Industry Report Manufacture of Fabricated Metal Products, Except Machinery and Equipment 2017 BULGARIA

Industry Report Manufacture of fabricated metal products, except machinery and equipment 2017 BULGARIA

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

I. KEY INDICATORS

II. INTRODUCTION

III. REVENUES

IV. EXPENSES

V. PROFITABILITY

VI. EMPLOYMENT 1 SeeNews Industry Report

In 2016 there were a total of 3,636 companies operating in I. KEY INDICATORS the industry. In 2015 their number totalled 3,676.

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 3,504 companies at the end of 2017, INDUSTRY BY SECTORS compared to 3,636 in the previous year and 3,676 in 2015. SECTOR 2017 2016 2015 MACHINING 998 1,044 1,039 The industry's net profit amounted to BGN 655,133,000 in MANUFACTURE OF OTHER FABRICATED METAL 966 1,000 987 2017. PRODUCTS N.E.C. MANUFACTURE OF METAL STRUCTURES AND 583 601 611 The industry's total revenue was BGN 5,014,468,000 in PARTS OF STRUCTURES 2017, up by 9.86% compared to the previous year. MANUFACTURE OF DOORS AND WINDOWS 430 450 479 OF METAL The combined costs of the companies in the Manufacture TREATMENT AND COATING OF METALS 192 192 193 of fabricated metal products, except machinery and MANUFACTURE OF WIRE PRODUCTS, CHAIN 70 76 73 AND SPRINGS equipment industry reached BGN 4,283,532,000 in 2017, up MANUFACTURE OF OTHER TANKS, RESERVOIRS 38 35 36 by 9.67% year-on-year. AND CONTAINERS OF METAL MANUFACTURE OF LOCKS AND HINGES 37 37 42 The industry's total revenue makes up 5.22% to the MANUFACTURE OF TOOLS 36 44 49 country's Gross domestic product (GDP) in 2017, compared MANUFACTURE OF FASTENERS AND SCREW 35 33 33 to 4.92% for 2016 and 4.53% in 2015. MACHINE PRODUCTS FORGING, PRESSING, STAMPING AND ROLL- 25 25 28 A total of 56,144 people were employed in the Manufacture FORMING OF METAL; POWDER METALLURGY of fabricated metal products, except machinery and MANUFACTURE OF WEAPONS AND 24 23 23 equipment industry in 2017, compared to 55,229 in 2016 AMMUNITION and 56,636 in 2015. MANUFACTURE OF LIGHT METAL PACKAGING 23 24 25 MANUFACTURE OF CENTRAL HEATING 19 21 23 Most of the companies in the industry are based in Sofia, RADIATORS AND BOILERS followed by Plovdiv and Varna. MANUFACTURE OF CUTLERY 15 18 19 MANUFACTURE OF STEAM GENERATORS, 10 10 13 EXCEPT CENTRAL HEATING HOT WATER BOILERS II. INTRODUCTION MANUFACTURE OF STEEL DRUMS AND 3 3 3 SIMILAR CONTAINERS

In 2017 the companies in the Manufacture of fabricated metal products, except machinery and equipment industry numbered 3,504, distributed in 17 sectors. III. REVENUES

The total revenue in the industry was BGN 5,014,468,000 in INDUSTRY STRUCTURE BY SECTORS AND NUMBER OF COMPANIES 2017, BGN 4,564,310,000 in 2016 and 4,042,782,000 in 2015. 430

583 Total revenue 335 Net sales revenue

6,000,000,000

5,500,000,000 5,014,468,000 192 5,000,000,000 4,564,310,000 4,500,000,000 4,042,782,000 4,516,293,000 4,000,000,000 4,226,088,000

3,500,000,000 966 3,592,948,000 3,000,000,000 BGN 2,500,000,000 998 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 2015 2016 2017 Others

2 SeeNews Industry Report

The companies in the Manufacture of fabricated metal products, except machinery and equipment market of 10 MANUFACTURE OF TOOLS 90,442,000 0.05 Bulgaria earned combined net sales revenues of BGN 11 MANUFACTURE OF WIRE PRODUCTS, 81,027,000 0.05 4,516,293,000 in 2017. CHAIN AND SPRINGS 12 MANUFACTURE OF CENTRAL HEATING 66,446,000 0.04 In annual terms, sales marked an increase of 6.87% compared RADIATORS AND BOILERS to 2016. In comparison to 2015 they rose by 25.70%. In 2016 13 MANUFACTURE OF FASTENERS AND 16,757,000 0.01 SCREW MACHINE PRODUCTS sales grew by 17.62% year-on-year. 14 FORGING, PRESSING, STAMPING AND 14,379,000 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, 6,245,000 0.00 5.22% to the country's GDP in 2017, compared to 4.92% for EXCEPT CENTRAL HEATING HOT WATER 2016 and 4.53% in 2015. BOILERS 16 MANUFACTURE OF STEEL DRUMS AND 1,576,000 0.00 SIMILAR CONTAINERS Share in GDP 17 MANUFACTURE OF CUTLERY 525,000 0.00 6

5.5 5.22% We expect, based on the trend in the last three years, the total 4.92% 5 revenue of the Manufacture of fabricated metal products, 4.53% except machinery and equipment industry to change at a 4.5 compound annual growth rate (CAGR) of 11.37% in 2018.

4 NET SALES REVENUE BY SECTORS RANK SECTOR NET SALES REVENUE 3.5 (BGN) 1 MANUFACTURE OF WEAPONS AND AMMUNITION 1,518,492,000 3 2 MACHINING 748,683,000 2.5 3 MANUFACTURE OF METAL STRUCTURES AND PARTS 678,998,000 OF STRUCTURES 2 4 MANUFACTURE OF OTHER FABRICATED METAL 538,812,000 PRODUCTS N.E.C. 1.5 5 MANUFACTURE OF DOORS AND WINDOWS OF METAL 208,339,000

1 6 MANUFACTURE OF LIGHT METAL PACKAGING 166,521,000 7 MANUFACTURE OF LOCKS AND HINGES 153,504,000 0.5 8 MANUFACTURE OF OTHER TANKS, RESERVOIRS AND 121,126,000 CONTAINERS OF METAL 0 2015 2016 2017 9 TREATMENT AND COATING OF METALS 98,273,000 10 MANUFACTURE OF TOOLS 93,391,000 11 MANUFACTURE OF WIRE PRODUCTS, CHAIN AND 82,152,000 In 2017 the Manufacture of fabricated metal products, except SPRINGS machinery and equipment industry contributed to GDP BGN 12 MANUFACTURE OF CENTRAL HEATING RADIATORS 67,283,000 4,520,330,000 in Gross value added (GVA) accounting for AND BOILERS 2.66% of the total for the country's economy. 13 MANUFACTURE OF FASTENERS AND SCREW MACHINE 17,616,000 PRODUCTS

14 FORGING, PRESSING, STAMPING AND ROLL-FORMING 14,660,000 In the previous year, the industry's GVA amounted BGN OF METAL; POWDER METALLURGY 4,058,074,000, accounting for 2.66% of the total for the 15 MANUFACTURE OF STEAM GENERATORS, EXCEPT 6,108,000 country in 2016. In 2015 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 1,517,000 was BGN 3,540,638,000, or 2.29% of the GVA for the CONTAINERS country's economy. 17 MANUFACTURE OF CUTLERY 818,000

GVA BY SECTORS RANK SECTOR BGN SHARE OF THE COUNTRY'S GVA (%) 1 MANUFACTURE OF WEAPONS AND 1,609,367,000 0.95 AMMUNITION 2 MACHINING 696,182,000 0.41 3 MANUFACTURE OF METAL STRUCTURES 653,548,000 0.38 AND PARTS OF STRUCTURES 4 MANUFACTURE OF OTHER FABRICATED 534,204,000 0.31 METAL PRODUCTS N.E.C. 5 MANUFACTURE OF DOORS AND 200,519,000 0.12 WINDOWS OF METAL 6 MANUFACTURE OF LIGHT METAL 175,419,000 0.10 PACKAGING 7 MANUFACTURE OF LOCKS AND HINGES 154,462,000 0.09 8 MANUFACTURE OF OTHER TANKS, 117,840,000 0.07 RESERVOIRS AND CONTAINERS OF METAL 9 TREATMENT AND COATING OF METALS 101,392,000 0.06 3 SeeNews Industry Report

TREATMENT AND COATING OF METALS ZGP OOD 19,300,000 11,328,000 INDUSTRY'S NET SALES REVENUE STRUCTURE BY SECTORS MONI MG OOD 16,454,000 15,023,000 15.03% INOX CENTER OOD 5,757,000 5,757,000 MANUFACTURE OF OTHER TANKS, RESERVOIRS AND CONTAINERS OF METAL NES NEW ENERGY SYSTEMS OOD 36,690,000 35,294,000 16.58% 11.93% TOMIKA-METAL AD 34,076,000 27,220,000 BIOMASHINOSTROENE AD 22,668,000 21,982,000 MACHINING ANGEL STOILOV-96 AD 88,118,000 86,286,000 4.61% SERTA BULGARIA AD 78,717,000 74,760,000 BULLTEK OOD 55,753,000 49,511,000 MANUFACTURE OF LOCKS AND HINGES FAAC BULGARIA EAD 106,745,000 104,089,000 SCHATTI BULGARIA EOOD 13,360,000 12,636,000 18.22% ASSA ABLOY OPENING SOLUTIONS 13,056,000 12,408,000 BULGARIA EOOD MANUFACTURE OF OTHER FABRICATED METAL PRODUCTS N.E.C. PFB PRESSO FONDAL - BULGARIA EOOD 22,248,000 21,934,000 33.62% PROMET SAFE OOD 20,626,000 17,169,000 JUPITER O5 OOD 20,454,000 18,926,000 Manufacture of weapons and ammunition MANUFACTURE OF CUTLERY Machining NOZHARSKA FABRIKA - TERNA 1923 AD 334,000 275,000 Manufacture of metal structures and parts of structures MANLY S OOD 294,000 282,000 Manufacture of other fabricated metal products n.e.c. TORAMIS SVETOSLAV PARUSHEV ET 80,000 80,000 MANUFACTURE OF TOOLS Manufacture of doors and windows of metal CERATIZIT BULGARIA AD 51,145,000 48,972,000 Others VSK KENTAVAR - IZ DINAMIKA OOD 18,553,000 16,899,000

GEWINDEWERKZEUGE GABROVO EOOD 13,314,000 13,016,000 The highest growth, of 48.47%, was recorded by Manufacture MANUFACTURE OF STEAM GENERATORS, EXCEPT CENTRAL HEATING HOT WATER of steam generators, except central heating hot water boilers, BOILERS while Manufacture of cutlery registered the sharpest decline, KOTLOSTROENE PLC AD 3,081,000 2,771,000 of 50.75%. BULGARIAN BOILER TECHNOLOGIES OOD 1,463,000 1,289,000

PROMISHLENA ENERGETIKA VARNA AD 1,459,000 1,146,000 TOP COMPANIES' REVENUE BY SECTORS MANUFACTURE OF METAL STRUCTURES AND PARTS OF STRUCTURES SEGMENT COMPANY TOTAL REVENUE NET SALES (BGN) REVENUE (BGN) NOVOTECHPROM OOD 37,860,000 35,137,000 MANUFACTURE OF FASTENERS AND SCREW MACHINE PRODUCTS TECHNOPANEL EAD 37,556,000 36,279,000 KREPEGI BULGARIA TRADING OOD 5,126,000 4,725,000 METALIK AD 34,765,000 29,460,000 SARBAK METAL BULGARIA OOD 4,092,000 4,029,000 MANUFACTURE OF DOORS AND WINDOWS OF METAL EAZ OOD 2,833,000 2,570,000 DORMAKABA BULGARIA EOOD 28,584,000 28,500,000 FORGING, PRESSING, STAMPING AND ROLL-FORMING OF METAL; POWDER TAL ENGINEERING EOOD 24,636,000 23,885,000 METALLURGY KOMFORT PARTNERS OOD 9,782,000 9,411,000 KPZ-99 AD 6,620,000 6,592,000

ALPHA ENGINEERING EOOD 2,328,000 1,248,000

SINTER M AD 2,009,000 1,883,000 The top 10 companies in terms of total revenue in MANUFACTURE OF WEAPONS AND AMMUNITION Manufacture of fabricated metal products, except machinery ARSENAL AD 610,776,000 527,531,000 and equipment accounted for 41.05% of the industry's total in VAZOVSKI MASHINOSTROITELNI ZAVODI 535,710,000 465,571,000 2017, 39.08% in 2016 and 28.17% in 2015. EAD

EMCO OOD 209,015,000 172,278,000 TOP 10 COMPANIES BY TOTAL AND NET SALES REVENUE IN THE MANUFACTURE OF CENTRAL HEATING RADIATORS AND BOILERS INDUSTRY KORADO-BULGARIA AD 42,630,000 42,387,000 RANK COMPANY TOTAL REVENUE NET SALE SILPA OOD 18,185,000 17,295,000 (BGN) REVENUE (BGN) 1 ARSENAL AD 610,776,000 527,531,000 R & T EOOD 2,774,000 2,757,000 2 VAZOVSKI MASHINOSTROITELNI ZAVODI 535,710,000 465,571,000 MANUFACTURE OF STEEL DRUMS AND SIMILAR CONTAINERS EAD BRISTO EOOD 818,000 703,000 3 EMCO OOD 209,015,000 172,278,000 ZIELA OOD 674,000 657,000 4 DUNARIT AD 170,714,000 153,111,000 METALOPAK AD 163,000 157,000 5 ARCUS AD 151,958,000 141,724,000 MANUFACTURE OF LIGHT METAL PACKAGING 6 FAAC BULGARIA EAD 106,745,000 104,089,000 BULMETAL AD 48,352,000 38,414,000 7 ANGEL STOILOV-96 AD 88,118,000 86,286,000 SARTEN BULGARIA OOD 45,418,000 37,677,000 8 SERTA BULGARIA AD 78,717,000 74,760,000 HERTI AD 42,005,000 37,022,000 9 BULLTEK OOD 55,753,000 49,511,000 MANUFACTURE OF WIRE PRODUCTS, CHAIN AND SPRINGS 10 CERATIZIT BULGARIA AD 51,145,000 48,972,000 WILLIAM HUGHES BULGARIA OOD 19,437,000 19,160,000

SPRING FACTORY AD 17,011,000 16,157,000 METIZI CO AD 10,192,000 4,380,000 The total revenues of the top 10 companies in the

4 SeeNews Industry Report

Manufacture of fabricated metal products, except machinery and equipment were 2.14% of GDP in 2017, compared to TOP 10 COMPANIES BY TOTAL REVENUE IN THE FIELD FORGING, 1.92% for 2016 and 1.27% in 2015. 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 6,620,000 BGN 1,767,975,000, or 39.15% of the total net sales revenue. ALPHA ENGINEERING EOOD 2,328,000 SINTER M AD 2,009,000 TOP 10 BY TOTAL ASSETS IN THE INDUSTRY KPZ AD 1,582,000 RANK COMPANY BGN DENDRIT PLASTIKA OOD 815,000 1 ARSENAL AD 655,047,000 TIKOMP OOD 596,000 2 VAZOVSKI MASHINOSTROITELNI ZAVODI EAD 451,135,000 SI DI EL OOD 493,000 3 EMCO OOD 313,023,000 KONTAKT T EOOD 472,000 4 DUNARIT AD 183,142,000 MADARA RESORI EOOD 374,000 5 ARCUS AD 116,845,000 PRESING 1 OOD 208,000 6 BULMETAL AD 77,626,000 7 ANGEL STOILOV-96 AD 73,176,000 8 METALIK AD 71,980,000 The 10 largest companies in terms of total revenue in sector 9 FAAC BULGARIA EAD 58,976,000 Forging, pressing, stamping and roll-forming of metal; 10 BULLTEK OOD 51,743,000 powder metallurgy earned total revenue of BGN 15,497,000 and accounted for 0.31% 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 610,776,000 1 METAL STYLE KM EOOD 13600.00% VAZOVSKI MASHINOSTROITELNI ZAVODI EAD 535,710,000 2 ADEL - PLOVDIV - BG OOD 10250.00% EMCO OOD 209,015,000 3 TRANSPROGRES DOORS OOD 6000.00% DUNARIT AD 170,714,000 4 GRADSKI METALI OOD 4150.00% ARCUS AD 151,958,000 5 ADTECH OOD 3715.79% BULARMAS EOOD 13,452,000 6 STAL INDASTRI EOOD EOOD 3225.00% BLASER GROUP GABROVO EOOD 12,732,000 7 PRIENO OOD 2900.00% MEHANICHEN ZAVOD DEVIN OOD 11,899,000 8 GRISHKA EOOD EOOD 2875.47% ELEKTROAPARATURA EOOD 5,766,000 9 TELKO NM OOD 2733.33% TEREM - IVAILO EOOD 3,663,000 10 ZINO PK OOD 2600.00%

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 1,725,685,000 and accounted for 34.41% of PRODUCTS WERE: the industry's total revenue. COMPANY BGN KREPEGI BULGARIA TRADING OOD 5,126,000 TOP 10 COMPANIES BY TOTAL REVENUE IN THE SECTOR SARBAK METAL BULGARIA OOD 4,092,000 MANUFACTURE OF CENTRAL HEATING RADIATORS AND BOILERS EAZ OOD 2,833,000 WERE: PLUS HIRIS OOD 1,317,000 COMPANY BGN DONEV EOOD 670,000 KORADO-BULGARIA AD 42,630,000 IMM SLIVEN OOD 494,000 SILPA OOD 18,185,000 ROKSHTAL N EOOD 461,000 R & T EOOD 2,774,000 DIMCO STAR OOD 417,000 EKOTERMAL OOD 1,688,000 ATVANIK OOD 397,000 ZMM - HASKOVO AD 1,436,000 PLASEKA EOOD 374,000 TOPLOMASHINEKS BG EOOD 360,000 MX STROY OOD 271,000 DIV IMPEX OOD 259,000 The 10 largest companies in terms of total revenue in sector BULTRON OOD 222,000 Manufacture of fasteners and screw machine products earned MANDA NORD EOOD 178,000 total revenue of BGN 16,181,000 and accounted for 0.32% 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 68,003,000 and accounted for 1.36% of the industry's total revenue.

5 SeeNews Industry Report

TOP COMPANIES BY TOTAL REVENUE IN THE INDUSTRY MM GALVANIX OOD 2,706,000 MANUFACTURE OF STEEL DRUMS AND SIMILAR CONTAINERS BULKRAFT OOD 2,588,000 WERE: COMPANY BGN BRISTO EOOD 818,000 The 10 largest companies in terms of total revenue in sector ZIELA OOD 674,000 Treatment and coating of metals earned total revenue of BGN METALOPAK AD 163,000 67,125,000 and accounted for 1.34% of the industry's total revenue.

The largest companies in terms of total revenue in sector TOP 10 COMPANIES BY TOTAL REVENUE IN THE FIELD Manufacture of steel drums and similar containers earned MANUFACTURE OF OTHER TANKS, RESERVOIRS AND total revenue of BGN 1,655,000 and accounted for 0.03% of CONTAINERS OF METAL WERE: the industry's total revenue. COMPANY BGN NES NEW ENERGY SYSTEMS OOD 36,690,000 TOP 10 COMPANIES BY TOTAL REVENUE IN THE FIELD TOMIKA-METAL AD 34,076,000 MANUFACTURE OF LIGHT METAL PACKAGING WERE: BIOMASHINOSTROENE AD 22,668,000 COMPANY BGN MICROMET AD 7,927,000 BULMETAL AD 48,352,000 SAMITAS METALLBAU EOOD 4,651,000 SARTEN BULGARIA OOD 45,418,000 HIMMASH AD 4,421,000 HERTI AD 42,005,000 KMM AD 4,356,000 GUDEKS AD 11,304,000 REALMET MCC INNOVATION GROUP EOOD 3,627,000 FMA AD 10,360,000 KOLOS EOOD 2,806,000 PERFEKTUP PACKAGING BG OOD 8,257,000 RILA SNM EOOD 1,501,000 ALLIANCE DN OOD 7,728,000 ELENA GROUP EAD 6,291,000 NOVA- BORISLAV BORISOV ET 5,637,000 The 10 largest companies in terms of total revenue in sector HEROSS OOD 3,634,000 Manufacture of other tanks, reservoirs and containers of metal earned total revenue of BGN 122,723,000 and accounted for 2.45% 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 SECTOR BGN 188,986,000 and accounted for 3.77% of the industry's MACHINING WERE: total revenue. COMPANY BGN ANGEL STOILOV-96 AD 88,118,000 TOP 10 COMPANIES BY TOTAL REVENUE IN THE MARKET SERTA BULGARIA AD 78,717,000 MANUFACTURE OF WIRE PRODUCTS, CHAIN AND SPRINGS WERE: BULLTEK OOD 55,753,000 COMPANY BGN PHILIPEX ILIA PHILIPOV ET 47,697,000 WILLIAM HUGHES BULGARIA OOD 19,437,000 ENERGOREMONT - GALABOVO AD 26,557,000 SPRING FACTORY AD 17,011,000 FOX LASER EOOD 21,886,000 METIZI CO AD 10,192,000 IMPULS AD 16,254,000 VTPG STROYMAT OOD 6,502,000 INHOM 98 OOD 14,493,000 BALDIM FEDERN OOD 6,430,000 MM MECHANICS OOD 13,739,000 YOTA OOD 3,702,000 STRATUS OOD 13,639,000 FG BULGARIA EOOD 3,467,000 SPECIAL WIRES AND NAILS SA AD 2,944,000 PRUGINI-PENEV OOD 2,693,000 The 10 largest companies in terms of total revenue in sector VARIANTI OOD 2,209,000 Machining earned total revenue of BGN 376,853,000 and accounted for 7.52% 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 FIELD Manufacture of wire products, chain and springs earned total MANUFACTURE OF LOCKS AND HINGES WERE: revenue of BGN 74,587,000 and accounted for 1.49% of the COMPANY BGN industry's total revenue. FAAC BULGARIA EAD 106,745,000 SCHATTI BULGARIA EOOD 13,360,000 TOP 10 COMPANIES BY TOTAL REVENUE IN THE SECTOR ASSA ABLOY OPENING SOLUTIONS BULGARIA EOOD 13,056,000 TREATMENT AND COATING OF METALS WERE: METAL PLC AD 6,699,000 COMPANY BGN STANEL OOD 5,271,000 ZGP OOD 19,300,000 DANKO SISTEMS OOD 2,687,000 MONI MG OOD 16,454,000 MERAL BULGARIA AD 2,414,000 INOX CENTER OOD 5,757,000 KOOPERATIVNO PREPRIATIE ETA RIK EOOD 2,345,000 ZGP BULGARIA AD 5,266,000 SONICO OOD 2,245,000 GALKO AD 5,092,000 PIER 58 EOOD 1,628,000 ECOGALVANIC EOOD 3,713,000 MIKROMET OOD 3,489,000 BALKANZINC AD 2,760,000 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

156,450,000 and accounted for 3.12% of the industry's total revenue. TOP COMPANIES BY TOTAL REVENUE IN THE INDUSTRY MANUFACTURE OF STEAM GENERATORS, EXCEPT CENTRAL TOP 10 COMPANIES BY TOTAL REVENUE IN THE SECTOR HEATING HOT WATER BOILERS WERE: MANUFACTURE OF OTHER FABRICATED METAL PRODUCTS N.E.C. COMPANY BGN WERE: KOTLOSTROENE PLC AD 3,081,000 COMPANY BGN BULGARIAN BOILER TECHNOLOGIES OOD 1,463,000 PFB PRESSO FONDAL - BULGARIA EOOD 22,248,000 PROMISHLENA ENERGETIKA VARNA AD 1,459,000 PROMET SAFE OOD 20,626,000 EKOTERM - KOTLOSTROI EOOD 361,000 JUPITER O5 OOD 20,454,000 MAVER EOOD 229,000 VOESTALPINE VAE SOFIA OOD 18,983,000 FEROCOM AD 17,837,000 KOLHIDA METAL AD 14,154,000 The largest companies in terms of total revenue in sector MOUSE PS EOOD 14,131,000 Manufacture of steam generators, except central heating hot AVA M OOD 13,659,000 water boilers earned total revenue of BGN 6,593,000 and RIS VV EOOD 13,548,000 accounted for 0.13% of the industry's total revenue. KAMAX OOD 10,460,000 TOP 10 COMPANIES BY TOTAL REVENUE IN THE FIELD MANUFACTURE OF METAL STRUCTURES AND PARTS OF The 10 largest companies in terms of total revenue in sector STRUCTURES WERE: Manufacture of other fabricated metal products n.e.c. earned COMPANY BGN total revenue of BGN 166,100,000 and accounted for 3.31% NOVOTECHPROM OOD 37,860,000 of the industry's total revenue. TECHNOPANEL EAD 37,556,000 METALIK AD 34,765,000 TOP 10 COMPANIES BY TOTAL REVENUE IN THE FIELD HMC AD 27,564,000 MANUFACTURE OF CUTLERY WERE: METALIK - IVAN MIHAYLOV ET 21,170,000 COMPANY BGN STRIMONA STROY EOOD 19,600,000 NOZHARSKA FABRIKA - TERNA 1923 AD 334,000 STAMH OOD 18,674,000 MANLY S OOD 294,000 VITU OOD 15,180,000 TORAMIS SVETOSLAV PARUSHEV ET 80,000 TOP HOUSE OOD 14,366,000 ANDREY STOYANOV 7 EOOD 46,000 INTERKOM PROFIL EOOD 13,307,000 K IVAN RADEV ET 42,000 PETRANKA BATUROVA - ANRAD METAL DIZAYN ET 36,000 VABO - VALCHO BATUROV ET 21,000 The 10 largest companies in terms of total revenue in sector TITI - TITKO BAHCHEVANOV ET 10,000 Manufacture of metal structures and parts of structures IRUM IVAN ILCHEV ET 10,000 earned total revenue of BGN 240,042,000 and accounted for DIMO BATUROV - 56 ET 8,000 4.79% of the industry's total revenue.

TOP 10 COMPANIES BY TOTAL REVENUE IN THE INDUSTRY The 10 largest companies in terms of total revenue in sector MANUFACTURE OF DOORS AND WINDOWS OF METAL WERE: Manufacture of cutlery earned total revenue of BGN 881,000 COMPANY BGN and accounted for 0.02% of the industry's total revenue. DORMAKABA BULGARIA EOOD 28,584,000 TAL ENGINEERING EOOD 24,636,000 TOP 10 COMPANIES BY TOTAL REVENUE IN THE FIELD KOMFORT PARTNERS OOD 9,782,000 MANUFACTURE OF TOOLS WERE: KRUPAL CONSTRUCTION EOOD 9,506,000 COMPANY BGN CHEH PLAST OOD 9,461,000 CERATIZIT BULGARIA AD 51,145,000 PRECIZ AL ENERGY EOOD 8,826,000 VSK KENTAVAR - IZ DINAMIKA OOD 18,553,000 ALUMINA ELIT 2003 EOOD 8,706,000 GEWINDEWERKZEUGE GABROVO EOOD 13,314,000 IANIS OOD 6,847,000 MITKO TANEV COMMERCIAL DIMITAR TANEV ET 3,135,000 NADEZHDA-94 OOD 4,528,000 ZMM PILANA OOD 1,544,000 SAAV OOD 4,474,000 TEKNOLAZER OOD 1,468,000 TECHNOLES OOD 1,243,000 AMTS METAL OOD 1,073,000 The 10 largest companies in terms of total revenue in sector ZMM - INSTRUMENT OOD 943,000 Manufacture of doors and windows of metal earned total TIKE MM EOOD 923,000 revenue of BGN 115,350,000 and accounted for 2.30% of the industry's total revenue.

The 10 largest companies in terms of total revenue in sector Manufacture of tools earned total revenue of BGN 93,341,000 IV. EXPENSES and accounted for 1.86% of the industry's total revenue.

The combined costs of the companies in the Manufacture of

fabricated metal products, except machinery and equipment

industry reached BGN 4,283,532,000 in 2017.

7 SeeNews Industry Report

Total Expenses Operational expenses INDUSTRY'S TOTAL COSTS STRUCTURE BY SECTORS 16.66% 4,400,000,000 4,283,532,000 3,905,954,000 4,000,000,000 4,212,511,000 3,605,118,000 12.30% 3,600,000,000 3,832,936,000 16.01% 3,200,000,0003,460,642,000

2,800,000,000 4.92%

2,400,000,000

BGN 2,000,000,000

1,600,000,000

1,200,000,000 19.13%

800,000,000 30.97% 400,000,000

0 2015 2016 2017 Manufacture of weapons and ammunition Machining Manufacture of metal structures and parts of structures In annual terms, total expenses increased by 9.67% compared Manufacture of other fabricated metal products n.e.c. to 2016 and rose by 18.82% in comparison to 2015. Manufacture of doors and windows of metal

The total operating expenses of the companies in the Others Manufacture of fabricated metal products, except machinery and equipment industry were BGN 4,212,511,000 in 2017. Manufacture of fasteners and screw machine products marked the highest annual increase in total expenses, of Operating costs increased by 9.90% compared with the 38.99%, while total expenses fell the most, by 26.41%, for previous year and grew by 21.73% when compared to 2015. Forging, pressing, stamping and roll-forming of metal; powder metallurgy. We expect, based on the trend in the last three years, the total costs of the Manufacture of fabricated metal products, except In terms of operating expenses, the highest growth, of machinery and equipment industry to change at a compound 39.50%, was recorded by the Manufacture of steam annual growth rate (CAGR) of 9.00% in 2018. generators, except central heating hot water boilers sector. The sharpest fall was posted by Manufacture of cutlery - TOTAL COSTS BY SECTORS 26.86%. RANK SECTOR TOTAL COSTS (BGN) 1 MANUFACTURE OF WEAPONS AND AMMUNITION 1,326,805,000 The biggest spenders in the industry, with costs of over 10% 2 MACHINING 713,738,000 of industry's costs, numbered 9, including VAZOVSKI 3 MANUFACTURE OF METAL STRUCTURES AND PARTS 685,609,000 MASHINOSTROITELNI ZAVODI EAD, ARSENAL AD, EMCO OF STRUCTURES OOD, ARCUS AD, BULLTEK OOD. The medium spenders, or 4 MANUFACTURE OF OTHER FABRICATED METAL 526,952,000 those in the 5% and 10% range count 15 and include PRODUCTS N.E.C. BULMETAL AD, HMC AD, TAL ENGINEERING EOOD, KORADO- 5 MANUFACTURE OF DOORS AND WINDOWS OF METAL 210,888,000 BULGARIA AD, PHILIPEX ILIA PHILIPOV ET. Below 5% 6 MANUFACTURE OF LIGHT METAL PACKAGING 196,763,000 threshhold are 3,480 companies, including SVETLINNI 7 MANUFACTURE OF LOCKS AND HINGES 132,993,000 REKLAMI NEON OOD, MILEVMETAL EOOD, ENCHO 8 MANUFACTURE OF OTHER TANKS, RESERVOIRS AND 121,064,000 TSANEVSKI 2003 ET, TORAMIS SVETOSLAV PARUSHEV ET, CONTAINERS OF METAL ILINA OOD. 9 TREATMENT AND COATING OF METALS 100,169,000 10 MANUFACTURE OF TOOLS 82,532,000 Employment expenses in the Manufacture of fabricated metal 11 MANUFACTURE OF WIRE PRODUCTS, CHAIN AND 81,252,000 products, except machinery and equipment industry grew by SPRINGS 19.45% on the year to BGN 858,825,000 in 2017. 12 MANUFACTURE OF CENTRAL HEATING RADIATORS 61,615,000 AND BOILERS 13 MANUFACTURE OF FASTENERS AND SCREW MACHINE 17,952,000 PRODUCTS 14 FORGING, PRESSING, STAMPING AND ROLL-FORMING 15,276,000 OF METAL; POWDER METALLURGY 15 MANUFACTURE OF STEAM GENERATORS, EXCEPT 6,697,000 CENTRAL HEATING HOT WATER BOILERS 16 MANUFACTURE OF STEEL DRUMS AND SIMILAR 1,626,000 CONTAINERS 17 MANUFACTURE OF CUTLERY 1,601,000

8 SeeNews Industry Report

Employment expenses 16 MANUFACTURE OF STEEL DRUMS AND 291,000 13,227 Salaries expenses SIMILAR CONTAINERS Social security expenses 17 MANUFACTURE OF CUTLERY 251,000 12,550

900,000,000 858,825,000

800,000,000 THE TOP 10 COMPANIES BY AVERAGE MONTHLY COSTS PER 718,960,000 EMPLOYEE IN THE INDUSTRY RANK COMPANY BGN 700,000,000 720,455,000 1 ENERGOREMONT - GALABOVO AD 1,035,083 602,180,000 600,000,000 2 EMCO OOD 31,298 604,223,000 3 KREPEGI BULGARIA TRADING OOD 8,952 500,000,000 4 SAMENT INTERNATIONAL EOOD 6,250 507,148,000 5 MITI - DIMITAR PENOV ET 6,146 BGN 400,000,000 6 PANNELLI BALCANI OOD 5,583 7 TECHNOEXPORT STORAGE EOOD 4,935 300,000,000 8 VARNA-BAU OOD 4,490

200,000,000 9 VITU OOD 4,315 136,105,000 10 STRATEGIA EOOD 4,167 93,237,000 112,314,000 100,000,000

0 The industry's tax expenses stood at BGN 75,803,000 in 2017. 2015 2016 2017 In 2016 it paid taxes of BGN 68,048,000. In 2015 the industry paid BGN 46,425,000 in taxes.

The highest growth in labour costs, of 35.84%, was registered by Manufacture of weapons and ammunition, while Average taxes expenses by company 21,633 Manufacture of cutlery marked the sharpest fall, of 58.10%. 22,000

20,000 The monthly costs per employee in the Manufacture of 18,715 fabricated metal products, except machinery and equipment industry averaged BGN 1,275 in 2017, BGN 1,085 in 2016 and 18,000 BGN 886 in 2015. 16,000

The monthly social security costs per employee in the 14,000 industry averaged BGN 202 in 2017, versus BGN 169 in 2016 12,629 and BGN 137 in 2015. 12,000

EMPLOYMENT EXPENSES IN MANUFACTURE OF FABRICATED BGN 10,000 METAL PRODUCTS, EXCEPT MACHINERY AND EQUIPMENT BY 8,000 SECTORS IN 2017 RANK SECTOR EMPLOYMENT AVERAGE EXPENSES (BGN) EXPENSES PER 6,000 EMPLOYEE (BGN) 4,000 1 MANUFACTURE OF WEAPONS AND 340,110,000 17,298 AMMUNITION 2,000 2 MACHINING 135,859,000 15,435

3 MANUFACTURE OF METAL STRUCTURES 112,308,000 14,406 0 AND PARTS OF STRUCTURES 2015 2016 2017 4 MANUFACTURE OF OTHER FABRICATED 94,271,000 12,603 METAL PRODUCTS N.E.C. 5 MANUFACTURE OF DOORS AND WINDOWS 28,129,000 11,514 EXPENSES ON TAXES BY SECTORS OF METAL RANK SECTOR BGN Y/Y CHANGE 6 MANUFACTURE OF LIGHT METAL 26,569,000 15,053 1 MANUFACTURE OF WEAPONS AND 42,447,000 10.85% PACKAGING AMMUNITION 7 MANUFACTURE OF TOOLS 26,322,000 16,390 2 MACHINING 8,658,000 8.69% 8 MANUFACTURE OF OTHER TANKS, 25,755,000 16,047 3 MANUFACTURE OF METAL STRUCTURES AND 7,461,000 31.91% RESERVOIRS AND CONTAINERS OF METAL PARTS OF STRUCTURES 9 TREATMENT AND COATING OF METALS 18,574,000 12,061 4 MANUFACTURE OF OTHER FABRICATED 6,456,000 -0.17% 10 MANUFACTURE OF LOCKS AND HINGES 16,222,000 14,910 METAL PRODUCTS N.E.C. 11 MANUFACTURE OF WIRE PRODUCTS, CHAIN 15,465,000 13,263 5 MANUFACTURE OF LOCKS AND HINGES 2,595,000 30.27% AND SPRINGS 6 MANUFACTURE OF TOOLS 1,676,000 -6.84% 12 MANUFACTURE OF CENTRAL HEATING 8,500,000 15,179 7 MANUFACTURE OF DOORS AND WINDOWS 1,469,000 30.46% RADIATORS AND BOILERS OF METAL 13 FORGING, PRESSING, STAMPING AND ROLL- 4,304,000 17,785 8 MANUFACTURE OF OTHER TANKS, 1,177,000 5.75% FORMING OF METAL; POWDER METALLURGY RESERVOIRS AND CONTAINERS OF METAL 14 MANUFACTURE OF FASTENERS AND SCREW 3,817,000 17,671 9 TREATMENT AND COATING OF METALS 1,113,000 -0.80% MACHINE PRODUCTS 10 MANUFACTURE OF WIRE PRODUCTS, CHAIN 1,068,000 24.33% 15 MANUFACTURE OF STEAM GENERATORS, 2,078,000 15,863 AND SPRINGS EXCEPT CENTRAL HEATING HOT WATER 11 MANUFACTURE OF CENTRAL HEATING 796,000 55.47% BOILERS RADIATORS AND BOILERS 9 SeeNews Industry Report

12 MANUFACTURE OF LIGHT METAL PACKAGING 440,000 -40.54% TOP COMPANIES BY HIGHEST NET LOSS IN MANUFACTURE OF 13 FORGING, PRESSING, STAMPING AND ROLL- 268,000 65.43% FABRICATED METAL PRODUCTS, EXCEPT MACHINERY AND FORMING OF METAL; POWDER METALLURGY EQUIPMENT 14 MANUFACTURE OF FASTENERS AND SCREW 150,000 -26.47% RANK COMPANY BGN MACHINE PRODUCTS 1 SAGE TECHNOLOGIES OOD 3,895,000 15 MANUFACTURE OF STEAM GENERATORS, 14,000 27.27% 2 TEREM HAN KRUM EOOD 3,746,000 EXCEPT CENTRAL HEATING HOT WATER BOILERS 3 TEREM - IVAILO EOOD 3,337,000 16 MANUFACTURE OF CUTLERY 8,000 -38.46% 4 MPK-PLEVEN EOOD 2,789,000 17 MANUFACTURE OF STEEL DRUMS AND 7,000 -41.67% 5 SKY MONT EOOD 1,999,000 SIMILAR CONTAINERS

The combined operating earnings of the companies in the Manufacture of fabricated metal products, except machinery and equipment industry increased by 11.02% y/y to BGN V. PROFITABILITY 730,936,000 in 2017.

The industry's net profit amounted to BGN 655,133,000 in OPERATING PROFIT/LOSS BY SECTORS (BGN) 2017, compared to a net profit of BGN 590,308,000 in 2016 SECTOR 2017 2016 2015 and a net profit of BGN 391,239,000 in 2015. MANUFACTURE OF WEAPONS AND 419,267,000 377,414,000 138,095,000 AMMUNITION MACHINING 84,608,000 75,472,000 88,202,000 Net profit/loss MANUFACTURE OF OTHER FABRICATED 64,285,000 60,737,000 73,539,000 Operating profit/loss METAL PRODUCTS N.E.C.

800,000,000 MANUFACTURE OF METAL STRUCTURES 63,744,000 50,288,000 46,016,000 730,936,000 AND PARTS OF STRUCTURES MANUFACTURE OF LOCKS AND HINGES 26,242,000 20,520,000 20,725,000 700,000,000 658,356,000 MANUFACTURE OF TOOLS 16,667,000 17,754,000 20,038,000 MANUFACTURE OF DOORS AND 13,697,000 10,576,000 7,044,000 600,000,000 655,133,000 WINDOWS OF METAL 590,308,000 TREATMENT AND COATING OF METALS 11,333,000 10,966,000 14,160,000

500,000,000 MANUFACTURE OF OTHER TANKS, 11,255,000 10,845,000 9,980,000 439,275,000 RESERVOIRS AND CONTAINERS OF METAL 400,000,000 MANUFACTURE OF WIRE PRODUCTS, 10,842,000 10,066,000 8,631,000 BGN 391,239,000 CHAIN AND SPRINGS MANUFACTURE OF CENTRAL HEATING 6,963,000 4,321,000 3,635,000 300,000,000 RADIATORS AND BOILERS FORGING, PRESSING, STAMPING AND 922,000 1,871,000 592,000 200,000,000 ROLL-FORMING OF METAL; POWDER METALLURGY MANUFACTURE OF FASTENERS AND 839,000 1,993,000 1,326,000 100,000,000 SCREW MACHINE PRODUCTS MANUFACTURE OF LIGHT METAL 738,000 5,877,000 7,034,000 0 PACKAGING 2015 2016 2017 MANUFACTURE OF STEAM GENERATORS, 217,000 -117,000 627,000 EXCEPT CENTRAL HEATING HOT WATER BOILERS TOP 10 COMPANIES BY HIGHEST NET PROFIT IN MANUFACTURE MANUFACTURE OF STEEL DRUMS AND 29,000 141,000 30,000 OF FABRICATED METAL PRODUCTS, EXCEPT MACHINERY AND SIMILAR CONTAINERS EQUIPMENT MANUFACTURE OF CUTLERY -712,000 -368,000 -399,000 RANK COMPANY BGN 1 VAZOVSKI MASHINOSTROITELNI ZAVODI EAD 150,015,000 2 ARSENAL AD 122,603,000 The profit margin for the Manufacture of fabricated metal 3 EMCO OOD 72,971,000 products, except machinery and equipment industry stood at 4 DUNARIT AD 31,270,000 14.70% in 2017, while in 2016 it amounted to 14.53% and 5 FAAC BULGARIA EAD 18,777,000 11.19% in 2015. 6 CERATIZIT BULGARIA AD 13,448,000 7 ANGEL STOILOV-96 AD 8,691,000 PROFIT MARGIN BY SECTORS RANK SECTOR PROFIT 8 SHIP MACHINE-BUILDING JSCO AD 5,601,000 MARGIN 9 ARCUS AD 4,940,000 1 MANUFACTURE OF WEAPONS AND AMMUNITION 24.33% 10 KORADO-BULGARIA AD 4,778,000 2 MANUFACTURE OF TOOLS 16.97% 3 MANUFACTURE OF LOCKS AND HINGES 16.53% 4 MANUFACTURE OF WIRE PRODUCTS, CHAIN AND SPRINGS 11.89% 5 MANUFACTURE OF OTHER FABRICATED METAL PRODUCTS 10.99% N.E.C. 6 MACHINING 10.66% 7 TREATMENT AND COATING OF METALS 10.19% 8 MANUFACTURE OF CENTRAL HEATING RADIATORS AND 10.16% BOILERS

10 SeeNews Industry Report

9 MANUFACTURE OF OTHER TANKS, RESERVOIRS AND 8.56% CONTAINERS OF METAL LEADING INDUSTRY'S SECTORS BY ROA 10 MANUFACTURE OF METAL STRUCTURES AND PARTS OF 8.54% 22 20.77 STRUCTURES 20 11 MANUFACTURE OF DOORS AND WINDOWS OF METAL 6.12% 18.94 12 FORGING, PRESSING, STAMPING AND ROLL-FORMING OF 5.70% 18 METAL; POWDER METALLURGY 16 13 MANUFACTURE OF FASTENERS AND SCREW MACHINE 4.53% 14.91 PRODUCTS 14 14 MANUFACTURE OF STEAM GENERATORS, EXCEPT CENTRAL 3.15% 12 HEATING HOT WATER BOILERS 15 MANUFACTURE OF STEEL DRUMS AND SIMILAR 1.75% 10 CONTAINERS 8 16 MANUFACTURE OF LIGHT METAL PACKAGING 0.38% 17 MANUFACTURE OF CUTLERY -80.09% 6 4

The Manufacture of fabricated metal products, except 2 machinery and equipment industry's return on equity (ROE) is 0 Manufacture of Manufacture of locks Manufacture of tools 22.86% compared to 22.09% in 2016 and 16.62% in 2015. weapons and and hinges ammunition The Manufacture of fabricated metal products, except machinery and equipment's return on assets (ROA) was LEADING INDUSTRY'S SECTORS BY ROE 12.53%, while in 2016 it amounted to 11.84% and 8.38% in 600 2015. 549.62 550 500 ROE 450 ROA 400 24 22.86% 22.09% 350 22 300 20 250

16.62%18 200

16 150 100 14 50 35.5 27.71 12 12.53% 0 11.84% Manufacture of Manufacture of Manufacture of locks 10 cutlery weapons and and hinges ammunition 8 8.38% 6 TOP 10 COMPANIES BY HIGHEST AVERAGE NET PROFIT PER EMPLOYEE IN MANUFACTURE OF FABRICATED METAL PRODUCTS, 4 EXCEPT MACHINERY AND EQUIPMENT RANK COMPANY BGN COMPANY HEA 2 DQUARTERS (CITY) 0 1 RIK KOOP. 1,751,000 KAZANLAK 2015 2016 2017 2 EMCO OOD 1,697,000 SOFIA 3 STRATEGIA EOOD 1,571,000 NESEBAR 4 VRATSA MEHANIKS AD 633,000 VRATSA 5 ENERGOREMONT - GALABOVO AD 430,000 GALABOV O 6 3A BLOCK OOD 416,500 RADOMIR 7 YAN-93 OOD 344,000 SOFIA 8 S.U.C-3 OOD 321,000 RUSE 9 DZHI ES DZHI 1 EOOD 302,750 PLOVDIV 10 METAL CONSTRUCTIONS PLEVEN EAD 300,000 PLEVEN

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

The average net sales revenue per employee in the Manufacture of fabricated metal products, except machinery and equipment industry amounted to BGN 80,441 in 2017, up by 5.13% compared to 2016 and up by 26.80% compared to 11 SeeNews Industry Report

2015. MANUFACTURE OF WEAPONS 77,230 87,629 88,804 19,662 The industry's average operating revenue per employee grew AND AMMUNITION by 7.93% year-on-year in 2017 to BGN 88,561. It rose by MANUFACTURE OF CENTRAL 120,148 122,430 122,461 560 HEATING RADIATORS AND 27.80% compared to 2015. BOILERS MANUFACTURE OF STEEL DRUMS 68,955 75,227 75,227 22 The Manufacture of fabricated metal products, except AND SIMILAR CONTAINERS machinery and equipment market generated an average BGN MANUFACTURE OF LIGHT METAL 94,346 111,308 111,899 1,765 89,314 in total revenue per employee. In 2016 and 2015 the PACKAGING figure was BGN 82,643 and BGN 71,382, respectively. MANUFACTURE OF WIRE 70,456 78,209 78,983 1,166 PRODUCTS, CHAIN AND SPRINGS The average total revenue per company in the Manufacture of TREATMENT AND COATING OF 63,814 72,240 72,404 1,540 fabricated metal products, except machinery and equipment METALS industry went up to BGN 1,431,070 in 2017 from BGN MANUFACTURE OF OTHER TANKS, 75,468 81,964 82,442 1,605 RESERVOIRS AND CONTAINERS OF 1,255,311 in 2016. The 2015 value was BGN 1,099,777. METAL MACHINING 85,058 90,192 90,701 8,802 A company in the Manufacture of fabricated metal products, MANUFACTURE OF LOCKS AND 141,088 145,915 146,356 1,088 except machinery and equipment field made on average a net HINGES sales revenue of BGN 1,288,896 in 2017, compared to BGN MANUFACTURE OF OTHER 72,034 78,194 79,042 7,480 1,162,290 in 2016 and BGN 977,407 in 2015. FABRICATED METAL PRODUCTS N.E.C. The Manufacture of fabricated metal products, except MANUFACTURE OF CUTLERY 40,900 44,450 44,450 20 machinery and equipment industry made 1.66% of the overall MANUFACTURE OF TOOLS 58,151 61,138 61,768 1,606 sales country-wide, reducing its market share by 0.05 pp. MANUFACTURE OF STEAM 46,626 52,519 52,779 131 GENERATORS, EXCEPT CENTRAL HEATING HOT WATER BOILERS Operating profit per employee for the industry as a whole was MANUFACTURE OF METAL 87,096 95,739 96,120 7,796 BGN 13,019 in 2017. For comparison in 2016 it amounted to STRUCTURES AND PARTS OF BGN 11,920 and BGN 11,920 in 2015. STRUCTURES MANUFACTURE OF DOORS AND 85,280 91,679 91,930 2,443 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 EMCO OOD 1,885,372 FABRICATED METAL PRODUCTS, EXCEPT MACHINERY AND 2 RIK KOOP. 1,762,000 EQUIPMENT IN 2017 3 STRATEGIA EOOD 1,745,000 SECTOR AVERAGE NET AVERAGE AVERAGE TOTAL NUMBER OF SALES REVENUE OPERATING REVENUE (BGN) COMPANIES 4 VRATSA MEHANIKS AD 702,000 (BGN) REVENUE (BGN) 5 ENERGOREMONT - GALABOVO AD 488,000 MANUFACTURE OF WEAPONS 63,270,500 71,790,000 72,753,000 24 AND AMMUNITION

MANUFACTURE OF LIGHT 7,240,043 8,541,652 8,587,000 23 METAL PACKAGING TOP 10 COMPANIES WITH HIGHEST CORRELATION OPERATING MANUFACTURE OF LOCKS AND 4,148,757 4,290,676 4,303,649 37 REVENUE - NUMBER OF EMPLOYEES - EMPLOYMENT EXPENSES* HINGES RANK COMPANY NAME CORRELATION (BGN) MANUFACTURE OF CENTRAL 3,541,211 3,608,474 3,609,368 19 HEATING RADIATORS AND 1 ENERGOREMONT - GALABOVO AD 13,853,000 BOILERS 2 EMCO OOD 4,384,023 MANUFACTURE OF OTHER 3,187,526 3,461,921 3,482,079 38 3 SARBAK METAL BULGARIA OOD 4,066,000 TANKS, RESERVOIRS AND 4 PRIME DESIGN EUROPE AD 3,276,500 CONTAINERS OF METAL 5 STRATEGIA EOOD 2,922,000 MANUFACTURE OF TOOLS 2,594,194 2,727,417 2,755,528 36 6 NEOMEX EOOD 1,960,000 MANUFACTURE OF WIRE 1,173,600 1,302,743 1,315,629 70 PRODUCTS, CHAIN AND 7 METAL CONSTRUCTIONS PLEVEN EAD 1,896,000 SPRINGS 8 PHILIPEX ILIA PHILIPOV ET 1,888,920 MANUFACTURE OF METAL 1,164,662 1,280,238 1,285,340 583 9 RADIX EOOD 1,739,000 STRUCTURES AND PARTS OF 10 S.U.C-3 OOD 1,265,000 STRUCTURES MACHINING 750,183 795,462 799,946 998 MANUFACTURE OF STEAM 610,800 688,000 691,400 10 *The correlation is calculated by subtracting the quotient of the operating profit, and GENERATORS, EXCEPT CENTRAL the employment expenses to the number of employees. HEATING HOT WATER BOILERS FORGING, PRESSING, 586,400 647,320 647,920 25 AVERAGE REVENUES PER EMPLOYEE IN MANUFACTURE OF STAMPING AND ROLL- FORMING OF METAL; POWDER FABRICATED METAL PRODUCTS, EXCEPT MACHINERY AND METALLURGY EQUIPMENT IN 2017 MANUFACTURE OF OTHER 557,776 605,478 612,047 966 SECTOR AVERAGE NET AVERAGE AVERAGE NUMBER OF FABRICATED METAL PRODUCTS SALES OPERATING TOTAL EMPLOYEES REVENUE REVENUE REVENUE N.E.C. (BGN) (BGN) (BGN) TREATMENT AND COATING OF 511,839 579,427 580,740 192 MANUFACTURE OF FASTENERS 81,556 85,750 86,995 216 METALS AND SCREW MACHINE PRODUCTS MANUFACTURE OF STEEL 505,667 551,667 551,667 3 FORGING, PRESSING, STAMPING 60,579 66,872 66,934 242 DRUMS AND SIMILAR AND ROLL-FORMING OF METAL; CONTAINERS POWDER METALLURGY 12 SeeNews Industry Report

MANUFACTURE OF FASTENERS 503,314 529,200 536,886 35 NUMBER OF EMPLOYEES BY INDUSTRY SECTORS AND SCREW MACHINE SECTOR NUMBER SHARE OF PRODUCTS INDUSTRY TOTAL MANUFACTURE OF DOORS 484,509 520,867 522,291 430 MANUFACTURE OF WEAPONS AND AMMUNITION 19,662 35.02% AND WINDOWS OF METAL MACHINING 8,802 15.68% MANUFACTURE OF CUTLERY 54,533 59,267 59,267 15 MANUFACTURE OF METAL STRUCTURES AND PARTS OF 7,796 13.89% STRUCTURES MANUFACTURE OF OTHER FABRICATED METAL PRODUCTS 7,480 13.32% The total indebtedness of the companies in the Manufacture N.E.C. of fabricated metal products, except machinery and MANUFACTURE OF DOORS AND WINDOWS OF METAL 2,443 4.35% equipment industry was BGN 2,225,779,000 versus BGN MANUFACTURE OF LIGHT METAL PACKAGING 1,765 3.14% 2,175,285,000 a year ago. In 2015 the industry's indebtedness MANUFACTURE OF OTHER TANKS, RESERVOIRS AND 1,605 2.86% totalled BGN 2,176,116,000. CONTAINERS OF METAL MANUFACTURE OF TOOLS 1,606 2.86% INDUSTRY'S INDEBTEDNESS BY SECTORS (BGN) TREATMENT AND COATING OF METALS 1,540 2.74% SECTOR 2017 2016 2015 MANUFACTURE OF WIRE PRODUCTS, CHAIN AND SPRINGS 1,166 2.08% MANUFACTURE OF WEAPONS AND 740,432,000 687,354,000 686,312,000 MANUFACTURE OF LOCKS AND HINGES 1,088 1.94% AMMUNITION MANUFACTURE OF CENTRAL HEATING RADIATORS AND 560 1.00% MACHINING 348,279,000 363,362,000 336,331,000 BOILERS MANUFACTURE OF METAL STRUCTURES 346,046,000 361,365,000 352,630,000 FORGING, PRESSING, STAMPING AND ROLL-FORMING OF 242 0.43% AND PARTS OF STRUCTURES METAL; POWDER METALLURGY MANUFACTURE OF OTHER FABRICATED 268,006,000 292,779,000 305,113,000 MANUFACTURE OF FASTENERS AND SCREW MACHINE 216 0.38% METAL PRODUCTS N.E.C. PRODUCTS MANUFACTURE OF LIGHT METAL 132,021,000 117,931,000 131,684,000 MANUFACTURE OF STEAM GENERATORS, EXCEPT CENTRAL 131 0.23% PACKAGING HEATING HOT WATER BOILERS MANUFACTURE OF DOORS AND 110,785,000 111,925,000 116,541,000 MANUFACTURE OF STEEL DRUMS AND SIMILAR 22 0.04% WINDOWS OF METAL CONTAINERS MANUFACTURE OF OTHER TANKS, 66,787,000 52,068,000 47,496,000 MANUFACTURE OF CUTLERY 20 0.04% RESERVOIRS AND CONTAINERS OF METAL TREATMENT AND COATING OF METALS 64,700,000 49,338,000 45,306,000 MANUFACTURE OF WIRE PRODUCTS, 38,860,000 31,316,000 28,377,000 CHAIN AND SPRINGS MANUFACTURE OF LOCKS AND HINGES 36,204,000 33,156,000 41,507,000 ALLOCATION OF EMPLOYEES BY INDUSTRY'S SECTORS MANUFACTURE OF TOOLS 26,073,000 27,985,000 25,959,000 7,796 MANUFACTURE OF CENTRAL HEATING 19,328,000 18,462,000 12,346,000 RADIATORS AND BOILERS MANUFACTURE OF FASTENERS AND 16,319,000 13,686,000 15,357,000 8,802 7,480 SCREW MACHINE PRODUCTS FORGING, PRESSING, STAMPING AND 6,515,000 9,923,000 26,468,000 ROLL-FORMING OF METAL; POWDER METALLURGY MANUFACTURE OF STEAM GENERATORS, 3,731,000 2,813,000 2,719,000 2,443 EXCEPT CENTRAL HEATING HOT WATER BOILERS MANUFACTURE OF STEEL DRUMS AND 847,000 647,000 647,000 SIMILAR CONTAINERS MANUFACTURE OF CUTLERY 846,000 1,175,000 1,323,000 9,961

Debt-to-assets ratio of the companies in the industry is 0.43 in 2017. It was 0.44 in 2016 and 0.47 in 2015. 19,662

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 2017 it stood at BGN 195,358,000, 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 2016 the figure was BGN 173,918,000 and BGN Manufacture of doors and windows of metal 165,826,000 in 2015. Others

The analysis on companies' sizes by the number of VI. EMPLOYMENT employees, shows that 2061 firms have less than 50 employees*, 171 have between 50 and 250 employees* and A total of 56,144 people were employed in the Manufacture 17 companies employ more than 250*. of fabricated metal products, except machinery and equipment field at the end of 2017, compared to 55,229 in * Companies without data in the number of employees at end of the year are not 2016 and 56,636 in 2015. taken into consideration.

13 SeeNews Industry Report

COMPANIES IN THE INDUSTRY BY SIZE IN TERMS OF NUMBER OF EMPLOYEES 2 200 2 061 2 000 1 800 1 600 1 400 1 200 1 000 800 600 400 200 171 17 Small Medium Big

The employees of the leading 10 companies in terms of numbers make up 37.76% of the workforce in the industry in 2017.

TOP 10 COMPANIES BY SHARE IN INDUSTRY'S TOTAL NUMBER OF EMPLOYEES RANK COMPANY NUMBER OF SHARE EMPLOYEES 1 ARSENAL AD 10,029 17.86% 2 VAZOVSKI MASHINOSTROITELNI ZAVODI EAD 4,576 8.15% 3 ARCUS AD 2,398 4.27% 4 DUNARIT AD 1,200 2.14% 5 SERTA BULGARIA AD 621 1.11% 6 CERATIZIT BULGARIA AD 551 0.98% 7 METALIK AD 541 0.96% 8 HERTI AD 502 0.89% 9 BULMETAL AD 399 0.71% 10 GEWINDEWERKZEUGE GABROVO EOOD 382 0.68%

The Manufacture of fabricated metal products, except machinery and equipment industry is the 8th largest employer in the country with 56,144 employees with the largest employer being Retail trade, except of motor vehicles and motorcycles with 200,534 and Extraction of crude petroleum and natural gas at the bottom with 27 employees.

The Manufacture of fabricated metal products, except machinery and equipment's share in the country's total employment was 2.42% in 2017, 2.86% in 2016 and 2.85% in 2015.

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 -0.44% in 2018.

14 SeeNews Industry Report

The industry is represented by the following companies

SVETLINNI REKLAMI NEON OOD MICROMET AD BEYANA RIHTER EOOD ADI - ANTON MILCHEV ET MILEVMETAL EOOD KM KOMERS 8 EOOD HIDCOM AD VI-MET 2 OOD ENCHO TSANEVSKI 2003 ET SUNMAX - M OOD ANI LIZA 62 OOD DOHRI EOOD TORAMIS SVETOSLAV PARUSHEV ET YANKO PETROV ET A I M-5107 EOOD MEZHDUKOOPERATIVNO PREDPRIATIE LOVECH OOD ILINA OOD P.ZH.G.-CHANKOV - GEORGI CHANKOV ET FEMAG BULGARIA EOOD KOMFORT PARTNERS OOD MAYA - 45 EOOD CHATALBASHEV OOD VASPET-91 - ATANAS KOSTADINOV ET ACERO EOOD INOX CENTER OOD EPRO OOD KAMINI EVROSTANDART 2005 EOOD NERA - 89 EOOD DIMKIN EOOD BGIK STEEL EOOD ART METAL GRADEV EOOD KOLHIDA METAL AD MYUNH EOOD MVM INZHENERING EOOD AVENT OOD KARTIN I SINOVE ILCHO KARTIN ET NIPEK PETAR GEORGIEV ET KALOYAN - KRASIMIR KRASTEV ET LAZERI I LAZERNI MASHINI OOD KOMEKSGRUP PLOVDIV EOOD HRISTO KIRKOV ET DIOMEKS EOOD NASI - ATANASKA STOYANOVA ET MOVIMENTO 2008 EOOD RIVA 77 EOOD CHUCHULIGA EOOD PLAN PRODUKT EOOD DMS - INOX EOOD P I M 1 EOOD AMI & KO OOD ANGA - TANYA GANCHEVA ET DGF ENGINEERING EOOD ARA PLAST - 2008 EOOD ANDREY STOYANOV 7 EOOD STUDIO ACCENT EOOD VSELENA 03 - DIMITAR IVANOV ET IMD - PETAR MARINOV ET SHAHA 1 EOOD ILBUPLAST EOOD DELTA MET EOOD DIYP DEYL EOOD ALEKSANDAR -2000-ALEXANDAR STOILOV ET BIS INZHENERING EOOD OMO 07 EOOD LUTEK OOD MEGA RING EOOD SPETSIALNI GVOZDEI OOD VARIANTI OOD EMKO GRUP AD AD OMEGA GLASS EOOD HIGH END BULGARIA OOD MALNIA EOOD STIL OBKOV OOD SIMONA ANKA TONCHEVA ET VENELIN SIRAKOV ET NIKEYA - 11 - KIRIL STRINSKI ET MENI-TAL - MITKO PETKOV ET DRAG EOOD VADI-N OOD TOSHEV COMERS 2017 EOOD ATVANIK OOD KIMEX EOOD NESI - M EOOD HARLEKS OOD DEYMI N - 94 OOD MODULE EOOD VKN GROUP OOD EOOD TMS - N EOOD TRUDOVO PROIZVODITELNA KOOPERATSIA IVAN PROFIL M EOOD -01 EOOD CHOLEV KOOP SA - SASHKO ANGELOV ET STEFAN CHERNEV ET MARIN SPASOV ET MARIYA - KOSTADINOVA GROZDANOVA ET VSS METALS EOOD SIMEON 73 OOD ALTHERM OOD PROMETAL MADE EOOD MARK SISTEM OOD KONDORI EOOD TSAROVSKI EOOD AVTOMATIZIRANI TEHNOLOGII OOD GAN TEHNOLODZHI EOOD EOOD IVAN-ALEKSANDAR-NIKOLAY IZOV ET SIG I SIN OOD VALENA-F EOOD BIGLA OOD ABO ARDASH MELKONYAN ONIK MELKONYAN ET METAL STROI 81 EOOD TOPLOMASHINEKS BG EOOD RAFI MAGANDZHIEV - INSEK ET ZKD AD IZVOR - P OOD JOKER LASER OOD VOESTALPINE VAE SOFIA OOD ARDA-2013 DZHEVDZHET MEHMED ET TRENDAFIL SHOPOV - TRENDI ET FRESH AKVA - 2014 EOOD PROSTIYL EOOD HRISTINA STORI OOD GALIYANI - NIKOLA DIMITROV ET DILOV - IKS - EMIL DILOV ET STAPEL - DAMIAN ATANASOW ET TI ES TI METAL EOOD EOOD FRANCIAMET EOOD LT GRUP OOD DICHI - M EOOD SIDI OOD VIP ARMORY EOOD TRANS - METAL EOOD PAMUKOV I SIN - ZHIVKO PAMUKOV ET FINA PROMISHLENOST KOOP. RADOEV SEKRET BOKS MARIN RADOEV EVGENI MINCHO MINCHEV 2012 ET RADOEV ET TUSIMA T TOTKO AKOV ET SELUTA EOOD S I R K EOOD TRUDOVO PROIZVODITELNA KOOPERATSIYA DISIMA - 2013 EOOD PRETSIZNO LEENE AD FILTEH HEFEST EL OOD HIB EOOD ROMIL OOD AY EM BI KONSTRUKSHAN EOOD PANAYOTOV EOOD KRAFT - VENTSISLAV PETEV ET LIMES INNOVATION EOOD GREEN CELL ENERGY-YANKA IVANOVA ET 'REDI'' EOOD MASH KOMPONENT EOOD MOTORTEST OOD HUBENOVI OOD B.S.B - FOCUS OOD EUROQVART OOD ELIT STROY-PLAST EOOD IVAKO METAL OOD STOYNOV GROUP EOOD KONTAKT T EOOD GRICO MACHINING EOOD METAL - VM EOOD DIFOAT OOD ELEKTROAPARATURA EOOD MANLY KNIFE EOOD AMTS METAL OOD ARM TREIS EOOD META PLAST EOOD BULGARY ELECTRONIX EOOD KRIS 2 OOD DILKOM - 48 - DINKO LUKOV ET EVROLUKS - 2007 SZ EOOD DISTEM GROUP EOOD EAR PART EOOD TEHNO LAZER OOD VENI VIB - VENAN IBRIAM ET AKVAINZHENERINGKONSULT EOOD PETAR NACHEV ET PRETSIZ M EOOD ZUMK AD YASNIKOS ANDREY YASNIKOV EOOD GITER PRODUKT EOOD METAL TREYDING OOD NN - 3 EOOD ULTRA PRETSIZNI TEHNOLOGII EOOD VEDI - VESKA HRISTOVA ET KAMININOX EOOD STROYKO M85 EOOD BULGARO GERMANSKI TEHNOLOGII OOD TEHNOLOGICHEN TSENTAR NOMAT AD YUGOGNAYS ANGEL RAYKOV ET DAV 11 SLTD OOD HEFES EOOD ACCUMALUX MOLDS & ENGINEERING EOOD FREZCOMERS EOOD VAKUUMTERM 2000 OOD EURO - GUSS OOD VICTORYO EOOD STROY BELENE EOOD DJAMBO - NAD R FET SHISHKOV ET OG-ALEX OOD MEGA ASET MENIDZHMANT EOOD ARSENAL EOOD AREA OOD ARM - 03 OOD MORSKA SLAVA - MAGARDICH KIRKOROV ET ELVIPO EOOD MIKRON 99 IVAN GADZHALOV ET ZGP BULGARIA AD PRIENO OOD ALBRON 21 EOOD ELINA EOOD HAMDI SALIHOV ET KOSARA 2004 OOD METAL DIZAYN - YORDANKA TERZIYSKA ET MADLEN STROY 99 EOOD VI EM DZHI STROY EOOD HOKMASH OOD D C TEC OOD KASABOV I SINOVE EOOD UINDOR OOD METEOR 89 OOD NATANAIL EOOD METAL AV EOOD ALEX M TRADE EOOD KOOPERATIVNO PREPRIATIE ETA RIK EOOD EKSPRES ZHUR EOOD ITB 96 OOD NIVEKS EOOD UNIVERSAL 7 PETAR DIMOV ET PINCODE EOOD UNI TEX-07 EOOD AQUA FORM EOOD NBA STEEL EOOD 15 SeeNews Industry Report

TECHNO TRADE TECHNOLOGY EOOD MARBEG OOD KRASI ANGELOV 2012 EOOD METALNI VRATI EOOD KOSTADIN CHOLAKOV - CHOKI ET S.M.-MIHOV EOOD AKS - 2012 EOOD KONTIK EOOD METALFORM OOD KOTORO SPOT EOOD CHAMA - REMZI YUSEIN ET ROSEKS OOD MN 2016 EOOD EXAKT ENGINEERING OOD MIRA - ILIAN ANTONOV ET HEFEST PLOVDIV EOOD KOFRAZHNA TEHNIKA AD PROLINE CONSTRUCTION EOOD K& K METAL EOOD BIG DETAYL OOD DZZD METAL DIZAYN SAB GRUP 93 EOOD KALVINATOR EOOD METAL STROY 2010 EOOD VEKTOR - TSVYATKO ROGOZHINOV ET STEFAN DIMITROV - TSVETOSTAL 999 ET BIO AGRO KAMPANI AD FEMAG ALUMINIEVI I METALNI KONSTUKTSII EOOD MARIN LESIKOV-ML EOOD EKO-DIM - SLAVKO DIMITROV ET ROLL GUARD EOOD BULKOA EOOD M - KAEL EOOD ASEN - 89 EOOD DID 11 EOOD ILIAN CHAVKOV ET STILDOR OOD RA LUPO EOOD HS STIL OOD TEHNOMAT VARNA OOD TEXNOMEXANICS 2010 EOOD MAHLENSKA SRESHTA EOOD EKO -94 OOD CAST IN EOOD ARCHITECTURE & ENGINEERING OOD INZHTRANS VASILEV EOOD DISTAND OOD BRAYAN TERMOIZOL EOOD IFM EOOD ELEKTRON METAL INZHENERING HARITEV S-IE SD HARD METAL - 2016 OOD SLAVOVI EOOD RMO-METALURGREMONT AD YAK 62 EOOD KALMAS - KRASIMIR DIMITROV ET PROFILIRANI DEYNOSTI OOD NIKROD - NIKOV I SIE GP SAMENT INTERNATIONAL EOOD DISIGNMETAL M EOOD FABRIKA BOSHAKOV EOOD SESTO GROUP EOOD REAL SM OOD TRIO KLIMAT OOD D END G 08 EOOD UNIVERSAL VLADIMIR VELICHKOV EOOD INNTECH EOOD ANIDA INGENERING EOOD SPETSIAL 2000 OOD TRIN OOD TINCHO I SIN - VALENTIN GARVANSKI ET ZAVOD ZA DREBNI DETAYLI OOD YASEN EOOD AB- MONTAZHI EOOD IVAR-YORDAN ARABADZHIYSKI ET SWEGO 99 OOD TERMOPLAST 2000 EOOD GAMA SINTER OOD HIMTECH EOOD HIDROMASH 2008 OOD D N STILL OOD KAYZER-MG EOOD GAMA PROEKT AD FENOMEN - SILVI NIKOLOV ET ALPLAST EOOD MITRINDZHAKOV EOOD DEST 2009 OOD BIN PLAST OOD DEBOS EOOD ALARMENI SISTEMI I SERVIZ EOOD ZIKO 2003 OOD ALTO OOD KONDOR-5 - OGNYAN GADZHEV ET USTREM OOD SINHRON MD EOOD NIPRORUDA INZHENERING EAD KSV 2012 EOOD MIKRO MAX OOD FENCING SYSYTEMS EOOD KOVACHNITSA-LINKOV EOOD THOMAS INGENEERING EOOD PASHOVI EOOD DIK BAROTO EOOD VIA COMPLECT OOD MAHERAS EOOD KPZ AD BIGLA - 5 OOD STIL METAL NM EOOD PRUGINI-PENEV OOD ADLER MK OOD IVAN KUNEV ET AGIK EOOD DJONS - GEORGI TODOROV ET VALDO - VALENTIN YADKOV ET LEGION 66 OOD N D DEKOART OOD NIKI BAKALOV-12 EOOD FIGO KLIMA EOOD MKMD INZHENERING OOD ADI M 60 - ADELINA PETKOVA ET TANDEM SM SVETOSLAV SOLOMAHA ET MP METALPLAST AD OLD METAL EOOD EKVATOR GRUP BULGARIA OOD PRESING 1 OOD D I N COLOR 2017 EOOD FOX LASER EOOD ZHIRA 03 EOOD TORNADO 2 OOD TEA METAL EOOD METALPLAST 422 OOD VTPG STROYMAT OOD SHLOS OOD ZINO PBO EOOD SMG-STAHL UND METALLVERARBEITUNG TERTER EOOD GABROVO OOD VIPLAM EOOD DI ITAR GESCHEV-2005 ET NIKOLT - NIKOLAY BICHEV ET ARTLINE EOOD KOM EOOD DIAVACH EOOD OPTOFORM NOV EOOD ALES - IVAN STOYANOV ET DEBULCO OOD PLAZMA EOOD MEDIAM EOOD PETKO BAYKOV - MAYSTORA ET NIK-2007 OOD BEPRO EAD K V L KRUM KIROV ET TROJA EOOD ALMA PLAST EOOD ASTREY AIR OOD M H S EOOD DRAIZ OOD METALPLAST 64 EOOD MERAKYAN - AGOP MERAKYAN ET SIPERA - PETAR FAKIRCHEV ET DEDAL-V S OOD ILIVAN EOOD VARNA-BAU OOD MB INZHENERING OOD BULMETAL AD BODYTECH OOD TEMP PLASTLTD EOOD DIENDI - 2013 EOOD PROIZVODSTVENA KOOPERATSIYA NA INVALIDI EASYGUARD EOOD KARAIVANOV - 95 EOOD METAL AMBALAZH EOOD REZERV MIRA CONSULT - TRADE EOOD ASA 2000 OOD MITRONI DIMITAR DELCHEV ET SKAINIT EOOD ZARINA 2 ZAHARI KAMENOV ET MONTAZHI INVEST OOD BME EOOD STOYKO ANGELOV ET DENI MACHINING EOOD VESKOMET VESKA NEDELCHEVA ET EKVATOR GRUP EOOD STELS MARKET EOOD VARAP - VALCHO VALCHEV ET BONELI - BOZHIDAR ZHELYAZKOV ET PROTECH-ZHM OOD BELA 1959 OOD INDUSTRIAL MONTAZH OOD ADACTAENGINEERING OOD KINAREV EOOD ARMA STROY EOOD METALPRES VACHKOVI EOOD TRANSPROGRES 97 EOOD VISHEGRAD 97 AD ENERGOSERVICE ENGINEERING OOD MAT OOD ROSA - BELOV I S-IE GP STIL KOMERS ST EOOD RDM - METRIX OOD SHEN - RUSHEN MUSTAFA ET DZHAN 2009 EOOD EOOD INOX ENGINEERING EOOD METALMONTAJ KN OOD DOVA - ILIYA ILIEV ET SPETSDETAYL EOOD SERGEI VASSILEV BUILD EOOD KGM - 96 OOD TERZOV METAL EOOD ISTOK-PLAST-VIKTOR VASILEV ET ACE TM EOOD KAMINI GEORGI PETROV ET DESKO 91 EOOD SAND SA EOOD EMIDEY 93 EOOD BULFOIL OOD KOORTEH OOD DEYAN DENEV ET NOVIG 2004 OOD AKORD 67 OOD METAGAL OOD IMT GARKOV EOOD ALBUS OOD I G 21013 EOOD VEGA VALENTIN ZHOROV ET MITKO GALATA OOD BAVARIA-M OOD VIGO OOD DARI 13 - KRASEN KIRILOV EOOD GEOPS - GEORGI VALCHEV ET ZIMP AD STAFF EUROPE SLTD EOOD ARBOV PLAMEN ARBOV ET DZZD DIZAYN-UARK GAMA- GEORGI GEORGIEV ET ET EM - POLI EOOD BULGARIAN BOILER TECHNOLOGIES OOD GALVANO KIMIKA EOOD SI 5 TRADE EOOD ALUMINA ELIT OOD PHILINOX EOOD STAL INDASTRI EOOD EOOD KOMFORT-DIMITROVI OOD COOPERATION METALLURGIYA KOOP. RADMARI GRUP EOOD GALABOVA OOD OOD MG-2 OOD ALUS EOOD METALSTIL OOD HB STEEL OOD ALSINA 5 EOOD EMURLA METAL SERVICE EOOD VP MARKOV EOOD EKOTERM EOOD KOORDINATI-11 EOOD DIMCHO DIMOV ET METAL GRUP 79 OOD ZHERA TECH OOD VES-DOR OOD TECHNOSYSTEM ENGINEERING SPLTD EOOD GALVI EOOD 16 SeeNews Industry Report

TENEKI DIMITRINKA ALEKSIEVA ET DELTA N EOOD IVEL-ART EOOD VIPI PLAST OOD HWSYSTEM EOOD DRAGNEV EOOD HERB SYSTEMECHNIK INTERNATIONAL EOOD ENIDA EOOD SLAVA- GEORGI SLAVOV ET ET ORNICO AD STIGI BG EOOD BRIMI EOOD MASTERSIST EOOD M M 49 EOOD DAYMA 2003 EOOD GORCHO PANAYOTOV ET ROSI-ADI - ROSITSA HRISTOVA ET GEORGI DIMKIN ET VLADIPLAST EOOD TEHNOMAT DZZD MAVER EOOD TSARSKI EOOD VSK KENTAVAR - IZ DINAMIKA OOD BUL PRODUCT 2017 EOOD PRECIZ AL ENERGY EOOD KLIP GLAS OOD TOSHEVI OOD PRECISION TECHNOLOGY CORPORATION EOOD DARI DAN EOOD NESTANDART OOD STANEL OOD ENERGOTEK EKO AD METAKONT EOOD TRANSKOM`S - NIKOLAY PANTALEEV ET ET DARIMEX DORA HRISTOVA ET DZHORDZHIA BAHCHEVANOVI SADRUZHIE SD DEKAMEX COMMERCE EOOD METAL YANEVI SIE SD KZU ZLMK EOOD EFOMAKS EOOD TIM SET OOD KRISTIAN DENI PANDULEV I SIE SD ADAS MASH OOD VENTSISLAV MARKOV - IVP ET KASTEH-BG OOD VEI NORD EOOD TRANS GROUP ENGINEERING RUSE EOOD STEFANA ANGEL MISHLYASHKI ET ADONIS-1 EOOD SINHRON MDK EOOD IMEX DTP OOD MITI MM EOOD BFI EOOD A V INTERNATIONAL TRADE SERVICE EOOD METALSTOCK-KIRIL SAVOV EOOD RADKO IVANOV ET MASHENGINEERING OOD DENIS A STANKA ALEKSIEVA ET ZEFIR -TST EOOD SHALOM OOD NIKOLAY VELEV TEVANIK ET ZAMER EOOD RAKOMS 2 OOD TONCHO ANGELOV EOOD MOBILE HOMES EOOD PERUN-VIK EOOD UNIPLAST INZHINERING EOOD IRON SPIRIT OOD OMNITEH EOOD KOSTUR - RACHO KOSTOV ET ARMOURY AD STOYAN IVANOV STOYANOV ET PARMASH AD ENERGO REMONT STROY - TSENTRALNA MASHINA - VIV EOOD STILAL EOOD REMONTNA BAZA DIMITROVGRAD EOOD YANIS-YANAKI SABCHEV ET ROLMAT OOD BLOC 2003 OOD UNITY TRADE EOOD GAMAPRO - D16 EOOD SOMAHA OOD KRASI PAINT EOOD VELOX SYSTEMS EOOD TEMPO 1918 OOD INSTRUMENT EOOD GIRGINOVI EOOD DZHIMI-G - GEORGI ROGOV ET ESTREA GP EOOD VITM I KO EOOD VEGA 03 OOD MAESTRO - DP EOOD ASEN MLADENCHEV-2002 EOOD KRASIMIR DILOV ET ILLION EOOD FOXTECH OOD SELYAYDIN MEHMED - SELI ET GORJO EOOD HELIUS - PAVLIN NEDKOV ET EL-DI 71 OOD EVRIKA 7 EOOD GALVANIK EOOD VALNIT EOOD RIKI - ATANAS ATANASOV ET RAM 10 EOOD VIP SITI STIL OOD SI BEL – ELENA ATANASOVA ET ORTOTEHDIZAYN OOD NAUCHNO PROIZVODSTVENO PREDPRIATIE ENKORD NIKOLAY ZAHARIEV ET SCORPION-28-DIMITAR ANDONOV ET KOSMOS STEEL ENGINEERING SO EOOD GKK METALI OOD MIRD-2 OOD AL HA - METAL OOD KOREKT - P EOOD MEDIA SERVICES OOD SHTOS - VT EOOD STIYL KONSTRAKSHAN OOD SLAVEY 67 EOOD AVTOSHLAIF SERVIZ OOD SPEEDO EOOD ART METAL GROUP OOD VELIKOTURNOVSKA PROMISHLENA GRUPA - ABRIS OOD KOVANO ZHELYAZO - DJUGLARSKI SLTD EOOD HOLDING OOD R & S CONSTRUCTION EOOD HPD EOOD ILIEV-71 EOOD IONA DIMOVI OOD METAL - MASTARS EOOD DZHI EL BI BULGARIA OOD METALNI IZDELIA I KONSTRUKTSII EOOD NEVELIN ZARKOV STEFANKA IVANOVA ET EVERES-SPRING EOOD OLD CONSULTING EOOD METAL MIKRON OOD METALIK STEFAN GRIGOROV ET DONCHEVSKI OOD MIX PANDZHEROV I SIE SD BROKKAR KANSTRAKSHAN EOOD PETAR PETROV D ET VELDER 2008 EOOD NIKEMA 83 EOOD DI-VENT KLIMA OOD VAZOVSKI MASHINOSTROITELNI ZAVODI EAD VALEITH EOOD EOOD MAKRO EOOD ASA - DESTIL 2 OOD KOSTOV EOOD MARELYUKS EOOD SVETOSLAV 1 EOOD PETRIMA - PETKO DUKOV ET HELENIK PAYP NIPLES BG EOOD VARNA STRUG EOOD NEM 17 EOOD EOOD ADI 28 EOOD BRONZ OOD DONCHEV-METAL-82 EOOD DINAMIKA-YAMBOL EOOD KARAMFIL ENGEROV ET DAMIANA 2001 EOOD VENKOV I SIN EOOD VMC-UALATA - VLADIMIR CVETKOV ET ET KITAYSKO TSVETE - DANCHO DANCHEV HAT-HERMON-AVTOTEHNIKA OOD A D D EOOD DI ES EM - 95 EOOD POLIMER PLAST - VLADIMIR KATUKOV ET ORBILD EOOD UPT ELIT 07 EOOD TERES - DIMITAR KARAPEEV ET R & T EOOD METAL STEEL - 65 EOOD NIVO EOOD VRZ VOLA EKO EAD METALFORM INZHENERING -ATANAS PETKOV ET DA NOV EOOD TRIUMF 91 OGNYAN ZASHEV I SINOVE SD GOGA - GEORGI GEROV ET INPROTEH OOD CASTELO VT OOD OMEGA-MS - RUMYANA NEMECHEK ET VIO - OMERS EOOD PROTECH ECO EOOD 2 ENGENEERING EOOD METAL GARANT EOOD '''CUSTOM LINE EOOD METALIKA - STOYAN PETSANOV ET BELDIZAYN EOOD YAVO OOD ARGON KOREKT OOD ISTRA TMT EOOD MATRIX D OOD ASIKOM OOD SISTEMI I TEHNIKA ZA SIGURNOST EOOD NIKTA COMPANY OOD DOSEV-4-GEORGI DOSEV ET ALTEX - LUBOMIR BOGILOV ET GRADIENT - TEH EOOD ITOM OOD YLBER CANI OOD ALPLAST 2005 OOD I B G EOOD IVANOVI - PLAST KOMERS EOOD ZITA ENGINEERING EOOD REDI- EL EOOD YANAKI MOLLOV ET BONA FIDO EOOD LP-02 EOOD S & N 96 EOOD VAS 2002 EOOD 3A STEEL OOD STOYCHO BELEZHKOV ET KLIUCHARIAT OOD PRETSIZ - PETAR NEYCHEV ET DOVA - P OOD MLADEN POPOV - MPH ET ITRON EOOD KS METAL EOOD IZBOR EL EM OOD RILA SNM EOOD CONFIDENSE - LT EOOD TSVETMARTAN - TSVETKO KURTISHEV ET TATYANA STANKOVA ZLATI ANANIEV ET RAPID PRECISION EOOD ARON BULGARIA EAD DIEM EOOD TIN PROFIL 2016 EOOD DIMCO STAR OOD YA - 91 OOD EMSN MANIFAKTURA EOOD UNIKALNI ZAVARACHNI KONSTRUKCII - UZK ELKOM - BINTO YONCHEV ET DESISLAVA-ZHURKOV I SIE SD OOD UINSTAYL EOOD GARANT 46 EOOD LAKIRASHTA KASHTA EOOD EKIP INTERNATIONAL OOD ARSENAL AD AYNUR BEDRI RAIFOV ET EDELVAYS 007 EOOD SIGMA 1968 OOD NI KO EOOD KOVASHKO PRESOV ZAVOD AD KORDI-94-SVETLOMIR IORDANOV ET TABAKOVI 2017 EOOD METBOL KZ EOOD TREMOLAYN EOOD GEDIVA EOOD LAZAROV PLAST EOOD K AND K SPORT EOOD TONI DGI - STOYAN GEORGIEV ET METAL PRO EOOD ZMO-5 OOD METAL VN OOD TEO-DORA-91 - YORDAN PETROV ET RMZ - 2001 AD TECHNOSYS NGINEERING OOD 17 SeeNews Industry Report

GRAVPRO - GEORGI PEEV ET VENERA 10 - MAYA YORDANOVA EOOD MARIA LUIZA - 2015 EOOD MONTAZHI EAD - KLON KARNOBAT SKALA-MX OOD AKRILA EOOD VALDIMET EOOD EOOD GELA ZAPRYANOVA ET VALEV EOOD GREYT MASTAR EOOD BB PROGRUP EOOD KOVO-90 - HRISTO KOVACHEV ET HMC AD HIMMASH AD INTERKOM PROFIL EOOD BRATYA STANEVI OOD RIDOR EOOD P A T BG OOD ARIEL 1 EOOD AIR TECHNOLOGY EOOD KOREKTA PROFIL OOD DENROSE IMPEX EOOD A S A K EOOD ABIS VALEO EOOD NIAL GROUP EOOD KDG BULGARIA EOOD KRILENA OOD RUSNY EOOD BULNOX EOOD PRO KOMERS 76 EOOD KARLO - KARLO ANDROV ET PANEV UNIVERS EOOD MIT-INGINEERING -1991-TRIFONOV I SIE SD RUMTSAYS 08 EOOD MEGAPLAST BG EOOD MERAKOV METAL EOOD PROMEX SHTARBEVI I SIE SD KATI PRES OOD BENDZHI 59 EOOD ECOBUILD ENERGY EOOD MARIYKA VASILEVA - MARKRIS ET CIKLON - LYUBCHO KINOV ET GALVANOTEH EOOD DRAGOR - 96 OOD DOBREV METAL DESIGN EOOD GLOBUS IP 2016 OOD ENERCO BG OOD MOTOR AD MOTOROK-ATANAS MALAKOV ET TECHNOEXPORT STORAGE EOOD DEMIZ KOMERS EOOD BORIS IVANOV-ANELIYA IVANOVA ET EVRO-TEH - KOLYU ENCHEV ET TIS - 08 OOD RADIMEKS - EM EOOD MERI - MARIYAN MAREV ET AL-PLAST OOD INV-77 EOOD IV DI TECHNOLOGY EOOD TEHNOSTIL-X EOOD NELI-D G EOOD ENKORD EOOD KARAD-24 OOD RIMAKS INZHENERING OOD LYULIN VESKO ANGELOV ET MORUS 2 EOOD METALINVEST REMCO EOOD HRISTO HRISTOV-07 ET ROKSHTAL N EOOD U M B EOOD KIRIL KIRILOV ETKOM ET STONIMEKS EOOD TSVETELINA 93 IVAN GENCHEV ET DM DOOR EOOD DRAKON - STEFAN STANEV ET IN TEH KERAMIK OOD PENATI 2012 EOOD PRESSFORMS INDUSTRY OOD SKS ENGINEERING OOD TERMOSILIKAT OOD LE SOLEI BULGARIA EOOD ALUMINPLAST OOD LIME - ROZA STOYANOVA ET SATELIT PANAGYURISHTE VELEV KAYMAKANOV SADRUZHIE SD METAL INVEST - GABROVO OOD CYCLONE - 08 OOD PERFEKTA - 2000 EOOD VASIL GEORGIEV - I 76 ET KORADO - KK EOOD EOOD TIG UELDING - LAMBEV EOOD ISKABUL AD SMMOLDS EOOD BORISOV 1 EOOD LIT STAR EOOD EM - VALENTIN IVANOV ET NDT- LYUBOMIR NIKOLAEV ET GALKO AD SEVIE 2 EOOD STOMANA D DIMITAR STOYANOV ET JERIK - MAXIM VELINOV ET AKS-CNC EOOD ARARAT 11 EOOD TERMA BORISLAV TODOROV ET I & J GROUP OOD EOOD YORDAN KOSEV YORK ET PBG OOD N-J-BULGARIA EOOD SIMETRIA STIYL OOD TRUDOVO PROIZVODITELNA KOOPERATSIA SILA MATTEU EOOD TECHNIKA 1 EOOD KOOP MEHANICHEN ZAVOD AD GEWINDEWERKZEUGE GABROVO EOOD VEGATEX 1 EOOD MONI - 83 OOD RADKA MILUSHEVA - LARA ET MIHAELA - M EOOD DEPEKS 15 OOD SIEM EOOD VERTUS TREID BILD EOOD MARINONSKI - TSVETANA MARINOVSKA ET HPL MECHANICS EOOD KAMAX OOD TECHNO CONSTRUCTION EOOD AZHUR-A.D.-ATANAS DUSHANOV-ANI PETKOVA ET LEONIDOV - KIRCHO LEONIDOV NIKOLAY TSVETKOV - KROS ET ET KRISTI - SPRING EOOD SHLAG GEORGI VALKOV ET SUTEH EOOD PELA EOOD DIONIS TREYD GV EOOD HARD BG OOD KLIPER EOOD METALICHE- ME EOOD BOGI 2001 OOD UNIMET - 37 IVAN IVANOV ET ET DIN - 17 EOOD ELVESTA BM OOD CHZPSM OOD STOMANA 1 EOOD SSM METALDIZAYN EOOD MEHANIKA - VLADIMIR GRIGOROV ET STUDIO AVANGARDEN DIZAYN - ANDREEV EOOD ERATO-PRODUKT OOD KMM AD SKORPIO OOD IVO VENKOV ET L D N - LACHEZAR NIKOLOV ET SBPP EOOD ALEX SERVICE OOD IMM SLIVEN OOD METALGLAS EOOD METAL RESURSIS EOOD NEOKON OOD BELLA TRADE OOD ODONATA KLUB SOZOPOL OOD OOD ALEKS 5000 OOD ZOTI OOD MITI - DIMITAR PENOV ET MEHATRONIKA - TOSHKO TOSHKOV ET ARDA-TM EOOD ALLIANCE DN OOD KID PROFIL EOOD EOOD SIBEL - SABRIE MEHMED ET PRAKTON OOD INDUSTRIALFORM OOD TSVRTNA GAMA EOOD M M R SERVIZ 21 OOD KRAGO EOOD KAOMET EOOD RAILINGS BG EOOD LARA EOOD PETAR SYULEMENCHEV ET ANIRA D EOOD EKIDA EOOD KA 13 - KIRIL KARASTANEV ET SPETSIALNA INSTRUMENTALNA EKIPIROVKA EVROMETAL BG EOOD TETO EOOD TINOTECH EOOD INZHENERING AD ALU BETA EOOD DULEV I DULEV OOD JEINOV OOD KUTRA - 1991 EOOD KOREKT TRIFON LINKOV ET TRUBNA MEBEL OOD ABSTRAKT –IKO EOOD EOOD TASSY OOD FIN CONSULTING SERVICES EOOD AREA-T EOOD ALVI DIZAIN EOOD 3 A TRADE OOD ZINCOMETAL BULGARIA OOD ALPEN I SINOVE OOD SEVAL 2013 EOOD METALIKA - M TRANS OOD STELT R OOD EURO QUALITY EOOD SIHN BULGARIA EOOD RIG IVELIN IVANOV EOOD MEHANIKA INZHENERING ROSEN GRIGOROV ORBIT-54 EOOD GALDIA - 2011 EOOD KRAYS EOOD EOOD VISA EOOD BUNKER-90 - GEORGI MUHOV ET ALEKSIS EOOD ALDOG - DIMITAR DAVIDOV ET SK GAS ENGINEERING EOOD ROLLSYSTEM OOD DARK - DIMITAR ANGELOV ET CHIMTEC EOOD VINCH - YOSIF CHONOV ET STARGAZ BULGARIA EOOD KOYKA PLAST OOD SHENOL 2007 SHENOL AZIZ ET KRANAMAX OOD ZMM - HASKOVO AD METTEX E EOOD GROZDANOV CORRECT EOOD USPEH METALCAP SSB EOOD EAZ OOD MARCHEV - SPASOV& CO GP SD REMY EOOD LAZER POYNT OOD ILBUPLAST-77 EOOD VIV SHLAIF 2016 EOOD EN TI DI 1 EOOD KLIMATICHNI SISTEMI 3 EOOD PROHIM EOOD ALEKSI SEMERDZHIEV ET VELYO SAVOV -VEL- STRUG ET PIK - 2003 OOD NIKO M 66 EOOD ZAVARACHNO MONTAJNI USLUDI-ZMU EOOD V V TREYDING EOOD KOMBO 1 OOD VELINA IGNAT IGNATOV ET STOMANA INTERNATSIONAL EOOD SPAKAR EOOD REMKO OOD METAL UNIVERS EOOD SIRIUS-SERVIZ-KOLEV I SIE GP PETAR PETKOV ET LOR KAMPANI PARTNAR EOOD KRIP - MATEEV EOOD GEORGI GEORGIEV 2006 EOOD DATRII OOD LUKSI - GEORGI BASHALOV ET MITKO GUNEV ET PLASEKA EOOD TEZHKO MASHINOSTROENE IZ AD BANKO MINKOV ET TS TREYD EOOD A & G OOD ES PI EM DIZAIIN EOOD METAL - MITEV OOD MUHARSKI OOD 18 SeeNews Industry Report

TRUDOVO PROIZVVODITELNA KOOPERATSIYA TEHNOMONTAJ EOOD ELEMENT IMPEX OOD PENINA OOD NA INVALIDITE TODORKA PAUNOVA KOOP. TAL ENGINEERING EOOD VRATI LUKS EOOD ELEKTRONMASH EOOD FORTUNA 1 HRISTO HRISTOV ET EMO - EMIL STOYANOV ET KOLEVI 2007 EOOD METAL-SA EOOD TANYA 99 EOOD SI DI EL OOD ELIT OOD NEDKO NEDELCHEV - MARGI ET MIG TREIYD EOOD PANNELLI BALCANI OOD CINKOVI POKRITIA 2 OOD DITRONIKA OOD AGRO STROY INZHENERING OOD OOD STIVAN AL -PLAST EOOD LIRA OOD AVTOKOMERS - KRASIMIR GEORGIEV ET INKOMS KONTAKTNI ELEMENTI AD MADARA - SP EOOD TECHEXIM ENGINEERING EOOD KADSPLAST OOD REVOLT-LUKARSKI I SIE SD CEYAN OOD IVET-S - STANYO STANEV ET UNIMET-73 AD METAL PLAST EOOD KLIF - LUKO CHOTOV ET METAL DEKOR 65 EOOD BULMETAL TRADING EOOD DIMITAR SPASOV FINESTRA ET SMART SHARP OOD DRAEV EOOD TERA PRINT PLYUS OOD VIKTORIA PLAST EOOD PEN MASH EOOD KOTLOSTROENE PLC AD MONTSHLAYF EOOD EMENEKS-1 - GEORGI LOZEV ET HIDRALEX EOOD TASKATA EOOD FIENTI OOD G.E. METAL OOD DANKO SISTEMS OOD DUNAV LIZING EAD BOVEKIS EOOD DIKEND-91 EOOD TELKO NM OOD LASERING OOD RIMPEX ROSSITZA MARINOVA ET GRIFON 11 OOD AS ENGINEERING EOOD EFI DZZD VALENTIN ATANASOV -57 ET ALEKSANDAR STANOEV ET BOVEL OOD AKZ 97 EOOD METIZI CO AD ALEKS 14 OOD UAIAR TREYD EOOD TUNA ALUMINIUM OOD VLAEV DIMITAR KALEV ET STEMI BG OOD TOOL 62 EOOD VAZHOD - GEORGI MARKOV ET SAMITAS MECHANISCHE BEARBEITUNG OOD TOP HOUSE OOD PIER 58 EOOD FINMASH 2016 EOOD CHOKIPRODUCT EOOD VASOMEHANIKI EOOD DORES 2003 OOD DINEM-DEKOR EOOD WILLIAM HUGHES BULGARIA OOD RAYK - MINCHO MINCHEV ET SVETOSLAV EOOD MAXCOLOR 2015 EOOD KALIS OOD GEORGI KOSTADINOV DONCHEV - GALA-93 ET OPTRONIKA OOD GEORGI KYULHANOV ET SERTIND EOOD WINDOOR EOOD RUNA STAL EOOD KAN PRO OOD VILMI - LYUBOMIR GARKOV ET ROSTAMA EOOD AVA M OOD KORADO-BULGARIA AD RADVEL OOD ORIX OOD VIKI G 96 EOOD PE COLOR EOOD NIKOLAY TILEV ET BADZHINKOV - BELCHO BELCHEV ET YAN-93 OOD HIDROKRIMP EOOD KARIN SIMEONOVI S IE SD PENEVI-45-DIMO PENEV ET BELLA - MITKO GEORGIEV ET TEST-ENGINEERING EOOD BSVT - BORISLAV TOTEV ET FORS EOOD KOBO-2001 EOOD TIKOMP OOD MIRNOV EOOD MUKY - YOLANTA TSENOVA ET ANGEL JERAVINSKI ET KMH ELEMENT OOD REMOTERM EOOD LIANA 96 EOOD KPZ-99 AD TATYANA KRUMOVA ET M REX EOOD S F M EOOD SAAN - ANGEL SAVOV ET METAEKSPRES EOOD IGET-04 EOOD GRUP VPK EVROTEH OOD BOGA METAL EOOD HYDROMACHINE EOOD ZHI NITSA METAL OOD BALKAN ENERGO G P OOD MATYUSH - DONCHO ANGELOV ET FEROMAT - 05 OOD TROS - METAL EOOD STIV EOOD OJAS BULGARIA - MARGARITA STOYCHEVA ET DISEL 2010 EOOD ARMATUREN DVOR EOOD MENGOV METAL 1 EOOD VIT - VASIL GEORGIEV ET VALIS 1 OOD DIDA 70 VALCHEV VALCHEVA I SIE SD MARIBO INZHENERING EOOD SANDI 95 EOOD SEVDELIN VESELINOV - DAN KOLOV-59 ET CHAR 06 EOOD SUNY CLIMA EOOD SINAKO OOD KREMEN 2016 OOD SPLTD EOOD RTA OOD ELEGANT KOMERS OOD POPOV I SIN OOD CHINKAROV EOOD KARAMANOV 2012 EOOD STROYMAT VOLODYA TSVETKOV ET METAL INZHENERING EOOD RETOKS OOD 'ARIS 16'' EOOD IVANOV & IVANOV OOD METALIK 93 VELIN PEEV ET ALTEH M EOOD MIK INDUSTRIAL EOOD YAK KRASIMIRA ZHEKOVA ET METAL DEKOR - KERANA PETROVA ET KOREKT-M EOOD RITAM INZHENERING 1 EOOD ANI-LIZA - RAFI SHISHMANYAN ET UZUNOV STIL EOOD RADO YUPI OOD EVEDE EOOD M DETAYLS EOOD GARANT KOREKT EOOD RMP DIMA AD IVIS - 95 EOOD BISER-2013 EOOD GALVANICHNI POKRITIA EOOD GIRGINOV 18 BORIS GIRGINOV ET ALUMINA ELIT-PALAZOV I DONCHEV-SADRUJIE KIRIL SHALAMANOV 2017 ET ET AS ONI EOOD STEFAN BONEV ET SD NIK DOOR EOOD ELMETAL-MV OOD ROT ELTA AD D N - SYS EOOD AVID - IVAN KRASTEV ET INSAYT 2009 EOOD KVANTEKS OOD METAL KO EOOD AVTOSHLAIF OOD KOVACHI EOOD INTERNESHANAL TSINK KOUTINGS OOD YAMBOLEN AD METALPRES EOOD SEVIE - BORISLAV MILANOV ILIEV I S-IE GP BORON TEH EOOD PME OOD GEKAR EOOD EURO ALLIANCE CONSTRUCTION AD TRITONS OOD IAS PRODUCT OOD IBRYAM PANDUROV ET PROIZVODITELNA KOOPERATSIA METAL KOOP INVESTMENT GRUP BG EOOD METAL - MIKS OOD FORMOPLAST AD IVEK 93 EOOD BEYKTEH OOD OOD SPAS DARVENYAKOV 56 EOOD M STIYL EOOD TODOROV - STEFAN NIKOLOV ET BOBIMET EOOD ZMM OOD METAL - CC EOOD SARA LYUBOMIR BORISOV ET OLEG DIMITROV ET GSTECH BULGARIA EOOD SALDO - 94 - MITKO NAKOV ET GLOBAL SHIVA GOUZGOUNOV OOD DJULI INGENERING OOD EMIL ASENOV SERAFIMOV EOOD METAL INVEST 2016 EOOD NSSM EOOD TECHNOLES OOD RODIZ EOOD HMG PRODAKSHANS EOOD METAL DESIGN RMZ OOD EFOR GRUP EOOD MITKO IVANOV VARDEV ET KRISTINA 85 - TOSHO STOYANOV ET STROYPLAST EOOD NOVE-THERM EOOD POMELOV OOD ZHORO - GEORGI PETKOV ET SREDETS-1 - VALKO ALEKSIEV ET GREYV EOOD SEPTA-KATERINA AETOS-STEFAN STEFANOV ET KOLORSTATIK EOOD TOTI TODOR BORISOV ET ABA 5 EOOD KAMINI - EUROSTANDART OOD ANTONIKS EOOD JAKSI - LEKOVLTD EOOD METAL DEKOR EOOD ROS - 2002 OOD STAL-PLAST OOD KINATA EOOD ADTECH OOD NIKEIA-X EOOD TEHNOKOM EOOD V2D2 EOOD KOLIKOV EOOD AURELOV - KOLEV 05 EOOD ALEX GLAS GABROVO EOOD DARADZHANSKI OOD SPES METAL EOOD DENYU STOYANOV - DS ET FEROMAGNET AD TISTA - PETRANKA SMILOVA ET SONYA TV GEORGIEV I S IE SD PAM-TODOR TODOROV ET I T I OOD 19 SeeNews Industry Report

SIDIS 67 EOOD NIK STIL METAL EOOD HOTSEYF OOD VIDIYA-V-04 EAD JIMTEH OOD ALKOM MIHAIL MIHAYLOV ET STIK BG OOD MAK INDUSTRY EOOD LYUKOM - LYUDMIL ALEKSANDROV ET KOYCHO STEFANOV MADZHAROV KARLAK 97 OOD MANLY S OOD MANIKYAN HACH OOD BOYANOV MASHINI EOOD ZINO - VHVR OOD TEHNOINZHENERING 97 OOD POVA-7 OOD RAZUM OOD METALPLAST EOOD PANTEH INGENERING OOD TI AR EKS EOOD STEEL CRAFT EOOD AL-TERA M EOOD IBERTEK SKAFOLDING EOOD MONI COLORS OOD METALIK-STOYAN STOYANOV ET EL DZHI PI BILDING EOOD OPTIKO - SIMEON NENOV ET YAVOR TEKERLIEV KLYUCHAR NHM SPROCKETS EOOD MUTAFCHIYSKI - VENTSISLAV GEORGIEV ET TEHNIKA - LENIN GEORGIEV ET TSVETAN PETROV MITSOV ET RODEO 94 OOD MIST GRUP EOOD IESTO - INGENERING - VALCHEV I SIE SD R V M V OOD ZHENI VALCHEVA 95 OOD TOMAR OOD NINO STIL EOOD HD DOORMATTING SOLUTIONS HDDMS OOD ALUSTIL - D EOOD IVAYLO I SINOVE INZHENERING EOOD GYUROV - 42 OOD BOFI ENGINEERING EOOD KADMEYA STIYL EOOD HRISTOV - YOSIF TSANKOV ET BAYCHEV KAMPANI EOOD EDILMAK EOOD DJEMINI 2015 EOOD UNIFINS KONSULT EOOD KODI MAKS EOOD CENTRAL BALKAN EOOD BAMEKS - 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VALA MIHAYLOVA ET IOMIK - ATANAS KANTARSKI OOD DANAS KOMERS EOOD HARI - ZAHARIYA ZAHARIEV ET DRAHT HANDEL EOOD ESTIR SERVIZ EOOD DULO ALFA METAL OOD MIKRON NEWSISTEM EOOD STEPER METAL EOOD KABLES - STEFKA KALKANOVA EOOD KRASIMIR IVANOV - KRIM ET LOTOS REHAU OOD KRIS 22 - ILIYAN HRISTOW ET METAL MARKET-BOSHNAKOV EOOD ZARA PLAST EOOD KREMEKS EOOD LAGUNA IVAN IVANOV 2008 EOOD UNIKAT-2005 EOOD KOLVIS HRISTOV I S IE SD ARODEETZ - IVANOVI SD LESILMASH EOOD ORHAN CHAKAROV SIBEL ET GLANTS METAL-AV - NEYKOV-KARAKEHAYOV S- YANAKIEV EOOD PTK KOOPPROM B KOOP RAILINGS BUL BG EOOD IE GP TEDIPLAST 2015 OOD SPEKTRA HROM BG OOD ZHORO I SIN - ANTON GEORGIEV ET UNIMET-05 - IVANKA DRASHANSKA ET LAZEREN DZHOB SHOP OOD DAMYAN 56 - DAMYAN ANGELOV ET LIVI EOOD ARGIROVI BG EOOD K I TECH OOD BULARM - STROI EOOD ML SPRINGS BULGARIA EOOD BI SIS OOD METAL TREYD OOD INOX MADE OOD NIA 13 EOOD KMB-SISTEMI ZA PATNA SIGURNOST OOD TOSHEV KOMERS EOOD NIKI 2015 EOOD MS - 1 - INGINEREERING EOOD MIKRON DOZEV EOOD NOVA- BORISLAV BORISOV ET MARKOVSTUDIO OOD PEPIL EOOD PROFILSTIL KOMFORT EOOD VASIL BOGDANOV ET BIMEX OOD FEROCOM AD POMORIE OOD LDD EOOD MARK EOOD METALIK 57 EOOD AN - 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AL-STEFANI - TODOR RADEV ET TRIMEX OOD KOMTEK-IVAN IVANOV ET KLIMA KOMFORT 1 EOOD BADZHO-VENKO BADZHAROV-DIMITAR TECHNOPROMET EOOD KANEDI EOOD ALUMINA ELIT 2003 EOOD BADZHAROV ET ET MOTOROCK 2006 OOD MAXGROUP TETEVEN OOD IMPULS-98 AD USP 2 EOOD OSOT EOOD UNIVERSAL OOD KONTO - N EOOD NK EOOD HERMES - AL OOD BAY IVAN OOD TEHNOPLAST IVAN CHOKOEV ET DEYAN DAMYANOV ET IANIS OOD BOGDAN TSANEV EOOD SULOV INGINEERING OFFICE OOD SMR-2010 EOOD S G INVEST EOOD KINDEX EOOD TEHNOTEMP 311 EOOD DIOGEN-70 NEDELCHO GENOV ET METAL CONSTRUCTIONS PLEVEN EAD VEST RD OOD EVROSTANDART - MARCHO MARKOV - ZLATKO SILMAT OOD DIMITROV ET LICHTGITTER BULGARIEN GMBH OOD KVSD EOOD WORKSTATION PRO EOOD NOVIS-I EOOD ZOGRAFSKI 2008 OOD FLO-KRUM NEDKOV ET KARIMEKS EOOD SISO OOD HERO 4 OOD LAZER PRODUKT DEYAN GERGOV ET DRAGOLOVI OOD COMPASS ENGINEERING - IP EOOD RADKO RADUSHEV ET SIGAL 1 EOOD TEKNOLAZER OOD D I K - DIMITAR IVANOV ET INTERENERGOKONTROL OOD METAL DIZAYN M EOOD UNIMET-95-PETAR PETROV ET KARERAS EOOD DENDRIT PLASTIKA OOD ENEV OOD BURR OOD VRATI KAYLAKA EOOD ALPHATECH 92 OOD VD METALIKA DZZD METALPROFIL - BAEV EOOD RITEKS EOOD V DIZAYN EOOD FENIKS DIZAR EOOD ELENA 05 - ELENKA HRISTOVA ET ANGEL - DANI 85 EOOD STIYL MIL OOD OOD ANGEL DESIGN EOOD MASHINI I DETAILI EOOD MIRA - MM EOOD TAUKER EOOD NENOV - STOYAN NENOV ET PHILIPEX ILIA PHILIPOV ET MEHANIKA INZHENERING EOOD EOOD RUUF BG EOOD DYUK 1 EOOD ENERGOMONTAZH-RR AD QWANTEL OOD ZOGRAFOV& SON OOD LIZINGSARVIZ EOOD EVANGELIA TSAKIRI ET STOMPRO INDASTRI EOOD ABP GROUP EOOD TEXSYSTEMS EOOD KROS-12 - HRISTO STOYANOV ET IVAN KANCHEV - ELFI ET DILK - MECHANIKA OOD RADIX EOOD PLANSEE MW EOOD METAL KOMPLEKT EOOD ASIMA OOD GALVANOHIMIYA - 2010 OOD TSALO DESISLAVA TSALOVA ET METALI INVEST EOOD EM SI PROPARTI LIMITID EOOD GANS 08 OOD EVRO 4 EOOD MEIN EOOD CHEH PLAST OOD NANOTECH GROUP OOD SE NA 2007 EOOD EM EKS 001 EOOD YNEL EOOD ELPIDA BUL OOD DANIELA ZHIVKOVA-71 ET ISKRA TODOROVA - HERA ET S STOEV EOOD FEMAG - PVTS EOOD BB FORM EOOD SANEKS-96-SABAHATIN ALI ET KIMTEX EOOD ANGEL KOLEV ET METAL IN EOOD MUDZHEV EOOD TENNOSNAB OOD GDP-2631 OOD RUI - RUMYANA HRISTOVA ET ZEFYR EOOD PETROV I SIN - TRAYAN PETROV ET GEORGIEV-GK EOOD GALVANO 2012 - BOYCHO STAMENOV ET RAYK M MINCHEV EOOD FOLD INS OOD DANIS EOOD REGAL-RUPETSOV EOOD ZKD INVEST OOD TV GAZ OOD KALIBROVANI STOMANI AD MPN OOD SPRINT-STIL - PLAMEN TERZIEV ET VLAHOV EOOD SD JI-JI-PETROV PETROVA JEKOV SIE LYUMIER MILKO YONKOV ET KONRAT I SIE SD SAMENT EOOD DIAL 86 DIMITAR YURCHIEV YASEN YURCHIEV ET K C D EOOD PRIMER 67 EOOD GT BUILD ENG EOOD DELIA TERMO EOOD STRIMONA SOLAR OOD BOZOV I SIE EOOD PLAMEN MATSALOV ET METAL TIMOV GROUP EOOD RIS VV EOOD STAVIO OOD KRIKET INDASTRI EOOD TITAN-TONCHO TONEV EOOD PROFIL I OOD GIDEKS OOD EIDZHERMAN EOOD TOMIKA-METAL AD BORIS ZAFIROV ET METAL FACTORY OOD ZVEZDAR EOOD TEOPAST EOOD PROINST-PANAYOT ZHELYAZKOV ET KARSION OOD MM GALVANIX OOD STE-IONI EOOD IVAIL TODOROV ET M V LOMONOSOV OOD IVA - L - LYUBOMIR VODENICHAROV ET PROMETAL 2000 OOD APEX - YORDAN YORDANOV ET MARIYA MEBEL 2000 EOOD A & S ART METAL OOD LEKOV I SINOVE EOOD PRETSIZ-INTER 97 OOD TECHNOCOMERS AT EOOD KAPELINI EOOD METALICA - M I P EOOD KAPITAN IVAN EOOD MARTI 2013 EOOD GANCHO DANAILOV EOOD PROFI - PROMECO EOOD ELEKTRA 2002 OOD OPTIKOMEXANIKAL WORK OOD TRANSSTROY EOOD ALEKS EOOD LUCHO THE STEEL EOOD METAL DESIGN COMPANY EOOD DESIGN AND CO 2013 EOOD ELKOM-EMIL STOYANOV ET LEDARSTAMPS EOOD EOOD ES JI INJENERING EOOD AUTO BALANS SYSTEM TECHNIC OOD ELTO 07 EOOD ZHIVKO SPASOV ET CHELEBI KALAP BULGARIA OOD METALIKA 65 EOOD REALID - B EOOD DIMITRINKA FILIPOVA ET SENT OOD D I D MONTAZHINZHENERING EOOD AMTEK OOD DIKAR - TSANKO DIMITROV ET BANKO BANCHEV ET HORIZONTAL EOOD E & V - ELENA VASILEVA ET ARGOINOX OOD EMCO OOD KERAM-34-PETAR NIKOLOV ET AL TEH - ALEKSANDAR NAYDENOV ET TIMBO TODORKA STEFANOVA ET TOSHIDA 2008 EOOD NIKE 2006 OOD METAL PROFIL EOOD 12 EOOD VRANGOVI OOD ELMETRIKS EOOD HARMONY - 55 EOOD SANEL AD FILTO AD MBD - LYUBEN VASILEV ET STROYMARK EOOD BLITS METAL EOOD ZAPRYANOV 66 EOOD VESSTAS EOOD NIKOLOV-PETAR NIKOLOV ET DANI EKOBULPLAST EOOD EKSTREM - MV EOOD METAL RAPID EOOD DIMITROV-90 - MITKO DIMITROV ET BG PARAPETI EOOD TUFEK METAL EOOD ALTYS-ZK EOOD R L D EOOD FEDER UNIVERSAL I KO OOD ALPHA ENGINEERING EOOD ALDURAL-AM OOD KRASIMIR GRANCHARSKI-TINO ET KREZ-GROUP LLC OOD MARS 67 - S - STEFAN YORDANOV EOOD ROBOTIKA OOD NOVI TEHNOLOGII V MASHINOSTROENETO KZU GRUP - INZHENERING EOOD KOOP ASEN KRASTEV SIMEKS ET FERROSTEEL EOOD FRIZTECH METAL EOOD PAN EOOD TED GROUP EOOD MERAL BULGARIA AD GRISHKA EOOD EOOD VENTI KIRCHEV EOOD TEHNOINZHENERING EOOD VIKTOR KOREKT EOOD TERGO OOD FORMI METAL - SHTEREV EOOD BULNOKS INDASTRI EOOD KATRA TRADE EOOD DZZD KV TEH KRASIMIR DOBREV ET BOND 07 - VASIL DINEV ET MELON - M OOD ELVI 2012 OOD AVEK BULGARIA OOD NEREIDA-95 OOD GALVANIK RS EOOD ALFA 12 EOOD METAL ELEKTRIK EOOD NG FORMTECH OOD 21 SeeNews Industry Report

BADZHELARSKI-99 - TOTKO BADZHELARSKI ET EVRO - MASTER EOOD NIPROM OOD VALMAR 2004 OOD ASSA ABLOY OPENING SOLUTIONS BULGARIA SMILOV - DOBRI SMILOV ET ALU - SERVIZ EOOD MEHANICHEN ZAVOD DEVIN OOD EOOD SIGMA KAM OOD IPI STEEL EAD RUMEN KOPRINKOV - KOPRI ET GARANT AD JRC TECHNOLOGIES EOOD ZP GB BULLTEK OOD OBKOV AD PRIME DESIGN EUROPE AD VAS PRO OOD EVROPLAST OOD -92 EOOD STRIMONA STROY EOOD ELINA ALUMINA EOOD MAX M 84 EOOD STANDART - PETAR BOEV ET BRIZ - 93 - ANGEL ATANASOV EDNOLICHEN DZHAMBO 2015 - RAHMI MUSTAFOV ET PROFICINK EOOD FABIANA 2008 EOOD TARGOVEC ET KOTSE 2006 EOOD EKOTERM - KOTLOSTROI EOOD HRISTO ATANASOV ET TRUDOVO PROIZVODITELNA KOOPERATSIA PRO-MAT EOOD BMG INZHENERING OOD PARVI MAY KOOP REMACS - STAL EOOD DEMI 2005 OOD METAL PLC AD ALEKS METAL OOD DIZAYN EOOD PLAZMA 40 OOD JORDI - 3 OOD ELENA GROUP EAD ATANAS TASEV - VILNEL ET PALINIKO OOD ATANAS 2000 EOOD DIMITAR PETKOV - KONSTRUKTORSKO BYURO IKO STYLE EOOD ML ET LEONID HAZDAY LONI ET RAN UEYLD EOOD VASILEV STRONG STEEL EOOD PROFIL 66 I 77 OOD DEN FOR MI OOD DK GRUP 89 EOOD EOOD STUDIO 35 EOOD SPECIAL WIRES AND NAILS SA AD TEREM - TSAR SAMUIL EOOD KOLIMETGRAFIK - NIKOLAY KOLEV ET NIKS - NIKOLAY GARBEV ET AREKSIM GARDEN EOOD BUL PRO 13 EOOD ALEKS 05 EOOD KOLOR METAL T OOD SMART GRUP HOLD EOOD TENSIL DESIGN EOOD APRA DESIGN OOD INOTEH OOD LSCE OOD BAMAX - POPOV OOD CHROM AD ARCUS AD METAL PRESTO EOOD EMILI 2007 OOD ASIT - ASYA ZAPRYANOVA ET KALAMBUR 2016 OOD KIM 2004 OOD KRASTANOV I SIE SD KOZIROG 27 - SONYA VASILEVA CHAKMAKOVA DZHEYDI 11 EOOD EOOD POLIVAK OOD BLITZ EXPO EOOD ASEDA 1 OOD FABCO OOD L S KOLEV - LUBOMIR KOLEV ET EMON EOOD -2013 EOOD CHROM DESIGN EOOD BALKANCAR RUEN AD ANGA 09 OOD TSMK GABARA EOOD ELGRAV - MG OOD INECS STYLE EOOD STELA 89 - IVAYLO SOPOTENSKI ET TEHNO-DORS-BOZHIDAR NEDYALKOV ET SITI KOLOR NRN OOD POLIVEST B OOD PROGALVIS OOD TONEV 64 EOOD HIDRORING EOOD DEN OOD VALKANA PETKOVA ET SPN EOOD SBM PROEKT OOD MADZHAR - SEDAT MEHMED ET VLADIMIR ZHELYAZKOV 2008 ET SHANS - PETAR KARAGYOZOV ET METAL KLASIKA EOOD AT INZHENERING OOD ALUMAKE OOD NS STAMPS EOOD N S R OOD PATLIDZHANSKI OOD GAMA PROEKT 99 AD METALNI SISTEMI IVANOV EOOD KAPITAN PETKO VOYVODA AD EKITA OOD BMT 2013 EOOD MALK MASHIN EOOD SN REGNUM OOD OOD SIMEONOV & SIE 97 EOOD DARGO-MARCHEV & CO SD ZDRAVINA-BUDINOV EOOD NNT NIKAS OOD KOVANO ZHELYAZO TOMCHEVI OOD TOBO FASADI OOD VAZHOD AD P I N - MASH EOOD ARMATUREN DVOR LYULIN EOOD ANITA ANGELINA DOYCHINOVA ET GENTMETAL EOOD ILIA PAVLOV ET METAMELB HRISTIAN TODOROV ET PRISMA 50 OOD GALDA OOD EVELIN 2002 TSETSA ZAMFIROVA ET IVATON EOOD ANTEY 2000 OOD BEATRIS OOD ART NOUVE EOOD DANIVIL EOOD BOYCHEV METAL DIZAYN EOOD WATO BG OOD FERMONT EOOD MAGNUM - 44 OOD AKTIV - 65 EOOD ALEGRO TD 7 OOD METALSTROI-STOIANOV I GEORGIEV OOD RUMI PLYUS 2016 EOOD METAL - 99 OOD K 2 KAZANLAK EOOD ATLETIC EOOD SDTECH OOD TEHNOPARTS OOD REDI EOOD THERMO SERVICE OOD OGRADIRADI EOOD DIBO-TEH - MARIN LESIKOV OOD UNIEL OOD SIBON - MASH OOD VULKAN - HRISTO STEFANOV ET PROFIL BILD OOD DIRONA EOOD NIK 47 EOOD GALANT SYSTEMS EOOD POLYANICA EOOD EL KOMERS - AB OOD AJAX 2002 EOOD AHSA - 71 - ERDINCH MUSTAFA ET STRATEGIA EOOD PROLET-LILYANA VELINOVA ET IZVOR DZZD NOXY 93 EOOD PETAR ZHELEZAROV ET MS INDUSTRY EOOD RADOP 2000 EOOD LAZER PRES OOD RUMLEN EOOD FEUNIKAT EOOD RESORI-DEJON - UORDANOV-PETKOV I SIE SD KOMPAS-KP OOD TSENKOV INZHENERING EOOD STODO EOOD MLPS AD HERA JM EOOD ZGPU GROUP OOD TOLAV OOD PLUS HIRIS OOD RIA EOOD BOSFOR 94 EOOD AIKON EOOD VLADI - VENCI EOOD DANIMAT EOOD DIMITAR DERVENTSKI ET SIPOPLAS OOD PROFIMET STIL EOOD PODEM EOOD ZLATEVI 1 EOOD DI ES OOD MIVOSKI EOOD KAELBLE BG EOOD VIKTOR DAVCHEV - VIKI 13 E.M. ET BALTADZHIEV-METAL-TAKSI - MINKO MILANOV GTS-TEH EOOD PAHRIA - PETKO STEFANOV ET TOLI POYNT EOOD ET EPSILON 09 EOOD SILA AD REM OOD IMPAS 91 EOOD FOKAS 2 EOOD STEN TECHNOLOGIE EOOD KIRCHO GEORGIEV ET DORONOV EOOD VITU OOD NIAGARA OOD METALOREZHESHTI INSTRUMENTI 2015 EOOD DILOV-74 EOOD PROFI METAL 2015 EOOD BALKAN KANEV - HRISTO KOLEV ET SAND - SPAS AHILEEV ET MONTAGEENGINEERING AD APELO BALGARIA OOD STOYCHEVI - 3 GP MERIAN EOOD ELSIT 58 EOOD PETAR LOLOVSKI - 3 ET KARGOS EOOD MECHKOV IVAN MECHKOV ET LORA CHOTOVA ET GABOLT OOD FILKO 1 EOOD JUPITER METAL OOD BONYPAKS EOOD SILVAR KEY EOOD ZLATEV DETAILS 73 EOOD MILARA OOD TEYA BURGAS OOD MKE - PETAR YONCHEV ET NOV STIL EOOD NAYTEH EOOD MONTEH EOOD KWT CONSTRUCTION EOOD KRAN EOOD KZU GRUP PRODZHEKT OOD VAZHOD 1 AD VIP - BERK HRISTOVA EOOD SAB ART INZHENERING OOD SIGIS OOD NIKI BAKALOV-71 EOOD DILEK -03 EOOD PK ZUNO 91 KOOP SEKVOYA 16 EOOD TALAZOV EOOD CHARLTON EOOD B& M SPRING OOD HRISMETAL EOOD FINPLAST OOD 22 SeeNews Industry Report

DZHARTAZANOVA ARNAUDOVA S IE CITY GROUP EOOD NIKOLA SIMOV 99 OOD NIKI 76 NIKOLAY RUSENOV ET HIMKOMPLEKS SD ARTMET ROSEN VLADIMIROV ET YAKOVA AD KREDO M EOOD METAL - ILIYA ILIEV ET RIK KOOP. SCHATTI BULGARIA EOOD STROITELNI SKELETA OOD ILDEKO METALOTEHNIKA EOOD ARKO METAL OOD KOVANO JELYAZO TOMCHEV EOOD BIOMASHINOSTROENE AD KUPRO EMAIL EOOD METAL STROY GABROVO EOOD YNS GALVANIC EOOD METAL M EOOD NEIS - NENO KOSTURKOV ET VAKOV EOOD VELINGRAD DESIGN EOOD PROTARG INVEST AD STILKONSTRUKTSIONS EOOD EKO - TEC OOD TRONK EOOD METAL STIL EOOD SAMI - RUMEN SIMEONOV ET MIKANI EOOD GM CONSTRUCTION EOOD ALAKS DH OOD KRON - LK EOOD NIK - TER - 12 EOOD VAS METALEKS EOOD BALGARSKA LEJARNA EOOD DENI - ELI 2005 EOOD STIYL 88 EOOD SNEZHEN KAMAK - PETAR KITOV ET GEOPRODUKT AD BRAIKO EOOD GUN STAR OOD BULKRAFT OOD TRIAL OOD ZGP OOD STEEL CONSTRUCTIONS EOOD EMKO - 06 EOOD K. PETELOV EOOD KOMPAKT OOD VENTSISLAV SHTARBEV ET EKOSTIL EOOD ZORA TREYDING EOOD MAGTRADE-ABV EOOD REZONANS EOOD LAZER PRODUKT EOOD ITALTEH OOD DESKO 91 PETKO GORANOV PETKOV ET KATRANDZHIEV - 83 EOOD EOOD BLINDER OOD METALPRODUCT AMS OOD PETAR DODOV DESON 91 ET STROTEH EOOD SMB ENGINEERING EOOD ROSPROM EOOD PROSIS EOOD DIPSI EOOD RADINELI 97 EOOD LIDER 70 EOOD KOVANO ZHELYAZO KARLOVSKI EOOD DIMPAV EOOD ZLATOMIR ZIZI METAL EOOD AREDO EOOD LKS-LAZAROV 2011 EOOD YOVCHO TSANEV ET TITI - TITKO BAHCHEVANOV ET TANGRA 1992 EOOD BORNADO-DRAGOMIR ANDREEV ET METAL ART 63 EOOD DEIK HRISTO GROZDANOV ET AGRO FRUT EOOD DZHANFEZOV EOOD AL-PLAST 2009 EOOD METAL KOMPLEKT EOOD NOVOFORM-BGLTD OOD BONEV STIL EOOD PODEMSTROYMASH INVEST EAD TECHNOWORK EOOD FESTONI EOOD J& F EOOD TERMOKOS - KOSTA VALCHANOV ET RTR OOD INSTA OOD TRUDOVO PROIZVODITELNA KOOPERATSIA STREPET EOOD KANKO OOD BALKAN EXPORT OOD KOLEKTIVEN TRUD KOOP FOBOS 89 EOOD DET - 2007 OOD LI VI PROEKT EOOD TRIUMF PRIMA EOOD BRISTO EOOD GLASCOM - M EOOD T I T OOD ALANNI 2011 EOOD D-METAL EOOD SIKOMS - STOYKA KOLEVA ET PROMET SAFE OOD KRISTAL - 50 EOOD TESA EOOD PESHO 56 EOOD AKTSENT OOD IVAN KOSTOV - AGRO ET AGROKONSULT METAL EOOD PRIVATEH OOD PALI 01 EOOD JULY VT 16 EOOD LASTO-LAZAR STOYCHEV ET NS CUSTOM PARTS EOOD EVROINZHENERING EOOD ASTROIDA OOD CHELINI-2016 OOD METALOOBRABOTKA - MURDZHEV EOOD KRONOS 10 - GEORGI GEORGIEV ET NI KOS-3 EOOD BRAYAN 4 EOOD D M 2010 OOD ATEX HYDRO EOOD VARNA VINT EOOD TEHNOSARVIZ EOOD BROS MASH EOOD KO & KI EOOD MET-KOV OOD OOD KLIMAT - KIRIL KIROV ET NYU DIMENSHAN EOOD VIKTORIA 90 PETKO PARVANOV ET LM-INSTRUMENT EOOD MEGA SARVIZ EOOD REALMET MCC INNOVATION GROUP EOOD SVETLANA 99 EOOD HIDRA EOOD ASTROLAYT EOOD PLAM-KIRIL VISHNEV ET METAFORM OOD YORDAN BODUROV ET HERMES TERM EOOD ALEKS-57 EOOD HAIDE SN OOD CONTACTLESS MULTIPLEXING SYSTEMS EOOD IRACKING OOD INOX ENGINEERING PSP EOOD INOX SYSTEMS OOD METALLWERK EOOD IVAN IVANOV- IVIANT ET DIZHEMON OOD MAKS STIL I RAYLING EOOD EOOD EVIEM -TEX OOD K IVAN RADEV ET ENGINEERING CONSULT EOOD RONI 2017 EOOD ECO-NRGY FIREPLACES EOOD M & A GROUP EOOD BLAGOY EVTIMOV - ATOL ET ROSA IVO TOSHMAKOV ET SERURI - TSONYU TSONEV ET EL BY SERVICE EOOD INTERPLAST OOD VESTAL-2002 OOD SANEL SANDANSKI OOD MIROSLAV STOYANOV 90 ET METAL-2004 OOD PERFEKTUP PACKAGING BG OOD PROMET 12 EOOD STREMEJ-2014 EOOD SERTA BULGARIA AD ADELIT EOOD MAYAK METAL SARVIS EOOD KOVANI METALI EOOD PROMISHLENA AVTOMATIKA VIOLIN SIMEONOV BULCO-ROLL SHUTERS AND DOORS OOD METAL M SOFIA OOD ET SPECTRAL S EOOD JELEZEN STYLE EOOD KATERINA VATSKOVA-YAKORUDA-2008 ET PETYO DECHEV ET ASA - DESTIL OOD STANDART PRODUKT EOOD KARAIVANOV EOOD TEGS - TODOR RADEV ET HRISTO KOSTADINOV ET CD ALESUA - 90 STOIANOVI SIE SD BODAMET EOOD APIES PRODUKT EOOD ARONOV KT KRASTYO TODOROV ET KULTEKS EOOD ALUTEHNIX OOD ART METAL DESIGN EOOD DELIIVANOVI I SIE OOD DOGREMIL OOD EGAMET EOOD PLAMAR OOD IVAN PETROV ATANASOV ET BULMAK 2005 EOOD SAAV OOD A PLAS EOOD KREPEGI BULGARIA TRADING OOD NOVOKOM AD MITEV 69 I SIE EOOD PNEVMATIKA FENIKS EOOD METAL GROUP ELITE 2006 EOOD HEXOD EOOD KIROVTSI EOOD ASD -555 EOOD METAL-MAR-INZHENERING EOOD G S G BG EOOD MZ RAZLOG OOD VNV-74 EOOD XAMMUR EOOD LEVSKI METAL EOOD KRONOS-59 - ANDON NIKOLOV ET GEOSOLAR V - 63 EOOD DZHI - AY - MARINOV EOOD MARINCHO MARINOV - PAVEL MARINOV ET DEKORAMET EOOD PROMEL-SEVLIEVO OOD STOYNO SOLAKOV SOLIMEKS 3 ET DANOV EOOD ERIS NL EOOD MADEKS 55 EOOD AVTOREMONTNI ZAVODI AD METPRO EOOD MUTA 1 EOOD GEORGI BRADOV - 70 ET VEGA OOD HEROSS OOD IVKAT PRODUKSHAN EOOD TSVETAN MINKOV ET TELA IVAN ANGELCHEV 1 OOD UNIKAPS EOOD RASTER TREYD EOOD EM-PRESTIZH OOD SKY MONT EOOD MM MECHANICS OOD INOM OOD IRON BROTHERS OOD SINTIYA 2012 EOOD SG CONSTRUCTION OOD VELCHEVA 77 EOOD EOOD STEELNEX EOOD KZU GROUP PROJECT M OOD BALKANCAR PLEVEN AD MITA MED EOOD VOLTA - S OOD TEREM - IVAILO EOOD BITOVA TEHNIKA AD CH & L ENTERPRAYZIS OOD MODUL - SPEKTAR - IVAN PAMUKCHIEV ET K E S AR EOOD PENKA RAYNOVA ET KOLOS EOOD RAVERA RADOSTIN RADEV ET GENEXIM METAL CONSTRUCTION OOD 23 SeeNews Industry Report

LIBERMAAN BULGARIA EOOD IRFAN - SHERIFE ALIOSMANOVA ET AGAM 2012 EOOD ARKADA 22 OOD AUTONOM - METALL OOD ALVIO - ALDIN MOLLOV ET YANI - YANKO YANKOV ET DECORAL SPECTAR OOD ALKOM MM EOOD MAYA METAL EOOD TRUDOVO PROIZVODITELNA KOOPERATSIYA LMN OOD ATMOS ORNAMENTAL EOOD EOOD TELM I KO EOOD PARALEL - 43 EOOD NEDA 90 VASIL TARNEV ET PETMASH EOOD RAIKOV S A EOOD ALMA-GABROVO EOOD DACHI - DG SD KNL TEHNOLADZHIS EOOD EOOD TRANSPROGRES DOORS OOD ELEKTRIC ESTATE EOOD DORICON OOD BOYCHO DOYCHEV ET INEKT OOD EVROTEX-2 OOD PLAMEN NIKOLOV ET ESPRESO ELIT OOD MT 4 EOOD ALCORE EOOD MAYAK KM AD METAL PRODUCT 2 OOD JET POINT OOD GUNEV - 57 EOOD TETO-VLADIMIR VOLKANOV ET METAL - IVANKA PETROVA ET BITEH - 95 OOD 3A BLOCK OOD DIMITROV INZHENERING NEDKO DIMITROV ET TOP CLIP OOD AQUAIRON EOOD SIM-99 OOD ZASA MIKRON OOD LUDOGORSKA SLAVA EOOD METKON EOOD PETAR CHAEV EOOD NIVEMI EOOD INOKS METAL EOOD RITAM INZHENERING EOOD TROYAL OOD HALOGENA OOD KOKI KONSTANTIN BOHOTSKI ET KRIS - 001 EOOD BOZHKOV - HRISTO BOZHKOV ET ZMM DRAGANOVO AD STOGER 15 OOD ET YOANA-2006 - PETAR PETROV METALPLAST MANUFACTURING OOD CHERNOGORSKI EOOD METAL SERVIZ GRUP EOOD ETM KONSTRUKTSII EOOD LIDER SACHMALIEV OOD TPK OBEDINENIE KOOP. TAS EOOD KOLORITA-51 OOD ARP OOD TIKE MM EOOD PRIMA - BMK OOD TEST EOOD SASHKO MILANOV - STRUMETA ET RENESSE OOD BOSKO METAL EOOD BULGARIA METAL GJ EOOD CI VI EM GRUP EOOD ALFA BULD EOOD EOOD TEO VANYA MITKO ZHELYAZKOV ET ALEKS - 2006 EOOD ZMM-INZHENERING OOD AGAPACK OOD LOBOS1 EOOD VIAMAT-BIS OOD ROSITCA-VLADIMIR ELCHINOV ET ALDO OOD MULTIREY INZHINERING EOOD TEH HGS OOD KARAKASHEV & SON SP EDNOLICHNO SINTER M AD DRUZESTVO S OGRANICHENA OTGOVORNOST YONKO TASEV ET TRUDOVO PROIZVODITELNA KOOPERATSIA EOOD KOVACH KOOP DARG EOOD MEGA BLAST OOD METAL SISTEM ITD EOOD FDM EOOD STAMOV I SIE SD METALIKA OOD ALEKSA-BULGARIA OOD PROFIL PLYUS EOOD MANOLOV PLAST EOOD KASERA - BOGOMIL TRAYKOV ET MIKRON TEHNOLODZHI EOOD GM PROPELLERS EOOD HARI-H EOOD FAAM BULGARIA OOD DIMO BATUROV - 56 ET MONIK YUNION OOD ASORTI 2006 OOD MUSON GROUP EOOD VAMO-B EOOD JIRA BULGARIA EOOD MARIO SEDLOEV - MARSED ET REDOKS M EOOD LUPE - S EOOD INTERDOR EOOD HERA 2006 OOD VILMASH AD TECHNOMONTAJ GRUP OOD GROZDEV EOOD PSORD BAYKOVI I SIE SD SILA GROUP BG EOOD HAVOS EOOD IRUM IVAN ILCHEV ET KRAB 2004 OOD VESELIN ANDONOV-SANELA ET TOLI BL EOOD WELD EXPERT V.E EOOD KOREKT NIKOLOV OOD MARAZOV-DBD - MARIANA DINEVA ET VEGAS - 93 OOD OTO 100 EOOD MIHAILOV TRADE EOOD STOYNOV I SINOVE EOOD STOXI 04 EOOD IVEL - VALENTIN VALKOV ET SUNI-DZHI GRUP EOOD TAYFUN 2008 EOOD KAMAK OOD MECABOR BG EOOD NADEZHDA-94 OOD METALEN SVIAT OOD NIKI BUILD 2011 EOOD TRITON I I AD ASEN DEDELYANOV - GARANT-D ET VRATSA MEHANIKS AD YORDAN GROZDANOV - EKOSIS ET VIMAK 2015 EOOD TM METALPLAST OOD FAAC BULGARIA EAD BIMEKS INZHENERING AD LIFT BO IV IVAN VLADIMIROV ET RUVAST EOOD LAZERNI I DIGITALNI TEHNOLOGII OOD PRADEX ET FG BULGARIA EOOD COMET INOX EOOD ZLATIST 75 EOOD DEPEX OOD ADIS - 2 EOOD KEY LOCKS OOD METAL KOREKT 777 OOD DIMITAR PETROV INTEKS ET USTREM 03 OOD AG INZHENERING EOOD LAZER PRO EOOD VENKOV ELIT GRUP EOOD TETRAEDAR 49 KIROV STOEV I DOSEV OOD FELICIA OOD TULCHA-MARIN MILEV ET LAMARINA 2005 EOOD ALESTA - BRATYA ALEKSIEVI EOOD HARI - HARALAMPI ANGELOV ET DIV IMPEX OOD MASH INDUSTRY EOOD BENDING EOOD TIBO - TIHOMIR ATANASOV ET VIBO OOD KOEV EOOD ALEKSANDROV-KONSTRUKSHANS EOOD M 40 EOOD VALKI - 51 EOOD VULKAN 2007 EOOD METALPRAIS EOOD TEREM HAN KRUM EOOD AGELO ASENOV EOOD MEDA EOOD ISIS 60 IVAN IVANOV ET BUL INZH KRASIMIR ATANASOV ET KALEV I NALDZHIYAN S-IE GP AGROBIZ EOOD HIDROTEK EOOD DPD-BULGARIA EOOD ALFA 92 EOOD YAKOVA - PK OOD DIEFFE KARPENTERIYA E MEKANIKA EOOD PETAR SEMERDZHIEV - ILIYANA RADEVA ET KITRON EOOD TM ELECTRIC EOOD TEOHAROV EOOD 2K INVEST EOOD ONIKS - MARIAN HRISTOV ET S K N EOOD METTEL-KOMERS EOOD GOGO I MITI 2015 EOOD ALUMINTREYD OOD BLASER GROUP GABROVO EOOD EDISUN 05 EOOD KOLOR PLUS 3 EOOD NRG METALLTD OOD METI ENGINEERING EOOD ACTIVE SUN EOOD MMM - METAL MONTAZH MINKOV EOOD MND - TODOR GEORGIEV ET MALDINI S EOOD METALNI KONSTRUKTSII I INZHENERING EOOD TERMOKOLOR - SA OOD ATES TREID OOD METAL DESIGN 2016 EOOD HERKAL EOOD MILAN SOFI - MD EOOD MILEN NIKOLCHEV ET EMIL TSVETANOV ET LYUBOMIR PETROV ET MONTAGI & CO OOD VAS - 21 EOOD ZASHTITNI POKRITIA OOD EKSPLAST EOOD ALVIRA TREYD EOOD EOOD ELMATEH EOOD REMONTNO PREDPRIYATIE-KERAMIKA EOOD HISAR AD HRISTOZKOV EOOD NOVOTECHPROM OOD METALPLAST GROUP EOOD BUILD PLAST EOOD VANEKS 11 EOOD MPM ENGINEERING OOD STOKOM OOD HERT - HRISTO MILEV ET AGNON OOD R DINA - M OOD GEORGI MARGARITOV ET ETM - CONSTRUCTIONS 1 EOOD GRUDI EOOD DIPET EOOD ALUSTAR OOD VERONIKA - M - ALEKSANDAR SHTARBANOV ET BISA T EOOD METALPROM INVEST EOOD METAL GROUP INDUSTRY EOOD OBRETENOV & CO EOOD FEROHROM AD SLANTZE - KOLENTZOVI EOOD TMT - G EOOD ZAHARINA BANKOVSKA EOOD TVCH 2012 EOOD MASHEKS SERVIZ OOD POLITEST OOD RETECH SD EOOD ZHOSI EOOD ARBIS EOOD 24 SeeNews Industry Report

BRILYANT NAYDENOV I S IE SD ANELI EOOD NILI-90-NIKOLA YURUKOV ET SISTEMSTROY EOOD MOBILSKAN - STEFAN STOYANOV ET SET 02 EOOD EOOD ALUMINA KARLOVO OOD METALTEH EOOD SEZI-M EOOD MARIS - MARIYAN STOYANOV ET MAG OOD KLV BUBULINA 85 KIRIL GECHEV ET LEDI-M EOOD METALOBKOV OOD SES DIZAYN EOOD BOBI - RAFAIL RAFAILOV ET GENATA INZHENERING EOOD AIS HIDRAULIC EOOD IVOMET EOOD IL MET EOOD ZAMOV 05 EOOD RAMS 08 EOOD YANA YASEN YANKOV ET INTERPRO SA EOOD AKUST OOD IVKONI TN EOOD NELI METAL OOD OOD VIBO T OOD BEROVSKI INZHENERING EOOD EOOD INSTRUMENTALNA EKIPIROVKA VT $ AD BLITS-IVAN TYUTYUNDZHIEV ET DZZD STOYANI MATI - STANKO RAEV ET SIRENA - PESHEV & SIE SD STIL STO OOD ZAGORA MACHINING AND DESIGN OOD NAPLATANOVI EOOD TSENTAR ZA KOMPLEKSNI LABORATORNI I ANGELS 2012 OOD SIS STROY KOMERS EOOD KONTROLNO ZAVARACHNI USLUGI OOD KASTECH EOOD BULGARA TRADE 17 OOD STRELA - 2007 OOD VEST INZHENERING OOD PIYPALS OOD KAVAR-96 OOD BILD COLOR EOOD BULGARIA PLAST TRADE EOOD S & S METAL EOOD MODUS AD DEMS OOD INDUSTRIAL CONTAINER EOOD CITY ORG OOD MAGIC MULTISERVIS OOD GEORGI VELCHEV - NV-90 ET TEHNO KOREKT EOOD FMG-KONSULT EOOD S B I GRUP EOOD FEIT STYLE OOD TERMOBLAST - ATANAS ATANASOV ET SANAL OOD SINOVE - EVGENI TABUTOV ET ELECTRIC COMPANY 2000 OOD MAYSTOR NESKROMNIY EOOD UZUNOVI - 71 OOD IBERIA EOOD HOWALD INDUSTRIAL SYSTEMS EAD HRAMAR EOOD METALSIG EOOD JIVKOV EOOD PRES GUSI OOD KINTAVAR EOOD ES DZHI DZHI EOOD DIMSON EOOD SARP I CHUK - PETAR NIKOLOV ET ZHIMEKS OOD KORONA 91 - VOLODYA VALESHKOV ET LIUB I SINOVE OOD BIMETA D&D EOOD HORIZONT RENT PLEVEN EAD TRS EOOD LOGOS-GABROVO OOD NORDTON EOOD SLAVCHO TUSHEV ET SITI - 4 OOD RL METAL OOD DIA DOOR EOOD AVS MONTAZHI EOOD TSVETAN MERASHKI 2014 EOOD EDIS INZHENERING EOOD MAYSKI OOD ELI - 73 OOD EMES GRUP EOOD TODOROV - GEMI 70 EOOD TSVETKO MINYOVSKI ET NAK 72 EOOD MAGNOLIA - STIL AM EOOD M AND G EOOD POLIKONT EOOD EUROMONTAJ 2017 EOOD TOTYO TOTEV - 98 ET KAMTEHKOM EOOD PIMD EOOD BOZHO - BOZHIDAR ZOLEV ET ZMM - INSTRUMENT OOD BRILIANT I FORTE - 89 OOD DEMA EOOD HIDEKS OOD NANOTEHNOLOGII - BIZNES - INOVATSII OOD KBS SOKOLA EOOD BULREYL EOOD BRETON 2015 EOOD PLASTINSTRUMENT EOOD HERTI AD METAL B KIRKORYAN OOD STROYMAT GROUP OOD MITA - MIHAIL TAKOV ET EURO METAL GROUP OOD MVMT EOOD EOOD STANKOV I SIN EOOD IHR METAL EOOD BRAS END KOPER KRIEYSHANS EOOD ALGLAS VELICHKO ANGELOV ET YORDAN KOVACHEV ET ALUMINA STIL 3 EOOD MARBUL-73 EOOD DYAKOV 58 YORDAN DYAKOV ET PRP METAL AGRO OOD TELA - IVAN ANGELCHEV ET VHV OOD VALEM OOD DANANIKA EOOD KAPSAZOV-66 - STOYKO TODOROV ET DENALEX INVEST EOOD TODOROV - METAL 2013 EOOD PROMISHLENA ENERGETIKA VARNA AD TOURISTSTROY -TSARATSOVO EOOD TERMOKOLOR-S EOOD STANYO SN EOOD AQUASERVICE EOOD TRANSKOM MONTANA EOOD METAL STIL EOOD USP EOOD DAROPLAST OOD HERMES DOORS EOOD EOOD SWAWION EOOD IVAN DOBREV ET BALISTA EOOD YUD STIIL OOD OOD ENERGOREMONT - GALABOVO AD H.I.L. GRUP OOD SANI EOOD 26 MAY EOOD KREDO-GEORGI YORDANOV ET ALVIK REMONTSTROY EOOD NEDYU STOYANOV EOOD BRATYA NIKOLOVI - 98 EOOD KOVACHA 70 EOOD MERAKOV METAL PRODUKT EOOD VIP PLAST-2013 EOOD METALSTROI BURGAS OOD MITKAT EOOD METEOR-REO - VALENTIN STOYCHEV ET PAKO - MAS EOOD METAL DIZAYN GRUP 1 EOOD NIKOL 1 EOOD MANDA NORD EOOD PEGAS ANGEL KAZAKOV 2016 EOOD LMB-LAVORAZIONI MECANICHE BULGARIA EOOD ZIELA OOD AGRO STILL - S EOOD INDUSTRIAL STROY OOD INOX EOOD KIT PRO EOOD TEHNOSTAYL EOOD KATSI AUTO 12 EOOD VIP AL 07 EOOD IM-TEHTET OOD DESETI DEKEMVRI AD ZAVOD ZA METALNI KONSTRUKTSII AD LAZER ART - BG OOD KOOPERATIVNO PREDPRIATIE YOTA RIK EOOD GALVANI EOOD METAL STIL BG EOOD LALEV OOD ALUPLAS KOMFORT OOD METRO - ZHIVKO MIHALEV ET TEHNO EOOD METALOGRAV - TSVETAN TSEKOV ET ELAN-GN-NIKOLAY ATANASOV ET KOOPERATSIYA BITUS AN - METAL EOOD GEORGI BAHCHEVANOV ET TRANSKOM S A OOD BG DIZAYN EOOD ZAVOD ZA ELEKTRODI OOD PASAT-METAL OOD DIA BILDING EOOD ALEKSANDROVTRAYLERS EOOD EOOD BODAN OOD EKOKOTLI EOOD SLAVA INVEST EOOD EKOINVEST - MARTIN LALEV ET CASA ROMANTICA EOOD SM - PLAST EOOD KAPRO EOOD DONEV EOOD PAL- 99 EOOD ARGON EOOD IVO MANCHI 2 EOOD METALUX 71 EOOD DENITSA OOD PRAKTIK - STROI EOOD KOLIBRA EOOD RSK KAMPANI - RACHKOV, ANGELOV I SIE GP ATANAS TARPOV 2005 EOOD TOMIS-31 - TOSHKO TODOROV ET RAYKO 14 EOOD ALU PLAST 95 OOD DNM - DIMITAR MITEV ET MITA STYLE OOD AREV - NIGOHOS BOYADZHIYAN ET KASEVI OOD D S KOLOR 55 EOOD SURVEY EOOD SIGMA KOLOR OOD MADARA ZKV EOOD RUM - MACH - RUMEN MOMCHILOV ET INEY HRISTO BANCHEV ET ANMAR EOOD M+V - KATOVI EOOD MODUL - SIMEON VELIKOV ET NIKI - NIKOLAY AVDZHIEV ET IBOR EOOD ASA DESTIL ENGINEERING OOD PETAR PETROV ET IVOCOM OOD DIEL 2000 OOD DIGER 1 EOOD SERJANI OOD MASHSTROI - LYUDMIL ALEKSANDROV ET RING OOD GRADSKI METALI OOD GRAPHIC SCREEN EOOD METAL PLAST - 1 EOOD SPRINT METAL 97 EOOD FORI - TSANKO PARVANOVSKI ET IMAM - METAL OOD KOORDINAT 57 - PANAYOT PANAYOTOV ET METALIK - IVAN MIHAYLOV ET DUNARIT AD KASTELO OOD VODIM VOLODYA PATARANOV ET RITEH EOOD UNIVERSAL-V IVANKA ZAMFIROVA ET IVAN GAVRILOV VLADOV - IV-36 ET EMTI ELECTRIC OOD M DESIGN PLAST OOD METAL - P GROZDANOV EOOD GUDEKS AD FIX 5 OOD POLI MES EOOD 25 SeeNews Industry Report

RADOM EOOD ALEKS 2005 OOD ASTRA - M EOOD IVONA EOOD BONI 2 EOOD NOVE-39 - ANGEL STOYANOV ET DIMITAR ZAPRYANOV - 60 ET OREANA V EOOD ERIS - ISMAIL ALI ET MARKOV GARANT EOOD TERMOLOG OOD HANTA - DS OOD GEORGI MICHEV ET TRANSMASH ELEKTRON EOOD SIRIUS OOD VJF METALS EOOD ECOGALVANIC EOOD KP BUILD OOD UNIVERS-V - RADOSLAV POPOV ET STILTEH INZHENERING EOOD ZIS-17 EOOD EOOD STELA PLAST EOOD AL - KOREKT EOOD KARAGYOZ - TODOR DIMOV ET DIMITAR FERDINANDOV 97 EOOD EVROMETAL STIL GROUP EOOD NITI - INZHENERING EOOD ARGOS 15 OOD TEYA VENT EOOD SAMOKOVI 91 OOD SHTASTIE - SIMEON DANAILOV ET ART ADVERTISING PRO EOOD AMARAL OOD PEPI 75 - HRISTO MINKOV ET EMIL MANGUSHEV HIIT 91 ET MITKO TANEV COMMERCIAL DIMITAR TANEV ET KLIP SHTANTS OOD PANTERA-VASIL HRISTOV ET IMPULS AD TITAN 52 EOOD SEMKOV 2001 EOOD DANNIK OOD BLAGAR EOOD AZIMUTH INVEST EOOD STEFAN IVANOV STEFANOV METAL FIKS VS OOD ALRET EOOD ELMASH INZHENERING EOOD METALIKA 97 ET RACHO IVANOV TROSHEV KIG ET METAMEYD OOD GEOPLAST 2012 EOOD BULSERVICE BG EOOD EMI AD MOUSE PS EOOD GALVEA ENGINEERING OOD BRIZ AD NIKO 54 EOOD BAHI EOOD DONI-SVETOSLAV DONEV ET AL 91 I KO OOD METALIK AD BRATYA BILEVI EOOD KASSTROY EOOD DEKAMEX INGENERING EOOD METALFERM EOOD MADARA - KOV EOOD LEGAL 2007 EOOD PETAR PANCHEV PETROV ET METALOKERAMIKA- OOD TSETSILIYA-ILIYA GANCHEV ET POLIKOR-2000 - KRASIMIR RACHEV ET ZEM HOLD 2012 EOOD ELEKTROUNIVERSAL - PETAR LENKOV ET ROSS IV INZHENERING EOOD SIMAY METAL OOD OOD BULTRON OOD TECHREMONT EOOD BENEKO - VLADIMIR BENEV ET BMT INTERNATIONAL EOOD N SIE H KACHEVI OOD KARNES EOOD POPANASTASOV INGINEERING EOOD PRAVDA - GEORGI DERMENDZHIEV ET GE BIN I SIE EOOD ZP MOTOR-BORISLAV PENKOV KOLEV KIPRIDA EOOD KRISTIN EOOD NIKOLAY VASILEV - VLADISLAV ET BULARMAS EOOD KOL - PRINT EOOD SABRI SYULEYMAN - GORAL ET RUMMETAL EOOD PLAM INZHENERING OOD ENELA EOOD ORISTE OOD YANIK YANEV I S IE SD METAL INJENERING EOOD DZHUMBISHLIEV IVAN VASILEV ET VENTAKOM VALERI KARTSELSKI ET YUPITER - IVAN IVANOV ET PACHOV OOD METAL ART - ENG DOBREV EOOD DIMET DM EOOD GLAS HAUSE EOOD METAL TRADE OOD LYUBOMIR GRIGOROV ET MAKSI TRADE EOOD SIEM-01 - INZH. 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INHOM 98 OOD RING - AVTO - KOVACHEV S - IE GP MASTER ARMS EOOD ZARA METAL EOOD EOS - TSVETAN MARINOV ET PETRING - PETAR IVANOV ET JUVENTA GROUP AD SKOBEL OOD -93 EOOD NIKOLA DAVKOV-NIKI ET HEMO-1 - EVGENII VALKOV ET TEHNOIMPEKS 68 EOOD NEDKO-G EOOD KRASTYO PETKOV 39 EOOD AIK KARCHEV EOOD MEHANICHEN DIZAYN I KONSTRUKTSII OOD BELCHEV R EOOD CLICK BG EOOD TISHO PLAST EOOD BALKANZINC AD VIAMAT EOOD LYULIN METALNI IZDELIA EOOD KALEKS LAYT EOOD DOBRUDZHA KIT AD DRAGARD EOOD SHOTERON 98 EOOD GIDORS EOOD BOR INVEST 04 OOD TELUR METAL EOOD CHAKRINI OOD MERIDIAN PLOVDIV OOD METALIK-98 AD EDIDIA OOD ALSES HYUSNYU DURGUD ET HIMA TONI 2 OOD BARDI GROUP EOOD LM-INGENERING EOOD ROYDEV DESIGN EOOD BITA 2 IVAN TERZIEV ET VICHNI EOOD SILVESTAR MS 97 OOD TMETAL - TONCHO TONCHEV ET ADEL - PLOVDIV - BG OOD SITERA 83 EOOD AVAL 2004 EOOD KASTAM DEKOR EOOD EOOD TERMOINJENERING OOD YANOS EOOD RISTRAY EOOD MITKO SIMEONOV ET HIDMASH-2015 EOOD ART METAL 71 EOOD MTH BULGARIA EOOD IPSTERM BULGARIA EOOD GUSOV I SIE EOOD STOICHKO DZHUNDZHEV ET DIMITROV-7-ZHECHO DIMITROV ET NEXAS EOOD FENIXMET OOD MULTIVAC BULGARIA PRODUCTION EOOD ASA - MARIN DOBREV ET HEFEST BG EOOD ELENKA GANEVA MARINOVA - TEA ET FRIFORM EOOD TFK OOD LINOX BG EOOD RG GRUP AD GTP PERFEKT EOOD KREATIV HOUM DIZAYN EOOD HERMES IKO EOOD DENSTA STEEL OOD MPM GROUP 7 OOD TIH TRUD N NIKOLA KOLEV ET ZEGA OOD M - MASH EOOD MONEVI BM EOOD MIATOBI EOOD TIAS 90 ANGELOVA S IE SD OGNYAN GODUMOV - DITA ET TIMIL BAKARDZHIEV DICHEV S IE SD STABILI - TET OOD KOVATEH EOOD VATINELI EOOD EMKO OOD BOSHNAKOV TRYAVNA EOOD ETAL-CO OOD RUSE-M - IVAYLO PENKOV ET STAYL GLAS OOD PIK TULS EOOD FINI EOOD TOPAZ TT - TODOR TOSHEV ET S.U.C-3 OOD LAZEN - ZDRAVKO GEORGIEV ET KOMELON EOOD SARTEN BULGARIA OOD MONI MG OOD BALDIM FEDERN OOD PRUZHINNI ELEMENTI EOOD NEDELCHO IVANOV ET JUPITER O5 OOD VETO 2012 EOOD TIH TRUD - RUSE EOOD VIP KA EOOD PRAVGANSCI - ANCDV - VIVEL OOD USPEH METALPRINT SSB EOOD EVROMONTAZH BG EOOD BVM-M EOOD DELTA METAL GROUP EOOD OLIMPIYA-97 EOOD GALVANOPRAKTIK PETROV SADRUZHIE SD INSTRUMENT A.B. EOOD PERFEKT STROI EOOD RAMA - DIMITAR KOSTOV ET PKS INZHENERING EOOD BULPINS OOD ALBA VT SOLE EOOD SIMPEX-SX-LTD EOOD MN 2014 EOOD TESO V OOD YA - 1991 OOD TERMOVATO EOOD TRIKOM-2008 OOD ARGON-KRASTYO KRASTEV - YORDANKA GAMA - FORM OOD KRASTEVA ET BILDING TREYD INTERNATSIONAL OOD KORDI-94 EOOD METIMPEX EOOD KARBONADO DM EOOD METAL GRUP BG EOOD KOVANO ZHELYAZO VARNA DZZD NELTSVET ZAVARYAVANE EOOD EOOD RANS GRUP OOD METALNI KONSTRUKTSII-2001 EOOD TUSIMA - T EOOD APEKS 16 EOOD DEBOS - BG EOOD LAZER D OOD ANGEL STOILOV-96 AD ART METAL TRADING OOD EKOTERMAL OOD SOMITA EOOD KK OOD SARACOM EOOD GEORGI STAMENOV ET GUALA KLOUZHARS TULS AD MURALI EOOD MARIA SURUDZHIYSKA EOOD BOYCHO TSVETANOV ET METALIKA-MIST OOD METAL SVS EOOD TEHNOGARANT - 2000 EOOD SAMENT ENGINEERING EOOD LUCKYLOCKS AD DISTO - DIMITAR STOEV ET MARIN LESIKOV ET ASI KOMPLEKS OOD NIKO - N 2011 EOOD VAMINA OOD MEDEO SS EOOD PROPERTY BUILDING GROUP EOOD GRANDREFORM-3 OOD ARTE PLAST EOOD HIDRODES EOOD STOICHO PASHOV-DJOIS ET SONICO OOD KIDAK EOOD ALU PLAST YUB EOOD EN-ELEKTRONIKS EOOD CHIPEVA - MLADENA JANAKIEVA ET DORMAKABA BULGARIA EOOD ZINOM AD NIB EOOD DZHEY I SI EOOD KOPERNIK TECHNOLOGY EOOD TELSNAB EOOD CLASSIC METAL EOOD OGRADNI MREGI-NACHOVI EOOD MIRAYA PLAST DIZAYN EOOD FENSTERNORM EOOD KAMBANA 1872 EOOD TECHNICS OOD DZHI ES DZHI 1 EOOD NERAJDAEMA ARMATURA AD TECHNOPANEL EAD AMB OOD METAL 07 EOOD DGR INTERNATIONAL SRLU EOOD PARALLEL DIMENSION EOOD EKO ON EOOD YULIYAN NIKOV ET HAMAR INTERIOR OOD PLAMEN KIRILOV 2001 ET AGB - 2004 EOOD PORTAL M EOOD DD-99 - DIMITAR DIMITROV ET RISHKIN - MIP EOOD CHENYO EOOD ZARIAN - 5 EOOD LEGA KONSULT EOOD SVETLOZAR SHOPOV SVETLI RICHI ET INIMIKS EOOD LAZER PLYUS EOOD RILA DV EOOD DIMITAR KOLEV-BOHEMIYA ET STOHI - STOIL STOILOV ET LEITS OOD STOYAN KRASTEV ET INTERKOM RESURS EOOD BULGARLASER PRO OOD MADARA RESORI EOOD METAL EAD IVAN SIMEONOV - 58 ET ZHIVEN 2017 EOOD METALOTEHNIKA 2005 EOOD SFD EOOD DIZI LAYN HARUTYUN POMAKYAN ET ALIPIEV 69 EOOD DIK-KOMERS-DANCHO IGNATOV ET METAFLOK - DIMITAR GRIGOROV ET NIKRAS - 63 OOD OSMIO METALI OOD SMART LASER OOD DENINI-METAL- DIMO PANOV ET SOCRATES BULGARIA EOOD LAYTEST KOMPONENTS EOOD MODUL EOOD METALICA - SHUMEN OOD GBS METAL EOOD TEHNOMASH - MARIA HADGIDONCHEVA ET SIMPTO AD INOX R EOOD METODIEVI METAL OOD IMPAKT BLAST EOOD DZHULI STEFAN HRISTOV ET BORAL 5 M - VESELIN RAYCHEV ET IVAN KRUSTEV ET JUVENTA-3 OOD NES NEW ENERGY SYSTEMS OOD ZEMNI ANKERI BULGARIA EOOD INDASTRIAL TREYDING OOD ART JUVAROS OOD MIKRON 2002 EOOD RIVUS OOD RACODA EOOD BULD ENGINEERING 2011 OOD ZINO PK OOD TSAREV GROUP EOOD METAL BIT - IVAN SAVOV ET VLADA - STIL - AL EOOD MAGSIMUM -1 EOOD ARTON OOD METRONET EOOD RITAM OOD BALTADZHIEV - DETELIN GEORGIEV ET ART LARS EOOD EOOD PROFIL PRIM BG EOOD PROF KEY ERGIN HADZHIEV ET PRIMM EOOD TROYMASH OOD STRATUS OOD 27 SeeNews Industry Report

PROMETALIK EOOD METALKONTROL EOOD IVAN MARTINOV KUTIKOV SILPA OOD ORION 1207 EOOD SLAVCHO SLAVOV ET MHM MASHINEKS OOD STAMH OOD DIVELT EOOD ROLTEST S EOOD ELFI EOOD RUVAS - RUMEN VASILEV ET POLIMERSTROY-21 AD METALKO - ULUTSI EOOD Q VENT AD PROFI 2016 OOD ALGEMA - 2 OOD AIR TECHLTD OOD VERTUS TREYD EOOD NOZHARSKA FABRIKA - TERNA 1923 AD RIK MASHINING OOD MEHANIKA KMH OOD ALBI EKATERINA GANCHEVA PLAMEN GANCHEV AEMS 98 SALES OOD ET SNUK OOD OOD VEDON - VESELIN KATRANDZHIEV ET VELIKO MITEV-56 ET STORP EOOD VELEV NTP OOD ALTRUS- KM OOD TERMOPROFIL EAD MARIO KRASTEV NIROL ET VACUUM ENGINEERING 2010 OOD TOTAL PLOVDIV TATAROV S IE SD ALPO OOD LIDIYA KOEVA - DAKOPLAST ET NIKOLAY VALCHEV 82 ET ZHULIETA TEODORA NEMTSOVA ET PLAMEN VIKTOROV ET GARI 93 GEORGI ALEKSANDROV ET METALIK OOD MX STROY OOD BULARMEX - IK AD LAZERIS EOOD KZU-SHAPKOV OOD OCA 2000 & SON EOOD INTERCOM OOD EMANUIL SOTIROV EOOD ARMA SMOLYAN EOOD BARDI EOOD EI SI ES EOOD TANUSHEV OOD KROTEX - LYUBOMIR KROTEV ET VLAM EOOD SALKOM 91 EOOD IVAN SHALAMANOV ET ISAK-08 EOOD EVRO PRODUKTSION EOOD AVANGARD EOOD NIKOMA EOOD AERA - D I OOD BLAGOY POPOV - R.V. ET BAKI OOD INSTITUT PO METALOLEENE I LEIARSKI KRASIMIRA DANOVA NIKOTSVET ET TEHNOLOGII AD AHSA - 71 EOOD EOOD GASPAR GODO OOD TEMRA - TODOR ILIEV ET SADIDA STEFKA MIHAYLOVA ET TABAKOV-2008 EOOD SITALK EOOD 4 PIKI EOOD PETROVI M I SIE SD CENTER FOR LASER TEHNOLOGI OOD METALSPED OOD HELIOTEKS 90 - GEORGI ILIEV ET IMPULS G EOOD BO-VE - BOYKA DUNITSOVA ET DIMITAR KOVACHEV 97 ET LEQRPLAST TV EOOD DREAM 26 EOOD ANTE 100 EOOD G-DOR EOOD GALVANIKA OOD UNIVERSAL 92N EOOD ZANKOVI VARNA OOD DARM OOD FSOKT OOD OOD STALIMI OOD PLASMA STAR EOOD PROFI STEEL OOD STAK OOD PFB PRESSO FONDAL - BULGARIA EOOD SHIP MACHINE-BUILDING JSCO AD TONI-ROY - KRASIMIRKA ROYDEVA ET DISPLAY BURGAS EOOD IVMETAL EOOD LASER PRES MANIFAKTURING OOD RVA INZHINERING EOOD FMA AD ELEKTROMEHANIKA MM EOOD BONEV METAL DESIGN OOD LASER LINKS OOD VELMAHOS EOOD BODEKS 1 EOOD TERMO PROEKT KOMERSIAL OOD STINTEH - STEFANKA NIKOVA ET TEHMASH BG OOD ANGELOV - AV OOD KLAMERKOS - GEORGI KOSTADINOV ET ALIVEMETAL EOOD MM COLORS OOD DIP EOOD ANRO 5 ROSEN ANASTASOV ET SPRING FACTORY AD NIPON - 60 EOOD ALIBOX EOOD VIDA PAS - KRASIMIR PASKALEV ET KOOPPROEKT OOD TEKNIK FILTRE OOD MS PROPERTY LIMITED EOOD DIMET EOOD STROYALUMIN EOOD DATIZ - PENYO DRAGANOV ET PROIZVODSTVENA KOOPERATSIYA METALNI KONSTRUKTSII-98 PETRANKA BATUROVA - ANRAD METAL DIZAYN ET TITANIK EOOD PMMP EOOD FORMULA OOD HIDROMAT SP EOOD HERA 66 OOD MPK-PLEVEN EOOD CERATIZIT BULGARIA AD GRANIT-90 - GEORGI PETKOV ET MIKROMET OOD YOTA OOD BARTO METAL EOOD AJUR A-ANICA JAMGOCHIAN ET DESI 96 - ANGEL ANGELOV ET MTM OOD GALVAMAR MARTIN ICHERENSKI ET BALKAN METAL PRODUCTION OOD VABO - VALCHO BATUROV ET TAMEKS EOOD DONKRIS - MILKA METODIEVA ET TEHNOLIFT EOOD PIVI KOMPAS AD NANA PLAST EOOD GALINA DIMITAR 2 EOOD TVK EOOD NITI EAD KRAFT MASTER - STEPAN KAZAZYAN ET GARENA 5 OOD TREKOM 21 EOOD ALU N NIKOLAY KOLEV ET 28 SeeNews Industry Report

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