FIMA Daily Insight CROATIA SLOVENIA ROMANIA BULGARIA. Irena Ivanković. Darko Horvat. September 29, 2016 CROATIA

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1 CROATIA SLOVENIA ROMANIA BULGARIA FIMA Daily Insight September 29, 2016 CROATIA BENCHMARKS DAILY CHANGES % 3,38% 1,12% 0,49% -0,16% CROBEX SBI BET SOFIX BENCHMARKS 3Y CHARTS Sep-13 Sep-14 Sep-15 Sep-16 CROBEX SBI BET SOFIX BENCHMARKS 1Y % RETURNS Croatian equities closed lower yesterday with both indices decreasing; CROBEX decreased 0.16% to 1, pts and blue chip CROBEX 10 declined 0.37% to 1,130. pts. Regular stock turnover amounted to HRK million. (Negative) Tourism Company Valamar Riviera (RIVPRA CZ) topped the liquidity board collecting HRK 1.98 million in turnover with a price increase of 0.83% to HRK On September 28, government included Hotel Park 5* and Campsite Punta Nova on the list of strategic investment project to shorten procedures and remove barriers for their realization. Hotel company Maistra (MAISRA CZ), member of Adris Group (ADRSRA CZ) will soon begin with reconstruction of the existing hotel Park 3* in to the new luxury hotel with 5*, type Yacht Harbour Hotel, with 190 exclusive rooms and 20 apartments. (Positive) The latest World Economic Forum Global Competitiveness Report shows that Croatia has risen from 77th to 74th place among 138 economies around the world. Croatia made improvements in 6 out of 12 areas taken into consideration by WEF experts: Macroeconomic environment, Higher education and training, Goods market efficiency, Labour market efficiency, Market size and Business sophistication. (Positive) SLOVENIA The SBI TOP index on the Ljubljana Stock Exchange on Wednesday gained 1.12% to points on the back of pharma company Krka, which soared 4.75% to EUR.90 on almost EUR 1.2 mln in deals. Investors were more conservative with other issues, with total volumes reaching EUR 2.1 mln. (Positive) ROMANIA ELCEN, the state-owned company that produces the heat and hot water distributed in Bucharest, agreed on Monday to pay a small part of its debt to state-owned natural gas producer Romgaz (SNG RO), namely RON 6 mln (EUR 1.3 mln). ELCEN s total debt to Romgaz amounts to over EUR 71.6 mln. The partial payment will cover the gas ELCEN needs this week to continue producing electricity and hot water. (Positive) 16,0% 11,2% 15,2% Romania ranks 62nd among the 138 included in the World Economic Forum s Global Competitiveness Report. The country ranked 53rd last year and 59th in the report. (Neutral) Irena Ivanković Phone: iivankovic@fima.com Darko Horvat Phone: trading@fima.com -1,1% CROBEX SBI BET SOFIX SALES AND TRADING DESK CONTACTS Foreign investors are calling on Romania s tax authority ANAF to simplify procedures concerning the value added tax (VAT), namely, registration, declaration and payment, as well as the cooperation with the business environment. (Neutral) In June 2016, non-performing loan (NPL) ratio in Romania s banking sector reached 11.3%, said Florin Danescu, executive president of the Romanian Banking Association. In 2015, the bad loan ratio amounted to 13.6%, down 7.1% compared to In small and medium-sized companies, the NPL ratio totalled 31.5% at the end of last year. (Positive) BULGARIA Sopharma (3JR BU) informed that from September 15 up to and including September 26 bought back on the floor of BSE-Sofia 27,669 own shares representing 0.02% of the share capital of the company, at the total value of BGN 77,2.62 and average price per share of BGN The total number of treasury shares after this transaction is 5.7,381 representing 4.085% of the share capital of the company. (Positive) Bulgarian shares rise most in two years as 1 st ETF starts trading, local ticker is BGX BU still not on Bloomberg to expect to bee seeing in Bloomberg in the next few days. ETF had weightining to 75% in SOFIX shares. (Positive) 1

2 Trading day recap CROATIA Market Trunover ( EUR mn): 1,49 1 Valamar 0,26 PIK Vinkovci 17,07% Hoteli Podgora -53,20% 2 Podravka 0,19 KBZ 16,67% Jadroplov -3,84% 3 Jamnica 0,18 VABA 8,70% Optima -3,11% 4 HT 0,16 Saponia 7,79% Liburnia -2,64% 5 HPB 0,14 Termes 5,81% Jamnica -2,35% 6 Atlantic Grupa 0,10 Hoteli Haludovo 5,74% Ingra -2,18% 7 Imperial 0,05 Magma 5,26% HPB -2,12% 8 Kras 0,05 Hoteli Brela 5,23% Turisthotel -2,08% 9 Optima 0,04 Losinjska pl. 4,84% Pik Rijeka -1,38% Sep-13 Sep-14 Sep-15 Sep BC Institut 0,03 Tehnika 4,08% HT -1,31% CROBEX CRO Tourism CROPLUS Index SLOVENIA Market Trunover ( EUR mn): 1,98 1 Krka 1,18 KD Group 11,11% Mlinotest -7,89% 2 Petrol 0,19 Krka 4,75% Inles -6,25% 3 Gorenje 0,16 Terme Catez 2,% Intereuropa -5,84% 4 Luka Koper 0,14 Cinkarna Celje 1,34% Cetis -4,00% 5 Triglav 0,10 Salus 1,23% Hotel Union -3,91% 6 Cinkarna Celje 0,07 Kmecka Druzba 1,18% Sava Re -0,71% 7 Sava Re 0,06 Triglav 0,22% Petrol -0,65% 70 8 Telekom Slo. 0,03 Gea 0,22% Gorenje -0,% 9 Salus 0,02 Telekom Slo. 0,15% Luka Koper 0,00% Sep-13 Sep-14 Sep-15 Sep Mercator 0,01 Mercator 0,14% Unior 0,00% SBI ROMANIA Market Trunover ( EUR mn): 7,82 Volume () Leaders Laggers Volume () Leaders Laggers Volume () Leaders Laggers 1 Fondul Prop. 4,30 Mecon 39,9% Foraj Sonde Cr -24,81% 2 Banca Trans. 2,18 Armatura 14,98% Prodplast -14,04% 3 BRD 0,45 Flaros Bucure 14,14% Mara Com Mixt -12,16% 4 Romgaz 0,39 Braiconf 13,03% Macofil Tg Ji -9,76% 5 Sif 3 Transilv 0,12 Bucur Bucures 11,27% Faimar -6,00% 6 Transelectrica 0,08 Romanta Estiva 11,11% Comelf -4,% 7 Conpet Ploies 0,05 Mecanica Fina 7,51% Comalex Alexa -4,52% 8 Electrica 0,05 Ceprocim Bucu 6,84% Turism Felix -2,86% Sep-13 Sep-14 Sep-15 Sep-16 9 OMV Petrom 0,04 Mecanica Ceahl 4,59% Gastronom Buz -2,82% 10 Transgaz 0,02 Bermas 3,88% Conted Doroho -2,48% BET BET-BK Index BULGARIA Market Trunover ( EUR mn): 1,39 Volume () Leaders Laggers Mar-14 Mar-15 Mar-16 SOFIX BGBX40 index 1 Sopharma 0,23 Bianor 95,12% Simat -10,00% 2 Velgraf Asset 0,13 Katex Kazanlak 37,93% Sunny Day Var -10,00% 3 Balkan And Sea 0,13 Intercapital P 20,83% M+S Hidravlik -2,% 4 Texim Bank 0,12 Slantse Stara 14,96% Synergon Holdi -1,96% 5 Regala Invest 0,12 Slanchev Bryag 12,22% Nov Vek Holdin -1,67% 6 CCB 0,07 Fund Estates R 11,11% Agria Group Ho -1,22% 7 Chimimport 0,06 Bulgaria Holdi 9,64% Bulgaria Compe -1,20% 8 Ccb Real Estat 0,05 Industrial Hol 7,63% Holding Sveta -1,07% 9 Vance Terrafun 0,04 Cez Electro Bu 7,14% Euroholding Bl -1,02% 10 Stara Planina 0,04 Cez Distributi 6,98% Elhim Iskra -0,93% 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 64,1 0,7 5,2 1,35% -9,3% 85,6 2,8 0,3 1,2-2,0 8,9% 1,4% 2,8% DLKVRA CZ 43,6 3,4 13,3-1,12% -3,1% 13,0 6,9 0,8 1,0 6,0 11,9% 7,6% - VDKTRA CZ 19,7-8,2 324,1 0,00% 8,8% -2,4 28,7 0,4 0,5 9,9 1,4% -20,0% - INGRRA CZ 4,8 3,1 2,7-2,18% -7,9% 1,6-23,4 8,7 0,4-22,9-37,2% 25,3% - THNKRA CZ 12,5-0,3 496,0 4,08% 76,5% -37,2 11,1 0,6 0,3 10,3 5,7% -0,8% - IGHRA CZ 7,0-10,0 86,0 4,03% -18,4% -0,7 191,9 3,2 2,6 175,0 2% -152,6% - DIVERSIFIED ADRSPA CZ 1149,6 263,6 437,3-0,11% 19,9% 4,4-7,3 0,3 0,5 3,0-4,2% 24,1% 3,4% 6C4 BU 169,9 26,2 1,4 6,61% 1,2% 6,5-0,2 0, ,1% 3,2% 4HS BU 8,4 0,2 3,3-1,07% -10,3% 53, , ,5% 6,1% - 5V2 BU 79,0 1,8 29,5 5,36% 20,9% 42,7 25,1 4,2 1,0 16,3 16,8% 2,5% - 4EH BU 44,3-29,9 0,7-1,02% -5,9% -1, , ,5% 0,4% 5SR BU 53,7 3,2 5,0 4,47% 26,6% 16,6 4,1 0,6 1,3-1,3 16% 7,8% 4,1% ENERGY & UTILITY SNG RO 2013,0 251,5 23,3 1,32% -14,5% 8,8 2,7 1,9 0,9-1,1 63,0% 11,0% 11,6% SNP RO 3142,9-292,9 0,2 0,21% -14,8% - 2,8 0,9 0,5 0,2 31,4% -4,9% - TGN RO 9,4-306,0 0,33% 10,5% - 2,9 1,6 1,0-0, ,0% EL RO 1067,8 81,6 13,7-0,87% 12,6% 13,1 2,9 0,4 0,8-3,0 15,1% 6,5% 6,3% TEL RO 481,7-29,3-0,17% 0,3% , ,0% COTE RO 147,4-75,8 1,34% -1,6% - 1,9-0,9-2, ,6% INARA CZ 4191,3-227,3 3.1,0 0,00% 6,7% -18,4 22,3 2,0 3,0 2,1 8,9% - - SNN RO 333,6 33,2 4,9 0,31% -23,3% 10,1 3,0 1,2 0,2 0,2 38% 2,0% 6,7% JNAFRA CZ 648,9 37, ,0 0,00% 7,6% 17,4 6,8 5,4 1,3-1,3 79,3% 7,8% 2,7% FOOD & BEVERAGE PODRRA CZ 366,1 52,4 386,4 0,71% 14,7% 7,0 7,3 0,8 1,0 1,9 11,5% 17,0% 1,8% ATGRRA CZ 384,2 30,6 866,0-0,36% 4,6% 12,6 8,2 0,8 1,5 3,0 10,3% 12,2% 1,6% LEDORA CZ 4,6 37, ,5 0,00% 19,6% 11,9 8,7 1,5 1,7 1,0 17,3% 15,5% 3,9% JMNCRA CZ 389,5 39, ,0-2,35% 16,4% 9,8 7,3 0,9 1,7-2,1 12,2% 17,5% - KRASRA CZ 95,9 1,9 524,9 0,91% 6,6% 51,6 11,3 0,9 1,2 1,9 7,7% 2,3% 1,9% CKMLRA CZ 88,0 6, ,0 0,00% 26,6% 13,5 7,1 0,5 1,3-1,3 8% 9,6% 0,8% BLJERA CZ 29,2-6,0 26,7 0,30% 9,9% -4, ,6-9,8% -2,3% - ZVZDRA CZ 56,1 3, ,6 0,00% 53,4% 15,1 6,4 0,5 0,5 2,3 8% 3,0% - 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 203,9 0,7 8,4-0,% 81,5% 278,6 6,4 0,4 0,6 3,6 6,9% 0,2% - ERNTRA CZ 204,5 12, ,1 0,14% 20,2% 17,0 8,3 0,8 6,8-10,0% 36,9% 9,0% CICG SV,0 7,0 98,2 1,34% 29,2% 11,4 2,4 0,3 0,6-0,7 12,9% 5,0% 4,3% DDJHRA CZ,0-5,3 49,5-0,34% 87,0% -9,5 168,1 1,3-70,6 0,8% - - ADPLRA CZ 74,7 6,2 133,7-0,97% 36,6% 12,0 6,8 0,9 0,8 3,2 13,0% 7,0% 6,0% 5MB BU 155,5 10,9 7,8 3,71% -2,5% 14,3 9,1 1,5 1,6 1,2 16% 11,8% 3,6% KODTRA CZ 45,6 3, ,5-0,59% 9,3% 11,9 8,2 0,5 1,4-0,2 6,7% 11,9% - 5MH BU 108,8 5,1 5,5-2,% 6,9% 21,4 9,1 1,9 3,5-0,8 20,8% 16,3% 4,0% PTKMRA CZ 32,6-10,7 19,0-1,20% 44,7% -3,1-0,3 1, ,6% - INFRASTRUCTURE LKPG SV 326,2 36,5 23,3 0,00% 1,3% 8,9 5,5 2,1 1,0 1,3 38,9% 11,5% 4,8% LKPCRA CZ 32,9 0,7 585,0-1,15% -15,7%,5 34,2 1,8 0,6 2,1 5,3% 1,2% - LKRIRA CZ 84,8-0,2 47,3-0,55% 9,6% -383,2 255,2 4,4 0,9-63,2 1,7% -0,3% - MARINE ATPLRA CZ 34,9-23,6 188,0 0,00% 36,4% -1,5-101,1 3,6 0,4 6,4-3,5% -25,1% - TPNGRA CZ 87,2 5,7 75,0 0,15% -0,4% 15,3 12,3 6,2 1,1 7,0,4% 7,0% 5,3% LPLHRA CZ 18,4-16,6 208,3 4,84% 6,6% -1,1 20,3 1,6 0,9-3,5 7,7% -79,4% - JDPLRA CZ 5,4-21,7 25,0-3,84% 6,6% -0,3-10,4 6,7 0,1-10,0-64,5% -36,7% - 5BR BU 13,1 1,3 0, ,4% 10,4 8,1 1,5 0,3 0,1 18,5% 3,2% - PHARMA KRKG SV 1997,1 116,0,9 4,75% -6,6% 17,2 6,0 1,5 1,3-0,1 25,6% 7,8% 4,4% 3JR BU 206,1 10,6 3,0 4,91% 9,1% 19,5 7,9 0,7 1,0 3,0 8,3% 5,0% 2,3% ATB RO 77,8 7,2 0,5-0,39% -3,0% 10,8 6,5 1,4 0,9-21,2% 8,8% 4,0% BIO RO,9-0,3 1,85% -2,5% , ,8% SCD RO 187,3-2,0 0,25% -2,0% , ,8% 53B BU 53,5 9,3 15,4-34,2% 5,7-0,5 0, ,5% - RETAIL & DIST. RPH RO 35,1-0,3 0,00% -10,8% MELR SV 427,0 12,0 70,1 0,14% -14,5% 35,7 9,9 0,5 0,7 6,4-1,9% - PETG SV 642,6 72,1 308,0-0,65% 20,4% 8,9 6,7 0,3 1,1 3,2 3,8% 13,5% 4,1% TISKRA CZ 45,1 0,8 142,0 0,00% -21,1%,1 5,6 0,2 1,3-5,0 2,8% 2,2% - MDKARA CZ 64,3 7, ,0 0,00% 28,7% 9,2 9,9 0,3 1,1 3,9 3,0% 12,4% 10,6% PVCMRA CZ - 3,0 183,1-0,% 83,1% ,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 1779,5 125,2 163,3-1,31% 13,7% 14,2 3,1 1,2 1,2-1,1 39,2% 8,5% 3,7% TLSG SV 465,4 64,9 71,2 0,15% -2,5% 7,2 4,2 1,2 0,7 1,9 28% 9,7% 7,0% OPTERA CZ 23,7 3,1 2,8-3,11% 40,0% 7,7 3,6 0,9 4,6 2,5 23,7% 57,6% - ROE TOURISM BANKS RIVPRA CZ 570,3 28,0 34,0 1,16% 42,2% 20,4 9,1 3,2 2,4 2,4 35,1% 12,1% 1,8% TUHORA CZ 138,1 8, ,0-2,08% 9,0% 15,8 12,0 5,2 3,7 0,1 43% 24,1% 3,2% HIMRRA CZ 67,7 2,1 0,0 0,49%,0% 32,4 11,4 4,5 1,6 3,0 39,6% 5,0% 0,4% ARNTRA CZ 127,1-0,2 437,6 0,11% 33,1% -654,2 12,9 3,6 1,5 3,8 28% -0,2% - PLAGRA CZ 410,3 24,1 5.,0 0,00% 15,3% 17,0 8,6 3,4 1,7 2,5 39,2% 11,5% - LRHRA CZ 153,8 2, ,0-2,64% -1,2% 74,3 7,4 3,4 1,6 0,5 46% 1,8% - HUPZRA CZ 153,9 8, ,5 0,83% 40,7% 17,9 9,3 3,7 1,6 2,4 40,1% 9,2% 0,6% MAISRA CZ 336,5 14,3 231,1 0,44% 0,9% 23,5 8,3 3,7 2,0 2,1 44% 9,2% - 6AB BU 122,4 3,5 56,0 3,68% 12,0% 35,2 11,8 2,8 0,6 3,8 24,0% 1,7% 0,8% HMSTRA CZ 18,5 0,5 269,0-0,39% -9,7% 39,7-3,2 1, ,0% - SUNHRA CZ 61,6-23,9 0,00% 19,5% , ACIRA CZ 91,9 3, ,0 1,98% 6,9% 27,9-3,8 1, ,5% 2,4% SLRSRA CZ 63,4 0,5 770,9 1,43% -4,3% 123,8 6,8 3,5 0,7 3,2 51,8% 0,6% - ILRARA CZ,2 3, ,0 0,00% 37,5% 13,2-3,0 1, ,1% 1,3% TLV RO 1957,7 5,2 2,4 1,27% 18,5% 3,6 1,4 12,1% 13,0% 0,7 48,8% 5,9% 13,8% BRD RO 1741,0 128,7 11,1 1,28% -8,1% 13,5 1,2 17,0% 12,2% 0,7 9% 1,2% 2,9% ZABARA CZ 2097,3 36,8 49,2 1,74% 35,4% 56,5 0,9-13,3% 1,0 1,5% 0,2% - BCC RO 47,5-17,0 0,1 1,05% -6,8% - 1,0-3,4% 0,4-45% -2,4% - PBZRA CZ 1819,4 84,1 716,9 3,88% 19,7% 21,2 1,0-16,7% 1,0 4,7% 0,8% 1,4% 5F4 BU 139,5 53,7 2,5 3,33% 14,8% 2,6 0,3-8,3% 0,8 13% 1,2% - 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 513,8 88,8 22,6 0,22% -3,8% 5,8 0,7 0,6 0,2 0,9 12,9% 2,6% 11,1% POSR SV 241,1 33,4 14,0-0,71% 9,3% 6,9 0,8 0,5 0,2 0,9 12% 2,2% 4,6% CROSRA ZA 642,6 72,1 308,0-0,65% -10,5% 8,9 6,7 0,3 1,1 3,2 3,8% 13,5% 0,0% Mkcap () mn Price 1D YTD P/E NAV Discount to NAV FP RO 1853, ,1 0,8-0,12% 5,8% 6,0 1,2 0,3 0,3 53,8% 6,3% 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: IRENA IVANKOVIĆ 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