FIMA Daily Insight CROATIA SLOVENIA ROMANIA BULGARIA. Vlatko Kesegić. Darko Horvat. December 1, ,0% 13,7% 14,1% -5,6% CROBEX SBI BET SOFIX

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1 CROATIA SLOVENIA ROMANIA BULGARIA FIMA Daily Insight December 1, 2017 CROATIA BENCHMARKS DAILY CHANGES % Croatian equities closed higher yesterday with both indices increasing; CROBEX increased 0.78% to 1, pts and blue chip CROBEX 10 increased 1.26% to 1, pts. Regular stock turnover amounted to HRK million. (Positive) 0,78% Tourism Company Valamar Riviera (RIVPRA CZ) topped the liquidity board collecting HRK 5.82 million in turnover and its price increased 2.98% to HRK ,28% 0,00% In Jan-Sep 2017, Ledo (LEDORA CZ) decreased sales revenues by 4.3% yoy to the amount of HRK 1,792 mln. Sales revenues of the Ice cream group grew by 9%, while the rest of the categories recorded decrease. In 3Q, sales revenues declined by 3.4% yoy to HRK mln. In Jan-Sep, operating profit amounted to HRK mln, which was a decrease of 0.8% yoy, but if the one-off effect of impairment of provisions from the companies of the Agrokor Group is excluded (HRK 33.2 mln), operating profit records a growth of 8.9% yoy. In Jan-Sep, net profit declined by 9.4% yoy to HRK mln, while in 3Q net profit improved by 5.9% yoy to HRK mln. (Neutral) -0,34% CROBEX SBI BET SOFIX BENCHMARKS 3Y CHARTS Dec-14 Dec-15 Dec-16 Dec-17 CROBEX SBI BET SOFIX In Jan-Sep 2017, Jamnica (JMNCRA CZ) improved sales revenues by 0.3% yoy to HRK 2,106 mln, while in 3Q sales revenues declined by 1.4% yoy to HRK 912 mln mainly due to abstinence of part of the assortment of vine, Red Bull and Jucy fruits. Operating profit in the firs nine months decreased by 10.9% yoy mainly due to one-off effect of impairment of provisions from the companies of the Agrokor Group. In Jan-Sep, gross profit of the Group declined by 19.3% yoy to HRK mln, but if the one-off effect is excluded (HRK 75.3 mln), gross profit is by 3% higher yoy. In 3Q, net profit decreased by 2.1% yoy to HRK mln. (Neutral) In Jan-Sep 2017, Belje (BLJERA CZ) decreased sales revenues by 17.3% yoy to HRK 337 mln, while in 3Q sales revenues declined by 12% yoy to HRK mln. Net profit in the first nine months amounted to HRK 44.9 mln, compared to HRK 36.3 mln loss reported in the same period last year. In 3Q net profit grew by 169% yoy to HRK 33.6 mln. (Neutral) In Jan-Sep 2017, Zvijezda's (ZVZDRA CZ) sales revenues declined by 15.8% yoy to HRK mln, while in 3Q revenues decreased by 17.4% yoy to HRK 205 mln. The decrease was due to lower average sales prices and lower sales volume. For the first nine months this year, the Group reported net loss of HRK 63.4 mln, compared to HRK 34.5 mln net profit reached in last year. One-off effect of impairment of provisions from the companies of the Agrokor Group amounted to HRK mln. In 3Q, net profit decreased by 17.3% yoy to HRK 10.9 mln. (Negative) The Supervisory Board of Imperial (HIMRRA CZ; RIVPRA CZ) approved HRK 71.6 mln investments for The Company will upgrade Grand Hotel Imperial in the new 4* hotel Valamar Collection Imperial Hotel. During 2018, investments in a premium camping segment in San Marino and Padova III camps will be continued. (Positive) On September 30, Adris (ADRSRA CZ) signed contract with Heta Asset Resolution AG on the purchase of receivables and related mortgages on the hotel Marijan in Split. (Neutral) Viktor Lenac s (VLENRA CZ) President of the Management Board denied media writings regarding management s high expectations for the Company s business performance in The management expects 2018 to be a challenging year. (Neutral) In the first nine months of 2017, banks in Croatia made HRK 2.63 bln in profits before taxes, which is nearly 47% less than at the same time in 2016, according to the central bank (HNB). Croatia's central bank governor said that local banks, having recognised the risks associated with Agrokor and its affiliates, have increased their reserves which has negatively affected their profitability. (Neutral) BENCHMARKS 1Y % RETURNS In October, consumption in Croatia increased by 3.1% yoy, rising for the 38th month in a row, but at a slower rate than in September and less than had been expected. (Neutral) 13,7% 14,1% 18,0% SLOVENIA In 3Q 2017, Slovenia's economic growth slowed slightly to 4.5% yoy, compared with a revised annual increase of 4.6% in the previous quarter, according to the statistical office. On a seasonally adjusted basis, Slovenia's GDP expanded by 1% over the previous quarter and grew by 4.9% over the third quarter of (Neutral) The combined net profit of Slovenian banks increased 18% yoy to EUR mln in the first nine months of 2017, the central bank said. Net interest income decreased by 5% yoy to EUR mln, while net fees and commissions income edged up 0.2% to EUR mln, according to the Bank of Slovenia. Slovenian banks' total assets increased by 0.8% compared to end-2016 amounting to EUR 37.3 bln. (Positive) -5,6% CROBEX SBI BET SOFIX In 3Q, Slovenia's unemployment rate was at its lowest level in 8 years, of 6.3%, according to the country's office of statistics. At the end of September this year, the number of unemployed persons was 66,000, unchanged from the second quarter, but 10.4% lower than in the same quarter of (Positive) In November, Slovenia's consumer prices grew by 1.2% yoy in November, after growing by an annual 1% in the previous month. In November, the largest upward impact on annual inflation came from higher prices of petroleum products, higher prices of meat and tobacco. (Neutral) SALES AND TRADING DESK CONTACTS Vlatko Kesegić Phone: vkesegic@fima.com ROMANIA In Jan-Oct, Romania issued 35,496 building permits for residential projects, which was an increase of 6.1% yoy, according to the national statistical bord (INS). In October alone, Romania issued 3,861 building permits, up 13% yoy. (Positive) Please note that Bucharest Stock Exchange will be closed on Thursday, November 30 and Friday, December 1, due to holiday. BULGARIA Darko Horvat Phone: dhorvat@fima.com trading@fima.com In 9M 17, Sirma Group Holding increased profit by 17% yoy to BGN 1.67 mln, whereas the consolidated revenues jumped by 34.5% yoy to BGN 37 mln. The improved profitability came at the back of the slower increase of production costs as compared to the sales increase. The consolidated debt jumped to BGN 9 mln but remained relatively small as compared to the Group s equity that exceeded BGN 100 mln. (Positive) First Investment Bank (5F4 BU) announced 8.3% yoy increase of net profit before one-time items to BGN 63.9 mln for 9M 17. The net interest income fell substantially as the interest margins of Bulgaria decreased due to the falling rates on loans. The latter negative effects, however, had been offset by the bigger decrease of impairments. (Neutral) The production price index jumped by 0.5% mom in October, according to the National Statistical Institute. The main drive of the price increase was the mining industries, but the manufacturing also recorded a sizable jump of prices 0.6% growth for the month. The price index increased by 5.6% yoy due to the base metals appreciation, thus limiting the effect on the consumer prices so far. (Neutral) 1

2 Trading day recap CROATIA Market Trunover ( EUR mn): 1,54 1 Valamar 0,77 Vjesnik 14,29% Zvijezda -19,87% 2 Adris - pfd 0,19 Excelsa 5,35% Uljanik -12,16% 3 Tehnika 0,13 Tehnika 3,23% Varteks -4,44% 4 HT 0,10 Valamar 2,98% Viro -3,98% 5 Podravka 0,04 Atlantska plov. 2,44% Hidroelektra -3,77% 6 Ledo 0,03 Liburnia 2,39% Petrokemija -3,58% 7 Koncar EI 0,03 Jamnica 2,32% Viktor Lenac -3,45% 8 HPB 0,02 Koncar EI 1,95% IGH -3,11% 50 9 Hoteli Maes. 0,02 Adris - pfd 1,88% Saponia -1,94% Dec-14 Dec-15 Dec-16 Dec Janaf 0,02 HT 1,23% Maistra -1,69% CROBEX CRO Tourism CROPLUS Index SLOVENIA Market Trunover ( EUR mn): 0,95 Volume () Leaders Laggers Volume () Leaders Laggers 1 Krka 0,60 Unior 2,86% Terme Catez -3,81% 2 Triglav 0,16 Datalab 2,04% Petrol -1,47% 3 Petrol 0,08 Krka 2,03% Telekom Slo. -0,88% 4 Luka Koper 0,03 Triglav 1,87% Luka Koper -0,83% 5 Telekom Slo. 0,02 Intereuropa 0,91% Salus -0,78% 6 Cinkarna Celje 0,02 Cinkarna Celje 0,03% Gorenje -0,73% 7 Sava Re 0,01 Kmecka Druzba 0,00% Hotel Union -0,58% 70 8 Datalab 0,01 Melamin 0,00% Sava Re -0,19% 60 9 Terme Catez 0,00 Nama 0,00% Kmecka Druzba 0,00% 50 Dec-14 Dec-15 Dec-16 Dec Unior 0,00 Mlinotest 0,00% Melamin 0,00% SBI BULGARIA BET Market Trunover ( EUR BET-BK mn): Index 0,23 Volume () Leaders Laggers May-15 May-16 May-17 SOFIX BGBX40 index 1 Sopharma 0,08 Erg Capital-3 18,00% Ekip-98 Holdin -12,73% 2 Sirma Group Ho 0,04 Bulland Invest 13,20% Bulgarska Roza -12,39% 3 Zarneni Hrani 0,02 Formoplast Ka 6,52% Zaharni Zavodi -10,40% 4 Chimimport 0,01 Assenova Krepo 4,75% Zarneni Hrani -9,07% 5 Emka -Sevlievo 0,01 Velgraf Asset 4,35% Svilosa -4,28% 6 Stara Planina 0,01 Nov Vek Holdin 3,56% Synergon Holdi -3,57% 7 Energoremont H 0,01 Speedy 3,53% Exclusive Prop -3,33% 8 Svilosa 0,01 Energoremont H 3,25% Bulgaria Reg C -3,02% 9 Fairplay Prope 0,01 Emka -Sevlievo 2,17% Sofia Commerce -2,79% 10 Albena 0,00 Sirma Group Ho 2,11% Doverie Holdin -2,62% 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 52,4-2,6 4,2-1,58% -19,5% -20,3-196,1 0,4 1,1 46,2-0,2% -10,8% - DLKVRA CZ 66,7 0,9 20,4 0,49% 50,2% 74,9 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 7,4 0,3 4,1 0,24% 34,3% 24,2 88,1 8,6 0,6 76,1 9,8% 2,5% - THNKRA CZ 4,0 0,6 160,0 3,23% -65,2% 6,9 17,3 0,8 0,1 11,0 4,5% 1,4% - IGHRA CZ 17,7-4,4 218,0-3,11% 20,9% -4,1 16,4 2,6-12,2 16% - - DIVERSIFIED ADRSPA CZ 1034,8 66,4 444,0 1,88% -2,7% 15,6 0,5 0,1 0,4-4,4 20,1% 5,4% 3,8% 6C4 BU 205,9 29,4 1,7-1,18% 0,6% 7,0-1,6 0, ,6% 3,2% 4HS BU 9,1 0,2 3,6-2,44% 9,1% 58, , ,5% 6,1% - 5V2 BU 91,0 0,1 34,0 1,25% 3,0% 1368,7 38,6 6,4 1,2 13,0 16,5% 0,1% - 4EH BU 108,8-0,7 1,3-0,83% 102,0% -151,7 14,7 1,6 1,8 5,8 10,9% -1,3% 0,8% 5SR BU 84,5 4,2 7,9-1,63% 21,3% 20,3-1,1 1, ,5% 2,8% ENERGY & UTILITY SNG RO 2649,9 #N/A N/A 31,9-35,9% 8,8-1,5 1, ,0% SNP RO 3503,8 442,8 0,3-10,0% - 2,3 0,7 0,6 0,0 32,4% 7,4% 5,2% TGN RO 1010,0 132,7 398,0-35,4% 7,6 2,7 1,4 1,2-1,0 52,0% - 3,6% EL RO 875,3 79,4 11, ,8% 11,0 3,1 0,5 0,7-2,5 16,9% 6,3% 6,3% TEL RO 419,4-26,6 - -9,1% , ,8% COTE RO 186,2-99,8-39,4% - 2,9-1,2-2, ,6% INARA CZ 4300,6 132, ,0 0,00% 12,1% 32,4 10,1 1,9 2,8 0,7 18,3% 8,8% 0,5% SNN RO 484,8 24,7 7,5-63,2% 19,7 1,9 0,7 0,3-0,3 40% 1,5% 4,4% JNAFRA CZ 706,6 40, ,0-0,02% 0,0% 17,5 9,2 6,9 1,4-1,4 75,2% 8,1% 3,1% FOOD & BEVERAGE PODRRA CZ 282,7 #N/A N/A 300,0 0,00% -20,9% , ,3% ATGRRA CZ 379,4 22,7 860,0 0,00% -2,7% 16,7 8,3 0,8 1,3 3,1 9,2% 7,9% 1,6% LEDORA CZ 33,2-41,5 799,0 0,50% -92,5% -0, ,2 1,2 17,6% -18,3% - JMNCRA CZ 38,9-50, ,0 2,32% -90,4% -0, ,2 0,2 37,4% -24,9% - KRASRA CZ 83,6 3,6 460,0 0,22% -14,7% 23,5 9,2 0,9 0,9 3,4 9,5% 4,4% 1,7% CKMLRA CZ 85,5 8, ,0 0,00% -4,8% 10,6 7,5 0,6 1,1 0,9 8% 10,7% 1,1% BLJERA CZ 5,5-4,1 5,1 0,00% -78,3% -1, ,2 5,9 12,0% -1,8% - ZVZDRA CZ 8,0-30,9 601,0-19,87% -87,2% -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 132,1 8,5 5,4-0,73% -9,8% 15,6 6,4 0,4 0,3 3,8 6,6% 2,3% 1,8% ERNTRA CZ 208,8 14, ,0-0,51% 1,8% 14,9 8,0 0,9 7,2-1,6 10,9% 46,1% 9,0% CICG SV 158,1 19,3 194,1 0,03% 19,8% 8,2 3,0 0,6 1,0-0,9 20,7% 13,1% 4,7% DDJHRA CZ 27,5-2,8 20,5 0,20% -54,6% -9,9 26,4 1,0 1,3 15,6 3,9% - - ADPLRA CZ 94,5 8,1 170,0-1,67% 22,6% 11,7 6,6 1,1 1,0 2,4 16,0% 8,8% 5,0% 5MB BU 217,7 14,9 10,9 0,00% 13,0% 14,6 11,2 1,8 2,1 2,1 16% 15,0% 2,6% KODTRA CZ 52,5 5, ,0 0,00% 1,4% 10,0 4,6 0,3 1,1-0,7 6,2% 14,4% 3,6% 5MH BU 159,7 6,7 8,0-20,4% 23,7 13,6 2,9 4,7-0,8 21,3% 20,1% 3,2% KOEIRA CZ 239,5 17,2 703,5 1,95% 2,0% 13,9 11,4 0,7 0,8-3,8 5,8% 5,9% 1,7% INFRASTRUCTURE LKPG SV 419,3 51,0 30,0-0,83% 19,8% 8,2 6,5 2,6 1,2 1,3 39,6% 15,0% 4,7% LKPCRA CZ 28,0 0,6 500,0 0,00% -12,4% 44,6-15,4 0,9 0,5 1,5-5,7% 1,1% - LKRIRA CZ 87,8 2,9 49,2 0,00% 2,8% 29,8 82,0 4,5 0,9 6,7 5,4% 3,1% - MARINE ATPLRA CZ 108,2-2,0 586,0 2,44% 107,4% -53,8 14,9 3,9 1,5 6,9 26,2% -2,6% - TPNGRA CZ 68,2 4,0 59,0 0,00% -21,3% 17,1 10,1 4,0 0,9 6,5 39,3% 4,9% 2,7% LPLHRA CZ 13,4 0,0 153,2 0,00% -23,4% -638,2 10,0 1,2 0,6-1,7 11,6% -0,1% - JDPLRA CZ 7,9-7,6 36,6-1,05% -10,2% -1,0 42,1 4,4 0,2 41,7 10,4% -18,6% - 5BR BU 12,2-0,6 0,7-1,1% -21,5 8,6 1,3 0,3-0,2 14,6% -1,4% - PHARMA KRKG SV 17,7 138,2 54,3 2,03% 2,6% 12,9 6,3 1,4 1,2-0,1 22,3% 9,7% 5,1% 3JR BU 294,3 23,8 4,3-0,02% 43,3% 12,4 10,1 0,9 1,2 2,1 9,1% 10,4% 2,3% ATB RO 79,6-0,6-5,8% , ,0% BIO RO 63,9-0,3-11,5% , ,6% SCD RO 217,5-2,4-24,1% ,4% 53B BU #N/A N/A 8,7 #N/A N/A - #VALUE! - - 0, ,7% - RETAIL & DIST. RPH RO 42,4-0,4-41,5% , MELR SV 158,4-70,8 26, ,8% -2,2 10,7 0,5 0,3 6, ,7% - PETG SV 698,9 77,2 335,0-1,47% 3,1% 9,0 6,3 0,2 1,1 2,1 4,0% 12,7% 4,2% 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 - 3,0 201,0 0,96% 13,2% ,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 1823,7 122,9 168,3 1,23% -0,4% 14,8 3,9 1,5 1,1-1,2 38,7% 7,7% 3,6% TLSG SV 542,4 48,4 83,0-0,88% 16,7% 11,2 3,9 1,1 0,8 1,8 28% 6,9% 6,0% OPTERA CZ 25,2 0,3 3,0-1,32% 11,5% 79,6 5,1 1,1 2,3 2,6 22,4% 3,5% - ROE TOURISM BANKS RIVPRA CZ 749,8 44,0 45,0 2,98% 30,0% 17,0 7,7 4,1 2,2 1,5 52,6% 13,6% 1,8% TUHORA CZ 157,7 11, ,0 0,00% 10,1% 14,0 9,5 4,4 2,8-0,6 46% 20,7% 1,8% 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 319,3-7,9 470,6 0,01% 0,4% -40,5 12,4 3,8 1,5 2,6 31% -4,9% - PLAGRA CZ 502,0 35, ,0 0,03% 22,8% 14,2 9,7 4,0 1,6 1,5 41,4% 12,1% 0,0% LRHRA CZ 168,1 4, ,0 2,39% 14,4% 37,3 8,2 3,9 1,6 0,6 47% 4,2% - HUPZRA CZ 188,6 12, ,0-1,05% 17,9% 15,1-4,1 1, ,5% 0,5% MAISRA CZ 420,0 24,3 290,0-1,69% 14,6% 17,3 10,8 3,8 1,9 2,5 35% 11,1% - 6AB BU 135,4 7,3 62,0 1,31% 0,9% 18,5 15,1 3,2 0,6 2,8 21,1% 3,4% - HMSTRA CZ 23,9 0,5 350,0 0,00% 25,1% 44,9 6,3 2,7 1,3 0,3 42% 2,9% - ACIRA CZ 81,6 1, ,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 2025,8 309,2 2,2-8,1% 6,6 1,4 11,6% 11,7% 0,7 22,2% 2,7% 2,3% BRD RO 1943,6 267,4 12,9-8,9% 7,4 1,3 12,8% 12,6% 0,7 18% 2,4% 5,6% ZABARA CZ 2225,0 141,6 52,5 0,21% -2,8% 15,9 0,9-14,4% 1,0 5,8% 0,8% 10,1% BCC RO #N/A N/A -9,4 0,2 - #VALUE! - eld Not Ap - 3,4% 0,4-45% -2,4% - PBZRA CZ 1893,2 177,7 750,0 0,00% -2,5% 10,7 1,0-17,6% 0,9 9,1% 1,5% 3,4% 5F4 BU 303,1 23,4 5,4 0,00% 60,9% 12,8 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 656,8 81,0 28,9 1,87% 24,5% 8,1 0,9 0,7 0,2 0,9 11,2% 2,2% 8,7% POSR SV 270,7 31,1 15,7-0,19% 18,9% 7,1 0,8 0,6 0,2 0,7 10% 1,8% 5,1% CROSRA ZA 698,9 77,2 335,0-1,47% -0,9% 9,0 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 1593, ,0 0,8-18,9% 6,0 1,2 0,3 0,3 136,8% - 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