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Company PresentationFebruary 2009

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CompanyCompany OverviewOverview

First Financial Brokerage HouseFirst Financial Brokerage House is a leading non-

banking financial institution in the Bulgarian capital market.

• FFBH offers the complete spectrum of investment banking services

spanning brokerage services, corporate finance, mergers and

acquisitions, financial consulting, research and analysis and asset

management

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First Financial Brokerage HouseFirst Financial Brokerage House

• is the primary contact in Bulgaria for large international institutional and private investors

• has developed close relations with key domestic investors and local institutions

• has excellent working relations with all regulatory bodies

CompanyCompany OverviewOverview

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Founded in March of 1991, First Financial Brokerage House (FFBH) is the first brokerage house in Bulgaria

FFBH is a fully-licensed broker on the money and stock markets

FFBH is a member of, and a shareholder in, the Bulgarian Stock Exchange, holding four brokerage seats

FFBH is a member of the Central Depository and the Bulgarian Association of Licensed Investment Intermediaries

CompanyCompany OverviewOverview

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The company is strongly capitalised, with €5.7m of equity as of Jan ‘09

The company’s own capital has grown at an average rate of 30% pa for the last 5 years

FFBH holds over €250m of client assets as of Jan ‘09

Assets held have grown at an average rate of over 90% a year over the last 5 years

Equity (in € '000)

0

5 000

10 000

15 000

20 000

2005 2006 2007 2008

47'285

Customer assets held by FFBH (in €m)

0

200

400

600

800

2005 2006 2007 2008

CompanyCompany OverviewOverview

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The FFBH PhilosophyThe FFBH PhilosophyProfessional competence

Overall consultation approach

Creating superior decisions for our customers

Providing independent objective advice

Relationship-driven approach as evidenced by the significant proportion of repeat business

CompanyCompany OverviewOverview

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Brokerage Services

Research and Analysis

Asset Management

Corporate Finance and Advisory Services

Key Business LinesKey Business Lines

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Brokerage operations have always been the traditional mainstay of the

FFBH business.

FFBH is one of the largest non-bank institution on the BSE-Sofia

The company is the main contact point for almost all international

institutional and private investors in the Bulgarian equity market

FFBH rating in terms of turnover 2008 2007 2006 2005 2004

From the non-banking institutions # 1 # 2 # 2 # 1

# 4

# 1

Overall # 2 # 5 # 2 # 4

Brokerage ServicesBrokerage Services

9Source: BSE

FFBH Turnover (in €m)

0

50

100150

200

250

300350

400

450

2001 2002 2003 2004 2005 2006 2007 2008

FFBH turnover has grown at an average of 33% (CAGR) per annum over the

last 5 years

FFBH and BSE turnover (in €m)

5

105

205

305

405

2000 2001 2002 2003 2004 2005 2006 2007 200868

1 068

2 068

3 068

4 068

5 068

FFBH Turnover, in €m (left-hand side)BSE Turnover, in €m (right-hand side)

Brokerage ServicesBrokerage Services

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Key Activities in Corporate FinanceKey Activities in Corporate Finance

Fund raising through public and private offering of stocks and bonds

Deal screening, Valuations, and Transaction structuring in Mergers

and Acquisitions (M&A)

Private Equity and Venture Capital Investments

Tender offers

Squeeze-outs

Feasibility Studies

Corporate FinanceCorporate Finance

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Corporate FinanceCorporate Finance

€11.2 million €17.7 million confidential €5.3 million

SOPHARMA(Pharmaceuticals)

ADVISOR ON THE PLANNED DUAL LISTING OF THE COMPANY ON AN

EU STOCK EXCHANGE

INDUSTRIAL HOLDING BULGARIA

(Holding Company)

LEAD MANAGER AND BOOK-RUNNER OF THE

CONVERTIBLE BOND ISSUE

BALKANTOURIST ELIT(Tourism)

LEAD MANAGER AND BOOK-RUNNER OF THE

€14.8M CAPITAL RAISEADVISOR ON THE TENDER

OFFER FOR THE MINORITY STAKES €2.9M

NETINFO(IT & Media)

SELL-SIDE ADVISOR FOR THE SALE OF 82%

MAJORITY STAKE TO SANOMA MAGAZINES

DOVERIE UNITED HOLDING

(Holding Company)

LEAD MANAGER OF THE CAPITAL RAISE

Ongoing 2008 2008-2009 2008 2008

€3 million €5.6 million €21.5 million €90 million €0.7 million

SOPHARMA ESTATES(Real Estate)

CAPITAL RAISE ADVISORY AND IMPLEMENTATION

BILLBOARD(Printing & Publishing)

LEAD MANAGER AND BOOK-RUNNER OF THE

IPO

INDUSTRIAL HOLDING BULGARIA

(Holding Company)

MANAGER OF THECAPITAL RAISE

FIRST INVESTMENT BANK

(Banking)

MANAGER AND BOOK-RUNNER OF THE IPO

BIANOR(IT & Technology)

MANAGER AND BOOK-RUNNER OF THE IPO

2007 2007 2007 2007 2007

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Corporate FinanceCorporate Finance

€11 million confidential €1.5 million

AKTIV PROPERTIES(Real Estate)

CAPITAL RAISE ADVISORY AND IMPLEMENTATION

NETINFO(IT & Media)

STRATEGIC ADVISORYSELL-SIDE ADVISOR FOR A

30% STAKEDUE DILIGENCE ON

POTENTIAL ACQUISITION TARGETS

CHIMIMPORT(Holding Company)

FINANCIAL ENGINEERING ADVISORY

EASTERN GAS COMPANY(Oil & Gas)

ADVISOR AND AGENT FOR THE PRIVATE

PLACEMENT OF A €1.5M CORPORATE BOND

DUROPAK TRAKIA PAPIR

(Paper & Pulp)

SELL-SIDE ADVISORY IN THE SALE OF A 95%

MAJORITY STAKE IN THE COMPANY

2006-2007 2006 2006 2006 2005

€6.9 million €8.2 million €18.3 million €12 million

ALCOMET(Metallurgy)

ADVISORY ON THE CAPITAL RESTRUCTURING

IMPLEMENTATION OF THE CAPITAL RAISE

BULGARSKA ROZA SEVTOPOLIS

(Pharmaceuticals & Cosmetics)

ADVISORY ON THE THREE EQUITY RAISING

OPERATIONSDEAL IMPLEMENTATION

ENERGOREMONT RUSSE & VARNA

(Energy)

ADVISORY TO THE MAJORITY OWNER

IMPLEMENTATION OF THE TENDER OFFERS

BULGARIA REAL ESTATE FUND

(Real Estate)

FULL-SCALE IMPLEMENTATION OF THE IPO AND THE TWO

CAPITAL RAISING PROCEDURES

BENCHMARK FUND ESTATES

(Real Estate)

ADVISOR AND UNDERWRITER OF THE

IPO. FULL-SCALE IMPLEMENTATION OF THE SECOND CAPITAL

RAISE

2005-2006 2005-2007 2005 2005-2006 2004-2006

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As a major advantage, our customers are able to benefit from thepremium quality research activities provided by our team of dedicated analysts

• More than 60 investment banks, investment funds and other institutional

investors use our Equity research, macro analyses and industry studies

• FFBH’s Morning Update and Weekly Roundup publications reach almost 300

clients over different countries and continents

• We provide services to Oxford Business Group, Internet Securities and other

data providers

Research and AnalysisResearch and Analysis

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FFBH offers cutting edge asset management services to local and foreign corporations and high-net worth individual clients.

Through its asset management company – FFBH Asset Management – FFBH also manages the assets of the closed-end Investment Company “Nadejda” and of three mutual funds with different investment risk profiles – FIB Avangard, FIB Classic, FIB Garant

As of end-2008, the AuM of FFBH discretionaryportfolio service totalled BGN 3.34m.

The assets managed separately by FFBH Asset Management stood at BGN 6.9m as of the same date.

Asset ManagementAsset Management

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General Managers: Krassimir Tahchiev | Stoyan Nikolov

Switchboard: (359 2) 810 64 00Fax: (359 2) 810 64 01e-mail: ffbh@ffbh.bgWeb site: www.ffbh.bg

Mailing Address:2 Enos Street1408 SofiaBulgaria

Contact DetailsContact Details