FIMA Daily Insight CROATIA SLOVENIA ROMANIA BULGARIA. Vlatko Kesegić. Darko Horvat. November 30, ,6% 12,8% 14,1% -6,9% CROBEX SBI BET SOFIX

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1 CROATIA SLOVENIA ROMANIA BULGARIA November 30, 2017 CROATIA BENCHMARKS DAILY CHANGES % -0,02% -0,08% -0,14% -0,27% CROBEX SBI BET SOFIX Croatian equities closed lower yesterday with both indices decreasing; CROBEX decreased 0.27% to 1,8.52 pts and blue chip CROBEX 10 decreased 0.14% to 1, pts. Regular stock turnover amounted to HRK 6.22 million. (Negative) Croatian builder Tehnika (THNKRA CZ) topped the liquidity board collecting HRK 1.18 million in turnover and its price increased 12.87% to HRK In 3Q 2017, Croatia's annual GDP growth increased to 3.3% from a revised growth of 3% in the preceding quarter, according to the country's statistical office. On a seasonally adjusted basis, Croatia's economy expanded by 3.2% yoy and by 0.9% qoq. The largest contribution to GDP growth in 3Q 17 came from exports of goods and services which rose by a real 5.7% yoy, slowing down from a 6.5% increase in 2Q 17. (Neutral) The overall turnover of Croatia's industry in September grew by 0.2% mom and 2.3% yoy, according to State Bureau of Statistics. (Positive) 1 BENCHMARKS 3Y CHARTS SLOVENIA Gorenje Group (GRVG SV) is embarking on an active search of a suitable strategic partner who would back the Group in its long-term and sustainable growth and development, which could also lead to such partner's participation in the company's ownership structure. To support these activities, Gorenje Management Board appointed Rothschild S.p.A., as its financial advisor, and the law firm Jadek & Pensa of Ljubljana for legal support. Activities will be presumably completed by the end of the third quarter of (Neutral) Nov-14 Nov-15 Nov-16 Nov-17 CROBEX SBI BET SOFIX BENCHMARKS 1Y % RETURNS 18,6% 12,8% 14,1% The works council of port operator Luka Koper (LKPG SV) unanimously endorsed the company's management, which is facing dismissal at an extraordinary shareholders' meeting on December 28, saying that the decision was based on good results, including when it comes to the disputed relationship with port service providers. (Neutral) The share of non-performing loans (NPLs) in the Slovenian banking sector fell to 7.1% at the end of September from 7.2% a month earlier, central bank data showed. At the end of 2016, NPLs in Slovenia's banking system totalled EUR 3.5 bln, corresponding to a NPL ratio of 8.5%. (Positive) ROMANIA ANRE proposed cuts in the distribution tariffs by 2% yoy for Electrica Distributie Muntenia Nord, 1% for Electrica Distributie Transilvania Nord and 3% for Electrica Transilvania Sud. The company expected significant increases in tariffs, namely 8% yoy for EDMN, 11% for EDTN and 7% for EDTS. The main corrections were due to higher than expected volumes distributed in 2016 and 2017, variations of the power prices paid for covering the grid losses, the reduction of the regulated rate of return from 8.5% to 7.7%, and the scrapping of the special constructions tax. (Neutral) Elliott reported decreasing its stake in FP RO to 14.92% of the voting rights; 12.94% of the share capital (or 1.3 bln shares). Elliott owned 15.6% of voting rights; 13.6% of share capital prior to the trade. (Neutral) -6,9% CROBEX SBI BET SOFIX SALES AND TRADING DESK CONTACTS Vlatko Kesegić Phone: vkesegic@fima.com Darko Horvat Phone: dhorvat@fima.com Demand for homes and RON-denominated mortgage loans has gone up in the last few months of this year and in October banks granted RON 970 mln loans so the stock of loans reached RON 37.3 bln, according to Romania s central bank data. (Positive) Romania's seasonally adjusted unemployment rate remained unchanged in October compared with September, at 4.9%, according to the country's statistics board. (Neutral) Please note that Bucharest Stock Exchange will be closed on Thursday, November 30 and Friday, December 1, due to holiday. BULGARIA The turnover in service sectors increased by 11.9% yoy during the third quarter of 2017, according to the National Statistical Institute. The largest growth was recorded in postal and courier services 15.3%. The ITC sector also reported a solid increase of total working days, 14% on yearly basis. (Positive) trading@fima.com 1

2 Trading day recap CROATIA Market Trunover ( EUR mn): 10,56 1 Adris 9,74 Apartmani Medena 22,55% ULPL -5,75% 2 Tehnika 0,16 Tehnika 12,87% SNH Beta -5,09% 3 Valamar 0,06 Magma 10,20% Jadroplov -4,86% 4 Arenaturist 0,06 Hoteli Haludovo 6,83% Ledo -4,79% 5 Hoteli Maes. 0,05 Petrokemija 4,79% IGH -4,28% 6 Jamnica 0,05 Viro 3,65% Atlantska plov. -4,02% 7 Podravka 0,04 Liburnia 3,12% Badel -3,33% 8 HPB 0,04 Ingra 1,49% Jamnica -1,90% 9 Atlantska plov. 0,04 Belje 1,40% Ina -1,52% Nov-14 Nov-15 Nov-16 Nov HT 0,03 Maistra 1,37% Ericsson NT -1,24% CROBEX CRO Tourism CROPLUS Index SLOVENIA Market Trunover ( EUR mn): 1,63 1 Petrol 0, Kmecka Druzba 8,64% Datalab -2,00% 2 Krka 0,46 Intereuropa 3,90% Gorenje -0,91% 3 Triglav 0,31 Luka Koper 0,70% Krka -0,65% 4 Cinkarna Celje 0,11 Telekom Slo. 0,29% Triglav -0,32% 5 Telekom Slo. 0,09 Petrol 0,00% Petrol 0,00% 6 Luka Koper 0,05 Mercator 0,00% Mercator 0,00% 7 Intereuropa 0,00 Sava Re 0,00% Sava Re 0,00% 70 8 Sava Re 0,00 Cinkarna Celje 0,00% Cinkarna Celje 0,00% 9 Gorenje 0,00 Unior 0,00% Unior 0,00% Nov-14 Nov-15 Nov-16 Nov Kmecka Druzba 0,00 Salus 0,00% Salus 0,00% SBI ROMANIA Market Trunover ( EUR mn): 12, Volume () Leaders Laggers Volume () Leaders Laggers Volume () Leaders Laggers 1 Fondul Prop. 5,16 Carmeco Const 20,7% Albapam -63,% 2 BRD 2,18 Tmk-Artrom Sla 13,67% Romradiatoare -32,% 3 Banca Trans. 1,57 Flaros Bucure 13,16% Stofe Buhusi -20,29% 4 Chimcomplex Bo 1,11 Suport Logisti 9,65% Electroconstru -20,00% 5 OMV Petrom 0,62 Dafora 9,64% Unirea Shoppin -18,89% 6 Romgaz 0,42 Remarul 16 Feb 9,34% Independenta -11,11% 7 Electrica 0,40 Sinterom 6,82% Comalex Alexa -7,69% 8 Transgaz 0,26 Bucur Bucures 6,55% Agrana Romania -6,25% Nov-14 Nov-15 Nov-16 Nov-17 9 Sif 5 Oltenia 0,18 Altur 4,40% S.C. Alum S.A. -4,48% 10 Sif 2 Moldova 0,14 Feroneria 3,94% Argus Constan -4,18% BET BET-BK Index BULGARIA Market Trunover ( EUR mn): 0,73 Volume () Leaders Laggers May-15 May-16 May-17 SOFIX BGBX40 index 1 Sopharma 0,45 Holding Sveta 6,96% Sparky -Ruse -5,24% 2 Euroholding Bl 0,08 Bulgaria Stock 4,% Bulgaria Compe -2,57% 3 Albena 0,04 Bulgaria Reg C 3,% FIB -2,00% 4 Bulgaria Compe 0,03 Agria Group Ho 3,31% Zarneni Hrani -1,94% 5 Sirma Group Ho 0,02 Billboard 2,91% Doverie Holdin -1,87% 6 Chimimport 0,02 M+S Hidravlik 2,17% Todoroff -Sofi -1,85% 7 Sparky -Ruse 0,01 Holding Varna 2,16% Dekotex Carpet -1,56% 8 FIB 0,01 Aktiv Properti 2,12% Albena -1,29% 9 CCB 0,01 Stara Planina 1,65% Bulgaria Housi -0,89% 10 Trace Group 0,01 Oil & Gas Expl 1,41% Lavena -0,85% 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 53,2-5,3 4,3 0,00% -18,3% -10,1-196,1 0,4 1,2 46,2-0,2% -10,8% - DLKVRA CZ 66,5 0,9 20,3-0,98% 49,5% 74,7 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 7,4 0,3 4,1 1,49% 34,0% 24,1 88,1 8,6 0,6 76,1 9,8% 2,5% - THNKRA CZ 3,9 0,6 155,0 12,87% -66,3% 6,7 17,3 0,8 0,1 11,0 4,5% 1,4% - IGHRA CZ 18,3-4,4 225,0-4,28% 24,8% -4,2 16,4 2,6-12,2 16% - - DIVERSIFIED ADRSPA CZ 1029,5 66,4 435,8 0,01% -4,5% 15,5 0,5 0,1 0,4-4,4 20,1% 5,4% 3,9% 6C4 BU 208,3 29,4 1,7 0,00% 1,8% 7,1-1,6 0, ,6% 3,2% 4HS BU 9,3 0,2 3,7 6,96% 11,8% 59, , ,5% 6,1% - 5V2 BU 89,8 0,1 33,6 2,16% 1,7% 1351,7 38,6 6,4 1,1 13,0 16,5% 0,1% - 4EH BU 109,7-0,7 1,3 0,83% 103,7% -153,0 14,7 1,6 1,9 5,8 10,9% -1,3% 0,8% 5SR BU 85,9 4,2 8,0 1,65% 23,3% 20,6-1,1 1, ,5% 2,7% ENERGY & UTILITY SNG RO 2648,0 #N/A N/A 31,9-0,16% 35,9% 8,8-1,5 1, ,0% SNP RO 31,2 442,8 0,3-0,17% 10,0% - 2,3 0,7 0,6 0,0 32,4% 7,4% 5,2% TGN RO 9,2 132,7 398,0 0,51% 35,4% 7,6 2,7 1,4 1,2-1,0 52,0% - 3,6% EL RO 874,7 79,4 11,7 0,00% -10,8% 11,0 3,1 0,5 0,7-2,5 16,9% 6,3% 6,3% TEL RO 419,2-26,6 1,53% -9,1% , ,8% COTE RO 186,1-99,8 0,20% 39,4% - 2,9-1,2-2, ,6% INARA CZ 4309,2 132,6 3.2,0-1,52% 12,1% 32,5 10,1 1,9 2,8 0,7 18,3% 8,8% 0,5% SNN RO 484,4 24,7 7,5-0,40% 63,2% 19,6 1,9 0,7 0,3-0,3 40% 1,5% 4,4% JNAFRA CZ 708,1 40, ,0 0,00% 0,0% 17,6 9,2 6,9 1,4-1,4 75,2% 8,1% 3,1% FOOD & BEVERAGE PODRRA CZ 283,2 #N/A N/A 300,0 0,99% -20,9% , ,3% ATGRRA CZ 3,2 22,7 8,0 0,94% -2,7% 16,8 8,3 0,8 1,3 3,1 9,2% 7,9% 1,6% LEDORA CZ 33,1-41,5 795,0-4,79% -92,5% -0, ,2 1,2 17,6% -18,3% - JMNCRA CZ 38,1 -, ,0-1,90% -90,7% -0, ,2 0,2 37,4% -24,9% - KRASRA CZ 83,6 3,6 459,0-0,22% -14,9% 23,5 9,2 0,9 0,9 3,4 9,5% 4,4% 1,7% CKMLRA CZ 85,6 8,1 6.1,0 0,00% -4,8% 10,6 7,5 0,6 1,1 0,9 8% 10,7% 1,1% BLJERA CZ 5,5-4,1 5,1 1,40% -78,3% -1, ,2 5,9 12,0% -1,8% - ZVZDRA CZ 10,0-30,9 7,0 0,00% -84,0% -0, ,1-8,9-3% -29,2% - 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 5,5-0,91% -9,1% 15,7 6,4 0,4 0,3 3,8 6,6% 2,3% 1,8% ERNTRA CZ 210,3 14, ,0-1,24% 2,3% 15,0 8,0 0,9 7,2-1,6 10,9% 46,1% 9,0% CICG SV 158,0 19,3 194,0 0,00% 19,8% 8,2 3,0 0,6 1,0-0,9 20,7% 13,1% 4,7% DDJHRA CZ 27,5-2,8 20,5-0,15% -54,7% -9,9 26,4 1,0 1,3 15,6 3,9% - - ADPLRA CZ 96,3 8,1 172,9 1,10% 24,7% 11,9 6,6 1,1 1,0 2,4 16,0% 8,8% 4,9% 5MB BU 217,7 14,9 10,9-0,73% 13,0% 14,6 11,2 1,8 2,1 2,1 16% 15,0% 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 2,17% 20,4% 23,7 13,6 2,9 4,7-0,8 21,3% 20,1% 3,2% KOEIRA CZ 235,3 17,2 690,1-0,71% 0,0% 13,7 11,4 0,7 0,8-3,8 5,8% 5,9% 1,7% INFRASTRUCTURE LKPG SV 422,8 51,0 30,2 0,70% 20,8% 8,3 6,5 2,6 1,2 1,3 39,6% 15,0% 4,6% LKPCRA CZ 28,0 0,6 0,0-0,20% -12,4% 44,7-15,4 0,9 0,5 1,5-5,7% 1,1% - LKRIRA CZ 88,0 2,9 49,2 0,00% 2,8% 29,8 82,0 4,5 0,9 6,7 5,4% 3,1% - MARINE ATPLRA CZ 105,8-2,0 572,0-4,02% 102,4% -52,6 14,9 3,9 1,5 6,9 26,2% -2,6% - TPNGRA CZ 68,3 4,0 59,0 0,85% -21,3% 17,1 10,1 4,0 0,9 6,5 39,3% 4,9% 2,7% LPLHRA CZ 13,5 0,0 153,2 0,00% -23,4% -639,5 10,0 1,2 0,6-1,7 11,6% -0,1% - JDPLRA CZ 8,0-7,6 37,0-4,86% -9,2% -1,1 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 1745,3 138,2 53,2-0,65% 0,6% 12,6 6,3 1,4 1,2-0,1 22,3% 9,7% 5,2% 3JR BU 294,3 23,8 4,3-0,67% 43,3% 12,4 10,1 0,9 1,2 2,1 9,1% 10,4% 2,3% ATB RO 79,5-0,6 0,00% 5,8% , ,0% BIO RO 63,9-0,3 0,00% 11,5% , ,6% SCD RO 217,3-2,4 0,41% 24,1% ,4% 53B BU #N/A N/A 8,7 #N/A N/A - #VALUE! - - 0, ,7% - RETAIL & DIST. RPH RO 42,4-0,4-0,77% 41,5% , MELR SV 158,4-70,8 26,0 0,00% -61,8% -2,2 10,7 0,5 0,3 6, ,7% - PETG SV 709,3 77,2 340,0 0,00% 4,6% 9,2 6,3 0,2 1,1 2,1 4,0% 12,7% 4,1% TISKRA CZ 44,3-63,9,0 0,00% -9,7% -0, ,3-6,6% - - MDKARA CZ 61,7 6, ,0 0,00% -10,4% 9,4 6,5 0,2 1,0 3,4 3,0% 10,7% 6,6% PVCMRA CZ - 3,0 199,1 0,03% 12,1% ,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 15,2 122,9 166,3-0,03% -1,6% 14,7 3,9 1,5 1,1-1,2 38,7% 7,7% 3,6% TLSG SV 547,3 48,4 83,7 0,29% 17,8% 11,3 3,9 1,1 0,8 1,8 28% 6,9% 6,0% OPTERA CZ 25,6 0,3 3,0-0,65% 13,0%,8 5,1 1,1 2,3 2,6 22,4% 3,5% - ROE TOURISM BANKS RIVPRA CZ 729,6 44,0 43,7-0,25% 26,2% 16,6 7,7 4,1 2,1 1,5 52,6% 13,6% 1,8% TUHORA CZ 158,0 11, ,0 0,00% 10,1% 14,0 9,5 4,4 2,8-0,6 46% 20,7% 1,8% HIMRRA CZ 68,7 1,7 815,0 0,00% 0,1% 39,6 9,9 3,9 1,3 2,3 39,1% 3,4% - ARNTRA CZ 320,0-7,9 470,5-0,22% 0,4% -40,6 12,4 3,8 1,5 2,6 31% -4,9% - PLAGRA CZ 2,9 35,2 6.7,0 0,00% 22,7% 14,3 9,7 4,0 1,6 1,5 41,4% 12,1% 0,0% LRHRA CZ 164,5 4,5 4.,0 3,12% 11,7% 36,5 8,2 3,9 1,5 0,6 47% 4,2% - HUPZRA CZ 191,0 12, ,0 0,30% 19,2% 15,3-4,1 1, ,5% 0,5% MAISRA CZ 428,1 24,3 295,0 1,37% 16,6% 17,6 10,8 3,8 1,9 2,5 35% 11,1% - 6AB BU 133,7 7,3 61,2-1,29% -0,4% 18,2 15,1 3,2 0,6 2,8 21,1% 3,4% - HMSTRA CZ 23,9 0,5 3,0-0,02% 25,1% 45,0 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 77,0-2,9 940,0 0,00% 4,6% -26,3 8,2-0,7 3,8 - -2,5% - ILRARA CZ 56,0 4, ,0 0,00% 7,5% 11,5-3,7 1, ,6% 1,4% TLV RO 2024,3 309,2 2,2-0,69% 8,1% 6,6 1,4 11,6% 11,7% 0,7 22,2% 2,7% 2,3% BRD RO 1942,2 267,4 12,9 0,15% 8,9% 7,4 1,3 12,8% 12,6% 0,7 18% 2,4% 5,6% ZABARA CZ 2224,5 141,6 52,4 0,00% -3,0% 15,9 0,9-14,4% 1,0 5,8% 0,8% 10,2% BCC RO #N/A N/A -9,4 0,2 0,00% #VALUE! - eld Not Ap - 3,4% 0,4-45% -2,4% - PBZRA CZ 1896,9 177,7 7,0 0,00% -2,5% 10,7 1,0-17,6% 0,9 9,1% 1,5% 3,4% 5F4 BU 303,1 23,4 5,4-2,00%,9% 12,8 0,7-9,3% 0,7 5% 0,5% - INSURANCES FUNDS Mkcap () mn Last Price 1D Δ YTD P/E mn Price 1D YTD P/E P/Bv P/GPW TE/TA Com. ratio ROE ROA ZVTG SV 644,8 81,0 28,4-0,32% 22,2% 7,9 0,9 0,7 0,2 0,9 11,2% 2,2% 8,8% POSR SV 271,2 31,1 15,8 0,00% 19,1% 7,1 0,8 0,6 0,2 0,7 10% 1,8% 5,1% CROSRA ZA 709,3 77,2 340,0 0,00% -0,9% 9,2 6,3 0,2 1,1 2,1 4,0% 12,7% 0,0% Mkcap () mn Price 1D YTD P/E NAV Discount to NAV FP RO 1592, ,3 0,8 0,48% 18,9% 6,0 1,2 0,3 0,3 136,8% - P/Bv NPL ratio TE/TA L/D ROE Avg. 1Y Dsc. to NAV 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