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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008MONTENEGRO STOCK EXCHANGEContinuous development of our market isthe basis of the future of the MSE, a futurein which the MSE strongly believes.Dejana Suskavcevic, MACEO2007 showed that everything is possible,prices of securities can go in both directions.People can earn or lose money. 2007 definitelyshowed that stock market fever is not atemporary thing but the most exploited topic,and that proves the need for investing in all ofus. After the first several months, and anincredible increase of MOSTE index by 250%(period from the beginning of January-May7th) we had a decrease but stabilizationof prices, which almost kept still during therest of the year. But generally, the index in2007 increased by 77% over 2006.We did much for the education of investors,minority shareholders, and the media. Weinstalled a new web site for the stockexchange with information about financials ofall traded companies, corporate activities ofcompanies, indicators, analytical informationand information about trading, etc.The previous year exhibited that whathappened on the stock exchange is in directrelation with the political status of the country,the macro-economic situation and accessionand membership in numerous internationalinstitutions.In the last part of 2007 the MSE achievedgreat results. Transactions of EUR 280 millionthrough almost 80,000 transactions haveproved that all expectations have been met. ADocument of Association with the Stockmarket of Vienna was signed, as well as manyother activities with institutions from abroadwere coordinated. We had the goal ofestablishing of our market on the internationalmap in order to attract more new investments,as well in order to introduce new marketmaterial. 2007 ended with 28 companies beinglisted; this in turn compares very well in light ofthe statistics of more developed markets.In 2008 I expect a very dynamic atmosphereon the stock exchange. Incorporation of newinstitutional investors, investment and pensionfunds, new stock market mediators withforeign property, and the interest of foreigncompanies to be listed on the MSE, followedby the announcement of the issuing ofcorporate bonds, with an attractive tax policyfollowed by appropriate legal regulation, is thebasis of the development path of the capitalmarket of Montenegro. Continuousdevelopment of our market is the basis of thefuture of the MSE, a future in which the MSEstrongly believes.FUTURE OUTLOOKIn 2008, the MSE has the following plans:• We will introduce Codex of CorporateGovernance in corporation with IFC.• Performance of project signed at the end oflast year with the Montenegrian-Italian companyJadran Most regarding to the implementationstandards of the EU in the sphere financialreporting, and accounting items of companies.• We will get first short term securities issuedby companies.• The MSE will organize the Second AnnualConference.• We will become a member of the WorldFederation of Stock Exchanges.CONTACT INFORMATIONContact Name Mr. Nedeljko SuskavcevicE-mail mberza@cg.yuWebsite www.montenegroberza.comPAGE 70