Industry Report Repair and installation of 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

the industry. In 2016 their number totalled 2,611.

I. KEY INDICATORS NUMBER OF COMPANIES IN REPAIR AND INSTALLATION OF MACHINERY AND EQUIPMENT INDUSTRY BY SECTORS The Repair and installation of machinery and equipment SECTOR 2018 2017 2016 industry in Bulgaria was represented by 2,677 companies at REPAIR OF MACHINERY 1,148 1,150 1,111 the end of 2018, compared to 2,625 in the previous year INSTALLATION OF INDUSTRIAL MACHINERY 332 298 295 and 2,611 in 2016. AND EQUIPMENT REPAIR AND MAINTENANCE OF OTHER 263 238 223 The industry's net profit amounted to BGN 134,831,000 in TRANSPORT EQUIPMENT 2018. REPAIR OF ELECTRICAL EQUIPMENT 223 229 239 REPAIR AND MAINTENANCE OF SHIPS AND 212 205 220 The industry's total revenue was BGN 1,370,583,000 in BOATS 2018, up by 19.37% compared to the previous year. REPAIR OF ELECTRONIC AND OPTICAL 188 192 199 EQUIPMENT

REPAIR OF OTHER EQUIPMENT 147 147 146 The combined costs of the companies in the Repair and REPAIR OF FABRICATED METAL PRODUCTS 121 130 146 installation of machinery and equipment industry reached REPAIR AND MAINTENANCE OF AIRCRAFT AND 43 36 32 BGN 1,217,115,000 in 2018, up by 24.64% year-on-year. SPACECRAFT

The industry's total revenue makes up 1.39% to the

country's Gross domestic product (GDP) in 2018, compared to 1.20% for 2017 and 1.14% in 2016. III. REVENUES A total of 14,933 people were employed in the Repair and installation of machinery and equipment industry in 2018, The total revenue in the industry was BGN 1,370,583,000 in compared to 14,991 in 2017 and 15,783 in 2016. 2018, BGN 1,148,145,000 in 2017 and 1,060,212,000 in 2016.

Most of the companies in the industry are based in Sofia, followed by Varna and Plovdiv. Total revenue Net sales revenue 1,370,583,000 II. INTRODUCTION 1,400,000,000 1,260,000,000 1,314,589,000 1,148,145,000 In 2018 the companies in the Repair and installation of 1,120,000,0001,060,212,000 machinery and equipment industry numbered 2,677, distributed in 9 sectors. 980,000,000 1,056,464,000 1,003,435,000

840,000,000

700,000,000 INDUSTRY STRUCTURE BY SECTORS AND NUMBER OF COMPANIES BGN 263 332 560,000,000

223 420,000,000

280,000,000

140,000,000 212

499 0 2016 2017 2018

The companies in the Repair and installation of machinery and equipment market of Bulgaria earned combined net sales revenues of BGN 1,314,589,000 in 2018.

In annual terms, sales marked an increase of 24.43% compared to 2017. In comparison to 2016 they grew by 1,148 31.01%. In 2017 sales rose by 5.28% year-on-year.

Repair of machinery The Repair and installation of machinery and equipment Installation of industrial machinery and equipment industry total revenue make up 1.39% to the country's GDP in Repair and maintenance of other transport equipment 2018, compared to 1.20% for 2017 and 1.14% in 2016. Repair of electrical equipment Repair and maintenance of ships and boats Others

In 2017 there were a total of 2,625 companies operating in 2 SeeNews Industry Report

Share in GDP 1.39% NET SALES REVENUE BY SECTORS 1.4 RANK SECTOR NET SALES REVENUE (BGN)

1.26 1.2% 1 REPAIR OF MACHINERY 436,784,000 1.14% 2 REPAIR AND MAINTENANCE OF SHIPS AND BOATS 262,299,000 1.12 3 INSTALLATION OF INDUSTRIAL MACHINERY AND 237,545,000 EQUIPMENT

0.98 4 REPAIR AND MAINTENANCE OF AIRCRAFT AND 208,611,000 SPACECRAFT

0.84 5 REPAIR OF ELECTRONIC AND OPTICAL EQUIPMENT 73,782,000 6 REPAIR OF ELECTRICAL EQUIPMENT 51,897,000

0.7 7 REPAIR OF FABRICATED METAL PRODUCTS 22,901,000 8 REPAIR AND MAINTENANCE OF OTHER TRANSPORT 11,701,000 0.56 EQUIPMENT 9 REPAIR OF OTHER EQUIPMENT 9,069,000 0.42

0.28

0.14 INDUSTRY'S NET SALES REVENUE STRUCTURE BY SECTORS 15.87% 0 2016 2017 2018 18.07% 7.27% In 2018 the Repair and installation of machinery and equipment industry contributed to GDP BGN 1,182,611,000 in Gross value added (GVA) accounting for 0.65% of the total for 5.61% the country's economy.

In the previous year, the industry's GVA amounted BGN 983,157,000, accounting for 0.58% of the total for the country in 2017. In 2016 the GVA of the Repair and installation 19.95% of machinery and equipment was BGN 848,075,000, or 0.56% of the GVA for the country's economy.

GVA BY SECTORS 33.23% RANK SECTOR BGN SHARE OF THE COUNTRY'S GVA (%)

1 REPAIR OF MACHINERY 394,594,000 0.22 Repair of machinery 2 REPAIR AND MAINTENANCE OF SHIPS AND 225,154,000 0.12 Repair and maintenance of ships and boats BOATS Installation of industrial machinery and equipment 3 INSTALLATION OF INDUSTRIAL MACHINERY 208,869,000 0.11 AND EQUIPMENT Repair and maintenance of aircraft and spacecraft 4 REPAIR AND MAINTENANCE OF AIRCRAFT 199,402,000 0.11 Repair of electronic and optical equipment AND SPACECRAFT Others 5 REPAIR OF ELECTRONIC AND OPTICAL 63,061,000 0.04 EQUIPMENT The highest growth, of 55.56%, was recorded by Installation 6 REPAIR OF ELECTRICAL EQUIPMENT 52,475,000 0.03 of industrial machinery and equipment, while Repair of 7 REPAIR OF FABRICATED METAL PRODUCTS 20,530,000 0.01 fabricated metal products registered the sharpest decline, of 8 REPAIR AND MAINTENANCE OF OTHER 10,494,000 0.01 TRANSPORT EQUIPMENT 13.45%. 9 REPAIR OF OTHER EQUIPMENT 8,032,000 0.00 TOP COMPANIES' REVENUE BY SECTORS SEGMENT COMPANY TOTAL REVENUE NET SALES (BGN) REVENUE (BGN) We expect, based on the trend in the last three years, the total REPAIR OF OTHER EQUIPMENT revenue of the Repair and installation of machinery and TEMIL EOOD 1,034,000 1,034,000 equipment industry to change at a compound annual growth PREOS EOOD 895,000 895,000 rate (CAGR) of 13.70% in 2019. BREZENT D END D EOOD 868,000 868,000 INSTALLATION OF INDUSTRIAL MACHINERY AND EQUIPMENT KONSORTSIUM KAPSH TRAFIK 44,247,000 44,247,000 SOLYUSHANS DZZD MAGNUM 7 OOD 22,130,000 18,094,000 SYSTEMS AUTOMATION TECHNOLOGIS 17,693,000 17,565,000 /SAT/ EOOD REPAIR OF FABRICATED METAL PRODUCTS ENERGOREMONT KOZLODUY EOOD 7,135,000 7,114,000 ENERGOREMONT - BOBOV DOL EAD 5,324,000 2,826,000

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CONTROL OOD 1,219,000 1,209,000 REPAIR OF ELECTRONIC AND OPTICAL EQUIPMENT TOP 10 BY TOTAL ASSETS IN THE INDUSTRY PENTAX MEDICAL BULGARIA EOOD 46,361,000 46,284,000 RANK COMPANY BGN ENSI CONTROL EOOD 11,465,000 11,349,000 1 ATOMENERGOREMONT AD 129,515,000 DANLEX EOOD 5,880,000 5,400,000 2 BULYARD SHIPBUILDING INDUSTRY AD 92,982,000 REPAIR OF MACHINERY 3 LUFTHANSA TECHNIK SOFIA OOD 92,533,000 DIETSMANNENERGOREMONT HOLDING 80,857,000 78,561,000 4 DIETSMANNENERGOREMONT HOLDING AD 81,532,000 AD 5 ODESSOS SHIPREPAIR YARD AD 69,866,000 ATOMENERGOREMONT AD 48,950,000 46,644,000 6 KONSORTSIUM KAPSH TRAFIK SOLYUSHANS DZZD 50,723,000 VESTAS BULGARIA EOOD 19,675,000 19,002,000 7 VESTAS BULGARIA EOOD 36,800,000 REPAIR AND MAINTENANCE OF SHIPS AND BOATS 8 IPO OOD 35,486,000 ODESSOS SHIPREPAIR YARD AD 34,648,000 33,898,000 9 AVIONAMS AD 33,748,000 BULYARD SHIPBUILDING INDUSTRY AD 18,226,000 17,806,000 10 PENTAX MEDICAL BULGARIA EOOD 25,007,000 ALPIN 5 EOOD 17,296,000 17,264,000 REPAIR OF ELECTRICAL EQUIPMENT TSENTRALNA ENERGOREMONTNA BAZA 13,742,000 12,049,000 TOP 10 COMPANIES WITH HIGHEST ANNUAL GROWTH IN EAD OPERATING REVENUE IN REPAIR AND INSTALLATION OF T&D ENGINEERING EOOD 9,059,000 9,055,000 MACHINERY AND EQUIPMENT SOLARPRO AD 2,846,000 2,691,000 RANK COMPANY Y/Y GROWTH REPAIR AND MAINTENANCE OF OTHER TRANSPORT EQUIPMENT 1 IMSA LIMITID - KLON BULGARIA KCHT 13633.33% RAILWAY - TRACTION EOOD 1,884,000 1,879,000 2 GWASH OOD 9900.00% KRISTIAN 2008 EOOD 499,000 499,000 3 G & S SERVICE EOOD 7500.00% M & M AUTO REPAIR EOOD 314,000 314,000 4 DURYAS MG EOOD 6610.00% REPAIR AND MAINTENANCE OF AIRCRAFT AND SPACECRAFT 5 GAL -IV EOOD 6528.57% LUFTHANSA TECHNIK SOFIA OOD 146,964,000 146,605,000 6 BULGARIAN TEAM MARINE TECHNICIANS EOOD 4693.10% AVIONAMS AD 38,619,000 34,856,000 7 ELECTROREMONT DEVNJA OOD 4000.00% AERO TECHNIC BG OOD 12,462,000 12,372,000 8 ICEGUARD INDUSTRY EOOD 3233.33% 9 V&A INDUSTRY EOOD 3200.00% 10 EII CORPORATION OOD 3031.25% The top 10 companies in terms of total revenue in Repair and installation of machinery and equipment accounted for 36.54% of the industry's total in 2018, 34.74% in 2017 and TOP 10 COMPANIES BY TOTAL REVENUE IN THE FIELD REPAIR OF 34.53% in 2016. OTHER EQUIPMENT WERE: COMPANY BGN TOP 10 COMPANIES BY TOTAL AND NET SALES REVENUE IN THE TEMIL EOOD 1,034,000 INDUSTRY PREOS EOOD 895,000 RANK COMPANY TOTAL REVENUE NET SALE BREZENT D END D EOOD 868,000 (BGN) REVENUE (BGN) ENDOREP EOOD 598,000 1 LUFTHANSA TECHNIK SOFIA OOD 146,964,000 146,605,000 NELI KARAPACHOVA KIRCHEVA ET 255,000 2 DIETSMANNENERGOREMONT HOLDING 80,857,000 78,561,000 AD KRIPS 78 EOOD 240,000 3 ATOMENERGOREMONT AD 48,950,000 46,644,000 GUMI - GRUP EOOD 166,000 4 PENTAX MEDICAL BULGARIA EOOD 46,361,000 46,284,000 FINN COATING SYSTEMS OOD 161,000 5 KONSORTSIUM KAPSH TRAFIK 44,247,000 44,247,000 GARANT BULGARIA 09 EOOD 148,000 SOLYUSHANS DZZD REBUILDERS FACTORY OOD 143,000 6 AVIONAMS AD 38,619,000 34,856,000 7 ODESSOS SHIPREPAIR YARD AD 34,648,000 33,898,000 8 MAGNUM 7 OOD 22,130,000 18,094,000 The 10 largest companies in terms of total revenue in sector 9 VESTAS BULGARIA EOOD 19,675,000 19,002,000 Repair of other equipment earned total revenue of BGN 10 IPO OOD 18,333,000 17,760,000 4,508,000 and accounted for 0.33% of the industry's total revenue.

The total revenues of the top 10 companies in the Repair and TOP 10 COMPANIES BY TOTAL REVENUE IN THE FIELD installation of machinery and equipment were 0.51% of GDP INSTALLATION OF INDUSTRIAL MACHINERY AND EQUIPMENT in 2018, compared to 0.42% for 2017 and 0.39% in 2016. WERE: COMPANY BGN The top 10 by assets in the Repair and installation of KONSORTSIUM KAPSH TRAFIK SOLYUSHANS DZZD 44,247,000 machinery and equipment field made up BGN 485,663,000, MAGNUM 7 OOD 22,130,000 or 36.94% of the total net sales revenue. SYSTEMS AUTOMATION TECHNOLOGIS /SAT/ EOOD 17,693,000 ENTERPRISE COMMUNICATIONS GROUP OOD 15,008,000 KOSHIN EOOD 10,443,000 ALGINA EOOD 7,714,000 ADEN GROUP OOD 4,973,000 VIVEKS STROI EOOD 4,732,000 HOFMANN CONSULT BULGARIA EOOD 4,407,000 HI ENGINEERING OOD 4,097,000

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The 10 largest companies in terms of total revenue in sector Installation of industrial machinery and equipment earned TOP 10 COMPANIES BY TOTAL REVENUE IN THE FIELD REPAIR AND total revenue of BGN 135,444,000 and accounted for 9.88% MAINTENANCE OF SHIPS AND BOATS WERE: of the industry's total revenue. COMPANY BGN ODESSOS SHIPREPAIR YARD AD 34,648,000 TOP 10 COMPANIES BY TOTAL REVENUE IN THE MARKET REPAIR BULYARD SHIPBUILDING INDUSTRY AD 18,226,000 OF FABRICATED METAL PRODUCTS WERE: ALPIN 5 EOOD 17,296,000 COMPANY BGN TEREM -KRZ FLOTSKI ARSENAL - VARNA EOOD 15,307,000 ENERGOREMONT KOZLODUY EOOD 7,135,000 HELLENIKA OOD 14,162,000 ENERGOREMONT - BOBOV DOL EAD 5,324,000 NORTAN MARIN EOOD 11,654,000 CONTROL OOD 1,219,000 NYU PRODZHEKT OOD 8,957,000 KOTLOREMONT EOOD 1,081,000 VIKIVAN EOOD 8,477,000 KBB EOOD 966,000 MAIAK-K OOD 7,161,000 BORIANI - 08 EOOD 841,000 PLAM GEORGIEV I SADRUZHIE SD 6,441,000 MONTAZH INZHENERING EOOD 826,000 PROMISHLENA ENERGETIKA-VT AD 758,000 SIPGER M EOOD 702,000 The 10 largest companies in terms of total revenue in sector KONTINENTALIK OOD 566,000 Repair and maintenance of ships and boats earned total revenue of BGN 142,329,000 and accounted for 10.38% of the industry's total revenue. The 10 largest companies in terms of total revenue in sector Repair of fabricated metal products earned total revenue of TOP 10 COMPANIES BY TOTAL REVENUE IN THE SECTOR REPAIR BGN 19,418,000 and accounted for 1.42% of the industry's OF ELECTRICAL EQUIPMENT WERE: total revenue. COMPANY BGN TSENTRALNA ENERGOREMONTNA BAZA EAD 13,742,000 TOP 10 COMPANIES BY TOTAL REVENUE IN THE SECTOR REPAIR T&D ENGINEERING EOOD 9,059,000 OF ELECTRONIC AND OPTICAL EQUIPMENT WERE: SOLARPRO AD 2,846,000 COMPANY BGN SKY SOLAR BULGARIA CO EOOD 2,107,000 PENTAX MEDICAL BULGARIA EOOD 46,361,000 SOLAR INVEST TREYDING EOOD 1,837,000 ENSI CONTROL EOOD 11,465,000 ABC WIND FARM OOD 1,661,000 DANLEX EOOD 5,880,000 GREEN POWER BG EOOD 1,576,000 PALMED AD 635,000 ITALMODALUCE FACILITY OOD 1,428,000 COOL TECH EOOD 422,000 S VEDI OOD 1,365,000 ALEKSANDAR MEDIKA EOOD 416,000 OPERATION MANAGEMENT SERVICES OOD 1,251,000 KLUBVERBAND - ITA OOD 416,000 HIDROGRUP DZZD 403,000 CHEM AS ENGINEERING OOD 377,000 The 10 largest companies in terms of total revenue in sector HIDROKONTROL 1 OOD 336,000 Repair of electrical equipment earned total revenue of BGN 36,872,000 and accounted for 2.69% of the industry's total revenue. The 10 largest companies in terms of total revenue in sector Repair of electronic and optical equipment earned total TOP 10 COMPANIES BY TOTAL REVENUE IN THE SECTOR REPAIR revenue of BGN 66,711,000 and accounted for 4.87% of the AND MAINTENANCE OF OTHER TRANSPORT EQUIPMENT WERE: industry's total revenue. COMPANY BGN RAILWAY - TRACTION EOOD 1,884,000 TOP 10 COMPANIES BY TOTAL REVENUE IN THE INDUSTRY REPAIR KRISTIAN 2008 EOOD 499,000 OF MACHINERY WERE: M & M AUTO REPAIR EOOD 314,000 COMPANY BGN BDG-KONCHAR AD 257,000 DIETSMANNENERGOREMONT HOLDING AD 80,857,000 SEP CONSULT EOOD 250,000 ATOMENERGOREMONT AD 48,950,000 MERIDIAN 999 EOOD 232,000 VESTAS BULGARIA EOOD 19,675,000 AVTO TOTSI EOOD 206,000 IPO OOD 18,333,000 MISSO.LTD EOOD 202,000 SIGMA IS AD 15,300,000 MOTOROUD EOOD 195,000 KRONES SERVICE EUROPE EOOD 10,661,000 TRUCKS ENGINEERING EOOD 184,000 TEHNOZONE OOD 9,202,000 COMPLEX INDUSTRIAL SERVICE EOOD 8,600,000 RIMAKEM EOOD 8,476,000 The 10 largest companies in terms of total revenue in sector PETCO PETCOV - 24 D EOOD 6,927,000 Repair and maintenance of other transport equipment earned total revenue of BGN 4,223,000 and accounted for 0.31% of the industry's total revenue. The 10 largest companies in terms of total revenue in sector Repair of machinery earned total revenue of BGN 226,981,000 and accounted for 16.56% of the industry's total revenue.

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TOP 10 COMPANIES BY TOTAL REVENUE IN THE FIELD REPAIR AND TOTAL COSTS BY SECTORS RANK SECTOR TOTAL COSTS MAINTENANCE OF AIRCRAFT AND SPACECRAFT WERE: (BGN) COMPANY BGN 1 REPAIR OF MACHINERY 409,592,000 LUFTHANSA TECHNIK SOFIA OOD 146,964,000 2 INSTALLATION OF INDUSTRIAL MACHINERY AND 232,242,000 AVIONAMS AD 38,619,000 EQUIPMENT AERO TECHNIC BG OOD 12,462,000 3 REPAIR AND MAINTENANCE OF SHIPS AND BOATS 223,559,000 TEREM-LETETZ EOOD 4,410,000 4 REPAIR AND MAINTENANCE OF AIRCRAFT AND 198,135,000 ELEKTRA TRANS GLOBUL OOD 2,416,000 SPACECRAFT PLANE ASSISTANCE EOOD 2,111,000 5 REPAIR OF ELECTRONIC AND OPTICAL EQUIPMENT 57,300,000 TEOKOM 2001 EOOD 1,618,000 6 REPAIR OF ELECTRICAL EQUIPMENT 51,010,000 K.A.N. UNLIMITED EOOD 760,000 7 REPAIR OF FABRICATED METAL PRODUCTS 27,168,000 PLANE CARE SOLUTIONS AD 437,000 8 REPAIR AND MAINTENANCE OF OTHER TRANSPORT 10,360,000 APS AVIATION PAINTING SOLUTIONS EOOD 434,000 EQUIPMENT 9 REPAIR OF OTHER EQUIPMENT 7,749,000

The 10 largest companies in terms of total revenue in sector Repair and maintenance of aircraft and spacecraft earned total revenue of BGN 210,231,000 and accounted for 15.34% of the industry's total revenue. INDUSTRY'S TOTAL COSTS STRUCTURE BY SECTORS 16.28%

IV. EXPENSES 19.08% 7.91% The combined costs of the companies in the Repair and installation of machinery and equipment industry reached BGN 1,217,115,000 in 2018. 4.71%

Total Expenses Operational expenses

1,300,000,000 1,217,115,000 18.37%

1,170,000,000 1,197,257,000

1,040,000,000 973,634,000 976,466,000 33.65%

910,000,000952,864,000 959,296,000 Repair of machinery 780,000,000 Installation of industrial machinery and equipment

650,000,000 Repair and maintenance of ships and boats

BGN Repair and maintenance of aircraft and spacecraft 520,000,000 Repair of electronic and optical equipment

390,000,000 Others

260,000,000 Installation of industrial machinery and equipment marked the highest annual rise in total expenses, of 54.60%, while total 130,000,000 expenses decreased the most, by 8.78%, for Repair of other equipment. 0

2016 2017 2018 In terms of operating expenses, the highest growth, of 54.63%, was recorded by the Installation of industrial In annual terms, total expenses rose by 24.64% compared to machinery and equipment sector. The sharpest decline was 2017 and grew by 25.01% in comparison to 2016. posted by Repair of other equipment - 8.97%.

The total operating expenses of the companies in the Repair The biggest spenders in the industry, with costs of over 10% and installation of machinery and equipment industry were of industry's costs, numbered 15, including TEREM -KRZ BGN 1,197,257,000 in 2018. FLOTSKI ARSENAL - VARNA EOOD, ENTERPRISE COMMUNICATIONS GROUP OOD, AVIONAMS AD, ODESSOS Operating costs rose by 24.81% compared with the previous SHIPREPAIR YARD AD, DIETSMANNENERGOREMONT year and increased by 25.65% when compared to 2016. HOLDING AD. The medium spenders, or those in the 5% and 10% range count 15 and include NORTAN MARIN EOOD, We expect, based on the trend in the last three years, the total RIMAKEM EOOD, TSENTRALNA ENERGOREMONTNA BAZA costs of the Repair and installation of machinery and EAD, NYU PRODZHEKT OOD, T&D ENGINEERING EOOD. equipment industry to change at a compound annual growth Below 5% threshhold are 2,647 companies, including ELTRON rate (CAGR) of 11.81% in 2019. SERVICE EOOD, IZOTECH SERVICE EOOD, METEOR AK EOOD, ET VLADI - LYUBOMIR VESELINOV, HERMES CLIMA 6 SeeNews Industry Report

EOOD. THE TOP 10 COMPANIES BY AVERAGE MONTHLY COSTS PER Employment expenses in the Repair and installation of EMPLOYEE IN THE INDUSTRY machinery and equipment industry went up by 11.61% on the RANK COMPANY BGN year to BGN 345,352,000 in 2018. 1 TSENTRALNA ENERGOREMONTNA BAZA EAD 53,278 2 SPB AUTOMATION EOOD 18,583 3 DANLEX EOOD 14,144 Employment expenses 4 ULTRAMARINE EOOD 12,146 Salaries expenses 5 ENERGOREMONT - BOBOV DOL EAD 9,950 Social security expenses 6 VISITSHIP OOD 9,583 345,352,000 7 NBN MARINE EOOD 7,701 350,000,000 8 LIFTKOM SERVICE EOOD 7,463 309,431,000 315,000,000 9 MAN ENERGY SOLUTIONS BULGARIA EOOD 7,194 283,817,000 10 POPRAVAK BRODSKIH MOTORA EOOD 6,167 280,000,000 294,871,000 245,000,000 263,981,000 240,534,000 The industry's tax expenses stood at BGN 18,637,000 in 2018. 210,000,000 In 2017 it paid taxes of BGN 17,725,000. In 2016 the industry paid BGN 13,212,000 in taxes. 175,000,000

BGN 140,000,000 Average taxes expenses by company 6,961 105,000,000 7,000 6,752

70,000,000 43,063,000 45,282,000 49,797,000 6,000 35,000,000 5,060 0 5,000 2016 2017 2018

The highest growth in labour costs, of 40.19%, was registered 4,000 by Repair and maintenance of other transport equipment, BGN while Repair of electrical equipment marked the sharpest fall, 3,000 of 6.53%.

The monthly costs per employee in the Repair and installation 2,000 of machinery and equipment industry averaged BGN 1,927 in 2018, BGN 1,720 in 2017 and BGN 1,499 in 2016. 1,000 The monthly social security costs per employee in the industry averaged BGN 278 in 2018, versus BGN 252 in 2017 and BGN 227 in 2016. 0 2016 2017 2018 EMPLOYMENT EXPENSES IN REPAIR AND INSTALLATION OF MACHINERY AND EQUIPMENT BY SECTORS IN 2018 EXPENSES ON TAXES BY SECTORS RANK SECTOR EMPLOYMENT AVERAGE RANK SECTOR BGN Y/Y CHANGE EXPENSES (BGN) EXPENSES PER EMPLOYEE 1 REPAIR OF MACHINERY 6,740,000 11.11% (BGN) 2 REPAIR AND MAINTENANCE OF SHIPS AND 4,980,000 -12.60% 1 REPAIR OF MACHINERY 120,120,000 20,017 BOATS 2 REPAIR AND MAINTENANCE OF SHIPS AND 78,552,000 22,982 3 INSTALLATION OF INDUSTRIAL MACHINERY 1,953,000 24.63% BOATS AND EQUIPMENT 3 REPAIR AND MAINTENANCE OF AIRCRAFT 65,700,000 37,287 4 REPAIR OF ELECTRONIC AND OPTICAL 1,823,000 46.66% AND SPACECRAFT EQUIPMENT 4 INSTALLATION OF INDUSTRIAL MACHINERY 39,461,000 22,219 5 REPAIR AND MAINTENANCE OF AIRCRAFT AND 1,717,000 42.73% AND EQUIPMENT SPACECRAFT 5 REPAIR OF ELECTRONIC AND OPTICAL 14,543,000 30,172 6 REPAIR OF ELECTRICAL EQUIPMENT 612,000 -27.92% EQUIPMENT 7 REPAIR OF FABRICATED METAL PRODUCTS 441,000 -32.88% 6 REPAIR OF ELECTRICAL EQUIPMENT 12,511,000 23,083 8 REPAIR AND MAINTENANCE OF OTHER 223,000 -7.47% 7 REPAIR OF FABRICATED METAL PRODUCTS 10,335,000 17,788 TRANSPORT EQUIPMENT 8 REPAIR AND MAINTENANCE OF OTHER 2,271,000 10,763 9 REPAIR OF OTHER EQUIPMENT 148,000 -26.37% TRANSPORT EQUIPMENT 9 REPAIR OF OTHER EQUIPMENT 1,859,000 11,619

V. PROFITABILITY

The industry's net profit amounted to BGN 134,831,000 in 2018, compared to a net profit of BGN 153,954,000 in 2017

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and a net profit of BGN 73,366,000 in 2016. REPAIR OF ELECTRICAL EQUIPMENT 7,530,000 8,058,000 9,572,000 REPAIR AND MAINTENANCE OF OTHER 1,917,000 2,350,000 2,219,000 Net profit/loss TRANSPORT EQUIPMENT Operating profit/loss REPAIR OF OTHER EQUIPMENT 1,457,000 2,005,000 2,050,000

180,000,000 171,679,000 REPAIR OF FABRICATED METAL PRODUCTS -1,151,000 5,598,000 1,149,000

165,000,000 153,468,000 150,000,000 The profit margin for the Repair and installation of machinery 153,954,000 and equipment industry stood at 11.29% in 2018, while in 2017 135,000,000 it amounted to 15.09% and 8.23% in 2016. 134,831,000 120,000,000 PROFIT MARGIN BY SECTORS 105,000,000 RANK SECTOR PROFIT 86,578,000 MARGIN 90,000,000 1 REPAIR OF ELECTRONIC AND OPTICAL EQUIPMENT 23.79% BGN 75,000,000 2 REPAIR AND MAINTENANCE OF SHIPS AND BOATS 17.58% 73,366,000 3 REPAIR OF OTHER EQUIPMENT 15.83% 60,000,000 4 REPAIR AND MAINTENANCE OF OTHER TRANSPORT 15.62%

45,000,000 EQUIPMENT 5 REPAIR OF ELECTRICAL EQUIPMENT 13.13% 30,000,000 6 REPAIR OF MACHINERY 10.18%

15,000,000 7 REPAIR AND MAINTENANCE OF AIRCRAFT AND 7.35% SPACECRAFT 0 8 INSTALLATION OF INDUSTRIAL MACHINERY AND 6.92% 2016 2017 2018 EQUIPMENT 9 REPAIR OF FABRICATED METAL PRODUCTS -4.46%

TOP 10 COMPANIES BY HIGHEST NET PROFIT IN REPAIR AND INSTALLATION OF MACHINERY AND EQUIPMENT The Repair and installation of machinery and equipment RANK COMPANY BGN industry's return on equity (ROE) is 16.94% compared to 1 ATOMENERGOREMONT AD 16,818,000 17.92% in 2017 and 8.77% in 2016. 2 PENTAX MEDICAL BULGARIA EOOD 12,630,000

3 LUFTHANSA TECHNIK SOFIA OOD 6,642,000 The Repair and installation of machinery and equipment's 4 VIKIVAN EOOD 6,220,000 return on assets (ROA) was 9.31%, while in 2017 it amounted 5 AVIONAMS AD 3,562,000 to 11.06% and 5.07% in 2016. 6 ALPIN 5 EOOD 3,426,000 7 HELLENIKA OOD 2,712,000 8 AERO TECHNIC BG OOD 2,499,000 ROE 9 PERLA 2 EOOD 1,916,000 ROA 17.92% 10 KONSORTSIUM KAPSH TRAFIK SOLYUSHANS DZZD 1,728,000 18 16.94%

16.5

TOP COMPANIES BY HIGHEST NET LOSS IN REPAIR AND 15 INSTALLATION OF MACHINERY AND EQUIPMENT RANK COMPANY BGN 13.5 1 DIETSMANNENERGOREMONT HOLDING AD 14,335,000 12 2 ENERGOREMONT KOZLODUY EOOD 3,727,000 3 TEREM -KRZ FLOTSKI ARSENAL - VARNA EOOD 1,840,000 10.5 11.06% 8.77% 4 KLON NA PUBLICHNO AKTSIONERNO DRUZHESTVO 1,515,000 9 SILOVI MASHINI - ZTL, LMZ, ELEKTROSILA, 9.31% ENERGOMASHEKSPORT V REPUBLIKA BULGARIA KCHT 7.5 5 TEREM-LETETZ EOOD 869,000 6 4.55.07% The combined operating earnings of the companies in the Repair and installation of machinery and equipment industry 3 decreased by 10.61% y/y to BGN 153,468,000 in 2018. 1.5

0 OPERATING PROFIT/LOSS BY SECTORS (BGN) SECTOR 2018 2017 2016 2016 2017 2018 REPAIR AND MAINTENANCE OF SHIPS AND 47,254,000 54,061,000 -2,143,000 BOATS REPAIR OF MACHINERY 45,862,000 62,433,000 47,964,000 REPAIR OF ELECTRONIC AND OPTICAL 17,800,000 12,439,000 5,890,000 EQUIPMENT INSTALLATION OF INDUSTRIAL MACHINERY 17,236,000 14,581,000 15,417,000 AND EQUIPMENT REPAIR AND MAINTENANCE OF AIRCRAFT 15,563,000 10,154,000 4,460,000 AND SPACECRAFT 8 SeeNews Industry Report

LEADING INDUSTRY'S SECTORS BY ROA The industry's average operating revenue per employee rose 29.59 30 by 19.95% year-on-year in 2018 to BGN 91,031. It grew by 27.5 36.65% compared to 2016. 25 The Repair and installation of machinery and equipment 22.5 market generated an average BGN 91,782 in total revenue per 20 employee. In 2017 and 2016 the figure was BGN 76,589 and 17.5 BGN 67,174, respectively. 15 14.45 13.04 The average total revenue per company in the Repair and 12.5 installation of machinery and equipment industry went up to 10 BGN 511,985 in 2018 from BGN 437,389 in 2017. The 2016 7.5 value was BGN 406,056.

5 A company in the Repair and installation of machinery and 2.5 equipment market made on average a net sales revenue of 0 BGN 491,068 in 2018, compared to BGN 402,462 in 2017 and Repair of electronic Repair and Repair of other and optical maintenance of other equipment BGN 384,311 in 2016. equipment transport equipment The Repair and installation of machinery and equipment

LEADING INDUSTRY'S SECTORS BY ROE industry made 0.45% of the overall sales country-wide, increasing its market share by 0.06 pp. 42 41.14

38.5 Operating profit per employee for the industry as a whole was 35 33.43 BGN 10,277 in 2018. For comparison in 2017 it amounted to 31.5 BGN 11,452 and BGN 11,452 in 2016. 28 26.49 THE TOP BY OPERATIONAL PROFIT PER EMPLOYEE IN REPAIR AND 24.5 INSTALLATION OF MACHINERY AND EQUIPMENT 21 RANK COMPANY BGN 17.5 1 SLAVOV CASTING - SERVICE AND TECHNOLOGY EOOD 1,919,000 14 2 TPK TEXIM -90 KOOP. 396,000 3 K.A.N. UNLIMITED EOOD 377,000 10.5 4 STROI RITEIL EOOD 376,000 7 5 RISOV MACHINERY EOOD 280,000 3.5 0 Repair of electronic Repair and Repair and and optical maintenance of other maintenance of TOP 10 COMPANIES WITH HIGHEST CORRELATION OPERATING equipment transport equipment aircraft and spacecraft REVENUE - NUMBER OF EMPLOYEES - EMPLOYMENT EXPENSES* RANK COMPANY NAME CORRELATION (BGN) TOP 10 COMPANIES BY HIGHEST AVERAGE NET PROFIT PER 1 SLAVOV CASTING - SERVICE AND TECHNOLOGY EOOD 3,972,000 EMPLOYEE IN REPAIR AND INSTALLATION OF MACHINERY AND 2 TSENTRALNA ENERGOREMONTNA BAZA EAD 3,940,000 EQUIPMENT 3 RISOV MACHINERY EOOD 2,266,000 RANK COMPANY BGN COMPANY HEA DQUARTERS 4 GENERAL ELECTRIC INTERNATIONAL - BRANCH BULGARIA 1,517,000 (CITY) 5 MAN ENERGY SOLUTIONS BULGARIA EOOD 1,296,333 1 SLAVOV CASTING - SERVICE AND 1,727,000 SHUMEN 6 ALFORI OOD 987,667 TECHNOLOGY EOOD 7 K.A.N. UNLIMITED EOOD 731,000 2 TPK TEXIM -90 KOOP. 396,000 PLOVDIV 8 SVEMAR AGRO OOD 717,500 3 STROI RITEIL EOOD 376,000 VARNA 9 INOX SOLUTION OOD 642,500 4 K.A.N. UNLIMITED EOOD 339,000 SOFIA 10 YACHT ENGINEERING BG EOOD 556,750 5 RISOV MACHINERY EOOD 280,000 SOFIA

6 VIKIVAN EOOD 230,370 SMOLYAN

7 TURBO BUL OOD 212,000 VARNA *The correlation is calculated by subtracting the quotient of the operating profit, and 8 MARITINE SERVISES EOOD 191,500 ZLATOGRA the employment expenses to the number of employees. D 9 PRO GLASS SERVICE EOOD 171,000 SOFIA AVERAGE REVENUES PER EMPLOYEE IN REPAIR AND 10 VISITSHIP OOD 163,000 VARNA INSTALLATION OF MACHINERY AND EQUIPMENT IN 2018 SECTOR AVERAGE NET AVERAGE AVERAGE NUMBER OF SALES OPERATING TOTAL EMPLOYEES REVENUE REVENUE REVENUE About 30.00% of the 10 leading companies in terms of net (BGN) (BGN) (BGN) profit per employee are located in SOFIA, while 30.00% are REPAIR OF OTHER EQUIPMENT 56,681 57,538 57,538 160 VARNA-based and 10.00% are headquartered in SHUMEN. INSTALLATION OF INDUSTRIAL 133,753 140,243 140,472 1,776 MACHINERY AND EQUIPMENT

REPAIR OF FABRICATED METAL 39,417 44,387 44,780 581 The average net sales revenue per employee in the Repair and PRODUCTS installation of machinery and equipment industry amounted REPAIR OF ELECTRONIC AND 153,075 155,259 155,809 482 to BGN 88,032 in 2018, up by 24.92% compared to 2017 and OPTICAL EQUIPMENT up by 38.47% compared to 2016. 9 SeeNews Industry Report

REPAIR OF MACHINERY 72,785 75,043 75,896 6,001 REPAIR AND MAINTENANCE OF 76,740 78,622 79,231 3,418 NUMBER OF EMPLOYEES BY INDUSTRY SECTORS SHIPS AND BOATS SECTOR NUMBER SHARE OF INDUSTRY REPAIR OF ELECTRICAL 95,751 105,808 108,007 542 TOTAL EQUIPMENT REPAIR OF MACHINERY 6,001 40.19% REPAIR AND MAINTENANCE OF 55,455 58,171 58,185 211 REPAIR AND MAINTENANCE OF SHIPS AND BOATS 3,418 22.89% OTHER TRANSPORT EQUIPMENT INSTALLATION OF INDUSTRIAL MACHINERY AND 1,776 11.89% REPAIR AND MAINTENANCE OF 118,394 120,191 121,282 1,762 EQUIPMENT AIRCRAFT AND SPACECRAFT REPAIR AND MAINTENANCE OF AIRCRAFT AND 1,762 11.80% SPACECRAFT REPAIR OF FABRICATED METAL PRODUCTS 581 3.89% AVERAGE REVENUE PER COMPANY IN REPAIR AND INSTALLATION REPAIR OF ELECTRICAL EQUIPMENT 542 3.63% OF MACHINERY AND EQUIPMENT IN 2018 REPAIR OF ELECTRONIC AND OPTICAL EQUIPMENT 482 3.23% SECTOR AVERAGE NET AVERAGE AVERAGE NUMBER OF SALES OPERATING TOTAL COMPANIES REPAIR AND MAINTENANCE OF OTHER TRANSPORT 211 1.41% REVENUE REVENUE REVENUE (BGN) (BGN) (BGN) EQUIPMENT REPAIR AND MAINTENANCE OF 4,851,419 4,925,047 4,969,721 43 REPAIR OF OTHER EQUIPMENT 160 1.07% AIRCRAFT AND SPACECRAFT REPAIR AND MAINTENANCE OF 1,237,259 1,267,594 1,277,420 212 SHIPS AND BOATS INSTALLATION OF INDUSTRIAL 715,497 750,214 751,440 332 MACHINERY AND EQUIPMENT ALLOCATION OF EMPLOYEES BY INDUSTRY'S SECTORS REPAIR OF ELECTRONIC AND 392,457 398,059 399,468 188 OPTICAL EQUIPMENT 1,776 1,762 REPAIR OF MACHINERY 380,474 392,277 396,737 1,148 REPAIR OF ELECTRICAL 232,722 257,166 262,511 223 EQUIPMENT REPAIR OF FABRICATED METAL 189,264 213,132 215,017 121 1,395 PRODUCTS REPAIR OF OTHER EQUIPMENT 61,694 62,626 62,626 147 REPAIR AND MAINTENANCE OF 44,490 46,669 46,681 263 3,418 581 OTHER TRANSPORT EQUIPMENT

The total indebtedness of the companies in the Repair and installation of machinery and equipment industry was BGN 606,307,000 versus BGN 493,913,000 a year ago. In 2016 the industry's indebtedness totalled BGN 567,418,000.

INDUSTRY'S INDEBTEDNESS BY SECTORS (BGN) SECTOR 2018 2017 2016 6,001 REPAIR OF MACHINERY 227,623,000 152,382,000 183,961,000 INSTALLATION OF INDUSTRIAL 116,888,000 69,072,000 51,991,000 Repair of machinery MACHINERY AND EQUIPMENT Repair and maintenance of ships and boats REPAIR AND MAINTENANCE OF AIRCRAFT 93,265,000 93,484,000 77,107,000 Installation of industrial machinery and equipment AND SPACECRAFT Repair and maintenance of aircraft and spacecraft REPAIR AND MAINTENANCE OF SHIPS 92,874,000 83,862,000 165,261,000 AND BOATS Repair of fabricated metal products REPAIR OF ELECTRICAL EQUIPMENT 36,918,000 37,980,000 28,595,000 Others REPAIR OF FABRICATED METAL 15,010,000 17,211,000 27,632,000 PRODUCTS The analysis on companies' sizes by the number of REPAIR OF ELECTRONIC AND OPTICAL 12,839,000 22,945,000 11,374,000 employees, shows that 1278 firms have less than 50 EQUIPMENT employees*, 37 have between 50 and 250 employees* and 8 REPAIR AND MAINTENANCE OF OTHER 6,649,000 13,853,000 17,760,000 TRANSPORT EQUIPMENT companies employ more than 250*. REPAIR OF OTHER EQUIPMENT 4,241,000 3,124,000 3,737,000 * Companies without data in the number of employees at end of the year are not taken into consideration.

Debt-to-assets ratio of the companies in the industry is 0.42 in 2018. It was 0.35 in 2017 and 0.39 in 2016.

VI. EMPLOYMENT

A total of 14,933 people were employed in the Repair and installation of machinery and equipment field at the end of 2018, compared to 14,991 in 2017 and 15,783 in 2016.

10 SeeNews Industry Report

COMPANIES IN THE INDUSTRY BY SIZE IN TERMS OF NUMBER OF EMPLOYEES 1 300 1 278 1 200 1 100 1 000 900 800 700 600 500 400 300 200 100 37 8 Small Medium Big

The employees of the leading 10 companies in terms of numbers make up 34.17% of the workforce in the industry in 2018.

TOP 10 COMPANIES BY SHARE IN INDUSTRY'S TOTAL NUMBER OF EMPLOYEES RANK COMPANY NUMBER OF SHARE EMPLOYEES 1 LUFTHANSA TECHNIK SOFIA OOD 1,072 7.18% 2 ATOMENERGOREMONT AD 858 5.75% 3 ODESSOS SHIPREPAIR YARD AD 706 4.73% 4 DIETSMANNENERGOREMONT HOLDING AD 655 4.39% 5 TEREM -KRZ FLOTSKI ARSENAL - VARNA EOOD 554 3.71% 6 AVIONAMS AD 304 2.04% 7 SIGMA IS AD 276 1.85% 8 ENERGOREMONT KOZLODUY EOOD 250 1.67% 9 RIMAKEM EOOD 246 1.65% 10 PETCO PETCOV - 24 D EOOD 182 1.22%

The Repair and installation of machinery and equipment industry is the 35th largest employer in the country with 14,933 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 Repair and installation of machinery and equipment's share in the country's total employment was 0.64% in 2018, 0.82% in 2017 and 0.82% in 2016.

We expect, based on the trend in the last three years, the number of employees of the Repair and installation of machinery and equipment industry to change at a compound annual growth rate (CAGR) of -2.73% in 2019.

11 SeeNews Industry Report

The industry is represented by the following companies

ELTRON SERVICE EOOD HIDRAVLIKA EOOD BETA TREYD 07 EOOD MULTIBLAST EAD IZOTECH SERVICE EOOD ET ANVENA - VELKO CHIVILIEV ELPAK SPECIAL SERVICE EOOD TECHNICAL SERVICES SUPPORT EOOD METEOR AK EOOD KLIMAINS OOD ET MITE - GEORGI ZDRAVKOV ET HRISI - BONCHO DIMOV ET VLADI - LYUBOMIR VESELINOV TERMO-PROFIL-GEORGI POPOV ET ART LIFT EOOD EUROSERVISE-6987 EOOD HERMES CLIMA EOOD GEMA SERVICE EOOD POWER ENGINEERING STARA ZAGORA OOD ALESDAS EOOD VENTSI STRATEV EOOD GRANCHAROV - 87 EOOD PPMEO OOD TEDI - TODOR ANGELOV EOOD GRAM STOYCHO PETROV ET PROFESSIONELLE YACHT EOOD GALAXY MARINE EOOD VLADAYSKA PARTNERS OOD OPTRON GLOBAL SERVICES EOOD PRO-TECH SERVI ES OOD DIMEKS EOOD MISSO.LTD EOOD OBSEG EOOD REKOVERI TEHNOLODZHI OOD BULREM EOOD TEHNIKOSERVIZ EOOD TIREX AP EOOD DI END DZHI FOREVAR EOOD TEMIL EOOD AM SISTEMS OOD ESK OOD TSK GENADIEV EOOD S T INNOVATORS EOOD BIO REN ENERGY EOOD FLASHELEKTRIK EOOD MANEV - MM EOOD SIV 90 EOOD PROFINANCE D EOOD KOMTEH-STABIL EOOD ER- VE GROUP EOOD ENERGOREMONT-ROMAN EOOD TURBO MARINE EOOD MRD 2015 EOOD VITAPEN OOD TEHNOMARIN OOD ET EM-SA-RUFI MEHMED RADKOM 2004 EOOD IZOTSERVIZ SHUMEN OOD REQUEST OOD TYURBAYNS SPEAR PARTS SARVISIZ PARTNARS OOD STAMBATA - XC EOOD ELVA VASIL VASILEV ET B A PEYCHEV EOOD ET BENI KOMERS - VENTSISLAV BENOVSKI AMADINA STOYAN VASILEV ET MULTI SERVICE GROUP EOOD PETROLIUM SERVIZ EOOD SEVTOPOLIS SERVIZ EOOD AP MARINE ELETRICAL SYSTEM EOOD GAMA SPEKTAR 96 EOOD VISTA GRUP EOOD PERFECT ELECTRA OOD SIEL 78 SIMEON FILIPOV ET ALEKSANDAR MEDIKA EOOD BULGARIA YACHTING 2017 OOD NIDI KOMFORT EOOD 1969 EOOD LIFT - SERVIZ 08 OOD KRANI 2009 OOD STANCHEV - KLIMA 2 EOOD ET PETAR STOIMENOV - FLEKS IL DI 67 EOOD NEOBLAST EOOD ROSITSA NIKOLOVA ET SISTEMI ZA AVTOMATIZATSIA EOOD V I M 65 OOD MONTAJ SERVIZ K2 EOOD ALTEH SERVIZ EOOD MINNA AGENTSIA EOOD BLACK SEA YACHT SERVICE OOD EURO SHIPPING OOD RSC SOFIA EOOD TRUCKS ENGINEERING EOOD BULLIFT TREYDING 1 EOOD ZHIVKO KOLEV 2018 EOOD HYMAC INTERNATIONAL EOOD DANI-82 OOD CARMOTION OOD KODINOVS OOD VACHI CRAFT SERVICE EOOD T COM GROUP EOOD PLYWORLD EOOD NCL EQUS EOOD HIDROMA EOOD VEZNA KR MINEV EOOD PASAT-M 07 EOOD BALANS 2000 EOOD KRANTEH INGENERING OOD MALINKA LYUBOMIROVA IVANOVA EOOD DANI LIFT EOOD ELETEO EOOD ET BIS - BORISLAV SIMEONOV REAL SERVIZ EOOD ET TRANSVERTIKAL - PAVLIN PELOV RIMAKEM EOOD ET SIYAYA - BORISLAV MITOV IVETA 2015 EOOD MIM SERVIZ EOOD MENA FAYER OOD CHERGILANOV TM 2018 EOOD ICEBERG INTERNATIONAL EOOD ET IVAN STEVOV BULRANG - VATEV I SIE OOD ELCONSULT OOD ET STRELETS - KIRIL RADEV KLON NA PUBLICHNO AKTSIONERNO TESA KARS EOOD DRUZHESTVO SILOVI MASHINI - ZTL, LMZ, KVART - KRUM TURTANSKI ET ALFORI OOD ET KALI - PETAR VASILEV ELEKTROSILA, ENERGOMASHEKSPORT V PREMIERE GROUP OOD ET ESI-TOTYO KANEV REPUBLIKA BULGARIA KCHT NIDAS SERVICE OOD ELSYST ENGINEERING OOD ET VALAB - VALERIY VALCHEV ISKAR SERVICE EOOD MRL ENGINEERING EOOD RENI LIFT 22 EOOD J - CONSULT EOOD SHKODROV EOOD ET SHAFER - VESELIN SHAFEROV ASN CLUB EOOD KAZAKOV 65 OOD X EOOD DZHAN-EST EOOD PADI AVIATION EOOD 485 EOOD BEST OIL BULGARIA EOOD UNISHIP EOOD NIKOLINKA ILIEVA GALITSA ET D AND P AUTO OOD ELMONT 1 EOOD ET KOZME TEH-KONSTANTIN KOSTOV DURGA 2 EOOD TERMO MONTAJ 2011 EOOD DI FOR ES OOD CHEMIX BULGARIA SLTD EOOD ANTONI EOOD NORTAN MARIN EOOD B A PEYCHEV BLAGOY ALEKSANDROV PEYCHEV UNIPRIBOR EOOD ET TEO ELEKTROMOTOR EOOD HIRUTEH-93 OOD ET DIMINZHINERING - DIMITAR TONCHEV K.A.N. UNLIMITED EOOD RTEX EOOD DPTEC EOOD PROFFI PAINT EOOD ET IVAN LANKOV SATECH SOLUTIONS OOD ILSI - LIFT OOD SIMEKS-M EOOD SOLAR KRESNA EOOD ATLAS ANTIKOROZIA EOOD DIACOM 7 EOOD IRS KONSULT EOOD KARMELO-VESELIN MANCHEV ET KITCHEN SERVICES EOOD PEGAS UNION OOD REMETECH EOOD GEOTEHSERVIZ EOOD ET BUL-REM - DRAGAN GANCHEV AUTO SHANS 78 EOOD ILIYAN NEDKOV ET ET T I M - YORDAN IVANOV TE MA PA EOOD NITRON 52 NONYU NIKOLOV ET TRINEL OOD KLIMATENGINEERING-21 AG AD EVROBOS EOOD SIPGER M EOOD DM TRADING 2010 EOOD SKL SERVICE EOOD KV PROEKT EOOD BOCHEV I DINEV OOD STROITELSTVO I REMONT AD AQUA PROM EOOD BUL ENG COM EOOD D A R K -2002 EOOD SAVI LIFT OOD BURGAS DIVERS EOOD OBEDINENIE TMO 2015 DZZD MAIAK-2-GEORGIEVA-SENICHKA GENCHEVA ET ET SALUS - TODOR TODOROV S-AKIS ELEKTRONIC ENGINEERING & SERVICE PHOENICIA VERTICALI OOD DIMAST M EOOD EOOD HAYKOMTEH EOOD SEVIN AUTO EOOD DEMA DASKALOV 2002 EOOD LM KLIMA EOOD LEONARD INTERNATIONAL SERVICE OOD KASEL - 10 EOOD MM HIDRAVLIK EOOD AVTO TOTSI EOOD VILI 014 EOOD ET ELTEH - AHMED EBAZEROV RUMEDIT EOOD ABC WIND FARM OOD ERMANG D OOD BREZENT D END D EOOD ET B.B.DENT-S-PETAR STOYANOV BI ER EL OOD FRIMA - 2 EOOD AVANGARDNA TARGOVIA I MULTISERVIZ ATM HIDROSISTEM EOOD GANCHO MIHOV ET NOVA TEMP EOOD AD ELSTROI NEDELCHEV EOOD ATAMER EOOD 12 SeeNews Industry Report

GYOKAN - 93 EOOD PRO WELDING SLTD EOOD ENSI CONTROL EOOD VISTA GRUP 2005 OOD SAAN TECHNIEK EOOD BORDO KATYA GEORGIEVA ET ILPENI EOOD ALMIK EOOD ET PANI - PARVAN ANDONOV R & A SERVICE OOD LIBRA ASSIST EOOD SKYWAY TRADE OOD VENKAS EOOD TEXNOMED EOOD INKOMM OOD CHROMS TECHNIQUES EOOD BEBETO 2015 EOOD MULTIMED OOD KRISIT ELEKTRONIKS EOOD AERO TECHNIC BG OOD MITKO LIFT EOOD ITA - NIKOLOV I S-IE SD VALEMO TREYD EOOD MAKROTERM EOOD IZOMATIK-KOMPLEKT OOD PETRONIKS 1 EOOD SAVENA BG EOOD DENCHEV I SIN OOD IZOTSERVIZ BM EOOD INCOTEX SERVICE OOD TRASAN AUTO EOOD INDUSTRIAL COOPERATION EOOD MERIDIAN 999 EOOD TERAX BG OOD ET DELTA DIAMANT - BOGDAN MILENOV BOTABI OOD DS KOSTADINOVI OOD CORAL EXPERT EOOD BORISLAV BRATOEV ET TERIS EOOD LAVA SERVIZ EOOD DIAN DINEV EOOD KAR KLIMA EOOD PEL 53 PELAO STOYKOV ET UNI KOREKT 2012 EOOD GARANT EXPRESS 1990 OOD SEA STARS 88 EOOD ET ARKALIEV - HRISTOFOR ARKALIEV INTEGRAL A G EOOD DIGITRADE OOD VALCHEVI BG SLTD EOOD DIGALOG-TEHNIKA OOD EASY TRAVELS EOOD ROTAKER EOOD NORD BILD OOD DITAL ELECTRIC OOD TSENTRALNA ENERGOREMONTNA BAZA EAD INDUSTRIAL SERVICE OOD OTISEN OOD KLIMA BEST 2018 EOOD ATARK EOOD NITRA EOOD BULGARIA BIZNES TREYD EOOD MICONT OOD M-MONT EOOD AGROTEH ROSATA EOOD KOHTA 07 EOOD RADEVI KOREKT EOOD AUTOSERVICE OOD KIROV INJENERING EOOD LODKI NA MORE EOOD BEGAKAR EOOD DENIFRIGO EOOD FRIGOFE OOD MERGS EOOD TEREM -KRZ FLOTSKI ARSENAL - VARNA EOOD SVETLI-DIZEL 2011 EOOD ET PLAMEN PAVLOV - 72 IST MARINE YACHT SERVICE EOOD TEHNOLAB EOOD ASP PLYUS EOOD YANDI OOD MIK ELECTRONICS EOOD FLEXY BOX EOOD SKLADOVA BAZA EZERORVO EOOD AGRO SERVIZ 2014 EOOD NOVA MEDICAL OOD DENI 82 EOOD ET EL KING-TODOR RABOTOV OMEGA INS EOOD SILA GROUP COMMERCE EOOD BMT AVTO SERVIZ EOOD HETA - TONEV EOOD ARCAS - 97 OOD KOMEL OOD VASANO EOOD ET VALDER-EMANUIL ORLOV MELIOR EXPERT LLC EOOD SAUT UEST EOOD AVTO SPEKTAR EOOD BOZHKILOV MIT EOOD DELTA KOM EOOD PROMODUL EOOD LEONLIFT OOD IKAR 2017 EOOD LIFTKOM SERVICE EOOD MITROV EOOD TI-ANN EOOD ELGO-07 EOOD DENEVAN EOOD CNC-TECHNIK PETER ISRAEL OOD ECOSIM OOD ET EMIL KITANOV BORALEK EOOD AKZ ENERGIYA OOD ECOLD OOD ET VLADI NAUMOV-VLADI 95 IMSA LIMITID - KLON BULGARIA KCHT IZOLATSIYA PLYUS EOOD PRO SERVIZ EOOD EXPERT CLIMA BOURGAS EOOD TEHNOSAT EOOD DINAMO RUSEV EOOD BIZON INS OOD FULCHARDZHAR BULGARIA AD TERMOKRAFT EOOD CHERKEZOV EOOD GENERAL ELECTRIC INTERNATIONAL - BRANCH BULGARIA ELFITRON - DIMITAR SERAFIMOV EOOD ALUDIES CORRECTION EOOD FRIGO BUL-MIROSLAV PETKOV ET SNEVA - V EOOD DES 96 EOOD TOF-N-2016 EOOD ELOPAK EOOD - 02 OOD SEKOMA EOOD EKSPERT-MONTAZH EOOD AVISTA ELECTRIC OOD RAMAR-TSANKO MARKOVSKI ET SERVIZ DINKOV STEFAN DINKOV ET AUTO VE GE DZZD USS EOOD ENERCON SERVICES BULGARIA OOD HYDRAULICS GROUP EOOD LOCHERS BG OOD ASANSYORNI SERVIZI SOFIA AD BONETI EOOD IZOTSERVIZ - SMOLYAN OOD INSTEL 999 OOD STOLEX BROTHERS OOD TEHNIKA KONSULT EOOD VEI START EOOD ET ZHIVKO KALACHEV LIFTKOM RZ EOOD LIFT KOREKT EOOD NYU PRODZHEKT OOD ELPAK SERVIZ EOOD MEDISERVIZI EOOD ASANSYORNI SERVIZI OOD TODA LIFT EOOD BICHOS EOOD DZHI BI SARVIS KAMPANI EOOD KRAFTMANN BULGARIA EOOD DAIG OOD EMIKRON EOOD ET GLOBUS EE - ENCHO ENCHEV ENERGO REMONT STROY - TSENTRALNA MSG GROUP EOOD SP AKTIVE EOOD APOLLONIAN SEA SERVICES OOD REMONTNA BAZA DIMITROVGRAD EOOD OPERATION MANAGEMENT SERVICES OOD SPEKTAR SERVICE EOOD KOEENI EOOD START - UP EOOD GUMI - GRUP EOOD SACHKO-SACHKO TODOROV ET KARON EOOD TEHNOKAR OOD KRASIMEKS EOOD ROSEN YANEV OOD PERITUS EOOD MALNIA 58 KIRIL KAMENOV ET MAXI SEVICE EOOD PLANUS EOOD ZLATKOV VERTTRANS S IE DIMITROVI SD KANEVI OOD PREOS EOOD TOSS AD GRUDEV SERVIZ OOD KLIMA D EOOD LUMAKS AUTO OOD PEPO 02 EOOD IN KOMERS DZZD EUROCOPY OOD EKSPERT 2018 EOOD PSIT - PLOVDIV EOOD RAKOV-77 EOOD GARAZH BROS EOOD PLAMEN KOZALIEV ET DEKA 10 EOOD METALMEBEL OOD SOLAR VISION OOD EKTO EOOD AMELID EOOD IC-ENGINEERING EOOD AVI SARVIZ EOOD BM TREYDING SMOLYAN EOOD ZHELYAZKOV INZHENERING OOD VEN-CO SERVICE EOOD COOL SYSTEMS EOOD ET IVAN SIMEONOV CHERNOMORSKI VODOLAZEN TSENTAR OOD VERTIKAL - SAVOV EOOD CONTROL OOD HYDRO BUL OOD DZZD BOYCHINOVI RMP OOD HOFMANN CONSULT BULGARIA EOOD VLADIMA OOD T&D ENGINEERING EOOD ANTANI - 2009 EOOD ET PETYO RUSENOV - 52 GEORGI RUSEV 53 EOOD CAR ELECTRICS EOOD ETOP ENGENERING EOOD ARGONETIKS EOOD GASSERVIZ OOD L X OOD MAKRIS KAZANDZHIEV I S IE SD AVTOSERVIZ LEON EOOD YUNIVARS 91 DIMITAR STANEV ET TRAFOREMONT EOOD DENTAL FIX OOD MISHO - MIHAIL ILIEV ET REMKRAN EOOD AB 52 ATANAS ATANASOV ET PUSALSKI AND SON EOOD TEHNOKOM OOD A-R-S GMBH OOD RMK INJENERING OOD FK SARVISIS END REPEAR EOOD TERMO - 99 OOD SD HIDRAVLIKA-POPOVI I SIE VISITSHIP OOD BUTTERFLY 2012 EOOD ELBO OOD THERMO TOP ENGENEERING BG EOOD ENDOREP EOOD VIA STROY EOOD ENTERPRISE COMMUNICATIONS GROUP OOD ET INTEREKSPRES - PAUNOV - BORIS PAUNOV ET TONI - ANTON HRISTOV N AND K 2017 OOD ET RUSALENA - MIHAIL VALCHEV BALKAN AVIATION TECHNIC OOD NIK AVTO 2013 EOOD ET KARDIOTEH SERVIZ - BOGDAN NIKOLOV VAST EOOD SD VERTIKAL 100 - GADEV, YORDANOV S-IE 13 SeeNews Industry Report

MARITIME SERVICES EOOD ATANAS KANEV ET ET BALANS - 53 N - MITKO NENOV FRIGOSYST OOD DIMOVI 94 ATANAS DIMOV ET Y - YANI GEORGIEV EOOD ET RADOY LYULYUKOV - YODAR INDUSTRIALEN INZHENERING EOOD EUPORIAN TABACO SERVICES EOOD DD - 97 EOOD DIMOV 76 - STOYAN DIMOV ET UNIVERSAL 48 PARASKEV PARASKEVOV ET KAR PERFEKT SERVICE EOOD PENEV P.AT. 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ELEKTRIC BYLD EOOD HIDROGRUP DZZD M & M AUTO REPAIR EOOD PETROLGAS SERVICE EOOD MONSTER GARAGE EOOD TONI LIFT - R OOD ET ELEKTRIK - MILKO ZHILEVSKI PIT TSPU SERVIZ EOOD ET VENUS - VLADIMIR GRUEV NEDELCHEV SERVIZ OOD KRAVT EOOD ET GOGO - GANCHO STEFANOV SEA ENGINEERING OOD ET ELFITRON - 53 - TSENKA SERAFIMOVA ET AVTO-TREYDING - PLAMEN PASKOV OTTO LIFT EOOD FRIGO COMPACT OOD SINTERMAT AD AVROV EOOD KASAMOV EOOD ET STEFAN DRUMEV ALEKS KARI EOOD STAS - AUTO EOOD AKTUAL INZHINERING EOOD LS SERVICE EOOD T SERVICE EOOD SUPER SABKO IVANOV ET GRAMATIKOV 81 EOOD TED INZHENERING 2000 EOOD GEOSERVICE - SOFIA EOOD DARAS OOD TRIKAR OOD SHUMED EOOD ET VESELIN DIMCHEV MARVEL TSPU MASHINI EOOD TECHPACK EOOD KONSORTSIUM KAPSH TRAFIK SOLYUSHANS EVRO RENT 2001 OOD PETAR PENEV 2017 EOOD ADEN GROUP OOD DZZD CATE EOOD ELTED TM EOOD FIRE SYSTEMS EOOD REFSISTEMS EOOD ART.LINE. CONSTRUCTION EOOD RADO KAR EOOD TECHPOL 16 EOOD AVTO - MOTO LIDER EOOD S AND G ENGINEERING EOOD ARMATUREN SERVICE EOOD VALEMO - EMIL CHAKAROV ET ET SASHO ALEKSIEV - ALPEN DAN - PAN EOOD IRINEKS OOD A T KLIMA EOOD VI BILD 1 EOOD KLIMATEHNIKA EOOD ELMA TEH EOOD MIRCHEV-MD-2017 EOOD PROMISHLENI SISTEMI EOOD VARNA YACHT PAINT OOD SHARP TULS - GERALUMIN OOD ADD HELP EOOD VEDA TSVETAN STEFANOV ET DOBRICH LIFT 08 OOD ET UNIVERSAL 250 - KALCHO BELOV ASKOS SERVIZ EOOD ELKONSULT INZHENERING EOOD VAS LIFT EOOD MEHALP EOOD ENERGY SERVICE EOOD DAR S SERVIZ EOOD ELTREYD 04 OOD SPINOR-BG EOOD ZHOKER KIT EOOD MEDITRON SERVIZ OOD ET ATANAS SARBOV-ELEKTROMOTOR MISA KONSULT OOD VIVA AGROSTROY-KONSULT EOOD CAREX EOOD KLIMEKS EOOD DE I ZHI EOOD INOX SOLUTION OOD ET SAVENA-TODOR SAVOV KUTSAROV 62 EOOD IMANDIEV EOOD CLIMA 98 OOD ET KLIMAT - PENKO PENEV LZ YACHT SERVICE OOD FTT OOD BATERIA AD ELREM EOOD SERVICE DOBRICH OOD ET IVAN STOEV ET MEGI - MARIYA GERCHEVA KK OOD LINO STAR OOD ZAPO EOOD HRISTO BALBOLOV EOOD TECHNOMASHPROJECT EOOD LIFT SERVIZ DZH OOD VP BEZOVI OOD HERBIFIQUE EOOD ET RENHAD-VLADISLAV HADZHIPETROV SBM SERVIZ OOD ELKABEL KO-M EOOD ET ELKOPI-2013-ROSITSA YANCHEVA-STOEVA BITUMI EOOD EMI GRUP 91 EOOD ET NIKOLA SIRAKOV ET POPOV - IVAN TODOROV POPOV FRIGO KOREKT EOOD AKVA TIYM RUSE EOOD REMPUS EOOD TABAK TEKNIK EOOD GAMACHEK EOOD SKR AM EOOD UTA-DIK OOD DACS-N EOOD KEYS SERVIZ OOD S I D - 97 - PAVLOV OOD GED 69 EOOD SPEKTRON EOOD TOP 100 RESEARCH EOOD ET DZHERI - SUNAY ALEKBER MOBILE SERVICE KARY EOOD ET ESTET - PETAR PENKOV BARAKUDA OOD VIVEKS STROI EOOD ET BOKAS - BOGDAN ALEKSANDROV TURBOLAZ OOD ALEXANDRA LIFT EOOD ORISOFT EOOD KAR SERVIZ 2007 EOOD VANEKS AGRO EOOD EKA SERVIZ OOD TOP AUTO 2012 OOD BULLIFT KOSTOV OGNYANOV VELEV I SIE SD IV SERVICE 2016 EOOD VELEV 2003 EOOD DZZD MEDTEH SERVIZ-62 TURBO BUL OOD BIOTEHKLIYN EOOD START KOATING EOOD AUTO TECHNICS AND SERVICE EOOD DZZD TIS BMSS CONSTRUCTION OOD ARCTECH 1 OOD NESTO EOOD KOLDASHKI EOOD GSRM EOOD MECCATRONICA EOOD NEKI EOOD TIR-SERVIZ EOOD AY END DZHI MARIN SARVIZ EOOD BG MEDIKA OOD PRESPA VALCHEV S IE SD ET CHAVDAR ANDREEV - A - A KANGO-SERVIZ BANCHEVI EOOD FD EOOD VIKTOR-1987 - TCVETAN HRISTOV ET BADZHINKOV OOD ME.NA.CO EOOD MPN ELEKTRONIK EOOD PIK OOD ASM ZORNIZA 1 EOOD OR-TI EOOD VELINOV 95 OOD VANO BG EOOD ECOCLIIMAT OOD MV 133 MANOY MANOEV ET AGROMETAL EOOD ET VEZNA - DANCHO IVANOV ELECTROREMONT DEVNJA OOD ENVIRON BG EOOD EKOGAZ PROEKT OOD PRIMA EL VERONIKA PARASHKANSKA ET FRIGO TERM SERVIZ OOD ELSERVIZ EOOD JOBI-JO EOOD METROLOG PRETSIZ OOD A& N LIFT EOOD APAS EOOD VIPROM EOOD IATOKAR - SERVIZ EOOD ET RUMYANA DIMITROVA KLIMA MONTAJI OOD NBNS INDUSTRIAL EOOD ALMI PARTNERS EOOD ET NIVO - NINA YAKIMOVA EVROMED-7 OOD NEPET CHERNEV EOOD ALFA-M EOOD PROEKTEN MENIDZHMANT I KONSULTIRANE LYUDYANI 2002 OOD EKSBG EOOD OOD ZHA ZHIVKO TODOROV 2010 EOOD STAMH SERVICE OOD TERTEH EOOD VELEV MACHINERY EOOD MUEHLHAN BULGARIA OOD ARP-28 OOD BM SARVIS GRUP EOOD HIDRONETIKS EOOD ET TEKAR - IVAN IVANOV DIMARK 73 EOOD ALMAR 2014 OOD AQUATON-B EOOD TERATEH OOD SPD EOOD DIAMANT- DEYAN BELCHEV EOOD DORN PLUS EOOD MERTO K OOD ASSAREL - REMONT OOD NOVA-V 2015 EOOD ET SIMONA-SOFIYA 91 - PETAR GEORGIEV ESO ITALI OOD FIRE SERVICE EOOD BIS - DI OOD ET MIRO SISTEMS - MIROSLAV ATANASOV EVROKARI EOOD TEINA OOD KOMPRESORS BG EOOD BELT BG EOOD ELEVATOR SERVICE EOOD TRANSKIBERNETIKA VH OOD ITALMODALUCE FACILITY OOD MBLS KARRY EOOD BOVATO EOOD ET PETAR KARAIVANOV APUS EOOD DEEP DIVE SYSTEMS EOOD EN DZHI SAPORT EOOD MIRCHA EOOD LIBRA ENGINEERING OOD CELMACCH EUROPE EOOD M FUN PRO EOOD ENTRETIEN EOOD DIVATRANS BULGARIA EOOD DORN - NIKOLA DOYCHINOV ET ELMONT-RUSE OOD D& D INTERNACIONAL BULGARIA EOOD ARGON 79 EOOD VENIDA EOOD ET KLIMATEH - ATANAS YANCHEV METALKONSTRUKT EOOD MEDITRON EOOD BAGER REMONT SERVIZ OOD AUTOMATION BULGARIA EOOD EKO SAN NIKOLA AD FAYER INZHENERING EOOD TRACTOR SERVICE 24-7 EOOD LD OPTIMAYZING UUD EOOD RODOPI TRADE MANAGEMENT EOOD VEBA 2016 EOOD NIKOLINA PETKOVA ET MODULTERM EOOD FILIBEIT CO.LTD EOOD ET DIMITAR DICHEV - DICHEV DAR FUUDS OOD 15 SeeNews Industry Report

SAN INGENEERING EOOD RETAIL INGENEERING OOD ALPIN 5 EOOD BELANI 84 EOOD SPESIMA INZHENERING OOD POPRAVAK BRODSKIH MOTORA EOOD AVI - PROEKTI EOOD ASI 2013 EOOD ET UNIVERSAL-90 - VASIL DIMOV IZH SERVICE EOOD ET STEFAN KAVARDZHIKOV BULMASTER OOD IZZICO EOOD MAKSIM MAKSIM PENCHEV ET MERI I SIE OOD MEGAFROST EOOD KOTLOREMONT EOOD SD ROIL-XS-SABEV I SIE AVIOREMONT ZAVOD EOOD DANIMASH EOOD SVETLIN AUTO-TRANS OOD ROLIO EOOD MEDIM OOD VANITEH EOOD BLUPOWER EOOD AGRO PARTS REMONT EOOD ET NIKOLA MERANZOV - DIMARINI-M GARANT BULGARIA 09 EOOD PSM SERVICE EOOD SVETLINA T H EOOD MOBIL VENDING SERVICE EOOD ATOMENERGOREMONT AD ELIT CAR 2 EOOD NIAS 73 EOOD GRATEL OOD IVESA 74 EOOD DZZD AMAZONKA TANYO DOBREV 78 EOOD BALKAN GRUP KAR-BULGARIA OOD POLIMER KADANS EOOD DIKO-ELEKTRONIC OOD BALENIS OOD STROY-EXPERT 2000 EOOD PROCOL EOOD KAM ENGINEERING & SERVICE EOOD KONSTANTA M EOOD DZHITI SERVIZ OOD MARINER MKK EOOD TERMOKONSULT SERVIZ EOOD VIMAX GEWERBEGEREATE EOOD ASHO-TEN EOOD VISTA SERVIZ EOOD KRIS SERWIZ EOOD REMBUR OOD AKSINIA SIMEONOVA EOOD MASHINSERVIZ OOD STROITELNO MONTAJNO PREDPRIATIE-SMP FRONT GROUP EOOD BULGA EOOD RANTAS EOOD EOOD PRESIAN 05 EOOD GEKOM EOOD VANO IVAN KURDOV ET &APOS HYDRAULIC SYSTEMS&APOS EOOD ET EDAN - NIKOLA NIKOLOV SEA EAGLE EOOD ELMA SERVICE-RS OOD BM KOUTINGS EOOD KATSIS EOOD ARLET DIMITRINA BOSILKOVA ET MARTI MM EOOD ARA EOOD REMONT INJENERING 2000 AD AVTO TREYD 17 EOOD ALEKSANDAR B PEYCHEV SERVIZ ET YORDAN TONOV 2016 EOOD PROIZVODSTVENA KOOPERATSIA BITOVA DB-EROL-LTD EOOD TALDE EOOD VMH 33 EOOD TEHNIKA KOOP EKSPRES GRELE EOOD HOEK INTERNESHANAL EOOD ILRASH EOOD PALI-2013 EOOD REKOMA OOD MARINAS 50 EOOD GAZ SIST - 5 EOOD M TRCK17 EOOD NOVACHKI EOOD DIMONO EOOD ET VALERI 35 - VALERI IVANOV S I S SERVIZ EOOD TERMINAL 3 TINCHO TRIFONOV ET ATM ELEKTRONIKS MANYUFEKCHARING OOD TRIPOID EOOD ET ILSTOK - ILIYA KOEV OZON - 5 OOD TERMOINVEST OOD HELLENIKA OOD DOVLA 86 OOD KOLDEST EOOD GIA TECHNOLOGY BULGARIA OOD ELEMEC INSTALLATIONS OOD VAL SERVIZ 80 EOOD DANI - INTERMONTAGE OOD TEMENUZHKATA EOOD ELSYSTEM ENGINEERING EAD TOCHEV MACHINES OOD ET TACHEV I TACHEV - STOYAN TACHEV RIOSS AGRO OOD ELEKT EOOD OPEN SEA YACHTS EOOD TRANS PIRIN OOD TURBO GARANT EOOD MSE-SERVICE EOOD JAKKE - TRA EOOD SC COMPUTER - UVT AD RIVSIN EOOD ES DZHI EM 15 EOOD RUMEDIT - R EOOD TUNDGAROV EOOD RUMYANA YORDANOVA RADEVA ARP ET INDUSTRIALAIR EOOD AGROMETAL GROUP EOOD MARKONI 2007 EOOD SAMYA OOD ASPARK EOOD GA - GA TRANSPORT OOD RADI S OOD VIHAR METAL EOOD APOLON 71 EOOD TITAN LIFT EOOD KANZELARSKI MASHINI-DARMONEV S-IE SD SISKO 2013 EOOD SMT - GRUP EOOD SENSO EOOD STOYCHEVI - AVTO EOOD ET KOEV - TSONYO KOEV ELEVATORS BULGARIA EAD AYS NORD EOOD DANI INGENERING EOOD ALPEK M EOOD DENTAL EOOD IZOTSERVIS OOD VAVA LIFT EOOD ABB AG AVSTRIA KIROV-K EOOD V B M D OOD BESHKOV - SIS EOOD FRENKITO EOOD ET IVAYLO NIKIFORSKI TERMOLINO EOOD ET METROLOG - DRUMI DRUMEV DCS EOOD ET MERDZHO - VENELIN MERDZHANOV KARI I EOOD TANIA 2006 OOD ET IVAN HRISTOV - 60 EDI I ELI EOOD FRAM 3 OOD EMSI SERVIZ OOD MEGA - VO EOOD IZGREV 80 OOD IZOT ELEKTRONIKS EOOD JIVKO KARPACHEV ET SERVICE - M EOOD ATANASOV - SOFIA EOOD INSYSTEL EOOD ZHOKAR EOOD KRISTIAN 2008 EOOD ET IMPULS - VALCHO GENSUZOV REMMASH ELEKTROPLYUS BURGAS EOOD SHIPYARD BOURGAS EOOD ARIGATO OOD ET GODZHI - GEORGI MARINOV MAGNUM 7 OOD MEDITSINSKA TEHNIKA OOD TEHNOKONTROL 82 OOD ENERGOREMONT KOZLODUY EOOD DESTA-07 OOD UNIKRA EOOD BULSCALA EOOD ASA EOOD COMPUTER SERVICE EOOD VIANOR EOOD ELEKTROTEHNIKA - 95 OOD STESLA 1 EOOD ELMO 2014 EOOD SAS GROUP EOOD PERM SERVIZ EOOD BULBIO EOOD VERTIKAL LIFT-AS OOD KOSHIN EOOD KAFEVAR SARVIZ EOOD P - KRASI 99 EOOD ET ELEKTRON - 86 - AZIS HALIBRYAM GMG MONTAZH GRUP EOOD EL EVRO EOOD CLIMA TRADE ENGINEERING OOD VECTOR LIFT OOD RISOV MACHINERY EOOD MANEV-M OOD KOMFORT-KOLEV EOOD SONYA ALEKSANDROVA ET AS-VENELIN YORGAKIEV ET NIKOLAS - TEHNO EOOD ELEKTRON SERVIZ OOD RETERA MARINETECH EOOD STOILOV 62 EOOD TETA INGENERING EOOD VENID - DARS YACHT SERVICE OOD TUR - MAR EOOD DEKS SLAVOVI 63 EOOD HYDRO SMART EOOD VENARK EOOD DZHOGANSKI EOOD B.M.V SERVIZ - PERNIK EOOD SOLARKO EOOD LITZ EOOD KSANTIYA KLIMA OOD AX-COMERCE OOD PETCO PETCOV - 24 D EOOD MNGTK EOOD STENLI FRIGO EOOD NORDA MARIN EOOD JOKER KIT 2 EOOD MILEN NIKOLOV - GARANTCOPY ET AGROKRIMA-SERVIZ CVETKOVI EOOD BARLEV EOOD MIHAIL ZAXARIEV 2008 EOOD VELEV LIFT EOOD KRAKRA LIFT EOOD M - TECH SERVICE EOOD IV MAG EOOD ET ELI-M - LUKAN MILEV ATR ALTERNATIVNI TEHNOLOGICHNI RESHENIA DINOCO EOOD ANKOR 90 EOOD ABVER EOOD OOD VIP DIZAIN-PETROVA EOOD ET STEFAN TERZIEV TONI A EOOD NIKO R RUMEN TSANOV ET GESH TRETI OOD ET ANRAD - ANGEL RADEV TSOLOV KONSTRAKSHANS EOOD SMARTKIOSK OOD VOLTA KOM - S EAD EL EY TEHNOLODZHI EOOD KRIS 004 EOOD FINAL SERVICE EOOD STEM M EOOD SYSTEMS AUTOMATION TECHNOLOGIS /SAT/ GROZBAU EOOD VIMESS EOOD TRIDAN EOOD EOOD BDG-KONCHAR AD DIZEL REPEARS EOOD 16 SeeNews Industry Report

ET BOBI 69 - BORISLAV VUTOV NIKO TERM-PLEVEN EOOD PRO GLASS SERVICE EOOD FLUID OOD STROITELNA TEHNIKA BULGARIA EOOD ET MEDIKOELEKTRIK - KOMERSIAL - DIMITAR ET HIDROMASH-P.R. - SEMO GEORGIEV XLIFT SERVICE EOOD PETROV VALCHEV KLIMA 11 EOOD FIL 57 EOOD ASANSYORI VARNA OOD DORSAN EOOD BAYKALSKI BRIZ OOD VILTEK SERVIZ EOOD TITAN UELDING EOOD DANI - 96 SERVICE EOOD DAXAN EOOD ELDI ELEKTRO EOOD AS FORI-2011 EOOD SEP CONSULT EOOD FARST KLIMA EOOD S VEDI OOD SHKALOV EOOD ELPAK LEASING EOOD TEHMATEC OOD SID SERVIZ EOOD IZODIMPEX EOOD RACKS INSTALL EOOD HELIOS ELECTRIC EOOD REM-PSM OOD ANDREEVI 64 EOOD LAMDATECH EOOD ELUS D EOOD ROSS SERVIZ EOOD SIM INZHENERING EOOD AUTOCOLOR - K EOOD BOAT SERVICE OOD M AND TSS EOOD ERCAM LUTHER EOOD INTER FRIGO EOOD BALKAN AVIATION SERVICES EOOD IZOT-SERVIZ OOD AUTECH EOOD ET GEORGI BYALKOV KLIMAT INZHENERING EOOD PERFEKT LMT EOOD BG MONTAZHI SOLAR EOOD DEYZI SERVIZ OOD COMICON OOD ET KUGAR - NIKOLAY NEYKOV INTEST EOOD VIOLINA TSANOVA - KOMERS ET TURBOKOMPRESOR 2000 EOOD ARTTECH 2018 EOOD PARST IVAN PARASHKEVOV PARASHKEVOVI I SIE NIKOL 2006 ART EOOD SD AGRO DEVELAPMANT 2018 EOOD ELIT M EOOD VISHAN - 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KRASIMIR VELIKOV OOD S MONTAZH EOOD ET ORION - TODOR TODOROV DOBIMED M OOD AGROSERVIZ 2017 EOOD HEAD 66 EOOD MARITINE SERVISES EOOD DANLEX EOOD ELEKTROUNIVERS EOOD PODEM SERVIZ KRAN EOOD ZIOMTRON EOOD VESMAR MASHINEKS EOOD EMU - 2012 OOD EPOZID BG VARNA EOOD ZEMEDELSKA PROIZVODITELNA ENERGOGAS OOD KOOPERATSIASATOVCHA KOOP ELTA OOD AS NA BADESHTETO EOOD MAN ENERGY SOLUTIONS BULGARIA EOOD YORDANOV 69 EOOD ET DIMITAR PANDEV - GUMIKS VEKO TREYD OOD CONSTANT SERVICE EOOD BACHO KOLYU I SINOVE EOOD FORKS EOOD BM SHIPING SARVIS EOOD ABERP - ENGINEERING EOOD MOTOROL-LT EOOD ET NIKOLAY GEORGIEV KONSTANTINOS PALAPANU EOOD HETA ALEKSANDAR OOD TIP TOP SERVICE EOOD MICHMUND EOOD ZELKON EOOD YUSEIN ALIEV KURDOV ATLANT LIFT EOOD WIFORCE OOD REMO TEH EOOD M & M AUTO 96 EOOD ALVARA 97 L T D OOD G U E S OOD SD SNIM - KLYUNKOV I SIE EMO ELECTRIC EOOD G S INTERNATIONAL SERVICE EOOD DELMONT AUTOMATION EOOD TIP - SERVICE EOOD ZEFIR EOOD DOM CLIMA D EOOD REMOTEHINVEST OOD DZZD SANBRAYT LED BILKOM EOOD ELIA 18 EOOD ET ARMSTUNING - STOYAN GEORGIEV ET GEORGI DIMITROV - ZHORO KOSTOV 2000 EOOD DIMITAR VALKANOV ET AERO KONTRAKTOR BG EOOD YORDAN LYUBOMIROV SLAVKOV EOOD VESTAS BULGARIA EOOD ZHELEN EOOD ET EL-TRAFO-METODI LALKOVSKI ET MARGARIT YOTOV GARANT DS OOD KONTINENTALIK OOD CONSORTIUM MS& E (METEOROLOGICAL SIBI KAR EOOD SYSTEMS AND EQUIPMENT) OOD GIG-2005 OOD VANESA - M EOOD ELPAK MEDTEH EOOD TEZHKO MASHINOSTROENE-97 AD LMP ENGINEERING EOOD ERIS 89 EOOD IHNIKA EOOD KATSI TRANS EOOD A M D OOD ELINEX PRO EOOD MEDIKOM OOD ANDZHI MODEL 76 EOOD ELEKT - 57 OOD MAPEKS MATEEV I SIE SD KAP OOD BONIEF - 2016 EOOD LINKOLYUBE BALKAN BG OOD TEHNO OOD LBS SERVIZ 11 EOOD ET TON - ANTON STOYANOV REAL 2014 OOD HETA OOD FION BULGARIA OOD PEPI 07 EOOD DIMEKSKAR EOOD OPTELA - AUTOSERVICES OOD 17 SeeNews Industry Report

SIGMA IS AD BULGARIA INTERMEDIARI EYDZHANSI OOD TUNDZHAROV TODOR STOYKOV ET AGRO KOREKT - BULGARIA EOOD MEN-SERVIZ OOD BOLID EOOD RMR 88 RADOY MLADENOV ET TEHNOBANK OOD SOLAR INVERT EOOD ET ALEKSANDAR STOILOV - ALEKS MANO-MIKRO EOOD KIRIL DELCHEV ET BULBIO ELEKTRONIKS OOD ABANOS 88+ EOOD WD SITE MANAGEMENT EOOD FENIKA EOOD LEKA EOOD GEOTEH VVG OOD PEPI T OOD SPIIDTREYD-BG OOD TERANAVIA EOOD A I S FRIGO EOOD KODAR INZHENERING EOOD SPECTRON SERVICE EOOD AIDJI AUTO AUTO EOOD ET MARTI - KIRIL STOYANOV TEHNOLIFT 74 EOOD SEA RIDING SQUADS OOD MASHINSERVIZ M EOOD SIOPI TERM EOOD ICE TECHNIC EOOD MAIAK-K OOD ZDRAVKRAN OOD GRIGOROV AUTO EOOD KOMITS V T EOOD TORGOSERVIZ EOOD AEROSPECTRUM EOOD RGB & IZOT-SERVICE OOD DIANEL SERVICE EOOD TEHNOKONT OOD SUN STORKS EOOD SIV-21 EOOD TOZER EOOD JANIELY LIFT EOOD LETNITSA KERAMIKA EOOD SAVOV SERVIZ EOOD AERODOC TECHNIK EOOD HIDRO KONT MILENA STOYANOVA ET SIMAK 2018 EOOD NASA SYSTEMS EOOD DYANKOVI EOOD FLAM COMERCE OOD S END M DEMONTAG EOOD FEROTEH 72 EOOD ET GEGO-KIRIL GEGOV MINSTROY REMOTEKS DZZD EUROPOOL PB GMBH EOOD ENERGOINVEST REMONTNA KOMPANIA AD SEVINAA EOOD ET VENKO KATSAROV TECHOSYSTEMS VARNA EOOD KRASIMIR YORDANOV ET KVANTEK OOD VELEMA EOOD PRO TEH INZHENERING OOD SLAVI MARECHKOV ET CRYOCONTROL EOOD RILMAN EOOD ET NIKI DOBREV - NIKOLAY DOBREV V&A INDUSTRY EOOD SLAVOV CASTING - SERVICE AND TECHNOLOGY DECOR-RDM ET EOOD PANCHEV TRAFIK EOOD NI STA AVTO 89 EOOD MONTAZH INZHENERING EOOD ET ROSEN RUSEV - ROTOR ALFAVLADIMA EOOD PALMED AD DEMYANSKI EOOD VERTIKALEN TRANSPORT 2018 EOOD DANIMIRA-76 EOOD TEHNOINZHENERING AYA EOOD ET LIFT SERVIZ - IVAN CHAKAROV EVRORADAR TM EOOD SADA MONTAJI EOOD IRIS KAR EOOD STARK-AVIATION EOOD KORABNI KOMUNIKATSII EOOD SARAKT 2012 EOOD MIDA S R L EOOD P& H SHIPS AUTOMATION OOD DIMO POPOV VILI 3 EOOD UNION 2002 OOD TERMOSTYLE EOOD CHEM AS ENGINEERING OOD GINEV 2011 EOOD L PET EOOD SOBOTRONIKA EOOD VALDANO VLADKO VELIKOV ET KLIMAT SERVIZ EOOD AMKO 2 APOSTOLOV HRISTOV SIE SD KUATRO-2018 EOOD KO - MONTAJ OOD ET STOYKA METODIEVA - ANALITIK OPTIMAL INDUSTRIES LIMITED EOOD PLYUS NAVAL OOD MONTAZHI RD EOOD DANCHO ATANASOV OOD PLAMITEH EOOD ZENIT INZHENERING EOOD MSO 09 EOOD BULLIFT SERVIZ 1 EOOD SB - SNEJI EOOD CONTROLERS EOOD SHIP & INDUSTRIAL SERVICE OOD IVO-66 EOOD ICEGUARD INDUSTRY EOOD SOMAT EXTREM EOOD MECHATRONICS ES AD STIVI PLAST EOOD UNIVERSIAL-2000 - K KOLEV ET RMZ GORNA ORYAHOVITSA EOOD BOBI BORISLAV SHOPOV ET SIEGER ENGINEERING EOOD BISKO - 97 EOOD NIKOLAY BOYCHEV ET REMONTI PETROV OOD KALIAKRA-5 EOOD BAGERI ERS 710 GALOF EOOD TPK TEXIM -90 KOOP. ET RAM - KIRIL KOSTADINOV VESITECH EOOD D-BEST SERVICE EOOD ASANSYOREN SERVIZ DANI EOOD KVEL INZHENERING EOOD SADA EL EOOD NIDAS OOD BORAG - EL EOOD BOMA 48 BORIS STEPANYAN ET RE-ENGINERING EOOD PI VI SARVIS OOD TECHNO STARS 63 OOD ET VEDA-ALBI - YORDAN HADZHIKRASTEV ENERDZHI PLYUS - 1 OOD ET BEST-SO-GEORGI SOTIROV ET BEKAVA - VALENTIN VELINOV ET EL KONTROL - PLAMEN ARABADZHIEV NIKKOM EOOD ET APOLO-KAN - KRUM AVRADALIEV ON-UF ENGINEERING EOOD LABSERVICE PLUS OOD VAZHAROVA EOOD STOYAN AVIATION EOOD MEON OOD HEVI EOOD MAKANI OOD VDM- TURBO EOOD GARANT EKSPRES GRUP OOD O & M SIMONSFELD EOOD NEDBIL - 2008 OOD VARNA MARITIME OOD KANZELARSKI MASHINI OOD LIFT - SERVIZ OOD ASI-100 EOOD STOIL ATANASOV ASN ET VERTIKAL MIHAIL BALABANOV NIKOLAY TOPLINA-PK EOOD BALABANOV ET START 5-91 OOD SBG 1 EOOD TIM ANTON TONCHEV EOOD METAL - APOSTOL ENEV ET ET LYUBEN BOYCHEV - 2000 INOVEX SERVICE EOOD POLIMETA EOOD LEXCOM EOOD NIKAD EOOD SERVICE CLIMA BG 2015 EOOD AVANTODIN OOD BORIS ANCHEV - MITKO GEORGIEV ET VPD VIKI EOOD BELTO MOTORS EOOD VAYS INK EOOD S DRIVE EOOD FRESHCLIMA EOOD VIANEL EU EOOD SD NIKEANA - GARDEV I S-IE KONVERTEH OOD MIHAYLOV - 2018 EOOD SG GANCHEV EOOD MEKPLANT EOOD RVD 21 EOOD ET MAVI- DIMITAR VITANOV SKEI - KALINKA SOTIROVA ET GWASH OOD MI KAR EOOD MITKOV REM EOOD TONI LIFT EOOD COOL TECH EOOD ET RENESANS - GEORGI MIHOV HIDROMASHINA EOOD ORKSIS EOOD RUDI 2016 OOD ZHIVKO D DIMITROV EOOD STAR TECHNOLOGY SERVICE OOD VKRIS 22 OOD ET IVAN IVANOV - VLAST FENIKA ELEKTRONIK EOOD DIMARO 18 OOD DZZD NASMAR 2006 TARA AUTO - 13 EOOD ET VIK - VASIL KLYUCHAROV KLIMATIK SERVIZ EOOD DZHEYEL GRUP OOD AYSBERG 53 EOOD HYDROLIA AD ASANSYOREN SERVIZ AMADINA EOOD BOBINAZH 68 EOOD REBUILDERS FACTORY OOD TACHO - ESSL EOOD KREMONIK GRUP EOOD BERK INVEST EOOD KAYKO GENERATORS OOD VENMAR GROUP RM EOOD PDR DENT REMOVAL EKSPRES EOOD DANKO EOOD BULMAR SERVICES EOOD FENIX-2002 EOOD SILIKOR EOOD TOPLIVO GAZ SERVIZ EOOD STOYANOV-SS EOOD EKO ENERGIYA HOLDING EOOD RAIVAN OOD VASIL ZRANCHEV - RAMET ET ET INIVEL - IVAN VELCHEV DGULIANO TRANS EOOD MOBI LIFT EOOD TEHMIKS OOD AGR 45 EOOD S I K MOTORS OOD ELEKTRA TRANS GLOBUL OOD CITY M LIFT EOOD OKEY SERVIZ EOOD RAILWAY - TRACTION EOOD DIMO POPOV VILI 1 EOOD M I SNN EOOD GALERA 07 OOD KOLORIT EOOD GLOBAL OFIS SARVISIS EOOD SGK - SKALA OOD MEHANIKA BG EOOD ELIT 57 EOOD TRINITY MARITIME SERVICES EOOD MARCOS 72 EOOD MAG METAL EOOD VARIANT-10 EOOD ICEBERG 1992 OOD SEM REMONT EOOD VGA OOD KAF SYSTEMS EOOD 18 SeeNews Industry Report

VILI DIMO POPOV EOOD AGROFIKS SERVIZ EOOD EUROHIMIKA 2017 EOOD ET IVAN CHAKAROV - CHIKO OBEDINENIE SERVIZ ASANSYORI I ESKALATORI ASANSYORNI SERVIZI STORGOZIA EOOD ZARYA - ENCHEV EOOD KRASIMIR YORDANOV LIFT ET METRO SOFIA DZZD AVTOTERM 2010 EOOD RAFAILOV I KOEV OOD TEHNIK EKSPERT OOD HSV EOOD ELSTI - M EOOD MARPET SERVICE EOOD DARTRONIK OOD ET KASI-99 - ISAK MIHOVSKI BORNAS 2016 EOOD DIKS 07 EOOD PTIMA EOOD PENKILER - RAZGRAD EOOD FACTOR PRO ACTIV EOOD RIVAR SERVIZ EOOD ET DELTA - GEORGI VALCHEV KAR - SARVIS 85 EOOD KRIMPINGHOSES HIDRAVLIK EOOD ISTINSKI NESHTA OOD LZR ENGINEERING EOOD TEHNOKLIMATERM EOOD UNIFIX GARAJ EOOD NERON - V EOOD LAMBEV ELECTRIC EOOD NIK AUTO INTERNESHANAL EOOD DZHI DI OOD KRIPS 78 EOOD AVTOSTAMI EOOD ET ASV ELEKTRONIKA-96 ANDREY VITANOV YORDAN AVRAMOV EOOD EDITA 91 UZUNOV I HRISTAKIEV SD SIMTICAR OOD ET IVAN NIKOLOV 50 TECHNICAL SERVICE OOD NIKO LIFT EOOD ROSEN TODOROV RTS 1991 ROSEN TODOROV FRIGO PLYUS EOOD STEFANOV ET EM AMEGA - ATANAS ATANASOV ET COMEKO - UNIVERS OOD BELTO MARIN EOOD MAGNUMSTOUN EOOD GERANOMETAFORIKI EOOD XVT I KO EOOD TIENDA EOOD ET SACHO - ALEKSANDAR ALEKSANDROV BE ECO - EU EOOD CLIMATIC - SO EOOD ELECTROREMONT BOJILOVI 2016 EOOD MARINER ELECTRONICS EOOD PULSARK OOD ERDAL S 12 OOD MONACO AIR EOOD PSI FAKTOR OOD NEXUS ELECTRONICS EOOD MARK SECURITY SYSTEMS EOOD TRIIRIS KANSTRAKSHAN EOOD TEHNOBIS EOOD ILVEST - EM EOOD DNG-TRANS EOOD YURAPIAN TOBAKO SARVISIZ EOOD PEPINO 97 EOOD INTERLIFT GROUP EOOD TSS KLIMA GRUP EOOD ANGELOV 61 EOOD DENATA EOOD LIMAN YAHTING OOD MIG-33 EOOD APS AVIATION PAINTING SOLUTIONS EOOD FILCBOR 2 OOD LONGMARCH BOWLING BULGARIA EOOD OAZA 2017 OOD AUTOREP SERVICE EOOD ET DIMI - DIMITAR MIHAYLOV SMS GRUP GMBH GERMANIA SV AND NG EOOD MEDIM 98 EOOD ET DEYVID - DAVID DAVIDOV EL VIT TODOR PLACHKOV ET VALEMO EOOD QL SERVICE EOOD FINMEHANIK KALABRIYA EOOD BULHELING EOOD ENERGOINZHENERING EOOD TAKT AMG EOOD R MAINTENANCE EOOD IZOTSERVIZ VELIKO TARNOVO OOD LUVE-EL EOOD AGRO SERVICE GOUTLIS EOOD KORN 1 IVAYLO BOGOMILOV ET VIKIVAN EOOD 5- INOKX EOOD ATMOS BG EOOD SUCCESS - 73 EOOD ET DONIKS - SASHKO ANDONOV ET TSANKOV - PLAMEN STANCHEV LUMEN BULGARIA EOOD ORKAN EOOD REMONT METAL TODOR HUBENOV ET VEDA GROUP M EOOD KOTA - 3000 EOOD ANELI-MET EOOD VALCHEV I SINOVE EOOD DAK 90 YANEV DAKOV I S IE SD BT AVI MAINTENANCE EOOD PI EM EM EOOD ET E + V- BORISLAV SVESHTAROV VEREYA ENGINEERING OOD GAL -IV EOOD TARGOVSKA KOMPANIA ALMA EOOD IVANOV I PANDJAROV OOD YACHT ENGINEERING BG EOOD NAR 2016 OOD IMMSARVIS 74 EOOD MEDITEL HEALTHCARE BULGARIA OOD ELIT SERVIZ OOD CYFRAL SERVICE EOOD JENYS - 74 OOD ELEKTROUSLUGY VARNA EOOD SHOMI M EOOD AQUACOM SERVICE EOOD CHAYKA INZHENERING OOD KONIKOS 2007 EOOD STEDY SERVICE EOOD SILVER TRAK EOOD PROMISHLENA AVTOMATIKA - VARNA EOOD KAZAN TECHNIK EOOD PLANE ASSISTANCE EOOD NESFIX EOOD VERCON OOD SELECT MARKET OOD DOBREV 2013 EOOD MASHSEVICE EOOD P A VALSAMAKIS EOOD AMKO 2 EOOD TANTEKS-90 EOOD VR SERVICE EOOD GEOSERVIZ-VARNA EOOD ET RADI - 2004 - RADOSLAV DIMITROV KOMSERVIZ EOOD RABADZHIYSKI 73 EOOD ELKOMS 2000 OOD PL SYSTEMS EOOD RHODOPE COATINGS EOOD ET IVKOV - IVAN KOVACHEV TEREM-LETETZ EOOD GIGAMAN EOOD ELIT SERVICE 2009 OOD RTA OOD KLEVARTAN INTERNESHANAL EOOD ET SARIKO - 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MIKRIS BORADA AUTO EOOD BENEX OOD STATOR 66 EOOD ET NIKAT-NIKOLAY TERZIEV ELEKTRIK EOOD GENKO GENOV ET AV - FRIGO EOOD I V E T IDEAS AND VISIONS FOR ECOLOGY AND KORABI I MOSTOVE EOOD EURASIA T BACCO INTERNATIONAL EOOD MAKS-AK EOOD TOURISM EOOD STELI 81 OOD IRA 2001 OOD BAGALEV LIFT EOOD UNI SARVIS OOD ALPEK-MM OOD ELSTIL EOOD MITKO - MITKO PASEV ET STING METAL OOD DEVES 2002 EOOD MARINE RADIO SERVICE EOOD MITANA EOOD ET ROSI-98 - DINYO YORDANOV PARTNER ZHSP EOOD ET ELANA-TRANSPORT - PETAR PETROV ET MEPA-MILKO KISHKILEV DURYAS MT EOOD ET MARSA-61 - ILIYA GUGALOV ZHORO AVTO 82 EOOD LIFT INZHENERING EOOD IPO OOD PN-REMO OOD ORTES OOD UNIEL ENGINEERING EOOD AIR SENSE SOLUTIONS EOOD GARGOV 78 EOOD IKSPU EOOD HRISTO HRISTOV - ICO - GEORGI HRISTOV ET M G SERVICE EOOD 19 SeeNews Industry Report

MUSTANG 1384 EOOD ET DIMITAR MIHAYLOV - MIM STRIMON AVE EOOD ROSSI DESIGN EOOD VALERI - ANTONIYA TODOORVA ET BOJI - BOJIDARA 2017 EOOD PARUSHEV I SINOVE EOOD MEMO TAKT EOOD ST AUTOGAZ EOOD GRUDOV EOOD GANEV OOD ET PLAMEN NIKOLOV - VIPS KOMTELS EOOD EL REMO EOOD SOLAR INVEST TREYDING EOOD ET BONCHO ZAPRYANOV DENIS TINCHEV 90 EOOD BONDI ENERGIE EOOD GOLIAT 2006 EOOD KMT SHIPKA OOD KIPAR - 2015 OOD EL INS EOOD LIFTINZHENERING OOD NEVROKOP PAPER EOOD TECHNO STAR 63 EOOD MM ENERDZHI EOOD ET VESNA - VASIL ENCHEV COMPLEX INDUSTRIAL SERVICE EOOD FITATRONIC EOOD ANGELOV AVTO EOOD ET MEDIKOM-INZH.NIKOLAY VALCHEV HRISTO TSONEV-93 ET FRIGONET EOOD DOCHO MANKOVSKI - DOBRICH LIFT ET EURORADAR EOOD K-TECHNO EOOD B S M BOZHIDAR MARINOV ET ET VASIL VASILEV - REMA ADIMA 97 EOOD TEHADE EOOD ROTAMEN EOOD IST MARINE OOD RALEKS 17 OOD BOBO BOYKO ZAHARIEV ET ASANSYOREN SERVIZ 55 PLAMEN DIMITROV ET GALCHEV AND SONS EOOD ET ROYD - ALEKSANDAR ROYDEV HARCO 1 EOOD EKO TEH ENERDZHI EOOD BODIST BORISLAV DITSOV ET MORIS EFFECT EOOD ET YOLE - YONKO EVLOGIEV B V GRUP KIRIL MIHAYLOV ET TEHNO BG OOD ARNO 46 EOOD ALMIUS K EOOD ET PAVLOV EL - BORISLAV PAVLOV BUL MONTAGE EOOD BULTECH TRADE EOOD VESTA M OOD DIA EOOD ILKNUR EOOD KLIMA INZHENERING TOSHO SHAHANOV ET GAYAK EOOD ET MEGI - MARIN GEORGIEV DKI AVIATION SERVICES EOOD DANO-M EOOD PI ES DZHI AUTOMATIKS EOOD NBN MARINE EOOD NABA ELECTRONIC OOD JANIS-2001 EOOD D I D AUTO 2018 EOOD DUPNITSA LIFT EOOD AUTOAVANGARD 2010 EOOD RB EOOD EN DI GRUP 2010 EOOD INDUSTRIAL SOLUTIONS EOOD TRADEMAN EOOD MASTER UNITI OOD DABAL D GRUP OOD ASTRA UNIVERSAL - HRISTO HRISTOV ET VIPIMEKS OOD DZZD KOMPLEKS 2014 LGI ASTAHOV EOOD ET TEHNO - TONI RAYNOV BULGARIAN TEAM MARINE TECHNICIANS EOOD ODYSSEY GROUP SHIP SERVICES EOOD BULYARD SHIPBUILDING INDUSTRY AD DARMED OOD DVD 92 OOD AY PI TI MOTORS EOOD HOVENES EOOD MEA OOD KLIMA KOMPAS OOD IVATEH EOOD V KTOR LIFT - 1 OOD RUDIKOM OOD ASANSYORI - GINEV - PETROV I SIE SD BK AVIATSIONNI USLUGI EOOD OLIMPIA 74 EOOD MM 91 EOOD DEYZI 2011 EOOD ZHOZER EOOD STANIKA OOD G & S SERVICE EOOD VELPAN KLIMA EOOD KUKA INZHENERING OOD NEKSUS INZHENERING OOD O B SERVICE EOOD ET REMELMASH - ZDRAVKO MILUSHEV VIM PETKOVI OOD DTS OOD DZZD ALFORI GRUP VERTIKAL DELKA SAVOVA ET TEHNOKOMPLEKS EOOD ET SIMEON TSENEV-SI-MART - IVAN TSENEV GAITANOS LIFTA EOOD WELDIN OOD LIFT BO IF EOOD ET KARINO - IVAYLO MISHEV IDA CONSULT EOOD MEHA TEKS OOD S R P EOOD MIHAILOV I SIN EG EOOD VASKO VASIL ANGELOV ET ET STOYAN BOGDANOV SMT EOOD BRANI 88 EOOD RUSE SERVIZ OOD METAL CONNECT SMV EOOD GIGEL EOOD PROXEL ENGINEERING EOOD DIK MECCANICA EOOD ENERGOGRUP DZZD LUKAS BALANS EOOD TRICOM-V EOOD RENTGENOVA TEHNIKA EOOD ABV - ELENA MITKOVA ET STIL 2009 EOOD KINOMATIK EOOD AGROREMONT-SLAVOV EOOD IZOT 2000 OOD SLAVINA 19 EOOD P & D LINE EOOD INTER-BI-DZHEY OOD BALKANFERRO EOOD TECHNOTRON SERVICE - ALEKSANDAR KREON EOOD KOVACHEV ET OVK - GAZ EOOD BULKEM EOOD DONNER INZHENERING EOOD ET PEEV - DIMO PEEV TODOROV MAINTENANCE SERVICES EOOD TEHNOKLIMATERM 66 EOOD TSENTAR STROY VARNA OOD MARINOV AUTO EOOD TDS HIGH TECH EOOD NZH AUTO GAZ SISTEM EOOD ET DZHAMP - ATANAS ACHKOV AVIATION HEED EOOD MIZA OOD LIDIA ADVANCE EOOD EMERAN EOOD EMAXLIFT EOOD SE TSNTS INTERNATSIONAL EOOD BALGARSKA METROLOGIYA-NOEV EOOD ET YAVOR KARADZHOV RATIONAL-SERVICE OOD TURBOMED INTERNESHANAL EOOD ORION - 1969 EOOD ET REDI - RAYNA SPASOVA DIMAL-1968 OOD PLAMAUTO GRUP EOOD KLIMA TSVETKOV SERVIZ EOOD IMEKS-1970 EOOD TEHNO SARVIS EOOD CHEFO BG EOOD ULTRACOATING OOD MOTOROL EOOD DOBRICH LIFT - 09 OOD PRINTBOKS OOD ET TRANSSERVIZ-T - YOSIF YOSIFOV DZZD TRANSREMONT HIBRIDNA MIKROELEKTRONIKA AD ARGOMET.EU EOOD MOTOPEKS SERVIZ OOD RADO LIFT EOOD ALIS EOOD S VLAHOV ENGINEERING OOD ELEKTRIC ENGENERING-2008 EOOD ASANSYOR - 91 OOD ET MIKRON 2004 - GEORGI KACHOV ET CHECHI - STEFKO ZHELEV ET KARIDENT - DIMITAR KARAKASHEV SILVER I KO OOD ET TSIEM-IMPULS - EMIL POPOV ENERGOREMONT - BOBOV DOL EAD ET NALBANTOV - TONCHO NALBANTOV REPAIRING AND INSTALLING YACHT WINDOWS M.A.S. 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BULTRAK SERVICE EOOD RIMEX SERVICE OOD AYS - KLIMA EOOD ZABONARYAZVANE 2007 OOD ET ILEMA - IVAN LALEV M - KLIMA - 2008 EOOD ELDI - SOLAR EOOD LUFTHANSA TECHNIK SOFIA OOD EUROPE INDUSTRY EOOD ET MEDITSINSKA TEHNIKA-STEFAN HRISTOV FIRETECH EOOD NOMAN EOOD FIKO 99 EOOD VALIS EOOD ELKOM - YANAKI ZABIROV ET VERT TRANS MALINOVI I S IE SD KOMARS STROYINVEST AD ET EKOKLIMAT 1 - IVANKA KOLEVA DNJELECTRONICS EOOD LUNEN OREOL EOOD TEDI MARIN DOCHEV ET AVTOSERVIZ ZAHOV OOD ET YURIY GAGARIN - BOZHIDAR BLAGOEV ARBO OOD T.I.-SERVIZ OOD DALILA -58 EOOD VALENTIN ZHELEV VZHZH UNIVERS ET VARNA SHIP SERVICE EOOD VAGO KO OOD TERMO PRO EOOD ET IVAN KARAKANOVSKI PENTAGRAM ENGINEERING OOD UNIDI EOOD ELFILIFT OOD AUTO TRIO EOOD KALIN NAYDENOV ET NEMAK 69 EOOD ET EMIL GOTSEV - VIP-22 LINK GROUP EOOD GENERA SERVICE OOD MORYASHKI CENTAR-RUSE EOOD SD PIT-AS-PETROV, PAVLOV SIE F M ELEKTRIK OOD TECHNIKAL EXPERT EOOD ALEKTOR EOOD ET VASIL PETROV ELMECH - KRASIMIR ZHELYAZKOV ET TEHNOSTAR-68 EOOD APOLON CLIMATE ENGINEERING OOD V I 07 EOOD LYUBOLIFT EOOD NITRA SISTEM EOOD SYNERGY SERVICE OOD DITO METALWORKS OOD IV-ICE GRUP EOOD RKM 1 EOOD ET NIK-PANCHO LILOV-KAROLINA LILOVA RMU - DOBRIN YORDANOV EOOD FILA SERVIZ EOOD GEORCHEV-2014 EOOD CHOCHI 1965 EOOD DIBO SARVIZ OOD ET LM-22 - MARIYANA LULEVA NANTAKET EOOD KBB EOOD SIMI LIFT OOD RVC OOD ZEFIR KLIMATICHNI SISTEMI EOOD BORIANI - 08 EOOD LABSERVICE OOD K.A. 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PEYTING SARVIS - SAPLAYS EOOD ADASIS OOD EMIL-SERVICE EOOD T AND P ENGINEERING EOOD TEOKOM 2001 EOOD ET RUMYAN DIMOV ASANSYORNI SERVIZI AS OOD KMM-MONTAJ RUSE OOD AUTO GARANT 2017 EOOD IVKONI 82 EOOD ELKA - 72 EOOD FILTSBOR KUMCHEV I S IE SD ET NIKI - NIKOLAY STANCHEV HRISTOSKOV EOOD I G M EOOD ANALIX OOD ET MEGI 06 - IVAN IVANOV K MARCHEV EOOD SAINIDIS NIKOS EOOD DBN - MEDICAL EOOD KA-STO 7580 EOOD CDC EOOD SI EN DZHI SARVIZ OOD ADI 83 YORDAN YORDANOV ET MAGE OOD MAX SYSTEMS EOOD SS SOLAR OOD KOLARA GEORGI GERGOV ET AVIATION NDT EOOD REMEXPRES-2009 EOOD GREEN TEK EOOD CLIMASTORM EOOD MEGABITA 08 EOOD TAMEX EOOD BULLIFT SERVICE EOOD HIDROKAZ OOD ALGINA EOOD SD RE-KOM - DIMITROVI S-IE NEO PODEM OOD MECHANOTECH EOOD MIRELA - 94AS EOOD 21 SeeNews Industry Report

DURAL-661 EOOD SMIKATA EOOD ET ENDZHEY-2008-ATANAS KOYNOV HIDROTEH EOOD VALENTINOV ELEKTRIK EOOD ELENI TEHNIKI EOOD ELEKTROKRAN - PODEM OOD ZHO EOOD DELTA HYDRAULIC OOD PROGRES 2006 EOOD FORTEH - HRISTOFOR SIMOV ET MOTIVI 2REM EOOD DANI D SERVIZ EOOD NIK TEHNIKS EOOD INKOMSSERVIZ OFISSISTEM OOD REDO K EOOD KAR MOTOR GB EOOD KARDIYU 2013 EOOD KEYSIS TM BG OOD BATERFLAY - DIANA KORDOVA EOOD PRO MACH EOOD NIKI-AUTO-2005 EOOD STASCOLD EOOD WORLD MARINE SAFETYLTD EOOD VILI 11 EOOD ET ELEKTRIK DM - DIMITAR MITEV TRANSKOM 1 OOD ET STIK BELT-KRASIMIR SLAVOV ROMINACAR EOOD ET DELTA SERVIZ - DUSHKO LYUBOMIROV MARINA SOZOPOL SARVIS EOOD SERVICE MISSO EOOD FORTUNA GV OOD KUFFERATH BULGARIA OOD KARAGEN EOOD BENLET MARINE EOOD HIKS EOOD ARKTIK 2007 EOOD IVO 2002 IVAYLO DIMITROV ET SISTEC PRINT EOOD EVEL BG EOOD ELECTRIC UNION OOD DINAMIK M MITKO DYAKOV ET PEGAS TREYD EOOD MASHINEN REMONT OOD BIOCOMPLECT ENGINEERING PM EOOD ADN 4 EOOD P N ELEKTRONIKS EOOD YANI 05 EOOD MEDIN 98 EOOD KAHARKOV EOOD DAVIDOV 05 EOOD HI ENGINEERING OOD M - A SERVICE OOD D AUTO EOOD ET SONI STOYAN PASHOV SIS MASTER EOOD ZAGORA AKVA HIM EOOD MULTIMODUL EOOD RVD-RUMEN EOOD KAS SERVICE EOOD ET LAVA SERVIZ - GEORGI ASPARUHOV HOUP SARVIS EOOD SPRINT LIFT EOOD KRIS NIKOLOV EOOD BALKAN BG KLIMA OOD VOLT FRIGO EOOD CLIMASHOP OOD NIKARS AUTO SERVICE EOOD VISTA OK EOOD STROY DELUKS EOOD TEHNOZONE OOD BESTLIFT OOD BULGROUP ENGINEERING OOD PULSONIK EOOD DIMO POPOV VILI 2 EOOD MALNIA - 76 EOOD POWER ENGINEERING OOD INTERNATIONAL TECHNOLOGIC MACHINE EOOD AHEYA OOD INTECH OOD HID TEH EOOD VAZHOD REMAS SIMANOVI I SIE SD SERVIZ - IMPULS EOOD ET VESELIN PETROV - ALFA-TREYD ENERGIA-2001 EOOD CHIZI AUTO EOOD DURYAS MG EOOD AVTOKOREKT 88 EOOD POMPEX OOD KM METAL EOOD ET PANEV-ELEKTRIK-DIMITAR PANEV REMA 1 EOOD KRASI SERVIZ- 2000- KRASIMIR MARKOV ET RIDIKO OOD ZENIT - MV OOD PROELA OOD KIONA EOOD ELCOTECH OOD BLAGA EP OOD ET DOVERIE - STEFAN MATEV ET MARINA ILIEVA DZZD AGROMA OFIS SERVIZ EOOD ODESSOS RIGGING OOD GAMA - PROM EOOD JAMBO OOD SWISS COFFE 11 EOOD GASKOIN 73 EOOD 22 SeeNews Industry Report

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