FIMA Daily Insight CROATIA SLOVENIA ROMANIA BULGARIA. Vlatko Kesegić. Darko Horvat. February 13, 2017 CROATIA

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1 CROATIA SLOVENIA ROMANIA BULGARIA FIMA Daily Insight February 13, 2017 CROATIA -0,61% BENCHMARKS DAILY CHANGES % 0,70% Vlatko Kesegić Phone: vkesegic@fima.com Darko Horvat Phone: dhorvat@fima.com 0,54% 0,22% CROBEX SBI BET SOFIX Feb-14 Feb-15 Feb-16 Feb-17 CROBEX SBI BET SOFIX 35,8% BENCHMARKS 3Y CHARTS BENCHMARKS 1Y % RETURNS 13,2% 26,4% 36,2% CROBEX SBI BET SOFIX SALES AND TRADING DESK CONTACTS Croatian equities closed lower on Friday with both indices decreasing; CROBEX decreased 0.61% to 2, pts and blue chip CROBEX 10 decreased 0.39% to 1, pts. Regular stock turnover amounted to HRK million. (Negative) Adris Group (ADRSRA CZ) topped the liquidity board collecting HRK 2.38 million in turnover with a price increase of 0.85% to HRK On Friday, Podravka (PODRRA CZ) presented an innovation, Supisol salt replacement ingredient with 35% less sodium, comparing to regular table salt. Supisol is Podravka's new brand and patent-pending ingredient owned by Podravka, with protection effect in 148 countries of the world. The Company believes that product will be on the shelves of the Australian market. (Neutral) The northern coastal town of Rovinj will be the host to the second edition of Beach Polo Cup from May 18 to 21, which will be organized by hotel company Maistra (MAISRA CZ) and its parent company, Adris Group (ADRSRA CZ). Main goal of organizing this kind of tournament is to attract visitors in cold months and extend the tourist season. In 9M 2016, Maistra increased sales revenues by 8.5% yoy to HRK 941 mln due to increase of overnights by 2% and average price per night by 6%. The company improved by 13.1% to HRK mln on higher sales and optimization of operating expenses. (Neutral) SLOVENIA Slovenia's industrial output expanded by 6.6% in 2016 compared to the year before, while turnover increased by a slightly lesser rate of 5.8% in the same period, the latest official statistics show. (Positive) ROMANIA In 2016, Romania s industry turnover increased by 4.7% compared to 2015, mainly due to the growth in the manufacturing industry, according to data of the National Statistics Institute (INS). The biggest turnover growth was recorded in the durable goods industry (+17.7%), followed by the capital goods industry (+10%), the consumera durables (+6%), and intermediate goods industry (+0.7%). The energy industry recorded a turnover decrease of 10.7%. (Positive) Last year was a good year for banks, despite legislative turmoil and gloomy forecasts by bankers, so new retail and corporate leu and euro-denominated loans stood at more than RON 67 billion (EUR15 billion), an increase of 5.5% on 2015, according to Romania s central bank data. New loans were at a five-year high in (Positive) Romania's finance ministry on Thursday raised a planned RON 0 mln (EUR mln) selling treasury bonds maturing in February 2020 at an average accepted yield of 2.2%, central bank data showed. (Neutral) BULGARIA The blue-chip SOFIX index, which tracks the 15 most liquid shares on the BSE, increased 0.22% to 4.47 points after closing 0.08% lower on Thursday. Turnover totalled EUR 858, went down from EUR 1,454, Advance Terrafund Reit-Sofia (6A6 BU) was the most traded blue chip on Friday generating a total turnover of BGN 92,722 at an average price of BGN per share. (Positive) trading@fima.com 1

2 Trading day recap CROATIA Market Trunover ( EUR mn): 1,77 1 Adris 0,32 Puljanka 7,34% Optima -6,62% 2 Jamnica 0,25 Pik Rijeka 6,16% Janaf -4,02% 3 Valamar 0,22 Pevec 3,69% Kutjevo -3,08% 4 HTTP Korcula 0,14 Slatinska banka 3,% Hoteli Brela -2,23% 5 Podravka 0,12 Excelsa 3,05% Luka Rijeka -2,09% 6 Optima 0,08 Hidroelektra 2,97% HTO Orebic -1,96% 7 Pevec 0,07 Jadran TC 2,78% Atlantska plov. -1,75% 8 Adris - pfd 0,07 Badel 2,70% Ledo -1,59% 9 Ledo 0,05 Vupik 2,22% Dalekovod -1,54% Feb-14 Feb-15 Feb-16 Feb HT 0,05 Termes 2,18% DDJH -1,48% CROBEX CRO Tourism CROPLUS Index SLOVENIA Market Trunover ( EUR mn): 1,03 1 Krka 0,42 Vipa 0,00% Kmecka Druzba -2,91% 2 Petrol 0,19 Datalab 4,95% Mercator -1,48% 3 Cinkarna Celje 0,12 Sava Re 1,88% Hotel Union -1,23% 4 Triglav 0,10 Intereuropa 1,46% Krka -0,06% 5 Telekom Slo. 0,07 Telekom Slo. 1,23% Unior 0,00% 6 Sava Re 0,05 Triglav 1,15% Salus 0,00% 7 Unior 0,02 Luka Koper 0,94% Melamin 0,00% 70 8 Hotel Union 0,02 Petrol 0,87% Terme Catez 0,00% 9 Luka Koper 0,01 Cinkarna Celje 0,82% Nama 0,00% Feb-14 Feb-15 Feb-16 Feb Intereuropa 0,01 Inles 0,52% Mlinotest 0,00% SBI ROMANIA Market Trunover ( EUR mn): 11,44 Volume () Leaders Laggers Volume () Leaders Laggers Volume () Leaders Laggers 1 Banca Trans. 6,57 Ceprocim Bucu 25,1% Alcom Timisoa -36,92% 2 Electrica 0,95 Icmrs 25,00% Iprochim -32,35% 3 OMV Petrom 0,88 Auto Center B 21,95% Comat Cluj -24,56% 4 Fondul Prop. 0,81 Petrol Export 9,89% Moldova Vaslu -11,17% 5 Romgaz 0,42 Ves 9,52% Romcab Tg Mur -9,85% 6 Transgaz 0,35 Cemacon Zalau 9,23% Generalcom -7,55% 7 BRD 0,35 Tusnad Tusnad 7,00% Oltchim Rm Va -3,% 8 Conpet Ploies 0,29 Uztel 6,79% Uamt -3,71% Feb-14 Feb-15 Feb-16 Feb-17 9 Transelectrica 0,14 Unirea Shoppin 5,67% Feroneria -3,27% 10 Sif 3 Transilv 0,12 Ssif Broker 5,65% Icsim Bucures -1,96% BET BET-BK Index BULGARIA Market Trunover ( EUR mn): 0,29 Volume () Leaders Laggers Aug-14 Aug-15 Aug-16 SOFIX BGBX40 index 1 Rodna Zemya Ho 0,13 Slanchev Bryag 10,00% Infra Holding -14,81% 2 Vance Terrafun 0,05 Euroholding Bl 7,54% Zlatni Pyasatz -4,76% 3 Sopharma 0,02 M+S Hidravlik 6,78% Bulgaria Compe -3,85% 4 Elana Agrocred 0,01 Favorit Hold 6,32% Speedy -2,11% 5 Doverie Holdin 0,01 Sopharma Prope 5,75% Cez Distributi -2,08% 6 Euroholding Bl 0,01 Elhim Iskra 4,00% Bulgarian Real -2,05% 7 Bulgaria Compe 0,01 Doverie Holdin 2,43% FIB -1,67% 8 Chimimport 0,01 Stara Planina 1,71% Solarpro Holdi -1,67% 9 Albena 0,01 Koro Bulgaria 0,89% Trace Group -0,99% 10 Bulgarian Amer 0,00 Bulgarian Amer 0,88% Sopharma -0,88% 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 55,7-2,1 4,5-0,99% -14,4% -26,0 3,6 0,3 1,1-2,1 9,4% -4,1% 3,3% DLKVRA CZ 55,0 2,2 16,6-1,54% 22,2% 25,1 8,5 0,9 1,2 7,1 10,7% 4,7% - VDKTRA CZ 22,5-0,6 367,9-1,02% 19,8% -40,9 4,5 0,4 0,5 1,6 9,3% -1,2% - INGRRA CZ 8,5 1,8 4,7 0,87% 52,3% 4,7-20,0 9,5 0,7-19,6-47,7% 14,7% - THNKRA CZ 18,4-0,5 723,1-1,14% 57,1% -37,9 13,6 0,8 0,5 11,0 5,7% -1,2% - IGHRA CZ 30,1-8,9 365,9-0,91% 102,9% -3,4 239,5 3,2 14,5 214,0 1% -164,9% - DIVERSIFIED ADRSPA CZ 1219,3-35,6 496,3 0,68% 8,8% -34,2 3,5 0,5 0,5-8,3 13,7% -2,9% 3,0% 6C4 BU 201,4 26,1 1,6-0,42% -1,6% 7,7 - -0,9 0, ,2% 2,7% 4HS BU 9,1 0,2 3,6-9,1% 58, , ,5% 6,1% - 5V2 BU 83,0 0,4 31,0 - -6,1% 224,8 28,5 5,5 1,1 16,3 19,2% 0,5% - 4EH BU 43,6-27,6 0,7 7,54% 2,6% -1,6-3,2 0,6 0,8-1,2-18,7% -38,4% 0,4% 5SR BU 70,1 3,7 6,5 1,71% 0,6% 19,0 4,6 0,8 1,6-1,2 16% 8,5% 3,2% ENERGY & UTILITY SNG RO 2372,0 #N/A N/A 27,7 0,18% 10,8% 8,8-1,9 1, ,7% SNP RO 3567,8-177,1 0,3 0,18% 8,6% - 2,4 1,0 0,6 0,2 35,5% -2,9% - TGN RO 855,4-327,0 0,00% 11,2% - 2,9 1,6 1,1-0, ,4% EL RO 1082,2 81,6 14,1 0,72% 7,0% 13,3 2,4 0,4 0,9-2,5 17,8% 6,5% 6,1% TEL RO 530,1-32,6 0,46% 11,5% , ,1% COTE RO 189,3-98,4 1,03% 24,9% - 1,8-1,2-2, ,4% INARA CZ 4292,5-192, ,0 0,00% 10,4% -22,3 79,1 2,3 3,0 6,8 2,9% -12,6% - SNN RO 405,3 33,2 6,1 1,51% 25,9% 12,2 3,0 1,2 0,2 0,2 38% 2,0% 5,5% JNAFRA CZ 851,6 38, ,0-4,02% 18,9% 22,0 8,7 6,5 1,7-1,3 75,3% 7,9% 2,1% FOOD & BEVERAGE PODRRA CZ 394,3 53,3 412,9 2,10% 8,9% 7,4 8,0 0,9 1,0 1,8 11,6% 15,5% 1,7% ATGRRA CZ 422,0 32,5 943,6-0,02% 6,7% 13,0 14,0 1,4 3,0 3,1 10,3% 12,2% 1,4% LEDORA CZ 413,6 39, ,2-1,59% -7,9% 10,4 9,2 1,6 1,6 1,0 17,8% 15,9% 4,3% JMNCRA CZ 418,5 44, ,0-0,10% 1,3% 9,4 7,4 1,0 1,6-1,8 13,8% 18,4% - KRASRA CZ 102,3 2,4 555,0-0,89% 2,9% 41,9 11,1 0,9 1,3 1,8 8,1% 3,1% - CKMLRA CZ 90,1 6, ,0 0,00% -0,9% 13,6 8,7 0,7 1,2-1,3 8% 9,2% 1,2% BLJERA CZ 24,7-6,0 22,4 0,22% -4,0% -4,1 17,8 1,7 0,5-9,3% -2,3% - ZVZDRA CZ 54,2 3, ,0 2,05% -14,1% 16,5 15,0 1,2 0,9 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 5,3 6,3 0,02% 5,1% 29,3 6,6 0,5 0,4 3,5 7,1% 1,4% - ERNTRA CZ 235,8 11, ,2-0,63% 13,4% 20,1 9,5 0,9 7,5-9,2% 31,1% 9,0% CICG SV 149,5 7,0 183,5 0,82% 13,3% 21,3 2,4 0,3 1,1-0,7 12,9% 5,0% 2,3% DDJHRA CZ 48,1-2,6 47,2-1,48% 4,6% -18,2 39,7 1,2 3,7 19,3 3,0% -39,6% - ADPLRA CZ 86,2 6,0 153,0 0,19% 10,4% 14,4 7,7 1,0 1,0 3,2 13,2% 7,0% 5,2% 5MB BU 197,4 12,0 9,9 0,00% 2,5% 16,4 9,7 1,6 2,0 1,2 16% 12,6% 2,8% KODTRA CZ 54,3 4, ,5 0,03% 5,4% 12,7 8,2 0,5 1,6-0,2 6,2% 12,9% - 5MH BU 137,7 5,5 6,9 6,78% 3,8% 24,9 9,8 2,1 4,2-0,8 21,3% 17,0% 3,2% PTKMRA CZ 29,5-9,3 17,1 1,07% -4,6% -3,2-0,5 2, ,4% - INFRASTRUCTURE LKPG SV 375,9 38,7 26,9 0,94% 7,4% 9,7 5,4 2,1 1,2 1,3 39,7% 12,4% 4,2% LKPCRA CZ 32,9-2,6 579,3 1,72% 1,5% -12,5 31,2 1,3 0,6 2,4 4,2% -4,8% - LKRIRA CZ 87,9-0,2 48,6-2,09% 1,5% -435,6 577,9 4,7 1,0-136,3 0,8% -0,2% - MARINE ATPLRA CZ 61,6-23,7 329,3-1,75% 16,5% -2,6-45,0 4,1 0,8 6,4-9,2% -26,4% - TPNGRA CZ 89,3 5,8 76,2 0,00% 1,6% 15,4 11,4 5,5 1,1 6,4 48,6% 7,0% 5,2% LPLHRA CZ 18,0-16,2 202,5-0,32% 1,2% -1,1 13,6 1,8 0,8-1,9 13,6% -76,1% - JDPLRA CZ 9,9-21,6 45,0-0,02% 10,5% -0,5-11,5 9,2 0,2-10,2-79,8% -38,5% - 5BR BU 12,5 1,2 0,7 0,15% 2,9% 10, ,3 0,1 15,1% 2,9% - PHARMA KRKG SV 1672,8 105,2 51,0-0,06% -3,6% 15,9 7,9 1,7 1,2-0,1 21,5% 7,5% 5,2% 3JR BU 232,9 14,9 3,4-0,88% 13,4% 15,7 7,8 0,7 1,1 2,7 9,2% 6,9% 2,1% ATB RO 84,7-0,6 1,07% 9,2% , ,7% BIO RO 62,2-0,3 0,00% 5,2% , ,6% SCD RO 179,7-1,9-1,52% -0,5% , ,9% 53B BU 46,8 8,3 13, ,7% 5,6-0,6 0, ,6% - RETAIL & DIST. RPH RO 36,4-0,3 0,94% 18,0% , MELR SV 402,1-2,5 66,0-1,48% -2,9% -159,0 9,9 0,5 0,6 6,4 - -0,4% - PETG SV 692,5 73,9 332,0 0,87% 2,1% 9,4 7,4 0,3 1,2 3,1 3,9% 13,3% 3,8% TISKRA CZ 49,6 1,2 155,0 0,00% -0,1% 41,7 4,9 0,1 1,4-5,2 2,7% 3,5% - MDKARA CZ 72,1 7, ,3 0,00% 3,5% 9,1 11,2 0,4 1,2 3,6 3,2% 13,5% 9,6% PVCMRA CZ - 3,0 255,0 3,69% 43,6% ,3-3,1% 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 1916,5 127,0 174,5 0,01% 3,2% 15,1 3,7 1,5 1,2-1,1 39,8% 8,3% 3,4% TLSG SV 535,9 20,9 82,0 1,23% 15,3% 25,6 4,3 1,2 0,8 1,9 28% 3,0% 6,1% OPTERA CZ 32,5 2,9 3,8-6,62% 41,6% 11,3 4,3 1,0 5,9 2,5 23,1% - - ROE TOURISM BANKS RIVPRA CZ 702,4 34,3 41,6-1,33% 20,1% 20,5 9,7 3,5 2,2 2,2 35,7% 11,7% 1,4% TUHORA CZ 172,2 10,4 3.0,0 0,00% 18,6% 16,6 10,3 4,8 3,4 0,1 47% 21,6% 3,3% HIMRRA CZ 69,5 2,8 815,0 0,00% 0,1% 25,2 12,9 5,3 1,4 2,7 41,5% 5,7% 0,4% ARNTRA CZ 170,3 1,1 581,8-0,93% 24,2% 153,4 12,8 3,7 1,6 3,5 29% 1,1% - PLAGRA CZ 515,0 31,8 6.3,0 0,79% 15,5% 16,2 8,6 3,6 1,7 2,3 42,1% 12,4% - LRHRA CZ 153,0 1, ,1 0,00% 2,7% 89,4 9,8 4,4 1,5 0,7 45% 1,7% - HUPZRA CZ 167,2 9, ,6 0,00% 3,1% 17,3 10,7 4,5 1,6 2,1 42,3% 9,9% - MAISRA CZ 418,3 18,6 284,9-0,04% 12,6% 22,5 7,8 3,5 2,0 1,9 45% 9,5% - 6AB BU 132,4 3,0,6 0,02% -1,4% 44,0 12,2 3,0 0,6 3,7 24,5% 1,4% 0,7% HMSTRA CZ 19,3 0,5 279,0-0,37% -0,3% 35,3-2,9 1, ,1% - ACIRA CZ 97,1 3, ,0 0,00% 1,9% 29,4-4,1 1, ,2% 2,3% SLRSRA CZ,2 #N/A N/A 1.208,7-0,66% 34,5% , ILRARA CZ 53,4 4, ,0 0,00% 1,4% 12,8-3,6 1, ,5% 1,4% TLV RO 2053,5 5,2 2,5 1,40% 6,3% 3,8 1,5 12,1% 13,0% 0,7 48,8% 5,9% 13,0% BRD RO 1817,8 168,7 11,7 0,00% -1,2% 10,8 1,2 17,0% 12,6% 0,7 12% 1,5% 2,7% ZABARA CZ 2686,1 219,0 62,5 1,16% 15,8% 12,1 1,1-13,3% 1,0 9,4% 1,3% - BCC RO 54,8-17,0 0,1 1,82% 17,4% - 1,2-3,4% 0,4-45% -2,4% - PBZRA CZ 2183,4 #N/A N/A 853,3-0,26% 11,0% - 1,1-16,7% 1,0 ####### #VALUE! 1,2% 5F4 BU 215,1 31,6 3,8-1,67% 14,2% 6,8 0,5-8,3% 0,8 8% 0,7% - 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 0,2 88,8 26,4 1,15% 13,8% 6,8 0,9 0,7 0,2 0,9 12,9% 2,6% 9,5% POSR SV 2,7 33,4 16,3 1,88% 23,3% 8,1 0,9 0,6 0,2 0,9 12% 2,2% 4,0% CROSRA ZA 692,5 73,9 332,0 0,87% 8,1% 9,4 7,4 0,3 1,2 3,1 3,9% 13,3% 0,0% Mkcap () mn Price 1D YTD P/E NAV Discount to NAV FP RO 2003,2 2.5,8 0,9 0,56% 12,6% 6,0 1,2 0,3 0,3 287,6% 5,6% P/Bv NPL ratio TE/TA L/D ROE Avg. 1Y Dsc. to NAV 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