FIMA Daily Insight CROATIA SLOVENIA ROMANIA BULGARIA. Irena Ivanković. Darko Horvat. December 6, ,9% 18,1% 0,6% -1,5% CROBEX SBI BET SOFIX

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1 CROATIA SLOVENIA ROMANIA BULGARIA December 6, 2016 CROATIA BENCHMARKS DAILY CHANGES % 1,47% Croatian equities closed lower yesterday with both indices decreasing; CROBEX decreased 0.54% to 1, pts and blue chip CROBEX 10 decreased 0.66% to 1, pts. Regular stock turnover amounted to HRK 6.92 million. (Negative) Integrated telecom operator HT (HTRA CZ) topped the liquidity board collecting HRK 1.64 million in turnover and its price remained unchanged at HRK Italian bank UniCredit, owner of Zagrebacka Bank (ZABARA CZ), led by the new executive director Jean Pierre Mustierom,is negotiating with Amundi for Unicredit s asset management company Pioneer Investments, after Amundi offered EUR 3.5 bln. On December 13, the Company will present a new strategic plan that should include a share capital increase up to EUR 13 bln. (Neutral) -0,54% -0,47% -0,43% CROBEX SBI BET SOFIX BENCHMARKS 3Y CHARTS Dec-13 Dec-14 Dec-15 Dec-16 CROBEX SBI BET SOFIX Last week, Duro Dakovic Montaza d.d. officially started the process of leaving from the German group Bilfinger SE thus the Company again became % in Croatian ownership on its 90th birthday. Sale of the company is carried out as a management buy-out led by Drago Cugura, longtime director of this company. The parties agreed that the conditions of sale remain secret. (Neutral) Privredna Banka Zagreb (PBZ) has revised upward its forecast of Croatia's economic growth for 2016 from 2.3% to 2.7%. (Positive) Croatia's total gross foreign debt at the end of August this year amounted to EURO 43.7 bln, which is 4.1 bln or 8.6% less than at the end of August last year, the Croatian National Bank (HNB) reported on Friday. (Positive) In August 2016, Croatia's public debt amounted to HRK bln which was 1.3 bln or 0.4% less compared to the same month in 2015, and August was the sixth consecutive month to see an annual drop in public debt, show figures released by the Croatian National Bank (HNB). (Positive) SLOVENIA In November, number of people registered as unemployed in Slovenia reached 96,843 which is decrease of 0.4% at the monthly level and an almost 10% drop yoy, the Employment Service said on Monday. In 11M 2016, average number of the unemployed was 8.2%, down from the same period last year. (Positive) In 2015, in Slovenia were registered 191,863 enterprises which was 2.9% higher yoy. They employed 837,454 people (+1.2% yoy) and generated EUR bln revenue (+1.8 yoy), shows data from the Statistics Office. (Positive) ROMANIA 18,1% BENCHMARKS 1Y % RETURNS 0,6% Irena Ivanković Phone: iivankovic@fima.com Darko Horvat Phone: trading@fima.com -1,5% 28,9% CROBEX SBI BET SOFIX SALES AND TRADING DESK CONTACTS Romanian gas carrier Transgaz Medias is interested in acquiring a 49% stake in the Greek group DESFA, which has been put up for sale by the Greek government, according to the Greek media. The stake is valued at some EUR 400 mln. Greek publication Kathimerini wrote that Transgaz is already in negotiations with several banks for financing its investment in Greece. The journalists also wrote that Transgaz is interested to buy the Greek gas distribution network because may be interested in creating the so-called Vertical Corridor, a pipeline that would transport natural gas from the Caspian Sea in Romania, Hungary, Austria, Bulgaria, and Greece. (Positive) State-owned Salrom, the only salt producer in Romania, recorded a net profit of EUR 8.4 million in the first nine months of the year, up 9% compared to the same period in The Romanian state plans to put up for sale shares in Salrom, as well as other state-owned companies, such as Complexul Energetic Oltenia, Hidroelectrica, Compania Natională Aeroporturi Bucuresti (Bucharest Airports National Company), CNAPM Constanta (the Constanta Port administration), according to a memorandum published at the beginning of October. However, the state will remain the majority stakeholder in these companies, including Salrom. (Positive) In 2015, Romanian youth unemployment remained at a high level last year with a rate of 21.7%. By comparison, the unemployment among young people at EU level amounted to 20.3% on average, according to data published by Eurostat. Despite the fact that the unemployment rate among the young people of Romania dropped from 23.7% in 2013 to 21.7% in 2015, it remains at a worrying level. (Neutral) BULGARIA In 9M 2016, CEZ Distribution (3CZ BU) increased consolidated net income by 2.8x yoy to BGN 17.6 mln, according to the Company s financial statements. In 3Q 2016 alone the Company booked BGN 5.4 mln of net profit which was 4.5x higher yoy. The overall result is due both to rising revenues and optimized costs. Revenues increased by 15% yoy to BGN mln while costs expanded only 9% yoy to BGN on lower external service expenses. (Positive) In 9M 2016, CEZ Electro s (1CZ BU) net profit triples to BGN 17.1 mln, according to the Company s financial statements. The electricity trading Company in Southwestern Bulgaria recorded BGN 9.7 mln of net profit in 3Q 2016 alone despite lower electricity prices which it translated into lower costs. (Positive) Ratings agency Standard & Poor's has retained the sovereign rating of Bulgaria as BB+/B, with a stable perspective, the Finance Ministry has said. Its value remains at a "junk" level, where the country has been since December 2014 due to the developments with Corporate Commercial Bank (Corpbank or KTB), the assistance provided to First Investment Bank, and the overall fiscal deterioration. (Neutral) 1

2 Trading day recap CROATIA Market Trunover ( EUR mn): 0,85 1 HT 0,22 Jadroplov 11,55% Ingra -4,42% 2 Valamar 0,16 Viro 6,98% Badel -3,21% 3 Podravka 0,06 IGH 6,26% SNH Alfa -3,08% 4 Pevec 0,05 Zvijezda 4,26% Auto Hrvatska -2,64% 5 ZABA 0,04 Losinjska pl. 3,49% Jadroagent -2,16% 6 Zvijezda 0,04 Kutjevo 2,43% Petrokemija -1,70% 7 Koncar EI 0,03 Excelsa 2,38% SNH Beta -1,70% 8 Adris - pfd 0,03 RIZO 1,99% Podravka -1,52% 9 SNH Alfa 0,02 Hidroelektra 1,64% SNH Gama -1,41% Dec-13 Dec-14 Dec-15 Dec Jadransko Osig. 0,02 Optima 1,54% Belje -1,32% CROBEX CRO Tourism CROPLUS Index SLOVENIA Market Trunover ( EUR mn): 2,31 1 Krka 0,93 Intereuropa 5,65% Toplice Dobrna -13,37% 2 Petrol 0, Cinkarna Celje 3,47% Melamin -3,97% 3 Cinkarna Celje 0,44 Krka 3,09% Mercator -1,41% 4 Gorenje 0,14 Cetis 2,44% Sava Re -0,04% 5 Triglav 0,08 Triglav 2,05% Petrol 0,00% 6 Telekom Slo. 0,05 Mlinotest 2,04% Unior 0,00% 7 Luka Koper 0,05 Gorenje 1,53% Salus 0,00% 70 8 Mercator 0,04 Luka Koper 0,83% Hotel Union 0,00% 9 Intereuropa 0,03 Telekom Slo. 0,70% Terme Catez 0,00% Dec-13 Dec-14 Dec-15 Dec Hotel Union 0,01 Kmecka Druzba 0,11% Nama 0,00% SBI ROMANIA Market Trunover ( EUR mn): 3,92 Volume () Leaders Laggers Volume () Leaders Laggers Volume () Leaders Laggers 1 BRD 1,13 Comtram Sibiu 3,0% Perla Covasnei -47,75% 2 Banca Trans. 0,81 Granitul 34,08% Alimentara -25,79% 3 OMV Petrom 0,59 Mobila Radaut 24,40% Mecanica Rotes -17,67% 4 Electrica 0,45 Upet Targovis 20,00% Fabrica De Scu -16,91% 5 Romgaz 0,39 Severnav 10,62% Minexfor Deva -16,67% 6 Fondul Prop. 0,13 Unisem Bucure 9,09% Armax Gaz -13,64% 7 Sif 1 Banat-Cr 0,11 Tmk-Artrom Sla 7,57% Electrocontact -11,43% 8 Transelectrica 0,08 Arteca Jilava 6,25% Life Is Hard -10,85% Dec-13 Dec-14 Dec-15 Dec-16 9 Turbomecanica 0,04 Agrana Romania 5,88% Electroputere -7,00% 10 Transgaz 0,02 Comnord Bucur 5,56% Constructii Co -5,% BET BET-BK Index BULGARIA Market Trunover ( EUR mn): 0,71 Volume () Leaders Laggers Jun-14 Jun-15 Jun-16 SOFIX BGBX40 index 1 Texim Bank 0,46 Svilosa 7,92% Optela-Laser T -20,00% 2 Chimimport 0,09 Sparky Eltos - 5,58% Sofia Commerce -11,51% 3 CCB 0,03 Exclusive Prop 5,00% St Konstantin -10,00% 4 Neochim -Dimit 0,03 Zarneni Hrani 2,05% Industrialen C -4,02% 5 Monbat 0,03 Billboard 2,00% Trace Group -3,93% 6 Trace Group 0,02 Chimimport 1,63% Medica -2,86% 7 Sopharma 0,01 Doverie Holdin 1,23% Speedy -1,92% 8 FIB 0,01 Bulgarian Rive 1,20% Petrol -1,78% 9 Albena 0,00 Aktiv Properti 1,13% FIB -1,66% 10 Tchaikapharma 0,00 Sirma Group Ho 1,00% Sopharma -1,61% 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 63,5-2,1 5,1-3,93% -10,2% -29,6 3,6 0,3 1,3-2,1 9,4% -4,1% 2,9% DLKVRA CZ 46,3 2,2 14,1 0,07% 3,1% 21,1 8,5 0,9 1,0 7,1 10,7% 4,7% - VDKTRA CZ 18,3-0,6 301,1-0,55% 1,0% -33,2 4,5 0,4 0,4 1,6 9,3% -1,2% - INGRRA CZ 5,4 1,8 3,0-4,42% 3,8% 3,0-20,0 9,5 0,5-19,6-47,7% 14,7% - THNKRA CZ 11,9-0,5 474,0-0,21% 68,7% -24,6 13,6 0,8 0,3 11,0 5,7% -1,2% - IGHRA CZ 16,0-8,9 196,8 6,26% 86,8% -1,8 239,5 3,2 7,8 214,0 1% -164,9% - DIVERSIFIED ADRSPA CZ 1191,5-35,7 458,5-0,24% 25,7% -33,4 3,6 0,5 0,5-0,9 14,9% -2,9% 3,3% 6C4 BU 199,2 26,1 1,6 1,63% 18,7% 7,6 - -1,0 0, ,1% 2,8% 4HS BU 9,0 0,2 3,6 - -3,2% 58, , ,5% 6,1% - 5V2 BU 88,3 0,4 33,0-1,00% 35,3% 239,3 28,5 5,5 1,1 16,3 19,2% 0,5% - 4EH BU 45,6-27,6 0,7 0,00% -3,0% -1,7-3,2 0,6 0,9-1,2-18,7% -38,4% 0,4% 5SR BU 65,4 3,7 6,1-0,16% 54,2% 17,8 4,6 0,8 1,4-1,2 16% 8,5% 3,4% ENERGY & UTILITY SNG RO 2093,6 #N/A N/A 24,5-0,41% -10,1% 8,8-1,9 1, ,0% SNP RO 2982,5-177,1 0,2-1,04% -18,3% - 2,4 0,8 0,5 0,2 35,5% -2,9% - TGN RO 784,7-300,0 0,00% 8,3% - 2,9 1,6 1,0-0, ,2% EL RO 1020,6 81,6 13,3-0,90% 8,9% 12,5 2,9 0,4 0,8-3,0 15,1% 6,5% 6,5% TEL RO 475,5-29,2-0,34% 0,2% , ,1% COTE RO 151,6-78,8 0,00% 2,3% - 1,8-0,9-2, ,3% INARA CZ 4314,2-192,3 3.2,0 0,00% 10,1% -22,4 19,0 2,3 3,0 1,6 12,2% -12,6% - SNN RO 328,2 33,2 4,9 0,20% -23,7% 9,9 3,0 1,2 0,2 0,2 38% 2,0% 6,7% JNAFRA CZ 682,2 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 354,1 53,3 374,7-1,52% 11,3% 6,6 8,0 0,9 0,9 1,8 11,6% 15,5% 1,9% ATGRRA CZ 387,2 32,5 874,9 0,00% 5,7% 11,9 14,0 1,4 2,8 3,1 10,3% 12,2% 1,5% LEDORA CZ 456,3 39,7 10.9,0-0,40% 21,4% 11,5 9,2 1,6 1,8 1,0 17,8% 15,9% 3,9% JMNCRA CZ 403,0 44, ,0 0,02% 20,7% 9,1 7,4 1,0 1,6-1,8 13,8% 18,4% - KRASRA CZ 98,5 2,4 540,0 0,22% 9,7% 40,3 11,1 0,9 1,3 1,8 8,1% 3,1% - CKMLRA CZ 87,8 6, ,0 0,00% 26,6% 13,3 8,7 0,7 1,2-1,3 8% 9,2% 1,2% BLJERA CZ 26,9-6,0 24,7-1,32% 1,5% -4,5 17,8 1,7 0,6-9,3% -2,3% - ZVZDRA CZ 63,3 3, ,5 4,26% 73,5% 19,2 15,0 1,2 1,0 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 146,3 5,3 6,0 1,53% 30,2% 27,8 6,6 0,5 0,4 3,5 7,1% 1,4% - ERNTRA CZ 202,1 11, ,4-0,22% 19,1% 17,2 9,5 0,9 6,5-9,2% 31,1% 9,0% CICG SV 114,0 7,0,0 3,47% 84,2% 16,2 2,4 0,3 0,8-0,7 12,9% 5,0% 3,0% DDJHRA CZ 48,4-4,3 48,0 0,08% 81,4% -11,2 83,5 1,4-30,9 1,7% - - ADPLRA CZ 77,2 6,0 138,4 0,16% 41,5% 12,9 7,7 1,0 0,9 3,2 13,2% 7,0% 5,8% 5MB BU 184,1 12,0 9,2 0,33% 15,5% 15,3 9,1 1,6 1,9 1,1 17% 12,6% 3,0% KODTRA CZ,5 4, ,0 0,00% 21,9% 11,8 8,2 0,5 1,5-0,2 6,2% 12,9% - 5MH BU 121,9 5,5 6,1-19,7% 22,1 9,8 2,1 3,7-0,8 21,3% 17,0% 3,6% PTKMRA CZ 29,6-9,3 17,3-1,70% 32,0% -3,2-0,5 2, ,4% - INFRASTRUCTURE LKPG SV 322,0 38,7 23,0 0,83% 0,0% 8,3 5,4 2,1 1,0 1,3 39,7% 12,4% 4,9% LKPCRA CZ 31,4-2,6 5,1 0,01% -19,3% -11,9 31,2 1,3 0,6 2,4 4,2% -4,8% - LKRIRA CZ 81,2-0,2 45,4 0,00% 5,2% -402,0 577,9 4,7 0,9-136,3 0,8% -0,2% - MARINE ATPLRA CZ 61,7-23,7 333,0 1,11% 141,6% -2,6-45,0 4,1 0,8 6,4-9,2% -26,4% - TPNGRA CZ 83,2 5,8 71,8 0,00% -4,7% 14,4 11,4 5,5 1,0 6,4 48,6% 7,0% 5,5% LPLHRA CZ 18,2-16,2 207,0 3,49% 5,9% -1,1 13,6 1,8 0,9-1,9 13,6% -76,1% - JDPLRA CZ 8,8-21,6 40,4 11,55% 71,9% -0,4-11,5 9,2 0,2-10,2-79,8% -38,5% - 5BR BU 13,9 1,2 0,8 1,20% -17,9% 11, ,3 0,1 15,1% 2,9% - PHARMA KRKG SV 1728,2 105,2 52,7 3,09% -19,2% 16,4 7,8 1,7 1,2-0,1 21,6% 7,5% 5,0% 3JR BU 202,7 14,9 2,9-1,61% 7,3% 13,6 7,8 0,7 0,9 2,7 9,2% 6,9% 2,4% ATB RO 77,0-0,5 0,78% -3,0% , ,0% BIO RO 58,9-0,3 0,00% -4,6% , ,9% SCD RO 182,5-2,0-0,25% -3,4% , ,9% 53B BU 52,1 8,3 15,0 0,00% 30,6% 6,2-0,6 0, ,6% - RETAIL & DIST. RPH RO 30,0-0,3 0,00% -22,7% , MELR SV 420,3-2,5 69,0-1,41% -15,8% -166,2 9,9 0,5 0,7 6,4 - -0,4% - PETG SV 659,3 73,9 316,0 0,00% 23,5% 8,9 7,4 0,3 1,1 3,1 3,9% 13,3% 4,0% TISKRA CZ 47,5 1,2 1,0 0,00% -16,7% 39,9 4,9 0,1 1,4-5,2 2,7% 3,5% - MDKARA CZ 64,5 7,9 16.,0-0,62% 29,5% 8,2 11,2 0,4 1,1 3,6 3,2% 13,5% 10,6% PVCMRA CZ - 3,0 179,4-1,11% 79,4% ,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 1830,1 127,0 168,4 0,76% 17,2% 14,4 3,7 1,5 1,2-1,1 39,9% 8,3% 3,6% TLSG SV 4,8 20,9 70,5 0,70% -3,4% 22,0 4,3 1,2 0,7 1,9 28% 3,0% 7,1% OPTERA CZ 22,3 2,9 2,6 1,54% 32,0% 7,7 4,3 1,0 4,1 2,5 23,1% - - ROE TOURISM BANKS RIVPRA CZ 565,1 34,3 33,8-0,85% 41,2% 16,5 9,7 3,5 1,8 2,2 35,7% 11,7% 1,8% TUHORA CZ 139,2 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 68,5 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 123,4 1,1 425,9-0,27% 29,5% 111,1 12,8 3,7 1,2 3,5 29% 1,1% - PLAGRA CZ 427,0 31, ,2 0,00% 20,3% 13,4 8,6 3,6 1,4 2,3 42,1% 12,4% - LRHRA CZ,6-2,3 3.0,0 0,00% -9,5% -62,1 18,9 9,4 2,7 0,6 % -1,9% - HUPZRA CZ 145,8 9, ,3-0,21% 33,6% 15,1 10,7 4,5 1,4 2,1 42,3% 9,9% - MAISRA CZ 352,3 18,6 242,5 0,00% 5,8% 18,9 7,8 3,5 1,7 1,9 45% 9,5% - 6AB BU 130,6 3,0 59,8 0,00% 19,6% 43,4 12,2 3,0 0,6 3,7 24,5% 1,4% 0,8% HMSTRA CZ 18,1 0,5 264,4 0,90% -11,3% 33,1-2,9 1, ,1% - SUNHRA CZ 61,9-24,0 0,00% 20,2% , ACIRA CZ 91,9 3, ,0 0,00% 7,1% 27,8-4,1 1, ,2% 2,4% SLRSRA CZ 67,6 #N/A N/A 824,8 0,00% 2,4% , ILRARA CZ 52,1 4, ,0 0,00% 30,2% 12,4-3,6 1, ,5% 1,4% TLV RO 1919,8 5,2 2,4-0,84% 17,5% 3,5 1,4 12,1% 13,0% 0,7 48,8% 5,9% 13,9% BRD RO 1727,9 128,7 11,2 0,36% -7,8% 13,5 1,2 17,0% 12,2% 0,7 9% 1,2% 2,9% ZABARA CZ 2170,1 219,0 51,1-1,07% 40,5% 9,9 0,9-13,3% 1,0 9,4% 1,3% - BCC RO 46,6-17,0 0,1 1,28% -7,6% - 1,0-3,4% 0,4-45% -2,4% - PBZRA CZ 1949,7 210,6 770,0-1,00% 28,5% 9,2 1,0-16,7% 1,0 11,8% 2,0% 1,3% 5F4 BU 1,4 31,6 2,9-1,66% 32,0% 5,1 0,4-8,3% 0,8 8% 0,7% - INSURANCES FUNDS Mkcap () ZVTG SV 526,2 88,8 23,1 2,05% -1,5% 5,9 0,8 0,6 0,2 0,9 12,9% 2,6% 10,9% POSR SV 228,6 33,4 13,3-0,04% 3,6% 6,6 0,8 0,5 0,2 0,9 12% 2,2% 4,9% CROSRA ZA 659,3 73,9 316,0 0,00% -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 1907, ,4 0,8-0,25% 5,2% 6,0 1,1 0,3 0,3 36,1% 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