FIMA Daily Insight CROATIA SLOVENIA ROMANIA BULGARIA. Irena Ivanković. Darko Horvat. September 14, 2016 CROATIA

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1 CROATIA SLOVENIA ROMANIA BULGARIA FIMA Daily Insight September 14, 2016 CROATIA BENCHMARKS DAILY CHANGES % 0,90% 0,77% 0,44% 0,41% CROBEX SBI BET SOFIX Croatian equities closed higher yesterday with both indices increasing; CROBEX increased 0.90% to 1, pts and blue chip CROBEX 10 increased 0.64% to 1, pts. Regular stock turnover amounted to HRK 9.05 million. (Positive) Imperial hotel (HIMRRA CZ) topped the liquidity board collecting HRK 1.59 million in turnover and its price remained unchanged at HRK In July 2016, 555 building premits were issued, which was 16.6% more than in July 2015, according to the latest figures from the National Bureau of Statistics (DZS). (Positive) In 1H 2016, Croatia's government budget deficit amounted to HRK 518 mln or 0.2% of Gross Domestic Product, while the budget gap in the said period stood at 2.4 bln or 0.7% of GDP, decreased HRK 5 bln compared with the same period of last year. (Neutral) 1 BENCHMARKS 3Y CHARTS In July 2016, nearly 1.5 mln passengers passed through the Croatian airports in Dubrovnik, Split, Zadar, Pula, Zagreb, Osijek, Rijeka, Brac and Mali Losinj. In the first seven months, number of passengers increased by 12.4% compared to the same period of last year, the Croatian Chamber of Commerce (HGK) said on Tuesday. (Positive) In 2Q 2016, Croatia was the only European Union member state with a decrease in employment compared to the previous quarter and 2Q 2015, the EU statistical office Eurostat said on Tuesday. (Positive) SLOVENIA Sep-13 Sep-14 Sep-15 Sep-16 CROBEX SBI BET SOFIX BENCHMARKS 1Y % RETURNS NLB publishes an invitation to bid for purchase 31,591 shares of Petrol (PETG SV). Payment deadline is a maximum of eight days after the signing of the salle contract by remittance to an account notified to the bidder by the seller and a bid validity date is until October 19, (Neutral) A decision on the sale of NLB, Slovenia's largest bank, through an initial public offering (IPO) is not expected to be taken until early next year, suggests a press release from the Slovenian Sovereign Holding (SSH). (Neutral) 7,6% 7,3% 4,9% ROMANIA In August 2016, net assets of Romanian open-end investment funds rose 1.8% to nearly RON 21.6 bln (EUR 4.85 bln), while the growth since the beginning of the year accelerated to 3%, according to the data from the local Association of Asset Managers. (Positive) -3,0% CROBEX SBI BET SOFIX SALES AND TRADING DESK CONTACTS Irena Ivanković Phone: iivankovic@fima.com Darko Horvat Phone: trading@fima.com In January to July 2016, Romania's current account balance posted a deficit of EUR 2.15 bln, compared with EUR 756 mln in the same period a year ago, central bank data showed Tuesday. (Negative) BULGARIA On September 12, GA of Monbat (5MB BU) approved dividend payment of BGN 0.28 per share, implying dy 3.89%. Payment date is September 27 and final date for payment of the dividend is December 27. (Positive) Allianz mandatory universal pension fund increases its stake in Sopharma (3JR BU), according to data from the Central Depository. Last week the fund increased its position in the stock from 4.99% to 5.05% adding about k shares, Sopharma also stated in a filing with the stock exchange. (Neutral) In July 2016, Bulgaria s exports decreased 0.7% yoy, up 6.6% yoy with trading partners in the EU and down 13.8% yoy with third countries of which Turkey is the biggest. EU exports growth slightly accelerates in July after adding 5% yoy in June. Overall for the seven months of 2016 total export is down 3.1% yoy with a 4.2% rise with EU partners and 15.6% yoy decline with third countries. (Negative) 1

2 Trading day recap CROATIA Market Trunover ( EUR mn): 1,22 1 Imperial 0,21 Hoteli Haludovo 6,23% Chromos Agro -9,96% 2 AD Plastik 0,17 Badel 6,08% Viro -6,94% 3 Atlantic Grupa 0,11 Pevec 5,35% Tehnika -5,78% 4 HT 0,08 Proficio 4,83% Atlantska plov. -5,65% 5 ZABA 0,08 SNH Delta 4,79% IGH -4,51% 6 Adris - pfd 0,08 Tankerska NG 4,65% Jadroplov -3,92% 7 Podravka 0,06 Varteks 4,47% Hoteli Jadran -3,33% 8 Ina 0,05 HPB 3,55% ULPL -1,99% 9 Valamar 0,05 ZABA 3,52% Losinjska pl. -0,89% Sep-13 Sep-14 Sep-15 Sep Ericsson NT 0,03 Hoteli Maes. 2,77% Optima -0,87% CROBEX CRO Tourism CROPLUS Index SLOVENIA Market Trunover ( EUR mn): 1,24 1 Krka 0,40 Cetis 5,56% Tekstina -3,23% 2 Petrol 0,35 Krka 1,37% Gorenje -1,32% 3 Gorenje 0,20 Sava Re 1,03% Mercator -1,25% 4 Telekom Slo. 0,11 Petrol 1,00% Salus -1,22% 5 Triglav 0,10 Intereuropa 0,89% Triglav -1,16% 6 Salus 0,03 Kmecka Druzba 0,14% Telekom Slo. -0,48% 7 Cinkarna Celje 0,02 Unior 0,06% Luka Koper -0,13% 70 8 Luka Koper 0,01 Cinkarna Celje 0,00% Cinkarna Celje 0,00% 9 Intereuropa 0,01 Hotel Union 0,00% Hotel Union 0,00% Sep-13 Sep-14 Sep-15 Sep Mercator 0,01 Melamin 0,00% Melamin 0,00% SBI ROMANIA Market Trunover ( EUR mn): 2,76 Volume () Leaders Laggers Volume () Leaders Laggers Volume () Leaders Laggers 1 Fondul Prop. 0,88 Anteco Ploies 75,0% Artego -14,29% 2 Romgaz 0,40 Auto Center B 32,08% Life Is Hard -11,40% 3 Athenee Palace 0,34 Metalul Me Lo 22,22% International -10,63% 4 BRD 0,22 Electrometal 12,22% Imotrust Arad -3,37% 5 Electrica 0,17 Ntierul Naval 11,11% Avioane Craio -3,33% 6 Sif 3 Transilv 0,13 Ceprocim Bucu 8,84% Remarul 16 Feb -2,% 7 Banca Trans. 0,13 Romaero 7,14% Ntierul Naval -1,99% 8 Conpet Ploies 0,12 Sinteza Oradea 6,90% Teraplast -1,94% Sep-13 Sep-14 Sep-15 Sep-16 9 OMV Petrom 0,11 Turism Felix 5,34% Electrocontact -1,% 10 Sif 2 Moldova 0,03 Socep 4,52% Compa -1,44% BET BET-BK Index BULGARIA Market Trunover ( EUR mn): 0,68 Volume () Leaders Laggers Mar-14 Mar-15 Mar-16 SOFIX BGBX40 index 1 Trace Group 0,29 Exclusive Prop 118,94% Bianor -16,68% 2 Synthetica 0,28 Petrol 9,97% Slanchev Bryag -10,00% 3 Speedy 0,03 Yuri Gagarin 5,47% Biovet -5,59% 4 Albena 0,02 Bulgarian Amer 4,79% Synergon Holdi -5,41% 5 Bulgaria Reg C 0,01 Svilosa 4,00% Toplivo -3,95% 6 Agria Group Ho 0,01 Holding Varna 4,00% Speedy -2,70% 7 Sopharma 0,01 Albena 3,29% Insurance Comp -2,59% 8 CCB 0,01 Elana Agrocred 2,91% Fairplay Prope -2,15% 9 Bulgarian Real 0,01 Industrialen C 2,87% Bulgaria Stock -2,09% 10 Assenova Krepo 0,00 Agria Group Ho 2,87% Sopharma -1,82% 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,6 4,3 4,9 0,31% -14,2% 14,1 3,2 0,3 1,1-2,1 8,0% 8,0% 3,0% DLKVRA CZ 43,0 3,4 13,0 1,88% -4,7% 12,8 6,9 0,8 1,0 6,0 11,9% 7,6% - VDKTRA CZ 17,1-8,2 2,1 0,00% -6,0% -2,1 28,7 0,4 0,4 9,9 1,4% -20,0% - INGRRA CZ 4,5 3,1 2,5 1,65% -15,4% 1,5-23,4 8,7 0,4-22,9-37,2% 25,3% - THNKRA CZ 9,1-0,3 358,0-5,78% 27,4% -26,9 11,1 0,6 0,2 10,3 5,7% -0,8% - IGHRA CZ 6,5-10,0 78,9-4,51% -25,1% -0,6 191,9 3,2 2,4 175,0 2% -152,6% - DIVERSIFIED ADRSPA CZ 1141,9 263,6 424,6 0,% 16,4% 4,3-7,3 0,3 0,5 3,0-4,2% 24,1% 3,5% 6C4 BU 151,7 26,2 1,2 1,56% -9,6% 5,8-0,2 0, ,1% 3,6% 4HS BU 8,7 0,2 3,5 - -6,8% 55, , ,5% 6,1% - 5V2 BU 69,6-0,1 26,0 4,00% 6,6% -958,6 30,4 5,7 0,9 15,1 18,6% -0,1% - 4EH BU 45,4-29,9 0,7-0,14% -3,6% -1, , ,5% 0,4% 5SR BU 45,5 3,0 4,2 1,92% 7,3% 15,0 4,6 0,7 1,1-1,3 15% 7,2% 4,9% ENERGY & UTILITY SNG RO 2066,5 251,5 23,9 0,21% -12,3% 8,8 2,7 1,9 0,9-1,1 63,0% 11,0% 11,3% SNP RO 3196,2-292,9 0,3-0,20% -13,4% - 2,8 0,9 0,5 0,2 31,4% -4,9% - TGN RO 796,7-301,0-0,33% 8,7% - 2,9 1,6 1,0-0, ,2% EL RO 1056,1 81,6 13,6 1,19% 11,3% 12,9 2,9 0,4 0,8-3,0 15,1% 6,5% 6,3% TEL RO 482,8-29,3 0,00% 0,5% , ,0% COTE RO 144,0-74,0 2,78% -3,9% - 1,9-0,9-2, ,9% INARA CZ 4136,6-227, ,7 2,44% 5,0% -18,2 22,3 2,0 2,9 2,1 8,9% - - SNN RO 342,3 33,2 5,1 0,20% -21,3% 10,3 3,0 1,2 0,2 0,2 38% 2,0% 6,5% JNAFRA CZ 9,4 37, ,5 0,01% 0,7% 16,3 6,8 5,4 1,2-1,3 79,3% 7,8% 2,9% FOOD & BEVERAGE PODRRA CZ 346,7 52,4 364,7 0,43% 8,3% 6,6 7,3 0,8 0,9 1,9 11,5% 17,0% 1,9% ATGRRA CZ 381,8 30,6 857,7 1,68% 3,6% 12,5 8,2 0,8 1,4 3,0 10,3% 12,2% 1,6% LEDORA CZ 447,0 37, ,4-0,79% 18,3% 11,8 8,7 1,5 1,7 1,0 17,3% 15,5% 4,0% JMNCRA CZ 367,2 39, ,0 0,00% 9,4% 9,3 7,3 0,9 1,6-2,1 12,2% 17,5% - KRASRA CZ 96,1 1,9 523,9 0,75% 6,4% 51,6 11,3 0,9 1,2 1,9 7,7% 2,3% 1,9% CKMLRA CZ 78,5 6,5 5.0,0 0,00% 12,5% 12,0 7,1 0,5 1,1-1,3 8% 9,6% 0,9% BLJERA CZ 25,4-6,0 23,2 1,45% -4,9% -4, ,5-9,8% -2,3% - ZVZDRA CZ 52,9 3, ,7 0,00% 44,1% 14,3 6,4 0,5 0,4 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 200,3 0,7 8,2-1,32% 78,3% 273,6 6,4 0,4 0,5 3,6 6,9% 0,2% - ERNTRA CZ 205,9 12, ,5 0,83% 20,6% 17,1 8,3 0,8 6,8-10,0% 36,9% 9,0% CICG SV 69,2 6,8 85,0 0,00% 11,8% 10,2 2,2 0,3 0,5-0,7 12,3% 4,9% 4,9% DDJHRA CZ 48,7-5,3 48,0 1,14% 81,3% -9,2 168,1 1,3-70,6 0,8% - - ADPLRA CZ 72,9 6,2 130,0 0,05% 32,9% 11,7 6,8 0,9 0,8 3,2 13,0% 7,0% 6,2% 5MB BU 143,5 10,9 7,2 0,07% -10,0% 13,2 9,1 1,5 1,5 1,2 16% 11,8% 3,9% KODTRA CZ 45,3 3,8 1.3,0 0,00% 7,9% 11,9 8,2 0,5 1,4-0,2 6,7% 11,9% - 5MH BU 101,2 5,1 5,1 - -0,6% 19,9 9,1 1,9 3,2-0,8 20,8% 16,3% 4,3% PTKMRA CZ 33,4-10,7 19,4 2,27% 47,7% -3,1-0,3 1, ,6% - INFRASTRUCTURE LKPG SV 319,2 36,5 22,8-0,13% -0,9% 8,7 5,5 2,1 1,0 1,3 38,9% 11,5% 5,0% LKPCRA CZ 31,9 0,7 564,7 0,29% -18,6% 48,9 34,2 1,8 0,6 2,1 5,3% 1,2% - LKRIRA CZ 87,2-0,2 48,4 0,00% 12,4% -394,2 255,2 4,4 0,9-63,2 1,7% -0,3% - MARINE ATPLRA CZ 33,8-23,6 181,4-5,65% 31,6% -1,4-101,1 3,6 0,4 6,4-3,5% -25,1% - TPNGRA CZ 90,0 5,7 77,2 4,65% 2,5% 15,8 12,3 6,2 1,1 7,0,4% 7,0% 5,1% LPLHRA CZ 18,1-16,6 205,1-0,89% 4,9% -1,1 20,3 1,6 0,9-3,5 7,7% -79,4% - JDPLRA CZ 5,0-21,7 23,0-3,92% -1,9% -0,2-10,4 6,7 0,1-10,0-64,5% -36,7% - 5BR BU 13,1 1,3 0, ,4% 10,4 8,1 1,5 0,3 0,1 18,5% 3,2% - PHARMA KRKG SV 1963,0 116,0 59,9 1,37% -8,2% 16,9 6,0 1,5 1,3-0,1 25,6% 7,8% 4,4% 3JR BU 186,1 10,6 2,7-1,82% -1,5% 17,6 7,9 0,7 0,9 3,0 8,3% 5,0% 2,6% ATB RO 78,2 7,2 0,5 3,% -2,6% 10,9 6,5 1,4 0,9-21,2% 8,8% 4,0% BIO RO 57,2-0,3-0,39% -8,5% , ,2% SCD RO 189,3-2,0 1,52% -1,0% , ,7% 53B BU 49,1 9,3 14,2-5,59% 23,2% 5,3-0,5 0, ,5% - RETAIL & DIST. RPH RO 33,7-0,3 0,00% -14,3% MELR SV 432,5 12,0 71,0-1,25% -13,4% 36,1 9,9 0,5 0,7 6,4-1,9% - PETG SV 621,6 72,1 298,0 1,00% 16,5% 8,6 6,7 0,3 1,1 3,2 3,8% 13,5% 4,2% TISKRA CZ 44,6 0,8,0 0,00% -22,2% 59,4 5,6 0,2 1,3-5,0 2,8% 2,2% - MDKARA CZ 65,2 7, ,8-0,77% 30,2% 9,3 9,9 0,3 1,1 3,9 3,0% 12,4% 10,5% PVCMRA CZ - 3,0 182,3 5,35% 82,3% ,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 1712,7 125,2 156,7 0,17% 9,0% 13,7 3,1 1,2 1,1-1,1 39,2% 8,5% 3,8% TLSG SV 470,6 70,7 72,0-0,48% -1,4% 6,7 4,5 1,2 0,7 1,9 27% 10,0% 6,9% OPTERA CZ 19,3 3,1 2,3-0,87% 13,5% 6,2 3,6 0,9 3,8 2,5 23,7% 57,6% - ROE TOURISM BANKS RIVPRA CZ 491,9 28,0 29,2 0,48% 22,2% 17,6 9,1 3,2 2,1 2,4 35,1% 12,1% 2,1% TUHORA CZ 137,1 8,7 2.0,0 0,00% 7,8% 15,7 12,0 5,2 3,6 0,1 43% 24,1% 3,2% HIMRRA CZ 66,2 2,1 7,0 1,07% 56,0% 31,7 11,4 4,5 1,5 3,0 39,6% 5,0% 0,4% ARNTRA CZ 126,4-0,2 433,8 2,75% 31,9% -6,7 12,9 3,6 1,5 3,8 28% -0,2% - PLAGRA CZ 404,0 24, ,1 0,00% 13,2% 16,8 8,6 3,4 1,6 2,5 39,2% 11,5% - LRHRA CZ 161,1 2, ,3 2,21% 3,1% 77,8 7,4 3,4 1,6 0,5 46% 1,8% - HUPZRA CZ 144,8 8, ,9 0,12% 31,9% 16,8 9,3 3,7 1,5 2,4 40,1% 9,2% 0,6% MAISRA CZ 335,1 14,3 229,3 0,% 0,1% 23,4 8,3 3,7 2,0 2,1 44% 9,2% - 6AB BU,0 3,5 55,0 3,29% 9,9% 34,5 11,8 2,8 0,6 3,8 24,0% 1,7% 0,8% HMSTRA CZ 16,9 0,5 246,0 2,77% -17,4% 36,5-3,2 1, ,0% - SUNHRA CZ 62,2-24,0 0,00% 20,3% , ACIRA CZ 88,1 3, ,0 0,00% 2,1% 26,7-3,8 1, ,5% 2,5% SLRSRA CZ 61,0 0,5 740,0 0,00% -8,1% 119,2 6,8 3,5 0,7 3,2 51,8% 0,6% - ILRARA CZ 47,2 3, ,0 0,00% 29,0% 12,4-3,0 1, ,1% 1,4% TLV RO 1918,0 5,2 2,3 0,86% 16,0% 3,5 1,4 12,1% 13,0% 0,7 48,8% 5,9% 14,1% BRD RO 17,9 128,7 11,2 0,36% -7,1% 13,6 1,2 17,0% 12,2% 0,7 9% 1,2% 2,8% ZABARA CZ 1823,0 36,8 42,6 3,52% 17,3% 49,0 0,8-13,3% 1,0 1,5% 0,2% - BCC RO 47,1-17,0 0,1 1,26% -7,6% - 1,0-3,4% 0,4-45% -2,4% - PBZRA CZ 1696,1 84,1 666,1 0,92% 11,2% 19,7 0,9-16,7% 1,0 4,7% 0,8% 1,5% 5F4 BU 133,3 53,7 2,4 0,00% 9,7% 2,5 0,3-8,3% 0,8 13% 1,2% - INSURANCES FUNDS Mkcap () ZVTG SV 534,8 88,8 23,5-1,16% 0,1% 6,0 0,8 0,6 0,2 0,9 12,9% 2,6% 10,6% POSR SV 244,0 33,4 14,2 1,03% 10,6% 7,0 0,8 0,5 0,2 0,9 12% 2,2% 4,6% CROSRA ZA 621,6 72,1 298,0 1,00% -9,7% 8,6 6,7 0,3 1,1 3,2 3,8% 13,5% 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 1817, ,1 0,8 0,51% 3,6% 6,0 1,2 0,3 0,3 41,3% 6,4% 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: 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