FIMA Daily Insight IN FOCUS – STOCK EXCHANGE

27-Oct-09

BLSE STOCK MARKET The total turnover at the Banja Luka Stock BIRS Last Change Exchange has been BAM 834.212 today. 1.019,96 -0,70 % daily -0,07% The largest turnover of BAM 569.614,85 has been % YTD -0,07% realised with the Veletekstil Inc. Banja Luka shares. Stock Turnover (BAM) 58.839 they have been traded on the unchanged price of Total MCAP (BAM mn) 1.798,05 BAM 0,31. The Žitopromet Inc. Brčko shares have Source: www.blberza.com also been traded on the unchanged price of BAM 2,00 and the realised turnover was BAM 148.000,00. The Hidroelektrane na Drini Inc. BIRS- MOVERS Višegrad shares have recorded increase of 0,57%, HEDR-R-A 0,6% HETR-R-A 0,5% so that today they were traded on the average ZERS-R-A 0,0% price of BAM 0,352 and the realised turnover was VTNK-R-A 0,0% VITA-R-A 0,0% BAM 31.689,00. TRZN-R-A 0,0% TLKM-R-A 0,0% SODJ-R-A 0,0% At the quotation of funds, the largest turnover of SEMB-R-A 0,0% RTEU-R-A 0,0% BAM 15.882,81 has been realised with the RITE-R-A 0,0% PDPT-R-A 0,0% Euroinvestment fond Inc. Banja Luka shares which NOVB-R-A 0,0% have been traded on the unchanged price of BAM MRDN-R-A 0,0% MIRA-R-A 0,0% 10,11. No fund has recorded increase of the share METL-R-A 0,0% KDVO-R-A 0,0% price, while the largest price decrease of -1,28% HELV-R-A 0,0% had the ZIF BLB - profit Inc. Banja Luka. With the ELDO-R-A 0,0% ELBJ-R-A 0,0% unit price of BAM 4,62 it had turnover of BAM EKHC-R-A 0,0% EKBL-R-A 0,0% 9.245,00. EDPL-R-A 0,0% DEST-R-A 0,0% BVRU-R-A 0,0% The gainers of the day on Banjaluka Stock BOKS-R-A 0,0% BLPV-R-A 0,0% Exchange are: Termomontaža Inc. Banja Luka BIRA-R-A 0,0% RNAF-R-A -0,6% (7,69%), Hidroelektrane na Drini Inc. Višegrad RFUM-R-A -4,3% (0,57%), Hidroelektrane na Trebišnjici Inc. -15% -10% -5% 0% 5% 10% 15% (0,49%) and - frozen savings

Source: www.blberza.com accounts 1 (0,05%).

BIRS 3 MONTH MOVEMENT The largest price decrease on todays trading had the following issuers: Intal Inc. Milići (-20%), 1.100 Veleprehrana Inc. Banja Luka (-14,58%), Rafinerija 1.050 ulja Inc. Modriča (-4,31%), Republika Srpska – war damage 1 (-4,06%) and ZIF BLB - profit Inc. Banja 1.000 Luka (-1,28%).

950 The value of the ERS10 index has recorded 900 increase of 0,26%, while other indexes have 9 9 9 9 9 9 9 .0 .0 .0 .0 .0 .0 .0 .7 .8 .8 .9 .9 0 0 7 1 6 0 5 .1 .1 recorded decrease of the value – BIRS for -0,07% 2 1 2 1 2 0 5 1 2 and FIRS for -0,41%. 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: Tržnica a.d. Banja Luka - Increasing number of shares On the 22.10.2009 the Listing Commission of the Banja Luka Stock Exchange has examine applications for increasing THE MOST ACTIVE TOP 5 (BAM) number of shares of issuer Tržnica a.d. Banja Luka, on the VLTK-R-A 569.615 basis of shareholders capital increase by the 7th share issue ZTR9-R-A 148.000 (2.630.584 shares, nominal value BAM 1 per share). The 7th HEDR-R-A 31.689 issue was placed without prospectus, converting the reserves EINP-R-A 15.883 and retained earnings into shareholders capital of Tržnica a.d. TLKM-R-A 12.037 Banja Luka. Source: www.blberza.com The Listing Commission decided that company has fulfilled the requirements and have submitted the necessary documentation in accordance with the Rules of the Banja Luka Stock Exchange. After registration of the 7th share issue total number of shares increase from 23.597.315 to 26.227.899. Nominal value is TOP 5 ADVANCES % BAM 1. TRMN-R-A 7,69 On 25.09.2009, the Republic of Srpska Securities Commission HEDR-R-A 0,57 has submitted the Decision No 01-UP-061-3106/09 to the HETR-R-A 0,49 stock exchange, ordering the Banja Luka Stock Exchange to RSDS-O-A 0,05 suspend trading with Tržnica a.d. Banja Luka's shares. - 0,00 Temporary trading halt of the Tržnica a.d. Banja Luka's shares Source: www.blberza.com is still in force. (Source: www.blberza.com)

Telekom Srpske a.d. Banja Luka - auction for package of shares TOP 5 DECLINES % Auction for package of shares for issuer Telekom Srpske a.d. INTL-R-A -20,00 Banja Luka will be held on 29.10.2009. It will be offered VLPH-R-A -14,58 2.500.000 shares at the price of BAM 1.55. Minimum tick size RFUM-R-A -4,31 is BAM 0.05. Settlement is T+3. The auction for package of RSRS-O-A -4,06 shares will be in accordance with the Banja Luka Stock BLBP-R-A -1,28 Exchange Rules and Giude for trading on BLSE. Source: www.blberza.com (Source: www.blberza.com)

Čajavec - alatnica a.d. Banja Luka – The decrease number of shares from 1.870.079 to 1.303.147 and new beginning of trading B&H LT CREDIT RATING Decreasing number of shares due to the decrease of the share Moody's: B2 capital. After registration of the 4th issue total number of Standard&Poor's: B+ shares decreased from 1.870.079 to 1.303.147, with the Source: www.cbbh.ba nominal value of the BAM 1. The Central registry of RS has removed the trading halt on the shares of the issuer Čajavec - alatnica a.d. Banja Luka (CJAL-R-A) and the trading with shares of the CJAL-R-A will start from 05.10.2009. (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 4,62 8,0 12,1 7,0 34,3% 0,7

ZIF Balkan Investment 4,00 4,6 8,4 7,3 45,1% 0,5

ZIF Bors invest 3,88 4,9 8,0 6,4 39,0% 0,6

ZIF Euroinvestment 10,11 10,9 21,2 19,6 48,5% 0,5

ZIF Aktiva Invest 4,10 5,4 10,0 7,6 45,7% 0,5

ZIF Invest Nova 0,07 13,3 21,1 0,1 37,0% 0,6

ZIF Jahorina Koin 2,99 5,9 5,1 2,6 -15,1% 1,2

ZIF Kristal Invest 6,20 20,0 40,3 12,5 50,3% 0,5

ZIF Polara Invest 5,10 8,6 18,5 11,0 53,8% 0,5

ZIF Privrednik invest 2,00 2,2 4,6 4,2 52,6% 0,5

ZIF VB 4,50 6,9 8,7 5,7 21,1% 0,8

ZIF VIB 2,90 5,8 14,3 7,2 59,6% 0,4

ZIF Zepter 6,19 46,1 97,2 13,0 52,5% 0,5

AVERAGE: 47,1%

(Source of the NAV is www.blberza.com on the 19.10.2009.)

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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