FIMA Daily Insight CROATIA SLOVENIA ROMANIA BULGARIA. Vlatko Kesegić. Darko Horvat. July 26, 2017 CROATIA

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1 CROATIA SLOVENIA ROMANIA BULGARIA July 26, 2017 CROATIA BENCHMARKS DAILY CHANGES % 0,51% Croatian equities closed mixed yesterday; CROBEX increased 0.04% to 1, pts and blue chip CROBEX 10 decreased 0.20% to 1, pts. Regular stock turnover amounted to HRK 4.38 million. (Neutral) Tourism Company Valamar Riviera (RIVPRA CZ) topped the liquidity board collecting HRK 1.49 million in turnover and its price remained unchanged at HRK ,04% -0,14% -0,15% CROBEX SBI BET SOFIX Jul-14 Jul-15 Jul-16 Jul-17 CROBEX SBI BET SOFIX 6,9% BENCHMARKS 3Y CHARTS BENCHMARKS 1Y % RETURNS 14,1% Vlatko Kesegić Phone: vkesegic@fima.com 25,1% 55,6% CROBEX SBI BET SOFIX SALES AND TRADING DESK CONTACTS In 1H 2017, sales revenues of Ericsson Nikola Tesla Group (ERNTRA CZ) decreased by 2.9% yoy due to decline in sales in CIS market and markets of Southeast Europe. Operating profit increased by 3.7% yoy mainly due to decrease in costs of raw material. Profit before tax declined by 8.2% to HRK 48.9 mln mainly because of operational and financial negative currency effects. Net profit declined by 26.8% yoy to HRK 37.4 mln due to absence of tax incentives for R&D activities. (Negative) Deputy Prime Minister and Minister of Economy, Entrepreneurship and Crafts Martina Dalic awarded grant agreements valued at HRK 76 mln for 20 projects, out of wich Koncar (KOEIRA CZ) received HRK 13.3 mln for a project to develop its tram safety SafeTRAM. (Positive) SLOVENIA In July, Slovenia's business sentiment dropped by 0.9 percentage points at the monthly level, but it was still 6.1 points up over the year before, the latest Statistics Office figures show. (Neutral) Debt to Slovenia's revenue service was reduced by EUR 35 mln or 2.7% in the first half of the year to EUR bln. Almost % of the debt is subject to regular enforcement procedures, while the rest is conditionally enforceable. (Neutral) ROMANIA Turnover of companies in Romania increased by 2.4% last year to EUR 281 bln. Local companies net profits went up by 15% to EUR 20.7 bln in 2016, while losses dropped by 13% to EUR 8.9 bln. The balance, calculated as the difference between profit and loss, rose by % last year to almost EUR 11 bln. In only two years, the profit margin of Romanian companies doubled, with only an 8% growth in sales. This was the result of higher consumption, stimulated by the VAT reduction from 24% to 20%, and salary increases in the public sector. (Positive) BULGARIA The Bulgarian banking sector's net profit increased by 41% in 2016 to BGN 1.3 bln, equivalent to a return on equity of 10.4%, as lower loan-loss provisions and tighter cost control supported earnings growth and organic capital generation. Aggregate common equity tier 1 and total capital ratios stood at 20.4% and 22.2%, respectively, as at December (Positive) Darko Horvat Phone: dhorvat@fima.com trading@fima.com 1

2 Trading day recap CROATIA Market Trunover ( EUR mn): 0,61 1 Valamar 0,20 IGH 8,21% Granolio -45,45% 2 HT 0,08 Ingra 6,02% Pik Rijeka -5,83% 3 Atlantic Grupa 0,07 Jadransko Osig. 5,40% Viro -3,96% 4 Dalekovod 0,03 Excelsa 4,57% Turisthotel -3,65% 5 Ericsson NT 0,03 ACI 3,53% Dalekovod -3,48% 6 Adris - pfd 0,02 Ericsson NT 2,77% RIZO -3,14% 7 HUP 0,02 Luka Ploce 2,24% HPB -2,91% 8 Pevec 0,02 DDJH 2,09% Auto Hrvatska -2,86% 9 Atlantska plov. 0,02 ZABA 2,03% Podravka -1,51% Jul-14 Jul-15 Jul-16 Jul Plava Laguna 0,02 Varteks 1,79% Adris - pfd -0,87% CROBEX CRO Tourism CROPLUS Index SLOVENIA Market Trunover ( EUR mn): 0,88 1 Krka 0,63 Sava Re 2,56% Hotel Union -1,88% 2 Telekom Slo. 0,13 Salus 2,13% Petrol 0,00% 3 Sava Re 0,07 Krka 1,10% Telekom Slo. 0,00% 4 Triglav 0,02 Mercator 1,06% Luka Koper 0,00% 5 Cinkarna Celje 0,01 Kmecka Druzba 0,34% Gorenje 0,00% 6 Unior 0,01 Unior 0,28% Cinkarna Celje 0,00% 7 Gorenje 0,00 Triglav 0,04% Melamin 0,00% 70 8 Luka Koper 0,00 Petrol 0,00% Terme Catez 0,00% 9 Hotel Union 0,00 Telekom Slo. 0,00% Nama 0,00% Jul-14 Jul-15 Jul-16 Jul-1710 Salus 0,00 Luka Koper 0,00% Mlinotest 0,00% SBI ROMANIA Market Trunover ( EUR mn): 5,55 Volume () Leaders Laggers Volume () Leaders Laggers Volume () Leaders Laggers 1 Romgaz 1,44 Auto Center B 66,7% Icmrs -32,32% 2 BRD 0,78 Unirea Shoppin 21,03% Transcom Bucur -16,67% 3 OMV Petrom 0,75 Cocor 14,78% Chimcomplex Bo -8,00% 4 Banca Trans. 0,61 Retrasib 10,74% Remarul 16 Feb -7,85% 5 Sif 1 Banat-Cr 0,52 Electroputere 10,07% Imotrust Arad -5,65% 6 Fondul Prop. 0,47 Electrocontact 6,10% Mecanica Fina -5,44% 7 Electrica 0,20 ul Media 5,31% Contactoare B -5,26% 8 Sif 3 Transilv 0,12 Bucur Bucures 3,55% Fondul Oamenil -5,22% Jul-14 Jul-15 Jul-16 Jul-17 9 Sif 2 Moldova 0,12 Cemacon Zalau 3,25% Feroneria -2,45% 10 Turbomecanica 0,10 Bittnet System 3,17% Magazin Univer -2,17% BET BET-BK Index BULGARIA Market Trunover ( EUR mn): 0,13 Volume () Leaders Laggers Jan-15 Jan-16 Jan-17 SOFIX BGBX40 index 1 Bulgaria Compe 0,04 Razvitie Indus 20,00% Momina Krepost -29,82% 2 FIB 0,01 Energoremont H 14,20% Trace Group -4,13% 3 Sopharma 0,01 Sparky Eltos - 9,49% Bulgartabak Ho -2,99% 4 Cez Distributi 0,01 Svilosa 2,66% Elana Agrocred -2,73% 5 Sopharma Tring 0,01 Monbat 1,73% Holding Varna -2,65% 6 Bulgarian Real 0,01 Sirma Group Ho 1,56% Holding Sveta -2,57% 7 Energoremont H 0,01 Koro Bulgaria 1,10% Energetics And -2,08% 8 Doverie Holdin 0,00 Sopharma Prope 0,92% Doverie Holdin -1,81% 9 Koro Bulgaria 0,00 Hydraulic Elem 0,89% Bulgarian Amer -1,45% 10 Sirma Group Ho 0,00 Bulgarian Rive 0,71% Industrialen C -1,35% 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 53,5-5,8 4,3-4,13% -17,9% -9,3 23,5 0,4 1,1-5,4 1,7% -11,3% 3,4% DLKVRA CZ 74,0 7,0 22,2-3,48% 63,5% 10,6 7,8 0,5 2,1 2,8 6,7% 17,4% - VDKTRA CZ 1,9 1,5 30,5 1,67% -90,1% 1,2 4,7 0,4-2,8 9,1% - - INGRRA CZ 8,0 1,5 4,4 6,02% 43,8% 5,3 33,9 7,5 0,6 28,6 22,2% 11,6% - THNKRA CZ 14,2 0,1 556,0 0,00% 20,8% 112,4 15,6 0,9 0,3 12,2 6,0% 0,3% - IGHRA CZ 24,8-7,5 299,7 8,21% 66,2% -3,3,0 3,2-40,0 6% -164,9% - DIVERSIFIED ADRSPA CZ 1,3 70,2 455,0-0,87% -0,3% 15,8 1,5 0,4 0,5-4,1 27,1% 6,1% 3,7% 6C4 BU 214,0 26,1 1,7 0,52% 4,6% 8,2 - -0,9 0, ,2% 3,1% 4HS BU 8,6 0,2 3,4-2,57% 3,3% 55, , ,5% 6,1% - 5V2 BU 88,6 1,0 33,1-2,65% 0,3% 91,1 44,0 6,8 1,1 15,0 15,3% 1,3% - 4EH BU 105,2 3,4 1,3 0,00% 95,3% 31,1 16,7 1,3 1,9 8,6 7,9% 6,6% 0,8% 5SR BU 91,4 3,8 8,5-31,1% 23,9-1,0 1, ,5% 2,6% ENERGY & UTILITY SNG RO 2397,8 #N/A N/A 28,4-0,18% 13,6% 8,8-1,9 1, ,4% SNP RO 3964,5 304,9 0,3 0,31% 22,4% - 3,0 1,0 0,7 0,0 30,8% 5,1% 4,7% TGN RO 1011,0 132,7 392,0 0,00% 33,3% 7,6 2,7 1,4 1,2-1,0 52,0% - 11,9% EL RO 1074,6 79,4 14,2 0,00% 7,8% 13,5 3,1 0,5 0,8-2,5 16,9% 6,3% 5,2% TEL RO 464,9-29,0-0,17% -0,9% , ,9% COTE RO 189,7 -,0-0,99% 26,9% - 2,0-1,2-2, ,6% INARA CZ 4309,5 48, ,0 0,00% 10,2% 88,3 11,0 1,8 2,9 0,9 16,0% 3,4% 0,5% SNN RO 455,1 24,7 6,9 0,15% 43,4% 18,5 1,9 0,7 0,3-0,3 40% 1,5% 4,8% JNAFRA CZ 767,9 40,8 5.6,0 0,89% 6,6% 18,8 9,2 7,0 1,5-1,3 76,7% 8,2% 2,9% FOOD & BEVERAGE PODRRA CZ 312,1 18,7 325,0-1,51% -14,3% 16,7 8,8 0,9 0,8 2,4 10,5% 4,9% 2,2% ATGRRA CZ 355,3 22,6 790,0 0,27% -10,6% 15,7 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 85,6 3,5 462,0 0,43% -14,4% 24,4 10,3 1,0 1,0 3,5 9,3% 4,4% 1,7% CKMLRA CZ 87,1 8,4 6.1,0 0,00% -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 158,8 9,5 6,5 0,00% 8,4% 16,7 6,3 0,4 0,4 3,7 7,0% 2,6% 1,5% ERNTRA CZ 219,8 13, ,0 2,77% 5,2% 16,9 10,0 1,0 5,3-1,7 10,0% 31,9% 9,0% CICG SV 138,5 9,8 170,0 0,00% 4,9% 14,2 4,0 0,6 0,9-1,3 14,8% 6,8% 5,3% DDJHRA CZ 33,5-0,2 32,7 2,09% -27,6% -171,5 19,6 1,1 3,0 9,6 5,4% - - ADPLRA CZ 99,4 7,8 175,5-0,24% 26,6% 12,7 7,2 1,1 1,0 2,6 15,3% 8,5% 4,8% 5MB BU 229,2 10,7 11,5 1,73% 19,0% 21,5 12,9 1,7 2,7 2,8 13% 11,6% 2,5% KODTRA CZ 52,4 5,0 1.5,0 0,00% 1,3% 10,5 4,3 0,3 1,1-0,7 6,6% 14,0% 3,6% 5MH BU 167,5 6,1 8,4-0,26% 26,2% 27,6 13,8 3,0 4,7-0,9 21,5% 17,3% 3,1% KOEIRA CZ 248,8-717,0-0,17% 3,9% , ,7% INFRASTRUCTURE LKPG SV 448,0 46,3 32,0 0,00% 28,0% 9,7 6,3 2,5 1,3 1,3 39,2% 14,0% 3,0% LKPCRA CZ 31,3-2,7 548,1 2,24% -4,0% -11,8-15,1 1,2 0,6 1,2-7,6% -4,7% - LKRIRA CZ 81,8 1,9 45,0 1,56% -6,1% 43,0 111,6 4,3 0,9 9,9 3,8% 2,1% - MARINE ATPLRA CZ,2-14,9 426,0-0,70%,8% -5,4 72,3 5,1 1,0 6,9 7,0% -18,3% - TPNGRA CZ 76,6 5,5 65,0 0,00% -13,3% 13,9 10,5 4,6 0,9 5,8 44,1% 6,4% 2,4% LPLHRA CZ 16,1-0,3 1,0 0,00% -10,0% -58,3 13,0 1,5 0,8-1,9 11,7% -1,3% - JDPLRA CZ 7,9-10,7 35,9-0,14% -11,9% -0,7-48,2 6,5 0,2-43,3-13,5% -22,7% - 5BR BU 12,9-0,6 0,7 0,71% 6,3% -21,5 23,1 1,4 0,3-0,4 6,2% -1,5% - PHARMA KRKG SV 13,6 111,0 55,0 1,10% 4,0% 16,2 7,5 1,4 1,2-0,2 18,5% 7,5% 5,0% 3JR BU 334,2 27,0 4,9 0,00% 62,8% 12,4 9,9 0,8 1,4 2,4 8,2% 11,9% 2,1% ATB RO 81,5-0,6-1,07% 6,5% , ,9% BIO RO 66,5-0,3-0,65% 14,1% , ,5% SCD RO 209,2-2,3-1,29% 17,4% , ,9% 53B BU #N/A N/A 8,7 #N/A N/A - #VALUE! - - 0, ,7% - RETAIL & DIST. RPH RO 40,2-0,4 0,00% 32,4% , MELR SV 231,5-73,6 38,0 1,06% -44,1% -3,1 10,7 0,5 0,4 6, ,3% - PETG SV 790,5 74,8 378,9 0,00% 16,6% 10,6 6,7 0,3 1,3 2,3 4,0% 12,7% 3,7% 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 55,8 11, ,0 0,00% -20,3% 4,9 8,2 0,2 0,8 3,8 2,8% 18,1% 12,4% PVCMRA CZ - 3,0 203,0-0,% 14,4% ,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 1988,1 126,3 1,0 0,06% 6,5% 15,7 4,0 1,6 1,2-1,2 39,5% 8,0% 3,3% TLSG SV 532,6 40,7 81,5 0,00% 14,6% 13,1 4,0 1,2 0,7 1,8 29% 5,7% 6,1% OPTERA CZ 24,0 1,8 2,8-0,71% 4,1% 13,6 4,6 1,1 4,6 2,5 23,5% 35,4% - ROE TOURISM BANKS RIVPRA CZ 747,9 39,7 44,0 0,00% 27,2% 18,8 9,3 5,0 2,7 1,8 53,4% 15,8% 1,8% TUHORA CZ 149,0 8, ,1-3,65% 2,1% 17,9 13,3 5,4 3,2-0,8 41% 18,9% 2,0% HIMRRA CZ 69,9 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 329,3-19,1 476,0 0,00% 1,6% -17,3 21,1 5,8 2,1 4,5 27% -20,2% - PLAGRA CZ 489,5 27,5 6.4,0 0,00% 17,3% 17,8 10,3 4,1 1,9 1,7 40,3% 11,8% - LRHRA CZ 158,8 1, ,0 0,00% 6,0% 103,4 10,4 4,4 1,6 0,7 43% 1,6% - HUPZRA CZ 173,3 11, ,0 0,00% 6,3% 15,3-4,1 1, ,7% 0,5% MAISRA CZ 432,5 19,0 293,0 0,00% 15,8% 22,7 13,0 4,4 2,5 2,9 34% 10,6% - 6AB BU 137,4 8,0 62,9-0,94% 2,4% 17,2 12,4 2,9 0,6 2,6 23,6% 3,6% - HMSTRA CZ 20,9 0,5 300,0 0,00% 7,2% 39,5-3,0 1, ,3% - ACIRA CZ 86,9 1,3 5.0,0 3,53% -9,3% 67,4 9,3 3,6 1,4-0,8 38% 2,1% 2,5% SLRSRA CZ 83,3 #N/A N/A 1.000,0 0,00% 11,2% , ILRARA CZ 55,3 4,3 1.3,0 0,37% 4,5% 13,0-4,0 1, ,9% 1,5% TLV RO 2332,2 283,4 2,9-0,68% 22,4% 8,4 1,7 11,6% 11,7% 0,7 20,6% 2,6% 2,1% BRD RO 2158,7 225,4 14,1-0,28% 19,0% 9,7 1,4 12,8% 12,6% 0,7 15% 2,1% 5,2% ZABARA CZ 2278,5 145,8 52,8 2,03% -2,3% 15,5 0,9-14,4% 1,0 6,1% 0,9% 10,0% BCC RO #N/A N/A -9,4 0,1 0,94% #VALUE! - eld Not Ap - 3,4% 0,4-45% -2,4% - PBZRA CZ 1955,4 211,4 7,0 1,33% -1,2% 9,1 1,0-16,7% 1,0 11,4% 2,0% 3,3% 5F4 BU 317,7 48,4 5,7-0,70% 68,7% 6,5 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 610,4 81,9 26,9 0,04% 15,7% 7,4 0,8 0,7 0,2 0,9 11,5% 2,3% 9,3% POSR SV 275,5 32,8 16,0 2,56% 21,0% 7,7 0,8 0,6 0,2 0,7 11% 2,0% 5,0% CROSRA ZA 790,5 74,8 378,9 0,00% 0,3% 10,6 6,7 0,3 1,3 2,3 4,0% 12,7% 0,0% Mkcap () mn Price 1D YTD P/E NAV Discount to NAV FP RO 1922, ,5 0,9 0,11% 22,5% 6,0 1,2 0,3 0,3 231,4% 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