Industry Report Manufacture of food products 2016 BULGARIA

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

I. KEY INDICATORS

II. INTRODUCTION

III. REVENUES

IV. EXPENSES

V. PROFITABILITY

VI. EMPLOYMENT 1 SeeNews Industry Report

NUMBER OF COMPANIES IN MANUFACTURE OF FOOD PRODUCTS I. KEY INDICATORS INDUSTRY BY SECTORS SECTOR 2016 2015 2014 The Manufacture of food products industry in Bulgaria was MANUFACTURE OF BREAD; MANUFACTURE OF 2,929 2,862 2,822 represented by 5,501 companies at the end of 2016, FRESH PASTRY GOODS AND CAKES compared to 5,394 in the previous year and 5,225 in 2014. MANUFACTURE OF OTHER FOOD PRODUCTS 421 401 369 N.E.C. The industry's net profit amounted to BGN 451,206,000 in OTHER PROCESSING AND PRESERVING OF 346 339 321 2016. FRUIT AND VEGETABLES OPERATION OF DAIRIES AND CHEESE MAKING 278 275 261 The industry's total revenue was BGN 9,625,596,000 in PRODUCTION OF MEAT AND POULTRY MEAT 226 219 218 PRODUCTS 2016, up by 9.12% compared to the previous year. PROCESSING AND PRESERVING OF MEAT 186 182 179

MANUFACTURE OF COCOA, CHOCOLATE AND 164 156 146 The combined costs of the companies in the Manufacture SUGAR CONFECTIONERY of food products industry reached BGN 9,120,357,000 in MANUFACTURE OF RUSKS AND BISCUITS; 164 165 151 2016, up by 8.96% year-on-year. MANUFACTURE OF PRESERVED PASTRY GOODS AND CAKES The industry's total revenue makes up 10.38% to the MANUFACTURE OF GRAIN MILL PRODUCTS 123 126 124 country's Gross domestic product (GDP) in 2016, compared PROCESSING AND PRESERVING OF POULTRY 101 100 98 to 9.87% for 2015 and 9.65% in 2014. MEAT MANUFACTURE OF PREPARED FEEDS FOR 95 98 93 A total of 75,588 people were employed in the Manufacture FARM ANIMALS of food products industry in 2016, compared to 79,725 in MANUFACTURE OF PREPARED MEALS AND 75 73 62 DISHES 2015 and 75,203 in 2014. MANUFACTURE OF OILS AND FATS 73 86 84

MANUFACTURE OF CONDIMENTS AND 54 56 55 Most of the companies in the industry are based in Sofia, SEASONINGS followed by Plovdiv and Varna. PROCESSING AND PRESERVING OF FISH, 51 44 44 CRUSTACEANS AND MOLLUSCS MANUFACTURE OF ICE CREAM 44 42 41 II. INTRODUCTION PROCESSING OF TEA AND COFFEE 42 44 41 MANUFACTURE OF MACARONI, NOODLES, 31 32 29 COUSCOUS AND SIMILAR FARINACEOUS In 2016 the companies in the Manufacture of food products PRODUCTS industry numbered 5,501, distributed in 25 sectors. MANUFACTURE OF FRUIT AND VEGETABLE 31 31 22 JUICE PROCESSING AND PRESERVING OF POTATOES 21 18 21 MANUFACTURE OF HOMOGENISED FOOD 20 17 16 INDUSTRY STRUCTURE BY SECTORS AND NUMBER OF COMPANIES PREPARATIONS AND DIETETIC FOOD MANUFACTURE OF PREPARED PET FOODS 16 17 15 421 MANUFACTURE OF MARGARINE AND SIMILAR 4 4 4 1,301 EDIBLE FATS 346 MANUFACTURE OF STARCHES AND STARCH 4 5 5 PRODUCTS 278 MANUFACTURE OF SUGAR 2 2 4

226 III. REVENUES

The total revenue in the industry was BGN 9,625,596,000 in 2016, BGN 8,820,905,000 in 2015 and 8,288,526,000 in 2014.

2,929

Manufacture of bread; manufacture of fresh pastry goods and cakes

Manufacture of other food products n.e.c. Other processing and preserving of fruit and vegetables

Operation of dairies and cheese making Production of meat and poultry meat products Others

In 2015 there were a total of 5,394 companies operating in the industry. In 2014 their number totalled 5,225.

2 SeeNews Industry Report

country in 2015. In 2014 the GVA of the Manufacture of food Total revenue products was BGN 7,066,190,000, or 4.92% of the GVA for Net sales revenue the country's economy. 10,000,000,000 9,625,596,000 GVA BY SECTORS 8,820,905,000 9,000,000,000 RANK SECTOR BGN SHARE OF THE 8,288,526,000 COUNTRY'S 8,921,091,000 GVA (%) 8,000,000,000 8,178,042,000 1 MANUFACTURE OF OILS AND FATS 863,394,000 0.57 7,701,376,000 2 MANUFACTURE OF BREAD; MANUFACTURE 813,317,000 0.53 7,000,000,000 OF FRESH PASTRY GOODS AND CAKES 3 PRODUCTION OF MEAT AND POULTRY MEAT 773,847,000 0.51 6,000,000,000 PRODUCTS 4 OPERATION OF DAIRIES AND CHEESE 719,599,000 0.47 5,000,000,000 MAKING BGN 5 OTHER PROCESSING AND PRESERVING OF 672,494,000 0.44 4,000,000,000 FRUIT AND VEGETABLES 6 PROCESSING AND PRESERVING OF POULTRY 661,198,000 0.43 3,000,000,000 MEAT 7 PROCESSING AND PRESERVING OF MEAT 627,397,000 0.41 2,000,000,000 8 MANUFACTURE OF STARCHES AND STARCH 497,709,000 0.33

1,000,000,000 PRODUCTS 9 MANUFACTURE OF GRAIN MILL PRODUCTS 387,658,000 0.25 0 10 MANUFACTURE OF PREPARED FEEDS FOR 370,269,000 0.24 2014 2015 2016 FARM ANIMALS 11 MANUFACTURE OF OTHER FOOD PRODUCTS 357,569,000 0.23 N.E.C. The companies in the Manufacture of food products market 12 MANUFACTURE OF COCOA, CHOCOLATE 335,382,000 0.22 of Bulgaria earned combined net sales revenues of BGN AND SUGAR CONFECTIONERY 8,921,091,000 in 2016. 13 MANUFACTURE OF RUSKS AND BISCUITS; 328,167,000 0.22 MANUFACTURE OF PRESERVED PASTRY GOODS AND CAKES In annual terms, sales marked a rise of 9.09% compared to 14 PROCESSING AND PRESERVING OF FISH, 119,475,000 0.08 2015. In comparison to 2014 they went up by 15.84%. In 2015 CRUSTACEANS AND MOLLUSCS sales grew by 6.19% year-on-year. 15 PROCESSING OF TEA AND COFFEE 77,981,000 0.05 16 MANUFACTURE OF CONDIMENTS AND 68,631,000 0.05 The Manufacture of food products industry total revenue SEASONINGS make up 10.38% to the country's GDP in 2016, compared to 17 MANUFACTURE OF PREPARED MEALS AND 60,457,000 0.04 9.87% for 2015 and 9.65% in 2014. DISHES 18 MANUFACTURE OF SUGAR 56,318,000 0.04 19 MANUFACTURE OF PREPARED PET FOODS 54,693,000 0.04 Share in GDP 20 MANUFACTURE OF FRUIT AND VEGETABLE 47,296,000 0.03 11 10.38% JUICE 9.87% 21 MANUFACTURE OF ICE CREAM 44,045,000 0.03 109.65% 22 MANUFACTURE OF MARGARINE AND 17,588,000 0.01 SIMILAR EDIBLE FATS 9 23 PROCESSING AND PRESERVING OF 12,317,000 0.01 POTATOES 8 24 MANUFACTURE OF MACARONI, NOODLES, 12,273,000 0.01 COUSCOUS AND SIMILAR FARINACEOUS 7 PRODUCTS 25 MANUFACTURE OF HOMOGENISED FOOD 11,418,000 0.01 6 PREPARATIONS AND DIETETIC FOOD

5

4 We expect, based on the trend in the last three years, the total revenue of the Manufacture of food products industry to 3 change at a compound annual growth rate (CAGR) of 7.76% in 2017. 2

1 NET SALES REVENUE BY SECTORS RANK SECTOR NET SALES REVENUE (BGN) 0 1 MANUFACTURE OF OILS AND FATS 1,126,557,000 2014 2015 2016 2 MANUFACTURE OF BREAD; MANUFACTURE OF FRESH 895,944,000 PASTRY GOODS AND CAKES

3 PRODUCTION OF MEAT AND POULTRY MEAT 872,012,000 In 2016 the Manufacture of food products industry PRODUCTS contributed to GDP BGN 7,990,492,000 in Gross value added 4 OPERATION OF DAIRIES AND CHEESE MAKING 754,825,000 (GVA) accounting for 5.24% of the total for the country's 5 PROCESSING AND PRESERVING OF POULTRY MEAT 707,590,000 economy. 6 OTHER PROCESSING AND PRESERVING OF FRUIT AND 687,798,000 VEGETABLES In the previous year, the industry's GVA amounted BGN 7 PROCESSING AND PRESERVING OF MEAT 682,303,000 7,452,940,000, accounting for 4.82% of the total for the 3 SeeNews Industry Report

8 MANUFACTURE OF STARCHES AND STARCH 511,587,000 PRODUCTS TOP COMPANIES' REVENUE BY SECTORS 9 MANUFACTURE OF PREPARED FEEDS FOR FARM 449,095,000 SEGMENT COMPANY TOTAL REVENUE NET SALES ANIMALS (BGN) REVENUE (BGN) 10 MANUFACTURE OF GRAIN MILL PRODUCTS 437,379,000 MANUFACTURE OF HOMOGENISED FOOD PREPARATIONS AND DIETETIC FOOD 11 MANUFACTURE OF COCOA, CHOCOLATE AND SUGAR 423,362,000 SLANCHO AD 4,812,000 4,657,000 CONFECTIONERY VIVETA OOD 3,196,000 3,195,000 12 MANUFACTURE OF OTHER FOOD PRODUCTS N.E.C. 389,014,000 VERNADA EOOD 2,240,000 2,014,000 13 MANUFACTURE OF RUSKS AND BISCUITS; 343,649,000 MANUFACTURE OF PREPARED MEALS AND DISHES MANUFACTURE OF PRESERVED PASTRY GOODS AND TALAR FOODS EOOD 16,560,000 16,250,000 CAKES FIESTA 13 OOD 14,521,000 13,067,000 14 PROCESSING AND PRESERVING OF FISH, 120,888,000 CRUSTACEANS AND MOLLUSCS PARTNYORI AD 9,952,000 1,956,000 15 PROCESSING OF TEA AND COFFEE 82,023,000 MANUFACTURE OF CONDIMENTS AND SEASONINGS 16 MANUFACTURE OF CONDIMENTS AND SEASONINGS 74,148,000 KONSUL OOD 16,565,000 16,503,000 17 MANUFACTURE OF PREPARED MEALS AND DISHES 70,853,000 GERMAN BULGARIAN BUSINESS GROUP 14,655,000 13,713,000 OOD 18 MANUFACTURE OF SUGAR 68,986,000 MERKURIY PROIZVODSTVO I PAKETAZH AD 5,579,000 4,168,000 19 MANUFACTURE OF PREPARED PET FOODS 58,421,000 PROCESSING OF TEA AND COFFEE 20 MANUFACTURE OF ICE CREAM 55,123,000 BALKAM GROUP OOD 24,701,000 21,066,000 21 MANUFACTURE OF FRUIT AND VEGETABLE JUICE 47,143,000 BIANCHI COFFEE EOOD 18,060,000 17,840,000 22 PROCESSING AND PRESERVING OF POTATOES 19,669,000 BIOPROGRAMME EAD 10,917,000 10,740,000 23 MANUFACTURE OF MARGARINE AND SIMILAR EDIBLE 17,870,000 FATS MANUFACTURE OF COCOA, CHOCOLATE AND SUGAR CONFECTIONERY 24 MANUFACTURE OF MACARONI, NOODLES, 12,699,000 NESTLE BULGARIA AD 340,146,000 300,285,000 COUSCOUS AND SIMILAR FARINACEOUS PRODUCTS MONDELEZ BULGARIA PRODUCTION EOOD 23,692,000 23,446,000 25 MANUFACTURE OF HOMOGENISED FOOD 12,153,000 MELBON AD 12,655,000 11,992,000 PREPARATIONS AND DIETETIC FOOD MANUFACTURE OF SUGAR ZAHAR EAD 70,205,000 68,986,000 BALGARSKA ZAHAR AD 599,000 0 MANUFACTURE OF OTHER FOOD PRODUCTS N.E.C. KENDY OOD 41,971,000 40,068,000 INDUSTRY'S NET SALES REVENUE STRUCTURE BY SECTORS CREMIO EAD 39,913,000 39,184,000 10.04% 9.77% KORONA M EOOD 20,370,000 20,125,000 OPERATION OF DAIRIES AND CHEESE MAKING 7.93% UNITED MILK COMPANY EAD 74,241,000 73,885,000 TYRBUL EAD 59,843,000 56,390,000 12.63% DIMITAR MADJAROV 2 EOOD 43,552,000 42,071,000 8.46% MANUFACTURE OF ICE CREAM DARKO EAD 12,530,000 11,222,000 IZIDA OOD 11,565,000 10,874,000 SLADOLEDENA FABRIKA EOOD 11,006,000 10,448,000 MANUFACTURE OF RUSKS AND BISCUITS; MANUFACTURE OF PRESERVED PASTRY GOODS AND CAKES PRESTIGE-96 AD 70,176,000 68,377,000 ZIV EOOD 61,989,000 60,887,000 ITAL FOOD EAD 37,239,000 35,957,000 MANUFACTURE OF MACARONI, NOODLES, COUSCOUS AND SIMILAR FARINACEOUS PRODUCTS ZLATNO BREZOVO EOOD 4,468,000 3,667,000 51.16% SIDI - 92 EOOD 1,962,000 1,855,000 Manufacture of oils and fats UNI EXPORT-IMPORT EOOD 1,646,000 1,636,000 Manufacture of bread; manufacture of fresh pastry goods and cakes MANUFACTURE OF BREAD; MANUFACTURE OF FRESH PASTRY GOODS AND CAKES Production of meat and poultry meat products CHIPITA BULGARIA AD 185,837,000 173,737,000

Operation of dairies and cheese making SIMID SOFIA OOD 56,068,000 52,961,000 Processing and preserving of poultry meat HEBAR EAD 29,151,000 27,429,000 OTHER PROCESSING AND PRESERVING OF FRUIT AND VEGETABLES Others KUMINIANO FRUIT OOD 43,844,000 40,663,000 The highest growth, of 71.81%, was recorded by Manufacture AGRI BULGARIA EOOD 42,879,000 42,858,000 of starches and starch products, while Manufacture of FRUCTO SLIVEN AD 28,165,000 23,291,000 homogenised food preparations and dietetic food registered MANUFACTURE OF FRUIT AND VEGETABLE JUICE the sharpest decline, of 41.08%. PHILICON 97 AD 28,210,000 26,558,000 BEST FRUITS EOOD 11,239,000 10,634,000 KRICHIMFRUKT OOD 5,609,000 5,596,000 PROCESSING AND PRESERVING OF POTATOES BULKARTO EOOD 12,168,000 12,108,000 VASILEV & TODOROV OOD 5,089,000 4,926,000 ELEYA EOOD 850,000 648,000

4 SeeNews Industry Report

PROCESSING AND PRESERVING OF MEAT industry made up BGN 1,949,397,000, or 21.85% of the total MESOKOMBINAT LOVECH AD 139,184,000 132,470,000 net sales revenue. MESOKOMBINAT RUSE AD 68,865,000 66,050,000 MULTIMES GROUP OOD 35,211,000 31,460,000 TOP 10 BY TOTAL ASSETS IN THE INDUSTRY PROCESSING AND PRESERVING OF POULTRY MEAT RANK COMPANY BGN 1 AMYLUM BULGARIA EAD 300,050,000 PILCO EOOD 232,999,000 211,306,000 2 BELLA BULGARIA AD 274,332,000 GRADUS 1 EOOD 71,548,000 64,905,000 3 OLIVA AD 260,400,000 BREZOVO AD 61,458,000 55,251,000 4 ZAHAREN KOMBINAT PLOVDIV AD 255,392,000 PRODUCTION OF MEAT AND POULTRY MEAT PRODUCTS 5 NESTLE BULGARIA AD 130,233,000 BELLA BULGARIA AD 193,487,000 168,582,000 6 TOPAZ MEL OOD 107,752,000 FERMATA AD 53,211,000 43,208,000 7 CHIPITA BULGARIA AD 96,758,000 KEN AD 49,423,000 47,774,000 8 BISER OLIVA AD 91,471,000 MANUFACTURE OF PREPARED FEEDS FOR FARM ANIMALS 9 MARITZA OLIO AD 89,824,000 VIAND EAD 85,493,000 84,344,000 10 FERMATA AD 88,498,000 GRADUS-3 AD 80,317,000 79,421,000 FURAJ ROSITSA EAD 68,185,000 67,845,000 MANUFACTURE OF PREPARED PET FOODS TOP 10 COMPANIES WITH HIGHEST ANNUAL GROWTH IN BON EOOD 26,324,000 25,855,000 OPERATING REVENUE IN MANUFACTURE OF FOOD PRODUCTS FURAJNI HRANY OOD 13,540,000 13,529,000 RANK COMPANY Y/Y GROWTH ILTEX EOOD 7,513,000 7,490,000 1 ALEMIK EOOD 333400.00 MANUFACTURE OF MARGARINE AND SIMILAR EDIBLE FATS % PETTAS BULGARIA AD 17,281,000 16,845,000 2 AVICHERRIES EOOD 114650.00% MILPACK - 2013 OOD 578,000 541,000 3 MANDRA SARAYA OOD 58900.00% DIMITRA EOOD 488,000 484,000 4 HLEBNI IZDELIA-LOZENEZ EAD 40150.00% MANUFACTURE OF OILS AND FATS 5 GLOBAL RICE EOOD 27855.56% OLIVA AD 563,504,000 543,085,000 6 DAIRY PRODUCTS EOOD 22044.44% SUN FOODS EOOD 96,808,000 96,013,000 7 SANTULITA OOD 17640.00% BISER OLIVA AD 83,909,000 71,825,000 8 KAPRIZ - DEVIN EOOD 12100.00% PROCESSING AND PRESERVING OF FISH, CRUSTACEANS AND MOLLUSCS 9 GENOV MES EOOD 9950.00% ALMAR SEAFOOD AD 22,114,000 22,034,000 10 BALGARSKA ZAHAR AD 9883.33% SEVER EXPORT OOD 12,515,000 11,864,000 REYA-FISH EOOD 12,280,000 7,050,000 MANUFACTURE OF GRAIN MILL PRODUCTS TOP 10 COMPANIES BY TOTAL REVENUE IN THE SECTOR TOPAZ MEL OOD 88,980,000 77,411,000 MANUFACTURE OF HOMOGENISED FOOD PREPARATIONS AND GOODMILLS BULGARIA EOOD 78,600,000 77,864,000 DIETETIC FOOD WERE: COMPANY BGN KOOPERACIJA SIMID 1000 KOOP. 47,201,000 35,946,000 SLANCHO AD 4,812,000 MANUFACTURE OF STARCHES AND STARCH PRODUCTS VIVETA OOD 3,196,000 AMYLUM BULGARIA EAD 507,267,000 503,970,000 VERNADA EOOD 2,240,000 G.M. EOOD 7,870,000 7,601,000 ILEA - M EOOD 1,534,000 ET MEMO - MESUT ALIOSMANOV 16,000 16,000 SLIMFUUD OOD 490,000

SIMEONOV ADVARTAYZING EOOD 163,000 The top 10 companies in terms of total revenue in V I M PRODUCTION OOD 118,000 Manufacture of food products accounted for 25.28% of the SKARPA EOOD 93,000 industry's total in 2016, 21.54% in 2015 and 21.43% in 2014. ART CATERING-KRASIMIRA KALCHEVA ET 80,000 BIONIA EOOD 59,000 TOP 10 COMPANIES BY TOTAL AND NET SALES REVENUE IN THE INDUSTRY RANK COMPANY TOTAL REVENUE NET SALE The 10 largest companies in terms of total revenue in sector (BGN) REVENUE (BGN) Manufacture of homogenised food preparations and dietetic 1 OLIVA AD 563,504,000 543,085,000 food earned total revenue of BGN 12,785,000 and accounted 2 AMYLUM BULGARIA EAD 507,267,000 503,970,000 for 0.13% of the industry's total revenue. 3 NESTLE BULGARIA AD 340,146,000 300,285,000 4 PILCO EOOD 232,999,000 211,306,000 TOP 10 COMPANIES BY TOTAL REVENUE IN THE SECTOR 5 BELLA BULGARIA AD 193,487,000 168,582,000 MANUFACTURE OF PREPARED MEALS AND DISHES WERE: 6 CHIPITA BULGARIA AD 185,837,000 173,737,000 COMPANY BGN 7 MESOKOMBINAT LOVECH AD 139,184,000 132,470,000 TALAR FOODS EOOD 16,560,000 8 SUN FOODS EOOD 96,808,000 96,013,000 FIESTA 13 OOD 14,521,000 9 TOPAZ MEL OOD 88,980,000 77,411,000 PARTNYORI AD 9,952,000 10 VIAND EAD 85,493,000 84,344,000 DENITO OOD 8,350,000 SD KOLEV I S-IE - ESKADA 7,422,000 MASTAR-PIK EAD 7,157,000 The total revenues of the top 10 companies in the BURGER GROUP EOOD 1,799,000 Manufacture of food products were 2.62% of GDP in 2016, EURO CATERING EOOD 1,516,000 compared to 2.13% for 2015 and 2.07% in 2014.

The top 10 by assets in the Manufacture of food products 5 SeeNews Industry Report

Manufacture of cocoa, chocolate and sugar confectionery M DZHI 1 EOOD 1,417,000 earned total revenue of BGN 426,478,000 and accounted for MN PARTY OOD 1,085,000 4.43% of the industry's total revenue.

TOP COMPANIES BY TOTAL REVENUE IN THE SECTOR The 10 largest companies in terms of total revenue in sector MANUFACTURE OF SUGAR WERE: Manufacture of prepared meals and dishes earned total COMPANY BGN revenue of BGN 69,779,000 and accounted for 0.72% of the ZAHAR EAD 70,205,000 industry's total revenue. BALGARSKA ZAHAR AD 599,000

TOP 10 COMPANIES BY TOTAL REVENUE IN THE INDUSTRY MANUFACTURE OF CONDIMENTS AND SEASONINGS WERE: The largest companies in terms of total revenue in sector COMPANY BGN Manufacture of sugar earned total revenue of BGN KONSUL OOD 16,565,000 70,804,000 and accounted for 0.74% of the industry's total GERMAN BULGARIAN BUSINESS GROUP OOD 14,655,000 revenue. MERKURIY PROIZVODSTVO I PAKETAZH AD 5,579,000 ALEKS S 2002 EOOD 4,463,000 TOP 10 COMPANIES BY TOTAL REVENUE IN THE INDUSTRY VEDA OOD 3,604,000 MANUFACTURE OF OTHER FOOD PRODUCTS N.E.C. WERE: COMPANY BGN PI AY 1 EOOD 3,305,000 KENDY OOD 41,971,000 KODAG EOOD 3,208,000 CREMIO EAD 39,913,000 MIA FUUDS 21 EOOD 2,585,000 KORONA M EOOD 20,370,000 SALEX GROUP OOD 2,530,000 PURATOS BULGARIA AD 19,874,000 PODPRAVKI KOM EOOD 2,240,000 APIMEL ORGANIC OOD 19,627,000

BIOSET OOD 16,425,000

The 10 largest companies in terms of total revenue in sector DETELINA NUTS EOOD 15,789,000 Manufacture of condiments and seasonings earned total SI KO OOD 15,606,000 revenue of BGN 58,734,000 and accounted for 0.61% of the ELIT P EOOD 14,064,000 industry's total revenue. MULTIPACK BULGARIA EOOD 10,546,000

TOP 10 COMPANIES BY TOTAL REVENUE IN THE INDUSTRY PROCESSING OF TEA AND COFFEE WERE: The 10 largest companies in terms of total revenue in sector COMPANY BGN Manufacture of other food products n.e.c. earned total BALKAM GROUP OOD 24,701,000 revenue of BGN 214,185,000 and accounted for 2.23% of the BIANCHI COFFEE EOOD 18,060,000 industry's total revenue. BIOPROGRAMME EAD 10,917,000 JACOBS DOUWE EGBERTS OPS BG EOOD 5,821,000 TOP 10 COMPANIES BY TOTAL REVENUE IN THE FIELD OPERATION BALKAM AD 5,698,000 OF DAIRIES AND CHEESE MAKING WERE: COMPANY BGN AGRO - OIL EOOD 5,624,000 UNITED MILK COMPANY EAD 74,241,000 JORDANI EOOD 3,959,000 TYRBUL EAD 59,843,000 PLANTABUL OOD 3,374,000 DIMITAR MADJAROV 2 EOOD 43,552,000 FOBOS EOOD 2,430,000 SCHREIBER FOODS BULGARIA EOOD 36,368,000 SANTA FE BG EOOD 1,619,000 MEGGLE BULGARIA EOOD 33,783,000

MJ DAIRIES EOOD 23,181,000

The 10 largest companies in terms of total revenue in sector ELVI OOD 21,449,000 Processing of tea and coffee earned total revenue of BGN MAKLER COMMERCE EOOD 20,839,000 82,203,000 and accounted for 0.85% of the industry's total B.S.S. 1997 OOD 20,838,000 revenue. MANDRA RILTSI EOOD 18,960,000

TOP 10 COMPANIES BY TOTAL REVENUE IN THE SECTOR MANUFACTURE OF COCOA, CHOCOLATE AND SUGAR The 10 largest companies in terms of total revenue in sector CONFECTIONERY WERE: Operation of dairies and cheese making earned total revenue COMPANY BGN of BGN 353,054,000 and accounted for 3.67% of the NESTLE BULGARIA AD 340,146,000 industry's total revenue. MONDELEZ BULGARIA PRODUCTION EOOD 23,692,000 MELBON AD 12,655,000 TOP 10 COMPANIES BY TOTAL REVENUE IN THE MARKET INTERION AD 12,012,000 MANUFACTURE OF ICE CREAM WERE: COMPANY BGN ZAHAREN KOMBINAT PLOVDIV AD 10,267,000 DARKO EAD 12,530,000 CHOCO TEAM OOD 8,048,000 IZIDA OOD 11,565,000 VALE 1 OOD 7,533,000 SLADOLEDENA FABRIKA EOOD 11,006,000 DIAMANT - 93 EOOD 4,339,000 GELATO 2009 EOOD 6,953,000 VIP SIMERS GROUP OOD 4,032,000 KARIL & TANYA AD 5,653,000 ILCHOVSKI 94 EOOD 3,754,000 CHICHO CHARLI EOOD 4,507,000

MEDINA EOOD 1,837,000 The 10 largest companies in terms of total revenue in sector SANDER 2000 EOOD 1,334,000

6 SeeNews Industry Report

CORTE DILETTO EOOD 922,000 ELIAZ OOD 13,113,000 SORENTO EOOD 739,000 TIMS FOODS EOOD 12,074,000

The 10 largest companies in terms of total revenue in sector The 10 largest companies in terms of total revenue in sector Manufacture of ice cream earned total revenue of BGN Manufacture of bread; manufacture of fresh pastry goods and 57,046,000 and accounted for 0.59% of the industry's total cakes earned total revenue of BGN 395,806,000 and revenue. accounted for 4.11% of the industry's total revenue.

TOP 10 COMPANIES BY TOTAL REVENUE IN THE MARKET TOP 10 COMPANIES BY TOTAL REVENUE IN THE SECTOR OTHER MANUFACTURE OF RUSKS AND BISCUITS; MANUFACTURE OF PROCESSING AND PRESERVING OF FRUIT AND VEGETABLES PRESERVED PASTRY GOODS AND CAKES WERE: WERE: COMPANY BGN COMPANY BGN PRESTIGE-96 AD 70,176,000 KUMINIANO FRUIT OOD 43,844,000 ZIV EOOD 61,989,000 AGRI BULGARIA EOOD 42,879,000 ITAL FOOD EAD 37,239,000 FRUCTO SLIVEN AD 28,165,000 DAY AND NIGHT OOD 28,212,000 OLINESA PREMIUM OOD 27,840,000 POBEDA AD 21,904,000 VICTORIA NUTS EOOD 24,856,000 SI COMMERCIAL 7 EOOD 21,065,000 SUNOPTA FOODS BULGARIA EOOD 24,526,000 KARMELA 2000 OOD 17,062,000 DEKADENS DIMITAR SHISHKOV ET 21,823,000 ROO BRANDS EOOD 9,420,000 EUROPACK EOOD 20,253,000 VELIKOVI OOD 8,926,000 KONEX-TIVA AD 19,762,000 LOZEV EOOD 8,382,000 KERPI EOOD 17,713,000

The 10 largest companies in terms of total revenue in sector The 10 largest companies in terms of total revenue in sector Manufacture of rusks and biscuits; manufacture of preserved Other processing and preserving of fruit and vegetables pastry goods and cakes earned total revenue of BGN earned total revenue of BGN 271,661,000 and accounted for 284,375,000 and accounted for 2.95% of the industry's total 2.82% of the industry's total revenue. revenue. TOP 10 COMPANIES BY TOTAL REVENUE IN THE FIELD TOP 10 COMPANIES BY TOTAL REVENUE IN THE MARKET MANUFACTURE OF FRUIT AND VEGETABLE JUICE WERE: MANUFACTURE OF MACARONI, NOODLES, COUSCOUS AND COMPANY BGN SIMILAR FARINACEOUS PRODUCTS WERE: PHILICON 97 AD 28,210,000 COMPANY BGN BEST FRUITS EOOD 11,239,000 ZLATNO BREZOVO EOOD 4,468,000 KRICHIMFRUKT OOD 5,609,000 SIDI - 92 EOOD 1,962,000 MARSHAL 91 OOD 1,136,000 UNI EXPORT-IMPORT EOOD 1,646,000 VITANEA OOD 1,082,000 VAS EOOD 1,556,000 SANTULITA OOD 887,000 KAVEL INVEST OOD 874,000 YUM FRESH EOOD 367,000 GALLIA OOD 662,000 BAZ KOMPANI OOD 353,000 SPEKTAR KOMS OOD 547,000 EKO MED I KO OOD 286,000 RAMAS OOD 473,000 AGROBIOTEH PROIZVODSTVO EAD 257,000 GEOBOY 2009 EOOD 237,000 REGINA KOOP 204,000 The 10 largest companies in terms of total revenue in sector Manufacture of fruit and vegetable juice earned total revenue The 10 largest companies in terms of total revenue in sector of BGN 49,426,000 and accounted for 0.51% of the industry's Manufacture of macaroni, noodles, couscous and similar total revenue. farinaceous products earned total revenue of BGN 12,629,000 and accounted for 0.13% of the industry's total TOP 10 COMPANIES BY TOTAL REVENUE IN THE INDUSTRY revenue. PROCESSING AND PRESERVING OF POTATOES WERE: COMPANY BGN TOP 10 COMPANIES BY TOTAL REVENUE IN THE INDUSTRY BULKARTO EOOD 12,168,000 MANUFACTURE OF BREAD; MANUFACTURE OF FRESH PASTRY VASILEV & TODOROV OOD 5,089,000 GOODS AND CAKES WERE: ELEYA EOOD 850,000 COMPANY BGN IVKO 2014 EOOD 536,000 CHIPITA BULGARIA AD 185,837,000 DANI 5001 EOOD 453,000 SIMID SOFIA OOD 56,068,000 ZAIRA-Z Z EOOD 353,000 HEBAR EAD 29,151,000 ANNI EOOD 197,000 SIMID AGRO EOOD 27,657,000 VIV-94 EOOD 100,000 SAVIMEX OOD 25,997,000 ANRO 73 OOD 90,000 DOBRUDJANSKI HLIAB AD 18,237,000 KIKO - 92 EOOD 77,000 MIO OOD 14,173,000 HLEBNA PROMISHLENOST AD 13,499,000 The 10 largest companies in terms of total revenue in sector 7 SeeNews Industry Report

Processing and preserving of potatoes earned total revenue of BGN 19,913,000 and accounted for 0.21% of the industry's TOP 10 COMPANIES BY TOTAL REVENUE IN THE FIELD total revenue. MANUFACTURE OF PREPARED FEEDS FOR FARM ANIMALS WERE: COMPANY BGN TOP 10 COMPANIES BY TOTAL REVENUE IN THE FIELD VIAND EAD 85,493,000 PROCESSING AND PRESERVING OF MEAT WERE: GRADUS-3 AD 80,317,000 COMPANY BGN FURAJ ROSITSA EAD 68,185,000 MESOKOMBINAT LOVECH AD 139,184,000 BONMIX EOOD 59,632,000 MESOKOMBINAT RUSE AD 68,865,000 TRAKIYSKI FURAZH OOD 22,531,000 MULTIMES GROUP OOD 35,211,000 HL-TOPMIX OOD 21,878,000 TANDEM POPOVO OOD 19,180,000 FZ VASIL KOSTOV OOD 19,004,000 BORIMES OOD 15,362,000 BIOPRODUCTS - BULGARIA EOOD 14,209,000 PIKANT TRADE OOD 15,091,000 VLADINI TRADING EOOD 13,843,000 KESARMES EOOD 14,865,000 AGRO SIP OOD 9,474,000 MESOKOMBINAT SVISHTOV OOD 14,694,000 MESFOOD AD 13,604,000 HELIKOM OOD 13,043,000 The 10 largest companies in terms of total revenue in sector Manufacture of prepared feeds for farm animals earned total revenue of BGN 394,566,000 and accounted for 4.10% of the The 10 largest companies in terms of total revenue in sector industry's total revenue. Processing and preserving of meat earned total revenue of BGN 349,099,000 and accounted for 3.63% of the industry's TOP 10 COMPANIES BY TOTAL REVENUE IN THE FIELD total revenue. MANUFACTURE OF PREPARED PET FOODS WERE: COMPANY BGN TOP 10 COMPANIES BY TOTAL REVENUE IN THE INDUSTRY BON EOOD 26,324,000 PROCESSING AND PRESERVING OF POULTRY MEAT WERE: FURAJNI HRANY OOD 13,540,000 COMPANY BGN ILTEX EOOD 7,513,000 PILCO EOOD 232,999,000 STAN COMMERCE OOD 6,431,000 GRADUS 1 EOOD 71,548,000 VENDY OOD 2,772,000 BREZOVO AD 61,458,000 MEGAFRUIT OOD 2,514,000 GALUS 2004 EOOD 31,339,000 AGROMARKET INTERNATIONAL OOD 1,234,000 BULGARPLOD SOFIA AD 29,839,000 BULDRAINIM OOD 349,000 HERON TRADE OOD 28,077,000 KOKO KOMERS OOD 153,000 ALLIANCE AGRICOLE - ALAG OOD 22,561,000 GENERAL TRADING AND PRODUCTION OOD 73,000 SVS 98 EOOD 20,797,000 AGROPLASMENT 92 V AD 18,898,000 MAXI CHICKEN OOD 18,548,000 The 10 largest companies in terms of total revenue in sector Manufacture of prepared pet foods earned total revenue of BGN 60,903,000 and accounted for 0.63% of the industry's The 10 largest companies in terms of total revenue in sector total revenue. Processing and preserving of poultry meat earned total revenue of BGN 536,064,000 and accounted for 5.57% of the TOP COMPANIES BY TOTAL REVENUE IN THE MARKET industry's total revenue. MANUFACTURE OF MARGARINE AND SIMILAR EDIBLE FATS WERE: COMPANY BGN TOP 10 COMPANIES BY TOTAL REVENUE IN THE FIELD PETTAS BULGARIA AD 17,281,000 PRODUCTION OF MEAT AND POULTRY MEAT PRODUCTS WERE: MILPACK - 2013 OOD 578,000 COMPANY BGN DIMITRA EOOD 488,000 BELLA BULGARIA AD 193,487,000 MILPAK-OOD 1,000 FERMATA AD 53,211,000 KEN AD 49,423,000 DELIKATES 2 OOD 38,481,000 The largest companies in terms of total revenue in sector CHEH JOSEPH NOVOSAD OOD 34,332,000 Manufacture of margarine and similar edible fats earned total KAROL FERNANDEZ MEAT OOD 30,528,000 revenue of BGN 18,348,000 and accounted for 0.19% of the LOTOS OOD 25,339,000 industry's total revenue. FINES 2 EOOD 22,389,000 TANDEM V OOD 21,928,000 TOP 10 COMPANIES BY TOTAL REVENUE IN THE SECTOR ELIT MES MINEV - RODOPA - V.T. EOOD 21,040,000 MANUFACTURE OF OILS AND FATS WERE: COMPANY BGN OLIVA AD 563,504,000 The 10 largest companies in terms of total revenue in sector SUN FOODS EOOD 96,808,000 Production of meat and poultry meat products earned total BISER OLIVA AD 83,909,000 revenue of BGN 490,158,000 and accounted for 5.09% of the MARITZA OLIO AD 71,956,000 industry's total revenue. KLAS OIL AD 62,081,000 GEOSTROY INZHENERING EOOD 52,119,000 OLIMEX OOD 44,581,000 KEHLIBAR EOOD 35,869,000

8 SeeNews Industry Report

NIK-SOT GROUP EOOD 35,765,000 PRODUCTION SALES FIGURES FOR MANUFACTURE OF FOOD ZVEZDA AD 29,591,000 PRODUCTS IN 2016 SECTOR SALES IN BGN INCL. SALES ON INCL. EXPORTS IN THE DOMESTIC BGN MARKET IN BGN The 10 largest companies in terms of total revenue in sector PRODUCTION OF MEAT AND POULTRY 702,751,730 664,042,730 38,709,000 Manufacture of oils and fats earned total revenue of BGN MEAT PRODUCTS 1,076,183,000 and accounted for 11.18% of the industry's total MANUFACTURE OF BREAD; 701,120,630 573,321,630 127,799,000 MANUFACTURE OF FRESH PASTRY revenue. GOODS AND CAKES MANUFACTURE OF OILS AND FATS 653,191,870 292,271,090 360,921,000 TOP 10 COMPANIES BY TOTAL REVENUE IN THE FIELD PROCESSING AND PRESERVING OF MEAT 580,824,920 566,392,530 14,433,000 PROCESSING AND PRESERVING OF FISH, CRUSTACEANS AND PROCESSING AND PRESERVING OF 558,242,130 294,500,060 263,742,000 MOLLUSCS WERE: POULTRY MEAT COMPANY BGN OTHER PROCESSING AND PRESERVING 522,316,910 231,578,280 290,738,000 ALMAR SEAFOOD AD 22,114,000 OF FRUIT AND VEGETABLES SEVER EXPORT OOD 12,515,000 MANUFACTURE OF STARCHES AND 503,574,000 60,457,000 443,117,000 REYA-FISH EOOD 12,280,000 STARCH PRODUCTS DIAVENA OOD 10,055,000 MANUFACTURE OF PREPARED FEEDS FOR 342,317,580 271,159,330 71,158,000 FARM ANIMALS ELECTA EOOD 8,376,000 MANUFACTURE OF GRAIN MILL 323,351,890 237,902,470 85,449,000 ESETRA COMMERCE EOOD 7,684,000 PRODUCTS FISHCOM OOD 6,801,000 MANUFACTURE OF RUSKS AND 311,493,210 224,213,870 87,279,000 BLACK SEA FISHERIES BURGAS AD 5,281,000 BISCUITS; MANUFACTURE OF PRESERVED PAL BG EOOD 4,982,000 PASTRY GOODS AND CAKES MORSKI RIBOLOV-NESEBAR OOD 4,030,000 MANUFACTURE OF OTHER FOOD 264,687,780 161,664,360 103,023,000 PRODUCTS N.E.C.

MANUFACTURE OF COCOA, CHOCOLATE 248,486,230 124,332,630 124,154,000 AND SUGAR CONFECTIONERY The 10 largest companies in terms of total revenue in sector PROCESSING AND PRESERVING OF FISH, 106,741,560 36,051,920 70,690,000 Processing and preserving of fish, crustaceans and molluscs CRUSTACEANS AND MOLLUSCS earned total revenue of BGN 94,118,000 and accounted for MANUFACTURE OF SUGAR 61,945,000 61,945,000 0 0.98% of the industry's total revenue. MANUFACTURE OF PREPARED MEALS 57,330,820 56,691,820 639,000 AND DISHES TOP 10 COMPANIES BY TOTAL REVENUE IN THE MARKET MANUFACTURE OF CONDIMENTS AND 52,836,000 46,144,000 6,692,000 MANUFACTURE OF GRAIN MILL PRODUCTS WERE: SEASONINGS COMPANY BGN PROCESSING OF TEA AND COFFEE 49,118,250 45,793,250 3,325,000 TOPAZ MEL OOD 88,980,000 MANUFACTURE OF ICE CREAM 45,739,000 43,566,000 2,173,000 GOODMILLS BULGARIA EOOD 78,600,000 MANUFACTURE OF PREPARED PET 43,272,000 17,786,320 25,485,000 KOOPERACIJA SIMID 1000 KOOP. 47,201,000 FOODS PALIRRIA BULGARIA EAD 45,921,000 MANUFACTURE OF FRUIT AND 41,173,710 31,333,560 9,842,000 VEGETABLE JUICE SADINA PLANT OOD 18,059,000 OPERATION OF DAIRIES AND CHEESE 14,513,200 14,513,200 0 UNIBEL AD 14,452,000 MAKING TEHRA EOOD 12,535,000 MANUFACTURE OF MARGARINE AND 13,998,000 8,168,000 5,830,000 MELNITSA SLIVEN 2003 OOD 12,216,000 SIMILAR EDIBLE FATS MELNITSA VARNA 2006 OOD 11,729,000 MANUFACTURE OF MACARONI, 10,598,000 9,665,000 933,000 COLOR FOODS EOOD 10,205,000 NOODLES, COUSCOUS AND SIMILAR FARINACEOUS PRODUCTS MANUFACTURE OF HOMOGENISED 9,492,000 8,750,000 742,000 FOOD PREPARATIONS AND DIETETIC The 10 largest companies in terms of total revenue in sector FOOD Manufacture of grain mill products earned total revenue of PROCESSING AND PRESERVING OF 8,028,000 7,882,000 146,000 BGN 339,898,000 and accounted for 3.53% of the industry's POTATOES total revenue.

TOP COMPANIES BY TOTAL REVENUE IN THE MARKET MANUFACTURE OF STARCHES AND STARCH PRODUCTS WERE: COMPANY BGN IV. EXPENSES AMYLUM BULGARIA EAD 507,267,000 G.M. EOOD 7,870,000 The combined costs of the companies in the Manufacture of ET MEMO - MESUT ALIOSMANOV 16,000 food products industry reached BGN 9,120,357,000 in 2016.

The largest companies in terms of total revenue in sector Manufacture of starches and starch products earned total revenue of BGN 515,153,000 and accounted for 5.35% of the industry's total revenue.

9 SeeNews Industry Report

19 MANUFACTURE OF ICE CREAM 59,530,000 Total Expenses 20 MANUFACTURE OF PREPARED PET FOODS 58,741,000 Operational expenses 21 MANUFACTURE OF FRUIT AND VEGETABLE JUICE 52,055,000 10,000,000,000 22 PROCESSING AND PRESERVING OF POTATOES 20,006,000 9,120,357,000 23 MANUFACTURE OF MARGARINE AND SIMILAR EDIBLE 17,978,000 9,000,000,000 8,370,745,000 FATS 7,885,361,000 8,988,200,000 24 MANUFACTURE OF MACARONI, NOODLES, 13,616,000 8,000,000,000 COUSCOUS AND SIMILAR FARINACEOUS PRODUCTS 8,227,365,000 7,744,725,000 25 MANUFACTURE OF HOMOGENISED FOOD 11,131,000 7,000,000,000 PREPARATIONS AND DIETETIC FOOD

6,000,000,000

5,000,000,000 BGN INDUSTRY'S TOTAL COSTS STRUCTURE BY SECTORS 4,000,000,000 9.51% 8.63% 3,000,000,000 9.68% 2,000,000,000

1,000,000,000 13.37%

0 8.29% 2014 2015 2016

In annual terms, total expenses rose by 8.96% compared to 2015 and went up by 15.66% in comparison to 2014.

The total operating expenses of the companies in the Manufacture of food products industry were BGN 8,988,200,000 in 2016.

Operating costs increased by 9.25% compared with the 50.51% previous year and went up by 16.06% when compared to 2014. Manufacture of oils and fats Manufacture of bread; manufacture of fresh pastry goods and cakes We expect, based on the trend in the last three years, the total Production of meat and poultry meat products costs of the Manufacture of food products industry to change Operation of dairies and cheese making at a compound annual growth rate (CAGR) of 7.55% in 2017. Processing and preserving of poultry meat Others TOTAL COSTS BY SECTORS RANK SECTOR TOTAL COSTS (BGN) Manufacture of starches and starch products marked the 1 MANUFACTURE OF OILS AND FATS 1,219,069,000 highest annual increase in total expenses, of 77.08%, while 2 MANUFACTURE OF BREAD; MANUFACTURE OF FRESH 883,303,000 PASTRY GOODS AND CAKES total expenses dropped the most, by 46.93%, for Manufacture 3 PRODUCTION OF MEAT AND POULTRY MEAT 867,279,000 of homogenised food preparations and dietetic food. PRODUCTS 4 OPERATION OF DAIRIES AND CHEESE MAKING 787,311,000 In terms of operating expenses, the highest rise, of 77.18%, 5 PROCESSING AND PRESERVING OF POULTRY MEAT 756,322,000 was recorded by the Manufacture of starches and starch 6 OTHER PROCESSING AND PRESERVING OF FRUIT AND 709,364,000 products sector. The sharpest decline was posted by VEGETABLES Manufacture of homogenised food preparations and dietetic 7 PROCESSING AND PRESERVING OF MEAT 700,175,000 food - 46.93%. 8 MANUFACTURE OF PREPARED FEEDS FOR FARM 491,209,000 ANIMALS The biggest spenders in the industry, with costs of over 10% 9 MANUFACTURE OF STARCHES AND STARCH 462,843,000 of industry's costs, numbered 24, including BISER OLIVA AD, PRODUCTS VIAND EAD, ZIV EOOD, MESOKOMBINAT LOVECH AD, BELLA 10 MANUFACTURE OF GRAIN MILL PRODUCTS 455,373,000 BULGARIA AD. The medium spenders, or those in the 5% and 11 MANUFACTURE OF COCOA, CHOCOLATE AND SUGAR 426,401,000 10% range count 23 and include CHEH JOSEPH NOVOSAD CONFECTIONERY OOD, MEGGLE BULGARIA EOOD, GEOSTROY INZHENERING 12 MANUFACTURE OF OTHER FOOD PRODUCTS N.E.C. 371,501,000 EOOD, KEN AD, ITAL FOOD EAD. Below 5% threshhold are 13 MANUFACTURE OF RUSKS AND BISCUITS; 327,526,000 5,454 companies, including DIKSI - SZ OOD, MOTRISA MANUFACTURE OF PRESERVED PASTRY GOODS AND CAKES EOOD, PEPINO 7 EOOD, BULGARSKI HRYAB I ZAKUSKI DZZD, 14 PROCESSING AND PRESERVING OF FISH, 123,664,000 KARMENITA OOD. CRUSTACEANS AND MOLLUSCS 15 PROCESSING OF TEA AND COFFEE 87,239,000 Employment expenses in the Manufacture of food products 16 MANUFACTURE OF PREPARED MEALS AND DISHES 81,067,000 industry increased by 9.49% on the year to BGN 786,584,000 17 MANUFACTURE OF CONDIMENTS AND SEASONINGS 70,699,000 in 2016. 18 MANUFACTURE OF SUGAR 66,955,000

10 SeeNews Industry Report

15 MANUFACTURE OF PREPARED MEALS AND 10,737,000 9,030 Employment expenses DISHES Salaries expenses 16 MANUFACTURE OF CONDIMENTS AND 10,711,000 13,874 Social security expenses SEASONINGS 17 PROCESSING OF TEA AND COFFEE 9,846,000 10,904 786,584,000 800,000,000 18 MANUFACTURE OF ICE CREAM 6,735,000 9,818 718,384,000 19 MANUFACTURE OF PREPARED PET FOODS 6,507,000 12,660 700,000,000657,996,000 20 MANUFACTURE OF FRUIT AND VEGETABLE 4,918,000 12,054 JUICE 672,192,000 600,000,000 21 MANUFACTURE OF MACARONI, NOODLES, 2,205,000 7,000 612,355,000 COUSCOUS AND SIMILAR FARINACEOUS PRODUCTS 500,000,000559,499,000 22 MANUFACTURE OF HOMOGENISED FOOD 1,936,000 8,682 PREPARATIONS AND DIETETIC FOOD 400,000,000 23 PROCESSING AND PRESERVING OF 1,341,000 6,416 BGN POTATOES 300,000,000 24 MANUFACTURE OF SUGAR 1,075,000 13,782 25 MANUFACTURE OF MARGARINE AND 852,000 12,171 200,000,000 SIMILAR EDIBLE FATS

95,927,000 102,761,000 111,887,000 100,000,000 THE TOP 10 COMPANIES BY AVERAGE MONTHLY COSTS PER

0 EMPLOYEE IN THE INDUSTRY RANK COMPANY BGN 2014 2015 2016 1 HLEBNI IZDELIA-LOZENEZ EAD 6,500 2 BIO BENJAMIN OOD 6,083 The highest growth in labour costs, of 47.10%, was registered 3 FERMATA AD 5,154 by Manufacture of macaroni, noodles, couscous and similar 4 VITA PRO AD 4,542 farinaceous products, while Manufacture of homogenised 5 AD BOLGARPRODUKT 4,250 food preparations and dietetic food marked the sharpest fall, 6 AMYLUM BULGARIA EAD 3,779 of 43.31%. 7 GERMAN BULGARIAN BUSINESS GROUP OOD 3,710 8 RAMDEX FOOD EOOD 3,583 The monthly costs per employee in the Manufacture of food 9 ZONAPHARM OOD 3,563 products industry averaged BGN 867 in 2016, BGN 751 in 10 RAMCOPHARM OOD 3,337 2015 and BGN 729 in 2014.

The monthly social security costs per employee in the The industry's tax expenses stood at BGN 54,033,000 in 2016. industry averaged BGN 123 in 2016, versus BGN 107 in 2015 In 2015 it paid taxes of BGN 51,042,000. In 2014 the industry and BGN 106 in 2014. paid BGN 47,240,000 in taxes.

EMPLOYMENT EXPENSES IN MANUFACTURE OF FOOD PRODUCTS BY SECTORS IN 2016 Average taxes expenses by company 9,822 RANK SECTOR EMPLOYMENT AVERAGE 10,000 EXPENSES (BGN) EXPENSES PER 9,462 EMPLOYEE 9,041 (BGN) 9,000 1 MANUFACTURE OF BREAD; MANUFACTURE 160,825,000 7,683 OF FRESH PASTRY GOODS AND CAKES 8,000 2 PRODUCTION OF MEAT AND POULTRY MEAT 73,893,000 11,945 PRODUCTS 7,000 3 OPERATION OF DAIRIES AND CHEESE 70,390,000 9,677 MAKING 4 OTHER PROCESSING AND PRESERVING OF 68,280,000 10,631 6,000 FRUIT AND VEGETABLES 5 MANUFACTURE OF RUSKS AND BISCUITS; 55,651,000 12,072 5,000 MANUFACTURE OF PRESERVED PASTRY BGN GOODS AND CAKES 4,000 6 MANUFACTURE OF COCOA, CHOCOLATE 53,907,000 15,486

AND SUGAR CONFECTIONERY 3,000 7 PROCESSING AND PRESERVING OF POULTRY 52,544,000 11,625 MEAT 2,000 8 PROCESSING AND PRESERVING OF MEAT 48,343,000 9,812

9 MANUFACTURE OF OTHER FOOD PRODUCTS 38,823,000 12,788 1,000 N.E.C. 10 MANUFACTURE OF GRAIN MILL PRODUCTS 31,724,000 10,106 0 11 MANUFACTURE OF OILS AND FATS 28,671,000 12,321 2014 2015 2016 12 MANUFACTURE OF PREPARED FEEDS FOR 20,204,000 13,478 FARM ANIMALS 13 PROCESSING AND PRESERVING OF FISH, 14,008,000 8,888 CRUSTACEANS AND MOLLUSCS 14 MANUFACTURE OF STARCHES AND STARCH 12,458,000 42,959 PRODUCTS

11 SeeNews Industry Report

Net profit/loss EXPENSES ON TAXES BY SECTORS RANK SECTOR BGN Y/Y CHANGE Operating profit/loss

1 PRODUCTION OF MEAT AND POULTRY MEAT 6,496,000 42.61% 600,000,000 PRODUCTS 2 OTHER PROCESSING AND PRESERVING OF 6,037,000 13.43% 550,000,000 FRUIT AND VEGETABLES 505,239,000 500,000,000 3 MANUFACTURE OF BREAD; MANUFACTURE OF 5,973,000 17.65% 442,330,000 FRESH PASTRY GOODS AND CAKES 450,000,000 4 MANUFACTURE OF COCOA, CHOCOLATE AND 5,248,000 39.24% 400,577,000 451,206,000 SUGAR CONFECTIONERY 400,000,000 5 MANUFACTURE OF STARCHES AND STARCH 5,230,000 33.55% 399,118,000 350,000,000 PRODUCTS 355,925,000 6 MANUFACTURE OF OTHER FOOD PRODUCTS 3,707,000 18.13% 300,000,000

N.E.C. BGN 7 PROCESSING AND PRESERVING OF POULTRY 3,648,000 33.24% 250,000,000 MEAT 200,000,000 8 MANUFACTURE OF GRAIN MILL PRODUCTS 3,277,000 35.19% 9 OPERATION OF DAIRIES AND CHEESE MAKING 3,235,000 4.69% 150,000,000

10 MANUFACTURE OF RUSKS AND BISCUITS; 2,983,000 -17.89% 100,000,000 MANUFACTURE OF PRESERVED PASTRY

GOODS AND CAKES 50,000,000 11 PROCESSING AND PRESERVING OF MEAT 1,601,000 23.06% 0 12 MANUFACTURE OF PREPARED FEEDS FOR 1,514,000 -17.22% FARM ANIMALS 2014 2015 2016 13 PROCESSING AND PRESERVING OF FISH, 1,117,000 27.51% CRUSTACEANS AND MOLLUSCS 14 MANUFACTURE OF OILS AND FATS 1,091,000 -81.40% TOP 10 COMPANIES BY HIGHEST NET PROFIT IN MANUFACTURE 15 MANUFACTURE OF CONDIMENTS AND 723,000 -2.03% OF FOOD PRODUCTS SEASONINGS RANK COMPANY BGN 1 AMYLUM BULGARIA EAD 46,823,000 16 MANUFACTURE OF ICE CREAM 530,000 9.50% 2 NESTLE BULGARIA AD 33,592,000 17 PROCESSING OF TEA AND COFFEE 474,000 55.41% 3 CHIPITA BULGARIA AD 25,063,000 18 MANUFACTURE OF PREPARED PET FOODS 274,000 -13.29% 4 BELLA BULGARIA AD 18,193,000 19 MANUFACTURE OF PREPARED MEALS AND 272,000 -74.14% DISHES 5 PRESTIGE-96 AD 11,479,000 20 MANUFACTURE OF HOMOGENISED FOOD 247,000 -4.63% 6 PALIRRIA BULGARIA EAD 11,051,000 PREPARATIONS AND DIETETIC FOOD 7 UNITED MILK COMPANY EAD 7,351,000 21 MANUFACTURE OF FRUIT AND VEGETABLE 95,000 -62.30% 8 PARTNYORI AD 6,967,000 JUICE 9 GOODMILLS BULGARIA EOOD 6,831,000 22 MANUFACTURE OF SUGAR 85,000 -206.25% 10 ZLATNO PILE MONTANA EAD 6,742,000 23 MANUFACTURE OF MACARONI, NOODLES, 71,000 1.43% COUSCOUS AND SIMILAR FARINACEOUS PRODUCTS 24 PROCESSING AND PRESERVING OF POTATOES 68,000 13.33% TOP COMPANIES BY HIGHEST NET LOSS IN MANUFACTURE OF 25 MANUFACTURE OF MARGARINE AND SIMILAR 37,000 -27.45% FOOD PRODUCTS EDIBLE FATS RANK COMPANY BGN 1 FRONERI BULGARIA EOOD 5,281,000 2 TALAR FOODS EOOD 4,800,000 3 ZVEZDA AD 2,682,000 V. PROFITABILITY 4 SD KOLEV I S-IE - ESKADA 2,325,000 5 AVIS EOOD 2,205,000

The industry's net profit amounted to BGN 451,206,000 in 2016, compared to a net profit of BGN 399,118,000 in 2015 The combined operating earnings of the companies in the and a net profit of BGN 355,925,000 in 2014. Manufacture of food products market rose by 14.22% y/y to BGN 505,239,000 in 2016.

OPERATING PROFIT/LOSS BY SECTORS (BGN) SECTOR 2016 2015 2014 PRODUCTION OF MEAT AND POULTRY 60,832,000 34,773,000 29,162,000 MEAT PRODUCTS MANUFACTURE OF BREAD; 58,327,000 46,425,000 48,335,000 MANUFACTURE OF FRESH PASTRY GOODS AND CAKES MANUFACTURE OF STARCHES AND 52,310,000 39,004,000 52,113,000 STARCH PRODUCTS OTHER PROCESSING AND PRESERVING OF 51,939,000 41,093,000 23,975,000 FRUIT AND VEGETABLES MANUFACTURE OF COCOA, CHOCOLATE 47,691,000 37,891,000 27,015,000 AND SUGAR CONFECTIONERY PROCESSING AND PRESERVING OF 46,618,000 26,889,000 27,705,000 POULTRY MEAT

12 SeeNews Industry Report

MANUFACTURE OF OTHER FOOD 35,330,000 29,038,000 27,841,000 23 MANUFACTURE OF OILS AND FATS 0.72% PRODUCTS N.E.C. 24 MANUFACTURE OF ICE CREAM 0.48% OPERATION OF DAIRIES AND CHEESE 31,914,000 17,752,000 34,712,000 25 MANUFACTURE OF FRUIT AND VEGETABLE JUICE -3.01% MAKING

MANUFACTURE OF GRAIN MILL PRODUCTS 27,843,000 18,721,000 14,426,000

MANUFACTURE OF RUSKS AND BISCUITS; 27,176,000 34,682,000 30,520,000 MANUFACTURE OF PRESERVED PASTRY The Manufacture of food products industry's return on equity GOODS AND CAKES (ROE) is 12.99% compared to 12.94% in 2015 and 12.81% in PROCESSING AND PRESERVING OF MEAT 12,293,000 9,100,000 7,848,000 2014. MANUFACTURE OF PREPARED FEEDS FOR 11,842,000 19,670,000 11,783,000 FARM ANIMALS The Manufacture of food products's return on assets (ROA) PROCESSING AND PRESERVING OF FISH, 10,980,000 6,573,000 14,978,000 was 5.57%, while in 2015 it amounted to 5.25% and 5.07% in CRUSTACEANS AND MOLLUSCS 2014. MANUFACTURE OF OILS AND FATS 8,767,000 52,194,000 43,353,000 MANUFACTURE OF CONDIMENTS AND 7,172,000 7,253,000 9,879,000 SEASONINGS ROE PROCESSING OF TEA AND COFFEE 4,237,000 -450,000 2,954,000 ROA 12.99% MANUFACTURE OF SUGAR 3,849,000 1,050,000 -16,815,000 12.81% 12.94% 13 MANUFACTURE OF PREPARED MEALS AND 2,328,000 9,288,000 7,907,000

DISHES 11.7 MANUFACTURE OF PREPARED PET FOODS 2,307,000 2,668,000 -166,000 MANUFACTURE OF HOMOGENISED FOOD 1,892,000 2,056,000 1,444,000 10.4 PREPARATIONS AND DIETETIC FOOD MANUFACTURE OF MARGARINE AND 370,000 500,000 463,000 9.1 SIMILAR EDIBLE FATS MANUFACTURE OF ICE CREAM 286,000 4,095,000 2,069,000 7.8 MANUFACTURE OF MACARONI, NOODLES, 229,000 167,000 759,000 COUSCOUS AND SIMILAR FARINACEOUS 6.5 PRODUCTS 5.2 PROCESSING AND PRESERVING OF 208,000 514,000 253,000 5.57% POTATOES 5.07% 5.25% MANUFACTURE OF FRUIT AND VEGETABLE -1,501,000 1,384,000 -1,936,000 3.9 JUICE 2.6

The profit margin for the Manufacture of food products 1.3 industry stood at 5.29% in 2016, while in 2015 it amounted to 0 5.06% and 4.87% in 2014. 2014 2015 2016

PROFIT MARGIN BY SECTORS RANK SECTOR PROFIT MARGIN LEADING INDUSTRY'S SECTORS BY ROA 1 MANUFACTURE OF HOMOGENISED FOOD PREPARATIONS 14.62% 14.71 AND DIETETIC FOOD 15 2 MANUFACTURE OF STARCHES AND STARCH PRODUCTS 10.15% 13.5 13.1 3 MANUFACTURE OF COCOA, CHOCOLATE AND SUGAR 10.08% CONFECTIONERY 12 11.58 4 MANUFACTURE OF CONDIMENTS AND SEASONINGS 9.22% 10.5 5 MANUFACTURE OF OTHER FOOD PRODUCTS N.E.C. 8.72% 9 6 PROCESSING AND PRESERVING OF FISH, CRUSTACEANS 8.22% AND MOLLUSCS 7.5 7 MANUFACTURE OF RUSKS AND BISCUITS; MANUFACTURE 7.68% OF PRESERVED PASTRY GOODS AND CAKES 6 8 OTHER PROCESSING AND PRESERVING OF FRUIT AND 6.90% 4.5 VEGETABLES 9 PRODUCTION OF MEAT AND POULTRY MEAT PRODUCTS 6.60% 3 10 MANUFACTURE OF BREAD; MANUFACTURE OF FRESH 6.22% 1.5 PASTRY GOODS AND CAKES 11 PROCESSING AND PRESERVING OF POULTRY MEAT 5.83% 0 Manufacture of Manufacture of Manufacture of sugar 12 MANUFACTURE OF GRAIN MILL PRODUCTS 5.80% starches and starch homogenised food products preparations and 13 MANUFACTURE OF SUGAR 5.46% dietetic food 14 PROCESSING OF TEA AND COFFEE 4.96% 15 OPERATION OF DAIRIES AND CHEESE MAKING 3.93% 16 MANUFACTURE OF PREPARED PET FOODS 3.78% 17 MANUFACTURE OF PREPARED MEALS AND DISHES 3.08% 18 MANUFACTURE OF PREPARED FEEDS FOR FARM ANIMALS 2.37% 19 MANUFACTURE OF MARGARINE AND SIMILAR EDIBLE FATS 2.02% 20 PROCESSING AND PRESERVING OF MEAT 1.73% 21 MANUFACTURE OF MACARONI, NOODLES, COUSCOUS 1.66% AND SIMILAR FARINACEOUS PRODUCTS 22 PROCESSING AND PRESERVING OF POTATOES 1.03%

13 SeeNews Industry Report

the overall sales country-wide, rising its market share by 0.33 LEADING INDUSTRY'S SECTORS BY ROE pp. 27 26.21 24.3 24.3 Operating profit per employee for the industry as a whole was 22.18 BGN 6,684 in 2016. For comparison in 2015 it amounted to 21.6 BGN 5,548 and BGN 5,548 in 2014. 18.9 THE TOP BY OPERATIONAL PROFIT PER EMPLOYEE IN 16.2 MANUFACTURE OF FOOD PRODUCTS 13.5 RANK COMPANY BGN 1 ALFA KAPITAL EOOD 1,227,000 10.8 2 RUZHIE AD 518,000 8.1 3 MYULARI 90 EOOD 459,000 4 ALFA MARKETING EOOD 436,000 5.4 5 HLEBNI IZDELIA-LOZENEZ EAD 407,000 2.7 0 Manufacture of sugar Manufacture of Manufacture of homogenised food bread; manufacture TOP 10 COMPANIES WITH HIGHEST CORRELATION OPERATING preparations and of fresh pastry REVENUE - NUMBER OF EMPLOYEES - EMPLOYMENT EXPENSES* dietetic food goods and cakes RANK COMPANY NAME CORRELATION (BGN) TOP 10 COMPANIES BY HIGHEST AVERAGE NET PROFIT PER 1 DRB AD 8,677,000 EMPLOYEE IN MANUFACTURE OF FOOD PRODUCTS 2 MYULARI 90 EOOD 6,021,000 RANK COMPANY BGN COMPANY 3 VIVA TRADING EOOD 5,962,000 HEADQUARTERS (CITY) 4 ADISAN EOOD 4,466,000 1 ALFA KAPITAL EOOD 1,155,500 SOFIA 5 CANARD COURMET GROUPE OOD 3,868,000 2 RUZHIE AD 518,000 SOFIA 6 SUN FOODS EOOD 2,828,029 3 MYULARI 90 EOOD 413,000 BELOZEM 7 MATEV PTITSI OOD 2,822,000 4 HLEBNI IZDELIA-LOZENEZ EAD 407,000 SOFIA 8 ALMAR SEAFOOD AD 2,751,625 5 ALFA MARKETING EOOD 392,000 SOFIA 9 ILMA OOD 2,329,000 6 BULGAFROST AD 367,500 PLOVDIV 10 SUNOPTA FOODS BULGARIA EOOD 2,188,818 7 PARTNYORI AD 348,350 KOSTINBRO D 8 KOOPAGROSPEKTAR EOOD 280,000 DOBRICH *The correlation is calculated by subtracting the quotient of the operating profit, and 9 ADISAN EOOD 258,000 SOFIA the employment expenses to the number of employees. 10 ALEKS-G-2010 EOOD 247,000 RAKOVSKI AVERAGE REVENUES PER EMPLOYEE IN MANUFACTURE OF FOOD

PRODUCTS IN 2016 SECTOR AVERAGE NET AVERAGE AVERAGE NUMBER OF About 50.00% of the 10 leading companies in terms of net SALES OPERATING TOTAL EMPLOYEES REVENUE REVENUE REVENUE profit per employee are located in SOFIA, while 10.00% are (BGN) (BGN) (BGN) KOSTINBROD-based and 10.00% are headquartered in MANUFACTURE OF 54,498 58,036 58,399 223 BELOZEM. HOMOGENISED FOOD PREPARATIONS AND DIETETIC FOOD The average net sales revenue per employee in the MANUFACTURE OF PREPARED 59,590 63,663 70,139 1,189 Manufacture of food products industry amounted to BGN MEALS AND DISHES 118,023 in 2016, up by 15.06% compared to 2015 and up by MANUFACTURE OF CONDIMENTS 96,047 100,723 100,869 772 15.25% compared to 2014. AND SEASONINGS PROCESSING OF TEA AND COFFEE 90,834 94,602 101,302 903 The industry's average operating revenue per employee rose MANUFACTURE OF COCOA, 121,621 135,954 136,194 3,481 by 15.29% year-on-year in 2016 to BGN 126,466. It rose by CHOCOLATE AND SUGAR 15.72% compared to 2014. CONFECTIONERY MANUFACTURE OF SUGAR 884,436 904,577 907,744 78 The Manufacture of food products market generated an MANUFACTURE OF OTHER FOOD 128,134 133,418 134,002 3,036 PRODUCTS N.E.C. average BGN 127,343 in total revenue per employee. In 2015 OPERATION OF DAIRIES AND 103,770 111,765 112,624 7,274 and 2014 the figure was BGN 110,642 and BGN 110,215, CHEESE MAKING respectively. MANUFACTURE OF ICE CREAM 80,354 86,707 87,195 686 MANUFACTURE OF RUSKS AND 74,544 76,791 76,942 4,610 The average total revenue per company in the Manufacture of BISCUITS; MANUFACTURE OF food products industry increased to BGN 1,749,790 in 2016 PRESERVED PASTRY GOODS AND from BGN 1,635,318 in 2015. The 2014 value was BGN CAKES 1,586,321. MANUFACTURE OF MACARONI, 40,314 43,905 43,952 315 NOODLES, COUSCOUS AND SIMILAR FARINACEOUS PRODUCTS A company in the Manufacture of food products sector made MANUFACTURE OF BREAD; 42,801 44,773 44,983 20,933 on average a net sales revenue of BGN 1,621,722 in 2016, MANUFACTURE OF FRESH PASTRY compared to BGN 1,516,137 in 2015 and BGN 1,473,948 in GOODS AND CAKES 2014. OTHER PROCESSING AND 107,084 117,166 118,528 6,423 PRESERVING OF FRUIT AND VEGETABLES The Manufacture of food products industry made 3.62% of

14 SeeNews Industry Report

MANUFACTURE OF FRUIT AND 115,547 122,051 123,907 408 MANUFACTURE OF 1,373,111 1,439,963 1,442,056 54 VEGETABLE JUICE CONDIMENTS AND PROCESSING AND PRESERVING OF 94,110 96,512 96,718 209 SEASONINGS POTATOES MANUFACTURE OF ICE 1,252,795 1,351,841 1,359,455 44 PROCESSING AND PRESERVING OF 138,482 144,537 144,605 4,927 CREAM MEAT MANUFACTURE OF 944,707 1,009,267 1,111,933 75 PROCESSING AND PRESERVING OF 156,546 176,839 177,642 4,520 PREPARED MEALS AND POULTRY MEAT DISHES PRODUCTION OF MEAT AND 140,965 149,106 150,034 6,186 MANUFACTURE OF OTHER 924,024 962,133 966,344 421 POULTRY MEAT PRODUCTS FOOD PRODUCTS N.E.C. MANUFACTURE OF PREPARED 299,596 332,939 335,591 1,499 PROCESSING AND 936,619 960,524 962,571 21 FEEDS FOR FARM ANIMALS PRESERVING OF POTATOES MANUFACTURE OF PREPARED PET 113,660 118,642 118,770 514 MANUFACTURE OF 607,650 647,100 651,150 20 FOODS HOMOGENISED FOOD PREPARATIONS AND MANUFACTURE OF MARGARINE 255,286 261,800 262,114 70 DIETETIC FOOD AND SIMILAR EDIBLE FATS MANUFACTURE OF 409,645 446,129 446,613 31 MANUFACTURE OF OILS AND FATS 484,124 523,306 527,648 2,327 MACARONI, NOODLES, PROCESSING AND PRESERVING OF 76,706 84,767 85,434 1,576 COUSCOUS AND SIMILAR FISH, CRUSTACEANS AND FARINACEOUS PRODUCTS MOLLUSCS MANUFACTURE OF BREAD; 305,887 319,985 321,485 2,929 MANUFACTURE OF GRAIN MILL 139,337 152,888 153,939 3,139 MANUFACTURE OF FRESH PRODUCTS PASTRY GOODS AND CAKES MANUFACTURE OF STARCHES 1,764,093 1,776,317 1,776,390 290 AND STARCH PRODUCTS The total indebtedness of the companies in the Manufacture of food products industry was BGN 4,412,310,000 versus BGN AVERAGE REVENUE PER COMPANY IN MANUFACTURE OF FOOD 4,260,269,000 a year ago. In 2014 the industry's indebtedness PRODUCTS IN 2016 totalled BGN 4,013,115,000. SECTOR AVERAGE NET AVERAGE AVERAGE TOTAL NUMBER OF SALES REVENUE OPERATING REVENUE (BGN) COMPANIES (BGN) REVENUE (BGN) INDUSTRY'S INDEBTEDNESS BY SECTORS (BGN) MANUFACTURE OF 127,896,750 128,783,000 128,788,250 4 SECTOR 2016 2015 2014 STARCHES AND STARCH MANUFACTURE OF OILS AND FATS 658,833,000 730,781,000 535,125,000 PRODUCTS OTHER PROCESSING AND PRESERVING 501,951,000 478,666,000 454,071,000 MANUFACTURE OF SUGAR 34,493,000 35,278,500 35,402,000 2 OF FRUIT AND VEGETABLES MANUFACTURE OF OILS 15,432,288 16,681,288 16,819,671 73 MANUFACTURE OF BREAD; 470,668,000 462,027,000 471,264,000 AND FATS MANUFACTURE OF FRESH PASTRY PROCESSING AND 7,005,842 7,913,980 7,949,901 101 GOODS AND CAKES PRESERVING OF POULTRY OPERATION OF DAIRIES AND CHEESE 439,826,000 441,622,000 460,666,000 MEAT MAKING MANUFACTURE OF 4,727,316 5,253,432 5,295,274 95 PRODUCTION OF MEAT AND POULTRY 385,506,000 277,079,000 302,387,000 PREPARED FEEDS FOR FARM MEAT PRODUCTS ANIMALS MANUFACTURE OF GRAIN MILL 310,935,000 322,158,000 305,950,000 MANUFACTURE OF 4,467,500 4,581,500 4,587,000 4 PRODUCTS MARGARINE AND SIMILAR EDIBLE FATS MANUFACTURE OF PREPARED FEEDS FOR 285,836,000 205,584,000 124,709,000 FARM ANIMALS PRODUCTION OF MEAT AND 3,858,460 4,081,270 4,106,686 226 POULTRY MEAT PRODUCTS PROCESSING AND PRESERVING OF MEAT 249,940,000 246,365,000 243,005,000 MANUFACTURE OF GRAIN 3,555,927 3,901,748 3,928,585 123 PROCESSING AND PRESERVING OF 231,507,000 258,459,000 260,568,000 MILL PRODUCTS POULTRY MEAT PROCESSING AND 3,668,296 3,828,683 3,830,473 186 MANUFACTURE OF OTHER FOOD 147,598,000 135,292,000 104,185,000 PRESERVING OF MEAT PRODUCTS N.E.C. MANUFACTURE OF 3,651,313 3,811,375 3,815,500 16 MANUFACTURE OF COCOA, CHOCOLATE 146,443,000 204,729,000 229,096,000 PREPARED PET FOODS AND SUGAR CONFECTIONERY OPERATION OF DAIRIES AND 2,715,198 2,924,388 2,946,853 278 MANUFACTURE OF RUSKS AND 132,115,000 127,263,000 153,522,000 CHEESE MAKING BISCUITS; MANUFACTURE OF PRESERVED PASTRY GOODS AND CAKES MANUFACTURE OF COCOA, 2,581,476 2,885,701 2,890,805 164 CHOCOLATE AND SUGAR MANUFACTURE OF STARCHES AND 88,919,000 34,098,000 38,326,000 CONFECTIONERY STARCH PRODUCTS PROCESSING AND 2,370,353 2,619,471 2,640,078 51 MANUFACTURE OF ICE CREAM 84,165,000 40,993,000 43,255,000 PRESERVING OF FISH, PROCESSING AND PRESERVING OF FISH, 54,480,000 55,035,000 54,703,000 CRUSTACEANS AND CRUSTACEANS AND MOLLUSCS MOLLUSCS PROCESSING OF TEA AND COFFEE 53,437,000 43,718,000 31,500,000 OTHER PROCESSING AND 1,987,855 2,175,023 2,200,298 346 MANUFACTURE OF FRUIT AND 35,772,000 35,101,000 35,569,000 PRESERVING OF FRUIT AND VEGETABLE JUICE VEGETABLES MANUFACTURE OF PREPARED PET 33,700,000 33,083,000 12,534,000 PROCESSING OF TEA AND 1,952,929 2,033,952 2,178,000 42 FOODS COFFEE MANUFACTURE OF PREPARED MEALS 24,606,000 39,874,000 37,680,000 MANUFACTURE OF RUSKS 2,095,421 2,158,573 2,162,817 164 AND DISHES AND BISCUITS; MANUFACTURE OF MANUFACTURE OF CONDIMENTS AND 19,065,000 17,885,000 20,488,000 PRESERVED PASTRY GOODS SEASONINGS AND CAKES MANUFACTURE OF SUGAR 17,646,000 36,327,000 64,175,000 MANUFACTURE OF FRUIT 1,520,742 1,606,355 1,630,774 31 PROCESSING AND PRESERVING OF 14,784,000 6,067,000 6,429,000 AND VEGETABLE JUICE POTATOES MANUFACTURE OF MARGARINE AND 11,568,000 8,920,000 5,666,000 SIMILAR EDIBLE FATS 15 SeeNews Industry Report

MANUFACTURE OF MACARONI, 8,557,000 8,611,000 8,322,000 NOODLES, COUSCOUS AND SIMILAR ALLOCATION OF EMPLOYEES BY INDUSTRY'S SECTORS FARINACEOUS PRODUCTS 7,274 MANUFACTURE OF HOMOGENISED 4,453,000 10,532,000 9,920,000 6,423 FOOD PREPARATIONS AND DIETETIC FOOD 6,186

Debt-to-assets ratio of the companies in the industry is 0.54 in 2016. It was 0.56 in 2015 and 0.57 in 2014. 20,933 4,927

According to market experts, the greatest impact on the development of the Manufacture of food products industry has amortisation expenses. In 2016 it stood at BGN 278,908,000, according to the financial statements of the companies in the industry. In 2015 the figure was BGN 272,352,000 and BGN 249,368,000 in 2014.

VI. EMPLOYMENT 29,845

A total of 75,588 people were employed in the Manufacture Manufacture of bread; manufacture of fresh pastry goods and cakes of food products industry at the end of 2016, compared to Operation of dairies and cheese making 79,725 in 2015 and 75,203 in 2014. Other processing and preserving of fruit and vegetables Production of meat and poultry meat products NUMBER OF EMPLOYEES BY INDUSTRY SECTORS Processing and preserving of meat SECTOR NUMBER SHARE OF INDUSTRY Others TOTAL

MANUFACTURE OF BREAD; MANUFACTURE OF FRESH 20,933 27.69% PASTRY GOODS AND CAKES The analysis on companies' sizes by the number of OPERATION OF DAIRIES AND CHEESE MAKING 7,274 9.62% employees, shows that 3867 firms have less than 50 OTHER PROCESSING AND PRESERVING OF FRUIT AND 6,423 8.50% employees*, 334 have between 50 and 250 employees* and VEGETABLES 23 companies employ more than 250*. PRODUCTION OF MEAT AND POULTRY MEAT PRODUCTS 6,186 8.18% * Companies without data in the number of employees at end of the year are not PROCESSING AND PRESERVING OF MEAT 4,927 6.52% taken into consideration. MANUFACTURE OF RUSKS AND BISCUITS; MANUFACTURE 4,610 6.10% OF PRESERVED PASTRY GOODS AND CAKES

PROCESSING AND PRESERVING OF POULTRY MEAT 4,520 5.98% COMPANIES IN THE INDUSTRY BY SIZE IN TERMS OF NUMBER OF EMPLOYEES MANUFACTURE OF COCOA, CHOCOLATE AND SUGAR 3,481 4.61% 3 900 3 867 CONFECTIONERY MANUFACTURE OF GRAIN MILL PRODUCTS 3,139 4.15% 3 600 MANUFACTURE OF OTHER FOOD PRODUCTS N.E.C. 3,036 4.02% 3 300 MANUFACTURE OF OILS AND FATS 2,327 3.08% 3 000 PROCESSING AND PRESERVING OF FISH, CRUSTACEANS 1,576 2.08% 2 700 AND MOLLUSCS MANUFACTURE OF PREPARED FEEDS FOR FARM ANIMALS 1,499 1.98% 2 400 MANUFACTURE OF PREPARED MEALS AND DISHES 1,189 1.57% 2 100 PROCESSING OF TEA AND COFFEE 903 1.19% 1 800 MANUFACTURE OF CONDIMENTS AND SEASONINGS 772 1.02% 1 500 MANUFACTURE OF ICE CREAM 686 0.91% MANUFACTURE OF PREPARED PET FOODS 514 0.68% 1 200 MANUFACTURE OF FRUIT AND VEGETABLE JUICE 408 0.54% 900 MANUFACTURE OF MACARONI, NOODLES, COUSCOUS 315 0.42% 600 AND SIMILAR FARINACEOUS PRODUCTS 334 300 MANUFACTURE OF STARCHES AND STARCH PRODUCTS 290 0.38% 23 MANUFACTURE OF HOMOGENISED FOOD PREPARATIONS 223 0.30% Small Medium Big AND DIETETIC FOOD

PROCESSING AND PRESERVING OF POTATOES 209 0.28% The employees of the leading 10 companies in terms of MANUFACTURE OF SUGAR 78 0.10% numbers make up 9.87% of the workforce in the industry in MANUFACTURE OF MARGARINE AND SIMILAR EDIBLE FATS 70 0.09% 2016.

16 SeeNews Industry Report

TOP 10 COMPANIES BY SHARE IN INDUSTRY'S TOTAL NUMBER OF EMPLOYEES RANK COMPANY NUMBER OF SHARE EMPLOYEES 1 NESTLE BULGARIA AD 1,389 1.84% 2 PILCO EOOD 884 1.17% 3 CHIPITA BULGARIA AD 872 1.15% 4 ZIV EOOD 857 1.13% 5 PALIRRIA BULGARIA EAD 820 1.08% 6 MESOKOMBINAT LOVECH AD 671 0.89% 7 PRESTIGE-96 AD 554 0.73% 8 UNITED MILK COMPANY EAD 525 0.69% 9 GRADUS 1 EOOD 457 0.60% 10 SIMID SOFIA OOD 428 0.57%

The Manufacture of food products industry is the 7th largest employer in the country with 75,588 employees with the largest employer being Retail trade, except of motor vehicles and motorcycles with 234,189 and Libraries, archives, museums and other cultural activities at the bottom with 54 employees.

The Manufacture of food products's share in the country's total employment was 3.26% in 2016, 4.01% in 2015 and 4.08% in 2014.

We expect, based on the trend in the last three years, the number of employees of the Manufacture of food products industry to change at a compound annual growth rate (CAGR) of 0.26% in 2017.

17 SeeNews Industry Report

The industry is represented by the following companies

DIKSI - SZ OOD AGROBIOMED EOOD MIRO PETAR PETROV ET NATUR AGRA EOOD MOTRISA EOOD DIMITAR GEORGIEV 96 ET ET SNEZHANA DOBRINKOVA ET SIANA SIYKA ANEVA PEPINO 7 EOOD PIMENS EOOD MOLLOV 393 OOD LAKTEN OOD BULGARSKI HRYAB I ZAKUSKI DZZD AVANGARD NIKOLA BAYCHEV ET NADYA TSONCHEVA EOOD ET GABI - MIROSLAV IVANOV KARMENITA OOD SLAVYANA-FISH EOOD PREON EOOD Q-Q UBO GA EOOD MIG 91 IVAYLO GARBOV ET HERBA FARMA TEHNOLODZHI INTERNESHANAL HRANMIKS OOD EVEREST BG 2010 EOOD EOOD ETAR 2014 EOOD CHAYKA 5 PETRANA ZAHARINOVA ET ET DEBORA 93 - GINKA VALKOVA ET HADZHO 65 - DOBROMIR HADZHIANGELOV LUB FUTBOLISTA C - STANISLAV LYUBENOV ET PAVLIN NETEV PAM ET ALEINA ELIF EOOD OLINEZA EOOD SVETLANA-DIMITAR VATEV ET PLEVENSKI HLYAB BG EOOD BIO FRUITS EOOD BUTTERFLY EOOD MOKA - BORISLAV GASHTAROV ET A KONSERV EOOD BISER OLIVA AD VET PARTNERS OOD ZLATEN KLAS 2010 EOOD METERI EOOD MIROSLAV ILIEV MIRO ET RA PIDAKEV STEFAN LYUBENOV ET MERI AHMED CHAKAR ET PETROMEL 1 OOD PETKOVI-70 OOD DJAVIT SHERIFOV ET GLOBAL FOOD COMPANY OOD EKS FAKTORS EOOD LECHOVI DR EOOD REGAKO EOOD AGARICUS BG EOOD IMDO OOD FINES DZZD ET YORDAN KARAKEHAYOV GERGANA - 2016 EOOD AM AM - BG EOOD CHRIS OIL 97 EOOD AGENCY BULSAI EOOD POSEIDON 2003 OOD ES EM KEY NUR OOD ELIT MES MINEV - RODOPA - V.T. EOOD AMORINI OOD DIANA I SIE OOD ZHITARA OOD BRIZ 2016 OOD ET TED - MILKO METODIEV ET DZHEAR - NENKO ANGELOV KRISBOR OOD CASA DI FARINA EOOD ATANAS HANEV ET ET DAFIDIM 89 - YORDAN HADZHIYSKI TIARA-2013.BG OOD VASILKA TOMOVA ET APTEKARYAT AD LITTLE ITALY 1982 OOD DAILY FOODS AD RIO INVEST EOOD VIENA 2010 EOOD AVIDAR EOOD ET KRISTIYAN DZHINSOV ET POKRIVI - ANAHIT GRANTSOVA DIAMANT 2010 EOOD BULGARPLOD PAN OOD DJEI GRUP 11 EOOD ZAHARO OOD AERKRAFT EOOD RADOSLAV ILIEV ET VENETSIA DZZD BIOPROGRAMME EAD PLODEX OOD SD MOLTEN HRISTOV I S-IE DZZD MILINA LOTOS MITKO DIMITROV EOOD TACHEVI TACHEVA I SIE SD NOVIRA EOOD ET MILENA - DENCHO KALESTROV ET ZHIVKO VARBANOV DAREYA EOOD ILEMA 2016 EOOD MARKENBUTTER EOOD HADMAN 63 EOOD GEOMEKS INZHENERING EOOD ET MAKEDONKA MITSEVA DONI-M ET SAMET - FARUK KADIR KATRIN RUMEN TODOROV EOOD DANIELI - MATEY BRAIKOV ET ET DZHURKOLOV- IVAN DZHURKOLOV MEGA GRUP 2011 SONGURLARE 54 STOYU APOSTOLOV ET DZHEM I DZHEM OOD ET ZHEFA - FANKA KALAYDZHIEVA ET PALAS IVELINA TODORCHEVA ALFA - M55 EOOD TOP-CONSERV EAD RODOPA TROYAN OOD VALENTINA MMML STANIMIRA ILIEVA ET DENI - MAR 2014 EOOD ET IVAYLO MILENA STANCHEVA DENITO OOD PASTA M& P OOD SILVA TRAYKOVA ET TSERERA EOOD ISPOLIN OOD DIMI S EOOD DUNAV SIYDS EOOD NIKOM 81 EOOD PETROV I KOLEV SD ALMI SUIT OOD ILIEV I G ILIA GOSPODINOV ET TONI-94 - PLAMEN CEKOV ET SOLEDONT OOD ADIS-11 EOOD ET SVETLANA 99 - IVAN ILIEV IV - 2002 EOOD ET RAP -RUMEN PELTEKOV VITANEA OOD ET PELION 58- PETAR PENKOV BULMASHINGENERING OOD STANCHO HADZHIDIMITROV AD BAKE AND TAKE EOOD BIO EM DI - 1 EOOD ET ROSI 57 - VASIL RUPANOV CHAKLYAN EOOD SOFIYA TER EOOD FURAZHI AD ALANDA EOOD ANDREEV 69 EOOD KADYOVA 52 EOOD KATYA AND CARRIE PRODUCTION OOD GORNOORYAHOVSKI MAYSTORI EOOD HANTEI AD VE-VAS-63 EOOD ASEN ASENOV 70 EOOD VIKI 25 EOOD ALIANS FOREYN TREYD MARKETING OOD SHAMI - 94 EOOD ET MEMO-78-MEHMED MYUMYUN ERSA 2007 EOOD AVIS EOOD HAPPY BEBE EOOD PAL BG EOOD ZINA ZINA TODOROVA ET PERSENSKI OOD NIPEX - N EOOD BULGARIAN ICECREAM COMPANY EOOD SOLVEX - MIRA - FRUKT AD KRA SI EOOD GRAFITI SG OOD DANSIS SILVIA GETOVA ET PETRELIYSKI - 61 - DIMITAR PETRELIYSKI ET DESI - M - METODI METODIEV ET TANINA-2 EOOD DEMETRA DV EOOD ROZHEN 21 DETELINA VASILEVA ET FLOREKS EOOD SELIBIUM DZZD KRASIMIRA-12 EOOD ANARA1 OOD ASLAN 7 EOOD DANI 83 STOYAN IVANOV ET IGM-TRADE EOOD KA METODIEVI EOOD ET-KYOSOV-51-NIOSLAY KYOSOV IVAN KOEV ET INTERMES OOD KONSULTING 09 EOOD MOD VISTE OOD MIROVOISKI EOOD PASHOV YAR EOOD SIM-08 EOOD IZBRAN EOOD PANACEA 2001 OOD MULCHANKOV OOD CRISTIS - 91 EOOD JGV BULGARIA OOD EFROTEM 2013 EOOD SIMEONOV ADVARTAYZING EOOD ET IVAN SIMEONOV TEDI 05 EOOD DYAKOV EOOD GEOBOY 2009 EOOD ERKO 2002 EOOD ET ALBENA 91 - TRIFON STEFANOV ET YANTAR-T-TOTYO MECHKAROV KOKO KOMERS OOD KALI 98 EOOD GENIDIS 2015 EOOD FAMILY NIKOLA EOOD DUCE EOOD NES PAK EOOD MAGIMEKS OOD BOUTIQUE BAKERY EOOD ENDELVAIS EOOD AISIS OOD BIO ORGANIC BULGARIA EOOD MELNITSA STRALDZHA EOOD ANTONI I VALENTINO 02 EOOD ET AGRES ELENA ATANASOVA DIMANA 95 EOOD ELINA-BEM-BOYCH VASILEV GUCALEV ET DESISLAVA YANKO VASILEV ET BULMEKS ATANAS ATANASOV ET GIBI-99 EOOD ARONIA ALAYF AGRIKALCHAR EOOD PLISKA OOD INTERES-3000 EOOD DIMITRA EOOD CHERISA CHERESHKA IVANOVA ET ABI TREYD 2015 EOOD IVEL - CONFECTIONERY EOOD ET MARTI 2013 - SVETOSLAV NAKOV IMPERIYA OOD DENIA OOD 18 SeeNews Industry Report

RU BI BALINOVI IVANKA GEORGIEVA ET DARIMEX 98 EOOD EUROTEAM EOOD MARINELA SIMITCHIEVA ET EROL REMZIEV ENAM ET SIMID VM EOOD BULGARSKI YOGURT OOD ET HOLI - ZHOS - VALENTIN KOZHAROV PETAR I PETAR EOOD ILROIS OOD BAZ KOMPANI OOD RUSHI SHANS - 2 EOOD K & E ZLATINOVI OOD HERBAMEDIKA EOOD REZON IM GABROVSKI I SIE SD STEZIS-STEFAN STOYKOV ET ET KRIS 88 - EMIL TODOROV BRES KOMERS OOD AN NEZHDET ALI ET SPEKTAR KOMS OOD KIB 2010 EOOD SHALAMANOV 79 EOOD IVEKAS EOOD ELEYYA OOD HADAD OOD DERBI 97 P EOOD DIANA MANOLOVA I SIN DIANA MANOLOVA ET DIMIVAN DIMITRINKA SLAVOVA ET AMON EOOD POLYA GEORGIEVA GORSKA SRESHTA ET ET SUNAY 2008-AFIZE CHERKEZOVA FOOD SERVICE AND DRINK EOOD MINLET ASLANOVA MILI ET M I M EOOD RAKITA-R EOOD GOOD TASTE OOD SANI - US EOOD CITY BAKERY EOOD RIKI RIDVAN AHMEDOV ET BULKONS PARVOMAY AD GEORGI KARADZHOV VESELA KARADZHOVA ET ILIQNA-98 BG OOD NASLADA - 92 OOD ET KIKI - KARAMFILA IVANOVA - IVAN IVANOV DENIZ ADEM IBRAHIMOV ET TSUNAMI TSVETAN CHOLAKOV ET ET MELANTO YORDAN ALEKSANDROV IV JUNIOR OOD DIDKO 78 EOOD CHAYA KRASTYU IVANOV 92 EOOD SONAR - 01 OOD MELANI 2002 EOOD DIDOMEKS EOOD ELIS ELENA IVANOVA ET HLYAB I HLEBNI IZDELIA EOOD IRIDIYA OOD BRAVO GRUP OOD BUTER EOOD MILKMANIYA EOOD DIKRA FUUDS EOOD KRIS L OOD ANIKO-GEOGI DOICHEV ET SPAS 2007 SPAS MILKOV ET STO MARGARITI EOOD ATLANTIK KO EOOD KOVEG - MLECHNI PRODUKTI OOD VANYA NAYDENOVA VANESA 95 ET NATSTIM EOOD VENAN 97 EOOD TIMS FOODS EOOD AYCHA 2015 EOOD MEAT - DROPLA 2004 OOD BOBI 1970 EOOD ET ISTAR-99-RUMYANA GEORGIEVA ANGEL KARAMFILOV KOMERS ET 2M - NONOV ND SONS OOD ZAHARNO PETLE - GKG EOOD DETELINA HYUSEIN KARAKAS ET NIKOLINA ALENDAROVA ET MADDLEN PATISSERIE EOOD IMMORTEL EOOD RASHKO RADOEV ET LILIANA VACEVA ET PEKARNA BG 1 OOD SMILJANA 2010 OOD GABI FUUT EOOD LAF VELIZAROV I S IE SD MERILEND 2013 EOOD DELNIK I PRAZNIK OOD EKO FURAJ OOD ET VELICHKA KAFKOVA -TARTALETI PENO INVEST EOOD COOP MES OOD GESDI GEORGI DOYCHEV ET VEGA STAR EOOD SMM COMMERCE OOD VIKI TREYDING EOOD GERI - 2003 EOOD ET REGAL KOMERS HRISTINKA ALEKSIEVA O SKARI OOD DIN KOSTADIN ANGELOV ET SNELA EOOD DEMETRA EOOD SIY KO LIE-SIYKA KOLEVA ET KOMEKSIM EOOD PAYO 90 OOD MILENA 98 EOOD ET IVA-IRIFAN KATARDZHYOLU MATIS FISHING OOD MPM - VIDIN EOOD ET KRASI - K - KRASIMIR KOSTOV FILADELFIA VALERI VLAESKU ET PROMTEH OOD ET TERI-2000-ROSEN VASILEV ALPI KOMERS OOD STT IMPEKS EOOD YORDAN RALEV 90 EOOD AGROPLASMENT 92 V AD SHOGUN EOOD ILIAN FOOD - 2003 EOOD ET ORMER - ORHAN ALIEV KARBAYO EOOD DENISLAV EAD M - BAKERY EOOD M DZHI 1 EOOD KAPLAN DESI OOD VEGAS 12 OOD B-YOU FOOD AD KARLAK HASAN MEHMED ET SVETLINA 92 EOOD BIO BENJAMIN OOD VINPROM AD ALEKSIEV - ALEKSI IVDNOV ALEKSIEV ET FENIKSTUR KRASIMIR GERENSKI ET BORISOV DRAGANOV OOD ILEA - M EOOD VESELIN EOOD GEORGI ZASHEV EOOD ZORNITSA-90 OOD PETAR DIMKOV I KO OOD SNEZHANKA KIRILOVA ET COLDROOM TRADE EOOD ONIKS DIMOV EOOD DAYANA 08 ANGEL EOOD RILA FOOD EOOD NITA 96 EOOD HELIKOM OOD AY DZHI EY INVEST OOD PEKARNA NOMER 1 OOD MILKY LUX EOOD DGE EOOD ZEMEDELSKI PROIZVODITEL MIHAIL MELEV DI END BO OOD LANA MEL AD MIRTA MEDIKUS EOOD DE VI TA 2015 EOOD EN EM PRODUCTION EOOD ET MIHAIL NIKOLOV SHANDI - ANGEL YOVCHEV EOOD ASOS IVAN GEORGIEV-SVETLA IVANOVA ET VESIANA - ANA MIRCHEVA EOOD ANI GRUP EOOD EN DZHI PRODAKSHAN EOOD SASHO BEROV - 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6989 EOOD NIK - DIMITAR RASHEV ET GEOSTROY INZHENERING EOOD BULGARIA EOOD CHUDO EOOD ROMB AD EBAZIR - 68 - EBAZIR HAMID ET DANICHKA 70 EOOD NIKOL 05 OOD PLAMEN DISHKOV 58 OOD IVAN IVANOV - ELVI - 6 EOOD MAKRIN 2003 OOD ET PETYA DIMITROVA -DIMITAR DIMITROV MANCHINI 2012-TANYA VLADEVA EOOD BESTA BULGARIA EOOD VIAND EAD -IZVOR OMURTAG TABAKOBV ET ET BASH MAYSTORA YOSKO - ANDREY ADZHOV ET ZHAR - P.KOKALOV - ZH.KOKALOV VESPADO I SINOVE EOOD ARACHIEVI OOD O K EVGENIY 66 EOOD CHEH JOSEPH NOVOSAD OOD ET EMI2010- EMNE BAL VRABER IVAN ANDONOV ET EMI BAL 2010 EOOD KLAS - A END CO EOOD POSEYDON 2017 OOD ET ARFA - ILIYA PETROV - TINA ZLATILOVA DELKA KICHEVA ET SD UNEVURSAL KOMPLEKS RAYA 22 EOOD ECO FOODS - BG OOD IVAN GEORGIEV FOKSI ET TED-IGLIKA EOOD ANTOAN 07 EOOD ET TSVETAN PENCHEV VELIKDEN-DETELIN PETKOV EOOD STELIVAN EOOD PHILIPOPOLIS RK OOD SANI DROPS EOOD KEN AD OBSHTESTVEN KLUB FURNA EOOD ANVO OOD RUBUL EOOD EDELVAIS - 77 EOOD KANDI S.A. OOD ET ELKA PIRNAREVA ELI - 2012 19 SeeNews Industry Report

TEDI - IVAN YOTOV ET LEO KETARING EOOD TAGARA EOOD ES PRODUKT 14 EOOD TRADEL GROUP EOOD ALEMIK EOOD ELIZABETH EDUARD EOOD MEDIK KONSULT - HRISTOVA EOOD AGROGARD YANKA SABANOVA ET YOVIS DONI M EOOD ET GABI - GALABINKA LOZANOVA DIMITROV-TSONEVA-DENCHO DIMITROV ET ZONA PHARMA EOOD AN - G 03 EOOD B UROFF EOOD PLAMEN NIKOLOV-BLAGO-66 ET ET K. V. 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GRIGOROVI OOD VERONIKA ADM EOOD BODUROV 2015 EOOD CHOCHKO HRISTOZOVI OOD ALPIA - 2016 EOOD BULTRANSART-2 EOOD USLADA OOD NIKI - SUNAY ALI ET PEKARNA TRAKATA OOD ARIBA EOOD KIKO - 92 EOOD ET DANIEL 96 - HRISTO ANGELOV ZEMYA I HLYAB - RILA EOOD SALCHE 1 EOOD EMANOELA NEDELYA TRAYKOVA ET HEALTHY TREATS EOOD JAKLINA- JIVKA GEORGIEVA ET GABROVO MILK KOMERS EOOD VELIKOVI OOD SOLTI - 85 EOOD ET DELCHO DELCHEV - GELA DELCHEVA VILIDZH BROD EOOD ZARA TRADE 08 OOD ASTARTA OOD KOLEV - MES OOD EN I KO OOD PODPRAVKI KOM EOOD AGROVIT OOD IS - 86 EOOD ATESH ALI TROKO ET KONSERVNA FABRIKA PETRICH EOOD DELFIM-35 EOOD POBEDA AD SYURPRIZ ANDREY NIKOLOV ET PILESHKI PRODUKTI EOOD LA BAGET FABRIK OOD BORISLAV BORISOV 1 ET STOJAN MANOLEV ET BABA I VNUTSI EOOD VGH OOD TURITA OOD EVROTREYD 07 EOOD ET DIMITAR PETKOV - VALDIRENE LEGAL VASIL HRISTOV ET SANIKA MID OOD REAL AGRO OOD DIANA OOD PANI 69 EOOD ZLATNA UTRIN EOOD VJK - RODOPA NOVA ZAGORA EOOD PIMEL FUDS EOOD MARITSA KETARING OOD KATI 69 EOOD BRE D LAND OOD BIOMAGIA OOD VIP KOMERS OOD IVO - 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TSONKA KOSTOVA ET SELI-SEZGIN ABDURAHIM AGRIFORCE OOD DOVERIE 93 EOOD ELIS OOD REAKTIF KOMERS OOD NEWOIL AD RANIMEKS R RANGEL SHISHKOV ET ET IVELINA KOLEVA - BOZHIDAR HLEBNA KASHTA HRISTOV OOD VITAMAX EOOD ET STANIMIR LUKAEV HELY 2001 EOOD SANDRYUSHA EOOD ADANIS OOD ET SKORPION 36 - SVETLOZAR VASILEV MELEK 33 EOOD RESTART 15 EOOD AMERS EOOD ARSLAN - 2013 EOOD RADANCHEVA EOOD TSVETKOVI 2005 OOD ET ARSENI KUMBAROV-ROSEN KUMBAROV- RADIKOM EOOD ARSENI KUMBAROV TOP 20 TSVETOMIR MRAMORENSKI ET TEHNO PLYUS BG OOD MITKOV GRUP EOOD DESSY CAKE EOOD ISMAIL CHAKAROV ET GRAND VICTORIA 2008 OOD ZHORZH-NS EOOD ET MARTI-2016 - MARTIN MITKOV NYU BEYKARI OOD KRASTEVI N OOD VENIKS TREYD EOOD VIVIAN - 1 OOD MONARDA PRODUCT OOD ET GABI TREYD - ILIYAN PARCHEV MEIS BULGARIA OOD NIKI TAYM EOOD ZHITENATA PITKA OOD MASARLIEVI 88 EOOD 21 SeeNews Industry Report

HLEBOPROIZVODSTVO SZ OOD FRIGO ENERGY OOD FORI PLUS - 89 H HRISTOV EOOD AMOR DULSE-VV EOOD SIMKO 13 EOOD TELETS - 65 EOOD BISMAR-T EOOD PIRANI 2 EOOD B I V HERBS OOD KIVI - 57 EOOD ARBOL M EOOD SEVGIN 84 SEBAYTIN SADAK ET DONATS-KAFE EOOD BENDIDA OOD DAIRY PRODUCTS OOD FARST GRUP OOD AYVAZ GALYA AYVAZOVA ET VENI AND MAR EOOD SOC GOURMET OOD GRIYN FUUD 71 EOOD TRITE MECHKI EOOD ET ALEKO-N-NEDELCHO DIMITROV FONFON OOD STARIA OREH - IRFAN CHANAK ET ANI - KA - 2013 EOOD MECHO ALI ALIEV ET ZOROV-97 OOD SAMI RIHAT GALIBOV ET HELIOS 2002 OOD DIKS 54 - IVAN KERKELOV ET IVP PROFIT EOOD STEFCHO 04 EOOD GENERAL TRADING AND PRODUCTION OOD PANDA - 08 OOD ET VELSI-ATANAS VELKOV LYUMAKS LYUMAN LYUMANOV ET HRANA I ZDRAVE EOOD ET ILMAZ SALI - LYUNEBES ET EMIL NIKOLOV DORA TODORKA DZHOGOLANOVA ET KRASITA - 1 EOOD ALFA INVESTMANT 22 EOOD MEDIKUSFARMA OOD EDELVAYS 2003 EVGENI GENCHOV ET LAKI STAR 2013 EOOD DENISAL ZINEP DEDEOLU ET MAKENA - MARKO TASEV ET MIHAELA NIKOL EOOD MAGNETIK 2013 EOOD VESI I KO - 93 EOOD VE-STROI OOD TOTEM - HRISTO HRISTOV ET MESOKOMBINAT HASKOVO AD DETELIN PENKOV EOOD KENDI HAUS OOD GOOGOL FOOD EOOD BRAND RK EOOD ET D-R MLADENOV-NAYDEN SIMEONOV VANKO 89 OOD HADJIISKI I FAMILIA OOD SAN 7 EOOD VANJA STEFANOVA-VG ET BORISLAVA 2012 EOOD KRONBIS OOD SLAVI DANEV ET KEMB - TARPANOVY - KOSTADIN STOYANOV ET KOKI 2011 EOOD KOSTADIN HADJIMARGARITOV-KOMX-ANTONII HADJIMARGARITOV ET SIRIUS 63 EOOD P I V 2008 EOOD BUL-FUNGI OOD HLEBOPROIZVODSTVO I SLADKARSTVO EOOD PLAMEN MANOV BORYANA 92 ET BOROLA OOD NADEZHDA 91 AD DENICA-NIS 2015 OOD PEKARNA VARNA-1 EOOD NEDZI - KENAN REMZI ET 1001 TORTI NELI OOD RONI -4 EOOD LINK NM OOD TRAKIYSKI FURAZH OOD SEA 79 EOOD BIDOR BOBI DOROSIEV ET KUVVET EOOD ASI -AY EOOD VARHAT OOD ANELIA VELINOVA - ROSA ET VITEKS-90 EOOD MILPACK - 2013 OOD HADZHI GEORGI GEORGI YANAKIEV ET KODAG EOOD GOTON EOOD VENE EOOD TR571 EOOD MERI M 85 EOOD ET SEVI - ANELIYA ILIEVA ELITMIX EOOD ELSTAR 77 EOOD BONETI HRISTO BONEV ET SVETLINA - IVAN STANILOV ET FRAT EOOD BELLA ALATINI DAFALS EOOD MITKO MITEV - MMM-35 ET IKTO OOD JULI GRUP BULGARIA EOOD FLORA KOLYO KOLEV ET FRUKTI EOOD DIMITAR KRUMOV ET DZH KONSULT EOOD RO SI MA 12 OOD DIMYAT EOOD MLADOST 2016 EOOD ALBENA INVEST 75 EOOD ET NANI-MARIYA 2014 - BEYKO ADZHOV VEGA - BARZA ZAKUSKA EOOD ALFA ORGANIK EOOD ET DINOR 69 - DANIEL ANGELOV ZENAY 83 EOOD ALIKAN 2010 EOOD DAINTY EOOD TRIO MILK EOOD MONA-BG EOOD MISIS MEYS OOD BORIMES OOD PLANTABUL OOD YELPO OOD ET ANGEL ROGACHEV - RUMYANA ROGACHEVA ROANA 16 EOOD ET DESI 2007 - GALYA ASENOVA KIK IVAYLO PAUNOV EOOD CHIKKO DI GRANO EOOD TRADIMPEKS EOOD IRA EKO OOD DILGYUN EOOD FIPS DOBRA DIMITROVA ET LUCHIA EOOD TODOR POLIZOEV ET NIKOV IVAN KOSTADINOV ET ROSITA - G EOOD SIMEON GEORGIEVI OOD VICTORY FOOD EOOD MELEK ASAN AJVAZ 0315 EOOD CHAMPION - 52 EOOD DANIM 96 EOOD TEMPORA 10 SLAVCHO IVANOV ET PASHATA 75 EOOD AIDA 2011 EOOD SLADKISHNITSA NEVENA EOOD SIRIYANA 2016 EOOD MAXI CHICKEN OOD NATACHA IVANOVA ET ET YUDA ASAN-DANCHO STANCHEV SARAI EOOD NADEZHDA IN EOOD ELTA GROUP EOOD DOMAT PLC AD ZONIK - D OOD GALINA 2001 EOOD ANITRA - 2013 EOOD SLADKA VEST 5 EOOD DEO EOOD TIROL-R EOOD TONI T ANTONIY DYULGEROV ET VELICHKA PAPUKCHIEVA ET ZHITNA PERLA OOD DIDO DANAIL NIKOLOV ET SANI KEJK EOOD RADULOV 2012 EOOD GEID 2000 EOOD BUNEX EOOD ET BEYKAR- KOSTADINKA MITAKOVA DELTALAKT OOD SLAVYANKA 86 BOYKO VOYVODOV ET HLEBOKOMBINAT SUHINDOL EOOD ET KASKADA - 85 HANY 2000 EOOD ET YUSEIN HALACHEV-DENIS FITOLAB OOD MENPAUAR KAMPANI EOOD AGROPROTEIN EOOD SWEET ART DESIGN OOD TIMEKS OOD DZZD CHIFLIKA PODA VRASHNIKA EOOD BI PI 2014 EOOD IDEAL PRODUCT OOD ZARNENI HRANI VIDIN 99 AD MIRA 1318 EOOD SHOPOV DIMITAR SHOPOV ET KLASANOVI EOOD ZERO OOD BOSHNAKOV 09 EOOD ET GETS - 88 PEYO PEEV PARADINA PAVLINA KOVACHEVA ET DATITA 5 EOOD NATURALAKTIV EOOD ERDINBABA EOOD IVAN DIMITROV 2001 ET BURGAS HLYAB MK OOD SWEET SHOP -LTD OOD BIANIX EOOD RADES EOOD SWEET BAKERY OOD ELEI EOOD KOSI M KOSTADINKA GEORGIEVA ET BRED KOMPANI OOD ALIS - T EOOD BIOTERI GLOBAL OOD NASI NASTYA ANASTASOVA DZZD ALEKS-G-2010 EOOD NIKOLOV I KO SABORNI EOOD ECO MILK EOOD ALEKSANDROS OOD ET GINKA PANAYOTOVA -2009 PINADE EOOD BURGER MANIYA EOOD NIKOL - TONI STAMENOV ET FELIZ-2-AM EOOD KOPTREYD EOOD HERBA LAYN BG EOOD TIDI T T OOD ELI TOMOVA 2015 EOOD SIMITSAN EOOD ELEKTA 03 OOD POLI TREYDING OOD ITALIYA AYS OOD POPIMONI 2010 EOOD TESI DZZD VISTA-15 EOOD EM VI EM 3 OOD VID DIMITAR IVANOV ET LICHEV GENOV OOD PAPIX EOOD BUL - GER KOMPANI EOOD ROLES MILK OOD CHALAKA - NADA MIHAILOVA ET BALKANSKI GORSKI PRODUKTI BAKER HS EOOD SIM KOMERS OOD PERSI - 13 EOOD KRASI KRASIMIR YOSKOV ET DETELINA 2007 EOOD ZLATEN LACH OOD REDIS VANGELOVI I SIE SD SAMI EOOD MODES 2014 EOOD AST POPCORN OOD AMIGO GRUP - 12 EOOD PAVLOFF OOD ET POLIS - SLAVCHO MADANSKI SOFIISKA BANICA OOD LIGURIA 2 OOD KOSI ART EOOD BRED INVEST EOOD DIANA KEYK EOOD APIMEL ORGANIC OOD TIARA - LORA EOOD GALA N EOOD 22 SeeNews Industry Report

STROUBERI GRUP EOOD ET PLASTIK 73 I TRAKIOTISA EOOD CHILREST EOOD ET ROZI ROZA GEORGIEVA SUGAR PRO EOOD HLEBOPEKARNI MM OOD SLADOLEDENA FABRIKA EOOD PERFETTA EOOD MAK - OIL -2 EOOD EVTA - 93 EOOD DELTA INDUSTRY AD DAR 01 OOD MIS 12 EOOD EKSKLUZIV-KALIN EOOD CHRISI 87 EOOD ET KREMI - ASYA SHINEVA DEVA 9 SISI 11 EOOD DANUBE FRUIT OOD EKO ENERDZHI EOOD PSM FISH OOD ET DIDKO-90 - DIYAN NEDELCHEV PIMI OOD VASIL ZARKOV ET MOINO UZUNOV ET EKO BALKAN EOOD MAVISH OOD MEDANI EOOD AYKO & DOYCHO EOOD VALENTINO EOOD HLADILNA BAZA ZA DIVECHOVO MESO AD FLABURI OOD KONDOV ECOPRODUCTION EOOD MODICA BG EOOD MILAS - 2014 EOOD ORHIDEYA EOOD ET ZARKO ET REGEL 66 ALEKSANDAR SIMEONOV ASSARA OOD ROSSI - TART OOD BONITREKS NASKO BONCHEV ET SAYMANS ATANAS SIMEONOV ET ITAL FOOD EAD PARTNERS 2013 EOOD MILI EM OOD EVIPOL INGRADIENTI EOOD ET SOFI - HALMI KEDIKOLU ALPINA 6874 EOOD ERMASKA OOD PALOMA KOMERS OOD TERI M EOOD FURISTO OOD KASKADA 2016 OOD NORA AS 2013 EOOD NEDEYA NN EOOD MIRAD-1 EOOD STOKSI OOD ZENI MUR EOOD MERINA 1 EOOD SELENA 2009 OOD POTREBITELNA KOOPERATSIA NAPREDAK KOOP ET SUPEROBEKTIV-ANDON MELEV VINPROM DUPNITSA AD PLASTIKA 85 - NENKO RADEV ET ELIT SIYDS OOD ET ELENA BASHOVA FISHERY 2009 OOD DENIZ-11 EOOD RUSKA KUHNYA OOD ET FRAU ALDINOVA - FATMA HASAN TO-VI EOOD NEVAL YUSEIN ET ET KATRIN - KATERINA SHEHTOVA ET VENIAN - VENETA STEFANOVA ET ROSEN STOYANOV - KARAR SIMID A I D OOD AGROPRODUKT OOD NINA - STANIMIR PASHALIEV ET PLAMEN GANCHEV ET KK DOBRUDZHANSKI PLOD EOOD DELBI EOOD GLOBUL FOODS EOOD STRUMA FRUIT EOOD ET NATALI-YULIYANA TOMOVA SEVI-S EOOD IVAGUS EOOD VAM TRADING OOD STARITE MAISTORI 92 EOOD AY BI BOYKO IVANOV ET SOIAVIT OOD POLIFRUKT OOD VALE 1 OOD BOREKS OOD DIDO - POLI EOOD GEORGI TASLAKOV EOOD DANI YORDANKA KITANOVA ET ET KAKANDI-SIYKA ANGELOVA STANISLAVA VALKOVA EOOD SEVGI ZV EOOD FURAJEN CEH MALEVO OOD PRINCHIPESSA M 2013 EOOD TERA FOOD EOOD ANESKO OOD GOLYAMA MELNITSA-CHERVEN BRYAG OOD KOMBIFID OOD INTER UARK EOOD IMAM - MIYT OOD IVAN MILACHKOV GALBIK ET BOGO INVEST EOOD ET EYDI - YORDAN DIMITROV EKO KLAS GRUP EOOD NIKI - 9 EOOD KITON 09 EOOD DANI 80 - DANIEL GEORGIEV EOOD SIYANA HLYAB EOOD YADKI DOBREV EOOD DIKAVENI EOOD ET EDELVAYS-PETAR PETROV EKOPROM EOOD ET HRISTONA - STOYKA NEDELCHEVA BACI DOLCI EOOD EURO GRIL 2000 EOOD YAVOR KRASTEV ET ET STEFKA ATANASOVA SEVERNYAK 91 MARIA GENEVA ET ANDZHO EOOD TREYDING PRODZHEKTS END BILDING EOOD GERGANA I SIN 5 EOOD TERBO OOD V I M PRODUCTION OOD IDEAL KOMERS ADNAN MOHSEN ET ALEKS ESDI OOD NAZA 2016 EOOD SVETOSLAV LILOVSKI EOOD SIDAR EOOD PZK DEMETRA ET MANOL VELIKOV ET VILI KOV-VIOLETA YORDANOVA HENZEL I GRETEL BURGAS EOOD ZHAR MESO I MESNI PRODUKTI EOOD LOZEV EOOD KRASIMIR MARINOV 2012 EOOD EKO MEKS EOOD BALKAN GRILL BG OOD GRANDE FUUD OOD A E A OOD ATIDZHE MEHMED 84 ET MDM MIROSLAV MINKOV EOOD MIRO MES EOOD OLIVA INVEST EOOD AGORA MEAT EOOD MIROSLAV EFTENOV MARIA EFTENOVA ET NIKOLA BUSHEV - 2001 ET ROS SI SILVIA MITEVSKA ET LUCKY-M 2012 EOOD ILIANA 58 EOOD KET 2016 EOOD TROFI EM OOD TRAKIETS KOMERS OOD ASEN 1-GIZEM EOOD IVAN LUKOV ET ET BORKATI-KATERINA RAHOVA SD AUDIO-VIDEO TOCHKOVI I SIE KALI - DOBRINISHTE OOD ZLATKA DIMITROVA ET KOMO EOOD GIVEC 44 OOD AVIS EOOD NAYDENOV MG EOOD MARIA PUNEVA ET ZORA - 2015 EOOD VAROSHA EOOD VODOLEY 2002 EOOD CHEH MANDRA EOOD ET A 99 - ATANAS ATANASOV BIANCHI COFFEE EOOD FORTUNA - ROBERTO EOOD KIB AGRO EOOD STANKO RADANOV 2011 EOOD MERI MEL 71 EOOD ET PEPI-10-ATANAS YORDANOV MAX MEL EOOD MIG - MAGDALENA GROZDANOVA ET GEORGI TONCHEV I SIE EOOD MIYT TREYD GRUP OOD ZAFIRA-BEN OOD VIOLETA DIMOVA-2013 ET ET RUMYANKA MINKOVA-MURSALITSA GAYDAROV OGNYAN GAYDAROV ET I - B - T 2012 EOOD ARKTUR GRUP 2 EOOD ET HASAN RUSHID - DENIS SAMARDZHIEVI OOD SVETI NIKOLA EOOD ABI TRADE 2014 EOOD ET PAVLINA MATEEVA 3 STAR TREYDING EOOD MELKOM OOD MEDOVINA EOOD SIDEMA 2013 OOD GEORGI MINCHEV - GEORAD 99 EOOD GOLD TAYMS 1 EOOD ET KRISTIYAN HAYRABEDYAN - RAY STON ALEYNA S EOOD K N M EOOD ET ROMANS - ANNA GEORGIEVA KOMIS OOD NIKOLAI DRAGIEVSKI - NIKI ET LOTELA OOD PLAMEN TREYD EOOD ET ROZOVA DOLINA-ZYULFINER AAYAN ANI VES EOOD ZAHARNA DEKORATSIA EOOD GUYTEK OLIVA OOD ET ALTO - EMIL PETROV SERGEI HADJIEV-DIKO ET KALINA VIB 13 EOOD DARKO EAD BELIYAT ZAB OOD VICTORIA 80-83 EOOD FEI 2011 OOD KUBERA 5 EOOD DIAVENA OOD UNIBEL AD DIONEL OOD DOSPAT 2011 OOD GELOV EOOD SIRMA PRISTA AD SANDOR M EOOD ET YANA - 1 - DIMITAR DIMITROV FAVAN 07 EOOD TAO 2015 EOOD ET LYUBEN KOTSEV DIG-2005 EOOD SHANS 2005 SHENAL TOKALIEV ET ICE ECO FRUIT OOD GYUN-80-AY EOOD HAYD EOOD RAVIK D EOOD EKO ASORTI YB EOOD TORIVEL EOOD EVROMES 2012 EOOD RODEMAR 13 RADOSTIN MIHAYLOV ET MITI 01 EOOD STONI 77 OOD MLEKOPRERABOTVATELNA KOOPERATSIA NATALI 2014 EOOD DIK - 2000 OOD RODOPA MILK KOOP SALEX GROUP OOD KRYMATA-KOMERS EOOD S DOBRO EOOD VENETSIA EOOD GOLDAN FUUDS 2015 EOOD BCC EOOD RADOST 77 EOOD VANILLA AND CHOCOLATE EOOD PANICHISHTE 2015 EOOD VOYNOV I S IE SD ZHASMIN SHAHIN APTI ET BRAMA OOD ALVED 2013 MIROSLAV FILIPOV ET 23 SeeNews Industry Report

DOBI INVEST 86 EOOD SABI 4 OOD ANI NYU LAYN EOOD CHIRAKMAN - MAHALNISHKI EOOD DIMITAR PARVANOV EOOD HOLIDAY PROPERTIES BULGARIA LRD EOOD MAYAMI MAR EOOD BILKI KARMEN EOOD VAYDONI EOOD ZIV EOOD KOMPAKT 2007 OOD TURMANOV EOOD PVN INGREDIENTS OOD GEG SON LLC OOD INTERION AD GEYV OOD KESARMES EOOD JUST MEET EOOD IVA TREID EOOD EREVANSKI SLADKI OOD VALERIA-EXPRES - GIVKO CVETKOV ET SITALK ES EOOD MIMA 777 EOOD MAVAR EOOD BULMES GROUP EOOD DEGRETSIYA EOOD ET SARAY-73 - GEORGI BELEZHKOV RALICHKA EOOD TERZIEV DD EOOD VALDENI EOOD RENYPFARMA OPERATION OOD AGRO-VIT EOOD GOLKOM OOD BIO BALKANIKA EOOD ASA 11 EOOD NEVI - 76 EOOD KONDAKOVI MS S IE SD DIMITAR SPASOV ET FAVORIT NEVENA KOCHEVA ET BLYAN MUHAREM MAYRYAMOV ET BON APETI KATYA TYUKENOVA ET IST EOOD BOREL BB EOOD JORDAN OOD MAYRD OOD DANI I NIKOL PLOVDIV OOD LAZUR ATANAS ATANASOV LIDIA ATANASOVA ET ET OSI - ZORKA TRENDAFILOVA AGROHOLDING OOD IPI 2511 EOOD FURNA RYAHOVTSITE EOOD ZORANA HLYAB EOOD INFINITY COPMANY 22 EOOD I-ZET OOD BULMILK NIKOLAY NIKOLOV ET GLOBETRADE EOOD DONCHEV - 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PAVLINA STEFANOVA ET KAPRIZ EOOD ZLATEN LACH OOD ALBENA ALBENA KRASTEVA ET ET MIHAIL RADKOV MISHO MAKSUDOV 2016 EOOD SIMA 2008 EOOD ABYON EOOD ET PROHLADA-RADKA MINKOVA GERI HRISTOV I SINOVE EOOD MOBILE PARK EOOD STOYCHO STOYKOV 1664 EOOD DESISLAVA HRISTOVA 73 EOOD BOZHI- DAR 999 EOOD PRISTA COMMERCE OOD ET MECHO NESH - NIKOLAY KIRILOV PROTEIN ZOO GRUP EOOD AXI 05 EOOD VIOLETA HRISTOZOVA ANVI ET TRAKIA VELEVI EOOD KRASIMIR VALYUKOV ET ANSDA EOOD ET SAIT FERE SIQNAD 2012 EOOD SALIH KEHAYOV NEBIE KEHAYOVA ET ET ILHAN BEY-ILHAN MUSTAFA BISKVITKI EOOD ZARID EOOD RITSKA OOD ET NINA IVANOVA FORTEX NUTRASUTICALS OOD HLEBAR RANGELOV EOOD SUDE - 006 EOOD TEHRA EOOD RASTITELNI MASLA KOSTUROV I KO OOD PELION TRADE EOOD ROMAN & SIE-2014 EOOD EGEYA FOODS OOD ZORA PEK EOOD 24 SeeNews Industry Report

IVANS-60-VAHIO NEDKOV ET SEFFORA EOOD TOMA S BAKERY OOD VELKO BARANSKI YORDANKA BARANSKA ET ET MEMO - MESUT ALIOSMANOV INTERFISH - UNIKA OOD V ENGINE EOOD BENI FRANS D OOD TANGRA - ASEN SPIROV ET RENATO I SHERY EOOD ONDEAZ OOD KRASIMIR KARADJOV 78 EOOD ET HARNA PEKARNA - LIDIYA GARKOVA KARANASHEVI EOOD YULIAN ISAKOV EOOD ET IVANKA TOTEVA DK-08 EOOD SEVA OOD MARSI OOD GERI 87 RADKA VASILEVA ET SD DEAL-NESTOROV I SIE EVELIN FUUDS EOOD YUSI OOD BIONUT EOOD PLAM ADE EOOD VENETSIYA - GEORGI DUKOV ET OVO - BUL EOOD NIKI 90 K OOD SI PI GRUP OOD PEK 2010 EOOD NELI MUSTAFA MUSTAFA ET DIMITAR YANEV - ELISAVETA -2009 ET KAMELIYA-2008 EOOD KENTAVAR OOD ET ROSI - VENTSISLAV RANGELOV KONTROL - JVT EOOD SORENTO EOOD DZZD ALEKS AY 13 SLAVENA 2003 EOOD HLEBOPROIZVODSTVO OOD VANYO DZHUROV ET NHH NERGYUZE HATIB ET REVANSH 28 EOOD NATURA FIT EOOD TANEVA EOOD BOZHKOVI OOD ET STANKA TRAYKOVA - SARAYA 2002 ET ISIM - IVAN MAVROV BAST 2010 EOOD S-BOBI EOOD RAYA COMMERS - 16 EOOD PROSPERITY RUSE OOD YASEN KACHAROV ET DENI OOD SIMA - MM - 13 EOOD ET ANNA MARIYA VANYA HANTOVA ZLATKA-93 EOOD RA - 1970 EOOD NIKI-2000-NIKOLAI MARINOV ET LOBSTER PHIL EOOD PEK 2015 EOOD SEVER EXPORT OOD ET GENADI-90 SINOVE-VASIL DIMITROV ET ET DESPINA - 9 - TEMENUZHKA RANGELOVA DZHEMLYA MOLLA ET - OOD GIRO KING EOOD IPI 27 EOOD NYU FRESHNES EOOD BAKERY KINGS EOOD IVA KRIS OOD BREZOVO AD PALIRRIA BULGARIA EAD ET MUSTAFA CHAVDAROV - 89 MARIANA GEORGIEVA 2013 OOD MAZI - VESELIN PETKOV ET ET ANGELOV I SIN - ANGEL STAYKOV NIKO SYMID EOOD KERKENEZOVI OOD MALKATA IDA EOOD ET VIKTORIYA - PETRA LAZOVA MAKSI GRIVA OOD M P M BULGARIA MITKO MINKOV ET HIND - 2013 OOD ADV 3 EOOD LINO EOOD EMBRACE EOOD MERSI GRUP EOOD GEORGI CHUROLYANOV BOBI ET NESTEIA 99 OOD RUMEN GEORGIEV 58 ET BIOPLOD EOOD RIO GRANDE-GORAN TASIC ET VAZKRESENIE MARTIN ANGELOV ET DIMET FUUD EOOD KAFENA DIMITAR PANCHENKOV ET PEKARNA SHAMI EOOD EL SI KOMERS 85 EOOD AGROPOOL OOD ET NILA - ORLIN SHTEREV SHAHMERAN EOOD EMAS OOD SEVDA P SEVDALINA PAVLOVA ET SVETI NIKOLA 2013 OOD ET BUVEL - STOYAN BUHOV POPOVO EZERO - GOTSE DELCHEV EOOD NASLADA NIKOLA SLAVOV ET JULIJAN BOSHNAKOV ET BIOMILK BORINO EOOD PRERABOTVATELNA KOMPANIA EOOD SIK 60 EOOD GLOBUS-1.BG OOD KAMADZHIEV MILK EOOD SIVIK BULGARIA OOD NAKOV GRUP OOD KOOPERACIJA SIMID 1000 KOOP. ART EXPERT EOOD ET ASLAN-MILKO IVANOV PARADOKIS EOOD MANDRAGORA MILK EOOD VESTA INVEST EOOD KATERINI 61 ET ANIMAR 2012 OOD YAYTSA I PTITSI AD BIM AS OOD BIOTERI OOD TITI SILVIA KATSAROVA ET ARON RICE OOD IVAYLO TOKOV 93 EOOD SAV-2016 EOOD MECHO FOOD GROUP EOOD SEVI REZA EOOD ALKOM OOD NEW AGE PROPERTY EOOD ARABELA DOBRICH EOOD ET SARAY - NEZHDET DORMUSHEV YUSI 90 PREVENT PHARMA OOD ET IVAN ANDONOV ATANASOV MILDIKO 2010 EOOD ILIYA LINCHEV ET TORFELLINI BULGARIA EOOD NIVEGO OOD TSVETITA HERBAL EOOD YANI NIKI 2010 EOOD ELVIS BOYCHO KOLEV EOOD VIP COMMERCE EOOD ET HRISTO MATEV ET M M MILCHO PAPAZOV YADKI TOMI DZZD MARIO LAZAR GENCHEV ET DID - DETSKI SVYAT EOOD ARTESAN OOD SS ADLER EOOD DIMANA-DEMBELAKIS EOOD NIAGARA KALOYAN VALKOV ET TOJUR EOOD ET PAVEL PAVLOV - KRUPEN 70 CHINO - NIKOLAI CHINOVSKI ET ELENA IVANOVA ET ET ARTEKS-BEYHAN ISMAIL EMILI 2010 EOOD MORISON- M EOOD ALEITE METIN KASHCHILAR ET MAISTORITE OT ELENA EOOD EUROSTOCK EOOD KEY SYNERGY EOOD DIANA COMMERS - 14 EOOD PACHI LU-IL EOOD ANALOG 2009 EOOD BIMKO EOOD KAP VRACHEV EOOD EN DJI LUX EOOD PASTRY HOUSE AFRODITA C A OOD TODOROVI 1988 OOD ET PAVLI - PAVLINA IVANOVA IVGO 2011 OOD REMIS RUMEN RAYNOV ET DAO HRISTO VLASEV ET ELECTA EOOD BREAD AND HARMONY EOOD CHOLAKOV - 1994 EOOD TIT OOD SISTARKEYK OOD VESELINA ET DILMANO DILBERO AD PATSONI PLAMEN KONDEV ET DOYCH EOOD NAMA GLOBAL EOOD NESINARDE EOOD ET 17 MAFINI-SVETLANA KERINA DZHIGO OOD SACHI AD ELICA OIL EOOD TONI 93 TONI ANGELOV ET MELBON AD FILIZ LIMAN ABIEVA ET KAPSIKUM I OOD NATURA FORTA OOD HLYAB - 97 AD TOTAL-5 OOD ABI 90 EOOD ANA PARVANOVA DARAYA ET BORIS HRISTOV ET HOREKA FOODS EOOD FRESH - 12 EOOD PASTICCERIA ORCHIDEA EOOD POSEYDON-66 EOOD ALDY OOD FENIKS - HLJAB OOD EUREO OOD ET NEFSE ASHIRK ET RUMEN RUSEV SELO HITRINO ET STANIMIR LUNGOV IZVORITE SDI SAID DAUD IBRYAM ET VALCHIYA GLAD EOOD ELKA TSVETANOVA ET V I N MARINOVI OOD ZP SLAV IVANOV CHOLAKOV ET HRISTO BARDUKOV EM DZHI MILK OOD MILK INZHENERING OOD AMBROSIA EOOD NIKOLAY GERCHEV I SIE EOOD ER DJI 2011 EOOD VALIO-81-IVAN DIMITROV ET RODOPCHANKA OOD VKUS EOOD HLEBOPROIZVODSTVO I SLADKARSTVO OOD PISTOR LLC. OOD ASLA-MARTINA EOOD GEOMAKS OOD UZMANOVI EOOD ET TEHNOKONS -SS RACHEN HLYAB I PECHIVA OOD BULGARIAN FORAGE COMPANY EAD FUEGO EOOD SAVADAN FOODS EOOD DAFA OOD YOTOV-2000-YOTO YOTOV EOOD A I G - KAZAKOVI OOD DARMAN EOOD DING PAVLOVI I SIE SD SLADEKS OOD AGRO IMPEKS EOOD MINERVA 13 EOOD NIKI NIKOLAY KOLEV 95 EOOD STIL - 90 OOD MAXGROUP-98 EOOD SIANA - SILVIYA TRIFONOVA ET ET RICHI - M - MITKO AVRAMOV SARINA 92 EOOD NASLADA GOGOVA EOOD MIROSLAVA 2015 EOOD BOGINA OOD GALAKSI 63 EOOD CITY KORN OOD BENIMA 19 EOOD KASKADA NOVA OOD SLADKARSKA RABOTILNITSA GABROVO EOOD 25 SeeNews Industry Report

VIKI-EMIL NIKOLOV ET ELIAZ OOD ET RALEKS AL.PARVANOV GLORIYA FATIH BG EOOD ET FIKRET AHMEDOV DAVOR GRUP OOD MEGAKOMERS2001 EOOD FUNGIFORIYA OOD HOUK MP EOOD SOFBIOLAYF BG AD HRANITELNO VKUSOV KOMBINAT AD FROUZAN FRUTS EAD ASIA-84-RUMEN MANOV ET PILCO EOOD MARIANA KANOVA EM 95 ET DZHAN AYDZHAN ASANOV ET ENGIN 10 EOOD MILKY FOODS EOOD PEKARQ 68 OOD ERASUR-GABRIELA METODIEVA ET STS MIHAIL ANGELOV EOOD TONELI 77 EOOD SD SHANITA NEY - 68 OOD OLIVIA OOD ISMAIL AHMEDOV - ISMA EOOD IV KO MILK EOOD KRASEN MM 5 EAD A SIMEONOV EOOD SISKA I KRASKO EOOD SERDICA-94 OOD GOODMILLS BULGARIA EOOD FURAZHI ELINA EOOD VITAMINA TEVEKELIEV OOD SUPER KRASI EOOD NIVITA KOM EOOD MAKSI-L - LYUBEN ANDREEV ET KLAS OIL AD STOYANKA PENEVA ET LIM VKUSNI ZAKUSKI OOD BURGAS HLYAB EOOD MEDENATA PITKA OOD DZZD FERI PROTEIN-98 AD PELTINA OOD HEMUS MILK COMMERS OOD GRADI - NISKOV-70 EOOD TANO GRUP EOOD JENIKS - YORDANOVI EOOD ROSI-RUSKA MUDEVA ET HRIMAK OOD HAMIDOV - 2016 EOOD ROMI - ROMAN NAYDENOV ET VALENTINO VALENTIN MILADINOV ET N & N AUTO OOD MOVE WELL OOD DZZD NYUSPODEL CECI 88 - 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KLANIZA EOOD KRASTYU IVANOV-92 ET INNOVATECH TRADE OOD VM ENERGY EOOD SD YANIS - 29 KATARZIS OOD SANTULITA OOD ZHANI-85 OOD DIMITAR PILEV OOD YOUNIQUE FOODS EOOD PREMIERA - 257 OOD KRAEVEKSPRES - ZLATKO KRAEV ET TEODORA ATANASOVA ATANASOVA DIMIRA-7 EOOD KRASTANOVA EOOD KOALA OOD DZHAPOLINI YANKA PASKALEVA ET KULINARNA RABOTILNITSA EOOD BLAGOPOLUCHIE - YANEVI I SIE SD DEMINA 92 EOOD PASKALEV - 86 OOD IBARSKI- IVAN RIBARSKI ET MAMA I TATI OOD MARIANA UZUNOVA 2012 ET DULO-ALFA EOOD JORDAN POLITOV ET B 16 EOOD SWEET MADGIC EUROPE OOD CHEF CONSULT EOOD RA-ELK EOOD AGROMELHRAN KOMERS AD NOMAN ALDZHUNEYDI KAMPANI EOOD MEDIKOPHARM-K EOOD STEFAN MATOV 34 RADKA MATOVA ET ET ZHIVKO BOZOV-SAZHI O BARBA YANIS OOD BARZI ZAKUSKI EOOD ADEL 011 EOOD KRASI KRASENA SIMEONOVA ET BALTOV 94 OOD KARADZHOVA 2012 EOOD MEZHDUNARODEN KOLEZ - E EOOD SMAYL - 55 EOOD ET MARSINELA 94 YORDANKA SEFTERSKA MILENA ILIEVA M ET RAYA STEFANOVA 2007 EOOD MARK DESHARK EOOD CHOBAN EOOD BILDING ZAH EOOD MESFOOD AD ET MUSTI - MITKO ANTONOV ET DEYAN - 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KIRILKA ZARCHEVA 2015 EOOD OOD ZLATNO ZARNO DETELINA 82 EOOD ALEYNA 3 EOOD VINEKA PETYA NEDKOVA ET MANILI SOLE-OWNER LLC EOOD SPETSIALIZIRANI HRANI OOD ET FATME CHAVDAROVA IVANES N EOOD YOFELA EOOD TOMIL HERB PRODUCT OOD BMV OOD MARISTO & CO OOD EURO CATERING EOOD RAMOS - RUMEN GERGOV ET ROSINI 529 DZZD PASKOVI MN OOD KOMEKSIM M EOOD VEGA PLOVDIV EOOD ET RUMYANA BARUTCHIYSKA- RONI KOSTA ATANASOV - LMT ET VIEL - G EOOD ET MAGDALENA ZDRAVCHEVA - ZVEZDITSA 92 TEMKO EOOD ET STEND 60 AHMED MEHMEDOV SOFIA 2003 OOD TRIADA 63 EOOD ASM - ALEXANDAR PETROV ET SVM MEBEL OOD REVART RAFET KADIR ET ET VAROSH - 4 - NEVYANKA PENEVA NIKOL TREYD 09 EOOD TOP BISKIT OOD ALIZIA ZEYNEB GUSHEVA ASAN GUSHEV ET BLIZNAKOVI - SLADKI MECHTI EOOD MAYKAL DIMITAR DIMITROV ET ET GINAS - IVAN ATANASOV SLADKO-SOLENO IZKUSHENIE EOOD ET SEZI -MYURVET MEHMEDOVA ET ASKO-SOFIYA BOZHILOVA VIOHIM OOD ET KUMANITSA - IBRAIM MOLLA GUNTER - 11 EOOD DURITO EOOD KALOIAN - 2000 OOD ECOSEM BULGARIA OOD BEE HOME - BG OOD ELIKSIR GORSKI IZVOR EOOD MS ASHAK EOOD SAB INZHENERING 55 EOOD OT PITA MED EOOD HLYAB I SLADKARSKI IZDELIA EOOD VIDEV IVAN IVANOV ET BUMERANG 2009 EOOD EM SI DIMITAR IVANOV ET A I S - 85 EOOD GABRIELA - PETIA TZONEVA ET MILENA MMS OOD PRIM ALTANOV MIROSLAVA TODOROVA ET STEM-TEZDJAN ALI ET HL-TOPMIX OOD VALENO - 2000 EOOD MARIN PETROV MARINOV RADI I KO - KAMPANI EOOD BELISIMA-X EOOD MELNICA ARCHAR OOD ZVEZDA AD SOLAR HERBS OOD ADEA-7 EOOD BAR CRYSTAL 2012 OOD FRONERI BULGARIA EOOD ELIT KONSERV 33 OOD ET VASIL KOSTOV ET ARITA -MARGARITA BOEVSKA METEORA-2010 OOD V LIKVIDATSIYA ATGER KOMERS EOOD RALEVI 15 EOOD MAKLER COMMERCE EOOD AVA OOD ZAFER RUSHI EOOD PETAR MITOV UNIVERSAL ET AMIKO MIO OOD MIHAIL VALKANOV 2014 EOOD GABI 73 GABRIEL GESHEV ET MASMEYD OOD RASTMA-MAY AD KRUM GEROV TM EOOD SYGON - M EOOD EVA 98 EOOD STAR FOREST EOOD DIMITAR SIMEONOV IVA ET ZARKO 89 EOOD STOYCHO PEEV PEEV DM ET KOLBASO OOD KAMBANA INVEST EAD DOLE DONKA LEFTEROVA ET VANYA - 2004 EOOD ISOMAKS OOD GABI - IGNAT GEORGIEV ET GORAN LUBENOVSKI - NIKI ET FAST BG EOOD EKO PRODUKT - STOILOVI EOOD EMALI EOOD ALEKS ALEKSANDAR KOLEV ET MAKAM 2001 EOOD KOZLE D OOD DYUSENA OOD ARKTUR GRUP EOOD DI AY TREYD 1 EOOD EKOKONS- 2016 EOOD RADOMES EOOD SMART PRODAKSHAN OOD ELIVA EOOD LIANI 96 D OOD DBS AD IVAN VYCHEV 1 EOOD BILIANA MES EOOD PHILICON 97 AD KEMEN EOOD DAZZLING DANIEL EOOD PAPISTO OOD EL BURGER EOOD IVO - 2012 EOOD ANNA MARIA 2000 EOOD PALDIN FUUDS OOD GANA 99 OOD EKO RIMA OOD MIRTEKS EOOD STELS FILI EOOD ALICHO KOMERS EOOD PETYA IVANOVA HRISTOVA ET FINES 2 EOOD ALI ISLYAMOV ET PLAMEN KARTEV EOOD ET ALPAY - YULKYAR OSMANOVA ZENIT 13 M OOD GOGI KOMERS EOOD IGNATIOS RIGUTSOS EOOD BURGAS HLYAB 2014 OOD MERLINI DANIMOND OOD ET MEDVEN-HRISTO HRISTOV IVAILA - 07 EOOD ANTANI EOOD KOKO 9008 EOOD LACTENA OOD VKUSNA ZAKUSKA SONYA GEORGIEVA ET ET BERNA -98 NEDAN KATINA DEMIREVA ET P I K EOOD MILPAK-OOD SAIMEKS 97 OOD SEYFI EOOD EKZOTIK 2000 EOOD KRIYM LAYN BULGARIA EOOD ET MONIKA SIMEON SPASOV TAKE A CAKE OOD MERKURIY PROIZVODSTVO I PAKETAZH AD ET VASYA-VASILKA FILCHEVA FURAZHI NEDELEVO EOOD MILETE EOOD KANTEKS BULGARIA OOD ANGELOV I SINOVE FATME MIHAYLOVA ET CHANDRA EOOD MECHO - FANI EOOD ELLI - 2008 EOOD ANGEL RANGELOV 2016 EOOD POLI 721 - PAVLINA LASKOVA ET GALA TRADITHIA OOD SLAVYANKA EAD PICANTA CO EOOD KRASI 76 KRASIMIR VASILEV ET DEKARDI FAST FUUD EOOD AVISPAL OOD BOLYARSKA BANITSA EOOD ELIS 99 EOOD STEVI LM OOD REKLAMA - SPASOV I S-IE OOD PLANET CAKES PATISSERIE OOD AMAREL BULGARIA EOOD KIPS EOOD BONI-85 - MEHMED MEHMEDOV ET ZVEZDA K97 AD MEDINA EOOD NIKOL - 13 EOOD OOD MAKSI GOLD 5 ET MAG - MARIYANA CHAUSHEVA ET MIKI - KINKA NIKOLOVA ZAHARNO PETLE GEORGI KOYCHEV GEORGIEV EOOD EOOD BOGEY 2000 TRAYANA - PAVLINA MIHAILOVA ET MALINA 2010 INDZHOV EOOD SUITI-2011 OOD DZHI PI ES INVESTMANTS OOD MPP - IKAY OOD CHOCHO 99 EOOD HELIOS MILK EOOD SVETI VRACH-2003 EOOD ZELENA FERMA EOOD P.D.D. EOOD FARMA HIMVET OOD HLEBOZAVOD PROGRES EOOD HRISI OOD BOYANA PARK RESIDENCE EOOD EZRA EOOD PAUNOVI OOD ATM-69 EOOD ET STOYAN MOLLOV ELBIS 63 EOOD MAYA - 5 EOOD ET VANDI - BADOVSKA-PEHLEVA VANDA BALKAN FRUIT EOOD MARIANA MILENA HRISTO HRISTOV ET SELIN 05 EOOD BBP OOD ROBODIH EOOD PRIATELI 1620 EOOD PUSHKIN EOOD DZHAST HANI EOOD DORYAN EOOD ALFA TRADE 08 EOOD DIMITROVI AND DIMITROVI OOD KAMSI BE EM KA BLAGOVEST PESHEV ET PANADERIYA EOOD MARSHAL 91 OOD VLANEL OOD RUBINEKS RUSE OOD NEKTARKOOP EOOD ZVEZDELINA KR EOOD VALPLAM 2014 OOD LEGO 2011 EOOD VELICHKA KIRILOVA LEFTEROVA GEORGI DOSEV IZMIRLIEV PAIN D'OR AD BULKORN VV EOOD ET NIVEL - STOYA VELEVA ET BORI -95 VASIL MIHAYLOV DZZD LIBIT PIM MIHAYLOVI OOD BENI ISMAIL BEKIROV ET VITO GEORGI NIKOLOV ET LACTIMA EAD IVDETA TRIO EOOD VESI VASIL BLAGOEV IVANOV ET PRESTIGE-96 AD RIVA EOOD HRISTINA DIMITROVA ET TREST B OPERATION EOOD BULSTIKS EOOD MBM 2001 OOD INTREYD 3000 EOOD ALDAGOT OOD KRIS I KRIS 16 EOOD VESI OOD MUSAN D OOD RADI - RADOSLAV SAPUNDZHIEV ET ET VALEYANI BUNI OOD VIOLA 1 2013 EOOD NIC-HEDA ECO EOOD VITAL OOD MLECHNA PROMISHLENOST MANOYA OOD 27 SeeNews Industry Report

DZZD PAZARDZHIEVI IVAN KUMANOV ET MEAT PRODUCTS T EOOD DIKSI EOOD FORESTE OOD ET DOBROTICH STEFAN HRISTOV TROYANSKA SKARA OOD AIDA 8 EOOD RIS RUSI RUSEV ET ZHEKO MONEV ET AM COMPANY OOD KOLEV 44 EOOD DZZD VEKTOR DENIMES EOOD RUTSI RUMEN KONSTANTINOV STOICHKOV ET BENIVAN OOD BRAMA 1979 EOOD NESEBAR FISH EOOD FISHCOM OOD KUMIR-SI EOOD VALGRUP EOOD AI EKS AI DJI OOD VALGAR EOOD YUG 1 EOOD ET BRATYA SYAROVI - HYUSEIN HALIL ERKIN - ERKIN ENVER ET ET HAKI - ULVIE MEHMEDOVA NIKO 33 EOOD NIKOLINKA BORISOVA KVANTA KOMERS95 ET NVN BILKI ZA KRASOTA I ZDRAVE OOD TSVETI-GERI 2015 EOOD ASSA 77 EOOD KRAEVEKSPRES DZZD HRISI-97 - IVANKA KARABOBRVA ET RICHI MEDZHIH EOOD ET MANILI - PETAR PETROV ET DILIZHANS 52-SP-STOYAN DELIDZHOV VIKRIS NURAN KARAGYOZYAN ET MANDRA - 1 OOD IMADZHINE EOOD ET ROZA ATANASOVA - EMELIN SAMA.KO EOOD ASHKOM -NIKOLAEV EOOD VLADINI TRADING EOOD GRITSKO BRADARS OOD TOMI 2000 TOMA TOMOV ET DE - EV 2008 EOOD DGI-SUITI EOOD UNIPEK OOD IN SHAPE EOOD ALASKA OOD ET RADKO-RADOSTIN HRISTOV ANDA 2012 ANKO PETROV OOD REYA-FISH EOOD ET TSONKA KOSEVA-V ESKARGOT 1994 EOOD EKSELANS OOD TARNOVO MES EOOD AYSMANIYA EOOD JIVKO IVANOV 2000 EOOD DESI 92 MIRYANA YOTOVA ET ET BORIS GEORGIEV- BOBI 2011 ET ANETA MITEVA - MELISA ET OLGA MITREVA - OLI OLEO PROTEIN EOOD HLEBOPROIZVODSTVO KARDZHALI OOD ALEV 2009 EOOD REID KAMPANI OOD MLECHNA TRADITSIA STAROSEL EOOD IVI CHIPS OOD NV GRUP 88 OOD ET IVAN KUTANOV PEKARNA VANILIQ BG OOD DECRIN EOOD ET ZHIVOT - BOGDANKA MINCHEVA DIKO 68 EOOD ET STIV STEFAN MIHAYLOV ATANAS GEORGIEV ATANASOV SABINA SEBAHAT DERVISHEVA ET ZORNICA-IG 2009 OOD ADELANTE - 21 EOOD PROFARM GRUP OOD S I N GRUP 2011 EOOD ECO BULSTANDART EOOD ROZOVA ZORA - TRAKIYA EOOD S.BRATYA ARIEL FISH OOD RAMI 56 91 RAMADAN S IE SD BRATYA HLEBARI OOD DASKALOVI ICE 85 EOOD HIKARI KIRIL TRICHKOV DIANA TRICHKOVA ET MISHOV-92 EOOD BODIS-2000-ILCHEVI SADRUZHIE SD STEFAN SIMEONOV DENEV DANI 2007 EOOD YOTOVI OOD ANIEL - 86 EOOD ET FEYME MUSOVA AHMED BOSHNAKOV ET YUGOPLOD AD HLEBNI IZDELIA-LOZENEZ EAD BIY HEPI SUPERFUUDS OOD PLEVEN MES OOD TSVETI KOMERS 2016 EOOD K E M DZZD DZHOVO EOOD IPEK TEZDZHAN MUHSIN ET SLADKI IZKUSHENIA EOOD TSVETNITSA 1997 EOOD SPORT BIOFOODS EOOD DEMETRA VLADIMIR TIHOV ET BORSA ZA PODPRAVKI EOOD POMEAT BULGARIA EOOD KIVI-CH EOOD MANCHINI - 90 EOOD GERCHETO OOD MANUELA I ASEN - ASEN HADZHIEV ET DIMCHO MATEV - DIMCHO MATEV ET IMPULS-YUSUF SADUL ET NIGOR GOSPODINOVI OOD DALIVI EOOD DOBRUDJA 03 EOOD ET YOSKO KOLEV - 56 PRIMA FOODS AD BANOV FRESH EOOD IVANOV OLGA IVANOVA ET MILINA 90 OOD ET GREKI - MIROSLAV MITEV ESPERO BG EOOD HADDAD MILK EOOD POLI VITA EOOD ANDRA NIKOLINA ATANASOVA ET ET EMANUIL - MIROSLAV ATANASOV BARTOL AD ET STRAHIL GRUEV - KALINA BOVERA - IVANKA BOSHNAKOVA ET ARZU-HALID SALI ET BULTREYD KONSULT EOOD NIKOLOVI 10 EOOD ZHELYAZKOV-M 87 EOOD MARIGOLD FUUD OOD KOREKT-89 EOOD KARMES OOD TONCHEV DIMITAR TONCHEV ET MESOKOMBINAT VARNA KROKANTINA OOD AD BOLGARPRODUKT MM - 2007 OOD KOSOVSKI HAN EOOD MEMO OOD PLAMEN NIKOLAEV PASHUNOV ADI SHTARBEVI EOOD SINERGON INVEST OOD KIPARIS - 13 EOOD FINIDI OOD DANIMIR - MILEN MIHAYLOV ET GAIDA- 2002 EOOD BEYKARS STANDART EOOD IBO IBRAHIM KESEZHI ET GRETA 3000 EOOD PRESTO HRAN EOOD LEADING EOOD BORKATI EOOD MUTAFCHIEV 57 EOOD VALKOVI 2014 EOOD VENERA MG EOOD ELI COMERS 65 EOOD TIAR EOOD ET KENI-97 MARIYA BOZUKOVA ET EBRU - KINA KABRANOVA UAIMA OOD HRISLAV EOOD GM BAKARIES OOD ELI - NIKOLA DUZOV ET KARMELA 2000 OOD TORTI EVKO OOD EL DZHI PI EOOD DIGANT - DIMITROV I GRIGOROV SD DNK - MERICHLERI OOD DIEN EVERGREEN OOD DZZD NYUMINEL GLOBAL RICE EOOD AYSEL AYSEL KODZHAYUMER ET ALAN SNAK TEH EOOD AZMI HASAN 50 EOOD S V M B EOOD ZORNITSA COMMERCE OOD ERIS FUUD EOOD ANDREON - ANGEL ANGELOV ET ZORA 009 OOD SHAHSINE SAPUNDZHI ET MARITSA - S AD TEMPO M OOD DUNAV SWEET OOD MITEV - 68 EOOD BIO DZHUS EOOD B I S YAMBOL EOOD BIJOU-G OOD DIRA 2014 EOOD SITI HLYAB EOOD ANIMEKS OOD HADZHIKOSTOVI OOD GOURMET CATERING ORION EOOD ABDERA 2 EOOD APOLON 69 EOOD NAFI - 79 OOD BEYKARI 09 EOOD DUKE DOMINION OOD STREAM FOOD EOOD BALKANSKI ISKREN BAKIEV ET SHAHIN 01 EOOD KALUFRUCT PRODUCTION OOD BONMIX EOOD IOANA 2001 EOOD DZHONI NEYKO IVANOV ET OU EM KEY OOD RAMIRA OOD ET IVA 89 IVANKA GEORGIEVA COOKIE MONSTER EOOD DELFINA EOOD KULINART OOD AVICHERRIES EOOD NATALIYA 83 EOOD AGI 1 OOD RUMYIANA BOGDANOVA EOOD INIKS - TODOROVI OOD IV-BO GRUP OOD MOLAR MOLIN AD IVANKA ARABADZHIEVA ET ROBAK OOD GORNOORYAHOVSKA SKARA OOD NEKTAR AD MES CO EOOD INTERFUD SALYUSHAN EOOD NASLADA 12 EOOD MLEKA GRUP EOOD KONEX-TIVA AD MULTIFRUT EAD DENT OOD ET GRETI-MARIETA BATACHEVA BURDENIS379 OOD BILKOCOOP EOOD IVANET EOOD YANE ZOYKOV ET LOTOS OOD SIMI-2011 EOOD DANI & NIKOL EOOD ASTONA EOOD ET EMILIYA NACHEVA DIANA 10 IVETA CHERVENKOVA ET BREAD LOGISTIC EOOD EXQ - EXQUISITE FOOD PRODUCTS EOOD MILENA MK OOD GEYOMA OOD KLIENTI EOOD ELIANO KRIS EOOD BOROIMPEKS AD GITEN KLAS-EVGENI SIMEONOV ET PA EM2013 EOOD ET BABA TONKA DMD GABI 79 OOD ET GYUNAY-AYSHE MEHMED 28 SeeNews Industry Report

PALAZA EOOD STANCHO KOLEV EOOD T& D 2016 EOOD YOMI SZHS EOOD HABI 72 EOOD FURAJEN ZAVOD OOD ET VASIL TRENCHEV - MAKEDONIYA ET RAZPOPOV ALADA MOHAMED BANASHAK ET LINKA OOD HEBAR EAD ET KAZI - ATANAS ILIEV ZAHARNO PETLE KIBAROVI I SIE SD AYDEMO GYULSHEN EHLIMAN ET NENOVI OOD ALEKSANDRA I MADLEN OOD IVE 68 OOD FORI 69 EOOD INIKOM EOOD RUSKO-ALIM OOD ET TODOR NESHKOV SALVACARO EOOD YAGUAR L B EOOD ZLATNA IABALKA OOD NOVA SERDIKA DOBRICH EAD 5040 OOD VAKRIL EOOD DONIDO MILK OOD LAURUS 22 EOOD KERI EOOD DION OOD NIKRONA EOOD TEKSAS 89 EOOD VIOLETA-2013 EOOD KRIS - MONTANA EOOD DZZD STOYANOVI FURNA BG EOOD IVTAN DIMOVA DIMOV I SIE SD A - JAR OOD MIMOZA 22 EOOD SPEDAGRO EOOD GRADUS-3 AD MEGATRON - D EOOD STOYANKA DIMOVA 2003 ET ROKSOS EOOD DELIKATES 2 OOD STIL - EA EOOD HARUMI EOOD DECHKOV 60 EOOD PARTNYORI 2001 AD MEGAHRAN 2015 EOOD TEA - 2003 EOOD DOBREV OOD ALMANSKI OOD RUSI DIMITROV 2004 EOOD BULDRAINIM OOD ANGEL HUBENOV 82 OOD SAMVEL-1 OOD PEKARNA EOOD TSVETELINA CHILINGIROVA ET ET MILENA MLADENOVA 02 BULGARIA FOODS EOOD OVI & SARI OOD BULGANEL EOOD BRIMEX EOOD ET VIDIN RUDARSKI SEZGIN ABDURAHIM OOD PRIMA VESELIN VASILEV ET FRESH TAYM EOOD MICROART 7 OOD DANELI 2000 OOD MAHANGO EOOD ELECTA 09 EOOD DOYCHO 2016 EOOD PETRA PETRANA FILIPOVA ET FONICO - S OOD GABRIELA EOOD IZI 2016 EOOD DAIRY PRODUCTS EOOD DESI 92 EOOD JLP EOOD VIKTORIANA BYALA OOD YORDANKA V YOVKOVA EOOD ADI EOOD BAKERIES SIMID 92 EOOD PRELYUD-13 OOD SUGARLESS EOOD VITALINA 2006 OOD ALEKSANDROS 2010 OOD ET KRISTIYAN - IV - KRASTINKA KOLEVA FIRST COMERSE EOOD ET RALITSA 83 - PETKO TODOROV LACHO - TSVETALIN NIKOLOV ET MISTAR IVAS EOOD ALEKSIS 2011 KOMER EOOD MELNICHNO FURAZHEN KOMPLEKS ZIMNITSA RUDI RUMEN RADUKANOV ET ET SEMA - EMIL STANEV STENLI EOOD EOOD MARITZA OLIO AD MASTER BATCHARS BULGARIA EOOD ERUSALIMSKA PITA OOD CASING BULGARIA EOOD HETTRIK OOD ZAGORE AD TORNADO COMMERCE OOD VIVENDA OOD ET ANGEL MOSKOV KAYRYAKOVI OOD BAKERS OOD PLESNEVI EOOD ALEXSIOPOL OOD NELI PRINCESS & CO EOOD SISIYA -97 EOOD TRONIS EOOD PLANT OYL AD STEFANI-1 EOOD ET RYUVEYDE CHOLAK POLIDES - PAVLINA IVANOVA ET SLAVYANI YAMBOL OOD LOZANA 62 EOOD EOOD TAYFUN - 94 - TEMENUZHKA KICHUKOVA ELITSA 2002 E KAYA OOD GAVRIL 2002 EOOD TERZI OOD ADISAN EOOD KIV KOMERS OOD LADITE LYVOVE- BAKALOV EOOD DI EN SI OOD ET NURIE CHUCHUKOVA - AYLIN - SILVIYA ILIEVA ET ILIYA ILIEV DANIZO OOD SOFIA BREAD OOD NIKOLA ABRASHKOV ABRASHKOV YAVOR NESTLE BULGARIA AD ABRASHKOV ET VIAN 35 EOOD ALEXANDROV - P EOOD IVA-91-IVAN IVANOV ET IVIL 2015 EOOD TEDI 91 05 EOOD DELTA 98 EOOD SINELI 2002 EOOD ORIZARNA PAZARDJIK OOD DONIKA 1 - DONIKA BOJKOVA ET VESELINA 80 EOOD ET RAZTSVET-RDP-TSVYATKO SAMODIVEKOV EKO ASORTI 05 EOOD CREMIO EAD K I F SOFIA OOD GALINA 80 EOOD TONI-2006 - ASEN KIRYAKOV EDNOLICHEN YANI YANA KOSTADINOVA ET MARIAN 2000 EOOD TARGOVETS DIVOSVIT OOD ET DIZHA IVAN IVANOV DOBREV TRADE OOD RODOPSKA ZAKUSKA EOOD KEKOV I KO 2015 EOOD SHENOL - FATME SELIM ET NIDI-GOLD GRUP EOOD RADENKOV 2016 EOOD ET MOKA BORISLAV TODOROV ELENA 95 EOOD VALENTINO 79 - VALENTIN JORDANOV ET VIP SIMERS GROUP OOD SADINA PLANT OOD ZAKUSKI VALIA - VALENTINA KARADIMOVA ET TRANDEVI EOOD ET GYULFIZE SAHATCHIEVA UNITED MILK COMPANY EAD RAMCOPHARM OOD NAYDEN KRAKOVSKI KARK NA ET DIKA IV GAL 67 EOOD NAYLE CHAVDAROVA EOOD CROISSANT ET CHOCOLAT OOD RILA FUNGI EOOD DIAMANT - 93 EOOD BULGAR LUK OOD NIKOLOV I KO VARNA EOOD ET EMIN IBRYAM - VILDAN EMIN ANANIEV - RODOPI 19 EOOD MAY 2003 S EOOD LIVELA-DIMITAR ANDONOV ET ALEGRIA 2011 EOOD SABCHO BALKANSKI-MELODIA ET ELIT MILK 2000 OOD DEREK OOD ET KIROV - MITKO KOSTADINOV MELISA OOD CHERKEZOV I SIN EOOD PREMIER TM OOD BENI EM EOOD ROO BRANDS EOOD ZORNITSA VASKA DIMITROVA SOLAKOVA ET FITTO OOD DN I TN OOD SLADAK RAI - 2012 EOOD MEDITERRANEAN FOOD SERVICE EOOD SKALMEKS EOOD ELVAN - 2010 EOOD HLEBNI I SLADKARSKI IZDELIA EOOD RALICA OOD INSTANT OOD POLIDEY - 2 OOD ORHANIE MEET EOOD BUSEM EOOD PREA 2011 OOD HLEBMASH COMMERS 95 AD RITURN EOOD BORIS TRETI OOD MESPRODUKT ROGOSH EOOD REDZHINI OOD KALEVI OOD YOKA - KONSERVNA FABRIKA EOOD OLIMPOS 99 OOD ET ILIEVI 89 - MIROSLAV ILIEV SADAKA IBISH IBISH YUSEIN ET IPP - IVAN PETROV EOOD SHTIPKA SHTASTIE EOOD E FRUKT EOOD KRASI 2013 EOOD DISTIN EOOD KANTIYNS EOOD DARZALA 27 EOOD TYUI OOD VM BEYKAR EOOD KLIMENT 65 OOD BOGEY - 2015 EOOD RIKOS EOOD ET ANGEL SARANDIEV MILASHKI EOOD SANI KONS TODOROVI AND CO SD AGROPAKET EOOD PANERA FUDS EOOD GAL-2005 EOOD SEVERIN DT EOOD BALGARSKA ZAHAR AD FURNA STANKOV OOD ET YUNGA-YUSEIN RAZIM HARI 64 EOOD ORION SMAYL MOLLA ET CHICKEN GROUP OOD L I M A C & I EOOD SIBIO - 93 OOD JACOBS DOUWE EGBERTS OPS BG EOOD MARITSA EKOFROUZE AD BULGARIAN STEVIA EOOD SKORPION 21 OOD BIONIA EOOD MOPSET OOD VESTA 2020 OOD BOLSHANS 5 EOOD PLEVENSKI BANITSI OOD SKREZHEST OOD MERKURIY 2000 OOD FRESH LAYF EOOD PEROLA - MARKRIT KARLOVSKA ET MULTIMES GROUP OOD 29 SeeNews Industry Report

MARTINA KOMERS-IAVOR ENEV ET EOOD RIO KAFE TIP K IVAN TODOROV ET KATERINA STOYCHEVA ET DOYRAN 6 EOOD HLEBOZAVOD AD IDA PRODUCTION EOOD IYA EOOD TEMPO EOOD ULAN - DJAMAL ULANOV ET MONDELEZ BULGARIA PRODUCTION EOOD LEVMEL - 13 EOOD VBAND INDUSTRIES EOOD KIDAR EOOD GLORYA-KIRCHO HRISTOV ET ET VELICHKA ANDONOVA - VILI SVETLANA 99 EOOD TANYA ANDREEVA ADI ET SASHO NAYDENOV - SECHKO 2 ET NIKI FIRST-NIKOLAY TODOROV ET SEA FOOD EOOD DONKA KIREVA - DONADONI ET IV - MES EOOD SHISHKOV 85 EOOD BAYFA AD EYCH EM KEY NUR OOD AI - FI - 10 EOOD LAVENDER OOD TEDI SASHKA IVANOVA ET SON ARZU EOOD SMS 2016 EOOD LINAPEK EOOD BALKAM AD ZHANA 90 ATANASOVI S IE SD TREST B DISTRIBUTION AD NOLEV EOOD AGRINDO EOOD TEIKA - EOOD SWEET WAY OOD PARAPINA-TODOR VULKOV 1 OOD DEL GOS OOD DIK-67-IVAN KAMENOV ET ZLATEN KLAS LUKOVIT OOD AGROSORT EOOD IVAN PEEV 2014 EOOD ET DIMO TERZIYSKI NIK-96-NIKOLAY ROBOV ET MELNITSA SLIVEN 2003 OOD MOYA GROUP OOD LA KATLEA OOD ET LATONA-90-ZHIVKA HRISTOVA IZIEN EOOD KOMET - TRANS EOOD SLAVYANKA EOOD BIOPROTEKT 1 EOOD TSVETI 99 EOOD ANIKO BG EOOD MISTAR DINO I KO OOD ET KOSTADIN GEBRELIEV - GEBI KRASIMIRA BOLYOVSKA ET AVIANA FATIME GALENOVA ET SENIORITA - KRASI - TSVETANKA TOSHMAKOVA NIKOL 2011 EOOD SIGMEN MILK EOOD ET ABI 2015 EOOD VARNA NUTS EOOD MADINELIA EOOD ANET AHMED CHAUSH ET ET GALYA SAVOVA -YUSEIN SABRI NETZA 85 EOOD MONSI 52 EOOD MATADOR EOOD TATYANA KIRILOVA - TED ET MILK 3 EOOD SKARPA EOOD M I G 2 OOD MARVEL 01 OOD MUUN LAYT-D.SH.D. 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IZIMAR OOD ET ELIVA - SHENOL YUSNYU DVETE AKATSII HARALAMPIEVI I SIE SD ET VENELIN SABADOSHEV - VENI ALEKS TAB EOOD TEDI TODOR KRASTEV ET DALNIP 2 EOOD OLIVA BG OOD CRAZY FOOD TRADE EOOD ASTREQ - KETARING OOD NASLADA 02 OOD M K D OOD SERHI EOOD CHAR 05 OOD TATYANA OGNYANOVA 2005 MM ET RALYU DZZD GRAMI EOOD POPIMONI EOOD ET ZHECHO ZHECHEV NIKO 2268 EOOD SERDIKA BULGARIA AD ELA EOOD HELIOS OIL OOD AGRO PROMILK PLAMEN TODOROV ET ET IVAN DUNDEV ZDRAVKO GEORGIEV ET KIBA KIRIL BALASHKOV ET RENI 2000 ANGEL ANGELOV ET METALIK MARINOVI 5 EOOD GUTEVI 15 EOOD SVETLA - LTS EOOD ET ESMAI HYUSNA - MAHMURE YUSEINOVA ISMAILOVA BALEVSKI EOOD MELNITSI IVAN DIMOV EOOD MONAKO PARK OOD ET APOSTOLOV-K-GEORGI APOSTOLOV NATI STAR 99 EOOD VARTO BG EOOD VENETSA EOOD PARTNYORI AD IN MAR 1008 EOOD FINE-R EOOD DOSPI-97 EOOD IVAN VUCHEV ET FAVORIT - 2004 EOOD KALINA OOD MARUSYA 2012 EOOD EKOPLOD BG EOOD MELKOM STRALDZHA OOD GLOBAL UG EOOD IVEYN 2011 EOOD MAXILAND EOOD INVEST BG EOOD VELADA EOOD LEMAN AHMEDOVA ET ZHITEN KLAS OOD ET ZINAIDA MILKOVA ZIMS-96 HRISTINA SHAPKOVA ET NIKEMA EOOD BADZHO EKSPRES EOOD SD BONI VESHKOV I SIE SMAG SALIM YUSMENOV ET GABI - 07 OOD SIMIT OOD CLAREMONT AD BLU STAR 93 EOOD KAECA EOOD ZAPRI 2 EOOD YORDANKA ALEKSANDROVA ET SPAN BEYKARI EOOD RODOPA G ORYAHOVITSA 96 EOOD EPI EOOD VANYA GD TRADE EOOD FOBOS 99 EOOD FITEV EOOD DANAIL KUNINSKI DIK ET YAS-KA OOD SIMEON BA 2013 EOOD METIKA 2000 OOD STRANDJA-MP OOD DI PI EL 2013 OOD RADOST STO OOD VOLONTES STAYKA GEORGIEVA ET JOLY-2000 BG OOD TIHI 2014 EOOD IRKOMA PARTNERS OOD DAKI 01 EOOD MUSTANG SS 75 EOOD JO - VIG 2004 EOOD ALGAE FARM AD VIKI 2 OOD NEOKONS OOD 'MUSI SHANS'' EOOD IVAL - 2015 OOD RONZA EUROPE EOOD FILIBON OOD TUSHEV INVEST EOOD HLEBAR 2015 OOD SD PANATSEYA-ZH MANGALDZHIEVI I SIE EM ER GRUP OOD SHARKOVI & SIE SD TOP COIFFEUR EOOD ARNI 2013 EOOD M FOOD GROUP EOOD AGROMEL KIT OOD NIKITA NIKOLINA TODOROVA ET PETAR PARVANOV - DEMETRA ET ZELEN LUK EOOD YUSEIN ALTAN 1 EOOD AGRO BAZA VIDIN OOD NIKOL EOOD DIMES 2000 OOD DEBAR OOD ET ANTOANETA GEORGIEVA 2001 FANI-72 OOD YUG YUSEIN YUSEIN ET IVAN GARDEV - 52 ET NVP OOD ZAIRA-Z Z EOOD SYNERGY NET OOD SILENA RASHID CHAUSHEV ET KREAMERS OOD PETYA GEORGIEVA 12 EOOD VAVILONIA 2010 EOOD SRT EOOD YULKNUR BG OOD BURCHIN 98 EOOD EVRO MIYT KO. EOOD BULDEX OOD RENGLOR EOOD ILIEV - DG - VASKO ILIEV ET CHOCHO-05 OOD GEPARD OOD EFI KDT EOOD GRADUS 1 EOOD PETAR ADAMOV 90 ANELIA PETROVA ET SAKSES OOD MECHTA METODI AVRAMOV ET MAKS - MART I KO EOOD KOSTOV 61 EOOD MEDIS TUZI ET BORA 21 EOOD SIMA - 09 - EOOD LACH 50 OOD GNA-GEORGI ALEKSANDROV ET MALINA& KAPINA EOOD ET SLAVCHO HRISTOV- STEFANI 67 BALKAN RICE OOD NI-VAS FOODS EOOD TERVEL KOMERS - 2015 EOOD SIMEONOVI - VIKTORIA EOOD ET IV 2007 SAMUIL RIDVAN KAPA H OOD NYUANS 89 OOD ILIA PAVLOV M P EOOD DIMI EOOD VIA LATEA EOOD NIK-MINA EOOD LINDAREV EOOD INTERFACE BG EOOD CORTE DILETTO EOOD SANDER 2000 EOOD ILIANA GEORGIEVA-SHIACHKI 2002 - GEORGI GEORGIEV ET FURAZHNA KOMPANIA EOOD YARIS BIO EOOD EMPANADA EOOD CALIFORNIA NUTRI LABS OOD AFRODITA PETYA HRISTOVA ET SIY PRAYD EOOD DELTA-KOLEV I SIN EOOD ORGANIK LAYF OOD TARANTULA 11 EOOD PACIFIC STAR AD FARMA BIO TEH EOOD NENOVI 2014 EOOD ELBOKADA 2015 OOD CHERY COMMERCE 63 EOOD TOMI DULSE EOOD GOURMET PHILOSOPHY OOD MAFI OOD NIKOLE - N EOOD STRABEX EOOD CUPCAKE STUDIO OOD ET ALEKSANDAR NANKOV EVRODAKS EOOD VELICHKO IVANOV VENECIA ET EM EN TREYD EOOD FELIZ MITKO STEFANOV ET ORGANIKA HEKIMOV EOOD MARIYANI EOOD ZORI LUKS EOOD BONATO OOD JOSI EOOD NIKI 2004 EOOD FLY FISH EOOD SHTIPKA LYUBOV OOD BAKERY EOOD STRAYTS OOD ET YAVOR LUKS 90 LSG IMPORT EKSPORT OOD SEMELLA 2016 EOOD ET SISI - 59 SILVIYA IVANOVA SPARTAK-78 EOOD YORDAN MUTAVDZHIYSKI BONKA DILAYT EOOD AGRO-44 EOOD MUTAVDZHIYSKA BOBI ET VEGA KOMERS PETYO YOTOV EOOD SANI 0408 EOOD SEVTOPOLIS 2016 EOOD BERUS - 97 AD GABI 2012 EOOD TORTI EVGENIA 2011 EOOD ETNASKA 2000 ATANASKA PETKOVA DEVA KAZAKOVI EOOD SOFI 07 EOOD DORA ZHIVKO ZHELEV ET M - PAK EOOD ET KOLOR-SK - STOYAN KALINOV - ELITSA ET ZHODISNI - SVETLIN GEORGIEV TUNEKS EOOD IL EOOD KALINOVA M G M 3 EOOD KRUP INVEST AD RICO EOOD ET VANYA I TANYA - IVANKA ILIEVA PK - ANDONOVA EOOD BULFRUCT OOD VELICHKA KOTSEVA ET MARITSA OOD ET ZORA - ZDRAVKO ZDRAVKOV MED I PCHELNI PRODUKTI OOD BULDIRECT OOD CHAMPION-16 EOOD BOBI BOYKA NAYDENOVA ET YUIS 82 EOOD ROMAN 49 EOOD MARATON 62 EOOD VITAMINA 2012 OOD OSEM GRUP EOOD BORSA EOOD EDIMEKS EVGENI DIMITROV ET FRESH DEYRIZ OOD VERNIER AD EVELIN 29 OOD ELITSA RUMEN BURDEV ET ET STOYANKA CHUNGAROVA-NIKIVA PIMEL TRADE EOOD MAXI MES OOD LOMAN EOOD ET GIDA -GERGINA DIMOVA ROYAL T.M EOOD RILA MES EOOD VELES-KOSTADIN VELEV ET BIOGAME OOD ZAHARNA FEJ - 9 EOOD MAESTRA MIA EOOD GENO PANYOV - ISTAR-2 ET POLINEZA EOOD 31 SeeNews Industry Report

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ZEVS VENTSISLAV KOSTOV ET CHILLI HILLS FOODS OOD DEVI - SS CO EOOD ET NADKA POPOVA SKAT OOD GDP PAGUREVI EOOD DEN I NOSHT BG EOOD THE HOT OVEN SOLE-OWNER LLC EOOD IZGREV - 2006 OOD SAHAND EOOD NADEZHDA OOD DERONI STARA ZAGORA OOD ALEXIS 7 EOOD DAY AND NIGHT OOD PEKARNA PRI ALI EOOD EASY LIVIN EOOD HLEBOPEKARNA VARDAR - SAVASH KERIMOV ET FRIGO EOOD AS ANTON GEORGIEV GEORGIEV EOOD ZEMEKS OOD DIAMANT 99 EOOD SAF-V EOOD BORIANA-2012 EOOD MIRENA 80 KINA GEORGIEVA ET IVAN IVANOV IA ET KOSTOVI EMK OOD ET DZHEP - DELCHO GEORGIEV YANICA 86 EOOD HRIZANTEMA OOD DIMITAR MITEV ET CHARMY OOD RODOPI MESKOM OOD LAYF 2017 OOD CHERI KOMERS 1962 EOOD ET BOZHIDAR BOZHILOV - RITAM B.S.S. 1997 OOD TRAKIYSKA FURNA EOOD KUSI OOD SIVIK - SATOWCHA OOD ANTANI ANTON MILADINOV ET AMBASADOR 7779 OOD NIK I MIL EOOD VITA PRO AD DOBRUDZHA OOD TAMARIN EOOD SMM MEAT OOD ET DENI - NIKOLAY ASENOV LAZAROV KOMERS EOOD KREDO 98 OOD DIZHO 2015 EOOD ET VESI - 2004 - GALINA BELYOVA BILAMIK OOD IVONIK-2008 EOOD ET DETELINA-MARIN MARINOV DIVALS 99 EOOD BARBAYAN EOOD ORBITA OOD TOPAZ MEL OOD ERAVAS EOOD ET TOMA YAZHEKOV - STIL 2003 MMIG - 2006 OOD SLUNCHEV PLOD AD ET TANYA DIMITROVA-NADIN GRAZHDANSKO DRUZHESTVO S LYUBENETS DZZD ASYA 13 ASAN MUSTAFA ET NOVA HLYAB OOD ET RICHI TOMA TOMOV CAZI - 16 EOOD MILKKOMM OOD SIS INVEST BULGARIA OOD KRISS 93 OOD BABA TONKA OOD BURGATTA EOOD LUBOMIR NIKOLOV ET BREZNIK BG EOOD ES BI EM KEY NUR EOOD NIKON-NIKOLAI NOKOLOV ET SRACHKOVTSITE EOOD ALTMILK OOD NIKI 2001 NADYA NIKOLAEVA ET BIOSTYLE OOD BULAGROTREID-CHASTNA COMPANY EOOD ILIA IVANOV ZORNITSA ET GALATS DIMITROVI SADRUZHIE SD ANGEL KOSTADINOV VASILKA KOSTADINOVA ET MAKROCOM OOD BILTRANS VLADISLAV VELEV ET VASILKA KOLAROVA ET HANI TREYD 2012 EOOD VKR - 2000 EOOD DIMITAR PEPELANOV ET RIPEGA DREAM EOOD MERDAN EOOD IMPAS 14 OOD ZOIA - 91 OOD IVEGEL EOOD MARTIS 09 OOD DZHI VI EM EOOD ISKO I RENI YORDAN ILIEV ET AVICENNA HERB OOD GORSKA POLYANA EOOD MARINA 41 EOOD ZHORZHETA G 1 EOOD LAKTONI EOOD RASPUTI 87 OOD YORDAN PARUSHEV YORDANOV S P ET MDM 15 EOOD GFOOD EOOD - ET EKO MED I KO OOD PETINOV AND CO OOD GRANNIE''S PASTA EOOD ET STRAZHATA-BAYRYAM MUSTAFA BORKO TATYANA PETKOVA ET EVI 61 EVELINA OGNYANOVA ET LATIFE - 70 EOOD KUMINIANO FRUIT OOD DENIO KALCHEV-53 ET MI LO DI LORA VITANOVA ET VESELINA 333 EOOD ECSTRACTPHARMA EOOD AMIYO EOOD PETROV 2016 EOOD MIG EOOD DESITA - YORDAN MARINOV EOOD REDZHI 2013 EOOD TETRAKOM VLADIMIR DIMITROV LYUBEN IVANOV ET DITTA 2008 OOD GITA BG EOOD AR TI DZHI 4 OOD GEN TO MILL OOD VEGA G GEORGIEVA OOD LOM TRANS OOD KOKO 6 EOOD KENTAVAR EOOD PIL-2001 EOOD NIKOLAY HADZHIEV - NIVEL ET AVI 33 EOOD 2012 OOD IZGREW 2015 - MG EOOD KOMOKS DONCHEV I DONCHEVA S IE SD ROSIMPEKS 02 EOOD SISI - LUBOMIR SEMKOV ET PIKANT TRADE OOD BEYBI FUUD OOD MEDIANA MEDIANA ASENOVA ET CHERITO EOOD ET TEODORA - TID - TODORKA DRAGNEVA - IVAN NENKO TRIFONOV FOODS OOD KAPRIZ - DEVIN EOOD YORDANOV VAKOM MP OOD LIYANA- EOOD ET SVETLANA 92-T.MARGARITA TODOROVA VIP METALS INDASTRI EOOD ILMA OOD IVMA - 90- IVANOVI - SIE SD DIANA 11 EOOD BIOSET OOD DUDAS EOOD BEST KRASIMIRA KOLEVA ET ET TODOR IVANOV - KOMERS 50 ELKA ELKA RANGELOVA ET KVASETS EOOD SI COMMERCIAL 7 EOOD KALKANOV AID OOD BARSIS EOOD DANI 5001 EOOD CHAVDAR 2014 EOOD TOMI YANCHO YANEV ET VILIANA 70 EOOD VETIADI EOOD ET VERONIKA 7 - VASIL KALOFEROV VENDY OOD ZOROV 91 DIMITAR ZOROV ET VASIL ILIEV DENISLAVA ET NEL-KA OOD CAKE BOX OOD MANOLOV MILEN MANOLOV ET NADEZHKO OOD MINCHEVI EOOD TYRBUL EAD KATERINA KRANCHEVA EOOD ET MIRAZH - PH - PARVAN HRISTOV ILIA GLAVUROV ET RUSENOV EOOD MUSHE 74 EOOD NELI VATKOVSKA ET HLIAB EKOMEK EOOD DIMITROVI OOD ELILAT EOOD ET ANI AHAVNI VARTABEDYAN DZHENTILE DZHAVAT DZHILDZHOV ET LA REYNA FUDS OOD KUBIKA EOOD DANIELA YANAKIEVA VASILEVA - DANITA ET CHEF CHAKAROV EOOD DONFI EOOD BABA TONKA - 1 EOOD FAVORIT-98 OOD RILA-MILK EOOD BULHLEB-21 OOD OCEAN JORDAN DONCHEV ET BAKE PARTNERS OOD FIRIN OOD OPICVET MILK PLC AD LOTOS 4 OOD I M B 07 EOOD RADI 2006 OOD ET STIVI-NEDKO NEDEV NANI ANKA ASENOVA ET AZALIA - MK OOD LAVINA 99 EOOD OSI BEY EOOD DJEMRE 2012 EOOD SORELA I KO EOOD PRESLAVA I MADLEN EOOD ET GPD - GEORGI DEVIDOV BIS 98 OOD ET MB-90 MIHAIL BOZVELIEV KRAL 1 EOOD RAMM-90 M - MITKO GERASIMOV ET BIOFRUT OOD KRUM MUSHEV OOD SLADOST EOOD VAGENI EOOD TSENTROMES OOD BOYAN ASENOV 94 EOOD PERUNIKA ATANAS RAYKOV ET VEDA OOD ARLANDA EOOD DIT 06 EOOD GALATEYA 2000 BYALKOVA I S IE SD CUKI - 96 OOD CHO SON-VADIM RAKOV ET ABI 86 EOOD NALA 1975 EOOD INTERAROMA OOD ASPARUH PETKOV ET K EFEKT OOD DZZD SONMER BILKARACHEV EOOD TUNI PEK-TUNDZHAY AHMED ET VERONA OOD ET ILIYA ILIEV NUHEALTH AD EKOTERMA EOOD VESELIN ILIEV ET OLITREYD EOOD NAVONA MD EOOD PETROV I SIE - PETAR PETROV ET SVESTAN OOD DAKATA-RUMYANA YORDANOVA ET ELEYA EOOD KROKI OOD DESISLAVA - N - 83 - NIKOLOVA S-IE SD RADOSTINA KRASIMIR KAMBEROV EMIL ZORA KAMPANI EOOD ZHITIN HLYAB EOOD KAMBEROV ET TOLEVI 97 OOD 33 SeeNews Industry Report

MESOKOMBINAT KARLOVO AD ET ZORA - KIRIL ORMANOV DH-46 OOD APOSTOLOV - Z EOOD DNP GRUP EOOD AGROMES OOD ET RAVIYA 2000 - IVANKA CHAVDAROVA VESKA-91 - VESKA STOYANOVA ET AYMSA EOOD TAXI - ASI - RUZHDI AHMEDOV ET MISTERIYA-66 EOOD ZHITINA EOOD VILI SHANS 59 - VIOLETA KIRCHEVA EOOD BALKANI - 2014 OOD DANI 1975 OOD FRESHNESS OOD MERI - ES - DIMITRINKA ATANASOVA ET KLANITSA MERKEZ OOD SE MIRALAEV EVGENIY GEORGIEV ET ET MARIELA-MIHAIL MATEV KRISTINA GEORGIEVA 2013 EOOD KEYKS EN BEYKS EOOD TERATREYD BALGARIYA OOD AGRORADOPI EOOD BRATIA PETROVI OOD ET TONI-STOYKO ILIEV MAGI T IVANOV - TODOROVA CO SD KADIFE ART EOOD TIROL - EOOD LE MARQUISE OOD AZURIT INVEST EOOD POLYA - 2005 OOD SIATRADE EOOD DEKRIS I KO OOD TIVATRADE EOOD ALEKSANDAR IVANOV ET ANDROMEDA GINCHO KORALSKI ET HUBAVI NESHTA - LOVECH EOOD KIPRUS - 83 EOOD AVRORA 93 EOOD VIKTORI MH OOD DIPI EOOD BITOLYA 1 OOD NEOPHARM BULGARIA EOOD DESIPAM 98 EOOD MM JUNIOR OOD DOVERIE KOOP. LA TATI EOOD ET DZHORDZH - MISHO MISHEV CHOCO TEAM OOD KAMEA OOD STRELTSI 2011 EOOD BYALA ROZA OOD DZZD NYURADEL HRUPANKI OOD MLADOST 2 YANKO YANEV ET PEKARNA VARNA OOD BENI TEYST EOOD IRRI TREYD OOD LOTUS V EOOD PRAGA SEMERDZHIEV I SIE SD DOLYA 9 TREYD EOOD NOREX AGRO-2 OOD AGRONIK EOOD LAGANA EOOD ELIT P EOOD ET MLECHEN PULS-95 TSVETELINA TOMOVA G S REFLEX EOOD KOSHI-777 EOOD MLIN OOD KARA SPLTD EOOD SHIDEROV EOOD ORGANIK ARONIA OOD STILIAN STOIANOV ET BIOPEK 2 OOD VULOV EOOD PARADISE KETARING EOOD BRAKE EOOD MELNITSA LEVSKI 2004 OOD INVEST GROUP 2012 EOOD BRATJA ZAFIROVI OOD MANDZHUKOV BREAD EOOD VENERA 12 EOOD RISK 2008 EOOD KETCHUP FRUKT INVEST AD ROMANTIKA EOOD DAKA 63 EOOD ANDREA BAHRIE OSMAN ADRIANA VELEVA ET IRADI-96 - MITOV ANGELOVA SD MESOKOMBINAT RAZGRAD AD /N/ KRASIMIR SOLENKOV ET DAISY LUX EOOD AUTOTINK EOOD ET MERI YUV SAR ZHORZHA EOOD MESAMBRIA 2012 EOOD YALDAZ 2012 EOOD TORTI RENI EOOD BBS EOOD KRASITA EOOD ET EMIL MILANOV- ANI-M KLAS 1 OOD STELIMEKS EOOD GIVIS OOD SEYSAMIRING EOOD MERAI 2001 EOOD ARM INVEST AD ET TANINA STOYAN DYULGEROV ET KAM - PETAR ANGELOV NIKOLAY GANCHEV NEYKOV PASTA FRESCA EOOD DC FACTORY OOD HERAKAL-NP OOD ET IVAN ARASHEV-ILIYAN ARASHEV BONJOUR JULIET EOOD BAYRYAM PASHA ET STANI FAYF KOLYU VALCHEV ET ONIUS TRADE EOOD TANYA FINDRINA ET KAMIDI EOOD INOVATSII PROTSESI PRODUKTI EOOD PLAM PLAMEN DENEV ET MURTEL 99 MURTAZA BIMBASHOV ET VIGI ANDONOVI OOD ELIT PEPA LAMBUROVA EOOD LION - TREYDING OOD MAKO OOD SURI - SVETOSLAV YULIEV ET ISTAR ECO CONSULT AD UNION KEHLIBAR-EVROTUR OOD ET BOGOMIL KRUMOV -GANKA KRUMOVA P I P KO AD TOMATOYARD EOOD ET PULCHE 1 KOSTADIN KLECHEROV BELA TROKS EOOD SATIMEKS EOOD ATHLETIC - 2009 OOD VILISON GEORGI VELIKOV ET B.H.A. - BOBI EOOD T TOMA OOD ARDIYAN EOOD TRI EOOD RUMEN IVANOV MILANOV ET ALEKS-K72 EOOD MESKOM SOFIA EAD TERA DZZD S PLUS S-S TIMEVA OOD BULGARCONSERV RUPITE OOD CHOBANOVI 2013 EOOD SHEEPKA 99 AD MG CAKES OOD ANIMAL KEAR OOD HM OOD IVAN KONDEV ET DAFNI 09 EOOD EKO PRODUKT BULGARIA EOOD SWEET 2015 EOOD NARGIS ALEYDIN ALIEV ET TANDEM POPOVO OOD MASTAR-PIK EAD TOMI OOD NIKSEN OOD GOLD BAKERY EOOD SLADKA FIESTA OOD GEORGI I KATRIN EOOD MARIYA POMAKOVA EOOD NOVE TRADE EOOD MEGAFRUIT OOD MERILIAN-2014 EOOD FELICHE-2011 EOOD NORA - KAN 1972 EOOD JITEN CLAS 2010 OOD KIRIL STOIMENOV YANEV EKO LAYTS OOD ELINOR MP OOD MARIA MLADENOVA ET BALKAN FINANS BULGARIA EOOD VAS MILK EOOD NUR VE AY EMIL CHOMAKOV ET DANI 06 OOD ATANAS BANEV ET COLOR FOODS EOOD ALYOSHA ALIPIEV A A 92 ET AGOCOMMERCE ALEV AHMED ET DIEL MS EOOD KONISA-CHOCOLATE OOD AYLIN KRASEN BASKOV ET BAKERY 2006 EOOD GITMES EOOD DMD-KLB OOD LYVENA OOD ET TIM TODOR MUSHEVSKI KALOYAN STROY EOOD PLAMEKS OOD FENIX MEL EOOD SHERI I SHERI EOOD ELPINA - NADKA KUSEVA ET IVANCHEV 75 EOOD BULKARIOKA EOOD BRATYA KARTEVI OOD ELIMUS EOOD SHIK 1 EOOD BULMILK 1783 EOOD LOZANOVI 2013 EOOD ET MARTI-2014-MARIYA MIHAYLOVA MARKOS EOOD ET LYUBKA MITKOVSKA IVIMAR 2012 OOD VIVA TRADING EOOD LILIA MILK EOOD MSMM-MARIYA PETKOVA EOOD ERAY-RENI EOOD MALEVENTUM MARON EOOD SIYANA 08 EOOD ASAN AYVAZ ASKO SEVIM AYVAZ ET KITKA 1999 GYUNAY IBRYAM ET CHIPITA BULGARIA AD 13 GRAMS EOOD BALKAM GROUP OOD TANDEM-MILITSA EFREMOVA EOOD MELI ZHELI OOD NAVAI 2001 EOOD RAINBOW FOOD OOD BULTRACK EOOD ET IVAN ENEV MIHAYLOV METAFUUDS EOOD ET BUKET SNEZHANA TRENDAFILOVA ET YUSI-FAY-ASEN ASENOV MESOKOMBINAT ASENOVGRAD OOD ELKO MES OOD ANNA VRACHEVA EOOD MATSOLA 2008 EOOD MISTAR MARMALAD EOOD MUSOM EOOD SEVITA 2001 OOD YANA 1 EOOD NEVI - NEVENA IVANOVA ET APE 2001 OOD MM DESING OOD TES 92 EOOD VASILEV I BRAT OOD SLADKARSKA KASHTA ALF EOOD BOGOMIL KOLEV-YAVOR-ST-91 ET KRASTEV D EOOD IBRYAM CHERKEZ CHERKEZ ET ATIUS 2003 EOOD DEMETRA LAV OOD ZAPRYAN GENKOV ET APIS NN NIKOLAY NIKOLOV ET MARINOV 52 EOOD ASTREYA 91 OOD NAID SOLAK ET VKUSOTIYKI EOOD MRAMOR 90 EOOD GLORY EOOD KOLYO MITEV ET LEOSLAV 86 EOOD KRISI 99 EOOD STOHOR I STEFANIA EOOD FORINAR OOD G-PRO GROUP OOD 34 SeeNews Industry Report

GALAKS OIEL EOOD VIORA PEPO KRUMOV ET ET ATOL - VLADIMIR TOMOV VE-EL 69 EOOD BOLKAN FROUZEN FUUDS OOD ET SVETLA KASABOVA MONI MES EOOD TER M OOD AVISKORN EOOD TED 2005 OOD ATRIA V EOOD VAL - DANI COMERS 2016 EOOD RADOSLAV YASENOV ET SALON EOOD DECH EOOD ABLAMILK EOOD DELANA OOD VILIROS 4 DEYANOV S IE SD RAID- RAIM KYULDZHEV EOOD ADI KOMERS GRUP EOOD RINS EOOD ECOVITA OOD TERRA FUUDS OOD MAXIM-DENICA EOOD ZOYA KIRILOVA - ZUZI EOOD BROTHERS COMMERCE-2012 EOOD STORCO EOOD MILENA - RADOSLAV CACHEV ET VAS EOOD ET ILIN KOLAKOV SLADKA MAGIYA OOD MAISTOR GOTVACH OOD SINDI-2012 EOOD K17-V9 EOOD FONTE FRESCO EOOD ET SALKO - 71- STOYAN RUSEV HOUM SUIT HOUM EOOD TSVETKOVI I SINOVE EOOD BULNATS 1 EOOD BABA TONKA - NOVA EOOD FERMATA AD RANKOS OOD KRASTNIKOVI OOD IVA -2002 LD EOOD KOLBASARSKA KASHTA BALKAN OOD MESOKOMBINAT RAZLOG OOD NIK - 112 EOOD SAMI I SHERI EOOD CHOBAN - 01 EOOD LIBABIE GERDZHIKOVA ALBA ET ET MIHAIL BAZHDAREV AIDA 2010 OOD REDZHI I NEDZHI OOD MLADA OOD PDM SNEZHANKA BRANKOVA ET ELFRIDA-62 EOOD LYUBO IVANOV ET DERMET 2005 EOOD EFEB OOD GABILAND EOOD MARIAM OOD G DECOR OOD BOZO 777 EOOD PIKANTINI 2016 EOOD TERVEL GROUP OOD EVROPA 16 EOOD ALFA MARKETING EOOD SAVENKO EOOD GLOBALTREYD DISTRIBYUSHAN EOOD AICHEGUL-2012 EOOD KGB 95 KOSTADIN BORIKOV ET SCHREIBER FOODS BULGARIA EOOD BLIZNACHKITE - 2012 EOOD BULDOCTOR OOD KRIS DRIYMS OOD ET MAMI 01-MITYO VASILEV VGK LATINKA PETROVA ET PETRAZITE OOD GEBI 2015 EOOD BILKI I MEHLEMI EOOD MILKA BORISOVA - GYUNAIDAN-SHEN-2014 ET VLADIMIL 2008 EOOD NARSI NINA ASENOVA ET AGRO TREYDING 2016 EOOD STALKER BG EOOD BIO GRUP INVEST EOOD STELA - 90 - GATJO KOLEV - DETELINA KOLEVA ET MAKSIMA 74 EOOD MARIELA - SONI OOD ANGEL MOLLOV 2007 EOOD PK SAEDINENIE M & M OOD ZORNITSA IRINA POPOVA ET VLADIANA VLADIMIR ZHIVKOV SNEZHANA EMILIA KOVATCHEVA ET GASTRONOM KETARING EOOD ZHIVKOVA ET TASO EOOD MAK 2012 MEHMED KUYUMDZHIEV ET SLAVCHO SHOPOV - 2016 OOD ET ARTO - S - HARUTYUN STEPANYAN DOBRUDJA - EOOD IRIDA NOVA EOOD ET YORDAN TOTEV - 78 DEVON OOD DZHI EL PRODUKT EOOD VENTSI TREYDING EOOD VSV EOOD ET ' YOSIFOVA - 91 - TOTKA PETROVA - PETAR CHINARITE EOOD GORCHIVO-SLADKO EOOD S KOMPLIMENTI EOOD YOSIFOV ' ET BOGI - PROLETKA TODOROVA ATI ATILYA MURAD ET OAZIS EOOD ET NINA - NAZMIE AKIFOVA ROSEN STOYNEV ET SAMI M EOOD STEFRAY OOD K T P - 06 EOOD EVROMES OOD ET GYULYAY - SHASINE ISMAILOVA DAKER I SIE EOOD DEYVID FUNGI EOOD KRISTA-DP EOOD ET FILIZ 2002-FIKRET SYULEYMANOV MARKRIT OOD ET SAMKO-97 SAMIR KYAMIL TAKT MILANOVI EOOD EMANDI EOOD BALKAN GRUP 20100 EOOD ET AKSU-YULIYAN RUMENOV MJ DAIRIES EOOD KRESSONA OOD MIMI 99 MARIN MIHAYLOV VASIL MIHAYLOV ET SKORPION 1993 EOOD ET DIMITAR STOYANOV KASIKA TODOROVI EOOD EOOD PEPI-2011 FOOD 4 YOU EOOD VENSEZ-2 OOD ENGINKOCH EOOD BUTIK-DEKOR OOD BIOPRODUCTS - BULGARIA EOOD VAN MAR 2000 OOD PROSPERITY VARNA - 1 OOD VERI GRUP EOOD DUNAV SEEDS 1 OOD BOYAN BOEV 08 EOOD ET DEMETRA - NIKOLAY NIKOLOV KRISTI EOOD ET NOVI - TATYANA NORIEVA MAGI-VASILEVA EOOD ET STEFAN GROZDANOV DESTAN EOOD ET AYLIN 88-SEVIYA SKENDER VBAND AD ET ALIBEY - ALI ALIEV PIKONS OOD ALEKSA STIL EOOD BALAZOVI OOD SAK FUUD OOD POLMO P EOOD SHEN YT 91 KOVACHEV SIE SD NASLADA 92 ZLATIN YORDANOV ET ET VLADI SIVENOV KENDI STAR EOOD ZLATEN PLOD P EOOD TRAKIYA PIG EOOD STEFANI 98 PETYO ALDIMIROV ET DIDO-73 EOOD DANKO - FIKRI IBRYAM ISUF ET SLAVCHO GRANCHAROV MELANZH ET FRESHFOOD EOOD ANTANI S ANTONIO SEKULOV ET DOSI 2015 EOOD SAFKO - STEFAN GUDJOV EOOD BIOVITA 14 OOD SK G EOOD MUSH DZZD STANEV KONSERV EOOD SI-VI-ES-OMURTAG EOOD EUFORIA EF EOOD NIGYAR - ELIZABET IBISHEVA ET DARI EOOD YOSIFOVI 91 OOD SIS STARS OOD KACHESTVENO PRYASNO I ZAMRAZENO MESO BITAS EOOD OOD MADIKS EOOD IVET TREYD EOOD BI-EL EOOD INVESTA 12 EOOD KOLEV 73 - DOBRICH EOOD ERGENE OOD 7-MI MAI EOOD HERBALKAN EOOD ATI AKSEL OOD STRATOS EOOD LA MARKIZ OOD KEY SI IMIDZH EOOD MILKEKOPROM OOD ANTEY FUUDS AD ISMAIL KACHANGAR TUZA ET BULPROGRES EOOD FILAS OOD VIVA - NAP EOOD AB-FENTAZI EOOD MANDRA RILTSI EOOD DIP KOMERS 90 EOOD DANI ATANAS KARCHEV ET BREAD COMPANY BULGARIA AD DIMITAR TANEV ET KARAVELOV I SIE EOOD ET 'MALINA INA-RUSKA STOYANOVA' TURKON YORDAN STOYANOV ET KOMIDA RAPIDA EOOD ZHIVKO GROZEV ET CHOLAK 75 EOOD ROSINI - GRUP OOD VITBUL EOOD DZHINGIBITO 68 NEDYALKA DINKOVA ET ET SHANI- SHENAY TUNDZHEROVA PATRIOT 2014 EOOD MARLEN 1 EOOD VEDA-34 EOOD ELIVAN 2010 EOOD VICTORIA NUTS EOOD ET GAGANELOV - ANGEL GAGANELOV I & P 2010 OOD GOSPODINOVI OOD VANINI OOD ET GEORGI GUSHTEROV-DR PERPERIKONA OOD BEYKARI MM EOOD VIP IVAN IVANOV ET ET BISER 90 - GEORGI ROSENOV MITRA VESELINSKA PARVA GRIZHA ET ERISAL - ISMAIL EMIN ET ET SHERI - 2012 - SHERKE IBRYAM ZLATINA 91 EOOD VRABER 2008 EOOD SENY 69 EOOD DINO 2010 STOYAN DINEV ET BULMED 2002 EOOD COMPASS EOOD ALFA KAPITAL EOOD NURSHEN 2016 EOOD OLYMPOS 2006 AD EUROSTART 79 EOOD GEMMOPROCESS OOD ET GAPA -91-ANGEL MADIN ALEKO 2009 OOD PRO-FOOD EOOD GILI TRADE EOOD IVON 07 EOOD BAT SHERIF EOOD VALERI MANCHEV 82 EOOD ARIS 2007 EOOD KRAPSI HOLDING AD TONI-A EOOD 35 SeeNews Industry Report

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VIVETA OOD ET GENS - EVGENI MIHAYLOV KETI YU OOD YORDAN KARAKEHAYOV EOOD VET 33 GOKCEN RASIM ET MEGAMIKS 2000 EOOD ZAHAR EAD GERADA OOD HLEBNI IZDELIA-LULIN EAD EMADIA 2000 EOOD SEVGINAR - 15 EOOD ANGEL UZUNOV KOPIR ET TED I PET EOOD ELENA INVESTMANT EOOD CEKO & KO EOOD CUPFFEE OOD RUSKI LAKOMSTVA OOD MIRO I KRIS EOOD DONI M OOD RAVI1994 EOOD EKO GREIN-D EOOD LILAN 03 EOOD LINDAN EOOD ET MEDIVA - DIANA STOYANOVA RUZHIE AD GAVROSH OOD BINETA EN DZHI EOOD CVETAN MARINOV-MARYKA GEORGIEVA ET KALI 96 GEORGI ANDONOV ET BAKEHOUSE BM EOOD DIKSI DR OOD TIP CONSULTRADE OOD AGRICULTURAL PROTECTION SERVICES EOOD ZORIS 27 EOOD ASTERA - M OOD PE I TA EOOD BUL IT AGRO OOD TRIMEKS DIMITROV MAKSIMOV ASAAD OOD ET DOBRIYANA ANGELOVA - MAGI KIPARIS EOOD ZARA FURAGI AD ELIT PAKT EOOD AGROPLANT EOOD KRASENECA - M MIHALEV ET STRATTON- M EOOD PENCHEV-2002 EOOD BIO PEK EOOD BLACK SEA FEED AD BIOMEDEKS EOOD TSVETI TSVETELINA NEDYALKOVA ET AGROBIOTEH PROIZVODSTVO EAD TPK PIRIN ASPARK EOOD DIMBAL TINKA BALKANSKA EOOD PRO BAKERY ART OOD KAMEN SHISHKOV ET ARGYUL GYULSHEN ASANOVA ET G.M. EOOD ET KONTRAKT N GADZHEV V I P-111 EOOD TOPLINA GIN GEORGI NAYDENOV ET ET ILIYA BOZHIKOV ET TSVETAN YOSHEV PRIMA MV OOD BLIZNATSITE 15 EOOD ORHANZA EOOD PLAMEN-DETELINA EOOD MESLUX EOOD YOANA - 17 EOOD SUPER FOODS OOD EOOD DZHULINKA EOOD RAMOF EOOD NADEZHDA 2009 NADKA ZHIVKOVA ET SEGAM OOD REGION FRUIT OOD HRIZANTEMA YU S I YULIAN ILIEV ET KAMPINO OOD TOMIMES OOD POLI 1975 EOOD KAROV 63 OOD PALAN-90 EOOD TOPLOKONTAKT SLIVEN EOOD ET DESISLAV DIMITROV VOOR-09 OOD RAYONNA POTREBITELNA KOOPERATSIA GR DOBREVI 2005 OOD MAGI N GEORGITSA GEORGIEVA ET DENCH HRISTOV-2013 EOOD GURKOVO KOOP ET LYUBKA KOLEVA MISHA SAMI - N OOD MILICA LAZAROVA - 90 ET SLADKO I SOLENO OOD STANMARG TSANEV I SIE SD KORTENSKI MLECHNI PRODUKTI EOOD DA BEYKARS OOD AMIKO A OOD HLEBOPROIZVODSTVO I SLADKARSTVO ELEONORA 44 EOOD GARO EOOD ARBAR OOD VELINGRAD EOOD DAIRI PRODUCTS LESIDREN EOOD DENIMI 2007 OOD BUKET 2012 EOOD SIMID SOFIA OOD ET BORIS MINGACHEV ET YURKIE MAHMUD CELIPHARM EOOD ANASTAS ANCHEV EOOD SNACK ART AD ET STEFANI HRISTIYAN MITKOV SOLIRENT EOOD GREEN DOT EOOD GAF OOD SIANA-ANTOANETA TOMOVA-RAYNOVA ET DZHUROVI I S IE SD JOVAN EOOD GUNTER - 12 EOOD BIOMAK EOOD DARIMAR GRUP OOD TABEKSIM OOD EOOD STONIKO KRASTILOV OOD T & G EOOD SAKARELA OOD BALKAN - 2012 EOOD AGRIFLOR PROTEKT OOD ALZ OOD KRISTIYANA - YOVKA PETKOVA ET MEGAL 2001 OOD AGI-3 EOOD RENI - E.SALIMOV EOOD VEJEN 2010 EOOD MAY SOUL EOOD LILIA - 86 OOD ET MPM-PETROSLAV MARKOVSKI RELAKS MILK OOD ILCHOVSKI 94 EOOD MISTI IVAYLA ILIEVA ET DANI DANAIL DEYANOV ET MJOOBIUS-KL EOOD ASOS PEPAR OOD FEYA - NIYAZI CHANAK ET KRONOS AD KRICHIMFRUKT OOD DANI 1 OOD NOVA ZORA 2015 EOOD TT VENDING-TODOR IVANOV ET KAZANLAK - HLIAB OOD VASI 78 EOOD VLADIMA 54 EOOD MARK 1 OOD POPA EOOD SAMI TRADE 76 EOOD SWEET HOUSE DJIL EOOD KOKE - YOGERIS EOOD MALINA OOD VIOLA 2013 EOOD ET PEYCH - LYUDMIL PEYCHEV MIRELA N NIKOLAY TROPCHEV ET KETI KEYK OOD SLAVI-EOOD VOYNOVI - 2 EOOD VERNADA EOOD MIG 07 OOD NIKOLAY MIHAYLOV NIKE 74 ET DARK AND MILK EOOD ET NIDIDA - 92 - DIMITAR PETROV ET POLIDEY - EN ET KESH - KALIN GOCHEV NESI - MURAD MEHMED ET DOCHEV-77 EOOD ET SABI 23-SEVDA TODOROVA BOKAROSA EOOD SD POLISIM SABEVI MASIV MV 18 OOD KEYT - 55 OOD KAPRE EOOD DJIEV K EOOD DENIZ - BILHAN ALI ET SIMID AGRO EOOD EOOD ANDI BB INKOM OOD VALANTE EOOD OOD VADIS 2001 AMBAR 66 EOOD SANKIISKI EOOD UONICK MARK OOD REDSTAR-1 OOD VALEV I VASILEV OOD GALPLAM OOD KOLDRUM EOOD NIKOL TRADE EOOD KRISTIYAN 04 EOOD PANCETARING EOOD VESEFT KATYA DIMITROVA ET TREYDSTOUN EOOD BAMBALETO EOOD PANIFEX OOD MADESI OOD ET MERI-MITRA VALEVA VITA HERB INT EOOD VIHT IVAN NENCHEV ET GEORGI GUSHEV-93 ET VALENTINO-VALFUNGI OOD SHE DOM EOOD HLEBOPROIZVODSTVO KAZANLAK EOOD KAPSIKUM EOOD BIO MILK DOBRICH OOD ATESH KOMERS 2014 EOOD AGROBILDING EOOD NEVROKOPSKA BANIZA EOOD LYASI OOD GALEYA - GD EOOD SUPERAVTOTRANS - PETAR DREBCHEV ET DESIMA 2013 OOD KRASTKA OOD STOYAN KANCHEV MORSKI ET ERO- H - EMIL HADJIEV ET MIMI-METIN MEHMED EOOD KANON OOD DAFLORN OOD FOODS AND SUPPLEMENTS EOOD ZAKUSKI KATI 2 EOOD AGNIPEL EOOD ANVES SAMARDZHIEVA PETROVA I S IE SD MLIN-97 AD MARIVA 75 OOD OBNOVA TSANKOV EOOD MEG 59 EOOD ET MEHMETDZHAN 2002 - RADKO RADEV EMONIA EOOD ET AYS GALAB MARIYA ALEKSOVA ANDI-ANNA PETROVA ET ET KOYCHEVI - LILYANA KOYCHEVA STARTMES EOOD KIBELA ZEFIRA YANCHEVA ET DZZD AKULA D-A EOOD GAOKAN - 93 EOOD SIURPRIZ TD OOD VIVIAN VIOLETA MARINOVA ET SHEFAR EOOD RONI EOOD ET ALIANA-ASAN SMAIL ANTHES&MARIA EOOD PLISKA OIL OOD IOSSA EOOD AGROINVEST TROYAN EAD LYUVAL 2012 OOD MSTM EOOD MECHTA 4 OOD TEHNOBIOMED EOOD BORALIN EOOD ELPIDA 2014 EOOD INTERKLAS OOD GEB-16 EOOD ZLATNI HRANI EOOD EVELIN BULGARIA EOOD M1M OOD BANICHARNICATA EOOD 37 SeeNews Industry Report

TODOR DIMITROV-64-STANISLAV DIMITROV ET TIMI - 14 EOOD ET KOKO - DIMITAR PACHEDZHIEV ILEN 2014 EOOD ET YASENKA UZUNOVA FITPRODUKT EOOD MELEK 2012 EOOD K AND G EOOD ADRI - 1408 EOOD 3 STARS TREYDING EOOD VALCHEV OOD GENOV MES EOOD MAKSIKOM GRUP OOD ELIVA - 10 EOOD NINAGRAM EOOD TLP EOOD KLASIK EOOD ET RUMNEL - DIMITAR RUSEV T..N..T-2005 EOOD NIKOPOLMES OOD ESETRA COMMERCE EOOD ET TRAKIYA - MARIYA GRAMINOVA ET ZHIVKA MIHALKOVA - ANZHELIKA RIVAL INVEST EOOD BOTUR 2015 EOOD ERA EOOD EKOTEST EOOD SIMIDITE EOOD STILMAR IVANKA FRENSKA ET EDIT - 12 EOOD ET PETKO YANAKIEV AFRODITA D J OOD KREP 20 OOD DIANA 14 DIANA IVANOVA ET BALKAN M.D. OOD STAMEKS 2000 OOD REMINA EOOD ET MISHO-MIHAIL ASENOV EMERES OOD NATURA VITA EOOD ETALON 66 EOOD DZHAROF EOOD DOLYA 9 TSENEV EOOD BALCKO AGRO PRODUCT EOOD GURMAN-2013 EOOD NEGUS 96 OOD DAGON - FISH EOOD BULTES OOD ANRO 73 OOD ET BARZA ZAKUSKA - ANGEL NIKOLOV ANTIK 2012 EOOD BG PASTA OOD STUBLA M VESELIN BELYOV ET ST SL RA EOOD FZ VASIL KOSTOV OOD VIOLA.4 EOOD ET KRIMA-V.DINKOVA ET FUKOTEKS - VASIL VASILEV ROANZA EOOD GALAXY PRO EOOD EOOD VANILA PODS ET ROSITSA 2010-ROSITSA VASILEVA ILINA 99 EOOD IMAGO 21 EOOD IVANOV EOOD HLEBOZAVOD HADJI DIMITAR OOD PE NI EL 1 EOOD KEHLIBAR EOOD MISS 1 EOOD POTREBITELNA KOOPERATSIA NARKOOP KOOP ET MIROSLAV DRENCHEV - MIRO MILAN 03 EOOD INA 2012 OOD IVTONI SHOPOV EOOD GROS - GROZDAN GROZDANOV ET MAK RADKA SHTILIANOVA ET CHERVENATA STRELA - MARGARITA BARUTA GEORGI HRISTOV ET EVRODELIKATES EOOD ARTEKS GYULSER BEYTULA ET TOTOMANOVA ET 1001 BIN BIR GEDZHE EOOD ET RESMI KOMERS - RESMI YUSEIN UNCLE STATIS EOOD TOSKOV EOOD ET TONI PETROV ALIBABA - ALI EREDZHEP ET POLI 2014 EOOD MONTKOM OOD ANGEL KOSTADINOV NASLADA KOSTADIN KALIFORNIA VASIL MISHEV ET NV HERBAL CARE EOOD BOBI BOZHANKA PEYCHEVA ET HAZUROV ET LAZEV EOOD KRIS-RUM VT EOOD KETCHUP FRUKT 99 AD GOBI VALETING EOOD ET ANA CHANKOVA-86 ZORA M93 TODOR BORISOV ET LAKASTA EOOD MEANDER OOD NEDIM EOOD PERLA 04 OOD BOEM EOOD HAND EOOD RU DARI OOD HLEBORAMA OOD LYUBIMKA OOD LAKTIS EOOD IVMAR BAKERY EOOD ET VASILKA BELOPERKINSKA - 37 DOBRUDZHANKA DOBRICH EOOD DZHI DI ES 2013 EOOD SUN FOODS EOOD DIMES - DIMITAR PASKALEV ET RODINA - AGRO EOOD TITA 2001 EOOD NIKO SG EOOD FORKIS BG EOOD ET BONDZHUK - IVAN HADZHIEV ALIMET OOD RUMDO - 73 OOD MK FERA VITA EOOD ES I DZHI TREYD EOOD KANELA - MED OOD HAMELEON EOOD ARKTUR GRUP 1 EOOD AGRI BULGARIA EOOD STAMAGE EOOD CHOKO WAVE OOD ET DOAN - ANASTAS MATEV ET VENINI-VESELKA MITREVA BRATYA PILEVI OOD RIK 98 KOOP DRB AD ET SARFA - SALIH KEHAYOV ZHIKA FOODS EOOD MAK FOOD EOOD BLAGAYATRAPEZA OOD ILIYA KOSTOV 2013 ET ELVI OOD VIV-94 EOOD PARADIZO BULGARIA EOOD SIANA MES EOOD BAKE OOD BARK OOD DFESHAN EOOD ET TASGAR - ALI YUSEIN YUSI KING EOOD ET PASKAL-ANTONIO ATANASOV V GYUROV & CO EOOD LEHEM EOOD ASEL -M EOOD CHOPI-GARANT EOOD EVROMES OOD BACHO KOLYO EOOD ZLATNO PILE MONTANA EAD BORIS YORDANOV 2009 OOD AKTUAL OOD BORISLAVA KOMERS 2012 EOOD HEALTHY OILS EOOD FARGO GROUP EXPORT AD BIS TRADE BULGARIA EOOD VIVA VALCHO VALCHEV ET ZAGORE KOMERS BG EOOD PANOV 95 SPAS PANOV ET BOREL KN EOOD ORGANIC FOOD EOOD SOFITA SOFIA ASENOVA ET LILIA FILDOSKOVA ET DANIEL 2008 OOD EVROHALE - ALEKSANDAR SYROV ET VALENTIN DIMITROV 55 ET SANTA FE BG EOOD FLOUR CRAFT OOD KOOPERATSIYA ARTOS VALDI GRUP - M EOOD KARAILEVI I SADRUZHIE SD PRIMA - TT EOOD EKOBIM EOOD PETROV SARBINOV OOD YORDAN KOSTADINOV USTREM ELENA DIKMONT OOD BRATYA PEPEC OOD KUINS FUUD OOD KOSTADINOVA ET DEKOVIS OOD GRINA EOOD MIRO M 07 EOOD NUR PILE EOOD KRASI 04 EOOD KASKADA 1 EOOD SATUTN 13 EOOD MARINOV 92 MARIN MARINOV ET SINEVA 7 EOOD STOGO ZHELYAZKOVI OOD MILANOV POPOV OOD YUNIVARS 217 EOOD TESARA A OOD ANNA MLADENOVA RUMINA 777 ET TENIL SLLC. EOOD NIKE - HRISTINA SEMOVA ET RUSHI SHANS-GALI 1 EOOD SURAY 85 OOD CHEZ FEFE EOOD SOFIYSKI BANITSI OOD DYULGERING OOD BRATYA GEORGIEVI BULGARIA EOOD GERI GERGANA KALVACHEVA ET FAUSTINA GROUP EOOD NANSI M 71 EOOD SNELA 61 EOOD 96 AGROGRUP OOD BAI BISER EOOD OLINA 2000 OOD VALENTIN IVANOV VALPI OFER ET CHONKOV HRISTO ATANASOV VESKA SAVADA OOD ET SLADKAR - ANI - ANGELINKA PEEVA NIKIFOROVA ET MIKA S - MARGARITA SIMEONOVA ET STEFIL''66 EOOD NISA FOODS EOOD KATERINA KOSTADINOVA72 EOOD DARI - VAS OOD ET BUROK - AKIF MEYSUDOV KATERINI 88 OOD IVA- EL EOOD MILEN VANEV TANOV BOGATI 09 OOD KRASIMIR MIREV ET ZOYKA NIKOLOVA ET NEW PHARMACY EOOD IVAYLO POPOV - 2012 EOOD MEL KOREKT EOOD KAVEL INVEST OOD AGENA 13 EOOD SLANCHO AD MERTS DIMITAR ATANASOV ET ANORMAL EOOD ZLATNITE PCHELICHKI TONA VALCHEVA TODOR EDODI - EU EOOD MEGA TREYDING NRG OOD VALCHEV ET MICHEL - 2013 EOOD I - EM - 03 EOOD AL- PERFEKT 2013 EOOD TOM CONSERV OOD SHUMEN-EVROPA EOOD MEGI 2009 EOOD CHAYKA 90 YUNAL AHMEDOV ET ISKO EOOD DVETE FUKLI OOD IDEAL - S EOOD PETAR NIKOLOV EOOD M M EOOD BEST 92 EOOD YORDANKA PETROVA-MIRA91 ET DZHODI - 2015 OOD BELANITSA 1 EOOD ERDZHANOV - GRUP EOOD SKITNIK OOD 38 SeeNews Industry Report

FEBKORS EOOD BONBONA EOOD MESIKA EOOD PHIL SWEETS OOD ALBISTA OOD BIOEX OOD SNEP GRUP OOD ERKO 2 OOD DTK OOD NYU FUDS AD ET TYAKOVE GP-4-TYANKA PAVLOVA RAMAS OOD SONI A 22 EOOD HIP COMMERS 1 EOOD VANILLA KITCHEN OOD MILENIUM-VV EOOD KALIN HADJIEV EOOD BALKAN - 2015 EOOD ET SAMI KRIS - KRASIMIRA SADOVA HEALTHY BARS OOD VERDURA YORDAN PETROV ET VEKIR - RADKA BELEJKOVA ET DOLORES SNAKS EOOD NATISLAV EOOD HLEBOZAVOD GABROVO OOD FAVORIT 2020 OOD SVILENA-77 EOOD ET INTERMENYU 65 M FROST BG EOOD FRIDA 71 TATYANA TSVETKOVA ET ET SVETLANA - SVETLA MITEVA IRINA ANGELOVA ET YOZAYGYUL EOOD RAZTSVET MES EOOD HRISIMA 07 OOD AGRIKS INVEST EOOD MEDAKS LAB EOOD ET MAYA FILIPOVA - 13 BI EM PI 202 EOOD ET SIMON-STEFKA GEORGIEVA NADEZHDA BRATYA GARKOVI OOD SIANA HLYAB 2 EOOD TOBOS OOD ET SHENER - YUKSEL SEID D I P OLIVES OOD RESMI KOMERS EOOD NERA - NEDZHIB RASHID ET AVENIR FARMA EOOD KOOPERATSIA MEGAKOL KOOP NATALIYA-2002 EOOD PRI VANYA EOOD MAKS 16 OOD AS & FORI OOD STIBI 1 EOOD APOLO 35 EOOD DZHI TI ES GRUP OOD KONSERVINVEST OOD MIDIST OOD LACTOCOM EOOD RODOPA 2005 EOOD KRONOS OOD HRANSERVICEENGINEERING AD NARA OOD ET ANI - YANKA BRUSEVA 39 SeeNews Industry Report

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