FIMA Daily Insight CROATIA SLOVENIA ROMANIA BULGARIA. Irena Ivanković. Darko Horvat. November 24, ,2% 18,8% 0,7% -5,7% CROBEX SBI BET SOFIX

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1 CROATIA SLOVENIA ROMANIA BULGARIA November 24, 2016 CROATIA BENCHMARKS DAILY CHANGES % Croatian equities closed mixed yesterday; CROBEX increased 0.29% to 1, pts and blue chip CROBEX 10 decreased 0.02% to 1, pts. Regular stock turnover amounted to HRK 6.90 million. (Neutral) 0,29% 0,15% Integrated telecom operator HT (HTRA CZ) topped the liquidity board collecting HRK 1.24 million in turnover with a price increase of 0.16% to HRK On Tuesday, Finance Minister Zdravko Maric revealed economic and fiscal policies guidance s and foresees a 3% GDP growth in 2017, budget gap less than 2% of GDP while public debt should decrease below 85% of GDP by the end of this year. (Positive) In September 2016, average net salary in Croatia amounted to HRK 5,624, nominally decreased by 0.86% on the month but went up 1.4% on the year, the national statistical office said on Wednesday. (Neutral) -0,21% -0,20% CROBEX SBI BET SOFIX BENCHMARKS 3Y CHARTS Nov-13 Nov-14 Nov-15 Nov-16 CROBEX SBI BET SOFIX BENCHMARKS 1Y % RETURNS SLOVENIA On 16 November 2016, Petrol (PETG SV) received a notice from the District Court of Ljubljana concerning a submitted application for the commencement of bankruptcy proceedings proposed by the company H12 against Petrol. The application for the commencement of bankruptcy proceedings is being unfounded and Petrol immediately lodged an appeal against it so most likely it will be rejected or dismissed by the Court at the earliest time possible. According to local media Delo, H12 collaborate with Petrol on Monitel sistem, but the collaboration is no longer in force, so H12 claims 640 mln EUR from Petrol for using Monitel trade mark after the collaboration had ended. Petrol stated it has no business relations with H12 and no liabilities to this company, as indicated in reports, which are publicly available. (Neutral) In 9M 2016, banks operating in Slovenia generated a net profit in the amount of EUR mln which was 79% yoy higher, while pre-tax profit was 69% higher at EUR mln. The main reasons for an increase were the substantially lower impairments and provisions this year. (Positive) ROMANIA Romanian state-run power grid operator Transelectrica (TEL RO) has signed a contract of RON 2.1 mln with state-owned hydropower producer Hidroelectrica for the purchase of electricity on the centralized market of energy contracts through extended auction. (Positive) Medlife, the largest private healthcare provider in Romania, will be listed on BSE by the end of this year. The company announced the intention of V4C Eastern Europe Holding V Limited (36.25%) and the International Finance Corporation (12.75%) to launch an IPO of up to 8,840,4 existing ordinary shares, representing 44% of the total number of Medlife s existing shares. V4C intends to fully exit its shareholding, while International Finance Corporation will hold at least 5% of the company s shares after completion. Thus, the Marcu family (51%) will remain the major shareholder after the IPO. (Positive) 18,8% 24,2% World Bank has significantly improved its forecast on the advance of the Romanian economy this year to 5.1%, which was an increase from 4% in June, according to the WB report on the Europe and Central Asia region. The international institution has warned that the economic growth will slow down next year to 3.8%. In 2018, it will further reduce to 3.4%. The demand is expected to remain solid in 2017 as new fiscal measures are implemented, including a new VAT cut to 19%, reads the World Bank report. (Positive) 0,7% -5,7% CROBEX SBI BET SOFIX SALES AND TRADING DESK CONTACTS Irena Ivanković Phone: iivankovic@fima.com Darko Horvat Phone: trading@fima.com Banks in Romania posted RON 3.65 bln (about EUR810 mln) net profit in January-September which was 1.7x higher compared to the same period in Total assets reached RON 378 bln in September, according to Romania s central bank statistics. (Positive) BULGARIA Mobile value added and IoT service provider Allterco (A4L BU) will start trading on December 1, 2016, the Bulgarian Stock Exchange announced in a statement. Allterco placed an IPO in Sofia in October, selling 1.5 mln new shares in the price range of BGN 1.2 BGN 2.1 per share. It placed the full offering at the mid-price range of BGN 1.45 per share thus raising BGN 2.2 mln to fund new IoT operations. Post IPO the Company will have BGN 15 mln of share capital distributed in 15 mln outstanding shares. (Positive) In 10M 2016, Stara Planina Hold (5SR BU) and its subsidiaries increased top line by 6.2% yoy, the Company announced in a statement to the stock exchange. Overall, consolidated revenues of the group reached BGN 158 mln at the end of October 2016 and are expected to add up to BGN mln by the end of Novermber. Growth slight decelerate in all subsidiaries. Flagman industrial subsidiaries M+S Hydraulic (5MH BU) and Hydraulic Elements and Systems (4HE BU) reached 7% yoy rise in the top line to BGN.3 mln and 9.9% yoy rise to BGN 39 mln for the 10M16, respectively. (Positive) Early parliamentary elections date will be set post middle of January Bulgaria s Constitutional Court ruled out that the current president Rosen Plevneliev cannot set new elections in the final three months of his mandate as he cannot dismiss the current Parliament. Thus, any early elections date will be set by the president elect Rumen Radev. Plevneliev is discussing options to form a new government under the current Parliament after Prime Minister Boyko Borisov s cabinet resigned post presidential elections on leading party GERB s candidate loss. (Neutral) 1

2 Trading day recap CROATIA Market Trunover ( EUR mn): 0,94 1 HT 0,16 Croatia Airlines 25,00% ZIF Breza -17,73% 2 Valamar 0,11 Hidroelektra 9,22% Hoteli Podgora -17,44% 3 ZABA 0,07 HPB 4,99% Puljanka -14,90% 4 Imperial 0,06 SNH Beta 4,% Slatinska banka -5,31% 5 Koncar EI 0,05 Belje 4,79% Hoteli Haludovo -4,46% 6 Atlantic Grupa 0,05 Luka Rijeka 4,78% ULPL -3,92% 7 AD Plastik 0,04 ZABA 3,86% Hoteli Medena -3,66% 8 Adris - pfd 0,04 Ingra 2,26% Badel -3,52% 9 Medika 0,04 IGH 1,71% Jadroplov -2,89% Nov-13 Nov-14 Nov-15 Nov Jamnica 0,04 HUP 1,64% Auto Hrvatska -2,44% CROBEX CRO Tourism CROPLUS Index SLOVENIA Market Trunover ( EUR mn): 1,23 1 Krka 0,46 Kmecka Druzba 5,88% Telekom Slo. -1,41% 2 Cinkarna Celje 0,28 Cinkarna Celje 4,% Salus -1,22% 3 Petrol 0,27 Sava Re 2,27% Triglav -0,79% 4 Luka Koper 0,07 Intereuropa 1,68% Petrol -0,61% 5 Telekom Slo. 0,06 Luka Koper 0,81% Terme Catez -0,12% 6 Triglav 0,03 Unior 0,29% Krka -0,07% 7 Mercator 0,01 Mercator 0,00% Mercator 0,00% 70 8 Gorenje 0,01 Gorenje 0,00% Gorenje 0,00% 9 Kmecka Druzba 0,01 Hotel Union 0,00% Hotel Union 0,00% Nov-13 Nov-14 Nov-15 Nov Sava Re 0,01 Melamin 0,00% Melamin 0,00% SBI ROMANIA Market Trunover ( EUR mn): 3,16 Volume () Leaders Laggers Volume () Leaders Laggers Volume () Leaders Laggers 1 Fondul Prop. 0,95 Tratament Baln 72,4% Lacta Giurgiu -20,00% 2 Banca Trans. 0, Ducatex Jilav 16,67% Iprolam Bucure -10,71% 3 BRD 0,34 Armatura 9,29% Mecanica Codle -8,11% 4 OMV Petrom 0,29 Arteca Jilava 6,67% International -7,35% 5 Transgaz 0,27 Delivery Solut 5,18% Uzuc -4,40% 6 Impact Develop 0,25 Mecanica Fina 5,00% Farmaceutica R -2,78% 7 Electrica 0,21 Bucur Bucures 4,21% Icmrs -2,63% 8 Sif 2 Moldova 0,08 Feroneria 2,86% Sinteza Oradea -2,56% Nov-13 Nov-14 Nov-15 Nov-16 9 Sif 5 Oltenia 0,05 Prebet Aiud 1,47% Stirom Bucure -2,30% 10 Romgaz 0,04 Electroarges 1,23% Primcom Bucur -1,90% BET BET-BK Index BULGARIA Market Trunover ( EUR mn): 0,51 Volume () Leaders Laggers May-14 May-15 May-16 SOFIX BGBX40 index 1 Chimimport 0,13 Drujba Glasswo 20,79% Enemona -Kozlo -22,22% 2 Fazerles 0,10 Exclusive Prop 20,00% Fazerles -8,05% 3 CCB 0,07 Petrol 10,00% Todoroff -Sofi -7,07% 4 Roi Property F 0,05 Emka -Sevlievo 5,15% Holding Varna -6,05% 5 Emka -Sevlievo 0,04 Holding Sveta 4,29% Bg Agro -4,76% 6 Monbat 0,02 Lomsko Pivo 4,00% Svilosa -3,43% 7 Bulgaria Reg C 0,02 Aktiv Properti 3,67% Zarneni Hrani -3,28% 8 Trace Group 0,01 Bulgaria Compe 2,% Elhim Iskra -2,% 9 Lomsko Pivo 0,01 CCB 2,11% Vance Equity H -2,38% 10 Alcomet -Shume 0,01 Chimimport 2,05% M+S Hidravlik -1,% 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 66,7 0,7 5,4 1,70% -5,6% 89,0 2,8 0,3 1,3-2,0 8,9% 1,4% 2,7% DLKVRA CZ 46,3 2,2 14,1 0,71% 3,1% 21,2 8,5 0,9 1,0 7,1 10,7% 4,7% - VDKTRA CZ 18,0-0,6 296,3-0,73% -0,5% -32,7 4,5 0,4 0,4 1,6 9,3% -1,2% - INGRRA CZ 4,9 1,8 2,7 2,26% -7,2% 2,7-20,0 9,5 0,4-19,6-47,7% 14,7% - THNKRA CZ 11,3-0,5 449,9 0,00%,1% -23,3 13,6 0,8 0,3 11,0 5,7% -1,2% - IGHRA CZ 11,3-8,9 139,0 1,71% 31,9% -1,3 239,5 3,2 5,5 214,0 1% -164,9% - DIVERSIFIED ADRSPA CZ 1155,7-35,7 455,1 0,44% 24,8% -32,4 3,6 0,5 0,5-0,9 14,9% -2,9% 3,3% 6C4 BU 182,9 26,2 1,5 2,05% 9,0% 7,0-0,2 0, ,1% 3,0% 4HS BU 8,8 0,2 3,5 4,29% -5,4% 56, , ,5% 6,1% - 5V2 BU 83,0 1,8 31,0-6,05% 27,1% 44,9 25,1 4,2 1,1 16,3 16,8% 2,5% - 4EH BU 45,0-29,9 0,7 - -4,4% -1, , ,5% 0,4% 5SR BU 63,9 3,2 6,0-0,%,7% 19,7 4,1 0,6 1,5-1,3 16% 7,8% 3,5% ENERGY & UTILITY SNG RO 20,6 #N/A N/A 24,1-0,21% -11,4% 8,8-1,9 1, ,2% SNP RO 2846,2-177,1 0,2-0,22% -21,9% - 2,4 0,8 0,5 0,2 35,5% -2,9% - TGN RO 781,0-299,0 0,00% 7,9% - 2,9 1,6 1,0-0, ,2% EL RO 1036,0 81,6 13,5-0,15% 10,7% 12,7 2,9 0,4 0,8-3,0 15,1% 6,5% 6,3% TEL RO 472,4-29,1-0,17% -0,3% , ,1% COTE RO 151,7-79,0-0,75% 2,6% - 1,8-0,9-2, ,2% INARA CZ 4311,1-192, ,6 0,00% 10,0% -22,4 19,0 2,3 3,0 1,6 12,2% -12,6% - SNN RO 325,7 33,2 4,9-0,61% -24,1% 9,8 3,0 1,2 0,2 0,2 38% 2,0% 6,8% JNAFRA CZ 662,5 37,1 4.9,0 0,00% 10,0% 17,9 7,7 6,2 1,4-1,3,4% 7,9% 2,7% FOOD & BEVERAGE PODRRA CZ 364,1 53,3 385,0-0,98% 14,3% 6,8 8,0 0,9 1,0 1,8 11,6% 15,5% 1,8% ATGRRA CZ 391,7 32,5 884,5 0,10% 6,8% 12,1 14,0 1,4 2,8 3,1 10,3% 12,2% 1,5% LEDORA CZ 4,6 39, ,6 0,00% 22,5% 11,6 9,2 1,6 1,8 1,0 17,8% 15,9% 3,8% JMNCRA CZ 399,7 44, ,0 0,25% 19,6% 9,0 7,4 1,0 1,6-1,8 13,8% 18,4% - KRASRA CZ 96,7 2,4 530,0 0,03% 7,7% 39,6 11,1 0,9 1,2 1,8 8,1% 3,1% - CKMLRA CZ 91,7 6, ,0 0,00% 32,1% 13,9 8,7 0,7 1,3-1,3 8% 9,2% 0,8% BLJERA CZ 27,0-6,0 24,7 4,79% 1,6% -4,5 17,8 1,7 0,6-9,3% -2,3% - ZVZDRA CZ 56,4 3, ,0 0,00% 54,4% 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 144,1 5,3 5,9 0,00% 28,3% 27,4 6,6 0,5 0,4 3,5 7,1% 1,4% - ERNTRA CZ 198,3 11, ,1 0,70% 16,7% 16,9 9,5 0,9 6,4-9,2% 31,1% 9,0% CICG SV 107,5 7,0 132,0 4,% 73,7% 15,3 2,4 0,3 0,8-0,7 12,9% 5,0% 3,2% DDJHRA CZ 47,7-4,3 47,3 0,45% 78,6% -11,0 83,5 1,4-30,9 1,7% - - ADPLRA CZ 77,3 6,0 138,6 0,31% 41,7% 13,0 7,7 1,0 0,9 3,2 13,2% 7,0% 5,8% 5MB BU 170,3 10,9 8,5 1,67% 6,8% 15,6 9,1 1,5 1,8 1,2 16% 11,8% 3,3% KODTRA CZ 48,8 4, ,0 0,00% 16,8% 11,4 8,2 0,5 1,4-0,2 6,2% 12,9% - 5MH BU 126,8 5,1 6,4-1,% 24,5% 25,0 9,1 1,9 4,0-0,8 20,8% 16,3% 3,5% PTKMRA CZ 28,6-9,3 16,7 0,00% 27,2% -3,1-0,5 2, ,4% - INFRASTRUCTURE LKPG SV 321,9 36,5 23,0 0,81% 0,0% 8,8 5,5 2,1 1,0 1,3 38,9% 11,5% 4,9% LKPCRA CZ 31,7-2,6 563,7 0,00% -18,8% -12,0 31,2 1,3 0,6 2,4 4,2% -4,8% - LKRIRA CZ 87,5-0,2 48,9 4,78% 13,4% -433,4 577,9 4,7 1,0-136,3 0,8% -0,2% - MARINE ATPLRA CZ 66,2-23,7 357,1-1,44% 159,1% -2,8-45,0 4,1 0,8 6,4-9,2% -26,4% - TPNGRA CZ 85,9 5,8 74,0-0,15% -1,7% 14,8 11,4 5,5 1,0 6,4 48,6% 7,0% 5,3% LPLHRA CZ 17,6-16,2 200,0 0,% 2,3% -1,1 13,6 1,8 0,8-1,9 13,6% -76,1% - JDPLRA CZ 9,0-21,6 41,4-2,89% 76,2% -0,4-11,5 9,2 0,2-10,2-79,8% -38,5% - 5BR BU 12,5 1,3 0, ,3% 9,9 8,1 1,5 0,3 0,1 18,5% 3,2% - PHARMA KRKG SV 10,7 105,2 54,9-0,07% -15,8% 17,1 7,8 1,7 1,3-0,1 21,6% 7,5% 4,8% 3JR BU 194,7 10,6 2,8-0,35% 3,1% 18,4 7,9 0,7 0,9 3,0 8,3% 5,0% 2,5% ATB RO 77,1-0,5 0,00% -2,6% , ,0% BIO RO 58,6-0,3-0,37% -5,0% , ,0% SCD RO 183,1-2,0 0,00% -2,9% , ,8% 53B BU 52,1 9,3 15,0-0,26% 30,6% 5,6-0,5 0, ,5% - RETAIL & DIST. RPH RO 30,2-0,3 0,00% -22,2% , MELR SV 426,4-2,5 70,0 0,00% -14,6% -168,6 9,9 0,5 0,7 6,4 - -0,4% - PETG SV 659,4 73,9 316,1-0,61% 23,6% 8,9 7,4 0,3 1,1 3,1 3,9% 13,3% 4,0% TISKRA CZ 44,4 1,2,0 0,00% -22,2% 37,3 4,9 0,1 1,3-5,2 2,7% 3,5% - MDKARA CZ 65,9 7, ,8-0,42% 32,2% 8,4 11,2 0,4 1,1 3,6 3,2% 13,5% 10,3% PVCMRA CZ - 3,0 170,8-1,15% 70,8% ,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 1776,0 127,0 163,3 0,08% 13,6% 14,0 3,7 1,5 1,1-1,1 39,9% 8,3% 3,7% TLSG SV 457,5 20,9 70,0-1,41% -4,1% 21,8 4,3 1,2 0,7 1,9 28% 3,0% 7,1% OPTERA CZ 22,1 2,9 2,6-0,38% 31,0% 7,7 4,3 1,0 4,0 2,5 23,1% - - ROE TOURISM BANKS RIVPRA CZ 5,0 34,3 34,7 1,05% 44,9% 16,9 9,7 3,5 1,9 2,2 35,7% 11,7% 1,7% TUHORA CZ 138,6 10, ,0 1,61% 9,5% 13,4 10,3 4,8 2,7 0,1 47% 21,6% 3,2% HIMRRA CZ 68,4 2,8 810,4 0,44% 62,1% 24,8 12,9 5,3 1,4 2,7 41,5% 5,7% 0,4% ARNTRA CZ 122,8 1,1 423,6-0,59% 28,8%,6 12,8 3,7 1,2 3,5 29% 1,1% - PLAGRA CZ 422,5 31,8 5.2,0-0,75% 18,9% 13,3 8,6 3,6 1,4 2,3 42,1% 12,4% - LRHRA CZ 144,8-2,3 3.1,5 0,04% -6,9% -63,9 18,9 9,4 2,8 0,6 % -1,9% - HUPZRA CZ 148,0 9,7 2.5,0 1,64% 35,5% 15,3 10,7 4,5 1,4 2,1 42,3% 9,9% - MAISRA CZ 348,9 18,6 240,0 0,00% 4,8% 18,7 7,8 3,5 1,7 1,9 45% 9,5% - 6AB BU 122,9 3,5 56,3-0,27% 12,5% 35,3 11,8 2,8 0,6 3,8 24,0% 1,7% 0,8% HMSTRA CZ 18,2 0,5 265,0 0,00% -11,1% 33,2-2,9 1, ,1% - SUNHRA CZ 61,9-24,0 0,04% 20,2% , ACIRA CZ 91,9 3, ,0 0,00% 7,1% 27,9-4,1 1, ,2% 2,4% SLRSRA CZ 62,9 #N/A N/A 766,0 0,00% -4,9% , ILRARA CZ 55,1 4, ,0 0,00% 37,5% 13,2-3,6 1, ,5% 1,3% TLV RO 1908,9 5,2 2,4-0,21% 17,0% 3,5 1,4 12,1% 13,0% 0,7 48,8% 5,9% 13,9% BRD RO 1700,6 128,7 11,0 0,00% -9,1% 13,3 1,2 17,0% 12,2% 0,7 9% 1,2% 2,9% ZABARA CZ 2164,7 219,0,9 3,86% 40,0% 9,8 0,9-13,3% 1,0 9,4% 1,3% - BCC RO 44,8-17,0 0,1-1,29% -11,1% - 1,0-3,4% 0,4-45% -2,4% - PBZRA CZ 1862,3 210,6 735,0 0,68% 22,7% 8,8 1,0-16,7% 1,0 11,8% 2,0% 1,4% 5F4 BU 163,4 53,7 2,9 1,93% 34,4% 3,0 0,4-8,3% 0,8 13% 1,2% - INSURANCES FUNDS Mkcap () ZVTG SV 512,0 88,8 22,5-0,79% -4,2% 5,8 0,7 0,6 0,2 0,9 12,9% 2,6% 11,1% POSR SV 232,5 33,4 13,5 2,27% 5,3% 6,7 0,8 0,5 0,2 0,9 12% 2,2% 4,8% CROSRA ZA 659,4 73,9 316,1-0,61% -0,3% 8,9 7,4 0,3 1,1 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 1892, ,8 0,8-0,38% 4,6% 6,0 1,1 0,3 0,3 28,2% 6,3% 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: 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