PRESENTED BY C APITAL LOUNGE GMBH - dated April 2020 - Capital Lounge

 
PRESENTED BY C APITAL LOUNGE GMBH - dated April 2020 - Capital Lounge
PRESENTED BY
CAPITAL LOUNGE GMBH

                      dated April 2020
PRESENTED BY C APITAL LOUNGE GMBH - dated April 2020 - Capital Lounge
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
PRESENTED BY C APITAL LOUNGE GMBH - dated April 2020 - 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
PRESENTED BY C APITAL LOUNGE GMBH - dated April 2020 - Capital Lounge
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
PRESENTED BY C APITAL LOUNGE GMBH - dated April 2020 - Capital Lounge
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
PRESENTED BY C APITAL LOUNGE GMBH - dated April 2020 - Capital Lounge
SET-UP : THE STRUCTURE OF THE BULGARIAN STOCK EXCHANGE

                                   THE BULGARIAN STOCK
                                        EXCHANGE

THE BULGARIAN STOCK EXCHANGE                                       presented by Capital Lounge   6
PRESENTED BY C APITAL LOUNGE GMBH - dated April 2020 - Capital Lounge
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
PRESENTED BY C APITAL LOUNGE GMBH - dated April 2020 - Capital Lounge
SET-UP : THE STRUCTURE OF THE BULGARIAN STOCK EXCHANGE

                                            DEVELOPMENT

THE BULGARIAN STOCK EXCHANGE                                       presented by Capital Lounge   8
PRESENTED BY C APITAL LOUNGE GMBH - dated April 2020 - Capital Lounge
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
You can also read