Kaolin Ad

Kaolin owns the following subsidiaries, consolidated in its financial statements:

•“Magma 97” AD, the city of Sofia, subject of activity: exploitation of mineral ore fields;

•“Ogneuporni glini” AD, the town of Pleven, subject of activity: clay and kaolin quarrying;

•“Orel Keramika” EOOD, the company owns brick produciton factory situated in the village of Vladislav, Gorna Oryahovitsa;

•“Kaolin Azov” Ukraine, the town of Azov, subject of activity: industrial minerals yield and trade in.

•“Kaolin Mineral” Romania, the town of Calarasi, subject of activity: industrial minerals yield and trade in.

•“Promineral” Ukraine, the town of Mariupol, subject of activity: industrial minerals yield and trade in.

• “PKSP” Ukraine, subject of activity: industrial minerals yield and trade in.

• “Solarpro” AD, the city of Sofia, subject of activity: production of photovoltaic panels and construction of power plants.

• “Kaolin Endustryel Mineraller”, Turkey, subject of activity: trade of industrial minerals.

• “M.I.D. AL” Albania, subject of activity: industrial minerals yield and trade in.

•“Yugo Kaolin” Serbia, the town of Zaychar, subject of activity: sand and clay recovery and trade in;

“Yugo Kaolin” Serbia owns the following subsidiaries:

•“Kopovi” Serbia, the town of Ub, subject of activity: industrial minerals yield and trade in;

• “Rudnik Nemetala Valjevo” Serbia, subject of activity: industrial minerals yield and trade in;

• “Srbokvarc” Serbia, subject of activity: trade of industrial minerals;

• “IMG” Serbia, the company owns two facrories for brick production situated in Negotin and Zaychar;

• “Vatrostal Minerals” Serbia