FIMA Daily Insight CROATIA SLOVENIA ROMANIA BULGARIA. Vlatko Kesegić. Darko Horvat. July 12, ,4% 24,8% 16,2% 9,8% CROBEX SBI BET SOFIX

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1 CROATIA SLOVENIA ROMANIA BULGARIA FIMA Daily Insight July 12, 2017 CROATIA BENCHMARKS DAILY CHANGES % 0,54% 0,56% Croatian equities closed higher yesterday with both indices increasing; CROBEX increased 0.15% to 1, pts and blue chip CROBEX 10 increased 0.38% to 1, pts. Regular stock turnover amounted to HRK 3.53 million. (Positive) Integrated telecom operator Hrvatski Telekom (HTRA CZ) topped the liquidity board collecting HRK 0.85 million in turnover and its price decreased 0.% to HRK ,00% Vlatko Kesegić Phone: vkesegic@fima.com Darko Horvat Phone: dhorvat@fima.com trading@fima.com -0,07% CROBEX SBI BET SOFIX Jul-14 Jul-15 Jul-16 Jul-17 CROBEX SBI BET SOFIX 9,8% BENCHMARKS 3Y CHARTS BENCHMARKS 1Y % RETURNS 16,2% 24,8% 56,4% CROBEX SBI BET SOFIX SALES AND TRADING DESK CONTACTS On June 11, GA of HUP Zagreb (HUPZRA CZ) approved dividend payment of HRK per share, implying dy 0.6%. Record date is July 14, ex-dividend date is July 13 and payment date is August 14. Another decision from the GA is that more than half of last year s net profit, HRK 65 mln, will be used to increase share capital. (Positive) In Jan-May, Konzum has generated an income in the amount of HRK 3.43 bln, Konzum BiH HRK 943 mln, and Tisak (TISKRA CZ) HRK 5 mln, These firms fall into retail and wholesale sectors and had experienced a negative, Konzum HRK 62 mln, Konzum BiH HRK 44 mln, Tisak HRK 33 mln, Velpro Centar HRK mln and Velpro BiH HRK 11 mln. The water segment, including Jamnica (JMNCRA CZ), Sarajevo Kiseljak and Roto Dinamic, achieved revenues of HRK 955 mln, with of HRK 118 mln. The ice cream and frozen food segment, which includes Ledo (LEDORA CZ), Ledo Čitluk and Frikom, had revenues of HRK 768 mln and of HRK 119 mln. The segment of oil and margarine, including Zvijezda (ZVZDRA CZ) and Dijamant, had HRK 6 mln in revenue and of HRK 49 mln, while the meat segment, PIK Vrbovec achieved revenue of HRK 665 mln and of HRK 29 mln, according to preliminary unconsolidated figures provided by the emergency administration of the debtladen food and retail group Agrokor published in its third monthly report. (Neutral) With the continuation of the operational restructuring measures and the support of strategic partner Sergej Gljadelkin, who has invested HRK mln in Hidroelektra niskogradnja so far, all the prerequisites for a new business venture have been created. The Company contracted new jobs in the amount of HRK 544 mln, employs 4 people and settles all its liabilities. In order to ensure sufficient achievement for the gradual increase of capacity, the Company is planning to sign new deals on the domestic and international markets, especially in the countries of the former Soviet Union, with the help of Gljadelkin. (Positive) On July 11, diversified holding company Djuro Djakovic (DDJHRA CZ) said it intends to use the funds raised in a planned capital hike to increase its competitiveness and expand into new markets. Half of the raised funds will be allocated to the company's working capital, 25% will be directed towards capital expenditures, 20% towards the development of new products and 5% will cover severance payments. As a reminder, Djuro Djakovic invited interested investors to subscribe for up to 7.6 mln new ordinary shares with a nominal value of HRK 20 each, between July 17 and 21. The company plans to raise its capital by up to HRK mln to HRK mln. The capital increase will be considered successful if at least 2.5 mln shares are subscribed for in the defined period. (Positive) In May, consumption in Croatia went up 3.5% yoy, increasing for a record-breaking 33rd consecutive month, according to the audited figures released by the Croatian Bureau of Statistics (DZS). (Positive) In June, industrial producer prices in Croatia went up 0.3% yoy, continuing the annual increase for the sixth consecutive month, according to the Croatian Bureau of Statistics (DZS). (Positive) SLOVENIA Most blue chips on the Ljubljana Stock Exchange were up on Tuesday, which pulled the SBI TOP index 0.54% higher to 9.28 points. The winner of the day was port operator Luka Koper (+1.9% to EUR 30.), while pharma company Krka (+0.37% to EUR 57.66) was the busiest item, contributing EUR 440,000 to the total volumes of EUR 681,400. (Positive) ROMANIA In June, Romania's consumer price index hit an annual rate of 0.9%, from 0.6% in May, according to the data from the country's statistics board. (Neutral) On June 11, Romania's finance ministry raised an additional RON 75 mln at a supplementary, non-competitive tender for treasury bonds maturing in April 2024, central bank data showed. (Neutral) BULGARIA In the Jan-May period, Bulgaria s exports surged 15.7% yoy to BGN 20.5 bln, according to preliminary national statistics data. (Positive) In May, industrial production is up 2.7% mom and 9.6% yoy, according to preliminary national statistics data. Growth accelerated in May with highest yoy uptick in the equipment and machinery manufacturing, tobacco, basic materials and coal mining industries. (Positive) 1

2 Trading day recap CROATIA Market Trunover ( EUR mn): 0,49 1 HT 0,11 Puljanka 25,22% Viadukt -24,24% 2 Valamar 0,11 Slatinska banka 8,17% Hidroelektra -11,06% 3 Viadukt 0,05 Petrokemija 3,72% Jadroplov -9,31% 4 Ericsson NT 0,04 Dalekovod 3,53% Viro -9,30% 5 Ingra 0,03 Adris - pfd 3,29% RIZO -5,79% 6 Arenaturist 0,02 Varteks 2,97% Atlantska plov. -5,10% 7 Atlantska plov. 0,02 SNH Delta 2,05% Ingra -4,76% 8 Plava Laguna 0,02 HPB 1,96% Hoteli Brela -3,33% 9 ZABA 0,01 Pevec 1,52% DDJH -2,47% Jul-14 Jul-15 Jul-16 Jul Adris - pfd 0,01 ZABA 1,01% Adris -2,16% CROBEX CRO Tourism CROPLUS Index SLOVENIA Market Trunover ( EUR mn): 0,43 1 Krka 0,21 Toplice Dobrna 199,67% Mercator -8,51% 2 Triglav 0,11 Hotel Union 4,33% Terme Catez -3,19% 3 Luka Koper 0,04 Cinkarna Celje 2,42% Intereuropa -1,02% 4 Cinkarna Celje 0,03 Salus 2,22% Sava Re -0,07% 5 Salus 0,01 Luka Koper 1,90% Gorenje 0,00% 6 Petrol 0,01 Telekom Slo. 1,05% Unior 0,00% 7 Telekom Slo. 0,01 Triglav 0,% Kmecka Druzba 0,00% 70 8 Intereuropa 0,00 Krka 0,37% Melamin 0,00% 9 Sava Re 0,00 Petrol 0,19% Nama 0,00% Jul-14 Jul-15 Jul-16 Jul-1710 Terme Catez 0,00 Gorenje 0,00% Mlinotest 0,00% SBI ROMANIA Market Trunover ( EUR mn): 6,76 Volume () Leaders Laggers Volume () Leaders Laggers Volume () Leaders Laggers 1 Fondul Prop. 2,08 Icmrs 48,9% Iprochim -,00% 2 Banca Trans. 1,90 Napotex Cluj 25,00% Arta Culinara -45,45% 3 BRD 1,15 Boromir Prod 11,21% Unitrans Tata -24,59% 4 Transgaz 0,49 Comalex Alexa 9,17% Electroaparata -8,16% 5 Electrica 0,31 Fabrica De Scu 8,68% Comnord Bucur -6,% 6 Romgaz 0,22 Oltchim Rm Va 8,61% Faimar -5,30% 7 Conpet Ploies 0,11 Inox 5,33% Bittnet System -4,53% 8 Sif 1 Banat-Cr 0,10 Ema Piatra Nea 4,44% Petrol Export -3,62% Jul-14 Jul-15 Jul-16 Jul-17 9 Nuclearelectri 0,07 Prodvinalco 3,03% Imotrust Arad -2,36% 10 Oltchim Rm Va 0,06 Iproeb Bistri 2,78% Prebet Aiud -1,83% BET BET-BK Index BULGARIA Market Trunover ( EUR mn): 0,19 Volume () Leaders Laggers Jan-15 Jan-16 Jan-17 SOFIX BGBX40 index 1 Sopharma 0,04 Lesoplast 35,56% Odessos Shipre -8,74% 2 Chimimport 0,04 Druzhba-Razgr 14,96% Energoremont H -7,87% 3 Elana Agrocred 0,03 Zlatni Pyasatz 14,29% Oil & Gas Expl -6,10% 4 Bulgaria Compe 0,02 Fund Estates R 5,00% Dekotex Carpet -5,64% 5 Zarneni Hrani 0,01 Emka -Sevlievo 4,83% Balkancar-Zary -5,45% 6 Doverie Holdin 0,01 Bulgartabak Ho 4,23% Euroholding Bl -1,72% 7 Bulgaria Reg C 0,01 Trace Group 3,17% Elana Agrocred -1,36% 8 Vance Terrafun 0,01 Sirma Group Ho 2,72% Holding Varna -1,22% 9 Emka -Sevlievo 0,00 Bulgarian Amer 2,16% Koro Bulgaria -1,01% 10 Alcomet -Shume 0,00 Zarneni Hrani 2,13% Zaharni Zavodi -0,90% 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 56,8-5,8 4,6 3,17% -12,7% -9,8 23,5 0,4 1,2-5,4 1,7% -11,3% 3,2% DLKVRA CZ 74,4 7,0 22,3 3,53% 64,2% 10,6 7,8 0,5 2,1 2,8 6,7% 17,4% - VDKTRA CZ 1,5 1,5 25,0-24,24% -91,9% 1,0 4,7 0,4-2,8 9,1% - - INGRRA CZ 7,3 1,5 4,0-4,76% 30,7% 4,8 33,9 7,5 0,5 28,6 22,2% 11,6% - THNKRA CZ 14,4 0,1 565,0-2,08% 22,7% 114,3 15,6 0,9 0,3 12,2 6,0% 0,3% - IGHRA CZ 21,7-7,5 262,5-0,94% 45,6% -2,9,0 3,2-40,0 6% -164,9% - DIVERSIFIED ADRSPA CZ 1128,8 70,2 470,0 3,29% 3,0% 16,1 1,5 0,4 0,5-4,1 27,1% 6,1% 3,6% 6C4 BU 218,1 26,1 1,8 0,11% 6,6% 8,4 - -0,9 0, ,2% 3,0% 4HS BU 8,5 0,2 3,4-0,56% 2,5% 54, , ,5% 6,1% - 5V2 BU 88,6 1,0 33,1-1,22% 0,3% 91,1 44,0 6,8 1,1 15,0 15,3% 1,3% - 4EH BU 103,9 3,4 1,3-1,72% 93,0% 30,7 16,7 1,3 1,9 8,6 7,9% 6,6% 0,8% 5SR BU 89,1 3,8 8,3 0,00% 27,9% 23,3-1,0 1, ,5% 2,6% ENERGY & UTILITY SNG RO 2294,8 #N/A N/A 27,2-0,18% 8,8% 8,8-1,9 1, ,0% SNP RO 3732,1 304,9 0,3 0,% 15,3% - 3,0 0,9 0,6 0,0 30,8% 5,1% 5,0% TGN RO 987,1 132,7 383,0 0,52% 30,3% 7,4 2,7 1,4 1,2-1,0 52,0% - 12,1% EL RO 7,1 79,4 13,3 0,45% 1,1% 12,7 3,1 0,5 0,8-2,5 16,9% 6,3% 5,6% TEL RO 4,5-28,7-0,35% -1,7% , ,9% COTE RO 195,2-103,0 0,49% 30,7% - 1,9-1,2-2, ,1% INARA CZ 4420,4 48, ,0 0,00% 13,0% 90,5 11,0 1,8 3,0 0,9 16,0% 3,4% 0,5% SNN RO 429,0 24,7 6,5-0,30% 35,3% 17,4 1,9 0,7 0,3-0,3 40% 1,5% 5,0% JNAFRA CZ 761,6 40,8 5.0,0 0,00% 5,7% 18,7 9,2 7,0 1,5-1,3 76,7% 8,2% 2,4% FOOD & BEVERAGE PODRRA CZ 309,4 18,7 322,0 0,00% -15,1% 16,5 8,8 0,9 0,8 2,4 10,5% 4,9% 2,2% ATGRRA CZ 351,5 22,6 781,0-0,13% -11,7% 15,5 8,7 0,8 1,3 3,2 9,2% 8,6% 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 87,1 3,5 470,0 0,00% -12,9% 24,8 10,3 1,0 1,0 3,5 9,3% 4,4% 1,7% CKMLRA CZ 87,2 8,4 6.1,0 0,00% -4,8% 10,4 8,0 0,6 1,2 0,9 8% 11,8% 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 3,3 #N/A N/A - #VALUE! - 15,0 1,2-2,4 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 153,9 9,5 6,3 0,00% 5,1% 16,2 6,3 0,4 0,4 3,7 7,0% 2,6% 1,6% ERNTRA CZ 220,2 13, ,0-0,25% 5,2% 16,1 10,0 1,0 5,3-1,7 10,0% 31,9% 9,0% CICG SV 137,7 9,8 169,0 2,42% 4,3% 14,1 4,0 0,6 0,9-1,3 14,8% 6,8% 5,4% DDJHRA CZ 34,0-0,2 33,2-2,47% -26,5% -174,2 19,6 1,1 3,0 9,6 5,4% - - ADPLRA CZ 95,9 7,8 169,2 0,71% 22,1% 12,3 7,2 1,1 1,0 2,6 15,3% 8,5% 5,0% 5MB BU 230,5 10,7 11,6-0,34% 19,7% 21,6 12,9 1,7 2,7 2,8 13% 11,6% 2,4% KODTRA CZ 51,1 5,0 1.0,0 0,00% -2,0% 10,2 4,3 0,3 1,0-0,7 6,6% 14,0% 3,7% 5MH BU 169,7 6,1 8,5-27,9% 28,0 13,8 3,0 4,7-0,9 21,5% 17,3% 3,1% KOEIRA CZ 253,4-730,0 0,00% 5,8% , ,6% INFRASTRUCTURE LKPG SV 428,4 46,3 30,6 1,90% 22,4% 9,3 6,3 2,5 1,2 1,3 39,2% 14,0% 3,1% LKPCRA CZ 31,7-2,7 555,0-0,35% -2,8% -11,9-15,1 1,2 0,6 1,2-7,6% -4,7% - LKRIRA CZ 87,3 1,9 48,0 0,00% 0,2% 45,9 111,6 4,3 0,9 9,9 3,8% 2,1% - MARINE ATPLRA CZ 70,1-14,9 372,0-5,10% 31,7% -4,7 72,3 5,1 0,9 6,9 7,0% -18,3% - TPNGRA CZ 83,0 5,5 70,4 0,00% -6,1% 15,1 10,5 4,6 0,9 5,8 44,1% 6,4% 2,3% LPLHRA CZ 17,0-0,3 189,6 0,00% -5,2% -61,5 13,0 1,5 0,8-1,9 11,7% -1,3% - JDPLRA CZ 5,1-10,7 23,0-9,31% -43,5% -0,5-48,2 6,5 0,1-43,3-13,5% -22,7% - 5BR BU 12,8-0,6 0,7-5,6% -21,3 23,1 1,4 0,3-0,4 6,2% -1,5% - PHARMA KRKG SV 1890,9 111,0 57,7 0,37% 9,0% 17,0 7,5 1,4 1,2-0,2 18,5% 7,5% 4,8% 3JR BU 317,4 27,0 4,6 0,11% 54,5% 11,7 9,9 0,8 1,3 2,4 8,2% 11,9% 2,2% ATB RO 81,7-0,6 0,36% 6,9% , ,9% BIO RO 64,7-0,3 1,69% 11,1% , ,7% SCD RO 200,8-2,2 0,93% 12,8% , ,1% 53B BU #N/A N/A 8,7 #N/A N/A - #VALUE! - - 0, ,7% - RETAIL & DIST. RPH RO 38,9-0,3-0,29% 27,9% , MELR SV 228,5-73,6 37,5-8,51% -44,8% -3,1 10,7 0,5 0,4 6, ,3% - PETG SV 774,0 74,8 371,0 0,19% 14,2% 10,4 6,7 0,3 1,2 2,3 4,0% 12,7% 3,8% 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 49,0 11, ,0 0,00% -30,0% 4,3 8,2 0,2 0,7 3,8 2,8% 18,1% 14,1% PVCMRA CZ - 3,0 200,0 1,52% 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 1974,0 126,3 178,6-0,% 5,7% 15,6 4,0 1,6 1,2-1,6 39,5% 8,0% 3,4% TLSG SV 567,9 40,7 86,9 1,05% 22,2% 14,0 4,0 1,2 0,8 1,8 29% 5,7% 5,8% OPTERA CZ 24,8 1,8 2,9 0,00% 7,4% 14,0 4,6 1,1 4,7 2,5 23,5% 35,4% - ROE TOURISM BANKS RIVPRA CZ 738,9 39,7 43,4 0,00% 25,6% 18,6 9,3 5,0 2,7 1,8 53,4% 15,8% 1,8% TUHORA CZ 148,5 8, ,0 0,00% 1,7% 17,8 13,3 5,4 3,2-0,8 41% 18,9% 2,0% HIMRRA CZ 69,9 1,1 815,0 0,00% 0,1% 63,3 12,8 4,9 1,6 2,7 38,6% 2,5% 0,4% ARNTRA CZ 331,6-19,1 479,0-0,62% 2,2% -17,4 21,1 5,8 2,1 4,5 27% -20,2% - PLAGRA CZ 486,1 27, ,0-1,54% 16,4% 17,7 10,3 4,1 1,9 1,7 40,3% 11,8% - LRHRA CZ 152,0 1, ,0 0,00% 1,4% 103,3 9,9 4,4 1,6 0,7 44% 1,5% - HUPZRA CZ 168,5 11, ,0-0,34% 3,3% 14,8-4,1 1, ,7% 0,6% MAISRA CZ 424,0 19,0 287,0 0,00% 13,4% 22,3 13,0 4,4 2,4 2,9 34% 10,6% - 6AB BU 139,8 8,0 64,0-0,05% 4,1% 17,5 12,4 2,9 0,6 2,6 23,6% 3,6% - HMSTRA CZ 19,5 0,5 2,0 0,00% 0,1% 36,9-3,0 1, ,3% - ACIRA CZ 88,4 1, ,0 0,00% -7,8% 68,6 9,3 3,6 1,5-0,8 38% 2,1% 2,5% SLRSRA CZ 83,2 #N/A N/A 997,5 0,00% 11,0% , ILRARA CZ 53,0 4, ,5 0,00% 0,0% 12,4-4,0 1, ,9% 1,5% TLV RO 2322,5 283,4 2,9 0,34% 22,0% 8,3 1,7 11,6% 11,7% 0,7 20,6% 2,6% 2,1% BRD RO 21,9 225,4 14,1 2,77% 18,7% 9,7 1,4 12,8% 12,6% 0,7 15% 2,1% 5,2% ZABARA CZ 2117,6 145,8 49,0 1,01% -9,3% 14,4 0,8-14,4% 1,0 6,1% 0,9% 10,8% BCC RO 48,7-9,4 0,1-5,9% - 1,1-3,4% 0,4-45% -2,4% - PBZRA CZ 1931,0 211,4 7,0 0,00% -2,5% 9,0 1,0-16,7% 1,0 11,4% 2,0% 3,4% 5F4 BU 323,4 48,4 5,8 0,00% 71,6% 6,6 0,7-9,3% 0,7 11% 1,1% - INSURANCES FUNDS Mkcap () ZVTG SV 573,4 81,9 25,2 0,% 8,7% 7,0 0,8 0,6 0,2 0,9 11,5% 2,3% 9,9% POSR SV 2,9 32,8 15,2-0,07% 14,6% 7,3 0,8 0,5 0,2 0,7 11% 2,0% 5,3% CROSRA ZA 774,0 74,8 371,0 0,19% -0,9% 10,4 6,7 0,3 1,2 2,3 4,0% 12,7% 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 1918, ,7 0,9 0,00% 22,4% 6,0 1,2 0,3 0,3 299,7% 5,7% 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 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