22 hardware and software product lines Wholesalers Dealers

22 hardware and software product lines Wholesalers – Dealers’ channels market survey Bulgaria ‘ 2017 WINNERS, MARKET SHARES, TRENDS (ANNUAL EDITION, YEAR XXII) © CBN - Pannoff, Stoytcheff & Co. , Sofia, Bulgaria. An independent company for business analysis & information. Since 1991.

Wholesalers – Dealers’ channels in Bulgaria Basic facts Wholesalers 21 operated [+16 suspended last 10 years] Dealers 1, 200 + Product lines 30 + Wholesalers – sale out [ IT hardware, System Software ] € 306 m IT dealers & ICT solution providers – sale out € 245 m © 1991 -2017 CBN - Pannoff, Stoytcheff & Co. Sofia. Bulgaria. A company for business analysis & information. Since 1991. Strictly confidential

IT HARDWARE AND SOFTWARE MARKET SURVEY BULGARIA 2017 BASIC FACTS Basic fact / Year 2017 2016 1, 199 dealers 995 dealers 22 21 Brands, nominations, total 193 190 Whole sellers nominations, total 124 109 14 12 Respondents - CEO, share 85% 79% Respondents - Sales Man, share 12% 15% 10. Jan-28. Feb 2017 15. Jan-07. March 2016 Target group IT products tested Respondents, cities total Period of the survey © 1991 -2017 CBN - Pannoff, Stoytcheff & Co. Sofia. Bulgaria. A company for business analysis & information. Since 1991. Strictly confidential

IT brands - most sold by the computer dealers in 22 product lines Bulgarian market 2016 vs. 2015, 2017 f 2017 (f) 2016 2015 Total Brands [dealers vote] COMPUTERS Desktop PC 8 8 7 Notebooks 9 10 8 Tablets 11 11 11 Servers 7 7 6 Smartphones 11 12 11 Software - OS 4 4 4 Software - Security 10 10 12 PERIPHERALS MFD-Laser 9 9 11 MFD-Ink 8 8 Monitors 11 Printers, laser jet UPS Product line 2017 (f) 2016 2015 Total Brands [dealers vote] Cases 16 17 12 Flash memory 8 8 10 Product line COMPONENTS HDD, Ext. 9 9 8 HDD, Int. 6 6 5 SSD 10 9 11 Motherboards 5 5 6 Processors 2 2 2 RAM 7 8 9 4 COMMUNICATIONS 11 11 Networking 10 10 11 9 9 9 Surveillance cameras 10 11 13 9 9 9 TOTAL 189 193 190 © 1991 -2017 CBN - Pannoff, Stoytcheff & Co. Sofia. Bulgaria. A company for business analysis & information. Since 1991. Strictly confidential

Wholesalers from which IT dealers buy the larger volumes 17 biggest product lines - 2016 vs. 2015 Product lines 2016 2015 Desktop PC 7 6 Notebooks 7 5 Servers 6 7 Smartphones 4 6 Software 8 Tablets 2016 2015 Cases 8 6 Hard Disk Drives 5 6 6 Motherboards 4 4 9 6 Processors 5 5 MFU 5 7 Monitors 7 6 Networking 12 10 Multimedia 9 8 Surveillance cameras 12 9 Printers 7 7 UPS 9 5 124 109 Computers Peripherals Product lines Components Communications © 1991 -2017 CBN - Pannoff, Stoytcheff & Co. Sofia. Bulgaria. A company for business analysis & information. Since 1991. Total ranked Strictly confidential

Bulgaria ‘ 2017 march Distributor – Dealers channels Desktop computers BRANDS WHOLESALERS Rank Desktop PC 2016 2015 Brands 8 7 Total Most sold_% Rank Desktop PC Most purchased_% Distributors 2016 2015 Total 100. 0 2017 (f) 2016 2015 100 100 7 6 © 1991 -2017 CBN - Pannoff, Stoytcheff & Co. Sofia. Bulgaria. A company for business analysis & information. Since 1991. Strictly confidential

Bulgaria ‘ 2017 march Distributor – Dealers channels Notebooks BRANDS WHOLESALERS Rank Notebooks 2016 2015 Brands 10 8 Total Most sold_% 2017 (f) 2016 2015 100 100 Rank Notebooks 2016 2015 Distributors 7 © 1991 -2017 CBN - Pannoff, Stoytcheff & Co. Sofia. Bulgaria. A company for business analysis & information. Since 1991. 5 Total Most purchased_% 2016 100 Strictly confidential 2015 100

Bulgaria ‘ 2017 march Distributor – Dealers channels Tablets BRANDS WHOLESALERS Rank Tablets 2016 2015 Brands 11 11 Total Most sold_% 2017 (f) 100 2016 2015 100 Rank Tablets 2016 2015 Distributors 9 © 1991 -2017 CBN - Pannoff, Stoytcheff & Co. Sofia. Bulgaria. A company for business analysis & information. Since 1991. 6 Total Most purchased_% 2016 100 Strictly confidential 2015 100

Bulgaria ‘ 2017 march Distributor – Dealers channels Servers BRANDS WHOLESALERS Rank Servers 2016 2015 Brands 7 6 Total Most sold_% 2017 (f) 100 2016 2015 100 Rank Servers 2016 2015 Distributors 6 © 1991 -2017 CBN - Pannoff, Stoytcheff & Co. Sofia. Bulgaria. A company for business analysis & information. Since 1991. 7 Total Most purchased_% 2016 100 Strictly confidential 2015 100

Bulgaria ‘ 2017 march Distributor – Dealers channels Smartphones BRANDS Rank 2016 13 Rank 2015 11 WHOLESALERS Smartphones Brands Total Most sold_% 2017 (f) 2016 2015 100 100 Rank Smartphones 2016 2015 Distributors 2016 2015 Total 100 4 © 1991 -2017 CBN - Pannoff, Stoytcheff & Co. Sofia. Bulgaria. A company for business analysis & information. Since 1991. 6 Most purchased_% Strictly confidential

Bulgaria ‘ 2017 march Distributor – Dealers channels Software – Operating systems BRANDS Rank 2016 2015 4 4 WHOLESALERS Software: OS Brands Total Most installed_% 2017 (f) 100 2016 2015 100 Rank Software 2016 2015 Distributors 8 © 1991 -2017 CBN - Pannoff, Stoytcheff & Co. Sofia. Bulgaria. A company for business analysis & information. Since 1991. 6 Total Most purchased, % 2016 100 Strictly confidential 2015 100

Bulgaria ‘ 2017 march Distributor – Dealers channels Software – Operating systems Percentage of selling computers with an operating system installed Yaer Region 2017 Sofia based 2017 Country based 2017 BGR 2016 Sofia based 2016 Country based 2016 BGR 2015 Sofia based 2015 Country based 2015 BGR PC w OS © 1991 -2017 CBN - Pannoff, Stoytcheff & Co. Sofia. Bulgaria. A company for business analysis & information. Since 1991. PC empty Strictly confidential

Bulgaria ‘ 2017 march Distributor – Dealers channels Software: Security BRANDS Rank Software: Security 2016 2015 Brands 10 12 Total Most sold_% 2017 (f) 100 2016 2015 100 © 1991 -2017 CBN - Pannoff, Stoytcheff & Co. Sofia. Bulgaria. A company for business analysis & information. Since 1991. Strictly confidential

Bulgaria ‘ 2017 march Distributor – Dealers channels Monitors BRANDS WHOLESALERS Rank Monitors 2016 2015 Brands 11 11 Total Most sold_% 2017 (f) 100 2016 2015 100 Rank Monitors 2016 2015 Distributors 7 6 © 1991 -2017 CBN - Pannoff, Stoytcheff & Co. Sofia. Bulgaria. A company for business analysis & information. Since 1991. Total Most purchased_% 2016 100 Strictly confidential 2015 100

Bulgaria ‘ 2017 march Distributor – Dealers channels MFD (laser technology) BRANDS Rank MFD - Laser 2016 2015 Brands 9 11 Total Most sold_% 2017 (f) 100 2016 2015 100 © 1991 -2017 CBN - Pannoff, Stoytcheff & Co. Sofia. Bulgaria. A company for business analysis & information. Since 1991. Strictly confidential

Bulgaria ‘ 2017 march Distributor – Dealers channels MFD (ink technology) BRANDS WHOLESALERS [BOTH INK AND LASER TECHNOLOGY] Rank MFD - Ink 2016 2015 Brands 8 4 Total Most sold_% 2017 (f) 100 2016 100 Rank MFU Most purchased_% 2016 2015 Distributors 2016 2015 5 7 100 2015 100 © 1991 -2017 CBN - Pannoff, Stoytcheff & Co. Sofia. Bulgaria. A company for business analysis & information. Since 1991. Total Strictly confidential

Bulgaria ‘ 2017 march Distributor – Dealers channels Multimedia BRANDS WHOLESALERS Rank Multimedia Most purchased_% 2016 2015 Whole sellers 2016 9 8 © 1991 -2017 CBN - Pannoff, Stoytcheff & Co. Sofia. Bulgaria. A company for business analysis & information. Since 1991. Total 100 Strictly confidential 2015 100

Bulgaria ‘ 2017 march Distributor – Dealers channels Printers (laser technology) BRANDS WHOLESALERS Rank Printers - Laser 2016 2015 Brands 9 9 Total Most sold_% 2017 (f) 100 2016 2015 100 Rank Printers 2016 2015 Distributors 7 © 1991 -2017 CBN - Pannoff, Stoytcheff & Co. Sofia. Bulgaria. A company for business analysis & information. Since 1991. 7 Total Most purchased_% 2016 100 Strictly confidential 2015 100

Bulgaria ‘ 2017 march Distributor – Dealers channels UPS BRANDS WHOLESALERS Rank UPS 2016 2015 Brands 9 9 Total Most sold_% 2017 (f) 100 2016 2015 100 Rank UPS 2016 2015 Distributors 9 5 © 1991 -2017 CBN - Pannoff, Stoytcheff & Co. Sofia. Bulgaria. A company for business analysis & information. Since 1991. Total Most purchased_% 2016 100 Strictly confidential 2015 100

Bulgaria ‘ 2017 march Distributor – Dealers channels Cases BRANDS Rank 2016 19 Rank 2015 12 WHOLESALERS Cases Brands Total Most sold_% 2017 (f) 2016 2015 100 100 Rank Cases Most purchased_% 2016 2015 Distributors 2016 8 6 © 1991 -2017 CBN - Pannoff, Stoytcheff & Co. Sofia. Bulgaria. A company for business analysis & information. Since 1991. Total 100 Strictly confidential 2015 100

Bulgaria ‘ 2017 march Distributor – Dealers channels HDD (internal) BRANDS Rank HDD, Internal 2016 2015 Brands 6 5 Total Most sold_% 2017 (f) 100 2016 100 2015 100 © 1991 -2017 CBN - Pannoff, Stoytcheff & Co. Sofia. Bulgaria. A company for business analysis & information. Since 1991. Strictly confidential

Bulgaria ‘ 2017 march Distributor – Dealers channels HDD (external) BRANDS INTERNAL, EXTERNAL AND SSD RATIO Rank HDD External 2016 2015 Brands 9 8 Total Most sold_% 2017 (f) 100 2016 100 Region 2015 100 HDD type Sofia based Internal Country based Internal Bulgaria Internal Sofia based External Country based External Bulgaria External Sofia based SSD Country based SSD Bulgaria SSD © 1991 -2017 CBN - Pannoff, Stoytcheff & Co. Sofia. Bulgaria. A company for business analysis & information. Since 1991. 2015 2016 Strictly confidential 2017 (f)

Bulgaria ‘ 2017 march Distributor – Dealers channels SSD BRANDS WHOLESALERS [BOTH HDD & SSD] Rank Solid State Drives 2016 2015 Brands 11 11 Total Most sold_% 2017 (f) 100 2016 100 2015 100 Rank HDD 2016 2015 Distributors 5 6 © 1991 -2017 CBN - Pannoff, Stoytcheff & Co. Sofia. Bulgaria. A company for business analysis & information. Since 1991. Total Most purchased_% 2016 100 Strictly confidential 2015 100

Bulgaria ‘ 2017 march Distributor – Dealers channels Motherboards BRANDS WHOLESALERS Rank Motherboards 2016 2015 Brands 5 6 Total Most sold_% 2017 (f) 2016 100 2015 100 Rank Motherboards Most purchased_% 2016 2015 Distributors 2016 4 © 1991 -2017 CBN - Pannoff, Stoytcheff & Co. Sofia. Bulgaria. A company for business analysis & information. Since 1991. 4 Total 100 Strictly confidential 2015 100

Bulgaria ‘ 2017 march Distributor – Dealers channels Processors BRANDS Rank 2016 2015 2 2 WHOLESALERS Processors Brands Total Most sold_% 2017 (f) 2016 2015 100 100 Rank Processors Most purchased_% 2016 2015 Distributors 2016 5 © 1991 -2017 CBN - Pannoff, Stoytcheff & Co. Sofia. Bulgaria. A company for business analysis & information. Since 1991. 5 Total 100 Strictly confidential 2015 100

Bulgaria ‘ 2017 march Distributor – Dealers channels RAM BRANDS Rank RAM 2016 2015 Brands 8 9 Total Most sold_% 2017 (f) 100 2016 2015 100 © 1991 -2017 CBN - Pannoff, Stoytcheff & Co. Sofia. Bulgaria. A company for business analysis & information. Since 1991. Strictly confidential

Bulgaria ‘ 2017 march Distributor – Dealers channels Flash memory BRANDS Rank Flash mem 2016 2015 Brands 8 10 Total Most sold_% 2017 (f) 100 2016 2015 100 © 1991 -2017 CBN - Pannoff, Stoytcheff & Co. Sofia. Bulgaria. A company for business analysis & information. Since 1991. Strictly confidential

Bulgaria ‘ 2017 march Distributor – Dealers channels Network hardware BRANDS WHOLESALERS Rank Networks 2016 2015 Brands 10 10 Total Most sold_% 2017 (f) 2016 100 2015 100 Rank Networks 2016 2015 Whole sellers 12 10 © 1991 -2017 CBN - Pannoff, Stoytcheff & Co. Sofia. Bulgaria. A company for business analysis & information. Since 1991. Total Most purchased_% 2016 100 Strictly confidential 2015 100

Bulgaria ‘ 2017 march Distributor – Dealers channels Surveillance cameras BRANDS WHOLESALERS Rank Surveillance cameras 2016 2015 Brands 12 13 Total Most sold_% 2017 (f) 100 2016 100 Rank Surveillance cameras 2015 2016 2015 Whole sellers 2016 2015 100 12 Total 100 9 © 1991 -2017 CBN - Pannoff, Stoytcheff & Co. Sofia. Bulgaria. A company for business analysis & information. Since 1991. Most purchased_% Strictly confidential

IT wholesalers - customer satisfaction in 10 categories (the dealer's estimation) 2016 vs. 2015 Dealers’ satisfaction 2016 2015 nominations PRICES – LOWEST 13 8 STOCK – BEST 13 6 AFTER SALES SERVICE - BEST 11 7 CREDIT LINES – BEST 11 9 INTERNET – MOST ORDERS 11 6 LOYALTY PROGRAMS- BEST 12 8 Total ranked 71 44 © 1991 -2017 CBN - Pannoff, Stoytcheff & Co. Sofia. Bulgaria. A company for business analysis & information. Since 1991. Dealers’ nominations 2016 2015 dealers vote MOST TRUSTED DISTRIBUTOR 12 7 BEST SALES MANAGER 61 56 BEST DISTRIBUTOR 13 6 Total ranked 86 69 Strictly confidential

Lowest prices Wholesaler Scores from total_% 2016 2015 100 ASBIS Bulgaria BMG Computer 2000 Escom Bulgaria Lan. Com Bulgaria MDML Most Computers Negs Polycomp Solytron Tech Vision Techno Pro Vali Computers Total © 1991 -2017 CBN - Pannoff, Stoytcheff & Co. Sofia. Bulgaria. A company for business analysis & information. Since 1991. Strictly confidential

Best stock Wholesaler Scores from total_% 2016 2015 100 ASBIS Bulgaria BMG Computer 2000 Escom Bulgaria Lan. Com Bulgaria MDML Most Computers Negs Polycomp Solytron Tech Vision Techno Pro Vali Computers Total © 1991 -2017 CBN - Pannoff, Stoytcheff & Co. Sofia. Bulgaria. A company for business analysis & information. Since 1991. Strictly confidential

Best after-sales service (maintenance) Wholesaler Scores from total_% 2016 2015 100 ASBIS Bulgaria BMG Computer 2000 Lan. Com Bulgaria MDML Most Computers Polycomp Solytron Tech Vision Techno Pro Vali Computers Total © 1991 -2017 CBN - Pannoff, Stoytcheff & Co. Sofia. Bulgaria. A company for business analysis & information. Since 1991. Strictly confidential

Best credit lines Wholesaler Scores from total % 2016 2015 100 ASBIS Bulgaria BMG Computer 2000 Escom Bulgaria Lan. Com Bulgaria Most Computers Polycomp Solytron Tech Vision Techno Pro Vali Computers Total © 1991 -2017 CBN - Pannoff, Stoytcheff & Co. Sofia. Bulgaria. A company for business analysis & information. Since 1991. Strictly confidential

Best loyalty programs Wholesaler Scores from total % 2016 2015 100 ASBIS Bulgaria BMG Computer 2000 Escom Bulgaria Lan. Com Bulgaria MDML Most Computers Polycomp Solytron Tech Vision Techno Pro Vali Computers Total © 1991 -2017 CBN - Pannoff, Stoytcheff & Co. Sofia. Bulgaria. A company for business analysis & information. Since 1991. Strictly confidential

Most orders over the Internet Wholesaler Scores from total % 2016 2015 100 ASBIS Bulgaria BMG Computer 2000 Escom Bulgaria Lan. Com Bulgaria Most Computers Polycomp Solytron Tech Vision Techno Pro Vali Computers Total © 1991 -2017 CBN - Pannoff, Stoytcheff & Co. Sofia. Bulgaria. A company for business analysis & information. Since 1991. Strictly confidential

Most trusted wholesaler Wholesaler Scores from total_% 2016 2015 100 ASBIS Bulgaria BMG Computer 2000 Lan. Com Bulgaria MDML Most Computers Negs Polycomp Solytron Tech Vision Techno Pro Vali Computers Nominations total © 1991 -2017 CBN - Pannoff, Stoytcheff & Co. Sofia. Bulgaria. A company for business analysis & information. Since 1991. Strictly confidential

Best wholesaler (general) Wholesaler Scores from total_% 2016 2015 100 ASBIS Bulgaria BMG Computer 2000 Escom Bulgaria Lan. Com Bulgaria MDML Most Computers Negs Polycomp Solytron Tech Vision Techno Pro Vali Computers Total © 1991 -2017 CBN - Pannoff, Stoytcheff & Co. Sofia. Bulgaria. A company for business analysis & information. Since 1991. Strictly confidential

Market position Wholesaler Improved_% 2016 2015 Worse_% 2016 2015 No changed_% 2016 2015 Apcom ASBIS Bulgaria BMG Computer 2000 Data Optic Balkans Escom Bulgaria Lan. Com Bulgaria MDML Most Computers Negs Polycomp Solytron Tech Vision Techno Pro Vali Computers Virtualna zona © 1991 -2017 CBN - Pannoff, Stoytcheff & Co. Sofia. Bulgaria. A company for business analysis & information. Since 1991. Strictly confidential

Product lines approval Computers - desktop Wholesalers Product lines Computers - mobile (incl. tablets) Approval_% Y 2016 Wholesalers Product lines ASBIS Bulgaria Computers - mobile Lan. Com Bulgaria Computers - mobile ASBIS Bulgaria Computers - desktop Most Computers - mobile Polycomp Computers - desktop Polycomp Computers - mobile Solytron Computers - desktop Solytron Computers - mobile Tcehno Pro Computers - mobile Tech Vision Computers - mobile Vali Computers - mobile Tcehno Pro Computers - desktop Vali Computers - desktop © 1991 -2017 CBN - Pannoff, Stoytcheff & Co. Sofia. Bulgaria. A company for business analysis & information. Since 1991. Approval_% Y 2016 Strictly confidential

Product lines approval Smartphones Servers Wholesalers Product lines ASBIS Bulgaria Servers Most Computers Approval_% Wholesalers Product lines Servers ASBIS Bulgaria Smartphones Polycomp Servers Most Computers Smartphones Solytron Servers Polycomp Smartphones Tcehno Pro Servers Vali Computers Servers Solytron Smartphones Approval_% Y 2016 © 1991 -2017 CBN - Pannoff, Stoytcheff & Co. Sofia. Bulgaria. A company for business analysis & information. Since 1991. Y 2016 Strictly confidential

Product lines approval Peripheral - printing devices Storage hardware Wholesalers Product lines ASBIS Bulgaria Peripheral - printing devices Lan. Com Bulgaria Peripheral - printing devices Most Computers Peripheral - printing devices Polycomp Peripheral - printing devices Solytron Peripheral - printing devices Storage hardware Tcehno Pro Peripheral - printing devices Storage hardware Vali Computers Peripheral - printing devices Wholesalers Product lines ASBIS Bulgaria Storage hardware Most Computers Storage hardware Polycomp Storage hardware Solytron Storage hardware Tcehno Pro Vali Computers Approval_% Y 2016 © 1991 -2017 CBN - Pannoff, Stoytcheff & Co. Sofia. Bulgaria. A company for business analysis & information. Since 1991. Approval_% Y 2016 Strictly confidential

Product lines approval Peripheral - video devices Network hardware Wholesalers Product lines ASBIS Bulgaria Peripheral - video devices ASBIS Bulgaria Network hardware Lan. Com Bulgaria Peripheral - video devices Lan. Com Bulgaria Network hardware Most Computers Peripheral - video devices Most Computers Network hardware Polycomp Peripheral - video devices Polycomp Network hardware Solytron Peripheral - video devices Solytron Network hardware Tech Vision Peripheral - video devices Tcehno Pro Network hardware Vali Computers Peripheral - video devices Vali Computers Network hardware Approval_% Y 2016 © 1991 -2017 CBN - Pannoff, Stoytcheff & Co. Sofia. Bulgaria. A company for business analysis & information. Since 1991. Approval_% Y 2016 Strictly confidential

Product lines approval Multimedia products Components Wholesalers Product lines ASBIS Bulgaria Components Lan. Com Bulgaria Components Most Computers Components Polycomp Components Solytron Components Vali Computers Components Approval_% Y 2016 Wholesalers Product lines ASBIS Bulgaria Multimedia products Most Computers Multimedia products Polycomp Multimedia products Solytron Multimedia products Vali Computers Multimedia products © 1991 -2017 CBN - Pannoff, Stoytcheff & Co. Sofia. Bulgaria. A company for business analysis & information. Since 1991. Approval_% Y 2016 Strictly confidential

Product lines approval Security software System software Wholesalers Product lines Approval_% Wholesalers Product lines ASBIS Bulgaria Security software System software Most Computers Security software Most Computers System software Polycomp Security software Solytron Security software Polycomp System software Tcehno Pro Security software Escom - Bulgaria Security software System software Y 2016 ASBIS Bulgaria Solytron Approval_% © 1991 -2017 CBN - Pannoff, Stoytcheff & Co. Sofia. Bulgaria. A company for business analysis & information. Since 1991. Strictly confidential

Product lines approval UPS Wholesalers Product lines ASBIS Bulgaria UPS Lan. Com Bulgaria UPS Most Computers UPS Polycomp UPS Solytron UPS Vali Computers UPS Approval_% Y 2016 © 1991 -2017 CBN - Pannoff, Stoytcheff & Co. Sofia. Bulgaria. A company for business analysis & information. Since 1991. Strictly confidential

Sales managers rank Distributor SM in rank 2016 2015 Top 25 Sales Manager (SM) ranked by the dealers Wholesaler ASBIS Bulgaria Comel Soft Multimedia Computer 2000 Data Optic Balkans Freckles Kontrax-Sofia Lan. Com Bulgaria MDML Most Computers Polycomp Solytron Stantek Tech Vision Techno Pro Vali Computers Total Companies total 15 10 © 1991 -2017 CBN - Pannoff, Stoytcheff & Co. Sofia. Bulgaria. A company for business analysis & information. Since 1991. Strictly confidential

The business of IT dealers in Bulgaria The most important trends and problems 2016 vs. 2015 Seven main categories © 1991 -2017 CBN - Pannoff, Stoytcheff & Co. Sofia. Bulgaria. A company for business analysis & information. Since 1991. Strictly confidential

Product lines: the most important to dealers Sofia region Rank Product line Country region 2015 2016 Rank Product line Bulgaria 2015 2016 Rank 1 1 1 2 2 2 3 3 3 4 4 4 5 5 5 6 6 6 7 7 7 8 8 8 9 9 9 10 10 10 11 11 11 12 12 12 13 13 13 14 14 14 © 1991 -2017 CBN - Pannoff, Stoytcheff & Co. Sofia. Bulgaria. A company for business analysis & information. Since 1991. Product line 2015 Strictly confidential 2016

Product lines: 2017/ 2016 growth estimations Sofia region Product line Country region 2017 / 16 Product line Bulgaria 2017 / 16 © 1991 -2017 CBN - Pannoff, Stoytcheff & Co. Sofia. Bulgaria. A company for business analysis & information. Since 1991. Product line [ average … % ] 2017 / 16 Strictly confidential

Sale out share by customer groups Sofia region Customers Country region % from total sales Segment growth Customers 2015 2016 2017 (f) Bulgaria % from total sales Segment growth Customers 2015 2016 2017 (f) SOHO B 2 B PUBLIC OTHERS Total 100 % © 1991 -2017 CBN - Pannoff, Stoytcheff & Co. Sofia. Bulgaria. A company for business analysis & information. Since 1991. Total % from total sales Segment growth 2015 2016 2017 (f) 100 % Strictly confidential

Informal (gray) business % of Informal (gray) business 2014 2015 2016 2017 (f) Sofia region Country region Bulgaria © 1991 -2017 CBN - Pannoff, Stoytcheff & Co. Sofia. Bulgaria. A company for business analysis & information. Since 1991. Strictly confidential

Orders and Sales via Internet Sales Orders Sofia 2017(f) 81% Country 2017(f) Sofia 2016 Country Sofia 2015 Country 86% Bulgaria 2017(f) 2016 Bulgaria 2015 Bulgaria 84% Sofia 2017(f) 30 % 2016 Sofia 2016 Country 2015 Sofia 2015 Country © 1991 -2017 CBN - Pannoff, Stoytcheff & Co. Sofia. Bulgaria. A company for business analysis & information. Since 1991. Country 2017(f) 9% Bulgaria 2017(f) 2016 Bulgaria 2016 2015 Bulgaria 2015 Strictly confidential 15 %

Problems Rank Problem 2016 2015 14 14 Total © 1991 -2017 CBN - Pannoff, Stoytcheff & Co. Sofia. Bulgaria. A company for business analysis & information. Since 1991. Scores from total_% 2016 100 2015 100 Strictly confidential

IT hardware and software market survey Bulgaria 2017 (Annual edition, Year XXII) • © 1991 -2017 CBN - Pannoff, Stoytcheff & Co. , Sofia, Bulgaria. A company for business analysis & information. Since 1991. • All rights reserved. No copying, distribution, reference or quotation of parts or the whole material without the author's written consent is allowed. • CBN, ICT Trade Bulgaria, VIP ICT Business Bulgaria, ICT Markets Bulgaria, ICT Ranks Bulgaria, IT Survey Bulgaria, ICT Analyst Bulgaria are trademarks of Computer Business Networks Pannoff, Stoytcheff and Co. • All names in the material, besides these, are trademarks or reserved trademarks of their respective owners.