FIMA Daily Insight CROATIA SLOVENIA ROMANIA BULGARIA. Vlatko Kesegić. Darko Horvat. January 31, ,9% 31,8% 19,4% 8,0% CROBEX SBI BET SOFIX

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1 CROATIA SLOVENIA ROMANIA BULGARIA January 31, 2017 CROATIA BENCHMARKS DAILY CHANGES % 0,76% -0,03% -0,07% -0,15% CROBEX SBI BET SOFIX BENCHMARKS 3Y CHARTS Jan-14 Jan-15 Jan-16 Jan-17 CROBEX SBI BET SOFIX Croatian equities closed higher yesterday with both indices increasing; CROBEX increased 0.76% to 2, pts and blue chip CROBEX 10 increased 0.68% to 1.222,24 pts. Regular stock turnover amounted to HRK million. (Positive) Tourism Company Valamar Riviera (RIVPRA CZ) topped the liquidity board collecting HRK 3.24 million in turnover with a price increase of 0.51% to HRK In FY2016, Djuro Djakovic (DDJHRA CZ) reached HRK mln revenues which was an increase of 47% yoy, while net loss was reduced by 43.7 mln to HRK 20.2 mln. In 2016, the Group improved by HRK 46.5 mln to HRK 16.5 mln and this was the first positive since There are several reasons for Group s losses: insufficient capacity utilization of Transport segment in 1Q, loss on project Ciovo bridge and the absence of the planned profit from the agreed works for client BOV due to their request to postpone the start of production, according to the Group. In December 31, total value of signed contract amounted to HRK 554 mln. In this year, the main goal of Management Board is financial restructuring which will be achieved through issue new shares. (Positive) On January 30, Viadukt (VDKTRA CZ) announced that Viadukt and other six companies are chosen in a public procurement for the reconstruction of the water supply and construction and rehabilitation of drainage systems at island Krk. The client is Ponike Voda d.o.o. and total value of construction works amounts to HRK mln (VAT excluded). (Positive) Agrokor s retailers are ranked 159th place among the world s 2 largest retailers, improving its position by 33 places, according to the Deloitte. Agrokor's retail progress is the result of the integration of commercial networks Konzum and Mercator retail chains which encompass 2,000 stores, with which they have become the leader in the regional market as well as the leader in the entire retail market of Southeast Europe, according to the president of the Agrokor Group Ivica Todoric. (Positive) In December 2016, industrial production in Croatia jumped 14.9% yoy which was the biggest jump of production since 2001 when rose by 7.1% yoy. Compared to November 2016, industrial production grew by 4%. Thus, the trend of industrial production growth has lasted for 23 consecutive months, which is not recorded yet since (Positive) In January 2016, economic sentiment in Croatia stayed close to its highest level since the country joined the EU in mid- 2013, on the back of improved expectations in the industrial sector that have offset subdued sentiments in other sectors of the economy, shows a report released by the European Commission on Monday. (Positive) SLOVENIA 31,8% BENCHMARKS 1Y % RETURNS 35,9% The SBI TOP blue chip index of the Ljubljana Stock Exchange stayed virtually flat at points in mixed trading on Monday. Standing out were household appliance maker Gorenje, which shed 1.59% to EUR 6.20 and pharma company Krka, which lost 0.38% to EUR while accounting for half of the day's EUR 9,000 in total turnover. (Neutral) ROMANIA 8,0% 19,4% Fondul Proprietatea s manager Franklin Templeton, wants to launch a public offer to repurchase up to 640 mln of its shares. The current market value of the share package to be repurchased via this operation is EUR 125 mln. The investment fund still needs to get the approval of the Financial Supervisory Authority (ASF) before announcing the price and launching the offer. Fondul Proprietatea has a capitalization of RON 9.53 bln (EUR 2.1 bln). (Neutral) CROBEX SBI BET SOFIX SALES AND TRADING DESK CONTACTS Vlatko Kesegić Phone: vkesegic@fima.com Darko Horvat Phone: dhorvat@fima.com trading@fima.com Conpet (COTE RO) reported signing the annual contract with OMV Petrom worth RON 271 mln (-5% yoy) for the supply of domestic crude oil over February - December (Neutral) Romania ended 2016 with a consolidated budget deficit of RON 18.3 bln (EUR 4.07 bln), representing 2.41% of the estimated gross domestic product (GDP), under the annual target of 2.75% of the GDP, the Finance Ministry announced on Thursday night. However, the deficit was almost double compared to (Neutral) BULGARIA CEZ Distribution (3CZ BU) and CEZ Electro (1CZ BU), the CEZ Group distribution and electricity trader in Bulgaria, may be put on sale. According to a statement published late last week, based on interested from several investors CEZ Group has decided to examine the market related to its equity investments in Bulgaria. According to the Local media, 4-5 investors have showed interests in CEZ s assets in Bulgaria. These include local business people like Atanas and Plamen Bobokov, owners of Prista Oil Group and Monbat (5MB BU,) and Nikolay Valkanov, owner and Chairman of Minstroy Holding. Added that the other electricity distribution players - EVN and Energo- Pro, may also be interested in CEZ assets as well as Russian and Chinese companies. (Positive) Fertilizer producer Neochim (3NB BU) FY2016 profit surges six fold, according to the Company s unconsolidated financial statements for FY2016. Profitability improved considerably over the last quarter of 2016 to BGN 29.4 mln for the last 12M on lower material costs. Sales revenues declined 15% yoy to BGN 245 mln. (Neutral) 1

2 Trading day recap CROATIA Market Trunover ( EUR mn): 4,07 1 Liburnia 0,51 Hidroelektra 27,63% Europlantaze -37,14% 2 Valamar 0,43 IGH 21,96% Magma -9,30% 3 Dalekovod 0,30 Ingra 15,14% Puljanka -8,17% 4 Jamnica 0,29 Dalekovod 14,54% Viktor Lenac -5,12% 5 Viro 0,26 Tehnika 12,93% Hoteli Brela -3,71% 6 Ingra 0,25 Viadukt 7,15% Janaf -3,26% 7 Ledo 0,25 Jadran TC 6,06% Slatinska banka -2,48% 8 Podravka 0,18 Badel 6,04% SNH Gama -2,34% 9 Viadukt 0,16 Jadroplov 5,35% Optima -2,13% Jan-14 Jan-15 Jan-16 Jan HT 0,12 Kutjevo 4,71% Hoteli Maes. -1,95% CROBEX CRO Tourism CROPLUS Index SLOVENIA Market Trunover ( EUR mn): 0,96 1 Krka 0,48 Intereuropa 2,96% Sivent -15,25% 2 Cinkarna Celje 0,16 Hram Hldg. 2,27% Gorenje -1,59% 3 Petrol 0,11 Datalab 1,42% Krka -0,38% 4 Luka Koper 0,05 Inles 1,27% Kmecka Druzba -0,02% 5 Sava Re 0,05 Cinkarna Celje 1,16% Telekom Slo. 0,00% 6 Telekom Slo. 0,03 Petrol 0,30% Mercator 0,00% 7 Intereuropa 0,03 Triglav 0,18% Luka Koper 0,00% 70 8 Triglav 0,01 Telekom Slo. 0,00% Sava Re 0,00% 9 Gorenje 0,01 Mercator 0,00% Unior 0,00% Jan-14 Jan-15 Jan-16 Jan-1710 Datalab 0,00 Luka Koper 0,00% Salus 0,00% SBI ROMANIA Market Trunover ( EUR mn): 6,39 Volume () Leaders Laggers Volume () Leaders Laggers Volume () Leaders Laggers 1 Romgaz 1, Nord 19,5% Stofe Buhusi -17,24% 2 Electrica 1,24 Remarul 16 Feb 12,46% Helios Alesd -14,40% 3 Transgaz 1,00 Unirea Shoppin 11,66% Comelf -9,% 4 Banca Trans. 0,67 Griul Bucures 11,25% Agrana Romania -9,00% 5 Fondul Prop. 0,56 Comvex 8,11% Armax Gaz -8,68% 6 OMV Petrom 0,44 Chimcomplex Bo 7,04% Feroneria -6,45% 7 Nuclearelectri 0,27 Ropharma 6,25% Alro -5,54% 8 Transelectrica 0,13 Unisem Bucure 6,15% Fondul Oamenil -4,55% Jan-14 Jan-15 Jan-16 Jan-17 9 BRD 0,08 Comat Giurgiu 6,00% Electroaparata -4,49% 10 Conpet Ploies 0,06 Oil Terminal 5,% Life Is Hard -4,26% BET BET-BK Index BULGARIA Market Trunover ( EUR mn): 0,98 Volume () Leaders Laggers Jul-14 Jul-15 Jul-16 SOFIX BGBX40 index 1 Speedy 0,51 Enemona -Kozlo 64,71% Bulgaria Housi -16,00% 2 Cez Distributi 0,08 Bianor 31,32% Cez Electro Bu -13,24% 3 Albena 0,06 Energoremont H 10,94% Lavena -10,00% 4 Chimimport 0,05 Holding Varna 9,73% Bulgaria Reg C -9,64% 5 Zaharni Zavodi 0,04 Sopharma Prope 9,09% Nezhda -Sofia -9,09% 6 Cez Electro Bu 0,03 Holding Sveta 9,03% Todoroff -Sofi -7,20% 7 Agria Group Ho 0,03 Cez Distributi 8,92% Billboard -5,% 8 Toplivo 0,03 Zlaten Lev Hol 7,15% Euroholding Bl -5,47% 9 Bulgaria Reg C 0,02 Trace Group 5,81% Neochim -Dimit -4,05% 10 Sopharma Prope 0,02 Alcomet -Shume 3,41% Bulgarska Roza -3,96% 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 61,5-2,1 5,0 5,81% -5,5% -28,7 3,6 0,3 1,2-2,1 9,4% -4,1% 3,0% DLKVRA CZ 58,6 2,2 17,7 14,54% 30,5% 26,8 8,5 0,9 1,3 7,1 10,7% 4,7% - VDKTRA CZ 25,2-0,6 412,1 7,15% 34,2% -45,7 4,5 0,4 0,5 1,6 9,3% -1,2% - INGRRA CZ 8,0 1,8 4,4 15,14% 44,1% 4,4-20,0 9,5 0,7-19,6-47,7% 14,7% - THNKRA CZ 21,1-0,5 831,4 12,93%,6% -43,4 13,6 0,8 0,5 11,0 5,7% -1,2% - IGHRA CZ 26,6-8,9 323,9 21,96% 79,6% -3,0 239,5 3,2 12,9 214,0 1% -164,9% - DIVERSIFIED ADRSPA CZ 1198,8-35,6 473,9 0,83% 3,9% -33,6 3,5 0,5 0,5-8,3 13,7% -2,9% 3,2% 6C4 BU 207,7 26,1 1,7-0,41% 1,5% 8,0 - -0,9 0, ,2% 2,7% 4HS BU 8,8 0,2 3,5 9,03% 6,1% 56, , ,5% 6,1% - 5V2 BU 88,3 0,4 33,0 9,73% 0,0% 239,3 28,5 5,5 1,1 16,3 19,2% 0,5% - 4EH BU 39,4-27,6 0,6-5,47% -7,4% -1,4-3,2 0,6 0,8-1,2-18,7% -38,4% 0,5% 5SR BU 70,5 3,7 6,6-1,20% 1,2% 19,1 4,6 0,8 1,6-1,2 16% 8,5% 3,1% ENERGY & UTILITY SNG RO 23,6 #N/A N/A 27,5-0,18% 9,8% 8,8-1,9 1, ,8% SNP RO 3561,6-177,1 0,3 0,00% 8,4% - 2,4 1,0 0,6 0,2 35,5% -2,9% - TGN RO 837,1-320,0 0,00% 8,8% - 2,9 1,6 1,1-0, ,5% EL RO 1053,0 81,6 13,7-1,30% 4,1% 12,9 2,4 0,4 0,8-2,5 17,8% 6,5% 6,3% TEL RO 513,0-31,5 2,27% 7,9% , ,4% COTE RO 172,7-89,8-0,22% 14,0% - 1,8-1,1-2, ,1% INARA CZ 4332,8-192, ,5-1,55% 11,7% -22,5 79,1 2,3 3,0 6,8 2,9% -12,6% - SNN RO 404,6 33,2 6,0 5,04% 25,7% 12,2 3,0 1,2 0,2 0,2 38% 2,0% 5,5% JNAFRA CZ 855,8 37,1 6.3,0-3,26% 19,8% 23,1 7,7 6,2 1,8-1,3,4% 7,9% 2,1% FOOD & BEVERAGE PODRRA CZ 383,7 53,3 402,9 2,17% 6,3% 7,2 8,0 0,9 1,0 1,8 11,6% 15,5% 1,7% ATGRRA CZ 413,9 32,5 928,1 0,67% 5,0% 12,8 14,0 1,4 3,0 3,1 10,3% 12,2% 1,5% LEDORA CZ 432,7 39, ,6-1,33% -3,4% 10,9 9,2 1,6 1,7 1,0 17,8% 15,9% 4,1% JMNCRA CZ 424,7 44, ,0 0,04% 3,1% 9,6 7,4 1,0 1,7-1,8 13,8% 18,4% - KRASRA CZ 101,8 2,4 554,1 0,07% 2,7% 41,7 11,1 0,9 1,3 1,8 8,1% 3,1% - CKMLRA CZ 89,9 6, ,0 0,00% -0,9% 13,6 8,7 0,7 1,2-1,3 8% 9,2% 1,2% BLJERA CZ 25,9-6,0 23,5-0,04% 0,9% -4,3 17,8 1,7 0,6-9,3% -2,3% - ZVZDRA CZ 56,5 3, ,0-1,68% -10,2% 17,1 15,0 1,2 0,9 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 151,4 5,3 6,2-1,59% 3,4% 28,8 6,6 0,5 0,4 3,5 7,1% 1,4% - ERNTRA CZ 224,0 11, ,6 0,81% 8,0% 19,1 9,5 0,9 7,2-9,2% 31,1% 9,0% CICG SV 142,6 7,0 175,0 1,16% 8,0% 20,3 2,4 0,3 1,0-0,7 12,9% 5,0% 2,4% DDJHRA CZ 45,6-1,7 44,9-0,82% -0,6% -26,8 83,5 1,4-30,9 1,7% - - ADPLRA CZ 78,8 6,0,3-1,20% 1,2% 13,2 7,7 1,0 0,9 3,2 13,2% 7,0% 5,7% 5MB BU 196,0 12,0 9,8-0,19% 1,8% 16,3 9,7 1,6 2,0 1,2 16% 12,6% 2,8% KODTRA CZ 54,2 4, ,5 0,03% 5,3% 12,7 8,2 0,5 1,6-0,2 6,2% 12,9% - 5MH BU 133,4 5,5 6,7 0,00% 0,5% 24,2 9,8 2,1 4,0-0,8 21,3% 17,0% 3,3% PTKMRA CZ 31,5-9,3 18,3 1,61% 2,2% -3,4-0,5 2, ,4% - INFRASTRUCTURE LKPG SV 367,9 38,7 26,3 0,00% 5,1% 9,5 5,4 2,1 1,1 1,3 39,7% 12,4% 4,3% LKPCRA CZ 32,5-2,6 574,4 0,06% 0,6% -12,3 31,2 1,3 0,6 2,4 4,2% -4,8% - LKRIRA CZ 85,7-0,2 47,5-0,59% -0,8% -424,6 577,9 4,7 0,9-136,3 0,8% -0,2% - MARINE ATPLRA CZ 64,3-23,7 344,5 2,36% 21,9% -2,7-45,0 4,1 0,8 6,4-9,2% -26,4% - TPNGRA CZ 92,3 5,8 79,0-1,30% 5,4% 16,0 11,4 5,5 1,1 6,4 48,6% 7,0% 4,9% LPLHRA CZ 19,0-16,2 215,0-0,93% 7,5% -1,2 13,6 1,8 0,9-1,9 13,6% -76,1% - JDPLRA CZ 10,1-21,6 46,3 5,35% 13,5% -0,5-11,5 9,2 0,2-10,2-79,8% -38,5% - 5BR BU 12,8 1,2 0,7-5,7% 10, ,3 0,1 15,1% 2,9% - PHARMA KRKG SV 1711,8 105,2 52,2-0,38% -1,3% 16,3 7,9 1,7 1,2-0,1 21,5% 7,5% 5,1% 3JR BU 234,5 14,9 3,4-0,23% 14,2% 15,8 7,8 0,7 1,1 2,7 9,2% 6,9% 2,1% ATB RO 86,2-0,6 2,48% 11,2% , ,6% BIO RO 61,7-0,3 1,08% 4,4% , ,7% SCD RO 177,9-1,9-0,26% -1,5% , ,0% 53B BU 46,8 8,3 13,5-2,88% -10,7% 5,6-0,6 0, ,6% - RETAIL & DIST. RPH RO 32,8-0,3 6,25% 6,2% , MELR SV 411,1-2,5 67,5 0,00% -0,7% -162,6 9,9 0,5 0,6 6,4 - -0,4% - PETG SV 688,5 73,9 330,0 0,30% 1,5% 9,3 7,4 0,3 1,2 3,1 3,9% 13,3% 3,8% TISKRA CZ 51,1 1,2 1,0 0,00% 3,2% 42,9 4,9 0,1 1,5-5,2 2,7% 3,5% - MDKARA CZ 72,1 7, ,8 2,61% 3,9% 9,1 11,2 0,4 1,2 3,6 3,2% 13,5% 9,5% PVCMRA CZ - 3,0 199,9 1,88% 12,6% ,0-3,1% 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 1891,6 127,0 172,7 0,03% 2,2% 14,9 3,7 1,5 1,2-1,1 39,8% 8,3% 3,5% TLSG SV 529,4 20,9 81,0 0,00% 13,9% 25,3 4,3 1,2 0,8 1,9 28% 3,0% 6,2% OPTERA CZ 23,5 2,9 2,8-2,13% 2,6% 8,1 4,3 1,0 4,2 2,5 23,1% - - ROE TOURISM BANKS RIVPRA CZ 659,2 34,3 39,1 0,21% 13,1% 19,2 9,7 3,5 2,1 2,2 35,7% 11,7% 1,5% TUHORA CZ 154,7 10, ,5-1,45% 6,9% 14,9 10,3 4,8 3,0 0,1 47% 21,6% 3,7% HIMRRA CZ 69,3 2,8 815,0 0,00% 0,1% 25,1 12,9 5,3 1,4 2,7 41,5% 5,7% 0,4% ARNTRA CZ 1,3 1,1 515,0 0,66% 9,9% 135,4 12,8 3,7 1,4 3,5 29% 1,1% - PLAGRA CZ 477,1 31, ,0 0,00% 7,3% 15,0 8,6 3,6 1,6 2,3 42,1% 12,4% - LRHRA CZ 1,0-2, ,4 1,30% 1,0% -66,2 18,9 9,4 2,9 0,6 % -1,9% - HUPZRA CZ 162,9 9, ,5 2,71% 0,8% 16,9 10,7 4,5 1,6 2,1 42,3% 9,9% - MAISRA CZ 394,1 18,6 269,2 3,67% 6,4% 21,2 7,8 3,5 1,9 1,9 45% 9,5% - 6AB BU 136,1 3,0 62,3 0,% 1,3% 45,2 12,2 3,0 0,6 3,7 24,5% 1,4% 0,7% HMSTRA CZ 19,4 0,5 281,4-1,95% 0,6% 35,5-2,9 1, ,1% - ACIRA CZ 96,6 3,3 6.0,0 0,00% 1,6% 29,3-4,1 1, ,2% 2,3% SLRSRA CZ 84,7 #N/A N/A 1.025,0 0,49% 14,0% , ILRARA CZ 54,5 4,2 1.3,0 0,00% 3,7% 13,0-3,6 1, ,5% 1,3% TLV RO 1919,9 5,2 2,4-0,84% -0,6% 3,5 1,4 12,1% 13,0% 0,7 48,8% 5,9% 13,9% BRD RO 1771,4 153,4 11,4-0,35% -3,7% 11,6 1,2 17,0% 12,2% 0,7 11% 1,4% 2,8% ZABARA CZ 2528,8 219,0 59,0 0,14% 9,3% 11,4 1,0-13,3% 1,0 9,4% 1,3% - BCC RO 48,9-17,0 0,1 0,00% 4,8% - 1,1-3,4% 0,4-45% -2,4% - PBZRA CZ 2,8 #N/A N/A 831,3 2,00% 8,1% - 1,1-16,7% 1,0 ####### #VALUE! 1,2% 5F4 BU 208,1 31,6 3,7-2,37% 10,4% 6,6 0,5-8,3% 0,8 8% 0,7% - INSURANCES FUNDS Mkcap () ZVTG SV 558,4 88,8 24,6 0,18% 5,9% 6,3 0,8 0,6 0,2 0,9 12,9% 2,6% 10,2% POSR SV 258,3 33,4 15,0 0,00% 13,5% 7,4 0,9 0,5 0,2 0,9 12% 2,2% 4,3% CROSRA ZA 688,5 73,9 330,0 0,30% 0,0% 9,3 7,4 0,3 1,2 3,1 3,9% 13,3% 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 2, ,9 0,9 0,11% 11,3% 6,0 1,1 0,2 0,3 236,9% 5,6% 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 INSTITUTIONAL SALES AND TRADING DESK CONTACTS: VLATKO KESEGIĆ 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