INTERCITY BROKER JSC WEEKLY REPORT BROKER-DEALER COMPANY Member of Member of Central Securities Depository and Clearing house 1 2 . 0 1 . - 1 6 . 0 1 . 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 Trading Week of Small Turnovers Fluctuation of Stock Exchange The week behind us will be primarily identified by small Indices in the Region (1-m Change) turnovers. As a consequence of a lethargic trading, the (%) Belex15 Index lost 2.53% while the Belexline Index 30 dropped 2.44%. The key player on the sell side was the Share Fund of the Republic of Serbia. It has successfully sold block of shares by Minimum price (MP) method in 20 several smaller companies in addition to shares of Sinter and Beogradsped companies sold via Continuous trading 10 method. Small turnovers portrayed trading on all regional stock exchanges as well as major global stock exchanges, especially after the announcement that in December 0 500,000 people in the USA become jobless. 16-Dec 22-Dec 28-Dec 3-Jan 9-Jan 15-Jan The Privatization Agency extended the deadline for the -10 submission of final binding offers for RTB Bor until February 27. On the subject of free shares of public -20 enterprises, it is almost certain that citizens of Serbia will BELEX 15 CROBEX SBI 20 firstly get the shares of NIS. According to the Freedom House’s Report, Serbia is a free country with a fairly high BIRS NEX 20 level of political and human rights. The national carrier JAT Airways reported 4% increase in number of passengers in 2008 y/y and got a business offer from Guinea Source: Official Websites representatives. Serbia officials will be attending the Gas Summit in Moscow.

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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) (%) (%) Veterinarski Čačanska ENHL 46,429,045 zavod +16.00% banka a.d. -18.77% a.d. Beograd Subotica a.d. Čačak Pupin Globos Alfa plam a.d. Vranje ALFA 40,121,061 Telecom a.d. +13.26% osiguranje a.d. -15.23% Zemun Beograd

Beogradšped a.d. BESP 10,451,100 Agrocoop a.d. +13.01% Imlek a.d. -13.24% Beograd Novi Sad Beograd Galenika Koža Co a.d. Kragujevac KZCO 10,150,000 Lasta a.d. +5.02% Fitofarmacija -12.02% Beograd a.d. Zemun Energoprojekt Sinter a.d. Užice SINT 8,520,200 holding a.d. +2.91% Ratko Mitrović -11.43% Beograd a.d. Beograd

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

Company East Point Announced EUR 110m ► NLB LHB banka a.d. Beograd (LHBN) - Decision on termination Investments in 2009 of temporary suspension of trading in shares of the Issuer and exclusion of shares The President of the company, Mr. Zoran Drakulić, ► Tigar a.d. Pirot (TIGR) - Report regarding Management Board announced that EUR 60m would be invested in Serbia, Meeting EUR 30m of which in bakery industry. As he explained, ► Radijator a.d. Zrenjanin (RDJZ) - Convening of the Shareholders part of the funds will be allocated for construction of a new Assembly bakery on the Pančevo road, while about EUR 10m will be ► Zorka Pharma a.d. Šabac (ZOPH) - Report regarding invested in the chains of small bread and coffee shops Shareholders’ Assembly called "Point kafe". ► Ikarbus a.d. Zemun (IKRB) - Convening of the Shareholders Drakulić said that about 17m EUR would be invested in Assembly Yugoslav River Shipping and that the sales contract should be signed in February. As he explained, EUR 20m Foreign Investors Participation in Turnover of Shares (FIS) worth of investment in Novi Sad-based cable factory 100% "Novkabel" is in the pipeline. (Source: Beta) FIAT Punto to Be Launched in March 80%

The newly-established company Fiat Automobiles Serbia 60% has offered the enterprise Zastava Auto a contract on manufacture of “Punto 188”, which should start in March. 40% The existing capacities of the “Punto” production line amount to 20,000 cars a year, but they can be doubled 20% with small investments and engagement of more employees. 0% President of Fiat Automobiles Serbia Giovanni de Filippis 12-Jan 13-Jan 14-Jan 15-Jan 16-Jan insists that the production should not be lower than the one stipulated by the basic contract, which is 7,000 cars. It is important that Zastava has capacities for much higher Total FIS b-FIS s-FIS production, and if the market demands that, it will produce Source: Belgrade Stock Exchange even 40,000 to 50,000 vehicles. (Source: EMportal) Comico Overseas Will Construct Oil Refinery Worth Foreign Investors Participation on the buy-side (b-FIS) hit the highest USD 250m point on January 12, 2009 (64.74%). On weekly level, foreign investors participated in Total b-FIS 29.91%. Memorandum on the construction of oil refinery in Average Rate EUR / RSD Smederevo has been signed by the mayor of Smederevo and the reps of Netherlands-registered Comico Overseas. (RSD) The refinery will be worth USD 250 million. 95 94 The refinery, whose construction would last three years, 93 should be built on Danube River, near Corridor 10 and 92 M24 road; the facility should produce fuel at the highest 91 standards. (Source: Pregled) 90 Italian Fia Invest Interested in Paraćin’s Industrial zone 89 88 Fia Invest, a part of Italian Fia Group, is interested in rental 87 of complete land intended for development of industrial 86 zone between cities Paraćin and Ćuprija, on the location of 85 Zmič. The company would like to build a shopping center, 84 a high-category hotel and a gas station at total surface of 83 200,000 square meters at the area of about 46 ha 82 alongside the Belgrade-Niš highway where the 16-Dec 21-Dec 26-Dec 31-Dec 5-Jan 10-Jan 15-Jan development of infrastructure is underway. Municipality of Paraćin has received the letter of intent sent by Fia Invests’ Belgrade-based company and the Mayor should Average Rate RSD vs. Major Currencies form the team for negotiations. (Source: eKapija) 12-Jan 13-Jan 14-Jan 15-Jan 16-Jan Erste Group Report - CEE Equity Strategy 94.1413 92.1343 92.0368 93.1277 93.0163 The highlights of the Report for Q1 09 and 2009 Outlook: EUR Liquidity data indicates markets calming down; Technical rebound possible in short run; Still too early for equities to 70.2023 69.3991 69.2370 70.5774 70.2805 USD front-run economic cycle; Indebtedness of CEE economies way below western levels; Screening for balance sheet 62.8195 61.9474 62.1534 63.2688 62.7344 quality confirms positive stance on defensives. CHF M&A Ideas for Serbia are the following companies: 105.8838 102.3714 101.0061 103.1948 104.1966 GBP , Galenika Fitofarmacija, Metalac and Energoprojekt. (Source: Erste Group) Source: National Bank of Serbia

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