FIMA Daily Insight

IN FOCUS - November 11, 2011 Croatian equities continued to advance today, although gains and liquidity were quite low. CROBEX increased 0.47% to 1,844.55 pts while blue chip CROBEX10 accelerated 0.74% to 1,014.72 pts. Regular stock turnover amounted to HRK 6.1 million. Croatian Bureau of Statistics (DZS) reported that in the period from January to September 2011, as compared to the same period of 2010, the number of tourist arrivals in all accommodation facilities in the Republic of increased by 8.1% and the number of tourist nights by 6.8% Integrated telecom HT (HTRA CZ) topped the liquidity board with HRK 1.5 m in turnover while its price rose 0.04% to HRK 246.00. Telecom solutions provider (ERNTRA CZ) rallied 4.17% to HRK 1099.0 following announcement on new contract with Montenegro telecom worth HRK 45.0 m.

wFrozen foods producer (LEDORA CZ), member of the Agrokor

group, accelerated 7.58% to HRK 5495.0. Other Agrokor’s stocks were bullish as well. Food producer Belje (BLJERA CZ) gained 1.08% to HRK -8,0% -6,0% -4,0% -2,0% 0,0% 2,0% 4,0% 6,0% 99.06, retailer Konzum (KNZMRA CZ) accelerated 3.97% to HRK 180.0, ERNT-R-A edible oil producer Zvijezda (ZVZDRA CZ) advanced 2.77% to HRK KNZM-R-A 2929.0, convenience retailer Tisak (TISKRA CZ) surged 3.6% to HRK PODR-R-A ZABA-R-A 149.0 while agricultural producer Vupik (VPIKRA CZ) accelerated LKRI-R-A 1,33% to HRK 62.5. INGR-R-A DLKV-R-A PTKM-R-A ULPL-R-A BLJE-R-A VIRO-R-A ATPL-R-A ADPL-R-A THNK-R-A HT-R-A KOEI-R-A ADRS-P-A KORF-R-A LKPC-R-A KRAS-R-A IGH-R-A ATGR-R-A DDJH-R-A RIVP-R-A ISTT-R-A

* data is calculated using last traded price Source: www.zse.hr

CROBEX 3 MONTH MOVEMENT

Source: www.zse.hr

2.400 70

2.300 60 2.200 50 2.100 40 Daily news headlines (more available on www.fima-securities.com):

2.000 pts 30 Markets gain after euro turmoil

1.900 HRK Millions 20 1.800 Italy pushes through austerity

1.700 10 S&P’s French rating mistake very serious, to be investigated: EU

1.600 0 BP Wins Legal Victory for Its Russian Joint Venture Turnover CROBEX Sovereign Debt Turns Sour in Euro Zone

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FIMA Daily Insight

IN FOCUS - ZAGREB STOCK EXCHANGE

Ericsson NT signs deal with Crnogorski Telekom worth HRK 45m Ericsson Nikola Tesla has signed a framework agreement with Crnogorski Telekom (Telecom Montenegro) defining cooperation in the area of access radio network in the next five years. The contract is worth more than HRK 45m and 40 percent of the agreed job is planned to be executed within 12 months. As part of the agreement, the Montenegrin telecom will receive ENT’s EVO RAN solution that provides for multi-standard radio transmission covering 2nd and 3rd generation of mobile telephony and LTE telephony. It also includes the services of implementing the new equipment, measuring, drive tests, and continuous monitoring of the key network indicators. (Source: www.limun.hr original text was published on Poslovni.hr)

Dok-ing, Bodren and Durante m2 are Croatia’s hidden champions

Croatian companies Dok-ing, Bodren and Durante m2 were included in the top 100 “hidden champions” in Southeast Europe, including Kazakhstan and Turkey. Dok-ing was recognized as the “true leader”, Bodren is a “great potential”, while Durante m2 is “a company with a very promising future”. The project of hidden champions is the product of IEDC business school in Bled, Slovenia, Austrian institute CEEMAN, and national partners from all included countries. In Croatia, the partner is the Faculty of Business & Economics in Zagreb. A dozen companies in Croatia were shortlisted. Some dropped out after an in-depth analysis, while some wished to remain anonymous. Dok-ing manufactures demining machinery, Bodren is innovative wine producer, while Durante manufactures revolutionary construction product called "joint free slabs". (Source: www.limun.hr original text was published in Poslovni dnevnik)

HAKOM continues reducing fees for postal and telecom operators next year

The Council of the Croatian Agency for Post and Electronic Communications (HAKOM) adopted the new ordinance on fees for performing HAKOM’s services.

With the new ordinance, the regulator once again reduces the fees for operators, 9,0 due to a further business rationalization and development of the managed RF 8,0 range. Despite taking over entire authority over supervision in the field of 7,0 electronic communications, thanks to improved efficiency HAKOM managed to 6,0 reduce its costs compared with last year. Together with the development of the

5,0 market, this allowed for further cuts in fees. Fees for all operators were reduced

4,0 by over 7 percent. (Source: www.limun.hr)

3,0

HRK/EUR HRK/USD Source: www.hnb.hr For more information please contact us via mail [email protected] or on tel. +385 42 66 09 60 2

FIMA Daily Insight

IN FOCUS - ZAGREB STOCK EXCHANGE

CROATIAN EQUITIES (FUNDAMENTAL MULTIPLES)

“ - “ stands for negative value of multiple

* multiples for Adris Group calculated on diluted basis

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FIMA Daily Insight

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CONTACTS FOR INSTITUTIONAL IN VESTORS:

KREŠIMIR ČULO [email protected] +385 1 63 98 357

IRENA FIŠTREK [email protected] +385 42 660 964

GORDAN TOMLJENOVIĆ [email protected] +385 1 63 98 352

TRADING DEPARTMENT: [email protected] Phone : +385 42 66 09 60

RESEARCH DEPARTMENT:

NIKOLA BAKŠAJ [email protected] +385 42 66 09 74

STIVEN TOŠ [email protected] +385 42 66 09 75

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FIMA Daily Insight

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