FIMA Daily Insight CROATIA SLOVENIA ROMANIA BULGARIA. Vlatko Kesegić. Darko Horvat. June 29, 2017 CROATIA

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1 CROATIA SLOVENIA ROMANIA BULGARIA June 29, 2017 CROATIA BENCHMARKS DAILY CHANGES % 0,73% 0,36% -0,25% -0,44% CROBEX SBI BET SOFIX BENCHMARKS 3Y CHARTS Jun-14 Jun-15 Jun-16 Jun-17 CROBEX SBI BET SOFIX BENCHMARKS 1Y % RETURNS 55,5% Croatian equities closed higher yesterday with both indices increasing; CROBEX increased 0.36% to 1, pts and blue chip CROBEX 10 increased 0.78% to 1, pts. Regular stock turnover amounted to HRK 4.72 million. (Positive) Integrated telecom operator Hrvatski Telekom (HTRA CZ) topped the liquidity board collecting HRK 0.91 million in turnover and its price increased 1.37% to HRK Management Board of Hrvatski Telekom (HTRA CZ) passed a decision on launching a Share Buyback Programme that will start on July 3, 2017 and last until April 20, 2021.The Company currently has a total of 81,888,535 ordinary shares, 2,966 of which are own shares. In accordance with the Programme, the maximum of 2.5 mln shares is scheduled for acquisition during the Programme, whereas the maximum amount that is assigned to the Programme amounts to HRK 0 mln. Acquired own shares in the Programme are to be withdrawn without reducing the issued share capital by which the portion of the remaining shares will be increased. This will generate certain benefits for all HT shareholders which are arising from the foregoing additional return of funds to shareholders, besides the regular dividend, and improvement of the capital structure of the Company. The Company plans to cancel the acquired own shares at the end of each financial year. (Positive) Zagreb Stock Exchange (ZSE), with the support of the European Bank for Reconstruction and Development (EBRD), presented the "SME Growth Market in Croatia and Slovenia" project as part of which a platform will be established at the beginning of next year to serve small and medium businesses seeking financing on the capital market. (Positive) SLOVENIA On June 28, Ljubljana District State Prosecution has rejected charges brought by the Securities Market Agency (ATVP) against Gorenje and the household appliance maker's chairman Franjo Bobinac. The watchdog had taken issue with how insider information was handled as Panasonic conducted due diligence at Gorenje in (Neutral) ROMANIA Company owners and shareholders will be able to withdraw dividends from companies quarterly, according to a bill approved by the Romanian Senate and sent to the Chamber of Deputies. This would change the current legislation, which allows shareholders to receive dividends from the companies profits only once a year. (Positive) 12,7% 16,4% 25,4% Romania's finance ministry on Tuesday raised a planned EUR mln selling euro-denominated domestic bonds maturing in February 2021 at an average yield of 0.36%, central bank data showed. (Neutral) CROBEX SBI BET SOFIX SALES AND TRADING DESK CONTACTS Vlatko Kesegić Phone: vkesegic@fima.com Darko Horvat Phone: dhorvat@fima.com trading@fima.com For 2017, Raiffeisen Research Romania analysts have revised up their forecast on Romania s economic growth to 4.9%, due to the economic advance recorded in the 1Q 2017.In March, they estimated a 4.2% GDP growth in (Positive) BULGARIA Biggest pharma distributor in Bulgaria, Sopharma Trading (SO5 BU) will acquire Serbian distributor Lekovit, according to a filing by the former. The deal is part of Sopharma Trading s plans to expand in Serbia and gain market share. The Company began operations in Serbia in mid-2015 with an own product portfolio and is looking for ways to accelerate its market presence in the country as a way to diversify its operations. Sopharma Trading is also pending regulatory approval for the acquisition of a pharmacy chain in Bulgaria PharmaStore. (Positive) Radiator and heating systems producer Korado (4KX BU) proposes 1-for-2 stock dividend, according to the agenda of the extraordinary shareholders meeting scheduled for August 9. The proposal aims at increasing the stock liquidity. Management proposes to issue 4.4 mln new shares or 1 new share for each 2 old shares. Post the stock dividend the Company s share capital will increase to BGN mln distributed in the same amount of shares with a nominal value of BGN 1 per share. (Neutral) 1

2 Trading day recap CROATIA Market Trunover ( EUR mn): 0,65 1 HT 0,12 Viro 8,97% Europlantaze -18,18% 2 Arenaturist 0,12 Pevec 3,31% Puljanka -15,55% 3 Viro 0,11 RIZO 2,82% HTTP Korcula -4,02% 4 Valamar 0,08 Viadukt 2,52% Hoteli Maes. -3,44% 5 AD Plastik 0,04 Luka Rijeka 1,87% KODT -3,29% 6 KODT 0,02 Koncar EI 1,81% Dalekovod -3,17% 7 Adris - pfd 0,02 Losinjska pl. 1,67% Termes -2,38% 8 Kras 0,02 Liburnia 1,61% Maistra -2,35% 9 Liburnia 0,01 HT 1,32% Excelsa -2,07% Jun-14 Jun-15 Jun-16 Jun Koncar EI 0,01 Jadroagent 1,22% Ingra -1,92% CROBEX CRO Tourism CROPLUS Index SLOVENIA Market Trunover ( EUR mn): 0,47 1 Petrol 0,15 Unior 1,67% Datalab -6,19% 2 Krka 0,12 Luka Koper 1,43% Kmecka Druzba -3,86% 3 Telekom Slo. 0,07 Sava Re 0,00% Petrol -0,93% 4 Cinkarna Celje 0,07 Salus 0,00% Gorenje -0,43% 5 Luka Koper 0,03 Hotel Union 0,00% Triglav -0,28% 6 Intereuropa 0,01 Melamin 0,00% Mercator -0,27% 7 Datalab 0,01 Terme Catez 0,00% Cinkarna Celje -0,21% 70 8 Gorenje 0,00 Nama 0,00% Krka -0,16% 9 Triglav 0,00 Mlinotest 0,00% Telekom Slo. -0,12% Jun-14 Jun-15 Jun-16 Jun-1710 Cetis 0,00 Intereuropa 0,00% Sava Re 0,00% SBI ROMANIA Market Trunover ( EUR mn): 5,17 Volume () Leaders Laggers Volume () Leaders Laggers Volume () Leaders Laggers 1 Banca Trans. 1,03 Mobam Baia Ma 41,1% Feroneria -9,33% 2 Romgaz 1,01 Amylon 29,38% Transcom Bucur -7,69% 3 Transgaz 0,84 Stofe Buhusi 19,00% Comelf -6,64% 4 BRD 0,66 Nord 10,79% Oltchim Rm Va -5,90% 5 Conpet Ploies 0,51 Romaero 7,98% Fam Galati -5,45% 6 Fondul Prop. 0,32 Ius Brasov 7,14% Comnord Bucur -4,17% 7 OMV Petrom 0,29 Argus Constan 3,23% Artego -3,56% 8 Nuclearelectri 0,10 Bermas 2,94% Conpet Ploies -3,56% Jun-14 Jun-15 Jun-16 Jun-17 9 Natura Quattuo 0,05 Chimcomplex Bo 2,88% Remarul 16 Feb -2,94% 10 Ropharma 0,05 Romcarbon 2,% Alro -2,89% BET BET-BK Index BULGARIA Market Trunover ( EUR mn): 1,02 Volume () Leaders Laggers Dec-14 Dec-15 Dec-16 SOFIX BGBX40 index 1 Velgraf Asset 0,15 Solarpro Holdi 38,93% Agro Finance -15,72% 2 Chimimport 0,14 Nov Vek Holdin 12,26% Zaharni Zavodi -13,97% 3 Euroholding Bl 0,13 Kauchuk 7,14% Fairplay Prope -3,% 4 Monbat 0,09 Sirma Group Ho 6,99% Zarneni Hrani -3,29% 5 Balkan And Sea 0,08 Toplivo 6,87% Zlaten Lev Hol -2,93% 6 Sirma Group Ho 0,07 Slanchev Bryag 4,96% Euroholding Bl -2,87% 7 Texim Bank 0,07 Holding Sveta 4,65% Sopharma Prope -1,25% 8 CCB 0,06 Billboard 4,14% Alcomet -Shume -1,03% 9 Vance Terrafun 0,05 Texim Bank 4,00% FIB -0,97% 10 Sopharma 0,05 Svilosa 3,24% Sopharma Tring -0,84% 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 55,7-5,8 4,5 2,04% -14,4% -9,6 23,5 0,4 1,2-5,4 1,7% -11,3% 3,3% DLKVRA CZ 77,5 7,0 23,2-3,17% 71,1% 11,1 7,8 0,5 2,2 2,8 6,7% 17,4% - VDKTRA CZ 7,4 1,5,5 2,52% -,8% 4,9 4,7 0,4-2,8 9,1% - - INGRRA CZ 8,4 1,3 4,6-1,92%,3% 6,2-211,5 7,5 0,6-194,6-3,6% 10,3% - THNKRA CZ 14,8 0,1 5,3 0,05% 26,0% 117,4 15,6 0,9 0,3 12,2 6,0% 0,3% - IGHRA CZ 22,4-7,5 271,0-1,45%,3% -3,0,0 3,2-40,0 6% -164,9% - DIVERSIFIED ADRSPA CZ 1184,7 70,2 472,1-0,56% 3,5% 16,9 1,5 0,4 0,5-4,1 27,1% 6,1% 3,6% 6C4 BU 224,8 26,1 1,8 0,38% 9,9% 8,6 - -0,9 0, ,2% 2,9% 4HS BU 9,1 0,2 3,6 4,65% 9,1% 58, , ,5% 6,1% - 5V2 BU 89,7 1,0 33,5 2,88% 1,5% 92,2 44,0 6,8 1,1 15,0 15,3% 1,3% - 4EH BU 103,1 3,4 1,3-2,87% 91,4% 30,5 16,7 1,3 1,8 8,6 7,9% 6,6% 0,8% 5SR BU 87,2 3,8 8,1-25,1% 22,8-1,0 1, ,5% 2,7% ENERGY & UTILITY SNG RO 2686,6 #N/A N/A 31,7-0,63% 26,8% 8,8-1,9 1, ,1% SNP RO 3774,0 304,9 0,3 0,00% 16,1% - 3,0 0,9 0,6 0,0 30,8% 5,1% 5,0% TGN RO 968,3 132,7 374,0-1,32% 27,2% 7,3 2,7 1,4 1,1-1,0 52,0% - 12,4% EL RO 1019,3 79,4 13,4 0,15% 1,8% 12,8 3,1 0,5 0,8-2,5 16,9% 6,3% 5,5% TEL RO 452,1-28,1 0,35% -3,9% , ,0% COTE RO 198,0-104,0-3,56% 32,0% - 1,9-1,2-2, ,9% INARA CZ 4385,3 48,8 3.2,0 0,00% 12,1% 89,8 11,0 1,8 3,0 0,9 16,0% 3,4% 0,5% SNN RO 430,3 24,7 6,5 0,00% 35,1% 17,4 1,9 0,7 0,3-0,3 40% 1,5% 5,1% JNAFRA CZ 781,8 40,8 5.7,0 0,88% 8,5% 19,2 9,1 7,0 1,5-1,2 76,8% 8,2% 2,3% FOOD & BEVERAGE PODRRA CZ 312,8 18,7 325,6-0,34% -14,1% 16,7 8,8 0,9 0,8 2,4 10,5% 4,9% 2,1% ATGRRA CZ 344,7 22,6 766,1-0,01% -13,4% 15,2 8,7 0,8 1,3 3,2 9,2% 8,6% 1,8% LEDORA CZ #N/A N/A 38,1 #N/A N/A - #VALUE! - 9,4 1,6-1,0 17,1% 15,7% 12,1% 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 87,9 3,5 474,3-0,68% -12,1% 25,1 10,3 1,0 1,0 3,5 9,3% 4,4% - CKMLRA CZ 87,8 8, ,0 0,00% -4,0% 10,4 8,0 0,6 1,2 0,9 8% 11,8% 1,0% 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 3,3 #N/A N/A - #VALUE! - 15,0 1,2-2,4 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 153,2 9,5 6,3-0,43% 4,6% 16,1 6,3 0,4 0,4 3,7 7,0% 2,6% 1,6% ERNTRA CZ 222,5 13, ,2 0,86% 6,4% 16,3 10,0 1,0 5,4-1,7 10,0% 31,9% 9,0% CICG SV 138,2 9,8 169,7-0,21% 4,7% 14,2 4,0 0,6 0,9-1,3 14,8% 6,8% 5,3% DDJHRA CZ 34,9-0,2 34,0-1,59% -24,7% -178,6 19,6 1,1 3,1 9,6 5,4% - - ADPLRA CZ 94,7 7,8 167,1-0,94% 20,5% 12,1 7,2 1,1 1,0 2,6 15,3% 8,5% 5,1% 5MB BU 236,3 10,7 11,9 0,85% 22,7% 22,1 12,9 1,7 2,8 2,8 13% 11,6% 2,4% KODTRA CZ 51,1 5,0 1.0,0-3,29% -2,0% 10,2 4,3 0,3 1,0-0,7 6,6% 14,0% 3,7% 5MH BU 167,7 6,1 8,4 1,82% 26,4% 27,7 13,8 3,0 4,7-0,9 21,5% 17,3% 3,1% KOEIRA CZ 256,6-739,3 1,81% 7,2% , ,6% INFRASTRUCTURE LKPG SV 426,8 46,3 30,5 1,43% 21,9% 9,2 6,3 2,5 1,2 1,3 39,2% 14,0% 3,2% LKPCRA CZ 31,7-2,7 555,0 0,00% -2,8% -11,9-15,1 1,2 0,6 1,2-7,6% -4,7% - LKRIRA CZ 83,4 1,9 45,8 1,87% -4,3% 43,9 111,6 4,3 0,9 9,9 3,8% 2,1% - MARINE ATPLRA CZ 77,8-14,9 413,0 0,51% 46,2% -5,2 72,3 5,1 1,0 6,9 7,0% -18,3% - TPNGRA CZ 82,6 5,5 70,1-0,14% -6,5% 15,0 10,5 4,6 0,9 5,8 44,1% 6,4% 2,3% LPLHRA CZ 16,6-0,2 186,1 1,67% -7,0% -101,7 21,7 1,5 0,8-3,0 6,9% -0,8% - JDPLRA CZ 6,0-10,7 27,1 0,00% -33,5% -0,6-48,2 6,5 0,1-43,3-13,5% -22,7% - 5BR BU 13,1-0,6 0,7 2,86% 8,6% -21,9 23,1 1,4 0,3-0,4 6,2% -1,5% - PHARMA KRKG SV 10,7 111,0 54,9-0,16% 3,8% 16,2 7,5 1,4 1,2-0,2 18,5% 7,5% 5,0% 3JR BU 314,9 27,0 4,6 1,% 53,4% 11,6 9,9 0,8 1,3 2,4 8,2% 11,9% 2,2% ATB RO 81,8-0,6 0,00% 6,5% , ,9% BIO RO 64,1-0,3 0,34% 9,6% , ,7% SCD RO 188,9-2,1 0,49% 5,6% , ,6% 53B BU #N/A N/A 8,7 #N/A N/A - #VALUE! - - 0, ,7% - RETAIL & DIST. RPH RO 38,7-0,3-1,43% 26,8% , MELR SV 236,9-73,6 38,9-0,27% -42,8% -3,2 10,7 0,5 0,4 6, ,3% - PETG SV 778,2 74,8 373,0-0,93% 14,8% 10,4 6,7 0,3 1,3 2,3 4,0% 12,7% 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 48,9 7, ,0 0,00% -30,2% 6,6 11,2 0,3 0,7 5,2 3,1% 11,8% 14,2% PVCMRA CZ - 3,0 211,6 3,31% 19,2% ,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 1974,9 126,3 178,7 1,32% 5,7% 15,6 4,0 1,6 1,2-1,6 39,5% 8,0% 3,4% TLSG SV 548,3 40,7 83,9-0,12% 18,0% 13,5 4,0 1,2 0,8 1,8 29% 5,7% 6,0% OPTERA CZ 24,8 1,8 2,9-0,69% 7,4% 14,0 4,6 1,1 4,7 2,5 23,5% 35,4% - ROE TOURISM BANKS RIVPRA CZ 751,3 39,7 44,2 0,% 27,7% 18,9 9,3 5,0 2,7 1,8 53,4% 15,8% 1,8% TUHORA CZ 149,0 8, ,0 0,00% 2,0% 17,9 13,3 5,4 3,2-0,8 41% 18,9% 2,0% HIMRRA CZ 69,9 1,1 815,0 0,00% 0,1% 63,3 12,8 4,9 1,6 2,7 38,6% 2,5% 0,4% ARNTRA CZ 327,8-19,1 473,7 0,35% 1,1% -17,2 21,1 5,8 2,1 4,5 27% -20,2% - PLAGRA CZ 511,3 27, ,6 0,00% 13,9% 18,6 10,3 4,1 1,9 1,1 40,3% 11,8% - LRHRA CZ 154,8 1, ,0 1,61% 3,3% 105,2 9,9 4,4 1,6 0,7 44% 1,5% - HUPZRA CZ 171,1 11, ,2 0,00% 4,9% 15,1-4,1 1, ,7% 0,5% MAISRA CZ 429,9 19,0 291,1-2,35% 15,1% 22,6 13,0 4,4 2,4 2,9 34% 10,6% - 6AB BU,9 8,0 64,5 0,78% 5,0% 17,6 12,4 2,9 0,6 2,6 23,6% 3,6% 0,7% HMSTRA CZ 19,5 0,5 2,0-3,44% 0,1% 36,9-3,0 1, ,3% - ACIRA CZ 86,9 1,3 5.0,0 0,00% -9,3% 67,4 9,3 3,6 1,4-0,8 38% 2,1% 2,5% SLRSRA CZ 83,4 #N/A N/A 1.000,0 0,00% 11,2% , ILRARA CZ 53,9 4, ,0 0,00% 1,8% 12,6-4,0 1, ,9% 1,5% TLV RO 2208,8 283,4 2,8-0,72% 15,5% 7,9 1,6 11,6% 11,7% 0,7 20,6% 2,6% 2,2% BRD RO 2176,1 225,4 14,2-0,42% 19,5% 9,8 1,4 12,8% 12,6% 0,7 15% 2,1% 5,1% ZABARA CZ 2023,1 145,8 46,8-0,72% -13,3% 13,7 0,8-14,4% 1,0 6,1% 0,9% 11,3% BCC RO 49,2-9,4 0,1-0,49% 6,4% - 1,1-3,4% 0,4-45% -2,4% - PBZRA CZ 1930,4 211,4 7,0 0,00% -2,5% 9,0 1,0-16,7% 1,0 11,4% 2,0% 3,4% 5F4 BU 305,1 48,4 5,4-0,97% 62,0% 6,3 0,7-9,3% 0,7 11% 1,1% - 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 566,1 81,9 24,9-0,28% 7,3% 6,9 0,8 0,6 0,2 0,9 11,5% 2,3% 10,0% POSR SV 264,3 32,8 15,4 0,00% 16,1% 7,4 0,8 0,5 0,2 0,7 11% 2,0% 5,2% CROSRA ZA 778,2 74,8 373,0-0,93% -1,8% 10,4 6,7 0,3 1,3 2,3 4,0% 12,7% 0,0% Mkcap () mn Price 1D YTD P/E NAV Discount to NAV FP RO 1894, ,1 0,9-0,35% 20,3% 6,0 1,3 0,3 0,3 591,1% 5,8% P/Bv NPL ratio TE/TA L/D ROE Avg. 1Y Dsc. to NAV 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