FIMA Daily Insight

IN FOCUS - STOCK EXCHANGE April 19, 2012 Croatian equities continued to trade lower today with both stock indices ZSE STOCK MARKET decreasing. CROBEX lost 0.53% to 1,830.14 pts and blue chip CROBEX CROBEX Last 1.830,1 10 declined 0.58% to 1,001.19 pts. Regular stock turnover of the day % daily -0,53% reached HRK 16.5 million. % YTD 5,17% CROBEX10 last 1001,2 Integrated telecom operator HT (HTRA CZ) topped the liquidity board % daily -0,58% as usual with HRK 4.6 million in turnover and decreasing 0.47% to HRK % YTD 2,56% 214.99. A month ago HT informed that the second part of dividend will Stock Turnov er (HRK m) 16,51 be paid out to all shareholders that are registered as shareholders at the Total MCAP (HRK bn) 187,95 Central and Clearing Depositary Company (SKDD) on the day of the Source: w w w .zse.hr General Assembly on 25. April 2012. in the amount of HRK 11.07. Claim

matures on 21 May 2012.

-5,0% -4,0% -3,0% -2,0% -1,0% 0,0% 1,0% 2,0% 3,0% 4,0% 5,0% Food producer Belje (BLJERA CZ) followed with HRK 2.6 million in THNK-R-A ULPL-R-A turnover trading in blocks while its price finished 0.33% lower. KORF-R-A DLKV-R-A Sugar factory (VIRORA CZ) came to investors focus today after ZABA-R-A ERNT-R-A trading in blocks. Viro collected HRK 1.6 million in turnover while price ADRS-P-A RIVP-R-A was flat at HRK 445. VIRO-R-A ATPL-R-A Heavy constructor (VDKTRA CZ) increased 6.97% after ATGR-R-A KNZM-R-A company informed investors about new contract signed (bridge BLJE-R-A HT-R-A construction in Algeria) in total worth EUR 21 million. LKPC-R-A KRAS-R-A IGH-R-A DDJH-R-A INGR-R-A PODR-R-A

LKRI-R-A ADPL-R-A KOEI-R-A PTKM-R-A ISTT-R-A * data is calculated using last traded price Source: www.zse.hr

CROBEX 3 MONTH MOVEMENT

2.000 60

50 1.900 40

1.800 30 pts Daily news headlines (more available on www.fima-securities.com): 20 HRK Millions 1.700 U.S. jobless claims edge down last week 10 Spain’s borrowing costs increase 1.600 0 Nokia Posts Loss as Smartphone Sales Tumble Turnover CROBEX Morgan Stanley Reports Loss, but Beats Estimates source: www.zse.hr Bank of America Earnings Fall to $653 Million

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FIMA Daily Insight

IN FOCUS - ZAGREB STOCK EXCHANGE

Croatia’s Ingra Wraps up 4.2 Mln Euro Project in Iraq Croatian blue-chip civil engineering company Ingra [ZSE:INGRA-R-A] said on Thursday it has completed a 4.2 million euro ($5.5 million) project in Iraq. The company has completed the rehabilitation of two steam turbines at a phosphate factory in the city of Al Qaim, Ingra said in a statement posted on the website of the Zagreb Stock Exchange. (Source: www.limun.hr original text was published on www.seenews.com)

Croatia’s Saponia Plans To Allocate 2011 Earnings to Reserves

Croatian detergents and personal care products maker Saponia said on Wednesday it plans to allocate its 2011 profit of 7.56 million kuna ($1.3 million/1.0 million euro) to reserves. The proposal will be put to a vote at a general shareholders’ meeting scheduled for May 25, the company said in a statement posted on the website of the Zagreb Stock Exchange. (Source: www.limun.hr original text was published on www.seenews.com)

Tele2 Croatia Trims Q1 Negative EBIT, Customers Down 4.4% Y/Y

Swedish telecoms group Tele2 said on Thursday its wireless unit in Croatia cut its negative earnings before interest and taxes (EBIT) to 23 million Swedish crowns ($3.4 million/2.6 million euro) in the first quarter of 2012 from 27 million crowns a year earlier. In the first quarter of 2012, Tele2 Croatia added 12,000 customers to 722,000 but the end-March figure was still down 4.4% on the year, the parent company said in its quarterly financial report. (Source: www.limun.hr original text was published on www.seenews.com)

EIF, Croatia's PBZ Sign Guarantee Agreement To Support Micro- enterprises

The European Investment Fund (EIF), the risk financing arm of the European Investment Bank, said on Thursday it has signed with Croatia's Privredna Banka

Zagreb (PBZ) a guarantee agreement supporting micro-enterprises. Thanks to 9,0 the transaction under the Competitiveness and Innovation Programme (CIP),

8,0 micro-entrepreneurs in Croatia can now have easier access to finance due to

7,0 substantially reduced collateral requirements, pricing and longer repayment

6,0 periods, the EIF said in a press release. (Source: www.limun.hr original text was

5,0 published on www.seenews.com)

4,0

3,0

HRK/EUR HRK/USD Source: www.hnb.hr

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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

IN FOCUS - ZAGREB STOCK EXCHANGE

CONTACTS FOR INSTITUTIONAL IN VESTORS:

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

GORAN BRODAR [email protected] +38542 66 09 61

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

IN FOCUS - ZAGREB STOCK EXCHANGE

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