Industry Report Manufacture of fabricated metal products, except machinery and equipment 2018 BULGARIA

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

I. KEY INDICATORS

II. INTRODUCTION

III. REVENUES

IV. EXPENSES

V. PROFITABILITY

VI. EMPLOYMENT 1 SeeNews Industry Report

In 2017 there were a total of 3,504 companies operating in I. KEY INDICATORS the industry. In 2016 their number totalled 3,636.

The Manufacture of fabricated metal products, except NUMBER OF COMPANIES IN MANUFACTURE OF FABRICATED machinery and equipment industry in Bulgaria was METAL PRODUCTS, EXCEPT MACHINERY AND EQUIPMENT represented by 3,529 companies at the end of 2018, INDUSTRY BY SECTORS compared to 3,504 in the previous year and 3,636 in 2016. SECTOR 2018 2017 2016 MACHINING 1,005 998 1,044 The industry's net profit amounted to BGN 456,113,000 in MANUFACTURE OF OTHER FABRICATED METAL 969 966 1,000 2018. PRODUCTS N.E.C. MANUFACTURE OF METAL STRUCTURES AND 605 583 601 The industry's total revenue was BGN 4,877,990,000 in PARTS OF STRUCTURES 2018, down by 2.72% compared to the previous year. MANUFACTURE OF DOORS AND WINDOWS 424 430 450 OF METAL The combined costs of the companies in the Manufacture TREATMENT AND COATING OF METALS 187 192 192 of fabricated metal products, except machinery and MANUFACTURE OF WIRE PRODUCTS, CHAIN 64 70 76 AND SPRINGS equipment industry reached BGN 4,367,810,000 in 2018, up MANUFACTURE OF FASTENERS AND SCREW 44 35 33 by 1.97% year-on-year. MACHINE PRODUCTS MANUFACTURE OF TOOLS 39 36 44 The industry's total revenue makes up 4.93% to the MANUFACTURE OF LOCKS AND HINGES 37 37 37 country's Gross domestic product (GDP) in 2018, compared MANUFACTURE OF OTHER TANKS, RESERVOIRS 32 38 35 to 5.22% for 2017 and 4.92% in 2016. AND CONTAINERS OF METAL FORGING, PRESSING, STAMPING AND ROLL- 30 25 25 A total of 55,808 people were employed in the Manufacture FORMING OF METAL; POWDER METALLURGY of fabricated metal products, except machinery and MANUFACTURE OF WEAPONS AND 26 24 23 equipment industry in 2018, compared to 56,144 in 2017 AMMUNITION and 55,229 in 2016. MANUFACTURE OF LIGHT METAL PACKAGING 21 23 24 MANUFACTURE OF CENTRAL HEATING 17 19 21 Most of the companies in the industry are based in Sofia, RADIATORS AND BOILERS followed by Plovdiv and Varna. MANUFACTURE OF CUTLERY 15 15 18 MANUFACTURE OF STEAM GENERATORS, 11 10 10 EXCEPT CENTRAL HEATING HOT WATER BOILERS II. INTRODUCTION MANUFACTURE OF STEEL DRUMS AND 3 3 3 SIMILAR CONTAINERS

In 2018 the companies in the Manufacture of fabricated metal products, except machinery and equipment industry numbered 3,529, distributed in 17 sectors. III. REVENUES

The total revenue in the industry was BGN 4,877,990,000 in INDUSTRY STRUCTURE BY SECTORS AND NUMBER OF COMPANIES 2018, BGN 5,014,468,000 in 2017 and 4,564,310,000 in 2016. 424

605 Total revenue 339 Net sales revenue 6,000,000,000

5,500,000,000 5,014,468,000 4,877,990,000 187 5,000,000,000 4,564,310,000 4,500,000,000 4,516,293,000 4,364,524,000 4,000,000,0004,226,088,000

3,500,000,000 969 3,000,000,000 BGN 2,500,000,000 1,005 2,000,000,000

1,500,000,000 Machining 1,000,000,000 Manufacture of other fabricated metal products n.e.c. Manufacture of metal structures and parts of structures 500,000,000

Manufacture of doors and windows of metal 0 Treatment and coating of metals 2016 2017 2018 Others

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The companies in the Manufacture of fabricated metal 10 MANUFACTURE OF OTHER TANKS, 93,660,000 0.05 products, except machinery and equipment market of RESERVOIRS AND CONTAINERS OF METAL Bulgaria earned combined net sales revenues of BGN 11 MANUFACTURE OF WIRE PRODUCTS, 88,268,000 0.05 4,364,524,000 in 2018. CHAIN AND SPRINGS 12 MANUFACTURE OF CENTRAL HEATING 49,485,000 0.03 RADIATORS AND BOILERS In annual terms, sales marked a fall of 3.36% compared to 13 MANUFACTURE OF FASTENERS AND 23,365,000 0.01 2017. In comparison to 2016 they rose by 3.28%. In 2017 sales SCREW MACHINE PRODUCTS went up by 6.87% year-on-year. 14 FORGING, PRESSING, STAMPING AND 13,107,000 0.01 ROLL-FORMING OF METAL; POWDER The Manufacture of fabricated metal products, except METALLURGY machinery and equipment industry total revenue make up 15 MANUFACTURE OF STEAM GENERATORS, 6,804,000 0.00 4.93% to the country's GDP in 2018, compared to 5.22% for EXCEPT CENTRAL HEATING HOT WATER BOILERS 2017 and 4.92% in 2016. 16 MANUFACTURE OF STEEL DRUMS AND 1,877,000 0.00 SIMILAR CONTAINERS Share in GDP 17 MANUFACTURE OF CUTLERY 812,000 0.00 6

5.5 5.22% We expect, based on the trend in the last three years, the total 4.92% 4.93% revenue of the Manufacture of fabricated metal products, 5 except machinery and equipment industry to change at a

4.5 compound annual growth rate (CAGR) of 3.38% in 2019.

4 NET SALES REVENUE BY SECTORS RANK SECTOR NET SALES REVENUE 3.5 (BGN) 1 MANUFACTURE OF WEAPONS AND AMMUNITION 1,073,873,000 3 2 MACHINING 834,590,000

2.5 3 MANUFACTURE OF METAL STRUCTURES AND PARTS 775,746,000 OF STRUCTURES 2 4 MANUFACTURE OF OTHER FABRICATED METAL 641,049,000 PRODUCTS N.E.C. 1.5 5 MANUFACTURE OF DOORS AND WINDOWS OF METAL 233,376,000

1 6 MANUFACTURE OF LIGHT METAL PACKAGING 169,985,000 7 MANUFACTURE OF LOCKS AND HINGES 154,965,000 0.5 8 TREATMENT AND COATING OF METALS 112,809,000 9 MANUFACTURE OF TOOLS 97,076,000 0 10 MANUFACTURE OF OTHER TANKS, RESERVOIRS AND 91,638,000 2016 2017 2018 CONTAINERS OF METAL 11 MANUFACTURE OF WIRE PRODUCTS, CHAIN AND 83,071,000 In 2018 the Manufacture of fabricated metal products, except SPRINGS machinery and equipment industry contributed to GDP BGN 12 MANUFACTURE OF CENTRAL HEATING RADIATORS 49,918,000 AND BOILERS 4,354,711,000 in Gross value added (GVA) accounting for 13 MANUFACTURE OF FASTENERS AND SCREW MACHINE 25,589,000 2.38% of the total for the country's economy. PRODUCTS 14 FORGING, PRESSING, STAMPING AND ROLL-FORMING 11,361,000 In the previous year, the industry's GVA amounted BGN OF METAL; POWDER METALLURGY 4,520,330,000, accounting for 2.66% of the total for the 15 MANUFACTURE OF STEAM GENERATORS, EXCEPT 6,780,000 country in 2017. In 2016 the GVA of the Manufacture of CENTRAL HEATING HOT WATER BOILERS fabricated metal products, except machinery and equipment 16 MANUFACTURE OF STEEL DRUMS AND SIMILAR 1,860,000 was BGN 4,058,074,000, or 2.66% of the GVA for the CONTAINERS country's economy. 17 MANUFACTURE OF CUTLERY 838,000

GVA BY SECTORS RANK SECTOR BGN SHARE OF THE COUNTRY'S GVA (%) 1 MANUFACTURE OF WEAPONS AND 1,248,004,000 0.68 AMMUNITION 2 MACHINING 761,003,000 0.42 3 MANUFACTURE OF METAL STRUCTURES 721,057,000 0.40 AND PARTS OF STRUCTURES 4 MANUFACTURE OF OTHER FABRICATED 598,065,000 0.33 METAL PRODUCTS N.E.C. 5 MANUFACTURE OF DOORS AND 214,763,000 0.12 WINDOWS OF METAL 6 MANUFACTURE OF LIGHT METAL 173,466,000 0.10 PACKAGING 7 MANUFACTURE OF LOCKS AND HINGES 154,906,000 0.09 8 TREATMENT AND COATING OF METALS 109,664,000 0.06 9 MANUFACTURE OF TOOLS 96,405,000 0.05

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TREATMENT AND COATING OF METALS MONI MG OOD 18,848,000 15,930,000 INDUSTRY'S NET SALES REVENUE STRUCTURE BY SECTORS ZGP OOD 18,676,000 16,266,000 17.77% ZGP BULGARIA AD 7,050,000 5,191,000 MANUFACTURE OF OTHER TANKS, RESERVOIRS AND CONTAINERS OF METAL 14.69% NES NEW ENERGY SYSTEMS OOD 42,331,000 37,529,000 BIOMASHINOSTROENE AD 25,290,000 23,619,000 SAMITAS METALLBAU EOOD 5,723,000 5,479,000 MACHINING SERTA BULGARIA AD 100,971,000 95,484,000 18.46% 5.35% ANGEL STOILOV-96 AD 91,587,000 90,132,000 PHILIPEX ILIA PHILIPOV ET 67,031,000 67,001,000 MANUFACTURE OF LOCKS AND HINGES FAAC BULGARIA EAD 114,892,000 111,729,000 SCHATTI BULGARIA EOOD 13,182,000 12,100,000 ASSA ABLOY OPENING SOLUTIONS 12,952,000 12,235,000 BULGARIA EOOD 24.60% MANUFACTURE OF OTHER FABRICATED METAL PRODUCTS N.E.C. 19.12% JUPITER O5 OOD 37,598,000 36,220,000 TM-TECHNOLOGY AD 25,579,000 24,202,000 ARTEMIS OOD 23,920,000 22,184,000 Manufacture of weapons and ammunition MANUFACTURE OF CUTLERY Machining MANLY S OOD 449,000 448,000 Manufacture of metal structures and parts of structures KURT EXPORT IMPORT EOOD 142,000 131,000 Manufacture of other fabricated metal products n.e.c. TORAMIS SVETOSLAV PARUSHEV ET 70,000 70,000 MANUFACTURE OF TOOLS Manufacture of doors and windows of metal CERATIZIT BULGARIA AD 52,511,000 49,281,000 Others VSK KENTAVAR - IZ DINAMIKA OOD 20,561,000 18,859,000

GEWINDEWERKZEUGE GABROVO EOOD 14,066,000 13,647,000 The highest growth, of 45.26%, was recorded by Manufacture MANUFACTURE OF STEAM GENERATORS, EXCEPT CENTRAL HEATING HOT WATER of fasteners and screw machine products, while Manufacture BOILERS of weapons and ammunition registered the sharpest decline, KOTLOSTROENE PLC AD 2,770,000 2,258,000 of 29.28%. BULGARIAN BOILER TECHNOLOGIES OOD 1,939,000 1,890,000

PROMISHLENA ENERGETIKA VARNA AD 1,826,000 1,807,000 TOP COMPANIES' REVENUE BY SECTORS MANUFACTURE OF METAL STRUCTURES AND PARTS OF STRUCTURES SEGMENT COMPANY TOTAL REVENUE NET SALES (BGN) REVENUE (BGN) HMC AD 42,951,000 41,986,000 MANUFACTURE OF FASTENERS AND SCREW MACHINE PRODUCTS NOVOTECHPROM OOD 40,162,000 36,225,000 SARBAK METAL BULGARIA OOD 7,465,000 7,369,000 METALIK AD 35,128,000 27,103,000 KREPEGI BULGARIA TRADING OOD 5,679,000 5,293,000 MANUFACTURE OF DOORS AND WINDOWS OF METAL EAZ OOD 3,479,000 3,068,000 TAL ENGINEERING EOOD 30,624,000 29,026,000 FORGING, PRESSING, STAMPING AND ROLL-FORMING OF METAL; POWDER DORMAKABA BULGARIA EOOD 29,223,000 28,840,000 METALLURGY KOMFORT PARTNERS OOD 14,938,000 12,002,000 KPZ-99 AD 4,281,000 4,134,000

ALPHA ENGINEERING EOOD 2,821,000 0

SINTER M AD 2,203,000 1,971,000 The top 10 companies in terms of total revenue in MANUFACTURE OF WEAPONS AND AMMUNITION Manufacture of fabricated metal products, except machinery ARSENAL AD 541,283,000 397,575,000 and equipment accounted for 33.49% of the industry's total in VAZOVSKI MASHINOSTROITELNI ZAVODI 240,499,000 198,234,000 2018, 41.05% in 2017 and 39.08% in 2016. EAD

ARCUS AD 165,171,000 149,488,000 TOP 10 COMPANIES BY TOTAL AND NET SALES REVENUE IN THE MANUFACTURE OF CENTRAL HEATING RADIATORS AND BOILERS INDUSTRY KORADO-BULGARIA AD 44,637,000 43,581,000 RANK COMPANY TOTAL REVENUE NET SALE R & T EOOD 2,632,000 2,525,000 (BGN) REVENUE (BGN) 1 ARSENAL AD 541,283,000 397,575,000 EKOTERMAL OOD 1,755,000 1,749,000 2 VAZOVSKI MASHINOSTROITELNI ZAVODI 240,499,000 198,234,000 MANUFACTURE OF STEEL DRUMS AND SIMILAR CONTAINERS EAD ZIELA OOD 1,118,000 1,014,000 3 ARCUS AD 165,171,000 149,488,000 BRISTO EOOD 838,000 832,000 4 EMCO OOD 153,819,000 142,685,000 ET GRAFIK-55 - RUMEN PETKOV 14,000 14,000 5 FAAC BULGARIA EAD 114,892,000 111,729,000 MANUFACTURE OF LIGHT METAL PACKAGING 6 DUNARIT AD 106,091,000 93,765,000 BULMETAL AD 48,013,000 41,004,000 7 SERTA BULGARIA AD 100,971,000 95,484,000 SARTEN BULGARIA OOD 45,746,000 37,704,000 8 ANGEL STOILOV-96 AD 91,587,000 90,132,000 HERTI AD 40,058,000 36,204,000 9 PHILIPEX ILIA PHILIPOV ET 67,031,000 67,001,000 MANUFACTURE OF WIRE PRODUCTS, CHAIN AND SPRINGS 10 CERATIZIT BULGARIA AD 52,511,000 49,281,000 WILLIAM HUGHES BULGARIA OOD 21,702,000 21,420,000

METIZI CO AD 12,150,000 5,318,000 SPRING FACTORY AD 11,614,000 9,985,000 The total revenues of the top 10 companies in the

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Manufacture of fabricated metal products, except machinery and equipment were 1.65% of GDP in 2018, compared to TOP 10 COMPANIES BY TOTAL REVENUE IN THE INDUSTRY 2.14% for 2017 and 1.92% in 2016. FORGING, PRESSING, STAMPING AND ROLL-FORMING OF METAL; POWDER METALLURGY WERE: The top 10 by assets in the Manufacture of fabricated metal COMPANY BGN products, except machinery and equipment field made up KPZ-99 AD 4,281,000 BGN 1,270,630,000, or 29.11% of the total net sales revenue. ALPHA ENGINEERING EOOD 2,821,000 SINTER M AD 2,203,000 TOP 10 BY TOTAL ASSETS IN THE INDUSTRY KPZ AD 1,410,000 RANK COMPANY BGN MG MEKS EOOD 717,000 1 ARSENAL AD 719,537,000 KONTAKT T EOOD 679,000 2 VAZOVSKI MASHINOSTROITELNI ZAVODI EAD 461,630,000 TIKOMP OOD 648,000 3 EMCO OOD 287,957,000 SI DI EL OOD 414,000 4 DUNARIT AD 180,526,000 MADARA RESORI EOOD 330,000 5 ARCUS AD 114,479,000 KALAMBUR 2016 OOD 250,000 6 ANGEL STOILOV-96 AD 91,368,000 7 BULMETAL AD 81,096,000 8 METALIK AD 74,477,000 The 10 largest companies in terms of total revenue in sector 9 SAGE TECHNOLOGIES OOD 66,159,000 Forging, pressing, stamping and roll-forming of metal; 10 FAAC BULGARIA EAD 59,120,000 powder metallurgy earned total revenue of BGN 13,753,000 and accounted for 0.28% of the industry's total revenue.

TOP 10 COMPANIES WITH HIGHEST ANNUAL GROWTH IN TOP 10 COMPANIES BY TOTAL REVENUE IN THE INDUSTRY OPERATING REVENUE IN MANUFACTURE OF FABRICATED METAL MANUFACTURE OF WEAPONS AND AMMUNITION WERE: PRODUCTS, EXCEPT MACHINERY AND EQUIPMENT COMPANY BGN RANK COMPANY Y/Y GROWTH ARSENAL AD 541,283,000 1 KOTORO SPOT EOOD 28456.25% VAZOVSKI MASHINOSTROITELNI ZAVODI EAD 240,499,000 2 MULTIVAC BULGARIA PRODUCTION EOOD 22938.10% ARCUS AD 165,171,000 3 ELEMENT IMPEX OOD 12900.00% EMCO OOD 153,819,000 4 THRACE SYSTEM OOD 11420.00% DUNARIT AD 106,091,000 5 LEGION 66 OOD 11400.00% SAGE TECHNOLOGIES OOD 26,158,000 6 ELMATEH EOOD 9000.00% BLASER GROUP GABROVO EOOD 16,999,000 7 SMART LASER OOD 6071.43% BULARMAS EOOD 15,366,000 8 ALPEN I SINOVE OOD 4694.74% DEFENSE CAPITAL INDUSTRY (DCI) OOD 14,881,000 9 BLAGOY EVTIMOV - ATOL ET 4100.00% MEHANICHEN ZAVOD DEVIN OOD 6,627,000 10 KRILENA OOD 3340.00%

The 10 largest companies in terms of total revenue in sector TOP 10 COMPANIES BY TOTAL REVENUE IN THE MARKET Manufacture of weapons and ammunition earned total MANUFACTURE OF FASTENERS AND SCREW MACHINE revenue of BGN 1,286,894,000 and accounted for 26.38% of PRODUCTS WERE: the industry's total revenue. COMPANY BGN SARBAK METAL BULGARIA OOD 7,465,000 TOP 10 COMPANIES BY TOTAL REVENUE IN THE FIELD KREPEGI BULGARIA TRADING OOD 5,679,000 MANUFACTURE OF CENTRAL HEATING RADIATORS AND BOILERS EAZ OOD 3,479,000 WERE: BULSERVIS OOD 1,403,000 COMPANY BGN PLUS HIRIS OOD 1,202,000 KORADO-BULGARIA AD 44,637,000 BME EOOD 1,197,000 R & T EOOD 2,632,000 DONEV EOOD 984,000 EKOTERMAL OOD 1,755,000 INDASTRIAL TREYDING OOD 917,000 ZMM - HASKOVO AD 1,176,000 ALPEN I SINOVE OOD 911,000 DIAVACH EOOD 468,000 PLASEKA EOOD 764,000 BULTRON OOD 173,000 DESTA 60 - NIKOLOV &CO SD 152,000 DIV IMPEX OOD 140,000 The 10 largest companies in terms of total revenue in sector MANDA NORD EOOD 130,000 Manufacture of fasteners and screw machine products earned KRON - LK EOOD 125,000 total revenue of BGN 24,001,000 and accounted for 0.49% of the industry's total revenue. The 10 largest companies in terms of total revenue in sector Manufacture of central heating radiators and boilers earned total revenue of BGN 51,388,000 and accounted for 1.05% of the industry's total revenue.

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TOP COMPANIES BY TOTAL REVENUE IN THE MARKET SIDI OOD 3,503,000 MANUFACTURE OF STEEL DRUMS AND SIMILAR CONTAINERS BULKRAFT OOD 3,029,000 WERE: COMPANY BGN ZIELA OOD 1,118,000 The 10 largest companies in terms of total revenue in sector BRISTO EOOD 838,000 Treatment and coating of metals earned total revenue of BGN ET GRAFIK-55 - RUMEN PETKOV 14,000 75,223,000 and accounted for 1.54% of the industry's total revenue.

The largest companies in terms of total revenue in sector TOP 10 COMPANIES BY TOTAL REVENUE IN THE INDUSTRY Manufacture of steel drums and similar containers earned MANUFACTURE OF OTHER TANKS, RESERVOIRS AND total revenue of BGN 1,970,000 and accounted for 0.04% of CONTAINERS OF METAL WERE: the industry's total revenue. COMPANY BGN NES NEW ENERGY SYSTEMS OOD 42,331,000 TOP 10 COMPANIES BY TOTAL REVENUE IN THE MARKET BIOMASHINOSTROENE AD 25,290,000 MANUFACTURE OF LIGHT METAL PACKAGING WERE: SAMITAS METALLBAU EOOD 5,723,000 COMPANY BGN HIMMASH AD 4,886,000 BULMETAL AD 48,013,000 REALMET MCC INNOVATION GROUP EOOD 4,233,000 SARTEN BULGARIA OOD 45,746,000 KMM AD 3,938,000 HERTI AD 40,058,000 KOLOS EOOD 3,089,000 GUDEKS AD 10,695,000 EVROTEX-2 OOD 2,863,000 PERFEKTUP PACKAGING BG OOD 10,213,000 RILA SNM EOOD 1,616,000 ALLIANCE DN OOD 8,790,000 TERMO PROEKT KOMERSIAL OOD 1,328,000 FMA AD 8,360,000 ELENA GROUP EAD 7,431,000 NOVA- BORISLAV BORISOV ET 5,994,000 The 10 largest companies in terms of total revenue in sector BULMETAL TRADING EOOD 3,419,000 Manufacture of other tanks, reservoirs and containers of metal earned total revenue of BGN 95,297,000 and accounted for 1.95% of the industry's total revenue. The 10 largest companies in terms of total revenue in sector Manufacture of light metal packaging earned total revenue of TOP 10 COMPANIES BY TOTAL REVENUE IN THE INDUSTRY BGN 188,719,000 and accounted for 3.87% of the industry's MACHINING WERE: total revenue. COMPANY BGN SERTA BULGARIA AD 100,971,000 TOP 10 COMPANIES BY TOTAL REVENUE IN THE INDUSTRY ANGEL STOILOV-96 AD 91,587,000 MANUFACTURE OF WIRE PRODUCTS, CHAIN AND SPRINGS WERE: PHILIPEX ILIA PHILIPOV ET 67,031,000 COMPANY BGN BULLTEK OOD 51,364,000 WILLIAM HUGHES BULGARIA OOD 21,702,000 ENERGOREMONT - GALABOVO AD 35,938,000 METIZI CO AD 12,150,000 FOX LASER EOOD 20,223,000 SPRING FACTORY AD 11,614,000 VITU OOD 19,011,000 BALDIM FEDERN OOD 7,514,000 IMPULS AD 16,481,000 VTPG STROYMAT OOD 7,303,000 STRATUS OOD 15,740,000 YOTA OOD 4,528,000 MM MECHANICS OOD 15,418,000 SARK BULGARIA AD 4,088,000 FG BULGARIA EOOD 3,675,000 SPECIAL WIRES AND NAILS SA AD 3,135,000 The 10 largest companies in terms of total revenue in sector PRUGINI-PENEV OOD 2,953,000 Machining earned total revenue of BGN 433,764,000 and accounted for 8.89% of the industry's total revenue.

The 10 largest companies in terms of total revenue in sector TOP 10 COMPANIES BY TOTAL REVENUE IN THE INDUSTRY Manufacture of wire products, chain and springs earned total MANUFACTURE OF LOCKS AND HINGES WERE: revenue of BGN 78,662,000 and accounted for 1.61% of the COMPANY BGN industry's total revenue. FAAC BULGARIA EAD 114,892,000 SCHATTI BULGARIA EOOD 13,182,000 TOP 10 COMPANIES BY TOTAL REVENUE IN THE MARKET ASSA ABLOY OPENING SOLUTIONS BULGARIA EOOD 12,952,000 TREATMENT AND COATING OF METALS WERE: METAL PLC AD 6,662,000 COMPANY BGN DANKO SISTEMS OOD 2,669,000 MONI MG OOD 18,848,000 SONICO OOD 2,157,000 ZGP OOD 18,676,000 MERAL BULGARIA AD 2,092,000 ZGP BULGARIA AD 7,050,000 KOOPERATIVNO PREPRIATIE ETA RIK EOOD 1,535,000 GALKO AD 6,105,000 STANEL OOD 1,409,000 INOX CENTER OOD 5,497,000 LUCKYLOCKS AD 1,064,000 MIKROMET OOD 4,434,000 BALKANZINC AD 4,127,000 ECOGALVANIC EOOD 3,954,000 The 10 largest companies in terms of total revenue in sector Manufacture of locks and hinges earned total revenue of BGN 6 SeeNews Industry Report

158,614,000 and accounted for 3.25% of the industry's total revenue. TOP 10 COMPANIES BY TOTAL REVENUE IN THE SECTOR MANUFACTURE OF STEAM GENERATORS, EXCEPT CENTRAL TOP 10 COMPANIES BY TOTAL REVENUE IN THE FIELD HEATING HOT WATER BOILERS WERE: MANUFACTURE OF OTHER FABRICATED METAL PRODUCTS N.E.C. COMPANY BGN WERE: KOTLOSTROENE PLC AD 2,770,000 COMPANY BGN BULGARIAN BOILER TECHNOLOGIES OOD 1,939,000 JUPITER O5 OOD 37,598,000 PROMISHLENA ENERGETIKA VARNA AD 1,826,000 TM-TECHNOLOGY AD 25,579,000 EKOTERM - KOTLOSTROI EOOD 453,000 ARTEMIS OOD 23,920,000 TERMOSILIKAT OOD 177,000 PFB PRESSO FONDAL - BULGARIA EOOD 22,600,000 MAVER EOOD 121,000 FEROCOM AD 22,273,000 RADINELI 97 EOOD 39,000 VOESTALPINE VAE SOFIA OOD 21,496,000 EKOTERM EOOD 26,000 PROMET SAFE OOD 18,935,000 EKOKOTLI EOOD 22,000 KOLHIDA METAL AD 17,797,000 KAMINI GEORGI PETROV ET 13,000 RIS VV EOOD 16,792,000 AVA M OOD 13,135,000 The 10 largest companies in terms of total revenue in sector Manufacture of steam generators, except central heating hot The 10 largest companies in terms of total revenue in sector water boilers earned total revenue of BGN 7,386,000 and Manufacture of other fabricated metal products n.e.c. earned accounted for 0.15% of the industry's total revenue. total revenue of BGN 220,125,000 and accounted for 4.51% of the industry's total revenue. TOP 10 COMPANIES BY TOTAL REVENUE IN THE SECTOR MANUFACTURE OF METAL STRUCTURES AND PARTS OF TOP 10 COMPANIES BY TOTAL REVENUE IN THE FIELD STRUCTURES WERE: MANUFACTURE OF CUTLERY WERE: COMPANY BGN COMPANY BGN HMC AD 42,951,000 MANLY S OOD 449,000 NOVOTECHPROM OOD 40,162,000 KURT EXPORT IMPORT EOOD 142,000 METALIK AD 35,128,000 TORAMIS SVETOSLAV PARUSHEV ET 70,000 STAMH OOD 30,730,000 ANDREY STOYANOV 7 EOOD 44,000 STRIMONA STROY EOOD 26,400,000 MANLY KNIFE EOOD 32,000 SKY MONT EOOD 24,599,000 K IVAN RADEV ET 23,000 KERAMIKA BURGAS AD 16,568,000 DULO KNIVESLTD EOOD 23,000 INTERKOM PROFIL EOOD 14,899,000 HELI - M EOOD 19,000 VAS PRO OOD 12,672,000 TFK OOD 12,000 ET METALIK - IVAN MIHAYLOV 12,396,000 ET VABO - VALCHO BATUROV 12,000

The 10 largest companies in terms of total revenue in sector The 10 largest companies in terms of total revenue in sector Manufacture of metal structures and parts of structures Manufacture of cutlery earned total revenue of BGN 826,000 earned total revenue of BGN 256,505,000 and accounted for and accounted for 0.02% of the industry's total revenue. 5.26% of the industry's total revenue.

TOP 10 COMPANIES BY TOTAL REVENUE IN THE FIELD TOP 10 COMPANIES BY TOTAL REVENUE IN THE SECTOR MANUFACTURE OF TOOLS WERE: MANUFACTURE OF DOORS AND WINDOWS OF METAL WERE: COMPANY BGN COMPANY BGN CERATIZIT BULGARIA AD 52,511,000 TAL ENGINEERING EOOD 30,624,000 VSK KENTAVAR - IZ DINAMIKA OOD 20,561,000 DORMAKABA BULGARIA EOOD 29,223,000 GEWINDEWERKZEUGE GABROVO EOOD 14,066,000 KOMFORT PARTNERS OOD 14,938,000 MITKO TANEV COMMERCIAL DIMITAR TANEV ET 3,403,000 ALUMINA ELIT 2003 EOOD 12,849,000 ZMM PILANA OOD 2,772,000 CHEH PLAST OOD 12,036,000 TEKNOLAZER OOD 1,514,000 KRUPAL CONSTRUCTION EOOD 8,056,000 TECHNOLES OOD 1,299,000 PRECIZ AL ENERGY EOOD 7,743,000 TIKE MM EOOD 1,082,000 IANIS OOD 5,863,000 ZMM - INSTRUMENT OOD 1,025,000 FEMAG ALUMINIEVI I METALNI KONSTUKTSII EOOD 5,562,000 AMTS METAL OOD 944,000 LOGEL OOD 5,051,000

The 10 largest companies in terms of total revenue in sector The 10 largest companies in terms of total revenue in sector Manufacture of tools earned total revenue of BGN 99,177,000 Manufacture of doors and windows of metal earned total and accounted for 2.03% of the industry's total revenue. revenue of BGN 131,945,000 and accounted for 2.70% of the industry's total revenue.

IV. EXPENSES

The combined costs of the companies in the Manufacture of 7 SeeNews Industry Report

fabricated metal products, except machinery and equipment industry reached BGN 4,367,810,000 in 2018. 16 MANUFACTURE OF STEEL DRUMS AND SIMILAR 1,897,000 CONTAINERS 17 MANUFACTURE OF CUTLERY 560,000 Total Expenses Operational expenses 4,367,810,000 4,400,000,000 4,283,532,000 3,905,954,000 4,311,430,000 4,000,000,000 4,212,511,000 INDUSTRY'S TOTAL COSTS STRUCTURE BY SECTORS 18.53% 3,600,000,0003,832,936,000

3,200,000,000 14.20%

2,800,000,000

2,400,000,000

BGN 2,000,000,000 18.03% 5.44%

1,600,000,000

1,200,000,000

800,000,000

400,000,000 25.08% 0 18.72% 2016 2017 2018

In annual terms, total expenses grew by 1.97% compared to Manufacture of weapons and ammunition 2017 and rose by 11.82% in comparison to 2016. Machining Manufacture of metal structures and parts of structures The total operating expenses of the companies in the Manufacture of other fabricated metal products n.e.c. Manufacture of fabricated metal products, except machinery Manufacture of doors and windows of metal and equipment industry were BGN 4,311,430,000 in 2018. Others

Operating costs increased by 2.35% compared with the previous year and grew by 12.48% when compared to 2016. Manufacture of fasteners and screw machine products marked the highest annual growth in total expenses, of We expect, based on the trend in the last three years, the total 54.62%, while total expenses decreased the most, by 65.02%, costs of the Manufacture of fabricated metal products, except for Manufacture of cutlery. machinery and equipment industry to change at a compound annual growth rate (CAGR) of 5.75% in 2019. In terms of operating expenses, the highest rise, of 55.18%, was recorded by the Manufacture of fasteners and screw TOTAL COSTS BY SECTORS machine products sector. The sharpest drop was posted by RANK SECTOR TOTAL COSTS (BGN) Manufacture of cutlery - 65.35%. 1 MANUFACTURE OF WEAPONS AND AMMUNITION 1,095,576,000 2 MACHINING 809,365,000 The biggest spenders in the industry, with costs of over 10% 3 MANUFACTURE OF METAL STRUCTURES AND PARTS 787,554,000 of industry's costs, numbered 12, including BULMETAL AD, OF STRUCTURES ARSENAL AD, ARCUS AD, PHILIPEX ILIA PHILIPOV ET, EMCO 4 MANUFACTURE OF OTHER FABRICATED METAL 620,110,000 OOD. The medium spenders, or those in the 5% and 10% PRODUCTS N.E.C. range count 18 and include HMC AD, TAL ENGINEERING 5 MANUFACTURE OF DOORS AND WINDOWS OF METAL 237,623,000 EOOD, KORADO-BULGARIA AD, TM-TECHNOLOGY AD, 6 MANUFACTURE OF LIGHT METAL PACKAGING 198,524,000 FEROCOM AD. Below 5% threshhold are 3,499 companies, 7 MANUFACTURE OF LOCKS AND HINGES 140,637,000 including MILEVMETAL EOOD, ENCHO TSANEVSKI 2003 ET, 8 TREATMENT AND COATING OF METALS 113,158,000 TORAMIS SVETOSLAV PARUSHEV ET, ILINA OOD, KREMEN 9 MANUFACTURE OF WIRE PRODUCTS, CHAIN AND 92,829,000 2016 OOD. SPRINGS 10 MANUFACTURE OF OTHER TANKS, RESERVOIRS AND 90,229,000 Employment expenses in the Manufacture of fabricated metal CONTAINERS OF METAL products, except machinery and equipment industry rose by 11 MANUFACTURE OF TOOLS 86,286,000 3.42% on the year to BGN 888,190,000 in 2018. 12 MANUFACTURE OF CENTRAL HEATING RADIATORS 46,291,000 AND BOILERS 13 MANUFACTURE OF FASTENERS AND SCREW MACHINE 27,757,000 PRODUCTS 14 FORGING, PRESSING, STAMPING AND ROLL-FORMING 12,273,000 OF METAL; POWDER METALLURGY 15 MANUFACTURE OF STEAM GENERATORS, EXCEPT 7,141,000 CENTRAL HEATING HOT WATER BOILERS

8 SeeNews Industry Report

15 MANUFACTURE OF STEAM GENERATORS, 2,460,000 18,636 Employment expenses EXCEPT CENTRAL HEATING HOT WATER Salaries expenses BOILERS Social security expenses 16 MANUFACTURE OF STEEL DRUMS AND 229,000 12,053 SIMILAR CONTAINERS 888,190,000 900,000,000 858,825,000 17 MANUFACTURE OF CUTLERY 106,000 11,778

800,000,000 718,960,000 THE TOP 10 COMPANIES BY AVERAGE MONTHLY COSTS PER 700,000,000 743,746,000 720,455,000 EMPLOYEE IN THE INDUSTRY RANK COMPANY BGN 600,000,000 1 ENERGOREMONT - GALABOVO AD 242,833 604,223,000 2 GEWINDEWERKZEUGE GABROVO EOOD 7,011 500,000,000 3 MITI - DIMITAR PENOV ET 6,208

BGN 400,000,000 4 INTERPRO SA EOOD 5,889 5 VITU OOD 5,833 300,000,000 6 THRACE SYSTEM OOD 5,524 7 BULMETAL TRADING EOOD 4,396 200,000,000 136,105,000 143,239,000 8 VARNA-BAU OOD 4,393 112,314,000 9 KREPEGI BULGARIA TRADING OOD 4,358 100,000,000 10 ELMETAL-MV OOD 4,207

0 2016 2017 2018 The industry's tax expenses stood at BGN 54,067,000 in 2018. In 2017 it paid taxes of BGN 75,803,000. In 2016 the industry The highest growth in labour costs, of 42.18%, was registered paid BGN 68,048,000 in taxes. by Manufacture of fasteners and screw machine products, while Manufacture of cutlery marked the sharpest fall, of Average taxes expenses by company 57.77%. 21,633 22,000 The monthly costs per employee in the Manufacture of 20,000 fabricated metal products, except machinery and equipment 18,715 industry averaged BGN 1,326 in 2018, BGN 1,275 in 2017 and 18,000 BGN 1,085 in 2016. 16,000 15,320 The monthly social security costs per employee in the industry averaged BGN 214 in 2018, versus BGN 202 in 2017 14,000 and BGN 169 in 2016. 12,000

EMPLOYMENT EXPENSES IN MANUFACTURE OF FABRICATED BGN 10,000 METAL PRODUCTS, EXCEPT MACHINERY AND EQUIPMENT BY SECTORS IN 2018 8,000 RANK SECTOR EMPLOYMENT AVERAGE EXPENSES (BGN) EXPENSES PER EMPLOYEE 6,000 (BGN)

1 MANUFACTURE OF WEAPONS AND 323,153,000 16,072 4,000 AMMUNITION 2 MACHINING 153,489,000 17,816 2,000 3 MANUFACTURE OF METAL STRUCTURES 120,160,000 14,791 AND PARTS OF STRUCTURES 0 4 MANUFACTURE OF OTHER FABRICATED 108,804,000 14,116 2016 2017 2018 METAL PRODUCTS N.E.C. 5 MANUFACTURE OF DOORS AND WINDOWS 31,978,000 13,187 OF METAL EXPENSES ON TAXES BY SECTORS 6 MANUFACTURE OF TOOLS 30,052,000 23,170 RANK SECTOR BGN Y/Y CHANGE 1 MANUFACTURE OF WEAPONS AND 22,485,000 -47.03% 7 MANUFACTURE OF LIGHT METAL 26,999,000 16,004 AMMUNITION PACKAGING 2 MACHINING 8,037,000 -7.17% 8 TREATMENT AND COATING OF METALS 21,741,000 14,552 3 MANUFACTURE OF METAL STRUCTURES AND 7,679,000 2.92% 9 MANUFACTURE OF OTHER TANKS, 19,335,000 17,739 PARTS OF STRUCTURES RESERVOIRS AND CONTAINERS OF METAL 4 MANUFACTURE OF OTHER FABRICATED 5,839,000 -9.56% 10 MANUFACTURE OF LOCKS AND HINGES 17,122,000 17,020 METAL PRODUCTS N.E.C. 11 MANUFACTURE OF WIRE PRODUCTS, CHAIN 16,196,000 14,145 5 MANUFACTURE OF LOCKS AND HINGES 2,267,000 -12.64% AND SPRINGS 6 MANUFACTURE OF TOOLS 1,991,000 18.79% 12 MANUFACTURE OF CENTRAL HEATING 7,225,000 17,579 RADIATORS AND BOILERS 7 MANUFACTURE OF DOORS AND WINDOWS 1,544,000 5.11% OF METAL 13 MANUFACTURE OF FASTENERS AND SCREW 5,427,000 16,200 MACHINE PRODUCTS 8 TREATMENT AND COATING OF METALS 1,112,000 -0.09% 14 FORGING, PRESSING, STAMPING AND ROLL- 3,714,000 18,206 9 MANUFACTURE OF OTHER TANKS, 964,000 -18.10% FORMING OF METAL; POWDER METALLURGY RESERVOIRS AND CONTAINERS OF METAL 10 MANUFACTURE OF WIRE PRODUCTS, CHAIN 713,000 -33.24% AND SPRINGS 9 SeeNews Industry Report

11 MANUFACTURE OF CENTRAL HEATING 603,000 -24.25% TOP COMPANIES BY HIGHEST NET LOSS IN MANUFACTURE OF RADIATORS AND BOILERS FABRICATED METAL PRODUCTS, EXCEPT MACHINERY AND 12 MANUFACTURE OF LIGHT METAL PACKAGING 436,000 -0.91% EQUIPMENT 13 MANUFACTURE OF FASTENERS AND SCREW 162,000 8.00% RANK COMPANY BGN MACHINE PRODUCTS 1 PRIME DESIGN EUROPE AD 2,737,000 14 FORGING, PRESSING, STAMPING AND ROLL- 158,000 -41.04% 2 ELENA GROUP EAD 2,351,000 FORMING OF METAL; POWDER METALLURGY 3 MULTIVAC BULGARIA PRODUCTION EOOD 1,836,000 15 MANUFACTURE OF STEAM GENERATORS, 38,000 171.43% EXCEPT CENTRAL HEATING HOT WATER 4 PERFEKTUP PACKAGING BG OOD 1,733,000 BOILERS 5 TEREM HAN KRUM EOOD 1,482,000 16 MANUFACTURE OF CUTLERY 27,000 237.50% 17 MANUFACTURE OF STEEL DRUMS AND 12,000 71.43% SIMILAR CONTAINERS The combined operating earnings of the companies in the Manufacture of fabricated metal products, except machinery and equipment market decreased by 30.20% y/y to BGN 510,180,000 in 2018. V. PROFITABILITY OPERATING PROFIT/LOSS BY SECTORS (BGN) SECTOR 2018 2017 2016 The industry's net profit amounted to BGN 456,113,000 in MANUFACTURE OF WEAPONS AND 225,090,000 419,267,000 377,414,000 2018, compared to a net profit of BGN 655,133,000 in 2017 AMMUNITION and a net profit of BGN 590,308,000 in 2016. MACHINING 76,773,000 84,608,000 75,472,000 MANUFACTURE OF OTHER FABRICATED 59,749,000 64,285,000 60,737,000 METAL PRODUCTS N.E.C. Net profit/loss MANUFACTURE OF METAL STRUCTURES 56,951,000 63,744,000 50,288,000 Operating profit/loss AND PARTS OF STRUCTURES

800,000,000 MANUFACTURE OF LOCKS AND HINGES 21,031,000 26,242,000 20,520,000 730,936,000 MANUFACTURE OF TOOLS 19,465,000 16,667,000 17,754,000 MANUFACTURE OF DOORS AND 13,306,000 13,697,000 10,576,000 700,000,000658,356,000 WINDOWS OF METAL TREATMENT AND COATING OF METALS 12,438,000 11,333,000 10,966,000 655,133,000 600,000,000 MANUFACTURE OF OTHER TANKS, 10,245,000 11,255,000 10,845,000 590,308,000 510,180,000 RESERVOIRS AND CONTAINERS OF METAL 500,000,000 MANUFACTURE OF WIRE PRODUCTS, 6,571,000 10,842,000 10,066,000 CHAIN AND SPRINGS 456,113,000 400,000,000 MANUFACTURE OF CENTRAL HEATING 5,391,000 6,963,000 4,321,000

BGN RADIATORS AND BOILERS FORGING, PRESSING, STAMPING AND 2,654,000 922,000 1,871,000 300,000,000 ROLL-FORMING OF METAL; POWDER METALLURGY 200,000,000 MANUFACTURE OF CUTLERY 290,000 -712,000 -368,000 MANUFACTURE OF FASTENERS AND 257,000 839,000 1,993,000 SCREW MACHINE PRODUCTS 100,000,000 MANUFACTURE OF STEAM GENERATORS, 246,000 217,000 -117,000 EXCEPT CENTRAL HEATING HOT WATER 0 BOILERS 2016 2017 2018 MANUFACTURE OF STEEL DRUMS AND 73,000 29,000 141,000 SIMILAR CONTAINERS MANUFACTURE OF LIGHT METAL -350,000 738,000 5,877,000 TOP 10 COMPANIES BY HIGHEST NET PROFIT IN MANUFACTURE PACKAGING OF FABRICATED METAL PRODUCTS, EXCEPT MACHINERY AND EQUIPMENT RANK COMPANY BGN The profit margin for the Manufacture of fabricated metal 1 ARSENAL AD 93,225,000 products, except machinery and equipment industry stood at 2 EMCO OOD 50,355,000 10.54% in 2018, while in 2017 it amounted to 14.70% and 3 ARCUS AD 21,358,000 14.53% in 2016. 4 FAAC BULGARIA EAD 15,818,000 5 CERATIZIT BULGARIA AD 14,827,000 PROFIT MARGIN BY SECTORS 6 DUNARIT AD 13,632,000 RANK SECTOR PROFIT MARGIN 7 ANGEL STOILOV-96 AD 8,486,000 1 MANUFACTURE OF CUTLERY 34.40% 8 VAZOVSKI MASHINOSTROITELNI ZAVODI EAD 7,236,000 2 MANUFACTURE OF TOOLS 18.64% 9 SERTA BULGARIA AD 5,793,000 3 FORGING, PRESSING, STAMPING AND ROLL-FORMING OF 17.78% 10 KORADO-BULGARIA AD 5,254,000 METAL; POWDER METALLURGY 4 MANUFACTURE OF WEAPONS AND AMMUNITION 17.37% 5 MANUFACTURE OF LOCKS AND HINGES 13.08% 6 MANUFACTURE OF CENTRAL HEATING RADIATORS AND 10.44% BOILERS 7 MANUFACTURE OF OTHER TANKS, RESERVOIRS AND 10.27% CONTAINERS OF METAL

10 SeeNews Industry Report

8 TREATMENT AND COATING OF METALS 9.97% LEADING INDUSTRY'S SECTORS BY ROA 9 MANUFACTURE OF OTHER FABRICATED METAL PRODUCTS 8.80% N.E.C. 30 28.37 10 MACHINING 8.68% 27.5 11 MANUFACTURE OF METAL STRUCTURES AND PARTS OF 6.79% STRUCTURES 25 12 MANUFACTURE OF WIRE PRODUCTS, CHAIN AND SPRINGS 6.66% 22.5 13 MANUFACTURE OF DOORS AND WINDOWS OF METAL 5.32% 20 14 MANUFACTURE OF STEEL DRUMS AND SIMILAR 3.71% CONTAINERS 17.5 16.83 15.01 15 MANUFACTURE OF STEAM GENERATORS, EXCEPT CENTRAL 3.35% 15 HEATING HOT WATER BOILERS 12.5 16 MANUFACTURE OF FASTENERS AND SCREW MACHINE 0.92% PRODUCTS 10 17 MANUFACTURE OF LIGHT METAL PACKAGING -0.18% 7.5

5 The Manufacture of fabricated metal products, except 2.5 machinery and equipment industry's return on equity (ROE) is 0 15.04% compared to 22.86% in 2017 and 22.09% in 2016. Manufacture of Manufacture of tools Manufacture of locks cutlery and hinges

The Manufacture of fabricated metal products, except machinery and equipment's return on assets (ROA) was 8.17%, LEADING INDUSTRY'S SECTORS BY ROE while in 2017 it amounted to 12.53% and 11.84% in 2016. 70 66.25

60 ROE ROA 50 24 22.86% 22.09% 40 22 34.66 20 30 28.54

18 20 16 15.04% 10 14

12 0 12.53% Manufacture of Manufacture of steel Forging, pressing, 11.84% cutlery drums and similar stamping and 10 containers roll-forming of metal; powder 8 metallurgy 8.17% 6 TOP 10 COMPANIES BY HIGHEST AVERAGE NET PROFIT PER 4 EMPLOYEE IN MANUFACTURE OF FABRICATED METAL PRODUCTS,

2 EXCEPT MACHINERY AND EQUIPMENT RANK COMPANY BGN COMPANY HEADQUARTERS 0 (CITY) 2016 2017 2018 1 ALPHA ENGINEERING EOOD 1,287,000 RADOMIR 2 VRATSA MEHANIKS AD 552,000 VRATSA

3 ENERGOREMONT - GALABOVO AD 447,800 GALABOVO 4 DEFENSE CAPITAL INDUSTRY (DCI) OOD 356,929 SOFIA 5 MITA STYLE OOD 326,000 SOFIA 6 ALPHA INDUSTRIEPRODUKTE EOOD 320,000 PETRICH 7 S.U.C-3 OOD 231,000 RUSE 8 STAFF EUROPE SLTD EOOD 208,500 PAZARDZHIK 9 RIK KOOP. 195,000 KAZANLAK 10 INTERPRO SA EOOD 183,000 STARA ZAGORA

About 20.00% of the 10 leading companies in terms of net profit per employee are located in SOFIA, while 10.00% are PAZARDZHIK-based and 10.00% are headquartered in GALABOVO.

The average net sales revenue per employee in the Manufacture of fabricated metal products, except machinery and equipment industry amounted to BGN 78,206 in 2018, down by 2.78% compared to 2017 and up by 2.20% compared 11 SeeNews Industry Report

to 2016. MANUFACTURE OF WEAPONS 53,408 64,430 65,682 20,107 The industry's average operating revenue per employee went AND AMMUNITION down by 2.09% year-on-year in 2018 to BGN 86,710. It rose MANUFACTURE OF CENTRAL 121,455 125,696 125,747 411 HEATING RADIATORS AND by 5.67% compared to 2016. BOILERS MANUFACTURE OF STEEL DRUMS 97,895 103,684 103,684 19 The Manufacture of fabricated metal products, except AND SIMILAR CONTAINERS machinery and equipment field generated an average BGN MANUFACTURE OF LIGHT METAL 100,762 117,212 117,471 1,687 87,407 in total revenue per employee. In 2017 and 2016 the PACKAGING figure was BGN 89,314 and BGN 82,643, respectively. MANUFACTURE OF WIRE 72,551 86,201 86,812 1,145 PRODUCTS, CHAIN AND SPRINGS The average total revenue per company in the Manufacture of TREATMENT AND COATING OF 75,508 83,517 84,067 1,494 fabricated metal products, except machinery and equipment METALS industry dropped to BGN 1,382,258 in 2018 from BGN MANUFACTURE OF OTHER TANKS, 84,072 91,483 92,178 1,090 RESERVOIRS AND CONTAINERS OF 1,431,070 in 2017. The 2016 value was BGN 1,255,311. METAL MACHINING 96,876 102,689 102,860 8,615 A company in the Manufacture of fabricated metal products, MANUFACTURE OF LOCKS AND 154,041 159,840 160,704 1,006 except machinery and equipment market made on average a HINGES net sales revenue of BGN 1,236,759 in 2018, compared to MANUFACTURE OF OTHER 83,167 88,052 88,202 7,708 BGN 1,288,896 in 2017 and BGN 1,162,290 in 2016. FABRICATED METAL PRODUCTS N.E.C. The Manufacture of fabricated metal products, except MANUFACTURE OF CUTLERY 93,111 93,667 94,444 9 machinery and equipment industry made 1.50% of the overall MANUFACTURE OF TOOLS 74,847 80,522 81,535 1,297 sales country-wide, decreasing its market share by 0.16 pp. MANUFACTURE OF STEAM 51,364 55,697 55,962 132 GENERATORS, EXCEPT CENTRAL HEATING HOT WATER BOILERS Operating profit per employee for the industry as a whole was MANUFACTURE OF METAL 95,488 103,316 103,952 8,124 BGN 9,142 in 2018. For comparison in 2017 it amounted to STRUCTURES AND PARTS OF BGN 13,019 and BGN 13,019 in 2016. STRUCTURES MANUFACTURE OF DOORS AND 96,238 103,095 103,476 2,425 THE TOP BY OPERATIONAL PROFIT PER EMPLOYEE IN WINDOWS OF METAL MANUFACTURE OF FABRICATED METAL PRODUCTS, EXCEPT MACHINERY AND EQUIPMENT RANK COMPANY BGN AVERAGE REVENUE PER COMPANY IN MANUFACTURE OF 1 ALPHA ENGINEERING EOOD 1,287,000 FABRICATED METAL PRODUCTS, EXCEPT MACHINERY AND 2 VRATSA MEHANIKS AD 613,333 EQUIPMENT IN 2018 3 ENERGOREMONT - GALABOVO AD 499,000 SECTOR AVERAGE NET AVERAGE AVERAGE TOTAL NUMBER OF SALES REVENUE OPERATING REVENUE (BGN) COMPANIES 4 DEFENSE CAPITAL INDUSTRY (DCI) OOD 400,714 (BGN) REVENUE (BGN) 5 MITA STYLE OOD 362,000 MANUFACTURE OF WEAPONS 41,302,808 49,826,885 50,794,846 26 AND AMMUNITION

MANUFACTURE OF LIGHT 8,094,524 9,416,048 9,436,857 21 METAL PACKAGING TOP 10 COMPANIES WITH HIGHEST CORRELATION OPERATING MANUFACTURE OF LOCKS AND 4,188,243 4,345,919 4,369,405 37 REVENUE - NUMBER OF EMPLOYEES - EMPLOYMENT EXPENSES* HINGES RANK COMPANY NAME CORRELATION (BGN) MANUFACTURE OF OTHER 2,863,688 3,116,156 3,139,813 32 TANKS, RESERVOIRS AND 1 ENERGOREMONT - GALABOVO AD 4,262,000 CONTAINERS OF METAL 2 SARBAK METAL BULGARIA OOD 3,719,500 MANUFACTURE OF CENTRAL 2,936,353 3,038,882 3,040,118 17 3 EXIM M EOOD 3,224,000 HEATING RADIATORS AND 4 ALPHA ENGINEERING EOOD 2,796,000 BOILERS 5 PHILIPEX ILIA PHILIPOV ET 2,462,037 MANUFACTURE OF TOOLS 2,489,128 2,677,872 2,711,564 39 6 S.U.C-3 OOD 1,642,000 MANUFACTURE OF WIRE 1,297,984 1,542,188 1,553,125 64 PRODUCTS, CHAIN AND 7 BULSERVIS OOD 1,337,000 SPRINGS 8 FENCING SYSYTEMS EOOD 1,325,000 MANUFACTURE OF METAL 1,282,225 1,387,337 1,395,876 605 9 VITU OOD 1,197,400 STRUCTURES AND PARTS OF 10 SAMENT INTERNATIONAL EOOD 1,137,000 STRUCTURES MACHINING 830,438 880,267 881,729 1,005 MANUFACTURE OF OTHER 661,557 700,419 701,609 969 *The correlation is calculated by subtracting the quotient of the operating profit, and FABRICATED METAL PRODUCTS the employment expenses to the number of employees. N.E.C. TREATMENT AND COATING OF 603,257 667,241 671,636 187 AVERAGE REVENUES PER EMPLOYEE IN MANUFACTURE OF METALS FABRICATED METAL PRODUCTS, EXCEPT MACHINERY AND MANUFACTURE OF STEAM 616,364 668,364 671,545 11 GENERATORS, EXCEPT CENTRAL EQUIPMENT IN 2018 HEATING HOT WATER BOILERS SECTOR AVERAGE NET AVERAGE AVERAGE NUMBER OF SALES OPERATING TOTAL EMPLOYEES MANUFACTURE OF STEEL 620,000 656,667 656,667 3 REVENUE REVENUE REVENUE DRUMS AND SIMILAR (BGN) (BGN) (BGN) CONTAINERS MANUFACTURE OF FASTENERS 76,385 83,493 83,624 335 MANUFACTURE OF FASTENERS 581,568 635,682 636,682 44 AND SCREW MACHINE PRODUCTS AND SCREW MACHINE FORGING, PRESSING, STAMPING 55,691 73,162 73,172 204 PRODUCTS AND ROLL-FORMING OF METAL; POWDER METALLURGY 12 SeeNews Industry Report

MANUFACTURE OF DOORS 550,415 589,637 591,814 424 AND WINDOWS OF METAL NUMBER OF EMPLOYEES BY INDUSTRY SECTORS FORGING, PRESSING, 378,700 497,500 497,567 30 SECTOR NUMBER SHARE OF STAMPING AND ROLL- INDUSTRY TOTAL FORMING OF METAL; POWDER METALLURGY MANUFACTURE OF WEAPONS AND AMMUNITION 20,107 36.03% MANUFACTURE OF CUTLERY 55,867 56,200 56,667 15 MACHINING 8,615 15.44% MANUFACTURE OF METAL STRUCTURES AND PARTS OF 8,124 14.56% STRUCTURES The total indebtedness of the companies in the Manufacture MANUFACTURE OF OTHER FABRICATED METAL PRODUCTS 7,708 13.81% N.E.C. of fabricated metal products, except machinery and MANUFACTURE OF DOORS AND WINDOWS OF METAL 2,425 4.35% equipment industry was BGN 2,402,927,000 versus BGN MANUFACTURE OF LIGHT METAL PACKAGING 1,687 3.02% 2,225,779,000 a year ago. In 2016 the industry's indebtedness TREATMENT AND COATING OF METALS 1,494 2.68% totalled BGN 2,175,285,000. MANUFACTURE OF TOOLS 1,297 2.32%

INDUSTRY'S INDEBTEDNESS BY SECTORS (BGN) MANUFACTURE OF WIRE PRODUCTS, CHAIN AND SPRINGS 1,145 2.05% SECTOR 2018 2017 2016 MANUFACTURE OF OTHER TANKS, RESERVOIRS AND 1,090 1.95% CONTAINERS OF METAL MANUFACTURE OF WEAPONS AND 781,559,000 740,432,000 687,354,000 AMMUNITION MANUFACTURE OF LOCKS AND HINGES 1,006 1.80% MACHINING 380,863,000 348,279,000 363,362,000 MANUFACTURE OF CENTRAL HEATING RADIATORS AND 411 0.74% BOILERS MANUFACTURE OF METAL STRUCTURES 377,357,000 346,046,000 361,365,000 AND PARTS OF STRUCTURES MANUFACTURE OF FASTENERS AND SCREW MACHINE 335 0.60% PRODUCTS MANUFACTURE OF OTHER FABRICATED 309,759,000 268,006,000 292,779,000 METAL PRODUCTS N.E.C. FORGING, PRESSING, STAMPING AND ROLL-FORMING OF 204 0.37% METAL; POWDER METALLURGY MANUFACTURE OF LIGHT METAL 139,263,000 132,021,000 117,931,000 PACKAGING MANUFACTURE OF STEAM GENERATORS, EXCEPT CENTRAL 132 0.24% HEATING HOT WATER BOILERS MANUFACTURE OF DOORS AND 106,749,000 110,785,000 111,925,000 WINDOWS OF METAL MANUFACTURE OF STEEL DRUMS AND SIMILAR 19 0.03% CONTAINERS TREATMENT AND COATING OF METALS 80,504,000 64,700,000 49,338,000 MANUFACTURE OF CUTLERY 9 0.02% MANUFACTURE OF WIRE PRODUCTS, 66,750,000 38,860,000 31,316,000 CHAIN AND SPRINGS MANUFACTURE OF LOCKS AND HINGES 45,734,000 36,204,000 33,156,000 MANUFACTURE OF OTHER TANKS, 39,257,000 66,787,000 52,068,000 RESERVOIRS AND CONTAINERS OF METAL ALLOCATION OF EMPLOYEES BY INDUSTRY'S SECTORS MANUFACTURE OF TOOLS 25,366,000 26,073,000 27,985,000 8,124 MANUFACTURE OF FASTENERS AND 22,721,000 16,319,000 13,686,000 SCREW MACHINE PRODUCTS MANUFACTURE OF CENTRAL HEATING 13,835,000 19,328,000 18,462,000 7,708 RADIATORS AND BOILERS 8,615 FORGING, PRESSING, STAMPING AND 7,948,000 6,515,000 9,923,000 ROLL-FORMING OF METAL; POWDER METALLURGY MANUFACTURE OF STEAM GENERATORS, 3,856,000 3,731,000 2,813,000 2,425 EXCEPT CENTRAL HEATING HOT WATER BOILERS MANUFACTURE OF STEEL DRUMS AND 887,000 847,000 647,000 SIMILAR CONTAINERS MANUFACTURE OF CUTLERY 519,000 846,000 1,175,000 8,829

Debt-to-assets ratio of the companies in the industry is 0.43 in 2018. It was 0.43 in 2017 and 0.44 in 2016. 20,107 According to market experts, the greatest impact on the development of the Manufacture of fabricated metal Manufacture of weapons and ammunition products, except machinery and equipment industry has Machining amortisation expenses. In 2018 it stood at BGN 217,584,000, Manufacture of metal structures and parts of structures according to the financial statements of the companies in the Manufacture of other fabricated metal products n.e.c. industry. In 2017 the figure was BGN 195,358,000 and BGN 173,918,000 in 2016. Manufacture of doors and windows of metal Others

The analysis on companies' sizes by the number of VI. EMPLOYMENT employees, shows that 2089 firms have less than 50 employees*, 164 have between 50 and 250 employees* and A total of 55,808 people were employed in the Manufacture 17 companies employ more than 250*. of fabricated metal products, except machinery and equipment sector at the end of 2018, compared to 56,144 in * Companies without data in the number of employees at end of the year are not 2017 and 55,229 in 2016. taken into consideration.

13 SeeNews Industry Report

COMPANIES IN THE INDUSTRY BY SIZE IN TERMS OF NUMBER OF EMPLOYEES

2 200 2 089 2 000 1 800 1 600 1 400 1 200 1 000 800 600 400 200 164 17 Small Medium Big

The employees of the leading 10 companies in terms of numbers make up 37.93% of the workforce in the industry in 2018.

TOP 10 FIRMS BY SHARE IN INDUSTRY'S TOTAL NUMBER OF EMPLOYEES RANK COMPANY NUMBER OF SHARE EMPLOYEES 1 ARSENAL AD 9,906 17.75% 2 VAZOVSKI MASHINOSTROITELNI ZAVODI EAD 4,266 7.64% 3 ARCUS AD 2,349 4.21% 4 EMCO OOD 1,067 1.91% 5 DUNARIT AD 1,020 1.83% 6 SERTA BULGARIA AD 703 1.26% 7 CERATIZIT BULGARIA AD 546 0.98% 8 HERTI AD 474 0.85% 9 METALIK AD 439 0.79% 10 BULMETAL AD 396 0.71%

The Manufacture of fabricated metal products, except machinery and equipment industry is the 11th largest employer in the country with 55,808 employees with the largest employer being Retail trade, except of motor vehicles and motorcycles with 222,070 and Extraction of crude petroleum and natural gas at the bottom with 28 employees.

The Manufacture of fabricated metal products, except machinery and equipment's share in the country's total employment was 2.41% in 2018, 3.06% in 2017 and 2.86% in 2016.

We expect, based on the trend in the last three years, the number of employees of the Manufacture of fabricated metal products, except machinery and equipment industry to change at a compound annual growth rate (CAGR) of 0.52% in 2019.

14 SeeNews Industry Report

The industry is represented by the following companies

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ET PETRIMA - PETKO DUKOV VKN GROUP OOD EOOD BLITZ EXPO EOOD ET METALFORM INZHENERING -ATANAS PETKOV ADI 28 EOOD HRISTO SHIRKOV 79 ET EN TI DI 1 EOOD KAUFORM EOOD ET KITAYSKO TSVETE - DANCHO DANCHEV KOYKA PLAST OOD ET VELYO SAVOV -VEL- STRUG NIKO M 66 EOOD R & T EOOD METTEX E EOOD V V TREYDING EOOD ELIT STROY-PLAST EOOD INPROTEH OOD FARKO-2-PETKO FARDEV ET KLIPER EOOD VELINA IGNAT IGNATOV ET PROTECH ECO EOOD VIV SHLAIF 2016 EOOD SPAKAR EOOD KRIP - MATEEV EOOD ISTRA TMT EOOD ALEKSI SEMERDZHIEV ET DATRII OOD TS TREYD EOOD BOGI 2001 OOD ZAVARACHNO MONTAJNI USLUDI-ZMU EOOD ES PI EM DIZAIIN EOOD MUHARSKI OOD IVANOVI - PLAST KOMERS EOOD NIK-2007 OOD MARIA LUIZA - 2015 EOOD ET GELA ZAPRYANOVA SK GAS ENGINEERING EOOD BOVAL 7 OOD VALDIMET EOOD STOIKOV 09 EOOD 3A STEEL OOD SD SIRIUS SERVIZ BB PROGRUP EOOD BRATYA STANEVI OOD PLAN PRODUKT EOOD VODIM VOLODYA PATARANOV ET DIGER 1 EOOD AIR TECHNOLOGY EOOD DOVA - P OOD GEORGI GEORGIEV 2006 EOOD ET BALKAN KANEV - HRISTO KOLEV RUSNY EOOD IZBOR EL EM OOD PLASEKA EOOD INTERKOM PROFIL EOOD ECOBUILD ENERGY EOOD TATYANA STANKOVA ZLATI ANANIEV ET BURYA TD EOOD ARIEL 1 EOOD DRAGOR - 96 OOD TIN PROFIL 2016 EOOD A & G OOD A S A K EOOD MOTOR AD RESIZE INGINEERING EOOD VENERA 10 - MAYA YORDANOVA EOOD KRILENA OOD ET MERI - MARIYAN MAREV UNIKALNI ZAVARACHNI KONSTRUKCII - UZK CYCLONE - 08 OOD ET DZHAMBO 2015 - RAHMI MUSTAFOV TASSY OOD OOD GREYT MASTAR EOOD AY EM BI KONSTRUKSHAN EOOD TEHNOSTIL-X EOOD BG INOX EOOD KOMUNALTEHMASH - 97 - M AD KRIS 2 OOD RIMAKS INZHENERING OOD EKIP INTERNATIONAL OOD ALKOMINVEST EOOD MEGAPLAST BG EOOD STONIMEKS EOOD STILAL EOOD HIMMASH AD ESM GROUP OOD ET NASI - ATANASKA STOYANOVA SIGMA 1968 OOD KDG BULGARIA EOOD BENDZHI 59 EOOD IN TEH KERAMIK OOD TECHNOSYS NGINEERING OOD PRO KOMERS 76 EOOD GALVANOTEH EOOD TERMOSILIKAT OOD ET GRAVPRO - GEORGI PEEV RUMTSAYS 08 EOOD DEMIZ KOMERS EOOD SILVESTAR MS 97 OOD SKALA-MX OOD KATI PRES OOD IV DI TECHNOLOGY EOOD SATELIT PANAGYURISHTE VELEV KAYMAKANOV RIDOR EOOD SADRUZHIE SD CIKLON - LYUBCHO KINOV ET SIGIS OOD KOREKTA PROFIL OOD SMMOLDS EOOD ALDO OOD METALINVEST REMCO EOOD ET METALIK - IVAN MIHAYLOV JERIK - MAXIM VELINOV ET GLOBUS IP 2016 OOD NEIS - NENO KOSTURKOV ET DK GRUP 89 EOOD SIMETRIA STIYL OOD ENKORD EOOD ET DRAKON - STEFAN STANEV ZANAYATCHIYSKO PREDPRIYATIE IVAN APRILOV MEHANICHEN ZAVOD AD U M B EOOD SKS ENGINEERING OOD DIMITROV VERTUS TREID BILD EOOD DM DOOR EOOD ET LIME - ROZA STOYANOVA MIT-INGINEERING -1991-TRIFONOV I SIE SD TECHNO CONSTRUCTION EOOD SEVIE 2 EOOD PERFEKTA - 2000 EOOD ET MARIYKA VASILEVA - MARKRIS DIONIS TREYD GV EOOD ARARAT 11 EOOD ET EM - VALENTIN IVANOV DOBREV METAL DESIGN EOOD CHZPSM OOD PBG OOD STOMANA D DIMITAR STOYANOV ET ELOS - 2000 EOOD ET IVO VENKOV MATTEU EOOD TERMA BORISLAV TODOROV ET AL-PLAST OOD ITOM OOD GEWINDEWERKZEUGE GABROVO EOOD N-J-BULGARIA EOOD NELI-D G EOOD IMM SLIVEN OOD K BOTANIKA EOOD TECHNIKA 1 EOOD GIRGINOVI EOOD BELLA TRADE OOD MIHAELA - M EOOD VEGATEX 1 EOOD ROKSHTAL N EOOD MITI - DIMITAR PENOV ET MARINONSKI - TSVETANA MARINOVSKA ET KONRAT I SIE SD PENATI 2012 EOOD RASHEV 48 EOOD SERTIND EOOD DEPEKS 15 OOD LE SOLEI BULGARIA EOOD KID PROFIL EOOD MAXGROUP TETEVEN OOD HPL MECHANICS EOOD METAL INVEST - GABROVO OOD TSVRTNA GAMA EOOD ELVESTA BM OOD MDA FINANS EOOD METAL IP OOD AVAL 2004 EOOD ET MEHANIKA - VLADIMIR GRIGOROV SHLAG GEORGI VALKOV ET KORADO - KK EOOD RISTRAY EOOD SKORPIO OOD ET UNIMET - 37 IVAN IVANOV BORISOV 1 EOOD EKIDA EOOD ALEX SERVICE OOD STOMANA 1 EOOD GALKO AD TETO EOOD NEOKON OOD ERATO-PRODUKT OOD AKS-CNC EOOD DULEV I DULEV OOD ZOTI OOD L D N - LACHEZAR NIKOLOV ET YORDAN KOSEV YORK ET BONA FIDO EOOD TROYAL OOD ET GRAFIK-55 - RUMEN PETKOV SIEM EOOD AREA-T EOOD ALLIANCE DN OOD KOSTENSKI VODOPAD 1206 EOOD ALU BETA EOOD ALPEN I SINOVE OOD KAOMET EOOD METALGLAS EOOD TERA METALPLAST EOOD EURO QUALITY EOOD ANIRA D EOOD ODONATA KLUB SOZOPOL EOOD SUTEH EOOD ET VINCH - YOSIF CHONOV EVROMETAL BG EOOD M M R SERVIZ 21 OOD JOANA 3 EOOD USPEH METALCAP SSB EOOD KOREKT TRIFON LINKOV ET INHOM 98 OOD STELT OOD LAZER POYNT OOD STIL 59 EOOD LARA EOOD DIN - 17 EOOD KLIMATICHNI SISTEMI 3 EOOD VEDA ATANAS KRUMOV ET ET KA 13 - KIRIL KARASTANEV SULOV INGINEERING OFFICE OOD PIK - 2003 OOD METALPLAST MANUFACTURING OOD TINOTECH EOOD KMM AD TOLI POYNT EOOD ZINCOMETAL BULGARIA OOD JEINOV OOD SBPP EOOD KOMBO 1 OOD STELT R OOD POLIMER PLAST - VLADIMIR KATUKOV ET ALEKS 5000 OOD REMKO OOD MEHANIKA INZHENERING ROSEN GRIGOROV ALVI DIZAIN EOOD STEMAKS 99 EOOD EOOD LOR KAMPANI PARTNAR EOOD SEVAL 2013 EOOD ARDA-TM EOOD ET ALDOG - DIMITAR DAVIDOV ET LUKSI - GEORGI BASHALOV EF ES GRUP 18 EOOD MIKRON NEWSISTEM EOOD MARKOV METAL DIZAYN EOOD ET BANKO MINKOV ROLLSYSTEM OOD KUTRA - 1991 EOOD SHENOL 2007 SHENOL AZIZ ET METAL - MITEV OOD ZMM - HASKOVO AD EL.TABLA OOD OOD ET MITKO GUNEV TRUDOVO PROIZVVODITELNA KOOPERATSIYA ILBUPLAST-77 EOOD RIG IVELIN IVANOV EOOD NA INVALIDITE TODORKA PAUNOVA KOOP. GROZDANOV CORRECT EOOD 18 SeeNews Industry Report

TANYA 99 EOOD MA STUDIO OOD METAL DEKOR 65 EOOD BULMETAL TRADING EOOD AGRO STROY INZHENERING OOD MADARA - SP EOOD CHIPEVA - MLADENA JANAKIEVA ET ET EVRO-TEH - KOLYU ENCHEV INKOMS KONTAKTNI ELEMENTI AD CEYAN OOD KOTLOSTROENE PLC AD TERA PRINT PLYUS OOD REVOLT-LUKARSKI I SIE SD PEN MASH EOOD SHIP MACHINE-BUILDING JSCO AD MONTSHLAYF EOOD METAL PLAST EOOD TERMOVATO EOOD DZZD METAL DIZAYN BOVEKIS EOOD VIKTORIA PLAST EOOD HIDRALEX EOOD DUNAV LIZING EAD GAN TEHNOLODZHI EOOD MARINOVI GRUP 2010 OOD ZAVARATCHNI MASHINI AD LASERING OOD NOVA- BORISLAV BORISOV ET TIH TRUD N NIKOLA KOLEV ET DANKO SISTEMS OOD ATANAS 2000 EOOD RIMPEX ROSSITZA MARINOVA ET VALINA BG EOOD KOLHIDA METAL AD AKZ 97 EOOD METIZI CO AD ET SREDETS-1 - VALKO ALEKSIEV TELKO NM OOD TUNA ALUMINIUM OOD UNIVERSAL VLADIMIR VELICHKOV EOOD MUHTAROV OOD AS ENGINEERING EOOD ET VAZHOD - GEORGI MARKOV LDD EOOD DIKEND-91 EOOD IVOMIRA METAL EOOD MALNIA EOOD CHOKIPRODUCT EOOD GRIFON 11 OOD UAIAR TREYD EOOD FINMASH 2016 EOOD WILLIAM HUGHES BULGARIA OOD ALEKS 14 OOD TOPSYSTEM EOOD DINEM-DEKOR EOOD KALIS OOD STEMI BG OOD TOOL 62 EOOD A PETROV 2006 EOOD ET VILMI - LYUBOMIR GARKOV TOP HOUSE OOD PIER 58 EOOD POLI INOX INGENERING EOOD RADVEL OOD VASOMEHANIKI EOOD DORES 2003 OOD MAXCOLOR 2015 EOOD NIKOLAY TILEV ET ET GEORGI KOSTADINOV DONCHEV - GALA-93 DILK - MECHANIKA OOD GEORGI KYULHANOV ET KARIN SIMEONOVI S IE SD WINDOOR EOOD SVETOSLAV EOOD KAN PRO OOD MIRNOV EOOD GTS-TEH EOOD OPTRONIKA OOD KORADO-BULGARIA AD REMOTERM EOOD ROSTAMA EOOD ALUMINPLAST OOD PE COLOR EOOD M REX EOOD PENEVI-45-DIMO PENEV ET RUNA STAL EOOD HIDROKRIMP EOOD IGET-04 EOOD TODOROV METAL EOOD AVA M OOD TIKOMP OOD ZHI NITSA METAL OOD FORS EOOD VIKI G 96 EOOD KMH ELEMENT OOD TROS - METAL EOOD MADARA - GALVIS EOOD YAN-93 OOD TATYANA KRUMOVA ET TM-TECHNOLOGY AD MUKY - YOLANTA TSENOVA ET ET BELLA - MITKO GEORGIEV METAEKSPRES EOOD ARMATUREN DVOR EOOD KUPRO EMAIL EOOD KOBO-2001 EOOD HYDROMACHINE EOOD CHAR 06 EOOD LIANA 96 EOOD ET SAAN - ANGEL SAVOV FEROMAT - 05 OOD SPLTD EOOD S F M EOOD ET MUSI-MUSIN KIRILOV DISEL 2010 EOOD RV TEH EOOD GRUP VPK EVROTEH OOD ELKOM - BINTO YONCHEV ET VALIS 1 OOD KOREKT-M EOOD BALKAN ENERGO G P OOD ET MATYUSH - DONCHO ANGELOV ET SEVDELIN VESELINOV - DAN KOLOV-59 RADO YUPI OOD STIV EOOD GRIT-MOREL EOOD POPOV I SIN OOD RMP DIMA AD MENGOV METAL 1 EOOD OJAS BULGARIA - MARGARITA STOYCHEVA ET METAL INZHENERING EOOD JUVENTA-3 OOD MARIBO INZHENERING EOOD OMEGA-T OOD AMB OOD ANGELOV ILIEV I SIE VALIS SD KARAMANOV 2012 EOOD AGROSERVIZ 2000 OOD METALIK 93 VELIN PEEV ET GIRGINOV 18 BORIS GIRGINOV ET 'ARIS 16'' EOOD SANDI 95 EOOD UZUNOV STIL EOOD STEFAN BONEV ET MIK INDUSTRIAL EOOD IVANOV & IVANOV OOD GARANT KOREKT EOOD KATSI AUTO 12 EOOD EVEDE EOOD YAK KRASIMIRA ZHEKOVA ET KONTSEPT - H EOOD ROT ELTA AD IVIS - 95 EOOD ET ANI-LIZA - RAFI SHISHMANYAN GALVANICHNI POKRITIA EOOD KSV 2012 EOOD GIDORS EOOD BISER-2013 EOOD AS ONI EOOD KVANTEKS OOD ALUMINA ELIT-PALAZOV I DONCHEV-SADRUJIE AVTOSHLAIF OOD ELMETAL-MV OOD INTERNESHANAL TSINK KOUTINGS OOD SD METALPRES EOOD KOVACHI EOOD ET FABIANA - PETKO STAMENOV D N - SYS EOOD GEKAR EOOD SD SEVIE - BORISLAV MILANOV ILIEV I S-IE TRANS - METAL EOOD METAL KO EOOD IBRYAM PANDUROV ET TREIBO OOD BORON TEH EOOD YAMBOLEN AD FORMOPLAST AD ET MARIS - MARIYAN STOYANOV TRITONS OOD PME OOD M STIYL EOOD EURO ALLIANCE CONSTRUCTION AD BEGLEZH 2003 GEORGI LALOV EOOD IAS PRODUCT OOD METAL - CC EOOD ET P.ZH.G.-CHANKOV - GEORGI CHANKOV ES JI INJENERING EOOD METAL - MIKS OOD ET SALDO - 94 - MITKO NAKOV ET TODOROV - STEFAN NIKOLOV INVESTMENT GRUP BG EOOD SPAS DARVENYAKOV 56 EOOD METAL INVEST 2016 EOOD RMZ - 2001 AD ET OLEG DIMITROV ZMM OOD HMG PRODAKSHANS EOOD GLOBAL SHIVA GOUZGOUNOV OOD TECHNOLES OOD GSTECH BULGARIA EOOD DIMKINI EOOD JAKSI - LEKOVLTD EOOD VARNA VINT EOOD RODIZ EOOD ET ZHORO - GEORGI PETKOV KINATA EOOD DEKAMEX COMMERCE EOOD POMELOV OOD KOLORSTATIK EOOD VI EM DZHI STROY EOOD NOVE-THERM EOOD ET SEPTA-KATERINA AETOS-STEFAN STEFANOV ANTONIKS EOOD ET TISTA - PETRANKA SMILOVA GREYV EOOD KAMINI - EUROSTANDART OOD STAL-PLAST OOD ET STOHI - STOIL STOILOV ABA 5 EOOD ROS - 2002 OOD VARIANTI OOD I T I OOD METAL DEKOR EOOD NIKEIA-X EOOD ELEMENT IMPEX OOD HELI - M EOOD KOLIKOV EOOD AURELOV - KOLEV 05 EOOD VRATI LUKS EOOD ET LYUKOM - LYUDMIL ALEKSANDROV CITY ORG OOD ET DENYU STOYANOV - DS KOLEVI 2007 EOOD PENINA OOD TAVANARSKI OOD ET PAM-TODOR TODOROV ELIT OOD ELEKTRONMASH EOOD SONYA TV GEORGIEV I S IE SD TEHNOMONTAJ EOOD CINKOVI POKRITIA 2 OOD METAL-SA EOOD SIDIS 67 EOOD IVKONI TN EOOD LIRA OOD ET NEDKO NEDELCHEV - MARGI JIMTEH OOD TAL ENGINEERING EOOD TECHEXIM ENGINEERING EOOD MOTOROK-ATANAS MALAKOV ET ET PAHRIA - PETKO STEFANOV ET EMO - EMIL STOYANOV ET IVET-S - STANYO STANEV ET AVTOKOMERS - KRASIMIR GEORGIEV SAYKAL GETS AD SI DI EL OOD MULTISERVIS AREDAMENTI EOOD DKV-D OOD DELTA N EOOD PANNELLI BALCANI OOD KADSPLAST OOD 19 SeeNews Industry Report

MANIKYAN HACH OOD DIVA WOOD EOOD KARLAK 97 OOD IMPULS-98 AD POVA-7 OOD BOYANOV MASHINI EOOD METALPLAST EOOD SFERA 2000 OOD TI AR EKS EOOD RAILINGS BG EOOD AL-TERA M EOOD FACTOR DESIGN EOOD MONI COLORS OOD STEEL CRAFT EOOD BORAL 5M OOD NOVEL 06 EOOD ET TSVETAN PETROV MITSOV METALIK-STOYAN STOYANOV ET MIST GRUP EOOD DIMAN 2018 EOOD R V M V OOD NHM SPROCKETS EOOD TIMIL BAKARDZHIEV DICHEV S IE SD DOVERIE 2004-EMIL PEEV ET HD DOORMATTING SOLUTIONS HDDMS OOD ZHENI VALCHEVA 95 OOD IVAYLO I SINOVE INZHENERING EOOD TIGRA - 98 EOOD BOFI ENGINEERING EOOD ALUSTIL - D EOOD GALVANO EOOD METEOINGENERING OOD EDILMAK EOOD HOBI METAL EOOD AK LOGISTIC OOD LOGEL OOD CENTRAL BALKAN EOOD KADMEYA STIYL EOOD CODKEY BULGARIA EOOD PRAKTIK - STROI EOOD IFESTOS BALKAN OOD DJEMINI 2015 EOOD OPTOMECHANIC OOD RANGMETAL EOOD ET MEHATRONIKA - TOSHKO TOSHKOV BAMEKS - 98 AD KOSEV EOOD YASENKO - YASEN RAYCHEV ET AVER EOOD TITAN 52 EOOD HOD EOOD BULDE OOD TOMAR OOD MKS - KRASIMIR PAROV EOOD VIKO OOD SOVAT - BRATIA SOVATCHIEVI OOD ET ERIDIS - EMIL KRASTEV ET ANKOM - ATANAS KRASTEV OK OLIMP EOOD ET YORGO-56 - GEORGI IVANOV RUNA INDUSTRY EOOD A. I. INZHENERING EOOD EHO HRISTO MANKOV ET MAKRA EOOD VITM I KO EOOD NEDYU NEKOV BUILD EOOD I END D DESIGN OOD GEOPLAST 2012 EOOD METAL I PLASTIKA EOOD RADIK - 05 EOOD 3 A TRADE OOD BORIANA OOD KOSAR STEFAN NIKOLOV ET ET KOVO-90 - HRISTO KOVACHEV ET PEYCHO PEYCHEV ARZ-LULIN 202 EOOD YORDAN BODUROV ET AVTOIZOTEN OOD EYN SOF EOOD METALSTROY AD MASTERS 17 EOOD ALEKS - KRASIMIR ALEKSIEV ET GRAVENA MARK EOOD INEY HRISTO BANCHEV ET DIVA ENGINEERING EOOD MAK VR EOOD STUDIO 404 EOOD EDIS 07 EOOD ET IVAN ANTONOV ET MITKO IVANOV VARDEV G S G BG EOOD SIMEONOV 2009 EOOD SARBAK METAL BULGARIA OOD ET SLAVENA-22 - SLAVKA STOYANOVA TONIKA-TODOR NIKOLAEV ET TET INZH TODOR TODOROV ET DANOV EOOD VANESSA 33 EOOD KOLEV METAL EOOD THRACE SYSTEM OOD ONUR - YUKSEL SAMI ET TPK-METALNI ELEMENTI EOOD MIKONI OOD KOVATEH EOOD CHIMREMONT VOLTA STANDARD OOD INZHENERING DINEVI EOOD ALGARA OOD IOMIK - ATANAS KANTARSKI OOD BAS-RUSE EOOD ET KARLO - ATANAS NIKOLOV EKIP 5 OOD ET METAL - KRASIMIR DIMITROV INVESMENT EOOD ET TANYA - STOYANKA STOYKOVA ET YAVOR - DIMO ANGELOV DMS STARA ZAGORA EOOD ET KRAFT - VENTSISLAV PETEV ATM TECHNICS EOOD SILVAR KEY EOOD ESTIR SERVIZ EOOD DI ES METAL EOOD DESTA 60 - NIKOLOV &CO SD ET GALVANO - ELKA STAMENOVA KERAMIKA BURGAS AD GEOMA BG OOD ARKO OOD DZZD KV TEH KABLES - STEFKA KALKANOVA EOOD VELDO OOD ET RAKURS 93 - RADI YANCHEV ET DARK - DIMITAR ANGELOV AGRO SNAYPER OOD IMPAKT BLAST EOOD Z I G OOD ET VALUSHKA - VALA MIHAYLOVA UNIKAT-2005 EOOD PROFI LIGHT BG OOD AL-PLAST OOD DRAHT HANDEL EOOD ORHAN CHAKAROV SIBEL ET DANAS KOMERS EOOD MVM OOD STEPER METAL EOOD RAILINGS BUL BG EOOD DULO ALFA METAL OOD METAL CREATIONS EOOD KRIS 22 - ILIYAN HRISTOW ET AIR TEH CONTROL EOOD ET KRASIMIR IVANOV - KRIM ARK INZHENERING EOOD ET DAMYAN 56 - DAMYAN ANGELOV VTTK EOOD KOLVIS HRISTOV I S IE SD OLYMPIA TT EOOD BULARM - STROI EOOD AQUASERVICE EOOD SD GLANTS METAL-AV - NEYKOV-KARAKEHAYOV TECHNO-YOTA 2001 EOOD INOX MADE OOD PROMOT OOD S-IE SELI 2018 EOOD NIKI 2015 EOOD VD METALIKA DZZD ET UNIMET-05 - IVANKA DRASHANSKA LOTOS REHAU OOD MARKOVSTUDIO OOD ET ZHORO I SIN - ANTON GEORGIEV PROIZVODITELNA KOOPERATSIA METAL KOOP DGF ENGINEERING EOOD BIMEX OOD LIVI EOOD ILIA PAVLOV ET ZAVOD ZA METALNI KONSTRUKTSII AD EMMONT AD ML SPRINGS BULGARIA EOOD EAZ OOD KREMEKS EOOD BULINTECH OOD P A T BG OOD ARGIROVI BG EOOD ARODEETZ - IVANOVI SD DIMITAR HRISTOV 92 ET NIA 13 EOOD KMB-SISTEMI ZA PATNA SIGURNOST OOD YANAKIEV EOOD TERA BM OOD MS - 1 - INGINEREERING EOOD MIKRON DOZEV EOOD DUNAV OYL EOOD NIK DOOR EOOD FEROCOM AD PROFILSTIL KOMFORT EOOD LAZEREN DZHOB SHOP OOD SANI - 87 EOOD LESILMASH EOOD POMORIE OOD K I TECH OOD DIMA - 57 EOOD KWT CONSTRUCTION EOOD AN - KO - 88 EOOD METAL TREYD OOD STEPANKATA KIRIL DIMOV ET METALIK 57 EOOD NTRANS EOOD VALENTIN ATANASOV -57 ET PENITA OOD ARCUS AD KZU BURGAS EOOD VLAEV DIMITAR KALEV ET BBS BULGARIA OOD METALSTROI INGENERING 95 EOOD PRECISE LAZER EOOD DIKS-METAL EOOD VIDIYA-V-04 EAD DESKO 91 PETKO GORANOV PETKOV ET KALATAS ULUKYA EOOD EVROSTANDART - 1 SLTD EOOD MAK INDUSTRY EOOD TENEV TEH EOOD MBM METALWORK OOD PRODUEM EOOD MANLY S OOD LM-INSTRUMENT EOOD K 88 EOOD ONION EOOD PANTEH INGENERING OOD METAL 2011 EOOD METALSTYLE Z EOOD METALPLAST EOOD ET OPTIKO - SIMEON NENOV YANAKIEV INVEST EOOD REGAL - INSTRUMENT OOD YAN 93A EOOD ET TEHNIKA - LENIN GEORGIEV GALVANIKA OOD SIHN BULGARIA EOOD METALOOBRABOTVANE-CHOLAKOV EOOD IESTO - INGENERING - VALCHEV I SIE SD ZMM PILANA OOD GALDIA - 2011 EOOD METALIK M EOOD DIVE ENGINEERING OOD STE-BA EOOD NOZHAROV EOOD S END G INZHENERING EOOD GYUROV - 42 OOD METALIKA EF DZHI OOD NIK STIL METAL EOOD REBEL-N LLC EOOD BAYCHEV KAMPANI EOOD REDI DIMITAR DIMITROV ET VOLTAGE STUDIO EOOD VISA EOOD KODI MAKS EOOD TRANSCOMEL EOOD ALKOM MIHAIL MIHAYLOV ET HOTSEYF EOOD TEHNOMET EOOD MPM ENGINEERING OOD KOYCHO STEFANOV MADZHAROV STIK BG OOD 20 SeeNews Industry Report

BRS BALKANS AD EDISUN 05 EOOD KINDEX EOOD KONTO - N EOOD ASTROLAYT EOOD INV-77 EOOD VEST RD OOD FENCING SYSYTEMS EOOD TEHFIN EOOD ELVI 2012 OOD KVSD EOOD TEHNOPLAST IVAN CHOKOEV ET PETAR PETKOV ET ALFA 12 EOOD ENELA NIKEL EOOD HEFEST BG EOOD ET AL-STEFANI - TODOR RADEV ALFA BULD EOOD FLO-KRUM NEDKOV ET KIK-KRASI 77 EOOD SAGE TECHNOLOGIES OOD TRIMEX OOD LAZER PRODUKT DEYAN GERGOV ET GALVANOPRAKTIK PETROV SADRUZHIE SD USP 2 EOOD MANOLOV PLAST EOOD SIGAL 1 EOOD ET DATIZ - PENYO DRAGANOV NK EOOD TECHNOPROMET EOOD METAL DIZAYN M EOOD TEHNOTEMP 311 EOOD DIZONI OOD HERMES - AL OOD EDIGA - AUTO EOOD ET EVROSTANDART - MARCHO MARKOV - ZLATKO DIMITROV SMR-2010 EOOD IANIS OOD YORIV ATANAS HRISTOV ET BG DORS 2013 - EOOD SKY MONT EOOD S G INVEST EOOD TEHNOINZHENERING 97 OOD 2 EN - ENERJI OOD ET DIOGEN-70 NEDELCHO GENOV METAL CONSTRUCTIONS PLEVEN EAD ANGEL DESIGN EOOD SISO OOD METAL DESIGN RMZ OOD LICHTGITTER BULGARIEN GMBH OOD SANEL SANDANSKI OOD COMPASS ENGINEERING - IP EOOD KARIMEKS EOOD ZOGRAFSKI 2008 OOD ET NENOV - STOYAN NENOV D I K - DIMITAR IVANOV ET DRAGOLOVI OOD RADKO RADUSHEV ET MONTEH EOOD KARERAS EOOD TEKNOLAZER OOD ALPHATECH 92 OOD DYUK 1 EOOD VRATI KAYLAKA EOOD ET UNIMET-95-PETAR PETROV V DIZAYN EOOD TISIM OOD RITEKS EOOD BURR OOD STIYL MIL OOD ZARA PLAST EOOD STANKOV I SIN EOOD METALPROFIL - BAEV EOOD ECO-NRGY FIREPLACES EOOD GALVANOHIMIYA - 2010 OOD ANGEL - DANI 85 EOOD ELENA 05 - ELENKA HRISTOVA ET DIMIANAS EOOD GANS 08 OOD MIRA - MM EOOD MASHINI I DETAILI EOOD TAUKER EOOD NANOTECH GROUP OOD MEHANIKA INZHENERING EOOD PHILIPEX ILIA PHILIPOV ET RUUF BG EOOD KAROLOV EOOD QWANTEL OOD ENERGOMONTAZH-RR AD ZOGRAFOV& SON OOD FEMAG - PVTS EOOD ET ELFI-IVAN KANCHEV INTERPLAST OOD UZUNOVI - 71 OOD ET ANGEL KOLEV NIKUMA EOOD EVANGELIA TSAKIRI ET ASIMA OOD GDP-2631 OOD METAL KOMPLEKT EOOD ET KROS-12 - HRISTO STOYANOV EM SI PROPARTI LIMITID EOOD GEORGIEV-GK EOOD EM EKS 001 EOOD PLANSEE MW EOOD CHEH PLAST OOD DANIS EOOD RAYK M MINCHEV EOOD TSALO DESISLAVA TSALOVA ET YNEL EOOD KLIP GLAS OOD ZKD INVEST EOOD EVRO 4 EOOD S STOEV EOOD KALIBROVANI STOMANI AD ET SPRINT-STIL - PLAMEN TERZIEV SE NA 2007 EOOD KIMTEX EOOD INTERDOR EOOD BOZOV I SIE EOOD MARK EOOD TENNOSNAB OOD ET HERMES - NIKOLAY DADANSKI STAVIO OOD MARKEY EOOD ET PETROV I SIN - TRAYAN PETROV TEHSTIIL EOOD BRAMAND EOOD BB FORM EOOD MIRIKALS-M EOOD DIAL 86 DIMITAR YURCHIEV YASEN YURCHIEV ET GIDEKS OOD ET RUI - RUMYANA HRISTOVA SIRENA - PESHEV & SIE SD DELIA TERMO EOOD METAL FACTORY OOD ET GALVANO 2012 - BOYCHO STAMENOV TV GAZ OOD METAL TIMOV GROUP EOOD M V LOMONOSOV OOD REGAL-RUPETSOV EOOD VLAHOV EOOD TITAN-TONCHO TONEV EOOD DZHI ER EM BULGARIA EOOD OLD SKUUL OOD SAMENT EOOD TEOPAST EOOD ET ARGON - NIKOLAY KOLEV MPN OOD GT BUILD ENG EOOD PROMEL-SEVLIEVO OOD TECHNOCOMERS AT EOOD LYUMIER MILKO YONKOV ET PLAMEN MATSALOV ET PROMETAL 2000 OOD MARTI 2013 EOOD K C D EOOD E & V - ELENA VASILEVA ET LEKOV I SINOVE EOOD OPTIKOMEXANIKAL WORK OOD PROFIL I OOD KRIKET INDASTRI EOOD RANG EOOD METAL DESIGN COMPANY EOOD KNL TEHNOLADZHIS EOOD MM GALVANIX OOD METALICA - M I P EOOD CHELEBI KALAP BULGARIA OOD ET IVAIL TODOROV IP INZHENERING OOD PROFI - PROMECO EOOD SENT OOD PRETSIZ-INTER 97 OOD A & S ART METAL OOD ALEKS EOOD META DIZAYN OOD J& F EOOD KAPELINI EOOD ELMASH INZHENERING EOOD G-DOR EOOD KAPITAN IVAN EOOD GANCHO DANAILOV EOOD ELKOM-EMIL STOYANOV ET RVA INZHINERING EOOD ELEKTRA 2002 OOD DESIGN AND CO 2013 EOOD ELTO 07 EOOD KOLOS EOOD ET EVGENI FILCHEV AUTO BALANS SYSTEM TECHNIC OOD REALID - B EOOD ET BANKO BANCHEV LUCHO THE STEEL EOOD METALIKA 65 EOOD AMTEK OOD EMCO OOD NRG METALLTD OOD D I D MONTAZHINZHENERING EOOD GEORGI KOMI 2018 EOOD TOSHIDA 2008 EOOD SIMA - MA EOOD HORIZONTAL EOOD ET AL TEH - ALEKSANDAR NAYDENOV VRANGOVI OOD ET DIMITRINKA FILIPOVA ET KERAM-34-PETAR NIKOLOV HARMONY - 55 EOOD STELITAN-M EOOD ET DIKAR - TSANKO DIMITROV ET ARARAT - MAGARDICH DYUNGELYAN STROYMARK EOOD FILTO AD TIMBO TODORKA STEFANOVA ET ET MBD - LYUBEN VASILEV NIKOLOV-PETAR NIKOLOV ET ZAPRYANOV 66 EOOD ALANNI 2011 EOOD VESSTAS EOOD ARV OOD EKSTREM - MV EOOD 12 EOOD METAL RAPID EOOD ET DIMITROV-90 - MITKO DIMITROV TUFEK METAL EOOD SANEL AD ALTYS-ZK EOOD R L D EOOD ALPHA ENGINEERING EOOD BLITS METAL EOOD METALNI IZDELIA GIG EOOD ET KRASIMIR GRANCHARSKI-TINO MARS 67 - S - STEFAN YORDANOV EOOD BG PARAPETI EOOD ROBOTIKA OOD NOVI TEHNOLOGII V MASHINOSTROENETO KOOP SZHV EOOD FEDER UNIVERSAL I KO OOD MERAL BULGARIA AD PAN EOOD AQUA METAL EOOD KREZ-GROUP LLC OOD VIKTOR KOREKT EOOD VENTI KIRCHEV EOOD TED GROUP EOOD ZAVARACHNI TEHNOLOGII I MONTAZH EOOD SPL SARVIS EOOD FORMI METAL - SHTEREV EOOD COIBEO EOOD FRIZTECH METAL EOOD KANEDI EOOD ET KRASIMIR DOBREV ET BOND 07 - VASIL DINEV MENMETAL EOOD GRADIENT - TEH EOOD AVEK BULGARIA OOD NEREIDA-95 OOD VIG-100 EOOD BOGDAN TSANEV EOOD ALUMINA ELIT 2003 EOOD NG FORMTECH OOD TERGO OOD 21 SeeNews Industry Report

ASSA ABLOY OPENING SOLUTIONS BULGARIA TRUDOVO PROIZVODITELNA KOOPERATSIA SAMENT ENGINEERING EOOD RADO IVANKA KOTSEVA ET EOOD PARVI MAY KOOP TEREM - TSAR SAMUIL EOOD FABCO OOD ADIEL ES EOOD ALEKS METAL OOD BUL PRO 13 EOOD KADMEYA ENGINEERING EOOD OBKOV AD ELENA GROUP EAD TENSIL DESIGN EOOD CHROM DESIGN EOOD -92 EOOD DIMITAR PETKOV - KONSTRUKTORSKO BYURO BAMAX - POPOV OOD ELGRAV - MG OOD ML ET FABIANA 2008 EOOD EMILI 2007 OOD SITI KOLOR NRN OOD REPAIR TRANS CONSTRUCT OOD SAND SA EOOD KRASTANOV I SIE SD MG MEKS EOOD SPECIAL WIRES AND NAILS SA AD REMACS - STAL EOOD EMON EOOD ET DIMITAR KOLEV-BOHEMIYA AREKSIM GARDEN EOOD VASILEV STRONG STEEL EOOD ANGA 09 OOD HIDRORING EOOD METAL PRESTO EOOD STUDIO 35 EOOD PROGALVIS OOD SBM PROEKT OOD KIM 2004 OOD ET STELA 89 - IVAYLO SOPOTENSKI VALKANA PETKOVA ET N S R OOD POLIVAK OOD ET NIKS - NIKOLAY GARBEV ET VLADIMIR ZHELYAZKOV 2008 ET TINCHO I SIN - VALENTIN GARVANSKI L S KOLEV - LUBOMIR KOLEV ET KOLOR METAL T OOD SUNNY BLIND EOOD NNT NIKAS OOD BALKANCAR RUEN AD INOTEH EOOD ALUMAKE OOD BRAKO BULGARIA OOD INECS STYLE EOOD ET VEDI - VESKA HRISTOVA DOBRINKA PULOVA ET EVELIN 2002 TSETSA ZAMFIROVA ET POLIVEST B OOD P I M KORONA EOOD GAMA PROEKT 99 AD ART NOUVE EOOD RK ELEKTRIK OOD KALAMBUR 2016 OOD DARGO-MARCHEV & CO SD METALSTROI-STOIANOV I GEORGIEV OOD DEN OOD LUCA-12 EOOD TOBO FASADI OOD ATLETIC EOOD AT INZHENERING OOD RG GRUP AD ANITA ANGELINA DOYCHINOVA ET SIBON - MASH OOD PATLIDZHANSKI OOD -2013 EOOD ANTEY 2000 OOD NIK 47 EOOD EKITA OOD TSMK GABARA EOOD BOYCHEV METAL DIZAYN EOOD AJAX 2002 EOOD ATANAS TARPOV 2005 EOOD ET TEHNO-DORS-BOZHIDAR NEDYALKOV ET NIKOL 10-NIKOLAY ATANASOV IZVOR DZZD METAL - DIZAYN - KG OOD SPN EOOD AKTIV - 65 EOOD RADOP 2000 EOOD SIMEONOV & SIE 97 EOOD ET SHANS - PETAR KARAGYOZOV METAL - 99 OOD EMIVAN EOOD ARMATUREN DVOR LYULIN EOOD NS STAMPS EOOD PROFIL BILD OOD ET TRENDAFIL SHOPOV - TRENDI KOSTOV EOOD METALNI SISTEMI IVANOV EOOD POLYANICA EOOD PLUS HIRIS OOD METAMELB HRISTIAN TODOROV ET MALK MASHIN EOOD PETAR ZHELEZAROV ET VLADI - VENCI EOOD RUMI PLYUS 2016 EOOD ET SABRI SYULEYMAN - GORAL RUMLEN EOOD PROFIMET STIL EOOD SDTECH OOD VAZHOD AD TSENKOV INZHENERING EOOD MIVOSKI EOOD OGRADIRADI EOOD GENTMETAL EOOD ZGPU GROUP OOD EPSILON 09 EOOD FIDELITI SOLYUSHANS EOOD BULSERVIS OOD ENERCO BG OOD FOKAS 2 EOOD ET VULKAN - HRISTO STEFANOV BEATRIS OOD BOSFOR 94 EOOD VITU OOD GALANT SYSTEMS EOOD WATO BG OOD ZLATEVI 1 EOOD PROFI METAL 2015 EOOD BEYDEMIR METALUARKS EOOD K 2 KAZANLAK EOOD REM OOD APELO BALGARIA OOD NOXY 93 EOOD REDI EOOD KIRCHO GEORGIEV ET PETAR LOLOVSKI - 3 ET LAZER PRES OOD UNIEL OOD SAND - SPAS AHILEEV ET GABOLT OOD HERA JM EOOD DIRONA EOOD MERIAN EOOD MKE - PETAR YONCHEV ET RIA EOOD PROLET-LILYANA VELINOVA ET MECHKOV IVAN MECHKOV ET VIP - BERK HRISTOVA EOOD DANIMAT EOOD MS INDUSTRY EOOD INOKS DIZAYN 2018 EOOD ABSTRAKT -IKO EOOD PODEM EOOD FEUNIKAT EOOD JUPITER METAL OOD DILEK -03 EOOD KAELBLE BG EOOD FOXTECH OOD MILARA OOD CHARLTON EOOD SILA AD TOLAV OOD PROFILE STYLE OOD DZHARTAZANOVA ARNAUDOVA S IE NIAGARA OOD AIKON EOOD HIMKOMPLEKS SD SEKVOYA 16 EOOD BSGV EOOD SIPOPLAS OOD ET METAL - ILIYA ILIEV HRISMETAL EOOD SD STOYCHEVI - 3 ET BALTADZHIEV-METAL-TAKSI - MINKO YU I R 76 EOOD VALMAR 2004 OOD MILANOV KARGOS EOOD ILDEKO METALOTEHNIKA EOOD KIRIL KIRILOV ETKOM ET IMPAS 91 EOOD FILKO 1 EOOD STILKONSTRUKTSIONS EOOD MEHANICHEN ZAVOD DEVIN OOD DORONOV EOOD ZLATEV DETAILS 73 EOOD KRON - LK EOOD ET RUMEN KOPRINKOV - KOPRI DILOV-74 EOOD NOV STIL EOOD DENI - ELI 2005 EOOD BULLTEK OOD MONTAGEENGINEERING AD SAB ART INZHENERING EOOD BRAIKO EOOD EVROPLAST OOD ELSIT 58 EOOD PK ZUNO 91 KOOP ZGP OOD MAX M 84 EOOD BONYPAKS EOOD B& M SPRING OOD MAGTRADE-ABV EOOD ELEGANT KOMERS OOD TEYA BURGAS OOD NIPROM OOD PETAR DODOV DESON 91 ET PROFICINK EOOD VAZHOD 1 AD ALU - SERVIZ EOOD SFK - INSTRUMENT EOOD EKOTERM - KOTLOSTROI EOOD SARTEN BULGARIA OOD IPI STEEL EAD PROSIS EOOD BMG INZHENERING OOD FINPLAST OOD ZP GB KOVANO ZHELYAZO KARLOVSKI EOOD METAL PLC AD EVRO - MASTER EOOD VAS PRO OOD LKS-LAZAROV 2011 EOOD JORDI - 3 OOD LASERTECH OOD ET STEFAN DIMITROV - TSVETOSTAL 999 ET BORNADO-DRAGOMIR ANDREEV RAN UEYLD EOOD TIK TAK DIAN CHASOVNIKAROV ET ELINA ALUMINA EOOD DZHANFEZOV EOOD ET KOLIMETGRAFIK - NIKOLAY KOLEV SIGMA KAM OOD KRAGO EOOD LUKSMETAL EOOD ALEKS 05 EOOD JRC TECHNOLOGIES EOOD PRO-MAT EOOD HARD BG OOD APRA DESIGN OOD PRIME DESIGN EUROPE AD DEMI 2005 OOD REMONTNA KOMPANIA HM OOD CHROM AD STRIMONA STROY EOOD PLAZMA 40 OOD TRUDOVO PROIZVODITELNA KOOPERATSIA KLASA PLAST 77 OOD BRIZ - 93 - ANGEL ATANASOV EDNOLICHEN PALINIKO OOD KOLEKTIVEN TRUD KOOP TARGOVEC ET KOZIROG 27 - SONYA VASILEVA CHAKMAKOVA LEONID HAZDAY LONI ET TRIUMF PRIMA EOOD EOOD ARONOV 87 EOOD DEN FOR MI OOD KRISTAL - 50 EOOD BORTEKS 18 EOOD 22 SeeNews Industry Report

ET IVAN KOSTOV - AGRO RIK KOOP. PESHO 56 EOOD ATEX HYDRO EOOD ASTROIDA OOD K IVAN RADEV ET PRIVATEH OOD LED LIGHT TEHNOLOGY EOOD NI KOS-3 EOOD M & A GROUP EOOD NS CUSTOM PARTS EOOD ET TERZOV METAL-DIMITAR TERZOV MET-KOV EOOD DENROSE IMPEX EOOD METALOOBRABOTKA - MURDZHEV EOOD KO & KI EOOD RAYA STIL STROY &APOS&APOS EOOD EL BY SERVICE EOOD D M 2010 OOD VIKTORIA 90 PETKO PARVANOV ET METALLWERK EOOD ARIANAMETALS EOOD BROS MASH EOOD SVETLANA 99 EOOD EVIEM -TEX OOD MIROSLAV STOYANOV 90 ET NYU DIMENSHAN EOOD METAFORM OOD ET SERURI - TSONYU TSONEV 3D FOKUS EOOD ASORTI 2006 OOD MEHANIKA - PRODANOV I SIE OOD PROMET 12 EOOD KOVANI METALI EOOD REALMET MCC INNOVATION GROUP EOOD HAIDE SN OOD METAL M SOFIA OOD SPECTRAL S EOOD PLAM-KIRIL VISHNEV ET INOX SYSTEMS OOD KARAIVANOV EOOD STREMEJ-2014 EOOD ALEKS-57 EOOD MAKS STIL I RAYLING EOOD BODAMET EOOD ET HRISTO KOSTADINOV INOX ENGINEERING PSP EOOD EMURLA METAL SERVICE EOOD ALUTEHNIX OOD DIMKIN EOOD DIZHEMON OOD RONI 2017 EOOD EGAMET EOOD ARONOV KT KRASTYO TODOROV ET DEPEX OOD ROSA IVO TOSHMAKOV ET SAAV OOD DELIIVANOVI I SIE OOD ENGINEERING CONSULT EOOD MECHKUEV DESIGN EOOD MITEV 69 I SIE EOOD ET IVAN PETROV ATANASOV BLAGOY EVTIMOV - ATOL ET PERFEKTUP PACKAGING BG OOD KIROVTSI EOOD VELINGRAD DESIGN EOOD METAL-2004 OOD ADELIT EOOD ET SIBEL - SABRIE MEHMED KREPEGI BULGARIA TRADING OOD SERTA BULGARIA AD BULCO-ROLL SHUTERS AND DOORS OOD MZ RAZLOG OOD METAL GROUP ELITE 2006 EOOD TEGS - TODOR RADEV ET KZU-SHAPKOV OOD DEKORAMET EOOD ENERGOSERVICE ENGINEERING OOD APIES PRODUKT EOOD JELEZEN STYLE EOOD ERIS NL EOOD VIP 07 OOD ART METAL DESIGN EOOD STANDART PRODUKT EOOD MUTA 1 EOOD MLADEKS EOOD PLAMAR OOD BULMAK 2005 EOOD RASTER TREYD EOOD XAMMUR EOOD PNEVMATIKA FENIKS EOOD REKARPLAST 2006 OOD INOM OOD DZHI - AY - MARINOV EOOD ASD -555 EOOD NOVOKOM AD VELCHEVA 77 EOOD STOYNO SOLAKOV SOLIMEKS 3 ET VNV-74 EOOD HEXOD EOOD MITA MED EOOD AVTOREMONTNI ZAVODI AD GEOSOLAR V - 63 EOOD LEVSKI METAL EOOD CH & L ENTERPRAYZIS OOD TELA IVAN ANGELCHEV 1 OOD MADEKS 55 EOOD ET MARINCHO MARINOV - PAVEL MARINOV INSAYT 2009 EOOD SINTIYA 2012 EOOD ET TSVETAN MINKOV METPRO EOOD MADARA RESORI EOOD KZU GROUP PROJECT M OOD IRON BROTHERS OOD HEROSS OOD ARDA TEHMAN EOOD TEREM - IVAILO EOOD VIP STYLE 2005 OOD OREANA V EOOD CITY GROUP EOOD RUMPI 71 EOOD VOLTA - S OOD UNIKAPS EOOD ARTMET ROSEN VLADIMIROV ET PLOVDIV INK EOOD ZHELYAZKOV TEH EOOD IVADOR GRUP OOD AG INZHENERING EOOD YAK TRADING EOOD MODUL - SPEKTAR - IVAN PAMUKCHIEV ET MM MECHANICS OOD ARKO METAL OOD GENEXIM METAL CONSTRUCTION OOD ER BE GE GRUP EOOD SG CONSTRUCTION OOD ET MAKSI - MAKSIM ILIEV VESTAL-2002 OOD RAVERA RADOSTIN RADEV ET BALKANCAR PLEVEN AD METAL STROY GABROVO EOOD NIKOLA SIMOV 99 OOD KAVAR-96 OOD BITOVA TEHNIKA AD VAKOV EOOD SCHATTI BULGARIA EOOD NIKI 76 NIKOLAY RUSENOV ET LIBERMAAN BULGARIA EOOD EKO - TEC OOD KOVANO JELYAZO TOMCHEV EOOD BIOMASHINOSTROENE AD AUTONOM - METALL OOD ZARANKOVI OOD MKZU - METAL EOOD METAL M EOOD ALKOM MM EOOD VIVA - MARIYA VASILEVA OOD ANIDA INGENERING EOOD PROTARG INVEST AD ORNAMENTAL EOOD STEEL CONSTRUCTIONS EOOD MULTIREY INZHINERING EOOD METAL STIL EOOD ET PLAMEN KIRILOV 2001 REZONANS EOOD AKORD 67 OOD BALGARSKA LEJARNA EOOD MURALI EOOD KATRANDZHIEV - 83 EOOD GM CONSTRUCTION EOOD GEOPRODUKT AD BOYCHO DOYCHEV ET STROTEH EOOD ET SNEZHEN KAMAK - PETAR KITOV TRIAL OOD METAL PRODUCT 2 OOD DIPSI EOOD TSAREV GROUP EOOD DIEL 2000 OOD ET METAL - IVANKA PETROVA DIMPAV EOOD BULKRAFT OOD ZORA TREYDING EOOD TOP CLIP OOD ET YOVCHO TSANEV EMKO - 06 EOOD ITALTEH OOD PI STIL KONSTRAKSHAN EOOD ET BALTADZHIEV - DETELIN GEORGIEV EKOSTIL EOOD METALPRODUCT AMS OOD INOKS METAL EOOD AL-PLAST 2009 EOOD LAZER PRODUKT EOOD ROSPROM EOOD KOKI KONSTANTIN BOHOTSKI ET PODEMSTROYMASH INVEST EAD BLINDER OOD LIDER 70 EOOD METAL SERVIZ GRUP EOOD NAYTEH EOOD SMB ENGINEERING EOOD AREDO EOOD TAS EOOD FOBOS 89 EOOD SWAWION EOOD ABIS VALEO EOOD AYEMAR EOOD BRISTO EOOD MPM GROUP 7 OOD NOVOFORM-BGLTD OOD VAMINA OOD TESA EOOD RADINELI 97 EOOD FESTONI EOOD SARACOM EOOD AGROKONSULT METAL EOOD ZLATOMIR ZIZI METAL EOOD INSTA OOD PRIMA - BMK OOD ET LASTO-LAZAR STOYCHEV D TS TSANEV OOD LI VI PROEKT EOOD BOSKO METAL EOOD MOYSANIT EOOD DEIK HRISTO GROZDANOV ET PROMET SAFE OOD TEO VANYA MITKO ZHELYAZKOV ET CHELINI-2016 OOD METAL KOMPLEKT EOOD PALI 01 EOOD LOBOS1 EOOD BRAYAN 4 EOOD TECHNOWORK EOOD EVROINZHENERING EOOD ET YONKO TASEV TEHNOSARVIZ EOOD RTR OOD METAL IN EOOD METALIKA OOD ET KLIMAT - KIRIL KIROV METAL INVEST EOOD TREMOLAYN EOOD ET KASERA - BOGOMIL TRAYKOV METAL GRUP BG EOOD DET - 2007 OOD STEFAN IVANOV STEFANOV FAAM BULGARIA OOD IRACKING OOD GLASCOM - M EOOD LUCI BUILD EOOD MUSON GROUP EOOD BAY IVAN OOD PUZZLE G N EOOD PRUGINI-PENEV OOD REDOKS M EOOD ET IVAN IVANOV- IVIANT ET SIKOMS - STOYKA KOLEVA ET KRONOS 10 - GEORGI GEORGIEV APEX - YORDAN YORDANOV ET VILMASH AD 23 SeeNews Industry Report

SILA GROUP BG EOOD MONIK YUNION OOD KRAB 2004 OOD METAL SISTEM ITD EOOD VESELIN ANDONOV-SANELA ET JIRA BULGARIA EOOD EL KOMERS - AB OOD ALEKSA-BULGARIA EOOD ET MARAZOV-DBD - MARIANA DINEVA ROZA EMAIL OOD KOREKT NIKOLOV OOD VAMO-B EOOD HIDRODES EOOD WELD EXPERT V.E EOOD MIHAILOV TRADE EOOD LUPE - S EOOD ET NDT- LYUBOMIR NIKOLAEV OTO 100 EOOD VAZOVSKI MASHINOSTROITELNI ZAVODI EAD METALMONTAJ KN OOD TAYFUN 2008 EOOD IVEL - VALENTIN VALKOV ET NADEZHDA-94 OOD HAVOS EOOD TERRA DESIGN-M EOOD MECABOR BG EOOD TM METALPLAST OOD TOLI BL EOOD E& D GROUP OOD TRITON I I AD RUVAST EOOD VEGAS - 93 OOD METALEN SVIAT OOD VIMAK 2015 EOOD MOTOROCK 2006 OOD STOXI 04 EOOD VRATSA MEHANIKS AD ET LIFT BO IV IVAN VLADIMIROV COMET INOX EOOD KAMAK OOD STANDART - PETAR BOEV ET ADIS - 2 EOOD SIMAT M D EOOD NORDTON EOOD ET TEMRA - TODOR ILIEV USTREM 03 OOD FELICIA OOD NIKI BUILD 2011 EOOD FAAC BULGARIA EAD TETRAEDAR 49 KIROV STOEV I DOSEV OOD ET TIBO - TIHOMIR ATANASOV BIMEKS INZHENERING AD LAZERNI I DIGITALNI TEHNOLOGII OOD ALESTA - BRATYA ALEKSIEVI EOOD MS PERFEKT OOD PRADEX ET METAL KOREKT 777 OOD THERMO SERVICE OOD M 40 EOOD PELA EOOD LAZER PRO EOOD ALEKSANDROV-KONSTRUKSHANS EOOD TEREM HAN KRUM EOOD DENDRIT PLASTIKA OOD ET TULCHA-MARIN MILEV K V L KRUM KIROV ET BUL INZH KRASIMIR ATANASOV ET DIMITAR PETROV INTEKS ET METALNI VRATI EOOD METALPRAIS EOOD LYUBO PLAST EOOD LAMARINA 2005 EOOD DIV IMPEX OOD ISIS 60 IVAN IVANOV ET VIGA OOD MASH INDUSTRY EOOD VIBO OOD SELIN - 2018 EOOD DPD-BULGARIA EOOD KOEV EOOD VALKI - 51 EOOD HIDROTEK EOOD ET PETAR SEMERDZHIEV - ILIYANA RADEVA VULKAN 2007 EOOD DIZAYN ART OOD ET HABI- HABIL ISMETOV MAHMUDOV GOGO I MITI 2015 EOOD MEDA EOOD ALFA 92 EOOD HARLEKS OOD KOLOR PLUS 3 EOOD YAKOVA - PK OOD KITRON EOOD TEOHAROV EOOD MMM - METAL MONTAZH MINKOV EOOD TM ELECTRIC EOOD PEKRA EOOD METTEL-KOMERS EOOD TERMOKOLOR - SA OOD TSVETKO MINYOVSKI ET ATES TREID OOD ACTIVE SUN EOOD VITO TONI RUSEV ET S K N EOOD ET MILEN NIKOLCHEV METALNI KONSTRUKTSII I INZHENERING EOOD ET HARI - ZAHARIYA ZAHARIEV BLASER GROUP GABROVO EOOD VAS - 21 EOOD HERKAL EOOD MILAN SOFI - MD EOOD METI ENGINEERING EOOD NOVOTECHPROM OOD ET LYUBOMIR PETROV MONTAGI & CO OOD METAL DESIGN 2016 EOOD R DINA - M OOD EKSPLAST EOOD ALVIRA TREYD EOOD EMIL TSVETANOV ET METAL 07 EOOD ET BILYANA KAMENOVA - ARGOS HRISTOZKOV EOOD N S INZHENERING EOOD DIPET EOOD BUILD PLAST EOOD VANEKS 11 EOOD ZASHTITNI POKRITIA OOD BOK COMMERCE EOOD ELMA 5 EOOD AGNON OOD ALVIN GLASS EOOD ARNA EOOD ETM - CONSTRUCTIONS 1 EOOD GRUDI EOOD METALPLAST GROUP EOOD SLANTZE - KOLENTZOVI EOOD ET VERONIKA - M - ALEKSANDAR SHTARBANOV BISA T EOOD STOKOM OOD MASHEKS SERVIZ OOD DIENDI - 2013 EOOD FEROHROM AD ARTEMIS OOD ARBIS EOOD OBRETENOV & CO EOOD ET KLAMERKOS - GEORGI KOSTADINOV GEORGI MARGARITOV ET ALU PLAST YUB EOOD ZAHARINA BANKOVSKA EOOD KAMAX OOD ALUSTAR OOD ET IRFAN - SHERIFE ALIOSMANOVA RETECH SD EOOD UNIVERS -STROI- J DOBREV ET LUSI-69-VALERI VELICHKOV ET ET ALVIO - ALDIN MOLLOV METAL AMBALAZH EOOD TVCH 2012 EOOD METAL GROUP INDUSTRY EOOD MAYA METAL EOOD AGAM 2012 EOOD ZHOSI EOOD TMT - G EOOD TELM I KO EOOD ET YANI - YANKO YANKOV ARKADA 22 OOD POLITEST OOD RAIKOV S A EOOD TRUDOVO PROIZVODITELNA KOOPERATSIYA DECORAL SPECTAR OOD BRILYANT NAYDENOV I S IE SD ATMOS ET STEFAN CHERNEV KOALIS OOD LUCKY 07 - ENGINEERING EOOD BRUSA 2 EOOD DJULI INGENERING OOD ALMA-GABROVO EOOD SEZI-M EOOD NEDA 90 VASIL TARNEV ET TRANSPROGRES DOORS OOD ELEKTRIC ESTATE EOOD DISEL - GERMAN EOOD DACHI - DG SD MT 4 EOOD PRESSFORMS INDUSTRY OOD LEDI-M EOOD BOR INVEST BG OOD JET POINT OOD EVROTEX-2 OOD PROMISHLENA AVTOMATIKA VIOLIN SIMEONOV MAYAK KM AD ET BITEH - 95 OOD ALCORE EOOD DIMITROV INZHENERING NEDKO DIMITROV ET GENATA INZHENERING EOOD FIX - N EOOD ET AZHUR-A.D.-ATANAS DUSHANOV-ANI ZASA MIKRON OOD PETKOVA ZAMOV 05 EOOD AQUAIRON EOOD HALOGENA OOD GUNEV - 57 EOOD BEROVSKI INZHENERING EOOD HIGH END BULGARIA OOD ZMM DRAGANOVO AD 3A BLOCK OOD DIS MARKET VT OOD METKON EOOD CHERNOGORSKI EOOD SIM-99 OOD MIKROMET OOD FRANCIAMET EOOD TIKE MM EOOD PETAR CHAEV EOOD ET MATI - STANKO RAEV ZINOM AD RENESSE OOD ET BOZHKOV - HRISTO BOZHKOV NAPLATANOVI EOOD KRIS - 001 EOOD AGAPACK OOD LIDER SACHMALIEV OOD KASTECH EOOD ET YOANA-2006 - PETAR PETROV SINTER M AD ARP OOD PIYPALS OOD ETM KONSTRUKTSII EOOD DARG EOOD ET SASHKO MILANOV - STRUMETA EFOR GRUP EOOD TEST EOOD PAVEL PAVLOV - PAVKATA ET CI VI EM GRUP EOOD S & S METAL EOOD ALEKS - 2006 EOOD HARI-H EOOD ZMM-INZHENERING OOD FMG-KONSULT EOOD VIAMAT-BIS OOD SIVRIEV EOOD ROSITCA-VLADIMIR ELCHINOV ET DEVITECH EOOD TRUDOVO PROIZVODITELNA KOOPERATSIA KOVACH KOOP PROTECH-ZHM OOD KARAKASHEV & SON SP EDNOLICHNO METALSIG EOOD DRUZESTVO S OGRANICHENA OTGOVORNOST KANKO OOD PULSLAYT OOD KORONA 91 - VOLODYA VALESHKOV ET EOOD PROFIL PLYUS EOOD HERA 2006 OOD TRS EOOD ASA - DESTIL OOD GM PROPELLERS EOOD PSORD BAYKOVI I SIE SD UNIMET PRODUCTION OOD 24 SeeNews Industry Report

TSVETAN MERASHKI 2014 EOOD ET BOZHO - BOZHIDAR ZOLEV EDIS INZHENERING EOOD DEMS OOD EMES GRUP EOOD HIDEKS OOD TODOROV - GEMI 70 EOOD FEIT STYLE OOD LIMES INNOVATION EOOD STROYMAT GROUP OOD M AND G EOOD ELECTRIC COMPANY 2000 OOD MAGNOLIA - STIL AM EOOD PRP METAL AGRO OOD TECHNOPROMET - 18 EOOD VDV UELDING EOOD ET TOTYO TOTEV - 98 DANANIKA EOOD KAMTEHKOM EOOD SERGEY PETROV L P EOOD ZMM - INSTRUMENT OOD PROMISHLENA ENERGETIKA VARNA AD BRILIANT I FORTE - 89 OOD ALUTRADING EOOD PLASTINSTRUMENT EOOD DAROPLAST OOD HERTI AD HOWALD INDUSTRIAL SYSTEMS EAD MEIN EOOD BALISTA EOOD EURO METAL GROUP OOD ET UNIVERSAL-V IVANKA ZAMFIROVA IHR METAL EOOD SANI EOOD BRAS END KOPER KRIEYSHANS EOOD PRES GUSI OOD ALUMINA STIL 3 EOOD NEDYU STOYANOV EOOD MARBUL-73 EOOD ET SARP I CHUK - PETAR NIKOLOV ET TELA - IVAN ANGELCHEV STEELNEX EOOD VHV OOD ET RADO - RADOSLAV ARABADZHIEV016 ET KAPSAZOV-66 - STOYKO TODOROV VIP PLAST-2013 EOOD PASHOV STROY EOOD BIMETA D&D EOOD TOURISTSTROY -TSARATSOVO EOOD SISTEMI I TEHNIKA ZA SIGURNOST EOOD TERMOKOLOR-S EOOD DIA DOOR EOOD FORTUNA 1 HRISTO HRISTOV ET KRISTINA 85 - TOSHO STOYANOV ET ALAKS DH OOD MAYSKI OOD TRANSKOM MONTANA EOOD PAKO - MAS EOOD METAL STIL EOOD POLIKONT EOOD YUD STIIL OOD PEGAS ANGEL KAZAKOV 2016 EOOD ENERGOREMONT - GALABOVO AD PIMD EOOD 26 MAY EOOD DZHEYDI 11 EOOD ALDURAL-AM OOD SKAYMET EOOD METALSTROI BURGAS OOD FG BULGARIA EOOD VESKA DENEVA 2018 ET ZITA 77 EOOD METAL DIZAYN GRUP 1 EOOD METAL STIL BG EOOD ET KREDO-GEORGI YORDANOV BULREYL EOOD LMB-LAVORAZIONI MECANICHE BULGARIA EOOD GALDA OOD KOVACHA 70 EOOD METAL B KIRKORYAN OOD INOX EOOD TEHNO EOOD MITKAT EOOD ET KOMTEK-IVAN IVANOV VIP AL 07 EOOD GUN STAR OOD STE-IONI EOOD MVMT EOOD LALEV OOD RAKOMS 2 OOD NIKOL 1 EOOD STROYMAT VOLODYA TSVETKOV ET ET METALOGRAV - TSVETAN TSEKOV ZAVOD ZA ELEKTRODI OOD ZIELA OOD ALGLAS VELICHKO ANGELOV ET ET KADI - KALOYAN DIMOV BODAN OOD IM-TEHTET OOD DYAKOV 58 YORDAN DYAKOV ET A PLAS EOOD MIG TREIYD EOOD KOOPERATIVNO PREDPRIATIE YOTA RIK EOOD FAIRNET BULGARIA OOD PASAT-METAL OOD PAL- 99 EOOD ALUPLAS KOMFORT OOD VALEM OOD VLADIMIR VLADOV - VV ET HERMES-SLAV SLAVOV ET ELAN-GN-NIKOLAY ATANASOV ET TODOROV - METAL 2013 EOOD EKOKOTLI EOOD TEHNOSTAYL EOOD TRANSKOM S A OOD ANELI EOOD SK CONSTRUCTION OOD MERCON LLC OOD DIA BILDING EOOD STANYO SN EOOD ET PLAMEN NIKOLOV RUM - MACH - RUMEN MOMCHILOV ET PETAR PETROV DEVA ET USP EOOD SM - PLAST EOOD ET MODUL - SIMEON VELIKOV SLAVA INVEST EOOD TANGRA 1992 EOOD ARGON EOOD ET PETAR PETROV KAPRO EOOD H.I.L. GRUP OOD ET TOMIS-31 - TOSHKO TODOROV SERJANI OOD GAKEN BG EOOD ALVIK REMONTSTROY EOOD MITA STYLE OOD GRAPHIC SCREEN EOOD IVO MANCHI 2 EOOD DFD GROUP EOOD IRON GROUP 2000 EOOD IMAM - METAL OOD KOLIBRA EOOD MERAKOV METAL PRODUKT EOOD ET NIKI - NIKOLAY AVDZHIEV KASTELO OOD RAYKO 14 EOOD AQUASERVICE EOOD IVOCOM OOD GUDEKS AD KRAKRA INVEST EOOD KALEKS LAYT EOOD ET MASHSTROI - LYUDMIL ALEKSANDROV ET IVA - L - LYUBOMIR VODENICHAROV FMA AD UNIVERSAL OOD ET KOORDINAT 57 - PANAYOT PANAYOTOV ALUMINA KARLOVO OOD ET AREV - NIGOHOS BOYADZHIYAN MANDA NORD EOOD EMTI ELECTRIC OOD TENERTEH EOOD SIGMA KOLOR OOD NAS1 EOOD FIX 5 OOD MAG OOD ANMAR EOOD AGRO STILL - S EOOD ET DEYAN DAMYANOV ET DIMCHO DIMOV STRATEGIA EOOD PLAMAK - ANGELOVI 07 EOOD ET BADZHELARSKI-99 - TOTKO BADZHELARSKI SES DIZAYN EOOD IBOR EOOD ET METRO - ZHIVKO MIHALEV METALOBKOV OOD IVOMET EOOD RING OOD KOOPERATSIYA BITUS AIS HIDRAULIC EOOD YANA YASEN YANKOV ET DOCKGUARD MONTAGE JVC OOD BG DIZAYN EOOD DIMITAR SPASOV FINESTRA ET ET BLITS-IVAN TYUTYUNDZHIEV RITEH EOOD METALUX 71 EOOD MONTAGI PROBG OOD KAPITAN PETKO VOYVODA AD M DESIGN PLAST OOD ALU PLAST 95 OOD INSTRUMENTALNA EKIPIROVKA VT $ AD STIL STO OOD AGELO ASENOV EOOD G.M.M.-MASHIN SARVISIS EOOD PM SERVICE 20018 EOOD ANGELS 2012 OOD PROMEX SHTARBEVI I SIE SD KASEVI OOD NIKE 2006 OOD MODUS AD METALTEH EOOD MADARA ZKV EOOD TSENTAR ZA KOMPLEKSNI LABORATORNI I MARIN SIMEONOV SMSSD 92 ET KLV BUBULINA 85 KIRIL GECHEV ET M+V - KATOVI EOOD KONTROLNO ZAVARACHNI USLUGI OOD MAGIC MULTISERVIS OOD ET BOBI - RAFAIL RAFAILOV DUNARIT AD VEST INZHENERING OOD S B I GRUP EOOD IL MET EOOD METAL - P GROZDANOV EOOD BULGARIA PLAST TRADE EOOD BONEV STIL EOOD INTERPRO SA EOOD POLI MES EOOD INDUSTRIAL CONTAINER EOOD A-40 METAL GRUP EOOD VLADIMAR EOOD RADOM EOOD TEHNO KOREKT EOOD IBERIA EOOD VIBO T OOD T I T OOD ET TERMOBLAST - ATANAS ATANASOV JIVKOV EOOD STOMANA INTERNATSIONAL EOOD BONI 2 EOOD EMSA-METAL EOOD DIMSON EOOD ASERO TOLEDANO-EVROPA OOD GEORGI MICHEV ET HRAMAR EOOD LIUB I SINOVE OOD MLADA GVARDIA 2011 EOOD ECOGALVANIC EOOD KINTAVAR EOOD LOGOS-GABROVO OOD DZZD STOYANI DIMITAR FERDINANDOV 97 EOOD ZHIMEKS OOD SPETSIAL 2000 OOD ZAGORA MACHINING AND DESIGN OOD AMARAL OOD SLAVCHO TUSHEV ET IVKAT PRODUKSHAN EOOD PIK TULS EOOD KLIP SHTANTS OOD ELI - 73 OOD RL METAL OOD SIS STROY KOMERS EOOD NELI METAL OOD NAK 72 EOOD ALSEVER EOOD BILD COLOR EOOD BULTRON OOD EUROMONTAJ 2017 EOOD 25 SeeNews Industry Report

ET SIEM-01 - INZH. 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ANGEL STOYANOV DAVAS EOOD MM AUTOMOTIV OOD ARTZONE BULGARIA EOOD ITD SYSTEMS EOOD STIVAN AL -PLAST EOOD STOYAN YANKOV YANKOV RAVERA EOOD MARKOV GARANT EOOD FERIT EOOD PERFEKTA 2010 EOOD STOA OOD TRANSMASH ELEKTRON EOOD ELPIDA BUL OOD METAL STYLE KM EOOD METALPRES VACHKOVI EOOD KP BUILD OOD TODOROV COATING SERVICE EOOD MILANOVI OOD MONTEH 98 EOOD STELA PLAST EOOD NIKI EOOD KIP ENGINEERING OOD ADON OOD TSENTAR ZA PRETSIZNA METALOOBRABOTKA DEFENSE CAPITAL INDUSTRY (DCI) OOD BONSO EOOD OOD PROFIL GRUP OOD ARMA STROY EOOD ET EOS - TSVETAN MARINOV EVROMETAL STIL GROUP EOOD IVONA EOOD ASTRA - M EOOD -93 EOOD SAMOKOVI 91 OOD HANTA - DS OOD 26 SeeNews Industry Report

NEDKO-G EOOD SELEBITSA EOOD ET YULIYAN NIKOV PANTERA-VASIL HRISTOV ET VSK KENTAVAR - IZ DINAMIKA OOD PEEV 2018 EOOD ZARIAN - 5 EOOD 3 BORA OOD BELCHEV R EOOD BULD ENGINEERING 2011 OOD LAZER PLYUS EOOD VLADO KLYUCHA EOOD METAL UNIVERS EOOD VLADA - STIL - AL EOOD LEITS OOD INTERKOM RESURS EOOD VIAMAT EOOD PROF KEY ERGIN HADZHIEV ET METALOTEHNIKA 2005 EOOD DIZI LAYN HARUTYUN POMAKYAN ET DRAGARD EOOD SD RING - AVTO - KOVACHEV S - IE SMART LASER OOD KA 72 EOOD TELUR METAL EOOD ET NIKOLA DAVKOV-NIKI MODUL EOOD SOCRATES BULGARIA EOOD EDIDIA OOD KRASTYO PETKOV 39 EOOD DRAIZ OOD GBS METAL EOOD PLANINOKS EOOD CLICK BG EOOD SIMPTO AD METODIEVI METAL OOD LM-INGENERING EOOD LYULIN METALNI IZDELIA EOOD DZHULI STEFAN HRISTOV ET INDASTRIAL TREYDING OOD ELMETRIKS EOOD SHOTERON 98 EOOD BIGLA - 5 OOD RACODA EOOD TRI ENGINEERING OOD LYNX METAL WORKS EOOD NES NEW ENERGY SYSTEMS OOD METRONET EOOD MTH BULGARIA EOOD CHAKRINI OOD MIKRON 2002 EOOD PROFIL PRIM BG EOOD ET DIMITROV-7-ZHECHO DIMITROV PRODOM INVEST EOOD ZINO PK OOD STRATUS OOD FERROUS EOOD ALSES HYUSNYU DURGUD ET MAGSIMUM -1 EOOD ET VENTSISLAV SHTARBEV ET ASA - MARIN DOBREV ROYDEV DESIGN EOOD PRIMM EOOD SFD EOOD NIKTA COMPANY OOD ET TMETAL - TONCHO TONCHEV MASTER ARMS EOOD ZARA METAL EOOD TFK OOD BENDING EOOD JUVENTA GROUP AD TEHNOIMPEKS 68 EOOD KREATIV HOUM DIZAYN EOOD KASTAM DEKOR EOOD HEMO-1 - EVGENII VALKOV ET MEHANICHEN DIZAYN I KONSTRUKTSII OOD MIATOBI EOOD STOGER 15 OOD AIK KARCHEV EOOD BALKANZINC AD INDUSTRIAL STROY OOD ET MITKO SIMEONOV TISHO PLAST EOOD METAL ART 63 EOOD ET ARMIRA - GEORGI STEFANOV IPSTERM BULGARIA EOOD MERIDIAN PLOVDIV OOD DTM METAL EOOD TEZHKO MASHINOSTROENE IZ AD ARTE FACADE DESIGN OOD HIMA TONI 2 OOD DOBRUDZHA KIT AD TANIKS ILIA GEORGIEV ET ET VIT - VASIL GEORGIEV BITA 2 IVAN TERZIEV ET BOR INVEST 04 OOD STABILI - TET OOD ARMMETAL OOD ADEL - PLOVDIV - BG OOD SIKAR OPLTD EOOD BOSHNAKOV TRYAVNA EOOD NEXAS EOOD TERMOINJENERING OOD DIMITROV - KM EOOD ET LAZEN - ZDRAVKO GEORGIEV STIIL RAM EOOD GUSOV I SIE EOOD VICHNI EOOD BALDIM FEDERN OOD SPEKTRA HROM BG OOD FENIXMET OOD SITERA 83 EOOD VETO 2012 EOOD VESTIEEL EOOD IKO STYLE EOOD YANOS EOOD USPEH METALPRINT SSB EOOD LINOX BG EOOD ET AVID - IVAN KRASTEV ART METAL 71 EOOD OLIMPIYA-97 EOOD KURT EXPORT IMPORT EOOD MEGA BLAST OOD ET STOICHKO DZHUNDZHEV RAMA - DIMITAR KOSTOV ET ET DID- DETELIN DIMITROV M - MASH EOOD ZVEZDAR EOOD SIMPEX-SX-LTD EOOD HERMES IKO EOOD OGNYAN GODUMOV - DITA ET IVAN YORDANOV DONCHEV BILDING TREYD INTERNATSIONAL OOD ZEGA OOD VATINELI EOOD MULTIVAC BULGARIA PRODUCTION EOOD DZZD AKSIS GLORIA GRUP EOOD ET RUSE-M - IVAYLO PENKOV FRIFORM EOOD LAZER D OOD TIAS 90 ANGELOVA S IE SD ET TOPAZ TT - TODOR TOSHEV GTP PERFEKT EOOD SOMITA EOOD FINI EOOD DULO KNIVESLTD EOOD MONEVI BM EOOD KOLEV STROI 2013 EOOD KOMELON EOOD NEDELCHO IVANOV ET TKPZ EOOD METALIKA-MIST OOD TIH TRUD - RUSE EOOD TITANIK EOOD STAYL GLAS OOD LUCKYLOCKS AD METALPACK OOD VIP KA EOOD S.U.C-3 OOD NIKO - N 2011 EOOD PKS INZHENERING EOOD PROFIL 66 I 77 OOD ALU N NIKOLAY KOLEV ET STANIK OOD MN 2014 EOOD BVM-M EOOD MONI MG OOD GRANDREFORM-3 OOD S M G ELECTRIC 13 EOOD INSTRUMENT A.B. EOOD JUPITER O5 OOD SONICO OOD VALMAR VALENTIN IVANOV ET BULPINS OOD PRAVGANSCI - ANCDV - VIVEL OOD DZHEY I SI EOOD TRIKOM-2008 OOD VARNA STRUG EOOD DELTA METAL GROUP EOOD EFI DZZD DIMITROV 60 EOOD MIKRON 99 IVAN GADZHALOV ET NIKRAS - 63 OOD MONOLIT 99 OOD NIKO 54 EOOD KARBONADO DM EOOD PERFEKT STROI EOOD OGRADNI MREGI-NACHOVI EOOD KORDI-94 EOOD RANS GRUP OOD ALBA VT SOLE EOOD KLIMA KOMFORT 1 EOOD TUSIMA - T EOOD DEBOS - BG EOOD YA - 1991 OOD TECHNICS OOD ANGEL STOILOV-96 AD EKOTERMAL OOD ALUROLL OOD EKO ON EOOD KK OOD KRAN EOOD METIMPEX EOOD AGB - 2004 EOOD METAL SVS EOOD ET GEORGI STAMENOV NELTSVET ZAVARYAVANE EOOD ADI SLAVCHO PETROV ET RIS VV EOOD BOYCHO TSVETANOV ET APEKS 16 EOOD ET ATANAS SEKULOV I SINOVE ARGON KOREKT OOD ASI KOMPLEKS OOD AB PRESIZHAN OOD INIMIKS EOOD ARTE PLAST EOOD PROPERTY BUILDING GROUP EOOD TEHNOGARANT - 2000 EOOD BULGARLASER PRO OOD KIPRIDA LAYN OOD GEVEL - M EOOD ET MARIN LESIKOV ZHIVEN 2017 EOOD KIDAK EOOD STOICHO PASHOV-DJOIS ET MEDEO SS EOOD ALIPIEV 69 EOOD DONCHEVSKI OOD EN-ELEKTRONIKS EOOD GALINA DIMITAR 2 EOOD PETROVI M I SIE SD OSOT EOOD CLASSIC METAL EOOD BULSVAR EOOD TEHNOMASH - MARIA HADGIDONCHEVA ET ANGELOV - AV OOD HERA 66 OOD RITAM INZHENERING EOOD KOBALT BURGAS EOOD DORMAKABA BULGARIA EOOD KAMBANA 1872 EOOD EVERES-SPRING EOOD NIEL - S - NIKOLAY SAVOV ET KOPERNIK TECHNOLOGY EOOD METALOREZHESHTI INSTRUMENTI 2015 EOOD FENSTERNORM EOOD VSS METALS EOOD MIRAYA PLAST DIZAYN EOOD ET NIKOLA VASILEV - KOLOS NERAJDAEMA ARMATURA AD PEPIL EOOD FOLD INS OOD PARALLEL DIMENSION EOOD TECHNO HELP PEEV EOOD ART JUVAROS OOD NOVIS-I EOOD RISHKIN - MIP EOOD GROZDEV EOOD SVETLOZAR SHOPOV SVETLI RICHI ET 27 SeeNews Industry Report

STOYNOV I SINOVE EOOD TEHMASH BG OOD ELEKTROMEHANIKA MM EOOD HAMAR INTERIOR OOD ABRIS OOD LASER LINKS OOD ZEFYR EOOD MM COLORS OOD BODEKS 1 EOOD ET DD-99 - DIMITAR DIMITROV MARCHEV - SPASOV& CO GP SD ETAL-CO OOD LEGA KONSULT EOOD ANRO 5 ROSEN ANASTASOV ET TEST-ENGINEERING EOOD STOYAN KRASTEV ET NIPON - 60 EOOD ES DZHI DZHI EOOD HISAR AD ET VIDA PAS - KRASIMIR PASKALEV ALIVEMETAL EOOD FIN CONSULTING SERVICES EOOD TEKNIK FILTRE OOD DIP EOOD METAL EAD DIMET EOOD SPRING FACTORY AD ET METAFLOK - DIMITAR GRIGOROV ET PETRANKA BATUROVA - ANRAD METAL KOOPPROEKT OOD DIZAYN DENINI-METAL- DIMO PANOV ET VIKTORIYA STIL 89 EOOD PMMP EOOD METALICA - SHUMEN OOD DENSTA STEEL OOD METAL STROI 74 EOOD INOX R EOOD MS PROPERTY LIMITED EOOD HIDROMAT SP EOOD PARRO EOOD STROYALUMIN EOOD MPK-PLEVEN EOOD BORAL 5 M - VESELIN RAYCHEV ET PROIZVODSTVENA KOOPERATSIYA METALNI KARSION OOD KONSTRUKTSII-98 ZEMNI ANKERI BULGARIA EOOD ET FORI - TSANKO PARVANOVSKI FORMULA OOD MOTORTEST INZHINERING EOOD ET GRANIT-90 - GEORGI PETKOV CERATIZIT BULGARIA AD RIVUS OOD TEYA VENT EOOD OGI COM TRADE OOD MIKRON TEHNOLODZHI EOOD SEMKOV 2001 EOOD ARTEMIS - 93 EOOD ARTON OOD AJUR A-ANICA JAMGOCHIAN ET BARTO METAL EOOD ART LARS EOOD BALKAN METAL PRODUCTION OOD ET DESI 96 - ANGEL ANGELOV TROYMASH OOD TAMEKS EOOD GALVAMAR MARTIN ICHERENSKI ET METAL TRADE OOD PIMAKS OOD AGRIA - 2009 EOOD MHM MASHINEKS OOD TEHNOLIFT EOOD ET VABO - VALCHO BATUROV ROLTEST S EOOD ALEX M TRADE EOOD PIVI KOMPAS AD AGROBIZ EOOD DZHUMBISHLIEV IVAN VASILEV ET NITI EAD POLIMERSTROY-21 AD BULARMAS EOOD FEROMETAL VALENTINA DIMITRANOVA ET PROFI 2016 OOD GEDIVA EOOD DIVELT EOOD EMANUIL TN EOOD ORION 1207 EOOD Q VENT AD VERTUS TREYD EOOD DORONOV I SIN EOOD AIR TECHLTD OOD MEHANIKA KMH OOD STAMH OOD RIK MASHINING OOD ROSITSA SHOPOVA SVETLI RICHI ET IVAN KRUSTEV ET ARTEMIS - SOFIA ATANASOVA ET STORP EOOD ALGEMA - 2 OOD ET VEDON - VESELIN KATRANDZHIEV TERMOPROFIL EAD ALBI EKATERINA GANCHEVA PLAMEN GANCHEV VELEV NTP OOD TOTAL PLOVDIV TATAROV S IE SD ET MARIO KRASTEV NIROL ET ET NIKOLAY VALCHEV 82 BRATYA BILEVI EOOD METATRIM OOD GARI 93 GEORGI ALEKSANDROV ET VACUUM ENGINEERING 2010 OOD ELMATEH EOOD ARMA SMOLYAN EOOD DENIS A STANKA ALEKSIEVA ET ALPO OOD TANUSHEV OOD LIDIYA KOEVA - DAKOPLAST ET ZHULIETA TEODORA NEMTSOVA ET AEMS 98 SALES OOD VIELASTIK - DV EOOD METALIK OOD SALKOM 91 EOOD BUNTE 2011 EOOD LAZERIS EOOD EVRO PRODUKTSION EOOD METAKLAS EOOD INTERCOM OOD AERA - D I OOD EMANUIL SOTIROV EOOD MEDIABORD OOD INSTITUT PO METALOLEENE I LEIARSKI BARDI EOOD TEHNOLOGII AD AVANGARD EOOD EI SI ES EOOD BRETON 2015 EOOD METALSPED OOD VLAM EOOD SITALK EOOD GASPAR GODO OOD ISAK-08 EOOD CENTER FOR LASER TEHNOLOGI OOD TABAKOV-2008 EOOD BAKI OOD DRAEV EOOD KRASIMIRA DANOVA NIKOTSVET ET KROTEX - LYUBOMIR KROTEV ET IMPULS G EOOD ET HELIOTEKS 90 - GEORGI ILIEV AHSA - 71 EOOD BULKOA EOOD DIMITAR KOVACHEV 97 ET SVOD-32 EOOD LEQRPLAST TV EOOD SADIDA STEFKA MIHAYLOVA ET ANTE 100 EOOD 4 PIKI EOOD D S KOLOR 55 EOOD ET BO-VE - BOYKA DUNITSOVA ZANKOVI VARNA OOD EXPRO EVENTS EOOD STAK OOD DREAM 26 EOOD TASKATA EOOD UNIVERSAL 92N EOOD DISPLAY BURGAS EOOD GAMA PROEKT AD INTEL ENERGY OOD DARM OOD LASER PRES MANIFAKTURING OOD STALIMI OOD ZLATIST 75 EOOD ZOTI E OOD TSVETELINA 93 IVAN GENCHEV ET METAINZHENERING EOOD BONEV METAL DESIGN OOD PFB PRESSO FONDAL - BULGARIA EOOD VELMAHOS EOOD ET TONI-ROY - KRASIMIRKA ROYDEVA ES TSE GRIYN TEK EOOD IVMETAL EOOD TERMO PROEKT KOMERSIAL OOD 28 SeeNews Industry Report

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