FIMA Daily Insight CROATIA SLOVENIA ROMANIA BULGARIA. Vlatko Kesegić. Darko Horvat. October 6, ,1% 13,8% 8,4% -8,6% CROBEX SBI BET SOFIX

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1 CROATIA SLOVENIA ROMANIA BULGARIA FIMA Daily Insight October 6, 2017 CROATIA BENCHMARKS DAILY CHANGES % 0,20% 0,02% -0,02% -0,65% CROBEX SBI BET SOFIX BENCHMARKS 3Y CHARTS 1 Oct-14 Oct-15 Oct-16 Oct-17 CROBEX SBI BET SOFIX BENCHMARKS 1Y % RETURNS 32,1% Croatian equities closed lower yesterday with both indices decreasing; CROBEX decreased 0.02% to 1,0.98 pts and blue chip CROBEX 10 decreased 0.02% to 1, pts. Regular stock turnover amounted to HRK 3.12 million. (Negative) Atlantic Grupa (ATGRRA CZ) topped the liquidity board collecting HRK 1.16 million in turnover and its price remained unchanged at HRK Yesterday, several Agrokor s companies published audited financial statements for 2016, while consolidated financial statements for Agrokor should be published on Monday, October 9. Agrokor's retail companies (TSKRA CZ, Konzum) recorded a consolidated loss of HRK 2.24 bln last year, agricultural companies (BLJERA CZ, PIVKRA CZ, VPIKRA CZ) saw a loss of HRK 329 mln and food companies (LEDORA CZ, JMNCRA CZ, ZVZDRA CZ, PIK Vrbovec) saw a loss of HRK 741 mln, according to the results of an audit of the financial results of the nine companies conducted by PricewaterhouseCoopers. The most significant impact on the company's result in 2016 was % haircut on receivables from related parties. An audit of the financial reports of nine key companies revealed that their aggregate capital stood at a negative HRK 2.4 bln at the end of 2016, or HRK 13.4 bln below the figure reported in (Neutral) In 2016, Jamnica Grupa (JMNCRA CZ) increased sales revenues by 3.3% yoy to the amount of HRK 2.63 bln. Total revenues amounted to HRK 2.98 bln, which was an increase of 28% yoy due to adjusted value of receivables from related parties, while one off item is excluded, revenues are 1% higher yoy. Operating profit adjusted for the one-time effect grew by 17% yoy to the amount of HRK mln. In 2016, Jamnica reported gross loss in the amount of HRK mln. If the one off item is excluded, profit amounts to HRK mln. (Neutral) In 2016, operating revenues of Ledo Grupa (LEDORA CZ) amounted to HRK 2.18 bln, which was a decrease of 0.1% yoy. Operating profit adjusted for the one-time effect grew by 9% yoy to HRK mln. In 2016, Ledo reported a gross loss of HRK mln, while If the one off item is excluded the Group reached gross profit in the amount of HRK mln. (Neutral) Zarko Acinger, Sales director of Jadranska vrata (LKRIRA CZ), said that in the first nine months of this year the container terminal Brajdica increased container throughput by 15% yoy to 157,577 TEU, while in September alone, container throughput was 19% higher yoy amounting to 18,230 TEU. For this year, Acinger expects throughput might exceed the threshold of 200,000 TEU. In addition, Luka Rijeka currently holds 12.5% share of North Adriatic Sea ports and is growing faster than other ports in this market. (Positive) In August, number of employees in Croatia's industrial sector increased by 0.3% yoy, while stagnating mom, according to the national statistical office. (Neutral) SLOVENIA 8,4% 13,8% Slovenia has raised EUR 82.5 mln through the sale of 6-month, 12-month and 18-month Treasury bills, in line with the target, data from the country's finance ministry showed. The yield on the 6-month T-bills dropped to a negative 0.38%, 12-month paper fell to a negative 0.36%, while 18-month T-bills dropped to a negative 0.32%. (Neutral) -8,6% CROBEX SBI BET SOFIX SALES AND TRADING DESK CONTACTS Vlatko Kesegić Phone: vkesegic@fima.com Darko Horvat Phone: dhorvat@fima.com trading@fima.com ROMANIA Banca Transilvania (TLV RO), whose strategy is to pursue expansion both through acquisitions and organic growth, is looking at Garanti Bank Romania, the tenth leading lender on the market with a 2.2% market share. (Positive) Romania's retail sales grew by 8.4% yoy in the first eight months of 2017, according to the country s statistical office. In August alone, retail sales rose by an adjusted 12.6% on the year, and were 2.3% higher on the month, the data indicated. (Positive) BULGARIA In September, Pharmaceutical company Sopharma (3JR BU) increased revenues by 8% yoy. The export is the primary source for growth as sales abroad jumped by 11%, while the domestic revenues declined by 1%. Sopharma posted even stronger growth for the first nine months 16% yoy as sales abroad grew by 25% and domestic revenues increased by 2%. (Positive) Eurohold Bulgaria s (4EH BU) shareholders approved the management s proposals for equity raise from BGN 161 mln to BGN 201 mln. The new common shares will be issued at BGN 1.30 per share, which correspond to the current market price. The final date for transaction with the right to participate in the capital increase is October 12. In addition, shareholders approved the issuance of euro- denominated 5-year bonds at the amount between 40- mln. (Neutral) 1

2 Trading day recap CROATIA Market Trunover ( EUR mn): 0,42 1 Atlantic Grupa 0,15 Saponia 5,45% Viadukt -15,84% 2 HT 0,04 DDJH 4,35% Zlatni rat -12,97% 3 Ina 0,04 Turisthotel 3,87% Petrokemija -5,37% 4 Ericsson NT 0,03 Tehnika 2,85% Viktor Lenac -4,91% 5 Adris - pfd 0,03 Luka Rijeka 1,% KODT -3,37% 6 DDJH 0,02 ULPL 1,79% Luka Ploce -2,22% 7 Valamar 0,01 Liburnia 1,32% HUP -2,08% 8 Turisthotel 0,01 Kras 1,14% Podravka -1,70% 9 CK Mlinovi 0,01 Adris - pfd 0,90% Losinjska pl. -1,69% Oct-14 Oct-15 Oct-16 Oct Adris 0,01 Atlantska plov. 0,88% ZABA -0,88% CROBEX CRO Tourism CROPLUS Index SLOVENIA Market Trunover ( EUR mn): 1,02 1 Triglav 0,42 Kmecka Druzba 11,10% Cinkarna Celje -0,90% 2 Petrol 0,28 Intereuropa 1,81% Petrol -0,31% 3 Krka 0,12 Luka Koper 0,65% Unior -0,03% 4 Telekom Slo. 0,10 Triglav 0,18% Telekom Slo. 0,00% 5 Sava Re 0,04 Krka 0,09% Mercator 0,00% 6 Intereuropa 0,02 Telekom Slo. 0,00% Sava Re 0,00% 7 Luka Koper 0,02 Mercator 0,00% Gorenje 0,00% 70 8 Kmecka Druzba 0,01 Sava Re 0,00% Salus 0,00% 9 Cinkarna Celje 0,01 Gorenje 0,00% Hotel Union 0,00% Oct-14 Oct-15 Oct-16 Oct-1710 Hotel Union 0,00 Salus 0,00% Melamin 0,00% SBI ROMANIA Market Trunover ( EUR mn): 8,26 Volume () Leaders Laggers Volume () Leaders Laggers Volume () Leaders Laggers 1 Fondul Prop. 5,27 Trameco 15,9% Urb Rulmenti -46,15% 2 Banca Trans. 1,83 Dafora 14,85% ul Media -15,33% 3 BRD 0,48 Remarul 16 Feb 12,03% Armatura -14,67% 4 Sif 3 Transilv 0,17 Mecanica Fina 10,49% Oltchim Rm Va -6,46% 5 Transelectrica 0,14 Icsim Bucures 7,84% Macofil Tg Ji -5,72% 6 Romgaz 0,11 S.C Alumil Rom 2,% Sif 3 Transilv -5,48% 7 Electrica 0,07 Constructii Co 2,00% Smr Bals -3,% 8 OMV Petrom 0,03 Imotrust Arad 1,83% Braiconf -3,23% Oct-14 Oct-15 Oct-16 Oct-17 9 Sif 2 Moldova 0,03 Conpet Ploies 1,44% Electroarges -2,82% 10 Sif 5 Oltenia 0,02 Compa 1,42% Rompetrol -2,55% BET BET-BK Index BULGARIA Market Trunover ( EUR mn): 0,23 Volume () Leaders Laggers Apr-15 Apr-16 Apr-17 SOFIX BGBX40 index 1 Sopharma 0,05 Solarpro Holdi 7,14% Insurance Comp -15,28% 2 Toplivo 0,04 Sopharma Prope 3,33% Web Media Grou -13,04% 3 Sirma Group Ho 0,04 Chimimport 0,87% Hydropneumotec -12,84% 4 Chimimport 0,02 Elhim Iskra 0,74% Technology & I -6,78% 5 Trace Group 0,01 Emka -Sevlievo 0,13% Euroholding Bl -3,07% 6 Zarneni Hrani 0,01 Vance Terrafun 0,04% Zarneni Hrani -2,56% 7 CCB 0,01 Industrialen C 0,03% Trace Group -2,18% 8 Ekip-98 Holdin 0,01 Neochim -Dimit 0,00% Stara Planina -2,16% 9 Solarpro Holdi 0,01 Elana Agrocred 0,00% Hydraulic Elem -1,89% 10 Euroholding Bl 0,01 Toplivo 0,00% Monbat -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 55,1-5,3 4,5-2,18% -15,4% -10,4-196,1 0,4 1,2 46,2-0,2% -10,8% - DLKVRA CZ 66,1 2,7 20,1 0,05% 47,8% 24,2 8,9 0,7 1,8 3,9 8,4% 6,8% - VDKTRA CZ 0,5-6,0 8,5-15,84% -97,2% -0,1-291,0 0, ,0-0,2% - - INGRRA CZ 6,9 1,1 3,9 0,26% 25,8% 6,6 39,8 8,0 0,5 33,4 20,2% 7,9% - THNKRA CZ 9,1 0,7 3,0 2,85% -21,8% 12,2 20,2 1,0 0,2 11,6 5,0% 1,8% - IGHRA CZ 20,9-4,4 255,0 0,00% 41,4% -4,7 19,2 3,1-13,9 16% - - DIVERSIFIED ADRSPA CZ 1044,0 61,9 442,0 0,90% -3,1% 16,9 1,1 0,3 0,5-4,1 26,3% 5,3% 3,8% 6C4 BU 213,8 29,4 1,7 0,87% 4,5% 7,3-1,6 0, ,6% 3,1% 4HS BU 8,8 0,2 3,5-6,1% 56, , ,5% 6,1% - 5V2 BU 88,3 0,1 33,0-0,0% 1329,2 38,6 6,4 1,1 13,0 16,5% 0,1% - 4EH BU 104,0-4,3 1,3-3,07% 93,1% -24,2 19,3 1,5 2,0 8,9 7,6% -8,4% 0,8% 5SR BU 85,1 4,2 7,9-2,16% 22,1% 20,4-1,1 1, ,5% 2,7% ENERGY & UTILITY SNG RO 2611,5 #N/A N/A 31,0 0,00% 24,0% 8,8-1,6 1, ,3% SNP RO 3584,2 409,1 0,3-0,17% 10,9% - 2,5 0,8 0,6 0,0 31,7% 6,9% 5,2% TGN RO 1026,8 132,7 399,0 0,% 35,7% 7,7 2,7 1,4 1,2-1,0 52,0% - 11,6% EL RO 961,8 79,4 12,7 0,79% -3,3% 12,1 3,1 0,5 0,8-2,5 16,9% 6,3% 5,8% TEL RO 461,4-28,8 0,70% -1,4% , ,8% COTE RO 199,6-105,5 1,44% 33,9% - 3,2-1,3-2, ,7% INARA CZ 4330,4 125,6 3.2,0 0,00% 12,1% 34,5 10,8 2,0 2,9 0,8 18,2% 8,6% 0,5% SNN RO 483,7 24,7 7,3-0,14% 52,8% 19,6 1,9 0,7 0,3-0,3 40% 1,5% 4,5% JNAFRA CZ 711,6 40, ,0 0,00% 0,0% 17,7 9,5 7,2 1,4-1,3 75,7% 7,9% 3,1% FOOD & BEVERAGE PODRRA CZ 273,2 15,5 288,0-1,70% -24,1% 17,6 8,8 0,9 0,7 2,6 9,7% 4,1% 2,4% ATGRRA CZ 359,9 24,5 810,0 0,00% -8,4% 14,7 8,3 0,8 1,3 3,1 9,4% 9,1% 1,7% LEDORA CZ #N/A N/A 38,1 #N/A N/A - #VALUE! - 9,4 1,6-1,0 17,1% 15,7% - JMNCRA CZ #N/A N/A 40,8 #N/A N/A - #VALUE! - 8,4 1,2-0,6 13,9% 17,3% - KRASRA CZ 81,4 3,5 445,0 1,14% -17,5% 23,3 10,2 1,0 0,9 3,5 9,3% 4,3% 1,8% CKMLRA CZ 85,3 7,8 6.,0 0,00% -5,6% 11,0 8,2 0,6 1,2 0,9 8% 10,9% 1,1% BLJERA CZ #N/A N/A -4,5 #N/A N/A - #VALUE! - 15,6 1,5-8,2 9,4% -1,7% - ZVZDRA CZ #N/A N/A 4,0 #N/A N/A - #VALUE! - 12,0 0,8-4,3 7% 3,3% - 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 142,2 10,3 5,8 0,00% -2,9% 13,7 6,3 0,4 0,4 3,7 6,8% 2,8% 1,7% ERNTRA CZ 200,3 13, ,0 0,62% -3,0% 15,4 9,2 0,9 4,6-1,7 10,2% 35,2% 9,0% CICG SV 147,8 19,3 181,5-0,90% 12,0% 7,7 3,0 0,6 1,0-0,9 20,7% 13,1% 5,0% DDJHRA CZ 36,4-0,9 36,0 4,35% -20,2% -41,8 22,3 1,1 3,5 11,9 4,9% - - ADPLRA CZ 90,6 8,1 161,9-0,04% 16,8% 11,2 6,9 1,1 0,9 2,5 15,6% 8,5% 5,3% 5MB BU 217,3 14,9 10,9-1,% 12,8% 14,6 11,2 1,8 2,1 2,1 16% 15,0% 2,6% KODTRA CZ 53,1 5, ,0-3,37% 2,9% 9,9 5,2 0,3 1,1-0,7 6,3% 15,2% 3,6% 5MH BU 159,7 6,3 8,0-20,4% 25,5 14,5 3,1 5,0-0,9 21,3% 19,7% 3,2% KOEIRA CZ 227,9 16,8 665,0 0,00% -3,6% 13,6 11,4 0,7 0,8-3,7 6,0% 5,8% 1,8% INFRASTRUCTURE LKPG SV 436,8 48,0 31,2 0,65% 24,8% 9,1 6,7 2,6 1,3 1,3 39,6% 14,3% 4,5% LKPCRA CZ 27,6-2,8 488,9-2,22% -14,4% -9,8-13,5 1,0 0,5 1,2-7,4% -5,0% - LKRIRA CZ 89,6 2,6 49,9 1,% 4,2% 34,1 67,3 4,2 1,0 5,9 6,2% 2,8% - MARINE ATPLRA CZ 77,7-4,2 417,7 0,88% 47,8% -18,3 17,9 4,4 1,0 6,9 24,7% -5,4% - TPNGRA CZ 69,8 4,4,0 0,00% -20,0% 16,0 10,8 4,4 0,8 6,4 40,6% 5,3% 2,7% LPLHRA CZ 15,4-0,3 175,0-1,69% -12,5% -59,9 11,4 1,3 0,7-1,8 11,6% -1,2% - JDPLRA CZ 7,5-8,4 34,3 0,00% -15,7% -0,9,1 4,9 0,2 78,5 6,1% -19,1% - 5BR BU 13,7-0,6 0,8-13,1% -24,1 8,6 1,3 0,3-0,2 14,6% -1,4% - PHARMA KRKG SV 1826,6 130,1 55,7 0,09% 5,3% 14,0 6,7 1,4 1,2-0,1 21,1% 8,6% 4,9% 3JR BU 292,9 23,8 4,3-0,49% 42,6% 12,3 10,1 0,9 1,2 2,1 9,1% 10,4% 2,4% ATB RO 81,0-0,6-0,36% 6,2% , ,0% BIO RO 65,7-0,3-0,65% 13,0% , ,6% SCD RO 208,7-2,3 0,00% 17,4% ,8% 53B BU #N/A N/A 8,7 #N/A N/A - #VALUE! - - 0, ,7% - RETAIL & DIST. RPH RO 41,2-0,4-0,81% 35,7% , MELR SV 213,2-69,2 35,0 0,00% -48,5% -3,1 10,7 0,5 0,4 6, ,4% - PETG SV 740,6 74,6 355,0-0,31% 9,2% 9,9 6,7 0,3 1,2 2,2 4,0% 12,8% 3,9% TISKRA CZ #N/A N/A -6,1 #N/A N/A - #VALUE! - 11,8 0,1-4,9 1,1% 3,5% - MDKARA CZ,5 12, ,0 0,00% -12,5% 4,8 6,0 0,2 0,9 3,5 3,0% 20,2% - PVCMRA CZ - 3,0 195,0 0,00% 9,8% ,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 1890,9 124,0 173,3 0,07% 2,5% 15,3 4,2 1,6 1,2-1,2 39,5% 8,0% 3,5% TLSG SV 535,9 48,3 82,0 0,00% 15,3% 11,1 4,4 1,2 0,7 1,9 27% 6,8% 6,1% OPTERA CZ 24,6 1,8 2,9 0,00% 7,8% 13,9 4,3 1,0 4,5 2,5 23,9% 33,1% - ROE TOURISM BANKS RIVPRA CZ 731,1 40,0 43,5-0,41% 25,9% 18,3 9,3 4,9 2,7 1,7 52,0% 15,8% 1,8% TUHORA CZ 157,4 9, ,0 3,87% 9,2% 15,9 10,8 4,8 3,6-0,7 45% 24,4% 1,9% HIMRRA CZ 69,0 1,5 815,0 0,00% 0,1% 46,5 11,9 4,6 1,6 2,5 39,0% 3,4% - ARNTRA CZ 313,1-14,2 458,2 0,03% -2,2% -22,1 17,5 4,9 1,6 3,5 28% -10,1% - PLAGRA CZ 522,8 31, ,0 0,00% 27,1% 16,4 9,9 4,0 2,0 1,6 40,7% 13,2% 0,0% LRHRA CZ 155,3 1,5 3.8,0 1,32% 4,9% 101,1 10,4 4,4 1,6 0,7 43% 1,6% - HUPZRA CZ 184,2 10, ,0-2,08% 14,4% 18,0-4,2 1, ,0% 0,5% MAISRA CZ 481,2 19,5 330,0 0,00% 30,4% 24,7 12,8 4,3 2,7 2,8 33% 11,3% - 6AB BU 135,5 7,3 62,0-0,84% 1,0% 18,5 15,1 3,2 0,6 2,8 21,1% 3,4% - HMSTRA CZ 18,9 0,5 275,2 0,00% -1,7% 34,6 7,2 3,1 1,2 0,3 42% 3,4% - ACIRA CZ 81,5 0,8 5.5,1 0,00% -13,9% 96,1 8,4 3,1 1,4-0,8 37% 1,4% - SLRSRA CZ 82,7-1, ,0 0,00% 11,8% -74,2 8,3-0,8 3, ILRARA CZ 57,1 4, ,0 0,00% 9,1% 12,8-3,9 1, ,1% 1,4% TLV RO 2125,5 283,4 2,2 0,22% 11,8% 7,6 1,6 11,6% 11,7% 0,7 20,6% 2,6% 2,3% BRD RO 1894,9 249,1 12,4 0,32% 4,7% 7,7 1,3 12,8% 12,6% 0,7 17% 2,2% 5,9% ZABARA CZ 2125,4 149,7 49,8-0,88% -7,8% 14,2 0,9-14,4% 1,0 6,4% 0,9% 10,6% BCC RO #N/A N/A -9,4 0,1 0,42% #VALUE! - eld Not Ap - 3,4% 0,4-45% -2,4% - PBZRA CZ 1906,2 181,9 7,0 0,00% -2,5% 10,5 1,0-17,6% 0,9 9,6% 1,7% 3,4% 5F4 BU 300,9 23,4 5,4-0,19% 59,7% 12,7 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 636,6 81,9 28,0 0,18% 20,7% 7,7 0,9 0,7 0,2 0,9 11,5% 2,3% 8,9% POSR SV 282,4 32,8 16,4 0,00% 24,1% 7,9 0,9 0,6 0,2 0,7 11% 2,0% 4,9% CROSRA ZA 740,6 74,6 355,0-0,31% -2,7% 9,9 6,7 0,3 1,2 2,2 4,0% 12,8% 0,0% Mkcap () mn Price 1D YTD P/E NAV Discount to NAV FP RO 1873, ,1 0,9 0,12% 19,7% 6,0 1,2 0,3 0,3,3% 5,9% P/Bv NPL ratio TE/TA L/D ROE Avg. 1Y Dsc. to NAV ROA Sortino 5

6 CROATIA SLOVENIA ROMANIA BULGARIA FIMA Daily Insight INSTITUTIONAL SALES AND TRADING DESK CONTACTS: VLATKO KESEGIĆ 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