BELGRADE STOCK EXCHANGE

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BELGRADE STOCK EXCHANGE

• October 2007

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Equity Market Capitalization
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Belgrade Stock Exchange Turnover
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Average Daily Equity Turnover
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Average Daily Turnover Per Transaction
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BELEX15

• Top 15 Companies
• Free float cap weighted price index
• Most liquid stocks
• Real time calculation
• Weight limited at maximum 20
• Introduced in October 2005
• Annualized return 69,38
• Index certificates traded in Frankfurt and
  Stuttgart

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BELEXline

• Broad market index
• Capitalization weighted index
• 65,15 annualized return

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Serbian Traded Index (SRX)

• capitalization-weighted price index
• calculated in RSD, EUR and USD
• designed as tradable index
• Product of the Vienna Stock Exchange

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Foreign Investors buy side
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Foreign Investors net inflow of investments
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Waking up retailers

• In 2007 only, new industry appeared
• 7 voluntary pension funds and 4 investment funds
  (3 more coming soon)

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Market segmentation

• Regulated market
• Prime market - Listing A (2 stocks 9 bonds)
• Continuous trading method
• Standard market - Listing B (0)
• Continuous trading method
• Unregulated market
• Continuous trading method, for most liquid stocks
  (50)
• Single price auction (1.600)

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Listing requirements
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Unregulated market

• Continuous trading method, for most liquid stocks
  based on
• price availability
• free float market cap
• turnover, no. of transaction
• 50 companies
• Amounted 57 in total equity turnover for 2006
  (610 mil)
• 66 in total equity turnover for Q1-Q3 2007 (967
  mil)
• 40 of total market cap (7,13 bill)

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BELEX in the SEE Region
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SEE Exchanges Equity Market Cap
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SEE Exchanges Market Cap Growth rate
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Mcap/GDP
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SEE Indices
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SEE Exchanges Equity Turnover
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Belgrade Stock Exchange market information

• Global coverage through Data Vendors
• Reuters, Bloomberg, Teletrader, Tenfore
• Website
• www.belex.co.yu
• BELEX.info
• www.BELEX.info
• wap.BELEX.info
• SMS
• Data feed

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BELEX trading platform

• Existing system meets all requirements at present
• Created in-house
• Order driven trading system
• Remote trading
• New system developed with following goals
• Created in-house in cooperation with Luxembourg
  Stock Exchange
• Implementation of the new technologies
• Integration into international standards (FIX
  protocol)
• giving members more control over their bussines
• Better access for the end users
• In final stages of implementation
• Start date January 1st 2008

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Expected Positive Developments

• Growth of the domestic Pension Fund and
  Investments Funds
• Currenly, only 60 millions under management of
  investment funds and 30 millions under pension
  funds
• New Prime market listings
• First state owned company IPO expected
• Improvements in tax regululation of the capital
  market

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• Belgrade Stock Exchange
• www.belex.co.yuwww.belex.info
• info_at_belex.co.yu
• Dont Wait to Invest Invest and Wait