FIMA Daily Insight CROATIA SLOVENIA ROMANIA BULGARIA. Vlatko Kesegić. Darko Horvat. July 7, ,6% 24,7% 13,3% 10,2% CROBEX SBI BET SOFIX

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1 CROATIA SLOVENIA ROMANIA BULGARIA July 7, 2017 CROATIA BENCHMARKS DAILY CHANGES % 0,54% 0,16% -0,04% -0,78% CROBEX SBI BET SOFIX BENCHMARKS 3Y CHARTS Jul-14 Jul-15 Jul-16 Jul-17 CROBEX SBI BET SOFIX BENCHMARKS 1Y % RETURNS 56,6% Croatian equities closed higher yesterday with both indices increasing; CROBEX increased 0.54% to 1,878. pts and blue chip CROBEX 10 remained unchanged at 1, pts. Regular stock turnover amounted to HRK 6.97 million. (Positive) Luka Ploce (LKPCRA CZ) topped the liquidity board collecting HRK 1.29 million in turnover and its price remained unchanged at HRK On July 6, Viro (VIRORA CZ) and French Group Cristal Union submitted an offer for purchase of % stake in Serbian sugar factory AD Fabrika secera Sajkaska and % stake in Crvenka Fabrike secera AD Crvenka. According to the media, Viro and Cristal Union have the most chance for buying these factories. After this purchase they could produce around 200,000 tons of sugar and cover the total exports to the European market. (Positive) In 1H 2017, Croatian port Luka Rijeka (LKRIRA CZ) increased dry cargo throughput by 35% yoy to 2.43 mln tons. General cargo and bulk cargo throughput increased by 40% yoy to 1.4 mln tons of cargo. The container throughput of Jadranska vrata increased by 29% yoy to the amount of 1.04 mln tons. (Positive) As of August 1, the retail chain Konzum within the Agrokor group is going to raise the salaries for the 6,000 workers who have the lowest wages and will shut down 105 shops by the end of this year as part of efforts to overhaul and improve its business, according to a press release issued after the Konzum management and Workers' Council signed a collective bargaining agreement. (Neutral) Croatia's public debt reached HRK 300 bln in March, which was a decrease of 4.1% mom and 4.2% yoy. The rise is mainly due to issued bonds in March and is only temporary, while debt-to-gdp ratio is expected to continue to decline this year. (Negative) Croatia on Wednesday issued a bond worth HRK 3 bln at 3.25% interest. The bond matures in 2032 and is indexed to the HRK exchange rate to the EUR, the Finance Ministry stated. (Neutral) SLOVENIA According to Krka Group (KRKG SV) preliminary 1H 2017 results, the Group sold EUR 655 mln worth of products and services, which was an increase of 8.5% yoy. In the largest sales region Region East Europe, Krka increased sales by 22% yoy to EUR 214 mln. The second largest region was Region Central Europe, where Krka improved sales by 9% yoy to EUR mln. Sales in the domestic market were up by 4% to EUR 43 mln and represents 6.5% of total sales. Estimated EBIT amounted to EUR mln and increased by 30% yoy, with the estimated totaling EUR mln, up 20%. The Group recorded EUR 91.7 mln of net profit, which was an increase of 31% yoy. Its shareholders appointed two new supervisors and confirmed a dividend payment of EUR 2.75 per share. (Positive) ROMANIA 10,2% 13,3% 24,7% Transelectrica (TEL RO) informed that Fitch Ratings has assigned BBB rating, stable outlook. This credit opinion recognizes Company's efforts to achieve operational excellence and its responsible approach to the business environment it operates in. (Positive) CROBEX SBI BET SOFIX SALES AND TRADING DESK CONTACTS Vlatko Kesegić Phone: vkesegic@fima.com Darko Horvat Phone: dhorvat@fima.com trading@fima.com Banca Transilvania and EximBank have signed an agreement for a guarantee ceiling of RON 40 mln for the funding of small and medium-sized companies. (Neutral) BULGARIA CEZ Bulgaria trading arm CEZ Electro (1CZ BU) will not distribute dividend but fails to receive shareholders nod on related party transactions. Shareholders had two alternatives to the management proposal for no dividend distribution. The first alternative was for a 90% payout of 2016 profits while the second alternative was for a BGN 10m payout with a BGN 2000 dividend per share. Simultaneously, minority shareholders did not approve the proposed 5 year related party transactions for which the majority shareholder did not have the right to vote. Accordingly, starting November 1 st, 2017 CEZ Electro will not have the right to use other CEZ subsidiaries as subcontractors for various services from communications and IT to customer relations and etc. (Negative) Leading courier company in Bulgaria Speedy (0SP BU) raises capital with shares distributed among employees. The new share capital has been registered with the Trade Registry as is expected to start trading on the stock exchange shortly. The Company issued new shares and thus increased its share capital from to Employers were allowed to subscribe to the new shares at a nominal value of BGN 1 per share. (Positive) 1

2 Trading day recap CROATIA Market Trunover ( EUR mn): 0,97 1 Luka Ploce 0,17 3. Maj 177,62% Viadukt -18,94% 2 Arenaturist 0,15 Slatinska banka 30,00% Hoteli Haludovo -6,82% 3 Valamar 0,12 Hoteli Medena 16,65% Slavonski ZIF -6,% 4 HT 0,09 Varteks 12,81% Hidroelektra -5,39% 5 Adris - pfd 0,06 Petrokemija 12,00% Dalekovod -2,25% 6 Atlantic Grupa 0,06 Hoteli Tucepi 7,94% Tehnika -1,92% 7 KODT 0,05 Losinjska pl. 7,74% Podravka -1,07% 8 HUP 0,03 Luka Rijeka 6,08% Atlantska plov. -1,00% 9 Viadukt 0,02 Viro 4,46% Pevec -0,78% Jul-14 Jul-15 Jul-16 Jul Dalekovod 0,02 Pik Rijeka 4,00% Adris - pfd -0,57% CROBEX CRO Tourism CROPLUS Index SLOVENIA Market Trunover ( EUR mn): 0,63 1 Krka 0,30 Kmecka Druzba 6,52% Petrol -1,29% 2 Cinkarna Celje 0,13 Krka 1,84% Cinkarna Celje -1,22% 3 Triglav 0,12 Intereuropa 0,58% Gorenje -0,96% 4 Telekom Slo. 0,04 Luka Koper 0,13% Unior -0,28% 5 Unior 0,02 Telekom Slo. 0,01% Triglav 0,00% 6 Luka Koper 0,01 Triglav 0,00% Mercator 0,00% 7 Petrol 0,01 Mercator 0,00% Sava Re 0,00% 70 8 Intereuropa 0,00 Sava Re 0,00% Salus 0,00% 9 Gorenje 0,00 Salus 0,00% Hotel Union 0,00% Jul-14 Jul-15 Jul-16 Jul-1710 Hram Hldg. 0,00 Hotel Union 0,00% Melamin 0,00% SBI ROMANIA Market Trunover ( EUR mn): 4,48 Volume () Leaders Laggers Volume () Leaders Laggers Volume () Leaders Laggers 1 Fondul Prop. 1,82 Arta Culinara 41,7% Mecon -31,97% 2 Romgaz 0,78 Anteco Ploies 15,89% International -20,63% 3 Banca Trans. 0, Unisem Bucure 15,17% Comrep Ploies -4,76% 4 Conpet Ploies 0,24 Electroputere 9,74% Bittnet System -3,77% 5 Transgaz 0,20 Athenee Palace 9,57% Conted Doroho -2,% 6 Bur De Valori 0,18 Feroneria 8,84% Rompetrol -2,34% 7 BRD 0,09 Independenta 8,00% Terracotta Sta -2,22% 8 Sif 1 Banat-Cr 0,08 Ius Brasov 7,% Electromagneti -1,90% Jul-14 Jul-15 Jul-16 Jul-17 9 Sif 3 Transilv 0,05 Electroarges 6,05% Romgaz -1,64% 10 OMV Petrom 0,05 Macofil Tg Ji 5,% BRD -1,57% BET BET-BK Index BULGARIA Market Trunover ( EUR mn): 0,68 Volume () Leaders Laggers Jan-15 Jan-16 Jan-17 SOFIX BGBX40 index 1 Cez Electro Bu 0,52 Holding Center 33,32% Cez Electro Bu -18,00% 2 Bulgaria Stock 0,02 Investor.Bg 21,86% Technology & I -9,30% 3 Chimimport 0,02 Prime Property 10,00% Fund Estates R -6,38% 4 FIB 0,02 Galata Investm 9,67% Speedy -3,81% 5 Vance Terrafun 0,01 Elhim Iskra 3,40% Stara Planina -2,35% 6 Sopharma 0,01 Zarneni Hrani 2,37% Odessos Shipre -1,33% 7 Elana Agrocred 0,01 Zlaten Lev Hol 2,36% Neochim -Dimit -0,82% 8 CCB 0,01 Bulgaria Stock 1,83% Industrialen C -0,% 9 Bulgaria Compe 0,01 Monbat 1,63% Industrial Hol -0,% 10 Sopharma Tring 0,01 Cez Distributi 0,78% Bulgaria Holdi -0,11% 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 54,4-5,8 4, ,3% -9,4 23,5 0,4 1,2-5,4 1,7% -11,3% 3,3% DLKVRA CZ 75,3 7,0 22,6-2,25% 66,1% 10,7 7,8 0,5 2,2 2,8 6,7% 17,4% - VDKTRA CZ 5,6 1,5 90,5-18,94% -70,5% 3,7 4,7 0,4-2,8 9,1% - - INGRRA CZ 8,5 1,5 4,7 2,87% 52,3% 5,6 33,9 7,5 0,6 28,6 22,2% 11,6% - THNKRA CZ 14,8 0,1 578,7-1,92% 25,7% 117,1 15,6 0,9 0,3 12,2 6,0% 0,3% - IGHRA CZ 22,6-7,5 272,7 1,02% 51,2% -3,0,0 3,2-40,0 6% -164,9% - DIVERSIFIED ADRSPA CZ 1137,5 70,2 461,9-0,57% 1,2% 16,2 1,5 0,4 0,5-4,1 27,1% 6,1% 3,7% 6C4 BU 221,0 26,1 1,8-0,06% 8,0% 8,5 - -0,9 0, ,2% 3,0% 4HS BU 9,3 0,2 3,7-12,0% 59, , ,5% 6,1% - 5V2 BU 89,7 1,0 33,5-1,5% 92,2 44,0 6,8 1,1 15,0 15,3% 1,3% - 4EH BU 105,8 3,4 1,3 0,00% 96,5% 31,3 16,7 1,3 1,9 8,6 7,9% 6,6% 0,8% 5SR BU 89,1 3,8 8,3-2,35% 27,9% 23,3-1,0 1, ,5% 2,6% ENERGY & UTILITY SNG RO 2262,4 #N/A N/A 27,0-1,64% 7,8% 8,8-1,9 1, ,2% SNP RO 37,6 304,9 0,3-0,16% 16,5% - 3,0 0,9 0,6 0,0 30,8% 5,1% 4,9% TGN RO 979,6 132,7 382,0-1,04% 29,9% 7,4 2,7 1,4 1,2-1,0 52,0% - 12,1% EL RO 2,1 79,4 13,3-1,19% 1,1% 12,6 3,1 0,5 0,8-2,5 16,9% 6,3% 5,6% TEL RO 448,6-28,1 1,44% -3,8% , ,0% COTE RO 198,9-105,5-0,47% 33,9% - 1,9-1,3-2, ,7% INARA CZ 4359,7 48, ,9 1,67% 11,3% 89,3 11,0 1,8 3,0 0,9 16,0% 3,4% 0,5% SNN RO 444,6 24,7 6,8 0,45% 40,9% 18,0 1,9 0,7 0,3-0,3 40% 1,5% 4,9% JNAFRA CZ 775,7 40, ,0 0,00% 7,6% 19,0 9,2 7,0 1,5-1,3 76,7% 8,2% 2,3% FOOD & BEVERAGE PODRRA CZ 312,4 18,7 324,9-1,07% -14,3% 16,7 8,8 0,9 0,8 2,4 10,5% 4,9% 2,2% ATGRRA CZ 362,2 22,6 4,3 3,89% -9,0% 16,0 8,7 0,8 1,3 3,2 9,2% 8,6% 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 87,2 3,5 470,0 2,16% -12,9% 24,9 10,3 1,0 1,0 3,5 9,3% 4,4% 1,7% CKMLRA CZ 87,9 8, ,0 0,00% -4,0% 10,5 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 151,4 9,5 6,2-0,96% 3,4% 16,0 6,3 0,4 0,4 3,7 7,0% 2,6% 1,6% ERNTRA CZ 224,0 13, ,6 0,35% 7,0% 16,4 10,0 1,0 5,4-1,7 10,0% 31,9% 9,0% CICG SV 132,0 9,8 162,0-1,22% 0,0% 13,5 4,0 0,6 0,9-1,3 14,8% 6,8% 5,6% DDJHRA CZ 35,8-0,2 34,9 2,49% -22,6% -183,6 19,6 1,1 3,2 9,6 5,4% - - ADPLRA CZ 94,7 7,8 167,0-0,22% 20,5% 12,1 7,2 1,1 1,0 2,6 15,3% 8,5% 5,1% 5MB BU 236,7 10,7 11,9 1,63% 22,9% 22,2 12,9 1,7 2,8 2,8 13% 11,6% 2,4% KODTRA CZ 51,1 5,0 1.0,0 0,00% -2,0% 10,2 4,3 0,3 1,0-0,7 6,6% 14,0% 3,7% 5MH BU 171,1 6,1 8,6 0,23% 28,9% 28,2 13,8 3,0 4,8-0,9 21,5% 17,3% 3,0% KOEIRA CZ 2,4-749,6 0,62% 8,6% , ,6% INFRASTRUCTURE LKPG SV 420,7 46,3 30,1 0,13% 20,2% 9,1 6,3 2,5 1,2 1,3 39,2% 14,0% 3,2% LKPCRA CZ 31,8-2,7 556,9 0,35% -2,4% -12,0-15,1 1,2 0,6 1,2-7,6% -4,7% - LKRIRA CZ 85,4 1,9 46,9 6,08% -2,1% 44,9 111,6 4,3 0,9 9,9 3,8% 2,1% - MARINE ATPLRA CZ 74,4-14,9 394,8-1,00% 39,7% -5,0 72,3 5,1 1,0 6,9 7,0% -18,3% - TPNGRA CZ 83,0 5,5 70,4-0,16% -6,1% 15,1 10,5 4,6 0,9 5,8 44,1% 6,4% 2,3% LPLHRA CZ 17,0-0,2 189,6 7,74% -5,2% -103,7 21,7 1,5 0,8-3,0 6,9% -0,8% - JDPLRA CZ 5,5-10,7 25,1 0,40% -38,4% -0,5-48,2 6,5 0,1-43,3-13,5% -22,7% - 5BR BU 12,8-0,6 0,7-5,6% -21,3 23,1 1,4 0,3-0,4 6,2% -1,5% - PHARMA KRKG SV 1836,4 111,0 56,0 1,84% 5,9% 16,5 7,5 1,4 1,2-0,2 18,5% 7,5% 4,9% 3JR BU 315,6 27,0 4,6 0,00% 53,7% 11,7 9,9 0,8 1,3 2,4 8,2% 11,9% 2,2% ATB RO 81,3-0,6-0,36% 6,9% , ,9% BIO RO 62,5-0,3-1,36% 7,8% , ,8% SCD RO 199,8-2,2 0,92% 12,8% , ,1% 53B BU #N/A N/A 8,7 #N/A N/A - #VALUE! - - 0, ,7% - RETAIL & DIST. RPH RO 38,8-0,3-0,29% 28,3% , MELR SV 249,7-73,6 41,0 0,00% -39,7% -3,4 10,7 0,5 0,4 6, ,3% - PETG SV 772,2 74,8 370,2-1,29% 13,9% 10,3 6,7 0,3 1,2 2,3 4,0% 12,7% 3,8% 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 11, ,0 0,00% -30,2% 4,3 8,2 0,2 0,7 3,8 2,8% 18,1% 14,1% PVCMRA CZ - 3,0 200,8-0,78% 13,1% ,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 2003,8 126,3 181,2 0,01% 7,2% 15,9 4,0 1,6 1,2-1,6 39,5% 8,0% 3,3% TLSG SV 549,0 40,7 84,0 0,01% 18,1% 13,5 4,0 1,2 0,8 1,8 29% 5,7% 6,0% OPTERA CZ 25,2 1,8 2,9 2,08% 9,3% 14,2 4,6 1,1 4,8 2,5 23,5% 35,4% - ROE TOURISM BANKS RIVPRA CZ 7,8 39,7 44,1-0,38% 27,5% 18,9 9,3 5,0 2,7 1,8 53,4% 15,8% 1,8% TUHORA CZ 151,0 8, ,4 1,61% 3,3% 18,1 13,3 5,4 3,3-0,8 41% 18,9% 2,0% HIMRRA CZ 70,0 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 330,1-19,1 476,5 0,07% 1,7% -17,3 21,1 5,8 2,1 4,5 27% -20,2% - PLAGRA CZ 530,9 27,5 6.0,6 0,00% 18,2% 19,3 10,3 4,1 1,9 1,7 40,3% 11,8% - LRHRA CZ 152,1 1, ,0 1,27% 1,4% 103,4 9,9 4,4 1,6 0,7 44% 1,5% - HUPZRA CZ 168,6 11, ,0-0,38% 3,2% 14,8-4,1 1, ,7% 0,6% MAISRA CZ 440,7 19,0 298,2 3,89% 17,8% 23,1 13,0 4,4 2,5 2,9 34% 10,6% - 6AB BU 139,8 8,0 64,0 0,00% 4,1% 17,5 12,4 2,9 0,6 2,6 23,6% 3,6% - HMSTRA CZ 19,5 0,5 2,0 0,00% 0,1% 37,0-3,0 1, ,3% - ACIRA CZ 88,5 1, ,0 1,72% -7,8% 68,6 9,3 3,6 1,5-0,8 38% 2,1% 2,5% SLRSRA CZ 83,2 #N/A N/A 997,5-0,25% 11,0% , ILRARA CZ 53,1 4, ,5 0,00% 0,0% 12,4-4,0 1, ,9% 1,5% TLV RO 2235,5 283,4 2,8-1,05% 18,0% 8,1 1,7 11,6% 11,7% 0,7 20,6% 2,6% 2,1% BRD RO 2091,7 225,4 13,8-1,57% 16,0% 9,5 1,4 12,8% 12,6% 0,7 15% 2,1% 5,3% ZABARA CZ 2083,5 145,8 48,2 2,75% -10,8% 14,1 0,8-14,4% 1,0 6,1% 0,9% 11,0% BCC RO 48,2-9,4 0,1 0,00% 5,3% - 1,1-3,4% 0,4-45% -2,4% - PBZRA CZ 1932,2 211,4 7,0 0,00% -2,5% 9,0 1,0-16,7% 1,0 11,4% 2,0% 3,4% 5F4 BU 330,7 48,4 5,9 0,07% 75,5% 6,8 0,7-9,3% 0,7 11% 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 566,1 81,9 24,9 0,00% 7,3% 6,9 0,8 0,6 0,2 0,9 11,5% 2,3% 10,0% POSR SV 273,7 32,8 15,9 0,00% 20,2% 7,6 0,8 0,6 0,2 0,7 11% 2,0% 5,2% CROSRA ZA 772,2 74,8 370,2-1,29% -0,9% 10,3 6,7 0,3 1,2 2,3 4,0% 12,7% 0,0% Mkcap () mn Price 1D YTD P/E NAV Discount to NAV FP RO 1909, ,9 0,9-0,46% 22,4% 6,0 1,2 0,3 0,3 279,2% 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