FIMA Int. a.d. * Srpska 63 * BiH * Tel: +387-51-329 203 * Fax: +387-51-329 212 * More info on capital market on http://www.fimabl.ba ; e-mail: [email protected] FIMA Int. Stock Monitor

BIRS index - Banja Luka Stock Exchange -0,3% Date 16-Dec-08 change in 2008. -60,6%

Dnevni komentar 5.000,00 The total turover at the Banja Luka Stock Exchange 4.500,00 has today been BAM 210.188,61. 4.000,00 3.500,00 The largest turnover of BAM 147.097 has been 3.000,00 accomplished with the ZIF Invest nova fond S.A. 2.500,00 shares. They have been traded on the 2.000,00 average price of BAM 0,098 which represents the price decrease of -1,01%. The Tržnica S.A. Banja 1.500,00 Luka shares have been traded on the unchanged 1.000,00 price of BAM 1,31 and the realised turnover was BAM 13.318. The - stara devizna štednja bonds have been traded on the average price of 84,3113% of the nominal price (BAM 0,90) which is for -0,73% lower price in comparison to the previous BIRS-a Members daily % change trading; the realised turnover was BAM 11.382. BIRA-R-A 9,1% HETR-R-A 7,1% ZERS-R-A 0,0% At the quotation of funds the largest turnover has VTNK-R-A 0,0% been realised with the ZIF Invest nova fond S.A. VITA-R-A 0,0% VBBB-R-A 0,0% Bijeljina shares. The ZIF Kristal invest fond S.A. UNFC-R-A 0,0% Banja Luka is the only fund whose share price has TRZN-R-A 0,0% recorded increase of 2,84%, so it has been traded on RTEU-R-A 0,0% RITE-R-A 0,0% the unit price of BAM 3,98. The largest price decrease RFUM-R-A 0,0% of -2,28% had the ZIF Zepter fond S.A. Banja Luka. PDPT-R-A 0,0% NOVB-R-A 0,0% With the average unit price of BAM 3,00 it had MIRA-R-A 0,0% turnover of BAM 12.672. METL-R-A 0,0% KDVO-R-A 0,0% JLLC-R-A 0,0% The gainers of the day on Banjaluka Stock Exchange HELV-R-A 0,0% are: Betonski proizvodi S.A. Zalužani (11,48%), Birač HEDR-R-A 0,0% S.A Zvornik (9,09%), Hidroelektrane na Trebišnjici ELDO-R-A 0,0% ELBJ-R-A 0,0% S.A. (7,14%), ZIF Kristal invest fond S.A. EKHC-R-A 0,0% Banja Luka (2,84%) and Balkan investment bank S.A. EDPL-R-A 0,0% DEST-R-A 0,0% Banja Luka (0,1%). BVRU-R-A 0,0% BLPV-R-A 0,0% The largest price decrease on todays tarding had the TLKM-R-A -1,5% BOKS-R-A -6,3% following issuers: TP Matex S.A. Banja Luka (- EKBL-R-A -9,5% 20%), Glas Srpske S.A. Banja Luka (- RNAF-R-A -9,8%

18,75%), Rafinerija nafte S.A. Bosanski Brod (- -15% -10% -5% 0% 5% 10% 9,84%), Elektrokrajina S.A. Banja Luka (-9,52%) and Boksit S.A. Milići (-6,25%). News * Nova štampa a.d. Gradiška - Shareholders’ Assembly Meeting The indexes whose value has recorded increase today are - ERS10 for 0,32% and MIRS for 1,92%. The * Integral sistem a.d. - 8th Shareholders’ Assembly Meeting values of the RS FIN and GIRS indexes have remained unchanged, while other indexes have * Leotar UT a.d. Trebinje - 10th Shareholders’ Assembly Meeting recorded decrease of the value – BIRS for -0,34% and FIRS for -0,29%. www.fima.com

Page 1 FIMA Int. a.d. Banja Luka * Srpska 63 * BiH * Tel: +387-51-329 203 * Fax: +387-51-329 212 * More info on capital market on http://www.fimabl.ba ; e-mail: [email protected] FIMA Int. Stock Monitor

MARKET MULTIPLES Last Issuer MkCap P/E P/CF P/S P/Bv EV/EBITDA EV/S price (BAM million) (KM) 06 07 06 07 06 07 06 07 06 07 06 07 TELECOM Telekom Srpske 0,95 467,8 6,1 5,9 2,9 2,9 1,3 1,2 1,0 1,0 3,5 3,0 1,7 1,4

ENERGY Rafinerija nafte Bosanski Brod 0,22 90,4 -1,6 -1,4 -2,4 -2,1 87,4 8.662,5 0,3 0,5 -12,4 -13,4 198,0 19.713,5 Rafinerija ulja Modriča 0,23 46,8 334,0 38,2 17,3 12,3 1,1 1,1 0,2 0,2 13,3 10,9 1,2 1,1 Hidroelektrane na Trebišnjici 0,30 115,5 47,0 -8,7 6,0 22,7 2,4 3,8 0,1 0,1 6,2 20,7 2,8 4,2 Elektrokrajina Banja Luka 0,57 52,6 -3,2 27,7 35,2 2,8 0,4 0,4 0,2 0,2 24,9 17,9 0,6 0,5 RITE 0,27 67,8 128,2 48,3 2,6 2,5 0,7 0,6 0,2 0,2 3,4 2,9 1,0 0,8 Hidroelektrane na Drini 0,30 132,6 39,9 148,1 8,2 11,1 4,7 5,8 0,3 0,3 8,7 10,3 4,7 5,7 Elektro-Bijeljina 0,80 30,8 267,3 361,1 4,3 3,7 0,5 0,5 0,2 0,2 7,9 5,4 0,6 0,6

INDUSTRY Birač Zvornik 0,05 35,0 119,4 -3,7 3,5 22,1 0,3 0,4 0,2 0,2 50,3 -22,9 1,0 1,3 Hemijska industrija destilacije Teslić 0,69 15,0 59,8 35,2 23,4 17,9 1,9 1,7 1,1 1,0 24,0 19,3 2,0 1,8 Metal Gradiška 0,42 6,5 157,4 25,3 5,6 4,0 0,2 0,2 0,4 0,3 9,0 6,9 0,2 0,2

RETAIL Tržnica Banja Luka 1,31 26,7 9,1 11,6 7,2 8,7 2,0 1,5 1,0 0,9 10,2 7,6 2,1 1,7

MARKET MULTIPLES Last MkCap (BAM NAV (BAM NAV per NAV discount price million) million) share P / NAV

INVESTMENT FUNDS ZIF Zepter 3,00 22,3 96,0 12,9 76,7% 0,2 ZIF Kristal Invest 3,98 12,8 47,1 14,6 72,8% 0,3 ZIF Invest Nova 0,10 18,3 28,7 0,2 36,2% 0,6 ZIF Euroinvestment 9,50 10,3 22,1 20,4 53,4% 0,5 ZIF BLB-Profit 3,90 6,7 14,8 8,6 54,5% 0,5 ZIF Aktiva Invest 4,50 5,9 10,6 8,0 43,8% 0,6 ZIF Polara Invest 5,50 9,2 16,1 9,6 42,8% 0,6 ZIF VB 5,99 9,1 9,0 5,9 -1,5% 1,0 ZIF Balkan Investment 4,90 5,6 9,1 7,9 37,6% 0,6

Page 2 FIMA Int. a.d. Banja Luka * Srpska 63 * BiH * Tel: +387-51-329 203 * Fax: +387-51-329 212 * More info on capital market on http://www.fimabl.ba ; e-mail: [email protected] FIMA Int. Stock Monitor

Contacts:

Sonja Topalović………………………………………………………… [email protected] (+387) 51 329 201 Milan Sančanin, broker...... [email protected] (+387) 51 329 202 Stevo Jovičić, broker...... [email protected] (+387) 51 329 203

FIMA Int. a.d. Srpska 63 Banja Luka telefon:++ 387 (51) 329 203 telefax:++ 385 (51) 329 212 e-mail: [email protected] http:// www.fimabl.ba

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