PRESENTED BY C APITAL LOUNGE GMBH - dated April 2020 - Capital Lounge
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THE STOCK EXCHANGES OF THE BALKANS 3 THE STOCK EXCHANGES OF THE BALKANS 3 THE BULGARIAN STOCK EXCHANGE 6 DEVELOPMENT 8 SET-UP 13 BGBX40 19 BEAM 61 PERFORMANCE 66 INDUSTRY SECTORS 70 COSTS 74 APPENDIX 76 THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge
SET-UP : THE STRUCTURE OF THE BULGARIAN STOCK EXCHANGE THE STOCK EXCHANGES OF THE BALKANS THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 3
OVERVIEW : THE STOCK EXCHANGES OF THE BALKANS EXCHANGE BOSNIA & HERZEGOVINA BULGARIA CROATIA GREECE HUNGARY FOUNDATION 2001 1991/1918 1907 1876 1864 EQUITIES 863 310 101 296 46 EXCHANGE MACEDONIA MONTENEGRO ROMANIA SERBIA SLOVENIA FOUNDATION 1995 1993 1839 1894 1989 EQUITIES 368 296 400 488 89 THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 4
OVERVIEW : THE STOCK EXCHANGES OF THE BALKANS The accumulated Market Capitalization of all included Stock Exchanges sums up to 113,2 billion Euro. Bulgaria ranks with a Market Capitalization of almost 13 billion Euro in the centre (rank five) of all ten Stock Exchanges. The biggest exchange is the Athens Exchange Group (Greece) with a Market Capitalization of more than 30 billion Euro. Romania is on rank two with a Market Capitalization of close to 20 billion Euro. 35.000.000.000 € 30.000.000.000 € 25.000.000.000 € 20.000.000.000 € 15.000.000.000 € 10.000.000.000 € 5.000.000.000 € 0€ BOSNIA & BULGARIA CROATIA GREECE HUNGARY MACEDONIA MONTENEGRO ROMANIA SERBIA SLOVENIA HERZEGOVINA THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 5
SET-UP : THE STRUCTURE OF THE BULGARIAN STOCK EXCHANGE THE BULGARIAN STOCK EXCHANGE THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 6
INTRODUCTION : THE BULGARIAN STOCK EXCHANGE The history of the Bulgarian capital market dates back from the beginning of the 20th century. The first provisional Stock Exchange Act was adopted in 1907 and regulated the structure and functions of both the stock and commodity exchanges in the country. On April 15th 1914, under the King's Decree №7 was established the first real Bulgarian stock exchange, named Sofia Stock Exchange. It was a market place for trading public and private securities. Sofia Stock Exchange started its activity in January 1918. Initially there were 21 companies listed on the exchange. Trading on Sofia Stock Exchange ceased during the period November 1925 - September 1928 due to political reasons. During the world economic crisis of 1929-1933 the Exchange worked on a small scale due to the bankruptcy of a large number of local companies and low liquidity. In 1947 Sofia Stock Exchange ceased its operations and during the communistic regime there was no capital market in Bulgaria. The latter was re-established with the introduction of the Commerce Act in 1991. THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 7
SET-UP : THE STRUCTURE OF THE BULGARIAN STOCK EXCHANGE DEVELOPMENT THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 8
BELOW YOU WILL FIND THE IPO-HISTORY OF THE BULGARIAN STOCK EXCHANGE 60 50 40 30 20 10 0 2000 2001 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Between 1991 and 1999, a total of 74 issuers went public on the Bulgarian Stock Exchange. So far, there are only companies fromBulgaria traded on the BSE. THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 9
DEVELOPMENT : BRIEF TIMELINE OF IMPORTANT MILESTONES May 1995 First Bulgarian Stock Exchange became one of the founders of the Federation of Euro-Asian Stock Exchanges (FEAS). July 1995 The Securities, Stock Exchanges and Investment Companies Act (SSEC) was adopted setting up the basis of the Bulgarian regulated capital market. Dezember 1995 BSE = First Bulgarian Stock Exchange, Plovdiv Stock Exchange, Black Sea Stock Exchange, Dunav Commodity Exchange and Sever Stock Exchange. August 1996 Central Depository AD was established. It is the only institution in Bulgaria that provides settlement of corporate securities in book-entry form. October 1996 SSEC introduced the prospectus requirement. As no company complied, trading on the Bulgarian Stock Exchange was ceased. July 1997 Bulgarian Stock Exchange AD changed its name to Bulgarian Stock Exchange - Sofia (BSE-Sofia) AD. October 1997 BSE-Sofia AD was officially licensed. More than 1,000 companies were listed on the Free Market as a result of the Mass Privatization Program. January 1998 The Privatization Program on the stock exchange initiated with the sale of 60% in the capital of Elkabel AD - a Burgas cable producer. August 1999 BSE-Sofia introduced an official bonds market segment on which the first public corporate bond issue (IT company ProSoft AD) was registered. Public Offering of Securities Act was adopted by the Parliament repealing the former Securities, Stock Exchanges and Investment Companies Act. Dezember 1999 BSE-Sofia launched a new trading system based on the NASDAQ quotation system. On October 20, 2000 the calculation of the SOFIX index started. October 2000 The first mortgage bond issue was listed on BSE-Sofia issued by Bulgarian American Credit Bank AD. October 2001 BSE-Sofia obtained a license to organize an unofficial market of securities, which replaced the existing Free market. December 2001 BSE-Sofia launched its internet-based application for an authorized and secure access to the BSE Trading System in real time, named COBOS. February 2003 Financial Supervision Commission (FSC) pulled together the regulation of a number of financial (non-banking) sectors under one body. March 2003 The first initial public offering was carried out on the Bulgarian Stock Exchange by the Internet company Investor.BG AD. July 2004 A stake of 34.78% in Bulgarian Telecommunication Company (BTC) AD was privatized; BTC became the largest Bulgarian public company. January 2005 BSE-Sofia started the BG40 index, including the Top 40 companies graded by the number of transactions executed in the last 6 months. February 2005 THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 10
DEVELOPMENT : BRIEF TIMELINE OF IMPORTANT MILESTONES June 2005 BSE-Sofia introduced a new product, named BSE Charts, which gave an opportunity for analysis of the exchange trade in real time. October 2006 BSE Sofia adopted the first Code of Corporate Governance for the capital market. It was intended for the public companies, listed on the Exchange. January 2007 BSE-Sofia officially launched EXTRI, a system for information disclosure by public companies and other issuers of securities. June 2007 BSE-Sofia became a full member of the Federation of European Securities Exchanges, representing operators of the European regulated markets. September 2007 BSE-Sofia started two new indices BG Total Return 30 and BG REIT, showing the fluctuations in the prices of real estate / land companies. October 2007 BSE-Sofia and Deutsche Boerse AG signed on October 30, 2007 an agreement for the implementation of the electronic trading system XetraA®. January 2008 BSE-Sofia launched X3News to fulfill legal obligations for information disclosure to the public according to the Law on public offering of securities. April 2008 BSE-Sofia launched X3Analyses, a financial analyses application. June 2008 BSE-Sofia successfully launched the Deutsche Boerse electronic trading system Xetra. November 2009 BSE-Sofia AD was officially awarded the certificates for the international standards ISO 9001:2008 and ISO/IEC 27001:2005. September 2010 BSE-Sofia increased its capital from BGN 5,867,860 to BGN 6,582,860. All subscribed by the Ministry of Finance of the Republic of Bulgaria. December 2010 BSE-Sofia starts a Disaster Recovery Centre. January 2011 BSE Sofia becomes a publicly listed company (stock symbol: BSO). July 2011 The duration of the trading sessions was extended till 5.30 p.m aiming at synchronization with the European markets. December 2011 33% government stakes in the electricity distribution companies were successfully privatized through BSE-Sofia. New market segmentation in the main market BSE (www.bse-sofia.bg) and the alternative market BaSE (www.basemarket.bg). March 2012 33% government stakes in the electricity distribution companies Energo-Pro Grid and Energo-Pro Sales were successfully privatized by BSE-Sofia. October 2012 33% government stakes in the electricity distribution companies CEZ Electro Bulgaria and CEZ Distribution Bulgaria were privatized by BSE-Sofia. November 2012 THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 11
DEVELOPMENT : BRIEF TIMELINE OF IMPORTANT MILESTONES May 2014 BSE, Macedonia & Croatia signed a grant agreement with the European Bank for Reconstruction & Develop. for the creation of a regional platform. April 2016 SEE Link (www.see-link.net) became fully operational with the launch of an order-routing system that connected BSE, Croatia and Macedonia. September 2016 The first Bulgarian Exchange Traded Fund was listed: Expat Bulgaria SOFIX UCIT ETF by the local fund manager Expat Asset Management. October 2016 Establishment of the Bulgarian Capital Markets Development Board by Central Depository, FSC, Mr. Delyan Dobrev and numerous NGOs. November 2016 Adoption of Bulgarian Capital Market Development Strategy October 2017 Start of Trading in Government Securities on the BSE-Sofia February 2018 BSE-Sofia acquires Independent Bulgarian Energy Exchange June 2018 The GAM of the Bulgarian Stock Exchange-Sofia has decided to change the name by removing the word "Sofia" from the name of the institution. August 2018 Successful IPO: the producer of chicken meat Gradus raised nearly BGN 81.4 M, the company’s shares were listed on the BSE. December 2018 BSE has been granted an approval by the FSC to create a new SME Growth Market called BEAM (Bulgarian Enterprise Accelerator Market). March 2019 BSE and ELITE signes a Memorandum to create an agile ecosystem of prosperous SMEs in Bulgaria. June 2019 Deutsche Bоerse's T7 enables market participants of BSE first in Eastern Europe to benefit from state-of-the-art trading technology. THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 12
SET-UP : THE STRUCTURE OF THE BULGARIAN STOCK EXCHANGE SET-UP THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 13
SET-UP : THE SEGMENTS OF THE BULGARIAN STOCK EXCHANGE BSE BaSE beam Premium Equities Segment Standard Equities Segment Subscription Rights Segment Special Purpose Vehicles Segment Bonds Segment Compensatory Instruments Segment Exchange Traded Products Segment Government Securities Segment THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 14
SET-UP : OVERVIEW OF THE SEGMENTATION All in all there are 353 financial instruments listed on the The segmentation according to the Market Capitalization results Bulgarian Stock Exchange (BSE). 87 percent of those in a similar set-up compared to the set-up based on the pupre instruments have a secondary listing on the London Stock number of listed companies per segment. Exchange. Mostly on the SETSqx segment. The most frequented The financial instruments listed in the BaSE segment represent segment of BSE is the alternative BaSE market segment to which the biggest Market Capitalization (9,3 million Euro). shares of companies are transfered that do not meet the The second biggest segment is the Standard Equities Segment minimum requirements for the main market (anymore). with 55 listed equities. The quantitative break-down of financial instruments (by The smallest segment is the Subscription Rights Segment. There number) that are listed on the BSE is displayed below. By the are two financial instruments listed, representing a value of way: 27 of the still displayed issuers are delisted already. 8.232 Euro. BaSE Standard Equities Segment Bonds Segment Premium Equities Segment Special Purpose Vehicles… Compensatory Instruments… Delisted SETSqx NON CCP BaSE (139) Bonds Segment (70) Standard Equities Segment (55) Delisted (27) Exchange Traded Products… Government Securities Segment (16) Exchange Traded Products Segment (14) Government Securities Segment Special Purpose Vehicles Segment (13) Premium Equities Segment (7) Subscription Rights Segment SETSqx NON CCP (7) Compensatory Instruments Segment (3) Subscription Rights Segment (2) 0€ 5.000.000.000 € 10.000.000.000 € THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 15
SET-UP : THE FOUR MAIN INDICES OF BSE The Bulgarian Stock Exchange established the following four Indices: BG BG BG SOFIX BX40 REIT TR30 GENERAL CRITERIA BGBX40: Issues admitted to trading on a regulated market Issues of companies that have not been declared bankrupt or into liquidation, not are carrying out a company recovery plan Issues not been temporarily suspended from trading BGREIT: Issues admitted to trading on a regulated market Issues of companies that have not been declared bankrupt or into liquidation, not are carrying out a company recovery plan Issues not been temporarily suspended from trading THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 16
SET-UP : THE FOUR MAIN INDICES OF BSE The Bulgarian Stock Exchange established the following four Indices: BG BG BG SOFIX BX40 REIT TR30 GENERAL CRITERIA BGTR30: Issues admitted to trading on a regulated market Issues of companies that have not been declared bankrupt or into liquidation, not are carrying out a company recovery plan Issues not been temporarily suspended from trading SOFIX: Issues admitted to trading on a regulated market Issues of companies that have not been declared bankrupt or into liquidation, not are carrying out a company recovery plan Issues not been temporarily suspended from trading There is no legal uncertainty because of which the size of the issue cannot be accurately and undeniably determined Number of shareholders: min. 750 Freefloat: min. BGN 10 million THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 17
SET-UP : THE FOUR MAIN INDICES OF BSE 7,6% 3,2% 2,5% 7,4% 0,4% 16,3% 18,9% 26,3% 43,5% 38,4% 42,6% 47,5% 32,6% 35,% 32,8% 44,7% NUMBER OF FINANCIAL INSTRUMENTS MARKET CAPITALISATION TRADES TURNOVER BGBX40 BGTR30 SOFIX BGREIT THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 18
SET-UP : THE STRUCTURE OF THE BGBX40 BULGARIAN STOCK EXCHANGE : OVERVIEW BGBX40 THE MOST ACTIVELY TRADED BULGARIAN INDEX THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 19
SET-UP : THE STRUCTURE OF THE BGBX40 BULGARIAN STOCK EXCHANGE : OVERVIEW BGBX40 is an index, that covers 40 issues of common shares with the greatest number of transactions and the highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on January 01, 2014. BGBX40 Index is a replacement of the discontinued BG40IND Index. BGBX40 is an index, that covers 40 issues of common shares with the greatest number of transactions and the highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on January 01, 2014. BGBX40 Index is a replacement of the discontinued BG40IND Index. THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 20
SET-UP : THE STRUCTURE OF: THE BGBX40 BULGARIAN STOCK EXCHANGE THE COMPANIES ADVANCE TERRAFUND - REIT Advance Terrafund REIT is a closed-end public fund that invests in agricultural land and urban land in the vicinity of the bigger cities with the purpose of receiving income from leasing agricultural land to farming companies and urban land sales. KEY DATA WEBSITE ISIN BG1100025052 www.advanceterrafund.bg TYP REIT MANAGEMENT EXCHANGE BGBX40 Bulgaria SE is an index, that covers 40 issues of common Radoslav Iliev Manolov BGBX40 5.869% shares with the greatest number of transactions and the Chief Executive Officer highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT 01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued61.71% BG40IND Index. TOP SHAREHOLDERS Stanimir Vladimirov 20.39% Karoll Capital Mgmt. 18.60% International Finance 17,70% Expat Asset Mgmt. 1,33% Manolov Radoslov 0,18% THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 21
SET-UP : THE STRUCTURE OF: THE BGBX40 BULGARIAN STOCK EXCHANGE THE COMPANIES AGRIA GROUP HOLDING AD Agria Group Holding AD-Varna is a holding company carrying out investment activities. The Company, through its subsidiaries, carries out agricultural activities, trading and processing of grain, bread production, and alternative energy production. KEY DATA WEBSITE ISIN BG1100085072 www.agriabg.com TYP Common Stock MANAGEMENT EXCHANGE BGBX40 Bulgaria SE is an index, that covers 40 issues of common Emil Veselinov Raykov BGBX40 0.463% shares with the greatest number of transactions and the Chief Executive Officer highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT 01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued17.93% BG40IND Index. TOP SHAREHOLDERS EMRA EOOD 46.50% KOMERS EOOD 25.42% Svetlomir Iliev Todor 10.15% Universal Pension Trust 5.82% Karoll Capital Mgmt. 0.43% THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 22
SET-UP : THE STRUCTURE OF: THE BGBX40 BULGARIAN STOCK EXCHANGE THE COMPANIES AKTIV PROPERTIES - REIT Aktiv Properties REIT holds interests in real estate properties. The Trust seeks to invest in construction, improvement, and furnishing projects in the real estate industry with intent of managing, renting, leasing, and selling the real estate assets. KEY DATA WEBSITE ISIN BG1100003059 www.aktivproperties.com TYP REIT MANAGEMENT EXCHANGE BGBX40 Bulgaria SE is an index, that covers 40 issues of common Dilian Peichev Panev BGBX40 0.921% shares with the greatest number of transactions and the Chief Executive Officer highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT 01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued65.11% BG40IND Index. TOP SHAREHOLDERS PT Holding AD 29.00% Raiffeisen BG Equity 7.74% Raiffeisen BG Balance 7.43% Sienit Ltd 5.89% Karoll Capital Mgmt. 2.26% THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 23
SET-UP : THE STRUCTURE OF: THE BGBX40 BULGARIAN STOCK EXCHANGE THE COMPANIES ALBENA AD Albena AD operates hotels and restaurants and provides international tourism services. The Company operates resorts on the Black Sea in Bulgaria. KEY DATA WEBSITE ISIN BG11ALBAAT17 www.albena.bg TYP Common Stock MANAGEMENT EXCHANGE BGBX40 Bulgaria SE is an index, that covers 40 issues of common Krasimir Veselinov Stanev BGBX40 2.806% shares with the greatest number of transactions and the Chief Executive Officer highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT 01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued36.03% BG40IND Index. TOP SHAREHOLDERS Albena Holding AD 63.39% UPF Trust 6.01% Allianz Bulgaria AD 3.75% Expat Asset Mgmt. 0.67% Albena Invest Holdg. 0.58% THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 24
SET-UP : THE STRUCTURE OF: THE BGBX40 BULGARIAN STOCK EXCHANGE THE COMPANIES ALCOMET AD - SHUMEN Alcomet AD-Shumen produces aluminum Rolled products and extrusions. The Company's products include cast billets and coils, sheets, strips, and foils, pipes, tubes, and cold drawn bars. KEY DATA WEBSITE ISIN BG11ALSUAT14 www.alcomet.eu TYP Common Stock MANAGEMENT EXCHANGE BGBX40 Bulgaria SE is an index, that covers 40 issues of common Huseyin Yorucu BGBX40 0.639% shares with the greatest number of transactions and the Chairman Mgmt Board highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT 01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued26.75% BG40IND Index. TOP SHAREHOLDERS Alumetal SA 73.25% FAF Metal Industry 16.86% Allianz SE 3.04% THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 25
SET-UP : THE STRUCTURE OF: THE BGBX40 BULGARIAN STOCK EXCHANGE THE COMPANIES ALLTERCO AD Allterco AD, doing business as Allterco, provides telecommunication services. The Company offers mobile, voice, data, and card payment solutions. Allterco serves customers worldwide. KEY DATA WEBSITE ISIN BG1100003166 www.allterco.com TYP Common Stock MANAGEMENT EXCHANGE BGBX40 Bulgaria SE is an index, that covers 40 issues of common no info BGBX40 0.512% shares with the greatest number of transactions and the highest median value of the daily turnover during the last 6 FREEFLOAT months. The calculation of BGBX40 started on January100.00% 01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued BG40IND Index. TOP SHAREHOLDERS Karoll Capital Mgmt. 0.82% THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 26
SET-UP : THE STRUCTURE OF: THE BGBX40 BULGARIAN STOCK EXCHANGE THE COMPANIES BULGARIAN REAL ESTATE FUND - REIT Bulgarian Real Estate Fund Inc operates as a real estate investment trust. The Company invests in retail, office, industrial and multi-family residential properties. Bulgarian Real Estate Fund serves clients in Bulgaria. KEY DATA WEBSITE ISIN BG1100001053 www.brefbg.com TYP REIT MANAGEMENT EXCHANGE BGBX40 Bulgaria SE is an index, that covers 40 issues of common no info BGBX40 2.963% shares with the greatest number of transactions and the highest median value of the daily turnover during the last 6 FREEFLOAT months. The calculation of BGBX40 started on January81.88% 01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued BG40IND Index. TOP SHAREHOLDERS Swedbank AB 17.58% Hansapank Clients 12.49% Scandenskilda Banken 4.39% Danske Bank A/S 3.48% Avaron Funds 2.48% THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 27
SET-UP : THE STRUCTURE OF: THE BGBX40 BULGARIAN STOCK EXCHANGE THE COMPANIES BULGARIA STOCK EXCHANGE Bulgarian Stock Exchange-Sofia is the only stock exchange in Bulgaria. The Exchange organizes trading in securities and other financial instruments, operates and maintains information systems for trading in securities, and maintains a clearing system for securities transactions executed on the Exchange. KEY DATA WEBSITE ISIN BG1100016978 www.bse-sofia.bg TYP Common Stock MANAGEMENT EXCHANGE BGBX40 Bulgaria SE is an index, that covers 40 issues of common Prof. Manyu Moravenov Phd BGBX40 1.008% shares with the greatest number of transactions and the Chief Executive Officer highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT 01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued49.95% BG40IND Index. TOP SHAREHOLDERS Ministry of Finance Bulg. 50.05% THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 28
SET-UP : THE STRUCTURE OF: THE BGBX40 BULGARIAN STOCK EXCHANGE THE COMPANIES CB CENTRAL COOPERATIVE BANK AD Central Cooperative Bank AD provides various banking services. The services include retail banking, commercial loans, currency trading and securities trading. KEY DATA WEBSITE ISIN BG1100014973 www.ccbank.bg TYP Common Stock MANAGEMENT EXCHANGE BGBX40 Bulgaria SE is an index, that covers 40 issues of common Prof. Aleksandar Vodenicharov BGBX40 1.465% shares with the greatest number of transactions and the Chairman Mgmt. Board highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT 01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued36.734% BG40IND Index. TOP SHAREHOLDERS CBB Group EAD 60.70% Armeec Insurance JSC 4.05% Chimimport AD 2.56% PFP Consent 1.81% Caceis Bank 1.51% THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 29
SET-UP : THE STRUCTURE OF: THE BGBX40 BULGARIAN STOCK EXCHANGE THE COMPANIES CB FIRST INVESTMENT BANK AD CB First Investment Bank AD is active in the deposit business and provides services in retail and corporate banking. The bank offers consumer and mortgage loans, credit and debit cards, precious metals sales, revolving loans, letters of credit and other commercial loans. KEY DATA WEBSITE ISIN BG1100106050 www.fibank.bg TYP Common Stock MANAGEMENT EXCHANGE BGBX40 Bulgaria SE is an index, that covers 40 issues of common Nikola Bakalov BGBX40 2.208% shares with the greatest number of transactions and the Chief Executive Officer highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT 01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued15.000% BG40IND Index. TOP SHAREHOLDERS Minev Todorov Tzeko 42.50% Ivailo Dimitrov Mutafchiev 42.50% SEB 0.42% Eaton Vance Corp 0.36% Expat Asset Mgmt. 0.35% THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 30
SET-UP : THE STRUCTURE OF: THE BGBX40 BULGARIAN STOCK EXCHANGE THE COMPANIES CEZ DISTRIBUTION BULGARIA AD CEZ Distribution Bulgaria AD-Sofia operates and manages an electricity distribution network, consisting of MV, LV and HV electricity power lines and electricity systems, which is used for transmission and distribution of electric power in order to supply electricity to supplier companies. The Company distributes to districts in Bulgaria. KEY DATA WEBSITE ISIN BG1100025110 www.cez-rp.bg TYP Common Stock MANAGEMENT EXCHANGE BGBX40 Bulgaria SE is an index, that covers 40 issues of common Petr Holakovsky BGBX40 6.281% shares with the greatest number of transactions and the Member Mgmt. Board highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT 01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued33.000% BG40IND Index. TOP SHAREHOLDERS CEZ 67.00% UPFREX UPF 6.99% UPC CCB-SILA 4.99% PPF Trust 3.09% PPF Doverie AD 1.93% THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 31
SET-UP : THE STRUCTURE OF: THE BGBX40 BULGARIAN STOCK EXCHANGE THE COMPANIES CHIMIMPORT AD Chimimport AD is an investment holding company. Then Company, through its subsidiaries, is involved in activities that include import, export, re-export and other commercial transactions with oil and other chemical products, commission, forwarding & warehousing transactions, commercial agency & brokerage, investment, & tourist services. KEY DATA WEBSITE ISIN BG1100046066 www.chimimport.bg TYP Common Stock MANAGEMENT EXCHANGE BGBX40 Bulgaria SE is an index, that covers 40 issues of common Tsvetan Tsankov Botev BGBX40 6.654% shares with the greatest number of transactions and the Vice Chairman Mgmt. Board highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT 01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued26.070% BG40IND Index. TOP SHAREHOLDERS Chimimport AD 73.93% Expat Asset Mgmt. 0.51% Eaton Vance Corp 0.50% Prudential Financial 0.22% Karoll Capital Mgmt. 0.10% THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 32
SET-UP : THE STRUCTURE OF: THE BGBX40 BULGARIAN STOCK EXCHANGE THE COMPANIES DOVERIE HOLDING AD Doverie Holding AD manages companies operating in the chemical and oil, construction materials, textile, dairy, services and trade industry sectors. KEY DATA WEBSITE ISIN BG1100038980 www.doverie.bg TYP Common Stock MANAGEMENT EXCHANGE BGBX40 Bulgaria SE is an index, that covers 40 issues of common Alexander Georgiev Hristov BGBX40 3.172% shares with the greatest number of transactions and the Chief Executive Officer highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT 01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued58.060% BG40IND Index. TOP SHAREHOLDERS Sopharma AD 33.02% Telecomplect AD 8.92% Expat Asset Mgmt. 1.32% THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 33
SET-UP : THE STRUCTURE OF: THE BGBX40 BULGARIAN STOCK EXCHANGE THE COMPANIES ELANA AGROCREDIT AD ELANA Agrocredit AD is a financial leasing company offering financial leasing for purchases of agricultural land to agricultural producers. KEY DATA WEBSITE ISIN BG1100040101 www.agrocredit.elana.net TYP Common Stock MANAGEMENT EXCHANGE BGBX40 Bulgaria SE is an index, that covers 40 issues of common Gergana Kostadinov BGBX40 1.961% shares with the greatest number of transactions and the Chief Executive Officer highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT 01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued94.958% BG40IND Index. TOP SHAREHOLDERS CHEMAX Pharma 5.04% Allianz Bulgaria AD 3.53% UPF Trust 3.02% Alpha Bulgaria AD 3.02% DSK Asset Mgmt. 2.72% THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 34
SET-UP : THE STRUCTURE OF: THE BGBX40 BULGARIAN STOCK EXCHANGE THE COMPANIES EUROHOLD BULGARIA AD Eurohold Bulgaria AD is a holding company . The company offers services such as vehicle sales, finance and leasing services, general insurance and health insurance through its subsidiaries. KEY DATA WEBSITE ISIN BG1100114062 www.eurohold.bg TYP Common Stock MANAGEMENT EXCHANGE BGBX40 Bulgaria SE is an index, that covers 40 issues of common Kiril Ivanov Boshov BGBX40 3.180% shares with the greatest number of transactions and the Co Chief Executive Officer highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT 01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued33.330% BG40IND Index. TOP SHAREHOLDERS Starcom Holding AG 54.21% KJK Fund II Sicav 12.46% Expat Asset Mgmt. 0.16% KD Funds Mgmt. 0.15% Casa 4 Funds Lux Euro 0.02% THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 35
SET-UP : THE STRUCTURE OF: THE BGBX40 BULGARIAN STOCK EXCHANGE THE COMPANIES GRADUS AD Gradus AD produces and processes poultry products. The Company offers chicken products, including chicken meatballs, kebabs, nuggets, wings, drumsticks, fillets, and legs. Gradus also provides sausages and ready for consumption products. Gradus serves customers in Bulgaria. KEY DATA WEBSITE ISIN BG1100002184 www.gradus.bg TYP Common Stock MANAGEMENT EXCHANGE BGBX40 Bulgaria SE is an index, that covers 40 issues of common Ivan Angelov BGBX40 4.472% shares with the greatest number of transactions and the Executive Director highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT 01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued18.560% BG40IND Index. TOP SHAREHOLDERS Angelov Luka 40.72% Angelov Ivan 40.72% Expat Asset Mgmt. 0.41% Karoll Capital Mgmt. 0.03% THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 36
SET-UP : THE STRUCTURE OF: THE BGBX40 BULGARIAN STOCK EXCHANGE THE COMPANIES HOLDING SVETA SOFIA AD Holding Sveta Sofia AD acquires, appraises, and manages shares, bonds, and the cession of licenses for patents. The Company specializes in the investment in and financing of other enterprises in the financial services, retail, textiles, machinery and equipment, transportation, paper and food producing industries. KEY DATA WEBSITE ISIN BG1100008983 www.sveta-sofia.com TYP Common Stock MANAGEMENT EXCHANGE BGBX40 Bulgaria SE is an index, that covers 40 issues of common Dimitar Borisov Raikov BGBX40 1.548% shares with the greatest number of transactions and the Member Mgmt. Board highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT 01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued88.300% BG40IND Index. TOP SHAREHOLDERS ADARA AD 11.70% THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 37
SET-UP : THE STRUCTURE OF: THE BGBX40 BULGARIAN STOCK EXCHANGE THE COMPANIES HOLDING VARNA AD Holding Varna AD is active in the area of valuation, acquisition, management and sale of ownership in Bulgarian and International companies. The Company's activities also include production and trade of goods and services, financing of businesses and valuation of patents. KEY DATA WEBSITE ISIN BG1100036984 www.holdingvarna.com TYP Common Stock MANAGEMENT EXCHANGE BGBX40 Bulgaria SE is an index, that covers 40 issues of common Ivelina Kancheva Shaban BGBX40 5.643% shares with the greatest number of transactions and the Co Chief Executive Officer highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT 01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued77.041% BG40IND Index. TOP SHAREHOLDERS Andezit OOD 22.96% Expat Asset Mgmt. 0.09% THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 38
SET-UP : THE STRUCTURE OF: THE BGBX40 BULGARIAN STOCK EXCHANGE THE COMPANIES HYDRAULIC ELEMENTS AND SYSTEMS AD Hydraulic Elements & Systems AD designs, produces, and services a wide range of hydraulic cylinders for the construction industry. KEY DATA WEBSITE ISIN BG1100BL5ZP0 www.hes-co.com TYP Common Stock MANAGEMENT EXCHANGE BGBX40 Bulgaria SE is an index, that covers 40 issues of common Vasil Georgiev Velev BGBX40 0.872% shares with the greatest number of transactions and the Chairman highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT 01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued27.190% BG40IND Index. TOP SHAREHOLDERS Stara Planina Holding AD 64.53% Slavyana AD 8.28% Allianz Bulgaria AD 6.99% POK Allianz Bulgaria 4.81% THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 39
SET-UP : THE STRUCTURE OF: THE BGBX40 BULGARIAN STOCK EXCHANGE THE COMPANIES INDUSTRIAL CAPITAL HOLDING AD Industrial Capital Holding AD is an investment holding company. The Company owns interests in a wide range of companies including ones that manufactures winding wires, insulated and telephone cables, hydraulic motors and steering units, metal working machines, and cutting and grinding materials, KEY DATA WEBSITE ISIN BG1100010989 www.hika-bg.com TYP Common Stock MANAGEMENT EXCHANGE BGBX40 Bulgaria SE is an index, that covers 40 issues of common Dimitar Bogomilov Tanovski BGBX40 0.892% shares with the greatest number of transactions and the Co Chief Executive Officer highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT 01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued74.561% BG40IND Index. TOP SHAREHOLDERS Industrial Credit Bulgaria 17.98% ZAI AD 10.02% EMKA AD 10.01% Allianz Bulgaria AD 6.53% Ishay Horn 5.41% THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 40
SET-UP : THE STRUCTURE OF: THE BGBX40 BULGARIAN STOCK EXCHANGE THE COMPANIES INDUSTRIAL HOLDING BULGARIA PLC Industrial Holding Bulgaria PLC is a holding company that manages investment portfolios that invest in the shipping, mechanical engineering and manufacturing industries. She is also active in river cruises, tobacco, oil and energy companies. KEY DATA WEBSITE ISIN BG1100019980 www.bulgariaholding.com TYP Common Stock MANAGEMENT EXCHANGE BGBX40 Bulgaria SE is an index, that covers 40 issues of common Daneta Angelova Zheleva BGBX40 2.522% shares with the greatest number of transactions and the Chief Executive Officer highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT 01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued58.806% BG40IND Index. TOP SHAREHOLDERS Venturas Limited Cyprus 22.60% Bulls AD 8.72% Allianz BLG Universal 6.86% TB Alliance Bulgaria 4.99% Dzherman Sofia AD 4.88% THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 41
SET-UP : THE STRUCTURE OF: THE BGBX40 BULGARIAN STOCK EXCHANGE THE COMPANIES KORADO BULGARIA AD Korado Bulgaria AD-Strazhitsa manufactures central heating equipment. The Company products include flat panel radiators, bathroom radiators, fitting elements and solid fuel fireplaces. KEY DATA WEBSITE ISIN BG11LUSTAT13 www.korado.bg TYP Common Stock MANAGEMENT EXCHANGE BGBX40 Bulgaria SE is an index, that covers 40 issues of common Jiri Reznicek BGBX40 0.871% shares with the greatest number of transactions and the Chairman Mgmt. Board highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT 01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued34.533% BG40IND Index. TOP SHAREHOLDERS Korado Bulgaria AD 65.46% THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 42
SET-UP : THE STRUCTURE OF: THE BGBX40 BULGARIAN STOCK EXCHANGE THE COMPANIES M+S HYDRAULIC AD M+S Hydraulic AD Kazanlak manufactures hydraulic motors, steering units, valves, brakes and accessories. KEY DATA WEBSITE ISIN BG11MPKAAT18 www.ms-hydraulic.com TYP Common Stock MANAGEMENT EXCHANGE BGBX40 Bulgaria SE is an index, that covers 40 issues of common Stoil Stoyanov Kolev BGBX40 3.612% shares with the greatest number of transactions and the Co Chief Executive Officer highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT 01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued23.385% BG40IND Index. TOP SHAREHOLDERS Stara Planina Hold AD 30.60% MS 97 JSC 23.86% Industrial Capital Hldg. 22.15% Expat Asset Mgmt. 0.36% NLB Skladi 0.12% THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 43
SET-UP : THE STRUCTURE OF: THE BGBX40 BULGARIAN STOCK EXCHANGE THE COMPANIES MONBAT AD MonBat manufactures battery starters, traction batteries and standing batteries. KEY DATA WEBSITE ISIN BG1100075065 www.monbat.com TYP Common Stock MANAGEMENT EXCHANGE BGBX40 Bulgaria SE is an index, that covers 40 issues of common Atanas Stoilov Bobokov BGBX40 1.993% shares with the greatest number of transactions and the Chief Executive Officer highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT 01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued24.430% BG40IND Index. TOP SHAREHOLDERS Prista Oil EAD 46.36% Unicredit Spa 25.68% MonBat AD 3.53% Expat Asset Mgmt. 0,40% Prudential Financial 0.25% THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 44
SET-UP : THE STRUCTURE OF: THE BGBX40 BULGARIAN STOCK EXCHANGE THE COMPANIES NEOCHIM AD Neochim AD-Dimitrovgrad manufactures chemicals and chemical products. The Company produces ammonium nitrate, ammonia, nitric acid, sodium nitrate, ammonium bicarbonate and formaldehyde. KEY DATA WEBSITE ISIN BG11NEDIAT11 www.neochim.bg TYP Common Stock MANAGEMENT EXCHANGE BGBX40 Bulgaria SE is an index, that covers 40 issues of common Dimitar Stefanov Dimitrov BGBX40 1.140% shares with the greatest number of transactions and the Chief Executive Officer highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT 01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued51.690% BG40IND Index. TOP SHAREHOLDERS EKO Tech AD 24.28% Euro Fert AD 24.03% Feboran AD 20.30% Agrofer Intl. Liechtenstein 7.68% PFP Consent 2.34% THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 45
SET-UP : THE STRUCTURE OF: THE BGBX40 BULGARIAN STOCK EXCHANGE THE COMPANIES ODESSOS SHIPREPAIR YARD Odessos Shiprepair Yard AD repairs domestic and international sea vessels. The Company provides painting, steel, as well as mechanical services. KEY DATA WEBSITE ISIN BG11KOVABT17 www.odessos–yard.bg TYP Common Stock MANAGEMENT EXCHANGE BGBX40 Bulgaria SE is an index, that covers 40 issues of common Dimitar Ivanov Todorov BGBX40 0.515% shares with the greatest number of transactions and the Chief Executive Officer highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT 01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued100.000% BG40IND Index. TOP SHAREHOLDERS no info THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 46
SET-UP : THE STRUCTURE OF: THE BGBX40 BULGARIAN STOCK EXCHANGE THE COMPANIES RODNA ZEMYA HOLDING AD Rodna Zemya Holding AD operates as a holding company. The Company through its subsidiaries provides acquisition, management, evaluation, and sale of shares in Bulgarian and other companies as well as trades in bonds and patents. KEY DATA WEBSITE ISIN BG1100051983 www.rodnazemya.bg TYP Common Stock MANAGEMENT EXCHANGE BGBX40 Bulgaria SE is an index, that covers 40 issues of common Biser Lozkov Lozev BGBX40 3.232% shares with the greatest number of transactions and the Chairman of the Board highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT 01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued71.808% BG40IND Index. TOP SHAREHOLDERS Bulgarian Mills EOOD 28.19% Finance Consulting SA 4.38% CB First Investment Bank 0.56% THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 47
SET-UP : THE STRUCTURE OF: THE BGBX40 BULGARIAN STOCK EXCHANGE THE COMPANIES SIRMA GROUP HOLDING JSC Sirma Group Holding JSC provides software development, system integration, and software implementation. Sirma develops semantic platforms and solutions, cognitive software business solutions, industrial applications, mobile platforms and applications serving enterprises in the financial, healthcare, industrial, and archival verticals. KEY DATA WEBSITE ISIN BG1100032140 www.sirma.com TYP Common Stock MANAGEMENT EXCHANGE BGBX40 Bulgaria SE is an index, that covers 40 issues of common Tsvetan Borisov Alexiev BGBX40 0.985% shares with the greatest number of transactions and the Chief Executive Officer highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT 01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued100.000% BG40IND Index. TOP SHAREHOLDERS Karoll Capital Mgmt. 0.21% Expat Asset Mgmt. 0.17% THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 48
SET-UP : THE STRUCTURE OF: THE BGBX40 BULGARIAN STOCK EXCHANGE THE COMPANIES SOFIA COMMERCE-PAWN BROKERAGE Sofia Commerce-Pawn Brokerage AD provides financial services. The Company offers home mortgages, personal and business banking loans, and other services. KEY DATA WEBSITE ISIN BG1100053054 www.sofiacommerce.net TYP Common Stock MANAGEMENT EXCHANGE BGBX40 Bulgaria SE is an index, that covers 40 issues of common Irena Todorova Vacheva BGBX40 0.260% shares with the greatest number of transactions and the Chief Executive Officer highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT 01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued100.000% BG40IND Index. TOP SHAREHOLDERS no info THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 49
SET-UP : THE STRUCTURE OF: THE BGBX40 BULGARIAN STOCK EXCHANGE THE COMPANIES SOPHARMA AD Sopharma AD researches, manufactures, and trades drugs and chemical pharmaceutical preparations. The Company produces and sells a broad spectrum of medicines, phytochemical products, and synthetic drug forms. KEY DATA WEBSITE ISIN BG11SOSOBT18 www.sopharma.bg TYP Common Stock MANAGEMENT EXCHANGE BGBX40 Bulgaria SE is an index, that covers 40 issues of common Ognian Ivanov Donev BGBX40 10.042% shares with the greatest number of transactions and the Chief Executive Officer highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT 01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued40.160% BG40IND Index. TOP SHAREHOLDERS Donev Investment Hldg. 25.20% Telecomplect AD 20.41% Rompharm OOD 7.52% Sopharma AD 6.71% Expat Asset Mgmt. 0.68% THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 50
SET-UP : THE STRUCTURE OF: THE BGBX40 BULGARIAN STOCK EXCHANGE THE COMPANIES SOPHARMA PROPERTIES - REIT Sopharma Properties REIT manage real estate on a fee or a contract basis. The company invests in the building and development of real estate and is also involved in the selling, leasing or renting of properties. KEY DATA WEBSITE ISIN BG1100031068 www.sopharma-imoti.com TYP REIT MANAGEMENT EXCHANGE BGBX40 Bulgaria SE is an index, that covers 40 issues of common Boriss Borissov BGBX40 2.040% shares with the greatest number of transactions and the Chief Executive Officer highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT 01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued43.582% BG40IND Index. TOP SHAREHOLDERS Stoev Ventzislav Simeo 23.22% Donev Ognian Ivanov 20.11% Telecomplect Invest AD 17.50% Donev Investment Hldg. 13.09% TBI Asset Mgmt. 0.00% THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 51
SET-UP : THE STRUCTURE OF: THE BGBX40 BULGARIAN STOCK EXCHANGE THE COMPANIES SOPHARMA TRADING AD Sopharma Trading AD-Sofia is a drug distributor and also offers pre-distribution services such as storage, logistics, marketing, and financial services. KEY DATA WEBSITE ISIN BG1100086070 www.sopharmatrading.bg TYP Common Stock MANAGEMENT EXCHANGE BGBX40 Bulgaria SE is an index, that covers 40 issues of common Dimitar Georgiev Dimitrov BGBX40 3.240% shares with the greatest number of transactions and the Chief Executive Officer highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT 01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued4.000% BG40IND Index. TOP SHAREHOLDERS Sopharma AD 73.31% Donev Ognian Ivanov 22.69% Karoll Capital Mgmt. 0.06% THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 52
SET-UP : THE STRUCTURE OF: THE BGBX40 BULGARIAN STOCK EXCHANGE THE COMPANIES SPEEDY AD Speedy AD provides courier and transportation services. The Company delivers shipments to all locations in Bulgaria, as well as locations internationally. Speedy operates a fleet of vehicles in various sizes. KEY DATA WEBSITE ISIN BG1100007126 www.speedy.bg TYP Common Stock MANAGEMENT EXCHANGE BGBX40 Bulgaria SE is an index, that covers 40 issues of common Valeri Mektupchiian BGBX40 1.945% shares with the greatest number of transactions and the Chief Executive Officer highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT 01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued6.130% BG40IND Index. TOP SHAREHOLDERS Speedy AD 93.86% Terra Capital Plc 0.88% THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 53
SET-UP : THE STRUCTURE OF: THE BGBX40 BULGARIAN STOCK EXCHANGE THE COMPANIES STARA PLANINA HOLD AD Stara Planina Hold AD-Sofia is a holding company. The Company, through its subsidiaries, manufactures pistons, hydraulic cylinders and motors, brakes, batteries, knitwear, socks, perfumes, cosmetics, and essential oils. Stara Planina Hold operates in Bulgaria and sells products globally. KEY DATA WEBSITE ISIN BG1100005971 www.sphold.com TYP Common Stock MANAGEMENT EXCHANGE BGBX40 Bulgaria SE is an index, that covers 40 issues of common Vasil Georgiev Velev BGBX40 4.322% shares with the greatest number of transactions and the Chairman highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT 01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued65.470% BG40IND Index. TOP SHAREHOLDERS Potreb Invest Fondation 22.17% Garant 5 Ltd. 12.36% Allianz Bulgaria AD 5.94% Expat Asset Mgmt. 0.61% Karoll Capital Mgmt. 0.06% THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 54
SET-UP : THE STRUCTURE OF: THE BGBX40 BULGARIAN STOCK EXCHANGE THE COMPANIES SYNERGON HOLDING PLC Synergon Holding PLC is a holding company that acquires and invest in companies that are involved in the trade, tourism, and chemical industries. The Company purchases and sells patents and bonds, as well as provides financing to its subsidiaries. Synergon invests in Bulgarian and foreign companies. KEY DATA WEBSITE ISIN BG11000033981 www.synergon.bg TYP Common Stock MANAGEMENT EXCHANGE BGBX40 Bulgaria SE is an index, that covers 40 issues of common Marin Petrov Stoyanov BGBX40 0.486% shares with the greatest number of transactions and the Chairman highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT 01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued69.510% BG40IND Index. TOP SHAREHOLDERS OMEGA BI DI Holding AD 27.78% Petrol-In AD 18.50% Bedo Doganan 2.51% Stoyanov Marin Petrov 0.11% Stulian Stoyanov 0.09% THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 55
SET-UP : THE STRUCTURE OF: THE BGBX40 BULGARIAN STOCK EXCHANGE THE COMPANIES SYNERGON HOLDING PLC Tchaikapharma High Quality Medicines provides individuals and families with a wide range of pharmaceutical products. It supplies pharmacies both with patented pharmaceuticals manufactured by large multinationals and with generic ones manufactured in modern plants. Tchaikapharma High Quality Medicines operates in Bulgaria. KEY DATA WEBSITE ISIN BG1100008074 www.tchaikapharma.com TYP Common Stock MANAGEMENT EXCHANGE BGBX40 Bulgaria SE is an index, that covers 40 issues of common Biser Rosenov Georgiev BGBX40 3.038% shares with the greatest number of transactions and the Chief Executive Officer highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT 01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued100.000% BG40IND Index. TOP SHAREHOLDERS no info THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 56
SET-UP : THE STRUCTURE OF: THE BGBX40 BULGARIAN STOCK EXCHANGE THE COMPANIES TRACE GROUP HOLD AD Trace Group Hold AD-Sofia is a building contractor involved in building highway s, bridges and other engineering operations, including military projects. KEY DATA WEBSITE ISIN BG1100049078 www.tracebg.com TYP Common Stock MANAGEMENT EXCHANGE BGBX40 Bulgaria SE is an index, that covers 40 issues of common Denislava Lyubenova BGBX40 1.129% shares with the greatest number of transactions and the Chairman Mgmt. Board highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT 01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued19.440% BG40IND Index. TOP SHAREHOLDERS Mihaylov Nikolay Ganchev 80.56% Galini – H Ltd 9.00% Karoll Capital Mgmt. 0.23% THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 57
SET-UP : THE STRUCTURE OF: THE BGBX40 BULGARIAN STOCK EXCHANGE THE COMPANIES VELGRAF ASSET MANAGEMENT AD Velgraf Asset Management AD buys, rents and leases, manages and sells real estate properties. KEY DATA WEBSITE ISIN BG1100010104 www.velgraf.com TYP Common Stock MANAGEMENT EXCHANGE BGBX40 Bulgaria SE is an index, that covers 40 issues of common Rumen Goranov Tsonokov BGBX40 7.684% shares with the greatest number of transactions and the Chief Executive Officer highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT 01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued69.801% BG40IND Index. TOP SHAREHOLDERS Brilliance Ltd 30.20% Central Cooperative Bank 17.83% PFP Consent 6.64% UPC CCB - Power 5.31% THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 58
SET-UP : THE STRUCTURE OF: THE BGBX40 BULGARIAN STOCK EXCHANGE THE COMPANIES YURI GAGARIN PLC Yuri Gagarin PLC-Plovdiv offers printing services and manufactures industrial machinery. The Company primarily prints cigarette packaging materials, and produces machines, spare parts, and filters for the tobacco industry. KEY DATA WEBSITE ISIN BG11PLPLVT16 www.gagarin-bt.com TYP Common Stock MANAGEMENT EXCHANGE BGBX40 Bulgaria SE is an index, that covers 40 issues of common Kiril Dimitrov Hristov BGBX40 0.051% shares with the greatest number of transactions and the Chief Executive Officer highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT 01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued27.150%% BG40IND Index. TOP SHAREHOLDERS Barranco EOOD 49.00% Como Tabaco Ltd 18.00% Pension Insur Co Allianz 6.98% Clairmont Holding Ltd 5.85% Karoll Capital Mgmt. 0.18% THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 59
SET-UP : THE STRUCTURE OF: THE BGBX40 BULGARIAN STOCK EXCHANGE THE COMPANIES YURI GAGARIN PLC Yuri Gagarin PLC-Plovdiv offers printing services and manufactures industrial machinery. The Company primarily prints cigarette packaging materials, and produces machines, spare parts, and filters for the tobacco industry. KEY DATA WEBSITE ISIN BG11PLPLVT16 www.gagarin-bt.com TYP Common Stock MANAGEMENT EXCHANGE BGBX40 Bulgaria SE is an index, that covers 40 issues of common Kiril Dimitrov Hristov BGBX40 0.051% shares with the greatest number of transactions and the Chief Executive Officer highest median value of the daily turnover during the last 6 months. The calculation of BGBX40 started on JanuaryFREEFLOAT 01, 52 Weeks Chart: 2014. BGBX40 Index is a replacement of the discontinued27.150%% BG40IND Index. TOP SHAREHOLDERS Barranco EOOD 49.00% Como Tabaco Ltd 18.00% Pension Insur Co Allianz 6.98% Clairmont Holding Ltd 5.85% Karoll Capital Mgmt. 0.18% THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 60
SET-UP : THE STRUCTURE OF THE BGBX40 BULGARIAN STOCK EXCHANGE : OVERVIEW beam THE MULTILATERAL TRADING FACILITY TO GIVE GROWTH FOR YOUNG START- UPS THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 61
SET-UP : THE STRUCTURE OF THE beam BULGARIAN STOCK EXCHANGE : OVERVIEW Bulgarian Stock Exchange uses the same SME Growth Market beam is a special market electronic trading platform T7®, operated by organised by the Bulgarian Stock Exchange Deutsche Boerse, for both the trading on the (BSE) which enables the financing of small regulated market and the beam market. and medium companies in Bulgaria. The Transactions in financial instruments Exchange has been granted an approval by admitted to trading on the beam market are the Financial Supervision Commission to executed on the basis of the buy and sell create the new SME Growth Market beam in orders entered by the Exchange members the end of 2018. The trading and of the market maker quotes. Orders and on beam market is executed through the quotes constitute a firm request to buy or to same trading platform T7® and under the sell a particular amount of financial same trading rules as those on the BSE main instruments at a set price or at a market market. price and at particular additional parameters. The financial instruments, admitted to beam Market main objective is to provide trading on the beam market are traded in small and medium enterprises with the continuous trading and the trading hours (in opportunity to raise funds within easier terms local time) are as follows: than those on the regulated market, while at the same time providing them with similar 09:30 - 10:00 Pre-trading advantages as those of public 10:00 - 10:10 Opening auction companies. beam market is also an 10:10 - 16:55 Continuous trading intermediate step on the road of a company 16:55 - 17:00 Closing auction to the regulated market. 17:00 - 17:30 Post-trading THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 62
SET-UP : THE STRUCTURE beamOF THE BULGARIAN STOCK EXCHANGE : REQUIREMENTS The basic requirements for the companies that want to be admitted to trading on the beam market are: ▪ to be registered as joint-stock companies in Bulgaria or abroad; ▪ in the Company's articles of association certain texts to be included concerning the admission to trading on beam Market such as: specific conditions for the protection of investors, as well as explicit powers of the General Meeting of Shareholders to take a decision regarding the termination of the beam Market registration; a detailed description of the terms and conditions under which the General Meeting may take a decision to increase the capital and requirement for a qualified majority of 90 (ninety) percent of the total number of votes represented at the General Meeting needed for the above mentioned amendments; ▪ to prepare an admission document (using a provided by BSE template) that contains detailed information about the company and its management and supervisory bodies. The document should be drafted in Bulgarian or English language and approved by the respective Advisor; ▪ as part of the admission document, the company should present an audited financial statement for the prior financial year. ▪ to have at least a 2 years contract with an Advisor approved by BSE; ▪ the financial instruments to be registered for trading should meet the following conditions: 1. to be dematerialized or immobilized and to be registered in a depository institution; 2. to hold no restrictions or conditions for their transfer; 3. not to be listed for trading on the BSE’s Main or Alternative markets. Information disclosure by companies on beam market After being registered on beam market, companies are required to disclose any relevant information relating to the company or its financial instruments within 3 days of its occurrence. Companies must also submit the following financial reports: ▪ semi-annual - no later than August 30 of the respective year, respectively - September 30 for consolidated reports; ▪ annual audited - no later than April 30 of the following calendar year, respectively - May 30 for consolidated reports; ▪ annual non-audited - no later than February 28 of the following calendar year and respectively - March 31 for consolidated reports THE BULGARIAN STOCK EXCHANGE presented by Capital Lounge 63
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