FIMA Daily Insight CROATIA SLOVENIA ROMANIA BULGARIA. Vlatko Kesegić. Darko Horvat. November 28, ,7% 14,0% 12,2% -6,3% CROBEX SBI BET SOFIX

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1 CROATIA SLOVENIA ROMANIA BULGARIA November 28, 2017 CROATIA 0,13% BENCHMARKS DAILY CHANGES % Croatian equities closed higher yesterday with both indices increasing; CROBEX increased 0.13% to 1, pts and blue chip CROBEX 10 increased 0.04% to 1, pts. Regular stock turnover amounted to HRK 6.96 million. (Positive) -0,08% -0,58% -0,20% Tourism Company Valamar Riviera (RIVPRA CZ) topped the liquidity board collecting HRK 1.90 million in turnover and its price increased 0.34% to HRK Viktor Lenac s (VLENRA CZ) management expects significant high net profit at the end of 2017 and revenues that could be at the same level of one of the best years to date. The main reason for the high revenues is large project for the US Navy, while revenue from other overhaul works will be in line with the Company s plan. In Jan-Sep, Viktor Lenac reached sales revenues of HRK 3.6 mln, which was 2x higher yoy. margin was significantly improved, from 7.2% to 14.4%. Net profit amounted to HRK 26.6 mln, compared to HRK 6.6 mln loss reported in the same period of last year. (Positive) 1 CROBEX SBI BET SOFIX Vlatko Kesegić Phone: vkesegic@fima.com Darko Horvat Phone: dhorvat@fima.com trading@fima.com BENCHMARKS 3Y CHARTS Nov-14 Nov-15 Nov-16 Nov-17 CROBEX SBI BET SOFIX BENCHMARKS 1Y % RETURNS 12,2% 14,0% 19,7% -6,3% CROBEX SBI BET SOFIX SALES AND TRADING DESK CONTACTS Croatia's leading oil and gas company INA (INARA CZ) initiated the procedure of public procurement for the planned investment in the heavy residue conversion plant, worth HRK 2.5 bln, in the Rijeka-based oil refinery and a final decision about this project for heavy residue conversion is expected to be made in the first half of (Neutral) Croatia's center for enterprise restructuring and privatization (CERP) has set the minimum price for the sale of a 68.94% stake in hotel operator Hoteli Maestral at HRK mln. CERP will seek HRK per share for 355,520 shares in the hotel company under a call for binding bids, which should be launched soon, Maestral said in a filing to the Zagreb Stock Exchange. Last week, CERP said it has received 88 non-binding bids for majority stakes in three hotel operators, including Maestral. (Neutral) On November 27, shareholders of Belje (BLJERA CZ) and Vupik (VPIKRA CZ) rejected proposed decisions regarding appointment of Deloitte as a special auditor. (Neutral) The subsidiaries of Agrokor Group signed an agreement on pledge of intellectual property with Madison Pacific Trust Limited. The agreement was signed to create security interest in favour of Madison Pacific for a loan extended to Agrokor on June 8, Agreements on pledging rights signed Ledo (LEDORA CZ), Belje (BLJERA CZ), Vupik (VPIKRA CZ), Zvijezda (ZVZDRA CZ) and Jamnica (JMNCRA CZ). In June, Agrokor signed a roll-up arrangement of up to EUR 1.06 bln with over 30 creditors and Hong Kong-based Madison Pacific Trust Limited, which acted as security agent on the deal. (Neutral) SLOVENIA In 2016, there was EUR 12.9 bln worth of foreign direct investment (FDI) in Slovenia, which was an increase of 11.5% yoy. Slovenian direct investment abroad amounted to EUR 5.7 bln, which is 3.7% more than the year before, according to the central bank Banka Slovenije. (Positive) ROMANIA Banca Transilvania (TLV RO) announced the signing of the agreement to buy Bancpost, ninth leading lender in Romania, in a deal that will result in an increase in its assets and revenue by more than 15% and add EUR mln profit on the top of its EUR 2 mln. (Neutral) Romanian aluminum smelter Alro Slatina (ALR RO) has signed a three-year USD 167 mln credit facility from eight local banks, the company said in a statement. (Neutral) In October, value of deposits of the non-government sector in Romanian banks grew 12.5% on the year to RON bln, accelerating from an annual rise of 10.8% in September, according to the central bank, BNR. (Neutral) More than 45,000 of Romanian rallied on Sunday night in Bucharest and other Romanian cities to oppose controversial changes to the fiscal code announced by the government and to support the fight against corruption. (Neutral) BULGARIA In Jan-Sep, summer resort Albena (6AB BU) increased net consolidated profit by 62% yoy to BGN 23.6 mln. The company sold its stake in a subsidiary, which contributed the most for the better results. Albena also reported 11% yoy growth of consolidated revenue that were offset in the profits by the 12% yoy increase of costs. The company accelerated its investment program with purchases of long-term assets for BGN 44 mln. (Neutral) Bulgarian pension funds assets under management (AUM) increased by 2% yoy as end-september to BGN 12.4 bln, the Financial Supervision Commission reported. The universal pension funds assets represented the largest part of the total with more than BGN 10 bln under management. Despite the increase of AUM, the management companies reported a slight decrease of their profits to BGN 56.7 mln as compared to BGN.5 mln for the same period of the previous year. (Neutral) 1

2 Trading day recap CROATIA Market Trunover ( EUR mn): 0,93 1 Valamar 0,25 Tehnika 9,85% Slavonski ZIF -12,11% 2 Viktor Lenac 0,07 Viktor Lenac 6,10% Hoteli Haludovo -11,47% 3 Ledo 0,05 Hoteli Maes. 4,46% Varteks -10,78% 4 HT 0,05 Luka Ploce 3,86% Excelsa -6,66% 5 Tehnika 0,05 Zlatni rat 3,76% Jamnica -6,36% 6 CK Mlinovi 0,04 Jadroplov 2,61% Hoteli Tucepi -4,64% 7 Atlantska plov. 0,04 ULPL 2,37% Losinjska pl. -4,28% 8 DDJH 0,03 Liburnia 2,05% Hoteli Mak. -3,23% 9 Jamnica 0,03 Atlantska plov. 1,63% Dukat -2,56% Nov-14 Nov-15 Nov-16 Nov Jadroagent 0,03 Ingra 1,% Jadroagent -1,71% CROBEX CRO Tourism CROPLUS Index SLOVENIA Market Trunover ( EUR mn): 0, 1 Krka 0,47 Kmecka Druzba 3,92% Gorenje -1,79% 2 Telekom Slo. 0,09 Telekom Slo. 1,15% Unior -1,13% 3 Cinkarna Celje 0,08 Salus 0,20% Krka -0,31% 4 Triglav 0,08 Cinkarna Celje 0,16% Triglav -0,21% 5 Luka Koper 0,04 Petrol 0,01% Intereuropa -0,10% 6 Unior 0,02 Mercator 0,00% Luka Koper -0,03% 7 Petrol 0,01 Sava Re 0,00% Mercator 0,00% 70 8 Gorenje 0,01 Hotel Union 0,00% Sava Re 0,00% 9 Sava Re 0,00 Melamin 0,00% Hotel Union 0,00% Nov-14 Nov-15 Nov-16 Nov Salus 0,00 Terme Catez 0,00% Melamin 0,00% SBI ROMANIA Market Trunover ( EUR mn): 2, Volume () Leaders Laggers Volume () Leaders Laggers Volume () Leaders Laggers 1 Banca Trans. 0,82 Albapam 21,8% Electroconstru -26,40% 2 BRD 0,51 Unisem Bucure 16,79% Transporturi A -24,17% 3 Transgaz 0,30 Suport Logisti 9,62% Cerealcom Ale -22,68% 4 Romgaz 0,25 Napochim 5,41% Cocor -14,87% 5 OMV Petrom 0,18 Tusnad Tusnad 4,65% Petrol Export -14,48% 6 Electrica 0,15 Dafora 3,% Tratament Baln -10,42% 7 Sif 5 Oltenia 0,11 Unirea Shoppin 2,99% Comrep Ploies -8,63% 8 Sif 3 Transilv 0,04 Zentiva 2,56% Oltchim Rm Va -8,59% Nov-14 Nov-15 Nov-16 Nov-17 9 Fondul Prop. 0,04 Ropharma 2,17% Abo Mix Zalau -8,33% 10 Sif 4 Muntenia 0,04 Vrancart Adjud 2,11% Uztel -7,99% BET BET-BK Index BULGARIA Market Trunover ( EUR mn): 1, Volume () Leaders Laggers May-15 May-16 May-17 SOFIX BGBX40 index 1 Euroholding Bl 0,67 Optela-Laser T 14,08% Sparky Eltos - -35,00% 2 Atomenergoremo 0,67 Neochim -Dimit 3,43% Aroma -21,20% 3 Chimimport 0,05 Zlatni Pyasatz 2,39% Fazerles -5,71% 4 Sopharma 0,02 Hydraulic Elem 1,68% Bulgaria Holdi -5,56% 5 Aktiv Properti 0,02 Albena 1,55% Bulgartabak Ho -4,05% 6 Bulgaria Reg C 0,01 Speedy 1,55% Euroholding Bl -3,30% 7 Sopharma Tring 0,01 CCB 1,51% Sirma Group Ho -2,91% 8 FIB 0,01 Emka -Sevlievo 1,28% FIB -1,82% 9 CCB 0,01 Bulgaria Reg C 1,01% Trace Group -1,55% 10 Sirma Group Ho 0,01 Monbat 0,92% Zarneni Hrani -1,37% 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 51,0-5,3 4,1-1,55% -21,6% -9,6-196,1 0,4 1,1 46,2-0,2% -10,8% - DLKVRA CZ 65,5 0,9 20,0 0,86% 47,3% 73,5 9,3 0,7 1,8 4,3 7,5% 2,1% - VDKTRA CZ 0,3-17,9 4, ,5% 0,0-1,4 0,5 - -1,6-32,8% - - INGRRA CZ 7,3 0,3 4,1 1,% 32,7% 23,9 88,1 8,6 0,6 76,1 9,8% 2,5% - THNKRA CZ 3,0 0,6 121,0 9,85% -73,7% 5,2 17,3 0,8 0,1 11,0 4,5% 1,4% - IGHRA CZ 18,1-4,4 222,6-1,09% 23,4% -4,1 16,4 2,6-12,2 16% - - DIVERSIFIED ADRSPA CZ 1027,7 66,4 436,0 0,10% -4,4% 15,5 0,5 0,1 0,4-4,4 20,1% 5,4% 3,9% 6C4 BU 210,4 29,4 1,7-0,12% 2,8% 7,2-1,6 0, ,6% 3,1% 4HS BU 8,7 0,2 3,5-4,6% 55, , ,5% 6,1% - 5V2 BU 87,9 0,1 32,9 - -0,5% 1323,2 38,6 6,4 1,1 13,0 16,5% 0,1% - 4EH BU 108,9-0,7 1,3-3,30% 102,1% -151,8 14,7 1,6 1,8 5,8 10,9% -1,3% 0,8% 5SR BU 84,8 4,2 7,9-0,15% 21,7% 20,3-1,1 1, ,5% 2,8% ENERGY & UTILITY SNG RO 2616,1 #N/A N/A 31,5-1,87% 34,2% 8,8-1,5 1, ,1% SNP RO 3478,7 442,8 0,3-0,70% 9,2% - 2,3 0,7 0,6 0,0 32,4% 7,4% 5,3% TGN RO 994,5 132,7 392,0-0,25% 33,3% 7,5 2,7 1,4 1,2-1,0 52,0% - 3,7% EL RO 878,1 79,4 11,8-0,84% -10,5% 11,1 3,1 0,5 0,7-2,5 16,9% 6,3% 6,3% TEL RO 410,7-26,0 0,00% -11,0% , ,0% COTE RO 185,1-99,2-0,20% 38,6% - 2,9-1,2-2, ,7% INARA CZ 4367,0 132, ,0-1,35% 13,8% 32,9 10,1 1,9 2,8 0,7 18,3% 8,8% 0,5% SNN RO 486,6 24,7 7,5 0,00% 63,8% 19,7 1,9 0,7 0,3-0,3 40% 1,5% 4,4% JNAFRA CZ 706,7 40, ,0 0,00% 0,0% 17,5 9,2 6,9 1,4-1,4 75,2% 8,1% 3,1% FOOD & BEVERAGE PODRRA CZ 279,9 #N/A N/A 297,0-0,15% -21,7% , ,4% ATGRRA CZ 375,9 22,7 852,0 0,00% -3,6% 16,6 8,3 0,8 1,3 3,1 9,2% 7,9% 1,6% LEDORA CZ 34,2-41,5 823,0-1,14% -92,3% -0, ,2 1,2 17,6% -18,3% - JMNCRA CZ 37,7 -, ,0-6,36% -90,7% -0, ,2 0,2 37,4% -24,9% - KRASRA CZ 83,8 3,6 461,0 0,22% -14,6% 23,5 9,2 0,9 0,9 3,4 9,5% 4,4% 1,7% CKMLRA CZ 85,5 8,1 6.1,0 0,00% -4,8% 10,6 7,5 0,6 1,1 0,9 8% 10,7% 1,1% BLJERA CZ 5,7-4,1 5,3-0,75% -77,4% -1, ,2 5,9 12,0% -1,8% - ZVZDRA CZ 10,0-30,9 7,0 0,00% -84,0% -0, ,1-8,9-3% -29,2% - 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 134,3 8,5 5,5-1,79% -8,3% 15,8 6,4 0,4 0,4 3,8 6,6% 2,3% 1,8% ERNTRA CZ 213,2 14, ,0 0,00% 4,0% 15,2 8,0 0,9 7,4-1,6 10,9% 46,1% 9,0% CICG SV 157,1 19,3 192,8 0,16% 19,0% 8,2 3,0 0,6 1,0-0,9 20,7% 13,1% 4,7% DDJHRA CZ 26,9-2,8 20,0-0,79% -55,7% -9,6 26,4 1,0 1,3 15,6 3,9% - - ADPLRA CZ 93,9 8,1 169,0 0,40% 21,9% 11,6 6,6 1,1 1,0 2,4 16,0% 8,8% 5,0% 5MB BU 219,3 14,9 11,0 0,92% 13,9% 14,7 11,2 1,8 2,1 2,1 16% 15,0% 2,6% KODTRA CZ 52,1 5, ,0-0,26% 1,4% 9,9 4,6 0,3 1,1-0,7 6,2% 14,4% 3,6% 5MH BU 156,4 6,7 7,8 0,10% 17,8% 23,2 13,6 2,9 4,6-0,8 21,3% 20,1% 3,3% KOEIRA CZ 235,9 17,2 693,1-0,67% 0,5% 13,7 11,4 0,7 0,8-3,8 5,8% 5,9% 1,7% INFRASTRUCTURE LKPG SV 419,9 51,0 30,0-0,03% 20,0% 8,2 6,5 2,6 1,2 1,3 39,6% 15,0% 4,7% LKPCRA CZ 29,1 0,6 519,8 3,86% -8,9% 46,3-15,4 0,9 0,5 1,5-5,7% 1,1% - LKRIRA CZ 87,4 2,9 49,0-0,71% 2,3% 29,7 82,0 4,5 0,9 6,7 5,4% 3,1% - MARINE ATPLRA CZ 108,7-2,0 588,4 1,63% 108,2% -54,0 14,9 3,9 1,5 6,9 26,2% -2,6% - TPNGRA CZ 66,8 4,0 57,8 0,00% -23,0% 16,7 10,1 4,0 0,8 6,5 39,3% 4,9% 2,8% LPLHRA CZ 13,4 0,0 153,2-4,28% -23,4% -638,2 10,0 1,2 0,6-1,7 11,6% -0,1% - JDPLRA CZ 8,4-7,6 38,9 2,61% -4,5% -1,1 42,1 4,4 0,2 41,7 10,4% -18,6% - 5BR BU 12,6-0,6 0,7-4,1% -22,2 8,6 1,3 0,3-0,2 14,6% -1,4% - PHARMA KRKG SV 1767,6 138,2 53,9-0,31% 1,9% 12,8 6,3 1,4 1,2-0,1 22,3% 9,7% 5,1% 3JR BU 295,1 23,8 4,3-0,65% 43,7% 12,4 10,1 0,9 1,2 2,1 9,1% 10,4% 2,3% ATB RO 78,7-0,5-1,45% 4,6% , ,1% BIO RO 63,7-0,3-0,66% 11,1% , ,7% SCD RO 215,6-2,4 2,56% 23,1% ,5% 53B BU #N/A N/A 8,7 #N/A N/A - #VALUE! - - 0, ,7% - RETAIL & DIST. RPH RO 41,4-0,4 2,17% 38,2% , MELR SV 158,4-70,8 26,0 0,00% -61,8% -2,2 10,7 0,5 0,3 6, ,7% - PETG SV 709,3 77,2 340,0 0,01% 4,6% 9,2 6,3 0,2 1,1 2,1 4,0% 12,7% 4,1% TISKRA CZ 44,2-63,9,0 0,00% -9,7% -0, ,3-6,6% - - MDKARA CZ 61,5 6, ,0 0,00% -10,4% 9,4 6,5 0,2 1,0 3,4 3,0% 10,7% 6,6% PVCMRA CZ - 3,0 200,0 0,00% 12,7% ,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 17,8 122,9 166,8-0,07% -1,3% 14,7 3,9 1,5 1,1-1,2 38,7% 7,7% 3,6% TLSG SV 545,4 48,4 83,5 1,15% 17,4% 11,3 3,9 1,1 0,8 1,8 28% 6,9% 6,0% OPTERA CZ 25,7 0,3 3,1 0,66% 13,4%,9 5,1 1,1 2,3 2,6 22,4% 3,5% - ROE TOURISM BANKS RIVPRA CZ 731,2 44,0 43,8 0,34% 26,7% 16,6 7,7 4,1 2,2 1,5 52,6% 13,6% 1,8% TUHORA CZ 156,8 11, ,0 0,94% 9,5% 13,9 9,5 4,4 2,7-0,6 46% 20,7% 1,9% HIMRRA CZ 68,6 1,7 815,0 0,00% 0,1% 39,5 9,9 3,9 1,3 2,3 39,1% 3,4% - ARNTRA CZ 319,0-7,9 470,0-0,01% 0,3% -40,4 12,4 3,8 1,5 2,6 31% -4,9% - PLAGRA CZ 1,9 35,2 6.7,0-1,42% 22,7% 14,2 9,7 4,0 1,6 1,5 41,4% 12,1% 0,0% LRHRA CZ 159,4 4, ,9 2,05% 8,4% 35,3 8,2 3,9 1,5 0,6 47% 4,2% - HUPZRA CZ 190,1 12, ,0 0,76% 18,8% 15,2-4,1 1, ,5% 0,5% MAISRA CZ 427,3 24,3 295,0 0,00% 16,6% 17,6 10,8 3,8 1,9 2,5 35% 11,1% - 6AB BU 135,5 7,3 62,0 1,55% 0,9% 18,5 15,1 3,2 0,6 2,8 21,1% 3,4% - HMSTRA CZ 23,9 0,5 349,9 4,46% 25,1% 44,9 6,3 2,7 1,3 0,3 42% 2,9% - ACIRA CZ 81,6 1,5 5.5,0 0,00% -13,2% 54,3 6,3 2,9 1,3-0,7 46% 2,4% - SLRSRA CZ 76,8-2,9 940,0 0,00% 4,6% -26,3 8,2-0,7 3,8 - -2,5% - ILRARA CZ 55,9 4, ,0 0,00% 7,5% 11,5-3,7 1, ,6% 1,4% TLV RO 2016,0 309,2 2,2-0,23% 7,6% 6,5 1,4 11,6% 11,7% 0,7 22,2% 2,7% 2,3% BRD RO 1934,2 267,4 12,9-0,62% 8,4% 7,4 1,3 12,8% 12,6% 0,7 18% 2,4% 5,7% ZABARA CZ 2220,2 141,6 52,4-0,19% -3,0% 15,9 0,9-14,4% 1,0 5,8% 0,8% 10,1% BCC RO #N/A N/A -9,4 0,2 0,88% #VALUE! - eld Not Ap - 3,4% 0,4-45% -2,4% - PBZRA CZ 1893,2 177,7 7,0 0,00% -2,5% 10,7 1,0-17,6% 0,9 9,1% 1,5% 3,4% 5F4 BU 303,7 23,4 5,4-1,82% 61,2% 12,9 0,7-9,3% 0,7 5% 0,5% - 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 645,7 81,0 28,4-0,21% 22,4% 8,0 0,9 0,7 0,2 0,9 11,2% 2,2% 8,8% POSR SV 275,5 31,1 16,0 0,00% 21,0% 7,2 0,8 0,6 0,2 0,7 10% 1,8% 5,0% CROSRA ZA 709,3 77,2 340,0 0,01% -0,9% 9,2 6,3 0,2 1,1 2,1 4,0% 12,7% 0,0% Mkcap () mn Price 1D YTD P/E NAV Discount to NAV FP RO 1570, ,5 0,8-0,12% 17,2% 6,0 1,2 0,3 0,3 136,7% - 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: 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