Emerging Europe’s Leading Investment ank Local · PDF fileUncontested leader in regional rankings for sales, ... •Annual Romania Conference •LSE Metals & BRICs Investor ... KBC

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Emerging Europe’s Leading Investment BankLocal Knowledge – Global Reach

February 2018

The No. 1 Brokerage for Central/Eastern Europe 2017

Introduction

2

WOOD & Co.Clients have

access to:

Unrivalled equity

placement power

Outstanding investment

banking platform

Extensive team of CEE

veterans

The leading Emerging

Europe research capability

WOOD & Co. is a full-service advisory and execution house with expertise in Emerging Europe

• Dynamically growing Emerging European advisory and execution house

• Largest and most experienced team of CEE specialists

• Fills the gap where local banks lack international capability and global players lack local expertise, commitment, and full access to relevant regional accounts

• Strengths: quality and speed of information flow, in-depth local client relationships and specialist regional knowledge

• Products: Sales, Trading, Sales Trading, Research and Investment Banking

Uncontested leader in regional rankings for sales, research, and banking

# 1 Brokerage Firm –Central/Eastern Europe 2017 and 2016

# 2 Team providing best Corporate Access 2013

# 1 CEE Research Team – 2013

# 1 Team – Central EuropeanEquities 2014

# 1 Team – Central EuropeanEquities 2015

# 1 Trading – Ashley Keep EMEA Trading & Execution 2015

# 1 Sales – Ioana Pop – CEE 2015

# 1 Research – Marta Jezewska –Wasilewska – CEE 2016

# 1 Team – CE3 Research Team 2016

Client recognition

Presence in London, New York*, and on the ground in core CEE countries* In association with Brasil Plural Securities LLC

NORWAY

PRAGUE

BUCHAREST

WARSAWLONDON

BRATISLAVA

United KingdomDedicated team of CEE veterans in Equities and IB in the City

• International distribution hub• Annual Romania Conference• LSE Metals & BRICs Investor

Day • LSE Russia & CIS Day

Czech RepublicWOOD & Co. founded in 1991 in Prague – full service Equities and IB office

• 50% domestic equities trading market share

• WOOD’s Winter in Prague –Investor Conference with 650attendees

Member of the Prague Stock Exchange

PolandCapital markets hub and a history of introducing domestic and foreign issuers to the WSE

• 7% domestic equities trading market share

• Small and Mid Caps Conference

• Emerging Europe Financials Conference

• EME Energy Conference• EME TMT Investor Day• Agriculture & Food Investor

Days• International Companies

ForumMember of the Warsaw Stock Exchange

SlovakiaSales & Investment BankingLeading player in local M&A

RomaniaSeasoned local team of Investment Bankers and Research

• Number 1 Equities Broker • 25 % domestic equities trading

market share• Annual conferences in

conjunction with FondulProprietatea

Member of the Bucharest Stock Exchange

BUDAPEST

HungaryTop ranked research coverage23% domestic equities trading market shareMember of the Budapest Stock Exchange

ATHENS

GreeceLocally-based senior team in association with WOOD

• Greek Retreat - Investor Conference 2014, 2015, 2016 and 2017

• Coverage of 18 stocks

Steadily growing market– and mind-share

MILAN

Unparalleled access

3

ItalyEmerging markets FixedIncome and FX Spot.Institutional Executionand Brokerage

MonacoEmerging markets FixedIncome and FX Spot.Institutional Execution and Brokerage

MONACO

Europe’s largest dedicated EME team

Unparalleled access

4

MILAN

NORWAY

PRAGUE

BUCHAREST

ISTANBUL

DUBAI

KIEV

WARSAW

BRATISLAVAFRANKFURT

VIENNA

BUDAPESTLJUBLJANA

SOFIA

• Unrivalled placing power, with the largest CEE-dedicated salesforce (including London-based)

• Local know-how makes WOOD & Co. the go-to institution for buy-side local, regional and global money

• Proven ability to outplace bulge bracket banks and provide access to local investors and liquidity

MILAN

LONDON

Core Institutional Investor access

Emerging Europe coverage area

Full-service WOOD & Co. offices

Stock exchange membership

Sales & Sales TradingLondon• Sadiq Razak• Ashley Keep• Audrey Parker• Ioana Pop• Jan Thomson• Jennifer Ewing• Vinay Ruparelia• Jarek Tomczynski

Prague• Kristen Andrasko• Zuzana Mora• Kostas Tsigkourakos

Warsaw• Grzegorz Skowroński• Piotr Kopeć• Jan Koch

Bratislava• Markus Ulreich

New York• Tatiana Sarandinaki• Adrian Fekula

(in association with BrasilPlural)

ResearchLondon• Andrew Jones• Raffaella Tenconi• Oytun Altasli• Jonathan Lamb• Can Demir• Stefan Lungu• Leo Wang• Ildar Davletshin

Prague• Alex Boulougouris• Bram Buring• Fani Tzioukalia• Lucian Albulescu• Jakub Caithaml• Ondřej Sláma • Jakub Mičian• Atinc Ozkan

Warsaw• Marta Jeżewska-Wasilewska• Gabriela Burdach• Łukasz Wachełko• Jerzy Kosiński• Maciej Wardejn• Piotr Raciborski• Paweł Wieprzowski

MONACO

Executive Management

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Vladimir JarosCEO

Vladimir has been a member of the Boardsince 1994 and took responsibility for the

firm's corporate finance business in 1997. Hehas directly managed numerous landmark

transactions in the region, including largeprivatisations in the telecommunications,

utilities, banking and engineering sectors in theCzech Republic, Slovakia and Poland.

JanSykoraPartner

LubomirSoltysPartner

Jan joined WOOD & Co. in 1994, helpingRichard Wood build the company. From

1995, he managed the Czech operations andbecame Chairman of the Board after the

buyout by the current partners in 2001. Hemanages senior relationships across all three

operational divisions. Jan also serves on theboards of a range of public and private

companies and organisations, including the

Prague Stock Exchange, Pegas Nonwowens,

International School of Prague, and the Young

Presidents’ Organisation.

Lubo joined WOOD & Co. in 1996. His primaryresponsibility lies in the firm's Slovakoperations, but he also provides the necessarysupport to other members of the corporatefinance team. Lubo is also responsible forWOOD & Co.'s Merchant Banking and PrivateEquity activities, focusing on deal origination,strategic acquisitions and execution. Lubo hasalso built WOOD & Co.'s Slovak office into arecognised high-quality provider of otherfinancial advisory services related to complexfinancial products, such as PPPs.

Local knowledge – Global reachSeasoned team, dedicated management

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Sadiq RazakCo-Head of Equities

Alex BoulougourisCo-Head of Research

Nick KaufmannHead of ECM & Syndicate

Nick has over 20 years of City experience.

Previously Head of Emerging Markets Equity

Capital Markets for Citigroup, Schroders and

UniCredit CA IB, he built each of these into

leading CEE ECM franchises. Having played an

integral role in pioneering transactions in the

development of the Emerging European

equity capital markets, Nick is a leading expert

at structuring equity deals in the region.

Sadiq joined WOOD & Co. in January 2013 as

Head of Trading to enhance trading and

execution capabilities, particularly in Turkey

and Russia. Sadiq brings over 20 years of

experience in trading across Emerging

Markets, from Turkey and Russia to South

Africa, MENA and Central Europe. Until late-

2012, he was Head of Trading at ING for

EMEA.

Alex joined WOOD & Co. in 2014 with more

than 15 years of experience in equity research

and portfolio management. Previously, he was

a Senior Equity Analyst at Credit Agricole

Cheuvreux. Alex most recently ran a EUR

1.1bn global portfolio for a Greek public

pension fund. He has consistently been ranked

in top positions in the Extel, Institutional

Investor and client voting surveys. Alex also

covers the Greek banks in his capacity as

Head of Greek Research.

Kristen AndraskoCo-Head of Equities

JarosławDeryłoManagingDirector,Head of IB Poland

Marta Jeżewska -WasilewskaResearch

Jarosław has over 16 years of experience in

investment banking in Poland and EMEA. He is a

veteran of UniCredit CAIB, its precursors, and ING.

He has been engaged in well over 50 deals in ECM,

M&A and DCM, many of which were landmark

transactions involving CEE blue chips and quality

high-growth midcaps.

Kristen joined WOOD & Co. in 2006, following four

years with Goldman Sachs (London) and four years

with Paribas (New York). She is focused on

institutional investors based primarily in the US,

the UK and France. Kristen has managed the sales

desk since 2012, and became co-Head of Equities

in 2014.

Marta joined WOOD & Co. in 2013, bringing a

strong commercial focus and a very high standing

with both the Polish and International client base,

developed over years at CSFB and BRE Bank. She is

an experienced and well-known professional in

the Polish capital market, with more than seven

years of experience in the field. She is ex-VP of the

equity research department at Credit Suisse and a

habitué of many prestigious analyst rankings.

Frontier and CIS focus

Extensively expanding expertise in frontier and CIS markets, with unparalleled corporate access

KazakhstanWOOD‘s Winter in Prague– Investor Conference.Corporate access with:• Chagala• ENRC• KazMunaiGas• Steppe Cement

RomaniaConferences in conjunctionwith FP from 2012-16Successfully executedPetrom ABB and FondulProprietatea warrant priorto Bucharest StockExchange listing. Transgaz,Conpet, Banca Transilvaniaand Romgaz ABBsMember of the BucharestStock Exchange

MongoliaMongolia Economic Forum on 5-6 March 2012 in UlanbaatarParticipants:• APU• MCS Holdings • Mongolian SE• Oyu Tolgoi• Petrovits• Tavan Tolgoi

GeorgiaGeorgia Investor Day, 9 June 2017Well-developed country relationships among the top executives

KAZAKHSTAN

MONGOLIA

R U S S I A

UKRAINE

TURKEY

SloveniaMember of the Ljubljana Stock Exchange, and Co-hosting 2014, 2015& 2016 conferences with the Exchange• Coverage of Krka, Petrol, Sava Re

SerbiaInvestor Day with Belgrade Stock Exchange in 2014, 2015 & 2016

RUSSIA• Aeroflot• Evraz• Gazprom• Lukoil• Magnit• MMK• NLMK• Norilsk Nickel• Novatek• Rosneft• Severstal• Surgutneftegas• Tatneft• X5

UKRAINE• Ferrexpo• Kernel

ROMANIA• Banca Transilvania• BRD• Bucharest Stock Exchange• Conpet• DIGI• Electrica• Fondul Proprietatea• Med Life• Nuclearelectrica• OMV Petrom• Romgaz• SIF-1/2/3/4/5• Sphera• Transelectrica• Transgaz

GEORGIA• Bank of Georgia• Georgia Healthcare Group• TBC Bank

SLOVENIA• Krka • Petrol Group• Sava Re

SERBIA• NIS

CROATIA• Atlantic Grupa• Podravka

CroatiaZagreb Conference in2014, 2015 & 2016 and coverage of:• Podravka• Atlantic Group• Ledo

The power to outplace the competition

Sales & Trading – broader and deeper dedicated footprint

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Aberdeen AXA FramlingtonBaringsBaupostBlackfriars BlackRock Capital International Capital World InvestorsCarrhae CapitalCharlemagneFabien PictetFidelity InternationalGAMGenesisGLGHexamHSBC HalbisInvesco JPM JupiterLansdowneLBV Lloyd GeorgeMarshall Wace

MFSMoore CapitalNomura AMOch ZiffPictetPioneer LondonPoluninPolarPyramis RBCSchrodersSomersetSpinnakerTempletonT Rowe PriceTT International UBS O’ConnorUSSWilliam BlairWhiteboxWorldview

Aegon PTE Allianz PTE Allianz TFI Altus TFI Amplico AM Amplico OFE Aviva Investors Aviva OFEAXA OFE AXA TFI BPH TFI BZ WBK AIB AM Caspar TFI Generali PTE ING IM ING S.A. PTE KBC TFI

Millennium TFI Noble Fund TFI Nordea PTE Opera TFI Pekao PTEPioneer IM PKO Bankowy PTE PKO TFI Pocztylion OFE Polsat OFE PZU AMPZU S.A. PTE QuercusSkarbiec TFI TempletonUnion Investment TFI Warta PTE

AustriaAllianzBawag PSKErste SparinvestGenerali AMGutmannPioneer InvestmentsQ AdvisersQINORaiffeisen Capital ManagementSemper ConstantiaUniqa

SwitzerlandCredit SuisseGaia CapitalJabrePSquaredSwiss & Global AM SwisscantoUBSVontobelEdmond de Rothschild

FranceAmundiAXA ParisBNP ParibasCarmignac GestionComgestCPRExaneMetropole GestionNatixis

GermanyAllianz GlobalDekaDeutsche Asset & WealthEdmonde de Rothschild MetzlerUnion InvestmentWarburg & Co

Czech RepublicAmundiConseq InvestCSOBErste SparinvestGenerali CEENN IPPioneerWOOD & Co AM

HungaryAegon AMAllianz AMAXA AMCIB AMConcorde AMOTP AM

OtherAdia (UAE)APG (Holland)ING IM (Holland)Jadara (UAE)KD Group (Slovenia)Robeco (Holland)

RomaniaAllianz RomaniaAviva RomaniaBCR PensionErste RomaniaEurekoFondulING IM RomaniaSIF2SIF 3

USA

Alliance BernsteinArtisanAxiomBoston CompanyCapital GroupCaravelColumbia WangerConsiliumDiscoveryDriehausEaton VanceEM ManagementEverestFederatedFirebird FMRFred AlgerFrontauraGMOJanusHarding LoevnerLazard Moon CapitalMorgan Stanley AMMiraeOppenheimerPrincipal GlobalPyramisQueenscliffRS InvestmentsSierra GlobalState StreetSTRSOHTiaa CrefUN PensionUS Global InvestorsVan EckVinnickWellingtonWells CapitalWilliam Blair

NordicAvaronBankinvestCarnegieDanske BankEast CapitalFIMGustaviaHandelsbankenHQ FonderMaj InvestNordea Norges Bank IMNorthern StarSEBSwedbank Robur TapiolaTaaleritehdasTrigon

United Kingdom Poland

GreeceAlpha Am Apple Tree Capital Attica Wealth Dromeus Capital Eurobank AM Icon FndING GreeceMetlife AlicoOpis Capital Partners Triton AM

CroatiaAllianz Croatian Pension InvestmentErste Invest CroatiaFIMA Global InvestHMIDInterCapital A. M.OTP InvestPBZ Croatia InvestPBZ Croatia PensionZB Invest

ItalyAnimaBanca GeneraliBanca IMIBanca IntesaBanca Passadore BCC BarlassinaEurizonKairosMediolanumUnicredit

Czech RepublicHome base

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WOOD’s Winter Emerging Europe Prague Conference:

29 November-2 December 2016, Radisson Hotel Prague• 144 companies from CEE, Turkey, Russia and ME

frontier countries • 198 registered investors, representing 108 European

and international investment management firms


1-4 December 2015, Radisson Hotel Prague






28-30 November 2012, Radisson Hotel Prague

WOOD’s Winter Emerging Europe

Prague Conference:

5 December-8 December 2017

Radisson Hotel Prague

Central European Media

CEZ

Fortuna

Kofola

Komercni Banka

Moneta Money Bank

O2 CR

Philip Morris CR

Unipetrol

Annual market share

Coverage universe

Prague conferences

Country specialists

Annual market share

26,5% 24,7%20,4% 21,0%

24,6%27,0%

29,1%

34,5%

41,8%

48,2%46%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD2017

Kristen AndraskoHead of Equity Sales18 years’ experience

Zuzana MoraSales Trader8 years’ experience

Bram Buring, CFAEquity Analyst21 years’ experience

Jakub MičianEquity Analyst2 years‘ experience

#1 broker in 2015, 2016 and 2017

PolandAn all-star team in Warsaw

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A top player in a fragmented market2015

Poland Small & Mid-Caps Conference

11-12 February 2015

Emerging Europe Financials Conference

11-12 June 2015

2016Emerging Europe Financials Conference

1-2 June 2016

“Pulse of the Economy”Small & Mid-Caps Conference

January 2016

2017Emerging Europe Financials

7-8 June 2017

„Pulse of the Economy“ Small & Mid-Caps Conference

24-25 January 2017

Alior Bank

AmRest

Bank Handlowy

Bank Millennium

Bank Pekao

Benefit Systems

Bogdanka

BZ WBK

CCC

CD Projekt

Ciech

Cyfrowy Polsat

Dino

Echo Investment

Enea

Energa

Eurocash

Getin Noble Bank

GTC

ING BSK

Integer

Inter Cars

JSW

Kernel

Kety

KGHM

Kruk

LiveChat Software

Lotos

LPP

mBank

Medicalgorithmics

Netia

Orange PL

PGE

PGNiG

PKN Orlen

PKO BP

PKP Cargo

Play Communications

Polski Koncern Naftowy

Prime Car Management

PZU

Stock Spirits Group

Synthos

Tauron

Uniwheels

Warsaw Stock Exchange

Wirtualna Polska

Wizzair

Work Service

Łukasz WachełkoHead of ConsumerResearch14 years’experience

GrzegorzSkowrońskiHead of Equities Poland20 years’experience

Marta Jeżewska -WasilewskaCo-Head of Research12 years’ experience

Jarosław DeryłoManaging Director,Head of IB Poland20 years’ experience

Jan KochManagingDirector/Sales20 years’ experience

Piotr KopećSales Trader7 years’experience

Przemysław BłogowskiDirector,Investment Banking10 years’ experience

David HanelSales Trader5 years’ experience

Gabriela BurdachEquity Analyst10 years’experience

Maciej WardejnEquity Analyst5 yearséxperience

Bartosz BalcarekAssociate6 yearséxperience

Piotr RaciborskiEquity Analyst4 years’ experience

Coverage universe Country specialists

Annual market share Warsaw conferences

0,9%

2,3%

4,0% 3,7%

4,6%3,8%

4,8%

6,1%6,9%

8,4%

6,8%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD2017

HungaryA core central European market

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Annual market share

Coverage universe

Roadshows and conferences

Country specialists

Gedeon Richter

Magyar Telekom

MOL

OTP Bank

Wizz Air

Waberer’s International

Hungarian Investor Day: 26 January 2017, Novotel Warsaw Centre Hotel

• 6 companies and 33 investors representing 23 investment houses

Macro Breakfast Meeting: 3 March 2017, The May Fair Hotel, London

Reverse Roadshows for Morgan Stanley, East Capital, Blackrock, Pioneer, Alliance Bernstein, Charlemagne, Lloyd George, Renaissance Capital, Invesco Capital, Levant Partners

Investor Roadshows for MOL, Egis, OTP Bank, Magyar Telekom

#2 broker in 2017#2 broker in 2016 #2 broker in 2015

Bram first joined WOOD & Co. in 2005 to relaunch itsregional Sales Research business; he currently covershealthcare, utility and telecom stocks across five CEE marketsand Greece. Previously, he spent six years at Raiffeisencovering the pharma and chemical sectors. Bram has beenranked among the top-15 CEE/Eastern European analysts(individuals) in the Extel Surveys for the last three years(specifically #5 in the 2017 survey).

Bram Buring, CFAEquity Analyst21 years’ experience

4,7%6,1%

4,6%6,3%

8,1%10,4%

11,7%12,5%

16,3%18,8%

21,4%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD2017

2018:

Hungarian Day

15 February, Warsaw

Maciej is a Resarch Analyst for the chemical and

industrial stocks. He joined the WOOD & Co. research

team in 2014. His previous experience is with DI

Investors, where he was also an analyst. He graduated in

finance from the Warsaw School of Economics and

completed two exchange programmes: at Singapore

Management University and Sogang University in Seoul.

He has passed two levels of the CFA programme.

Maciej WardejnEquity Analyst5 years‘ experience

Kostas Tsigkourakos

in asssociation with WOOD & Company

Financial Services, a.s.

Equity Sales

12 years’ experience

GreeceThe only EME dedicated broker with a Greek specialist team

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Aegean Airlines

Alpha Bank

Athens Exchange Group

Coca-Cola HBC

Eurobank

Folli Follie

Fourlis

Hellenic Exchanges

Hellenic Petroleum

Jumbo

Metka

Motor Oil Hellas

Mytilineos

National Bank of Greece

OPAP

OTE

Piraeus Bank

Public Power Corporation

Sarantis

Titan Cement

Łukasz WachełkoHead of Consumer Research14 years’ experience

In association with WOOD & Co. from 2014, Kostas bringswith him 10 years’ experience in equity research, equitysales and financial controlling. Kostas previously worked asan Equity Analyst at Euroxx Securities (gaming/industrialsector) and Merit Securities (small caps), and also spentthree years in equity sales at Euroxx Securities. Kostas hasspent the past couple of years in industry, setting up thesales controlling division at Alpha TV (RTL Group).

Łukasz joined WOOD & Co. in 2014 as a Senior EquityAnalyst. His previous experience includes more than 11years working in research departments at BZ WBK,UniCredit CA IB, DB Securities and, most recently, DIInvestors, as Head of Research. As well as other consumerstocks, Łukasz covers Folli Follie and Jumbo.

Alexandros BoulougourisCo-Head of Research19 years’ experience

Alex joined WOOD & Co. in 2014 with more than 15 years’

experience in equity research and portfolio management.

Previously, he was a Senior Equity Analyst at Credit

Agricole Cheuvreux. Alex most recently ran a EUR 1.1bn

global portfolio for a Greek public pension fund. He has

consistently been ranked in top positions in the Extel,

Institutional Investor and client voting surveys. Alex also

covers the Greek banks in his capacity as Head of Greek

Research.

Country specialists

Coverage universe What sets our Greek team apart?

• “Breadth and depth” of product offering, witha seasoned Greek equity analyst at the helm

• Sector analyst coverage and input to providea true regional perspective

• A full-time Greek specialist salesman – uniqueamong regional and global firms

• Fastest-to-market viewpoints on Greece withan early morning daily product

• Strong access to local corporates, regulators,policymakers

Conferences

WOOD’s Greek Retreat, 10-11 May 2018:

following the tremendous success of our conferencesin 2014, 2015, 2016 attended by all the Greek bluechips and most interesting SMEs

WOOD’s Winter in Prague, 28 November - 2December 2016 with Aegean Airlines, Alpha Bank,Athens Stock Exchange, Eurobank, Folli Follie, HellenicPetroleum, Motor Oil Hellas, Mytilineos, National Bankof Greece, OPAP, Piraeus Bank, Sarantis Group, TitanCement

RomaniaThe rising star of Frontier Europe

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2015Romania Day

5 March, London

Frontier Investor Day

29 October, Bucharest

2016Romania Investor Days

29 February-1 March 2016

Frontier Investor Day

8-9 September, 2016

2017Romania Investor Days

1-2 March 2017

Medlife Investor & Analyst Day

5 April, 2017

Frontier Investor Days

6-8 September, 2017

Banca Transilvania

BRD

Bucharest Stock Exchange

Complex Energetic Oltenia

Conpet

DIGI

Electrica

Fondul Proprietatea

Hidroelectrica

Nuclearelectrica

Medlife

OMV Petrom

Romgaz

SIF1/2/3/4/5

Sphera

TLV

Transelectrica

Transgaz

#1 overall broker in 2015 and 2016

Selected track record

Country specialists

Coverage universe

Annual market share Roadshows and conferences

Ioana PopEquity Sales12 years’experience

Ioana joined WOOD & Co. in 2010and is focused on brokingRomanian equities to aninternational investor base andemerging markets equities to localinvestors. She was previouslyHead of Sales and Trading at INGBank in Romania. Ioana was voted#1 CEE individual in the 2015 ExtelSurvey.

Lucian joined WOOD & Co. in 2013,having worked previously as anEquity Research Analyst at KBCSecurities for eight years, coveringthe Romanian market, as well asCEE real estate, construction andmining. He covers blue-chipBucharest Stock Exchange listedcompanies. Lucian is a CFAcharterholder, and holds a Master’sdegree from the Academy ofEconomic Studies in Bucharest anda Bachelor’s degree from Universited’Orleans.

Lucian Albulescu, CFAEquity Analyst13 years’ experience

Bogdan Campianu

Head of RomaniaBranch


Bogdan joined WOOD & Co. in 2014

as the new Head of our Romania

branch, bringing over 17 years’capital markets experience gained at

Global Securities Romania and

Raiffeisen Capital & Investment,

where he was Head of Research andHead of Equity Markets. Bogdan’s

experience includes the analysis and

evaluation of projects, listings,

private placements, and secondarypublic offerings, etc. He is also a

member of the Indices Committee at

the Bucharest Stock Exchange.

Stefan joined WOOD & Co.’sresearch team in 2017, coveringequities in Romania and otherFrontier Markets. Previously, heworked at Centrica EnergyTrading as a commoditiesanalyst, graduating with aMasters in InvestmentManagement from the CassBusiness School and a Bachelorsin Business Management fromAston University. Stefan is a CFALevel III Candidate.

Stefan LunguEquity Analyst

2 yearséxperience

0,3% 0,9% 1,5% 0,8%

5,5% 4,7%

13,9%

10,8%

19,6%

24,1%

28,9%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD2017

Joint Bookrunner

2017

DIGI Communications

EUR 210,000,000

Initial Public Offering


Sole Global Coordinator and JointBookrunner

2017

Sphera Franchise Group

EUR 62,000,000



Multipoint international coverage

Austria

14

2015Investor Roadshows

Fidelity, Charlemagne, Gemway,

Henderson

Roadshows to Vienna

CCC, PHN

2016Analyst Roadshows

Turskish Analysts, Greek Analyst, Romania Analyst

Corporate Roadshows

mBank, Quaero, Uniwheels

#3 broker in 2016 2014Investor Roadshows

Adelphi, Everest Capital

Roadshows to Vienna

Conpet, Transgaz, GTC

Austrian Investment Day: Vienna Calling

16 May, Vienna

Jakub CaithamlEquity Analyst6 years’ experience

Markus joined WOOD & Co. in 2010 from UniCredit,

bringing a wealth of experience in the EME region, as well

as his native Austria. He joined the research department

of CAIB, the forerunner of UniCredit in 1996. During his

time as Head of EMEA Continental European Sales at

CAIB/UniCredit, he was involved in many capital markets

transactions in Austria (Immofinanz, Bank Austria

Creditanstalt, Wienerberger, Warimpex, Semperit).

Before UniCredit, Markus managed EME and Austrian

Funds from 1998-2001.

Markus UlreichEquity Sales20 years’ experience

Atrium

AT&S

CA Immo

DO&CO

Erste Group Bank

Immofinanz

OMV

RBI

Warimpex

Jakub joined WOOD & Co.‘s research team in June2011. Having taken over our real estate coverage, heis following the key CEE listed names currently(Immofinanz, CA Immo, Atrium, GTC), along withGreek property player Grivalia and Emlak, the largestTurkish residential REIT. On the deal front, heparticipated in the IPO of PHN in 2013. In the 2016Extel survey, Jakub ranked among the top-10analysts in the EMEA Real Estate category. He holds aBachelor’s degree from the University of Economicsin Prague.

Coverage universe Country specialists

Annual market share Roadshows and conferences

0,3% 0,4%

1,3% 1,2%1,6%

2,3%2,7% 2,8%

5,1%

7,3%

8,4%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD2017

Senior team with a unique vantage point

Turkey

15

WOOD’s Winter in Prague withAkcansa, Akfen, Anadolu Efes,Arcelik, Bizim Toptan, CimsaCimento, Coca-Cola Icecek, DoganHolding, Dogus Otomotiv, FordOtosan, Garanti, Gubre Fabrikalari,Halkbank, Lokman Hekim, SabanciHolding, Teknosa, Torunlar REIC,TSKB, Tupras, Turk Telekom,Turkcell, Ulker, Yapi Kredi Bankasiin attendance

Anadolu Efes

Akbank

Aygaz

BIM

Bizim Toptan

Coca-Cola Içecek

Dogus Oto

Emlak Konut GYO

Enka

Erdemir

Ford Otomotiv Sanayi AS

Garanti

Gubre Fabrikalari TAS

Halkbank

Isbank

Migros

Pegasus Airlines

Sabanci Holding

Tekfen Holding

Tofa

Tupras

Turkcell

Turk Telecom

Turkish Airlines

TSKB

Vakifbank

Yapi Kredi

Country specialists

Coverage universe Roadshows and conferences

Turkish Small & Mid-Caps Conference28 August 2017

Warsaw

Oytun AltasliHead of Turkey Research16 years‘ experience

Oytun joined WOOD in 2015 as a Research Analystfocusing on Turkish equities. She has over 15 yearsof experience and a broad understanding of theTurkish Market, she has covered companies in theconstruction, real estate, infrastructure, power,steel, aviation and pharmaceutical industries, andgives meaningful input on our Turkish product as awhole. Oytun joined us from UNLU & Co Securities,where she was responsible for building out theresearch team’s industrials coverage. She previouslyspent several years with Merrill Lynch, as a memberof their top-ranked equity research team and priorto that on their investment banking side.

Can DemirEquity Analyst10 years‘ experience

From January 2016, Can has been coveringregional financials with a focus on Turkey. Canpreviously worked for Renaissance Capital inIstanbul where he covered Turkish and Greekbanks. He also has experience in TurkishBanking and Insurance from his time spent atEkspres Invest, in Istanbul. Can is well known byinvestors and companies alike for his strong,non-consensus and highly-consideredviewpoints.

Jonathan LambEquity Analyst20 years‘ experience

Jonathan joined WOOD & Co.‘s research teamin January 2016 from Tupras, the Turkish oilrefiner, to cover CEE Energy. He spent nearly adecade at Tupras, in charge of their InvestorRelations department. He brings a strongcommand of industry fundamentals and aninformed but fresh perspective on thesector. Jonathan also has extensiveexperience in finance, strategic planning,business development and communications.

Atinc joined WOOD & Co. in 2017, followingalmost two decades of equity researchexperience, covering mainly the Turkish TMT,defence, utilities and contracting sectors.Prior to WOOD, Atinc was the Director ofTurkish Research at Credit Suisse (and asenior analyst), where he was highlyrecognised for his leadership and topcontributions to the research, strategy andcorporate access efforts in the EMEA region,achieving “key contact” status in his sectorsfor global clients. Atinc was previously aregional TMT analyst at CLSA, a researchanalyst at Global Securities, a commercialmanager in Siemens AG’stelecommunications division and an auditorat PWC in Turkey

Atinc OzkanEquity Analyst19 years‘ experience

In association with Brasil Plural Securities

LLC, Tatiana brings with her over 13

years’ experience in the Emerging

Markets equity sales industry. She

previously worked for seven years in

Emerging Markets Sales at Espírito Santo

and UniCredit, covering the Russian,

Turkish, and Central & Eastern European

markets. Tatiana started her investment

career at Aton Securities in 2004,

focusing on the Russian/CIS market.

Andy JonesEquity Analyst10 years’ experience

Tatiana Sarandinakiin association withBrasil PluralEquity Sales


Sadiq RazakHead of Equity Trading20 years’ experience

Extensive hands-on Russian specialist experience

Russia & CIS

16

Aeroflot

Evraz

Gazprom

Lukoil

Magnit

MMK

NLMK

Norilsk Nickel

Novatek

Rosneft

Severstal

Surgutneftegas

Tatneft

X5

Russia & CIS day with the London Stock Exchange, 15 October 2013, London, 12 companies and 26 institutional clients

WOOD’s Winter in Prague with Aeroflot, Dixy, Magnit, MMK, Moscow Exchange, Mvideo, TransContainer and X5 inattendance

Investor Roadshows for Exillon Energy, ITE, Moscow Exchange, Kernel, Megafon, Dixy

Sadiq joined WOOD & Co. in January

2013 as Head of Trading to enhance

trading and execution capabilities,

particularly in Turkey and Russia. Sadiq

brings over 20 years of experience in

trading across Emerging Markets, from

Turkey and Russia to South Africa, MENA

and Central Europe. Until late-2012, he

was Head of Trading at ING for EMEA.

Andy joined WOOD & Co. in 2014 as the

lead analyst for Eastern European Metals

& Mining. He was previously a gold and

base metals analyst with Otkritie and

Renaissance Capital, and holds a Masters

in Chemical Engineering from Cambridge

University. Andrew plans to broaden

WOOD & Co.’s coverage of the M&M

sector, including base metals, gold and

steel across CE3, Russia and Turkey.

Country specialists

Coverage universe Roadshows and conferences

Ildar joined WOOD & Co. in 2017 fromRenaissance Capital (RenCap), where hewas a senior Oil & Gas analyst covering20 companies in the EMEA region foreight years, with a special focus onfundamental ideas and relative trades.Before joining RenCap, he worked as aninvestment analyst for Centaurus Capital.This experience on the buy-side helpedto position him as a highly trustedanalyst, with a strong understanding ofthe investment process; now he is a top-ranked analyst in the internal surveys ofkey institutional investors. At WOOD,Ildar focuses primarily on Russian energy,complementing our Russian materials,consumer, banks and airlines coverage.

Ildar DavletshinEquity Analyst15 years’ experience

Bringing CEE to the world

Corporate connection

Aksa Enerji London

Alior Bank New York/Boston

Amrest USA/Warsaw

Aselsan London

BVB USA/London/Frankfurt

CCC USA/Frankfurt/Warsaw/Dubai

CEZ London

CMELondon/Paris/Frankfurt/Warsaw/San Francisco/LA

Cyfrowy Polsat Warsaw

GetbackUSA/Toronto/London/Frankfurt

Globe Trade Centre NYC/Boston/Toronto

Dino Warsaw

ECHO Investment Europe/USA

Eurocash Toronto/Warsaw/Boston

Fondul Proprietatea London

Ford Otosan Edinburgh

Immofinanz Warsaw

Kernel USA/London/Frankfurt

KrukUSA/London/Stockholm/Edinburgh

Selected roadshows 2016-2017

Lenta Edinburgh

mBank USA/Europe

MOL USA/Frankfurt/London

Mytilineos New York/Boston/London

National Bank of Greece Warsaw/London

OMV Petrom USA/London/Warsaw

Orange Frankfurt

OTP Warsaw

Pegasus Airlines Budapest/Warsaw/Prague

Petrol Vienna/Stockholm/Tallin

PKP Cargo Tallin/Stockholm

Pfleiderer USA

Sabanci Holding Paris/Warsaw

Sphera London/Tallin/Budapest

Siauliu Bankas NYC

TAT Gida Frankfurt

TSKB USA

Wizz Air Warsaw/ Vilnius/ Tallin

Work Service Warsaw

17

For the world’s top institutional investors

Travel agent of choice

Selected roadshows 2016-2017

18

Aberdeen Bucharest/Warsaw

ADIA Athens/Warsaw

Avaron Athens

Carmignac Athens

Charlemagne Capital Warsaw

Consilium Bucharest/Istanbul

Driehaus Capital Management Moscow

East Capital Athens/Warsaw

Everest CapitalSofia/Nicosia/Bucharest/Prague

Firebird Warsaw

Foyston, Gordon and Payne Prague/Warsaw

GIC Warsaw

Grandeur PeakBucharest/Warsaw/Wroclaw/Krakow

Handelsbanken Warsaw/Prague

Henderson Bucharest/Athens

Invesco Budapest

JP Morgan Warsaw/Cyprus

K-BIZ Warsaw

Lazard Tbilisi/Bucharest

Metzler Athens/Warsaw

Morgan StanleyBudapest/Bucharest/Prague/ Warsaw

Mori Capital Management Prague

NPJ Asset Management Warsaw

Oceanwood Capital Management Athens

Quaero Capital Vienna

Raiffeisen Capital Management Prague/Warsaw

Schroders Athens/Bucharest

Svenska Handelsbanken Bucharest

T. Rowe Price Bucharest/Zagreb

Templeton Prague/Warsaw/Greece

The Boston Company Warsaw

TIAA CREF Investment Management Athens

Weiss Bucharest/Athens

Wellington Warsaw/Wroclaw/Zaghreb

Wells Capital Warsaw/Budapest/Bucharest

20

Attending investors240 investors and 3325 investor meetings in total

AUSTRIA

Amundi AustriaErste SparinvestRaiffeisen Capital Management

BELARUS

SwanLake Capital

BULGARIA

Karoll AD

CANADA

Higher Ground Fund Advisors

CAYMAN ISLANDS

Firebird Management

CROATIA

Allianz ZB

CZECH REPUBLIC

Amundi Czech RepublicCentral European Capital PartnersConseq IMCSOB AMEnCor Wealth ManagementErste AM Czech RepublicGenerali Investments CEEGenerali Real EstateJ & T BANKA

NN Investment Partners CZR2G WealthRestituční s.r.o.WOOD & CO. AM

DENMARK

Danske Capital

ESTONIA

Ambient Sound InvestmentsSEB AM

FINLAND

FIM AM

FRANCE

Amundi ParisBNP ParibasCarmignacComgestGemway AssetsMetropole GestionNatixis AM

GERMANY

Allianz Global InvestorsDeka InvestmentKBC AMMetzlerSK Vermogensverwaltung

GREECE

Eurobank AMLevant Partners

HUNGARY

Aegon HUAllianz BankCIB Investment Fund ManagementHold AMOTP Fund Management

CHINA

CITIC Capital

ITALY

Aletti Gestielle

LITHUANIA

Axia Capital

MALTA

Mori Capital Management

NETHERLANDS

Algemene Pensioen GroepNN Investment Partners NL

NEW ZEALAND

MGH AM

POLAND

Aegon OFEAllianz Polska OFEAltus TFIAviva Investors PolandAXA TFIBZ WBK TFI

Caspar TFIEques InvestmentInsignis FIZMetlife PTENN Investment Partners TFINoble Funds TFIPioneer TFIPKO TFIPZU OFEQ-Capital AGQuercus TFIRockbridge TFITrigon TFIUnion Investment TFI

ROMANIA

Alpha QuestBCR Private Pension FundNN International Romania

SERBIA

Culibrk Partnership

SLOVAKIA

KD InvestmentNN DSS

SOUTH AFRICA

Denker Capital

SWEDEN

East Capital AM

SWITZERLAND

Fridhem CapitalProValue AGQuaero Capital (Argos Funds)

TURKEY

Pacific Alternative AM

UKRAINE

ICU

UNITED ARAB EMIRATES

ADIA

UNITED KIGDOM

AberdeenBaltic CapitalBaring AMCharlemagne CapitalColumbia ThreadneedleEBRDFidelity Management & ResearchFIL Investment InternationalFPP AMGenesis IMHenderson Global InvestorsIce CanyonInvesco PerpetualManulifeMirabaud AMMondrian Investment PartnersNS PartnersPolar Capital PartnersPolunin Capital PartnersS.W.Mitchell CapitalSG AlphaSomerset Capital ManagementSophus CapitalStewart InvestorsTT International

UNITED STATES

AB GlobalArtisan PartnersBarca CapitalCapital InternationalConsiliumFiam EquityFred AlgerGMOHarding LoevnerJO Hambro CapitalLord AbbettMirae Asset Global InvestmentsNeon Liberty Capital ManagementPNC Bank National AssociationPzena IMREDSIDEREG CapitalRWC Asset AdvisorsSeafarer Capital PartnersStone Forest CapitalTCWWilliam Blair & Company

WOOD’s Winter Emerging Europe Prague Conference 2017Tuesday 5 Dec - Friday 8 Dec 2017 Biggest Emerging Europe conference of the yearRadisson Blu Alcron, Prague

21

Attending companies167 companies attending the Conference from across CEE

CONSUMER

Aegean AirlinesAeroflotAgoraAmRestAstartaBest Price LLCBizim ToptanCCCDinoDP Eurasia N.VEurocashIndustrial Milk CompanyIntercarsJeronimo MartinsKernelKofolaLentaLPPMavi JeansMHPMigros TicaretM.VideoOKEY GroupOPAPPodravkaSarantisSpheraStock Spirits GroupTat GidaUlkerWaberer’sWizz AirX5Zortrax

DIVERSIFIED

Fondul ProprietateaSabanci Holding SistemaWork Service

ENERGY

ADMIE HoldingAygazGazprom NeftGenel EnergyGrupa LotosHellenic PetroleumLUKOILMOL GroupMotor Oil HellasNISNostrum Oil & GasOMV PetromPetrolPGNiGPKN OrlenRomgazRosneftTurcas PetrolUnipetrol

FINANCIALS

AkbankAlior BankAlpha BankAthex GroupBanca TransilvaniaBank MillenniumBank PekaoBank Saint PetersburgBelgrade Stock ExchangeBGEO GroupBucharest Stock ExchangeBudapest Stock ExchangeBZ WBKCiti HandlowyCSOBErste Group BankEurobankGarantiGetBackGetin Noble BankHellenic BankING BankKomercni BankaKrukmBankMoneta Money BankMoscow ExchangeNational Bank of GreeceOTP BankPiraeus Bank GroupPKO BPPZURaiffeisen InternationalSava ReSiauliu Bankas

TBC BankTinkoff BankTSKBUniqa Insurance GroupVakifbankVienna InsuranceVostok Emerging FinanceVTBWarsaw Stock ExchangeYapi Kredi BankasiZavarovalnica Triglav

HEALTHCARE

Georgia Healthcare GroupKrkaLokman HekimMedicalgorithmicsMedicoverMedlife

INDUSTRIALS

AselsanBrisaCimsaGlobaltransGorenjeGrupa AzotyGrupa KetyHMS GroupKoc HoldingMytilineosOtokarPfleiderer GroupSisecamSteppe CementStrabagTAVTransContainer

MATERIALS

ANYCiechFerrexpoKaz MineralsMMKKGHMNorilsk NickelNLMKRusalSeverstalTitan CementTMK

REAL ESTATE

AtriumBudimexEcho InvestmentEtalon GroupGlobe Trade CentreGriffin PremiumImmofinanzLSR GroupPORRTorunlar REICWarimpex

TMT

AgoraAsseco PolandAT&SCD ProjektCMECyfrowy PolsatDIGILuxoftMTSNetia

O2 Czech RepublicOrange PolskaOTERostelecomTelekom AustriaTurk TelekomTurkcellWirtualna Polska

UTILITIES

CEZConpetElectricaEnergaGlobal PortsNuclearelectricaPGEPKP CargoTauronTranselectricaTransgaz

WOOD’s Winter Emerging Europe Prague Conference 2017Tuesday 5 Dec - Friday 8 Dec 2017 Biggest Emerging Europe conference of the yearRadisson Blu Alcron, Prague

http://www.mostostal.zabrze.pl/

A clear leader in international exposure for the region’s best

Wherever, whenever

22

Upcoming Conferences

Small & Mid Caps – Pulse of the Economy Warsaw 13-14 February 2018

Romania Days London28 February – 1 March2018

Turkish Small & Mid Caps Conference Warsaw 19 March 2018

Hungarian Investor Day Warsaw 20 March 2018

Polish Innovation and Growth Stockholm 10 April 2018

WOOD’s Greek Retreat Athens 10-11 May 2018

CEE Investor Days New York 23-24 May 2018

CEE Investment OpportunitiesSlovenia & Croatia Investor Day

Zagreb Mid May 2018

Emerging Europe Financials Warsaw 5-6 June 2018

Frontier Investor DaysBucharest & Mamaia

5-7 September 2018

Upgrade in Belgrade Belgrade Early November 2018

WOOD’s Winter Wonderland Prague 4-7 December 2018

Recent Conferences

WOOD´s Winter Wonderland Prague 5-8 December 2017

One of the most active teams in equity placements in recent years

Placement track record

23

AustriaCA-ImmoDO&COImmoEastImmoFinanzWarimpex

BulgariaChimimportEquestSopharma

Czech RepublicCentral European MediaCEZECMMoneta Money BankNWRPegas NonwovensZentiva

EgyptLecico

EstoniaTallina Vesi

GeorgiaBank of Georgia

GreeceM-SystemsQueencoEurobank

HungaryAblonBorsodChemE-StarMOLOTPSynergon

IsraelBank MizrahiDor EnergyKardanOrckit

LithuaniaLithuania Telekom

KazakhstanChagalaKagazyKazakhgoldShalkiya ZincNostrum Oil & GasSteppe Cement

PolandABSAB WroclawArctic PaperArbisAssecoAtlas EstatesBank SlaskiBiotonBRE BankCCCCEDCCinema CityBank HandlowyCyfrowy PolsatDino PolskaDom DevelopmentElstar OilsEchoEmpikEneaFotaGetbackGetinGTCInPostIntercarsIntegerJSWJW ConstructionKrukLC CorpLenaLotosMagellan

MercorNetiaNG2Nowe FinanseOrbisPetrolinvestPBKPekaoPGEPGNIGPHNPKO BPPKP CargoPKN OrlenPlaza CentersPol-AcquaPolimexPolnordPrime Car ManagementProkomRonsonSfinksSilvanoSoftbankTauronToyaTPSATrakcja PolskaVistulaWarsaw Stock ExchangeWork ServiceZetkama

RomaniaA&D PharmaConpetDigiFlamingoFondul ProprietateaMedLifeOMV PetromTransgazVimetcoRomgazBanca TransilvaniaSphera

Russia36.6AcronAmtelComstarHalcyonEastern Property HoldingsExillon EnergyGazpromLukoil ConvertibleOMZOpen InvestmentsPyaterochkaRBCRosneftRTMWimm-Bill-Dann

SerbiaAsseco SEE

SloveniaSkyEurope

TurkeyCoca-Cola IcecekEast PharmaGalatasarayHalkbankPetkimTuprasTurk TelecomTurkish Airlines

UkraineAstartaKDDKernelXXIC

* Includes only a selection of placements that team members executed as senior syndicate members. Includes deals executed by new WOOD & Co. employees whilst working at their former employersNote: bolded transactions depict deals that have been placed by the team members while at WOOD & Co. since September 2010

Overall placement track record*

Selected transactions executed by the WOOD & Co. team

24

Joint Bookrunner

RON 456,000,000

Romgaz

2015

Accelerated Bookbuild

Bucharest Stock

Exchange

Sole Global Coordinator

and Bookrunner

RON 216,900,000

Banca Transilvania

2015


Bucharest Stock

Exchange

Joint Bookrunner

PLN 300,102,768

Prime Car Management

2015


Warsaw Stock

Exchange

Joint Global Coordinator and

Bookrunner

PLN 511,700,000

CCC

2015


Warsaw Stock

Exchange

Joint Lead Manager & Settlement Agent

2016


Prague Stock Exchange

CZK 7,469,334,729 (EUR 276,276,728)

GE Capital International sold 92.2m existing

shares representing an 18.0% stake in

MONETA Money Bank, a.s. (formerly GE

Money Bank, a.s.) via an ABB on the Prague

Stock Exchange

formerly

Capital increase through an


Warsaw Stock

Exchange

Joint Lead Manager & PSE Listing Agent

2016



CZK 19,972,386,420 (EUR 738,952,000)

GE Capital International sold 293,7m

existing shares representing a 57.5% stake in


Money Bank, a.s.) via an institutional-only

IPO on the Prague Stock Exchange

formerly

Joint Lead Manager & Settlement Agent

2016



CZK 9,375,000,000 (EUR 347,035,851)

GE Capital International sold 125.0m

existing shares representing a 24.5% stake in


Money Bank, a.s.) via an ABB on the Prague

Stock Exchange

formerly

Sole Financial Adviser to the Acquirer and Placement Agent

2016

HARFA Shopping MallHARFA Office Park

Confidential

Acquisition of HARFA, one of the largest

shopping malls and administrative centers in

Prague, comprised of more than 160 shops

with total area of 41,500 m2 and 20,500 m2

of offices, by WOOD & Co’s newly

established SICAV fund of qualified

investors


2016

Šestka Shopping Center

Confidential

Acquisition of Šestka, shopping mall in

Prague 6, comprised of 100 shops with total

area of 27,300 m2, by WOOD & Co’s

SICAV fund of qualified investors

Financial Adviser to the Seller

2017

OKIN BPS

Confidential

Sale of a minority equity interest

in OKIN BPS, the leading provider of

business process services in Central and

Eastern Europe, to Consillium


2017

Westend TowerBratislava

Confidential

Acquisition of Westend Tower,

administrative building in Bratislava, with

8,365 m2 of leasable area and 540 parking

places by WOOD & Co SICAV fund of

qualified investors

Sole Global Coordinator and JointBookrunner

2017

Sphera Franchise Group

EUR 62,000,000



Joint Global Coordinator and JointBookrunner

2017

Echo Investment/Lisala

EUR 44,200,000


Warsaw Stock Exchange

Jennifer EwingSales Trader16 years‘ experience

Sadiq joined WOOD & Co. in January

2013 as Head of Trading to enhance

trading and execution capabilities,

particularly in Turkey and Russia.

Sadiq brings over 20 years of

experience in trading across Emerging

Markets, from Turkey and Russia to

South Africa, MENA and Central

Europe. Until late-2012, he was Head

of Trading at ING for EMEA.

Sadiq RazakHead of EquitiesTrading20 years‘ experience

The largest dedicated EME Sales and Sales Trading Team

London

25

Ashley KeepSales Trader14 years‘ experience

Ashley joined WOOD & Co. in 2010.He is responsible for providingdedicated coverage to predominantlyUK and selected European and USlong-only institutions and hedgefunds, both to buyside dealers andportfolio managers. He waspreviously Head of EMEA SalesTrading at CA Cheuvreux and alsospent six years in EMEA sales tradingat ING.

Jennifer joined WOOD & Co.’s Londonoffice in late-2013. She has 14 years’experience as an EMEA Equity SalesTrader, with the majority spent at INGBank in London and New York. Shehas also worked at Dresdner Bankand CF Global Trading.

Ioana PopEquity Sales12 years‘ experience

Ioana joined WOOD & Co. in 2010 andis focused on broking Romanianequities to an international investorbase and emerging markets equitiesto local investors. She was previouslyHead of Sales and Trading at ING Bankin Romania. Ioana was voted #1 CEEindividual in the 2015 Extel Survey.

Jan ThomsonEquity Sales7 years‘ experience

Jan joined the WOOD & Co. sales team

in 2014, and is focused mainly on

international clients. He previously

worked in an origination role in private

equity and is fluent in Spanish, Catalan,

and English.

Jarek TomczynskiEquity Sales 20 years‘ experience

Jarek joined WOOD & Co. in 2017from Credit Suisse, where he spent sixyears managing the EEMEA salesteam and overseeing key aspects ofthe regional product. He is one of themost experienced EMEA salespeoplein the market, having contributed tothe build-out of the highly-reputedUniCredit CAIB Securities team. Hehas assisted in placing many of theregion's key transactions, coveringblue-chip institutional accountsthroughout Europe and the UK.

Vinay joined WOOD & Co.’s EquitySales Team in January 2016 to focuson UK institutional investors. He hasbroad experience with London-basedand Continental European accounts,both hedge funds and long-onlyinstitutions. He hales from Okritieand from Renaissance Capital, wherehe was involved in major Russian andAfrican IPOs, and was a top-performing broker in both firms.

Vinay RupareliaEquity Sales8 years‘ experience

Audrey ParkerSales Trader20 years‘ experience

Audrey joined WOOD & Co’s London

office in late 2017. She is a well-

connected Sales Trader with over 20

years’ experience successfully

managing and working in various

trading departments. She has

experience in over 70 different

Emerging/Frontier Markets. She was

previously Head of CEEMEA Sales

Trading at HSBC Bank Plc and most

recently Head of MENA Sales Trading at

CIMB Securities (UK) Ltd.


Warsaw

26

Grzegorz joined the Warsaw team in 2010 and heads up

WOOD & Co.’s Polish Equity franchise, covering both local

and international accounts. Prior to joining WOOD & Co.,

he was Head of the Sales team at UniCredit CAIB for seven

years, covering international clients on Polish equities. He

was also Head of Sales at SG Securities Poland.

Grzegorz Skowroński

Head of Equities Poland

20 years‘ experience

Jan KochEquity Sales20 years‘ experience

Jan joined WOOD & Co.‘s Warsaw sales team in 2013,

bringing vast experience in Sales and Sales Trading

developed over nearly 20 years of his professional career at

CSFB and ING. Jan has a reputation as one of the best sales

traders in the business.

Piotr KopećSales Trader7 years‘ experience

Piotr joined WOOD & Co. in 2013. He has seven years’

experience covering Polish institutional investors, and

previously worked for IDMSA Brokerage House, Opera TFI

and Societe General CIB in Warsaw.


Prague

27

Kristen Andrasko

Co-Head of Equities

18 years‘ experience

Kristen joined WOOD & Co. in 2006, followingfour years with Goldman Sachs (London) andfour years with Paribas (New York). She isfocused on institutional investors basedprimarily in the US, the UK and France. Kristenhas managed the sales desk since 2012, andbecame co-Head of Equities in 2014.

Zuzana MoraSales Trader11 years‘ experience

Zuzana is focused on CEE equities and providingdedicated coverage to international as well as regionalinstitutional accounts. She has strong background inproviding FIX solutions for international clients. Shepreviously worked on both the Trading and Execution& DMA desks at WOOD & Co.

Josef KohoutHead of Trading –Prague10 years‘ experience

Vaclav is responsible for the company's electronic

products including Direct Market Access, Smart Routing

and automated algorithmic execution strategies. With

his team, he provides electronic services to

internationaal, and domestic and internal clients.

Vaclav joined WOOD & Co. in 2004 and has pioneered

DMA and other electronic products in the region.Vaclav KarpisekHead of Electronic & Direct Market Access10 years‘ experience

DMA

In association with WOOD & Co. from 2014, Kostas

brings with him 10 years’ experience in equity

research, equity sales and financial controlling. Kostas

previously worked as an Equity Analyst at

EuroxxSecurities (gaming/industrial sector) and Merit

Securities (small caps), and also spent three years in

equity sales at Euroxx Securities. Kostas has spent the

past couple of years in industry, setting up the sales

controlling division at Alpha TV (RTL Group).

Josef is responsible for trading team

management: setting trading priorities,

performance objectives and strategy, and

managing risk and market exposure. He

analyses clients‘ needs, to provide the best

possible service.

Kostas Tsigkourakosin association withWOOD & CompanyFinancial Services, a.s.

Equity Sales 12 years‘ experience

Tatiana Sarandinakiin association withBrasil Plural

Equity Sales13 years’ experience

In association with Brasil Plural Securities

LLC, Tatiana brings with her over 13

years’ experience in the Emerging

Markets equity sales industry. She

worked previously for seven years as

Emerging Markets Sales at Espírito Santo

and UniCredit, covering the Russian,

Turkish, and Central & Eastern European

markets. Tatiana started her investment

career at Aton Securities in 2004,

focusing on the Russian/CIS market.

Adrian Fekulain association withBrasil PluralEquity Sales2 years’ experience

In association with Brasil Plural Securities LLC, Adrian

brings two years of EM/Frontier experience, beginning

his professional career at Renaissance Capital, selling

Russian, Eastern European, Turkish, Middle Eastern,

African and South African equities in 2015. Adrian has

been focused on finance as a whole for considerably

longer. In college, he held internships at Brean Capital,

analysing small-cap US O&G E&P companies, and at the

Holy Cross endowment, where he focused on the

Energy Sector. Adrian graduated with a BA from Holy

Cross. He is a fluent Russian speaker.


Bratislava/New York City

28

New York City

Markus UlreichEquity Sales20 years’ experience

Markus joined WOOD & Co. in 2010 from UniCredit,

bringing a wealth of experience in the EME region, as

well as his native Austria. He joined the research

department of CAIB, the forerunner of UniCredit in

1996. During his time as Head of EMEA Continental

European Sales at CAIB/UniCredit, he was involved in

many capital markets transactions in Austria

(Immofinanz, Bank Austria Creditanstalt,

Wienerberger, Warimpex, Semperit). Before

UniCredit, Markus managed EME and Austrian Funds

from 1998-2001.

Bratislava

Well beyond the benchmark

Equity Research

29WOOD & Co. provides research coverage for over 150 companies

Romania Banca TransilvaniaBRDBucharest Stock ExchangeConpetDIGIElectricaFondul ProprietateaNuclearelectricaMedlifeOMV PetromRomgazSIF 1 Banat-CrisanaSIF 2 MoldovaSIF 3 TransilvaniaSIF 4 MunteniaSIF 5 OlteniaTranselectricaTransgaz Sa Medias

RussiaAeroflotEvrazGazpromLukoilMagnitMMKMoscow ExchangeNLMKNovatekRosneftSeverstalSurgutneftegasTatneftVTB BankX5

GreeceAegean AirlinesAlpha BankAthens Exchange GroupCoca-Cola HBC EurobankFolli FollieFourlisGrivalia PropertiesHellenic PetroleumJumboMotor Oil HellasMytilineosNational Bank of GreeceOPAPOTEPiraeus BankPublic Power CorporationSarantisTitan Cement

AustriaAT&SAtrium CA ImmoDO&COErste BankImmofinanz AGOMV AGRBI

Czech RepublicCEZCME Komercni BankaKofola CSMoneta Money BankO2 Czech RepublicPhilip Morris CRUnipetrol

HungaryANY Security Printing Company PLC Graphisoft ParkMagyar TelekomMOLOTP BankRichter GedeonWizz AirWaberer’s International

KazakhstanKAZ Minerals

LithuaniaSialuiu Bankas

Alior BankAmRest Holdings Bank HandlowyBank Millennium Bank PekaoBank Zachodni (BZ WBK)Benefit SystemsBogdankaCCCCD ProjektCiech SACyfrowy Polsat SADinoEcho InvestmentEneaEnergaEurocashForteGetBACKGetin Noble BankGlobe Trade Centre SAING Bank Slaski SAInter CarsJeronimo Martins

JSWKGHM Polska MiedzKrukLiveChat SoftwareLotosLPP mBankMedicalgorithmicsOrange PLPfleiderer GrajewoPGNiGPGEPKO Bank PolskiPKP CargoPKN OrlenPlay CommunicationsPrime Car ManagementPZUStock Spirits GroupSynthosTauronWarsaw Stock ExchangeWirtualna Polska

SloveniaKRKAPetrolSava Re

TurkeyAnadolu EfesAkbankAselsanAygazBIMBizim ToptanCoca-Cola IçecekDogus OtoDP EurasiaEmlak Konut GYOEnka InsaatErdemirFord OtosanGaranti BankGubretasHalkbankIsbankMigrosOtokarPegasus AirlinesPetkimSabanci HoldingTekfen HoldingTofasTSKBTuprasTurkcellTurkish AirlinesTurk TelekomVakifbankYapi Kredi

CroatiaAtlantic GroupPodravka

CyprusBank of CyprusHellenic Bank

Poland

GeorgiaBank of GeorgiaGeorgia Healthcare GroupTBC Bank

SerbiaNIS

A bird´s-eye view of the region

Macro & Strategy

30

• A best-in-class CEE macroeconomic product from a top-ranked former member of the BAML team

• Thought pieces identifying actionable, equity-relevant themes

• Tailored trips to the region, drawing on a rich network of local policymakers and influential individuals

•

Raffaella oversees the macroeconomic research product at WOOD

& Co. She has 14 years’ experience as a sell-side economist in the

City, covering a range of countries from Emerging Asia to Eastern

Europe, as well as LatAm and the G10. Raffaella attended the

London School of Economics and Political Science, where she

achieved a BSc in Philosophy and Economics, and a two-year MSc in

Global Market Economics. She has worked at many prestigious

firms, including Lombard Street Research, Dresdner Kleinwort

Wasserstein, Straumur IB, WOOD & Co. and Bank of America Merrill

Lynch. Raffaella is also the Founder and Managing Director of ADA

Economics Ltd, providing SMEs with strategic economic advice and

support during their process of internationalisation.

Raffaella TenconiMacroeconomist14 years‘ experience

Pawel WieprzowskiStrategy Analyst2 years‘ experience

Pawel joined WOOD & Co. in 2015, and is responsible for ourequity strategy research. Before joining WOOD & Co., Pawel was aVisiting Fellow at the University of Cambridge. He holds a PhD inEconomics and has passed level II of the CFA exam. Pawelgraduated from the Warsaw School of Economics and theUniversity of Cambridge, and has won several academic awards,including the Cambridge Home and European Scholarship (grantedby the University of Cambridge to the top-80 students), theThalman Award (University of Cambridge), the National Bank ofPoland Foundation PhD Scholarship (top-10 applicantsnationwide), and the Ministry of Science and Higher EducationScholarship

Lucian joined WOOD & Co. in 2013,

having worked previously as an

Equity Research Analyst at KBC

Securities for eight years, covering

the Romanian market, as well as

CEE real estate, construction and

mining. He covers blue-chip

Bucharest Stock Exchange listed

companies. Lucian is a CFA

charterholder, and holds a

Master’s degree from the Academy

of Economic Studies in Bucharest

and a Bachelor’s degree from

Universite d’Orleans.

Since January 2016, Can has beencovering regional financials with afocus on Turkey. He workedpreviously for Renaissance Capitalin Istanbul where he coveredTurkish and Greek banks. He alsohas experience in Turkish Bankingand Insurance from his time spentat Ekspres Invest, in Istanbul. Can iswell-known by investors andcompanies alike for his strong, non-consensus and highly-consideredviewpoints.

Jerzy joined the WOOD & Co.

research team in 2014. Currently,

he is involved in the financial sector

and strategy research. He

completed a Master’s degree in

Management at Warsaw University

of Technology and he is currently

finishing a Master’s Degree in

Finance and Accounting at the

Warsaw School of Economics. Jerzy

is participating in the CFA

programme, as CFA Level III

Candidate. His previous experience

is with Transaction Services at

KPMG. He is fluent in Polish and

English.

Sector ResearchFinancials

31

Marta joined WOOD & Co. in 2013,

bringing a strong commercial focus

and a very high standing with both

the Polish and International client

base, developed over years at CSFB

and BRE Bank. She is an

experienced and well-known

professional in the Polish capital

market, with more than twelve

years’ experience in the field. She is

Ex-VP of the equity research

department at Credit Suisse and a

habitué of many prestigious analyst

rankings.

Alex joined WOOD & Co. in 2014

with more than 15 years’

experience in equity research and

portfolio management. Prior to

joining WOOD & Co., he was a

Senior Equity Analyst at Credit

Agricole Cheuvreux. Alex most

recently ran a EUR 1.1bn global

portfolio for a Greek public pension

fund. He has consistently been

ranked in top positions in the Extel,

Institutional Investor and client

voting surveys. Alex also covers the

Greek banks in his capacity as Head

of Greek Research.

Marta Jeżewska –WasilewskaCo-Head of Research12 years‘ experience

Alexandros BoulougourisCo-Head of Research19 years‘ experience

Lucian Albulescu, CFAEquity Analyst13 years‘ experience

Jerzy KosińskiEquity Analyst4 years‘ experience

Can DemirEquity Analyst10 years‘ experience

Lukasz has 12 years‘ experience as a

sell-side equity analyst. Before joining

WOOD& Co. in 2014, he headed the

research team at Polish house DI

Investors, where he was responsible

for both the equity and fixed-income

products. In the preceding years,

Lukasz worked for DM BZ WBK,

UniCredit CAIB and Deutsche Bank,

covering consumer, TMT and

industrial stocks, and was a member

of top-ranked teams in the Central

European consumer and media space.

He was also responsible for research

and investor education related to 9

IPO/SPOs and 4 bond issues.

Bram Buring, CFAEquity Analyst21 years‘ experience

Sector ResearchConsumer, Healthcare, Real Estate and TMT

32

Bram first joined WOOD & Co. in 2005

to relaunch its regional Sales Research

business; he currently covers

healthcare, utility and telecom stocks

across five CEE markets and Greece.

Previously, he spent six years at

Raiffeisen covering the pharma and

chemical sectors. Bram has been

ranked among the top-15 CEE/Eastern

European analysts (individuals) in the

Extel Surveys for the last three years

(specifically #5 in the 2017 survey).

Łukasz WachełkoHead of ConsumerResearch14 years‘ experience

Jakub MičianEquity Analyst2 years‘ experience

Jakub joined WOOD & Co. in 2015 as asales intern, before becoming one ofour analysts, covering severalconsumer names in the EMEA region,while co-initiating on food retailers inRussia and Turkey. Before joiningWOOD, Jakub worked as a buy-sideanalyst, and also as a legislativeassistant for the National Parliamentof Slovakia. He graduated from theUniversity of Economics in Prague,majoring in Corporate Finance.

Jakub CaithamlEquity Analyst6 years‘ experience

Jakub joined WOOD & Co. in 2011. He

is responsible for coverage of the real

estate sector, including Atrium,

Immofinanz, Grivalia and GTC. Jakub

has covered stocks involved in several

capital markets transactions. He has a

bachelor’s degree from the University

of Economics in Prague.

Gabriela BurdachEquity Analyst10 years‘ experience

Gabriela has more than six years‘

experience as a sell-side equity

analyst, and is part of WOOD&Co’s

consumer team. Prior to joining

WOOD & Co. in 2012, she was an

Equity Analyst at BRE Securities,

where she covered consumer WSE-

listed companies and participated in

various IPOs. Gabriela was also a

financial analyst at Copernicus

Securities.

Piotr RaciborskiEquity Analyst4 years‘ experience

Piotr joined WOOD & Co.’s research

team in 2016 after more than two

years at Vestor Dom Maklerski SA,

where he was an Equity Analyst

(services and construction). Piotr is a

Licensed Investment Advisor (licence

number: 514) and a CFA Level II

Candidate. At WOOD, Piotr is

responsible for the media and

telecoms sectors.

Atinc joined WOOD & Co. in 2017,following almost two decades of equityresearch experience, covering mainly theTurkish TMT, defence, utilities andcontracting sectors. Prior to WOOD, Atincwas the Director of Turkish Research atCredit Suisse (and a senior analyst),where he was highly recognised for hisleadership and top contributions to theresearch, strategy and corporate accessefforts in the EMEA region, achieving“key contact” status in his sectors forglobal clients. Atinc was previously aregional TMT analyst at CLSA, a researchanalyst at Global Securities, a commercialmanager in Siemens AG’stelecommunications division and anauditor at PWC in Turkey

Atinc Ozkan EquityAnalyst19 years‘ experience

Lukasz has 12 years‘ experience as a sell-side equity

analyst. Prior to joining WOOD & Co. in 2014, he headed

the research team at Polish house DI Investors, where he

was responsible for both the equity and fixed-income

products. In the preceding years, Lukasz worked for DM BZ

WBK, UniCredit CAIB and Deutsche Bank, covering

consumer, TMT and industrial stocks, and was a member of

top-ranked teams in the Central European consumer and

media space. He was also responsible for research and

investor education related to 9 IPO/SPOs and 4 bond issues.

Sector ResearchIndustrials

33

Alexandros BoulougourisCo-Head of Research19 years‘ experience

Alex joined WOOD & Co. in 2014 with more than 15 years’experience in equity research and portfolio management.Prior to joining WOOD & Co., Alex was a Senior EquityAnalyst at Credit Agricole Cheuvreux. Alex most recentlyran a EUR 1.1bn global portfolio for a Greek public pensionfund. He has consistently been ranked in top positions inthe Extel, Institutional Investor and client voting surveys.Alex also covers the Greek banks in his capacity as Head ofGreek Research.

Łukasz WachełkoHead of ConsumerResearch14 years‘ experience

Oytun joined WOOD in 2015 as aResearch Analyst focusing onTurkish equities. With over 15years of experience and a broadunderstanding of the TurkishMarket, she has coveredcompanies in the construction, realestate, infrastructure, power, steel,aviation and pharmaceuticalindustries. Oytun joined us fromUNLU & Co Securities, where shewas responsible for building uptheresearch team’s industrialscoverage. She previously spentseveral years with Merrill Lynch, asa member of their top-rankedequity research team and, prior tothat, on their investment bankingside.

Oytun AltasliHead of Turkey Research16 years‘ experience

Maciej is a Resarch Analyst for the

chemical and industrial stocks. He

joined the WOOD & Co. research

team in 2014. His previous

experience is with DI Investors,

where he was also an analyst. He

graduated in finance from the

Warsaw School of Economics and

completed two exchange

programmes: at Singapore

Management University and

Sogang University in Seoul. He has

passed two levels of the CFA

programme.

Maciej WardejnEquity Analyst5 years‘ experience

Atinc joined WOOD & Co. in 2017,following almost two decades ofequity research experience,covering mainly the Turkish TMT,defence, utilities and contractingsectors. Prior to WOOD, Atinc wasthe Director of Turkish Research atCredit Suisse (and a senior analyst),where he was highly recognised forhis leadership and top contributionsto the research, strategy andcorporate access efforts in the EMEAregion, achieving “key contact”status in his sectors for globalclients. Atinc was previously aregional TMT analyst at CLSA, aresearch analyst at Global Securities,a commercial manager in SiemensAG’s telecommunications divisionand an auditor at PWC in Turkey.

Atinc OzkanEquity Analyst19 years‘ experience

Andy joined WOOD & Co. in 2014 as the lead analyst for

Eastern European Metals & Mining. He was previously a

gold and base metals analyst with Otkritie and Renaissance

Capital, and holds a Masters in Chemical Engineering from

Cambridge University. Andrew plans to broaden WOOD &

Co.’s coverage of the M&M sector, including base metals,

gold and steel across CE3, Russia and Turkey.

Bram first joined WOOD & Co. in 2005 to relaunch its

regional Sales Research business; he currently covers

healthcare, utility and telecom stocks across five CEE

markets and Greece. Previously, he spent six years at

Raiffeisen covering the pharma and chemical sectors. Bram

has been ranked among the top-15 CEE/Eastern European

analysts (individuals) in the Extel Surveys for the last three

years (specifically #5 in the 2017 survey).Bram Buring, CFAEquity Analyst21 years‘ experience

Sector ResearchEnergy, Utilities, Metals/Mining and Oil & Gas

34

Jonathan LambEquity Analyst20 years‘ experience

Jonathan joined WOOD & Co.‘s research team in January

2016 from Tupras, the Turkish oil refiner, to cover CEE

Energy. He spent nearly a decade at Tupras, in charge of

their Investor Relations department. He brings a strong

command of industry fundamentals and an informed but

fresh perspective on the sector. Jonathan also has

extensive experience in finance, strategic planning,

business development and communications. Andy JonesEquity Analyst10 years‘ experience

Ondřej SlámaEquity Analyst2 years‘ experience

Ondřej joined WOOD & Co. in February 2015 from RoklenFin, where he was part of the corporate finance team.Ondřej earned his bachelors degree in Economics andFinance from the Charles University, Prague, in 2014.Ondřej covers specialist energy names like Unipetrol andPetrol.

Ildar joined WOOD & Co. in 2017 from Renaissance Capital(RenCap), where he was a senior Oil & Gas analyst covering20 companies in the EMEA region for eight years, with aspecial focus on fundamental idea and relative trades.Before joining RenCap, he worked as an investment analystfor Centaurus Capital. This experience on the buy-side, aswell as his passion for investments, helped to position himas a highly trusted analyst, with a strong understanding ofthe investment process; now he is a top-ranked analyst inthe internal surveys of key institutional investors. AtWOOD, Ildar focuses primarily on Russian energy,complementing our Russian materials, consumer, banksand airlines coverage.

Ildar DavletshinEquity Analyst15 years’ experience

35

The Leading Investment Bank

in Central & Eastern Europe

Sadiq RazakCo-Head of EquitiesTel: +44 (0) 203 530 0681Mobile: +44 7534 664 203E-mail: [email protected]

Kristen AndraskoCo-Head of Equities Tel: +420 222 096 253Mobile: +420 739 265 757Email: [email protected]

PolandSkylight, 9th floorul. Złota 5900-120 WarsawTel.: +48 22 222 1530

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Legal Notice

This presentation has been prepared by WOOD & Company Financial Services, a.s. (“WOOD & Co”) and/or one of its branches, which are regulated by the Czech National Bank as the Home State regulator, in Poland by the Komisja

Nadzoru Finansowego (KNF), in Slovakia by the NBS, in Italy by the CONSOB and in the UK by the Financial Services Authority (FSA) as Host State regulators. More detailed information on WOOD & Co, its investment services, financial

instruments, associated risks and safeguarding client assets (incl. compensation schemes) and contractual relationship is available on the webpage of WOOD & Co under section About us.

These materials do not constitute an offer or invitation by WOOD & Co or any of its officers, employees or agents to sell, purchase or subscribe for any investment or security or a solicitation or recommendation of such an offer or

invitation in any jurisdiction. These materials are a financial promotion within the scope of the FSA’s rules.

Except with the prior written consent of WOOD & Co, these materials shall not be disseminated, quoted, referred to, copied or reproduced or distributed, disclosed or communicated in whole or in part at any time or in any manner,

nor should any other person act on it. These materials have been prepared for information purposes solely

Except in the case of fraudulent misrepresentation, no responsibility, liability or obligation is accepted by WOOD & Co or by any of its officers, employees or agents as to or in relation to the accuracy or sufficiency of these materials

or any other written or oral information and any such liability is expressly disclaimed. Any projections, estimates, forecasts, targets, prospects and returns contained herein are not a reliable indicator of future performance. Nothing

in these materials should be relied upon as a promise or representation as to the future.

WOOD & Co may from time to time underwrite, make a market or otherwise buy or sell as principal investments, securities or other instruments described herein or, together with their directors, officers and employees, may have

either a long or short position in such investments, securities or other instruments mentioned in these materials. One or more directors, officers and/or employees of WOOD & Co may be a director of any of the entities mentioned

in these materials. WOOD & Co may have managed or co-managed a public offering of securities or acted as initial purchaser or placement agent for a private placement of securities of any entity mentioned herein or may, from time

to time, perform or seek to perform investment banking, lending or other services or business for any of the entities mentioned herein.

With prejudice to any liability for fraudulent misrepresentation, WOOD & Co and each of its officers, employees and agents disclaims any liability which may arise from these materials, or any other written or oral information

provided in connection therewith, and any errors contained therein and/or omissions therefrom.

2016 WOOD & Company Financial Services, a.s.

All rights reserved.

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