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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
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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
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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
WOOD’s Winter Emerging Europe Prague Conference:
1-4 December 2015, Radisson Hotel Prague
WOOD’s Winter Emerging Europe Prague Conference:
1-5 December 2014, Radisson Hotel Prague
WOOD’s Winter Emerging Europe Prague Conference:
3-6 December 2013, Radisson Hotel Prague
WOOD’s Winter Emerging Europe Prague Conference:
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 years´experience
Bartosz BalcarekAssociate6 years´experience
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
17 years’ experience
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 years´experience
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
Bucharest Stock Exchange
Sole Global Coordinator and JointBookrunner
2017
Sphera Franchise Group
EUR 62,000,000
Initial Public Offering
Bucharest Stock Exchange
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
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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
13 years’ experience
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
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
Accelerated Bookbuild
Bucharest Stock
Exchange
Joint Bookrunner
PLN 300,102,768
Prime Car Management
2015
Accelerated Bookbuild
Warsaw Stock
Exchange
Joint Global Coordinator and
Bookrunner
PLN 511,700,000
CCC
2015
Accelerated Bookbuild
Warsaw Stock
Exchange
Joint Lead Manager & Settlement Agent
2016
Accelerated Bookbuild
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
Accelerated Bookbuild
Warsaw Stock
Exchange
Joint Lead Manager & PSE Listing Agent
2016
Initial Public Offering
Prague Stock Exchange
CZK 19,972,386,420 (EUR 738,952,000)
GE Capital International sold 293,7m
existing shares representing a 57.5% stake in
MONETA Money Bank, a.s. (formerly GE
Money Bank, a.s.) via an institutional-only
IPO on the Prague Stock Exchange
formerly
Joint Lead Manager & Settlement Agent
2016
Accelerated Bookbuild
Prague Stock Exchange
CZK 9,375,000,000 (EUR 347,035,851)
GE Capital International sold 125.0m
existing shares representing a 24.5% stake in
MONETA Money Bank, a.s. (formerly GE
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
Sole Financial Adviser to the Acquirer and Placement Agent
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
Sole Financial Adviser to the Acquirer and Placement Agent
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
Initial Public Offering
Bucharest Stock Exchange
Joint Global Coordinator and JointBookrunner
2017
Echo Investment/Lisala
EUR 44,200,000
Accelerated Bookbuild
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.
The largest dedicated EME Sales and Sales Trading Team
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.
The largest dedicated EME Sales and Sales Trading Team
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.
The largest dedicated EME Sales and Sales Trading Team
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
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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
United KingdomCity Point, 15th Floor1 Ropemaker StreetLondon EC2Y 9HTTel.: +44 (0) 20 3530 0611
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Tel.: +421 232 409 000
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Tel.: +39 02 67910 963
Legal Notice
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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.
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All rights reserved.