FIMA Daily Insight CROATIA SLOVENIA ROMANIA BULGARIA. Vlatko Kesegić. Darko Horvat. August 30, 2017 CROATIA

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1 CROATIA SLOVENIA ROMANIA BULGARIA FIMA Daily Insight August 30, 2017 CROATIA BENCHMARKS DAILY CHANGES % -0,20% -0,39% -0,% -0,66% CROBEX SBI BET SOFIX BENCHMARKS 3Y CHARTS Aug-14 Aug-15 Aug-16 Aug-17 CROBEX SBI BET SOFIX Croatian equities closed mixed yesterday; CROBEX decreased 0.20% to 1, pts and blue chip CROBEX 10 increased 0.02% to 1, pts. Regular stock turnover amounted to HRK 3.17 million. (Neutral) Tourism Company Valamar Riviera (RIVPRA CZ) topped the liquidity board collecting HRK 1.32 million in turnover and its price decreased 0.63% to HRK Two bids were received for the construction of a bridge to connect Ciovo island with the mainland, from the Split Company for Roads and Strabag (HRK mln), and the other by the Pomgrada, Zagreb Montaza and Djuro Djakovic Group (HRK mln). The decision on the selection will be made soon, according to the Hrvatske Ceste (HC). (Positive) The Restructuring and Sale Centre (CERP) has received one binding offer for the purchase of nearly 1.6 mln shares in Luka Rijeka (LKRIRA CZ) the largest concessionaire for shipping and reload of dry cargo in the Rijeka port basin, or 11.75% share of the company's stock capital and the offered price is HRK per share, which is HRK 1 more than the minimum asking price. (Neutral) After acquiring 34% of Hidroelektra's shares (HDELRA CZ) from Sergej Gljadelkin, Avenue Osteuropa now becomes the majority owner of Hidroelektra. Hidroelektra will be recapitalized by Avenue Osteuropa, a company from Vienna owned by Russian investor Sergej Gljadelkin through investment rights, i.e. claims amounting to HRK mln and will hold 56.2% stake. (Neutral) Croatia's economic growth seems to have increased by 3% in 2Q 2017 year on year on the back of the growing personal consumption, exports and investments, according to assessments of eight economic analysts polled by Hina. (Positive) SLOVENIA BENCHMARKS 1Y % RETURNS 51,8% In September, Slovenia is to issue around EUR mln worth of three-, six- and twelve-month treasury bills, according to the Finance Ministry. Offers will be collected on 5 September and the T-bills will be issued two days later. (Neutral) ROMANIA 4,8% 11,4% Vlatko Kesegić Phone: vkesegic@fima.com Darko Horvat Phone: dhorvat@fima.com trading@fima.com 18,5% CROBEX SBI BET SOFIX SALES AND TRADING DESK CONTACTS In 1H 2017, combined profit of Romanian banks rose 12.5% yoy to BGN 2.7 bln, as the share of non-performing loans (NPLs) dropped. The Romanian banks' NPLs ratio fell to 8.32% at the end of the first half of 2017, down from 11.30% at the end of June 2016, central bank figures showed. (Positive) BULGARIA On August 29, Bulgarian drug distributor Sopharma Trading (SO5 BU ) said its pre-tax profit rose by an annual 7% to BGN 8.8 mln in the first seven months of 2017.Sales revenue increased by 9% yoy to BGN 375 mln. In July alone, the drug distributor s pre-tax profit amounted to BGN 835,000, while sales revenue increased by 7% yoy to BGN 49.7 mln. (Positive) In 1H 2017, Bulgarian industrial conglomerate Chimimport (6C4 BU) increased consolidated net profit by 16.5% yoy to BGN 55 mln. Net revenues from non-financial operations fell by 12.2% yoy to BGN Net interest income decreased by 4.7% yoy to BGN.7 mln, while net insurance income fell by 19.6% yoy to BGN mln. The company's revenues from financial operations grew by 8.5% yoy to BGN mln. Chimimport is active in the banking, insurance and financial services sector, air transport, oil and gas production, trade in petroleum products, chemicals and fertilizers, and grain industry, among others. (Neutral) 1

2 Trading day recap CROATIA Market Trunover ( EUR mn): 0,43 1 Valamar 0,18 Brodospas 30,00% Badel -18,06% 2 HT 0,12 Dalekovod 2,76% Petrokemija -8,29% 3 Ericsson NT 0,04 Viktor Lenac 2,29% HPB -5,91% 4 Maistra 0,01 Optima 2,09% VABA -5,41% 5 Liburnia 0,01 Atlantic Grupa 1,94% Maistra -4,68% 6 AD Plastik 0,01 Hoteli Mak. 1,67% Saponia -3,61% 7 Koncar EI 0,00 Luka Rijeka 1,33% Losinjska pl. -3,41% 8 Hoteli Mak. 0,00 Podravka 0,64% ULPL -2,81% 9 Luka Rijeka 0,00 Slatinska banka 0,19% SNH Gama -2,77% Aug-14 Aug-15 Aug-16 Aug ULPL 0,00 Koncar EI 0,04% Tehnika -2,40% CROBEX CRO Tourism CROPLUS Index SLOVENIA Market Trunover ( EUR mn): 0,92 1 Petrol 0,30 Terme Catez 5,84% Luka Koper -2,89% 2 Telekom Slo. 0,20 Intereuropa 4,75% Petrol -1,53% 3 Krka 0,15 Sava Re 0,46% Telekom Slo. -1,17% 4 Cinkarna Celje 0,11 Krka 0,37% Cinkarna Celje -0,71% 5 Luka Koper 0,05 Unior 0,28% Triglav -0,22% 6 Triglav 0,05 Mercator 0,00% Gorenje -0,14% 7 Sava Re 0,04 Salus 0,00% Mercator 0,00% 70 8 Unior 0,01 Hotel Union 0,00% Salus 0,00% 9 Intereuropa 0,01 Kmecka Druzba 0,00% Hotel Union 0,00% Aug-14 Aug-15 Aug-16 Aug Gorenje 0,00 Melamin 0,00% Kmecka Druzba 0,00% SBI ROMANIA Market Trunover ( EUR mn): 5,72 Volume () Leaders Laggers Volume () Leaders Laggers Volume () Leaders Laggers 1 Transgaz 1,55 Auto Center B 42,9% Granitul -40,51% 2 Romgaz 1,47 Armatura 14,76% Cocor -27,76% 3 Banca Trans. 0,59 Iprolam Bucure 7,27% Artego -7,99% 4 BRD 0,37 Dorna Turism 6,67% Napochim Imobi -7,14% 5 Sif 3 Transilv 0,22 Prefab Bucure 5,29% Conted Doroho -6,30% 6 OMV Petrom 0,21 Prodvinalco 3,92% Iasitex Iasi -5,88% 7 Electrica 0,20 Bittnet System 3,% Moldova Vaslu -5,71% 8 Sif 5 Oltenia 0,18 Bermas 1,40% Turbomecanica -5,31% Aug-14 Aug-15 Aug-16 Aug-17 9 Turbomecanica 0,18 Generalcom 1,02% Imotrust Arad -5,13% 10 Sif 1 Banat-Cr 0,14 Prebet Aiud 0,97% Iproeb Bistri -5,06% BET BET-BK Index BULGARIA Market Trunover ( EUR mn): 1,18 Volume () Leaders Laggers Feb-15 Feb-16 Feb-17 SOFIX BGBX40 index 1 Atomenergoremo 0,70 Yambolen 15,20% Specialized Bu -15,00% 2 Albena 0,08 Nov Vek Holdin 9,41% Favorit Hold -9,09% 3 Sopharma 0,08 Bulgaria Stock 6,12% Sparky Eltos - -6,97% 4 Bulgaria Housi 0,07 M+S Hidravlik 1,86% Sunny Day Var -5,08% 5 Chimimport 0,06 Atomenergoremo 1,13% Koro Bulgaria -5,08% 6 Holding Varna 0,04 Bulgaria Compe 0,95% Trace Group -4,33% 7 Bulgaria Compe 0,04 Sirma Group Ho 0,79% Bulland Invest -3,76% 8 FIB 0,01 Industrial Hol 0,38% Elana Agrocred -3,13% 9 Doverie Holdin 0,01 Chimimport 0,37% Zarneni Hrani -2,74% 10 Bulgarian Real 0,01 Industrialen C 0,26% Bulgarian Real -2,62% 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 57,2-5,8 4,6-4,33% -12,1% -9,9 23,5 0,4 1,2-5,4 1,7% -11,3% - DLKVRA CZ 73,2 11,0 22,0 2,76% 61,8% 6,7 6,5 0,5 2,0 2,3 7,5% 27,2% - VDKTRA CZ 1,5-6,0 25,0 0,00% -91,9% -0,3-291,0 0, ,0-0,2% - - INGRRA CZ 7,9 1,1 4,3-0,69% 41,8% 7,5 39,8 8,0 0,6 33,4 20,2% 7,9% - THNKRA CZ 13,3 0,7 521,2-2,40% 13,2% 17,9 20,2 1,0 0,3 11,6 5,0% 1,8% - IGHRA CZ 22,4-4,4 271,0-1,45%,3% -5,0 18,6 3,1-13,4 16% - - DIVERSIFIED ADRSPA CZ 1,2 61,9 455,0-0,44% -0,3% 17,8 1,1 0,3 0,5-4,1 26,3% 5,3% 3,7% 6C4 BU 233,8 29,5 1,9 0,37% 14,3% 7,9-1,4 0, ,7% 2,8% 4HS BU 8,6 0,2 3,4-3,0% 55, , ,5% 6,1% - 5V2 BU 93,5 1,0 35,0-0,14% 5,9% 96,2 44,0 6,8 1,2 15,0 15,3% 1,3% - 4EH BU 102,3-4,3 1,2-2,44% 89,9% -23,8 19,3 1,5 2,0 8,9 7,6% -8,4% 0,8% 5SR BU 91,3 4,2 8,5 0,00% 31,0% 21,9-1,1 2, ,5% 2,6% ENERGY & UTILITY SNG RO 21,5 #N/A N/A 31,0-0,64% 24,0% 8, , ,3% SNP RO 3909,6 409,1 0,3-0,47% 21,5% - 2,5 0,9 0,7 0,0 31,7% 6,9% 4,7% TGN RO 1040,8 132,7 406,0-1,22% 38,1% 7,8 2,7 1,4 1,2-1,0 52,0% - 11,4% EL RO 974,4 79,4 12,9-1,07% -1,7% 12,3 3,1 0,5 0,8-2,5 16,9% 6,3% 5,7% TEL RO 441,2-27,7 0,00% -5,3% , ,2% COTE RO 185,5-98,4 0,41% 24,9% - 3,2-1,2-2, ,9% INARA CZ 4383,4 125,6 3.2,0 0,00% 12,1% 34,9 10,8 2,0 2,9 0,8 18,2% 8,6% 0,5% SNN RO 477,1 24,7 7,3-0,68% 51,3% 19,3 1,9 0,7 0,3-0,3 40% 1,5% 4,5% JNAFRA CZ 774,7 40, ,0 0,00% 7,6% 19,3 9,5 7,2 1,5-1,3 75,7% 7,9% 2,9% FOOD & BEVERAGE PODRRA CZ 302,5 15,5 315,0 0,64% -16,9% 19,5 8,8 0,9 0,8 2,6 9,7% 4,1% 2,2% ATGRRA CZ 372,3 24,5 828,0 1,94% -6,4% 15,2 8,3 0,8 1,3 3,1 9,4% 9,1% 1,6% 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 85,2 3,5 4,0-1,08% -14,7% 24,3 10,2 1,0 0,9 3,5 9,3% 4,3% 1,7% CKMLRA CZ 85,0 7, ,0 0,00% -7,1% 10,8 8,2 0,6 1,1 0,9 8% 10,9% 1,1% 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 151,5 10,3 6,2-0,14% 3,4% 14,6 6,3 0,4 0,4 3,7 6,8% 2,8% 1,6% ERNTRA CZ 217,3 13, ,0 0,00% 4,0% 16,7 9,2 0,9 5,0-1,7 10,2% 35,2% 9,0% CICG SV 137,4 9,8 168,7-0,71% 4,1% 14,1 4,0 0,6 0,9-1,3 14,8% 6,8% 5,4% DDJHRA CZ 28,2-0,9 27,5-2,14% -39,1% -32,3 22,3 1,1 2,7 11,9 4,9% - - ADPLRA CZ 95,4 8,1 168,5-0,30% 21,6% 11,8 6,9 1,1 1,0 2,5 15,6% 8,5% 5,0% 5MB BU 224,5 10,7 11,3-0,09% 16,6% 21,0 12,9 1,7 2,6 2,8 13% 11,6% 2,5% KODTRA CZ 54,5 5,4 1.0,0 0,00% 4,6% 10,1 5,2 0,3 1,1-0,7 6,3% 15,2% 3,5% 5MH BU 152,7 6,1 7,7 1,86% 15,1% 25,2 13,8 3,0 4,3-0,9 21,5% 17,3% 3,4% KOEIRA CZ 251,8 16,8 725,7 0,04% 5,2% 15,0 11,4 0,7 0,8-3,7 6,0% 5,8% 1,7% INFRASTRUCTURE LKPG SV 438,2 46,3 31,3-2,89% 25,2% 9,5 6,3 2,5 1,3 1,3 39,2% 14,0% 4,5% LKPCRA CZ 29,7-2,8 520,0 0,00% -8,9% -10,6-13,5 1,0 0,5 1,2-7,4% -5,0% - LKRIRA CZ 87,5 2,6 48,2 1,33% 0,5% 33,3 67,3 4,2 0,9 5,9 6,2% 2,8% - MARINE ATPLRA CZ,0-4,2 425,0 0,00%,4% -18,8 17,9 4,4 1,1 6,9 24,7% -5,4% - TPNGRA CZ 75,4 4,4 64,0 0,00% -14,7% 17,3 10,8 4,4 0,9 6,4 40,6% 5,3% 2,5% LPLHRA CZ 15,2-0,3 170,0-3,41% -15,0% -58,9 11,4 1,3 0,7-1,8 11,6% -1,2% - JDPLRA CZ 7,5-8,4 34,2 0,00% -16,1% -0,9,1 4,9 0,2 78,5 6,1% -19,1% - 5BR BU 13,7-0,6 0,8-13,1% -22,8 23,1 1,4 0,3-0,4 6,2% -1,5% - PHARMA KRKG SV 1879,4 130,1 57,3 0,37% 8,3% 14,4 6,7 1,4 1,2-0,1 21,1% 8,6% 4,8% 3JR BU 325,2 27,0 4,7-1,69% 58,4% 12,0 9,9 0,8 1,3 2,4 8,2% 11,9% 2,1% ATB RO 85,1-0,6-0,68% 11,9% , ,6% BIO RO 66,5-0,3-1,59% 14,8% , ,5% SCD RO 213,3-2,4-1,67% 20,5% ,6% 53B BU #N/A N/A 8,7 #N/A N/A - #VALUE! - - 0, ,7% - RETAIL & DIST. RPH RO 40,1-0,4-1,91% 32,4% , MELR SV 213,2-73,6 35,0 0,00% -48,5% -2,9 10,7 0,5 0,4 6, ,3% - PETG SV 792,8 74,6 3,0-1,53% 16,9% 10,6 6,7 0,3 1,3 2,2 4,0% 12,8% 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 61,3 12,5 15.0,0 0,00% -12,4% 4,9 6,0 0,2 0,9 3,5 3,0% 20,2% - PVCMRA CZ - 3,0 210,1 0,03% 18,3% ,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 1988,1 124,0 1,0 0,01% 6,5% 16,0 4,2 1,6 1,3-1,2 39,5% 8,0% 3,3% TLSG SV 542,6 48,3 83,0-1,17% 16,8% 11,2 4,4 1,2 0,7 1,9 27% 6,8% 6,0% OPTERA CZ 25,1 1,8 2,9 2,09% 8,9% 14,3 4,3 1,0 4,5 2,5 23,9% 33,1% - ROE TOURISM BANKS RIVPRA CZ 782,8 40,0 46,1-0,63% 33,1% 19,5 9,3 4,9 2,9 1,7 52,0% 15,8% 1,7% TUHORA CZ 158,3 9, ,0 0,00% 8,5% 16,0 10,8 4,8 3,6-0,7 45% 24,4% 1,9% HIMRRA CZ 70,3 1,5 820,0 0,00% 0,7% 47,4 11,9 4,6 1,6 2,5 39,0% 3,4% 0,4% ARNTRA CZ 335,6-14,2 485,2-0,75% 3,6% -23,6 17,5 4,9 1,7 3,5 28% -10,1% - PLAGRA CZ 515,3 31,9 6.0,9 0,00% 23,7% 16,2 9,9 4,0 1,9 1,6 40,7% 13,2% 0,0% LRHRA CZ 155,1 1,5 3.0,0 0,00% 3,5% 101,0 10,4 4,4 1,6 0,7 43% 1,6% - HUPZRA CZ 1,6 10,3 3.,0 0,00% 10,8% 17,6-4,2 1, ,0% 0,5% MAISRA CZ 465,7 19,5 315,5-4,68% 24,7% 23,9 12,8 4,3 2,6 2,8 33% 11,3% - 6AB BU 139,9 8,0 64,1 0,10% 4,3% 17,5 12,4 2,9 0,6 2,6 23,6% 3,6% - HMSTRA CZ 19,8 0,5 285,0-0,34% 1,9% 36,3 7,2 3,1 1,2 0,3 42% 3,4% - ACIRA CZ 84,1 0, ,0 0,00% -12,2% 99,2 8,4 3,1 1,4-0,8 37% 1,4% - SLRSRA CZ 85,4-0, ,0-1,44% 14,0% -,7 6,6 3,4 0,8 2,9 51,8% - - ILRARA CZ 56,2 4,5 1.3,0 0,00% 6,0% 12,6-3,9 1, ,1% 1,4% TLV RO 2320,6 283,4 2,5-1,01% 22,6% 8,4 1,7 11,6% 11,7% 0,7 20,6% 2,6% 2,1% BRD RO 2124,3 249,1 14,0-0,71% 17,8% 8,7 1,4 12,8% 12,6% 0,7 17% 2,2% 5,2% ZABARA CZ 2289,2 149,7 53,0-1,14% -1,9% 15,2 1,0-14,4% 1,0 6,4% 0,9% 10,0% BCC RO #N/A N/A -9,4 0,1-1,91% #VALUE! - eld Not Ap - 3,4% 0,4-45% -2,4% - PBZRA CZ 19,4 181,9 762,0 0,00% -0,9% 10,7 1,0-16,7% 1,0 9,6% 1,7% 3,3% 5F4 BU 299,2 48,4 5,3-0,28% 58,8% 6,1 0,7-9,3% 0,7 11% 1,1% - INSURANCES FUNDS Mkcap () ZVTG SV 618,4 81,9 27,2-0,22% 17,2% 7,5 0,8 0,7 0,2 0,9 11,5% 2,3% 9,2% POSR SV 2,7 32,8 16,3 0,46% 23,3% 7,8 0,9 0,6 0,2 0,7 11% 2,0% 4,9% CROSRA ZA 792,8 74,6 3,0-1,53% 6,3% 10,6 6,7 0,3 1,3 2,2 4,0% 12,8% 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 1898, ,7 0,9 0,00% 21,8% 6,0 1,2 0,3 0,3 243,0% 5,8% 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