FIMA Daily Insight

IN FOCUS - STOCK EXCHANGE February 7, 2013

ZSE STOCK MARKET Croatian equities closed lower today with both indices decreasing;

CROBEX Last 1.928,0 CROBEX decreased 0.21% to 1,928.0 pts and blue chip CROBEX 10 % daily -0,21% declined 0.42% to 1,072.39 pts. Regular turnover amounted to HRK 20 % YTD 10,78% million.

CROBEX10 last 1.072,4 Integrated telecom operator HT (HTRA CZ) topped the liquidity board % daily -0,42% collecting HRK 3.1 million in turnover and decreasing 0.2% to HRK % YTD 10,38% 216.50. Stock Turnov er (HRK m) 19,89 Tourism holding company Valamar Adria Holding (KORFRA CZ) followed Total MCAP (HRK bn) 199,97 with HRK 2.3 million in turnover while price gained 2.4% to HRK 149.46. Source: w w w .zse.hr Valamar Adria Holding’s single biggest stockholder Valamar holding

-4,0% -2,0% 0,0% 2,0% 4,0% 6,0% (VLHORA CZ) increased 7.1% to HRK 105.0. Few days ago, the tourism

RIVP-R-A

INGR-R-A minister said that 's private and public sectors and small KORF-R-A businesses are expected to invest in the local tourism industry around VPIK-R-A KRAS-R-A HRK 2.6 billion total in 2013. DDJH-R-A

LEDO-R-A ZABA-R-A Metal holding company Đuro Đaković Holding (DDJHRA CZ) advanced TISK-R-A 1.7% to HRK 81.70 on HRK 1 million in turnover. A few months ago -R-A PODR-R-A Đuro Đaković signed an agreement with Norway’s Kongsberg KNZM-R-A INA-R-A Defence&Aerospace AS to produce jointly and sell medium-caliber LKRI-R-A LKPC-R-A remote weapon stations or RWS. HT-R-A ADRS-P-A Companies from tourism sector saw good performance today. Hotel ADPL-R-A ERNT-R-A company Maistra (MAISRA CZ) increased 8.5%, Riviera Adria (RIVPRA KOEI-R-A DLKV-R-A CZ) accelerated 4.2%, while Arenaturst (ARNTRA CZ) advanced 3%. ATGR-R-A

ATPL-R-A BLJE-R-A PTKM-R-A * data is calculated using last traded price Source: www.zse.hr

EVENTS SCHEDULE

CROBEX 3 MONTH MOVEMENT Date Event

2.000 60 11-14-Feb-2013 ADPLRA CZ 4Q results

50 14-Feb-2013 HTRA CZ 4Q results 1.900 14-Feb-2013 PTKMRA CZ 4Q results 40 1.800 22-Feb-2013 ATGRRA CZ 4Q results

30 pts 1.700 Daily news headlines (more available on www.fima-securities.com): 20 HRK Millions U.S. retail chains report mixed sales in January 1.600 10 ECB, Ireland reach bank debt deal: source 1.500 0 Credit Suisse sees overhaul bearing fruit this year Turnover CROBEX Global shares, euro edge up ahead of ECB meeting source: www.zse.hr Weaker yen helps keep Sony on course for profit target

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FIMA Daily Insight

IN FOCUS -

Pusic: Proposed solution to LB issue not detrimental to anyone LIQUIDITY TOP 5 HT-R-A 3.090.935 HRK Foreign and European Affairs Minister Vesna Pusic said on Thursday she was KORF-R-A 2.344.629 HRK ready to answer for her view that the solution to the Ljubljanska Banka DDJH-R-A 1.035.129 HRK issue she had reached with her Slovenian counterpart was in Croatia's ARNT-R-A 804.589 HRK interest and acceptable to both sides. I am ready to answer for the fact that VLHO-R-A 778.049 HRK I believe that the proposed solution is not detrimental to anyone, it is in our

Source: w w w .zse.hr interest, it breaks the sort of stalemate in which has found itself, MARKET SENTIMENT and it is viable. I am ready to take responsibility for it, and if the Prime No. of traded stocks 88 Minister accepts the proposal, it means that he too is ready to take Increase 51 responsibility, and the same should happen on the Slovenian side in order Decrease 32 for it to hold water," Pusic said in Parliament after several MPs asked her to w/o change 5 report on the solution she had agreed upon with Slovenian Foreign Minister

Source: w w w .zse.hr Karl Erjavec at their marathon meeting in Otocec ob Krki, Slovenia, on MACROECONOMIC PARAMETERS Wednesday. Pusic said that the fact that Erjavec and she had found a GDP estimate (2013) 0,3% solution together was an important step, but stressed that they had agreed Real GDP (Q2 2012)* -2,2% not to reveal details of it before the proposal was approved by the prime Real GDP (2011)* 0,0% ministers of the two countries. "There is no doubt that we will present the CPI ( Q2 2012)** 3,4% proposal, but not before we receive a response from Slovenia. There must Unemployment ( Q2 2012) 18,2% be fair play, because without it there can be no progress in our relations," FX RATE HRK per EUR 7,55 the minister said. (Source: daily.tportal.hr) FX RATE HRK per USD 5,70 Josipovic: Pusic-Erjavec meeting was positive Source: w w w .dzs.hr, w w w .hnb.hr

* % change, y oy President Ivo Josipovic said on Thursday that Wednesday's meeting between

** % change, y oy , end of period the foreign ministers of Croatia and Slovenia about the Ljubljanska Banka issue was positive. "Of course, I cannot discuss details until the two CROATIA LT CREDIT RATING governments have finalised their work. I hope everything will be all right," FitchRatings: BBB- Josipovic told the press after attending a ceremony marking the 10th Standard&Poor's: BB+ anniversary of the work of the Child Protection Centre in Zagreb. "Any Moody's: Baa3 solution that the two governments accept will certainly be a good one," Source: w w w .hnb.hr Josipovic said. The foreign ministers of Croatia and Slovenia, Vesna Pusic

and Karl Erjavec, announced on Wednesday evening, after marathon talks in the Slovenian town of Otocec ob Krki, that they had agreed on a solution to 8,0 the Ljubljanska Banka issue but could not present it to the public until the

7,0 proposal was approved by the governments in Zagreb and Ljubljana. (Source: daily.tportal.hr) 6,0 Croatia eyes 14 bln euro in yearly tourist spending by 2020 5,0 Croatia will aim to double annual tourist spending to 14.3 billion euro ($19.3 4,0 billion) by 2020 while tourist overnights should rise by 43% to 86 million, the tourism ministry said on Wednesday. (Source: www.limun.hr original

HRK-EUR HRK-USD text was published on www.seenews.com) Source: www.hnb.hr For more information please contact us via mail [email protected] or on tel. +385 42 66 09 60 2

FIMA Daily Insight

IN FOCUS - ZAGREB STOCK EXCHANGE

CROATIAN EQUITIES (FUNDAMENTAL MULTIPLES)

Average Mk cap Mk cap P/E P/S P/Bv EV/EBITDA EV/S Yd price (HRK) (HRK m) (EUR m) 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2011 2012 Industry AD Plastik 121,3 509,5 67 9,4 8,4 0,7 0,7 0,8 0,7 6,5 5,5 1,0 1,0 6,2% 6,6% (preferred)* 284,7 4.874,6 643 10,5 9,8 1,8 1,8 0,7 0,7 8,2 8,6 1,9 1,9 2,5% 2,5% ĐuroĐaković 79,0 255,7 34 -5,0 27,5 1,0 0,3 1,0 1,0 -19,5 15,1 1,8 0,5 0,0% 0,0% 1481,0 1.972,1 260 82,0 70,5 1,6 1,7 1,8 2,3 31,3 39,7 1,1 1,2 12,8% 11,5% INA 4214,9 42.148,9 5.557 44,1 23,4 1,6 1,4 3,3 2,9 13,2 9,0 2,0 1,7 1,1% 0,0% Končar DiST 1008,3 271,6 36 7,3 8,1 0,4 0,4 1,7 1,5 3,2 5,1 0,2 0,4 5,5% 5,2% Končar Elektroindustrija 680,6 1.750,6 231 9,4 9,5 0,7 0,7 1,0 0,9 6,2 7,4 0,7 0,8 1,8% 1,8% 237,2 792,4 104 -5,8 7,4 0,4 0,3 1,2 1,0 -790,2 5,0 0,5 0,4 0,0% 0,0%

Food Belje 77,3 634,7 84 -10,0 -6,9 0,6 0,4 0,6 0,6 8,7 6,9 0,8 0,5 0,0% 0,0% Čakovečki mlinovi 3401,3 357,1 47 18,9 49,4 0,4 0,4 0,7 0,7 9,0 10,8 0,5 0,5 3,8% 2,2% Jamnica 52000,0 1.150,6 152 11,3 11,5 1,1 1,0 1,4 1,2 6,8 6,9 1,1 1,0 0,0% 0,0% Kraš 410,0 563,2 74 28,9 22,6 0,6 0,5 0,9 0,9 9,0 8,9 0,7 0,8 4,9% 3,2% 7790,0 1.715,1 226 16,9 13,5 1,6 1,4 2,3 2,0 14,2 11,1 1,6 1,5 0,0% 0,0% 270,0 1.463,3 193 17,4 21,1 0,4 0,4 0,9 0,9 6,1 7,8 0,7 0,8 0,0% 0,0% Viro 625,0 866,6 114 34,3 6,7 0,8 0,7 1,4 1,4 13,2 5,5 1,2 0,9 5,9% 0,0% Vupik 129,8 195,4 26 1,8 3,4 1,4 0,8 0,4 0,4 1,8 2,2 2,2 0,9 0,0% 0,0% Zvijezda 3977,8 398,8 53 18,2 9,7 0,4 0,4 0,5 0,5 7,4 5,6 0,5 0,4 0,0% 0,0%

Telecom HT-Hrvatske Telekomunikacije 217,9 17.841,9 2.352 9,7 9,9 2,1 2,2 1,6 1,6 4,1 4,0 1,7 1,8 10,4% 10,2%

Construction 65,6 188,0 25 204,9 -0,7 0,1 0,2 0,3 0,3 6,7 -6,6 0,5 1,0 0,0% 0,0% Hidroelektra Niskogradnja 104,6 65,3 9 37,6 65,4 0,1 0,1 0,3 0,3 5,0 5,3 0,2 0,2 0,0% 0,0% Institut IGH 475,0 75,3 10 8,2 46,8 0,1 0,2 0,2 0,2 7,2 10,8 1,1 1,3 0,0% 0,0% Ingra 3,9 52,8 7 -0,6 -0,6 0,2 0,3 0,1 0,1 -17,0 -36,3 2,9 4,8 0,0% 0,0% 784,1 148,5 20 12,7 152,5 0,2 0,2 0,5 0,5 14,4 68,8 0,7 1,0 0,0% 0,0% 417,0 190,5 25 -62,7 90,9 0,2 0,2 1,3 0,9 4,9 5,5 0,3 0,4 0,0% 0,0% Transportation 259,7 362,4 48 9,4 25,5 0,4 0,7 0,2 0,2 4,8 5,1 1,6 2,0 0,0% 0,0% Jadranski naftovod 2500,0 1.857,1 245 17,4 25,6 4,4 4,5 0,6 0,6 6,4 6,8 4,1 4,1 2,3% 0,0% Luka Ploče 582,0 246,2 32 15,7 9,3 1,6 1,7 1,2 0,6 8,4 15,0 1,3 1,8 0,0% 0,0% Luka 117,0 699,5 92 21.475 5,8 3,8 4,3 2,0 1,5 40,9 69,1 4,0 4,1 0,0% 0,0% 196,7 114,1 15 1,2 -14,6 0,5 0,6 0,2 0,2 6,1 15,4 4,0 6,3 31,0% 0,0%

Retail&Wholesale 687,8 2.293,2 302 21,5 41,8 1,0 0,5 1,6 1,5 19,8 8,6 1,9 0,9 0,0% 0,0% Konzum 142,8 3.242,2 427 7,9 9,4 0,3 0,3 1,5 1,3 3,5 3,5 0,3 0,3 1,2% 0,0%

Tourism HUP - Zagreb 1183,4 536,4 71 22,0 -7,7 2,4 2,4 0,6 0,8 12,9 -19,9 4,3 2,9 1,4% 1,3% Istraturist Umag 142,4 665,8 88 -23,6 29,7 1,7 1,6 0,9 0,9 9,8 8,7 3,1 2,7 0,0% 0,0% Liburnia Riviera Hoteli 1813,7 548,9 72 -11,4 102,9 2,8 2,7 0,6 0,6 -43,1 12,8 2,7 2,5 0,0% 0,0% Maistra 63,1 690,6 91 -48,2 -93,6 1,4 1,2 0,7 0,7 5,0 4,2 1,4 1,2 0,0% 0,0% Plava Laguna 2151,0 1.300,6 171 21,6 15,9 2,7 2,5 0,9 0,9 7,6 6,6 2,9 2,6 4,2% 4,2% Valamar Adria Holding 142,8 1.066,3 141 -11,0 -35,9 1,4 1,2 0,5 0,5 14,9 11,3 3,2 2,6 0,0% 0,0%

“ - “ stands for negative value of multiple

* multiples for Adris Group calculated on diluted basis

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FIMA Daily Insight

IN FOCUS - ZAGREB STOCK EXCHANGE

CONTACTS FOR INSTITUTIONAL IN VESTORS:

KREŠIMIR ČULO [email protected] +385 1 63 98 357

GORAN BRODAR [email protected] +38542 66 09 61

TRADING DEPARTMENT: [email protected] Phone : +385 42 66 09 60

RESEARCH DEPARTMENT:

NIKOLA BAKŠAJ [email protected] +385 42 66 09 74

STIVEN TOŠ [email protected] +385 42 66 09 75

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FIMA Daily Insight

IN FOCUS - ZAGREB STOCK EXCHANGE

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