Industry Report Advertising and market research 2018

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

I. KEY INDICATORS

II. INTRODUCTION

III. REVENUES

IV. EXPENSES

V. PROFITABILITY

VI. EMPLOYMENT 1 SeeNews Industry Report

NUMBER OF COMPANIES IN ADVERTISING AND MARKET . KEY INDICATORS RESEARCH INDUSTRY BY SECTORS SECTOR 2018 2017 2016 The Advertising and market research industry in Bulgaria ADVERTISING AGENCIES 2,837 2,791 2,831 was represented by 4,064 companies at the end of 2018, MARKET RESEARCH AND PUBLIC OPINION 671 650 614 compared to 4,016 in the previous year and 4,040 in 2016. POLLING MEDIA REPRESENTATION 556 575 595 The industry's net profit amounted to BGN 124,877,000 in 2018.

The industry's total revenue was BGN 1,495,671,000 in 2018, up by 7.39% compared to the previous year. III. REVENUES

The combined costs of the companies in the Advertising The total revenue in the industry was BGN 1,495,671,000 in and market research industry reached BGN 1,354,001,000 2018, BGN 1,392,793,000 in 2017 and 1,423,528,000 in 2016. in 2018, up by 7.01% year-on-year. Total revenue The industry's total revenue makes up 1.51% to the country's Net sales revenue Gross domestic product (GDP) in 2018, compared to 1.45% 1,495,671,000 1,500,000,0001,423,528,000 for 2017 and 1.54% in 2016. 1,392,793,000 1,456,604,000 A total of 8,929 people were employed in the Advertising 1,350,000,000 and market research industry in 2018, compared to 9,155 in 1,343,928,000 1,341,577,000 1,200,000,000 2017 and 9,142 in 2016.

1,050,000,000 Most of the companies in the industry are based in , followed by Varna and . 900,000,000

750,000,000 BGN II. INTRODUCTION 600,000,000

In 2018 the companies in the Advertising and market research 450,000,000 industry numbered 4,064, distributed in 3 sectors. 300,000,000

150,000,000

INDUSTRY STRUCTURE BY SECTORS AND NUMBER OF COMPANIES 0 671 2016 2017 2018

The companies in the Advertising and market research market of Bulgaria earned combined net sales revenues of BGN 1,456,604,000 in 2018. 556 In annual terms, sales marked a growth of 8.57% compared to 2017. In comparison to 2016 they went up by 8.38%. In 2017 sales grew by 0.17% year-on-year.

The Advertising and market research industry total revenue make up 1.51% to the country's GDP in 2018, compared to 1.45% for 2017 and 1.54% in 2016.

2,837

Advertising agencies

Market research and public opinion polling Media representation

In 2017 there were a total of 4,016 companies operating in the industry. In 2016 their number totalled 4,040.

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Share in GDP 1.61.54% 1.51% INDUSTRY'S NET SALES REVENUE STRUCTURE BY SECTORS 1.45% 27.55% 1.44

1.28

1.12 17.35%

0.96

0.8

0.64

0.48

0.32

0.16

0 2016 2017 2018

In 2018 the Advertising and market research industry Advertising agencies 55.10% contributed to GDP BGN 1,407,098,000 in Gross value added Media representation (GVA) accounting for 0.77% of the total for the country's economy. Market research and public opinion polling

In the previous year, the industry's GVA amounted BGN The highest growth, of 15.77%, was recorded by Market 1,312,351,000, accounting for 0.77% of the total for the research and public opinion polling. There was no industry's country in 2017. In 2016 the GVA of the Advertising and sector to report a drop in net sales revenues. market research was BGN 1,334,484,000, or 0.87% of the GVA for the country's economy. TOP COMPANIES' REVENUE BY SECTORS SEGMENT COMPANY TOTAL REVENUE NET SALES (BGN) REVENUE (BGN) GVA BY SECTORS ADVERTISING AGENCIES RANK SECTOR BGN SHARE OF THE COUNTRY'S OGILVY SOFIA OOD 31,932,000 31,530,000 GVA (%) BERLIN-CHEMIEA. MENARINI BULGARIA 27,294,000 26,869,000 1 ADVERTISING AGENCIES 757,974,000 0.42 EOOD 2 MEDIA REPRESENTATION 399,192,000 0.22 ASTRAZENECA BULGARIA EOOD 24,374,000 24,255,000 3 MARKET RESEARCH AND PUBLIC OPINION 249,932,000 0.14 MARKET RESEARCH AND PUBLIC OPINION POLLING POLLING GFK BULGARIA INSTITUT ZA MARKETINGOVI 29,463,000 29,441,000 IZSLEDVANIA EOOD PFIZER LUXEMBOURG SARL BRANCH 15,624,000 15,478,000 We expect, based on the trend in the last three years, the total BULGARIA revenue of the Advertising and market research industry to PURE MARKETING CORP EOOD 15,071,000 14,866,000 change at a compound annual growth rate (CAGR) of 2.50% MEDIA REPRESENTATION in 2019. PUBLICIS AD 48,099,000 47,975,000 P H D EOOD 23,476,000 23,465,000 Advertising agencies contributed net sales revenue of BGN DENTSU EGIS NETWORK BULGARIA OOD 23,237,000 23,236,000 802,546,000 or 55.10% of the total net sales in the industry, sector Media representation - BGN 401,321,000 (27.55%), and sector Market research and public opinion polling - BGN The top 10 companies in terms of total revenue in Advertising 252,737,000 (17.35%). and market research accounted for 18.21% of the industry's total in 2018, 18.56% in 2017 and 21.44% in 2016.

TOP 10 COMPANIES BY TOTAL AND NET SALES REVENUE IN THE INDUSTRY RANK COMPANY TOTAL REVENUE NET SALE (BGN) REVENUE (BGN) 1 PUBLICIS AD 48,099,000 47,975,000 2 OGILVY SOFIA OOD 31,932,000 31,530,000 3 GFK BULGARIA INSTITUT ZA MARKETINGOVI 29,463,000 29,441,000 IZSLEDVANIA EOOD 4 BERLIN-CHEMIEA. MENARINI BULGARIA 27,294,000 26,869,000 EOOD 5 ASTRAZENECA BULGARIA EOOD 24,374,000 24,255,000 6 P H D EOOD 23,476,000 23,465,000 3 SeeNews Industry Report

7 DENTSU EGIS NETWORK BULGARIA OOD 23,237,000 23,236,000 TOP 10 COMPANIES BY TOTAL REVENUE IN THE INDUSTRY 8 MEDIA DIRECTION EOOD 22,582,000 22,555,000 MARKET RESEARCH AND PUBLIC OPINION POLLING WERE: 9 ARGENT 2002 OOD 21,563,000 21,499,000 COMPANY BGN 10 ZENITH ADVERTISING AND 20,413,000 20,392,000 GFK BULGARIA INSTITUT ZA MARKETINGOVI IZSLEDVANIA EOOD 29,463,000 COMMUNICATIONS AD PFIZER LUXEMBOURG SARL BRANCH BULGARIA 15,624,000 PURE MARKETING CORP EOOD 15,071,000 EOOD 12,939,000 The total revenues of the top 10 companies in the Advertising ACNIELSEN BULGARIA EOOD 11,888,000 and market research were 0.28% of GDP in 2018, compared BRIGHT MARKETING RESEARCH OOD 8,895,000 to 0.27% for 2017 and 0.33% in 2016. FOCUSVISION BULGARIA EOOD 7,455,000 KMSG EOOD 7,312,000 The top 10 by assets in the Advertising and market research EMAG INTERNATIONAL OOD 5,570,000 field made up BGN 157,535,000, or 10.82% of the total net ADVANCE MEDIA SOLUTIONS EOOD 5,445,000 sales revenue.

TOP 10 BY TOTAL ASSETS IN THE INDUSTRY The 10 largest companies in terms of total revenue in sector RANK COMPANY BGN Market research and public opinion polling earned total 1 VESTNIKARSKA GRUPA BULGARIA OOD 36,672,000 revenue of BGN 119,662,000 and accounted for 8.00% of the 2 NOMER EDNO REKLAMA EOOD 24,090,000 industry's total revenue. 3 ARENA KOM OOD 23,854,000

4 ASTRAZENECA BULGARIA EOOD 20,109,000 TOP 10 COMPANIES BY TOTAL REVENUE IN THE MARKET MEDIA 5 MEDIA DIRECTION EOOD 19,605,000 REPRESENTATION WERE: 6 MEDIA SVYAT EOOD 19,253,000 COMPANY BGN 7 NSA BULGARIA EOOD 18,408,000 PUBLICIS AD 48,099,000 8 TITAN GATE AD 17,062,000 P H D EOOD 23,476,000 9 PUBLICIS AD 16,356,000 DENTSU EGIS NETWORK BULGARIA OOD 23,237,000 10 OGILVY SOFIA OOD 15,790,000 MEDIA DIRECTION EOOD 22,582,000 ZENITH ADVERTISING AND COMMUNICATIONS AD 20,413,000 BULGARIAN MEDIA AGENCY OOD 18,456,000 TOP 10 COMPANIES WITH HIGHEST ANNUAL GROWTH IN MEDIA POOL SOFIA EOOD 17,064,000 OPERATING REVENUE IN ADVERTISING AND MARKET RESEARCH DIRECT MEDIA EOOD 16,929,000 RANK COMPANY Y/Y GROWTH TITAN GATE AD 16,904,000 1 SBA - MOTOR - SPORT EOOD 35800.00% TRIDENT LINE EOOD 15,354,000 2 RIEM BILD EOOD 26600.00 % 3 STIF TERMOKLIMA INZHENERING EOOD 20800.00 % The 10 largest companies in terms of total revenue in sector 4 KONAN-BG EOOD 13600.00% Media representation earned total revenue of BGN 5 AGENCY NIA EOOD 12650.00% 222,514,000 and accounted for 14.88% of the industry's total 6 CHILTERN INTERNATIONAL EOOD 9916.67% revenue. 7 NEXT LEVEL STUDIO EOOD 9500.00% 8 HIGHLIGHT ADVERTISING OOD 9000.00% 9 INTERHUMAN EOOD 8950.00% IV. EXPENSES 10 KRIKTECH DISTRIBUTION EOOD 8933.33% The combined costs of the companies in the Advertising and market research industry reached BGN 1,354,001,000 in 2018. TOP 10 COMPANIES BY TOTAL REVENUE IN THE MARKET ADVERTISING AGENCIES WERE: COMPANY BGN OGILVY SOFIA OOD 31,932,000 BERLIN-CHEMIEA. MENARINI BULGARIA EOOD 27,294,000 ASTRAZENECA BULGARIA EOOD 24,374,000 ARGENT 2002 OOD 21,563,000 MS SOFIA EOOD 20,189,000 NET FM EOOD 11,707,000 GATS AND BREYNS DDB OOD 11,693,000 HUTS SPOT THOMPSON EOOD 11,064,000 MERK SHARP & DOHME BULGARIA EOOD 10,939,000 ADVERTISING AGENCY KIWI OOD 10,684,000

The 10 largest companies in terms of total revenue in sector Advertising agencies earned total revenue of BGN 181,439,000 and accounted for 12.13% of the industry's total revenue.

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Total Expenses Operational expenses INDUSTRY'S TOTAL COSTS STRUCTURE BY SECTORS 1,400,000,000 1,354,001,000 28.74% 1,283,082,000 1,265,319,000 1,260,000,000 1,329,953,000 1,268,540,000 1,247,237,000 1,120,000,000 17.25% 980,000,000

840,000,000

700,000,000 BGN

560,000,000

420,000,000

280,000,000

140,000,000

0 2016 2017 2018

In annual terms, total expenses rose by 7.01% compared to Advertising agencies 54.01% 2017 and went up by 5.53% in comparison to 2016. Media representation

The total operating expenses of the companies in the Market research and public opinion polling Advertising and market research industry were BGN 1,329,953,000 in 2018. Market research and public opinion polling marked the highest annual growth in total expenses, of 13.08%. Operating costs went up by 6.63% compared with the previous year and rose by 4.84% when compared to 2016. In terms of operating expenses, the highest growth, of 12.50%, was recorded by the Market research and public We expect, based on the trend in the last three years, the total opinion polling sector. costs of the Advertising and market research industry to change at a compound annual growth rate (CAGR) of 2.73% in The biggest spenders in the industry, with costs of over 10% 2019. of industry's costs, numbered 61, including OPTIMUM MEDIA EOOD, LITTLE DREAMER EOOD, INITIATIVE EOOD, NOMER Advertising agencies reported the highest total costs, of BGN EDNO REKLAMA EOOD, ZENITH ADVERTISING AND 731,340,000, followed by Media representation with BGN COMMUNICATIONS AD. The medium spenders, or those in 389,080,000 and Market research and public opinion polling the 5% and 10% range count 40 and include HAVAS with total costs of BGN 233,581,000. WORLDWIDE SOFIA EOOD, SMARTS OOD, ARENA KOM OOD, METROPOLIS GROUP AD, SILVAR ADVARTAYZING OOD. Below 5% threshhold are 3,963 companies, including HAGLASATA E VSICHKO EOOD, SOFIYA - ZHILISHTNO STROITELSTVO OOD, ARTPRINTSTUDIO EOOD, TENT PRINT EOOD, GLOBALTY INTERNATIONAL EOOD.

Employment expenses in the Advertising and market research industry grew by 7.41% on the year to BGN 262,748,000 in 2018.

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Employment expenses Average taxes expenses by company 4,132 4,200 Salaries expenses 3,940 Social security expenses 3,850 3,647 270,000,000 262,748,000 3,500 244,632,000 243,000,000 229,098,000 3,150

216,000,000 233,049,000 2,800 216,520,000 189,000,000 203,188,000 2,450

162,000,000 2,100 BGN

135,000,000 1,750 BGN

108,000,000 1,400

81,000,000 1,050

54,000,000 700 25,353,000 27,852,000 29,535,000 27,000,000 350

0 0 2016 2017 2018 2016 2017 2018

The highest growth in labour costs, of 12.42%, was registered EXPENSES ON TAXES BY SECTORS by Advertising agencies. RANK SECTOR BGN Y/Y CHANGE 1 ADVERTISING AGENCIES 9,433,000 13.39% The monthly costs per employee in the Advertising and 2 MARKET RESEARCH AND PUBLIC OPINION 3,895,000 27.83% market research industry averaged BGN 2,452 in 2018, BGN POLLING 2,227 in 2017 and BGN 2,088 in 2016. 3 MEDIA REPRESENTATION 3,465,000 5.58%

The monthly social security costs per employee in the industry averaged BGN 276 in 2018, versus BGN 254 in 2017 and BGN 231 in 2016. V. PROFITABILITY

EMPLOYMENT EXPENSES IN ADVERTISING AND MARKET The industry's net profit amounted to BGN 124,877,000 in RESEARCH BY SECTORS IN 2018 2018, compared to a net profit of BGN 112,826,000 in 2017 RANK SECTOR EMPLOYMENT AVERAGE EXPENSES (BGN) EXPENSES PER and a net profit of BGN 124,527,000 in 2016. EMPLOYEE (BGN) 1 ADVERTISING AGENCIES 122,982,000 23,982 Net profit/loss 2 MARKET RESEARCH AND PUBLIC OPINION 106,094,000 38,136 POLLING Operating profit/loss

3 MEDIA REPRESENTATION 33,672,000 33,044 150,000,000 140,446,000 141,670,000

135,000,000 127,474,000 THE TOP 10 COMPANIES BY AVERAGE MONTHLY COSTS PER EMPLOYEE IN THE INDUSTRY 120,000,000124,527,000 124,877,000 RANK COMPANY BGN 105,000,000 112,826,000 1 VI EN EY DIGITAL EOOD 59,167 2 ENTRY BULGARIA EOOD 57,500 90,000,000 3 BUSINESS NETWORKS INTERNATIONAL EOOD 28,583

4 BRAMARE EOOD 25,292 75,000,000

5 DYNAMIC TRADING STRAT EOOD 23,278 BGN 6 S B TEC GLOBAL LIMITED 22,583 60,000,000 7 FB ADVERTISING EOOD 21,917 45,000,000 8 DENTSU AEGIS NETWORK BALKANS EOOD 21,833

9 L I MARKETING GROUP OOD 20,208 30,000,000 10 BAUFFICE EOOD 20,000 15,000,000

The industry's tax expenses stood at BGN 16,793,000 in 2018. 0 In 2017 it paid taxes of BGN 14,648,000. In 2016 the industry 2016 2017 2018 paid BGN 15,919,000 in taxes.

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ROE TOP 10 COMPANIES BY HIGHEST NET PROFIT IN ADVERTISING ROA AND MARKET RESEARCH 24% RANK COMPANY BGN 24 1 HG IT SERVICES OOD 3,527,000 22.24% 22 2 MAZAL INTERNATIONAL EOOD 3,508,000 20.39% 3 ADVERTISING AGENCY KIWI OOD 2,821,000 20 4 OGILVY SOFIA OOD 2,666,000 18 5 IDEA COM AD 2,587,000 6 BREEND EOOD 2,545,000 16 7 ARENA KOM OOD 2,312,000 14 8 NET FM EOOD 1,924,000 9 GFK BULGARIA INSTITUT ZA MARKETINGOVI IZSLEDVANIA 1,913,000 12 EOOD 10 10 PUBLICIS AD 1,852,000 10.15% 8 8.93% 8.48%

6 TOP COMPANIES BY HIGHEST NET LOSS IN ADVERTISING AND MARKET RESEARCH 4 RANK COMPANY BGN 2 1 VESTNIKARSKA GRUPA BULGARIA OOD 10,270,000

2 BELLA INS EOOD 2,972,000 0 3 FINANSKONSULT EOOD 2,314,000 2016 2017 2018 4 NSA BULGARIA EOOD 1,346,000 5 INSAYD BG OOD 1,259,000

LEADING INDUSTRY'S SECTORS BY ROA 14 13.51 The combined operating earnings of the companies in the Advertising and market research sector grew by 11.14% y/y to 12.6 11.52 BGN 141,670,000 in 2018. 11.2

OPERATING PROFIT/LOSS BY SECTORS (BGN) 9.8 SECTOR 2018 2017 2016 8.4 ADVERTISING AGENCIES 87,517,000 72,495,000 75,916,000 MARKET RESEARCH AND PUBLIC OPINION 33,674,000 24,418,000 34,622,000 7 POLLING MEDIA REPRESENTATION 20,479,000 30,561,000 29,908,000 5.6 5.13 4.2

The profit margin for the Advertising and market research 2.8 industry stood at 9.55% in 2018, while in 2017 it amounted to 1.4 9.23% and 10.06% in 2016. 0 Market research and Advertising agencies Media representation PROFIT MARGIN BY SECTORS public opinion polling RANK SECTOR PROFIT MARGIN 1 MARKET RESEARCH AND PUBLIC OPINION POLLING 12.69% 2 ADVERTISING AGENCIES 10.76% LEADING INDUSTRY'S SECTORS BY ROE 25.95 3 MEDIA REPRESENTATION 5.06% 26 25.34 23.4

The Advertising and market research industry's return on 20.8 equity (ROE) is 24.00% compared to 20.39% in 2017 and 18.2 17.45 22.24% in 2016. 15.6 The Advertising and market research's return on assets (ROA) 13 was 10.15%, while in 2017 it amounted to 8.48% and 8.93% in 2016. 10.4

7.8 5.2 2.6 0 Market research and Advertising agencies Media representation public opinion polling

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TOP 10 COMPANIES BY HIGHEST AVERAGE NET PROFIT PER TOP 10 COMPANIES WITH HIGHEST CORRELATION OPERATING EMPLOYEE IN ADVERTISING AND MARKET RESEARCH REVENUE - NUMBER OF EMPLOYEES - EMPLOYMENT EXPENSES* RANK COMPANY BGN COMPANY RANK COMPANY NAME CORRELATION HEADQUARTERS (BGN) (CITY) 1 MAZAL INTERNATIONAL EOOD 7,348,000 1 MAZAL INTERNATIONAL EOOD 3,508,000 SOFIA 2 VIZEUM BULGARIA OOD 3,588,000 2 E-BREAK EOOD 1,464,000 SOFIA 3 GK SERVISES EOOD 3,188,500 3 EUROTREYD KONSULT OOD 931,000 4 LEVEL NEXT DIRECT EOOD 3,000,000 4 MEDIDEAL EURASIA EOOD 873,000 PLOVDIV 5 E-BREAK EOOD 2,922,000 5 SIX ONE EOOD 859,000 SOFIA 6 M SOFIA EOOD 2,401,000 6 SIYSAYD DIVELOPMANT GRUP EOOD 665,000 SOFIA 7 ZENITH ADVERTISING AND COMMUNICATIONS AD 1,997,800 7 THE SELF MADE EOOD 617,000 PLOVDIV 8 VIRUS ADVARTAYZING EOOD 1,940,667 8 HG IT SERVICES OOD 587,833 SOFIA 9 ELI STIL 2016 EOOD 1,872,000 9 FASHION RETAIL EOOD 538,000 10 MEDIA PLUS ADVERTISING AGENCY OOD 1,669,000 10 SPORTJANNE EOOD 537,000

*The correlation is calculated by subtracting the quotient of the operating profit, and the employment expenses to the number of employees. About 50.00% of the 10 leading companies in terms of net profit per employee are located in SOFIA, while 20.00% are AVERAGE REVENUES PER EMPLOYEE IN ADVERTISING AND PLOVDIV-based and 10.00% are headquartered in STARA MARKET RESEARCH IN 2018 ZAGORA. SECTOR AVERAGE NET AVERAGE AVERAGE NUMBER OF SALES OPERATING TOTAL EMPLOYEES REVENUE REVENUE REVENUE The average net sales revenue per employee in the (BGN) (BGN) (BGN) Advertising and market research industry amounted to BGN ADVERTISING AGENCIES 156,503 158,543 159,684 5,128 163,132 in 2018, up by 11.32% compared to 2017 and up by MARKET RESEARCH AND PUBLIC 90,847 95,387 96,066 2,782 OPINION POLLING 10.97% compared to 2016. MEDIA REPRESENTATION 393,838 396,978 401,922 1,019

The industry's average operating revenue per employee grew by 10.14% year-on-year in 2018 to BGN 166,076. It rose by 8.76% compared to 2016. AVERAGE REVENUE PER COMPANY IN ADVERTISING AND MARKET RESEARCH IN 2018 SECTOR AVERAGE NET AVERAGE AVERAGE NUMBER OF The Advertising and market research sector generated an SALES OPERATING TOTAL COMPANIES REVENUE REVENUE REVENUE average BGN 167,507 in total revenue per employee. In 2017 (BGN) (BGN) (BGN) and 2016 the figure was BGN 152,135 and BGN 155,713, MEDIA REPRESENTATION 721,800 727,556 736,617 556 respectively. MARKET RESEARCH AND PUBLIC 376,657 395,481 398,294 671 OPINION POLLING The average total revenue per company in the Advertising and ADVERTISING AGENCIES 282,885 286,573 288,635 2,837 market research industry grew to BGN 368,029 in 2018 from BGN 346,811 in 2017. The 2016 value was BGN 352,358. The total indebtedness of the companies in the Advertising A company in the Advertising and market research market and market research industry was BGN 695,086,000 versus made on average a net sales revenue of BGN 358,416 in 2018, BGN 761,878,000 a year ago. In 2016 the industry's compared to BGN 334,058 in 2017 and BGN 332,655 in 2016. indebtedness totalled BGN 819,608,000.

The Advertising and market research industry made 0.50% of INDUSTRY'S INDEBTEDNESS BY SECTORS (BGN) the overall sales country-wide, rising its market share by 0.01 SECTOR 2018 2017 2016 pp. ADVERTISING AGENCIES 362,217,000 415,758,000 523,382,000 MEDIA REPRESENTATION 232,470,000 239,335,000 196,611,000 Operating profit per employee for the industry as a whole was MARKET RESEARCH AND PUBLIC 100,399,000 106,785,000 99,615,000 BGN 15,866 in 2018. For comparison in 2017 it amounted to OPINION POLLING BGN 13,924 and BGN 13,924 in 2016.

THE TOP BY OPERATIONAL PROFIT PER EMPLOYEE IN Debt-to-assets ratio of the companies in the industry is 0.57 ADVERTISING AND MARKET RESEARCH in 2018. It was 0.57 in 2017 and 0.59 in 2016. RANK COMPANY BGN 1 MAZAL INTERNATIONAL EOOD 3,899,000 2 E-BREAK EOOD 1,627,000 VI. EMPLOYMENT 3 EUROTREYD KONSULT OOD 1,034,000

4 MEDIDEAL EURASIA EOOD 970,000 A total of 8,929 people were employed in the Advertising and 5 SIX ONE EOOD 956,000 market research field at the end of 2018, compared to 9,155 in 2017 and 9,142 in 2016.

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numbers make up 21.47% of the workforce in the industry in NUMBER OF EMPLOYEES BY INDUSTRY SECTORS 2018. SECTOR NUMBER SHARE OF INDUSTRY TOTAL TOP 10 COMPANIES BY SHARE IN INDUSTRY'S TOTAL NUMBER OF ADVERTISING AGENCIES 5,128 57.43% EMPLOYEES MARKET RESEARCH AND PUBLIC OPINION POLLING 2,782 31.16% RANK COMPANY NUMBER OF SHARE EMPLOYEES MEDIA REPRESENTATION 1,019 11.41% 1 GFK BULGARIA INSTITUT ZA MARKETINGOVI 617 6.91% IZSLEDVANIA EOOD 2 IPSOS EOOD 279 3.12% 3 ACNIELSEN BULGARIA EOOD 209 2.34% 4 BRIGHT MARKETING RESEARCH OOD 174 1.95% ALLOCATION OF EMPLOYEES BY INDUSTRY'S SECTORS 2,782 5 EMAG INTERNATIONAL OOD 131 1.47% 6 BERLIN-CHEMIEA. MENARINI BULGARIA EOOD 126 1.41% 7 KMSG EOOD 108 1.21% 8 ASTRAZENECA BULGARIA EOOD 101 1.13% 9 TITAN GATE AD 87 0.97% 10 AGURA AND CO EOOD 85 0.95%

1,019 The Advertising and market research industry is the 54th largest employer in the country with 8,929 employees with the largest employer being Retail trade, except of motor vehicles and motorcycles with 222,070 and Extraction of crude petroleum and natural gas at the bottom with 28 employees.

The Advertising and market research's share in the country's total employment was 0.38% in 2018, 0.50% in 2017 and 0.47% in 2016.

We expect, based on the trend in the last three years, the number of employees of the Advertising and market research industry to change at a compound annual growth rate (CAGR) of -1.17% in 2019. Advertising agencies 5,128

Market research and public opinion polling Media representation

The analysis on companies' sizes by the number of employees, shows that 1548 firms have less than 50 employees*, 16 have between 50 and 250 employees* and 2 companies employ more than 250*.

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

COMPANIES IN THE INDUSTRY BY SIZE IN TERMS OF NUMBER OF EMPLOYEES 1 600 1 548

1 440

1 280

1 120

960

800

640

480

320

160 16 2 Small Medium Big

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

The industry is represented by the following companies

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STOICHEV ART EOOD EY EM DIZAYN EOOD SMART COMMUNICATIONS EOOD ROY KOMYUNIKEYSHAN EOOD INOTEH INVESTMANT END KONSULTING CREATIVE GROUP BULGARIA OOD ET MULTI-KOMERS - VALERI YONCHEV STUDIO PALITRA EOOD KAMPANI EOOD SISTERA GRUP EOOD BORIL GROUP EOOD PLUSTEN EOOD KD PRINTING EOOD DEYNIAL EOOD AWIVV EOOD M KOMERS OOD B AND CONSULT EOOD FROG 1 EOOD AGITACIA I PROPAGANDA OOD AERO VIZHAN SANDANSKI EOOD UNI COMMERCE BULGARIA EOOD ZONA PI EOOD ELEGANS END KO EOOD ETARGET EOOD VILEYA EOOD MAGS MOBI EOOD WEB PODARATZI OOD AKADIA KONSULT OOD PACHETO PERO EOOD ET DONA-13 - DONKA ATANASOVA LUXOTTICA SOUTH EASTERN EUROPE LTD MV RIAL VIZHAN OOD DN KONSTRAKSHAN EOOD BORD MEDIA EOOD PRIMA ZAREV EOOD SUN OUT - OF - HOME MEDIA OOD ALPHA OMEGA 141 EOOD PRO BONO PUBLICO EOOD MEDIA CONECTION 10 EOOD OPEN MINDED EOOD RIA SPEKTRA EOOD BYURO ZA MEDIYNI KONSULTATSII EOOD NOVITE STROITELI. BG EOOD KART-T EOOD DARA KOREKT EOOD PR AVENUE OOD YARKI TSVETOVE EOOD BRIGHT MARKETING RESEARCH OOD BLACK& RED EOOD SERDIKA FILM STUDIO EOOD SOFT KONSULT EOOD AY VI TREYD GRUP EOOD REFLEKS PRINT EOOD HYPE PRODUCTION EOOD AMADI EOOD VESELINOV MARKETING EOOD DAKS MEDIA AD ET PARTNER BULGARIA - MAGDALENA HRISTOVA SB NETWORKING EOOD CHISPIS EOOD LAYM RISARCH EOOD MADE IN SOFIA OOD RIIG OOD IMPRES EOOD ZING EOOD LZ MEDIA OOD FRESH KETARING EOOD CREATIVE EDM EOOD HELLENZONE EOOD RA ZENIT OOD OGILVY SOFIA OOD WEARTE GROUP EOOD SADEM EOOD BTL AND TRADE EOOD GSM WEB EOOD STUDIO Z EOOD TANDEM 99 EOOD VIA PONTIKA MEDIA OOD RU KOMM DZZD AYDENTIDEM EOOD PARFORM VENCHARS EOOD ET IZVOR - M RELAKS TREYD EOOD DRIVE ADVERTISING EOOD INSIDE PRINT MEDIA EOOD MEDIDEAL EURASIA EOOD DZUFAI EOOD MCCANN ERICKSON SOFIA OOD K R 2015 OOD REKLAMNA MREZHA 5 OOD VOKS 1 OOD ADVERTISING END MARKETING SOLUTIONS PRO COMMUNICATIONS EOOD EOOD DEVELOPMENT AND CONSULTING EOOD SELECTA BG EOOD MATILDA EOOD ALANA DESIGN OOD OT-DO CONSULT EOOD STARTUP MONSTERS EOOD BURZHOAZIA OOD LIRATECH EOOD ET RUMYANA KARAGANCHEVA-AVD NEW BRAND TEAM OOD ET STUDIO-GRAFIKA-STOYAN GANCHEV IVAN KUOLITI EOOD ZNANIETO EOOD REKLAMNA AGENTSIA SOFIA K OOD SANI I YOLI EOOD VAKOM OOD WEBRO EOOD ARKAS - NRD EOOD PAULA 1998 EAD BI FEAR OOD JCDECAUX BULGARIA EOOD ADVERTISING FACTORY GROUP OOD INSIDE AND OUT EOOD DAILA STIYL EOOD THE COMEDY CLUB EOOD DZHOYS RA EOOD RED VERTEX - PLOVDIV OOD AGROTECNOLOGI EOOD BUSINESS LADY CLUB EOOD AVES EOOD CLICK MEDIA BG EOOD GENDAR EOOD BALANSIA EOOD WHY NOT PRODUCTIONS EOOD FAM SOCIAL EOOD E-NERGRIYN OOD NATIONALNA AGENCIA PO PR I REKLAMA- LG GRAFIC OOD TALENTMEDIA BULGARIA EOOD PARADIGMA OOD NEW STYLE 09 EOOD PREMIER PLYUS EOOD PROTEMA EOOD ET ISKREN SHOPOV PROMO POINT OOD BI VI STUDIO EOOD GALUNI EOOD ACCESS NEW SYSTEM EOOD MEDICAL ADVISOR EOOD LIUKI EOOD AYA PRES OOD A EVENT EOOD REIN OOD GRANAT PRINT OOD GRAVITAS COMMUNICATIONS EOOD REKLAMNA AGENTSIYA KOMETA EOOD 3 SPOTS EOOD REMARK CONSULTING OOD HEADLINE EOOD ADD IMAGE OOD ELITIKO EOOD ET G I G - ZAHARI GESHEV MEDIA POOL SOFIA EOOD EGG BLAST EOOD HAYBILD EOOD ET REKLAMNA AGENTSIYA LINKLAYN - MILEN MYWORLD BULGARIA EOOD ARTEO OOD KIRILOV KROSS ROUD MEDIA EOOD DESIGN IMAGE CO EOOD GID MEDIA GROUP OOD PROPARTI TIM BG EOOD BTL MARKETING EOOD FUNKAL EOOD STAVES BULGARIA OOD SHALOM OOD ART MEDIA OOD GEORGIEV MEDIA EOOD POLINA 2000 OOD NAGORO EOOD BRAND AY KYU GRUP EOOD MAGAZIN INTERIOR BG EOOD KAUZA PRO EOOD ONE IDEA PLUS EOOD CHERI - EKO VILIDZH EOOD PUBLICITY EOOD NEW SIGN EOOD INFO BUSINESS NETWORK EOOD SMART-D EOOD VEX 1 EOOD LOBI MAX EOOD EOS PHARMA COMMUNICATIONS EOOD DZZD VIZIBAL EVROHART EOOD SKY PRIZE OOD IMAGE FACTORY EOOD 3D PRINT OOD ELIZA PALAVEEVA 2018 EOOD BALGARSKI RISARCH TSENTAR EOOD ART PIKCHARS AD PUBLICHNI REGISTRI I INFORMATSIONNI PORTALI EOOD CHRISTIOR OOD AGRO TRON KONSULT EOOD PANDORA ADVERTISING EOOD ASTRAZENECA BULGARIA EOOD BSTD CONSULT EOOD FRONT RUUM OOD ETIKETI EOOD LIO- IVENTS EOOD HYPERSELL OOD BOLBEK EOOD ADV AGENCY OOD BALKAN BRITISH SOCIAL SURVEYS AD PROGRES 74 EOOD EOOD MEDIKA 2016 EOOD DIGITAL ME EOOD INSIDER EOOD PI AR AGENTSIA LOBI OOD ET TIM - MIROSLAV VARBANOV VEKTOR STUDIO EOOD ADVERTISING AGENCY KIWI OOD ROLL COMPANY EOOD BUKA EOOD TM VISION OOD ADVERTIGO EOOD FOR E DIRECT EOOD RS 1 EOOD ET DOBI 2000 - DOBRINKA HRISTOVA TRIBAL WORLDWIDE OOD ESTIR-M EOOD NEW IDEAS PARTNERS EOOD SAVION RAY EOOD ADAK - HET OOD PRO DESIGN CONSULT EOOD ZETATECH -BELITASH OOD BI EYCH PI EL EOOD BERIONNA OOD DEKART REKLAMA I MARKETING EOOD VI ES BULGARIA EOOD TGK YUNITS EOOD ET VESKONI - VESKO VALKOV ACTIVE MEDIA EOOD TAMRIN EOOD JMS CREATIVE EOOD EK GRUP EOOD SOTSIATOR EOOD VIVA VISION OOD ENKELI EOOD ON THE SPOT EOOD NEW CITY IMAGE EOOD OBELISK-DESIGN EOOD LOGO DIZAYN OOD IN STUDIO PICTURES EOOD IZI.DOK EOOD ADVARTAYZ BG EOOD PRIMATY OOD VITOSHA MEDIA GRUP EOOD BIOBOARD EOOD ET SIVILIANA-S - SIVILIANA KOTLAROVA MN BROKER EOOD STUDIO BLIK EOOD YASARLAR- BEYHUS OOD DZZD VI PI STOEKS INVEST EOOD BENT OOD LIBERIA NET EOOD FEAR-GRUP EOOD EXACTA RESEARCH GROUP ERG EOOD 12 SeeNews Industry Report

SMART BUSINESS BG OOD INFINITY SET EOOD CELIA EOOD KOLOBYR BULGARIA EOOD IMIDZH REKLAMA DZZD INOVEYTIV MEDIA AD GALERIA ZH EOOD PETKOV ADVERTISING EOOD MAKSART OOD SNOUFLEYK EOOD TVORCHESKO STUDIO CHERNA OVTSA OOD OUTDOOR MEDIA SERVICE EOOD VREME I PARI EOOD INSIDE MANAGEMENT EOOD POD TEPETO OOD FRIENDS AND PARTNERS EOOD ALEKSIMA EOOD NIYAMAR STUDIO EOOD INSELL CONSULT EOOD ADRIAMET OOD TSVETNA IDEYA EOOD FLOCK MEDIA EOOD MIRSOFT SALYUSHANS EOOD FACTOR 42 EOOD AKSIS PRINT EOOD NEXT DC OOD SONIKA SONYA KOTUKLIEVA STEFANOVA ET SHEST 2004 EOOD VI AY DZHI IMIDZH OOD GRUPPO TESSIL BG EOOD LSP EOOD DI END DZHI 2016 EOOD PROMO M EOOD CREATIVE MARKETING GROUP OOD BAMBI 57 EOOD EKO TUR SARVIS EOOD GLOBAL BUSINESS GROUP OOD MEDIA CONSEPT EOOD RARA AVIS EOOD B WORKS EOOD THE ASIA PLATFORM OOD SOVEREIGN INVESTMENT GROUP EOOD KVA EOOD ISKRA EKSPORT-IMPORT EOOD ELFI 1 EOOD SICRET CLIENT COMPANY-CPP EOOD GOLDAN ADID KAMPANI EOOD IMAGEART DESIGN EOOD CREATIVE IDEA GROUP EOOD STUDIO DRIYMTAYM EOOD ADVEA EOOD HEEL HRISTO ENEV ET NMR OOD ASIS LILYANA SMIRNOVA ET ATELIE NOZHAROV EOOD REKLAMNA KASHTA NJUANS + EOOD UIZARTS OOD NEOLAYT OOD KOSTADINOVI-KR OOD CHAROVNATA DIKTATORKA EOOD ET EKSAYT - STOYAN STOYANOV IDEI ZA IDEI EOOD ZELENO BG EOOD DZHAFEROVICH EOOD GALLERY PARTNERS EOOD ALUSAN OOD GREAT SOLUTION OOD YURAP TREYD GRUP EOOD 957 OOD ET HAVA - HARALAMBI GENCHEV HOLSTEM OOD CEE TV OOD UIND REKLAMA EOOD AKROM - DELCHEV I SIE SD M.T.TESERA PARTNERS OOD X CREATIVE EOOD AWE VOX ADVERTISING AGENCY OOD DENTSU EGIS NETWORK BULGARIA OOD LYUTI CHUSHKI OOD STAR EUROPE EOOD BERA EOOD RED CREATIVE EOOD SMART ARTS EOOD GRILUOLKAR EOOD MEDIA PLUS ADVERTISING AGENCY OOD BLM ADV EOOD BLACK DOG SOLUTIONS EOOD U P R EOOD PASITA MEDIA OOD QUANTUM BG EOOD EDYUMARKET EOOD SUNRISE TOURIST & TRAVEL SERVICES EOOD STIKI ART EOOD ET ARTMAN - LIDIYA ZLATEVA TRANSPORTNA REKLAMA DZZD MAXI MARKET EOOD GOLDENBURG ORGANIZATION EOOD EAST WEST MARKETS EOOD STUDIO 2 EOOD BUL MEDIYA SOF EOOD EXPO PROJECT EOOD ET PROFIT - LAZARINA BOGOEVA VAREKS EOOD GRIFO DESIGN EOOD PRO GARD OOD DZZD VAYPAR VP ONLINE OOD GRAVEL OOD AUTO TIYM REKLAMA EOOD KINOKLUB OOD MEGA PLAN EOOD STRATA NOVA AD LISVAY OOD IDEA COM AD CHAPKANOVI KONSULT DZZD MKMD OOD GRAND ATTAK EOOD PRIMEX MD EOOD STEFANI REKLAMA EOOD GOLF EF EKS EOOD TRAVEL POINT EOOD ET MILKOMA - MILKO IVANOV PRODZHEKT STROY INZH EOOD TI ER ES STUDIO EOOD ART CARS OOD KIK - VT EOOD SK PRO SARVIS EOOD ET REKLAMNA KASHTA - STOYAN DAKOV BOMASI TEH EOOD HEADLIGHT COMMUNICATION EOOD PREM EOOD AVENYU MEDIYA EOOD PRO SOLUTION EOOD ARGENT 2002 OOD STARS MEDIA DZZD RAYTS - 2 OOD ARDOR IDEA EOOD MEDIA PLYUS OOD MS SOFIA EOOD MILENIUM SALYUSHANS EOOD ET FIESTA - NIKOLAY ANTOV CALIFORNIA SUN OOD INTERGRAFIK BG OOD PINK YELOU MI EOOD ALEGRA EOOD FREA TREYD EOOD ADVERT END DESIGN EOOD ET MARTIN IVANOV MEDIA DUO EOOD MODERN WORLD STUDIO OOD ANASTASIA 21 EOOD UEB RISARCH EOOD VINIK 10 EOOD INFOTO BG EOOD AGURA AND CO EOOD CM ADVERTISING OOD DZZD KOLEV I SIE TALENTO OOD EPIQUE STUDIO EOOD STOBI MAKLTD EOOD PLAMKOLID OOD ACTUAL DESIGN EOOD BREEND EOOD INNOVATION GROUP EOOD EKO TRAPEZA OOD ADDICTED 2 EOOD ART-A OOD BOMANO EOOD ATUM REKLAMI OOD V-ARTS EOOD ZANGA EOOD VEDA BG OOD METAL PRINT EOOD DIZAIN INZHENERING OOD TAMAYA BG EOOD INFO FOR YU OOD IDO DESIGN OOD AKSI AEROLIT EOOD PRO OUTDOOR EOOD KALCHEV DESIDN EOOD KING OF EUROPE EOOD DIZAYN BG KAMPANI EOOD MARION 22 EOOD QED OOD RED POYNT KAMARSHALS OOD KART GROUP EOOD NIKI RASHKOV 2003 OOD 101 MEDIYA OOD DANI VALENTINO OOD KADIAS EOOD IDEA FABRIKA OOD ZEN STUDIO OOD KOTA 97 OOD PAM AYDIAS EOOD ANELIA STOILOVA OFILOVA ET FIVEPOINTS BULGARIA OOD KOLELTSE EOOD AGRO MMB EOOD LVH EOOD INFO KLAS OOD SKY NET MEDIA GROUP EOOD DI PI END DZHI ADVARTAYZING EOOD TAURUS ADVERTAYZING EOOD A I D 2008 EOOD GOCIBO EOOD STUDIO MOTIVI OOD URENTA EOOD VERITAS DZZD SISTEMA ZA AGROPAZARNA INFORMATSIYA FOREX FORUM EOOD BULPA EOOD PIZA BORD COMPANIA OOD EOOD UNI ART OOD RIVA-3 EOOD INBOUND MARKETING BG EOOD NOVA BG EOOD MARIOTT ART EOOD SNOWBALL EOOD HUB AHEAD OOD ONLINE REKLAMA EOOD BUUST OOD K DIDZHITAL EOOD WINNER '' S EOOD LUXTRIN EOOD INTERNESHANAL TREYNING END DIVELOPMANT MASTAR ADV EOOD MEDIA HOUSE BULGARIA EOOD NADZORKOSULT BG OOD TSENTAR OOD PERSTUDIUM EOOD NEW GRAPHICS RUSE EOOD MAYER EOOD ULTRAMEDIA OOD TRIUMPHS EOOD ET DI I KI-DIZAYN - VERGINIYA HRISTOVA DRIYMART EOOD EUPANELS INTERNATSIONAL EOOD LEVAL AP STUDIOS EOOD ADVORTEKS OOD AMBAR VIZHAN EOOD EURO R S C G SOFIA EOOD TIM BILBORD EOOD ET NIKER - NIKOLA KERTEV MEDIA GATE EOOD VIP COMMUNICATION EOOD LA MADDALENA EOOD SINDI A7 EOOD AGUSTA 89 EOOD TARGET SOFIA EOOD RENUANS EOOD ROTMEDIA OOD FORMSCHLAG EOOD ET LOGO - NIKOLAY NIKOLOV ET YANA - ALEKSANDROVA KOSMOVSKI EOOD JD MARKETING SOLUTIONS SPLTD EOOD MT REKLAMA EOOD BSG MEDIA EOOD NEW GIFT EOOD KMK R EOOD VITA MEDIA NET KAMPANI EOOD 13 SeeNews Industry Report

YELLOW MARK OOD BINAGRI EOOD IP ADVERTISING EOOD TEA DIZAYN OOD NIGANI OOD BIONOKS DISTRIBYUSHAN OOD KIT STUDIO OOD HEALTHY LIFE EOOD MAKSOFT EOOD ELESTRA D EOOD YANTER EOOD NO ANALOG EOOD DIGIKON EOOD TAVIS GRUP EOOD RENE ADVERTISING OOD BG ART DEKOR EOOD BULMAKS PRINT EOOD AGENTSIYA 166 EOOD SMART VISION EOOD REDVERT OOD RAPTOR TRADING EOOD BG PLAKAT EOOD S AND N ART OOD EPALGARD LIMITED EOOD PIXLESS EOOD MAKS MEDIA BULGARIA EOOD ANSI - EF OOD NYU GLOBUS NYUZ EOOD IMPRIMATUR EOOD MARKETING ESSENTIALS EOOD ENGAGE LAB OOD GOEXPERIENCE EOOD DEVAL-M OOD MIRARO TREYD EOOD ZHELEV I KO OOD VEL EOOD ET RIBOLOVNA MANIYA - ALEKSANDAR VANDEV NEW MOMENT NEW IDEAS COMPANY OOD COMMUNICATIONS MEDIA EOOD TOM TARGET OOD NEW ASSIST BULGARIA EOOD SMART PIXEL EOOD STUDIO GRA EOOD KLINIKOM INTERNATIONAL OOD ARCA-LTD OOD F C B SOFIA EAD ANATOLIA - 2009 OOD IMIDZH REKLAMA EOOD ESTEO EOOD ALIANSI EOOD PINBOX EOOD ET LYUBOMIR BUCHINSKI WEBVARIANT EOOD NEW WEB EOOD MARKET SARCH EOOD AD SPOT EOOD EASY WORKS BG EOOD KALVI - KALCO KALCHEV ET ADVARTAYZING KEAR OOD MEDIA KROS EOOD FLASHPOINTS OOD VASCONY DECOR EOOD LOCALS OOD REDZOUN EOOD MEDI NA OOD PRINTERO EOOD STUDENT & YOUTH IDENTITY CARDS (SYIC) OOD AD ASTRA KRIEYTIV OOD USPEXAT EOOD ORMA ADVERTAYZING EOOD AGENTSIYA FORUM BULGARIA OOD ROSBULINVEST OOD ICON EOOD LESINVES EOOD MED COMMUNICATION EOOD VIP SHOP OOD DIAGEO BULGARIA EOOD KINETIC TRADE EOOD B BRAND OOD ET EMANUIL NOVACHEV - 502 LETI VIOLETA HADZHIEVA ET CHAPARA EOOD PLEYOFMEDIYA EOOD BULMEDIYA NETUARK OOD INVEST KOMM OOD BRAND QUADERGY BULGARIA EAD FINANSKONSULT EOOD VANILA ART EOOD ADVERTISING SOLUTIONS EOOD UNIFORM DESICN EOOD FAMILY DESIGN EOOD AVANTGARDE OUTDOOR EOOD STINKY OOD ET SIMONA 93-SV-SIMA VASILEVA ET VOLAN - SALIM HALIM KONTEKST EOOD OH YEAH OOD SILVAR 2000 OOD GOLD KOM OOD LOS CONSULTING EOOD SOLARIS 95 OOD FREE DANCE AGENCY EOOD DZZD ART VIZHAN PLUTON DEVMART EOOD FAIR ENOUGH EOOD FAST GROUT SALYUSHANS EOOD BLUE ADVERTISING OOD SAKSESO EOOD KEY EVENTS AND COMMUNICATION EOOD GLOBAL BROKER CONSULT EOOD DZZD PROLIDIABET VATIDI EOOD OT IGLA DO KONETS EOOD IVO PANAYOTOV KONSTANTINOV EOOD KREDIT POYNT OOD BRANDINO EOOD ECO LINIA DIRECT EOOD PRINT ARENA OOD OM SOFIA PR EOOD RVV2010 EOOD EMKA DIGITAL EOOD GLOBAL TREYD SOLYUSHANS OOD ESL EOOD STUDIO MOZAYKA EOOD TANGRAM BG EOOD ASENOFF CREATIVE EOOD CEZART EOOD FINANSI, BIZNES, SOFTUER OOD PLUTON 2 EOOD INSANE 51 EOOD TEN TIGERS EOOD PUBLICIS AD AMNET BULGARIA EOOD SAURA OOD INSAYD BG OOD SPOT.KOMM EOOD HORN AGENTSIA OOD BK DIZAIN EOOD CYBERLEADS EOOD GUGUNSKA EOOD GEORGI STOYCHEV -UNI ET ALIZAR PRESS EOOD VENOS TRADE OOD MEGA ADVERTISEMENT OOD TOTAL COLOR EOOD ADHOK MEDIA EOOD ADEKS SALYUSHANS OOD LICATA NA GRADA OOD MAGAZIN INTERIOR EOOD ALTERNATIVE DESIGN STUDIO EOOD ART MYG OOD ORINGE GRAPHIC OOD AVISIMA OOD SI MARKETING EOOD GANCHEVI 21 OOD WEB DEVELOPMENT GROUP BULGARIA EOOD HOROS 5 EOOD OLE OOD ART DESIGN EOOD UE OMEGA SERV EOOD E-DEA EOOD MEDIYA SOLYUSHANS EOOD ALEKS DELTA ADVARTAYZING OOD WOLF MEDIA BRUTAL EOOD NETIVE KIDS OOD CONSISTA EOOD NEKSUS EOOD PROGRESS - CONSULT EOOD NEW ADVANCE ADVERTISING EOOD NIKEA - 325 EOOD TOPLINE BULGARIA EOOD EPARI EOOD BE ADMOSPHERE EAD K WAY EOOD KONTSEPT ART EOOD MASTILO - MN OOD TOTALLY BULGARIA OOD GREYA EOOD BIG BRIGHT EOOD DUNARYA PUBLICHITATE EOOD STUDIO IDA OOD PIKS IT GRUP OOD ALEBOR P.R. OOD ET ANTIA PRES - ANTONIYA YANKOVA EIGHT MARTIANS EOOD PROKSIMA TREYD OOD BELLA INS EOOD FULLSTOP OOD PYUAR MARKETING EOOD MARKET TEST KONSULT EOOD ALITA EVENT 2012 OOD DI AY VI 2016 EOOD BEYTER KOMYUNIKEYSHANS EOOD MELISSA DNS OOD VARNA-OUTDOOR MEDIA EOOD MANTIS EOOD AK MEDIA DEV GROUP EOOD REVILO TREYD EOOD CHOICE OOD MAGNIMEDIA EOOD ALEXINVENT EOOD LD GROUP OOD ASENINA OOD SEVTESTEYT EOOD PIAR I PIAR EOOD EM.BI KONSULTING SARVISIS EOOD VICES EOOD KOMITOV MIROSLAV KOMITOV ET EKO-ZEVS EOOD VILA TURS OOD PURE MARKETING CORP EOOD ET SAYN - DIMITAR KARABAHCHIEV SADZHESTED EOOD OUTFRAMES EOOD VIZIA 05 EOOD MEDIYNA GRUPA EVENT MANAGEMENT EOOD KTS TREYD EOOD NE.FIRMA OOD ISKAM POCHIVKA OOD ART PRODUCT BG EOOD TAILWIND EMEA EOOD ROUNDERS ORG EOOD CHONEV KONSULT EOOD BI DI DIDZHITAL EOOD BULTOP PRINT EOOD DZHINDZHAR ART EOOD PASITA MEDIA EOOD NOVUZ MEDIYA OOD ADLAB OOD SELVI EOOD A L M GRUP EOOD IPRES EOOD INTERNET ENTERTAINMENT SOLUTIONS EOOD RED LEMAN MARKETING OOD DEYA STO EOOD KORONAX EOOD EN.EM.DZHI.KONSULTING END ADVAYZING NEDA - ART EOOD KRIKTECH DISTRIBUTION EOOD KAPINCHEVA EOOD EOOD KREATIV KONSULT I KO OOD MOOREA DZZD INFORMAZIONEN PAZAR EOOD REKLAMNA KASHTA MEKA M OOD ET SATVA - SVETLOMIR MARINOVSKI PEPE 152 OOD TANGRAM MEDIA OOD FARCO ADVERTISING EOOD TARIM EOOD SM 66 OOD TREND FIELD WORK OOD MEDIA TIYM OOD S.N EVENTS EOOD MAMMA MIA BULGARIA EAD MEGA 1 EOOD AEGIS BG EOOD INOVEYSHAN PLYUS EOOD ET MAGIAN 2016-PETYA KUZMANOVA PRINTHUB EOOD ET GEOKOM - GEORGI VLADOV 14 SeeNews Industry Report

PINARBASI OOD FLUMEN EOOD NOVOTIK JWT SOFIA EOOD MITADLTD EOOD PR IDEAS EOOD KORALI 9 EOOD VAS ART EOOD FIL-2018 EOOD P2P EOOD NEOLAYN EOOD VM AGENCY OOD BORVITA OOD ESPRIT EOOD NSA BULGARIA EOOD HARMONY WAY EOOD FLEXMEDIA OOD PRINCEPS GROUP EOOD VIMONT EOOD M& D MEDICAL PROJECT EOOD ARK-BULGARIA EOOD IRON BEAUTY OOD ANIMA ARTS EOOD VERITAS REAL SOLUTIONS OOD MAD LIONS EOOD EDZHIYAN MIDIA EOOD LAYF ET SITI EOOD WIA LOG EOOD DIGITAL TEMPLATE OOD TRAFFIC BUL OOD SIMBOL MEDIA GRUP OOD OID EOOD ASA PROBAT OOD MEDIA INTERACT EOOD AKTSENT REKLAMA OOD GD STYLES OOD INT-EKS DIZAYN EOOD GLORIA OOD M E N D EOOD LIQUID MOTION EOOD REALITI BAYTS EOOD ENIGMA TECHNOLOGY AD EXPART COM EOOD VERBUNG EOOD STU EOOD ANDY-MG EOOD TEZI OOD INTOIT BULGARIA EOOD ART VIZHAN PRINT DZZD INDEZ GOLD EOOD OKIDOKI BG EOOD BALON BG EOOD SMART POINT BULGARIA EOOD I MATRIX OOD BRISTOL OOD TENERIFE 18 EOOD R & R - 13 EOOD CUROS KING GROUP EOOD NIKA EXPORT 8 EOOD KALENDULA SARCH EOOD VM STUDIO OOD ILCHEV 21 OOD SWING OOD SOLAIR EOOD DIMANDI EOOD NS IDEAS EOOD MASTILO 22 OOD TOTEM KONSULT EOOD MAILBOX EOOD DIZHITAL POYNT OOD DIESAR OOD UMOTI EOOD ADAPTIV KOMYUNIKEYSHANS OOD GLEYA EOOD ET BSB - BORISLAV BOZHKOV ODRA DESIGN EOOD PR GRUP DZZD DISCOVERY COMMUNICATIONS BULGARIA EOOD MICRI-M OOD NEVERMIND GENCY EOOD ARCELORMITTAL COMMERCIAL LONG BULGARIA JOANA 4 EOOD ASTORIA GARDEN BULGARIA EOOD STOEVI MLM EOOD EOOD WASABI EOOD WEEKPRESS OOD YUTON OOD WEST TRADE EOOD DZZD MODUS STAKS OOD IMAGE GROUP AGENCY EOOD INFOPRINT EOOD ENIGMA DESIGN GROUP OOD SHIP SHAPE EOOD EXPO-TEAM OOD VERTRAD EOOD HERMES MEDIA ADVERISING AND CONSULTING DA MEDIA CONSULT EOOD BEGEMOT NETUARK OOD U PRO EOOD EOOD PI END SI INTERNESHANAL OOD EKSPARTS KOMYUNIKEYSHAN OOD M CHEROUVEIM EOOD KUNZ OOD TIM INVEST OOD JAZZONY EOOD MIM STUDIO EOOD IRIS EOOD SERPACT EOOD M - STROY KANSTRAKSHAN EOOD VEKTOR IG MARKETING I REKLAMA EOOD MARKET FOKUS EOOD SEOSOF EOOD DESIGN DEKO EOOD BLU ART EOOD FRUIT EOOD INTER SISTEM KONSULT EOOD D& T EOOD MV-REKLAMA EOOD MALL MARKETING OOD SIGN R EOOD NDMT EOOD SITI OOD AGK COMMERCIAL EOOD PROIKON EOOD LAS & CO EOOD BIES DRIYMS EOOD D I G MEDIA KAMPANI OOD KLEFFMANN & PARTNER - BULGARIA EOOD NOVA MEDIA OOD VESTAVE 17 EOOD TOP ADVERTAYZING TIM EOOD DIZAYN PLYUS 2016 EOOD ASBY INVESTMENTS 2012 EOOD REKLAMNA AGENTSIA AB ANELIA MINKOVA ET BRAND STAR EOOD BANDA DESIGN STUDIO EOOD DELTA KAPA 58 EOOD IVAN GEORGIEV R DIZAYN ET EM KO OOD TARGET B2C MKT EOOD CROSSPLATFORM DIGITAL EOOD TRIBYUN MEDIYA IVENTS OOD KRALSKA T OOD TREND GLOBE EOOD MERK SHARP & DOHME BULGARIA EOOD TREYS KOMUNIKEYSHANS OOD KAPTIKO OOD VIRGO 25 EOOD VBA OOD V CONSULTING OOD ART COLLECTIONS - RESEARCHS OOD IVAILO KOLEV ET CRITICAL MIX BULGARIA EOOD MEDIYA VEST EOOD GLOBALNO TRAVEL OOD AVANGARD SIGMA EOOD TOLG EOOD ENTER VIEW OOD E G I EOOD INTERACTIVE ORB OOD BITEK EOOD SITY VISION OOD SPEYS ART DIZAYN OOD ARCON NET OOD MITRA PR OOD ET BARSALA - TIHOMIR TONCHEV ART DIZAYN 08 OOD GLOBAL DIGITAL EOOD LILI DIZAYN EOOD MG-PRODUKT EOOD ARMADIA EOOD DEFILETO EOOD MAX MEDIA GROUP EOOD ET DENSI NO DENTATSU - MARIYA MLADENOVA BERLIN-CHEMIEA. MENARINI BULGARIA EOOD PANDA EXPERT EOOD VP CREATIVE GROUP EOOD MM AVIATION EOOD PARADAYS TREYDING KAMPANI EOOD DZHIY PIY DZHIY - GEORGI GEORGIEV ET UNIVERSAL-IPP - TASEVI I S-IE SD VESTA MD EOOD CONTRAST 97 EOOD PENKA GUGOVA 47 EOOD POLIN VIP OOD ET RUMATEH - RUMEN KARDZHEV SOLFAR OOD RIKART - MM EOOD DZZD DISPORT HAVAS GROUP BULGARIA OOD NEATIV EOOD PIKTOGRAM EOOD EK - PLAST OOD VI ES VIZHAN 2018 EOOD PRIM DESIGN OOD MAGIC CONSULTING EOOD 2B FERMCONTROL EAST EUROPE EOOD JARK EOOD STEFANI 1982 EOOD ANIMACHO EOOD MEDOKEMI LIMITID INTERACTIVE REBEL EOOD DIPLEX EOOD GEPARD-MM EOOD BORRA STIL EOOD VERITAS PR EOOD COSMO EXPERTS EOOD DOSPI STUDIO OOD BASE FACE EOOD STILO BG EOOD ANCOR A GENTE EOOD SOU FAR EOOD SKYLINE MARKETING OOD VITRIOL MEDIA EOOD ADVERTISING PILOT EOOD POINT BLANCK OOD HENEL EOOD ASTRA - PRINT EOOD WM STRATEGY EOOD ET MULTIFORM-PENCHO PENCHEV HERA BUSINESS SERVICE EOOD MERI ADVERTISING EOOD DOVERIE GT EOOD ET GRIYNFYUCHAR VENTSISLAV MITEV LIVE MEDIA INTERNATIONAL EOOD UIN YUGOIZTOCHNA EVROPA OOD GRAVITY O EOOD OPTIMISTIC EOOD OMEGA PRINT OOD ALEKS DIZAYN GRUP 2 OOD ASPEKTA OOD MAKS DIZAYN OOD KODESTA EOOD DZHURASIK - 2 EOOD KEY KEY PI EOOD ICE DESIGN OOD VISTAPRINT BULGARIA EOOD RAPID TRANSPORT EOOD ALFA GRUP KM EOOD STUDIO PIK DIZAYN EOOD KONTRAST 2018 EOOD FENCY - MM OOD SILFIDA OOD ARHSTUDIO - A EOOD LA TORTUGA VERDE OOD PRINT MARKETING GMBH & CO.KG KD SITOSTIL EOOD FARCO EOOD M A CONSULT 05 EOOD AGENTSIA ZA PROGNOZI I ANALIZI EOOD REAKT BG EOOD NIBA EOOD N G B EOOD 10X EOOD PUBLIC BOULEVARD EOOD SAIDAR EOOD ET DELTA - TSENO KIRILOV KOREKTA REKLAMA OOD 15 SeeNews Industry Report

SI DI MEDIA AKTSIONERNO DRUZHESTVO ZA WRITEHEREASME INC MEDIA CLUB OOD MARKON GRUP OOD TARGOVIA I REKLAMA NA SOFTUER I OPTICHNI COOPMEDIA OOD MAG COMMUNICATION EAD ONGAL ADS OOD SISTEMI ZA MULTIMEDIA A TEAM OOD SHOU END TEL OOD NEW WAVE 2 OOD UPMARKET SOLUTIONS EOOD EVROSTANDARTI EOOD HRIMA KO OOD BUSINESS & SELL OOD VEKOVTRANS EOOD EGO 1 EOOD VINALP EOOD DECODESIGN GROUP OOD MAKSKOM - INVEST EOOD EMBIANT MEDIA PUL OOD FUZIYA DEKOR EOOD WEB POWER OOD SHAKER ADV OOD KTS GRUP OOD GERI SVETI VLAS EOOD YULISTEF MARKETING OOD ALDUS OOD UTR3 EOOD COMPLECT INVEST EOOD TD POYNT ZIROU EOOD EVERKOMMOLILES OOD AV DESIGN STUDIO OOD AY EM KOMYUNIKEYSHANS EOOD EVOLVIEW EOOD FUTURUM EOOD AGRO INS - RUMEN LAZAROV ET ROMFEA NEWS EOOD CREATIV- AM EOOD ND ADVERTISING EOOD INTELIDZHENT BIZNES SERVISES OOD 359 GROUP BG OOD ONE STOP SHOP EOOD KOMART EOOD DGC EOOD AS ADVERTISING OOD EVOL-T EOOD EKSPO 2018 EOOD ET EZOP - MARIN MARINOV MARUSYA OPUS ADVERTISING EOOD KONSALTAYTI OOD SLIDE EOOD MARINOVA REQUEST BG OOD IRIS89 COM EOOD PRIM NET OOD PRAIMSS KOMPANY OOD STROY SISTEM-75 EOOD IV DECOR EOOD KUANTUM INTERMED EOOD UJS EOOD XCO PUBLISHING EOOD KAUZA KOMYUNIKEYSHANS EOOD DIEN REKLAMA EOOD AKB ADVERTISING OOD QUATTRO ASSIST EOOD IMPRESSIVE EOOD ADVARTAYZ OOD TRICKY EVENTS EOOD MAX COMMUNICATIONS EOOD ARIAL ADVERTISING EOOD DZZD FAENA EUROPEAN FASHION SERVICES EOOD POPINVEST EOOD BOETS.BG OOD BALKAN MEDIA OOD DIZAYAR EOOD DISPLAY ART OOD ICOM MEDIA GROUP EOOD ALFA RISARCH OOD PLEXI DESIGN ENGINEERING EOOD FYUTCHAR BRAYT EOOD L END K GRUP OOD UNIVERSAL-5M-STEFAN SOTIROV ET KONSULTING MARKETING ANALITIKS EOOD HOT PLEYS 2010 EOOD GALAKSI MARKETING EOOD DEDAL DZZD MAX COMMUNICATIONS EOOD NORGIPS VIRUS ADVARTAYZING EOOD OPTIMUM SENTAR IVA GEORGIEVA ET IGNATOV END SANS EOOD YANA 92-YANKA KIRPEVA ET KMSG EOOD ET YACHO-TREYD - 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DZZD GANCHEVA I S IE AR DESIGN OOD BIDZHOY EOOD BRAND SPIRIT EOOD KRAGAT EOOD GLOBAL ONLINE MARKETING EOOD FLOU AUT EOOD GMS CONSULT EOOD LATTA COMMUNICATIONS EOOD ANDI ADV OOD EKZAKTA EOOD UAY DIDZHITAL OOD VR MEDIA OOD GEKO MARKETING EOOD TANIKO EOOD STUDIYA TRANSMEDIYA EOOD BULGARSKO KINO ONLAYN DZZD ELI 13 ELKA LESOVA ET FABRIKU EOOD METROREKLAMA EOOD FULLBRAND-1 EOOD IMPRESIA EOOD M J FAULKNER & ASSOCIATES EOOD ALFA 201 EOOD ET PLUTON - PETKO PETKOV IMPULSE MEDIA EOOD BRIGHT PUBLICITY EOOD WHITE SCIENCE BULGARIA EOOD NEVA INTERNATIONAL EOOD OMS PRODUCTION EOOD EVROEKSPO KONSULT OOD ET SPEKTRAL-MIRELA HADZHIYSKA J-TEX TRADING AND CONSULTING EOOD PRINTACAR BURGAS OOD SKROL EOOD PFIZER LUXEMBOURG SARL BRANCH BULGARIA ET ELIAN - ZHECHEVA MODERN VISAGE EOOD FORTUNA DESIGN EOOD PROPERUS EOOD PASPALSKI - DELKO PASPALSKI ET NIKSTROY - 2012 EOOD DIMITRI TRAVEL EOOD GLOBAL COM EOOD MPG BULGARIA EOOD MM ADVERTISING OOD AD RAIN OOD IMOTI OOD 359 MODEL & TALENT MANAGEMENT OOD P D CONSORTIUM EOOD DIDZHITAL VIZHAN OOD RDS OOD M SOFIA EOOD MM MARKETING EOOD NACIONALEN BIZNES PORTAL EOOD DORS OOD NONA 89 EOOD N PARTNERS EOOD STUDIO X-1 EOOD REEKZE OOD AY TI EN GRUP EOOD PRO REKLAMA EOOD MAX SISTEM EOOD REBRIKA EOOD SDRUZHENIE STRATEGICHESKI ANALIZI I LSD EOOD VISART OOD CITY DICOR BG EOOD MARKETING MASTER MEDIA GROUP EOOD FABIEN-2012 OOD RIS PRODJECTS EOOD ADVERTIBO EOOD ET HRISI - 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INFOMREJA BG EOOD STONY EOOD FANTASTIKA ART OOD KAMTEKS BULGARIA EOOD QUESTE EOOD FREGAT AV EOOD EPIC SOFIA OOD KOUANAK EOOD EKS END DIZAYN EOOD REKLAMNA AGENTSIA GLOBAL PRINT EOOD LED MEDIA GRUP EOOD BUSINCA OOD LITERA EOOD ELFI - DIZAIN 61 EOOD EMTO EOOD DD TRAVAL OOD ELEVEYT OOD COLLABORATIVE MARKETING OOD NICE 2017 EOOD ERAM 2001 OOD H BEAT PROMOTION EOOD D AND M SOLUTIONS EOOD NIKOLOVA EVENTS EOOD RITAM 3 OOD E-COMMERCE BUSINESS SOLUTIONS OOD VESTNIKARSKA GRUPA BULGARIA OOD ET MINA-99-LYUDMILA SUGAREVA GLOBAL KOMERS EOOD PROGRESS INTERNATIONAL EOOD SMARKETHINK EOOD EKZPERIMENTAL EOOD SAGIV SALYUSHANS EOOD AVERI TREYD GRUP EOOD GRIYN SPOT-KALIN GORANOV ET LUX FACTOR COSMETICS EOOD SLANCHEV DIZAIN EOOD EFFKA EOOD DELTA NIV VESELINA STOYKOVA ET MARK YUS OOD EXPRESS DESIGN 2005 EOOD ET KMS - STEFAN RANGELOV VEGA ART EOOD FABER & DAVIS EOOD EOLEON OOD MEDIA MARK EOOD MODARN KONSEPT END KOMYUNIKEYSHAN GRANDMOBILTD EOOD COLOUR MARK EOOD OOD HASVEGAS EOOD FABRA ARS EOOD MARKETOR OOD STRATEGIC CONSULTING LIFE SCIENCES EOOD ASK ADVERSTING AND PR SERVICES OOD ZHALTI STRANITSI EOOD IGT GRUP EOOD BOLD BULGARIA EOOD EUROTREYD KONSULT OOD FLOAR DESIGN EOOD BASTET EOOD REKLAMKO EOOD EXCELSIOR BRIGHT EOOD MARKET MIKS EOOD GEPOMIR EOOD TENCHEV DIZAYN STUDIO EOOD WEB BRAND EOOD BRAMARE EOOD SHEST 007 PLC EAD FIESTA BG EOOD REKLAMNA KASHTA EOOD COLOR PRINT OOD HIGH DIGITAL MEDIA OOD ZDRAVE.BG OOD MARKANI LINE EOOD RAINBOW SIX BULGARIA EOOD OVERTOP AGENCY EOOD EY DZHI PI OOD ELKOHER EOOD MEGA PRINT EOOD SIMONA IMPEKS EOOD KONSORTSIUM BULGARIA AUTDOR DZZD VIDENOV I SIN EOOD DAFT DRAFT EOOD MEDIYA EOOD TEM DIZAYN OOD DAZA IVENT OOD RIOKS OOD TOP CENTURY BRAKE EOOD DA VINCI SOURCE EOOD BRAND AID D EOOD ET IDI KOMPYUTAR DIZAYN - ASENKA SHENTOVA HAMEX OOD ELBO BORISLAV GEORGIEV ET BENITA ART OOD OUTDOOR NETWORK OOD FOKUS GRUP EOOD RK VARIANT EOOD TOP COMBO EOOD KONSORTSIUM REKLAMEN BLOK DZZD ANAGREG 70 EOOD IMPRESIYA VARNA EOOD BIZCON-BG EOOD FIRST PAGE EOOD BULKAMPANI EOOD ASSA M EOOD AVA ART OOD MR 2 P L L C EOOD FIX PRO OOD IDEA-L OOD ART STUDIO BM EOOD LYO SHIEN GRAFIK EOOD MARIYAN TR EOOD BALKAN BRANDS DISTRIBUTION EOOD REKLAMNA AGENCIA UNIVERSAL OOD SAYNMAKS OOD LIGHT MOTION EOOD AGENTSIA PRO UEY DZZD MEDIA GVP OOD AMBE''S TRAVEL & TOUR LLC OOD LAKS OOD NETCLICK EOOD ET ENCHO LAMBREV- PITAGOR 3 ELEVEN DIGITALL EOOD AGENCY VETA EOOD AKCENT.BG EOOD ET VITOSHA - STEFAN STEFANOV SHARP MEDIA EOOD G PROJEKT OOD MOLLI 2017 EOOD E-G-I INTERNATIONAL EOOD HOT DEALS GROUP EOOD BEST START EOOD M& Z CONSULTING EOOD NEW IDEAS EVENTS EOOD SALSERVICE EOOD SIGMA VESELIN MONKOV ET MEDIA SEYLS EOOD INFO MEDIA GROUP BULGARIA EOOD BE MEDIA CONSULTANT EOOD ER ES ADVARTAYZING OOD PRINTHAUS OOD ISG 2014 EOOD DZHI PI DZHI EOOD MAREV TELEKOM EOOD MEDIA DNES OOD MARK LINE EOOD REKLAMNA AGENCIA VIFOR OOD TUNING BG EOOD FDS - RIAL ESTEYT END SARVISIS OOD CRIMTAN BULGARIA EOOD ET - TEODORA DUDEVA KLAUDKART OOD DIMASA OOD FARSTSORS BPO PVT EOOD TRANSPAD-96 - OOD MOTIV - ADVERTISING AGENCY EOOD VAYAGI EOOD AKVA GOLD 3 OOD VOLONTAR EOOD 2 DESIGN OOD MODERNA VRATZA EOOD MAC GREGOR & SMITH EOOD LD TRADING EOOD BRD GROUP EOOD MONTANA 24 EOOD BO-BARS EOOD GREEN CLICK BULGARIA OOD AGENTSIATA EOOD ET SILVIYA - SILVIYA TOMOVA GENERAL DIMP EOOD MISLESHTO TSVETE EOOD BG TEAM OOD LAMBREV CONSULT EOOD 2013 OOD BIOUOTAR TEHNOLODZHI EOOD BRAND MENAGEMENT - BULGARIA EOOD REA VITI EOOD TP LODZHIK PROMO INTERMOBIA OOD BORTECH EOOD GFK BULGARIA INSTITUT ZA MARKETINGOVI REKLAMISTI EOOD VOLAND EOOD UNIVERSAL MEDIA EOOD IZSLEDVANIA EOOD CLICK POINT EOOD VIPERS BG EOOD REKLAMA & DIZAIN EOOD DM 2012 OOD CINELIBRI EOOD DZHET MEDIYA EOOD HIPP BULGARIA EOOD PREMIUM QUALITY PROJECT EOOD VI BI YU MEDIA EOOD ALEKSIEV PRINT EOOD DIAMANT BMB OOD PDPNET EOOD DIOMED EOOD BURGAS MOL ADVERTISING OOD TI ARTE EOOD FORMAT VIZHAN EOOD MEDIAHELP OOD MAKSART EOOD FAER EOOD SHOPMANIA BIZ LLC OOD NM MEDIA EOOD HAMAR GRUP EOOD RA JULIANA CHRISTOVA EOOD ET BINO - DOBRIN DOBREV REKLAMNA AGENTSIA EVROMEDIA OOD CRAFT PRINT EOOD NETTUNO REAL ESTATE S.P.A. 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SI EN AR KOMYUNIKEYSHANS EOOD GOSPODINOV MANAGEMENT CONSULTING BEST ADVARTAYZING EOOD MADEMOISELLE AIA EOOD EOOD VIFOR - 2006 EOOD ET REKLAMNA AGENTSIYA FLIRT - BORISLAV MARKETING360 EOOD M I K DIZAYN PRO EOOD BALEVSKI ES DZHI REKLAMA EOOD HOTELO OOD VADZHEVIT EOOD CREATIVE HUB EOOD MARJEK EOOD ALOKIN EOOD NOTA BENE PR OOD TSENTAR ZA EVROOBRAZOVANIE I NAUKA OOD STANDIS EOOD DELTA DIGITAL EOOD INTER MEDIA GROUP BULGARIA EOOD KVADRAT 22 EOOD GAL ADVERTISING EOOD BRANDLAB COMPANY EOOD BG EYDZHANSI EOOD KALRTON INVEST EOOD ART COLOR 2002 EOOD DEMED EOOD AMBA OOD TANTO RICHEZA EOOD DAKER EOOD ET NANOVDIZAYN - MARIN NANOV PROMOTE BUSINESS EOOD INTERPARTNERS AD MEDIA NEKST EOOD INTERLINK EYDZHANSIS OOD INTEGRAL KOMERS 1 EOOD RED MARKETING TIYM EOOD AGENTSIA NOVA LINIA SIMOV I SIE SD AURA EOOD PALECHKA M EOOD SI TRADE 2012 EOOD AUT AF HOUM MEDIA AD VISTA REKLAMA EOOD NOVIS DIZAYN EOOD B PLUS R OOD ARI INTERNATIONAL EOOD PRO MEDIA GRUP BG EOOD PEN CITY GROUP EOOD PURE BULGARIA EOOD ET GALAKSI-65 - IVAYLO KOLEV SMART STUDIO EOOD KESER - VASIL POPOV ET PREMIUM ONLINE SOLUTIONS OOD DOVES PREMIUM EOOD PAMAR-2 EOOD ART OFFICE OOD PROMO GREY SKILL EOOD MEDIACOM BULGARIA EOOD TI EL PARTS EOOD IVAYLO 2007 EOOD PP NETUARK OOD DMT PRODUCT - PANAIOTOV EOOD THE PACT OOD ADVERTISE PLOVDIV EOOD CE DESIGN BG EOOD EY BI SOLYUSHANS EOOD ET REKLAMNA AGENTSIYA-TOP 1-PARASHKEVA GARB AUDIENCE MEASUREMENT BULGARIA AD BE BRAVE OOD YANCHEVA ITIES OOD MAKS BG OOD AAGAARD CONSULTING EOOD AGENTSIYA ZA SOTSIALNO-IKONOMICHESKI VIKA BG EOOD ANALIZI OOD VS TEHNOLODZHIS EOOD ZHAVIVA EOOD RENI DZHEY EM DZHI EOOD PRO CODE DEVELOPERS EOOD ADRIM KONSULT EOOD NEZI NIK EOOD PREDAI NATATUK 21 EOOD PASTEL EOOD SLUCHKA EOOD ONLINA OOD ET ZHANITA - PRO - ANKA POPOVSKA PROPAGANDA KOLEKTIV EOOD NAVCAT OOD JIVEI SMELO EOOD DISPLAY ADVERTISING EOOD PRIZMAKOM EOOD TSERH 2 OOD VALENA ART BG EOOD SPS-RUSE OOD PHILIPS BULGARIA EOOD AYDIAS LAB EOOD MEDIA INTERNATIONAL TRADE OOD UNLEASH OOD MOSQUITO OOD KEY2ESCAPE EOOD BIDELEV MARKETING EOOD GLASHATAY INFO I IMIDZH EOOD ALLIANCE SERVICE AD ET KOSPO SIS - KOSTADIN POPOV GATAKA EOOD TREYDING 101 EOOD ET GORYANA PANAYOTOVA - GORIYA OKSIDZHEN OOD PRAYMEDIYA EOOD TRISTA OOD IMEDZHIK DIZAYN EOOD VIKAB-BG EOOD PC MARKETING EOOD ETKO INFO OOD MEGABRAND EOOD KESAR 1990 EOOD KULT DIZAYN TSENTAR EOOD EL FAKTOR EOOD G MARKETING EOOD PAN STRATEGII I KOMUNIKATSII EOOD TANDEM EOOD P O P ART EOOD AUTOFIT BG OOD PRIDE P S OOD 7 EOOD MOLY STAR EOOD MEDIA22 GRUP EOOD HS KORP EOOD M K 05 EOOD EKTA 2013 EOOD SAN MARKETING OOD OXYGEN GN EOOD DEKSIN M OOD INTERNATIONAL X EOOD VIJ ME EOOD MARKETING END ADVARTAYZING EYDZHANSI ES EM PI WORLD EOOD INSTITUT ZA SOTZIALNI IZSLEDVANIYA I EME EOOD TRIBEST OOD MARKETING - MBMD OOD KEY SI TRAVEL EOOD ALBEGO EOOD PI AR BULGARIA EOOD PROGNOZA EOOD MAKSKOM - KEYBAL EOOD TVOITEPROGNOZI EOOD UNSEEN PRO OOD 3D4YU EOOD IGRACHI OOD MADAME COCO EOOD AVAKUM 13 EOOD YAPA KAYKA OOD MN MEDIA OOD SMART MEDIA TEAM OOD FABRIKA 126 EOOD DTS DESIGN EOOD AYDIAY PRINTS OOD ONLISIO EOOD JC DECAUX IMAGE AD GLOBAL ART MEDIA EOOD DIDZHITAL KYUB EOOD RUINI 1 OOD AVANTI-A+M 2018 EOOD BRAND PR EOOD VOYAGER ART EOOD OUTDOOR CONSULTING EOOD WALL SOFIA EOOD ET KARO DIZAYN - ZHILIYAN YAKIMOV OPRIM OOD TRAKIA DESIGN OOD FULTILT.BG EOOD MENU FLAER GRUP EOOD J AND I EOOD METRO KOMUNIKATSIA EOOD KDK58 OOD DELTA DIZAYN 98 EOOD CRISTAL PROMOTION BG EOOD ACTIVE ADVERTISING EOOD FORIMPEKS EOOD DZZD VARNA SPORT CORRECT MEDIA LINK EOOD EFREMA EOOD PLASTELIN EOOD MOUTION ARTS OOD DEL SMART EOOD FEIS EOOD TECH PARK HOME EOOD DIREKT MARKETING BULGARIA EOOD PANDY EOOD EKSPRESHANS EOOD MBD GROUP MK OOD NOPITHEC OOD YUMAKS DIZAYN EOOD MAKEDONI AD M3 DESIGN EOOD PEPSAN 92 EOOD ARTIUS INTEGRATED SIGN SYSTEMS EOOD ET ELIDA - ELINKA ASENOVA ET DESITA - 98 - SONYA HRISTOVA EF H USE EOOD TP KALBERSON GE KENTAR EOOD PHONEARENA EAD YUPI - BG EOOD MARBEYA 2011 EOOD VARNA AUTDOR OOD PRINT PROMOTION EOOD MAZHORITI DS OOD INSAYD BOTANICHESKA EOOD STRATA PROMO EOOD TMI EOOD PRO PR EOOD ET GEKONIDIYA - GEORGI DIMITROV STUDIO STAR 5 EOOD BLACK EAGLE FIDEM EOOD FACE TO FACE OOD IBIS PRINT 2 EOOD INDEPTH CONSULT EOOD GLASOVE.BG EOOD NIK BRAND OOD TRAYKOV MEDIA GRUP EOOD FARMASI BG OOD KOMUNALNI USLUGI BULGARIA EOOD MILLENIUM EOOD NATSIONALNA BIZNES POSHTA EOOD CODE COMMUNICATIONS EOOD VESTAVE EOOD ODIT TUR OOD ET CHICHO PODZHAR - NAUM PEEV IVENT KAMPANI EOOD HG IT SERVICES OOD DA ONSULT EOOD RA POYNT OOD SAVOV BG EOOD NORA - DANI STIL EOOD MEDII EN EOOD BUILD IN HAND EOOD REKLAMEN MARKET EOOD ELIANS MODELS EOOD ATP DESIGNS EOOD NEW FACE MEDIA EOOD PAPERCUT EOOD MECHTAI S MEN EOOD LEDART OOD MEDIYA INFO EOOD KLIK TU VIU OOD DMD CONSULT 1 EOOD BOROEVICH FILMS EOOD IMPRESSIONS OOD MT - ART OOD ET MEDIA KONSULT - GEORGI IVANOV EXCLUZIVE HOTEL MEGAZINES OOD APLE ART PRODACTION EOOD PR2 EOOD REKAS EOOD EPIKA MARKETING EOOD KAZANLAK PRES 77 EOOD GUBELA BG EOOD ABILITY EOOD SOLO MEDIA EOOD CUT OUT OOD 19 SeeNews Industry Report

ZENIT MEDIA EOOD PROAD EOOD FIL OOD DYNAMIC TRADING STRAT EOOD SIRIUS MAX EOOD SHEST-NIKOLAI PONDALOV ET SASANIDI AD GADZHOV WORKS EOOD BOBKOMERS EOOD CADRE EOOD LIO ART EOOD MALAHAN OOD LAZER DIZAYN 1 EOOD BETA VERSIA OOD AVEPA EOOD VAL NET TREYD EOOD PIRIN MEDIA DZZD CHEVIRA EOOD MMS DESIGN OOD FMC CONSULTING EOOD PRINT COMMUNICATION EOOD ABSOLYUT DIZAYN BG EOOD 2A ALGORITAM DZZD COOPER LANE OOD BLUE ORANGE BG EOOD ADHD KONSULTING EOOD GRAFITI BBDO AD AZ VIARVAM EOOD ADD GLORIA EOOD EURO REKLAMA AND PR EOOD PERUN - INVESTMANTS OOD MEDIA DIRECTION EOOD MAKS MOB EOOD WINE CONSULTING COMPANY EOOD PRODACTA EOOD UXPERIENCE BULGARIA OOD PARPAL ADVARTAYZING EOOD SHEMA EOOD PET OT PET DZZD VEGA REKLAMA EOOD ROYAL KAST EOOD KK SOLUTIONS EOOD STUDIO 24 EOOD MIRBIS EOOD ROKO BRAND EOOD STUDIO FOLIO-BULGRAF EOOD BRANDS PROMOUT EOOD IMOTI BG KONSULT OOD PARTNERS EOOD NIKI N NIKOLAY PETROV EOOD KOREKT MEDIA EOOD TRAMVAY NOMER 7 EOOD ROOMS BG EOOD SIKRET FOKS OOD GALAXY 1 OOD MILLENIUM MARKETING EOOD MG KARD EOOD RAUM 2 EOOD VIVOTEKS EOOD VERONIKA RUMYANA KARAPEEVA ET BB PRINT EOOD MAP MARKETING RESEARCH OOD SMILE AGENCY EOOD STUDIO EOOD PESPA AFRICA HOUSES OOD PRO EFFECT EOOD MART MEDIA EOOD BARCODE 8 EOOD DEDO BG EOOD AISLIN - 2002 EOOD DA ART EOOD KEM 2018 EOOD RA BRAVO EOOD IDEI BG EOOD DITMAX EOOD MULTIMEDIANTERVISION EOOD ET SIGMA - IRINA RADOVANOVA THE SPOT EOOD PLAN B AGENCY OOD INOVA PLYUS OOD SVETLA UNGUZOVA EOOD TOPUEY EOOD PROMO CONSULT OOD A KONSALTING EOOD EVENT AND PR AGENCY EOOD STID CO EOOD MMIRACLES EOOD PROMAX - SOFTWARE EOOD RK GALLEYA EOOD MY WONDERFUL AD MAKLER KONSULT EOOD MEDIA PLANNING EOOD NEXIUM EOOD KOREKT NET MEDIA EOOD DZHI END DI MEDIYA VIZHAN EOOD NOVA LED TRADE EOOD KONTENT KINGS EOOD ZLATKA-2010 EOOD ET SABA VARBANOVA - 2001 BRAND SIGN EOOD RED LAGUN OOD IMM ART GRUP EOOD APOLO BG OOD NEYCHAR MEDIYA - AB EOOD MULTI SPOT EOOD GOTIKS EOOD PARALAKS EOOD DEVEKO BG EOOD CREIDA OOD PIERO 97 EOOD MEYT MEDIA EOOD REKLAMNA AGENTSIYA VELES EOOD KRIGEYA 2016 EOOD 016 EOOD KRIVICKI & CO OOD MARKETING MIX BG EOOD A.B.M.PROEKTI EOOD V S BRAND EOOD GRAIN ADVERTISING EOOD COLOR BOX STUDIO OOD DIVA PLUS EOOD S 360 EOOD COLLECTIVY COMPANY PUBLISHING HOUS SANSEY EOOD PRACTICE - GOSPODINOV AND CO SD KOALIFAYD OOD N V PROJECT OOD SURPRISE STUDIO EOOD FRENUS EOOD NEW WEB MARKET EAD SPETSIALIZIRANI KORPORATIVNI SAYTOVE EOOD FROG UNION EOOD HOLDAN MEDIYA EOOD AZ ISKAM EOOD Q MODE EOOD BIM - 96 OOD BAROMET R BULGARIA OOD LIYDUEY MEDIA SOLYUSHANS EOOD PLOVDIV MEDIA OOD ET REKLAMNA AGENTSIYA AS - NIKOLAY KOZHEV ELEKTRIKA EOOD IFOOD OOD ANIMA DIZAYN EOOD SYMBOL EOOD SPM REVENYU EOOD V I V REKLAMA EOOD ADVAYS HOLDING EOOD RED STAR PROJECT EOOD RAYAN AUTOMOBILE EOOD MELOMAN BG EOOD SPEC TEAM OOD MAXA DESIGN EOOD ELFI OOD FOCUSVISION BULGARIA EOOD SHOP BY MANY EOOD BULKOM EOOD FARMER BG EOOD LIGHT FORM OOD INVENTSTREAM EOOD RIKART - DM EOOD EXPRES EOOD COLORS EOOD KATYA MARKETING EOOD EFFECT GROUP OOD NIKE - SL EOOD STUDIO MARINOV EOOD PRAVDA LIMITED OOD KORDELLA GIFTS EOOD WHAT IF OOD ETIKETT BG EOOD PRO WAY AGENCY EOOD JENAYA DIGITAL EOOD PFK DOBRUDZHA 1919 EOOD ET STADRES - TENCHO ZAHARIEV BRAND NYU AYDIAS EOOD AKTSENTI BG EOOD BRAND NEW VISION COMPANY OOD ART PROFIL 1 EOOD AZANDARA EOOD ART OOD MAD OOD PIZA BOARD OOD TRANSMEDIA OOD NIFELA OOD PRADO DESIGN EOOD FRESH PRINT EOOD PR FACTORY EOOD ELEMENTI AGENCY OOD KRUP IMPEX EOOD FAYN ART EOOD ARA - BULGARIA EOOD MALVINA 28 EOOD LIBERTAP EOOD ACNIELSEN BULGARIA EOOD NOVA ERA 2000 EOOD SEVEN STARS S P U OOD LIGHTHOUSE ADVERTISING EOOD LOGO STIL 16 EOOD ATELIE - 64 EOOD BULGARIAN DESIGN CENTRE EOOD XB SYSTEMS AD ELIKSIRIYA OOD GLOBAL SARVIS OOD MEDIYA BG GRUP EOOD GRAVICO OOD MEGABOARD BULGARIA OOD MAY KID BULGARIA OOD B2NET EOOD KIOSEVI DESIGN OOD OTKRIT MICROPHONE OOD SILVER LINING COMMUNICATIONS EOOD KLAMER DESIGN OOD TI EN TI KONSULT EOOD NEW IDEAS MEDIA EOOD CASE - BTL AND EVENTS EOOD ADVERSTER OFFERS OOD FOKS PRINT OOD PRINTINVEST EOOD MUZIKALNA KASHTA ART STUDIO OOD GUGAL M EOOD PLAN C EOOD ELISA ESA EOOD SPLENDID 13 EOOD AGENTSIA MEDIA KONSULT MSA OOD PERFEKTPRO EOOD ARTS ADVERTISING AD TUILAYT OOD BIYVAR BRAND EOOD REMA DESIGN EOOD FLY RESEARCH BG EOOD ELANT EOOD VVRGRUP EOOD CARE DIRECT EOOD RDM - RESEARCH DECISION MAKING EOOD REMARKETING EOOD GATS AND BREYNS DDB OOD TRAKIYSKI SVYAT EAD SIDE BY SIDE GROUP EOOD NOVATEH INZHENERING OOD FOUR P OOD OVI 2018 EOOD OOH PROMOUSHAN EOOD ET IREN - IRENA KARASINKEROVA ET PREZIDENT - STANKO GITSEV ASFALT MEDIA GRUP EOOD ANANDA AGENCY EOOD MEZHDUNARODEN MEDIA TSENTAR OOD MEDIA PROJECTS AND COMMUNICATIONS EOOD ABRIS-DIZAYN TSENTAR EOOD ET ORLI - ORLIN KOREV AMERIKANSKI ZHALT KATALOG EOOD RIA MONT-PRES OOD MARKETINGOVI KOMUNIKATSII EOOD TOP MEDIYA 2019 EOOD FREE SAIL OOD FIDICHI-M EOOD OFFERS BULGARIA EOOD AVTOPRES 2001 OOD ET PROFO-AG - GENCHO PETKOV KOMAKOM OOD LOKAL MEDIA EOOD 20 SeeNews Industry Report

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ASA COMPANY EOOD H.O. PHOTO OOD PR CLUB EOOD BETTER4MEDIA OOD ULTRA COMMUNICATIONS EOOD GEOSFARM EOOD EDDA BUSINESS GROUP EOOD STUDIO XQ OOD BOOMSTICK STUDIO EOOD ALPIKA EOOD FLY MEDIA GROUP EOOD NEW LEVEL CONSULTING EOOD OOD SOUND 9 STUDIO EOOD INVORA EOOD HELION MARKET RESEARCH EOOD INTERIMIDZH EOOD ALEKS ZDRAVKA VAGLAROVA ET PASTEL STUDIO EOOD ET STOYANKA TSONEVA ONLINE ADVERTISING AD SISTE SPLTD EOOD I POINT EOOD FRAGMENTAL EOOD BIZNES SPRAVOCHNIK BULGARIA EOOD ODARA EOOD ADVERA EOOD FOART EOOD TAURUS DESIGN GROUP EOOD DEGRAFOS EOOD APRIORI OOD NO COMMENT GROUP OOD BORISLAV MIHAYLOV LEYTENANT ET DIZAYN TREYD EOOD NYU MARZH OOD DZHI SPOT KALIN GORANOV EOOD KAVIRA DIZAYN OOD INKOMA NIKOLAY NIKOLOV EOOD MORE BY US EOOD STADIS GROUP EOOD IRD EOOD BULEXPO 2018 EOOD ANIMA ART OOD INFLUENCER BG OOD IMF GROUPLTD OOD LUMINA M EOOD TRAKTOR ADVERTAYZING EOOD KYU AR MEDIA OOD DEMSPOT EOOD ASTRA GRAFIKA GALINA MURICH ET BA OOD EARPORT AUTDOR OOD STUDIO NET EOOD PENTAGRAM EOOD THE SELF MADE EOOD RD LED EOOD KARETO EOOD OFFICE MARKET EOOD IKAR 4618 EOOD CHILTERN INTERNATIONAL EOOD LANDMARK AGENCY OOD INSTANT SAVINGS EOOD NAUTILUS DESIGN EOOD IV & BI EOOD JINGLE MEDIA EOOD NEON VISION OOD DZZD KONSORTSIUM TRANSPORT SHARENO PERO OOD BI VI AY INTERNESHANAL EOOD NACHALO BG ADVERTIZING OOD MALEO 63 EOOD IPSOS EOOD NYU UEYV ADS EOOD NERED OOD INBRAND EOOD LAVENA MERCHANDISING EOOD GALLUP INTERNATIONAL BALKAN EAD DENIS EKSPORT-IMPORT KORPOREYSHAN EOOD PARAGRAPH 42 OOD VI FOR YU EOOD K I S 2000 OOD LINELA EOOD ET TANYA CHURCHULIEVA ZAHIRIYA OOD ARTIGRAV EOOD TEMPORIS EOOD ATELIER EOOD AUDIO I VIDEO MEDIA EOOD DIGITAL SOVA EOOD D D V OOD BE CREATIVE EOOD EY AR ES BIZNES KONSULTING EOOD VERA ENJOY EOOD BIOTEK-MARKETING OOD INFO SAPORT PUL EOOD KELTEK OOD MEDIA PRODUKT EOOD LEVEL NEXT DIRECT EOOD REMEMBRAND EOOD UELDUARS EOOD MEDIA ES DZZD OLIMP ILIA VALKANOV ET PERUN DIZAYN 67 EOOD AGROSTOK IMPEKS EOOD MELANI - MC EOOD LIPER OOD MATE ADVERTISING EOOD VIKTA EOOD STB COMUNICATIONS EOOD DIGILAB OOD IZAMAR EOOD BI EM KORP EOOD MIMYUNI MEDIA ENTERTAINMENT EOOD NOAVIS EOOD NAZAD KAM PRIRODATA OOD VITOSKA EOOD NIKADVERTISING EOOD EKO I BIO INOVATSII DZZD NEW PLOVDIV EOOD 24 7 ENTERTAINMENT GROUP OOD BOYKING EOOD TRIERA KOMYUNIKEYSHANS EOOD STRAYK INK EOOD VITA CONSULT EOOD VIAR DIZAYN OOD LALITA EOOD AG RUBIN GROUP EOOD SIMO KO DIZAYN EOOD FILEVI MLM EOOD OMNES KONSULTING EOOD ET ATLANTA - ZLATOMIR STOYANOV BIOTIKA 1961 EOOD CONVERSION MARKETING EOOD STAR INVESTMENTS EOOD BIYVAR RAPING EOOD BEONA EOOD RUM PRINT EOOD IV DESIGN STUDIO EOOD KEA SOLUTIONS EOOD BINARY MEDIA EOOD PACHOTI EOOD STARBILD EOOD SUNNY BG EOOD MEGATRANS ADVERTISING EOOD CHAP MEDIA AD PLUTOS EYDZHANSI EOOD FB CONSULTING & TRAIDING OOD ET STIL-N - NIKOLAY IVANOV COINPOINT GROUP INC. EOOD SUPERPRINT INTERNESHANAL OOD BLUESTORM EOOD P G KEPITAL EOOD NENY OOD PAVILION 492 EOOD RED PEPAR EOOD TOWER EOOD K2 GROUP EOOD CREATIVE BUGS OOD BAYK MEDIYA EOOD EXIT ADVERTISING EOOD TOP 7 EOOD BLACK SEA TRADING OOD FROG CONSULT OOD POZVANETE OOD PREMIUM ADVERTISING EOOD NETMEDIA BG OOD GOLDEN MEDIA OOD EXPO VISION BG OOD ET ANI YOVEVA - AURA ART SOLUTIONS EOOD BILLBOARD BUILDERS EOOD DELTA TI PLOVDIV OOD NIDO IMPORT EXPORT EOOD FEBSI EOOD EY VI KRIEYTIV EOOD PIGASUS EOOD EVENTSPRO.BG EOOD REFLEXES OOD NEOKONT EOOD POINT PRODUCTION EOOD VIRTUAL MAYND EOOD LASER DESIGN 2 EOOD LICHEV EOOD OREH 10 EOOD MIKS MEDIYA TALANTS OOD NEW VISION MEDIA GROUP EOOD OLIMPIA KONSULT EOOD MEGA 69 INDUSTRI EOOD SIGN AND DESIGN STUDIO EOOD REVOLT DZZD BULGARIAN MEDIA AGENCY OOD IRINA BELCHEVA EOOD PI AR BULGARIA EOOD MEDIA CLAS EOOD ARTVIZHAN OOD ROSPLAN KONSULT EOOD ET SANI - IVAN PETKOV ELEMENTI GROUP OOD STUDIO VIZARD EOOD DAKS TREYD EOOD FEYA ART STUDIO EOOD EFEA EOOD STUDIO KA 3 EOOD ET DIO MIRA - NIKODIMA MEDAROVA COLOR CREATION EOOD PRO STAYL BALGARIA EOOD VSD MERKUR EOOD EVOLVARS EOOD DENTAL TRIBUNE BULGARI EOOD PLATINUM ADVERTISING GROUP EOOD PI ES IVENTS EOOD AD CREATIVE AGENCY EOOD ADVERTISING HOUSE 4 EOOD DR BRAND OOD MILENIUM 2000 EOOD MAD GROUP EOOD PROMO PRINT EOOD NASS FACTOR EOOD EFFECT ADVERTISING EOOD SDMK INTERNESHANAL EOOD STEPAP KOMYUNIKEYSHANS EOOD ALFA MARKETING 2017 OOD ELMAZOVI OOD GL MEDIA GROUP EOOD EDNA IDEYA EOOD BRIGADE WORKS EOOD MEDICAL MARKETING OOD SUNPRO 2018 EOOD VIP KETERING KAMPANI EOOD DYUMIR OOD ARKA TUR OOD WEB STAGE BG EOOD VCHERA BG OOD AQUAGRAPHICS PLUS EOOD REDSTONE MANAGEMENT EAD KIQ DESIGN EOOD VALINA 11 EOOD KARPET STIL EOOD DIGITAL ID AD EMIDEYA EOOD TEA 3 OOD DU STUDIO CO-LTD OOD TRESSARACT GROUP EOOD KONVIVIUM OOD YATOTO EOOD BI BI MEDIYA EOOD FOTIS 99 OOD STUDIO IMPRESS EOOD CONDERA PRIME EOOD H AND S MEDIA OOD MEDIABIT OOD BG MEDIA OOD AVANGARD - ART OOD GERY-TUR - D EOOD KIMMS EOOD PROM DZHI AR OOD MELANI ADVERTISING EOOD MARIO ART GRUP OOD G K L TRADE OOD BEE HAPPY ADVERTISING EOOD ALZAK EOOD TOP RESTORATION TEAM EOOD GREEK PEAK EOOD 23 SeeNews Industry Report

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DZZD MAPI PERFOMALIS OOD KALI - KALINA KALYCHEVA ET FIVE PRODUCTION TEAM OOD M COM - MILOSLAVA KONDOVA EOOD AGENTSIYA OVARTAYM EOOD ENERGY PROMOTION EOOD SOFIYA BILDING KAMPANI LTD OOD PERFEKT OOD LIAZON EOOD ATM CONSULTING EOOD REK LAM NO EOOD MEDIA KORP EOOD LALELI-KARATEK EOOD CELESTIAL OOD NRG BRANDS EOOD ARE COMMUNICATION INTERNATIONAL EOOD PROFAYL INTERNATSIONAL EOOD MEDIA SVYAT EOOD PATEZA - 5 EOOD LED ART GRUP OOD ONE DESIGN BUREAU OOD SD RIKS-B - BORISOVI I SIE XPLORA BG OOD PR AND MEDIA EOOD TRANSBALKAN MED SUPPLIES OOD ET HARALAMPI ZAHARIEV - KONSULT VERSO HUMAN RESOURCES OOD STUDIO GRAPHICS EOOD IKKEN-SPORT 2003 EOOD PRIME OUTDOOR EOOD S V RSA BULGARIA OOD SYNERGIE A M OOD JP GLOBAL DEVELOPMENT EOOD DENISDEA OOD ET VASIL TONCHEV MALORI DIZAIN OOD DZHI KEY KOSMOS EOOD BRAND NEW COMMUNICATION OOD FLECH EOOD REKLAMNA KASHTA AYA SOFIA EOOD SMART DIZAYN OOD PURE EOOD MTB - BG EOOD STRUKTURA EXPO EOOD KATS GROUP EOOD COLOR POINT EOOD EYE WORX OOD KORDELLA EOOD AKTEM HELLAS EOOD Z POINT OOD BPMNG EOOD PROCYON ALPHA OOD KAST BULGARIA EOOD HTTPOOL BULGARIA EOOD FN MEDIA ADVERTISING EOOD LUXURY REAL ESTATE BOUTIQUE EOOD YONAYA EOOD KAVIRA PRINT OOD MAKBIL OOD AGENTSIA HAY PRINT OOD EY SI SI GRUP OOD VIP PRINT EOOD THR EOOD MILENIUM SORS EOOD SYA OOD SIYDABALYUES EOOD PRO DID OOD KORE ENTERPRAYS OOD EDNO BG EOOD BALKAN FRIGO EOOD EM TIME 2012 EOOD FORMA DESIGN BUREAU OOD ET FORS - GEORGI GAGOV SALEX ENGINEERING OOD ROKVIS EOOD BRAND-IDEA-SOLUTION OOD - OOD CARWRAPPING BG EOOD REKLAMATA EOOD NEW REFRESH EOOD NOMAD PROMOTION EOOD DIYU PRINT EOOD ARISTOKRAT-66 EOOD BG TABAKO 2000 EOOD KENGA ADVARTAYZING EOOD RONDI DIZAYN EOOD STALKER HOLDING EOOD NCI STUDIO EOOD BIGUP BULGARIA EOOD ARTSTYLE - 2014 EOOD SBA - MOTOR - SPORT EOOD KIYHIROU INTERNESHANAL OOD STUDIO SPOTLAYT.NET EOOD KLOKUARK EOOD IMPRIMERA OOD REKLAMNA KUSHTA HIT BULGARIA EOOD KMT TRAST OOD VERTICAL-7 EOOD GOONYS EOOD TP EU FARMATSIA REKLAMNA KASHTA EOS EOOD IPSILON OOD ET KOL-YOR-NIKOLAY KOLEV FULL CONTACT OOD SPORT FAKTORI DZZD SOSHALEVO EOOD DELUKS EOOD INOVAMED OOD PREMIUM ONLAYN MARKETING OOD INTRIGI.BG EOOD ALEKSRAL OOD KAZAKOV-51 EOOD MOMICHETATA OT GRADA OOD SPECTRUM BG EOOD PI EL KA-REKLAMA EOOD X - KOM EOOD UPSTART INTERNATIONAL OOD DI DZHI SARVISIS EOOD 360 TINT EOOD TMS BG EOOD CHAPTER 4 BULGARIA OOD NIKEA SM EOOD IGM MEDIA EOOD DATABIT EOOD CONSULTING AND COMMINICATIONS AGENCY CHEVY GROUP OOD EOOD TSUKEV OOD BETAKONSULT BG EOOD ORGANIC PROMOTION EOOD TOPDIGITAL INVEST AD MORGAN OOD EM PROEKT EOOD KFCA EOOD KRONOS GRAFIKS EOOD ET RUMEL - TSVETAN TSEKOV DIYA ART EOOD CONSULT 2016 EOOD LOGO MARKET RESEARCH AND CONSULTING GRANT CARDONE CEE EOOD REATIVE CONCEPT EOOD OOD NIMANA 2007 EOOD BULGARSKA NAUKA EOOD PROXIMITY SOFIA EOOD HENIKO EOOD GOLD PRES OOD ID-MARAK EOOD KOKETNA VIZHAN EOOD MULTI INVEST 01 EOOD WOTAN''S EYE EOOD PRESTIZH EOOD MILA DESIGN EOOD PHARMUNIVERS PLUS OOD KP TRADING OOD GARLIC ADVERTISING AGENCY OOD DAVE OOD POTOMTSI EOOD ATPRINTS EOOD G CONSULTING EOOD GTS - LED OOD OSHLIFE EOOD ADS BULGARIA EOOD STUDIO OOD EXPO DISPLAYS EOOD SOCCERFAME OOD CAPITAL-2013 OOD MERIDA ADVERTISING EOOD YOUR AGENCY EOOD BIO GALANT EOOD BIZNES VYU OOD B PLUS M OOD TIYM 1 EOOD EM END MARK EOOD INFOBET 88 EOOD ET GRIFO - HITO TOPCHIEV REKLAMNA AGENTSIA ADIA EOOD FROG NEWS EOOD M.J.L. OOD BARON BUILD IMAGE EOOD SHEYTANOV DIZAYN EOOD BG GLOBAL EOOD OUT OF THE BOX EOOD BRANDMARKETING OOD SHARED BULGARIA OOD ONLINE TRADING BG EOOD MEDIA PLYUS EOOD EURALIS SEMENA EOOD AY DU ADVARTAYZING OOD MEDIKRAFT BULGARIA EOOD ADVERISING AGENCY DARIK (RAD) EOOD P DESIGN EOOD TEHNO ART EOOD OPTIMUM PABLISHING EOOD VERITA 7 EOOD ART EF COM EOOD 25 SeeNews Industry Report

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