANDOV EOOD KALINKOVI OOD KINT - ES EOOD REDIKS 2008 OOD KALIFORNIYA-2014 EOOD VENIS 2017 OOD ARBANASSI PALACE OOD VENERA - AKC OOD SITI RENTALS PLOVDIV 2 EOOD SATELLITE HOTELS EOOD SALVI OOD GALINA VASILEVA IVANOVA ET IVANA HRISTOVA - IZNENADA - DI - 65 MORAVA EOOD CHERNIAT SHTARKEL OOD RYUGEN OOD VASOS-KU EOOD IVET 2014-23 EOOD PATENDSANO OOD DENICA DIMITRINKA KASHEROVA EOOD ELENA PM EOOD PATRON TRANS EOOD ALFA VITA MARINOVI SIE SD REAL BLACK SEA GROUP EOOD ALEKSANDRA SURCHEVA 85 ET RODOPI-SOUTH EOOD SANTA MARIA 2012 EOOD ISKREYA AD MARTEN RESORT EOOD ASTRA 1 OOD LAGUNA TRAVEL EOOD REZVAYA 54 EOOD LESO - EXPORT - IMPORT OOD VASILENA TRYAVNA EOOD GORPROM STRANDJA BURGAS OOD ET BORADO - BOBE DOROSIEV HOTEL FINLANDIA AD MALIBU -2 OOD ORINDZH SITI OOD UCHENICHESKI OTDIH I SPORT EAD JASMIN 2001 OOD SLANTSE 2002 EOOD STOEV REZORTS EOOD AVACO EOOD SHIGEN OOD AKERA EOOD DALI - BG OOD DANILTO-2012 EOOD MIRAJ VILI KURTOVA ET FACTORY OF SUCCESS EOOD BULTUR AD SILVAR GOUST REZIDENSHAL EOOD APHRODITA VARNA EOOD PIGIP OOD DZHAPAN KARS 2 EOOD YUGOINVEST EOOD BORA CONSULT 2002 OOD DELYU DELEV RAGAD ET ET STOIMEN STOYKOV ET DANIEL VASILEV - 93 PLISKA-1 EOOD KARE-PLAST OOD CITY CONSTRUCTION OOD UCHENICHESKI STOLOVE EOOD EVARGRIYN TURS EOOD BERA 2018 OOD BULCAR BG OOD ELTRANS EOOD P AND P MOUNTAIN EAD D- ROTMANS EOOD VAN - CAR - MIRCHEVI OOD SEYL STATUS EOOD VESSYTA - VESKA CHUCHUGANOVA ET SILISTAR 2008 EOOD ET RADOSTINA-STOYAN VASILEV KUSHTA ZA GOSTI KOLESHEVI EOOD KATE SPECIAL EOOD S I R EOOD ILI & HOLIDAY OOD TILSMOR BG EOOD ET NIKO - NIKOLA PANCHOVSKI TOMAS PALAS EOOD HAI - 08 OOD VICTORIA HEALTH PHARM EOOD TRAYANOVA KASHTA EOOD AHELOY PRODZHEKT OOD STUDENTSKI STOLOVE I OBSHTEZHTIYA EAD SNAD 55 EAD LEVAL YAT EOOD MEL STROY 1 OOD ASTRA 2006 EOOD ESKKO OOD TAVRO OOD SAVOVA END VM EOOD BOBI BOYAN KRUMOV ET ALCIONA BEACH EOOD LUXURY APARTMENTS EOOD ET VILA BANYA - OGNYAN OGNYANOV EOS - S EOOD KULTURA-VERONIKA YORDANOVA ET HOTEL COSMOS EOOD ARGOS VS 2017 EOOD MARKEN EOOD VANMA-GAZ EOOD BUL FIX AGRO EOOD ET ELENKA YORDANOVA - ANTONI IVANOV NIKI-AV OOD SI 2003 OOD DZZD PROSVESHTENIE HOGAST EOOD ET DEMI - DIAN LATUNOV MAKS MAKSIM GEORGIEV ET TANFIELD ESTATES EOOD SPA ENERDZHI EOOD P INVEST EOOD SUPERNOVA SERVICE EOOD YASIEN OOD BAZIS 2004 OOD NOVEMBER DELTA EOOD ET ZELENIYA ZAMAK - DENITSA ILIEVA SUNSOLAR EOOD SUNNY DREAM EOOD ATIKUS EOOD BELLA BELLISSIMA OOD KARINA PARK EOOD STEFANOV OOD TWINS 2011 OOD NIKOLAI BUKOV EOOD ALEKS V A OOD TREGER OOD ET DESI - DONKA BANKOVA AIDA OOD PARE OOD MILIANI OOD TIARA 82 EOOD SLAVI-BILIANA IVANOVA ET LOZANA 05 94 OOD ET DISKRET - IVANKA IVANOVA EVROTIM OOD GRAND HOTEL SOFIA AD STARINNITE KASHTI -KOPRIVSHTITSA EAD ET BAY GENCHO - GENCHO ORASHAKOV TRAVAL UEY OOD MANCORP EOOD S-HOLIDEY EOOD RADOST-TUR EOOD VIDIN - SEYFTI - 2009 EOOD EL MI TO EOOD IV VASILEVI 73 EOOD LIVING RICH EOOD VERMONA TURS EOOD SVETA AGALINA OOD STELA YANEVA POLIMENOVA ROYAL HOLIDEYZ OOD TRATONZOS EOOD RAMIRA KYUSTENDIL OOD ANNDESIGN 17 OOD SECULI EOOD LOGOS - 2002 OOD DIAMANTI OOD VE TRADING EOOD RPV OOD MAI AGRO INVEST EOOD ET VIKTORIYA 2015 - VASIL RAZHEV SHTERION MULADZHIKOV ET BALKANA HOTEL OOD BAKALOV 2002 EOOD VIKTORIA YORDANKA STANCHEVA ET NIKOLOVI OOD THE FAMILY PROPERTY MANAGEMENT EOOD A AND D 1 EOOD DIMITAR KOSTOV 2011 EOOD KATARZHINA HOTEL EOOD IYA OOD MINKOVI OOD ET AL END MAR - ALEKSANDAR SALUTSKI IVA 2000 OOD DIT HOTELI OOD MARTEN 7 EOOD VICHONTI EOOD SBH PROPERTY EOOD INCOGNITO OOD SOFIA GREEN HOTELS EOOD BILD KONSULT MENIDZHMANT OOD SPORT HIKS BG EOOD ET NANI - ATANAS STOEV M & M TOURS EOOD BUNKERA AD INTOURS OOD GM TRAVEL OOD PETROV COMMERCE EOOD BUMERANG R ZH EOOD ET HARIS-DONKA HARALAMPIEVA BON BON TSENTRAL EOOD KINI OOD S& D AVTO EOOD ATIVA OOD HARDBRAD EOOD PEYCHEV - 2017 EOOD ORIENT K 14 EOOD CB EOOD INTERHOTELI 90 OOD IVIKOMM EOOD EV BI OOD KOLEVA GRUP EOOD METALCO OOD DESNA-IVANKA NENOVA ET POLOMIETO EOOD NYU PLOVDIV OOD LONGOZ BETA AD EVRO FENIKS OOD RED CASTLE EOOD 25 SeeNews Industry Report

EKO POYNT EOOD LILI TOURS EOOD LOVOS OOD PROFI GROUP EOOD PERSEY - LIBELA EOOD NIKO 50 EOOD EOS OOD KARABADZHAKOV ATANAS ATANASOV ET KONSORTSIUM KAZA DEL MARE DZZD VODIKOM EOOD DETELINA PARK HOTEL VARNA OOD PARALAX GRUP OOD BANSKO CHALETS EOOD BURGAS 2003 EOOD FERI EOOD SUNSHAINE HOLIDAY EOOD TI VI HOTEL OOD EKOLAYF BULGARIA EOOD PAM-2000- ET PRIATELI - MIRENA YANKOVA OOD GARANT 2002 OOD ET GEAS 94 - GEORGI VELICHKOV RELAKS R OOD LONGOZ ALFA AD EUROPLAST 2005 OOD MARKETING I FINANSI APOLONIS EOOD HOTEL RILA AD PERFECT 79 EOOD SHIK EOOD GINEVI OOD HOT BEL - BG EOOD WRC MANAGMENT EOOD TRIEF EOOD BIZEV EOOD KATARINO SPA HOTEL EAD SUNNY SAND EAD ET INKOMERS - DIMITAR HARBALIEV ARACHIEVI 2012 EOOD CHOCHO TREKING 77 EOOD YASEN AD VARHOVRAH EOOD SILVECS OOD BISSER EOOD BORIS GEORGIEV KARNEV FMG RENTAL EOOD HEGEMON 1 EOOD KOMERSIAL-DH EOOD HELIOS EOOD GLION EOOD RADEIA OOD BULGARIAN SUN EOOD ANTOANETA 11 EOOD EKOEL HOLIDEYS EOOD SUNNY RENT HOMES EOOD DM INTERNESHANAL OOD LULIN 10 OOD YANITSA AGRO EOOD HADJIVELINOV HAN EOOD EKOTUR EOOD ZOEV HOUSE EOOD DIZAYN 09 OOD EKSTRIYM DEVIN EOOD KASHTA ZA GOSTI SVETA PETKA OOD AURHEPIAPARTMENTS EOOD IRJI OOD TORLATSITE EOOD GRAMADA 1 EOOD YANIK 2015 EOOD BAYA EOOD ALKORN - YORDAN IVANCHEV ET ET MARVIK- HRISTO BAHTARLIEV DON HOTELS EOOD ET RUMEN ATANASOV 62 KAZAKOVI 42 EOOD YANA 23 YANA BOGYA ET HOTLEND EOOD DANIMAR MENIDZHMANT EOOD IGAL VALI EOOD ABM SI 2014 EOOD RODOPI RISE OOD ECOTOUR EOOD PREMIUM HOTELS EOOD VVS LUKS EOOD MEGIATUR OOD BULTURS GRUP EOOD GRODI OOD SUNNY VLAS OOD SIMONA - ATANAS ATANASOV ET HRISTOV LAMBUH EOOD SUNSET RESORT MANAGEMENT EOOD MADARA NF OOD SIVITE IBISI OOD REGNUM SERVICE MANAGEMENT EOOD EMILY 2009 OOD MKM COMPANY EOOD LOSENEC IN OOD VILNO SELISHTE BUKOVO OOD STESHO STANIMIR IVANOV IVANOV ET ET PRESTIYAN - PENKA IVANOVA ELENA 83 EOOD DITO M OOD PRESPA HOLIDAY EOOD VANYA - IVAN TODOROV ET SVETI STEFAN EOOD MILKANA VB VASIL YORDANOV ET TSAREVETS 56 EOOD RENESA OOD SMAYLI PITSA EOOD INERHOTELI VELIKO TARNOVO EOOD EAD PROFILAKTIKA, REHABILITATSIYA I OTDIH - FORTIS AD ET STEFANITO - STEFKA MILANOVA KLON PAVEL BANYA SANTA MARINA - E OOD RESIDENT PROPERTY OOD INTER RUM RAZGRAD RUMEN MARINOV ET ET RADKA NESHEVA ET ALEKSNDROVI-12 - VENELIN ALEKSANDROV CHENIRA EOOD TOTJU OOD AUTOCOMMERCE OOD PILIGRIM 18 EOOD KANTON OOD NIKON OOD KONOV EOOD CHATOV IVANOV OOD DOLCE VITA 2007 AD ET NELI-45 - NEDYALKA VALKOVA MIRA OOD IRMA END KO EOOD ET IVANKA ANGELOVA GRIYNBUL EOOD SCIENCE INVEST EOOD TEDA TUR EOOD HOLLIDAY 117 EOOD VALDEMOSA EOOD STAMBOMIRA EOOD ALBA 2017 EOOD TSARYANA LAZAROV I S IE SD DAN ESTEYT EOOD SPARTAK-TURS AD S A D 98 EOOD JORDAN 90 OOD INTENATIONAL INDUSTRIAL INVESTMENTS EOOD SIRENA I DELFIN OOD GIGA OOD BON BON INVEST EOOD GRAND TRAVEL EOOD NIKOLAY DRAMCHEV ET SPORT PALACE - PRIMORSKO EOOD MANAGEMENT HOTELS OOD SOFIA ACCOMMODATIONS EOOD IKON-60 EOOD ZAINEP HODJA ET A-D KONSULT OOD KASIDI MANAGEMENT EOOD ET KARINA - NIKOLA YALNAZOV AVTOSVYAT ZHIVKO VALCHANOV ET GRADEV GROUP OOD COMMERCE TONI 91 EOOD ET NINA IVANOVA-86 VARBISHKI PROHOD - 66 EOOD TAF PROPARTIZ EOOD LAGUNA TRAVEL OOD ET INTEGRAL - 99 - ANA KULOVA ELENA 4 OOD LUNA 20 EAD AD SINEMORETS 8279 EOOD TINA 71 EOOD RENTSELL INVEST EOOD HOBIT SVIAT-DIANA MARINOVA MARINOVA ET ALBENA-AP-IVAN NALCHADJISKI ET DOMUS APARTMENTS EOOD VARNA KAMP EOOD CORSIKA MENAGEMENT EOOD ISKRA TURS EOOD ORION AYSHE CHAUSH ET BRIGANTINA-N EOOD ADONIS 45 OOD OGNIAN 48-GROUP EOOD CITY BILDING 1 EOOD BORDIMS 14 D OOD DAKO 15 EOOD VALDI-2015 EOOD TANGRA 3 EOOD MONOV 2016 OOD OSKAR 2017 EOOD AP MANAGEMENT GROUP OOD VIBO 2 EOOD GEORGI MAVRODIEV 73 ET AN - DEY EOOD R+L-ROMAN STOYANOV ET GALARIS BG OOD DESKO 2011 EOOD OMD OOD NIKI - NEK EOOD MICRA 01 OOD BATKO 69 I FAMILIYA EOOD VACHA TREID EOOD PLANINSKI EDELVAYS EOOD DIMANO OOD ARGOTUR 2012 EOOD AY EL BILD OOD BOZHANOV-DEVELOPMENTS OOD KAMELIA ARNAUDOVA ELI ET EKSPRES AUTO EOOD V - 05 OOD SIMONA 92 EOOD SIMADA EOOD SVILENGRAD PRINCESS HOTEL AD GALATEA OBZOR RESORT MANAGEMENT EOOD VENI M OOD ORANGE FLOWER HOTELS EOOD VELINA AD VASILENA - VG EOOD TITI 2 EOOD MURGAVETZ - SHARLOPOV HOTELS EOOD ET MIRAZH - TODOR ANGELOV NIKI TUR-99 EOOD YAKUB MAXMUDOGLY - AMERIKA EOOD DOBRINA GLOBAL GRUP OOD NIKOLOVI I KOMPANIA OOD DRUMEX - AUTO OOD GLOBUS 2000 OOD RIV 63 EOOD EMONA 99 EOOD EX LEGE 2003 EOOD CITY RENTALS PLOVDIV SOLE OWNED EOOD PERLA HOLIDEYZ AD E&E ENTERPRICESLTD EOOD DOBI DOBROMIR ZHELYAZKOV ET MISHONI - 1 EOOD VIKO KONSULT EOOD KALIAKRIA PROPERTY MANAGEMENT EOOD MONI - MAKS OOD HOSTELVARNA OOD DKM 09 EOOD SUNDAY TOURS EOOD KONSTANTIN YANEV KOKO HILS ET EMIL TUNEV 07 EOOD KOMPLEKS RAY EOOD LADIMEKS L OOD RUSALIITE EOOD MIKA 101 EOOD EKOLOGIYA NA CHOVEKA OOD ANIMARTOUR EOOD ALEKSANDRA GIZDAS EOOD VILA BATAK OOD GALYA TOTEVSKA LAVEGA DIA ET FAKTOR MTS EOOD GRAND KOMERS INTERNESHANAL OOD IVELINA MARINOVA ET PRI MARIO OOD KLUB DIVA OOD SOKOLITSA OOD BILI TURS EOOD HIPNOTIK HOLIDEY OOD ZARA PRIM EOOD LIANA KRISTINA PETROVA ET EVELIN R - BULGARIA EOOD DANI - 1982 EOOD TONITA-TONKA PETROVA ET 26 SeeNews Industry Report

ECOBIO DM EOOD BIZNES GRUP PLOVDIV EOOD KAPRIELA OOD VARVARA HOTEL EOOD ACTIVE EVENTS EOOD TONI 09 EOOD BIANCA MM EOOD SARAY 87 EOOD ITAVA OOD KASHTA ZA GOSTI VARBEN EOOD STIGNI 1 OOD PARNAS ESTATE EOOD EVRO STIL 2005 EOOD REDVIL EOOD PETROV AND PETERS OOD PRIMA-S-TOURS EOOD PIER-989 EOOD EFOS OOD ET MERI - MARIYA MIHOVSKA ET NEVA-95-NEVENKA IVANOVA WALD TOUR EOOD CHARLINO ET SUNNYMAR 1127 EOOD PIANO BAR EOOD BLYANKA EOOD AM TOUR EOOD HOTEL MIRAZH EOOD MENTOR INVEST OOD DEDI DISTRIBUSHAN OOD NEDYALKO KOSTADINOV HRISTOV KIM 50 EOOD NOEV NIKOLAY NOEV ET ALEGRA 2004 OOD ART-M EOOD SELIN GROUP OOD SAM-15 EOOD IVA 75 BG EOOD YOGA LIFE - JULIA SAVOVA ET PCHELINA 2011 OOD DUDE ENTERPRISES EOOD NIKOLAY BOYADZHIEV ET ET ILIYA MAVRODIEV ET VETI - VETKA SLAVCHEVA ORFEY-DABRASH AD BEYL BEHEER BG OOD DZHANI-99 OOD BULDEFENS OOD DELTATOUR EOOD - 64 SVGR - KRASIMIR PANAYOTOV ET IZVORA INVEST EOOD ET NIKI - DANIELA IVANOVA RAVDA HOLIDAY TOURS 2000 EOOD DIKAS OOD ET RED-2 - RADKA ANDREEVA DEVIN GROUP OOD BRANTA - TURS EOOD HETODON EOOD IVAN MAKRELOV ET SKINART EOOD HUNEX OOD PAVLINA TODOROVA TODOROVA FINCH BE GE PROPARTI EOOD VESTA 49 EOOD APOLONIA 78 EOOD ZVANIKA GEORGI STOYANOV ET HOTEL ELITE PALACE EOOD MERIYAN - MSS EOOD ET P D T - PETAR TANEV ALFA LONG BEACH OOD APARTMANT SOFIA EOOD K I K KATYA TSEKOVA ET MILTANA PROEVA ET ESI EM GRUP OOD ADENINA EOOD VALERA YA EOOD SPORTELIT EAD ILIEVI I SINOVE EOOD GEORGI KADEV - JIK EOOD ET DENITSA 49 - TONKA DINEVA MARINA MK 2010 EOOD KVEL EOOD P PAVLOV EOOD LOTOS - TUR EOOD ARALDICA BULGARIA EOOD GALERIA HOTELS OOD ALEKS HOLIDEY GRUP EOOD TOP TOURS OOD VILI TUR VARNA EOOD MADI TRANS OOD ATIKA-2015 EOOD EDNO VREME EOOD HANOVETE EOOD ZLATNA ORESHA EOOD IVI BONI EOOD MTUR OOD ZOGRAFOS OOD KOLIZEUM I TS EOOD MIPS INVESTMENT AD MARITSA TURS EOOD LAVANDE OOD KIYRAN OOD STAROSEL TOURS EOOD EKOTURS 7 OOD KRAMUS GRUP OOD VODIKOMS EOOD SUNNY BEECH HOTEL HOLDINGS AD GALINA KREKMANOVA ET ET ELMIS-49-DIMITAR PRAMATAROV - ELISAVETA SARIEVA SHABLA EOOD KRAPETS HOLIDAY OOD SHISHMANIDI OOD EKOPLOD EOOD JAK OOD ELSTROY INVEST EOOD IVAN KONSTANTINOV EOOD OLIMPIA GROUP OOD AUTO TIHE EOOD A B INVEST EOOD GEORGI ZHELYAZKOV KASHTA ZA GOSTI BYALATA KASHTA EOOD GAMIHOLIDEI EOOD VALENTINA HEIGHTS EOOD GRAND 61 EOOD VATAS EOOD NORIS 1 EOOD ORLOVO GNEZDO HIZI BELI ISKAR SPLTD OOD CKLAND EOOD MPM HOTELS OOD EROLIN KYICHUKOV EOOD ERACLEA PONTICA EMONA EOOD PANORAMA VRABEVO EOOD TODOROFF PROPERTY MANAGEMENT EOOD AMMA COMMERCE OOD VIALLI DURO OOD ET VESELIN YANEV PRODANOV MIRAL EOOD TRAKIA TURS JSCO (JONT STOSK COMPANNY) AD ENERDZHY DELTA EOOD IGUASU EOOD HOTEL 4 ZONA OOD DELTA PALACE PRIM EOOD GETO A EOOD KONKORD OOD TORO TOURS EOOD PLAMEN PENCHEV ET MON AMI APARTMENTS EOOD BIO RELAX EOOD PALMIRA.RU EOOD BIMAKS EOOD VARVARSKI MINERALNI BANI EOOD SALKOV D EOOD SITI HOTEL MENIDZHMANT EAD NA DANOTO AD SIM - TUR OOD EVROKONSULT DP EOOD MARBO 2018 EOOD S B G EOOD FEARS BAKET EOOD KEY DZHI TREYDING OOD ATLAS -95 OOD TMH AYS OOD RENT RIVENDELL EOOD APRILSKI DAR OOD KABO-2009 OOD KRISTA-2008 EOOD IZIDENT OOD PROFILAKTIKA, REHABILITATSIYA I OTDIH- KLON GABROVO BAL TURIST OOD ROYAL DH EOOD ELENA PERVA OOD VALCHANOVATA KASHTA EOOD YANA M 76 EOOD MG COMPANY VIDA OOD EGROLES - LYUBOMIRA DIKINA ET MILEV-2000 EOOD HIZHA DOBRILA EOOD ET AHED - MARIYA TSOCHEVA VESELIE IN OOD KAREKS 2003 AD DIPS 2 STOYANKA NIKOLOVA ET ET IVAN IVANOV - DITI VIP - Y EOOD EDRA EOOD MARINA - STANKO IVANOV ET HRISTO MIHAYLOV SKUDZHOV ET ROSANA HAUS - RUSANKA ZHABOVA MELSABRIYA EOOD PUFIS 2014 EOOD ALIANCE TOUR OOD MORSKA ZVEZDA 2014 EOOD DZZD KONSORTSIUM ELIT DEYA-3 EOOD MAKAO OOD TANAGO ATANAS PETROV ET BOTANIJA EOOD SHELBY BULGARIA EOOD PLANINEC-2010 EOOD ORIENT GARDEN OOD KALINA MALINA EOOD EKSPIRIANS BALGERIA OOD PROVENTUS GROUP OOD KENTAVAR-SM EOOD SABOTINKOV LI - SIN EOOD GARDENIA 2014 EOOD B S I GRUP OOD FAVORIT GRUP OOD NEPTUN OOD MIT - 34 EOOD KOMUNALNO BITOVO STOPANSTVO EOOD STARA RIBARITSA EOOD DANI - IVAN BARYAKOV EOOD SOFIA PRINCESS HOTEL AD DIV INVEST SLTD OOD BB ELINA OOD DIAMANDIEVA EOOD SELTUR 2015 EOOD ADZHAR - 2010 EOOD MEHDZHAREL EOOD LILIA APART EOOD EMG 90 EOOD LIBEREKO OOD DIANA 1206 EOOD TEXTRON EOOD TWO DREAMS OOD RAYNA YANEVA ET MDC- OOD RUSETUR EOOD ET SLAVA-ISKREN BASHOV - SLAV BASHOV MARS USPEH EOOD PLOVDIV APARTMANTS EOOD ME TUR OOD CHILINGIROVI 2018 EOOD STEFANSON MM OOD BELLA TERRA EOOD ET KRASIMIR LAZOV - KI VE INI EOOD MEZON- 21 EOOD BIG GEIZER EOOD FAKTOR 2005 EOOD KRASIMIR DOMUSCHIEV EOOD SYNERGON HOTELS AD PERSI-PERSIG CHILINGIROVA ET EXPO HOTEL EOOD PROGLED GRUP OOD KREMEN-N EOOD ZLATNATA RIBKA-94 EOOD VIP U EOOD FICHOZA EOOD INTERHOTEL GRAND-HOTEL SOFIA AD IVIAN 2013 EOOD BOBI 83 EOOD MSS 1 EOOD PARO 44 EOOD DESISLAVA ANDREEVA - DESI 87 ET ZARGAN EOOD VIDA TOURS EOOD TRAPEZITSA AD GALOR 17 EOOD RV PROPARTI EOOD ET PANAYOTKA ZHELEZOVA ET VILA ROS-ROSITSA RAKOVSKA 27 SeeNews Industry Report

ROYAL 222 EOOD SV NIKOLA 2008 EOOD DENMART 8 EOOD TEBOR EOOD MALKATA STOPANKA EOOD ISKRA ORAKOVA ET MOUNTAIN MANAGEMENT OOD AUTOINVEST - 94 OOD EVENT PRO EOOD TURIST INVEST BULGARIA EOOD TONI L 2018 EOOD SUITE HOTEL SOFIA EOOD HARRY PIERRE 2017 EOOD DIEV KONSULT EOOD MIKOLENA 2 OOD KASHTA ZA GOSTI ZHORZH EOOD GROP -666 EOOD STEFANI I SIN OOD ELIT 2003 OOD ILEYN 2009 EOOD STOYANSTROY 2009 OOD KAMON TOURIST SERVICE EOOD TRIFONOVI - 84 EOOD ET HOTEL ZORA - ATANAS TRUSHANOV DELIMO EOOD OPAL-67 EOOD FALKON PAMUKCHIEVI OOD NIK 2020 OOD ALKOR 1 EOOD UVIEM EOOD PROGLED BG OOD AQUA VIVA SPA OOD SINDBAD OOD HITTUR 5 OOD VARNAFLATS EU EOOD PETYA KRAPCHEVA EOOD ET MARIYA STOYANOVA-2013 SKOROST N OOD BIOLAR 88 EOOD VIS VELIKA OOD PARALEL MH GRUP OOD 3 N OOD RAYKOV EOOD VAS HOLIDEYS EOOD SK TRAKIEC EOOD ET FIBIO-BORIS OBETSANOV BELMEKEN MASTERS OOD ATLAS I EAD MILEV BRAND SP EOOD V.I.T. BULGARIA EOOD HMA 2009 EOOD VIO MIKS EOOD G GEORGIEV-LES EOOD KAS PERFEKT OOD TOYS BG EOOD IREL AKAUNTING SARVISIS EOOD SOZOPOL RESORTS EOOD MIROCHER EOOD PROGLED OOD MANKOV VLADISLAV MANKOV ET RACHEV - SIN EOOD RIVAR HAUS SOFKA STOYANOVA ET NEVIS MANAGEMENT EOOD DOBRA ENERGIYA OOD BE REG OOD EMALI 2014 EOOD TRENDI LUKS EOOD AYAKS HOTEL EOOD RODY OOD VIKING ELEKTRONIKS EOOD IVKAN - ILIA KUTLEV ET GETAUEY HAUS EOOD SAFARI OOD PEBOLSTROY OOD SAMOKOV-MENIDZHMANT EOOD NEV EOOD M M R OOD LILIA GEMOVA ET KROTOS OOD ET SREBRO ARGIROV - ZABCHETO TRANSKOMPLEKTSTROI OOD LM OOD VILIRIAL EOOD RAHOFF 1 EOOD MAPI 2005 OOD S I A KOMERS OOD RILA ECO RESORT OOD STEFRUM EOOD TONEKS GRUP EOOD RILA EXSTRIME OOD MOUNTAIN OOD RODOPSKO HANCHE 91 EOOD HIGITON 1 EOOD DIMITAR BOZHKOV PESHEV ET B I D EOOD DZHI EN INVESTMANT EOOD NIKO PROPERTIES EOOD ET TEVNOTO - IVAN DRANKOV BI DI UELSPRING EOOD RIBARITSA PROPARTIS OOD VARADERO EOOD SILVIYA SLAVOVA-75 ET AHIL & OLYMP EOOD DOUBLETREE VARNA EAD DEVIN - SHARLOPOV HOTELS OOD MARKOS-PETROVI OOD ESDI 2016 EOOD DZZD MODEA - 32 BALKAN TOURS EOOD FELICIA-NEVI OOD TVL - 3 - TANQ LEFTEROVA ET VILA TOSKANA EOOD SPORT INVEST BG OOD PANORAMA 2015 OOD TIARA TUR OOD DITEX-DA EOOD TRAPKOV TOURS EOOD ELIT - 2012 S EOOD KONSTANTIN PETROV POROV YORD 97 OOD BRIZ- 2 AD DAD OOD NIKI-NB OOD ASK BULGARIA OOD ROSEN 2018 EOOD MARINOVA 2012 ZHIVKA MARINOVA ET ELENA DRECHEVA-VLADIMIROVA ET ALEMEKS BG EOOD EMSEN DESIGNS AD DZZD ALITEYA NIKI MANAGEMENT OOD STANEVI - BG OOD STRANDZHA TUR SRD OOD PANTERA 72 EOOD G MAR-GROUP OOD ELI-MM EOOD DENINA EKSPRES OOD MASH OOD KOMPAKT 66 EOOD BON BON GRUP OOD RIKO 1 HRISTO ELCHINOV ET TERRA NOSTRA INCOGNITA EOOD DZHI END DZHI 90 EOOD CITY GROUP PLUS OOD YOAN ZLATOUSTIY EOOD VIKTORIA - 96 EOOD SKORPION - 64 EOOD ONI MIL EOOD ADRIANA HOTELS EOOD VESELINA N 86 VESELINA KAMARASHKI ET ET EVI - EVDA NIKOLOVA FENIX INVEST 76 OOD ET YUNG - YULIYA GENCHEVA KALINA TUR 2011 EOOD RENA BEY VYU EOOD AYBER EOOD TOP BILD KOMERS EOOD KRIS 7105 EOOD ET DETELINA - MILKO BARGANSKI - DIMKA ET DILTSVET - STEFKA ZMIYAROVA BARGANSKA ET MAGNIT - KINCHO RAYKOVSKI VALEKS1 EOOD YAMAKOVI EOOD AMERICOR-SOFIA EOOD IVANKA RASHKOVA VELIKOVA ELIMAR 2002 OOD EDISAN EOOD IZPAU - 1 EOOD BUL EAR EOOD ET KOZIROG - LYUBEN MADANKOV TIROKO EOOD BOHEMY VARNA 2008 EOOD NIKRAMA EOOD PARK HOTEL LJULJAK OOD DAHLIA GARDEN OOD HRISTINA STOEVA ET AGRO SERVICE AT EOOD TODOR NEDYALKOV MARINOV RESTART TRAVEL EOOD NUVIH EOOD MOZAYKA TUR EOOD ET RADINA - RADKA VASILEVA ALEKSIEVA PANICHISHTE EOOD SARA-0014 LPD EOOD DOBRICHKI HIPODRUM EOOD KVALIFIKATSIA KONSULT EOOD ALEKSANDRA TURS EOOD LAKI RENT EOOD MARKATEO EOOD IFRA COMMERCE EOOD VELESHKI EOOD RUPCHINI HOUSESPLTD EOOD HARI ALIKANS EOOD ET ROSI-94 - ROSITSA LYUTSKANOVA HRISTOMIRA CHAKAROVA EOOD PARK AB EOOD ET POLI - PAVLINA ATANASOVA BHM INVEST OOD DEBELI DAB EOOD HOTEL EUROPE EOOD SUZANA I VESKO SV OOD SLAVYANSKA BESEDA OOD ZHYUI EOOD PLYUS TREYD BG EOOD RAY - LT EOOD BOGORODITSA OOD EKS FIT KLUB EOOD EDELWEISS OOD ALBA HOLIDEYS EOOD AKVA VITA SPA EOOD ALFARESORT THERMAL OOD DINAMIK TURS AD RODOPSKI RAI - ROZOVO EOOD BRIGADA PZ OOD TORRO ENTARTEYMANT 1 EOOD ROSINA KAMPANI EOOD SARMASHIK EOOD TRANS TUR KITEN EAD LORD SEVERIN PARAPANOV ET NET MARKETING EOOD SLAVITSA OOD TANGRA - THT EOOD HOTELSKI KOMPLEKS - RODINA EOOD VON KERN AD SPA ORENT OOD BIG BEN 96 EOOD VALKO KOMERS OOD VSELENA AD HABITAT - BG OOD NOMAD TOUR EOOD KALITHEA 2006 OOD GLOBAL TURIZMUS EOOD ET KOSKO - KOSTADIN KOSTOV HOTELINA EOOD BULKAM SEA TRADING OOD AKVA BEN YANI NESTOROV ET HB HOLIDEY OOD KANI FINANS EOOD DIALMA - PS EOOD VAYA HOLIDAY EOOD SPAS & MONI EOOD FLANDRIYA HOLIDEYS OOD ET KARMA - MALINKA MALCHEVA LOVOS REZIDANS EOOD HYUGA ART REZORT OOD TURIST BUL EOOD KAVRO - L OOD ALPIN EOOD DZZD PRI MOMCHETATA HEMUSTURIST AD KALIPSO M EOOD VNN-BULGARIA OOD REGATA EOOD HOTEL CITY SOFIA OOD KANAZIREVA 2014 EOOD DARIKA 2010 OOD IMOTI TRAST EOOD SOLDEKS EOOD STOYCHO ROSENOV NIKOLOV ET HOTEL MANAGEMENT CO OOD ZEFIR MENIDZHMANT OOD 28 SeeNews Industry Report

B COMPANY OOD INTERNATIONAL CHILDREN CENTRE ARKUTINOLTD EOOD INTENSO 2012 OOD MILAN 2006 EOOD G& K - HOTELS AD SLANCE I MORE - 2012 EOOD NATI 01 EOOD VOLTA OOD TATYANA GEBREVA ET GREEN LAKE OOD MIRA - 1300 EOOD GOLEV & GOLEV OOD MONOPOL MG OOD MAGNOLIYA ENTERPRAYSIS EOOD BALKAN INVEST 2001 EOOD SILVES 19 EOOD AMON RA - PRESTIZH EOOD GOSTUN 1912 EOOD PRIME DEVELOPMENTS CO EAD TIZ M EOOD ET VILA TERMA - VELIN KERKOV BANSKO TOP SERVICES OOD VALPA - 04 EOOD POCHIVKA V PLANINATA OOD ALFA CHANS EOOD SIYABUILD EOOD ET ART-KOM - PAVLETA PRODANOVA TRANSOYL EOOD NIVEKS - 13 EOOD DAKI 07 OOD CAESAR PALACE EOOD ALEKSANDRINA EVGENIEVA-GR BATAK ET ZORA - HRISTIYANA ILIEVA EOOD EKOLOGICA 2 EOOD VALKO TOUR EOOD PANAMAR OOD FOREST HAUSES EOOD ET PAMI - PENA GEORGIEVA MODEL - P AD DVATA BRIASTA EOOD ADAMAR OOD TUR INVEST BULGARIA EOOD EKATERINA ZDRAVJEVA EOOD KRASI OOD FESTA HOTELS AD ELIMAT PENCHEV 60 EOOD GRAND HOTEL VARNA AD BALKAN KOMPANI EOOD ZORA ASENKA STANISHEVA ET URUMOVO LALE EOOD NIKI 86 EOOD BIZHU 008 OOD RADIK 2013 OOD PRO SERVICE OOD ET HEMUS - ELENA TSANEVA TREX LIMITED AD TOURISM MANAGEMENT EOOD BLAST INVEST EOOD LOUN FEMILI HOUMS OOD ANELI TRAVEL & TRADING EOOD SANI TRAVEL OOD ET BALDZHA-AKIF RASHIDOV ZALOZHNA KASHTA ZLATNATA LISITSA 2016 OOD SHTRIH - 1 OOD HOTEL BOTEVGRAD EAD GABI 60 EOOD BESTREST DZHAKI OOD NAYA 2000 EOOD TURIST SHUUS EOOD FINIMA OOD PAVEL DAVULIYSKI PIAR ET ET SEM. MARINKOVI - MITO MARINKOV AGROINVEST ADS EOOD ET ET VANGELIYA NURDZHIEVA- RADMARI VISPA KOMERS OOD ET NIKOLINA YANEVA - 76 OBEDINENIE LOGISTIKA NA MEROPRIATIA DZZD ADORO HOLIDAYS EOOD DANIELI 2008 OOD SMOLYAN FILM EOOD MALCHOV KONSULT EOOD DIVESTA OOD APOLONIYA ESTEYTS OOD BIOFARM-08 OOD ROSMERTA OOD LYULYAK 2013 OOD NOMADO EOOD PERSEY OOD AETOS FAMILY HOUSES OOD GLOBAL PROPERTIES LIMITED (BULGARIA) EOOD 29 SeeNews Industry Report

material, misinterpretation and any all loss, disappointment, negligence or damage caused by reliance Do not hesitate to on the information contained in the industry report or any failure or alleged failure in the delivery of the services referred to herein, or in the event of contact us bankruptcy,liquidation or cessation of trade of any company, individual or firm referred to herein. Confirmation of the information accuracy should be sought from the establishments concerned or from We’d be glad to discuss our services or your project in SeeNews upon explicit request. detail and help you come up with a solution. 6. SeeNews shall not be liable for any damages (including, without limitation, damages for loss of business or loss of Email us at [email protected] profits) arising in contract, tort or otherwise from the use Call us on +359 2 80 12 630 of or inability to use this industry report, or any data Live chat available at SeeNews.com contained in it, or from any action or decision taken as a result of using this industry report or any such Disclaimer information.

Whilst the information contained in this industry report 7. SeeNews accepts no responsibility for the content of any has been given in good faith and every effort has been site to which a hypertext link from this industry report made to ensure its accuracy, SeeNews cannot guarantee exists. Such links are provided for your convenience on an the accuracy of this information and hereby expressly “as is” and “as available” basis with no warranty, express or disclaims any responsibility for error, mis-interpretation implied, for the information provided within them. and any and all loss, disappointment, negligence or damage caused by reliance on the information contained 8. If any of these terms should be determined to be illegal, in the industry report or any failure or alleged failure in the invalid or otherwise unenforceable by reason of the laws delivery of the Service referred to herein, or in the event of of any state or country in which these terms are intended bankruptcy, liquidation or cessation of trade in any to be effective, then to the extent and within the company, individual or firm referred to herein. jurisdiction in which that term is illegal, invalid or Confirmation of the information accuracy should be enforceable, it shall be severed and deleted from the clause sought from the establishments concerned. Unless concerned and the remaining terms and conditions shall otherwise stated, the copyrights and any other rights in all remain in full force and effect and continue to be binding material on this site are owned by SeeNews. Use of this and enforceable. industry report is provided by SeeNews subject to the following Terms and Conditions: 9. By accessing and reading any part of this industry report, you should have accepted these Terms in full. 1. Use of this industry report constitutes your acceptance of these Terms and Conditions which take effect when All rights reserved. Downloads and print extracts of you first use this industry report. SeeNews reserves the SeeNews are allowed for personal and non-commercial right to change these terms and conditions at any time by use only. Re-publication or redistribution of content, posting changes online. You are responsible for reviewing including by framing, is strictly prohibited without the regularly information posted online to obtain timely prior written consent of SeeNews Ltd., Sofia, Bulgaria. notice of such changes. Your continued use of the industry report after changes are posted constitutes your acceptance of this agreement.

2. Neither SeeNews nor other related parties, whilst endeavouring to provide 24/7 availability, will be held liable if for any reason the industry report is unavailable at any time.

3. Access to this industry report may be suspended temporarily or permanently and without notice.

4. Whilst SeeNews endeavours to ensure that the information on this site is correct and up-to-date, no warranty, express or implied, is given as to its accuracy and SeeNews does not accept any liability for error or omission.

5. Part of this industry report contains materials submitted to SeeNews by third parties. Third parties are responsible for ensuring that materials submitted for inclusion on this industry report complies with national and relevant international law. SeeNews can not guarantee the accuracy of this material and hereby expressly disclaims any responsibility for error, omission or inaccuracy in the

Powered by TCPDF (www.tcpdf.org)