FIMA Daily Insight CROATIA SLOVENIA ROMANIA BULGARIA. Vlatko Kesegić. Darko Horvat. June 6, ,7% 35,7% 14,2% 8,4% CROBEX SBI BET SOFIX

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1 CROATIA SLOVENIA ROMANIA BULGARIA FIMA Daily Insight June 6, 2017 CROATIA BENCHMARKS DAILY CHANGES % Croatian equities closed lower yesterday with both indices decreasing; CROBEX decreased 0.72% to 1, pts and blue chip CROBEX 10 decreased 0.65% to 1, pts. Regular stock turnover amounted to HRK 4.23 million. (Negative) -0,72% 0,24% 0,00% 0,50% Tourism Company Valamar Riviera (RIVPRA CZ) topped the liquidity board collecting HRK 1.09 million in turnover and its price increased 0.60% to HRK On June 5, Valamar Riviera (RIVPRA CZ) concluded a contract with Kinderhotels Europa Management-Marketing- Verwaltungs-und Verlags GesmbH regarding the purchase of the right to use the Kinderhotels brand for a period of 5 years and 5 months. With this, Valamar Girandella Maro Resort 5* in Rabac has become part of the Kinderhotel chain, specialized in family vacations. The hotel is planned to be opened in season There are 50 such hotels in Europe, with this one being the third in Croatia. (Positive) CROBEX SBI BET SOFIX Kras's (KRASRA CZ) shareholders proposed dividend payment in the amount of HRK 8 per share, implying dy 1.6%. Record date is August 18, ex-dividend date is August 17 and payment date is October 24. (Positive) BENCHMARKS 3Y CHARTS On June 5, HUP Zagreb (HUPZRA CZ) proposed dividend payment in the amount of HRK 16 per share, implying dy 0.6% (2016: HRK 15). Record date is July 14, ex-dividend date is July 13 and payment date is August 14. Furthermore, shareholders also proposed capital increase for 34.5 mln to the amount of mln. (Positive) The World Bank revised upward its forecast for Croatia's GDP growth in 2017 from 2.5% to 2.9%, according to the Bank's June 2017 Global Economic Prospects. (Positive) In Jan-May 2017, tourist arrivals in Croatia increased by 14% yoy to 3 mln tourists. Number of overnights amounted to 9.3 mln which was an increase of 11%, according to the data by evisitor. (Positive) 60 Jun-14 Jun-15 Jun-16 Jun-17 CROBEX SBI BET SOFIX 8,4% BENCHMARKS 1Y % RETURNS 14,2% Vlatko Kesegić Phone: vkesegic@fima.com Darko Horvat Phone: dhorvat@fima.com trading@fima.com 35,7% 51,7% CROBEX SBI BET SOFIX SALES AND TRADING DESK CONTACTS Croatia's gross foreign debt at the end of February 2017 stood at EUR 42 bln, which was a decrease of 0.2% compared to January 2017, but increase by 0.8% compared to February 2016, according to an analysis presented by Raiffeisenbank Austria (RBA) on Monday. (Neutral) SLOVENIA Government rejected a proposal that the state would post guarantees for any liabilities beard by NLB for claims of Croatian depositors against LB. This is one of the key risks that overhangs valuation of NLB in a proposed IPO. Due to this, Minister of Finance submitted its resignation, however this was rejected by Prime Minister Cerar. In the next step Slovenian Sovereign Holding supervisory board did not confirm estimated IPO price range or confirm prospectus and passed both decisions on its shareholder assembly, namely government. The government did not pass any decision yet, however it is ever more speculated another delay into autumn is likely. (Neutral) In May, Slovenia had 87,655 people registered as unemployed, which is 3.8% lower than in April and 14.3% lower than in May 2016, according to the data from the Employment Service. (Positive) ROMANIA In 1Q 2017, banks in Romania had equity amounting to EUR 9.3 bln, up compared to The banking system in Romania is better capitalized than those in Austria, France, Italy, Spain, Poland or Hungary, according to data provided by Romania s National Bank (BNR). Romanian banks solvency ratio reached 18.3% at the end of last year. This increased to 19.8% at the end of March this year. (Positive) Please note that Bucharest Stock Exchange was closed on June 5, due to holiday. BULGARIA Sopharma (3JR BU) shareholders approved dividend payment in the amount of BGN 0.10 per share, implying dy 2.35% at current market quotes with an ex-dividend data on June 15. (Positive) Sopharma Trading (SO5 BU) shareholders approved dividend payment in the amount of BGN 0.30 per share, implying dy 3.45% at current market quotes with an ex-dividend date on June 15. (Positive) Fitch and S&P raise their outlook for Bulgaria from stable to positive, according to statements from the two credit rating agencies. Both sites make solid credit metrics and current account improvement as a key action rationale. They stress the considerable deleveraging on the economy yet expect further action from financial regulators to manage non performing loan levels. Strong export driven economic performance further supports the agencies views expecting stronger domestic demand to increase its contribution in Fitch expects Bulgaria's economy to grow 3% in , while S&P expects 3% growth in 2017 and 2.8% rise in (Positive) 1

2 Trading day recap CROATIA Market Trunover ( EUR mn): 5,84 1 Hoteli Podgora 5,27 Finvest 44,67% Slavonski ZIF -4,10% 2 Valamar 0,15 Optima 2,27% Viro -4,10% 3 Ericsson NT 0,08 Ilirija 1,92% Auto Hrvatska -3,99% 4 HT 0,04 SNH Gama 1,58% Adris -2,88% 5 Adris - pfd 0,04 Excelsa 1,46% Dalekovod -2,79% 6 Plava Laguna 0,03 Valamar 1,35% Adris - pfd -2,64% 7 Jadroagent 0,02 Jadroagent 1,17% Arenaturist -2,48% 8 Adris 0,02 Ericsson NT 0,73% Magma -2,44% 50 9 Excelsa 0,02 CK Mlinovi 0,73% Ingra -1,58% Jun-14 Jun-15 Jun-16 Jun Arenaturist 0,02 Plava Laguna 0,57% Hidroelektra -1,51% CROBEX CRO Tourism CROPLUS Index SLOVENIA Market Trunover ( EUR mn): 0,32 Volume () Leaders Laggers Volume () Leaders Laggers 1 Cinkarna Celje 0,10 Mercator 7,95% Intereuropa -2,06% 2 Krka 0,08 Luka Koper 3,70% Gorenje -1,71% 3 Petrol 0,07 Krka 0,74% Triglav -0,73% 4 Luka Koper 0,04 Petrol 0,00% Cinkarna Celje -0,66% 5 Sava Re 0,02 Unior 0,00% Sava Re -0,44% 6 Telekom Slo. 0,01 Salus 0,00% Kmecka Druzba -0,27% 7 Gorenje 0,00 Hotel Union 0,00% Telekom Slo. -0,19% 70 8 Datalab 0,00 Melamin 0,00% Petrol 0,00% Triglav 0,00 Terme Catez 0,00% Unior 0,00% Jun-14 Jun-15 Jun-16 Jun-1710 Intereuropa 0,00 Nama 0,00% Salus 0,00% SBI BULGARIA BET Market Trunover ( EUR BET-BK mn): Index 1,17 Volume () Leaders Laggers Dec-14 Dec-15 Dec-16 SOFIX BGBX40 index 1 Sopharma 0,71 Holding Center 11,96% Bulstr Vienna -21,19% 2 Stara Planina 0,08 Zaharni Zavodi 11,40% Nov Vek Holdin -8,55% 3 Euroholding Bl 0,08 Bulgartabak Ho 4,78% Bulgaria Holdi -8,44% 4 M+S Hidravlik 0,07 Bulgaria Housi 4,07% Lomsko Pivo -5,74% 5 Albena 0,03 Euroholding Bl 3,22% Neochim -Dimit -4,70% 6 Monbat 0,02 Drujba Glasswo 2,93% Bulgaria Compe -4,01% 7 Doverie Holdin 0,02 Insurance Comp 2,40% Bulland Invest -3,85% 8 Vance Terrafun 0,02 Bulgarian Real 2,11% Koro Bulgaria -2,% 9 Sopharma Prope 0,02 CCB 2,07% Hydraulic Elem -2,75% 10 Sopharma Tring 0,02 Albena 1,% Sofia Commerce -2,26% 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 53,0-5,4 4,3-0,44% -18,6% -9,7 20,1 0,4 1,1-4,6 2,0% -10,5% 3,4% DLKVRA CZ 68,7 7,0 20,5-2,79% 51,3% 9,8 7,8 0,5 2,0 2,8 6,7% 17,4% - VDKTRA CZ 5,7 1,5 91,5 0,00% -70,2% 3,7 6,1 0,5 0,1 3,2 7,3% 0,1% - INGRRA CZ 8,0 1,3 4,4-1,58% 42,2% 5,9-211,5 7,5 0,6-194,6-3,6% 10,3% - THNKRA CZ 13,1 0,1 510,0 0,00% 10,8% 103,4 15,6 0,9 0,3 12,2 6,0% 0,3% - IGHRA CZ 18,4-7,5 222,0-1,24% 23,1% -2,5 50,0 3,2-40,0 6% -164,9% - DIVERSIFIED ADRSPA CZ 1175,1 70,2 462,1-2,64% 1,3% 16,7 1,5 0,4 0,5-4,1 27,1% 6,1% 3,7% 6C4 BU 210,6 26,1 1,7 1,06% 2,9% 8,1 - -0,9 0, ,2% 3,1% 4HS BU 8,8 0,2 3,5-6,1% 56, , ,5% 6,1% - 5V2 BU 93,7 0,1 35,0-6,0% 964,2 33,5 6,4 1,2 11,8 19,0% 0,1% - 4EH BU 76,7 3,4 0,9 3,22% 42,4% 22,7 16,7 1,3 1,4 8,6 7,9% 6,6% 1,1% 5SR BU 86,6 3,8 8,1-0,01% 24,3% 22,6-1,0 1, ,5% 2,7% ENERGY & UTILITY SNG RO 2863,2 #N/A N/A 33,9-35,6% 8,8-1,9 1, ,3% SNP RO 4090,0 304,9 0,3-26,2% - 3,0 1,0 0,7 0,0 30,8% 5,1% 4,6% TGN RO 1158,5 132,7 449,0-52,7% 8,7 2,7 1,4 1,4-1,0 52,0% - 10,3% EL RO 1132,6 79,4 14,9-13,5% 14,3 3,1 0,5 0,9-2,5 16,9% 6,3% 5,0% TEL RO 533,3-33,2-13,7% , ,8% COTE RO 269,4-142,0 -,2% - 1,9-1,7-2, ,7% INARA CZ 4010,5 48, ,9 0,00% 2,3% 82,1 11,0 1,8 2,7 0,9 16,0% 3,4% 0,5% SNN RO 462,5 24,7 7,0-45,7% 18,8 1,9 0,7 0,3-0,3 40% 1,5% 4,7% JNAFRA CZ 776,6 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 307,0 18,7 318,8-0,56% -15,9% 16,4 8,8 0,9 0,8 2,4 10,5% 4,9% 2,2% ATGRRA CZ 337,7 22,6 749,0-1,26% -15,3% 14,9 8,7 0,8 1,2 3,2 9,2% 8,6% 1,8% LEDORA CZ 148,6 38, , ,2% 3,9 9,4 1,6 0,6 1,0 17,1% 15,7% 12,1% JMNCRA CZ 164,1 40, , ,6% 4,0 8,4 1,2 0,6 0,6 13,9% 17,3% - KRASRA CZ 92,9 3,5 500,0 0,00% -7,3% 26,5 10,3 1,0 1,0 3,5 9,3% 4,4% - CKMLRA CZ 89,4 8, ,5 0,73% -2,6% 10,6 8,0 0,6 1,2 0,9 8% 11,8% 1,0% BLJERA CZ 8,8-4,5 8, ,9% -2,0 15,6 1,5 0,2 8,2 9,4% -1,7% - ZVZDRA CZ 26,9 3, , ,8% 8,2 15,0 1,2 0,4 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 154,9 9,5 6,3-1,71% 5,8% 16,3 6,3 0,4 0,4 3,7 7,0% 2,6% - ERNTRA CZ 234,4 13, ,8 0,73% 11,8% 17,2 10,0 1,0 5,6-1,7 10,0% 31,9% 9,0% CICG SV 153,8 9,8 188,8-0,66% 16,5% 15,8 4,0 0,6 1,1-1,3 14,8% 6,8% 4,8% DDJHRA CZ 35,3-0,2 34,4-0,95% -23,8% -181,0 19,6 1,1 3,1 9,6 5,4% - - ADPLRA CZ 94,6 7,8 166,6 0,00% 20,2% 12,1 7,2 1,1 1,0 2,6 15,3% 8,5% 4,8% 5MB BU 221,5 10,7 11,1 0,09% 15,0% 20,7 12,9 1,7 2,6 2,8 13% 11,6% 2,5% KODTRA CZ 54,4 5, ,0 0,00% 5,3% 10,9 4,3 0,3 1,1-0,7 6,6% 14,0% 3,5% 5MH BU 160,4 6,1 8,0 0,44% 20,9% 26,5 13,8 3,0 4,5-0,9 21,5% 17,3% 3,2% KOEIRA CZ 260,8-750,0-0,96% 8,7% , ,6% INFRASTRUCTURE LKPG SV 431,2 46,3 30,8 3,70% 23,2% 9,3 6,3 2,5 1,2 1,3 39,2% 14,0% 3,1% LKPCRA CZ 30,5-2,7 533,1-1,35% -6,6% -11,5-15,1 1,2 0,5 1,2-7,6% -4,7% - LKRIRA CZ 78,4 1,9 43,0 0,00% -10,2% 41,2 111,6 4,3 0,8 9,9 3,8% 2,1% - MARINE ATPLRA CZ 71,6-14,9 379,2-0,22% 34,2% -4,8 72,3 5,1 0,9 6,4 7,0% -18,3% - TPNGRA CZ 81,8 5,5 69,3 0,00% -7,6% 14,9 10,5 4,6 0,9 5,8 44,1% 6,4% 2,3% LPLHRA CZ 16,4-0,2 183,5 0,00% -8,3% -100,5 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 12,2 1,2 0,7-1,1% 10, ,3 0,1 15,1% 2,9% - PHARMA KRKG SV 1751,2 111,0 53,4 0,74% 0,9% 15,8 7,5 1,4 1,2-0,2 18,5% 7,5% 5,1% 3JR BU 294,3 27,0 4,3 0,23% 43,3% 10,9 9,9 0,8 1,2 2,4 8,2% 11,9% 2,3% ATB RO 83,9-0,6-9,6% , ,7% BIO RO 64,3-0,3-10,4% , ,7% SCD RO 193,7-2,1-8,7% , ,4% 53B BU #N/A N/A 8,7 #N/A N/A - #VALUE! - - 0, ,7% - RETAIL & DIST. RPH RO 38,8-0,3-27,6% , MELR SV 231,5-72,5 38,0 7,95% -44,1% -3,2 9,9 0,5 0,4 6, ,2% - PETG SV 751,1 74,8 360,0 0,00% 10,8% 10,0 6,7 0,3 1,2 2,3 4,0% 12,7% 3,9% TISKRA CZ 45,2-6,1,0 - -9,7% -7,4 11,8 0,1 1,3 4,9 1,1% 3,5% - MDKARA CZ 53,0 7, ,0-0,93% -24,5% 7,2 11,2 0,3 0,8 5,2 3,1% 11,8% 13,1% PVCMRA CZ - 3,0 185,4-1,29% 4,5% ,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 1911,0 126,4 172,6-0,48% 2,1% 15,1 3,5 1,3 1,2-1,6 39,3% 8,0% 3,5% TLSG SV 540,1 40,7 82,6-0,19% 16,2% 13,3 4,0 1,2 0,8 1,8 29% 5,7% 6,1% OPTERA CZ 30,9 1,8 3,6 2,27% 33,8% 17,5 4,6 1,1 5,9 2,5 23,5% 35,4% - ROE TOURISM BANKS RIVPRA CZ 714,0 39,7 41,9 1,35% 21,1% 18,0 9,3 5,0 2,6 1,8 53,4% 15,8% 1,9% TUHORA CZ 153,7 8, ,0 0,00% 5,1% 18,4 13,3 5,4 3,3-0,8 41% 18,9% 1,9% HIMRRA CZ 70,1 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 211,8-19,1 478,4-2,48% 2,1% -11,1 21,1 5,8 2,1 4,5 27% -20,2% - PLAGRA CZ 502,5 27, ,0 0,57% 11,8% 18,3 10,3 4,1 1,8 1,1 40,3% 11,8% - LRHRA CZ 151,8 1, ,5 0,00% 1,0% 103,2 9,9 4,4 1,6 0,7 44% 1,5% - HUPZRA CZ 155,0 11, ,5-0,86% -5,2% 13,6-4,1 1, ,7% 0,6% MAISRA CZ 420,6 19,0 284,2-1,31% 12,3% 22,1 13,0 4,4 2,4 2,9 34% 10,6% - 6AB BU 139,3 4,0 63,8 1,% 3,8% 35,1 12,9 3,1 0,6 2,5 24,2% 1,7% 0,7% HMSTRA CZ 19,2 0,5 275,0 0,00% -1,7% 36,3-3,0 1, ,3% - ACIRA CZ 88,6 1, ,0 0,00% -7,7% 68,7 9,3 3,6 1,5-0,8 38% 2,1% 2,5% SLRSRA CZ 84,1 #N/A N/A 1.006,5 0,00% 12,0% , ILRARA CZ 54,1 4, ,0 1,92% 1,8% 12,7-4,0 1, ,9% 1,5% TLV RO 2396,9 283,4 3,0-25,8% 8,6 1,8 11,6% 11,7% 0,7 20,6% 2,6% 2,0% BRD RO 1982,3 225,4 13,0-9,3% 8,9 1,3 12,8% 12,6% 0,7 15% 2,1% 5,6% ZABARA CZ 1975,0 145,8 45,6-0,91% -15,5% 13,4 0,8-14,4% 1,0 6,1% 0,9% 11,6% BCC RO 53,6-9,4 0,1-16,4% - 1,2-3,4% 0,4-45% -2,4% - PBZRA CZ 1986,0 211,4 770,0-0,05% 0,1% 9,2 1,0-16,7% 1,0 11,4% 2,0% 3,3% 5F4 BU 309,3 50,5 5,5-1,70% 64,2% 6,1 0,7-9,3% 0,7 12% 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 617,3 81,9 27,2-0,73% 17,0% 7,5 0,8 0,7 0,2 0,9 11,5% 2,3% 9,2% POSR SV 274,3 32,8 15,9-0,44% 20,5% 7,7 0,8 0,6 0,2 0,7 11% 2,0% - CROSRA ZA 751,1 74,8 360,0 0,00% -4,4% 10,0 6,7 0,3 1,2 2,3 4,0% 12,7% 0,0% Mkcap () mn Price 1D YTD P/E NAV Discount to NAV FP RO 2013, ,6 0,9-21,3% 6,0 1,2 0,2 0,3 483,7% 5,5% 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