berzNIK - YEAR II - NUMBER 17 - 07th APRIL 2008 - (SUPPLEMENT OF TENDERNIK)

PSYCHOLOGICAL

THE INDEX DOWN

MOMENT BROUGHT
Date 07.04.2008 number 17
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Psychological moment brought
the index down
Standing Macedonia up in front of the NATO doors
was crucial moment for the record-breaking fall of the
shares on Macedonian stock exchange on Thursday
last week. Topics like: Veto breaks Macedonian stock
exchange; The fiasco for NATO breaks stock exchange
index, panic among investors; Delayed invitation for
NATO makes a mess on the Stock Exchange- are the
frames of the picture of maybe the most turbulent trad-
ing day on the Macedonian stock exchange. Topics
which replicate the real panic and disappointment of the
investors on the stock
market. Practically, the
The psychological moment, delegated from bad news from Bu-
the political instead of the economical euphoria, charest caused the re-
made created chaotic trading day on the cord-breaking fall of the
Securities market. Macedonian stock exchange MBI-10 index of 8,4 per-
index marked historical fall of 8,4% on the day the cent comparing to the
Summit in Bucharest took place. previous trading day.
Panic and fear again have overcome the rea- The share prices of al-
son of the market players. They did not look most all companies on
through the prism of the companies' economical the stock exchange we-
parameters, got driven by the veto on re going down like cra-
Macedonia's accession into NATO, skipped the zy. With some of the 10
market logic and offered larger amounts of shares, most liquid companies
just to earn some money…in case the whole situ- they went down for even
ation gets escalated… Unfortunately, the negative 10% and with others
predictions are always more acceptable than the even 20%. The Board of
optimistic ones- for the day after…Usually, others Directors of the Stock
are those to find our way out of the conse- exchange held an im-
quences… But there are courageous, resolute mediate session, follow-
people, in this case the investors, who appeared ed by calming official
and bite when the others had no trust, and I statement. - In spite the
believe will have benefit once the situation normal- record-breaking fall of
izes or even more, when things start going for the MBI-10 index on daily
better…There is an old market logic saying: buy level, the realized over-
cheap-sell expensive… all turnover of 76,7 mil-
lion denars on the Stock
exchange is one of the
five best trading days in 2008.
The trading with separate securities went without
any especially emphasized market imbalance, actually
there were both purchasing and selling orders on the
market…Therefore, the Stock exchange continues the
trading by the existing rules on trading, without any
change of the inputted mechanisms- price limitations,
setting the so called base price and minimally accept-
able amount etc.
Stock exchange analysts assessed the panicked
purchase and sale as nothing but psychological reac-
tion, whereas the trading went without any economical
logic. Small shareholders and physical entities were
doing the selling, for whom analysts say they haven't
learnt the lesson not to sell when the market falls vertig-
inously.
- Investment funds took the advantage of this situa-
tion and did lot of buying, Aleksandar Manev from Ilirika
investment fund says.
He predicts stagnation on the market, as cautious-
ness while the politicians are taking position on the fur-
ther activities.
About the strong fall on the stock exchange profes-
sor Tome Nenovski says: This is not crash on the Stock
exchange because we still haven't come to the situation
berzNIK
3
to say that our Stock exchange is going down, so that
we use the term stock exchange crash, but what hap-
pened is what usually happens on all the stock markets
in the world- political reasons creating strong reduction
of stock exchange index and fall of the values of most
of the shares. Consequently, maybe about 95-96 per-
cent of the shares of the companies listed on the Stock
exchange have fallen (their value actually) on this day,
which is logical consequence of the unexpected nega-
tive news. However, all of this would have been the
other way around had we received positive news. The
same day we would have had increase of the index,
maybe for another four, five, ten percent and would
have expected permanent increase. On the question if
we could have protected ourselves from this, Nenovski
says:
- We ought to have made back up scenario. Just as
a back up scenario is made for improving the state,
there ought to have been made one for preventing a
bad scenario. That's what I was missing once I heard
this news, because even the previous day there were
some unpleasant announcements that our accession
into the Alliance could be vetoed. And in this situation
the Stock exchange could have reacted in sense of set-
ting the limit to where the share value can go down or
up, so that there aren't any bigger shakes and losses,
which is what actually happened to the companies and
the shareholders. Nonetheless, what now has to be
stopped is the rational expectation that the Stock
exchange will continue going down. The competent
people have to prevent this expectation because the
psychological factor in Macedonia is very strong. If this
is done, then maybe in few days things will get situated
and the Stock exchange will get back to the normal
course. Nevertheless, if the stampede continues in the
next days, if the Stock exchange goes down in few per-
cents, then we are talking about a cumulative of about
twenty percent drop of Stock exchange and then we get
closer to real crash on the Stock exchange. I honestly
hope that the competent institutions, and mainly the
Macedonian stock exchange, its Board of Directors
actually, and the Securities Commission will take ener-
getic measures to seal this.
The negative outcome about the admission in the
Alliance, except on the Stock exchange, for the time
being hasn't reflected on any other investment public.
British businessmen assure us that they believe in the
country's stability and safety and have no intention of
withdrawing from here, and announcements on continu-
ation, increase and establishment of new cooperation
with Macedonian companies come also from the busi-
ness public from Russia, Israel, Turkey, Spain…-
Companies from these country find the conditions that
Investments in Macedonia offers suitable…
Until the next Monday
Makedonka Baldazarska
BerzNIK editor-in-chief
e-mail: berzNIK@interNIK.com.mk
 4 berzNIK number 17
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 07.04.2008

STOCK EXCHANGE NEWS... STOCK EXCHANGE NEWS ...

FOLLOWING RECORD BREAKING INDEX FALL - SESSION OF MSE BOARD OF DIRECTORS

THERE IS NO SPACE FOR
PANIC - NO MARKET
MISBALANCE
Regarding the last events related to the
accession of the Republic of Macedonia in
NATO and its effect over trading on
Macedonian Stock Exchange Ltd. Skopje on
03.04.20058. MSE Board of Directors held
urgent session and passed appropriate conclu-
sions for public information.
- MSE Board of Directors considered the
situation of securities trade on MSE on
03.04.2008 and ascertained that the main
index of Macedonian Stock Exchange Ltd.
Skopje - MBI-10, on the closing of 03.04.2008
marked record breaking daily fall of 8.4%. In
the same time, the Board ascertained that the
timing of events related to Macedonian NATO
accession for longer time was well known infor-
mation for all investors on MSE. Performed
analyses shown that beside record breaking
fall of MBI-10 index on daily bases, achieved
total turnover on MSE of 76.7 million denars is
among the top-five trade days in 2008.
Furthermore, Board of Directors ascertained
that the trade of individual securities on MSE
on 03.04.2008 mainly evolved without stressed
market misbalance, i.e. on the market there
were purchasing and buying orders;
- Out of these reasons, the Board of
Directors concluded that the trade on MSE
Friday, 04.04.2008 will continue in accordance
to effective trading rules approved by the
Securities Commission, which was in perma-
nent communication with the stock exchange
during the day. Board`s conclusion is based on
the fact that the past several years (when MSE
marked exceptionally great increase of price
level and total turnover) many mechanisms
that were intended for objective formation of
prices of securities were implemented in the
rulebook of MSE trading, but, even more
important in this moment, and minimization of
possible great price oscillations sloping up and
down (introduce price limitations, establish-
ment of the so called base price and minimum
acceptable quantities etc.).
- The Board of Directors pointed out once
more that worldwide experiences show that
decisive factor that determines securities` price
on stock markets are operative and financial
performances of companies, their current con-
dition and future perspective on medium and
long term. All other circumstances, including
the outcome of the NATO summit, do not have
direct influence over the work of joined stock
companies, but, before all, they affect on time
dynamics of price amplitudes of the market.
- The Board of Directors will continue to
follow developments on the securities market
and act in accordance to them.

TOPLIFIKACIJA AD SKOPJE shareholders. Draft decision for allocation of

TEMPORARY STANDSTILL OF
the net profit reads that 15% of it or TRADING WITH PM01
ACHIEVED INCOME MORE 17,655,510 denars are allocated as legal
reserves, dividend for regular shares in gross
According to the correspondence of the
Ministry of Finance of the Republic of Macedo-
THAN 117 MILLION DENARS amount in 25 million denars or 450,000 shares
at price of 55.55 denars.
nia, on the 27th, 28th and 31st of March 2008,
(Thursday, Friday and Monday), there was a
temporary standstill in the trading of bonds
Toplifikacija AD Skopje last year achieved Other part of the profit remains not allocat- issued by the Republic of Macedonia for settl-
total income of 2,024,740 denars, while total ed and will be used for investments. According ing the claims of citizens on the basis of placed
expenditures amount 1,888,049 denars. to 2007 dividend calendar, the date for foreign currency deposits, with the trading code
Achieved income in 2007 after the taxation announcing of the Shareholders` Assembly for RM01, due to calculating the interest with the
amounts 117,703,398 denars. Gross profit annual account for last year is 1st of April balance April 1st 2008.
according to the annual account in 2007 is 2008. The last trading day with right of divi- The trading of bonds issued by the Repub-
7.71% of the nominal value of each share. On dend is 30th of April, and the first day without lic of Macedonia for settling the claims of citi-
the session of company`s Management Board, right to dividend is 2nd of April 2008. The date zens on the basis of placed foreign currency
held on 31st of March, was concluded that the for review of shareholders` book is 6th of April, deposits will continue on Monday, April 1st
Shareholders` Assembly, which is scheduled and the dividend will be paid within legally pre- 2008.
on 22nd of April 2008, to decide the amount of scribed term, up until 30th of September 2008,
portion of this profit to be paid as dividend to across shareholders` transaction accounts. NEW COMPANY
ESTABLISHED
Construction company Granit established
REPLEK AD SKOPJE Trading and Services Company Car Wash-
Granit DOOEL Skopje, which deals with
DIVIDEND PER SHARE - 4,981 DENARS maintaining and reparation of motor vehicles.
Recently founded company uses basic
Operation results in the past year show that Replek AD achieved total income of assets owned by the founder part of the build-
958,557,012 denars, while expenditures reach 768,578,836 denars. After the taxation and ing premise Mehanika, necessary for per-
income contributions, results of regular operations amount 182,966,390 denars. Shareholders` forming of the function and modern equip-
Assembly held on 31st of March 2008 passed a decision for allocation of the profit, according ment for car washing. Equity amounts 5,000
to which 8,582,308 are allocated for legal reserves, and for paying of dividend to shareholders euros.
is allocated amount of 129,186,900 denars. After paying the personal income tax from dividend,
the net amount of the dividend is 116,268,210 denars. GRANIT AD SKOPJE
The amount of dividend per share is 4,981.5 denars. The Fund for Employees` Awards is ENGAGEMENTS IN UKRAINE
allocated amount of 17,703,853 denars, and the sum for payment of employees is 15,933,468. Construction company Granit informed that
According to the dividend calendar, the last trading day with right of dividend for 2007 is 14th of this month starts to work in Ukraine. It is a mat-
April, the first trading day without right of dividend is 18th of April, and the date for registration ter of reconstruction of the highway Kiev-Cop,
according to which will be determined the List of Shareholders with right on dividend for 2007 is investment estimated on 53.4 million euros. In
17th of April 2008. One part of the payment of dividend will be realized by the end f April, and that order, from Macedonia will be engaged
other part by the end of August. 300-400 workers, who are supposed to work in
Ukraine in the next 30 months.
 Date 07.04.2008 number 17
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
1. SHORT REVIEW OF EVENTS
C O N T E N T S In the text, titled - The Stock Exchange too
awaits the outcome for the admission to NATO, in
today`s issue relates to the situations on the Mace-
INTRODUCTION . . . . . . . . . . . . . . . . . . . . . 3 donian Stock Exchange. According to the analysts,
even though Macedonian capital market was active
STOCK EXCHANGE NEWS... . . . . . . . . . . . . . . . 4 in the recent period, all investors are anticipating
the solving of this very important dilemma whether
berzNIK, MONDAY, TUESDAY, WEDNESDAY. . . . 5-7 our country will get an invitation for admission to
the Alliance. If Macedonia becomes a member, it
BRITISH BUSINESS GROUP IN OUR will probably result with an increase of the turnover
COUNTRY CELEBRATES ITS ANNIVER- on the Stock Exchange, as well as with an appreci-
SARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 - 9 ation of the shares. This especially refers to the
companies which showed excellent economic re-
MACEDONIAN INSURANCE MARKET IN sults last year. Otherwise, last week on the Stock
EXPANSION ................................8-9 Exchange was characterized with a mild increase
of the prices of the shares, but with a lower turn-
ILIRIKA FUND MANAGEMENT AD over than the week before. Shares in the amount of
SKOPJE ................................. 10-12 3.4 million euros were traded, which was 30% less
in comparison to the week before. It was mostly
berzNIK, THURSDAY, FRIDAY, SATURDAY traded with the capital of Komercijalna Banka, and
...............................................13-15 shares worth 749,000 euros were sold. The value
of the shares depreciated throughout the week.
WEEKLY MAGAZINES...…....................16 The shares of Alkaloid made a turnover of 426,000
euros. Shares of Granit worth 336,000 euros were
WEEKLY REVIEW OF THE MACEDONIAN traded.
STOCK EXCHANGE. . . . . . . . . . . . . . . . . 17-19 The amount of 2, 3 million euros that Make-
donski Telekomunikacii earned for abuse of domi-
nant position on the market, is the highest fine that
the Commission for protection of competition
I M P R E S S U M (CPC) has issued in 2007, Vecer conveys. Telekom
earned its fine because it had calculated and char-
ged its subscribers service charges in their month-
ly accounts.
As this print media conveys, in the annual re-
Publishing: INTERNACIONAL NIK AD - Skopje port of the Commission, it can be read that Te-
Media library and digital archive
Editors office: berzNIK
lekom is one of the nine cases the Commission has
Address: Square MAKEDONIJA bb, p.box 882 Skopje, 1000, acted on last year and all of them were issued fine
R.Makedonija of 2.401.802 euros. Utrinski Vesnik informs that
Phone. 02/25.32.800 faks: 02/25.32.839 against one of these decisions of fines it has alre-
web: www.interNIK.com.mk; ady been filed a misdemeanor. Namely, last week
e-mail: info@interNIK.com.mk ESM-EVN filed lawsuit to the Administrative Court
Executive Director: Zdravko Josifovski
against the Commission for protection of competiti-
Account Menager: Divna Pesic on's decision on the issued fine for charging servi-
Public relations: Natasa Dimovska ce charges in the electricity bills. ESM-EVN thinks
Marketing manager: Ivona Josifovska that so far no misdemeanor with charging these
Assistent: Stojne Danilova charges in the electricity bills has been made and
Logistics manager: Ana Petrova that there is no ground for issuing fine. According
Finance manager: Gordana Stojanovska
to the company, the Commission's decision was
STOCK EXCHANGE REVIEW OF EVENTS IN THE premature and against the principle of presumption
PRINT MEDIA berzNIK of innocence.
In today's newspapers edition you can also re-
berzNIK is founded in year 2007. ad about the reaction of the cement factory Usje,
with reference to the Government's decision to sell
STOCK EXCHANGE REVIEW OF EVENTS IN THE
PRINT MEDIA berzNIK
the night surpluses of electricity at lower price only
Number: 17 to Silmak from Jegunovce.
Date: 07.04.2008 According to the General Director of Usje, An-
IT IS DISTRIBUTED FOR SUBSCRIBERS ONLY 2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS
FRONT PAGE PHOTO: 1. ESM-EVN FILES LAWSUIT AGAINST THE DECISION ON PAYING FINE (***)
2. THE STOCK EXCHANGE TOO AWAITS THE OUTCOME FOR THE ADMISSION TO NATO (**)
Photo: DNEVNIK
Robert Spasovski
p.1 BUNARDZIK AWAITS THE NEW MEM-
Editorial staff of berzNIK BER OF THE FAMILY
Internet distributive system: www.interNIK.com.mk p.7 BUNARDZIK AWAITS THE NEW MEM-
Editor: Makedonka Baldazarska BER OF THE FAMILY
Journalist: Vaska Mickoska, Kiro Simonovski
DTP: Tatijana Trpkovska p.7 MZT PUMPI GAINS 1.4 MILLION EUROS
Editorial staff: PROFIT
News Evaluator: Anita Bashoska, R. Tasovska UTRINSKI VESNIK
[operators]:Mare Lazarevska, Arslan Skoro, Zoran Stamatovski,
Martin Arsovski, Gorge Redzik, Toni Arsovski i Darko Tripunovski p.8 THE STOCK EXCHANGE TOO AWAITS
[translators]: translator's manager Senka Mihajlovska, Angelina THE OUTCOME FOR THE ADMISSION
Filipovska, Slobodan Trajkovski, Aleksandar Stamenkovski, Aneta TO NATO
Menoska, Filip Koviloski, Darko Ivanovski
Fotoreporter: Robert Spasovski
p.8 ESM-EVN FILES LAWSUIT AGAINST THE
DECISION ON PAYING FINE
Marketing, distribucija i proda`ba: p.8 THROUGH GOOD MANAGEMENT - EAS-
INTERNACIONAL NIK AD - Skopje IER TO CAPITAL
VECER
berzNIK
5
31.03.2008 MONDAY
toni Nikopulos, by this decision the Government
discriminated the other major consumers which did
not get this privilege, so the transition from tariff to
imported electricity costs them three times more.
- Usje is the only company working with great
capacity at night. We expressed preparedness to
take the night surpluses, emerging in the system.
But the Government decided to give the total elec-
tricity to Silmak. Does this mean that Silmak has
privileges on the market, asks Nikopulos.
The print media follow the preparations for be-
ginning of construction of the Johnson METI facto-
ry in Bunardzik with great interest. As you can read
in Dnevnik, Johnson Controls are expecting their
arrival with impatience; correspondingly they are
seeing a partner in Johnson METI in order of cana-
lizing their mutual demands as foreign investors,
and will commonly articulate their common needs
in solving the problems regarding the inefficiency
of the administration, the non functioning of the
one-stop-shop, especially in the Cadastre and in
the institutions which are issuing licenses.
The newspapers are coming round on the to-
pic for corporative management, seeing that it ena-
bles the companies a greater competition, easier
way to gain capital, provides more profit as well as
good sale on the Stock Exchange. The good corpo-
rative management means, above all, better ac-
cess to capital. As a support of this claim the ex-
perts take the research of Governance Metric inter-
national from 2006 as an example, which was ma-
de on 3.200 companies throughout the world, and
whose results had indicated that the companies
with good corporative management in average in-
dicate profit increase for 16 percent while, compa-
nies with weak corporative management record
average profit increase for just 8.7 percent.
Skopje seated company MZT Pumpi closed
last year at 1.4 million euros profit.
- In 2007 we made serious and important step
forward and achieved profit rang us among the
most successful in the country. This financial result
is even more significant if two other indicators are
considered: Earnings before Interest, Taxes, De-
preciation and Amortization (EBIDTA) and export's
participation of 76% in the in total income. This is a
result of successful restructure, team work, impro-
ved corporative management and care of human
resources, officials in MZT Pumpi stated. Their pro-
ducts and services are present on Southeast Euro-
pe markets and in countries that are leading the
energy sector in the world. In the next period com-
pany considers issuing new emission of stocks in
order of collecting assets for extension of its capa-
cities.
p.6 TELEKOM WITH THE HIGHEST ISSUED
FINE OF 2,3 MILLION EUROS
p.6 VISAS RESTRICT THE BUSINESS
p.7 DIESEL FUEL E4 ON SALE
VREME
p.6 GASIFICATION IN MACEDONIA CAN`T
SEEM TO START
p.5 THE GOVERNMENT GIVES SILMAK
PRIVILEGED POSITION
NOVA MAKEDONIJA
p.5 THE STATE RECEIVED OVER 2 MILLION
US DOLLARS FOR THE IPA PROGRAM
p.2 NATO SUMMIT: COUNTDOWN FOR THE
INCERTITUDE ON THE STOCK EXCHAN-
GE
 6 berzNIK number 17
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 07.04.2008

1. SHORT REVIEW OF EVENTS
MSE investors are expecting the outcome
regarding NATO, write today`s daily newspa-
pers in their stock exchange reports. According
to brokers and analysts, it would be unfavoura-
ble for Stock Exchange should this country fails
to join NATO, but if this is the case it won`t col-
lapse, Utrinski vesnik informs. According to
Aleksandar Manev, Chief Executive Officer at Ili-
rika Fund Management, the current positive va-
lues of MBI-10 is being sustained by the domes-
tic companies which are "getting a position" in
expectance that the situation will be changed
and the trade will be intensified after the eventu-
al NATO accession of the country. The foreign
investors won`t disappear, and there is the sup-
port from the domestic companies which are not
in a bad position. In case this key issue has po-
sitive outcome, the brokers are expecting eu-
phoria in the trading in shares - Drastic changes
on the Stock Exchange may be expected. The
indices would go up, as well as the share prices.
Both the foreign and the domestic investors are
waiting for political decision for the time being",
claims Gjorgji Paleski, Chief Executive Officer of
Postel Broker.
Experts explain that influence of the foreign
investors intensified last year when the Macedo-
nian Stock Exchange was making highest prof-
its. In that period, the Slovenian and Croatian in-
vestors were showing greatest interest for our
Stock Exchange. Macedonian Stock Exchange
Index, MBI-10, yesterday went up for 2. 65 per-
cent. The Stock Exchange gained overall turn-
over of around 57 million denars.
All newspapers write about the news on
petrol going down in price for one denar. Accor-
ding to yesterday`s decision of the Energy Re-
gulatory Commission, there is price reduction of
the refinery and the retail prices of the oil deriva-
tives by 3.05 denars i.e. 3.35%. The new price
of motor petrol MB-96 is MKD 69.50 a litre, EU-
ROSUPER-95 will be sold for 66,50 denars a lit-
re, while EUROSUPER-98 will cost MKD 67.50
a litre. The new retail price of the eurodiesel (D-
E4) will cost MKD 36.50 a liter, and is 2.50 de-
nars lower a litre compared to the price of die-
sel-E3.
Today`s issue of Nova Makedonija informs
about the intention of AD Skopski leguri to enlar-
ge the business with a third stove, which would
mean increase of the employees` number. For
that purpose, the company has requested logis-
tics support by the Government, similar to that
of Mittalsteel, where the Government has anno-
unced buying 100 wagons in the Railway for
company`s operation.
All companies were offered to purchase the
night surpluses of power, Vice-Prime Minister
Zoran Stavreski stated for the newspapers, after
the accusations by the big consumers, address-
ed to the Government, that only Silmak had re-
ceived the authorized position of buying the sur-
pluses of energy in the night hours. Some did
not have technical support to accept the surplu-
ses, and some had already signed contracts on
power supply with other traders. But, if in future
there is an interest from other companies and if
there are night surpluses, they will get them -
Stavreski explains. The big consumers say the
Government`s offer came after they signed the
contracts with the traders.
Today`s Spic informs that starting today the
milk and cooking oil will be selling by the old pri-
ce from last week when they were cheaper by 5
to 10 percent, and the bread will keep the price
of 20 denars until the end of the month. This is
what the producers, traders and the Govern-
ment have agreed on the meeting of Committee
on Price Observation yesterday out of a reason
that the new prices caused big reactions among
the citizens, who spent most of the domestic
budget on food.
Farmers from Bitola blocked dairy Ideal Sip-
ka and they want their money, Vreme informs.
Unsatisfied with the purchase price, a month
ago they stopped the cooperation with this dairy
industry and transferred into the larger competi-
tive dairies Swed milk and IMB. Farmers accuse
their milk is paid to them at the price of 22 de-
nars per litre although it was agreed to be paid
01.04.2008 TUESDAY
at 29 denars per litre. In the current dairies the
farmers are paid at a purchase price up to 30
denars. Moreover, Ideal Sipka daily purchases
around 70,000 litres milk, and strategic partner
is the Croatian industry Dukat.
Daily newspapers also inform about enrich-
ing of the production palette of Zito Luks with the
new special breads - bio integral and French
bread. The price of this type of breads during
the promotional sale period will cost 26 denars.
The bio integral bread belongs to the group of
breads produced from different cereals such as:
rye bread, dietary, corn and mixed bread. The
price of these products today is cheaper for one
denar. The price of the most popular bread pro-
duced from white flour remains the same 20 de-
nars.
Serbian company for production of milk and
diary products Implek plans to invest 10 million
euros this year to improve the milk production.
The money will be invested to reconstruct the
production plants, to renew the equipment for
milking, and the equipment for food production.
In fact, the investment purpose is to improve the
quality of the milk, i.e. the label extra class do-
esn`t not bring 60% but 90% of the purchased
milk and that this quality is needed in order to
export the milk in the European Union. Last
year, Implek became owner of MMB, while own-
er of Implek is the Dutch group Danube Foods.
In today`s Vecer one can read that the rea-
son for the hydropower station Vrutok from to-
day to enter a phase of regular revisions is ser-
vice, and not a defect. As AD ELEM informs, the
power station experienced technical difficulties,
but as spokesperson of ELEM, Mirce Kotevski,
stated the problem would be resolved in the fa-
shion of regular overhauls and revisions. - One
block transformer from the power station Vrutok
has been sent to maintenance in Skopje and ac-
cording to the preliminary information, there is
no serious problem and the malfunction will be
soon removed - Kotevski said.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. PETROL DOWN ONE DENAR, DIESEL REDUCED FOR 2, 5 DENARS (*****)
2. STOCK EXCHANGE INVESTORS EXPECTING THE NATO OUTCOME (***)
DNEVNIK p.6 EURODIESEL TO COST MKD 63, 5 A LITER
p.1 EITHER WHEAT FROM THE RESERVES OR BREAD FOR A VREME
PRICE OF 30 DENARS p.6 IDEAL SIPKA BECOMES THE BIG BOSS WITH OUR MONEY
p.7 STAVRESKI: SILMAK IS NOT PRIVILEGED FOR ELECTRICITY p.7 COMPANIES RECEIVE OFFER ON THE NIGHT POWER
p.8 THE CITIZENS CAN ASK FOR A REFUND FROM THE TELECOM VEST
AND ESM p.3 PETROL DOWN ONE DENAR, DIESEL CHEAPER FOR 2, 5
p.8 HPP VRUTOK SHUTS DOWN DENARS
p.8 DIESEL CHEAPER BY 2.5 DENARS NOVA MAKEDONIJA
p.8 THE DAIRYMEN PROTEST IN FRONT OF IDEAL SHIPKA p.5 SKOPSKI LEGURI TO EXPAND THE BUSINESS
p.8 SKOPSKI LEGURI TO PUT THE THIRD FURNACE IN USE p.5 BIO INTEGRAL AND FRENCH BREAD WITH REDUCED PRICES
p.9 ZITO LUKS LOWERS PRICES p.5 INVESTORS` HOPES RISE WITH THE NATO SUMMIT
p.9 EITHER WHEAT FROM THE RESERVES OR BREAD FOR A p.5 IMPLEK TO INVEST 10 MILLION EUROS
PRICE OF 30 DENARS p.5 THE PRICES OF THE OIL HAVE DROPPED TO 105 DOLLARS
p.9 BITOLA MILK WITH A PRICE OF 39 DENARS PER BARREL
UTRINSKI VESNIK SPIC
p.8 MBI 31.03.2008 p.1 MILK AND COOKING OIL BACK WITH THE OLD PRICES
p.8 PETROL DOWN ONE DENAR, DIESEL REDUCED FOR 2, 5 p.8 MILK AND COOKING OIL BACK WITH THE OLD PRICES
DENARS p.8 LOT OF EMPLOYMENTS IN SKOPSKI LEGURI NEXT YEAR
p.8 STOCK EXCHANGE INVESTORS EXPECTING THE NATO OUT- p.8 VRUTOK GETS FILLED, THE HYDROELECTRIC POWER
COME PLANT ON REPAIR
p.8 OIL UNDER $105 A BARREL p.8 FUELS DEPRECIATE
VECER p.8 GOSHEV: INFLATION UP TO 7%
p.6 HEC VRUTOK UNDER REPAIRS
 Date 07.04.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
1. SHORT REVIEW OF EVENTS
The biggest Croatian insurance company
Croatia Insurance will expand its activities in
Macedonia and the other countries in the
region, today's editions of the daily newspapers
inform. According to the news published in the
Croatian daily Poslovni dnevnik, Croatia
Insurance announced establishing of company
for life insurance during the year in Macedonia,
and such companies will be also established in
Montenegro and Serbia. Representatives of
"Croatia Insurance" do not wish to reveal the
name of the Macedonian insurance company
that they plan to take over, even though the
print media think that it would be QBE
Macedonia or Sava Tabak. In the same time,
Croatian company intends to make an offer for
buying of Albanian Insig, which operates in
Albania, Kosovo and part of Macedonia with
Albanian majority population.
More than half of millers who received
cheaper state wheat still fail to pay and pick the
goods from storage towers, Dnevnik informs.
This is one of the reasons why the Government
plans to give bread producers new quantities of
wheat from the commodity reserve. According
to the newspaper, Bakers do not deny that they
still did not pay and pick the wheat, and disso-
ciate themselves with the agreement signed
with the Government. Actually, neither millers,
nor oil producers want to explain why the
demanded urgent wheat and crude oil if they
number 17
did not need it, but they are unanimous that if
they do not receive new quantities from com-
modities, in one month they are going to
increase the price of bread at 30 denars.
Utrinski vesnik conveys the various atti-
tudes from the several-month debate regarding
the question whether Macedonia has enough
foreign currency reserves. Their level at the end
of 2007 provided coverage within a period of
3.8 months of import, and dropped on 1.53 bil-
lion euros at the moment, which provides cov-
erage within a period of 3.5 months. According
to Governor Petar Goshev, reduction is a result
of higher projected import for 2009. Former
Minister of Finance Nikola Popovski feels that
the current coverage of 3.5 months import
means that the Government continues with bad
behavior towards currency reserves and fails to
maintain minimum required level, 4-month cov-
erage. Some economic experts have different
attitude. According to Miroljub Shukarov,
Professor at SEE University, the level of cover-
age is quite enough. It is not recommended to
the state to keep currency reserves over 4-
month coverage, because in this case those
assets are less employed, which means that
state's potentials are closed, Shukarov
explains.
The newspapers also inform for the 50%
production growth in the company Ohis.
According to the management, conditions in the
berzNIK
7
02.04.2008 WEDNESDAY
company are getting settled, but still far from
stabile and final solving of cumulated problems.
Final goal of the new management is selling of
the company.
Tobacco factory in Prilep will receive its
new owner by the end of the year. According to
the statements of CEO Toni Dimitrievski,
although the company is in debts, many foreign
investors showed interest for investing in the
company. The company closed last year with
loss of 9 million euros, which is less than the
year before. More than 45% of the capital is
state owned, and principal is owned by 2,800
minor shareholders.
As of this month, the construction company
"Granit" starts working in Ukraine, the print
media inform. It is a matter of reconstruction of
the highway Kiev-Chop, investment estimated
on around 53.4 million euros. For that purpose,
300-400 workers will be hired from Macedonia,
who are supposed to work in Ukraine in the
next 30 months.
The news about the sale of the largest
company on the territory of the former SFR of
Yugoslavia, Geneks-Belgrade, which was sold
for a sum of 1 billion euros, were the most top-
ical among the news from the region. Just for
comparison, everything that had been sold so
far in Macedonia, starting from firms to farming
co-operatives and factories, was sold for 1.5 bil-
lion euros.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. CROATIA INSURANCE ANNOUNCED ENTER IN MACEDONIA (****)
2. THEY HAVE WHEAT, BUT THEY WANT MORE (**)

DNEVNIK p.7 THE INFLATION WENT OVER 10 %

p.1 THEY HAVE WHEAT, BUT THEY WANT MORE p.7 THE INFLATION ON SCALE
p.6 MBI 01.04.2008 VEST
p.6 THEY HAVE WHEAT, BUT THEY WANT MORE p.8 CROATIA INSURANCE ANNOUNCED ENTER IN MACEDONIA
p.6 PRODUCTION GROWTH IN OHIS NOVA MAKEDONIJA
p.6 CROATIA HAS AN EYE ON QBE AND TABAK p.5 THE MILK RETAINS ITS OLD PRICE; THE PRICE OF THE
p.6 SALE OF TOBACCO FACTORY IN PRILEP IS CERTAIN BREAD REMAINS THE SAME
UTRINSKI VESNIK p.5 ENERGY REGULATORY COMMISSION WITH 12.53 % MORE
p.8 CURRENCY RESERVES COVER 3.5 MONTHS OF IMPORT, PROFIT THAN PLANNED
ARE THEY ENOUGH? p.5 EURO ZONE INFLATION HITS RECORD HIGH
p.8 MBI 01.04.2008 p.5 GAZPROM INVESTS 85 BILLION US DOLLARS IN PRODUC-
p.9 MISKOVIC BUYS GENEKS FOR EUR 150 MILLION TION OF GAS
p.9 GRANIT TO BUILD IN UKRAINE p.5 THE PRICE OF THE OIL BENEATH 102 US DOLLARS A BAR-
VECER REL
p.6 INVESTORS PLAYING FOR TIME IN THE OPENING THREE SPIC
MONTHS p.8 NO CHEAP FOOD
p.7 MISKOVIC BUYS KONTINENTAL HOTEL p.8 SEVEN TIMES PURER DIESEL
VREME
 8 berzNIK
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
BRITISH BUSINESS GROUP IN OUR COUNTRY CELEBRATES ITS ANNIVERSARY
MACEDONIA IS STABILE AND INTERESTING
BUSINESS DESTINATION
acedonia didn`t get invitation to join NA-
M TO, however this will neither change the
mind of the foreign investors to invest in
the country, nor terminate the business relati-
ons of the international companies already pre-
sent in this country. The foreign businessmen
recognize that Macedonia is a politically stabile
country with economic growth.
- According to Power, NATO was a military
organization, while the business sector was the
factor that triggered prosperity. We already
know there is business stability in this region.
The leading people in the world confirm the po-
litical stability had been achieved here, and we,
as a business community, recognize this as sat-
isfying guarantee. It doesn`t matter to us whet-
her you were or were not invited to join the Alli-
ance. This doesn`t mean nothing to the inves-
tors that are already here, British Ambassador
Andrew Key told the press-conference on the
MACEDONIAN INSURANCE MARKET IN EXPANSION
UNIQA GROUP AUSTRIA - BIGGEST
SHAREHOLDER IN SIGAL
Sigal has been present on the Macedonian insur-
ance market since October 2004. Their 2005 premi-
um incomes got at the amount of 2, 3 million euros.
In 2006, SIGAL Macedonia increased the income
from premiums by 70 percent and reached four mil-
lion euros. It has 50 officers on 21 locations
throughout Macedonia with over 140 agents serv-
ing the client.
ast week, Uniqa Group Austria, became
L an owner of 45, 6% of the shares of SI-
GAL Holding, which group SIGAL Mace-
donia belongs to. With this change of the own-
ership structure, Uniqa Group Austria has beco-
me the largest individual shareholder in Sigal.
The settlement of Uniqa Group Austria into
number 17
occasion of the second anniversary of the Bri-
tish Business Group in Macedonia.
- I do hope that the contribution the British
Business Group has to offer will improve the
business climate in Macedonia and serve as a
support for the efforts of the Republic of Mace-
donia for EU membership. Another significant
thing for me is the fact that the partnership also
opened possibilities for the British companies
that have long-year experience in working in
EU to share their practice-emphasized Ambas-
sador Key.
- The British Business Group is active in
Macedonia with the support of the British and
Macedonian Government, which are aiming at
establishing relations between the Macedonian
and the British businessmen and promoting the
ways of improving the overall investment clima-
te in Macedonia in the inertest of both countri-
Sigal Macedonia opens a new chapter in the
work of this insurance company on the Macedo-
nian market. This cooperation united the best of
both companies. On one hand, Sigal contribu-
tes with its great management and the profound
knowledge of the Macedonian insurance mar-
ket. On the other hand, Uniqa Group Austria is
based on its tremendous international experien-
ce and financial stability. This combination sho-
uld bring rapid development and stabile positio-
ning on the Macedonian insurance market.
- Macedonia is a market with enormous po-
tential for insurance business development. In
geographic terms, Macedonia is situated in the
heart of South East Europe and according to
Date 07.04.2008
We have 99 year investment i.e. a long-
year and enormous investment. The
thing we find important is not the polit-
ical situation, but the safety. We have
no interest in the political establish-
ment in power. We regard the political
situation in Macedonia as stabile and
that is our long-term assessment.
Macedonia is the 51st country which
Johnson Matthey has settled in and we
haven`t made a mistake so far, the
regional Director of Johnson Matthey,
Collin Geoffrey, states for Berznik.
es. The conference was chaired by the Presi-
dent of the British Business Group, Ray Power,
who, regarding the participation of the British on
the Macedonian securities market, says that the
British see Macedonia as a country with many
opportunities that will additionally increase with
the trading in shares. Power comments the cur-
rent stock exchange index fall, which is the big-
gest so far, as a psychological moment that " I
believe it will be resolved."
- The people that aren`t well acquainted are
selling their shares even for up to 10 percent
lower prices in expectance for collapse due to
not getting invitation for NATO, and such collap-
se would surely not going to happen. To be hon-
est, I regard this course of events on the Stock
Exchange as short-termed and a result of the
emotional reactions of certain companies.
As a confirmation for the results achieved
by the Macedonian Government in the area of
our recent analysis, it will be one of the best
emerging markets. This is due to the quality
cadres and the extraordinary skills they own, as
well as the enormous will of the people from
Macedonia to create safe and stabile future.
We are assured we will contribute to the
entire development of this country through our
experience and financial stability, Andreas
Brandstetter, Management Board member of
Uniqa Group Austria, told the conference on the
occasion of the entry of the new insurance com-
pany.
- Uniqa Group Austria has tremendous ex-
perience in all insurance sectors, especially in
the health insurance, which gives us the lead-
ing place in Austria.
 Date 07.04.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
attracting foreign investors, the British hosts po-
inted out the investment by Johnson Matthey in
Macedonia and recommended to the other
companies to follow its example. The head of
Johnson Matthey for Macedonia, Colin Geoff-
rey, says that not getting invitation for NATO is
as much disappointing and absurd for them as
it is for the Macedonian nation, since the Mace-
donian soldiers are fighting arm to arm with the
British forces in Afghanistan more than the oth-
er countries that have been member countries
for a longer period of time. Still, not joining NA-
TO has absolutely no influence on Johnson
Matthey`s business.
- We have 99 year investment i.e. a long-
year and enormous investment. The thing we
find important is not the political situation, but
the safety. We have no interest in the political
establishment in power. We regard the political
situation in Macedonia as stabile and that is our
long-term assessment. Macedonia is the 51st
country which Johnson Matthey has settled in
and we haven`t made a mistake so far, the re-
gional Director of Johnson Matthey, Collin Ge-
offrey, states for Berznik.
The business forum was also attended by
the Minister of Finance of the Republic of Mace-
donia, Trajko Slaveski. He expressed hope that
in future the British Business Group would be-
come one of the strongest supporters of the
Macedonian business climate and one of the
promoters of the investment opportunities of
this republic.
- The activities of the Group are aiming tow-
ards creating a favorable business climate for
the investors in order to for them to feel safe,
enjoy protection of their rights and feel a climate
that is competitive in relation with the other re-
gions-said Slaveski. He regarded the things be-
ing done by Macedonia together with its part-
ners from the interested investor-countries as
equally important as the accession to NATO.
The conference also scrutinized the negoti-
ations with IMF for the inflation movement, on
number 17
berzNIK
9
which occasion the Minister of Finance pointed ment, salaries increase and interest rates
out the micro stability as the most important fac- reduction. He also emphasized the Govern-
tor for the favorable business climate. ment`s efforts for overcoming the barriers for
-These are decision-making factors for the rapid exist from the market, as well as for the
investors. Good news is that the base inflation, rapid entry, given the fact that nowadays a com-
which shows the movement of the other prod- pany can be registered within few hours and
ucts other than the food and energy, is decreas- there are results achieved in the field of liquida-
ing, which means that the measures being car- tion of companies. At the end of his addressing,
ried out by the competent instructions are giv- he turned to the capital liberalization, which he
ing results-he pointed out and warned that characterized as significant not only for meeting
should the upward trend of the energy price the criteria of Brussels, but also for improving
continues, the Government will have to take better economic conditions and attracting more
more serious measures for conserving energy foreign investors.
and continue protecting citizens`standard, The real estate market liberalization pro-
especially the incomes of those with low vides equal treatment both for foreigners and
incomes. Macedonian citizens and opens additional
Minister Slaveski also pointed out the activ- opportunities for attracting foreign capital and
ities that contributed to the development of the intensification of Macedonia`s economic devel-
Macedonian economy in general and concrete- opment. This proves that the Macedonian
ly in the financial sector. Government has open approach towards the
He regarded last year as the most success- initiatives for improving the business climate in
ful for Macedonia from its independence both in the country that are primarily coming from the
respect with the participation of foreign invest- private sector-he highlighted.
ments and in respect with the inflation move- K.S.
Two leading companies cover 90% of the market
- The leasing companies in Macedonia have smallest market coverage in the region, which
is due to the fact that the Macedonian private sector is at great extent composed of banks and
very small part belongs to the insurance companies, while the leasing companies cover only 1
percent. Namely, Macedonia has six registered leasing companies, two of which cover 90% of
the market, stated Gjorgje Voinovic, member of the Management Committee of one of the most
famous leasing companies in Europe-Hipo-Alpe Adria.
- The finances collected from leasing contribute to the countries`development. The leasing
finances are the target of all market segments in terms of long-tern financial needs in favor of the
investment trading-explained Voinovic.
- The lasing is important as it offers flexible services without mortgages and is focused on
meeting new, modern and advanced financial segments. This has resulted from the economic
globalization and the leasing is precisely the one that can solve the current issue in the econo-
my-he added.
However, there were remarks that the Central Register of Macedonia has data for significant
improving of the finances form leasing after Hipo-Alpe Adria had entered the market. Namely, in
December 2006, the overall leasing market had value of 34 million euros to reach around 50 mil-
lion euros the following year. This company has already prepared a financial framework for eco-
nomic development support, by the means of promotion of the leasing services in all market seg-
ments and by the means of including i.e. inviting the competitions, which will impose new stan-
dards.

What we are talking about here is an addi-
tional health insurance that will be offered on
voluntary basis, thus the citizens will be provid-
ed with additional opportunity for covering their
expenses for health protection services.
At the same time, it serves as a develop-
ment for of different types of insurance policies
for motor vehicles, property and other individual
insurances.
The Macedonian insurance market has
enormous development potential.
SIGAL wants to be part of this development
and give contribution to with its regional knowl-
edge and experience.
SIGAL will offer new insurance products,
which will be real market refresh, stated the
leading people in Sigal and UNILJA.
- Sigal Holding is one of the younger insur-
ance companies on the Macedonian market.
Our priority is focusing on our clients on the
Macedonian market, and their trust in us is our
great satisfaction, stated Avni Ponari, President
of Sigal Holding.
- Macedonia remains one of the most
important markets for SIGAL, and our goal is in
a very short period of time to grow into one of
the Macedonian insurance companies with the
best services on the market, says Geoffrey
Griffin, President and Chief Executive Officer of
the Albanian-Macedonian entrepreneurship
fund AAEF, one of the shareholders in SIGAL.
In Albania, SIGAL is the largest and most
active insurance company with 28% market
participation in the past year.
Sigal Holding was founded in March 2007
by merging the four already existing compa-
nies, Sigal Non Life Insurance& Reinsurance,
Igal Life in Albania and Kosovo and SIGAL
Macedonia.
Sigal has been existing on the Macedonian
insurance market since 2004. The income from
policy premiums in 2005 was 2, 3 million euros.
In 2006, SIGAL Macedonia increased the pre-
mium income by 70% to reach 4 million euros.
The company owns 50 offices on 21 locations
throughout Macedonia and the clients are
served by more than 140 employees.
Uniqa Group Austria reaches premium
income of 5, 2 billion euros as one of the lea-
ding insurance companies in Central and
East Europe. Besides in Austria, the compa-
ny is also present on 19 other insurance mar-
kets like Croatia, Serbia, Bosnia and Herze-
govina, Monte Negro, Albania, Romania, Bul-
garia and Kosovo… In Austria, UNIQA parti-
cipates with 20% on the entire insurance
market and with over 50% on the health insu-
rance market. Last year, UNIQA Group sold
12, 5 million insurance policies. The group
has 17.500 employees and a preliminary
gross profit of 340 million euros in 2007. The
company owns capital of over 22million euros
and its financial power is reflected in the A
rank given by Standard&Poors.
10 berzNIK number 17
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 07.04.2008

ILIRIKA FUND MANAGEMENT AD SKOPJE

FUNDS DEFEAT
STOCK EXCHANGE INDEX

For now, we are defeating the index and that is the main goal. That is a benchmark. Ilirika SEE considers
MBI-10 as benchmark. Up until now we are defeating the index. As an example, if the index goes below
8.4%, portion of Ilirika SEE declined 3.87%.
Macedonia has solid funds, comparing their happened, on of the funds to fail collecting Rumania, Austria, and Poland, Czech Republic,
results with results of funds in the region and with required capital. Russia and Turkey.
results of stock exchange indexes. Although, there According to Godgo, the second condition
are falls, our funds managed to do much. that was to be fulfilled is within terms of 4 four -The strategy of Ilirika SEE is to be the
months from the releasing of the public most exposed in Macedonia, Godgo says.
announcement, was to coordinate with the
lovenian Ilirika DZU Ljubljana is the first prospect of each fund. This legal frame is mini- -Almost 50% of investments are in this

S to establish Assets Management Fund -

Ilirika Fund Management Fund. The com-
pany was established in July 2007 and started
with two investment funds, Ilirika SEE and Ilirika
GRP, which differ in the structure of their invest-
ments, i.e. from the aspect of countries in which
funds can invest.
Gordana Godgo - Ilirika SEE Portfolio
Manager, explains that they fulfilled legal condi-
tion.
-Both funds were to collect 500,000 euros
each within three months from the release of
the public announcement (20th of November
2007) up until 20th of February. Ilirika SEE
achieved it sooner, and Ilirika GRP failed. Yet,
two funds, and there is third as well, Inovo, with
Bulgarian capital, probably were too much for
current constellation in Macedonia. People is
not that educated, everybody waits on funds,
but they do not decide to invest easily. So it
mum, i.e. maximum of the portfolio to be invest-
ed in deposits and assets. This means that as
open action funds, legally we are not allowed to
keep more than 25% in cash and deposits.
Because the constellation on the market in the
last two months, since we started working was
not favorable for us, not only for Macedonia, but
the region and world markets in general, there-
fore, we kept cash as much as we could. This
means that we managed to amortize falls of
shares. But the law is a law and we were ob-
liged until 20th of March to reconcile, and we
had 24% deposits. By this step Ilirika SEE is
exposed in shares, and automatically every ne-
gative or positive movement of shares, affects
on movement of price of the portion.
Structure of Ilirika SEE
Ilirika Southeast Europe (SEE) fund is limit-
ed within the frames of the entire Balkans - for-
mer Yugoslav countries, Bulgaria, Greece,
country. We invested 13% in Croatia, 4.5% in
Russia, 2.6% in Serbia, 2.3% in Czech
Republic. From the list of countries where we
can trade, i.e. buy shares, we have still not
invested in Turkey, Greece, Rumania and
Bulgaria. There is diversification and it is the
exact factor that amortizes recent falls, espe-
cially the record breaking fall of MSE index
Thursday (3rd of April). As an example, if that
day index marked 8.4% drop, Ilirika SEE por-
tion marked 3.87% drop. The fall is reflection of
the 50% openness in Macedonia, but the fall is
smaller than the fall of index. That is amortized.
For now, we are defeating the index. That is
the major goal before all - to win. That is the
benchmark. Ilirika SEE considers MBI-10 as
benchmark. Up until now we are defeating the
index, says Godgo and adds: This means that if
any investor invests in portfolio consisted of
shares that constitute stock exchange index, in
the same proportion as the index, he would
loose more compared to investing in Ilirika
 Date 07.04.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
SEE. I am not saying that he would profit more,
because we are loosing anyway, but he would
loose less than in the index itself.
Godgo explains that beside mentioned
countries, the Fund invested in shares in
Komercijalna Banka, Fersped, Beton, Replek,
Alkaloid and INA from Zagreb. The first ten are
companies from Macedonia and Croatia.
-This is the current position of Ilirika SEE. In
Croatia, in contrary to our country, there were
no expectations related to the stock exchange
since they are going to be extended invitations
to join the Alliance, but also in Macedonia,
many Croatian companies announced favor-
able financial results. Croatian stock exchange
also suffered significant correction, by the fall of
shares of their companies, in contrary to the
increase of their financial results, so automati-
cally those companies become cheaper and
underestimated. The same situation is
Macedonia and Serbia. So, when sentiment of
investors will be changed, this literally indicates
a moment of no danger, no political risk and
people simply turn to funds by themselves and
start buying. The same is expected in
Macedonia, Serbia and Croatia. There is poten-
tial on MSE, and that is a fact. Which can not be
disputed by anybody, Godgo underlines.
What happened on Thursday?
The fundaments on middle and long term,
after the crash, define the prices of the shares.
This has been announced by the people from
the Stock Market (the Board of directors has
announced a report on their web page). It is
normal that the security questions and the polit-
ical stability should not be undermined. What
happened on Thursday on the Stock Market,
explains Maryan Ivanovski, analysts in Ilirica.
Simply, the perception for the risks from political
instability has changed drastically. A lot of
investors expected admission in NATO, and
that it would positively influence on the growth
and on the perspective of the businesses.
However, the expectations of the investors
automatically changed after the negative deci-
sion. They, especially the sensitive ones,
believed for a moment that the blackest scenar-
ios are possible - a negative growth in the busi-
ness sphere. The Stock Market is sensitive on
bad news related to the political conditions. But,
I believe that, although Macedonia has not
received an invitation for admission in NATO,
the positive signals from USA for support of the
country, which has its own strategic position on
the Balkan and in which the USA see a strate-
gic interest, have rejected the blackest scenar-
ios - riots in the country. In other words, the
probability of their accomplishment is very
small. This can also be seen from the next trad-
ing day at the Stock Market, when the enthusi-
asm, or as I should say the fear of the investors
has waned. I believe that the announcement for
the new agreement with the USA, as a secure
shelter for Macedonia, will remove all the dilem-
mas in relation to accomplishing the black sce-
narios, which for some investors pushed the
limits to - war. Although they are sensitive on
these questions, I think that on Thursday when
the investors showed with enormous quantities
number 17
berzNIK
11
of lowest sale prices will not repeat again. If for crashes, is that the fund has an active poli-
wee see the situations more realistic, greater cy of investments. This is an advantage for the
danger according to my opinion, comes from smart investments. We are constantly monitor-
the global economic crisis. This is more deci- ing, understanding the when to buy, when to
sive for the region and through that for sell, we are thinking how to diversify the risks
Macedonia itself. Personally, I do not expect between the countries between the companies,
bigger falls, but there will be some stagnation between the various industries. I think that
until the moment when the situations will clear when the dynamic of the role of the compara-
up, until the new investment cycle on global, on tive funds from the region and the dynamic of
regional and even on local level, after which we the role of the Stock Market indexes are com-
will have big positive results. During the crisis, pared, we are achieving success. Macedonia
besides these announcements of the analysts has real solid funds, comparing their results
and the experts from the branch, Ivanovski from the results of the funds from the Region
points out one particular comparison. How and with results of the Stock Market indexes.
many investment funds have succeeded to pro- Although there are crashes, we managed to do
tect their investors can be seen very well from a lot, estimates Ivanovski.
the following example: the Stock Market crash
was for 8.4%, and our funds were falling for Ilirika -Global emerging markets
about 3.5%. If the crashes from the beginning
of the year of the Macedonian index and the Ilirika GEM invests its assets in several
crash of the Ilirika funds are compared, one can countries throughout the world, above all in the
easily see that they are still relatively smaller developed countries like USA, Canada,
from that, which could be lost by an investor, if Australia, EU, Japan and the developing coun-
they have invested in the portfolio which the tries such as Brazil, Russia, India, China and
Stock Market represents itself. The reason for other countries throughout the world.
this positive result, although we are speaking
ILIRIKA SEE (29.02.2008)
Structure according to the countries:
Macedonia
Croatia
Russia
Slovenia
Czech Republic
Serbia
Austria
Hungary
10 biggest investments:
Beton
INA
Adris Grupa
Alkaloid
Komercijalna banka
Hrvatski komunikacii
Czeshko elektrostropanstvo
Makstil
Zemjodelski kombinat Pelagonija
Integra Group
Rest
On the chart, the light blue line is the index, and the other line is Ilirika SEE portion
12 berzNIK
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
According to , portfolio manager and a
member of the Board of Directors, the thing that
must be achieved when talking about invest-
ment policy of the Fund itself is its great risk dis-
persion. The basic thing that every citizen of the
Republic of Macedonia should know is that
investing in a single company in our country
carries much greater risk than investing in, let`s
say, five or ten companies in which a citizen can
invest the money as an individual investor. In
this case, the investment funds, according to
the Law on Foreign Currency Operations,
except for the banks with greater authoriza-
tions, insurance companies, pension funds and
investment funds, all others have no license for
investing abroad.
Precisely this benefit, since we started
working on November 21 last year, prevented
major falls of the values of Fund`s share. All in
all, we have protected the assets being deposit-
ed by the investors in the funds, unlike the nat-
ural persons that invested on the Macedonian
Stock Exchange individually. That is the main
advantage which largely reduces the losses by
less than 10% of the funds, unlike the losses of
individual investors which varied among 30 and
40%.
Another important thing is that the invest-
ment policy is being created by portfolio man-
agers and analysts, professionals who rely
upon fundamental and technical analysis,
which the common citizens are not familiar with,
since they can`t afford wasting time in following
the stock exchange movements on daily basis
or to go to brokerage houses, sign warrants etc.
All of these formal aspects will be overcome
with the investment fund. The only thing they
will have to do is to withdraw part or all of the
money from the Fund, wherever there is a need
for such thing.
I do hope, says Lazarevski, that in future
our citizens will understand the investment
funds are one of the most dominant forms of
investing in the world.
The investment policy practiced by GEM at
the time serves the purpose of increasing the
number of shares. It makes use of the events
with the American market-the recession, which
prompted significant fall of the shares and
through selling and buying in case of such po-
tential fall on all markets, the fund tries to gain
as higher as possible profit or appreciation of
the share value.
Regarding the industries that are invested
in, there is also great risk dispersion. In this sit-
uation, there are other factors for risk reduction
such as in the oil industry, banking, construc-
tion, health, telecommunications, food and car
industry, insurance companies and a number of
services.
Important thing worth mentioning is that the
Fund, since it doesn`t act as legal person, is not
a subject to taxation, explains Lazarevski. It is
different from any natural person in the
Republic of Macedonia, which has to pay taxes
after each sale. In our fund, this money is rein-
vested until the member decides to quit from
the fund. However, the important thing at the
number 17
Date 07.04.2008
moment regarding the money invested in the depending on the preference regarding the risk
Fund, is that no matter how many times the and the incomes. As far as the working of the
money has been fructified, the part that should investment funds is concerned, there is a pos-
go for taxes is being reinvested. sibility for prevention against great falls, says
Lazarevski.
Another crucial thing, emphasizes Lazarev-
ski, is the fact that the funds take very low bro- The dispersion in the pervious months has
kerage commissions, both in the country and proven the superiority of the investment
abroad, since what we are dealing with here is
a large amount of money, so they get a number Funds in relation with the individual
of benefits. Furthermore, the assets being investors. I would like to point out the funds
used, we are referring to a professional portfo- managed by our company, which had suffered
lio management that uses sophisticated techni- depreciation of only 6% to 7% since the begin-
cal and fundamental analyses, enables reac- ning of the year to date. Just for comparison,
tions on a certain market at any time for the pur- the funds in Croatia and Slovenia suffered a fall
pose of buying the appropriate instrument. To from 15% to 30% in the same period. But, what
conclude, we have much clearer insight into the is more interesting is the fact that the natural
situation than the common citizen. persons that invested on the stock exchange by
themselves share the same fate as the
The fund suggests that every person, who Macedonian and the Croatian indices that suf-
has available money assets and wants to invest fered more than 35% depreciation.
them into securities, should invest them pre- This basically proves the goal of the invest-
cisely in the funds managed by Ilirika Fund ment funds i.e. the company that manages
Management, bearing in mind that the person them-sending professionals for manage the
always gets to choose in which fund he will assets of the natural and legal persons, con-
become a member - there are two funds, cludes Lazarevski.
ILIRIKA GEM (29.02.2008)
Structure according to the countries:
Macedonia
Croatia
Russia
Kazakstan
India
Serbia
Austria
Brazil
Mexico
Rest
10 biggest investments:
Alkaloid
Komercijalna banka
Hrvatski Telekomunikacii
Granit
ZIK Pelagonija
Beton
Makedonski Telekomunikacii
Adris
INA
Shtrabag
Rest
On the chart, the light blue line is the index, and the other line is Ilirika GEM portion
 Date 07.04.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
1. SHORT REVIEW OF EVENTS
The start of the negotiations between the
Government and ICM`s mission is top news in
today`s newspapers. The two digit number of
inflation of around 10.2 percent determined last
month will be the main issue to be discussed. The
chief of the mission, Mark Grifits, announced that
all indicators of the macroeconomic and fiscal pol-
icy will be analyzed in order to determine whether
our economy is on the right path. Members of ICM
will inspect how the wage and pension increase
influence the increased inflation growth in the
country. On a global level ICM expects lower eco-
nomic growth, due to USA`s financial crisis being
assessed as the largest inflation from the period
of the Great Depression last century. If the global
growth drops by three or less percents from the
percent of the previous year and the year that fol-
lows, a planetary economic crisis might happen, is
written in ICM`s report transferred by all media.
NATO summit double increased the trade of
Macedonian Stock Exchange, is said in today`s
stock exchange reports. The turnover on the total
market was 78 million denars, and the most active
shares were the shares of Makpetrol, Komerci-
jalna, and Replek. Before the end of yesterday`s
number 17
trading day, new owner incested 10 million denars
to purchase 22 percent of the shares of the facto-
ry of Veles Kiro Kucuk.
There is a possibility Macedonia to remain
without food, due to banned import trend of the
domestic agricultural production in the world since
the global shortage of cereals have appeared in
the world, wrote in Dnevnik`s analysis. The sour-
ces` dry up for import of foodstuffs could strike the
country. Experts warn that the problem can be im-
posed very quickly, and the Government also con-
firms this danger which was a reason to ban last
year the import of wheat and corn used as a fod-
der.
According to the information of the State
Statistical Office, the retail prices have increased
to 7 percent in February compared with the same
month, last year. The growth of the costs of living
is a result of the higher indexes of the fruit for 15.8
percent, oil derivates for 4.1, oils for 3.6 percent,
services for education and development 1.9 per-
cent. The value of the consumption basket of one
four member family for March calculated on the
basis of the retail prices is 12.332 denars and in
relation to the previous month is higher for 1.3
berzNIK
13
03.04.2008 THURSDAY
percent.
Of great interest for the written media was the
allocation of the state-owned plot of agricultural
land for which domestic companies as well as for-
eign companies and citizens have the right for
which can get maximum 10 hectares. The news
which received attention is that the hunting
grounds in the country will be under concession
for a period of 20 years being allocated to at least
200 concessionaries.
Today`s Dnevnik delivers the news that the
construction company Beton began setting the
corner stone of the dam Knezevo on the river
Zletovska Reka. The public company Zletovica
who manages the hydro system announced that
the construction of the dam will be finished by the
middle of this month.
The written media deliver also the news
about the two tobacco affairs. The first refers to
the theft of 90 pallets of crushed and sliced tobac-
cos, valued on 15 thousand dollars from Macedo-
nian storehouses, while the second theft in
Jugotutun from Makedonski Brod, is valued on
two million euros.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. THE GLOBAL INCREASE OF THE INFLATION SHOULD NOT CONCERN MACEDONIA (*****)
2. 8.5 TONS OF TOBACCO STOLEN FROM WAREHOUSE OF MAKEDONIJA TABAK 2000 (*****)

DNEVNIK p.6 THE INTEREST FOR THE BROKERAGE

p.10 THE IMF EXPECTS SMALL ECONOMIC GROWTH IN THE p.7 THE MACEDONIAN FARMERS MORE CUNNING THAN THE
WORLD NEIGHBORS
p.10 MBI 02.04.2008 p.7 THE TOBACCO PRODUCERS WILL BE THE FIRST TO
p.10 THE INFLATION SHOULDN`T BE IGNORED RECEIVE MONEY
p.11 NEW DISTRIBUTION OF AGRICULTURAL LAND p.7 22% OF KIRO KUCUK SOLD
p.11 ESM - EVN GAVE TIME TO THE STATE COMPANIES p.8 THE PRICE OF THE EGGS HITS 210 DENARS
p.11 INSTEAD FOR TEN, LEASE IN DURATION FOR 20 YEARS VREME
FOR THE HUNTING GROUNDS p.1 THE GOVERNMENT BLAMES THE FRUIT FOR THE HIGH
p.11 THE DAM ON "ZLETOVICA" IS BEING CONSTRUCTED INFLATION
p.11 160 APPLICANTS FOR 140 TRACTORS p.7 THE INITIAL PRICE WILL BE REDUCED
p.11 ASIA IS PROTECTING ITSELF FROM FAMINE p.6 WE DON`T EAT THE FRUIT, YET, IT MADE OUR LIVES MORE
p.11 MACEDONIA CAN BE LEFT WITHOUT FOOD EXPENSIVE
p.14 PSYCHIATRIST HAD STOLEN 8.5 TONS OF TOBACCO p.6 THE GOVERNMENT HAS NO STRATEGY FOR IMPOVER-
p.14 TOBACCO AFFAIR DISCOVERED, HEAVY 2 MILLIONS OF ISHED CITIZENS
EUROS p.6 TO SUBSIDIZE THE LIVESTOCK
UTRINSKI VESNIK VEST
p.5 8.5 TONS OF TOBACCO STOLEN FROM WAREHOUSE OF p.7 GRIFFITHS: THERE IS A WAY TO PREVENT INFLATION
MAKEDONIJA TABAK 2000 p.10 ASIAN STOCK MARKETS ENLIVENED, THE FEAR IS DISAP-
p.5 IMF TO CHECK UP THE CONNECTION BETWEEN SALARIES PEARING
AND INFLATION p.10 US OIL FIRMS COME UNDER PRESSURE
p.8 MBI 02.04.2008 p.14 THEY WILL SPEND MUNICIPAL MONEY THROUGH A BUSI-
p.8 NATO SUMMIT SAVES OHIS AND MB FROM BEING SHUT NESS CARD
DOWN OF POWER NOVA MAKEDONIJA
p.8 BUCIM UNION WANTS 10 PERCENT, THE SALARIES p.4 THE GUARDS DID NOT MANAGE TO GUARD THE TOBACCO
INCREASED FOR 20 IN MAKEDONIA TABAK
p.9 IMF REDUCED GLOBAL GROWTH ESTIMATION FOR THIS p.4 PAYMENT OF THE SUBVENTIONS FOR THE DELIVERED
YEAR TOBACCO
p.9 TURNOVER ON MSE RAISES TWICE AS MUCH p.9 THE NATO SUMMIT INCREASED THE TURNOVER BY 100%
p.9 FILED 5.800 REQUESTS FOR GRANTS p.9 GRANIT TO BUILD A HIGHWAY IN UKRAINE
p.9 CANCELED THE FIXED CONTRIBUTIONS FOR THE BUDGET p.9 THE COSTS OF LIVING INCREASED BY 10%
USERS p.9 PANIC ON THE RICE MARKET
p.9 PENSION AND DISABLEMENTS INSURANCE FUND WITH p.9 FALSE EURO COINS SEIZED
PROFIT LAST YEAR SPIC
VECER p.6 DENARS START TO TURN INTO EUROS
p.5 THE GLOBAL INCREASE OF THE INFLATION SHOULD NOT p.6 PENSION FUND WITH BIG PROFIT
CONCERN MACEDONIA p.6 JAPANESE TRACTORS TO BE SHARED ON FRIDAY
p.6 GRANIT FOUNDED NEW COMPANY p.6 AUTHORITIES NO, BUT BUSH CAN STOP INFLATION
14 berzNIK
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
1. SHORT REVIEW OF EVENTS
- Veto breaks Macedonian stock exchange; The
fiasco for NATO breaks stock exchange index, panic
among investors; Delayed NATO invitation makes
mess on the Stock Exchange, are only some of the
topics that were top news in today's papers.
Practically, the bad news from Bucharest yesterday
caused record-breaking fall of the MBI-10 index for
8,4 percent comparing to the day before. This fall is
actually the biggest fall in the history of this index's
existence from January 1, 2005 on the Macedonian
Stock Exchange. The share price of some of the 10
most liquid companies has fallen to even more than
10 percent, while with some of the companies which
are not in the group of most liquid companies the
price has dropped to over 20 percent.
Nonetheless, on the Stock Exchange was real-
ized turnover of 1,2 million euros. Panic and disap-
pointment occupied the investors on the stock mar-
ket. On the stock exchange yesterday the ones to
sell the most were the foreign funds and small
domestic investors, individuals actually who got pan-
icked from the bed news coming from Bucharest.
The Stock exchange's Board of Directors held
immediate session, after what on the web-site they
came out with calming official statement. Of course,
optimists took advantage of this trend buying shares
and expecting the situation to normalize soon.
As Vest reports, the Minister for Foreign
Investments, Vele Samak, says that the question for
membership in NATO is not even asked on the
meetings with the foreign companes, which are
interested for an eventual entrance to Macedonia.
2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS
1. THE FIASCO ABOUT NATO DROPPED DOWN THE STOCK EXCHANGE INDEX AND PROVOKED PANIC AMONG INVESTORS
2. GOVERNMENT YIELDS TO THE IMPORTED INFLATION (****)
DNEVNIK
p.12 RECORD BREAKING FALL OF MSE
p.12 GOVERNMENT YIELDS TO THE IMPORTED INFLATION
p.12 SAVA TABAK IS NOT ON SALE
p.13 WE ARE STILL ATTRACTIVE FOR INVESTORS
p.17 DETENTION FOR THE SUSPECTS IN THE TOBACCO AFFAIR
OF 2 MILLION EUROS
UTRINSKI VESNIK
p.5 WITH OR WITHOUT NATO THE ECONOMY SHOULD FUNC-
TION
p.7 SOLD 22% OF THE SHARES OF FACTORY KIRO KUCUK
p.7 INVESTORS OF GEVGELIJA SEEK PROFESSIONAL PER-
SONNEL
p.8 THE FIASCO ABOUT NATO DROPPED DOWN THE STOCK
EXCHANGE INDEX AND PROVOKED PANIC AMONG
INVESTORS
p.8 GOVERNMENT CLAIMS CAN NOT INFLUENCE ON INFLA-
TION
p.9 FOR THE BRITISH BUSINESSMEN THE MEMBERSHIP IN
NATO IS NOT CRUCIAL
p.9 TODAY - NEW TENDER ON LAND LEASE
p.9 FIVE MILLION EUROS INTENDED FOR SMALL AND MIDDLE
ENTERPRISES
p.9 APPLICATIONS FOR TRACTORS FROM THE JAPANESE
HELP WILL BE OPENED
VECER
p.6 PRESENT BRITISH INVESTMENTS EVEN WITHOUT BEING
ADMITTED IN NATO
p.6 FOR FOOD AND DRINKS - 12 322 DENARS
p.6 TOPLIFIKACIJA WITH PROFIT OF 1.9 MILLION EUROS
p.7 THE DELAYED NATO INVITATION MADE A MESS ON THE
STOCK EXCHANGE
p.7 THE INFLATION UNDER CONTROL
p.7 DROP OF THE OIL PRICE
number 17
Date 07.04.2008
04.04.2008 FRIDAY
"It is a fact that the investments in Macedonia mayor Zoran Zaev's family.
will continue, because NATO is not a part of the Utrinski vesnik reports optimistic news. The
investors` decisions. The question about NATO was European Bank for Reconstruction and
asked on less than 1% of the meetings with Development approved the credit line of five million
investors and it never was a factor which affected euros through TTK Bank, for financing and develop-
the decisions," Samak stated. ment of small and middle enterprises in our country.
Yesterday's meeting of the British business This was announced yesterday to economists and
group in Macedonia was proof for this thesis of businessmen from Tetovo region by Adriano Semen,
Samak, that the foreign investors in Macedonia do international bank expert and consultant of the
not care about our country's membership in NATO. Italian EUREKNA, established in Skopje. In TTK
Almost all Macedonian papers reported that, accord- Bank the European Bank for Reconstruction and
ing to them, most important is the fact that the coun- Development is a shareholder as of last year, which
try is political stable and marks economic growth. - is being reckoning among the group of small and
For us the invitation for membership of Macedonia in middle banks in the country but with complete bank-
the Alliance has no significance. Surely we want ing service satisfying more than 35.000 clients.
Macedonia to receive membership invitation, but if it Today's papers report the assessment of
doesn't, that's not going to affect much on us, Ray Finance Minister Trajko Slaveski. He pointed out
Power said, president of the British business-group that Macedonia cannot have any influence on the
in Macedonia, on yesterday's press-conference for global trend of increase, but the Government has to
the first annual general assembly. According to protect the citizens' standard. - Nor the finance min-
Power, NATO is military organization, and for the cit- ister, the governor or any former minister in the
izens' prosperity what's crucial is the economy. Government can with some measures affect the oil
In spite the catastrophic fall of the index, on the price, which is importing product, or the food that
stock exchange yesterday was sold 22 percent of comes from abroad.
Veles bricks factory Kiro Kucuk. The transaction's Unlike Macedonia, where the oil price increase
value is about 10 million denars. This happened jeopardizes our standard, in Russia in the period
after the Pension and Disablement Insurance Fund between 2000 and 2007 it has brought incomes big-
from Veles withdrew the request for insolvency of ger for 475 billion dollars. Russian vice-prime minis-
factory Kiro Kucuk. This opened an opportunity for ter Aleksej Kudrin specified that 340 billion dollars
sell of part of the company. Previously was sold the from this sum, 72 percent actually, went in the cen-
brick plant in the Czech Republic. The buyer is com- tral budget, and the rest was allocated to the compa-
pany Elenica from Strumica in ownership of the nies.
(*****)
VREME
p.4 THE VETO BREAKS MACEDONIAN STOCK EXCHANGE
p.7 HEALTHY LIFE WILL COST US A FORTUNE
VEST
p.7 RECORD FALL OF THE SHARES
p.7 JOHNSON MATTHEY: WE ARE DISAPPOINTED, BUT WE
WILL BUILD IN BUNARDZIK
p.7 SAMAK: THE INVESTORS DO NOT EVEN ASK ABOUT NATO
p.9 SLAVESKI: WE WILL MORE SERIOUS ACTIONS AGAINST
THE INFLATION
p.14 ALITALIA TO GO BANKRUPT
p.14 INVESTMENTS WORTH 9 BILLION EUROS IN ELEKTRO-
PRIVREDA SRBIJE
p.14 RUSSIA MADE $475 BILLION FROM THE APPRECIATION OF
THE OIL
p.14 GOOGLE EXECUTIVE POACHED BY EMI
NOVA MAKEDONIJA
p.1 INFLATION SPIRAL HAS TO BE CURBED IN
p.6 INFLATION TO DROP TO ONE-FIGURE
p.6 AIR FRANCE-KLM`S BID TO TAKE OVER ALITALIA FALLS
APART
p.6 LUKOIL ENTERED MONTENEGRO TOO
p.6 EBRD WILL INVEST 260 MILLIONS OF EUROS IN SERBIA
p.7 PRESENTATION OF MACEDONIAN WINES
p.7 CROATIA INSURANCE IS INTERESTED FOR QBE AND SAVA
TABAK
p.7 TOPLIFIKACIJA REALIZED NET-PROFIT OF 1.9 MILLION
EUROS
SPIC
p.6 RECORD SHARE DECLINE
p.6 CONSUMPTION BASKET OF 12.332 DENARS IN MARCH
p.6 THE INFLATION, UNSOLVED ENIGMA FOR SLAVESKI
p.6 EVEN WITHOUT NATO THE BRITISH REMAIN ON OUR MAR-
KET
 Date 07.04.2008 number 17
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
15
05.04.2008 SATURDAY
1. SHORT REVIEW OF EVENTS

As of yesterday, after the shock in
Bucharest, which drastically decreased the index
on the Macedonian Stock Exchange, the panic
slowly calms down; convey all Saturday issues of
the print media. The Macedonian Stock
exchange index MBI-10 not only it did not drop; it
even registered increase of 1, 6%. Otherwise
yesterday, the total turnover on the Macedonian
Stock Exchange amounted nearly 49 million
denars, which is a lower amount that the turnover
of 77 million euros, which happened the day
before yesterday.
The news that the Croatian Ingra definitely
buys Mavrovo is also present in all of today`s
newspapers. The Securities Commission gave
the Croatian investor permission to start the pro-
cedure for undertaking shares from Mavrovo.
As Utrinski Vesnik comments, the final entry
of Ingra is a sign that even besides the failure for
NATO, the foreign investors will still invest in our
country.
Such is also the example of the Austrian
insurance company UNIQA Group entry, which
paid over 15 million euros, and became owner of
46, 5% of the Sigal Holding shares, and in which
Sigal Macedonia is also a member. According to
Andreas Brandstetter, member of "UNICA Group"
Board of Directors, Macedonia, because of its
geographic position, is a market with huge poten-
tials for development of the insurance business.
UNICA Group has round six million clients in
20 countries, and has signed round 13 million
insurance agreements. It owns 20% of the insur-
ance market in Austria, and over half of the
health insurance market.
- The citizens are increasing the inflation by
themselves, is the title of the analysis in Vreme,
which explains that the trend of turning the
denars savings accounts into foreign exchange
ones may lead to even higher increase of the
inflation percentage, which is 10, 2% at the
moment. The bankers say that the money is the
same in fact, and that is a kind of a guarantee for
stability of the denar. The experts advise that the
citizens must trust the denar because with the
constant buying euros, the inflation is only heat-
ing up.
- The trade deficit continues growing this
year too. Only in the first two months of 2008 it
has increased to 414.8 million dollars, which is a
73 percent growth in comparison to the same
period last year, when it was 239.6 million dollars.
Experts believe that this country must build mar-
ket economy because the main reason for the
high trade deficit, which is becoming a chronic
disease of the market, is still the low competitive-
ness of the export products. As a result we have
low foreign exchange inflow at the expense of the
growing import of competition products, but the
importing dependence of fuels as well.
The Slovenians and Bulgarians are interest-
ed in getting included in the third pension fund in
Macedonia. They have the intention of forming
three associations in the voluntary pension insur-
ance, which is supposed to start functioning in
July, this year. The start of the voluntary pension
insurance depends on the amendments of the
Law on Voluntary Capital Insurance, which are
still waiting in the assembly, ever since the last
year.
Lukoil Macedonia expands the network of
gas stations throughout the state, Vecer conveys.
Yesterday, on the street "Prvomajska" was
celebrated the opening of the new object in area
of 2,500 square meters, which has been built in
accordance with the strict standards of security,
services, and quality.

2.TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. INGRA DEFINITELY BUYS MAVROVO (*****)
2. THE PRODUCTION BY STEELWORKS OF MAKSTIL STOPPED (****)

DNEVNIK VREME
p.7 PETROLEUM AND ELECTRICITY INCREASE TRADE DEFICIT p.1 STOCK EXCHANGE RECOVERS FROM THE SHOCK
p.7 INGRA OFFERS 2.500 DENARS PER SHARE OF MAVROVO p.5 CITIZENS REPORT TO PRO, AND THE REVENUE OFFICE
p.7 THE PRODUCTION BY STEELWORKS OF MAKSTIL INFORMS ON THEM
STOPPED p.7 STEELWORKS OF MAKSTIL STOPS OPERATING
p.7 UNICA MADE ITS ENTRY TO SIGAL p.7 CROATIAN INGRA OBTAINS LICENSE FOR MAVROVO
UTRINSKI VESNIK p.7 CITIZENS THEMSELVES INCREASE THE INFLATION
p.1 BUSH INCREASED THE STOCK EXCHANGE INDEX VEST
p.1 TRADE DEFICIT INCREASED BY 415 MILLION DOLLARS IN p.8 BULGARIANS AND SLOVENIANS WILL BE WORKING IN THE
ONLY TWO MONTHS THIRD PENSION PILLAR
p.8 TRADE DEFICIT INCREASED BY 415 MILLION DOLLARS IN p.9 MAKSTIL OPERATES WITH ONE PLANT
ONLY TWO MONTHS p.9 INGRA PAYS 2.500 PER SHARE
p.8 AUSTRIAN UNIQA GROUP TOOK OVER SIGAL MACEDONIA NOVA MAKEDONIJA
p.8 STEELWORKS EMPLOYEES TEMPORARILY WITHOUT A JOB p.5 TRADE DEFICIT GOES 414.7 MILLION DOLLARS
p.9 BUCHAREST DECREASED IT, BUSH INCREASED OUR p.5 ALITALIJA BEFORE BANKRUPTCY
STOCK EXCHANGE INDEX p.6 THE CROATIANS WILL INCREASE THE CAPITAL UP TO 51%
p.9 INGRA DEFINITELY BUYS MAVROVO
p.9 PROFESSOR BEXHETI GOES INTO BROKERAGE BUSINESS p.6 THE AUSTRIAN UNIQA GROUP TAKES OVER 46, 5% OF
VECER SIGAL
p.6 AUSTRIAN UNIQA TAKES OVER SIGAL p.6 LUKOIL OPENS GAS STATION IN KISELA VODA
p.6 GAME OF CHANCE FOR REGULAR PAYERS SPIC
p.6 INGRA TAKES OVER MAVROVO p.7 GAS STATION OF LUKOIL IN KISELA VODA
p.6 HOW WILL THE STEEL BE HARDENED NOW? p.7 TRACTORS TO BE DELIVERED BY MAY
p.8 NEW LUKOIL GAS STATION p.7 NO LAND DISTRIBUTION
16 berzNIK number 17
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
1. SHORT REVIEW IN THE WEEKLY MAGAZINES
GLOBUS
P.20 FOREIGNERS MANAGING OUR ECONOMY
P.21 DIRECTORS UP CLOSE AND PERSONAL
Cheerful, communicative, philanthropist, globe trekkers, fiends of the
Macedonian nature and kitchen, passionate explorers of national cultures,
friendly sportsmen, dedicated professionals who , after all, are most happy
when home with their closest…
p.22 RELAXED MANAGER IN THE HIGH-VOLTAGE DISTRIBUTOR
GEORG WALDNER, PRESIDENT OF ESM-EVN MANAGEMENT COM-
MITTEE
P.23 WORLD TRAVELER ON MISSION TO MACEDONIA
NIKOLAI J.B. BECKERS, CHIEF EXECUTIVE OFFICER OF MAKE-
DONSKI TELEKOMUNIKACII
P.24 THE AMBASSADOR OF MACEDONIAN WINES
MICHAEL LAWRENCE, CHIEF EXECUTIVE OFFICER OF T-MOBILE
MACEDONIA
p.25 COASTAL INHABITANT IN MIDDLE OF TIKVES WINE WAVES
KOSTANTINOS DASKALAKIS, MANAGER GENERAL OF FENI
INDUSTRY
KAPITAL
p.8 WITH KAPITAL TO SCHOLARSHIPS WORTH ˆ 105.000
We are aware that the development of a successful career large-
ly depends on the education too. The mission of Cotrugli Business School- a
business school for whose curriculum Kapital allocates scholarships-is to
prepare ambitious individuals for the changes that the business world is
passing through.
p.11 NEW SHOPPING MALL, CITY GALLERY, OPENED
The complex City Gallery was opened last week on Macedonia Square.
The new modern trade center, City Gallery, started working in the premises
of former Shopping center NAMA, later renamed in Tipo.
p.11 BULGARIAN MEGA EP ESTABLISHES REAL ESTATE COMPA-
NY
The Bulgarian company Mega Ep this week formed a real estate
company in Skopje under the name Mega EP Properties.
p.11 GERMAN INSURER VIAS ESTABLISHES SUBSIDIARY IN GOS-
TIVAR
The German insurer broker Vias, who owns a company in
Macedonia, last week established a subsidiary in Gostivar.
p.12 MACEDONIA TO PROVIDE ELECTRICITY BY WINDMILLS
The construction of windmills in Macedonia is expected very soon
and out of these reasons the Government determined the legal regulative for
this purpose at its last session.
p.14 DUNA COMPUTERS WITH 1.500 CONTRACTS FOR DIGITAL
COPY MACHINES LENDING AND MAINTENANCE
Duna Computers signs the 1500th contract for lending and main-
tenance of digital copy machines.
p. 14 MACEDONIA IN DANGER TO LOSE THE TRADEMARK OF ITS
WINE
The wineries this year may be left without raw materials for pro-
duction should they fail to offer higher purchase price for the grapes to the
vine growers.
p.14 GOVERNMENT PURCHASES 100 NEW WAGONS FOR MACE-
DONIAN RAILROADS
The Government to assist companies to transport their products
with additional 100 new wagons for Macedonia Railroads.
p.18 AMBO TO UNDERGO CONSTRUCTION
AMBO oil pipeline, after more than a decade of planning and
postponing, seems to become reality.
p.24 WE HAVE BIG PLANS FOR MAVROVO
ADG Mavrovo is definitely one of the "hottest" companies within
the past few months only in Macedonia, but in the region, since the foreign
investors have a significant participation in the company.
p.28 GAS AS THE ONLY SOLUTION FOR THE ENERGY CRISIS
Since 1997, when the Macedonia gas pipeline was put in use and
had13 spenders, this number has been increased for only about twenty new
users.
p.34 FC VARDAR ON THE STOCK EXCHANGE?
Football clubs as joint stock company is the newest idea in the
Macedonian sports circles being actualized by the acting president of FC
Vardar, the famous Skopje businessmen Orce Kamcev.
p.36 SLOVENIANS TAKING OVER BROKERS FROM KOMERIJAL-
NA BANKA!
As of last week, Vasko Mitev is the new Chief Executive Officer
of broker agency Ilirika Investments, ad at the same time he was appointed
for Management Board member, learns Kapital.
p.37 TREMENDOUS OSCILLATIONS
Date 07.04.2008
31.03.-05.04.2008 MONDAY-SATURDAY
Last week the Stock Exchange continued from where it stopped
on Friday, March 21, at least as far as the index movement is concerned.
p.38 BULGARIAN COMPANIES EXPECT ECONOMIC BOOM IN
MACEDONIA!
Bulgarian investments in Macedonia in continuous growth since 2000.
Total of ˆ140 million of Bulgarian direct investments have entered into the
Macedonian economy within six years.
p. 43 AUTOMAKEDONIJA WITH ˆ10 MILLION IN TURNOVER IN 2007
Automakedonija in 2007 sold a total of 759 vehicles, which is 18 % sale
increase on annual level.
p. 43 MZT PUMPI WITH ˆ1,4 MILLION OF PROFIT!
MZT Pumpi rounded up last year with net taxed profit of almost 1, 4 mil-
lion euros, informs the company`s management.
p. 44 CHILDREN LEARN TO SAVE IN PROCREDIT BANK
Children learning to save can be seen in all subsidiaries of
ProCredit Bank, which runs an educational action for stimulating the chi-
dren`s saving.
p. 45 IK BANKA OPENS SUBSIDIARY IN KISELA VODA
IK Banka opened another subsidiary in Skopje in the settlement of
Kisela Voda. The subsidiary provides all of the Bank`s products and servic-
es for natural and legal persons.
p. 45 STOPANSKA BANKA WITH ˆ19,6 MILLION OF PROFIT LAST
YEAR
Stopanska Banka last year gained gross profit of 19,6 million
euros (1.202.481 denars), according to the international accounting stan-
dards, or 18, 3 million euros (1.118.714 denars) according to the Macedonian
accounting standards, informs the bank.
p. 47 JANUARY SALARIES 12% HIGHER
The average net salary in Macedonia per employee in January 2008, in
relation with the same month last year, is higher for 10, 2 %, while the net
salary marks 12% increase for the same period.
p. 50 GENERAL ELECTRIC TO "PLAY" ON THE BALKANS
THROUGH DELTA
Delta Holding company, owned by the Serbian millionaire Miroslav
Miskovic, and the American company General Electric and negotiating for
cooperation. The partnership would involve activities in the real estate sector
and cooperation in the financial services.
p. 62 DELICIOUS BAKED GOODS AFTER HUNGARIAN RECIPE
One of the most famous Hungarian companies for baking goods
and cookies, Fornetti, kicked start in Macedonia.
MAKEDONSKO SONCE
p.34 COMPANIES MAKE PROFIT EVEN WHEN SHARE PRICES
DEPRECIATE
Despite the "large" profits made by the domestic joint stock companies,
at the moment there is a certain share price decline on the Stock Exchange.
FORUM
p.28 WE ARE NOT POLLUTERS
These past few days the companies with Greek capital are in the inter-
est of the Macedonian public. In one of the first interviews the CEO of the
cement factory Usje talks about the current problem with ELEM, the accusa-
tions of polluting the environment, the influence of politics over business…
p.31 DOMINANCE OF KOMERCIJALNA BANKA
The last week in march is the final week in which the political chaos on
the domestic scene, the political pressure of the international community and
the political agony imposed to us by our southern neighbor were playing with
the decisiveness of the of the market participants and the offer, where there
was occasional panic, and there were transactions without reconsidering, as
well as from the side of the demand, where the hesitation was mainly led by
the matter if we were to become a member of the Alliance.
p.33 THE OLYMPICS IS AFFECTED BY THE WEAK DOLLAR
More exactly, the financial problems are connected to the stability of the
American dollar. The dramatic depreciation of the dollar value is a heavy
blow for the IOC because it is reducing the value of selling the media cover-
age rights for the Olympic Games in Torino (2006) and in Beijing (August this
year).
DENES
p. 21
Disconnecting electricity - only way for collecting debts
In the absence of mechanisms for functioning of a legal state, hereby
impossibility to make the expected profit from the activity performed by the
Austrian distributive monopoly EVN-ESM, it decided to undertake a vast
campaign for disconnecting the debtors from the power supply network.
Date 07.04.2008 number 17
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
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DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 07.04.2008
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DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
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