FIMA Daily Insight CROATIA SLOVENIA ROMANIA BULGARIA. Vlatko Kesegić. Darko Horvat. March 20, ,7% 33,5% 16,7% 12,2% CROBEX SBI BET SOFIX

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1 CROATIA SLOVENIA ROMANIA BULGARIA FIMA Daily Insight March 20, 2017 CROATIA 0,40% BENCHMARKS DAILY CHANGES % 0,09% Vlatko Kesegić Phone: vkesegic@fima.com Darko Horvat Phone: dhorvat@fima.com trading@fima.com 0,58% 1,71% CROBEX SBI BET SOFIX Mar-14 Mar-15 Mar-16 Mar-17 CROBEX SBI BET SOFIX 33,5% BENCHMARKS 3Y CHARTS BENCHMARKS 1Y % RETURNS 12,2% 16,7% 41,7% CROBEX SBI BET SOFIX SALES AND TRADING DESK CONTACTS Croatian equities closed lower on Friday with both indices decreasing; CROBEX decreased 0.17% to 2, pts and blue chip CROBEX 10 decreased 0.32% to 1, pts. Regular stock turnover amounted to HRK million. (Negative) Adris Group (ADRSPA CZ) topped the liquidity board collecting HRK million in turnover with a price increase of 0.% to HRK On March 17, Tehnika (THNKRA CZ) as main contractor signed a contract on reconstruction of Radisson Blu Resort with Hotel Split d.d. The deadline for construction works is January 15, (Positive) In the last two weeks, Agrokor received additional loans in the amount of EUR 300 mln from Russian Sberbank which should be enough to pay new current liabilities to suppliers. This had an effect on the capital market and Agrokor's share price increased on Friday. Agrokor regularly pays interest on bonds and loans but debts maturity dates are close, whereas the new financial injection is not long-term solution. The biggest challenge is the PIK loan worth EUR 485 mln because Deutsche Bank can request it before June 2018 to collect receivables by taking shares of Agrokor s companies. However, Deutsche Bank does not intend to make sudden moves but is ready to co-finance recovery of Agrokor if it reduces the influence of family Todoric. Agrokor stated on Friday that annually it paid HRK 3 bln in taxes to the Croatian tax authorities, saying that more than a half of that was VAT, and that the company had no overdue tax liabilities on March 17. Agrokor said on Sunday that its survival was not at stake and that its management was working, together with key investors, on repositioning the corporate system and on defining a new business model that would protect the interests of all Agrokor stakeholders. (Neutral) Djuro Djakovic (DDJHRA CZ) will start with capital increase by cash contribution and by issuing 7.0,00 new shares at the most with complete exclusion of priority rights from the existing shareholders. By this decision, the nominal capital of the Company will be increased from HRK ,6 to the amount of HRK ,6. The process of increasing the share capital will be completed by April 19. (Neutral) In January 2017, in Croatia were issued 668 building permits, which was 66.6% or 267 more than in January 2016, data released by the National Bureau of Statistics show. (Positive) SLOVENIA In FY 2017, chemical company Cinkarna Celje (CICG SV) expects that demand on Ti02 will remain strong and that prices will continue to grow, however at slower pace. The Company will focus on maximizing capacity utilization and on searching for new markets. With January 2017, the Company shut down the production of titanium-zinc sheets and started with the process of liquidation and restructuring. The decision will result in above EUR 20 mln lower net sales and will not have any material effect on the profit. Net sales revenues are expected to amount to EUR 1.4 mln (-11%), to EUR 23.2 mln (-8.7%) while net profit to EUR 10 mln (+2.7%). Investments in the amount of EUR 15.1 mln will be directed toward modernization of Ti02 production, increased energy efficiency and ecological capex. (Positive) NLB, Slovenia's largest bank, has started soliciting bids for its % stake in NLB Nov penziski fond Skopje, a pension fund manager in Macedonia with about EUR 370 mln of assets under management. (Neutral) ROMANIA Banca Transilvania (TLV RO) kept its leading position by profits on the local banking market in 2016, followed by BCR and BRD-SocGen. Fourth leading bank by profit was ING Bank, while Raiffeisen and UniCredit ended the year fifth and sixth. In 2016, TLV's net profit amounted to RON 1.28 bln while total banking system got an overall net profit of RON 4.3 bln, which is second-best result since the start of the economic crisis. (Positive) The International Monetary Fund (IMF) mission chief for Romania, Reza Baqir, on Friday said Romania s budget deficit is expected to reach 3.7% of the gross domestic product in 2017, and 3.9% of GDP in (Neutral) The National Bank of Romania hard currency reserves slightly decreased as at end of February to EUR 34. bln, from EUR bln the previous month. Inflows were EUR bln, coming mainly from changes in the foreign exchange reserve requirements of the credit institutions, Ministry of Finance entries and respectively European funds entries. Outflows totaled EUR bln, representing changes in the foreign exchange reserve requirements of the credit institutions, interest and principal payments on foreign currency public debt. Gold reserve remains unchanged accounting to tones, however influencing the increase in the value of the country reserve to EUR bln, higher versus previous month at EUR bln. (Neutral) BULGARIA Leading pharma wholesaler in Bulgaria Sopharma Trading (SO5 BU) will acquire local pharmacy chain PhamaStore. PharmaStore operates 19 pharmacies (17 in Sofia, 2 in Burgas). The acquisition, if antitrust approved and finalized, will allow Sopharma Trading to grow its retail pharma chain. Total new debt financing to be approved is BGN 54 mln and used for the PharmaStore acquisition as well as for the acquisition of a Serbian wholesaler. (Positive) 1

2 Trading day recap CROATIA Market Trunover ( EUR mn): 6,13 1 Adris - pfd 2,83 Magma 9,% Imunoloski zavod -11,74% 2 Valamar 0,59 Kutjevo 6,82% Puljanka -6,70% 3 HT 0,49 Jamnica 5,67% Ina -6,34% 4 Ledo 0,46 Viro 5,% Luka Rijeka -2,85% 5 Atlantic Grupa 0,27 Zvecevo 5,39% Liburnia -2,75% 6 Atlantska plov. 0,21 Saponia 5,26% Tvornica SH -2,38% 7 ZABA 0,20 KODT 5,26% Pectinatus -2,01% 8 Jamnica 0,19 MIV 4,96% Turisthotel -1,77% 9 Koncar EI 0,11 Dalekovod 4,40% Ericsson NT -1,40% Mar-14 Mar-15 Mar-16 Mar Tvornica SH 0,10 Pevec 4,10% DDJH -1,18% CROBEX CRO Tourism CROPLUS Index SLOVENIA Market Trunover ( EUR mn): 1,37 1 Triglav 0,43 Sivent 21,43% Cetis -2,04% 2 Luka Koper 0,36 Intereuropa 5,63% Petrol -1,66% 3 Krka 0,17 KD Group 3,75% Salus -1,14% 4 Gorenje 0,15 Cinkarna Celje 2,65% Mercator -0,78% 5 Telekom Slo. 0,10 Luka Koper 2,31% Sava Re -0,31% 6 Petrol 0,09 Triglav 1,10% Mlinotest -0,25% 7 Sava Re 0,04 Gorenje 0,77% Unior -0,03% 70 8 Mercator 0,01 Telekom Slo. 0,75% Krka 0,00% 9 Unior 0,01 Kmecka Druzba 0,05% Hotel Union 0,00% Mar-14 Mar-15 Mar-16 Mar Cinkarna Celje 0,00 Krka 0,00% Melamin 0,00% SBI ROMANIA Market Trunover ( EUR mn): 17,87 Volume () Leaders Laggers Volume () Leaders Laggers Volume () Leaders Laggers 1 Sif 5 Oltenia 9,22 Bricomat Sibi 189,0% Compania Energ -13,79% 2 Banca Trans. 3,35 Bucur Obor Bu 9,56% Ssif Broker -11,22% 3 Fondul Prop. 2,44 Sinteza Oradea 8,89% Electrocontact -9,68% 4 OMV Petrom 0,77 Electroprecizi 7,62% Mobest Bucure -8,70% 5 BRD 0,44 Prodplast 7,02% Electroconstru -4,35% 6 Romgaz 0,39 Severnav 5,83% Sif 4 Muntenia -2,17% 7 Transelectrica 0,30 Scut Bacau 5,56% Impact Develop -2,00% 8 Ssif Broker 0,27 Arteca Jilava 5,45% Altur -1,55% Mar-14 Mar-15 Mar-16 Mar-17 9 Bur De Valori 0,11 ul Media 5,08% Cemacon Zalau -1,47% 10 Electrica 0,10 Braiconf 4,79% Thr Marea Neag -1,45% BET BET-BK Index BULGARIA Market Trunover ( EUR mn): 1,65 Volume () Leaders Laggers Sep-14 Sep-15 Sep-16 SOFIX BGBX40 index 1 Capital Manage 0,40 Specialized Bu 96,12% Industrial Hol -8,09% 2 Galata Investm 0,40 Sparky -Ruse,00% Synergon Holdi -5,84% 3 Sopharma 0,26 Bulgaria Holdi 29,18% Holding Varna -4,09% 4 Euroholding Bl 0,11 Fund Estates R 10,26% Energoremont H -3,33% 5 Albena 0,07 Euroholding Bl 9,% Sirma Group Ho -2,27% 6 Alcomet -Shume 0,05 Insurance Comp 7,62% Oil & Gas Expl -1,01% 7 Monbat 0,05 Billboard 7,48% Hydraulic Elem -0,81% 8 CCB 0,04 Stara Planina 5,63% Emka -Sevlievo -0,43% 9 Industrial Hol 0,04 Industrialen C 5,49% Bulgarian Rive -0,29% 10 Bulgarian Real 0,04 M+S Hidravlik 4,97% Tchaikapharma 0,00% 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 52,9-5,4 4,3 2,44% -18,7% -9,7 20,1 0,4 1,1-4,6 2,0% -10,5% 3,4% DLKVRA CZ 86,4 13,0 25,9 4,40% 90,4% 6,6 3,8 0,4 3,0 2,0 9,8% 38,0% - VDKTRA CZ 23,4 0,0 379,2 1,08% 23,5% 731,8 6,1 0,4 0,5 3,2 7,3% 0,1% - INGRRA CZ 8,8 0,1 4,8 1,26% 57,2% 98,7-46,6 8,9 0,7-43,6-19,2% 0,7% - THNKRA CZ 20,8 0,1 812,4 1,11% 76,4% 164,5 15,6 0,9 0,5 12,2 6,0% 0,3% - IGHRA CZ 25,9-7,5 312,8 1,24% 73,5% -3,5,0 3,2-40,0 6% -164,9% - DIVERSIFIED ADRSPA CZ 1230,3 59,5 493,1 0,07% 8,1% 20,7 2,1 0,5 0,5-5,1 23,4% 5,2% 3,0% 6C4 BU 192,1 26,1 1,6 1,03% -6,1% 7,4 - -0,9 0, ,2% 2,9% 4HS BU 9,2 0,2 3,7-10,6% 59, , ,5% 6,1% - 5V2 BU 84,4 0,4 31,5-4,09% -4,5% 228,5 28,5 5,5 1,1 16,3 19,2% 0,5% - 4EH BU,8 2,8 1,0 9,%,1% 28,5 18,8 1,2 1,5 11,1 6,4% 6,4% 0,3% 5SR BU 81,6 3,7 7,6 5,63% 17,1% 22, ,7% ENERGY & UTILITY SNG RO 2418,2 #N/A N/A 28,6 0,53% 14,4% 8,8-1,9 1, ,4% SNP RO 3771,4-177,1 0,3 1,16% 16,3% - 2,6 1,0 0,6 0,3 31,8% -2,9% 4,9% TGN RO 929,8 132,7 3,0 0,28% 22,4% 7,0 2,7 1,4 1,1-1,0 52,0% - 7,7% EL RO 1063,1 81,6 14,0 0,00% 6,4% 13,0 2,4 0,4 0,8-2,5 17,8% 6,5% 5,3% TEL RO 519,7-32,3-1,39% 10,6% , ,2% COTE RO 185,0-97,4 0,62% 23,6% - 1,8-1,2-2, ,5% INARA CZ 3681,7 13, ,5-6,34% -6,0% 274,6 13,7 2,0 2,5 1,1 14,7% 0,9% - SNN RO 410,4 33,2 6,2-0,32% 29,0% 12,4 3,0 1,2 0,2 0,2 38% 2,0% 5,3% JNAFRA CZ 8,1 38, ,8 0,00% 19,2% 22,3 8,7 6,5 1,7-1,3 75,3% 7,9% 2,1% FOOD & BEVERAGE PODRRA CZ 375,4 53,3 390,3-0,21% 2,9% 7,0 8,0 0,9 1,0 1,8 11,6% 15,5% 1,8% ATGRRA CZ 405,8 21,6 901,1 1,02% 1,9% 18,8 9,5 0,9 1,5 3,2 9,2% 8,2% 1,5% LEDORA CZ 343,3 38, ,9 3,23% -24,1% 9,0 9,4 1,6 1,4 1,0 17,1% 15,7% 5,3% JMNCRA CZ 411,9 40, ,5 5,67% -1,0% 10,1 8,4 1,2 1,6 0,6 13,9% 17,3% - KRASRA CZ,2 3,3 540,0-1,04% 0,1% 30,7 10,5 0,9 1,2 2,0 8,9% 4,0% - CKMLRA CZ 90,1 8,4 6.3,0 0,00% -1,7% 10,7 8,9 0,7 1,2 1,0 8% 11,9% 1,2% BLJERA CZ 24,4-4,5 22,0 3,68% -5,9% -5,4 15,6 1,5 0,5 8,2 9,4% -1,7% - ZVZDRA CZ 49,2 3, ,7 1,62% -22,6% 14,9 15,0 1,2 0,8 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 176,0 5,3 7,2 0,77% 20,2% 33,4 6,6 0,5 0,5 3,5 7,1% 1,4% - ERNTRA CZ 252,3 14, ,4-1,40% 20,5% 17,2 7,8 0,8 6,5-1,7 10,2% 37,2% 9,0% CICG SV 154,7 7,0 189,9 2,65% 17,2% 22,0 2,4 0,3 1,1-0,7 12,9% 5,0% 2,2% DDJHRA CZ 46,4-2,6 45,2-1,18% 0,2% -17,6 39,7 1,2 3,6 19,3 3,0% -39,6% - ADPLRA CZ 93,5 6,4 164,8 2,18% 18,9% 14,6 7,2 1,0 1,0 2,8 14,4% 7,3% 4,9% 5MB BU 226,7 14,5 11,4 2,92% 17,7% 15,7 10,0 1,8 2,2 2,2 18% 14,7% 2,5% KODTRA CZ 57,5 4, ,0 5,26% 11,1% 12,1 6,0 0,4 1,6-0,7 6,8% 13,7% - 5MH BU 151,4 6,1 7,6 4,97% 14,0% 25,0 11,8 2,6 4,5-0,9 21,8% 18,3% 2,9% KOEIRA CZ 288,4-829,9-0,01% 20,3% , ,4% INFRASTRUCTURE LKPG SV 458,4 38,7 32,7 2,31% 31,0% 11,9 5,4 2,1 1,4 1,3 39,7% 12,4% 3,5% LKPCRA CZ 31,7-2,6 555,5 0,00% -2,7% -12,1-14,6 1,2 0,6 1,3-8,4% -4,7% - LKRIRA CZ 85,8 0,8 47,1-2,85% -1,6% 113,6 77,2 4,7 0,9 4,8 6,1% 0,8% - MARINE ATPLRA CZ 72,1-9,0 382,7 2,41% 35,4% -8,0 47,4 4,7 0,9 6,4 9,9% -10,8% - TPNGRA CZ 93,9 5,4 79,6-0,05% 6,1% 17,4 11,1 5,3 1,0 6,0 47,5% 6,2% 5,0% LPLHRA CZ 17,7 0,0 198,0 0,20% -1,0% -438,2 18,5 1,7 0,8-2,4 9,3% -0,2% - JDPLRA CZ 9,8-12,9 44,3 0,00% 8,7% -0,8-18,0 9,1 0,2-15,7 -,4% -25,1% - 5BR BU 12,7 1,2 0,7-0,29% 5,3% 10, ,3 0,1 15,1% 2,9% - PHARMA KRKG SV 1738,1 108,5 53,0 0,00% 0,2% 16,0 7,3 1,4 1,2-0,2 19,4% 7,6% 5,0% 3JR BU 262,9 23,7 3,8 1,35% 28,0% 11,1 8,8 0,7 1,1 2,6 7,9% 10,8% 1,8% ATB RO 84,0-0,6 0,00% 9,6% , ,6% BIO RO 59,9-0,3 1,09% 2,6% , ,8% SCD RO 182,1-2,0 0,00% 2,1% , ,8% 53B BU 49,2 8,7 14,2 1,39% -6,0% 5,7-0,6 0, ,7% - RETAIL & DIST. RPH RO 36,3-0,3 0,00% 19,1% , MELR SV 386,8-2,5 63,5-0,78% -6,6% -152,9 9,9 0,5 0,6 6,4 - -0,4% - PETG SV 734,5 72,7 352,1-1,66% 8,3% 10,1 6,4 0,3 1,2 2,3 4,2% 12,7% 3,5% TISKRA CZ 48,4-6,1 1,0 3,43% -3,3% -7,9 11,8 0,1 1,4 4,9 1,1% 3,5% - MDKARA CZ 82,1 7, ,2 0,00% 17,2% 11,1 11,5 0,3 1,3 5,3 3,1% 12,2% 8,4% PVCMRA CZ - 3,0 288,8 4,10% 62,7% ,4-3,1% 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 1990,0 123,9 179,9-0,19% 6,4% 16,1 3,9 1,5 1,2-1,2 39,3% 8,0% 3,3% TLSG SV 569,9 39,9 87,2 0,75% 22,6% 14,3 4,1 1,2 0,8 1,8 29% 5,7% 5,7% OPTERA CZ 32,4 1,8 3,8 0,53% 40,1% 17,6 4,2 1,0 5,2 2,6 23,3% 31,1% - ROE TOURISM BANKS RIVPRA CZ 747,5 45,4 43,9 1,20% 26,9% 16,4 7,3 4,1 2,6 1,7 55,3% 16,9% 1,4% TUHORA CZ 164,0 9, ,3-1,77% 12,2% 18,0 10,4 4,8 3,3-0,8 46% 19,7% 3,5% HIMRRA CZ 70,0 1,0 815,0 0,00% 0,1% 69,1 12,8 4,9 1,5 2,8 38,1% 2,3% 0,4% ARNTRA CZ 149,0-19,8 5,4-0,12% 7,9% -7,5 14,1 4,1 1,4 4,7 29% -20,1% - PLAGRA CZ 520,9 27, ,7 0,00% 16,0% 18,7 8,8 3,5 1,8 1,1 40,4% 11,7% - LRHRA CZ 143,1 1,7 3.1,0-2,75% -4,6% 83,6 9,8 4,4 1,4 0,7 45% 1,7% - HUPZRA CZ 159,9 10, ,6 1,82% -2,1% 15,5 10,0 4,2 1,5 1,0 41,9% 9,9% - MAISRA CZ 473,8 18,8 320,5 1,87% 26,7% 25,2 11,4 3,8 2,5 2,9 33% 10,5% - 6AB BU 135,5 4,0 62,0 1,25% 0,9% 34,2 12,9 3,1 0,6 2,5 24,2% 1,7% 0,7% HMSTRA CZ 19,8 0,5 283,7 0,00% 1,4% 38,4-3,0 1, ,1% - ACIRA CZ 96,0 2, ,0 0,00% 0,1% 48,1 9,5 4,2 1,6 0,0 44% 3,3% 2,3% SLRSRA CZ 90,3 #N/A N/A 1.082,0-1,13% 20,4% , ILRARA CZ 54,0 4, ,0 0,00% 1,8% 12,7-4,1 1, ,0% 1,5% TLV RO 2191,5 285,5 2,7 0,92% 14,9% 7,8 1,5 12,1% 11,7% 0,7 20,7% 2,6% 12,0% BRD RO 1865,1 168,7 12,2 1,16% 2,7% 11,2 1,3 17,0% 12,6% 0,7 12% 1,5% 5,7% ZABARA CZ 26,4 223,8 64,9-0,18% 20,1% 12,3 1,1-13,3% 0,9 9,4% 1,3% 8,2% BCC RO 52,2-9,4 0,1 0,93% 13,2% - 1,2-3,4% 0,4-45% -2,4% - PBZRA CZ 2228,6 210,0 865,0 0,00% 12,5% 10,4 1,1-16,7% 1,0 11,4% 2,0% 2,9% 5F4 BU 246,3 48,9 4,4 3,52% 30,7% 5,0 0,6-9,3% 0,7 12% 1,1% - 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 627,5 88,8 27,6 1,10% 19,0% 7,1 0,9 0,7 0,2 0,9 12,9% 2,6% 9,1% POSR SV 2,7 33,4 16,3-0,31% 23,3% 8,1 0,9 0,6 0,2 0,9 12% 2,2% 4,0% CROSRA ZA 734,5 72,7 352,1-1,66% 15,3% 10,1 6,4 0,3 1,2 2,3 4,2% 12,7% 0,0% Mkcap () mn Price 1D YTD P/E NAV Discount to NAV FP RO 1945, ,3 0,9 0,11% 17,1% 6,0 1,2 0,3 0,3 269,4% 5,7% 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