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

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1 CROATIA SLOVENIA ROMANIA BULGARIA September 27, 2017 CROATIA BENCHMARKS DAILY CHANGES % 0,68% 0,36% -0,39% -0,35% CROBEX SBI BET SOFIX Croatian equities closed lower yesterday with both indices decreasing; CROBEX decreased 0.39% to 1, pts and blue chip CROBEX 10 decreased 0.36% to 1,075. pts. Regular stock turnover amounted to HRK 4.61 million. (Negative) Djuro Djakovic Grupa (DDJH CZ) topped the liquidity board collecting HRK 0.64 million in turnover and its price increased 2.37% to HRK Petrokemija (PTKMRA CZ) said that Polish chemicals group Azoty has submitted a bid for Petrokemija under the company's call for recapitalisation. Additionally, Janaf (JNAFRA CZ) also submitted a conditional bid for recapitalization of Petrokemija that will become mandatory if it is voted at the GA. The aim of the recapitalisation is to modernise the manufacturing facilities, provide sources of financing, improve Petrokemija's position on the domestic and regional markets, and to raise the level of efficiency of maintenance, logistics and other services. (Neutral) BENCHMARKS 3Y CHARTS On September 26, trading with Viadukt s (VDKTRA CZ) shares was suspended because a hearing regarding proposal for opening the bankruptcy settlement was being held. On the hearing it was decided to open the bankruptcy settlement. Trading with Viadukt shares will start today. (Neutral) Sep-14 Sep-15 Sep-16 Sep-17 CROBEX SBI BET SOFIX BENCHMARKS 1Y % RETURNS 38,5% In 2Q 2017, total number of fixed-line telephony subscribers in Croatia increased by 0.3% qoq, but fell 1.2% yoy to 1.3 mln. Number of active mobile phone subscribers continues to decline, 0.5% qoq and 2.6% yoy to 4.3 mln. The number of IPTV subscribers in Croatia increased by 0.6% qoq and 4.86% yoy, while number of broadband users rose by 3.43% qoq and 4.84% yoy to 4.5 mln, according to data from the country's telecommunications regulator, HAKOM. (Neutral) In 2Q 2017, number of employed persons in Croatia increased by 26 k yoy to 1.6 mln, while number of those out of work fell by 35,000 to 201 k, according to a survey about the labour force published by the national statistical office (DZS). (Positive) SLOVENIA In September, Slovenia s consumer confidence indicator improved by 1 percentage point mom, after remaining unchanged in August, according to the country's statistical office. The value has never been higher during the entire observation period, which began in 1996, while it was the same in June and January this year. (Neutral) ROMANIA 8,8% 14,9% In Jan-Aug, Romania's general consolidated budget posted a deficit of RON 6.5 bln in Jan-Aug 2017, or 0.78% of the gross domestic product (GDP), according to the finance ministry data. (Neutral) -6,7% CROBEX SBI BET SOFIX SALES AND TRADING DESK CONTACTS Vlatko Kesegić Phone: vkesegic@fima.com Darko Horvat Phone: dhorvat@fima.com The net average salary in Romania stood at RON 2,046 in 2016, which was an increase of 10.1% compared to 2015, according to the data from the country's statistics board. (Positive) BULGARIA Monbat (5MB BU) will acquire Italian battery recycling company Piombifera Italiana through its subsidiary Monbat Recycling. The decision for acquisition of additional recycling facilities is due to the increased demand for raw materials for production of lead batteries of the plants of Monbat and Start as the scrap market in Italy is one of the most developed in Europe. Piombifera is one of the three largest companies for batteries recycling in Italy. (Neutral) Ministry of Healthcare mulls e-tendering medical consumables to regulate prices, according to Deputy Health Minister Lidiya Neycheva. E- tendering by hospital for consumable should allow price transparency as currently all consumables that are not price regulated. Sopharma Trading (SO5 BU), part of Sopharma Group, is the biggest hospitals supplier in Bulgaria. (Neutral) trading@fima.com 1

2 Trading day recap CROATIA Market Trunover ( EUR mn): 0,63 1 DDJH 0,09 Slatinska banka 11,61% Uljanik -17,24% 2 Atlantic Grupa 0,08 IGH 7,22% Viadukt -8,07% 3 Valamar 0,07 Jadroplov 6,% Tehnika -7,98% 4 Arenaturist 0,06 Badel 3,32% Viro -7,06% 5 Podravka 0,05 Optima 2,51% Maistra -5,81% 6 CK Mlinovi 0,05 DDJH 2,37% Solaris -4,76% 7 HT 0,04 Ericsson NT 2,06% Proficio -4,45% 8 Adris - pfd 0,03 AD Plastik 1,83% Saponia -3,% 9 Ericsson NT 0,02 Ina 1,54% Excelsa -3,17% Sep-14 Sep-15 Sep-16 Sep Atlantska plov. 0,01 PBZ 1,46% Podravka -3,01% CROBEX CRO Tourism CROPLUS Index SLOVENIA Market Trunover ( EUR mn): 0,95 1 Krka 0,43 Gorenje 1,74% Triglav -1,57% 2 Petrol 0,16 Krka 0,45% Petrol -1,37% 3 Cinkarna Celje 0,11 Sava Re 0,24% Telekom Slo. -0,49% 4 Gorenje 0,10 Luka Koper 0,00% Cinkarna Celje -0,11% 5 Triglav 0,09 Unior 0,00% Mercator -0,03% 6 Luka Koper 0,02 Salus 0,00% Luka Koper 0,00% 7 Unior 0,02 Hotel Union 0,00% Unior 0,00% 70 8 Mercator 0,01 Kmecka Druzba 0,00% Salus 0,00% 9 Sava Re 0,01 Melamin 0,00% Hotel Union 0,00% Sep-14 Sep-15 Sep-16 Sep Telekom Slo. 0,00 Terme Catez 0,00% Kmecka Druzba 0,00% SBI ROMANIA Market Trunover ( EUR mn): 9,36 Volume () Leaders Laggers Volume () Leaders Laggers Volume () Leaders Laggers 1 Fondul Prop. 3,19 Palace Sinaia 25,7% Mecanoenergeti -25,71% 2 Banca Trans. 2,51 Elektromontaj 16,67% Magazin Univer -17,09% 3 OMV Petrom 1,75 Tusnad Tusnad 15,79% Comat Giurgiu -16,67% 4 BRD 0,75 Dafora 15,00% Turism Covasna -12,66% 5 Romgaz 0,34 Carbochim 6,10% Aerostar Baca -5,58% 6 Sif 1 Banat-Cr 0,30 Altur 5,59% Mobila Radaut -4,76% 7 Transgaz 0,12 Foraj Sonde V 5,53% Prodvinalco -4,47% 8 Sif 5 Oltenia 0,12 Farmaceutica R 4,70% Armatura -4,02% Sep-14 Sep-15 Sep-16 Sep-17 9 Electrica 0,07 Comat Galati 3,75% Impact Develop -2,83% 10 Transelectrica 0,04 Nord 3,44% Iar Brasov -2,18% BET BET-BK Index BULGARIA Market Trunover ( EUR mn): 0,40 Volume () Leaders Laggers Mar-15 Mar-16 Mar-17 SOFIX BGBX40 index 1 Sirma Group Ho 0,18 Nov Vek Holdin 8,63% Bulgaria Holdi -14,% 2 Fazerles 0,04 Holding Varna 8,33% Sparky -Ruse -11,92% 3 Sopharma 0,04 Etropal -Etrop 7,04% Fazerles -9,68% 4 Bulgarian Real 0,02 Insurance Comp 6,73% Trace Group -7,16% 5 Neochim -Dimit 0,01 Doverie Holdin 5,87% Synergon Holdi -4,88% 6 Stara Planina 0,01 Galata Investm 5,61% Monbat -3,74% 7 Chimimport 0,01 Holding Sveta 3,71% Bulgaria Stock -2,94% 8 Industrial Hol 0,00 M+S Hidravlik 3,59% CCB -2,75% 9 Sopharma Prope 0,00 Sopharma 3,07% Albena -2,07% 10 Doverie Holdin 0,00 Aktiv Properti 2,% Vance Terrafun -0,% 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 54,6-5,3 4,4-7,16% -16,2% -10,3-196,1 0,4 1,2 46,2-0,2% -10,8% - DLKVRA CZ 69,4 2,7 21,1-1,86% 55,0% 25,4 8,9 0,7 1,9 3,9 8,4% 6,8% - VDKTRA CZ 0,9-6,0 15,2-8,07% -95,1% -0,2-291,0 0, ,0-0,2% - - INGRRA CZ 6,3 1,1 3,5-2,% 14,7% 6,0 39,8 8,0 0,5 33,4 20,2% 7,9% - THNKRA CZ 9,1 0,7 3,0-7,98% -21,8% 12,3 20,2 1,0 0,2 11,6 5,0% 1,8% - IGHRA CZ 23,2-4,4 283,0 7,22% 56,9% -5,2 19,2 3,1-13,9 16% - - DIVERSIFIED ADRSPA CZ 1047,8 61,9 440,0 0,69% -3,6% 16,9 1,1 0,3 0,5-4,1 26,3% 5,3% 3,9% 6C4 BU 219,1 29,4 1,8 1,02% 7,1% 7,5-1,6 0, ,6% 3,0% 4HS BU 9,2 0,2 3,6 3,71% 10,0% 58, , ,5% 6,1% - 5V2 BU 87,0 0,1 32,5 8,33% -1,5% 1309,0 38,6 6,4 1,1 13,0 16,5% 0,1% - 4EH BU 107,3-4,3 1,3-99,2% -24,9 19,3 1,5 2,1 8,9 7,6% -8,4% 0,8% 5SR BU 87,1 4,2 8,1 0,12% 25,0% 20,9-1,1 1, ,5% 2,7% ENERGY & UTILITY SNG RO 29,9 #N/A N/A 31,2 0,16% 24,6% 8, , ,3% SNP RO 3595,5 409,1 0,3 2,46% 11,9% - 2,5 0,8 0,6 0,0 31,7% 6,9% 5,1% TGN RO 1023,7 132,7 400,0 0,00% 36,1% 7,7 2,7 1,4 1,2-1,0 52,0% - 11,6% EL RO 966,8 79,4 12,9-0,31% -2,3% 12,2 3,1 0,5 0,8-2,5 16,9% 6,3% 5,8% TEL RO 459,6-28,9 0,70% -1,2% , ,8% COTE RO 200,4-106,5 1,91% 35,2% - 3,2-1,3-2, ,6% INARA CZ 4404,4 125, ,0 1,54% 13,8% 35,1 10,8 2,0 2,9 0,8 18,2% 8,6% 0,5% SNN RO 4,9 24,7 7,3 0,96% 52,8% 19,5 1,9 0,7 0,3-0,3 40% 1,5% 4,5% JNAFRA CZ 726,2 40, ,0 0,00% 1,9% 18,1 9,5 7,2 1,4-1,3 75,7% 7,9% 3,0% FOOD & BEVERAGE PODRRA CZ 272,4 15,5 286,7-3,01% -24,4% 17,5 8,8 0,9 0,7 2,6 9,7% 4,1% 2,4% ATGRRA CZ 355,6 24,5 799,0-0,13% -9,6% 14,5 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 81,4 3,5 444,0 0,00% -17,7% 23,3 10,2 1,0 0,9 3,5 9,3% 4,3% 1,8% CKMLRA CZ 85,5 7,8 6.,0 0,00% -5,6% 11,0 8,2 0,6 1,2 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 4,0 #N/A N/A - #VALUE! - 12,0 0,8-4,3 7% 3,3% - 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 141,7 10,3 5,8 1,74% -3,3% 13,7 6,3 0,4 0,4 3,7 6,8% 2,8% 1,7% ERNTRA CZ 202,6 13,0 1.,0 2,06% -2,1% 15,6 9,2 0,9 4,7-1,7 10,2% 35,2% 9,0% CICG SV 148,3 19,3 182,0-0,11% 12,3% 7,7 3,0 0,6 1,0-0,9 20,7% 13,1% 5,0% DDJHRA CZ 36,8-0,9 36,3 2,37% -19,5% -42,2 22,3 1,1 3,5 11,9 4,9% - - ADPLRA CZ 91,9 8,1 163,9 1,83% 18,3% 11,4 6,9 1,1 0,9 2,5 15,6% 8,5% 5,2% 5MB BU 215,3 14,9 10,8-3,74% 11,8% 14,5 11,2 1,8 2,1 2,1 16% 15,0% 2,6% KODTRA CZ 54,6 5, ,0 0,00% 6,5% 10,1 5,2 0,3 1,1-0,7 6,3% 15,2% 3,4% 5MH BU 161,8 6,3 8,1 3,59% 21,9% 25,8 14,5 3,1 5,0-0,9 21,3% 19,7% 3,2% KOEIRA CZ 238,6 16,8 695,1-0,79% 0,7% 14,2 11,4 0,7 0,8-3,7 6,0% 5,8% 1,7% INFRASTRUCTURE LKPG SV 439,6 48,0 31,4 0,00% 25,6% 9,2 6,7 2,6 1,3 1,3 39,6% 14,3% 4,4% LKPCRA CZ 28,3-2,8 1,0 0,00% -12,2% -10,1-13,5 1,0 0,5 1,2-7,4% -5,0% - LKRIRA CZ 88,2 2,6 49,0 0,41% 2,3% 33,5 67,3 4,2 0,9 5,9 6,2% 2,8% - MARINE ATPLRA CZ 74,9-4,2 402,1-1,93% 42,3% -17,6 17,9 4,4 1,0 6,9 24,7% -5,4% - TPNGRA CZ 68,8 4,4 59,0-1,67% -21,3% 15,8 10,8 4,4 0,8 6,4 40,6% 5,3% 2,7% LPLHRA CZ 15,1-0,3 170,5 0,00% -14,8% -58,5 11,4 1,3 0,7-1,8 11,6% -1,2% - JDPLRA CZ 7,0-8,4 32,0 6,% -21,5% -0,8,1 4,9 0,2 78,5 6,1% -19,1% - 5BR BU 12,1-0,6 0,7-0,0% -21,3 8,6 1,3 0,3-0,2 14,6% -1,4% - PHARMA KRKG SV 1816,8 130,1 55,4 0,45% 4,7% 14,0 6,7 1,4 1,2-0,1 21,1% 8,6% 5,0% 3JR BU 305,3 23,8 4,4 3,07% 48,7% 12,8 10,1 0,9 1,3 2,1 9,1% 10,4% 2,3% ATB RO 81,1-0,6 1,09% 6,9% , ,9% BIO RO 65,7-0,3 0,00% 13,7% , ,5% SCD RO 208,4-2,3 0,00% 17,9% ,8% 53B BU #N/A N/A 8,7 #N/A N/A - #VALUE! - - 0, ,7% - RETAIL & DIST. RPH RO 41,3-0,4 0,00% 36,8% , MELR SV 213,2-69,2 35,0-0,03% -48,5% -3,1 10,7 0,5 0,4 6, ,4% - PETG SV 751,1 74,6 3,0-1,37% 10,8% 10,1 6,7 0,3 1,2 2,2 4,0% 12,8% 3,9% 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,6 12, ,0 0,00% -12,5% 4,9 6,0 0,2 0,9 3,5 3,0% 20,2% - PVCMRA CZ - 3,0 208,0-0,95% 17,2% ,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 19,8 124,0 178,5 0,28% 5,6% 15,7 4,2 1,6 1,2-1,2 39,5% 8,0% 3,4% TLSG SV 530,0 48,3 81,1-0,49% 14,1% 11,0 4,4 1,2 0,7 1,9 27% 6,8% 6,2% OPTERA CZ 24,3 1,8 2,9 2,51% 6,3% 13,8 4,3 1,0 4,4 2,5 23,9% 33,1% - ROE TOURISM BANKS RIVPRA CZ 728,3 40,0 43,3-0,92% 25,2% 18,2 9,3 4,9 2,7 1,7 52,0% 15,8% 1,8% TUHORA CZ 152,2 9,9 3.,0 0,00% 5,4% 15,4 10,8 4,8 3,5-0,7 45% 24,4% 1,9% HIMRRA CZ 69,2 1,5 815,0 0,00% 0,1% 46,6 11,9 4,6 1,6 2,5 39,0% 3,4% 0,4% ARNTRA CZ 316,9-14,2 463,0-1,07% -1,2% -22,3 17,5 4,9 1,6 3,5 28% -10,1% - PLAGRA CZ 6,2 31,9 6.7,0-0,74% 22,7% 15,9 9,9 4,0 1,9 1,6 40,7% 13,2% 0,0% LRHRA CZ 153,5 1,5 3.0,0 0,00% 3,5%,0 10,4 4,4 1,6 0,7 43% 1,6% - HUPZRA CZ 179,0 10, ,0-0,03% 11,0% 17,5-4,2 1, ,0% 0,5% MAISRA CZ 426,5 19,5 292,0-5,81% 15,4% 21,9 12,8 4,3 2,4 2,8 33% 11,3% - 6AB BU 135,6 7,3 62,1-2,07% 1,0% 18,5 15,1 3,2 0,6 2,8 21,1% 3,4% - HMSTRA CZ 19,1 0,5 277,0-1,07% -1,0% 34,9 7,2 3,1 1,2 0,3 42% 3,4% - ACIRA CZ 83,2 0, ,0 0,00% -12,3% 98,1 8,4 3,1 1,4-0,8 37% 1,4% - SLRSRA CZ 82,4-1, ,0-4,76% 11,2% -74,0 8,3-0,8 3, ILRARA CZ 57,2 4, ,0 1,43% 9,1% 12,8-3,9 1, ,1% 1,4% TLV RO 2108,6 283,4 2,2 0,68% 11,6% 7,6 1,6 11,6% 11,7% 0,7 20,6% 2,6% 2,3% BRD RO 1908,7 249,1 12,6 0,% 6,1% 7,8 1,3 12,8% 12,6% 0,7 17% 2,2% 5,8% ZABARA CZ 2123,4 149,7 49,7-1,62% -8,0% 14,2 0,9-14,4% 1,0 6,4% 0,9% 10,7% 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 1939,9 181,9 762,0 1,46% -0,9% 10,6 1,0-17,6% 0,9 9,6% 1,7% 3,3% 5F4 BU 303,7 23,4 5,4-61,2% 12,9 0,7-9,3% 0,7 5% 0,5% - INSURANCES FUNDS Mkcap () ZVTG SV 626,6 81,9 27,6-1,57% 18,8% 7,6 0,9 0,7 0,2 0,9 11,5% 2,3% 9,1% POSR SV 283,1 32,8 16,4 0,24% 24,4% 7,9 0,9 0,6 0,2 0,7 11% 2,0% 4,9% CROSRA ZA 751,1 74,6 3,0-1,37% -1,7% 10,1 6,7 0,3 1,2 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 18, ,4 0,9 0,59% 19,6% 6,0 1,2 0,3 0,3,1% 5,9% 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