Analysis of trade at the Belgrade stock-exchange from October, 9th to October, 13th, 2006

The average daily value of trade in the last week was on the level of 5,34 millions eur, out of which 3,78 millions eur are shares, and 1,56 millions eur on the bonds. After a long period the bonds are again interested to the investitors, and the reason for it could be the lowest value of EUR in the last 19 months. For this reason, the investitors are putting money on bonds, which are used for trade in EUR and whose payment in deadline is in EUR, and in this way they want to protect themselves from the expected growth of EUR in future.

The shares were traded the most this week, and only on Wednesday, October, 11th, the made daily value of exchange was even 2,39 millions eur. The same day the value of shares of Soja protein exchange was 1,6 millions eur, when the twist of the trade was even 12.750 shares that makes 1,65% of the total of shares emissioned.

Agrobank’s shares still mark significant circumferences, and the last week a record amount of exchange of this shares was reached with even 3.555 shares.

Technogas management announced the further investments and expansion of production capacities. During this year Tehnogas invested in the production close to 50 millions eur, and the goal is to have Serbia supplying part of the markets in Romania, Bulgaria, Greece and Hungary. This certainley influenced on the growth of the share’s price of Tehnogas of 8,87% in relation to the week before.

Energoprojekt Holding issued 3.315.216 shares which will be offered to share holders that already have some part in the companies belonging to the holding. These share holders can exhange on share of the company that belongs to the holding for one share of the holding. The goal is to have the shares grouped in one body in order to imrpove efficiency. The total amount of shares in this way would be increased by 59%.

National bank of Serbia announced that the total foreign currency reserves of the country had gone over 8,4 billions eur, that is 10,7 billions dollars and this level secures the coverage of money mass of 407,8 %.

A Consortium made of a Cypress company East point and the Belgrade’s Zitomlin has bought the Belgrade’s backers industry (BPI) for 2 millions eur. The new owner of BPI made a contract with the Agency for privatization by which needs to hire around 1.300 of workers, invest 6,7 millions eur and accept minimum obligations of the social program. East point and Zitomlin are in the ownership of Zoran Drakulic who is also the owner of the Belgrade’s “Klas”. The second place runner for the tender of BPI’s sale was a consortium of the companies Finartis Private Equity from the Caiman islands, Arex from Belgrade and Novi Sad’s MK Komerc.

Index Value October, 12th, 2006 Weekley change in %

BELEX FM 1.785,890,29 BELEX 151.455,441,09

October, 12th, 2006 Price Weekley change of the price in %

Agrobank ad 30.9900,02

Commercial bank ad 60.8401,4

AIK bank ad 4.600-1,70

Tehnogas ad 8.5008,87

Postal savings ad 27.340-2,00

Diamant ad 25.00016,27

Energoprojekt holding ad 1.1171,54

Privredna bank ad 52.500-2,77

Coca cola HBC ad 3.50017,05

Report made by :

Nebojša Arandelovic

Financial Analyser

Ilirika Investments, a.d., Beograd <//www.ekapija.com/website/sr/company/preview.php?id=92864>

[email protected].yu

ILIRIKA Investments a.d. Beograd

Beogradska berza a.d. Beograd

NLB Komercijalna banka AD Beograd

Sojaprotein d.o.o. Bečej

Agrobanka a.d. Beograd

Messer Tehnogas ad Beograd

Energoprojekt Holding a.d. Beograd

Narodna banka Srbije Beograd

Yu Point d.o.o. Beograd

Žitomlin a.d. Beograd

Beogradska pekarska industrija - BPI Beograd

Agencija za privatizaciju Republike Srbije Beograd prestala sa radom 29.01.2016.

Klas a.d. Beograd

Arex marzipan Beograd

MK Commerce d.o.o. Novi Sad

AIK Banka a.d. Beograd

Banka Poštanska štedionica a.d. Beograd

Dijamant d.o.o. Zrenjanin

UBB Univerzal a.d. Beograd

Privredna banka a.d. Beograd

Coca-Cola Hellenic bottling company-Srbija d.o.o. Beograd

Komisija za hartije od vrednosti Republike Srbije Beograd