FIMA Daily Insight CROATIA SLOVENIA ROMANIA BULGARIA. Vlatko Kesegić. Darko Horvat. July 3, ,8% 21,1% 15,8% 11,1% CROBEX SBI BET SOFIX

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1 CROATIA SLOVENIA ROMANIA BULGARIA FIMA Daily Insight July 3, 2017 CROATIA BENCHMARKS DAILY CHANGES % 0,14% 0,03% 0,00% -0,43% CROBEX SBI BET SOFIX BENCHMARKS 3Y CHARTS Jul-14 Jul-15 Jul-16 Jul-17 CROBEX SBI BET SOFIX Croatian equities closed lower on Friday with both indices decreasing; CROBEX decreased 0.43% to 1, pts and blue chip CROBEX 10 decreased 0.45% to 1, pts. Regular stock turnover amounted to HRK 15.4 million. (Negative) Adris Group (ADRSPA CZ) topped the liquidity board collecting HRK 9.6 million in turnover and its price decreased 0.43% to HRK Supervisory Board of Valamar Riviera (RIVPRA CZ) approved investments for the year 2018 totaling HRK mln, in accordance with the previously announced investment cycle until 2020, worth up to HRK 2 bln. In 2018, the Company plans to complete the Valamar Girandella Resort in Rabac. It will include the first Kinderhotel in Valamar s portfolio, thus expanding the family-oriented portfolio segment. The investment in the Valamar Pinia Family Suites in Porec will also result in a new, luxury family hotel investment plan also includes the continuation of Valamar s large strategical investments in premium camping in Istria and on the island of Krk. Investments in Dubrovnik are focused on creating additional amenities for the Valamar Argosy hotel. (Positive) Maistra (ADRSRA CZ) and Ministry of Economy, Entrepreneurship and Craft signed an agreement on the preparation and implementation of the strategic investment project "Hotel Park 5*" in Rovinj. Total value of this investment is HRK 539 mln. The hotel will have 209 accommodation units, out of which 190 exclusive rooms and 20 apartments and it will be operating all year long. (Positive) Tourism company Plava laguna (PLAGRA CZ; PLAGPA CZ) proposed to the General Assembly stock split (4 new for 1 old share), capital increase (acquisition of Istraturist Umag d.d.) and dividend payment in amount of HRK 1.00 per preferred share. (Positive) Shareholders of Podravka (PODRRA CZ) approved dividend payment in the amount of HRK 7 per share, implying dy 2.11%. Record date is June 30, ex dividend date is June 27 and payment date is August 30. (Neutral) In May, consumption in Croatia grew by 3.5% on the year, more than in April and more than predicted, increasing for 33rd consecutive month, the national statistical office said on Friday. (Positive) Croatia's industrial production increased by 3.3% yoy in May, which is a much higher result than expected, according to figures released by the National Bureau of Statistics (DZS). (Positive) SLOVENIA BENCHMARKS 1Y % RETURNS 54,8% In June, Slovenia recorded an annual inflation of 0.9%, with higher prices of fruit and footwear contributing the most to the increase, the Statistics Office reported on Friday. (Neutral) Slovenia's general government deficit in the first quarter of 2017 stood at EUR 185 mln or 1.9% of GDP, according to the preliminary estimate released by the Statistics Office. (Neutral) ROMANIA 11,1% 15,8% 21,1% Italian banking group Intesa Sanpaolo said on Friday it has raised its 2017 economic growth estimate for Romania to 4.2% from 3.4% projected earlier. (Positive) CROBEX SBI BET SOFIX SALES AND TRADING DESK CONTACTS Vlatko Kesegić Phone: vkesegic@fima.com Darko Horvat Phone: dhorvat@fima.com Minimum gross wage in Romania will be differentiated based on education, according to the governing program, published on the Chamber of Deputies website yesterday. The minimum gross wage will grow to EUR 440 next year, EUR 483 in 2019, and EUR 527 in However, the gross minimum wage for people with university studies will be higher. It will amount to EUR 5 next year, EUR 5 in 2019 and EUR 659 in (Positive) BULGARIA MPs gave a first vote on the latest changes in the Law on Public Offering of Securities (LPOS) allowing listed companies to start interim semiannual dividend payments. The proposed changes to LPOS, allow companies to distribute semiannual dividends after shareholders have approved an audited semiannual financial statement for the period Jan 1 - June 30, but only if the companies have a positive net results for the period. A second final approval is expected prior to the summer holiday of the Parliament. (Positive) The Bulgarian Deposit Insurance Fund has opened new procedure for the sale of % of Victoria Commercial Bank (BGN 92 mln in assets), which is a wholly owned subsidiary of Corporate Commercial Bank which went bankrupt in Letters of interested are expected by July 21, Last year s sale procedure failed after the Bulgarian National Bank did not approved the selected winner another local bank D Commercial Bank. Overall, eight candidates were interested in the acquisition. (Neutral) trading@fima.com 1

2 Trading day recap CROATIA Market Trunover ( EUR mn): 2,09 1 Adris - pfd 1,29 Hoteli Brela,03% Petrokemija -9,07% 2 HT 0,21 Hoteli Podgora 16,65% Slavonski ZIF -5,95% 3 Valamar 0,19 MIV 11,11% RIZO -5,78% 4 Ina 0,15 Slatinska banka 9,26% HUP -2,94% 5 Arenaturist 0,07 Viro 4,93% Pectinatus -2,86% 6 Koncar EI 0,05 Hoteli Haludovo 2,08% Podravka -2,53% 7 Dalekovod 0,02 Saponia 1,54% DDJH -1,75% 8 Atlantic Grupa 0,02 Excelsa 1,34% Jadroagent -1,72% 9 AD Plastik 0,01 HPB 1,25% Atlantska plov. -1,66% Jul-14 Jul-15 Jul-16 Jul Ericsson NT 0,01 IKB 0,93% SNH Beta -1,54% CROBEX CRO Tourism CROPLUS Index SLOVENIA Market Trunover ( EUR mn): 1,69 1 Krka 0, Toplice Dobrna 6,76% Nama -12,18% 2 Telekom Slo. 0,54 Luka Koper 1,63% Kmecka Druzba -3,90% 3 Luka Koper 0,23 Telekom Slo. 0,59% Cinkarna Celje -1,41% 4 Petrol 0,15 Unior 0,28% Sava Re -0,59% 5 Triglav 0,11 Triglav 0,20% Petrol -0,27% 6 Cinkarna Celje 0,04 Krka 0,00% Krka 0,00% 7 Gorenje 0,01 Mercator 0,00% Mercator 0,00% 70 8 Unior 0,00 Gorenje 0,00% Gorenje 0,00% 9 Sava Re 0,00 Salus 0,00% Salus 0,00% Jul-14 Jul-15 Jul-16 Jul-1710 Hotel Union 0,00 Hotel Union 0,00% Hotel Union 0,00% SBI ROMANIA Market Trunover ( EUR mn): 16,17 Volume () Leaders Laggers Volume () Leaders Laggers Volume () Leaders Laggers 1 Romgaz 4,04 Transporturi A 52,4% Concivia Brai -25,47% 2 BRD 3,20 Unisem Bucure 11,34% Nord -13,47% 3 Banca Trans. 2,58 Prefab Bucure 10,00% Constructii Fe -9,45% 4 Transgaz 2,21 Electroarges 8,87% Sc Ca De Bucov -5,95% 5 Fondul Prop. 2,07 Fondul Oamenil 5,26% Uamt -5,74% 6 OMV Petrom 0,75 Impact Develop 5,00% Bittnet System -3,70% 7 Electrica 0,51 Ntierul Naval- 4,95% Argus Constan -3,47% 8 Transelectrica 0,36 Bermas 4,90% Bucur Bucures -3,45% Jul-14 Jul-15 Jul-16 Jul-17 9 Conpet Ploies 0,09 Mecanica Ceahl 4,65% Socep -2,90% 10 Sif 2 Moldova 0,08 Aerostar Baca 4,57% OMV Petrom -2,58% BET BET-BK Index BULGARIA Market Trunover ( EUR mn): 0,93 Volume () Leaders Laggers Dec-14 Dec-15 Dec-16 SOFIX BGBX40 index 1 Chimimport 0,29 Assenova Krepo 13,64% Zlatni Pyasatz -12,95% 2 Texim Bank 0,28 Etropal -Etrop 13,23% Bulgartabak Ho -2,38% 3 Sopharma 0,12 Fazerles 11,42% Doverie Holdin -1,85% 4 Sopharma Tring 0,05 Exclusive Prop 11,25% Sopharma Tring -1,67% 5 Euroholding Bl 0,05 Kotlostroene 7,14% CCB -1,45% 6 Sirma Group Ho 0,03 Bulgaria Reg C 5,61% Bulgaria Compe -1,41% 7 Doverie Holdin 0,01 Holding Varna 2,99% Chimimport -1,21% 8 Bulgaria Compe 0,01 Zlaten Lev Hol 2,46% FIB -1,17% 9 Cez Distributi 0,01 Synthetica 2,30% Industrial Hol -0,99% 10 Monbat 0,01 Hydraulic Elem 2,28% Bulgarian Amer -0,71% 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 4,5-0,44% -14,4% -9,6 23,5 0,4 1,2-5,4 1,7% -11,3% 3,3% DLKVRA CZ 76,5 7,0 22,9 0,31% 68,6% 10,9 7,8 0,5 2,2 2,8 6,7% 17,4% - VDKTRA CZ 7,4 1,5,5 0,00% -,7% 4,9 4,7 0,4-2,8 9,1% - - INGRRA CZ 8,3 1,3 4,5-1,52% 48,0% 6,1-211,5 7,5 0,6-194,6-3,6% 10,3% - THNKRA CZ 14,9 0,1 5,3 0,00% 26,0% 117,5 15,6 0,9 0,3 12,2 6,0% 0,3% - IGHRA CZ 22,5-7,5 270,8-0,08%,1% -3,0,0 3,2-40,0 6% -164,9% - DIVERSIFIED ADRSPA CZ 1,9 70,2 465,0 0,08% 1,9% 16,2 1,5 0,4 0,5-4,1 27,1% 6,1% 3,7% 6C4 BU 219,6 26,1 1,8-1,21% 7,3% 8,4 - -0,9 0, ,2% 3,0% 4HS BU 9,2 0,2 3,6-10,2% 58, , ,5% 6,1% - 5V2 BU 92,4 1,0 34,5 2,99% 4,5% 95,0 44,0 6,8 1,2 15,0 15,3% 1,3% - 4EH BU 106,4 3,4 1,3 0,55% 97,5% 31,5 16,7 1,3 1,9 8,6 7,9% 6,6% 0,8% 5SR BU 89,1 3,8 8,3 2,22% 27,9% 23,3-1,0 1, ,5% 2,6% ENERGY & UTILITY SNG RO 21,9 #N/A N/A 30,8 0,33% 23,0% 8,8-1,9 1, ,4% SNP RO 3525,5 304,9 0,3-2,58% 8,6% - 3,0 0,9 0,6 0,0 30,8% 5,1% 5,3% TGN RO 925,4 132,7 358,0 1,13% 21,8% 7,0 2,7 1,4 1,1-1,0 52,0% - 12,9% EL RO 994,9 79,4 13,1 3,97% -0,5% 12,5 3,1 0,5 0,8-2,5 16,9% 6,3% 5,7% TEL RO 440,1-27,4 0,55% -6,3% , ,3% COTE RO 1,9-95,2 3,93% 20,8% - 1,9-1,1-2, ,4% INARA CZ 4391,6 48,8 3.2,0-0,02% 12,1% 89,9 11,0 1,8 3,0 0,9 16,0% 3,4% 0,5% SNN RO 423,0 24,7 6,4 0,63% 33,0% 17,1 1,9 0,7 0,3-0,3 40% 1,5% 5,2% JNAFRA CZ 776,1 40, ,0 0,00% 7,6% 19,0 9,1 7,0 1,5-1,2 76,8% 8,2% 2,3% FOOD & BEVERAGE PODRRA CZ 311,3 18,7 323,6-2,53% -14,7% 16,6 8,8 0,9 0,8 2,4 10,5% 4,9% 2,2% ATGRRA CZ 347,1 22,6 770,4 0,57% -12,9% 15,3 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% - 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 87,3 3,5 470,2-0,67% -12,9% 24,9 10,3 1,0 1,0 3,5 9,3% 4,4% - CKMLRA CZ 88,0 8, ,0 0,00% -4,0% 10,5 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 153,9 9,5 6,3 0,00% 5,1% 16,2 6,3 0,4 0,4 3,7 7,0% 2,6% 1,6% ERNTRA CZ 224,2 13, ,7 0,58% 7,0% 16,4 10,0 1,0 5,4-1,7 10,0% 31,9% 9,0% CICG SV 136,4 9,8 167,5-1,41% 3,4% 14,0 4,0 0,6 0,9-1,3 14,8% 6,8% 5,4% DDJHRA CZ 35,3-0,2 34,3-1,75% -23,9% -1,6 19,6 1,1 3,1 9,6 5,4% - - ADPLRA CZ 94,3 7,8 166,2-0,04% 19,9% 12,1 7,2 1,1 1,0 2,6 15,3% 8,5% 5,1% 5MB BU 236,3 10,7 11,9 0,00% 22,7% 22,1 12,9 1,7 2,8 2,8 13% 11,6% 2,4% KODTRA CZ 55,0 5, ,0 0,00% 7,7% 11,0 4,3 0,3 1,1-0,7 6,6% 14,0% 3,5% 5MH BU 168,1 6,1 8,4 0,24% 26,7% 27,7 13,8 3,0 4,7-0,9 21,5% 17,3% 3,1% KOEIRA CZ 253,7-730,1-1,27% 5,8% , ,6% INFRASTRUCTURE LKPG SV 427,0 46,3 30,5 1,63% 22,0% 9,2 6,3 2,5 1,2 1,3 39,2% 14,0% 3,1% 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 83,5 1,9 45,8 0,00% -4,3% 43,9 111,6 4,3 0,9 9,9 3,8% 2,1% - MARINE ATPLRA CZ 75,0-14,9 397,7-1,66% 40,7% -5,0 72,3 5,1 1,0 6,9 7,0% -18,3% - TPNGRA CZ 82,7 5,5 70,1-0,11% -6,5% 15,0 10,5 4,6 0,9 5,8 44,1% 6,4% 2,3% LPLHRA CZ 16,5-0,2 184,0 0,00% -8,0% -,7 21,7 1,5 0,8-3,0 6,9% -0,8% - JDPLRA CZ 6,0-10,7 27,0 0,00% -33,7% -0,6-48,2 6,5 0,1-43,3-13,5% -22,7% - 5BR BU 12,8-0,6 0,7-5,6% -21,3 23,1 1,4 0,3-0,4 6,2% -1,5% - PHARMA KRKG SV 13,6 111,0 55,0 0,00% 4,0% 16,2 7,5 1,4 1,2-0,2 18,5% 7,5% 5,0% 3JR BU 311,7 27,0 4,5 0,40% 51,7% 11,5 9,9 0,8 1,3 2,4 8,2% 11,9% 2,2% ATB RO 79,9-0,5-1,45% 4,2% , ,0% BIO RO 64,0-0,3 0,34% 9,6% , ,7% SCD RO 192,2-2,1 1,94% 7,7% , ,4% 53B BU #N/A N/A 8,7 #N/A N/A - #VALUE! - - 0, ,7% - RETAIL & DIST. RPH RO 38,2-0,3-0,87% 25,4% , MELR SV 249,7-73,6 41,0 0,00% -39,7% -3,4 10,7 0,5 0,4 6, ,3% - PETG SV 782,4 74,8 375,0-0,27% 15,4% 10,5 6,7 0,3 1,3 2,3 4,0% 12,7% 3,7% 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 49,0 7, ,0 0,00% -30,2% 6,6 11,2 0,3 0,7 5,2 3,1% 11,8% 14,2% PVCMRA CZ - 3,0 203,5 0,00% 14,6% ,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 2012,9 126,3 181,9-0,09% 7,6% 15,9 4,0 1,6 1,2-1,6 39,5% 8,0% 3,3% TLSG SV 555,5 40,7 85,0 0,59% 19,5% 13,6 4,0 1,2 0,8 1,8 29% 5,7% 5,9% OPTERA CZ 24,5 1,8 2,9-1,38% 5,9% 13,8 4,6 1,1 4,6 2,5 23,5% 35,4% - ROE TOURISM BANKS RIVPRA CZ 746,7 39,7 43,9-0,25% 26,8% 18,8 9,3 5,0 2,7 1,8 53,4% 15,8% 1,8% TUHORA CZ 148,7 8, ,0-0,51% 1,7% 17,8 13,3 5,4 3,2-0,8 41% 18,9% 2,0% HIMRRA CZ 70,0 1,1 815,0 0,00% 0,1% 63,4 12,8 4,9 1,6 2,7 38,6% 2,5% 0,4% ARNTRA CZ 326,8-19,1 471,6 0,01% 0,7% -17,2 21,1 5,8 2,1 4,5 27% -20,2% - PLAGRA CZ 514,7 27, ,0 0,53% 14,6% 18,7 10,3 4,1 1,9 1,1 40,3% 11,8% - LRHRA CZ 155,0 1, ,0 0,00% 3,3% 105,4 9,9 4,4 1,6 0,7 44% 1,5% - HUPZRA CZ 166,4 11,4 2.8,0-2,94% 1,9% 14,6-4,1 1, ,7% 0,6% MAISRA CZ 424,4 19,0 287,0 0,00% 13,4% 22,3 13,0 4,4 2,4 2,9 34% 10,6% - 6AB BU,9 8,0 64,5-5,0% 17,6 12,4 2,9 0,6 2,6 23,6% 3,6% - HMSTRA CZ 19,5 0,5 2,0 0,00% 0,1% 37,0-3,0 1, ,3% - ACIRA CZ 87,0 1,3 5.0,0 0,00% -9,3% 67,5 9,3 3,6 1,4-0,8 38% 2,1% 2,5% SLRSRA CZ 83,5 #N/A N/A 1.000,0 0,00% 11,2% , ILRARA CZ 54,0 4, ,0 0,00% 1,8% 12,7-4,0 1, ,9% 1,5% TLV RO 2149,2 283,4 2,7-0,92% 12,6% 7,7 1,6 11,6% 11,7% 0,7 20,6% 2,6% 2,2% BRD RO 2062,4 225,4 13,5-0,44% 13,5% 9,3 1,4 12,8% 12,6% 0,7 15% 2,1% 5,4% ZABARA CZ 2020,8 145,8 46,7-0,55% -13,5% 13,7 0,8-14,4% 1,0 6,1% 0,9% 11,3% BCC RO 48,3-9,4 0,1-0,20% 4,6% - 1,1-3,4% 0,4-45% -2,4% - PBZRA CZ 1933,1 211,4 7,0 0,00% -2,5% 9,0 1,0-16,7% 1,0 11,4% 2,0% 3,4% 5F4 BU 305,2 48,4 5,4-1,17% 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 568,4 81,9 25,0 0,20% 7,8% 6,9 0,8 0,6 0,2 0,9 11,5% 2,3% 10,0% POSR SV 2,2 32,8 15,1-0,59% 14,3% 7,3 0,8 0,5 0,2 0,7 11% 2,0% 5,3% CROSRA ZA 782,4 74,8 375,0-0,27% -1,8% 10,5 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 1836, ,4 0,8 0,85% 16,7% 6,0 1,3 0,4 0,3 279,2% 6,0% 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: VLATKO KESEGIĆ 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