FIMA Daily Insight CROATIA SLOVENIA ROMANIA BULGARIA. Irena Ivanković. Darko Horvat. October 12, 2016 CROATIA

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1 CROATIA SLOVENIA ROMANIA BULGARIA FIMA Daily Insight October 12, 2016 BENCHMARKS DAILY CHANGES % 0,38% CROATIA Croatian equities closed higher yesterday with both indices increasing; CROBEX increased 0.23% to 2, pts and blue chip CROBEX 10 increased 0.23% to 1, pts. Regular stock turnover amounted to HRK 7.25 million. (Positive) 0,23% 0,22% Tourism Company Valamar Riviera (RIVPRA CZ) topped the liquidity board collecting HRK 2.15 million in turnover with a price increase of 0.42% to HRK The main Zagreb Stock Exchange (ZSE) indices increased by 0.23% on Tuesday. Crobex exceeded 2,000 points for the first time since late March 2013, closing at 2, points, while the Crobex10 closed at 1,168.7 points. (Positive) -0,14% CROBEX SBI BET SOFIX BENCHMARKS 3Y CHARTS 1 Oct-13 Oct-14 Oct-15 Oct-16 CROBEX SBI BET SOFIX BENCHMARKS 1Y % RETURNS 17,3% 15,1% 7,8% At October 11, Supervisory bord of Croatia Osiguranje (CRORA CZ) appointed Damir Vandelic, former director of investments in Adris Group (ADRSRA CZ), to a new Chairmen of Management Bord. For a new member of Management bord is appointed Miroslav Klepac former CFO of Podravka. (Neutral) In Jan-Sep 2016, gross insurance premium amounted to HRK 6.74 bln which is only HRK 20 mln or 0.3% higher compared to the same period last year. The growth was mainly driven by increase in non-life insurance premium while life insurance premium continues to decrease. (Positive) In 2Q 2016, survey unemployment rate in Croatia fell to 12.8% from 15.5% in the same period of 2015, the results of a labour force survey carried out by the National Bureau of Statistics (DZS) show. (Positive) SLOVENIA On October 11, Sava Re, received the notice of resignation of Branko Tomažič from the position of chairman and member of the supervisory board of Sava Re, after being stripped of his licence by the Insurance Supervision Agency. The supervisory board of Sava Re, will continue operating with five members. (Neutral) ROMANIA Romania's consumer price index reached an annual rate of -0.6% in September from -0.2% in August, the country's statistics institute said Tuesday. (Neutral) Romania's finance ministry on Tuesday raised an additional RON 90 mln (EUR 20 mln) at a supplementary, non-competitive tender for bonds maturing in February 2020, central bank data showed. (Neutral) BULGARIA -2,8% CROBEX SBI BET SOFIX SALES AND TRADING DESK CONTACTS Irena Ivanković Phone: iivankovic@fima.com Darko Horvat Phone: trading@fima.com Bulgarian Real Estate Fund REIT (5BU BU) signs another lease agreement for its new office building; take up reaches 72% pre-launch, the Company announced in a filing with the stock exchange. The new leаse contract is for the restaurant area of the Kambanite Office Center. The Fund has already pre-leased most of the office space with key tenant to be local branch of the global human resource consultant Adecco. With the latest lease contract for the restaurant area the Kambanite Office Center take up is close to 72%. It is expected to start operating in November (Positive) Bulgarian Tourism Minister Nikolina Angelkova has said the country has registered a 18% yearon-year increase in tourist overnight stays for the first six months of This is the best result within the EU, Angelkova has told Focus Radio, citing Eurostat data. There were more than 8 million overnights between January and June, according to the minister. She has added revenues in tourism, at BGN 3.4 bln, since January, have gone up 15% in seven months if compared to the same period of last year. (Positive) In the first eight months of this year, both exports and imports of Bulgaria to third countries fell, compared to the same period of 2015, statistics show. Exports amounted to BGN bln and the main trade partners included Turkey, Macedonia, Serbia, China, Russia, and the United States. Imports from third countries went down 12.5% compared to last year, reaching BGN bln at CIF prices. The foreign trade balance of Bulgaria (export FOB - import CIF) with third countries in the period January - August 2016 was negative and added up to BGN bln. (Negative) 1

2 Trading day recap CROATIA Market Trunover ( EUR mn): 1,08 1 Valamar 0,29 SNH Delta ####### Ingra -2,62% 2 Tankerska NG 0,10 VABA 16,06% Optima -2,62% 3 Adris - pfd 0,09 HTTP Korcula 10,93% Hoteli Haludovo -2,62% 4 Zvijezda 0,08 Janaf 7,92% Kutjevo -2,41% 5 Pevec 0,08 HPB 3,88% IGH -1,88% 6 HT 0,05 Belje 3,86% Luka Ploce -1,53% 7 Atlantska plov. 0,04 KODT 3,86% Adris -1,41% 8 Arenaturist 0,03 Koncar EI 3,18% Pectinatus -1,37% 9 KODT 0,03 Petrokemija 2,99% ULPL -1,27% Oct-13 Oct-14 Oct-15 Oct Medika 0,02 Excelsa 2,% Viadukt -1,20% CROBEX CRO Tourism CROPLUS Index SLOVENIA Market Trunover ( EUR mn): 1,56 1 Gorenje 0,71 KD Group 9,82% Toplice Dobrna -15,% 2 Krka 0,39 Vipa 4,00% Intereuropa -3,58% 3 Petrol 0,16 Kmecka Druzba 2,78% Kompas -2,08% 4 Triglav 0,09 Unior 2,65% Cinkarna Celje -1,90% 5 Luka Koper 0,07 Krka 0,91% Petrol -1,44% 6 Sava Re 0,05 Telekom Slo. 0,85% Sava Re -0,72% 7 Hotel Union 0,02 Mercator 0,71% Luka Koper -0,48% 70 8 Mercator 0,01 Gea 0,25% Sivent -0,33% 9 Cinkarna Celje 0,01 Gorenje 0,01% Inles -0,26% Oct-13 Oct-14 Oct-15 Oct-1610 Telekom Slo. 0,01 Salus 0,00% Hotel Union -0,21% SBI ROMANIA Market Trunover ( EUR mn): 5,74 Volume () Leaders Laggers Volume () Leaders Laggers Volume () Leaders Laggers 1 Romgaz 2,12 Fimaro Cluj 31,6% Comtram Sibiu -75,00% 2 Electrica 1,66 Electroaparata 14,69% Agrana Romania -31,71% 3 Fondul Prop. 0,62 Stirom Bucure 14,66% Comvex -7,34% 4 Banca Trans. 0, Upet Targovis 11,67% International -3,85% 5 Transgaz 0,24 Sinteza Oradea 10,00% Generalcom -3,61% 6 BRD 0,23 Conect Busines 8,11% Iar Brasov -3,36% 7 OMV Petrom 0,08 Litoral 7,65% Altur -3,30% 8 Antibiotice 0,06 Moldova Vaslu 6,06% Oil Terminal -3,04% Oct-13 Oct-14 Oct-15 Oct-16 9 Transelectrica 0,05 Serico 4,73% Semrom Munteni -2,22% 10 Electromagneti 0,03 Life Is Hard 3,68% Turism Covasna -2,00% BET BET-BK Index BULGARIA Market Trunover ( EUR mn): 0,72 Volume () Leaders Laggers Apr-14 Apr-15 Apr-16 SOFIX BGBX40 index 1 Holding Sveta 0,21 Zaharni Zavodi 12,45% Bulgaria Holdi -17,07% 2 Monbat 0,14 Bulgarian Rive 10,00% Bulgaria Reg C -10,11% 3 Speedy 0,10 Momina Krepost 10,00% Bulgaria Compe -5,88% 4 Nov Vek Holdin 0,05 Insurance Comp 7,67% Fairplay Prope -2,76% 5 Roi Property F 0,05 Hydropneumotec 6,41% Industrial Hol -2,02% 6 Velgraf Asset 0,04 Nov Vek Holdin 4,62% Billboard -1,79% 7 Industrial Hol 0,01 Holding Sveta 3,09% Elhim Iskra -1,64% 8 Vance Terrafun 0,01 Sopharma Tring 3,04% Cez Distributi -1,48% 9 CCB 0,01 Drujba Glasswo 2,30% Holding Varna -1,01% 10 Chimimport 0,01 Albena 2,21% Sirma Group Ho -0,94% 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 63,0 0,7 5,1-0,68% -10,8% 84,2 2,8 0,3 1,2-2,0 8,9% 1,4% 2,9% DLKVRA CZ 47,6 3,4 14,5 0,63% 5,7% 14,2 6,9 0,8 1,1 6,0 11,9% 7,6% - VDKTRA CZ 19,8-8,2 326,1-1,20% 9,4% -2,4 28,7 0,4 0,5 9,9 1,4% -20,0% - INGRRA CZ 5,4 3,1 3,0-2,62% 1,7% 1,8-23,4 8,7 0,4-22,9-37,2% 25,3% - THNKRA CZ 11,2-0,3 445,7 0,00% 58,6% -33,4 11,1 0,6 0,3 10,3 5,7% -0,8% - IGHRA CZ 7,2-10,0 88,3-1,88% -16,2% -0,7 191,9 3,2 2,7 175,0 2% -152,6% - DIVERSIFIED ADRSPA CZ 9,2 263,6 473,3 0,72% 29,8% 4,6-7,3 0,3 0,5 3,0-4,2% 24,1% 3,2% 6C4 BU 170,3 26,2 1,4 0,07% 1,5% 6,5-0,2 0, ,1% 3,2% 4HS BU 9,3 0,2 3,7 3,09% 0,0%, , ,5% 6,1% - 5V2 BU 78,2 1,8 29,2-1,01% 19,7% 42,3 25,1 4,2 1,0 16,3 16,8% 2,5% - 4EH BU 41,2-29,9 0, ,4% -1, , ,5% 0,5% 5SR BU 53,7 3,2 5,0 0,00% 26,6% 16,6 4,1 0,6 1,3-1,3 16% 7,8% 4,1% ENERGY & UTILITY SNG RO 1976,2 251,5 23,0-0,44% -15,4% 8,8 2,7 1,9 0,9-1,1 63,0% 11,0% 11,7% SNP RO 2979,4-292,9 0,2 1,07% -18,6% - 2,8 0,9 0,5 0,2 31,4% -4,9% - TGN RO 811,0-309,0 1,98% 11,6% - 2,9 1,6 1,0-0, ,9% EL RO 1052,0 81,6 13,6-0,74% 11,8% 12,9 2,9 0,4 0,8-3,0 15,1% 6,5% 6,3% TEL RO 478,0-29,3 0,00% 0,3% , ,1% COTE RO 1,5-78,0 0,26% 1,3% - 1,9-0,9-2, ,4% INARA CZ 42,7-227, ,1 1,37% 8,2% -18,7 22,3 2,0 3,0 2,1 8,9% -15,1% - SNN RO 329,4 33,2 4,9 0,41% -23,7% 9,9 3,0 1,2 0,2 0,2 38% 2,0% 6,7% JNAFRA CZ 711,6 37, ,6 7,92% 17,9% 19,1 6,8 5,4 1,4-1,3 79,3% 7,8% 2,5% FOOD & BEVERAGE PODRRA CZ 358,9 52,4 378,6-0,73% 12,4% 6,8 7,3 0,8 1,0 1,9 11,5% 17,0% 1,8% ATGRRA CZ 390,1 30,6 878,9-0,14% 6,1% 12,8 8,2 0,8 1,5 3,0 10,3% 12,2% 1,5% LEDORA CZ 469,9 37, ,2-0,48% 24,7% 12,4 8,7 1,5 1,8 1,0 17,3% 15,5% 3,8% JMNCRA CZ 365,2 39, ,0 0,00% 9,1% 9,2 7,3 0,9 1,6-2,1 12,2% 17,5% - KRASRA CZ 96,8 1,9 529,4 0,00% 7,5% 52,0 11,3 0,9 1,2 1,9 7,7% 2,3% - CKMLRA CZ 88,1 6, ,0 0,00% 26,6% 13,5 7,1 0,5 1,3-1,3 8% 9,6% 0,8% BLJERA CZ 29,1-6,0 26,6 3,86% 9,4% -4, ,6-9,8% -2,3% - ZVZDRA CZ 59,7 3, ,1 0,56% 63,0% 16,1 6,4 0,5 0,5 2,3 8% 3,0% - 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 190,5 0,7 7,8 0,01% 69,6% 2,3 6,4 0,4 0,5 3,6 6,9% 0,2% - ERNTRA CZ 203,7 12, ,9-0,53% 19,6% 16,9 8,3 0,8 6,7-10,0% 36,9% 9,0% CICG SV 79,8 7,0 98,0-1,90% 28,9% 11,4 2,4 0,3 0,6-0,7 12,9% 5,0% 4,3% DDJHRA CZ 52,9-5,3 52,3 0,81% 97,7% -10,0 168,1 1,3-70,6 0,8% - - ADPLRA CZ 79,5 6,2 142,3 0,11% 45,4% 12,7 6,8 0,9 0,9 3,2 13,0% 7,0% 5,6% 5MB BU 157,7 10,9 7,9-0,23% -1,1% 14,5 9,1 1,5 1,7 1,2 16% 11,8% 3,5% KODTRA CZ 49,3 3,8 1.4,0 3,86% 18,3% 12,9 8,2 0,5 1,5-0,2 6,7% 11,9% - 5MH BU 107,8 5,1 5,4 0,90% 5,9% 21,2 9,1 1,9 3,4-0,8 20,8% 16,3% 4,1% PTKMRA CZ 34,2-10,7 20,0 2,99% 52,0% -3,2-0,3 2, ,6% - INFRASTRUCTURE LKPG SV 320,6 36,5 22,9-0,48% -0,4% 8,8 5,5 2,1 1,0 1,3 38,9% 11,5% 4,9% LKPCRA CZ 32,7 0,7 5,0-1,53% -16,4%,0 34,2 1,8 0,6 2,1 5,3% 1,2% - LKRIRA CZ 87,1-0,2 48,6 0,00% 12,6% -394,0 255,2 4,4 1,0-63,2 1,7% -0,3% - MARINE ATPLRA CZ 42,7-23,6 229,6 2,46% 66,6% -1,8-101,1 3,6 0,5 6,4-3,5% -25,1% - TPNGRA CZ 85,5 5,7 73,5 0,00% -2,4% 15,0 12,3 6,2 1,0 7,0,4% 7,0% 5,4% LPLHRA CZ 20,5-16,6 233,0 1,30% 19,2% -1,2 20,3 1,6 1,0-3,5 7,7% -79,4% - JDPLRA CZ 6,2-21,7 28,3 0,00% 20,6% -0,3-10,4 6,7 0,1-10,0-64,5% -36,7% - 5BR BU 13,7 1,3 0,7 10,00% -19,1% 10,8 8,1 1,5 0,3 0,1 18,5% 3,2% - PHARMA KRKG SV 1959,4 116,0 59,8 0,91% -8,4% 16,9 6,0 1,5 1,3-0,1 25,6% 7,8% 4,4% 3JR BU 201,9 10,6 2,9 1,03% 6,9% 19,1 7,9 0,7 0,9 3,0 8,3% 5,0% 2,4% ATB RO 77,8 7,2 0,5-0,76% -2,3% 10,8 6,5 1,4 0,9-21,2% 8,8% 4,0% BIO RO,2-0,3 0,37% -2,8% , ,8% SCD RO 185,5-2,0 0,00% -2,2% , ,8% 53B BU 55,5 9,3 16,0 1,20% 39,2% 6,0-0,5 0, ,5% - RETAIL & DIST. RPH RO 33,7-0,3-0,67% -13,7% MELR SV 429,4 12,0 70,5 0,71% -14,0% 35,9 9,9 0,5 0,7 6,4-1,9% - PETG SV 637,5 72,1 305,6-1,44% 19,4% 8,8 6,7 0,3 1,1 3,2 3,8% 13,5% 4,1% TISKRA CZ 46,5 0,8 146,2 0,00% -18,8% 61,9 5,6 0,2 1,4-5,0 2,8% 2,2% - MDKARA CZ 67,9 7, ,9 2,22% 35,9% 9,7 9,9 0,3 1,2 3,9 3,0% 12,4% 10,1% PVCMRA CZ - 3,0 164,5 1,02% 64,5% ,8-3,1% 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 1788,6 125,2 164,1-0,77% 14,2% 14,3 3,1 1,2 1,2-1,1 39,2% 8,5% 3,7% TLSG SV 470,6 64,9 72,0 0,85% -1,4% 7,3 4,2 1,2 0,7 1,9 28% 9,7% 6,9% OPTERA CZ 22,0 3,1 2,6-2,62% 30,0% 7,1 3,6 0,9 4,3 2,5 23,7% 57,6% - ROE TOURISM BANKS RIVPRA CZ 0,8 28,0 35,8 0,67% 49,7% 21,5 9,1 3,2 2,5 2,4 35,1% 12,1% 1,7% TUHORA CZ 139,1 8,7 2.8,0 0,00% 9,7% 16,0 12,0 5,2 3,7 0,1 43% 24,1% 3,2% HIMRRA CZ 67,7 2,1 0,3-0,01%,1% 32,4 11,4 4,5 1,6 3,0 39,6% 5,0% 0,4% ARNTRA CZ 125,8-0,2 432,9-0,17% 31,6% -647,5 12,9 3,6 1,5 3,8 28% -0,2% - PLAGRA CZ 438,7 24,1 5.4,0 0,00% 23,2% 18,2 8,6 3,4 1,8 2,5 39,2% 11,5% - LRHRA CZ 158,2 2, ,5 0,00% 1,5% 69,6 7,4 3,8 1,6 0,5 51% 2,1% - HUPZRA CZ 154,7 8, ,0 0,00% 41,3% 18,0 9,3 3,7 1,6 2,4 40,1% 9,2% 0,6% MAISRA CZ 374,8 14,3 257,3 0,69% 12,3% 26,1 8,3 3,7 2,3 2,1 44% 9,2% - 6AB BU 121,3 3,5 55,5 2,21% 11,0% 34,8 11,8 2,8 0,6 3,8 24,0% 1,7% 0,8% HMSTRA CZ 18,3 0,5 266,3-0,27% -10,6% 39,4-3,2 1, ,0% - SUNHRA CZ 61,7-23,9 0,00% 19,5% , ACIRA CZ 96,1 3,3 6.0,0 0,00% 11,7% 29,1-3,8 1, ,5% 2,3% SLRSRA CZ 63,7 0,7 775,0 0,00% -3,8% 90,0-3,6 0, ,7% - ILRARA CZ 51,1 3, ,0 0,00% 40,0% 13,4-3,0 1, ,1% 1,3% TLV RO 1971,1 5,2 2,4 0,21% 20,2% 3,6 1,4 12,1% 13,0% 0,7 48,8% 5,9% 13,6% BRD RO 1724,5 128,7 11,1 0,18% -8,3% 13,4 1,2 17,0% 12,2% 0,7 9% 1,2% 2,9% ZABARA CZ 2217,4 36,8 52,0 0,37% 43,1% 59,7 0,9-13,3% 1,0 1,5% 0,2% - BCC RO 45,6-17,0 0,1 0,00% -9,9% - 1,0-3,4% 0,4-45% -2,4% - PBZRA CZ 1928,7 84,1 759,4 1,25% 26,8% 22,5 1,0-16,7% 1,0 4,7% 0,8% 1,3% 5F4 BU 136,1 53,7 2,4 0,83% 12,0% 2,5 0,3-8,3% 0,8 13% 1,2% - 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 3,9 88,8 22,2-0,02% -5,7% 5,7 0,7 0,5 0,2 0,9 12,9% 2,6% 11,3% POSR SV 237,6 33,4 13,8-0,72% 7,7% 6,8 0,8 0,5 0,2 0,9 12% 2,2% 4,7% CROSRA ZA 637,5 72,1 305,6-1,44% -2,9% 8,8 6,7 0,3 1,1 3,2 3,8% 13,5% 0,0% Mkcap () mn Price 1D YTD P/E NAV Discount to NAV FP RO 1966, ,6 0,8-0,25% 6,3% 6,0 1,2 0,3 0,3 61,1% 6,2% 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: IRENA IVANKOVIĆ 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