FIMA Daily Insight CROATIA SLOVENIA ROMANIA BULGARIA. Vlatko Kesegić. Darko Horvat. September 21, 2017 CROATIA

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1 CROATIA SLOVENIA ROMANIA BULGARIA FIMA Daily Insight September 21, 2017 CROATIA BENCHMARKS DAILY CHANGES % 1,09% Croatian equities closed lower yesterday with both indices decreasing; CROBEX decreased 0.23% to 1, pts and blue chip CROBEX 10 decreased 0.27% to 1, pts. Regular stock turnover amounted to HRK 4.63 million. (Negative) Tourism Company Valamar Riviera (RIVPRA CZ) topped the liquidity board collecting HRK 1.62 million in turnover and its price increased 2.07% to HRK ,23% -0,67% -0,74% CROBEX SBI BET SOFIX BENCHMARKS 3Y CHARTS Sep-14 Sep-15 Sep-16 Sep-17 CROBEX SBI BET SOFIX BENCHMARKS 1Y % RETURNS Minister of Economy, Entrepreneurship and Crafts Martina Dalic announced that at the end of this month we can expect Agrokor s audited financial statements. (Neutral) Erste Group raised its estimates for Croatia s economic expansion to 3.0% in 2017, from 2.7% projected in August, due to the robust domestic demand momentum and further improving external demand outlook. The forecast for Croatia s economic growth in 2018 has been lifted to 2.8% from 2.4%, while a 2.9% rise is expected in (Positive) In July, loans issued to the corporate sector in Croatia came to HRK 66 bln, which was by HRK 826 mln or 1.2% less compared to the corresponding month in 2016, according to Raiffeisenbank Austria (RBA). (Negative) SLOVENIA A major rail freight infrastructure programme for Slovenia that would cost around EUR 1.5 bln will be put to a referendum on September 24. The government has already won EUR 44.3 mln of European Union funds for preparation of the track, while its neighbour Hungary had also said it is ready to invest about EUR 200 mln in the project, as it is landlocked and therefore relies on Koper for much of its sea freight. (Neutral) Erste Group lifted its forecast for Slovenia s economic growth to 4.0% in 2017, from 3.7% projected in August, as both domestic and external demand are expected to maintain their positive contribution. The forecast for Slovenia s GDP growth in 2018 has been raised to 3.3% from 3.2%, while a 3.0% increase is expected in (Positive) 8,0% 12,5% 39,7% ROMANIA Romania's finance ministry on Tuesday raised an additional RON 75 mln at a supplementary, non-competitive tender for bonds maturing in June 2019, central bank data showed. (Neutral) BULGARIA -3,8% CROBEX SBI BET SOFIX SALES AND TRADING DESK CONTACTS Vlatko Kesegić Phone: vkesegic@fima.com CEZ Group continues the sale of its Bulgarian assets, according to the Company spokesman Roman Gazdik. Currently, CEZ is considering divesting of its assets in Bulgaria which include an electricity distribution company CEZ Distribution Bulgaria (3CZ BU), trading companies including CEZ Electro (1CZ BU) and an inactive power plant in the city of Varna. (Neutral) Local pulp producer Svilosa s (3MZ BU) shareholders approve setting up a microcrystalline cellulose production together with Sigachi, India. The Company plans to establish a EUR 25 mln / joint venture with Sigachi Industries, India over the next 12 months. The facility will be based in Bulgaria and expand Svilosa s capacity into microcrystalline cellulose production. (Positive) Darko Horvat Phone: dhorvat@fima.com trading@fima.com 1

2 Trading day recap CROATIA Market Trunover ( EUR mn): 0,65 1 Valamar 0,22 Viadukt 14,38% Slavonski ZIF -4,35% 2 HT 0,10 Hoteli Brela 8,93% IGH -4,00% 3 DDJH 0,10 Excelsa 4,96% Adris - pfd -3,76% 4 Arenaturist 0,07 Badel 2,97% Adris -2,72% 5 HUP 0,04 Valamar 2,07% Solaris -2,15% 6 Ericsson NT 0,01 DDJH 1,83% SNH Gama -2,01% 7 Atlantska plov. 0,01 HT 0,96% ACI -1,56% 8 Pevec 0,01 Pevec 0,96% ULPL -1,32% 9 Adris - pfd 0,01 Arenaturist 0,92% Atlantska plov. -1,16% Sep-14 Sep-15 Sep-16 Sep Solaris 0,01 Hoteli Maes. 0,89% Dalekovod -1,11% CROBEX CRO Tourism CROPLUS Index SLOVENIA Market Trunover ( EUR mn): 0,41 1 Krka 0,16 Mercator 2,69% Intereuropa -3,63% 2 Unior 0,07 Salus 1,05% Telekom Slo. -2,29% 3 Cinkarna Celje 0,04 Cinkarna Celje 0,27% Krka -0,88% 4 Intereuropa 0,04 Triglav 0,00% Luka Koper -0,63% 5 Luka Koper 0,04 Sava Re 0,00% Petrol -0,51% 6 Petrol 0,02 Gorenje 0,00% Unior -0,28% 7 Telekom Slo. 0,02 Hotel Union 0,00% Triglav 0,00% 70 8 Gorenje 0,01 Kmecka Druzba 0,00% Sava Re 0,00% 9 Datalab 0,01 Melamin 0,00% Gorenje 0,00% Sep-14 Sep-15 Sep-16 Sep Salus 0,01 Terme Catez 0,00% Hotel Union 0,00% SBI ROMANIA Market Trunover ( EUR mn): 7,82 Volume () Leaders Laggers Volume () Leaders Laggers Volume () Leaders Laggers 1 OMV Petrom 2,55 Ntierul Naval 33,0% Feper -41,29% 2 Romgaz 2,03 Petrol Export 12,00% Compania Energ -14,62% 3 BRD 0,74 Magazin Univer 10,00% Romnav Braila -8,40% 4 Banca Trans. 0,72 Conted Doroho 5,81% Cocor -8,31% 5 Sif 1 Banat-Cr 0, Uzinexport-Imp 4,55% Ius Brasov -7,41% 6 Electrica 0,28 Prodvinalco 3,51% Compania Hotel -6,30% 7 Sif 5 Oltenia 0,23 Imotrust Arad 3,51% Electroarges -4,09% 8 Transgaz 0,16 Socep 2,96% Electromagneti -3,53% Sep-14 Sep-15 Sep-16 Sep-17 9 Fondul Prop. 0,13 Farmaceutica R 2,90% Life Is Hard -3,30% 10 Sif 2 Moldova 0,11 Electroconstru 2,38% Romcarbon -2,82% BET BET-BK Index BULGARIA Market Trunover ( EUR mn): 0,95 Volume () Leaders Laggers Mar-15 Mar-16 Mar-17 SOFIX BGBX40 index 1 Galata Investm 0,26 Bulgaria Holdi 15,07% Aroma -5,21% 2 Regala Invest 0,26 Sparky -Ruse 12,09% Billboard -2,14% 3 Solarpro Holdi 0,11 Zlaten Lev Hol 10,00% Oil & Gas Expl -1,49% 4 Industrial Hol 0,06 Solarpro Holdi 10,00% Cez Distributi -0,86% 5 Sopharma 0,06 Todoroff -Sofi 8,30% Industrial Hol -0,85% 6 Zlaten Lev Hol 0,06 Zarneni Hrani 6,27% Sopharma Tring -0,61% 7 Bulgaria Stock 0,02 Yutex Holding 5,13% Doverie Holdin -0,42% 8 Sopharma Prope 0,02 Emka -Sevlievo 5,08% Vance Terrafun -0,18% 9 Vance Terrafun 0,02 Bulgaria Stock 4,17% Nov Vek Holdin -0,01% 10 Chimimport 0,01 Galata Investm 3,33% FIB 0,00% 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 56,9-5,3 4,6 0,00% -12,5% -10,8-196,1 0,4 1,2 46,2-0,2% -10,8% - DLKVRA CZ 67,7 2,7 20,5-1,11% 51,0% 24,8 8,9 0,7 1,9 3,9 8,4% 6,8% - VDKTRA CZ 1,1-6,0 18,3 14,38% -94,0% -0,2-291,0 0, ,0-0,2% - - INGRRA CZ 7,8 1,1 4,3 0,23% 40,5% 7,4 39,8 8,0 0,6 33,4 20,2% 7,9% - THNKRA CZ 10,6 0,7 419,9 0,00% -8,8% 14,3 20,2 1,0 0,3 11,6 5,0% 1,8% - IGHRA CZ 19,7-4,4 240,0-4,00% 33,1% -4,4 19,2 3,1-13,9 16% - - DIVERSIFIED ADRSPA CZ 1061,9 61,9 435,0-3,76% -4,7% 17,2 1,1 0,3 0,5-4,1 26,3% 5,3% 3,9% 6C4 BU 218,3 29,4 1,8 3,01% 6,7% 7,4-1,6 0, ,6% 3,0% 4HS BU 8,3 0,2 3,3-0,0% 53, , ,5% 6,1% - 5V2 BU,3 0,1 30,0 - -9,1% 8,3 38,6 6,4 1,0 13,0 16,5% 0,1% - 4EH BU 109,7-4,3 1,3 0,61% 103,7% -25,5 19,3 1,5 2,1 8,9 7,6% -8,4% 0,8% 5SR BU 86,7 4,2 8,1 1,64% 24,5% 20,8-1,1 1, ,5% 2,7% ENERGY & UTILITY SNG RO 2598,8 #N/A N/A 31,0-1,27% 24,0% 8, , ,3% SNP RO 3511,3 409,1 0,3-2,40% 9,2% - 2,5 0,8 0,6 0,0 31,7% 6,9% 5,3% TGN RO 1014,1 132,7 396,0-0,25% 34,7% 7,6 2,7 1,4 1,2-1,0 52,0% - 11,7% EL RO 978,2 79,4 13,0 0,00% -1,2% 12,3 3,1 0,5 0,8-2,5 16,9% 6,3% 5,7% TEL RO 456,8-28,7-1,21% -1,9% , ,9% COTE RO 194,9-103,5-0,48% 31,3% - 3,2-1,3-2, ,0% INARA CZ 4344,4 125,6 3.2,0 0,00% 12,1% 34,6 10,8 2,0 2,9 0,8 18,2% 8,6% 0,5% SNN RO 484,0 24,7 7,4-0,94% 53,6% 19,6 1,9 0,7 0,3-0,3 40% 1,5% 4,5% JNAFRA CZ 727,4 40, ,0 0,00% 1,9% 18,1 9,5 7,2 1,4-1,3 75,7% 7,9% 3,1% FOOD & BEVERAGE PODRRA CZ 284,6 15,5 299,0-0,33% -21,2% 18,3 8,8 0,9 0,7 2,6 9,7% 4,1% 2,3% ATGRRA CZ 358,8 24,5 5,1 0,00% -8,9% 14,6 8,3 0,8 1,3 3,1 9,4% 9,1% 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 81,7 3,5 445,0 0,00% -17,5% 23,3 10,2 1,0 0,9 3,5 9,3% 4,3% 1,8% CKMLRA CZ 85,6 7,8 6.,0 0,00% -5,6% 11,0 8,2 0,6 1,2 0,9 8% 10,9% 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 4,0 #N/A N/A - #VALUE! - 12,0 0,8-4,3 7% 3,3% - 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 141,7 10,3 5,8 0,00% -3,3% 13,7 6,3 0,4 0,4 3,7 6,8% 2,8% 1,7% ERNTRA CZ 192,2 13,0 1.0,0-1,08% -7,2% 14,8 9,2 0,9 4,4-1,7 10,2% 35,2% 9,0% CICG SV 149,4 19,3 183,4 0,27% 13,2% 7,8 3,0 0,6 1,0-0,9 20,7% 13,1% 4,9% DDJHRA CZ 29,4-0,9 29,0 1,83% -35,8% -33,8 22,3 1,1 2,8 11,9 4,9% - - ADPLRA CZ 92,2 8,1 164,3 0,00% 18,5% 11,4 6,9 1,1 0,9 2,5 15,6% 8,5% 5,2% 5MB BU 219,3 14,9 11,0 1,85% 13,9% 14,7 11,2 1,8 2,1 2,1 16% 15,0% 2,6% KODTRA CZ 53,3 5, ,0 0,00% 3,1% 9,9 5,2 0,3 1,1-0,7 6,3% 15,2% 3,6% 5MH BU 154,0 6,3 7,7-16,0% 24,6 14,5 3,1 4,8-0,9 21,3% 19,7% 3,4% KOEIRA CZ 234,8 16,8 683,0 0,00% -1,0% 14,0 11,4 0,7 0,8-3,7 6,0% 5,8% 1,7% INFRASTRUCTURE LKPG SV 422,2 48,0 30,2-0,63% 20,6% 8,8 6,7 2,6 1,2 1,3 39,6% 14,3% 4,6% LKPCRA CZ 28,3-2,8 0,0 0,00% -12,4% -10,1-13,5 1,0 0,5 1,2-7,4% -5,0% - LKRIRA CZ 88,3 2,6 49,0 0,00% 2,3% 33,6 67,3 4,2 0,9 5,9 6,2% 2,8% - MARINE ATPLRA CZ 78,2-4,2 419,0-1,16% 48,3% -18,4 17,9 4,4 1,1 6,9 24,7% -5,4% - TPNGRA CZ 73,5 4,4 63,0 0,00% -16,0% 16,9 10,8 4,4 0,9 6,4 40,6% 5,3% 2,5% LPLHRA CZ 15,1-0,3 170,5 0,00% -14,8% -58,6 11,4 1,3 0,7-1,8 11,6% -1,2% - JDPLRA CZ 7,2-8,4 33,0 0,00% -19,0% -0,9,1 4,9 0,2 78,5 6,1% -19,1% - 5BR BU 12,3-0,6 0,7-1,8% -21,7 8,6 1,3 0,3-0,2 14,6% -1,4% - PHARMA KRKG SV 17,2 130,1 55,1-0,88% 4,2% 13,9 6,7 1,4 1,2-0,1 21,1% 8,6% 5,0% 3JR BU 295,6 23,8 4,3 1,64% 43,9% 12,4 10,1 0,9 1,2 2,1 9,1% 10,4% 2,3% ATB RO 79,7-0,5 0,00% 5,0% , ,0% BIO RO 66,2-0,3-0,32% 14,4% , ,5% SCD RO 210,4-2,3 0,00% 19,0% ,7% 53B BU #N/A N/A 8,7 #N/A N/A - #VALUE! - - 0, ,7% - RETAIL & DIST. RPH RO 43,1-0,4-2,51% 42,6% , MELR SV 219,5-69,2 36,0 2,69% -47,0% -3,2 10,7 0,5 0,4 6, ,4% - PETG SV 769,8 74,6 369,0-0,51% 13,5% 10,3 6,7 0,3 1,3 2,2 4,0% 12,8% 3,8% 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,7 12, ,0 0,00% -12,5% 4,9 6,0 0,2 0,9 3,5 3,0% 20,2% - PVCMRA CZ - 3,0 210,0 0,96% 18,3% ,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 1949,0 124,0 178,1 0,96% 5,3% 15,7 4,2 1,6 1,2-1,2 39,5% 8,0% 3,4% TLSG SV 529,4 48,3 81,0-2,29% 13,9% 11,0 4,4 1,2 0,7 1,9 27% 6,8% 6,2% OPTERA CZ 23,8 1,8 2,8 0,72% 4,1% 13,5 4,3 1,0 4,3 2,5 23,9% 33,1% - ROE TOURISM BANKS RIVPRA CZ 754,7 40,0 44,8 2,07% 29,5% 18,8 9,3 4,9 2,8 1,7 52,0% 15,8% 1,8% TUHORA CZ 154,4 9,9 3.1,0 0,00% 6,8% 15,6 10,8 4,8 3,6-0,7 45% 24,4% 1,9% HIMRRA CZ 69,7 1,5 820,0 0,00% 0,7% 47,0 11,9 4,6 1,6 2,5 39,0% 3,4% 0,4% ARNTRA CZ 329,1-14,2 4,0 0,92% 2,4% -23,2 17,5 4,9 1,7 3,5 28% -10,1% - PLAGRA CZ 510,6 31,9 6.0,0 0,00% 23,6% 16,0 9,9 4,0 1,9 1,6 40,7% 13,2% 0,0% LRHRA CZ 153,7 1,5 3.0,0 0,00% 3,5%,1 10,4 4,4 1,6 0,7 43% 1,6% - HUPZRA CZ 179,0 10,3 3.,0 0,00% 10,8% 17,5-4,2 1, ,0% 0,5% MAISRA CZ 468,1 19,5 320,0 0,00% 26,5% 24,1 12,8 4,3 2,6 2,8 33% 11,3% - 6AB BU 135,4 7,3 62,0 1,64% 0,9% 18,5 15,1 3,2 0,6 2,8 21,1% 3,4% - HMSTRA CZ 19,3 0,5 2,0 0,89% 0,1% 35,3 7,2 3,1 1,2 0,3 42% 3,4% - ACIRA CZ 83,3 0, ,0-1,56% -12,3% 98,3 8,4 3,1 1,4-0,8 37% 1,4% - SLRSRA CZ 82,6-1, ,0-2,15% 11,2% -74,1 8,3-0,8 3, ILRARA CZ 56,9 4, ,0 0,71% 8,3% 12,7-3,9 1, ,1% 1,4% TLV RO 2115,2 283,4 2,2-0,89% 11,8% 7,6 1,6 11,6% 11,7% 0,7 20,6% 2,6% 2,2% BRD RO 1894,7 249,1 12,5-0,79% 5,2% 7,8 1,3 12,8% 12,6% 0,7 17% 2,2% 5,8% ZABARA CZ 2,4 149,7,0-0,89% -7,4% 14,3 0,9-14,4% 1,0 6,4% 0,9% 10,6% BCC RO #N/A N/A -9,4 0,1 0,00% #VALUE! - eld Not Ap - 3,4% 0,4-45% -2,4% - PBZRA CZ 1914,9 181,9 751,0 0,13% -2,3% 10,5 1,0-17,6% 0,9 9,6% 1,7% 3,4% 5F4 BU 302,6 23,4 5,4 0,00%,6% 12,8 0,7-9,3% 0,7 5% 0,5% - INSURANCES FUNDS Mkcap () ZVTG SV 622,9 81,9 27,4 0,00% 18,1% 7,6 0,8 0,7 0,2 0,9 11,5% 2,3% 9,1% POSR SV 284,1 32,8 16,5 0,00% 24,8% 7,9 0,9 0,6 0,2 0,7 11% 2,0% 4,9% CROSRA ZA 769,8 74,6 369,0-0,51% 0,3% 10,3 6,7 0,3 1,3 2,2 4,0% 12,8% 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 1873, ,8 0,9 0,35% 20,3% 6,0 1,2 0,3 0,3 193,1% 5,8% 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