FIMA Daily Insight CROATIA SLOVENIA ROMANIA BULGARIA. Irena Ivanković. Darko Horvat. December 7, ,4% 17,4% 0,9% -3,0% CROBEX SBI BET SOFIX

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1 CROATIA SLOVENIA ROMANIA BULGARIA December 7, 2016 CROATIA -0,02% BENCHMARKS DAILY CHANGES % 0,03% Irena Ivanković Phone: iivankovic@fima.com Darko Horvat Phone: trading@fima.com 1,12% -0,40% CROBEX SBI BET SOFIX Dec-13 Dec-14 Dec-15 Dec-16 CROBEX SBI BET SOFIX 17,4% BENCHMARKS 3Y CHARTS BENCHMARKS 1Y % RETURNS 0,9% 30,4% -3,0% CROBEX SBI BET SOFIX SALES AND TRADING DESK CONTACTS Croatian equities closed mixed yesterday; CROBEX decreased 0.02% to 1, pts and blue chip CROBEX 10 increased 0.25% to 1, pts. Regular stock turnover amounted to HRK 8.42 million. (Neutral) Croatian food, beverage and drug producer Podravka (PODRRA CZ) topped the liquidity board collecting HRK 1.20 million in turnover while its price increased 0.52% to HRK Pevec will build a new center in Bjelovar on the place of an existing retail center. The center will include a shopping center, as well as finance offices and controlling, so all employees in the city will be located in one place. The investment is estimated at around HRK 20 mln, reported on Tuesday from the Company. (Positive) In 11M 2016, 16.6 million tourists stayed in Croatia which was an increase of 10.2% yoy, accounting for 90.7 mln nights which increased by 14% yoy, the National Tourist Board (HTZ) heard on Monday. Figures for November showed a 21% yoy increase in arrivals (278,000) and a 33% increase in bed nights (740,000). Croatia has recorded turnover increases from all foreign markets this year, with the biggest number in arrivals and nights generated by tourists from Germany, Slovenia, the United Kingdom, Poland and Austria, Ivicic said, adding that the HTZ expected a higher physical turnover in December thanks to Advent-related events. (Positive) On Tuesday, OTP Bank announced that in January 2017 will lower interest rates on existing and new loans in EUR and HRK currencies for 0.34% and 0.22%, following the fall of the national reference rates. (Positive) SLOVENIA In 3Q 2016, Slovenia had one of the highest quarterly growths in the EU. Gross domestic product, adjusted for seasonal and working days increased by 1%, compared with the 2Q Higher growth was recorded only in Croatia, where GDP grew by 1.7%, according to the European statistical office Eurostat. (Positive) ROMANIA Romania s Financial Supervisory Authority (ASF) has approved the listing of private healthcare provider Medlife on the Bucharest Stock Exchange through the sale of 8.8 million shares to private equity fund V4C Eastern Europe Holfing and International Finance Corporation (IFC), member of World Bank. MedLife has set a valuation of up to EUR 156 mln for its listing on the Bucharest Stock Exchange. As of September 30, 2016, MedLife operated 36 clinics, 8 general and specialized hospitals, 24 laboratories with more than 143 sampling points, 9 pharmacies, 8 dental offices and served over half million HPP (healthcare prevention packages) clients throughout Romania. In 9M 2016, the company increased sales revenues by 27% yoy to RON 361 mln. decreased by 3.5% to RON 38.9 mln while Adjusted increased by 10.4% to RON.5 mln. (Positive) Romanian Government proposes listing stakes of 20-25% of Hidroelectrica, CEC Bank & Telekom, according to local newspaper Bursa. Also the same article wrote that the Govt. intends to eliminate the shareholder ownership cap of 5% at SIFs. On Deceber 6, Hidroelectrica won the final lawsuit against Swiss group Alpiq RomIndustries, one of the energy traders that had been buying energy from Hidroelectrica at prices below production costs before the company s insolvency in (Positive) In 9M 2016, net investments in the Romanian economy grew 4.1% compared with the same period last year, to RON billion, data from the country's statistics board showed Tuesday. (Positive) In October 2016, Romania s retail trade turnover rose by 7.9% compared to the same month of last year, the lowest growth rate in over a year. The retail sector s increase significantly slowed down in September and October, from a rate of over 20% in February, as the effects of the VAT rate cuts have started to fade. The food retail turnover went up by 5.9% yoy in October but down from a 31% growth rate in February. The nonfood sales, were 14.1% higher compared to October Meanwhile, the fuel sales almost stagnated, with a growth rate of only 0.4%. (Neutral) BULGARIA In 11M 2016, leading generic pharma producer Sopharma (3JR BU) decreased top line by 5% yoy, according to preliminary data by the Company. Overall top line declined 5% yoy for the 11 months up to November 2016 on 2% yoy rise in domestic sales and 10% drop in exports. Sopharma s CEO and key shareholder Ognyan Donev comments that Russian market is uncertain which makes it hard to make any year end performance estimates despite the Company managing to limit the top line decline in 2H (Negative) In 3Q 2016, Bulgaria's national output increased by 3.4% yoy and 0.7% qoq, statistics show. At current prices, GDP stood at BGN bln (EUR mln) for the period between July and September. In 3Q 2016, industrial sector increased its share by 1.4%, to 28.9%, compared to the same period of last year. Services' share went down by 0.75 to 63.8% compared to the third quarter of The final consumption expenditure formed 68.8% of GDP in the third quarter of 2016, while investments (gross fixed capital formation) formed 18.5%. (Positive) 1

2 Trading day recap CROATIA Market Trunover ( EUR mn): 1,13 1 Podravka 0,16 Uljanik 86,42% Magma -17,95% 2 HT 0,15 Petrokemija 4,84% Imunoloski zavod -8,55% 3 Auto Hrvatska 0,14 Zitnjak 4,17% Zlatni rat -3,70% 4 Adris - pfd 0,11 Ingra 3,30% Arenaturist -3,63% 5 Atlantic Grupa 0,10 Auto Hrvatska 3,28% Jadroplov -2,95% 6 ZABA 0,09 Hoteli Mak. 2,84% Pevec -2,39% 7 Pevec 0,05 Slavonski ZIF 2,83% IGH -2,03% 8 AD Plastik 0,05 HUP 2,78% ZABA -1,88% 9 Zvijezda 0,03 Zvijezda 2,73% Vupik -1,40% Dec-13 Dec-14 Dec-15 Dec HUP 0,03 Jadransko Osig. 2,37% Plava Laguna -1,32% CROBEX CRO Tourism CROPLUS Index SLOVENIA Market Trunover ( EUR mn): 1,81 1 Krka 0,93 Toplice Dobrna 18,86% Gorenje -2,84% 2 Petrol 0,57 Cetis 2,38% Triglav -2,12% 3 Luka Koper 0,06 Krka 1,61% Sava Re -1,69% 4 Triglav 0,05 Kmecka Druzba 0,66% Gea -1,28% 5 Sava Re 0,05 Intereuropa 0,41% Luka Koper -0,63% 6 Gorenje 0,05 Petrol 0,32% Salus -0,24% 7 Telekom Slo. 0,03 KD Group 0,07% Telekom Slo. -0,20% 70 8 Intereuropa 0,02 Melamin 0,02% Mercator -0,01% 9 Cinkarna Celje 0,02 Cinkarna Celje 0,00% Cinkarna Celje 0,00% Dec-13 Dec-14 Dec-15 Dec Mercator 0,01 Unior 0,00% Unior 0,00% SBI ROMANIA Market Trunover ( EUR mn): 5,49 Volume () Leaders Laggers Volume () Leaders Laggers Volume () Leaders Laggers 1 Banca Trans. 1,46 Comat Galati 73,1% Autonova -20,00% 2 Fondul Prop. 1,31 Mecanica Rotes 21,07% Upet Targovis -16,67% 3 BRD 0,94 Comrep Ploies 16,28% Agrana Romania -13,33% 4 OMV Petrom 0,65 Iprolam Bucure 9,82% Mecanica Fina -11,82% 5 Cemacon Zalau 0, Griul Bucures 9,82% Comnord Bucur -9,82% 6 Sif 4 Muntenia 0,11 Electroputere 6,99% Minexfor Deva -9,09% 7 Romgaz 0,09 Romnav Braila 6,% Cocor -8,06% 8 Electrica 0,08 Electroaparata 4,17% Sc Ca De Bucov -7,22% Dec-13 Dec-14 Dec-15 Dec-16 9 Sif 5 Oltenia 0,04 Argus Constan 4,11% Perla Covasnei -6,03% 10 Transgaz 0,04 Oltchim Rm Va 3,79% Scut Bacau -5,66% BET BET-BK Index BULGARIA Market Trunover ( EUR mn): 0,22 Volume () Leaders Laggers Jun-14 Jun-15 Jun-16 SOFIX BGBX40 index 1 Chimimport 0,04 Bulstr Vienna,03% Bg Agro -8,33% 2 Bulgaria Compe 0,02 Doverie Holdin 15,% Enemona -Kozlo -6,67% 3 Cez Distributi 0,02 Hydropneumotec 9,00% Expat Beta Rei -5,45% 4 Zarneni Hrani 0,02 Insurance Comp 5,63% Emka -Sevlievo -4,23% 5 Doverie Holdin 0,01 Nov Vek Holdin 3,70% Drujba Glasswo -3,45% 6 Prime Property 0,01 Sirma Group Ho 3,47% Bulgarian Amer -1,09% 7 Unipharm 0,01 Euroholding Bl 3,42% Vance Terrafun -0,25% 8 Vance Terrafun 0,01 Industrial Hol 3,19% Billboard -0,16% 9 M+S Hidravlik 0,01 Exclusive Prop 3,17% Sopharma Tring -0,16% 10 Albena 0,01 FIB 2,70% Neochim -Dimit 0,00% 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 64,3-2,1 5,2 1,36% -8,9% -30,0 3,6 0,3 1,3-2,1 9,4% -4,1% 2,8% DLKVRA CZ 46,0 2,2 14,0-0,57% 2,5% 21,0 8,5 0,9 1,0 7,1 10,7% 4,7% - VDKTRA CZ 18,1-0,6 298,7-0,78% 0,3% -32,9 4,5 0,4 0,4 1,6 9,3% -1,2% - INGRRA CZ 5,6 1,8 3,1 3,30% 7,2% 3,1-20,0 9,5 0,5-19,6-47,7% 14,7% - THNKRA CZ 11,9-0,5 474,0 0,00% 68,7% -24,5 13,6 0,8 0,3 11,0 5,7% -1,2% - IGHRA CZ 15,7-8,9 192,8-2,03% 83,0% -1,8 239,5 3,2 7,7 214,0 1% -164,9% - DIVERSIFIED ADRSPA CZ 1187,1-35,7 454,8-0,81% 24,7% -33,3 3,6 0,5 0,5-0,9 14,9% -2,9% 3,3% 6C4 BU 200,9 26,1 1,6 0,86% 19,7% 7,7 - -1,0 0, ,1% 2,7% 4HS BU 9,0 0,2 3,6 - -3,2% 58, , ,5% 6,1% - 5V2 BU 89,4 0,4 33,4 1,21% 36,9% 242,2 28,5 5,5 1,1 16,3 19,2% 0,5% - 4EH BU 47,2-27,6 0,7 3,42% 0,3% -1,7-3,2 0,6 0,9-1,2-18,7% -38,4% 0,4% 5SR BU 66,6 3,7 6,2 1,79% 57,0% 18,1 4,6 0,8 1,5-1,2 16% 8,5% 3,3% ENERGY & UTILITY SNG RO 2082,1 #N/A N/A 24,3-0,61% -10,7% 8,8-1,9 1, ,2% SNP RO 2959,3-177,1 0,2-0,84% -19,0% - 2,4 0,8 0,5 0,2 35,5% -2,9% - TGN RO 782,6-299,0-0,33% 7,9% - 2,9 1,6 1,0-0, ,3% EL RO 1024,4 81,6 13,3 0,30% 9,2% 12,6 2,9 0,4 0,8-3,0 15,1% 6,5% 6,5% TEL RO 474,2-29,1-0,34% -0,2% , ,1% COTE RO 151,3-78,6-0,25% 2,1% - 1,8-0,9-2, ,3% INARA CZ 4310,4-192,3 3.2,0 0,00% 10,1% -22,4 19,0 2,3 3,0 1,6 12,2% -12,6% - SNN RO 327,8 33,2 4,9-0,20% -23,8% 9,9 3,0 1,2 0,2 0,2 38% 2,0% 6,7% JNAFRA CZ 681,6 37,1 5.,0 0,00% 13,3% 18,4 7,7 6,2 1,4-1,3,4% 7,9% 2,6% FOOD & BEVERAGE PODRRA CZ 353,3 53,3 374,2-0,14% 11,1% 6,6 8,0 0,9 0,9 1,8 11,6% 15,5% 1,9% ATGRRA CZ 386,6 32,5 874,1-0,09% 5,6% 11,9 14,0 1,4 2,8 3,1 10,3% 12,2% 1,5% LEDORA CZ 455,9 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 402,6 44, ,0 0,00% 20,7% 9,1 7,4 1,0 1,6-1,8 13,8% 18,4% - KRASRA CZ 98,7 2,4 541,8 0,34% 10,1% 40,4 11,1 0,9 1,3 1,8 8,1% 3,1% - CKMLRA CZ 89,1 6, ,0 1,59% 28,6% 13,5 8,7 0,7 1,2-1,3 8% 9,2% 1,2% BLJERA CZ 26,8-6,0 24,6-0,53% 0,9% -4,5 17,8 1,7 0,6-9,3% -2,3% - ZVZDRA CZ 65,0 3, ,3 2,73% 78,2% 19,7 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 142,2 5,3 5,8-2,84% 26,5% 27,0 6,6 0,5 0,4 3,5 7,1% 1,4% - ERNTRA CZ 201,6 11, ,6-0,16% 18,9% 17,2 9,5 0,9 6,5-9,2% 31,1% 9,0% CICG SV 114,0 7,0,0 0,00% 84,2% 16,2 2,4 0,3 0,8-0,7 12,9% 5,0% 3,0% DDJHRA CZ 48,8-4,3 48,4 0,85% 83,0% -11,3 83,5 1,4-30,9 1,7% - - ADPLRA CZ 76,8 6,0 137,9-0,39% 40,9% 12,9 7,7 1,0 0,9 3,2 13,2% 7,0% 5,8% 5MB BU 185,1 12,0 9,3 0,54% 16,1% 15,4 9,1 1,6 1,9 1,1 17% 12,6% 3,0% KODTRA CZ,4 4, ,0 0,00% 21,9% 11,8 8,2 0,5 1,5-0,2 6,2% 12,9% - 5MH BU 123,8 5,5 6,2 1,57% 21,6% 22,4 9,8 2,1 3,8-0,8 21,3% 17,0% 3,5% PTKMRA CZ 31,0-9,3 18,2 4,84% 38,4% -3,3-0,5 2, ,4% - INFRASTRUCTURE LKPG SV 320,0 38,7 22,9-0,63% -0,6% 8,3 5,4 2,1 1,0 1,3 39,7% 12,4% 4,9% LKPCRA CZ 31,4-2,6 5,2 0,03% -19,3% -11,9 31,2 1,3 0,6 2,4 4,2% -4,8% - LKRIRA CZ 81,1-0,2 45,4 0,00% 5,2% -401,6 577,9 4,7 0,9-136,3 0,8% -0,2% - MARINE ATPLRA CZ 61,1-23,7 330,0-0,90% 139,4% -2,6-45,0 4,1 0,8 6,4-9,2% -26,4% - TPNGRA CZ 83,1 5,8 71,8 0,00% -4,7% 14,4 11,4 5,5 1,0 6,4 48,6% 7,0% 5,4% LPLHRA CZ 18,2-16,2 207,0 0,00% 5,9% -1,1 13,6 1,8 0,9-1,9 13,6% -76,1% - JDPLRA CZ 8,5-21,6 39,2-2,95% 66,8% -0,4-11,5 9,2 0,2-10,2-79,8% -38,5% - 5BR BU 13,9 1,2 0, ,9% 11, ,3 0,1 15,1% 2,9% - PHARMA KRKG SV 1756,1 105,2 53,6 1,61% -17,9% 16,7 7,8 1,7 1,2-0,1 21,6% 7,5% 4,9% 3JR BU 205,2 14,9 3,0 1,22% 8,6% 13,8 7,8 0,7 0,9 2,7 9,2% 6,9% 2,4% ATB RO 76,1-0,5-1,16% -4,1% , ,1% BIO RO 58,3-0,3-1,12% -5,7% , ,0% SCD RO 183,1-2,0 0,25% -3,2% , ,9% 53B BU 52,1 8,3 15,0 0,00% 30,6% 6,2-0,6 0, ,6% - RETAIL & DIST. RPH RO 30,4-0,3 1,13% -21,9% , MELR SV 420,3-2,5 69,0-0,01% -15,9% -166,2 9,9 0,5 0,7 6,4 - -0,4% - PETG SV 661,4 73,9 317,0 0,32% 23,9% 9,0 7,4 0,3 1,1 3,1 3,9% 13,3% 4,0% TISKRA CZ 48,1 1,2 152,0 1,33% -15,6% 40,4 4,9 0,1 1,4-5,2 2,7% 3,5% - MDKARA CZ 64,7 7,9 16.1,0 0,31% 29,9% 8,2 11,2 0,4 1,1 3,6 3,2% 13,5% 10,5% PVCMRA CZ - 3,0 175,1-2,39% 75,1% ,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 1840,6 127,0 169,5 0,66% 17,9% 14,5 3,7 1,5 1,2-1,1 39,9% 8,3% 3,5% TLSG SV 459,8 20,9 70,4-0,20% -3,6% 22,0 4,3 1,2 0,7 1,9 28% 3,0% 7,1% OPTERA CZ 22,5 2,9 2,7 1,14% 33,5% 7,8 4,3 1,0 4,1 2,5 23,1% - - ROE TOURISM BANKS RIVPRA CZ 566,6 34,3 33,9 0,36% 41,7% 16,5 9,7 3,5 1,8 2,2 35,7% 11,7% 1,8% TUHORA CZ 139,1 10,4 2.8,0 0,00% 10,1% 13,4 10,3 4,8 2,8 0,1 47% 21,6% 3,1% HIMRRA CZ 68,4 2,8 811,1 0,00% 62,2% 24,8 12,9 5,3 1,4 2,7 41,5% 5,7% 0,4% ARNTRA CZ 118,8 1,1 410,4-3,63% 24,8% 107,0 12,8 3,7 1,1 3,5 29% 1,1% - PLAGRA CZ 421,0 31,8 5.2,0-1,32% 18,7% 13,3 8,6 3,6 1,4 2,3 42,1% 12,4% - LRHRA CZ 142,5-2,3 3.5,0 1,43% -8,2% -62,9 18,9 9,4 2,7 0,6 % -1,9% - HUPZRA CZ 149,7 9, ,0 2,78% 37,3% 15,5 10,7 4,5 1,5 2,1 42,3% 9,9% - MAISRA CZ 356,7 18,6 245,8 1,35% 7,3% 19,2 7,8 3,5 1,7 1,9 45% 9,5% - 6AB BU 133,2 3,0 61,0 1,97% 22,0% 44,3 12,2 3,0 0,6 3,7 24,5% 1,4% 0,7% HMSTRA CZ 18,1 0,5 264,9 0,21% -11,1% 33,1-2,9 1, ,1% - SUNHRA CZ 61,8-24,0 0,00% 20,2% , ACIRA CZ 92,1 3,3 6.2,0 0,30% 7,4% 27,9-4,1 1, ,2% 2,4% SLRSRA CZ 67,6 #N/A N/A 825,0 0,02% 2,4% , ILRARA CZ 52,1 4, ,0 0,00% 30,2% 12,4-3,6 1, ,5% 1,4% TLV RO 1925,1 5,2 2,4 0,21% 17,8% 3,5 1,4 12,1% 13,0% 0,7 48,8% 5,9% 13,9% BRD RO 1719,7 128,7 11,1-0,54% -8,3% 13,4 1,2 17,0% 12,2% 0,7 9% 1,2% 2,9% ZABARA CZ 2127,5 219,0,1-1,88% 37,8% 9,7 0,9-13,3% 1,0 9,4% 1,3% - BCC RO 46,5-17,0 0,1-0,21% -7,8% - 1,0-3,4% 0,4-45% -2,4% - PBZRA CZ 1961,7 210,6 775,4 0,70% 29,4% 9,2 1,0-16,7% 1,0 11,8% 2,0% 1,3% 5F4 BU 164,7 31,6 2,9 2,70% 35,5% 5,2 0,4-8,3% 0,8 8% 0,7% - 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 515,1 88,8 22,7-2,12% -3,6% 5,8 0,7 0,6 0,2 0,9 12,9% 2,6% 11,0% POSR SV 224,7 33,4 13,1-1,69% 1,8% 6,5 0,8 0,5 0,2 0,9 12% 2,2% 5,0% CROSRA ZA 661,4 73,9 317,0 0,32% -0,3% 9,0 7,4 0,3 1,1 3,1 3,9% 13,3% 0,0% Mkcap () mn Price 1D YTD P/E NAV Discount to NAV FP RO 1894, ,0 0,8-0,75% 4,4% 6,0 1,1 0,3 0,3 36,1% 6,3% P/Bv NPL ratio TE/TA L/D ROE Avg. 1Y Dsc. to NAV ROA Sortino 5

6 CROATIA SLOVENIA ROMANIA BULGARIA INSTITUTIONAL SALES AND TRADING DESK CONTACTS: IRENA IVANKOVIĆ DARKO HORVAT TRADING DEPARTMENT: DISCLAIMER 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. is prepared by the employees of FIMA Securities Ltd. The first issue of was published on 16TH January Additional information is available upon request. 6