FIMA Daily Insight CROATIA SLOVENIA ROMANIA BULGARIA. Vlatko Kesegić. Darko Horvat. December 11, ,4% 10,6% 11,6% -6,7% CROBEX SBI BET SOFIX

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1 CROATIA SLOVENIA ROMANIA BULGARIA FIMA Daily Insight December 11, 2017 CROATIA BENCHMARKS DAILY CHANGES % 0,29% 0,12% -0,01% -0,05% CROBEX SBI BET SOFIX Croatian equities closed lower on Friday with both indices decreasing; CROBEX decreased 0.05% to 1, pts and blue chip CROBEX 10 decreased 0.13% to 1,0.19 pts. Regular stock turnover amounted to HRK 3.22 million. (Negative) Adris Group (ADRSPA CZ) topped the liquidity board collecting HRK 0.52 million in turnover and its price decreased 0.12% to HRK In Jan-Oct, Zvijezda (ZVZDRA CZ) recorded revenues in the amount of HRK 549 mln, of HRK 49 mln, margin of 8.9%, while gross margin amounted 27.7%. decresed compared to September mainly due to lower average sales prices, lower sales volume and higher marketing expenses. Net loss amounted to HRK mln and is reported mainly due to one-off effect of impairment of provisions from the companies of the Agrokor Group. In October, Zvijezda started with the export to the Italian market and is preparing to export in other markets. (Neutral) BENCHMARKS 3Y CHARTS In October, number of tourist arrivals in Croatia increased by 12.4% yoy to 8.3 k, while the number of overnights grew by 11% yoy to 2.5 mln, according to the country's statistical office (DZS). (Positive) At the end of the third quarter, total number of fixed-line telephony subscribers in Croatia decreased by 0.6% qoq and 1.3% yoy to 1.3 mln, while revenues declined by 2.2% qoq and 12.2% yoy. The number of active mobile phone subscribers grew by 3.8% qoq, but fell by 3.7% yoy to 4.5 mln. Total revenues from mobile telephony services improved by 9.1% qoq, but fell 6.6% yoy. The number of broadband users rose by 2.1% qoq and by 3.6% yoy to 4.6 mln, while total revenues grew by 20.7% qoq and surged by 26.43% yoy, according to the country's telecommunications regulator (HAKOM). (Neutral) Dec-14 Dec-15 Dec-16 Dec-17 CROBEX SBI BET SOFIX BENCHMARKS 1Y % RETURNS In Jan-Oct, Croatia's trade gap expanded to HRK.26 bln, from HRK bln reported in the same period last year. Croatia s exports increased by 13.6% yoy reaching HRK 85.1 bln, while imports grew by 11% to HRK bln, according to the statistical office (DZS). (Neutral) SLOVENIA Gorenje (GRVG SV) will hold a shareholder meeting on January 9 to vote on the replacement of the incumbent and former chief supervisors. The initiative is led by former Gorenje executive Philip Alexander Sluiter, who has been backed by several more minority shareholders, and has stepped up his criticism of the company's management. (Neutral) 10,6% 11,6% 14,4% In October, Slovenian companies exported EUR 2.6 bln of goods, which was an increase of 20.6% yoy. Imports grew by 17.3% to bln. The surplus ratio in the first ten months is 103.5% and was worth EUR mln. (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 In October, Slovenia's industrial production growth accelerated to 10.8% yoy, from 8.6% in September, according to the country's statistical office. The value of industrial production increased 0.4% mom in October. (Positive) ROMANIA Conpet Ploiesti (COTE RO) signed a contract of nearly RON 70 mln with Petrotel Lukoil for imported crude oil transport services from OIL Terminal to the refinery in Ploiesti. (Neutral) Romania s economic growth could slow down to 4.1% next year and 3.4% in 2019, after an estimated advance of 6% this year, according to Banca Transilvania s economists. (Neutral) Net investments in the Romanian economy increased by 3.6% in the first nine months compared with the same period last year, to RON bln, according to the country's statistics board. (Positive) Romania's finance ministry raised a planned RON 400 mln selling treasury bonds maturing in October 2020 at an average yield of 3.38%, central bank data showed. (Neutral) BULGARIA In 2Q 2017, labor productivity in Bulgaria improved by 0.6% yoy, according to the National Statistical institute. (Neutral) 1

2 Trading day recap CROATIA Market Trunover ( EUR mn): 7,43 1 Apartmani Medena 6,99 SNH Gama 9,53% Koka -35,48% 2 Adris - pfd 0,07 Jadroplov 7,74% Uljanik -11,11% 3 Valamar 0,04 IGH 7,46% Losinjska pl. -8,57% 4 Tehnika 0,03 Hoteli Haludovo 7,02% Viktor Lenac -7,54% 5 Atlantska plov. 0,03 SNH Beta 6,93% ACI -7,21% 6 Ledo 0,03 Slavonski ZIF 4,67% Tehnika -5,25% 7 Ericsson NT 0,03 Belje 3,84% RIZO -4,26% 8 HT 0,03 Liburnia 3,37% Viro -4,17% 9 DDJH 0,02 ZABA 2,48% ZIF Breza -3,85% Dec-14 Dec-15 Dec-16 Dec Liburnia 0,02 Pevec 1,95% HUP -3,71% CROBEX CRO Tourism CROPLUS Index SLOVENIA Market Trunover ( EUR mn): 1,55 1 Petrol 0,93 Mercator 3,72% Sivent -43,18% 2 Krka 0,20 Luka Koper 2,65% Petrol -2,02% 3 Luka Koper 0,16 Unior 2,41% Gorenje -1,38% 4 Triglav 0,14 Cinkarna Celje 2,00% Salus -1,08% 5 Telekom Slo. 0,05 Triglav 1,58% Sava Re -1,01% 6 Gorenje 0,02 Krka 0,93% Telekom Slo. -0,02% 7 Sava Re 0,02 Kmecka Druzba 0,75% Hotel Union 0,00% 70 8 Unior 0,01 M1 0,17% Melamin 0,00% 9 Cinkarna Celje 0,00 Hotel Union 0,00% Terme Catez 0,00% Dec-14 Dec-15 Dec-16 Dec Salus 0,00 Melamin 0,00% Nama 0,00% SBI ROMANIA Market Trunover ( EUR mn): 11,76 Volume () Leaders Laggers Volume () Leaders Laggers Volume () Leaders Laggers 1 Banca Trans. 9, Comvex 20,3% Flamura Bucur -64,40% 2 Sif 3 Transilv 0,56 Bucur Bucures 14,29% Feper -,78% 3 Fondul Prop. 0,45 Constructii Bi 7,14% Auto Center B -36,30% 4 Electrica 0,16 Semrom Oltenia 6,36% Albapam -25,00% 5 Transgaz 0,15 Argus Constan 5,13% Fabrica De Scu -19,70% 6 Nuclearelectri 0,10 Zentiva 4,45% Poiana Brasov -19,46% 7 BRD 0,06 Upet Targovis 4,35% Icmrs -18,% 8 Alro 0,06 Boromir Prod 4,00% Bricomat Sibi -18,18% Dec-14 Dec-15 Dec-16 Dec-17 9 Prospectiuni 0,06 Mecanica Ceahl 3,90% Prefab Bucure -7,62% 10 Electroarges 0,05 Amonil 3,70% Fondul Oamenil -4,76% BET BET-BK Index BULGARIA Market Trunover ( EUR mn): 0,24 Volume () Leaders Laggers Jun-15 Jun-16 Jun-17 SOFIX BGBX40 index 1 Vance Terrafun 0,05 Lomsko Pivo 13,14% Transstroy-Am -15,00% 2 Sopharma 0,04 Prime Property 10,00% Speedy -4,31% 3 Bulgaria Stock 0,02 Texim Bank 8,00% Solarpro Holdi -4,12% 4 Chimimport 0,01 Toplivo 4,51% Euroholding Bl -3,98% 5 Sparky -Ruse 0,01 Synergon Holdi 3,82% Svilosa -3,61% 6 Monbat 0,01 Doverie Holdin 3,37% Nov Vek Holdin -3,45% 7 Svilosa 0,01 Albena 2,94% Zarneni Hrani -2,58% 8 Sopharma Prope 0,01 Yuri Gagarin 2,91% Hydraulic Elem -1,83% 9 Neochim -Dimit 0,01 Cez Distributi 2,21% Sopharma Tring -1,49% 10 Sopharma Tring 0,01 Lavena 2,11% Stara Planina -1,47% 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 54,4-2,6 4,4 0,69% -16,3% -21,2 30,3 0,4 1,2-6,7 1,2% -5,3% - DLKVRA CZ 63,1 0,9 19,3-2,28% 41,9% 70,8 9,3 0,7 1,7 4,3 7,5% 2,1% - VDKTRA CZ #N/A N/A -17,9 #N/A N/A - #VALUE! - -1,4 0,5 - -1,6-32,8% - - INGRRA CZ 7,0 0,3 3,9 0,77% 28,1% 23,1 88,1 8,6 0,6 76,1 9,8% 2,5% - THNKRA CZ 4,0 0,6 1,0-5,25% -65,2% 6,9 17,3 0,8 0,1 11,0 4,5% 1,4% - IGHRA CZ 17,5-4,4 214,9 7,46% 19,2% -4,0 16,4 2,6-12,2 16% - - DIVERSIFIED ADRSPA CZ 983,5 66,4 422,5-0,12% -7,4% 14,8 0,5 0,1 0,4-4,4 20,1% 5,4% 4,0% 6C4 BU 208,3 26,8 1,7 0,00% 1,8% 7,8-1,6 0, ,2% 3,2% 4HS BU 9,0 0,2 3,6-7,6% 57, , ,5% 6,1% - 5V2 BU 93,0 0,1 34,7-0,01% 5,3% 1399,4 38,6 6,4 1,2 13,0 16,5% 0,1% - 4EH BU 107,4-0,7 1,3-3,98% 99,4% -149,7 14,7 1,6 1,8 5,8 10,9% -1,3% 0,8% 5SR BU 85,6 4,2 8,0-1,47% 22,8% 20,5-1,1 1, ,5% 2,7% ENERGY & UTILITY SNG RO 2629,0 #N/A N/A 31,6-0,16% 34,6% 8,8-1,5 1, ,1% SNP RO 34,3 442,8 0,3 0,53% 8,4% - 2,3 0,7 0,6 0,0 32,4% 7,4% 5,3% TGN RO 970,9 132,7 382,0-0,26% 29,9% 7,3 2,7 1,4 1,2-1,0 52,0% - 3,8% EL RO 825,9 79,4 11,1-0,72% -16,0% 10,4 3,1 0,5 0,7-2,5 16,9% 6,3% 6,7% TEL RO 413,0-26,1-1,14% -10,6% , ,9% COTE RO 185,0-99,0-0,40% 38,3% - 2,9-1,2-2, ,7% INARA CZ 4305,5 132,6 3.2,0 0,00% 12,1% 32,5 10,1 1,9 2,8 0,7 18,3% 8,8% 0,5% SNN RO 468,0 24,7 7,2-1,91% 57,3% 19,0 1,9 0,7 0,3-0,3 40% 1,5% 4,6% JNAFRA CZ 694,2 40, ,0 0,00% -1,9% 17,2 9,2 6,9 1,4-1,4 75,2% 8,1% 3,2% FOOD & BEVERAGE PODRRA CZ 274,5 #N/A N/A 291,0 0,00% -23,3% , ,4% ATGRRA CZ 373,8 22,7 846,2-0,45% -4,3% 16,5 8,3 0,8 1,3 3,1 9,2% 7,9% 1,6% LEDORA CZ 32,6-40,4 784,0 0,01% -92,6% -0, ,2 1,2 19,4% -16,8% - JMNCRA CZ 38,1-51, ,0 0,00% -90,7% -0, ,2 0,2 40,3% -22,9% - KRASRA CZ 82,4 3,6 453,0-2,16% -16,0% 23,1 9,2 0,9 0,9 3,4 9,5% 4,4% 1,8% CKMLRA CZ 86,2 8, ,0 0,81% -4,0% 10,7 7,5 0,6 1,1 0,9 8% 10,7% 1,1% BLJERA CZ 5,3 5,2 4,9 3,84% -79,1% 1, ,2 4,4 17,3% 2,3% - ZVZDRA CZ 9,3-29,1 700,0 0,00% -85,1% -0, ,1-30,7-1% -27,3% - 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 131,3 8,5 5,4-1,38% -10,3% 15,5 6,4 0,4 0,3 3,8 6,6% 2,3% 1,9% ERNTRA CZ 202,7 14, ,0-0,95% -1,3% 14,5 8,0 0,9 7,0-1,6 10,9% 46,1% 9,0% CICG SV 162,0 19,3 198,9 2,00% 22,8% 8,4 3,0 0,6 1,1-0,9 20,7% 13,1% 4,6% DDJHRA CZ 25,6-2,8 19,0 0,00% -57,9% -9,2 26,4 1,0 1,2 15,6 3,9% - - ADPLRA CZ 93,5 8,1 168,0 0,% 21,2% 11,6 6,6 1,1 1,0 2,4 16,0% 8,8% 5,1% 5MB BU 216,8 15,7 10,9-0,68% 12,6% 13,8 11,6 1,7 2,0 2,2 15% 15,3% 2,6% KODTRA CZ 52,6 5, ,0 0,00% 1,4% 10,0 4,6 0,3 1,1-0,7 6,2% 14,4% 3,6% 5MH BU 159,7 6,7 8,0-20,4% 23,7 13,6 2,9 4,7-0,8 21,3% 20,1% 3,2% KOEIRA CZ 236,8 17,2 695,1-0,70% 0,7% 13,7 11,4 0,7 0,8-3,8 5,8% 5,9% 1,7% INFRASTRUCTURE LKPG SV 420,0 51,0 30,0 2,65% 20,0% 8,2 6,5 2,6 1,2 1,3 39,6% 15,0% 4,7% LKPCRA CZ 28,0 0,6 0,0 0,00% -12,4% 44,6-15,4 0,9 0,5 1,5-5,7% 1,1% - LKRIRA CZ 88,9 2,9 49,8 1,16% 3,9% 30,2 82,0 4,5 0,9 6,7 5,4% 3,1% - MARINE ATPLRA CZ 117,4-2,0 635,1 0,81% 124,8% -58,4 14,9 3,9 1,6 6,9 26,2% -2,6% - TPNGRA CZ 67,7 4,0 58,5-1,15% -22,0% 17,0 10,1 4,0 0,8 6,5 39,3% 4,9% 2,7% LPLHRA CZ 14,0 0,0 1,0-8,57% -20,0% -667,5 10,0 1,2 0,7-1,7 11,6% -0,1% - JDPLRA CZ 7,2-7,6 33,4 7,74% -18,0% -0,9 42,1 4,4 0,2 41,7 10,4% -18,6% - 5BR BU 12,2-0,6 0,7-1,1% -21,5 8,6 1,3 0,3-0,2 14,6% -1,4% - PHARMA KRKG SV 1787,2 138,2 54,5 0,93% 3,0% 12,9 6,3 1,4 1,2-0,1 22,3% 9,7% 5,0% 3JR BU 294,3 23,0 4,3 0,00% 43,3% 12,8 9,6 0,9 1,2 2,0 9,1% 9,9% 2,3% ATB RO 79,7-0,6 0,00% 5,8% , ,0% BIO RO 63,4-0,3 0,34% 10,4% , ,7% SCD RO 232,2-2,6 4,45% 32,3% ,1% 53B BU - 8, , ,7% - RETAIL & DIST. RPH RO 41,9-0,4 0,00% 39,7% , MELR SV 134,0-70,8 22,0 3,72% -67,6% -1,9 10,7 0,5 0,2 6, ,7% - PETG SV 693,0 77,2 332,2-2,02% 2,2% 9,0 6,3 0,2 1,1 2,1 4,0% 12,7% 4,2% TISKRA CZ 31,6-64,2,0 0,00% -35,5% -0, ,3-7,7% - - MDKARA CZ,8 6, ,0 0,00% -11,5% 9,3 6,5 0,2 0,9 3,4 3,0% 10,7% 6,6% PVCMRA CZ - 3,0 209,0 1,95% 17,7% ,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 1811,7 122,9 167,0 0,42% -1,2% 14,7 3,9 1,5 1,1-1,2 38,7% 7,7% 3,6% TLSG SV 532,6 48,4 81,5-0,02% 14,6% 11,0 3,9 1,1 0,8 1,8 28% 6,9% 6,1% OPTERA CZ 25,1 0,3 3,0 0,00% 10,8% 79,2 5,1 1,1 2,2 2,6 22,4% 3,5% - ROE TOURISM BANKS RIVPRA CZ 734,8 44,0 44,0-0,65% 27,2% 16,7 7,7 4,1 2,2 1,5 52,6% 13,6% 1,8% TUHORA CZ 155,5 11, ,0 0,00% 8,5% 13,8 9,5 4,4 2,7-0,6 46% 20,7% 1,9% HIMRRA CZ 68,7 1,7 815,0 0,00% 0,1% 39,5 9,9 3,9 1,3 2,3 39,1% 3,4% - ARNTRA CZ 317,3-7,9 467,0 0,30% -0,3% -40,2 12,4 3,8 1,5 2,6 31% -4,9% - PLAGRA CZ 6,1 35,2 6.0,0 0,00% 23,6% 14,4 9,7 4,0 1,6 1,5 41,4% 12,1% 0,0% LRHRA CZ 172,0 4, ,0 3,37% 16,9% 38,1 8,2 3,9 1,6 0,6 47% 4,2% - HUPZRA CZ 184,3 12, ,0-3,71% 15,1% 14,7-4,1 1, ,5% 0,5% MAISRA CZ 420,6 24,3 290,1 0,00% 14,7% 17,3 10,8 3,8 1,9 2,5 35% 11,1% - 6AB BU 137,6 7,3 63,0 2,94% 2,5% 18,8 15,1 3,2 0,6 2,8 21,1% 3,4% - HMSTRA CZ 23,8 0,5 348,0 0,00% 24,4% 44,7 6,3 2,7 1,3 0,3 42% 2,9% - ACIRA CZ 75,8 1,5 5.1,1-7,21% -19,5%,4 6,3 2,9 1,2-0,7 46% 2,4% - SLRSRA CZ 66,4-2,9 811,2 0,00% -9,8% -22,7 8,2-0,6 3,8 - -2,5% - ILRARA CZ 52,0 4, ,0 0,00% -0,2% 10,7-3,7 1, ,6% 1,5% TLV RO 2005,5 309,2 2,1 1,18% 6,8% 6,5 1,4 11,6% 11,7% 0,7 22,2% 2,7% 2,4% BRD RO 1937,6 267,4 12,9-0,16% 8,4% 7,4 1,3 12,8% 12,6% 0,7 18% 2,4% 5,7% ZABARA CZ 22,8 141,6 53,3 2,48% -1,3% 16,2 1,0-14,4% 1,0 5,8% 0,8% 9,9% BCC RO #N/A N/A -9,4 0,2-2,02% #VALUE! - eld Not Ap - 3,4% 0,4-45% -2,4% - PBZRA CZ 1907,9 177,7 755,0 0,40% -1,8% 10,8 1,0-17,6% 0,9 9,1% 1,5% 3,4% 5F4 BU 298,0 23,4 5,3 0,00% 58,2% 12,6 0,6-9,3% 0,7 5% 0,5% - 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 659,3 81,0 29,0 1,58% 25,0% 8,1 0,9 0,7 0,2 0,9 11,2% 2,2% 8,6% POSR SV 270,3 31,1 15,7-1,01% 18,8% 7,0 0,8 0,6 0,2 0,7 10% 1,8% 5,1% CROSRA ZA 693,0 77,2 332,2-2,02% -0,9% 9,0 6,3 0,2 1,1 2,1 4,0% 12,7% 0,0% Mkcap () mn Price 1D YTD P/E NAV Discount to NAV FP RO 1599, ,5 0,8 0,36% 19,1% 6,0 1,2 0,3 0,3 145,0% - 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