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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008BELGRADE STOCK EXCHANGEGordana DostanicManaging DirectorIn the first half of 2008, the Belgrade StockExchange recorded the turnover in tradingwith shares and bonds of RSD 47.1 billion,i.e., over EUR 575.2 million.In the first half of 2008, the Belgrade StockExchange (BSE) recorded the turnover intrading with shares and bonds of RSD 47.1billion, i.e., over EUR 575.2 million. Theturnover structure remained almost unchanged(share participation slightly increased by6.13% as against the same period last year).The total market capitalization of the BSE on30 June 2008 amounted to EUR 15.8 billion,which is by 14.4% lower compared to thesame period last year.As at June 30th 2008, there were threesecurities on the Prime Market of the BSE:Energoprojekt holding a.d. Beograd (ENHL),Sojaprotein a.d. Becej (SJPT) and Tigar a.dPirot (TIGR).In spite of negative movements of the BSEindex, BELEX15 and BELEXline recordedthe lowest fall at the semi-annual level incomparison with the leading indices of otherregional stock exchanges. On the other hand,in comparison with the benchmark index MSCIEM EE, the BSE indices recorded a slightlypoorer performance, with a slightly smallernegative change of -12.8%.In mid-April 2008 the BSE launched theredesigned information trading system basedon the FIX protocol BELEXFIX , completingthe first stage of the project, and started thedevelopment stage which will involve theredesign of the service and enable thepossibility of electronic ordering. The project isbeing realized according to the EU standards.Positive effects of the project will be felt by allparticipants in trading, first of all by clients,who will be provided with functionalitiesalready used by clients on other worldmarkets, then by brokers, for whom the wholetrading procedure will be more easilyfacilitated, and finally by supervisory bodies,who will have better access to information.However, the full efficacy of the new systemdepends on the activities of the institutions ofthe Serbian capital market.Along with the activities concerning theimplementation of the FIX protocol, theexisting information services and the internetpresentation have also been improved, withthe aim of providing better access to differentkind of relevant information, which willconsequently attract more domestic andforeign investors and enhance their interest inthe Serbian capital market.Promotion of the Serbian capital market,during the observed period, was carried outthrough intensive and interactivecommunication with investment companies,funds and other professional investors fromabroad, data vendors, leading media agenciesand the first roadshows of domestic issuers.FUTURE OUTLOOKIn the second half of 2008 the BSE plans to:• Continue promotion of stock exchangeoperations through road shows outside thecountry, and further develop the existingindexes and indicators;• Develop new and improve the presentservices provided for the Exchange membersand investors;• Further segmentation of the Stock Exchangemarket, by developing new market segmentsand improving the qualities of the existing ones;• Strive to motivate the best Serbian companiesand banks to apply for listing on the regulatedmarket, along with further affirmation ofdiversification of segments of the regulatedmarket, above all, Standard Market;• Carry out preparations and realization for theclassification of issuers whose shares aretraded on the Exchange by sectors, in line withthe leading global standards;• Promote information on corporate events andnews related to the most liquid issuers, throughdirect cooperation with media and newsagencies;• Work on the development of the project withlisted companies, which should enableautonomous updating of all documents(prospectuses, reports on material events,plans, and the like), news, notices,announcements and the like, which the StockExchange receives from issuers to be postedon its internet pages;• Carry out modification of BELEXFIXapplication and testing of brokers’ solutions forthe client application;• Intensify international cooperation throughpartner relations with other regional marketoperators;• Develop BELEX.info Professional, commercialand service application for monitoring trading inreal time, based on the FIX protocol• Carry out activities on the preparation of theSeventh International Conference BelgradeSuperMarket: One Stop – Learn All, which willbe held on 13 and 14 November 2008 inBelgrade.CONTACT INFORMATIONContact Name Ms. Svetlana CerovicE-mail svetlana.cerovic@belex.co.yuWebsite www.belex.co.yuPAGE 42