FIRST INVESTMENT BANK 2018

CONFIDENTIAL Table of contents

Section 1 Macro environment 3 Section 2 Banking system overview 10 Section 3 Fibank profile 15 Section 4 2018 Q3 Results and profitability 27 Section 5 Management and corporate governance 36 Section 6 Capitalization & leverage 39 Section 7 Funding and liquidity 44 Section 8 Appendix 47

CONFIDENTIAL 2 SECTION 1 MACRO ENVIRONMENT

3 Country profile

• Full name: Republic of Bulgaria • Memberships: European Union (since 2007), NATO (since 2004) AUSTRIA • Population: 7.2 M HUNGARY • CapitalSWITZ.: Sofia • Area: 110,994 sq km (42,855 sq miles) • Official language: Bulgarian SLOVENIA FRANCE • Traditional religion: Orthodox ChristianityCROATIA ROMANIA • Monetary unit: Bulgarian Lev (plural: Levs, code: BGN) COMMONWEALTH OF • A currency board arrangement was establishedBOSNIA- INDEPENDENT STATES in 1997 through the Bulgarian National Bank HERZEGOVINAAct. • Fixed Exchange rate: EUR 1 = BGN 1.95583 SERBIA (BGN 1  EUR 0.51) MONACO• Main tax rates: BULGARIA • corporate tax rate of 10%; MONT. KOS. BLACK • personal income tax rateITALYof 10%; Sofia SEA • Value Added Tax Act (VAT) rate of 20%; MACE- • Main exports: Ferrous and non-ferrous ANDORRA DONIA metals, petrol products, foods and drinks, textiles, machines and equipment • Payment Systems: RINGS, TARGET2 BNB, ALB. Madrid BISERA, BISERA7EUR, BORICA, SEPA, ESROT, CENTRAL DEPOSITARY GREECE TURKEY Balearic Lisbon SPAIN Source: National Statistical Institute, Bulgarian National Bank, Ministry of Finance Islands

CONFIDENTIAL 4

PORTUGAL Algiers Tunis MALTA Gibraltar (U.K.) Valletta Nicosia SYRIA Crete CYPRUS Mediterranean Sea Beirut Rabat Damascus LEBANON IRAQ TUNISIA ISRAEL MOROCCO Tripoli Tel Aviv-Yafo Amman

JORDAN Cairo

ALGERIA SAUDI ARABIA

LIBYA EGYPT

Red

Sea Bulgarian economy had strong results over past few years with high growth and low unemployment

INFLATION & KEY DRIVERS OF THE BULGARIAN GDP GROWTH UNEMPLOYMENT BULGARIAN ECONOMY ABOVE EU AVERAGE DECREASED SINCE 2012

GDP real growth HICP & Unemployment • In September 2018, the country's (%, 2012-2017E) (%, 2012-2017E) economy reported a real annual growth rate of 3% for the period (2017: 3.6%), influenced by the improving external environment on a global scale, as well as the growing economic activity in the countries of the European Union. The main driver of the economy was private consumption growing by 6.9% for Q3 (2017: 4.8%), due to higher internal demand and positive dynamics in the labor

market; Unemployment • The unemployment rate declined to 5% at the end of September 2018, driven by employment in trade, agriculture, hospitality industry and education;

• The current account remained positive, at the amount of BGN 2.1 B, or 4% of GDP in Q3/2018.

Source: International Monetary Fund; European Commission; Bulgarian Ministry of Finance; National Statistical Institute; Bulgarian National Bank

CONFIDENTIAL 5 Going forward, the economy is expected to continue strong growth anywhere between ~3-4% p.a.

GDP GROWTH EXPECTED UNEMPLOYMENT EXPECTED TO CONTINUE AT TO FURTHER DECREASE & KEY DRIVERS OF THE ATTRACTIVE LEVELS INFLATION TO INCREASE BULGARIAN ECONOMY

GDP real growth HICP & Unemployment (%, 2016-2021F) (%, 2012-2016) • Future GDP growth is hovering around 3-4% being driven by strong net exports and private consumption. The positive outlook is also supported by expected acceleration of EU funds absorption

• Unemployment rate is expected to continue the decline from previous years, but at a lower pace. The trend is driven by the recovery in domestic demand

• The inflation rate is expected to gradually increase to 1.8% in 2021 due to strong domestic demand, higher prices for utilities and recovering energy prices

Source: International Monetary Fund; European Commission; Economist Intelligence Unit; Bulgarian Ministry of Finance

CONFIDENTIAL 6 Bulgarian Economic Overview

Macroeconomic indicators 2013 2014 2015 2016 2017 Q3/2018

EUR M 42, 010 42, 761 45, 285 48, 127 50, 291 29,001 GDP Growth, % 0.9 1.3 3.6 3.9 3.6 3 EUR M 535.6 530.6 (15.4) 1,244.0 3,367.9 2,116.1 Current account % of GDP 1.3 0.1 0.0 2.3 4.5 4,0 EUR M 1 384 1 161 2 476 1 080 950 826 FDI % of GDP 3.3 2.7 5.5 2.2 1.9 1.6 Budget deficit/ surplus % of GDP (0.4) (5.5) (1.6) 0.2 0.9 1.1

Growth of Real GDP, Consumption and Investments Bulgaria Current Ratings

Date Outlook Rating 26 May 2017 Stable Baa2

1 June 2018 Positive BBB-

1 June 2018 Stable BBB

Source: Bulgarian National Bank, National Statistical Institute, Ministry of Finance

CONFIDENTIAL 7 Macro environment: Key indicators historic development

Indicators 2013 2014 2015 2016 2017 Q3/2018

Gross domestic product (BGN million) 82,166 83,634 88,571 94,130 98,361 77,293 Gross domestic product, real growth (%) 0.9 1.3 3.6 3.9 3.6 3.0 - Consumption, real growth (%) (1.9) 2.2 3.8 3.3 4.5 6.9 - Gross fixed capital formation, real growth (6.6) 3.8 6.2 (%) 0.3 3.4 2.7 Export (% of GDP) 50.5 49.2 48.4 48.0 53.4 37.4 Inflation at period-end (%) (1.6) (0.9) (0.4) 0.1 2.8 2.8 Average annual inflation (%) 0.9 (1.4) (0.1) (0.8) 2.1 2.8 Unemployment (%) 11.8 10.7 10.0 8.0 7.1 5.0 Current account (% of GDP) 1.3 1.2 0.0 2.6 6.7 4.0 Trade balance (% of GDP) (7.0) (6.5) (5.8) (2.0) (1.5) (3.8) Foreign exchange reserves of BNB (EUR 23,899 23,662 24,539.9 million) 14,426 16,534 20,285 Foreign direct investments (% of GDP) 3.3 2.7 5.5 2.2 1.9 1.6 Gross external debt (% of GDP) 87.9 92.0 74.0 71.1 66.2 63.9 Public debt (% of GDP) 9.7 15.3 13.2 15.0 12.5 11.6 Consolidated budget balance (% of GDP) (1.8) (3.7) (2.8) 1.6 0.8 1,0 Exchange rate of USD (BGN for USD 1) 1.42 1.61 1.79 1.86 1.63 1.69

Source: National Statistical Institute, Bulgarian National Bank, Ministry of Finance

CONFIDENTIAL 8 Mid-term macro forecast

MACRO ASSUMPTIONS FAVOURABLE MACRO ENVIRONMENT 2017-2019F IN THE MID TERM (2017-2020F)

Spring forecast ▪ Positive assumptions of the economic development during 2018, Ministry of 2017 2018F 2019F 2020F Finance the period 2018-2020; ▪ Stable growth in GDP to slow down in 2018 & then to GDP real growth, % 3.6 3.4 3.9 3.9 gradually increase exceeding 3% y/o/y; - consumption 4.3 4.7 4.3 4.0 ▪ The consumption will accelerate its growth up to 4.0% y/o/y until 2020; - investment 3.4 4.3 4.9 5.9 ▪ The growth in exports will reach 6.0% y/o/y in 2020; - exports 6.1 5.9 5.9 6.0 ▪ FDI are expected to remain stable around 2.2% of GDP; - imports 6.5 7.1 6.8 6.9 ▪ Full production capacity in the business; Unemployment, % 6.5 6.2 5.9 5.6 ▪ Additional increase in the share of goods with a high value added; Average HICP, % 1.1 1.4 1.7 1.8 ▪ Recovery of the labour market; Current account, % 4.8 4.4 4.2 4.1 of GDP ▪ Reduction in unemployment rate down to 5.6% in 2020; Trade balance, % of ▪ Strong fiscal position; -2.1 -2.4 -2.8 -3.0 GDP ▪ Increased activity on the real estate market of residential FDI, % of GDP 2.1 2.1 2.1 2.2 and office space; ▪ Augmentation of public investments; M3 aggregate 6.3 6.5 6.6 6.8 ▪ Acceleration in the absorption of EU funds; Loans to corporates 3.8 5.5 6.9 6.9 ▪ Expected completion of important infrastructure projects. Loans to individuals 6.3 5.7 5.8 6.1

CONFIDENTIAL 9 SECTION 2 BANKING SECTOR OVERVIEW

10 Sector prospects: gradual increase in loan demand, on- going consolidation & new upward interest rate cycle.

BNB FORECAST 2017-18

TOTAL TOTAL NET Annual rate of change 2017 2018f LOANS DEPOSITS PROFIT Claims on non-government sector 3.0% 3.6% Deposits, Net profit, Loans, - claims on non-financial corporations 2.9% 3.7% BGNb BGNb BGNb -7% +5.5% +5.3% +3,9% - claims on households 3.0% 3.5% +3.5% +7.4% 1.3 1.2 Deposits of the non-government sector 6.4% 7.0% 56 78 1.2 54 74 52 69 ▪ In the 2017–2018 period funds attracted from the non- government sector in the banking system are expected to grow further, though at lower than the average 2016 rates, driven by the projected acceleration of private consumption and, correspondingly, by a slight decrease in the savings rate, as well as by the expectations of comparatively strong demand for currency in circulation. The expectations of retaining deposit rates at the attained low levels will also contribute to the foreseen trends regarding funds attracted from corporations and households in the banking system. ▪ The recovery of private consumption and investment amid relatively low lending rates will be a factor stimulating demand for loans from the non-government sector. Progressively improving economic activity is also expected to be a factor behind banks’ increasing lending risk appetite. The expectations of gradually accelerating credit growth correspond to the assumption of retaining Net profit positive trends in new loans to the private sector which have occurred since the second quarter of 2016.

Source: BNB Economic Review 4/2017 CONFIDENTIAL 11 Current Status of the Bank System

Banking Sector as at 30 September 2018

у/oy 2013 2014 2015 2016 2017 Q3/18 Bank system assets, BGN M 85 747 85 135 87 524 92 095 97 807 103 191 Growth of assets in the bank system,% 4.0 (0.7) 2.8 5.2 6.2 8.5 Bank system profit, BGN M 584.9 746.3 898.4 1 262.3 1 174.0 1 220 Profit growth, %, y/oy 3.2 27.6 20.4 40.5 (7.0) 39.9 Bank system deposits, BGN M 62 230 63 710 69 276 74 129 78 405 83 236 Growth of deposits, % 8.7 2.4 8.7 7.0 5.8 8.6 Bank system loans, BGN M 57 376 54 158 52 256 52 442 53 553 57 201 Growth of loans, % 0.9 (5.6) (3.5) (1.8) 2.1 6.3 Capital adequacy, % 16.85 21.95 22.18 22.15 22.08 20.82* Liquidity, % 27.1 30.12 36.71 38.24 38.97 38.97

In the period June 2018 – September 2018, the dynamics of processes in the banking system was impacted by the increase in assets, deposits and loans. The liquid assets ratio in 2017, as calculated under BNB Ordinance No. 11, reached 38.97%. Source: Bulgarian National Bank, September 2018

CONFIDENTIAL 12 Fibank and the Bulgarian Banking System

Fibank and the Banking Sector as at 30 September 2018 in BGN M June 2018 September 2018 Growth, % Banking system 100 135 103 191 3.1 Assets Fibank 8 870 9 234 4.1

Deposits (other than from Banking system 80 749 83 236 3.1 credit institution) Fibank 7 671 8 077 5.3

Deposit of individuals and Banking system 50 751 51 780 2.0 households Fibank 6 062 6 244 3.0 Banking system 56 192 57 201 1.8 Loans to non-banks Fibank 5 753 5 961 3.6

Banking system 10 021 10 208 1.9 Consumer loans Fibank 957 995 3.9

Banking system 10 233 10 498 2.6 Mortgage loans Fibank 646 683 5.6

Banking system 34 245 34 782 1.6 Company loans Fibank 4 141 4 271 3.1 in BGN M September 2017 September 2018 Growth Banking system 872 1 220 39.9 Profit Fibank 61 62 1.6 Source: Bulgarian National Bank, June 2018 and September 2018

CONFIDENTIAL 13 The banking sector: 26 banks & foreign branches operated in the country. Fibank in Top5 banks at September 18.

GROUP 1: TOP 5 BANKS GROUP 2: OTHER BANKS

TOTAL ASSETS MARKET SHARE (Q3’18, BGNm) (Q3’18, %) Raiffeisenbank Bulgaria 7,496.9 7.3% SG Expressbank 6,573.1 6.4% Central Cooperative Bank 5,593.4 5.4% Piraeus Bank 3,144.3 3.0% Allianz Bank 2,702.5 2.6% GROUP 3: FOREIGN BRANCHES Bulgarian Development Bank 2,844.5 2.8% Investbank 2,204.2 2.1% TOTAL ASSETS MARKET SHARE ProCredit Bank 2,079.7 2.0% (Q3`18, BGNm) (Q3’18, %) Municipal Bank 1,959.0 1.9% Paribas S.A., Sofia Branch 878.1 0.9% International Asset Bank 1,404.0 1.4%

ING Bank N.V., Sofia BACB 1,344.1 1.3% Branch 818.1 0.8% D Commerce Bank 793.3 0.8% Citi Bank Europe- Sofia Branch 785.9 0.8% TBI Bank 773.0 0.7% Paribas Personal Finance Tokuda Bank 398.1 0.4% S.A., Bulgaria Branch 586.4 0.6% Texim Bank 269.4 0.3% T.C. Ziraat Bank, Sofia Branch 124.3 0.1% Bank Victoria 117.5 0.1%

▪ Fibank is the fourth largest overall, systemically important ▪ Fibank is the largest Bulgarian-owned bank to the Bulgarian banking system

CONFIDENTIAL 14 SECTION 3 FIBANK PROFILE

15 Fibank aspires to be one of the best banks in Bulgaria, recognized as innovative & customer-oriented bank

BUSINESS MODEL VISION AHEAD TO STRONG COMPETITIVE IN LINE WITH GROW FORWARD IN ADVANTAGES SUPPORTIVE BANK MISSION RETAIL & SME TO OUTPACE PEERS ▪ Fibank aspires to be RETAIL BANKING among the best banks in Bulgaria, recognized as ▪1 Emphasis on mortgage & a steadily growing, consumer lending, the card innovative, client- business & innovative payment Well recognized oriented bank, offering solutions in line with client brand needs & digital trends in Deep outstanding products Flexibility banking business knowledge and services. in decision of the making ▪ Fibank aims to ensure market excellent careers for COMMERCIAL BANKING First-class customer its employees & social ▪2 Strong focus on products & service contribution to the services to micro, small & High Wide community. medium enterprises (SME), professional branch ▪ The Bank seeks to with flexible approach and standards network continue to develop knowledge of the market & Solid high-technological local specifics market solutions providing its positions customers with BEST STANDARDS opportunities for ▪3 Continue to develop model in banking from any place line with the best corporate at any time. governance & risk mgmt. standards in banking industry

CONFIDENTIAL 16 Top 4 Player: 25 years of stable development with focus on innovation and customer experience

Fibank first in Bulgaria Fibank Albania Fibank issued Fibank Fibank Fibank acquired and the Balkans established as a EUR200m realized engages Fibank MKB Unionbank launched an innovative branch. Grew into Eurobonds. First the Citigroup welcomed in a EUR 24m, platform for digital a separate 100%- in Bulgaria to biggest Global Fibank was its one 0.25x P/B deal payments via mobile owned entity, issue perpetual banking Markets established millionth devices, with contactless licensed by tier 2 bonds IPO in Limited as client (NFC) function and the BoA in 2007 Bulgaria. a financial use of digital bank cards. adviser

1993 1997 1999 2000 2005 2007 2010 2013 2015 2016 2017

Joint EBRD became a 1998-2008: Fibank Fibank started project Fibank shareholder in Fibank attracted > EUR800m on Fibank was the developing its 2011-2013: with the credit with 20% stake. Sold international debt markets first bank in retail banking. First in ratings its shares in 2005. Bulgaria to IFC for Retail deposits offer contact- Bulgaria to enhancing were grew 2.3 fold. Fibank is among the first less payments issue Basel 3 corporate upgraded banks in Bulgaria to based on compliant governanc by Fitch and implement new chip PayPass (NFC) tier 1 bonds e & risk Moody's technology (EMV) in issuing technology totaling mgmt. debit & credit cards EUR100m Fibank was established 2000 2005 2010 2012 2017 Assets: Assets: Assets: 1993 Assets: Assets: €173m €1.3bn €2.6bn €3.6bn €4.6bn

CONFIDENTIAL 17 Fibank is top 4 player in assets, loans and deposits at September 2018. Committed to innovation & product leadership

TOTAL ASSETS LOANS DEPOSITS

Market share (Q3/18 & 2017) Market share (Q3/18 & 2017) Market share (Q3/18 & 2017)

3 3 *

4 * *

CONFIDENTIAL *At the beginning of 2018 has finished the legal merger of CIBANK into United Bulgarian Bank 18 Increased market shares in consumer loans & retail deposits at September 2018 as part of long-term strategy.

RETAIL CONSUMER MORTGAGE CORPORATE DEPOSITS LOANS LOANS LOANS Market share (Q3/18 & 2017) Market share (Q3/18 & 2017) Market share (Q3/18 & 2017) Market share (Q3/18 & 2017)

2 *

3 *

* 5 *

7

CONFIDENTIAL *At the beginning of 2018 has finished the legal merger of CIBANK into United Bulgarian Bank 19 Fibank with diverse and stable business model. Business mix weighted towards traditional banking.

UNIVERSAL & Mortgage lending TRADITIONAL BANKING RETAIL Consumer lending ▪ Retail banking BANKING

▪ Corporate banking banking

- ▪ SME lending

Card business , е ▪ Microlending ▪ Card payments Micro SME Corporate ▪ E-banking lending lending lending BUSINESS ▪ Private banking MIX ▪ Trade financing COMMERCIAL Trade Project ▪ Project financing

BANKING financing financing

Payment services Payment Private banking, Gold Gold & banking, Private coins

Deposit and savings Deposit productssavings and ▪ Factoring Investment & & depositoryInvestment services EU programs ▪ EU programs financing Factoring financing ▪ Deposit & savings ▪ Payment services ▪ Limited presence ALBANIA ▪ Money and capital ▪ Traditional banking FOREIGN markets products and services OPERATIONS ▪ Foreign exchange CYPRUS ▪ Focus on retail & SME clients ▪ Investment gold ▪ Package programs

CONFIDENTIAL 20 Fibank customer profile: 92% retail customers, 62% in 25-55 age group. Strong potential for cross selling

CUSTOMERS GREW YOUNG & WELL- 22.4% OF RETAIL CLIENTS 1% DURING 2018 TO BALANCED CUSTOMER WITH LOAN PRODUCTS. REACH ~1.2 M PROFILE CROSS SALE POTENTIAL Total number of customers, Number of customers with thousands loan products, thousands +1.1%

+2.3%

266

260

254

251

2015 2016 2017 Q2/18

CONFIDENTIAL 21 Distribution platform: Country-wide branch network with 154 locations in Bulgaria & 10 abroad (Cyprus & Albania)

MAP OF BRANCHES FULL RANGE OF SERVICES CYPRUS BRANCH

RETAIL BUSINESS ▪ Fibank Cyprus branch has CLIENTS CLIENTS operated since 1997, initially mainly in the area of DEPOSIT PRODUCTS corporate banking. Over the PAYMENT SERVICES years, it systematically and PACKAGE PROGRAMS consistently expanded its products and services. DEBIT & CREDIT CARDS ▪ Currently, the branch offers DINERS CLUB CARDS standard credit and savings MORTGAGE LOANS products, payment services and e-banking, with a CONSUMER LOANS strategic focus on retail & BUSINESS LOANS SMEs customers. TRADE FINANCING FIBANK ALBANIA NETWORK IN BULGARIA PROJECT FINANCING BRANCH NETWORK FACTORING Q3 2018 Sofia Country Total EU FINANCING Q3 2018 Total Branches 52 102 154 E-BANKING Head Office 1 INVESTMENT SERVICES ATMs 154 484 638 Branches 10 GOLD & COINS POS 5 738 4 755 10 493 Total 11 ▪ Much of the branch network ATM&POS 5 892 5 239 11 131 operates with extended ATMs 29 Grand total 5 944 5 341 11 285 working hours, as well as Grand total 40 at weekends.

CONFIDENTIAL 22 Multi-channel distribution network with adequate balance between physical locations & remote banking channels

PHYSICAL REMOTE DISTRIBUTION DISTRIBUTION MULTI-CHANNEL CHANNELS DISTRIBUTION NETWORK CHANNELS ▪ Branch network is the ▪ New integrated e- main channel for Physical channels Remote channels platform for digital distribution of bank banking featuring: products & services. ➢ E-banking ▪ Fibank maintains a ➢ Mobile banking country-wide branch network with 154 ➢ Utility payments locations in Bulgaria & Integrated platform for ➢ E-statements 10 abroad. Branch network electronic banking ▪ New opportunity to ▪ Further focus on My Fibank apply for consumer optimization & increase loan via Contact center. efficiency of the branch In 2016, over 25 network. campaigns carried out; ▪ Strong network of 150’000 outgoing calls ATM & POS devices with 75% respondents places Fibank among the ATM POS Corporate reached. market leaders network network Contact blog ▪ Corporate blog ▪ Direct sales to corp.& center functioning since 2008 institutional clients Online store to test client’s Direct sales for gold satisfaction on Bank Corporate products products & services website

CONFIDENTIAL 23 Group structure: Clear strategic focus on business in Bulgaria

CORPORATE 3 KEY SUBSIDIARIES IN GROUP STRUCTURE FINANCIAL SECTOR

FIRST INVESTMENT BANK AD ▪ Replication of the successful business model

Parent in Bulgaria & its adaptation to the Albanian company banking market through a subsidiary bank in Albania with limited presence and focus Companies in the financial sector on retail & SME business. • First Investment Ancillary services companies Bank – Albania Sh.a. ▪ Further develop the strategic focus on the • First Investment • Turnaround • Debita OOD • Diners Club Finance B.V. Management card business through promoting and Bulgaria AD EOOD • Realtor OOD • Balkan Financial consistently increasing penetration of • Fi Health Services EAD • Creative Insurance AD Investment EOOD the Diners Club brand in the local market • Lega Solutions EOOD in Bulgaria by offering new services for • AMC Imoti cardholders, and expanding the network of EOOD

Subsidiary POS terminals accepting payments with companies Diners Club cards. SHAREHOLDERS’ STRUCTURE ▪ Offering of insurance products & services in line with license of FiHealth Insurance for attracting new customers in the retail & SME segments.

CONFIDENTIAL 24 Key subsidiaries: Sound performance & results in 2017, growing contributors to Group profit

FIRST INVESTMENT DINERS CLUB FIHEALTH BANK - ALBANIA BULGARIA INSURANCE ▪ For 2017 the company reported a net ▪ In 2017, First Investment Bank – ▪ In 2017, Fi Health Insurance increased profit of BGN 264 thousand, compared Albania Sh.a. reported positive financial the amount of the premium income to to BGN 179 thousand a year earlier. results and sustainable development BGN 4,457 thousand, compared to BGN while maintaining high standards of risk ▪ The company’s assets increased by 3,266 thousand in 2016. management and customer-oriented 8.3% to BGN 12,106 thousand (2016: approach. BGN 11,177 thousand), mainly due to ▪ The company’s assets grew by 12%, to ▪ The Bank maintained strong liquidity an increase in receivables from BGN 8,722 thousand at year-end and capital positions, its capital customers which amounted to BGN (2016: BGN 7,788 thousand), driven by adequacy ratio at year-end amounting 10,357 thousand or 14.0% more than the increase in financial assets (2017: to 17.36% against a minimum required at the end of 2016 (BGN 9,086 BGN 4,945 thousand; 2016: BGN 4,476 level of 12% according to the applicable thousand). Loans and advances to thousand), which mainly comprise bank regulatory requirements in the country individuals formed 98.7% of all deposits and Bulgarian government receivables from customers (2016: securities. 98.7%). BGNm 2017 2016 % BGNm 2017 2016 % BGNm 2017 2016 % Total income 16 13.9 14% Total income 2.6 2.3 13% Total income 4.0 3.4 18% Net profit 6 5.2 23% Net profit 0.3 0.2 32% Net profit 0.1 0.3 (67%) Loans 140 102 37% Loans 10.5 9.1 15% Finan.assets 4.9 4.5 9% Total assets 309 272 14% Total assets 12.1 11.2 8% Receivables 2.4 2.0 20% Deposits 253 233 9% Overdraft 9.0 8.3 9% Total assets 8.7 7.8 12% Equity 39 33.3 17% Equity 2.4 2.1 14% Equity 5.8 5.7 1.8%

CONFIDENTIAL 25 Recent awards confirmed Fibank’s successful development & strong focus on innovation & digitalization

EFMA-ACCENTURE DMI AWARDS 2018 2 AWARDS ON BANK OF THE EUROMONEY DIGITAL CARDS YEAR AWARDS AWARDS

▪ Fibank won second place in the Offering Innovation category of the Efma- ▪ In April 2017 Fibank was ▪ Fibank has won for 7 Best Bank in Bulgaria by the Accenture DMI Awards 2018, which brought together some awarded three prizes for times the award for “Bank financial magazine of the world's most renowned innovations in the consumer’s of the Client in the Euromoney institutions and companies in sector on “Product of the year”. competition “Bank of the the retail segment. The Efma ▪ Fibank received the first award Year” organizers and an for its digital cards, enabling authoritative international jury clients to pay easy, secure and highly appreciated Fibank's fast through their NFC phone. innovation, launched for the first time in the Bulgarian ▪ A Second award on digital cards market: a microchip for was received on the Webit children and teenager debit innovation & technology festival, cards, as well as the Bank's organized in Sofia in 2017. early financial education program.

CONFIDENTIAL 26 SECTION 4 RESULTS & PROFITABILITY

27 Fibank with BGN 92m net profit in 2017, used as a strong tool for internal capital generation.

Income statement, BGNth 2016 2017 Q3/18 FINANCIAL HIGHLIGHTS 2017 Net interest income 319,179 260,926 1 72,037 1 For 2017, net interest income amounted to BGN Net fee & commission income 91,486 102,146 23,197 260,926 thousand or 18.3% less than the previous year Net trading income 13,937 15,326 3,378 (2016: BGN 319,179 thousand), and remained a major 2 source of income for the Group, constituting 64.2% of total Other operating income 40,115 28,191 3,355 operating income (2016: 68.7%). Total operating income 464,717 406,589 3 10,1967 2 Net trading & other income generated additional Administrative expenses (192,307) 204,698 (54,268) €22.2M to the total operating income for the period Impairment (156,120) 78,850 4 (24,440) 3 Total operating income stood at €207.9M (YE16: €241.1M), as declining net interest income of €133.4M was Other income/(expenses), net (6,177) 20,431 (2,817) largely offset by growing net F&C income (YE17: €52.2M), Group profit after tax 98,811 92,210 5 18,113 which remained strong contributor to the top-line. Balance-sheet indicators, 2016 2017 Q3/18 4. Impairment charges decreased further to €40.3M vs. BGNth €79.8M y/o/y, with the Bank’s cost of risk down to 1.4% Cash & balances with central banks 1,639,888 1,478,594 1,698,543 for 2017. Asset quality metrics improved & risk profile Portfolio of financial instruments 891,835 803,999 797,610 enhancement efforts furthered in line with set targets. Loans & advances to customers 5,044,850 5,162,907 6 5,552,928 5 Group profit after tax was €47.2M for the period Repossessed assets 1,034,501 984,448 976,555 (YE16: €50.5M), supported by improving macro Investment property 222,267 218,212 243,356 environment & related positive dynamics in loan loss provisions. Total assets 9,089,855 8,921,198 7 9,570,060 6 Improved market shares in consumer loans (9.7%, Customer deposits 7,911,911 7,583,819 8 8,300,241 fourth place) and mortgage (6.4%, seventh place) loans. Ministry of Finance deposit - - - 7 Total assets were €4,561M (YE16: €4,648M) in line Other borrowed funds 70,367 127,493 130,500 with projections & efforts to reduce excess liquidity. 8 Perpetual debt - - - As at YE17 attracted funds comprised €3,878M customer deposits, €65.2M other borrowed funds & Hybrid debt 208,740 208,786 203,018 €106.8M hybrid debt, qualified as AT1. Total Group equity 856,836 947,350 908,886

CONFIDENTIAL 28 Fibank with sound financial indicators. Improved profitability & coverage ratios due to conservative policy

Key ratios, % 2016 2017 Q3/18 FINANCIAL HIGHLIGHTS H/2018 CET1 ratio 12.01 12.87 13.29

T1 capital ratio 15.1 15.87 16.11 1 Capital adequacy position at Q3/2018 strengthened further with CET1 ratio reaching 13.3% (YE17: 12.9%) and total Total Capital adequacy ratio 15.13 15.89 16.11 1 capital ratio up to 16.1% (YE17: 15.9%), substantially Capital Leverage ratio 10.11 11.28 11.09 exceeding the minimum regulatory requirements. Group equity/total assets 9.43 10.62 9.50 2

Liquid assets ratio 28.12 24.78 25.363 2 Shareholders’ equity of the Group of First Investment Bank Liquid assets/customer deposits 29.12 25.91 26.37 decreased throughout the year by 10.6%. LCR 327.37 334.85 275.0 3 Liquid assets ratio was 25.3%, while net loan/deposit ratio NSFR 137.61 136.43 134.25

Liquidity was 66.9%, showing stable liquidity position & improved Net loan/deposit ratio 63.76 68.08 66.9 efficiency. 4 4 Earnings per share (in BGN) 0.9 0.84 0.62 The loan/deposit ratio amounted to 66.9% compared to 68.8% the previous year. This represented actions for ROE (after tax) 10.4 10.24 10.25 increasing effectiveness, reflecting a conservative approach ROA (after tax) 1.37 1.03 1.01 5 to credit risk management. 5 Income diversity ratio 68.68 64.17 68.97 For the Q3/2018 the reported results ensured return-on- assets (ROA) at 1.01% at end of September 2018 (2017: Cost/income ratio (CIR) 41.38 50.35 53.12 1.04%) and return-on-equity (ROE) at 10.25% (2017:

Profitability 6 Net interest margin 5.04 4.14 4.10 10.24%), which reflected the banking sector ability to Operating profit/RWAs 7.63 6.30 5.69 generate good profitability in accordance with the development and conditions of the environment. Cost of risk (CoR) 2.66 1.37 1.47 6 In September 2018, C/I ratio was 53.1%, in line with NPL90+ ratio 17.51 17.48 15.32 banking sector’s trend for decrease in net interest income. Provisioning coverage ratio 14.19 10.44 11.207,3

Asset quality Asset N222PL90+ coverage ratio 67.82 59.74 49.46

CONFIDENTIAL 29 Retail business: Retail loans well-balanced in terms of products & FX. Growing share of consumer loans.

RETAIL LOANS STRUCTURE OF KEY HIGHLIGHTS & BY PRODUCT RETAIL LOANS COMMENTS Retail portfolio, BGNm Retail portfolio,% ▪ As of 31 September 2018, First +7.8% Investment Bank kept its third place in terms of loans among By product 1,625 By currency banks in the country with a 1,507 1,497 1,454 1 1 2 2 market share of 10.42% (2017: 10.29%) on an unconsolidated basis. 26 31 ▪ An increase was registered in retail banking – up to 26.8% of 48 49 the total portfolio (2017: 25.9%), microlending – up to 2.4% (2017: 2.2%) and SMEs – up to 12.8% (2017: 11.5%, in execution of the strategic goals for future development and growth in these 72 67 segments. 50 51 ▪ In the currency structure of the loan portfolio, the loans in BGN increased up to BGNm 2,724 thousand (2017: BGNm 2,168 2015 2016 2017 Q3/18 thousand) or 47.2% of the total BGN EUR Other portfolio (2017: 36.9%)

CONFIDENTIAL 30 Retail business: Growing focus & share of Microlending portfolio. Gross amount reached BGN 144m at Q3/2018.

MICROLENDING GROWING SHARE OF KEY HIGHLIGHTS & PORTFOLIO MICROLENDING COMMENTS

▪ In Q3/2018, the microlending portfolio grew by 19.0% to BGNm +19.0 % 144,042 thousand compared to BGNm 122,553 thousand at the end of 2017. ▪ The market share of Fibank at the end of September amounted to 12.28% of loans to corporates in the banking system (2017, 12.1%), Fibank retained its second place (2017: second) among banks in the country on an unconsolidated basis. ▪ The loans of the other business lines - to small and medium enterprises and microlending, grew. ▪ They increased their share in the structure of loans to companies of the Group to 17.7%, (2016: 13.8%) and up to 3.2% (2017: 2.9%) respectively, as part of the policy for portfolio diversification and priority development in these segments.

CONFIDENTIAL 31 Retail business: Stable & granular retail deposit base, >80% covered by deposit guarantee scheme

RETAIL DEPOSITS RETAIL DEPOSITS BY KEY HIGHLIGHTS & BY PRODUCT CURRENCY COMMENTS Deposits to individuals, BGNm 3.36% Retail deposits by currency, % ▪ As at 31 September 2018, First Investment Bank stepped up on fourth 6,594 place in terms of deposits among 6,305 6,517 100% 100% 100% 6,146 100% banks in Bulgaria (2017: third). The market share of Fibank amounted to 10 10 10 10 9.7% on an unconsolidated basis (2017: 9.45%) at the end of the period.

35 35 ▪ The funds attracted from individuals 40 39 amounted to BGNm 6,517 thousand at the end of period compared to BGNm 6,305 thousand at the end of 2017. They retained their structure-defining share in the total deposits due to customers at 78.5% (2017: 83.1%). ▪ In the currency structure of attracted 55 55 funds from individuals, funds in BGN 50 51 formed the majority at 55.5% of total deposits from customers (2017: 55%), followed by those in EUR at 35% (2017: 35%) and in other currencies at 10% (2017: 10%). 2015 2016 2017 Q3/18 2015 2016 2017 Q3/18 Current accounts Term and savings accounts BGN EUR Other

CONFIDENTIAL 32 Leading in Commercial Lending With Top 2 Position

…with a leading position in the Bulgarian sector… Fibank’s loan book is predominantly Corporate Loans(2) Market Share, Q3’18 Fibank’s main competitive advantages in the commercial banking commercial focused… market are its: Loan Portfolio by Type, Q3’18(1) • Focus on quality of service (consistently ranked as the bank with the best service standards in Bulgaria) • Product offering includes term loans, investment loans, • Deep understanding of the Bulgarian market working capital loans, overdrafts, guarantees and business • Wide distribution network credit cards • Active participation (almost full take-up) supporting beneficiary companies under the programs related to the EU structural and cohesion funds (JEREMIE initiative)

Loan portfolio by business lines

…and diversified loan portfolio Loan Portfolio by Sectors of Economy(3), Q3’18 • Limited exposure to construction and real estate as Fibank did not participate in the boom for these sectors during 2007/2008 • Low portion of the book is uncollateralised (85% of total loan book is collateralised(3))

Source: Company disclosure, Bulgarian National Bank. Notes:(1) As per EC Definition (SME: <250 employees AND ≤€50mn turnover OR ≤€43mn total assets; Business: >250 employees AND >€50mn turnover OR >€43mn total assets). Breakdown as per Fibank’s internal definition would be: 10% SME, 63% Business, 2% Microlending, 25% Retail. (2) Includes loans to general governments, other financial corporations and non-financial corporations. (3) Excludes credit cards and unsecured 33 9 loans. Commercial business: Deposits from corporates grew 39.6% in Q3/2018 outpacing banking system averages.

CORPORATE DEPOSITS CORPORATE DEPOSITS KEY HIGHLIGHTS & BY PRODUCT BY CURRENCY COMMENTS Corporate deposits by product, Corporate deposits by currency, % ▪ Attracted funds from corporates and BGNm 39.6% institutions in 2018 remained at levels close to the previous year, 1,784 13.00% amounting to BGNm 1,784 thousand (2017: 1,278 thousand). The decrease in volume reflected a 27.00% 2017 decrease in current accounts against 1,318 60.00% 1,278 a growth in fixed-term accounts. ▪ Term accounts reached BGNm 1,058 716,670 thousand (2017: 407,460 thousand) at the end of Q3/2018, forming 40.2% of the attracted BGN EUR Other funds from corporates and institutions (2017: 30%). ▪ Current accounts amounted to BGN 897,423 thousand at the end of 10.00% Q3/2018 compared to BGN 870,679 thousand a year earlier, forming 50% of the attracted funds from Q3/18 50.00% corporates and institutions (2017: 40.00% 60.3%). 2015 2016 2017 Q3/18 ▪ By 31 September 2018, funds attracted by the second biggest non- Current accounts Term accounts banking clients represented 4.06% of the total amount due to other BGN EUR Other customers (2017: 5.88%).

CONFIDENTIAL 34 Payment services: Registered growth in fund transfers in both BGN & FX. Well-established market position.

FUND TRANSFERS FUND TRANSFERS SOLID MARKET IN BGN IN FX CURRENCY SHARES

Outgoing transfers Outgoing transfers Market share of in BGN, (000’ numbers) in FX, (000’ numbers) fund transfers +6% in BGN, % +15% +0.4 ppt

4.611 128 6.3 121 4.013 110

3.592 6.0 5.9 5.9 5.9

5.7 5.6 5.5

1.103 32

2015 2016 2017 Q3/18 2015 2016 2017 Q3/18 2015 2016 2017 Q3/18

Market share outgoing Correspondent banking (SWIFT), BISERA & RINGS TARGET2 & BISERA7-EUR Market share incoming PAYMENT SYSTEMS (SEPA compliant)

CONFIDENTIAL 35 SECTION 5 MANAGEMENT & CORPORATE GOVERNANCE

36 Cooperation with the IFC: Successful CG & RM enhancement project during 2015 2015 Implementation Project IFC COOPERATION CORP.GOVERNANCE RISK MANAGEMENT MILESTONES DELIVERABLES DELIVERABLES

▪ In 2010, Fibank asked the IFC to ✓ Fibank introduced full CCO function in ✓ Fibank introduced full CRO function prepare a diagnostic assessment of line with the latest Basel Committee based on the “three lines of defense” the Bank’s corporate governance & risk principles on CG in banks. principle. management. As a result, changes were implemented to the organizational ✓ A new independent member to the ✓ A new pricing policy was structure and in 2012, ahead of its SB was elected with strong expertise implemented for the setting of peers new committees to the SB were and >20 years experience within the individual product price. created in line with EBA latest IFC. ✓ A new profitability tool was launched guidelines. ✓ A full CG Code & Disclosure policy to better monitor the profitability per client, business line, portfolio. ▪ In 2014, at the initiative of Fibank and were adopted in compliance with the as a follow-up project, another latest best standards in this sphere. ✓ RCSA methodology was enhanced to better assess operational risks at the independent review was performed. ✓ The role of the Audit Committee was process level, before & after controls. IFC’s recommendations were included as strengthened with new independent part of the Bank’s Restructuring Plan, member elected and regular quarterly ✓ A new rules for using KRIs in OP risk committed to the European Commission. meetings with IA introduced. framework were adopted for improving processes for escalating & tracking ▪ In 2015, the joint CG & RM Steps to strengthen the dialogue with ✓ tolerance limits. implementation project was launched minority shareholders were with detailed plan adopted and undertaken, e.g. a new Investor Club ✓ Risk strategy was enhanced with risk deliverables identified. Both Fibank & created and new initiative for regular appetite statement introduced and full IFC teams worked together side-by-side meetings with minority shareholders. risk map of the organization defined. with multiple on-site workshops delivered and off-line exchange of ✓ Organizational changes were made, ✓ ALCO work was strengthen, i.e. a full information. A steering committee was incl. full CEO, CRO & CCO functions fledged info pack in place for assigned to track implementation being introduced. CFO was added as enhanced activity. progress. member of the MB.

37 Organizational structure ensures effective running of key functions & clear separation of duties.

SUPERVISORY BOARD (Chair: Evgeni Lukanov, Deputy Chair: Maya Georgieva, Members: Georgi Mutafchiev, Radka Mineva, Jordan Skortchev, Jyrki Koskelo)

AUDIT PRESIDING RISK REMUNERATION COMMITTEE COMMITTEE COMMITTEE COMMITTEE Chair: Radina Beneva Chair: Maya Georgieva Chair: Evgeni Lukanov Chair: Jordan Skortchev

NOMINATION INTERNAL AUDIT COMMITTEE (Plamen Dimitrov) Chair: Georgi Mutafchiev

MANAGING BOARD (Chair: Nedelcho Nedelchev, Members: Sevdalina Vassileva, Chavdar Zlatev, Svetozar Popov, Jivko Todorov, Nadia Koshinska)

CREDIT RESTRUCTURING OPERATIONAL RISK ALCO COUNCIL COMMITTEE COMMITTEE

BUSINESS UNITS SUPPORTING UNITS

CONFIDENTIAL 38 SECTION 6 CAPITALIZATION & LEVERAGE

39 Regulatory capital well in line with CRD IV (Basel III). Profit retention following GMS in September’18 to support CET1.

REGULATORY OWN FUNDS REGULATORY CAPITAL CALCULATIONS REQUIREMENTS Own funds calculations, ▪ Since 1 January 2014, the provisions Regulatory capital, BGN,m YE2017 Q3/18 BGNth of the CRD IV package have been in +8.9% force, transposing into European law Paid up capital instruments 110.000 110.000 the provisions of the Basel III 1200000 1,117 (-) Indirect shareholding in CET1 -185 -68 capital standards for banks. 1,026 capital instruments 936 ▪ CET1: a) issued and paid up capital 935 Premium reserves 97.000 97.000 1000000 instruments (ordinary shares); b) Other reserves 609.109 603.022 share premium from issuance of Minority interests - - 800000 Accumulated other comprehensive ordinary shares; c) audited retained 25,931 income 19.440 earnings; d) accumulated other comprehensive income, including Deductions from CET1 capital: 600000 revaluation reserves; e) other (-) Intangible assets -6,885 -8,243 reserves; f) minority interests. Adjustments of CET1 capital -3,809 100 740 Deductions includes intangible 400000 assets. Common Equity Tier 1 capital 831,161 921,343 Additional Tier 1 capital ▪ AT1: instruments include hybrid 200000 debt. Deductions include regulatory Hybrid debt 195,583 195,583 adjustments relating to items that Tier 1 capital deductions: are included in the capital or the 0 Transitional adjustments of Additional assets of the Group, but are treated 2015 2016 2017 Q3/18 -1,439 Tier 1 capital differently for capital adequacy CET1 Additional tier 1 capital Tier 2 capital Tier 1 capital 1,025,305 1,117,474 regulation. Tier 2 capital ▪ Tier 2 capital: T2 capital consists of perpetual debt and regulatory GMS in June’18 voted to capitalize Perpetual debt adjustments related to revaluation the net profit for 2017, thus Adjustments of Tier 2 capital 900 reserve on land & buildings. ensuring strong internal capital In 2016 the Bank repaid perpetual generation with focus on CET1 Total own funds 1,026,205 1,117,474 debt (T2 capital) with principal EUR 21M

CONFIDENTIAL 40 Fibank to maintain capital buffers in line with CRD IV. New O-SII capital buffer applicable since 2018.

CAPITAL BUFFERS COMMENTS

▪ In addition to the capital requirements, Fibank maintains Types of capital buffers maintained by the Bank, % capital buffers in compliance with the requirements of Ordinance No8 of the 7 BNB on capital buffers. 6 ▪ Capital conservation buffer, 6 comprised of common equity tier 1 capital equal to 2,5% of the total 5 Pursuant to decision of MB of risk exposure of the Bank BNB / 2018 ▪ Buffer for systemic risk amounting 4 3.5 to 3.5% of the Bank’s total risk exposures in Bulgaria, which is 3 2.5 covered by common equity tier 1 capital. 2 ▪ Countercyclical capital buffer, 1 0.75 applicable to credit risk exposures in 1 0.5 the Republic of Bulgaria, the level of 0.0 0.00 which is determined by the Bulgarian 0 National Bank each quarter. During Capital Buffer for Countercyclical Total capital 2017 2018 2019 2020 the whole of 2017 and for the first conservation systemic risk capital buffer buffers 2018 quarter of 2018, it was defined at 0% buffer 2018 2018 2018 Capital buffer for other systemically ▪ Buffer for O-SII on an individual important institution and consolidated basis, determined as a share of the total value of the With a decision dated 2018, the BNB determined risk exposures, is in the amount of ten banks in Bulgaria as other systematically 0% for 2017 and it will gradually important institutions (O-SII), among which is grow from 0.5% in 2018 to 1% in First Investment Bank AD. 2020.

CONFIDENTIAL 41 Capital indicators exceeds minimum requirements. Ratio calculations consistent with CRD IV.

CAPITAL CAPITAL ADEQUACY RATIO INDICATORS CALCULATIONS

Capital adequacy indicators for 2016/ 2017, ▪ Common Equity Tier 1 capital ratio is the Common Equity Tier 1 capital of the institution expressed as a percentage of the total risk exposure Q3/18, % amount; 18 ▪ Tier 1 capital ratio is the Tier 1 capital of the institution expressed as a 16 16.1 16 16.1 percentage of the total risk exposure amount; 16 15 15 ▪ Total capital ratio is the own funds of the institution expressed as a 14 13 13.3 percentage of the total risk exposure amount. 12 ▪ The total risk exposure amount is calculated as the sum of the risk- 12 weighted assets for credit, market, and operational risk.

10 ▪ The Group calculates the credit risk requirements for the exposures in its banking and trading portfolios based on the standardised approach. 8 Exposures are taken into account at their book value. Off-balance sheet commitments are taken into account by applying conversion factors for the 6 purpose of their approximation to book values. Positions are weighted for risk using different percentages depending on the class of exposure and its 4 credit rating. A variety of techniques are used to reduce credit risk, such as collaterals and guarantees. For derivative instruments, such as forwards 2 and options, the counterparty credit risk is estimated. 0 ▪ The Group also calculates capital requirements for market risk for foreign CET1 ratio Tier 1 capital Total capital exchange and commodity instruments in the trading and banking books. ratio adequacy ratio ▪ The Group calculates capital requirements for operational risk using the 2016 2017 Q3/18 basic indicator approach. The capital requirement is equal to the average gross annual income over the last three years multiplied by a fixed percentage (15%). The respective risk weighted assets are calculated by further multiplication by 12.5.

CONFIDENTIAL 42 Capital indicators improved due to de-leverage measures. Hybrid capital fully compliant to absorb losses.

CET1 T1 TCA AT1: RATIO RATIO RATIO HYBRID CAPITAL

CET1 ratio, % Tier 1 capital ratio, % TCA ratio, % ▪ As at YE16, Fibank had issued +0.8 ppt +0.2 ppt +0.8 ppt +0.2 ppt two hybrid instruments +0.9 ppt +0.4 ppt 16.5 (bond issues) with original 16.5 principal on the amount of 16.1 EUR 40M and EUR 60M (ISIN: 16.1 BG2100008114 & 13.5 16.0 15.9 13.3 16 15.9 BG2100022123), which fully comply with the requirements 13.0 12.9 of Regulation (EU) No 15.5 15.5 575/2013 and are included in the additional tier 1 capital. 12.5 15.1 15.1 15 ▪ The bonds are registered, 12.0 15.0 dematerialized, interest- 12.0 14.7 bearing, perpetual, 14.5 unsecured, freely 14.2 11.5 11.3 14.5 transferable, non-convertible, deeply subordinated and 14 11.0 without incentive to redeem. 14.0 ▪ Both hybrid bond issues are 13.5 10.5 admitted to trade on a regulated market at the Luxembourg Stock 13.5 10.0 13 Exchange. 2015 2016 2017 Q3/18 2015 2016 2017 Q3/18 2015 2016 2017 Q3/18

CONFIDENTIAL 43 SECTION 7 FUNDING & LIQUIDITY

44 Customer deposits main source of funding with 95% of liabilities. Stable growth covered state aid repayment.

DEPOSITS: MAIN STABLE GROWTH TO LDR SUPPORTING FUNDING SOURCE ADDRESS AID REPAYMENT LIQUIDITY

Structure of liabilities, % Customer deposits, BGNm Net loan/deposit ratio, in % 120 9,4 %

8,300 72.5 0.11 ppt 8,233 7,912 8,135 7,974 8,661 7,584 100

7,204

80 68.08 66.9

60

63.8 40

20

0 2015 2016 2017 Q3/18 YE15 YE16 YE17 Q3/18 2015 2016 2017 Q3/18

Other Hybrid & Perpetual debt Retail Business Other borrowed funds Deposit MF Customer deposits

CONFIDENTIAL 45 Strong liquidity in line with market. Liquidity ratios well above minimum required levels.

LIQUID ASSETS GREW LCR & NSFR WELL STRONG LIQUIDITY DESPITE SA REPAYMENT ABOVE MIN LEVELS RATIOS Liquid assets, BGNm LCR & NSFR indicators % Liquidity indicators, % 10.2 % 400 35.0 2,304 2,189 350 335 29.1 326 327 30.0 28.3 28.1 2,040 1,987 26.4 25.4 25.9 300 24.7 25.3 275 25.0

250 20.0 Min 200 level

15.0 150 132 138 136 134

Min 10.0 100 level

5.0 50

0 0.0 2015 2016 2017 Q3/18 2015 2016 2017 Q3/18 2015 2016 2017 Q3/18

Debt securities and gold LCR NSFR Liquid assets ratio Current accounts and amounts with banks Liquid assets/customer deposits Central banks

CONFIDENTIAL 46 SECTION 8 APPENDIX

47 Awards

Best Bank in Bulgaria Quality of Service

2002 2010 Bank of the year by market share, by Bank of 2003 2011 Bank of the Customer, the year association 2006 2012 2008 by the influential Bulgarian daily “Pari” 2009 (“Money”) 2001 Bank of the year by Bank of the year 2011 The best customers service of the year by 2012 association 2007 International Finance Exhibition “Banks, Investments, Money” 2011 Best Bank in Bulgaria by the financial magazine Euromoney 2012 Bank of the Client by Bank of the year association 2014 Best Retail Bank in Bulgaria by Global banking & Finance 2012 Mystery Client by Bank of the year association 2009 2010 2011 Management 2013 STP Award, Excellent quality , Commerzbank 2014 2001 Mrs. Maya Georgieva Banker of the year, by 2016 2011 financial magazine Banker 2009 Straight-Through Processing (STP) Excellence 2011 Award, Deutsche Bank 2010 Mr. Matthew Mateev Banker of the 2005 year For achieving a Straight Through Processing 2009 Rate in excess of 97% for US Dollar payments sent to Citibank New York 2012 Mr. Vasil Christov Banker of the year, by financial magazine Banker 2014 Innovation in Retail Banking Bulgaria and Best Private Bank Of The Year by Finance publishing

CONFIDENTIAL 48 Awards

Brand/ Products/ Web/Other awards 2007 Best public company on the Bulgarian 2008 Stock Exchange, by "Dnevnik" 2004 Financial product of the year, by International newspaper 2005 Most Innovative Banking Product 2006 Finance Exhibition “Banks, Investments, 2014 (Credit and Debit Card) by Global 2007 Money” banking & Finance OSCARD for innovative co-branded credit card 2008 Best maturity deposits by Handelsblatt Fibank-Vivatel 2014 newspaper

2011 Best brand in financial institutions by My love 2012 marks 2017 2014 Developing card payments and bringing 2012 Fibank is the strongest brand in Bulgarian innovations by MasterCard 2014 market by the Superbrands 2016 Three awards for charity at the Fifth Annual 2015 Card Product of the Customers by b2b magazine 2009 Donors' Conference organized by the Bulgarian Donors' Forum 2015 Best marketing team by Baawards 2012 Golden Martenitsa by Made in Bulgaria union

2016 Annual awards for charity and CSR “Golden heart” by “Business Lady” 2006 VISA International Certificate magazine for VISA Cards Retail Sales Volume Investment in a digital and civil 2016 2009 The Bank’s corporate site won category literate society by Digital Kids “Business” by Bulgarian Web Awards 2009

2009 The best corporate blogs in Bulgaria by Nova Vizia 2016 National charity campaign “Easter 2009 First prize for best corporate BG Site for everyone”. 2012 2016 “Product of the Year”

CONFIDENTIAL 49 Awards

Brand/ Products/ Web/Other awards “Product of the Year” – Debit card for 2018 children and teenagers - category “Bank cards” 2017 “Product of the Year” Debit card for children and teenagers - category b2b awards 2018 “Bank cards” 2018 Categories “Socially responsible 2017 Consumer credit online - category “Consumer campaign”, “Business debut of the credit” year” Digital card - category “Mobile financial services”

2017 Webit awards: My love marks 2018 2018 Mobile Digital Card – “Best digital payment Categories “Banks”, “My favorite solution” 2017 employer”, “Innovative brands”

“Best consumer banking brand” 2017 “GBM – Best SME banking brand” 2018 Smart lady – launching campaign

2017 My love marks 2017 Category “Banks - My favorite brand”

2017 “Superbrands”

2017 “Golden Heart”

CONFIDENTIAL 50