IC Daily Trading Multiples Closing price 25 June 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 Central C. Bank 2019-06 61.8 0.95 0.0% -3.1% -8.7% 10.5% 1.0% 10.9 0.00 0.0% 2.0x 0.22x 0.5x CB First Inv. Bank 2021-03 129.6 1.70 0.0% -7.6% -34.6% 4.0% 0.4% 9.4 0.00 0.0% 5.2x 0.21x 0.7x ZABA 2021-03 2,519.1 59.00 0.0% 8.9% 18.7% 4.5% 0.6% 7.4 0.00 0.0% 20.7x 0.93x 0.8x Banca Transilvania 2021-03 2,697.9 2.76 0.0% 22.7% 44.6% 16.6% 1.6% 10.1 0.12 4.2% 7.3x 1.21x 0.5x BRD Bank 2021-03 2,461.6 17.40 0.0% 17.1% 51.3% 9.6% 1.5% 6.6 0.00 0.0% 12.9x 1.23x 0.7x Komercijalna Bank 2020-12 543.5 3799.00 1.3% 26.7% 75.9% 4.0% 0.6% 6.2 265.00 7.0% 21.8x 0.86x 0.5x NLB Bank 2020-12 1,306.3 65.00 0.0% 41.9% 62.5% 13.8% 1.4% 10.0 0.00 0.0% 4.9x 0.67x 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 Trace Group Hold 2020-12 48.0 3.88 0.0% 11.5% 6.6% 8.8% 3.8% 4.5% 1.30 2.0 6.05x 0.00 0.0% 9.5% 6.8% 6.8% 5.2% 10.5x 8.1x 0.7x 1.0x 4.0x 2021-03 4.1 1.24 1.6% -79.6% -74.5% 51.1% 9.5% 3.1% 6.26 16.6 3.96x 0.00 0.0% 6.0% 3.8% 3.1% 2.3% 4.4x 1.0x 0.5x 0.3x 3.7x IGH 2021-03 9.9 121.50 0.4% -16.8% 15.7% 43.2% -30.0% -18.5% -2.45 -2.3 -5.68x 0.00 0.0% -23.5% -32.2% -31.4% -26.1% -7.4x -2.5x -0.7x 2.0x -3.9x Ingra 2021-03 20.4 11.30 2.7% 37.8% 111.2% 58.5% 17.9% 18.6% 1.61 3.1 2.6x 0.00 0.0% 89.1% 88.2% 105.3% 90.4% 3.7x 1.1x 0.6x 34.0x -4.2x 2020-12 5.7 226.00 2.7% 61.4% 89.9% N/A -8.8% -3.8% -1.52 -2.5 12.63x 0.00 0.0% 12.6% -6.0% -10.2% -10.2% 14.8x -2.7x -0.3x 2.7x 1.0x Energoprojekt 2020-12 36.9 400.00 0.0% 0.3% -15.8% 5.7% 4.0% 2.9% 0.25 2.0 0.87x 0.00 0.0% 6.5% 4.6% 5.3% 3.9% 3.4x 3.9x 0.2x 0.2x 2.8x

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 2021-03 1,003.1 488.00 0.8% 11.9% 13.5% 0.5% 0.5% 0.2% 0.17 2.10 -0.82x 0.00 0.0% N/A 1.5% 0.9% 1.1% N/A -325.2x 0.7x N/A 380.3x 2021-03 564.1 594.00 0.3% 22.5% 45.2% 7.6% 6.5% 5.3% 0.21 1.45 1x 0.00 0.0% 12.9% 7.8% 7.5% 6.2% 8.6x 16.1x 1.2x 1.1x 9.6x Petrol 2021-03 914.7 445.00 1.1% 36.9% 35.7% 9.2% 6.4% 4.4% 0.47 2.09 2.02x 22.00 4.9% 5.7% 3.2% 3.0% 2.5% 7.5x 12.3x 12.3x 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 4,401.5 3,300.00 2.5% 17.9% 14.6% -3.1% -2.0% -1.4% 0.35 2.22 1.55x 62.27 1.9% 12.5% -2.1% -1.6% -1.9% 18.9x -113.8x 3.5x 2.4x 15.5x Nuclearelectrica 2021-03 1,680.2 27.45 0.0% 53.7% 74.8% 9.1% 7.0% 7.8% 0.06 1.16 -1.36x 1.57 5.7% 54.0% 32.2% 33.3% 28.1% 4.8x 11.8x 1.1x 2.6x 7.3x OMV Petrom 2021-03 4,933.1 0.43 0.0% 18.0% 34.1% 3.6% 3.3% 2.5% 0.06 1.42 -1.67x 0.03 7.2% 22.9% 7.2% 7.3% 6.5% 4.0x 20.1x 0.7x 0.9x 4.5x Romgaz 2020-12 1,906.6 31.15 0.0% 10.9% -2.7% 16.1% 15.5% 13.5% 0.00 1.19 -1.29x 1.61 5.2% 45.7% 34.0% 35.2% 30.8% 3.8x 7.5x 1.2x 1.7x 4.6x NIS 2021-03 825.3 595.00 0.3% -7.6% 5.1% -2.0% -1.0% -1.3% 0.36 1.55 4.41x 39.97 6.7% 10.8% -2.3% -3.2% -2.9% 9.4x -18.9x 0.4x 1.0x 3.4x

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 2021-03 179.4 1.44 0.0% -1.4% -2.0% 2.3% 2.3% 2.1% 0.05 1.10 0.24x 0.10 6.9% 11.7% 6.4% 6.1% 5.3% 21.4x 47.3x 1.0x 2.5x 14.3x 2021-03 676.0 1520 -0.7% 13.4% 25.6% 11.1% 8.3% 6.1% 0.38 1.82 0.88x 25.00 1.6% 13.3% 8.0% 7.7% 6.4% 8.1x 15.0x 1.7x 1.1x 8.1x Cakovecki Mlin. 2021-03 100.8 7200 0.0% -4.0% 10.8% 6.8% 4.3% 4.8% 0.13 1.42 -1.6x 0.00 0.0% 7.6% 2.6% 3.7% 3.0% 5.7x 18.4x 1.3x 0.5x 11.1x Kras 2021-03 142.3 750 0.0% 13.3% 21.4% 3.5% 2.7% 2.4% 0.24 1.47 1.14x 0.00 0.0% 9.7% 2.9% 2.5% 2.4% 11.6x 42.1x 1.5x 1.2x 9.6x 2021-03 4.3 23.2 0.0% -27.0% -48.4% -15.6% 2.8% -8.6% 0.29 1.83 5.83x 0.00 0.0% 20.3% 15.4% -54.8% -54.9% 8.1x -0.7x 0.1x 1.9x -0.3x Purcari 2020-12 127.9 31.5 0.0% 43.2% 43.2% 27.0% 12.7% 15.8% 0.43 1.71 0.77x 0.00 0.0% 29.5% 23.3% 35.3% 29.7% 11.5x 10.4x 2.8x 11.5x 15.7x

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 Adv. Terra. REIT 2019-06 103.6 2.38 0.0% 31.5% 25.9% 4.55% 4.41% 1.03 0.05 2.0% 17.9x 0.8x Bulgarian REIT 2019-06 37.0 2.09 0.0% 23.7% 14.2% 6.34% 5.68% 1.12 0.10 4.8% 10.7x 0.7x Fondul Proprietatea 2021-03 2,408.2 1.85 0.0% 32.9% 53.6% 23.53% 23.41% 1.01 0.06 3.5% 4.6x 1.1x 1.8 -1.8%

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 Monbat 2021-03 121.6 6.10 0.0% 52.5% 106.1% 4.9% 4.0% 2.3% 0.88 2.16 3.98 0.00 0.0% 12.6% 6.4% 4.2% 3.3% 9.8x 21.9x 1.1x 1.2x 9.8x MS Hydraulic 2021-03 153.3 7.60 0.0% 21.6% 21.6% 19.2% 14.2% 15.4% 0.39 0.39 0.34 0.26 3.4% 25.0% 17.0% 16.6% 14.9% 11.2x 18.3x 3.5x 2.8x 10.8x Sirma Group 2021-03 15.6 0.52 0.0% -7.2% 27.5% 4.1% 15.3% 2.6% 0.31 1.58 0.75 0.00 0.0% 34.9% 27.4% 5.6% 5.1% 2.6x 12.1x 0.3x 0.9x 3.1x AD Plastik 2021-03 108.3 196.50 -0.8% 22.8% 45.6% 5.2% 3.5% 3.0% 0.45 1.74 2.15 12.00 6.1% 13.1% 5.1% 5.1% 3.8% 7.4x 18.2x 0.9x 1.0x 9.5x Duro Dakovic 2021-03 4.9 3.60 12.5% -15.7% 29.5% 16.7% -3.5% -6.3% -2.58 -2.66 13.45x 0.00 0.0% 7.7% -2.9% -7.3% -7.3% 14.5x -1.1x -0.2x 1.2x -2.7x Ericsson NT 2021-03 297.5 1,675.00 -0.3% 11.7% 39.6% 27.3% 19.2% 10.2% 0.28 2.68 -1.21x 82.00 4.9% 9.2% 5.8% 6.0% 5.3% 10.9x 34.3x 5.8x 1.0x 7.1x Koncar 2021-03 260.7 760.00 0.7% 31.0% 65.9% 5.7% 3.0% 3.7% 0.08 1.53 -2.62x 0.00 0.0% 7.6% 3.4% 4.8% 4.9% 6.7x 19.6x 0.7x 0.5x 14.7x 2021-03 337.6 46.00 0.0% -35.6% -34.1% 21.2% 15.1% 10.2% 0.27 2.08 -0.39x 0.00 0.0% 14.3% 8.8% 7.9% 7.9% 9.7x 18.2x 3.9x 1.4x 5.2x Viktor Lenac 2021-03 22.9 10.20 0.0% 7.4% 54.5% 5.1% 4.7% 3.8% 0.13 1.36 0.31x 0.00 0.0% 19.8% 7.3% 6.6% 5.8% 3.7x 11.8x 0.6x 0.9x 6.0x Alfa Plam 2018-12 30.8 20,700.00 0.0% -1.4% -15.5% 5.3% 3.4% 4.6% 0.00 1.16 -1.2x 0.00 0.0% 10.9% 4.8% 7.5% 7.6% 4.6x 8.3x 0.4x 0.5x 12.0x Jedinstvo Sev. 2020-12 17.7 8,000.00 0.0% 17.7% 17.6% 6.7% 5.0% 3.0% 0.04 2.21 -0.01x 705.88 8.8% 6.0% 4.4% 5.1% 4.3% 5.8x 6.3x 0.4x 0.3x -5.9x Messer Teh. 2020-12 123.5 14,000.00 0.0% 0.0% 7.7% 10.7% 11.7% 9.8% 0.00 1.10 -0.6x 425.00 3.0% 34.1% 22.5% 21.4% 18.3% 2.7x 6.1x 0.7x 0.9x 5.3x Metalac 2020-06 33.0 1,901.00 0.0% -2.5% 0.1% 6.6% 6.5% 3.7% 0.28 1.75 -0.72x 85.00 4.5% 7.7% 4.8% 4.2% 3.3% 4.2x 12.2x 0.7x 0.3x 2.6x Impol 2018-12 27.3 3,400.00 0.0% -4.2% -8.1% 14.0% 7.7% 7.1% 0.51 1.98 2.56x 0.00 0.0% 9.3% 6.0% 7.2% 7.1% 5.3x 5.1x 0.5x 0.5x 6.4x Cinkarna 2021-03 186.6 231.00 -0.9% 29.8% 32.8% 10.8% 11.0% 8.8% 0.00 1.22 -1.24x 11.00 4.8% 19.2% 13.3% 13.3% 11.1% 4.3x 9.6x 1.0x 0.8x 4.3x IC Daily Trading Multiples Closing price 25 June 2021

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 27.1 480 0.0% 21.2% 31.1% -0.6% 0.5% -0.4% 0.25 1.51 -0.9x 0.00 0.0% 7.7% 1.2% -0.9% -0.9% 9.3x -89.6x 0.5x 0.7x 6.0x 2021-03 48.9 27.2 0.0% -4.2% 8.8% 2.1% 0.8% 0.9% 0.17 2.32 0.86x 0.00 0.0% 14.5% 2.5% 4.8% 4.8% 15.4x 43.6x 0.9x 2.6x N/A Aerodrom N.T. 2019-09 298.8 1003 0.0% -3.2% 12.7% 167.2% 167% 161% 0.00 1.04 -0.01x 1,530.44 152.6% 95.6% 95.0% 94.8% 80.5% 0.6x 0.7x 1.2x 0.5x 0.7x Luka Koper 2021-03 344.4 24.6 0.8% 33.7% 29.5% 0.0% 7.3% 5.4% 0.06 0.18 1.31x 1.07 4.3% 31.3% 29.9% 16.4% 17.7% 5.8x 10.4x 0.8x 1.7x 4.2x

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 2021-03 382.1 6,650.00 0.8% 3.9% 0.8% 7.8% 2.4% 3.25 0.00 0.0% 8.51 0.67 0.9x Sava Re 2021-03 390.5 25.20 -0.8% 36.2% 57.5% 14.6% 2.7% 5.39 0.00 0.0% 4.90 0.82 0.6x Triglav 2020-12 750.3 33.00 -1.2% 10.0% 20.0% 8.5% 1.8% 4.76 0.00 0.0% 10.21 0.86 0.6x

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 2021-03 104.1 0.86 0.0% -8.5% -18.1% 1.2% -2.7% 0.2% 0.18 7.34 77.63x 0.00 0.0% -51.7% -98.7% 35.6% 33.8% 58.5x 12.4x 0.1x -30.2x 1.2x Eurohold 2019-06 258.5 2.56 0.0% 47.1% 91.0% 10.2% -1.8% 1.2% 3.10 8.89 -435.54x 0.01 0.5% -0.1% -0.9% 1.3% 1.2% -963.1x 33.6x 3.1x 0.7x -455.8x Stara Planina 2021-03 77.4 7.25 0.0% 33.0% 51.0% 20.2% 13.3% 8.6% 0.54 2.34 0.30x 0.25 3.4% 18.7% 11.6% 11.5% 10.4% 6.7x 17.3x 1.4x 1.3x 4.0x MedLife 2021-03 426.2 15.80 0.0% 41.1% 178.0% 30.3% 11.9% 7.5% 2.28 4.03 2.34x 0.00 0.0% 21.3% 12.5% 9.7% 7.9% 10.9x 22.9x 6.9x 2.3x 14.5x Sphera Franchise 2020-12 148.9 18.90 0.0% 28.6% 22.3% -6.4% 0.5% -1.4% 2.64 4.4576 2.89x 0.00 0.0% 13.2% 0.4% -2.0% -1.3% 10.7x -76.5x 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 2021-03 234.4 3.64 0.0% 13.8% 15.2% 5.4% 3.7% 2.5% 0.72 2.13 4.28x 0.00 0.0% 6.2% 2.9% 2.5% 2.1% 9.4x 14.2x 0.8x 0.6x -3.0x Galenika Fito. 2018-12 57.3 2552 0.0% 0.1% 0.1% 9.9% 10.6% 9.4% 0.00 1.05 -2.63x 80.00 3.1% 24.5% 22.6% 21.2% 17.9% 3.9x 9.0x 0.9x 1.0x 51.4x Krka 2021-03 3,252.9 104 0.0% 13.8% 24.4% 15.8% 16.4% 12.5% 0.01 1.26 -0.86x 5.00 4.8% 31.6% 24.1% 23.1% 19.8% 6.2x 11.1x 1.8x 2.0x 8.6x

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 2020-09 223.8 37 0.0% 116.4% 146.7% -18.3% -0.2% -3.8% 2.38 4.84 5.33x 0.00 0.0% 7.7% -0.7% -3.1% -3.3% 6.7x -3.2x 0.6x 0.5x 1.5x

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. 2021-03 81.6 443.00 1.8% 199.3% 109.0% 0.7% 2.9% 0.3% 1.52 2.62 5.3x 0.00 0.0% 42.3% 14.0% 1.2% 1.1% 9.4x 151.8x 1.1x 4.7x 12.6x Jadroplov 2012-03 8.0 36.80 2.8% 306.6% 268.0% -149.5% -6.7% -17.4% 6.77 8.59 -33.41x 0.00 0.0% -8.2% -27.5% -64.5% -64.5% -40.5x -0.9x 1.4x 3.6x -1.7x TNG 2021-03 47.1 40.40 0.0% -6.0% -17.9% -9.7% -2.9% -5.1% 0.85 1.89 6.73x 0.00 0.0% 30.7% -17.9% -26.1% -26.1% 11.9x -6.1x 0.6x 3.7x 39.1x 2020-12 5.3 68.50 0.0% 114.1% 208.6% -33.7% 27.9% 22.7% -2.22 -1.48 3.48x 0.00 0.0% 69.2% 46.9% 38.0% 37.9% 4.2x 0.4x -0.1x 7.9x 0.2x

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 8.7 14.10 0.0% -11.3% 13.7% 0.0394 0.021 0.032 0.00 1.2135 -9.87x 0.00 0.0% 13.3% 4.4% 7.4% 6.9% 9.8x 38.1x 1.5x 1.9x 14.6x BVB 2021-03 40.9 25.20 0.0% 9.1% 5.0% 0.0371 0.015 0.019 0.07 1.9693 -0.60x 1.07 4.2% 17.5% 5.4% 12.1% 10.0% 33.3x 49.3x 1.8x 4.8x 18.7x

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 2021-03 2,020.6 185.5 0.3% 2.2% 6.3% 3.7% 4.3% 3.0% 0.03 1.20 -0.92x 8.00 4.3% 41.4% 9.1% 7.8% 6.2% 4.0x 31.0x 1.2x 1.7x 5.5x Optima Telekom 2021-03 41.9 4.52 -1.7% -15.4% -20.7% 11.1% 9.8% 0.2% 18.64 59.89 2.44x 0.00 0.0% 33.6% 5.4% 0.6% 0.3% 4.5x 269.6x 29.9x 1.5x 1.7x Digi 2021-03 712.1 37 0.0% 6.6% 7.6% 16.9% 4.3% 3.2% 2.79 5.324 2.65x 0.75 2.0% 36.9% 12.4% 7.0% 6.0% 4.1x 9.1x 1.5x 1.5x 1.5x Telekom Slovenije 2021-03 412.4 63.4 0.0% 45.4% 35.5% 3.9% 4.1% 1.9% 0.69 2.0851 1.82x 4.00 6.3% 32.9% 6.6% 5.4% 3.7% 3.8x 17.7x 0.7x 1.3x 1.9x

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 71.2 32.60 0.0% 31.5% 9.4% -3.1% -1.9% -2.3% 0.25 1.34 9.8x 0.80 2.5% 20.9% -23.6% -26.8% -26.8% 23.1x -9.8x 0.3x 4.8x -72.5x Arena Hosp. 2021-03 235.3 344.00 0.6% 1.8% 33.3% -16.9% -5.4% -8.3% 0.95 2.0 -17.9x 0.00 0.0% -29.7% -98.0% -118.0% -127.9% -48.5x -7.1x 1.2x 14.9x -23.1x Liburnia Riviera 2021-03 125.1 3,100.00 0.0% 6.2% -11.4% -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 2021-03 440.8 302.00 -0.7% 9.4% 22.8% -6.8% -3.2% -3.5% 0.81 1.9 11.8x 0.00 0.0% 19.8% -21.5% -27.9% -20.7% 40.2x -27.6x 1.8x 9.4x 24.5x Plava Laguna 2020-12 504.2 1,720.00 1.2% 14.7% 27.4% -4.6% -2.6% -3.1% 0.38 1.5 2.7x 0.00 0.0% 27.2% -19.4% -28.4% -20.3% 31.1x -38.0x 1.7x 10.4x 66.2x Turisthotel 2021-03 156.5 3,200.00 -0.6% 14.3% 21.2% -0.2% 0.3% -0.1% 0.45 1.47 -2.09x 85.50 2.7% 39.7% 1.6% -0.5% -0.5% 17.2x N/A 2.6x 8.1x 15.3x Valamar Riviera 2021-03 522.8 31.10 0.0% 5.1% 27.5% -6.3% -4.3% -2.6% 1.23 2.41 16.8x 0.00 0.0% 26.3% -49.0% -56.4% -25.9% 43.4x -25.1x 1.4x 12.1x -49.3x Jadran 2021-03 49.6 13.30 0.0% -1.5% 2.3% -22.4% -10.8% -11.8% 0.51 1.91 63.72x 0.00 0.0% 4.6% -121.2% -137.4% -137.4% 157.8x -3.2x 0.7x 9.0x 3.0x FTB Turizam 2020-12 56.5 1,400.00 0.7% -2.1% 0.7% -30.4% -13.9% -16.5% 0.70 1.85 -7.72x 0.00 0.0% -193.7% -672.0% -710.3% -710.3% -33.3x -7.0x 2.1x 4,549.7x -19.3x IC Daily Trading Multiples Closing price 25 June 2021

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 2021-03 586.0 4,360.00 0.0% 1.4% 4.3% 6.3% 6.4% 6.0% 0.00 1.04 -0.7x 85.91 2.0% 68.8% 45.3% 44.5% 36.5% 7.3x 15.1x 0.9x 5.1x 10.5x Electrica 2021-03 898.9 13.06 0.0% 4.1% 25.0% 6.3% 5.5% 4.5% 0.17 1.40 0.47x 0.00 0.0% 14.0% 6.6% 6.4% 5.6% 5.3x 12.1x 0.8x 0.7x 5.7x Transelectrica 2021-03 372.0 25.00 0.0% -2.3% 23.8% 3.4% 3.3% 2.3% 0.05 1.45 -0.56x 0.91 3.6% 17.5% 6.9% 6.8% 4.8% 3.7x 15.5x 0.5x 0.6x 3.5x Transgaz 2020-12 674.0 282.00 0.0% -0.4% -3.4% 4.4% 2.6% 2.3% 0.46 1.93 31.74x 15.47 5.5% 3.4% 12.3% 14.9% 12.3% 105.7x 20.1x 0.9x 3.5x 10.6x Conpet 2021-03 150.1 85.40 0.0% 12.1% 10.1% 7.8% 7.2% 6.7% 0.00 1.16 -1.97x 6.90 8.1% 24.0% 14.1% 15.2% 12.9% 5.0x 14.2x 1.1x 1.3x 9.3x

InterCapital Research Contacts

Tea Pevec Filip Gracin Dino Dürrigl Head of Research Analyst Analyst Phone: + 385 (0)1 4825 867 Phone: + 385 (0)1 4825 858 Phone: + 385 (0)1 4825 857 E-mail: [email protected] E-mail: [email protected] E-mail: [email protected]