Macro Highlights Market Highlights Company Highlights Milestones BSE s Main Priorities and Projects Why invest in Bulgaria IR HIGHLIGHTS

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1 Macro Highlights Market Highlights Company Highlights Milestones BSE s Main Priorities and Projects Why invest in Bulgaria IR HIGHLIGHTS

2 BULGARIAN CAPITAL MARKET OVERVIEW

3 MACRO HIGHLIGHTS The EC Spring 217 economic forecast, the EBRD strategy for Bulgaria and the Ministry of finance forecast all set real GDP growth to around 3% in 217 and 218. Together with the Positive perspective of the country s credit ratings by Fitch and Standard& Poor s, this is a strong positive sign for investors. GDP Structure for 2% 3% 77% Jul 217 GDP EUR (bln) Real GDP growth,9% 1,3% 3,6% 3,4% N/A Short-term interest rates (3 Month SOFIBOR) 1,14%,78%,54%,16%.11% * Population ** GDP per capita (nominal, EUR) * Market Cap (as at July 3, EUR mln) Market Cap / GDP 12,1% 11,7% 9,7% 1,5% 11,5% Sources: NSI, BNB EUR bln % 16.5% MARKET CAPITALISATION AND GDP 12.7% 12.1% 11.7% MAIN ECONOMIC INDICATORS 9.7% 1.5% 11.5% *Q2 217 ** data 18% 16% 14% 12% 1% 1 8% Final consumption Gross capital formation Net Exports of goods and services Jul 217 Market Capitalisation GDP Market Cap/GDP 6% Source: NSI 3

4 MACRO HIGHLIGHTS INDUSTRY STRUCTURE 1% 9% 8% 7% MCap vs. GDP Breakdown Arts and recreation; Households and extra territorial organisations activities Public administration, defence, health, education and social works Professional, scientific and technical activities; Administrative and support service activities Real estate activities 6% Financial and insurance activities 5% 4% 3% 2% 1% % Information and communication Wholesale and retail trade; Transportation and storage; Accommodation and food services Construction Mining and quarrying; Manufacturing; Electricity and utilities Agriculture, forestry and fishing 4

5 MACRO HIGHLIGHTS INSTITUTIONAL INVESTORS Bulgarian Investment Funds Assets Bulgarian Pension Funds Assets 13 EUR mln 6 32 EUR bln Mar 19 Jun Sep Dec 114 Mar Mar Jun Sep Dec Mar Bulgarian Investment funds total assets under management (EUR mln) Total number of investment funds Bulgarian Pension funds total assets under management (EUR bln) Total number of pension funds Asset Management Companies 34 Total Assets Under Managements of mutual funds (EUR mln) 569 Pension Insurance Companies 9 Total Assets Under Managements of pension funds (EUR bln) 5.8 5

6 MARKET HIGHLIGHTS TRADING YTD Turnover (EUR mln) Capital raised (EUR mln) Companies that raised capital IPOs % H1 217 Turnover Breakdown 1% 1% 1% thousand Monthly Turnover / Monthly Number of Trades EUR mln % Equity (REITs excluded) REITS Bonds Exchange Traded Products Compensatory Instruments Jan 214 Mar May Jul Sep Nov Jan 215 Mar May Monthly turnover Jul Sep Nov Jan Mar May Jul Sep Nov Monthly number of trades Jan 217 Mar May Jul Regulated market turnover in H1 217 reached EUR 12 mln That represents an increase of nearly 55% in comparison with H1. The overall increase is due to equity turnover (excluding REITs) growth by 83%, growth in REITs turnover by 17% and bonds turnover increase by 18%. The total equity turnover formed nearly 9% of the total Main Market turnover in H Market / Instrument H1 14 H1 '15 H1 '16 H1 '17 Total turnover (EUR mln) Equity (REITs excluded) REITS Bonds Exchange Traded Products 1 Compensatory Instruments

7 MARKET HIGHLIGHTS as of Jul 217 Market Cap held by institutional investors (EUR mln) 723 Share ownership of institutional investors 18.5% Share ownership of institutional investors in SOFIX 17.1% Companies Share ownership of institutional investors in BGBX4 15.3% Companies Institutional investors include investment funds, UCITs, Pension insurance companiesq Central Depository EUR bln % Turnover Velocity vs Market Cap -217 YTD 3.% 1.4% 2.% 1.1% 5.1% 3.2% % Jan 212 Jul 212 Jan 213 Jul 213 Jan 214 Jul 214 Jan 215 Jul 215 Jan Jul Jan 217 Jul % 2.% 6.4% 11.% SOFIX Performance % SOFIX value 3.2% 3.3% 3.5% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 217 Feb 217 Mar 217 Apr 217 May 217 Jun 217 Jul 217 Market Capitalisation EUR SOFIX Turnover velocity BSE Turnover Velocity P/E MARKET PERFORMANCE 2.5% 5.8% 1.9% % 14% 12% 1% 8% 6% 4% 2% %

8 Jan 212 Mar 212 May 212 Jul 212 Sep 212 Nov 212 Jan 213 Mar 213 May 213 Jul 213 Sep 213 Nov 213 Jan 214 Mar 214 May 214 Jul 214 Sep 214 Nov 214 Jan 215 Mar 215 May 215 Jul 215 Sep 215 Nov 215 Jan Mar May Jul Sep Nov Jan 217 Mar 217 May 217 Jul 217 BSE S CONTRIBUTION TO CORPORATE GOVERNANCE One of the founders of the National Corporate Governance Committee. Author of the first corporate governance code back in 26. One of the authors of the National Corporate Governance Code published in 27 and the first non-listed company (at that time) to follow it. Currently a rotational chairperson of the National Corporate Governance Committee. One of the companies that produce all disclosure simultaneously in Bulgarian and English. Calculates CGIX, an index of companies adopted best corporate governance principles. The CGIX index grew by 31.4% YTD and by 73.5% TTM. The dividend yield of the companies underlying the index was 1.1% in % 119% 99% 79% 59% 39% 19% -1% -21% CORPORATE GOVERNANCE SOFIX vs. CGIX performance SOFIX CGIX 8

9 COMPANY HIGHLIGHTS

10 COMPANY HIGHLIGHTS OWN SHARES PERFORMANCE 4% 35% 3% 25% BSO vs SOFIX 217 YTD as of Jul 217 Name Bulgarian Stock Exchange Ticker BSO ISIN BG Market: Main Market, Standard Equities Segment Issue size % 15% 1% 5% % -5% Jan 217 Feb 217 Mar 217 Apr 217 May 217 Jun 217 Jul 217 SOFIX return BSO return Jul - Jul 217 High price (EUR) 2.45 Low price (EUR) 1.23 Last price (EUR) 2.6 Traded value (EUR) Number of transactions 971 Shares traded Market cap (EUR mln)

11 COMPANY HIGHLIGHTS BSE FINANCIAL PERFORMANCE Sales revenue of the Exchange increased by 21.4%, compared with H1, mainly due to an increase in Revenue from Trading fees and Information services fees. Total cost decreased by 8.8% compared with H1. BSE Cost and Revenue Structure is stable, besides the change in Trading fees revenue item, which is related to the Market turnover values. (EUR ') H1 '14 H1 '15 H1 '16 H1 '17 Operating income Operating cost Operating result EBIT EBITDA Net profit/loss Profit/loss per share (EUR) EUR thousand 8 BSE-Sofia Revenue Structure EUR thousand 8 BSE-Sofia Cost Structure H1 '14 H1 '15 H1 '16 H1 '17 H1 '14 H1 '15 H1 '16 H1 '17 Trading fees Registration fees Finance Income Information service fees Membership Fees Rentals Other Materials and consumables Hired services Deprecation and amortisation Personnel cost Other operating expenses Financial costs 11

12 COMPANY HIGHLIGHTS BSE FINANCIAL STANDINGS Compared to H1 of in H1 of 217 the total revenue of BSE increased with almost 19% reaching almost EUR 1 mln. At the same time the Total Costs were reduced with almost 9% which resulted in a substantial reduction of the negative Operating Profit which at the end of the first half of 217 was only EUR 123 thousand. EUR thousand Total revenue 84 H1 H % Total revenue 997 EBITDA EBIT -277 EBITDA -215 Operating Profit -379 EBIT -22 Operating Profit Total cost % Total cost

13 COMPANY HIGHLIGHTS Shareholder structure of BSE as of 3 Jun 217 BSE OWNERSHIP AND PARTICIPATION SUBSIDIARIES, JOINT VENTURE AND MINORITY INTEREST 12.3% 19.6% 18.% 5.5% SEE link is a company established by Bulgaria, Macedonia and Zagreb stock exchanges with the objective of creating a regional infrastructure for trading of securities listed on those three markets. Financial Market Services Ltd is a subsidiary of BSE which is engaged in the design, development and maintenance of information systems and products related to the capital market. Central Depository AD is a national system for securities settlement and shareholders registry of dematerialized securities. 6.6% Ministry of Finance Brokerage Firms and Banks 33.3% Other Legal Persons Natural Persons 66.7% 49.7% 43.7% There is no limit on how many BSE shares could a single shareholder own. Nevertheless, acquiring 1% or more requires regulatory approval. BSE Other 1% BSE BSE Ministry of Finance Other 13

14 COMPANY HIGHLIGHTS RECENT ACCOMPLISHMENTS Sep The First Bulgarian ETF was listed on BSE-Sofia Nov Bulgarian Capital Markets Development Strategy Dec Belgrade and Ljubljana Stock Exchanges joined SEE Link Feb 217 SeeNews became a SEE Link news partner Mar 217 Participation in Global Money Week Apr 217 SEE Link Regional Conference May 217 BSE-Sofia presented the Bulgarian capital market to investors in London Jul 217 Amendments in the Law On Public Offering Of Securities Aug 217 Banja Luka Stock Exchange joined SEE Link Oct Establishment of Bulgarian Capital Markets Development Board Dec Alterco JSC IPO Launched Jan 217 SeeLinX rebalancing and adding companies from Slovenia and Serbia Mar 217 Equity day on BSE- Sofia Apr 217 Regular general meeting of shareholders of BSE-Sofia and decision for dividend distribution Apr 217 BSE-Sofia rules amended in relation to the new BSE International market Jun 217 BSE-Sofia published changes in the Index Calculation Rules Jul 217 BSE-Sofia rules amended in relation to the new Government bonds market 14

15 COMPANY HIGHLIGHTS BSE MAIN PRIORITIES AND PROJECTS BSE INTERNATIONAL MARKET GOVERNMENT BONDS MARKET Two stage project: Regulated market for instruments with EU-compliant prospectus; MTF for all other instruments. Regulated market rulebook & settlement link approved in Apr 217 and Jul 217 respectively; MTF rulebook filled with FSC in Jul 217; A shortlist of companies with valid EU prospectuses finalized; Settlement routines with Clearstream Bank Luxemburg detailed out; German MM applied for BSE membership; Xetra simulation environment now open; On-site and virtual workshops to be organized. BSE rulebook approved by the regulator in Jul 217; Agreements between BSE and Ministry of Finance and BSE and Bulgarian National Bank finalised; Daily trade report format agreed between BSE and BNB; Technical connectivity between BSE and BNB being tested; CSD to apply for membership at the Government Bonds CSD of BNB; Expected launch in Sep 217; On-site and virtual workshops to be organised by BSE. 15

16 COMPANY HIGHLIGHTS BSE MAIN PRIORITIES AND PROJECTS SEE Link Venue recap: Six exchanges connected to the platform (BSE, MSE, ZSE, LJSE, BELEX and BLSE); Two approved as members (ATHEX, SASE); ATHEX is currently testing its connection; 32 brokers have access to SEE Link; 8 Originating Brokers and 7 Executing Brokers from Bulgaria. One FIX-compatible broker from Croatia; Leading international bank to facilitate settlement; MoUs to be signed with the exchanges and SLAs with the CSDs as a second step; Implementation postponed after successful CSDR licensing of the EU-domiciled CSDs; Post-trading integration project recently launched by EBRD; Selected consultants currently familiarize themselves with each country s post-trading specifics; A joint workshop is expected in Sep 217 to present key findings. 7% 6% 5% 4% 3% 2% 1% % Apr -1% May Jun Jul Aug SME Market Project SOFIX and SEELinX Performance Sep Oct Nov SEELinX Dec Jan 217 SOFIX Securities Law amended in Jul 217; no prospectus required for offerings of EUR 1 million or less; Domestic law in line with the Prospectus regulation (approved in Jan 217); SME market to be structured under the umbrella of the MTF; Requirements for authorised advisors to be detailed; SME Growth Market in MiFID II environment to be considered as a next step. Feb 217 Mar 217 Apr 217 May 217 Jun 217 Jul 217 Aug

17 WHY INVEST IN BULGARIA

18 WHY BULGARIA MACRO TRENDS as of Jul 217 Country credit rating Local Foreign currency currency Perspective Fitch BBB- BBB- Positive Moody s Baa2 Baa2 Stable Standard & Poor s BB+ BB+ Positive Source: Ministry of Finance 4.5% 4.% 3.5% Dividend Yield and Deposit Interest Rates Comparison 4.6% 3.96% 9% 8% 7% GDP Growth (%, YoY).9% 1.3% 3.6% 3.4% Inflation (%, YoY) -1.6% -.9% -.4%.1% Unemployment (%) 11.8% 1.7% 1.% 8.% Source: NSI,BNB As of Jul 217 Bulgaria Real GDP Growth Forecast (%) EC Spring 217 Forecast 2.9% 2.8% EBRD 3.2% 3.% Ministry of Finance Spring 217 Forecast 3.% 3.1% Source: Ministry of Finance, EBRD, EC 3.% 2.5% 2.% 1.5% 1.%.5%.% 3.4% 6.% 5.6% 4.9% 2.25% 2.1% 2.9% 1.87% 1.84% 1.73% 3.5% 1.49% 1.5% 1.4% 1.18%.93% 2.3% 1.1%.6% YTD 6% 5% 4% 3% 2% 1% % average dividend yield of all listed companies average interest rate on 6 m to 1y deposits average dividend yield of SOFIX companies 18

19 WHY BULGARIA CORPORATES % tax on capital gains 5% dividend withholding tax 1% flat corporate income tax CAPITAL GAINS TAX RATE % 1% 2% 3% DIVIDEND TAX RATE % 1% 2% 3% INCOME TAX RATE % 1% 2% 3% Bulgaria Bulgaria 5% Bulgaria 1% Romania Romania Romania Poland Poland Poland Austria Austria Austria Germany Germany Germany UK UK UK 19

20 WHY BULGARIA NATURAL PERSONS 5% dividend withholding tax 1% flat personal income tax CAPITAL GAINS TAX RATE DIVIDEND TAX RATE % 1% 2% 3% 4% 5% 6% % 1% 2% 3% 4% 5% Bulgaria Bulgaria 5% Romania Romania Poland Poland Austria Austria Germany Germany UK UK 2

21 WHY BULGARIA COMPANIES EUR Bln Financial Standing of SOFIX Constituents EUR mln 25 Revenue Cost EBITDA EBIT Net profit EBITDA Net profit 21

22 WHY BULGARIA CAPITAL MARKET Index Country Jul - Jul 217 2% MAIN INDICES PERFORMANCE COMPARISON SOFIX Bulgaria 55.2% ATX Austria 45.2% ISE 1 Turkey 42.8% WIG Poland 35.1% MBI1 Macedonia 33.9% BUX Hungary 29.4% BET Romania 23.5% DAX Germany 17.7% CAC 4 France 15.6% BELEX15 Serbia 14.8% PX Index Czech Republic 14.4% Swiss Market Index Switzerland 11.4% FTSE 1 UK 9.6% RTS Russia 9.4% CROBEX Croatia 6.2% SASX-1 Bosnia and Herzegovina -1.1% 15% 1% 5% % -5% BGREIT SOFIX BGTR3 BGREIT, which follows the best performing real estate companies, outperforms all other indices even in periods of market crisis, when other indices plummeted ( ). Over seven years BGREIT has grown by 72 points or almost 167%. 22

23 WHY BULGARIA TRADING FEES (BPs PER TRADE PER SIDE) Bucharest Stock Echange 4 1 BSE-Sofia 7.5 Montenegro Stock Exchange 8 Ljubljana Stock Exchange 8 Zagreb Stock Exchange 8 Belgrade Stock exchange 1 Banja Luka Stock Exchange 1 Skopje Stock Exchange 2 Buy Sell 23

24 EUR thousand EUR thousand WHY BULGARIA Admission Fees (EUR) 5 mln Issue size (EUR) 1 mln 2 mln 5 mln Skopje Stock Exchange BSE Montenegro Stock Exchange Banja Luka Stock Exchange Bucharest Stock Exchange Belgrade Stock exchange Ljubljana Stock Exchange Zagreb Stock Exchange Admission fees (EUR) BSE has the lowest annual maintenance fees and the second lowest admission fees in the region. Annual Maintenance Fees (EUR) 5 mln Issue size (EUR) 1 mln 2 mln 5 mln BSE Skopje Stock Exchange Bucharest Stock Exchange Belgrade Stock exchange Montenegro Stock Exchange Banja Luka Stock Exchange Ljubljana Stock Exchange Zagreb Stock Exchange Annual maintenance fees (EUR) EUR mln EUR mln BSE-Sofia Skopje Stock Exchange Bucharest Stock Echange Belgrade Stock exchange Montenegro Stock Exchange Banja Luka Stock Exchange Ljubljana Stock Exchange Zagreb Stock Exchange 24

25 INVESTOR RELATIONS CONTACTS Bulgarian Stock Exchange Sofia 6 Tri ushi Str, floor 5, Sofia 1, Bulgaria

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