Address...... Kralja Milana 16 City...... 11000 , Tel...... (+381 11) 3613-148, 3613-564 Fax...... (+381 11) 3612-524 E–mail...... [email protected] Director...... Jasmina Macura EKI Audit Our auditing company EKI Audit was founded by the Economics Institute in Belgrade. It operates as an independent legal entity. EKI Audit utilizes the extended knowledge and experience of its managers and staff relying on the experience and human resources of Economics Institute in Bel- grade, where the EKI Audit staff gained their initial experience in auditing. In addition, our general manager and three employees used to work at Deloitte, Belgrade for a number of years where they worked on a significant number of complex engagements. In the last two years the company has been: - increasing its audit client base by 20% per annum - diversifying its portfolio of services through a number of financial due diligence projects for both domestic and foreign investors as well as accounting consulting - growing by 25% per annum

EKI Audit employees a total of 18 auditors of whom four are licensed statutory auditors.

Three employees have been trained in auditing at Deloitte, Belgrade and have worked on numer- ous IAS engagements both in Serbia and the CIS.

Nearly all staff are proficient in MS Office and the English language.

EKI Audit audit approach For the performance of audit approach, we have chosen a highly professional team with strong technical background and experience in auditing. Our auditing teams include experienced auditors – team managers and a number of team members varying from two to five. All engagement teams are supported by computer specialists for computer controls review and database. All audits are performed in accordance with International Standards on Auditing and Code of Ethics for Profes- sional Accountants.

Our audit approach is based upon the following elements:

Audit Services • Statutory and consolidation report audits; • Consolidation package audits; • Project audits; • Business audits; • Investment audits; • Compliance with contract audits; • Financial statement review; • Various agreed upon procedures (reports on factual findings); • Assistance in ensuring compliance with IAS/IFRS standards (interpretation, initial application, accounting policies, notes to financial reports, etc.); • Accounting and internal control adequacy analysis; Financial Consulting Services • Asset and capital appraisal; • Financial consolidation planning; • Financial and due diligence reports; • Preparation of business plans and investment studies; • Solvency grading; • Privatization planning. • Other services relating to privatization and restructuring; • Other business specific procedures.

Tax Services • Consulting on determining tax obligations; • Consulting on tax avoidance; • Preparation of tax due diligence

References EKI Audit has been selected auditor of the companies as follows:

JSC, Kompresor Belgrade Deloitte LLC, Belgrade AAA -1 Rent LLC, Belgrade Dijamed LLC, Belgrade AAA -1 Rent LLC, Budva Dogland LLC, Belgrade ABS Minel Trafo, JSC, Mladenovac Dunav Stockbroker JSC, Belgrade ABS Minel Elektrogradnja DV (construction and E –Smart System LLC, Belgrade maintenance of power facilities and plants) i DV Enel PS LLC, Belgrade JSC, Belgrade Lesaffre RS LLC, Belgrade ABS Minel Electrical Equipment and Systems JSC, Luka - Bačka Palanka JSC, Bačka Palanka Belgrade – Ripanj Lutra – Agrar Članica Lutra Group LLC, Belgrade ABS Minel Industries, LLC, Zrenjanin Lutra Group LLC, Belgrade ABS ABS Minel Contact Networks JSC, Belgrade Mašinokomerc JSC, Belgrade ABS Minel Project Engineering JSC, Belgrade MD International LLC, Belgrade AgromarketLLC, Kragujevac Metal Globe LLC, Belgrade Agros JSC, Opovo Mia LLC, Belgrade Agroseme JSC, Kikinda Mikro razvoj LLC, Belgrade Agrovojvodina-Komercservis LLC, Subotica Minel Fepo, JSC, Zrenjanin Share Fund of the Republic of Serbia MK Rudnik JSC, Gornji Milanovac Arhi Pro Inžinjering LLC, Belgrade Monterra LLC, Belgrade Ataše LLC, Belgrade MPAD Vapek Članica Lutra Group, Valjevo Banat seme JSC, Zrenjanin Multicon Inženjering LLC, Belgrade Beta Inžinjering LLC, Belgrade Neimar – VJSC, Belgrade Bivoda LLC, Bujanovac Novi Pazar – Put JSC, Novi Pazar BPI LLC, Belgrade Serbian Volleyball Federation Broker Point JSC, Belgrade Olympic Committee of Serbia Daka Servis JSC, Belgrade Orka – Hemija LLC, Belgrade David Pajić Daka JSC, Belgrade Pantomarket Stočar LLC, Čačak Papir Print LLC, Gornji Milanovac Kolubara – Inženjering JSC, Belgrade PD Zaječar a.d, Zaječar Kon tiki travel LLC, Belgrade PIK Južni banat JSC, Bela Crkva Kreativa LLC, Belgrade Pro –teko LLC, Belgrade Maize Research Institute Zemun Polje, Zemun Profiko LLC, Belgrade S – Group LLC, Gornji Milanovac Roaming Electronics LLC, Belgrade Serbian Chamber of Commerce Rolofex, LLC, Gornji Milanovac Serbian State Lottery , Belgrade RT Trans LLC, Belgrade Silos Jakovo JSC, Belgrade – Jakovo Rudo JSC, Belgrade Silos JSC, Kovin Etem SCG LLC, Belgrade Sog line LLC, Belgrade Euromall LLC, Belgrade SP Laboratorija JSC, Bečej Mineral Fertilizer Factory Fertil, Bačka Palanka Srbijalot LLC, Belgrade Family sport BG LLC, Belgrade Srbocoop Plus LLC, Belgrade Family sport LLC, Belgrade Stamparija, LLC, Valjevac FokaLLC, Gornji Milanovac Standard LLC, Kostolac Galenika Fitofarmacija JSC, Zemun T.P. Nama JSC, Šabac Georgeland LLC, Belgrade Telus JSC, Belgrade Gik 1 Maj JSC, Lapovo Trudbenik gradnja LLC Belgrade Hipol JSC, Odžaci Veterinarska stanica, Kraljevo I4 Invention LLC, Belgrade Veterinary Institute JSC, Subotica IB Team LLC, Belgrade Victoria Group LLC, Novi Sad Ikarus Fao JSC, Belgrade Victoria Logistic LLC, Novi Sad Imel Group LLC, Belgrade Victoria Oil JSC, Šid Institute for the Development of Water Resources Viessmann LLC, Belgrade “Jaroslav Černi” JSC, Belgrade Viva VS LLC, Belgrade JP Ingas Inđija Yumco JSC, Vranje Karanovic & Nikolic, partnership law firm, Zitopromet JSC, Zajecar Belgrade ZU Pharmanova LLC, Belgrade KIM- export LLC, Kraljevo Zvezdara Avala LLC, Belgrade Klanica JSC, Divci Članica Lutra Group, Divci Žitoprodukt JSC, Zrenjanin KMKM LLC, Belgrade

Due Diligence Chemical Products Industry Luxol JSC, Simpo JSC, Vranje Zrenjanin – chemical industry Novi Dom JSC, Belgrade Pantomarket LLC, Herceg Novi Jugopetrol JSC, Belgrade OM Reklamna Agencija LLC, Belgrade Nova Banka JSC, Belgrade (for Ogilvy) – advertising agency MB Banka JSC, Niš Institut za Puteve JSC, Belgrade For Erste Bank, Austria: Zrenjanin-based Sugar Plant JSC, Zrenjanin Novosadska Banka JSC, Novi Sad Glass Industry Pancevo Niška Banka JSC, Niš DP Ivanjica Carpet Industry, Ivanjica DP Delišes, Vladičin Han For Nomura Holdings Inc.: Chemical Products Industry Prahovo, Prahovo Vojvodjanska Banka JSC, Novi Sad Audit of Projects Funded by EU PHYSICAL SOCIETY OF SERBIA AND MONTENEGRO, BELGRADE: Project – World Year of Physic 2005 Europe, funded by the Commission of the European Communities; ZRENJANIN EDUCATIONAL CENTRE, Zrenjanin: Project - Implementing the Activities for Support and Development of Women Entrepreneurship and their access to free labour market, funded by the European Agency for Reconstruction (EAR); ASSOCIATION OF PRIVATE SMALL AND MEDIUM ENTERPRISES AND ENTREPRENEURS OF VRŠAC: Project – Forming of Program for Strategic Development of Tourist Industry in the Local Community of Vršac, funded by the European Agency for Reconstruction (EAR); NIP OBRAZOVNI INFORMATOR, BELGRADE: Project – Business Assistant in the Small and Medium Sized Enterprises, funded by the European Agency for Reconstruction (EAR). ECONOMIC AND SOCIAL POLICY INSTITUTE, BELGRADE: Project - Peace Processes in Community Conflicts: From Understanding the Roots of Conflicts to Conflict resolution, funded by the Commis- sion of the European Communities; DMS POWER ENGINEERING GROUP LTD, NOVI SAD: Project -Virtual Balkan Power Centre for Advance of Renewable Energy sources in Western Balkans, funded by the Commission of the Euro- pean Communities. FACULTY OF ELECTRICAL ENGINEERING, BELGRADE: Project - Virtual Balkan power centre for ad- vance of renewable energy sources in western Balkans, funded by the Commission of the European Communities. NIP EDUCATIONAL INFORMATOR, BELGRADE: Project - Business Assistant at the SMSE – the Chance for Finding a Job, Belgrade, funded by the European Agency for Reconstruction (EAR). MUNICIPALITY UŽICE, UŽICE: Project - United Payment System of Public and other Services of Municipality Užice, funded by the European Agency for Reconstruction (EAR); MUNICIPALITIES ZRENJANIN AND ŽITIŠTE: Project - United Payment system of public and other Services of Municipalities Zrenjanin and Zitište, Zrenjanin, funded by the European Agency for Reconstruction (EAR) CENTER FOR RURAL DEVELOPMENT, RESEARCH AND APPLICATION Novi Kneževac: PROJECT - Setup of Innovation Technology Training Centre, Novi Kneževac funded by the European Agency for Reconstruction (EAR), SECONDARY ECONOMIC SCHOOL IN SOMBOR: Project - Enhancing Quality and developing Hu- man Resources in Catering and Food Industry, Sombor, funded by the European Agency for Recon- struction (EAR) CENTAR ZA RURALNI RAZVOJ, ISTRAŽIVANJE I PRIMENU, NOVI KNEŽEVAC: Project - Food from Banat: Networking and Capacity Building of food Producers in Banat Region, Novi Kneževac, funded by the European Agency for Reconstruction (EAR), KREATIVA NEW FORMULA LLC, BELGRADE: Project Support for the implementation of the ec communication strategy in Serbia at Belgrade, Serbia, funded by the Commission of the European Communities, EKONOM EAST MEDIA GROUP, BELGRADE: PROJECT - Events Management Services for the EC Delegation in the Republic of Serbia funded by the Commission of the European Communities, CENTER FOR ADVANCED LEGAL STUDIES: PROJECT – Support to free legal aid and social services, funded by the European Agency for Reconstruction (EAR); Helisinki Committee for human rights in Serbia, Belgrade: Project – Training pro- gramme for human rights lawyers and NGOS from Serbia and Montenegro funded by the Swedish Helsinki Committee Helisinki Committee for human rights in Serbia, Belgrade: Project – Annual report 2007 funded by the Swedish Helsinki Committee Helisinki Committee for human rights in Serbia, Belgrade: Project – Annual report 2008, Helisinki Committee for human rights in Serbia, Belgrade: Project – Annual report 2008 Helisinki Committee for human rights in Serbia, Belgrade: Project – Annual report 2009 funded by the Civil Rights Defenders Helisinki Committee for human rights in Serbia, Belgrade: Project – Prision Monitor- ing 2009 funded by the Civil Rights Defenders Zrenjanin Educational Center, Zrenjanin: Project - WARNING SERBIAN CHILDREN ABOUT THE LURES OF HUMAN TRAFFICKER the funds provided by the Geneva Global inc, Serbian Volleyball Federation – Project of the Ministry of Youth and Sports of the Republic of Serbia Olympic Committee of Serbia - Project of the Ministry of Youth and Sports of the Republic of Serbia Serbian Rowing Federation - Project of the Ministry of Youth and Sports of the Republic of Serbia KYOKUSHI KAI Association of Serbia - Project of the Ministry of Youth and Sports of the Republic of Serbia Helisinki Committee for human rights in Serbia, Belgrade: - Annual Report on Hu- man Rights for 2010 Zvezdara Municipality - Report for an Expenditure Verification of an EC Grant Contract Koceljeva Municipality - Nice Place for Living u okviru programa Exchange 3

Audit Team Mr. Papić was responsible for managing audit project: “ABS Minel Trafo“, JSC, Mladenovac, “Agros” JSC, Opovo“, Agroseme” JSC, Kikinda, “Galenika Fitofarmacija” JSC, Zemun, “Institute for the De- velopment of Water Resources “Jaroslav Černi” JSC, Belgrade, “PD Zaječar” a.d, Zaječar, “Roaming Electronics” LLC, Belgrade, “Serbian Volleyball Federation“, “MD International” LLC, Belgrade, “Veteri- nary Institute” JSC, Subotica, “Victoria Group” LLC, Novi Sad, “Kreativa unlimited LLC, Belgrade, “Luka – Bačka Palanka” JSC, Bačka Palanka, Lutra Group” LLC, Belgrade, “Mašinokomerc” JSC, Belgrade, “Olympic Committee of Serbia”, “Papir print” LLC, Gornji Milanovac.

• Audit and valuation experience • Audit of leading Yugoslav enterprises (electric power industry, media, steel industry, chemical industry, manufacturing companies) • Valuations for a wide range of industries (electric power industry, steel industry, food industry) • Expertise with Yugoslav Accounting Standards, GAAP and International Auditing Standards

Mrs. Jasmina Macura is the Director in EKI Audit. Mrs. Macura has over eighteen years of experi- ence in auditing and prior to joining EKI Audit was a senior manager with Deloitte in Serbia, in charge of the banking sector engagements. In her long career she has managed over 180 audits both in the country and abroad. Mrs. Macura was involved in the very first audit of the fourth larg- est bank in the Russian Federation. She, as an audit senior manager covered a number of statu- tory and international audits. Mrs. Macura managed, both ISA reviews and audits of the Electricity Company of Serbia, Oil Industry of Serbia, JAT Airways, and various utility companies (EBRD proj- ects) in Serbia. In 1999 – 2000 she managed a special audit of over 50 companies (under privatiza- tion) in Republika Srpska in respect of the ownership structure. Additionally, she has theoretical and practical skills in international banking, with a vast experience in auditing, corporate finance, due diligence and diagnostic studies for many banking clients such as: Vojvodjanska banka JSC, Novi Sad, Jugobanka JSC, Belgrade - group subsidiaries, Delta banka JSC, Belgrade, Razvojna banka JSC, Banja Luka, etc. She managed due diligence projects related to privatization. Ms. Macura was a leader on the financial due diligence of Vojvodjanska banka JSC, Novi Sad for NOMURA. Also, she was a leader on the financial due diligence of Novosadska banka JSC, Novi Sad for Erste bank, Austria. Also, she was responsible for Project – World Year of Physic 2005 Europe, funded by the Commission of the European Communities; Project - Implementing the Activities for Support and Development of Women Entrepreneurship and their access to free labour market, funded by the European Agency for Reconstruction (EAR); Project – Forming of Program for Strategic Develop- ment of Tourist Industry in the Local Community of Vršac, funded by the European Agency for Re- construction (EAR); Project – Business Assistant in the Small and Medium Sized Enterprises, funded by the European Agency for Reconstruction (EAR).

Aside from audit, Mrs. Macura has great experience in the field of market research. She also took part in projects such as introduction of marketing function in various domestic industries.

Mr. Lazarevic is a US educated and trained accounting and financial professional with over 12 years of experience as accounting and finance professional both in the United States and Central Europe region. He is US-certified accountant and also holds a graduate degree in finance and pub- lic accounting from the University of Maryland.

Mr. Lazarevic has significant experience in financial advisory, audits and due diligence assignments of large enterprises in the central Europe region and the United States, including significant SEC exposure. Mr. Lazarevic managed a number of large audits, due diligence and financial advisory assignments in the Central Europe region over the past 4 years. Mr. Lazarevic through his roles as the leader of many audit, financial advisory and due diligence assignments has keen and in depth understanding of key business, financial and regulatory issues in Serbia and the region.

Key client reference list includes US Steel, Coca-Cola, Hellenic Petroleum, Basic Element, Hellenic Petroleum, Oil and Gas Industry of Serbia (NIS), Dunav Insurance, DDOR Insurance, Hyatt, Microsoft, Procter & Gamble, Imlek (Danube Foods Group), Carlsberg, Kolinska.

Ms. Slobodanka Pravilović has over 30 years of audit and financial consulting and advisory experi- ence. Also, she has an extensive facilitator experience covering the area of International Accounting Standards and International Standards on Auditing. Currently, she manages the audits of the big- gest companies from the various industry sectors. In addition, Ms. Pravilović organized and super- vized number of audits of the major companies. She was responsible for managing audit project: Petroleum Industry of Serbia, Petroleum Industry of the Republic of Srpska, HIP Petrohemija (audit and program of restructuring of liabilities), Toza Marković, Kikinda, Ratko Mitrović, Belgrade, Sartid, Smederevo, BFC-Lafarge, Tigar JSC Pirot, Hemofarm, Vršac, Galenika, Belgrade, Hipol Odzaci, Sevojno, Takovo and “Тakovo Fabri”, Gornji Milanovac, Kompanija Dunav, , DDOR Novi Sad, etc. Ms. Pravilović published number of articles and publications for the simpo- siums organized from the association of the accountants and auditors of Serbia, as well as Republic of Srpska and Macedonia. Also, she was responsible for Project - “United Payment System of Pub- lic and other Services of Municipality Užice”, funded by the European Agency for Reconstruction (EAR); Project - “United Payment system of public and other Services of Municipalities Zrenjanin and Zitište”, Zrenjanin, funded by the European Agency for Reconstruction (EAR). Ms. Pravilović published number of articles and publications for the simposiums organized from the Association of the Accountants and Auditors of Serbia, as well as Republic of Srpska and Macedonia. She was a member of the team providing the financial data and analyses for the following stydies: - Analyses of the circumstances in the Electrical industry, carried out for IBRD-SAL II - IBDR – reconstruction of industry study (for the companies sponsored by IBDR-FSAL)

Mrs. Branka Samardžić has over nine years of experience in auditing. Mrs. Samardžić has been involved in auditing of enterprises and banks in Serbia and the Republic of Srpska, in accordance to the International Accounting Standards and local Generally Accepted Accounting Principles. Mrs. Samardžić was a team member in charge of auditing loan portfolios of banks in request from National Bank of Yugoslavia. Her most important audits: “Agrovojvodina - Komercservis”, LLC, Sub- otica, “Enel PS” LLC, Belgrade, “Etem SCG” LLC, Belgrade, “Euromall” LLC, Belgrade, “Mineral Fertilizer Factory Fertil” JSC, Bačka Palanka, “Family sport BG” LLC, Belgrade, “Family sport” LLC, Belgrade, “Foka” LLC, Gornji Milanovac, “Galenika Fitofarmacija” JSC, Zemun, “Veterinary Institute” JSC, Sub- otica, “Victoria Group” JSC, Novi Sad“, Minel projektinzenjering” JSC, Belgrade, “Minel trafo” JSC, Mladenovac, “PIK Južni banat” JSC, Bela Crkva, “Serbian Chamber of Commerce“, Belgrade, “Profiko” LLC, Belgrade, “Roaming Electronics” LLC, Belgrade, “Rolofex”, LLC, Gornji Milanovac, “Telus” JSC, Bel- grade. Also, she was responsible for Project -“Virtual Balkan Power Centre for Advance of Renew- able Energy sources in Western Balkans”, funded by the Commission of the European Communities, Project - “Business Assistant at the SMSE – the Chance for Finding a Job”, Belgrade, funded by the European Agency for Reconstruction (EAR).