22.09.2017   reading time: 15min.

According to our assessment, it is very probable that on 28.08.2017 the peak on the Wig20 Index was established. The analysis shows that the value of most of the companies included in the Wig20 index is revaluated by 15-35% over the estimated fair value. We see an increase in internal and external risks that directly correlate with asset valuation. As a result, we expect declines in the market, which should take place in October and next months. We present two examples of valuations of companies that we now see as interesting.
These are: Bioton S.A and Ciech S.A.

Best Regards,

Rafał Ciepielski

CEO RCieSolution

The data and information provided in this presentation and the DCF models of the companies (hereafter referred to as the material) are not a commercial offer. The business and financial situation of the companies are
presented in current and periodical reports, which are available on the Internet.

We do not accept any responsibility for the external use of the material. This material, as a result of subjective
assessment, has been prepared solely for information purposes (showing part of our workshop), is not a purchase or sale offer, nor is it a basis for any third party action, including those relating to investment in securities or other financial instruments.

A client who decides to invest in risky securities, has to know that the value of the investment in each type of
asset and income from it is a non-guaranteed function. Shares offer the best opportunities to generate long-term
capital growth, but also the risk associated with investing in shares is higher.

Bioton S.A DCF Model valuation:

https://docs.google.com/spreadsheets/d/1sq_kcUOEbPBz2mmk1YVabTX0–6lZrdgfk18lfzxcnE/edit?usp=sharing

Ciech S.A DCF Model valuation:

The views expressed herein do not constitute research, investment advice or trade recommendations and do not necessarily represent the views of all RCieSolution management teams. Are subject to revision over time.