BSE – Budapest Stock Exchange Market Survey

Market Survey – June 2017

June 2017 by Capital Lounge GmbH BSE – Budapest Stock Exchange | Market Survey 02

HISTORY MAIN ACTIVITIES INSTRUMENTS

The Hungarian Stock Exchange, the ancestor of Listing Services Currently, there are 68 instruments listed on today's Budapest Stock Exchange (BSE) started BSE. The table below will show their break- its operation on January 18th 1864 in Pest on Trading Services down: the banks of Danube (in a building of the Lloyd Equities Standard (18) Insurance Company). Dissemination of Market Information Equities Prime (13) When the exchange was launched, there were Corporate Bonds (12) 17 equities, one debenture, 11 foreign Product Development Equities T (7) currencies and 9 bills of exchange listed. Investment Funds (5) BSE had been operating as one of Europe's Mortgage Bonds (4) Investment Certificate (2) leading exchanges for 80 years, however, in Decategorised Equities (2) 1948 it was disbanded after the Turbo Certificate and Warrant (1) nationalizations. Treasury Bills (1) The stock exchange was reestablished in 1990, Government Bonds (1) since then the BUX indice and electronic ETF (1) Compensation Notes (1) trading were introduced. 0 5 10 15 20

INTRODUCTION The overarching aim of the five-year strategy devised by the Budapest Stock Exchange (BSE) for the period 2016-2020 is to formulate and implement a comprehensive stock exchange development programme in Hungary, which will result in capital fundraising increasing its role in Hungarian corporate finance, making it an effective supplement to credit from the banking sector, which predominates at present. The objective of the BSE is to become the most important platform for competitive and successful enterprises in Hungary. The task of identifying and selecting enterprises that are ready for the stock exchange, and preparing them for the launch process, is one of crucial importance, and there is therefore a need to expand and broaden the consultancy services offered to issuers, and to develop an effective method of screening (scoring). One way of doing this is to set up a stock exchange “antechamber”, which operates with the active collaboration of specially contracted top market players – IPO Partners –, who help to bring together companies that are interested in raising capital market funds; the new companies are then evaluated and selected in order to prepare them for launching on the regulated or the SME market. Implementation of the strategy will benefit from the fact that the BSE is, since December 2015, once again under national Hungarian ownership, and thus enjoys the support of the Hungarian National Bank (HNB), an owner that is committed to developing the capital market. This in turn reinforces the commitment of economic players towards the BSE, as it conveys a positive image of the future of the capital market and increases general confidence in the Hungarian stock exchange.

To meet the special needs of SMEs, it will be necessary to establish a new SME market to support the presence of large numbers of SMEs on the capital market, and to help them obtain funding. The SME market will include the following:  A multilateral trading facility (MTF) for companies which are ready to operate in the public sphere but which are not at a stage of development that allows them to meet the requirements for launch on the regulated market.  A private placement platform (PPP) for enterprises which are not yet ready to operate in the public sphere but which are looking for capital investors to enter into private transactions, and which may later transfer to the public markets.  A crowdfunding platform – to be launched at a later stage of the strategy timescale – operating under a separate brand name from the other markets of the BSE, whose objective is to finance start-up businesses with the involvement of large numbers of investors, each investing lower sums of capital.

EQUITY SEGMENTS AND COSTS PRIME STANDARD T The equities may be listed in three different markets – there is no MTF, yet: MARKET MARKET MARKET Market capitalisation min. 5 billion forints no requirements no requirements Prime Market To be listed on the Prime Market, the instrument must meet several criteria min. 25 percent or regarding market capitalisation, ownership structure (free-float) and corporate Free float min. 500 owners or no requirements no requirements history. Furthermore, the Issuer shall make a public transaction that refers to the min. 2 billion forints equity series to be listed. The share series on Equities Prime Market are more Equity class only common shares no requirements no requirements liquid in general and have a broader ownership structure. Corporate Governance mandatory no obligation no obligation

Standard Market min. three full, Business years no obligation no obligation For small and medium-sized enterprises who wish to skip the T Market as the audited years access point to the regulated market and consider executing a public transaction at their initial listing, BSE provides opportunity to enter the market with less Listing method IPO IPO Technical listing stringent listing requirements than those called for on the Prime Market. Listing criteria on Equities Standard Market are identical to the legal requirements stipulated by the Capital Market Act; however, carrying out a public transaction is also mandatory at listing.

T Market BSE aims to provide opportunity to the small and medium sized enterprises, Initial listing fee no which do not make public transaction at the listing of their shares. The shares of these issuers will be listed on BSE via technical listing. Therefore, listing on the T between HUF 1'250‘000 and HUF 12‘650‘000 Maintenance fee Market can be considered as the first stage of listing on the regulated market. paid quarterly Listing requirements on Equities T Market are practically identical to the legal Publication fees Ø HUF 400‘000 p.a. requirements stipulated by the Capital Market Act. © Capital Lounge GmbH BSE – Budapest Stock Exchange | Market Survey 05

HEAVY WEIGHTS

Below you will find a table showing the TOP 10 HEAVY WEIGHTS of the Budapest Equity Market plus a short company profil:

OTP BANK Providing institutional, commercial, corporate, private, and retail banking via 1'500 banking offices in Hungary ISSUER MARKET CAP and beyond serving nearly 12 million customers. MOL HUNGARIAN OIL AND GAS Among Central Europe‘s top refiners, producing 98‘000 barrels of oil equivalent per day, OTP BANK 7'562'240'270 EUR operating more than 1‘730 gas stations in Croatia, Czech Republic, Hungary, Italy, Poland, Romania, Slovakia and Ukraine.

MOL HUNGARIAN OIL AND GAS 7'251'909'692 EUR RICHTER GEDEON Innovation-driven specialty pharmaceutical company. Vertically integrated, the company is engaged in pharmaceutical manufacturing, research and development, sales and marketing. RICHTER GEDEON 4'105'018'116 EUR MAGYAR TELEKOM Largest Hungarian telecommunications company, being owned (59.21%) by Deutsche Telekom-. MAGYAR TELEKOM 1'538'253'799 EUR BUDAPESTI ELEKTROMOS Regional electricity distributor, providing electricity to the City of Budapest and the BUDAPESTI ELEKTROMOS 474'097'971 EUR surrounding region. EMASZ Regional electricity provider, providing electricity to the City of Miskolc and Northeastern Hungary. EMASZ 213'285'436 EUR FHB MORTGAGE BANK Specialised credit institution, founded in 1997 promoting the development of the real estate FHB MORTGAGE BANK 114'681'617 EUR market, running four divisions: FHB Commercial, FHB Mortgage, FHB Real Estate and FHB Leasing.

ZWACK UNICUM 112'640'000 EUR ZWACK UNICUM Producing and distributing liqueurs and other spirits in Hungary. Besides its own brands, the company distributes Bailey‘s, Metaxa, Smirnoff, Cinzano, Black Velvet, Malibu, Johnnie Walter and Hennessy. GRAPHISOFT 111'760'157 EUR GRAPHISOFT Developing and operating the facilities of Graphisoft Park in the 3rd district of Budapest including 18 hectares, of which 11 hectares are developed to this date into 55.000 m2 office and laboratory space. ANY SECURITY PRINTING 66'185'346 EUR ANY SECURITY PRINTING Offering printing services, binding books, offering electronic archiving and document management services, operating in Hungary, Slovakia, Czech Republic, Russia, Bulgaria and Romania.

INDUSTRY BREAK-DOWN

All in all, there are 15 Industry Sectors represented on Budapest Stock Exchange. The three leading sectors based on the number of listings are Diversified Financials, Other Industrial Goods and Real Estate.

Below, you will find a chart displaying the sector breakdown based on the number of issuers: Banking (34.88%) Oil & Gas (32.95%) Pharmaceuticals (18.65%) Telecommunications (6.99%) Electric Utilities (3.27%) Real Estate (0.95%) 12 Food, Beverage, Tobacco (0.52%) Other Industrial Goods (0.51%) Diversified Financials (0.51%) Automobiles & Parts (0.24%) 10 Insurance (0.19%) Software & IT Services (0.15%) Construction (0.11%) Retailing (0.07%) 8 Packaging (0.00%)

6 Taking a look at the sector breakdown based on market capitalization, there is a totally different picture: 4 The two sectors Banking and Oil & Gas have each around one third of the total 2 market capitalization of Budapest Stock Exchange (having EUR 22 billion).

Other Industrial Goods Other RealEstate ElectricUtilities Services SoftwareIT & Banking Beverage, Food, Tobacco Telecommunications Parts Automobiles& Construction Insurance OilGas & Packaging Pharmaceuticals Retailing DiversifiedFinancials The third place goes to Pharmaceuticals, being represented solely by Gedeon Richter with a market capitalisation of EUR 4,11 billion.

The following ten sectors have each less than one percent market share based on market capitalisation: Real Estate, Food, Beverage & Tobacco, Other Industrial Goods, Diversified Financials, Automobile & Parts, Insurance, Software & IT Services, Construction, Retailing and Packaging.

IPOs

Currently, there are 40 equities listed on Budapest Stock Exchange. The oldest listing among those 40 companies belongs to Pecs based Konzum Investment and Asset Management PLC, a company, that operates in a variety of businesses that include Marcali Metal Factory, Hidas Furniture Factory, a real estate holding, a wholesale appliance and utensil company and a department store called Konzum. Konzum went public in 1990. The most recent Going Public is the one of Pilisvorosvar based UBM Holding Company Ltd. whose shares have been floated inn 2016. Among the banks that took care of those IPOs, Budapest based Concorde Securities RT (www.con.hu), Equilor Investment Ltd (www.equilor.hu), which is also based in Budapest and Austrian Creditanstalt Bankverein AG (nowadays Bank Austria) have been the most active ones. On an international level, Credit Suisse First Boston supported the IPOs of Magyar Telekom and Pannergy. Merrill Lynch was also involved in the Magyar Telekom Going Public.

0 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

INVOLVED INVESTORS Nr. Investor Investment (EUR) Holdings 01 HUNGARIAN STATE HOLDING 1'851'015'922 1 For the analysis of the Investor Base, we used the most recent Bloomberg Data 02 MOL HUNGARIAN OIL & GAS 1'357'954'376 2 including all Institutional Investors. 03 MAGYAR NEMZETI VAGYONKEZEL 1'113'310'271 3 04 DEUTSCHE TELEKOM 924'673'290 1 Based on this method, we discovered a total of 449 Institutional Investors – the 05 ABERDEEN 719'866'421 4 biggest 25 of those are shown in the table on the right side. Most of those 06 RAHIMKULOV FAMILY 638'426'100 1 investors are strategic, holding one or two investments respectively representing 07 OMAN OIL BUDAPEST 523'729'590 1 the Hungarian Government directly or indirectly. Less than half of the 25 08 OTP FUND MANAGEMENT 517'558'447 3 investors are purely financial, with the strongest investment by UK based Aberdeen Asset Management, followed by the Vanguard Group (US) and ING 09 VANGUARD GROUP 445'602'619 4 (Netherlands). 10 MAGNOLIA FINANCE 430'039'377 1 11 ING 417'211'808 2 The most significant single investment as of June 6th 2017 belongs to the 12 OPUS SECURITIES 403'581'892 1 Hungarian State Holding, owning a stake worth EUR 1.85 billion in the Hungarian 13 UNICREDIT 395'796'805 4 Oil & Gas company MOL (25.24%). 14 GROUPAMA 393'657'600 1 The second biggest investment as of June 6th 2017 has been made by Magyar 15 RWE ENERGIE 372'797'395 2 Nemzeti Vagyonkezel (Hungarian National Asset Management Inc.), holding 16 BLACKROCK 342'435'864 4 25.25% or respectively EUR 1.08 billion in the pharmaceutical company Gedeon 17 LAZARD 273'854'300 3 Richter. 18 DIMENSIONAL FUND ADVISORS 216'969'214 6 The third largest stand-alone investment has been made by Deutsche Telekom, 19 CRESCENT PETROLEUM 214'729'165 1 that acquired almost 59.21% of the Hungarian Telco operator Magyar Telekom, 20 HARDING LOEVNER 214'038'350 1 currently being worth almost EUR 1 billion. 21 SCHRODERS 196'428'108 3 22 CREDIT AGRICOLE 180'601'606 3 23 ENBW 173'218'478 3 24 STATE OF CALIFORNIA 149'850'637 4 25 SOMERSET CAPITAL MANAGEM. 148'222'565 2

TREASURY SHARES - COMPANY INVESTORS

16 out of the 40 listed issuers (40%) hold own shares. The table on the right gives an overview of those companies and their treasury shares.

MARKET VALUE Nr. COMPANY TREASURY SHARES 01 MOL HUNGARIAN OIL AND GAS PLC 689'794'376 02 RICHTER GEDEON NYRT 16'278'332 03 ENEFI ENERGYEFFICIENCY PLC 11'848'618 04 PLOTINUS VAGYONKEZELO 10'437'500 05 PANNON VALTO RT 9'286'788 06 GRAPHISOFT PARK SE 6'413'208 07 OPIMUS GROUP 4'927'272 08 PANNERGY NYRT 4'248'463 09 ANY SECURITY PRINTING CO 2'020'866 10 APPENINN HOLDING 1'925'441 11 ALTEO NYRT 1'506'167 12 ALTERA WEALTH MANAGEMENT PLC 400'416 13 MAGYAR TELEKOM TELECOMM. PLC 115'817 14 ELSO HAZAI ENERGIA PORTFOLIO RT 76'043 15 NORDTELEKOM TELECOMM. PLC 59'691 16 ORMESTER VNMR 21'287

TWELVE MONTHS TOP & FLOP PERFORMERS Nr. TOP Issuers Perform. Main Investor 01 KONZUM INVESTMENT 527.03% FORLEV KFT In the past twelve months (07.06.2016 – 06.06.2017), the entire Hungarian 02 SET GROUP PUBLIC 462.50% BONATREVI SALES market won more than 23%. 03 OPIMUS GROUP 269.23% CARIATI HOLDING LTD 04 FUTURAQUA MINERAL 150.00% ENVIRO GEO BT On a more detailed look, the Equities Prime Segment increased by 23.94%, the 05 PANNON-VALTO 124.36% PANNON INVESTOR Equities Standard Segment won 6.08% and the Equities T Segment gained 06 NUTEX INVESTMENTS 57.89% RALTEX LTD 6.77%. 07 ELSO HAZAI 55.38% DUNAUJVAROSI VAGYONK. 08 4IG 38.98% FEHER ISTVAN In the same period, the S&P 500 increased by 16,74% and the Euro Stoxx 50 09 GRAPHISOFT PARK 37.22% BOJAR GABOR gained 22,87%. 10 MOL HUNGARIAN OIL & GAS 35.24% HUNGARIAN STATE HOLD.

Below you will find a comparison of selected international markets:

Nr. Market Perform. Nr. FLOP Issuers Perform. Main Investor 01 BSE 23.04% 01 ALTERA WEALTH MANAGEM. -32.03% ALTERA WEALTH 02 CAC 40 -11.77% 02 FHB MORTGAGE BANK -21.03% VCP FINANZ HOLDING LTD 03 DAX 30 29.02% 03 NORDTELEKOM -14.89% BELTAV KFT 04 Dow Jones 19.32% 04 ENEFI ENERGYEFFICIENCY -9.52% ENEFI ENERGYEFFICIENCY 05 FTSE 100 23.41% 05 DUNA HOUSE -9.09% MEDASEV HOLDING KFT 06 Hang Seng 27.97% 06 RABA AUTOMOTIVE -5.27% MAGYAR NEMZETI VAGYO. 07 MIB 22,92% 07 MASTERPLAST -5.19% DAVID TIBOR 08 Nikkei 225 17.57% 08 ALTEO -3.00% WALLIS ASSET ZRT 09 PSI 20 7.29% 09 EMASZ -2.46% RWE ENERGIE AG 10 SMI 13.59% 10 APPENINN HOLDING -1.41% LEHN CONSULTING AG

FREE FLOAT AND NOMINAL VALUE ANALYSIS

One of the main criteria regarding trading volume and liquidity is the Free Float The average Nominal Value of a Hungarian company is HUF 904. Therefore, of an issuer. In addition, the Free Float is also one important criteria to become there are 57 companies with that face value for their shares. listed. Additional 24 companies have a Nominal Value between EUR 0.31 and 0.39. Below you will find a table showing the Free Float split of companies listed on The highest Nominal Values found are EUR 70 (Tropea Holding), EUR 36 Budapest Stock Exchange: (Doppler SA) and Karelia Tobacco Co with EUR 11.83 per share.

The table below shows the Nominal Value split among the companies listed on Athens Stock Exchange:

Free Float Issuers Nominal Value Issuers 0 % - 10 % 7 No Face Value 7 10 % - 25 % 5 HUF 10 – HUF 99 11 25 % - 50 % 15 HUF 100 – HUF 999 10 50 % - 75 % 7 HUF 1‘000 – HUF 9‘999 10 75 % - 100 % 6 HUF 10‘000 - 2

DUAL LISTINGS AND LISTING VENUES

23 out of the 40 Budapest quoted equities respectively 57.5% have an additional listing abroad. 16 are listed on the London Stock Exchange, while 19 companies perform a dual listing in Germany. The tables below (and on the following page) shows issuers and listing venues:

ISSUER SECTOR ISIN UK DE DE DE DE DE DE DE-OTC DE-OTC DE-OTC OTHER 4IG Software & IT Services HU0000071030 ALTEO NYRT Electric Utilities HU0000103593 ALTERA WEALTH MANAGEMENT PLC Diversified Financials HU0000115308 ANY SECURITY PRINTING CO Other Industrial Goods HU0000093257 LSE Berlin Stuttgart APPENINN HOLDING Diversified Financials HU0000102132 Stuttgart BUDAPEST REAL ESTATE PLC Real Estate HU0000088760 LSE BUDAPESTI ELEKTROMOS MUVEK Electric Utilities HU0000074513 LSE Berlin Frankfurt Stuttgart CIG PANNONIA LIFE INSURANC-A Insurance HU0000097738 LSE Berlin Frankfurt Stuttgart CSEPEL HOLDING NYRT Diversified Financials HU0000135025 DUNA HOUSE HOLDING NYRT Real Estate HU0000135090 LSE ELSO HAZAI ENERGIA-PORTFOLIO Diversified Financials HU0000147996 EMASZ Electric Utilities HU0000074539 LSE Berlin Frankfurt Stuttgart ENEFI ENERGYEFFICIENCY PLC Other Industrial Goods HU0000089198 EST MEDIA PLC Diversified Financials HU0000127816 Frankfurt Stuttgart FHB MORTGAGE BANK PLC Banking HU0000078175 LSE Frankfurt Stuttgart FINEXT NYRT Diversified Financials HU0000099486 FORRAS TRUST AND INVESTMENT Diversified Financials HU0000066394 LSE FUTURAQUA MINERAL WATER PROD Food, Beverage, Tobacco HU0000107362 GRAPHISOFT PARK SE Real Estate HU0000083696 LSE Berlin Frankfurt Stuttgart KARTONPACK DOBOZIPARI NYRT Packaging HU0000075692 LSE

DUAL LISTINGS AND LISTING VENUES (continuation)

ISSUER SECTOR ISIN UK DE DE DE DE DE DE DE-OTC DE-OTC DE-OTC OTHER KEG CENTRAL EUROPEAN LPG TER Other Industrial Goods HU0000124383 KEY-SOFT COMPUTER TECHNOLOGY Software & IT Services HU0000099387 KONZUM INVESTMENT AND ASSET Retailing HU0000142419 Berlin Frankfurt Stuttgart MAGYAR TELEKOM TELECOMMUNICA Telecommunications HU0000073507 LSE Berlin Frankfurt gettex München Stuttgart Baader Bank FINRA MASTERPLAST NYILVANOSAN MUKO Construction HU0000093943 MOL HUNGARIAN OIL AND GAS PL Oil & Gas HU0000068952 LSE Berlin Frankfurt gettex München Stuttgart Baader Bank Commerzbank Lang & Schwarz NORDTELEKOM TELE SERVICE PLC Telecommunications HU0000122098 NUTEX INVESTMENTS Diversified Financials HU0000106448 OPIMUS GROUP NYILVANOSAN MUK Diversified Financials HU0000110226 ORMESTER VAGYONVEDE Other Industrial Goods HU0000089404 Stuttgart OTP BANK PLC Banking HU0000061726 LSE Berlin Düsseldorf Frankfurt gettex München Stuttgart Baader Bank Commerzbank FINRA OTT-ONE NYILVANOSAN Software & IT Services HU0000149679 Berlin München PANNERGY PLC Other Industrial Goods HU0000089867 LSE Berlin Frankfurt München Stuttgart Lang & Schwarz PANNON-VALTO RT Real Estate HU0000072434 PLOTINUS VAGYONKEZELO NYILVA Diversified Financials HU0000097530 Stuttgart RABA AUTOMOTIVE HOLDING PLC Automobiles & Parts HU0000073457 Berlin Frankfurt gettex München Stuttgart Baader Bank Lang & Schwarz RICHTER GEDEON NYRT Pharmaceuticals HU0000123096 LSE Berlin Frankfurt München Stuttgart Commerzbank SET GROUP PUBLIC LTD Other Industrial Goods HU0000107537 UBM HOLDING COMPANY LTD Diversified Financials HU0000145990 ZWACK UNICUM RT Food, Beverage, Tobacco HU0000074844 LSE Berlin Frankfurt München Stuttgart

TRADING VOLUME

Obviously, the Highest Trading Volume belongs to the Issuers with the Highest Taking a more qualitative approach, we set the 56-Week-Trading-Volume in Market Capitalisation such as OTP BANK, MOL HUNGARIAN OIL & GAS and relation to the Market Capitalisation – answering the question how much of the GEDEON RICHTER. total Market Capitalisation has changed hands in the past year: The table below shows the TOP 10 Issuers based on their accumulated Trading The chart below shows the companies with the qualitative highest trading Volume of the past 56 weeks: volume:

ISSUER TRADING VOLUME 56W 140,00% OTP BANK PLC 3.581.999.437 EUR 120,00% MOL HUNGARIAN OIL AND GAS PL 1.835.460.234 EUR 100,00% RICHTER GEDEON NYRT 1.587.399.325 EUR 80,00% MAGYAR TELEKOM TELECOMMUNICA 439.060.032 EUR 60,00% FHB MORTGAGE BANK PLC 58.546.576 EUR 40,00% APPENINN HOLDING 21.309.497 EUR 20,00%

OPIMUS GROUP NYILVANOSAN MUK 18.776.334 EUR 0,00% BUDAPEST REAL ESTATE PLC 13.395.318 EUR ANY SECURITY PRINTING CO 12.748.781 EUR PLOTINUS VAGYONKEZELO NYILVA 10.784.168 EUR CIG PANNONIA LIFE INSURANC-A 9.643.493 EUR

MISCELLANEOUS » DID YOU KNOW THAT...

...the State of California invested a total amount of HUF 46.828.324.208 in the four largest quoted companies listed on Budapest Stock Exchange...

...next to the State of California the States of New York and Texas also hold significant stakes in Hungary...

...both German utilities ENBW and RWE are heavily linked to the Hungarian Energy Sector, being invested in BUDAPESTI ELEKTROMOS and EMASZ ...

...the Hungarian State Holding is the biggest single investor in the Hungarian Stock Exchange...

...Deutsche Telekom is the biggest shareholder of Magyar Telekom, holding a stake of almost 60% (approx. EUR 1 billion)

MEMBER LIST

Company Name Phone Section Membership Bank of Hungarian Savings Cooperatives Ltd. +36-1-202-3777 Equities, Debt securities, Futures, Options BNP Paribas S.A. +33 1 40144546 Debt securities CIB Bank Ltd. +36-1-457-6800 Equities, Debt securities, Futures, BETa market Citibank Europe plc Hungarian Branch +36-1-374-5000 CONCORDE Securities Ltd. +36-1-489-2200 Equities, Debt securities, Futures, Options Deutsche Bank AG Hungary Branch +36-1-301-3704 Deutsche Bank AG London Branch +44 207 7547 7900 Debt securities EQUILOR Ltd. +36-1-430-3980 Equities, Debt securities, Futures, Options, Commodities, BETa market ERSTE Investment Limited +36-1-235-5100 Equities, Debt securities, Futures, Options, BETa market FHB Commercial Bank Ltd. +36-1-452-9100 Equities, Debt securities Goldman Sachs International +44-020-7774-1000 ING Bank N.V. Hungary Branch +36-1-235-8700 Equities, Debt securities, Futures IPOPEMA Securities Spólka Akcyjna +48-22-236-9200 Equities J.P. Morgan Securities plc +44-207-777-2000 KBC Securities Hungarian Branch Office +36-1-483-4000 Equities, Debt securities, Futures, BETa market K & H Bank +36-1-328-9000 Merrill Lynch International +44 20 7996 5451 Debt securities MKB Bank Zrt. +36-1-327-8600 Equities, Debt securities, Futures, BETa market National Savings and Commercial Bank Ltd., Hungary +36-1-366-6666 Equities, Debt securities, Futures, Options, BETa market NHB Growth Credit Bank Plc. +36 1 429 9400 Equities, BETa market Nomura International Plc +44 020 7521 2000 Raiffeisen Bank Ltd +36-1-484-4400 Equities, Debt securities, Futures, Options, BETa market Raiffeisen Centrobank AG +43-1-515-200 Equities, Futures, Options, BETa market Random Capital Zrt +36-1-501-3333 Equities, Futures, BETa market Société Générale SA +33-0-1-421-42000 Equities, Debt securities SPB Investment Ltd. +36-1-483-2610 Equities, BETa market UniCredit Bank Hungary +36-1-269-0812 Equities, Debt securities, Futures, Options WOOD & Company Financial Services a.s. +420-222-096-111 Equities

Market Survey

For further information please contact:

Mr. Alexander COENEN Managing Partner of Capital Lounge GmbH Phone: +49 (0)89 2060 21 147 eMail: [email protected] Emil-Riedel-Str. 21 80538 Munich Germany http://www.capitallounge.de