berzNIK - YEAR II - NUMBER 6 - 21st JANUARY 2008 - (SUPPLEMENT OF TENDERNIK)

TOURISM IN OHRID
BUSINESS FORUM FOR
FIRST INTERNATIONAL FAIR AND
Date 21.01.2008 number 6
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Information, affirmation,
and presentation - berzNIK
Our database ur access to accurate information, or in
is larger, and O one word, to be in the right place at the
right time, have always been and will
always be in interest of the direction of certain
your views movements in any segment of the social-eco-
nomic community. It means, the accurate and
and forehanded information are usually the amplifier
that should initiate the acceleration in order to
reach some level, to come to the goal, which is
presentations subject of the delivered information. What
berzNIK is trying to popularize is classified infor-
through our mation that refer to the business community,
delivered on time. Or, more precisely, we store,
service have select, and electronically distribute to YOU - our
dear clients, the information that can be found
increased as on different pages in different daily newspapers,
and which reflect the business subjects and in a
well certain part present their positive or negative
components and characteristics that directly or
indirectly affect the capital market.
The race for tragic, financial, and political
affairs - as top news, is not our challenge. It is
top news for us when you receive on time the
reworded things about you, your company, and
the market - if you consider yourself to be a per-
son of this profession. Furthermore, to hear the
official stands, solutions, and decisions on the
system procedures on time, but also to find out
beforehand about the gossips, which might
open your eyes. In fact, we distribute to you all
news, both positive and negative, and you
decide 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, especially
for attracting new foreign and domestic players,
participants on the capital market, in this issue of
the weekly review we have also given room for
the first International Fair for Tourism and the
Tourism Business Forum, which these days
takes place in Ohrid - an event at which we
believe many tourist and hotelier`s companies,
as well as many associations from the wine pro-
duction field, will have their promotion. Having in
mind the dimensions of this fair event - also reg-
istered in the World Tourism Organization, and
the step forward of the Government in this field
- financial injection of a million euros, there is an
opportunity many of them to increase the capital
berzNIK
3
with shares` issues or multiply it precisely
through the stock exchange transactions - to
become trading potential on the Macedonian
Market.
The numbers made last year also speak
about the fact that the Macedonian capital mar-
ket in the second decade of its existence rapid-
ly keeps pace with the stock exchanges from the
region and SEE. A true ascent. A conclusion,
which is confirmed also by the stock exchange
ratios given in the Annual Statistical Bulletin of
the Macedonian Stock Exchange, even though
there was a big correction and stagnation in the
penultimate months of the year. The total
turnover is increased for 34.45 percents com-
pared to 2006, and the largest positive jump was
made in the classical trading with increase of
even 181.86 percents. The greatest turnover
was made in October, and the largest participa-
tion in it had Komercijalna banka with 26.40 per-
cents. MBI recorded the largest growth in the
region - a jump of 109 percents. The biggest
price increase on the Official Market record the
shares of RZ Inter - Transped - for 1,000.82 per-
cents in December compared to January, while
the biggest fall had the shares of Makoteks - for
82.76 percents.
After these numbers, you will agree, as
much as they are trying to label our market as a
small one, it, however, is considered to be the
key player in the region, especially when talking
about entry of big investments. Moreover, if we
add to this the analysts` assessments that last
year all players on the stock exchange earned,
making decisions will be easier… Here we can
also mention the investment funds - the emis-
saries who will have to include most of the pop-
ulation in the business trading as well, and
which will also contribute for increase of the
competition between the existing banking-finan-
cial institutions in this country.
I believe that berzNIK services will help you a
lot in using the potential investor`s advices
before reaching the right and profitable decision
for investing your capital.
Until the next Monday
Makedonka Baldazarska
BerzNIK editor-in-chief
e-mail: berzNIK@interNIK.com.mk
 4 berzNIK number 6
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 21.01.2008

WEEKLY REVIEW OF MACEDONIAN STOCK EXCHANGE

period 14. - 18.01.2008 year

Turnover by market segments

Data on MBI-10 shares

Top ten listed shares

 Date 21.01.2008 number 6
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
5
14.01.2008 MONDAY
C O N T E N T S
1. SHORT REVIEW OF EVENTS

The poor turnover of the Macedonian Stock is from the Netherlands, Austria and Italy and has
Exchange for securities was topic elaborated by been already assembled, and soon will start the
INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . 3
most of the daily newspapers. Vecer writes that the trial production, says the first man of the factory,
WEEKLY REVIEW OF THE MACEDONIAN STOCK Macedonian Stock Exchange registered the lowest Simon Naumoski.
EXCHANGE… . . . . . . . . . . . . . . . . . . . . . . . . . . . ...4 turnover in its history, during the last week. After Utrinski Vesnik writes also about the domestic
Christmas, in four day barely 1, 4 million euros we- company MZT Hepos which introduced a new stan-
berzNIK, TUESDAY, WEDNESDAY, THURS- re revolved, which is far below the Stock Exchange dard in the production. In this way, by introducing
DAY…..5-7 index. Business has the detailed information: the CE mark, which gives the products better
On the seventh day of trading of the chances for placement on the foreign markets.
FIRST INTERNATIONAL FAIR AND BUSINESS Macedonian Stock Exchange A.D Skopje, held on MZT Hepos produces equipment for locomotives,
FORUM FOR TOURISM IN OHRID . . . . . . . . . .8-9 day 11.01.2008, it was mainly traded with 33 light railroad vehicles, traveling carts and railway
CONCEPT AND MANAGEMENT OF PRIVATE shares and with the bonds for denationalization freight car wagon. The CE standardization means
INVESTMENT FUND....................................…..10-11 (forth and fifth issue). Total of 5.647 shares have marking the products for adjusting all the European
been traded through 159 transactions and bonds in regulations.
nominal value of 12.069 euros through ten transac- The news for dislocation of the smelter in
berzNIK, , THURSDAY, FRIDAY, SATURDAY . . . . . tions. It have been concluded 159 transactions in Veles shocked the public of Veles. The Green coali-
12-14 total, and it has been achieved a total turnover of tion, composed of seven non governmental organ-
17.985.945, 52 denars. On Friday, the Macedonian izations submitted a request to the mayor in Veles,
WEEKLY MAGAZINES … . . . . . . . . . . . . . . . . . ...15 Stock Exchange index - MBI 10 was 7.525, 41 and Ace Kocevski, for instigation initiative to change the
notices decrease of 39, 81 index points, or more urban plan and to dislocate the smelter. As a
ANNUAL STATISTICAL REPORT ..............…..16-20 correctly 0, 53%. response of this initiative, the Minister for
Also, by its insensibleness is the news for Environment and Physical Planning, Xhelil Bajrami
opening a new plant in Prilep Company Vitaminka will say: Personally, I am against dislocation of the
which will provide 50 new employments. According smelter and I believe that this is the attitude of the
to Dnevnik, the plant will have an annual capacity Government as well. This object is a treasury for
I M P R E S S U M of 2000 tons of biscuits, for the domestic market Macedonia and Veles, informs Dnevnik. The ecolo-
above all. Utrinski adds that it is a matter of the gists from the local and central authority expect to
most important investment of Vitaminka in the prevent the repetition of the black ecologic story
planned annual development. whose consequences are felt even 5 years after
The investing is worth five million euros, closing the smelter.
money provided through the European Bank for
Publishing: INTERNACIONAL NIK AD - Skopje
Media library and digital archive Reconstruction and Development. The equipment
Editors office: berzNIK
Address: Square MAKEDONIJA bb, p.box 882 Skopje, 1000,
R.Makedonija 2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS
Phone. 02/25.32.800 faks: 02/25.32.839
web: www.interNIK.com.mk;
e-mail: info@interNIK.com.mk 1. THIN PROFIT OF 1.4 EUR (***)
Executive Director: Zdravko Josifovski
2. THE SMELTERY WILL OPERATE ONLY WITH AN ECOLOGICAL PERMIT (***)
Account Menager: Divna Pesic
Public relations: Natasa Dimovska
Marketing manager: Ivona Josifovska DNEVNIK p.12 DAILY TURNOVER BELOW 20
Assistent: Stojne Danilova p.7 EVERYONE WILL BE ABLE TO MILLION DENARS
E-business manager: Ratko Projkovski PEEK INTO YOUR ACCOUNT? p.12 11.01.2008 REPORT
Logistics manager: Ana Petrova
Finance manager: Gordana Stojanovska p.7 THE SMELTERY WILL OPERATE p.13 THREE QUARTERS OF THE
ONLY WITH AN ECOLOGICAL TURNOVER ACHIEVED AT THE
STOCK EXCHANGE REVIEW OF EVENTS IN THE PERMIT OFFICIAL MARKET
PRINT MEDIA berzNIK p.8 NEW CROATIAN FUND ON THE
berzNIK is founded in year 2007. STOCK EXCHANGE UTRINSKI VESNIK
p.8 NEW PLANT IN VITAMINKA- p.12 MZT HEPOS INTRODUCED CE
STOCK EXCHANGE REVIEW OF EVENTS IN THE PRILEP STANDARD OF PRODUCTS
PRINT MEDIA berzNIK p.12 NEW FACILITIES AND 50 NEW
Number: 6
Date: 21.01.2008 BIZNIS EMPLOYMENTS IN VITAMINKA
p.1 EACH BANKER APPLIES THE
IT IS DISTRIBUTED FOR SUBSCRIBERS ONLY CHANGES DIFFERENTLY VECER
p.5 EACH BANKER APPLIES THE p.6 ELENICA BUYS KIRO KJUCHUK?
FRONT PAGE PHOTO:
CHANGES DIFFERENTLY p.6 THIN PROFIT OF 1.4 EUR
Photo: p.7 T-MOBILE AND COSMOFON p.6 DISLOCATION OF THE SMELTE-
FIGHT FOR THE 3-G TECHNOLO- RY
Editorial staff of berzNIK GY p.7 CONSUMER LOAN FOR BIG AND
Internet distributive system:
www.interNIK.com.mk p.7 GREAT INTEREST FOR THE SMALL PLANS
Editor: Makedonka Baldazarska SMALL HYDROELECTRIC PO-
DTP: Tatijana Trpkovska WER PLANTS VREME
Editorial staff: p.7 PUBLIC ANNOUNCEMENT p.7 THE PESTICIDES ARE NOT PER-
News Evaluator: Anita Bashoska
[operators]: Arslan Skoro, Zoran Stamatovski, Martin Arsovski,
p.11 DECLINE OF THE AVERAGE ISHED, PART WILL BE USED
Gorge Redzik, Toni Arsovski i Darko Tripunovski * TURNOVER FOR OVER 40%
[translators]: translator's manager Senka Mihajlovska, Angelina p.12 DECLINE OF THE THREE INDI- SPIC
Filipovska, Slobodan Trajkovski, Aleksandar Stamenkovski, Aneta CES p.6 THE CASE OKTA WAS THE MOST
Menoska, Filip Koviloski, Darko Ivanovski CONTROVERSIAL, WHILE THE
Fotoreporter: Robert Spasovski
p.12 BETA BROKER AD SKOPJE - NEW
MEMBER ON THE STOCK EX- CASE SMILENSKI WAS THE
Marketing, distribucija i proda`ba: CHANGE CLEAREST
INTERNACIONAL NIK AD - Skopje
 6 berzNIK number 6
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 21.01.2008

1. SHORT REVIEW OF EVENTS
The introducing of transaction accounts
which created chaos in the banks continues to be
topic number one in the daily print media. On the
remarks for the chaos in the banks at the begin-
ning of the year, the bankers make excuses that
this confusion will be short-term one but while the
effects of introducing the transaction accounts will
in any case be multiple. The introducing of trans-
action accounts will actually, according to the
bankers, simplify the way the payment operations
are done for physical entities, just like the legal
entities have been doing it the past six years. As
of New Year all cash deposits and payments, as
well as transferring funds from one to another
account are being carried out through the transac-
tion accounts which are reported in the only regis-
ter of transaction accounts. One of the reasons for
the unusual crowds in the banks is the implemen-
tation of transaction account that should be
opened to every physical and business entity.
This news is one of the reforms in the payment
operations. Opening transaction account is a con-
dition for the workers to receive their January
salary at the end of the month. As of January 1
this year, the beneficiaries of the second pension
pillar 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 the
beneficiary has spent at least 24 months in one of
the two funds that operate in the country- KB-First
Pension Fund and NLB-New Pension Fund (Nov
Penziski Fond). If the beneficiary wants to go in
another fund after this period, he/she will have to
pay fee for it. This fee is 25 euros for transfer after
the six-month membership in one of the funds,
then 20 euros up to 12 months, 15 euros up to 18
months and 10 euros up to 24 months.
Both the pension funds we contacted say that
there is small number of beneficiaries who want to
transfer from one to another fund.
The replacement of the head of Kosmofon is
one of the top news all daily newspapers have
reported. Petros Lefkovic is the new head execu-
tive director of mobile operator Kosmofon.
The current head Stefanos Okgapadas will
remain head executive director of mobile operator
AMC in Albania and member of the Kosmofon's
Board of Directors. The company announced that
Lefkovic has performed managerial functions in
many Greek companies for mobile telephony and
comes in Kosmofon from the head position he had
in Samsung electronics in Greece.
As usual, most of the daily newspapers have
published the trading on the Macedonian Stock
15.01.2008 TUESDAY
Exchange, from where one can conclude that the
post-new year period is still on with small
turnover, low liquidity and decline of the shares'
indexes. On yesterday's trading on the Official
market price appreciation have marked only the
shares of TTK Banka of 1.08 percent. Most of the
media reported the news on the opening of three
new subsidiaries of Tutunska banka and one of
Uni banka.
Nova Makedonija reports that TEC Oslomej
from Kicevo is with no reserves of coal and there
is great danger this capacity to stop producing
electricity. In REK Bitola the reserves are minimal.
Oslomej's management says there are coalfields
but it does not say if there are conditions to dig in
them. There is also no answer to the question if
Oslomej will be able to produce power if, for any
reasons, the mechanization for digging coal
stopped.
Vecer however publishes that the problems in
Silmak continue. Here the trade union announces
that Silmak will work at night in order to use
cheaper power. The employees are prepared to
work at night when the electricity is much cheap-
er, which will dramatically reduce the average
price of power cost…

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. PETROS LEFKOVITS - NEW HEAD OF COSMOFON (***)
2. QUEUES FOR TRANSACTION ACCOUNTS BEFORE THE DESKS (**)
Queues for transaction accounts before the desks
Yesterday in Skopje, queues of citizens in the
banks were stretching from the desks to the
entrance doors. One of the reasons for the unusu-
al scramble in the banks is the introduction of
transaction accounts, which should be opened for
each physical and legal entity. This news is part of
the reforms in the payment operations.
Many of the citizens were revolted of having
to wait in queues for so long before the desks.
Some of them were familiar with the changes and
the 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 I
receive and all the money that I receive and send
through the bank. The waiting was worth because
from now on we would have bigger financial disci-
pline, and it would be clear how much money
each person receives, whether he owes money,
and whether he pays the tax to the state – a
retired engineer from Skopje says.
Petros Lefkovits - new head
of Cosmofon
Petros Lefkovits is the new CEO of the
mobile operator “Cosmofon”
The former head of Cosmofon Stefanos
Oktapodas will become the CEO of the mobile
operator AMC in Albania and a member of the
Board of Directors of Cosmofon. From the com-
pany they announced that Lefkovits was working
on a number of management positions in a few
Greek companies from the mobile operators, and
comes in Cosmofon from the head position in
Samsung Electronics in Greece.

DNEVNIK p.12 MBI 14.01.2008

p.8 MBI 14.01.2008 VECER
p.9 QUEUES FOR TRANSACTION ACCOUNTS BEFORE THE p.6 SILMAK TO WORK AT NIGHT AND USE CHEAPER ELECTRIC-
DESKS ITY
p.9 INSPECTORS EXCAVATE PROBLEMS IN MINE RAZANOVO p.6 HS ZLETOVICA IS BEING CONSTRUCTED INTENSIVELY
p.9 PETROS LEFKOVITS - NEW HEAD OF COSMOFON p.7 NO INTEREST FOR CHANGE OF PENSION FUNDS
p.7 TREE NEW SUBSIDIARIES IN SKOPJE
BIZNIS p.7 NEW SUBSIDIARY IN CAIR
p.1 TTK BANKA THE ONLY TO RECORD PRICE INCREAS p.7 LEFKOVIC TO BE REPLACED BY OKTAPODAS
p.11 BANKS AND SAVINGS HOUSES TO STATE CONTENT OPIN-
ION BY QUESTIONNAIRES VREME
p.12 MBI 14.01.2008 p.6 ALUMINA MUST NOT BE SOLD?
p.12 DROP OF SHARES` INDEXES p.7 FEAR FROM THE RUSSIAN INVESTMENT BEAR?
p.12 TTK BANKA THE ONLY TO RECORD PRICE INCREASE
p.13 SHARE EMISSION OF 369.8 MILLION DENARS VEST
p.13 THE NEW SUBSIDIARY IN THE MUNICIPALITY OF CAIR p.5 CURRENT ACCOUNTS BECAME TRANSACTIONAL
STARS WORKING
p.13 THREE NEW SUBSIDIARIES IN SKOPJE NOVA MAKEDONIJA
p.2 VITAMINKA-PRILEP WITH A NEW FACILITY FOR PRODUC-
UTRINSKI VESNIK TION OF BISCUITS
p.12 AFTER CUT-OFF, SILMAK BOILS p.4 TEC OSLOMEJ WITH MINIMAL RESERVES OF COAL
p.12 OKTAPODAS LEAVES, PETROS LEFKOVIC TO HEAD COS- p.5 SMALL TURNOVER, LOW LIQUIDITY, THE INVESTORS ARE
MOFON WAITING BETTER DAYS
 Date 21.01.2008 number 6
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
7
16.01.2008 WEDNESDAY
1. SHORT REVIEW OF EVENTS

The low turnover on the Macedonian capital
market again in this year`s opening third week is
one of the news reported by all daily media. The
previous day on the Macedonian Stock Exchange
went with the same trend of desperately low
turnover. The Stock Exchange yesterday made a
turnover of only 18 million MKD, which, according
to the brokers, is a turnover level from three years
ago and much lower than the average in the good
days of trading in shares. It means downward
trend continuation on the stock exchange, which
has been hitting the headlines since the beginning
of this year. In such conditions, the shares of ZK
Pelagonija were most traded. Especially interest-
ing news for the businessmen is the sale of
Makoteks business premises i.e. the announce-
ment for selling its real estate-administrative and
business premises under the ownership of this
company n the center of Skopje on street
Macedonia 9-11, consisting of a basement,
ground floor and four other floors covering an
area of 2.362 square meters and a yard of 52
square meters.
Dnevnik informs that Deutsche Telecom has
been disqualified from the run for purchasing 46,
13% of the state shares in Slovenian Telecom,
since its offered price was smaller than the other
two bidders. Let us remind you that the German
telecommunication giant bided at the tender
through its Hungarian subsidiary Magyar
Telecom, which is majority owner of Makedonski
Telekomunikacii. The Slovenian Telecom, on the
other hand, in 2006 purchased 76% of On Net,
which is the main competitor of Makedonski
Telekomunikacii in internet services and fixed
telephony.
The novelty for salary payments through
transaction accounts continues creating chaos in
the banks. In this context, Biznis continues pub-
lishing educational texts-explanations from differ-
ent banks. Invest Banka also offers its explanation
in this issue. This, as well as all other banks in the
country, is enforcing the changes in the payment
operations. The bank notifies all deponents that
from the opening day of this year the payment of
salaries is being carried out only through transac-
tion accounts for the employees, opened in
Payment Operations Office. The new Law on
Payment Operations abolishes the cash pay-
ments of salaries and food and travel allowances.
Out of these reasons, every company should
open transaction accounts for its employees
through which it will perform the asset transfer on
the basis of monthly incomes.
In the same context, Spic, on the other hand,
gives additional explanation that the transaction
accounts have not impaired the banks` confiden-
tiality principle, and all accounts are registered in
the Single Register of Transaction Accounts, in
compliance 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 will
not be collected from another; however, all other
accounts of the client will be blocked. This pre-
vents the citizens who have debts in one bank to
work with the accounts of another one.
In Spic you can also read about the three
locations ion the national park of Mavrovo allocat-
ed for construction of small hydroelectric power
plants to the companies that bided at last year`s
tender, according to officials from the Ministry of
Environment and Physical Planning.
Utrinski Vesnik thematically scrutinizes the
issue of thermoelectric power plant. It can stop
with production of electric power at any moment,
especially if the weather conditions get worse.
There is only a few-day coal supply which is being
delivered to the mine on daily basis. The coal
excavation is extremely difficult at the time being.
It`s not that the new coal excavation site Oslomej-
Zapad lacks coal. Its reserves are estimated at
around 14 million tons, which is enough for sever-
al-year electricity production in continuity, but it
has not been exposed enough due to the untime-
ly dislocation of the river of Temnica, which was
an obstacle for utilizing the newly discovered coal
reserves out of which reasons the machines of
TEC Oslomej were garaged for six months…

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS Magyar Telecom got

excluded
1. MAGYAR TELECOM GOT EXCLUDED (***) Magyar Telecom, the dominant owner of Ma-
2. SALARY TO BE PAID ONLY THROUGH TRANSACTIONAL ACCOUNT (**) 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,
Salary to be paid only through transactional account which is in public property. Until Friday, Magyar
Telecom was in the game together with the Island
Invest banka as the others bank in the state, account of the employees, opened in the Skipti, as well the British-German consortium
implements the amendments in the payment Payment Operations. According to the new Law Bain Capital and Agos Capital in cooperation with
operations. The bank informs all deponents that, on Payment Operations, the payment of the British Telecom. All of the three companies should
starting from the first day of the year, the wages wages, food and travel expenses in cash shall be have made correction of the obligatory offers until
should be paid exclusively through transactional abolished. yesterday.

DNEVNIK p.8 MBI 15-01-2008

p.7 MBI 15.01.2008 VECER
p.7 NEW SUBSIDIARIES OF TUTUNSKA AND UNI BANK p.6 THE CITIZENS KEEP OVER 1, 5 BILLION EUROS IN THE
p.9 DEUTSCHE TELEKOM OUT OF THE RACE FOR THE BANKS!
SLOVENIAN TELEKOM p.6 MAGYAR TELECOM GOT EXCLUDED
p.7 VOLUNTARY PENSION, A PRIVILEGE FOR WEALTHY PEO-
BIZNIS PLE
p.1 SALARY TO BE PAID ONLY THROUGH TRANSACTIONAL p.7 REVISION OF MBID INDEX
ACCOUNT
p.3 SALARY TO BE PAID ONLY THROUGH TRANSACTIONAL VREME
ACCOUNT p.6 WE WILL WORK AT NIGHT, JUST GIVE US ELECTRICITY!
p.11 DEATH SECURITIES - INTERESTING, BUT SLIGHTLY MOR-
BID FINANCIAL INVENTION NOVA MAKEDONIJA
p.12 MBI 15.01.2008 p.5 PETROS LEFKOVITS IS THE NEW CHIEF EXECUTIVE OFFI-
p.12 DECLINE AND MBI-10 AND MBID CER OF COSMOFON
p.12 MOST TRADED THE SHARES OF ZK PELAGONIJA
p.13 MAKOTEX SELLS THE BUSINESS BUILDING IN THE CENTER SPIC
OF SKOPJE p.7 MAVROVO HYDROELECTRIC POWER PLANTS ARE SURE
THING!
UTRINSKI VESNIK p.7 ANTI-CORRUPTION COMMISSION EVALUATES THE VOLT-
p.8 THE STOCK EXCHANGE WITH A MINIMUM OF TURNOVER, AGE OF THE TENDER FOR ELECTRICITY IMPORT
THE INVESTORS ARE WAITING FOR NATO p.7 TRANSACTIONAL ACCOUNTS DO NOT INFRINGE THE CON-
p.8 TPP OSLOMEJ CAN STOP THE PRODUCTION FIDENTIALITY
 8 berzNIK
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
FIRST INTERNATIONAL FAIR AND BUSINESS FORUM FOR TOURISM IN OHRID
SPECIFIC AND EXPENSIVE
TOURISM - PRIORITY FOR
MACEDONIA
On the first International fair for
tourism, wine, organic food, eco-
tourism and craft, certain compa-
nies which are trading on the
Macedonian Stock Exchange are
participating, and are presenting
their 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.
rom 17th to 20th January, Ohrid and
F Struga are hosting the first International
Fair for tourism, wine, organic food, eco-
tourism and craft. The Hotel Association of
Macedonia - HOTAM and the Balkan
Alliance of Hotel associations - BAHA are
organizers of this fair, with logistic sup-
port of Skopje Fair, Skopje and the
municipality of Ohrid. This is practically
realization of the few years` long idea for
organization of such manifestation.
Sponsor of the fair manifestation is the
President of the Government of the
Republic of Macedonia, Nikola Gruevski,
who inaugurated the fair in the "Inex
Gorica" Hotel, in Ohrid.
The Tourism Fair and forum has 250
representatives, out of which over 90
number 6
companies/organizations - exhibitors. Lots of
national travel organizations and international
associations are representing themselves,
also crafts associations, wineries, transport
organizations, air transporters and other com-
panies from the country and the region, which
makes this fair to receive a wider
regional character.
The International fair for
tourism is expected to grow up in
traditional prestigious manifesta-
tion, because the organizers
already achieved its registration
in the World Tourist Organization.
Basic topic on the Business
forum, as constituent of this fair
manifestation is - Creating the re-
gional product.
The idea of the Business fo-
rum is creating integral Balkan to-
urist products, based exclusively
on the rich cultural heritage of this
common climate of ours, but this
time, Macedonia to be the
leader in the creation of
the product, which would
automatically include her
in all the tourist products
of the Balkan countries.
That is exactly why,
eminent representatives
of the scientific and the
professional tourist world
from all the countries of
the Balkan Peninsula are
invited and are actively
participating, all in direc-
tion of getting the com-
Date 21.01.2008
plete image for the development possibilities
of the cultural tourism on the Balkan.
The Business forum is evolving through
four workshops on topic: The paths of the cul-
tural heritage, The Regional Connection of the
Balkan destinations and the Balkan wine
roads, and Problems
with the tourist economy
in Macedonia and on the
Balkan.
Through an objec-
tive, altruistic and com-
pletely apolitical approa-
ch towards the interpre-
tation of the history, it is
expected adoption of
concrete suggestions in
order for determining
tourist localities and
attractive complexes wh-
ich deserve to be incor-
porated in the integral
Balkan tourist product,
which will finally impose
the Balkan in the international tourist market
as an attractive and competitive tourist macro
destination. Within these frames, also a strat-
egy for tourism development in Macedonia, for
what Doncho Tanevski from HOTAM considers
that it should be deployed in direction of spe-
cific and expensive offer for higher standards,
more expensive tourism, not more massive. It
means not only numbers, but also quality of
the offer. The fair appearance of the partici-
pants will be in the Sports Hall of Biljanini
Izvori, while the forum will be in the Inex
Gorica Hotel. At the Tourism fair, besides exhi-
bition of their products, the hoteliers, the tour
operators, and the travel agencies will have
 Date 21.01.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
as 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, on
one of the four workshops organized for the cultural heritage.
possibility of being part of the gastronomic
competition in the hotel Drim in Struga. The
First International Fair for Tourism and Busi-
ness Forum will be festively closed with giv-
ing awards in few categories in the Hotel Inex
Gorica, Ohrid, on 20th January, at 11.00
o`clock.
THE PARTICIPANTS IN THE
FAIR, GUESTS ON THE
EPIPHANY HOLIDAY
On 19th January (Saturday), the par-
ticipants of the fair and on the Business
forum, will have the possibility to be
present on the celebration of the major
Christian holiday the Epiphany, sanctifi-
cation of the Ohrid Lake through the act
of throwing the sanctified cross in Ohrid
port. Each year, over 200 young people
are trying to catch the cross from the
lake, which according to the beliefs, will
bring them health and luck during the
year.
The guests will be able to observe the
even from a ship. The manifestation is
enriched with musical performances and
fireworks, while the cafe bars and the
restaurants are serving free hot brandy.
number 6
berzNIK
9
MILLION EUROS - FOR TOURISM
DEVELOPMENT
The holding of the Tourism Fair in Ohrid, will surely
have much greater meaning for affirmation of the
Macedonian tourist potentials because of what this year
it has been given the priority, above all from the Prime
Minister Gruevski, on whose initiative five times more
finances from the Budget have been separated, which
was not a practice so far. So, this year the finances for
the tourist propaganda from 100.000 euros have been
increased to a million euros. Those finances are going
to be spent rationally, above all in finding solution for
lowering the prices of the plane tickets for Macedonia,
which is extremely important for the tourist develop-
ment in our country, says Dimitar Bojagiski, from the
sector for tourism within the Ministry of Economy.
The cultural heritage is a strong trump of Macedonia
CONSOLIDATION OF THE COOPERATION
BETWEEN THE TOURIST ECONOMIES OF THE
BOTH COUNTRIES
Amongst 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 tourist
offers 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 is
held, because Slovenia as chairman of the European Union is exposed to even
much greater attention from the foreign professional and wider public. At the same
time we estimate that after Slovenia enters the wide Schengen zone, the interest for
our state, which in Ohrid and in Macedonia in general is known as traditionally
famous 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, above
all 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 Saba
Hotels from Bled, which are an example for development of the lake tourism and the
wellness 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 of
Slovenia, 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 is
exclusively a perspective economic branch with major multifunctional effect. We
have invested a lot in the tourist infrastructure in the last period, as well as in the
knowledge of the employees in the tourism.
We succeeded in realizing major part of the development projects with financial
aid 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 other
states from this region.
10 berzNIK
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
CONCEPT AND MANAGEMENT OF PRIVATE INVESTMENT FUND
LARGER FRUCTIFICATION OF CAPITAL -
DISTRIBUTION OF RISK FOR
INVESTED MONEY
In Macedonia there are nine private invest-
ment funds. Six of them are founded and man-
aged by Fisher Investments. The presence of
the first investment funds should activate
Macedonian economy and help some
Macedonian 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 financial
resources across private offer for sell of share
certificates of fund`s property, resources that are
invested in accordance to the goals for invest-
ments determined in fund`s prospect. Owners of
certificates have the right, beside the right of dis-
tribution of fund`s profit, to ask for payment of the
share, by means and conditions established in
fund`s prospect.
The private fund is registered in
Commission`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 of
establishment of private fund, the private funds
management company adopts statute and
prospect of the fund.
Operation of the private funds management com-
pany
The private funds management company is
obliged to manage fund`s property with the skills
of good businessman and strictly in favor of
fund`s shareholders, based on fund`s statute
and regulations of this law.
Founders of private funds management com-
pany, members of the Supervisory Board and its
employees or individuals who carry out perma-
nent or temporary operations for the company,
based upon separate agreement, are committed
to keep the secret of company`s affairs, in
accordance to the law and company`s statute.
Records for owners of share certificates
and payment operations are trade secret and
they can be revealed upon court order.
Management and revealing of company`s
property
The property of the private funds manage-
ment company is kept and revealed apart from the
property of the funds managed by the company.
Appearance of the private funds management
company in the legal transaction
number 6
Private funds management company appears
on its behalf in the legal transaction and on behalf
of the owners of share certificates in the private
fund.
Responsibility of the private funds management
company
Private funds management company is
responsible for management of private fund in
accordance to the regulations in this law and
fund`s statute. Private funds management com-
pany is responsible for the damage caused by the
owners of owners of share certificates, in case of
acting in contrary to the regulations in this law and
private fund`s statute.
Private funds management company pawns
its complete property for legal affairs concluded
on its own behalf and
Financial reports of the private fund
Private funds management company pre-
pares audited annual financial reports for each
private fund managed by this company.
Private funds management company is com-
mitted to submit fund`s investors audited annual
financial reports for each private fund managed
by this company in terms of three months from the
adoption of private fund`s annual balance sheet.
Financial reports are prepared in accordance
to the international accounting standards.
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 than
ordinary investment of assets in banks
or savings houses. Money invested in
the fund are not fixed-terms deposits
and they are always on savers` dispos-
al. Investing in investment funds pro-
vides greater opportunity for distribu-
tion of the risk for investing of financial
resources.
Why investing in fund?
The main reason for investing hundreds of
billions of dollars in investment funds lies in the
fact that investment funds bring larger profits than
ordinary investment of assets in banks or savings
houses. Money invested in the fund are not fixed-
terms deposits and always on savers` disposal.
Investing in investment funds provides greater
opportunity for distribution of the risk for investing
of financial resources. Funds are managed by
teams of experts who perform professional acts
and create fund`s portfolio, obeying basic rules of
profitability, security and liquidity and providing
lower costs in securities trade compared to sepa-
rate investment.
After the modification of the Law on
Investment Funds in April 2007, within five
Date 21.01.2008
months were established five private investment
funds. Six of them are founded and managed
by Fisher Investments.
According to the regulations, private invest-
ment funds are managed by private funds man-
agement companies. The presence of the first
investment funds should activate Macedonian
economy and help some Macedonian companies
to gain strategic partner
Amendments on the Law on Investment
Funds that refer on Private Funds which were
adopted in the first half of 2007 are in accordance
to the global developments on capital market in
the sphere of hedge funds and private equity
funds. In accordance to this model of the law, the
private fund represents a fund for absolute return
of investment which management charges per-
formance fee and it is open for limited class of
investors (domestic and foreign institutional
investors, companies and property-natural
entities). Due to these restrictions, these types of
funds are inadequately regulated by regulatory
bodies, which provide wide spectrum of instru-
ments in order of achieving the final goal - maxi-
mization of the profit and capital management in
accordance to investors` interests, such as:
Unlimited opportunities for investing in
domestic and foreign capital markets;
Investments in companies that are not listed
on capital markets;
Investments in real estate
Buy-out acquisitions or takeover of large part
of ownership structure with right to run one or
more companies.
Fond of Fonds Large group of institutional
investors in private funds are funds as well, which
represents capital accumulation from other funds
in one fun in order of reaching business goals.
Globally speaking, 14% of total capital of the
funds is mainly concentrated in the Fond of
Fonds.
In many cases, private funds generate big
capital profits from short-term positions on the
capital market, so called short selling - short-
term positions, forex exchange and the use of big
part of financial derivates features, swaps,
options, margins and other derivates and use of
leverage.
As a result of the weak regulation of this type
of funds in global frames, and primate accent of
the unique goal self-interest surrounding, private
funds gained reputation of secrecy.
Biggest private funds management compa-
nies are:
Soros Fund Management LLC founded by
 Date 21.01.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
George Soros, corporation that manages invest-
ment strategies of numerous funds members of
the group Quantum Group of Funds.
Company`s investment strategies are based upon
perception 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. This
group uses different strategies for capital and
profit 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 for
management of hedge funds founded by James
Simons in 1982. In March 2007 this company
possessed 27 billion dollars in positions in public
companies listed on official markets.
Fisher Investments
Private investment funds management com-
pany
* Private funds management company is
established on 15th of June 2007 and listed in
Central Registry of the Republic of Macedonia
with basic activity - operating with securities and
funds management;
* The company carries out activities related to
forming and management of private funds on its
behalf and on behalf of the owners of share cer-
tificates in the fund in accordance to the Law on
Investment Funds and other regulations, i.e.
number 6
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 best
quality for its clients in the field of financial analy-
ses and management of portfolios and invest-
ments. In order of following the world trends and
open new horizons for investments of clients, to
our associate collaborators and institutional
investors, 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 for
development and presence of Fisher Investments
on global capital markets.
Fisher Investments manages six private
investment funds registered in Securities
Commission.
All private funds managed by Fisher
Investments are registered for investing and trad-
ing of all kinds of securities and other alternative
investments in the country and all world capital
markets.
Private Investment Fund represents special
type of property, with no characteristics of legal
entity, established on Securities Commission
approval by private funds management company
with the purpose of raising financial resources
across private offer for sell of share certificates of
fund`s property.
It is important to mention individual
approach of private funds towards their
investors. Namely, private funds create their
investment policy in accordance to the
berzNIK
11
requirements of their investors.
The fund is investors` property. Every
investor receives adequate number of shares in
the fund for every carried out payment (securities
proportional 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 certificates
and payment operations are trade secret and
they can be revealed upon court order.
1. Private fund Fisher OMEGA is listed in the
registry of the Securities Commission on 11th of
July 2007
2. Private fund Fisher ALPHA is listed in the
registry of the Securities Commission on 13th of
July 2007
3. Private fund Fisher TETA is listed in the
registry of the Securities Commission on 19th of
September 2007
4. Private fund Nova Investment is listed in
the registry of the Securities Commission on 19th
of September 2007
5. Private fund Fisher DELTA is listed in the
registry of the Securities Commission on 19th of
September 2007
6. Private fund Fisher GAMA is listed in the
registry of the Securities Commission on 19th of
September 2007
For detailed information visit web site of the
Securities Commission - Private Fund Registry
http://sec.gov.mk/mak/fondovi.asp or
www.fisher-in.com.
12 berzNIK number 6
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 21.01.2008

17.01.2008 THURSDAY
1. SHORT REVIEW OF EVENTS

Last year's increase of the prices of shares at
the Macedonian Stock Market will not repeat this
year, predict the analysts and the brokers in this
country, who rely on the global stock market crises
at the beginning of 2008, Dnevnik informs.
According to this analysis, the indexes of nearly all
major global stock markets are decreasing this
month…The Macedonian stock exchange index
cannot get back to normal for several months, and
the daily stock exchange turnover came down to
300.000 euros these last few days. Last year, the
daily turnover on the Stock Exchange broke
records of even several million euros. The index
MBI-10 now has 7.472 points, and on 31st of
October last year it had 10.057 points. The ana-
lysts predict that that it might be a brief increase of
the prices, but it will not be even close to the last
year's increase. Yesterday, 49.33% of the shares
of the company Bro-Deal - Skopje were sold in a
block transaction at regular market of the
Macedonian Stock Exchange. The buyer paid
23.98 million MKD for the purchase of the shares
of this company. The price of one share was
324.179 MKD.
This daily newspaper also writes for the battle
for supremacy in the civil construction firm
Mavrovo, because a business worth billions of
euros, offered by the Russian city Sochi, where
the winter Olympics will be held in 2010, is on the
line….The company Mavrovo had a branch in
Sochi, the city which soon will become one big
construction site, and it was considered as a tradi-
tional partner at the local market…Meanwhile,
Mavrovo Inzenering separated from the mother
company Mavrovo. Vanco Popovski, who still is a
director of Mavrovo, sent an announcement to the
Securities and Exchange Commission, emphasiz-
ing that Mavrovo does not have a part in the for-
mer daughter firm Mavrovo Inzenering, because it
was confiscated with an executive court order for
debt collection. The share of 15% was bought by
one of the shareholders of Mavrovo Inzenering,
the firm Medijan Trejd.
Biznis continues publishing the explanations
of the banks for the use of the transaction
account. In accordance with the amendments of
the Law on Payment Operations, which is valid as
of 1st of January 2008, the bank is obligated to
report the transaction account of every client to
only register of transaction accounts (ERTS), rep-
resentatives of Investbanka explain. They explain
that thus, the clients, apart from the other advan-
tages, they also get a protection of the data
regarding the transaction of the personal income
of each employee. You are saving time and
money because you do not have to fill and buy
adequate forms.
You will also read about the brokerage house
Dinev Broker, which was among the last brocker-
age companies which were opened last year, i.e.
22nd direct participant on the capital market. The
director of Dinev Broker, Lenin Prculovski, is talk-
ing about the idea for opening of a brokerage
house despite of the fact that the Macedonian
market is qualified as a small market. According to
him, there are still underrated shares on the
Macedonian market, but on the other hand, he
says that the assortment of the shares in this
country is small. He refers to the variety of the
shares. Despite of the fact that we do not have a
replacement for the shares as futures, options
etc., the firms do not even issue shares or they do
it very seldom, they do not issue bonds…
Part of the print media published the threat of
the employees of the Prilep firms, which accounts
are blocked, that they will protest if the enforce-
ment of the Law of Payment Operations is not
postponed. They are supported by the local trade
union. The new Law of Payment
Operations forbids the firms with blocked
accounts to make compensations, assignations
and cessions.
In this direction, Vecer publishes that all citi-
zens who have other income apart from their
salary or pension, will have to report it to the
Public Revenue Office until 15th of March this
year at the latest. The filing of the annual tax
reports to PRO is also ongoing. The tax authorities
warn that fines in the amount of 500 to 1.000
euros, as projected by Article 144 of the Law on
Personal Income Tax, for those who would be late
with their report and who will pass the legal dead-
line.
You will also read in today`s newspapers
about the first International Tourism Fair which
should 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. They
should define regional tourism product which the
countries will promote to Europe and further.
Topics as Macedonia as a tourist destination, the
way of the cultural heritage in Macedonia and the
region, the way of the wine and better regional
connection between the tourist centers will also be
considered.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

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

DNEVNIK p.3 TRANSACTION ACCOUNTS AND PENSIONS PROMPT

STANDSTILLS IN BANKS
p.1 LAST YEAR`S SHARE PRICES HARD TO GET THIS YEAR p.3 THE PROSECUTION WORKS ON OKTA
p.1 BATTLE FOR MAVROVO REACHES SOCHI p.8 EITHER TAX DECLARATION UNTIL 15TH MARCH OR A FINE
p.6 LAST YEAR`S SHARE PRICES HARD TO GET THIS YEAR OF 1000 EUROS
p.6 TRADE UNION TO THROW PROTESTS AGAINST LAW ON p.8 MBI 16.01.2008
PAYMENT OPERATIONS
p.6 FIRST TOURISM FAIR IN OHRID VECER
p.7 BATTLE FOR MAVROVO REACHES SOCHI
p.7 MAVROVO ENGINEERING SEPARATES FROM THE MOTHER- p.7 ONE-HALF OF BRO - DEAL SOLD
COMPANY p.7 ONE THOUSAND-EURO FINE FOR TAX EVADERS

BIZNIS VREME

p.1 WITH SHARES ISSUING - TO FRESH CAPITAL p.3 GOSEV PURCHASED OFFICE MATERIALS THROUGH HIS
p.1 THE INTEREST OF DEATH SECURITIES GROWS SON`S COMPANY
p.5 THE USE OF TRANSACTIONAL ACCOUNT - COMPULSORY p.6 MANAGING BOARD SOLD THE SHARE IN DAUGHTER FIRM
p.11 WITH SHARES ISSUING - TO FRESH CAPITAL p.6 THE TRANSACTION ACCOUNTS HAVE CAUSED NERVOUS-
p.12 MBI 16.01.2008 NESS ON THE COUNTERS
p.12 THE SHARES` INDEXES STILL WITH NEGATIVE BALANCE
p.12 INCREASE OF ONLY THREE SHARES OF MBI-10 NOVA MAKEDONIJA
p.12 STOPANSKA BANKA BITOLA- MOST TRADED SHARES
p.16 THE INTEREST OF DEATH SECURITIES GROWS p.1 MACEDONIA- BALKAN`S LEADING TOURIST PRODUCT
p.8 SMALL HYDRO POWER PLANTS-SUCCESSFUL PROJECTS
UTRINSKI VESNIK p.9 MACEDONIA- BALKAN`S LEADING TOURIST PRODUCT

p.1 THE PROSECUTION WORKS ON OKTA

 Date 21.01.2008 number 6
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
13
18.01.2008 FRIDAY
1. SHORT REVIEW OF EVENTS
Every written daily medium transmits govern- Every change, money outflow and inflow will be ownership of Filip Gosev, son of the Governor
ment decision to lower the price of electricity. In recorded and will be through transaction Petar Goosev, without legal tender supplied
fact, the Government had offered 35 mWh elec- accounts. According to the European standards, almost every bank, NBRM and other institutions
tricity from the night surpluses of Silmak, Feni, Macedonia has to make total reform of the pay- with printing paper and office materials. This is an
Usje at a price of 29.6 euros per mWh. They can ment system. Everything that happens in the pay- accusation by the initiative board for Macedonian
obtain electricity starting from 1 March until the ment operations has to be registered in proper bank`s rescue, inform Netpres. According to them
end of December. The complex Silmak from institutions, NBM and other banks. Savings-book, Keramika has three owners. Founders of the com-
Jegunovce, Tetovo until the end of next week shall credit cards will exist in future but will be connect- pany were Filip Gosev and Zoran Sindiliev, part-
decide whether to accept the last government ed with transaction accounts. For example, the ner of the Governor in purchasing the disputable
offer to purchase electricity of 35 mWh from the money that citizens have on savings-books will land in Gevgelija and the company Bar raaas
night surpluses, at a price of 29.6 euros per mWh, remain there, but transactions i.e. money inflow dooel. The founder of the mentioned company
which will be on tender from March until the end and outflow must be recorded through the new was Hit-as from Skopje, whose founder was the
of December this year. This year electricity of transaction account. The advantages of this general director of Tutunska Banka, Ljupco
578.225 mWh shall be purchased at average change are sublimated in three segments and that Raevski. According to the Law on NBRM, the
price of 92 euros per mWh. To that end, 63 million is: faster, more efficient and cheaper payment Governor and its close family can not do busi-
euros shall be separated from the Budget from operations. You can draw your wage on the same nesses with banks and their representatives - said
which the price of electricity is 55 million euros, account as so far (savings-book, maestro, in members of the board.
and eight million euros are Value Added Tax, cash), but the assets inflow and outflow directed In Biznis, the annual report for 2007 of
informs MEPSO. by the employer for pension, fee, or other assets Macedonian Stock exchange is announced.
Dnevnik and Biznis continue to explain the shall be recorded (received) on transaction According to the report the Stock Exchange last
implementation of the new legal measurement for account. year realized turnover of 41.7 billion denars,
opening transaction accounts. Citizens these In today`s newspapers you will read about which represents an increase of 34.45% in rela-
days wait for hours in rows to get their job done. new offer for cheaper fixed telephony and tion to 2006, and the biggest positive jump is
Most of them don`t understand the need of trans- Internet. Nexcom Macedonia, the company that made in the classical trading, where the turnover
action account, what does it mean and whether received national license of WiMAX technology is increased for 181.86 %. Komercijalna banka
they will have new obligations. Vladimir i.e. fixed wireless Internet yesterday stated that it with 26.40 % has the greater participation in the
Eftimovski, director of the Payment Operation will offer on the market lower and more competi- total turnover, and RZ Inter - Transped records the
sector in Investbanka, claims that this news will tive prices in fixed telephony and Internet…. biggest increase on the Official market for
not result negatively, but will accelerate, became Today, all media announced the evidence 1.000,82 % in December in relation to January,
cheaper and will made payment operations more about the involvement of Gosev in suspicious bar- and Makoteks records the biggest decline for
efficient. Transaction account is simply what it gains, set by the initiative Board in order to safe 82.76%.
was before, gyro account for the companies. Macedonian Bank. The company Keramika, in
2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS
1. NEXCOM TO OFFER WIRELESS INTERNET AND FIXED TELEPHONY IN APRIL (*****)
2. THE COMPANY OF GOSHEV`S SON PROVIDED PAPER FOR BANKS (***)
DNEVNIK p. 8 NEXCOM TO LAUNCH WIMAX IN APRIL
p. 10 MBI 17.01.2008 p. 8 MBI 17.01.2008
p. 10 NEXCOM TO OFFER WIRELESS INTERNET AND FIXED TELE- p. 9 ANOTHER ACCUSATION AGAINST THE GOVERNOR
PHONY IN APRIL VECER
p. 11 THE TRANSACTION ACCOUNTS ARE IN FAVOR OF THE CITI- p. 1 SWISS ETF WILL SUPPLY US WITH ELECTRICITY
ZENS p. 6 LAW ON PAYMENT OPERATIONS WON`T CLOSE EMO DOWN
p. 11 CHEAPER ELECTRICITY FOR THE INDUSTRY AFTER ALL p. 6 SWISS EFT TO SUPPLY US WITH ELECTRICITY
BIZNIS p. 6 STAVRESKI MAKES AN OFFER: NIGHT ELECTRICITY SURPLUS
p. 1 THE INTERNET SALE WITH CARDS INTERESTING FOR THE FROM MARCH TO DECEMBER
COMPANIES p. 7 STARTING FROM APRIL WE`LL HAVE CHEAPER FIXED TELE-
p. 1 TURNOVER OF 41.7 BILLION DENARS RECORDED PHONY AND INTERNET
p. 2 NIGHT ELECTRICITY SURPLUS OFFERED AT A PRICE OF 29.6 VREME
EUR FOR MEGAWATT-HOUR p. 2 GOVERNMENT MADE CONCESSIONS FOR BIG CONSUMERS
p. 3 NEXCOM ANNOUNCED LOWER PRICES FOR LANDLINE TELE- p. 2 EFT TOOK OVER THE ELECTRICITY IMPORT IN THE COUNTRY
PHONY AND INTERNET! p. 7 CLEAR YOUR DEBTS IN TIME OR THE BANS WILL WRING YOU
p. 3 ROUND 250 PARTICIPANTS WILL DEBATE, EXPOSE AND COM- p. 7 CHEAPER LAND-LINE TELEPHONY AND INTERNET
PETE p. 7 GOSHEV TO PROVE IN COURT - WHO WANTED TO TRANSFER
p. 3 GOVERNMENT TO ALLOCATE 63 MILLION EUROS FOR IMPORT DOCUMENTS IN RUSSIA
OF ELECTRICITY p. 7 GOVERNOR LOBBIES AT THE MPS
p. 5 OPTION FOR SEVERAL TRANSACTION ACCOUNTS IN A SINGLE VEST
BANK p. 3 20 PENSIONERS FROM PRIVATE PENSION FUNDS
p. 11 THE INTERNET SALE WITH CARDS INTERESTING FOR THE p. 7 63 MILLIONS EUROS FOR ELECTRICITY IMPORT IN 2008
COMPANIES p. 7 THE GOVERNMENT OFFERS NIGHT ELECTRICITY TO SILMAK,
p. 12 FALL OF ALL THREE INDEXES FENI AND USJE
p. 12 MBI 17.01.2008 p. 8 NEXCOM MACEDONIA COMMERCIALLY BEGINS FROM APRIL
p.12 NON-TRADING TRANSFERS OF SHARES OF LISTED COMPA- NOVA MAKEDONIJA
NIES p. 1 TPP NEGOTINO AS COLD RESERVE
p. 12 MOST TRADED SHARES TWO DAYS IN A ROW p. 3 GOSHEV`S SON SELLS PAPER TO BANKS
p. 13 TURNOVER OF 41.7 BILLION DENARS RECORDED p. 6 TPP NEGOTINO AS COLD RESERVE
p. 13 STATIONERIES FOR BANKS FROM FILIP GOSHEV`S COMPANY p. 6 OPEC CHIEF CONFIRMS TO INCREASE OIL PRODUCTION
UTRINSKI VESNIK p. 6 STOPANSKA BANKA MAKES 60% OF THE TRADE ON MSE OFFI-
p. 1 BANKS ASK FOR PATIENCE FOR THE CHAOS CIAL MARKET
p. 1 ANOTHER ACCUSATION AGAINST THE GOVERNOR SPIC
p. 5 BANKS ASK FOR PATIENCE FOR THE CHAOS p. 7 CHEAPER LANDLINE OPERATOR IN APRIL
p. 5 GOVERNMENT OFFERS NIGHT POWER SURPLUS TO LARGE p. 7 THE GOVERNMENT OFFER THE MAJOR CONSUMERS THE
CONSUMERS WHEN THERE WILL BE ONE NIGHT SURPLUS OF ELECTRICITY
p. 6 ECOLOGISTS FROM VELES REQUEST DISLOCATION OF THE p. 7 THE COMPANY OF GOSHEV`S SON PROVIDED PAPER FOR
SMELTERY BANKS
14 berzNIK number 6
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 21.01.2008

19.01.2008 SATURDAY
1. SHORT REVIEW OF EVENTS

In today's, Saturday issues of the daily news-
papers one can read interesting information about
many Macedonian companies, which have been
abandoned to their own devices a long time ago,
although they are an important element in the
Macedonian economy.
Vest and Vecer convey that the Smeltery of
Veles will be left without electricity due to a debt of
17 million denars towards MEPSO. The Smeltery
liquidator Radoslav Kiprovski explains that PRO
has blocked the gyro-account of the Smeltery
because they cannot pay the debt towards
MEPSO. The liquidator has already informed the
Board of Creditors about the consequences that
the machines and plants are going to suffer in
both complexes - metallurgy and chemistry in the
Smeltery, if the electricity is disconnected. And,
while the Smeltery, which has been in solvency for
a few years now, has no money to pay the out-
standing debts, the creditors (Komercijalna
banka, Tehnometal, Veteks, Makpetrol, Skopska
banka, and Fersped) are selling their claims for
very small amounts to the Swiss Company
Mineko, which is ownership of the former man-
agers of MHK Zletovo, which have put the
Smeltery in solvency.
You will read in Vecer that the sale of the
bread and baked goods manufacturer Zito Bitola
is still inactive. It is stuck because it has not been
decided yet how to alienate the Factory. Now, it is
suggested to sell the yard and the buildings of Zito
Bitola in the town in one package, and all other
buildings, including those in Resen and Krusevo,
to be included in a second package.
In Dnevnik, on the other hand, you will read
about the turmoil in EMO of Ohrid. The Trade
Union of this company asserts that only half of the
2,232 employees go to work and have not
received salaries from five to 15 months depend-
ing on the company in which they work. The pres-
ident of EMO Trade Union, Dragan Molkoski, says
that from 800 to 1,000 employees are on a forced
vacation without any rights. Namely, the country
owns 42 percents of the company for electrical
equipment. Last year the Government assigned
new management. The Trade Union blames that
the management has established 19 new daugh-
ter companies in order to be able to work because
the accounts of the remaining 23 have been
blocked.
Utrinski vesnik publishes that the equipment
of the factory for medical plastic in Tetovo, worth
over 56 million denars, and finished products
before the bankruptcy, worth 35 million denars,
were irregularly taken away from the company
and given to TTK banka, during activation of the
mortgage right. This was the decision of the Basic
Court in Tetovo, on request of the liquidator, who
demanded these funds to be included into the
bankruptcy mass, and obliged TTK banka to
return them.
Utrinski and Spic convey the denials of DS-
Keramika for the accusations by the Initiative
Board for saving Makedonska banka. According
to the claims, DS-Keramika, without a tender, has
provided almost all banks, the National Bank, and
other state institutions with office materials. The
company DS-Keramika, ownership of the son of
the Governor Petar Goshev, Filip, most ferocious-
ly denies the accusation of the Saving Board of
the liquidated bank. They explain that ever since
the company has been established up until today
they neither have worked nor, however, are going
to work with printing paper and office furniture. We
neither have had, nor we will have any business
relations with the Ministry of Finance, National
Bank, or any other bank.
Yesterday, the last stock exchange day of the
week, ended positively with a minimum of 0.01
percents, and for the first time the index was
closed in the green zone. Namely, in the week that
has passed MBI-10 was closed on the level of
7,459.35 index points.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

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

DNEVNIK p.7 PRIMORDIAL NATURE FOR TOURIST PROMOTION OF

MACEDONIA
p.8 THE SYNDICATE OF EMO FEARS FROM DOWNFALL p.7 ZITO BITOLA WILL BE SELLING, BUT NOBODY KNOWS HOW
p.8 ALL THE BANKS ARE COMPUTERIZED
p.9 MBI 18.01.2008 VEST

UTRINSKI VESNIK p.9 THE VELES SMELTERY WILL REMAIN WITHOUT ELECTRIC-
ITY
p.9 THIS WEEKEND TO INCREASE THE PRICE OF BITOLA p.13 EURONEXT WILL BUY THE AMERICAN STOCK EXCHANGE
DAIRY MILK?
p.9 MBI 18.01.2008 NOVA MAKEDONIJA
p.10 EQUIPMENT TO BE RETURNED TO THE FACTORY FOR
MEDICAL PLASTIC p. 4 THE EMPLOYEES IN SUVENIR WILL FINALLY START WORK-
p.10 CULTURAL HERITAGE - STRONG TRUMP OF MACEDONIA ING
FOR TOURISM p. 5 THE CURRENT ACCOUNTS GOT TRANSFORMED IN TRANS-
p.10 STOCK EXCHANGE TRADING WITH MINIMAL POSITIVE ACTION ACCOUNTS
p.10 DS-KERAMIKA DENIES ACCUSATIONS OF MAKEDONSKA
BANKA SPIC
p. 7 THE COMPANY OF THE GOVERNOR GOSHEV`S SON DOES
VECER NOT SELL OFFICE MATERIALS
p.6 THE SMELTERY WILL RECEIVE ELECTRICITY EVEN p. 7 MEPSO: CHAOTIC MATH OF MAKRADULI
THOUGH IS A MAJOR DEBTOR
 Date 21.01.2008 number 6
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
1. SHORT REVIEW IN THE WEEKLY MAGAZINES
GLOBUS
p.26-29
REFINERY 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 cheap
vaudeville, and citizens choose between the evaluations of the
former Prime Minister Georgievski that OKTA is deal of the de-
cade, or former Minister of Economy Stevce Jakimovski`s that
it is a matter of crime of the century, the only sure fact remains
that OKTA, with Government`s support, will continue to pollute
the environment in the next 18 months. And without competiti-
on gain higher profits. The Government made a deal with
Greek owners of OKTA and presented New Year package in
shape 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, for
payment of 40 million dollars according to curt effective decisi-
on for debt of the Republic of Macedonia determined by the
decision reached by the International Arbitrary Court in Paris.
But, in the same agreement, Macedonian Government in fact
provides 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.30
OKTA - CRIME OF THE CENTURY
- What was the verdict for Macedonia in Paris?
- The nonsense of VMRO-DPMNE was the verdict! The
500,000 tons of heating oil that were supposed to spend annu-
ally were the verdict, the letter of the former Minister Gruevski
sent to Mamidakis was the verdict, which caused the loss of
13 million dollars or with the calculated interests, around 17
million dollars, we were panelized because one million tons of
oil did not pass through the oil pipeline, so for each ton less
additional 27 dollars have to be paid, because someone sig-
ned an agreement according to which if those millions of tones
were 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 and
oil derivate, while we read that after five years, besides OKTA
anybody could supply the state, if it meets certain conditions
regulated by a law. I do not see which part of the verdict shows
that the previous Government had violated the agreement.
P.36
IMPORT OF ELECTRICITY TO COST ONE HYDRO POWER
PLANT ANNUALLY
While the citizens celebrated New Year holidays with sparkling
wine 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 habit
that they were forming in period of five to ten year. Macedonia
entered the process of liberalization of kilowatts across one lo-
gic second, without anesthetize and maybe that rush just
opened Pandora`s box of contradictories, which existed in this
sphere in years, but they are also result of persistent and
energetic insistency of highest state officials for emergent
rhythm of pre-formatting of this sensitive segment of the econ-
omy.
FORUM
p.25
A PROFIT ONLY FOR OKTA
A few days ago the retail prices of petrol have recorded a two
denars` 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 of
EUROSUPER -98 has reached 68,50 denars. The price of di-
esel (3) has also appreciated - 61 denars per liter, as well as
the price of EL which is now selling for 50 denars per liter.
p.28
HANDS (UN)CLEAR REPORT
berzNIK
15
14. - 19.01.2008 MONDAY-SATURDAY
The creator of the legendary slogan with clear hands, Petar
Gosev, who is acting the position of Governor of the National
Bank 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 deliberation
concerning the request for taking responsibility submitted by
15 Members of Parliament from almost every parliamentary
group or independent Members of Parliament.
p.30
THERE WILL BE STABILIZATION OF THE PRICES
Forum: How do you estimate the operation of the dairies of
Danube Foods in the country (Bucen Kozjak and Bitolska Mle-
karnica) within the last year following your acquisition of the
two dairies? Pribicevic: It is still early to make evaluations of
the results. I would like to say that we are very pleased that we
have managed to enter on the Macedonian market for which
we think has great perspectives and potentials. We are start-
ing this year with investments, and we will see afterwards the
results of our working. We think our entry will be particularly
positive for our partners, farmers, as well as for the consumers
whom 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.31
INSIGNIFICANT TRADING ON THE OFFICIAL MARKET
Last trading week, few transactions, insignificant turnover, dis-
interest for market play by both sides. In the total turnover of
86.68 million denars in the past week the Official Market was
dominant with a turnover of 65.85 million denars, which was
realized through 441 transactions. The trading continued with-
in its modest limits.
KAPITAL
p.28
TRADE OF ONE MILLION EUROS PER HOUR
Last year was the most successful one for the Macedonian
Stock Exchange since it was formed the Macedonian capital
market, 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 values
from the last trading day on the Stock Exchange on
29.12.2006 (3702,54) and the day of 28.12 (7,740,79), has
marked an increase to 109%, the biggest of all stock
exchanges of the former YU countries.
p.33
AD CABLE FACTORY NEGOTINO OFF MBID
The share of AD Cable Factory Negotino has been excluded
from 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.34
NO SUCH THING AS FREE LUNCH
No system, not even the biggest world economic system like
the economic system of the USA is immune to the problem
with the irrational decisions its agents make. There are many
reasons for this kind of behavior by individuals and, those who
act irrationally are always present at the markets in certain
number.
p.36
THE MONEY WILL NO LONGER BE EXCUSE TO THE BAD
MAYORS
If you live in some of the Skopje suburbs, or in some of the
less frequent Macedonian cities, then you will exactly what it
maens to arrive home driving on non asphalted regional road
or on shattered lot.
p.42
WE EXPECT QUICK GROWTH ON THE FINANCIAL MARKET
IN MACEDONIA!
Last week Milestone officialized the taking over of 74% of the
shares in Kumanovo-Investment Bank(KIB) by holding share-
holders' meeting. The bank was in bad financial condition for
some time. As new dominant owners what are your plans for
its development?
Olason: KIB-Kumanovo was in debts when we decided to take
it over.
16 berzNIK number 6
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 21.01.2008
 Date 21.01.2008 number 6
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
17

- OVERVIEW OF TRADE IN SHARES INCLUDED IN MBI-10

max. price min price Average price quantity turover in dears turnover in euros number of market
Securities t trunsactions capitalisations
18 berzNIK number 6
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 21.01.2008

- REPORT ON TRADE IN STOCKS COMPRISING THE MBID INDEX

Date 21.01.2008 number 6
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
19
berzNIK number 6 Date 21.01.2008