FIMA Daily Insight CROATIA SLOVENIA ROMANIA BULGARIA. Vlatko Kesegić. Darko Horvat. June 27, 2017 CROATIA

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1 CROATIA SLOVENIA ROMANIA BULGARIA June 27, 2017 CROATIA BENCHMARKS DAILY CHANGES % 1,27% 0,69% 0,55% -1,32% CROBEX SBI BET SOFIX Croatian equities closed higher yesterday with both indices increasing; CROBEX increased 0.69% to 1, pts and blue chip CROBEX 10 increased 0.54% to 1, pts. Regular stock turnover amounted to HRK 8.78 million. (Positive) Croatian hotel operator Arena Hospitality Group (ARNTRA CZ) topped the liquidity board collecting HRK 3.65 million in turnover with a price increase of 0.40% to HRK Croatian port Luka Rijeka (LKRIRA CZ) said on Monday that EUR 34 mln worth of grants from the European Commission's Connecting Europe Facility had been approved for two projects designed to renovate and upgrade the port's infrastructure in Rijeka and Bakar. Total value of project Rijeka amounts to EUR mln, while of project Bakar EUR 6.09 mln. Both projects include demolition and removal of existing infrastructure, construction of new carriageways, harbor cranes, industrial tracks, electrical installations, and water supply and drainage systems. (Positive) BENCHMARKS 3Y CHARTS Arena Hospitality Group (ARNTRA CZ) purchased 12% of the shares in Sugarhill for an amount of EUR 8.33 mln as a result of which Arena now owns % of the shares in Sugarhill. The purchase was funded out of the proceeds of Arena's recent successful public offering. On December 23, 2016, Arena, by way of a capital contribution of its shareholder, Dvadeset Osam d.o.o., acquired 88% of the shares in Sugarhill. (Neutral) In April, volume of construction works was 3.3% higher yoy, shows provisional data on construction indexes published by the Central Bureau of Statistics (DZS). (Positive) Jun-14 Jun-15 Jun-16 Jun-17 CROBEX SBI BET SOFIX 13,8% BENCHMARKS 1Y % RETURNS 18,4% Vlatko Kesegić Phone: vkesegic@fima.com Darko Horvat Phone: dhorvat@fima.com 31,3% 52,3% CROBEX SBI BET SOFIX SALES AND TRADING DESK CONTACTS SLOVENIA Referendum initiative regarding second railway tier legislatures succeeded collecting the necessary votes. The referendum will be reflected on delay in the project. Government so far claimed this referendum delay would cost EUR mln, as some EU infrastructure funding would be lost. The referendum will likely take place in autumn (Neutral) ROMANIA In May, Romanian private lending grew by 0.7% (0.4% in real terms) compared to April, to RON bln, central bank data showed Monday. (Neutral) The macroeconomic confidence indicator compiled by CFA Romania increased in May, reaching 66.6 points, up 5.8 points over the previous month. The analysts expectations also saw an improvement, going up by 4.8 points to 57.9 points. (Neutral) BULGARIA In Jan-May, Monbat (5MB BU) increased sales revenues by 27% yoy to BGN 121 mln, while EBIT increased by 28% yoy to BGN 15.9 mln, yielding a 13.2% margin, according to preliminary monthly results published by the Company. grew by 23.2% yoy to BGN 23.2 mln, yielding a 19.11% margin for the five month period. (Positive) Majority shareholder in leading courier Speedy (0SP BU) - Speedy Group, sold a 0.83% stake. Speedy Group is controlled by Speedy s CEO Valeri Mektupchiyan and post the sale controls 65.59% on the Company. GeoPost, France has 25% in Speedy with an option to increase its stake to 70% in On June 23, shareholders approved BGN 1.13 dividend per share, yielding 2.6% at current market quotes and an ex-div day of July 5. Shareholders also approved a change in the incorporating documents of the Company to reflect the share capital increase with new shares issued as an employee share based compensation plan. Post the registration Speedy s share capital will be BGN 5.38 mln distributed in ordinary shares. (Neutral) trading@fima.com 1

2 Trading day recap CROATIA Market Trunover ( EUR mn): 1,20 1 Arenaturist 0,49 Dalekovod 5,73% Slatinska banka -18,99% 2 Valamar 0,21 Atlantska plov. 5,29% Jadroplov -8,49% 3 Koncar EI 0,08 Hoteli Tucepi 5,00% Viadukt -7,69% 4 HT 0,07 Maistra 4,13% Losinjska pl. -7,30% 5 Adris - pfd 0,06 RIZO 3,70% Excelsa -5,% 6 Atlantska plov. 0,04 Petrokemija 3,40% Varteks -4,% 7 Dalekovod 0,03 Solaris 3,29% Badel -2,72% 8 Adris 0,02 Luka Rijeka 2,42% ULPL -2,45% 9 Pevec 0,02 Valamar 2,16% Optima -2,35% Jun-14 Jun-15 Jun-16 Jun Atlantic Grupa 0,02 Zlatni rat 2,06% KODT -2,21% CROBEX CRO Tourism CROPLUS Index SLOVENIA Market Trunover ( EUR mn): 1,00 1 Krka 0,64 Krka 2,53% Intereuropa -2,00% 2 Petrol 0,12 KD Group 2,48% Unior -0,27% 3 Triglav 0,09 Cinkarna Celje 2,23% Mercator 0,00% 4 Cinkarna Celje 0,05 Luka Koper 2,01% Gorenje 0,00% 5 Telekom Slo. 0,03 Telekom Slo. 0,96% Salus 0,00% 6 Sava Re 0,03 Sava Re 0,68% Hotel Union 0,00% 7 Unior 0,02 Petrol 0,54% Melamin 0,00% 70 8 Luka Koper 0,01 Kmecka Druzba 0,47% Terme Catez 0,00% 9 Gorenje 0,01 Triglav 0,16% Nama 0,00% Jun-14 Jun-15 Jun-16 Jun-1710 Intereuropa 0,00 Mercator 0,00% Mlinotest 0,00% SBI ROMANIA Market Trunover ( EUR mn): 7,13 Volume () Leaders Laggers Volume () Leaders Laggers Volume () Leaders Laggers 1 Sif 2 Moldova 1,35 Mecon 54,3% Sintofarm Buc -49,66% 2 Transgaz 1,33 Lacta Giurgiu 40,00% Transgaz -13,00% 3 Fondul Prop. 1,19 Armatura 12,96% Retrasib -9,57% 4 Banca Trans. 1,13 Agrana Romania 8,99% Mecanica Rotes -8,24% 5 Romgaz 0,82 Romaero 8,24% Tusnad Tusnad -6,52% 6 OMV Petrom 0,33 Amylon 6,67% Oltchim Rm Va -6,13% 7 Conpet Ploies 0,31 Turism Felix 6,41% Comnord Bucur -5,32% 8 BRD 0,28 Transporturi A 6,18% Feroneria -4,83% Jun-14 Jun-15 Jun-16 Jun-17 9 Sif 5 Oltenia 0,08 Constructii Co 5,09% Perla Covasnei -4,43% 10 Transelectrica 0,06 Turism Covasna 4,87% Aerostar Baca -3,92% BET BET-BK Index BULGARIA Market Trunover ( EUR mn): 0,84 Volume () Leaders Laggers Dec-14 Dec-15 Dec-16 SOFIX BGBX40 index 1 Chimimport 0,17 Aroma 5,33% Holding Center -14,26% 2 Monbat 0,13 Euroholding Bl 4,45% Nov Vek Holdin -9,42% 3 Ccb Real Estat 0,12 Energetics And 4,35% Fazerles -7,77% 4 Euroholding Bl 0,11 Formoplast Ka 4,17% Yuri Gagarin -6,00% 5 Sirma Group Ho 0,07 Kauchuk 4,17% Bulgaria Reg C -5,18% 6 Vance Terrafun 0,06 Solarpro Holdi 3,70% Svilosa -2,55% 7 Sopharma 0,05 Trace Group 2,97% Sopharma Prope -2,42% 8 Sopharma Tring 0,02 Sparky Eltos - 2,84% Synergon Holdi -2,23% 9 CCB 0,02 Monbat 2,72% Bulgaria Compe -2,08% 10 M+S Hidravlik 0,01 Koro Bulgaria 2,65% Sirma Group Ho -1,96% 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 55,4-5,8 4,5 2,97% -14,8% -9,6 23,5 0,4 1,2-5,4 1,7% -11,3% 3,3% DLKVRA CZ,7 7,0 24,2 5,73% 78,1% 11,5 7,8 0,5 2,3 2,8 6,7% 17,4% - VDKTRA CZ 7,4 1,5,0-7,69% -,9% 4,9 4,7 0,4-2,8 9,1% - - INGRRA CZ 8,7 1,3 4,7 0,21% 54,9% 6,4-211,5 7,5 0,6-194,6-3,6% 10,3% - THNKRA CZ 14,8 0,1 5,0 0,00% 26,0% 117,3 15,6 0,9 0,3 12,2 6,0% 0,3% - IGHRA CZ 22,8-7,5 275,0-1,96% 52,5% -3,0,0 3,2-40,0 6% -164,9% - DIVERSIFIED ADRSPA CZ 1165,6 70,2 472,8 0,20% 3,6% 16,6 1,5 0,4 0,5-4,1 27,1% 6,1% 3,6% 6C4 BU 221,7 26,1 1,8 1,23% 8,3% 8,5 - -0,9 0, ,2% 3,0% 4HS BU 8,7 0,2 3,4 1,15% 4,2% 55, , ,5% 6,1% - 5V2 BU 87,2 1,0 32,6 - -1,3% 89,6 44,0 6,8 1,1 15,0 15,3% 1,3% - 4EH BU,6 3,4 1,2 4,45% 86,8% 29,8 16,7 1,3 1,8 8,6 7,9% 6,6% 0,8% 5SR BU 87,2 3,8 8,1-0,98% 25,1% 22,8-1,0 1, ,5% 2,7% ENERGY & UTILITY SNG RO 2707,5 #N/A N/A 32,1-0,77% 28,4% 8,8-1,9 1, ,9% SNP RO 3737,4 304,9 0,3-0,% 15,5% - 3,0 0,9 0,6 0,0 30,8% 5,1% 5,0% TGN RO 999,7 132,7 388,0-13,00% 32,0% 7,5 2,7 1,4 1,2-1,0 52,0% - 11,9% EL RO 1014,4 79,4 13,4-0,74% 1,8% 12,8 3,1 0,5 0,8-2,5 16,9% 6,3% 5,5% TEL RO 458,8-28,6 4,38% -2,1% , ,9% COTE RO 243,5-128,5-1,91% 63,1% - 1,9-1,5-2, ,9% INARA CZ 4384,2 48,8 3.2,0 0,05% 12,1% 89,8 11,0 1,8 3,0 0,9 16,0% 3,4% 0,5% SNN RO 426,3 24,7 6,5-0,46% 34,4% 17,3 1,9 0,7 0,3-0,3 40% 1,5% 5,1% JNAFRA CZ 774,8 40, ,0 0,00% 7,6% 19,0 9,1 7,0 1,5-1,2 76,8% 8,2% 2,3% FOOD & BEVERAGE PODRRA CZ 318,0 18,7 331,1 1,98% -12,7% 17,0 8,8 0,9 0,8 2,4 10,5% 4,9% 2,1% ATGRRA CZ 345,0 22,6 767,0-1,04% -13,2% 15,2 8,7 0,8 1,3 3,2 9,2% 8,6% 1,8% LEDORA CZ #N/A N/A 38,1 #N/A N/A - #VALUE! - 9,4 1,6-1,0 17,1% 15,7% 12,1% 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 88,7 3,5 479,0 0,81% -11,2% 25,3 10,3 1,0 1,0 3,5 9,3% 4,4% - CKMLRA CZ 87,1 8, ,1 0,00% -4,8% 10,4 8,0 0,6 1,2 0,9 8% 11,8% 1,0% 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 153,9 9,5 6,3 0,00% 5,1% 16,2 6,3 0,4 0,4 3,7 7,0% 2,6% 1,6% ERNTRA CZ 221,9 13, ,5 0,% 6,1% 16,2 10,0 1,0 5,4-1,7 10,0% 31,9% 9,0% CICG SV 141,7 9,8 174,0 2,23% 7,4% 14,5 4,0 0,6 1,0-1,3 14,8% 6,8% 5,2% DDJHRA CZ 35,8-0,2 34,9 0,06% -22,7% -183,2 19,6 1,1 3,2 9,6 5,4% - - ADPLRA CZ 95,7 7,8 168,9-0,21% 21,9% 12,2 7,2 1,1 1,0 2,6 15,3% 8,5% 5,0% 5MB BU 233,5 10,7 11,7 2,72% 21,2% 21,9 12,9 1,7 2,7 2,8 13% 11,6% 2,4% KODTRA CZ 52,8 5, ,0-2,21% 1,4% 10,6 4,3 0,3 1,1-0,7 6,6% 14,0% 3,6% 5MH BU 164,7 6,1 8,3 0,97% 24,1% 27,2 13,8 3,0 4,6-0,9 21,5% 17,3% 3,2% KOEIRA CZ 253,3-730,0 0,61% 5,8% , ,6% INFRASTRUCTURE LKPG SV 425,6 46,3 30,4 2,01% 21,6% 9,2 6,3 2,5 1,2 1,3 39,2% 14,0% 3,2% LKPCRA CZ 31,7-2,7 555,7 0,13% -2,7% -11,9-15,1 1,2 0,6 1,2-7,6% -4,7% - LKRIRA CZ 79,2 1,9 43,5 2,42% -9,1% 41,7 111,6 4,3 0,8 9,9 3,8% 2,1% - MARINE ATPLRA CZ 77,3-14,9 410,6 5,29% 45,3% -5,2 72,3 5,1 1,0 6,9 7,0% -18,3% - TPNGRA CZ 83,9 5,5 71,3 1,77% -5,0% 15,3 10,5 4,6 0,9 5,8 44,1% 6,4% 2,2% LPLHRA CZ 15,7-0,2 176,1-7,30% -12,0% -96,2 21,7 1,5 0,8-3,0 6,9% -0,8% - JDPLRA CZ 6,1-10,7 27,6-8,49% -32,3% -0,6-48,2 6,5 0,1-43,3-13,5% -22,7% - 5BR BU 12,8-0,6 0,7 0,00% 5,6% -21,3 23,1 1,4 0,3-0,4 6,2% -1,5% - PHARMA KRKG SV 1832,5 111,0 55,9 2,53% 5,6% 16,5 7,5 1,4 1,2-0,2 18,5% 7,5% 4,9% 3JR BU 306,6 27,0 4,4 0,18% 49,3% 11,3 9,9 0,8 1,3 2,4 8,2% 11,9% 2,2% ATB RO 81,4-0,6-0,36% 6,5% , ,9% BIO RO 64,3-0,3-0,67% 10,4% , ,7% SCD RO 187,1-2,1-2,38% 5,1% , ,6% 53B BU #N/A N/A 8,7 #N/A N/A - #VALUE! - - 0, ,7% - RETAIL & DIST. RPH RO 39,1-0,4 0,00% 28,7% , MELR SV 237,6-73,6 39,0 0,00% -42,6% -3,2 10,7 0,5 0,4 6, ,3% - PETG SV 782,4 74,8 375,0 0,54% 15,4% 10,5 6,7 0,3 1,3 2,3 4,0% 12,7% 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 48,9 7, ,0-0,13% -30,2% 6,6 11,2 0,3 0,7 5,2 3,1% 11,8% 14,2% PVCMRA CZ - 3,0 191,9 1,65% 8,1% ,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 1938,4 126,3 175,5-0,06% 3,8% 15,3 4,0 1,6 1,2-1,6 39,5% 8,0% 3,4% TLSG SV 549,0 40,7 84,0 0,96% 18,1% 13,5 4,0 1,2 0,8 1,8 29% 5,7% 6,0% OPTERA CZ 24,9 1,8 2,9-2,35% 8,2% 14,1 4,6 1,1 4,7 2,5 23,5% 35,4% - ROE TOURISM BANKS RIVPRA CZ 748,9 39,7 44,1 2,16% 27,3% 18,8 9,3 5,0 2,7 1,8 53,4% 15,8% 1,8% TUHORA CZ 148,9 8, ,0 0,17% 2,0% 17,9 13,3 5,4 3,2-0,8 41% 18,9% 2,0% HIMRRA CZ 69,9 1,1 815,0 0,00% 0,1% 63,3 12,8 4,9 1,6 2,7 38,6% 2,5% 0,4% ARNTRA CZ 326,3-19,1 471,6-0,54% 0,7% -17,1 21,1 5,8 2,1 4,5 27% -20,2% - PLAGRA CZ 3,0 27, ,7 0,00% 12,1% 18,3 10,3 4,1 1,8 1,1 40,3% 11,8% - LRHRA CZ 152,3 1, ,0-0,53% 1,6% 103,5 9,9 4,4 1,6 0,7 44% 1,5% - HUPZRA CZ 169,0 11, ,0 0,00% 3,6% 14,9-4,1 1, ,7% 0,6% MAISRA CZ 441,6 19,0 299,1 4,13% 18,2% 23,2 13,0 4,4 2,5 2,9 34% 10,6% - 6AB BU 138,5 8,0 63,4-1,25% 3,2% 17,3 12,4 2,9 0,6 2,6 23,6% 3,6% 0,7% HMSTRA CZ 20,2 0,5 290,0-0,42% 3,7% 38,2-3,0 1, ,3% - ACIRA CZ 86,9 1,3 5.0,0 0,00% -9,3% 67,4 9,3 3,6 1,4-0,8 38% 2,1% 2,5% SLRSRA CZ 83,3 #N/A N/A 1.000,0 3,29% 11,2% , ILRARA CZ 53,9 4, ,0 0,00% 1,8% 12,6-4,0 1, ,9% 1,5% TLV RO 2194,2 283,4 2,8-0,90% 15,3% 7,9 1,6 11,6% 11,7% 0,7 20,6% 2,6% 2,2% BRD RO 2168,7 225,4 14,2 0,57% 19,7% 9,8 1,4 12,8% 12,6% 0,7 15% 2,1% 5,1% ZABARA CZ 2047,7 145,8 47,4 1,54% -12,2% 13,9 0,8-14,4% 1,0 6,1% 0,9% 11,2% BCC RO 49,7-9,4 0,1-0,96% 8,0% - 1,1-3,4% 0,4-45% -2,4% - PBZRA CZ 1929,9 211,4 7,0 0,00% -2,5% 9,0 1,0-16,7% 1,0 11,4% 2,0% 3,4% 5F4 BU 306,5 48,4 5,4 0,91% 62,7% 6,3 0,7-9,3% 0,7 11% 1,1% - INSURANCES FUNDS Mkcap () ZVTG SV 568,4 81,9 25,0 0,16% 7,8% 6,9 0,8 0,6 0,2 0,9 11,5% 2,3% 10,0% POSR SV 268,6 32,8 15,6 0,68% 18,0% 7,5 0,8 0,5 0,2 0,7 11% 2,0% 5,1% CROSRA ZA 782,4 74,8 375,0 0,54% -0,9% 10,5 6,7 0,3 1,3 2,3 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 1915, ,1 0,9-0,34% 22,2% 6,0 1,3 0,3 0,3 591,1% 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 INSTITUTIONAL SALES AND TRADING DESK CONTACTS: VLATKO KESEGIĆ DARKO HORVAT TRADING DEPARTMENT: DISCLAIMER 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. is prepared by the employees of FIMA Securities Ltd. The first issue of was published on 16TH January Additional information is available upon request. 6