FIMA Daily Insight CROATIA SLOVENIA ROMANIA BULGARIA. Vlatko Kesegić. Darko Horvat. June 23, 2017 CROATIA

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1 CROATIA SLOVENIA ROMANIA BULGARIA June 23, 2017 CROATIA BENCHMARKS DAILY CHANGES % 0,36% 0,00% -0,45% -0,39% CROBEX SBI BET SOFIX BENCHMARKS 3Y CHARTS Jun-14 Jun-15 Jun-16 Jun-17 CROBEX SBI BET SOFIX Croatian equities closed higher on Wednesday with both indices increasing; CROBEX increased 0.02% to 1, pts and blue chip CROBEX 10 increased 0.22% to 1, pts. Regular stock turnover amounted to HRK 7.7 million. (Positive) Croatian hotel operator Arena Hospitality Group (ARNTRA CZ) topped the liquidity board collecting HRK 3.04 million in turnover with a price decrease of 0.35% to HRK In May, Valamar Riviera (RIVPRA CZ) and PBZ CO (pension fund) submitted a joint offer for the investment and recapitalization of the tourism company Helios Faros. According to their plan, Helios Faros would employ 0 people after the renovation of the two hotels, Arkada and Lavanda. Valamar and PBZ CO plan to invest HRK 558 mln by 2024 in existing facility. If the bankruptcy creditors accept the joint offer, their claims will be settled by recapitalization in cash payment of HRK 90 mln. Faros creditors will decide on Valamar and PBZ CO s offer in July. In 2016, Helios Faros achieved,000 overnights and revenues above HRK 20 mln, which was 2.5% higher yoy. (Neutral) Croatian shipyard Viktor Lenac (VLENRB CZ) and Finnish Company Wartsila will work on installation of a ballast water purification modules, according to Viktor Lenac statement. In partnership with Wartsila, the company is positioned among leading global shipyards for the realization of such a complex projects. (Positive) Russia's Sberbank will auction on July 7 the 18.53% stake in Slovenia's Mercator retailer which it recently seized from the Dutch company Agrokor Investments B.V., owned by Ivica Todoric, Slovenia's media said on Thursday, citing a statement from Sberbank. (Neutral) In period from January to mid-june 2017, tourist arrivals in Croatia increased by 22% yoy, while number of overnights increased by 24%, according to tourism minister Cappelli. (Positive) Please note that Zagreb Stock Exchange was closed on Thursday, June 22, due to holiday. SLOVENIA 10,3% BENCHMARKS 1Y % RETURNS 13,8% Vlatko Kesegić Phone: vkesegic@fima.com Darko Horvat Phone: dhorvat@fima.com trading@fima.com 28,4% 48,1% CROBEX SBI BET SOFIX SALES AND TRADING DESK CONTACTS In 2016, actual individual consumption (AIC) per capita in the EU ranged from 53% to 132%, while GDP per capita ranged from 48% to 267% of the EU average. Slovenia was below average in both indicators. (Negative) ROMANIA On June 21, Romania's PM and his government have been ousted in a no-confidence vote submitted by ruling party members. A total of 241 politicians approved the motion on Wednesday, more than the 233 votes required. The governing Social Democratic Party filed the motion to oust PM Sorin Grindeanu, saying that he had failed to implement the party's political agenda. The party will now choose a candidate for PM who needs to be nominated by President Klaus Iohannis. Talks with the president are scheduled for Monday and Mr Iohannis has the right to refuse a candidate. Parliament then votes to approve the new government. (Neutral) Romania s retail will grow by 10% this year, according to a survey done by GfK in 32 countries in Europe. The average growth in the retail sector will amount to 1.5% across Europe this year. (Positive) BULGARIA Sirma Group Holding s (SKK BU) shareholders approved new share buyback program. The new program entails the Company to buy back up to 1 mln ordinary shares at a minimum price of BGN 0. per share and a maximum of BGN 1.5 per share. The program will be executed by the end of The Company uses share based management remuneration based on top and bottom line performance of the Group for the corresponding year. (Neutral) Ministry of Finance auctioned BGN mln 4 year treasuries at a record low yield of 0.05%, according to Bulgarian National Bank data. Bid-to-cover ratio reached 2.06 with local investors bidding for BGN 103 mln with competitive bids dominating. Banks subscribed 79.6% of the proposed amount followed by pension funds and other investors. (Neutral) 1

2 Trading day recap CROATIA Market Trunover ( EUR mn): 0,00 Volume () Leaders 1 #N/A #N/A #N/A #N/A 2 #N/A #N/A #N/A #N/A 3 #N/A #N/A #N/A #N/A 4 #N/A #N/A #N/A #N/A 5 #N/A #N/A #N/A #N/A 6 #N/A #N/A #N/A #N/A 7 #N/A #N/A #N/A #N/A 8 #N/A #N/A #N/A #N/A 9 #N/A #N/A #N/A #N/A Jun-14 Jun-15 Jun-16 Jun #N/A #N/A #N/A #N/A CROBEX CRO Tourism CROPLUS Index Laggers SLOVENIA Market Trunover ( EUR mn): 0,54 1 Krka 0,29 Datalab 6,52% Kmecka Druzba -8,% 2 Triglav 0,09 Telekom Slo. 2,47% Inles -4,76% 3 Petrol 0,06 Intereuropa 1,56% Terme Catez -3,13% 4 Cinkarna Celje 0,04 Sava Re 1,48% Cinkarna Celje -2,17% 5 Telekom Slo. 0,03 Petrol 1,34% Luka Koper -1,% 6 Sava Re 0,00 Sivent 1,14% Krka -0,35% 7 Gorenje 0,00 Triglav 0,00% Triglav 0,00% 70 8 Terme Catez 0,00 Mercator 0,00% Mercator 0,00% 9 Datalab 0,00 Gorenje 0,00% Gorenje 0,00% Jun-14 Jun-15 Jun-16 Jun-1710 Gea 0,00 Unior 0,00% Unior 0,00% SBI ROMANIA Market Trunover ( EUR mn): 6,88 Volume () Leaders Laggers Volume () Leaders Laggers 1 BRD 1,74 Dan Steel Grou 42,9% Btt Bucuresti -32,89% 2 Banca Trans. 1,51 Uniteh Timiso 27,91% Compania Hotel -12,06% 3 Transgaz 1,38 Armatura 14,94% Moara Cibin S -6,57% 4 Romgaz 0,88 Ceprocim Bucu 13,42% Electroarges -4,68% 5 Conpet Ploies 0,81 Turism Covasna 13,00% Perla Covasnei -3,37% 6 Bur De Valori 0,09 Retrasib 12,20% Bermas -3,20% 7 Electrica 0,06 Macofil Tg Ji 10,48% ul Media -2,% 8 OMV Petrom 0,05 Fondul Oamenil 7,53% Sif 4 Muntenia -2,40% Jun-14 Jun-15 Jun-16 Jun-17 9 Sif 4 Muntenia 0,04 Inox 6,67% Teraplast -2,05% 10 Transelectrica 0,04 Imotrust Arad 6,61% Romaero -1,96% BET BET-BK Index BULGARIA Market Trunover ( EUR mn): 1,87 Volume () Leaders Laggers Dec-14 Dec-15 Dec-16 SOFIX BGBX40 index 1 Speedy 1,46 Optela-Laser T 21,33% Solarpro Holdi -14,53% 2 Monbat 0,25 Drujba Glasswo 5,17% Bulland Invest -7,45% 3 Vance Terrafun 0,03 Speedy 4,88% Lomsko Pivo -5,94% 4 Cez Distributi 0,03 Slanchev Bryag 4,% Dobrudzha Hold -4,35% 5 Sopharma 0,02 Zlaten Lev Hol 4,69% Holding Sveta -3,34% 6 FIB 0,02 Cez Distributi 3,48% Svilosa -3,31% 7 Euroholding Bl 0,02 Odessos Shipre 2,% Albena -3,01% 8 Sopharma Tring 0,01 Bg Agro 2,25% Energoremont H -2,35% 9 Chimimport 0,01 Neochim -Dimit 1,65% Assenova Krepo -2,22% 10 Zarneni Hrani 0,01 Synergon Holdi 0,81% Fund Estates R -2,08% 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 54,9-5,8 4,4-0,20% -15,6% -9,5 23,5 0,4 1,2-5,4 1,7% -11,3% 3,3% DLKVRA CZ 72,6 7,0 21,8 -,5% 10,4 7,8 0,5 2,1 2,8 6,7% 17,4% - VDKTRA CZ 8,0 1,5 130, ,7% 5,3 4,7 0,4-2,8 9,1% - - INGRRA CZ 8,5 1,3 4,7-52,0% 6,3-211,5 7,5 0,6-194,6-3,6% 10,3% - THNKRA CZ 14,8 0,1 5,0-26,0% 117,2 15,6 0,9 0,3 12,2 6,0% 0,3% - IGHRA CZ 23,2-7,5 2,5-55,5% -3,1,0 3,2-40,0 6% -164,9% - DIVERSIFIED ADRSPA CZ 1165,9 70,2 475,0-4,1% 16,6 1,5 0,4 0,5-4,1 27,1% 6,1% 3,6% 6C4 BU 218,6 26,1 1,8 0,22% 6,8% 8,4 - -0,9 0, ,2% 3,0% 4HS BU 8,5 0,2 3,4-3,34% 2,5% 54, , ,5% 6,1% - 5V2 BU 87,2 1,0 32,6-0,27% -1,3% 89,6 44,0 6,8 1,1 15,0 15,3% 1,3% - 4EH BU 90,7 3,4 1,1 0,37% 68,3% 26,8 16,7 1,3 1,6 8,6 7,9% 6,6% 0,9% 5SR BU 87,0 3,8 8,1-24,8% 22,7-1,0 1, ,5% 2,7% ENERGY & UTILITY SNG RO 2716,8 #N/A N/A 32,3-0,46% 29,0% 8,8-1,9 1, ,8% SNP RO 3751,3 304,9 0,3-1,46% 16,1% - 3,0 0,9 0,6 0,0 30,8% 5,1% 5,0% TGN RO 1145,1 132,7 445,0 0,00% 51,4% 8,6 2,7 1,4 1,4-1,0 52,0% - 10,4% EL RO 1019,2 79,4 13,5 0,30% 2,4% 12,8 3,1 0,5 0,8-2,5 16,9% 6,3% 5,5% TEL RO 439,0-27,4 0,00% -6,2% , ,2% COTE RO 244,1-129,0 0,00% 63,7% - 1,9-1,5-2, ,9% INARA CZ 42,5 48, ,0-9,5% 87,7 11,0 1,8 2,9 0,9 16,0% 3,4% 0,5% SNN RO 424,4 24,7 6,4-0,77% 34,0% 17,2 1,9 0,7 0,3-0,3 40% 1,5% 5,1% JNAFRA CZ 774,4 40, ,0-7,6% 19,0 9,1 7,0 1,5-1,2 76,8% 8,2% 2,3% FOOD & BEVERAGE PODRRA CZ 309,1 18,7 322, ,1% 16,5 8,8 0,9 0,8 2,4 10,5% 4,9% 2,2% ATGRRA CZ 348,4 22,6 775, ,3% 15,4 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% 12,1% 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 90,5 3,5 489,0 - -9,4% 25,8 10,3 1,0 1,0 3,5 9,3% 4,4% - CKMLRA CZ 87,1 8, ,1 - -4,8% 10,4 8,0 0,6 1,2 0,9 8% 11,8% 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 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 153,9 9,5 6,3 0,00% 5,1% 16,2 6,3 0,4 0,4 3,7 7,0% 2,6% 1,6% ERNTRA CZ 220,7 13, ,4-5,6% 16,2 10,0 1,0 5,3-1,7 10,0% 31,9% 9,0% CICG SV 146,6 9,8 1,0-2,17% 11,1% 15,0 4,0 0,6 1,0-1,3 14,8% 6,8% 5,0% DDJHRA CZ 35,9-0,2 35, ,4% -183,8 19,6 1,1 3,2 9,6 5,4% - - ADPLRA CZ 95,9 7,8 169,4-22,2% 12,3 7,2 1,1 1,0 2,6 15,3% 8,5% 5,0% 5MB BU 227,7 10,7 11,4-1,04% 18,2% 21,3 12,9 1,7 2,7 2,8 13% 11,6% 2,5% KODTRA CZ 53,8 5, ,0-3,7% 10,8 4,3 0,3 1,1-0,7 6,6% 14,0% 3,5% 5MH BU 163,1 6,1 8,2-22,9% 26,9 13,8 3,0 4,6-0,9 21,5% 17,3% 3,2% KOEIRA CZ 254,6-734,3-6,4% , ,6% INFRASTRUCTURE LKPG SV 413,3 46,3 29,5-1,% 18,1% 8,9 6,3 2,5 1,2 1,3 39,2% 14,0% 3,2% LKPCRA CZ 31,6-2,7 555,0 - -2,8% -11,9-15,1 1,2 0,6 1,2-7,6% -4,7% - LKRIRA CZ 77,3 1,9 42, ,3% 40,6 111,6 4,3 0,8 9,9 3,8% 2,1% - MARINE ATPLRA CZ 71,1-14,9 377,8-33,7% -4,8 72,3 5,1 0,9 6,9 7,0% -18,3% - TPNGRA CZ 83,7 5,5 71,1 - -5,2% 15,2 10,5 4,6 0,9 5,8 44,1% 6,4% 2,3% LPLHRA CZ 17,0-0,2 190,0 - -5,0% -103,7 21,7 1,5 0,8-3,0 6,9% -0,8% - JDPLRA CZ 6,4-10,7 29, ,8% -0,6-48,2 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 1790,5 111,0 54,6-0,35% 3,2% 16,1 7,5 1,4 1,2-0,2 18,5% 7,5% 5,0% 3JR BU 303,3 27,0 4,4 0,00% 47,7% 11,2 9,9 0,8 1,3 2,4 8,2% 11,9% 2,3% ATB RO 81,9-0,6 2,20% 7,3% , ,9% BIO RO 64,4-0,3-0,99% 10,7% , ,7% SCD RO 191,4-2,1 0,00% 7,7% , ,4% 53B BU #N/A N/A 8,7 #N/A N/A - #VALUE! - - 0, ,7% - RETAIL & DIST. RPH RO 39,0-0,4 0,00% 28,7% , MELR SV 216,2-72,5 35,5 0,00% -47,8% -3,0 10,7 0,5 0,4 6, ,2% - PETG SV 771,9 74,8 370,0 1,34% 13,8% 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 7, , ,1% 6,6 11,2 0,3 0,7 5,2 3,1% 11,8% 14,1% PVCMRA CZ - 3,0 190,3-7,2% ,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 1929,6 126,4 174,8-3,4% 15,3 3,5 1,3 1,2-1,6 39,3% 8,0% 3,4% TLSG SV 542,4 40,7 83,0 2,47% 16,7% 13,3 4,0 1,2 0,8 1,8 29% 5,7% 6,0% OPTERA CZ 24,7 1,8 2,9-7,1% 13,9 4,6 1,1 4,7 2,5 23,5% 35,4% - ROE TOURISM BANKS RIVPRA CZ 731,5 39,7 43,1-24,5% 18,4 9,3 5,0 2,7 1,8 53,4% 15,8% 1,9% TUHORA CZ 149,6 8, ,1-2,6% 17,9 13,3 5,4 3,2-0,8 41% 18,9% 2,0% HIMRRA CZ 69,9 1,1 815,0-0,1% 63,2 12,8 4,9 1,6 2,7 38,6% 2,5% 0,4% ARNTRA CZ 326,1-19,1 471,6-0,7% -17,1 21,1 5,8 2,1 4,5 27% -20,2% - PLAGRA CZ 1,3 27,5 6.1,0-11,8% 18,3 10,3 4,1 1,8 1,1 40,3% 11,8% - LRHRA CZ 156,1 1, ,0-4,2% 106,1 9,9 4,4 1,6 0,7 44% 1,5% - HUPZRA CZ 168,1 11, ,7-3,2% 14,8-4,1 1, ,7% 0,6% MAISRA CZ 417,6 19,0 283,0-11,9% 21,9 13,0 4,4 2,4 2,9 34% 10,6% - 6AB BU,9 8,0 64,5-3,01% 5,0% 17,6 12,4 2,9 0,6 2,6 23,6% 3,6% 0,7% HMSTRA CZ 20,2 0,5 291,2-4,1% 38,4-3,0 1, ,3% - ACIRA CZ 86,8 1,3 5.0,0 - -9,3% 67,3 9,3 3,6 1,4-0,8 38% 2,1% 2,5% SLRSRA CZ,6 #N/A N/A 968,1-7,7% , ILRARA CZ 53,9 4, ,0-1,8% 12,6-4,0 1, ,9% 1,5% TLV RO 2219,4 283,4 2,8-0,54% 16,8% 8,0 1,7 11,6% 11,7% 0,7 20,6% 2,6% 2,2% BRD RO 2141,6 225,4 14,1 0,43% 18,4% 9,7 1,4 12,8% 12,6% 0,7 15% 2,1% 5,2% ZABARA CZ 2033,1 145,8 47, ,8% 13,8 0,8-14,4% 1,0 6,1% 0,9% 11,3% BCC RO 52,5-9,4 0,1 0,00% 14,3% - 1,2-3,4% 0,4-45% -2,4% - PBZRA CZ 1928,8 211,4 7,0 - -2,5% 9,0 1,0-16,7% 1,0 11,4% 2,0% 3,4% 5F4 BU 303,7 48,4 5,4-1,44% 61,2% 6,2 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 568,4 81,9 25,0 0,00% 7,8% 6,9 0,8 0,6 0,2 0,9 11,5% 2,3% 10,0% POSR SV 266,5 32,8 15,5 1,48% 17,1% 7,4 0,8 0,5 0,2 0,7 11% 2,0% 5,2% CROSRA ZA 771,9 74,8 370,0 1,34% -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 1915, ,1 0,9-0,68% 22,4% 6,0 1,3 0,3 0,3 473,9% 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