Your Reliable Investment
                  Partner


        Company Presentation
           February 2009
Company Overview


First Financial Brokerage House                          is a leading non-
  banking financial institut...
Company Overview


First Financial Brokerage House

• is the primary contact in Bulgaria for large international
  institu...
Company Overview

Founded in March of 1991, First Financial Brokerage House (FFBH) is the
first brokerage house in Bulgari...
Company Overview

                                                                      Equity (in € '000)
               ...
Company Overview


The FFBH Philosophy
 Professional competence

 Overall consultation approach

 Creating superior decisi...
Key Business Lines

Brokerage Services



Corporate Finance and Advisory
Services



Research and Analysis




Asset Manag...
Brokerage Services

Brokerage operations have always been the traditional mainstay of the
FFBH business.

    FFBH is one ...
Brokerage Services


 FFBH turnover has grown at an average of 33% (CAGR) per annum over the
 last 5 years


             ...
Corporate Finance

Key Activities in Corporate Finance
  Fund raising through public and private offering of stocks and bo...
Corporate Finance

                                     €11.2 million                                                     ...
Corporate Finance

            €11 million                confidential                                               €1.5 ...
Research and Analysis

As a major advantage, our customers are able to benefit from the
premium quality research activitie...
Asset Management


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


General Managers: Krassimir Tahchiev | Stoyan Nikolov

Switchboard:       (359 2) 810 64 00
Fax:        ...
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FFBH Company Presentation Feb 2009

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FFBH Company Presentation Feb 2009

  1. 1. Your Reliable Investment Partner Company Presentation February 2009
  2. 2. Company Overview First 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 2
  3. 3. Company Overview First 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 3
  4. 4. Company Overview 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 4
  5. 5. Company Overview Equity (in € '000) 47'285 The company is strongly capitalised, with €5.7m of equity 20 000 as of Jan ‘09 15 000 10 000 The company’s own capital has grown at an average 5 000 rate of 30% pa for the last 5 years 0 2005 2006 2007 2008 Customer assets held FFBH holds over €250m of client assets as of Jan ‘09 by FFBH (in €m) 800 600 Assets held have grown at an average rate of over 400 90% a year over the last 5 years 200 0 2005 2006 2007 2008 5
  6. 6. Company Overview The FFBH Philosophy Professional 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 6
  7. 7. Key Business Lines Brokerage Services Corporate Finance and Advisory Services Research and Analysis Asset Management 7
  8. 8. Brokerage Services 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 FFBH rating in terms of turnover 2008 2007 2006 2005 2004 From the non-banking institutions #1 #2 #2 #1 #1 Overall #2 #5 #2 #4 #4 The company is the main contact point for almost all international institutional and private investors in the Bulgarian equity market 8
  9. 9. Brokerage Services FFBH turnover has grown at an average of 33% (CAGR) per annum over the last 5 years FFBH and BSE turnover (in €m) FFBH Turnover (in €m) 405 450 5 068 400 350 305 4 068 300 250 3 068 205 200 2 068 150 105 100 1 068 50 5 68 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2001 2002 2003 2004 2005 2006 2007 2008 FFBH Turnover, in €m (left-hand side) BSE Turnover, in €m (right-hand side) 9 Source: BSE
  10. 10. Corporate Finance Key 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 10
  11. 11. Corporate Finance €11.2 million €5.3 million €17.7 million confidential SOPHARMA NETINFO INDUSTRIAL HOLDING BALKANTOURIST ELIT DOVERIE UNITED (Pharmaceuticals) (IT & Media) BULGARIA (Tourism) HOLDING (Holding Company) (Holding Company) ADVISOR ON THE SELL-SIDE ADVISOR FOR LEAD MANAGER AND PLANNED DUAL LISTING THE SALE OF 82% BOOK-RUNNER OF THE LEAD MANAGER AND LEAD MANAGER OF THE OF THE COMPANY ON AN MAJORITY STAKE TO €14.8M CAPITAL RAISE BOOK-RUNNER OF THE CAPITAL RAISE EU STOCK EXCHANGE SANOMA MAGAZINES ADVISOR ON THE TENDER CONVERTIBLE BOND OFFER FOR THE ISSUE MINORITY STAKES €2.9M Ongoing 2008 2008-2009 2008 2008 €3 million €5.6 million €21.5 million €90 million €0.7 million INDUSTRIAL HOLDING FIRST INVESTMENT SOPHARMA ESTATES BILLBOARD BIANOR BULGARIA BANK (Real Estate) (Printing & Publishing) (IT & Technology) (Holding Company) (Banking) CAPITAL RAISE ADVISORY LEAD MANAGER AND MANAGER AND BOOK- AND IMPLEMENTATION BOOK-RUNNER OF THE RUNNER OF THE IPO MANAGER OF THE MANAGER AND BOOK- IPO CAPITAL RAISE RUNNER OF THE IPO 2007 2007 2007 2007 2007 11
  12. 12. Corporate Finance €11 million confidential €1.5 million DUROPAK TRAKIA CHIMIMPORT EASTERN GAS NETINFO AKTIV PROPERTIES PAPIR (Holding Company) COMPANY (IT & Media) (Real Estate) (Paper & Pulp) (Oil & Gas) FINANCIAL ENGINEERING STRATEGIC ADVISORY CAPITAL RAISE ADVISORY ADVISORY SELL-SIDE ADVISORY IN ADVISOR AND AGENT FOR SELL-SIDE ADVISOR FOR A AND IMPLEMENTATION THE SALE OF A 95% THE PRIVATE 30% STAKE MAJORITY STAKE IN THE PLACEMENT OF A €1.5M DUE DILIGENCE ON COMPANY CORPORATE BOND POTENTIAL ACQUISITION TARGETS 2006-2007 2006 2006 2006 2005 €6.9 million €8.2 million €18.3 million €12 million BENCHMARK FUND BULGARIA REAL ESTATES BULGARSKA ROZA ENERGOREMONT ALCOMET ESTATE FUND (Real Estate) SEVTOPOLIS RUSSE & VARNA (Metallurgy) (Real Estate) (Pharmaceuticals & Cosmetics) (Energy) ADVISOR AND ADVISORY ON THE FULL-SCALE UNDERWRITER OF THE CAPITAL RESTRUCTURING ADVISORY ON THE THREE ADVISORY TO THE IMPLEMENTATION OF IPO. FULL-SCALE IMPLEMENTATION OF EQUITY RAISING MAJORITY OWNER THE IPO AND THE TWO IMPLEMENTATION OF THE CAPITAL RAISE OPERATIONS IMPLEMENTATION OF CAPITAL RAISING THE SECOND CAPITAL DEAL IMPLEMENTATION THE TENDER OFFERS PROCEDURES RAISE 2005-2006 2005-2007 2005 2005-2006 2004-2006 12
  13. 13. Research and Analysis As a major advantage, our customers are able to benefit from the premium 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 13
  14. 14. Asset Management 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 discretionary portfolio service totalled BGN 3.34m. The assets managed separately by FFBH Asset Management stood at BGN 6.9m as of the same date. 14
  15. 15. Contact Details General Managers: Krassimir Tahchiev | Stoyan Nikolov Switchboard: (359 2) 810 64 00 Fax: (359 2) 810 64 01 e-mail: ffbh@ffbh.bg Web site: www.ffbh.bg Mailing Address: 2 Enos Street 1408 Sofia Bulgaria 15

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