FIMA Daily Insight CROATIA SLOVENIA ROMANIA BULGARIA. Vlatko Kesegić. Darko Horvat. December 8, 2017 CROATIA

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1 CROATIA SLOVENIA ROMANIA BULGARIA FIMA Daily Insight December 8, 2017 CROATIA BENCHMARKS DAILY CHANGES % 0,79% Croatian equities closed lower yesterday with both indices decreasing; CROBEX decreased 0.17% to 1,8.00 pts and blue chip CROBEX 10 decreased 0.19% to 1, pts. Regular stock turnover amounted to HRK 8.38 million. (Negative) Croatian shipping company Atlantska Plovidba (ATPLRA CZ) topped the liquidity board collecting HRK 2.82 million in turnover while its price increased 1.94% to HRK ,17% 0,02% -0,14% Hoteli Zlatni Rat, a member of tourism company Sunce Koncern (SUKCRA CZ), concluded a deal with Velaris to lease its seaside resort on the island of Brac. The resort includes Hotel Amor 4*, villa complex Vela Luka 4* and two 3* pavilions. The lease deal was concluded for five years starting on January 1, In that period, Velaris expects to earn HRK 20.6 mln in revenue. (Positive) CROBEX SBI BET SOFIX In Jan-Sep 2017, Croatia's commodity exports improved by 13.7% yoy, while imports grew by 11.4% yoy, according to the national statistical office (DZS). (Positive) BENCHMARKS 3Y CHARTS At the end of October 2017, deposits in commercial banks totaled HRK bln, which was an increase of 3.8% yoy, according to Raiffeisenbank Austria. Total deposits in October dropped by HRK 290 mln or 0.1% on the month. (Neutral) On Thursday, Croatian government adopted a regulation increasing the minimum wage by 5% or a gross amount of HRK 163 (net amount of HRK 131) so in 2018 the minimum wage will amount to 42.9% of the average wage. (Neutral) SLOVENIA Dec-14 Dec-15 Dec-16 Dec-17 CROBEX SBI BET SOFIX BENCHMARKS 1Y % RETURNS Vlatko Kesegić Phone: vkesegic@fima.com Darko Horvat Phone: dhorvat@fima.com trading@fima.com 10,7% 11,8% 14,7% -7,0% CROBEX SBI BET SOFIX SALES AND TRADING DESK CONTACTS The foreign exchange reserves held by Slovenia's central bank decreased by 15.4% mom to EUR mln at the end of November, according to the central bank. (Neutral) ROMANIA According to a draft order issued by ANRE, tariff for technological system services for Y4 (July 1, 2017 June 30, 2018) could be upwardly revised by 28% to RON 12.06/MWh starting with the January 1, That could imply a positive impact on the Transelectrica s (TEL RO) P&L. As a reminder, in 3Q 17 the company booked a temporary loss from technological system services activity of RON 56 mln justified by the 20% tariff reduction starting with the July 1, 2017 and also by the strong growth in prices for such services purchased by Transelectrica from the market. (Positive) Romanian aluminum smelter Alro Slatina (ALR RO) completed investment projects worth over USD 3.4 mln for upgrades and improvements in energy efficiency and competitiveness. Thus, Alro successfully completed a USD 2.8 mln upgrading of the slab casting line to allow for production of all types of alloys for the aero industry. The company also has finalized the testing of an electromagnetic stirring machine that will lead to an increase in the efficiency of the remitting operations, as well as reduction of specific gas and electricity consumption. (Positive) Romania's government approved the 2018 draft budget based on projections of 5.5% economic growth and deficit equivalent to 2.96% of gross domestic product (GDP) under the European System of Accounts (ESA) standards. According to the approved document, GDP in 2018 is estimated at RON bln. (Neutral) BULGARIA Sopharma (3JR BU) bought back shares between December 1 and December 5. The shares represent 0.686% of the capital of Sopharma. The average price is BGN 4.27 per share. The total number of shares bought back is 6.09 mln or 4.51% of the capital of Sopharma. The Company recently announced 12% yoy revenue growth for the first 11 months of the year. (Neutral) In September, total number of overnights in Bulgaria increased by 0.5% yoy with the greatest increase (by 3.9% yoy) observed in 4 and 5 stars accommodation units, according to latest national statistics. (Neutral) 1

2 Trading day recap CROATIA Market Trunover ( EUR mn): 1,11 1 Atlantska plov. 0,37 Zvijezda 17,65% Tisak -28,57% 2 AD Plastik 0,09 Tehnika 14,10% Hoteli Jadran -11,54% 3 Hoteli Maes. 0,05 Badel 6,81% SNH Gama -6,23% 4 Koncar EI 0,05 Viktor Lenac 6,69% Slatinska banka -5,84% 5 Valamar 0,05 Zlatni rat 4,40% IGH -4,76% 6 Kras 0,04 ULPL 3,% SNH Beta -4,30% 7 HT 0,04 Jadroplov 3,30% HPB -2,64% 8 Tehnika 0,04 Atlantska plov. 1,94% Hoteli Tucepi -2,63% 9 Ericsson NT 0,04 Plava Laguna 1,46% DDJH -2,41% Dec-14 Dec-15 Dec-16 Dec Arenaturist 0,03 Pevec 1,23% Ledo -1,52% CROBEX CRO Tourism CROPLUS Index SLOVENIA Market Trunover ( EUR mn): 0,33 1 Krka 0,18 Triglav 1,82% Mercator -15,16% 2 Unior 0,04 Sava Re 1,% Unior -3,99% 3 Petrol 0,03 Krka 1,% Gorenje -0,89% 4 Triglav 0,02 Cinkarna Celje 1,48% Telekom Slo. -0,10% 5 Telekom Slo. 0,02 Luka Koper 0,74% Petrol 0,00% 6 Luka Koper 0,02 Salus 0,10% Hotel Union 0,00% 7 Sava Re 0,01 Petrol 0,00% Kmecka Druzba 0,00% 70 8 Salus 0,01 Hotel Union 0,00% Melamin 0,00% 9 Cinkarna Celje 0,00 Kmecka Druzba 0,00% Terme Catez 0,00% Dec-14 Dec-15 Dec-16 Dec Intereuropa 0,00 Melamin 0,00% Nama 0,00% SBI ROMANIA Market Trunover ( EUR mn): 6,47 Volume () Leaders Laggers Volume () Leaders Laggers Volume () Leaders Laggers 1 Banca Trans. 2,01 Napochim 251,9% Uzuc -22,56% 2 Sif 3 Transilv 0,86 Petal Husi 66,67% Transilana Gh -12,28% 3 OMV Petrom 0,82 Autonova 20,00% Semrom Munteni -8,24% 4 Romgaz 0, Transporturi A 6,59% Dorna Turism -6,02% 5 Sif 2 Moldova 0,47 Artego 6,27% Mecanica Ceahl -4,41% 6 Fondul Prop. 0,43 Electroconstru 4,76% Tmk-Artrom Sla -4,33% 7 Transgaz 0,38 Conted Doroho 3,68% Amonil -3,57% 8 Sif 5 Oltenia 0,32 Napoca 2,78% Bucur Bucures -3,45% Dec-14 Dec-15 Dec-16 Dec-17 9 Electrica 0,18 Sif 1 Banat-Cr 2,51% Athenee Palace -3,18% 10 Conpet Ploies 0,13 Remarul 16 Feb 2,01% Amplo Ploiest -2,13% BET BET-BK Index BULGARIA Market Trunover ( EUR mn): 5,76 Volume () Leaders Laggers Jun-15 Jun-16 Jun-17 SOFIX BGBX40 index 1 Sopharma 5,49 Holding Varna 5,30% Texim Bank -7,41% 2 Industrial Hol 0,05 Billboard 4,44% Optela-Laser T -7,41% 3 Chimimport 0,04 Oil & Gas Expl 4,37% Svilosa -4,41% 4 Albena 0,03 Zarneni Hrani 2,95% Todoroff -Sofi -2,82% 5 Svilosa 0,03 Odessos Shipre 2,08% Alcomet -Shume -2,78% 6 Emka -Sevlievo 0,02 Bulgarian Real 1,33% Toplivo -2,36% 7 Vance Terrafun 0,02 Emka -Sevlievo 1,19% Sirma Group Ho -2,26% 8 Bulgaria Housi 0,01 Stara Planina 0,86% Cez Distributi -2,16% 9 Bulgaria Compe 0,01 Holding Center 0,83% Bulgaria Stock -1,98% 10 Sopharma Tring 0,01 Synergon Holdi 0,77% Albena -1,92% 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 54,1-2,6 4,4-0,68% -16,9% -21,0 30,3 0,4 1,1-6,7 1,2% -5,3% - DLKVRA CZ 64,6 0,9 19,7-1,40% 45,2% 72,5 9,3 0,7 1,8 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 3,9-1,02% 27,1% 22,9 88,1 8,6 0,6 76,1 9,8% 2,5% - THNKRA CZ 4,2 0,6 168,9 14,10% -63,3% 7,3 17,3 0,8 0,1 11,0 4,5% 1,4% - IGHRA CZ 16,3-4,4 200,0-4,76% 10,9% -3,7 16,4 2,6-12,2 16% - - DIVERSIFIED ADRSPA CZ 984,5 66,4 423,0-1,40% -7,3% 14,8 0,5 0,1 0,4-4,4 20,1% 5,4% 4,0% 6C4 BU 208,3 26,8 1,7 0,24% 1,8% 7,8-1,6 0, ,2% 3,2% 4HS BU 9,0 0,2 3,6-1,39% 7,6% 57, , ,5% 6,1% - 5V2 BU 93,0 0,1 34,7 5,30% 5,3% 1399,6 38,6 6,4 1,2 13,0 16,5% 0,1% - 4EH BU 111,9-0,7 1,4-0,22% 107,7% -155,9 14,7 1,6 1,9 5,8 10,9% -1,3% 0,7% 5SR BU 86,8 4,2 8,1 0,86% 24,6% 20,8-1,1 1, ,5% 2,7% ENERGY & UTILITY SNG RO 2633,6 #N/A N/A 31,7 1,93% 34,8% 8,8-1,5 1, ,1% SNP RO 3442,5 442,8 0,3-0,71% 7,9% - 2,3 0,7 0,6 0,0 32,4% 7,4% 5,3% TGN RO 973,5 132,7 383,0-0,52% 30,3% 7,3 2,7 1,4 1,2-1,0 52,0% - 3,8% EL RO 832,0 79,4 11,1-0,54% -15,3% 10,5 3,1 0,5 0,7-2,5 16,9% 6,3% 6,7% TEL RO 417,8-26,4-0,38% -9,6% , ,8% COTE RO 185,8-99,4-0,40% 38,9% - 2,9-1,2-2, ,7% INARA CZ 4307,8 132,6 3.2,0 0,00% 12,1% 32,5 10,1 1,9 2,8 0,7 18,3% 8,8% 0,5% SNN RO 477,1 24,7 7,3-0,68%,3% 19,3 1,9 0,7 0,3-0,3 40% 1,5% 4,5% JNAFRA CZ 694,5 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 274,6 #N/A N/A 291,0-0,81% -23,3% , ,4% ATGRRA CZ 375,7 22,7 8,0-0,12% -3,9% 16,6 8,3 0,8 1,3 3,1 9,2% 7,9% 1,6% LEDORA CZ 32,6-40,4 783,9-1,52% -92,6% -0, ,2 1,2 19,4% -16,8% - JMNCRA CZ 38,1-51, ,0-0,38% -90,7% -0, ,2 0,2 40,3% -22,9% - KRASRA CZ 84,3 3,6 463,0 0,01% -14,2% 23,7 9,2 0,9 1,0 3,4 9,5% 4,4% 1,7% CKMLRA CZ 85,6 8,1 6.1,2 0,00% -4,8% 10,6 7,5 0,6 1,1 0,9 8% 10,7% 1,1% BLJERA CZ 5,1 5,2 4,7-0,85% -79,9% 1, ,2 4,4 17,3% 2,3% - ZVZDRA CZ 9,3-29,1 700,0 17,65% -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 133,1 8,5 5,5-0,89% -9,1% 15,7 6,4 0,4 0,3 3,8 6,6% 2,3% 1,8% ERNTRA CZ 204,7 14,0 1.1,0-1,19% -0,3% 14,6 8,0 0,9 7,0-1,6 10,9% 46,1% 9,0% CICG SV 158,9 19,3 195,0 1,48% 20,4% 8,2 3,0 0,6 1,0-0,9 20,7% 13,1% 4,6% DDJHRA CZ 25,6-2,8 19,0-2,41% -57,9% -9,2 26,4 1,0 1,2 15,6 3,9% - - ADPLRA CZ 93,0 8,1 167,0-0,68% 20,5% 11,5 6,6 1,1 1,0 2,4 16,0% 8,8% 5,1% 5MB BU 218,3 15,7 11,0 0,46% 13,4% 13,9 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 8,0-20,4% 23,7 13,6 2,9 4,7-0,8 21,3% 20,1% 3,2% KOEIRA CZ 238,6 17,2 700,0 0,29% 1,4% 13,8 11,4 0,7 0,8-3,8 5,8% 5,9% 1,7% INFRASTRUCTURE LKPG SV 409,2 51,0 29,2 0,74% 16,9% 8,0 6,5 2,6 1,2 1,3 39,6% 15,0% 4,8% LKPCRA CZ 28,0 0,6 0,0-0,99% -12,4% 44,6-15,4 0,9 0,5 1,5-5,7% 1,1% - LKRIRA CZ 87,9 2,9 49,2-0,16% 2,7% 29,8 82,0 4,5 0,9 6,7 5,4% 3,1% - MARINE ATPLRA CZ 116,5-2,0 630,0 1,94% 123,0% -57,9 14,9 3,9 1,6 6,9 26,2% -2,6% - TPNGRA CZ 68,5 4,0 59,2-0,35% -21,1% 17,2 10,1 4,0 0,9 6,5 39,3% 4,9% 2,7% LPLHRA CZ 15,4 0,0 175,0 0,57% -12,5% -730,5 10,0 1,2 0,7-1,7 11,6% -0,1% - JDPLRA CZ 6,7-7,6 31,0 3,30% -23,9% -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 1770,8 138,2 54,0 1,% 2,1% 12,8 6,3 1,4 1,2-0,1 22,3% 9,7% 5,1% 3JR BU 294,3 23,8 4,3-0,70% 43,3% 12,4 10,1 0,9 1,2 2,1 9,1% 10,4% 2,3% ATB RO 79,7-0,6 0,00% 5,8% , ,0% BIO RO 63,2-0,3-1,00% 10,0% , ,7% SCD RO 222,3-2,5 0,00% 26,7% ,3% 53B BU - 8, , ,7% - RETAIL & DIST. RPH RO 41,9-0,4 0,00% 39,7% , MELR SV 129,2-70,8 21,2-15,16% -68,8% -1,8 10,7 0,5 0,2 6, ,7% - PETG SV 707,3 77,2 339,0 0,00% 4,3% 9,2 6,3 0,2 1,1 2,1 4,0% 12,7% 4,1% TISKRA CZ 31,6-64,2,0-28,57% -35,5% -0, ,3-7,7% - - MDKARA CZ,8 6, ,0-1,30% -11,5% 9,3 6,5 0,2 0,9 3,4 3,0% 10,7% 6,6% PVCMRA CZ - 3,0 205,0 1,23% 15,5% ,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 15,0 122,9 166,3 0,08% -1,6% 14,7 3,9 1,5 1,1-1,2 38,7% 7,7% 3,6% TLSG SV 532,8 48,4 81,5-0,10% 14,7% 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 740,0 44,0 44,3 0,68% 28,1% 16,8 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% 39,5 9,9 3,9 1,3 2,3 39,1% 3,4% - ARNTRA CZ 316,5-7,9 465,6-0,10% -0,6% -40,1 12,4 3,8 1,5 2,6 31% -4,9% - PLAGRA CZ 6,3 35,2 6.0,0 1,46% 23,6% 14,4 9,7 4,0 1,6 1,5 41,4% 12,1% 0,0% LRHRA CZ 166,5 4,5 4.1,0 0,00% 13,1% 36,9 8,2 3,9 1,5 0,6 47% 4,2% - HUPZRA CZ 191,5 12, ,0-0,15% 19,5% 15,3-4,1 1, ,5% 0,5% MAISRA CZ 420,8 24,3 290,1 0,00% 14,7% 17,3 10,8 3,8 1,9 2,5 35% 11,1% - 6AB BU 133,7 7,3 61,2-1,92% -0,4% 18,2 15,1 3,2 0,6 2,8 21,1% 3,4% - HMSTRA CZ 23,8 0,5 348,0-0,57% 24,4% 44,8 6,3 2,7 1,3 0,3 42% 2,9% - ACIRA CZ 81,7 1,5 5.5,0 0,00% -13,2% 54,4 6,3 2,9 1,3-0,7 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 1982,4 309,2 2,1 1,44% 5,6% 6,4 1,3 11,6% 11,7% 0,7 22,2% 2,7% 2,4% BRD RO 1940,9 267,4 12,9-0,77% 8,6% 7,4 1,3 12,8% 12,6% 0,7 18% 2,4% 5,7% ZABARA CZ 2207,2 141,6 52,0 0,44% -3,7% 15,8 0,9-14,4% 1,0 5,8% 0,8% 10,2% BCC RO #N/A N/A -9,4 0,2 1,46% #VALUE! - eld Not Ap - 3,4% 0,4-45% -2,4% - PBZRA CZ 1901,3 177,7 752,0 0,27% -2,2% 10,8 1,0-17,6% 0,9 9,1% 1,5% 3,4% 5F4 BU 298,1 23,4 5,3 0,00% 58,2% 12,6 0,6-9,3% 0,7 5% 0,5% - INSURANCES FUNDS Mkcap () ZVTG SV 649,1 81,0 28,6 1,82% 23,1% 8,0 0,9 0,7 0,2 0,9 11,2% 2,2% 8,8% POSR SV 273,1 31,1 15,9 1,% 20,0% 7,1 0,8 0,6 0,2 0,7 10% 1,8% 5,0% CROSRA ZA 707,3 77,2 339,0 0,00% -0,9% 9,2 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 1594, ,9 0,8-0,35% 18,7% 6,0 1,2 0,3 0,3 137,0% - 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