IC Daily Trading Multiples Closing price 30 August 2021

Banks Change Fundemental Indicators

Last availab. Mcap Last Price DVD (local FS (EUR m) (local) Day YTD 1Y ROE ROA Assets/Equity currency) DVD Yield P/E P/B Loans/ Deposits CB First Inv. Bank 2021-03 136.4 1.79 0.0% -2.7% -11.4% 4.0% 0.4% 9.4 0.00 0.0% 5.5x 0.22x 0.7x ZABA 2021-06 2,615.6 61.20 0.0% 12.9% 21.4% 5.1% 0.7% 7.4 0.00 0.0% 18.8x 0.95x 0.8x Banca Transilvania 2021-06 2,980.3 3.06 0.0% 35.8% 47.1% 16.0% 1.6% 10.3 0.12 3.8% 8.1x 1.31x 0.5x BRD Bank 2021-03 2,682.7 19.00 0.0% 27.9% 58.3% 9.6% 1.5% 6.6 0.07 0.4% 14.0x 1.34x 0.7x NLB Bank 2021-03 1,434.9 70.00 0.9% 52.8% 77.7% 14.7% 1.6% 9.1 1.24 1.8% 4.5x 0.66x 0.6x

Construction Change Fundemental Indicators

Last DVD availab. Mcap Last Price Assets Net debt/ (local DVD EBITDA EBIT EBT Profit EV/ EV/ FS (EUR m) (local) Day YTD 1Y ROE ROIC ROA D/E / Equity EBITDA currency) Yield margin margin margin margin EBITDA P/E P/B Sales P/CFO 2021-06 270.6 82.00 0.0% -86.5% -89.8% 47.7% 11.0% 3.5% 5.10 13.5 3.66x 0.00 0.0% 6.4% 4.1% 3.1% 2.4% 25.8x 59.6x 28.4x 1.7x -78.8x IGH 2021-06 10.2 124.50 3.8% -14.7% -17.5% 44.5% -36.5% -22.4% -2.26 -2.0 n.a. 0.00 0.0% -27.3% -38.0% -36.0% -30.1% -6.7x n.a. -0.7x 1.8x 8.0x Ingra 2021-06 19.4 10.70 -5.7% 30.5% 19.6% 32.1% 4.9% 10.9% 1.48 2.9 9,85x 0.00 0.0% 51.5% 52.3% 94.2% 114.0% 13.8x 1.8x 0.6x 35.6x -3.1x 2021-03 4.5 177.00 -2.2% 26.4% -23.0% 11.3% -15.5% -5.2% -1.30 -2.2 11.83x 0.00 0.0% 11.8% -6.4% -12.5% -12.8% 13.7x n.a. -0.2x 3.1x 8.4x

Diversified Change Fundemental Indicators

Last DVD availab. Mcap Last Price Assets Net debt/ (local DVD EBITDA EBIT EBT Profit EV/ EV/ FS (EUR m) (local) Day YTD 1Y ROE ROIC ROA D/E / Equity EBITDA currency) Yield margin margin margin margin EBITDA P/E P/B Sales P/CFO Adris Grupa 2021-06 978.5 480.00 0.0% 10.1% 11.6% 1.4% 1.0% 0.6% 0.19 2.14 n.a. 0.00 0.0% N/A 2.9% 2.4% 2.8% N/A 114.6x 0.7x N/A 29.7x 2021-06 560.8 590.00 1.0% 21.6% 39.8% 8.2% 7.2% 5.7% 0.18 1.43 0.72x 9.00 1.5% 13.1% 8.2% 8.0% 6.5% 7.9x 14.7x 1.2x 1.0x 9.0x Petrol 2021-03 929.1 452.00 0.2% 39.1% 50.7% 9.2% 6.4% 4.4% 0.47 2.09 2.02x 22.00 4.9% 5.7% 3.2% 3.0% 2.5% 7.6x 12.5x 12.5x 1.1x 0.4x

Energy Change Fundemental Indicators

Last DVD availab. Mcap Last Price Assets Net debt/ (local DVD EBITDA EBIT EBT Profit EV/ EV/ FS (EUR m) (local) Day YTD 1Y ROE ROIC ROA D/E / Equity EBITDA currency) Yield margin margin margin margin EBITDA P/E P/B Sales P/CFO INA 2021-03 4,512.6 3,380.00 0.0% 20.7% 16.6% -3.1% -2.0% -1.4% 0.35 2.22 1.55x 62.27 1.8% 12.5% -2.1% -1.6% -1.9% 19.3x -116.6x 3.6x 2.5x 15.9x Nuclearelectrica 2021-03 1,835.7 30.05 0.0% 68.3% 78.2% 9.1% 7.0% 7.8% 0.06 1.16 -1.36x 1.57 5.2% 54.0% 32.2% 33.3% 28.1% 5.4x 12.9x 1.2x 2.9x 8.0x OMV Petrom 2021-03 5,279.0 0.46 0.0% 26.5% 28.1% 3.6% 3.3% 2.5% 0.06 1.42 -1.67x 0.03 6.7% 22.9% 7.2% 7.3% 6.5% 4.4x 21.5x 0.8x 1.0x 4.9x Romgaz 2021-03 2,588.6 33.15 0.0% 18.0% 12.4% 13.9% 13.3% 11.7% 0.00 1.18 -0.19x 1.79 5.4% 43.9% 31.8% 33.1% 28.9% 7.1x 11.1x 1.5x 3.1x 5.9x

Food Change Fundemental Indicators

Last DVD availab. Mcap Last Price Assets Net debt/ (local DVD EBITDA EBIT EBT Profit EV/ EV/ FS (EUR m) (local) Day YTD 1Y ROE ROIC ROA D/E / Equity EBITDA currency) Yield margin margin margin margin EBITDA P/E P/B Sales P/CFO Gradus 2021-03 181.7 1.46 0.0% 0.0% 1.4% 2.3% 2.3% 2.1% 0.05 1.10 0.24x 0.10 6.8% 11.7% 6.4% 6.1% 5.3% 21.6x 48.0x 1.1x 2.5x 14.5x 2021-06 667.7 1500 0.0% 11.9% 20.0% 13.6% 10.3% 7.4% 0.32 1.85 0.68x 25.00 1.7% 14.0% 9.0% 8.7% 7.4% 7.1x 12.2x 1.7x 1.0x 8.2x Cakovecki Mlin. 2021-03 113.5 8100 0.0% 8.0% 27.6% 6.8% 4.3% 4.8% 0.13 1.42 -1.6x 0.00 0.0% 7.6% 2.6% 3.7% 3.0% 6.7x 20.7x 1.4x 0.6x 12.5x Kras 2021-06 142.4 750 0.0% 13.3% 24.2% 4.5% 3.9% 3.2% 0.18 1.43 0.87x 0.00 0.0% 10.8% 3.9% 3.6% 3.2% 10.1x 31.6x 1.4x 1.1x 16.4x 2021-03 5.9 31.8 0.0% 0.0% -48.3% -15.6% 2.8% -8.6% 0.29 1.83 5.83x 0.00 0.0% 20.3% 15.4% -54.8% -54.9% 8.8x n.a. 0.2x 2.1x -0.4x Purcari 2021-06 61.2 15.1 0.0% 37.3% 31.3% 29.3% 15.6% 17.2% 0.33 1.71 0.51x 1.30 8.6% 29.7% 23.9% 34.8% 29.0% 5.3x 4.6x 1.4x 5.3x 7.1x

Funds / REIT's Change Fundemental Indicators

Last availab. Mcap Last Price DVD (local Disc. to FS (EUR m) (local) Day YTD 1Y ROE ROA Assets/ Equity currency) DVD Yield P/E P/B NAV per share NAV Fondul Proprietatea 2021-03 2,372.2 1.826 0.0% 36.4% 60.1% 23.53% 23.41% 1.01 0.06 3.5% 4.6x 1.1x 1.8 -0.5%

Industrial Change Fundemental Indicators

Last DVD availab. Mcap Last Price Assets Net debt/ (local DVD EBITDA EBIT EBT Profit EV/ EV/ FS (EUR m) (local) Day YTD 1Y ROE ROIC ROA D/E /Equity EBITDA currency) Yield margin margin margin margin EBITDA P/E P/B Sales P/CFO AD Plastik 2021-06 99.3 180.00 -1.1% 12.5% 33.3% 7.1% 4.6% 4.2% 0.44 1.71 1.78027 12.00 6.7% 13.4% 6.0% 6.5% 4.8% 6.1x 12.0x 0.9x 0.8x 5.4x Duro Dakovic 2021-03 4.4 3.27 20.7% -23.4% -21.8% 24.4% -10.8% -10.9% -2.22 -2.24 38,4x 0.00 0.0% 2.7% -8.3% -12.6% -12.6% 41.3x n.a. -0.2x 1.2x -1.0x Ericsson NT 2021-06 301.4 1,695.00 -0.3% 13.0% 33.5% 47.5% 34.0% 12.7% 0.29 3.74 -1.41x 82.00 4.8% 11.9% 8.6% 8.8% 7.7% 7.7x 14.0x 6.7x 0.9x 7.7x Koncar 2021-06 250.7 730.00 0.7% 25.9% 21.7% 5.8% 3.5% 3.8% 0.09 1.53 -1.76x 0.00 0.0% 7.9% 3.8% 4.7% 4.7% 6.5x 18.9x 0.7x 0.5x 15.1x 2021-03 348.2 47.40 0.0% -33.6% -37.6% 21.2% 15.1% 10.2% 0.27 2.08 -0.39x 0.00 0.0% 14.3% 8.8% 7.9% 7.9% 10.0x 18.7x 4.0x 1.5x 5.4x Viktor Lenac 2021-06 19.5 8.70 0.0% -8.4% -1.7% 8.2% 7.4% 5.9% 0.12 1.39 0,05x 0.00 0.0% 21.0% 10.4% 9.9% 8.4% 2.4x 5.8x 0.5x 0.6x 6.3x Cinkarna 2021-03 198.8 246.00 -0.4% 38.2% 48.2% 10.8% 11.0% 8.8% 0.00 1.22 -1.24x 11.00 4.5% 19.2% 13.3% 13.3% 11.1% 4.7x 10.2x 1.1x 0.9x 4.5x

Infrastructure Change Fundemental Indicators

Last DVD availab. Mcap Last Price Assets Net debt/ (local DVD EBITDA EBIT EBT Profit EV/ EV/ FS (EUR m) (local) Day YTD 1Y ROE ROIC ROA D/E / Equity EBITDA currency) Yield margin margin margin margin EBITDA P/E P/B Sales P/CFO Luka Ploce 2021-03 30.5 540 0.0% 36.4% 51.7% -0.6% 0.5% -0.4% 0.25 1.51 -0.9x 0.00 0.0% 7.7% 1.2% -0.9% -0.9% 10.6x -100.8x 0.6x 0.8x 6.8x 2021-03 50.4 28 3.7% -1.4% 25.0% 2.1% 0.8% 0.9% 0.17 2.32 0.86x 0.00 0.0% 14.5% 2.5% 4.8% 4.8% 15.9x 44.9x 0.9x 2.6x n.a. Luka Koper 2021-06 369.6 26.4 1.5% 43.5% 41.2% 0.0% 7.3% 5.2% 0.05 0.21 1,41x 1.07 4.1% 64.9% 28.9% 15.6% 17.0% 6.5x 11.4x 0.8x 1.9x 4.8x

Insurance Change Fundemental Indicators

Last availab. Mcap Last Price DVD (local FS (EUR m) (local) Day YTD 1Y ROE ROA Assets/ Equity currency) DVD Yield P/E P/B P/GWP Osiguranje 2021-03 350.7 6,100.00 0.0% -4.7% -1.6% 7.8% 2.4% 3.25 0.00 0.0% 7.8x 0.6x 0.8x Sava Re 2021-03 437.0 28.20 -0.7% 52.4% 65.9% 14.6% 2.7% 5.39 0.85 3.0% 5.5x 0.9x 0.6x Triglav 2021-03 798.0 35.10 0.0% 17.0% 25.4% 8.8% 1.8% 4.87 1.70 4.8% 10.3x 0.9x 0.6x IC Daily Trading Multiples Closing price 30 August 2021

Other Change Fundemental Indicators

Last DVD availab. Mcap Last Price Assets Net debt/ (local DVD EBITDA EBIT EBT Profit EV/ EV/ FS (EUR m) (local) Day YTD 1Y ROE ROIC ROA D/E / Equity EBITDA currency) Yield margin margin margin margin EBITDA P/E P/B Sales P/CFO Chimimport 2021-03 110.1 0.91 0.0% -3.2% -5.2% 1.2% -2.7% 0.2% 0.18 7.34 77.63x 0.00 0.0% -51.7% -98.7% 35.6% 33.8% 58.1x 13.1x 0.1x -30.0x 1.3x Stara Planina 2021-03 80.0 7.50 0.0% 37.6% 66.7% 20.2% 13.3% 8.6% 0.54 2.34 0.30x 0.25 3.3% 18.7% 11.6% 11.5% 10.4% 6.8x 17.9x 1.5x 1.3x 4.2x MedLife 2021-03 480.5 17.85 0.0% 59.4% 187.9% 30.3% 11.9% 7.5% 2.28 4.0257 2.34x 0.00 0.0% 21.3% 12.5% 9.7% 7.9% 12.0x 25.8x 7.8x 2.5x 16.4x Sphera Franchise 2021-03 145.8 18.55 0.0% 26.2% 32.5% -0.3% 1.9% -0.1% 2.72 4.54 2.69x 0.00 0.0% 14.4% 1.7% -0.9% -0.1% 9.6x n.a. 4.9x 1.4x 6.7x

Pharma Change Fundemental Indicators

Last DVD availab. Mcap Last Price Assets Net debt/ (local DVD EBITDA EBIT EBT Profit EV/ EV/ FS (EUR m) (local) Day YTD 1Y ROE ROIC ROA D/E / Equity EBITDA currency) Yield margin margin margin margin EBITDA P/E P/B Sales P/CFO Sopharma 2021-06 227.8 3.54 0.0% 10.6% 14.2% 6.0% 3.9% 2.9% 0.76 2.10 4.30x 0.00 0.0% 6.4% 3.1% 2.6% 2.3% 9.0x 12.2x 0.8x 0.6x -3.8x

Krka 2021-06 3,581.3 114.50 2.2% 25.3% 31.6% 15.8% 16.5% 12.6% 0.01 1.26 -0.92x 5.00 4.4% 31.5% 24.3% 23.1% 19.9% 6.5x 11.6x 1.9x 2.0x 11.0x

Retail Change Fundemental Indicators

Last DVD availab. Mcap Last Price Assets Net debt/ (local DVD EBITDA EBIT EBT Profit EV/ EV/ FS (EUR m) (local) Day YTD 1Y ROE ROIC ROA D/E / Equity EBITDA currency) Yield margin margin margin margin EBITDA P/E P/B Sales P/CFO Mercator 2020-09 211.7 35 0.0% 104.7% 117.4% -18.3% -0.2% -3.8% 2.38 4.84 5.33x 0.00 0.0% 7.7% -0.7% -3.1% -3.3% 6.6x n.a. 0.5x 0.5x 1.4x

Shipping Change Fundemental Indicators

Last DVD availab. Mcap Last Price Assets Net debt/ (local DVD EBITDA EBIT EBT Profit EV/ EV/ FS (EUR m) (local) Day YTD 1Y ROE ROIC ROA D/E / Equity EBITDA currency) Yield margin margin margin margin EBITDA P/E P/B Sales P/CFO Atlantska Plov. 2021-06 89.3 484.00 3.9% 227.0% 128.3% 9.9% 6.0% 4.0% 1.38 2.46 3.76x 0.00 0.0% 49.1% 24.7% 14.2% 14.1% 7.2x 11.9x 1.2x 4.1x 7.7x Jadroplov 2012-03 11.0 50.50 4.3% 458.0% 461.1% -149.5% -6.7% -17.4% 6.77 8.59 n.a. 0.00 0.0% -8.2% -27.5% -64.5% -64.5% n.a. n.a. 1.9x 3.9x -2.4x TNG 2021-03 50.6 43.40 1.9% 0.9% -23.2% -9.7% -2.9% -5.1% 0.85 1.89 6.73x 0.00 0.0% 30.7% -17.9% -26.1% -26.1% 12.3x -6.5x 0.6x 3.8x 42.0x 2021-03 7.7 99.00 6.5% 209.4% 302.4% -22.4% N/A 19.7% -1.08 -1.14 2.11x 0.00 0.0% 62.5% 34.9% 28.7% 28.6% 3.3x 1.0x -0.2x 4.2x -4.6x

Stock Exchange Change Fundemental Indicators

Last DVD availab. Mcap Last Price Assets Net debt/ (local DVD EBITDA EBIT EBT Profit EV/ EV/ FS (EUR m) (local) Day YTD 1Y ROE ROIC ROA D/E / Equity EBITDA currency) Yield margin margin margin margin EBITDA P/E P/B Sales P/CFO ZSE 2021-03 7.9 12.80 0.0% -19.5% -11.7% 3.9% 2.1% 3.2% 0.00 1.21 -9.87x 0.00 0.0% 13.3% 4.4% 7.4% 6.9% 8.0x 34.6x 1.4x 1.6x 13.3x BVB 2021-03 39.9 24.60 0.0% 6.5% -1.6% 3.7% 1.5% 1.9% 0.07 1.97 -0.60x 1.07 4.3% 17.5% 5.4% 12.1% 10.0% 32.6x 48.2x 1.8x 4.7x 18.3x

Telecommunications Change Fundemental Indicators

Last DVD availab. Mcap Last Price Assets Net debt/ (local DVD EBITDA EBIT EBT Profit EV/ EV/ FS (EUR m) (local) Day YTD 1Y ROE ROIC ROA D/E / Equity EBITDA currency) Yield margin margin margin margin EBITDA P/E P/B Sales P/CFO HT 2021-06 2,041.2 191 0.5% 5.2% 13.7% 3.5% 4.1% 2.9% 0.02 1.20 -0.73x 8.00 4.2% 41.2% 8.2% 6.9% 5.6% 4.2x 34.8x 1.2x 1.8x 5.9x Optima Telekom 2021-06 45.0 4.85 0.2% -9.2% -0.6% 21.2% 10.9% 0.5% 12.36 39.86 2.43x 0.00 0.0% 34.5% 5.8% 1.1% 0.7% 4.6x 106.9x 22.7x 1.6x 1.4x Digi 2021-03 726.0 37.8 0.0% 8.9% 11.2% 16.9% 4.3% 3.2% 2.79 5.32 2.65x 0.75 2.0% 36.9% 12.4% 7.0% 6.0% 4.2x 9.3x 1.6x 1.5x 1.5x Telekom Slovenije 2021-06 377.3 58 -1.7% 33.0% 23.4% 5.4% 4.1% 2.5% 0.79 2.18 2.03x 4.00 6.9% 34.2% 8.0% 6.8% 4.9% 3.8x 12.0x 0.6x 1.3x 2.0x

Tourism Change Fundemental Indicators

Last DVD availab. Mcap Last Price Assets Net debt/ (local DVD EBITDA EBIT EBT Profit EV/ EV/ FS (EUR m) (local) Day YTD 1Y ROE ROIC ROA D/E / Equity EBITDA currency) Yield margin margin margin margin EBITDA P/E P/B Sales P/CFO Albena 2021-03 78.6 36.00 0.0% 45.2% 56.5% -3.1% -1.9% -2.3% 0.25 1.34 9.8x 0.80 2.2% 20.9% -23.6% -26.8% -26.8% 24.4x n.a. 0.3x 5.1x -80.1x Arena Hosp. 2021-06 213.6 312.00 0.0% -7.7% 17.3% -14.4% -4.5% -6.9% 0.96 2.1 -47.9x 0.00 0.0% -10.3% -68.8% -81.7% -92.3% -117.5x -7.8x 1.1x 12.8x -33.6x Liburnia Riviera 2021-03 125.3 3,100.00 0.0% 6.2% -16.2% -28.2% -14.4% -17.6% 0.52 1.6 -11.9x 0.00 0.0% -22.7% -145.0% -152.6% -152.6% -51.3x -5.9x 1.6x 19.0x -25.3x Maistra 2021-06 438.4 300.00 0.0% 8.7% 25.0% -2.3% -1.2% -1.2% 0.82 2.0 6.7x 0.00 0.0% 24.8% -6.3% -10.7% -5.3% 23.7x -83.3x 1.8x 6.9x 12.9x Plava Laguna 2021-03 475.3 1,620.00 0.0% 8.0% 20.9% -4.6% -2.6% -3.1% 0.38 1.5 2.7x 0.00 0.0% 27.2% -19.4% -28.4% -20.3% 29.5x n.a. 1.6x 9.8x 62.3x Turisthotel 2021-03 169.4 3,460.00 0.0% 23.6% 28.1% -0.2% 0.3% -0.1% 0.45 1.47 -2.09x 85.50 2.5% 39.7% 1.6% -0.5% -0.5% 18.8x n.a. 2.8x 8.8x 16.5x Valamar Riviera 2021-06 496.4 29.50 -0.3% -0.3% 23.4% -7.9% -3.5% -3.2% 1.25 2.51 11.58x 0.00 0.0% 29.0% -31.9% -36.0% -26.1% 30.1x n.a. 1.4x 9.1x 26.7x Jadran 2021-03 49.3 13.20 -2.2% -2.2% -2.9% -22.4% -10.8% -11.8% 0.51 1.91 63.72x 0.00 0.0% 4.6% -121.2% -137.4% -137.4% 157.1x n.a. 0.7x 8.9x 2.9x FTB Turizam 2021-03 56.2 1,390.00 0.0% -2.8% 11.2% -30.4% -13.9% -16.5% 0.70 1.85 -7.72x 0.00 0.0% -193.7% -672.0% -710.3% -710.3% -33.1x -6.9x 2.1x 4,524.8x -19.1x

Utility Change Fundemental Indicators

Last DVD availab. Mcap Last Price Assets Net debt/ (local DVD EBITDA EBIT EBT Profit EV/ EV/ FS (EUR m) (local) Day YTD 1Y ROE ROIC ROA D/E / Equity EBITDA currency) Yield margin margin margin margin EBITDA P/E P/B Sales P/CFO Janaf 2021-03 605.4 4,500.00 0.0% 4.7% 6.1% 6.3% 6.4% 6.0% 0.00 1.04 -0.7x 85.91 1.9% 68.8% 45.3% 44.5% 36.5% 7.6x 15.6x 1.0x 5.3x 10.9x Electrica 2021-03 810.6 11.80 0.0% -6.0% 0.0% 6.3% 5.5% 4.5% 0.17 1.40 0.47x 0.73 6.2% 14.0% 6.6% 6.4% 5.6% 4.8x 11.0x 0.7x 0.7x 5.2x Transelectrica 2021-03 363.9 24.50 0.0% -4.3% 0.0% 3.4% 3.3% 2.3% 0.05 1.45 -0.56x 0.91 3.7% 17.5% 6.9% 6.8% 4.8% 3.6x 15.2x 0.5x 0.6x 3.4x Transgaz 2021-03 616.6 258.50 0.0% -8.7% -11.8% 3.0% 1.5% 1.6% 0.44 1.87 32.13x 8.14 3.1% 3.4% 7.9% 11.8% 9.2% 102.1x 25.8x 0.8x 3.5x 12.4x Conpet 2021-03 144.5 82.40 0.0% 8.1% 8.1% 7.8% 7.2% 6.7% 0.00 1.16 -1.97x 6.90 8.4% 24.0% 14.1% 15.2% 12.9% 4.7x 13.7x 1.1x 1.2x 9.0x