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

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1 CROATIA SLOVENIA ROMANIA BULGARIA FIMA Daily Insight September 8, 2017 CROATIA BENCHMARKS DAILY CHANGES % 0,18% -0,01% -0,28% -0,46% CROBEX SBI BET SOFIX Croatian equities closed lower yesterday with both indices decreasing; CROBEX decreased 0.28% to 1, pts and blue chip CROBEX 10 decreased 0.30% to 1, pts. Regular stock turnover amounted to HRK 4.39 million. (Negative) Tourism Company Valamar Riviera (RIVPRA CZ) topped the liquidity board collecting HRK 1.35 million in turnover and its price decreased 0.85% to HRK After modernisation of the production line, Podravka s (PODRRA CZ) company Kalnik, achieved growth in almost all segments of vegetables processing. This investment upgraded processing capacity of Kalnik by 30%, reduced consumption of energy and water and returned part of products which were outsourced. This year, Podravka plans to withdraw additional HRK 30 mln through EU fund for investing in increasing capacity for production, according to the Company. (Positive) BENCHMARKS 3Y CHARTS Croatian tourism company Sunce Koncern (SUKCRA CZ) announced it aims to reduce its debt to three times in 2019 from 4.2 times this year. In addition, the Company has set a dividend payout ratio limit of between 30% and 70% in the next three years. This year Sunce Koncern opened newly renovated hotel Jadran 5* in Tucepi which will be in TUI lease, as the first Croatian TUI blue luxury brand. (Neutral) Asked to comment on a recent statement by the Valamar Riviera tourism company that it would give up on some of its investments due to the uncertainty of fiscal policies in Croatia, FinMin Zdravko Maric said that he did not see any fiscal uncertainty. Furthermore, Tourism Minister Gari Cappelli said that he did not expect tourism investments to either stagnate or drop in (Neutral) Sep-14 Sep-15 Sep-16 Sep-17 CROBEX SBI BET SOFIX BENCHMARKS 1Y % RETURNS,6% SLOVENIA NKBM announced a public invitation for the sale of 2.06% stake in Petrol (PETG SV) and 3.16% stake in Cinkarna Celje (CICG SV). Interested buyers have until the end of this year to submit their bids. (Neutral) The Organisation for Economic Co-operation and Development (OECD) increased its economic growth forecast for Slovenia to 4.5% in 2017, from 3.8% projected in June, on the back of declining unemployment and healthier public finances. The GDP growth estimate for 2018 remains unchanged at 3.1%. (Positive) 2,5% 11,4% 13,0% ROMANIA Fondul Proprietatea (FP RO) is reviewing strategic options regarding its 19.94% ownership interest in Hidroelectrica (representing 32.01% of NAV as of June 30); review is 'in early stages. (Neutral) CROBEX SBI BET SOFIX SALES AND TRADING DESK CONTACTS Vlatko Kesegić Phone: vkesegic@fima.com Darko Horvat Phone: dhorvat@fima.com trading@fima.com SIF Oltenia (SIF5 RO) approved dividend payment in the amount of RON 0.09 per share, which represents 51.56% of the fund s net profit and a yield of 4.5%. Also the meeting approved a buyback program worth RON mln. Buy back program's price range is between RON RON 2.5 per share. (Positive) Romanian government may turn the second-pillar pension system into an optional one, allowing citizens to choose the allocation of their savings, according to the Prime Minister Mihai Tudos. Tudose says existing funds won t be harmed or nationalized. Citizens would be able to choose, depending on their level of income, between state or private pension funds. (Neutral) BULGARIA In 2Q 2017, Bulgaria s real GDP growth came at 3.6% yoy and 1% qoq, according to preliminary nationals statistics data. Consumer spending remains key growth driver contributing 4.2% to real growth while net exports had a negative contribution of 1.2% on rising imports despite strong exports. Capital formation also remains a drag on growth on sluggish FDI. (Positive) 1

2 Trading day recap CROATIA Market Trunover ( EUR mn): 0,66 1 Valamar 0,18 Uljanik 9,73% Brodospas -23,00% 2 Atlantska plov. 0,10 Slavonski ZIF 8,33% Hidroelektra -13,04% 3 Pevec 0,06 Tehnika 4,33% DDJH -3,96% 4 DDJH 0,05 ULPL 3,15% Hoteli Podgora -3,06% 5 Koncar EI 0,04 Hoteli Tucepi 2,78% VABA -2,57% 6 Atlantic Grupa 0,03 Atlantska plov. 2,59% Dalekovod -2,31% 7 Adris - pfd 0,03 Ingra 2,58% Hoteli Maes. -1,41% 8 HT 0,02 Viktor Lenac 1,74% Pevec -1,38% 9 Jadransko Osig. 0,02 Tankerska NG 0,40% Jadroagent -1,34% Sep-14 Sep-15 Sep-16 Sep ZABA 0,01 Tekstilpromet 0,27% Maistra -1,02% CROBEX CRO Tourism CROPLUS Index SLOVENIA Market Trunover ( EUR mn): 0,98 1 Cinkarna Celje 0,43 Triglav 1,07% Datalab -8,70% 2 Petrol 0,18 Luka Koper 1,03% Kmecka Druzba -3,83% 3 Krka 0,13 Krka 0,57% Prva Group - pfd -2,% 4 Telekom Slo. 0,13 Intereuropa 0,21% Gorenje -0,83% 5 Luka Koper 0,05 Sava Re 0,12% Petrol -0,46% 6 Gorenje 0,02 Unior 0,03% Telekom Slo. -0,32% 7 Intereuropa 0,02 Mercator 0,00% Mercator 0,00% 70 8 Sava Re 0,01 Cinkarna Celje 0,00% Cinkarna Celje 0,00% 9 Unior 0,01 Salus 0,00% Salus 0,00% Sep-14 Sep-15 Sep-16 Sep Triglav 0,01 Hotel Union 0,00% Hotel Union 0,00% SBI ROMANIA Market Trunover ( EUR mn): 9,46 Volume () Leaders Laggers Volume () Leaders Laggers Volume () Leaders Laggers 1 BRD 3,13 Transilana Gh 40,0% Icepalv Bucur -74,89% 2 Banca Trans. 1,78 Mechel Campia 7,89% Griul Bucures -43,75% 3 Romgaz 1,15 Napochim Imobi 5,56% Chimcomplex Bo -33,00% 4 OMV Petrom 0,77 Conted Doroho 5,10% Aro-Palace -27,54% 5 Electrica 0, Granitul 3,95% Martens Galat -17,58% 6 Sif 5 Oltenia 0,49 Mecanica Fina 3,17% Mecanica Rotes -14,98% 7 Transelectrica 0,40 Bittnet System 2,79% Argus Constan -5,99% 8 Fondul Prop. 0,35 Farmaceutica R 2,67% Concifor Buza -5,56% Sep-14 Sep-15 Sep-16 Sep-17 9 Transgaz 0,22 Fondul Oamenil 2,56% Imotrust Arad -4,10% 10 Sif 2 Moldova 0,21 Altur 2,16% Feroneria -3,28% BET BET-BK Index BULGARIA Market Trunover ( EUR mn): 0,93 Volume () Leaders Laggers Mar-15 Mar-16 Mar-17 SOFIX BGBX40 index 1 Galata Investm 0,55 Web Media Grou 88,52% Nezhda -Sofia -8,30% 2 Vance Terrafun 0,18 Svilosa 5,72% Bulgaria Compe -5,22% 3 Balkan And Sea 0,08 Bulgartabak Ho 3,51% Bulgarian Rive -4,00% 4 Sopharma 0,02 Emka -Sevlievo 3,30% Bulland Invest -3,98% 5 Chimimport 0,02 Euroholding Bl 2,26% Bulgaria Housi -3,85% 6 Synergon Holdi 0,02 Agria Group Ho 2,08% Trace Group -2,04% 7 Bulgaria Housi 0,01 Holding Sveta 1,42% Bulgarian Real -1,46% 8 Bulgarian Real 0,01 Monbat 1,12% Doverie Holdin -1,38% 9 Industrialen C 0,00 FIB 0,84% Bulgaria Holdi -0,85% 10 Sopharma Tring 0,00 Sopharma Tring 0,65% Vance Terrafun -0,84% 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 59,4-5,8 4,8-2,04% -8,7% -10,3 23,5 0,4 1,3-5,4 1,7% -11,3% - DLKVRA CZ 70,2 11,0 21,1-2,31% 55,4% 6,4 6,5 0,5 1,9 2,3 7,5% 27,2% - VDKTRA CZ 1,1-6,0 18,0 0,00% -94,1% -0,2-291,0 0, ,0-0,2% - - INGRRA CZ 8,0 1,1 4,4 2,58% 42,8% 7,6 39,8 8,0 0,6 33,4 20,2% 7,9% - THNKRA CZ 12,2 0,7 4,0 4,33% 4,2% 16,5 20,2 1,0 0,3 11,6 5,0% 1,8% - IGHRA CZ 22,4-4,4 271,2-0,75%,4% -5,0 18,6 3,1-13,4 16% - - DIVERSIFIED ADRSPA CZ 0,0 61,9 449,2-0,18% -1,6% 17,8 1,1 0,3 0,5-4,1 26,3% 5,3% 3,8% 6C4 BU 229,9 29,4 1,9-0,27% 12,3% 7,8-1,6 0, ,6% 2,9% 4HS BU 8,5 0,2 3,4 1,42% 1,5% 54, , ,5% 6,1% - 5V2 BU 92,4 0,1 34,5-4,5% 1389,6 38,6 6,4 1,2 13,0 16,5% 0,1% - 4EH BU 112,2-4,3 1,4 2,26% 108,3% -26,1 19,3 1,5 2,2 8,9 7,6% -8,4% 0,7% 5SR BU 88,9 4,2 8,3-27,6% 21,3-1,1 1, ,5% 2,6% ENERGY & UTILITY SNG RO 2581,7 #N/A N/A 30,8-0,48% 23,2% 8, , ,2% SNP RO 3677,2 409,1 0,3-0,% 14,4% - 2,5 0,8 0,6 0,0 31,7% 6,9% 5,0% TGN RO 3,7 132,7 392,0-0,76% 33,3% 7,6 2,7 1,4 1,2-1,0 52,0% - 11,8% EL RO 981,1 79,4 13,0-0,61% -0,9% 12,4 3,1 0,5 0,8-2,5 16,9% 6,3% 5,7% TEL RO 440,0-27,6-0,36% -5,5% , ,2% COTE RO 187,2-99,4 0,00% 26,1% - 3,2-1,2-2, ,6% INARA CZ 4441,6 125, ,0 0,00% 13,8% 35,4 10,8 2,0 2,9 0,8 18,2% 8,6% 0,5% SNN RO 465,6 24,7 7,1-0,42% 47,8% 18,9 1,9 0,7 0,3-0,3 40% 1,5% 4,6% JNAFRA CZ 766,3 40,1 5.6,0 0,00% 6,6% 19,1 9,5 7,2 1,5-1,3 75,7% 7,9% 2,9% FOOD & BEVERAGE PODRRA CZ 300,0 15,5 313,0 0,00% -17,5% 19,3 8,8 0,9 0,8 2,6 9,7% 4,1% 2,2% ATGRRA CZ 361,3 24,5 5,0-0,90% -8,9% 14,7 8,3 0,8 1,3 3,1 9,4% 9,1% 1,7% 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 83,2 3,5 4,0 0,00% -16,6% 23,8 10,2 1,0 0,9 3,5 9,3% 4,3% 1,8% CKMLRA CZ 84,8 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 146,5 10,3 6,0-0,83% 0,1% 14,2 6,3 0,4 0,4 3,7 6,8% 2,8% 1,7% ERNTRA CZ 215,3 13, ,0-0,66% 3,2% 16,6 9,2 0,9 4,9-1,7 10,2% 35,2% 9,0% CICG SV,9 9,8 173,0 0,00% 6,8% 14,4 4,0 0,6 1,0-1,3 14,8% 6,8% 5,2% DDJHRA CZ 25,5-0,9 25,0-3,96% -44,7% -29,3 22,3 1,1 2,4 11,9 4,9% - - ADPLRA CZ 94,1 8,1 166,5-0,13% 20,1% 11,6 6,9 1,1 0,9 2,5 15,6% 8,5% 5,1% 5MB BU 224,3 14,9 11,3 1,12% 16,5% 15,1 11,2 1,8 2,2 2,1 16% 15,0% 2,5% KODTRA CZ 54,3 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 1,7 6,1 8,1 0,00% 21,1% 26,5 13,8 3,0 4,5-0,9 21,5% 17,3% 3,2% KOEIRA CZ 254,5 16,8 735,0 0,00% 6,5% 15,2 11,4 0,7 0,9-3,7 6,0% 5,8% 1,6% INFRASTRUCTURE LKPG SV 440,3 48,0 31,5 1,03% 25,8% 9,2 6,7 2,6 1,3 1,3 39,6% 14,3% 4,5% LKPCRA CZ 29,1-2,8 512,0 0,00% -10,3% -10,4-13,5 1,0 0,5 1,2-7,4% -5,0% - LKRIRA CZ 86,3 2,6 47,6 0,00% -0,7% 32,8 67,3 4,2 0,9 5,9 6,2% 2,8% - MARINE ATPLRA CZ 81,9-4,2 436,0 2,59% 54,3% -19,3 17,9 4,4 1,1 6,9 24,7% -5,4% - TPNGRA CZ 73,2 4,4 62,3 0,40% -17,0% 16,8 10,8 4,4 0,9 6,4 40,6% 5,3% 2,6% LPLHRA CZ 16,0-0,3 1,0 0,00% -10,0% -62,3 11,4 1,3 0,8-1,8 11,6% -1,2% - JDPLRA CZ 8,3-8,4 37,8 0,00% -7,3% -1,0,1 4,9 0,2 78,5 6,1% -19,1% - 5BR BU 13,1-0,6 0,7-4,00% 8,6% -23,1 8,6 1,3 0,3-0,2 14,6% -1,4% - PHARMA KRKG SV 1863,3 130,1 56,8 0,57% 7,4% 14,3 6,7 1,4 1,2-0,1 21,1% 8,6% 4,8% 3JR BU 322,5 23,8 4,7-0,43% 57,0% 13,6 10,1 0,9 1,3 2,1 9,1% 10,4% 2,1% ATB RO 79,1-0,5 0,00% 4,2% , ,1% BIO RO 65,1-0,3-1,30% 12,6% , ,6% SCD RO 207,7-2,3-2,14% 17,4% ,8% 53B BU #N/A N/A 8,7 #N/A N/A - #VALUE! - - 0, ,7% - RETAIL & DIST. RPH RO 42,3-0,4-1,30% 39,7% , MELR SV 213,7-69,2 35,1 0,00% -48,4% -3,1 10,7 0,5 0,4 6, ,4% - PETG SV 770,9 74,6 369,5-0,46% 13,7% 10,3 6,7 0,3 1,3 2,2 4,0% 12,8% 3,8% 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 61,2 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 - 3,0 215,0-1,38% 21,1% ,1-3,1% 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 1949,9 124,0 176,9-0,33% 4,7% 15,7 4,2 1,6 1,2-1,2 39,5% 8,0% 3,4% TLSG SV 542,6 48,3 83,0-0,32% 16,8% 11,2 4,4 1,2 0,7 1,9 27% 6,8% 6,0% OPTERA CZ 24,6 1,8 2,9-0,35% 7,1% 14,0 4,3 1,0 4,4 2,5 23,9% 33,1% - ROE TOURISM BANKS RIVPRA CZ 792,3 40,0 46,7-0,85% 35,0% 19,8 9,3 4,9 2,9 1,7 52,0% 15,8% 1,7% TUHORA CZ 155,5 9,9 3.1,0 0,00% 6,8% 15,7 10,8 4,8 3,6-0,7 45% 24,4% 1,9% HIMRRA CZ 70,2 1,5 820,0 0,00% 0,7% 47,3 11,9 4,6 1,6 2,5 39,0% 3,4% 0,4% ARNTRA CZ 335,6-14,2 486,2 0,01% 3,8% -23,6 17,5 4,9 1,7 3,5 28% -10,1% - PLAGRA CZ 533,3 31,9 7.0,0 0,00% 28,4% 16,7 9,9 4,0 2,0 1,6 40,7% 13,2% 0,0% LRHRA CZ 154,9 1,5 3.2,0 0,00% 3,6%,9 10,4 4,4 1,6 0,7 43% 1,6% - HUPZRA CZ 190,7 10,3 3.2,0-0,61% 17,2% 18,6-4,2 1, ,0% 0,5% MAISRA CZ 493,5 19,5 335,0-1,02% 32,4% 25,4 12,8 4,3 2,7 2,8 33% 11,3% - 6AB BU 138,4 7,3 63,3 0,13% 3,1% 18,9 15,1 3,2 0,6 2,8 21,1% 3,4% - HMSTRA CZ 19,5 0,5 281,0-1,41% 0,4% 35,7 7,2 3,1 1,2 0,3 42% 3,4% - ACIRA CZ 85,2 0, ,0-0,02% -10,9%,5 8,4 3,1 1,4-0,8 37% 1,4% - SLRSRA CZ 85,0-0, ,0 0,00% 13,7% -,2 6,6 3,4 0,8 2,9 51,8% - - ILRARA CZ 56,4 4, ,0 0,00% 6,8% 12,6-3,9 1, ,1% 1,4% TLV RO 2148,0 283,4 2,3 0,00% 13,6% 7,8 1,6 11,6% 11,7% 0,7 20,6% 2,6% 2,2% BRD RO 1888,5 249,1 12,5-1,42% 4,9% 7,7 1,3 12,8% 12,6% 0,7 17% 2,2% 5,8% ZABARA CZ 2217,6 149,7 51,5-0,10% -4,7% 14,7 1,0-14,4% 1,0 6,4% 0,9% 10,3% BCC RO #N/A N/A -9,4 0,1 0,00% #VALUE! - eld Not Ap - 3,4% 0,4-45% -2,4% - PBZRA CZ 1928,1 181,9 751,0 0,00% -2,3% 10,5 1,0-16,7% 1,0 9,6% 1,7% 3,4% 5F4 BU 302,9 23,4 5,4 0,84%,7% 12,8 0,7-9,3% 0,7 5% 0,5% - INSURANCES FUNDS Mkcap () ZVTG SV 625,0 81,9 27,5 1,07% 18,5% 7,6 0,9 0,7 0,2 0,9 11,5% 2,3% 9,1% POSR SV 286,2 32,8 16,6 0,12% 25,7% 8,0 0,9 0,6 0,2 0,7 11% 2,0% 4,8% CROSRA ZA 770,9 74,6 369,5-0,46% 6,3% 10,3 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 1873, ,0 0,9-0,58% 20,3% 6,0 1,2 0,3 0,3 236,2% 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