FIMA Daily Insight CROATIA SLOVENIA ROMANIA BULGARIA. Vlatko Kesegić. Darko Horvat. September 19, 2017 CROATIA

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1 CROATIA SLOVENIA ROMANIA BULGARIA September 19, 2017 CROATIA BENCHMARKS DAILY CHANGES % -0,25% -0,22% Croatian equities closed lower yesterday with both indices decreasing; CROBEX decreased 1.36% to 1, pts and blue chip CROBEX 10 decreased 1.24% to 1, pts. Regular stock turnover amounted to HRK 9.85 million. (Negative) Tourism Company Valamar Riviera (RIVPRA CZ) topped the liquidity board collecting HRK 3.6 million in turnover and its price decreased 2.8% to HRK ,36% -1,69% Koncar (KOEIRA CZ) will take over the construction of the Vranduk hydroelectric power plant on the River Bosna in Bosnia and Herzegovina, after the Bosnian company Elektroprivreda terminated the agreement with Austria's Strabag, according to the Sarajevo newspaper Dnevni Avaz. The project is worth around EUR 73 mln. (Positive) CROBEX SBI BET SOFIX BENCHMARKS 3Y CHARTS Sep-14 Sep-15 Sep-16 Sep-17 CROBEX SBI BET SOFIX BENCHMARKS 1Y % RETURNS On September 18, Ledo (LEDORA CZ) and Jamnica (JMNCRA CZ) concluded the Agreement on Pledge of certain Tredemark. The Agreement was concluded with the main purpose to create and perfect a security interest in respect of all of its present and future claims, prescribed and defined under the super priority Facilities Agreement. (Neutral) OT Logistics announced a takeover bid for Luka Rijeka (LKRIRA CZ) after it acquired an additional 11.75% stake in the port operator. Following the acquisition, the shareholding interest of OT Logistics in Luka Rijeka has increased to The subject of the takeover is 5,849,365 ordinary shares of Luka Rijeka, which makes 43.39% of the share capital. The total capital of Luke Rijeka is divided into 13,4,475 shares with a nominal value of HRK 40 per share. (Neutral) On September 18, Zagreb Stock Exchange placed the issuer HUP-Zagreb d.d. (HUPZRA CZ) in the observation segment due to media speculation regarding the sale of HUP-Zagreb, but majority owner, Leko, confirmed that the sale of hotels is not in consideration. (Neutral) SLOVENIA The SBI TOP index of blue chips on the Ljubljana Stock Exchange lost 0.25% to points in Monday's mixed trading. The most active issue was the share of telco Telekom Slovenije (-0.46% to EUR.65), contributing almost half to the overall trading volume of EUR 1.2 mln. (Negative) ROMANIA 7,4% 14,7% 40,4% OMV Petrom (SNP RO), the biggest crude oil and gas producer in southeast Europe, on Monday announced it plans to invest eur 70 mln into a new drilling campaign in the shallow waters of Istria block in the Black Sea. The campaign includes the drilling of two wells by the end of this year and a further two by mid-2018, OMV Petrom said in a press release. (Positive) -4,4% CROBEX SBI BET SOFIX SALES AND TRADING DESK CONTACTS Vlatko Kesegić Phone: vkesegic@fima.com Darko Horvat Phone: dhorvat@fima.com trading@fima.com Fondul Proprietatea (FP RO) published the report of Assets and Liabilities position as Aug 31, with total assets at RON 10.6 bln, which was a decrease of 1.85% mom and NAV at RON per share, down 1.1% mom. 8M 2017 results recorded profit amounted to RON mln, adjusted by RON mln compared to first 7M. The current portfolio of companies counts a total number of 43 companies, of which 5 listed on the regular market. (Negative) Romania's National Prognosis Commission on Friday revised the country s economic growth forecast for 2017 up to 5.6%, from a previous estimate of 5.2% in its spring forecast. (Positive) BULGARIA Advance Terrafund (6A6 BU) sold 9228 dca in Jan-Aug 2017, according to the Company s regular monthly bulletin. For the eight month period the Company also leased 5169 dca of arable land. Average price of land sold and leased was BGN 14 per dca, up 7% yoy. For the period, Advance Terrafund added 2554 dca of land, which is below estimations at an average price of BGN 842 per dca, down 1% yoy. (Neutral) Czech CEZ wants higher bids for its Bulgarian assets (3CZ BU, 1CZ BU), according to Czech and Bulgarian media reports. According to the reports, the seller has received a couple of binding offers but all of them were below EUR 300 mln for the distribution arm. (Neutral) 1

2 Trading day recap CROATIA Market Trunover ( EUR mn): 1,31 1 Valamar 0,48 Hoteli Zivogosce 35,71% Uljanik -39,95% 2 Adris - pfd 0,22 Petrokemija 5,88% Slatinska banka -22,42% 3 Arenaturist 0,14 Excelsa 4,97% Hoteli Brela -15,15% 4 HUP 0,11 DDJH 2,94% Auto Hrvatska -9,82% 5 CK Mlinovi 0,07 HUP 2,22% IGH -8,35% 6 HT 0,06 CK Mlinovi 1,67% Hrvatski Duhani -6,65% 7 Ericsson NT 0,04 Brodospas 1,00% ULPL -6,06% 8 Plava Laguna 0,04 Tankerska NG 0,83% Hoteli Maes. -5,68% 9 Podravka 0,03 Adris - pfd 0,42% Ingra -4,% Sep-14 Sep-15 Sep-16 Sep HPB 0,02 Viro 0,35% Puljanka -4,58% CROBEX CRO Tourism CROPLUS Index SLOVENIA Market Trunover ( EUR mn): 1,20 1 Telekom Slo. 0,59 Intereuropa 4,11% Kmecka Druzba -6,14% 2 Krka 0,37 Cinkarna Celje 0,55% Mlinotest -4,65% 3 Luka Koper 0,08 Gorenje 0,18% Petrol -0,82% 4 Cinkarna Celje 0,07 Luka Koper 0,03% Sava Re -0,48% 5 Intereuropa 0,04 Krka 0,00% Telekom Slo. -0,46% 6 Petrol 0,03 Triglav 0,00% Krka 0,00% 7 Triglav 0,01 Mercator 0,00% Triglav 0,00% 70 8 Sava Re 0,01 Unior 0,00% Mercator 0,00% 9 Gorenje 0,00 Salus 0,00% Unior 0,00% Sep-14 Sep-15 Sep-16 Sep Kmecka Druzba 0,00 Hotel Union 0,00% Salus 0,00% SBI ROMANIA Market Trunover ( EUR mn): 7,86 Volume () Leaders Laggers Volume () Leaders Laggers Volume () Leaders Laggers 1 Banca Trans. 1,87 Mecanoenergeti 39,4% Avioane Craio -16,44% 2 Electrica 1,28 Ntierul Naval 33,33% Romaero -16,00% 3 Primcom Bucur 1,11 Semrom Munteni 30,72% ul Media -15,10% 4 Sif 1 Banat-Cr 0,75 Ntierul Naval- 21,49% Mara Com Mixt -8,28% 5 BRD 0,64 S.C. Alum S.A. 14,12% Constructii Fe -7,79% 6 Transgaz 0,59 Lido Bucurest 12,21% Sc Ca De Bucov -7,11% 7 Fondul Prop. 0,56 Arcelormittal 11,76% Napoca -6,59% 8 Romgaz 0,28 Elektromontaj 9,09% Uamt -6,41% Sep-14 Sep-15 Sep-16 Sep-17 9 Transelectrica 0,16 Imotrust Arad 5,41% Fondul Oamenil -3,61% 10 Conpet Ploies 0,15 Sif 1 Banat-Cr 5,03% Altur -3,24% BET BET-BK Index BULGARIA Market Trunover ( EUR mn): 2,05 Volume () Leaders Laggers Mar-15 Mar-16 Mar-17 SOFIX BGBX40 index 1 Galata Investm 0,84 Bulgarska Roza 7,74% Holding Coop-Y -16,00% 2 Sopharma 0,49 Oil & Gas Expl 7,68% Cez Electro Bu -9,87% 3 Monbat 0,10 Holding Sveta 6,03% Assenova Krepo -9,17% 4 Cez Electro Bu 0,09 Favorit Hold 4,17% Bulgartabak Ho -8,36% 5 Vance Terrafun 0,06 Holding Varna 2,74% Zarneni Hrani -8,02% 6 Bulgarian Real 0,06 Agria Group Ho 2,19% Sila Holding -7,14% 7 Doverie Holdin 0,05 Bulgaria Reg C 1,58% Elhim Iskra -5,44% 8 Sila Holding 0,04 Elana Agrocred 1,34% Doverie Holdin -5,34% 9 Chimimport 0,03 Alcomet -Shume 0,66% Sopharma Tring -4,85% 10 CCB 0,03 Sparky Eltos - 0,44% Industrialen C -4,57% 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 56,9-5,8 4,6-3,89% -12,5% -9,9 23,5 0,4 1,2-5,4 1,7% -11,3% - DLKVRA CZ 66,1 2,7 20,0-2,44% 47,3% 24,2 8,9 0,7 1,8 3,9 8,4% 6,8% - VDKTRA CZ 1,0-6,0 16,0 0,00% -94,8% -0,2-291,0 0, ,0-0,2% - - INGRRA CZ 7,5 1,1 4,2-4,% 35,6% 7,2 39,8 8,0 0,5 33,4 20,2% 7,9% - THNKRA CZ 9,6 0,7 3,0 0,00% -17,5% 13,0 20,2 1,0 0,2 11,6 5,0% 1,8% - IGHRA CZ 20,5-4,4 2,0-8,35% 38,6% -4,6 19,2 3,1-13,9 16% - - DIVERSIFIED ADRSPA CZ 1051,1 61,9 431,8 0,42% -5,4% 17,0 1,1 0,3 0,5-4,1 26,3% 5,3% 3,9% 6C4 BU 209,4 29,4 1,7-1,27% 2,3% 7,1-1,6 0, ,6% 3,2% 4HS BU 8,8 0,2 3,5 6,03% 6,1% 56, , ,5% 6,1% - 5V2 BU,3 0,1 30,0 2,74% -9,1% 8,4 38,6 6,4 1,0 13,0 16,5% 0,1% - 4EH BU 109,0-4,3 1,3-1,71% 102,3% -25,3 19,3 1,5 2,1 8,9 7,6% -8,4% 0,8% 5SR BU 86,9 4,2 8,1-1,34% 24,7% 20,8-1,1 1, ,5% 2,7% ENERGY & UTILITY SNG RO 22,2 #N/A N/A 31,1 0,16% 24,2% 8, , ,1% SNP RO 38,9 409,1 0,3 0,69% 12,3% - 2,5 0,8 0,6 0,0 31,7% 6,9% 5,1% TGN RO 1018,9 132,7 398,0 0,25% 35,4% 7,7 2,7 1,4 1,2-1,0 52,0% - 11,6% EL RO 970,4 79,4 12,9 0,78% -2,0% 12,2 3,1 0,5 0,8-2,5 16,9% 6,3% 5,7% TEL RO 457,5-28,7-0,86% -1,7% , ,9% COTE RO 197,7-105,0-1,87% 33,2% - 3,2-1,3-2, ,8% INARA CZ 4347,6 125,6 3.2,0 0,00% 12,1% 34,6 10,8 2,0 2,9 0,8 18,2% 8,6% 0,5% SNN RO 481,2 24,7 7,3-1,34% 52,8% 19,5 1,9 0,7 0,3-0,3 40% 1,5% 4,5% JNAFRA CZ 727,9 40, ,0 0,00% 1,9% 18,1 9,5 7,2 1,4-1,3 75,7% 7,9% 3,1% FOOD & BEVERAGE PODRRA CZ 273,5 15,5 287,1-3,98% -24,3% 17,6 8,8 0,9 0,7 2,6 9,7% 4,1% 2,4% ATGRRA CZ 356,3 24,5 798,9-0,01% -9,6% 14,5 8,3 0,8 1,3 3,1 9,4% 9,1% 1,7% LEDORA CZ #N/A N/A 38,1 #N/A N/A - #VALUE! - 9,4 1,6-1,0 17,1% 15,7% - JMNCRA CZ #N/A N/A 40,8 #N/A N/A - #VALUE! - 8,4 1,2-0,6 13,9% 17,3% - KRASRA CZ 81,6 3,5 444,0 0,00% -17,7% 23,3 10,2 1,0 0,9 3,5 9,3% 4,3% 1,8% CKMLRA CZ 85,7 7,8 6.,0 1,67% -5,6% 11,0 8,2 0,6 1,2 0,9 8% 10,9% 1,1% BLJERA CZ #N/A N/A -4,5 #N/A N/A - #VALUE! - 15,6 1,5-8,2 9,4% -1,7% - ZVZDRA CZ #N/A N/A 4,0 #N/A N/A - #VALUE! - 12,0 0,8-4,3 7% 3,3% - 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 139,5 10,3 5,7 0,18% -4,7% 13,5 6,3 0,4 0,4 3,7 6,8% 2,8% 1,8% ERNTRA CZ 195,2 13, ,0-1,35% -5,8% 15,0 9,2 0,9 4,5-1,7 10,2% 35,2% 9,0% CICG SV 148,3 19,3 182,0 0,55% 12,3% 7,7 3,0 0,6 1,0-0,9 20,7% 13,1% 5,0% DDJHRA CZ 28,4-0,9 28,0 2,94% -38,0% -32,6 22,3 1,1 2,7 11,9 4,9% - - ADPLRA CZ 89,9 8,1 1,0 0,00% 15,4% 11,1 6,9 1,1 0,9 2,5 15,6% 8,5% 5,3% 5MB BU 209,6 14,9 10,5-3,49% 8,8% 14,1 11,2 1,8 2,0 2,1 16% 15,0% 2,7% KODTRA CZ 53,3 5, ,0 0,00% 3,1% 9,9 5,2 0,3 1,1-0,7 6,3% 15,2% 3,6% 5MH BU 158,7 6,1 8,0-1,85% 19,6% 26,2 13,8 3,0 4,4-0,9 21,5% 17,3% 3,3% KOEIRA CZ 240,9 16,8 700,0-2,78% 1,5% 14,4 11,4 0,7 0,8-3,7 6,0% 5,8% 1,7% INFRASTRUCTURE LKPG SV 420,3 48,0 30,0 0,03% 20,1% 8,8 6,7 2,6 1,2 1,3 39,6% 14,3% 4,7% LKPCRA CZ 28,9-2,8 510,0 0,00% -10,7% -10,3-13,5 1,0 0,5 1,2-7,4% -5,0% - LKRIRA CZ 88,4 2,6 49,0-0,04% 2,3% 33,6 67,3 4,2 0,9 5,9 6,2% 2,8% - MARINE ATPLRA CZ 77,5-4,2 415,0-0,36% 46,9% -18,2 17,9 4,4 1,0 6,9 24,7% -5,4% - TPNGRA CZ 71,3 4,4 61,0 0,83% -18,7% 16,3 10,8 4,4 0,9 6,4 40,6% 5,3% 2,6% LPLHRA CZ 15,1-0,3 170,5 0,00% -14,8% -58,6 11,4 1,3 0,7-1,8 11,6% -1,2% - JDPLRA CZ 7,7-8,4 35,0 0,00% -14,2% -0,9,1 4,9 0,2 78,5 6,1% -19,1% - 5BR BU 12,3-0,6 0,7-1,8% -21,7 8,6 1,3 0,3-0,2 14,6% -1,4% - PHARMA KRKG SV 1813,5 130,1 55,3 0,00% 4,5% 13,9 6,7 1,4 1,2-0,1 21,1% 8,6% 5,0% 3JR BU 289,5 23,8 4,2-2,55% 40,9% 12,2 10,1 0,9 1,2 2,1 9,1% 10,4% 2,4% ATB RO,3-0,6-0,72% 5,8% , ,0% BIO RO 66,4-0,3 2,31% 14,8% , ,5% SCD RO 213,1-2,4-0,84% 20,5% ,6% 53B BU #N/A N/A 8,7 #N/A N/A - #VALUE! - - 0, ,7% - RETAIL & DIST. RPH RO 44,2-0,4 0,00% 46,3% , MELR SV 213,7-69,2 35,1 0,00% -48,4% -3,1 10,7 0,5 0,4 6, ,4% - PETG SV 761,5 74,6 365,0-0,82% 12,3% 10,2 6,7 0,3 1,2 2,2 4,0% 12,8% 3,8% TISKRA CZ #N/A N/A -6,1 #N/A N/A - #VALUE! - 11,8 0,1-4,9 1,1% 3,5% - MDKARA CZ,7 12, ,0 0,00% -12,5% 4,9 6,0 0,2 0,9 3,5 3,0% 20,2% - PVCMRA CZ - 3,0 210,0 0,00% 18,3% ,0-3,1% 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 1933,5 124,0 176,5 0,06% 4,4% 15,6 4,2 1,6 1,2-1,2 39,5% 8,0% 3,4% TLSG SV 527,1 48,3,7-0,46% 13,4% 10,9 4,4 1,2 0,7 1,9 27% 6,8% 6,2% OPTERA CZ 23,8 1,8 2,8 0,00% 4,1% 13,5 4,3 1,0 4,3 2,5 23,9% 33,1% - ROE TOURISM BANKS RIVPRA CZ 719,0 40,0 42,7-2,% 23,3% 18,0 9,3 4,9 2,7 1,7 52,0% 15,8% 1,9% TUHORA CZ 154,5 9,9 3.1,0 0,00% 6,8% 15,6 10,8 4,8 3,6-0,7 45% 24,4% 1,9% HIMRRA CZ 69,7 1,5 820,0 0,00% 0,7% 47,0 11,9 4,6 1,6 2,5 39,0% 3,4% 0,4% ARNTRA CZ 322,5-14,2 470,0-2,08% 0,3% -22,7 17,5 4,9 1,7 3,5 28% -10,1% - PLAGRA CZ 511,0 31,9 6.0,0-0,74% 23,6% 16,0 9,9 4,0 1,9 1,6 40,7% 13,2% 0,0% LRHRA CZ 153,8 1,5 3.0,0 0,00% 3,5%,2 10,4 4,4 1,6 0,7 43% 1,6% - HUPZRA CZ 189,0 10, ,0 2,22% 16,9% 18,4-4,2 1, ,0% 0,5% MAISRA CZ 468,8 19,5 320,2 0,00% 26,6% 24,1 12,8 4,3 2,6 2,8 33% 11,3% - 6AB BU 134,4 7,3 61,5-0,49% 0,1% 18,3 15,1 3,2 0,6 2,8 21,1% 3,4% - HMSTRA CZ 18,3 0,5 265,0-5,68% -5,3% 33,5 7,2 3,1 1,1 0,3 42% 3,4% - ACIRA CZ 84,7 0, ,0 0,00% -10,9% 99,9 8,4 3,1 1,4-0,8 37% 1,4% - SLRSRA CZ 84,5-1, ,0 0,00% 13,7% -75,8 8,3-0,8 3, ILRARA CZ 56,5 4, ,0 0,00% 7,5% 12,6-3,9 1, ,1% 1,4% TLV RO 2133,5 283,4 2,3-0,44% 12,8% 7,7 1,6 11,6% 11,7% 0,7 20,6% 2,6% 2,2% BRD RO 1927,6 249,1 12,7-1,40% 7,1% 7,9 1,3 12,8% 12,6% 0,7 17% 2,2% 5,7% ZABARA CZ 2067,4 149,7 48,3 0,00% -10,6% 13,8 0,9-14,4% 1,0 6,4% 0,9% 10,8% BCC RO #N/A N/A -9,4 0,1 0,44% #VALUE! - eld Not Ap - 3,4% 0,4-45% -2,4% - PBZRA CZ 1913,8 181,9 7,0 0,00% -2,5% 10,5 1,0-17,6% 0,9 9,6% 1,7% 3,4% 5F4 BU 302,6 23,4 5,4-1,10%,6% 12,8 0,7-9,3% 0,7 5% 0,5% - INSURANCES FUNDS Mkcap () ZVTG SV 622,9 81,9 27,4 0,00% 18,1% 7,6 0,8 0,7 0,2 0,9 11,5% 2,3% 9,1% POSR SV 284,5 32,8 16,5-0,48% 25,0% 7,9 0,9 0,6 0,2 0,7 11% 2,0% 4,8% CROSRA ZA 761,5 74,6 365,0-0,82% 0,3% 10,2 6,7 0,3 1,2 2,2 4,0% 12,8% 0,0% Mkcap () mn Last Price 1D Δ YTD P/E mn Price 1D YTD P/E NAV Discount to NAV Avg. 1Y Dsc. to NAV FP RO 1883, ,2 0,9-0,35% 21,0% 6,0 1,2 0,3 0,3 193,1% 5,8% P/Bv mn Price 1D YTD P/E P/Bv P/GPW TE/TA NPL ratio TE/TA L/D ROE ROA Com. ratio ROE ROA Sortino 5

6 CROATIA SLOVENIA ROMANIA BULGARIA INSTITUTIONAL SALES AND TRADING DESK CONTACTS: VLATKO KESEGIĆ DARKO HORVAT TRADING DEPARTMENT: DISCLAIMER 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. is prepared by the employees of FIMA Securities Ltd. The first issue of was published on 16TH January Additional information is available upon request. 6