FIMA Daily Insight CROATIA SLOVENIA ROMANIA BULGARIA. Irena Ivanković. Darko Horvat. November 30, 2016 CROATIA

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1 CROATIA SLOVENIA ROMANIA BULGARIA FIMA Daily Insight November 30, 2016 CROATIA BENCHMARKS DAILY CHANGES % 0,65% 0,65% 0,29% -0,53% CROBEX SBI BET SOFIX BENCHMARKS 3Y CHARTS Croatian equities closed higher yesterday with both indices increasing; CROBEX increased 0.29% to 1, pts and blue chip CROBEX 10 increased 0.36% to 1, pts. Regular stock turnover amounted to HRK 4.24 million. (Positive) Tourism Company Valamar Riviera (RIVPRA CZ) topped the liquidity board collecting HRK 0.82 million in turnover with a price increase of 0.95% to HRK The Croatian Chamber of Commerce (HGK) believes that the government's guidelines for the 2017 state budget represent a solid framework for finally putting public finance in the function of reducing the tax burden on the business sector and households, and that the government's optimistic growth projection is possible to achieve. (Positive) In October 2016, industrial production in Croatia increased by 1.8% on the year, making October the 21st month of continual growth, albeit that growth was slower than that recorded in September. (Positive) By the end of September 2016, Croatian banks reported gross operating profits of HRK 4.96 bln, with 20 banks operating in the black and seven reporting a gross loss, show figures released by the Croatian National Bank (HNB). (Neutral) Nov-13 Nov-14 Nov-15 Nov-16 CROBEX SBI BET SOFIX BENCHMARKS 1Y % RETURNS In 9M 2016, Croatian seaports recorded 271,0 ships arrivals and 27 mln passengers which represent growth of 6% to 9% compared with the same period in Traffic of goods decreased 9% to 13.3 mln tonnes of goods, reported the Central Bureau of statistics. (Neutral) SLOVENIA The latest economic growth forecast for Slovenia by the Organisation for Economic Cooperation and Development (OECD) is just another warning that the country needs measures for sustainable growth, the daily Finance says in Tuesday's commentary. Furthemore, cautions Slovenians against placing too much trust in real estate, even if Slovenia is not among the eight EU countries flagged by the European Central Bank (ECB) as being at risk of property bubbles. (Neutral) ROMANIA 18,6% 28,6% In October, over 3,400 permits for residential buildings were issued in Romania which was an increase of 13.6% compared to the same month last year, according to the National Statistics Institute (INS). Number of permits dropped by 15.9% compared to September this year. In 9M 2016, were issued 33,462 buildings permits which was 0.3% lower compared to the same period last year, according to INS data. (Neutral) 0,0% -2,6% CROBEX SBI BET SOFIX In October 2016, Romania's seasonally adjusted unemployment rate stood at 5.8% from 5.9% in September, the country's statistics board said Tuesday. (Positive) Please note that Bucharest Stock Exchange will be closed on Wednesday, November 30 and Thursday, December 1. BULGARIA SALES AND TRADING DESK CONTACTS Irena Ivanković Phone: iivankovic@fima.com Darko Horvat Phone: trading@fima.com In 3Q 2016, Monbat s (5MB BU) net income increased by 48% yoy to BGN 6.6 mln due to rising volumes and LME prices. In 9M 2016 bottom line adds 10.5% yoy, according to the Company s consolidated financial statements. The Top line improved by 8% yoy in 3Q 2016 to BGN 67.6 mln while expanded 37.4% to BGN 11.8 mln. In 9M 2016, top line increased by 2.2% yoy to BGN 181 mln while net income came at BGN 19.2 mln. expanded 9% yoy to BGN 32.3 mln. 10M 2016 preliminary consolidated sales went up 2.9% yoy to BGN 206 mln while went up by 16.5% yoy to BGN 37.6 mln. (Positive) Business climate improves in November 2016, despite political turbulence, according to national statistics data. The indicator adds 0.6 p.p. on stronger construction, retail trade and industrial productionthe positive overall business climate sentiment comes despite the November 2016 political turbulences. In middle November Prime Minister Boyko Borisov s cabinet resigned on leading government party GERB loss of the presidential elections. Socialists-backed Rumen Radev won the presidential elections leaving the GERB candidate Tsetska Tsacheva second. Early parliament elections expected spring 2017 while a caretaker government is expected in middle December (Positive) 1

2 Trading day recap CROATIA Market Trunover ( EUR mn): 0,63 1 Valamar 0,11 Hoteli Podgora 18,47% Hoteli Medena -17,30% 2 Atlantska plov. 0,07 Termes 12,79% Puljanka -4,% 3 Pevec 0,07 Hidroelektra 8,08% Hoteli Brela -4,26% 4 Turisthotel 0,06 Jadroagent 7,10% IGH -4,10% 5 Medika 0,03 Viro 6,28% Varteks -3,68% 6 Adris - pfd 0,03 ULPL 4,76% HUP -2,49% 7 Luka Rijeka 0,03 Ingra 3,56% Luka Rijeka -2,21% 8 HT 0,03 Zvijezda 3,55% Badel -1,94% 9 Jadroagent 0,02 Jadroplov 3,21% Atlantska plov. -1,75% Nov-13 Nov-14 Nov-15 Nov Viro 0,02 Pevec 1,55% Proficio -1,73% CROBEX CRO Tourism CROPLUS Index SLOVENIA Market Trunover ( EUR mn): 1,93 1 Krka 1,06 KD Group 12,43% Toplice Dobrna -12,61% 2 Petrol 0,25 Cetis 7,% Gorenje -3,00% 3 Gorenje 0,19 Kmecka Druzba 6,31% Terme Catez -2,44% 4 Cinkarna Celje 0,17 Hram Hldg. 2,08% Krka -1,35% 5 Triglav 0,10 Sivent 0,40% Gea -1,25% 6 Luka Koper 0,03 Petrol 0,32% Triglav -0,70% 7 Unior 0,03 Sava Re 0,30% Telekom Slo. -0,28% 70 8 Sava Re 0,02 Mlinotest 0,25% Hotel Union -0,06% 9 Telekom Slo. 0,02 Intereuropa 0,10% Mercator 0,00% Nov-13 Nov-14 Nov-15 Nov Hotel Union 0,01 Luka Koper 0,02% Cinkarna Celje 0,00% SBI ROMANIA Market Trunover ( EUR mn): 5,21 Volume () Leaders Laggers Volume () Leaders Laggers Volume () Leaders Laggers 1 Banca Trans. 1,54 Dorna Turism 1,4% Chimcomplex Bo -34,29% 2 Romgaz 0,85 Complex Comet 83,33% Amplo Ploiest -34,29% 3 Fondul Prop. 0,82 Urbana Bistri 8,57% Calipso Orade -12,20% 4 OMV Petrom 0,73 Icsim Bucures 6,93% Iprolam Bucure -8,94% 5 Electrica 0,38 Unisem Bucure 6,% Uamt -8,77% 6 BRD 0,31 Turism Felix 5,91% Tmk-Artrom Sla -7,41% 7 Sif 5 Oltenia 0,27 Electroputere 5,85% Agrana Romania -4,57% 8 Turbomecanica 0,05 Athenee Palace 5,21% Prodplast -2,15% Nov-13 Nov-14 Nov-15 Nov-16 9 Sc Transilvani 0,05 Fondul Oamenil 3,% S.C Alumil Rom -2,00% 10 Conpet Ploies 0,04 Electroconstru 3,45% Rompetrol -1,67% BET BET-BK Index BULGARIA Market Trunover ( EUR mn): 0,36 Volume () Leaders Laggers May-14 May-15 May-16 SOFIX BGBX40 index 1 Chimimport 0,15 Vaptzarov Hold 48,00% Zlaten Lev Hol -14,47% 2 Monbat 0,04 Bulgaria Housi 24,32% Hydropneumotec -10,00% 3 CCB 0,02 Nov Vek Holdin 12,88% Svilosa -8,56% 4 Biovet 0,02 Bulgarska Roza 12,55% Bulgaria Reg C -8,04% 5 Alcomet -Shume 0,01 Oil & Gas Expl 10,25% Alcomet -Shume -5,71% 6 Sopharma 0,01 Bianor 9,84% Bg Agro -5,21% 7 Albena 0,01 Insurance Comp 9,20% Toplivo -5,08% 8 Emka -Sevlievo 0,01 Energoremont H 7,% Agria Group Ho -3,36% 9 Doverie Holdin 0,01 Lesoplast 6,14% Sopharma Prope -2,87% 10 Stara Planina 0,01 Euroholding Bl 5,72% FIB -1,69% 2

3 Fundamentals - overview of selected companies SIZE PRICE VALUATION & PERFORMANCE INDICATORS Name CONSTRUCTION mn Last Price 1D Δ YTD P/E EV/ EV/S P/BV ND / Margin ROE T57 BU 67,6 0,7 5,5-1,62% -4,4% 90,2 2,8 0,3 1,3-2,0 8,9% 1,4% 2,7% DLKVRA CZ 47,4 2,2 14,5 1,40% 5,7% 21,7 8,5 0,9 1,0 7,1 10,7% 4,7% - VDKTRA CZ 19,0-0,6 314,0 0,00% 5,4% -34,6 4,5 0,4 0,4 1,6 9,3% -1,2% - INGRRA CZ 5,2 1,8 2,9 3,56% -0,3% 2,9-20,0 9,5 0,4-19,6-47,7% 14,7% - THNKRA CZ 12,0-0,5 479,0 0,72% 70,5% -24,8 13,6 0,8 0,3 11,0 5,7% -1,2% - IGHRA CZ 13,0-8,9 1,0-4,10% 51,8% -1,5 239,5 3,2 6,4 214,0 1% -164,9% - DIVERSIFIED ADRSPA CZ 1165,8-35,7 459,4 0,30% 26,0% -32,7 3,6 0,5 0,5-0,9 14,9% -2,9% 3,3% 6C4 BU 191,9 26,2 1,6 1,69% 14,3% 7,3-0,2 0, ,1% 2,9% 4HS BU 9,0 0,2 3,6 2,29% -3,2% 58, , ,5% 6,1% - 5V2 BU 88,3 1,8 33,0-35,3% 47,8 25,1 4,2 1,2 16,3 16,8% 2,5% - 4EH BU 48,1-27,7 0,7 5,72% 2,2% -1, , ,5% 0,4% 5SR BU 66,1 3,7 6,2-0,48% 55,9% 18,0 4,6 0,8 1,5-1,2 16% 8,5% 3,3% ENERGY & UTILITY SNG RO 2067,6 #N/A N/A 24,2 0,41% -11,0% 8,8-1,9 1, ,2% SNP RO 2888,0-177,1 0,2 2,22% -20,7% - 2,4 0,8 0,5 0,2 35,5% -2,9% - TGN RO 777,8-298,0 0,00% 7,6% - 2,9 1,6 1,0-0, ,3% EL RO 1035,3 81,6 13,5 0,00% 10,7% 12,7 2,9 0,4 0,8-3,0 15,1% 6,5% 6,4% TEL RO 473,7-29,2 0,52% 0,0% , ,1% COTE RO 151,6-79,0 0,00% 2,6% - 1,8-0,9-2, ,2% INARA CZ 4311,9-192,3 3.2,0 0,00% 10,1% -22,4 19,0 2,3 3,0 1,6 12,2% -12,6% - SNN RO 328,2 33,2 4,9 0,20% -23,5% 9,9 3,0 1,2 0,2 0,2 38% 2,0% 6,7% JNAFRA CZ 681,4 37, ,0-0,02% 13,3% 18,4 7,7 6,2 1,4-1,3,4% 7,9% 2,6% FOOD & BEVERAGE PODRRA CZ 365,1 53,3 386,5 0,39% 14,7% 6,8 8,0 0,9 1,0 1,8 11,6% 15,5% 1,8% ATGRRA CZ 391,5 32,5 885,0 0,00% 6,9% 12,1 14,0 1,4 2,9 3,1 10,3% 12,2% 1,5% LEDORA CZ 458,1 39, ,0 0,00% 22,0% 11,5 9,2 1,6 1,8 1,0 17,8% 15,9% 3,9% JMNCRA CZ 402,2 44, ,0 0,00% 20,5% 9,1 7,4 1,0 1,6-1,8 13,8% 18,4% - KRASRA CZ 97,9 2,4 537,3 0,85% 9,1% 40,1 11,1 0,9 1,2 1,8 8,1% 3,1% - CKMLRA CZ 89,2 6, ,0 0,00% 28,6% 13,5 8,7 0,7 1,2-1,3 8% 9,2% 0,8% BLJERA CZ 27,4-6,0 25,1-0,44% 3,2% -4,6 17,8 1,7 0,6-9,3% -2,3% - ZVZDRA CZ 61,8 3, ,6 3,55% 69,3% 18,7 15,0 1,2 1,0 2,4 8% 2,7% - 3

4 Fundamentals - overview of selected companies Name INDUSTRIAL SIZE PRICE VALUATION & PERFORMANCE INDICATORS mn Last Price 1D Δ YTD P/E EV/ EV/S P/BV ND / Margin ROE GRVG SV 142,2 5,3 5,8-3,00% 26,5% 27,0 6,6 0,5 0,4 3,5 7,1% 1,4% - ERNTRA CZ 200,7 11, ,2-0,04% 18,3% 17,1 9,5 0,9 6,5-9,2% 31,1% 9,0% CICG SV,8 7,0 136,0 0,00% 78,9% 15,8 2,4 0,3 0,8-0,7 12,9% 5,0% 3,1% DDJHRA CZ 48,1-4,3 47,7 0,21%,3% -11,1 83,5 1,4-30,9 1,7% - - ADPLRA CZ 77,4 6,0 138,8 0,19% 41,9% 13,0 7,7 1,0 0,9 3,2 13,2% 7,0% 5,8% 5MB BU 182,5 12,0 9,2 4,04% 14,4% 15,2 9,1 1,6 1,9 1,1 17% 12,6% 3,1% KODTRA CZ 48,7 4,3 1.4,0 0,00% 16,7% 11,4 8,2 0,5 1,4-0,2 6,2% 12,9% - 5MH BU 121,8 5,1 6,1-0,33% 19,6% 24,0 9,1 1,9 3,9-0,8 20,8% 16,3% 3,6% PTKMRA CZ 30,6-9,3 17,9 0,79% 36,5% -3,3-0,5 2, ,4% - INFRASTRUCTURE LKPG SV 322,0 38,7 23,0 0,02% 0,0% 8,3 5,4 2,1 1,0 1,3 39,7% 12,4% 4,9% LKPCRA CZ 31,4-2,6 5,2 0,12% -19,3% -11,9 31,2 1,3 0,6 2,4 4,2% -4,8% - LKRIRA CZ,6-0,2 45,1-2,21% 4,5% -399,1 577,9 4,7 0,9-136,3 0,8% -0,2% - MARINE ATPLRA CZ,0-23,7 324,3-1,75% 135,3% -2,5-45,0 4,1 0,8 6,4-9,2% -26,4% - TPNGRA CZ 85,2 5,8 73,5 0,00% -2,4% 14,7 11,4 5,5 1,0 6,4 48,6% 7,0% 5,4% LPLHRA CZ 17,6-16,2 199,9 0,00% 2,3% -1,1 13,6 1,8 0,8-1,9 13,6% -76,1% - JDPLRA CZ 7,7-21,6 35,7 3,21% 52,0% -0,4-11,5 9,2 0,2-10,2-79,8% -38,5% - 5BR BU 12,5 1,3 0, ,3% 9,9 8,1 1,5 0,3 0,1 18,5% 3,2% - PHARMA KRKG SV 1682,3 105,2 51,3-1,35% -21,3% 16,0 7,8 1,7 1,2-0,1 21,6% 7,5% 5,2% 3JR BU 201,2 10,6 2,9 1,35% 6,5% 19,0 7,9 0,7 0,9 3,0 8,3% 5,0% 2,4% ATB RO 76,8-0,5-0,39% -3,0% , ,0% BIO RO 59,0-0,3 1,89% -4,3% , ,9% SCD RO 178,9-1,9 0,00% -5,1% , ,0% 53B BU 52,1 8,3 15,0 0,00% 30,7% 6,2-0,5 0, ,5% - RETAIL & DIST. RPH RO 30,3-0,3 0,37% -21,9% , MELR SV 426,4-2,5 70,0 0,00% -14,6% -168,6 9,9 0,5 0,7 6,4 - -0,4% - PETG SV 663,4 73,9 318,0 0,32% 24,3% 9,0 7,4 0,3 1,1 3,1 3,9% 13,3% 4,0% TISKRA CZ 47,5 1,2 1,0 0,00% -16,7% 39,9 4,9 0,1 1,4-5,2 2,7% 3,5% - MDKARA CZ 66,1 7,9 16.2,5 0,02% 32,8% 8,4 11,2 0,4 1,1 3,6 3,2% 13,5% 10,3% PVCMRA CZ - 3,0 174,4 1,55% 74,4% ,9-3,1% 9,0% - 4

5 Fundamentals - overview of selected companies Name TELECOMS SIZE PRICE Last Price 1D Δ YTD P/E VALUATION & PERFORMANCE INDICATORS EV/ EV/S P/BV ND / Margin HTRA CZ 1773,0 127,0 163,2-0,13% 13,6% 14,0 3,7 1,5 1,1-1,1 39,9% 8,3% 3,7% TLSG SV 4,8 20,9 70,5-0,28% -3,4% 22,0 4,3 1,2 0,7 1,9 28% 3,0% 7,1% OPTERA CZ 21,9 2,9 2,6 0,00% 30,0% 7,6 4,3 1,0 4,0 2,5 23,1% - - ROE TOURISM BANKS RIVPRA CZ 583,7 34,3 34,9 0,78% 45,9% 17,0 9,7 3,5 1,9 2,2 35,7% 11,7% 1,7% TUHORA CZ 138,7 10,4 2.8,0 0,18% 9,7% 13,4 10,3 4,8 2,8 0,1 47% 21,6% 3,2% HIMRRA CZ 68,4 2,8 811,1 0,00% 62,2% 24,8 12,9 5,3 1,4 2,7 41,5% 5,7% 0,4% ARNTRA CZ 125,1 1,1 432,0 0,00% 31,4% 112,6 12,8 3,7 1,2 3,5 29% 1,1% - PLAGRA CZ 419,8 31, ,0 0,00% 18,3% 13,2 8,6 3,6 1,4 2,3 42,1% 12,4% - LRHRA CZ 142,6-2, ,0-0,46% -8,2% -63,0 18,9 9,4 2,7 0,6 % -1,9% - HUPZRA CZ 146,2 9,7 2.5,0-2,49% 34,0% 15,1 10,7 4,5 1,4 2,1 42,3% 9,9% - MAISRA CZ 351,6 18,6 242,1 0,00% 5,7% 18,9 7,8 3,5 1,7 1,9 45% 9,5% - 6AB BU 128,9 3,5 59,0-0,82% 18,0% 37,0 11,8 2,8 0,6 3,8 24,0% 1,7% 0,8% HMSTRA CZ 18,0 0,5 263,0-0,45% -11,7% 32,9-2,9 1, ,1% - SUNHRA CZ 61,8-24,0 0,00% 20,2% , ACIRA CZ 91,8 3, ,0 0,00% 7,1% 27,8-4,1 1, ,2% 2,4% SLRSRA CZ 62,8 #N/A N/A 766,0 0,00% -4,9% , ILRARA CZ 55,0 4, ,0 0,00% 37,5% 13,1-3,6 1, ,5% 1,3% TLV RO 1899,4 5,2 2,4 0,43% 16,5% 3,5 1,4 12,1% 13,0% 0,7 48,8% 5,9% 14,0% BRD RO 1683,9 128,7 10,9 0,37% -9,9% 13,2 1,2 17,0% 12,2% 0,7 9% 1,2% 2,9% ZABARA CZ 2169,0 219,0 51,1-0,10% 40,5% 9,9 0,9-13,3% 1,0 9,4% 1,3% - BCC RO 44,9-17,0 0,1-0,22% -10,7% - 1,0-3,4% 0,4-45% -2,4% - PBZRA CZ 1919,7 210,6 758,5 0,00% 26,6% 9,0 1,0-16,7% 1,0 11,8% 2,0% 1,3% 5F4 BU 1,3 53,7 2,9-1,69% 31,9% 3,0 0,4-8,3% 0,8 13% 1,2% - INSURANCES FUNDS Mkcap () mn Last Price 1D Δ YTD P/E mn Price 1D YTD P/E P/Bv P/GPW TE/TA Com. ratio ROE ROA ZVTG SV 513,8 88,8 22,6-0,70% -3,8% 5,8 0,7 0,6 0,2 0,9 12,9% 2,6% 11,1% POSR SV 229,0 33,4 13,3 0,30% 3,8% 6,6 0,8 0,5 0,2 0,9 12% 2,2% 4,9% CROSRA ZA 663,4 73,9 318,0 0,32% -0,3% 9,0 7,4 0,3 1,1 3,1 3,9% 13,3% 0,0% Mkcap () mn Price 1D YTD P/E NAV Discount to NAV FP RO 1879,4 2.4,0 0,8 0,64% 3,9% 6,0 1,1 0,3 0,3 22,8% 6,4% P/Bv NPL ratio TE/TA L/D ROE Avg. 1Y Dsc. to NAV ROA Sortino 5

6 CROATIA SLOVENIA ROMANIA BULGARIA FIMA Daily Insight INSTITUTIONAL SALES AND TRADING DESK CONTACTS: IRENA IVANKOVIĆ DARKO HORVAT TRADING DEPARTMENT: DISCLAIMER FIMA Daily Insight is a publication issued by FIMA Securities Ltd. It discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions. It is provided for general informational purposes only and should not be relied on for any other purpose. It is not, and it is not intended to be, research, a recommendation or investment advice, as it does not constitute substantive research or analysis, not an offer to sell or the solicitation of offers to buy any FIMA Securities product or service. It does not take into account the particular investment objectives, restrictions, tax and financial situation or other needs of any specific client or potential client. In addition, the information is not intended to provide sufficient basis on which to make an investment decision. This publication uses publicly available records published by the selected relevant sources and public information services (Zagreb Stock Exchange, Bloomberg, Reuters, publicly available financial reports of the Issuer, publicly available opinions of representatives of the Issuers etc.). Although we believe that the stated information and other records are reliable, we do not guarantee for their accuracy, completeness or timeliness. The opinions and information herein are current only as of the date appearing on the cover. FIMA Securities has no obligation to provide any updates or changes to such opinions and information. By publishing this FIMA Securities Ltd. does not bear any responsibility for the consequences, or for the possible damages resulted from usage of the information and records published in this publication. Single opinions stated in this publication may change without prior notice. The opinions expressed in this publication are those of various authors, and do not necessarily represent the opinions of FIMA Securities or its affiliates. Past performance is not indicative of future results, which may vary significantly. The value of investments and the income derived from investments can go down as well as up. Future returns are not guaranteed, and a loss of principal may occur. The information and statements provided herein do not provide any assurance or guarantee as to returns that may be realised from investments in any security or other assets. This material does not purport to contain all of the information that an interested party may desire and, in fact, provides only a limited view of a particular market. Should you need more information about risks connected to investing in securities please see General Operating Conditions at This publication has not been prepared in compliance with the provisions of the Capital Market Act, and the Regulations of the Croatian Agency for Supervision of Financial Services (HANFA) ensuring independence of investment research, as also the issuance of the publication has not been subject to trading ban prior to distribution, as it has usually been foreseen for investment researches. According to the previously stated regulations this publication is considered to be promotional communication. All significant sources of information used in preparing of this publication were stated in its text. The seat of the Company FIMA Securities Ltd. is in Varaždin, Vrazova 25, whereas the operating of the Company has been supervised by the Croatian Agency for Supervision of Financial Services. The company was entered into the Court Register of the Commercial Court in Varaždin under the number: Protection of copyright and database records exist in this Document, and the same must not be reproduced, distributed or published by anyone regardless the intention, without previous express consent of the Company FIMA Securities Ltd. Please state the source in case of citing. All rights reserved. FIMA Daily Insight is prepared by the employees of FIMA Securities Ltd. The first issue of FIMA Daily Insight was published on 16TH January Additional information is available upon request. 6