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DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS 3Date 21.01.2008 number 6 berzNIK

Information, affirmation, and presentation - berzNIK

Our access to accurate information, or inone word, to be in the right place at theright time, have always been and will

always be in interest of the direction of certainmovements in any segment of the social-eco-nomic community. It means, the accurate andforehanded information are usually the amplifierthat should initiate the acceleration in order toreach some level, to come to the goal, which issubject of the delivered information. WhatberzNIK is trying to popularize is classified infor-mation that refer to the business community,delivered on time. Or, more precisely, we store,select, and electronically distribute to YOU - ourdear clients, the information that can be foundon different pages in different daily newspapers,and which reflect the business subjects and in acertain part present their positive or negativecomponents and characteristics that directly orindirectly affect the capital market.

The race for tragic, financial, and politicalaffairs - as top news, is not our challenge. It istop news for us when you receive on time thereworded things about you, your company, andthe market - if you consider yourself to be a per-son of this profession. Furthermore, to hear theofficial stands, solutions, and decisions on thesystem procedures on time, but also to find outbeforehand about the gossips, which mightopen your eyes. In fact, we distribute to you allnews, both positive and negative, and youdecide what is in your favour, what could be use-ful for your further affirmation and presentation -again through the distributive service - berzNIK,the weekly review of events.

Specifically in this direction, and in the inter-est of supporting the positive climate for attract-ing foreign investors in this country, especiallyfor attracting new foreign and domestic players,participants on the capital market, in this issue ofthe weekly review we have also given room forthe first International Fair for Tourism and theTourism Business Forum, which these daystakes place in Ohrid - an event at which webelieve many tourist and hotelier`s companies,as well as many associations from the wine pro-duction field, will have their promotion. Having inmind the dimensions of this fair event - also reg-istered in the World Tourism Organization, andthe step forward of the Government in this field- financial injection of a million euros, there is anopportunity many of them to increase the capital

with shares` issues or multiply it preciselythrough the stock exchange transactions - tobecome trading potential on the MacedonianMarket.

The numbers made last year also speakabout the fact that the Macedonian capital mar-ket in the second decade of its existence rapid-ly keeps pace with the stock exchanges from theregion and SEE. A true ascent. A conclusion,which is confirmed also by the stock exchangeratios given in the Annual Statistical Bulletin ofthe Macedonian Stock Exchange, even thoughthere was a big correction and stagnation in thepenultimate months of the year. The totalturnover is increased for 34.45 percents com-pared to 2006, and the largest positive jump wasmade in the classical trading with increase ofeven 181.86 percents. The greatest turnoverwas made in October, and the largest participa-tion in it had Komercijalna banka with 26.40 per-cents. MBI recorded the largest growth in theregion - a jump of 109 percents. The biggestprice increase on the Official Market record theshares of RZ Inter - Transped - for 1,000.82 per-cents in December compared to January, whilethe biggest fall had the shares of Makoteks - for82.76 percents.

After these numbers, you will agree, asmuch as they are trying to label our market as asmall one, it, however, is considered to be thekey player in the region, especially when talkingabout entry of big investments. Moreover, if weadd to this the analysts` assessments that lastyear all players on the stock exchange earned,making decisions will be easier… Here we canalso mention the investment funds - the emis-saries who will have to include most of the pop-ulation in the business trading as well, andwhich will also contribute for increase of thecompetition between the existing banking-finan-cial institutions in this country.

I believe that berzNIK services will help you alot in using the potential investor`s advicesbefore reaching the right and profitable decisionfor investing your capital.

Until the next Monday

Makedonka BaldazarskaBerzNIK editor-in-chief

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4 DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTSberzNIK number 6 Date 21.01.2008

WEEKLY REVIEW OF MACEDONIAN STOCK EXCHANGEperiod 14. - 18.01.2008 year

Turnover by market segments

Data on MBI-10 shares

Top ten listed shares


The poor turnover of the Macedonian StockExchange for securities was topic elaborated bymost of the daily newspapers. Vecer writes that theMacedonian Stock Exchange registered the lowestturnover in its history, during the last week. AfterChristmas, in four day barely 1, 4 million euros we-re revolved, which is far below the Stock Exchangeindex. Business has the detailed information:

On the seventh day of trading of theMacedonian Stock Exchange A.D Skopje, held onday 11.01.2008, it was mainly traded with 33shares and with the bonds for denationalization(forth and fifth issue). Total of 5.647 shares havebeen traded through 159 transactions and bonds innominal value of 12.069 euros through ten transac-tions. It have been concluded 159 transactions intotal, and it has been achieved a total turnover of17.985.945, 52 denars. On Friday, the MacedonianStock Exchange index - MBI 10 was 7.525, 41 andnotices decrease of 39, 81 index points, or morecorrectly 0, 53%.

Also, by its insensibleness is the news foropening a new plant in Prilep Company Vitaminkawhich will provide 50 new employments. Accordingto Dnevnik, the plant will have an annual capacityof 2000 tons of biscuits, for the domestic marketabove all. Utrinski adds that it is a matter of themost important investment of Vitaminka in theplanned annual development.

The investing is worth five million euros,money provided through the European Bank forReconstruction and Development. The equipment

is from the Netherlands, Austria and Italy and hasbeen already assembled, and soon will start thetrial production, says the first man of the factory,Simon Naumoski.

Utrinski Vesnik writes also about the domesticcompany MZT Hepos which introduced a new stan-dard in the production. In this way, by introducingthe CE mark, which gives the products betterchances for placement on the foreign markets.MZT Hepos produces equipment for locomotives,light railroad vehicles, traveling carts and railwayfreight car wagon. The CE standardization meansmarking the products for adjusting all the Europeanregulations.

The news for dislocation of the smelter inVeles shocked the public of Veles. The Green coali-tion, composed of seven non governmental organ-izations submitted a request to the mayor in Veles,Ace Kocevski, for instigation initiative to change theurban plan and to dislocate the smelter. As aresponse of this initiative, the Minister forEnvironment and Physical Planning, Xhelil Bajramiwill say: Personally, I am against dislocation of thesmelter and I believe that this is the attitude of theGovernment as well. This object is a treasury forMacedonia and Veles, informs Dnevnik. The ecolo-gists from the local and central authority expect toprevent the repetition of the black ecologic storywhose consequences are felt even 5 years afterclosing the smelter.

1. SHORT REVIEW OF EVENTS14.01.2008 MONDAY

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STOCK EXCHANGE REVIEW OF EVENTS IN THEPRINT MEDIA berzNIK

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STOCK EXCHANGE REVIEW OF EVENTS IN THEPRINT MEDIA berzNIKNumber: 6Date: 21.01.2008

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Editorial staff of berzNIKInternet distributive system:www.interNIK.com.mkEditor: Makedonka BaldazarskaDTP: Tatijana TrpkovskaEditorial staff:News Evaluator: Anita Bashoska[operators]: Arslan Skoro, Zoran Stamatovski, Martin Arsovski,Gorge Redzik, Toni Arsovski i Darko Tripunovski * [translators]: translator's manager Senka Mihajlovska, AngelinaFilipovska, Slobodan Trajkovski, Aleksandar Stamenkovski, AnetaMenoska, Filip Koviloski, Darko IvanovskiFotoreporter: Robert Spasovski

Marketing, distribucija i proda`ba: INTERNACIONAL NIK AD - Skopje

I M P R E S S U M

C O N T E N T S

INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . 3

WEEKLY REVIEW OF THE MACEDONIAN STOCKEXCHANGE… . . . . . . . . . . . . . . . . . . . . . . . . . . . ...4

berzNIK, TUESDAY, WEDNESDAY, THURS-DAY…..5-7

FIRST INTERNATIONAL FAIR AND BUSINESSFORUM FOR TOURISM IN OHRID . . . . . . . . . .8-9

CONCEPT AND MANAGEMENT OF PRIVATEINVESTMENT FUND....................................…..10-11

berzNIK, , THURSDAY, FRIDAY, SATURDAY . . . . .12-14

WEEKLY MAGAZINES … . . . . . . . . . . . . . . . . . ...15

ANNUAL STATISTICAL REPORT ..............…..16-20

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. THIN PROFIT OF 1.4 EUR (***)2. THE SMELTERY WILL OPERATE ONLY WITH AN ECOLOGICAL PERMIT (***)

DNEVNIKp.7 EVERYONE WILL BE ABLE TO

PEEK INTO YOUR ACCOUNT?p.7 THE SMELTERY WILL OPERATE

ONLY WITH AN ECOLOGICALPERMIT

p.8 NEW CROATIAN FUND ON THESTOCK EXCHANGE

p.8 NEW PLANT IN VITAMINKA-PRILEP

BIZNISp.1 EACH BANKER APPLIES THE

CHANGES DIFFERENTLYp.5 EACH BANKER APPLIES THE

CHANGES DIFFERENTLYp.7 T-MOBILE AND COSMOFON

FIGHT FOR THE 3-G TECHNOLO-GY

p.7 GREAT INTEREST FOR THESMALL HYDROELECTRIC PO-WER PLANTS

p.7 PUBLIC ANNOUNCEMENTp.11 DECLINE OF THE AVERAGE

TURNOVER FOR OVER 40%p.12 DECLINE OF THE THREE INDI-

CESp.12 BETA BROKER AD SKOPJE - NEW

MEMBER ON THE STOCK EX-CHANGE

p.12 DAILY TURNOVER BELOW 20MILLION DENARS

p.12 11.01.2008 REPORTp.13 THREE QUARTERS OF THE

TURNOVER ACHIEVED AT THEOFFICIAL MARKET

UTRINSKI VESNIKp.12 MZT HEPOS INTRODUCED CE

STANDARD OF PRODUCTS p.12 NEW FACILITIES AND 50 NEW

EMPLOYMENTS IN VITAMINKA

VECERp.6 ELENICA BUYS KIRO KJUCHUK?p.6 THIN PROFIT OF 1.4 EURp.6 DISLOCATION OF THE SMELTE-

RYp.7 CONSUMER LOAN FOR BIG AND

SMALL PLANS

VREMEp.7 THE PESTICIDES ARE NOT PER-

ISHED, PART WILL BE USED

SPICp.6 THE CASE OKTA WAS THE MOST

CONTROVERSIAL, WHILE THECASE SMILENSKI WAS THECLEAREST


1. SHORT REVIEW OF EVENTS


1. PETROS LEFKOVITS - NEW HEAD OF COSMOFON (***)2. QUEUES FOR TRANSACTION ACCOUNTS BEFORE THE DESKS (**)

15.01.2008 TUESDAY

The introducing of transaction accountswhich created chaos in the banks continues to betopic number one in the daily print media. On theremarks for the chaos in the banks at the begin-ning of the year, the bankers make excuses thatthis confusion will be short-term one but while theeffects of introducing the transaction accounts willin any case be multiple. The introducing of trans-action accounts will actually, according to thebankers, simplify the way the payment operationsare done for physical entities, just like the legalentities have been doing it the past six years. Asof New Year all cash deposits and payments, aswell as transferring funds from one to anotheraccount are being carried out through the transac-tion accounts which are reported in the only regis-ter of transaction accounts. One of the reasons forthe unusual crowds in the banks is the implemen-tation of transaction account that should beopened to every physical and business entity.This news is one of the reforms in the paymentoperations. Opening transaction account is a con-dition for the workers to receive their Januarysalary at the end of the month. As of January 1this year, the beneficiaries of the second pensionpillar have the right to migrate from one to anoth-er pension fund, if not satisfied by the association

they are members in. The transfer is free if thebeneficiary has spent at least 24 months in one ofthe two funds that operate in the country- KB-FirstPension Fund and NLB-New Pension Fund (NovPenziski Fond). If the beneficiary wants to go inanother fund after this period, he/she will have topay fee for it. This fee is 25 euros for transfer afterthe six-month membership in one of the funds,then 20 euros up to 12 months, 15 euros up to 18months and 10 euros up to 24 months.

Both the pension funds we contacted say thatthere is small number of beneficiaries who want totransfer from one to another fund.

The replacement of the head of Kosmofon isone of the top news all daily newspapers havereported. Petros Lefkovic is the new head execu-tive director of mobile operator Kosmofon.

The current head Stefanos Okgapadas willremain head executive director of mobile operatorAMC in Albania and member of the Kosmofon'sBoard of Directors. The company announced thatLefkovic has performed managerial functions inmany Greek companies for mobile telephony andcomes in Kosmofon from the head position he hadin Samsung electronics in Greece.

As usual, most of the daily newspapers havepublished the trading on the Macedonian Stock

Exchange, from where one can conclude that thepost-new year period is still on with smallturnover, low liquidity and decline of the shares'indexes. On yesterday's trading on the Officialmarket price appreciation have marked only theshares of TTK Banka of 1.08 percent. Most of themedia reported the news on the opening of threenew subsidiaries of Tutunska banka and one ofUni banka.

Nova Makedonija reports that TEC Oslomejfrom Kicevo is with no reserves of coal and thereis great danger this capacity to stop producingelectricity. In REK Bitola the reserves are minimal.Oslomej's management says there are coalfieldsbut it does not say if there are conditions to dig inthem. There is also no answer to the question ifOslomej will be able to produce power if, for anyreasons, the mechanization for digging coalstopped.

Vecer however publishes that the problems inSilmak continue. Here the trade union announcesthat Silmak will work at night in order to usecheaper power. The employees are prepared towork at night when the electricity is much cheap-er, which will dramatically reduce the averageprice of power cost…

DNEVNIKp.8 MBI 14.01.2008 p.9 QUEUES FOR TRANSACTION ACCOUNTS BEFORE THE

DESKS p.9 INSPECTORS EXCAVATE PROBLEMS IN MINE RAZANOVOp.9 PETROS LEFKOVITS - NEW HEAD OF COSMOFON

BIZNISp.1 TTK BANKA THE ONLY TO RECORD PRICE INCREASp.11 BANKS AND SAVINGS HOUSES TO STATE CONTENT OPIN-

ION BY QUESTIONNAIRES p.12 MBI 14.01.2008 p.12 DROP OF SHARES` INDEXES p.12 TTK BANKA THE ONLY TO RECORD PRICE INCREASEp.13 SHARE EMISSION OF 369.8 MILLION DENARSp.13 THE NEW SUBSIDIARY IN THE MUNICIPALITY OF CAIR

STARS WORKING p.13 THREE NEW SUBSIDIARIES IN SKOPJE

UTRINSKI VESNIKp.12 AFTER CUT-OFF, SILMAK BOILS p.12 OKTAPODAS LEAVES, PETROS LEFKOVIC TO HEAD COS-

MOFON

p.12 MBI 14.01.2008 VECER

p.6 SILMAK TO WORK AT NIGHT AND USE CHEAPER ELECTRIC-ITY

p.6 HS ZLETOVICA IS BEING CONSTRUCTED INTENSIVELYp.7 NO INTEREST FOR CHANGE OF PENSION FUNDSp.7 TREE NEW SUBSIDIARIES IN SKOPJEp.7 NEW SUBSIDIARY IN CAIRp.7 LEFKOVIC TO BE REPLACED BY OKTAPODAS

VREMEp.6 ALUMINA MUST NOT BE SOLD? p.7 FEAR FROM THE RUSSIAN INVESTMENT BEAR?

VESTp.5 CURRENT ACCOUNTS BECAME TRANSACTIONAL

NOVA MAKEDONIJAp.2 VITAMINKA-PRILEP WITH A NEW FACILITY FOR PRODUC-

TION OF BISCUITSp.4 TEC OSLOMEJ WITH MINIMAL RESERVES OF COALp.5 SMALL TURNOVER, LOW LIQUIDITY, THE INVESTORS ARE

WAITING BETTER DAYS

Queues for transaction accounts before the desks

Yesterday in Skopje, queues of citizens in thebanks were stretching from the desks to theentrance doors. One of the reasons for the unusu-al scramble in the banks is the introduction oftransaction accounts, which should be opened foreach physical and legal entity. This news is part ofthe reforms in the payment operations.

Many of the citizens were revolted of havingto wait in queues for so long before the desks.Some of them were familiar with the changes andthe meaning of the transaction accounts, and oth-

ers were surprised.- I signed an agreement and got a new

account, which would record the pension that Ireceive and all the money that I receive and sendthrough the bank. The waiting was worth becausefrom now on we would have bigger financial disci-pline, and it would be clear how much moneyeach person receives, whether he owes money,and whether he pays the tax to the state – aretired engineer from Skopje says.

Petros Lefkovits - new headof Cosmofon

Petros Lefkovits is the new CEO of themobile operator “Cosmofon”

The former head of Cosmofon StefanosOktapodas will become the CEO of the mobileoperator AMC in Albania and a member of theBoard of Directors of Cosmofon. From the com-pany they announced that Lefkovits was workingon a number of management positions in a fewGreek companies from the mobile operators, andcomes in Cosmofon from the head position inSamsung Electronics in Greece.




1. MAGYAR TELECOM GOT EXCLUDED (***)2. SALARY TO BE PAID ONLY THROUGH TRANSACTIONAL ACCOUNT (**)

16.01.2008 WEDNESDAY

DNEVNIKp.7 MBI 15.01.2008 p.7 NEW SUBSIDIARIES OF TUTUNSKA AND UNI BANKp.9 DEUTSCHE TELEKOM OUT OF THE RACE FOR THE

SLOVENIAN TELEKOM

BIZNISp.1 SALARY TO BE PAID ONLY THROUGH TRANSACTIONAL

ACCOUNTp.3 SALARY TO BE PAID ONLY THROUGH TRANSACTIONAL

ACCOUNTp.11 DEATH SECURITIES - INTERESTING, BUT SLIGHTLY MOR-

BID FINANCIAL INVENTIONp.12 MBI 15.01.2008p.12 DECLINE AND MBI-10 AND MBIDp.12 MOST TRADED THE SHARES OF ZK PELAGONIJAp.13 MAKOTEX SELLS THE BUSINESS BUILDING IN THE CENTER

OF SKOPJE

UTRINSKI VESNIKp.8 THE STOCK EXCHANGE WITH A MINIMUM OF TURNOVER,

THE INVESTORS ARE WAITING FOR NATOp.8 TPP OSLOMEJ CAN STOP THE PRODUCTION

p.8 MBI 15-01-2008VECER

p.6 THE CITIZENS KEEP OVER 1, 5 BILLION EUROS IN THEBANKS!

p.6 MAGYAR TELECOM GOT EXCLUDEDp.7 VOLUNTARY PENSION, A PRIVILEGE FOR WEALTHY PEO-

PLEp.7 REVISION OF MBID INDEX

VREMEp.6 WE WILL WORK AT NIGHT, JUST GIVE US ELECTRICITY!

NOVA MAKEDONIJAp.5 PETROS LEFKOVITS IS THE NEW CHIEF EXECUTIVE OFFI-

CER OF COSMOFON

SPICp.7 MAVROVO HYDROELECTRIC POWER PLANTS ARE SURE

THING!p.7 ANTI-CORRUPTION COMMISSION EVALUATES THE VOLT-

AGE OF THE TENDER FOR ELECTRICITY IMPORTp.7 TRANSACTIONAL ACCOUNTS DO NOT INFRINGE THE CON-

FIDENTIALITY

The low turnover on the Macedonian capitalmarket again in this year`s opening third week isone of the news reported by all daily media. Theprevious day on the Macedonian Stock Exchangewent with the same trend of desperately lowturnover. The Stock Exchange yesterday made aturnover of only 18 million MKD, which, accordingto the brokers, is a turnover level from three yearsago and much lower than the average in the gooddays of trading in shares. It means downwardtrend continuation on the stock exchange, whichhas been hitting the headlines since the beginningof this year. In such conditions, the shares of ZKPelagonija were most traded. Especially interest-ing news for the businessmen is the sale ofMakoteks business premises i.e. the announce-ment for selling its real estate-administrative andbusiness premises under the ownership of thiscompany n the center of Skopje on streetMacedonia 9-11, consisting of a basement,ground floor and four other floors covering anarea of 2.362 square meters and a yard of 52square meters.

Dnevnik informs that Deutsche Telecom hasbeen disqualified from the run for purchasing 46,13% of the state shares in Slovenian Telecom,since its offered price was smaller than the othertwo bidders. Let us remind you that the Germantelecommunication giant bided at the tenderthrough its Hungarian subsidiary Magyar

Telecom, which is majority owner of MakedonskiTelekomunikacii. The Slovenian Telecom, on theother hand, in 2006 purchased 76% of On Net,which is the main competitor of MakedonskiTelekomunikacii in internet services and fixedtelephony.

The novelty for salary payments throughtransaction accounts continues creating chaos inthe banks. In this context, Biznis continues pub-lishing educational texts-explanations from differ-ent banks. Invest Banka also offers its explanationin this issue. This, as well as all other banks in thecountry, is enforcing the changes in the paymentoperations. The bank notifies all deponents thatfrom the opening day of this year the payment ofsalaries is being carried out only through transac-tion accounts for the employees, opened inPayment Operations Office. The new Law onPayment Operations abolishes the cash pay-ments of salaries and food and travel allowances.Out of these reasons, every company shouldopen transaction accounts for its employeesthrough which it will perform the asset transfer onthe basis of monthly incomes.

In the same context, Spic, on the other hand,gives additional explanation that the transactionaccounts have not impaired the banks` confiden-tiality principle, and all accounts are registered inthe Single Register of Transaction Accounts, incompliance with the international accounting stan-

dards, explain the officials.-In case of forceful collection of debts, the

banks will not perform settlement among them-selves i.e. if one bank has no money the debt willnot be collected from another; however, all otheraccounts of the client will be blocked. This pre-vents the citizens who have debts in one bank towork with the accounts of another one.

In Spic you can also read about the threelocations ion the national park of Mavrovo allocat-ed for construction of small hydroelectric powerplants to the companies that bided at last year`stender, according to officials from the Ministry ofEnvironment and Physical Planning.

Utrinski Vesnik thematically scrutinizes theissue of thermoelectric power plant. It can stopwith production of electric power at any moment,especially if the weather conditions get worse.There is only a few-day coal supply which is beingdelivered to the mine on daily basis. The coalexcavation is extremely difficult at the time being.It`s not that the new coal excavation site Oslomej-Zapad lacks coal. Its reserves are estimated ataround 14 million tons, which is enough for sever-al-year electricity production in continuity, but ithas not been exposed enough due to the untime-ly dislocation of the river of Temnica, which wasan obstacle for utilizing the newly discovered coalreserves out of which reasons the machines ofTEC Oslomej were garaged for six months…

Salary to be paid only through transactional account

Invest banka as the others bank in the state,implements the amendments in the paymentoperations. The bank informs all deponents that,starting from the first day of the year, the wagesshould be paid exclusively through transactional

account of the employees, opened in thePayment Operations. According to the new Lawon Payment Operations, the payment of thewages, food and travel expenses in cash shall beabolished.

Magyar Telecom gotexcluded

Magyar Telecom, the dominant owner of Ma-cedonian Telecommunications and T-mobile Ma-cedonia, fell out of the process of taking over 49,13% of the shares of the Telecom in Slovenia,which is in public property. Until Friday, MagyarTelecom was in the game together with the IslandSkipti, as well the British-German consortiumBain Capital and Agos Capital in cooperation withBritish Telecom. All of the three companies shouldhave made correction of the obligatory offers untilyesterday.


FIRST INTERNATIONAL FAIR AND BUSINESS FORUM FOR TOURISM IN OHRID

SPECIFIC AND EXPENSIVETOURISM - PRIORITY FOR

MACEDONIA

From 17th to 20th January, Ohrid andStruga are hosting the first InternationalFair for tourism, wine, organic food, eco-

tourism and craft. The Hotel Association ofMacedonia - HOTAM and the BalkanAlliance of Hotel associations - BAHA areorganizers of this fair, with logistic sup-port of Skopje Fair, Skopje and themunicipality of Ohrid. This is practicallyrealization of the few years` long idea fororganization of such manifestation.Sponsor of the fair manifestation is thePresident of the Government of theRepublic of Macedonia, Nikola Gruevski,who inaugurated the fair in the "InexGorica" Hotel, in Ohrid.

The Tourism Fair and forum has 250representatives, out of which over 90

companies/organizations - exhibitors. Lots ofnational travel organizations and internationalassociations are representing themselves,also crafts associations, wineries, transportorganizations, air transporters and other com-panies from the country and the region, whichmakes this fair to receive a widerregional character.

The International fair fortourism is expected to grow up intraditional prestigious manifesta-tion, because the organizersalready achieved its registrationin the World Tourist Organization.

Basic topic on the Businessforum, as constituent of this fairmanifestation is - Creating the re-gional product.

The idea of the Business fo-rum is creating integral Balkan to-urist products, based exclusivelyon the rich cultural heritage of thiscommon climate of ours, but this

time, Macedonia to be theleader in the creation ofthe product, which wouldautomatically include herin all the tourist productsof the Balkan countries.

That is exactly why,eminent representativesof the scientific and theprofessional tourist worldfrom all the countries ofthe Balkan Peninsula areinvited and are activelyparticipating, all in direc-tion of getting the com-

plete image for the development possibilitiesof the cultural tourism on the Balkan.

The Business forum is evolving throughfour workshops on topic: The paths of the cul-tural heritage, The Regional Connection of theBalkan destinations and the Balkan wine

roads, and Problemswith the tourist economyin Macedonia and on theBalkan.

Through an objec-tive, altruistic and com-pletely apolitical approa-ch towards the interpre-tation of the history, it isexpected adoption ofconcrete suggestions inorder for determiningtourist localities andattractive complexes wh-ich deserve to be incor-porated in the integralBalkan tourist product,which will finally impose

the Balkan in the international tourist marketas an attractive and competitive tourist macrodestination. Within these frames, also a strat-egy for tourism development in Macedonia, forwhat Doncho Tanevski from HOTAM considersthat it should be deployed in direction of spe-cific and expensive offer for higher standards,more expensive tourism, not more massive. Itmeans not only numbers, but also quality ofthe offer. The fair appearance of the partici-pants will be in the Sports Hall of BiljaniniIzvori, while the forum will be in the InexGorica Hotel. At the Tourism fair, besides exhi-bition of their products, the hoteliers, the touroperators, and the travel agencies will have

On the first International fair fortourism, wine, organic food, eco-tourism and craft, certain compa-nies which are trading on theMacedonian Stock Exchange areparticipating, and are presentingtheir products and serving capaci-ties. We believe that this manifesta-tion will promote other associa-tions as well, which have on dispos-al potential for trading on our capi-tal market.


MILLION EUROS - FOR TOURISMDEVELOPMENT

The holding of the Tourism Fair in Ohrid, will surelyhave much greater meaning for affirmation of theMacedonian tourist potentials because of what this yearit has been given the priority, above all from the PrimeMinister Gruevski, on whose initiative five times morefinances from the Budget have been separated, whichwas not a practice so far. So, this year the finances forthe tourist propaganda from 100.000 euros have beenincreased to a million euros. Those finances are goingto be spent rationally, above all in finding solution forlowering the prices of the plane tickets for Macedonia,which is extremely important for the tourist develop-ment in our country, says Dimitar Bojagiski, from thesector for tourism within the Ministry of Economy.

The cultural heritage is a strong trump of Macedoniaas far as the tourist offer is concerned; however that cultural heritage must be defined so that it would be clear what it can do,and what is not yet prepared to offer on the tourist market, consider Professor Dr. Sasho Korunoski, moderator of the forum, onone of the four workshops organized for the cultural heritage.

CONSOLIDATION OF THE COOPERATIONBETWEEN THE TOURIST ECONOMIES OF THE

BOTH COUNTRIESAmongst the many others, the Slovenian Tourist Organization got presented as

well on this fair manifestation, and on this occasion its director, Dimitrij Piciga, glad-ly announced:

- The Slovenian Tourist Organization decided to present Slovenia and its touristoffers on this fair because we consider it good possibility of directly representing,or more correctly promoting our state and our tourism on the Macedonian market.

The presentation is even more significant because of the term when this fair isheld, because Slovenia as chairman of the European Union is exposed to evenmuch greater attention from the foreign professional and wider public. At the sametime we estimate that after Slovenia enters the wide Schengen zone, the interest forour state, which in Ohrid and in Macedonia in general is known as traditionallyfamous destination for vacation and picnics, will increase additionally.

The presentation of Slovenia on the first tourist fair in Ohrid, means strengthen-ing of the cooperation between the tourist economies of the both countries, aboveall in direction of exchanging opinions - (in the professional forum there are compa-nies from the field of the tourism that are participating, such as for example SabaHotels from Bled, which are an example for development of the lake tourism and thewellness offer), and also possibilities for cooperation on destination Ohrid and Bled- in direction of common debuting on the foreign markets.

Its proper representation has the Ministry of Economy of the Republic ofSlovenia, as well.

The tourism is a world phenomenon; it is a matter of the fastest growing econo-my branch in the world. But, is far from being the only effect it has, there is the mul-ticultural dialogue, hobnob of generations and so on. The tourism in Slovenia isexclusively a perspective economic branch with major multifunctional effect. Wehave invested a lot in the tourist infrastructure in the last period, as well as in theknowledge of the employees in the tourism.

We succeeded in realizing major part of the development projects with financialaid from the EU.

In the future, Southeastern Europe will be definitely an important tourist destina-tion and we are prepared to share our knowledge and experiences with the otherstates from this region.

THE PARTICIPANTS IN THEFAIR, GUESTS ON THE

EPIPHANY HOLIDAYOn 19th January (Saturday), the par-

ticipants of the fair and on the Businessforum, will have the possibility to bepresent on the celebration of the majorChristian holiday the Epiphany, sanctifi-cation of the Ohrid Lake through the actof throwing the sanctified cross in Ohridport. Each year, over 200 young peopleare trying to catch the cross from thelake, which according to the beliefs, willbring them health and luck during theyear.

The guests will be able to observe theeven from a ship. The manifestation isenriched with musical performances andfireworks, while the cafe bars and therestaurants are serving free hot brandy.

possibility of being part of the gastronomiccompetition in the hotel Drim in Struga. TheFirst International Fair for Tourism and Busi-ness Forum will be festively closed with giv-ing awards in few categories in the Hotel InexGorica, Ohrid, on 20th January, at 11.00o`clock.


CONCEPT AND MANAGEMENT OF PRIVATE INVESTMENT FUND

In Macedonia there are nine private invest-ment funds. Six of them are founded and man-aged by Fisher Investments. The presence ofthe first investment funds should activateMacedonian economy and help someMacedonian companies to gain strategic part-ner

* PRIVATE FUND* Concept of private fund* Private fund represents special type of prop-

erty, with no characteristics of legal entity, estab-lished with the purpose of raising financialresources across private offer for sell of sharecertificates of fund`s property, resources that areinvested in accordance to the goals for invest-ments determined in fund`s prospect. Owners ofcertificates have the right, beside the right of dis-tribution of fund`s profit, to ask for payment of theshare, by means and conditions established infund`s prospect.

The private fund is registered inCommission`s registry.

Formation and operations of private fund A private fund is only formed on certain peri-

od of time that can not be shorter that eight year. Fund`s capital must amount to 500.000 euros

in denar counter value. Private fund is established and managed by

private funds management company. In order ofestablishment of private fund, the private fundsmanagement company adopts statute andprospect of the fund.

Operation of the private funds management com-panyThe private funds management company is

obliged to manage fund`s property with the skillsof good businessman and strictly in favor offund`s shareholders, based on fund`s statuteand regulations of this law.

Founders of private funds management com-pany, members of the Supervisory Board and itsemployees or individuals who carry out perma-nent or temporary operations for the company,based upon separate agreement, are committedto keep the secret of company`s affairs, inaccordance to the law and company`s statute.

Records for owners of share certificatesand payment operations are trade secret andthey can be revealed upon court order.

Management and revealing of company`sproperty

The property of the private funds manage-ment company is kept and revealed apart from theproperty of the funds managed by the company.

Appearance of the private funds managementcompany in the legal transaction

Private funds management company appearson its behalf in the legal transaction and on behalfof the owners of share certificates in the privatefund.

Responsibility of the private funds managementcompanyPrivate funds management company is

responsible for management of private fund inaccordance to the regulations in this law andfund`s statute. Private funds management com-pany is responsible for the damage caused by theowners of owners of share certificates, in case ofacting in contrary to the regulations in this law andprivate fund`s statute.

Private funds management company pawnsits complete property for legal affairs concludedon its own behalf and

Financial reports of the private fundPrivate funds management company pre-

pares audited annual financial reports for eachprivate fund managed by this company.

Private funds management company is com-mitted to submit fund`s investors audited annualfinancial reports for each private fund managedby this company in terms of three months from theadoption of private fund`s annual balance sheet.

Financial reports are prepared in accordanceto the international accounting standards.

Why investing in fund?The main reason for investing hundreds of

billions of dollars in investment funds lies in thefact that investment funds bring larger profits thanordinary investment of assets in banks or savingshouses. Money invested in the fund are not fixed-terms deposits and always on savers` disposal.Investing in investment funds provides greateropportunity for distribution of the risk for investingof financial resources. Funds are managed byteams of experts who perform professional actsand create fund`s portfolio, obeying basic rules ofprofitability, security and liquidity and providinglower costs in securities trade compared to sepa-rate investment.

After the modification of the Law onInvestment Funds in April 2007, within five

months were established five private investmentfunds. Six of them are founded and managedby Fisher Investments.

According to the regulations, private invest-ment funds are managed by private funds man-agement companies. The presence of the firstinvestment funds should activate Macedonianeconomy and help some Macedonian companiesto gain strategic partner

Amendments on the Law on InvestmentFunds that refer on Private Funds which wereadopted in the first half of 2007 are in accordanceto the global developments on capital market inthe sphere of hedge funds and private equityfunds. In accordance to this model of the law, theprivate fund represents a fund for absolute returnof investment which management charges per-formance fee and it is open for limited class ofinvestors (domestic and foreign institutionalinvestors, companies and property-naturalentities). Due to these restrictions, these types offunds are inadequately regulated by regulatorybodies, which provide wide spectrum of instru-ments in order of achieving the final goal - maxi-mization of the profit and capital management inaccordance to investors` interests, such as:

Unlimited opportunities for investing indomestic and foreign capital markets;

Investments in companies that are not listedon capital markets;

Investments in real estate

Buy-out acquisitions or takeover of large partof ownership structure with right to run one ormore companies.

Fond of Fonds Large group of institutionalinvestors in private funds are funds as well, whichrepresents capital accumulation from other fundsin one fun in order of reaching business goals.Globally speaking, 14% of total capital of thefunds is mainly concentrated in the Fond ofFonds.

In many cases, private funds generate bigcapital profits from short-term positions on thecapital market, so called short selling - short-term positions, forex exchange and the use of bigpart of financial derivates features, swaps,options, margins and other derivates and use ofleverage.

As a result of the weak regulation of this typeof funds in global frames, and primate accent ofthe unique goal self-interest surrounding, privatefunds gained reputation of secrecy.

Biggest private funds management compa-nies are:

Soros Fund Management LLC founded by

LARGER FRUCTIFICATION OF CAPITAL - DISTRIBUTION OF RISK FOR

INVESTED MONEY

The main reason for investing hun-dreds of billions of dollars in invest-ment funds lies in the fact that invest-ment funds bring larger profits thanordinary investment of assets in banksor savings houses. Money invested inthe fund are not fixed-terms depositsand they are always on savers` dispos-al. Investing in investment funds pro-vides greater opportunity for distribu-tion of the risk for investing of financialresources.


George Soros, corporation that manages invest-ment strategies of numerous funds members ofthe group Quantum Group of Funds.Company`s investment strategies are based uponperception of macroeconomic trends in many dif-ferent countries.

SAC Capital Partners (SAC Capital Advisors,SAC Capital Management) is the group for man-agement of funds worth 14 billion dollars. Thisgroup uses different strategies for capital andprofit maximization in funds managed by this com-pany. SAC Capital Partners is founded by well-known investor Steven A. Cohen in 1992.

Renaissance Technologies is company formanagement of hedge funds founded by JamesSimons in 1982. In March 2007 this companypossessed 27 billion dollars in positions in publiccompanies listed on official markets.

Fisher InvestmentsPrivate investment funds management com-

pany

* Private funds management company isestablished on 15th of June 2007 and listed inCentral Registry of the Republic of Macedoniawith basic activity - operating with securities andfunds management;

* The company carries out activities related toforming and management of private funds on itsbehalf and on behalf of the owners of share cer-tificates in the fund in accordance to the Law onInvestment Funds and other regulations, i.e.

Fund`s Statute and Prospect. The company man-ages and runs fund`s property as aware business-man strictly in favor of fund`s shareholders;

* Fisher Investments offers services with bestquality for its clients in the field of financial analy-ses and management of portfolios and invest-ments. In order of following the world trends andopen new horizons for investments of clients, toour associate collaborators and institutionalinvestors, with fund`s fast growth and commit-ment for achieving of investors` investment strate-gies, as well as the necessity of investing in sol-vent and less risky securities, contributed fordevelopment and presence of Fisher Investmentson global capital markets.

Fisher Investments manages six privateinvestment funds registered in SecuritiesCommission.

All private funds managed by FisherInvestments are registered for investing and trad-ing of all kinds of securities and other alternativeinvestments in the country and all world capitalmarkets.

Private Investment Fund represents specialtype of property, with no characteristics of legalentity, established on Securities Commissionapproval by private funds management companywith the purpose of raising financial resourcesacross private offer for sell of share certificates offund`s property.

It is important to mention individualapproach of private funds towards theirinvestors. Namely, private funds create theirinvestment policy in accordance to the

requirements of their investors.

The fund is investors` property. Everyinvestor receives adequate number of shares inthe fund for every carried out payment (securitiesproportional to the invested amount). Third per-sons can not settle their claims from the prop-erty of the private fund.

Records for owners of share certificatesand payment operations are trade secret andthey can be revealed upon court order.

1. Private fund Fisher OMEGA is listed in theregistry of the Securities Commission on 11th ofJuly 2007

2. Private fund Fisher ALPHA is listed in theregistry of the Securities Commission on 13th ofJuly 2007

3. Private fund Fisher TETA is listed in theregistry of the Securities Commission on 19th ofSeptember 2007

4. Private fund Nova Investment is listed inthe registry of the Securities Commission on 19thof September 2007

5. Private fund Fisher DELTA is listed in theregistry of the Securities Commission on 19th ofSeptember 2007

6. Private fund Fisher GAMA is listed in theregistry of the Securities Commission on 19th ofSeptember 2007

For detailed information visit web site of theSecurities Commission - Private Fund Registryhttp://sec.gov.mk/mak/fondovi.asp or www.fisher-in.com.



1. TRANSACTION ACCOUNTS AND PENSIONS PROMPT STANDSTILLS IN BANKS (****)2. FIRST TOURISM FAIR IN OHRID (**).

17.01.2008 THURSDAY

DNEVNIK

p.1 LAST YEAR`S SHARE PRICES HARD TO GET THIS YEARp.1 BATTLE FOR MAVROVO REACHES SOCHIp.6 LAST YEAR`S SHARE PRICES HARD TO GET THIS YEARp.6 TRADE UNION TO THROW PROTESTS AGAINST LAW ON

PAYMENT OPERATIONSp.6 FIRST TOURISM FAIR IN OHRID p.7 BATTLE FOR MAVROVO REACHES SOCHIp.7 MAVROVO ENGINEERING SEPARATES FROM THE MOTHER-

COMPANY

BIZNIS

p.1 WITH SHARES ISSUING - TO FRESH CAPITALp.1 THE INTEREST OF DEATH SECURITIES GROWSp.5 THE USE OF TRANSACTIONAL ACCOUNT - COMPULSORYp.11 WITH SHARES ISSUING - TO FRESH CAPITALp.12 MBI 16.01.2008p.12 THE SHARES` INDEXES STILL WITH NEGATIVE BALANCEp.12 INCREASE OF ONLY THREE SHARES OF MBI-10p.12 STOPANSKA BANKA BITOLA- MOST TRADED SHARESp.16 THE INTEREST OF DEATH SECURITIES GROWS

UTRINSKI VESNIK

p.1 THE PROSECUTION WORKS ON OKTA

p.3 TRANSACTION ACCOUNTS AND PENSIONS PROMPTSTANDSTILLS IN BANKS

p.3 THE PROSECUTION WORKS ON OKTAp.8 EITHER TAX DECLARATION UNTIL 15TH MARCH OR A FINE

OF 1000 EUROSp.8 MBI 16.01.2008

VECER

p.7 ONE-HALF OF BRO - DEAL SOLDp.7 ONE THOUSAND-EURO FINE FOR TAX EVADERS

VREME

p.3 GOSEV PURCHASED OFFICE MATERIALS THROUGH HISSON`S COMPANY

p.6 MANAGING BOARD SOLD THE SHARE IN DAUGHTER FIRMp.6 THE TRANSACTION ACCOUNTS HAVE CAUSED NERVOUS-

NESS ON THE COUNTERS

NOVA MAKEDONIJA

p.1 MACEDONIA- BALKAN`S LEADING TOURIST PRODUCTp.8 SMALL HYDRO POWER PLANTS-SUCCESSFUL PROJECTSp.9 MACEDONIA- BALKAN`S LEADING TOURIST PRODUCT

Last year's increase of the prices of shares atthe Macedonian Stock Market will not repeat thisyear, predict the analysts and the brokers in thiscountry, who rely on the global stock market crisesat the beginning of 2008, Dnevnik informs.According to this analysis, the indexes of nearly allmajor global stock markets are decreasing thismonth…The Macedonian stock exchange indexcannot get back to normal for several months, andthe daily stock exchange turnover came down to300.000 euros these last few days. Last year, thedaily turnover on the Stock Exchange brokerecords of even several million euros. The indexMBI-10 now has 7.472 points, and on 31st ofOctober last year it had 10.057 points. The ana-lysts predict that that it might be a brief increase ofthe prices, but it will not be even close to the lastyear's increase. Yesterday, 49.33% of the sharesof the company Bro-Deal - Skopje were sold in ablock transaction at regular market of theMacedonian Stock Exchange. The buyer paid23.98 million MKD for the purchase of the sharesof this company. The price of one share was324.179 MKD.

This daily newspaper also writes for the battlefor supremacy in the civil construction firmMavrovo, because a business worth billions ofeuros, offered by the Russian city Sochi, wherethe winter Olympics will be held in 2010, is on theline….The company Mavrovo had a branch inSochi, the city which soon will become one bigconstruction site, and it was considered as a tradi-tional partner at the local market…Meanwhile,Mavrovo Inzenering separated from the mothercompany Mavrovo. Vanco Popovski, who still is a

director of Mavrovo, sent an announcement to theSecurities and Exchange Commission, emphasiz-ing that Mavrovo does not have a part in the for-mer daughter firm Mavrovo Inzenering, because itwas confiscated with an executive court order fordebt collection. The share of 15% was bought byone of the shareholders of Mavrovo Inzenering,the firm Medijan Trejd.

Biznis continues publishing the explanationsof the banks for the use of the transactionaccount. In accordance with the amendments ofthe Law on Payment Operations, which is valid asof 1st of January 2008, the bank is obligated toreport the transaction account of every client toonly register of transaction accounts (ERTS), rep-resentatives of Investbanka explain. They explainthat thus, the clients, apart from the other advan-tages, they also get a protection of the dataregarding the transaction of the personal incomeof each employee. You are saving time andmoney because you do not have to fill and buyadequate forms.

You will also read about the brokerage houseDinev Broker, which was among the last brocker-age companies which were opened last year, i.e.22nd direct participant on the capital market. Thedirector of Dinev Broker, Lenin Prculovski, is talk-ing about the idea for opening of a brokeragehouse despite of the fact that the Macedonianmarket is qualified as a small market. According tohim, there are still underrated shares on theMacedonian market, but on the other hand, hesays that the assortment of the shares in thiscountry is small. He refers to the variety of theshares. Despite of the fact that we do not have a

replacement for the shares as futures, optionsetc., the firms do not even issue shares or they doit very seldom, they do not issue bonds…

Part of the print media published the threat ofthe employees of the Prilep firms, which accountsare blocked, that they will protest if the enforce-ment of the Law of Payment Operations is notpostponed. They are supported by the local tradeunion. The new Law of Payment Operations forbids the firms with blockedaccounts to make compensations, assignationsand cessions.

In this direction, Vecer publishes that all citi-zens who have other income apart from theirsalary or pension, will have to report it to thePublic Revenue Office until 15th of March thisyear at the latest. The filing of the annual taxreports to PRO is also ongoing. The tax authoritieswarn that fines in the amount of 500 to 1.000euros, as projected by Article 144 of the Law onPersonal Income Tax, for those who would be latewith their report and who will pass the legal dead-line.

You will also read in today`s newspapersabout the first International Tourism Fair whichshould be opened in Ohrid today. About 250 rep-resentatives of the tourism sector from this coun-try and the region will participate at the Fair. Theyshould define regional tourism product which thecountries will promote to Europe and further.Topics as Macedonia as a tourist destination, theway of the cultural heritage in Macedonia and theregion, the way of the wine and better regionalconnection between the tourist centers will also beconsidered.




1. NEXCOM TO OFFER WIRELESS INTERNET AND FIXED TELEPHONY IN APRIL (*****)2. THE COMPANY OF GOSHEV`S SON PROVIDED PAPER FOR BANKS (***)

DNEVNIKp. 10 MBI 17.01.2008p. 10 NEXCOM TO OFFER WIRELESS INTERNET AND FIXED TELE-

PHONY IN APRILp. 11 THE TRANSACTION ACCOUNTS ARE IN FAVOR OF THE CITI-

ZENSp. 11 CHEAPER ELECTRICITY FOR THE INDUSTRY AFTER ALL

BIZNISp. 1 THE INTERNET SALE WITH CARDS INTERESTING FOR THE

COMPANIESp. 1 TURNOVER OF 41.7 BILLION DENARS RECORDEDp. 2 NIGHT ELECTRICITY SURPLUS OFFERED AT A PRICE OF 29.6

EUR FOR MEGAWATT-HOUR p. 3 NEXCOM ANNOUNCED LOWER PRICES FOR LANDLINE TELE-

PHONY AND INTERNET!p. 3 ROUND 250 PARTICIPANTS WILL DEBATE, EXPOSE AND COM-

PETEp. 3 GOVERNMENT TO ALLOCATE 63 MILLION EUROS FOR IMPORT

OF ELECTRICITYp. 5 OPTION FOR SEVERAL TRANSACTION ACCOUNTS IN A SINGLE

BANKp. 11 THE INTERNET SALE WITH CARDS INTERESTING FOR THE

COMPANIESp. 12 FALL OF ALL THREE INDEXESp. 12 MBI 17.01.2008p.12 NON-TRADING TRANSFERS OF SHARES OF LISTED COMPA-

NIESp. 12 MOST TRADED SHARES TWO DAYS IN A ROWp. 13 TURNOVER OF 41.7 BILLION DENARS RECORDEDp. 13 STATIONERIES FOR BANKS FROM FILIP GOSHEV`S COMPANY

UTRINSKI VESNIKp. 1 BANKS ASK FOR PATIENCE FOR THE CHAOS p. 1 ANOTHER ACCUSATION AGAINST THE GOVERNORp. 5 BANKS ASK FOR PATIENCE FOR THE CHAOS p. 5 GOVERNMENT OFFERS NIGHT POWER SURPLUS TO LARGE

CONSUMERS WHEN THERE WILL BE ONEp. 6 ECOLOGISTS FROM VELES REQUEST DISLOCATION OF THE

SMELTERY

p. 8 NEXCOM TO LAUNCH WIMAX IN APRILp. 8 MBI 17.01.2008p. 9 ANOTHER ACCUSATION AGAINST THE GOVERNOR

VECERp. 1 SWISS ETF WILL SUPPLY US WITH ELECTRICITYp. 6 LAW ON PAYMENT OPERATIONS WON`T CLOSE EMO DOWNp. 6 SWISS EFT TO SUPPLY US WITH ELECTRICITYp. 6 STAVRESKI MAKES AN OFFER: NIGHT ELECTRICITY SURPLUS

FROM MARCH TO DECEMBERp. 7 STARTING FROM APRIL WE`LL HAVE CHEAPER FIXED TELE-

PHONY AND INTERNETVREME

p. 2 GOVERNMENT MADE CONCESSIONS FOR BIG CONSUMERSp. 2 EFT TOOK OVER THE ELECTRICITY IMPORT IN THE COUNTRYp. 7 CLEAR YOUR DEBTS IN TIME OR THE BANS WILL WRING YOUp. 7 CHEAPER LAND-LINE TELEPHONY AND INTERNETp. 7 GOSHEV TO PROVE IN COURT - WHO WANTED TO TRANSFER

DOCUMENTS IN RUSSIAp. 7 GOVERNOR LOBBIES AT THE MPS

VESTp. 3 20 PENSIONERS FROM PRIVATE PENSION FUNDSp. 7 63 MILLIONS EUROS FOR ELECTRICITY IMPORT IN 2008p. 7 THE GOVERNMENT OFFERS NIGHT ELECTRICITY TO SILMAK,

FENI AND USJEp. 8 NEXCOM MACEDONIA COMMERCIALLY BEGINS FROM APRIL

NOVA MAKEDONIJAp. 1 TPP NEGOTINO AS COLD RESERVE p. 3 GOSHEV`S SON SELLS PAPER TO BANKSp. 6 TPP NEGOTINO AS COLD RESERVE p. 6 OPEC CHIEF CONFIRMS TO INCREASE OIL PRODUCTION p. 6 STOPANSKA BANKA MAKES 60% OF THE TRADE ON MSE OFFI-

CIAL MARKETSPIC

p. 7 CHEAPER LANDLINE OPERATOR IN APRILp. 7 THE GOVERNMENT OFFER THE MAJOR CONSUMERS THE

NIGHT SURPLUS OF ELECTRICITYp. 7 THE COMPANY OF GOSHEV`S SON PROVIDED PAPER FOR

BANKS

Every written daily medium transmits govern-ment decision to lower the price of electricity. Infact, the Government had offered 35 mWh elec-tricity from the night surpluses of Silmak, Feni,Usje at a price of 29.6 euros per mWh. They canobtain electricity starting from 1 March until theend of December. The complex Silmak fromJegunovce, Tetovo until the end of next week shalldecide whether to accept the last governmentoffer to purchase electricity of 35 mWh from thenight surpluses, at a price of 29.6 euros per mWh,which will be on tender from March until the endof December this year. This year electricity of578.225 mWh shall be purchased at averageprice of 92 euros per mWh. To that end, 63 millioneuros shall be separated from the Budget fromwhich the price of electricity is 55 million euros,and eight million euros are Value Added Tax,informs MEPSO.

Dnevnik and Biznis continue to explain theimplementation of the new legal measurement foropening transaction accounts. Citizens thesedays wait for hours in rows to get their job done.Most of them don`t understand the need of trans-action account, what does it mean and whetherthey will have new obligations. VladimirEftimovski, director of the Payment Operationsector in Investbanka, claims that this news willnot result negatively, but will accelerate, becamecheaper and will made payment operations moreefficient. Transaction account is simply what itwas before, gyro account for the companies.

Every change, money outflow and inflow will berecorded and will be through transactionaccounts. According to the European standards,Macedonia has to make total reform of the pay-ment system. Everything that happens in the pay-ment operations has to be registered in properinstitutions, NBM and other banks. Savings-book,credit cards will exist in future but will be connect-ed with transaction accounts. For example, themoney that citizens have on savings-books willremain there, but transactions i.e. money inflowand outflow must be recorded through the newtransaction account. The advantages of thischange are sublimated in three segments and thatis: faster, more efficient and cheaper paymentoperations. You can draw your wage on the sameaccount as so far (savings-book, maestro, incash), but the assets inflow and outflow directedby the employer for pension, fee, or other assetsshall be recorded (received) on transactionaccount.

In today`s newspapers you will read aboutnew offer for cheaper fixed telephony andInternet. Nexcom Macedonia, the company thatreceived national license of WiMAX technologyi.e. fixed wireless Internet yesterday stated that itwill offer on the market lower and more competi-tive prices in fixed telephony and Internet….

Today, all media announced the evidenceabout the involvement of Gosev in suspicious bar-gains, set by the initiative Board in order to safeMacedonian Bank. The company Keramika, in

ownership of Filip Gosev, son of the GovernorPetar Goosev, without legal tender suppliedalmost every bank, NBRM and other institutionswith printing paper and office materials. This is anaccusation by the initiative board for Macedonianbank`s rescue, inform Netpres. According to themKeramika has three owners. Founders of the com-pany were Filip Gosev and Zoran Sindiliev, part-ner of the Governor in purchasing the disputableland in Gevgelija and the company Bar raaasdooel. The founder of the mentioned companywas Hit-as from Skopje, whose founder was thegeneral director of Tutunska Banka, LjupcoRaevski. According to the Law on NBRM, theGovernor and its close family can not do busi-nesses with banks and their representatives - saidmembers of the board.

In Biznis, the annual report for 2007 ofMacedonian Stock exchange is announced.According to the report the Stock Exchange lastyear realized turnover of 41.7 billion denars,which represents an increase of 34.45% in rela-tion to 2006, and the biggest positive jump ismade in the classical trading, where the turnoveris increased for 181.86 %. Komercijalna bankawith 26.40 % has the greater participation in thetotal turnover, and RZ Inter - Transped records thebiggest increase on the Official market for1.000,82 % in December in relation to January,and Makoteks records the biggest decline for82.76%.


18.01.2008 FRIDAY



1. DS-KERAMIKA DENIES ACCUSATIONS OF MAKEDONSKA BANKA (***)2. THE SMELTERY WILL RECEIVE ELECTRICITY EVEN THOUGH IS A MAJOR DEBTOR (**)

DNEVNIK

p.8 THE SYNDICATE OF EMO FEARS FROM DOWNFALLp.8 ALL THE BANKS ARE COMPUTERIZEDp.9 MBI 18.01.2008

UTRINSKI VESNIK

p.9 THIS WEEKEND TO INCREASE THE PRICE OF BITOLADAIRY MILK?

p.9 MBI 18.01.2008p.10 EQUIPMENT TO BE RETURNED TO THE FACTORY FOR

MEDICAL PLASTICp.10 CULTURAL HERITAGE - STRONG TRUMP OF MACEDONIA

FOR TOURISMp.10 STOCK EXCHANGE TRADING WITH MINIMAL POSITIVEp.10 DS-KERAMIKA DENIES ACCUSATIONS OF MAKEDONSKA

BANKA

VECERp.6 THE SMELTERY WILL RECEIVE ELECTRICITY EVEN

THOUGH IS A MAJOR DEBTOR

p.7 PRIMORDIAL NATURE FOR TOURIST PROMOTION OFMACEDONIA

p.7 ZITO BITOLA WILL BE SELLING, BUT NOBODY KNOWS HOW

VEST

p.9 THE VELES SMELTERY WILL REMAIN WITHOUT ELECTRIC-ITY

p.13 EURONEXT WILL BUY THE AMERICAN STOCK EXCHANGE

NOVA MAKEDONIJA

p. 4 THE EMPLOYEES IN SUVENIR WILL FINALLY START WORK-ING

p. 5 THE CURRENT ACCOUNTS GOT TRANSFORMED IN TRANS-ACTION ACCOUNTS

SPICp. 7 THE COMPANY OF THE GOVERNOR GOSHEV`S SON DOES

NOT SELL OFFICE MATERIALSp. 7 MEPSO: CHAOTIC MATH OF MAKRADULI

In today's, Saturday issues of the daily news-papers one can read interesting information aboutmany Macedonian companies, which have beenabandoned to their own devices a long time ago,although they are an important element in theMacedonian economy.

Vest and Vecer convey that the Smeltery ofVeles will be left without electricity due to a debt of17 million denars towards MEPSO. The Smelteryliquidator Radoslav Kiprovski explains that PROhas blocked the gyro-account of the Smelterybecause they cannot pay the debt towardsMEPSO. The liquidator has already informed theBoard of Creditors about the consequences thatthe machines and plants are going to suffer inboth complexes - metallurgy and chemistry in theSmeltery, if the electricity is disconnected. And,while the Smeltery, which has been in solvency fora few years now, has no money to pay the out-standing debts, the creditors (Komercijalnabanka, Tehnometal, Veteks, Makpetrol, Skopskabanka, and Fersped) are selling their claims forvery small amounts to the Swiss CompanyMineko, which is ownership of the former man-agers of MHK Zletovo, which have put theSmeltery in solvency.

You will read in Vecer that the sale of thebread and baked goods manufacturer Zito Bitola

is still inactive. It is stuck because it has not beendecided yet how to alienate the Factory. Now, it issuggested to sell the yard and the buildings of ZitoBitola in the town in one package, and all otherbuildings, including those in Resen and Krusevo,to be included in a second package.

In Dnevnik, on the other hand, you will readabout the turmoil in EMO of Ohrid. The TradeUnion of this company asserts that only half of the2,232 employees go to work and have notreceived salaries from five to 15 months depend-ing on the company in which they work. The pres-ident of EMO Trade Union, Dragan Molkoski, saysthat from 800 to 1,000 employees are on a forcedvacation without any rights. Namely, the countryowns 42 percents of the company for electricalequipment. Last year the Government assignednew management. The Trade Union blames thatthe management has established 19 new daugh-ter companies in order to be able to work becausethe accounts of the remaining 23 have beenblocked.

Utrinski vesnik publishes that the equipmentof the factory for medical plastic in Tetovo, worthover 56 million denars, and finished productsbefore the bankruptcy, worth 35 million denars,were irregularly taken away from the companyand given to TTK banka, during activation of the

mortgage right. This was the decision of the BasicCourt in Tetovo, on request of the liquidator, whodemanded these funds to be included into thebankruptcy mass, and obliged TTK banka toreturn them.

Utrinski and Spic convey the denials of DS-Keramika for the accusations by the InitiativeBoard for saving Makedonska banka. Accordingto the claims, DS-Keramika, without a tender, hasprovided almost all banks, the National Bank, andother state institutions with office materials. Thecompany DS-Keramika, ownership of the son ofthe Governor Petar Goshev, Filip, most ferocious-ly denies the accusation of the Saving Board ofthe liquidated bank. They explain that ever sincethe company has been established up until todaythey neither have worked nor, however, are goingto work with printing paper and office furniture. Weneither have had, nor we will have any businessrelations with the Ministry of Finance, NationalBank, or any other bank.

Yesterday, the last stock exchange day of theweek, ended positively with a minimum of 0.01percents, and for the first time the index wasclosed in the green zone. Namely, in the week thathas passed MBI-10 was closed on the level of7,459.35 index points.


19.01.2008 SATURDAY


1. SHORT REVIEW IN THE WEEKLY MAGAZINES

14. - 19.01.2008 MONDAY-SATURDAY

GLOBUS

p.26-29REFINERY GAINS PROFIT, CITIZENS MAKE LOSSES! POLLUTER While mutual accusations for corruption and non-transparency or incapability to accept others` successes bet-ween the Government and the opposition continue in cheapvaudeville, and citizens choose between the evaluations of theformer Prime Minister Georgievski that OKTA is deal of the de-cade, or former Minister of Economy Stevce Jakimovski`s thatit is a matter of crime of the century, the only sure fact remainsthat OKTA, with Government`s support, will continue to pollutethe environment in the next 18 months. And without competiti-on gain higher profits. The Government made a deal withGreek owners of OKTA and presented New Year package inshape of agreement, signed on 31st of December by the De-puty Prime Minister Zoran Stavrevski and Ministers of Finan-ces and Economy, Trajko Slavevski and Vera Rafajlovska, forpayment of 40 million dollars according to curt effective decisi-on for debt of the Republic of Macedonia determined by thedecision reached by the International Arbitrary Court in Paris.But, in the same agreement, Macedonian Government in factprovides extension of OKTA`s monopoly position, and 18 mon-ths delay for fulfilling the commitment of Greek owners to in-vest and adjust the production with European standards.P.30OKTA - CRIME OF THE CENTURY- What was the verdict for Macedonia in Paris?- The nonsense of VMRO-DPMNE was the verdict! The500,000 tons of heating oil that were supposed to spend annu-ally were the verdict, the letter of the former Minister Gruevskisent to Mamidakis was the verdict, which caused the loss of13 million dollars or with the calculated interests, around 17million dollars, we were panelized because one million tons ofoil did not pass through the oil pipeline, so for each ton lessadditional 27 dollars have to be paid, because someone sig-ned an agreement according to which if those millions of toneswere not to not pass through, the Government would compen-sate… This is why we were penalized, plus adding the cus-toms expenses, which we as a state have to compensate for.However we were also penalized for the differences in under-standing the agreement, because their party reads the agree-ment as an exclusivity given to OKTA to supply us with oil andoil derivate, while we read that after five years, besides OKTAanybody could supply the state, if it meets certain conditionsregulated by a law. I do not see which part of the verdict showsthat the previous Government had violated the agreement.P.36IMPORT OF ELECTRICITY TO COST ONE HYDRO POWERPLANT ANNUALLYWhile the citizens celebrated New Year holidays with sparklingwine in their hands and eyes turned to the sky, filled with shin-ing light, energy experts in Macedonia made a deep sigh -when the clock struck midnight on the 1st of January Macedo-nia entered the zone of total liberalization of electricity market,process that exists in developed countries in years, a habitthat they were forming in period of five to ten year. Macedoniaentered the process of liberalization of kilowatts across one lo-gic second, without anesthetize and maybe that rush justopened Pandora`s box of contradictories, which existed in thissphere in years, but they are also result of persistent andenergetic insistency of highest state officials for emergentrhythm of pre-formatting of this sensitive segment of the econ-omy.

FORUM

p.25A PROFIT ONLY FOR OKTAA few days ago the retail prices of petrol have recorded a twodenars` rise. The price of MB-96 is now 70,50 denars, of BMP-91 is 67 denars, of EUROSUPER-95 is 67,50 denars, while ofEUROSUPER -98 has reached 68,50 denars. The price of di-esel (3) has also appreciated - 61 denars per liter, as well asthe price of EL which is now selling for 50 denars per liter.p.28HANDS (UN)CLEAR REPORT

The creator of the legendary slogan with clear hands, PetarGosev, who is acting the position of Governor of the NationalBank of Macedonia, is facing these days a motion of no confi-dence in the Assembly regarding his work. It is expected a se-ssion to be scheduled in the Assembly for the deliberationconcerning the request for taking responsibility submitted by15 Members of Parliament from almost every parliamentarygroup or independent Members of Parliament.p.30THERE WILL BE STABILIZATION OF THE PRICES Forum: How do you estimate the operation of the dairies ofDanube Foods in the country (Bucen Kozjak and Bitolska Mle-karnica) within the last year following your acquisition of thetwo dairies? Pribicevic: It is still early to make evaluations ofthe results. I would like to say that we are very pleased that wehave managed to enter on the Macedonian market for whichwe think has great perspectives and potentials. We are start-ing this year with investments, and we will see afterwards theresults of our working. We think our entry will be particularlypositive for our partners, farmers, as well as for the consumerswhom we will offer top quality products, considering the cur-rent but also the new products which were not on the Macedo-nian market so far.p.31INSIGNIFICANT TRADING ON THE OFFICIAL MARKETLast trading week, few transactions, insignificant turnover, dis-interest for market play by both sides. In the total turnover of86.68 million denars in the past week the Official Market wasdominant with a turnover of 65.85 million denars, which wasrealized through 441 transactions. The trading continued with-in its modest limits.

KAPITAL

p.28TRADE OF ONE MILLION EUROS PER HOURLast year was the most successful one for the MacedonianStock Exchange since it was formed the Macedonian capitalmarket, both concerning the turnover and the price apprecia-tion of the listed companies. The MBI-10 index of the most liq-uid companies on the official market, if compared the valuesfrom the last trading day on the Stock Exchange on29.12.2006 (3702,54) and the day of 28.12 (7,740,79), hasmarked an increase to 109%, the biggest of all stockexchanges of the former YU countries.p.33AD CABLE FACTORY NEGOTINO OFF MBIDThe share of AD Cable Factory Negotino has been excludedfrom the Index of public limited companies MBID, as conse-quence to the extraordinary revision of the index that hap-pened on the 15th of this month.p.34NO SUCH THING AS FREE LUNCHNo system, not even the biggest world economic system likethe economic system of the USA is immune to the problemwith the irrational decisions its agents make. There are manyreasons for this kind of behavior by individuals and, those whoact irrationally are always present at the markets in certainnumber.p.36THE MONEY WILL NO LONGER BE EXCUSE TO THE BADMAYORSIf you live in some of the Skopje suburbs, or in some of theless frequent Macedonian cities, then you will exactly what itmaens to arrive home driving on non asphalted regional roador on shattered lot.p.42WE EXPECT QUICK GROWTH ON THE FINANCIAL MARKETIN MACEDONIA!Last week Milestone officialized the taking over of 74% of theshares in Kumanovo-Investment Bank(KIB) by holding share-holders' meeting. The bank was in bad financial condition forsome time. As new dominant owners what are your plans forits development?Olason: KIB-Kumanovo was in debts when we decided to takeit over.


- OVERVIEW OF TRADE IN SHARES INCLUDED IN MBI-10

Securities max. price min price Average price quantity turover in dears turnover in euros number of markett trunsactions capitalisations


- REPORT ON TRADE IN STOCKS COMPRISING THE MBID INDEX

berzNIK number 6 Date 21.01.2008

MKIBN20080121-0006E

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