INTERCITY BROKER JSC WEEKLY REPORT BROKER-DEALER COMPANY Member of Stock Exchange t h t h Member of Central Securities Depository and Clearing house A p r i l 2 7 – A p r i l 3 0 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 Stocks Gain Ground, Blue-chip Banks Lift Turnover After another, third in a row, shorter trading week, turnover Fluctuation of Stock Exchange Indices on (BSE) jumped to over EUR 4.5 million due to trading in shares of Univerzal banka (%) in the Region (1-m Change) (UNBN) and (KMBN) banks. At the 12 end of three of four working days, the BSE indices closed in green ending in their weekly growth - blue-chip index 8 BELEX15 5.67% and composite index BELEXline 4.16%. On Tuesday, another total issuance of 3-mo T-bills was sold at the annual interest rate of 15.8%. 4 News of the week is undoubtedly that EBRD invested EUR 40m for 24% stake in Serbian largest agribusiness which 0 set off the rise in share prices of the Group’s member companies 31-Mar 6-Apr 12-Apr 18-Apr 24-Apr 30-Apr Soya protein (SJPT) and Veterinary institute Subotica (VZAS). Signing of the agreement regarding South Stream was announced -4 for the middle of June. Government got 15 bids for 20 Km section of Horgos-Novi Sad highway. President Tadic said that the Electrical Power Industry of Serbia will not be sold now. German -8 company RWE interested in investments in Vojvodina Province. The Parliament adopted revised 2009 Budget. 1-Y T-bills as well BELEX 15 CROBEX SBI 20 as municipal bonds might be issued this year. First industrial park BIRS NEX 20 in the South of Serbia to be opened in Vladicin Han municipality. Italian company Hydro-One is buying land in Priboj municipality for mini hydro power plants. Serbia's Insurance sector grows 16.5% in Source: Official Websites 2008.

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

Traded Value Change Change Issuer Symbol Issuer Issuer (in RSD) (%) (%) Univerzal banka UNBN 139,825,900 Vino župa a.d. +14.61% Putevi a.d. -16.64% a.d. Beograd Aleksandrovac Užice

Komercijalna banka a.d. Komercijalna Politika a.d. KMBN 132,121,960 +13.75% -13.56% Beograd banka a.d. Beograd Bambi Banat Hladnjača Čačak Soja protein a.d. HLCA 12,758,220 a.d. Bečej +9.82% -11.79% a.d. Čačak Požarevac Energoprojekt Napred GP AIK banka a.d. Niš AIKB 10,479,113 holding a.d. +9.56% a.d. Beograd -11.67% Credy banka Zastava procesna Agrobanka a.d.Kragujeva ZPOK 8,486,100 a.d. Beograd +8.59% -11.34% oprema a.d. c

Business News of the Week News from the Belgrade Stock Exchange (BSE)

EBRD Takes EUR 40m Worth Equity Stake In Victoria ► Tigar a.d. Pirot (TIGR) – Decision On Convening Of Shareholders Group Assembly The EBRD is making an equity investment of EUR 40m ► Globos osiguranje a.d. Beograd (GLOS) – Report On Shareholders in Victoria Group, Serbia’s largest private agribusiness Assembly company, to help the company raise corporate governance standards and expand operations. Victoria ► Komercijalna banka a.d. Beograd (KMBN) – Call For Shareholders Group operates the largest crushing seed capacities in Assembly southeastern Europe. Its operations include edible oil, ► Zorka Pharma a.d. Šabac (ZOPH) - Report On Shareholders fertilizer, veterinary and animal feed production as well Assembly as grain logistics. The EBRD will also be represented on the company’s Supervisory Board. The balance sheet ► Planinka a.d. Kuršumlija (PLNN) – Decision On Acquisition Of restructuring will support the group’s plans to invest Proprietary Shares further in higher value-added products for human consumption, such as soy-based products, which have Foreign Investors Participation in Total Turnover application in the meat, pharmaceutical and 100% confectionary industries. (Source: EBRD Press Release) Serbia A Step Away From Full Membership Of 80% Energy Charter 60% Minister of Energy and Mining Petar Skundric said that 40% becoming a full member of the Energy Charter Treaty (ECT) precedes EU entry, adding that for Serbia signing 20% the ECT means it will become part of the integrated energy market in Europe and Eurasia, as well as that it 0% will join the World Trade Organization more easily. 27-Apr 28-Apr 29-Apr 30-Apr Serbia will duly harmonize domestic energy-related legal acts with the norms which are the basis for the ECT, stressing that there are not many discrepancies as it is, Total FIS b-FIS s-FIS FIB he said. (Source: Serbian Government) Source: Belgrade Stock Exchange Starting Price For Footwear Industry Beograd RSD Foreign investor’s participation in turnover of shares (FIS) on the buy- 402m (EUR 4.2m) side (b-FIS) hit the highest point on April 30 (88.28%) and their trading in Footwear (leather) industry Beograd in restructuring will government bonds (FIB) on April 27 (72.15%). On weekly level, foreign be offered for sale on June 19, at the price of RSD investors participated in total b-FIS 80.93% and in total s-FIS 43.10%. 402m. A 97.8% stake in the company amounts to RSD Republic of Serbia Bonds (Yield) 2.5 billion. The deadline for submission of applications is m June 11. The auction will offer administrative buildings in Kumodraska Street and Aleksandar Dubcek Street, as Series 24-Apr-09 30-Apr-09 % change well as other three production facilities in Belgrade and A2009 98.94 99.15 0.21% Zemun. The company disposes of 16,726 square meters A2010 93.33 93.50 0.18% of construction land which is a public property and A2011 88.09 88.36 0.31% 37,877 square meters of land owned by the state. A2012 83.86 83.18 -0.81% (Source: Pregled) A2013 78.35 78.65 0.38% Government Plans To Complete Digital TV A2014 73.92 74.08 0.22% Switchover By 2012 A2015 69.77 69.87 0.14% Minister Matic specified that the process will cost around A2016 66.39 66.46 0.11% EUR 100m and recalled that the strategy for switching m from analogue to digital television in Serbia is in the final Middle Exchange Rate E U R / R S D stage and the government will most likely adopt the final version in June and afterwards the legal framework will be completed. Two-day round table discussion, attended (RSD) by delegations from 19 Central and Eastern European 95.5 countries, was organized by the Serbian Ministry of Telecommunications, in cooperation with the 95.0 International Telecommunication Union and allowed the 94.5 exchange of experiences and help surmount the obstacles. (Source: Serbian Government) 94.0 Company "Tigar" Invested In The Development Of 93.5 Industrial Facilities RSD 1.2bn 93.0 In 2008, blue-chip company "Tigar" (TIGR) invested in 92.5 the development of industrial capacity RSD 1.2bn, from funds related to transactions with "Michelin" and long- 31-Mar 6-Apr 12-Apr 18-Apr 24-Apr 30-Apr term investment loan, and generated sales revenue of RSD 3.3bn of which half is realized in exports. One third of the RSD 168m net profit will be paid to shareholders via dividends. (Source: eKapija) Source:

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