FIMA Daily Insight CROATIA SLOVENIA ROMANIA BULGARIA. Vlatko Kesegić. Darko Horvat. December 12, 2017 CROATIA

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1 CROATIA SLOVENIA ROMANIA BULGARIA FIMA Daily Insight December 12, 2017 CROATIA 0,29% BENCHMARKS DAILY CHANGES % 0,03% Croatian equities closed higher yesterday with both indices increasing; CROBEX increased 0.29% to 1, pts and blue chip CROBEX 10 increased 0.56% to 1, pts. Regular stock turnover amounted to HRK 8.46 million. (Positive) Electrical engineering company Koncar Elektroindustrija (KOEIRA CZ) topped the liquidity board collecting HRK 3.70 million in turnover and its price increased 0.71% to HRK ,54% -1,03% Koncar (KOEIRA CZ) plans to squeeze out the minority shareholders in its electrical switchgear manufacturing unit Koncar-Sklopna Postrojenja. Koncar plans to gain an additional 1,695 regular shares and 5,494 preferred shares in its unit. Koncar currently controls a 97.95% shareholding interest in Koncar-Sklopna Postrojenja. (Positive) CROBEX SBI BET SOFIX BENCHMARKS 3Y CHARTS CROBEX SBI BET SOFIX BENCHMARKS 1Y % RETURNS At the end of this year, Plava Laguna (PLAGRA CZ) will incorporate its subsidiary Istraturist, after which Plava Laguna will become one of the largest tourist companies in Croatia with 20 hotels, 10 resorts and 9 camps. Furthermore, Neven Staver was elected as a new President of the Management Board. (Neutral) Shareholders of Petrokemija (PTKMRA CZ) decided at an extraordinary assembly on Monday to launch the process of injecting fresh capital in the amount of HRK 4 mln into the plant. (Neutral) The coordinating body of Agrokor's producers and suppliers announced on Monday it would establish an association of Agrokor's suppliers to protect their common interests. (Neutral) Croatia has been ranked 7th out of 43 destinations around the world on fdi s Magazine, the Intelligence division of the Financial Times, ranking of global tourism locations with the best potential for investment. (Positive) In 3Q 2017, Croatia's construction output improved by 1.2% yoy, while the value of new orders increased by 5.8% yoy, according to National Bureau of Statistics (DZS). (Positive) SLOVENIA 10,3% 9,5% 14,2% In the period from December 1 up to and including December 7, Krka (KRKG SV) acquired 4,876 treasury shares in the total value of EUR 265,148 on the Ljubljana Stock Exchange. The total number of treasury shares prior to these transactions was 667,153 representing 2.034% of all shares issued. The total number of treasury shares after these transactions is 672,029 representing 2.049% of all shares issued. (Neutral) ROMANIA -6,6% CROBEX SBI BET SOFIX SALES AND TRADING DESK CONTACTS Vlatko Kesegić Phone: vkesegic@fima.com Darko Horvat Phone: dhorvat@fima.com trading@fima.com Romania s Energy Ministry, the majority shareholder of state-owned natural gas producer Romgaz (SNG RO), will grant the company non-reimbursable financing of RON mln for investments in gas turbines at the thermal power plant in Iernut (Mures County). (Positive) Impact Developer & Contractor (IMP RO) extended by five working days, until December 15, the period for the offer of non-guaranteed bonds worth EUR 30 mln. (Neutral) Romania's trade deficit increased by 29% yoy to an estimated EUR 10.2 bln in the first ten months of Exports improved by 9.6%, while imports grew by 12.4% on the year, according to the country's statistical office (INS). (Negative) BULGARIA Rompharm Company decreased its stake in Sopharma (3JR BU) from 18% to 9.41%, according to a regulatory filing. At the same time, Sopharma increased its bought back shares from 4.5% to 6.59% as of December 7, (Neutral) In Jan-Oct, Bulgaria's trade deficit expanded to BGN 4.7 bln, from BGN 3.1 bln in the same period of Exports increased by 12.5% yoy, while imports rose by 15.4% yoy, according to the country s statistical office (NSI). (Negative) 1

2 Trading day recap CROATIA Market Trunover ( EUR mn): 1,12 CROBEX CRO Tourism CROPLUS Index Volume () Leaders Laggers 1 Koncar EI 0,49 Magma 7,41% IGH -6,01% 2 Valamar 0,33 Pik Rijeka 4,17% Uljanik -5,10% 3 Arenaturist 0,07 Adris - pfd 3,67% Badel -4,91% 4 HT 0,04 Atlantska plov. 2,17% Tehnika -4,38% 5 Atlantska plov. 0,03 ULPL 2,03% Pevec -4,29% 6 Adris - pfd 0,02 DDJH 1,68% Jadroplov -4,16% 7 Jamnica 0,02 Kras 1,54% Jamnica -3,81% 8 DDJH 0,01 Ina 1,54% Slatinska banka -3,33% 9 Ina 0,01 IKB 0,85% Viro -2,97% 10 Viktor Lenac 0,01 Koncar EI 0,71% Liburnia -2,10% SLOVENIA Market Trunover ( EUR mn): 0, SBI ROMANIA Market Trunover ( EUR mn): 5, BET BET-BK Index Volume () Leaders Laggers 1 Krka 0,22 Gorenje 2,14% Unior -2,41% 2 Triglav 0,16 Datalab 1,59% Cinkarna Celje -2,39% 3 Luka Koper 0,16 Sava Re 0,96% Krka -1,47% 4 Petrol 0,11 Salus 0,59% Petrol -0,56% 5 Unior 0,04 Triglav 0,00% M1-0,17% 6 Telekom Slo. 0,03 Telekom Slo. 0,00% Triglav 0,00% 7 Gorenje 0,02 Mercator 0,00% Telekom Slo. 0,00% 8 Cinkarna Celje 0,02 Luka Koper 0,00% Mercator 0,00% 9 Intereuropa 0,01 Hotel Union 0,00% Luka Koper 0,00% 10 Datalab 0,01 Kmecka Druzba 0,00% Hotel Union 0,00% Volume () Leaders Laggers 1 Cemacon Zalau 1,59 Albapam 27,8% Napochim Imobi -28,53% 2 Banca Trans. 1,55 Sinterom 23,40% Concivia Brai -10,00% 3 Fondul Prop. 0,89 Transcom Bucur 19,00% Confectii Vasl -6,00% 4 Romgaz 0, Prefab Bucure 13,75% Uztel -5,04% 5 BRD 0,24 Athenee Palace 7,98% Argus Constan -4,53% 6 OMV Petrom 0,20 Ntierul Naval 6,79% Turism Felix -4,11% 7 Sif 5 Oltenia 0,14 Moara Cibin S 5,66% Mecanica Ceahl -3,75% 8 Transgaz 0,13 Turism Covasna 5,% Amonil -3,57% 9 Nuclearelectri 0,07 Tmk-Artrom Sla 4,76% BRD -2,95% 10 Electrica 0,06 Tratament Baln 4,65% Unisem Bucure -2,69% BULGARIA Market Trunover ( EUR mn): 0,33 Volume () Leaders Laggers Jun-15 Jun-16 Jun-17 SOFIX BGBX40 index 1 Industrial Hol 0,15 Roi Property F 4,62% Slantse Stara -9,76% 2 Bulgaria Stock 0,03 Euroholding Bl 4,07% Fairplay Prope -4,35% 3 Albena 0,03 Synergon Holdi 2,94% Emka -Sevlievo -2,94% 4 Sopharma 0,03 Bulgaria Stock 2,04% Albena -2,85% 5 Sopharma Tring 0,01 Monbat 1,61% Vipom -1,76% 6 Agria Group Ho 0,01 Industrial Hol 1,49% Bulgaria Reg C -1,75% 7 Speedy 0,01 Neochim -Dimit 0,93% Chimimport -1,71% 8 Bulgarian Real 0,01 Agria Group Ho 0,86% Koro Bulgaria -1,32% 9 Aktiv Properti 0,01 Vance Terrafun 0,46% St Konstantin -1,16% 10 Vance Terrafun 0,00 Elhim Iskra 0,39% Sopharma Tring -0,68% 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 54,4-2,6 4,4-0,07% -16,4% -21,1 30,3 0,4 1,2-6,7 1,2% -5,3% - DLKVRA CZ 63,2 0,9 19,3 0,00% 41,9% 70,9 9,3 0,7 1,7 4,3 7,5% 2,1% - VDKTRA CZ 0,3-17,9 4, ,5% 0,0-1,4 0,5 - -1,6-32,8% - - INGRRA CZ 7,0 0,3 3,9-0,77% 27,1% 22,9 88,1 8,6 0,6 76,1 9,8% 2,5% - THNKRA CZ 3,8 0,6 153,0-4,38% -66,8% 6,6 17,3 0,8 0,1 11,0 4,5% 1,4% - IGHRA CZ 16,4-4,4 202,0-6,01% 12,0% -3,8 16,4 2,6-12,2 16% - - DIVERSIFIED ADRSPA CZ 998,3 66,4 438,0 3,67% -4,0% 15,0 0,5 0,1 0,4-4,4 20,1% 5,4% 3,9% 6C4 BU 204,7 26,8 1,7-1,71% 0,1% 7,6-1,6 0, ,2% 3,2% 4HS BU 9,0 0,2 3,6-7,6% 57, , ,5% 6,1% - 5V2 BU 93,0 0,1 34,8 0,01% 5,3% 1399,6 38,6 6,4 1,2 13,0 16,5% 0,1% - 4EH BU 111,8-0,7 1,4 4,07% 107,5% -155,8 14,7 1,6 1,9 5,8 10,9% -1,3% 0,7% 5SR BU 85,9 4,2 8,0 0,38% 23,3% 20,6-1,1 1, ,5% 2,7% ENERGY & UTILITY SNG RO 2620,7 #N/A N/A 31,5-0,32% 34,2% 8,8-1,5 1, ,1% SNP RO 3435,8 442,8 0,3-0,71% 7,7% - 2,3 0,7 0,6 0,0 32,4% 7,4% 5,3% TGN RO 968,3 132,7 381,0-0,26% 29,6% 7,3 2,7 1,4 1,2-1,0 52,0% - 3,8% EL RO 828,9 79,4 11,1 0,36% -15,7% 10,4 3,1 0,5 0,7-2,5 16,9% 6,3% 6,7% TEL RO 405,9-25,7-1,72% -12,2% , ,1% COTE RO 185,4-99,2 0,20% 38,6% - 2,9-1,2-2, ,7% INARA CZ 4375,5 132, ,0 1,54% 13,8% 33,0 10,1 1,9 2,8 0,7 18,3% 8,8% 0,5% SNN RO 462,7 24,7 7,1-1,11% 48,0% 18,8 1,9 0,7 0,3-0,3 40% 1,5% 5,1% JNAFRA CZ 694,8 40, ,0 0,00% -1,9% 17,2 9,2 6,9 1,4-1,4 75,2% 8,1% 3,2% FOOD & BEVERAGE PODRRA CZ 276,6 #N/A N/A 293,0 0,69% -22,7% , ,4% ATGRRA CZ 373,6 22,7 845,0-0,14% -4,4% 16,5 8,3 0,8 1,3 3,1 9,2% 7,9% 1,6% LEDORA CZ 32,5-40,4 7,0-0,51% -92,7% -0, ,2 1,2 19,4% -16,8% - JMNCRA CZ 36,7-51,4 12.5,0-3,81% -91,0% -0, ,2 0,2 40,3% -22,9% - KRASRA CZ 83,8 3,6 4,0 1,54% -14,7% 23,5 9,2 0,9 0,9 3,4 9,5% 4,4% 1,7% CKMLRA CZ 86,3 8, ,0 0,00% -4,0% 10,7 7,5 0,6 1,1 0,9 8% 10,7% 1,1% BLJERA CZ 5,3 5,2 4,9-0,21% -79,2% 1, ,2 4,4 17,3% 2,3% - ZVZDRA CZ 9,3-29,1 700,0 0,00% -85,1% -0, ,1-30,7-1% -27,3% - 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 134,1 8,5 5,5 2,14% -8,4% 15,8 6,4 0,4 0,4 3,8 6,6% 2,3% 1,8% ERNTRA CZ 200,4 14, ,1-1,21% -2,5% 14,3 8,0 0,9 6,9-1,6 10,9% 46,1% 9,0% CICG SV 158,2 19,3 194,2-2,39% 19,8% 8,2 3,0 0,6 1,0-0,9 20,7% 13,1% 4,7% DDJHRA CZ 26,0-2,8 19,3 1,68% -57,2% -9,3 26,4 1,0 1,2 15,6 3,9% - - ADPLRA CZ 92,8 8,1 166,6-0,83% 20,2% 11,5 6,6 1,1 1,0 2,4 16,0% 8,8% 5,1% 5MB BU 220,3 15,7 11,1 1,61% 14,4% 14,0 11,6 1,7 2,0 2,2 15% 15,3% 2,6% KODTRA CZ 52,6 5, ,0 0,00% 1,4% 10,0 4,6 0,3 1,1-0,7 6,2% 14,4% 3,6% 5MH BU 159,7 6,7 8,0 0,00% 20,4% 23,7 13,6 2,9 4,7-0,8 21,3% 20,1% 3,2% KOEIRA CZ 238,7 17,2 700,0 0,71% 1,4% 13,9 11,4 0,7 0,8-3,8 5,8% 5,9% 1,7% INFRASTRUCTURE LKPG SV 420,0 51,0 30,0 0,00% 20,0% 8,2 6,5 2,6 1,2 1,3 39,6% 15,0% 4,7% LKPCRA CZ 28,0 0,6 0,0 0,00% -12,4% 44,7-15,4 0,9 0,5 1,5-5,7% 1,1% - LKRIRA CZ 89,0 2,9 49,8 0,00% 3,9% 30,2 82,0 4,5 0,9 6,7 5,4% 3,1% - MARINE ATPLRA CZ,1-2,0 648,9 2,17% 129,6% -59,7 14,9 3,9 1,7 6,9 26,2% -2,6% - TPNGRA CZ 67,7 4,0 58,5 0,00% -22,0% 17,0 10,1 4,0 0,8 6,5 39,3% 4,9% 2,7% LPLHRA CZ 14,1 0,0 1,0 0,00% -20,0% -668,1 10,0 1,2 0,7-1,7 11,6% -0,1% - JDPLRA CZ 6,9-7,6 32,0-4,16% -21,5% -0,9 42,1 4,4 0,2 41,7 10,4% -18,6% - 5BR BU 12,2-0,6 0,7-1,1% -21,5 8,6 1,3 0,3-0,2 14,6% -1,4% - PHARMA KRKG SV 1761,0 138,2 53,7-1,47% 1,5% 12,7 6,3 1,4 1,2-0,1 22,3% 9,7% 5,1% 3JR BU 294,4 23,0 4,3 0,05% 43,4% 12,8 9,6 0,9 1,2 2,0 9,1% 9,9% 2,3% ATB RO 79,4-0,5-0,36% 5,4% , ,0% BIO RO 63,8-0,3 0,67% 11,1% , ,7% SCD RO 226,8-2,5-2,33% 29,2% ,2% 53B BU - 8, , ,7% - RETAIL & DIST. RPH RO 41,9-0,4 0,00% 39,7% , MELR SV 134,0-70,8 22,0 0,00% -67,6% -1,9 10,7 0,5 0,2 6, ,7% - PETG SV 689,1 77,2 330,3-0,56% 1,6% 8,9 6,3 0,2 1,1 2,1 4,0% 12,7% 4,2% TISKRA CZ 31,6-64,2,0 0,00% -35,5% -0, ,3-7,7% - - MDKARA CZ,9 6, ,0 0,00% -11,5% 9,3 6,5 0,2 0,9 3,4 3,0% 10,7% 6,6% PVCMRA CZ - 3,0 200,0-4,29% 12,7% ,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 15,6 122,9 166,3-0,42% -1,6% 14,7 3,9 1,5 1,1-1,2 38,7% 7,7% 3,6% TLSG SV 532,6 48,4 81,5 0,00% 14,6% 11,0 3,9 1,1 0,8 1,8 28% 6,9% 6,1% OPTERA CZ 25,1 0,3 3,0 0,00% 10,8% 79,2 5,1 1,1 2,2 2,6 22,4% 3,5% - ROE TOURISM BANKS RIVPRA CZ 735,2 44,0 44,0-0,02% 27,2% 16,7 7,7 4,1 2,2 1,5 52,6% 13,6% 1,8% TUHORA CZ 155,6 11, ,0 0,00% 8,5% 13,8 9,5 4,4 2,7-0,6 46% 20,7% 1,9% HIMRRA CZ 68,7 1,7 815,0 0,00% 0,1% 39,6 9,9 3,9 1,3 2,3 39,1% 3,4% - ARNTRA CZ 312,8-7,9 4,0-1,% -1,8% -39,6 12,4 3,8 1,5 2,6 31% -4,9% - PLAGRA CZ 497,1 35, ,0-1,91% 21,3% 14,1 9,7 4,0 1,6 1,5 41,4% 12,1% 0,0% LRHRA CZ 168,5 4, ,0-2,10% 14,4% 37,4 8,2 3,9 1,6 0,6 47% 4,2% - HUPZRA CZ 184,4 12, ,0 0,00% 15,1% 14,7-4,1 1, ,5% 0,5% MAISRA CZ 420,8 24,3 290,0-0,04% 14,6% 17,3 10,8 3,8 1,9 2,5 35% 11,1% - 6AB BU 133,7 7,3 61,2-2,85% -0,4% 18,2 15,1 3,2 0,6 2,8 21,1% 3,4% - HMSTRA CZ 23,8 0,5 348,0 0,00% 24,4% 44,8 6,3 2,7 1,3 0,3 42% 2,9% - ACIRA CZ 75,8 1,5 5.1,1 0,00% -19,5%,5 6,3 2,9 1,2-0,7 46% 2,4% - SLRSRA CZ 66,4-2,9 811,2 0,00% -9,8% -22,7 8,2-0,6 3,8 - -2,5% - ILRARA CZ 52,0 4, ,0 0,00% -0,2% 10,7-3,7 1, ,6% 1,5% TLV RO 1968,0 309,2 2,1-1,87% 4,8% 6,4 1,3 11,6% 11,7% 0,7 22,2% 2,7% 2,4% BRD RO 18,4 267,4 12,5-2,95% 5,2% 7,2 1,2 12,8% 12,6% 0,7 18% 2,4% 5,8% ZABARA CZ 22,4 141,6 53,0-0,54% -1,9% 16,1 1,0-14,4% 1,0 5,8% 0,8% 10,0% BCC RO #N/A N/A -9,4 0,2 0,00% #VALUE! - eld Not Ap - 3,4% 0,4-45% -2,4% - PBZRA CZ 1909,5 177,7 755,0 0,00% -1,8% 10,8 1,0-17,6% 0,9 9,1% 1,5% 3,4% 5F4 BU 298,1 23,4 5,3-58,2% 12,6 0,6-9,3% 0,7 5% 0,5% - INSURANCES FUNDS Mkcap () ZVTG SV 659,3 81,0 29,0 0,00% 25,0% 8,1 0,9 0,7 0,2 0,9 11,2% 2,2% 8,6% POSR SV 272,9 31,1 15,9 0,96% 19,9% 7,1 0,8 0,6 0,2 0,7 10% 1,8% 5,0% CROSRA ZA 689,1 77,2 330,3-0,56% -0,9% 8,9 6,3 0,2 1,1 2,1 4,0% 12,7% 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 1595, ,4 0,8-0,24% 18,9% 6,0 1,2 0,3 0,3 145,0% - 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 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