Erste Group Research - CEE Valuation Monitor

Erste Group Research CEE Valuation Monitor | Equity | CEE & Turkey 16 January 2012

Erste Group Research - Weekly CEE Valuation Monitor Page 1


Weekly CEE Valuation Monitor

Prices as of

Henning Eßkuchen [email protected] Automobiles & Parts 2 Banks 5 Basic Resources 13 Chemicals 17 Construction & Materials 21 Food & Beverages 26 Healthcare 30 Industrial Goods & Services 35 Insurance 39 Media 42 Oil & Gas 46 Personal & Household Goods 52 Real Estate 54 Retail & Distribution 57 Romanian SIFs 62 Technology 64 Telecom 68 Travel & Tourism 72 Utilities 75 Contacts 79 Disclosures 80 All prices are those current at the end of the previous trading session unless otherwise indicated. Source for all tables and charts: Company data, Erste Group Research; prices sourced via Factset.

Erste Coverage Universe

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Sector* 1M 3M 6M 12M

Automobiles & Parts 7.7% 2.7% 0.7% -12.1%Banks -1.9% -14.9% -25.4% -31.8%Basic Resources 7.4% -4.3% -33.0% -33.1%Chemicals 2.3% -6.7% -20.5% -16.6%Construct ion & Materials 1.3% -7.9% -21.1% -30.0%Erste Universe 0.6% -6.3% -19.3% -22.3%Food & Beverage 3.6% -9.1% -20.1% -21.1%Healthcare 0.1% -4.5% -13.6% -27.0%Industrial Goods & Services 6.3% 3.3% -15.8% -13.8%Insurance 3.7% 1.1% -18.0% -18.7%Media 2.0% -12.7% -24.6% -29.6%Oil & Gas -3.6% -3.8% -19.7% -17.7%Personal & Household Goods 10.7% 0.3% -7.7% -16.2%Real Estate -0.8% -13.4% -27.9% -32.5%Retail & Distribution 3.3% 2.7% -8.4% 0.4%Technology 4.4% 6.6% -11.4% -21.7%Telecom 0.8% 0.3% -3.6% -6.5%Travel & Tourism -3.3% -14.6% -30.5% -42.8%Utilities 2.5% -1.9% -17.2% -16.5%

*based on Erste Group Research Coverage

January 13, 2012



Automobiles & Parts

13.01.2012 Rep. Mcap RecommendationCurr. Current Target

Company (EURmn) 1M 3M 6M 12MACE EUR 22 4.6 54.1 Buy -3.0% -12.0% -44.8% -50.8%Dogus Otomotiv TRY 279 3.0 4.4 Hold -3.5% -24.9% -34.3% -56.8%Ford Otosan TRY 2,382 16.0 14.8 Accumulate 8.5% 13.1% 19.0% 8.8%Inter Cars PLN 266 83.0 93.0 Accumulate 1.0% -1.7% -5.2% 17.7%

Polytec EUR 135 6.1 13.3 Buy 7.1% 5.0% -23.8% 36.8%Tofas TRY 1,425 6.7 8.5 Buy 10.5% -4.3% -8.2% -26.0%

Sub Autos developed 293,737 - - - - - - -Sub Autos emerging 32,247 - - - - - - -Sub Parts 11,726 - - - - - - -Total Peer Group 337,710 - - - - - - -

EuroStoxx Automobiles & Parts - 193,748 - - - 9.9% 4.0% -25.2% -21.7%

Price Performance (EUR terms)

(LC)

2010 2011e 2012e 2013e 2010 2011e 2012e 2013e 2010 2011e 2012e 2013eACE 19.0 6.3 4.9 4.1 6.2 2.3 2.0 1.9 1.2 0.5 0.5 0.5Dogus Otomotiv 9.4 6.5 13.2 13.1 6.8 5.3 7.5 7.2 2.0 0.9 0.8 0.7Ford Otosan 8.8 8.3 9.7 9.9 6.3 6.8 7.1 6.4 2.6 2.9 2.6 2.5Inter Cars 16.0 9.7 9.2 9.1 10.3 7.1 6.9 6.8 1.8 1.8 1.5 1.3Polytec 4.1 3.7 5.2 4.8 2.1 2.6 3.1 2.9 1.2 1.1 1.0 0.9Tofas 10.0 9.4 8.1 7.0 5.7 5.2 4.9 4.5 2.3 1.9 1.7 1.6Median CEE 9.7 7.4 8.7 8.1 6.3 5.2 5.9 5.5 1.9 1.4 1.2 1.1Median Sub Autos developed 9.6 6.9 7.6 6.5 4.6 4.4 4.1 3.7 1.1 1.0 0.9 0.8Median Sub Autos emerging 13.0 14.9 11.9 10.3 10.1 11.9 9.3 8.1 3.4 3.1 2.4 2.0Median Sub Parts 13.0 8.4 7.7 6.9 5.0 4.2 3.7 3.8 1.5 1.4 1.2 1.0Median Total Peer Group 11.4 8.2 7.8 6.6 5.4 4.6 4.2 4.0 1.5 1.3 1.1 1.0EuroStoxx Automobiles & Parts 9.0 7.0 6.8 6.1 4.5 3.9 3.8 3.5 1.2 1.0 0.9 0.9CEE to Peer, Prem/Disc -14% -10% 12% 22% 16% 14% 42% 37% 27% 10% 8% 5%

2010 2011e 2012e 2013e 2010 2011e 2012e 2013e 2010 2011e 2012e 2013eACE 0.6 0.2 0.2 0.2 5.4 2.2 1.9 1.4 0% 0% 0% 97%Dogus Otomotiv 0.5 0.2 0.3 0.3 6.7 4.7 6.3 6.0 0% 0% 0% 0%Ford Otosan 0.6 0.6 0.7 0.7 6.1 6.4 7.4 7.3 9% 7% 8% 9%Inter Cars 0.6 0.5 0.5 0.5 9.6 7.0 6.7 6.3 0% 0% 0% 0%Polytec 0.2 0.2 0.3 0.2 2.9 2.1 2.6 2.1 0% 7% 6% 6%Tofas 0.7 0.6 0.5 0.4 7.4 5.8 5.2 4.5 3% 8% 8% 9%Median CEE 0.6 0.4 0.4 0.4 6.4 5.3 5.8 5.2 0.0% 3.6% 2.9% 7.5%Median Sub Autos developed 0.4 0.2 0.3 0.2 3.9 2.2 2.5 2.2 1.8% 1.8% 2.5% 2.9%Median Sub Autos emerging 1.5 1.1 0.9 0.8 10.9 9.2 6.8 5.8 1.5% 1.5% 1.7% 1.9%Median Sub Parts 0.7 0.5 0.5 0.5 5.8 4.8 4.4 3.8 2.7% 2.7% 3.0% 3.3%Median Total Peer Group 0.6 0.4 0.5 0.4 5.8 4.0 4.1 3.5 1.8% 1.8% 2.4% 2.8%EuroStoxx Automobiles & Parts 0.5 0.3 0.3 0.3 4.2 2.3 2.5 2.1 2.5% 3.8% 4.3% 4.9%CEE to Peer, Prem/Disc -4% -9% -18% -16% 10% 31% 41% 48% -10 0% 99% 21% 171%

P/E P/CE P/BV

EV/Sales EV/EBITDA Dividend yield



2010 2011e 2012e 2013e 2010 2011e 2012e 2013e 2010 2011e 2012e 2013eACE 10.8% 10.5% 10.8% 10.5% 2.9% 3.3% 4.1% 4.3% 6.7% 8.7% 10.5% 11.5%Dogus Otomotiv 7.5% 5.2% 4.9% 4.6% 4.4% 2.4% 1.5% 1.4% 25.2% 13.0% 6.3% 5.9%Ford Otosan 9.8% 9.5% 9.5% 9.5% 6.6% 6.9% 6.0% 5.4% 31.2% 34.4% 28.1% 25.6%Inter Cars 6.2% 7.5% 7.6% 7.4% 2.6% 3.9% 4.2% 4.2% 12.2% 18.8% 17.4% 14.9%Polytec 7.1% 10.4% 10.2% 10.6% 3.4% 5.8% 5.1% 5.5% 35.4% 36.3% 20.1% 19.4%Tofas 9.6% 9.5% 9.5% 9.5% 6.0% 4.6% 5.2% 5.7% 25.9% 19.3% 22.3% 23.3%Median CEE 8.6% 9.5% 9.5% 9.5% 3.9% 4.2% 4.7% 4.9% 25.5% 19.1 % 18.8% 17.1%Median Sub Autos developed 10.0% 10.3% 10.4% 10.9% 4.6% 3.3% 4.6% 5.2% 10.9% 9.7% 11.5% 12.4%Median Sub Autos emerging 13.5% 12.5% 12.6% 12.4% 9.4% 8.1% 8.4% 8.3% 22.3% 22.5% 22.6% 21.9%Median Sub Parts 11.9% 11.3% 10.9% 11.9% 4.4% 4.7% 4.6% 4.6% 14.2% 17.7% 15.9% 16.3%Median Total Peer Group 10.9% 11.0% 10.8% 11.5% 5.4% 5.2% 4.8% 5.3% 13.8% 15.6% 14.0% 14.4%EuroStoxx Automobiles & Parts 12.0% 12.4% 12.1% 12.1% 4.3% 5.1% 4.8% 5.5% 12.8% 14.5% 13.1% 13.1%

CEE to Peer, ppt -2.3 -1.5 -1.3 -2.0 -1.5 -1.0 -0.1 -0.4 11. 7 3.5 4.8 2.8

2010 2011e 2012e 2013e 2010 2011e 2012e 2013eACE -7.0% 16.2% 10.5% 7.5% 30.9% 36.5% 30.0% 18.4%Dogus Otomotiv 142.9% -26.9% -27.7% 2.6% 429.0% -42.3% -50.9% 0.5%Ford Otosan 56.8% 5.3% -2.2% 10.0% 63.8% 14.1% -14.7% -2.1%Inter Cars 8.5% 35.3% 1.5% -1.8% 0.5% 69.7% 5.3% 1.1%Polytec 2162.3% 24.8% -22.2% 7.8% nm 47.9% -30.2% 9.8%Tofas 43.6% 1.7% 2.5% 5.5% 15.4% -21.4% 16.1% 15.8%CEE total 64.8% 2.0% -4.3% 7.0% nm 32.7% -10.3% 4.8%Median Sub Autos developed 71.0% 14.9% -20.9% 8.0% nm 63.0% -13.2% 15.8%

Median Sub Autos emerging 71.5% -8.5% 21.9% 13.7% 47.1% -12.9% 26.3% 14.8%Median Sub Parts 81.2% 10.3% 5.3% 8.4% nm 38.1% 4.0% 11.5%Peer Group total 71.4% 13.4% -17.9% 8.5% nm 48.2% -4.9% 13 .8%EuroStoxx Automobiles & Parts 78.9% 22.7% 1.5% 7.6% nm nm -10.6% 14.3%CEE to Peer, ppt -6.6 -11.3 13.6 -1.5 nm -15.6 -5.4 -9.1

EBITDA margin Net margin ROE

EBITDA growth (EUR) EPS growth (EUR)



ACE latest (EUR mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yRevenues 20.1 22.3 26.1 26.6 22.8 13.4%

EBITDA 2.1 1.9 2.6 3.1 2.5 19.0%EBIT 0.8 0.4 1.1 1.6 1.1 37.5%

Net profit 0.8 0.3 0.7 1.0 -0.1 n.a.EBITDA margin 10.4% 8.7% 9.8% 11.8% 11.0%EBIT margin 4.0% 2.0% 4.4% 6.1% 4.8%

Net margin 4.0% 1.4% 2.8% 3.9% -0.4%

Dogus Otomotiv latest (TRY mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/ySales 872.3 1,162.7 1,136.8 1,294.6 1,044.0 19.7%

EBITDA 77.6 79.7 82.4 89.3 71.6 -7.7%

EBIT 72.5 74.5 77.3 84.0 65.8 -9.2%Net profit 55.5 21.7 17.1 58.3 33.2 -40.2%

EBITDA margin 8.9% 6.9% 7.2% 6.9% 6.9%EBIT margin 8.3% 6.4% 6.8% 6.5% 6.3%Net margin 6.4% 1.9% 1.5% 4.5% 3.2%

Ford Otosan latest (TRY mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/ySales 1735.6 2635.1 2229.6 2765.0 2380.0 37.1%EBITDA 164.6 274.3 194.9 275.4 221.9 34.8%

EBIT 119.4 222.3 152.3 239.2 185.2 55.1%

Net profit 112.3 196.0 142.8 188.8 174.7 55.5%EBITDA margin 9.5% 10.4% 8.7% 10.0% 9.3%

EBIT margin 6.9% 8.4% 6.8% 8.7% 7.8%Net margin 6.5% 7.4% 6.4% 6.8% 7.3%

Inter Cars latest (PLN mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yRevenues 657.4 665.8 590.9 716.3 728.2 10.8%EBITDA 42.2 36.0 47.2 43.3 57.7 36.7%EBIT 33.6 27.3 36.8 37.0 49.2 46.4%

Net profit 19.5 15.0 22.5 27.2 34.3 75.9%EBITDA margin 6.4% 5.4% 8.0% 6.0% 7.9%EBIT margin 5.1% 4.1% 6.2% 5.2% 6.8%

Net margin 3.0% 2.3% 3.8% 3.8% 4.7%

Polytec latest (EUR mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/ySales 184.4 219.9 200.8 204.6 121.9 -33.9%EBITDA 13.6 24.1 15.2 24.8 11.3 -16.9%

EBIT 6.8 17.9 9.3 19.7 7.8 14.7%Net profit 9.9 16.7 7.8 17.8 5.9 -40.4%EBITDA margin 7.4% 11.0% 7.6% 12.1% 9.3%


Tofas latest (TRY mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2010 3Q 2011 y/ySales 1,347.1 1,938.0 1,835.0 2,050.4 1,668.6 23.9%

EBITDA 143.6 191.2 186.0 217.0 207.0 44.1%EBIT 76.6 122.5 115.0 146.4 128.9 68.4%Net profit 73.3 119.5 82.3 129.8 131.1 78.9%EBITDA margin 10.7% 9.9% 10.1% 10.6% 12.4%EBIT margin 5.7% 6.3% 6.3% 7.1% 7.7%Net margin 5.4% 6.2% 4.5% 6.3% 7.9%

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Banks


Company (EURmn) 1M 3M 6M 12MAik Banka AD RSD 142 1,550.0 Under review -3.1% -26.2% -49.0% -59.4%Akbank TRY 10,114 5.96 7.50 Hold -3.6% -15.1% -19.5% -31.0%Albaraka Turk TRY 325 1.42 2.70 Buy -15.5% -28.6% -35.5% -47.0%Banca Transilvania RON 308 0.90 1.25 Hold 2.3% -5.4% -23.7% -24.0%Bank Asya TRY 588 1.54 2.10 Hold -8.3% -20.2% -39.1% -49.2%Bank Pekao PLN 8,275 139.4 160.0 Reduce -1.8% -2.2% -16.0% -18.2%BRD-Group SG RON 1,719 10.7 16.6 Accumulate -0.9% -3.3% -23.4% -25.7%BRE Bank PLN 2,380 250.0 340.0 Hold 2.0% 0.0% -22.8% -14.8%BZ WBK PLN 3,682 223.0 227.0 Hold -2.6% -1.8% -5.1% 4.2%FHB HUF 99 467 700 Hold -1.7% -10.2% -48.1% -52.0%Garanti Bank TRY 10,085 5.66 8.60 Buy -6.0% -16.5% -23.3% -29.1%Halkbank TRY 5,144 9.7 15.3 Buy -5.4% -21.8% -17.8% -26.5%Isbank TRY 6,395 3.35 6.30 Buy -2.3% -28.9% -32.9% -39.7%Komercijalna Banka RSD 2,252 1,701 3,100 Hold 0.4% -8.2% -42.3% -34.6%Komercni banka CZK 4,793 3,225 4,700 Hold 2.2% -6.9% -20.2% -28.2%OTP HUF 3,044 3,379 7,000 Accumulate 11.1% 0.0% -39.9% -37.1%PKO BP PLN 8,990 31.8 50.0 Accumulate -2.5% -6.7% -23.4% -23.0%Raiffeisen Bank International EUR 3,902 20.0 30.0 Buy 15.3% -11.3% -40.9% -53.6%Sekerbank TRY 195 0.92 0.90 Reduce 0.0% -9.8% -13.2% -31.9%Turkiye Sinai Kalkinma Bankasi TRY 456 1.79 2.90 Buy -6.8% -18.6% -28.4% -12.4%Vakifbank TRY 2,461 2.32 4.00 Hold -8.7% -34.5% -37.6% -46.0%Yapi Kredi Bank TRY 4,998 2.71 4.90 Buy -2.5% -30.9% -32.9% -47.3%

UniCredit S.p.A. EUR - Euro16,889 - - - -33.6% -52.3% -62.6% -73.6%KBC Group N.V. EUR - Euro3,598 - - - 2.5% -42.2% -59.1% -61.5%Svenska Handelsbanken A SEK - Swedish Krona13,560 - - - 10.6% 11.3% 6.0% -12.6%Erste Group Bank AG EUR - Euro5,273 - - - 10.9% -17.6% -59.4% -61.4%Societe Generale S.A. (France) EUR - Euro12,681 - - - -1.2% -21.6% -52.9% -63.8%

Euro Stoxx Banks 284,554 - - - 14.3% 11.1% -27.8% -34.7%


(LC)



2010 2011e 2012e 2013e 2010 2011e 2012e 2013e 2010 2011e 2012e 2013eAik Banka AD 5.5 2.3 1.9 1.6 0.7 0.3 0.3 0.2 0.0% 2.2% 2.7% 3.2%Akbank 11.6 8.6 7.9 6.6 2.0 1.3 1.2 1.0 0.0% 3.5% 3.8% 4.5%Albaraka Turk 10.5 4.9 3.9 2.8 1.7 0.8 0.5 0.4 0.0% 7.2% 9.1% 12.3%Banca Transilvania 10.7 8.6 6.3 3.4 0.7 0.7 0.7 0.5 0.0% 1.7% 2.4% 4.4%Bank Asya 9.5 5.6 5.6 5.3 1.3 0.7 0.6 0.5 0.0% 4.5% 4.4% 4.7%Bank Pekao 18.7 11.1 10.3 9.9 2.3 1.8 1.7 1.6 3.8% 5.4% 6.8% 7.0%BRD-Group SG 7.2 6.5 5.0 5.1 1.3 1.1 1.0 0.9 1.7% 2.6% 8.1% 7.8%BRE Bank 12.9 11.0 8.9 7.2 1.4 1.5 1.3 1.2 1.1% 2.3% 4.5% 5.6%BZ WBK 16.0 13.0 11.9 2.4 2.5 2.2 3.1% 3.9% 4.2% FHB 5.5 9.2 9.3 6.9 1.1 0.5 0.5 0.4 0.0% 0.0% 0.0% 2.9%Garanti Bank 10.1 7.6 7.0 5.8 2.0 1.3 1.1 1.0 0.0% 3.3% 3.6% 4.3%Halkbank 7.9 5.9 5.2 4.6 2.2 1.4 1.2 1.0 3.2% 5.9% 6.7% 7.7%Isbank 8.0 4.8 4.6 4.0 1.5 0.8 0.7 0.7 0.0% 6.2% 6.6% 7.4%Komercijalna Banka 10.1 8.5 6.2 3.3 0.8 0.5 0.5 0.4 0.0% 0.0% 0.0% 0.0%Komercni banka 12.7 8.2 7.2 6.3 2.3 1.5 1.4 1.3 6.0% 7.3% 8.3% 9.5%OTP 11.2 4.9 3.9 3.3 1.0 0.6 0.5 0.5 1.6% 4.0% 5.1% 9.1%PKO BP 15.2 8.9 7.8 6.2 2.5 1.6 1.4 1.2 2.5% 4.5% 5.2% 6.5%Raiffeisen Bank International 9.0 6.3 7.8 5.4 1.2 0.5 0.5 0.5 2.6% 0.0% 2.6% 4.0%Sekerbank 5.7 7.7 4.9 4.1 0.7 0.6 0.5 0.4 0.0% 1.9% 4.1% 4.9%Turkiye Sinai Kalkinma Bankasi 6.4 6.0 5.8 4.7 1.1 1.1 0.8 0.7 0.0% 2.5% 2.6% 3.2%Vakifbank 8.2 4.8 4.2 3.7 1.1 0.6 0.5 0.5 0.0% 5.2% 5.9% -Yapi Kredi Bank 9.9 6.0 5.5 4.7 2.0 1.0 0.8 0.7 0.0% 4.2% 4.6% 5.3%Median CEE 10.0 7.1 6.0 4.7 1.4 0.9 0.8 0.7 0.0% 3.7% 4.5% 5.3%UniCredit S.p.A. 4.8 15.5 7.3 4.9 0.5 0.2 0.3 0.3 6.6% 0.0% 3.4% 6.9%KBC Group N.V. 2.1 4.7 2.4 1.9 0.8 0.3 0.3 0.3 7.5% 1.3% 6.4% 9.3%Svenska Handelsbanken A 11.3 9.9 9.8 9.4 1.5 1.3 1.2 1.1 4.6% 5.2% 5.2% 5.6%Erste Group Bank AG 5.7 5.7 4.4 1.1 0.5 0.5 0.4 5.2% 0.0% 3.7% 5.2%Societe Generale S.A. (France) 3.3 4.2 3.7 3.5 0.7 0.3 0.3 0.3 10.7% 0.0% 7.5% 9.5%Median 4.8 7.3 5.7 4.4 0.8 0.3 0.3 0.3 6.6% 0.0% 5.2% 6.9%Euro Stoxx Banks 13.2 10.1 7.2 5.9 0.7 0.3 0.3 0.3 2.6% 2.6% 3.7% 5.2%CEE to Peer, Prem/Disc 110% -3% 5% 8% 76% 169% 159% 129% -100% #DIV/0! -15% -22%

2010 2011e 2012e 2013e 2010 2011e 2012e 2013e 2010 2011e 2012e 2013eAik Banka AD 13.2% 13.6% 14.4% 14.8% 23.0% 21.9% 21.8% 21.5% 5.2% 5.9% 6.0% 6.0%Akbank 18.9% 14.5% 15.7% 16.4% 37.1% 38.2% 39.8% 38.2% 4.3% 3.2% 3.5% 3.5%Albaraka Turk 18.1% 15.8% 16.5% 16.7% 42.7% 40.6% 36.8% 33.6% 4.5% 4.0% 4.9% 4.9%Banca Transilvania 6.9% 8.2% 11.0% 15.2% 48.1% 59.5% 60.6% 61.1% 4.9% 3.8% 3.8% 3.8%Bank Asya 15.0% 11.4% 10.8% 10.2% 51.9% 52.6% 60.5% 60.5% 4.8% 3.8% 3.9% 3.7%Bank Pekao 13.3% 15.3% 16.8% 16.5% 51.1% 48.0% 47.7% 48.9% 3.1% 3.3% 3.2% 3.2%BRD-Group SG 19.3% 18.5% 20.9% 18.0% 42.4% 47.9% 49.8% 53.2% 4.8% 4.9% 4.8% 4.9%BRE Bank 11.4% 13.1% 15.6% 17.4% 55.4% 53.6% 53.4% 54.1% 2.2% 2.4% 2.4% 2.3%BZ WBK 15.5% 18.8% 19.6% 51.0% 48.6% 49.7% 3.2% 2.8% 2.8% FHB 21.0% 5.3% 5.2% 6.7% 60.2% 73.6% 76.7% 74.8% 3.1% 2.9% 2.8% 2.8%Garanti Bank 22.2% 17.0% 17.4% 18.6% 40.1% 39.6% 39.5% 38.1% 4.4% 3.2% 3.3% 3.4%Halkbank 32.0% 24.4% 25.1% 24.1% 33.5% 36.4% 35.7% 34.8% 5.0% 3.6% 4.4% 4.5%Isbank 20.6% 16.6% 17.2% 17.3% 40.6% 42.8% 43.3% 42.6% 3.9% 3.3% 3.7% 3.6%Komercijalna Banka 8.0% 6.4% 8.2% 13.8% 66.6% 60.3% 58.1% 52.2% 3.4% 3.6% 3.5% 4.0%Komercni banka 19.0% 19.2% 20.6% 21.6% 41.4% 41.7% 40.5% 40.2% 3.1% 3.3% 3.4% 3.4%OTP 9.4% 12.5% 14.9% 15.6% 49.4% 53.3% 55.6% 55.8% 6.3% 6.5% 5.8% 5.7%PKO BP 15.5% 18.5% 19.5% 21.6% 43.3% 40.8% 40.6% 38.9% 4.0% 4.2% 3.9% 3.9%Raiffeisen Bank International 14.0% 8.6% 6.5% 8.9% 61.9% 66.8% 67.6% 67.5% 2.6% 2.7% 2.6% 2.7%Sekerbank 13.5% 7.4% 10.6% 10.9% 57.6% 60.0% 64.5% 62.3% 5.8% 4.2% 4.1% 4.1%Turkiye Sinai Kalkinma Bankasi 19.3% 17.3% 16.3% 15.5% 17.6% 16.1% 17.1% 15.2% 4.2% 3.8% 3.7% 3.7%Vakifbank 15.3% 12.6% 13.5% 13.2% 41.0% 41.7% 41.2% 39.8% 4.1% 3.6% 3.9% 4.0%Yapi Kredi Bank 23.3% 16.5% 16.4% 16.6% 40.9% 43.0% 42.6% 41.5% 4.5% 3.4% 3.6% 3.8%Median CEE 15.5% 14.9% 16.0% 16.4% 43.0% 45.4% 45.5% 42.6% 4.3% 3.6% 3.7% 3.8%UniCredit S.p.A. 2.9% 1.0% 3.7% 5.3% - - - - 1.7% 1.7% 1.6% 1.7%KBC Group N.V. 14.6% 7.2% 12.5% 14.8% - - - - 1.7% 1.7% 1.6% 1.6%Svenska Handelsbanken A 12.2% 12.9% 12.2% 12.0% - - - - 1.1% 1.0% 1.0% 1.0%Erste Group Bank AG 7.6% -8.5% 8.3% 10.0% - - - - 2.7% 2.6% 2.6% 2.6%Societe Generale S.A. (France) 9.2% 7.0% 7.3% 7.4% - - - - 1.1% 1.0% 1.0% 1.0%Median 9.2% 7.0% 8.3% 10.0% - - - - 1.7% 1.7% 1.6% 1.6%Euro Stoxx Banks 5.6% 3.8% 5.4% 6.4% - - - - 1.5% 1.6% 1.6% 1.6%CEE to Peer, Prem/Disc 68% 112% 93% 64% - - - - 150% 117% 127% 140%

P/E P/BV Div yield

ROE Cost/income ratio Net interest margin



2010 2011e 2012e 2013e 2010 2011e 2012e 2013e 2010 2011e 2012e 2013eAik Banka AD -16.2% 11.2% 21.0% 18.7% 9.6% 17.6% 17.6% 16.9% 94% 119% 126% 134%Akbank -15.0% -18.1% 9.9% 18.3% 38.7% 8.1% 23.4% 19.9% 81% 100% 100% 104%Albaraka Turk 37.8% -0.6% 26.4% 35.5% 40.0% -2.3% 24.6% 22.0% 94% 100% 103% 109%

Banca Transilvania 0.1% 6.7% 38.3% 85.1% 5.6% -4.2% 6.8% 9.0% 80% 82% 82% 82%Bank Asya -6.6% -19.4% -0.6% 6.6% 37.9% 5.2% 19.9% 21.6% 102% 118% 121% 127%

Bank Pekao 13.4% 17.8% 7.8% 3.6% 5.4% 2.0% 12.4% 14.4% 85% 85% 84% 84%BRD-Group SG -11.8% 11.2% 30.9% -3.5% -4.3% 6.5% 7.6% 8.5% 116% 113% 115% 114%BRE Bank 336.8% 17.3% 23.7% 23.9% 12.6% 1.1% 16.7% 18.6% 127% 128% 129% 130%

BZ WBK 12.5% 23.4% 8.6% #W ERT! 13.1% 1.5% 20.7% ###### 83% 83% 83% FHB 61.7% -73.6% -1.5% 35.9% 5.3% -16.0% 4.9% 4.8% nm nm nm nmGaranti Bank 14.9% -16.0% 9.1% 20.5% 35.8% 5.8% 19.6% 17.2% 91% 101% 105% 108%Halkbank 33.4% -13.2% 12.8% 14.2% 42.2% 5.4% 19.9% 19.1% 84% 92% 97% 100%Isbank -6.9% -11.4% 5.8% 13.3% 38.4% 7.0% 20.6% 20.0% 76% 95% 98% 102%

Komercijalna Banka 13.2% -21.4% 37.2% 88.7% 16.4% 6.9% 20.2% 19.3% 84% 77% 78% 81%Komercni banka 26.6% 10.5% 13.7% 14.1% 8.7% 2.5% 8.7% 9.2% 74% 73% 75% 76%OTP -22.0% 36.8% 25.9% 18.4% 2.1% -7.8% 8.7% 11.9% 129% 128% 128% 129%

PKO BP 51.1% 12.9% 14.2% 26.0% 16.1% -1.4% 16.0% 17.9% 102% 98% 99% 99%Raiffeisen Bank International 265.1% -31.0% -18.6% 44.0% -0.1% 3.9% -4.8% 4.3% 131% 111% 102% 100%Sekerbank -19.5% -55.4% 56.7% 20.8% 44.6% 2.1% 28.2% 20.6% 102% 106% 109% 114%Turkiye Sinai Kalkinma Bankasi 12.2% -16.8% 3.7% 22.7% 27.6% 6.2% 19.9% 26.3% nm nm nm nmVakifbank 0.1% -11.5% 13.7% 14.2% 35.2% 5.4% 27.8% 20.2% 99% 110% 114% 118%

Yapi Kredi Bank 64.6% -19.1% 9.4% 16.6% 44.8% 5.7% 19.6% 18.3% 103% 123% 128% 133%Median CEE 29.4% 4.4% 14.4% 11.8% 18.4% 3.2% 13.7% 12.2% 94% 101% 103% 109%UniCredit S.p.A. -40.0% -51% 113.7% 46.9% 30.0% - - - - - - -

KBC Group N.V. nm -57% 93.8% 24% 11.0% - - - - - - -Svenska Handelsbanken A 20.4% 14% 0.9% 4.6% 12.1% - - - - - - -Erste Group Bank AG -7.7% nm nm 30.8% 17.4% - - - - - - -Societe Generale S.A. (France)1002.2% -21% 11.5% 7.1% 14.2% - - - - - - -Median n.m. n.m. 119.5% 17.4% 20.4% - - - - - - -Euro Stoxx Banks 20.7% -39.4% 68.4% 18.3% 0.0% - - - - - - -CEE to Peer, Prem/Disc n.m. n.m. -88% -32% -10% - - - - - - -

EPS growth (EUR) Customer loan growth (EUR) Loans/dep osit ratio



AIK Banka latest (RSD mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yNet interest inc. 1,571.5 1,513.2 1,526.1 1,647.0 1,527.5 -2.8%Net provisions -170.5 396.4 -892.6 -1,480.8 -96.0 -43.7%Net commissions 191.2 192.9 232.8 230.1 228.0 19.2%

Trading result 501.4 206.0 137.1 527.4 -71.2 n.a.Total income 2,324.7 2,311.3 1,992.0 2,442.8 1,833.1 -21.1%Total expenses -671.1 -797.7 -527.3 -532.3 -682.2 1.7%

Operating profit 1,483.1 1,909.9 572.1 429.7 1,054.9 -28.9%Pre-tax profit 1,483.1 1,909.9 572.1 429.7 1,054.9 -28.9%Net profit n.a. n.a. n.a. n.a. n.a. n.a.NIM 5.23% 4.59% 4.30% 4.68% 4.31% -0.92%p

Akbank latest (TRY mn) 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 y/yNet interest inc. 1,362.1 1,077.0 595.3 1,242.4 1,053.4 -22.7%Net provisions -252.2 -124.0 -43.2 -99.4 -207.2 -17.8%Net commissions 315.4 349.4 307.9 336.4 355.2 12.6%Trading result 114.0 -20.3 12.7 -73.4 133.1 17%Total income 1,816.9 1,529.4 1,109.6 1,535.0 1,334.4 -26.6%Total expenses -579.2 -574.8 -605.6 -657.2 595.6 n.a.

Operating profit 1,237.7 954.6 503.9 877.8 738.9 -40.3%Pre-tax profit 1,237.7 954.6 503.9 877.8 925.4 -25.2%Net profit 967.8 759.1 439.2 690.5 744.1 -23.1%

NIM 5.47% 5.17% 5.77% 4.33% 2.34% -3.13%p

Albaraka Turk latest (TRY mn) 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 y/yNet interest inc. 77.9 78.1 76.1 84.1 86.8 11.5%

Net provisions -31.6 -25.3 -24.1 -24.1 -20.1 -36.5%Net commissions 18.6 20.1 21.9 22.4 23.4 26.1%Trading result 3.2 3.0 5.6 4.1 4.7 44.2%Total income 83.0 88.4 91.2 86.6 94.9 14.3%Total expenses -45.9 -51.6 -49.8 54.2 57.5 n.a.

Operating profit 37.1 36.8 41.4 28.3 32.7 -11.8%Pre-tax profit 37.1 36.8 41.4 50.3 50.8 37.0%Net profit 29.9 28.9 32.7 42.6 41.0 36.9%

NIM 5.41% 6.60% 4.92% 4.74% 4.35% -1.06%p

Banca Transilvania latest (RON mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yNet interest inc. 243.8 245.8 254.2 246.6 246.9 1.2%

Net provisions -150.5 -124.0 -145.3 -119.4 -78.8 -47.6%Net commissions 91.5 91.1 85.3 91.6 94.3 3.1%Trading result 38.6 40.7 34.9 22.7 1.5 -96.0%Total income 378.2 383.0 379.4 367.2 348.0 -8.0%Total expenses -187.6 -188.7 -177.5 -188.6 -199.8 6.5%

Operating profit 35.2 34.9 41.3 44.0 58.6 66.5%Pre-tax profit 35.2 34.9 41.3 44.0 58.6 66.5%Net profit 17.7 28.1 31.8 33.9 41.2 132.9%

NIM 4.85% 4.70% 4.66% 4.41% 0.0 -0.55%p

Bank Asya latest (TRY mn) 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 y/yNet interest inc. 134.4 146.9 142.4 169.8 180.2 34.1%

Net provisions -45.3 -39.4 -26.9 -55.9 -40.9 -9.6%Net commissions 64.9 58.9 59.0 66.6 72.0 10.8%Trading result 10.5 13.3 13.1 8.0 5.1 -51.2%

Total income 203.6 208.6 211.3 231.1 216.3 6.3%Total expenses -126.8 -127.0 -130.2 -146.3 161.6 n.a.Operating profit 76.7 81.6 81.1 84.9 49.5 -35.4%Pre-tax profit 76.7 81.6 81.1 84.9 86.2 12.3%Net profit 59.2 63.7 65.9 71.1 68.9 16.4%

NIM 6.40% 5.62% 4.89% 5.08% 4.69% -1.71%p

52 weeks

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Bank Asya ISE 100 (Rebased) DJ EURO STOXX Banks (Rebased)

52 weeks

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0,9

1,0

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Banca TransilvaniaBET (Rebased)DJ EURO STOXX Banks (Rebased)

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2.0002.200

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Aik Banka AD NisBELEX 15 (Rebased)DJ EURO STOXX Banks (Rebased)

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4

5

6

7

8

9

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11

Akbank ISE 100 (Rebased) DJ EURO STOXX Banks (Rebased)

52 weeks

1,41,61,82,02,22,42,62,83,03,23,4

Albaraka TurkISE 100 (Rebased)DJ EURO STOXX Banks (Rebased)



Bank Pekao latest (PLN mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yNet interest inc. 1,031.0 1,065.1 1,061.2 1,125.4 1,166.2 13.1%

Net provisions -133.7 -127.3 -134.2 -134.8 -137.6 2.9%Net commissions 590.6 616.8 597.4 644.6 611.8 3.6%

Trading result 156.8 166.5 144.5 125.7 155.4 -0.9%Total income 1,823.5 1,862.8 1,833.2 1,909.4 1,975.9 8.4%

Total expenses -917.5 -917.5 -899.1 -911.1 -905.7 -1.3%

Operating profit 772.3 818.0 800.0 863.5 932.7 20.8%Pre-tax profit 819.8 776.5 800.8 882.4 949.8 15.9%Net profit 659.7 643.7 648.3 714.3 766.3 16.2%NIM 3.08% 3.17% 3.17% 3.40% 3.41% 0.33%p

BRD GSG latest (RON mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yNet interest inc. 605.0 617.4 549.3 575.4 578.4 -4.4%

Net provisions -439.3 -502.6 -305.7 -257.5 -309.4 -29.6%Net commissions 165.8 169.8 159.0 170.1 177.1 6.8%

Trading result 129.6 96.7 86.0 81.9 41.6 -67.9%Total income 917.3 925.8 812.6 852.8 818.2 -10.8%

Total expenses -349.3 -388.4 -355.7 -412.6 -379.2 8.5%Operating profit 134.3 32.1 151.2 182.6 129.6 -3.5%Pre-tax profit 134.3 32.1 151.2 182.6 129.6 -3.5%

Net profit 107.3 26.4 122.3 159.3 100.6 -6.2%

NIM 5.06% 5.22% 4.75% 4.97% 4.94% -0.12%p

BRE Bank latest (PLN mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yNet interest inc. 481.0 503.1 506.5 542.5 548.2 14.0%

Net provisions -128.2 -126.0 -114.1 -58.6 -111.2 -13.3%Net commissions 199.2 200.4 207.4 208.2 219.3 10.1%Trading result 88.2 104.3 95.6 105.8 111.4 26.3%

Total income 867.1 908.5 864.1 928.6 973.8 12.3%Total expenses -458.9 -518.7 -441.0 -463.0 -477.8 4.1%Operating profit 279.9 263.8 309.0 407.0 384.9 37.5%

Pre-tax profit 279.9 263.8 309.0 407.0 384.9 37.5%Net profit 206.5 195.5 229.7 313.2 307.3 48.8%

NIM 2.22% 2.31% 2.26% 2.44% 2.39% 0.17%p

BZ WBK latest (PLN mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yNet interest inc. 457.9 501.5 494.6 502.5 532.2 16.2%Net provisions -100.8 -103.2 -94.9 -78.8 -107.9 7.0%Net commissions 330.8 346.2 339.2 348.9 340.3 2.9%Trading result 60.8 60.3 38.8 71.1 107.5 76.8%

Total income 858.6 931.2 890.4 1,011.2 990.8 15.4%

Total expenses -451.2 -462.5 -445.2 -465.3 -446.0 -1.2%Operating profit 306.6 365.5 350.3 467.1 436.9 42.5%

Pre-tax profit 307.8 367.4 353.5 468.8 439.7 42.8%Net profit 222.9 267.7 270.2 370.9 344.9 54.7%NIM 3.36% 3.69% 3.34% 3.68% 3.72% 0.36%p

FHB latest (HUF mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yNet interest inc. 6,323 6,318 6,106 5,604 5,706 -9.8%Net provisions -288 -951 -1,456 -621 -4,825 1576.1%

Net commissions 271 777 739 506 754 178.4%Trading result -1,196 -1,494 1,126 945 821 n.a.Total income 5,781 13,726 8,249 7,409 7,280 25.9%Total expenses -5,679 -3,221 -1,469 -5,682 -4,768 n.a.Operating profit -186 -7,495 -6,282 1,106 -2,331 n.a.

Pre-tax profit -186 5,280 511 1,106 -2,331 n.a.Net profit 277 8,127 169 759 -2,298 n.a.NIM 3.09% 2.87% 2.87% 2.69% 2.67% -0.42%p

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100

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Bank PekaoWIG 20 (Rebased)DJ EURO STOXX Banks (Rebased)

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89

101112131415161718

BRD - Group SGBET (Rebased)DJ EURO STOXX Banks (Rebased)

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BRE Bank WIG 20 (Rebased) DJ EURO STOXX Banks (Rebased)

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BZ WBK WIG 20 (Rebased) DJ EURO STOXX Banks (Rebased)

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FHB BUX (Rebased) DJ EURO STOXX Banks (Rebased)



Garanti Bank latest (TRY mn) 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 y/yNet interest inc. 1,381.9 1,224.0 868.6 1,280.2 1,002.0 -27.5%

Net provisions -200.2 -79.6 -188.7 -115.9 -249.2 24.5%Net commissions 442.2 419.7 423.3 530.4 525.4 18.8%Trading result 172.6 73.8 102.0 15.5 264.3 53.1%Total income 2,013.0 1,802.9 1,355.8 1,821.5 1,542.4 -23.4%

Total expenses -741.8 -675.2 -694.7 -929.2 704.6 n.a.

Operating profit 1,271.3 1,127.7 661.1 892.3 573.6 -54.9%Pre-tax profit 1,271.3 1,127.7 661.1 892.3 1,114.9 -12.3%

Net profit 1,005.3 919.9 521.7 698.3 855.2 -14.9%NIM 5.45% 5.68% 5.45% 4.77% 3.27% -2.18%p

Halkbank latest (TRY mn) 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 y/yNet interest inc. 839.5 823.7 705.7 822.1 734.1 -12.6%

Net provisions -148.7 -99.3 -79.3 -131.1 -86.2 -42.0%Net commissions 134.2 136.2 122.8 132.7 157.9 17.7%

Trading result 60.6 15.0 88.4 -49.2 98.4 62.4%

Total income 983.6 998.4 963.6 1,059.0 904.2 -8.1%Total expenses -334.4 -358.8 -374.0 -428.0 413.5 n.a.Operating profit 649.2 639.5 589.6 631.0 392.3 -39.6%

Pre-tax profit 649.2 639.5 589.6 631.0 653.2 0.6%Net profit 515.5 519.8 475.6 499.6 524.7 1.8%NIM 5.80% 6.22% 5.64% 5.22% 4.28% -1.52%p

Isbank latest (TRY mn) 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 y/yNet interest inc. 1,254.2 1,133.0 1,080.3 1,114.3 1,118.5 -10.8%Net provisions -410.3 -271.4 -214.1 -239.7 -325.9 -20.6%

Net commissions 318.8 314.7 288.2 314.7 304.0 -4.6%Trading result 125.8 114.9 38.6 -144.7 98.9 -21.4%

Total income 1,783.2 1,902.2 1,565.8 1,504.7 1,195.5 -33.0%Total expenses -667.7 -857.1 -854.8 -823.5 793.6 n.a.Operating profit 1,115.5 1,045.2 711.0 681.2 303.0 -72.8%

Pre-tax profit 1,115.5 1,045.2 711.0 681.2 834.7 -25.2%Net profit 914.1 887.4 577.7 602.9 667.3 -27.0%NIM 5.24% 5.08% 4.72% 4.07% 3.79% -1.45%p

Komercijalna banka latest (RSD mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yNet interest inc. 1,792.7 2,168.9 2,128.9 2,481.5 2,581.4 44.0%Net provisions -235.4 -347.9 -86.4 -444.2 -504.7 114.4%

Net commissions 1,015.3 1,101.6 1,009.9 1,102.0 1,125.4 10.8%Trading result 85.7 236.7 -108.5 5.2 -30.8 n.a.

Total income 2,934.4 3,552.4 3,057.8 3,660.6 3,705.9 26.3%

Total expenses -2,105.4 -2,401.7 -2,076.3 -2,104.7 -2,244.5 6.6%Operating profit 593.7 802.8 895.1 1,111.7 964.1 62.4%

Pre-tax profit 593.7 802.8 895.1 1,111.7 964.1 62.4%Net profit n.a. n.a. n.a. n.a. n.a. n.a.NIM 2.88% 3.40% 3.35% 3.95% 4.01% 1.13%p

Komercni banka latest (CZK mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yNet interest inc. 5,273 5,449 5,372 5,569 5,579 5.8%Net provisions -636 -698 -548 -2,158 -2,892 354.7%Net commissions 1,931 2,095 1,866 1,882 1,837 -4.9%

Trading result 864 797 713 672 816 -5.6%Total income 8,085 8,365 7,966 8,152 8,258 2.1%Total expenses -3,167 -3,455 -3,148 -3,401 -3,269 3.2%Operating profit 4,281 4,212 4,270 4,256 2,097 -51.0%

Pre-tax profit 4,143 4,069 4,114 2,466 1,949 -53.0%

Net profit 3,481 3,367 3,376 2,102 1,563 -55.1%NIM 3.03% 3.12% 3.07% 3.12% 3.03% 0.00%p

52 weeks

4

5

6

7

8

9

10

11

Garanti BankISE 100 (Rebased)DJ EURO STOXX Banks (Rebased)

52 weeks

789

101112131415161718

Halkbank ISE 100 (Rebased) DJ EURO STOXX Banks (Rebased)

52 weeks

3,0

3,5

4,0

4,5

5,0

5,5

6,0

6,5

7,0

7,5

Isbank ISE 100 (Rebased) DJ EURO STOXX Banks (Rebased)

52 weeks

1.4001.6001.8002.0002.2002.4002.6002.8003.0003.2003.400

Komercijalna BankaBELEX 15 (Rebased)DJ EURO STOXX Banks (Rebased)

52 weeks

2.000

2.500

3.000

3.500

4.000

4.500

5.000

5.500

Komercni banka PX (Rebased) DJ EURO STOXX Banks (Rebased)



OTP Bank latest (HUF mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yNet interest inc. 150,260 155,129 151,724 150,977 159,230 6.0%

Net provisions -52,697 -69,849 -54,246 -50,768 -58,768 11.5%Net commissions 33,997 37,581 32,731 35,374 36,577 7.6%

Trading result 3,663 10,052 6,715 8,314 18,345 400.8%Total income 18,792 202,763 19,117 194,665 214,152 1039.6%

Total expenses -87,157 -95,493 -85,643 -87,368 -92,562 6.2%

Operating profit 32,923 23,925 44,040 50,044 54,579 65.8%Pre-tax profit 32,923 23,925 44,040 50,044 54,579 65.8%Net profit 30,941 17,179 37,188 37,288 35,165 13.7%NIM 5.96% 6.28% 6.24% 6.23% 6.44% 0.48%p

PKO BP latest (PLN mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yNet interest inc. 1,719.2 1,730.8 1,719.5 1,855.0 1,964.1 14.2%

Net provisions -517.7 -426.4 -438.4 -443.0 -487.7 -5.8%Net commissions 797.6 818.0 737.2 804.2 768.3 -3.7%

Trading result 125.9 54.9 74.9 57.5 115.1 -8.5%Total income 2,690.2 2,652.2 2,580.9 2,734.7 2,851.4 6.0%

Total expenses -1,057.5 -1,156.7 -1,054.1 -1,069.1 -1,102.5 4.3%Operating profit 1,074.1 1,069.1 1,088.4 1,222.6 1,261.2 17.4%Pre-tax profit 1,074.5 1,072.9 1,085.0 1,222.2 1,261.9 17.4%

Net profit 846.9 867.7 871.0 967.3 1,016.7 20.1%

NIM 4.14% 4.11% 4.02% 4.22% 4.30% 0.16%p

Raiffeisen Bank International latest (EUR mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yNet interest inc. 909.7 923.4 884.3 884.3 943.0 3.7%Net provisions -288.2 -333.2 -208.2 -208.2 -377.0 30.8%Net commissions 373.3 402.5 357.1 357.1 388.0 3.9%

Trading result 65.8 70.0 123.4 123.4 37.0 -43.8%Total income 1,434.0 1,450.5 1,368.8 1,368.8 1,302.7 -9.2%Total expenses -727.8 -827.1 -753.0 -753.0 -772.4 6.1%

Operating profit 418.0 290.2 407.6 407.6 153.3 -63.3%Pre-tax profit 417.8 290.2 405.0 405.0 153.3 -63.3%

Net profit 311.0 304.3 270.0 270.0 130.3 -58.1%NIM 2.50% 2.69% 2.61% 2.61% 2.64% 0.14%p

Sekerbank latest (TRY mn) 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 y/yNet interest inc. 147.9 146.1 132.0 120.1 164.2 11.1%Net provisions -74.4 -78.1 -13.8 -16.5 -38.5 -48.3%Net commissions 29.9 26.4 25.0 23.2 35.9 19.9%Trading result -3.8 -9.0 -7.0 10.4 52.8 n.a.

Total income 150.9 150.8 167.3 161.4 225.5 49.4%Total expenses -119.6 -112.0 -117.2 -116.4 -145.2 21.4%

Operating profit 31.3 38.8 50.1 45.0 80.2 156.6%


Turkiye Sinai Kalkinma Bankasi latest (TRY mn) 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 y/yNet interest inc. 65.4 79.4 70.7 77.1 70.4 7.6%Net provisions -4.3 -7.7 1.7 -12.4 -6.2 44.8%

Net commissions 2.4 1.7 4.0 2.2 5.6 135.6%Trading result -0.7 -0.8 2.5 -3.1 -2.4 238.9%Total income 66.4 82.4 99.7 76.1 72.9 9.8%Total expenses -16.6 -14.1 -16.0 -14.8 -17.8 7.4%Operating profit 49.8 68.3 83.7 61.4 55.1 10.6%


52 weeks

2.500

3.000

3.500

4.000

4.500

5.000

5.500

6.000

6.500

OTP BUX (Rebased) DJ EURO STOXX Banks (Rebased)

52 weeks

20

25

30

35

40

45

50

55

PKO BP WIG 20 (Rebased) DJ EURO STOXX Banks (Rebased)

52 weeks

2830323436384042444648

Raiffeisen InternationalATX (Rebased)DJ EURO STOXX Banks (Rebased)

52 weeks

0,70,80,91,01,11,21,31,41,51,61,7

Sekerbank ISE 100 (Rebased) DJ EURO STOXX Banks (Rebased)

52 weeks

1,0

1,2

1,4

1,6

1,8

2,0

2,2

2,4

2,6

2,8

Turkiye Sinai Kalkinma BankasiISE 100 (Rebased)DJ EURO STOXX Banks (Rebased)



Vakifbank latest (TRY mn) 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 y/yNet interest inc. 707.1 677.5 639.3 706.1 700.5 -0.9%

Net provisions -207.4 -340.1 -192.9 -232.8 -182.1 -12.2%Net commissions 102.8 111.2 94.7 134.5 117.9 14.7%Trading result 49.5 81.7 28.7 156.4 38.0 -23.4%Total income 772.2 700.5 712.1 967.8 674.3 -12.7%

Total expenses -391.0 -406.2 -424.7 -467.9 452.1 n.a.Operating profit 381.2 294.3 287.4 499.9 184.2 -51.7%Pre-tax profit 381.2 294.3 287.4 499.9 502.3 31.8%

Net profit 305.1 234.6 224.9 392.6 409.2 34.1%NIM 5.48% 5.11% 4.41% 4.03% 3.74% -1.75%p

Yapi Kredi Bank latest (TRY mn) 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 y/yNet interest inc. 896.0 731.0 788.0 784.6 791.0 -11.7%

Net provisions -153.2 -178.5 -198.1 -553.1 -296.6 93.6%Net commissions 364.3 392.8 407.7 431.5 417.3 14.5%Trading result -6.9 -10.2 9.3 -58.8 16.2 n.a.Total income 1,413.6 1,258.2 1,286.7 604.1 927.9 -34.4%

Total expenses -639.3 -571.8 -597.4 680.1 662.1 n.a.Operating profit 774.3 686.4 689.3 -17.2 249.6 -67.8%Pre-tax profit 774.3 686.4 689.3 369.7 660.4 -14.7%

Net profit 639.1 550.9 589.3 280.9 535.0 -16.3%NIM 6.46% 6.05% 6.03% 4.54% 4.63% -1.83%p

52 weeks

2,0

2,5

3,0

3,5

4,0

4,5

5,0

5,5

Vakifbank ISE 100 (Rebased) DJ EURO STOXX Banks (Rebased)

52 weeks

2,5

3,0

3,5

4,0

4,5

5,0

5,5

6,0

6,5

Yapi Kredi BankISE 100 (Rebased)DJ EURO STOXX Banks (Rebased)



Basic Resources


Company (EURmn) 1M 3M 6M 12MAMAG EUR 550 15.6 21.3 Buy 0.9% 1.9% -6.2% -12.9%KGHM PLN 5,585 123.4 105.0 Reduce 0.1% -13.4% -35.1% -31.4%Mayr-Melnhof EUR 1,322 66.1 79.0 Accumulate 5.9% 1.4% -16.0% -25.2%New World Resources EUR 1,485 143.6 140.0 Accumulate 10.9% 2.9% -39.9% -49.4%Park Elektrik TRY 222 3.5 5.2 Buy -0.8% 2.3% -10.0% -13.7%RHI EUR 663 16.6 24.5 Buy 11.9% 7.8% -17.4% -42.3%voestalpine EUR 4,021 23.9 31.5 Buy 19.5% 2.9% -37.0% -30.9%

Sub Steel 33,983 - - - - - - -Sub Metals & Mining 404,458 - - - - - - -Sub Pulp & Paper 11,424 - - - - - - -Total Peer Group 449,864 - - - - - - -

EuroStoxx Basic Resources - 68,297 - - - 11.8% 10.3% -10.6% -4.2%


(LC)

2010 2011e 2012e 2013e 2010 2011e 2012e 2013e 2010 2011e 2012e 2013eAMAG 6.2 8.8 7.6 4.0 4.9 4.5 1.0 1.0 0.9KGHM 7.8 2.1 7.2 12.1 6.8 2.0 5.9 8.7 2.5 1.1 1.1 1.1Mayr-Melnhof 16.2 11.4 11.8 11.2 9.5 6.4 6.9 6.5 1.8 1.3 1.2 1.1New World Resources 10.2 8.5 12.4 4.6 4.3 5.0 1.8 1.6 1.5Park Elektrik 15.2 6.3 7.3 6.6 9.9 5.1 5.9 5.6 1.7 1.3 1.1 0.9RHI 11.1 5.7 8.4 6.7 8.3 4.0 5.0 4.1 3.7 1.6 1.4 1.2voestalpine 46.3 10.9 8.1 11.7 7.3 4.8 3.8 4.9 1.6 1.5 1.0 1.0Median CEE 15.2 6.3 8.4 11.2 8.3 4.6 5.0 5.0 1.8 1.3 1.1 1.1Median Sub Steel 19.1 n.a. 12.9 8.9 7.4 6.2 5.8 4.7 1.0 0.9 0.9 0.9Median Sub Metals & Mining 12.6 9.6 8.1 7.3 7.4 6.7 4.9 4.8 1.5 1.3 0.8 0.7Median Sub Pulp & Paper 8.2 9.6 12.4 8.8 4.3 4.1 4.1 3.7 0.6 0.6 0.6 0.6Median Total Peer Group 12.6 11.7 10.1 8.4 7.2 6.3 5.0 4.6 1.1 1.0 0.8 0.8EuroStoxx Basic Resources 18.8 11.0 12.0 8.6 9.3 6.2 4.6 3.9 1.3 0.8 0.8 0.7CEE to Peer, Prem/Disc 20% -46% -17% 33% 15% -26% -1% 8% 61% 25% 31% 44%

2010 2011e 2012e 2013e 2010 2011e 2012e 2013e 2010 2011e 2012e 2013eAMAG 0.7 0.7 0.6 3.8 4.3 3.7 4.4% 3.1% 3.6%KGHM 2.1 0.7 1.0 1.2 5.3 1.1 3.1 5.1 8.4% 12.8% 10.2% 5.8%Mayr-Melnhof 0.9 0.6 0.6 0.6 6.7 4.7 4.7 4.3 2.2% 3.2% 3.2% 3.5%New World Resources 1.1 1.1 1.2 4.0 4.0 4.7 4.9% 5.9% 4.0%Park Elektrik 6.5 2.5 0.7 0.3 12.0 4.3 1.2 0.5 0.0% 0.0% 0.0% 0.0%RHI 1.2 0.7 0.8 0.7 10.4 6.4 7.1 5.7 1.7% 3.0% 3.0% 3.6%voestalpine 1.2 0.9 0.7 0.8 10.0 6.4 5.6 6.4 1.7% 2.4% 3.4% 3.4%Median CEE 1.2 0.7 0.7 0.7 10.0 4.3 4.3 4.7 1.7% 3.2% 3.2% 3.6%Median Sub Steel 1.3 0.7 0.7 0.6 11.5 7.2 6.7 5.1 3.1% 3.4% 3.7% 4.3%Median Sub Metals & Mining 1.8 1.0 1.6 1.3 8.6 5.9 6.7 5.7 1.9% 2.1% 2.2% 3.2%Median Sub Pulp & Paper 1.0 0.7 0.7 0.6 6.8 6.3 5.7 5.1 4.2% 4.2% 4.7% 4.8%Median Total Peer Group 1.4 0.8 1.0 0.8 8.5 6.0 6.6 5.6 2.6% 2.2% 2.9% 3.6%EuroStoxx Basic Resources 1.0 0.6 0.6 0.6 6.9 5.5 5.6 5.0 2.2% 3.6% 3.7% 4.2%CEE to Peer, Prem/Disc -13% -10% -29% -6% 17% -28% -34% -16 % -36% 47% 8% -1%

P/E P/CE P/BV




2010 2011e 2012e 2013e 2010 2011e 2012e 2013e 2010 2011e 2012e 2013eAMAG 18.9% 19.0% 16.7% 16.7% 10.3% 11.0% 8.5% 9.0% 14.9% 20.1% 11.2% 12.0%KGHM 39.2% 68.8% 31.0% 23.3% 28.7% 54.7% 21.4% 14.6% 36.5% 60.1% 15.2% 9.2%Mayr-Melnhof 13.7% 13.0% 12.9% 13.1% 6.2% 6.1% 5.9% 6.1% 11.4% 11.7% 10.5% 10.3%New World Resources 29.9% 28.4% 27.6% 24.7% 14.2% 8.6% 10.7% 7.6% 34.1% 17.9% 20.2% 12.8%Park Elektrik 54.0% 57.6% 57.2% 55.9% 44.4% 45.8% 37.3% 37.9% 12.2% 20.9% 15.7% 14.8%RHI 11.3% 11.7% 10.9% 12.3% 6.9% 6.8% 4.9% 6.0% 40.0% 31.4% 17.7% 19.2%voestalpine 11.7% 14.7% 13.0% 11.9% 2.2% 5.4% 4.9% 4.0% 3.4% 15.0% 13.0% 8.4%Median CEE 18.9% 19.0% 16.7% 16.7% 10.3% 8.6% 8.5% 7.6% 14.9 % 20.1% 15.2% 12.0%Median Sub Steel 8.4% 8.3% 9.8% 12.2% 1.9% 2.8% 3.7% 4.4% 6.9% 5.5% 6.9% 10.1%Median Sub Metals & Mining 22.8% 19.8% 19.4% 19.7% 11.4% 8.1% 11.1% 11.6% 13.0% 12.4% 11.4% 12.3%Median Sub Pulp & Paper 13.5% 13.3% 12.9% 13.3% 5.1% 3.8% 4.0% 4.9% 7.0% 7.2% 6.0% 6.9%Median Total Peer Group 14.9% 13.4% 13.4% 14.0% 6.4% 4.5% 5.9% 6.6% 9.7% 8.7% 9.2% 10.1%EuroStoxx Basic Resources 10.9% 10.8% 11.3% 12.2% 3.7% 3.2% 3.8% 4.6% 7.3% 7.4% 6.3% 9.5%CEE to Peer, ppt 4.0 5.6 3.2 2.7 3.9 4.2 2.5 1.0 5.3 11.4 6.0 1 .9

2010 2011e 2012e 2013e 2010 2011e 2012e 2013eAMAG 32.2% 9.9% -19.5% 9.0% 51.3% 59.0% -29.3% 15.6%KGHM 83.1% 108.7% -65.9% -34.1% 92.3% 126.7% -70.3% -40.1%Mayr-Melnhof 4.5% 2.9% -2.3% 3.8% 21.4% 7.9% -3.5% 5.4%New World Resources 160.2% 2.7% -5.1% -12.4% nm -37.9% 20.3% -31.4%Park Elektrik 94.5% 97.2% 4.1% 6.9% 107.0% 91.1% -14.7% 11.1%RHI 50.2% 15.6% -12.1% 16.3% 383.6% 9.2% -31.6% 25.2%voestalpine -41.3% 59.9% -6.0% -15.5% -80.1% 370.1% -3.4% -30.6%CEE total 12.6% 66.0% -38.9% -17% 40.6% 64.9% -39.3% -9.1%Median Sub Steel 1698.3% 17% 1.3% 21.7% nm -16.6% 19.3% 46.0%Median Sub Metals & Mining 69.7% 25.2% 2.1% 10.1% 158.4% 21% 4905% 14.3%Median Sub Pulp & Paper 51.0% 0.4% -2.4% 6.8% 215.5% 25.9% -10.7% 20.1%Peer Group total 81.9% 23.6% 1.9% 10.9% nm 7% 3007% 15%EuroStoxx Basic Resources 76.6% 11.3% 6.2% 16.3% nm -1% 5% 38%CEE to Peer, ppt -69.3 42.4 -40.8 -27.8 nm 58.4 -3046.2 -23.8





AMAG latest (EUR mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yRevenues 192.9 180.3 214.6 214.6 198.4 2.9%

EBITDA 35.3 30.7 35.9 46.0 42.7 21.0%EBIT 24.1 19.4 24.6 34.9 31.2 29.5%


Net margin 11.1% 5.8% 8.2% 13.3% 14.1%

KGHM latest (PLN mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yRevenues 3,992.3 4,753.0 4,773.0 5,227.0 5,243.0 31.3%

EBITDA 1,401.4 1,776.0 2,586.0 3,024.0 3,849.0 174.6%EBIT 1,247.3 1,626.0 2,422.0 2,860.0 3,684.0 195.3%

Net profit 1,017.6 1,324.0 1,958.0 2,361.0 3,201.0 214.6%

EBITDA margin 35.1% 37.4% 54.2% 57.9% 73.4%EBIT margin 31.2% 34.2% 50.7% 54.7% 70.3%

Net margin 25.5% 27.9% 41.0% 45.2% 61.1%

Mayr-Melnhof latest (EUR mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/ySales 452.7 463.2 494.7 493.5 510.602 12.8%

EBITDA 66.4 62.4 70.8 63.4 63.3 -4.7%

EBIT 45.7 39.0 50.0 42.6 42.8 -6.4%Net profit 33.4 27.0 35.2 28.3 28.0 -16.2%


RHI latest (EUR mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yRevenues 381.3 400.9 413.8 437.1 429.8 12.7%

EBITDA 45.6 29.3 42.4 53.0 52.6 15.4%EBIT 26.4 29.3 29.2 40.0 39.2 48.5%Net profit 40.5 15.2 18.3 30.7 41.0 1.2%


voestalpine latest (EUR mn) 2Q10/11 3Q10/11 4Q10/11 1Q11/12 2Q11/12 y/ySales 2,635.7 2,744.8 3,017.1 3,051.5 2,926.2 11.0%



NWR latest (EUR mn) 3Q 2010 4Q2010 1Q2011 2Q2011 3Q2011 y/yRevenues 408.4 465.6 385.0 455.2 400.9 -1.8%

EBITDA 133.0 162.2 81.6 168.0 119.4 -10.2%

EBIT 91.6 113.1 37.6 123.4 74.3 -18.8%

Net profit 48.5 69.7 3.0 82.5 33.9 -30.1%


52 w eeks

60

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100

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KG HMW IG 2 0 (Re bas e d)D J E UR O STO XX B a sic R es ource s (R ebase d)

5 2 w e e k s

4 55 05 56 06 57 07 58 08 59 09 5

1 0 0

M a y r-M e lnh o fA T X (R e b a s e d)D J E U R O S T O X X B a s ic R e s o u rc e s (R e ba s e d )

5 2 w e eks

1 21 41 61 82 02 22 42 62 83 03 2

R HI A TX (R e ba s e d) D J E U R O S TO X X B a s ic R es o urc e s (R e ba s ed )

52 w e eks

15

20

25

30

35

40

vo e s ta lp ineATX (R e ba se d)D J EUR O S TO XX Ba s ic R e s o urce s (R e ba se d)

5 2 w e eks

1 201 401 601 802 002 202 402 602 803 003 20

New W o rld R e s o urc e sP X (R e ba s e d)D J E UR O S TO XX B a s ic R e s ource s (R e ba se d )

52 weeks

89

10111213141516171819

AMAGATX (Rebased)DJ EURO STOXX Basic Resources (Rebased)



Park Elektrik latest (TRY mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/ySales 43.0 38.0 43.9 33.7 60.5 40.7%

EBITDA 27.00 24.00 27.60 22.80 31.90 18.1%EBIT 11.00 15.00 23.10 n.a. n.a. n.a.

Net profit 19.00 19.00 23.78 19.60 40.27 111.9%EBITDA margin 62.8% 63.2% 62.9% 67.7% 52.7%EBIT margin 25.6% 39.5% 52.6% n.a. n.a.

Net margin 44.2% 50.0% 54.2% 58.2% 66.5%

5 2 w e eks

1 ,5

2 ,0

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3 ,5

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4 ,5

P a rk E le ktrikIS E 1 0 0 (R e bas e d)D J E UR O S TO X X B a s ic R e so urc e s (R e ba s e d)



Chemicals


Company (EURmn) 1M 3M 6M 12MBagfas TRY 193 152.0 178.5 Accumulate -5.0% -13.1% -3.5% -19.8%Ciech S.A. PLN 207 17.4 20.0 Buy 6.4% 23.9% -20.8% -30.0%Ege Gubre TRY 61 71.3 Under review -10.1% -25.2% -33.1% -40.4%Gubre Fabrikalari TRY 368 10.4 16.3 Buy -16.8% -15.4% -24.4% -38.8%Lenzing EUR 1,779 67.0 108.5 Buy 10.6% -8.9% -22.8% -22.2%Pegas NW EUR 164 455.0 500.0 Accumulate 1.3% 3.7% -0.4% -2.3%Petkim TRY 789 1.9 2.4 Hold -7.9% -21.2% -27.3% -24.4%Semperit EUR 607 29.5 37.0 Buy 0.0% -2.4% -17.9% -23.5%Synthos PLN 1,327 4.4 5.0 Buy 9.1% 5.5% -16.4% 20.4%ZA Pulawy S.A. PLN 366 84.6 92.5 Hold 2.1% -1.7% -21.4% -13.7%ZCh Police S.A. PLN 163 9.6 10.3 Sell -4.3% -11.3% -15.7% -1.8%

EuroStoxx Chemicals EUR 191,285 - - - 8.6% 0.9% -15.2% -18.8%


(LC)

2010 2011e 2012e 2013e 2010 2011e 2012e 2013e 2010 2011e 2012e 2013eBagfas 10.2 8.9 8.7 8.1 7.0 7.6 7.4 6.7 2.9 2.5 2.3 2.2Ciech S.A. 26.3 75.4 9.7 12.3 2.5 3.6 2.9 3.0 0.7 0.7 0.6 0.6Ege Gubre 14.3 16.6 6.9 4.7 11.5 11.0 5.7 4.1 2.4 1.4 1.1 1.0Gubre Fabrikalari 11.6 8.1 7.8 7.5 5.5 4.7 4.6 4.6 3.2 1.9 1.7 1.6Lenzing 13.5 6.6 7.5 6.3 7.6 4.6 4.8 4.0 3.2 1.7 1.5 1.3Pegas NW 8.2 6.4 6.4 6.8 4.7 4.6 4.3 4.3 1.3 1.2 1.1 1.0Petkim 17.7 8.6 9.6 9.2 11.3 6.1 7.0 6.7 1.5 1.1 1.0 1.0Semperit 17.9 12.1 11.0 10.4 10.9 7.3 6.7 6.3 2.3 1.6 1.5 1.4Synthos 8.6 6.3 7.4 7.9 6.7 5.4 6.1 6.4 1.9 2.0 1.7 1.4ZA Pulawy S.A. 33.5 7.6 8.1 8.2 11.6 5.9 5.3 5.3 0.7 1.2 0.8 0.7ZCh Police S.A. 7.8 4.5 11.0 9.9 3.9 3.1 5.1 4.8 1.0 1.0 0.9 0.8Median CEE 13.5 8.1 8.1 8.1 7.0 5.4 5.3 4.8 1.9 1.4 1.1 1.0EuroStoxx Chemicals 12.6 11.0 11.4 10.1 8.0 7.4 6.9 6.8 2.2 1.8 1.7 1.5CEE to Peer, Prem/Disc 7% - -29% -20% -13% -28% -23% -29% -1 3% -19% -31% -35%

2010 2011e 2012e 2013e 2010 2011e 2012e 2013e 2010 2011e 2012e 2013eBagfas 1.4 1.2 1.1 1.0 6.4 5.3 5.0 4.5 13.6% 9.9% 9.8% 10.6%Ciech S.A. 0.5 0.4 0.4 0.4 5.4 4.4 4.2 4.2 0.0% 0.0% 0.0% 0.0%Ege Gubre 1.7 1.0 0.8 0.6 10.6 11.7 5.6 3.6 0.0% 3.6% 1.8% 4.4%Gubre Fabrikalari 1.5 0.8 0.7 0.7 5.2 3.5 3.5 3.4 0.0% 9.7% 8.5% 9.2%Lenzing 1.5 0.9 0.9 0.9 7.9 4.1 4.4 3.9 1.8% 3.8% 3.3% 4.0%Pegas NW 1.8 1.5 1.3 1.3 7.5 7.3 6.6 6.6 5.1% 5.6% 5.9% 6.2%Petkim 0.8 0.5 0.5 0.4 12.2 6.0 6.2 5.9 0.0% 8.7% 7.9% 8.1%Semperit 1.0 0.6 0.6 0.5 6.3 4.3 4.0 3.7 3.2% 4.4% 4.8% 5.1%Synthos 1.1 1.0 0.9 0.8 5.9 4.4 4.7 4.4 0.0% 1.7% 3.4% 3.2%ZA Pulawy S.A. 0.5 0.8 0.5 0.6 13.4 5.1 5.0 5.2 1.6% 3.3% 3.1% 3.1%ZCh Police S.A. 0.4 0.3 0.3 0.3 4.8 3.3 5.4 4.4 0.0% 0.0% 0.0% 0.0%Median CEE 1.1 0.8 0.7 0.6 6.4 4.4 5.0 4.4 0.0% 3.8% 3.4% 4.4%EuroStoxx Chemicals 1.1 0.8 0.9 0.8 6.4 5.5 5.6 5.1 3% 3% 3% 4%CEE to Peer, Prem/Disc 1% -8% -16% -21% 0% -20% -10% -13% -1 00% 22% 2% 22%

P/CE P/BV


P/E



2010 2011e 2012e 2013e 2010 2011e 2012e 2013e 2010 2011e 2012e 2013eBagfas 22.5% 22.6% 21.6% 22.0% 16.8% 16.7% 16.0% 16.1% 31.6% 26.7% 27.2% 27.6%Ciech S.A. 9.7% 8.6% 9.6% 8.5% 0.5% 0.3% 2.2% 1.7% 2.8% 1.1% 6.8% 5.1%Ege Gubre 16.2% 8.3% 14.6% 18.3% 9.6% 4.3% 9.6% 12.6% 18.8% 7.9% 18.5% 22.1%Gubre Fabrikalari 29.0% 22.0% 21.1% 19.8% 17.7% 11.7% 11.6% 11.0% 33.5% 22.1% 23.0% 21.6%Lenzing 18.6% 22.2% 21.0% 24.2% 9.8% 12.9% 11.3% 12.7% 25.9% 31.1% 21.8% 21.9%Pegas NW 23.8% 20.7% 20.2% 18.9% 14.2% 14.5% 12.3% 10.0% 17.4% 19.1% 17.5% 15.1%Petkim 6.4% 7.7% 7.3% 7.2% 4.5% 5.9% 5.2% 5.0% 8.9% 12.1% 10.8% 10.7%Semperit 16.0% 14.4% 15.0% 14.5% 6.4% 6.1% 6.6% 6.4% 13.7% 13.8% 14.2% 13.9%Synthos 18.2% 21.5% 18.6% 18.0% 12.4% 15.8% 13.6% 13.3% 25.6% 35.7% 24.7% 19.7%ZA Pulawy S.A. 4.0% 14.9% 10.9% 10.9% 1.8% 10.6% 6.1% 5.8% 2.2% 16.9% 9.5% 9.3%ZCh Police S.A. 8.3% 9.8% 5.7% 6.3% 3.5% 6.1% 2.5% 2.6% 13.4% 24.0% 8.8% 9.0%Median CEE 16.2% 14.9% 15.0% 18.0% 9.6% 10.6% 9.6% 10.0% 17. 4% 19.1% 17.5% 15.1%EuroStoxx Chemicals 17.4% 16.0% 15.7% 16.5% 7.1% 8.2% 6.6% 7.0% 16.4% 17.5% 16.0% 15.6%CEE to Peer, ppt -1.2 -1.1 -0.7 1.5 2.5 2.5 3.0 3.0 1.0 1.6 1. 5 -0.6

2010 2011e 2012e 2013e 2010 2011e 2012e 2013eBagfas nm -6.8% 2.4% 9.2% nm -8% 2.7% 7.7%Ciech S.A. 16% -9.6% 4.4% -4.9% nm nm nm -20.5%Ege Gubre nm -50.6% 93.2% 38.9% nm -57% 142.1% 46.2%Gubre Fabrikalari 311% -12.9% 0.4% 1.5% nm -24% 3.7% 3.0%Lenzing 80% 46.0% -3.2% 21.5% -63.2% 58% -12.4% 18.7%Pegas NW -9% 4.2% 14.8% 7.6% nm 22% 0.1% -6.7%Petkim 31% 28.3% -4.3% 6.5% 23.4% 40% -10.0% 3.7%Semperit 9% 4.7% 6.0% 5.2% 16.9% 10% 9.9% 5.6%Synthos 135% 61.6% -14.4% -6% 214.0% 78% -15.6% -5.6%ZA Pulawy S.A. -67% 440.6% -25.6% 6% -81.4% 760% -39.7% -0.5%ZCh Police S.A. -155% 37.6% -41.3% 14.9% nm nm -59.0% 11.8%CEE total 99.7% 30.7% -5.9% 8% 56.3% 20.2% 0.9% 14.0%EuroStoxx Chemicals 30.0% 7.5% 0.3% 8.4% 121.7% 16.8% -6.1% 13.0%CEE to Peer, ppt 69.7 23.2 -6.2 0.0 -65.4 3.4 6.9 0.9





Bagfas latest

(TRY mn) 3Q2010 4Q2010 1Q2011 2Q2011 3Q2011 y/y

Sales 65.8 85.2 87.0 94.6 63.8 -3.2%

EBITDA 12.8 25.0 24.8 24.2 19.5 52.8%

EBIT 10.3 22.1 22.3 21.6 17.0 65.0%

Net profit 5.9 21.0 18.4 20.5 22.6 279.8%

EBITDA margin 19.4% 29.4% 28.6% 25.6% 30.6%

EBIT margin 15.6% 26.0% 25.6% 22.9% 26.6%

Net margin 9.0% 24.6% 21.1% 21.6% 35.4%

Ciech latest

(PLN mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/y

Revenues 984.2 1026.0 1041.2 1015.1 1018.2 3.5%

EBITDA 73.4 108.0 89.4 81.6 88.8 21.0%

EBIT 13.3 49.0 34.8 27.1 33.0 148.1%

Net profit -28.9 88.0 -0.8 0.1 7.8 n.a.

EBITDA margin 7.5% 7.2% 10.4% 8.8% 8.7%

EBIT margin 1.4% 4.8% 3.3% 2.7% 3.2%

Net margin -2.9% 8.6% -0.1% 0.0% 0.8%

Ege Gubre latest

(TRY mn) 3Q2010 4Q2010 1Q2011 2Q2011 3Q2011 y/y

Sales 37.0 46.6 43.7 45.1 50.5 36.5%

EBITDA 4.1 14.3 3.1 4.2 9.1 123.3%

EBIT 3.0 13.2 2.1 3.1 8.0 166.3%

Net profit 10.5 5.6 1.1 -3.3 -7.6 n.a.

EBITDA margin 11.0% 30.7% 7.2% 9.3% 17.9%

EBIT margin 8.1% 28.4% 4.7% 6.9% 15.8%

Net margin 28.4% 12.0% 2.6% -7.3% -15.0%

Gubre Fabrikalari latest

(TRY mn) 3Q2010 4Q2010 1Q2011 2Q2011 3Q2011 y/y

Sales 321.8 419.1 523.3 431.7 566.1 75.9%

EBITDA 86.0 85.1 126.3 108.7 167.5 94.8%

EBIT 69.6 64.6 106.6 84.3 143.4 106.1%

Net profit 47.0 -2.1 5.9 21.3 27.0 -42.5%

EBITDA margin 26.7% 20.3% 24.1% 25.2% 29.6%

EBIT margin 21.6% 15.4% 20.4% 19.5% 25.3%

Net margin 14.6% -0.5% 1.1% 4.9% 4.8%

Lenzing latest

(EUR mn) 3Q2010 4Q2010 1Q2011 2Q2011 3Q2011 y/y

Sales 464.1 455.13 532.1 544.1 516.0 11.2%

EBITDA 84.4 94.59 114.9 133.0 115.1 36.4%

EBIT 60.8 62.63 90.7 108.5 90.5 48.8%

Net profit 43.3 42.92 62.6 76.4 71.6 65.4%

EBITDA margin 18.2% 20.8% 21.6% 24.4% 22.3%

EBIT margin 13.1% 13.8% 17.0% 19.9% 17.5%

Net margin 9.3% 9.4% 11.8% 14.0% 13.9%

52 weeks

1012141618202224262830

Ciech S.A. WIG (Rebased) DJ STOXX Chemicals (TR) (Rebased)

52 weeks

110

120

130

140

150

160

170

180

190

200

Bagfas ISE 100 (Rebased) DJ EURO STOXX Chemicals (Rebased)

52 weeks

70

80

90

100

110

120

130

140

Ege GubreISE 100 (Rebased)DJ EURO STOXX Chemicals (Rebased)

52 weeks

10

12

14

16

18

20

22

Gubre FabrikalariISE 100 (Rebased)DJ EURO STOXX Chemicals (Rebased)

52 weeks

30

40

50

60

70

80

90

100

110

Lenzing ATX (Rebased) DJ STOXX Chemicals (TR) (Rebased)



Pegas Nowovens latest

(EUR mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/y

Revenues 40.50 38.88 41.01 41.60 43.66 7.8%

EBITDA 9.20 9.72 8.26 7.00 10.75 16.8%

EBIT 5.10 5.70 6.14 4.90 8.60 68.6%

Net profit 8.20 3.45 6.38 4.40 5.50 -32.9%

EBITDA margin 22.7% 25.0% 20.1% 16.8% 24.6%

EBIT margin 12.6% 14.7% 15.0% 11.8% 19.7%

Net margin 20.2% 8.9% 15.6% 10.6% 12.6%

Semperit latest

(EUR mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/y

Sales 188.94 170.17 193.66 212.44 220.12 16.5%

EBITDA 29.57 29.35 25.29 31.11 30.26 2.3%

EBIT 22.69 21.16 18.02 23.78 23.07 1.7%

Net profit 12.34 11.10 11.21 14.29 15.16 22.9%

EBITDA margin 15.7% 17.2% 13.1% 14.6% 13.7%

EBIT margin 12.0% 12.4% 9.3% 11.2% 10.5%

Net margin 6.5% 6.5% 5.8% 6.7% 6.9%

Synthos latest

(PLN mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/y

Revenues 1052.9 1014.8 1167.4 1337.7 1512.0 43.6%

EBITDA 198.2 188.8 249.9 300.7 359.3 81.3%

EBIT 164.7 154.7 216.1 266.8 323.1 96.2%

Net profit 141.7 128.8 178.3 224.7 282.5 99.4%

EBITDA margin 18.8% 18.6% 21.4% 22.5% 23.8%

EBIT margin 15.6% 15.2% 18.5% 19.9% 21.4%

Net margin 13.5% 12.7% 15.3% 16.8% 18.7%

Petkim latest

(TRY mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2010 3Q 2011 y/y

Revenues 740.5 773.1 945.0 990.0 983.0 32.8%

EBITDA 46.9 52.0 101.0 n.a. 64.0 36.3%

EBIT 18.9 35.0 86.0 42.0 59.0 212.2%

Net profit 29.1 35.3 77.0 31.0 35.0 20.3%

EBITDA margin 6.3% 6.7% 10.7% n.a. 6.5%

EBIT margin 2.6% 4.5% 9.1% 4.2% 6.0%

Net margin 3.9% 4.6% 8.1% 3.1% 3.6%

ZA Pulawy latest

(PLN mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/y

Revenues 452.2 644.8 897.6 887.6 821.0 81.5%

EBITDA -30.3 40.4 266.3 154.6 140.1 n.a.

EBIT -49.9 19.6 239.5 135.7 112.3 n.a.

Net profit -38.5 17.1 197.8 120.2 99.5 n.a.

EBITDA margin -6.7% 6.3% 29.7% 17.4% 17.1%

EBIT margin -11.0% 3.0% 26.7% 15.3% 13.7%

Net margin -8.5% 2.6% 22.0% 13.5% 12.1%

ZCh Police latest

(PLN mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/y

Revenues 526.8 573.5 614.5 675.1 591.9 12.4%

EBITDA 21.8 47.9 92.3 71.9 71.4 227.5%

EBIT 5.2 30.0 72.9 52.9 52.0 900.0%

Net profit 1.5 47.4 67.4 48.0 46.3 2986.7%

EBITDA margin 4.1% 8.4% 15.0% 10.7% 12.1%

EBIT margin 1.0% 5.2% 11.9% 7.8% 8.8%

Net margin 0.3% 8.3% 11.0% 7.1% 7.8%

52 weeks

50

60

70

80

90

100

110

120

130

ZA Pulawy S.A.WIG (Rebased)DJ EURO STOXX Chemicals (Rebased)

52 weeks

56789

10111213141516

ZCh Police S.A.DJ EURO STOXX Chemicals (Rebased)WIG (Rebased)

52 weeks

320340360380400420440460480500520

Pegas NW PX (Rebased) DJ STOXX Chemicals (TR) (Rebased)

52 weeks

202224262830323436384042

Semperit ATX (Rebased) DJ STOXX Chemicals (TR) (Rebased)

52 weeks

2,0

2,5

3,0

3,5

4,0

4,5

5,0

5,5

6,0

Synthos WIG (Rebased) DJ STOXX Chemicals (TR) (Rebased)52 weeks

1,71,81,92,02,12,22,32,42,52,62,72,8

Petkim ISE 100 (Rebased) DJ STOXX Chemicals (TR) (Rebased)



Construction Materials


Company (EURmn) 1M 3M 6M 12MAkcansa TRY 565.1 7.0 9.0 Buy -0.9% 0.9% -5.9% -16.5%Anadolu Cam TRY 401.0 2.7 4.2 Buy -6.5% -16.0% -31.6% -19.9%Berling PLN 15.2 3.9 8.0 Buy -1.3% 2.7% -37.9% -43.5%Cersanit PLN 221.8 4.5 Under review 12.1% -3.6% -48.6% -60.0%Cimsa TRY 449.3 7.8 10.3 Buy 4.8% 6.2% -6.9% -27.1%CNG PLN 26.8 2.1 Under review -2.8% -3.7% -6.7% -31.8%Institut IGH HRK 17.2 819.3 1,152.5 Buy -3.0% -8.5% -48.6% -51.5%Mostostal Warszawa PLN 72.4 16.0 Under review -12.1% -36.0% -45.4% -72.6%PBG S.A. PLN 258.6 79.9 60.0 Reduce 11.2% -3.1% -46.7% -61.8%Polimex PLN 201.1 1.7 2.1 Buy 8.4% -1.2% -47.8% -56.9%STRABAG EUR 2,409.8 22.4 24.0 Hold 0.5% -3.2% 11.7% 4.5%Teraplast RON 19.7 0.3 Under review 16.7% -13.0% -36.2% -37.6%Trakcja Polska PLN 36.2 1.0 Under review -20.6% -42.9% -67.5% -74.9%Trakya Cam TRY 611.6 2.4 4.0 Buy -5.2% -20.6% -35.2% -26.9%Wienerberger EUR 867.7 7.5 9.3 Hold 8.1% -15.0% -37.7% -47.2%

Sub Materials 51,025 - - - - - - -Sub Construction 52,247 - - - - - - -Total Peer Group 103,271 - - - - - - -- - - - -EuroStoxx Construction Materials - 110,693 - - - 2.2% 8.3% 3.2% 3.3%


(LC)



2010 2011e 2012e 2013e 2010 2011e 2012e 2013e 2010 2011e 2012e 2013eAkcansa 23.6 13.1 11.6 10.1 11.5 8.4 7.8 7.0 1.7 1.5 1.3 1.2Anadolu Cam 10.8 6.5 5.9 5.6 4.7 3.2 3.1 3.0 1.5 1.0 0.9 0.8Berling 11.5 6.3 6.4 6.0 10.9 5.9 6.0 5.7 2.0 1.0 0.9 0.9Cersanit 22.5 9.7 7.3 5.7 10.9 4.3 3.8 3.3 1.8 0.7 0.6 0.6Cimsa 12.6 9.0 8.5 8.1 8.7 6.8 6.6 6.2 1.5 1.2 1.1 1.1CNG 34.1 14.2 11.3 7.9 7.6 4.3 4.2 3.6 0.9 0.6 0.5 0.5Institut IGH 31.5 136.4 4.0 11.4 nm 2.5 2.0 3.8 0.7 0.3 0.3 0.3Mostostal Warszawa 19.7 19.6 13.4 6.1 17.6 nm 4.2 2.2 2.4 0.6 0.6 0.6PBG S.A. 13.7 5.7 8.4 13.2 11.7 7.8 6.0 6.2 1.9 0.7 0.6 0.6Polimex 17.1 11.3 17.7 13.5 9.0 5.6 6.5 6.0 1.4 0.6 0.6 0.6STRABAG 13.4 13.3 12.6 12.7 4.0 4.4 4.0 3.9 0.8 0.8 0.7 0.7Teraplast nm 5.1 3.2 3.4 19.4 2.7 2.0 2.0 0.9 0.4 0.4 nmTrakcja Polska 4.5 2.5 2.5 3.6 1.6 1.7 0.4 0.3 0.3 Trakya Cam 8.8 6.0 5.4 5.1 5.6 4.0 3.8 3.3 1.3 0.9 0.8 0.7Wienerberger nm 45.2 73.3 19.8 11.7 3.9 4.2 3.6 0.8 0.4 0.4 0.4Median CEE 13.7 9.7 8.4 8.0 9.0 4.3 4.2 3.7 1.4 0.7 0.6 0.6Median Sub Materials 13.6 13.1 10.3 8.8 6.0 6.5 5.9 6.0 1.0 1.0 1.0 0.9Median Sub Construction 10.7 11.5 11.6 11.0 5.5 6.0 6.3 6.1 1.7 1.5 1.4 1.3Median Total Peer Group 11.2 13.0 11.0 10.5 5.7 6.2 5.9 6.0 1.6 1.5 1.4 1.3EuroStoxx Construction Materials 10.9 12.5 11.3 10.5 5.6 5.2 5.1 4.3 1.0 1.0 1.0 1.0CEE to Peer, Prem/Disc 23% -25% -23% -24% 57% -31% -29% -38 % -8% -56% -57% -55%

2010 2011e 2012e 2013e 2010 2011e 2012e 2013e 2010 2011e 2012e 2013eAkcansa 2.0 1.5 1.4 1.2 12.1 7.7 6.9 6.0 4.7% 3.1% 5.2% 6.1%Anadolu Cam 1.5 1.2 1.1 0.9 6.3 4.6 3.9 3.1 0.0% 0.5% 3.8% 4.3%Berling 1.3 0.6 0.6 0.5 8.0 4.2 3.7 3.2 1.4% 8.1% 8.0% 13.2%Cersanit 2.1 0.9 0.9 0.8 12.5 5.4 4.8 3.9 0.0% 0.0% 0.0% 0.0%Cimsa 2.0 1.5 1.4 1.4 7.9 5.8 5.6 5.4 6.3% 9.0% 8.7% 9.5%CNG 1.4 0.8 0.8 0.6 9.9 5.2 5.0 4.0 0.0% 0.0% 0.0% 0.0%Institut IGH 1.6 1.3 1.2 1.0 10.9 9.3 8.0 7.5 0.0% 0.0% 0.0% 0.0%Mostostal Warszawa 0.4 0.1 0.1 0.0 7.9 4.4 3.4 1.4 0.9% 3.4% 3.6% 6.1%PBG S.A. 1.4 0.9 0.8 0.8 12.2 9.6 10.5 12.0 0.7% 1.9% 1.8% 7.6%Polimex 0.6 0.3 0.3 0.3 8.6 7.3 7.0 6.6 1.0% 2.2% 1.4% 1.9%STRABAG 0.1 0.2 0.2 0.2 2.5 3.2 3.4 3.4 2.7% 2.7% 2.9% 2.9%Teraplast 0.7 0.5 0.4 0.4 13.4 4.2 3.7 2.9 0.0% 0.0% 0.0% 0.0%Trakcja Polska 0.0 0.3 0.2 0.1 4.0 3.2 0.0% 0.0% 0.0% Trakya Cam 1.7 1.1 1.1 0.9 6.1 3.5 3.4 3.0 0.0% 0.4% 3.2% 3.7%Wienerberger 1.5 1.0 0.9 0.9 12.6 6.6 6.7 5.8 0.7% 1.3% 1.3% 1.3%Median CEE 1.4 0.9 0.8 0.8 8.6 5.2 4.8 3.9 0.7% 1.3% 1.8% 3.3%Median Sub Materials 1.2 1.1 1.0 1.0 7.6 6.4 6.4 5.9 3.9% 4.0% 4.2% 4.3%Median Sub Construction 0.4 0.4 0.4 0.3 7.1 5.6 6.0 5.7 4.2% 5.0% 5.1% 5.2%Median Total Peer Group 0.8 0.8 0.7 0.7 7.6 6.0 6.3 5.9 4.2% 4.2% 4.7% 4.7%EuroStoxx Construction Materials 1.2 0.9 0.9 0.8 7.9 6.2 6.0 5.3 4.2% 4.2% 4.6% 4.6%CEE to Peer, Prem/Disc 73% 17% 4% 10% 14% -12% -24% -33% -84 % -68% -62% -29%

P/CE P/BV


P/E



2010 2011e 2012e 2013e 2010 2011e 2012e 2013e 2010 2011e 2012e 2013eAkcansa 16.2% 19.5% 20.3% 20.5% 7.3% 10.3% 11.2% 11.7% 7.6% 10.9% 11.9% 12.5%Anadolu Cam 23.6% 27.0% 27.5% 28.0% 9.0% 10.9% 10.9% 10.4% 15.0% 16.2% 16.3% 15.0%Berling 16.4% 14.0% 15.0% 15.0% 11.9% 12.0% 12.5% 12.7% 21.6% 16.7% 15.5% 15.0%Cersanit 16.6% 17.6% 18.6% 19.5% 6.8% 5.4% 7.2% 8.7% 8.8% 7.1% 9.1% 10.6%Cimsa 25.6% 25.1% 25.7% 25.5% 14.6% 14.7% 15.2% 15.1% 12.1% 12.6% 13.6% 13.6%CNG 14.2% 15.3% 15.2% 16.0% 3.0% 3.8% 4.8% 6.3% 2.7% 3.9% 5.0% 6.6%Institut IGH 15.0% 14.0% 14.6% 13.4% 1.8% 0.3% 7.2% 2.3% 2.1% 0.2% 7.4% 2.5%Mostostal Warszawa 4.6% 1.8% 2.1% 3.6% 2.6% 0.6% 0.8% 2.0% 12.6% 3.0% 4.5% 9.5%PBG S.A. 11.7% 9.2% 7.4% 6.4% 8.0% 5.5% 3.7% 2.5% 15.1% 11.4% 7.4% 4.5%Polimex 7.2% 4.7% 4.9% 5.1% 2.9% 1.5% 1.0% 1.4% 8.2% 5.0% 3.3% 4.2%STRABAG 5.9% 5.2% 5.2% 5.2% 1.5% 1.7% 1.5% 1.5% 5.8% 6.2% 6.0% 5.8%Teraplast 5.2% 11.6% 12.2% 12.3% -1.8% 5.6% 8.2% 6.6% -3.9% 9.3% 12.0% 21.1%Trakcja Polska 9.3% 7.2% 7.0% 6.7% 3.5% 3.5% 8.4% 13.6% 10.8% Trakya Cam 28.7% 30.9% 31.3% 31.7% 21.3% 20.5% 20.7% 19.6% 15.7% 14.4% 15.1% 14.1%Wienerberger 12.1% 14.5% 13.8% 14.8% -2.0% 2.6% 2.2% 3.7% -3.3% 1.0% 0.6% 2.2%Median CEE 14.2% 14.0% 14.6% 14.9% 6.7% 5.4% 7.2% 6.5% 8.4% 9 .3% 9.1% 10.0%Median Sub Materials 15.8% 16.2% 15.8% 12.6% 5.3% 4.8% 5.2% 6.1% 7.1% 7.3% 7.6% 8.4%Median Sub Construction 8.0% 6.7% 6.6% 7.0% 3.5% 4.7% 3.2% 3.6% 15.8% 14.8% 14.2% 12.9%Median Total Peer Group 11.6% 11.6% 11.5% 11.4% 5.1% 4.7% 4.0% 4.2% 14.8% 11.6% 11.5% 12.0%EuroStoxx Construction Materials 12.1% 13.3% 13.6% 15.0% 3.5% 4.0% 3.3% 4.0% 10.4% 9.4% 9.1% 9.7%CEE to Peer, ppt 2.6 2.4 3.1 3.5 1.6 0.7 3.2 2.3 -6.4 -2.3 -2. 4 -2.0

2010 2011e 2012e 2013e 2010 2011e 2012e 2013eAkcansa -13.7% 23.1% 8.3% 11.3% -14.5% 45% 13.3% 14.7%Anadolu Cam 53.6% 15.2% 12.3% 12.5% 610.5% 21% 9.9% 5.6%Berling 14.7% -11.2% 1.6% 4.0% 0.1% -4% -1.0% 5.1%Cersanit -3.1% 17.4% 4.4% 10.8% 366.6% -12% 32.1% 27.5%Cimsa 11.2% -6.3% 4.1% 6.1% 3.9% -4% 5.5% 5.9%CNG 8.5% 20.7% -1.2% 14.6% 9.6% 43% 25.6% 42.1%Institut IGH 5.8% -11.5% -8.0% -1.8% -21.4% -89% nm -65.2%Mostostal Warszawa -38.5% -56.2% 8.1% 60.6% -42.3% -76% 46.1% 120.7%PBG S.A. 3.7% -8.8% -2.7% 11.9% -19% -32.8% -36.1%Polimex -8.0% -27.8% -3.1% 0.4% -23.7% -43% -35.8% 31.4%STRABAG 7.4% -3.0% 0.9% 0.7% 8.3% 10% 5.2% -0.6%Teraplast -43.5% 135.5% 12.8% 15.6% nm nm 62.9% -8.5%Trakcja Polska -43.9% 244.9% 8.4% -51.2% 78% 0.1%Trakya Cam 88.7% 7.8% 11.0% 14.9% 266.9% -4% 10.8% 7.6%Wienerberger 35.1% 36.8% -3.5% 12.0% nm nm -38.3% 269.9%CEE total 12.6% 5.7% 2.7% 3.7% 6.3% -47.8% 347.4% -54%Median Sub Materials 10.1% -4.0% 3.3% 8.9% 74.4% 1.0% 0.4% 9.0%Median Sub Construction 5.7% 0.9% 2.2% 4.8% 25.1% -23.0% 26.3% 5.1%Median Total Peer Group 8.0% -1.7% 2.7% 6.9% 41.3% -13.3% 14.1% 6.8%EuroStoxx Construction Materials 5.6% 1.1% 6.0% 6.5% 13.1% -14.3% 19.5% 13.4%CEE to Peer, ppt 4.6 7.4 0.0 -3.2 -34.9 -34.5 333.3 -60.9





Akcansa latest (TRY mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/ySales 204.0 208.7 209.7 261.2 270.4 32.5%EBITDA 37.0 28.2 32.2 46.0 62.1 67.8%EBIT 23.3 14.6 18.8 32.5 48.7 109.0%Net profit 19.4 8.6 9.7 29.1 33.6 73.2%EBITDA margin 18.1% 13.5% 15.4% 17.6% 23.0%EBIT margin 11.4% 7.0% 9.0% 12.4% 18.0%Net margin 9.5% 4.1% 4.6% 11.1% 12.4%

Berling latest (PLN mn) 3Q 2010 4Q2010 1Q 2011 2Q2011 3Q2011 y/yRevenues 26.0 18.9 14.3 24.2 27.5 5.8%EBITDA 5.1 2.8 1.4 4.4 3.3 -35.3%EBIT 5.0 2.6 1.3 4.2 3.2 -36.0%Net profit 4.0 1.8 1.2 2.9 4.0 0.0%EBITDA margin 19.6% 14.8% 9.8% 18.2% 12.0%EBIT margin 19.2% 13.8% 9.1% 17.4% 11.6%Net margin 15.4% 9.5% 8.4% 12.0% 14.5%

Ceramika Nowa Gala latest (PLN mn) 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 y/yRevenues 45.50 53.88 43.10 44.49 54.90 20.7%EBITDA 8.10 9.01 3.60 4.43 8.50 4.9%EBIT 3.50 4.40 -1.00 -0.20 4.30 22.9%Net profit 3.00 2.95 -0.30 -1.32 3.50 16.7%EBITDA margin 17.8% 16.7% 8.4% 9.9% 15.5%EBIT margin 7.7% 8.2% -2.3% -0.5% 7.8%Net margin 6.6% 5.5% -0.7% -3.0% 6.4%

Cersanit latest (PLN mn) 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 y/yRevenues 397.50 464.36 370.00 367.86 427.20 7.5%EBITDA 69.40 81.99 49.59 55.11 76.40 10.1%EBIT 44.20 52.50 20.10 27.01 49.50 12.0%Net profit 52.10 -11.73 3.92 -6.03 12.70 -75.6%EBITDA margin 17.5% 17.7% 13.4% 15.0% 17.9%EBIT margin 11.1% 11.3% 5.4% 7.3% 11.6%Net margin 13.1% -2.5% 1.1% -1.6% 3.0%

Cimsa latest (TRY mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/ySales 182.3 182.4 148.9 234.2 227.0 24.5%EBITDA 51.5 37.1 33.5 62.9 70.8 37.5%EBIT 88.8 30.3 24.2 53.4 61.2 -31.1%Net profit 31.2 18.0 15.1 43.2 47.1 51.0%EBITDA margin 28.3% 20.3% 22.5% 26.9% 31.2%EBIT margin 48.7% 16.6% 16.3% 22.8% 27.0%Net margin 17.1% 9.9% 10.1% 18.4% 20.7%

Institut IGH latest (HRK mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2010 3Q 2011 y/ySales 116.7 132.2 95.8 133.9 133.1 14.1%EBITDA 18.78 25.07 3.77 22.60 23.40 24.6%EBIT 11.6 21.7 -2.7 18.0 17.6 51.2%Net profit -1.9 1.5 2.4 1.3 -1.9 n.m.EBITDA margin 16.1% 19.0% 3.9% 16.9% 17.6%EBIT margin 10.0% 16.4% -2.9% 13.4% 13.2%Net margin -1.6% 1.1% 2.5% 1.0% -1.4%

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PBG latest (EUR mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yRevenues 729.00 809.00 478.00 1226.00 923.60 26.7%EBITDA 85.60 113.00 44.70 60.60 79.20 -7.5%EBIT 73.60 101.00 33.50 35.90 65.70 -10.7%Net profit 58.70 85.00 24.10 13.30 78.10 33.0%EBITDA margin 11.7% 14.0% 9.4% 4.9% 8.6%EBIT margin 10.1% 12.5% 7.0% 2.9% 7.1%Net margin 8.1% 10.5% 5.0% 1.1% 8.5%

Polimex latest (PLN mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/ySales 1172.00 1186.00 880.00 1226.00 1362.00 16.2%EBITDA 65.00 107.00 53.70 60.60 42.80 -34.2%EBIT 40.00 90.00 30.00 35.90 14.80 -63.0%Net profit 170.00 52.70 12.50 13.30 15.00 -91.2%EBITDA margin 5.5% 9.0% 6.1% 4.9% 3.1%EBIT margin 3.4% 7.6% 3.4% 2.9% 1.1%Net margin 14.5% 4.4% 1.4% 1.1% 1.1%

STRABAG latest (EUR mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/ySales 3854.3 3492.3 2309.3 3707.3 3792.1 -1.6%EBITDA 289.5 259.0 -59.8 257.0 280.9 -3.0%EBIT 203.1 106.3 -145.4 162.1 189.8 -6.5%Net profit 119.7 66.6 -117.5 106.6 123.2 2.9%EBITDA margin 7.5% 7.4% -2.6% 6.9% 7.4%EBIT margin 5.3% 3.0% -6.3% 4.4% 5.0%Net margin 3.1% 1.9% -5.1% 2.9% 3.2%

Wienerberger latest (EUR mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/ySales 517.80 401.50 395.10 590.70 569.50 10.0%EBITDA 82.10 50.30 11.80 111.60 90.30 10.0%EBIT 34.30 -6.90 -36.30 96.60 35.10 2.3%Net profit 17.10 -30.00 -52.60 74.30 19.10 11.7%EBITDA margin 15.9% 12.5% 3.0% 18.9% 15.9%EBIT margin 6.6% -1.7% -9.2% 16.4% 6.2%Net margin 3.3% -7.5% -13.3% 12.6% 3.4%

Mostostal Warszawa latest (PLN mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yRevenues 749.40 682.00 202.10 877.00 941.30 25.6%EBITDA 30.60 21.10 15.20 21.00 -18.10 n.a.EBIT 20.90 12.10 12.10 11.10 -28.00 n.a.Net profit 13.90 6.60 10.70 8.00 -22.00 n.a.EBITDA margin 4.1% 3.1% 7.5% 2.4% -1.9%EBIT margin 2.8% 1.8% 6.0% 1.3% -3.0%Net margin 1.9% 1.0% 5.3% 0.9% -2.3%

Trakcja Polska latest (PLN mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yRevenues 100.00 217.70 78.10 590.30 727.00 627.0%EBITDA 18.40 22.90 2.00 30.20 34.20 85.9%EBIT 15.70 20.10 -0.90 27.30 22.20 41.4%Net profit 12.80 13.10 -0.40 12.30 1.00 -92.2%EBITDA margin 18.4% 10.5% 2.6% 5.1% 4.7%EBIT margin 15.7% 9.2% -1.2% 4.6% 3.1%Net margin 12.8% 6.0% -0.5% 2.1% 0.1%

Teraplast Bistrita latest (RON mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/ySales 67.3 51.6 38.1 60.9 65.3 -2.9%EBITDA 8.4 3.2 1.3 9.8 5.5 -34.8%EBIT 3.8 0.5 -1.6 6.5 1.1 -70.9%Net profit 4.0 -3.4 1.1 -6.1 -2.0 n.a.EBITDA margin 12.4% 6.1% 3.4% 16.1% 8.3%EBIT margin 5.6% 1.0% -4.1% 10.6% 1.7%Net margin 6.0% -6.5% 2.8% -9.9% -3.0%

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Food & Beverages


Company (EURmn) 1M 3M 6M 12MAgrana EUR 1,123.5 79.1 88.0 Accumulate 9.1% -4.9% -5.1% 0.5%Albalact RON 25.6 0.17 0.33 Buy -5.6% -4.5% -26.1% -32.0%Astarta Holding NV EUR 268.7 47.5 139.2 Buy -13.6% -30.7% -44.8% -50.0%Atlantic Grupa HRK 213.8 484.0 720.0 Accumulate -1.0% -4.6% -30.4% -40.5%Colian (Jutrzenka) PLN 84.3 2.6 3.5 Buy 19.8% 17.1% -24.6% -29.5%Podravka HRK 173.1 241.0 312.5 Accumulate -0.4% -6.6% -23.0% -26.2%Sojaprotein AD RSD 73.9 520.0 723.0 Buy 10.6% -10.3% -32.5% -8.2%

Remy Cointreau S.A. EUR - Euro 3,173 - - - 5.9% 11.8% 10.3% 25.5%Finsbury Food Group PLC GBP - UK Pound Sterling19 - - - 6.0% 18.2% 42.2% 19.1%Donegal Creameries PLC EUR - Euro 32 - - - -3.9% -9.2% -19.6% -26.6%Nestle S.A. CHF - Swiss Franc145,110 - - - 4.8% 4.6% -1.4% 9.4%Kraft Foods Inc. USD - US Dollar52,682 - - - 6.6% 17.4% 19.1% 27.1%Rieber & Son ASA NOK - Norwegian Krone389 - - - 2.6% -2.0% -0.6% -3.5%Laurent-Perrier EUR - Euro 431 - - - -0.2% -2.0% -26.0% -7.1%Total Peer Group 204,801 - - - - - - -EuroStoxx Food & Beverages GBP 244,684 - - - 5.8% 10.7% 0.5% 11.9%


(LC)

2010 2011e 2012e 2013e 2010 2011e 2012e 2013e 2010 2011e 2012e 2013eAgrana 15.6 13.3 8.3 11.1 7.3 7.1 5.2 6.2 1.3 1.2 1.1 1.0Albalact 15.1 9.9 6.3 5.9 4.7 3.6 1.2 1.1 1.0 Astarta Holding NV 7.2 4.1 2.5 1.8 8.7 5.6 3.2 2.3 2.8 1.0 0.7 0.5Atlantic Grupa 23.5 24.4 16.2 11.6 9.2 5.9 5.0 4.3 1.9 1.1 1.1 1.0Colian (Jutrzenka) 17.8 10.3 9.3 8.9 9.5 6.2 6.0 5.8 0.9 0.6 0.6 0.6Podravka 19.2 12.5 10.2 8.0 6.8 4.7 4.3 3.8 1.0 0.8 0.7 0.7Sojaprotein AD 9.7 5.4 4.4 3.9 7.5 4.3 3.5 3.2 0.7 0.6 0.5 0.5Median CEE 15.6 10.3 8.3 8.4 7.5 5.6 4.3 4.1 1.2 1.0 0.7 0.6Remy Cointreau S.A. 29.2 23.0 19.3 17.0 23.8 23.1 17.3 15.7 2.9 2.9 2.8 2.6Finsbury Food Group PLC 4.2 4.1 0.0 0.0 3.1 0.0 0.3 0.3 0.0 Donegal Creameries PLC nm 5.4 4.4 4.3 12.4 6.0 0.5 0.5 0.4Nestle S.A. 17.1 17.5 16.2 15.0 13.5 14.4 13.3 12.0 3.0 2.9 2.7 2.5Kraft Foods Inc. 19.8 17.0 14.9 13.5 18.4 12.9 11.0 10.0 1.9 1.8 1.7 1.6Rieber & Son ASA 10.9 14.5 11.4 10.4 6.6 7.3 6.7 6.2 1.6 1.7 2.1 1.9Laurent-Perrier 29.3 19.6 17.9 15.4 20.7 15.1 14.0 12.1 1.7 1.6 1.5 1.4Median Peer Group 18.0 17.0 15.0 13.5 17.3 13.6 11.9 11.9 1. 9 1.8 1.8 1.7EuroStoxx Food & Beverages 13.7 13.8 13.2 11.8 8.5 9.1 8.4 8.4 2.2 2.1 1.9 1.6CEE to Peer, Prem/Disc -13% -40% -45% -37% -57% -59% -64% -66% -39% - 43% -60% -64%

P/E P/CE P/BV



2010 2011e 2012e 2013e 2010 2011e 2012e 2013e 2010 2011e 2012e 2013eAgrana 0.8 0.7 0.6 0.6 9.2 7.6 5.3 6.5 2.5% 3.0% 4.6% 3.8%Albalact 0.6 0.5 0.4 6.8 5.4 4.1 0.0% 0.0% 7.9% Astarta Holding NV 3.1 1.7 1.2 0.9 6.9 4.4 3.7 3.2 0.0% 0.0% 0.0% 0.0%Atlantic Grupa 2.2 0.9 0.8 0.8 23.4 7.8 7.1 6.3 0.0% 0.0% 1.7% 2.1%Colian (Jutrzenka) 0.9 0.6 0.6 0.5 9.8 5.6 5.6 5.3 0.0% 7.8% 8.8% 8.8%Podravka 0.9 0.7 0.7 0.6 8.3 6.6 5.9 5.1 0.0% 0.0% 0.0% 2.1%Sojaprotein AD 0.8 0.8 0.8 0.8 6.1 5.9 4.4 4.5 0.0% 0.0% 0.0% 8.2%Median CEE 0.9 0.7 0.7 0.7 8.3 5.9 5.3 5.2 0.0% 0.0% 1.7% 2.9%Remy Cointreau S.A. 3.2 3.2 3.0 2.7 16.2 14.4 13.0 11.3 3.6% 2.2% 2.4% 2.7%Finsbury Food Group PLC 0.3 0.1 0.1 4.4 1.1 1.3 0.0% 0.0% 347.8% Donegal Creameries PLC 0.4 0.4 0.4 5.3 4.4 4.2 5.0% 5.0% 5.0% 5.0%Nestle S.A. 1.8 2.3 2.1 2.0 11.2 11.9 10.9 10.1 3.4% 3.6% 3.9% 4.2%Kraft Foods Inc. 1.7 1.7 1.6 1.5 10.2 10.3 9.3 8.7 2.9% 3.0% 3.1% 3.3%Rieber & Son ASA 0.9 0.9 0.9 0.8 6.2 7.2 6.8 6.3 16.0% 0.0% 5.2% 6.7%Laurent-Perrier 3.9 3.4 3.2 3.0 20.1 14.3 13.5 12.0 1.0% 1.2% 1.5% 1.7%Median Peer Group 1.8 2.0 1.9 2.0 11.2 10.5 9.4 8.7 3.1% 1.8% 3.5% 3.3%EuroStoxx Food & Beverages 1.4 1.3 1.1 1.0 8.9 8.4 7.5 6.7 2.6% 2.8% 3.0% 3.3%CEE to Peer, Prem/Disc -52% -64% -65% -64% -26% -44% -44% - 40% -100% -100% -52% -11%

2010 2011e 2012e 2013e 2010 2011e 2012e 2013e 2010 2011e 2012e 2013eAgrana 9.0% 9.5% 11.8% 9.5% 3.8% 4.0% 5.5% 4.2% 8.6% 9.3% 13.7% 9.4%Albalact 8.7% 9.6% 10.3% 2.8% 3.9% 5.0% 8.0% 11.3% 16.1% Astarta Holding NV 45.9% 38.2% 30.9% 29.2% 36.5% 26.0% 21.7% 19.7% 48.9% 27.7% 32.5% 30.7%Atlantic Grupa 9.6% 11.2% 11.9% 12.6% 4.6% 1.7% 2.3% 3.0% 9.1% 4.6% 6.6% 8.8%Colian (Jutrzenka) 9.7% 9.8% 10.0% 9.9% 5.0% 5.3% 6.1% 6.1% 5.5% 5.7% 6.5% 6.6%Podravka 10.2% 10.5% 11.0% 11.8% 2.4% 2.8% 3.4% 4.2% 5.5% 6.2% 7.2% 8.6%Sojaprotein AD 12.5% 13.5% 18.1% 17.7% 5.0% 9.0% 10.7% 11.4% 7.2% 11.7% 12.6% 12.9%Median CEE 9.7% 10.5% 11.8% 12.2% 4.6% 4.0% 5.5% 5.2% 8.0% 9. 3% 12.6% 9.1%Remy Cointreau S.A. 24.1% 24.9% 25.9% 27.8% 7.8% 13.0% 15.0% 15.7% 10.0% 12.8% 14.4% 15.3%Finsbury Food Group PLC 0.0% 0.0% 0.0% 0.0% 2.0% 2.3% 0.0% 0.0% 7.7% 8.1% 8.3% Donegal Creameries PLC 7.9% 9.2% 0.0% 0.0% 0.0% 4.0% 5.2% 0.0% 9.3% 10.5% 10.0%Nestle S.A. 15.0% 20.8% 20.7% 21.7% 31.2% 11.2% 11.5% 11.7% 17.5% 16.6% 16.7% 16.7%Kraft Foods Inc. 18.7% 18.1% 18.3% 19.0% 8.4% 7.4% 7.9% 8.4% 9.7% 10.7% 11.1% 11.6%Rieber & Son ASA 11.7% 13.7% 14.1% 0.0% 6.6% 4.8% 5.4% 5.8% 15.1% 12.0% 18.1% 18.2%Laurent-Perrier 25.6% 24.7% 26.2% 0.0% 7.5% 10.2% 10.9% 11.8% 5.7% 8.0% 8.3% 8.9%Median Peer Group 18.7% 20.8% 23.3% 24.7% 7.8% 8.8% 10.9% 1 1.8% 10.0% 11.3% 12.0% 12.8%EuroStoxx Food & Beverages 16.6% 15.9% 15.9% 15.3% 7.8% 7.1% 7.2% 8.1% 14.3% 14.2% 14.1% 14.1%CEE to Peer, ppt -9.1 -10.3 -11.5 -12.5 -3.2 -4.8 -5.4 -6.6 -2.0 -2.1 0.6 -3.7





2010 2011e 2012e 2013e 2010 2011e 2012e 2013eAgrana 46.9% 20.9% 44.4% -19.9% nm 17% 60% -25.5%Albalact -5.3% 24.1% 28.5% ###### 175% 53% 55% #WERT!Astarta Holding NV 106.1% -4.6% 59.4% 43.6% 170% -18% 64% 37.5%Atlantic Grupa 12.5% 133.9% 8.7% 10.4% -1% -43% 51% 39.6%Colian (Jutrzenka) -17.4% 0.9% -1.6% 3.2% 1% 5% 10% 4.4%Podravka nm 3.8% 6.6% 10.9% nm 20% 22% 28.1%Sojaprotein AD -3.0% 2.5% 38.8% 2.0% 16% 70% 22% 11.7%CEE total 76.6% 19.2% 36.0% 2.2% nm -5.9% 50.2% 7.9%Remy Cointreau S.A. 20.9% 13.0% 13.4% 16.4% 19.0% 26.9% 19.1% 13.6%Finsbury Food Group PLC - - - - 5.5% nm 10862% 11.6%Donegal Creameries PLC 81.8% 18.0% - - nm nm 23.6% 2.2%Nestle S.A. -4.5% 8.4% 6.5% 11.5% 24.3% -2.4% 8.0% 7.8%Kraft Foods Inc. 15.5% 11.2% 6.3% 7.6% 6.4% 16.8% 13.6% 10.3%Rieber & Son ASA -18.0% 14.1% 7.9% 0.0% 27.4% -24.6% 26.5% 9.5%Laurent-Perrier 30.2% 5.7% 11.4% - 38.7% 49.1% 9.9% 15.6%Peer Group total 1.9% 9.4% 6.5% 9.5% 13.9% 4.0% 9.6% 10.8%EuroStoxx Food & Beverages 16.2% 5.5% 6.6% 6.2% 13.9% 4.0% 9.6% 10.8%CEE to Peer, ppt 74.8 9.8 29.5 -7.3 nm -10.0 40.6 -2.9

EPS growth (EUR)EBITDA growth (EUR)



Agrana latest (EUR mn) 2Q10/11 3Q10/11 4Q10/11 1Q11/12 2Q11/12 y/ySales 532.9 551 541.5 612.9 671.8 26.1%

EBITDA 48.4 64.2 42.8 78.5 72.2 49.3%EBIT 30.5 40 23.3 61.6 55.1 80.9%Net profit 16.9 26.3 21.7 41.6 34.5 104.4%EBITDA margin 9.1% 11.7% 7.9% 12.8% 10.8%EBIT margin 5.7% 7.3% 4.3% 10.1% 8.2%

Net margin 3.2% 4.8% 4.0% 6.8% 5.1%

Albalact Alba Iulia latest(RON mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/ySales 58.2 78.0 85.3 80.6 80.3 38.0%

EBITDA 2.3 2.7 4.1 4.7 6.7 194.6%EBIT -1.1 -0.8 0.9 1.9 3.9 n.a.

Net profit 0.0 -1.8 2.7 -0.4 1.3 n.a.EBITDA margin 3.9% 3.4% 4.9% 5.8% 8.3%EBIT margin -1.9% -1.0% 1.0% 2.4% 4.9%

Net margin 0.0% -2.3% 3.1% -0.5% 1.6%

Atlantic Grupa latest (HRK mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/y

Sales 611.2 584.3 976.2 1,220.9 1,253.1 105.0%

EBITDA 63.2 21.3 92.9 133.6 175.4 177.6%EBIT 50.6 3.0 42.9 81.9 123.8 144.8%

Net profit 25.3 -4.3 -11.0 18.0 26.2 3.8%EBITDA margin 10.3% 3.6% 9.5% 10.9% 14.0%EBIT margin 8.3% 0.5% 4.4% 6.7% 9.9%

Net margin 4.1% -0.7% -1.1% 1.5% 2.1%

Colian (Jutrzenka) latest (PLN mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yRevenues 153.8 178.0 150.0 151.0 158.0 2.7%

EBITDA 17.4 21.4 16.0 7.9 18.6 7.1%EBIT 11.3 15.4 11.0 3.1 13.8 22.2%Net profit 8.9 12.0 9.0 2.7 9.3 4.3%EBITDA margin 11.3% 12.0% 10.7% 5.2% 11.8%EBIT margin 7.3% 8.7% 7.3% 2.1% 8.7%

Net margin 5.8% 6.7% 6.0% 1.8% 5.9%

Podravka latest (HRK mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/ySales 931.1 928.4 797.1 927.1 966.1 3.8%

EBITDA 123.5 84.2 82.5 98.6 130.4 5.6%EBIT 84.6 45.6 42.7 59.5 91.4 8.0%Net profit 51.1 1.9 25.8 29.8 44.9 -12.3%EBITDA margin 13.3% 9.1% 10.3% 10.6% 13.5%EBIT margin 9.1% 4.9% 5.4% 6.4% 9.5%

Net margin 5.5% 0.2% 3.2% 3.2% 4.6%

Sojaprotein * latest (RSD mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/ySales 4,750.8 4,364.4 3,142.0 4,566.3 3,638.2 -23.4%

EBITDA 740.1 420.7 410.0 397.0 394.1 -46.7%EBIT 675.8 356.8 441.4 503.8 487.3 -27.9%Net profit 361.5 495.8 358.7 336.1 290.0 -19.8%


Net margin 7.6% 11.4% 11.4% 7.4% 8.0%*projected consolidated financials

52 weeks

4045505560657075808590

AgranaATX (Rebased)DJ EURO STOXX Food & Beverage (Rebased)

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500

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So japrote in ADBELE X 15 (Rebased)DJ STOXX Food & Beverage (TR) (Rebased)

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Atlantic GrupaCROBEX (Rebased)DJ EURO STOXX Food & Beverage (Rebased)

5 2 w e eks

0 ,16

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Alba la c tB E T (R eba se d)D J S TO X X F o o d & Be v e ra ge (TR ) (R eba se d)

5 2 w eeks

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C o lia n (Jutrze nka)W IG (R e ba s e d)D J E UR O S TO X X F oo d & B e ve ra ge (R e bas e d)

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Po dra v kaC R O B E X (R eba se d)D J EUR O S TO XX F o od & B e ve ra ge (R e ba se d)



Healthcare


Company (EURmn) 1M 3M 6M 12MAntibiotice RON 41.4 0.40 0.48 Accumulate 1.2% -4.8% -20.5% -23.0%Biofarm RON 50.0 0.20 0.22 Accumulate 7.3% -1.0% -1.0% -9.6%Bioton PLN 90.9 0.07 0.10 Hold 0.0% -12.5% -50.0% -53.3%Egis HUF 408.3 16,300.00 21,500.00 Accumulate -9.4% -2.0% -11.4% -22.7%Farmacol PLN 122.3 23.4 26.0 Accumulate 11.5% 2.7% -20.6% -40.7%Intercell EUR 92.4 1.9 Reduce -1.6% -9.0% -36.6% -82.2%Krka EUR 1,706.8 48.2 84.5 Buy -3.6% -10.8% -19.7% -23.1%Neuca PLN 69.8 69.8 100.0 Buy 2.3% -0.1% -5.7% -8.2%PGF PLN 86.7 30.9 30.0 Sell 3.4% -0.5% -35.5% -44.9%Richter Gedeon HUF 2,152.5 35,900.0 43,865.0 Buy 4.4% 0.3% -2.3% -17.0%

Teva Pharmaceutical Industries Ltd.ILS - Israeli Shekel33,061 - - - 9.4% 26.9% 0.8% -14.4%

Mylan Inc. USD - US Dollar7,310 - - - 7.1% 34.5% 2.7% 0.4%Watson Pharmaceuticals Inc. USD - US Dollar6,245 - - - 6.6% -0.2% 0.5% 26.5%

Stada Arzneimittel AG EUR - Euro1,154 - - - 7.4% 14.3% -27.9% -29.9%

Ranbaxy Laboratories Ltd. INR - Indian Rupee2,964 - - - 27.2% -4.9% -18.7% -24.9%

Recordati S.p.A. EUR - Euro1,169 - - - 3.1% -14.5% -23.1% -18.0%

Dr. Reddy's Laboratories Ltd. INR - Indian Rupee4,256 - - - 7.5% 12.0% -1.1% -7.6%

EuroStoxx Healthcare 161,881 - - - 8.1% 4.0% -16.7% -18.2%


(LC)



2010 2011e 2012e 2013e 2010 2011e 2012e 2013e 2010 2011e 2012e 2013eAntibiotice 19.7 8.6 7.6 7.3 9.6 7.5 4.7 4.4 0.9 0.8 0.7 0.6Biofarm 16.4 10.4 10.2 9.4 13.3 8.8 8.0 7.3 1.5 1.4 1.3 1.2Bioton 6.9 nm 60.0 15.3 5.2 n.m. 9.2 6.1 0.7 0.4 0.3 0.3Egis 10.3 7.8 8.3 8.0 6.8 4.7 5.0 4.9 1.2 0.7 0.7 0.7Farmacol 13.2 7.6 8.1 7.7 6.5 6.0 6.7 6.2 1.2 0.7 0.6 0.6Intercell nm nm nm nm n.m. n.m. n.m. n.m. 4.7 1.1 1.3 1.4Krka 13.0 9.6 8.8 7.9 8.8 6.5 6.0 5.4 2.1 1.4 1.3 1.1Neuca 9.1 6.5 6.5 6.2 5.7 4.3 4.4 4.3 1.5 1.2 1.0 0.9PGF 9.6 6.5 7.8 6.6 5.7 4.2 4.9 4.3 1.5 0.8 0.7 0.6Richter Gedeon 12.2 12.3 14.3 12.1 9.2 8.2 9.3 8.1 1.8 1.5 1.3 1.2Median CEE 11.2 8.6 8.5 8.0 6.8 4.7 5.0 4.9 1.5 1.1 1.0 0.9Teva Pharmaceutical Industries Ltd.10.4 9.2 7.9 7.3 10.4 8.6 7.3 6.6 1.9 1.7 1.7 1.5Mylan Inc. 14.3 11.1 9.1 8.4 10.8 13.6 8.2 7.5 2.2 2.6 2.6 2.2Watson Pharmaceuticals Inc. 19.3 13.8 10.6 9.9 15.5 12.0 9.6 7.2 2.5 2.2 2.2 1.9Stada Arzneimittel AG 8.8 8.3 7.4 6.4 6.0 8.3 5.3 4.6 1.3 1.3 1.3 1.2Ranbaxy Laboratories Ltd. 14.1 26.7 18.7 16.4 9.7 20.2 10.4 11.9 3.2 3.4 3.4 2.7Recordati S.p.A. 10.8 9.8 9.4 8.6 8.6 8.0 7.7 7.4 2.0 1.8 1.8 1.7Dr. Reddy's Laboratories Ltd. 23.2 21.9 17.9 16.0 19.7 15.5 13.7 12.3 5.5 5.2 5.2 4.0Median Peer Group 14.1 11.1 9.4 8.6 10.4 12.0 8.2 7.4 2.2 2.2 2.2 1.9EuroStoxx Healthcare 15.5 15.5 13.8 12.6 9.8 8.8 9.5 8.8 2.3 2.0 1.8 1.6CEE to Peer, Prem/Disc -21% -22% -9% -7% -34% -61% -39% -34% -31% -49% -54% -53%

2010 2011e 2012e 2013e 2010 2011e 2012e 2013e 2010 2011e 2012e 2013eAntibiotice 1.3 1.1 0.9 0.8 7.1 5.8 5.0 4.5 3.7% 4.6% 5.2% 5.5%Biofarm 1.9 1.8 1.6 1.5 7.2 7.3 6.0 5.4 2.7% 4.3% 4.4% 4.8%Bioton 2.7 1.9 1.8 1.6 9.0 -50.1 12.9 7.8 0.0% 0.0% 0.0% 0.0%Egis 1.3 0.7 0.7 0.6 6.6 3.7 4.0 3.4 0.5% 0.8% 0.7% 0.7%Farmacol 0.2 0.1 0.1 0.1 11.0 6.2 6.2 5.9 0.0% 0.0% 9.8% 10.4%Intercell 15.3 2.7 2.0 1.5 -2.1 -3.1 -11.2 -76.4 0.0% 0.0% 0.0% 0.0%Krka 2.3 1.7 1.6 1.4 8.0 5.5 5.0 4.5 2.2% 3.0% 3.2% 3.4%Neuca 0.1 0.1 0.1 0.1 9.0 6.6 6.6 6.3 3.0% 3.8% 3.8% 4.0%PGF 0.2 0.2 0.2 0.1 9.4 7.8 8.7 7.8 2.2% 0.0% 0.0% 3.0%Richter Gedeon 2.7 1.9 1.9 1.6 8.8 7.1 7.9 6.6 2.0% 2.2% 1.8% 2.1%Median CEE 1.9 1.7 1.6 1.4 8.0 5.8 6.0 5.4 2.2% 2.2% 1.8% 3.0%Teva Pharmaceutical Industries Ltd.4.0 3.4 2.7 2.3 12.1 9.4 8.4 7.5 1.2% 1.6% 1.9% 2.1%Mylan Inc. 2.1 2.6 2.2 1.9 8.6 10.0 8.2 6.6 0.0% 0.0% 0.0% 0.0%Watson Pharmaceuticals Inc. 2.0 2.1 1.9 1.5 8.5 9.0 8.1 6.2 0.0% 0.0% 0.0% 0.0%Stada Arzneimittel AG 1.5 1.4 1.3 1.3 8.3 7.9 7.0 6.1 2.8% 1.9% 1.8% 3.7%Ranbaxy Laboratories Ltd. 3.3 3.1 2.0 1.9 34.0 16.2 12.8 8.8 0.0% 0.5% 0.5% 0.8%Recordati S.p.A. 1.5 2.0 1.5 1.3 5.6 7.9 5.9 5.4 4.9% 4.9% 5.2% n.a.Dr. Reddy's Laboratories Ltd. 2.9 4.0 3.0 2.7 14.6 19.1 13.4 12.1 0.5% 0.7% 0.7% 0.8%Median Peer Group 2.1 2.6 2.0 1.9 8.6 9.4 8.2 6.6 0.5% 0.7% 0.7% 0.8%EuroStoxx Healthcare 2.1 2.3 2.3 2.1 8.7 8.0 7.4 6.8 1.7% 1.8% 2.0% 2.2%CEE to Peer, Prem/Disc -11% -34% -21% -24% -6% -39% -26% -19% 381% 191% 183% 284%

P/CE P/BV


P/E



2010 2011e 2012e 2013e 2010 2011e 2012e 2013e 2010 2011e 2012e 2013eAntibiotice 17.8% 18.4% 18.8% 18.2% 5.1% 8.9% 9.2% 8.9% 5.0% 9.3% 9.7% 9.2%Biofarm 26.0% 24.8% 27.0% 26.9% 16.3% 20.8% 19.8% 19.8% 9.7% 14% 13.0% 13.2%Bioton 30.5% -3.8% 14.2% 19.8% 21.1% -17.3% 1.1% 6.3% 11.3% -5% 0.6% 2.2%Egis 20.0% 19.1% 17.9% 18.1% 14.1% 11.1% 11.2% 11.2% 11.9% 10% 8.8% 8.6%Farmacol 1.9% 1.9% 1.8% 1.8% 1.4% 1.3% 1.4% 1.4% 10.0% 9% 7.9% 7.9%Intercell -711.8% -87.0% -18.1% -2.0% -745.8% -108.1% -33.6% -14.2% -105% -42% -24.6% -15%Krka 29.0% 30.5% 30.8% 31.2% 16.9% 16.4% 16.7% 16.9% 17.4% 16% 16% 15.2%Neuca 1.4% 1.6% 1.7% 1.6% 0.6% 0.7% 0.8% 0.8% 17.3% 18% 16.7% 15.4%PGF 2.4% 1.9% 1.8% 1.9% 1.2% 0.9% 0.8% 0.9% 16.6% 12% 9.6% 10.2%Richter Gedeon 30.4% 26.2% 23.8% 24.6% 23.5% 17.1% 15.2% 16.2% 15.9% 12% 9.8% 10.6%Median CEE 20.0% 18.4% 17.9% 18.2% 14.1% 8.9% 9.2% 8.9% 11.9% 11.6% 9.7% 10.2%Teva Pharmaceutical Industries Ltd.36.4% 31.9% 30.5% 32.3% 20.7% 24.1% 22.2% 22.4% 18.6% 18.6% 18.3% 17.0%Mylan Inc. 25.7% 27.3% 28.7% 27.9% 4.1% 14.3% 15.3% 15.8% 15.1% 23.0% 23.9% 20.9%Watson Pharmaceuticals Inc. 23.5% 23.5% 24.8% 27.5% 11.9% 12.8% 14.0% 15.7% 12.9% 16.2% 18.3% 17.7%Stada Arzneimittel AG 18.4% 19.3% 20.5% 20.5% 4.2% 2.5% 8.0% 9.0% 15.2% 15.7% 15.6% 16.1%Ranbaxy Laboratories Ltd. 19.0% 15.5% 21.1% 15.6% 17.5% 8.4% 14.6% 10.5% 22.4% 12.6% 14.4% 14.2%Recordati S.p.A. 25.0% 25.2% 24.6% 24.5% 14.9% 15.0% 14.4% 14.9% 18.8% 18.4% 18.0% 17.6%Dr. Reddy's Laboratories Ltd. 20.9% 22.7% 22.3% 21.7% 14.8% 15.0% 14.8% 15.0% 23.9% 24% 22.6% 20.0%Median Peer Group 23.5% 23.5% 24.6% 24.5% 14.8% 14.3% 14.6% 15.0% 18.6% 18.4% 18.3% 17.6%EuroStoxx Healthcare 22.7% 21.9% 22.3% 22.5% 8.1% 8.3% 8.8% 11.6% 14.2% 14.0% 14.1% 13.9%CEE to Peer, ppt -3.5 -5.1 -6.6 -6.3 -0.7 -5.5 -5.4 -6.1 -6.7 -6.9 -8.6 -7.4

2010 2011e 2012e 2013e 2010 2011e 2012e 2013eAntibiotice 10.7% 19.7% 11.3% 5.0% 0.8% 69.1% 13.1% 4.7%

Biofarm 19.3% 11.0% 17% 8.2% nm 48.6% 1.9% 8.7%

Bioton nm nm -475.4% 54.2% -123.0% nm -112.1% 291.7%

Egis 10.7% 4.1% -12.4% 4.2% 24.0% -14.0% -6.5% 3.3%

Farmacol 6.5% -8.8% -12.8% 3.6% 0.2% -9.4% -6.2% 5.7%

Intercell nm nm nm nm nm nm nm nmKrka -5.9% 12.4% 9.4% 10.3% -1.6% 3.5% 10.1% nm

Neuca 20.1% 14.0% -5.4% 1.2% 6.0% 13.3% 0.5% 5.2%

PGF 3.8% -12.4% -15.0% 7.0% 23.2% -24.2% -17.5% 18.5%

Richter Gedeon 18.2% -11.4% -12.7% 14.5% 28.7% -25.0% -14.6% 18.1%

CEE total -3.9% 33.8% 2.7% 11.5% -0.9% 1.1% -4.1% 11.7%Teva Pharmaceutical Industries Ltd.36.7% 3.2% 17.1% 11.1% 44.1% 13.0% 15.6% 8.9%

Mylan Inc. 19.2% 24.0% 19.4% 2.1% 32.4% 28.4% 22.2% 8.6%

Watson Pharmaceuticals Inc. 34.7% 31.6% 27.8% 7.1% 20.3% 39.3% 30.1% 7.7%

Stada Arzneimittel AG 7.1% 10.2% 12.9% 7.5% 28.2% 6.1% 12.5% 16.2%Ranbaxy Laboratories Ltd. 153.1% -23.6% 68.2% -22.0% nm nm n.m. n.m.

Recordati S.p.A. -7.6% 6.6% 5.2% 6.3% -1.9% 9.6% 4.7% 9.0%

Dr. Reddy's Laboratories Ltd. 25.6% 15.4% 20.2% 7.0% nm nm 22.0% 12.3%

Peer Group total 32.3% 8.6% 19.7% 7.4% 34.8% 15.7% 20.3% 1 0.2%EuroStoxx Healthcare 10.5% 3.9% 4.8% 6.0% 20.3% 4.2% 5.6% 9%

CEE to Peer, ppt -36.2 25.2 -17.0 4.0 -35.6 -14.6 -24.5 1.6





Biofarm latest

(RON mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/y

Sales 18.2 22.5 28.6 20.9 17.7 -2.5%EBITDA 3.7 3.1 9.7 5.6 2.9 -21.4%

EBIT 2.5 1.9 8.4 4.3 1.7 -32.7%Net profit 3.0 1.8 6.0 5.0 2.7 -8.4%EBITDA margin 20.5% 13.9% 33.8% 26.6% 16.5%

EBIT margin 14.0% 8.6% 29.5% 20.7% 9.6%Net margin 16% 8% 21.0% 23.9% 15.5%

Antibiotice latest

(RON mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/y

Sales 61.5 66.5 71.2 67.3 62.7 1.9%

EBITDA 5.2 -0.7 17.3 16.5 11.0 111.2%

EBIT 2.0 -3.8 13.1 12.2 6.8 240.7%

Net profit 3.9 -8.6 13.3 9.9 1.7 -55.7%

EBITDA margin 8.5% -1.0% 24.3% 24.4% 17.5%

EBIT margin 3.3% -5.7% 18.4% 18.1% 10.9%

Net margin 6.3% -13.0% 18.6% 14.7% 2.7%

Bioton latest (PLN mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/ySales 62.7 190.9 55.0 81.1 82.6 31.8%

EBITDA -1.5 115.9 -7.4 -7.4 -0.5 -66.8%EBIT -10.7 104.9 -16.7 -16.2 -9.5 -10.9%Net profit -9.3 101.6 -16.2 -18.1 11.1 n.a.

EBITDA margin -2% 61% -13% -9% -1%EBIT margin -17% 55% -30% -20% -12%

Net margin -15% 53% -29% -22% 13%

Egis latest (HUF mn) 4Q09/10 1Q10/11 2Q10/11 3Q10/11 4Q10/11 y/ySales 32,426 31,915 31,574 32,377 33,073 2.0%EBITDA 6,688 7,048 8,572 5,568 4,421 -33.9%EBIT 4,590 4,789 6,336 3,158 2,019 -56.0%Net profit 2,795 4,676 4,539 2,310 2,060 -26.3%EBITDA margin 20.6% 22.1% 27.1% 17.2% 13.4%EBIT margin 14.2% 15.0% 20.1% 9.8% 6.1%Net margin 8.6% 14.7% 14.4% 7.1% 6.2%

Farmacol latest (PLN mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yRevenues 1,233.0 1,206.0 1,314.0 1,223.0 1,146.0 -7.1%

EBITDA 18.5 26.0 33.0 13.0 15.6 -15.7%EBIT 15.6 23.0 29.0 13.0 11.6 -25.6%Net profit 9.8 23.0 18.0 16.5 8.5 -13.3%EBITDA margin 1.5% 2.2% 2.5% 1.1% 1.4%


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Antibiotice BET (Rebased) DJ STOXX Health Care (TR) (Rebased)



Intercell latest (EUR mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yRevenues 6.7 13.1 5.7 12.7 7.5 12.3%

EBITDA -26.3 -196.7 -8.1 -0.6 -4.9 -81.5%EBIT -28.3 -198.9 -10.0 -2.4 -6.7 -76.3%

Net profit -27.8 -204.3 -11.3 -1.6 -7.8 -72.2%EBITDA margin -392% -1502% -142% -4% -65%EBIT margin -421% -1519% -176% -19% -89%

Net margin -415% -1560% -198% -13% -103%

Krka latest (EUR mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/ySales 226.6 283.4 258.0 270.8 239.3 5.6%

EBITDA 68.9 77.7 81.0 84.2 67.9 -1.5%EBIT 47.7 56.8 60.9 62.4 45.7 -4.2%

Net profit 29.7 50.2 48.0 44.5 23.0 -22.5%EBITDA margin 30.4% 27.4% 31.4% 31.1% 28.4%EBIT margin 21.1% 20.1% 23.6% 23.0% 19.1%

Net margin 13.1% 17.7% 18.6% 16.4% 9.6%

Neuca latest (PLN mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yRevenues 1,487.0 1,526.0 1,769.0 1,520.0 1,482.0 -0.3%EBITDA 16.0 22.8 30.0 22.0 21.1 31.9%EBIT 10.5 18.1 25.0 16.3 15.8 50.5%


Net margin 0.3% 1.0% 0.8% 0.5% 0.6%

PGF latest (PLN mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yRevenues 1,453.0 1,546.0 1,679.0 1,564.0 1,627.0 12.0%

EBITDA 29.9 36.3 38.0 23.2 35.1 17.4%EBIT 22.3 28.8 30.0 15.5 27.2 22.0%

Net profit 13.8 23.6 17.0 5.3 14.5 5.1%


Net margin 0.9% 1.5% 1.0% 0.3% 0.9%

Richter Gedeon latest (HUF mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/ySales 78,459 59,632 70,839 75,068 72,370 -7.8%

EBITDA 28,846 15,972 16,228 19,071 31,836 10.4%EBIT 24,043 9,848 10,228 13,162 25,514 6.1%

Net profit 19,407 10,232 11,175 8,500 20,640 6.4%


Net margin 24.7% 17.2% 15.8% 11.3% 28.5%

52 w e eks

02468

101214161820

Inte rce ll ATX (R e bas e d) D J E UR O S TO X X He alth C a re (R e ba s e d)

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Company (EURmn) 1M 3M 6M 12MAndritz EUR 3,519 68.7 70.1 Hold 11.1% 5.5% -9.0% 0.5%Apator PLN 151 19.0 24.7 Buy 8.0% 11.8% -0.8% -4.8%Aselsan TRY 818 8.2 11.1 Buy 4.6% 7.0% -10.1% -2.8%Atlantska plovidba HRK 59 317.0 481.0 Buy -8.9% -22.1% -49.3% -59.3%CAToil EUR 233 4.8 5.3 Accumulate 5.9% 6.6% -26.7% -41.2%E-Star HUF 40 4,680.0 Under review -14.9% -30.6% -53.2% -44.3%Palfinger EUR 517 14.6 17.2 Accumulate 16.7% -9.6% -42.6% -46.6%Rafako PLN 124 7.9 8.5 Reduce -12.9% -14.1% -35.0% -36.9%SBO EUR 1,060 66.3 59.3 Hold 0.8% 16.6% 1.8% 9.8%Zumtobel EUR 501 11.7 20.5 Accumulate -8.6% -14.3% -34.1% -44.5%

EuroStoxx Industrial Goods & Services - 295,280 - - - 6.3% -1.7% -16.3% -20.4%

Industrial Goods & Services Price Performance (EUR terms)

(LC)

2010 2011e 2012e 2013e 2010 2011e 2012e 2013e 2010 2011e 2012e 2013eAndritz 19.7 17.5 18.5 15.5 14.9 13.8 14.4 12.5 4.7 4.1 3.7 3.3Apator 11.4 12.7 12.0 8.9 9.5 9.3 2.8 2.9 2.5 Aselsan 7.8 7.4 6.6 5.9 6.3 5.8 5.2 4.4 2.3 1.9 1.6 1.3Atlantska plovidba 25.6 14.8 nm 27.4 4.1 2.6 6.0 2.1 0.7 0.3 0.3 0.3CAToil 19.0 14.2 9.8 7.9 7.2 4.4 3.8 3.4 1.6 1.0 0.9 0.8E-Star 14.1 6.7 5.8 5.5 11.3 5.7 4.1 3.8 5.1 2.2 1.6 1.2Palfinger 42.0 11.4 12.1 9.9 16.1 7.5 7.9 6.9 3.2 1.5 1.4 1.2Rafako 21.5 8.9 13.1 14.3 17.0 7.2 10.5 10.3 2.4 1.4 1.3 1.3SBO 37.6 20.5 20.2 18.1 16.6 12.3 12.3 11.6 3.9 3.5 3.2 2.8Zumtobel 13.7 7.8 6.1 5.2 6.6 4.1 3.6 3.1 1.9 1.2 1.1 0.9Median CEE 19.4 12.1 12.0 9.9 10.1 6.5 6.9 4.4 2.6 1.7 1.5 1.2

EuroStoxx Industrial Goods & Services 15.2 14.1 13.0 10.7 9.4 8.7 8.2 7.2 2.3 2.1 1.9 1.7CEE to Peer, Prem/Disc 27% -14% -8% -8% 7% -25% -16% -39% 16 % -20% -23% -27%

2010 2011e 2012e 2013e 2010 2011e 2012e 2013e 2010 2011e 2012e 2013eAndritz 0.8 0.6 0.6 0.5 8.6 7.2 7.9 6.2 2.5% 3.1% 3.2% 3.9%Apator 1.6 1.4 1.4 9.5 8.3 7.8 4.1% 4.8% 5.2% Aselsan 1.2 1.1 0.8 0.6 5.3 4.9 3.6 2.7 3.1% 1.7% 3.9% 4.6%Atlantska plovidba 2.4 2.2 3.5 2.7 7.4 5.2 12.6 6.4 2.7% 0.0% 0.0% 0.0%CAToil 1.5 1.0 0.8 0.7 6.0 4.3 3.4 2.9 1.3% 2.1% 3.1% 2.5%E-Star 3.3 1.5 1.7 1.6 12.5 6.8 5.2 5.2 0.0% 0.0% 0.0% 0.0%Palfinger 1.9 0.9 0.9 0.8 21.5 7.6 7.6 6.3 0.8% 2.8% 2.6% 3.3%Rafako 0.7 0.3 0.4 0.3 10.8 4.5 6.8 7.1 4.2% 5.6% 4.6% 4.2%SBO 3.5 2.7 2.6 2.4 12.7 9.1 8.9 8.0 1.6% 1.9% 1.5% 1.7%Zumtobel 0.8 0.6 0.5 0.4 7.4 5.3 4.4 3.8 3.1% 5.1% 6.8% 7.7%Median CEE 1.5 1.1 0.8 0.7 9.1 6.1 7.2 6.2 2.6% 2.5% 3.2% 3.3%

EuroStoxx Industrial Goods & Services 1.2 1.0 0.8 0.8 9.7 7.4 7.2 6.3 2.6% 3.0% 3.3% 3.7%CEE to Peer, Prem/Disc 28% 11% 0% -6% -7% -18% 0% -1% 0% -17% -3% -13%

P/E P/CE P/BV




2010 2011e 2012e 2013e 2010 2011e 2012e 2013e 2010 2011e 2012e 2013eAndritz 8.8% 8.4% 7.7% 7.9% 5.1% 4.9% 4.4% 4.6% 25.9% 25.0% 21.1% 22.8%Apator 16.7% 17.2% 17.9% 13.6% 10.6% 11.2% 27.5% 22.3% 22.5% Aselsan 22.8% 22.6% 22.6% 23.6% 20.3% 17.6% 17.6% 17.6% 33.7% 26.3% 25.9% 24.6%Atlantska plovidba 32.5% 41.7% 28.0% 42.6% 4.4% 5.5% -14.0% 2.4% 2.9% 2.0% -5.0% 1.1%CAToil 24.7% 23.2% 25.0% 24.9% 8.5% 6.4% 8.0% 9.1% 9.0% 7.1% 9.6% 11.1%E-Star 26.5% 21.7% 33.2% 30.8% 18.2% 10.6% 13.2% 12.8% 43.9% 36.6% 31.8% 25.2%Palfinger 8.8% 11.6% 11.4% 12.4% 4.2% 6.0% 5.7% 6.6% 8.0% 13.5% 11.5% 13.0%Rafako 6.1% 7.1% 5.3% 4.6% 3.7% 5.0% 4.0% 3.4% 11.7% 14.8% 10.2% 9.0%SBO 27.6% 29.6% 29.3% 29.8% 8.9% 12.7% 13.0% 13.8% 11.0% 18.2% 16.5% 16.4%Zumtobel 10.4% 10.5% 11.3% 11.7% 4.3% 4.8% 5.7% 6.1% 14.3% 16.2% 18.3% 19.1%Median CEE 19.8% 19.5% 20.2% 23.6% 6.8% 6.2% 6.8% 6.6% 13.0% 17.2% 17.4% 16.4%

EuroStoxx Industrial Goods & Services 13.1% 13.4% 13.3% 13.7% 5.0% 6.0% 6.5% 7.1% 13.9% 15.0% 15.7% 15.7%CEE to Peer, ppt 6.7 6.1 7.0 9.8 1.8 0.2 0.3 -0.5 -0.9 2.2 1.7 0.7

2010 2011e 2012e 2013e 2010 2011e 2012e 2013eAndritz 40.8% 19% -4.1% 15.6% 84.3% 13% -5% 19%Apator 10.5% 15% 3.9% #WERT! 91.4% -11% 6% #WERT!Aselsan 40.8% 4% 11.8% 18.1% -30% -8% 12% 13%Atlantska plovidba 60.8% -23% -33.4% 94.7% nm -27% -345% -122%CAToil 24.5% 6% 23.7% 9.6% 131.2% -16% 44% 25%E-Star 44.3% 58% 42.8% 1.4% 81.6% 3% 16% 6%Palfinger 249.3% 69% -3.9% 15.8% nm 87% -6% 23%Rafako 15.6% 13% -37.1% -7.6% nm 28% -32% -8%SBO 38.4% 42% -1.9% 6.9% 79.4% 89% 1% 12%Zumtobel 57.8% 10% 17.0% 12.8% nm 26% 27% 18%CEE total 47.0% 18.3% 2.2% 12.9% nm 12.0% -55.7% 140.4%

EuroStoxx Industrial Goods & Services 17.7% 7.3% 7.9% 10.0% 50.8% 9.6% 11.7% 16.2%CEE to Peer, ppt 29.2 11.0 -5.7 2.9 nm nm -67.4 124.2





Andritz latest (EUR mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/ySales 897.0 1095.0 924.0 1087.0 1173.0 30.8%

EBITDA 78.9 105.2 68.7 88.4 104.2 32.1%EBIT 63.5 89.2 52 71.1 84.8 33.5%


Net margin 5.3% 5.9% 4.0% 4.7% 5.3%

Aselsan latest (EUR mn) 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 y/ySales 184 274 229 503 269 46.2%

EBITDA 50 74 78 70 55 10.1%EBIT 33 96 133 215 39 20.3%

Net profit 42 65 70 64 42 -0.1%


Net margin 22.9% 23.7% 30.5% 12.8% 15.6%

Apator latest (PLN mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yRevenues 104.0 136.4 107.1 120.2 145.3 39.7%

EBITDA 17.8 23.3 16.5 17.5 29.9 68.0%EBIT 14.1 19.6 12.4 13.2 26 84.4%

Net profit 13.7 14.3 8.5 10.5 16.8 22.6%


Net margin 13.2% 10.5% 7.9% 8.7% 11.6%

Atlantska plovidba latest (HRK mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/ySales 300.00 183.24 147.41 131.60 140.80 -53.1%

EBITDA 108.47 52.39 41.65 93.90 50.20 -53.7%EBIT 62.09 9.49 0.56 62.90 18.00 -71.0%Net profit 34.39 -10.60 -9.11 59.80 -7.30 n.a.

EBITDA margin 36.2% 28.6% 28.3% 71.4% 35.7%EBIT margin 20.7% 5.2% 0.4% 47.8% 12.8%Net margin 11.5% -5.8% -6.2% 45.4% -5.2%

C.A.T.oil latest (EUR mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/ySales 65.4 55.0 61.0 74.0 74.7 14.2%

EBITDA 13.0 13.0 8.7 18.4 18.9 45.4%EBIT 9.3 5.9 0.5 9.4 8.7 -6.5%Net profit 7.7 3.3 -1.0 7.8 5.8 -24.7%

EBITDA margin 19.9% 23.6% 14.3% 24.9% 25.3%EBIT margin 14.2% 10.7% 0.8% 12.7% 11.6%Net margin 11.8% 6.0% -1.6% 10.5% 7.8%

Palfinger latest (EUR mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/ySales 167.5 186.9 191.6 222.7 209.7 25.2%



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8,5

9,0

9,5

AselsanISE 100 (Rebased)DJ EURO STOXX Industrial Goods & Services (Rebased)



E-Star latest (EUR mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/ySales 12.15 6.68 11.17 13.72 11.17 -8.1%

EBITDA 2.39 2.29 1.87 0.39 1.87 -22.0%EBIT 2.18 1.90 2.29 -0.35 -0.37 n.a.

Net profit 1.44 2.02 8.14 0.13 -2.31 n.a.EBITDA margin 19.7% 34.3% 16.7% 2.8% 16.7%EBIT margin 18.0% 28.4% 20.5% -2.6% -3.3%

Net margin 11.8% 30.2% 72.9% 0.9% -20.7%

Rafako latest (PLN mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yRevenues 327.00 327.50 202.10 264.20 313.00 -4.3%

EBITDA 11.80 20.70 15.20 19.80 34.70 194.1%EBIT 8.80 17.60 12.10 16.70 31.60 259.1%


Net margin 3.0% 4.0% 5.3% 5.0% 10.2%

Schoeller Bleckmann Oilfield Equipment latest (EUR mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/ySales 87.6 92.5 97.3 97.1 99.5 13.6%EBITDA n.a. n.a. n.a. n.a. n.a. n.a.EBIT 16.1 19.1 20.0 20.2 22.3 38.5%

Net profit 9.7 10.0 11.5 11.9 14.0 44.3%EBITDA margin n.a. n.a. n.a. n.a. n.a.EBIT margin 18.4% 20.6% 20.6% 20.8% 22.4%

Net margin 11.1% 10.8% 11.8% 12.3% 14.1%

Zumtobel latest (EUR mn) 2Q10/11 3Q10/11 4Q10/11 1Q11/12 2Q11/12 y/ySales 316.8 293.5 319.3 326.3 340.5 7.5%

EBITDA 44.2 28.5 26.6 30.9 38.5 -12.9%EBIT 31.7 15.0 9.3 18.2 25.4 -19.9%

Net profit 25.8 13.0 -1.4 13.5 20.7 -19.8%


Net margin 8.1% 4.4% -0.4% 4.1% 6.1%

5 2 w e eks

8

9

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1 1

1 2

1 3

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R afa koW IG (R e ba s e d)D J E UR O STO XX Indus tria l Go o ds & S e rv ice s (R e ba s ed)

5 2 w e e k s

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S B OA T X (R eb a s e d)D J E U R O S T O X X Indus tr ia l G o o ds & S e rv ic e s (R e ba s ed )

5 2 w e e k s

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Z um to be lA T X (R e b a s e d)D J E U R O S T O X X Ind us tr ia l G o o ds & S e r v ic e s ( R e b a s e d )

52 weeks

4.5005.0005.5006.0006.5007.0007.5008.0008.5009.0009.500

10.000

RFV DJ EURO STOXX Industrial Goods & Services (Rebased)



Insurance


Company (EURmn) 1M 3M 6M 12M

Aksigorta TRY 188 1.5 1.3 Hold -14.7% 5.1% -11.6% -36.4%

Anadolu Hayat TRY 301 2.8 3.9 Buy 1.4% -10.1% -27.2% -41.2%Anadolu Sigorta TRY 172 0.8 1.2 Buy 12.5% -9.0% -26.4% -41.3%PZU PLN 5,999 307.0 400.0 Accumulate -2.5% -1.3% -17.8% -10.0%

Uniqa EUR 1,486 10.5 10.5 Reduce 5.0% -10.3% -27.2% -29.6%Vienna Insurance Group EUR 4,013 31.4 40.0 Buy 15.1% 12.0% -13.4% -21.1%Allianz SE EUR - Euro35,474 - - - 7.3% 0.1% -12.7% -18.2%AXA S.A. EUR - Euro24,755 - - - 7.5% -4.0% -22.9% -27.8%Assicurazioni Generali S.p.A. EUR - Euro18,760 - - - 7.6% -5.4% -7.8% -18.9%

Mapfre S.A. EUR - Euro 7,819 - - - 5.6% 0.7% 3.3% 10.8%Sampo Oyj EUR - Euro10,438 - - - 2.2% -9.3% -12.1% -10.0%

EuroStoxx Insurance 168,202 - - - 1.6% 0.6% -9.5% -18.9%


(LC)

2010 2011e 2012e 2013e 2010 2011e 2012e 2013e 2010 2011e 2012e 2013eAksigorta nm 41.5 24.9 19.2 1.9 1.2 1.2 1.1 0.1% 2.7% 4.8% 5.9%Anadolu Hayat 15.2 8.4 7.3 5.1 2.8 1.5 1.3 1.1 18.0% 18.4% 19.6% 23.1%

Anadolu Sigorta 17.5 14.9 12.6 10.2 0.8 0.5 0.4 0.4 4.8% 3.0% 3.7% 4.3%PZU 12.7 9.2 8.8 8.5 2.4 2.0 1.9 1.7 20.5% 20.9% 22.0% 21.0%Uniqa 45.3 nm 12.3 9.7 1.6 1.2 1.1 1.0 3.5% -1.6% 9.3% 10.7%

Vienna Insurance Group 14.7 10.1 9.4 8.7 1.2 0.9 0.8 0.8 8.5% 9.3% 9.3% 9.4%Median CEE 15.2 10.1 10.8 9.2 1.8 1.2 1.1 1.0 6.6% 6.2% 9.3% 10 .0%Allianz SE 7.0 10.9 6.7 6.4 0.8 0.8 0.7 0.7 11.4% 7.2% 10.8% 10.5%AXA S.A. 6.2 5.9 5.5 5.1 0.5 0.5 0.5 0.5 7.9% 8.7% 9.0% 9.5%Assicurazioni Generali S.p.A. 11.0 15.1 8.7 8.0 1.1 1.2 1.1 1.0 9.7% 7.7% 12.1% 12.1%Mapfre S.A. 8.2 8.2 7.5 7.3 1.2 1.1 1.0 1.0 14.3% 13.5% 13.9% 13.4%Sampo Oyj 9.5 10.0 8.5 8.1 1.2 1.2 1.1 1.1 12.4% 12.1% 13.4% 13.1%

Median Peer Group 8.2 10.0 7.5 7.3 1.1 1.1 1.0 1.0 11.4% 8.7% 12.1% 12.1%EuroStoxx Insurance 7.3 9.3 6.8 6.4 0.8 0.8 0.7 0.7 9.7% 7.8% 10.5% 10.5%

CEE to Peer, Prem/Disc 85% 1% 45% 27% 65% 10% 8% 7% -41.7% -2 9.3% -23% -17%

2010 2011e 2012e 2013e 2010 2011e 2012e 2013e 2010 2011e 2012e 2013eAksigorta 5.8% 0.0% 1.6% 2.6% 0.2% 1.3% 1.9% 2.2% 0.2% 1.0% 1.6% 1.8%

Anadolu Hayat 5.3% 4.4% 6.0% 6.2% 19.9% 21.1% 22.6% 25.3% 19.9% 16.5% 17.5% 19.5%Anadolu Sigorta 5.1% 0.0% 0.0% 0.0% 2.6% 2.1% 2.2% 2.6% 2.6% 1.6% 1.7% 2.1%PZU 7.3% 9.1% 8.4% 20.8% 21.8% 24.6% 24.4% 16.8% 17.6% 19.7% 19.5%Uniqa 3.1% 2.7% 0.0% 3.8% 2.8% 0.0% 3.9% 4.6% 0.9% -0.4% 2.2% 2.7%Vienna Insurance Group 2.5% 2.6% 3.5% 3.8% 5.9% 6.3% 6.5% 6.7% 4.0% 4.5% 4.7% 4.9%Median CEE 5.1% 2.6% 2.5% 3.8% 10.0% 11.2% 12.3% 13.8% 10.0% 8.7% 9.6% 10.6%Allianz SE 5.8% 5.8% 5.9% 6.4% 6.7% 5.5% 7.4% 7.8% 4.7% 3.3% 4.9% 5.3%AXA S.A. 6.6% 6.6% 7.5% 8.2% 4.9% 7.4% 7.2% 7.6% 3.0% 6.2% 5.1% 5.5%

Assicurazioni Generali S.p.A. 3.7% 2.7% 4.5% 5.0% 4.3% 3.4% 4.9% 5.5% 2.5% 1.8% 3.0% 3.2%Mapfre S.A. 5.9% 5.9% 6.3% 6.6% 8.4% 9.4% 9.3% 9.3% 5.5% 5.7% 5.5% 5.4%

Sampo Oyj 6.2% 6.4% 6.7% 7.2% 25.9% 27.2% 31.5% 30.5% 21.7% 22.5% 26.4% 25.6%Median Peer Group 5.9% 5.9% 6.3% 6.6% 6.7% 7.4% 7.4% 7.8% 4. 7% 5.7% 5.1% 5.4%EuroStoxx Insurance 6.0% 5.9% 6.5% 7.0% 5.5% 8.1% 8.1% 8.1% 5.3% 3.9% 5.1% 5.3%

CEE to Peer, Prem/Disc -13% -55% -60% -42% 49% 52% 66% 76% 1 12% 53% 87% 96%

P/BV ROE

Dividend yield EBT margin Net margin

P/E



2010 2011e 2012e 2013e 2010 2011e 2012e 2013eAksigorta nm nm 61.3% 32.2% nm nm 66.9% 29.4%Anadolu Hayat -21.5% 30.0% 15.9% 42.9% -3.0% 1% 15.0% 41.9%Anadolu Sigorta -31.5% -22.5% 17.3% 17.3% -28.4% -39% 18.5% 23.9%

PZU -28.1% 6.4% 6.0% 6.0% -29.8% 6% 5.3% 2.8%Uniqa 85.6% -99.2% nm 22.5% 202.2% nm nm 25.9%

Vienna Insurance Group 15.1% 10.0% 6.5% 8.1% 10.8% 17% 6.7% 8.8%Median CEE -11.6% -2.8% 21.7% 8.6% -20.2% 4% 15.4% 6.6%Allianz SE 34.6% -23% 37.4% 6.5% 17.5% -36% 63% 4.4%

AXA S.A. -11.3% 45% 0.9% 8.7% 9.7% 4% 7.3% 8.4%Assicurazioni Generali S.p.A. 27.1% -20% 53.4% 13.9% 19.6% -27% 74.1% 8.6%Mapfre S.A. -0.9% 12.9% 8.0% 6.4% -3.8% 0.1% 9.7% 2.9%

Sampo Oyj 60.1% -5% 17.1% 4.8% 72.8% -5.0% 17.6% 5.2%Total Peer Group 16.0% -1% 21.6% 8.3% 20.9% -27% 46.7% 5.3%EuroStoxx Insurance -6.9% 30% 8.1% -0.2% 35.0% -37% 66.4% 7.4%CEE to Peer, ppt -4.7 -33.1 13.7 8.9 -55.2 41.9 -51.0 -0.7

EBT growth (EUR terms) EPS growth (EUR terms)



Anadolu Hayat ve Emeklilik latest (TRY mn) 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 y/yWritten premiums 233 211 -258 211 216 -7.1%Earned premiums 232 210 -259 210 216 -7.0%Investment inc. 21 15 18 11 16 -24.4%EBT 30 20 36 11 21 -29.8%Netprofit 24 17 30 10 18 -25.5%EBT margin 13.0% 9.6% -14.0% 5.2% 9.8%Net margin 10.4% 8.1% -11.7% 4.6% 8.3%

PZU latest (EUR mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yWritten premiums 3,553 3,598 3,977 3,696 3,509 -1.2%Earned premiums 3,578 3,762 3,572 3,698 3,578 0.0%Investment inc. 925 592 473 605 394 -57.4%EBT 878 710 962 940 878 0.0%Netprofit 704 565 792 762 878 24.7%EBT margin 24.7% 19.7% 24.2% 25.4% 25.0%Net margin 19.8% 15.7% 19.9% 20.6% 25.0%

Vienna Insurance Group latest (EUR mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yWritten premiums 1,950 2,055 2,603 2,125 2,073 6.3%Earned premiums 1,919 1,941 2,079 1,992 2,007 4.6%Investment inc. 249 221 253 301 244 -1.9%EBT 122 130 143 139 132 8.0%Netprofit 95 89 109 106 98 3.9%EBT margin 6.3% 6.3% 5.5% 6.6% 6.4%Net margin 4.8% 4.3% 4.2% 5.0% 4.7%

UNIQA latest (EUR mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yWritten premiums 1,230 1,294 1,654 1,247 1,206 -2.0%Earned premiums 1,234 1,307 1,380 1,258 1,215 -1.5%Investment inc. 215 200 175 103 -131 n.a.EBT 32 43 47 22 -253 n.a.Netprofit -2 13 27 7 -154 n.a.EBT margin 2.6% 3.3% 2.8% 1.8% -21.0%Net margin -0.2% 1.0% 1.6% 0.6% -12.8%

52 w eeks

910111213141516171819

Uniqa ATX (Rebased) DJ E URO STO XX Insuranc e (Re based)

52 weeks

20

25

30

35

40

45

50

Vienna Insura nce GroupATX (Rebased)DJ EURO STO XX Ins uranc e (Rebased)

52 w eeks

2 ,5

3 ,0

3 ,5

4 ,0

4 ,5

5 ,0

5 ,5

Anado lu Ha ya tIS E 10 0 (R eba s ed)D J E UR O S TO X X Ins ura nce (R ebas e d)

52 weeks

240260280300320340360380400420440460

PZU WIG (Rebased) DJ EURO STOXX Insurance (Rebased)



Media


Company (EURmn) 1M 3M 6M 12MAgora PLN 125.5 10.9 20.0 Buy -10.7% -23.8% -40.8% -56.6%Allami Nyomda HUF 27.6 596.0 1,030.0 Buy -4.9% -12.5% -23.1% -21.1%Austrian Post EUR 1,590.5 23.5 26.0 Buy 7.5% 9.2% 10.8% -2.4%Cinema City EUR 327.1 28.4 40.0 Buy 3.5% 6.2% -17.7% -35.9%CME USD 313.2 6.2 15.0 Buy -18.2% -39.7% -67.0% -68.6%Cyfrowy Polsat PLN 1,048.4 13.3 19.0 Buy -1.3% -12.2% -16.1% -13.6%TVN PLN 763.1 9.9 16.0 Accumulate 8.7% -32.6% -40.8% -40.3%

St. Ives PLC GBP - UK Pound Sterling99 - - - -9.7% -6.2% -14.8% -20.8%

Edipresse I CHF - Swiss Franc - - -

Roularta Media Group N.V. EUR - Euro 191 - - - 4.2% -8.8% -36.3% -45.8%

Dogan Yayin Holding A.S. TRY - New Turkish Lira441 - - - 6.1% -20.9% -51.9% -74.7%

Grupo Televisa S.A.B. MXN - Mexican Peso16,054 - - - 5.4% 11.9% 5.6% -15.9%TV Azteca S.A.B. de C.V. MXN - Mexican Peso1,062 - - - 8.5% 19.9% -7.1% 7.1%

ProSiebenSat.1 Media AG EUR - Euro 3,589 - - - 22.2% 11.5% -12.9% -33%

Bloomsbury Publishing PLC GBP - UK Pound Sterling86 - - - -0.6% 2.7% -12.3% -17.9%

EuroStoxx Media - 61,554 - - - 2.0% 7.7% -1.6% -8.2%


(LC)

2010 2011e 2012e 2013e 2010 2011e 2012e 2013e 2010 2011e 2012e 2013eAgora 18.6 9.1 8.4 7.6 8.7 3.3 3.3 3.2 1.1 0.5 0.4 0.4Allami Nyomda 12.1 6.9 7.0 6.5 7.3 4.0 4.1 3.8 1.8 1.4 1.3 1.2Austrian Post 14.1 12.8 12.4 12.2 9.4 7.2 7.3 7.2 2.4 2.3 2.2 2.2Cinema City 19.1 13.4 10.1 8.2 11.5 6.8 5.5 4.8 2.6 1.3 1.2 1.1CME 12.9 nm 12.1 10.5 12.3 4.5 3.2 3.1 1.1 0.3 0.3 0.3Cyfrowy Polsat 22.4 19.5 13.4 11.6 15.3 13.1 9.9 8.8 13.4 3.3 2.8 2.5TVN 125.7 16.8 14.1 9.5 19.2 7.2 7.0 5.5 4.7 2.4 2.1 1.8Median CEE 18.6 13.1 12.1 9.5 11.5 6.8 5.5 4.8 2.4 1.4 1.3 1.2St. Ives PLC 7.9 5.1 0.0 0.0 0.6 0.0 0.0Edipresse I Roularta Media Group N.V. 5.5 7.2 7.5 6.1 3.5 4.4 3.8 3.8 0.5 0.5 0.5 0.5Dogan Yayin Holding A.S. 9.9 3.6 3.0 0.8 0.3 0.3 0.3Grupo Televisa S.A.B. 19.9 20.5 18.7 16.7 11.6 12.8 11.2 9.7 3.5 3.5 3.0 2.7TV Azteca S.A.B. de C.V. 11.4 12.5 12.1 11.0 8.8 10.4 10.9 3.3 3.0 2.6 2.1ProSiebenSat.1 Media AG 8.8 9.0 9.1 8.3 7.2 7.8 3.0 4.6 3.5 2.8 2.8 2.3Bloomsbury Publishing PLC 12.2 11.0 0.1 0.1 7.5 14.3 0.1 0.7 0.6 0.0 0.0Median Peer Group 10.1 11.0 9.1 8.3 7.5 9.9 3.6 3.8 0.8 0.6 0. 6 0.5EuroStoxx Media 9.4 10.3 10.0 9.0 5.6 6.1 6.0 5.5 1.1 1.3 1.3 1.2CEE to Peer, Prem/Disc 84% 19% 33% 14% 53% -31% 53% 27% 216% 115% 128% 122%

2010 2011e 2012e 2013e 2010 2011e 2012e 2013e 2010 2011e 2012e 2013eAgora 1.1 0.4 0.4 0.3 7.6 2.5 2.5 2.3 1.9% 5.5% 7.2% 9.2%Allami Nyomda 0.7 0.4 0.5 0.4 7.2 3.4 3.5 3.2 0.0% 8.9% 8.4% 9.4%Austrian Post 0.8 0.7 0.7 0.7 6.9 6.1 6.1 6.1 6.5% 7.0% 7.2% 7.4%Cinema City 1.8 1.3 1.1 1.0 10.7 6.3 4.9 4.2 0.0% 0.0% 5.0% 9.7%CME 3.3 2.1 1.8 1.6 nm 10.9 8.3 7.5 0.0% 0.0% 0.0% 0.0%Cyfrowy Polsat 3.9 3.1 2.8 2.6 14.2 11.3 9.1 8.4 3.4% 3.2% 5.5% 6.4%TVN 3.3 2.0 2.0 1.7 13.3 7.6 7.2 6.2 0.2% 3.0% 3.5% 5.3%Median CEE 1.8 1.3 1.1 1.0 10.7 6.3 6.1 6.1 0.2% 3.2% 5.5% 7.4%St. Ives PLC 0.3 0.3 0.3 0.2 3.3 2.3 2.5 2.2 4.6% 0.1% 7.7% 8.6%Edipresse I Roularta Media Group N.V. 0.6 0.4 0.4 0.3 5.8 4.3 4.0 3.3 3.4% 4.2% 4.0% 4.6%Dogan Yayin Holding A.S. 1.3 0.6 0.6 0.7 16.3 5.4 5.3 5.5 0.0% 0.0% 0.0% 0.0%Grupo Televisa S.A.B. 3.0 5.3 4.7 4.3 7.9 13.7 12.2 11.3 0.0% 0.6% 1.2% 2.0%TV Azteca S.A.B. de C.V. 1.9 1.6 1.4 1.1 4.7 3.9 3.3 2.7 0.0% 0.6% 0.7% 1.6%ProSiebenSat.1 Media AG 2.6 1.8 1.9 1.8 8.8 5.8 6.4 6.2 6.9% 7.6% 8.3% 9.3%Bloomsbury Publishing PLC 0.6 0.6 0.5 0.4 6.6 6.0 4.9 4.3 4.7% 0.1% 5.4% 6.2%Median Peer Group 1.6 0.7 0.7 0.7 7.2 5.6 4.8 4.4 1.7% 2.4% 2.6% 3.3%EuroStoxx Media 1.4 1.2 1.1 1.1 7.9 6.0 5.9 5.5 6.5% 6.8% 6.6% 7.4%CEE to Peer, Prem/Disc 17% 78% 59% 37% 47% 12% 28% 38% -87% 31% 110% 128%

P/E P/CE P/BV




2010 2011e 2012e 2013e 2010 2011e 2012e 2013e 2010 2011e 2012e 2013eAgora 15.0% 14.1% 14.4% 14.2% 6.4% 4.7% 5.2% 5.4% 6.0% 4.7% 5.3% 5.7%Allami Nyomda 9.1% 12.4% 13.2% 13.7% 5.3% 7.2% 7.7% 7.9% 15.7% 19.5% 18.8% 18.6%Austrian Post 11.1% 12.0% 11.7% 11.4% 5.0% 5.3% 5.5% 5.5% 17.4% 17.7% 18.0% 17.8%Cinema City 17.2% 20.7% 22.1% 22.9% 9.2% 9.4% 10.9% 12.2% 15.0% 10.5% 12.4% 13.8%CME 14.0% 18.8% 21.4% 21.8% -15.9% -5.9% 3.4% 3.7% 8.7% -3.6% 2.8% 3.0%Cyfrowy Polsat 27.2% 27.5% 31.0% 31.2% 17.3% 11.2% 15.1% 16.8% 69.4% 26.5% 22.6% 22.8%TVN 24.6% 26.1% 27.3% 28.1% 1.9% 7.1% 8.5% 11.6% 3.7% 14.4% 15.9% 20.8%Median CEE 15.0% 18.8% 21.4% 21.8% 5.3% 7.1% 7.7% 7.9% 15.0% 14.4% 15.9% 17.8%St. Ives PLC 11.1% 14.7% 17.4%Edipresse I Roularta Media Group N.V. 10.8% 9.1% 9.3% 10.0% 4.3% 3.6% 3.6% 4.2% 9.7% 7.1% 6.6% 7.8%Dogan Yayin Holding A.S. 8.0% 10.2% 11.9% 12.5% -9.0% -23.8% 0.9% 1.1% -20.2% -10.2% -2.5% -1.8%Grupo Televisa S.A.B. 38.0% 38.5% 38.1% 38.3% 13.3% 12.5% 12.6% 13.1% 17.4% 16.9% 16.2% 16.2%TV Azteca S.A.B. de C.V. 40.9% 42.1% 40.9% 39.0% 20.2% 16.5% 17.2% 17.7% 28.6% 23.9% 21.4% 19.1%ProSiebenSat.1 Media AG 30.2% 31.0% 30.1% 29.5% 10.4% 12.3% 13.8% 14.5% 39.7% 31.4% 31.0% 28.1%Bloomsbury Publishing PLC 9.5% 9.7% 10.3% 10.4% 3.8% 4.7% 6.3% 6.5% 5.4% 5.6% 6.3% 6.4%Median Peer Group 16.6% 15.2% 15.7% 15.7% 4.3% 4.7% 6.3% 6.5% 9.7% 9.1% 10.7% 12.0%EuroStoxx Media 22.8% 20.6% 20.0% 20.8% 8.6% 9.5% 9.8% 10.5% 12.3% 11.7% 11.9% 12.7%CEE to Peer, ppt -1.6 3.6 5.8 6.1 0.9 2.3 1.4 1.4 5.3 5.3 5.3 5.8

2010 2011e 2012e 2013e 2010 2011e 2012e 2013eAgora 25.9% -0.9% -0.6% 5.4% 67.9% -23.2% 8.5% 10.0%Allami Nyomda -20.5% 31.6% -2.6% 8.8% -16.9% 28.6% -1.8% 7.4%Austrian Post -1.1% 6.3% -1.8% -1.5% 48.6% 4.6% 3.7% 1.5%Cinema City 21.1% -1.1% 19.8% 13.4% 24% -20% 33% 23%CME nm 42% 35% 7.5% nm -143% -180% 15%Cyfrowy Polsat 38.6% 59.8% 20.8% 5.4% 22.5% -16.9% 45.3% 16.0%TVN -16.6% 9.3% 4.2% 12.2% -85.4% 287.6% 19.2% 48.8%CEE total 15.8% 18.0% 10.3% 5.6% 200.2% -38.5% 46.9% 10.2%St. Ives PLC 0.0% 0.0% 0.0% - 92.9% 53% 10363% -Edipresse I nm 0.0% 0.0% nm nm 0% 0%Roularta Media Group N.V. 109.6% -14.6% -0.6% 9% 228.1% -24.0% -4.0% 22.9%Dogan Yayin Holding A.S. 265.3% 11.3% 30.3% 8.2% nm nm nm nmGrupo Televisa S.A.B. 25.5% -0.6% 12.9% 7% 46.9% -3.0% 9.4% 12%TV Azteca S.A.B. de C.V. 30.1% 2.3% 9.6% -1.2% 83.7% -8.7% 3.5% 9.6%ProSiebenSat.1 Media AG 30.2% -6.1% -2.6% 1.3% 106.7% -1.8% -1.0% 8.7%Bloomsbury Publishing PLC 20.8% 16.5% 15.2% 5.4% 13.1% 11% 11637% 5.8%Peer Group total 33.3% -2.3% 8.1% 4.4% 166.1% -11.5% 705.3% 10%EuroStoxx Media 10.0% 0.4% 0.8% 3.8% -0.3% 6.3% 8.8% 7.8%CEE to Peer, ppt -17.5 20.2 2.2 1.2 34.1 -27.0 -658.4 0.4





Agora latest (PLN mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/ySales 246.60 340.70 295.80 319.30 283.60 15.0%

EBITDA 34.50 57.30 36.70 52.30 30.30 -12.2%EBIT 13.80 30.30 10.20 26.40 7.90 -42.8%


Net margin 4.7% 5.3% 2.1% 6.7% 1.9%

Allami Nyomda latest

(HUF mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/ySales 4693.93 4519.58 4463.20 4211.00 4413.00 -6.0%

EBITDA 625.92 356.61 446.58 431.00 370.00 -40.9%EBIT 456.92 187.61 271.08 271.00 157.00 -65.6%


Net margin 7.0% 8.1% 5.0% 5.3% 2.2%

Austrian Post latest

(EUR mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/ySales 563.1 637.9 571.3 566.6 572.0 1.6%EBITDA 44.1 93.2 70.8 54.0 50.7 15.0%

EBIT 20.3 62.1 48.8 32.5 28.2 38.9%Net profit 14.0 50.3 37.4 24.6 16.9 20.7%EBITDA margin 7.8% 14.6% 12.4% 9.5% 8.9%


Cinema City latest (EUR mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yRevenues 61.59 56.57 65.79 62.40 69.40 12.69%EBITDA 13.18 11.76 11.01 11.30 13.30 0.95%

EBIT 8.29 6.43 4.92 5.20 7.20 -13.12%Net profit 7.29 5.74 3.63 3.90 7.50 2.89%EBITDA margin 21.4% 20.8% 16.7% 18.1% 19.2%


CME latest (USD mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/ySales 134.35 257.41 172.77 249.70 165.50 23.2%EBITDA -4.87 64.78 14.25 62.70 8.90 n.a.

EBIT -25.34 41.90 -7.67 39.50 -12.90 -49.1%Net profit 3.42 -26.12 -21.11 0.97 -82.20 n.a.EBITDA margin -3.6% 25.2% 8.2% 25.1% 5.4%

EBIT margin -18.9% 16.3% -4.4% 15.8% -7.8%Net margin 3% -10.1% -12.2% 0.4% -49.7%

52 weeks

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Agora WIG 20 (Rebased) DJ EURO STOXX Media (Rebased)

52 weeks

14

16

18

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Austrian Post ATX (Rebased) DJ EURO STOXX Media (R ebased)

52 weeks

6

8

10

12

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CM E PX (Rebas ed) DJ EURO STOXX Media (Rebased)

52 weeks

25

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Cinema City WIG (Rebased) DJ EURO STOXX Media (Rebased)

52 weeks

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Allami Nyomda BUX (Rebased) DJ STOXX Media (TR) (R ebased)



Polsat Cyfrowy latest (PLN mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yRevenues 365.86 378.63 402.78 628.40 615.50 68.2%

EBITDA 103.57 71.79 123.62 217.50 196.20 89.4%EBIT 81.52 47.62 96.00 172.80 148.00 81.6%


Net margin 18.7% 9.8% 19.0% 11.1% -10.1%

TVN latest (PLN mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yRevenues 533.77 753.50 582.00 723.50 566.00 6.0%

EBITDA 100.76 185.30 117.00 223.70 107.00 6.2%EBIT 43.60 117.00 52.65 158.10 40.10 -8.0%

Net profit 61.02 15.80 -40.46 67.90 -357.20 n.a.EBITDA margin 18.9% 24.6% 20.1% 30.9% 18.9%EBIT margin 8.2% 15.5% 9.0% 21.9% 7.1%

Net margin 11.4% 2.1% -7.0% 9.4% -63.1%

52 weeks

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TVN W IG 20 (Rebased) DJ EURO STOXX Media (Rebased)

52 weeks

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Cyfrowy PolsatW IG (Rebased)DJ EURO STOXX Media (Rebased)



Oil & Gas


Company (EURmn) 1M 3M 6M 12MAygaz TRY 1,127.6 8.9 11.4 Accumulate 2.5% -12.3% -18.7% -5.1%FX Energy USD 205.5 5.0 9.6 Accumulate 5.7% 0.2% -46.8% -34.7%INA HRK 4,941.4 3,730.0 4,500.0 Hold -11.2% -11.2% -11.2% 11.3%Kulczyk Oil Ventures USD 118.3 1.3 2.4 Buy 3.2% 23.8% -24.0% -15.0%Lotos Group PLN 640.7 21.8 Under review -8.8% -18.4% -49.3% -42.1%MOL HUF 5,436.2 17,405.0 27,500.0 Accumulate -1.9% 3.0% -18.9% -20.5%OMV EUR 7,803.5 23.9 34.0 Buy -1.0% -2.3% -19.6% -23.6%Petrom RON 3,830.2 0.3 0.5 Buy 1.1% -0.6% -24.6% -19.6%PKN Orlen PLN 3,286.0 34.0 Under review -8.8% -10.7% -32.1% -28.7%Tupras TRY 4,217.5 39.7 43.5 Hold -2.5% 2.8% -4.8% -10.2%Turcas Petrol AS TRY 203.3 2.1 3.9 Buy -4.9% -19.0% -44.5% -48.9%Unipetrol CZK 1,198.1 169.0 170.0 Reduce -1.6% -3.2% -3.5% -13.0%

Repsol YPF S.A. EUR - Euro 26,725 - - - -0.8% -0.9% 2.6% -2.7%Royal Dutch Shell PLC (CL A) GBP - UK Pound Sterling175,059 - - - 0.4% 9.2% 6.7% 8.0%Total S.A. EUR - Euro 91,948 - - - 5.8% 4.7% 1.6% -8.1%Cia Espanola De Petroleos EUR - Euro - - - Hellenic Petroleum S.A. EUR - Euro 1,892 - - - -1.6% -4.5% 0.8% 6.4%Tupras Turkiye Petrol Rafinerileri A.S.TRY - New Turkish Lira4,207 - - - 8.2% 11.7% -7.7% -19.2%OMV Petrol Ofisi A.S. TRY - New Turkish Lira970 - - - 3.3% -6.0% -30.6% -48.0%Lukoil Holdings USD - US Dollar38,007 - - - 13.9% 27.7% -3.9% -5.2%

EuroStoxx Oil & Gas - 241,301 - - - 2.9% 2.3% -8.4% -10.5%


(LC)



2010 2011e 2012e 2013e 2010 2011e 2012e 2013e 2010 2011e 2012e 2013eAygaz 10.1 7.1 11.0 10.4 7.5 5.9 8.7 8.4 1.3 1.2 1.2 1.1FX Energy nm 42.1 35.3 35.9 194.3 23.6 14.3 11.4 11.7 3.4 2.8 2.3INA 71.1 13.3 9.6 8.8 13.4 7.9 6.2 5.9 2.5 2.5 2.1 1.9Kulczyk Oil Ventures nm nm nm nm n.m. n.m. n.m. n.m. 1.4 0.9 0.9 0.9Lotos Group 7.0 3.0 2.7 2.6 4.1 1.7 1.8 1.7 0.6 0.3 0.3 0.3MOL 19.2 8.3 7.1 7.9 4.9 3.3 3.2 3.3 1.4 1.1 1.0 1.0OMV 10.1 6.4 6.1 5.6 3.3 2.3 2.3 2.2 1.0 0.7 0.7 0.6Petrom 6.9 4.5 5.0 4.5 3.2 2.4 2.4 2.2 1.0 0.8 0.7 0.7PKN Orlen 7.8 2.8 6.7 6.9 3.9 1.8 3.2 3.2 0.9 0.6 0.6 0.6Tupras 12.7 9.0 9.3 9.0 9.8 7.2 7.2 6.8 2.5 2.4 2.2 2.0Turcas Petrol AS 14.9 21.1 10.3 6.4 14.5 20.1 10.1 6.3 1.6 0.9 0.8 0.7Unipetrol 38.4 16.6 16.1 19.0 7.9 5.7 5.9 6.2 0.9 0.8 0.7 0.7Median CEE 11.4 8.3 9.3 7.9 6.2 4.5 4.6 4.6 1.3 0.9 0.9 0.8Repsol YPF S.A. 13.1 12.1 9.9 8.8 4.4 4.4 3.7 3.4 1.1 1.1 1.0 0.9Royal Dutch Shell PLC (CL A) 12.4 8.2 0.1 0.1 7.2 5.2 0.0 0.0 1.5 1.3 0.0 0.0Total S.A. 8.5 7.6 7.3 6.8 4.7 4.5 4.2 4.0 1.5 1.3 1.2 1.1Cia Espanola De Petroleos Hellenic Petroleum S.A. 10.9 11.8 7.7 5.6 17.7 15.4 4.8 3.9 0.8 0.8 0.7 0.7Tupras Turkiye Petrol Rafinerileri A.S.11.8 9.4 8.9 9.0 4.4 7.8 7.5 7.4 2.2 2.4 2.2 2.1OMV Petrol Ofisi A.S. Lukoil Holdings 5.5 4.0 4.4 4.8 3.7 2.8 3.0 3.0 0.8 0.6 0.6 0.5Median Peer Group 10.9 8.2 7.3 6.6 4.4 4.5 3.7 3.4 1.2 1.1 1.0 0.9EuroStoxx Oil & Gas 13.6 14.1 10.0 8.8 6.1 6.0 4.3 4.0 1.4 1.3 1.2 1.1CEE to Peer, Prem/Disc 5% 2% 28% 19% 41% 1% 22% 36% 14% -16% -13% -11%

2010 2011e 2012e 2013e 2010 2011e 2012e 2013e 2010 2011e 2012e 2013eAygaz 0.5 0.4 0.4 0.4 6.9 4.9 7.8 7.3 5.2% 7.0% 4.6% 4.8%FX Energy 11.7 7.0 5.8 5.2 40.5 18.3 13.2 10.9 0.0% 0.0% 0.0% 0.0%INA 1.6 1.3 1.2 1.2 10.7 7.3 5.8 5.3 1.5% 3.7% 5.2% 5.7%Kulczyk Oil Ventures 30.9 11.0 9.7 9.8 -20.5 -633.0 74.3 68.2 0.0% 0.0% 0.0% 268%Lotos Group 0.5 0.3 0.3 0.3 9.4 4.8 4.4 3.8 0.0% 10.0% 11.2% 15.6%MOL 0.8 0.5 0.5 0.5 6.4 4.3 4.1 4.1 0.0% 3.3% 3.9% 3.5%OMV 0.8 0.5 0.5 0.4 4.5 3.7 3.6 3.2 3.2% 4.2% 5.2% 5.2%Petrom 1.2 0.8 0.9 0.8 3.8 2.5 2.7 2.5 5.3% 11.0% 10.0% 11.2%PKN Orlen 0.4 0.2 0.3 0.2 5.5 3.4 4.3 4.0 0.0% 20.4% 6.7% 7.1%Tupras 0.3 0.3 0.3 0.3 5.2 6.2 6.5 6.3 7.5% 7.4% 7.4% 7.6%Turcas Petrol AS 15.2 61.8 53.6 46.4 87.5 68.2 44.3 41.6 1.3% 0.9% 1.9% 3.1%Unipetrol 0.4 0.3 0.3 0.3 6.5 5.8 5.6 6.3 0.0% 1.8% 2.3% 3.1%Median CEE 0.8 0.5 0.5 0.5 6.4 4.8 5.7 5.8 0.6% 4.0% 4.9% 5.4%Repsol YPF S.A. 0.6 0.6 0.6 0.5 4.2 4.7 3.9 3.5 4.8% 5.3% 5.8% 6.3%Royal Dutch Shell PLC (CL A) 0.7 0.5 0.5 0.5 5.0 4.1 3.7 3.6 4.6% 0.0% 5.1% 5.3%Total S.A. 0.7 0.6 0.6 0.6 3.9 3.4 3.1 3.2 5.8% 5.8% 6.0% 6.1%Cia Espanola De Petroleos 0.3 4.7 Hellenic Petroleum S.A. 0.4 0.5 0.4 0.4 7.1 10.6 7.4 6.3 7.3% 7.3% 7.3% 7.3%Tupras Turkiye Petrol Rafinerileri A.S.0.3 0.2 0.3 0.3 4.8 4.6 6.6 7.2 7.5% 7.5% 8.1% 8.1%OMV Petrol Ofisi A.S. Lukoil Holdings 0.5 0.4 0.4 0.4 3.6 2.5 3.0 2.9 3.2% 4.3% 4.4% 4.7%Median Peer Group 0.6 0.5 0.5 0.5 4.4 4.1 3.7 3.5 5.8% 5.8% 6.5% 6.6%EuroStoxx Oil & Gas 1.0 1.0 0.9 0.8 8.0 7.2 7.2 5.7 3.2% 3.4% 3.2% 3.7%CEE to Peer, Prem/Disc 32% -9% -5% -8% 45% 18% 53% 64% -89% -32% -25% -18%


P/E P/CE P/BV



2010 2011e 2012e 2013e 2010 2011e 2012e 2013e 2010 2011e 2012e 2013eAygaz 6.9% 8.5% 5.3% 5.4% 5.2% 7.2% 4.7% 4.7% 13.7% 16.9% 10.9% 10.8%FX Energy 28.8% 38.3% 44.3% 47.9% -3.0% 15.6% 14.0% 12.2% -4.5% 12.6% 8.7% 7.1%INA 14.6% 18.4% 21.3% 22.8% 3.6% 8.0% 10.5% 11.3% 3.6% 19.9% 23.9% 22.6%Kulczyk Oil Ventures -151.0% -1.7% 13.1% 14.3% -248.2% -49.5% -30.9% -27.5% -17.4% -4.5% -3.2% -3.2%Lotos Group 5.9% 6.1% 7.1% 7.6% 3.4% 3.1% 3.9% 4.0% 9.6% 11.2% 11.9% 11.5%

MOL 11.8% 11.8% 12.6% 12.5% 2.5% 4.3% 5.0% 4.7% 7.6% 12.9% 14.7% 12.6%OMV 16.8% 13.1% 12.8% 12.9% 5.2% 4.6% 4.8% 4.8% 10.7% 11.8% 11.5% 11.6%Petrom 31.1% 32.8% 31.7% 31.0% 14.6% 14.9% 13.7% 13.7% 15.9% 18.3% 15.3% 15.7%PKN Orlen 6.6% 6.3% 6.0% 6.2% 2.9% 5.2% 2.4% 2.4% 12.6% 21.1% 8.8% 8.3%Tupras 4.8% 4.6% 4.8% 4.8% 2.8% 3.1% 3.1% 3.0% 20.4% 25.9% 24.5% 23.2%Turcas Petrol AS 17.4% 90.7% 121.1% 111.6% 107.7% 273% 521% 754% 11.3% 3.9% 8.2% 11.9%Unipetrol 6.0% 5.1% 5.9% 5.4% 1.1% 1.7% 2.0% 1.7% 2.5% 4.6% 4.6% 3.8%Median CEE 9.3% 10.2% 12.7% 12.7% 3.2% 4.9% 4.7% 4.7% 10.2% 1 2.7% 11.2% 11.5%Repsol YPF S.A. 14.4% 13.6% 14.5% 15.0% 7.8% 3.5% 3.9% 4.2% 8.4% 8.7% 10.0% 10.8%Royal Dutch Shell PLC (CL A) 13.0% 13.3% 13.8% 14.2% 5.2% 5.7% 6.1% 6.8% 12.2% 16.0% 15.3% 15.1%Total S.A. 17.3% 18.0% 20.4% 19.9% 6.6% 6.7% 7.1% 7.6% 17.0% 17.3% 16.4% 16.1%Cia Espanola De Petroleos 6.2% 6.5% 6.5% 0.0% 1.6% 2.4% 2.5% 0.0% 11.1% 9.4% 10.5% Hellenic Petroleum S.A. 5.9% 4.4% 5.1% 5.6% 2.1% 2.0% 2.2% 3.0% 7.3% 6.5% 9.4% 12.2%Tupras Turkiye Petrol Rafinerileri A.S.6.0% 5.1% 3.8% 4.1% 3.2% 2.8% 2.6% 2.6% 19.1% 25.5% 24.9% 23.6%OMV Petrol Ofisi A.S. 4.1% 0.0% 0.0% 0.0% 0.7% 0.0% 0.0% 0.0% Lukoil Holdings 14.9% 14.3% 13.9% 13.9% 8.6% 8.7% 8.4% 7.8% 15.2% 16.2% 13.2% 10.5%Median Peer Group 13.0% 13.5% 13.8% 14.2% 5.2% 4.6% 5.0% 6. 8% 12.8% 14.9% 13.6% 14.2%EuroStoxx Oil & Gas 17.3% 18.0% 20.4% 19.9% 6.6% 3.5% 7.1% 7.7% 11.3% 12.3% 13.7% 14.2%CEE to Peer, ppt -3.7 -3.3 -1.1 -1.5 -2.0 0.3 -0.3 -2.1 -2.7 -2.1 -2.4 -2.7

2010 2011e 2012e 2013e 2010 2011e 2012e 2013eAygaz nm 16.9% -37.2% 4.8% nm nm -35.0% 5.1%FX Energy nm 120.3% 56.5% 24.4% nm nm 19.2% -1.7%INA 199.9% 61.4% 21.6% 7.6% nm 509.1% 38.8% 8.9%Kulczyk Oil Ventures -1.7% nm nm 22.1% -40.0% -67.2% -29.3% -0.9%Lotos Group 77.3% 45.0% 4.9% 8.8% -26.8% 26.0% 12% 4.2%

MOL 20.0% 22.1% 1.7% -3.0% 15.9% 72.6% 17% -9.2%OMV 43.0% 14.5% 4.9% 11.8% 61.0% 20.9% 6% 9.2%Petrom 41.9% 36.3% -4.4% 9.5% 220.3% 29.5% -9% 11.3%PKN Orlen 64.1% -0.9% -17.3% 2.0% 112.9% 83.7% -58% -3.4%Tupras 12.3% 10.0% 1.3% 7.8% -1.7% 26.5% -3% 4.0%Turcas Petrol AS 47.0% -29.6% 43.0% 3.2% 120.7% -65.8% 105% 62.0%Unipetrol 94.7% 9.6% -0.7% -9.1% nm 94.3% 3% -15.3%CEE total 41.8% 19.8% 0.7% 6.7% nm 204.2% 25.8% 6.3%Repsol YPF S.A. 30.6% -0.3% 14.5% 8.2% 56.4% 8.2% 22.5% 12.7%Royal Dutch Shell PLC (CL A) 59.4% 36.2% 2.82% -0.3% 66.9% 51% 10672% 7.1%Total S.A. 29.4% 14.3% 9.5% -1.9% 31.7% 11.9% 4.0% 8.1%Cia Espanola De Petroleos 29.1% 10.3% 13.7% 0.0% 134.8% -11.0% 18.4% 0.0%Hellenic Petroleum S.A. 27.9% -18.7% 39.7% 15.8% 14.8% -7.8% 52.9% 38.4%Tupras Turkiye Petrol Rafinerileri A.S.25.0% 24.9% -16.4% 6.1% -4.7% 25.3% 5.2% -0.4%OMV Petrol Ofisi A.S. -12.0% - - - - - - -

Lukoil Holdings 22.3% 24.5% -6.5% -0.5% 41.3% 37.2% -8.4% -8.6%Peer Group total 33.6% 19.3% 5.3% 0.8% 40.2% 22.1% 1271.4% 6.1%EuroStoxx Oil & Gas 24.0% 9.7% 10.8% 5.0% 14.4% 7.8% 24.8% 18.8%CEE to Peer, ppt 8.2 0.5 -4.6 5.9 nm 182.1 -1245.6 0.2





Aygaz latest (TRY mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/ySales 1,227 1,303 1,253 1,241 1,502 22.4%EBITDA 94 81 59 58 73 -22.3%EBIT 70 60 235 43 57 -18.6%Net profit 115 29 245 42 41 -64.3%EBITDA margin 7.7% 6.2% 4.7% 4.7% 4.9%EBIT margin 5.7% 4.6% 18.8% 3.5% 3.8%Net margin 9.4% 2.2% 19.6% 3.4% 2.7%

FX Energy latest (USD mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yRevenues 6.65 6.10 7.15 9.18 10.12 52.2%EBITDA 2.79 1.20 1.03 0.36 0.07 -97.5%EBIT 2.27 0.21 0.29 -0.57 -0.86 n.a.Net profit 22.15 -1.76 2.55 2.55 -27.53 n.a.EBITDA margin 42.0% 19.7% 14.3% 3.9% 0.7%EBIT margin 34.1% 3.4% 4.0% -6.2% -8.5%Net margin 333.1% -28.8% 35.6% 27.8% -272.0%

INA latest (HRK mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2010 3Q 2011 y/yRevenues 6,989.0 7,357.0 6,943.0 7,817.0 7,967.0 14.0%EBITDA 1,615.0 1,056.0 2,019.0 2,079.0 1,628.0 0.8%EBIT 403.0 771.0 1,118.0 1,078.0 681.0 69.0%Net profit 668.0 398.0 1,053.0 893.0 126.0 -81.1%EBITDA margin 23.1% 14.4% 29.1% 26.6% 20.4%EBIT margin 5.8% 10.5% 16.1% 13.8% 8.5%Net margin 9.6% 5.4% 15.2% 11.4% 1.6%

Lotos Group latest

(PLN mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2010 3Q 2011 y/y

Revenues 5,282.8 5,739.3 6,519.5 6,777.1 7,598.0 43.8%

EBITDA 344.9 343.0 533.8 466.4 255.0 -26.1%

EBIT 242.6 229.7 412.6 321.1 93.0 -61.7%

Net profit 1,051.0 227.4 635.0 253.4 -329.0 n.a.

EBITDA margin 6.5% 6.0% 8.2% 6.9% 3.4%

EBIT margin 4.6% 4.0% 6.3% 4.7% 1.2%

Net margin 19.9% 4.0% 9.7% 3.7% -4.3%

MOL latest (HUF mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/ySales 1,189.9 1,177.1 1,177.2 1,298.4 1,377.7 15.8%EBITDA 150.6 139.1 176.6 155.3 127.0 -15.7%EBIT 83.8 62.9 109.1 n.a. 50.8 -39.4%Net profit 92.1 33.0 92.7 54.0 36.4 -60.5%EBITDA margin 12.7% 11.8% 15.0% 12.0% 9.2%EBIT margin 7.0% 5.3% 9.3% n.a. 3.7%Net margin 7.7% 2.8% 7.9% 4.2% 2.6%

52 w eeks

1.000

1.500

2.000

2.500

3.000

3.500

4.000

4.500

INA CRO BE X (Reba sed) D J EURO STO XX O il & Gas (R ebas ed)

52 weeks

20

25

30

35

40

45

50

Lotos GroupW IG 20 (Rebased)DJ EURO STOXX Oil & Gas (Rebased)

52 weeks

12.000

14.000

16.000

18.000

20.000

22.000

24.000

26.000

MOL BUX (Rebased) DJ EURO STOXX Oil & Gas (Rebas ed)

52 weeks

5

6

7

8

9

10

11

12

Aygaz ISE 100 (Rebased) DJ EURO STOXX Oil & Gas (Rebased)

52 weeks

3

4

5

6

7

8

9

10

11

12

FX Energy DJ STOXX Oil & Gas (TR) (Rebased)



OMV latest (EUR mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/ySales 5,673.0 6,635.0 8,071.0 7,960.0 8,669.0 52.8%

EBITDA 918.0 950.0 1,173.0 1,017.0 958.0 4.4%EBIT 395.0 582.0 807.0 567.0 563.0 42.5%


Net margin 2.6% 1.3% 4.5% 3.4% 2.5%

PKN Orlen latest (PLN mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yRevenues 22,106 22,931 22,674 25,641 28,682 29.7%

EBITDA 1,403 1,343 1,893 1,586 1,392 -0.8%EBIT 789 747 1,339 1,009 778 -1.3%

Net profit 1,285 544 1,105 899 -249 n.a.EBITDA margin 6.3% 5.9% 8.3% 6.2% 4.9%EBIT margin 3.6% 3.3% 5.9% 3.9% 2.7%

Net margin 5.8% 2.4% 4.9% 3.5% -0.9%

Petrom latest

(RON mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/y

Sales 4,815 5,458 4,978 5,293 5,953 23.6%

EBITDA 1,368 1,680 1,868 1,984 1,999 46.1%

EBIT 336 974 1,192 1,224 1,338 298.2%

Net profit -100 781 840 903 1,175 n.a.

EBITDA margin 28.4% 30.8% 37.5% 37.5% 33.6%

EBIT margin 7.0% 17.8% 23.9% 23.1% 22.5%

Net margin -2.1% 14.3% 16.9% 17.1% 19.7%

Tupras latest

(TRY mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/y

Sales 7,071 7,394 7,766 10,454 12,063 70.6%

EBITDA 411 250 412 517 795 93.4%

EBIT 353 192 351 457 732 107.4%

Net profit 348 65 306 258 354 1.7%EBITDA margin 5.8% 3.4% 5.3% 4.9% 6.6%EBIT margin 5.0% 2.6% 4.5% 4.4% 6.1%

Net margin 4.9% 0.9% 3.9% 2.5% 2.9%

Turcas Petrol AS latest (TRY mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yRevenues 11.10 13.2 1.5 3.5 3.40 -69.4%

EBITDA n.a. n.a. n.a. n.a. n.a. n.a.EBIT -1.60 -3.8 -1.8 10.6 0.70 n.a.

Net profit 17.70 -10.9 14.1 3.0 -3.40 n.a.

EBITDA margin n.a. n.a. n.a. n.a. n.a. EBIT margin -14.4% -28.6% -120.0% 302.9% 20.6%

Net margin 159.5% -82.6% 940.0% 85.7% -100.0%

5 2 w e eks

1 61 82 02 22 42 62 83 03 23 43 6

O M V ATX (R e ba s e d) D J E UR O STO XX O il & G a s (R e ba se d)

5 2 w e eks

3 0

3 5

4 0

4 5

5 0

5 5

6 0

P K N O rle nW IG 2 0 (R e b a s e d)D J E U R O S TO X X O il & G a s (R e b a s e d)

52 weeks

0,260,280,300,320,340,360,380,400,420,440,46

Petrom BET (Rebased) DJ EURO STOXX Oil & Gas (Rebased)

52 weeks

25

30

35

40

45

50

55

Tupras ISE 100 (Rebased) DJ EURO STOXX Oil & Gas (Rebased)

52 weeks

2,0

2,5

3,0

3,5

4,0

4,5

5,0

Turcas Petrol ASISE 100 (Rebased)DJ EURO STOXX Oil & Gas (Rebased)



Unipetrol latest (CZK mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yRevenues 22,505 22,014 23,088 25,948 24,056 6.9%

EBITDA 1,403 983 1,379 1,012 505 -64.0%EBIT 238 122 571 224 -230 n.a.

Net profit 175 -68 464 -1 -128 n.a.EBITDA margin 6.2% 4.5% 6.0% 3.9% 2.1%EBIT margin 1.1% 0.6% 2.5% 0.9% -1.0%

Net margin 0.8% -0.3% 2.0% 0.0% -0.5%

52 w eeks

1 401 501 601 701 801 902 002 102 202 302 40

Unipetro l PX (R ebas ed) D J E UR O S TOX X O il & Gas (Re based)




Company (EURmn) 1M 3M 6M 12MArcelik TRY 2,029.6 7.08 8.90 Buy 22.1% 1.7% -13.2% -19.2%BWT EUR 241.0 14.32 26.80 Buy 11.6% -1.2% -21.2% -36.2%Gorenje EUR 69.8 4.39 9.00 Buy 9.8% -23.0% -52.3% -66.4%Philip Morris CR CZK 1,280.1 11,926.00 9,600.01 Reduce -1.0% 3.1% 20.5% 14.5%Vestel TRY 137.8 1.71 2.40 Accumulate -3.9% -17.8% -36.9% -52.6%

Wolford EUR 113.3 23.12 28.00 Accumulate -4.4% -5.3% -7.1% -1.4%

EuroStoxx Personal & Household Goods

- 221,365 - - - 1.9% 1.0% -8.7% -17.0%

Personal & Household Goods Price Performance (EUR terms)

(LC)

2010 2011e 2011e 2013e 2010 2011e 2011e 2013e 2010 2011e 2011e 2013eArcelik 9.9 10.5 7.7 6.7 6.7 6.7 5.8 5.1 1.6 1.4 1.2 1.1BWT 16.6 13.7 12.7 10.8 9.1 6.9 6.4 5.8 2.3 1.4 1.3 1.2Gorenje 10.8 7.8 5.3 3.8 2.2 0.9 0.9 0.8 0.5 0.2 0.2 0.2Philip Morris CR 12.0 11.0 13.4 13.2 10.2 9.4 11.2 11.1 3.4 3.3 3.3 3.2Vestel 24.9 11.5 5.3 4.8 7.7 4.0 3.0 2.7 1.3 0.7 0.5 0.5Wolford 31.7 26.2 12.6 11.9 7.3 9.3 6.6 6.5 1.0 1.6 1.2 1.2Median CEE 14.3 11.2 10.2 8.7 7.5 6.8 6.1 5.4 1.4 1.4 1.2 1.1EuroStoxx Personal & Household Goods

18.0 16.6 14.2 12.2 12.8 11.9 10.9 9.8 2.5 2.2 2.0 1.8

CEE to Peer, Prem/Disc -21% -32% -28% -28% -41% -43% -44% - 45% -42% -36% -38% -36%

2010 2011e 2011e 2013e 2010 2011e 2011e 2013e 2010 2011e 2011e 2013eArcelik 0.9 0.8 0.7 0.6 8.0 7.2 5.7 5.1 2.1% 5.3% 3.2% 4.6%BWT 0.9 0.6 0.6 0.6 8.9 6.9 6.7 5.8 1.8% 2.8% 2.8% 2.8%Gorenje 0.5 0.3 0.4 0.3 5.7 5.4 5.0 4.5 0.0% 3.4% 5.1% 8.0%Philip Morris CR 2.4 2.2 2.4 2.3 7.2 6.9 8.2 8.0 7.5% 8.1% 6.6% 6.8%Vestel 0.5 0.3 0.2 0.2 9.0 3.9 2.9 2.7 16.3% 7.0% 6.8% 15.3%Wolford 0.8 1.0 0.8 0.8 9.1 10.1 7.0 6.5 1.2% 1.5% 3.0% 3.5%Median CEE 0.8 0.7 0.6 0.6 8.5 6.9 6.2 5.5 2.0% 4.3% 4.2% 5.7%EuroStoxx Personal & Household Goods

1.4 1.5 1.4 1.3 9.2 8.2 7.5 6.3 1.9% 2.1% 2.4% 2.7%

CEE to Peer, Prem/Disc -39% -53% -54% -55% -8% -16% -17% -1 3% 7% 105% 77% 109%

2010 2011e 2011e 2013e 2010 2011e 2011e 2013e 2010 2011e 2011e 2013eArcelik 10.9% 11.2% 11.4% 11.4% 7.9% 6.0% 7.2% 7.6% 18.0% 12.7% 17.0% 17.1%

BWT 10.2% 9.3% 9.3% 9.7% 4.9% 3.8% 3.8% 4.1% 14.4% 10.4% 10.5% 11.4%Gorenje 7.9% 6.3% 7.1% 7.3% 1.5% 0.7% 1.0% 1.3% 5.3% 2.3% 3.2% 4.4%Philip Morris CR 33.1% 32.5% 28.9% 29.0% 23.1% 22.9% 20.0% 20.2% 29.9% 30.3% 24.8% 24.9%Vestel 5.8% 6.8% 7.4% 7.4% 1.8% 1.7% 3.5% 3.7% 4.8% 5.3% 11.2% 11.2%Wolford 9.0% 10.1% 12.0% 12.3% 1.8% 3.2% 5.4% 5.6% 3.3% 6.2% 10.3% 10.2%Median CEE 9.6% 9.7% 10.4% 10.5% 3.4% 3.5% 4.6% 4.9% 9.9% 8.3 % 10.9% 11.3%EuroStoxx Personal & Household Goods

17.8% 18.5% 19.1% 19.6% 7.4% 7.5% 8.1% 8.7% 14.6% 15.0% 14.7% 15.0%

CEE to Peer, ppt -8.3 -8.8 -8.8 -9.1 -4.0 -4.0 -3.5 -3.8 -4. 7 -6.6 -3.8 -3.7

2010 2011e 2011e 2013e 2010 2011e 2011e 2013eArcelik -6.3% 1.4% 14.2% 10.3% 15.3% -25% 36.2% 15.7%BWT 3.2% -7.2% 7.3% 11.5% 0.4% -20.9% 7.5% 18%Gorenje 59.3% -18.0% 6.2% 7.2% nm -54.9% 45.5% 40.3%Philip Morris CR 10.8% 7.7% -16.3% 1% 12.9% 8.5% -17.6% 1.6%Vestel -59.7% 16.9% 13.7% 6% -76.8% -5.0% 115.6% 12.0%Wolford 30.2% 26.0% 26.5% 4% -314% 97% 77.4% 6.4%CEE total -3.5% 0.6% 6.3% 8.0% 20.2% 6.5% -13.6% 3.3%EuroStoxx Personal & Household Goods

28.0% 7.6% 9.2% 9.2% 52.2% 9.3% 10.3% 12.7%

CEE to Peer, ppt -31.6 -7.0 -2.9 -1.3 -32.1 -2.8 -23.9 -9.5

P/E P/CE P/BV






Arcelik latest (TRY mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/ySales 1846.73 1835.91 1699.39 2029.10 2314.60 25.3%EBITDA 227.40 162.85 204.23 221.80 257.80 13.4%EBIT 179.94 94.42 150.18 170.80 201.60 12.0%Net profit 148.14 98.48 125.61 137.20 151.60 2.3%EBITDA margin 12.3% 8.9% 12.0% 10.9% 11.1%EBIT margin 9.7% 5.1% 8.8% 8.4% 8.7%Net margin 8.0% 5.4% 7.4% 6.8% 6.5%

BWT latest (EUR mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q2011 y/ySales 114.80 115.50 115.60 127.90 118.30 3.0%EBITDA n.a. n.a. n.a. n.a. n.a. n.a.EBIT 7.30 5.00 6.20 10.70 4.30 -41.1%Net profit 5.40 2.80 3.60 7.20 2.80 -48.1%EBITDA margin n.a. n.a. n.a. n.a. n.a.EBIT margin 6.4% 4.3% 5.4% 8.4% 3.6%Net margin 4.7% 2.4% 3.1% 5.6% 2.4%

Gorenje latest (EUR mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/ySales 355.75 416.37 370.218 374.41 315.53 -11.3%EBITDA 38.05 25.31 21.683 21.91 18.50 -51.4%EBIT 24.70 12.04 8.868 9.04 5.54 -77.6%Net profit 12.40 3.19 1.831 4.52 1.31 -89.4%EBITDA margin 10.7% 6.1% 5.9% 5.9% 5.9%EBIT margin 6.9% 2.9% 2.4% 2.4% 1.8%Net margin 3.5% 0.8% 0.5% 1.2% 0.4%

Philip Morris latest (CZK mn) 1H 2009 2H 2009 1H 2010 2H 2010 1H 2011 y/ySales 5,482.0 6,208 5,537.0 5,865.0 5,622.0 1.5%EBITDA 1,672.0 1,981 1,635.5 1,816.0 1,622.0 -0.8%EBIT 1,457.0 1,769 1,390.0 1,585.0 1,391.0 0.1%Net profit 1,135.0 1,367 1,119.0 1,271.0 1,131.0 1.1%EBITDA margin 30.5% 31.9% 29.5% 31.0% 28.9%EBIT margin 26.6% 28.5% 25.1% 27.0% 24.7%Net margin 20.7% 22.0% 20.2% 21.7% 20.1%

Vestel WG latest (TRY mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/ySales 392.94 395.69 361.62 531.50 556.70 41.7%

EBITDA 15.20 13.15 28.08 36.60 39.20 157.9%EBIT 2.56 -3.00 14.17 22.50 24.80 869.5%Net profit 3.20 -4.84 8.63 9.30 3.90 21.9%EBITDA margin 3.9% 3.3% 7.8% 6.9% 7.0%EBIT margin 0.7% -0.8% 3.9% 4.2% 4.5%Net margin 0.8% -1.2% 2.4% 1.7% 0.7%

Wolford latest (EUR mn) 4Q09/10 1Q10/11 2Q10/11 3Q10/11 4Q10/11 y/ySales 31.4 29.8 44.2 46.0 32.1 2.3%EBITDA 0.4 -0.5 7.6 8.7 -0.1 n.a.EBIT -1.7 -2.4 5.6 6.7 -2.5 47.1%Net profit -1.2 -2.5 4.4 5.1 -1.9 62.4%EBITDA margin 1.2% -1.5% 17.2% 18.9% -0.3%EBIT margin -5.5% -8.2% 12.7% 14.5% -7.9%Net margin -3.8% -8.4% 10.0% 11.0% -6.0%

52 w e eks

1 0

1 2

1 4

1 6

1 8

2 0

2 2

2 4

BW TATX (Reba sed)DJ EURO STO XX Personal & House ho ld Go ods (Rebased)

52 w eeks

456789

1 01 11 21 31 41 5

G ore njeSB I TOP (Re bas e d)D J EURO STO XX Pe rsonal & Ho us eho ld Go ods (R eba sed)

5 2 w e ek s

7 .50 08 .00 08 .50 09 .00 09 .50 0

1 0 .00 01 0 .50 01 1 .00 01 1 .50 01 2 .00 01 2 .50 0

P hilip M o rr is C RP X (R e ba s e d )D J E UR O S TO X X P e rs o na l & Ho us e h o ld G o o d s (R e ba s e d)

5 2 w e e ks

1 4

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2 0

2 2

2 4

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W o lfo rdA T X (R e ba s e d )D J E U R O S T O X X P e rs o n a l & Ho us e ho ld G o o ds (R e ba s e d )

52 weeks

5,5

6,0

6,5

7,0

7,5

8,0

8,5

9,0

ArcelikISE 100 (Rebas ed)DJ EUR O STOXX Pers onal & Household Goods (Rebased)

52 weeks

1,82,02,22,42,62,83,03,23,43,63,8

Vestel ISE 100 (Rebased)DJ EURO STOXX Personal & Household Goods (Rebased)



Real Estate


Company (EURmn) 1M 3M 6M 12MCA IMMO EUR 704 8.01 10.4 Buy -1.6% -9.5% -33.2% -32.5%conwert EUR 662 8.10 10.3 Hold -1.2% -17.6% -29.1% -27.6%Emlak Konut REIT TRY 2,089 1.97 2.9 Buy -2.0% -21.5% -27.3% -17.9%GTC EUR 401 8.07 9.8 Hold -15.1% -34.1% -53.2% -67.1%Immofinanz EUR 2,343 2.26 3.2 Buy 4.6% 1.7% -18.4% -30.7%Orco EUR 55 3.26 4.3 Hold -2.7% -18.5% -55.6% -54.8%S Immo EUR 297 4.35 5.2 Buy -3.4% 11.6% -6.2% -16.2%Sinpas REIT TRY 249 0.98 2.0 Buy -3.9% -31.0% -38.7% -49.3%

Atrium European Real Estate LimitedEUR - Euro 1,305 - - - 10.7% -4.5% -21.8% -22.5%

Warimpex Finanz- und Beteiligungs AGEUR - Euro 39 - - - -10.2% -41.7% -64.0% -70.9%

XXI Century Investments Public LimitedGBP - UK Pound Sterling27 - - - 9.6% 5.9% -27.1% -80.5%

Echo Investment S.A. PLN - Polish Zloty329 - - - 10.3% -10.9% -35.0% -34.9%


(LC)

2010 2011e 2012e 2013e 2010 2011e 2012e 2013e 2010 2011e 2012e 2013eCA IMMO 22.9 14.1 14.5 11.9 99.1 15.2 14.3 14.2 0.64 0.41 0.41 0.42

conwert 37.3 43.9 20.7 18.2 n.m 19.7 16.2 14.8 0.69 0.52 0.51 0.51

Emlak Konut REIT 10.2 19.8 10.8 5.1 9.9 18.2 10.8 5.1 1.37 1.39 1.22 1.02

GTC 32.3 nm nm 10.4 n.m 19.0 24.4 35.4 1.34 0.47 0.47 0.45

Immofinanz 18.7 10.1 8.8 9.2 3.9 11.5 15.0 9.0 0.70 0.59 0.43 0.42

Orco 0.4 nm 29.8 2.8 0.5 n.m n.m n.m 0.34 0.16 0.27 0.26S Immo 195.2 16.0 14.4 11.0 20.2 13.1 10.2 8.3 0.75 0.58 0.56 0.54

Sinpas REIT 16.5 3.0 2.6 3.8 15.5 3.0 2.6 3.6 1.11 0.56 0.47 0.44

Median CEE 22.9 14.1 17.6 10.4 0.5 15.2 15.0 14.2 0.69 0.47 0.43 0.42Atrium European Real Estate Limited 11.7 12.8 11.6 9.5 13.5 13.5 11.1 10.8 0.60 0.57 0.55 0.52

Warimpex Finanz- und Beteiligungs AG 10.3 4.4 4.8 1.5 0.44 0.43 0.42 0.42

XXI Century Investments Public Limited

Echo Investment S.A. 8.9 7.3 8.7 6.9 11.1 0.69 0.71 0.69 0.63Median Peer Group 8.9 10.9 9.2 7.8 12.3 10.4 9.6 0.52 0.50 0. 48 0.47CEE to Peer, Prem/Disc 158% - - - 24% - - 32% -6% -12% -10%

2010 2011e 2012e 2013e 2010 2011e 2012e 2013e 2010 2011e 2012e 2013eCA IMMO 0.63 0.41 0.40 0.41 20.3 17.8 15.6 16.0 0.0% 4.9% 5.0% 5.0%

conwert 0.75 0.57 0.56 0.55 16.1 20.3 18.6 18.4 2.8% 2.5% 3.1% 3.7%

Emlak Konut REIT 7.5 20.4 8.7 4.5 0.0% 3.6% 2.0% 3.8%

GTC 1.13 0.44 0.44 0.42 37.5 21.0 18.8 17.7 0.0% 0.0% 0.0% 0.0%Immofinanz 0.64 0.56 0.41 0.40 21.0 21.0 17.7 15.8 0.0% 3.1% 6.6% 8.8%

Orco 0.26 0.12 0.21 0.20 35.9 25.0 27.5 13.8 0.0% 0.0% 0.0% 0.0%

S Immo 0.69 0.53 0.51 0.48 26.2 18.2 18.3 16.7 0.0% 2.3% 2.5% 2.8%

Sinpas REIT 17.9 3.4 2.3 0.0 0.0% 5.1% 9.6% 11.6%

Median CEE 0.64 0.44 0.41 0.41 21.0 21.0 18.6 16.0 0.0% 2.5% 3.1% 3.7%Atrium European Real Estate Limited 13.0 14.8 12.9 11.9 3.4% 4.0% 4.6% 5.1%

Warimpex Finanz- und Beteiligungs AG 24.0 0.0% 0.0% 13.8% 13.8%

XXI Century Investments Public Limited

Echo Investment S.A.Median Peer Group - - - - 20.9 14.8 12.9 11.9 1.7% 2.0% 6.8% 7. 1%CEE to Peer, Prem/Disc - - - - 1% 42% 44% 34% - - - -

P/E P/CE P/BV*

P/NAV* EV/EBITDA Dividend yield

* for peer groups BV is used as an equivalent for NAV



2010 2011e 2012e 2013e 2010 2011e 2012e 2013e 2010 2011e 2012e 2013eCA IMMO 70.7% 65.1% 67.3% 62.0% 22.2% 17.9% 17.9% 21.6% 2.8% 3.0% 3.1% 3.8%

conwert 83.3% 50.6% 50.9% 49.8% 11.6% 6.9% 13.7% 15.4% 1.8% 1.2% 2.5% 2.8%Emlak Konut REIT 43.6% 32.7% 38.9% 37.3% 31.3% 30.7% 36.8% 37.5% 17.2% 6.5% 12.0% 21.8%

GTC 40.2% 44.6% 49.3% 50.8% 16.9% -123.9% -3.8% 24.8% 4.3% -16.3% -0.6% 4.4%

Immofinanz 54.9% 49.2% 51.8% 56.1% 27.2% 41.1% 32.3% 32.1% 2.3% 6.3% 4.6% 4.6%

Orco 11.2% 12.6% 19.9% 19.4% 70.8% -2.3% 1.9% 14.8% 129.8% -1.6% 0.8% 9.6%

S Immo 40.8% 46.7% 45.7% 47.7% 1.2% 10.4% 11.1% 14.5% 0.4% 3.7% 4.0% 5.0%

Sinpas REIT 15.8% 26.5% 23.8% 29.6% 17.3% 27.5% 23.8% 28.5% 7.1% 18.3% 19.3% 11.9%Median CEE 54.9% 49.2% 50.9% 50.8% 22.2% 6.9% 13.7% 21.6% 2.8% 1.2% 2.5% 4.4%

Atrium European Real Estate Limited95.9% - - - 83.3% 56.9% 45.9% 46.6% 5.1% 4.4% 4.7% 5.5%

Warimpex Finanz- und Beteiligungs AG - - 0.0% 0.0% 2.2% 2.9% 6.4% 4.8% -8% 4.1% 9.6% 8.6%XXI Century Investments Public Limited - - - - - - - - - -

Echo Investment S.A. 40.1% - - - 34.5% 60.2% 50.2% 37.8% 7.8% 9.8% 8.0% 9.2%

Median Peer Group 54.7% - - 38% 43.4% 40.5% 37.6% 5.5% 4.3% 6 .3% 7.1% 7.9%CEE to Peer, ppt 0.2 - - 12.9 -21.1 -33.6 -23.8 16.1 -1.5 -5. 2 -4.6 -3.5

2010 2011e 2012e 2013e 2010 2011e 2012e 2013e 2010 2011e 2012e 2013eCA IMMO -2% 51% 7% -4% nm 10% -3% 22% 2.6% 3.5% 1.6% -3.1%

conwert 76% -34% 0% -3% -2% -36% 112% 13% 4.3% -0.3% 1.4% 1.5%

Emlak Konut REIT 51% -66% 82% 99% 14% -55% 83% 112% #WERT! #WERT! #WERT! #WERT!

GTC 35% 3% 14% 9% nm nm nm -795% 4.8% -23.5% -1.0% 4.8%

Immofinanz 27% -5% 5% 12% nm 84% -19% -4% -4.0% 13.2% -3.2% 2.2%

Orco 176% 14% -15% 95% nm nm nm 971% 250.7% -7.3% -42.3% 5.5%

S Immo 34% 33% -5% 3% nm 905% 11% 31% 3.0% 7.2% 5.1% 5.1%Sinpas REIT -314% 183% 19% -28% nm 169% 15% -31% #WERT! #WERT! #WERT! #WERT!

CEE total 32.5% -0.6% 4.5% 8.9% nm -100% 2552% 92% 42% -3% -16 % -8%Atrium European Real Estate Limited36.1% -8.5% 14.7% 0.0% - - - - - 4.6% 4.3% 4.5%

Warimpex Finanz- und Beteiligungs AG50.2% - - - - - - nm -37.1% - - -

XXI Century Investments Public Limited - - - - - 0.0% 0.0% - - - - -

Echo Investment S.A. - 22.0% -16.0% 0% 5.9% -3.2% 2.9% 10.0%Peer Group total 7.9% 14.0% 7.7% -1.9% nm nm nm 13% 63.5% 3. 9% 3.1% 3.5%CEE to Peer, ppt 24.6 -14.6 -3.2 10.9 - - - 78.8 -21.1 -6.8 -1 8.7 -11.7


EBITDA growth (EUR) EPS growth (EUR) NAV* growth (EUR )

* for peer groups BV is used as an equivalent for NAV



CA IMMO latest (EUR mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yRevenues 61.7 104.3 87.6 80.6 94 52.4%EBITDA 30.7 39.0 46.4 42.1 72.2 135.2%EBIT 61.1 48.0 48.4 64 91.7 50.1%Net result 9.3 31.9 10.1 4.3 16.2 74.2%EBITDA margin 49.3% 49.8% 37.4% 37.4% 37.4%EBIT margin 62.5% 99.0% 46.0% 46.0% 46.0%Net margin 12.9% 15.1% 30.6% 30.6% 30.6%

conwert latest (EUR mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/ySales 150.0 179.2 126.8 246.2 308.1 105.4%EBITDA 26.7 107.6 30.2 33.9 33.0 23.6%EBIT 59.0 -7.5 27.6 35.5 19.4 -67.1%Net result 18.2 -6.7 5.4 2.8 -4.6 n.a.EBITDA margin 17.8% 60.0% 23.8% 13.8% 10.7%EBIT margin 39.3% -4.2% 21.8% 14.4% 6.3%Net margin 12.1% -3.7% 4.3% 1.1% -1.5%

Immofinanz latest (EUR mn) 2Q 10/11 3Q 10/11 4Q 10/11 1Q 11/12 2Q 11/12 y/ySales 180.6 194.3 204.8 188.2 186.6 3.3%EBITDA 74.2 111.2 83.2 99.2 171.04 130.5%EBIT 100.5 75.6 80.8 143.77 475.6 373.2%Net result 49.5 123.0 83.9 31.4 233.6 371.9%EBITDA margin 41.1% 57.2% 40.6% 52.7% 91.7%EBIT margin 55.6% 38.9% 39.5% 76.4% 254.9%Net margin 27.4% 63.3% 41.0% 16.7% 125.2%

GTC latest (EUR mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/ySales 36.71 54.38 34.74 40.90 41.60 13.3%EBITDA 18.14 12.42 15.73 13.40 20.00 10.2%EBIT 20.78 40.30 29.42 -37.90 -120.10 n.a.Net result 7.97 25.26 10.29 -36.50 -131.70 n.a.EBITDA margin 49.4% 22.8% 45.3% 32.8% 48.1%EBIT margin 56.6% 74.1% 84.7% -92.7% -288.7%Net margin 21.7% 46.4% 29.6% -89.2% -316.6%

Orco latest (EUR mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/ySales 65.16 86.42 33.21 40.36 43.36 -33.5%EBITDA 16.29 -0.58 5.01 17.83 12.71 -22.0%EBIT 14.13 -0.94 4.13 14.77 14.84 5.0%Net result 4.21 -8.53 -4.38 -3.13 -32.05 n.a.EBITDA margin 25.0% -0.7% 15.1% 44.2% 29.3%EBIT margin 21.7% -1.1% 12.4% 36.6% 34.2%

Net margin 6.5% -9.9% -13.2% -7.8% -73.9%

S Immo latest (EUR mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/ySales 46.85 48.74 48.25 54.08 49.60 5.9%EBITDA 18.20 16.45 20.99 25.49 27.10 48.9%EBIT 15.44 15.02 20.49 24.70 22.70 47.0%Net result -4.58 0.24 3.49 4.56 9.40 n.a.EBITDA margin 38.8% 33.8% 43.5% 47.1% 54.6%EBIT margin 33.0% 30.8% 42.5% 45.7% 45.8%

Net margin -9.8% 0.5% 7.2% 8.4% 19.0%

52 w eeks

6

7

8

9

10

11

12

13

14

CA IM M OATX (Rebas ed)DJ EUR O STOXX Financ ial S e rv ic es (Rebased)

5 2 w e eks

3

4

5

6

7

8

9

1 0

O rc oP X (R e ba se d )D J E UR O S TO X X F ina nc ia l S e rv ic e s (R e bas e d)

52 weeks

6

7

8

9

10

11

12

13

c onwertATX (Rebased)DJ EUR O S TOXX Financ ial Se rv ices (Rebased)

5 2 w e eks

5

1 0

1 5

2 0

2 5

3 0

3 5

G TCW IG 2 0 (R e ba s e d)D J E UR O S TO X X F in a nc ia l S e rv ic e s (R e bas e d)

52 weeks

1,61,82,02,22,42,62,83,03,23,43,6

ImmofinanzATX (Rebased)DJ EURO STOXX Financia l Serv ices (Rebased)

52 weeks

3,0

3,5

4,0

4,5

5,0

5,5

6,0

6,5

S ImmoATX (Rebased)DJ EURO STOXX Financial Services (Rebased)



Retail & Distribution


Company (EURmn) 1M 3M 6M 12MAB SA PLN 73.7 20.0 27.0 Buy 1.3% 14.3% -11.9% -24.0%Action SA PLN 72.4 19.5 30.0 Buy 11.0% 31.1% 0.8% 16.4%BIM TRY 3,493.6 54.3 51.6 Reduce 6.4% 1.9% -0.5% 0.9%Emperia Holding PLN 400.2 117.0 100.0 Hold 3.4% 18.2% 9.0% 17.6%Empik PLN 191.4 8.2 Under review 2.5% -20.9% -50.0% -60.2%Eurocash PLN 897.4 29 26 Accumulate 11.9% 19.2% -5.9% -12.6%Jeronimo Martins SGPS EUR 7,995.1 13 16 Buy 1.6% 1.1% -9.8% 9.1%LPP PLN 788.5 1,960 2,100 Hold -2.1% 0.5% -12.0% -8.2%NG2 PLN 405.6 47 56 Buy 5.1% 10.4% -17.7% -27.6%

Next PLC GBP - UK Pound Sterling5,290 - - - 0.9% 5.0% 14.3% 24.2%

Hugo Boss AG EUR - Euro 4,447 - - - 9.9% -5.3% -16.0% 18.9%Benetton Group S.p.A. EUR - Euro 547 - - - 5.8% -32.1% -39.5% -38.8%

EDOB Abwicklungs AG EUR - Euro 3 - - - 6.9% -22.3% 41.8% -68.2%

Ted Baker PLC GBP - UK Pound Sterling362 - - - 12.3% 2.7% -3.9% 10.8%

Baltika A.S. EUR - Euro 10 - - - -9.1% -41.2% -50.3% -76.7%Damartex S.A. EUR - Euro 147 - - - 11.4% 0.0% -10.7% -15.6%French Connection Group PLC GBP - UK Pound Sterling45 - - - -1.7% -43.4% -44.9% -48.2%

Industria de Diseno Textil S.A. EUR - Euro 40,024 - - - 3.2% -4.4% 3.8% 9.4%

Gerry Weber International AG EUR - Euro 1,166 - - - 17.4% 20.5% 4.7% 48.1%Silvano Fashion Group A.S. EUR - Euro 120 -0.8% -1.9% -6.5% -7.6%

H&M Hennes & Mauritz AB SEK - Swedish Krona40,633 5.4% 7.3% 5.0% -3.4%

EuroStoxx Retail - 93,368 - - - 3.1% 0.5% -7.6% -18.2%EuroStoxx Personal & Household Goods

- 221,365 - - - 1.9% 1.0% -8.7% -17.0%


(LC)

2010 2011e 2012e 2013e 2010 2011e 2012e 2013e 2010 2011e 2012e 2013eAB SA 7.4 7.3 6.3 6.2 5.2 6.4 5.2 5.2 0.9 1.2 0.8 0.8Action SA 11.0 7.4 7.3 6.8 7.1 5.8 5.8 5.6 1.5 1.5 1.2 1.1BIM 31.4 28.2 24.6 20.9 24.5 22.1 19.0 15.8 15.9 14.1 11.3 9.5Emperia Holding 16.8 16.7 16.0 15.0 9.7 9.4 9.6 9.0 1.8 1.9 1.8 1.6Empik 10.8 9.3 4.9 4.5 1.2 1.2 Eurocash 27.6 26.7 24.8 21.4 19.4 20.0 17.0 15.1 7.8 7.2 6.1 5.2Jeronimo Martins SGPS 25.5 20.9 17.5 15.3 15.0 13.2 11.8 10.5 8.5 6.5 5.4 4.5LPP 27.6 15.6 15.6 13.4 16.5 10.4 10.4 9.2 5.1 4.3 4.0 3.6NG2 22.3 13.3 12.4 10.8 18.6 11.0 10.4 9.2 6.2 3.7 3.2 3.1Median CEE 23.9 14.4 15.6 13.4 15.7 9.9 10.4 9.2 3.5 2.8 3.2 3.1Next PLC 12.4 10.9 0.1 0.1 11.2 8.4 0.1 0.1 20.9 15.7 0.1 0.1Hugo Boss AG 24.0 16.6 14.7 12.9 17.1 12.9 11.4 10.2 13.2 9.6 7.8 6.1Benetton Group S.p.A. 5.1 7.2 7.5 6.8 2.7 2.9 2.9 2.8 0.4 0.4 0.4 0.3EDOB Abwicklungs AG Ted Baker PLC 18.0 15.8 0.1 0.1 4.1 3.6 0.0 0.0Balt ika A.S. 0.7 0.8 1.0 1.0Damartex S.A. 11.5 7.8 9.6 9.2 4.0 7.1 18.0 3.7 1.1 1.0 1.0 0.9French Connection Group PLC 5.5 5.3 0.0 0.0 0.5 0.0 0.0Industria de Diseno Textil S.A. 23.1 20.8 18.6 16.4 16.6 15.1 13.5 12.2 6.3 5.5 4.8 4.3Gerry Weber International AG 20.0 17.9 15.1 13.4 16.3 14.9 13.3 11.9 5.6 4.6 3.9 3.4Silvano Fashion Group A.S. 9.8 3.8 5.8 5.1 7.2 3.8 4.3 4.3 2.8 1.9 1.9 1.5H&M Hennes & Mauritz AB 19.6 22.8 19.8 17.6 16.8 19.8 16.5 14.7 8.3 8.1 7.6 6.9Median Peer Group 12.4 12.5 9.6 9.2 11.2 8.4 11.4 5.5 4.1 2.8 1.1 1.1EuroStoxx Retail 13.5 12.2 10.8 9.5 6.0 7.0 6.3 5.6 1.3 1.3 1.2 1.1EuroStoxx Personal & Household Goods 16.6 14.2 12.2 12.8 11.9 10.9 9.8 2.5 2.2 2.0 1.8 1.4CEE to Peer, Prem/Disc 94% 16% 62% 46% 40% 17% -9% 66% -15% 1% 183% 180%

P/CE P/BVP/E



2010 2011e 2012e 2013e 2010 2011e 2012e 2013e 2010 2011e 2012e 2013eAB SA 0.1 0.2 0.1 0.1 5.8 8.8 6.3 6.0 1.9% 0.0% 3.2% 3.2%Action SA 0.2 0.1 0.1 0.1 7.8 5.7 5.5 5.1 2.4% 3.4% 6.9% 7.3%BIM 1.1 1.0 0.8 0.7 21.0 19.0 16.2 13.3 1.7% 2.2% 2.6% 3.1%Emperia Holding 0.3 0.3 0.3 0.3 8.9 8.5 8.6 8.0 2.4% 2.4% 2.4% 2.5%Empik 0.3 0.3 5.2 4.6 0.0% 0.0% Eurocash 0.5 0.4 0.4 0.3 16.0 14.4 13.7 12.0 1.4% 1.9% 2.0% 4.7%Jeronimo Martins SGPS 0.9 0.8 0.7 0.6 12.5 11.3 9.8 8.5 1.8% 0.0% 2.4% 2.8%LPP 2.0 1.4 1.4 1.2 13.7 8.7 9.0 8.0 3.6% 5.2% 5.2% 6.0%NG2 2.6 1.5 1.5 1.3 17.8 9.1 8.5 7.5 2.2% 4.6% 7.9% 9.6%Median CEE 0.7 0.6 0.7 0.6 12.1 8.7 8.6 8.0 1.9% 2.1% 2.6% 3.2%Next PLC 1.2 1.5 1.4 1.3 6.0 7.3 6.6 6.2 2.9% 3.3% 3.7% 4.1%Hugo Boss AG 2.3 2.0 2.1 1.9 11.8 9.0 8.9 7.8 3.1% 4.4% 4.9% 5.4%Benetton Group S.p.A. 0.7 0.5 0.5 0.5 4.6 4.2 4.2 3.8 8.4% 7.2% 7.5% 7.3%EDOB Abwicklungs AG Ted Baker PLC 1.4 1.2 1.3 1.2 8.3 7.7 7.7 6.8 2.8% 3.2% 3.5% 4.1%Balt ika A.S. 0.5 0.5 0.4 35.0 13.1 7.2 0.0% 0.0% 0.0% 0.0%Damartex S.A. 0.3 0.2 0.2 0.2 5.3 3.9 4.8 4.4 3.0% 2.8% 2.8% 3.0%French Connection Group PLC 0.2 0.0 0.0 -0.1 6.5 0.3 -0.2 -1.0 1.4% 4.5% 5.5% 6.6%Industria de Diseno Textil S.A. 2.5 2.6 2.3 2.0 10.6 11.0 9.7 8.5 2.5% 2.8% 3.3% 3.9%Gerry Weber International AG 1.4 1.5 1.4 1.2 8.8 9.0 8.5 7.1 2.2% 2.6% 3.0% 3.2%Silvano Fashion Group A.S. 0.9 0.8 0.7 0.5 4.5 2.3 2.2 1.8 4.6% 9.5% 9.9% 10.5%H&M Hennes & Mauritz AB 3.2 3.1 2.8 2.5 12.5 14.3 12.2 10.8 4.3% 4.3% 4.6% 5.0%Median Peer Group 1.2 1.0 1.0 0.8 6.5 7.5 7.2 6.5 3.0% 3.8% 6.0% 6.4%EuroStoxx Retail 0.4 0.3 0.3 0.3 7.1 6.2 6.2 5.9 3.8% 3.8% 4.1% 4.6%EuroStoxx Personal & Household Goods 1.4 1.5 1.4 1.3 9.2 8.2 7.5 6.3 1.9% 2.1% 2.4% 2.7%CEE to Peer, Prem/Disc -44% -45% -30% -28% 86% 16% 20% 22% -37% -47% -57% -50%

2010 2011e 2012e 2013e 2010 2011e 2012e 2013e 2010 2011e 2012e 2013eAB SA 2.3% 2.0% 2.2% 2.2% 1.2% 1.5% 1.3% 1.3% 13.5% 17.4% 13.7% 12.9%Action SA 2.2% 2.5% 2.4% 2.4% 1.2% 1.5% 1.5% 1.6% 14.5% 20.0% 18.5% 17.4%BIM 5.4% 5.2% 5.2% 5.2% 3.7% 3.6% 3.6% 3.5% 58.2% 50.5% 50.9% 49.2%Emperia Holding 3.4% 3.3% 3.4% 3.3% 1.6% 1.6% 1.7% 1.7% 11.5% 11.1% 11.4% 11.3%Empik 6.2% 6.2% 2.3% 2.5% 11.5% 12.4% Eurocash 3.0% 2.6% 2.7% 2.8% 1.6% 1.4% 1.5% 1.6% 31.5% 28% 26.8% 26.4%Jeronimo Martins SGPS 7.1% 7.2% 7.2% 7.2% 3.3% 3.8% 4.1% 4.2% 34.6% 37% 33.6% 31.9%LPP 14.7% 16.3% 15.2% 14.8% 6.9% 8.7% 8.4% 8.5% 19.7% 27% 26.5% 28.4%NG2 14.7% 16.8% 17.3% 17.7% 11.5% 11.2% 11.9% 12.4% 31.1% 28% 27.6% 29.1%Median CEE 5.8% 5.7% 5.2% 5.2% 2.0% 2.6% 3.4% 3.5% 17.1% 23.6% 26.5% 26.4%Next PLC 20.1% 21.0% 21.2% 21.4% 11.6% 12.4% 12.4% 12.9% 169% 144% 124% 103%Hugo Boss AG 19.4% 22.5% 23.2% 23.9% 10.8% 13.4% 13.8% 14.5% 55.1% 58% 53% 47.5%Benetton Group S.p.A. 14.6% 12.5% 12.3% 13.0% 5.0% 3.6% 3.5% 3.8% 7.2% 5.1% 4.7% 5.1%EDOB Abwicklungs AG 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% - Ted Baker PLC 16.4% 16.2% 16.8% 17.2% 9.2% 8.8% 9.5% 9.6% 23% 23% 22% 22%Balt ika A.S. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. -51.3% -25.7% -17% 0.0%Damartex S.A. 5.6% 0.0% 0.0% 0.0% 3.0% 0.0% 9.6% 13.1% 9.9% 9.7%French Connection Group PLC 3.4% 4.5% 4.9% 5.1% -11.6% na na na 9.9% 11% 13.0%Industria de Diseno Textil S.A. 23.7% 23.3% 23.8% 23.8% 13.8% 14.0% 14.1% 14.4% 27.1% 26.3% 26.0% 26.1%Gerry Weber International AG 15.3% 16.2% 16.6% 17.2% 8.7% 9.3% 9.5% 9.9% 27.8% 25.6% 26% 25.6%Silvano Fashion Group A.S. n.a. n.a. n.a. n.a. n.a. n.a. 0.0% 0.0% 29.0% 50.6% 33% 30.0%H&M Hennes & Mauritz AB 25.6% 21.9% 22.8% 22.9% 17.2% 14.4% 15.0% 15.1% 42.3% 35.7% 38.5% 39.2%Median Peer Group 16.0% 16.2% 16.8% 17.2% 8.9% 10.8% 10.9% 11.4% 27.1% 24.2% 23.7% 24.0%EuroStoxx Retail 7.0% 6.9% 7.0% 7.1% 2.5% 2.5% 2.2% 2.3% 13.0% 10.3% 10.8% 11.5%EuroStoxx Personal & Household Goods 17.8% 18.5% 19.1% 19.6% 7.4% 7.5% 8.1% 8.7% 14.6% 15.0% 14.7% 15.0%CEE to Peer, ppt -10.2 -10.5 -11.6 -12.0 -7.0 -8.2 -7.5 -7.9 -10.0 -0.6 2.8 2.4





2010 2011e 2012e 2013e 2010 2011e 2012e 2013eAB SA -22.0% 9.7% 11.2% -0.2% 25% 55% -12% 1%

Action SA -4.6% 36.3% -1.3% 3.6% 16% 48% 2% 6%BIM 22.7% -0.2% 16.9% 20.3% 25% 1% 15% 18%

Emperia Holding 24.9% 0.2% -2.4% 5.3% 49.0% 0.0% 4.3% 6.9%

Empik 44.7% 10.1% #WERT! #WERT! -10% 16% #W ERT! #W ERT!Eurocash 28.5% 10.4% 3.0% 10.5% 33% 4% 8% 16%

Jeronimo Martins SGPS 24.0% 16.9% 11.6% 10.6% 40% 36% 20% 14%

LPP 14.9% 26.5% -3.5% 12.6% 43% 44% 0% 16%NG2 29.5% 21.2% 3.8% 12.6% 53% 3% 7% 15%CEE total 22.2% 14% 5.1% 11.9% 41% 38% 0% 15%

Next PLC 10.2% 5.8% 4.8% 5.1% 21.0% 13% 10867% 10.5%Hugo Boss AG 47.7% 35.3% 12.1% 11.6% 79.2% 44.1% 13.0% 13.9%

Benetton Group S.p.A. -9.3% -14.3% -1.8% 8.0% -16.2% -29.4% -3.9% 9.6%EDOB Abwicklungs AG 0.0% 0.0% 0.0% nm nm nm nm

Ted Baker PLC 18.6% 13.5% 13.3% 12.5% 25.2% 13.5% 11080% 19%

Balt ika A.S. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

Damartex S.A. 62.7% 0.0% 0.0% 0.0% 95.6% 47.5% -19.1% 0.0%French Connection Group PLC nm nm nm nm nm nm nm nm

Industria de Diseno Textil S.A. 24.9% 8% 13% 11% 31.8% 10.8% 12.0% 13.3%

Gerry Weber International AG 13.9% 20.0% 14.6% 13.8% 25.4% 12.1% 18.3% 13.1%Silvano Fashion Group A.S. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.H&M Hennes & Mauritz AB 28.6% -12.0% 16.0% 11.8% 29.5% -13.9% 15.0% 12.5%

Peer Group total 22.7% 0.6% 12.4% 10.5% 39.7% 22.5% 2269.7% 11.9%EuroStoxx Retail 9.3% -1.6% 7.8% 7.7% 19.0% 0.6% 11.2% 12.6%EuroStoxx Personal & Household Goods 28.0% 7.6% 9.2% 9.2% 52.2% 9.3% 10.3% 12.7%

CEE to Peer, ppt -0.5 13.2 -7.3 1.4 1.4 15.3 -2269.2 3.4




AB SA latest (PLN mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yRevenues 753.5 1,156.0 805.0 801.0 944.0 25.3%

EBITDA 14.0 36.8 15.0 15.0 18.0 28.6%EBIT 11.8 36.3 8.4 13.0 15.5 31.4%


Net margin 1.1% 2.4% 1.0% 1.0% 1.1%

Action latest (PLN mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yRevenues 500.6 634.6 540.0 572.0 669.0 33.6%EBITDA 10.8 16.2 14.2 14.3 16.5 52.8%

EBIT 8.0 13.3 11.3 11.4 13.8 72.5%Net profit 7.3 9.8 8.5 8.5 10.1 38.4%EBITDA margin 2.2% 2.6% 2.6% 2.5% 2.5%


BIM latest (TRY mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/ySales 1,720.3 1,723.8 1,877.9 1,935.9 2,160.4 25.6%EBITDA 93.9 100.6 111.6 89.6 109.9 17.1%

EBIT 77.1 83.8 93.5 70.6 90.3 17.1%

Net profit 64.1 69.8 79.8 62.2 78.0 21.8%EBITDA margin 5.5% 5.8% 5.9% 4.6% 5.1%


Emperia Holding latest (PLN mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yRevenues 1,552.0 1,531.0 1,463.0 1,586.0 1,640.0 5.7%EBITDA 56.0 66.7 37.3 43.5 69.7 24.5%EBIT 38.7 49.3 20.0 26.0 52.7 36.2%


Net margin 1.7% 2.4% 0.8% 1.0% 2.4%

NFI Empik M&F latest (PLN mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yRevenues 655.0 1,008.0 630.0 703.1 738.7 12.8%EBITDA 30.6 135.0 14.0 46.3 34.7 13.4%EBIT 2.3 108.0 -12.6 18.4 4.1 78.3%

Net profit -5.4 73.0 -11.9 6.4 -1.5 -72.2%EBITDA margin 4.7% 13.4% 2.2% 6.6% 4.7%EBIT margin 0.4% 10.7% -2.0% 2.6% 0.6%

Net margin -0.8% 7.2% -1.9% 0.9% -0.2%

Eurocash latest

(PLN mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/y

Revenues 2,189.0 2,297.0 2,080.0 2,564.0 2,716.0 24.1%

EBITDA 57.50 91.30 32.7 64.0 66.0 14.8%

EBIT 41.50 73.90 14.6 46.0 48.0 15.7%

Net profit 33.70 47.80 8.8 35.0 37.0 9.8%

EBITDA margin 2.6% 4.0% 1.6% 2.5% 2.4%

EBIT margin 1.9% 3.2% 0.7% 1.8% 1.8%

Net margin 1.5% 2.1% 0.4% 1.4% 1.4%

52 w eeks

70

80

90

100

110

120

130

Emperia Holding W IG (Rebased)

DJ EURO STOXX Reta il (Rebased)

52 weeks

6

8

10

12

14

16

18

20

22

24

Empik WIG (Rebased) DJ EURO STOXX Retail (Rebased)

52 weeks

18

20

22

24

26

28

30

32

34

36

Eurocash WIG (Rebased) DJ EURO STOXX Retail (Rebased)

52 weeks

1213141516171819202122

Action SA WIG (Rebased) DJ EURO STOXX Retail (Rebased)52 weeks

35

40

45

50

55

60

BIM ISE 100 (Rebased) DJ EURO STOXX Retail (Rebased)

52 weeks

16

18

20

22

24

26

28

30

AB SA WIG (Rebased) DJ EURO STOXX Technology (Rebased)



Jeronimo Martins SGPS latest

(PLN mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/y

Revenues 2,396.00 2,501.0 2,353.0 2,621.0 2,693.0 12.4%

EBITDA 199.00 195.8 141.6 164.8 220.8 11.0%

EBIT 150.00 145.8 89.6 112.5 164.0 9.3%

Net profit 92.00 100.8 56.4 87.4 112.0 21.7%

EBITDA margin 8.3% 7.8% 6.0% 6.3% 8.2%

EBIT margin 6.3% 5.8% 3.8% 4.3% 6.1%

Net margin 3.8% 4.0% 2.4% 3.3% 4.2%

LPP latest

(PLN mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/y

Revenues 543.45 630.44 500.52 580.50 622.23 14.5%

EBITDA 60.18 141.13 34.38 111.60 n.a. n.a.

EBIT 36.82 117.08 10.84 87.70 77.15 109.5%

Net profit 16.70 90.42 14.14 64.20 61.12 266.0%

EBITDA margin 11.1% 22.4% 6.9% 19.2% n.a.

EBIT margin 6.8% 18.6% 2.2% 15.1% 12.4%

Net margin 3.1% 14.3% 2.8% 11.1% 9.8%

NG2 latest (PLN mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yRevenues 267.9 321.7 184.9 299.3 243.0 -9.3%

EBITDA 36.6 63.2 4.0 63.4 29.0 -20.8%

EBIT 31.2 57.9 -1.9 57.5 23.0 -26.3%Net profit 23.3 45.0 -6.2 47.9 17.0 -27.0%

EBITDA margin 13.7% 19.6% 2.1% 21.2% 11.9%EBIT margin 11.6% 18.0% -1.0% 19.2% 9.5%Net margin 8.7% 14.0% -3.4% 16.0% 7.0%

Vistula & Wolczanka latest (PLN mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yRevenues 82.83 107.44 79.01 97.40 89.60 8.2%EBITDA 2.82 16.29 2.47 11.70 -0.50 n.a.

EBIT -1.03 12.45 -1.18 8.10 -3.70 n.a.Net profit -4.98 5.54 -5.91 2.00 -11.00 n.a.

EBITDA margin 3.4% 15.2% 3.1% 12.0% -0.6%EBIT margin -1.2% 11.6% -1.5% 8.3% -4.1%Net margin -6.0% 5.2% -7.5% 2.1% -12.3%

52 weeks

1.500

1.600

1.700

1.800

1.900

2.000

2.100

2.200

2.300

2.400

LPP W IG (Rebased) DJ EURO STOXX Retail (Rebased)

52 weeks

35

40

45

50

55

60

65

70

NG2 W IG (Rebased) DJ EURO STOXX Retail (Rebased)

52 weeks

0

1

2

3

4

5

6

7

8

9

Vis tula & W olczanka W IG (Rebased)

DJ EURO STOXX Retail (Rebased)

52 weeks

8

9

10

11

12

13

14

15

Jeronimo Martins SGPS WIG (Rebased)

DJ EURO STOXX Retail (Rebased)



Romanian SIFs

13.01.2012 Rep. Mcap RecommendationCurr. Current NAV*

Company (EURmn) 1M 3M 6M 12MFondul Proprietatea RON 1,328.9 0.430 0.720 Accumulate 2.4% -4.9% -17.9% -SIF 1 Banat Crisana RON 116.8 0.923 1.930 Not rated 4.9% 22.3% -10.8% -14.5%SIF 2 Moldova RON 147.2 1.230 1.831 Not rated 26.0% 69.7% -3.9% -2.7%SIF 3 Transilvania RON 146.0 0.580 1.129 Not rated 12.8% 39.1% 13.5% 1.1%SIF 4 Muntenia RON 107.5 0.578 1.337 Not rated 11.2% 20.2% -17.4% -14.8%SIF 5 Oltenia RON 149.7 1.119 2.055 Not rated 8.1% 34.0% -19.5% -17.2%


(LC)

2008 2009 2010 Last rep. 2008 2009 2010 Last rep. 2008 2009 2010 Last rep.Fondul Proprietatea - -15.328,17 14,944.6 - - 1.112 1.115 - - -0.62 -0.62SIF 1 Banat Crisana 1,011.3 1,541.5 1,361.5 1,234.6 1.843 2.809 2.481 2.250 -0.70 -0.60 -0.64 -0.60SIF 2 Moldova 957.9 1,177.5 1,141.2 1,030.1 1.845 2.268 2.199 1.985 -0.71 -0.50 -0.51 -0.46SIF 3 Transilvania 1,335.1 1,627.8 1,506.5 1,258.3 1.222 1.490 1.379 1.152 -0.78 -0.54 -0.59 -0.51SIF 4 Muntenia 1,389.2 1,477.7 1,417.8 1,192.5 1.721 1.831 1.757 1.478 -0.64 -0.61 -0.67 -0.61SIF 5 Oltenia 1,128.3 1,643.4 1,557.4 1,457.9 1.945 2.833 2.684 2.513 -0.70 -0.55 -0.61 -0.58Median SIF - - - - - - - - -0.70 -0.55 -0.61 -0.58

2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010SIF 1 Banat Crisana 35.5% -73.7% 222.8% -46.1% -0.6% 28.3% 13.6% -42.6% 47.7% -22.3% 17.5% -43.8%SIF 2 Moldova 16.4% -7.9% 89.0% 7.6% 10.2% 27.9% 55.6% -70.4% 35.6% 43.2% 3.6% -4.1%SIF 3 Transilvania 41.4% -31.1% -19.3% -0.2% 14.9% 15.8% 75.0% -59.3% 107.0% -14.0% 31.6% -42.6%SIF 4 Muntenia -22.7% 89.3% -89.0% 487.2% 7.8% 16.5% 72.9% -71.4% 20.4% 3.4% -8.5% -11.4%SIF 5 Oltenia 48.0% -78.5% 443.5% -36.4% 11.6% 75.4% 5.3% -53.9% 34.9% -17.7% 114% -56.8%Median SIF 35.5% -31.1% 89.0% -0.2% 10.2% 27.9% 55.6% -59.3% 35.6% -14.0% 17.5% -42.6%

2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010SIF 1 Banat Crisana 6.9% 6.3% 8.8% 4.3% 29.0% 21.7% 24.6% 12.1% 0.8% 1.2% 0.9% 1.2%SIF 2 Moldova 4.2% 6.9% 9.3% 8.4% 18.8% 25.8% 24.6% 20.4% 1.0% 1.4% 1.4% 1.9%SIF 3 Transilvania 5.1% 4.6% 8.4% 4.3% 19.4% 15.5% 20.0% 9.8% 1.0% 1.2% 1.3% 1.7%SIF 4 Muntenia 5.0% 5.0% 5.7% 5.0% 5.4% 5.5% 6.3% 5.5% 1.4% 1.3% 1.7% 1.6%SIF 5 Oltenia 4.5% 4.5% 13.5% 5.1% 19.3% 16.8% 33.9% 12.4% 0.8% 1.1% 1.0% 1.4%Median SIF 5.0% 5.0% 8.8% 5.0% 19.3% 16.8% 24.6% 12.1% 1.0% 1.2% 1.3% 1.6%

Growth

NAV (RONmn)**

Net profit / NAV ROE Expense ratio

NAV/share (RON)** Discount/NAV**

Revenues from disposal of assets Revenues from dividends Net profitGrowth Growth

* adjusted NAV per share: fair NAV based on sum-of-the-parts, with discount applied (46%)

** NAV as reported, calculated by official methodology



SIF 1 Banat Crisana latest (RON mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yRev. dividends 9.5 15.3 0.2 11.92 0.2 -97.8%Rev. disposals 3.8 11.8 13.5 5.9 1.5 -60.5%Total revenues 19.8 33.1 18.2 24.9 11.6 -41.1%Op. expenses 3.0 4.1 3.1 5.8 3.1 2.7%EBT 11.5 19.4 0.3 14.6 6.9 -39.9%Net profit 11.3 18.6 0.3 13.9 6.4 -43.3%

SIF 2 Moldova latest (RON mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yRev. dividends 9.2 0.0 0.0 16.39 0.0 n.a.Rev. disposals 31.8 16.0 27.8 12.4 57.5 80.9%Total revenues 52.2 23.9 29.6 45.2 59.8 14.6%Op. expenses 3.4 4.7 3.5 10.9 4.7 36.4%EBT 40.7 4.8 12.4 23.0 45.6 11.8%Net profit 37.0 2.9 10.5 23.1 38.0 2.7%

SIF 3 Transilvania latest

(RON mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yRev. dividends 3.4 0.1 0.5 14.20 0.1 -97.2%Rev. disposals 12.0 57.4 57.6 34.6 41.0 241.7%Total revenues 16.5 58.3 59.0 88.5 43.4 163.2%Op. expenses 4.1 5.0 4.3 10.0 4.0 -1.6%EBT 9.6 42.8 28.3 76.3 34.6 259.2%Net profit 9.3 35.3 0.2 89.7 29.1 212.7%

SIF 4 Muntenia latest

(RON mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yRev. dividends 4.8 6.2 0.1 14.51 0.4 -92.6%Rev. disposals 2.1 -0.1 1.6 3.9 26.2 -Total revenues 24.5 78.5 11.9 30.7 31.7 29.7%Op. expenses 5.4 6.8 6.0 6.7 9.0 68.1%EBT -7.2 56.4 -4.0 14.2 6.8 n.a.Net profit -7.2 44.3 -4.0 14.2 3.1 n.a.

SIF 5 Oltenia latest

(RON mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yRev. dividends 0.0 0.1 0.0 22.03 -0.01 -Rev. disposals 53.1 15.6 5.1 12.7 48.2 -9.3%Total revenues 57.2 24.9 7.1 38.9 51.9 -9.3%Op. expenses 3.3 4.3 2.8 2.9 2.8 -14.6%EBT 25.5 10.3 0.9 30.0 44.5 74.6%Net profit 21.6 7.8 0.7 28.7 37.3 73.1%

Sabanci Holding latest (TRY mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/ySales 4,554.0 5,185.2 5,391.8 5,330.1 5,717.8 25.6%EBITDA 575.4 1218.1 1176.4 1,037.8 1,010.5 75.6%EBIT 462.1 1097.2 1056.5 911.9 883.4 91.2%Minority Interests 277.7 432.6 461.8 443.3 392.6 41.4%Net profit 268.5 476.7 401.5 702.7 433.9 61.6%EBITDA margin 12.6% 23.5% 21.8% 19.5% 17.7%EBIT margin 10.1% 21.2% 19.6% 17.1% 15.4%Net margin 5.9% 9.2% 7.4% 13.2% 7.6%

Koc Holding latest (TRY mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/ySales 13,878.8 15,337.8 15,158.0 18,914.1 20,857.8 50.3%EBITDA 1487.5 1354.9 1460.4 1567.3 1978.2 33.0%EBIT 1241.0 1110.2 1214.0 1314.4 1710.5 37.8%Minority Interests 514.6 203.4 526.5 421.6 443.0 -13.9%Net profit 659.1 309.7 597.2 557.2 498.4 -24.4%EBITDA margin 10.7% 8.8% 9.6% 8.3% 9.5%EBIT margin 8.9% 7.2% 8.0% 6.9% 8.2%Net margin 4.7% 2.0% 3.9% 2.9% 2.4%

52 w eeks

0 ,7

0 ,8

0 ,9

1 ,0

1 ,1

1 ,2

1 ,3

1 ,4

SIF 1 B ana t C ris a naBE T (R ebas ed)DJ EUR O S TOX X F ina nc ia l S erv ice s (R eba se d)

5 2 w e eks

0 ,7

0 ,8

0 ,9

1 ,0

1 ,1

1 ,2

1 ,3

1 ,4

1 ,5

1 ,6

SIF 2 M o ldov a BE T (R ebas ed)D J EUR O S TOX X F ina nc ia l S erv ice s (R eba se d)

52 weeks

0,35

0,40

0,45

0,50

0,55

0,60

0,65

SIF 3 TransilvaniaBET (Rebased)DJ EURO STOXX Financial Services (Rebased)

52 weeks

0,8

0,9

1,0

1,1

1,2

1,3

1,4

1,5

1,6

1,7

SIF 5 OlteniaBET (Rebased)DJ EURO STOXX Financial Services (Rebased)

52 weeks

0,45

0,50

0,55

0,60

0,65

0,70

0,75

0,80

0,85

0,90

SIF 4 Muntenia BET (Rebased)DJ EURO STOXX Financial Services (Rebased)

52 weeks

5,0

5,5

6,0

6,5

7,0

7,5

8,0

8,5

Koc HoldingISE 100 (Rebased)DJ STOXX Financial Services (TR) (Rebased)

52 weeks

4

5

6

7

8

9

10

Sabanci HoldingISE 100 (Rebased)DJ EURO STOXX Banks (Rebased)



Technology


Company (EURmn) 1M 3M 6M 12MAsseco Poland PLN 851 48.50 52.5 Hold 3.2% 4.3% -1.5% -13.4%AT&S EUR 211 9.07 13.90 Buy 8.1% -1.2% -30.9% -49.3%austriamicrosystems EUR 374 35.2 51.7 Buy -7.4% -7.1% -20.0% -25.5%ComArch PLN 108 59 60 Accumulate 14.6% 18.0% -18.3% -35.0%Ericsson Nikola Tesla HRK 189 1,068.00 1,176.0 Hold -2.8% 1.1% -23.8% -27.8%Kapsch TrafficCom EUR 779 59.95 80.0 Buy 12.0% 20.9% -3.0% -13.6%Sygnity PLN 47 17.50 18.7 Hold 6.9% 1.4% -29.6% 16.7%

TecDAX Technology 22,453 - - - 0.0% 0.0% 0.0% 0.0%EuroStoxx Technology 123,448 - - - -1.9% -9.9% -14.0% -21.8%


(LC)

2010 2011e 2012e 2013e 2010 2011e 2012e 2013e 2010 2011e 2012e 2013eAsseco Poland 9.6 9.6 11.8 11.2 8.0 6.9 7.7 7.5 0.9 0.8 0.8 0.8

AT&S nm 10.5 6.6 8.0 7.8 4.4 2.6 2.5 0.9 1.6 0.8 0.8austriamicrosystems 15.8 10.1 9.2 9.2 7.7 3.4 5.2 5.8 1.9 1.2 1.1 1.0ComArch 15.5 14.3 14.6 13.1 8.0 5.4 6.4 5.9 1.2 0.8 0.7 0.7Ericsson Nikola Tesla 73.4 29.0 16.6 14.0 21.1 14.4 10.8 10.1 1.7 1.6 1.7 1.7Kapsch TrafficCom 23.7 33.2 14.4 11.5 19.2 14.1 26.5 8.8 4.7 4.1 2.9 2.5Sygnity nm 25.7 10.0 9.2 n.m. 8.2 5.3 5.8 0.8 0.9 0.8 0.7Median CEE 15.8 14.3 11.8 11.2 8.0 6.9 6.4 5.9 1.2 1.2 0.8 0.8TecDAX Technology 12.4 13.9 14.4 10.8 8.7 10.0 7.9 6.5 1.3 1.3 1.3 1.2EuroStoxx Technology 12.0 11.1 14.1 10.5 8.4 7.7 7.9 7.0 2.7 2.4 2.2 2.0Median Peer Group 12.2 12.5 14.2 10.7 8.5 8.8 7.9 6.7 2.0 1.9 1.8 1.6CEE to Peer, Prem/Disc 29% 15% -17% 5% -6% -22% -19% -13% -4 2% -37% -52% -52%

2010 2011e 2012e 2013e 2010 2011e 2012e 2013e 2010 2011e 2012e 2013eAsseco Poland 1.8 1.0 1.0 1.0 7.6 5.6 6.0 5.6 3.4% 5.3% 5.1% 5.2%AT&S 0.9 1.2 0.9 0.9 10.3 6.0 4.4 4.4 1.2% 2.3% 4.2% 4.1%

austriamicrosystems 1.8 1.5 1.2 1.0 7.6 6.0 4.8 4.8 1.5% 2.2% 2.7% 2.7%ComArch 0.8 0.5 0.5 0.4 8.2 5.3 5.1 4.3 0.0% 0.0% 0.0% 0.0%Ericsson Nikola Tesla 0.9 0.7 0.8 0.8 25.5 13.5 7.9 7.4 14.1% 8.6% 8.4% 8.4%Kapsch TrafficCom 3.4 2.0 1.3 1.3 23.3 13.0 6.8 5.8 1.2% 1.7% 2.3% 2.9%Sygnity 0.4 0.4 0.4 0.3 -26.3 8.0 5.8 4.4 0.0% 0.0% 0.0% 0.0%Median CEE 0.9 1.0 0.9 0.9 8.2 6.0 5.8 4.8 1.2% 2.2% 2.7% 2.9%TecDAX Technology 1.1 0.9 0.9 0.7 8.3 7.7 6.1 5.1 1.1% 0.5% 1.3% 1.9%

EuroStoxx Technology 1.2 0.9 1.0 0.9 7.6 6.2 6.5 5.9 1.5% 1.8% 2.0% 2.3%Median Peer Group 1.1 0.9 1.0 0.8 7.9 7.0 6.3 5.5 1.3% 1.1% 1.7% 2.1%CEE to Peer, Prem/Disc -15% 8% -6% 8% 3% -14% -8% -13% -6% 98% 62% 36%


P/E P/CE P/BV



2010 2011e 2012e 2013e 2010 2011e 2012e 2013e 2010 2011e 2012e 2013eAsseco Poland 23.5% 17.4% 16.9% 16.9% 15.4% 11.7% 10.7% 10.9% 10.3% 8.1% 6.8% 6.9%AT&S 9.2% 19.7% 20.8% 20.7% -10.1% 7.2% 6.3% 5.2% -16.2% 16.1% 13.2% 10.1%

austriamicrosystems 23.9% 25.6% 24.5% 21.8% 11.0% 12.3% 12.9% 12.6% 12.7% 13.0% 12.0% 11.0%ComArch 9.4% 8.7% 9.8% 10.1% 3.1% 3.4% 4.1% 4.5% 7.9% 5.3% 5.3% 5.5%Ericsson Nikola Tesla 3.4% 5.5% 9.6% 10.2% 1.9% 4.2% 7.1% 8.2% 2.1% 4.9% 10.0% 12.3%Kapsch TrafficCom 14.5% 15.8% 18.9% 22.6% 16.5% 7.2% 10.9% 15.3% 22.0% 13.0% 24.1% 23.3%Sygnity -1.4% 5.1% 6.2% 7.0% -8.1% 1.5% 3.6% 3.7% -17.5% 3.4% 8.6% 8.5%Median CEE 9.4% 15.8% 16.9% 16.9% 3.1% 7.2% 7.1% 8.2% 7.9% 8. 1% 10.0% 10.1%

TecDAX Technology 13.4% 14.6% 12.4% 12.9% 5.7% 4.6% 4.7% 5.9% 10.1% 8.1% 7.7% 8.9%

EuroStoxx Technology 16.6% 15.3% 15.3% 16.9% 7.7% 7.7% 6.9% 6.5% 19.2% 19.2% 15.0% 15.1%Median Peer Group 15.0% 15.0% 13.9% 14.9% 6.7% 6.2% 5.8% 6. 2% 14.6% 13.6% 11.4% 12.0%CEE to Peer, ppt -5.6 0.8 3.1 2.0 -3.6 1.0 1.3 2.0 -6.7 -5.5 - 1.4 -1.8

2010 2011e 2012e 2013e 2010 2011e 2012e 2013eAsseco Poland 26.2% 9.9% -8.7% 3.1% 10.8% -17.9% -18.3% 5.3%

AT&S -29.3% 179.4% 9.5% 1.1% nm nm -9.3% -16.9%austriamicrosystems 1447.6% 38.5% 11.7% -9.0% nm 26.8% 9.5% -0.1%ComArch 38.3% -6.7% 3.4% 6.6% 45.3% -31.6% -1.7% 11.0%

Ericsson Nikola Tesla -67.9% 49.5% 79.5% 8.9% -81.2% 94.1% 74.9% 18.8%Kapsch TrafficCom -8.6% 95.1% 71.6% 4.4% 148.3% -31.5% 129.5% 25.4%Sygnity nm nm 28.1% 17.4% nm -117.1% 157.2% 9.0%CEE total 30.1% 42.7% 11.3% 1.7% -40.0% 73.2% 46.2% 13.4%TecDAX Technology 70.4% -20.4% 13.4% 11.9% 235.3% -58.6% 166.3% 23.4%EuroStoxx Technology 34.1% 5.5% -2.6% 16.6% 34.2% 8.5% -6.3% 15.9%Total Peer Group 39.6% 0.7% -0.3% 15.8% 91.9% -25.1% - 19.8 %CEE to Peer, ppt -9.5 42.0 11.6 -14.1 -131.9 98.3 - -6.4





Asseco Poland latest (PLN mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yRevenues 739.4 1,046.0 1,196.9 1,143.3 1,183.2 60.0%

EBITDA 190.8 191.9 220.6 206.6 204.4 7.1%EBIT 158.7 156.5 181.6 160.1 162.7 2.6%


Net margin 14.8% 9.6% 8.1% 7.5% 9.1%

AT&S latest (EUR mn) 1Q 10/11 2Q10/11 3Q10/11 1Q11/12 2Q11/12 y/ySales 113.9 128.7 122.1 123.1 131.0 15.0%EBITDA 21.2 27.3 25.2 22.2 25.8 21.7%EBIT 9.4 15.4 12.8 8.9 12.1 28.7%

Net profit 7.6 11.5 10.5 5.5 7.0 -7.9%


Net margin 6.7% 8.9% 8.6% 4.5% 5.3%

austriamicrosystems latest (EUR mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/ySales 55.73 57.95 55.17 57.85 81.66 46.5%



ComArch latest

(PLN mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/y

Revenues 177.3 264.4 147.5 151.9 203.2 14.6%

EBITDA 18.2 30.9 -0.2 -6.9 36.3 98.8%

EBIT 9.7 19.2 -7.4 -17.5 24.8 156.0%

Net profit 7.6 30.6 -0.9 -19.2 16.6 119.9%

EBITDA margin 10.3% 11.7% -0.1% -4.5% 17.8%

EBIT margin 5.5% 7.3% -5.0% -11.5% 12.2%

Net margin 4.3% 11.6% -0.6% -12.6% 8.2%

Ericsson Nikola Tesla latest (HRK mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/ySales 223.8 373.9 307.6 283.4 247.1 10.4%EBITDA 26.6 40.1 42.4 13.4 -16.2 n.a.

EBIT 12.8 25.8 29.9 1.1 -28.1 n.a.Net profit 19.6 46.8 31.9 5.0 -11.8 n.a.EBITDA margin 11.9% 10.7% 13.8% 4.7% -6.6%EBIT margin 5.7% 6.9% 9.7% 0.4% -11.4%Net margin 8.8% 12.5% 10.4% 1.8% -4.8%

Kapsch TrafficCom latest (EUR mn) 2Q10/11 3Q10/11 4Q10/11 1Q11/12 2Q11/12 y/yRevenues 80.3 111.9 130.1 134.7 144.1 79.5%

EBITDA 16.6 7.8 30.7 26.5 22.3 34.6%EBIT 13.4 5.0 25.7 22.2 17.9 33.6%Net profit 8.4 2.2 8.7 11.1 5.9 -30.2%EBITDA margin 20.6% 7.0% 23.6% 19.7% 15.5%


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Sygnity latest (PLN mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yRevenues 122.2 179.0 112.0 106.5 129.2 5.7%EBITDA -2.2 11.3 5.9 4.2 4.4 n.a.EBIT -8.5 5.3 1.4 0.2 1.4 n.a.Net profit -12.3 0.3 -1.2 1.3 1.3 n.a.EBITDA margin -1.8% 6.3% 5.3% 4.0% 3.4%

EBIT margin -6.9% 3.0% 1.3% 0.2% 1.1%Net margin -10.1% 0.2% -1.1% 1.2% 1.0%

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Telecom


Company (EURmn) 1M 3M 6M 12MMagyar Telekom HUF 1,750 523 550 Hold 0.6% 4.4% -7.3% -4.2%T-Hrvatski Telekom HRK 2,614 241 265 Hold -1.0% -0.4% -5.9% -19.7%Telefónica CR CZK 4,750 377 410 Hold 1.4% -5.2% -12.6% -4.3%Telekom Austria EUR 3,946 8.9 5.5 Sell 0.5% 9.5% 5.5% -10.8%Telekom Slovenije EUR 423 65.0 76.0 Accumulate -0.5% 3.5% -12.2% -23.4%TPSA PLN 5,282 17.5 16.0 Reduce -1.2% 2.4% 5.9% 7.3%Turk Telekomunikasyon AS TRY 10,987 7.40 10.00 Buy 1.9% -4.4% -10.0% 2.8%Turkcell Iletisim Hizmetleri AS TRY 8,381 8.98 8.30 Hold 1.1% 4.4% 3.9% -17.6%

Rostelecom USD - US Dollar10,929 - - - 3.0% 6.0% -13.2% -13.3%TeliaSonera AB SEK - Swedish Krona21,930 - - - 1.0% -1.3% 3.9% -14.3%Telenor ASA NOK - Norwegian Krone20,026 - - - 4.0% 3.7% 16.3% 5.1%Koninklijke KPN N.V. EUR - Euro 12,574 - - - -4.9% -16.2% -9.0% -24.0%Portugal Telecom SGPS S/A EUR - Euro 3,803 - - - -6.2% -20.1% -27.9% -44.1%Swisscom AG CHF - Swiss Franc15,179 - - - 3.7% -2.5% -10.0% -8.3%

EuroStoxx Telecommunications - 180,019 - - - 5.1% 3.1% -16.0% -25.3%


(LC)

2010 2011e 2012e 2013e 2010 2011e 2012e 2013e 2010 2011e 2012e 2013eMagyar Telekom 8.3 17.5 12.4 10.7 3.2 3.2 4.2 3.7 1.0 1.1 1.2 1.2T-Hrvatski Telekom 12.8 10.9 11.4 11.6 7.5 6.3 6.5 6.6 2.1 1.8 1.8 1.8Telefónica CR 10.1 14.9 15.6 14.9 5.0 6.1 6.4 6.3 1.7 1.8 1.9 2.0Telekom Austria 23.8 nm 19.3 15.9 3.4 3.1 3.7 3.5 3.2 4.8 4.6 4.2Telekom Slovenije nm 11.1 8.4 7.6 n.m. 1.8 1.8 1.8 0.7 0.5 0.5 0.5TPSA nm 13.3 24.9 23.1 4.5 3.7 5.1 5.1 1.5 1.7 1.8 2.0Turk Telekomunikasyon AS 9.0 11.1 9.1 8.3 5.5 6.5 5.8 5.5 3.7 5.2 4.3 4.0Turkcell Iletisim Hizmetleri AS 12.7 17.4 11.1 10.1 7.5 7.9 6.7 6.2 2.4 1.9 1.9 1.8Median CEE 11.4 13.3 11.9 11.1 4.8 4.9 5.5 5.3 1.9 1.8 1.8 1.9Rostelecom 13.4 11.7 10.0 9.3 5.3 4.7 4.2 3.9 1.9 1.8 1.5 1.4TeliaSonera AB 9.7 10.6 9.7 9.2 7.3 6.8 6.4 6.3 1.6 1.6 1.5 1.4Telenor ASA 15.1 13.1 11.2 9.3 6.4 5.9 5.3 5.0 1.8 1.7 1.6 1.5Koninklijke KPN N.V. 7.4 6.9 7.0 6.9 3.5 3.2 3.2 3.1 3.8 3.9 3.9 3.8Portugal Telecom SGPS S/A 10.4 7.7 8.2 7.6 3.6 2.1 2.3 2.2 0.9 1.0 1.0 1.1Swisscom AG 10.5 9.6 9.6 9.7 5.0 4.9 4.8 4.8 3.0 3.2 2.8 2.5Median Peer Group 10.4 10.1 9.7 9.3 5.3 4.9 4.8 4.8 1.8 1.7 1.6 1.5EuroStoxx Telecommunications 9.1 8.5 8.5 8.3 3.4 3.2 3.2 3.1 2.5 2.5 2.5 2.5CEE to Peer, Prem/Disc 10% 31% 23% 20% -10% 0% 14% 10% 5% 3% 16% 23%

2010 2011e 2012e 2013e 2010 2011e 2012e 2013e 2010 2011e 2012e 2013eMagyar Telekom 1.5 1.4 1.7 1.7 4.2 4.1 4.8 4.6 9.8% 10.6% 9.4% 9.6%T-Hrvatski Telekom 2.4 2.0 2.1 2.0 5.5 4.5 4.8 4.8 8.0% 9.2% 8.7% 8.6%Telefónica CR 2.2 2.2 2.3 2.2 4.5 5.3 5.6 5.4 10.4% 9.7% 9.2% 9.3%Telekom Austria 1.7 1.6 1.6 1.5 5.3 5.9 4.9 4.8 7.1% 4.3% 4.3% 7.2%Telekom Slovenije 1.3 1.0 0.9 0.8 30.6 3.1 2.8 2.4 4.0% 9.3% 10.2% 11.2%TPSA 1.7 1.6 1.8 1.7 5.6 4.0 5.0 4.9 9.1% 9.2% 8.5% 8.6%Turk Telekomunikasyon AS 2.4 2.6 2.6 2.4 5.4 6.0 5.8 5.5 10.2% 8.3% 10.2% 11.1%Turkcell Iletisim Hizmetleri AS 2.3 1.9 2.0 1.9 7.0 6.2 5.9 5.5 0.0% 11.1% 6.8% 7.4%Median CEE 2.0 1.8 1.9 1.8 5.4 4.9 5.0 4.9 8.5% 9.3% 9.0% 9.0%Rostelecom 0.9 2.0 1.8 1.7 2.4 5.0 4.7 4.3 1.0% 2.8% 3.7% 4.2%TeliaSonera AB 2.7 2.5 2.4 2.3 7.6 7.2 6.6 6.4 6.0% 6.3% 6.7% 7.1%Telenor ASA 1.8 1.8 1.7 1.6 6.1 5.8 5.3 4.7 3.9% 4.7% 5.7% 6.8%Koninklijke KPN N.V. 2.2 2.0 1.9 1.9 5.3 4.9 4.8 4.7 9.4% 10.0% 10.6% 11.2%Portugal Telecom SGPS S/A 2.5 1.7 1.5 1.5 6.5 4.7 4.3 4.2 28.3% 15.3% 15.9% 16.3%Swisscom AG 2.5 2.3 2.3 2.3 6.6 5.8 5.8 5.7 5.7% 6.2% 6.5% 6.8%Median Peer Group 2.2 2.0 1.9 1.8 6.1 5.0 4.8 4.7 6.0% 6.3% 6.7% 7.1%EuroStoxx Telecommunications 1.8 1.6 1.6 1.6 5.1 4.9 4.8 4.7 9.0% 9.0% 9.1% 9.2%CEE to Peer, Prem/Disc -9% -9% 1% -3% -11% -2% 3% 4% 42% 47% 34% 26%

P/E P/CE P/BV




2010 2011e 2012e 2013e 2010 2011e 2012e 2013e 2010 2011e 2012e 2013eMagyar Telekom 34.9% 34.0% 34.7% 36.6% 12.7% 6.7% 9.9% 11.2% 12.0% 5.8% 9.2% 11.0%T-Hrvatski Telekom 43.7% 44.1% 43.2% 41.9% 21.7% 22.5% 22.3% 22.0% 15.9% 16.3% 15.7% 15.6%Telefónica CR 49.2% 40.9% 41.2% 41.2% 22.1% 14.9% 15.2% 15.8% 17.0% 11.4% 11.7% 12.9%Telekom Austria 32.3% 27.8% 32.5% 32.6% 4.2% 0.4% 4.6% 5.6% 12.7% 1.4% 24.2% 27.5%Telekom Slovenije 4.3% 32.2% 33.5% 34.1% -25.1% 4.7% 6.2% 7.0% -22.7% 4.7% 6.1% 6.6%TPSA 30.0% 40.9% 35.7% 35.4% 0.7% 10.9% 6.3% 6.7% 0.7% 11.6% 6.9% 8.2%Turk Telekomunikasyon AS 44.5% 43.7% 44.1% 43.6% 21.5% 18.3% 22.6% 23.5% 44.5% 38.8% 52.3% 50.5%Turkcell Iletisim Hizmetleri AS32.5% 31.1% 33.4% 33.5% 19.0% 12.3% 19.2% 19.5% 20.3% 10.6% 17.2% 18.3%Median CEE 33.7% 37.5% 35.2% 36.0% 15.8% 11.6% 12.6% 13.5% 1 4.3% 11.0% 13.7% 14.3%Rostelecom 37.9% 39.1% 39.3% 38.9% - - 13.5% 14.4% 14.2% 15.4% 15.2% 14.7%TeliaSonera AB 35.3% 35.4% 35.9% 35.8% 19.9% 17.8% 19.1% 19.6% 16.8% 15.0% 15.5% 15.3%Telenor ASA 30.2% 31.1% 32.3% 33.7% 15.1% 12.6% 13.2% 15.2% 12.0% 13.1% 14.4% 16.5%Koninklijke KPN N.V. 40.9% 39.6% 39.5% 39.3% 13.4% 13.8% 13.4% 13.5% 51.6% 56.9% 56.2% 54.8%Portugal Telecom SGPS S/A 38.8% 36.0% 34.9% 35.2% 151.6% 7.5% 6.9% 7.4% 8.8% 13% 13% 14%Swisscom AG 38.3% 40.1% 39.7% 39.8% 15.1% 16.7% 16.7% 16.7% 29.0% 34% 29% 26%Median Peer Group 38.3% 37.5% 38.9% 38.9% 17.5% 13.8% 13.4 % 14.8% 15.9% 15.4% 15.5% 15.3%EuroStoxx Telecommunications35.0% 33.1% 33.7% 34.1% 11.3% 7.6% 9.0% 9.2% 20.7% 23.3% 23.7% 22.8%CEE to Peer, ppt -4.6 -0.1 -3.7 -2.9 -1.7 -2.2 -0.9 -1.3 -1. 6 -4.4 -1.8 -1.1

2010 2011e 2012e 2013e 2010 2011e 2012e 2013eMagyar Telekom -13.0% -8.2% -11.6% 5.7% -15.7% -57.1% 41.3% 16%T-Hrvatski Telekom -0.2% -6.1% -6.1% -3.0% -10.0% -3.6% -5.2% -1.3%Telefónica CR 5.8% -19.3% -5.8% 1.2% 10.1% -34.4% -4.5% 4.8%Telekom Austria -16.2% -17.3% 15.5% 0.3% 105.3% -91.6% 1141.8% 21%Telekom Slovenije -86.6% 634.2% 2.5% 0.8% nm nm 31.5% 11.2%TPSA -18.7% 26.4% -21.0% -0.7% -90.9% 1387% -46.8% 8%Turk Telekomunikasyon AS 23.1% -9.1% 2.6% 5% 44.8% -19.4% 22.7% 9.2%Turkcell Iletisim Hizmetleri AS 8.5% -18.0% 7.7% 6.1% 11.7% -45.8% 57.6% 9.9%CEE total -3.1% -5.7% -1.5% 2.6% nm nm 20.2% 8.3%Rostelecom 787.9% 8.2% 9.0% 4.0% 145.0% 14.8% 16.7% 8%TeliaSonera AB 16.7% -0.7% 4.5% 2% 22.4% -8.7% 9.8% 5%Telenor ASA -1.4% 7.5% 8.8% 9.0% -3.0% 14.7% 16.9% 21.1%Koninklijke KPN N.V. 5.5% -4.9% -0.5% -0.2% -12.9% 6.9% -0.7% 0.8%Portugal Telecom SGPS S/A-41.9% 52.0% 6.4% 1.4% -35.1% 34.0% -5.2% 7.8%Swisscom AG 16.9% 2.9% -1.1% 0.5% 11.6% 9.1% -0.1% -0.5%Peer Group total 13.8% 4.9% 3.9% 2.8% 9.6% 9.2% 0.5% 0.5%EuroStoxx Telecommunications0.8% -5.9% 0.6% -0.2% -3.9% -5.8% -1.4% 1.2%CEE to Peer, ppt -16.9 -10.6 -5.4 -0.2 nm nm 19.7 7.8





T-Hrvatski Telekom latest (HRK mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/ySales 2,277 2,055 1,894 1,989 2,210 -2.9%EBITDA 1,137 804 767 901 1,131 -0.5%EBIT 814 378 432 571 791 -2.8%Net profit 662 337 351 477 655 -1.1%EBITDA margin 49.9% 39.1% 40.5% 45.3% 51.2%EBIT margin 35.7% 18.4% 22.8% 28.7% 35.8%Net margin 29.1% 16.4% 18.5% 24.0% 29.6%

Magyar Telekom latest (HUF bn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yRevenues 154.8 157.0 142.5 143.6 152.1 -1.7%EBITDA 67.4 26.0 53.2 61.8 51.6 -23.5%EBIT 42.6 -0.6 29.3 37.3 27.6 -35.4%Net profit 24.5 7.5 15.2 15.9 13.3 -45.6%EBITDA margin 43.6% 16.6% 37.4% 43.0% 33.9%EBIT margin 27.5% -0.4% 20.5% 26.0% 18.1%Net margin 15.8% 4.8% 10.6% 11.0% 8.8%

Telefónica CR latest (CZK mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/ySales 13,853 13,914 12,889 13,048 13,101 -5.4%EBITDA 6,058 5,770 5,070 5,205 5,675 -6.3%EBIT 3,180 2,524 2,195 2,287 2,765 -13.1%Net profit 2,610 1,913 1,740 1,871 2,205 -15.5%EBITDA margin 43.7% 41.5% 39.3% 39.9% 43.3%EBIT margin 23.0% 18.1% 17.0% 17.5% 21.1%Net margin 18.8% 13.8% 13.5% 14.3% 16.8%

Telekom Austria latest (EUR mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yRevenues 1,185.4 1,170.7 1,118.0 1,109.3 1,111.4 -6.2%EBITDA 436.8 353.4 212.7 380.8 398.1 -8.9%EBIT 176.0 -38.5 -42.3 85.0 166.1 -5.6%Net profit 96.5 -61.0 -79.2 19.9 128.0 32.6%EBITDA margin 36.8% 30.2% 19.0% 34.3% 35.8%EBIT margin 14.8% -3.3% -3.8% 7.7% 14.9%Net margin 8.1% -5.2% -7.1% 1.8% 11.5%

Telekom Slovenije latest (EUR mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/ySales 218.3 208.3 194.0 203.4 224.0 2.6%EBITDA 65.2 48.8 72.5 65.8 71.9 10.2%EBIT 11.5 -212.9 22.9 17.3 23.6 106.1%Net profit 2.0 -217.5 14.5 10.7 12.6 525.6%EBITDA margin 29.9% 23.4% 37.4% 32.4% 32.1%EBIT margin 5.2% -102.2% 11.8% 8.5% 10.5%Net margin 0.9% -104.4% 7.5% 5.2% 5.6%

TP SA latest (PLN mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/ySales 3,898 3,957 3,729 3,790 3,679 -5.6%EBITDA 1,457 1,380 1,345 1,414 1,402 -3.8%EBIT 528 430 367 421 500 -5.3%Net profit 344 218 189 265 376 9.3%EBITDA margin 37.4% 34.9% 36.1% 37.3% 38.1%EBIT margin 13.5% 10.9% 9.8% 11.1% 13.6%Net margin 8.8% 5.5% 5.1% 7.0% 10.2%

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TP S AW IG 20 (Rebased)DJ EUR O STO XX Te lecommunica tions (R ebased)



Turk Telekomunikasyon latest

(TRY mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/y

Sales 2,707 2,896 2,887 2,968 3,066 13.3%

EBITDA 1,258 1,323 1,280 1,254 1,301 3.4%

EBIT 885 928 874 866 916 3.5%

Net profit 638 559 609 506 360 -43.6%

EBITDA margin 32.3% 33.4% 34.3% 33.1% 35.4%

EBIT margin 22.7% 23.5% 23.4% 22.9% 24.9%

Net margin 16.4% 14.1% 16.3% 13.3% 9.8%

Turkcell I letisim Hizmetleri latest

(TRY mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/y

Revenues 2,327 2,186 2,118 2,279 2,527 8.6%

EBITDA 864 649 626 721 871 0.9%

EBIT 556 326 322 431 549 -1.2%

Net profit 558 368 331 472 538 -3.6%EBITDA margin 22.2% 16.4% 16.8% 19.0% 23.7%


52 weeks

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Turk Telekomunikasyon ASISE 100 (Rebased)DJ EURO STOXX Telecommunications (Rebased)

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Turkcell Iletisim Hizmetleri ASISE 100 (Rebased)DJ EURO STOXX Telecommunications (Rebased)



Travel & Tourism


Company (EURmn) 1M 3M 6M 12MAmRest PLN 264 61.7 74.0 Sell 0.5% -6.6% -22.0% -29.9%Danubius Hotels HUF 83 3,270.0 4,040.0 Hold 9.0% 5.5% -8.4% -21.7%DO & CO EUR 253 26.0 40.0 Buy -1.1% -7.1% -22.4% -20.0%

Fortuna Entertainment EUR 190 93.5 120.0 Accumulate 3.9% -3.7% -21.4% -6.5%Turkish Airlines TRY 1,044 2.1 4.7 Accumulate -8.1% -21.8% -40.6% -52.7%

Vienna Int. Airport EUR 586 27.9 30.0 Reduce -0.4% -12.5% -19.8% -42.6%

EuroStoxx Travel & Tourism - 26,396 - - - 0.3% -10.3% -18.6% -28.3%


(LC)



2010 2011e 2012e 2013e 2010 2011e 2012e 2013e 2010 2011e 2012e 2013eAmRest 23.4 18.9 13.4 9.3 6.6 5.8 4.7 3.8 1.5 1.5 1.3 1.2Danubius Hotels nm nm 60.7 28.7 10.5 4.9 5.3 4.7 0.7 0.5 0.5 0.5DO & CO 19.0 14.4 12.7 14.0 8.8 6.1 6.3 7.2 2.3 1.7 1.6 1.4Fortuna Entertainment 10.6 12.8 12.3 10.4 9.6 11.0 10.5 9.0 4.1 4.2 3.9 3.5Turkish Airlines 8.8 5.0 3.4 3.0 3.1 2.6 2.0 1.8 0.6 0.7 0.7 0.6Vienna Int. Airport 14.2 18.8 12.8 14.0 6.8 3.5 4.3 3.7 1.3 0.7 0.7 0.7Median CEE 14.2 14.4 12.7 12.2 7.8 5.3 5.0 4.2 1.4 1.1 1.0 0.9EuroStoxx Travel & Tourism

13.9 12.4 14.5 12.2 5.3 5.4 5.4 4.7 1.6 1.4 1.4 1.3

CEE to Peer, Prem/Disc 2% 16% -12% 0% 46% -1% -8% -10% -13% - 22% -25% -27%

2010 2011e 2012e 2013e 2010 2011e 2012e 2013e 2010 2011e 2012e 2013eAmRest 0.6 0.6 0.6 0.5 7.0 6.4 5.2 4.0 0.0% 0.0% 0.0% 5.4%Danubius Hotels 1.4 1.0 1.0 0.9 12.2 8.4 7.9 7.0 0.0% 0.0% 0.0% 0.0%DO & CO 0.5 0.3 0.3 0.3 4.5 3.0 2.6 2.4 1.2% 1.0% 1.1% 0.0%

Fortuna Entertainment 2.7 2.1 1.8 1.6 8.6 9.6 9.1 7.5 7.3% 5.5% 5.7% 6.7%Turkish Airlines 0.5 0.6 0.6 0.6 4.7 5.3 4.7 4.4 0.0% 0.0% 0.0% 0.0%Vienna Int. Airport 3.5 2.5 2.6 2.4 11.0 7.8 8.6 7.7 3.9% 3.6% 4.7% 4.7%Median CEE 1.0 0.8 0.8 0.7 7.8 7.1 6.5 5.7 0.6% 0.5% 0.5% 2.3%EuroStoxx Travel & Tourism

0.6 0.5 0.5 0.4 7.1 5.4 5.5 4.2 4.8% 2.8% 3.4% 3.3%

CEE to Peer, Prem/Disc 59% 48% 69% 87% 10% 32% 19% 34% n.a. n.a. n.a. -30%

2010 2011e 2012e 2013e 2010 2011e 2012e 2013e 2010 2011e 2012e 2013eAmRest 8.7% 9.6% 10.9% 11.8% 2.0% 2.4% 3.2% 4.0% 7.4% 7.8% 10.6% 13.5%Danubius Hotels 11.3% 11.7% 12.9% 13.2% -2.1% -0.1% 0.9% 1.8% -1.7% -0.1% 0.8% 1.8%

DO & CO 10.8% 10.6% 10.7% 10.3% 5.3% 5.3% 5.4% 4.9% 14.8% 12.8% 13.0% 10.6%Fortuna Entertainment 30.9% 22.0% 19.6% 21.2% 21.4% 15.9% 14.3% 15.6% 42.5% 30.8% 33.0% 35.3%

Turkish Airlines 11.7% 11.1% 13.1% 12.8% 2.9% 4.7% 6.2% 6.5% 7.2% 13.2% 20.5% 22.1%Vienna Int. Airport 31.5% 32.6% 29.6% 30.9% 14.2% 5.3% 7.7% 6.7% 9.4% 3.8% 5.6% 5.0%Median CEE 11.5% 11.4% 13.0% 13.0% 4.1% 5.0% 5.8% 5.7% 8.4% 1 0.3% 11.8% 12.1%EuroStoxx Travel & Tourism

12.5% 12.1% 11.6% 10.2% 7.2% 3.6% 3.7% 4.1% 12.4% 7.5% 7.4% 11.1%

CEE to Peer, ppt -1.0 -0.7 1.4 2.8 -3.2 1.3 2.1 1.6 -4.0 2.9 4 .3 1.0

2010 2011e 2012e 2013e 2010 2011e 2012e 2013eAmRest 8.1% 24.8% 23.0% 22.4% -4.4% 24.1% 40.9% 44.5%

Danubius Hotels -14.0% 5.5% 4.5% 9.0% n.m. n.m. n.m. 111.6%DO & CO 27.2% 11.9% 14.6% -5.2% 27.8% 14.2% 13.1% -9.4%Fortuna Entertainment 6.6% -18.0% 3.3% 17.2% 19.6% -26.5% 4.1% 18.3%Turkish Airlines -14.1% 3.3% 31.9% 6.4% -54.3% 75.6% 49.2% 14.0%Vienna Int. Airport 1.0% 13.2% -6.9% 9.9% 3.2% -58.9% 47.5% -8.7%CEE total -7.7% 6.5% 20.0% 7.7% 5.6% -24.0% 34.5% 6.1%EuroStoxx Travel & Tourism

45.5% -2.2% 2.4% 11.2% 227.7% -31.7% 8.3% 51.8%

CEE to Peer, ppt -53.2 8.7 17.6 -3.4 -222.1 7.8 26.2 -45.7

P/E P/CE P/BV






AmRest latest (PLN mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yRevenues 523.0 512.4 519.2 621.1 701.5 34.1%EBITDA 41.8 42.6 49.7 63.0 86.1 106.0%EBIT 15.5 15.1 19.5 24.4 42.2 173.1%Net profit 5.8 10.8 13.4 9.8 27.3 370.0%EBITDA margin 8.0% 8.3% 9.6% 10.1% 12.3%EBIT margin 3.0% 2.9% 3.8% 3.9% 6.0%Net margin 1.1% 2.1% 2.6% 1.6% 3.9%

Danubius Hotels latest (HUF mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/ySales 14,260 9,693 7,486 11,954 13,775 -3.4%EBITDA 3,826.0 -9.0 -1,214.0 n.a n.a. n.a.EBIT 2,687.0 -1,194.0 -2,285.0 1,129.0 2,707.0 0.7%Net profit 3,170.0 -1,545.0 -1,629.0 924.0 686.0 -78.4%EBITDA margin 26.8% -0.1% -16.2% n.a n.a.EBIT margin 18.8% -12.3% -30.5% 9.4% 19.7%Net margin 22.2% -15.9% -21.8% 7.7% 5.0%

DO & CO latest (EUR mn) 2Q 10/11 3Q 10/11 4Q 10/11 1Q 11/12 2Q 11/12 y/ySales 120.6 107.8 n.a. 117.0 127.6 5.8%EBITDA 14.9 9 n.a. 10.8 16.2 8.8%EBIT 10.4 4.3 n.a. 6.8 12.1 16.3%Net profit 5.3 2.6 n.a. 4.3 6.9 29.4%EBITDA margin 12.4% 8.3% n.a. 9.2% 12.7%EBIT margin 8.6% 4.0% n.a. 5.8% 9.5%Net margin 4.4% 2.4% n.a. 3.7% 5.4%

Fortuna Entertainment NV latest (EUR mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2010 3Q 2011 y/yAmount staked 84.5 108.2 114.2 94.8 92.6 9.7%Gross win 21.1 26.3 26.5 21.4 23.1 9.3%EBITDA 5.6 7.9 8.4 3.5 2.3 -58.4%Net profit 4.7 5.5 n.a. n.a. n.a. n.a.Gross win margin 25.0% 24.3% 23.2% 22.5% 24.9% -0.4%EBITDA margin 6.6% 7.3% 7.4% 3.7% 2.5%Net margin 5.5% 5.1% n.a. n.a. n.a.

Turkish Airlines latest (EUR mn) 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 y/ySales 1,655 2,088 2,539 2,140 2,109 27.4%EBITDA 50 266 526 166 -128 n.a.EBIT -47 162 431 -45 -280 496.4%Net profit 120 159 -23 31 -332 n.a.EBITDA margin 3.0% 12.7% 20.7% 7.8% -6.1%EBIT margin -2.8% 7.8% 17.0% -2.1% -13.3%Net margin 7.3% 7.6% -0.9% 1.4% -15.7%

Vienna Int. Airport latest (EUR mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/ySales 144.7 136.0 131.5 148.8 155 7.2%EBITDA 58.8 23.6 44.2 54.3 59.7 1.5%EBIT 42.6 7.1 28 38 -3 n.a.Net profit 34.1 3.5 19.8 23.5 -23.1 n.a.EBITDA margin 40.7% 17.4% 33.6% 36.5% 38.5%EBIT margin 29.4% 5.2% 21.3% 25.5% -1.9%Net margin 23.6% 2.6% 15.1% 15.8% -14.9%

5 2 w e ek s

5 0

5 5

6 0

6 5

7 0

7 5

8 0

8 5

9 0

Am R e s tW IG (R eb a s e d)D J E U R O S TO X X Tra v e l & L e is ure (R e ba s e d)

5 2 w eeks

2 .6002 .8003 .0003 .2003 .4003 .6003 .8004 .0004 .2004 .4004 .600

D anub ius Ho te lsBUX (R e ba s e d)D J E UR O STO XX Tra v e l & L e isu re (R e ba se d)

52 w eeks

25

30

35

40

45

50

55

Vie nna Int. Airpo rtATX (Reba s ed)DJ EURO STOX X Tra v e l & Leis ure (Rebas ed)

52 weeks

141618202224262830323436

DO & COATX (Rebased)DJ EURO STOXX Travel & Leisure (Rebased)

52 weeks

60

70

80

90

100

110

120

130140

150

Fortuna EntertainmentPX (Rebased)DJ EURO STOXX Travel & Leisure (Rebased)

52 weeks

2,0

2,5

3,0

3,5

4,0

4,5

5,0

Turkish AirlinesISE 100 (Rebased)DJ EURO STOXX Travel & Leisure (Rebased)



Utilities


Company (EURmn) 1M 3M 6M 12MAkenerji Elektrik TRY 282 1.8 3.6 Accumulate -18.4% -37.5% -52.0% -51.9%Aksa Enerji Uretim AS TRY 703 2.9 3.8 Buy -8.9% -10.6% -31.3% -45.0%CEZ CZK 15,760 755.0 902.0 Accumulate 0.4% -1.8% -12.6% -9.6%PannErgy HUF 35 610.0 1,228.0 Buy -2.4% -8.8% -24.6% -33.3%PGE PLN 8,674 20.5 26.8 Accumulate 4.1% 4.1% -10.9% -11.6%Tauron Polska Energia PLN 2,146 5.4 5.8 Sell 5.0% 1.1% -15.5% -17.8%Transelectrica RON 299 17.7 19.5 Accumulate 4.5% -2.2% -19.5% -17.2%Transgaz RON 624 230.0 235.0 Accumulate 7.0% 10.0% -2.7% -17.9%Verbund EUR 7,057 20.4 22.4 Hold 7.2% -6.6% -28.8% -26.6%Zorlu Enerji TRY 171 1.4 2.0 Accumulate -8.3% -20.1% -37.8% -48.9%

Enel S.p.A. EUR - Euro 28,831 - - - 1.8% -13.7% -23.6% -21.1%RWE AG EUR - Euro 16,926 - - - 4.9% -8.7% -22.2% -48.1%Fortum Oyj EUR - Euro 14,010 - - - 0.7% -13.9% -16.8% -29.9%Electricite de France S.A. EUR - Euro 32,706 - - - -2.0% -24.1% -32.0% -43.4%

EuroStoxx Utilities - 280,337 - - - 6.8% 6.0% -17.8% -18.5%


(LC)

2010 2011e 2012e 2013e 2010 2011e 2012e 2013e 2010 2011e 2012e 2013eAkenerji Elektrik nm 14.8 12.3 10.0 778.3 8.6 7.7 6.4 1.8 0.9 0.8 0.7Aksa Enerji Uretim AS 46.4 12.4 11.2 9.0 21.3 6.7 5.8 5.0 3.5 1.8 1.5 1.3CEZ 8.9 9.4 9.3 9.1 5.7 5.8 5.7 5.3 1.9 1.7 1.6 1.5PannErgy nm 25.7 23.6 19.7 15.8 7.1 7.4 6.9 1.7 0.9 0.8 0.8PGE 13.6 6.9 9.1 9.9 7.3 4.8 5.3 5.2 1.2 0.9 0.9 0.9Tauron Polska Energia 13.5 7.7 8.8 12.5 4.5 3.4 3.7 3.8 0.8 0.6 0.6 0.6Transelectrica 147.3 8.5 8.0 8.0 5.1 2.7 2.6 2.4 0.6 0.5 0.5 0.5Transgaz 8.7 7.2 9.0 8.1 6.4 5.1 6.0 5.5 1.3 1.1 1.1 1.0Verbund 21.8 18.7 13.4 11.8 14.9 10.6 8.7 8.0 2.4 1.7 1.5 1.4Zorlu Enerji nm nm 5.9 3.7 38.5 14.9 2.4 1.9 5.0 4.2 2.4 1.4Median CEE 13.6 9.4 9.2 9.5 11.1 6.2 5.7 5.3 1.7 1.0 1.0 0.9Enel S.p.A. 6.5 7.0 6.7 6.7 2.5 2.7 2.6 2.6 0.8 0.7 0.7 0.7RWE AG 3.9 6.5 6.4 7.5 2.1 2.8 2.7 2.8 1.0 0.9 0.9 0.8Fortum Oyj 10.4 10.7 10.2 9.9 9.7 6.9 6.9 6.9 1.7 1.5 1.5 1.4Electricite de France S.A. 8.3 9.9 8.6 8.3 2.9 3.1 2.8 2.8 1.0 1.0 1.0 0.9Median Peer Group 6.5 9.9 8.6 8.3 2.9 3.1 2.8 2.8 1.0 0.9 0.9 0.8EuroStoxx Utilities 9.8 10.7 9.4 8.7 4.0 4.0 3.8 3.7 1.0 0.9 0.9 0.8CEE to Peer, Prem/Disc 109% -5% 8% 15% 284% 103% 104% 87% 72 % 10% 12% 12%

2010 2011e 2012e 2013e 2010 2011e 2012e 2013e 2010 2011e 2012e 2013eAkenerji Elektrik 5.1 2.6 3.2 3.2 77.7 12.6 14.6 15.3 0.0% 0.0% 0.0% 0.0%Aksa Enerji Uretim AS 4.4 1.7 1.5 1.3 21.0 7.7 6.7 5.6 0.0% 0.0% 0.0% 0.0%CEZ 2.9 2.6 2.7 2.4 6.4 6.5 6.4 6.1 6.3% 6.4% 6.4% 6.6%PannErgy 1.4 1.0 1.0 1.0 11.3 7.2 7.4 6.7 0.0% 0.0% 0.0% 0.0%PGE 2.2 1.2 1.3 1.2 6.6 3.6 4.6 4.8 2.8% 7.3% 5.5% 5.1%Tauron Polska Energia 0.8 0.4 0.4 0.5 4.4 3.1 3.5 4.5 2.2% 3.9% 4.5% 3.2%Transelectrica 0.9 0.9 0.9 0.9 6.4 4.1 4.3 4.1 0.6% 10.6% 11.2% 6.3%Transgaz 2.4 1.9 1.9 1.7 5.5 4.5 5.4 4.9 10.4% 12.4% 6.1% 6.8%Verbund 4.3 3.4 2.9 2.9 13.6 11.3 9.6 9.6 2.0% 2.7% 3.4% 3.9%Zorlu Enerji 4.8 3.9 1.8 1.5 40.4 15.1 5.2 4.0 0.0% 0.0% 0.0% 0.0%Median CEE 2.6 1.8 1.7 1.4 9.0 6.8 5.9 5.3 1.3% 3.3% 4.0% 3.6%Enel S.p.A. 1.1 1.0 1.0 0.9 4.6 4.3 4.1 4.0 9.2% 8.5% 8.9% 9.1%RWE AG 0.8 0.6 0.5 0.5 4.0 3.7 3.3 3.2 12.7% 7.6% 7.6% 6.7%Fortum Oyj 4.3 3.4 3.2 3.1 11.8 8.5 8.1 7.9 6.3% 6.3% 6.3% 6.4%Electricite de France S.A. 1.4 1.0 1.0 1.0 5.5 4.5 4.2 4.4 6.5% 6.5% 6.9% 7.1%Median Peer Group 1.1 1.0 1.0 0.9 5.0 4.5 4.2 4.4 9.2% 6.5% 6.9% 6.8%EuroStoxx Utilities 1.6 1.5 1.4 1.3 7.0 6.5 5.8 5.5 6.9% 6.7% 7.1% 7.4%CEE to Peer, Prem/Disc 142% 77% 73% 51% 79% 51% 39% 21% -86% -49% -42% -48%

P/E P/CE P/BV




2010 2011e 2012e 2013e 2010 2011e 2012e 2013e 2010 2011e 2012e 2013eAkenerji Elektrik 6.5% 20.4% 21.7% 21.0% -6.0% 8.4% 10.1% 10.9% -3.8% 5.4% 6.6% 7.4%Aksa Enerji Uretim AS 20.9% 21.7% 22.0% 22.7% 6.6% 8.3% 8.6% 10.2% 9.9% 14.4% 14.6% 15.4%CEZ 44.8% 40.7% 41.7% 39.2% 23.7% 19.6% 20.0% 18.7% 22.8% 18.4% 17.6% 16.7%PannErgy 12.5% 13.7% 14.0% 14.2% 0.4% 3.4% 3.9% 4.5% 0.2% 4.1% 4.0% 4.6%PGE 33.3% 32.9% 27.5% 24.3% 17.6% 19.1% 14.7% 12.2% 8.9% 13.6% 10.1% 8.9%Tauron Polska Energia 17.7% 13.3% 12.6% 10.7% 6.4% 5.5% 4.9% 3.2% 6.5% 7.7% 6.8% 4.6%Transelectrica 13.8% 21.0% 21.2% 22.1% 0.4% 6.0% 6.1% 5.9% 0.4% 6.4% 6.8% 6.8%Transgaz 43.9% 41.8% 34.0% 34.0% 28.6% 26.4% 20.3% 20.8% 15.3% 14.5% 11.9% 12.8%Verbund 32.0% 30.3% 30.5% 30.5% 14.6% 12.9% 15.4% 17.5% 11.2% 9.1% 11.9% 12.6%Zorlu Enerji 11.9% 26.1% 35.8% 36.6% -17.4% -12.3% 7.8% 12.1% -36.6% -42.0% 51.6% 48.6%Median CEE 19.3% 23.9% 24.8% 23.5% 6.5% 8.4% 9.3% 11.5% 7.7% 8.4% 11.0% 10.7%Enel S.p.A. 23.8% 23.5% 23.3% 23.0% 6.0% 5.8% 5.7% 5.5% 11.8% 10.5% 10.5% 10.1%RWE AG 20.2% 15.5% 16.4% 15.0% 6.5% 4.5% 4.8% 3.9% 25.7% 14.0% 13.7% 11.0%Fortum Oyj 36.1% 39.9% 39.4% 39.0% 20.6% 27.0% 21.1% 20.8% 16.3% 14.5% 14.4% 14.1%Electricite de France S.A. 25.5% 22.8% 24.2% 24.0% 1.6% 5.2% 5.6% 5.6% 12.6% 10.1% 11.2% 10.9%Median Peer Group 23.8% 22.8% 23.3% 23.0% 6.3% 5.2% 5.6% 5. 5% 12.6% 10.5% 11.2% 10.9%EuroStoxx Utilities 25.5% 24.4% 24.8% 24.0% 8.9% 7.4% 7.0% 6.9% 11.7% 10.0% 10.9% 10.8%CEE to Peer, ppt -4.6 1.1 1.5 0.5 0.2 3.2 3.7 6.0 -4.9 -2.0 -0 .2 -0.2

2010 2011e 2012e 2013e 2010 2011e 2012e 2013eAkenerji Elektrik -49.1% 230.6% 6.9% 10.1% nm nm 20.0% 23.3%Aksa Enerji Uretim AS -9.4% 56.1% 9.1% 7.3% -20.8% 86.5% 10.8% 24.1%CEZ 2.3% -2.0% 1.6% 2.5% -4.3% -10.7% 1.1% 2.2%PannErgy 34.0% -4.1% -5.2% 7.4% 21.4% 2259.3% 9.0% 19.6%PGE -6.3% 29.1% -18.5% -1.2% -17.3% 57.2% -24.8% -7.5%Tauron Polska Energia 15.9% 0.8% -7.5% -6.7% 895.2% 29.5% -12.8% -29.2%Transelectrica 0.7% 48.8% 4.0% 9.9% 56.7% 1446.7% 6.1% 0.8%Transgaz 23.2% -0.6% -15.2% 8.2% 26.8% -3.5% -19.9% 11.3%Verbund -15.4% -0.8% 17.0% -0.8% -38.7% -14.7% 38.9% 13.8%Zorlu Enerji -55.9% 101.5% 156.7% 4.8% -173.8% nm nm 59.0%CEE total -2.2% 7.9% -1.8% 0.8% 2.5% 1.1% -7.2% 8.2%Enel S.p.A. 9.0% -0.4% 1.2% 1.9% -8.4% -6.4% 4.5% 0.2%RWE AG 11.9% -19.7% 8.6% -4.6% 6.1% -39.9% 1.7% -14.4%Fortum Oyj -0.9% 11.2% 1.9% 3.7% 1.6% -2.1% 4.5% 3.1%Electricite de France S.A. -4.8% -10.4% 9.4% 2.2% -0.3% -16.5% 15.3% 3.4%Peer Group total 2.5% -12.8% 7.7% 1.9% 1.0% -33.3% 9.6% -3 .7%EuroStoxx Utilities 4.7% -5.6% 7.6% 1.7% -3.1% -24.1% 14.9% 2.5%CEE to Peer, ppt -4.7 20.7 -9.5 -1.1 1.5 34.3 -16.9 11.9





CEZ latest (CZK mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/ySales 45,705 54,460 56,805 46,749 47,008 2.9%

EBITDA 19,987 21,915 26,622 17,293 18,526 -7.3%EBIT 14,265 15,036 20,564 11,140 11,851 -16.9%Net profit 11,504 6,976 17,259 6,739 2,482 -78.4%EBITDA margin 43.7% 40.2% 46.9% 37.0% 39.4%EBIT margin 31.2% 27.6% 36.2% 23.8% 25.2%Net margin 25.2% 12.8% 30.4% 14.4% 5.3%

PannErgy latest

(HUF mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/y

Sales 3,761.0 4,136.7 4,000.0 4,349.0 4,618.0 22.8%

EBITDA 469.0 589.9 373.0 551.0 631.0 34.5%

EBIT 186.0 285.8 88.0 247.0 299.0 60.8%

Net profit 127.0 2.2 185.0 -134.0 -317.0 n.a.

EBITDA margin 12.5% 14.3% 9.3% 12.7% 13.7%

EBIT margin 4.9% 6.9% 2.2% 5.7% 6.5%

Net margin 3.4% 0.1% 4.6% -3.1% -6.9%

PGE latest (PLN mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yRevenues 4,874 5,491 7,294 6,611 6,946 42.5%

EBITDA 1,541 1,589 2,260 1,810 1,858 20.6%EBIT 873 919 1,580 1,144 1,208 38.4%

Net profit 747 767 1,240 980 837 12.0%EBITDA margin 31.6% 28.9% 31.0% 27.4% 26.7%EBIT margin 17.9% 16.7% 21.7% 17.3% 17.4%

Net margin 15.3% 14.0% 17.0% 14.8% 12.1%

Transelectrica (RAS) latest (RON mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/ySales 592.0 699.4 750.8 590.7 614.2 3.7%EBITDA 107.0 93.9 224.2 120.5 92.7 -13.4%EBIT 39.6 21.9 150.6 47.2 18.0 -54.5%


Net margin 10.7% 0.7% 21.4% 3.0% -4.1%

Transgaz (RAS) latest (RON mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/ySales 225.2 397.3 457.7 255.0 227.9 1.2%

EBITDA 57.9 139.5 279.8 104.0 54.7 -5.5%EBIT 23.7 104.3 243.1 67.1 17.7 -25.2%Net profit 18.8 83.6 194.9 60.4 28.7 52.6%EBITDA margin 25.7% 35.1% 61.1% 40.8% 24.0%EBIT margin 10.5% 26.3% 53.1% 26.3% 7.8%Net margin 8.3% 21.0% 42.6% 23.7% 12.6%

52 weeks

500550600650700750800850900950

1.000

CEZ PX (Rebased) DJ EURO STOXX Utili ties (Rebased)

52 w eeks

12

14

16

18

20

22

24

Trans e le c tr ica BE T (Re bas e d) DJ EUR O S TO X X Utilit ies (R ebas e d)

5 2 w e eks

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2 2 0

2 4 0

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3 2 0

Tra ns ga z B ET (R e ba se d) D J E UR O S TO X X U tili t ie s (R e ba s ed )

52 weeks

151617181920212223242526

PGE WIG 20 (Rebased) DJ EURO STOXX Utilities (Rebased)

52 weeks

550

600

650

700

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950

1.000

PannErgy BUX (Rebased) DJ STOXX Chemicals (TR) (Rebased)



Verbund latest (EUR mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/ySales 823.9 902.0 917.7 950.2 940.1 14.1%EBITDA 300.5 263.3 273.6 231.5 518.2 72.4%EBIT 243.3 202.9 215.8 172.9 459.0 88.7%Net profit 123.7 66.8 108.5 67.8 137.0 10.8%EBITDA margin 36.5% 29.2% 29.8% 24.4% 55.1%EBIT margin 29.5% 22.5% 23.5% 18.2% 48.8%Net margin 15.0% 7.4% 11.8% 7.1% 14.6%

Tauron Polska Energia latest (PLN mn) 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 y/yRevenues 3,691 n.a 5,299 5,032 4,836 31.0%EBITDA 690 n.a n.a. 775 734 6.4%EBIT 345 n.a 511 427 383 11.0%Net profit 220 n.a 382 322 291 32.3%EBITDA margin 18.7% #WERT! #WERT! 15.4% 15.2%EBIT margin 9.3% #WERT! 9.6% 8.5% 7.9%Net margin 6.0% #WERT! 7.2% 6.4% 6.0%

52 weeks

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Verbund ATX (Rebased) DJ EURO STOXX Utilities (Rebased)

52 weeks

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4,5

5,0

5,5

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6,5

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7,5

Tauron Polska Energia WIG 20 (Rebased)DJ EURO STOXX Utilities (Rebased)



Contacts Group Research Group Institutional & Retail Sales Head of Group Research Institutional Equity Sales Vienna Friedrich Mostböck, CEFA +43 (0)5 0100 - 11902 Head: Brigitte Zeitlberger-Schmid +43 (0)5 0100 - 83123 Macro/Fixed Income Research Cash Equity Sales Head: Gudrun Egger, CEFA (Euroland) +43 (0)5 0100 - 11909 Dieter Benesch +43 (0)5 0100 – 83131 Adrian Beck (AT, SW)) +43 (0)5 0100 – 11957 Hind Al Jassani +43 (0)5 0100 - 83111 Mildred Hager (US, JP, Euroland) +43 (0)5 0100 - 17331 Werner Fuerst +43 (0)5 0100 - 83121 Alihan Karadagoglu (Corporates) +43 (0)5 0100 - 19633 Josef Kerekes +43 (0)5 0100 - 83125 Peter Kaufmann (Corporates) +43 (0)5 0100 - 11183 Cormac Lyden +43 (0)5 0100 - 83127 Carmen Riefler-Kowarsch (Covered Bonds) +43 (0)5 0100 - 19632 Stefan Raidl +43 (0)5 0100 - 83113 Elena Statelov, CIIA (Corporates) +43 (0)5 0100 - 19641 Simone Rentschler +43 (0)5 0100 - 83124 Macro/Fixed Income Research CEE Derivative Sales Co-Head CEE: Juraj Kotian (Macro/FI) +43 (0)5 0100 - 17357 Christian Luig +43 (0)5 0100 - 83181 Birgit Niessner (CEE) +43 (0)5 0100 - 18781 Manuel Kessler +43 (0)5 0100 - 83182 CEE Equity Research Sabine Kircher +43 (0)5 0100 - 83161 Co-Head: Günther Artner, CFA +43 (0)5 0100 - 11523 Christian Klikovich +43 (0)5 0100 - 83162 Co-Head: Henning Eßkuchen +43 (0)5 0100 - 19634 Armin Pfingstl +43 (0)5 0100 - 83171 Günter Hohberger (Banks) +43 (0)5 0100 - 17354 Roman Rafeiner +43 (0)5 0100 - 83172 Franz Hörl, CFA (Steel, Construction) +43 (0)5 0100 - 18506 Institutional Equity Sales London Daniel Lion, CIIA (IT) +43 (0)5 0100 - 17420 Head: Michal Rizek +44 20 7623 - 4154 Christoph Schultes, CIIA (Insurance, Util ity) +43 (0)5 0100 - 16314 Jiri Feres +44 20 7623 - 4154 Thomas Unger, CFA (Oil&Gas) +43 (0)5 0100 - 17344 Tatyana Dachyshyn +44 20 7623 - 4154 Vera Sutedja, CFA (Telecom) +43 (0)5 0100 - 11905 Declan Wooloughan +44 20 7623 - 4154 Vladimira Urbankova, MBA (Pharma) +43 (0)5 0100 - 17343 Institutional Equity Sales Croatia Martina Valenta, MBA (Real Estate) +43 (0)5 0100 - 11913 Damir Eror (Equity) +38 562 37 28 13 Gerald Walek, CFA (Machinery) +43 (0)5 0100 - 16360 Zeljka Kajkut (Equity) +38 562 37 28 11 International Equities Institutional Sales Czech Republic Hans Engel (Market strategist) +43 (0)5 0100 - 19835 Head: Michal Rizek +420 224 995-53 Stephan Lingnau (Europe) +43 (0)5 0100 - 16574 Ondrej Cech (Fixed income) +420 224 995-577 Ronald Stöferle (Asia) +43 (0)5 0100 - 11723 Radim Kramule +420 224 995-53 Editor Research CEE Jiri Smehlik (Equity) +420 224 995-510 Brett Aarons +420 233 005 904 Pavel Zdichynec (Fixed income) +420 224 995-590 Research Croatia/Serbia Institutional Sales Hungary Head: Mladen Dodig (Equit y) +381 11 22 09 178 Gregor Glatzer (Equity) +361 235-5144 Head: Alen Kovac (Fixed income) +385 62 37 1383 Attila Preisz (Equity) +361 235-5162 Anto Augustinovic (Equity) +385 62 37 2833 Norbert Siklosi (Fixed income) +361 235-5842 Anela Tomic (Fixed income) +385 62 37 2295 Institutional Equity Sales Poland Davor Spoljar; CFA (Equity) +385 62 37 2825 Head: Andrzej Tabor +4822 330 62 03 Research Czech Republic Pawel Czuprynski (Equity) +4822 330 62 12 Head: David Navratil (Fixed income) +420 224 995 439 Lukasz Mitan (Equity) +4822 330 62 13 Petr Bittner (Fixed income) +420 224 995 172 Jacek Krysinski (Equity) +4822 330 62 18 Head: Petr Bartek (Equity) +420 224 995 227 Institutional Equity Sales Turkey Vaclav Kminek (Media) +420 224 995 289 Simin Öz Gerards (Head) +9 0212 371 2525 Jana Krajcova (Fixed income) +420 224 995 232 Mine Yoruk +9 0212 371 2526 Martin Krajhanzl (Equity) +420 224 995 434 Institutional Equity Sales Slovakia Martin Lobotka (Fixed income) +420 224 995 192 Head: Dusan Svitek +48 62 56 20 Lubos Mokras (Fixed income) +420 224 995 456 Andrea Slesarova (Client sales) +48 62 56 27 Research Hungary Saving Banks & Sales Retail Head: József Miró (Equity) +361 235-5131 Head: Thomas Schaufler +43 (0)5 0100 - 84225 Bernadett Papp (Equity) +361 235-5135 Equity Retail Sales Gergely Gabler (Equity) +361 253-5133 Head: Kurt Gerhold +43 (0)5 0100 - 84232 Zoltan Arokszallasi (Fixed income) +361 373-2830 Fixed Income & Certificate Sales Research Poland Head: Uwe Kolar +43 (0)5 0100 - 83214 Head: Piotr Lopaciuk (Equity) +48 22 330 6252 Treasury Domestic Sales Magda Zabieglik (Equity) +48 22 330 6250 Head: Markus Kaller +43 (0)5 0100 - 84239 Tomasz Kasowicz (Equity) +48 22 330 6251 Corporate Sales AT Marek Czachor (Equity) +48 22 330 6254 Mag. Martina Kranzl +43 (0)5 0100 – 84147 Bianka Madej (Equity) +48 22 330 6260 Karin Rattay +43 (0)5 0100 - 84112 Research Romania Mag. Markus Pistracher +43 (0)5 0100 - 84152 Head: Lucian Claudiu Anghel +40 21 312 6773 Günther Gneiss +43 (0)5 0100 - 84145 Head Equity: Mihai Caruntu (Equity) +40 21 311 27 54 Jürgen Flassak, MA +43 (0)5 0100 - 84141 Dorina Cobiscan (Fixed Income) +40 21 312 6773 1028 Antonius Burger-Scheidlin, MBA +43 (0)5 0100 - 84624 Dumitru Dulgheru (Fixed income) +40 21 312 6773 1028 Fixed Income Institutional Desk Eugen Sinca (Fixed income) +40 21 312 6773 1028 Head G7: Thomas Almen +43 (0)5 0100 - 84323 Raluca Ungureanu (Equity) +40 21 311 2754 Head Germany: Ingo Lusch +43 (0)5 0100 - 84111 Research Slovakia Fixed Income International & High End Sales Vienna Head: Juraj Barta, CFA (Fixed income) +421 2 4862 4166 Jaromir Malak/ Zach Carvell +43 (0)5 100 - 84254 Michal Musak (Fixed income) +421 2 4862 4512 U. Inhofner/ P. Zagan/ C. Mitu +43 (0)5 100 - 84254 Maria Valachyova (Fixed income) +421 2 4862 4185 Fixed Income International Sales London Research Ukraine Antony Brown +44 20 7623 4159 Head: Maryan Zablotskyy (Fixed income) +38 044 593 - 9188 Ivan Ulitko (Equity) +38 044 593 – 0003 Igor Zholonkivskyi (Equity) +38 044 593 - 1784 Research Turkey Head: Erkin Sahinoz (Fixed Income) +90 212 371 2540 Sevda Sarp (Equity) +90 212 371 2537 Evrim Dairecioglu (Equity) +90 212 371 2535 Ozlem Derici (Fixed Income) +90 212 371 2536 Mehmet Emin Zumrut (Equity) +90 212 371 2539



General disclosures: All recommendations given by Erste Group Research are independent and based on the latest company, industry and general information publicly available. The best possible care and integrity is used to avoid errors and/or misstatements. No influence on the rating and/or target price is being exerted by either the covered company or other internal Erste Group departments. Each research piece is reviewed by a senior research executive, the rating is agreed upon with an internal rating committee of senior research executives. Erste Group Compliance Rules state that no analyst is allowed to hold a direct ownership position in securities issued by the covered company or derivatives thereof. Analysts are not allowed to involve themselves in any paid activities with the covered companies except as disclosed otherwise. The analyst's compensation is primarily based not on investment banking fees received, but rather on performance and quality of research produced.

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(1) Erste Group and/or its affiliates hold(s) an investment in any class of common equity of the covered company of more than 5% (for Croatian

companies 1%).

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Our target prices are established by determining the fair value of stocks, taking into account additional fundamental factors and news of relevance for the stock price (such as M&A activities, major forthcoming share deals, positive/negative share/sector sentiment, news) and refer to 12 months from now. All recommendations are to be understood relative to our current fundamental valuation of the stock. The recommendation does not indicate any relative performance of the stock vs. a regional or sector benchmark.

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This research report was prepared by Erste Group Bank AG (”Erste Group”) or its affiliate named herein. The individual(s) involved in the preparation of the report were at the relevant time employed in Erste Group or any of its affiliates. The report was prepared for Erste Group clients. The information herein has been obtained from, and any opinions herein are based upon, sources believed reliable, but we do not represent that it is accurate or complete and it should not be relied upon as such. All opinions, forecasts and estimates herein reflect our judgment on the date of this report and are subject to change without notice. The report is not intended to be an offer, or the solicitation of any offer, to buy or sell the securities referred to herein. From time to time, Erste Group or its affiliates or the principals or employees of Erste Group or its affiliates may have a position in the securities referred to herein or hold options, warrants or rights with respect thereto or other securities of such issuers and may make a market or otherwise act as principal in transactions in any of these securities. Erste Group or its affiliates or the principals or employees of Erste Group or its affiliates may from time to time provide investment banking or consulting services to or serve as a director of a company being reported on herein. Further information on the securities referred to herein may be obtained from Erste Group upon request. Past performance is not necessarily indicative for future results and transactions in securities, options or futures can be considered risky. Not all transactions are suitable for every investor. Investors should consult their advisor, to make sure that the planned investment fits into their needs and preferences and that the involved risks are fully understood. This document may not be reproduced, distributed or published without the prior consent of Erste Group. Erste Group Bank AG confirms that it has approved any investment advertisements contained in this material. Erste Group Bank AG is regulated by the Financial Market Authority (FMA) Otto-Wagner-Platz 5,1090 Vienna, and for the conduct of investment business in the UK by the Financial Services Authority (FSA) and for the conduct of investment activities in Croatia by the Croatian Financial Services Supervisory Agency (CFSSA). Notice to Turkish Investors: As required by the Capital Markets Board of Turkey, investment information, comments and recommendations stated here, are not within the scope of investment advisory activity. Investment advisory service is provided in accordance with a contract of engagement on investment advisory concluded between brokerage houses, portfolio management companies, non-deposit banks and clients. Comments and recommendations stated here rely on the individual opinions of the ones providing these comments and recommendations. These opinions may not fit to your financial status, risk and return preferences. For this reason, to make an investment decision by relying solely to this information stated here may not bring about outcomes that fit your expectations.



Company Spec. Disclosures*

Company Spec. Disclosures*

Company Disclosures

A&D Pharma Komercni banka 2, AB SA 2, KrkaACE Kulczyk Oil Ventures 3, Action SA Lenzing 4, Agora Lotos GroupAgrana LPPAik Banka AD Magyar TelekomAkbank Mayr-Melnhof 2, Akenerji Elektrik Uretim AS Mennica PolskaAksigorta MOLAlbalact Mostostal WarszawaAlbaraka Turk Multimedia PolskaAllami Nyomda NeucaAmbra New World Resources 2, AmRest NG2Anadolu Hayat OMV 2, 3, Anadolu Sigorta Orco 2, 4, Andritz OTPAntibiotice 2, PalfingerApator Pankl RacingArcelik PannErgyAsseco Poland PBG S.A.AT&S Pegas NW 2, A-Tec PetkimAtlantic Grupa 2, Petrom 4, Atlantska plovidba PGEaustriamicrosystems PGFAustrian Airlines 2, Philip Morris CR 2, Austrian Post 2, PKN OrlenBanca Transilvania PKO BPBank Asya PodravkaBank Pekao PolimexBerling 3, ProspectiuniBIM PZUBiofarm RafakoBioton Raiffeisen Bank International 2, BRD-Group SG RFVBRE Bank RHI 2, 4, BWT 2, Richter GedeonBZ WBK S Immo 1, 2, 4, 5, CA IMMO S&T 2, CA IMMO International SanochemiaCAToil SBO 2, CEDC SekerbankCersanit SemperitCEZ 2, 3, 4, SIF 1 Banat Crisana 5, Ciech S.A. SIF 2 Moldova 5, Cinema City SIF 3 Transilvania 5, CME 2, 3, 4, SIF 4 Muntenia 5, CNG SIF 5 Oltenia 5, ComArch Sinpas REITconwert Sojaprotein ADCWT STRABAG 2, 3, 4, Cyfrowy Polsat SygnityDanubius Hotels SynthosDO & CO 3, T-Hrvatski TelekomDuda Telefónica O2 CR 2, ECO Business-Immo Telekom Austria 2, 3, Egis Telekom SlovenijeEmperia Holding TeraplastEmpik TofasEnergoprojekt TPSAEricsson Nikola Tesla Trakcja PolskaEurocash TranselectricaFarmacol TransgazFerrovial SA TuprasFHB TurbomecanicaFondul Proprietatea 2, Turcas Petrol ASFord Otosan Turk Ekonomi BankFortuna Entertainment 2, 3, 5, Turk Telekomunikasyon ASFX Energy Turkcell Iletisim Hizmetleri ASGaranti Bank Turkiye Sinai Kalkinma BankasiGorenje TVNGraal Unipetrol 2, GTC Uniqa 2, Gunes Sigorta VakifbankHalkbank Verbund 2, 4, Immoeast 2, Vestel Immofinanz Vienna Insurance Group 2, 3, 4, Impact Vienna Int. Airport 2, INA Vistula GroupInstitut IGH voestalpine 2, 4, Inter Cars Wienerberger 2, Intercell 2, 4, WinterthurIs REIT WolfordIsbank Yapi Kredi BankJutrzenka Yapi Kredi SigortaKapsch TrafficCom 2, 4, ZA Pulawy S.A.KGHM ZCh Police S.A.Koc Holding Zorlu Enerji Elektrik Uretimi ASKoelner Zumtobel 2, Komercijalna Banka * Specific disclosures if applicable

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