FIMA Daily Insight IN FOCUS – STOCK EXCHANGE

8-Dec-09

BLSE STOCK MARKET BIRS Last Change The total turnover at the Banja Luka Stock Exchange has 1.005,16 0,00 been BAM 549.769 today. % daily 0,00% % YTD -1,52% The largest turnover of BAM 451.427,24 has been realised with the – war damage 3 bonds. They Stock Turnover (BAM) 18.555 have been traded on 40,8643% of the nominal price (BAM Total MCAP (BAM mn) 1.744,39 1,00) which represents the price increase of 2,86%. The Source: www.blberza.com Republika Srpska – war damage 2 bonds have been traded on 40,1401% of the nominal price which is 1,5% higher BIRS- MOVERS price in comparison to the previous trading, and the

ZERS-R-A 0,0% realised turnover was BAM 26.812,70. The Republika VITA-R-A 0,0% Srpska – war damage 1 bonds have recorded increase of TRZN-R-A 0,0% TLKM-R-A 0,0% 5,1%, so taht today they were traded on 41,4069% of the SEMB-R-A 0,0% RTEU-R-A 0,0% nominal price and the realised turnover was BAM RNAF-R-A 0,0% 19.059,61. RITE-R-A 0,0% RFUM-R-A 0,0% PDPT-R-A 0,0% At the quotation of funds, the largest turnover of BAM NOVB-R-A 0,0% MRDN-R-A 0,0% 10.563,51 has been realised with the ZIF Euroinvestment MIRA-R-A 0,0% METL-R-A 0,0% fond Inc. Banja Luka shares. They have been traded on the KRJN-R-A 0,0% average price of BAM 9,50 which represents the price KDVO-R-A 0,0% HETR-R-A 0,0% decrease of -1,04%. The ZIF BLB - profit Inc. Banja Luka HELV-R-A 0,0% HEDR-R-A 0,0% shares has recorded increase of the share price for 4,76%, ELDO-R-A 0,0% while the largest price decrease of -2,16% had the ZIF ELBJ-R-A 0,0% EKHC-R-A 0,0% Balkan investment fond Inc. Banja Luka. EKBL-R-A 0,0% EDPL-R-A 0,0% DEST-R-A 0,0% The gainers of the day on Banjaluka Stock Exchange are: CIST-R-A 0,0% BVRU-R-A 0,0% Republika Srpska - war damage 1 (5,1%), ZIF BLB - profit BOKS-R-A 0,0% Inc. Banja Luka (4,76%), Republika Srpska - war damage BLPV-R-A 0,0% BIRA-R-A 0,0% 3 (2,86%), Republika Srpska - war damage 2 (1,5%) and -15% -10% -5% 0% 5% 10% 15% ZIF Jahorina Koin Inc. Pale (0,28%).

Source: www.blberza.com The largest price decrease on todays trading had the

BIRS 3 MONTH MOVEMENT following issuers: ZIF Balkan investment fond Inc. Banja Luka (-2,16%), ZIF Zepter fond Inc. Banja Luka (-1,82%) 1.100 and ZIF Euroinvestment fond Inc. Banja Luka (-1,04%).

1.050 The BIRS and ERS10 indexes have remained unchanged, 1.000 while the FIRS index has recorded decrease of the value for -0,43%. 950

900

9 9 9 9 9 9 9 .0 .0 .0 .0 .0 .0 .0 .9 .9 0 0 1 1 2 8 3 .1 .1 .1 .1 .1 2 8 3 7 2 7 2 2

Source: www.blberza.com

For more information please contact us via mail [email protected] or on tel. +387 51 329 200

1 FIMA Daily Insight IN FOCUS – BANJA LUKA STOCK EXCHANGE

NEWS: Hypo Alpe-Adria-Bank a.d Banja Luka – The public offering of shares on the Stock Exchange The subject of the public offering shall be 17,963 shares with the THE MOST ACTIVE TOP 5 (BAM) nominal value of BAM 1.00. Minimum tick size is BAM 0.01. The RSRS-O-C 451.427 symbol in the BST is KRLB-PA2. The public offering on the Stock RSRS-O-B 26.813 Exchange shall start on 4 December 2009 when a member of the RSRS-O-A 19.060 Banja Luka Stock Exchange entitled by the issuer shall enter the TLKM-R-A 18.555 sell order into the trading system. The public offering shall be EINP-R-A 10.564 active until the all of the offered shares are sold or until the end Source: www.blberza.com of the public offering (14 December 2009). On 7 December 2009, from 9:30 + “random time” (time from 1 to 120 seconds), the transactions can be executed . Buyers’ brokerage house can enter the buy orders at the price which is equal or more than the nominal price by minimum tick size. Minimum number of shares

TOP 5 ADVANCES % in buy orders is 100 shares. (Source: www.blberza.com) RSRS-O-A 5,10 BLBP-R-A 4,76 Vienna Stock Exchange started calculating index of Banja RSRS-O-C 2,86 Luka and Stock Exchange (BATX) on 1 December RSRS-O-B 1,50 2009 JHKP-R-A 0,28 On the basis of a contract signed between Banja Luka, Sarajevo Source: www.blberza.com and Vienna Stock Exchange, as of today, 1 December 2009, the Vienna Stock Exchange starts to calculate and publish an index that includes stocks listed on the Banja Luka and Sarajevo Stock Exchange. The index name is BATX - Bosnian Traded Index. The BATX includes six most liquid and largest companies, two listed TOP 5 DECLINES % on the Banja Luka Stock Exchange and four listed on the BLKP-R-A -2,16 Sarajevo Stock Exchange. The largest share in the initial ZPTP-R-A -1,82 composition of the index will have Telekom Srpske ad Banja Luka. EINP-R-A -1,04 Nova Banka ad Banja Luka will be the second company listed on - 0,00 the Banja Luka Stock Exchange that will be included in the BATX - 0,00 initial composition. The BATX is calculated with the initial value of Source: www.blberza.com 1,000 points (5 January 2009), and opening value of the index is 965.75 points on 1 December 2009. The minimum value of the index was 662.85 points on 9 March 2009, while the highest value of BATX amounted 1061.60 points on 23 September 2009. The BATX is the first investable index that includes shares listed B&H LT CREDIT RATING on the Banja Luka and Sarajevo Stock Exchange. Index will serve Moody's: B2 as the basis for creation of derivative securities (structured Standard&Poor's: B+ products, futures and options). Index is calculated and published Source: www.cbbh.ba in real time, in three currencies (BAM, EUR and USD). The BATX will further increase the visibility of the capital market in Republic of Srpska and to international investors and provide them with additional opportunities for investment in the Banja Luka and Sarajevo Stock Exchange. (Source: www.blberza.com)

For more information please contact us via mail [email protected] or on tel. +387 51 329 200

2 FIMA Daily Insight IN FOCUS – BANJA LUKA STOCK EXCHANGE

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

INVESTMENT FUNDS

ZIF BLB-Profit 4,40 7,6 12,6 7,3 39,8% 0,6

ZIF Balkan Investment 3,62 4,2 8,1 7,0 48,6% 0,5

ZIF Bors invest 3,99 5,0 8,1 6,4 37,7% 0,6

ZIF Euroinvestment 9,50 10,3 21,2 19,6 51,5% 0,5

ZIF Aktiva Invest 3,72 4,9 10,2 7,7 51,9% 0,5

ZIF Invest Nova 0,06 11,6 20,8 0,1 44,2% 0,6

ZIF Jahorina Koin 3,58 7,1 5,1 2,6 -37,7% 1,4

ZIF Kristal Invest 5,50 17,7 41,3 12,8 57,1% 0,4

ZIF Polara Invest 6,00 10,1 21,3 12,7 52,8% 0,5

ZIF Privrednik invest 2,00 2,2 5,0 4,6 56,4% 0,4

ZIF VB 4,50 6,9 8,8 5,7 21,7% 0,8

ZIF VIB 2,80 5,6 12,4 6,2 54,9% 0,5

ZIF Zepter 5,40 40,2 97,5 13,1 58,7% 0,4

AVERAGE: 51,1%

(Source of the NAV is www.blberza.com on the 17.11.2009.)

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

For more information please contact us via mail [email protected] or on tel. +387 51 329 200

3 FIMA Daily Insight IN FOCUS – BANJA LUKA STOCK EXCHANGE

DISCLAIMER

FIMA Daily Insight is a daily publication of FIMA International Inc. which comments for the needs of its users dynamics of trading financial instruments on capital markets in the Republic of Srpska, transfers and publishes parts or entire selected news from various publicly available sources and media of interest for the investor community, and offers overview of the selected parameters of financial instruments trading on Banja Luka Stock Exchange. The content uses publicly available records published by the selected relevant sources and public information services (Banja Luka Stock Exchange, publicly available financial reports of the Issuer, publicly available opinions of representatives of the Issuers etc.). Although we believe that the stated information and other records are reliable, we do not guarantee for their accuracy, completeness or timeliness.

The publication has been of informative character and may not be deemed to be an invitation for purchase or sale of financial instruments being mentioned in it. Prices of financial instruments, and there from also return on investment from financial instruments may vary and cause profit or loss. Investment in financial instruments commented in this publication include certain risk, financial instruments are not necessarily available in all legal-regulatory environments, they may be illiquid and may be inadequate for some investors. Value or profit realized based on any financial instrument may vary and/or be under the influence of exchange rate differentials and other risks. Investment returns from the history are not indicators of future returns. Investors should independently make their decisions on investment, without relying on this publication.

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This publication is considered to be promotional communication. All significant sources of information used in preparing of this publication were stated in its text.

In preparing this publication the results of the fundamental and technical analysis may be used including also internally developed evaluation models. If it is the case of an internally developed evaluation model, the basic methodology shall be presented and publicly available to the investors at the Company's web page www.fimabl.ba or in the other legally permitted manner.

The seat of the Company FIMA International Inc. is in Banja Luka, Srpska 63, whereas the operating of the Company has been supervised by the Republic of Srpska Securities Commission. The company was entered into the Court Register of the Primary court Banja Luka under the number: 1-16231-00.

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