FIMA Daily Insight CROATIA SLOVENIA ROMANIA BULGARIA. Vlatko Kesegić. Darko Horvat. November 23, ,4% 13,7% 11,3% -6,7% CROBEX SBI BET SOFIX

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1 CROATIA SLOVENIA ROMANIA BULGARIA FIMA Daily Insight November 23, 2017 CROATIA BENCHMARKS DAILY CHANGES % 0,10% -0,09% -0,59% -0,59% CROBEX SBI BET SOFIX BENCHMARKS 3Y CHARTS 1 Nov-14 Nov-15 Nov-16 Nov-17 CROBEX SBI BET SOFIX BENCHMARKS 1Y % RETURNS 22,4% Croatian equities closed mixed yesterday; CROBEX increased 0.10% to 1, pts and blue chip CROBEX 10 decreased 0.26% to 1, pts. Regular stock turnover amounted to HRK 6.55 million. (Neutral) Croatian shipping company Atlantska Plovidba (ATPLRA CZ) topped the liquidity board collecting HRK 1.41 million in turnover while its price increased 5.8% to HRK Tomorrow will be the last day of trading with Viadukt shares (VDKTRA CZ), while on November 26, shares will be delisted from the regulated market. So far, Viadukt receives 5 applications from creditors, while the creditor assembly is scheduled for January 9, (Neutral) Hrvatski Telekom (HTRA CZ) is the only one that submitted a bid for the public offer for Digital Postal Service project, which includes 2,0 smartphones, 2,200 wireless bluetooth printers and related software. HT's offer is worth HRK 7.8 mln (VAT excluded). (Positive) The Economist has recently unveiled edition of its special issue "The World in 2018," which projects Croatia's economic growth at 2.6%, which is slower than in the lowest estimate. (Neutral) Croatia's registered unemployment rate in October 2017 was 11.6%, which was 0.8 percentage points higher than in September 2017 and 2.4 percentage points lower than in October 2016, according to National Bureau of Statistics (DZS). (Neutral) SLOVENIA In Jan-Sep 2017, chemical company Cinkarna Celje (CICG SV) generated sales revenues in the amont of EUR mln, which was by 9% higher yoy and by 27% higher than planed. Total export grew by 8% yoy to EUR mln. The Company reached net profit of EUR 25.5 mln, which was and increase of 172% yoy and was 239% higher than Company s plan. At the end of 9M 17, the Company has no bank debts. Cinkarna invested EUR 7.7 mln, which is less than planned mainly because the tests which were conducted for the selection of equipment and preparation of the projects. (Positive) Wood and Company raises target price for Petrol (PETG SV) to EUR 406 per share, which is 19% upside if last price considered. (Positive) Slovenia's consumer confidence index remains at the record high level in November, level with the month before and 10 percentage points above the value a year ago, according to the Statistics Office. (Neutral) ROMANIA 11,3% 13,7% MedLife (M RO), the largest private medical service provider in Romania, has opened a 540-square meter hyperclinic in Braila, within an investment of EUR 700,000, reaching a total 19 clinics. (Positive) -6,7% CROBEX SBI BET SOFIX SALES AND TRADING DESK CONTACTS Vlatko Kesegić Phone: vkesegic@fima.com Darko Horvat Phone: dhorvat@fima.com trading@fima.com The Board of Directors of Romanian building materials manufacturer Teraplast (TRP RO) informed its shareholders and potential investors that it concluded, on Nov 21, 2017, a sale-purchase agreement with Mr. Dragos Irimescu for the acquisition of a 7% stake in the share capital of metallic roofing shingle producer Depaco. (Neutral) The censure motion filed by opposition National Liberal Party (PNL) and Save Romania Union (USR) against Romania's leftist government will be put to the vote at 0 CET on Thursday, the country's parliament said on Wednesday. The censure motion was announced on November 8 by PNL's leader Ludovic Orban after the government filed an emergency ordinance introducing controversial fiscal changes. A few days later, USR, which has backed PNL before in similar situations, announced that it too will support the motion. (Neutral) BULGARIA Bulgaria s Financial Supervision Commission said it has approved a prospectus of Monbat (5MB BU) for the issuance of 7-year corporate bonds worth up to EUR 30 mln. The company intends to issue up to 30,000 bonds with a nominal value of EUR 1,000 each, equal to their sale price, the financial regulator said in a statement on Tuesday. The issue will bear an annual interest rate equal to six-month EURIBOR plus allowance of 300 basis points, but not less than 3.0%, with coupon payments due semi-annually. The bonds will be redeemed in three instalments of 20%, 30% and % of the nominal value of the issue at the end of the 5, 6 and 7 year, respectively. (Neutral) 1

2 Trading day recap CROATIA Market Trunover ( EUR mn): 0,88 1 Atlantska plov. 0,19 Zvecevo 26,07% Badel -14,24% 2 Auto Hrvatska 0,13 Viadukt 17,44% KODT -2,81% 3 Turisthotel 0,11 Jadroplov 16,59% Petrokemija -2,74% 4 HT 0,07 Tehnika 11,20% SNH Gama -2,54% 5 Valamar 0,05 ULPL 8,56% Atlantic Grupa -2,20% 6 Jamnica 0,04 Atlantska plov. 5,% Ledo -1,53% 7 Ericsson NT 0,03 Termes 5,15% Viktor Lenac -1,49% 8 ULPL 0,03 Tankerska NG 3,16% Adris -1,20% 9 Ina 0,03 Hoteli Maes. 3,03% Belje -1,09% Nov-14 Nov-15 Nov-16 Nov Adris - pfd 0,02 Ina 2,98% HUP -1,03% CROBEX CRO Tourism CROPLUS Index SLOVENIA Market Trunover ( EUR mn): 0,94 1 Krka 0,32 Cinkarna Celje 2,08% Kmecka Druzba -28,67% 2 Cinkarna Celje 0,28 Nama 1,40% Datalab -7,62% 3 Triglav 0,12 Gorenje 0,90% Terme Catez -4,91% 4 Petrol 0,05 Intereuropa 0,% Sava Re -2,74% 5 Luka Koper 0,04 Petrol 0,15% Telekom Slo. -1,42% 6 Gorenje 0,04 Triglav 0,04% Krka -1,19% 7 Telekom Slo. 0,03 Mercator 0,00% Salus -0,% 70 8 Intereuropa 0,03 Luka Koper 0,00% Mercator 0,00% 9 Unior 0,02 Unior 0,00% Luka Koper 0,00% Nov-14 Nov-15 Nov-16 Nov Salus 0,01 Hotel Union 0,00% Unior 0,00% SBI ROMANIA Market Trunover ( EUR mn): 6,75 Volume () Leaders Laggers Volume () Leaders Laggers Volume () Leaders Laggers 1 Electrica 1,42 Simbeton Orad 896,0% Galfinband -43,18% 2 Banca Trans. 1,32 Sometra Cop Mi 341,44% Argus Constan -9,76% 3 Romgaz 0,95 Abo Mix Zalau 27,37% Ntierul Naval -9,00% 4 OMV Petrom 0,64 Scut Bacau 21,95% Unirea Shoppin -8,66% 5 Transgaz 0,63 Ntierul Naval 12,00% Griul Bucures -8,33% 6 Transelectrica 0, Remarul 16 Feb 10,00% Oltchim Rm Va -5,29% 7 BRD 0,47 Tmk-Artrom Sla 8,57% Constructii Fe -4,62% 8 Fondul Prop. 0,31 Amonil 8,57% Primcom Bucur -4,29% Nov-14 Nov-15 Nov-16 Nov-17 9 Sif 5 Oltenia 0,10 Bucur Bucures 6,25% Electrocontact -3,85% 10 Sif 2 Moldova 0,06 Prefab Bucure 2,09% Univers -3,70% BET BET-BK Index BULGARIA Market Trunover ( EUR mn): 0,90 Volume () Leaders Laggers May-15 May-16 May-17 SOFIX BGBX40 index 1 Texim Bank 0,55 Elhim Iskra 5,63% Nov Vek Holdin -4,76% 2 Balkan And Sea 0,26 Odessos Shipre 2,13% Oil & Gas Expl -4,05% 3 Koro Bulgaria 0,02 Svilosa 1,90% Vance Equity H -3,85% 4 Sopharma 0,01 Lavena 1,08% Bulgaria Compe -2,29% 5 Svilosa 0,01 Aktiv Properti 0,37% Cez Distributi -1,79% 6 Euroholding Bl 0,01 Balkan And Sea 0,34% Lomsko Pivo -1,70% 7 Chimimport 0,01 Sopharma 0,23% Euroholding Bl -1,38% 8 Hydraulic Elem 0,00 Sirma Group Ho 0,19% Koro Bulgaria -1,32% 9 Doverie Holdin 0,00 FIB 0,02% Todoroff -Sofi -1,22% 10 Oil & Gas Expl 0,00 Sopharma Tring 0,00% Hydraulic Elem -0,69% 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,7-5,3 4,1 0,00% -22,1% -9,6-196,1 0,4 1,1 46,2-0,2% -10,8% - DLKVRA CZ 66,6 0,9 20,4 1,24%,2% 74,7 9,3 0,7 1,8 4,3 7,5% 2,1% - VDKTRA CZ 0,2-17,9 3,0 17,44% -99,0% 0,0-1,4 0,5 - -1,6-32,8% - - INGRRA CZ 7,1 0,3 4,0 1,28% 29,1% 23,2 88,1 8,6 0,6 76,1 9,8% 2,5% - THNKRA CZ 3,0 0,6 119,0 11,20% -74,2% 5,1 17,3 0,8 0,1 11,0 4,5% 1,4% - IGHRA CZ 19,0-4,4 234,5 1,51% 30,0% -4,4 16,4 2,6-12,2 16% - - DIVERSIFIED ADRSPA CZ 1022,5 66,4 440,0 0,00% -3,6% 15,4 0,5 0,1 0,4-4,4 20,1% 5,4% 3,9% 6C4 BU 212,0 29,4 1,7-0,52% 3,6% 7,2-1,6 0, ,6% 3,1% 4HS BU 8,7 0,2 3,5-4,5% 55, , ,5% 6,1% - 5V2 BU 87,9 0,1 32,9 - -0,5% 1323,1 38,6 6,4 1,1 13,0 16,5% 0,1% - 4EH BU 112,2-0,7 1,4-1,38% 108,3% -156,4 14,7 1,6 1,9 5,8 10,9% -1,3% 0,7% 5SR BU 84,9 4,2 7,9-21,9% 20,4-1,1 1, ,5% 2,7% ENERGY & UTILITY SNG RO 2693,5 #N/A N/A 32,5 0,78% 38,5% 8,8-1,5 1, ,8% SNP RO 3447,0 442,8 0,3-2,08% 8,4% - 2,3 0,7 0,6 0,0 32,4% 7,4% 5,3% TGN RO 995,0 132,7 393,0 0,26% 33,7% 7,5 2,7 1,4 1,2-1,0 52,0% - 3,7% EL RO 877,8 79,4 11,8-2,48% -10,3% 11,1 3,1 0,5 0,7-2,5 16,9% 6,3% 6,3% TEL RO 403,5-25,6-0,39% -12,3% , ,1% COTE RO 184,3-99,0 0,00% 38,3% - 2,9-1,2-2, ,7% INARA CZ 4418,8 132, ,0 2,98% 15,4% 33,3 10,1 1,9 2,9 0,7 18,3% 8,8% 0,5% SNN RO 486,3 24,7 7,5 0,00% 64,1% 19,7 1,9 0,7 0,3-0,3 40% 1,5% 4,4% JNAFRA CZ 705,2 40, ,0 0,00% 0,0% 17,5 9,2 6,9 1,4-1,4 75,2% 8,1% 3,1% FOOD & BEVERAGE PODRRA CZ 279,6 #N/A N/A 297,5-0,83% -21,5% , ,4% ATGRRA CZ 372,8 22,7 847,0-2,20% -4,2% 16,4 8,3 0,8 1,3 3,1 9,2% 7,9% 1,6% LEDORA CZ 34,7-41,5 837,0-1,53% -92,2% -0, ,2 1,2 17,6% -18,3% - JMNCRA CZ 32,7 -, ,0 0,95% -92,0% -0, ,2 0,2 37,4% -24,9% - KRASRA CZ 84,7 3,6 467,0 1,52% -13,5% 23,8 9,2 0,9 1,0 3,4 9,5% 4,4% 1,7% CKMLRA CZ 84,6 8,1 6.,0 0,00% -5,6% 10,5 7,5 0,6 1,1 0,9 8% 10,7% 1,1% BLJERA CZ 5,9-4,1 5,4-1,09% -76,7% -1, ,2 5,9 12,0% -1,8% - ZVZDRA CZ 9,9-30,9 7,0 0,00% -84,0% -0, ,1-8,9-3% -29,2% - 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 136,8 8,5 5,6 0,90% -6,6% 16,1 6,4 0,4 0,4 3,8 6,6% 2,3% 1,8% ERNTRA CZ 206,6 14, ,0 0,77% 0,9% 14,8 8,0 0,9 7,1-1,6 10,9% 46,1% 9,0% CICG SV 158,0 19,3 194,0 2,08% 19,7% 8,2 3,0 0,6 1,0-0,9 20,7% 13,1% 4,7% DDJHRA CZ 20,9-2,8 20,8-0,95% -53,9% -7,5 26,4 1,0 1,3 15,6 3,9% - - ADPLRA CZ 93,7 8,1 169,0-0,59% 21,9% 11,6 6,6 1,1 1,0 2,4 16,0% 8,8% 5,0% 5MB BU 216,3 14,9 10,9-12,3% 14,5 11,2 1,8 2,1 2,1 16% 15,0% 2,6% KODTRA CZ 52,1 5, ,0-2,81% 1,6% 9,9 4,6 0,3 1,1-0,7 6,2% 14,4% 3,6% 5MH BU 156,2 6,7 7,8-17,7% 23,2 13,6 2,9 4,6-0,8 21,3% 20,1% 3,3% KOEIRA CZ 240,4 17,2 708,0-0,21% 2,6% 13,9 11,4 0,7 0,8-3,8 5,8% 5,9% 1,7% INFRASTRUCTURE LKPG SV 420,0 48,0 30,0 0,00% 20,0% 8,7 6,7 2,6 1,2 1,3 39,6% 14,3% 4,7% LKPCRA CZ 27,9 0,6 0,1 0,01% -12,4% 44,5-15,4 0,9 0,5 1,5-5,7% 1,1% - LKRIRA CZ 88,5 2,9 49,8 0,77% 3,8% 30,0 82,0 4,5 0,9 6,7 5,4% 3,1% - MARINE ATPLRA CZ 101,0-2,0 548,0 5,% 93,9% -,2 14,9 3,9 1,4 6,9 26,2% -2,6% - TPNGRA CZ 66,6 4,0 57,8 3,16% -23,0% 16,7 10,1 4,0 0,8 6,5 39,3% 4,9% 2,8% LPLHRA CZ 14,0 0,0 1,0 0,00% -20,0% -665,2 10,0 1,2 0,7-1,7 11,6% -0,1% - JDPLRA CZ 7,6-7,6 35,0 16,59% -14,1% -1,0 42,1 4,4 0,2 41,7 10,4% -18,6% - 5BR BU 12,6-0,6 0,7-4,1% -22,2 8,6 1,3 0,3-0,2 14,6% -1,4% - PHARMA KRKG SV 1798,1 138,2 54,8-1,19% 3,6% 13,0 6,3 1,4 1,2-0,1 22,3% 9,7% 5,0% 3JR BU 297,0 23,8 4,3 0,23% 44,6% 12,5 10,1 0,9 1,2 2,1 9,1% 10,4% 2,3% ATB RO 78,0-0,5-2,17% 3,8% , ,1% BIO RO 63,8-0,3-0,33% 11,5% , ,6% SCD RO 210,7-2,4-2,08% 20,5% ,6% 53B BU #N/A N/A 8,7 #N/A N/A - #VALUE! - - 0, ,7% - RETAIL & DIST. RPH RO 41,7-0,4 1,61% 39,3% , MELR SV 119,4-70,8 19,6 0,00% -71,2% -1,7 10,7 0,5 0,2 6, ,7% - PETG SV 710,4 77,2 340,5 0,15% 4,8% 9,2 6,3 0,2 1,1 2,1 4,0% 12,7% 4,1% TISKRA CZ 44,1-63,9,0 0,00% -9,7% -0, ,3-6,6% - - MDKARA CZ 61,8 6,5 15.0,0 0,65% -9,8% 9,5 6,5 0,2 1,0 3,4 3,0% 10,7% 6,5% PVCMRA CZ - 3,0 200,2 0,03% 12,8% ,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 16,5 122,9 167,1-1,01% -1,1% 14,7 3,9 1,5 1,1-1,2 38,7% 7,7% 3,6% TLSG SV 539,2 48,4 82,5-1,42% 16,0% 11,2 3,9 1,1 0,8 1,8 28% 6,9% 6,1% OPTERA CZ 26,4 0,3 3,2 0,00% 17,1% 83,4 5,1 1,1 2,4 2,6 22,4% 3,5% - ROE TOURISM BANKS RIVPRA CZ 726,3 44,0 43,7 0,11% 26,2% 16,5 7,7 4,1 2,1 1,5 52,6% 13,6% 1,8% TUHORA CZ 154,9 11, ,0 0,00% 8,5% 13,8 9,5 4,4 2,7-0,6 46% 20,7% 1,9% HIMRRA CZ 68,4 1,7 815,0 0,00% 0,1% 39,4 9,9 3,9 1,3 2,3 39,1% 3,4% - ARNTRA CZ 319,6-7,9 472,0-0,08% 0,7% -40,5 12,4 3,8 1,5 2,6 31% -4,9% - PLAGRA CZ 7,8 35, ,0 0,19% 24,5% 14,4 9,7 4,0 1,6 1,5 41,4% 12,1% 0,0% LRHRA CZ 147,8 4, ,0 0,00% 0,8% 32,8 8,2 3,9 1,4 0,6 47% 4,2% - HUPZRA CZ 186,3 12, ,0-1,03% 16,7% 14,9-4,1 1, ,5% 0,5% MAISRA CZ 429,8 24,3 297,5 0,83% 17,6% 17,7 10,8 3,8 1,9 2,5 35% 11,1% - 6AB BU 136,5 7,3 62,5-1,7% 18,6 15,1 3,2 0,6 2,8 21,1% 3,4% - HMSTRA CZ 23,1 0,5 340,0 3,03% 21,5% 43,6 6,3 2,7 1,3 0,3 42% 2,9% - ACIRA CZ 81,4 1,5 5.5,0 0,00% -13,2% 54,2 6,3 2,9 1,3-0,7 46% 2,4% - SLRSRA CZ 76,7-2,9 940,0 0,00% 4,6% -26,2 8,2-0,7 3,8 - -2,5% - ILRARA CZ 55,8 4, ,0 0,00% 7,5% 11,5-3,7 1, ,6% 1,4% TLV RO 2030,5 309,2 2,2 0,46% 8,6% 6,6 1,4 11,6% 11,7% 0,7 22,2% 2,7% 2,3% BRD RO 1933,1 267,4 12,9-2,12% 8,6% 7,4 1,3 12,8% 12,6% 0,7 18% 2,4% 5,7% ZABARA CZ 2228,6 141,6 52,7 1,91% -2,4% 16,0 0,9-14,4% 1,0 5,8% 0,8% 10,1% BCC RO #N/A N/A -9,4 0,2 0,00% #VALUE! - eld Not Ap - 3,4% 0,4-45% -2,4% - PBZRA CZ 1888,8 177,7 7,0 0,00% -2,5% 10,7 1,0-17,6% 0,9 9,1% 1,5% 3,4% 5F4 BU 314,3 23,4 5,6 0,02% 66,8% 13,3 0,7-9,3% 0,7 5% 0,5% - INSURANCES FUNDS Mkcap () ZVTG SV 648,2 81,0 28,5 0,04% 22,9% 8,0 0,9 0,7 0,2 0,9 11,2% 2,2% 8,8% POSR SV 272,1 31,1 15,8-2,74% 19,5% 7,1 0,8 0,6 0,2 0,7 10% 1,8% 5,1% CROSRA ZA 710,4 77,2 340,5 0,15% -0,9% 9,2 6,3 0,2 1,1 2,1 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 1561, ,7 0,8-1,07% 16,7% 6,0 1,2 0,3 0,3 136,6% - 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 FIMA Daily Insight INSTITUTIONAL SALES AND TRADING DESK CONTACTS: VLATKO KESEGIĆ DARKO HORVAT TRADING DEPARTMENT: DISCLAIMER FIMA Daily Insight 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. FIMA Daily Insight is prepared by the employees of FIMA Securities Ltd. The first issue of FIMA Daily Insight was published on 16TH January Additional information is available upon request. 6