FIMA Daily Insight CROATIA SLOVENIA ROMANIA BULGARIA. Vlatko Kesegić. Darko Horvat. January 24, ,2% 30,4% 14,0% 9,1% CROBEX SBI BET SOFIX

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1 CROATIA SLOVENIA ROMANIA BULGARIA January 24, 2017 CROATIA BENCHMARKS DAILY CHANGES % 0,00% -0,07% -0,19% -0,26% CROBEX SBI BET SOFIX BENCHMARKS 3Y CHARTS Croatian equities closed lower yesterday with both indices decreasing; CROBEX decreased 0.19% to 2,092. pts and blue chip CROBEX 10 decreased 0.07% to 1, pts. Regular stock turnover amounted to HRK 7.56 million. (Negative) Adris Group (ADRSPA CZ) topped the liquidity board collecting HRK 1.26 million in turnover with a price increase of 0.84% to HRK H1 s founder Zoran Curkovic, with 9.8% share in the company, requested amendments of agenda by adding acquisition of Optima telekom (OPTERA CZ). The proposed price that Curkovic offer for buying Optima is the same as Optima offers for substitution of H1 shares (Optima telekom - HRK 1.7 per share). The Extraordinary Assembly will be held on Wednesday, January 25. (Neutral) In September 2016, Croatian public debt amounted to HRK bln, which was HRK 1.2 bln less than in the September 2015, while the share of debt to GDP stood at 84.9%, according to Eurostat data. (Positive) In December, registered unemployment rate in Croatia rose to 14.8%, which is the third consecutive month that unemployment is rising on a monthly basis, according to the National Bureau of Statistics (DZS). (Negative) In November 2016, average net monthly salary in Croatia 2016 was HRK 5,5, which is HRK 163 or 2.9% higher than in October 2016, according to the National Bureau of Statistics (DZS). (Positive) SLOVENIA Jan-14 Jan-15 Jan-16 Jan-17 CROBEX SBI BET SOFIX 30,4% BENCHMARKS 1Y % RETURNS 9,1% Vlatko Kesegić Phone: vkesegic@fima.com Darko Horvat Phone: dhorvat@fima.com 14,0% 36,2% CROBEX SBI BET SOFIX SALES AND TRADING DESK CONTACTS Finance Minister Mateja Vranicar Erman did not ask for an extension of the deadline by which Slovenia should privatise its largest bank NLB as she met Competition Commissioner Margrethe Vestager on Monday, but said the process would for the time being continue as planned. The preliminary results of the Group in 2016 indicate that it has successfully closed its third year in a row. (Positive) The company Intereuropa (IEKG SV) informed public of having been notified by the Nova KBM on January 20, about the notification of change in significant holding. The shareholder Nova KBM now holds 2,8,752 shares, representing 14.68% of the voting rights of the Company. (Neutral) In January 2017, Slovenia's consumer confidence index continued to improve to an all-time high since the measurements began in March 1996, show fresh figures from the Statistics Office. (Positive) ROMANIA MedLife (M RO), the leader of the private healthcare sector in Romania, will expand its activity to the Dambovita and Ilfov counties after acquiring an % stake in medical service provider Almina SRL, which has eight medical centers in the area. With 20 years of activity, Almina is the largest private healthcare operator in Dambovita, with five medical centers in Targoviste, two in Pucioasa, and one in Buftea. It also owns two laboratories in Targoviste and Buftea. In 9M 2016, the company recorded a turnover of EUR 1.3 mln. (Positive) Greece s Eurobank group is getting ready to put Bancpost Romania up for sale after having owned it for more than 15 years. (Neutral) Romania's social democrat government targets investments of 4.2% of the gross domestic product this year and has drafted the 2017 state budget on an economic growth projection of 5.2%, finance ministry data showed Monday. (Positive) BULGARIA In 3Q 2016, the level of state debt in Bulgaria marked a drop, compared to the second quarter, in spite of the fact that debt increased on an annual basis (compared to the third quarter of 2015). Bulgaria s debt as a percentage of GDP remains one of the lowest in the EU. (Neutral) trading@fima.com 1

2 Trading day recap CROATIA Market Trunover ( EUR mn): 1,06 1 Adris - pfd 0,17 Imunoloski zavod 16,93% KBZ -20,00% 2 HPB 0,12 Hidroelektra 11,91% Agromedjimurje -12,49% 3 Valamar 0,09 IGH 9,47% HTTP Korcula -6,65% 4 Ina 0,06 Viadukt 7,22% HPB -5,17% 5 Pevec 0,05 Viktor Lenac 5,00% Kutjevo -4,88% 6 AD Plastik 0,05 Slatinska banka 3,79% Hoteli Maes. -3,46% 7 HT 0,05 Ingra 3,26% Puljanka -3,11% 8 Dalekovod 0,04 Dalekovod 3,09% Magma -2,44% 9 Ingra 0,04 Medika 3,08% Plava Laguna -2,42% Jan-14 Jan-15 Jan-16 Jan IGH 0,04 DDJH 2,59% Belje -2,27% CROBEX CRO Tourism CROPLUS Index SLOVENIA Market Trunover ( EUR mn): 0,42 1 Petrol 0,12 Terme Catez 2,78% Sivent -10,00% 2 Krka 0,09 Krka 0,35% Kmecka Druzba -8,63% 3 Telekom Slo. 0,07 Triglav 0,33% Petrol -0,61% 4 Cinkarna Celje 0,05 Gorenje 0,16% Unior -0,25% 5 Unior 0,03 Datalab 0,05% Luka Koper -0,19% 6 Gorenje 0,03 Cetis 0,02% Intereuropa -0,07% 7 Triglav 0,02 Telekom Slo. 0,00% Telekom Slo. 0,00% 70 8 Luka Koper 0,01 Mercator 0,00% Mercator 0,00% 9 KS Nalozbe 0,00 Sava Re 0,00% Sava Re 0,00% Jan-14 Jan-15 Jan-16 Jan-1710 Cetis 0,00 Cinkarna Celje 0,00% Cinkarna Celje 0,00% SBI ROMANIA Market Trunover ( EUR mn): 4,90 Volume () Leaders Laggers Volume () Leaders Laggers Volume () Leaders Laggers 1 OMV Petrom 1, Icmrs 114,3% Napoca -8,05% 2 Banca Trans. 1,29 Transcom Bucur 74,12% Feroneria -6,76% 3 Fondul Prop. 0,97 Mecon 33,33% Sc Transilvani -4,85% 4 Electrica 0,22 Ntierul Naval 22,09% Mecanica Rotes -4,67% 5 Romgaz 0,20 Romcab Tg Mur 14,99% Electrecord B -3,33% 6 Transgaz 0,18 Comat Giurgiu 11,11% Delivery Solut -2,27% 7 BRD 0,12 Bucur Obor Bu 9,28% Turism Covasna -2,08% 8 Transcom Bucur 0,10 Mobest Bucure 5,61% OMV Petrom -1,38% Jan-14 Jan-15 Jan-16 Jan-17 9 Romcab Tg Mur 0,08 Primcom Bucur 5,54% Ssif Broker -1,37% 10 Sif 3 Transilv 0,05 Comnord Bucur 3,67% Electromagneti -1,11% BET BET-BK Index BULGARIA Market Trunover ( EUR mn): 1,47 Volume () Leaders Laggers Jul-14 Jul-15 Jul-16 SOFIX BGBX40 index 1 Ccb Real Estat 1,22 Zavod Za Shlif 210,56% Bulland Invest -5,21% 2 Velgraf Asset 0,20 Bulgaria Housi 21,95% Aktiv Properti -1,37% 3 Chimimport 0,01 Zaharni Zavodi 9,95% Vance Terrafun -0,47% 4 Doverie Holdin 0,01 Bulgaria Compe 8,06% Elhim Iskra -0,39% 5 Zarneni Hrani 0,00 Prime Property 7,03% Stara Planina -0,31% 6 Speedy 0,00 Expat Beta Rei 4,53% Doverie Holdin -0,17% 7 Vance Terrafun 0,00 Bulgaria Reg C 3,85% Ccb Real Estat -0,02% 8 Energoremont H 0,00 Sopharma Tring 3,03% Monbat 0,00% 9 Bulgaria Reg C 0,00 Speedy 2,66% Chimimport 0,00% 10 Emka -Sevlievo 0,00 Energoremont H 1,72% Velgraf Asset 0,00% 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 61,9-2,1 5,0 0,00% -4,9% -28,8 3,6 0,3 1,2-2,1 9,4% -4,1% 2,9% DLKVRA CZ 49,4 2,2 15,0 3,09% 10,4% 22,6 8,5 0,9 1,1 7,1 10,7% 4,7% - VDKTRA CZ 22,9-0,6 375,7 7,22% 22,4% -41,5 4,5 0,4 0,5 1,6 9,3% -1,2% - INGRRA CZ 6,3 1,8 3,5 3,26% 13,7% 3,5-20,0 9,5 0,5-19,6-47,7% 14,7% - THNKRA CZ 14,3-0,5 566,7 0,00% 23,1% -29,5 13,6 0,8 0,4 11,0 5,7% -1,2% - IGHRA CZ 17,5-8,9 213,5 9,47% 18,4% -2,0 239,5 3,2 8,5 214,0 1% -164,9% - DIVERSIFIED ADRSPA CZ 1192,0-35,6 469,8 0,01% 3,0% -33,5 3,5 0,5 0,5-8,3 13,7% -2,9% 3,2% 6C4 BU 208,9 26,1 1,7 0,00% 2,1% 8,0 - -0,9 0, ,2% 2,6% 4HS BU 8,1 0,2 3,2 - -2,7% 52, , ,5% 6,1% - 5V2 BU,3 0,4 30,0 - -9,0% 217,7 28,5 5,5 1,0 16,3 19,2% 0,5% - 4EH BU 40,2-27,6 0,6 0,49% -5,5% -1,5-3,2 0,6 0,8-1,2-18,7% -38,4% 0,5% 5SR BU 70,1 3,7 6,5-0,31% 0,6% 19,0 4,6 0,8 1,6-1,2 16% 8,5% 3,2% ENERGY & UTILITY SNG RO 2255,4 #N/A N/A 26,4-0,57% 5,4% 8,8-1,9 1, ,2% SNP RO 3585,1-177,1 0,3-1,38% 9,2% - 2,4 1,0 0,6 0,2 35,5% -2,9% - TGN RO 781,8-299,0 0,00% 1,7% - 2,9 1,6 1,0-0, ,2% EL RO 1029,5 81,6 13,4 0,45% 1,8% 12,6 2,4 0,4 0,8-2,5 17,8% 6,5% 6,4% TEL RO 486,0-29,9 0,17% 2,2% , ,9% COTE RO 161,1-83,8 0,24% 6,3% - 1,8-1,0-2, ,7% INARA CZ 4247,4-192, ,9 1,19% 10,0% -22,1 79,1 2,3 2,9 6,8 2,9% -12,6% - SNN RO 351,6 33,2 5,3 0,96% 9,3% 10,6 3,0 1,2 0,2 0,2 38% 2,0% 6,3% JNAFRA CZ 886,1 37,1 6.0,0 0,00% 24,5% 23,9 7,7 6,2 1,8-1,3,4% 7,9% 2,0% FOOD & BEVERAGE PODRRA CZ 362,2 53,3 381,8 0,18% 0,7% 6,8 8,0 0,9 1,0 1,8 11,6% 15,5% 1,8% ATGRRA CZ 418,0 32,5 940,8 1,02% 6,4% 12,9 14,0 1,4 3,0 3,1 10,3% 12,2% 1,4% LEDORA CZ 4,7 39, ,5 0,14% 1,0% 11,3 9,2 1,6 1,7 1,0 17,8% 15,9% 3,9% JMNCRA CZ 424,5 44, ,0 0,35% 3,5% 9,6 7,4 1,0 1,7-1,8 13,8% 18,4% - KRASRA CZ 99,4 2,4 543,1 0,46% 0,6% 40,7 11,1 0,9 1,3 1,8 8,1% 3,1% - CKMLRA CZ 91,6 6,6 6.5,0 0,00% 1,4% 13,8 8,7 0,7 1,3-1,3 8% 9,2% 1,2% BLJERA CZ 26,4-6,0 24,1-2,27% 3,3% -4,4 17,8 1,7 0,6-9,3% -2,3% - ZVZDRA CZ 59,7 3, ,5-0,13% -4,8% 18,1 15,0 1,2 1,0 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 155,6 5,3 6,4 0,16% 6,3% 29,6 6,6 0,5 0,4 3,5 7,1% 1,4% - ERNTRA CZ 223,0 11, ,1-0,04% 8,0% 19,0 9,5 0,9 7,2-9,2% 31,1% 9,0% CICG SV 138,5 7,0 170,0 0,00% 4,9% 19,7 2,4 0,3 1,0-0,7 12,9% 5,0% 2,5% DDJHRA CZ 46,5-4,3 45,9 2,59% 1,7% -10,7 83,5 1,4-30,9 1,7% - - ADPLRA CZ 78,3 6,0,0 0,14% 1,0% 13,1 7,7 1,0 0,9 3,2 13,2% 7,0% 5,7% 5MB BU 199,4 12,0 10,0 0,00% 3,5% 16,6 9,7 1,6 2,0 1,2 16% 12,6% 2,8% KODTRA CZ 53,7 4,3 1.0,0 0,00% 4,6% 12,6 8,2 0,5 1,6-0,2 6,2% 12,9% - 5MH BU 133,6 5,5 6,7 0,01% 0,6% 24,2 9,8 2,1 4,1-0,8 21,3% 17,0% 3,3% PTKMRA CZ 30,7-9,3 17,9 0,56% 0,1% -3,3-0,5 2, ,4% - INFRASTRUCTURE LKPG SV 368,3 38,7 26,3-0,19% 5,2% 9,5 5,4 2,1 1,1 1,3 39,7% 12,4% 4,3% LKPCRA CZ 31,9-2,6 565,7 0,10% -0,9% -12,1 31,2 1,3 0,6 2,4 4,2% -4,8% - LKRIRA CZ 85,5-0,2 47,6-0,83% -0,6% -423,5 577,9 4,7 0,9-136,3 0,8% -0,2% - MARINE ATPLRA CZ 57,4-23,7 308,8 0,36% 9,3% -2,4-45,0 4,1 0,7 6,4-9,2% -26,4% - TPNGRA CZ 90,7 5,8 78,0 1,56% 4,0% 15,7 11,4 5,5 1,1 6,4 48,6% 7,0% 5,1% LPLHRA CZ 19,2-16,2 217,1 0,00% 8,5% -1,2 13,6 1,8 0,9-1,9 13,6% -76,1% - JDPLRA CZ 9,7-21,6 44,3 2,40% 8,7% -0,4-11,5 9,2 0,2-10,2-79,8% -38,5% - 5BR BU 12,8 1,2 0,7-5,7% 10, ,3 0,1 15,1% 2,9% - PHARMA KRKG SV 1711,8 105,2 52,2 0,35% -1,3% 16,3 7,9 1,7 1,2-0,1 21,5% 7,5% 5,1% 3JR BU 230,9 14,9 3,4 0,30% 12,4% 15,5 7,8 0,7 1,1 2,7 9,2% 6,9% 2,1% ATB RO,2-0,5-1,10% 3,5% , ,9% BIO RO 59,1-0,3 0,00% 0,0% , ,9% SCD RO 182,9-2,0 0,51% 1,3% , ,9% 53B BU 49,3 8,3 14,2 - -5,9% 5,9-0,6 0, ,6% - RETAIL & DIST. RPH RO 30,6-0,3-1,10% -0,7% , MELR SV 411,1-2,5 67,5 0,00% -0,7% -162,6 9,9 0,5 0,6 6,4 - -0,4% - PETG SV 678,0 73,9 325,0-0,61% 0,0% 9,2 7,4 0,3 1,2 3,1 3,9% 13,3% 3,9% TISKRA CZ,9 1,2 1,0 0,00% 3,2% 42,8 4,9 0,1 1,5-5,2 2,7% 3,5% - MDKARA CZ 70,8 7,9 17.0,0 3,08% 2,4% 9,0 11,2 0,4 1,2 3,6 3,2% 13,5% 9,7% PVCMRA CZ - 3,0 192,2-1,06% 8,3% ,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 1895,0 127,0 173,7 0,18% 2,8% 14,9 3,7 1,5 1,2-1,1 39,8% 8,3% 3,4% TLSG SV 9,8 20,9 78,0 0,00% 9,7% 24,3 4,3 1,2 0,7 1,9 28% 3,0% 6,4% OPTERA CZ 23,5 2,9 2,8-0,36% 3,3% 8,2 4,3 1,0 4,3 2,5 23,1% - - ROE TOURISM BANKS RIVPRA CZ 651,0 34,3 38,8 0,54% 12,1% 19,0 9,7 3,5 2,1 2,2 35,7% 11,7% 1,5% TUHORA CZ 151,6 10, ,3 0,00% 5,2% 14,6 10,3 4,8 3,0 0,1 47% 21,6% 3,7% HIMRRA CZ 69,0 2,8 815,0 0,00% 0,1% 25,0 12,9 5,3 1,4 2,7 41,5% 5,7% 0,4% ARNTRA CZ 145,9 1,1 1,7-1,73% 7,1% 131,4 12,8 3,7 1,4 3,5 29% 1,1% - PLAGRA CZ 478,4 31, ,9-2,42% 8,0% 15,1 8,6 3,6 1,6 2,3 42,1% 12,4% - LRHRA CZ 145,3-2,3 3.2,3-1,31% -1,8% -64,1 18,9 9,4 2,8 0,6 % -1,9% - HUPZRA CZ 161,7 9,7 2.9,3-1,25% 0,4% 16,7 10,7 4,5 1,6 2,1 42,3% 9,9% - MAISRA CZ 364,8 18,6 2,2-0,52% -1,1% 19,6 7,8 3,5 1,8 1,9 45% 9,5% - 6AB BU 134,6 3,0 61,6 0,02% 0,3% 44,7 12,2 3,0 0,6 3,7 24,5% 1,4% 0,7% HMSTRA CZ 19,2 0,5 2,0-3,46% 0,1% 35,1-2,9 1, ,1% - ACIRA CZ 96,2 3,3 6.2,7 0,00% 1,7% 29,2-4,1 1, ,2% 2,3% SLRSRA CZ,7 #N/A N/A 9,0-1,87% 9,0% , ILRARA CZ 53,1 4, ,0 0,00% 1,4% 12,7-3,6 1, ,5% 1,4% TLV RO 1846,1 5,2 2,3 0,44% -4,4% 3,4 1,3 12,1% 13,0% 0,7 48,8% 5,9% 14,4% BRD RO 1733,4 128,7 11,2 0,18% -5,7% 13,6 1,2 17,0% 12,2% 0,7 9% 1,2% 2,9% ZABARA CZ 2498,6 219,0 58,6-1,06% 8,4% 11,3 1,0-13,3% 1,0 9,4% 1,3% - BCC RO 48,2-17,0 0,1 0,00% 3,4% - 1,1-3,4% 0,4-45% -2,4% - PBZRA CZ 2010,3 #N/A N/A 791,0 0,00% 2,9% - 1,1-16,7% 1,0 ####### #VALUE! 1,3% 5F4 BU 217,5 31,6 3,9-15,4% 6,9 0,5-8,3% 0,8 8% 0,7% - INSURANCES FUNDS Mkcap () ZVTG SV 554,7 88,8 24,4 0,33% 5,2% 6,2 0,8 0,6 0,2 0,9 12,9% 2,6% 10,2% POSR SV 255,0 33,4 14,8 0,00% 12,0% 7,3 0,9 0,5 0,2 0,9 12% 2,2% 4,4% CROSRA ZA 678,0 73,9 325,0-0,61% 0,0% 9,2 7,4 0,3 1,2 3,1 3,9% 13,3% 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 20, ,9 0,9-0,46% 8,2% 6,0 1,1 0,2 0,3 210,9% 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