INTERCITY BROKER JSC WEEKLY REPORT BROKER-DEALER COMPANY Member of Stock Exchange t h t h Member of Central Securities Depository and Clearing house F e b r u a r y 9 – 1 3 2 0 0 9 52 Maksima Gorkog St., Belgrade, Tel: +381 (11) 3083-100, 3087-862; Fax: +381 (11) 3083-150 e-mail: [email protected]; www.icbbg.rs Downturn Continues Fluctuation of Stock Exchange The overall turnover in shares amounted to modest EUR 5.2m as a result of quite dormant trading sessions reaching (%) Indices in the Region (1-m Change) only 58% of volume from the previous week. Blue chip 20 Belex15 index lost 0.74% and composite Belexline index fell 0.94%. Company Bambi’s shares (BMBI) continued to 15 grow and jumped over 12% during the past week as well as Imlek’s shares (IMLK) with a raise of 30%. The increased 10 trading in shares of the companies, which have the same majority shareholder company Danube Foods Group, came 5 as a result of enforced Decisions on Acquisition of the 0 proprietary shares adopted in 2008. 14-Jan 20-Jan 26-Jan 1-Feb 7-Feb 13-Feb C-bank’s Governor Jelasic sees 2009 GDP growing 1.8% and -5 crisis in SEE lasting until 2011. C-bank keeps key repo rate unchanged at 16.5% and relaxes reserves requirements; Loan-to- -10 Capital Ratios to spur economic growth. Bidding deadlines for agricultural company Dragan Markovic, glass manufacturer -15 Industrija stakla Pancevo and river transport company Kamenko Gagrcin extended. Sale of Genex Tower delayed to March 27. Norwegian telecommunications company Telenor's Serbian unit BELEX 15 CROBEX SBI 20 2008 EBITDA up 35% to EUR 165m. Contract on Elaboration of BIRS NEX 20 preliminary project for new bridge in Novi Sad signed; international call for contractor will be announced in September. Gazprom to Source: Official Websites invest up to EUR 218m in NIS in 2009. EUR 27m to be invested in New Belgrade Railway Station.

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C O N T I N U O U S T R A D I N G M E T H O D

Most Active Stocks of the Week Top Gainers/Losers of the Week

Traded Value Change Change Issuer Symbol Issuer Issuer (in RSD) (%) (%)

Univerzal banka a.d. Imlek a.d. AIK banka UNBN 37,215,215 +30.43% -17.30% Beograd Beograd a.d. Niš Agrobačka Velefarm a.d. Bačka Agrobanka a.d. Beograd AGBN 31,863,142 +19.57% a.d. Beograd -15.51% Topola Bambi Banat a.d. Univerzal Telefonija BMBI 29,841,118 +16.65% -12.37% Beograd banka a.d. a.d. Beograd Bambi Banat Iritel a.d. a.d. AIK banka a.d. Niš AIKB 20,311,574 +12.29% Beograd -11.99% Požarevac Informatika Jubmes banka NLB banka a.d. Beograd NLCB 19,334,700 +11.11% -11.85% a.d. Beograd a.d. Beograd

Business News of the Week News from the (BSE)

Ocean Atlantic International to Invest EUR 80 Million in ► Energoprojekt Niskogradnja a.d. Beograd (EPNS) – Convening of Retail Centre in Novi Sad Extraordinary Shareholders Meeting U.S.-based Ocean Atlantic International plans to invest 80 ► Planinka a.d. Kuršumlija (PLNN) – Management Board Decision million euro (USD 102.7 million) in the construction of a on Acquisition of the proprietary shares shopping centre in Novi Sad, in northern Serbia, the company said. The centre, which will create about 1,500 ► Beteks a.d. Beograd (BTKS) – Announcement regarding the jobs and whose sales area will total 39,000 square metres, compulsory sale of shares will be the biggest shopping centre in Serbia’s northern Vojvodina province. Ocean Atlantic International has been ► a.d. Beograd (ENHL) – New contract worth present in Serbia since 2006. The construction of its USD 8.7m signed in Ghana Galeria commercial and residential complex in Serbia's Foreign Investors Participation in Turnover of Shares (FIS) capital Belgrade is at the final stage. (Source: SEENews) No Deposits From the End of February 100% The National Bank of Serbia (NBS) announced that it 80% would reach the decision by the end of February the aim of which would be to free all citizens of obligation to deposit a 60% 30% down payment for loans indexed to foreign currency. This should support banks' credit activity and the banks 40% announce that they would adapt their offer to the NBS. The central bank's Vice-governor Mila Eric-Jovic stressed the 20% decision is only to refer to clients for whom a bank deemed to be able to settle their obligations without delays and 0% added that credit capacity is the key element when 9-Feb 10-Feb 11-Feb 12-Feb 13-Feb granting a loan. (Source: Dnevnik) Serbia, Bosnia Plan to Invest EUR 435 Million in Four Total FIS b-FIS s-FIS Hydropower Plants Source: Belgrade Stock Exchange Serbia and Bosnia plan to invest jointly 435 million euro ($563 million) in the construction of four hydropower Foreign Investors Participation on the buy-side (b-FIS) hit the highest plants. The plants (Buk Bjela, Foca, Paunci and Sutjeska) point on February 9, 2009 (60.98%). On weekly level, foreign investors will use the hydro potential of the upper flow of the Drina participated in Total b-FIS 24.87%%. river, which forms most of the border between Bosnia and Middle Exchange Rate E U R / R S D Serbia. Their combined annual electricity output is planned to reach 800 gigawatt hour and the signing and the (RSD) implementation of the project will start very soon after the 97 completion of the project's feasibility study completion. 96 (Source: Republic of Srpska Government) 95 Serbia to Receive Additional IPA Funds 94 93 Following the meeting between Serbian officials and the 92 European Commission delegation, headed by 91 Enlargement Commissioner Olli Rehn, Deputy Prime 90 Minister for EU Integration Bozidar Djelic said that they 89 agreed that Serbia should receive additional IPA funds and 88 the exact amount will soon be determined. He pointed out 87 that Serbia has already started negotiations with the 86 European Commission concerning its macroeconomic 85 assistance, worth EUR 400 million, through favorable 14-Jan 19-Jan 24-Jan 29-Jan 3-Feb 8-Feb 13-Feb loans. Djelic added that the possibility of receiving an additional USD 300 million is being discussed with World Bank representatives, which should be approved at the bank’s annual assembly, scheduled for April. (Source: Middle Exchange Rate RSD vs. Major Currencies Serbian Government) Agreement on Reconstruction of Djerdap Signed 9-Feb 10-Feb 11-Feb 12-Feb 13-Feb 91.8676 92.0966 92.3004 93.1318 93.6864 The president of the Serbian Chamber of Commerce Milos EUR Bugarin stated that an agreement was reached on the reconstruction of Hydro Power Plant Djerdap, as a part of 71.2373 71.6705 71.4510 72.1393 72.4734 the agreement on old clearing debt, and the price set was USD USD 139.7 million. This opened a new road for the 61.2124 60.8943 61.6981 62.2040 62.5368 cooperation between Serbia and Russia in reconstruction CHF and construction projects in energy sector. The agreement 104.8238 106.2612 103.1289 103.6872 104.2350 on regulating clearing debt amounting to USD 288.6 GBP million was signed in April 2007 in Belgrade and one of the provisions of this agreement says Russia has to finance Source: National Bank of Serbia the reconstruction of hydro power plant Djerdap (Source: Beta)

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