FIMA Daily Insight CROATIA SLOVENIA ROMANIA BULGARIA. Vlatko Kesegić. Darko Horvat. December 12, ,2% 19,5% 3,3% -0,7% CROBEX SBI BET SOFIX

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1 CROATIA SLOVENIA ROMANIA BULGARIA FIMA Daily Insight December 12, 2016 CROATIA BENCHMARKS DAILY CHANGES % 0,49% 0,23% 0,26% -0,29% CROBEX SBI BET SOFIX BENCHMARKS 3Y CHARTS Croatian equities closed lower on Friday with both indices decreasing; CROBEX decreased 0.29% to 1, pts and blue chip CROBEX 10 decreased 0.47% to 1, pts. Regular stock turnover amounted to HRK 6.52 million. (Negative) Integrated telecom operator HT (HTRA CZ) topped the liquidity board collecting HRK 2.07 million in turnover with a price decrease of 0.56% to HRK Arenaturist (ARNTRA CZ) has signed an agreement to acquire hotels Art'otel Cologne and Art'otel Berlin Kudamm in Germany worth EUR 54.5 mln. This Acquisition is in line with the Company s strategic intention to integrate PPHE Hotel Group s hotels and it is the first step towards developing Arenaturist into a leading CEE leisure and hospitality company with a business model that includes owning and managing its own assets and those of others, primarily under the Park Plaza brand. Hotel Art'otel Cologne is located in the centre of Cologne, offers 218 guest rooms and has been operated by PPHE Hotel Group since Art'otel Berlin Kudamm is a 152 room hotel located in Berlin and has been operated since (Positive) The Zagreb Stock Exchange (ZSE) on Friday presented its annual awards, with the Valamar Riviera hotel company (RIVPRA CZ) receiving the Stock of the Year award. (Neutral) Shareholders association of retail chain Pevec (PVCMRA CZ) reported on Friday that they support the work of new Management Board and their efforts towards work transparency and the depiction of actual state of business. (Neutral) In 10M 2016, Croatia's commodity exports increased by 2.9%, while imports in the same period rose by 2.4%, the national statistical office said on Friday. (Positive) In November 2016, Croatia's industrial producer prices decreased by 2.9% compared with November 2015, continuing their annual decline for 43 consecutive months, according to the National Bureau of Statistics (DZS). (Neutral) SLOVENIA Dec-13 Dec-14 Dec-15 Dec-16 CROBEX SBI BET SOFIX BENCHMARKS 1Y % RETURNS On Thursday, Ljubljana Stock Exchange for the first time conferred awards to listed companies and member firms for their successful results within a one year period from December 1, 2015 until November 30, Award for share with the highest turnover received Krka (KRKG SV), for the highest price increase received Intereuropa (IEKG SV), for the highest increase in turnover received Petrol (PETG SV) and award for entry market share of the year received Cinkarna Celje (CICG SV). (Neutral) Slovenia's industrial output in October was 0.6% lower compared to the previous month, but it was still 6.6% higher than in October 2015, the Statistics Office said on Friday. (Positive) 19,5% 33,2% In October 2016, Slovenia exported EUR 2.15 bln worth of goods which was 0.7% less than a year ago. Imports were down by 0.5% to EUR 2.05 bln. In the first ten months of the year, exports were up by 3.6% and imports by 2.4% yoy, the Statistics Office said. (Neutral) ROMANIA 3,3% Vlatko Kesegić Phone: vkesegic@fima.com Darko Horvat Phone: trading@fima.com -0,7% CROBEX SBI BET SOFIX SALES AND TRADING DESK CONTACTS In October 2016, net average salary in Romania increased by 0.7% compared with September, to RON 2,108 (around EUR 468), data from the country's statistics institute showed Friday. (Positive) BULGARIA Unipharm announced an 8.87% stake sale by Telso acquired by Sopharma this week. After the latest transaction Sopharma s (3JR BU) stake in Unipharm (59X BU) is 77.43% and went up from % as of September Accordingly, a tender offer is due unless Sopharma decreases again its stake within 14 days. (Positive) In October 2016, retail trade grew by 2.9% compared with the same month in 2015 and increased by 0.5% compared to the previous month, according to latest national statistics. The growth was mainly driven by increase of cigarette production, wood products, coal and machines. (Positive) In October 2016, industrial production increased by 2.8% compared to the same month in last year and went up by 0.3% compared to the previous month, according to latest national statistics. (Positive) Construction output, in October 2016, dropped by 14% yoy compared to the same month in last year and decreased by 2% compared with October 2015, according to latest national statistics. (Negative) KBC and OTP bid for United Bulgarian Bank, 4th largest lender in Bulgaria, according to Reuters sources. United Bulgarian Bank is part of the National Bank of Greece group and is been put on sale as part of the restructuring plan. A sale is likely to be agreed by the end of the year. KBC owns the 10th largest lender in Bulgaria Cibank, while OTP own the 2nd largest DSK Bank. (Neutral) 1

2 Trading day recap CROATIA Market Trunover ( EUR mn): 0,90 1 HT 0,28 Uljanik 15,36% Magma -18,42% 2 Adris - pfd 0,13 POBA 9,92% Pounje Trikotaza -16,00% 3 Valamar 0,13 KABA 9,33% IGH -5,81% 4 Janaf 0,04 Termes 6,47% Viro -3,98% 5 HTO Orebic 0,03 Varteks 4,88% RIZO -2,85% 6 Viadukt 0,03 SNH Alfa 4,43% Petrokemija -2,78% 7 Pevec 0,03 Viadukt 3,18% Kras -2,67% 8 Arenaturist 0,02 Tankerska NG 3,07% SNH Gama -2,40% 9 Ledo 0,02 HTO Orebic 2,86% Optima -1,79% Dec-13 Dec-14 Dec-15 Dec PBZ 0,02 Hoteli Haludovo 2,84% Ina -1,63% CROBEX CRO Tourism CROPLUS Index SLOVENIA Market Trunover ( EUR mn): 1,10 1 Cinkarna Celje 0,21 KD Group 33,33% Kmecka Druzba -7,07% 2 Krka 0,18 Toplice Dobrna 5,00% Nama -3,85% 3 Petrol 0,17 Cetis 4,88% Terme Catez -2,44% 4 Luka Koper 0,16 Hram Hldg. 4,26% Intereuropa -1,11% 5 Triglav 0,11 Sivent 2,70% Sava Re -0,76% 6 Telekom Slo. 0,07 Hotel Union 2,14% Unior -0,54% 7 Mercator 0,05 Salus 1,75% Gorenje -0,36% 70 8 Sava Re 0,05 Mlinotest 1,56% Inles -0,33% 9 Unior 0,03 Cinkarna Celje 1,38% Petrol 0,00% Dec-13 Dec-14 Dec-15 Dec Hotel Union 0,02 Luka Koper 0,88% Mercator 0,00% SBI ROMANIA Market Trunover ( EUR mn): 2,01 Volume () Leaders Laggers Volume () Leaders Laggers Volume () Leaders Laggers 1 Romgaz 0,82 Semrom Oltenia 9,4% Icmrs -45,33% 2 Banca Trans. 0,38 Unisem Bucure 8,33% Metalica Orade -33,33% 3 BRD 0,37 Comnord Bucur 4,26% Sometra Cop Mi -13,86% 4 Transgaz 0,10 Uzuc 3,45% Agrana Romania -10,26% 5 Fondul Prop. 0,08 Napoca 2,94% Athenee Palace -8,11% 6 Electrica 0,07 Life Is Hard 1,70% Tmk-Artrom Sla -7,41% 7 OMV Petrom 0,04 Socep 1,32% Electrocontact -7,00% 8 Sif 2 Moldova 0,02 Alro 1,27% Icsim Bucures -6,67% Dec-13 Dec-14 Dec-15 Dec-16 9 Sif 5 Oltenia 0,02 Aerostar Baca 1,27% Electroputere -4,00% 10 Nuclearelectri 0,01 Feroneria 1,05% Perla Covasnei -3,06% BET BET-BK Index BULGARIA Market Trunover ( EUR mn): 1,08 Volume () Leaders Laggers Jun-14 Jun-15 Jun-16 SOFIX BGBX40 index 1 Texim Bank 0,19 Cba Asset Mana 9,38% Oil & Gas Expl -5,76% 2 Albena 0,17 Alcomet -Shume 8,55% Unipharm -3,45% 3 Chimimport 0,17 Zlaten Lev Hol 7,69% Industrial Hol -2,44% 4 Super Borovets 0,12 Bulland Invest 7,% Fund Estates R -2,44% 5 Cez Distributi 0,09 Enemona -Kozlo 7,41% Petrol -2,00% 6 CCB 0,07 Zarneni Hrani 6,30% Holding Varna -1,47% 7 Elana Agrocred 0,05 Euroholding Bl 5,26% Chimimport -1,43% 8 Sopharma 0,02 Agria Group Ho 5,22% M+S Hidravlik -1,30% 9 Monbat 0,02 Bulgarian Rive 5,14% Vance Terrafun -0,44% 10 Zarneni Hrani 0,02 Toplivo 5,07% Sopharma Prope -0,39% 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 65,8-2,1 5,3 1,33% -6,8% -30,7 3,6 0,3 1,3-2,1 9,4% -4,1% 2,8% DLKVRA CZ 46,5 2,2 14,2 0,21% 3,5% 21,2 8,5 0,9 1,0 7,1 10,7% 4,7% - VDKTRA CZ 18,9-0,6 312,0 3,18% 4,7% -34,4 4,5 0,4 0,4 1,6 9,3% -1,2% - INGRRA CZ 5,5 1,8 3,0 0,00% 4,1% 3,0-20,0 9,5 0,5-19,6-47,7% 14,7% - THNKRA CZ 11,9-0,5 474,0 0,00% 68,7% -24,6 13,6 0,8 0,3 11,0 5,7% -1,2% - IGHRA CZ 13,4-8,9 165,0-5,81% 56,6% -1,5 239,5 3,2 6,6 214,0 1% -164,9% - DIVERSIFIED ADRSPA CZ 1176,5-35,7 456,6-0,72% 25,2% -33,0 3,6 0,5 0,5-0,9 14,9% -2,9% 3,3% 6C4 BU 210,7 26,1 1,7-1,43% 25,5% 8,1 - -1,0 0, ,1% 2,6% 4HS BU 9,0 0,2 3,6 - -3,2% 58, , ,5% 6,1% - 5V2 BU 87,0 0,4 32,5-1,47% 33,3% 235,8 28,5 5,5 1,1 16,3 19,2% 0,5% - 4EH BU 46,9-27,6 0,7 5,26% -0,4% -1,7-3,2 0,6 0,9-1,2-18,7% -38,4% 0,4% 5SR BU 66,6 3,7 6,2 0,32% 57,0% 18,1 4,6 0,8 1,5-1,2 16% 8,5% 3,3% ENERGY & UTILITY SNG RO 2070,8 #N/A N/A 24,2 0,00% -11,0% 8,8-1,9 1, ,2% SNP RO 2961,7-177,1 0,2 0,64% -18,8% - 2,4 0,8 0,5 0,2 35,5% -2,9% - TGN RO 781,6-299,0 0,34% 7,9% - 2,9 1,6 1,0-0, ,2% EL RO 1020,0 81,6 13,3 0,00% 8,9% 12,5 2,9 0,4 0,8-3,0 15,1% 6,5% 6,5% TEL RO 472,8-29,1 0,17% -0,3% , ,1% COTE RO 1,3-78,2-0,76% 1,6% - 1,8-0,9-2, ,3% INARA CZ 4243,9-192, ,0-1,63% 8,3% -22,1 19,0 2,3 2,9 1,6 12,2% -12,6% - SNN RO 325,3 33,2 4,9-0,61% -24,3% 9,8 3,0 1,2 0,2 0,2 38% 2,0% 6,8% JNAFRA CZ 705,3 37, ,0 1,43% 17,2% 19,0 7,7 6,2 1,5-1,3,4% 7,9% 2,5% FOOD & BEVERAGE PODRRA CZ 354,9 53,3 375,5-0,97% 11,5% 6,7 8,0 0,9 0,9 1,8 11,6% 15,5% 1,9% ATGRRA CZ 384,9 32,5 869,7 0,00% 5,0% 11,9 14,0 1,4 2,8 3,1 10,3% 12,2% 1,6% LEDORA CZ 456,3 39,7 10.9,0 0,00% 21,4% 11,5 9,2 1,6 1,8 1,0 17,8% 15,9% 3,9% JMNCRA CZ 410,6 44, ,4 0,00% 23,0% 9,2 7,4 1,0 1,6-1,8 13,8% 18,4% - KRASRA CZ 95,8 2,4 525,6-2,67% 6,8% 39,2 11,1 0,9 1,2 1,8 8,1% 3,1% - CKMLRA CZ 89,2 6, ,0 0,00% 28,6% 13,5 8,7 0,7 1,2-1,3 8% 9,2% 1,2% BLJERA CZ 26,5-6,0 24,3 0,00% -0,3% -4,4 17,8 1,7 0,6-9,3% -2,3% - ZVZDRA CZ 65,2 3, ,0 0,01% 78,7% 19,8 15,0 1,2 1,1 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 142,4 5,3 5,8-0,36% 26,7% 27,1 6,6 0,5 0,4 3,5 7,1% 1,4% - ERNTRA CZ 201,6 11,7 1.,3-0,03% 18,7% 17,2 9,5 0,9 6,5-9,2% 31,1% 9,0% CICG SV 119,8 7,0 147,0 1,38% 93,4% 17,0 2,4 0,3 0,8-0,7 12,9% 5,0% 2,9% DDJHRA CZ 46,9-4,3 46,5-1,17% 75,7% -10,8 83,5 1,4-30,9 1,7% - - ADPLRA CZ 75,6 6,0 135,7-0,40% 38,7% 12,7 7,7 1,0 0,9 3,2 13,2% 7,0% 5,9% 5MB BU 189,4 12,0 9,5 1,57% 18,8% 15,8 9,1 1,6 1,9 1,1 17% 12,6% 2,9% KODTRA CZ,5 4, ,0 0,00% 21,9% 11,8 8,2 0,5 1,5-0,2 6,2% 12,9% - 5MH BU 127,0 5,5 6,4-1,30% 24,7% 23,0 9,8 2,1 3,9-0,8 21,3% 17,0% 3,5% PTKMRA CZ 29,9-9,3 17,5-2,78% 33,2% -3,2-0,5 2, ,4% - INFRASTRUCTURE LKPG SV 322,0 38,7 23,0 0,88% 0,0% 8,3 5,4 2,1 1,0 1,3 39,7% 12,4% 4,9% LKPCRA CZ 31,6-2,6 562,0 0,13% -19,0% -12,0 31,2 1,3 0,6 2,4 4,2% -4,8% - LKRIRA CZ 83,3-0,2 46,6 0,00% 8,0% -412,6 577,9 4,7 0,9-136,3 0,8% -0,2% - MARINE ATPLRA CZ 59,5-23,7 321,2-0,23% 133,1% -2,5-45,0 4,1 0,8 6,4-9,2% -26,4% - TPNGRA CZ 85,8 5,8 74,0 3,07% -1,8% 14,8 11,4 5,5 1,0 6,4 48,6% 7,0% 5,3% LPLHRA CZ 17,9-16,2 203,0 0,00% 3,8% -1,1 13,6 1,8 0,8-1,9 13,6% -76,1% - JDPLRA CZ 8,4-21,6 38,5 1,96% 64,1% -0,4-11,5 9,2 0,2-10,2-79,8% -38,5% - 5BR BU 14,6 1,2 0,8 5,14% -13,7% 12, ,4 0,1 15,1% 2,9% - PHARMA KRKG SV 1747,9 105,2 53,3 0,57% -18,3% 16,6 7,8 1,7 1,2-0,1 21,6% 7,5% 5,0% 3JR BU 206,7 14,9 3,0 0,00% 9,5% 13,9 7,8 0,7 0,9 2,7 9,2% 6,9% 2,3% ATB RO 76,9-0,5 0,00% -3,0% , ,0% BIO RO 58,0-0,3 0,00% -6,0% , ,0% SCD RO 1,5-2,0 1,04% -4,4% , ,9% 53B BU 52,1 8,3 15,0 0,00% 30,6% 6,2-0,6 0, ,6% - RETAIL & DIST. RPH RO 30,2-0,3 0,38% -22,2% , MELR SV 414,2-2,5 68,0 0,00% -17,1% -163,8 9,9 0,5 0,6 6,4 - -0,4% - PETG SV 657,5 73,9 315,2 0,00% 23,2% 8,9 7,4 0,3 1,1 3,1 3,9% 13,3% 4,0% TISKRA CZ 48,5 1,2 153,0-0,01% -15,0% 40,7 4,9 0,1 1,4-5,2 2,7% 3,5% - MDKARA CZ 66,1 7, ,7 2,01% 32,7% 8,4 11,2 0,4 1,1 3,6 3,2% 13,5% 10,3% PVCMRA CZ - 3,0 175,2 1,24% 75,2% ,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 18,3 127,0 171,1-0,40% 19,1% 14,7 3,7 1,5 1,2-1,1 39,9% 8,3% 3,5% TLSG SV 473,2 20,9 72,4 0,57% -0,8% 22,6 4,3 1,2 0,7 1,9 28% 3,0% 6,9% OPTERA CZ 23,2 2,9 2,8-1,79% 37,5% 8,0 4,3 1,0 4,2 2,5 23,1% - - ROE TOURISM BANKS RIVPRA CZ 574,3 34,3 34,3-1,01% 43,5% 16,8 9,7 3,5 1,9 2,2 35,7% 11,7% 1,7% TUHORA CZ 139,7 10, ,0 0,00% 10,5% 13,5 10,3 4,8 2,8 0,1 47% 21,6% 3,1% HIMRRA CZ 67,5 2,8 0,0-1,36%,0% 24,4 12,9 5,3 1,4 2,7 41,5% 5,7% 0,4% ARNTRA CZ 124,2 1,1 428,6 2,30% 30,3% 111,8 12,8 3,7 1,2 3,5 29% 1,1% - PLAGRA CZ 429,1 31, ,3 1,83% 20,9% 13,5 8,6 3,6 1,4 2,3 42,1% 12,4% - LRHRA CZ 141,6-2, ,1 1,40% -8,9% -62,5 18,9 9,4 2,7 0,6 % -1,9% - HUPZRA CZ 149,1 9, ,4-0,52% 36,6% 15,4 10,7 4,5 1,5 2,1 42,3% 9,9% - MAISRA CZ 352,0 18,6 242,3 0,00% 5,8% 18,9 7,8 3,5 1,7 1,9 45% 9,5% - 6AB BU 133,3 3,0 61,0 1,46% 22,1% 44,3 12,2 3,0 0,6 3,7 24,5% 1,4% 0,7% HMSTRA CZ 18,2 0,5 265,2 0,18% -11,0% 33,2-2,9 1, ,1% - SUNHRA CZ 61,9-24,0 0,00% 20,2% , ACIRA CZ 92,1 3,3 6.2,0 0,00% 7,4% 27,9-4,1 1, ,2% 2,4% SLRSRA CZ 73,8 #N/A N/A 900,0 1,21% 11,7% , ILRARA CZ 52,1 4, ,0 0,00% 30,2% 12,4-3,6 1, ,5% 1,4% TLV RO 1922,6 5,2 2,4 0,64% 17,8% 3,5 1,4 12,1% 13,0% 0,7 48,8% 5,9% 13,9% BRD RO 1720,6 128,7 11,1 0,91% -8,1% 13,5 1,2 17,0% 12,2% 0,7 9% 1,2% 2,9% ZABARA CZ 2243,3 219,0 52,8 1,48% 45,2% 10,2 0,9-13,3% 1,0 9,4% 1,3% - BCC RO 46,0-17,0 0,1-1,05% -8,7% - 1,0-3,4% 0,4-45% -2,4% - PBZRA CZ 1975,0 210,6 7,0 1,81% 30,2% 9,3 1,0-16,7% 1,0 11,8% 2,0% 1,3% 5F4 BU 174,3 31,6 3,1 1,64% 43,5% 5,5 0,4-8,3% 0,8 8% 0,7% - INSURANCES FUNDS Mkcap () ZVTG SV 523,4 88,8 23,0 0,04% -2,0% 5,9 0,8 0,6 0,2 0,9 12,9% 2,6% 10,9% POSR SV 225,6 33,4 13,1-0,76% 2,2% 6,5 0,8 0,5 0,2 0,9 12% 2,2% 5,0% CROSRA ZA 657,5 73,9 315,2 0,00% -0,3% 8,9 7,4 0,3 1,1 3,1 3,9% 13,3% 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 1903, ,8 0,8 0,63% 5,1% 6,0 1,1 0,3 0,3 46,1% 6,3% 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