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Photo: Bernard Koenig

DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS 3Date 11.02.2008 number 9 berzNIK

Simple, transparent, confidential and special

presentation With berzNIKalways, in anytime, to all theinformationcreating thepublic opinion… joinnow…and letyour opinion,attitude andknowledgebecome a partof public evaluation

Until the next Monday

Makedonka BaldazarskaBerzNIK editor-in-chief

e-mail: [email protected]

- The Slovenian constriction companies areinterested in cooperating with the Macedonianconstriction companies... LUKiol wants to investa lot more in Macedonia.... The InternationalCouncil of foreign Investors in Macedonia heldthe fifth meeting on which the White Book withthe draft measures and the notes was present-ed to the Vice Prime Minister Stavrevski.... Theentry of the French brand Societe Generalemarked the banking in 2007, while they promisea doubling up of the business network and thenumber of employees.... These are only part ofthe news that marked the previous week, whichberzNIK has selected, noted and archived onthe its internet template so you, as our cowork-ers, can review it daily or you can look into whenthere is a need of information....

Our base of daily information is increasinglylarger, as well as your promotive representa-tions, opinions, remarks, evaluations and com-ments...

The challenge including the faster, the easi-er and the simplest way to get a hold of the dailypublished financial and stock exchange informa-tion is the basic idea of our digital service. Amedium collection of the archived publicationsabout the movements of the business entities,about the characteristics of the legal entities andtheir financial portfolios, about the events, theagreements, the appeals and all other occur-rences among the participants on the marketwhich leave a mark whatsoever or impact on themovements on the capital market....

In this particular view, the weekly review ofberzNIK offers its pages for simple, transparent,confidential and special presentation of yournotes, analysis, comments....

The Macedonian daily media conveyed thefollowing news:

- Postenska and Sileks Banka taken over bythe Bulgarian Central Cooperative Bank, in thesame time as KIB Kumanovo was taken over bythe Icelandic company Milestone. Practicallythrough these acquisitions some EUR 77 millionentered last year in the banking sector as directforeign investments (the stock purchaseamounted EUR 46 million, around EUR 4 millionof re-invested profit and around EUR 27,4 mil-lion for further capitalization and subordinateddeposit). It is expected this trend to continue inthis year also.......

- The interest rates of the bank credits inMacedonia within 2008 will not be reduced.

Although they are among the highest in theregion ranging from 7 to 12 percent, it can beexpected the same to increase, anticipated thedomestic banking analysts. The Macedonianbanking sector can not stay immune to the trendof interest rate appreciation occurring in thebanks in the neighboring countries and inEurope. However, the banking officials consid-ers that for now Macedonia will not be threat-ened by the financial occurrences on theEuropean market for the reason that the busi-ness banks in the country do not depend on theEuropean financial sources due to the fact thatthe foreign credit sources participate with 10percent in the total structure of the bank`s fundprovision, therefore the influence of the expen-sive financial sources on the banks reduces…..

- The stock value of the construction compa-ny Mavrovo in the recent days recorded agrowth on the stock exchange. The stock priceappreciation of the construction company ishappening right before the officialization of theinformation revealing that a foreign company isinterested to enter the construction companyMavrovo, even though it is uncertain the stockcapital to be purchased….

- The independent International ConsultingHouse Oxford Analytica revealed the globalcredit slump index for the 2008, which includes137 developing markets. Macedonia occupiedthe 48 place on this global credit slump indexlist. In the regional countries the highest risk isassociated to Croatia, which is placed fourthplace, while Romania is placed seventh,Slovenia is tenth, Bosnia and Herzegovina is34th, Serbia is 50th and Poland is 75th …

-The digital service berzNIK has selected,recorded and archived…

- Now it is your turn.... the companies thatdeal with securities... we have brought up a lotof subjects for conversation, analysis, discus-sion, research, polemizing, evaluation, sugges-tion.... give comments about the news that oth-ers convey, work over them and canalize themfor our needs, give elaborations and place themat the disposal of our clients.....

-Our pages remain open for you...

4 DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTSberzNIK number 9 Date 11.02.2008

FIFTH CONFERENCE OF THE INTERNATIONAL COUNCIL OF INVESTORS IN MACEDONIA

WHITE BOOK FOR IMPROVEMENT OF THE BUSINESS CLIMATE

- We will continue our efforts for revival ofthe "businesscracy", instead of the former "bu-reaucracy" - the Vice Prime Minister Zoran Stav-reski gave his word to the members of the Inter-national Council of Investors (ICI), whose FifthAnnual Assembly was held on February 6 inAlexander Palace. Speaking about the Govern-ment activities from the point of view of the busi-ness climate in this country, Stavreski underli-

ned that the reform of the Cadastre is being suc-cessfully implemented, principally concerningownership registration, and the first results ofthe Government effort for intensified solution ofthe denationalization issues are also becomingapparent. He emphasized that they are workingon the modifications of the Construction Law, aswell as that with the new Law on Banks the ban-king sector was significantly liberalized, whichfacilitated the entry of foreign financial instituti-ons and enhanced competition.

The President of the International Council ofInvestors Aristidis Vlachos has handed over to

the Vice Prime Minister Stavrevski the WhiteBook with investors` remarks and proposalswhat should be changed in the business climatein Macedonia in order to make them in accor-dance with the common principles and values ofthe European Union.

This year, the Assembly was attended byapproximately 400 foreign investors from thecountry and the region, as well as by the highestGovernment representatives of the diplomaticcorps and international organizations present inthe country and the region.

The Vice Prime Minister Stavrevski received the White Book with investors` remarks and proposals what should be changed in the busi-ness climate in this country in order to make them in accordance with the common principles and values of the European Union.

The International Council of Investors (ICI) was established in 2002 by 11 eminent for-eign investors. Nowadays, five years after the foundation, the Council has 35 members, rep-resentatives of foreign companies, which are investors in the country. This confirms therole of ICI as a serious representative of a majority of foreign investors. The foreign invest-ments of all ICI members together amount around 80 percents of the total foreign capitalinvested in this country.

In the past period, ICI has successfully represented the interests of the foreigninvestors in Macedonia, the problems they encounter, as well as their efforts for improve-ment of the investment climate. Through its advisory activities, ICI encourages theGovernment to take the necessary measures and actions for supporting the initiative of theprivate sector, and constantly makes efforts for cooperation promotion of all subjectsincluded in the process of improvement of the investment climate in the country.

LUKOIL WANT TO INVEST MORE IN MACEDONIA

THE PROCESS OF INTRODUCTION OF EURO 5 IS IRREVERSIBLE

Lukoil has realized its program inMacedonia, and works as internationalbrand, company`s Director Andrej Kuku

said.

-I believe that what people today feel thathigh quality of services and fuels is our pleas-ure. We are having problems with the realizationof our program, because Macedonian legislationis still not reformed and we are having bureau-cratic obstacles. But the Government makesefforts for passing new laws that will contributefor improvement of these reforms and attractingof investors in Macedonia. I think that our invest-ment program will not be realized in that shortperiod as we planed. But we are sure that Lukoilis going to work in Macedonia and this companywill become friend to all citizens in Macedoniaand continue the realization of its program.

The head of Lukoil in Macedonia assuredthat Lukoil wants to invest much more inMacedonia. Entire management supports thedevelopment of the company in Macedonia. Theprogram will not be realized in that short periodas we planed, but we are sure that Lukoil isgoing to work here. According to him, thebiggest problem for conducting of planed activi-ties is insufficient reforms in the sphere of legis-

lation. I am assured that in three years the struc-ture of fuel market will be changed in the coun-try and Macedonian market will be civilized andon high level.

He believes that prices of fuels inMacedonia should be liberalized.

-Only the competition and quality shoulddefine prices. In Macedonia there are state reg-ulated prices and monopoly in the productionand distribution. That is not good. Yet, I believethat it is a matter of transitional period, tempo-rary measure.

Kuku reminded that the Stabilization andAssociation Agreement with EU envisages thefuel market to be fully liberalized by 2011.

-I hope that it will happen. EU has alreadyadopted new standards according to which,starting January the 1st 2009, only EURO 5 willbe in use, and according to Kuku, Lukoil followsthe trend. And because Macedonia is EU candi-date-state, I am assured that the process ofmarket liberalization is irreversible.

The first step in this direction is the liberal-ization of EURO 5 which has already beenmade by the Government, the Director of LukoilMacedonia said. European standards will alsobe adopted in Macedonia. Regarding the infor-

mation that in Europe will be used only EURO 5,i.e. because of the adoption of standards for itsuse, our company reconstructed refineriesacross Europe. The reconstruction and modern-ization of our refinery in Burgas costs more than1 billion dollars. We must think of the quality offuels in order of their placement in Europe,Director of Lukoil Macedonia stressed on todaymeeting with journalists.

-his means that we are considering ourstandards not only for management of our busi-ness, but Lukoil always considers issues relatedto ecology and social issues. Although we areyoung company, which exists only 15 years, yet,we have achieved good results for this shortperiod of time. We are prepared to start theimport of EURO 5 on Macedonia market, whichI hope will be approved for short period. I amsure that this process is irreversible and EURO4 and EURO 5 will be introduced onMacedonian market. These agreements fordefining the price, which are in this moment onpower, are transitional. Lukoil would like toinvest more in Macedonia and therefore we aresure that we are going to develop. I am assuredthat in three years the structure of fuel marketwill be changed in the country on citizens`pleasure and transit transport.

EU have already adopted new standards according to which, starting January the 1st 2009, only EURO 5 will be in use, and according toKuku, Lukoil follows the trend. And because Macedonia is EU candidate-state, I am assured that the process of market liberalization is

irreversible


The idea for the public opening of the share-holders` books of the Macedonian companies forall the interested investors is more and morepresent at the authorities of the securities market,and at the public. In the future, according to theinformation of Dnevnik, every interested personwill be able to perform an insight in the total prop-erty structure of a certain company before bring-ing a decision whether to buy shares in that par-ticular company. So far, the Law allows only find-ing out about the shareholders which own overfive percents of the capital. The President of theCommission of Securities, who is in charge forregulation of the capital market, Marina Nakheva- Kavrakova considers that the moment when theshareholders` books will be available not only tothe shareholders, but also to the public must bewell estimated, in other words all the potentialinvestors who want to invest in one company, andall the interested people who have establishedany relationship with that particular company.

According to the first man of the CentralDepositary of Securities, Stevan Shapchevski,first, the motivation should be defined for com-plete opening of the shareholders books beforethe amendments of the Law are made.

- It must be measured whether the moment isright for it to be done. It should be careful with therisk of the data abuse. When the shareholders`books are public, some of them will be able toprepare analyses and sell them expensively. Iconsider that nothing spectacular will be done bytheir opening.

In Biznis, you will read about the tradingreport in the last week of January. Without anysignificant price shifting, with almost identical val-ues of the three indices which are calculated onthe Macedonian Stock Exchange, the investorskept the trading tempo, so the turnover main-tained on average 50 million denars per day.

According to the realized turnover, lastweek`s most traded was the corporative bond ofProkredit Banka AD Skopje, which started beingtraded on the secondary market ever since thelast week. With turnover of 57 million denars wasfar from the turnover of all the other securities list-

ed on the regular market.Today`s newspapers convey that the Agency

for Electronic Communications imposes to T-mobile and Cosmofon, as operators with signifi-cant market power in the country, to provide theother operators with interconnection and access,and to do it transparently and non discriminating,as well as to lead special accounting and pricecontrol.

Both companies received this status eversince November last year, after the Agency forElectronic Communications made an analysis forthe mobile market in the period from July 2006 toJuly 2007.

Today`s newspapers are also conveyinganother news from the local self governmentwhich is supposed to represent a positive exam-ple for the other municipalities as well.

Namely, last year have been exported tobac-co, fresh and canned vegetables, grapes, wine,lamb`s meat, sanitary products and confection inamount of 70 million euros from the Strumicaregion.

Biggest part of the products has ended onthe markets in Serbia, Germany, Bulgaria,Greece and England. According to the value ofthe realized foreign currency outflow, greatestexporters are the company Strumica Tabak, thefactory for sanitary ceramics, the confectionariesGeras Cunev and Edinstvo, the mine Ograzdenand the agro industrial complex.

Today, you will read about the request of theKavadarci combine Feni Industry for concessionpro excavation of mineral from the localityStudena Voda under Kozuv.

The Ministry of Economy expects therequest, which is older than two years to beaccepted with the amendments of the Law onmineral raw materials. However, MacedonianForests warns that it will destroy great amounts offorests near the border with Greece. They arefirm - there is no money which can replace thedamage if the forests are cut. Feni asks exploita-tion of mineral on surface of 22 hectares plus 2, 5hectares for a road. The locality is on about 1000meters altitude above the sea level.

1. SHORT REVIEW OF EVENTS

04.02.2008 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: 9Date: 11.02.2008

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FRONT PAGE PHOTO:Bernard Koenig - First General Menagerof Ohridska Banka

Photo: Robert Spasovski

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

WHITE BOOK FOR IMPROVEMENT OF THEBUSINESS CLIMATE… . . . . . . . . . . . . . . . . . . . . . . 4

LUKOIL WANT TO INVEST MORE IN MACEDONIA … . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

berzNIK, TUESDAY, WEDNESDAY, THURSDAY… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7

MBDP AND THE BUSINESS BANKS TOFINANCE THE ENERGY EFFICIENCY. . . . . . . . . .8

OHRIDSKA BANKA CONQUERS THEMARET. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

MAPAS - THE AGENCY FOR SUPERVISION OFFULLY FUNDED PENSION INSURANCE. . 10-11

BUSINESS MEETING IN ECONOMIC CHAMBER… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

CENTRAL COOPERATIVE BANK FROM BULGARIA … . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

berzNIK, , THURSDAY, FRIDAY, SATURDAY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13-15

WEEKLY MAGAZINES...….. . . . . . . . . . . . . . . . . . . . . . . . .16

WEEKLY REVIEW OF THE MACEDONIAN STOCKEXCHANGE. . . . . . . . . . . . . . . . . . . . . . . . . . . . 17-19

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS 1. THE PHONE BILLS HIGHER THAN THE ELECTRICITY BILLS (**)2. TOTAL TURNOVER OF 50.485.730 DENARS (*)

DNEVNIKp.7 IDEA FOR PUBLIC ANNOUNCING

OF ALL SHAREHOLDERSp.7 MINE OWNED BY FENI THREAT-

ENS LARGE SURFACE OF FOR-EST

p.7 EXPORT FROM STRUMICAWORTH 70 MILLION EUROS

BIZNISp.2 ERA CITY - CITY IN A CITY ON THE

ENTRANCE OF SKOPJEp.2 A SPRING START WITH EUR 40

MILLIONp.10 TOTAL TURNOVER OF 50.485.730

DENARSp.10 SHARES OF MAKPETROL SKOP-

JE, THE MOST TRADEDp.11 THE INVESTORS KEEP THE TRAD-

ING TEMPOp.11 REPORT OF 01.02.2008

VECERp.7 THE VALUE OF THE STOCKS OF

OHRIDSKA BANKA IS DEPRECIAT-ING

p.7 T-MOBILE AND COSMOFON WITHA MARKET POWER

VREMEp.1 THE PHONE BILLS HIGHER THAN

THE ELECTRICITY BILLSp.1 ENVIRONMENTAL BARRICADEp.5 ENVIRONMENTAL BARRICADEp.7 TRANSACTION ACCOUNTS WITH-

OUT A DEADLINE FOR THEIROPENING

p.7 THE PHONE BILLS HIGHER THANTHE ELECTRICITY BILLS

p.8 LUKOIL TRIPS ON NATIONALIZEDLAND

NOVA MAKEDONIJAp.5 MICROSOFT WITH AN OFFER TO

PURCHASE YAHOOp.5 KOSOVO CREATES THE PULSE

OF THE STOCK-EXCHANGE



2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. THE PETROL CHEAPER FOR ONE MKD (****)2. PROPOSALS FOR VICE-PRESIDENTS PRESENTED (***)

05.02.2008 TUESDAY

The news for price reduction of the gasolineis present in all daily newspapers today. Namely,starting last midnight the gasoline price is reducedfor a denar per liter, while the price of the dieselfuels remains the same.

The entry of the French banking brandSociete Generale has marked the banking in2007, Biznis informs. Foreign capital also enteredinto Postenska and Sileks Banka, which weretaken over by the Bulgarian Central CooperativeBank, as well as into KIB Kumanovo, which wastaken over by the Iceland Company Milestone.Altogether, last year approximately 77 millioneuros direct foreign investments entered into thebanking (purchase of shares of around 46 millioneuros, approximately 4 million euros reinvestedprofit, around 27.4 million euros of further capital-ization and subordinated deposit). It is expectedthe trend to continue during this year too.

The interest rates of the bank credits in Mace-donia during 2008 are not going to be reduced.Although they are among the highest rates in theregion at the time being and vary from 7 to 12 per-cents, they could continue increasing, predict thedomestic bank analysts in the newspaper Vreme.The Macedonian banking sector cannot stayimmune to the increasing trend of the interestrates, which has been happening in the banks inthe neighbour countries and Europe. However,the banking professionals believe that at least fornow Macedonia is not going to be endangered bythe financial operations on the European marketbecause the commercial banks in this country do

not depend on the European financing fundssince the foreign credit sources participate with 10percents in the total structure of providing bankfunds due to which decreases the dependence onthe banks of the expensive financing sources.

Bankers, IT experts, and businessmen arethe most numerous in the run for vice presidentsof the Economic Chamber, Vecer informs. Name-ly, as candidates for these functions appear GligorBishev, the first General Director of StopanskaBanka Skopje, Risto Tashev, the Director of ZitoVardar from Veles, Shevki Idrizi, the owner ofRenova, Aleksandar Panov, General Manager ofMakstil, Ilija Gechev, owner and General Mangerof IGM from Kavadarci, and Antoni Peshev fromthe IT Company Ultra.

The construction of the oil pipeline AMBO willstart in March, the newspaper Vreme informs,which conveys the statement of Ted Ferguson,President of AMBO Consortium. According to him,the investors did not give up the oil pipeline thatwill pass through Macedonia, even though Russiafavors the one from Bulgaria to Greece.

Unlike such announcements by the head ofthe American consortium, according to the state-ment of the Government Spokesperson IvicaBocevski, the Macedonian Government does nothave anything new on the oil pipeline AMBO.

Furthermore, the project that has been talkedabout almost one decade, for Macedonia wouldmean an annual income of 30 million dollars fromthe tax on oil transit.

Some of the newspapers have again brought

up the subject regarding the privatization ofPorcelanka of Veles because the yesterday trailwas postponed once more due to absence ofLeonardo Pitikev, owner of the company Ekskluzi-va, which in 2001 had Procelanka in its owner-ship. As a result, the Basic Court in Veles answe-red positively on MoI`s request for issuing interna-tional warrant for Pitikev.

Today`s issue of Dnevnik also informs thatthe account of the ceramic industry Kiro Kjucuk ofVeles is blocked. Due to the unpaid60,842,296.00 denars, 24.01.2008 inclusive, onthe basis of unpaid VAT obligations, personal in-come tax, and income and concession tax, thePublic Revenue Office has blocked the account ofthe Veles ceramic industry. According to the infor-mation by PRO, the Regional Directorate of Prilephas taken measures for ban of funds transactionthrough the factory`s account in order to settle theobligations.

Among today`s news the one that attracts theattention is the Biznis information, which announ-ces that the winery Skovin and Fershped will pres-ent the Macedonian wines of their wineries at theDays of Macedonian Cuisine and Culture, whichis going to take place on 7th to 10th February inSlovenia. The center of the event will be the emi-nent restaurant Gostilna Lovenjak in MurskaSobota.

The robbery of 34,000 euros in denars andforeign currencies from the 2nd branch office ofUNI Banka in Tetovo is the news conveyed by alldaily media.

DNEVNIKp.7 THE PETROL CHEAPER FOR ONE MKDp.9 MBI 04.02.2008p9 CONSTRUCTION OF AN INTERNET-HIGHWAY

BIZNISp.1 FERSHPED AND SKOVIN TO BE PRESENTED IN SLOVENIAp.2 THE PETROL CHEAPER FOR ONE MKDp.3 FERSHPED AND SKOVIN TO BE PRESENTED IN SLOVENIAp.3 PROPOSALS FOR VICE-PRESIDENTS PRESENTEDp.5 ENTRANCE OF 77 MILLION EUROS FOREIGN INVESTMENTS p.12 MBI-10 DECLINES - MBID INCREASES p.12 SHARES OF ALKALOID SKOPJE - MOST TRADED p.12 NON-TRADE TRANSFERS OF SHARES

p.12 SHARE BUY-BACKSp.12 MBI 04.02.2008p.13 PAYMENT OPERATIONS VALUE - 237,557,998,684.50

DENARSUTRINSKI VESNIK

p.9 MACEDONIA TO BENEFIT IF SERBIA PROGRESSES ECO-NOMICALY

p.9 THE PETROL CHEAPER FOR ONE MKDp.9 MBI 04.02.2008p.9 BLOCKED THE ACCOUNT OF KIRO KUCUK, VELES p.9 ROBBED 34,000 EUROS FROM A BANK IN TETOVOp.9 INTERNATIONAL APB ON PITIKEV

VECERp.4 PRO BLOCKS ACCOUNT OF KIRO KJUCUK p.7 BANKERS, IT EXPERTS AND BUSINESSMEN TO COMPETE

p.7 PETROLS ONE DENAR CHEAPER VREME

p.1 THE OIL PIPELINE STARTS IT'S CONSTRUCTION ONMARCH- THE GOVERNMENT HAVE NO IDEA

p.5 TRIFUN SPONSORED THE VELES COURT AS WELL?p.6 LOW INTEREST RATES-PIE IN THE SKYp.7 THE OIL PIPELINE STARTS IT'S CONSTRUCTION ON

MARCH- THE GOVERNMENT HAVE NO IDEAp.7 EVERYBODY IS MAD ABOUT PAYMENT CARDS p.7 THE PETROL CHEAPER FOR ONE MKD

VESTp.2 THE PETROL CHEAPER FOR ONE MKD p.3 EURO GOES UPp.8 BANDIT ROBS 34,000 EUROS FROM BANK`S SAFE DEPOSIT

BOX p.15 FENI INDUSTRY

NOVA MAKEDONIJAp.3 NOMINATED VICE PRESIDENTSp.3 ARMED ROBBERY IN UNI BANKp.5 MICROSOFT OFFER TO YAHOO - TRICKYp.6 THREE NEW SUBSIDIARIES OF OHRIDSKA, PRO-CREDIT

AND TUTUNSKA BANKASPIC

p.2 YAHOO MAY ALLY WITH GOOGLE INSTEAD OF MICROSOFTp.7 THE PETROL CHEAPER FOR ONE MKDp.8 34.000 EUROS STOLEN FROM THE TETOVO SUBSIDIARY OF

UNI BANK




1. TPP NEGOTINO STOPS OPERATING (****)2. METALEC TO BUILD TWO BRIDGES IN ALBANIA (***)

06.02.2008 WEDNESDAY

Macedonia is among the 50 emerging mar-kets that will pay highest price in case the worldgets into a credit crisis. Every newspaper carriesthe estimation of the

Oxford Analytica independent consulting firmactually revealed an index of global credit break-down for 2008 which included 137 emerging mar-kets. Macedonia is holding the 48th place on thisglobal credit devastation list. From the countries inthe region, Croatia is being faced with greatestrisk at the fourth place, Romania seventh,Slovenia tenth, Bosnia and Herzegovina is at 34rd position, Serbia is fifteenth and Poland takesthe 75 position.

Today's daily media also carry the story abouttonight`s Fifth Annual Meeting of the InternationalCouncil of Investors (ICI) in Macedonia, which willtake place in Alexander Palace Hotel. This yearabout 400 foreign investors from the country andthe region, as well as highest Government repre-sentatives of the diplomatic core and the interna-tional organization in this country and the region,have announced their participation attendance. Inaddition to the ceremonial dinner of the FifthAnnual Meeting, ICI Chairman Aristedis Vlahoswill hand down to the Prime Minister the WhiteBook of Foreign Investors.

The Head of Nexcom Macedonia, TodorCvetkovski, says he will help the realization of e-Macedonia, Biznis informs. According to him, theyhave already provided base station locations not

only in Skopje, but in the other cities throughoutMacedonia as well, and believes they will kickcommercial start this April. The high prices in thefixed telephony, as he says, are the main reasonthat 30 percent of the citizens have no fixed tele-phones, which are concerning figures, just as thesmall penetration of the internet.

The charts for daily trading in shares of theMacedonian companies can be seen in severaldaily newspapers. According to the stockexchange analyses, the shares of GP Mavorovowere most traded top gainers. Yesterday`s totalturnover was 32, 804 million MKD gained through220 transactions. MBI-10 index went up for 0, 12%.

Daily newspapers carry interesting storyabout the regional capital markets. According toFinance from Ljubljana, five Slovenian companiesare arranging holding formation that is to takeover Ljubljana Stock Exchange. Finance informsthat the holding will most likely offer 400 EUR persingle share of Ljubljana Stock Exchange.

The public offer for completing the capitaliza-tion of Hrvatska Postanska Banka is fixed for May.The last stock exchange price was 8. 500 HRK forshare.

The daily newspapers also carry part of thestock exchange analysis revealed in Politika indi-cating that the leap of the turnover, share pricesand both indices on Belgrade Stock Exchange aswell as the appreciation of the dinar is connected

,according to their analysts, with Tadic`s victory onthe presidential elections Sunday. According tothis analysis, Monday`s stock exchange turnoverrecorded 134% increase in relation with lastFriday and 6, 34 % appreciation of top gainers`index. Out of 150 share issues being traded twodays ago, staggering 85 went up in price and theFriday-Monday remainder is 8, 4 million EUR.

- The winning criteria for most attractiveinvestment country will be the economic growth,degree of exposure to the credit crisis and macro-economic stability, believes Dario Vilovic, fundmanager in Adriatica Capital Fund ManagementCompany from Croatia. Having in mind the crite-ria, he estimates that this year Russia could bethe best investment destination.

All daily media inform about the successfulbusiness deal of Metalec from Prilep, which is toconstruct two bridges on Drac-Valona highway,Republic of Albania. The Prilep factory for stealconstructions signed a contract of 6 million EURwith the company Alpine from Austria and obligedto construct 4.000 tons of steal constructions onboth bridges within 12 months.

Johnson Matthey from London yesterdayannounced the first vacancy for staff employmenti.e. four managers. The vacancy requires fourhighly skilled people with appropriate workingexperience for the posts as human recoursesmanager, logistics manager, process engineerand project administrator.

DNEVNIKp.8 MBI 05.02.02008p.8 METALEC TO BUILD TWO BRIDGES IN ALBANIAp.15 TOPLIFIKACIJA PAYS NO LEASE ON PIPE-LINES FOR THREE

YAERS BIZNIS

p.1 MACEDONIA ON 48TH PLACE ACCORDING TO THE RISK OFCREDIT SLUMP

p.1 THE STOCKS OF CC MAVROVO WERE THE MOST TRADEDAND RECORDED A PRICE APPRECIATION

p.1 WE WILL HELP THE REALIZATION OF THE PROJECT E-MACEDONIA

p.2 METALEC TO BUILD TWO BRIDGES IN ALBANIAp.2 TPP NEGOTINO STOPS OPERATINGp.3 MACEDONIA ON 48TH PLACE p.3 A MEETING OF FOREIGN INVESTORSp.5 WE WILL HELP THE REALIZATION OF THE PROJECT E-

MACEDONIAp.8 SLOVENIAN CONSORTIUM WANTS TO BUY LJUBLJANA

STOCK EXCHANGEp.11 JUSTIN LIN YIFU FROM CHINA, CHIEF ECONOMISTp.11 EXPLOITATION SINCE 2010p.11 NEW SUBSIDIARY IN SKOPJE - STREET MACEDONIAp.11 TENDER FOR PURCHASE OF SHARES IN MAYp.12 MBI-10 WITH 0.12% GROWTH p.12 THE STOCKS OF ADG MAVROVO WERE THE MOST TRADED

AND RECORDED A PRICE APPRECIATIONp.12 MBI 05.02.2008p.12 NON-TRADE TRANSFERS OF SHARESp.13 RUSSIA, THE MOST INTERESTING INVESTMENT DESTINA-

TION

UTRINSKI VESNIKp.8 JOHNSON MATTHEY ANNOUNCES THE FIRST COMPETI-

TION ON FOUR JOB POSITIONSp.8 MACEDONIA 48TH ACCORDING TO THE HAZARD OF CRED-

IT CRASHp.8 NEW SUBSIDIARY OF NLB TUTUNSKA BANKAp.8 MBI 05.02.2008p.8 ENERGY EFFICIENT PLANT VISKANTUS TO BE GROWN IN

PRILEPVECER

p.6 TPP NEGOTINO IN POWER AS OF SUNDAYp.6 GIGANTIC PROJECT OF METALEC

VREMEp.7 TOBACCO SOLD AT HIGHER PRICE COMPARED TO LAST

YEAR p.7 WE ARE FACING NEW PENALTIES AND INTERESTS

VESTp.9 PRILEP METALEC TO BUILD BRIDGES IN ALBANIA

NOVA MAKEDONIJAp.2 METALEC TO BUILD BRIDGES IN ALBANIAp.2 GREATER ATTENTION TO BE PAID TO MACEDONIAN BUSI-

NESSMEN!p.3 TPP NEGOTINO DOES NOT PRODUCE ELECTRICITYp.5 MACEDONIA AMONG THE FIRST 50 COUNTRIES WITH A

CREDIT RISKSPIC

p.3 THE BELGRADE STOCK MARKET GOES SKY-HIGH AFTERTADIC`S VICTORY

p.8 TPP NEGOTINO STOPS BECAUSE OF A STRIKE IN THESSA-LONICA


MBDP AND THE BUSINESS BANKS TO FINANCE THE ENERGY EFFICIENCY

FOR SAVING ENERGY, A CREDIT OF USD 6,2 MILLION

The Macedonian banking is keeping pacewith the trend of financial support of theprojects in the energy sector which should

lead towards cost and quantity reduction of theconsumed electrical energy. The funds of theInternational Bank for Reconstruction andDevelopment anticipated for the promotion ofthe projects for renewable sources of energyand for energy saving will arrive in MacedonianBank for Development Promotion till the end ofMarch. According to the explanation ofAleksandar Stojanovski, the Director of the cred-it insurance sector within MBDP, the first tranchewill actually signal the start of the realization ofthe agreement concluded last year between thisBank and the Macedonian Bank for Develop-ment Promotion which will mean providing cred-its for projects for energy efficiency. The totalsum placed at the disposal of the entities whowill aplly with projects for renewable sources ofenergy and for energy saving will amount USD6,2 million, out of which USD 3,7 million will bea grant while the remaining USD 2,5 million areprovided by the Macedonian Bank for Develop-ment Promotion.

The Bank will allocate the funds through thebanks participants in the project. The great inter-est for this specific credit line resulted in signingof agreements with Komercijalna Banka, TTKBanka and UniBank. The conclusion of the ag-reements with three other banks is in the finalphase, as for the overall number it is expectedto include eight business banks.

- There is no limit how many business bankswill participate in the project, due to it is the willof the Macedonian Bank for Development Pro-motion and the International Bank for Recon-struction and Development regarding the factthat our Development Bank determines only theinitial interest rate and not the final interest rate.We try to come up with the favourable interestrate through competition and market instru-ments, which implies that all participants banks

have the same starting basis, but the one thatwill offer the lowest final interest rate will acquirethe support and the clients - elaboratedStojanovski.

The most important term for use of thefunds is the projects to offer energy efficiencythrough energy saving and renewable energysources. Moreover, the credit line is directed to-wards the small and medium companies and theeconomic entities in the country, as well as to-wards the public sector, whereas all of them

have showed already huge interests for thesecredits.

- Within the first withdrawal of the fundswe will summarize the initial results. There willbe a monitoring to a certain extent by the Inter-national Bank for Reconstruction and Deve-lopment, while the agreement is to start the se-cond phase, that is to say a new credit line ifthere are positive effects and if this interesttrend of these funds continues - undelined Sto-janovski.

The energy efficiency credits have excep-tionally favorable terms of repayment of funds.Namely, the matter is about a project for renew-able sources of energy with a 10-year repay-ment period and a 3-year grace period. If theproject is related to sustainable energy, therepayment period is 4 years. Due to the enor-mous interest of potential clients, during the lasttalks between the Macedonian Bank forDevelopment Promotion and the InternationalBank for Reconstruction and Development itwas proposed the term to be increased to sixyears in the part associated to sustainable ener-gy.

The funds of the International Bank for Reconstruction and Development anticipated for the promotion of theprojects for renewable sources of energy and for energy saving will arrive in the Macedonian Bank for

Development Promotion (MBDP) till the end of March. The funds will be dustibuted through the banks participantsin the project, while an agreements were also concluded with Komercijalna Banka, TTK Banka and UniBank for

this specific credit line

The International Bank for Reconstructionhas provided additional funds on the basis ofgrant for the Energy Agency that promotes theprojects in terms of documentation preparation.This anticipates a substantial amount of fundsfor the reason that the preparation of the docu-mentation can often reach up to five percent inthe part associated to the finanacial construc-tion.

This credit line contains a guaranty scheme.This means that if a project is supported by somebusiness banks and there is a lack of secondarysource, then the Macedonian Bank forDevelopment Promotion can issue a guaranteefor the business banks with the aim to supportthis project. In order to provide support for theseprojects, in case of a secondary source deficien-cy, USD 1,3 million are allocated within the partassociated to provision.


OHRIDSKA BANKA CONQUERS THE MARKET

BY THE END OF THE YEAR, 24 SUBSIDIARIES AND 340 EMPLOYEES

Ohridska Banka, as part of SocieteGenerale group, continues its expansionon Macedonian banking market. By the

end of the year the bank plans to have 24 sub-sidiaries across Macedonia and 340 employees.According to the head of the bank BernardKoenig, these figures in regard to the periodwhen they took over the bank (lastMay) duplicate bank`s business net-work and number of employees. Forrealization of this plan they haveopened two subsidiaries in Skopje atthe beginning of the year, in suburbsGjorce Petrov and Karpos 3.

-We are opening subsidiaries inGostivar and Kumanovo in March,Tetovo and Karpos 1 in May and bythe end of June we hope to openoffices in Aerodrom and Veles andlater in Prilep. Which means that bythe end of June we are going to have20 subsidiaries and there are noobstacles to fulfill our plan, Koenigexplains.

In parallel to these actions, thereare negotiations for purchasing busi-ness premises in Skopje where we aregoing to seat bank`s commercial cen-ter.

Koenig put special accent on thecontentment for the success with theirlatest banking products.

-I am not going to talk on the newproducts that we plan to promotewhich are in production process, but Iam going to talk on products that arealready promoted and launched. Iwant to talk about the product promot-ed in January. We have launched anoffer for receiving salary acrossOhridska Banka and we initiatedagreements with companies regardingthis offer. The success is so big that inthe first month of 2008 we issued totalnumber of credit card which repre-sents 90% of all cards issued in2007.We are going to complete theline of cash products with credit pro-vided with single payment deposit atthe end of use of the credit. We aregoing to introduce new products relat-ed to receiving of salaries across ourbank.

Students` credit - This monthOhridska Banka launched credit

which enables future academics to use meansfor different purposes since start of the academ-ic year. The credit is intended for regular stu-dents and can be in amount between 500 and5,000 euros with five years maximum paymentterm and 12 months grace period and favorableinterest rate of 10%.

Small and medium enterprises are able toapply for micro express credits - intended forturnover means and small investments up to5,000 euros with favorable interest rate of 12%

Micro credits - for investments up to 20,000euros with 36 months repayment term, without

mortgage and 10% interest rate.

Interest rates to drop if inflation isstill

Regarding the interest policy,Director of Ohridska Banka disagreethat there was no decreasing of interestrates. When you look back and com-pare 2006 and present day, in situationwhen euro`s interest rates are increas-ing, our interest rates are 2% lower. Inthe future, interest rates will depend oncountry`s economic development. Bythe improvement of the economicdevelopment and strengthening ofstate`s positions, there will be groundfor decrease of basic interest rate pre-suming that there will be no increase ofthe inflation. In the near future I pre-sume that the trend of decrease isgoing to continue, Koenig says.

According to him, two factors areimportant for interest rates - expensesand risk that banks face in their place-ment before companies and naturalentities. The development of the stateand its economy, the risk for place-ments will be decreased. BecauseMacedonian banks operate with incon-sistent interest rate, Ohridska Bankawill try to promote fixed interest rate, actthat should be considered by all banksin the future.

However, Macedonia in regard tothese parameters is on region`s level.Macedonia is in more favorable situa-tion and it is not riskier to invest herecompared to other countries in the

region, because the country is notdependable to sources of finance fromthe world. This means that world financecrisis has no big impact on Macedonianbanking system, because 40% of place-ments are part of deposits and in twoyears the state will not be faced withsuch problems that in recent periodshook world economies.

Macedonia is in more favorable situation and it is not riskier to invest here compared to other countries in theregion, because the country is not dependable to sources of finance from the world

Events that shook SocGen`s headquarters in Parisand additionally in Romania, have no influenceupon the stability and security of Ohridska Banka.The bank continues its development according tothe plan. Societe Generale will soon make anotherimportant step by taking over the majority pack-age of Russian bank Rosbank, which is secondbiggest according to clients` potentials in Russia,which means that SocGen buys the Russian bank.


MAPAS - THE AGENCY FOR SUPERVISION OF FULLY FUNDED PENSION INSURANCE

FULLY FUNDED PENSIONS-FINANCIAL MILESTONE FOR

INCOMES AT OLD AGEThe opening possibilities for issuing licenses to other companies, besides the domestic founders, also stimulate the

entrance of foreign investors as founders of new pension fund management companies. Bottom line, the increase of compe-tition means protection of the personal interest of the pension funds members, since the reduced expenses of the fully fund-

ed pensions insurance also means increase of the expected pension for the members

The agency for supervision of fully fundedpension insurance was established inorder to supervise the operations of the

Pension Companies and Pension Funds. Thepurpose of establishing the Agency is to protectthe interests of the Pension Fund Members andenhance the development of the fully fundedPension insurance.

Besides being supervisory, MAPAS is alsoa regulatory body in the fully funded pensioninsurance and within this function it adoptsbylaws or other acts for implementing the Lawon Second Pillar and the Law on Third Pillarand promotes, organizes and stimulates thedevelopment of the fully funded pension insur-ance in the Republic of Macedonia in coopera-tion with the Ministry of Labor and Social Policy.MAPAS is modern institution with genuine busi-ness processes and modern IT technology,which follows the supervision principles emerg-ing from the world practice. The Agency forSupervision of Fully Funded Pension Insurance(MAPAS) was founded in July 2002. TheAgency has the role of legal entity and reportsto the Government of the Republic ofMacedonia. Besides the annual report for itswork that the Agency submits to theGovernment, is also prepares and reveals

annual report on the situation in the mandatoryfully funded pension insurance, thus providingtransparency on this type of insurance.

The agency performs the following activities:

Collects bids in the tender process-es, grants, withdraws and abrogates licensesfor establishment and approvals for manage-ment Pension Funds;

Supervises the operations of thePension Companies and Pension Funds undertheir management and above all control theirlegal operations;

Supervises the operation of legalentities acting as Custodians or foreign assetmanagers of Pension Fund assets in relation tooperating with such assets;

Promotes, organizes and enhancesthe development of the fully funded pensioninsurance in the Republic of Macedonia incooperation with the Ministry of Labor and

Social Policy;Develops public awareness for the

purposes and operating principles of PensionCompanies and Pension Funds, on the benefitsof Pension Fund membership, on the rights ofPension Fund Members and other issues relat-ed to the pension fund system;

Proposes torts and criminal proceed-ings before the authorized bodies againstPension Companies, Custodians, foreign assetmanagers and other entities in case of breakingthe provisions of the Law or other Laws;

Monitors and Reviews the financialstatements of Pension Funds and PensionCompanies;

Maintains a register of sales agents;Works on conjunction with the

Ministry of Finance, the National Bank of theRepublic of Macedonia, the Securities andExchange Commission and other bodies andinstitutions in the country and abroad, to insurean effective supervision and regulation of thefully funded pension insurance and the financialsector. The scope, content and the form of thecooperation shall be mutually regulated amongthe Agency and the competent bodies and insti-tutions;

To co-operate with the Pension and

Fully funded pension financing, withinthe framework of the social insurance, is afinancial milestone the safety in receivingincomes during old age


Disability Insurance Fund of Macedonia on theauthorization assigned to the Pension andDisability Insurance Fund of Macedonia in com-pliance with this Law;

Issues regulations in accordancewith this Law;

Issues internal guidelines regardingits operation and prepares guides, manuals etc.related to the fully funded pension insurance;

Initiates passing of regulations andother acts relating to Pension Companies andPension Funds;

Becomes a member and participatesin domestic or international organizations,where such participation shall be in the interestof the Macedonian pension system.

2007 report of the Agency for Supervision ofFully Funded Pension Insurance (MAPAS)

1. Took care of the rights and interests of132.653 members of the private pension fundswith over 50 million euros of assets and hadactive role in raising the public awareness forthe goals and principles of the fully funded pen-sion insurance by the means of:

participation in public shows;providing statements for all novelties

related to the fully funded pension insurance inthe print and electronic media;

appearance in 10 local media in RM;publishing 26 educational texts in print

media;visits to around 100 major employees in

around 25 cities and villages throughout theRepublic of Macedonia;

organizing press conferences;active participation in the public educa-

tional campaign for the three pillars of thereformed pensions system together with theMinistry of Labour and Social Policy andPension and Disability Insurance Fund.

2. On the basis of the performed calculationand projected 2007 budget of the Agency, it hasreduced the monthly allowance from the pro-jected 1.74% to 1.50% collected by the Agencyfrom both companies in 2007;

3. In addition, the Agency has reduced

2008 allowance that is to be collected from thepensions fund management companies for 33%i.e. from 1.50% to 1%;

4. Carried everyday voluntary control overthe company's working for the purpose of time-ly detection of the potential irregularities andlapses;

5. Carried several controls on filed over thecompanies and funds they are managing with;

6. regular monitoring over the marketingactivities of the companies by the means of vol-untarily and filed controls and approval for theiradvertising material for the purpose of accu-rate, fair and objective informing of the public;

7. Launched initiative for amending of theLaw on Mandatory Fully Funded PensionInsurance;

8. Participated in the designing of the Lawon Voluntary Fully Funded Pensions Insuranceand its promotion activities in this country (forthe major banks, insurance companies andemployers) and abroad (for the potential foreigninvestors);

9. Participated in the amending of the cur-rent bylaws and adoption of new acts for thesecond and third pillar;

10. Organized four examination sessionsfor the title of agents, thus providing higher levelof education for the future members in theprocess of membership in the private pensionfunds;

11. Responded to 151 reports and requestsby the pension funds members;

12. Provided transparency in its workingthrough preparing, printing and distributing reg-ular statistical reports, annual report for the sit-uation with the Law on Fully Funded PensionInsurance and Annual Report for its work andregular updating its web pagewww.mapas.gov.mk with the latest noveltiesand activities;

13. took participation in the work of theworking groups and subcommittees whose goalare harmonization of the legislative and the rec-ommendation from EU;

14. Signed Memorandums for Cooperationwith several foreign and domestic regulatorybodies and institutions for the purpose of moreeffective fulfilment of its legal obligations;

15. Became a member of the InternationalOrganization of Pension Supervisors (IOPS),took active participation in its work and adopteda Conclusion for Following the IOPS Principlesfor Supervision;

16. Took the role of a lecturer on manyregional and international conferences andseminars (Slovenia, Serbia, Czech Republic,China etc) presenting the pension reforms inthe Republic of Macedonia;

17. Gained expert knowledge through pay-ing visits to regulatory and supervision bodies

in Croatia, Bulgaria, Netherlands, Slovenia etc.;

18. Threw trainings in the filed of mandato-ry fully funded pension insurance for institutionssignificantly related with the work of MAPASand the second pillar;

M.N: Top novelties in fully funded pensioninsurance;

" Issuing licenses for new mandatorypension funds management companies

The Law on Mandatory Fully FundedPension Insurance has designed the structureof the mandatory fully funded pension insur-ance or the so-called second pillar. The pensionfund is being projected on long terms, whichimplies that the law envisages coordination withthe capital market development and sets thefurther course on the basis of these economiclaws and determines whether there are realopportunities for entrance of new pension fundmanagement companies. The reform pursuedin the pension system has introduced fully fund-ed pensions financing, which within the frameof the social insurance is a financial milestonefor the safety of receiving incomes during oldage. For the purpose of cutting down onexpenses and increasing the expected pen-sions, the competition in this segment shouldbe taken to higher level. Due to this, lawamending that have been tabled and undergoAssembly procedure will provide possibility forissuing licenses, besides the existing two, tonew companies that will run the mandatory pen-sion funds. The opening possibilities for issuinglicenses to other companies, besides thedomestic founders, also stimulate the entranceof foreign investors as founders of new pensionfund management companies. Bottom line, theincrease of competition means protection of thepersonal interest of the pension funds mem-bers, since the reduced expenses of the fullyfunded pensions insurance also meansincrease of the expected pension for the mem-bers.

" Preparations for introducing volun-tary fully funded pension insurance

The voluntary fully funded pension insur-ance is pension insurance on voluntary basisfinanced by asset capitalization. This insuranceinvolves people that are not included in themandatory fully funded pensions insurance andpersons included in such insurance for realizingadditional revenue. This insurance also givesopportunity for financing professional pensionsschemes.

The voluntary pension funds include volun-tary contributions being paid by persons,employers and civil associations that willchoose to participate in these funds and whoseassets are being invested in financial instru-ments and allocated in compliance with thisLaw. The voluntary pension fund managementcompanies and the mandatory and voluntarypension fund management companies thatmeet certain terms and hold licenses andapprovals from MAPAS are running thesefunds.


CENTRAL COOPERATIVE BANK FROM BULGARIA

TENDER OFFER FOR PURCHASE OF 41.68% OF SILEKS BANKA

BUSINESS MEETING IN ECONOMIC CHAMBER

LICENSES, OBSTACLE FOR BUILDERS

Pursuant to the Law on Take Over of Joined-Stock Companies, Central Cooperative Bank, St. Georgi Sava Rakovski 103, Sofia, Republic of Bulgaria, announces

TENDER OFFER

for purchase of 183388 regular shares issued by SILEKS BANKA AD SKOPJE

This public offer refers to all shareholders who posses voting shares issued by SILEKS BANKA AD SKOPJE. Bidder commits to purchase all vot-ing shares, pursuant to prescribed and announced conditions.

The price that Central Cooperative Bank commits to pay for share purchase amounts 4,791.00 denars per share.

The lowest quantity of regular shares issued by SILEKS BANKA AD SKOPJE that should be accepted for the offer for purchase to be consideredas successful amounts 76,437 regular shares, i.e. 41.68% of the total amount of shares on which purchase is related to.

Deadline for accepting the purchase offer expires after 20 days. The term for accepting the offer starts on the day of the first announcing of partof the Prospect and Purchase Offer, i.e. on 30th January 2008 and expires on 18th February 2008.

The term for accepting of the purchase offer will be prolonged at 14 days if the lowest quantity of regular shares that should be accepted and theoffer to be considered as successful is fulfilled in the last 14 days from the term for accepting of the offer.

Pursuant to the Agreement for Supplying of Services in the process of take over of joined-stock company SILEKS BANKA AD SKOPJE conclud-ed between Central Cooperative Bank and Central Securities Depository, the bidder will transfer the amount for payment of shareholders who gavetheir shares as part of the Purchase Offer to the bidder pursuant to conditions in the Prospect within three days after the acceptance of the Decisionof the Securities Commission for the successfulness of the biding for purchase of separate account of the Securities Commission

Central Securities Depository is committed within three days from the consignment of funds necessary for payment of shareholders who madevalid offer of shares to the bidder pursuant to the Offer for Take Over to perform transfer of the amount on account of owners who accepted the offerfor take over.The payment of all owners of regular shares who accepted the offer will be in cash, on an account in commercial bank and the CentralSecurities Depository will be informed with the statement for acceptance of the purchase offer.

The bidder, CENTRAL COOPERATIVE BANK, by the Decision no. 7877 from 7th of December 2007 adopted by National Bank of the Republicof Macedonia has received consent from the National Bank for purchasing shares owned by SILEKS BANKA AD SKOPJE.

Tender offer for take over of Sileks Banka is announced on MSE pursuant to the Law on Take Over. Offer is submitted by bank`s CEO Georgi Konstantinov andprocurator Tihomir Atanasov.

Protocol for Cooperation, signed byMacedonian Minister of Transport andCommunications Mile Janakievski and

his Slovenian counterpart Minister RadovanZerjav, is base for increased cooperationbetween construction companies in both coun-tries

Slovenian businessmen, from the filed ofcontractions, show interest for cooperation withMacedonian companies. The only problempointed out on the meeting in MacedonianEconomic Chamber is issuing of licenses tocompanies and civil engineers. Every companythat starts to work abroad is a subject of licens-ing, and civil engineers from these companiespursuant the new regulations in formerYugoslav republics must validate diplomasobtained after 1991/92. Now in Slovenia, pur-suant to EU legislation it required licensing ofexperts and companies. In the wide region offormer Yugoslavia there is code and regulationsthat licensing is not required for those who

obtained diplomas before 1992. Now, becauseevery country has own legislation, validationmust be repeated. This means that they mustpass occupational exam and diploma validatedin every country separately. This is very impor-tant issue, because there might be tenders andemerging of administrative obstacles. Thoselicenses can not issued in two weeks or onemonth, until the term for submitting the offer,Anton Spolar, representative of "SvetovanieEngineering" for Southeastern Europe.

In this moment there are 70,000 workers inthe building industry in Slovenia, and startedwith 14,000 in 1994.

"We are also present on foreign markets,especially in Southeastern Europe countries.Analyses show that in average 10 to 15% ofengineering and planning offices` revenues areachieved in these countries. Our desire isMacedonian market and the whole region to bepolitically stable and return to work," Spolarsays.

In Macedonia there are more than 8,000

companies registered for performing construc-tion works. 98% out of these companies aresmall enterprises, and only 2% are medium andbig companies. The amendments on the Law ofSpace and Urban Planning, this month statedthe procedure of issuing of licenses. 40 applica-tions are submitted so far. Minister of Transportand Communications Mile Janakievski said thathis department will issue licenses if theChamber is not yet ready.



1. SOCIETE GENERALE ROBBED IN ROMANIA AS WELL (****)2. SLOVENIAN BUILDING COMPANIES WILL COLLABORATE WITH MACEDONIAN COMPANIES (****)

07.02.2008 THURSDAY

DNEVNIKp.1 GAZPROM ENTERS IN MACEDONIAp.5 GAZPROM ENTERS IN MACEDONIAp.5 MBI 06.02.2008p.5 SOCIETE GENERALE ROBBED IN ROMANIA AS WELLp.6 PURCHASE OF SUNFLOWER AGREEDp.7 MACEDONIAN ENERGY ASSOCIATION SUPPORTS AMEND-

MENTSp.7 THE SLOVENIAN CONSTRUCTION COMPANIES COMPLAIN

OF THE LICENSESBIZNIS

p.1 INTENSIVE TRADE WITH SHARES OF MAVROVO p.3 ANTICORRUPTION COMMISSION IS TAKING A STAND, AND

NOT COMPETENTp.4 KAJMAKCALAN CONQUERS SERBIAp.8 SOCIETE GENERALE ROBBED IN ROMANIA, TOOp.11 DIRECTORS` SHIFTS IN BROKERAGE FIRMSp.11 80,000 REPORTS ON SECURITIES SENTp.12 MBI-10 DECLINES FOR 0.24 PERCENTp.12 ON THE OFFICIAL MARKET 80.6 MILLION DENARS REAL-

IZED p.12 NON-TRADE TRANSFERS OF SHARESp.12 MBI 07.02.2008p.13 INTENSIVE TRADE WITH SHARES OF MAVROVO

UTRINSKI VESNIKp.9 SERBIAN POLICE IN SEARCH FOR THE MAN WHO

DESTROYS GOSEVp.9 SHARES OF MAVROVO GO UP ON STOCK EXCHANGEp.9 ENERGY ASSOCIATION ACCEPTS THE CHANGES OF ENER-

GY LAWp.9 MAKEDONSKA BANKA DOES NOT AGREE WITH ANTICOR-

RUPTION COMMISSION`S FINDINGSp.10 THE SLOVENIANS WISH TO RETURN AT THE MACEDONIAN

CONSTRUCTION MARKETp.10 MBI 07.02.2008p.10 SOCIETE GENERALE ROBBED IN ROMANIA TOOp.11 BANKS CLAIM THERE ARE NO FALSE CHECKS AMERICAN

EXPRESS VECER

p.4 SOCIETE GENERALE ROBBED IN ROMANIA AS WELLp.7 VISA FOR THE ENERGY CHANGES

VREME.5 THE GOVERNMENT HAS A RIGHT TO CONTROL THE ELEC-

TRICITY?p.5 THE ANTICORRUPTION IMPETUOUS

VESTp.2 SLOVENIAN BUILDING COMPANIES WILL COLLABORATE

WITH MACEDONIAN COMPANIESp.2 SLOVENIAN BUILDING COMPANIES WILL COLLABORATE

WITH MACEDONIAN COMPANIESp.11 SHARES` PRICES DECREASE AGAIN

NOVA MAKEDONIJAp.9 MICROSOFT WILL NEED CREDIT TO BUY YAHOO p.9 GP MAVROVO AND SKOPSKI PAZAR, SPRING'S SWALLOWS

SPICp.2 EVEN THE FRENCH GOVERNOR SURPRISED BY SOCIETE

GENERALEp.6 ALL ATOMS TOWARDS BELENE

Macedonian and Slovenian contractors will infuture cooperate much more than the past fewyears. As all today's newspapers report, the meet-ings between the companies from this sector haveshown that Slovenians have serious intentionsand big desire of coming back on the Macedonianconstruction market, but in order this to happen, ithas to be solved the problem with licenses anddiplomas, which are supposed to be nostrified inrelatively short time, and not waste months on it.Macedonian minister however, promised that withthe latest amendments of the laws in the field ofbuilding industry, all deadlines for issuance ofrequired documents will be shortened, amongwhich the licenses too. Slovenian contractorswere informed of what the Government of theRepublic of Macedonia has done to simplify theentrance of foreign investments to the country,which creates favorable climate for the buildingindustry.

Today's Dnevnik announces the entrance ofGasprom in Macedonia in the project gasification,as a compensation of Russian clearing debt to ourcountry. This month delegation from Gasprom willarrive in Skopje, which the Government will definethe conditions for realization of gasification projectwith. Experts support this idea, because theupcoming liberalization of the power market willbring price increase, which will be large strike forthe citizens. At the same time, experts alert to therisk of someone being provided with monopoly ingas distribution, which would be against the citi-

zens' interests.Another news on the energy sector could be

read in the same newspaper. Namely,Macedonian Energy Association (MEA) supportedthe government amendments of the Energy Law,although, according to president of MEA, DimitarHadgimisev, the initial solution of theGovernment, ELEM to have more functions bothas manufacturer and wholesale trader, was notagainst the European directives. According tohim, it is a good thing that consent was reachedby which the main manufacturer and distributor,ELEM and EVN, would have to sign mutual agree-ment.

Societe Generale continues to be topic in alldaily newspapers. But the sight of the latest scan-dal this time is Romania, where a clerk in the sub-sidiary of Societe Generale had transferred eightmillion RON (about 2.2 million euros) to accountsof her friends. The clerk was arrested, and as thepapers report, the police suspect that more peo-ple are involved in the banking scam.

Biznis reports about the replacements ofdirector positions in brokerage houses and secu-rities services offices. Securities Commissiongave consent of Goran Markovksi being appoint-ed director of Securities Services Department ofKomercijalna banka, Gorgi Palevski for director ofPostel broker, Dimce Panov to manage Moj bro-ker, Biljana Arizankova to be appointed director of"Peon broker" and Katerina Nonkulovska beappointed director of Securities Operations

Directorate and brokerage-mediating services ofStopanska banka Skopje. The SecuritiesCommission has issued four work permits to bro-kers Danica Gavrilovik, Goran Popovski, IrenaKanevce Georgieva and Toni Kostov.

Utrinski vesnik publishes that the share valueof construction company Mavrovo has been mark-ing an increase on the stock exchange the pastfew days. The share price of Mavrovo reached2,200 denars yesterday, which is an appreciationfor 9.96 percent. The price appreciation of theshares of construction company happens rightafter it was officialized the information that foreigncompany was interested in entering constructioncompany Mavrovo, although it is still unfamiliarwhich company and how big share of the share-holders package will be purchased.

On a global level, the shares on the stockmarkets have fallen, the European ones followedthe Asian in fear from the American economy.Vest publishes more detailed information: BritishFTSE100 index has fallen for 18 points or 0.3% to5850 the first hours, while German DAX lost 0.6%and the Paris CAC 0.4%. Japanese NIKEI 225had previously closed with 4.7% down. The fallsare an echo to the night before, when Wall Streetwaned after the news that American public servicesector reduces. Daw Jones closed with 3% downtwo days ago. NASDAQ and S&P 500 have alsolost 3% each. In Hong Kong Hang Seng was 5.4%down yesterday afternoon and the BSE index3.2%.




1. OHRID BANK CONQUERS MARKET (****)2. ZITO BITOLA IS ON SALE WITH UPSET PRICE OF 7.3 MILLION EUROS (***)

DNEVNIKp.5 OHRID BANK CONQUERS MARKETp.8 MBI 07.02.2008p.8 ZITO BITOLA ON SALEp.15 BANKER SUSPECT FOR THE ROBBERY IN TETOVO` S UNI

BANKp.19 TENDER OFFER

BIZNISp.1 INTEREST RATES TO DROP IF INFLATION IS NOT RISING p.1 HE WAS ROBBED, WHILE ROBBING! p.3 THIS YEAR - DOUBLING-UP THE BUSINESS NETWORK AND

THE NUMBER OF EMPLOYEESp.3 INTEREST RATES TO DROP IF INFLATION IS NOT RISING p.3 STUDENTS CREDIT - NEW PRODUCTp.4 INTERNATIONAL WORKSHOP FOR WIMAX TECHNOLOGYp.5 ICI WILL HELP ON THE WAY TO EUROPEAN INTEGRATION p.6 THE YIELDS TO BE INSURED IN INSURANCE COMPANIES p.6 AGROKOR HAS IT`S"BREAD BUTTERED ON BOTH SIDESp.11 SHARES ARE RETURNING TO PRE- ELECTION LEVELp.11 THE ANTICIPATED PRICE IS 525 MILLION DENARSp.12 MBI- 10 REDUCED FOR 0, 73 PERCENTS p.12 GP MAVROVO`S SHARES YESTERDAY AGAIN TRADED THE

MOSTp.12 NON-TRADE TRANSFERS OF SHARESp.12 SHARE BUY-BACKSp.12 MBI 07.02.2007p.18 HE WAS ROBBED, WHILE ROBBING!

UTRINSKI VESNIKp.1 DISMISSAL FOR THE SILMAK` S EMPLOYEESp.3 DISMISSAL FOR THE SILMAK` S EMPLOYEESp.8 ZITO BITOLA IS ON SALE WITH UPSET PRICE OF 7.3 MIL-

LION EUROSp.8 MBI 07.02.2007p.9 THE INTERESTS WILL FALL IF THE INFLATION STAGNATES

p.9 THE FARMERS WILL HAVE TO INSURE THE YIELDp.12 BANKER TOOK ADVANTAGE OF THE ROBBERY IN UNI

BANKA IN TETOVOVECER

p.6 ZITO BITOLA ON SALEp.7 THE AGRICULTURISTS WILL SIGN INSURANCE POLICIES

VREMEp.1 CENTRAL HEATING GOES UP? p.1 A SLAP FOR 400 INVESTORS p.3 A SLAP FOR 400 INVESTORS p.6 LOW QUALITY GASOLINE DAMAGES NEW VEHICLESp.6 ZITO BITOLA ON SALE p.7 MAVROVO` S SHARES INCREASE p.7 CENTRAL HEATING GOES UP?p.7 SOCIETE GENERALE BRINGS NEW QUALITYp.11 15 000 EUROS STOLEN FROM THE ROBBER

VESTp.2 TENDER FOR THE INSURANCE COMPANIES FOR THE AGRI-

CULTURISTS p.6 INSTEAD IN FRONT OF THE INVESTORS, GRUEVSKI AT A

PARTY DEBATEp.8 THE INTERESTS WILL FALL IF THERE IS NOT INFLATION

NOVA MAKEDONIJAp.1 PRICE SHOCK WILL NOT AFFECT INTEREST RATESp.4 CLERK STOLE FROM STOLEN!p.6 PRICE SHOCK WILL NOT AFFECT INTEREST RATESp.6 MONITORING COMMISSION CAN NOT CONTROL EVERY

BANKING OPERATION p.6 MICRO EXPRESS SUPPORT UP TO 5.000 EURp.7 ZITO BITOLA IS UP FOR SALE p.7 BANK CLERK STEALS 2.2 MILLION EUROS p.7 AEC ORGANIZES WIMAX WORKSHOP

SPICp.6 BANK CLERK STEALS FROM THE ROBBER

Ohridska Banka continues the expansion onthe Macedonian banking market. It will enter 2009with 350 employees and 24 subsidiaries,announced Ohridska Banka first GeneralManager Bernard Koenig yesterday.

- We are planning to double the number of thesubsidiaries and employees until the end of thisyear. We will open subsidiaries in Tetovo,Gostivar, Kumanovo, Veles and 4 subsidiaries inSkopje until June- Koenig announced.

He announced the student credit as one ofthe new products planed for this year.

He feels that the Macedonian banking systemwill not suffer any consequences from the globalfinancial crisis. Not only that the French bankSociete Generale will manage to "survive" the iso-lated incident on global level, but it will even takeover Rosbank, the second biggest bank in Russia.First General Manager of the bank Koenigassures that the incident in Societe Generale willnot disrupt the activities in Macedonia.

The Prime Minister Nikola Gruevski did notappear in front of the foreign and domesticinvestors, who expected to meet with him at the5th annual gathering of the International Councilof Investors two days ago, the media inform. TheVice Prime Minister Zoran Stavreski was hisreplacement and he listened to the suggestions,reactions and the opinions of the foreign

investors. In his address, Stavreski informed theguests that last week, the Government adopted anew package of reforms for further improvementof the business climate in Macedonia. The presi-dent of the International Council of InvestorsAristides Vlahos handed over the white book withthe investors` remarks and proposals for furtherimprovement of the business climate in Mace-donia to the Vice Prime Minister.

The farmers will sign insurance policies, themedia informed. Tender for selection of insurancecompanies with which the farmers will sign insur-ance contracts will be invited for two weeks. Inorder to liven this kind of compensating the farm-ers, whose production will be damaged by badweather conditions, the Government will partici-pate with 30% as a subvention in the policy whichthe farmer should be pay to the insurance compa-ny every year.

Macedonia's largest manufacturer of breadand backed goods, Zito Bitola, is put on salethrough a public tender. The public tender speci-fies the sale in two packages. The factory`s yardand all of the accompanying facilities will be soldas a whole for a price of EUR 7.5 million. Thefacility in industrial part of the city, which includeswarehouse, workshop and offices, will be sold asa whole for a price of EUR 1 million.

The daily newspaper Biznis published that

the Croatian firm Agrokor had its "bread butteredon both sides". It entered the most productiveMacedonian sector, for producing vegetables,with the highest annual harvest, and mostly ori-ented towards export. Therefore there is no doubtwhat so ever, that the purchasing centers that aregoing to be build, first in Strumica and then inRosoman will not give better results in the organ-ization of the production, the purchase and theequal market presentation. In addition, becausethis is an investment for the working of the StockExchange, like in many other countries in theworld, the agriculturists, the region and the com-pany too will benefit from it.

Next week (from Monday, 11th February, untilFriday, 15th February), Agency for ElectronicCommunications (AEC) will be host and organizerof the first meeting of the Executive Committee ofthe International Telecommunications Union(ITU).

On the Official market yesterday, the mosttraded were the shares of GP "Mavrovo' Skopje;MKD 14.359.948,00 have been realized in over39 transactions of 6.091 ordinary shares. Theaverage price of these shares amounts to MKD2.357,00, that was 6,60 percents higher than theprevious day…


08.02.2008 FRIDAY

1. LUKOIL WANTS TO INCREASE THE EXTENT OF INVESTMENTS IN MACEDONIA (***)2. ONCE AGAIN WILL BE CALCULATED HOW MUCH SHOULD BE THE INCREASING OF THE HEATING PRICES (***)




DNEVNIKp.9 MBI 08.02.2008 p.9 LUKOIL REQUIRES MARKET PRICES FOR THE FUELSp.9 NOT A SINGLE BANKRUPTCY PROCEEDING HAS BEEN

SOLVED IN KUMANOVOp.9 EVN WILL BUILD HYDRO PLANTS IN ALBANIAp.9 MEPSO`S STUDY FOR NEW CONDUIT TOWARDS NIS

UTRINSKI VESNIKp.1 NEW CALCULATIONS ON HOW MUCH WILL INCRASE THE

PRICE OF THE HEATINGp.7 STOPANSKA BANKA HAS DISCOVERED THREE FAKE

LOANS IN BITOLAp.9 LUKOIL WANTS TO INCREASE THE EXTENT OF INVEST-

MENTS IN MACEDONIAp.9 THE MACEDONIAN YELLOW CHEESE KAJMAKCALAN CON-

QUERS THE SERBIANSp.9 SEMOS IS OUT OF THE GAME FOR PORTABILITY OF NUM-

BERSp.10 THE GOVERNORS FROM THE SOUTHEATSERN EUROPEAN

COUNTRIES WILL COOPERATE IN THE SUPERVISIONp.11 A BANDIT STABS CIVIL SERVANT WITH KNIFE WHILE TRY-

ING TO ROB A BANK

p.19 ONCE AGAIN WILL BE CALCULATED HOW MUCH SHOULDBE THE INCREASING OF THE HEATING PRICES

VECERp.8 BUYER TO SUBMIT THE ORIGINALSp.8 WILL THERE BE PRICE INCREASE FOR THE HEATING?p.8 SILMAK TO PRODUCE 500 NOTICES - ON MONDAYp.8 LUKOIL CANNOT IMPORT EURO 5 BECAUSE IT HAS NO

PRICEVREME

p.5 CREDITS WERE GRANTED WITH BRIBE p.8 RUSSIAN REMIND MACEDONIA OF BEING EU CANDIDATE p.8 GOVERNMENT PULLS STRINGS WITH TOPLIFIKACIJAp.8 MAVROVO SHARES GO DOWN AFTER THE INCREASE p.8 HALF THE SKOPJE CITY RUNS OUT OF ELECTRICITY

VESTp.2 PRICE INCREASE OF CENTRAL HEATING IN SKOPJE POST-

PONED p.9 STOPANSKA BANKA - SKOPJE DONATES PLAYING ROOMS p.11 BANK CLERK STABBED

SPICp.7 AS OF TODAY, REDUCTION OF PRICES FOR THE BREAD,

MILK AND THE COOKING OIL?

The Government cannot avoid the elevationof fuel standards, the completely liberalizedimport, and the market formation of prices, forwhich the quality is crucial - Andrej Kuku, directorof Lukoil Macedonia, says in the interview pub-lished in today`s Dnevnik. According to Kuku, theEuropeization of Macedonia is an irrevocableprocess. As of 1 January next year, the applica-tion of the standards Eur 5 for fuels quality will bevalid in the European Union. Macedonia is acountry candidate so it cannot avoid those obliga-tions. According to him, the process of introduc-tion of the European standards for the fuels isirrevocable.

The other daily newspapers also convey theconsiderations of the head of Lukoil Macedoniaregarding liberalization of the oil derivates market.According to Kuku, Lukoil will continue fulfilling itsinvestment programme in Macedonia and wantsto increase the volume of investments, eventhough it takes more time.

Utrinski conveys that the Governor of theNational Bank of the Republic of Macedonia,Petar Goshev, has attended the meeting of theheads of the SEE countries` central banks inThessalonica. The meeting that was organized bythe Bank of Greece was attended by the gover-nors of the central banks of Macedonia, Albania,Bulgaria, Bosnia and Herzegovina, Cyprus,Greece, Montenegro, Romania, and Serbia. Themeeting took place within the frames of the multi-lateral Memorandum of Understanding, whichwas arranged in Athens in July last year, whose

purpose was to strengthen the cooperation in thefield of the bank supervision in South EasternEurope and keep the financial stability in theregion.

Here, you will also read about the loanaffair in the Bitola affiliate, where unemployed cit-izens of Bitola have withdrawn unassigned loansup to 5,000 euros, and the mediators havecharged 50.000 denars. The bank internal controlhas discovered three cases of fake applications atthe very first verification of the data and immedi-ately alarmed the investigation. Stopanska Banka- Skopje still has no information of how manyunassigned and OK loans have been withdrawnfrom unemployed people in Bitola, and how muchdamage has actually been done.

The Energy Regulatory Commission still hasnot decided whether to increase the price for theheating in Skopje. At the yesterday`s preliminarysession the Commission decided additional datato be requested from both companies - SkopjeToplifikacija and Skopje Sever, which demandprice increase for the heating. Namely, as thetoday`s newspapers inform, Toplifikacija Skopjedemands from the Energy RegulatoryCommission to increase the price of the heatingfor 25 percents, and Toplana Skopje-Sever - for19.8 percents. If the Regulatory Commissionapproves this rise in prices, it will be valid sinceFebruary 1.

The shifting service from one to another tele-phone operator, which means that the user will begiven the right to keep the old prefix and number,

is stuck. This service, known as portability of num-bers, should have been implemented by now, butthe tender for company selection that is going tomake the software has definitely failed. Eventhough the offer of the Company Semos wastwice selected as most favourable, on suggestionof the Second Instance Commission of theGovernment, the Commission within the Agencyfor Electronic Communications after the third con-sideration declared that a bidder is not going to beselected, explaining that the documentation of thefirst-ranked company is incomplete.

EVN has obtained the concession forexploitation of the entire hydro potential of theriver Devol in Albania. Dnevnik finds out that onthe announcement for giving under concessionthese resources there were only two offers, bothfrom foreign companies, EVN AG, which receivedthe bonus of ten percents, and the consortiumLandviscum and Kurum Holding.

As of Monday, 500 employees in the TetovoCompany Jegunovce will lose their jobs. TheCompany for ferrosilicon did not manage to sur-vive the start of the liberalization of the powermarket in a country in which the large consumersshould buy their own electricity at market prices.The management team of the JagunovceCompany is already preparing the noticesbecause starting 1 January this year Silmak can-not make profit with the new market prices for theelectricity.

09.02.2008 SATURDAY


1. SHORT REVIEW IN THE WEEKLY MAGAZINES

04.02. -09.02.2008 MONDAY-SATURDAY

GLOBUS

P.11 ARRESTED EX-DEPUTY MINISTER OF JUSTICE

The just arrested liquidator Zoran Stojankik, who is being accused ofillegal actions in the liquidation process of "Centro", is an old customer ofthe colleagues who edit the crime and business sections. What goesdown in one's eyes is his role in the liquidation process of "IskraEngineering" from Kumanovo when, let us remind ourselves, Alpha bankreacted severely to some of his actions, in which, as familiar, there isGreek capital. At that time, as the bank's lawyer says, Stojankik was sell-ing part of the liquidation assets although it was under mortgage, allowedby liquidation judge Marina Diskovska in accordance with the then-reports (the middle of 2006).

P.70 GLOBAL FINANCIAL CHAOS-THE ODD PERSON WHODESTROYED THE STOCK MARKET

Five billion euros man Jerome Kerviel talked only to dogs, he believed that he would bring

an enormous profit to his bank and his personal profit was not importantto him at all

FINANCIAL SCANDAL OF THE DECADEWith his malverations on the stock market, the silent broker from the

French bank Societe Generale created a record loss in the powerfulfinancial institutions and shook the stock markets worldwide. But, itseems that the lone man did not have an intention to lie to the bank andto make personal profit…

P.72 SATIRE IN THE BRITISH MEDIA - KERVIEL MADE THELOSSES BY BETTING THAT THE FRENCH PEOPLE WILL BECOMEHARD WORKING

After he was accused of abuse of trust, Kerviel got a lot of followersin the virtual world of the internet. Kerviel had his own profile on"Facebook", so called social network for making friends, associating,exchange of photographs etc. But, before the scandal, only about 10 ofhis "friends" were registered here. When he got to the front pages of theworld media, the number of his fans multiplied.

FOKUS

Page 10 WHY VEGETABLE OIL IS MORE EXPENSIVE IN LONDONTHAN IN SKOPJE?

The prices of alimentary products in the last months shookMacedonia. To top it all was the last rapid price increase of the milk andvegetable oil, basic products without which the nutrition of Macedonian orany other family is imaginable. Liter of milk, few months ago, dependingon the producer, was sold at the price between 25 and 29 denars, andtoday, its price is between 37 and 41 denars. The price of vegetable oilwas between 55 and 65 denars, and today it is in span between 84 and95 denars.

KAPITAL

Page 10 ERA CITY WILL BECOME THE BIGGEST BUSINESS ANDENTERTAINMENT CENTER IN THE REGION

By the laying of the cornerstone by the Prime Minister NikolaGruevski, Slovenian Minister of Foreign Affairs Dimitrij Rupel andPresident of Slovenian ERA Group Gvido Omladic, last week started theconstruction of ERA City which should be the biggest and most modernbusiness and entertainment center in the region.

Page 10 GRANIT BUILDS THE NEW AMERICAN EMBASSYAmerican Embassy that is built in Skopje will be the main security

center on the Balkans. In this department will be transferred part of theintelligence center that now operates in Athens. This object will be espe-cially important for the Central Intelligence Agency (CIA) for the securityof the Balkans and monitoring of activities of terrorist groups.

Page 19 IS INGRA SECRETLY BUYING MAVROVO? Construction company Mavrovo seated in Skopje is sold to Croatian

construction company Ingra. This information was these days spread in

the public, while the price of shares of Mavrovo glides every day andalready reached its values almost double from the beginning of the year.Shareholders rub their hands in pleasure, there is obvious fans` atmos-phere on internet forums where investors communicate, and there areexpectations that the share would go up to 4,5,6 and more thousanddenars.

Page 28 EXPORT IS OUR BEST FEATURE! SELL - BUT NOT ATANY PRICE!

Interview: Savka Dimitrova, CEO of Evropa

Export of Evropa on foreign markets is more stable compared to thesell on the domestic market. The export goes to Slovenia, Montenegro,Bosnia-Herzegovina, Serbia and Kosovo. This is excellent disposition forthe company. We are also exporting in Australia, where our export is tra-ditional, and in America, France, Holland, Armenia, Greece and other EUcountries. Evropa is a factory that exists in three centuries. And that is notmy self importance because I do not maintain this factory for three cen-turies, although I have the honor to be long time part of it. Evropa is aresult of the effort of several generations. The history means a lot to ali-mentary products. Evropa is the oldest factory in Macedonia, and one ofthe oldest if not the oldest, alimentary factory on the Balkans. It wasestablished in 1882 as workshop of four employees and daily productionof 250 kg. This is 125 years of existence and continuity of the service.

Page 34 INVESTORS TURN THEIR ATTENTION TOWARDSBONDS?

January increase of 77.44% of the trade with bonds on MacedonianStock Exchange announces new trend of turning investors` attentiontowards this kind of more secure securities. Some annalists even fore-casted that the segment that was so far least liquid, there will be soonlack of offer, due to increased demand which was created by the "load"pension insurance companies.

Page 37 SMALL INCREASE OF THE INDEX, SMALL DROP OF THETURNOVER

Last trade week was closed with growth of MBI-10 of 0.16%, whichmeans that the negative trend from previous week (4.35% drop) wasstopped. Regular trade total turnover amounted 240.6 million denars,which is 6% lower compared to period between 21st and 25th January.

Page 42 WHAT IS HIDING BEHIND THE BIGGEST FRAUD INBANKING HISTORY?

The news that the big French Societe Generale might loose 5 billioneuros, because of some "minor" broker, shook French stock exchange,but also all European annalists. Jerome Kerviel (31) entered the book ofrecords as a man who did the biggest bank trading fraud of all times.French broker descended from the throne Englishman Nick Leeson whoin 1995 bankrupted old English bank Barings, where even the Queen hadan account.

Page 43 FOREIGN CURRENCY MARKET

Page 45 40 MILLION EUROS ENTER IN STRUNMICA AND ROSO-MAN

Croatian concern Agrokor this year will definitely start the construc-tion of the first two farming-distributive centers in Strumica and Rosoman,with starting investment of 40 million euros, with Government`s portion of30 to 35%, investing state owned land and freezers.

FORUM

Page 31 TOP 10 STOCK MARKET SLUMPSPage 33 SHARES OF MAVROVO WITH THE BIGGEST GROWTH,

AGAIN

MAKEDONSKO SONCE

Page 34 THE COAL GOT "BURNED" BY THE POLITICSAccording to experts, Macedonia has reserves of coal for more than

200 years. This energy source exists but deep in the earth. Therefore, itis time to invest in underground exploitation, instead of living in fear thatthe collapse in surface mines might leave the country without electricity.


WEEKLY REVIEW OF MACEDONIAN STOCK EXCHANGE

period 04.02. - 08.02.2008 year

MKIBN20080211-0009E

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