2009-01-26 CEE Valuation Monitor

Weekly CEE Valuation Monitor
Prices as of January 23, 2009
Source for all tables and charts:

Company data, Factset, Reuters,
Erste Bank
Page
Banks 3
Basic Resources 8
Chemicals 11
Construction & Materials 13
Food & Beverages 17
Healthcare 22
Industrial Goods & Services 26
Insurance 30
Media 33
Oil & Gas 36
Personal & Household Goods 40
Real Estate 42
Retail & Distribution 46
Technology 51
Telecom 55
Travel & Tourism 58
Utilities 60
Contacts 63
Disclosures 65
Erste Group Research - Weekly CEE Valuation Monitor Page 2

Banks
1/23/2009 Rep. Mcap Price Recommendation Performance (EUR terms)
Curr. Current Target
Company (EURmn) (LC) 1M 3M 6M 12M
Aik Banka AD Nis RSD 190 2,483.0 Under review 19.6% -31.5% -71.5% -76.6%
Banca Transilvania RON 220 0.890 u.r. Accumulate -68.7% -71.5% -74.9% -81.2%
Bank Pekao PLN 6,395 107.9 184.0 Hold -18.0% -15.9% -55.0% -54.1%
BRD - Group SG RON 1,097 6.8 Accumulate -24.5% -29.6% -70.2% -69.9%
BRE Bank PLN 935 139.5 410.0 Hold -33.7% -20.4% -73.6% -68.6%
BZ WBK PLN 1,377 83.5 165.0 Hold -29.0% -24.6% -58.4% -61.0%
FHB HUF 143 628.0 1,200.0 Hold -18.2% -11.8% -57.0% -62.6%
Komercijalna Banka RSD 237 25,900.0 u.r. Reduce 8.0% -33.4% -67.2% -74.4%
Komercni banka CZK 3,117 2,306.0 4,700.0 Accumulate -28.1% -22.5% -50.4% -33.4%
OTP HUF 2,166 2,240.0 3,300.0 Hold -30.0% -20.7% -74.5% -73.1%
PKO BP PLN 6,408 28.4 55.0 Accumulate -23.6% -6.5% -56.4% -45.0%
Raiffeisen International EUR 2,159 14.0 30.0 Accumulate -29.0% -47.3% -83.6% -81.9%
Unicredit SpA EUR - Euro
16,714 - - - -24.9% -32.8% -68.4% -74.9%
KBC Groupe SA EUR - Euro4,664 - - - -41.9% -54.2% -81.9% -85.9%
Svenska Handelsbanken AB SEK - Swedish
5,405Krona - - - -21.1% -33.7% -46.4% -54.8%
Erste Group Bank AG EUR - Euro3,249 - - - -30.7% -42.4% -75.7% -73.4%
Societe Generale EUR - Euro
15,825 - - - -18.8% -39.4% -55.5% -60.5%
Euro Stoxx Banks 263,833 - - - -20.2% -38.2% -61.1% -65.5%
P/E P/BV Div yield
2007 2008e 2009e 2010e 2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
Aik Banka AD Nis 15.5 2.5 2.4 2.1 2.4 0.5 0.4 0.4 0.4% 2.2% 2.3% 2.7%
Banca Transilvania 15.7 1.5 2.2 1.7 4.3 0.5 0.4 0.3 0.0% 0.0% 0.0% 0.0%
Bank Pekao 19.5 5.8 6.6 6.1 4.1 1.6 1.6 1.5 4.0% 10.3% 10.5% 13.2%
BRD - Group SG 17.8 2.8 3.1 2.5 6.4 1.1 0.9 0.7 2.3% 14.2% 12.7% 15.4%
BRE Bank 22.1 3.1 3.4 3.5 4.5 0.9 0.8 0.6 0.0% 0.0% 0.0% 0.0%
BZ WBK 20.2 4.8 4.7 4.5 4.2 1.1 1.1 0.9 1.1% 6.3% 8.4% 11.0%
FHB 22.9 5.2 5.4 5.4 3.8 1.0 0.9 0.8 0.0% 3.8% 3.7% 3.8%
Komercijalna Banka 25.1 9.7 6.9 4.3 4.1 0.9 0.7 0.6 0.0% 0.0% 0.0% 0.0%
Komercni banka 15.5 6.2 6.2 5.9 3.4 1.5 1.5 1.3 3.9% 9.6% 9.7% 10.1%
OTP 11.0 1.5 4.4 4.9 2.6 0.5 0.5 0.5 0.0% 7.5% 4.9% 4.5%
PKO BP 19.1 6.0 5.9 5.4 4.4 1.9 1.7 1.4 2.0% 6.6% 6.8% 7.4%
Raiffeisen International 17.9 2.2 3.1 3.6 2.7 0.3 0.3 0.3 0.9% 0.0% 0.0% 4.7%
Median CEE 18.5 4.0 4.6 4.4 4.1 0.9 0.8 0.7 0.6% 5.0% 4.3% 4.6%
Unicredit SpA 9.2 4.5 4.4 4.3 1.3 0.3 0.3 0.3 20.8% 0.0% 8.8% 10.8%
KBC Groupe SA 11.3 3.3 2.7 1.9 0.3 0.3 0.3 30.9% 0.0% 12.3% 14.4%
Svenska Handelsbanken AB 8.3 6.0 6.2 5.8 1.7 0.8 0.7 0.7 16.5% 8.4% 9.2% 9.2%
Erste Group Bank AG 12.4 3.0 3.7 3.5 1.8 0.3 0.3 0.3 7.3% 7.3% 5.4% 6.3%
Societe Generale 46.6 6.6 5.2 4.5 1.6 0.5 0.4 0.4 3.3% 4.1% 7.7% 9.7%
Median 11.3 5.2 4.4 4.3 1.7 0.3 0.3 0.3 16.5% 4.1% 8.8% 9.7%
Euro Stoxx Banks 11.7 5.2 5.2 4.9 1.6 0.5 0.5 0.4 3.9% 5.3% 6.7% 7.5%
CEE to Peer, Prem/Disc 64% -24% 3% 1% 134% 184% 163% 120% -96% 22% -51% -53%
ROE Cost/income ratio Net interest margin

2007 2008e 2009e 2010e 2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
Aik Banka AD Nis 19.3% 19.5% 18.6% 18.4% -16.6% -13.5% -14.4% -15.3% 9.3% 8.4% 7.5% 7.1%
Banca Transilvania 31.5% 35.0% 19.4% 20.5% -64.5% -62.0% -59.0% -57.0% 4.1% 3.9% 3.7% 3.6%
Bank Pekao 17.8% 27.4% 24.4% 26.0% -50.5% -44.7% -43.4% -41.5% 2.8% 4.1% 4.0% 3.9%
BRD - Group SG 39.8% 42.6% 32.1% 30.4% -45.8% -46.5% -46.2% -45.2% 4.6% 4.1% 3.8% 3.8%
BRE Bank 23.7% 30.2% 23.9% 19.8% -60.5% -58.6% -55.8% -54.7% 2.0% 2.4% 2.3% 2.3%
BZ WBK 22.5% 23.6% 22.9% 22.0% -53.4% -56.7% -55.1% -54.3% 3.4% 3.9% 3.7% 3.6%
FHB 17.3% 20.4% 18.1% 16.6% -66.0% -56.2% -57.7% -58.6% 2.9% 2.7% 2.5% 2.5%
Komercijalna Banka 17.8% 9.3% 11.5% 15.0% -75.1% -63.5% -58.5% -50.0% 4.1% 4.2% 4.0% 4.0%
Komercni banka 22.0% 25.6% 24.3% 23.5% -46.3% -45.8% -45.8% -46.1% 2.9% 3.3% 3.1% 3.0%
OTP 24.9% 35.4% 11.0% 9.5% -53.1% -50.7% -55.1% -53.7% 5.6% 5.4% 5.0% 4.7%
PKO BP 25.8% 31.5% 29.9% 28.3% -54.8% -49.3% -46.3% -44.7% 4.3% 5.3% 4.8% 4.6%
Raiffeisen International 17.1% 15.4% 9.7% 7.7% -60.3% -60.4% -61.7% -61.7% 3.8% 3.9% 3.7% 3.7%
Median CEE 22.2% 26.5% 21.1% 20.2% -54.1% -53.4% -55.1% -51.8% 3.9% 4.0% 3.8% 3.7%
Unicredit SpA 11.4% 6.6% 6.6% 6.6% - - - - 1.5% 1.7% 1.7% 1.7%
KBC Groupe SA 17.1% -4.6% 8.6% 10.9% - - - - 1.2% 1.4% 1.4% 1.3%
Svenska Handelsbanken AB 14.6% 13.4% 11.7% 11.7% - - - - 0.8% 0.9% 1.0% 1.0%
Erste Group Bank AG 14.0% 11.0% 8.6% 8.3% - - - - 2.1% 2.3% 2.2% 2.2%
Societe Generale 3.7% 7.0% 8.3% 9.0% - - - - 0.2% 0.3% 0.3% 0.3%
Median 14.0% 7.0% 8.6% 9.0% - - - - 1.2% 1.4% 1.4% 1.3%
Euro Stoxx Banks 15.0% 8.8% 8.4% 8.4% - - - - 1.7% 1.8% 1.8% 1.8%
CEE to Peer, Prem/Disc 58% 280% 147% 125% - - - - 226% 194% 177% 184%

EPS growth (EUR) Customer loan growth (EUR) Loans/deposit ratio

2007 2008e 2009e 2010e 2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
Aik Banka AD Nis 1.6% 30.3% 3.3% 14.6% 130.6% 21.6% 22.3% 30.0% 153% 140% 134% 129%
Banca Transilvania 163.6% 46.0% -32.5% 27.9% 66.5% 29.0% 24.6% 27.5% 86% 92% 94% 96%
Bank Pekao 17.9% 29.4% -12.6% 9.3% 127.1% 0.6% 10.1% 16.2% 83% 92% 98% 102%
BRD - Group SG 53.9% 27.2% -8.6% 21.4% 35.4% 19.1% 21.4% 29.1% 97% 96% 94% 97%
BRE Bank 72.2% 58.9% -8.6% -0.9% 55.7% 13.2% 15.9% 19.3% 106% 113% 119% 122%
BZ WBK 29.7% 13.7% 1.0% 4.8% 44.8% 13.6% 16.4% 19.0% 82% 89% 94% 96%
FHB -27.1% 30.0% -3.5% 1.2% 15.8% 6.7% -0.7% 9.0% - - - -
Komercijalna Banka 205.7% -39.8% 40.6% 61.2% 86.4% 14.2% 19.5% 26.0% 84% 84% 87% 89%
Komercni banka 24.0% 24.0% 1.2% 4.2% 24.8% 18.9% 11.6% 13.9% 58% 63% 68% 72%
OTP 15.9% 64.5% -66.4% -10.1% 27.7% 13.5% -5.9% 4.8% 114% 120% 114% 114%
PKO BP 39.2% 38.6% 2.1% 8.9% 38.2% 8.7% 12.9% 16.9% 91% 98% 107% 114%
Raiffeisen International -30.0% 8.0% -28.4% -14% 40.0% 29.6% 6.0% 8.5% 121% 130% 123% 121%
Median CEE 67.3% -6.0% 6.2% 29.5% 44.8% 17.1% 8.3% 13.5% 94% 97% 102% 108%
Unicredit SpA 17.0% -55% 0.4% 2.5% 30.0% - - - - - - -
KBC Groupe SA -11.0% -123% -289.6% 21.4% 11.0% - - - - - - -
Svenska Handelsbanken AB 16.2% -45% -4.3% 6.9% 12.1% - - - - - - -
Erste Group Bank AG 26.9% -13.6% -17.4% 3.6% 17.4% - - - - - - -
Societe Generale -82.8% 109% 25.9% 15.5% 14.2% - - - - - - -
Median -34.5% -58.6% 82.3% 13.5% 20.4% - - - - - - -
Euro Stoxx Banks -5.7% -63.1% 43.6% 15.1% 19.7% - - - - - - -
CEE to Peer, Prem/Disc -295% -90% -92% 119% 120% - - - - - - -

52 weeks
AIK Banka latest
(RSD mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 11.000
Net interest inc. 1,421.3 1,832.1 1,602.8 1,632.6 1,627.8 14.5% 10.000
9.000
Net provisions -752.8 349.7 -1,322.9 -1,029.9 -86.3 -88.5% 8.000
Net commissions 391.1 191.4 614.1 351.3 427.8 9.4% 7.000
6.000
Op. expenses -306.5 -478.4 -339.2 -383.2 n.a. n.a. 5.000
Operating profit 1,052.4 2,224.3 1,264.0 1,100.1 1,100.1 4.5% 4.000
Pre-tax profit 1,052.4 2,224.3 1,264.0 1,100.1 1,828.9 73.8% 3.000
2.000
Net profit n.a. n.a. n.a. n.a. n.a. n.a. 1.000
Aik Banka AD Nis
CIR 14.5% 20.3% 11.6% 15.2% n.a. n.a. BELEX 15 (Rebased)
DJ EURO STOXX Banks (Rebased)
Banca Transilvania latest 52 weeks
(RON mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 5,5

Net interest inc. 103.2 174.0 141.4 142.7 153.0 48.3% 5,0
4,5
Net provisions -31.8 -12.0 n.a. n.a. n.a. n.a.
4,0
Net commissions 89.8 38.0 90.6 83.3 93.0 3.6% 3,5
3,0
Op. expenses -133.0 -157.0 n.a. n.a. n.a. n.a.
2,5
Operating profit 94.0 76.0 n.a. n.a. n.a. n.a. 2,0
Pre-tax profit 62.3 248.0 71.2 60.3 338.0 442.5% 1,5
1,0
Net profit 54.0 207.0 62.2 49.3 285.0 427.8% 0,5
Banca Transilvania
CIR 58.6% 67.4% n.a. n.a. n.a. n.a. BET (Rebased)
52 weeks
Bank Pekao latest
(PLN mn) 3Q 2007* 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 220
Net interest inc. 1,101.0 847.7 1,122.7 1,142.4 1,134.9 3.1% 200
Net provisions -78.0 -44.7 -50.3 -71.6 -37.6 -51.8% 180
160
Net commissions 756.5 556.3 610.9 618.7 559.2 -26.1%
140
Op. expenses -923.5 -862.4 -929.2 -964.4 -944.8 2.3%
120
Operating profit 1,091.9 672.9 1,361.3 990.5 1,027.6 -5.9%
100
Pre-tax profit 1,128.7 672.9 1,398.7 1,021.3 1,052.1 -6.8% 80
Net profit 932.6 561.8 1,137.5 829.7 841.4 -9.8% 60
Bank Pekao
NIM 3.52% 3.39% 3.64% 3.74% 3.65% 0.13%p WIG 20 (Rebased)
52 weeks
BRD GSG latest
(RON mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 24
Net interest inc. 285.0 400.0 321.0 313.0 325.0 14.0% 22
20
Net provisions -68.0 -135.0 -62.0 -89.0 -75.0 10.3%
18
Net commissions 256.0 308.0 283.0 305.0 316.0 23.4% 16
Op. expenses -257.0 -360.0 -308.0 -324.0 n.a. n.a. 14
12
Operating profit 318.0 279.0 320.0 299.0 n.a. n.a.
10
Pre-tax profit 318.0 279.0 320.0 299.0 628.0 97.5% 8
Net profit 265.0 235.0 259.0 256.0 524.0 97.7% 6
BRD - Group SG
CIR 40.0% 45.6% 44.6% 45.5% n.a. n.a. BET (Rebased)
52 weeks
BRE Bank latest
(PLN mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 450
Net interest inc. 267.8 291.1 315.3 326.9 364.0 35.9% 400
Net provisions -34.8 -36.2 -22.2 -45.6 -70.8 103.5% 350
Net commissions 139.0 135.7 150.4 155.0 147.2 5.9% 300
Op. expenses -313.8 -437.0 -422.5 -388.2 -377.0 20.1% 250
Operating profit 219.2 204.7 284.6 219.8 260.2 18.7% 200
Pre-tax profit 219.2 204.7 427.6 293.4 260.2 18.7% 150
Net profit 164.3 142.0 350.8 289.5 202.5 23.3% 100
NIM 2.13% 2.16% 2.16% 2.09% 2.20% 0.07%p BRE Bank WIG 20 (Rebased) DJ EURO STOXX Banks (Rebased)

52 weeks
BZ WBK latest
(PLN mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 200
Net interest inc. 329.0 363.6 375.7 401.4 429.5 30.6% 180
Net provisions -21.5 -6.8 -6.0 -13.9 -43.8 103.4% 160
Net commissions 387.9 401.4 349.3 363.3 343.8 -11.4% 140
Op. expenses -383.0 -496.0 -405.9 -440.1 -431.5 12.7% 120
Operating profit 343.5 269.2 348.6 439.5 343.3 -0.1% 100
Pre-tax profit 343.5 269.2 348.5 439.5 342.2 -0.4% 80
Net profit 225.7 170.4 243.1 324.4 247.1 9.5% 60
NIM 3.57% 3.65% 3.49% 3.49% 3.59% 0.02%p BZ WBK WIG 20 (Rebased) DJ EURO STOXX Banks (Rebased)
52 weeks
FHB latest
(HUF mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 1.800
Net interest inc. 4,150 4,035 4,137 4,102 4,243 2.2% 1.600
Net provisions -130 -285 -205 -441 -244 88.2% 1.400
Net commissions 184 819 469 424 429 133.6% 1.200
Op. expenses -3,399 -3,935 -3,042 -3,054 -3,025 -11.0% 1.000
Operating profit 1,455 1,810 3,232 1,722 2,471 69.9% 800
Pre-tax profit 1,455 1,810 3,232 1,722 2,471 69.9% 600
Net profit 1,320 1,209 2,326 1,134 1,601 21.3% 400
NIM 2.83% 2.67% 2.64% 2.59% 2.61% -0.22%p FHB BUX (Rebased) DJ EURO STOXX Banks (Rebased)
52 weeks
Komercijalna banka latest
(RSD mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 100.000
90.000
Net interest inc. 1,361.3 1,179.9 1,388.0 1,543.8 1,532.2 12.6%
80.000
Net provisions -246.6 1,585.9 -94.0 -125.8 256.0 n.a. 70.000
Net commissions 721.4 742.0 725.0 765.2 734.9 1.9% 60.000
50.000
Op. expenses -1,602.2 -2,168.2 -1,717.0 -1,757.2 n.a. n.a.
40.000
Operating profit 409.9 1,604.0 401.0 879.6 786.3 91.8% 30.000
Pre-tax profit 409.9 1,604.0 401.0 879.6 786.3 91.8% 20.000
10.000
Net profit n.a. n.a. n.a. n.a. n.a. n.a. Komercijalna Banka
BELEX 15 (Rebased)
CIR 70.9% 99.2% 77.7% 63.6% n.a. n.a. DJ EURO STOXX Banks (Rebased)
52 weeks
Komercni banka latest
(CZK mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 4.500
Net interest inc. 4,781 4,971 5,074 5,236 5,276 10.4% 4.000
Net provisions -267 -281 -458 -452 -729 173.0% 3.500
Net commissions 2,296 2,428 1,954 2,105 1,989 -13.4% 3.000
Op. expenses -3,414 -3,585 -3,569 -3,636 -3,456 1.2% 2.500
Operating profit 3,608 3,948 3,818 4,245 4,082 13.1% 2.000
Pre-tax profit 3,608 3,948 3,747 4,171 4,271 18.4% 1.500
Net profit 2,864 3,064 3,021 3,391 3,461 20.8% 1.000

Komercni banka PX (Rebased) DJ EURO STOXX Banks (Rebased)
NIM 2.98% 3.04% 3.03% 3.09% 3.09% 0.12%p
OTP Bank latest 52 weeks
(HUF mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 9.000

Net interest inc. 111,810 114,713 117,873 123,994 130,007 16.3% 8.000
Net provisions -8,132 -16,663 -12,279 -15,836 -17,247 112.1% 7.000
Net commissions 33,641 38,433 34,202 34,562 34,851 3.6% 6.000
Op. expenses -84,677 -99,687 -89,114 -93,686 -96,069 13.5% 5.000
Operating profit 66,936 59,063 67,790 85,018 168,668 152.0% 4.000
Pre-tax profit 66,936 59,063 67,790 85,018 168,668 152.0% 3.000
Net profit 55,751 50,932 55,335 63,933 50,105 -10.1% 2.000
NIM 5.47% 5.34% 5.41% 5.57% 5.68% 0.21%p OTP BUX (Rebased) DJ EURO STOXX Banks (Rebased)

52 weeks
PKO BP latest
(PLN mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 55
Net interest inc. 1,208.9 1,313.7 1,427.3 1,487.2 1,591.6 31.7% 50
45
Net provisions -25.3 80.6 -26.8 -149.9 -251.3 895.1%
40
Net commissions 607.5 612.7 590.8 581.4 594.2 -2.2% 35
Op. expenses -1,000.3 -1,190.5 -947.9 -1,062.1 -1,159.0 15.9% 30
Operating profit 928.6 1,066.6 1,186.7 1,147.4 114.8 -87.6% 25
20
Pre-tax profit 928.6 1,066.6 1,190.0 1,160.9 1,117.2 20.3% 15
Net profit 745.3 874.8 951.2 897.2 904.2 21.3% 10
NIM 4.59% 4.83% 5.13% 5.14% 5.31% 0.72%p PKO BP WIG 20 (Rebased) DJ EURO STOXX Banks (Rebased)
52 weeks
Raiffeisen International latest
(EUR mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 120
110
Net interest inc. 625.0 715.1 711.1 786.5 844.1 35.1% 100
Net provisions -88.8 -114.9 -93.0 -108.3 -164.2 84.9% 90
80
Net commissions 322.8 354.8 330.8 372.0 394.9 22.3% 70
60
Op. expenses -535.0 -646.3 -584.4 -665.5 -689.7 28.9% 50
Operating profit 346.8 284.2 369.6 473.1 418.3 20.6% 40
30
Pre-tax profit 346.8 284.2 369.6 473.1 418.3 20.6% 20
Net profit 224.3 215.6 254.4 311.3 295.8 31.9% 10
Raiffeisen International
ATX (Rebased)
NIM 3.84% 4.08% 3.81% 4.00% 4.02% 0.18%p DJ EURO STOXX Banks (Rebased)

Basic Resources
KGHM PLN 1,243 27.5 74.0 Hold -7.3% 7.9% -75.8% -73.7%
Mayr-Melnhof EUR 1,100 50.0 57.0 Hold 1.4% 0.6% -12.9% -23.7%
RHI EUR 446 11.9 19.0 Buy 9.2% -26.1% -60.3% -49.0%
Teak Holz Int. EUR 16 2.6 4.5 Accumulate -0.8% -33.2% -48.2% -62.4%
voestalpine EUR 2,301 14.5 u.r. Accumulate -3.2% -12.7% -66.2% -65.6%
Sub Steel 25,731 - - - - - - -
Sub Metals & Mining 172,871 - - - - - - -
Sub Pulp & Paper 8,996 - - - - - - -
Total Peer Group 207,598 - - - - - - -
EuroStoxx Basic Resources - 57,248 - - - -5.6% -11.7% -59.7% -51.0%
P/E P/CE P/BV

2007 2008e 2009e 2010e 2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
KGHM 5.9 1.6 2.5 2.8 5.5 1.3 2.0 2.1 2.4 0.5 0.5 0.5
Mayr-Melnhof 14.2 11.0 12.0 10.2 8.1 5.7 5.9 5.3 1.8 1.2 1.1 1.0
RHI 9.1 3.4 7.7 8.0 7.0 2.6 4.7 4.6 13.2 2.1 1.6 1.3
Teak Holz Int. 2.5 7.4 2.4 1.0 n.m. n.m. n.m. n.m. 0.5 0.1 0.1 0.1
voestalpine 9.7 3.1 3.8 3.8 4.0 1.5 1.9 1.8 2.3 0.7 0.6 0.6
Median CEE 9.1 3.4 3.8 3.8 5.5 1.5 2.0 2.1 2.3 0.7 0.6 0.6
Median Sub Steel 3.8 3.7 7.2 5.8 2.8 2.6 4.3 3.7 0.8 0.7 0.7 0.7
Median Sub Metals & Mining 4.7 6.4 8.5 7.9 3.4 4.5 4.3 4.4 1.2 0.8 0.8 0.7
Median Sub Pulp & Paper 7.4 17.3 13.1 13.0 3.5 3.7 3.5 3.5 0.5 0.6 0.6 0.5
Median Total Peer Group 4.8 6.4 8.7 8.6 3.4 4.0 4.1 4.0 0.8 0.7 0.7 0.7
EuroStoxx Basic Resources 10.5 4.8 8.4 6.4 7.4 3.4 3.8 3.6 1.9 0.6 0.6 0.6
CEE to Peer, Prem/Disc 91% -47% -57% -56% 62% -61% -53% -46% 183% -9% -14% -14%
EV/Sales EV/EBITDA Dividend yield
2007 2008e 2009e 2010e 2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
KGHM 1.6 0.2 0.3 0.2 3.8 0.6 0.9 0.8 8.1% 30.2% 18.2% 16.0%
Mayr-Melnhof 0.9 0.6 0.5 0.5 6.1 4.3 4.2 3.6 2.3% 3.6% 3.8% 4.0%
RHI 1.2 0.7 0.7 0.7 8.1 4.7 6.6 6.3 0.0% 0.0% 0.0% 4.0%
Teak Holz Int. 336.8 68.4 5.4 7.1 n.m. n.m. 26.4 356.0 0.0% 0.0% 0.0% 0.0%
voestalpine 1.2 0.7 0.7 0.6 6.9 3.8 4.2 4.1 4.8% 12.5% 12.5% 12.5%
Median CEE 1.2 0.7 0.7 0.6 6.1 3.8 4.2 4.1 2.3% 3.6% 3.8% 4.0%
Median Sub Steel 1.1 0.6 0.6 0.5 5.9 2.7 3.2 2.8 7.9% 7.9% 5.9% 6.0%
Median Sub Metals & Mining 2.6 0.7 1.0 0.9 7.8 4.6 5.4 4.8 4.9% 4.5% 4.0% 3.6%
Median Sub Pulp & Paper 1.0 0.8 0.7 0.7 7.0 6.8 5.7 5.2 10.1% 5.5% 5.5% 5.7%
Median Total Peer Group 1.2 0.7 0.7 0.7 7.6 4.9 5.4 4.8 5.9% 5.2% 4.5% 4.7%
EuroStoxx Basic Resources 1.1 0.5 0.6 0.5 6.4 3.5 4.5 3.9 4.2% 5.6% 5.6% 5.9%
CEE to Peer, Prem/Disc 3% -1% -7% -7% -20% -22% -21% -15% -61% -31% -15% -15%

EBITDA margin Net margin ROE

2007 2008e 2009e 2010e 2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
KGHM 41.9% 34.4% 30.0% 28.9% 31.2% 24.5% 20.2% 19.0% 44.0% 31.7% 20.9% 17.8%
Mayr-Melnhof 14.9% 13.1% 12.4% 13.2% 6.7% 5.6% 5.2% 5.9% 13.2% 10.6% 9.4% 10.3%
RHI 14.5% 15.0% 10.8% 10.5% 7.5% 8.5% 4.4% 4.3% - 86.9% 23.6% 18.3%
Teak Holz Int. - -828% 20.6% 2.0% 8544% 540% 129.1% 378.3% - 2.0% 5.9% 12.7%
voestalpine 17.5% 17.0% 15.4% 15.2% 7.4% 6.9% 5.9% 5.9% 24.5% 23.2% 16.9% 15.4%
Median CEE 14.9% 15.0% 15.4% 13.2% 7.5% 8.5% 5.9% 5.9% 18.8% 23.2% 16.9% 15.4%
Median Sub Steel 20.2% 18.6% 13.6% 16.0% 9.6% 8.7% 6.0% 7.2% 22.4% 19.9% 9.6% 11.2%
Median Sub Metals & Mining 16.4% 16.0% 13.0% - 12.2% 7.0% 5.7% 6.2% 23.3% 15.6% 8.6% 9.8%
Median Sub Pulp & Paper 14.9% 11.9% 13.5% 13.4% 0.5% 1.4% 3.0% 3.0% 7.8% 4.0% 4.3% 4.3%
Median Total Peer Group 16.6% 14.4% 13.3% 13.3% 9.4% 6.8% 5.1% 5.8% 21.7% 15.9% 8.2% 9.9%
EuroStoxx Basic Resources 15.5% 14.7% 13.4% 14.5% 8.9% 6.3% 4.2% 5.1% 18.4% 19.2% 9.4% 10.2%
CEE to Peer, ppt -1.7 0.6 2.1 -0.1 -2.0 1.7 0.8 0.0 -2.8 7.3 8.7 5.6
EBITDA growth (EUR) EPS growth (EUR)
2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
KGHM 15.6% -19.3% -31.2% - 15.2% -22.7% -35.1% -
Mayr-Melnhof 7.6% -10.7% -5.9% 9.6% 8.9% -13.1% -7.9% 17.0%
RHI 20.1% 11.5% -36.5% -5.3% -47.3% 13.9% -55.5% -4.4%
Teak Holz Int. - - - -92% - - - 136.2%
voestalpine 35.2% 11.8% -11.4% -1.4% -5.9% 4.2% -18.6% -0.7%
CEE total 24.2% -1.3% -18.6% -3% 6.3% -19.3% -22.3% 13.8%
Median Sub Steel 8.3% -7.7% -28.5% 14.5% 55.9% 0.4% -51.8% 18.8%
Median Sub Metals & Mining -2.7% 14.2% -5.4% -1.1% -4.8% -2.8% -28.7% 21.3%
Median Sub Pulp & Paper -3.4% -27.0% 4.9% 2.3% 7.8% -54.0% 34.7% 7.0%
Peer Group total -1.0% 7.9% -8.5% 0.9% 27.1% -2.8% -42.6% 19.3%
EuroStoxx Basic Resources 6.7% 12.9% -35.1% 16.1% 40.1% 5.3% -50.4% 19.8%
CEE to Peer, ppt 25.1 -9.2 -10.1 -3.6 -20.8 -16.5 20.3 -5.5

KGHM latest 52 weeks
(PLN mn) 3Q 2007 4Q 2007 1Q 2008 2Q2008 3Q2008 y/y 140
Sales 3,411.0 2912.3 3,002.0 3,029.0 2,720.0 -20.3% 120

EBITDA 1,533.9 1095 1,284.0 1,143.0 1,012.0 -34.0% 100
EBIT 1,428.0 986.77 1,168.0 1,027.0 896.0 -37.3% 80
Net profit 1,162.9 791.68 982.7 832.0 718.0 -38.3% 60
EBITDA margin 45.0% 37.6% 42.8% 37.7% 37.2% 40
EBIT margin 41.9% 33.9% 38.9% 33.9% 32.9%
20
KGHM
Net margin 34.1% 27.2% 32.7% 27.5% 26.4% WIG 20 (Rebased)
DJ EURO STOXX Basic Resources (Rebased)
52 weeks
Mayr-Melnhof latest
110
(EUR mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y
100
Sales 455.2 444.5 452.9 442.1 443.8 -2.5% 90
EBITDA 67.7 60.8 62.3 59.4 52.0 -23.2% 80
70
EBIT 46.7 37.2 42.4 35.9 30.6 -34.5% 60
Net profit 32.9 24.7 27 27.3 22.4 -31.9% 50
40
EBITDA margin 14.9% 13.7% 13.8% 13.4% 11.7% 30
EBIT margin 10.3% 8.4% 9.4% 8.1% 6.9% 20
Mayr-Melnhof
ATX (Rebased)
Net margin 7.2% 5.6% 6.0% 6.2% 5.0% DJ EURO STOXX Basic Resources (Rebased)
52 weeks
RHI latest
(EUR mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 40
35
Sales 367.10 386.70 394.60 415.00 414.10 12.8%
30
EBITDA 54.70 55.70 58.90 63.80 62.20 13.7%
25
EBIT 42.00 41.50 46.60 51.20 49.90 18.8%
20
Net profit 27.90 28.90 33.80 36.30 36.40 30.5% 15
EBITDA margin 14.9% 14.4% 14.9% 15.4% 15.0% 10
EBIT margin 11.4% 10.7% 11.8% 12.3% 12.1% 5
Net margin 7.6% 7.5% 8.6% 8.7% 8.8% RHI ATX (Rebased) DJ EURO STOXX Basic Resources (Rebased)
52 weeks
Teak Holz International latest
11
(EUR mn) 3Q06/07 4Q06/07 1Q07/08 2Q07/08 3Q07/08 y/y
10
Sales 0.08 -0.63 0.07 0.02 0.14 90.8% 9
EBITDA -1.80 23.21 -0.48 -0.40 -0.40 -77.5% 8
7
EBIT -1.81 23.19 -0.50 -0.44 -0.43 -76.0% 6
Net profit -1.82 23.30 -0.59 -0.56 -0.43 -76.5% 5
4
EBITDA margin - - - - - 3
EBIT margin - - - - - 2
Teak Holz Int.
Net margin - - - - - ATX Prime (Rebased)
52 weeks
voestalpine latest
(EUR mn) 2Q07/08 3Q07/08 4Q07/08 1Q08/09 2Q08/09 y/y 70
Sales 2,763.2 2,752.7 3,033.6 3,255.0 3,231.2 16.9% 60
EBITDA 498.90 455.90 474.60 542.60 600.80 20.4% 50
EBIT 302.20 258.10 278.00 357.70 427.80 41.6% 40
Net profit 193.50 163.00 121.30 217.50 257.60 33.1% 30
EBITDA margin 18.1% 16.6% 15.6% 16.7% 18.6% 20
EBIT margin 10.9% 9.4% 9.2% 11.0% 13.2% 10

voestalpine
Net margin 7.0% 5.9% 4.0% 6.7% 8.0% ATX (Rebased)

Chemicals
PannErgy* HUF 51 700.0 1,559.0 Hold -8.9% -13.1% -52.1% -58.2%
Pegas Nonwovens EUR 79 240.0 505.0 Hold -1.0% 1.4% -41.6% -66.2%
Synthos PLN 123 0.41 0.56 Hold -15.5% -45.3% -58.6% -69.1%
EuroStoxx Chemicals EUR 104,658 - - - -5.1% -7.1% -38.2% -32.7%
P/E P/CE P/BV

2007 2008e 2009e 2010e 2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
PannErgy* 103.1 n.m. 69.6 49.1 24.3 11.4 12.2 11.7 2.6 1.0 1.1 1.0
Pegas Nonwovens 11.8 3.6 3.6 3.4 8.3 2.1 2.1 2.1 2.8 0.7 0.7 0.6
Synthos 3.7 2.9 13.9 15.3 2.9 1.6 3.0 3.1 1.3 0.3 0.4 0.4
Median CEE 11.8 n.m. 13.9 15.3 8.3 2.1 3.0 3.1 2.6 0.7 0.7 0.6
EuroStoxx Chemicals 6.8 6.3 8.1 7.4 4.0 4.4 4.4 4.2 1.1 1.1 1.0 1.0
CEE to Peer, Prem/Disc 74% - 72% 107% 106% -52% -32% -25% 135% -30% -36% -38%
2007 2008e 2009e 2010e 2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
PannErgy* 2.8 1.1 1.2 1.1 45.5 10.0 11.3 10.5 0.0% 0.0% 0.0% 0.0%
Pegas Nonwovens 3.1 1.4 1.2 1.2 9.9 4.7 4.2 4.1 2.7% 9.8% 10.8% 11.9%
Synthos 1.1 0.2 0.3 0.3 13.3 2.0 3.1 3.2 0.0% 0.0% 0.0% 0.0%
Median CEE 2.8 1.1 1.2 1.1 13.3 4.7 4.2 4.1 0.0% 0.0% 0.0% 0.0%
EuroStoxx Chemicals 1.0 0.6 0.6 0.6 7.5 4.3 4.7 4.3 6% 7% 7% 7%
CEE to Peer, Prem/Disc 180% 74% 88% 83% 78% 10% -10% -5% -100% -100% -100% -100%

2007 2008e 2009e 2010e 2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
PannErgy* 6.1% 10.9% 10.7% 10.9% 2.6% 0.1% 1.5% 2.2% 2.9% 0.1% 1.6% 2.4%
Pegas Nonwovens 31.6% 28.6% 28.7% 28.4% 18.2% 15.0% 14.7% 15.3% 25.9% 22.1% 19.6% 18.6%
Synthos 8.3% 11.6% 10.1% 10.0% 26.4% 5.2% 1.7% 1.6% 45.9% 11.7% 2.5% 2.3%
Median CEE 8.3% 11.6% 10.7% 10.9% 18.2% 5.2% 1.7% 2.2% 25.9% 11.7% 2.5% 2.4%
EuroStoxx Chemicals 16.3% 15.8% 14.0% 15.0% 6.2% 5.7% 4.9% 5.5% 17.6% 17.0% 11.5% 11.6%
CEE to Peer, ppt -8.0 -4.2 -3.2 -4.1 11.9 -0.5 -3.2 -3.3 8.3 -5.3 -9.0 -9.2
2007 2007e 2008e 2009e 2006 2007e 2008e 2009e
PannErgy* -44.1% 73.6% -11.2% 2.5% -59.4% -97.6% 2099.7% 41.8%
Pegas Nonwovens -8.5% 10.0% 1.0% -0.6% 9.0% 0.1% -0.9% 4.4%
Synthos 5.2% 134.5% -43.3% -5.5% 396.7% -67.4% -78.9% -9.5%
CEE total -4.9% 73.6% -28.8% -3.0% 7.6% -5.0% -0.5% 4.9%
EuroStoxx Chemicals 8.9% 4.9% -8.4% 6.9% 20.6% 11.1% -14.3% 12.7%
CEE to Peer, ppt -13.8 68.7 -20.4 -9.9 -13.0 -16.1 13.8 -7.8
*PannErgy is in transition, changing its profile from a specialized chemicals company to alternative energy.

52 weeks
PannErgy latest
(HUF mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 2.000
1.800
Sales 3,407.0 3789 3,722.0 3,050.0 3,435.0 0.8%
1.600
EBITDA 213.0 312 528.0 331.0 474.0 122.5%
1.400
EBIT -61.0 20 257.0 68.0 209.0 n.a.
1.200
Net profit 627.0 -374 -599.0 -577.0 -539.0 n.a. 1.000
EBITDA margin 6.3% 8.2% 14.2% 10.9% 13.8% 800
EBIT margin -1.8% 0.5% 6.9% 2.2% 6.1% 600
PannErgy BUX (Rebased) DJ STOXX Chemicals (Rebased)
Net margin 18.4% -9.9% -16.1% -18.9% -15.7%
52 weeks
Pegas Nowovens latest
(EUR mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 900
800
Sales 30.0 31.2 37.78 37.59 35.42 18.1%
700
EBITDA 9.3 8.3 10.48 10.48 9.74 4.7% 600
EBIT 6.2 5.1 6.41 6.41 5.39 -13.1% 500
400
Net profit 9.8 9.7 11.6 11.6 0.3 -97.2%
300
EBITDA margin 31.0% 26.6% 27.7% 27.9% 27.5% 200
EBIT margin 20.7% 16.3% 17.0% 17.1% 15.2% 100
Pegas Nonwovens PX (Rebased) DJ STOXX Chemicals (Rebased)
Net margin 32.7% 31.1% 30.6% 30.8% 0.8%
52 weeks
Synthos latest
1,4
(PLN mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y
1,3
Sales 646.22 555.96 725.71 718.94 731.12 13.1% 1,2
1,1
EBITDA 54.92 9.85 74.88 86.18 85.87 56.3% 1,0
EBIT 21.56 -22.99 43.39 53.90 56.04 159.9% 0,9
0,8
Net profit 406.63 33.19 32.97 54.42 41.68 -89.7% 0,7
0,6
EBITDA margin 8.5% 1.8% 10.3% 12.0% 11.7%
0,5
EBIT margin 3.3% -4.1% 6.0% 7.5% 7.7% 0,4
Synthos WIG (Rebased) DJ STOXX Chemicals (Rebased)
Net margin 62.9% 6.0% 4.5% 7.6% 5.7%

Construction & Materials

Ceramika Nowa Gala PLN 34.0 2.6 6.0 Buy 4.6% -34.2% -45.6% -51.3%
Cersanit PLN 296.1 9.1 25.0 Buy -40.5% -37.0% -55.5% -72.4%
Koelner PLN 58.9 8.0 Under review -2.2% -14.4% -59.3% -79.1%
PBG S.A. PLN 585.6 192.9 305.0 Buy -9.4% -10.6% -40.4% -41.1%
Polimex PLN 259.3 2.5 5.7 Hold -21.0% -18.3% -65.9% -69.2%
STRABAG EUR 1,623.4 14.2 21.0 Hold -10.7% -11.0% -67.8% -62.2%
Wienerberger EUR 913.4 10.9 21.0 Accumulate -10.5% -17.3% -39.7% -65.0%
Sub Materials 25,356 - - - - - - -
Sub Construction 35,386 - - - - - - -
Total Peer Group 70,302 - - -- -- -- -- --
EuroStoxx Construction
Materials - 88,187 - - - -8.8% -0.5% -35.2% -45.3%
P/E P/CE P/BV

2007 2008e 2009e 2010e 2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
Ceramika Nowa Gala 18.4 5.2 5.5 5.3 9.3 2.8 3.0 3.0 1.6 0.7 0.7 0.7
Cersanit 38.7 6.6 6.2 5.5 21.4 4.0 3.9 3.6 5.3 0.9 0.9 0.7
Koelner 134.8 4.3 3.6 3.1 30.6 4.2 2.6 2.3 3.6 0.7 0.6 0.5
PBG S.A. 40.3 13.3 11.9 10.1 17.5 14.8 12.4 8.8 5.4 2.3 2.0 1.7
Polimex 40.3 7.7 7.0 5.6 56.9 14.0 14.6 9.7 4.0 1.0 0.9 0.8
STRABAG 23.7 6.2 8.3 11.1 8.7 2.6 2.6 2.7 1.9 0.5 0.5 0.5
Wienerberger 11.0 n.m. 6.4 4.8 5.7 5.2 2.5 2.1 1.5 0.5 0.4 0.4
Median CEE 38.7 6.2 6.4 5.5 17.5 4.2 3.0 3.0 3.6 0.7 0.7 0.7
Median Sub Materials 5.0 5.5 6.9 6.9 3.1 3.5 3.6 3.0 0.7 0.6 0.6 0.6
Median Sub Construction 9.6 8.8 9.2 8.7 4.2 4.0 4.0 3.8 1.4 1.4 1.3 1.3
Median Total Peer Group 7.0 8.2 9.0 8.2 4.1 3.8 3.8 3.4 0.8 0.8 0.9 0.7
Materials 6.4 5.9 6.4 6.6 3.1 2.9 3.1 3.0 0.8 0.8 0.7 0.7
CEE to Peer, Prem/Disc 452% -25% -29% -32% 322% 11% -21% -12% 324% -13% -21% 4%
2007 2008e 2009e 2010e 2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
Ceramika Nowa Gala 2.9 0.8 0.8 0.8 11.7 3.1 3.4 3.2 1.7% 19.6% 18.4% 18.9%
Cersanit 3.9 1.1 1.1 1.1 17.3 4.9 4.9 5.0 0.0% 0.0% 0.0% 0.0%
Koelner 2.6 0.6 0.6 0.5 24.0 4.6 4.0 3.4 0.0% 0.0% 0.0% 0.0%
PBG S.A. 3.4 1.1 1.1 1.0 33.3 9.0 8.3 7.2 0.0% 0.0% 0.0% 0.0%
Polimex 1.3 0.3 0.3 0.3 39.9 11.1 10.5 8.4 0.1% 0.5% 0.4% 2.0%
STRABAG 0.5 0.2 0.2 0.2 8.4 3.4 3.6 3.9 1.1% 5.6% 4.0% 3.3%
Wienerberger 1.7 1.0 1.1 1.1 7.9 6.0 6.4 5.6 3.8% 4.6% 6.9% 9.2%
Median CEE 2.6 0.8 0.8 0.8 17.3 4.9 4.9 5.0 0.1% 0.5% 0.4% 2.0%
Median Sub Materials 1.6 0.9 0.9 0.8 6.8 4.6 4.9 4.4 7.3% 7.1% 7.8% 7.5%
Median Sub Construction 0.7 0.4 0.3 0.3 8.3 5.4 5.5 5.2 5.5% 6.0% 6.1% 6.6%
Median Total Peer Group 0.9 0.7 0.6 0.5 7.3 5.2 5.2 4.7 5.9% 6.1% 6.4% 6.7%
Materials 1.4 0.9 0.9 0.9 7.8 5.8 5.8 6.0 6.1% 6.3% 6.4% 6.6%
CEE to Peer, Prem/Disc 194% 14% 32% 51% 138% -7% -6% 6% -98% -92% -93% -70%


2007 2008e 2009e 2010e 2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
Ceramika Nowa Gala 24.4% 25.7% 25.3% 25.1% 10.6% 10.9% 11.4% 11.8% 9.4% 12.6% 12.6% 13.3%
Cersanit 22.3% 22.3% 23.1% 22.6% 8.3% 9.4% 10.7% 10.6% 15.0% 15.4% 14.3% 14.3%
Koelner 10.6% 12.7% 14.0% 14.1% 1.8% 6.2% 7.6% 8.2% 3.1% 16.1% 18.2% 18.3%
PBG S.A. 10.1% 12.6% 13.2% 13.6% 8.5% 8.3% 8.6% 8.6% 17.6% 18.7% 18.0% 18.2%
Polimex 3.2% 3.0% 3.2% 3.6% 3.3% 3.0% 3.3% 3.7% 15.0% 12.5% 13.4% 15.4%
STRABAG 6.1% 6.1% 5.6% 5.6% 2.1% 2.3% 1.6% 1.2% 9.1% 8.9% 6.3% 4.5%
Wienerberger 22.2% 16.7% 17.0% 19.0% 11.9% -0.9% 7.6% 9.6% 14.1% -2.5% 7.0% 8.8%
Median CEE 10.6% 12.7% 14.0% 14.1% 8.3% 6.2% 7.6% 8.6% 14.1% 12.6% 13.4% 14.3%
Median Sub Materials 20.6% 17.6% 17.5% 16.8% 7.0% 6.4% 5.8% 6.1% 14.9% 11.5% 9.6% 8.6%
Median Sub Construction 7.7% 7.6% 7.5% 4.5% 4.3% 3.7% 3.7% 3.3% 19.5% 18.4% 15.4% 14.8%
Median Total Peer Group 13.6% 12.1% 11.7% 12.0% 5.1% 4.6% 4.6% 4.2% 16.1% 14.0% 11.8% 11.1%
Materials 15.5% 14.8% 14.3% 13.9% 7.3% 4.6% 4.5% 4.1% 18.1% 14.1% 12.1% 11.1%
CEE to Peer, ppt -3.0 0.6 2.3 2.1 3.2 1.6 3.1 4.4 -2.0 -1.4 1.7 3.2
2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
Ceramika Nowa Gala 36.4% 68.9% -13.1% -1.3% 25.3% 38.7% -5.9% 3.1%
Cersanit 55.9% 17.8% 2.4% 10.2% -14.8% 28.2% 7.5% 11.5%
Koelner -10.1% 83.3% 9.4% 8.8% -79.7% 514% 21.0% 16.5%
PBG S.A. 58.9% 115.1% 13.4% 19.8% 71.9% 54.4% 12.2% 17.1%
Polimex 77.5% 26.0% 5.6% 24.3% 40.1% 23.4% 8.9% 26.3%
STRABAG 18.6% 26.7% 4.0% -6.8% -24.9% 12.7% -25.9% -25.4%
Wienerberger 16.4% -27.1% -2.6% 13.2% 17.5% - - 33.3%
CEE total 21.0% 7.2% 2.5% 2.7% 5.9% -27.4% 38.3% 11.2%
Median Sub Materials 10.1% -0.7% -7.0% 5.0% 35.2% -6.7% -19.4% 3.9%
Median Sub Construction 11.2% 5.7% -1.2% -6.0% 26.2% 16.3% -5.0% -4.3%
Median Total Peer Group 11.2% 1.2% -4.7% -0.1% 30.3% 3.0% -12.4% -0.4%
Materials 23.0% -0.2% -1.5% 0.9% 2.5% -15.2% -12.4% 4.6%
CEE to Peer, ppt 9.9 6.0 7.3 2.8 -24.5 -30.4 50.7 11.6

52 weeks
Ceramika Nowa Gala latest
(PLN mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 5,5
Sales 40.06 39.90 44.50 52.00 55.70 39.0% 5,0
EBITDA 10.57 11.90 11.91 12.80 13.80 30.6% 4,5

4,0
EBIT 7.50 7.50 7.55 7.60 8.90 18.7%
3,5
Net profit 5.98 4.20 4.79 4.90 7.10 18.7%
3,0
EBITDA margin 26.4% 29.8% 26.8% 24.6% 24.8%
2,5
EBIT margin 18.7% 18.8% 17.0% 14.6% 16.0%
2,0
Ceramika Nowa Gala
Net margin 14.9% 10.5% 10.8% 9.4% 12.7% WIG (Rebased)
DJ EURO STOXX Construction & Material (Rebased)
52 weeks
Cersanit latest
(PLN mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 35
Sales 394.40 353.84 374.40 400.90 414.20 5.0% 30
EBITDA 100.93 66.80 78.70 86.10 95.40 -5.5% 25
EBIT 78.31 42.44 53.90 64.10 70.00 -10.6% 20
Net profit 41.29 14.12 20.70 40.60 49.20 19.2% 15

EBITDA margin 25.6% 18.9% 21.0% 21.5% 23.0% 10
EBIT margin 19.9% 12.0% 14.4% 16.0% 16.9% 5
Cersanit
52 weeks
Koelner latest
40
(PLN mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y
35
Sales 167.70 135.10 155.3 163.20 173.10 3.2%
30
EBITDA 20.00 -2.60 19.5 9.20 19.90 -0.5%
25
EBIT 14.40 -6.80 13.7 3.80 13.40 -6.9%
20
Net profit 8.00 -20.30 3.4 -8.40 4.50 -43.8% 15
EBITDA margin 11.9% -1.9% 12.6% 5.6% 11.5% 10
EBIT margin 8.6% -5.0% 8.8% 2.3% 7.7% 5
Koelner
Net margin 4.8% -15.0% 2.2% -5.1% 2.6% WIG (Rebased)
52 weeks
PBG latest
340
(EUR mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 320
Sales 350.68 577.26 307.30 506.30 543.20 54.9% 300
280
EBITDA 31.71 55.15 29.80 62.10 69.00 117.6% 260
240
EBIT 23.81 44.95 20.60 51.50 57.80 142.8% 220
200
Net profit 21.49 39.48 20.70 26.40 34.50 60.5% 180
EBITDA margin 9.0% 9.6% 9.7% 12.3% 12.7% 160
140
EBIT margin 6.8% 7.8% 6.7% 10.2% 10.6% 120
PBG S.A.
52 weeks
Polimex latest
9
(PLN mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y
8
Sales 934.78 1253.49 920.72 1111.44 1086.00 16.2%
7
EBITDA 42.00 64.31 75.40 72.54 86.00 104.8% 6
EBIT 30.80 51.41 59.70 54.54 65.00 111.0% 5
Net profit 21.64 28.66 29.76 27.93 33.30 53.9% 4
EBITDA margin 4.5% 5.1% 8.2% 6.5% 7.9% 3
EBIT margin 3.3% 4.1% 6.5% 4.9% 6.0% 2

Polimex
WIG 20 (Rebased)
Net margin 2.3% 2.3% 3.2% 2.5% 3.1% DJ EURO STOXX Construction & Material (Rebased)

52 weeks
STRABAG latest
(EUR mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 55
50
Sales 2,814.2 3,017.7 1,762.7 3014.7 3537.1 25.7% 45
EBITDA 218.2 275.3 -62.3 192.4 261.2 19.7% 40
35
EBIT 149.9 184.1 -138.2 109.8 176.9 18.0% 30
Net profit 83.3 103.9 -81.2 82.3 113.9 36.7% 25
20
EBITDA margin 7.8% 9.1% -3.5% 6.4% 7.4%
15
EBIT margin 5.3% 6.1% -7.8% 3.6% 5.0% 10
STRABAG
Net margin 3.0% 3.4% -4.6% 2.7% 3.2% ATX (Rebased)
52 weeks
Wienerberger latest
40
(EUR mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y
35
Sales 662.0 588.0 574.0 689.66 363.20 -45.1%
30
EBITDA 167.5 127.1 92.3 143.30 111.70 -33.3%
25
EBIT 117.8 68.8 42.6 87.58 51.40 -56.4% 20
Net profit 85.6 51.0 21.8 58.85 25.80 -69.9% 15
EBITDA margin 25.3% 21.6% 16.1% 20.8% 30.8% 10
EBIT margin 17.8% 11.7% 7.4% 12.7% 14.2% 5
Wienerberger
ATX (Rebased)
Net margin 12.9% 8.7% 3.8% 8.5% 7.1% DJ EURO STOXX Construction & Material (Rebased)

Food & Beverages

Agrana EUR 607.8 42.8 44.0 Hold 15.7% -3.2% -19.0% -36.6%
Ambra PLN 9.0 1.6 2.5 Sell -10.7% -10.5% -71.2% -85.9%
CEDC USD 516.3 14.2 70.0 Hold -22.3% -29.5% -75.1% -69.2%
Duda PLN 22.7 1.0 4.2 Accumulate -19.7% -43.7% -78.9% -85.8%
Graal PLN 15.7 8.6 15.0 Hold 5.3% -19.5% -62.5% -76.3%
Jutrzenka PLN 53.0 1.6 2.4 Reduce -12.6% 5.4% -65.7% -78.8%
Pamapol PLN 11.6 2.2 4.9 Reduce -31.2% -44.2% -71.8% -83.7%
Podravka HRK 187.7 256.0 470.0 Accumulate -5.3% -17.5% -31.4% -46.1%
Davide Campari EUR - Euro 1,220 - - - -13.4% -9.4% -24.1% -27.2%
Remy Cointreau EUR - Euro 989 - - - -28.5% -23.8% -38.5% -46.3%
Finsbury Food Group Plc GBP - UK Pound Sterling
8 - - - 27.6% -68.9% -71.9% -83.9%
Donegal Creameries EUR - Euro 28 - - - 0.0% -34.1% -52.4% -53.3%
Nestle CHF - Swiss
103,360
Franc - - - -0.4% -8.8% -0.7% -9.4%
Kraft Foods USD - US Dollar
59,380 - - - 18.3% 5.3% 19.6% 10.6%
Rieber & Son NOK - Norwegian
336Krone - - - 19.9% 0.3% -25.9% -32.2%
Laurent Perrier SA EUR - Euro 241 - - - -31.5% -37.6% -51.8% -63.2%
Total Peer Group 165,564 - - - - - - -
EuroStoxx Food & Beverages GBP 142,176 - - - 1.2% -1.3% -13.2% -25.4%
P/E P/CE P/BV

2007 2008e 2009e 2010e 2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
Agrana 15.9 n.m. 13.3 10.3 7.8 8.7 4.9 4.4 1.1 0.7 0.7 0.7
Ambra 23.3 n.m. 275.1 19.5 14.1 n.m. 2.5 2.9 2.3 0.6 0.2 0.2
CEDC 28.0 4.4 3.7 3.1 24.8 4.0 3.4 2.9 2.9 0.5 0.4 0.4
Duda 14.2 2.5 2.9 3.0 8.1 1.2 1.4 1.5 1.6 0.2 0.2 0.2
Graal 16.1 4.5 5.3 5.0 8.6 1.6 2.6 2.5 1.5 0.3 0.3 0.3
Jutrzenka 40.8 10.4 9.0 8.7 9.7 3.0 4.1 4.0 1.5 0.3 0.2 0.2
Pamapol 14.1 127.9 5.7 5.3 10.7 2.2 1.8 1.9 3.4 0.3 0.3 0.3
Podravka 150.8 42.7 24.6 20.0 15.2 5.6 5.0 4.6 1.4 0.7 0.7 0.7
Median CEE 19.7 4.4 5.7 5.3 10.2 2.3 2.6 2.9 1.6 0.4 0.3 0.3
Davide Campari 9.6 10.0 9.3 8.7 8.3 8.5 8.1 7.3 1.4 1.3 1.1 1.0
Remy Cointreau 10.1 11.8 11.0 10.6 8.2 10.3 9.3 8.7 1.1 1.0 1.0 1.0
Finsbury Food Group Plc 1.4 1.5 2.1 1.9 3.9 4.7 5.5 3.7 0.2 0.2 0.7 0.2
Donegal Creameries 4.9 5.1 5.1 5.0 7.6 8.0 5.2 4.8 0.4 0.4 0.4 0.4
Nestle 16.1 13.4 12.8 11.8 12.7 10.4 9.5 8.7 3.3 2.5 2.5 2.1
Kraft Foods 18.0 16.4 14.3 13.2 14.4 13.0 11.0 9.4 1.9 1.8 1.6 1.6
Rieber & Son 16.2 19.9 15.9 14.0 6.8 8.3 7.1 6.7 1.6 1.8 1.6 1.5
Laurent Perrier SA 7.0 10.6 10.0 9.2 6.8 9.2 9.5 8.0 1.1 1.0 1.0 0.9
Median Peer Group 9.9 11.2 10.5 9.9 7.9 8.9 8.7 7.7 1.2 1.2 1.1 1.0
EuroStoxx Food & Beverages 10.3 10.2 10.2 9.0 6.4 6.1 6.8 5.9 1.5 1.4 1.4 1.3


2007 2008e 2009e 2010e 2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
Agrana 0.8 0.6 0.5 0.5 8.7 11.5 6.8 6.0 2.7% 2.3% 4.5% 4.7%
Ambra 1.1 0.6 0.3 0.4 11.7 13.0 6.6 7.5 1.2% 4.3% 0.0% 0.0%
CEDC 2.2 0.9 0.7 0.5 20.4 7.7 5.3 4.0 0.0% 0.0% 0.0% 0.0%
Duda 0.8 0.3 0.3 0.3 12.9 4.2 4.4 4.4 0.0% 0.0% 0.0% 0.0%
Graal 1.3 0.4 0.4 0.4 13.1 4.7 5.1 5.0 0.0% 0.0% 0.0% 0.0%
Jutrzenka 0.9 0.5 0.5 0.5 14.4 5.9 4.9 4.8 0.0% 0.0% 0.0% 0.0%
Pamapol 2.4 0.5 0.5 0.5 21.5 6.4 5.2 5.5 0.0% 0.0% 0.0% 0.0%
Podravka 1.1 0.7 0.7 0.6 14.4 7.8 6.8 6.3 0.0% 2.0% 2.0% 2.3%
Median CEE 1.1 0.5 0.5 0.5 13.7 6.4 5.2 5.0 0.0% 0.0% 0.0% 0.0%
Davide Campari 2.3 1.8 1.5 1.4 9.8 7.8 6.5 5.8 2.6% 2.6% 2.6% 2.9%
Remy Cointreau 3.3 2.5 1.9 1.8 15.4 12.8 9.1 8.4 6.2% 6.2% 6.2% 6.2%
Finsbury Food Group Plc 0.7 0.3 0.3 0.3 10.0 3.8 4.4 4.3 17.0% 14.2% 14.7% 14.7%
Donegal Creameries 0.6 0.3 0.3 0.3 7.9 4.3 4.1 3.6 5.2% 5.4% 5.7% 6.0%
Nestle 2.1 1.6 1.5 1.4 12.6 9.3 8.7 7.9 2.7% 3.3% 3.6% 3.9%
Kraft Foods 2.9 2.1 2.2 2.1 18.9 14.1 14.5 13.8 3.2% 3.6% 4.1% 4.2%
Rieber & Son 1.2 0.8 0.8 0.8 11.5 8.0 7.7 7.1 3.0% 2.0% 2.5% 2.7%
Laurent Perrier SA 4.1 2.9 2.3 2.2 14.5 11.5 9.2 8.8 3.5% 2.5% 3.4% 3.6%
Median Peer Group 2.2 1.7 1.5 1.4 12.0 8.6 8.2 7.5 3.3% 3.5% 3.8% 4.0%
EuroStoxx Food & Beverages 1.5 0.9 0.8 0.7 9.8 6.9 6.6 6.1 3.5% 3.4% 3.2% 3.5%
CEE to Peer, Prem/Disc -49% -72% -69% -66% 14% -26% -37% -33% -100% -100% -100% -100%


2007 2008e 2009e 2010e 2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
Agrana 9.5% 5.3% 8.0% 8.6% 3.2% -0.5% 2.2% 2.8% 7.3% -1.1% 5.2% 6.5%
Ambra 9.8% 4.5% 5.1% 5.5% 5.6% -1.8% 0.7% 1.0% 10.7% -5.0% 0.1% 1.2%
CEDC 10.8% 11.7% 12.5% 12.9% 6.5% 9.0% 9.1% 9.7% 11.8% 14.3% 12.8% 12.9%
Duda 6.2% 6.7% 6.8% 6.4% 3.0% 2.2% 2.2% 2.1% 10.9% 7.5% 6.8% 6.4%
Graal 10.1% 9.2% 8.4% 8.2% 4.8% 3.2% 2.8% 2.9% 11.1% 6.9% 6.2% 6.3%
Jutrzenka 6.5% 7.8% 9.6% 9.7% 1.9% 2.1% 3.5% 3.5% 4.6% 2.6% 2.8% 2.8%
Pamapol 11.3% 7.5% 9.4% 8.7% 12.4% -0.1% 2.0% 2.0% 28.8% 0.2% 5.4% 5.6%
Podravka 7.5% 8.9% 9.8% 10.0% 0.5% 0.9% 1.5% 1.8% 1.0% 1.6% 2.8% 3.4%
Median CEE 9.8% 7.8% 9.4% 8.7% 4.8% 2.1% 2.2% 2.8% 10.9% 2.6% 5.4% 6.3%
Davide Campari 23.3% 23.0% 22.9% 23.4% 13.1% 13.0% 13.2% 13.8% 14.5% 12.6% 12.2% 12.0%
Remy Cointreau 21.4% 19.5% 20.5% 21.3% 12.0% 11.4% 10.8% 10.6% 10.4% 8.8% 9.3% 9.5%
Finsbury Food Group Plc 6.6% 7.8% 6.3% 6.3% 3.1% 2.4% 2.1% 2.3% 11.7% 14.3% 34.2% 9.1%
Donegal Creameries 8.0% 7.7% 7.6% - 6.3% - - - 8.8% 8.1% 7.7% 8.1%
Nestle 16.6% 17.0% 17.4% 17.6% 9.9% 17.8% 9.7% 9.9% 20.4% 18.4% 19.2% 17.4%
Kraft Foods 15.6% 15.0% 15.2% 15.5% 7.0% 6.6% 6.7% 7.0% 10.6% 10.7% 11.3% 12.4%
Rieber & Son 10.6% 10.4% 10.6% 11.0% 3.6% 3.2% 3.5% 3.8% 9.8% 9.3% 10.1% 10.8%
Laurent Perrier SA 28.1% 25.0% 25.0% 25.1% 13.9% 11.0% 11.0% 11.2% 15.5% 9.6% 9.5% 9.8%
Median Peer Group 16.1% 16.0% 16.3% 17.6% 8.4% 11.0% 9.7% 9.9% 11.1% 10.2% 10.7% 10.3%
EuroStoxx Food & Beverages 16.0% 16.2% 15.7% 15.5% 7.7% 6.8% 5.8% 5.2% 14.8% 14.0% 14.2% 14.2%
CEE to Peer, ppt -6.3 -8.3 -6.9 -8.8 -3.7 -8.9 -7.6 -7.2 -0.2 -7.6 -5.3 -4.0
2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
Agrana 2.3% -43.6% 55.5% 10.3% -6.6% -114% -595% 29.2%
Ambra 11.4% -46.3% 16.8% -8.1% -7.7% n.m. n.m. 1311%
CEDC 17.0% 54.4% 35.7% 15.7% 0.6% 78.3% 18.6% 19.3%
Duda 2.6% 26.6% -11.4% -5.5% -45.3% -36.6% -14.0% -3.0%
Graal 82.0% 17.0% -15.9% 1.3% 19.0% -29.0% -14.0% 4.2%
Jutrzenka -12.2% 55.2% 23.2% 3.3% -51.4% -25.7% 14.8% 4.0%
Pamapol 25.9% -9.8% 21.1% -2.3% 111.9% - - 6.9%
Podravka -22.0% 26.1% 13.6% 7.1% -69.7% 76.0% 73.8% 22.7%
CEE total 6.0% -3.8% 30.0% 10.1% -12.7% -42.3% 79.1% 16.9%
Davide Campari 5.8% -2.2% 4.0% 5.7% 6.9% -4.2% 7.1% 8.0%
Remy Cointreau 2.9% -11.7% 10.3% 7.2% -1.9% -13.8% 6.6% 4.6%
Finsbury Food Group Plc 63.3% 37.3% -8.2% 3.6% 6.1% -6.6% -29.3% 11.0%
Donegal Creameries 46.9% 0.7% -1.1% - 96.9% -2.6% -0.2% -
Nestle 9.0% 17.6% 4.3% 5.5% 13.6% 19.7% 4.9% 8.1%
Kraft Foods -14.8% 17.3% 11.7% 5.1% -15.4% 9.8% 14.7% 8.2%
Rieber & Son -6.4% -13.8% 15.8% 6.4% -28.4% -18.4% 24.9% 13.2%
Laurent Perrier SA 15.2% -26.0% 4.1% 7.3% 13.5% -33.9% 5.3% 8.8%
Peer Group total 1.5% -13.8% 11.6% 3.0% 23.3% 7.4% 4.3% 9.5%
EuroStoxx Food & Beverages 3.3% 11.9% 16.6% 7.8% 12.8% 2.0% 3.3% 12.1%
CEE to Peer, ppt 4.5 10.0 18.5 7.1 -36.0 -49.7 74.8 7.4

52 weeks
Agrana latest
(EUR mn) 2Q 2007 3Q 2007 4Q 2007 1Q 2008 2Q 2008 y/y 90
80
Sales 484.4 485.3 473.6 495.1 550.4 13.6%
70
EBITDA 40.6 55.9 51.9 32.9 -7.0 n.a.
60
EBIT 25.2 30.6 18.1 15.7 -25.9 n.a.
50
Net profit 18.3 13.3 14.8 8.0 -27.7 n.a. 40
EBITDA margin 8.4% 11.5% 11.0% 6.6% 30
EBIT margin 5.2% 6.3% 3.8% 3.2% 20
Agrana
Net margin 3.8% 2.7% 3.1% - ATX (Rebased)
DJ EURO STOXX Food & Beverage (Rebased)
52 weeks
Ambra latest
(PLN mn) 1Q07/08 2Q07/08 3Q07/08 4Q07/08 1Q08/09 y/y 11
10
Sales 94.3 276.6 82.6 93.8 105.0 11.4% 9
8
EBITDA -0.1 42.7 -8.8 -9.1 5.3 n.a. 7
EBIT -3.0 39.8 -11.8 -12.2 2.3 n.a. 6
5
Net profit -6.6 21.8 -12.6 -11.3 -1.8 -72.7% 4
EBITDA margin -0.1% 15.4% -10.7% -9.7% 5.0% 3
2
EBIT margin -3.2% 14.4% -14.3% -13.0% 2.2% 1
Ambra
Net margin -7.0% 7.9% -15.3% -12.0% -2% WIG (Rebased)
52 weeks
CEDC latest
(USD mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 80
Sales 299.60 393.40 313.60 421.3 452.4 51.0% 70

60
EBITDA 30.90 48.30 28.70 50.2 57.1 84.8%
50
EBIT 28.40 45.60 25.50 42.8 52.8 85.9%
40
Net profit 17.00 45.30 18.50 46.8 0.7 -95.9%
30
EBITDA margin 10.3% 12.3% 9.2% 11.9% 12.6% 20
EBIT margin 9.5% 11.6% 8.1% 10.2% 11.7% 10
CEDC
52 weeks
Duda latest
7
(PLN mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y
Sales 340.80 368.60 318.30 343.5 382.1 12.1% 6
EBITDA 18.00 21.20 20.10 24.0 22.5 25.0% 5
EBIT 10.60 13.00 12.10 16.0 13.8 30.2% 4
Net profit 7.30 5.20 5.60 8.1 8.7 19.2% 3

EBITDA margin 5.3% 5.8% 6.3% 7.0% 5.9% 2
EBIT margin 3.1% 3.5% 3.8% 4.7% 3.6% 1
Duda
52 weeks
Graal latest
35
(PLN mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y
30
Sales 84.30 95.40 91.10 87.3 89.1 5.7%
EBITDA 13.00 16.60 8.50 7.1 8.0 -38.5% 25
EBIT 10.50 13.00 5.10 5.1 4.3 -59.0% 20
Net profit 5.00 8.80 3.10 2.3 1.7 n.m. 15
EBITDA margin 15.4% 17.4% 9.3% 8.1% 9.0% 10

EBIT margin 12.5% 13.6% 5.6% 5.8% 4.8% 5
Graal
52 weeks
Jutrzenka latest
8
(PLN mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y
7
Sales 122.80 145.90 118.90 118.8 140.9 14.7%
6
EBITDA 8.10 0.60 9.40 1.1 14.2 75.3%
5
EBIT 4.20 -4.40 4.30 -4.1 7.5 78.6%
4
Net profit 2.30 -5.70 1.70 -5.4 4.3 87.0% 3
EBITDA margin 6.6% 0.4% 7.9% 0.9% 10.1% 2
EBIT margin 3.4% -3.0% 3.6% -3.5% 5.3% 1
Jutrzenka
Net margin 1.9% -3.9% 1.4% -4.5% 3.1% WIG (Rebased)

52 weeks
Pamapol latest
(PLN mn) 3Q 2007 4Q 20071 Q 2008 2Q 2008 3Q 2008 y/y 16
Sales 105.17 103.70 91.00 91.8 105.7 0.5% 14

12
EBITDA 12.21 15.80 7.40 3.7 7.5 -38.5%
10
EBIT 8.13 11.50 2.90 -0.8 2.8 -65.6%
8
Net profit 5.91 22.20 0.01 -3.7 -1.0 n.a.
6
EBITDA margin 11.6% 15.2% 8.1% 4.0% 7.1%
4
EBIT margin 7.7% 11.1% 3.2% -0.9% 2.6% 2
Pamapol
Net margin 5.6% 21.4% 0.0% -4.0% -0.9% WIG (Rebased)
52 weeks
Podravka latest
(HRK mn) 3Q 2007 4Q 20071 Q 2008 2Q 2008 3Q 2008 y/y 550
500
Sales 941.71 906.41 784.12 924.83 980.63 4.1%
450
EBITDA 72.20 39.72 71.23 70.39 90.72 25.6% 400
EBIT 32.06 -0.27 34.13 31.50 51.30 60.0% 350
Net profit 11.54 -15.36 15.83 7.08 28.31 145.2% 300

250
EBITDA margin 7.7% 4.4% 9.1% 7.6% 9.3%
200
EBIT margin 3.4% 0.0% 4.4% 3.4% 5.2% 150
Podravka
Net margin 1.2% -1.7% 2.0% 0.8% 2.9% CROBEX (Rebased)

Healthcare
A&D Pharma EUR 75.0 2.3 3.2 Hold -24.5% -16.7% -2.2% -80.4%
Bioton PLN 138.3 0.20 Under review -2.4% -55.5% -66.5% -82.1%
Egis HUF 327.3 12,170.0 18,800.0 Buy 10.7% 16.2% -32.6% -38.9%
Intercell EUR 1,151.9 25.3 39.5 Buy 17.7% 21.9% -15.7% 12.4%
Krka EUR 1,906.3 53.8 118.5 Buy 16.9% -21.1% -40.9% -52.3%
Richter Gedeon HUF 1,905.5 29,600.0 38,770.0 Buy -2.9% 3.0% -26.6% -28.7%
Sanochemia EUR 25.2 2.5 Under review 2.5% -43.1% -61.2% -68.2%
Zentiva CZK 1,521.5 1,122.0 1,150.0 Hold -2.4% -7.5% -11.2% 27.5%
Teva Pharmaceutical ILS - Israeli
29,214
Shekel - - - 10.4% 3.2% 12.2% 8.0%
Mylan Inc. USD - US 2,604
Dollar - - - 26.8% 73.9% 1.0% -13.8%
Watson Pharmaceuticals USD - US 2,066
Dollar - - - 12.9% 16.4% 4.2% 10.1%
Stada Arzmeimittel AG EUR - Euro1,086 - - - -0.1% -4.5% -60.4% -56.4%
Barr Pharmaceuticals Inc USD - US 5,630
Dollar - - - 9.9% 10.8% 21.3% 46.3%
Ranbaxy Laboratories INR - Indian
1,251
Rupee - - - -6.6% 0.2% -59.0% -53.2%
Recordati EUR - Euro 777 - - - -9.2% 0.3% -19.2% -31.9%
EuroStoxx Healthcare 116,670 - - - 5.8% 1.1% -13.0% -19.6%
P/E P/CE P/BV
2007 2008e 2009e 2010e 2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
A&D Pharma n.m. 30.0 11.0 6.6 n.m. 6.1 4.4 3.3 2.1 0.3 0.3 0.3
Bioton 89.8 25.1 12.8 8.6 51.8 9.8 7.6 5.8 2.8 0.6 0.6 0.5
Egis 23.5 5.8 7.6 6.8 12.7 3.8 4.6 4.4 1.7 0.7 0.8 0.7
Intercell 218.5 118.7 100.8 28.2 162.3 95.3 82.2 26.3 4.7 3.7 3.6 3.2
Krka 33.2 11.7 9.7 8.2 20.9 8.5 7.3 6.4 6.6 2.4 2.0 1.6
Richter Gedeon 23.1 11.9 11.3 10.0 14.4 7.8 7.5 6.8 2.5 1.5 1.5 1.3
Sanochemia n.m. 20.3 9.5 3.2 n.m. 5.0 3.8 2.1 1.8 0.4 0.4 0.4
Zentiva 27.4 24.9 17.7 13.8 13.8 12.2 10.2 8.5 3.4 3.4 3.0 2.5
Median CEE 25.5 22.6 11.2 8.4 14.1 8.2 7.4 6.1 2.7 1.1 1.1 1.0
Teva Pharmaceutical 20.2 16.0 14.7 11.8 28.7 17.9 13.7 12.1 2.9 2.4 2.0 1.7
Mylan Inc. 9.3 18.1 10.9 7.8 10.2 8.2 5.7 7.0 0.9 1.1 1.0 0.9
Watson Pharmaceuticals 21.1 13.7 12.1 11.5 8.0 8.5 8.1 8.0 1.6 1.5 1.2 1.0
Stada Arzmeimittel AG 8.2 9.0 8.0 7.1 5.3 6.0 5.1 4.9 1.2 1.1 1.0 0.9
Barr Pharmaceuticals Inc 23.5 24.5 15.7 16.4 17.4 23.6 18.8 16.2 5.5 3.6 3.0 2.6
Ranbaxy Laboratories 8.9 711.6 16.3 10.7 6.4 48.8 10.1 7.2 2.3 1.4 1.2 1.1
Recordati 9.0 7.8 7.3 8.5 6.7 6.1 6.0 6.8 2.0 1.7 1.5 1.4
EuroStoxx Healthcare 14.4 14.8 13.4 12.0 10.0 10.1 9.0 8.9 2.1 1.8 1.7 1.5
CEE to Peer, Prem/Disc 175% 41% -8% -22% 76% -4% -9% -15% 34% -28% -10% -10%
2007 2008e 2009e 2010e 2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
A&D Pharma 1.3 0.3 0.2 0.2 35.8 5.8 4.9 4.2 0.7% 0.7% 1.8% 3.0%
Bioton 10.9 2.3 2.4 2.1 24.3 8.4 8.1 6.9 0.0% 0.0% 0.0% 0.0%
Egis 1.8 0.7 0.7 0.6 11.9 4.2 3.9 3.4 0.5% 1.1% 1.1% 1.0%
Intercell 17.3 18.5 9.9 6.2 272.3 -110.7 71.3 18.1 0.0% 0.0% 0.0% 0.0%
Krka 5.8 2.1 1.8 1.5 19.0 7.1 6.0 5.2 0.7% 2.2% 2.7% 3.3%
Richter Gedeon 3.2 1.8 1.7 1.5 12.8 6.9 6.4 5.5 1.1% 2.3% 2.5% 2.9%
Sanochemia 2.8 0.4 0.3 0.1 -48.5 2.6 1.7 0.5 0.0% 0.0% 0.0% 0.0%
Zentiva 3.3 2.7 2.6 2.4 15.5 11.2 9.4 7.8 0.8% 1.0% 1.1% 1.3%
Median CEE 3.3 2.0 1.7 1.5 17.2 6.4 6.2 5.4 0.6% 0.8% 1.1% 1.2%
Teva Pharmaceutical 4.2 3.1 2.8 2.4 13.5 11.1 10.7 8.2 0.8% 1.0% 1.1% 1.1%
Mylan Inc. 3.4 1.7 1.5 1.4 11.6 7.6 6.0 5.6 1.4% 1.0% 0.0% 0.0%
Watson Pharmaceuticals 1.4 1.3 1.0 0.9 6.7 5.8 5.0 4.3 0.0% 0.0% 0.0% 0.0%
Stada Arzmeimittel AG 2.2 1.3 1.1 1.0 10.8 7.4 6.1 5.6 3.8% 3.8% 4.4% 5.1%
Barr Pharmaceuticals Inc 4.8 3.1 2.7 2.6 15.4 15.2 11.7 14.6 0.0% 0.0% 0.0%
Ranbaxy Laboratories 2.9 1.6 1.2 1.0 21.4 13.8 9.9 5.6 5.0% 3.6% 3.4% 3.9%
Recordati 2.2 1.3 1.1 1.1 8.7 5.2 4.5 4.8 5.8% 6.4% 6.8% 6.7%
EuroStoxx Healthcare 3.0 2.0 1.9 1.7 11.7 8.8 8.0 7.2 2.0% 2.2% 2.4% 2.5%
CEE to Peer, Prem/Disc 13% 20% 46% 37% 48% -16% 1% -5% -56% -23% -5% -53%


2007 2008e 2009e 2010e 2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
A&D Pharma 3.8% 4.7% 4.9% 5.0% -2.0% 0.5% 1.1% 1.6% -3.2% 1.0% 2.7% 4.4%
Bioton 44.6% 27.7% 29.9% 29.9% 9.8% 4.7% 10.9% 14.4% 3.3% 2.3% 4.6% 6.6%
Egis 15.4% 16.7% 17.4% 18.2% 8.3% 14.5% 11.0% 11.8% 8.0% 12.7% 9.4% 10.5%
Intercell 6.4% -16.7% 13.9% 34.4% 9.4% 17.7% 11.7% 26.6% 2.9% 3.4% 3.6% 11.9%
Krka 30.7% 30.2% 30.0% 29.8% 17.0% 17.2% 17.7% 18.1% 21.5% 22.1% 22.2% 21.9%
Richter Gedeon 25.2% 25.6% 26.1% 26.3% 15.2% 17.3% 17.4% 17.7% 11.3% 12.9% 13.2% 14.1%
Sanochemia -5.7% 13.8% 15.8% 20.5% -15.0% 3.7% 6.4% 12.5% -7.6% 2.1% 4.4% 12.1%
Zentiva 21.3% 24.1% 27.4% 30.4% 8.7% 8.5% 11.8% 14.3% 12.5% 14.1% 18.0% 20.1%
Median CEE 18.4% 20.4% 21.8% 28.1% 9.1% 11.5% 11.3% 14.3% 5.7% 8.0% 7.0% 12.0%
Teva Pharmaceutical 31.0% 28.0% 25.9% 29.7% 20.7% 20.8% 17.2% 20.1% 14.4% 15.0% 13.4% 14.7%
Mylan Inc. 28.8% 22.9% 24.7% 24.9% 12.8% 4.3% 6.0% 9.0% 9.9% 6.2% 8.9% 11.5%
Watson Pharmaceuticals 21.0% 21.8% 20.7% 20.7% 5.6% 9.2% 9.3% 9.5% 7.7% 11.1% 9.8% 9.0%
Stada Arzmeimittel AG 20.1% 17.4% 17.8% 18.3% 6.7% 6.1% 7.5% 8.0% 14.5% 12.2% 12.6% 13.0%
Barr Pharmaceuticals Inc 30.9% 20.6% 23.1% 17.9% 9.7% 11.3% 14.7% 14.8% 23.3% 14.7% 19.0% 16.0%
Ranbaxy Laboratories 13.5% 11.8% 12.0% 17.2% 11.4% -2.1% 7.0% 9.8% 26.2% 0.2% 7.6% 10.5%
Recordati 25.1% 25.0% 24.7% 23.0% 13.5% 14.4% 14.1% 12.7% 22.1% 22.3% 21.0% 16.8%
EuroStoxx Healthcare 20.1% 20.5% 21.0% 22.2% 7.7% 10.6% 11.5% 9.7% 13.8% 13.5% 13.5% 13.4%
CEE to Peer, ppt -6.7 -1.4 -1.3 7.3 -2.4 2.3 2.0 4.6 -8.9 -4.2 -5.6 -1.0
2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
A&D Pharma -42.9% 50.5% 24.9% 18.1% -147.4% -129.6% 172.1% 67.8%
Bioton 40.7% -13.9% 0.3% 15.9% -71.7% -34.6% 95.4% 50.1%
Egis -29.4% 14.1% 5.9% 8.5% -48.9% 85.1% -23.2% 11.2%
Intercell -123.3% -369.7% -254% 288.2% -127.5% 75.7% 17.7% 257.3%
Krka 21.0% 19.7% 16.9% 15.0% 18.7% 23.2% 20.9% 18.1%
Richter Gedeon -13.0% 7.5% 6.2% 12.1% -31.7% 20.9% 4.9% 13.6%
Sanochemia -132.2% -346.2% 38.4% 100.4% -252.6% -127.6% 112.4% 198.8%
Zentiva -13.0% 40.1% 16.3% 17.7% -34.5% 20.0% 41.0% 28.4%
CEE total -3.7% 17.3% 15.6% 19.1% -34.3% 44.6% 3.0% 20.8%
Teva Pharmaceutical -1.2% 14.3% 31.1% 24.6% -6.7% 26.4% 8.4% 25.0%
Mylan Inc. 42.1% 45.3% 30.9% 6.1% -23.6% -48.9% 65.9% 39.5%
Watson Pharmaceuticals 18.9% 9.9% 6.7% 4.1% 20.0% 53.5% 13.0% 5.8%
Stada Arzmeimittel AG 29.2% -6.3% 9.4% 9.8% 28.9% -9.2% 11.9% 12.4%
Barr Pharmaceuticals Inc - 21.1% 36.5% -24.0% -10.4% -4.4% 56.4% -4.7%
Ranbaxy Laboratories 6.0% -20.4% 17.3% 68.9% 52.7% -98.8% 4264.5% 52.4%
Recordati 9.6% 9.4% 5.4% -10.9% 15.3% 15.7% 6.3% -13.7%
Peer Group total 19.2% 15.4% 26.6% 14.1% 2.1% -1.0% 26.8% 10.3%
EuroStoxx Healthcare 5.8% 7.2% 7.3% 3.5% 12.7% 8.6% 9.8% 11.7%
CEE to Peer, ppt -23.0 1.9 -11.0 5.0 -36.4 45.6 -23.8 10.5

52 weeks
A&D Pharma latest
(USD mn) 1H 2007 2H 2007 1H 2008 y/y 16
14
Sales 199.1 226.4 254.1 27.6% 12
EBITDA 16.5 -0.5 10.7 -35.1% 10
EBIT 13.2 -4.3 6.7 -48.9% 8
6
Net profit 11.9 -20.3 1.0 -92.0%
4
EBITDA margin 8.3% -0.2% 4.2% 2
EBIT margin 6.6% -1.9% 2.7% 0
A&D Pharma
Net margin 6.0% -9.0% 0.4% BET (Rebased)
DJ EURO STOXX Health Care (Rebased)
52 weeks
Bioton latest
1,2
(PLN mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 1,1
Sales 89.4 69.8 90.7 75.0 67.4 -24.6% 1,0
0,9
EBITDA 25.6 12.8 44.7 -9.9 1.5 -94.3% 0,8
0,7
EBIT 21.3 7.6 38.8 -15.1 -4.4 n.a. 0,6
0,5
Net profit 10.3 -42.9 4.7 -23.0 -18.9 n.a. 0,4
EBITDA margin 28.7% 18.3% 49.3% -13.2% 2.2% 0,3
0,2
EBIT margin 23.8% 10.9% 42.8% -20.2% -6.5% 0,1
Bioton
Net margin 11.5% -61.5% 5.2% -30.7% -28.0% WIG 20 (Rebased)
DJ EURO STOXX Health Care (Rebased)
52 weeks
Egis latest
20.000
(HUF mn) 4Q06/07 1Q07/08 2Q07/08 3Q07/08 4Q07/08 y/y
18.000
Sales 23,067 24,527 24,206 23,000 24,275 5.2%
EBITDA 3,256 4,221 3,863 3,673 4,262 30.9% 16.000
EBIT 1,732 2,585 2,280 2,045 1,565 -9.6% 14.000
Net profit 2,483 2,792 3,053 2,231 5,883 136.9% 12.000
EBITDA margin 14.1% 17.2% 16.0% 16.0% 17.6% 10.000
EBIT margin 7.5% 10.5% 9.4% 8.9% 6.4% 8.000
Net margin 10.8% 11.4% 12.6% 9.7% 24.2% Egis BUX (Rebased) DJ EURO STOXX Health Care (Rebased)
52 weeks
Intercell latest
35
(EUR mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y
30
Revenues 7.4 40.8 8.6 9.0 7.6 3.6%
25
EBITDA -6.3 25.2 -4.7 -5.7 -7.9 25.6%
EBIT -6.8 24.7 -5.2 -6.2 -8.6 27.9% 20
Net profit -6.5 27.1 -4.6 -4.0 -5.1 -21.1% 15
EBITDA margin -85% 62% -54% -63% -103% 10
EBIT margin -92% 60% -60% -69% -113% 5
Net margin -88% 66% -54% -45% -67% Intercell ATX (Rebased) DJ EURO STOXX Health Care (Rebased)
52 weeks
Krka latest
120
(EUR mn) 3Q2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 110
Sales 178.4 210.0 244.4 224.9 218.7 22.6% 100
90
EBITDA 59.2 62.4 78.8 62.9 61.0 3.1% 80
EBIT 45.2 46.8 62.7 45.7 43.3 -4.1% 70
60
Net profit 29.5 35.0 44.1 34.2 32.5 10.1%
50
EBITDA margin 33.2% 29.7% 32.3% 28.0% 27.9% -15.9% 40
30
EBIT margin 25.3% 22.3% 25.7% 20.3% 19.8%
Krka SBI (Rebased) DJ EURO STOXX Health Care (Rebased)
Net margin 16.6% 16.7% 18.0% 15.2% 14.9%
52 weeks
Richter Gedeon latest
40.000
(HUF mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y
Sales 56,519 56,320 57,026 57,808 56,534 0.0% 35.000
EBITDA 14,598 13,160 15,423 14,124 13,433 -8.0% 30.000
EBIT 9,737 7,742 10,096 9,182 8,512 -12.6% 25.000

Net profit 8,064 6,731 10,221 2,913 14,289 77.2%
20.000
EBITDA margin 25.8% 23.4% 27.0% 24.4% 23.8%
15.000
EBIT margin 17.2% 13.7% 17.7% 15.9% 15.1% Richter Gedeon
BUX (Rebased)
Net margin 14.3% 12.0% 17.9% 5.0% 25.3% DJ EURO STOXX Health Care (Rebased)

52 weeks
Sanochemia latest
10
(EUR mn) 3Q06/07 4Q06/07 1Q07/08 2Q07/08 3Q07/08 y/y
9
Sales 6.8 5.4 6.3 6.2 8.0 19.0% 8
EBITDA 0.1 -4.9 -0.4 -0.2 1.3 1752.1% 7
EBIT -0.8 -5.9 -1.6 -1.4 0.1 n.a. 6

5
Net profit -0.2 -6.5 -2.4 -2.2 0.9 n.a. 4
EBITDA margin 1.1% -90.2% -6.6% -3.9% 16.4% 3
EBIT margin -12.4% -109% -25.3% -23% 1.3% 2
Sanochemia
ATX (Rebased)
Net margin -3.5% -120% -37.7% -35% 11.8% DJ EURO STOXX Health Care (Rebased)
52 weeks
Zentiva latest
1.200
(CZK mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y
1.100
Sales 4,330.7 5,543.0 4,379.0 4,611.3 4,106.6 -5.2% 1.000
EBITDA 697.6 1,263.9 1,146.7 1,084.5 1,135.9 62.8% 900
800
EBIT 350.0 709.6 809.6 554.1 803.7 129.6%
700
Net profit 231.5 349.7 469.7 363.3 258.9 11.9% 600
EBITDA margin 16.1% 22.8% 26.2% 23.5% 27.7% 500
EBIT margin 8.1% 12.8% 18.5% 12.0% 19.6% 400
Zentiva PX (Rebased) DJ EURO STOXX Health Care (Rebased)
Net margin 5.3% 6.3% 10.7% 7.9% 6.3%

Industrial Goods & Services

A-Tec EUR 171 6.5 11.6 Hold -6.3% -32.6% -57.1% -44.6%
Andritz EUR 1,109 21.5 40.0 Buy 22.6% 14.4% -47.5% -33.3%
Apator PLN 75 9.5 13.8 Buy -2.0% -4.1% -44.8% -60.6%
Atlantska plovidba HRK 136 789.0 Under review 13.9% -17.7% -68.2% -71.6%
CAToil EUR 94 1.9 2.3 Hold 6.1% -5.0% -76.2% -87.0%
CWT EUR 41 2.1 1.2 Sell 50.7% -26.0% -75.8% -76.9%
Palfinger EUR 305 8.6 12.7 Hold -7.5% -29.3% -53.4% -57.1%
Pankl Racing EUR 49 12.7 17.6 Hold -10.6% -25.3% -58.4% -55.4%
Rafako PLN 54 3.4 u.r. Under review 11.3% -31.6% -58.2% -65.9%
SBO EUR 315 19.7 28.5 Hold -0.6% -30.6% -68.0% -54.9%
Turbomecanica RON 6 0.071 0.080 Reduce -8.6% -46.7% -79.0% -89.1%
Winterthur EUR 97 16.6 42.3 Accumulate -19.7% -40.9% -55.1% -52.1%
Zumtobel EUR 250 5.6 8.0 Buy 7.9% -33.4% -56.5% -68.9%
EuroStoxx Industrial Goods
& Services - 187,850 - - - -10.0% -4.4% -42.9% -44.2%
P/E P/CE P/BV

2007 2008e 2009e 2010e 2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
A-Tec 14.9 5.1 3.3 2.4 3.5 1.9 1.7 1.3 1.5 0.4 0.4 0.3
Andritz 16.1 7.3 7.9 7.8 10.4 4.4 5.5 5.4 4.6 2.0 1.7 1.5
Apator 25.7 7.1 8.2 8.5 19.0 5.0 5.6 5.9 5.5 1.7 1.7 1.6
Atlantska plovidba 18.8 1.7 1.6 2.3 13.5 1.5 1.3 1.7 5.1 0.8 0.6 0.5
CAToil 32.5 6.6 11.1 5.3 19.4 2.5 3.0 2.4 3.1 0.4 0.4 0.3
CWT 101.1 n.m. 274.6 18.7 39.4 n.m. 8.2 6.1 3.7 0.9 0.8 0.8
Palfinger 12.2 5.2 9.6 8.0 9.5 3.8 5.7 5.2 3.1 0.9 0.9 0.8
Pankl Racing 18.9 8.4 12.8 11.9 9.2 3.5 4.0 4.0 2.3 0.7 0.7 0.7
Rafako 54.9 9.6 7.8 6.1 n.m. 4.5 5.2 5.3 2.2 0.6 0.6 0.5
SBO 20.4 5.3 6.0 8.5 15.3 3.8 4.2 5.2 5.1 1.3 1.2 1.1
Turbomecanica 27.4 n.m. 10.4 5.3 13.2 n.m. 3.7 3.0 2.3 0.3 0.3 0.3
Winterthur 10.9 5.3 5.2 4.5 3.3 3.2 3.0 2.8 2.0 0.7 0.6 0.6
Zumtobel 9.4 4.4 27.5 18.3 8.9 2.0 5.3 4.6 1.7 0.5 0.5 0.5
Median CEE 18.9 5.3 8.2 7.8 10.4 3.2 4.2 4.6 3.1 0.7 0.6 0.6
EuroStoxx Industrial
Goods & Services 8.2 8.0 7.8 7.8 5.0 5.1 5.2 5.1 1.5 1.3 1.2 1.1
CEE to Peer, Prem/Disc 131% -33% 5% -1% 109% -37% -20% -10% 103% -46% -49% -50%
2007 2008e 2009e 2010e 2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
A-Tec 0.5 0.2 0.1 0.1 7.6 3.7 2.8 2.1 0.0% 0.0% 0.0% 0.0%
Andritz 0.6 0.2 0.3 0.2 8.7 3.0 3.4 3.0 2.4% 5.6% 5.6% 5.6%
Apator 2.8 0.9 0.9 0.9 15.9 4.9 5.1 5.3 2.0% 8.6% 7.9% 8.8%
Atlantska plovidba 4.4 1.2 1.0 1.0 11.3 2.4 1.9 2.2 1.4% 14.4% 15.9% 10.7%
CAToil 3.3 0.4 0.4 0.3 14.7 2.3 2.1 1.4 0.0% 0.0% 0.0% 0.0%
CWT 1.0 0.4 0.4 0.4 29.3 -24.8 11.7 9.1 0.0% 0.0% 0.0% 0.0%
Palfinger 1.4 0.6 0.6 0.6 8.8 4.5 6.3 5.4 2.7% 6.4% 3.7% 4.4%
Pankl Racing 1.7 0.7 0.7 0.7 9.7 4.7 4.7 4.6 1.6% 3.6% 2.3% 2.5%
Rafako 0.7 0.2 0.2 0.2 22.0 4.6 4.0 3.1 0.0% 0.0% 0.0% 0.0%
SBO 3.3 1.0 1.0 1.0 11.4 3.5 3.5 4.0 1.6% 6.0% 5.3% 3.8%
Turbomecanica 2.7 1.2 1.0 1.0 12.9 -15.6 7.0 6.2 0.0% 0.0% 0.0% 0.0%
Winterthur 2.1 0.8 0.7 0.6 13.5 4.1 3.6 3.0 1.6% 3.8% 3.9% 4.4%
Zumtobel 0.8 0.4 0.4 0.4 6.6 3.5 6.1 5.5 3.6% 8.9% 1.8% 2.7%
Median CEE 1.7 0.6 0.6 0.6 11.4 3.5 4.0 4.0 1.6% 3.8% 2.3% 2.7%
Goods & Services 1.1 0.6 0.5 0.5 8.2 5.1 4.6 4.6 4.7% 5.2% 5.0% 4.9%
CEE to Peer, Prem/Disc 51% -4% 19% 14% 39% -31% -14% -13% -66% -27% -53% -45%


2007 2008e 2009e 2010e 2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
A-Tec 7.0% 4.3% 4.8% 5.5% 1.2% 1.1% 1.6% 2.3% 11.7% 8.3% 11.6% 14.4%
Andritz 7.4% 7.8% 7.3% 7.2% 4.1% 4.5% 4.3% 4.3% 30.5% 29.3% 23.1% 20.8%
Apator 17.9% 17.8% 18.4% 17.9% 11.1% 10.8% 10.7% 10.5% 23.1% 24.6% 20.9% 19.4%
Atlantska plovidba 38.4% 52.3% 54.6% 43.2% 19.8% 37.0% 38.1% 25.2% 29.3% 54.8% 44.0% 23.7%
CAToil 22.3% 18.6% 18.3% 19.6% 10.2% 5.2% 4.1% 6.8% 10.0% 5.9% 3.3% 6.6%
CWT 3.5% -1.6% 3.6% 4.3% 0.6% -5.0% 0.1% 0.8% 4.4% -26.9% 0.3% 4.4%
Palfinger 16.3% 13.2% 10.3% 11.1% 11.0% 7.8% 4.8% 5.6% 28.0% 19.2% 9.6% 10.9%
Pankl Racing 17.3% 15.9% 14.8% 14.3% 8.3% 6.1% 4.0% 4.3% 12.9% 8.9% 5.6% 5.8%
Rafako 3.1% 3.8% 4.8% 5.4% 1.1% 1.8% 2.6% 3.1% 4.1% 6.0% 7.7% 9.4%
SBO 28.7% 29.3% 27.6% 24.2% 15.2% 15.3% 13.8% 11.3% 26.4% 27.4% 20.6% 13.3%
Turbomecanica 20.6% -7.9% 14.1% 15.4% 8.2% -25.4% 3.1% 6.1% 8.0% -15.7% 2.6% 5.1%
Winterthur 15.7% 18.8% 18.6% 18.6% 10.8% 8.1% 8.1% 8.8% 19.3% 14.0% 12.8% 13.2%
Zumtobel 12.5% 10.7% 6.9% 7.5% 7.3% 4.6% 0.8% 1.3% 19.5% 10.8% 1.7% 2.6%
Median CEE 16.3% 13.2% 14.1% 14.3% 8.3% 5.2% 4.1% 5.6% 19.3% 10.8% 9.6% 10.9%
Goods & Services 13.4% 13.5% 12.8% 12.7% 6.1% 7.2% 5.6% 5.6% 18.9% 18.7% 14.5% 13.7%
CEE to Peer, ppt 2.9 -0.3 1.3 1.6 2.2 -1.9 -1.5 0.0 0.4 -7.8 -4.9 -2.8
2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
A-Tec 32.8% -17% 12.6% 16.1% -89.8% -16% 54.0% 40.0%
Andritz 24.8% 14.1% -6.9% 0.9% 40.6% 14.1% -7.7% 1.9%
Apator 3.4% 23.9% -9.8% -5.3% -5.0% 16.5% -13.3% -4.0%
Atlantska plovidba 95.8% 74.7% 12.6% -20% 148.7% 140% 10.9% -33%
CAToil 9.7% 1.3% -25.3% 34.7% -1.5% -37% -40.2% 107.9%
CWT 2.1% -148.9% -299.5% 26.4% 9.5% -745.3% -101.0% 1370.9%
Palfinger 25.1% -9.4% -31.2% 10.3% - -21% -45.9% 19.6%
Pankl Racing 101.3% -2.7% -6.8% -4.3% -1481% -25% -34.4% 7.8%
Rafako 16.3% 32.8% 8.7% 17.9% -70.1% 42.4% 23.1% 28.9%
SBO 45.5% 24% -7.9% -23.4% 38.3% 23% -11.8% -28.6%
Turbomecanica -6.8% -120% -312.2% 7.1% -47.3% -265% -114.3% 95.1%
Winterthur 55.1% 71.3% 1.1% 6.1% 70.5% -18% 2.1% 14.8%
Zumtobel 2.7% -20% -42.8% 4.8% -10.8% -39% -84.1% 50.2%
CEE total 26.0% 3.8% -7.9% 0.8% 19.7% 75.9% 6.6% -26.2%
Goods & Services 16.8% -1.9% 2.4% 1.1% 26.3% 9.6% -12.6% -4.4%
CEE to Peer, ppt 9.2 5.8 -10.3 -0.3 -6.5 66.4 19.1 -21.7

52 weeks
A-TEC latest
(EUR mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 18
16
Sales 622.7 771.7 781.4 841.0 767.0 23.2%
14
EBITDA 39.6 58.8 51.7 40.3 21.4 -46.0%
12
EBIT 28.9 45.2 39.2 27.2 8.9 -69.2% 10
Net profit 5.3 -13.8 25.0 21.2 -9.1 n.a. 8
EBITDA margin 6.4% 7.6% 6.6% 4.8% 2.8% 6
EBIT margin 4.6% 5.9% 5.0% 3.2% 1.2% 4

A-Tec
ATX (Rebased)
Net margin 0.9% -1.8% 3.2% 2.5% -1.2% DJ EURO STOXX Industrial Goods & Services (Rebased)
52 weeks
Andritz latest
(EUR mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 45
40
Sales 763 983 751 899 889 16.5%
35
EBITDA 61.2 73.2 55.4 66.5 68.4 11.8%
30
EBIT 50.2 58 42.8 56 52.7 5.0% 25
Net profit 35 36.1 30.5 39.6 35.6 1.7% 20
EBITDA margin 8.0% 7.4% 7.4% 7.4% 7.7% 15
EBIT margin 6.6% 5.9% 5.7% 6.2% 5.9% 10
Andritz
DJ EURO STOXX Industrial Goods & Services (Rebased)
Apator latest 52 weeks
(PLN mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 24

22
Sales 85.94 81.86 63.00 90.50 103.00 19.9%
20
EBITDA 16.31 12.83 8.40 17.80 18.20 11.6% 18
EBIT 13.12 9.55 5.20 14.30 17.10 30.4% 16
14
Net profit 10.84 7.63 -12.60 10.50 11.70 8.0% 12
EBITDA margin 19.0% 15.7% 13.3% 19.7% 17.7% 10
8
EBIT margin 15.3% 11.7% 8.3% 15.8% 16.6%
6
Apator
Net margin 12.6% 9.3% -20.0% 11.6% 11.4% WIG (Rebased)
Atlanska plovidba latest 52 weeks
(HRK mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 3.500

Sales 405.58 339.62 473.73 416.67 682.26 68.2% 3.000
EBITDA 157.53 128.39 319.86 184.18 369.87 134.8% 2.500
EBIT 123.08 94.60 286.11 152.57 331.49 169.3% 2.000
Net profit 65.44 73.38 258.05 137.51 324.02 395.2% 1.500
EBITDA margin 38.8% 37.8% 67.5% 44.2% 54.2% 1.000
EBIT margin 30.3% 27.9% 60.4% 36.6% 48.6% 500
Atlantska plovidba
Net margin 16.1% 21.6% 54.5% 33.0% 47.5% CROBEX (Rebased)
DJ STOXX Industrial Goods & Services (Rebased)
C.A.T.oil latest 52 weeks
(EUR mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 18

Sales 61.30 58.50 65.90 73.50 72.60 18.4% 16
14
EBITDA 15.60 7.00 7.30 17.30 16.80 7.7%
12
EBIT 12.40 2.80 2.20 11.60 10.70 -13.7% 10
Net profit 6.70 0.10 0.40 6.30 5.70 -14.9% 8
6
EBITDA margin 25.4% 12.0% 11.1% 23.5% 23.1% 4
EBIT margin 20.2% 4.8% 3.3% 15.8% 14.7% 2
0
Net margin 10.9% 0.2% 0.6% 8.6% 7.9% CAToil
Prime All Share (Rebased)
CWT latest 52 weeks
(EUR mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 14

Sales 66.60 79.10 69.00 54.80 65.10 -2.3% 12
EBITDA 2.90 1.20 5.70 3.00 -12.00 n.a. 10
EBIT 1.70 0.30 4.20 -0.70 -13.40 n.a. 8
Net profit 0.50 -0.80 2.30 -0.90 -15.50 n.a. 6
EBITDA margin 4.4% 1.5% 8.3% 5.5% -18.4% 4
EBIT margin 2.6% 0.4% 6.1% -1.3% -20.6% 2

0
Net margin 0.8% -1.0% 3.3% -1.6% -23.8% CWT
ATX (Rebased)

52 weeks
Palfinger latest
(EUR mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 30
Sales 164.00 191.00 208.00 214.51 175.00 6.7% 25

EBITDA 28.30 29.00 34.30 34.91 21.10 -25.4%
20
EBIT 22.30 26.30 29.60 29.98 16.10 -27.8%
Net profit 15.50 19.40 22.30 20.38 9.00 -41.9% 15
EBITDA margin 17.3% 15.2% 16.5% 16.3% 12.1% 10

EBIT margin 13.6% 13.8% 14.2% 14.0% 9.2% 5
Palfinger
Pankl Racing Systems latest 52 weeks

(EUR mn) 4Q06/07 1Q07/08 2Q07/08 3Q07/084Q07/08p y/y
40
Sales 22.00 25.50 30.80 24.60 25.20 14.5%
35
EBITDA n.a. n.a. n.a. n.a. n.a. n.a.
30
EBIT 2.20 1.70 4.30 1.34 1.40 -36.4%
Net profit 2.00 1.10 2.60 0.95 n.a. n.a. 25
EBITDA margin n.a. n.a. n.a. n.a. n.a. 20
EBIT margin 10.0% 6.7% 14.0% 5.4% 5.6% 15

Net margin 9.1% 4.3% 8.4% 3.9% n.a. 10
Pankl Racing
ATX (Rebased)
Rafako latest
52 weeks
(PLN mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y
11
Sales 294.93 325.99 274.40 301.90 294.60 -0.1% 10
EBITDA 8.12 15.64 10.00 16.10 8.30 2.2% 9
8
EBIT 4.90 11.77 6.60 12.20 4.40 -10.1%
7
Net profit 3.66 4.40 29.80 4.10 4.60 25.9% 6
EBITDA margin 2.8% 4.8% 3.6% 5.3% 2.8% 5
4
EBIT margin 1.7% 3.6% 2.4% 4.0% 1.5% 3
Net margin 1.2% 1.3% 10.9% 1.4% 1.6% 2
Rafako
WIG (Rebased)
Schoeller Bleckmann Oilfield Equipment latest 52 weeks

(EUR mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y
80
Sales 82.80 83.30 88.63 96.89 95.80 15.7%
70
EBITDA n.a. n.a. n.a. n.a. n.a. n.a. 60
EBIT 19.70 21.10 20.16 21.78 22.30 13.2% 50
Net profit 13.20 12.30 13.28 14.26 14.90 12.9% 40
EBIT margin 23.8% 25.3% 22.7% 22.5% 23.3% 20
Net margin 15.9% 14.8% 15.0% 14.7% 15.6% 10

SBO
ATX (Rebased)
Turbomecanica latest 52 weeks
(RON mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y
0,7
Sales 25.10 25.21 8.54 14.40 10.42 -58.5%
0,6
EBITDA 9.97 -1.18 -3.37 -1.68 -7.28 n.a. 0,5
EBIT 8.32 -2.20 -4.94 -3.25 -8.85 n.a. 0,4
Net profit 6.69 -3.26 -5.97 -4.18 -10.03 n.a. 0,3
EBITDA margin 39.7% -4.7% -39.5% -11.7% -69.8% 0,2
EBIT margin 33.1% -8.7% -57.9% -22.6% -84.9% 0,1
Net margin 26.6% -12.9% -69.9% -29.1% -96.2% 0,0
Turbomecanica
BET (Rebased)
Winterthur latest
52 weeks
(EUR mn) HY1 06 HY2 06 HY1 07 HY2 07 HY1 08 y/y
70
Sales 42.87 43.54 49.20 108.70 113.83 165.6% 65
EBITDA 7.74 8.30 9.60 20.20 21.28 175.1% 60
55
EBIT 5.94 6.50 7.80 9.40 15.89 167.7% 50
Net profit 4.19 4.70 5.40 11.70 10.22 143.9% 45
40
EBITDA margin 18.0% 19.1% 19.5% 18.6% 18.7% 35
30
EBIT margin 13.8% 14.9% 15.9% 8.6% 14.0% 25
Net margin 9.8% 10.8% 11.0% 10.8% 9.0% 20
Winterthur
SMI (Rebased)

Zumtobel latest 52 weeks
(EUR mn) 1Q07/08 2Q07/08 3Q07/08 4Q07/08 1Q08/09 y/y 24

22
Sales 323.06 343.04 299.98 316.26 316.67 -2.0% 20
EBITDA 42.75 51.47 30.92 35.99 37.30 -12.7% 18
16
EBIT 32.68 42.00 21.27 25.91 27.00 -17.4% 14
Net profit 24.95 29.80 13.57 24.67 14.27 -42.8% 12
10
EBITDA margin 13.2% 15.0% 10.3% 11.4% 11.8% 8
6
EBIT margin 10.1% 12.2% 7.1% 8.2% 8.5% 4
Zumtobel

Insurance
Uniqa EUR 1,979 16.5 14.9 Reduce -8.6% 9.8% -6.9% -9.2%
Vienna Insurance Group EUR 2,615 20.4 44.0 Buy -14.1% 7.5% -53.2% -58.1%
Allianz SE EUR - Euro
27,473 - - - -17.2% 0.2% -44.4% -50.1%
AXA SA EUR - Euro
23,821 - - - -23.9% -19.5% -39.7% -51.4%
Assicurazioni Generali SpA EUR - Euro
22,393 - - - -17.1% -19.3% -29.7% -45.0%
Mapfre SA EUR - Euro5,682 - - - -15.2% -8.2% -33.9% -22.8%
Sampo Oyj EUR - Euro6,658 - - - -7.5% -15.3% -25.9% -31.9%
EuroStoxx Insurance 147,458 - - - -17.2% -15.4% -46.2% -47.4%
P/E P/BV ROE

2007 2008e 2009e 2010e 2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
Uniqa 10.1 18.7 11.7 7.8 1.9 1.5 1.3 1.1 20.1% 7.8% 12.2% 15.9%
Vienna Insurance Group 18.5 6.3 6.2 5.9 2.5 0.7 0.7 0.6 13.7% 12.8% 10.8% 10.7%
Median CEE 14.3 12.5 8.9 6.8 2.2 1.1 1.0 0.9 16.9% 10.3% 11.5% 13.3%
Allianz SE 3.4 18.9 5.4 4.5 0.6 0.7 0.7 0.6 16.9% 3.9% 12.3% 13.3%
AXA SA 4.1 6.4 5.5 4.6 0.5 0.6 0.6 0.5 12.5% 9.7% 10.4% 11.6%
Assicurazioni Generali
SpA 7.5 10.1 8.7 7.9 1.4 1.7 1.5 1.4 19.2% 16.7% 17.6% 18.3%
Mapfre SA 6.4 5.9 5.8 5.4 1.1 1.0 1.0 0.9 16.9% 17.6% 16.6% 16.3%
Sampo Oyj 9.6 10.1 8.5 8.1 0.9 1.1 1.0 1.0 9.2% 11.0% 12.4% 12.5%
EuroStoxx Insurance 5.7 8.0 6.2 5.4 0.8 0.7 0.7 0.6 14.5% 9.7% 10.6% 12.5%
CEE to Peer, Prem/Disc 122% 23% 54% 27% 146% 7% 3% 0% 0.3% -6.5% -6.9% 0.4%
Dividend yield EBT margin Net margin
2007 2008e 2009e 2010e 2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
Uniqa 1.4% 2.4% 1.8% 2.5% 7.5% 3.0% 4.8% 7.0% 5.5% 2.1% 3.3% 4.7%
Vienna Insurance Group 1.5% 2.0% 5.4% 6.4% 6.3% 6.7% 6.0% 5.6% 4.5% 4.8% 4.5% 4.3%
Median CEE 1.5% 2.2% 3.6% 4.4% 6.9% 4.8% 5.4% 6.3% 5.0% 3.5% 3.9% 4.5%
Allianz SE 9.1% 6.0% 7.4% 8.4% 11.3% 6.6% 7.9% 8.8% 7.8% 1.4% 5.4% 6.4%
AXA SA 10.5% 6.6% 8.2% 9.6% 8.6% 6.3% 7.0% 7.2% 6.1% 2.9% 4.5% 5.1%
Assicurazioni Generali SpA 5.7% 5.6% 5.7% 5.8% 7.3% 5.5% 6.3% 6.5% 4.5% 3.2% 3.7% 4.0%
Mapfre SA 6.3% 6.8% 6.8% 7.2% 12.9% 10.6% 10.7% 10.6% 6.9% 6.8% 6.7% 7.0%
Sampo Oyj 10.1% 8.9% 10.1% 10.1% 25.7% 21.8% 24.6% 24.8% 94.1% 17.2% 19.5% 19.4%
Median Peer Group 11.3% 6.6% 7.9% 8.8% 6.9% 3.2% 5.4% 6.4% 9.9% -32.7% 16.5% 9.5%
EuroStoxx Insurance 10.7% 6.3% 8.3% 9.1% 7.1% 3.4% 5.0% 5.7% 6.0% -42% 29.2% 10.5%
CEE to Peer, Prem/Disc -87% -67% -54% -49% 0% 51% 0% -2% -50% -111% -76% -53%

EBT growth (EUR terms) EPS growth (EUR terms)

2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
Uniqa 7.0% 4.3% 4.8% 5.5% 1.2% 1.1% 1.6% 2.3%
Vienna Insurance Group 7.4% 7.8% 7.3% 7.2% 4.1% 4.5% 4.3% 4.3%
Median CEE 16.3% 13.2% 14.1% 14.3% 8.3% 5.2% 4.1% 5.6%
Allianz SE 12.1% -46% 21.1% 12.7% 6.7% -82% 248.0% 21.2%
AXA SA 7.0% -29% 15.7% 8.4% 9.6% -35% 16.2% 19.2%
Assicurazioni Generali SpA 20.3% -21% 15.1% 8.9% 12.2% -26% 16.1% 10.1%
Mapfre SA 18.1% 7.7% 5.0% 3.7% 19.6% 8.9% 2.3% 7.7%
Sampo Oyj -28.0% -13% 15.8% 4.1% -28.9% -4.9% 19.7% 5.0%
Total Peer Group 9.9% -33% 16.5% 9.5% 5.0% -67% 108.1% 18.1%
EuroStoxx Insurance 6.0% -42% 29.2% 10.5% 7.7% -55% 63.3% 13.2%
CEE to Peer, ppt 10.3 55.7 -15.1 3.8 0.6 59.8 -59.1 -7.5
Price/premium Price/Embedded Value Price/NAV
2005 2006 2007 2007* 2005 2006 2007 2007* 2005 2006 2007 2007*
Uniqa 0.6 0.6 0.5 0.4 1.5 1.4 1.0 0.8 2.1 2.0 1.5 1.2
Vienna Insurance Group 1.0 0.9 0.8 0.4 1.4 1.3 1.3 0.6 2.1 2.0 2.0 0.9
Median CEE 0.8 0.8 0.7 0.4 1.5 1.3 1.1 0.7 2.1 2.0 1.8 1.0
Allianz SE (Life) 0.6 0.7 0.7 0.3 3.4 3.4 3.0 1.3 5.9 7.5 7.1 2.9
AXA SA (Group) 0.9 0.9 0.7 0.3 2.2 1.8 1.7 0.7 5.2 4.8 4.8 2.0
Generali (Group) 0.6 0.7 0.7 0.3 1.4 1.6 1.6 0.8 n.a. n.a. n.a. n.a.
Mapfre SA (Life) 0.5 0.4 0.6 0.5 2.5 2.6 3.5 2.9 7.0 7.8 11.1 9.2
Sampo Oyj (Life) 1.8 2.4 2.2 1.4 6.0 8.1 8.1 5.1 8.6 11.9 12.5 8.0
EuroStoxx Insurance - - - - - - - - - - - -
CEE to Peer, ppt - - - - - - - - - - - -
*based on 2007 reported numbers and current price

Vienna Insurance Group latest 52 weeks
(EUR mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 60

55
Written premiums 1,538.7 1880.1 2,311.3 1,903.9 1,802.7 17.2%
50
Earned premiums 1,391.2 1721.4 1,736.8 1,734.5 1,697.8 22.0% 45
40
Investment inc. 186.2 263.2 159.1 459.6 187.5 0.7%
35
EBT 108.8 113.09 124.9 163.5 118.5 8.9% 30
Netprofit 90.2 61.79 91.4 116.3 93.3 3.4% 25

20
EBT margin 7.1% 6.0% 5.4% 8.6% 6.6% 15
Vienna Insurance Group
DJ EURO STOXX Insurance (Rebased)
UNIQA latest 52 weeks
(EUR mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 24

22
Written premiums 1,044.0 1,093.9 1,405.0 1,177.0 1,205.0 15.4%
20
Earned premiums 1,006.0 1,066.4 1,142.0 1,167.0 1,200.0 19.3% 18
16
Investment inc. 292.0 246.0 79.0 116.0 60.0 -79.5%
14
EBT 145.0 60.3 42.0 68.0 -6.0 n.a. 12
Netprofit 89.0 53.1 14.0 77.0 0.0 -100.0% 10
8
EBT margin 13.9% 5.5% 3.0% 5.8% -0.5% 6
Net margin 8.5% 4.9% 1.0% 6.5% 0.0% Uniqa ATX (Rebased) DJ EURO STOXX Insurance (Rebased)

Media
Agora PLN 168.4 13.6 46.5 Hold -22.3% -37.4% -70.0% -75.3%
Austrian Post EUR 1,668.8 23.8 30.0 Buy 3.7% 5.5% -2.3% 0.9%
CME USD 433.4 13.1 u.r. Reduce -26.2% -48.3% -80.7% -83.2%
TVN PLN 944.6 12.0 20.0 Hold -13.4% -7.9% -48.9% -56.6%
Hurriyet Gazetecilik TRY - New Turkish
132 Lira - - - -5.2% -18.4% -66.6% -83.9%
St Ives Group GBP - UK Pound90
Sterling - - - 17.6% -25.0% -56.4% -73.7%
Edipresse SA CHF - Swiss Franc
200 - - - 9.2% -41.7% -44.1% -54.5%
Roularta EUR - Euro 132 - - - -11.9% -25.4% -48.8% -74.7%
Dogan Yayin Holding TRY - New Turkish
180 Lira - - - -5.1% -25.0% -68.6% -86.7%
Grupo Televisa SA MXN - Mexican
5,712
Peso - - - 9.8% 9.8% -19.8% -20.1%
TV Azteca MXN - Mexican 568
Peso - - - -8.0% 17.4% -14.0% -2.1%
ProSiebenSat.1 Media AG EUR - Euro 314 - - - -14.1% -44.7% -73.2% -88.4%
Bloomsbury Publishing GBP - UK Pound112
Sterling - - - -5.5% -28.1% -15.7% -29.7%
EuroStoxx Media - 64,438 - - - -8.2% -5.0% -21.1% -29.4%
P/E P/CE P/BV

2007 2008e 2009e 2010e 2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
Agora 32.2 6.2 5.2 4.6 18.0 3.4 3.2 3.0 2.5 0.6 0.6 0.5
Austrian Post 13.7 12.9 11.9 10.8 5.3 5.5 5.6 5.3 1.9 2.1 2.4 2.5
CME 52.0 3.6 2.7 2.4 28.4 2.7 2.0 1.8 3.5 0.4 0.3 0.3
TVN 37.5 8.9 9.5 9.3 29.7 7.3 7.8 7.6 6.1 2.4 2.2 1.9
Median CEE 34.9 7.6 7.3 7.0 23.2 4.5 4.4 4.2 3.0 1.3 1.4 1.2
Hurriyet Gazetecilik 2.4 8.6 6.3 4.9 1.8 1.4 1.6 1.1 0.3 0.4 0.4 0.4
St Ives Group 3.2 4.0 4.8 4.7 2.2 3.0 3.2 1.9 0.4 0.5 0.5 0.5
Edipresse SA 7.9 8.3 9.6 7.6 0.7 0.6 0.6 0.5
Roularta 5.6 7.9 14.4 9.2 2.8 2.7 4.2 3.7 0.5 0.4 0.4 0.4
Dogan Yayin Holding 0.5 21.5 2.0 5.3 2.7 1.6 0.3 0.3 0.4 0.4
Grupo Televisa SA 13.1 13.6 11.6 11.0 9.4 10.4 10.1 9.1 2.8 2.9 2.6 2.3
TV Azteca 12.6 11.8 12.4 12.5 3.0 2.5 2.3 2.2
ProSiebenSat.1 Media AG 1.2 1.9 2.4 2.2 0.2 0.3 1.3 1.1 0.3 0.4 0.4 0.3
Bloomsbury Publishing 7.0 14.4 15.0 14.3 3.3 15.9 16.6 15.2 0.8 1.0 1.0 0.9
EuroStoxx Media 10.2 9.9 10.0 9.3 6.4 6.6 6.0 5.8 1.6 1.4 1.3 1.3
CEE to Peer, Prem/Disc 527% -10% -31% -25% 934% 50% 38% 124% 561% 146% 157% 144%
2007 2008e 2009e 2010e 2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
Agora 2.4 0.4 0.4 0.3 15.1 2.6 2.3 1.7 2.6% 13.9% 11.7% 11.1%
Austrian Post 0.8 0.8 0.8 0.8 6.5 7.1 7.4 7.1 10.0% 10.5% 10.9% 11.3%
CME 6.0 1.1 0.9 0.7 19.1 3.2 2.5 1.9 0.0% 0.0% 0.0% 0.0%
TVN 6.3 2.2 2.3 2.2 17.8 6.0 6.5 6.1 1.4% 5.1% 4.4% 4.8%
Median CEE 4.2 1.0 0.9 0.8 16.4 4.6 4.5 4.0 2.0% 7.8% 7.7% 7.9%
Hurriyet Gazetecilik 2.1 0.7 0.6 0.5 10.4 3.4 3.3 2.8 0.0% 0.0% 1.0% 0.0%
St Ives Group 0.6 0.3 0.3 0.3 4.5 2.0 2.3 2.2 26.7% 20.3% 21.0% 21.0%
Edipresse SA 0.9 0.6 0.6 0.6 7.9 5.2 5.6 4.7 2.6%
Roularta 1.0 0.5 0.5 0.4 9.9 5.2 6.3 5.2 6.3% 1.8% 3.2% 3.8%
Dogan Yayin Holding 1.3 0.4 0.5 0.4 15.7 6.1 8.4 5.0 0.0% 0.0% 0.0% 0.0%
Grupo Televisa SA 3.1 2.0 1.8 1.7 7.3 5.0 4.6 4.0 4.2% 1.8% 2.4% 3.6%
TV Azteca 1.6 1.5 1.2 1.1 3.7 3.5 2.9 2.6 5.0% 3.4% 2.3% 2.2%
ProSiebenSat.1 Media AG 2.5 1.3 1.3 1.2 12.8 6.3 6.7 6.3 82.2% 41.8% 28.6% 20.9%
Bloomsbury Publishing 0.4 0.8 0.6 0.6 3.7 7.4 5.6 5.1 3.6% 2.9% 3.0% 3.0%
EuroStoxx Media 2.1 1.5 1.4 1.3 10.3 6.7 5.9 5.5 4.7% 4.9% 5.2% 5.7%
CEE to Peer, Prem/Disc 217% 37% 40% 35% 107% -11% -19% -15% -52% 232% 183% 140%


2007 2008e 2009e 2010e 2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
Agora 15.6% 14.2% 16.8% 17.8% 7.8% 7.2% 9.4% 10.5% 8.2% 8.5% 11.0% 12.2%
Austrian Post 12.6% 11.6% 11.3% 11.8% 5.3% 5.3% 5.3% 5.6% 14.4% 15.5% 18.6% 23.0%
CME 31.5% 34.9% 35.4% 35.4% 12.6% 18.3% 20.1% 20.1% 7.4% 11.4% 13.0% 12.7%
TVN 35.6% 36.7% 36.0% 35.8% 15.6% 20.3% 20.9% 20.9% 17.9% 26.6% 24.0% 22.0%
Median CEE 23.5% 24.6% 26.1% 26.6% 10.2% 12.7% 14.8% 15.3% 11.3% 13.5% 15.8% 17.4%
Hurriyet Gazetecilik 20.6% 20.8% 18.9% 19.6% 10.3% -1.1% 4.0% 4.8% 12.7% 4.5% 5.9% 7.6%
St Ives Group 14.2% 0.0% 0.0% 0.0% 3.0% 0.0% 0.0% 0.0% 12.7% 13.3% 11.3% 11.5%
Edipresse SA 11.3% 11.0% 11.0% 11.9% 3.8% 3.6% 3.4% 4.2% 8.4% 6.7% 5.8% 6.6%
Roularta 10.4% 8.7% 7.4% 8.1% 2.1% 2.6% 1.4% 2.0% 8.2% 5.6% 3.1% 4.6%
Dogan Yayin Holding 8.4% 7.3% 5.8% 8.0% 23.3% -11.5% -3.1% 0.5% 52.0% -24.4% -8.9% 1.8%
Grupo Televisa SA 42.0% 40.7% 40.2% 41.7% 19.3% 16.7% 17.3% 18.6% 21.7% 21.6% 22.4% 20.5%
TV Azteca 42.4% 41.7% 42.1% 41.5% 11.1% 14.8% 14.1% 15.4% 23.4% 21.0% 18.4% 17.3%
ProSiebenSat.1 Media AG 19.4% 20.0% 19.1% 19.5% 3.3% 4.3% 3.2% 3.8% 26.0% 19.4% 14.9% 15.9%
Bloomsbury Publishing 11.4% 10.4% 10.9% 11.2% 7.9% 8.6% 8.1% 8.4% 12.0% 7.2% 6.4% 6.4%
EuroStoxx Media 26.7% 26.3% 24.2% 25.1% 11.3% 9.8% 9.2% 9.6% 15.9% 14.1% 14.5% 14.1%
CEE to Peer, ppt 9.3 9.0 11.2 10.9 2.4 8.8 11.1 10.8 -1.3 6.3 9.4 9.8
2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
Agora 76.2% 2.0% 8.6% 7.2% 228.1% 2.5% 20.6% 12.2%
Austrian Post 26.5% -4.0% -0.2% 6.3% 22.8% 5.3% 8.6% 10.8%
CME 30.7% 29.5% 22.9% 12.1% 282.4% 84.2% 35.9% 12.8%
TVN 42.7% 30.9% -11.1% 2.0% -3.0% 64.0% -6.3% 2.3%
CEE total 33.9% 13.4% 5.2% 7.7% 82.4% 38.3% 22.9% 11.7%
Hurriyet Gazetecilik 51.0% -7.1% -8.3% 15.3% -1.5% -72.0% 35.9% 28.1%
St Ives Group 3.8% -26.5% -9.5% -1.2% 28.7% -20.6% -16.7% 2.0%
Edipresse SA -2.5% -2.2% -9.0% 10.1% -0.1% -4.6% -13.8% 26.4%
Roularta 9.8% -14.0% -17.1% 13.3% -22.2% -29.7% -45.0% 55.6%
Dogan Yayin Holding 12.9% -16.1% -22.1% 59% - -135.6% -67.5% -120%
Grupo Televisa SA -3.6% -6.9% 14.6% 10.5% -13.3% -3.6% 17.0% 5.8%
TV Azteca -16.2% -11.2% 8.7% 6.4% -56.9% 7.3% -5.2% -1.1%
ProSiebenSat.1 Media AG 8.1% 17.8% -11.6% 2.6% 13.5% -35.2% -22.2% 10.8%
Bloomsbury Publishing 277.8% -59.6% 7.2% 3.8% 195.0% -51.4% -3.7% 4.6%
Peer Group total 1.2% -3.7% 1.9% 9.9% 1.0% -13.7% -15.7% 27.2%
EuroStoxx Media 6.7% 3.9% 7.4% 4.0% -3.7% 7.6% 4.6% 5.6%
CEE to Peer, ppt 32.7 17.1 3.3 -2.2 81.3 52.0 38.7 -15.5

52 weeks
Agora latest
(PLN mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 50
45
Sales 284.0 352.4 313.4 343.7 284.70 0.2%
40
EBITDA 50.2 50.3 42.4 50.6 38.10 -24.1% 35
EBIT 30.6 30.6 22.6 30.2 17.20 -43.8% 30
25
Net profit 26.4 26.4 18.7 21.6 13.7 -48.1%
20
EBITDA margin 17.7% 14.3% 13.5% 14.7% 13.4% 15
EBIT margin 10.8% 8.7% 7.2% 8.8% 6.0% 10
Net margin 9.3% 7.5% 6.0% 6.3% 4.8% Agora WIG 20 (Rebased) DJ EURO STOXX Media (Rebased)
52 weeks
Austrian Post latest
(EUR mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 30
Sales 550.4 648.5 609.9 588.9 585.8 6.4% 25
EBITDA 60.3 101.6 65.1 64.1 57.7 -4.3% 20

EBIT 33.3 43.8 49.6 31.8 21.6 -35.1%
15
Net profit 28.2 26.6 41.9 28.3 17.3 -38.7%
EBITDA margin 11.0% 15.7% 10.7% 10.9% 9.8% 10
EBIT margin 6.1% 6.8% 8.1% 5.4% 3.7% 5

Austrian Post ATX (Rebased) DJ EURO STOXX Media (Rebased)
Net margin 5.1% 4.1% 6.9% 4.8% 3.0%
52 weeks
CME latest
120
(USD mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y
100
Sales 174.84 300.96 223.47 305.39 201.01 15.0%
80
EBITDA 50.31 115.79 74.70 119.36 42.46 -15.6%
60
EBIT 34.95 97.79 44.68 98.00 6.13 -82.5%
40
Net profit -18.76 72.99 14.90 67.60 -14.76 -21.4%
EBITDA margin 28.8% 38.5% 33.4% 39.1% 21.1% 20
EBIT margin 20.0% 32.5% 20.0% 32.1% 3.0% 0

CME PX (Rebased) DJ EURO STOXX Media (Rebased)
Net margin -10.7% 24.3% 6.7% 22.1% -7.3%
52 weeks
TVN latest
26
(PLN mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 24
Sales 296.55 521.62 401.60 549.63 353.82 19.3% 22
EBITDA 56.43 213.22 126.80 246.92 94.76 67.9% 20
18
EBIT 37.73 193.41 108.20 227.44 74.14 96.5%
16
Net profit -78.33 135.84 63.44 207.59 5.01 n.a. 14
EBITDA margin 19.0% 40.9% 31.6% 44.9% 26.8% 12
EBIT margin 12.7% 37.1% 26.9% 41.4% 21.0% 10

TVN WIG 20 (Rebased) DJ EURO STOXX Media (Rebased)
Net margin -26.4% 26.0% 15.8% 37.8% 1.4%

Oil & Gas

INA HRK 1,555.3 1,150.0 2,550.0 Reduce -2.1% -53.4% -61.3% -52.2%
Lotos Group PLN 241.1 9.4 36.0 Buy -26.9% -57.0% -76.3% -79.0%
MOL HUF 3,447.4 9,100.0 22,500.0 Buy -19.5% -9.5% -62.9% -63.4%
OMV EUR 5,382.8 18.0 55.0 Buy 0.8% -14.9% -58.0% -58.7%
PKN Orlen PLN 2,262.3 23.4 45.0 Buy -14.2% -13.7% -53.7% -55.2%
SNP Petrom RON 2,059.9 0.156 0.570 Buy -20.5% -23.0% -69.4% -66.0%
Unipetrol CZK 766.0 118.8 250.0 Buy -17.3% -19.6% -57.3% -58.7%
ENI SpA EUR - Euro 66,088 - - - 1.8% 7.1% -25.2% -24.9%
Repsol EUR - Euro 16,811 - - - -5.7% -1.1% -36.0% -34.6%
Royal Dutch Shell Group Plc GBP - UK Pound
112,214
Sterling - - - 1.9% 0.1% -20.9% -26.3%
Total SA EUR - Euro 85,551 - - - -5.2% 0.0% -25.4% -27.8%
Espanola Petroleos (cepsa EUR - Euro 17,914 - - - -1.2% -3.0% -4.1% -2.7%
Hellenic Petroleum Sa EUR - Euro 1,565 - - - -4.5% -0.4% -36.9% -50.8%
Tupras TRY - New Turkish
1,692 Lira - - - -11.6% -17.3% -56.8% -60.4%
Petrol Ofisi New TRY - New Turkish
815 Lira - - - 13.1% 7.8% -44.6% -37.4%
Lukoil Holding USD - US Dollar
20,420 - - - 1.6% 22.8% -55.4% -52.5%
EuroStoxx Oil & Gas - 200,607 - - - -2.8% -3.9% -33.1% -29.9%
P/E P/CE P/BV
2007 2008e 2009e 2010e 2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
INA 32.0 7.8 6.7 5.5 12.3 4.4 4.0 3.4 2.0 0.8 0.7 0.6
Lotos Group 6.3 1.0 1.6 1.4 4.7 0.6 0.8 0.7 0.9 0.2 0.2 0.2
MOL 8.1 2.8 3.4 3.5 5.2 1.7 1.9 2.0 2.7 0.8 0.8 0.7
OMV 10.4 2.4 2.3 2.3 6.3 1.2 1.4 1.4 2.0 0.5 0.5 0.4
PKN Orlen 10.1 3.6 4.4 4.6 5.3 1.9 2.1 2.1 1.1 0.4 0.4 0.4
SNP Petrom 14.7 2.3 2.8 2.6 7.5 2.2 2.3 2.3 2.1 0.6 0.5 0.5
Unipetrol 51.4 6.2 5.6 5.4 16.1 1.9 2.0 2.1 1.5 0.5 0.4 0.4
Median CEE 10.4 2.8 3.4 3.5 6.3 1.9 2.0 2.1 2.0 0.5 0.5 0.4
ENI SpA 6.4 5.7 7.4 6.2 3.8 3.1 3.5 3.1 1.5 1.3 1.2 1.1
Repsol 5.7 5.5 6.5 5.7 2.8 2.7 2.6 2.4 0.9 0.8 0.8 0.7
Royal Dutch Shell Group Plc 6.6 5.6 7.5 6.5 4.6 3.8 4.4 3.9 1.3 1.2 1.0 1.0
Total SA 6.7 5.9 7.0 6.5 4.5 4.1 4.6 4.1 1.8 1.6 1.4 1.3
Espanola Petroleos (cepsa 26.1 32.8 39.2 31.5 14.5 17.4 17.8 16.6 3.4 3.1 2.9 2.5
Hellenic Petroleum Sa 6.7 6.7 7.4 6.6 3.2 3.9 4.6 4.8 0.6 0.6 0.6 0.6
Tupras 2.2 3.1 4.0 3.7 2.2 2.6 3.4 3.2 0.7 0.8 0.7 0.7
Petrol Ofisi New 4.5 9.3 6.5 5.8 2.3 5.2 4.5 0.5 0.6 0.5 0.5
Lukoil Holding 3.1 2.4 3.7 3.0 2.7 2.1 2.0 2.5 0.7 0.5 0.5 0.4
EuroStoxx Oil & Gas 6.5 5.9 6.9 6.4 4.2 3.8 3.7 3.6 1.5 1.3 1.1 1.0
2007 2008e 2009e 2010e 2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
INA 1.2 0.6 0.5 0.5 13.8 5.0 4.5 3.9 0.1% 1.3% 1.3% 1.3%
Lotos Group 0.5 0.1 0.2 0.2 5.8 1.8 2.3 2.3 3.2% 20.1% 16.9% 16.0%
MOL 1.0 0.3 0.4 0.4 5.4 2.4 2.7 2.5 3.6% 5.1% 4.6% 4.4%
OMV 1.1 0.4 0.4 0.5 7.0 2.2 2.1 2.1 2.3% 10.2% 15.1% 15.0%
PKN Orlen 0.6 0.2 0.2 0.2 7.1 3.2 3.8 3.9 3.0% 10.8% 9.0% 8.5%
SNP Petrom 2.0 0.4 0.4 0.3 7.9 1.3 1.7 1.2 0.0% 0.0% 0.0% 0.0%
Unipetrol 0.7 0.2 0.2 0.2 8.2 2.0 2.0 2.0 5.0% 0.0% 0.0% 0.0%
Median CEE 1.0 0.3 0.4 0.3 7.1 2.2 2.3 2.3 3.0% 5.1% 4.6% 4.4%
ENI SpA 1.3 0.8 0.9 0.8 4.5 2.8 2.7 2.9 7.9% 8.2% 8.2% 8.5%
Repsol 0.7 0.4 0.4 0.4 4.3 2.9 3.0 2.9 7.3% 7.9% 8.1% 9.2%
Royal Dutch Shell Group Plc 0.8 0.4 0.5 0.5 4.9 2.7 3.6 3.3 5.4% 5.8% 6.4% 6.6%
Total SA 1.1 0.6 0.8 0.7 4.8 3.0 3.7 3.2 5.7% 6.3% 6.6% 7.0%
Espanola Petroleos (cepsa 1.3 0.6 1.2 0.9 13.2 13.3 15.7 13.3 1.9% 1.9% 1.9% 1.9%
Hellenic Petroleum Sa 0.5 0.3 0.3 0.3 7.2 5.6 7.0 6.2 9.8% 8.6% 7.0% 8.6%
Tupras 0.4 0.1 0.2 0.2 6.0 2.3 3.0 3.0 32.2% 28.8% 20.7% 23.4%
Petrol Ofisi New 0.1 0.1 0.1 2.6 2.7 2.4 0.0% 4.8% 3.2% 4.0%
Lukoil Holding 0.9 0.3 0.4 0.4 5.0 1.9 2.3 2.3 4.7% 6.2% 5.0% 5.0%
EuroStoxx Oil & Gas 1.4 0.8 0.8 0.7 9.3 3.7 3.7 3.6 5.7% 6.3% 6.6% 6.5%
CEE to Peer, Prem/Disc 16% -18% -5% -21% 42% -18% -23% -23% -48% -20% -30% -37%


2007 2008e 2009e 2010e 2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
INA 8.8% 11.4% 11.5% 12.7% 3.3% 5.2% 5.4% 6.4% 6.6% 10.2% 10.7% 11.8%
Lotos Group 8.0% 8.0% 9.2% 9.4% 6.2% 4.9% 3.7% 4.2% 15.1% 15.7% 10.0% 11.6%
MOL 18.5% 14.1% 15.0% 15.9% 9.8% 8.1% 7.5% 7.9% 27.5% 30.0% 23.1% 20.6%
OMV 15.8% 17.5% 19.8% 21.4% 9.2% 9.6% 10.2% 10.6% 20.9% 25.2% 21.7% 19.3%
PKN Orlen 7.9% 6.2% 6.1% 6.3% 3.8% 2.7% 2.7% 2.8% 11.7% 11.7% 10.0% 9.4%
SNP Petrom 25.7% 26.4% 25.7% 28.1% 14.2% 18.6% 16.8% 17.7% 14.6% 24.6% 19.4% 19.7%
Unipetrol 9.1% 11.1% 11.9% 11.4% 1.5% 3.6% 4.4% 4.4% 2.9% 7.6% 8.0% 7.9%
Median CEE 9.1% 11.4% 11.9% 12.7% 6.2% 5.2% 5.4% 6.4% 14.6% 15.7% 10.7% 11.8%
ENI SpA 29.9% 29.4% 32.2% 28.8% 11.5% 10.3% 8.4% 9.8% 23.4% 22.7% 16.5% 18.2%
Repsol 15.3% 14.5% 14.4% 14.6% 5.7% 5.1% 4.4% 4.8% 16.0% 14.9% 11.7% 12.3%
Royal Dutch Shell Group Plc 15.7% 15.1% 13.9% 14.2% 8.8% 6.9% 6.0% 6.4% 20.4% 21.4% 13.6% 14.6%
Total SA 22.5% 20.3% 21.1% 22.7% 9.6% 8.3% 8.4% 8.8% 27.1% 26.8% 20.1% 19.8%
Espanola Petroleos (cepsa 9.7% 4.8% 7.6% 6.7% 4.9% 2.0% 2.8% 2.8% 13.2% 9.4% 7.3% 8.0%
Hellenic Petroleum Sa 7.2% 5.4% 4.8% 5.1% 4.1% 2.6% 2.4% 2.6% 9.5% 9.1% 8.0% 8.6%
Tupras 6.2% 5.8% 5.5% 5.6% 5.6% 3.2% 4.0% 3.9% 31.4% 26.5% 18.1% 18.9%
Petrol Ofisi New 4.8% 4.9% 4.1% 3.9% 2.3% 0.9% 1.9% 1.8% 10.5% 6.4% 8.3% 8.5%
Lukoil Holding 19.0% 17.2% 16.5% 16.2% 11.6% 10.7% 9.2% 10.5% 23.1% 22.6% 12.0% 14.2%
EuroStoxx Oil & Gas 15.8% 16.8% 17.4% 17.4% 9.2% 8.3% 7.0% 7.2% 18.3% 16.8% 13.7% 13.5%
CEE to Peer, ppt -6.3 -3.0 -2.0 -1.4 0.5 0.0 1.0 1.6 -5.8 -5.7 -1.4 -2.4
2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
INA 19.6% 39.5% 11.4% 15.4% -1.7% 68% 15.5% 23.6%
Lotos Group -1.3% 30.1% -12.3% 11.2% 14.3% 10.3% -39.1% 17.5%
MOL -1.1% -8.1% -6.5% -1.3% -7.7% -4.5% -18.2% -3.3%
OMV 10.1% 46.7% 8.5% 5.8% 15.3% 43.7% 1.5% 0.8%
PKN Orlen 3.4% 17.1% -18.5% -4.8% 2.7% 1.4% -17.6% -3.7%
SNP Petrom -6.7% 33.1% -13.2% 13.4% -18.1% 69.8% -19.8% 9.3%
Unipetrol 8.0% 32.6% -1.4% -1.2% -21.8% 175% 10.6% 4.2%
CEE total 3.9% 26.1% -1.7% 4.5% -0.8% 32.1% 0.2% 12.5%
ENI SpA 1.4% 18.1% -0.3% -8.7% -7.8% 12.4% -23.3% 19.5%
Repsol -5.1% 6.2% -4.6% 5.2% -4.4% 4.0% -15.4% 13.7%
Royal Dutch Shell Group Plc -3.6% 19.2% -24.9% 8.8% -6.6% 19.1% -25.9% 14.8%
Total SA 3.5% 10.6% -22.2% 18.3% -1.3% 14.4% -16.5% 8.4%
Espanola Petroleos (cepsa -11.0% -1.8% -15.4% 22.3% -15.1% -20.4% -16.4% 24.6%
Hellenic Petroleum Sa 23.0% -17.5% -19.0% 14.8% -10.8% 0.6% -8.8% 11.4%
Tupras 48.4% 4.2% -30.5% 13.5% 72.7% -28.2% -22.2% 8.3%
Petrol Ofisi New 17.0% 2.6% -20.6% -0.3% 45.3% -51.2% 43.0% 10.7%
Lukoil Holding 14.1% 24.1% -26.3% 4.3% 14.6% 28.6% -36.4% 22.9%
Peer Group total 0.9% 15.6% -17.3% 5.7% 4.7% 8.8% -24.7% 16.1%
EuroStoxx Oil & Gas 2.9% 14.1% -10.2% 4.4% 4.3% 20.2% -14.3% 5.1%
CEE to Peer, ppt 3.0 10.5 15.6 -1.2 -5.5 23.3 24.9 -3.6

52 weeks
INA latest
(HRK mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 3.500
Sales 6,759.0 7,892.0 6,242.0 7,301.0 8,729.0 29.1% 3.000
EBITDA 718.0 781.0 818.0 900.0 719.0 0.1% 2.500

EBIT 391.0 141.0 395.0 298.0 197.0 -49.6% 2.000
Net profit 431.0 142.0 596.0 200.0 -441.0 n.a. 1.500
EBITDA margin 10.6% 9.9% 13.1% 12.3% 8.2% 1.000
EBIT margin 5.8% 1.8% 6.3% 4.1% 2.3% 500
Net margin 6.4% 1.8% 9.5% 2.7% -5.1% INA CROBEX (Rebased) DJ EURO STOXX Oil & Gas (Rebased)
52 weeks
Lotos Group latest
(PLN mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 50
45
Sales 3,535.4 3,987.9 3,561.0 4,218.0 4,764.0 34.8% 40
EBITDA 483.8 242.6 256.0 473.0 276.0 -43.0% 35
30
EBIT 256.5 158.6 95.0 381.0 39.0 -84.8% 25
Net profit 236.8 321.2 278.0 422.0 -224.0 n.a. 20
15
EBITDA margin 13.7% 6.1% 7.2% 11.2% 5.8% 10
EBIT margin 7.3% 4.0% 2.7% 9.0% 0.8% 5 Lotos Group
WIG 20 (Rebased)
Net margin 6.7% 8.1% 7.8% 10.0% -4.7% DJ EURO STOXX Oil & Gas (Rebased)
52 weeks
MOL latest
(HUF mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 30.000
Sales 685.1 785.3 786.1 815.3 976.5 42.5% 25.000
EBITDA 131.8 127.0 101.6 35.4 75.2 -43.0% 20.000

EBIT 75.5 91.7 67.3 1.3 36.6 -51.5%
15.000
Net profit 59.5 73.5 65.0 110.0 -4.9 n.a.
EBITDA margin 19.2% 16.2% 12.9% 4.3% 7.7% 10.000
EBIT margin 11.0% 11.7% 8.6% 0.2% 3.8% 5.000
Net margin 8.7% 9.4% 8.3% 13.5% -0.5% MOL BUX (Rebased) DJ EURO STOXX Oil & Gas (Rebased)
52 weeks
OMV latest
60
(EUR mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y
55
Sales 5,139.0 5,728.0 5,955.0 6,965.0 6,852.0 33.3% 50
EBITDA 818.0 797.6 999.0 1,355.0 1,183.0 44.6% 45
40
EBIT 619.0 491.7 792.0 1,083.0 723.0 16.8% 35
Net profit 517.0 353.0 446.0 684.0 453.0 -12.4% 30
25
EBITDA margin 15.9% 13.9% 16.8% 19.5% 17.3%
20
EBIT margin 12.0% 8.6% 13.3% 15.5% 10.6% 15
Net margin 10.1% 6.2% 7.5% 9.8% 6.6% OMV ATX (Rebased) DJ EURO STOXX Oil & Gas (Rebased)
52 weeks
PKN Orlen latest
55
(PLN mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y
50
Sales 17,265 16,902 17,891 22,090 23,058 33.6%
45
EBITDA 1,187.0 733.0 785.0 2,253.0 1,120.0 -5.6%
40
EBIT 833.0 120.0 565.0 1,646.0 512.0 -38.5% 35
Net profit 562.0 556.0 626.0 1,698.0 71.0 -87.4% 30
EBITDA margin 6.9% 4.3% 4.4% 10.2% 4.9% 25
EBIT margin 4.8% 0.7% 3.2% 7.5% 2.2% 20
PKN Orlen
DJ EURO STOXX Oil & Gas (Rebased)

52 weeks
SNP Petrom latest
(RON mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 0,60
0,55
Sales 3,238.0 3,613.0 3,719.0 4,555.0 4,733.0 46.2% 0,50
0,45
EBITDA 968.0 754.0 1,269.0 1,300.0 1,660.0 71.5%
0,40
EBIT 691.0 332.0 1,029.0 838.0 643.0 -6.9% 0,35
0,30
Net profit 661.0 230.0 977.0 687.0 626.0 -5.3% 0,25
EBITDA margin 29.9% 20.9% 34.1% 28.5% 35.1% 0,20
0,15
EBIT margin 21.3% 9.2% 27.7% 18.4% 13.6% 0,10 SNP Petrom
Net margin 20.4% 6.4% 26.3% 15.1% 13.2% BET (Rebased)
DJ EURO STOXX Oil & Gas (Rebased)
52 weeks
Unipetrol latest
350
(CZK mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y
Sales 22,156 21,149 22,149 27,081 29,899 34.9% 300
EBITDA 1752 227 1491 1702 1638 -6.5% 250

EBIT 1,013 -657 653 838 772 -23.8%
200
Net profit -1,267 -557 406 302 551 n.a.
EBITDA margin 7.9% 1.1% 6.7% 6.3% 5.5% 150
EBIT margin 4.6% -3.1% 2.9% 3.1% 2.6% 100

Net margin -5.7% -2.6% 1.8% 1.1% 1.8% Unipetrol PX (Rebased) DJ EURO STOXX Oil & Gas (Rebased)

Personal & Household Goods

BWT EUR 187.3 10.50 16.0 Hold 5.0% -30.5% -54.0% -65.2%
Gorenje EUR 169.2 12.06 20.0 Buy 8.5% -36.6% -60.4% -68.9%
Philip Morris CR CZK 561.4 5,751 8,900 Buy -12.9% -8.5% -0.6% -21.9%
Wolford EUR 49.5 10.11 16.0 Hold -7.2% -37.0% -53.0% -61.1%
EuroStoxx Personal & - 108,648 - - - -11.1% -15.2% -34.3% -36.6%
Household Goods
P/E P/CE P/BV

2007 2008e 2009e 2010e 2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
BWT 24.6 9.2 10.1 9.6 18.6 6.0 6.2 5.9 5.0 1.3 1.2 1.1
Gorenje 23.4 10.9 12.1 9.1 6.7 2.3 2.1 2.0 1.7 0.5 0.4 0.4
Philip Morris CR 8.0 9.6 7.2 5.1 7.0 7.4 6.1 4.5 2.5 2.0 1.9 1.6
Wolford 15.6 16.1 9.0 7.3 6.8 5.0 3.6 3.2 1.4 0.6 0.6 0.6
Median CEE 19.5 10.2 9.6 8.2 6.9 5.5 4.9 3.9 2.1 1.0 0.9 0.8
EuroStoxx Personal & 9.7 9.4 10.5 9.1 7.3 7.3 7.0 6.4 1.7 1.6 1.4 1.3
Household Goods
CEE to Peer, Prem/Disc 101% 9% -9% -10% -6% -25% -30% -39% 22% -38% -36% -35%
2007 2008e 2009e 2010e 2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
BWT 1.7 0.6 0.6 0.5 15.8 5.9 6.0 5.5 1.0% 2.7% 2.5% 2.6%
Gorenje 0.7 0.5 0.5 0.4 10.1 6.5 6.1 5.8 1.1% 2.8% 2.4% 3.1%
Philip Morris CR 2.0 1.2 1.0 0.8 5.2 4.1 3.3 2.2 10.7% 9.0% 12.0% 15.2%
Wolford 0.9 0.6 0.5 0.5 8.2 6.5 5.0 4.3 0.9% 3.0% 4.5% 5.4%
Median CEE 1.3 0.6 0.5 0.5 9.1 6.2 5.5 4.9 1.1% 2.9% 3.5% 4.3%
EuroStoxx Personal & 2.2 1.4 1.1 1.1 10.6 8.0 6.2 5.7 2.7% 2.8% 3.0% 3.3%
Household Goods
CEE to Peer, Prem/Disc -41% -60% -52% -53% -14% -22% -11% -14% -61% 1% 14% 30%

2007 2008e 2009e 2010e 2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
BWT 11.0% 9.8% 9.7% 9.7% 6.6% 4.9% 4.6% 4.6% 22.2% 14.9% 12.3% 11.9%
Gorenje 6.9% 7.1% 7.5% 7.7% 1.8% 1.3% 1.2% 1.5% 7.6% 4.3% 3.7% 4.8%
Philip Morris CR 37.9% 29.0% 31.0% 36.9% 27.5% 17.0% 20.5% 26.4% 32.6% 19.3% 26.6% 33.9%
Wolford 10.8% 8.7% 10.4% 11.2% 4.2% 1.9% 3.2% 3.8% 9.3% 3.9% 6.7% 7.8%
Median CEE 10.9% 9.2% 10.0% 10.4% 5.4% 3.4% 3.9% 4.2% 15.8% 9.6% 9.5% 9.9%
EuroStoxx Personal & 19.0% 16.7% 16.4% 16.6% 11.3% 8.5% 8.2% 8.7% 17.6% 16.5% 15.2% 15.5%
Household Goods
CEE to Peer, ppt -8.1 -7.4 -6.4 -6.1 -5.9 -5.1 -4.3 -4.5 -1.8 -6.9 -5.7 -5.6
2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
BWT 8.0% -8.5% -3.3% 4.2% 22.3% -23.1% -9.2% 5.9%
Gorenje 11.2% 6.0% 9.2% 7.7% -0.9% -39.3% -9.4% 32.5%
Philip Morris CR 35.4% -29.4% 18.6% 29.9% 52.6% -42.8% 33.0% 41.0%
Wolford 30.4% -24.2% 29.4% 13.0% 11.3% -57.1% 78.8% 24.2%
CEE total 22.3% -15.1% 12.0% 17.0% 46.0% -42.4% 30.3% 39.0%
EuroStoxx Personal & 12.4% -1.5% 2.6% 5.9% 10.7% -0.3% -0.8% 8.1%
Household Goods
CEE to Peer, ppt 10.0 -13.6 9.5 11.1 35.3 -42.1 31.1 30.9

52 weeks
BWT latest
(EUR mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 40
35
Sales 94.10 108.20 99.00 116.71 95.90 1.9%
30
EBITDA n.a. n.a. n.a. n.a. n.a. n.a.
25
EBIT 7.80 6.60 8.10 12.72 5.00 -35.9% 20
Net profit 5.20 6.30 5.70 9.53 3.50 -32.7% 15
EBIT margin 8.3% 6.1% 8.2% 10.9% 5.2% 5

BWT
ATX (Rebased)
Net margin 5.5% 5.8% 5.8% 8.2% 3.6% DJ EURO STOXX Personal & Household Goods (Rebased)
52 weeks
Gorenje latest
45
(EUR mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y
40
Sales 330.01 342.96 303.70 315.47 372.86 13.0%
35
EBITDA 21.23 27.60 24.90 21.02 23.25 9.5%
30
EBIT 8.40 13.68 10.75 6.65 8.70 3.6% 25
Net profit 7.11 10.37 4.79 1.16 7.05 -0.9% 20
EBITDA margin 6.4% 8.0% 8.2% 6.7% 6.2% 15
EBIT margin 2.5% 4.0% 3.5% 2.1% 2.3% 10
Gorenje
SBI (Rebased)
Net margin 2.2% 3.0% 1.6% 0.4% 1.9% DJ EURO STOXX Personal & Household Goods (Rebased)
52 weeks
Philip Morris latest
8.500
(CZK mn) 1H 2006 2H 2006 1H 2007 2H 2007 1H 2008 y/y 8.000
Sales 4,787.0 5,244.0 4,678.0 5,691.0 4,256.0 -11.1% 7.500
7.000
EBITDA 1,706.0 1,257.0 1,403.0 1,646.0 1,145.0 -32.9% 6.500
6.000
EBIT 1,506.0 1,091.0 1,199.0 1,427.0 952.0 -36.8% 5.500
Net profit 1,093.0 813.0 882.0 1,086.0 625.0 -42.8% 5.000
4.500
EBITDA margin 35.6% 24.0% 30.0% 28.9% 26.9% 4.000
EBIT margin 31.5% 20.8% 25.6% 25.1% 22.4% 3.500
3.000 Philip Morris CR
Net margin 22.8% 15.5% 18.9% 19.1% 14.7% PX (Rebased)
DJ EURO STOXX Personal & Household Goods (Rebased)
52 weeks
Wolford latest
35
(EUR mn) 1Q07/08 2Q07/08 3Q07/08 4Q07/08 1Q08/09 y/y
30
Sales 30.5 46.0 48.5 32.7 31.9 4.5%
25
EBITDA -1.4 9.8 7.4 2.3 -0.9 -37.1%
20
EBIT -3.1 8.2 5.6 0.6 -2.6 -15.3%
Net profit -3.0 6.6 3.1 0.4 -2.9 -3.3% 15
EBITDA margin -4.7% 21.4% 15.3% 7.1% 10
EBIT margin -10.1% 17.7% 11.6% 1.9% 5

Wolford
ATX (Rebased)
Net margin -9.8% 14.4% 6.5% 1.3% DJ EURO STOXX Personal & Household Goods (Rebased)

Real Estate
CA IMMO EUR 323 3.70 5.7 Hold -10.8% -40.2% -68.0% -69.2%
CA IMMO International EUR 107 2.47 6.0 Buy -1.2% 1.2% -70.9% -74.3%
ECM EUR 37 8.70 Under review -3.8% -28.2% -64.3% -69.9%
ECO Business-Immo EUR 48 1.42 u.r. Accumulate 1.4% -29.4% -78.1% -74.2%
GTC EUR 669 13.50 31.0 Hold -8.6% -27.1% -64.9% -67.9%
Immoeast EUR 700 0.84 Under review 64.7% -28.8% -83.3% -85.6%
Orco EUR 86 8.00 Under review 28.0% -22.1% -75.3% -86.2%
Sparkassen Immobilien EUR 136 2.00 Not rated 0.0% -46.7% -65.8% -69.5%
conwert Immobilien Invest AGEUR - Euro 366 - - - 25.4% -13.9% -54.3% -57.5%
Immofinanz AG EUR - Euro 395 - - - 109.8% -9.5% -85.2% -86.6%
Atrium European Real Estate Ltd.
EUR - Euro 663 - - - -12.0% -48.7% -67.0% -67.2%
Warimpex Finanz und Beteiligungs
EUR -AG Euro 44 - - - 8.9% -48.1% -75.9% -81.7%
XXI Century Investments Public
GBPLtd- UK Pound Sterling
7 - - - 167.1% -70.8% -98.4% -98.9%
Echo Investment SA PLN - Polish Zloty
183 - - - -17.8% -28.6% -61.2% -74.5%
P/E P/CE P/BV

2007 2008e 2009e 2010e 2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
CA IMMO 22.9 n.m n.m n.m 25.3 5.2 281.6 n.m 0.69 0.17 0.18 0.20
CA IMMO International 7.4 n.m n.m n.m 15.9 2.2 n.m n.m 0.78 0.17 0.21 0.26
ECM 7.0 1.4 1.4 0.6 n.m n.m n.m 0.9 1.30 0.23 0.21 0.15
ECO Business-Immo 7.2 3.8 4.1 1.5 9.6 6.3 6.3 3.2 0.65 0.11 0.11 0.11
GTC 11.6 5.7 5.2 2.1 n.m 170.1 n.m n.m 2.83 0.62 0.56 0.44
Immoeast 31.1 n.m 4.1 1.4 nm 2.2 2.8 2.6 0.69 0.09 0.09 0.08
Orco 8.9 n.m 2.9 1.2 n.m n.m n.m n.m 1.20 0.13 0.14 0.12
Sparkassen Immobilien 20.3 94.5 113.1 4.0 12.0 8.9 106.2 27.6 0.87 0.23 0.23 0.22
Median CEE 9.5 -1.0 2.8 1.0 9.6 3.7 -3.9 -3.4 0.74 0.17 0.20 0.18
conwert Immobilien Invest AG 2.9 15.9 214.5 10.8 7.8 7.2 25.2 0.25 0.26 0.28 0.28
Immofinanz AG 12.3 3.7 11.5 0.09 0.13 0.13 0.15
Atrium European Real Estate Ltd. 3.2 265.9 20.1 0.14 0.19 0.17 0.17
Warimpex Finanz und Beteiligungs AG1.3 8.2 2.9 3.2 2.3 0.25 0.23 0.22 0.22
XXI Century Investments Public Ltd
Echo Investment SA 2.1 7.5 5.3 4.4 3.2 5.9 3.1 1.2 0.44 0.46 0.46 0.45
P/NAV EV/EBITDA Dividend yield
2007 2008e 2009e 2010e 2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
CA IMMO 0.68 0.17 0.18 0.19 31.9 18.3 19.8 22.5 0.0% 0.0% 0.0% 0.0%
CA IMMO International 0.73 0.16 0.20 0.25 23.6 6.4 26.7 26.7 3.0% 0.0% 0.0% 0.0%
ECM 0.79 0.15 0.14 0.12 n.m 302.3 38.8 7.7 0.0% 0.0% 0.0% 0.0%
ECO Business-Immo 0.62 0.11 0.11 0.10 24.4 18.3 18.6 15.1 0.0% 24.6% 24.6% 35.2%
GTC 0.29 0.30 0.31 96.2 20.9 28.3 22.5 0.0% 0.0% 0.0% 0.0%
Immoeast 0.64 0.09 0.08 0.08 45.2 3.7 4.7 3.4 0.0% 0.0% 0.0% 0.0%
Orco 0.89 0.10 0.11 0.10 49.4 66.2 70.1 30.4 1.2% 17.5% 10.0% 11.0%
Sparkassen Immobilien 0.80 0.21 0.21 0.20 22.4 20.5 27.8 22.2 0.0% 0.0% 0.0% 0.0%
Median CEE 0.68 0.16 0.16 0.16 28.1 18.3 23.3 18.8 0.0% 0.0% 0.0% 0.0%
conwert Immobilien Invest AG 30.1 18.4 19.8 19.2 0.0% 2.7% 3.8% 5.1%
Immofinanz AG 35.9 17.9 15.7 14.8 0.0% 0.0% 0.0% 0.0%
Atrium European Real Estate Ltd. 22.1 4.8 2.3 26.0 0.0% 0.0% 0.0% 0.0%
Warimpex Finanz und Beteiligungs AG 20.5% 11.5% 8.2% 0.0%
Echo Investment SA 10.4 9.3 8.5 5.5 0.0% 0.0% 0.0% 0.0%
Median Peer Group - - - - 25.1 17.9 15.7 19.2 0.0% 0.0% 0.0% 0.0%
CEE to Peer, Prem/Disc - - - - 12% 2% 49% -2% - - - -


2007 2008e 2009e 2010e 20072008e 2009e 2010e 2007 2008e 2009e 2010e
CA IMMO 62.7% 44.8% 54.3% 55% 58% -18% -81.1% -57% 3.3% -2.3% -9.0% -6.5%
CA IMMO International 51.7% 54.2% 34.9% 41% 128% -32% -199.8% -139% 11.1% -2.6% -18.2% -18.0%
ECM -162.9% 6.0% 36.3% 145.2% 121.6%107.4% 57.6% 130.2% 19.5% 17.4% 15.1% 30.4%
ECO Business-Immo 89.9% 59.5% 61.7% 65.9% 68% 14.2% 15.0% 38.4% 9.1% 2.9% 2.7% 7.4%
GTC 42.3% 28.8% 13.1% 13.0% 355% 55% 24% 35.9% 27.7% 11.5% 11.4% 23.7%
Immoeast 48.8% 55.9% 51.1% 52.7% 56.3%-55.2% 45.4% 98.2% 2.6% -2.6% 2.2% 6.1%
Orco 15.6% 7.9% 7.8% 10.8% 33.7%-26.7% 12.2% 18.4% 14.7% -11.0% 4.7% 11.0%
Sparkassen Immobilien 64.8% 53.2% 47.9% 50.9% 29.6% 1.4% 1.1% 22.5% 4.4% 0.2% 0.2% 5.6%
Median CEE 50.2% 49.5% 43.7% 53.7% 95.0% -1.7% 19.4% 37.1% 10.1% 0.3% 2.5% 6.7%
conwert Immobilien Invest AG 89.8% 62% 60% 61% 138% 24.7% -58.9% -10.4% 8.5% 1.6% -3.0% 0.1%
Immofinanz AG 34.7% 44.3% 53.4% 59.9% 45.5%-95.5% -18.9% 11.3% -0.1% -0.3% 1.1% 4.0%
Atrium European Real Estate Ltd. - - 111.3% 31.8% 1.0% -17.1% 4.4% -19.7% 0.1% -2.2%
Warimpex Finanz und Beteiligungs70.1%
AG 46.0% 37.3% 26.4% 41.7% 19.5% 6.7% -1.6% 19.1% 2.8% -0.5% -1.1%
Echo Investment SA 107% 51.3% 72.1% 119% 84.3% 29.1% 38.8% 77.3% 21.3% 6.1% 8.7% 10.3%
Median Peer Group 51.3% 58.8% 58.4% 45.5% 19.5% -9.0% -0.5% 6.5% 0.7% -0.2% 0.6% 119.2%
CEE to Peer, ppt -1.1 -9.4 -14.7 8.2 75.5 7.3 19.9 30.6 9.5 0.6 1.9 -112.4
EBITDA growth (EUR) EPS growth (EUR) NAV growth (EUR)
2007 2008e 2009e 2010e 2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
CA IMMO n.m. n.m. 0% 1% -42.6% -175.3% 277.4% -33% 6.5% -0.4% -8.7% -6.4%
CA IMMO International n.m. n.m. -37% 46% -14.4% -123.6% 530.1% -19% 15.4% -4.9% -16.7% -19.6%
ECM -2693% -105% 1007% 373.1% -11.9% -1.2% -5.6% 147% 9.6% 2.5% 5.4% 18.9%
ECO Business-Immo 35% -3% 4% 27.1% 11.5% -66.7% -5.6% 176% - - - -
GTC n.m. 107% 17.6% 73.1% 17.2% n.m. n.m. 149% n.a. n.a. -4.2% -2.2%
Immoeast 58% 44.5% 9.9% 26.6% -79.4% -216.7% -183.4% 189% 1.2% -5.5% 2.7% 7.5%
Orco -717.1% -43.1% 3.8% 155.1% -27.2% -176.9% -139.6% 145% 17.7% -14.1% -6.1% 12.6%
Sparkassen Immobilien 28.7% -4.1% -4.8% 34.6% -38.9% -94.4% -16.5% 2731% 8.7% -1.1% -0.4% 6.5%
CEE total 21.1% 52.1% 8.5% 40.7% -16% -44% -53% 406% 9% 9% -1% 7%
conwert Immobilien Invest AG 26.2% 23.7% -1.7% 5.4% 52.3% -81.7% -272.2% -104.3% 11.1% -3.4% -7.3% -2.4%
Immofinanz AG 17.5% 35.6% 26.8% 11.5% -101% 81% -486.7% 228.6% 6.6% -31.8% 1.1% -11.3%
Atrium European Real Estate Ltd. -43.4% 53.8% 110.9% -73.9% -48.0% -443.4% -100.4% -3519% 0.7% -22.3% 7.0% 0.2%
Warimpex Finanz und Beteiligungs84.9%
AG -18.9% -0.9% -15.0% 34.6% -84.1% -120.1% 100.0% 70.1% 7.8% 3.9% -0.4%
Echo Investment SA 14.6% -53.1% 15.2% 114.2% 24.0% -72.6% 42.0% 20.7% 34.7% -5.3% 0.1% 2.4%
Peer Group total 119.2% -50.5% 43.3% -18.3% -47.7% -161.1% -44.8% -116.0% -4.6% -9.6% -2.5% -1.9%
CEE to Peer, ppt -98.1 102.6 -34.8 59.1 31.3 116.6 -7.8 521.6 13.1 18.9 1.4 9.1

52 weeks
CA IMMO International latest
(EUR mn) 3Q 2007 4Q 2007 1Q 2007 2Q 2008 3Q 2008 y/y 12
11
Sales 13.38 14.60 13.50 12.22 13.65 2.0% 10
9
EBITDA 6.47 4.61 13.60 5.89 6.57 1.6% 8
7
EBIT 23.09 15.18 15.50 2.33 0.00 -100.0% 6
Net profit 17.98 12.83 13.80 -4.24 -1.91 n.a. 5
4
EBITDA margin 48.3% 31.6% 100.7% 48.2% 48.1% 3
2
EBIT margin 172.5% 103.9% 114.8% 19.1% 0.0% 1
CA IMMO International
Net margin 134.4% 87.9% 102.2% -34.7% -14.0% Immobilien ATX (Rebased)
DJ STOXX Financial Services (Rebased)
52 weeks
ECM latest
1.100
(EUR mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 1.000
Sales 8.31 8.51 7.08 10.30 9.14 9.9% 900
800
EBITDA -0.12 -33.23 -1.00 -3.99 -0.27 127.7%
700
EBIT -6.67 22.03 -3.32 -0.65 -0.40 -93.9% 600
Net profit 2.72 21.40 -14.90 -4.83 -2.04 n.a. 500
400
EBITDA margin -1.4% -390.8% -14.1% -38.7% -3.0% 300
EBIT margin -80.3% 259.1% -46.9% -6.3% -4.4% 200
ECM PX (Rebased) DJ STOXX Financial Services (Rebased)
Net margin 32.8% 251.6% -210.5% -46.9% -22.3%
52 weeks
ECO Business-Immobilien latest
9
(EUR mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y
8
Sales 12.46 12.77 18.30 18.50 18.62 49.4% 7
EBITDA 7.16 16.32 13.66 12.21 10.68 49.2% 6
EBIT 15.15 19.97 19.35 6.49 -18.39 n.a. 5
Net profit 7.51 12.62 8.69 -2.94 -22.57 n.a. 4
EBITDA margin 57.4% 127.8% 74.7% 66.0% 57.4% 3
EBIT margin 121.5% 156.4% 105.7% 35.1% -98.8% 2

1
Net margin 60.3% 98.9% 47.5% -15.9% -121.2% ECO Business-Immo
Immobilien ATX (Rebased)
GTC latest 52 weeks

(EUR mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y
55
Sales 29.81 15.76 15.97 19.15 35.77 20.0% 50
EBITDA 11.78 7.85 7.47 14.31 10.94 -7.1% 45
40
EBIT 133.46 77.03 59.92 35.41 82.21 -38.4% 35
Net profit 106.39 60.36 34.77 43.08 55.47 -47.9% 30
25
EBITDA margin 39.5% 49.8% 46.7% 74.7% 30.6% 20
EBIT margin 447.7% 488.8% 375.1% 184.9% 229.8% 15
10
Net margin 356.9% 383.0% 217.6% 225.0% 155.1%
GTC WIG 20 (Rebased) DJ STOXX Financial Services (Rebased)
52 weeks
Immoeast latest
(EUR mn) 1Q07/08 2Q07/08 3Q07/08 4Q07/08 1Q08/09 y/y 8
7
Sales 62.30 73.80 75.70 85.41 84.70 36.0%
6
EBITDA 45.68 26.03 13.81 59.44 33.70 -26.2% 5
EBIT 93.10 125.30 -94.79 -108.60 -261.40 n.a. 4
3
Net profit 98.06 122.40 -57.10 4.41 -53.60 n.a.
2
EBITDA margin 73.3% 35.3% 18.2% 69.6% 39.8% 1
EBIT margin 149.4% 169.8% -125.2% -127.1% -308.6% 0
Immoeast
Net margin 157.4% 165.9% -75.4% 5.2% -63.3% Immobilien ATX (Rebased)
Orco latest
52 weeks
(EUR mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 2Q 2008 y/y
Sales 88.57 85.90 47.16 66.09 112.35 26.8% 80
70
EBITDA 12.17 21.49 5.74 12.09 12.12 -0.4% 60
EBIT 9.73 67.76 11.40 19.13 13.48 38.6% 50
Net profit 13.34 19.08 -13.09 -1.03 -15.67 n.a. 40

30
EBITDA margin 13.7% 25.0% 12.2% 18.3% 10.8% 20
EBIT margin 11.0% 78.9% 24.2% 28.9% 12.0% 10
Net margin 15.1% 22.2% -27.8% -1.6% -13.9% 0

Orco PX (Rebased) DJ STOXX Financial Services (Rebased)

52 weeks
Sparkassen Immobilien AG latest
(EUR mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 8
Sales 23.28 27.47 26.93 27.16 27.44 17.9% 7
EBITDA 21.36 15.93 19.89 14.43 15.29 -28.4% 6
EBIT 45.26 14.01 18.91 13.32 13.13 -71.0% 5
Net profit 20.39 4.53 6.21 2.82 2.62 -87.1% 4
EBITDA margin 91.7% 58.0% 73.8% 53.1% 55.7% 3
EBIT margin 194.4% 51.0% 70.2% 49.1% 47.9% 2
Net margin 87.6% 16.5% 23.1% 10.4% 9.6% 1 Sparkassen Immobilien
Immobilien ATX (Rebased)

Retail & Distribution

Emperia Holding PLN 179.4 52.5 55.0 Hold -11.5% -10.3% -59.1% -65.3%
Empik PLN 233.5 10.0 20.4 Buy -6.7% -17.4% -51.5% -50.2%
Eurocash PLN 278.6 9.0 13.5 Buy -16.4% -11.4% -33.0% -27.6%
Flamingo International RON 4.5 0.025 Under review -23.1% -74.3% -89.5% -92.6%
Inter Cars PLN 82.7 26.7 30.4 Hold -1.0% -31.1% -68.1% -76.4%
LPP PLN 404.9 1,050.0 1,700.0 Accumulate -20.9% -27.2% -52.2% -54.6%
Monnari PLN 17.9 6.0 20.0 Buy -33.5% -63.7% -76.0% -81.7%
NG2 PLN 313.5 36.1 44.0 Accumulate -11.9% -17.6% -27.5% -31.0%
Vistula & Wolczanka PLN 42.6 2.4 Under review -7.3% -39.7% -66.8% -77.7%
Geox Spa EUR - Euro 1,074 - - - -2.5% -30.5% -41.2% -65.4%
Next GBP - UK Pound
2,294
Sterling - - - 2.8% 7.5% -11.1% -37.2%
Hugo Boss AG EUR - Euro 885 - - - -16.9% -12.8% -58.3% -62.0%
Benetton EUR - Euro 957 - - - -14.1% -7.7% -30.3% -40.1%
Escada AG EUR - Euro 58 - - - -11.2% -38.2% -78.6% -79.5%
Ted Baker GBP - UK Pound152
Sterling - - - 4.4% -12.3% -21.9% -43.7%
Baltika EUR - Euro 17 - - - -12.4% -31.3% -41.0% -73.6%
Damartex SA EUR - Euro 95 - - - 7.7% -4.0% -26.0% -39.3%
French Connection GBP - UK Pound50
Sterling - - - 3.2% -32.0% -38.4% -68.6%
Inditex EUR - Euro 18,033 - - - -8.0% 14.0% -3.1% -19.9%
Gerry Weber international AGEUR - Euro 392 0.3% 17.4% -14.2% -8.0%
Silvano Fashion Group AS EUR - Euro 17 -16.0% -56.3% -76.0% -88.2%
Hennes & Mauritz AB SEK - Swedish
24,332
Krona 6.1% 14.1% -11.5% -19.7%
EuroStoxx Retail - 105,297 - - - -1.7% 5.0% -14.9% -30.7%
EuroStoxx Personal & - 169,752 - - - -11.1% -15.2% -34.3% -36.6%
Household Goods
P/E P/CE P/BV

2007 2008e 2009e 2010e 2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
Emperia Holding 27.1 11.2 10.7 10.3 15.8 5.5 5.8 5.7 3.6 1.0 1.0 0.9
Empik 28.6 8.9 8.5 7.5 17.2 5.1 4.8 4.3 4.7 1.9 1.7 1.4
Eurocash 27.4 11.8 10.8 9.8 16.5 7.1 7.4 7.0 6.6 3.9 3.4 2.9
Flamingo International 89.0 2.4 2.0 1.2 19.7 0.9 0.9 0.7 1.7 0.1 0.1 0.1
Inter Cars 26.3 7.1 8.0 7.0 18.8 4.8 4.5 4.1 8.8 0.8 0.8 0.7
LPP 35.5 9.1 8.7 7.4 24.7 6.7 5.9 5.1 11.2 2.6 2.1 1.7
Monnari 26.2 3.7 3.8 3.5 19.0 2.7 2.5 2.3 4.8 0.7 0.6 0.5
NG2 34.0 10.7 12.0 11.4 27.5 9.5 10.5 9.9 8.7 4.3 3.9 3.5
Vistula & Wolczanka 16.5 4.1 3.9 2.7 13.0 3.1 2.9 1.9 3.0 0.6 0.5 0.5
Median CEE 27.4 8.9 8.5 7.4 18.8 5.1 4.8 4.3 4.8 1.0 1.0 0.9
Geox Spa 8.7 9.0 10.6 9.7 7.4 7.5 8.3 7.5 3.0 2.6 2.3 2.1
Next 5.1 7.3 8.1 8.0 3.8 5.7 6.0 5.6 31.4 11.6 6.8
Hugo Boss AG 4.8 5.9 6.5 6.2 3.4 4.0 4.2 4.0 1.3 3.3 2.9 2.5
Benetton 6.6 6.3 7.2 6.8 3.9 3.8 4.0 3.9 0.7 0.7 0.7 0.6
Escada AG 46.0 2.0 17.9 2.4 1.8 0.6 0.6 0.6 0.7
Ted Baker 7.4 10.8 10.7 10.7 7.4 8.3 8.2 8.1 2.0 2.5 2.2 2.0
Baltika 6.6 8.1 5.9 5.0 3.8 0.8 0.8 0.7 0.6
Damartex SA 6.1 6.8 107.7 8.7 4.5 3.8 8.5 4.4 0.7 0.6 0.8 0.7
French Connection 25.6 7.3 4.3 2.9 7.2 0.3 0.4 0.4 0.4
Inditex 14.4 14.0 13.6 12.3 10.3 9.5 9.0 7.8 4.3 3.7 3.3 3.0
Gerry Weber international AG 14.6 10.0 8.7 8.0 9.0 7.9 6.2 5.6 2.7 2.3 2.0 1.7
Silvano Fashion Group AS 1.4 10.5 5.3 2.3 1.4 0.4 0.3 0.3 0.3
Hennes & Mauritz AB 16.9 17.7 16.2 14.5 14.9 15.4 14.1 12.7 7.2 7.6 6.8 6.2
EuroStoxx Retail 10.8 10.5 10.6 9.7 5.2 5.2 5.6 5.1 1.4 1.3 1.2 1.1
EuroStoxx Personal & 9.4 10.5 9.1 7.3 7.3 7.0 6.4 1.7 1.6 1.4 1.3 2.2
Household Goods


2007 2008e 2009e 2010e 2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
Emperia Holding 0.6 0.2 0.2 0.2 15.3 5.3 6.0 5.8 0.9% 2.1% 1.1% 1.3%
Empik 1.3 0.4 0.3 0.3 15.0 4.8 4.5 3.9 0.0% 0.0% 0.0% 0.0%
Eurocash 0.3 0.1 0.1 0.1 12.8 6.0 5.5 4.9 1.8% 4.2% 4.5% 5.6%
Flamingo International 0.5 0.1 0.1 0.1 44.4 2.8 2.6 1.9 0.0% 0.0% 0.0% 0.0%
Inter Cars 1.4 0.4 0.4 0.4 18.5 6.7 7.0 6.4 0.5% 0.0% 0.0% 0.0%
LPP 3.8 1.1 0.8 0.7 21.4 6.7 5.9 4.9 0.0% 0.0% 0.0% 6.8%
Monnari 3.2 0.5 0.5 0.5 26.2 4.8 4.5 4.2 0.0% 0.0% 0.0% 0.0%
NG2 3.5 1.5 1.6 1.5 22.8 7.8 9.0 8.4 0.0% 5.2% 5.8% 6.9%
Vistula & Wolczanka 2.4 0.3 0.3 0.2 13.1 2.0 1.8 1.2 0.0% 0.0% 0.0% 0.0%
Median CEE 1.4 0.4 0.3 0.3 18.5 5.3 5.5 4.9 0.0% 0.0% 0.0% 0.0%
Geox Spa 4.5 1.2 1.1 1.0 17.2 5.5 5.2 4.6 5.8% 5.6% 5.0% 5.0%
Next 1.2 0.9 0.8 0.8 6.3 4.7 5.2 4.9 6.5% 5.0% 5.1% 5.2%
Hugo Boss AG 1.8 1.0 0.9 0.9 10.2 6.5 5.7 5.5 13.2% 11.3% 10.4% 11.0%
Benetton 1.3 0.8 0.8 0.8 8.1 4.9 4.8 4.6 7.6% 7.6% 7.1% 7.1%
Escada AG 0.7 0.4 0.4 0.4 7.3 11.6 7.5 6.5 0.0% 0.0% 0.0% 0.0%
Ted Baker 1.5 0.8 0.8 0.8 8.1 5.1 5.4 5.0 6.1% 4.7% 4.8% 4.3%
Baltika 1.1 12.4 0.8% 0.0% 1.1% 1.3%
Damartex SA 0.3 0.2 0.2 0.2 5.5 2.7 6.5 3.7 4.4% 4.4% 4.4% 4.0%
French Connection 0.3 0.0 0.0 0.1 7.3 2.1 2.8 2.4 13.0% 4.9% 5.1% 5.1%
Inditex 2.7 1.7 1.4 1.2 11.7 8.0 6.9 5.9 3.6% 3.8% 3.9% 4.4%
Gerry Weber international AG 1.1 0.9 0.7 0.6 9.0 6.8 5.1 4.6 2.9% 4.4% 4.7% 5.4%
Silvano Fashion Group AS 1.7 7.2 0.0% 0.0% 16.7%
Hennes & Mauritz AB 3.9 2.6 2.3 2.0 15.1 10.5 9.9 8.8 5.1% 4.8% 5.3% 5.8%
EuroStoxx Retail 0.5 0.4 0.3 0.3 8.9 5.3 5.4 4.9 4.2% 4.0% 4.0% 4.4%
EuroStoxx Personal & 2.2 1.4 1.1 1.1 10.6 8.0 6.2 5.7 2.7% 2.8% 3.0% 3.3%
Household Goods
CEE to Peer, Prem/Disc 9% -55% -58% -61% 128% -3% 1% -1% -100% -100% -100% -100%
2007 2008e 2009e 2010e 2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
Emperia Holding 3.9% 2.8% 2.8% 2.8% 2.0% 1.1% 1.2% 1.2% 16.4% 8.6% 9.3% 9.2%
Empik 8.9% 8.1% 7.6% 7.5% 4.4% 3.9% 3.7% 3.8% 18.9% 22.0% 21.0% 20.2%
Eurocash 2.6% 2.4% 2.5% 2.6% 1.2% 1.2% 1.4% 1.6% 26.6% 33.4% 33.5% 31.5%
Flamingo International 1.2% 3.4% 3.6% 3.9% 0.5% 1.0% 1.1% 1.6% 1.8% 4.4% 5.5% 8.6%
Inter Cars 7.7% 6.1% 6.3% 6.7% 4.4% 2.3% 2.2% 2.5% 41.1% 14.9% 9.7% 10.5%
LPP 17.7% 16.6% 14.2% 13.5% 10.6% 9.5% 8.0% 8.0% 38.8% 33.0% 27.0% 25.3%
Monnari 12.0% 10.6% 11.4% 11.0% 10.5% 6.0% 5.4% 5.1% 25.9% 18.5% 17.0% 16.1%
NG2 15.3% 19.5% 17.6% 17.5% 9.8% 13.4% 12.6% 12.3% 27.4% 45.5% 34.2% 32.3%
Vistula & Wolczanka 18.2% 13.8% 15.4% 19.6% 14.7% 7.9% 8.7% 12.2% 20.4% 12.7% 14.2% 19.4%
Median CEE 8.9% 8.1% 7.6% 7.5% 4.4% 3.9% 3.7% 3.8% 25.9% 18.5% 17.0% 19.4%
Geox Spa 26.1% 22.3% 20.8% 21.5% 16.0% 13.4% 11.3% 11.4% 34.5% 28.8% 21.9% 21.4%
Next 19.4% 18.5% 16.1% 15.8% 10.6% 9.3% 7.8% 8.2% 433% 143% 85.1%
Hugo Boss AG 17.6% 15.6% 15.5% 15.9% 9.4% 7.3% 7.0% 7.2% 28.2% 56.4% 44.8% 40.6%
Benetton 16.1% 16.9% 16.2% 16.4% 7.0% 7.1% 6.4% 6.4% 10.5% 10.6% 9.1% 9.0%
Escada AG 9.9% 3.7% 5.4% 6.7% -3.9% -5.0% -0.8% 0.1% -33% -25% -10% 1.5%
Ted Baker 18.9% 16.5% 15.0% 15.3% 10.7% 8.7% 7.4% 8.2% 27.2% 22.8% 20.7% 18.7%
Baltika 9.0% 8.7% 10.0% 11.7% 4.0% 2.6% 2.7% 3.9% 12.4% 9.4% 11.4% 12.2%
Damartex SA 5.0% 0.0% 2.9% 4.7% 2.7% 0.0% 1.4% 2.1% 11.4% 9.4% 0.7% 8.4%
French Connection 4.0% 1.5% 1.5% 2.7% 0.6% -0.4% -0.9% 0.2% 1.2% -1.5% -1.5% 0.0%
Inditex 22.8% 21.7% 20.7% 20.9% 13.2% 12.2% 11.4% 11.4% 29.9% 26.5% 24.2% 24.1%
Gerry Weber international AG 12.2% 13.1% 13.4% 12.4% 5.3% 6.8% 7.0% 6.4% 18.6% 22.8% 23.2% 21.8%
Silvano Fashion Group AS 23.3% 14.0% 12.2% 12.8% 12.1% 4.8% 4.9% 6.2% 25.6% 2.9% 5.7% 11.4%
Hennes & Mauritz AB 25.8% 25.0% 23.0% 23.1% 17.3% 17.1% 15.4% 15.4% 42.3% 42.8% 41.7% 42.8%
EuroStoxx Retail 7.0% 7.0% 7.0% 7.1% 2.8% 2.6% 2.1% 2.2% 14.5% 13.0% 12.3% 12.2%
EuroStoxx Personal & 19.0% 16.7% 16.4% 16.6% 11.3% 8.5% 8.2% 8.7% 17.6% 16.5% 15.2% 15.5%
Household Goods
CEE to Peer, ppt -8.7 -8.0 -7.4 -7.7 -5.0 -3.3 -3.3 -2.6 3.8 -4.4 -3.7 0.7


2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
Emperia Holding 253.1% -8.2% -7.1% 2.2% 173% -37% 5% 3%
Empik 39.9% 46.6% 6.9% 11.8% 53% 37% 5% 14%
Eurocash 44.5% 36.7% -1.4% 7.5% 46% 42% 9% 9%
Flamingo International -116.8% 219.9% 11.1% 24.3% -107% 125% 20% 64%
Inter Cars 115.2% 14.0% -2.1% 8.2% 208% -36% -11% 14%
LPP 155.0% 31.7% 8.4% 12.1% 253% 25% 5% 17%
Monnari 13.4% 63.6% 26.0% 12.8% 32% 3% -2% 8%
NG2 26.8% 93.7% -13.8% 6.6% 3% 107% -10% 5%
Vistula & Wolczanka 449.0% -8.4% 7.3% 38.0% 717% -36% 4% 48%
CEE total 126.9% 29.7% 1.3% 11.1% 222% 18% 4% 17%
Geox Spa 30.9% -2.1% -2.3% 9.4% 26.5% -3.3% -14.8% 8.5%
Next -2.9% -29.5% -11.0% 0.5% 5.9% -29.4% -10.6% 1.5%
Hugo Boss AG 23.3% -9.4% -3.3% 4.2% 20.7% -19.1% -9.7% 6.1%
Benetton 27.0% 6.7% -5.2% 3.8% 16.3% 3.2% -11.5% 4.9%
Escada AG 9.7% -68.5% 42.5% 24.4% -257.5% -26.0% -62.1% -114%
Ted Baker 2.7% -29.4% -1.7% 8.4% -1.8% -31.1% 0.8% 0.7%
Baltika -15.5% 0.7% 24.6% 23.4% -83.9% -18.4% 36.6% 18.7%
Damartex SA 6.2% 2.3% -50.6% 68.3% -1.4% -10.3% -93.6% 1139%
French Connection -34.5% -70.8% 4.8% 92.0% -38.6% -186.5% 0.7% -97.0%
Inditex 20.1% 5.6% 6.0% 12.9% 24.8% 2.5% 3.2% 10.7%
Gerry Weber international AG 28.9% 20.6% 13.1% 7.3% 27.9% 45.0% 15.9% 7.9%
Silvano Fashion Group AS 283.3% -31.3% -3.5% 13.8% 275.0% -86.7% 100.0% 125.0%
Hennes & Mauritz AB 14.0% -6.2% 11.6% 11.9% 20.2% -4.5% 9.2% 11.7%
Peer Group total 14.7% -5.5% 4.6% 10.6% -10.9% -7.1% -8.0% 26.6%
EuroStoxx Retail 5.8% 1.7% 1.6% 7.0% 9.8% -0.7% -0.4% 10.2%
EuroStoxx Personal & 12.4% -1.5% 2.6% 5.9% 10.7% -0.3% -0.8% 8.1%
Household Goods
CEE to Peer, ppt 112.2 35.1 -3.3 0.5 233.1 25.0 12.2 -10.1

52 weeks
Emperia Holding latest
(PLN mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 160
Sales 1206.72 1207.91 1297.47 1,336.5 1,333.8 10.5% 140
EBITDA 38.60 49.91 39.06 43.4 32.5 -15.7% 120
EBIT 27.47 40.41 26.95 30.7 18.7 -31.9% 100
Net profit 15.32 24.85 18.01 22.1 5.5 -64.4% 80

EBITDA margin 3.2% 4.1% 3.0% 3.2% 2.4% 60
EBIT margin 2.3% 3.3% 2.1% 2.3% 1.4% 40
Emperia Holding WIG (Rebased)
Net margin 1.3% 2.1% 1.4% 1.7% 0.4% DJ EURO STOXX Retail (Rebased)
Empik latest 52 weeks
(PLN mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 22

Sales 332.36 631.70 428.20 490.5 525.2 58.0% 20
EBITDA 16.40 117.40 23.70 40.3 28.1 71.3% 18
EBIT 4.44 86.60 7.60 22.7 8.8 98.4% 16
Net profit 5.44 68.90 2.40 18.0 3.1 -43.0% 14
EBITDA margin 4.9% 18.6% 5.5% 8.2% 5.4% 12

10
EBIT margin 1.3% 13.7% 1.8% 4.6% 1.7%
8
Net margin 1.6% 10.9% 0.6% 3.7% 0.6%
Empik WIG (Rebased) DJ EURO STOXX Retail (Rebased)
52 weeks
Eurocash latest
(PLN mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 14
Sales 1293.61 1276.65 1226.51 1569.32 1733.30 34.0% 13
12
EBITDA 33.56 40.64 22.66 41.22 41.37 23.3% 11
EBIT 23.90 31.18 13.27 31.02 30.00 25.5% 10
Net profit 18.09 19.63 9.08 23.20 18.90 4.5% 9
8
EBITDA margin 2.6% 3.2% 1.8% 2.6% 2.4%
7
EBIT margin 1.8% 2.4% 1.1% 2.0% 1.7% 6
Net margin 1.4% 1.5% 0.7% 1.5% 1.1% 5
Eurocash WIG (Rebased) DJ EURO STOXX Retail (Rebased)
Flamingo International latest 52 weeks
(RON mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 0,35

Sales 109.73 253.00 169.17 173.25 176.35 60.7% 0,30
EBITDA 7.93 22.31 -0.62 3.67 -1.41 n.a. 0,25
EBIT 5.51 19.67 -3.46 0.66 -4.32 n.a. 0,20
Net profit 2.05 16.57 -5.64 -0.75 -8.45 n.a. 0,15
EBITDA margin 7.2% 8.8% -0.4% 2.1% -0.8% 0,10
EBIT margin 5.0% 7.8% -2.0% 0.4% -2.5% 0,05
Net margin 1.9% 6.6% -3.3% -0.4% -4.8% 0,00

Flamingo International BET (Rebased)
DJ EURO STOXX Retail (Rebased)
Inter Cars latest 52 weeks
(PLN mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 140

Sales 345.93 371.96 394.03 453.17 476.84 37.8% 120
EBITDA 23.71 27.90 40.07 40.07 20.70 -12.7% 100
EBIT 20.36 24.43 34.93 34.93 14.03 -31.1% 80
Net profit 15.24 12.48 22.67 22.67 4.95 -67.5% 60
EBITDA margin 6.9% 7.5% 10.2% 8.8% 4.3% 40
EBIT margin 5.9% 6.6% 8.9% 7.7% 2.9% 20
Net margin 4.4% 3.4% 5.8% 5.0% 1.0% Inter Cars WIG 20 (Rebased) DJ EURO STOXX Retail (Rebased)

52 weeks
LPP latest
(PLN mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 2.400
2.200
Sales 324.05 386.80 339.66 358.14 397.90 22.8% 2.000
EBITDA 51.31 85.22 39.38 61.68 66.80 30.2% 1.800
EBIT 38.74 71.97 25.34 46.90 50.80 31.1% 1.600
1.400
Net profit 32.54 51.79 18.08 34.82 40.80 25.4%
1.200
EBITDA margin 15.8% 22.0% 11.6% 17.2% 16.8% 1.000
EBIT margin 12.0% 18.6% 7.5% 13.1% 12.8% 800
Net margin 10.0% 13.4% 5.3% 9.7% 10.3% LPP WIG (Rebased) DJ EURO STOXX Retail (Rebased)
52 weeks
Monnari latest
(PLN mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 30
Sales 37.995 56.79 56.89 55.1 68.1 79.2% 25

EBITDA 3.716 9.92 3.60 5.8 5.2 39.9%
20
EBIT 2.821 8.82 2.27 4.4 3.4 20.5%
Net profit 2.105 6.29 1.50 3.7 1.7 -19.2% 15
EBITDA margin 9.8% 17.5% 6.3% 10.6% 7.6% 10

EBIT margin 7.4% 15.5% 4.0% 7.9% 5%
5
Net margin 5.5% 11.1% 2.6% 6.7% 2%
Monnari WIG (Rebased) DJ EURO STOXX Retail (Rebased)
NG2 latest 52 weeks
(PLN mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 50

Sales 129.43 164.77 138.87 201.1 203.9 57.5% 45
EBITDA 13.59 24.19 23.07 46.8 38.4 182.5% 40
EBIT 11.42 21.79 20.38 43.6 35.5 210.9% 35
Net profit 8.36 18.47 17.11 32.7 27.2 225.6% 30
EBITDA margin 10.5% 14.7% 16.6% 23.3% 18.8%
25
EBIT margin 8.8% 13.2% 14.7% 21.7% 17.4%
20
Net margin 6.5% 11.2% 12.3% 16.3% 13.3% NG2 WIG (Rebased) DJ EURO STOXX Retail (Rebased)
52 weeks
Vistula & Wolczanka latest
(PLN mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 11
10
Sales 97.60 118.96 92.97 113.80 133.70 37.0%
9
EBITDA 14.282 16.77 9.27 -3.40 -1.10 n.a. 8
EBIT 20.00 13.05 6.66 -7.00 -5.70 n.a. 7
6
Net profit 16.10 13.56 5.86 -5.60 -15.40 n.a. 5
EBITDA margin 14.6% 14.1% 10.0% -3.0% -0.8% 4
EBIT margin 20.5% 11.0% 7.2% -6.2% -4.3% 3
2
Net margin 16.5% 11.4% 6.3% -4.9% -11.5% Vistula & Wolczanka WIG (Rebased)
DJ EURO STOXX Retail (Rebased)

Technology
Asseco Poland PLN 686 46.0 74.4 Buy -5.9% -12.3% -40.5% -41.9%
AT&S EUR 72 3.1 3.9 Hold 1.6% -32.3% -68.2% -69.0%
ComArch PLN 96 53.3 Under Review -19.9% -21.7% -43.5% -65.0%
Ericsson Nikola Tesla HRK 209 1,170.0 2,817.0 Hold -6.4% -15.0% -44.6% -54.2%
Kapsch TrafficCom EUR 192 15.7 32.7 Buy -3.0% -12.7% -43.4% -39.8%
phion EUR 6 8.0 Under review -16.3% -51.1% -62.1% -62.1%
S&T EUR 42 11.7 u.r. Hold 20.2% -57.2% -60.3% -72.7%
Sygnity PLN 52 19.2 22.7 Reduce -25.8% -2.1% -13.2% -50.5%
TecDAX Technology 17,270 - - - -7.6% -11.0% -39.7% -38.4%
EuroStoxx Technology 98,294 - - - -6.6% -16.0% -39.7% -44.4%
P/E P/CE P/BV

2007 2008e 2009e 2010e 2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
Asseco Poland 22.2 7.0 8.1 8.5 18.7 5.9 6.6 6.8 2.0 0.9 0.9 0.8
AT&S 5.8 24.0 4.7 3.2 3.1 1.7 1.4 1.1 1.1 0.3 0.3 0.3
ComArch 34.5 1.7 7.2 5.8 24.2 1.5 5.1 4.4 5.1 0.8 0.8 0.7
Ericsson Nikola Tesla 20.5 7.0 6.4 5.7 15.9 4.6 4.5 4.1 3.1 1.3 1.1 0.9
Kapsch TrafficCom 11.6 6.6 8.6 8.1 10.1 6.9 6.4 5.9 3.0 1.3 1.2 1.1
phion n.m. n.m. 71.0 2.6 687.1 6.3 2.8 1.3 1.3 0.5 0.5 0.4
S&T 45.5 6.0 3.8 3.0 15.5 2.7 2.1 1.8 3.4 0.7 0.6 0.5
Sygnity n.m. 122.6 29.8 19.4 n.m. 4.3 5.2 5.0 1.1 0.6 0.6 0.6
Median CEE 16.1 6.8 7.7 5.7 15.7 4.4 4.8 4.3 2.5 0.8 0.7 0.6
TecDAX Technology 12.3 8.7 9.6 7.5 9.2 7.4 6.8 5.5 1.4 1.1 1.0 1.0
EuroStoxx Technology 9.3 12.2 11.9 11.9 6.9 7.7 7.8 5.9 2.8 2.6 2.4 2.0
2007 2008e 2009e 2010e 2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
Asseco Poland 3.5 1.0 0.9 0.8 16.2 5.2 5.0 4.7 0.7% 1.8% 2.1% 2.0%
AT&S 0.8 0.5 0.5 0.5 5.0 3.4 3.4 3.2 3.2% 5.8% 7.7% 8.7%
ComArch 2.7 0.3 0.3 0.2 25.5 3.0 2.6 1.5 0.0% 0.0% 0.0% 0.0%
Ericsson Nikola Tesla 2.1 0.7 0.6 0.5 17.0 5.1 4.3 3.4 10.3% 23.6% 1.9% 2.0%
Kapsch TrafficCom 2.0 0.7 0.7 0.5 9.6 3.5 3.2 2.3 2.8% 4.6% 3.5% 3.7%
phion 1.0 0.3 0.2 0.0 -8.5 25.3 2.3 0.2 0.0% 0.0% 0.0% 0.0%
S&T 0.4 0.2 0.1 0.1 11.0 4.2 3.0 2.3 0.0% 0.0% 0.0% 0.0%
Sygnity 0.4 0.3 0.3 0.3 -32.2 4.6 5.6 5.2 0.0% 0.0% 0.0% 0.0%
Median CEE 1.5 0.4 0.4 0.4 10.3 4.4 3.3 2.7 0.4% 0.9% 0.9% 1.0%
TecDAX Technology 2.3 0.8 0.8 0.6 14.6 6.2 5.0 4.0 0.0% 0.0% 0.0% 0.0%
EuroStoxx Technology 1.7 1.0 0.8 0.7 9.6 5.9 5.8 4.7 2.8% 2.9% 3.5% 3.5%
CEE to Peer, Prem/Disc -27% -53% -49% -44% -15% -27% -38% -37% -74% -38% -45% -44%


2007 2008e 2009e 2010e 2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
Asseco Poland 21.4% 18.5% 17.7% 17.5% 14.9% 13.7% 12.1% 12.0% 13.6% 13.3% 10.7% 9.7%
AT&S 16.4% 16.1% 15.3% 16.5% 8.5% 0.6% 3.4% 5.0% 19.1% 1.4% 6.8% 9.6%
ComArch 10.5% 10.5% 11.2% 12.8% 7.3% 31.1% 7.5% 9.2% 15.8% 58.5% 10.9% 12.6%
Ericsson Nikola Tesla 12.4% 14.5% 14.6% 14.7% 11.2% 11.6% 11.9% 12.7% 13.8% 17.7% 18.8% 18.2%
Kapsch TrafficCom 20.3% 19.6% 21.1% 21.3% 16.7% 13.3% 14.0% 14.6% 34.5% 20.8% 14.3% 13.8%
phion -11.2% 1.2% 8.5% 17.2% -17.5% -8.2% 0.5% 10.5% -18.5% -8.0% 0.7% 17.7%
S&T 3.9% 4.1% 4.9% 5.3% 0.7% 1.3% 1.9% 2.3% 7.6% 13.1% 17.7% 18.8%
Sygnity -1.3% 5.6% 4.9% 5.0% -6.4% 0.2% 0.7% 1.1% -19.8% 0.4% 1.9% 3.0%
Median CEE 11.5% 12.5% 12.9% 15.6% 7.9% 6.4% 5.4% 9.9% 13.7% 13.2% 10.8% 13.2%
TecDAX Technology 13.8% 13.9% 14.5% 15.8% 8.0% 8.6% 7.8% 8.9% 11.0% 11.5% 10.2% 12.2%
EuroStoxx Technology 19.1% 14.2% 12.7% 14.8% 9.6% 6.6% 5.7% 7.4% 24.3% 20.3% 18.0% 18.4%
CEE to Peer, ppt -5.0 -1.5 -0.7 0.3 -0.9 -1.2 -1.3 1.7 -4.0 -2.6 -3.3 -2.1
2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
Asseco Poland 387.6% 106.3% -6.6% -4.3% 21.1% 61.8% -14.2% -4.0%
AT&S 11.6% -6.9% -6.8% 11.2% 42.6% -92.9% 408.5% 49.6%
ComArch 8.0% 21.9% 0.8% 16.0% -20.5% 397.3% -77.2% 24.8%
Ericsson Nikola Tesla -18.8% 24.1% 6.5% 6.9% -14.7% 9.8% 8.9% 13.3%
Kapsch TrafficCom 26.7% 12.5% -20.7% 3.2% 51.1% -12.8% -23.4% 6.2%
phion -235.4% -117.0% 903.3% 166.2% -3481.6% -32.1% -108.4% 2615.6%
S&T 13.3% 11.3% 25.6% 13.6% -46.3% 89.8% 57.3% 27.6%
Sygnity -131.0% -463.4% -26.3% 2.3% 82.2% -102.0% 312.0% 53.4%
CEE total 25.1% 43.9% -5.0% 4.5% -19.5% 39.3% -3.4% 23.8%
TecDAX Technology 14.0% 53.8% 13.0% 14.1% 1.6% 99.1% 1.3% 3.7%
EuroStoxx Technology 13.4% -11.2% -14.5% 18.6% 11.2% 6.5% -9.4% 20.1%
Total Peer Group 13.4% -5.0% -10.3% 17.8% 5.9% 55.7% -2.1% 8.5%
CEE to Peer, ppt 11.7 48.9 5.2 -13.3 -25.3 -16.4 -1.3 15.2

52 weeks
Asseco Poland (former Softbank) latest
(PLN mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 80
75
Sales 315.5 465.48 414.6 753.7 751.5 138.2% 70
EBITDA 75.7 105.36 90.9 154.2 166.5 119.9% 65
60
EBIT 65.4 91.057 79.2 120.6 139.3 113.1% 55
Net profit 45.0 61.278 51.0 100.8 76.9 70.8% 50
45
EBITDA margin 24.0% 22.6% 21.9% 20.5% 22.2%
40
EBIT margin 20.7% 19.6% 19.1% 16.0% 18.5% 35
Asseco Poland
DJ EURO STOXX Technology (Rebased)
52 weeks
AT&S latest
(EUR mn) 2Q07/08 3Q07/08 4Q07/08 1Q08/09 2Q08/09 y/y 14
Sales 127.0 126.3 117.4 115.2 119.0 -6.3% 12
EBITDA 22.7 21.5 19.7 15.7 25.6 12.8% 10
EBIT 14.4 11.6 9.4 5.6 14.9 3.5% 8
Net profit 12.6 12.1 7.8 5.0 13.6 7.4% 6

EBITDA margin 17.9% 17.0% 16.8% 13.6% 21.5% 4
EBIT margin 11.4% 9.2% 8.0% 4.9% 12.5% 2
AT&S
Net margin 10.0% 9.6% 6.6% 4.4% 11.4% ATX Prime (Rebased)
DJ EURO STOXX Technology (Rebased)
52 weeks
ComArch latest
150
(PLN mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 140
Sales 140.44 170.61 110.33 164.72 115.16 -18.0% 130
120
EBITDA 14.28 20.90 10.16 9.03 5.81 -59.3% 110
100
EBIT 9.84 16.04 5.56 4.25 0.75 -92.4% 90
80
Net profit 6.84 18.72 165.14 1.70 1.13 -83.6% 70
EBITDA margin 10.2% 12.3% 9.2% 5.5% 5.0% 60
50
EBIT margin 7.0% 9.4% 5.0% 2.6% 0.7% 40
ComArch WIG (Rebased) DJ EURO STOXX Technology (Rebased)
Net margin 4.9% 11.0% 149.7% 1.0% 1.0%
52 weeks
Ericsson Nikola Tesla latest
3.000
(HRK mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y
Sales 574.52 494.68 380.83 426.68 517.54 -9.9% 2.500
EBITDA 49.24 95.41 51.18 63.66 63.76 29.5% 2.000

EBIT 28.64 47.25 31.23 45.63 45.85 60.1%
1.500
Net profit 40.53 93.93 22.84 51.38 32.49 -19.8%
1.000
EBITDA margin 8.6% 19.3% 13.4% 14.9% 12.3%
EBIT margin 5.0% 9.6% 8.2% 10.7% 8.9% 500
Ericsson Nikola Tesla
CROBEX (Rebased)
Net margin 7.1% 19.0% 6.0% 12.0% 6.3% DJ EURO STOXX Technology (Rebased)
52 weeks
Kapsch TrafficCom latest
35
(EUR mn) 2Q07/08 3Q07/08 4Q07/08 1Q08/09 2Q08/09 y/y
Sales 34.96 54.83 62.11 60.42 48.06 37.5% 30
EBITDA 3.81 11.91 18.43 12.18 8.11 113.2% 25

EBIT 2.78 10.95 17.25 11.26 7.08 154.2%
20
Net profit 2.93 7.12 17.48 11.19 5.43 85.3%
15
EBITDA margin 10.9% 21.7% 29.7% 20.2% 16.9%
EBIT margin 8.0% 20.0% 27.8% 18.6% 14.7% 10
Kapsch TrafficCom
ATX (Rebased)
Net margin 8.4% 13.0% 28.1% 18.5% 11.3% DJ EURO STOXX Technology (Rebased)
52 weeks
Phion latest
30
(EUR mn) 2Q07/08 3Q07/08 4Q07/08 1Q08/09 2Q08/09 y/y
Sales 2.03 1.72 2.32 2.75 2.24 10.4% 25
EBITDA 0.53 -0.36 -0.69 -0.17 -1.05 n.a. 20

EBIT 0.33 -0.57 -0.93 -0.48 -1.37 n.a.
15
Net profit 0.45 -0.46 -0.82 -0.30 -1.41 n.a.
10
EBITDA margin 26.2% -20.7% -29.7% -6.2% -46.9%
EBIT margin 16.1% -32.9% -40.0% -17.3% -61.2% 5
phion
ATX Prime (Rebased)
Net margin 22.3% -26.5% -35.5% -10.8% -62.8% DJ EURO STOXX Technology (Rebased)

52 weeks
S&T latest
55
(EUR mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y
50
Sales 122.86 170.69 116.60 120.80 124.90 1.7% 45
40
EBITDA 4.35 8.97 4.11 3.17 3.30 -24.1% 35
EBIT 2.44 6.98 2.23 1.44 1.36 -44.4% 30
25
Net profit 0.16 3.48 0.08 0.08 n.a. n.a. 20
15
EBITDA margin 3.5% 5.3% 3.5% 2.6% 2.6% 10
EBIT margin 2.0% 4.1% 1.9% 1.2% 1.1% 5
Net margin 0.1% 2.0% 0.1% 0.1% n.a. S&T ATX (Rebased) DJ EURO STOXX Technology (Rebased)
52 weeks
Sygnity latest
45
(PLN mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y
40
Sales 250.65 392.13 211.26 295.43 183.65 -26.7%
35
EBITDA -46.38 67.84 -12.09 17.42 23.48 n.a. 30
EBIT -54.58 55.61 -24.84 7.05 11.84 n.a. 25
Net profit -50.13 43.05 -26.32 8.33 6.33 n.a. 20
EBITDA margin -18.5% 17.3% -5.7% 5.9% 12.8% 15
EBIT margin -21.8% 14.2% -11.8% 2.4% 6.4% 10

Sygnity WIG (Rebased) DJ EURO STOXX Technology (Rebased)
Net margin -20.0% 11.0% -12.5% 2.8% 3.4%

Telecom
Magyar Telekom HUF 2,059 573.0 910.0 Accumulate -5.5% -2.3% -41.8% -36.0%
T-Hrvatski Telekom HRK 2,436 220.0 330.0 Accumulate 1.9% -8.3% -23.4% -30.7%
Telefonica O2 CR CZK 4,873 425.5 700.0 Buy -7.1% -0.5% -28.1% -12.4%
Telekom Austria EUR 4,517 9.8 12.7 Accumulate -12.5% -5.7% -28.5% -45.9%
Telekom Slovenije EUR 808 123.5 270.0 Hold 5.8% -32.5% -48.2% -62.5%
TPSA PLN 6,463 20.9 23.0 Hold 0.1% -7.1% -30.0% -16.5%
TEO LT AB LTL - Lithuanian297
Litas - - - 7.7% -17.1% -34.0% -40.0%
Rostelecom USD - US Dollar
4,461 - - - 20.7% 39.4% -20.4% -23.1%
Teliasonera Ab SEK - Swedish
15,776
Krona - - - 0.3% 7.5% -24.9% -39.3%
Telenor ASA NOK - Norwegian
8,291Krone - - - 11.4% -13.5% -48.3% -65.3%
KPN Koninklijke EUR - Euro 17,324 - - - -2.4% -0.8% -7.7% -12.7%
Portugal Telecom EUR - Euro 5,680 - - - 5.6% 34.8% -8.4% -26.7%
Swisscom AG CHF - Swiss12,650
Franc - - - 3.7% -4.1% 16.9% -7.6%
EuroStoxx Telecom - 229,583 - - - -4.9% 0.4% -7.0% -22.6%
P/E P/CE P/BV

2007 2008e 2009e 2010e 2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
Magyar Telekom 15.5 6.5 7.0 7.1 5.1 2.7 3.0 3.1 1.8 1.1 1.2 1.2
T-Hrvatski Telekom 11.7 7.7 7.8 7.7 7.4 4.9 5.0 5.0 2.3 1.4 1.4 1.4
Telefonica O2 CR 17.6 9.9 10.0 9.4 7.8 4.7 5.1 5.2 2.1 1.7 1.8 1.9
Telekom Austria 17.5 n.m. 9.1 8.1 5.4 2.5 2.9 2.6 3.4 2.1 2.1 2.1
Telekom Slovenije 30.5 8.4 8.0 7.8 10.1 3.1 2.9 2.8 2.5 0.7 0.7 0.7
TPSA 14.4 9.0 10.3 10.5 5.1 3.3 3.8 4.0 1.7 1.5 1.6 1.6
Median CEE 16.5 8.1 8.6 8.0 6.4 3.2 3.4 3.6 2.2 1.5 1.5 1.5
TEO LT AB 6.6 6.2 6.6 6.9 3.1 3.0 3.0 3.1 1.0 1.0 1.0 1.0
Rostelecom 67.7 88.4 35.3 44.0 24.2 56.5 20.3 19.6 2.7 1.8 1.7 1.7
Teliasonera Ab 8.4 9.6 8.7 8.3 5.6 7.2 6.4 6.1 1.3 1.5 1.3 1.2
Telenor ASA 4.4 5.8 6.5 6.2 2.7 3.3 3.2 3.2 1.0 1.0 0.9 0.8
KPN Koninklijke 12.6 12.2 10.5 9.7 4.9 4.7 4.4 4.1 4.1 4.6 5.0 5.6
Portugal Telecom 9.1 10.7 10.5 9.3 3.4 3.2 3.2 3.1 4.9 12.3 11.4 7.7
Swisscom AG 10.1 10.3 9.8 9.5 5.6 4.5 4.6 4.6 3.6 2.9 2.6 2.3
EuroStoxx Telecom 9.1 10.7 10.3 9.3 3.5 3.5 3.5 3.3 2.8 2.6 2.4 2.5
CEE to Peer, Prem/Disc 82% -22% -12% -14% 32% -29% -22% -13% -18% -19% -11% -10%
2007 2008e 2009e 2010e 2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
Magyar Telekom 1.9 1.2 1.3 1.3 5.2 3.1 3.3 3.4 8.3% 15.1% 14.6% 14.8%
T-Hrvatski Telekom 2.6 1.4 1.4 1.4 5.9 3.2 3.2 3.2 8.4% 12.9% 12.9% 13.0%
Telefonica O2 CR 2.9 1.9 2.0 2.0 6.5 4.2 4.5 4.5 8.8% 13.2% 12.7% 12.2%
Telekom Austria 2.7 1.7 1.7 1.6 7.1 6.9 4.5 4.3 3.9% 7.6% 7.6% 8.1%
Telekom Slovenije 3.9 1.5 1.4 1.4 10.2 3.8 3.7 3.6 3.1% 10.4% 10.4% 10.4%
TPSA 2.2 1.5 1.7 1.7 5.1 3.4 3.8 3.9 6.3% 10.2% 9.1% 9.1%
Median CEE 2.7 1.5 1.5 1.5 6.2 3.6 3.8 3.7 7.3% 11.6% 11.6% 11.3%
TEO LT AB 2.0 0.8 0.8 0.8 4.4 1.8 2.1 2.2 20.2% 13.5% 13.5% 13.5%
Rostelecom 3.6 2.0 2.2 2.4 20.4 10.1 9.5 10.3 1.4% 2.1% 2.7% 3.2%
Teliasonera Ab 3.2 2.2 2.0 2.0 10.1 7.0 6.3 6.0 5.4% 5.2% 5.5% 5.8%
Telenor ASA 2.8 1.2 1.2 1.2 8.8 4.0 4.7 4.2 8.6% 6.7% 6.2% 7.2%
KPN Koninklijke 2.7 2.0 2.0 1.9 6.9 5.7 5.4 5.2 5.3% 5.9% 6.9% 7.9%
Portugal Telecom 2.4 1.7 1.7 1.6 6.1 4.7 4.8 4.6 9.1% 9.1% 7.7% 7.4%
Swisscom AG 3.2 2.3 2.3 2.2 7.9 5.8 5.8 5.7 5.1% 6.1% 5.6% 5.9%
EuroStoxx Telecom 2.6 1.8 1.8 1.7 6.7 5.3 4.8 4.6 7.5% 7.5% 7.6% 7.9%
CEE to Peer, Prem/Disc -5% -25% -22% -20% -21% -36% -30% -29% 35% 90% 86% 57%


2007 2008e 2009e 2010e 2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
Magyar Telekom 36.0% 39.3% 39.1% 39.0% 10.8% 13.6% 13.9% 14.3% 11.6% 16.0% 16.3% 17.2%
T-Hrvatski Telekom 44.7% 44.6% 44.4% 44.4% 28.0% 26.4% 26.7% 26.9% 19.5% 18.5% 18.6% 18.7%
Telefonica O2 CR 44.5% 44.6% 43.8% 43.8% 16.5% 19.2% 20.0% 21.6% 11.8% 16.3% 17.3% 19.4%
Telekom Austria 37.7% 25.0% 37.0% 37.1% 10.0% -0.9% 9.0% 9.9% 18.3% -2.0% 21.9% 24.6%
Telekom Slovenije 38.2% 38.1% 38.1% 38.0% 11.3% 11.7% 11.6% 11.4% 8.6% 9.0% 9.2% 9.3%
TPSA 42.3% 43.6% 43.1% 42.7% 12.5% 13.8% 14.0% 14.3% 12.4% 15.4% 15.0% 15.3%
Median CEE 40.2% 41.4% 41.1% 40.9% 11.9% 13.7% 14.0% 14.3% 12.1% 15.7% 16.8% 17.9%
TEO LT AB 44.4% 42.5% 40.4% 39.2% 20.5% 19.8% 17.9% 16.8% 14.5% 15.8% 14.7% 14.6%
Rostelecom 17.8% 20.0% 23.7% 22.9% 17.7% - 7.9% 11.9% 4.0% 2.0% 4.8% 3.8%
Teliasonera Ab 31.5% 31.3% 31.8% 32.7% 18.3% 17.5% 18.0% 19.1% 15.1% 15.4% 15.0% 14.7%
Telenor ASA 31.6% 30.6% 26.1% 27.8% 19.5% 15.0% 12.3% 12.3% 21.8% 18.0% 13.5% 13.3%
KPN Koninklijke 38.8% 34.7% 36.3% 36.4% 21.0% 9.9% 11.3% 11.6% 32.8% 37.5% 47.5% 57.1%
Portugal Telecom 38.3% 36.0% 35.3% 35.6% 12.1% 8.0% 7.7% 8.8% 53.6% 114% 108% 83%
Swisscom AG 40.6% 39.5% 39.2% 38.8% 18.6% 14.4% 15.1% 15.4% 36.1% 28.0% 26.4% 24.2%
Median Peer Group 38.3% 34.7% 35.3% 35.6% 18.6% 14% 12.3% 12.3% 21.8% 18.0% 15.0% 14.7%
EuroStoxx Telecom 37.1% 35.4% 36.2% 36.4% 12.1% 9.9% 10.4% 10.6% 32.6% 30.1% 29.2% 31.7%
CEE to Peer, ppt 1.9 6.7 5.8 5.3 -6.7 -0.8 1.7 2.0 -9.7 -2.2 1.8 3.2
2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
Magyar Telekom -0.9% 9.5% -9.3% -3.8% -16.2% 31.7% -6.8% -0.7%
T-Hrvatski Telekom -2.3% -1.5% -1.7% 0.1% 11.4% -6.5% -0.2% 0.7%
Telefonica O2 CR 2.6% 14.1% -7.1% -1.9% 32.2% 32.2% -1.0% 6.0%
Telekom Austria -2.7% -30.5% 49.0% 1.5% -8.3% -109.9% -1092.4% 13.4%
Telekom Slovenije 1.9% 5.1% 4.4% 3.9% -14.6% 8.7% 4.1% 2.4%
TPSA -3.6% 10.2% -16.9% -6.7% 12.8% 21.1% -12.4% -2.0%
CEE total -1.7% -1.7% 1.2% -2.1% -7.6% 1.3% 8.1% 2.8%
TEO LT AB 0.2% -1.0% -4.7% -2.3% 14.2% 6.6% -6.2% -4.5%
Rostelecom 4.1% 9.2% 25.2% -7% 67.6% -23.4% 150.6% -20%
Teliasonera Ab -9.7% -9.7% 8.5% 4.7% 8.3% -12.1% 9.6% 5.7%
Telenor ASA -7.4% -18.4% -4.4% 11.9% 20.8% -24.1% -11.5% 5.7%
KPN Koninklijke 1.3% 2.9% 2.9% 2.3% 1.3% 3.1% 16.4% 8.3%
Portugal Telecom -2.7% 2.1% -2.0% 1.7% 6.3% -15.7% 2.0% 13.7%
Swisscom AG 15.6% 19.4% -0.9% -0.1% 30.5% -2.0% 5.4% 2.6%
Peer Group total -1.5% -1.4% 1.5% 3.5% 27.8% -3.4% 5.5% 3.0%
EuroStoxx Telecom 3.3% -0.6% 0.9% 1.5% 12.3% -9.3% 7.4% 4.6%
CEE to Peer, ppt -0.2 -0.3 -0.4 -5.6 -35.5 4.6 2.5 -0.3

T-Hrvatski Telekom latest 52 weeks

(HRK mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 350
Sales 2,360.0 2,112.0 2,039.0 2,154.0 2,458.0 4.2%
300
EBITDA 1,216.0 759.0 927.0 1,005.0 1,261.0 3.7%
EBIT 887.0 342.0 590.0 670.0 923.0 4.1% 250
Net profit 819.0 318.0 548.0 577.0 763.0 -6.8% 200
EBITDA margin n.a. 35.9% 45.5% 46.7% 51.3% 150

EBIT margin 37.6% 16.2% 28.9% 31.1% 37.6%
100
Net margin 34.7% 15.1% 26.9% 26.8% 31.0% T-Hrvatski Telekom
CROBEX (Rebased)
DJ EURO STOXX Telecommunications (Rebased)
52 weeks
Magyar Telekom latest
900
(HUF bn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y
800
Sales 175.2 173.0 162.6 173.1 167.1 -4.6%
EBITDA 74.2 40.9 68.9 75.4 69.5 -6.4% 700
EBIT 45.8 10.9 41.0 47.7 46.0 0.4% 600
Net profit 25.3 0.7 22.2 31.5 26.7 5.7% 500
EBITDA margin 42.4% 23.7% 42.4% 43.6% 41.6% 400
EBIT margin 26.2% 6.3% 25.2% 27.6% 27.5% 300

Magyar Telekom
BUX (Rebased)
Net margin 14.4% 0.4% 13.6% 18.2% 16.0% DJ EURO STOXX Telecommunications (Rebased)
52 weeks
Telefónica O2 CR latest
550
(CZK mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y
500
Sales 16,031 15,932 15,410 15,866 16,827 5.0%
450
EBITDA 7,250.0 6,603.0 6724 7,601.0 7,215.0 -0.5%
400
EBIT 3,848.0 3,041.2 3359 4,396.0 4,105.0 6.7% 350
Net profit 2,706.0 2,789.4 2434 3,367.0 3,204.0 18.4% 300
EBITDA margin 45.2% 41.4% 43.6% 47.9% 42.9% 250
EBIT margin 24.0% 19.1% 21.8% 27.7% 24.4% 200
Telefonica O2 CR
Net margin 16.9% 17.5% 15.8% 21.2% 19.0% PX (Rebased)
52 weeks
Telekom Austria latest
24
(EUR mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 22
Sales 1,277.1 1,288.1 1,259.6 1,276.2 1,328.0 4.0% 20
18
EBITDA 521.1 390.9 498.6 469.1 539.9 3.6%
16
EBIT 257.8 93.4 215.2 174.7 261.7 1.5% 14
12
Net profit 173.7 41.0 129.7 96.3 162.9 -6.2%
10
EBITDA margin 40.8% 30.3% 39.6% 36.8% 40.7% 8
EBIT margin 20.2% 7.3% 17.1% 13.7% 19.7% 6
Telekom Austria
ATX (Rebased)
52 weeks
Telekom Slovenije latest
400
(EUR mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y
350
Sales 206.2 202.6 187.2 229.2 227.2 10.2%
300
EBITDA 82.6 71.1 80.9 83.2 81.0 -1.9%
250
EBIT 42.3 29.9 35.9 37.4 34.0 -19.5%
200
Net profit 28.6 13.4 23.7 24.9 23.3 -18.5%
EBITDA margin 40.1% 35.1% 43.2% 36.3% 35.6% 150
EBIT margin 20.5% 14.8% 19.2% 16.3% 15.0% 100

Telekom Slovenije
SBI (Rebased)
52 weeks
TP SA latest
(PLN mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 26
24
Sales 4,647.0 4,650.0 4,527.0 4,520.0 4,539.0 -2.3% 22
EBITDA 2,053.0 1,944.0 2,012.0 1,937.0 1,925.0 -6.2% 20
EBIT 962.0 848.0 949.0 984.0 915.0 -4.9% 18
16
Net profit 644.0 616.0 681.0 698.0 630.0 -2.2%
14
EBITDA margin 44.2% 41.8% 44.4% 42.9% 42.4% 12
EBIT margin 20.7% 18.2% 21.0% 21.8% 20.2% 10
TPSA

Travel & Tourism

AmRest PLN 148 46.0 64.0 Hold -17.5% -11.4% -51.6% -63.7%
Austrian Airlines EUR 352 4.1 4.4 Hold 5.9% 18.6% 46.8% -19.3%
Danubius Hotels HUF 123 4,500.0 4,900.0 Hold -7.6% -12.2% -41.8% -50.0%
Vienna Int. Airport EUR 579 27.6 37.0 Accumulate -7.8% -19.0% -48.5% -61.8%
EuroStoxx Travel & Tourism - 35,753 - - - -8.1% -0.7% -27.7% -29.9%
P/E P/CE P/BV

2007 2008e 2009e 2010e 2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
AmRest 40.3 11.2 13.8 12.8 19.4 4.1 3.9 3.7 6.6 1.8 1.7 1.5
Austrian Airlines 131.2 n.m. n.m. 87.3 2.0 3.8 4.7 4.0 0.7 0.9 1.0 0.9
Danubius Hotels 51.5 n.m. 430.5 44.2 12.2 7.0 7.2 6.4 1.5 0.7 0.7 0.7
Vienna Int. Airport 18.9 6.2 7.3 7.4 10.5 3.5 3.9 3.5 2.3 0.7 0.7 0.7
Median CEE 45.9 1.0 10.6 28.5 11.3 4.0 4.3 3.9 1.9 0.8 0.8 0.8
EuroStoxx Travel & 10.1 16.6 14.0 10.3 5.1 6.2 6.4 5.1 1.2 1.2 1.3 1.2
Tourism
CEE to Peer, Prem/Disc 353% -94% -24% 176% 121% -36% -33% -24% 51% -32% -33% -33%
2007 2008e 2009e 2010e 2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
AmRest 2.5 0.6 0.5 0.5 17.8 5.4 5.0 4.6 0.0% 0.0% 0.0% 0.0%
Austrian Airlines 0.6 0.7 0.7 0.6 5.4 8.5 6.1 5.2 0.0% 0.0% 0.0% 0.0%
Danubius Hotels 2.2 1.2 1.3 1.3 12.6 9.0 9.5 8.4 0.0% 0.0% 0.0% 0.0%
Vienna Int. Airport 3.9 2.0 2.2 2.5 10.7 5.6 6.7 7.2 3.2% 9.4% 8.2% 8.2%
Median CEE 2.4 1.0 1.0 1.0 11.6 7.1 6.4 6.2 0.0% 0.0% 0.0% 0.0%
EuroStoxx Travel & 0.5 0.5 0.5 0.4 8.2 5.7 5.8 5.4 6.0% 3.2% 4.1% 4.0%
Tourism
CEE to Peer, Prem/Disc 363% 92% 113% 129% 41% 25% 11% 15% -100% -100% -100% -100%

2007 2008e 2009e 2010e 2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
AmRest 14.0% 11.2% 10.6% 10.4% 5.7% 3.3% 2.4% 2.4% 21.2% 16.4% 12.8% 12.6%
Austrian Airlines 12.0% 8.0% 10.8% 12.0% 0.1% -5.0% -1.2% 0.4% 0.5% -13.1% -2.6% 1.1%
Danubius Hotels 17.6% 13.8% 13.9% 15.5% 3.3% -0.7% 0.2% 1.7% 2.9% -0.6% 0.2% 1.6%
Vienna Int. Airport 36.6% 35.5% 33.4% 34.5% 16.8% 16.8% 14.7% 13.8% 12.2% 12.4% 10.0% 9.6%
Median CEE 15.8% 12.5% 12.4% 13.7% 4.5% 1.3% 1.3% 2.1% 7.6% 5.9% 5.1% 5.6%
EuroStoxx Travel & 12.5% 9.0% 8.5% 9.2% 5.9% 2.6% 6.0% 3.0% 15.1% 9.1% 11.6% 11.3%
Tourism
CEE to Peer, ppt 3.3 3.4 3.9 4.5 -1.5 -1.3 -4.7 -0.9 -7.5 -3.2 -6.5 -5.6
2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
AmRest 39.7% 40.9% 9.2% 4.3% 23.0% 0.9% -19.3% 7.6%
Austrian Airlines 44.4% -33.8% 33.3% 13.7% -101.3% -2190.9% -88.4% -141%
Danubius Hotels 9.7% -21.1% -7.5% 14.3% 0.5% -120.7% -125% 873.0%
Vienna Int. Airport 12.6% 4.4% -9.0% 9.0% 14.2% 6.6% -15.4% -0.8%
CEE total 29.2% -15.5% 10.7% 11.2% 276.2% -27.6% 4.7% 11.4%
EuroStoxx Travel & 18.5% -17.5% -2.0% 12.9% 26.0% -26.9% -4.9% 23.0%
Tourism
CEE to Peer, ppt 10.7 2.1 12.7 -1.8 250.2 -0.6 9.6 -11.7

52 weeks
AmRest latest
(PLN mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 130
120
Sales 237.1 251.6 243.1 264.5 432.8 82.5% 110
EBITDA 36.4 25.3 26.0 28.9 44.9 23.4% 100
90
EBIT 22.0 9.2 18.5 15.2 27.8 26.4% 80
Net profit 16.1 7.1 13.6 10.1 17.5 8.7% 70
60
EBITDA margin 15.4% 10.1% 10.7% 10.9% 10.4%
50
EBIT margin 9.3% 3.7% 7.6% 5.7% 6.4% 40
AmRest
DJ EURO STOXX Travel & Leisure (Rebased)
52 weeks
Austrian Airlines latest
(EUR mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 7,5
7,0
Sales 687.6 576.9 525.3 665.1 674.0 -2.0% 6,5
6,0
EBITDA 102.2 45.4 14.6 92.5 55.7 -45.5% 5,5
5,0
EBIT 36.2 -20.7 -50.1 25.5 -9.4 n.a. 4,5
Net profit 29.1 -19.1 -60.5 11.6 -16.6 n.a. 4,0
3,5
EBITDA margin 14.9% 7.9% 2.8% 13.9% 8.3% 3,0
2,5
EBIT margin 5.3% -3.6% -9.5% 3.8% -1.4% 2,0
Austrian Airlines
Net margin 4.2% -3.3% -11.5% 1.7% -2.5% ATX (Rebased)
52 weeks
Danubius Hotels latest
9.000
(HUF mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 8.500
Sales 14,382 11,136 9,157 12,852 13,887 -3.4% 8.000
7.500
EBITDA 4,211.0 271 -388.0 2,038.0 3,326.0 -21.0% 7.000
6.500
EBIT 3,052.0 -1028 -1,551.0 897.0 2,193.0 -28.1% 6.000
5.500
Net profit 2,588.0 -1530 -1,662.0 2,374.0 1,377.0 -46.8% 5.000
4.500
EBITDA margin 29.3% 2.4% -4.2% 15.9% 24.0% 4.000
EBIT margin 21.2% -9.2% -16.9% 7.0% 15.8% 3.500
Danubius Hotels
BUX (Rebased)
Net margin 18.0% -13.7% -18.2% 18.5% 9.9% DJ EURO STOXX Travel & Leisure (Rebased)
52 weeks
Vienna Int. Airport latest
(EUR mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 90
Sales 138.0 143.6 128.8 143.9 145.3 5.3% 80

70
EBITDA 57.9 39.1 46.8 57.6 59.8 3.3%
60
EBIT 40.7 18.8 29.7 40.2 42.9 5.4%
50
Net profit 32.2 13.1 20.8 29.7 34.3 6.5%
40
EBITDA margin 42.0% 27.2% 36.3% 40.0% 41.2% 30
EBIT margin 29.5% 13.1% 23.1% 27.9% 29.5% 20
Vienna Int. Airport

Utilities
CEZ CZK 14,152 734.5 1,316.0 Hold -12.0% -15.1% -51.4% -36.5%
EVN EUR 1,831 11.2 18.9 Buy 4.6% -7.1% -43.9% -40.6%
Transelectrica RON 178 10.4 26.8 Buy -12.8% -31.8% -60.7% -70.7%
Verbund EUR 8,534 27.7 58.5 Buy -15.1% -24.7% -44.0% -31.6%
E.ON AG EUR - Euro 49,785 - - - -6.0% -8.6% -37.9% -41.3%
ENEL SPA EUR - Euro 25,968 - - - -5.2% -17.4% -29.5% -43.2%
RWE AG EUR - Euro 33,187 - - - -2.5% 0.6% -21.0% -27.9%
Fortum Corporation EUR - Euro 13,519 - - - 7.0% -10.7% -43.0% -48.1%
Electricite de France EUR - Euro 69,652 - - - -5.0% -7.4% -29.5% -45.8%
EuroStoxx Utilities - 383,607 - - - -4.4% -5.7% -30.1% -30.6%
P/E P/CE P/BV

2007 2008e 2009e 2010e 2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
CEZ 19.5 7.0 6.6 6.8 12.7 4.9 4.7 4.8 4.3 1.3 1.3 1.3
EVN 13.6 13.1 9.1 7.5 7.9 6.1 5.7 3.6 1.3 0.8 0.6 0.6
Transelectrica 43.3 3.8 5.0 4.0 10.4 1.7 2.0 1.8 1.5 0.4 0.4 0.4
Verbund 25.5 11.4 9.7 8.7 19.5 9.5 7.8 7.0 6.1 3.0 2.5 2.1
Median CEE 22.5 9.2 7.9 7.1 11.6 5.5 5.2 4.2 2.9 1.1 1.0 0.9
E.ON AG 9.2 8.5 7.6 6.9 5.4 5.4 4.7 4.3 1.0 1.0 0.9 0.9
ENEL SPA 6.7 5.8 6.5 6.6 3.8 2.6 2.8 2.7 1.3 1.2 1.2 1.1
RWE AG 11.3 9.4 8.3 7.5 5.5 5.8 5.1 4.6 2.4 2.5 2.2 1.9
Fortum Corporation 12.0 9.6 9.3 9.7 8.1 7.2 6.9 6.7 1.6 1.6 1.5 1.4
Electricite de France 14.9 14.8 12.8 11.1 6.7 5.6 5.3 4.9 2.6 2.4 2.2 2.0
EuroStoxx Utilities 12.6 11.0 10.3 9.9 6.7 6.1 5.5 5.2 1.5 1.4 1.4 1.3
CEE to Peer, Prem/Disc 99% -2% -5% -5% 110% -2% 2% -10% 81% -34% -37% -35%
2007 2008e 2009e 2010e 2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
CEZ 4.8 2.0 2.0 2.0 11.1 4.3 4.2 4.4 2.6% 7.6% 9.4% 10.0%
EVN 2.1 1.6 1.2 1.1 13.5 10.5 8.3 7.4 1.7% 2.5% 3.6% 4.4%
Transelectrica 1.5 0.5 0.5 0.5 9.8 3.1 3.3 3.1 1.0% 12.6% 9.5% 12.9%
Verbund 5.6 3.1 2.8 2.6 15.4 8.2 7.3 6.8 1.9% 4.0% 4.7% 5.4%
Median CEE 3.4 1.8 1.6 1.6 12.3 6.3 5.7 5.6 1.8% 5.8% 7.0% 7.7%
E.ON AG 1.5 1.0 0.9 1.0 8.4 6.3 5.4 5.4 5.5% 6.2% 7.0% 7.7%
ENEL SPA 2.4 1.4 1.3 1.2 10.6 5.5 5.2 5.0 11.7% 11.7% 11.7% 11.7%
RWE AG 1.3 0.8 0.8 0.8 7.1 4.4 4.3 4.2 5.3% 7.8% 6.8% 7.1%
Fortum Corporation 7.1 3.4 3.3 3.2 13.9 7.8 7.6 7.7 8.9% 6.0% 6.6% 6.8%
Electricite de France 2.8 1.5 1.4 1.3 10.8 6.2 5.2 4.9 3.3% 3.7% 4.1% 4.5%
EuroStoxx Utilities 2.7 1.7 1.6 1.6 10.6 7.6 6.9 6.5 4.8% 5.8% 5.7% 6.2%
CEE to Peer, Prem/Disc 42% 31% 23% 26% 16% 1% 10% 11% -68% -7% 4% 9%


2007 2008e 2009e 2010e 2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
CEZ 43.2% 46.4% 47.1% 45.7% 24.5% 26.7% 27.5% 26.6% 19.3% 23.0% 19.5% 19.0%
EVN 15.6% 15.0% 14.2% 15.2% 13.5% 9.5% 9.0% 10.3% 10.2% 6.5% 6.8% 8.0%
Transelectrica 15.3% 15.1% 14.5% 14.7% 2.6% 5.7% 4.7% 5.5% 3.7% 9.1% 7.2% 8.9%
Verbund 36.2% 38.1% 38.6% 38.2% 21.9% 24.4% 25.0% 25.7% 25.9% 28.3% 28.0% 26.5%
Median CEE 25.9% 26.6% 26.6% 26.7% 17.7% 17.0% 17.0% 18.0% 14.8% 16.0% 13.4% 14.0%
E.ON AG 18.1% 16.7% 17.3% 17.8% 10.5% 6.5% 7.2% 7.5% 10.5% 11.2% 11.9% 12.4%
ENEL SPA 23.0% 25.0% 24.7% 24.7% 9.1% 9.2% 7.0% 6.7% 19.8% 20.3% 17.6% 16.5%
RWE AG 18.6% 18.0% 18.8% 20.2% 6.3% 6.4% 8.0% 8.4% 21.1% 26.7% 26.6% 25.5%
Fortum Corporation 51.0% 43.9% 43.3% 42.0% 34.7% 24.6% 23.9% 22.7% 13.5% 16.6% 16.4% 14.9%
Electricite de France 25.5% 24.6% 26.0% 26.7% 9.4% 7.5% 8.2% 8.9% 17.2% 16.3% 17.4% 18.3%
EuroStoxx Utilities 24.7% 24.8% 25.9% 26.8% 10.0% 9.0% 8.2% 8.6% 14.2% 14.7% 14.7% 14.7%
CEE to Peer, ppt 3.0 2.0 1.9 2.0 8.3 9.5 9.0 9.6 -2.4 -0.6 -4.1 -2.6
2007 2008e 2009e 2010e 2007 2008e 2009e 2010e
CEZ 17.9% 29.4% 4.3% -2.6% 56.5% 41.7% 5.8% -2.7%
EVN -11.8% 3.3% 5.5% 12.7% 22.3% -31.1% 7.2% 22.1%
Transelectrica -12.4% 12.4% -10.9% 6.5% -77.4% 146.4% -23.9% 24.7%
Verbund 11.7% 20.7% 16.3% 9.0% 15.6% 29.3% 17.6% 11.8%
CEE total 12.2% 24.6% 7.0% 1.7% 10.7% 23.5% 7.3% 7.3%
E.ON AG 9.7% 6.9% 10.6% 8.4% 14.1% 8.0% 11.6% 10.3%
ENEL SPA 25.0% 41.0% 0.9% 3.4% 28.1% 14.5% -10.9% -0.3%
RWE AG 0.5% 5.9% 8.5% 9.7% 20.6% 20.5% 12.9% 10.3%
Fortum Corporation 21.2% 10.1% 4.6% -0.1% 6.0% 24.6% 3.4% -4.0%
Electricite de France 7.2% 1.4% 13.4% 8.2% 9.3% 0.6% 15.7% 14.8%
Peer Group total 10.5% 12.3% 8.2% 7.0% 15.4% 13.8% 10.9% 9.2%
EuroStoxx Utilities 22.9% 10.4% 9.9% 7.6% 19.3% 2.7% 20.0% 7.8%
CEE to Peer, ppt 1.7 12.3 -1.2 -5.2 -4.7 9.7 -3.6 -1.9

52 weeks
CEZ latest
(CZK mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 1.400
1.300
Sales 40,334 51,067 48,605 41,816 41,400 2.6% 1.200
EBITDA 16,943 20,196 27,246 21,307 20,265 19.6% 1.100
1.000
EBIT 11,611 14,247 21,721 16,924 14,555 25.4% 900
Net profit 8,414 12,627 15,726 13,232 12,509 48.7% 800
700
EBITDA margin 42.0% 39.5% 56.1% 51.0% 48.9%
600
EBIT margin 28.8% 27.9% 44.7% 40.5% 35.2% 500
Net margin 20.9% 24.7% 32.4% 31.6% 30.2% CEZ PX (Rebased) DJ EURO STOXX Utilities (Rebased)
52 weeks
EVN latest
(EUR mn) 3Q06/07 4Q06/07 1Q07/08 2Q07/08 3Q07/08 y/y 24
22
Sales 449.0 531.4 667.7 697.3 477.6 6.4% 20
EBITDA 54.9 39.7 136.8 125.2 38.8 -29.3% 18
16
EBIT 15.0 10.4 92.0 78.6 5.2 -65.3% 14
Net profit 32.9 5.2 77.6 109.8 2.6 -92.1% 12
10
EBITDA margin 12.2% 7.5% 20.5% 18.0% 8.1%
8
EBIT margin 3.3% 2.0% 13.8% 11.3% 1.1% 6
Net margin 7.3% 1.0% 11.6% 15.7% 0.5% EVN ATX (Rebased) DJ EURO STOXX Utilities (Rebased)
52 weeks
Transelectrica (RAS) latest
(RON mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 40
35
Sales 664.4 607.2 788.2 562.4 660.2 -0.6%
30
EBITDA 34.8 141.3 172.0 96.6 88.0 153.1%
25
EBIT -17.0 88.2 112.5 35.7 28.9 -270.0% 20
Net profit -22.0 17.7 82.2 33.4 17.3 -178.8% 15
EBITDA margin 5.2% 23.3% 21.8% 17.2% 13.3% 10
EBIT margin -2.6% 14.5% 14.3% 6.4% 4.4% 5
Net margin -3.3% 2.9% 10.4% 5.9% 2.6% Transelectrica BET (Rebased) DJ EURO STOXX Utilities (Rebased)
52 weeks
Verbund latest
(EUR mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 60
55
Sales 761.8 785.7 891.7 757.5 988.0 29.7% 50
EBITDA 282.4 279.2 319.9 333.2 365.4 29.4% 45
40
EBIT 237.7 231.0 275.9 288.3 321.0 35.0% 35
Net profit 128.0 121.3 210.3 218.7 173.5 35.5% 30
25
EBITDA margin 37.1% 35.5% 35.9% 44.0% 37.0%
20
EBIT margin 31.2% 29.4% 30.9% 38.1% 32.5% 15
Net margin 16.8% 15.4% 23.6% 28.9% 17.6% Verbund ATX (Rebased) DJ EURO STOXX Utilities (Rebased)

Group Research
Head of Group Research
Friedrich Mostböck, CEFA +43 (0)5 0100 - 11902 Cristian Mladin (Fixed income) +40 2 1312 6773 - 1028
CEE Equity Research Loredana Oancea (Equity) +40 2 1311 - 2754
Co-Head: Günther Artner, CFA +43 (0)5 0100 - 11523 Eugen Sinca (Fixed income) +40 2 1312 6773 - 1028
Co-Head: Henning Eßkuchen +43 (0)5 0100 - 19634 Raluca Ungureanu (Equity) +40 2 1311 - 2754
Günter Hohberger (Banks) +43 (0)5 0100 - 17354 Research, Slovakia
Franz Hörl, CFA (Steel, Construction) +43 (0)5 0100 - 18506 Head: Juraj Barta (Fixed income) +42 1 24862 - 4166
Gernot Jany, CFA (Banks, Real Estate) +43 (0)5 0100 - 11903 Michal Musak (Fixed income) +42 1 24862 - 4512
Daniel Lion (IT) +43 (0)5 0100 - 17420 Maria Valachyova (Fixed income) +42 1 24862 - 4185
Martina Valenta, MBA (Transp., Paper) +43 (0)5 0100 - 11913
Christoph Schultes, CIIA (Ins., Util.) +43 (0)5 0100 - 16314 Research, Ukraine
Vera Sutedja, CFA (Telecom) +43 (0)5 0100 - 11905 Viktor Stefanyshyn (Equity) +38 044 593 - 1784
Thomas Unger (Telecom) +43 (0)5 0100 - 17344 Svitlana Bazilevich (Equity) +38 044 593 - 9286
Vladimira Urbankova (Pharma) +43 (0)5 0100 - 17343 Maryan Zablotskyy (Fixed income) +38 044 593 - 9188
Gerald Walek, CFA (Machinery) +43 (0)5 0100 - 16360
International Equities Institutional Sales
Hans Engel (Market strategist) +43 (0)5 0100 - 19835
Ronald Stöferle (Asia) +43 (0)5 0100 - 11723 Head of Sales Equities & Derivatives
Stephan Lingnau (Europe) +43 (0)5 0100 - 16574 Michal Rizek +44 207 623 - 4154
Macro/Fixed Income Research Brigitte Zeitlberger-Schmid +43 (0)5 0100 - 83123
Head: Gudrun Egger (Euroland) +43 (0)5 0100 - 11909 Equity Sales Vienna XETRA & CEE
Alihan Karadagoglu (Corporates) +43 (0)5 0100 - 19633 Hind Al Jassani +43 (0)5 0100 - 83111
Rainer Singer (US) +43 (0)5 0100 - 11185 Werner Fuerst +43 (0)5 0100 - 83121
Elena Statelov, CIIA (Corporates) +43 (0)5 0100 - 19641 Josef Kerekes +43 (0)5 0100 - 83125
Mildred Hager (SW, Japan) +43 (0)5 0100 - 17331 Cormac Lyden +43 (0)5 0100 - 83127
Macro/Fixed Income Research CEE Stefan Raidl +43 (0)5 0100 - 83113
Co-Head CEE: Juraj Kotian (Macro/FI) +43 (0)5 0100 - 17357 Simone Rentschler +43 (0)5 0100 - 83124
Co-Head CEE: Rainer Singer (Macro/FI) +43 (0)5 0100 - 11185 Sales Derivatives
Editor Research CEE Christian Luig +43 (0)5 0100 - 83181
Brett Aarons +420 2 33005 - 904 Manuel Kessler +43 (0)5 0100 - 83182
Sabine Kircher +43 (0)5 0100 - 83161
Research, Croatia/Serbia Christian Klikovich +43 (0)5 0100 - 83162
Head:Mladen Dodig +38 1 112200 - 866 Armin Pfingstl +43 (0)5 0100 - 83171
Damir Cukman (Equity) +38 5 6237 - 2820 Roman Rafeiner +43 (0)5 0100 - 83172
Iva Cerovsky (Fixed Income) +38 5 6237 - 1716 Equity Sales, London
Alen Kovac (Fixed income) +38 5 6237 - 1383 Dieter Benesch +44 207 623 - 4154
Davor Spoljar (Equity) +38 5 6237 - 2825 Tatyana Dachyshyn +44 207 623 - 4154
Research, Czech Republic Jarek Dudko, CFA +44 207 623 - 4154
Head: David Navratil (Fixed income) +420 2 24995 - 439 Federica Gessi-Castelli +44 207 623 - 4154
Petr Bartek (Real estate) +420 2 24995 - 227 Declan Wooloughan +44 207 623 - 4154
Jana Krajcova (Fixed income) +420 2 24995 - 232 Sales, Croatia
Radim Kramule (Media) +420 2 24995 - 213 Zeljka Kajkut (Equity) +38 5 6237 - 2811
Martin Lobotka (Fixed income) +420 2 24995 - 192 Damir Eror (Equity) +38 5 6237 - 2813
Lubos Mokras (Fixed income) +420 2 24995 - 456 Sales, Czech Republic
Jakub Zidon (Oil and Gas) +420 2 24995 - 340 Michal Brezna (Equity) +420 2 24995 - 523
Research, Hungary Ondrej Cech (Fixed income) +420 2 24995 - 577
Head: József Miró (Equity) +36 1 235 - 5131 Michal Rizek +420 2 24995 - 537
Bernadett Papp (Equity) +36 1 235 - 5135 Jiri Smehlik (Equity) +420 2 24995 - 510
Gergely Gabler (Equity) +36 1 235 - 5133 Pavel Zdichynec (Fixed income) +420 2 24995 - 590
Orsolya Nyeste (Fixed income) +36 1 373 - 2830 Sales, Hungary
Research, Poland Gregor Glatzer (Equity) +36 1 235 - 5144
Head: Artur Iwanski (Equity) +48 2 23306 - 253 Krisztián Kandik (Equity) +36 1 235 - 5140
Marek Czachor (Equity) +48 2 23306 - 254 Istvan Kovacs (Fixed income) +36 1 235 - 5846
Marcelina Hawryluk (Equity) +48 2 23306 - 255 Sales, Poland
Magda Jagodzinska (Equity) +48 2 23306 - 250 Head: Andrzej Tabor +48 2 23306 - 203
Tomasz Kasowicz (Equity) +48 2 23306 - 251 Pawel Czuprynski (Equity) +48 2 23306 - 212
Piotr Lopaciuk (Equity) +48 2 23306 - 252 Lukasz Mitan (Equity) +48 2 23306 - 213
Wiktor Tymochowicz (Equity) +48 2 23306 - 253 Jacek Krysinski (Equity) +48 2 23306 - 218
Research, Romania Sales, Slovakia
Head: Lucian Claudiu Anghel +40 2 1312 - 6773 Head: Dusan Svitek +42 1 24862 - 5620
Mihai Caruntu (Equity) +40 2 1311 - 2754 Rado Stopiak (Derivatives) +42 1 24862 - 5601
Dumitru Dulgheru (Fixed income) +40 2 1312 6773 - 1028 Andrea Slesarova (Client sales) +42 1 24862 - 5627
Treasury - Erste Bank Vienna
Sales Retail & Sparkassen
Head: Manfred Neuwirth +43 (0)5 0100 - 84250 Helmut Kirchner +43 (0)5 0100 - 84144
Equity Retail Sales Christian Skopek +43 (0)5 0100 - 84146
Head: Kurt Gerhold +43 (0)5 0100 - 84232 Markus Pistracher +43 (0)5 0100 - 84100
Domestic Sales Fixed Income Fixed Income Institutional Desk
Head: Thomas Schaufler +43 (0)5 0100 - 84225 Head: Thomas Almen +43 (0)5 0100 - 84323
Treasury Domestic Sales Martina Fux +43 (0)5 0100 - 84113
Head: Gottfried Huscava +43 (0)5 0100 - 84130 Michael Konczer +43 (0)5 0100 - 84121
Corporate Desk Ingo Lusch +43 (0)5 0100 - 84111
Head: Leopold Sokolicek +43 (0)5 0100 - 84601 Lukas Linsbichler +43 (0)5 0100 - 84345
Alexandra Blach +43 (0)5 0100 - 84141 Karin Rauscher +43 (0)5 0100 - 84112
Roman Friesacher +43 (0)5 0100 - 84143 Michael Schmotz +43 (0)5 0100 - 84114

Erste Group rating definitions
Buy > +20% to target price

Accumulate +10% < target price < +20%
Hold 0% < target price < +10%
Reduce -10% < target price < 0%
Sell < -10% to target price
Our target prices are established by determining the fair value of stocks, taking into account additional fundamental factors and
news of relevance for the stock price (such as M&A activities, major forthcoming share deals, positive/negative share/sector
sentiment, news) and refer to 12 months from now. All recommendations are to be understood relative to our current fundamental
valuation of the stock. The recommendation does not indicate any relative performance of the stock vs. a regional or sector
benchmark.
Published by Erste Group Bank AG, Neutorgasse 17, 1010 Vienna, Austria.
Phone +43 (0)5 0100 - ext.
Erste Group Homepage: www.erstegroup.com On Bloomberg please type: ERBK <GO>.
This research report was prepared by Erste Group Bank AG (”Erste Group”) or its affiliate named herein. The information herein has been obtained from,
and any opinions herein are based upon, sources believed reliable, but we do not represent that it is accurate or complete and it should not be relied upon
as such. All opinions, forecasts and estimates herein reflect our judgement on the date of this report and are subject to change without notice. The report
is not intended to be an offer, or the solicitation of any offer, to buy or sell the securities referred to herein. From time to time, Erste Group or its affiliates
or the principals or employees of Erste Group or its affiliates may have a position in the securities referred to herein or hold options, warrants or rights
with respect thereto or other securities of such issuers and may make a market or otherwise act as principal in transactions in any of these securities.
Erste Group or its affiliates or the principals or employees of Erste Group or its affiliates may from time to time provide investment banking or consulting
services to or serve as a director of a company being reported on herein. Further information on the securities referred to herein may be obtained from
Erste Group upon request. Past performance is not necessarily indicative for future results and transactions in securities, options or futures can be considered
risky. Not all transaction are suitable for every investor. Investors should consult their advisor, to make sure that the planned investment fits into their
needs and preferences and that the involved risks are fully understood. This document may not be reproduced, distributed or published without the prior
consent of Erste Group. Erste Group Bank AG confirms that it has approved any investment advertisements contained in this material. Erste Group Bank
AG is regulated by the Financial Services Authority for the conduct of investment business in the UK.
Please refer to www.erstegroup.com for the current list of specific disclosures and the breakdown of Erste Group’s investment
recommendations.

Important Disclosures
General disclosures: All recommendations given by Erste Group Research are independent and based on the latest company,
industry and general information publicly available. The best possible care and integrity is used to avoid errors and/or
misstatements. No influence on the rating and/or price target is being exerted by either the covered company or other internal Erste
Group departments. Each research piece is reviewed by a senior research executive, the rating is agreed upon with an internal
rating committee of senior research executives. Erste Group Compliance Rules state that no analyst is allowed to hold a direct
ownership position in securities issued by the covered company or derivatives thereof. Analysts are not allowed to involve
themselves in any paid activities with the covered companies except as disclosed otherwise. The analyst's compensation is
primarily based not on investment banking fees received, but rather on performance and quality of research produced.
Specific disclosures:
(1) Erste Group and/or its affiliates hold(s) an investment in any class of common equity of the covered company of more than 5%.
(2) Erste Group and/or its affiliates act(s) as market maker or liquidity provider for securities issued by the covered company.
(3) Within the past year, Erste Group and/or its affiliates has managed or co-managed a public offering for the covered company.
(4) Erste Group and/or its affiliates has an agreement with the covered company relating to the provision of investment banking
services or has received a compensation during the past 12 months.
(5) Erste Group and/or its affiliate(s) have other significant financial interests in relation to the covered company.
Company Disclosure Comment Company Disclosure Comment

A&D Pharma -- -- Magyar Telekom -- --
Agora -- -- Mayr-Melnhof 2 --
Ambra -- -- MOL -- --
Andritz 2 -- Monnari -- --
Apator 4 -- NG2 -- --
Artman -- -- OMV 2 --
Asseco Poland -- -- Orco 2 --
AT&S -- -- OTP -- --
A-TEC 2 -- Palfinger -- --
Austrian Airlines 2 -- Pamapol -- --
Austrian Post 2 -- Pankl Racing Systems -- --
Bioton -- -- PannErgy -- --
Boehler Uddeholm -- -- PBG -- --
BWT 2 -- Pegas Nonwowens 2 --
BZ WBK -- -- Pekao -- --
CA Immo Int. -- -- Philip Morris CR 2 --
C.A.T.oil -- -- phion 2,3 --
CEDC -- -- PKN Orlen -- --
Ceramika Nowa Gala -- -- PKO BP -- --
Cersanit -- -- Pliva -- --
CWT -- -- Podravka -- --
CEZ 2,4 -- Praterm -- --
CME 2 -- Prokom -- --
ComArch -- -- Rafako -- --
Sygnity -- -- Raiffeisen International 2 --
Danubius -- -- RHI 2 --
Duda -- -- Richter Gedeon -- --
Synthos -- -- Sanochemia -- --
ECM 2 -- SBO 2 --
ECO Business Immo -- -- S&T 2 --
Egis -- -- sIMMO 1,2,4 --
Empik -- -- SNP Petrom -- --
Ericsson Nikola Tesla -- -- Sygnity -- --
EuroCash -- -- Teak Holz Int. 2 --
EVN 2 -- Telefonica O2 CR 2,4 --
FHB -- -- Telekom Austria 2 --
Flughafen Wien 2 -- T-Hrvatski Telekom 3 --
Gorenje -- -- TPSA -- --
Graal 3 -- TVN -- --
GTC -- -- Unipetrol 2,4 --
Immoeast 2 -- UNIQA 2 --
INA -- -- Verbund 2 --
Intercell 2 -- Vistula&Wolczanka -- --
Jutrzenka 4 -- voestalpine 2,3,4 --
Kapsch TrafficCom 2,3 -- Wienerberger 2 --
KGHM -- -- Winterthur Technologie -- --
Koelner -- -- W. Kruk 4 --
Krka -- -- Wolford -- --
Komercijalna Banka -- -- Vienna Insurance Group 2,3 --
Komercni Banka 2 -- Zentiva 2,4 --
Lotos Group -- -- Zumtobel 2 --

2009-01-26 CEE Valuation Monitor

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Weekly CEE Valuation Monitor

Prices as of January 23, 2009

Source for all tables and charts:

Construction & Materials 13

Food & Beverages 17

Industrial Goods & Services 26

Oil & Gas 36

Personal & Household Goods 40

Retail & Distribution 46

Travel & Tourism 58

Erste Group Research - Weekly CEE Valuation Monitor Page 2

ROE Cost/income ratio Net interest margin

Erste Group Research - Weekly CEE Valuation Monitor Page 3

EPS growth (EUR) Customer loan growth (EUR) Loans/deposit ratio

Erste Group Research - Weekly CEE Valuation Monitor Page 4

Banca Transilvania latest 52 weeks

(RON mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 5,5

Erste Group Research - Weekly CEE Valuation Monitor Page 5

Net commissions 2,296 2,428 1,954 2,105 1,989 -13.4% 3.000

Op. expenses -3,414 -3,585 -3,569 -3,636 -3,456 1.2% 2.500

Operating profit 3,608 3,948 3,818 4,245 4,082 13.1% 2.000

Pre-tax profit 3,608 3,948 3,747 4,171 4,271 18.4% 1.500

Net profit 2,864 3,064 3,021 3,391 3,461 20.8% 1.000

OTP Bank latest 52 weeks

(HUF mn) 3Q 2007 4Q 2007 1Q 2008 2Q 2008 3Q 2008 y/y 9.000

Erste Group Research - Weekly CEE Valuation Monitor Page 6

Erste Group Research - Weekly CEE Valuation Monitor Page 7

P/E P/CE P/BV

Erste Group Research - Weekly CEE Valuation Monitor Page 8

EBITDA margin Net margin ROE

Erste Group Research - Weekly CEE Valuation Monitor Page 9

KGHM latest 52 weeks

(PLN mn) 3Q 2007 4Q 2007 1Q 2008 2Q2008 3Q2008 y/y 140

Sales 3,411.0 2912.3 3,002.0 3,029.0 2,720.0 -20.3% 120

Sales 2,763.2 2,752.7 3,033.6 3,255.0 3,231.2 16.9% 60

EBITDA 498.90 455.90 474.60 542.60 600.80 20.4% 50

EBIT 302.20 258.10 278.00 357.70 427.80 41.6% 40

Net profit 193.50 163.00 121.30 217.50 257.60 33.1% 30

EBITDA margin 18.1% 16.6% 15.6% 16.7% 18.6% 20

EBIT margin 10.9% 9.4% 9.2% 11.0% 13.2% 10

Erste Group Research - Weekly CEE Valuation Monitor Page 10

P/E P/CE P/BV

EBITDA margin Net margin ROE

Erste Group Research - Weekly CEE Valuation Monitor Page 11

Erste Group Research - Weekly CEE Valuation Monitor Page 12

Construction & Materials

P/E P/CE P/BV

Erste Group Research - Weekly CEE Valuation Monitor Page 13

EBITDA margin Net margin ROE

Erste Group Research - Weekly CEE Valuation Monitor Page 14

Sales 40.06 39.90 44.50 52.00 55.70 39.0% 5,0

EBITDA 10.57 11.90 11.91 12.80 13.80 30.6% 4,5

Sales 394.40 353.84 374.40 400.90 414.20 5.0% 30

EBITDA 100.93 66.80 78.70 86.10 95.40 -5.5% 25

EBIT 78.31 42.44 53.90 64.10 70.00 -10.6% 20

Net profit 41.29 14.12 20.70 40.60 49.20 19.2% 15

EBIT margin 3.3% 4.1% 6.5% 4.9% 6.0% 2

Erste Group Research - Weekly CEE Valuation Monitor Page 15

Erste Group Research - Weekly CEE Valuation Monitor Page 16

Food & Beverages

P/E P/CE P/BV

Erste Group Research - Weekly CEE Valuation Monitor Page 17

EV/Sales EV/EBITDA Dividend yield

Erste Group Research - Weekly CEE Valuation Monitor Page 18