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

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1 CROATIA SLOVENIA ROMANIA BULGARIA May 23, 2017 CROATIA BENCHMARKS DAILY CHANGES % 0,21% 0,22% Croatian equities closed lower yesterday with both indices decreasing; CROBEX decreased 0.27% to 1, pts and blue chip CROBEX 10 decreased 0.39% to 1, pts. Regular stock turnover amounted to HRK 6.48 million. (Negative) -0,27% -0,58% Tourism Company Valamar Riviera (RIVPRA CZ) topped the liquidity board collecting HRK 2.22 million in turnover and its price decreased 0.07% to HRK A coordinating group on behalf of producers and suppliers agreed yesterday on demands related to the treatment of Agrokor promissory notes and new placements of their products to the food and retail group and announced that they would stop deliveries as of May 29 if their demands are not met. (Neutral) CROBEX SBI BET SOFIX BENCHMARKS 3Y CHARTS May-14 May-15 May-16 May-17 CROBEX SBI BET SOFIX BENCHMARKS 1Y % RETURNS 9,3% 10,9% Vlatko Kesegić Phone: vkesegic@fima.com 33,2% 49,1% CROBEX SBI BET SOFIX SALES AND TRADING DESK CONTACTS Zagrebacka Banka (ZABARA CZ) stated that on May 19, it had concluded a contract on selling nonperforming loans in the amount of HRK 3.3 bln (EUR 4 mln) from its portfolio to APS Delta, owned by the Czech holding APS. (Neutral) On June 15, three Croatian mobile operators in Croatia - Hrvatski Telekom (HTRA CZ), Vipnet and Tele2 Croatia - will apply the new EU regulation for roaming, but at least in the beginning, they do not intend to raise prices for users. (Neutral) In 2016, average gross salary in Croatia was HRK 7,753 and was nominally 1.9% and in real terms 3% higher yoy, but RBA analysts point out that the dynamic view of gross wage trends since 2009 points to quite a stagnant nominal level. (Positive) On May 22, European Commission made a recommendation to the Council to abrogate the Excessive Deficit Procedure (EDP) for Croatia, after Zagreb reduced both the budget deficit and public debt last year. (Neutral) SLOVENIA Boards flashed red on the LJSE on Monday, with fuel retailer Petrol (PETG SV) being the only winner (+1.35% to EUR 3), but the SBI TOP blue chips nevertheless closed 0.21% higher at points. Brokers wrapped up a total of EUR 689,5 in deals today. (Neutral) ROMANIA On May 22, Romania's finance ministry raised a planned RON 0 mln selling bonds maturing in February 2019 at an average yield of 1.36%, according to central bank data. (Neutral) In 1Q 2017, passenger traffic on Romania s airports stood at more than 4 mln people, an increase of 30% yoy, according to the Romanian Airports Association. (Positive) BULGARIA Leading Bulgarian lead acid batteries producer Monbat (5MB BU), proposes BGN 0.28 DPS. The Company scheduled its annual shareholders meeting for June 26th, The proposed DPS yields 2.63% at current market quotes. The Company management proposes distributing BGN 11 mln which entails 61% payout, in line with its five year average. (Positive) Darko Horvat Phone: dhorvat@fima.com trading@fima.com 1

2 Trading day recap CROATIA Market Trunover ( EUR mn): 2, 1 Adris 1,62 Liburnia 2,92% Zvecevo -24,04% 2 Valamar 0,30 SNH Alfa 2,55% Kutjevo -17,96% 3 Luka Ploce 0,18 Pectinatus 2,47% Saponia -7,11% 4 HT 0,15 Auto Hrvatska 2,44% Petrokemija -7,05% 5 Adris - pfd 0,07 Dalekovod 1,40% Slatinska banka -5,62% 6 Ericsson NT 0,05 Optima 1,09% Proficio -5,40% 7 Kras 0,02 Jadroplov 0,97% Viro -3,81% 8 Medika 0,01 IGH 0,95% Viadukt -3,53% 9 Atlantska plov. 0,01 Pevec 0,81% Hoteli Haludovo -3,29% May-14 May-15 May-16 May Atlantic Grupa 0,01 Podravka 0,74% DDJH -3,13% CROBEX CRO Tourism CROPLUS Index SLOVENIA Market Trunover ( EUR mn): 0,69 1 Cinkarna Celje 0,29 Kompas 43,33% Luka Koper -1,72% 2 Triglav 0,17 Kmecka Druzba 2,79% Gorenje -0,76% 3 Petrol 0,09 Hram Hldg. 2,70% Sava Re -0,64% 4 Krka 0,06 Cinkarna Celje 2,36% Unior -0,55% 5 Luka Koper 0,05 Cetis 2,00% Telekom Slo. -0,18% 6 Telekom Slo. 0,02 Petrol 1,35% Triglav -0,04% 7 Intereuropa 0,01 Krka 0,00% Krka 0,00% 70 8 Gorenje 0,00 Mercator 0,00% Mercator 0,00% 9 Sava Re 0,00 Salus 0,00% Salus 0,00% May-14 May-15 May-16 May Unior 0,00 Hotel Union 0,00% Hotel Union 0,00% SBI ROMANIA Market Trunover ( EUR mn): 6,92 Volume () Leaders Laggers Volume () Leaders Laggers Volume () Leaders Laggers 1 Fondul Prop. 1,63 Cemacon Zalau 7,6% Conect Busines -21,43% 2 Banca Trans. 0,99 Ves 5,90% Relee Medias -16,91% 3 BRD 0, Impact Develop 3,55% Electroputere -8,82% 4 OMV Petrom 0,74 Iproeb Bistri 3,23% Petrol Export -7,84% 5 Romgaz 0,62 Conpet Ploies 2,58% Bucur Obor Bu -5,98% 6 Transgaz 0,40 BRD 2,54% Ntierul Naval- -3,81% 7 Sif 2 Moldova 0,36 Turism Felix 1,79% OMV Petrom -2,97% 8 Transelectrica 0,25 Bucur Bucures 1,75% Fam Galati -2,20% May-14 May-15 May-16 May-17 9 Sif 5 Oltenia 0,18 Iar Brasov 1,71% Imotrust Arad -2,14% 10 Alro 0,17 Perla Covasnei 1,33% Romcarbon -2,01% BET BET-BK Index BULGARIA Market Trunover ( EUR mn): 0,17 Volume () Leaders Laggers Nov-14 Nov-15 Nov-16 SOFIX BGBX40 index 1 Alcomet -Shume 0,07 Razvitie Indus 13,21% Sparky Eltos - -25,00% 2 Chimimport 0,02 Hydropneumotec 12,% Zlatni Pyasatz -10,53% 3 Herti -Shumen 0,01 Toplivo 3,25% Holding Sveta -6,89% 4 Cez Distributi 0,01 Cez Distributi 2,61% Bg Agro -4,76% 5 Zlaten Lev Hol 0,01 Zarneni Hrani 1,94% M+S Hidravlik -3,35% 6 Sopharma 0,01 Bulgaria Housi 1,88% FIB -2,25% 7 Insurance Comp 0,00 Doverie Holdin 1,01% Bulgarian Real -2,09% 8 Vance Terrafun 0,00 Neochim -Dimit 0,82% Zlaten Lev Hol -1,62% 9 Zarneni Hrani 0,00 Trace Group 0,23% Bulgaria Reg C -1,61% 10 Agria Group Ho 0,00 Vance Terrafun 0,05% Sofia Commerce -1,30% 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 54,4-5,4 4,4 0,23% -16,3% -10,0 20,1 0,4 1,1-4,6 2,0% -10,5% 3,3% DLKVRA CZ 69,8 7,0 21,0 1,40% 54,7% 10,0 7,8 0,5 2,0 2,8 6,7% 17,4% - VDKTRA CZ 4,2 0,0 69,0-3,53% -77,5% 132,5 6,1 0,4 0,1 3,2 7,3% 0,1% - INGRRA CZ 8,1 1,3 4,5-2,63% 45,4% 6,0-211,5 7,5 0,6-194,6-3,6% 10,3% - THNKRA CZ 12,8 0,1 0,8 0,00% 8,8%,9 15,6 0,9 0,3 12,2 6,0% 0,3% - IGHRA CZ 19,2-7,5 232,3 0,95% 28,8% -2,6,0 3,2-40,0 6% -164,9% - DIVERSIFIED ADRSPA CZ 1174,4 70,2 462,6-0,04% 1,4% 16,7 1,5 0,4 0,5-4,1 27,1% 6,1% 3,7% 6C4 BU 203,4 26,1 1,7-0,% -0,6% 7,8 - -0,9 0, ,2% 2,7% 4HS BU 8,4 0,2 3,3-6,89% 0,3% 53, , ,5% 6,1% - 5V2 BU 87,7 0,4 32,8 - -0,8% 237,5 28,5 5,5 1,1 16,3 19,2% 0,5% - 4EH BU 68,6 2,8 0,8-27,3% 24,2 18,8 1,2 1,3 11,1 6,4% 6,4% 0,3% 5SR BU 83,0 3,7 7,7-0,03% 19,1% 22, ENERGY & UTILITY SNG RO 26,3 #N/A N/A 33,2 1,22% 32,8% 8,8-1,9 1, SNP RO 4056,0 304,9 0,3-2,97% 25,1% - 3,0 1,0 0,7 0,0 30,8% 5,1% 4,6% TGN RO 1074,2 132,7 416,0 0,48% 41,5% 8,1 2,7 1,4 1,3-1,0 52,0% - 11,1% EL RO 1071,5 81,6 14,1 0,86% 7,3% 13,1 2,4 0,4 0,9-2,5 17,8% 6,5% 5,3% TEL RO 514,6-32,0 0,00% 9,6% , ,9% COTE RO 263,9-139,0 2,58% 76,4% - 1,9-1,7-2, ,9% INARA CZ 4033,6 48, ,0-3,13% 3,5% 82,6 11,0 1,8 2,7 0,9 16,0% 3,4% 0,5% SNN RO 455,0 33,2 6,9-0,15% 43,2% 13,7 3,0 1,2 0,3 0,2 38% 2,0% 4,8% JNAFRA CZ 772,2 40, ,0 0,00% 7,6% 18,9 9,1 7,0 1,5-1,2 76,8% 8,2% 2,3% FOOD & BEVERAGE PODRRA CZ 328,1 18,7 342,7 0,74% -9,6% 17,5 8,8 0,9 0,8 2,4 10,5% 4,9% 2,0% ATGRRA CZ 343,6 22,6 766,5-0,66% -13,3% 15,2 8,7 0,8 1,3 3,2 9,2% 8,6% 1,8% LEDORA CZ 147,8 38,1 3.1, ,2% 3,9 9,4 1,6 0,6 1,0 17,1% 15,7% 12,1% JMNCRA CZ 163,2 40,8 54.8,0 - -,6% 4,0 8,4 1,2 0,6 0,6 13,9% 17,3% - KRASRA CZ 92,6 3,5 1,4-2,90% -7,1% 26,4 10,3 1,0 1,0 3,5 9,3% 4,4% - CKMLRA CZ 87,6 8, ,1 0,00% -3,9% 10,5 8,7 0,6 1,2 1,0 8% 9,2% 1,0% BLJERA CZ 8,8-4,5 8, ,9% -2,0 15,6 1,5 0,2 8,2 9,4% -1,7% - ZVZDRA CZ 26,7 3, , ,8% 8,1 15,0 1,2 0,4 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 1,0 8,0 6,6-0,76% 9,3% 20,0 5,4 0,4 0,4 3,7 7,0% 2,2% - ERNTRA CZ 232,4 13, ,0-0,66% 11,5% 17,0 10,0 1,0 5,6-1,7 10,0% 31,9% 9,0% CICG SV 159,3 9,8 195,5 2,36% 20,7% 16,3 4,0 0,6 1,1-1,3 14,8% 6,8% 4,6% DDJHRA CZ 36,0-0,2 35,2-3,13% -21,9% -184,4 19,6 1,1 3,2 9,6 5,4% - - ADPLRA CZ 96,8 7,8 171,4 0,52% 23,6% 12,4 7,2 1,1 1,0 2,6 15,3% 8,5% 4,7% 5MB BU 214,2 10,7 10,7 0,00% 11,2% 20,0 12,9 1,7 2,5 2,8 13% 11,6% 2,6% KODTRA CZ 56,0 5, ,0 0,00% 9,2% 11,2 4,3 0,3 1,2-0,7 6,6% 14,0% 3,4% 5MH BU 1,2 6,1 8,0-3,35% 20,7% 26,4 11,8 2,6 4,7-0,9 21,8% 18,3% 3,2% KOEIRA CZ 271,5-785,0-0,44% 13,8% , ,5% INFRASTRUCTURE LKPG SV 399,0 46,3 28,5-1,72% 14,0% 8,6 6,3 2,5 1,2 1,3 39,2% 14,0% 4,0% LKPCRA CZ 30,7-2,7 539,9-0,01% -5,4% -11,6-15,1 1,2 0,6 1,2-7,6% -4,7% - LKRIRA CZ 73,1 1,9 40,4-0,12% -15,8% 38,5 111,6 4,3 0,8 9,9 3,8% 2,1% - MARINE ATPLRA CZ 69,6-14,9 370,8 0,21% 31,2% -4,7 72,3 5,1 0,9 6,4 7,0% -18,3% - TPNGRA CZ 77,9 5,5 66,3 0,00% -11,6% 14,2 10,5 4,6 0,9 5,8 44,1% 6,4% 2,4% LPLHRA CZ 17,1-0,2 191,7-1,91% -4,2% -107,1 13,6 1,7 0,8-1,7 13,6% -76,1% - JDPLRA CZ 6,4-8,5 29,3 0,97% -28,1% -0,8-11,5 5,9 0,1-11,4-79,8% -38,5% - 5BR BU 12,2 1,2 0,7-1,1% 10, ,3 0,1 15,1% 2,9% - PHARMA KRKG SV 1738,1 111,0 53,0 0,00% 0,2% 15,7 7,5 1,4 1,1-0,2 18,5% 7,5% 5,6% 3JR BU 273,3 23,7 4,0-0,13% 33,1% 11,5 8,8 0,7 1,2 2,6 7,9% 10,8% 2,5% ATB RO 83,6-0,6 1,07% 9,2% , ,8% BIO RO 63,5-0,3-0,34% 8,9% , ,8% SCD RO 199,4-2,2-0,46% 11,8% , ,1% 53B BU #N/A N/A 8,7 #N/A N/A - #VALUE! - - 0, ,7% - RETAIL & DIST. RPH RO 39,6-0,4 0,00% 30,1% , MELR SV 231,5-77,0 38,0 0,00% -44,1% -3,0 9,9 0,5 0,4 6,4 - -0,4% - PETG SV 751,1 74,8 3,0 1,35% 10,8% 10,0 6,7 0,3 1,2 2,3 4,0% 12,7% 3,9% TISKRA CZ 44,9-6,1,0 - -9,7% -7,3 11,8 0,1 1,3 4,9 1,1% 3,5% - MDKARA CZ,9 7, ,3-2,41% -12,7% 8,3 11,2 0,3 0,9 5,2 3,1% 11,8% 11,3% PVCMRA CZ - 3,0 184,0 0,81% 3,6% ,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 1843,1 126,4 167,4-0,66% -1,0% 14,6 3,5 1,3 1,2-1,6 39,3% 8,0% 3,6% TLSG SV 539,5 40,7 82,6-0,18% 16,1% 13,3 4,0 1,2 0,7 1,8 29% 5,7% 6,1% OPTERA CZ 31,6 1,8 3,7 1,09% 37,5% 17,9 4,6 1,1 6,0 2,5 23,5% 35,4% - ROE TOURISM BANKS RIVPRA CZ 6,5 39,7 40,2-0,25% 16,1% 17,1 9,3 5,0 2,5 1,8 53,4% 15,8% 2,0% TUHORA CZ 152,9 8,3 3.,0-0,% 5,1% 18,3 13,3 5,4 3,3-0,8 41% 18,9% 1,9% HIMRRA CZ 69,7 1,1 815,0 0,00% 0,1% 63,1 12,8 4,9 1,6 2,7 38,6% 2,5% 0,4% ARNTRA CZ 198,8-19,1 451,6-1,45% -3,6% -10,4 21,1 5,8 2,0 4,5 27% -20,2% - PLAGRA CZ 495,9 27,5 6.,0 0,00% 10,9% 18,1 10,3 4,1 1,8 1,1 40,3% 11,8% - LRHRA CZ 1,8 1, ,0 2,92% 1,0% 102,5 9,9 4,4 1,6 0,7 44% 1,5% - HUPZRA CZ 155,8 11, ,8 0,00% -4,2% 13,7-4,1 1, ,7% - MAISRA CZ 419,1 19,0 284,8 0,00% 12,6% 22,0 13,0 4,4 2,4 2,9 34% 10,6% - 6AB BU 142,0 4,0 65,0 0,00% 5,8% 35,8 12,9 3,1 0,6 2,5 24,2% 1,7% 0,7% HMSTRA CZ 19,3 0,5 278,1 0,00% -0,6% 36,5-2,8 1, ,1% - ACIRA CZ 90,3 1,3 6.0,0-1,87% -5,4% 70,0 9,3 3,6 1,5-0,8 38% 2,1% 2,4% SLRSRA CZ 77,4 #N/A N/A 932,0 0,00% 3,7% , ILRARA CZ 53,7 4, ,0 0,00% 1,8% 12,6-3,4 1, ,5% 1,5% TLV RO 2218,9 283,4 2,8 0,36% 16,4% 7,9 1,6 11,6% 11,7% 0,7 20,6% 2,6% 2,2% BRD RO 1974,6 225,4 12,9 2,54% 8,8% 8,9 1,3 12,8% 12,6% 0,7 15% 2,1% 5,6% ZABARA CZ 1994,0 145,8 46,3-0,19% -14,2% 13,6 0,8-14,4% 1,0 6,1% 0,9% 11,4% BCC RO 52,4-9,4 0,1-1,36% 13,7% - 1,2-3,4% 0,4-45% -2,4% - PBZRA CZ 1979,1 211,4 771,7-0,30% 0,4% 9,3 1,0-16,7% 1,0 11,4% 2,0% 3,3% 5F4 BU 318,3,5 5,7-2,25% 69,0% 6,3 0,7-9,3% 0,7 12% 1,1% - INSURANCES FUNDS Mkcap () ZVTG SV 614,2 81,9 27,0-0,04% 16,4% 7,5 0,8 0,7 0,2 0,9 11,5% 2,3% 9,3% POSR SV 266,9 32,8 15,5-0,64% 17,2% 7,5 0,8 0,5 0,2 0,7 11% 2,0% 4,2% CROSRA ZA 751,1 74,8 3,0 1,35% 7,2% 10,0 6,7 0,3 1,2 2,3 4,0% 12,7% 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 2021, ,6 0,9 0,55% 21,7% 6,0 1,2 0,2 0,3 469,5% 5,5% 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