IC Daily Trading Multiples Closing price 1 September 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 2021-03 140.7 1.85 0.0% 0.3% -12.1% 4.0% 0.4% 9.4 0.00 0.0% 5.6x 0.22x 0.7x ZABA 2021-06 2,604.1 61.00 0.0% 12.5% 20.1% 5.1% 0.7% 7.4 0.00 0.0% 18.7x 0.95x 0.8x Banca Transilvania 2021-06 2,945.9 3.02 0.7% 34.2% 43.8% 16.0% 1.6% 10.3 0.12 3.8% 8.0x 1.29x 0.5x BRD Bank 2021-03 2,614.7 18.52 -1.0% 24.6% 54.3% 9.6% 1.5% 6.6 0.07 0.4% 13.7x 1.31x 0.7x NLB Bank 2021-03 1,422.4 69.60 0.0% 52.0% 74.4% 14.7% 1.6% 9.1 1.24 1.8% 4.5x 0.65x 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 2021-06 240.6 73.00 0.0% -88.0% -90.8% 47.7% 11.0% 3.5% 5.10 13.5 3.66x 0.00 0.0% 6.4% 4.1% 3.1% 2.4% 23.4x 53.1x 25.3x 1.5x -70.1x IGH 2021-06 9.9 121.00 0.0% -17.1% -26.7% 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 7.8x Ingra 2021-06 19.0 10.50 0.0% 28.0% 15.4% 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 35.4x -3.0x 2021-03 4.5 177.00 0.0% 26.4% -28.0% 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 2021-06 968.9 476.00 0.0% 9.2% 10.7% 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 113.6x 0.7x N/A 29.4x 2021-06 569.7 600.00 0.0% 23.7% 41.2% 8.2% 7.2% 5.7% 0.18 1.43 0.72x 9.00 1.5% 13.1% 8.2% 8.0% 6.5% 8.0x 15.0x 1.2x 1.1x 9.2x Petrol 2021-03 925.0 450.00 0.4% 38.5% 50.0% 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 4,454.2 3,340.00 0.0% 19.3% 15.2% -3.1% -2.0% -1.4% 0.35 2.22 1.55x 62.27 1.9% 12.5% -2.1% -1.6% -1.9% 19.1x -115.2x 3.5x 2.5x 15.7x Nuclearelectrica 2021-03 1,832.5 30.00 0.7% 68.0% 77.9% 9.1% 7.0% 7.8% 0.06 1.16 -1.36x 1.57 5.2% 54.0% 32.2% 33.3% 28.1% 5.3x 12.8x 1.2x 2.9x 8.0x OMV Petrom 2021-03 5,118.0 0.45 -0.9% 22.7% 23.2% 3.6% 3.3% 2.5% 0.06 1.42 -1.67x 0.03 7.0% 22.9% 7.2% 7.3% 6.5% 4.2x 20.9x 0.8x 1.0x 4.7x Romgaz 2021-03 2,506.4 32.10 1.3% 14.2% 10.1% 13.9% 13.3% 11.7% 0.00 1.18 -0.19x 1.79 5.6% 43.9% 31.8% 33.1% 28.9% 6.9x 10.8x 1.5x 3.0x 5.7x

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 2021-03 178.2 1.43 0.0% -2.1% 2.1% 2.3% 2.3% 2.1% 0.05 1.10 0.24x 0.10 7.0% 11.7% 6.4% 6.1% 5.3% 21.2x 47.0x 1.0x 2.5x 14.2x 2021-06 671.4 1510 0.0% 12.7% 19.8% 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. 2021-03 117.6 8400 0.0% 12.0% 32.3% 6.8% 4.3% 4.8% 0.13 1.42 -1.6x 0.00 0.0% 7.6% 2.6% 3.7% 3.0% 7.0x 21.5x 1.5x 0.6x 12.9x Kras 2021-06 142.3 750 0.0% 13.3% 24.6% 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% -52.2% -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 60.8 15 -0.3% 36.4% 27.7% 29.3% 15.6% 17.2% 0.33 1.71 0.51x 1.30 8.7% 29.7% 23.9% 34.8% 29.0% 5.2x 4.6x 1.3x 5.2x 7.0x

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 2,364.2 1.82 -0.4% 35.9% 60.2% 23.53% 23.41% 1.01 0.06 3.5% 4.6x 1.1x 1.8 -0.2%

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 96.9 176.00 0.0% 10.0% 29.4% 7.1% 4.6% 4.2% 0.44 1.71 1.78027 12.00 6.8% 13.4% 6.0% 6.5% 4.8% 6.0x 11.7x 0.8x 0.8x 5.3x Duro Dakovic 2021-03 4.4 3.27 0.0% -23.4% -18.0% 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 2021-06 301.9 1,700.00 0.0% 13.3% 27.8% 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 14.1x 6.7x 0.9x 7.7x Koncar 2021-06 248.7 725.00 0.0% 25.0% 22.9% 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 18.7x 0.7x 0.5x 15.0x 2021-03 356.7 48.60 0.0% -31.9% -38.0% 21.2% 15.1% 10.2% 0.27 2.08 -0.39x 0.00 0.0% 14.3% 8.8% 7.9% 7.9% 10.2x 19.2x 4.1x 1.5x 5.5x Viktor Lenac 2021-06 22.2 9.90 0.0% 4.2% 12.5% 8.2% 7.4% 5.9% 0.12 1.39 0,05x 0.00 0.0% 21.0% 10.4% 9.9% 8.4% 2.7x 6.6x 0.5x 0.6x 7.1x Cinkarna 2021-06 198.0 245.00 -1.2% 37.6% 46.7% 14.4% 15.0% 11.8% 0.00 1.22 -0,75x 11.00 4.5% 22.6% 16.6% 16.5% 13.6% 4.0x 8.0x 1.1x 0.9x 5.3x

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 29.6 525 0.0% 32.6% 47.5% -0.6% 0.5% -0.4% 0.25 1.51 -0.9x 0.00 0.0% 7.7% 1.2% -0.9% -0.9% 10.3x -98.0x 0.5x 0.8x 6.6x Luka 2021-03 50.3 28 0.0% -1.4% 22.8% 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 2021-06 352.8 25.2 -3.1% 37.0% 32.6% 0.0% 7.3% 5.2% 0.05 0.21 1,41x 1.07 4.2% 64.9% 28.9% 15.6% 17.0% 6.3x 10.9x 0.8x 1.8x 4.6x

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 2021-03 350.3 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 -2.1% 52.4% 66.9% 14.6% 2.7% 5.39 0.85 3.0% 5.5x 0.9x 0.6x Triglav 2021-03 795.7 35.00 0.6% 16.7% 22.4% 8.8% 1.8% 4.87 1.70 4.9% 10.2x 0.9x 0.6x IC Daily Trading Multiples Closing price 1 September 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 2021-03 107.8 0.89 0.0% -5.3% -5.8% 1.2% -2.7% 0.2% 0.18 7.34 77.63x 0.00 0.0% -51.7% -98.7% 35.6% 33.8% 58.3x 12.8x 0.1x -30.1x 1.2x Stara Planina 2021-03 80.1 7.50 0.0% 37.6% 63.0% 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 2021-03 471.1 17.50 0.6% 56.3% 183.8% 30.3% 11.9% 7.5% 2.28 4.0257 2.34x 0.00 0.0% 21.3% 12.5% 9.7% 7.9% 11.9x 25.3x 7.7x 2.5x 16.0x Sphera Franchise 2021-03 139.9 17.80 0.0% 21.1% 27.1% -0.3% 1.9% -0.1% 2.72 4.54 2.69x 0.00 0.0% 14.4% 1.7% -0.9% -0.1% 9.3x n.a. 4.7x 1.3x 6.4x

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 2021-06 229.3 3.56 0.0% 11.3% 14.1% 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 12.3x 0.8x 0.6x -3.9x

Krka 2021-06 3,456.2 110.50 -1.3% 20.9% 26.7% 15.8% 16.5% 12.6% 0.01 1.26 -0.92x 5.00 4.5% 31.5% 24.3% 23.1% 19.9% 6.2x 11.2x 1.8x 2.0x 10.6x

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 86.6 470.00 0.0% 217.6% 129.3% 9.9% 6.0% 4.0% 1.38 2.46 3.76x 0.00 0.0% 49.1% 24.7% 14.2% 14.1% 7.1x 11.6x 1.1x 4.0x 7.5x Jadroplov 2012-03 12.2 56.00 0.0% 518.8% 522.2% -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. 2.1x 4.0x -2.6x TNG 2021-03 50.3 43.20 0.0% 0.5% -21.5% -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 41.8x 2021-03 9.8 127.00 0.0% 296.9% 408.0% -22.4% N/A 19.7% -1.08 -1.14 2.11x 0.00 0.0% 62.5% 34.9% 28.7% 28.6% 3.4x 1.2x -0.3x 4.3x -5.9x

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% -14.7% 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 39.4 24.30 0.0% 5.2% -4.0% 3.7% 1.5% 1.9% 0.07 1.97 -0.60x 1.07 4.4% 17.5% 5.4% 12.1% 10.0% 32.3x 47.6x 1.8x 4.7x 18.0x

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 2,033.6 190.5 0.0% 5.0% 12.1% 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 34.7x 1.2x 1.7x 5.9x Optima Telekom 2021-06 44.5 4.8 0.0% -10.1% -2.4% 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 105.8x 22.4x 1.6x 1.4x Digi 2021-03 726.0 37.8 -1.0% 8.9% 9.6% 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 2021-06 374.7 57.6 0.7% 32.1% 22.6% 5.4% 4.1% 2.5% 0.79 2.18 2.03x 4.00 6.9% 34.2% 8.0% 6.8% 4.9% 3.7x 11.9x 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 78.7 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. 2021-06 217.5 318.00 0.0% -5.9% 17.8% -14.4% -4.5% -6.9% 0.96 2.1 -47.9x 0.00 0.0% -10.3% -68.8% -81.7% -92.3% -118.8x -7.9x 1.1x 12.9x -34.2x Liburnia Riviera 2021-03 125.1 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 2021-06 437.9 300.00 0.0% 8.7% 24.0% -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 2021-03 477.7 1,630.00 0.0% 8.7% 16.4% -4.6% -2.6% -3.1% 0.38 1.5 2.7x 0.00 0.0% 27.2% -19.4% -28.4% -20.3% 29.6x n.a. 1.6x 9.9x 62.7x Turisthotel 2021-03 171.2 3,500.00 0.0% 25.0% 29.6% -0.2% 0.3% -0.1% 0.45 1.47 -2.09x 85.50 2.4% 39.7% 1.6% -0.5% -0.5% 19.0x n.a. 2.8x 8.9x 16.7x Valamar Riviera 2021-06 490.8 29.20 0.0% -1.4% 22.7% -7.9% -3.5% -3.2% 1.25 2.51 11.58x 0.00 0.0% 29.0% -31.9% -36.0% -26.1% 30.0x n.a. 1.4x 9.1x 26.5x Jadran 2021-03 50.4 13.50 0.0% 0.0% -0.7% -22.4% -10.8% -11.8% 0.51 1.91 63.72x 0.00 0.0% 4.6% -121.2% -137.4% -137.4% 159.2x n.a. 0.7x 9.1x 3.0x FTB Turizam 2021-03 56.1 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 2021-03 604.7 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 2021-03 800.9 11.66 0.7% -7.1% 1.8% 6.3% 5.5% 4.5% 0.17 1.40 0.47x 0.73 6.3% 14.0% 6.6% 6.4% 5.6% 4.8x 10.8x 0.7x 0.7x 5.1x Transelectrica 2021-03 363.8 24.50 1.2% -4.3% 0.8% 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 2021-03 614.2 257.50 1.6% -9.0% -12.7% 3.0% 1.5% 1.6% 0.44 1.87 32.13x 8.14 3.2% 3.4% 7.9% 11.8% 9.2% 101.8x 25.7x 0.8x 3.5x 12.4x Conpet 2021-03 143.8 82.00 0.0% 7.6% 8.2% 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 13.6x 1.1x 1.2x 9.0x