FIMA Daily Insight CROATIA SLOVENIA ROMANIA BULGARIA. Irena Ivanković. Darko Horvat. November 23, ,1% 17,7% 1,2% -6,0% CROBEX SBI BET SOFIX

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1 CROATIA SLOVENIA ROMANIA BULGARIA FIMA Daily Insight November 23, 2016 CROATIA 0,11% BENCHMARKS DAILY CHANGES % -0,98% Irena Ivanković Phone: iivankovic@fima.com Darko Horvat Phone: trading@fima.com 0,17% 1,17% CROBEX SBI BET SOFIX Nov-13 Nov-14 Nov-15 Nov-16 CROBEX SBI BET SOFIX 17,7% BENCHMARKS 3Y CHARTS BENCHMARKS 1Y % RETURNS 1,2% 23,1% -6,0% CROBEX SBI BET SOFIX SALES AND TRADING DESK CONTACTS Croatian equities closed higher yesterday with both indices increasing; CROBEX increased 0.11% to 1, pts and blue chip CROBEX 10 increased 0.36% to 1, pts. Regular stock turnover amounted to HRK 9.38 million. (Positive) Tourism Company Valamar Riviera (RIVPRA CZ) topped the liquidity board collecting HRK 2.30 million in turnover with a price increase of 1.18% to HRK The Russian edition of National Geographic Traveler placed Croatia among the top three best destinations for family vacation, which is the second year in a row that Croatia made the list in the category, "Best Family Destination" Croatian National Tourism Board (HTZ) reported on Tuesday. According to the statement, this is a traditional annual presentation of awards "Top Travel Destinations" which National Geographic has been organizing for the past six years. The awards are handed out following online voting of Russian tourists. (Positive) The Croatian National Bank (HNB) on Tuesday conducted the fourth and last structural repo operation for this year, releasing a total of HRK 47.5 mln to banks at a fixed repo rate of 1.40%, the central bank said. (Neutral) SLOVENIA Slovenian Prime Minister Miro Cerar has said his cabinet will deliver on the promise given to the European Commission about the privatization of Nova Ljubljanska Banka (NLB), the biggest lender in the country, however, he rules out the privatization of the company "Luka Koper" that provides port and logistics services in the Adriatic port of Koper. (Neutral) In November, Slovenia's consumer confidence remained unchanged over October, but was up by 4% at the annual level, fresh data from the Statistics Office show. Consumers' expectations in November improved about the country's economy and about saving, while expectations about household finances and unemployment decreased. (Neutral) ROMANIA Romanian investment fund Fondul Proprietatea (FP RO) is vehemently opposed to renewing the mandate of the current Executive Board of state-run nuclear power producer Nuclearelectrica and keeping the same members and general manager for a new four-year term, as of April 25, 2017, the fund said Tuesday. (Neutral) In 2015, total number of enterprises active in industry, trade, services, and construction, the four biggest sectors in the local economy, went up by 1% compared to 2014, reaching over 488,210. The number of employees rose by 2.4% to over 3.9 mln, according to the National Statistics Institute (INS). At the end of 2015 the industry sector had over 54,000 companies, namely 11.1% of the total number of companies. The companies active in the industry sector accounted for 35.5% of the average number of employees active in Romania s economy, followed by the ones in services (33.9%). (Positive) The Transport Ministry will have EUR 56.2 mln cut from its budget whereas the Defense Ministry will see a EUR 79.6 mln reduction of its expenses in this year s second budget amendment. The Justice Ministry s budget will drop by EUR 7.4 mln, whereas the budget of the Environment Ministry will be cut by EUR 10.9 mln. The Youth and Sports, Education, Culture, Economy ministries will also record cuts in their budgets, following the second budget amendment. The Presidency, Parliament, the High Court of Cassation and Justice will see budget reductions too. The municipalities, on the other side, will get an additional RON 1.7 bln (EUR 376 mln) from the state budget to cover their expenses. (Neutral) BULGARIA The leading lead-acid batteries producer in Bulgaria Monbat (5MB BU), explores new battery technology, the Company announced in a statement to the stock exchange. The move is a response to the alternative energy sources and changing energy storage trends, the statement continues. Monbat incorporated new 51% subsidiary in Bulgaria Monbat New Power AD, together with August Fortune ltd, 49% stake. CFO and Member of the Board Peter Bozadjiev said at an investment conference in Sofia that Monbat plans to double its net earnings over the next 5 years both organically and via new technology applications and modifications. Bozadjiev also said Monbat may find a niche in the lithium-ion technology variations as well as in new energy management storage solutions. (Positive) Political instability in Bulgaria is likely to mar optimistic forecasts for economic growth next year, said economists from the Institute for Market Economics. According to the latest expectations of the European Commission and the International Monetary Fund, the growth of Bulgaria s economy will be around 2.5% - 3% in However, the statements were made before the resignation of the government ensuing in political instability. ''The latest events in Bulgaria will have a negative impact on GDP growth and it probably will be around 2%'', said Desislava Nikolova, chief economist at the Institute for Market Economics, quoted by BTA. (Neutral) 1

2 Trading day recap CROATIA Market Trunover ( EUR mn): 1,27 1 Valamar 0,30 Hidroelektra 25,74% SNH Beta -8,71% 2 HT 0,26 MIV 18,83% SNH Gama -8,54% 3 Podravka 0,11 Kutjevo 15,45% Proficio -7,59% 4 Ledo 0,06 Hoteli Haludovo 13,90% Petrokemija -5,75% 5 Atlantic Grupa 0,06 IGH 11,95% Zitnjak -4,00% 6 Adris - pfd 0,05 Vupik 4,15% ULPL -3,63% 7 Atlantska plov. 0,04 Hoteli Brela 4,01% Jadroplov -3,18% 8 AD Plastik 0,03 Badel 3,94% Hoteli Maes. -3,09% 9 Imperial 0,02 Varteks 3,90% Atlantska plov. -2,71% Nov-13 Nov-14 Nov-15 Nov HPB 0,02 Pik Rijeka 3,09% Medika -2,15% CROBEX CRO Tourism CROPLUS Index SLOVENIA Market Trunover ( EUR mn): 1,02 1 Krka 0,57 KD Group 8,11% Kompas -5,08% 2 Petrol 0,22 Kmecka Druzba 4,29% Mlinotest -4,75% 3 Telekom Slo. 0,06 Terme Catez 2,63% Sava Re -2,94% 4 Cinkarna Celje 0,05 Cetis 1,71% Krka -1,86% 5 Luka Koper 0,03 Telekom Slo. 0,71% Gorenje -1,63% 6 Triglav 0,02 Intereuropa 0,10% Cinkarna Celje -1,% 7 Sava Re 0,01 Luka Koper 0,04% Petrol -0,63% 70 8 Mercator 0,01 Unior 0,00% Inles -0,26% 9 Cetis 0,01 Salus 0,00% Gea -0,25% Nov-13 Nov-14 Nov-15 Nov Gorenje 0,01 Hotel Union 0,00% Triglav -0,22% SBI ROMANIA Market Trunover ( EUR mn): 58,83 Volume () Leaders Laggers Volume () Leaders Laggers Volume () Leaders Laggers 1 Banca Trans. 56,02 Tmk-Artrom Sla 14,9% Hercules Brai -17,06% 2 Transelectrica 0,81 Electrometal 12,11% Ntierul Naval -17,00% 3 Fondul Prop. 0,56 Serico 12,00% Constructii Co -12,28% 4 Transgaz 0,41 Galfinband 8,95% Arteca Jilava -11,76% 5 Ssif Broker 0,35 Ntierul Naval 6,23% Moara Cibin S -11,24% 6 BRD 0,21 Uamt 5,24% Armatura -10,73% 7 Electrica 0,17 Electrocontact 4,85% Sc Transilvani -10,61% 8 OMV Petrom 0,15 Electroputere 4,76% Calipso Orade -8,70% Nov-13 Nov-14 Nov-15 Nov-16 9 Bur De Valori 0,03 Faimar 4,67% Upet Targovis -8,33% 10 Romgaz 0,02 Ior 2,56% Mecanica Fina -6,10% BET BET-BK Index BULGARIA Market Trunover ( EUR mn): 0,72 Volume () Leaders Laggers May-14 May-15 May-16 SOFIX BGBX40 index 1 Velgraf Asset 0,18 Zlatni Pyasatz 69,54% Bulgaria Reg C -10,54% 2 Ccb Real Estat 0,13 Enemona -Kozlo 44,00% Assenova Krepo -10,00% 3 Vance Terrafun 0,11 Bulgarska Roza 23,53% Bulgaria Housi -7,% 4 Assenova Krepo 0,05 Industrialen C 9,30% Synergon Holdi -4,42% 5 Biovet 0,05 Emka -Sevlievo 9,17% Sirma Group Ho -4,14% 6 Trace Group 0,03 Aktiv Properti 4,48% Svilosa -2,79% 7 Bulgaria Reg C 0,03 Insurance Comp 2,90% Hydraulic Elem -2,28% 8 Monbat 0,03 FIB 2,89% Bulgaria Stock -2,03% 9 Himsnab Bulgar 0,03 Sparky Eltos - 2,51% Velgraf Asset -1,93% 10 CCB 0,02 Texim Bank 2,44% Himsnab Bulgar -1,33% 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 65,6 0,7 5,3 1,05% -7,2% 87,6 2,8 0,3 1,3-2,0 8,9% 1,4% 2,8% DLKVRA CZ 46,0 2,2 14,0 0,00% 2,3% 21,0 8,5 0,9 1,0 7,1 10,7% 4,7% - VDKTRA CZ 18,1-0,6 298,5-0,84% 0,2% -32,9 4,5 0,4 0,4 1,6 9,3% -1,2% - INGRRA CZ 4,8 1,8 2,7 0,38% -9,2% 2,6-20,0 9,5 0,4-19,6-47,7% 14,7% - THNKRA CZ 11,3-0,5 449,9-0,03%,1% -23,3 13,6 0,8 0,3 11,0 5,7% -1,2% - IGHRA CZ 11,1-8,9 136,7 11,95% 29,7% -1,3 239,5 3,2 5,4 214,0 1% -164,9% - DIVERSIFIED ADRSPA CZ 1148,8-35,7 453,1 0,29% 24,2% -32,2 3,6 0,5 0,5-0,9 14,9% -2,9% 3,3% 6C4 BU 179,3 26,2 1,5 0,90% 6,8% 6,9-0,2 0, ,1% 3,1% 4HS BU 8,5 0,2 3,4 - -9,3% 54, , ,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 45,0-29,9 0,7 - -4,4% -1, , ,5% 0,4% 5SR BU 64,4 3,2 6,0 1,35% 51,9% 19,9 4,1 0,6 1,5-1,3 16% 7,8% 3,4% ENERGY & UTILITY SNG RO 2062,2 #N/A N/A 24,2 0,00% -11,2% 8,8-1,9 1, ,2% SNP RO 2848,7-177,1 0,2 0,44% -21,7% - 2,4 0,8 0,5 0,2 35,5% -2,9% - TGN RO 779,9-299,0-0,33% 7,9% - 2,9 1,6 1,0-0, ,2% EL RO 1036,2 81,6 13,5 0,15% 10,8% 12,7 2,9 0,4 0,8-3,0 15,1% 6,5% 6,4% TEL RO 472,6-29,1 0,00% -0,2% , ,1% COTE RO 152,7-79,6 0,00% 3,4% - 1,8-1,0-2, ,2% INARA CZ 4310,6-192, ,6 1,43% 10,0% -22,4 19,0 2,3 3,0 1,6 12,2% -12,6% - SNN RO 327,3 33,2 4,9 0,20% -23,7% 9,9 3,0 1,2 0,2 0,2 38% 2,0% 6,7% JNAFRA CZ 662,5 37,1 4.9,0 0,00% 10,0% 17,8 7,7 6,2 1,4-1,3,4% 7,9% 2,7% FOOD & BEVERAGE PODRRA CZ 367,6 53,3 388,8 1,19% 15,4% 6,9 8,0 0,9 1,0 1,8 11,6% 15,5% 1,8% ATGRRA CZ 391,3 32,5 883,6 0,98% 6,7% 12,1 14,0 1,4 2,8 3,1 10,3% 12,2% 1,5% LEDORA CZ 4,6 39, ,6 0,41% 22,5% 11,6 9,2 1,6 1,8 1,0 17,8% 15,9% 3,8% JMNCRA CZ 398,7 44, ,3 0,00% 19,3% 9,0 7,4 1,0 1,6-1,8 13,8% 18,4% - KRASRA CZ 96,7 2,4 529,9 0,25% 7,6% 39,6 11,1 0,9 1,2 1,8 8,1% 3,1% - CKMLRA CZ 91,7 6, ,0 0,00% 32,1% 13,9 8,7 0,7 1,3-1,3 8% 9,2% 0,8% BLJERA CZ 25,8-6,0 23,6 0,% -3,0% -4,3 17,8 1,7 0,6-9,3% -2,3% - ZVZDRA CZ 56,4 3, ,0 0,00% 54,4% 17,1 15,0 1,2 0,9 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 144,1 5,3 5,9-1,63% 28,3% 27,4 6,6 0,5 0,4 3,5 7,1% 1,4% - ERNTRA CZ 196,9 11, ,3 0,89% 15,9% 16,8 9,5 0,9 6,3-9,2% 31,1% 9,0% CICG SV 102,6 7,0 126,0-1,% 65,7% 14,6 2,4 0,3 0,7-0,7 12,9% 5,0% 3,3% DDJHRA CZ 47,5-4,3 47,0-0,04% 77,8% -11,0 83,5 1,4-30,9 1,7% - - ADPLRA CZ 77,1 6,0 138,2 0,17% 41,3% 12,9 7,7 1,0 0,9 3,2 13,2% 7,0% 5,8% 5MB BU 167,5 10,9 8,4 0,72% 5,0% 15,4 9,1 1,5 1,8 1,2 16% 11,8% 3,3% KODTRA CZ 48,8 4, ,0 0,00% 16,8% 11,4 8,2 0,5 1,4-0,2 6,2% 12,9% - 5MH BU 128,7 5,1 6,4-26,4% 25,4 9,1 1,9 4,1-0,8 20,8% 16,3% 3,4% PTKMRA CZ 28,6-9,3 16,7-5,75% 27,2% -3,1-0,5 2, ,4% - INFRASTRUCTURE LKPG SV 319,3 36,5 22,8 0,04% -0,8% 8,8 5,5 2,1 1,0 1,3 38,9% 11,5% 4,9% LKPCRA CZ 31,7-2,6 563,7 0,88% -18,8% -12,0 31,2 1,3 0,6 2,4 4,2% -4,8% - LKRIRA CZ 83,5-0,2 46,6-0,55% 8,2% -413,6 577,9 4,7 0,9-136,3 0,8% -0,2% - MARINE ATPLRA CZ 67,2-23,7 362,3-2,71% 162,9% -2,8-45,0 4,1 0,9 6,4-9,2% -26,4% - TPNGRA CZ 86,0 5,8 74,1-1,24% -1,6% 14,9 11,4 5,5 1,0 6,4 48,6% 7,0% 5,3% LPLHRA CZ 17,5-16,2 199,0 0,00% 1,8% -1,1 13,6 1,8 0,8-1,9 13,6% -76,1% - JDPLRA CZ 9,3-21,6 42,6-3,18% 81,5% -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 12,0 105,2 55,0-1,86% -15,7% 17,1 7,8 1,7 1,3-0,1 21,6% 7,5% 4,8% 3JR BU 195,4 10,6 2,8 1,07% 3,5% 18,4 7,9 0,7 0,9 3,0 8,3% 5,0% 2,5% ATB RO 77,0-0,5-0,38% -2,6% , ,0% BIO RO 58,7-0,3 0,37% -4,6% , ,9% SCD RO 182,9-2,0 1,54% -2,9% , ,8% 53B BU 52,2 9,3 15,1 0,00% 30,9% 5,6-0,5 0, ,5% - RETAIL & DIST. RPH RO 30,2-0,3-0,37% -22,2% , MELR SV 426,4 12,0 70,0-0,14% -14,6% 35,6 9,9 0,5 0,7 6,4-1,9% - PETG SV 663,4 73,9 318,0-0,63% 24,3% 9,0 7,4 0,3 1,1 3,1 3,9% 13,3% 4,0% TISKRA CZ 44,4 1,2,0 0,00% -22,2% 37,3 4,9 0,1 1,3-5,2 2,7% 3,5% - MDKARA CZ 66,2 7,9 16.0,4-2,15% 32,7% 8,4 11,2 0,4 1,1 3,6 3,2% 13,5% 10,3% PVCMRA CZ - 3,0 172,7-0,26% 72,7% ,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 1774,4 127,0 163,2 0,58% 13,6% 14,0 3,7 1,5 1,1-1,1 39,9% 8,3% 3,7% TLSG SV 464,0 20,9 71,0 0,71% -2,8% 22,2 4,3 1,2 0,7 1,9 28% 3,0% 7,0% OPTERA CZ 22,2 2,9 2,6-1,13% 31,5% 7,7 4,3 1,0 4,0 2,5 23,1% - - ROE TOURISM BANKS RIVPRA CZ 574,0 34,3 34,3 0,79% 43,4% 16,7 9,7 3,5 1,9 2,2 35,7% 11,7% 1,7% TUHORA CZ 136,4 10,4 2.0,0-0,88% 7,8% 13,2 10,3 4,8 2,7 0,1 47% 21,6% 3,2% HIMRRA CZ 68,1 2,8 6,9-0,34% 61,4% 24,7 12,9 5,3 1,4 2,7 41,5% 5,7% 0,4% ARNTRA CZ 123,5 1,1 426,2-0,92% 29,6% 111,2 12,8 3,7 1,2 3,5 29% 1,1% - PLAGRA CZ 425,6 31, ,0 0,00% 19,8% 13,4 8,6 3,6 1,4 2,3 42,1% 12,4% - LRHRA CZ 144,7-2,3 3.0,2-0,78% -6,9% -63,9 18,9 9,4 2,8 0,6 % -1,9% - HUPZRA CZ 145,6 9, ,4 0,83% 33,4% 15,1 10,7 4,5 1,4 2,1 42,3% 9,9% - MAISRA CZ 348,9 18,6 240,0 0,69% 4,8% 18,7 7,8 3,5 1,7 1,9 45% 9,5% - 6AB BU 123,2 3,5 56,4 1,20% 12,8% 35,4 11,8 2,8 0,6 3,8 24,0% 1,7% 0,8% HMSTRA CZ 18,2 0,5 265,0-3,09% -11,1% 33,2-2,9 1, ,1% - SUNHRA CZ 61,9-24,0 0,00% 20,2% , ACIRA CZ 91,9 3, ,0 0,00% 7,1% 27,9-4,1 1, ,2% 2,4% SLRSRA CZ 62,8 #N/A N/A 766,0-0,91% -4,9% , ILRARA CZ 55,1 4, ,0 0,00% 37,5% 13,2-3,6 1, ,5% 1,3% TLV RO 1910,4 5,2 2,4 0,42% 17,3% 3,5 1,4 12,1% 13,0% 0,7 48,8% 5,9% 13,9% BRD RO 1698,4 128,7 11,0 0,00% -9,1% 13,3 1,2 17,0% 12,2% 0,7 9% 1,2% 2,9% ZABARA CZ 2084,1 219,0 49,0-0,02% 34,8% 9,5 0,9-13,3% 1,0 9,4% 1,3% - BCC RO 45,3-17,0 0,1 0,00% -9,9% - 1,0-3,4% 0,4-45% -2,4% - PBZRA CZ 1849,4 210,6 730,0 0,00% 21,9% 8,7 1,0-16,7% 1,0 11,8% 2,0% 1,4% 5F4 BU 1,3 53,7 2,9 2,89% 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 516,1 88,8 22,7-0,22% -3,4% 5,8 0,7 0,6 0,2 0,9 12,9% 2,6% 11,0% POSR SV 227,3 33,4 13,2-2,94% 3,0% 6,5 0,8 0,5 0,2 0,9 12% 2,2% 4,9% CROSRA ZA 663,4 73,9 318,0-0,63% -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 1897, ,7 0,8 0,13% 5,0% 6,0 1,1 0,3 0,3 28,2% 6,3% 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