FIMA Daily Insight CROATIA SLOVENIA ROMANIA BULGARIA. Irena Ivanković. Darko Horvat. October 11, ,0% 14,1% 8,7% -3,0% CROBEX SBI BET SOFIX

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1 CROATIA SLOVENIA ROMANIA BULGARIA FIMA Daily Insight October 11, 2016 CROATIA 1 BENCHMARKS DAILY CHANGES % 0,27% 0,03% -0,46% -0,67% CROBEX SBI BET SOFIX BENCHMARKS 3Y CHARTS Croatian equities closed mixed yesterday; CROBEX increased 0.27% to 1, pts and blue chip CROBEX 10 decreased 0.23% to 1, pts. Regular stock turnover amounted to HRK million. (Neutral) Tourism Company Valamar Riviera (RIVPRA CZ) topped the liquidity board collecting HRK 2.12 million in turnover with a price increase of 2.14% to HRK Ilirija (ILRARA CZ) intends to conduct the process of increasing share capital by contributions, thereby excluding the pre-emptive rights of the existing shareholders except for Allianz ZB and the process of public offering to qualified investors for up to new ordinary bearer shares of the Issuer with a single nominal amount of HRK 5.00 each, at the price ranging from HRK 1,2.00 to HRK 1,0.00 per new share that is paid in cash. Ilirija intends to use the funds raised through a capital increase to finance the purchase of the Commercial shopping centre City Galleria in Zadar. (Positive) Ericsson Nikola Tesla (ERNTRA CZ), in cooperation with becloud company, will provide Belarusian users with LTE services. The contract is worth over HRK 76 mln. It concerns the second phase of introducing LTE technology in three regions of Belarus, and the project will be implemented till the end of In cooperation with becloud, Ericsson Nikola Tesla will deliver and put into operation LTE network, as well as ensure related services. (Positive) In the first eight months of 2016, Croatian exports of goods increased 2.8% compared with the same period in 2015 while imports grew 2.13%, show preliminary figures released by the national statistical office (DZS) on Monday. (Positive) Oct-13 Oct-14 Oct-15 Oct-16 CROBEX SBI BET SOFIX BENCHMARKS 1Y % RETURNS SLOVENIA In September 2016, the media published an allegation by the Securities Market Agency (ATVP) that it had, in relation with the due diligence procedure made by Panasonic, "filed a criminal complaint against one natural and one legal person for suspicion of perpetration of a criminal offence of abuse of inside information pursuant to Article 238, Paragraph 2 of the Criminal Code." Some media outlets also reported that the criminal complaint filed by the ATVP was against Gorenje (GRVG SV), President and CEO Franjo Bobinac, because he had informed the Prime Minister of the Republic of Slovenia, before the information was publicly announced, about the due diligence being conducted by the Panasonic Corporation at the Gorenje Group, which could lead to an increase in Panasonic s equity share in Gorenje. The Group requested the opinion of two reputable legal experts: former chief justice of the Supreme Court of the Republic of Slovenia and former Constitutional Court judge Franc Testen, and the dean and full professor at the Faculty of Law, University of Ljubljana, Prof. Miha Juhart, PhD. Both legal experts find in their opinions that the conduct of Franjo Bobinac President and CEO of Gorenje, was lawful and that with regard to his disclosure of information to the highest representative of the executive branch of power, such conduct is not prohibited in the financial instruments market. Therefore, there can be no criminal sanction against such conduct. In this respect, it is of key importance that the President and CEO of Gorenje, disclosed the information to the Prime Minister of the Republic of Slovenia as a member of the advisory task force on the economy, and that Gorenj, is formally classified as an important state asset. (Positive) 18,0% 8,7% 14,1% In August 2016, Slovenia exported EUR 1.72 bln worth of goods, an increase of 9.4% compared to the same month a year ago, while imports rose by 5.1% to EUR 1.73 bln, show fresh data from the Statistics Office. (Positive) Industrial output in Slovenia decreased by 0.5% on the monthly level in August, while it was up 5.9% year on year, data from the Statistics Office shows. (Neutral) ROMANIA -3,0% CROBEX SBI BET SOFIX SALES AND TRADING DESK CONTACTS Irena Ivanković Phone: iivankovic@fima.com Darko Horvat Phone: trading@fima.com Hidroelectrica s (FP RO) IPO possible in maximum six months. According to Mr. Victor Grigorescu, the Ministry of Energy, the listing of Hidroelectrica could take place within six months stressing however that he does not want to speculate regarding the finale date. (Neutral) Romania's trade balance posted a deficit of EUR 6.13 bln in January-August, EUR 1.3 bln higher than in the same period last year, the country's statistics board said Monday. (Negative) In August 2016, the NPL ratio stood at 10.56% down from 16.02% in August 2015 following the decrease with credit loss expenses due to the NPL cleaning process in the banking sector. (Positive) Romania's finance ministry on Monday raised a planned RON 0 mln (EUR mln) selling bonds maturing in February 2020 at an average yield of 1.82%, central bank data showed. (Neutral) BULGARIA The leading Bulgarian cigarettes producer Bulgartabac Holding (57B BU) is losing market share, according to data from the leading players on the market quoted by Capital newspaper. The companies data reveals Bulgartabac lost 1.1% of its share from January until August and fell below 30% for the first time ever. At the end of 2015 Bulgartabac held 30.6% of the market in Bulgaria. As of August 2016, the Company holds 29.5%. (Negative) In Jan-July 2016, Bulgarian exports to the EU amounted to BGN bln, grew by 4.3%, compared to the same period of 2015, statistics show. The main trade partners included Germany, Italy, Romania, Greece and France, accounting for 64.7% of the exports to EU member states. The strongest growth for that period was in exports of Beverages and tobacco (32.9%) and Food and live animals (22.9%), while the most notable fall was in Mineral fuel, lubricants and related materials (24.9%). In July, exports to the EU rose by 7.2, while imports went down 1% compared to the respective period of last year. (Positive) 1

2 Trading day recap CROATIA Market Trunover ( EUR mn): 1,54 1 Valamar 0,28 Jadroplov 15,03% Viadukt -4,89% 2 HT 0,21 Atlantska plov. 13,91% Janaf -3,62% 3 Maistra 0,19 Vupik 6,91% CK Mlinovi -3,08% 4 Atlantska plov. 0,15 Petrokemija 5,27% Zvecevo -3,04% 5 Adris - pfd 0,08 Elektroprojekt 5,13% Optima -2,55% 6 Auto Hrvatska 0,06 Proficio 4,15% Adris - pfd -2,15% 7 Arenaturist 0,05 Viro 4,05% Ina -1,70% 8 Viro 0,04 ULPL 3,92% Koncar EI -1,44% 9 Jamnica 0,03 Hoteli Mak. 3,45% Belje -0,93% Oct-13 Oct-14 Oct-15 Oct Medika 0,03 Tehnika 3,41% Viktor Lenac -0,73% CROBEX CRO Tourism CROPLUS Index SLOVENIA Market Trunover ( EUR mn): 0,65 1 Krka 0,25 Hotel Union 3,79% Gea -9,09% 2 Petrol 0,19 Sivent 0,33% Intereuropa -7,66% 3 Triglav 0,10 KD Group 0,17% Kmecka Druzba -2,70% 4 Gorenje 0,05 Melamin 0,07% Cetis -2,44% 5 Mercator 0,01 Luka Koper 0,04% Kompas -2,04% 6 Hotel Union 0,01 Mercator 0,00% Cinkarna Celje -1,58% 7 Telekom Slo. 0,01 Unior 0,00% Petrol -1,13% 70 8 Luka Koper 0,01 Salus 0,00% Triglav -1,03% 9 KS Nalozbe 0,00 Terme Catez 0,00% Gorenje -0,83% Oct-13 Oct-14 Oct-15 Oct-1610 Mlinotest 0,00 Nama 0,00% Mlinotest -0,67% SBI ROMANIA Market Trunover ( EUR mn): 2,22 Volume () Leaders Laggers Volume () Leaders Laggers Volume () Leaders Laggers 1 Fondul Prop. 0,64 Bucovina Suce 20,9% Prodplast Imob -15,08% 2 Romgaz 0,55 Stirom Bucure 14,66% Electroaparata -10,58% 3 BRD 0,18 Mecanica Fina 10,14% Moara Cibin S -8,55% 4 Banca Trans. 0,18 Litoral 8,62% Faimar -7,90% 5 OMV Petrom 0,11 Romnav Braila 8,15% Fondul Oamenil -7,73% 6 Teraplast 0,08 Arteca Jilava 6,67% Braiconf -6,00% 7 Sif 2 Moldova 0,07 Bermas 5,77% Napoca -5,03% 8 Transgaz 0,06 Chimcomplex Bo 4,49% Unisem Bucure -4,76% Oct-13 Oct-14 Oct-15 Oct-16 9 Sif 3 Transilv 0,05 Teraplast 3,03% Uzinexport-Imp -3,79% 10 Sif 5 Oltenia 0,05 Turbomecanica 2,90% ul Media -3,36% BET BET-BK Index BULGARIA Market Trunover ( EUR mn): 0,30 Volume () Leaders Laggers Apr-14 Apr-15 Apr-16 SOFIX BGBX40 index 1 Velgraf Asset 0,14 Cba Asset Mana 66,67% Enemona -Kozlo -26,67% 2 Holding Varna 0,05 Bulgaria Reg C 27,14% Mel Invest Hol -9,40% 3 CCB 0,02 Bianor 10,00% Synergon Holdi -7,63% 4 M+S Hidravlik 0,01 Holding Sveta 8,36% Euroholding Bl -6,64% 5 Rodna Zemya Ho 0,01 Bgi Group -Sof 5,15% Insurance Comp -5,51% 6 Vance Terrafun 0,01 Fund Estates R 5,00% Zarneni Hrani -3,61% 7 Stara Planina 0,01 Svilosa 4,31% Velgraf Asset -3,31% 8 Bulgaria Reg C 0,01 Holding Varna 3,51% Cez Distributi -2,31% 9 Sopharma 0,00 CCB 2,63% Albena -2,16% 10 Trace Group 0,00 Chimimport 1,02% Bulgaria Stock -2,13% 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 63,5 0,7 5,1 0,37% -10,2% 84,7 2,8 0,3 1,2-2,0 8,9% 1,4% 2,9% DLKVRA CZ 47,3 3,4 14,4 1,34% 5,0% 14,1 6,9 0,8 1,1 6,0 11,9% 7,6% - VDKTRA CZ 20,1-8,2 330,0-4,89% 10,8% -2,5 28,7 0,4 0,5 9,9 1,4% -20,0% - INGRRA CZ 5,5 3,1 3,1 2,35% 4,5% 1,8-23,4 8,7 0,4-22,9-37,2% 25,3% - THNKRA CZ 11,2-0,3 445,7 3,41% 58,6% -33,4 11,1 0,6 0,3 10,3 5,7% -0,8% - IGHRA CZ 7,4-10,0 90,0 0,00% -14,6% -0,7 191,9 3,2 2,7 175,0 2% -152,6% - DIVERSIFIED ADRSPA CZ 1217,9 263,6 469,9-2,15% 28,8% 4,6-7,3 0,3 0,5 3,0-4,2% 24,1% 3,2% 6C4 BU 170,2 26,2 1,4 1,02% 1,4% 6,5-0,2 0, ,1% 3,2% 4HS BU 9,1 0,2 3,6 8,36% -3,0% 58, , ,5% 6,1% - 5V2 BU 79,0 1,8 29,5 3,51% 20,9% 42,7 25,1 4,2 1,0 16,3 16,8% 2,5% - 4EH BU 41,2-29,9 0,6-6,64% -12,4% -1, , ,5% 0,5% 5SR BU 53,7 3,2 5,0 0,20% 26,6% 16,6 4,1 0,6 1,3-1,3 16% 7,8% 4,1% ENERGY & UTILITY SNG RO 1959,9 251,5 22,9-1,51% -16,0% 8,8 2,7 1,9 0,9-1,1 63,0% 11,0% 11,8% SNP RO 2943,4-292,9 0,2-1,27% -19,5% - 2,8 0,8 0,5 0,2 31,4% -4,9% - TGN RO 793,9-303,0-0,98% 9,4% - 2,9 1,6 1,0-0, ,1% EL RO 1047,0 81,6 13,6-0,29% 11,5% 12,8 2,9 0,4 0,8-3,0 15,1% 6,5% 6,3% TEL RO 476,3-29,2 0,00% 0,2% , ,1% COTE RO 149,9-77,8-0,26% 1,0% - 1,9-0,9-2, ,4% INARA CZ 4195,4-227,3 3.1,0-1,70% 6,7% -18,5 22,3 2,0 3,0 2,1 8,9% -15,1% - SNN RO 327,4 33,2 4,9-0,41% -24,0% 9,9 3,0 1,2 0,2 0,2 38% 2,0% 6,8% JNAFRA CZ 659,6 37, ,2-3,62% 9,2% 17,7 6,8 5,4 1,3-1,3 79,3% 7,8% 2,7% FOOD & BEVERAGE PODRRA CZ 361,7 52,4 381,4 0,11% 13,2% 6,9 7,3 0,8 1,0 1,9 11,5% 17,0% 1,8% ATGRRA CZ 390,8 30,6 8,1 0,12% 6,3% 12,8 8,2 0,8 1,5 3,0 10,3% 12,2% 1,5% LEDORA CZ 472,4 37, ,8 0,38% 25,3% 12,5 8,7 1,5 1,8 1,0 17,3% 15,5% 3,8% JMNCRA CZ 365,4 39, ,0 0,00% 9,1% 9,2 7,3 0,9 1,6-2,1 12,2% 17,5% - KRASRA CZ 96,8 1,9 529,4 1,% 7,5% 52,1 11,3 0,9 1,2 1,9 7,7% 2,3% - CKMLRA CZ 88,1 6, ,0-3,08% 26,6% 13,5 7,1 0,5 1,3-1,3 8% 9,6% 0,8% BLJERA CZ 28,0-6,0 25,6-0,93% 5,3% -4, ,6-9,8% -2,3% - ZVZDRA CZ 59,4 3, ,1 0,00% 62,1% 16,0 6,4 0,5 0,5 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 190,5 0,7 7,8-0,83% 69,6% 2,3 6,4 0,4 0,5 3,6 6,9% 0,2% - ERNTRA CZ 204,9 12, ,1 0,52% 20,3% 17,0 8,3 0,8 6,8-10,0% 36,9% 9,0% CICG SV 81,4 7,0 99,9-1,58% 31,4% 11,6 2,4 0,3 0,6-0,7 12,9% 5,0% 4,2% DDJHRA CZ 52,5-5,3 51,9 1,03% 96,1% -9,9 168,1 1,3-70,6 0,8% - - ADPLRA CZ 79,5 6,2 142,1 1,51% 45,3% 12,7 6,8 0,9 0,9 3,2 13,0% 7,0% 5,6% 5MB BU 158,1 10,9 7,9 0,10% -0,9% 14,5 9,1 1,5 1,7 1,2 16% 11,8% 3,5% KODTRA CZ 47,9 3, ,0 1,06% 13,9% 12,5 8,2 0,5 1,5-0,2 6,7% 11,9% - 5MH BU 106,8 5,1 5,4-0,91% 4,9% 21,0 9,1 1,9 3,4-0,8 20,8% 16,3% 4,1% PTKMRA CZ 33,2-10,7 19,4 5,27% 47,6% -3,1-0,3 1, ,6% - INFRASTRUCTURE LKPG SV 322,1 36,5 23,0 0,04% 0,0% 8,8 5,5 2,1 1,0 1,3 38,9% 11,5% 4,9% LKPCRA CZ 33,2 0,7 589,0 2,08% -15,1%,8 34,2 1,8 0,6 2,1 5,3% 1,2% - LKRIRA CZ 87,2-0,2 48,6 2,40% 12,6% -394,2 255,2 4,4 1,0-63,2 1,7% -0,3% - MARINE ATPLRA CZ 41,6-23,6 224,1 13,91% 62,6% -1,8-101,1 3,6 0,5 6,4-3,5% -25,1% - TPNGRA CZ 85,5 5,7 73,5 0,25% -2,4% 15,0 12,3 6,2 1,0 7,0,4% 7,0% 5,4% LPLHRA CZ 20,3-16,6 230,0 0,00% 17,7% -1,2 20,3 1,6 1,0-3,5 7,7% -79,4% - JDPLRA CZ 6,2-21,7 28,3 15,03% 20,6% -0,3-10,4 6,7 0,1-10,0-64,5% -36,7% - 5BR BU 12,4 1,3 0, ,5% 9,8 8,1 1,5 0,3 0,1 18,5% 3,2% - PHARMA KRKG SV 1941,7 116,0 59,2-0,59% -9,2% 16,7 6,0 1,5 1,3-0,1 25,6% 7,8% 4,5% 3JR BU 199,8 10,6 2,9-0,72% 5,8% 18,9 7,9 0,7 0,9 3,0 8,3% 5,0% 2,4% ATB RO 78,3 7,2 0,5 0,77% -1,5% 10,9 6,5 1,4 0,9-21,2% 8,8% 4,0% BIO RO 59,9-0,3 1,11% -3,2% , ,9% SCD RO 185,1-2,0 0,00% -2,2% , ,8% 53B BU 54,8 9,3 15,8-37,5% 5,9-0,5 0, ,5% - RETAIL & DIST. RPH RO 33,8-0,3 0,00% -13,1% MELR SV 426,4 12,0 70,0 0,00% -14,6% 35,6 9,9 0,5 0,7 6,4-1,9% - PETG SV 646,8 72,1 310,0-1,13% 21,2% 9,0 6,7 0,3 1,1 3,2 3,8% 13,5% 4,1% TISKRA CZ 46,5 0,8 146,2 0,83% -18,8% 61,9 5,6 0,2 1,4-5,0 2,8% 2,2% - MDKARA CZ 66,4 7, ,3 1,30% 32,9% 9,5 9,9 0,3 1,2 3,9 3,0% 12,4% 10,3% PVCMRA CZ - 3,0 162,8 1,65% 62,8% ,8-3,1% 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 13,3 125,2 165,3 0,10% 15,1% 14,4 3,1 1,2 1,2-1,1 39,2% 8,5% 3,6% TLSG SV 466,6 64,9 71,4-0,03% -2,2% 7,2 4,2 1,2 0,7 1,9 28% 9,7% 7,0% OPTERA CZ 22,6 3,1 2,7-2,55% 33,5% 7,3 3,6 0,9 4,4 2,5 23,7% 57,6% - ROE TOURISM BANKS RIVPRA CZ 597,0 28,0 35,6 3,16% 48,7% 21,3 9,1 3,2 2,5 2,4 35,1% 12,1% 1,7% TUHORA CZ 139,2 8,7 2.8,0 0,00% 9,7% 16,0 12,0 5,2 3,7 0,1 43% 24,1% 3,2% HIMRRA CZ 67,8 2,1 0,4 0,02%,1% 32,4 11,4 4,5 1,6 3,0 39,6% 5,0% 0,4% ARNTRA CZ 126,1-0,2 433,7 0,21% 31,9% -648,9 12,9 3,6 1,5 3,8 28% -0,2% - PLAGRA CZ 438,9 24,1 5.4,0 2,83% 23,2% 18,2 8,6 3,4 1,8 2,5 39,2% 11,5% - LRHRA CZ 158,3 2, ,5 0,70% 1,5% 69,6 7,4 3,8 1,6 0,5 51% 2,1% - HUPZRA CZ 154,8 8, ,0-0,21% 41,3% 18,0 9,3 3,7 1,6 2,4 40,1% 9,2% 0,6% MAISRA CZ 372,4 14,3 255,5 2,10% 11,5% 26,0 8,3 3,7 2,3 2,1 44% 9,2% - 6AB BU 118,6 3,5 54,3-2,16% 8,6% 34,1 11,8 2,8 0,6 3,8 24,0% 1,7% 0,8% HMSTRA CZ 18,3 0,5 267,1-0,47% -10,4% 39,5-3,2 1, ,0% - SUNHRA CZ 61,7-23,9 0,00% 19,5% , ACIRA CZ 96,1 3,3 6.0,0 0,00% 11,7% 29,1-3,8 1, ,5% 2,3% SLRSRA CZ 63,8 0,7 775,0 0,00% -3,8% 90,0-3,6 0, ,7% - ILRARA CZ 51,1 3, ,0 1,82% 40,0% 13,4-3,0 1, ,1% 1,3% TLV RO 1967,6 5,2 2,4-0,21% 20,2% 3,6 1,4 12,1% 13,0% 0,7 48,8% 5,9% 13,6% BRD RO 1718,4 128,7 11,1-0,72% -8,4% 13,4 1,2 17,0% 12,2% 0,7 9% 1,2% 2,9% ZABARA CZ 2209,8 36,8 51,8 0,14% 42,6% 59,5 0,9-13,3% 1,0 1,5% 0,2% - BCC RO 45,5-17,0 0,1 0,00% -9,9% - 1,0-3,4% 0,4-45% -2,4% - PBZRA CZ 1905,4 84,1 7,0-0,13% 25,2% 22,2 1,0-16,7% 1,0 4,7% 0,8% 1,4% 5F4 BU 135,0 53,7 2,4-1,03% 11,1% 2,5 0,3-8,3% 0,8 13% 1,2% - INSURANCES FUNDS Mkcap () ZVTG SV 4,0 88,8 22,2-1,03% -5,7% 5,7 0,7 0,5 0,2 0,9 12,9% 2,6% 11,3% POSR SV 239,4 33,4 13,9-0,14% 8,5% 6,9 0,8 0,5 0,2 0,9 12% 2,2% 4,7% CROSRA ZA 646,8 72,1 310,0-1,13% -2,9% 9,0 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 1966, ,5 0,8 0,% 6,5% 6,0 1,2 0,3 0,3 61,1% 6,2% 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