FIMA Daily Insight

Friday, November 28, 2014 Croatian equities closed lower yesterday with both indices decreasing; CROBEX decreased 0.55% to 1,802.63 pts and blue chip CROBEX 10 declined 0.40% to 1,036.89 pts. Regular STOCK EXCHANGE stock turnover amounted to HRK 9.2 million. (Negative) CROBEX Last 1.802,63 Tourism company Valamar Riviera (RIVPRA CZ) topped the liquidity board collecting HRK 1.1 daily -0,55 million in turnover and its price decreased 0.41% to HRK 19.43. YTD 0,47% German development bank DEG has sold a 6.21% stake in the Croatia´s Atlantic Grupa CROBEX10 Last 1.036,89 (ZSE:ATGR-R-A),through an accelerated bookbuilt offering (ABO), Atlantic Grupa said on daily -0,40 Thursday. The partnership will be further continued with the DEG remaining significant shareholder with 2.28% stake in Atlantic Grupa following this transaction. In light of strong YTD 4,23% demand, the book was oversubscribed by 1.7x on 26 November 2014 and the complete Stock Turnover (EUR m) 1,05 offering was allocated at a unique price of HRK 925 a share. The transaction was executed on MkCap(%of GDP) 56,91% the OTC on 27 November 2014. Both domestic and foreign investors participated in the process ensuring strong shareholder’s base with 65% of stake being subscribed by domestic Source:www.zse.hr investors and 35% by foreign investors. In the transaction amounting to EUR 25m, 58% was allocated to mutual funds, 39% to pension funds and 3% to banks and individual investors. The transaction will ensure additional liquidity of Atlantic Grupa’s shares with the free float LJUBLJANA STOCK EXCHANGE expanding to 35.5 %. (Positive)

SBI TOP Last 808,75 Croatia´s Atlantic Grupa (ZSE:ATGR-R-A) plans to raise the capital of recently acquired daily -0,40% Serbian food maker Foodland, Atlantic Grupa´s vice president for corporate activities Neven YTD 23,35% Vrankovic said. (Positive) Stock Turnover (EUR m) 5,78 Croatian hotel operator Plava Laguna [ZSE:PLAG-R-A] and local lender Zagrebacka Banka [ZSE:ZABA-R-A] yesterday concluded transaction about stake in hotel and campsite operator MkCap(%of GDP) 50,95% Istraturist Umag. Plava Laguna paid to Zagrebacka banka 120.1 million euro ($158.4 million) Source:www.ljse.si for the 93.04% stake (i.e. HRK 210 per share, EUR 28 per share), comprising 4,349,400 regular Istraturist Umag shares. (Positive)

INA´s CEO Zoltan Aldott announced for magazine Banka that Ina (ZSE:INA-R-A) will increase BELGRADE STOCK EXCHANGE investment in the production of hydrocarbons and invest in refineries in 2015. (Positive) BELEX15 Last 701,75 Agrokor is considering to make an IPO of not only retail chain part but the whole vertical daily 0,31% integrated company Agrokor.IPO should be in 2015 and is planned to collect EUR 4 YTD 25,77% bn.Rotschild bank will be counsel for this IPO.Agrokor needs this IPO to get fresh capital to be BELEXline Last 1.394,15 able to pay out their liabilities.According to the some estimations,Agrokor has to pay EUR 46 m per year for PIK Toggle loan they take before MELR deal was finalized. 95% of Agrokor is taken daily 0,24% as an collateral for PIK Toggle. (Neutral)

YTD 26,18% Stock Turnover (EUR m) 1,09 The company Sava Reinsurance Company (LJE:POSR) notifies its shareholders and the public MkCap(%of GDP) 23,69% that based on valid binding offers received and in compliance with the criteria and provisions of Source:www.belex.rs the Invitation in the OTC buyback programme, it has determined the purchase price at which the Company will acquire Sava Re shares with ticker POSR and the amount of POSR shares that the Company is prepared to acquire under this programme as follows: the Determined BUCHAREST STOCK EXCHANGE price per POSR share is € 16.30 and the Purchase quantity of POSR shares is 368,099 POSR shares. (Positive) BET Last 6.964,42 daily -0,02% Slovenian energy company Petrol (LJE:PETG) said it has opened a 5.0 million euro petroleum gas (LPG) storage terminal in the central Serbian town of Smederevo. (Positive) YTD 7,25% Slovenian logistics company Intereuropa (LJE:IEKG) in the 9M of 2014, earned € 106.4 million BET BK Last 1.316,70 of revenue from the sale of services, which is 13 percent below the same term a year ago. The daily 0,43% net profit came to € 0.4 million at the end of the reporting term from € 5 million. (Negative)

YTD 4,36% BET TR Last 7.605,35 Serbia´s budget bill for 2015 will reach parliament by December 10, local media reported, quoting prime minister Aleksandar Vucic. (Positive) daily -0,02% YTD 12,57% Romania Stock Turnover (EUR m) 7,10 Banca Transilvania (TLV RO), the third-largest bank in Romania, confirmed negotiations on MkCap(%of GDP) 21,47% taking over the Romanian subsidiary of the Austrian banking group Volksbanken, Volksbank Romania. (Positive) Source:www.bvb.ro Romania’s Financial Supervisory Authority (FSA) rejected Fondul Proprietatea’s request to list on LSE via depositary interests. (Negative)

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FIMA Daily Insight

Friday, November 28, 2014

TOP 5 Companies ZAGREB STOCK EXCHANGE 27 November 2014 turnover (HRK) by price - Gainers (CROBEX) by price - Decliners (CROBEX)

Symbol Price Volume (mln) Change Symbol Price Change Symbol Price Change RIVP-R-A 19,43 1,09 -0,41% JDPL-R-A 118,40 6,67% DDJH-R-A 24,70 -32,46% SAPN-R-A 264,90 0,95 1,88% LKRI-R-A 74,00 2,46% PTKM-R-A 27,70 -6,83%

PBZ-R-A 560,00 0,88 0,00% ARNT-R-A 339,99 1,57% ULPL-R-A 165,00 -3,50% DDJH-R-A 24,70 0,82 -32,46% BLJE-R-A 35,50 1,43% VART-R-1 24,13 -3,48%

PLAG-R-A 3.810,00 0,53 0,34% VPIK-R-A 81,10 1,38% RIZO-R-A 63,16 -2,83%

TOP 3 Companies LJUBLJANA STOCK EXCHANGE 27 November 2014 turnover (EUR) by price - Gainers by price - Decliners

Symbol Price Volume (000) Change Symbol Price Change Symbol Price Change

KRKG 58,00 3199 0,03% TCRG 43,50 2,35% ZDDG 3,19 -20,22% TLSG 156,75 152 -0,10% ITBG 0,98 2,19% IEKG 1,45 -5,84%

CICG 194,00 129 -1,82% SAVA 0,55 1,85% ZTOG 118,90 -2,78%

TOP 3 Companies BELGRADE STOCK EXCHANGE 27 November 2014

turnover (RSD) by price - Gainers by price - Decliners Symbol Price (RSD) Volume (mln) Change Symbol Price Change Symbol Price Change

NIIS 863,00 44.299 0,12% ITSP 867,00 19,42% CCNB 11.001,00 -8,60% AERO 899,00 22.384 3,21% TETO 5.574,00 12,42% MLSU 1.500,00 -3,23%

ALFA 19.000,00 1.520 0,08% KMBNPB 1.150,00 4,07% FITO 3.500,00 -2,78%

TOP 3 Companies BUCHAREST STOCK EXCHANGE 27 November 2014

turnover (RON) by price - Gainers by price - Decliners

Symbol Price (RON) Volume (000) Change Symbol Price Change Symbol Price Change

SNG 33,70 8.428 0,90% ALT 0,046 9,52% TBM 0,0299 -1,97% FP 0,94 2.596 -0,11% CMP 0,670 6,35% EL 11,57 -1,95% TLV 1,72 1.954 1,00% IMP 1,339 4,61% BRK 0,1191 -1,49%

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FIMA Daily Insight

Friday, November 28, 2014

%

Long-term credit Croatia Slovenia Serbia Romania rating

Fitch BB BBB+ B+ BBB-

Standard&Poors BB A- BB- BBB-

Moody's Ba1 Ba1 B1 Baa3

Exchange rates

FX RATE HRK per EUR 0,1306

FX RATE RSD per EUR 0,0086

FX RATE RON per EUR 0,2300

FX RATE EUR per USD 1,3400

Investment stories

Hotel Imperial (HIMR-R-A) - privatization process in final stage

Telekom Slovenije (TLSG) - privatization process in second stage

Riviera Valamar (RIVP-R-A) –the listing on the regulated market in progress

Corporate events

15.12.2014 Končar Elektroindustrija (KOEI-R-A) – General Assembly 17.12.2014 Valamar Riviera (RIVP-R-A) – Cash dividend 0,50 HRK 17.12.2014 Đuro Đaković Holding (DDJH-R-A) – General Assembly

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FIMA Daily Insight

Friday, November 28, 2014

CONTACTS FOR INSTITUTIONAL INVESTORS IRENA FIŠTREK [email protected] +38542 66 09 64 KREŠIMIR ČULO [email protected] +385 1 63 98 357 TRADING DEPARTMENT: [email protected] +385 42 66 09 60 RESEARCH DEPARTMENT: NIKOLA BAKŠAJ [email protected] +385 42 66 09 74

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