Industry Report Activities of head offices; management consultancy activities 2017 BULGARIA

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

I. KEY INDICATORS

II. INTRODUCTION

III. REVENUES

IV. EXPENSES

V. PROFITABILITY

VI. EMPLOYMENT 1 SeeNews Industry Report

In 2016 there were a total of 7,019 companies operating in the industry. In 2015 their number totalled 6,590. I. KEY INDICATORS NUMBER OF COMPANIES IN ACTIVITIES OF HEAD OFFICES; The Activities of head offices; management consultancy MANAGEMENT CONSULTANCY ACTIVITIES INDUSTRY BY activities industry in Bulgaria was represented by 6,898 SECTORS companies at the end of 2017, compared to 7,019 in the SECTOR 2017 2016 2015 previous year and 6,590 in 2015. BUSINESS AND OTHER MANAGEMENT 6,339 6,461 6,118 CONSULTANCY ACTIVITIES The industry's net profit amounted to BGN 719,892,000 in PUBLIC RELATIONS AND COMMUNICATION 393 365 305 2017. ACTIVITIES ACTIVITIES OF HEAD OFFICES 166 193 167 The industry's total revenue was BGN 2,014,375,000 in 2017, up by 16.90% compared to the previous year.

The combined costs of the companies in the Activities of III. REVENUES head offices; management consultancy activities industry

reached BGN 1,252,047,000 in 2017, down by 8.55% year- The total revenue in the industry was BGN 2,014,375,000 in on-year. 2017, BGN 1,723,219,000 in 2016 and 1,553,647,000 in 2015.

The industry's total revenue makes up 2.10% to the country's Gross domestic product (GDP) in 2017, compared Total revenue to 1.86% for 2016 and 1.74% in 2015. Net sales revenue

2,200,000,000 A total of 8,848 people were employed in the Activities of 2,014,375,000 head offices; management consultancy activities industry in 2,000,000,000 2017, compared to 8,652 in 2016 and 8,388 in 2015. 1,800,000,000 1,723,219,000 Most of the companies in the industry are based in Sofia, 1,553,647,000 1,600,000,000 followed by Plovdiv and Varna. 1,400,000,000 II. INTRODUCTION 1,200,000,000 BGN 1,000,000,000 1,006,933,000 1,048,086,000 In 2017 the companies in the Activities of head offices; 800,000,000 938,199,000 management consultancy activities industry numbered 6,898, distributed in 3 sectors. 600,000,000

400,000,000

200,000,000 INDUSTRY STRUCTURE BY SECTORS AND NUMBER OF COMPANIES

0 2015 2016 2017

The companies in the Activities of head offices; management consultancy activities market of Bulgaria earned combined net sales revenues of BGN 1,048,086,000 in 2017.

393 In annual terms, sales marked an increase of 11.71% compared to 2016. In comparison to 2015 they increased by 4.09%. In 166 2016 sales increased by 6.83% year-on-year.

The Activities of head offices; management consultancy activities industry total revenue make up 2.1% to the country's 6,339 GDP in 2017, compared to 1.86% for 2016 and 1.74% in 2015.

Business and other management consultancy activities

Public relations and communication activities Activities of head offices

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Share in GDP 2.2 2.1% INDUSTRY'S NET SALES REVENUE STRUCTURE BY SECTORS

2 1.86%

1.81.74%

1.6

1.4 4.02%

1.2

1 4.93%

0.8

0.6 91.04% 0.4

0.2

0 2015 2016 2017

In 2017 the Activities of head offices; management Business and other management consultancy activities consultancy activities industry contributed to GDP BGN Activities of head offices 1,786,707,000 in Gross value added (GVA) accounting for 1.05% of the total for the country's economy. Public relations and communication activities

In the previous year, the industry's GVA amounted BGN The highest growth, of 16.28%, was recorded by Business and 1,544,582,000, accounting for 1.01% of the total for the other management consultancy activities, while Activities of country in 2016. In 2015 the GVA of the Activities of head head offices registered the sharpest decline, of 34.15%. offices; management consultancy activities was BGN 1,365,715,000, or 0.88% of the GVA for the country's TOP COMPANIES' REVENUE BY SECTORS SEGMENT COMPANY TOTAL REVENUE NET SALES economy. (BGN) REVENUE (BGN) BUSINESS AND OTHER MANAGEMENT CONSULTANCY ACTIVITIES GVA BY SECTORS ADVANCE PROPERTIES OOD 132,185,000 4,186,000 RANK SECTOR BGN SHARE OF THE COUNTRY'S NSN INVESTMANT EOOD 123,752,000 141,000 GVA (%) ENRGO-PRO VARNA EAD 85,354,000 29,443,000 1 BUSINESS AND OTHER MANAGEMENT 1,457,317,000 0.86 PUBLIC RELATIONS AND COMMUNICATION ACTIVITIES CONSULTANCY ACTIVITIES COMMUNICA EOOD 3,670,000 3,178,000 2 ACTIVITIES OF HEAD OFFICES 286,228,000 0.17 HORA EOOD 3,605,000 3,605,000 3 PUBLIC RELATIONS AND 43,162,000 0.03 COMMUNICATION ACTIVITIES NS INDUSTRIES EOOD 2,826,000 248,000 ACTIVITIES OF HEAD OFFICES TAYLS KO OOD 107,879,000 0 We expect, based on the trend in the last three years, the total DZHI STAR OOD 51,530,000 11,000 revenue of the Activities of head offices; management AMAREAL OOD 15,980,000 0 consultancy activities industry to change at a compound annual growth rate (CAGR) of 13.87% in 2018. The top 10 companies in terms of total revenue in Activities of Business and other management consultancy activities head offices; management consultancy activities accounted contributed net sales revenue of BGN 954,215,000 or 91.04% for 31.40% of the industry's total in 2017, 31.20% in 2016 and of the total net sales in the industry, sector Activities of head 27.37% in 2015. offices - BGN 51,722,000 (4.93%), and sector Public relations and communication activities - BGN 42,149,000 (4.02%). TOP 10 COMPANIES BY TOTAL AND NET SALES REVENUE IN THE INDUSTRY RANK COMPANY TOTAL REVENUE NET SALE (BGN) REVENUE (BGN) 1 ADVANCE PROPERTIES OOD 132,185,000 4,186,000 2 NSN INVESTMANT EOOD 123,752,000 141,000 3 TAYLS KO OOD 107,879,000 0 4 ENRGO-PRO VARNA EAD 85,354,000 29,443,000 5 DZHI STAR OOD 51,530,000 11,000 6 CEZ BULGARIA EAD 47,144,000 46,552,000 7 BLEKSIRAMA SIGNICHAR AD 24,374,000 0 8 TEREN OPERATIONS BULGARIA EOOD 23,268,000 22,879,000

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9 VM FINANCE GROUP AD 21,005,000 4,368,000 TOP 10 COMPANIES BY TOTAL REVENUE IN THE INDUSTRY PUBLIC 10 AMAREAL OOD 15,980,000 0 RELATIONS AND COMMUNICATION ACTIVITIES WERE: COMPANY BGN COMMUNICA EOOD 3,670,000 The total revenues of the top 10 companies in the Activities of HORA EOOD 3,605,000 head offices; management consultancy activities were 0.66% NS INDUSTRIES EOOD 2,826,000 of GDP in 2017, compared to 0.58% for 2016 and 0.48% in UNITED PARTNERS EOOD 2,675,000 2015. BALKANS METAL SERVICE EOOD 2,271,000 FAYF DABULYU KOMYUNIKEYSHANS OOD 1,669,000 The top 10 by assets in the Activities of head offices; DMI DEVELOPMENT EOOD 1,186,000 management consultancy activities industry made up BGN EVROSERVIZ KONSULTING BG OOD 1,060,000 45,115,000, or 4.30% of the total net sales revenue. KEG KEY EXPERTS GROUP EOOD 965,000 ACTION GLOBAL COMMUNICATIONS BULGARIA OOD 875,000 TOP 10 BY TOTAL ASSETS IN THE INDUSTRY RANK COMPANY BGN 1 ADVANCE PROPERTIES OOD 479,256,000 The 10 largest companies in terms of total revenue in sector 2 ENRGO-PRO VARNA EAD 456,343,000 Public relations and communication activities earned total 3 CKB GROUP EAD 303,540,000 revenue of BGN 20,802,000 and accounted for 1.03% of the 4 HOLDING BDZ EAD 292,485,000 industry's total revenue. 5 EVN BULGARIA EAD 263,748,000 6 TAYLS KO OOD 219,077,000 TOP 10 COMPANIES BY TOTAL REVENUE IN THE INDUSTRY 7 DZHI STAR OOD 206,246,000 ACTIVITIES OF HEAD OFFICES WERE: 8 SPEEDY GROUP AD 176,116,000 COMPANY BGN 9 AGROHOLD AD 166,752,000 TAYLS KO OOD 107,879,000 10 NSN INVESTMANT EOOD 138,876,000 DZHI STAR OOD 51,530,000 AMAREAL OOD 15,980,000 HOLDING BDZ EAD 15,748,000 TOP 10 COMPANIES WITH HIGHEST ANNUAL GROWTH IN METAL TECHNOLOGY GROUP - ANGEL BALEVSKI HOLDING AD 14,445,000 OPERATING REVENUE IN ACTIVITIES OF HEAD OFFICES; GLAVBOLGARSTROY HOLDING AD 14,266,000 MANAGEMENT CONSULTANCY ACTIVITIES R S COMPANY OOD 12,243,000 RANK COMPANY Y/Y GROWTH T.B.F. EOOD 11,861,000 1 C3 PLASTICS EOOD 70100.00% PRAYORITI INVESTMANTS OOD 10,584,000 2 ELEKTROIMPEKS AD 65400.00% SIRMA GROUP HOLDING AD 9,107,000 3 FS INVEST GROUP EOOD 36800.00 %

4 SPEEDY GROUP AD 33630.77% The 10 largest companies in terms of total revenue in sector 5 ARIES IN EOOD 24900.00 Activities of head offices earned total revenue of BGN % 263,643,000 and accounted for 13.09% of the industry's total 6 SAINT NICHOLAS OOD 14400.00% revenue. 7 USTREM HOLDING AD 14057.14%

8 3P CONSULTING EOOD 11000.00% 9 OBEDINENI BULGARSKI IMOTI KOOP 9900.00% 10 BE GE REAL KONSULT EOOD 9800.00% IV. EXPENSES

The combined costs of the companies in the Activities of TOP 10 COMPANIES BY TOTAL REVENUE IN THE FIELD BUSINESS head offices; management consultancy activities industry AND OTHER MANAGEMENT CONSULTANCY ACTIVITIES WERE: reached BGN 1,252,047,000 in 2017. COMPANY BGN ADVANCE PROPERTIES OOD 132,185,000 NSN INVESTMANT EOOD 123,752,000 ENRGO-PRO VARNA EAD 85,354,000 CEZ BULGARIA EAD 47,144,000 BLEKSIRAMA SIGNICHAR AD 24,374,000 TEREN OPERATIONS BULGARIA EOOD 23,268,000 VM FINANCE GROUP AD 21,005,000 SCS FRANCHISE AD 15,969,000 CENTRAL COOPERATIVE UNION KOOP. 15,723,000 GALENA BULGARIA EOOD EOOD 15,197,000

The 10 largest companies in terms of total revenue in sector Business and other management consultancy activities earned total revenue of BGN 503,971,000 and accounted for 25.02% of the industry's total revenue.

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Total Expenses Operational expenses INDUSTRY'S TOTAL COSTS STRUCTURE BY SECTORS 1,369,125,000 1,400,000,000 1,252,047,000 1,260,000,0001,183,166,000

1,120,000,000 10.90% 980,000,000 1,047,410,000 1,001,945,000 979,534,000 840,000,000

700,000,000

BGN 2.92%

560,000,000

420,000,000

280,000,000 86.18% 140,000,000

0 2015 2016 2017

In annual terms, total expenses fell by 8.55% compared to Business and other management consultancy activities 2016 and increased by 5.82% in comparison to 2015. Activities of head offices

The total operating expenses of the companies in the Public relations and communication activities Activities of head offices; management consultancy activities industry were BGN 1,047,410,000 in 2017. There was no industry's sector to report a increase in total costs. In terms of annual drop, the top position was occupied Operating costs grew by 6.93% compared with the previous by Public relations and communication activities with 33.94%. year and grew by 4.54% when compared to 2015. In terms of operating expenses, the highest increase, of We expect, based on the trend in the last three years, the total 18.57%, was recorded by the Business and other management costs of the Activities of head offices; management consultancy activities sector. The sharpest drop was posted consultancy activities industry to change at a compound by Activities of head offices - 52.05%. annual growth rate (CAGR) of 2.87% in 2018. The biggest spenders in the industry, with costs of over 10% Business and other management consultancy activities of industry's costs, numbered 37, including KOKARI LIMITED - reported the highest total costs, of BGN 1,079,042,000, BRANCH BULGARIA, METAL TECHNOLOGY GROUP - ANGEL followed by Activities of head offices with BGN 136,473,000 BALEVSKI HOLDING AD, AVIORA CONSULT EAD, MEY and Public relations and communication activities with total ADVAYZARI OOD, EVN BULGARIA EAD. The medium costs of BGN 36,532,000. spenders, or those in the 5% and 10% range count 46 and include BG PRINTMEDIYA OOD, TUV NORD BULGARIA EOOD, EY DI GLOBAL EOOD, PRISTA INVEST 2016 AD, SYNERGY GLOBAL INVESTMENTS EOOD. Below 5% threshhold are 6,815 companies, including ALTIMA INTERNESHENAL AD, SUNMARK EOOD, KEYDZHEYEM MARKETING EOOD EOOD, GLOBAL NETWORK SERVICES EOOD, DZHI SI NOU HAU OOD.

Employment expenses in the Activities of head offices; management consultancy activities industry went up by 0.58% on the year to BGN 282,565,000 in 2017.

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Employment expenses Average taxes expenses by company Salaries expenses 7,000

Social security expenses 6,151

290,000,000 280,925,000 282,565,000 6,000

261,000,000 239,837,000 5,000 232,000,000 252,818,000 251,716,000 4,362

203,000,000 212,926,000 4,000 3,575 174,000,000 BGN 145,000,000 3,000 BGN

116,000,000

2,000 87,000,000

58,000,000 1,000 25,963,000 27,459,000 29,711,000 29,000,000

0 0 2015 2016 2017 2015 2016 2017

The highest growth in labour costs, of 7.76%, was registered EXPENSES ON TAXES BY SECTORS by Public relations and communication activities, while RANK SECTOR BGN Y/Y CHANGE Activities of head offices marked the sharpest fall, of 21.03%. 1 BUSINESS AND OTHER MANAGEMENT 35,471,000 23.51% CONSULTANCY ACTIVITIES The monthly costs per employee in the Activities of head 2 ACTIVITIES OF HEAD OFFICES 5,664,000 457.48% offices; management consultancy activities industry averaged 3 PUBLIC RELATIONS AND COMMUNICATION 1,301,000 47.01% ACTIVITIES BGN 2,661 in 2017, BGN 2,706 in 2016 and BGN 2,383 in

2015.

The monthly social security costs per employee in the industry averaged BGN 280 in 2017, versus BGN 264 in 2016 V. PROFITABILITY and BGN 258 in 2015. The industry's net profit amounted to BGN 719,892,000 in EMPLOYMENT EXPENSES IN ACTIVITIES OF HEAD OFFICES; 2017, compared to a net profit of BGN 323,474,000 in 2016 MANAGEMENT CONSULTANCY ACTIVITIES BY SECTORS IN 2017 and a net profit of BGN 346,918,000 in 2015. RANK SECTOR EMPLOYMENT AVERAGE EXPENSES (BGN) EXPENSES PER EMPLOYEE (BGN) Net profit/loss 1 BUSINESS AND OTHER MANAGEMENT 257,635,000 31,984 CONSULTANCY ACTIVITIES Operating profit/loss 2 ACTIVITIES OF HEAD OFFICES 17,941,000 34,702 800,000,000 762,328,000 3 PUBLIC RELATIONS AND COMMUNICATION 6,989,000 25,322 ACTIVITIES 700,000,000 719,892,000

600,000,000 THE TOP 10 COMPANIES BY AVERAGE MONTHLY COSTS PER EMPLOYEE IN THE INDUSTRY RANK COMPANY BGN 500,000,000 1 KAI MANAGEMENT EOOD 102,917 2 KEMET ELECTRONICS SERVICES EOOD 63,000 400,000,000369,132,000 354,094,000 3 EY DI GLOBAL EOOD 38,458 BGN 4 BELL BULGARIA EOOD 38,250 300,000,000346,918,000 5 GBS AD 38,083 323,474,000 6 KOKARI LIMITED - BRANCH BULGARIA 37,278 200,000,000 7 ASANI MENIDZHMANT EOOD 34,750 8 METLIFE SERVICES EOOD 33,167 100,000,000 9 IMPALA CONSULT EOOD 31,833 10 BALGARSKA KONSULTANTSKA GRUPA AD 30,083 0 2015 2016 2017 The industry's tax expenses stood at BGN 42,436,000 in 2017.

In 2016 it paid taxes of BGN 30,620,000. In 2015 the industry paid BGN 23,563,000 in taxes.

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ROE TOP 10 COMPANIES BY HIGHEST NET PROFIT IN ACTIVITIES OF ROA HEAD OFFICES; MANAGEMENT CONSULTANCY ACTIVITIES 17.91% RANK COMPANY BGN 18 1 ADVANCE PROPERTIES OOD 121,849,000 16.5 2 TAYLS KO OOD 106,785,000

3 NSN INVESTMANT EOOD 68,903,000 15 4 ENRGO-PRO VARNA EAD 42,938,000 13.5 5 DZHI STAR OOD 27,707,000 6 BLEKSIRAMA SIGNICHAR AD 21,936,000 12 7 INTERNESHANAL FAYNANS KONSULTING EOOD 12,711,000 10.59.67% 8 VM FINANCE GROUP AD 11,713,000 9 PRAYORITI INVESTMANTS OOD 10,509,000 9 8.27% 10 R S COMPANY OOD 9,809,000 7.5 8.07%

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TOP COMPANIES BY HIGHEST NET LOSS IN ACTIVITIES OF HEAD 4.5 OFFICES; MANAGEMENT CONSULTANCY ACTIVITIES 4.35% RANK COMPANY BGN 3 3.79% 1 EVN BULGARIA EAD 9,521,000 1.5 2 HOLDING BDZ EAD 8,272,000 3 ELEADORA EOOD 4,997,000 0 4 TRANS NOVE OOD 3,420,000 2015 2016 2017 5 KOKARI LIMITED - BRANCH BULGARIA 2,908,000

LEADING INDUSTRY'S SECTORS BY ROA The combined operating earnings of the companies in the 10 Activities of head offices; management consultancy activities 9.3 8.76 market rose by 115.29% y/y to BGN 762,328,000 in 2017. 9 8 7.74 OPERATING PROFIT/LOSS BY SECTORS (BGN) SECTOR 2017 2016 2015 7 BUSINESS AND OTHER MANAGEMENT 576,240,000 343,145,000 345,336,000 6 CONSULTANCY ACTIVITIES ACTIVITIES OF HEAD OFFICES 175,124,000 2,397,000 14,406,000 5 PUBLIC RELATIONS AND 10,964,000 8,552,000 9,390,000 4 COMMUNICATION ACTIVITIES 3 2 The profit margin for the Activities of head offices; management consultancy activities industry stood at 57.61% 1 in 2017, while in 2016 it amounted to 32.41% and 32.59% in 0 Activities of head Public relations and Business and other 2015. offices communication management activities consultancy activities PROFIT MARGIN BY SECTORS RANK SECTOR PROFIT MARGIN 1 ACTIVITIES OF HEAD OFFICES 246.52% LEADING INDUSTRY'S SECTORS BY ROE 29.71 2 BUSINESS AND OTHER MANAGEMENT CONSULTANCY 47.77% 30 ACTIVITIES 27.5 3 PUBLIC RELATIONS AND COMMUNICATION ACTIVITIES 23.79% 25

22.5 The Activities of head offices; management consultancy 20 17.85 17.69 activities industry's return on equity (ROE) is 17.91% compared 17.5 to 8.27% in 2016 and 9.67% in 2015. 15

12.5 The Activities of head offices; management consultancy activities's return on assets (ROA) was 8.07%, while in 2016 it 10 amounted to 3.79% and 4.35% in 2015. 7.5 5 2.5 0 Public relations and Business and other Activities of head communication management offices activities consultancy activities

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TOP 10 COMPANIES BY HIGHEST AVERAGE NET PROFIT PER TOP 10 COMPANIES WITH HIGHEST CORRELATION OPERATING EMPLOYEE IN ACTIVITIES OF HEAD OFFICES; MANAGEMENT REVENUE - NUMBER OF EMPLOYEES - EMPLOYMENT EXPENSES* RANK COMPANY NAME CORRELATION CONSULTANCY ACTIVITIES (BGN) RANK COMPANY BGN COMPANY HEA DQUARTERS 1 SYNERGY GLOBAL INVESTMENTS EOOD 3,482,000 (CITY) 2 HORA EOOD 3,256,000 1 ADVANCE PROPERTIES OOD 2,436,980 SOFIA 3 MORAN TREYD EOOD 2,845,000 2 ROSLIN KAPITAL PARTNARS-BULGARIA OOD 2,008,000 SOFIA 4 TRADE FERT OOD 2,520,000 3 BULKAPITAL GRUP OOD 1,947,000 VARNA 5 SPL AD 1,978,000 4 YOVAL-KO 2001 OOD 1,732,000 SOFIA 6 METLIFE SERVICES EOOD 1,781,000 5 EKSPO ISTEYT EOOD 1,649,000 SOFIA 7 BLOCKCHAIN VALLEY BAR & DINNER EOOD 1,758,000 6 SPL AD 1,539,000 SOFIA 8 BM TEHNOLODZHI EOOD EOOD 1,702,000 7 HORA EOOD 1,317,000 SOFIA 9 SITE ENERDGY OOD 1,699,000 8 ALEXANDREA INVEST GROUP OOD 1,285,000 SOFIA 10 BAIN AND COMPANY POLAND SP Z O O POLAND 1,588,833 9 SYNERGY GLOBAL INVESTMENTS EOOD 1,245,000 SOFIA

10 AGRION INVEST AD 1,066,667 PLOVDIV

*The correlation is calculated by subtracting the quotient of the operating profit, and the employment expenses to the number of employees. About 80.00% of the 10 leading companies in terms of net profit per employee are located in SOFIA, while 10.00% are AVERAGE REVENUES PER EMPLOYEE IN ACTIVITIES OF HEAD VARNA-based and 10.00% are headquartered in PLOVDIV. OFFICES; MANAGEMENT CONSULTANCY ACTIVITIES IN 2017 SECTOR AVERAGE NET AVERAGE AVERAGE NUMBER OF SALES OPERATING TOTAL EMPLOYEES The average net sales revenue per employee in the Activities REVENUE REVENUE REVENUE (BGN) (BGN) (BGN) of head offices; management consultancy activities industry BUSINESS AND OTHER 118,462 149,740 205,497 8,055 amounted to BGN 118,455 in 2017, up by 9.24% compared to MANAGEMENT CONSULTANCY 2016 and down by 1.32% compared to 2015. ACTIVITIES PUBLIC RELATIONS AND 152,714 166,978 172,087 276 The industry's average operating revenue per employee rose COMMUNICATION ACTIVITIES by 18.43% year-on-year in 2017 to BGN 149,557. It went up by ACTIVITIES OF HEAD OFFICES 100,043 137,406 602,702 517 10.77% compared to 2015.

The Activities of head offices; management consultancy AVERAGE REVENUE PER COMPANY IN ACTIVITIES OF HEAD activities sector generated an average BGN 227,664 in total OFFICES; MANAGEMENT CONSULTANCY ACTIVITIES IN 2017 SECTOR AVERAGE NET AVERAGE AVERAGE NUMBER OF revenue per employee. In 2016 and 2015 the figure was BGN SALES OPERATING TOTAL COMPANIES 199,170 and BGN 185,223, respectively. REVENUE REVENUE REVENUE (BGN) (BGN) (BGN) ACTIVITIES OF HEAD OFFICES 311,578 427,946 1,877,090 166 The average total revenue per company in the Activities of BUSINESS AND OTHER 150,531 190,275 261,127 6,339 head offices; management consultancy activities industry rose MANAGEMENT CONSULTANCY to BGN 292,023 in 2017 from BGN 245,508 in 2016. The 2015 ACTIVITIES value was BGN 235,758. PUBLIC RELATIONS AND 107,249 117,267 120,855 393 COMMUNICATION ACTIVITIES A company in the Activities of head offices; management consultancy activities field made on average a net sales revenue of BGN 151,941 in 2017, compared to BGN 133,666 in The total indebtedness of the companies in the Activities of 2016 and BGN 152,797 in 2015. head offices; management consultancy activities industry was BGN 4,785,913,000 versus BGN 4,455,987,000 a year ago. In The Activities of head offices; management consultancy 2015 the industry's indebtedness totalled BGN 4,183,346,000. activities industry made 0.39% of the overall sales country- wide, increasing its market share by 0.01 pp. INDUSTRY'S INDEBTEDNESS BY SECTORS (BGN) SECTOR 2017 2016 2015 Operating profit per employee for the industry as a whole was BUSINESS AND OTHER 3,848,876,000 3,477,100,000 3,152,002,000 MANAGEMENT CONSULTANCY BGN 86,158 in 2017. For comparison in 2016 it amounted to ACTIVITIES BGN 40,926 and BGN 40,926 in 2015. ACTIVITIES OF HEAD OFFICES 861,820,000 898,976,000 947,374,000 PUBLIC RELATIONS AND 75,217,000 79,911,000 83,970,000 THE TOP BY OPERATIONAL PROFIT PER EMPLOYEE IN ACTIVITIES COMMUNICATION ACTIVITIES OF HEAD OFFICES; MANAGEMENT CONSULTANCY ACTIVITIES RANK COMPANY BGN 1 ADVANCE PROPERTIES OOD 2,443,420 Debt-to-assets ratio of the companies in the industry is 0.54 2 ROSLIN KAPITAL PARTNARS-BULGARIA OOD 2,124,000 in 2017. It was 0.52 in 2016 and 0.52 in 2015. 3 BULKAPITAL GRUP OOD 1,947,000 4 YOVAL-KO 2001 OOD 1,903,000 5 EKSPO ISTEYT EOOD 1,827,333 VI. EMPLOYMENT

A total of 8,848 people were employed in the Activities of head offices; management consultancy activities field at the end of 2017, compared to 8,652 in 2016 and 8,388 in 2015.

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numbers make up 25.07% of the workforce in the industry in NUMBER OF EMPLOYEES BY INDUSTRY SECTORS 2017. SECTOR NUMBER SHARE OF INDUSTRY TOTAL TOP 10 COMPANIES BY SHARE IN INDUSTRY'S TOTAL NUMBER OF BUSINESS AND OTHER MANAGEMENT CONSULTANCY 8,055 91.04% EMPLOYEES ACTIVITIES RANK COMPANY NUMBER OF SHARE EMPLOYEES ACTIVITIES OF HEAD OFFICES 517 5.84% 1 ENRGO-PRO VARNA EAD 536 6.06% PUBLIC RELATIONS AND COMMUNICATION ACTIVITIES 276 3.12% 2 CEZ BULGARIA EAD 454 5.13%

3 DR. PENDL & DR. PISWANGER EOOD 398 4.50%

4 BOIL BT EOOD 195 2.20% 5 HOLDING BDZ EAD 150 1.70% ALLOCATION OF EMPLOYEES BY INDUSTRY'S SECTORS 6 RISOURCES MANAGEMENT SERVICES OOD 112 1.27% 7 PROMEDICA24 TEAM BG EOOD 106 1.20% 8 CASINO RESHENIA OOD 96 1.08% 9 WORLD TRAVEL CONSULTANCY OOD 86 0.97% 10 EUROMARKET GROUP AD 85 0.96%

The Activities of head offices; management consultancy 517 activities industry is the 51st largest employer in the country with 8,848 employees with the largest employer being Retail trade, except of motor vehicles and motorcycles with 276 200,534 and Extraction of crude petroleum and natural gas at the bottom with 27 employees.

The Activities of head offices; management consultancy 8,055 activities's share in the country's total employment was 0.38% in 2017, 0.45% in 2016 and 0.42% in 2015.

We expect, based on the trend in the last three years, the number of employees of the Activities of head offices; management consultancy activities industry to change at a compound annual growth rate (CAGR) of 2.71% in 2018.

Business and other management consultancy activities Activities of head offices Public relations and communication activities

The analysis on companies' sizes by the number of employees, shows that 1867 firms have less than 50 employees*, 20 have between 50 and 250 employees* and 3 companies employ more than 250*.

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

COMPANIES IN THE INDUSTRY BY SIZE IN TERMS OF NUMBER OF EMPLOYEES 1 900 1 867

1 710

1 520

1 330

1 140

950

760

570

380

190 20 3 Small Medium Big

The employees of the leading 10 companies in terms of 9 SeeNews Industry Report

The industry is represented by the following companies

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ARUNA PR ADVISORY EOOD VILA ANGEL EOOD EKOINVEST 2013 EOOD MAX POINT CONSULT OOD EMP INVEST BULGARIA AD VARNADIIN EOOD FIN KONSULTING EOOD RESOURCE FUND OOD HARDEKSIM EOOD LOYALCONSULT MM EOOD LOMA EOOD MIKE G AND SONS EOOD GLOBAL KONSULT PROEKT EOOD ESCA CONSULTING OOD DIAGRAMIK PRODZHEKT MENIDZHMANT AD LEADON CONSULT EOOD TRAC01 OOD SIS PRODJECT OOD VERSPER EOOD PRODZHET KONSULT DZZD GROUS BG EOOD VARNA 2016 EOOD NEKST INVEST EOOD RABOTILNITSA EOOD LEKTRA WORKS OOD NITEX GROUP EOOD BUL TREDING AD ECO TAPE BULGARIA EOOD FRAREG BULGARIA EOOD EOOD 3P CONSULTING EOOD BB KANSTRAKSHAN GRUP EOOD TRC 1 EOOD BIZNES, INOVATSII, PROUCHVANIYA I RAZVITIE APEYRON KOMYUNIKEYSHAN EOOD ADVENCHAR KEPITAL OOD LEON.BG BUSINESS SERVICES EOOD OOD H2H COMMUNICATIONS OOD TRIANGOLO EOOD EOOD SANTORINI FRUKT EOOD INTERFIN MEDIA EOOD BULGARO GERMANSKI INSTITUT PO UPRAVLENIE KAPITAL-3000 AD KONSOB EOOD EOOD EVROPROEKT ADVAYZAR EOOD NA KACHESTVOTO I PROMISHLEN FINANCIAL - INDUSTRIAL GROUP REI HOLDING LRTM CONSULTING AND TRADING EOOD MENIDZHMANT BGIK OOD TRI SIIS TREYD END KONSULTING EOOD AD SEPI FM EOOD BAKTRIYA 1 EOOD EL DZHI AR KONSULT OOD NYU ENERDZHI START EOOD NTG EOOD TSVYAT 23 EOOD EOOD SORTIS INVEST EOOD AGENCO BG EOOD EMERSON PROTSES MENIDZHMANT RUMANIA IDEMA BG OOD PR CONSULTING OOD IO CONSULT EOOD SRL DELTAYM EOOD CHEMTECH EOOD BALGARSKI HRANI EOOD ONION SALYUSHAN OOD HEALTH AND PHARM SERVICE S.P.A AD ARTI BULGARIA EOOD PROEKTINVESTKONSULT EOOD BLACK SEA ASSETS AD IRZ SOLUTIONS OOD POLI 2000 - POLINA NIKOLOVA ET YOVA EOOD TI ES BI ASPEKTS EOOD MAV GRUP EOOD TI EM JI AGRI EOOD LIFE DIVISION BULGARIA EOOD ZED KONSULT EOOD EOOD PROJECTS-BULGARIA EOOD PERFETO KONSULTING 2015 EOOD VIP CONSULTING 21 EOOD EPO BULGARIA EOOD TRIQUETRA EOOD DM DIMOVSKI EOOD PARSANAL SARVISIZ KONSULTING YURAP EOOD AGISTO AUTOMOTIVE OOD KAVA-SI KONSULT OOD OOD EVRO BIZNES MENIDZHMANT EOOD ARS EOOD MM CONSULT 68 EOOD SHIPANOV - BUSINESS AND FINANCE CONSULT FRANCHISING-BULGARIA EOOD ESTELLA - 77 EOOD EKSHAN MENIDZHMANT EAD EAD EOOD KOKARI LIMITED - BRANCH BULGARIA SITI EKSPRES BULGARIA EOOD D I S KOSTOVI OOD EUROCOHEZIA EOOD HARBART KONSULTING OOD TOLEV CONSULT EOOD N A DEN CHEV EOOD PROSPERA 108 EOOD R AND A MANAGEMENT EOOD ELC PRO MANAGEMENT EOOD B POINT CONSULTING EOOD DEKOR INTERNESHANAL EOOD BONIMEKS TREYD EOOD ALEX 1710 EOOD EVRO KONSULTANSI GRUP OOD ARSIVI EOOD UNION BALKANS BUSINESS SF OOD NNA TRADING EOOD ACTIVE MINDS CONSULT OOD UNIVERSAL BULGARIAN INVESTMENTS EAD KIBER SVYAT EOOD INTERNATIONAL BUSINESS DEVELOPMENT EOOD NAMRB - AKTIV EOOD IVE - 99 OOD GLOBAL SEKYURITI SOLYUSHANS EOOD GALEKS OOD BLUE FROG EOOD NOARK EOOD EOOD EKONTA EOOD ANAYA MEDIYA EOOD GIARDOGS EOOD KEBAP 13 EOOD KS TRADING-2004 EOOD SEVA IN EOOD TAKIDNIS OOD G E 88 CONSULT EOOD FERMERSKO MLYAKO OOD IVEKO S P A CRYSTAL WATER EOOD SVE ES EOOD EKSELANSENERZHI EOOD DIMITROV INVEST CONSULT EOOD PAVLOV 13 EOOD HEDON CONSULT EOOD KAORI KEM EOOD KALIN DELIYSKI GAL 96 ET BI AR I KONSULTING EOOD STROYKOM 1 OOD NISOFF CONSULT OOD SVK ENTERPRISES EOOD DZZD ENERDZHI ODIT KONSULT ZLATKOVA CONSULT EOOD VPV CONSULTING TEAM EOOD TARBAGATAY EOOD KRANOSTROENE INZHENERING-97 AD MILENIUM INTERNESHANAL KONSULT OOD LINDINGER EOOD ALBA LONGA EOOD VITADORA VM OOD OOD CK GROUP OOD CREDISOLUTIONS EOOD FLEXJOB 2005 EOOD BOKIS INVESTMANT OOD EVMOLPOS EOOD BG LANSEYA EOOD EOOD KONSULTANTSKI TSENTAR EVROPA EOOD ITALIBESTPRAYS OOD UNICONSULT GROUP OOD HELT IVENT KAMPANI OOD ECOELECTRICITY - 2009 EOOD GRAPIKO TRADE EOOD INTERNESHANAL INVESTMANT KANSALTING POPOV CONSULTING EOOD GRUP EOOD L LAND EOOD TEHNO INSPEKT SERVIZ EOOD RASPBERRIES BG EOOD TP TP VIZHAN EVROPA B.V. BECAUSE EOOD KOPI 2000 OOD SEPA EOOD INTELEKT DIAMANDIEVI I SIE SD GARITAGE EOOD SMART CONSULTING GROUP EOOD EUROCONSULTA EOOD HAY BENEFIS GRUP EOOD GREEN LINE COMPANY EOOD QSI EUROPE EOOD MVT INTERNATIONAL EOOD ARTE KAZA EOOD FINSYS - NIKOLA HRISTOVICH ET PROFETIS KONSALTING SERVISES EOOD PIMAX GROUP AD CHALENGER 605 EAD VISIO TECH OOD M D EKO PRODZHEKT EOOD PROEKT KONSULT EM EOOD PROFAKTOR BG EOOD DIOIKEIN EPIXEIREIN OOD KRESTA KONSULTING OOD SAFETY NETWORK OOD LIDL BULGARIA EOOD HIGH STANDARD CONSULTING EOOD TE ARTE OOD OOD BG FILM PRODAKSHAN EOOD EOOD SOMOV KANSALT EOOD EOOD JDVM EOOD PERLA IMOTI EOOD LEVERAGE DEVELOP EOOD ARENA-95 OOD FININVEST BG EOOD BATA 2014 EOOD BIOSTETICA BULGARIA EOOD PROMED CONSULT OOD MINN INC OOD FINANCO EAD IZOLKO EOOD GAB FIN EOOD VDS CONSULT OOD TEHNOMASH BG OOD LOGON EOOD VINARNA-SVISHTOV AD SIYNORD EOOD BRUZER EAD GVG CAPITAL EOOD HOME MANAGEMENT SERVICES EOOD ELECTRONICA-SOFIA AD ALFA KONSULTING SARVISIS OOD ANKOLY EOOD CONSEJO EOOD ATM CONSULTING PARTNERS OOD LEGE ARTIST KONSULTING EOOD SQUARE MARITIME EOOD MURATOV PROPARTI OOD OMDA EOOD RUSE KONSULT-41 EOOD INNOVO INVESTMENT MANAGEMENT OOD DZZD OBNOVEN DOM MINERVAS INVEST KONSULT EOOD FAST ADVAYSES EOOD EOOD EURO EOOD SEA EAGLE MANAGEMENT EOOD INETERMODEL CONSULT L T D EOOD SG POWER EOOD UTILITIES SERVICES EOOD URANUS KANSALTING EOOD EM KONSULT FINANS EOOD BITCOIN SOLUTIONS EOOD DART CONSULT EOOD KABRON TREYD MARKET EOOD EOOD PERI - 2014 L T D EOOD GERI - RUMYANA GERGINOVA ET BOJANOVA CONSULT EOOD LH ARSHINKOVA & KOLEVA OOD FLGR CONSULT EOOD INFRASTRUKTURA PTZ AD BYUTI DISTRIBYUSHAN EOOD EOOD METSANIN INVEST EOOD ILIEV KONSULT 2010 OOD ZAVAR EOOD TABIT INVESTMANTS OOD URMAN EOOD HK KONSULTS OOD FAD GROUP EOOD DEMIL-S EOOD YANINA UKR EOOD GARANT INVEST HOLDING AD EURORESEARCH EOOD 11 SeeNews Industry Report

CMT - BULGARIA EOOD GALA KREATIV KONSULTING EOOD SI EM ES INTERNESHANAL EOOD YOSIF PAPADOPULOS EOOD BALKANTURIST-99 AD STUDIO ZA ARHITEKTURA I DIZAIN EOOD VN JUNIOR SOLUTIONS EOOD AY DZHI EM AD ZEVS TEH END SARVISIS OOD LESPORT PRODZHEKT MENIDZHMANT EOOD TRAVEL KONSULT EOOD DREAMERSDO OOD MIRCHEVA KONSULT EOOD ES EN ES LIGAL KONSULT EOOD MONI EL GRUP EOOD MERITAYM HOLDING AD CFD CENTRO FRESATORI DENTALI ROMA CAD MMG CONSULTING EOOD PTEE KONSULTING OOD POLICY CONSULT OOD CAM EOOD JB ENTERPRICES EOOD 4 KAPITAL OOD ALFA SOLUTIONS 7 EOOD ASG PROJECT MANAGEMENT EOOD MAUNTIYN PARADAYS EOOD TECHNOLOGY TRANSFER ASSOCIATES OOD BERGENDORF HOLDING OOD OOD BENEKON OOD PRIMUS KONSULT EOOD X AND S EOOD FILKOR EOOD CONTAKT - BGRU EOOD FINANS MARKET OOD AK GROUP CONSULTING OOD IV PARTNERS EOOD MYEXPANSION EOOD SOMERTAN SERVIZ EOOD TUV NORD BULGARIA EOOD ED CONSULTING EOOD BARIMAX CONSULTING EOOD OSM EUROPE OOD YUROPIAN RESTORANT ASOSIEYSHAN OOD OOD AGRO STANDART-EDV OOD FABS EOOD AVBA GROUP EOOD VR OUTSCORSING EOOD IBEI - 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EF. OOD KONSULTANTI ZA RAZVITIE I INTEGRATSIYA OOD MIDAL IYST EYDZHANTS EOOD ARGO ALFA EOOD VIG14 OOD LAPSA EOOD SARINA BULGARIA EOOD KAMRAY EOOD 12 SeeNews Industry Report

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AD CMA JUPITER EOOD ITALIAS GMBH EOOD OBAMA EOOD ENERDZHI TREYDING V EOOD SABEKS EOOD BIZIPRO OOD FENIKS ROY EOOD GETSOV AND PARTNERS CONSULTANTS EOOD MATER NATURA EOOD HARVEST KEPITAL EOOD FINANS INZHENERING ENERDZHI EAD EY DI GLOBAL EOOD DENNYTEKNIK EOOD OMRA - 13 EOOD INSIGHTAIR EUROPE OOD TALENT LINK BULGARIA EOOD OPTIMA BULGARIA EOOD MEGA PRO KONSULT OOD GE AT KONSULT EOOD RENOVA 08 EOOD ISO SISTEMS EOOD KREO LEKS OOD PROMATIKS EOOD DEVOBS EOOD ES BI EYCH ENTARTEYNMANT EOOD FANI STAYL EOOD KID KONSULTING EOOD GLUED ON EOOD DANIBON EOOD MARKET DIVELAPMANT EOOD RODOPA EKSPERT EOOD DIVELAPMANT GRUP AD M P CONSULTING EOOD HEALTH PROJECT CONSULTING (HPC) EOOD WORLD CONGRESS EVENT OOD ZENTA BULGARIA EOOD EOOD ELEY KONSULT EOOD INVEST BULGARIA GRUP EOOD FAYRIKS OOD CERAMCONSULT EOOD DZHI END DZHI SVS EOOD CRS INTERNATIONAL EOOD NRG INTERNATIONAL EOOD MARAGRO EOOD PAUL& PAUL CONSULTING OOD OSCORP OOD EVKA 2 EOOD ANITA DUDINA EOOD ROBUL P.L - RUMEN LILOV ET AVANS.BG EOOD ECOINTERNATIONAL EOOD INTERNESHANAL FAYNANS KONSULTING EOOD KEY AY KEY FAND MENIDZHARS BULGARIA EOOD HRIDAYA OOD KD CONSULTING EOOD BALGARSKI BIZNES INTELIDZHANS EOOD DILIDZHENTIS EOOD KRIEYT END MEYK EOOD OBEDINENIE EVRO PLAN DZZD AVIORA CONSULT EAD BRAIN GAMES EOOD PEOPLE SOLUTIONS FACTORY OOD VELIKOV COMPUTERS EOOD BIO ENERGY INTERNATIONAL OOD EXPERTA PROPERTY MANAGEMENT EOOD INTERKAUNT EOOD EUROLEGIS BG EOOD INTERAS EOOD ALUXOR EOOD PI EYDZH SALYUSHAN EOOD BPM BAUPROEKTMENIDZHMANT EOOD I KO. KD ATM – TSENTAR 2015 EOOD BLUE DREAM SOLUTIONS EOOD KOMPANIYA ZA MENIDZHARSKI PROEKTI OOD LP LONCH HAB PARTNARS OOD EDSUM EOOD INTERKONSULTING OOD R V COMPANY EOOD DARK FORCE CONSULTING EOOD MEGALINK EAD DIGITONTHECLOUD OOD AM CONSULT & TRADE EOOD LEGALIA EOOD A-TREYD-3000 EOOD IOANNA GKOUVATSOU EOOD VOKA SLIVEN EOOD ATEMKO EOOD ABSOLYUT PROPARTI - HOLDING EAD GREEN MORIA EOOD NORD METALS EOOD HAUS BG EOOD LEXGLOBUS COM EOOD REGIOKONSULT - GEORGI MITEV ET ET FIRMUS EOOD KONSORTSIUM VPVAV GD DZZD VIKTORIYA BM EOOD BI TI ASOUSHIATS EOOD BISINESS CONSULTING 2007 EOOD DZZD RILA RILEYSHAN BADI PROMIANATA OOD NYU EKSPORT GRUP EOOD BV SOLYUSHANS BULGARIA EOOD MOZAMBIQUE TACTICAL CONSULTING EOOD BULGARSKA FINANSOVA GRUPA OOD AGB EOOD SOLAR HIDROGEN BULGARIA EOOD TOP MANAGEMENT ADVISORS OOD S KONSULTING EOOD KORINVEST EOOD PRAXIS CONSULTING GROUP EOOD GE TE TREYD EOOD ETABAC EOOD VGA ADVAYZ EOOD EOOD EAR VIA OOD OOD BOVA ESTEYT OOD ASIST-OPIK DZZD UNIQUE TRAVEL OOD ENERDZHI ASET MENIDZHMANT HOLDING EOOD CASHEL TRAVEL OOD DORATIN EOOD VASILEVA AND KYURKCHIEVA EOOD FINANS INVESTMANTS PROPARTIS 2016 EOOD AVTS KONSULT AD RADENA COMPANY EOOD BALKANI 1957 EOOD KONSTANTI-NOVICHI EOOD VIRAL KS EOOD PROFESSIONAL MARINE SERVICE EOOD ILIEV INTERNATIONAL OOD KONSULTANTSKA KASHTA RESHENIA EOOD IVAYLO GEORGIEV 2013 EOOD 13 SeeNews Industry Report

EUROPA CONSULENZE EOOD CIEMME GROUP CONSULTING AND TRADING DEVIATOR EOOD PMA - PHARMA MARKETING ADVISORS EOOD OOD INSERVIZ AGENTSIYA BULGARIA EOOD EOOD AVAMED PRO EOOD TOKUDA CLINICAL RESEARCH CENTER AD VIVAMUS CONSULT EOOD AGRIKO PRODUKT OOD MK PROJECT CONSULT EOOD PETANOI EOOD SUNRISE BULGARIA EOOD DZ CONSULTING EOOD DND AGROCONSULT EOOD VAV EOOD ENGINEERING PRODUCTIVITY AND PASSY EXPERIENCE EOOD NIMA KONSULTING EOOD TERRA KORPOREYSHAN AD AUTOMATION GMBH OOD DZHI KEY SI MENIDZHMANT EOOD EOOD THE OTHER SIDE EOOD ARDENCY CONSULTING EOOD LEALES EOOD ALOE VERA EOOD J AND I CONSULTING GROUP EOOD KENA GRUP OOD IVV CONSULT EOOD PRIVATE PROPERTY POOL EOOD 3R SERVICES EOOD AMARSINA M EOOD ARP MANAGEMENT & TECHNICAL GAMMA RENT EOOD CONSULTANCY EAD P.D. 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LUBR OOD EUROPROGRAMMECONSULT EOOD TD ENGINEERING EOOD MORNING BEL INVESTMANT EOOD INFOMED BULGARIA EOOD VENTAN EOOD COGENT CONSULTING OOD ATOR OOD POLUX 5 EOOD G V A-ALEKSANDAR SAPAREVSKI ET EID 4 EOOD DTSN EOOD EOOD SR MANAGEMENT AND CONSULTING EOOD EM I EN INZHENERING EOOD COIS BULGARIA EOOD LENOR EOOD GROUTKLASTARS-BG EOOD C-TRUST GROUP EOOD EUROTECHCONSULT OOD MONDZHE BULGARIA EOOD DZZD KAPATSITET 2020 GKS KONSULTING EOOD DZZD GEOPLAN BOBOV DOL 3 D KONSULTING EOOD EN KAPITAL MENIDZHMANT EOOD CENTURY BG OOD BIZNES ANGEL EOOD DANIELI 68 EOOD R-MARKETING EOOD DZHI END DZHI EOOD PRISTA INVEST 2016 AD ADAMANTI OOD SOLAR MACHMEYKAR BG EOOD FINANSPARTNER EOOD PRINCEBERK EOOD TRADE SYNERGY EOOD EQUINOX EOOD 14 SeeNews Industry Report

BALKAN KUALITI KONTROL EOOD AFRIT EOOD LH CO-INVEST KDA FINANSIA GRUP AD KONSULTORES I PROMOSIONES EOOD EVN BULGARIA EAD BOJANOVA EOOD TIM GRUP BG EOOD EOOD BALCAN CENTER FOR STRATEGIC STUDIES EOOD M.A. EOOD EOOD LEMA EOOD AGENCY IMODOM EOOD VIZHAN T EOOD VASBRAN - VASIL BRANKOV ET MAAT EOOD BALCAMS EOOD FOKUS SISTEMS - DAN TEA EM - KO ES EOOD ALL SERVICE 2012 EOOD AKRIMA EOOD EFCO GROUP AD DOLISHTE INVEST EOOD GUENTCHEV MANAGEMENT EOOD HARVEST IN EOOD KWP-CONSULT EOOD MITEV I MITEV OOD TRIZET AD ZAREV GEORGIEV AND PARTNERS OOD CARBON CONSULT EOOD DVL SOLUTIONS EOOD KGS CONSULTING SERVICES EOOD T B P CONSULT OOD EVRO BALANS TREYD EOOD EOOD UAIMA OOD DOMOSTROENE AD EUROPEAN FASHION SERVICES EOOD NO LOGO EOOD AVIATION MAINTENANCE SUPPORT OOD PROFINVEST OOD KONSULTSTROY EOOD MEGA BILD KONSULT EOOD ERINA EOOD GLOBAL INVEST KORPOREYSHAN EOOD KOREKT KONSULT 2004 EOOD BALGERIAN BIZNES RISARCH EOOD GAKRUKS INVESTMANTS AD TIYM KONSULT EOOD DZZD OBEDINENIE ADO - LIMES SIMOIS FINANCE EOOD ASAVIA EOOD AVIONICS HELLAS L T D EOOD DZHODEKS EOOD PROEKT 7 BG EOOD A 1 LIMITED EOOD RADOVALE EOOD TLK BULGARIA OOD INSAMID KONSULTING OOD BDZ-TRANSIMPEX AD EVROSAKE EOOD COMMERCE DEPOT OOD GLOBAL GRAPHENE CORPORATION SARL SISTEMS INTEGRATOR INZHENERING OOD RITEYL SALYUSHAN EOOD EOOD VOLUTION TECHNOLOGY EOOD UNIPERSONNELLE EOOD SP AUDIT EOOD MOMGAB STUDIO EOOD BOLKAN INVESTMENT GROUP-B.I.G. 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LP VEDIGS - 80 EOOD EVMI CONSULT EOOD “ANKH”EOOD EOOD SYNERGY GLOBAL INVESTMENTS EOOD SPEEDY GROUP AD KRIEYTIV SELS AD SE MA CONSULTING OOD INTELEGIS EOOD LIBRA KONSULT EOOD TRUDEKS EOOD AY SI EM GRUP EOOD BIZNES INTEGRITI EOOD BULLBROKERS EOOD CONCREDO EOOD EV ZIN EOOD IKONA KOMYUNIKEYSHANS EOOD OPITNA STANTSIYA PO ZEMEDELIE-DUNAV EOOD ZORA-BBTS - BORISLAV LUKANOV ET ES-N-BILD DZZD A.SI.SI EOOD EYCH GRUP INTERNESHANAL EOOD DINEVI GRUP AD TARGET HD EOOD VERICA 2014 EOOD DONKOV - STANIMIR NIKOLOV ET EURO PRO CONSULT EOOD AIMOS PARTNERS EOOD DENIRE OOD VIKTORIKS EOOD FINEX AD DREAM HOME PROJECT EOOD EXPEDIZE 2020 EOOD ALLEGRO PLUS EOOD BORDER CONCEPTS SOFIA OOD MULTIPLAY SAPLAYS EOOD SMART KONSULTANTS OOD I-DIAL EOOD EOOD MERLON INVEST EAD PROFIKON - KRASIMIR PETKOV ET CARPE DIEM 64 EOOD ADMILIA EOOD LOBI AKT OOD IDI EOOD BUSINEES END CONSULTING GRUP OOD SIRMA GROUP HOLDING AD NOVA TECHNOLOGY EOOD TOCHKA 2 OOD GESHA HOLIDEY EOOD AFRODITA EOOD ROSEBRIDGE EOOD VIA KEPITAL PARTNARS EOOD BLACK STAR INVEST EOOD MIKRA 2000 EOOD MEKSIKO LR EOOD EOOD INARIUS EOOD EOOD LOGOS INTERNATIONAL PROPERTIES EOOD MEGATON 2000 EOOD BIZNES INOVATSII INTERNATSIONAL EOOD BULKAPITAL GRUP OOD HARTMANN-RICO A S ELSANA EOOD BORISOV I PARTNARS EOOD HORIZON MANAGEMENT EOOD MANIFAKTURA PI AR IVENTS OOD OOD AMUNDI CZECH REPUBLIC ASSET MANAGEMENT ACCOUNTING AND LEGAL OFFICE ACTIVE BONOSA HOLDING EOOD A.S. BULGARIA BRANCH GRIYN INVESTMANT BULGARIA OOD GLOBUL CONSULT EOOD ARENDA EOOD BULK-AG EOOD BERKUT BULG RIA EOOD DALIA CAPITAL MANAGEMENT OOD EKO-SOLARIS ENERDZHI EOOD END KO LP ALFA TRANS EOOD VMK CONSULT EOOD VASS KONSULT OOD PEYPAR KONSULTING OOD BUL EURO PARTNERS OOD BOREKS AVTOBUS EOOD OBEDINENIE DVZH-ROBERTOVICH PROEKT MERAKI PUBLISHING EOOD PLATINUM 2015 EOOD DSM ENGINES EUROPE LLC EOOD V A R OFIS SERVIZ EOOD ASTA 2015 EOOD ASM 99 EOOD AKVATEHNIK EOOD IV TEH GRUP EOOD EOOD SMARTCONSULT 21 EOOD VIRTUALEN OFIS SOFIYA EOOD CREDIT RESPECT OOD KMN SOLYUSHANS OOD OOD IM KRIEYSHAN EOOD DEBRET EOOD PREMIUM MENIDZHMANT EOOD 15 SeeNews Industry Report

SISTEMI ZA UPRAVLENIE NA TEHNICHESKATA PNB EOOD ZEM GRUP AD DZZD EZHIS-EVROTRANSPROEKT POMOSHT OOD TRIMOINVEST - HOLDING AD PHOENIX CAPITAL MANAGEMENT AD HYUMANKONSULTING EOOD -3 OOD WEST PRO EOOD TOTEMI EOOD OQS INTERNATIONAL OOD BULPROS INVESTMANT AD A END V CONSULT OOD BEST CAR MOBILE L T D EOOD AGRIANIA EOOD MEDIC NET INTERNATIONAL EOOD M GLOBAL SOLUTIONS EOOD RECREX CONSULTING EOOD PATERKOV INVEST EOOD PEOPLE SOLUTION EOOD STORYBOARD BULGARIA OOD CG PARTNERS OOD ELITE LUXURY COMPANY EOOD SMARTWORKX EOOD ROKSEL BULGARIA EOOD EY PI I EKS EOOD NATURA MEDIO AMBIENTE OOD SMART ECO CITY EOOD ARENA-KONSULT EOOD MEDIA COMMUNICATIONS BULGARIA EOOD ACTIVA ASSOCIATES OOD BRAYT SALYUSHANS OOD EJTIPI EOOD K-SERVIS BULGARIA EOOD SENS CORPORATION EOOD FIORD KONSULT OOD ARKTIK FRUT EOOD ALBERTO MENIDZHMANT EOOD RG CONSULT EOOD I END I SEVLIEVO OOD B G T SERVICE EOOD IN YOUR HANDS OOD CREATIVE SHOWER OOD IMMOBILIS LEGAL OOD NOVUS OYL BG EOOD VITARO EOOD KAYAA RE EOOD IRESTART OOD OOD NUVISTA EOOD EOOD MEDIA PLANET EOOD NEW EUROPE CORPORATE ADVISORY OOD MISTRALE EOOD EXACT GROUP SOLE OWNED EOOD 3BI ADVAYZARI OOD EQUINOX PARTNERS OOD PROADVISE CO EOOD MACROPLAN EOOD D $ D - AGENCY FOR RESEARCH AND PUBLIC NOROQ EOOD G T ELECTRIC EOOD RELATIONS AD VIP GRUP - DIAMANTIS EOOD PLANT PROJECT EOOD PRAYORITI INVESTMANTS OOD LEL OOD DIRECT INVEST AD GRIIN HOLIDEI OOD TERAZIS EOOD SFERA INTERNESHANAL EOOD NEES LOCK SPA AD NIKES INVEST EOOD MEDIA - ROY EOOD EURO TRANS 2000 EOOD PI EM SI EOOD KVINLAN OOD WORLD TRAVEL CONSULTANCY OOD NUUS KONSULTING EOOD EOOD POWER BRAND OOD EKSPIRIANS KONSULT EOOD EOOD M I A MENIDZHMANT SARVISIS OOD AST KORP OOD TSVET PET EOOD EOOD AR CONSULTING EOOD ON DA HAUZ EOOD JITO TREID EOOD DES CONSULT EOOD HEALTH ANALYSIS EOOD SAS GROUP BULGARIA OOD INTERNATIONAL MARINE END AVIATION CLF EOOD SAFIO EOOD AGENCIES EOOD SAZI KONSTRAKSHAN EOOD EOOD SINERGIYA MS EOOD EOOD LVI TREID EOOD LEGARD EOOD FLESH INTERNESHANAL EAD RAY CONSULTING EOOD MASTERSOCIAL EOOD AMAAR EOOD MARKOV CONSULTING EOOD EUROPEAN PROFESSIONAL ADVIS RS - PA OOD KEG KEY EXPERTS GROUP EOOD ALERION BULGARIA OOD BIOKAMP EOOD GALERA LIBRIS EOOD EKS VOTO EOOD RAST 15 EOOD ZOP TRAININGS OOD LA MAR LA KOMO OOD PATISHTA I SAORAZHENIYA - GMS EOOD GIVACTIVE EOOD VI.I. RIAL ISTEYT EOOD OUVARFOL KAMPANI EOOD EOOD TEKNEKSUM EOOD E.T.A.P EOOD LIVRENA EOOD BETA SMART OOD PARTNARS KONSULTING OOD VIVA IZTOCHNA EVROPA EOOD GRAFRISK EOOD VALORIS EOOD CSR EOOD OPTIMA ADVISORS AD FIONA KOMERS AD RENT A REP SERVIZ EOOD DRUM RISK MANAGEMENT EOOD FARE GROUP AD FAIR CONSULTACY COMPANY EOOD AGRICORE EOOD SUPERVISOR CONSULT EOOD AKTIKA AD AD VIATEH-KO OOD BULBOLT SOFIYA OOD PI END DI-MINERALSUVENIR OOD BLATSION OOD GLO KEPITAL OOD INTELKONSULT AD DZHI EL FARMA GMBH TP TARGOVSKA KASHTA FINIKIA OOD CIBOLA OOD DOLPHINS CONSULTING AND ASSET D-FIND HUMAN SOLUTIONS EOOD REGIOPLAN EOOD STM KONSULT 2004 EOOD MANAGEMENT EOOD PAZ 1 EOOD SAMITPOYNT EOOD IK TRUD I PRAVO OOD ALMAMED BULGARIA EOOD PRETIUM ADVISERS EOOD SNK - SNEZHANKA NIKOLAEVA EOOD SISTA KONSULT EOOD DI EN AY BULGARIA EOOD SOFIA DEBT MENIDZHMANT OOD BIZNES KONSULTING EOOD KONSIST KONSULT EOOD DARZALAS CAPITAL EOOD KLARION VENCHARS OOD PENCHO BOCHKOV 1 EOOD EOOD ROTORAS BG EOOD BALGARSKA OBEDINENA KONSULTANTSKA REN ENERDZHI EOOD GRUPA EAD INVEST BULGARIA SERVICES OOD MARK INTERNESHANAL HOLDING OOD IVAYLO YORDANOV ZEMENSKI HELICAL DYNAMIX EOOD ARPEON SERVICES EOOD IRIDA LK EOOD LATOMI GRUP EOOD LONDON VOICE OOD BI FAYNENS EOOD T TRENDAFILOV SPLTD EOOD RISTEYT EOOD EOOD ANIVAL BUSINESS CONSULT EOOD INVERNI AD AD SABUEI BULGARIA EOOD CONSULTIA BULGARIA OOD EOS KONSALTING EOOD ZNANIE OT I ZA BULGARIA EOOD FUTURE IMPACT INVEST EOOD BALGARO-YUZHNOAFRIKANSKA TARGOVSKA TP GLOBAL FINTEK SOLYUSHANS LTD AMAR DZHULARI EOOD STM PROFIMED EOOD KAMARA EOOD KANEKTED EOOD SAAB INTERNASHYONAL AKTSIEBULAG MTP FINANS EOOD HANEVSKA EOOD D END D KONSULT EOOD ADDISON REAL ESTATE EOOD KI-KAM EOOD YULIA MATANSKA ET OKSIMORON 2003 EOOD HEZUT EOOD EOOD BTR OOD ORION LIFT KOMMERS EOOD CHI BI SERVITSI BI DZHI OOD DONEV KONSULT OOD KELET BULGARIA AD BG EUROKONSULT EOOD NORMA NOX EOOD INNIMMO INVESTMANTS EOOD MENIDZHMANT SOLUSHANS BULGARIA EOOD RMARK CONSULTING EOOD GV PRO CONSULTING OOD GALOKSA OOD NK CONSULT EOOD ZALAZ EOOD MALENA KONSULTING EOOD ABERON OOD LM SI GROUP EOOD RAVIDON EOOD MIZAN EOOD GRIG KONSULT OOD ADVANST TEHNIKAL MENIDZHMANT EOOD LEMAN DEY EOOD EOOD EOOD INOVATIVNI KONSULTATSII I RAZVITIE EOOD NANNY 112 OOD ULPIYA SERDIKA SARVISIS OOD CITYCOMP INFORMA EOOD AMAREAL OOD PROFITEST EOOD KEY EL EM EN INVESTMANT END KONSULTING COOP MIX KOOP. SIANAR EOOD OBEDINENIE PETRICH - UPRAVLENIE NA EOOD OTPADATSITE 2017 PROGRESSIVE DESIGN AND RENT EOOD INTER CONSULT PLUS EOOD S P CONSULTING EOOD KLERIX EOOD HOMES IN BULGARIA BG OOD KONMAT OOD INTER IP CONSULT EOOD DIVA MEDIA EOOD VIAL RENT EOOD TORUNTA - YURI VELKOV ET S H H INVESTMENTS EOOD KONSULTANTSKA KASHTA LIERA OOD ALIGNED ACTION EOOD ABC MARINE SERVICES BULGARIA EOOD ADUT IST YUROP EOOD HARI S KONSULT 8 EOOD VEJLVAN GRUP EOOD VELAMED EOOD VI EL KONSULTING EOOD PRO NEWS BULGARIA AD NES ADVAYZARS EOOD YASPIS OOD VICTORIA SS CONSULT EOOD GLO CAPITAL MANAGEMENT EOOD BENNETT AD DARVIN EOOD S. INT. KOM BIDZHI EOOD BILSP - PROJECT CONSULTANTS OOD SR SOLAR TRADE EOOD AGRO KRIS BIO EOOD STARS INTERACTIVE SERVICES (BULGARIA) EOOD 16 SeeNews Industry Report

ORLIN BAEV EOOD FINSITI BULGARIA AD MIK ENERDZHI SALYUSHANS EOOD NOVE PARTNERS OOD CVDK INTERNATIONAL EOOD ARGOTEKS BG OOD INTEGRA PRO EOOD EOOD GIUMAR 1 SRLU EOOD SE KONSULT - 08 EOOD FARMAHOLD EOOD ELIA ART EOOD AKT FUUDS EOOD PROFIT AY DZHI EOOD VERTO ENARDZHI HOLDINGS EOOD STEFAN NENOV ET DA EDU NETUARK EOOD DAMEKS PETROL TREYDING OOD SMB MANAGEMENT EOOD NARADZH EOOD ROT 1 EOOD BOYKOMERS EOOD BIO ENEGMA EOOD ATLANTA LODZHISTIKS OOD ZIDARITE EOOD TA ADVISING EOOD G T V OOD ELISIAN PRO EOOD STIL INZHENERING 2000 AD STUDENTI OOD KUALO EUROPE OOD TEASON AD FTA KONSULT EOOD SOFIYA-IMOT-PROEKT EOOD EUROTONE EOOD METAREKS BAU EOOD EY DZHI ASET MENIDZHMANT EOOD NEW PROJECT CONSULT EOOD U.REIF EOOD PROFISEC EOOD DAYREKT ADVAYS EOOD HARBOR ISLAND CONCERTS EOOD LT EKSPERT OOD TCC OOD IKTUS BG EOOD EURO BALKAN ENERGY EOOD TRANS END TREYD EOOD ALGO KONSULTING EOOD EOOD GO GREEN COMMUNICATIONS EOOD SERVICE-CENTER RS EOOD PARFUM CONSULT EOOD STM 2000 OOD TECHTRADE EOOD INK CAPITALMARK OOD FYUCHARS KEPITAL AD LOZA WINERY EOOD VITAL EOOD NAVIS EOOD EUMIRROR EOOD T-VELOP EOOD ALEGRA CONSULT EOOD & V - KONSULT EOOD PROGRIYNAKT EOOD DIMITAR DIAMANDIEV - EKSPERT ET INTERNORM DZZD CENTUR ZA EVROPEISKO FINANSIRANE EOOD KO-FAST EOOD ECO ANGELS OOD BIEM BG OOD TALENTA EOOD INFOROM CONSULTANCY SERVICES 2 EOOD ASTYANAX EOOD STRATEDZHIK INTERNESHANAL EOOD SIKS-EKORIS PROEVENTS GROUP OOD AGRO KONSULT AV OOD PEND OOD MINERVA - N 37 EOOD GERFAN EOOD OPULENTIYA EOOD EOOD ESKEYDI TREYD EOOD SUPERNOVA 21 BG EOOD GLOBAL INVESTMANT PRODZHEKTS BIZNES SUPORT EOOD HVH CONSULTING D EOOD MENIDZHMANT EOOD GENZ CHENZIN EOOD FARA CONSULT OOD H2O CONSULTING OOD ECERT EOOD MIND TEASER OOD ART LABORATORY EOOD TEAMTIME INTERNATIONAL EOOD ECOVIS HOLDING GROUP BULGARIA EOOD AKSES EOOD INSOLAR AD INFINITI YURAP EOOD FOOD ART EOOD DMT 2006 EOOD KRISTAL KOMYUNIKEYSHANS EOOD EM PI TU EOOD EY BI HOUMS EOOD EY AY EM PRODZHEKT MENIDZHMANT OOD D G PARTNERS EOOD POLIVAS 2013 OOD ZANA CONSULTING 28 EOOD ALPHA CORP BULGARIA EOOD ORM KONSULT EOOD M PISARSKI DZZD BRIN EOOD ITERTEK KVV OOD HIRON 2001 OOD LA FIT OOD CENTRE FOR SPATIAL RESEARCH EOOD MILANOF EOOD KROSSROADS BULGARIA EOOD YULI TONKIN EOOD NEO TREYDO EOOD AES-14 EOOD SOLUTION FINDER EOOD MILKA HALACHEVA ET SCS FRANCHISE AD MF BULBEAR TREYDING OOD EUPRO BG EOOD VIZIONER EOOD HORIZONT INVEST OOD KRESS 2013 EOOD PROVOKE EOOD CG MANAGEMENT SERVICES EOOD REG KONSULT EOOD SANPAK EOOD KAVA OFFICE & BUSINESS SOLUTIONS OOD ELERIN EOOD NYUPRO OOD MITROPA OOD DAVID HEATH EUROPE OOD EKOENERZHI BG OOD POL & BUL CONSULT OOD HUMAN KAPITAL OOD FINANSIER DYO L’ARK EOOD EVROLEND 11 EOOD GLOBAL TOURS ACCOMMODATION EOOD ORIYAL EOOD ARES DIFENS EOOD CONSULTING EOOD PI ES KORPOREYT SARVISIS EOOD TECHNO AND SERVICES OOD CBG CONSULTING EOOD GLOBETRADE EOOD KRAGAL KRASTOPAT EOOD HANDELSGESELLSCHAFT RAINER LUPLOW EOOD VALAT-D EOOD DRAGIEVI - 2001 OOD CAUETO SPLTD EOOD NOVA NOVIS OOD DELEV CONSULT EOOD MMG KONSULT EOOD EYRIASOFT EOOD IMPALA CONSULT EOOD ASK EQUITY EOOD MARKUEZ EOOD NLP TRAINING CENTER OOD INTER NEO OOD OOD PROPERTIES INVESTMENT EOOD MICON BULGARIA OOD RETAIL PRO SOLUTIONS EOOD FELIX TRADE CONSULT EOOD CREW CORPORATION KOLEV EOOD SIMPAL AKT EOOD IBT KONSULT EOOD WINTEAM EOOD RE TEKS BG EOOD FAKT - M EOOD PI AR S EOOD EOOD RANOV TREYD EOOD PRIVI AD AOBA OOD MARKETING CONSULTING GROUP EOOD KOIN EOOD DZZD EM AYMEDIA GRUP PROKONSULT-M EOOD AYDIAL HOTEL GRUP HOSPITALITI TURN AROUND AVIATION SERVICES EOOD BUL AGRO KONSULT EOOD KITIK I GOGUSHEV BIZNESKONSULTING EOOD KONSTRAKSHAN SOFIYA BG OOD M.S. MULTI SERVICE SOLUTION EOOD REGTEH EOOD ECOENERGY FINANCE EOOD IUNIS KEPITAL EOOD MS EUROCONSULT OOD GRIGOROV CONSULTING GROUP EOOD GLOBAL TAX CONSULTING EOOD DTS CONSULTING OOD STEADY CONSULTING OOD MIMI 92 EOOD VDA AGRI CONSULTANCY EOOD CEPTUS EOOD ZALOZHNA KASHTA - BARZI PARI EP OOD TEMPUS MOTU OOD RAZGRAD - UPRAVLENIE NA OTPADATSI 2017 DENITSA 9999 EOOD EOOD DESTAR EOOD BALKAN PRODZHEKTS SOLYUSHAN EOOD ARDES FINANS OOD GLOBUS TRAVEL EOOD VBM OOD BAR 3 OOD SANA ASISTANS EOOD BILIEMO OOD EOOD RADILA OOD IPP CONSULTING EOOD PRESIAN 2007 EOOD CAPITAL PROJECTS AD BULGARSKA ASOTSIATSIA ZA EVROINTEGRATSIA REMISOL EOOD DE LANGE ANALYTICS EOOD GLOBAL BIZNESCONSULT D EOOD EOOD BIG BROKER EOOD EF PI EM (FAYNENSHAL PRODZHEKT PLANKONSULT BREGOVO DZZD ILSTOK FINANS EOOD MENIDZHMANT) EOOD ROSHEL EOOD YUROMIHANIKI EOOD DANUBE ENERGY EOOD KOSKI OOD ANDI 2010 EOOD ALSANI EOOD AKANIG I KO OOD SOSTRA ENGINEERING EOOD ZV SALYUSHANS OOD EVENTUS BULGARIA EOOD SPMA OOD AERONAUTICS BG EOOD SARIS KANSALTING EOOD DELCREDE OOD TECHNOSOLUTIONS EOOD KAM FINANSI EOOD KREDIT SALYUSHANS TREYNING EOOD AROU KONSULTING EOOD EOOD KONSULTANTSKO OHRANITELNA AGENTSIA LEADER PARTNERS EOOD A C COM OOD BOAZ EOOD FAMA CONSULTING OOD S F E R OIL AND GAS OOD SI PI SI FARMA OOD DEANIS EOOD WHITE BOX EOOD BID KONSULT EOOD GPA -TV EOOD CONSULTING AND SERVICE IMPORT EXPORT CIEFFE EOOD MEGS KOMYUNITI OOD EOOD EXACT CONSULT EOOD FORS KONSULT EOOD NEW VISION ENTERPRISE EOOD FOREST KONSULT 1 EOOD ASO KONSULT EOOD VI CONSULT INGENERING EOOD KGK CONSULTING OOD 17 SeeNews Industry Report

BUSINESS SOLUTIONS CONSULTING EOOD EKOGRIYNRAIM EOOD PI KEY KONSULTING GRUP EOOD EKOFAKTOR EOOD DEMETRA DEVELOPMENT EOOD DD PROAKTIV DZZD EY SI EN UARLDUAYD BULGARIA OOD EURO ADVICE CENTER OOD INFINICOM EOOD GEBO EOOD DR. PENDL & DR. PISWANGER EOOD PURPLE AIR EOOD ARTEKST EOOD ALEXX DESIGN EOOD UILSENS EOOD KAZA BELLA ITALIAN RIAL ESTEYT OOD ASC EOOD V I D INVESTMENT OOD ELIRE GLOBAL EOOD BUL PRO CONSULTING EOOD RKK EKSPERT KOOP BIOTEK - BG AGRO OOD CALIGRA OOD MEBERAL EOOD DEVONIAN KEPITAL OOD OOD ALVIS CONTRACTORS EOOD FINANCIAL ANALYSIS AND REPORTING CENTRE PISB BULGARIA EOOD EOOD EOOD DZHEY EM PI EM EOOD VIP MONTAJ EOOD STILITIS ENTERPRAYSES OOD VOLFSBERG DISTRIBYUSHAN EOOD EOOD DILL VENTURES OOD ENTER CONSULTING OOD BIZNES PR EOOD PRODZHEKT KONSULTANTS OOD DELTA SERVICES OOD V. 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AD EKSPERT VT KOOP BYALATA KNIGA EOOD RUBI TRAVEL EOOD EOOD EKIRILOVA EOOD EVERYDAY BAR EOOD CORRECT CONSULTING GROUP OOD EKOL S D Z EOOD VILHELMINA VELSH KONSULTING EOOD HARMONIKS OOD CREATE X OOD APPAREL MANAGEMENT EOOD ALFA BULGARIA AD SOFIA OFFICES OOD ADVOKATSKO SADRUZHIE GOSPODINOVI IN MARKETING OOD KRASITEKS EOOD GLOBUS DZZD DIMOVA I PARTNYORI KTSP INTERNESHANAL BULGARIA 2000 EOOD NEVEQ CAPITAL MANAGEMENT OOD MEDIK LAB EOOD DIEL - 2008 OOD ISER EOOD GLOBAL ECOCONSULT BG EOOD ARMEROS EOOD HEALTH ADVISORS OOD H I H SALYUSHANS EOOD KALATEYA-T OOD DLD GLOBAL EOOD EOOD EVROBUL HOLDING AD VISTA MERITAYM EOOD CDF EUROPE OOD DICON GROUP EOOD BHG OOD EUM INTERAKTIV OOD NIRA COMMUNICATIONS EOOD MAX ADVERTISING EOOD MOS EOOD IT SARVIS END KOMYUNIKEYSHAN EOOD AERARIUM OOD VEKTOR MENIDZHMANT BULGARIA EOOD OKKO1 EOOD CATAPULT EOOD OREL KAPITAL EOOD EOOD BALGERIAN LONGKAT KAMPANI EOOD DZHI-KA 1 EOOD M CONSULTING OOD FISHAR BROUDGEYT EOOD EOOD NOVA CONSULT 2015 EOOD INTERACTIV BULGARIA EOOD PLANKONSULT SATOVCHA DZZD THERMADVICE EOOD AGROKONSULT ANESTIS EOOD PANAKVA OOD YUZER KAMPANI EOOD INTERTAKSER EOOD EOOD ADVAYS R EOOD VIRGO 2016 EOOD GERGANA ILIEVA - BALKANITE ET BENEDICTA BRIGHT OOD EOVIN EOOD SMART UNI EOOD GLOBAL SARVIZ-ENERDZHI KONSULTANSI EOOD BIZZART KO. EOOD STUDIO ARTI EOOD EOOD OLIMPIADA 12 EOOD EOOD RINAMAR EOOD N DISCOVERY EOOD PVSNP EOOD EOOD FAKTA NOTORIA OOD BENEFISHAL KANSALTING EOOD HERMES BROK OOD TRANSINTERMETALS EOOD EGOSI CONSULTANTS EOOD EYDZH DZHI GRUP EOOD EOOD STM COMPLECT CONSULT EOOD PROSEYF KONSULT EOOD EOOD VIKTORI KRIEYSHAN EOOD AGROPROFIL EOOD ELSTA EOOD STAT-KONSULT EOOD CHAYNA MENIDZHMANT KORP. CHAYNAKO M & S CONSULTING & TRADING EOOD K&K MARKETING OOD LIMITED SINOVENT EOOD EURO MARKETING SPLTD EOOD YUVENTA EOOD VIKDI EOOD BIMAR EOOD ALPHA ADVISORS EOOD BLEK HOUL EOOD IVEL BG EOOD STREAMCO EOOD ARUDA EOOD PRAKTIS EOOD ARAS CAPITAL EOOD SLS KONSULTING EOOD RAIN EOOD BLACK FLAG EOOD LEGASTEP EOOD ZARAREV EOOD VBG CERT OOD USPEH OM -A-M OOD OOD AGENTSIA ZA PODKREPA NA INDUSTRIALNATA INITIUM BUSINESS CORPORATION EOOD POLITIKA AD AY VI PRODZHEKT GRUP EOOD TREYD RING OOD TORRIO EOOD KUADRIKS EOOD CASE ITALIA CONSULTING EOOD BRADREKS EOOD TM SMART CONSULTING EOOD PERSONAL INVEST EOOD NOOR CONSULT OOD VERITAS UAYNS EOOD J M TRUST AND INVEST OOD SIGEN EOOD N&L KONSULT EOOD LIDER GRUP 2016 AD VOLTA ENERGY EOOD 18 SeeNews Industry Report

ONE CONSULTING EOOD MARTEL INVEST EOOD BERKLEND OOD MD CONSULT BULGARIA EOOD ABLISKO OOD EVRO ROMB DZZD INK LANDMARK EOOD INOS TRADE EOOD INTELLIGENCE PATHWAYS EOOD I CONSULT OOD RENI-77 EOOD BUL PAZAR EOOD VELA ENERGY AD MET AQUA COMPANY EOOD DZHI AY DZHI EOOD FORKSEYSHAN EOOD 3R EOOD ANSA EXPORT EOOD BALGERIAN GREYT TRAVEL OOD ADI INVESTMENTS BULGARIA EOOD VIOREK EOOD VIK I NIK VIOLETA MISHEVA ET KONSORTSIUM BIM - BAKK IST CONSULTING OOD DZZD OBEDINENIE KONSULTAANTI ZA VI EKSPERT KONSULT EOOD VEKTRA SERVICE EOOD SARA 2017 BULGARIA EOOD IZGOTVYANE NA OUP NA OBSHTINA SEVLIEVO LEPL OOD BG-BD KONSULTING OOD MLM TSENTAR OOD OOD EVROFOND PROEKT OOD HERARDUS EOOD MILENA VASKOVA EOOD BULGARO AVSTRIYSKA KONSULTANTSKA STIBO KONSULT EOOD KOMPANIA AD LIDMAR EOOD DRS CAPITAL EOOD AYS BAR OOD BRUMAN KONSULT EOOD MAXI CONSULT- BULGARIA OOD ENIGMA HOLDINGS EOOD ADVANS PROEKT EOOD RUBELLA KOZMETIX AD MACROS SOLUTIONS EOOD TOKKA EOOD SALONIKUM EOOD GO MARVEL OOD INTER CONSULT GROUP OOD MILDAN OOD BLOCKCHAIN VALLEY BAR & DINNER EOOD FIANA EOOD MONTEROS DIVELOPMENT EOOD RAKOVSKI 24 OOD AGROBIOKONSULT KAMPANI BG EOOD AKVA - SIP INWIND OOD LOHRFARE OOD NTA OOD PLANET TUR OOD DANO KANSALTING EOOD MIBO KONSULT OOD HUMANITIES BESEARCH CENTER EOOD MIRACLE WORKS EOOD ALEXANDREA INVEST GROUP OOD BODITEKS EOOD TEHNOSTROY IN AD BRIFIN OOD ONEIRON EOOD GFN INVESTMENTS OOD BIBO BG EOOD IKSPAND OOD DML-07 OOD AGRO KRINIA EOOD DZZD GIS ZA REGIONALNO RAZVITIE KOLHALA EOOD BENEVENT EOOD MF KONSULTING EOOD AQUA HARMONIA EOOD CLOUDBUSTER EOOD UNIKORN KONSULTING EOOD ODESOS CONSULT EOOD MD PRODZHEKT KONSULTING EOOD PLEVENSKI IMOTI 2000 OOD PENCHEVA LIYGAL OFIS OOD HIPERINVEST EAD SERVIZ FAUR-BULGARIA OOD DANTEO OOD DZHI BI DZHI INZHENERING EOOD PHARMASWISS EOOD MGK SOLUTIONS EOOD SEKYURITI KONSULT EOOD TP PANIM HOLDING OOD RIZARV KEPITAL MENIDZHMANT EOOD TP BIZNES SUIDAN BIZNES SAPORT OFIS PROFINANS KONSULT OOD KOMYUNIKEYSHANS INVESTMANT GRUP OOD VALENTI 64 EOOD AKTSIEBULAG INFINITUS R & D OOD LIDER CLM OPLTD EOOD ROBUL BULGARIA EOOD GLASSCUBE EOOD SURGE MENTORING LAB EOOD IYST APARTMANTS DIVELAPMANT EOOD PRIORITI ENERDZHI GRUP OOD EX DEBT AD VMT SERVICES EOOD CERTIFICATION AND INSPECTION BULGARIA OOD AURORA CONSOLIDATED EOOD BULGARIA KONSULT- BG EOOD DZZD PROKONS TP AMEROPA VENI''S GROUP EOOD POPPYS OOD AK SERVICES&REPAIR EOOD INFOTEH - SOFIYA OBLAST EOOD EOOD NYU ENERDZHI SALYUSHANS EOOD EOOD SI KONSULT EOOD EURO RENTA LUKS EOOD ESKA PATENT OOD BOYANA BUSINESS SERVICES EOOD REMA PUL INC EAD ATID VAROD OOD INNIMMO BOND EOOD EOOD EFEKT FINANCE EAD INN TOURISM EOOD STRATEDZHIK PARTNARS EOOD KOREKT KONSULT 18 EOOD EVROBIZNES INVESTMANT EOOD RUSS-TREYD OOD PRO FOOD BULGARIA EOOD LINITR X EOOD ZALOZHNA KASHTA - SOKOL OOD HOREKA KONSULTING EOOD KL CONSULTANTS OOD MTM BUSINESS LINK EOOD COMMERCIALISTI ITALIA S.R.L OOD DEGREE CONSULTING EOOD LANDSTAR EOOD DZHAK– POL I PARTNYORI EOOD MANAGEMENT CO EAD ATIS MARKETING EOOD ENRGO-PRO VARNA EAD HOLDING SIGURNOST AD PROIZVEDENO V ES OOD LIMAN INTERNATIONAL EOOD EPILEKTOS EOOD VE CONSULT EOOD GUSKY BULGARIA EOOD IV SOLEY EOOD FINKONSUL EOOD ANCAS EOOD BEL-DEPINA EOOD AGENTSIA ZA OTSENKA NA RISKA EOOD CREDIT-CONSULTING COMPANY EOOD SILVAR SITI OOD EVRO STANDART KONSULT EOOD BULKY WAY EOOD ART FORUM 2007 EOOD J I D TRADING EOOD CAPITAL G EOOD ELENIC INVESTMENTS EOOD INOKAP OOD OOD KOPULA KEPITAL ADVAYZARS 2015 EAD K END K ANALISIS OOD EY PI AR 69 EOOD ARTVIZA PRO EOOD ARN FINANS KONSULT OOD KYU-EN OOD TOPPIYPAL INTERNESHANAL EOOD CLUSTERBRIDGE EOOD PR NET EOOD RENTER BG EOOD WEB OOD PROSVETA BULGARIA AD PAVANIDI EOOD SIVIL KONSULT EOOD DIA KONSULT-VILMA DICHEVA ET ET LEXCONTRACT OOD PI DZHEY KONSULT EOOD ECOSYSTEM V2 EOOD KREBS MEDIYA EOOD COLOR-TECH ENGINEERING EOOD LUKE TRADE EOOD YU TU SI ENTARTEYNMANT OOD YURAPIAN BIZNES DIVELAPMANT PARTNAR EM DZHI BET EOOD EOOD MAKSDOM OOD ES EM EL MENIDZHMANT ADVAYZARS EOOD LIVER ADVICE OOD YUNIVERSAL MEDIYA DOO BELGRAD OPSHAN EOOD ATANAS YOVKOV 2010 EOOD QUALITY SOLUTION EOOD KUZ KO EOOD KYU EM ES BG EOOD STAR TRAK EOOD BLACK PEAK CONSULTING EOOD PARLUKE BULGARIA EOOD MOSKO CHOKOEV KONSULT ET EURO 2000 TS EOOD SOMIBULG SOLUTIONS EOOD E3 PROJECT EAD TREYD SOLYUSHANS EOOD EOOD KUANTUM INTERMED EOOD AZIYA KINGSTAN YURAP AD AD ENDEVER CONCULT OOD HERMES-09 EOOD INVESTMANT END PRODZHEKT DIVELOPMANT EOOD TEK.MA.S EOOD MRIYA EOOD LAYTHAUS KAPITAL EAD ALFAKONSULT EOOD ADS KONSULT BG EOOD ALL IN ONE SERVICES EOOD KIVA BTSS EKO - GARANTI EOOD BUSINESSPLAN-SDK MEGAPRO OOD SIRIUS AIR OOD PI. KA. HOLDING EU EOOD EKSPO KO 2 EOOD SMB KONSULT EOOD RAMECA OOD DALIYA-7 EOOD RINO KAPITAL EOOD VALCHEVA KONSULT EOOD YALMAZ INTERNESHANAL KANSALTING EOOD ABEL CONSULT EOOD EOOD ESMARK AD DAYNAMAYT KONSULTING EOOD ANODOS OOD OOD LOYALCONSULT PARTNERS EOOD DZHI END DZHI NET EOOD PROPARTI MENIDZHMANT INTERNESHANAL EMEST OOD EOOD URBANIKA PROPARTIS EAD ALINOR AD PAVEL VENKOV - DBR - 91 ET SIMPLY CONSULT EOOD DZZD KLASTER NA BALGARSKITE SOTSIALNO DOBRICH IN KO - 1 AD TOKU KONSULT EOOD OTGOVORNI IZNOSITELI DZZD KONSORTSIUM TSEF - AKVAINS PMC BUSINESS SOLUTIONS EOOD VIRTUAL ZONE EUROPE EOOD STROLIS EOOD EOOD TRANS KOMERS KONSULTING EOOD BE ES KONSULT EOOD PRO LEGIS OOD VALDES EKO EOOD IBEROSTAR BULGARIA EOOD AYEYEY AUTOKSELANS OOD ANAND EOOD TELE INVEST BULGARIA AD PI EM CONSULTING EOOD FLINTEKS EOOD I KO. LP KASIYA EOOD 19 SeeNews Industry Report

STANCHEVA 2017 EOOD EOOD SI EL EF ADVAYZARI EOOD HUMAN CONSULT EOOD TAOFES OOD SANDI - SELS DIVELAPMANT OOD UOTARKET EOOD PROSOL PIPING EOOD PROFPROEKT BULGARIA EOOD EUROENERG EOOD EY DZHI PI KONSULT EOOD TESLA TC 2017 EOOD DELINA CONSULT OOD PROPERTY MANAGEMENT TRUST EOOD DIANA 3 OOD HAYUEY STAR EOOD TREND STUDIO OOD IVORY BIO EOOD ARTCONSTRUCTION EOOD DZHENTEK EOOD DORI DISTRIBYUSHAN EOOD SAMM BULGARI EOOD TRANS NOVE OOD INOVET PRO OOD VIKTORIYA KOLIDZH OF HOTEL END TURIZAM MENIDZHMANT EOOD EOOD TIRONSTROY EOOD DAHAM EXECUTIVE CONSULTING OOD LPB INVESTITSII OOD ARCHER ADVERTISING BEST ESTEYTS BG EOOD PL INVEST OOD PV KONSULTING OOD EVE-T EOOD ABOLEON EOOD DELARIT AD AD FEAR PRAYS KONSULT EOOD AKD GRUP OOD NIKSEA KONSULT AD EURO PROJECT CONSULTING EOOD VOPENIA EOOD DATES EOOD OYROKOM PR GMBH KEY PI DZHI EOOD GRIYN INVEST SZ EOOD A KONSULT ZHELKA ZASHEVA ET NEOEN OOD MINIMAX SYSTEM BALKAN EOOD ANDARKAVAR EOOD INTERNESHANAL BIZNES SARVIS OOD E AVANGARD PROJECT KONSULT EOOD APPLE CONSULT OOD KONSULT 2010 EOOD A M - 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KONSULTING GRUP OOD SOFIA CONSULTING OOD NIKE GRUP AD ANALITICO OOD MEDIA ADVISORS EOOD UAN INVEST EOOD EL VI KONSALTING EOOD KYU EM EY INVEST EOOD CAPMAN IN EOOD TEMPAL SIMMANDS EOOD EOOD INVESTMANT SALYUSHANS EOOD CASTOR-ANGEL STANEV ET IFM CONSULT EOOD EUROTON CONSULTING OOD HELT KONSULT RUSE EOOD „KONSULTHIDRO” EAD TIP TRADE EOOD SYNERGY PRODUCTIVITY SERVICES EOOD BELVEDER-2112 EOOD FAIR PLAY YACHTING OOD IML TSENTAR EOOD FAST SOLYUSHANS EOOD ONBOARD AD B RIALTI SARVISIZ OOD PROEKT - SYRVIZ EOOD POLYFILMS BG EOOD UNIGLOBE CO EOOD DINO KONSULT EOOD HOCHBAU PLANEN UND BERATEN EOOD BULCYP OOD AVI MS CONSULT EOOD EKO KONSULTING OOD INNO CONSULT LLC EOOD SPIDAP EOOD LIMAVE AD NBO AGENCY OOD HILTON INTERNATIONAL (BULGARIA) EAD BG SMART BIZNES EOOD AGRO EKO BIO EOOD THE ALEKSIEV GROUP EOOD BARSA 04 EOOD PRAYM PROPARTI REYNBOU PLAZA OOD OOD 20 SeeNews Industry Report

SEMA-M EOOD INTEYA 2010 EOOD ENICOMP BULGARIA OOD ENERDZHI FINANS AD FINTRAST BULGARIA OOD BAKK-ES KAVA KONSULT OOD ADVANCE SERVICE GROUP EOOD DRIYMS 1221 EOOD PEE EOOD AN SERVICE EOOD DIFERA OOD PI ES BI KONSULTING EOOD NIKOLA CHEZARI OOD SIRIKS EOOD BIZNES GRUP 2014 EOOD EM VAS KORP EOOD ARGUS IMOTI AD RISING STAR ASSISTANCE EOOD KONSALTO EOOD RAVESS SRL OOD ANNA VERDI EOOD VINI 2004 OOD TAMOS AD ANEKS - KONAREVA S-IE GP SPRO OOD ATTICA FOODS EOOD STORKO GLOBAL EOOD SO2 KARDS EOOD MDV KONSULT OOD BI SI FINANS KONSULT OOD OOD AVP KONSULT OOD YASNA PROEKT OOD ELANA INVESTMENT AD PMFACTORY EOOD ENERGY CONSULT BULGARIA EOOD SET PROFPROEKT BEST KUOLITI MENIDZHMANT OOD ENVISIMO CONSULTING EOOD SKOK - C EOOD TREFO BULGARIA EOOD PRIVA - INVEST OOD IKONUS IKONOMICHESKI KONSULTATSII I IZAVAL AD USLUGI EOOD ATLANTIS INTERNESHANAL EOOD HEPI KLASTER DZZD BULL TRADE OOD DORIKA INTERNESHANAL OOD SOLO DZHET EOOD ENERDZHI INVEST DZZD HSB CONSULT EOOD BERLIGRIYN EOOD TOVETEX EOOD NIKOTIANA - BT HOLDING AD BOZHIDARA MAVRODIEVA EOOD EOOD RESTA SERVICE AND MANAGEMENT OOD BESST DRINKS EOOD ABV IVESTMANT EOOD EOOD SIVIL ASETS EOOD H T C BULGARIA EOOD PROTEAM CONSULT EOOD FARMIN 29 EOOD GEREYRA EOOD COGIS EOOD TSENTAR ZA OBSHTESTVENI PORACHKI, PROEKTI EKSPANSIV OOD PRESIDI SP EOOD I STRATEGII ZA RAZVITIE EOOD TEFEN S.R.L. - KLON BULGARIA FLUIDEL AD VIKING 55 EOOD RADOYNOVSKI & PARTNERS OOD KK - GAIDARSKI I SIN EOOD VILEKS KONSULT DZZD SIMONA I ALEKS EOOD SA LEGAL EOOD BULEXPORT CONSULT EOOD R G KONSULTING OOD PLAZA OOD VESELA DIMITROVA - 67 ET DRIYM DENT KONSULT EOOD EOOD DZHI EM TREYDING EOOD EOOD R PRO EOOD MERLON EOOD VT INVESTMENTS EOOD KLARRA EOOD KRAISTE OOD FORTON CONSULTING EOOD MAGAZINI MOYATA BAKALIA EOOD REZON PETROV 90 OOD FISCTRONIX EOOD BOVANI 32 EOOD A.M.K.-KOMERS AD EVROPEISTIKA DZZD NEWTREND AGENCY EOOD KAPITAL INVESTMANT BULGARIA EOOD LIPO EOOD ZAY-1 EOOD AR EL KEY KONSULTING OOD MLC INTERNATIONAL CONSULTING GROUP OOD BILD INVEST GRUP-SOFIYA AD IBC BALKAN EOOD AP KONSULT GRUP EOOD EXTREME CONSULTING EOOD HOTEL MANAGEMENT CONSULT OOD MEZHDUNARODNA ASOTSIATSIA ZA BIZNES DIVELAPMANT ADVAYZARS OOD AY TI AY PROPARTIS EOOD KACHESTVO EOOD ST COMPANY EOOD NIATEX EOOD SEVER ZAPAD KONSULT EOOD ACTIVE PROJECT OOD SUNBOCA EOOD ENOLOGIYA DT EOOD AMIKO MIO EOOD 6ESS EOOD RELIANCE EOOD GI MARK CONSULT EOOD TSENTAR ZA EVROPEYSKO FINANSIRANE - 2007 PRIMA ADVICE OOD KENDER SERVIS EOOD INSIGHT 97 OOD EOOD AGROVITA OOD CAT CONSULTING OOD SUN ERGO OOD FASHION AGENCY OOD CFD EVOLUTION EOOD BRAYKOV PROPARTI 2 EOOD ROYAL TOUR 2006 OOD BETA LEX CONSULT EOOD DOBREVA KONSULT EOOD ELMASH TRANS EOOD SI EM SI PROPARTIS EOOD TUF KONSULT OOD IVLF KONSULTING OOD PRIVA INVEST 2015 OOD DRAGALEVTSI DRIYM EAD INTELASSIST OOD GAMBIT STUDIO EOOD SERVICE KONSULT SP EOOD RUVAS KONSULT OOD OOD HELIOS TEHNOLODZHI LIMITED - PLAGOSA - KOMERS EOOD VISTA VIESTI EOOD VELIKOBRITANIYA BUSINESS AND TECHNOLOGY INNOVATIONS DAPHNA GROUP OOD PROMAX OOD EOOD STRIMON - CLUB EAD ALEF AND CO EOOD EUROINKONSULT BULGARIA OOD G END P IN PROGRES OOD GREEN-LINES EOOD DZZD PROEKTANTI DEVNYA 2017 PRO KOLEKT SOFIA OOD RIGEL TRADING EOOD MATTIG - LEVERCOM MANAGEMENT PARTNERS OOD DZHI EM MASTERS OOD EM TAYM IVAN MITEV ET EN ES EN SISTEMS EOOD EOOD SMARTOFIS SOFIYA EOOD EOOD EUROMARKET GROUP AD VIVA ASOUSIATS OOD VVV CONSULTING EOOD SHATRO V.N. OOD DEA GROUP OOD DOCUMENTATION SERVICES EOOD PORTFOLIO PRODZHEKT MENIDZHMANT EOOD PROJECT HAIR CONSULTING EOOD PRIVA EOOD FAKTOR LOGISTIK EOOD BURGAS CONSTRUCTION OOD ULTRA KONSULTING OOD FOSLO FASANING SISTEMS GMBH ENKIN I ENKIN CORP. 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INSTITUTE FOR PROGRAMS AND PROJECTS KRATA 2016 EOOD STELT OOD GEA - PETYA KOLEVA ET MANAGEMENT OOD PB KONSULT OOD TREYDING SARVIS GRUP EOOD BBC CONSULT OOD EM AY BI INTERNESHANAL KONSALTING ARGO INVESTMENT EOOD BOTIKA KLINIKAL EOOD PROGRES M 2000 EAD KOMPANI EOOD ALFA OMEGA 10 CONSULT EOOD PLAM KONSULTING EOOD OSTERIYA VENETA OOD YUROSAN EOOD NG BUSINESS CONSULTING OOD DMI DEVELOPMENT EOOD STANISLAVOV EOOD GACHCHI EOOD K & J BULGARIA OOD SUPRAS EOOD VLADIMIR CONSULT GROUP EOOD G C G EOOD AVANT-POSTE EOOD PROFIT LINE EOOD LVD OIL EOOD BBCKM-ORA EOOD INFRA TETIA NIKOLAEVA DZZD VERINGER- BULGARIA OOD K HOLD EOOD PANIVALBG EOOD MIVAKO INVEST EOOD EXPERIENCE ECONOMY CONSULTING EOOD BI END SI BULGARIA OOD CONSULT-RESHKOVA EOOD KONSORTSIUM LA EKSPRES INKIDS EOOD INCEPTUM CONSULTING EOOD VAYRIM OOD PROPAGANDA ZONE OOD JGR EOOD ERGOBULK EOOD KANTARION EOOD AR CONSULT OOD AGROPROINVEST OOD YONKA TODOROVA - YODI ET POPULYARNA KASA - 95 AD QUIVO BULGARIA OOD BOVA 2000 EOOD HIDROSKAN INFRAPROEKT HIDROGEO DZZD T.B.F. 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B. INVESTKONSULT OOD STEMAR CONSULTING EOOD EKUIAS OOD SELDOR EOOD ITL TRANS 21 EOOD EOOD ONLINE GAMING SOLUTIONS EOOD FKB KONSULT EOOD VINGT 2 OOD OOD GAMA INGENERING GROUP EOOD S.M.A.R.T.E.R.KONSULTING EOOD THE COMPANY EOOD MY OFFICE EOOD IZPITVANE NA ELEKTROTEHNICHESKA ART HOLIDAY EOOD SOLA CONSULTING EOOD PRODUKTSIYA AD IVOLVAR OOD ESTONIKS OOD INTEGRAL KONSULT EOOD SANTORINI PROPERTIES CO. EAD PROJECT CONSULT 59 EOOD MONEO CONSULTING D EOOD EXCIS MANAGEMENT SERVICES EOOD BE CONSULT OOD RC CONSULT EOOD AN-VI-BG EAD STROYMONTAZH VARNA EOOD VA-NI TRADE EOOD 22 SeeNews Industry Report

ENERGY SOLUTION EOOD STILYANA TSVETKOVA-STELI ET PETROV & PARTNERS OOD VENELIN SAPUNAROV-ELF ET IMPLEO MANAGEMENT SERVICES EOOD LAUDIS INTERNATSIONAL EOOD ITSEM OOD BODROST SO OOD VI PLYUS INTERNESHANAL EOOD NI KONSULTING EOOD 3 ENDZHALS EOOD EOOD VIZHAN INVESTMANT EOOD ES - INEZHENERING DZZD KVISTGAARD EOOD EMSYS EOOD GREEN STAR CONSULTING OOD AVIK 2004 EOOD S AND V PROPERTIES OOD CONSULTAL EOOD A 1 COMMUNICATIONS EOOD AURIKA EOOD DS BUSINESS SERVICES EOOD HYUMAN ADVAYZAR AD AD DOKTORANDO AG GMBH & CO KG KD HAP 13 EOOD OEKON GROUP - BULGARIA OOD DZZD KRIEYTIV LAYN - BULGARIA TOMA B. 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LP NOVEM EOOD EOOD INFOKONSULT K EOOD G M P GROUP EOOD BENCHMARK GROUP AD AY DZHI ES MENIDZHMANT EOOD TEHNOTENDA KONTRAKT OOD OOD SIVIN KONSULT EOOD DISKORDIA EOOD START 999 EOOD IVELI KONSULT EOOD SERTIFAR EOOD EOOD PROGRESSIVE - E EOOD LEDIT EOOD EOOD TEAMCO EOOD EDUCATIONAL MANAGEMENT AND KRAMARS KONSULT EOOD CONSULTANCIES EOOD EYT KORPOREYT EOOD K EXPERT CONSULT EOOD ONAR INTERNESHANAL EOOD EOOD VARDIMIS EOOD KAVALINI EOOD AURINIA EOOD STARTUPERFOLG EOOD KRONOS MANAGEMENT EOOD LEGAFACT EOOD AMICITE M EOOD PROTON BULGARIA EOOD GUD ART BULGARIA EOOD DEYA KONSULT EOOD ENERGI - SEFE EOOD REVANSH 22 EOOD NEXT LEVEL 1 OOD NEA CONSULT EOOD EMG CONSULT EOOD BVB ENGINEERING EOOD GREENTECH PROJECTS EOOD PROGRESS BUISNESS GROUP EOOD FIBONACHI FAYNANS OOD EVN GORNA ARDA DIVELAPMANT EOOD 23 SeeNews Industry Report

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MERIT BULGARIA EOOD EOOD OCTO CONSULTING EOOD KONEKO AGRO EOOD HELTKEA KONSULT EOOD K AND Z INTERNATIONAL EOOD AKSIYA OOD VALENTINA PANGELOVA - LEGA ET S KONSALTING EOOD TOMA KONSULT EOOD TAUZAND VENCHARS EOOD EOOD VOYADZHAR REZORT EOOD TRAVEL AND RENT EOOD ITERA 431 EOOD INTRO 2013 EOOD EL NESTO EOOD LD KOMERS EOOD EN DZHI KAPITAL OOD ESPU CONSULT EOOD VIRTUS KOMERS EOOD DZHESTIONE LAVORI EOOD PUBLIC COMMUNICATION EOOD AGROBUSINESS CONSULTING EOOD VOLARO EOOD TECC LIMITED EOOD DZZD ADVOKATSKO DRUZHESTVO VAKOVA MTM INZHENERING EOOD SOLIS PRODZHEKT EOOD ARVEN OOD STOYKOVA VIAL KONSULTING EOOD INFINIT BULGARIA EOOD 100 FOXES CONSULTING EOOD SEVIKOM EOOD EOOD MENIDZHMANT DIZAYN EOOD PVN 2007 EOOD BDM TRADING EOOD INSAT 2001 EOOD HORIZONTI 2 EOOD NAPCOM EOOD AMERIKOM EOOD ESCHATOS EOOD K SARVIZ OOD MIA CONCEPT EOOD TSEROVIT AMBULATORIYA ZA SPETSIALIZIRANA POLANG INTERNATSIONAL AS EOOD MEDITSINSKA POMOSHT - INDIVIDUALNA EMIEM - CONSULT - M EOOD PROFI TSENTAR BG EOOD PRAKTIKA EOOD KREDO 21 EOOD BALKANS METAL SERVICE EOOD CMS INTERNATIONAL EOOD MORENA STIL EOOD AGRINOM OOD ATM CONSULTANTS EOOD DENISI CONSULT SLTD EOOD TP KORPORATIVEN PRAVOV SERVIZ GETSE AVSTRIYA GMBH ABOT EOOD STIVACOMLTD EOOD EM BI EF GLOBAL OOD OOD MUROV EOOD BIOWIN PROJECT OOD VBROS ENTERPRAYSES OOD ZEP SPORT TRADE EOOD MT PROJECT EOOD GIOZEPPE EMPOLI EOOD AY TI ES KONSULT EOOD ADVICEPRO EOOD DIMITAR MATEEV ET KIKLOS EOOD TEMPO DI OPERA EOOD INTERNATIONAL WEB SERVICE EOOD M&S PROJECTS OOD CTC GROUP EU EOOD STANDART - 2002 OOD STM - EVRO CONSULT OOD AGRO - M - KONSULT EOOD RINO BULGARIA EOOD AY DI KONSULTING EOOD KAPITAL FRONT EOOD OLIVER EOOD PORT I EOOD EM DI INVEST EOOD KOREKT KONSULT PARTNERS EOOD KLARITI PRODZHEKT EOOD MARFEI EOOD YUNAYT KONSULTING EOOD G V I OOD EVROLAND OOD ISMA BULGARIA EOOD TORA CONSULT EOOD BUL KAR TREYD EOOD ELEADORA EOOD PLEY SISTEM AD AD BLD LOZENETS AD G.LORDS OOD MARKOV KONSULT AS EOOD SN INVEST 17 EOOD TERVEL 1 EOOD OLS3M OOD KAR LIZING EOOD AGRO-DUNAVIYA AD NOVA KOMERSIAL EOOD GOLDAN KONSULTING OOD OOD FARHI METAL OOD KOOPERATSIA SOFIA CONSULTING GROUP KOOP. 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LOGIC EOOD RUSBG-INFO BURGAS OOD SOLYUSHANS EOOD A.S.P CONSULT EOOD ECO SOLUTION OOD CONSTRUCTION CONSULTANCY EXPERTS EOOD INTERNATIONAL CONSULTING AND INVESTMENT ALIA GREYN GRUP OOD COMPANY EOOD VILA KRISTINA EOOD BULLECOSYSTEMS EOOD BIM CONSULTING OOD INNOVATO EOOD ALEXANDER 7 EOOD O EN EY KONSULTING EOOD NEW SCIENCE EOOD DZZD PLANKONSULT BELOGRADCHIK KORPORATIVNO UPRAVLENIE EOOD METAL GROUP ELIT TRADE EOOD TEKA SERVIZ EOOD ES EM DI KONSULT OOD GLOBAL BISNES BG OOD INVEST BILDING GRUP EOOD ARS ASSISTANCE EOOD PAM BUZINESS SOLUTION EOOD GREEN MANAGEMENT OOD PRIME INNOVATIONS EOOD EY BI NOMOS OOD ELTRACOM OOD BRITAKAR EOOD RIGHT SOLUTIONS OOD SANRAYS 10 EOOD EVOLV EOOD DIMITROVA & P - LO EOOD MY TRADING FOREX EOOD KBC MEDIGUARD EOOD PI EN ES KONSULT AD VIVACORP EOOD AUTOREC AD ELEKTROIMPEKS AD MARIE BRIZARD WINE & SPIRITS BULGARIA EOOD ZARA AD DEYUIT I PARTNARS EOOD DIMIRO INVEST AD IPRA - 2000 EOOD NIKET TECHNOLOGIES EOOD AKA BG EOOD AYVI TREYDING EOOD FILAAP EOOD EVROKONSULT RASHKOV EOOD SPA ACTIVE OOD SATORI MENIDZHMANT EOOD PERFEKT SALYUSHAN EOOD VAZE CONSULTING EOOD ADANTIO OOD BELEZHNIK EOOD G M CONSULT 2015 EOOD STILING GRUP EOOD VAB CONSULTING EOOD VI PI FINANS AD LORAN - IRENA MIHAYLOVA ET KARAT 119 EOOD RILA INTERPRO COMPANIES HOUSE 1 OOD BRITISH CERTIFICATION CONTROL EOOD WHITEMARY GROUP EOOD PITIA KONSULTING EOOD DENYUB KEPITAL MENIDZHMANT BALGERIA EAD KRUSTEVI CONSULT EOOD SINDIKATBG3 AD SYNERGY CAPITAL EOOD VIA COMMUNICATIONS OOD 4 NET EOOD EOOD PRAKTICHESKA DERMATOLOGIYA EOOD MEDUSA EAD AURORA BOREALIS EOOD SMART IMIDZH OOD GREEN LIGHT INTERNATIONAL EOOD OBEDINENIE STRATEGMA PPM DZZD MNN PARTNERS EOOD PROGER BULGARIA EOOD BRIO EOOD DIMOK OOD VIOLETA DUNCHEVA ET TRADEX COUSULT EOOD EVRODART EOOD BUL EKO 2008 OOD E H M A EOOD BULGARIAN COMPANIES LIMITED EOOD VINIVERSUM EOOD LEIRA SOLYUSHANS EOOD UNIVERSAL TRADING AND CONSULTING EOOD DELAREINA EOOD BMP BE HAPPY 21 OOD INVESTMANT END KONSULTING OOD MARCONSULT 12 EOOD KONSULTANTSKA KASHTA SANYA EOOD AMO TREYD KONSULT AD TARGOVSKI PROEKTI EOOD INTERTILES G EOOD AY ES DIDZHITAL EOOD EK NEOU EOOD PI VI PET MOGILI EOOD DOJAN FITZI EOOD INTELLI - ECO EOOD UNIVERSE FINANCE AD BARD KONSULTING OOD BAR ELO GESTION HOTELERA S L BRANCH OFFICE SITA MANAGEMENT CONSULT OOD VERIFICATION BULGARIA EOOD GLOBULKORP BROKARS OOD BULGARIA KCHT SAFESPOT EOOD GEO CONSULTING 1 EOOD MOVAKO OOD EVROPROEKT KONSULT 2014 2020 EOOD GTR SOLUTIONS OOD DUPLICATEX BIZ EOOD AKAUNT KONSULT 2013 EOOD PRATIKO INTER EOOD AT HOUM EOOD ANDR SOF.T EOOD SOCIAL MELLON EOOD KORELIA GRUP EOOD OLIMPIA 15 EOOD AY KYU REVOLYUSHAN OOD G GLOBAL MARKETING EOOD EL DZHI END KO EOOD HOMES UNIQUE EOOD BOKI GABROVO EOOD DFFD BULGARIA OOD PAPEROTI EOOD KONTRAKTUS EOOD OMSERRAMENTI EOOD EMIL NENKOV -IK ET ZELENI TEHNOLOGII OOD ITALIAN FASHION TRACES EOOD LABORATOIRE INNOTECH INTERNATIONAL INNOVIO CONSULTING EOOD STEDI TREYDING EOOD DANIELA MITEVA ET WORLD 36 MANAGEMENT EOOD LIYZD LIDARSHIP KATALISIZ EOOD RALEKS KONSULTING EOOD TONUS 21 EOOD ORDINARI ENTERPRENYUARS EOOD NEFTOYL OOD BURGAS EVRO KONSULT EOOD 25 SeeNews Industry Report

MONETTI EOOD TEHNIKONSTRUKT EOOD NOVIDA EOOD CONSULT AGRO -PROEKT OOD SKY LAND EOOD EOOD RADIAL BIG - SIKYURITI EOOD MAXIMO MANAGEMENT EOOD KV GLOBAL INVEST EOOD KB KONSULT EOOD IM CONSULTING EOOD PROJECT HOUSE EOOD AUSTRIA BIO GARANTIE BRANCH BULGARIA SMART MOBIL EOOD AXEL MAVERICK EOOD LAVA MARK EOOD DEVELOPMENT ZONE EOOD ROKET MEDIYA GRUP EOOD EOOD NIKI BEST EOOD LANDIS HOLDING EOOD YOHANES FYURPAS EOOD EKSPEDAYZ KONSULT EOOD VIVIEN-KONSULT EOOD TECNO MULTI SERVICE EOOD STYLE LAB OOD FRANELI CONSULT EOOD ADRONA EOOD SMART UNI BULGARIA EOOD EVROPEYSKI PROEKTI I PROGRAMI KONSULT BOX & BOXES EOOD ADIG KONSULT OOD EYCH PI EF SI EOOD EOOD DDN PARTNARS OOD CHINA COMMUNICATIONS CONSTRUCTION BIZNES PRESTIZH 7 EOOD SAUNDUEYV STUDIO EOOD EOOD COMPANY LTD UNICK CONSULTING OOD LINK IT OOD SUNFIX DISTRIBUTION LLC EOOD POSTULATE EOOD AMPLIO TENDAR SARVISES BG EOOD TEMPLETON SOLUTIONS BULGARIA EOOD PROEKSPERT KONSULT EOOD NEO GREEN EOOD GRIYN LAYF END TURIZAM KONSULT OOD SEMPER FORTIS PUBLIC SECTOR EOOD INTER STAR EXPERTISE OOD DE.SAAR TEHNOLODZHIS OOD GRUP A ES OOD Q PHARM EOOD KMK - KONSULT EOOD B.I. 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ALIANS-3 EOOD INOVA AUTO RENTAL EOOD BELBULKO EOOD GAERYS S P A AD KANTORA KITANOV OOD PABLIK KONSULTING OOD OOD BULROR EOOD FMCG GROUP EOOD REMITECH EOOD COSMOLIZA EOOD PROVENTIS KONSULTING EOOD M-SERT EOOD BIO ENERDZHI INTERNESHANAL SG OOD IVELINA 1981 EOOD ILIEV 0107 EOOD PMR EOOD DZHAST INTERNESHANAL EAD INDUSTRIALEN KREDIT - BULGARIA EOOD BALKANIK OYL EOOD DZZD TIVA TODOROVA CONSULTING EOOD EKZEKYUTIV DIVELOPMANTS OOD V I K-OT A DO YA V TEKSTILA OOD OOD CONSULTING CLUSTER VERITAS OOD R I R KONSULT OOD K E Y PROJECT OOD TRITON KANSALTING OOD GARD RENT EOOD EOOD SOLAR ENERDZHI SHOP EOOD IMH EOOD MEDITERRANEAN TRADE EOOD NEW AGE MEDIA EOOD XTERNA BULGARIA OOD BRATYA MATEEVI 2015 OOD PLC PROJECTS OOD PLANEKO OOD INTERNATIONAL EURO FUNDS CONSULTING IS LAND 2010 DZZD OOD EKO SALYUSHANS EOOD ANKONIKO EOOD EOOD SIBOLA PROPARTI EOOD EUROLEASE GROUP EAD ARKONT INVEST EOOD INTELLICO SOLUTIONS OOD AMKO EOOD PM - CONSULT DISTRIBUTION OOD J K 68 EOOD EN VI ES KONSULT EOOD DAVIDE BULGARIA EOOD PM KONSULT OOD INVEST KONSULT INZHENERING OOD EMI-FT EOOD SAUT MENIDZHMANT KAMPANI OOD NVV OOD LINGAMS HOLDING LIMITID AUTOM8 CONSULTING OOD MARKET SPORT BULGARIA OOD HI-TECH SYSTEMICA OOD IGNISARV EOOD DINA TRADE OOD NORD HOLD AD BIONOKS OOD EVROFONDOVE CONSULTING OOD TATIUVERON EOOD INVIZIO EOOD M G D AGENCY OOD HYPER TETRA HEDRON CONSULTING PARTNERS PRIORITY OOD FIKS FINANS BULGARIA EOOD OOD BILDING PRODZHEKT 1 OOD OOD JUNIX EOOD EDEL - B EOOD ALFA PROEKT EOOD ASIMVEST OOD MATRIX MANAGEMENT GROUP OOD RION EOOD OMEGA ENDZHINIRING EOOD ALUR EOOD REJOY EOOD PROREAL BULGARIA EOOD DIM TEX 1 EOOD DILKO EOOD MASTAR EKSCHEYNDZH OOD KONSULTANSKO BYURO ZA IKONOMICHESKO SMARTCONNECT EOOD G P AERON OOD REGIONALNO I INDUSTRIALNO RAZVITIE EOOD VENDI EOOD BAGSI EOOD ABK -AGROBUSINESSCONSULT EOOD ORBIANA EOOD ONDE DI TERRA OOD OOD PPM IVALS EE DZZD MENTORIS OOD KONIG SISTEMI I TEHNOLOGII OOD WISDOM INVEST EOOD SEAM 2016 OOD KAROLA 2017 OOD BITCO BULGARIA OOD HUBENOV CONSULT EOOD CEZ BULGARIA EAD SPESIAL TREK GRUP EOOD F I A - CONSULT OOD AIC CONSULTING EOOD MASKARO EOOD BELARENT OOD NIK CONSULT 2013 EOOD FREE TRADER EOOD BELLMEX EOOD PERPETO - 08 EOOD ARMI CO EOOD NURB MARKETS EOOD 26 SeeNews Industry Report

SLANCHEV BRYAG TURIZAM EOOD M-LOGISTIK EOOD BG REGIONI OOD EVRO AKSES KONSULTING EOOD ANA-KTK - KANCHO TENEV ET ENTREA CAPITAL OOD CONSULT VD EOOD KONSULT 2008 OOD PORTOKALI EOOD I DZHI ES OOD BIZNES STIL KOREKT OOD PPZP EOOD EN KONSULTING OOD PGS CONSULTING EOOD KARIZMA KONSULT EOOD DEMETRA KONSULT OOD TSENTAR ZA INFORMATSIONEN ANALIZ OOD KAYA OM A HUNG EOOD YUEYSI-PRIMA EOOD KAYROS KAPITAL EOOD PERSIKO OOD CLAIMHELP EOOD MK I KO EOOD GLOBAL MARKETING BULGARIA OOD EURO PROGRAM CONSULTING EOOD PRIME DEVELOPMENT CONSULTING EOOD ROK SIE OOD GANO EXCEL BULGARIA OOD HOLDING BDZ EAD OUVAKANSALTING EOOD SERDICA CAPITAL MANAGEMENT EOOD CONSULTATIVE OOD INFRAGKONSULT EOOD ESH FORUORDING KOMPANI EOOD ALFA KEPITAL MENIDZHMANT OOD ALPHA-BUILD CONSULTING EOOD TECHFOOD EOOD CONEXIO CONSULTING SERVICES OOD DZZD TRENING SM ALAYANS TRUST CONSULTING LIMITED OOD TI VI PLEY EOOD BAVARIAN ENERDZHI AD GLOBAL PRODZHEKT KONSULT OOD NEW TIME EOOD EXPERT PARTNERSHIP EOOD BI BI TI EOOD EL KORTE INGLES S.A. 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GRUP EOOD KOM MA TEK EOOD 27 SeeNews Industry Report

NPV CONSULTING EOOD TU HELT AP OOD TRIFONOV LAW OFFICES OOD IVEX DEVELOPMENTS EOOD PAP TEH BULGARIA EOOD AB ADVISOR AND ACCOUNTING AD DEMETRA-1958 EOOD NORD KEPITAL DEVELOPMANT AD TOLAKS EOOD O S SERVICE EOOD EYCH END VI OOD VINARSKA IZBA ETHNO EOOD INTERELIT KONSULTING EOOD EOOD OMEGA ESTEYT GRUP AD AD SPL AD SPORT AND HOBBY EOOD ASOTSIATSIYA NA INVESTITSIONNITE DVT EOOD EKO-LEND KONSULTING EOOD DANIELI 21 OOD MENIDZHARI V BULGARIA EOOD EQ CONSULT EOOD AMPLIFY ANALYTIX EOOD EVKON EOOD MENTOR MENIDZHMANT EOOD FENOLIO GILERMO HOSE EOOD EOOD E - KONSULT 2007 EOOD BETNAMBARS EOOD EOOD PMBA EOOD VIP SHOP BOX EOOD TSENTAR ZA INOVATSII I OBRAZOVANIE EOOD RAIA KOEVA-VALKOVA ET CHI DI GRUP EOOD ALTO AGROCONSULTING EOOD EVELINA GEORGIEVA ET ZHASIKO KONSULT EOOD AGRIMAR BULGARIA OOD RAYKOMERS INZHENERING AD KONSULT MEDIKA PLYUS OOD BUSINESS INTELLECT EOOD RAINBOW FOCUS EOOD KILIAN INVESTMENT EOOD MERKADA KONSULT OOD OOD EVA BAY DIZAYN EOOD ALINA S EOOD FARMAMEDIKA OOD IFILM EOOD EOOD PROTIVITI EOOD A E CHI INZHENERING OOD LOBY EOOD INTERPROKONSULT EOOD MACKIE O SULLIVAN CONSULTING EOOD YOUR IDEAS MATTER EOOD SMARTA GROUP EOOD MARKETS EKSPLORAR EOOD EN BI DZHENERAL EOOD NYU ENARDZHI KEPITAL OOD MARKDETURK I KO OOD TELESTO MANAGEMENT EOOD PERSEI TRADING EOOD OMV LIDER EOOD IMMOINVEST PROPERTIES EOOD SERDIKA FINANCIAL SERVICES EOOD DZZD ENEFEKT GRUP KALIN TSVETKOV 69 ET ET RITEYL DIZAYN OOD CHEF CHAKAROV EOOD BULEKOPROEKT 2006 EOOD CARISMA EOOD KSC EOOD ICSS CONSULT EOOD M.A.N. TRANSPORT EOOD UPCONS EOOD AMPERE EOOD LUDIL EOOD LEGAL ADVICE CONSULT OOD GLAVBOLGARSTROY HOLDING AD IUTEPAY BULGARIA EOOD PANTALIA EOOD BIO IMPEKS FARMA OOD OOD MARBEX 08 EOOD ARSELAND KAPITAL MENIDZHMANT EOOD ANGEL FINANCE EOOD COBDEN PARTNERS BULGARIA OOD KAY KONSULT EOOD KROLEKS EOOD MA PROGRESS OOD AY TI DI KONSULTING EOOD BIZNES INKUBATOR BURGAS DZZD ALGOMAS EOOD KAN - A KONSULT EOOD DORAL TRADING EOOD VODOLEY-N EOOD TODIS 2013 EOOD PETROL CORRECT EOOD LEVERAGE 21 EOOD AEK GROUP MARITIME OOD MM KONSULT 2015 EOOD AGRIMA INVEST EAD SITIES BULGARIA EOOD CHAPLIN EOOD MMTT PETKOV INZHENERING EOOD KREATIV KONTSEPT OOD SPEAK TO INSPIRE EOOD SONYA SARVISIZ EOOD RAYZELAND EOOD POSSIBLE EOOD ALLIANCE BALKANI CONSULT OOD PEGASUS INVESTMANT KAMPANI EOOD FEYRBNBKLAYM EOOD EOOD GLAMFORD EOOD EOOD TIME TRAIDING AD SB BOYANA OOD ISTARN YURAP TREYDING KAMPANI OOD YOUR COIN GMBH & CO KG KD YONET EOOD EVROSERVIZ KONSULTING BG OOD NIKES KONSULT EOOD DZHENERAL MEDIKAL OOD DODIMEKS EOOD BG LEX 11 EOOD EGIS - ETP - ICG GRADEVA EOOD MIXED SOURCES EOOD BULEX KONSULT EOOD KERVEROS EOOD EOOD INTERKIT KONSULT EOOD TUGEDAR EOOD LIQUIT IMAGE OOD BEST PLANT EOOD POBEDITEL.BG EOOD CASTLE CLUB 1 OOD BUSINESS FLOW OOD POPOV CONSULT COMMERCE EOOD CLUSTER AREA BRAND OOD SPANER EOOD EOOD REAL PRO EOOD 100 M EOOD NA TOCHKI EOOD MIDLAND MANAGEMENT ADVISORS EOOD KERAT CONSULT GROUP EOOD PREGOVORI EOOD OBEDINENI BULGARSKI IMOTI KOOP DALIS M 69 EOOD BORUN EOOD DEMA 08 EOOD SITEX - 81 EOOD CREATIVE ENERGY HOUSE EOOD BI EYCH EM TIYM OOD DZZD OEE KARDZHALI ATOFALA STANDART KONSULT EOOD CREDA CONSULTING OOD ELPIS NOVA CONSULTING EOOD PROEKTI INVEST KONSULT EOOD INSTITUTE OF TRANSPORT AND OBEDINENIE EVRO ARH TEH VI DZHI EF INTERNESHANAL EOOD COMMUNICATIONS OOD EVN AG AVSTRIA VAKATIO EOOD AY PI EL KONSULT TIYM EOOD ECOTECHCONSULT-B M EOOD EFTA SERVICES SMLLC EOOD EKO AKVAKULTURI EOOD EVROPROKONSULT M EOOD VODA MEDIA VENCHAR EOOD N CONSULT AND TRADE EOOD ROUNDSHIP OOD KALERIN ADVAYZARI EOOD SHEF S BURGER OOD PR CARE EOOD TURBILION EOOD MSV MANAGEMENT OOD VARAS EOOD PLAZA TREYD EOOD SUBSTANZ GMBH EOOD LEGA - MARIANA DIMITROVA ET CASINO RESHENIA OOD FIDELITY GROUP OOD AVA PARTNERS OOD EFT BULGARIA EAD DREAM LINE EOOD DELTA COMMERCE EOOD GLOBAL ASOCIADOS EOOD BALKAN-ADRIA TRANSPORT OOD NASC NASTRADINOV OOD FMT SERVICES OOD FIELD SCOPE INT EOOD INSTITUT ZA STRATEGII I ANALIZI EOOD BULEKS-INVEST AD CREDITREGIA EOOD SOFCONTROL CONSULT OOD BGLOT AD EN KONSULT EOOD YOVI KONSULT OOD LIMAKS 97 EOOD DZZD SHEARD SARVIS TSENTAR BULGARIA HISAR 2014 EOOD ALTER EGO COMPANY EOOD AY TI EM KONSULT EOOD SK PROPARTI EOOD MATADOR PRIME TRADING DESC OOD COMMUNICA EOOD BRAYS NEO OOD EUROCONSULT-SEL OOD HEMUS KONSULT EOOD ALEKSANDRA METODIEVA - SOLAR ENERGY ET PEPETROV EOOD EOOD LOYALCONSULT SERVICE EOOD STRUMA BROKER EKSPERTNI OCENKI EOOD AGROKOLOR EOOD Z PRIME EOOD MSY CONSULT GROUP OOD ALFAVITO EOOD VELI NEKST - ANELIYA BOCHEVA ET TS-KOM EOOD ERGO PLASH EOOD EOOD TREZHARI 1 EOOD DCM PROJECTS OOD BEKS IMOTI OOD LRC LABOR RELATIONS CONSULTANCY SERVICES KING ADVARTAYZMANT EOOD BENEFAKTOR MENIDZHMANT KAMPANI EOOD VARNA KASTA EOOD EOOD TOP ADVAYS OOD FINANSOVI INFORMATSIONNI TEHNOLOGII OOD B&H ADVISERS EOOD IKA PRES EOOD OBEDINENIE PDBOS GRASAL- BG OOD YUTAKANA BUSINESS PROGRESS EOOD JAMAIKA EAD BIO EKO PELETI EOOD SOFIYA STROY AD URBANIKA BIZNES ERIA AD LUXESTATE EOOD POPOV DELCHEV I MAPEKS - KONSULTANTI ZA ANDOLINI OOD ESHELON DIVELAPMENT EOOD ORAK - ZLATEV I S-IE SD EFEKTIVNA ADMINISTRATSIYA ULTIMA RATSIO EOOD HBB CONSULT EOOD MARSI B EOOD AIRCLYMA INGENERING EOOD MK-KONSULT - MIROSLAVA KUNCHEVA ET M-NET EOOD GALABOV I SADRUZHNITSI OOD KRAS CONSULTING EOOD DENCHEV 2013 EOOD BULLOYERS KONSULT EOOD EVROPROJECT OOD BAKINGAM ELEMENTS EOOD EOOD PERFETO KONSULTING EOOD NEDYALKA PENCHEVA - PATENT-KONSULT ET TP NOVOZAYMS A ES TALY AND CO EOOD ZHELEV CONSULT EOOD BALGERIAN FISH FUUD KAMPANI OOD SLATA EOOD TERCON OOD 28 SeeNews Industry Report

YACHT & PORT CONSULT EOOD ADIG GRUP OOD ES VI VI ES EOOD ACTUS EOOD PROEKTNA EKSPERTIZA VARNA DZZD PANNIM HOLDING GMBH & CO KG KREATIVITA EOOD PALAKARIYA FAUNA EOOD MDA CONSULTING EOOD GREEN NATURE OOD PROSTO LIDER DZZD CFT MARKETS OOD NOVO.TEAM EOOD GLOBAL SMART ADVAYS EOOD PROJECT DYNAMIC EOOD POLI SARVISIS OOD AT PARTNERS EOOD MEGA KONSULT-2006 EOOD SHTEREV KONSULT EOOD KONSULTANTSKI TSENTAR EVROPROEKT EOOD WALNUT INVESTMENTS EOOD MARKADEMIKS EOOD OLIAVI GRUP EOOD AY PI AR KONSULTING EOOD ILAK EOOD PANTI EOOD SINKRO EAD EAD I& I CONSULT EOOD DZZD GRAVITI KONSULTING-SI END BI INTLI EOOD GEOIMOT 2 OOD LETAN EOOD ENERDZHIKONSULT MIRIAD MK OOD INSIDE CONSULT EOOD GLOBAL TRADE BG EOOD RAYCHEVA KONSULT OOD ELIZABET - DOBROMILA EREMIEVA ET BALKAN AEROSPACE ENGINEERING EOOD PREMIERS KONSULT OOD ANIXI IMPORTS OOD PLAN C EOOD YANINA - 88 EOOD EOOD FORDZH BIYOND EOOD 3 SI KOL END KONSEPT KOMPANI EOOD LEOMARA EOOD TRECOM EOOD UPAID BULGARIA OOD AYFOS EOOD PLYUSPUNKT EOOD JFF BULGARIA OOD SARVISIS INTERNESHANAL OOD UNION BALKANS BUSINESS EU OOD DEEP BLUE MARKETING EOOD PI EN DZHI EOOD DIT MENIDZHMANT OOD DATA MANAGEMENT EOOD LITIS MUNDO OOD MONTAJNA BAZA EOOD RONTEK EOOD HELT KOLEKSHAN STRUCTURAL TECHNOLOGIES EOOD PINOL BG EOOD NELA NAKOVA ET GLAMOS EOOD TSVETELINA POPOVA - 78 ET GERGANEL EOOD BOVADA EOOD EKSES EOOD INDIDA EOOD MSE KONSULTING OOD MADARA CONSULT EOOD BUSINESS ADVANCE TEAM EOOD BRAYTARS EOOD DIPONIKS EOOD SIMORGH TECHNICAL AVIATION CONSULTING INTERNESHANAL DIDZHITAL KONSULTING AD OOD ES END VI OOD SONILA EOOD AZKO EOOD R.E.S. INVESTMENTS EOOD EOOD EN DZHI KAPITALKAR OOD DZZD GEOPLAN KONSULT ESSERE EOOD AYDIA ADVARTAYZING EOOD VIKTORY FASHION EOOD BUSINESS SERVICES BG EOOD KIBERMAN OOD SERVEROUS EOOD ESTRA EOOD EM BI EF KONSULTING EOOD GALAKSI TRI DZHI ES INTERNESHANAL OOD DINAMIK-2007 EOOD VIKTORIA BG 2013 EOOD ANDRE GEBLER EOOD SETET OOD DZHI GRUP OOD SPM GROUP OOD MED CONSULT BULGARIA OOD DFCO OOD SAT LODZHISTIKS EOOD TRIPLEPRO BULGARIA OOD GRADIM OOD LOUN STAR - BULGARIA OOD PROST EOOD MAK AUTO RENT EOOD VOLTSISTEM OOD STRIKS KONSULT OOD ZIT CONSULT EOOD FAST TRACK EOOD IMPERIAL INVESTMANT EOOD DIMITROV I SIE KONSULT OOD GLEN CONSULT EOOD INTEGRITA EOOD TARA BG EOOD ALMA GREEN HOUSES OOD SOLIMEKS EOOD LAGUNA MANAGEMENT EOOD DZZD PRO KONSULT KRUSHARI NOVEKSITUS KONSULTING EOOD IYST YURAP KAMPANI EOOD ODIKO - 69 OOD DIKI MD EOOD M-CONSULTING 83 EOOD FASHION AND MANAGEMENT EOOD INTERDOM BG EOOD GREEN LIGHT MEDIA OOD EMILI INVEST 2013 EOOD MENEX EOOD MAGNUS INTERNATIONAL OOD PROJECTS-CONSULT EOOD PP INVEST 17 EOOD EOOD BGR NET EOOD BSS KONSULT EOOD EA BULGARIA EOOD IPSI-1 EOOD SOUTHBROOK IMPORT-EXPORT EOOD IRIDA EOOD EYCH BI DZHI ASETS MENIDZHMANT EOOD PUBLIFICO EOOD ENERGOEKSPORT EOOD PANKCHAR EOOD DAVINCI SOLUTIONS EOOD ISSA CONSULT EOOD GROU SMART EOOD DIVERT EOOD UNIGROUP CONSULT EOOD KA - PROEKT - SPASKO SPASOV ET EVRO PROPARTI BG OOD PLAN B EOOD RUMEKS 2004 EOOD FINANCE MANAGEMENT EOOD ASK CONSULT EOOD TOVEL KAMPANI EOOD TOSHEVO REAL ESTATE EOOD SOFIYA PROEKT OOD FUMI-V - HRISTO VRANSKI ET HEALTH ENVIRONMENT INFOSECURITY NIKALY CONSULTING EOOD REDAKO AGRO EOOD CONSULTING EOOD MWM-MESH WELDING MACHINES EOOD ALKONA - 2000 OOD KMA 02 EOOD PEYS KONSULT EOOD AGRO INFO CENTER OOD FARM - M EOOD APRITERA OOD GOMAR OOD ADEPT MENIDZHMANT AD RUMEN MINCHEV-RMM ET OBEDINENIE INFRAMOBILPLAN DYNATEE EOOD KONSORTSIUM DDF 2017 FINES -M OOD RAYZING STAR DEVELAPMANT OOD THE GOOD CITIZEN EOOD TERZIEVA KONSULT D EOOD BALGARSKA ENERGIYNA GRUPA AD DAD SERVICES EOOD BG STANDART EOOD ADK CONSULTING OOD HAMFRITO TREYD EOOD INDUSTRIALON EOOD CSB EOOD STAR TRADE LIMITED EOOD TRIFONOV LOU FARM DZZD KONSULTANSI EYCH KYU EOOD EOOD VALKA OOD HR IMPACT EUROPEAN EOOD DOWELL INTERNATIONAL EOOD KRESTON BULMAR - SOFIA 2-1 OOD MTM KONSULTING EOOD VANS AGRO OOD FINANCIAL SERVICE CONSULTING & SLANTSE - ZDRAVE I KRASOTA EOOD MIRA METRIKS RISARCH BULGARIA EOOD INVESTMENT GMBH & CO. KG KD PRIMEXIM OOD DZHED KAPITAL DEVELOPMENT S.A. SGEKR TP OL-KONSULTING EOOD BAZA ZA TEHNOLOGICHNO RAZVITIE MARITSA PROFISHIOO EOOD IZTOK EOOD SAPERE AUDE OOD RUMSTOVIL AKTIV OOD CENTRAL COOPERATIVE UNION KOOP. MR KONSULT EOOD PRODIVINE EOOD MD SOLUTIONS EOOD GLOMA EOOD TRANSACTA OOD LUKSOZNI PRODUKTI EOOD SUPRIM KAPITAL EOOD SEQUOIA CONSULTING SERVICES EOOD REGIO PM EOOD RIAL UAN KONSULTING OOD OOD EF TI ES KAMPANI EOOD PRIMUS INVESTMANT EOOD ADA IMPEX EOOD AUTOMOTIVE CONSULTING EOOD R-ATLAS AD SUPPLY CHAIN EOOD SINTINVEST EOOD BSC COLLECT EOOD ALL 6 EOOD UIS EOOD ACTICON OOD INTERNESHANAL EVROTREYD BG EOOD BALGERIAN TREYD END INVESTMANT OOD BNE OOD BUSINESS CONSULT-NM EOOD TEKRA ES OOD DIMOT EOOD LEADWAY OOD LUX EOOD TRANS-PAL 05 EOOD NIKALAS VAN ORTAN OOD OOD RUMEN PETKOV KONSULT EOOD EYCH EM TRI OOD OOD V AND P CONSULTING OOD SMART ENERGY GROUP AD INMANAGEMENT OOD CERTIMA OOD YORITOMO BULGARIA EOOD 9000.BG EOOD GODE LIV EOOD STUDIO GEOMETRIYA EOOD VALET 2013 EOOD DZHI STAR OOD BRP INVEST EOOD N G M INTERNATIONAL PROJECTS EOOD FAIR EOOD OVIN EOOD VIKMARK OOD KREDINVEST EOOD SAULES EOOD INTERA BUILD ENGINEERING EOOD K CONSULTING EAD AMADDEUS CONSULT EOOD PORIFERA EOOD KEY PI DI KONSULTING EOOD BALABANOVA BG EOOD 29 SeeNews Industry Report

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MY LEFKADA L T D EOOD SIBOLE SARVISIS INKORPOREYTID BULGARIA PRODZHEKT PARTNARS EOOD IV CONSULT 2015 EOOD EOOD T T N TRASPORTI S R L EOOD DENIA 08 EOOD AZ STEEL SERVICES EOOD SOL MELIA BALKANS EAD FINVERA CONSULT EOOD DZZD SMART KONSULTING KLASTER KENI KONSULTING EOOD ESCRIPTA EOOD ZHOKOMERS EOOD ES BI SI OOD INNOVA EOOD AT& P EOOD LEONT EOOD APFIT EOOD MK CONSULT - 2012 EOOD VS AGRO CONSULT EOOD YOMA KAIZEN EOOD DOMSTROYINVEST EOOD M AND M ARMS OOD BUZINESS AGRO CONSULT EOOD NOVA CONSULTING EOOD NAYDENOV KONSULTING OOD INTERHORIZONTI EOOD ALFI BULGARIA EOOD ES EM SI EY EOOD ALMIRKO EOOD ENTRADA RESAYKLING EOOD RENTA BOKS EOOD TRANSPORTER BULGARIA EOOD VESELINA MITEVA VM EOOD FAS RISK MANAGEMENT OOD SMART KOLEKT KONSULT EOOD NEW WAVE COMUCATION EOOD DI END DZHI EYCH EOOD DOUBLE R OOD PLAM TEAM OOD BUSINESSPLAN.BG EOOD ALONA GLOBAL CONSULTING LIMITED EOOD RATH HOUSE EOOD ALFA EVRO KONSULT EOOD MORAN TREYD EOOD KOBEHL EOOD PAUAR TEHNOLODZHI INVESTMANT GRUP AD MAKS KONSULT.BG OOD KSANALANI EOOD NYU ART POYNT EOOD LEKSTERA OOD BIZNES MENIDZHMANT SARVISIZ OOD MOTIVEYTED UARKARS EOOD EOOD TREKS BG OOD ROSLIN KAPITAL PARTNARS-BULGARIA OOD RUSBG -YUG OOD KEMPINSKI - 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EOOD E.M. PRODZHEKT EOOD ES PI EM AGROKONSULT EOOD ODIT LG EOOD PERSONAL ASSISTANCE EOOD ANI - ANKA OVCHAROVA ET PANCHAREVO UOTAR SPORT RIZORT OOD AGENTSIA ZA RAZVITIE I OBUCHENIE EOOD DEYANIRA EOOD KREDO TEHNOLODZHI OOD MEBEL ZONE OOD GEODEN - GEORGI KORITAREV ET EMIL LESOV ET SAZVEZDIE LAV EOOD EUROPEAN TECHNOMACHINE OOD OYRO IVENT - BILYANA PANTALEEVA ET APACHIYA NORD EOOD STIDO OOD ZUNA EOOD 32 SeeNews Industry Report

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VIA AIR EOOD BIT EOOD UNITED PARTNERS EOOD SIM KONSULTING EOOD GOLK OOD BIKOUZ BULGARIA EOOD EOOD INSTITUT ZA UPRAVLENIE NA PROEKTI EOOD FARGO GRUP EOOD STALLION EOOD GS MENAGEMENT SYSTEMS EOOD MARA-DISO EOOD ASTROMEDIA EOOD EOOD MAYKAV EOOD EMERGENCY CERTIFICATION OOD BULPETROLI EOOD EOOD GLOBAL KONSULT SARVISIS EOOD EY DZHI END EN TREYDING PARTNARS EOOD RALS ADVISERS EOOD FDF EAD GAIA EOOD AGER SOUTH EAST EUROPE INTERNATIONAL MARLIN GROUP & CO KG KD KLK EOOD BATTERY RECYCLING EOOD CONSULTING EOOD PROEKTIRANE STROITELSTVO I MONTAZI EOOD IDEEA MANAGEMENT SOLUTIONS EOOD LTA CONSULTING OOD DZZD OUPO BOYNITSA GERIS CONSULT EOOD BRAYT INVESTMANT EOOD DEOMID-VARNA OOD VIA GLAS BG EOOD MANN CAPITAL OOD BI I EM KONSULT EOOD INVESTMANTS SARVIS GRUP EOOD DANIMAR SOFIYA EOOD MARVI GROUP EOOD WIKINETWORK OOD PAZARNI RESHENIA EOOD EBEST IOT EOOD INTERNESHANAL BIZNES DIVELAPMANT MIRALA EOOD ORCHID MANAGEMENT - BULGARIA EOOD HAPPY TRADE OOD KONSALTANT END SARVISIS OOD AREN BG OOD MASTER KONSULTING KAMPANI OOD G-SPID SOLUTIONS EOOD CAPITAL EXPERTS OOD MEDIA SPORT OOD MARKET PULS EOOD SLEIPNIR EOOD TANDEM KONSULT TK EOOD ALTA COMMERCIAL EOOD A J TRADING CONSULT EOOD SIBOLA ENERDZHI EOOD IDEIN EOOD STEFANKA BANKOVA EOOD TSARSKO SELO EOOD ANGEL HOUSE EOOD DZHENA ART EOOD KSBV EOOD ALTEM CONSULT OOD CALISTA 15 EOOD AKSIS VI-GRUP EOOD BANGYEV''S EOOD F COMPANY OOD ELIT PARTNER KONSULT EOOD NYU PROGRES KONSULT EOOD PASS PROPARTI EOOD EOOD BLUE MARK EOOD BI VI KAPITAL EOOD DPG-GEORGIEV GRUP EOOD BP CONSULT EOOD IV KRISTAL KONSULTING EOOD VAS QUALITY EOOD DC CONSULT EOOD DFS CONSULTING EOOD STARKOM HOLD AD VADZHO - DESISLAVA VASILEVA ET COMPLEX PAINTING AND AIRCRAFT SERVICES ATM APART EOOD BUSINESS DESIGN OOD EOOD FIVE CONSULT EAD ELEKTRONNI PLATKI AD CITIZEN SOCIETY GROUP AD TP LEVA PUMPEN RD KONSALTANS BG OOD ZET EM PI KONSULT OOD KOMASATSIA EOOD STAMEN KRIVOSHIEV COSULT EOOD KRISTAL TRIKO EOOD A. 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STAPKA PO STAPKA VT EOOD DAR - ZHORZHETA GEORGIEVA ET NOUBAL STAR OOD D G AGRICONSTRUCTION EOOD KERAMICHNA KOMPANIYA OOD PRODZHEKT MENIDZHMANT KONSULT EOOD GLINOHUM EOOD TRIVIA LEGAL ADVICE EOOD FILOGAT EOOD SI EYCH ES MENIDZHMANT AD MM - PRODZHEKTS OOD PUMA SERVICES EOOD H DG OOD BB RESEARCH & CONSULTING OOD B END K TREYD KOMPANI OOD OOD PROFIKON EOOD VESOV I SINOVE - KONSULTING KAMPANI OOD S RIPTORIUM EOOD EDC SOLUTIONS EOOD EVROPROEKTI EOOD VOX CONSULT EOOD VP DROPLA OOD VERDIANT EOOD SKYLEX EOOD SUICH ON KONSULTING EOOD PRAKSIS KONSULT OOD VIVA IVAN TRIFONOV ET RID KONSULT EOOD AA LEGAL EOOD VLADIMIROVA CONSULTING EOOD SAMARA 2012 EOOD PEVLA 510 EOOD PLANET BULGARIA AD RADMI EOOD INBICI MAGAZINE OOD ENTREA CAPITAL PARTNERS AD KALTI EOOD LYANI TRANS KONSULT EOOD EOOD ZARA KONSULTING EOOD GESTIPLOV OOD GLOCALLY MI EOOD C&M PARTICIPATION FINANS KONSULT MI EOOD GALAKTIKA BG EOOD REPRESENTATION&CONSULTING OOD K END D LIMITED OOD OOD VJF MARKETING I CONSLTATIONS OOD NOLARGI HOLDING EOOD EOOD TANYA SLAVOVA - IMPERIAL KOMERS ET MIDERA EOOD BULGARA PROJECT & BUSINESS EOOD EY. I. KANSALTING EOOD GLOBAL ENERGY EOOD NORTIKA EOOD E-TRAINING OOD MANDZHUKOV DIVELAPMANT OOD LM ENERGY CONSULT EOOD DELOKONT - PLAMEN PAVLOV ET MSA SEYFTI SP Z O O DIKI INZHENERING EOOD BV CONSULTING EOOD TEYKOVAR OOD ESTEE EOOD AGROPROJECT SM OOD MADINIYA GLOBAL EOOD VISKONSULT EOOD PROPARTI INVESTMANT EOOD AXION ADVISORY SERVICES EOOD TSB CONSULTING EOOD ISSTAKOR EOOD AGROKOP RUSE EOOD MISAR INTERNESHANAL EOOD EOOD EVROFAKTOR EOOD BRAYT TREYDING GRUP EOOD KOPOS RIYL ESTEYT BILDER BAUGRUPE EOOD I EN KONSULT OOD RAEVA CONSULT EOOD KO. KD LP VALENS 2010 EOOD PABLIK KONSULT OOD BALKANS INZHENERING I KONSULTING EOOD ALMAREKS EOOD FUTURE POSITIVE CONSULT EOOD AD CONSULTING EOOD EOOD MAPA BULGARIA KANSTRAKSHAN END VELDER KONSULT OOD WEIRD AUTHENTIC PEOPLE EOOD T & S - CONSULT GRUP EOOD TREYDING EOOD DETELINA POPOVA LAW FIRM IMSO OOD GLOBAL TRADE LINE EOOD TOGA OOD BLACK SWAN SRLU EOOD DYB 1 EOOD VI END DI KONSULTING OOD MVM FINANCE CONSULT EOOD BEST OFFARS INTERNATIONAL OOD ORIOR EOOD MYLON EOOD SKIPER KONSULTING EOOD FINANSOV SARVIZ KONSULTING I INVESTMANT MARK HELT LOGISTIK EOOD ABAGAR PRODZHEKT EOOD KARNOBATSKO MLYKO OOD OOD PALADIUM KAPITAL EOOD ATAVIS AD APOLLONAS OOD MILITA 11 EOOD EOOD KOMPANIA ZA PROEKTIRANE I RAZVITIE EOOD EKS-PRO KONSULTING EOOD EOOD AMG BULGARIA EOOD TEHNOEKSPORT TREYD EOOD VATO 2002 EOOD LANSING AD LIMES-CONSULTING EOOD DZHIKEYEM KONVEYING SALYUSHANS EOOD NORIMUS EOOD LYASTOVITSA EOOD AMA EOOD TRU INVEST EOOD ZOLAKS EOOD EXCLUSIVE SERVICES AD KREZ KONSULTING - KRASIMIRA STOYANCHEVA EY DZHI BI PARTNARS OOD ET CHAIR SOURCE EOOD SECOND LIFE ELECTRONICS EOOD STEFOKONSULT EOOD INDEKS BULGARIA SA AD RESGRUP OOD TOPEKSPERT 2008 EOOD ENERDZHI MENIDZHMANT END TREYD EOOD RILU ENT EOOD PR OSEMDESE KAM DVAYSI EOOD FILTERQUEEN BULGARIA EOOD VALDIMEX EOOD IS KAMPANI EOOD TPS EOOD EOOD NIONY OOD DELTA CAPITAL INVESTMENTS OOD YANMARI 2009 EOOD ELIFRA EOOD GLOBAL AGRI OOD TEKSIM PROEKTI EOOD EOOD TIGYURING EOOD TEMA CONSULT OOD SANRAYS HOUMS EOOD STAS CONSULT OOD PEGAS KONSULT 63 EOOD SMART MEDIA KONSULT EOOD TOTAL - KOMPYUTAR EOOD SI KOM MOBAYL EOOD VESTA - VESELINA NEYKOVA ET TT CONSULTING SERVICES EOOD SOFSTOK TREYD AD SOLARIA EOOD VES KONSULTING EOOD EOOD ADLER CONSULT EOOD SINERDZHI GRUP OOD ECO-GARANT PA EOOD KARANLAKOVA EOOD TAYDS KEPITAL END MENIDZHMANT - TSM FOBOS KONSULT EOOD SISTEMCONSULT EOOD EOOD ON TRAINING EOOD TRANSFINANS OOD TRENA KONSULT EOOD INTERA CONSULT OOD IVIK KONSULT EOOD INEIK EOOD COMPARISON OOD FLEKSIPRO EOOD AYLEND AD KISA EOOD BERNAUER BULGARIA EOOD AGRO SPRED EOOD UNIVERSE 1221 OOD DEBORA AD VIK CONSULTING EOOD IDV PROEKT EOOD EVI M KONSULT EOOD ALEKSANDRA MEDIYA 2016 OOD SPEEDBALL OOD MGM EOOD EVROALTERNATIVA OOD GEOAYS MARKETING EOOD EOOD AKSIOPEA KONSULT EOOD ROSTI EOOD O K CONSULTING OOD NYU MENIDZHMANT OOD - EOOD KONSULTANTSKA MREZHA FOTON EOOD DZZD EVROKONSULT DZZD SDRUZHENIE SUPERVAYZAR 2015 INTRA KONSULT EOOD MEDICEXPRESS EOOD BURGASKA KORABOSTROITELNITSA AD ZAFORO OYL END GAZ LIMITED – KLON BIA 3 S R L EOOD BULGARIA KCHT SIMBIO OOD MSM-TRADE OOD DAR CONSULTING OOD KONSORTSIUM UIND ENERDZHI OOD PRODZHEKT EKS OOD MUCHO GUSTO OOD IKKEN NAMO OOD BILIYV1221 EOOD MBND-BULGARIA AD I SERVICES EOOD MIHAILOV ESTATE EOOD FAREST BULGARIA EOOD ANALITICHNO KONSULTATIVNA GRUPA - ACG RO IN EOOD OOD ES ES PI KONSULTING EOOD KUALITI INSPEKSHAN SERVISES EOOD ZOZMO EOOD ZLATEN VAVILON EOOD FASILITI PLANING GRUP OOD INFOSAYT EOOD PLANKONTSEPT OOD GHV ADVISORY EOOD FASTVAT BULGARIA EOOD GENERAL STOCK INVESTMENT EOOD EKOPROEKT KONSULT 2016 OOD MAILAND EOOD TAIR EOOD STRATEGY BUSINESS 2017 EOOD PR PLAY OOD HOLIDEY-N EOOD STROYPERFEKT EOOD BESA VALEY GRUP AD MARKONY IMMIGRATION SERVICES OOD RT TEK OOD OOD ARI HAUS EOOD KRIKS EOOD CONSULTING CENTRE - MACHINE BUILDING SEVA AR EOOD EOOD AMMBRA PROJEKT - BULGARIA OOD EOOD POST KONSULT OOD 36 SeeNews Industry Report

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