This document is being provided for the exclusive use of VICTOR-OCTAVIAN MULLER at [FIRM]. Not for redistribution.

VNC RO Equity
VRANCART ADJUD (Containers & Packaging)
Vrancart S.A. is manufacturing toilet paper, corrugated board and fluting paper. [FIGI BBG000J3YRR6]

Earnings & Estimates Market Data

1.00
Next Announcement Date 11/15/17
P/E RON N.A. 0.80
Est P/E N.A. N.A. 0.60
T12M EPS N.A.
0.40
Est EPS N.A.
0.20
0.00
5/ 6/ 7/ 8/ 9/ 10 11 12 1/ 2/ 3/ 4/
31 30 30 29 28 /2 /2 /2 26 25 27 26
/2 /2 /2 /2 /2 8/ 7/ 7/ /2 /2 /2 /2
01 01 01 01 01 20 20 20 01 01 01 01
6 6 6 6 6 16 16 16 7 7 7 7

Corporate Info
Px/Chg 1D (RON) .185/-1.07%
52 Wk H (09/09/16) .21
Strada Ecaterina Teodoroiu 17 www.vrancart.ro
52 Wk L (05/24/16) .1355
Romania T: 40-237-640-800
YTD Change/% 0.004/2.49%
Chairman/CEO Ionel Marian Ciucioi
Mkt Cap RON 190.9M
Financial Director Monica Vasilica Arsene
Shrs Out/Float 1,031.7M/1,031.7M

Revenue Earnings Per Share

T .03

T .02

T .01

T -.01

T -.02

2013 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 2018
FY 183.99M -- 211.56M 227.10M -- -- FY -0.01 -- 0.02 0.02 -- --
Q1 -- 47.24M 51.89M -- -- -- Q1 -- N.A. 0.01 -- -- --
Q2 -- 49.01M -- 57.47M -- -- Q2 -- N.A. -- 0.01 -- --
Q3 -- 49.04M -- 56.83M -- -- Q3 -- N.A. -- 0.01 -- --
Q4 47.48M -- -- -- -- -- Q4 -0.01 -- -- -- -- --

Ratios
Fiscal Year End * Last Quarter End ~ Current/T12M
12/2016 09/16 Q3 RON
Issue Data Per Share Data Cash Flow Analysis
~ Last Px RON/0.19 ~ EPS 0.02 ~ CF/NI 1.8
~ P/E N.A. ~ EPS T12M N.A. ~ Dvd P/O 755.9%
~ Dvd Ind Yld N.A. ~ DPS 0.16 ~ Cash Gen/Cash Reqd 1.3
~ P/B 1.10 ~ Bk Val Per Sh 0.17 ~ Csh Dvd Cov 0.1
~ P/S N.A. ~ Rev/Bas Sh 0.26 ~ CFO/Sales 15.3%
~ P/CF N.A. ~ T12M CPS N.A. ~ Eff IR N.A.
~ Mkt Cap 190.9M ~ Curr Shares Out 1.0B

Growth Potential Profitability Structure

~ EPS - 1 Yr Gr 9.5% ~ OPM 9.7% ~ Curr Ratio 1.2
~ Cap 1Y Gr N.A. ~ Prtx Mrgn 9.9% ~ Quick Ratio 0.6
~ BPS 1Y Gr N.A. ~ ROA N.A. ~ Debt/Assets 21.3%
~ Retntn Rt N.A. ~ ROE N.A. ~ Debt/Com Eq 36.2%
~ Rev - 1 Yr Gr 7.3% ~ ROC N.A. ~ A/R Trnovr N.A.
~ Empl 1Y Gr N.A. ~ Ast TO N.A. ~ EBIT/Tot Int Exp 13.8
~ Ast 1Y Gr N.A. ~ Finl Lev N.A.
~ Eff Tx Rate 12.7%

This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice,
and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.

Bloomberg ® 05/23/2017 11:07:11 1

 This document is being provided for the exclusive use of VICTOR-OCTAVIAN MULLER at [FIRM]. Not for redistribution.

VNC RO Equity
Geographic Segmentation Holdings Summary
2008 Rev 3Yr Gr Inst Holdings | OWN »
Romania 109.55M 29.39% # of Inst. Owners 3
Rest of the World 5.52M N.A. Shares Owned 653.4M
Shares Out/Float 63.3%/63.3%
# of Buyers/Sellers 1/0
Shares Sold 1.27M

Product Segmentation
2008 Rev 3Yr Gr
Corrugated Cardboard 55.73M 34.30%
Sanitary Paper 37.66M 18.91%
Fluting Paper 12.98M 63.25%
Other Paper 8.70M 58.75%

Top Holders | HDS »

Issue Information | RELS » SOCIETATEA DE INVESTITII FIN 62.55%
ERSTE GROUP BANK AG 0.75%
Sec Type Common Stock OTP ASSET MANAGEMENT ROMANIA SAI 0.03%
Pri Exch Bucharest
PAR RON 0.1
Pri MIC XBSE
Incorp ROMANIA
FIGI BBG000J3YRR6
ISIN ROVRJUACNOR7
SEDOL1 B0DJNT3 RO
Equity Weights

BUCHAREST EXTENDED 0.162%

BSE COMPOSITE INDEX 0.000%
BUCHAREST EXTENDED TR 0.160%
Bucharest Benchmark Indx 0.626%
Bucharest BET Plus Index 0.155%

Dividend | DVD »
RON
Ind Gross Yield N.A.
1Y Net Growth 433.33%

This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice,
and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.

Bloomberg ® 05/23/2017 11:07:11 2