INTERCITY BROKER JSC WEEKLY REPORT BROKER-DEALER COMPANY Member of t h t h Member of Central Securities Depository and Clearing house A p r i l 6 – A p r i l 1 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 BSE Share Indices Rise In Thin Turnover This week’s turnover on the Belgrade Stock Exchange (BSE) was EUR 3.55 million of which EUR 1.24 million was spent on shares Fluctuation of Stock Exchange Indices and the rest on government bonds. Despite thin turnover, blue-chip (%) in the Region (1-m Change) index Belex15 recorded growth of 4.07% and composite index 16 Belexline increased 1.88%. and the Veterinary Institute Subotica announced decisions regarding disposal of the treasury shares previously bought via BSE. This week, dozens of 12 companies quoted/listed on the BSE, including Imlek, Telefonkabl, Sunce, Centroprom, Fidelinka and Banini, have updated their prospectuses. Throughout the week, 3-month T-bills were quite 8 popular security. After the reduction of the key interest rate to 15%, two auctions, on Tuesday and Thursday, ended in selling the whole issuances amounting RSD 3 billion (EUR 32m) each at the 4 annual rate of 17%.

Hydraulic, pneumatic equipment manufacturer Prva Petoletka sold 0 for EUR 2.5m. Greek pharmaceutical co Alapis eyes Serbia's 16-Mar 21-Mar 26-Mar 31-Mar 5-Apr 10-Apr largest drug maker Galenika. Eight potential bidders buy documents for Serbian CDMA tender. Tobacco manufacturer DIN -4 posts EUR 6.9m net profit in Q1 2009. Government unveils measures to cut budget spending by some 3% of GDP; 8,000 BELEX 15 CROBEX SBI 20 government employees to be laid off. Confectionery company Medela to invest EUR 2.7m in new product lines and production BIRS NEX 20 upgrades in 2009. Slovenian NLB Bank became majority owner of NLB Beograd. Metals Bank and C Market company put up for sale Source: Official Websites property. Town of Sabac launches EUR 90m gas network extension project. Zdravlje obtains license for selling medicines in EU.

Belex15 Belexline 420 900

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320 800 17-Mar 23-Mar 29-Mar 4-Apr 10-Apr 17-Mar 23-Mar 29-Mar 4-Apr 10-Apr

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) (%) (%)

AIK banka a.d. Niš AIKB 30,535,761 Telefonija +27.78% Velefarm -20.95% a.d. Beograd a.d. Beograd

Informatika Fidelinka Soja protein a.d. Bečej SJPT 6,429,861 a.d. Beograd +24.57% a.d. Subotica -12.00%

Energoprojekt Dijamant Dijamant a.d. Zrenjanin DJMN 6,061,007 holding a.d. +14.71% a.d. Zrenjanin -9.84%

Energoprojekt holding Messer Jubmes banka ENHL 5,750,531 +11.04% -7.16% a.d. Beograd Tehnogas a.d. a.d. Beograd

Komercijalna banka a.d. BIP a.d. KMBN 4,961,701 Tigar a.d. Pirot +7.90% -7.14% Beograd Beograd

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

Contract On Banatski Dvor Underground Gas ► Zorka Pharma a.d. Šabac (ZOPH) – Takeover Bid Storage Signed ► Veterinarski zavod Subotica a.d. Subotica (VZAS) - Board of Srbijagas and Austrian company Heat signed a contract Directors Decision on disposal of the treasury shares on the worth EUR 5.5 million for the construction of production organized market lines in the underground gas storage Banatski dvor. Srbijagas Director Dusan Bajatović said that construction ► DIN fabrika Duvana a.d. Niš (DINN) – Decision on Interim Dividend of production lines will begin on April 13 and it will be Payment funded by Srbijagas. "The deadline for completion of ► Soja protein a.d. Bečej (SJPT) - Board of Directors Decision on work is 233 days. Banatski dvor will be able to produce 5 disposal of the treasury shares on the organized market million cubic meters per day," said Bajatović and added that the gas storage capacity of the following season will Foreign Investors Participation in Total Turnover be 300 million cubic meters, which could supply the residents approximately 60 days. (Source: Beta) 100% JAT Airways, Macedonian Flag Carrier MAT Agree 80% To Seek Debt Repayment Solution 60% Representatives of JAT Airways and Macedonia's national carrier MAT signed a declaration of intent in 40% Belgrade. The aim of the declaration is to find the best 20% business solution for the two airlines. By raising the two companies’ partnership to a higher level, JAT has once 0% again confirmed its commitment to becoming a regional 6-Apr 7-Apr 8-Apr 9-Apr 10-Apr leader and its readiness to promote its services to passengers from Macedonia. “Companies from South- Total FIS b-FIS s-FIS FIB East Europe have been interested in Macedonia's market for the past few years, because Skopje airport Source: Belgrade Stock Exchange served 660,000 passengers last year, “JAT said in a statement. (Source: B92) Foreign investor’s participation in turnover of shares (FIS) on the buy- side (b-FIS) hit the highest point on April 10 (49.63%) and their trading in FTA Expansion With Russia Signed government bonds (FIB) on April 9 (21.13%). On weekly level, foreign investors participated in total b-FIS 28.14% and in total s-FIS 38.16%. The new list of goods for the free trade between Serbia and Russia are medicines, slaughterhouse and Republic of Serbia Bonds (Yield) confectionery products, apple juice, malt beer, fresh m grape vine, all soaps, fabrics made of wool. Producers Series 03-Apr-09 10-Apr-09 % change from Serbia will be able to export the following products to Russia duty-free – fridges, freezers and other cooling A2009 98.81 98.75 -0.06% devices, washing machines and driers, wooden office A2010 92.65 93.20 0.59% furniture, sleeping bags, mattresses, linen, some types A2011 87.88 87.80 -0.09% of carpets. In addition to liberalization of automobiles, the A2012 82.68 82.75 0.08% possibility of duty-free export of sugar, glucose syrup, A2013 77.75 77.78 0.04% non-denatured ethyl alcohol, cigarettes will also be considered in the next round of negotiations in May and A2014 73.02 73.80 1.07% June. (Source: Press) A2015 68.76 69.59 1.21% A2016 65.88 65.96 0.12% Austrian Construction Company Strabag Interested m in Investing Middle Exchange Rate E U R / R S D Strabag Director for SEE Zoran Stojic said that they are interested in participating in project-financing and all forms of business cooperation in addition to setting up (RSD) public and private partnership in Vojvodina. It further 95.0 adds that the company, engaged in the construction of roads, bridges, tunnels, hydro power plants and ports, is planning to set up an office in Vojvodina. (Source: Press) 94.0 ContiTech Conveyor Belt Group Buys Company In Serbia For Further Eastern European Expansion The ContiTech Conveyor Belt Group has purchased the 93.0 Serbian conveyor belt company Univerzal Kolubara. "This is an important building block in our strategy of establishing a firmer foothold on the Eastern European 92.0 market. At the same time it guarantees us a stable base for expanding business outside the automotive industry," 16-Mar 21-Mar 26-Mar 31-Mar 5-Apr 10-Apr noted Heinz-Gerhard Wente, member of the ContiTech AG Executive Board. Serbia's "enormous lignite deposits are main reason why a large number of leading energy companies is interested in beefing up their involvement Source: National Bank of Serbia in the country." (Source: EMportal)

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