FIMA Daily Insight CROATIA SLOVENIA ROMANIA BULGARIA. Vlatko Kesegić. Darko Horvat. March 27, ,0% 27,2% 18,1% 10,0% CROBEX SBI BET SOFIX

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1 CROATIA SLOVENIA ROMANIA BULGARIA March 27, 2017 CROATIA 2,31% BENCHMARKS DAILY CHANGES % Croatian equities closed higher on Friday with both indices increasing; CROBEX increased 2.31% to 2.112,83 pts and blue chip CROBEX 10 increased 2.01% to 1.207,77 pts. Regular stock turnover amounted to HRK million. (Positive) Hotel company (HUPZRA CZ) topped the liquidity board with HRK million in turnover and its price increased 6.62% to HRK 2, ,24% 0,04% -0,26% CROBEX SBI BET SOFIX BENCHMARKS 3Y CHARTS On March 23, Zagrebacka banka (ZABARA CZ) announced that it will buy of its own shares at a price range between HRK to HRK The shares will be purchased through regular trade and block transactions. (Positive) On March 22, Atlantic Grupa (ATGRRA CZ) has bought back treasury shares at an average price of HRK per share, which represent 0.06% of share capital. The total number of treasury shares after these transactions is representing 0.14% of share capital. In 2017, the Company plans to acquire maximum of treasury shares intended to award the management and employees. (Neutral) On March 24, Viadukt s (VDKTRA CZ) Supervisory Board accepted resignation of President of Management Board Josko Mikulic and one member of Management Board Ivo Juric. Furthermore, Supervisory Board appointed Kresimir Mikolic as a new director of the company. (Neutral) On Friday, Standard & Poor's rating agency affirmed its 'BB' long-term and 'B' short-term foreign and local currency sovereign credit ratings on Croatia, with a stable outlook. (Neutral) In January, average monthly net salary per person employed in Croatia amounted to HRK 5,895, which is nominally about 1% more than the month before, according to the Central Bureau of Statistics (DZS). (Positive) SLOVENIA Mar-14 Mar-15 Mar-16 Mar-17 CROBEX SBI BET SOFIX BENCHMARKS 1Y % RETURNS 44,0% The Infrastructure Ministry published on Friday a bill on the second rail track between Divaca and the port of Koper (LKPG SV) in which new ways of financing loans for the construction are envisaged. The bill will be in public debate until March 29. (Neutral) ROMANIA Transelectrica (TEL RO) proposes dividend payment in the amount of RON per share, 75% payout ratio, implying dy 5.8% or dividend payment in the amount of RON per share, 90% payout ratio, implying dy 6.9%. The AGM will be held on April 27/28. In FY 2016, TEL s net profit declined by 24% yoy to RON 272 mln on tariffs reduction partially offset by gains of RON 88 mln from technological system services activity. The result came 5% below the preliminary net profit (RON 286 mln) mainly on higherthan initially reported personnel expenses (by RON 10 mln to RON 212 mln). (Neutral) 27,2% 10,0% 18,1% In February, household and corporate deposits in Romania increased by 0.6% compared to the previous month reaching over RON 272 bln, according to Romania s National Bank (BNR). Household deposits in local currency went up by 1% while corporate deposits increased by 0.4%. When compared to February 2016, household deposits in RON increased by 12.7% while corporate deposits in RON went up by 9.6% yoy. Household and corporate deposits in foreign currency recorded an annual increase of 3.2%. (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 Financial analysts confidence in Romania s economy for the next year increased slightly in February 2017, being generated mainly by the correction of the current conditions index, the Chartered Financial Analysts Association Romania (CFA Romania) said on Friday. (Neutral) BULGARIA In Jan-Feb, foreign direct investments (FDI) in Bulgaria surged by almost 92% yoy amounting to EUR 54 mln, according to the Stamen Yanev, CEO of InvestBulgarian Agency. Eight projects worth a total of EUR 156 mln have been certified since the beginning of the year, with the potential of creating 3,0 new jobs. These projects are related to manufacture of car components for big motor concerns, high tech and healthcare. (Positive) In February 2017, deposits of the non-government sector amounted to BGN bln or 71.8% of GDP, increasing annually by 7.1%. Deposits of non-financial corporations were 20% of GDP at the end of February and increased by 7.9% yoy. Deposits of financial corporations increased by 15.5% and reached 4% of GDP. Furthermore, loans to non-financial corporation increased by 1.8% and at the end of the month amounted to BGN bln or 32.1% of GDP. Loans for house purchases were increased by 2% and consumer loans amounted to BGN bln and compared to 2016 they increased by 3%. (Positive) 1

2 Trading day recap CROATIA Market Trunover ( EUR mn): 3,43 1 HUP 1,51 Vjesnik,40% TLM -57,53% 2 Adris 0,40 Uljanik 17,40% SNH Delta -4,74% 3 HT 0,24 Kutjevo 12,91% Tisak -3,97% 4 Valamar 0,16 Puljanka 11,32% Luka Ploce -3,02% 5 AD Plastik 0,15 Ingra 9,26% SNH Alfa -2,84% 6 Jamnica 0,13 Atlantska plov. 7,47% Ina -2,78% 7 Ledo 0,12 Dalekovod 6,% Vupik -2,09% 8 Dalekovod 0,09 ULPL 6,78% Pectinatus -1,94% 9 Atlantska plov. 0,08 Jadransko Osig. 6,67% Janaf -1,61% Mar-14 Mar-15 Mar-16 Mar Ericsson NT 0,07 Spin Valis 6,67% Petrokemija -1,18% CROBEX CRO Tourism CROPLUS Index SLOVENIA Market Trunover ( EUR mn): 0,42 1 Telekom Slo. 0,19 Datalab 3,87% Luka Koper -3,78% 2 Krka 0,12 Gorenje 3,36% Sivent -2,35% 3 Petrol 0,04 Unior 2,65% Salus -2,27% 4 Triglav 0,02 Cinkarna Celje 1,66% Telekom Slo. -1,71% 5 Salus 0,01 Krka 0,57% Kmecka Druzba -1,41% 6 Unior 0,01 Mercator 0,00% Petrol -0,71% 7 Gorenje 0,01 Sava Re 0,00% Triglav -0,55% 70 8 Luka Koper 0,00 Hotel Union 0,00% Mercator 0,00% 9 Datalab 0,00 Melamin 0,00% Sava Re 0,00% Mar-14 Mar-15 Mar-16 Mar Mercator 0,00 Terme Catez 0,00% Hotel Union 0,00% SBI ROMANIA Market Trunover ( EUR mn): 10,11 Volume () Leaders Laggers Volume () Leaders Laggers Volume () Leaders Laggers 1 Electrica 4,00 Feroneria 11,6% Compania Energ -14,81% 2 Sif 1 Banat-Cr 1,36 Imotrust Arad 10,26% Uzinexport-Imp -9,09% 3 BRD 1,16 Severnav 10,24% Mobila Radaut -8,64% 4 Banca Trans. 0,95 Flaros Bucure 10,00% Fondul Oamenil -8,33% 5 Fondul Prop. 0,65 Faimar 9,13% Turbomecanica -7,32% 6 Transgaz 0,45 Uzuc 9,09% Iar Brasov -5,04% 7 Romgaz 0,44 Teraplast 8,98% Romnav Braila -4,86% 8 Transelectrica 0,20 Remarul 16 Feb 8,72% Conted Doroho -3,89% Mar-14 Mar-15 Mar-16 Mar-17 9 OMV Petrom 0,16 Bucur Bucures 8,26% S.C Alumil Rom -3,66% 10 Turbomecanica 0,13 Unisem Bucure 7,69% Sinteza Oradea -3,40% BET BET-BK Index BULGARIA Market Trunover ( EUR mn): 0,26 Volume () Leaders Laggers Sep-14 Sep-15 Sep-16 SOFIX BGBX40 index 1 Euroholding Bl 0,11 Metizi 31,15% Enemona -Kozlo -18,18% 2 Vance Terrafun 0,03 Lavena 9,82% Intercapital P -8,39% 3 Bulgarian Real 0,02 Trace Group 6,97% Medica -5,% 4 Trace Group 0,02 Oil & Gas Expl 5,23% Billboard -3,07% 5 FIB 0,01 Agria Group Ho 5,18% Doverie Holdin -2,18% 6 Agria Group Ho 0,01 Euroholding Bl 4,97% CCB -1,18% 7 Chimimport 0,01 Dobrudzha Hold 3,26% M+S Hidravlik -1,01% 8 Industrial Hol 0,01 Aktiv Properti 2,17% FIB -0,82% 9 Monbat 0,01 Koro Bulgaria 1,55% Bulgarian Real -0,81% 10 CCB 0,01 Monbat 1,31% Bulgaria Stock -0,66% 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 57,9-5,4 4,7 6,97% -11,0% -10,6 20,1 0,4 1,2-4,6 2,0% -10,5% 3,1% DLKVRA CZ,6 13,0 24,2 6,% 78,1% 6,2 3,8 0,4 2,8 2,0 9,8% 38,0% - VDKTRA CZ 19,2 0,0 312,0 4,42% 1,6% 0,9 6,1 0,4 0,4 3,2 7,3% 0,1% - INGRRA CZ 8,4 0,1 4,6 9,26%,3% 94,2-46,6 8,9 0,7-43,6-19,2% 0,7% - THNKRA CZ 19,3 0,1 755,9 5,53% 64,2% 152,7 15,6 0,9 0,4 12,2 6,0% 0,3% - IGHRA CZ 25,2-7,5 304,6 1,51% 68,9% -3,4,0 3,2-40,0 6% -164,9% - DIVERSIFIED ADRSPA CZ 1,2 59,5 488,7 2,93% 7,1% 20,2 2,1 0,5 0,5-5,1 23,4% 5,2% 3,1% 6C4 BU 188,7 26,1 1,5-0,45% -7,8% 7,2 - -0,9 0, ,2% 2,9% 4HS BU 9,2 0,2 3,7-10,6% 59, , ,5% 6,1% - 5V2 BU 88,3 0,4 33,0 0,26% 0,0% 239,2 28,5 5,5 1,1 16,3 19,2% 0,5% - 4EH BU 78,4 2,8 1,0 4,97% 45,5% 27,6 18,8 1,2 1,5 11,1 6,4% 6,4% 0,3% 5SR BU 81,3 3,7 7,6-16,7% 21, ,7% ENERGY & UTILITY SNG RO 2448,2 #N/A N/A 28,9 0,52% 15,6% 8,8-1,9 1, ,6% SNP RO 3766,1-177,1 0,3 0,17% 15,9% - 2,6 1,0 0,6 0,3 31,8% -2,9% 5,0% TGN RO 967,8 132,7 374,0 1,63% 27,2% 7,3 2,7 1,4 1,1-1,0 52,0% - 12,4% EL RO 1079,7 81,6 14,2 0,28% 7,9% 13,2 2,4 0,4 0,9-2,5 17,8% 6,5% 5,2% TEL RO 515,6-32,0-1,54% 9,6% , ,9% COTE RO 210,3 -,5-0,90% 40,2% - 1,9-1,3-2, ,6% INARA CZ 3592,1 13, ,1-2,78% -8,1% 267,9 13,7 2,0 2,5 1,1 14,7% 0,9% - SNN RO 413,5 33,2 6,2 0,00% 29,9% 12,5 3,0 1,2 0,3 0,2 38% 2,0% 5,3% JNAFRA CZ 842,1 38, ,0-1,61% 17,0% 21,8 8,7 6,5 1,7-1,3 75,3% 7,9% 2,1% FOOD & BEVERAGE PODRRA CZ 3,5 53,3 365,2 3,81% -3,7% 6,6 8,0 0,9 0,9 1,8 11,6% 15,5% 1,9% ATGRRA CZ 396,1 21,6 881,3-0,16% -0,3% 18,3 9,5 0,9 1,5 3,2 9,2% 8,2% 1,5% LEDORA CZ 312,2 38, ,4 4,31% -30,8% 8,2 9,4 1,6 1,2 1,0 17,1% 15,7% 5,8% JMNCRA CZ 372,0 40, ,0 1,51% -10,4% 9,1 8,4 1,2 1,4 0,6 13,9% 17,3% - KRASRA CZ 95,0 3,3 513,2-1,03% -4,9% 29,1 10,5 0,9 1,2 2,0 8,9% 4,0% - CKMLRA CZ 88,9 8, ,3 0,53% -2,7% 10,6 8,9 0,7 1,2 1,0 8% 11,9% 1,2% BLJERA CZ 22,9-4,5 20,7 2,58% -11,4% -5,1 15,6 1,5 0,5 8,2 9,4% -1,7% - ZVZDRA CZ 45,0 3, ,6 5,92% -29,1% 13,6 15,0 1,2 0,7 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 175,6 5,3 7,2 3,36% 19,9% 33,4 6,6 0,5 0,5 3,5 7,1% 1,4% - ERNTRA CZ 252,8 14, ,7 0,30% 21,0% 17,2 7,8 0,8 6,5-1,7 10,2% 37,2% 9,0% CICG SV 147,4 7,0 181,0 1,66% 11,7% 21,0 2,4 0,3 1,0-0,7 12,9% 5,0% 2,3% DDJHRA CZ 41,9-2,6 40,9 1,16% -9,3% -15,9 39,7 1,2 3,2 19,3 3,0% -39,6% - ADPLRA CZ 90,6 6,4 1,0 0,43% 15,4% 14,2 7,2 1,0 1,0 2,8 14,4% 7,3% 5,0% 5MB BU 231,3 14,5 11,6 1,31% 20,1% 16,0 10,0 1,8 2,2 2,2 18% 14,7% 2,4% KODTRA CZ 56,1 4,8 1.6,0 0,00% 7,8% 11,8 6,0 0,4 1,5-0,7 6,8% 13,7% - 5MH BU 156,2 6,1 7,8-1,01% 17,6% 25,8 11,8 2,6 4,6-0,9 21,8% 18,3% 3,3% KOEIRA CZ 277,3-0,0 5,54% 15,9% , ,5% INFRASTRUCTURE LKPG SV 435,1 38,7 31,1-3,78% 24,3% 11,3 5,4 2,1 1,3 1,3 39,7% 12,4% 3,6% LKPCRA CZ 30,4-2,6 533,4-3,02% -6,6% -11,6-14,6 1,2 0,6 1,3-8,4% -4,7% - LKRIRA CZ 86,6 0,8 47,6 2,92% -0,6% 114,6 77,2 4,7 0,9 4,8 6,1% 0,8% - MARINE ATPLRA CZ 73,1-9,0 388,5 7,47% 37,5% -8,1 47,4 4,7 0,9 6,4 9,9% -10,8% - TPNGRA CZ 90,6 5,4 77,0 1,% 2,6% 16,8 11,1 5,3 1,0 6,0 47,5% 6,2% 5,1% LPLHRA CZ 17,6 0,0 196,8-0,10% -1,6% -434,6 18,5 1,7 0,8-2,4 9,3% -0,2% - JDPLRA CZ 9,6-12,9 43,6 3,05% 7,0% -0,7-18,0 9,1 0,2-15,7 -,4% -25,1% - 5BR BU 12,8 1,2 0,7-5,9% 10, ,3 0,1 15,1% 2,9% - PHARMA KRKG SV 1738,1 108,5 53,0 0,57% 0,2% 16,0 7,3 1,4 1,2-0,2 19,4% 7,6% 5,0% 3JR BU 262,1 23,7 3,8-0,18% 27,6% 11,1 8,8 0,7 1,1 2,6 7,9% 10,8% 1,8% ATB RO 83,2-0,6 0,36% 8,5% , ,7% BIO RO 61,7-0,3 0,00% 5,6% , ,6% SCD RO 184,2-2,0 0,75% 3,1% , ,8% 53B BU,3 8,7 14,5 - -4,0% 5,8-0,6 0, ,7% - RETAIL & DIST. RPH RO 36,3-0,3 1,25% 19,1% , MELR SV 386,8-2,5 63,5 0,00% -6,6% -152,9 9,9 0,5 0,6 6,4 - -0,4% - PETG SV 725,0 72,7 347,5-0,71% 6,9% 10,0 6,4 0,3 1,2 2,3 4,2% 12,7% 3,6% TISKRA CZ 46,6-6,1 145,0-3,97% -6,5% -7,6 11,8 0,1 1,3 4,9 1,1% 3,5% - MDKARA CZ 81,4 7, ,0-0,67% 16,4% 11,0 11,5 0,3 1,3 5,3 3,1% 12,2% 8,5% PVCMRA CZ - 3,0 271,8 2,54% 53,1% ,3-3,1% 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 1921,7 123,9 174,1-0,07% 3,0% 15,5 3,9 1,5 1,2-1,2 39,3% 8,0% 3,4% TLSG SV 562,1 39,9 86,0-1,71% 21,0% 14,1 4,0 1,2 0,8 1,8 29% 5,7% 5,8% OPTERA CZ 31,6 1,8 3,7 2,79% 37,2% 17,2 4,2 1,0 5,1 2,6 23,3% 31,1% - ROE TOURISM BANKS RIVPRA CZ 726,7 45,4 42,8-0,09% 23,7% 16,0 7,3 4,1 2,5 1,7 55,3% 16,9% 1,9% TUHORA CZ 165,4 9, ,3 0,00% 13,4% 18,2 10,4 4,8 3,4-0,8 46% 19,7% 3,5% HIMRRA CZ 69,8 1,0 815,0 0,00% 0,1% 68,9 12,8 4,9 1,5 2,8 38,1% 2,3% 0,4% ARNTRA CZ 147,9-19,8 2,6 4,40% 7,3% -7,5 14,1 4,1 1,4 4,7 29% -18,4% - PLAGRA CZ 521,6 27, ,0 0,47% 16,4% 18,7 8,8 3,5 1,8 1,1 40,4% 11,7% - LRHRA CZ 146,8 1, ,0 0,00% -2,0% 85,8 9,8 4,4 1,4 0,7 45% 1,7% - HUPZRA CZ 168,8 10, ,6 6,57% 3,6% 16,4 10,0 4,2 1,6 1,0 41,9% 9,9% - MAISRA CZ 4,1 18,8 311,9 1,06% 23,3% 24,5 11,4 3,8 2,4 2,9 33% 10,5% - 6AB BU 135,5 4,0 62,0 0,29% 0,9% 34,2 12,9 3,1 0,6 2,5 24,2% 1,7% 0,7% HMSTRA CZ 19,7 0,5 283,7 0,00% 1,4% 38,3-3,0 1, ,1% - ACIRA CZ 95,1 2,0 6.3,0 0,00% -0,7% 47,7 9,5 4,2 1,6 0,0 44% 3,3% 2,3% SLRSRA CZ 88,9 #N/A N/A 1.067,8 3,67% 18,8% , ILRARA CZ 52,9 4, ,0 0,00% -0,2% 12,5-4,1 1, ,0% 1,5% TLV RO 2163,7 285,5 2,7 0,37% 13,2% 7,7 1,5 12,1% 11,7% 0,7 20,7% 2,6% 2,2% BRD RO 1868,7 168,7 12,2 0,33% 2,7% 11,2 1,3 17,0% 12,6% 0,7 12% 1,5% 5,7% ZABARA CZ 2795,8 223,8 64,8 1,16% 19,9% 12,3 1,1-13,3% 0,9 9,4% 1,3% 8,2% BCC RO 52,3-9,4 0,1 0,47% 13,2% - 1,2-3,4% 0,4-45% -2,4% - PBZRA CZ 2134,1 210,0 830,1 0,01% 7,9% 10,0 1,1-16,7% 1,0 11,4% 2,0% 3,0% 5F4 BU 277,2 48,9 4,9-0,82% 47,1% 5,7 0,6-9,3% 0,7 12% 1,1% - 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 616,1 88,8 27,1-0,55% 16,8% 6,9 0,9 0,7 0,2 0,9 12,9% 2,6% 9,2% POSR SV 2,6 33,4 16,3 0,00% 23,3% 8,1 0,9 0,6 0,2 0,9 12% 2,2% 4,0% CROSRA ZA 725,0 72,7 347,5-0,71% 8,1% 10,0 6,4 0,3 1,2 2,3 4,2% 12,7% 0,0% Mkcap () mn Price 1D YTD P/E NAV Discount to NAV FP RO 1937,5 2.5,9 0,9-0,11% 16,4% 6,0 1,2 0,3 0,3 265,4% 5,7% 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