Custodian Newsletter - UniCredit Bank Srbija ad Beograd

Issue 67 

Custodian Newsletter 

October 2006 

Bank Austria 

Creditanstalt AG

CONTENT 

4 AUSTRIA 

IPO – CA ImmO INterNAtIONAl AG 

SlIGht uPtreNd ON WIeNer BörSe 

5 BOSNIA ANd HERzEgOvINA 

SArAjevO StOCk exChANGe (SASe) mArkS 5 th 

ANNIverSAry 

PrIvAtIzAtION Of eNerGOINveSt d.d. SArAjevO 

“BOSNAlIjek” d.d. SArAjevO fIrSt tIme ON SArAjevO 

StOCk exChANGe lIStING (quOtAtION) 

6 BULgARIA 

ChANGeS IN the lAW ON PuBlIC OfferING Of SeCurItIeS 

OPeN the GAte fOr BSe PrIvAtIzAtION 

7 CROATIA 

CrOleI INdex CONtINueS tO GrOW 

CrOAtIA mArkS ONe yeAr Of ACCeSSION NeGOtIAtIONS 

WIth eu 

16th ANNuAl zAGreB StOCk exChANGe CONfereNCe 

INA-mOl CONSOrtIum SIGN AGreemeNt ON PurChASe Of 

eNerGOPetrOl 

8 CzECH REpUBLIC 

lAuNChING trAdING WIth INveStmeNt CertIfICAteS 

lAuNChING Of futureS trAdING 

COOPerAtION BetWeeN the PrAGue StOCk exChANGe 

ANd the vIetNAmeSe StOCk exChANGe 

10 HUNgARy 

rANkING Of CuStOdIANS IN huNGAry IN q2, 2006 

etf: SOON INtrOduCed tO BSe 

11 pOLANd 

remOte memBerShIP BuSINeSS IS GAINING IN 

ImPOrtANCe 

13 ROmANIA 

G.e. CO. tO Buy eleCtrOPutere CrAIOvA 

PrIvAtIzAtION Of 3 eleCtrICA BrANCheS 

14 SERBIA 

hvB BANk SerBIA ANd mONteNeGrO Ad BeCOmeS 

CuStOdy BANk Of deltA GeNerAlI PrIvAte vOluNtAry 

PeNSION fuNd 

ImPlemeNtAtION Of lAW ON BANkS StArtS ON 1 OCtOBer 

15 SLOvAkIA 

BrAtISlAvA StOCk exChANGe’S SePtemBer turNOver 

Skk 113.88 BlN. 

NeW Squeeze Out ANd Sell Out ruleS tO Be vAlId AS 

Of 2007 

eleCtrONIC PrOCuremeNt SyStem StArtS ON jANuAry 

17 SLOvENIA 

telekOm SlOveNIje lISted ON ljuBljANA StOCk 

exChANGe 

the fIrSt SlOveNIAN CAPItAl mArketS dAy IN vIeNNA 

BrIef SummAry Of the mArket ACtIvIty IN SePtemBer 

19 UkRAINE 

NAtIONAl BANk Of ukrAINe ANd PArlIAmeNt’S fINANCIAl 

COmmIttee INSISt ON the ABOlItION Of the PeNSION 

fuNd deduCtION 

0 NEWSFLASHES 

CONTACTS 

Issue 67, October 2006 

dear Clients, 


Creditanstalt AG 

this month, we are pleased to introduce you to our 

Custody team in Bosnia and herzegovina and to our 

2 new hirings in hungary. 

In Bosnia, Adnan Secibovic is our head of Custody and 

Belma kovacevic is the relationship manager for international 

clients. Adnan Secibovic has graduated last year 

from rochester Institute of technology, New york (uSA) 

and holds an academic degree in economics. he participated 

in professional trainings organized by the World 

Bank and the IfC and received a professional degree on 

Business management from a World Bank program. 

Adnan has worked for HVB Central Profit Banka for about 

a year. Prior to this employment, he worked at the hyatt 

International Corporation in Beaver Creek, Colorado 

(uSA). In addition, he did an internship program with the 

World Bank as a member of the financial team responsible 

for the development of Small and medium-size 

entities (Sme’s) in Bosnia and herzegovina. 

Belma kovacevic lived in Sarajevo until 1996 when she 

moved to the uS where she lived until 2004. Belma holds 

an academic degree in Business Administration from St. 

louis College, missouri (uSA). She has gained vast work 

experience, amongst others, having been an office manager 

at Wells fargo Bank for over 2 years – managing 

the internal relationship between the loan department, 

hr and the finance division. 

In 2004, she moved back to Sarajevo. Belma joined the 

Custody team of HVB Central Profit Banka two months 

ago as relationship manager for international clients. 

Belma Kovacevic and Adnan Secibovic

We had a couple of on-site visits to Bosnia from vienna’s 

side, now Adnan is undergoing cross-training at Custody 

vienna. 

HVB Central Profit Banka – represented by Adnan and 

Belma – will be pleased to discuss with you our Custody 

services and your potential securities business in Bosnia. 

We wish them all the best in their new positions. 

Please join us in welcoming ms. zita márton and ms. 

zsanett lencsés to our hungarian team. following an 

active recruitment programme, we have expanded our 

bench strength in Budapest through these recruitments. 

zita has joined our team as the deputy head of Custody 

and securities services – hungary. Given the strong 

development of the hungarian market and the active role 

Attila Szalay-Berzeviczy, head of Custody – hungary 

took on at the Budapest Stock exchange, the need of a 

strong person to support him in managing our hungarian 

business was apparent. zita will be responsible for 

managing all staff within Custody with a direct reporting 

line to Attila. Attila will use his increased capacity to 

expand his responsibilities as the head of Custody and 

Securities Services – hungary and as a member of our 

Cee Custody Steering team – which is responsible for 

group-wide strategy. zita joins us from k&h Bank where 

she was responsible for a team within corporate banking 

sales. Prior to joining k&h in 2002, zita gained practical 

experience in the industry having worked for both City 

Broker ltd (member of the Budapest Stock exchange) 

and Capital financial Group. zita has a degree in eco- 

Zita Márton 

Zsanett Lencses 



nomic engineering – majoring in finance from the Szent 

István university. Prior to joining her team in Budapest, 

zita underwent a 2 month training programme in vienna 

– getting a hands on view of our business from Settlements 

through Sales and relationship management. 

zsanett lencsés joins the team as a junior relationship 

manager having come from raiffeisen Bank zrt (rzB). 

Prior to raiffeisen, zsanett had worked with Gordon & 

Webster rt – Controlling Advisory during her studies. 

zsanett hold a degree in financial Investment and risk 

Analysis from Corvinus university of Budapest – the 

premier economics university in hungary. She will be 

assigned a number international client in the coming 

months. Simultaneously, zsanett will undergo intensive 

cross-training within the group. 

these 2 recruitments are further increases in our total 

head count in Cee Custody. Prior to these appointments 

our year to date head count increase in the Cee region 

amounted to 15% over 2005 – thus further underpinning 

our commitment to the business and our desire to ensure 

that our clients continue to receive the service and attention 

to which they have become accustomed. 

david penstone 

Group Head of Sales & Relationship Management 

CEE Custody 

Issue 67, October 2006 3

AUSTRIA 

4 Issue 67, October 2006 

Source: BA-CA, National Statistics 

Se turnover eur 5.4bn 

monthly Index Performance (Atx) +3.55% 

GdP per Capita (2005, in eur) 28.847,00 

GdP real 2006 (Change against prev. year in %) 3.10% 

3-month money market rate 3.48% 

Inflation (yearly average in %) 1.60% 

upcoming holidays none 

4400 

4200 

4000 

3800 

3600 

3400 

3200 

3000 

ATX - AUSTRIAN TRADED INDEX - PRICE INDEX 

vOm 29/ 9/05 BIS 29/ 9/06 tAeGlICh 

2800 

SeP Okt NOv dez jAN feB mAr APr mAI juN jul AuG SeP 

AktuelleS 

38 tAG GleIteNder mIttelWert (m1) 

200 tAG GleIteNder mIttelWert (m2) Source: dAtAStreAm 

IpO – CA ImmO INTERNATIONAL Ag 

the exchange-listed company CA Immobilien Anlagen 

AG will float up to 49% of the stocks in its subsidiary CA 

Immo International AG. 

the subscription period for the stocks of CA Immo 

International AG started on 9 October 2006. A total of 

18,518,074 stocks are to be floated with an additional 

2,777,771 stocks under a greenshoe option. the price 

bandwidth is eur 12.60 to eur 14.30. 

The first day of listing on the prime market is planned for 

25 October 2006. 

http://www.wienerboerse.at/cms/2/48/2767 

Impact on investors: for information purposes only. 

Written and edited by Thomas Rosmanitz 

Relationship Manager 

Academy of Sciences, Vienna 



SLIgHT UpTRENd ON WIENER BöRSE 

CA IB expects a slight uptrend on Wiener Börse in the 

coming four weeks and the Atx companies to continue to 

grow robustly at an average of 30.9% in 2006. 

In 2007, corporate earnings are expected to gain another 

6.2%. In the first forecast for 2008, experts prognosticated 

earnings growth of 9.6%. In the years 2004 to 

2005, the earnings of the Atx companies grew by 52.8% 

and 43.9%, respectively, according to CA-IB. 


Written and edited by Thomas Rosmanitz 

Relationship Manager

BOSNIA ANd HERzEgOvINA 


Se turnover (Sarajevo Se) BAm 44.98m 

Banja luka Se BAm 48.9m 

monthly Index Performance (BIfx) 11,31 

SASx10 24,84 



3-month money market rate n.a 



eur/BAm 1,95 

SARAjEvO STOCk ExCHANgE (SASE) 

mARkS 5 TH ANNIvERSARy 

to mark their 5 th anniversary, on 4 and 5 October, Sarajevo 

Stock Exchange (SASE) held their first International 

conference. the two main topics that were discussed 

during this conference were: the developing capital 

market and the role of media. 

the most successful brokerage companies were also 

awarded. fImA International brokerage company had the 

highest turnover of 369,8m. raiffeisen Brokers Sarajevo 

was at second place with a total turnover of 329,5m. 

vGt Broker visoko brokerage house was the most successful 

in total transactions realized (74.164), and raiffeisen 

Brokers Sarajevo was right behind, with 63.354 

transactions. 

AW Broker Sarajevo brokerage company got awarded for 

the average daily turnover, which was BAm 629 521. 

In conclusion, in the five year period total turnover at 

SASe was BAm 1.28 bn, and 280.000 transactions have 

been executed. 


Written and edited by Adnan Šecibovic 

Head of Custody 

pRIvATIzATION OF ENERgOINvEST d.d. 

SARAjEvO 

the privatization agency of the federation of Bosnia and 

herzegovina (fBih) announced a tender offer for sale 

of 67% of the state capital shares of energoinvest d.d. 

Sarajevo. the face value of the offered capital is BAm 

147.8m, and the sale can be possible under 3 conditions: 

payment made in cash, keeping the current branch activities 

and 733 employees. 



In 2005 energoinvest d.d. Sarajevo had a total revenue 

of BAm 267,9m, one year later, BAm 271,2 m, and in the 

first 6 months of this year the total revenue amount was 

BAm 181,6m . 

A tender offer will be available until 5 december 2006. 

energoinvest d.d. Sarajevo is one of the most successful 

and well-respected engineering company. relying on 

the wide-ranging experience and considerable resources 

their business doctorine has been evolving through 50 

years, with all efforts being directed to create a portfolio 

of activities in respect of clients needs and requirements. 

the permanent presence of energoinvest in the market, 

following trends and events on the current market, is 

provided by the activity of the network worldwide through 

its own representatives and joint-venture companies 

in Bosnia and herzegovina and abroad and its human 

resources. 




“BOSNALIjEk” d.d. SARAjEvO FIRST TImE 

ON SARAjEvO STOCk ExCHANgE LISTINg 

(qUOTATION) 

On 26 September 2006 Sarajevo Stock exchange 

(SASe) made a public announcement that the Stock 

exchange listing Committee made a decision about 

accepting “Bosnalijek” d.d. Sarajevo securities to the 

Stock Exchange listing (quotation). The first official trading 

of “Bosnalijek” stocks starts on 9 October 2006. 





BULgARIA 



Se turnover BGN 18,57m 

monthly Index Performance (Atx) 0.84% 






eur/BGN 1,96 

980 

960 

940 

920 

900 

880 

860 

840 

820 

800 

BSE SOFIX - PRICE INDEX 


780 


AktuelleS 



CHANgES IN THE LAW ON pUBLIC 

OFFERINg OF SECURITIES OpEN THE gATE 

FOR BSE pRIvATIzATION 

there are no obstacles to the privatization of the Bulgarian 

Stock exchange – Sofia (BSE) anymore. On 11 

October 2006 the Parliament finally approved the amendments 

to the law of Public Offering of Securities, allowing 

foreign exchanges or associations of exchanges to hold 

more than 5% of the capital in the BSe. until now that 

was solely the privilege of the State which is holding 44% 

of its capital. Interest towards BSE-Sofia in recent years 

has been shown by Omx exchanges, the vienna Stock 

exchange, euronext and the Athens Stock exchange. 

however, it is hard to forecast if and when a privatization 

procedure will be invited, although many experts believe 

BSE-Sofia could not stay in the region as an independent 

player. 

the new provision of the Public Offering of Securities Act 

regulates the activities of investment underwriters, collective 

investment schemes, and management companies. 

equalization of initial and secondary public offering of 

shares is stipulated as well. The concept of “financial 

instruments” has been expanded in the legislative act and 

futures on commodities, options, margin contracts, etc., 

which are not traded in Bulgaria yet, have been included 

in it. the law-maker has also stipulated a ban on the 

transformation of an open type investment company to a 

closed type investment company. 

Plovdiv, Bulgaria 



the market Abuse Act was also passed in the beginning 

of October. It covers all financial instruments admitted for 

trading, as well as insider offences and market manipulation. 

The fine to be imposed on natural persons who 

have violated the law will be in the range of BGN 20,000 

– 50,000. the sanction for a repeated infringement shall 

be BGN 50,000 – 100,000. 

for the same offences juristic persons and sole traders 

will be fined to pay BGN 50,000 – 100,000 and BGN 

100,000 – 200,000 for a repeated violation. 


Written and edited by miroslav velikov 

Head of Custody

CROATIA 


Se turnover (zagreb Se) hrk 3.933,13m 

(varazdin Se) hrk 367,93m 

monthly Index Performance (Crobex/zSe) 2.10% 

(vIN/vSe) 0.56% 






eur/hrk 7,42 

3400 

3200 

3000 

2800 

2600 

2400 

2200 

2000 

CROATIA CROBEX - PRICE INDEX 


1800 


AktuelleS 



CROLEI INdEx CONTINUES TO gROW 

CrOleI, the Croatian leading economic Indicator, rose 

by 0.46 percent in july compared to june, the Croatian 

finance ministry reported. this rise together with the previous 

five consecutive growths indicates a steady growth 

in the industrial activities in the fourth quarter of this 

year. CrOleI is a composite index aimed at forecasting 

overall economic activities and it consists of 11 indicators. 

the CrOleI Index is a joint product of the zagreb-based 

Institute and the Croatian finance ministry. 


CROATIA mARkS ONE yEAR OF ACCESSION 

NEgOTIATIONS WITH EU 

the european Commission delegation in Croatia and the 

Croatian ministry of foreign Affairs and european Integration 

organized a reception on the first anniversary of the 

opening of Croatia’s european union entry negotiations, 

at which Croatia and the EU said they were satisfied with 

the negotiations so far. After a positive assessment of 

Croatia’s full cooperation with the hague war crimes tribunal 

on 3 October 2005 the Council concluded the same 

day that Croatia had met the last condition for the opening 

of the accession negotiations which were launched at an 

intergovernmental conference. the head of the eC delegation 

vincent degert and foreign Affairs and european 

Krka Waterfalls 



Integration minister kolinda Grabar-kitarovic said the 

screening of the Croatian legislation’s adjustment to european 

standards was successfully nearing completion. the 

process will wrap up on18 October with a bilateral meeting 

on the policy chapter on judiciary and human rights. 


16TH ANNUAL zAgREB STOCk ExCHANgE 

CONFERENCE 

zagreb Stock exchange (zSe) organizes the traditional 

annual conference in hotel Park, rovinj, Croatia, from 

12 to 15 October 2006. the exchange Conference is the 

central annual event, bringing together over 350 financial 

industry leaders, consultants, companies, distinguished 

foreign guests and all those who are interested and investing 

in Croatian financial markets. The emphasis of the conference 

is on the development of the securities market and 

its influence on the financial stability and monetary policy 

and new investment opportunities on the capital market 

before the eu accession; the protection of shareholders 

rights and retail market in Croatia. A special overview of 

the capital market after completion of Pliva takeover will be 

given at the conference. 


INA-mOL CONSORTIUm SIgN AgREEmENT 

ON pURCHASE OF ENERgOpETROL 

A consortium consisting of the Croatian oil company INA 

and the hungarian oil company mOl signed an agreement 

on the purchase of the Bosnian oil company energopetrol. 

the purchase of energopetrol, which has the most developed 

network of petrol stations in the country, will cost the 

INA-mOl consortium around 112.5 million euros, including 

37.5 million for the company’s shares and liabilities and 75 

million for its upgrading in the next three years. 


Witten and edited by vladimir Racic 



CzECH REpUBLIC 



Se turnover Czk 103.59bn 

monthly Index Performance (Px) 0.14% 





upcoming holidays 17 November 

eur/Czk 28,28 

1600 

1550 

1500 

1450 

1400 

1350 

1300 

1250 

1200 

PRAGUE SE PX - PRICE INDEX 


1150 


AktuelleS 



LAUNCHINg TRAdINg WITH INvESTmENT 

CERTIFICATES 

On 4 October 2006, the PSe has started trading with the 

investment certificates CTX AT0000454186 a CECEXT 

AT0000A00M07 on the official free market. Trading with 

certificates is based on the participation of one specialist 

which is represented by raiffeisenbank a.s., and the 

issuer of both certificates is Raiffeisen Centrobank AG. 

The certificates are the first of this type of investment 

instruments on PSe market. 

The general parameters for both Index certificates are 

represented in the chart below: 

Parameter CTX AT0000454186 CECEXT AT0000A00M07 

standard amount (pcs) 200 pcs 200 pcs 

max. quotation spread Czk 12 Czk 8 

Source: PSE 

Impact on investors: extension of investment opportunities. 

Written and edited by Ales polasek 


LAUNCHINg OF FUTURES TRAdINg 

On 5 October 2006, the trading in two series of Px index 

futures has been launched on a special regulated market. 

In accordance with the stock exchange rules, trading in 

three- and six-month contracts will be possible within the 

SPAd trading segment. market maker contracts have 

been concluded with the following companies: 

Nepomuk Monument, Prague 

➔ Ceská sporitelna, a.s. 

➔ fIO, burzovní spolecnost, a.s. 

➔ Patria finance, a.s. 

General information: 

futures series code FPXAA03M1206 

futures series name PX FUT Dec06 

multiplier 100 

trading unit points 

trading currency Czk 

Issue date 5/10/2006 

expiration date 15/12/2006 

Business group 9 

quotation group B 

futures series code FPXAA06M0307 

futures series name PX FUT Mar07 

multiplier 100 

trading unit points 

trading currency Czk 

Issue date 5/10/2006 

expiration date 16/3/2007 

Business group 9 

quotation group B 



Source: PSE 

Impact on investors: extension of investment opportunities. 



COOpERATION BETWEEN THE pRAgUE 

STOCk ExCHANgE ANd THE vIETNAmESE 

STOCk ExCHANgE 

Petr koblic, Chairman of the exchange Chamber and 

General director of the Prague Stock exchange, signed 

a cooperation agreement between the Prague Stock 

exchange and its vietnamese counterpart in ho Chi minh 

City on monday, 2 October. Petr koblic is in vietnam 

along with the trade mission accompanying the Czech 

President during his official visit to Asian countries. 

the subject of cooperation between the Prague Stock 

exchange and the ho Chi min City Securities trading 

Center is the exchange of information on the development 

of the capital markets in both countries and on 

issuers operating in those markets as well as the development 

of new trading products, such as derivatives of 

newly created indices, etc. the Prague Stock exchange 

has also proposed to its vietnamese partners that it will 

provide them with information on the current developments 

in the area of stock exchange regulation in the eu. 

“the vietnamese market represents a very attractive 

region for our exchange members,” says Petr koblic, 

General director of the Prague Stock exchange, in connection 

with the upcoming signing of the agreement. 

“the stock exchange in ho Chi minh City, in its current 

condition, is very similar to the capital market that we had 

known in the Czech republic in the early 1990s. there 

are many issues on the market but only rather low trading 

volumes, particularly in blocks of shares. It is obvious that 

the Czech experience from the development of exchange 

trading in a transforming economy may be helpful to our 

vietnamese partners,” he adds. 



Signing of the cooperation agreement follows the recent 

visit of the vietnamese stock exchange delegation to 

Prague, during which the two parties discussed e.g. the 

possibility of extending the number of stock exchange 

indices, which could be tailor-made to the interests of 

investors from the partner country. the newly opened 

derivatives market on the Prague Stock exchange represents 

an opportunity how to expand the offer made to 

investors by derivates involving indices of vietnamese 

and other Asian markets. the vietnamese party has 

also expressed its interest in the operation of the trading 

system at the Prague Stock exchange which has demonstrated 

its quality and efficiency in the past years. 

representatives of the Prague Stock exchange have 

come to vietnam as part of the trade mission accompanying 

Czech President Václav Klaus during his official visit 

to the russian federation, mongolia, China, vietnam and 

Singapore. “We appreciate that we have had the opportunity 

to participate in this mission,” says Petr koblic. 

“development of contacts between Czech businessmen 

and their foreign partners is beneficial in all respects. It 

is, therefore, necessary to appreciate that the President 

is providing support for establishing such relationships 

during his foreign visits.” 

the cooperation agreement will be signed by the top 

management officials of both institutions – Petr Koblic, 

Chairman of the exchange Chamber and General director 

of PSe, on behalf of the Czech party, and tran dac 

Sinh, General director of the ho Chi minh City Securities 

trading Center, on behalf of the vietnamese party. 




Cesky Krumlov 

Source: PSE 


HUNgARy 



Se turnover huf 512.42m 

monthly Index Performance (Bux) -2.68% 






eur/huf 273,49 

000'S 

26 

25 

24 

23 

22 

21 

20 

19 

BUDAPEST (BUX) - PRICE INDEX 


18 


AktuelleS 



RANkINg OF CUSTOdIANS IN HUNgARy IN 

q , 006 

According to the recent publication of the hungarian 

National Bank, hvB hungary maintained its illustrious 

first position among the custodians in Hungary and 

reached a 18,82% market share in q2, 2006 based on 

the assets held under custody. 

erSte Bank 

2,35% 

CIB Bank 

3,86% 

raiffeisen Bank 

4,35% 

mkB 

4,60% 

Ranking of custodians in Hungary based on 

assets held under custody 

Other custodians 

23,78% 

k & h 

5,39% 

ING Bank 

8,58% 

OtP 

11,90% 

hvB Bank 

18,82% 

Citibank 

16,37% 

Sopron 



ETF: SOON INTROdUCEd TO BSE 

etfs (exchange traded fund) are expected to be 

introduced on the Budapest Stock exchange (BSe) in 

December 2006. The first BSE-traded ETF will closely 

imitate the Bux index and be substantially simpler than a 

derivative instrument. 

the main reasons for the etf’s popularity among both 

private and institutional investors are transparency, 

diversification, liquidity and the favourable costs. 

however, etfs are not yet widely held in the eastern 

european region, professionals predict a dynamic 

increase of the etfs woldwide: the volume of the traded 

funds in this construction may quadruple and exceed 

USD 2.000 bn in five years. 


Written and edited by zsanett Lencsés 


pOLANd 


Se turnover PlN 9.23bn 

monthly Index Performance (WIG20) 1.59% 

WIG -1.44% 






eur/PlN 3,91 

3400 

3200 

3000 

2800 

2600 

2400 

2200 

WARSAW GENERAL INDEX 20 - PRICE INDEX 


2000 


AktuelleS 



REmOTE mEmBERSHIp BUSINESS IS 

gAININg IN ImpORTANCE 

It is our pleasure to announce that on 2 October 2006, 

Bank Austria Creditanstalt started direct trading on the 

Warsaw Stock exchange (WSe) as a remote broker. BA- 

CA became a full member on the equity and the derivatives 

market and thanks to the direct line set up between 

the trading floors in Vienna and the WSE, BA-CA’s clients 

may efficiently trade on the Polish market. The decision 

of BA-CA regarding the direct membership of the WSe 

is a response to increasing demand of retail and institutional 

investors and brokers in Polish equities. 

transactions executed by BA-CA are settled by Bank 

BPh, acting as a clearing member at the NdS level. Bank 

BPh played a leading role in canvassing for introduction 

of remote membership and we were the very first local 

custodian that, benefiting from the know-how received 

from the Vienna office, offered clearing services to 

remote brokers. 

Since July 2005, when we settled the first remote broker’s 

trade on the market, we have been appointed as a 

clearing member by five out of ten remote members of 

the WSe. Based on the data provided by the WSe on a 

monthly basis it can be calculated that we settle approximately 

two thirds of the turnover generated by remote 

brokers. It should be, however, noted that remote brokers’ 

share in the total WSe trading turnover does not exceed 

3-4% at the moment. We believe BA-CA activity shall 

significantly improve these statistics. 

Krakow 

➔ 

➔ 

➔ 

➔ 

➔ 



It is commonly expected that with the extension of remote 

membership activity and attraction further investment 

firms by the Warsaw bourse, the remote business, 

launched in Poland only 15 months ago, will develop further. 

Although so far remote brokers have not dominated 

trading on the market, it is fully justified to believe that 

they will generate crucial share in the stock exchange 

trading in the future. 

As we already mentioned in the April issue of our Custodian 

Newsletter (accessible at http://www.hvb-custody. 

com/download/Pdf_Newsletter/Newsletter_April2006. 

pdf), in which we described the WSe admission procedures 

both in terms of formal and operational aspects, 

remote membership to the WSe has created new trading 

possibilities for foreign brokers which are now freely to 

choose whether to conclude their trades via local brokerage 

firms or directly on the Warsaw bourse. 

In our opinion, when examining remote trading scheme, 

the following advantages should be taken into consideration: 

direct presence on the market 

No intermediary fee – reduced costs (please refer to the 

attached table) 

direct contact with the exchange 

Better response time, better control over placed orders 

Reliable and flexible technical infrastructure 

No doubt, the above are strong incentives, and the grow- 


ing interest in remote trading we can observe will surely 

result in further growth and development of this business 

on the market. 

Impact on investors: establishing of a direct link between BA-CA 

and the Warsaw Stock exchange may be seen as a further sign of 

growing demand for the Polish securities from foreign investors and 

increasing interest in remote trading on the Warsaw bourse. 

We are strengthened in our conviction that the WSe, 

thanks to the development of remote trading accompanied 

by the impressive number of initial public offerings 

– including foreign companies, may play a role of a 

region leader. 

WSE MEMBERSHIP FEES 

No admission fee 

Annual fee for the possibility to execute transactions: 

a) all financial instruments PLN 33,000 

b) all securities PlN 30,000 

c) debt instruments PlN 2,000 

d) derivatives PlN 10,000 

TRANSACTION FEES 

Stocks 

value of an order 

0 - 100,000 PlN 1 plus 0.039% 

100,000 - 2 million PlN 10 plus 0.030% 

over 2 million PlN 410 plus 0.010% 

(not more than PlN 1000) 

Futures 

bonds PlN 0.60 per contract 

other futures PlN 2 per contract 

Options 0.72% of premium 

(not less than PlN 0.2 and 

not more than PlN 1.44) 

Source: WSE Rules 

(http://www.gpw.com.pl/zrodla/e_ogieldzie/regulacje/rules_wse.pdf) 

Written and edited by krzysztof pekrul 



Statue of Nikolaus Kopernikus, Krakow 


Creditanstalt AG

ROmANIA 


Se turnover rON 686,56m 

monthly Index Performance (Bet) 3.50% 






eur/rOl 3,51 

9000 

8500 

8000 

7500 

7000 

6500 

6000 

5500 

ROMANIA BET (L) - PRICE INDEX 


5000 


AktuelleS 



g.E. CO. TO BUy ELECTROpUTERE 

CRAIOvA 

the government said in a statement on tuesday that the 

u.S. giant General electric Co. is interested in buying 

the romanian state-owned electrical equipment maker 

electroputere Craiova. 

romania’s government has been trying since November 

2005 to sell a 62.8% stake in loss-making electroputere, 

an industrial enterprise dating from communist days. 

“the company is not only interested in electroputere 

Craiova, but also in participating in the upgrading project 

of romania’s locomotive yard,” the statement said. 


Written and edited by Bogdan Badulescu 

Senior Relationship Manager 

Building of Association of Romanian Architects, Bucharest 



pRIvATIzATION OF 3 ELECTRICA 

BRANCHES 

On tuesday the romanian economy ministry published 

a sell off proposal confirming that Romania plans to sell 

42% stakes in three state-owned electricity distributors to 

strategic investors. 

the plan includes a capital increase in electrica muntenia 

Nord, electrica transilvania Nord and electrica transilvania 

Sud, but first it has to be approved by the whole 

cabinet. 

romania, which will join the european union next year, 

has already sold stakes in five out of eight units of the 

electrica group, to Czech utility, Germany’s e.ON and 

Italy’s enel, for around eur 1.2 billion (uSd 1.5 billion). 

“the process of privatization will be done individually 

for each subsidiary, by selling 42% of existing shares 

to a strategic investor,” the ministry said, and also the 

share capital of the companies will be increased by IPO 

which would allow an investor to have a 51% stake in a 

company it buys. five bidders should be short-listed for 

each company, the ministry said. the privatizations will 

not become final before 2007. 

Impact on investors: New investing opportunity. 

Written and edited by Roxana Stoean 



SERBIA 



Se turnover CSd 8.998.93 

monthly Index Performance 0.05% 



3-month money market rate n.a 



eur/dIN n.a 

HvB BANk SERBIA ANd mONTENEgRO 

Ad BECOmES CUSTOdy BANk OF dELTA 

gENERALI pRIvATE vOLUNTARy pENSION 

FUNd 

hvB Bank Serbia has become the custody bank of the 

country’s first private voluntary pension fund, “Delta 

Generali Beograd”. the bank will conduct daily valuations 

of the pension fund and report to the National Bank of 

Serbia (NBS), while serving as a sort of primary control 

mechanism over private pension fund management. 


Written and edited by vesna grubesic 


ImpLEmENTATION OF LAW ON BANkS 

STARTS ON 1 OCTOBER 

the implementation of the new law on Banks started 

on 1 October 2006. Banks holding an operating license 

of the NBS have to bring their operations, organization 

and documents into compliance with the provisions of 

this law. By the above date at the latest, banks will be 

required to, inter alia, obtain National Bank’s approval of 

documents of incorporation and articles of association 

and preliminary approval of appointing chairmen and 

members of managing and executive boards. 

Prince Lazar, Krusevac Castle 



The Law on Banks has introduced a number of significant 

novelties, such as a new procedure of founding a 

bank, and a modern approach to bank management. Its 

provisions also set down that preliminary approval of the 

NBS is required before a bank can appoint members of 

its managing and executive boards. In order to acquire a 

stake amounting to five or more percent of voting rights, 

the acquirer will have to obtain prior approval of the NBS. 

The law also specifies the types of operational risks to 

which banks can be exposed and risk management procedures, 

manner of conducting consolidated supervision 

and the obligation for banks to appoint an external auditor 

from a list compiled by the NBS. 

Impact on investors: this will have impact on the foreign investors 

mostly in the part of purchasing shares issued by the Serbian 

banks. regarding to the new law, prior to investing in any 

of Serbian banks, an investor that desires to purchase and / or 

hold shares of a bank amounting to the number of shares that 

gives more than 5% of voting rights of any Serbian bank would 

have to apply for the permission from the National bank of Serbia. 

Written and edited by vesna grubesic 


SLOvAkIA 


Se turnover Skk 658m 

monthly Index Performance (SAx) 0.51% 

GdP per Capita (2005, in eur) 7.084 





eur/Skk 36,91 

480 

460 

440 

420 

400 

380 

SLOVAKIA SAX 16 - PRICE INDEX 


360 


AktuelleS 



BRATISLAvA STOCk ExCHANgE’S 

SEpTEmBER TURNOvER Skk 113.88 BLN. 

turnover on the Bratislava Stock exchange (BCPB) 

reached Skk 113.88 billion in September, which is a 

16.8% decline m/m and a 15.4% y/y drop. the number 

of transactions decreased by 10.3% to 6,210 m/m. In 

contrast, it grew 8.5-times y/y. the ongoing mandatory 

takeover bid announced for all three of Istrokapital’s 

share-issues positively influenced the total number of 

transactions. from january to the end of September 

18,535 deals of Skk 674.86 billion were made, decreasing 

by almost 25% y/y. 

Share trading was Skk 628.5 million with 6,042 transactions 

concluded in September. Within mandatory takeover 

bids, shares from Istrokapital issues of Skk 209.5 

million were transferred in 5,702 deals, which is 33% of 

the BCPB’s total turnover. Apart from the aforementioned 

bid, the mandatory takeover bids announced for the 

shares of the company Geodezia Bratislava and the dairy 

humenska mliekaren also expired. No new mandatory 

takeover bids were announced in September. 

the market capitalization of company shares on the 

BCPB reached Skk 157.4 billion in September, up 0.3% 

m/m. the actual part of issues that have at least one 

market price in their history with the exception of investment-fund 

shares and shares of mutual funds rose by 

0.4% to Skk 147.1 billion m/m. that was 93.5% of the 

total share of market capitalization. the market capi- 

Town Hall, Ljubljana 



talization of the quoted issues dropped by 0.3% to Skk 

82.4 billion since 31 August. No new share issue was 

introduced on the BCPB markets in September. trading 

in four issues of Skk 246 million was closed. All excluded 

titles came from the BCPB regulated free market. 

SAX, the official share index, closed September at 

406.50 points. the SAx posted a monthly increase of 

0.5% and a y/y decline of 11.6%. It hit a monthly high at 

408.31 points on 28 September, and the monthly low was 

400.50 points on 14 September. 


Written and edited by zuzana milanová 


410 

408 

406 

404 

402 

400 

398 

396 

04.09.2006 

05.09.2006 

SAX index performance from 01.09.2006 to 29.09.2006 

06.09.2006 

07.09.2006 

08.09.2006 

11.09.2006 

12.09.2006 

13.09.2006 

14.09.2006 

18.09.2006 

19.09.2006 

20.09.2006 

21.09.2006 

22.09.2006 

25.09.2006 

26.09.2006 

27.09.2006 

28.09.2006 

29.09.2006 


NEW SqUEEzE OUT ANd SELL OUT RULES 

TO BE vALId AS OF 007 

the rules on squeezing out small shareholders should 

become valid in Slovakia as of the start of 2007. the 

Cabinet adopted a draft revision to the law on Securities 

and Investment Services introducing these rules. the 

parliament plans to deal with the draft revision at the next 

session starting on 17 October. 

When a majority owner’s stake reaches at least 95% of 

share assets after terminating a takeover bid, the new 

law stipulates that the owner will be entitled to require 

owners of remaining shares to sell them to him for an 

adequate price. the owner can use this right within 

three months of the takeover bid being terminated, but 

he will have to get permission from the National Bank of 

Slovakia. As a protection mechanism for small shareholders, 

the majority shareholder will be obliged to buy small 

shareholders’ shares for the same price as being asked 

to do so. 

Impact on Investor: the squeeze out and sell out rules 

are in line with eu requirements and are implemented 

along with the eu directive on takeover bid. 




ELECTRONIC pROCUREmENT SySTEm 

STARTS ON jANUARy 

the electronic public-procurement system will operate 

in Slovakia from 1 january 2007. despite the launch, 

Slovakia still lags behind the other european union (eu) 

member states with the introduction of electronic publicprocurement. 

from january, Slovakia will have to get 

used to public procurers having to procure goods only in 

an electronic form in line with the public procurement law. 

electronic procurement of services and works will not be 

obligatory by law. Procurers will have the opportunity to 

use this form. Among public procurers are towns, municipalities, 

ministries, central state-administration authorities, 

and health-care insurers. 





Castle, Bratislava 


Creditanstalt AG

SLOvENIA 


Se turnover SIt 16,920 m 

monthly Index Performance (SIt20) 2.79% 






eur/SIt 239,58 

5800 

5600 

5400 

5200 

5000 

4800 

4600 

4400 

SLOVENIAN EXCH. STOCK (SBI) - PRICE INDEX 


4200 


AktuelleS 



TELEkOm SLOvENIjE LISTEd ON 

LjUBLjANA STOCk ExCHANgE 

➔ 

➔ 

➔ 

➔ 

➔ 

➔ 

the Board for the admission of securities to trading on 

the ljubljana Stock exchange adopted a decision on 18 

September 2006 to admit 6,535,478 tlSG shares of 

telekom Slovenije, d. d., ljubljana (total nominal value 

of SIT 65,354,780,000) to trading on the official market. 

First day of trading on the official market was set to be 2 

October 2006. 

Basic data on the issue of shares: 

total nominal value of the issue - SIt 65,354,780,000; 

with a total of 6,535,478 shares at SIt 10,000 each. 

through entry to the kdd central registry, the shares 

were issued as book-entry securities on 3 August 1998. 

On 30 August 2006, the issuer acquired the licence from 

the Securities market Agency (AtvP) for organized trading 

and adopted a decision on the confirmation of the 

Organized trading Prospectus, available on the issuers 

web page http://www.telekom.si/en/. 

One lot - trading unit stands for one share; minimum 

volume for trading on the BtS system is one lot. 

Short trading code in the BtS system: tlSG; issuer's 

code: tlS; ISIN code: SI 003110429 0. 

tlSG shares will be traded according to the continuous 

trading method. 

Town Hall, Ljubljana 



According to marko Simoneti, president of the management 

Board of ljubljana Stock exchange, the listing 

of telekom shares presents an important event for the 

ljubljana Stock exchange. Numerous minor shareholders 

will from now on be able to trade with telekom on 

the regulated market in a transparent manner. telekom 

will enhance the offer of quality securities listed on the 

exchange and in this way appeal to domestic and international 

portfolio investors. By taking this step telekom 

has committed itself to follow high reporting standards 

defined for listed companies, while its business performance 

and the scheme for its privatization will thus 

become subject to direct scrutiny from domestic as well 

as international market participants. Also the president of 

the company’s management Board, mr. Bojan dremelj, 

emphasised that being listed on the exchange is very 

important and also immensely challenging. they have 

accepted the rules governing regulated capital markets 

and with this their business will begin to expand into 

new dimensions. In compliance with the rules, they will 

be obliged to provide their shareholders with all relevant 

information needed for them to make an informed 

assessment of the value of their investment. It is up to the 

management and all the employees of the company to 

continue to enhance the effectiveness of their business, 

to remain the winner on the electronic telecommunications 

market, to achieve even better business results and 

in that way to maximize the value of the company. 


In the group, Telekom is efficiently managing the costs 

and reducing the number of employees (in the last 4 

years there have been 600 employees less). they have 

a vision, mission, knowledge and infrastructure, the 

business results are excellent but are not jet suitable for 

public announcement. 

Addimition to Stock exchange quotation has brought 

some changes. Telekom was the first to accept a rule 

book on limitation of insider information. Novelty is also 

authorization granted to member firm Abanka Vipa d.d. by 

ljSe the status of a liquidity provider for the tlSG shares 

of telekom Slovenije, d. d. the member is being granted 

the status of a liquidity provider for the period of twelve 

months. the purpose of introducing liquidity providers to 

the Slovene capital market was to enhance liquidity of the 

shares and also of the market. the enhanced liquidity on 

a market reduces investor costs as well as hidden costs 

of trading with a security. 


Written and edited by Barbara zajc 


THE FIRST SLOvENIAN CApITAL mARkETS 

dAy IN vIENNA 

On 12 September 2006, ljubljana Stock exchange, kdd 

- Central Securities Clearing Corporation ljubljana and 

raiffeisen Centrobank AG, hosted a Slovenian Capital 

markets day in vienna. the event comprised presentations 

of the top Slovene companies from the prime and 

the official market of the Ljubljana Stock Exchange as 

well as one-on-one meetings with institutional investors. 

The seven participating issuers of the prime and official 

market were: 

➔ Aerodrom ljubljana, d.d. 

➔ Gorenje, d.d. 

➔ Intereuropa, d.d. 

➔ luka koper, d.d. 

➔ mercator, d.d. 

➔ merkur, d.d. 

➔ telekom Slovenije (at that moment telekom was not yet 

listed on the official market) 

the main purpose of the event was to introduce the business 

operations and future plans of the prime Slovenian 

issuers to Austrian and other international institutional 

investors, to increase the recognition of Slovene capital 

market, the most prominent Slovene issuers, to improve 

the liquidity of securities and to lower the costs of trading 

for investors on ljSe. 

regarding the international promotional events, both 

the ljSe and the kdd expect a satisfactory long-term 

effect on the Slovene capital market. Increased invest- 




ments of international portfolio investors will improve the 

recognition of the Slovene capital market. this will help 

the absorption capabilities of the market for the potential 

new listings and recapitalization and will help to improve 

the conditions for the execution of planned privatization 

projects and restructuring of Slovene state-owned investment 

funds kAd (the Capital Corporation of Pension and 

disability Insurance) and SOd (the Slovenian reimbursement 

fund) into portfolio investors. 




BRIEF SUmmARy OF THE mARkET 

ACTIvITy IN SEpTEmBER 

the total turnover on the ljubljana Stock exchange in 

September 2006 amounted to SIt 21.4 billion and was 

therefore 85.3% higher than last year´s average. Compared 

to 2005, the total turnover increased in size by 

49.15% . the biggest volume of trading was recorded 

with shares of listed companies krka, mercator, Sava, 

luka koper, which represented 78.9% of all ljubljana 

Stock exchange turnover structure. In September, a 

total of 17,487 trades were executed on ljubljana Stock 

exchang, which amounted to 833 trades per day. the 

average daily turnover in September amounted to SIt 

1.02 billion, exceeding last year’s average by 83.8%. 

the largest contributors in the market capitalization 

were shares of listed companies with 53.5%, followed by 

bonds with 41.9%. during the past year, market capitalization 

of shares listed on the official market went up 

by 50 %, from SIt 1,068.7 billion to SIt 1,608.1 billion. 

On 30 September 2006, the market capitalization of all 

shares listed on ljSe represented 30.8% of Slovenia 

2005 GdP (current prices). 

the SIB 20 index rose 2.8% in September and peaked 

at 5,603 index points on 29 September, setting a new 

record value for the index. the investment funds Index 

– PIx gained 3.8 % and the blue-chip index SBI tOP 

gained 3.6%, closing on a positive note on 13 trading 

days in September. 

market makers reported 65 trades through the market 

makers Segment which amounted to SIt 20.6 billion with 

the largest share of turnover recorded by the bonds of 

Slovenia, 61st issue, with the most active member firm 

Nova ljubljanska banka. 




UkRAINE 


Se turnover uAh 1.98m 

monthly Index Performance (PftS) -4.63% 






eur/uAh 6,31 

4600 

4400 

4200 

4000 

3800 

3600 

3400 

3200 

3000 

UKRAINE KP-DRAGON - PRICE INDEX 


2800 


AktuelleS 



NATIONAL BANk OF UkRAINE ANd 

pARLIAmENT’S FINANCIAL COmmITTEE 

INSIST ON THE ABOLITION OF THE 

pENSION FUNd dEdUCTION 

the National Bank of ukraine (NBu) and the Parliamentary 

Committee on finance and Banking argue about 

the abolition of the deduction to the State Pension fund, 

which is applied in case of purchase of a foreign currency. 

This was suggested by the first deputy chairman of NBU, 

Anatoly Shapovalov, and the head of the parliamentary 

committee, Petro Poroshenko, at the meeting of Association 

of ukrainian banks (AuB) held on 6/10/2006. 

In accordance with mr. Shapovalov, cancellation of the 

deduction will help banks to activate their operations in 

the inter-currency market. 

Golden Gate, Kiev 



the law on State Budget of 2006 stipulates the deduction 

to the Pension fund applied to transactions with a foreign 

currency at 1.3% of the transaction amount. In 2005, the 

respective rate was 1.5%. Non-resident investors are 

also currently the payers of the deduction. 

In accordance with information from the Pension fund of 

ukraine, the volume of payments to the Pension fund in 

january to September 2006 amounted to uAh 1.7 billion. 


Written and edited by Bohdana yefremova 



NEWSFLASHES 




As a service for our clients, please find the following Newsflashes which have already been published. If you are interested 

in any of the topics, please visit the download section of our homepage (http://www.hvb-custody.com/). 

CEE 

Newsflash CEE Region - Successful Projects in 2006 

AUSTRIA 

Newsflash AUSTRIA - Holiday Reminder 

BOSNIA & HERzEgOvINA 

Newsflash BOSNIA AND HERZEGOVINA -”Bosnalijek” d.d. Sarajevo first time on Sarajevo Stock Exchange listing (quotation) 

Newsflash BOSNIA AND HERZEGOVINA - Holiday Reminder 

Newsflash BOSNIA AND HERZEGOVINA - First Custodian Transaction in BiH 

BULgARIA 

Newsflash BULGARIA - EFG Eurobank to Buy DZI Bank 

Newsflash BULGARIA -FSC Changes Regulation 

Newsflash BULGARIA -Public Offering of Securities Act Amendments 

Newsflash BULGARIA - Custody Department of HVB Bank Biochim Moved to New Building 

Newsflash BULGARIA - BNB Removes Loan Growth Restrictions 

Newsflash BULGARIA - S&P Raises Bulgaria's FC Ratings to BBB+ 

Newsflash BULGARIA - Changes in the LPOS (Securities Act) Published 

CROATIA 

Newsflash CROATIA - Montmontaza and Zlatni otok shares suspended 

Newsflash CROATIA - Pliva sold to Barr 

Newsflash CROATIA - Auto-centar Merkur shares suspended 

Newsflash CROATIA - Holiday Reminder 

Newsflash CROATIA - Holiday Reminder 

Newsflash CROATIA - HANFA's Regulation on Suspension of Trading 

Newsflash CROATIA - DTT between Korea and Croatia 


Newsflash CZECH REPUBLIC - Interest Rates Hiked by 25bps 

Newsflash CZECH REPUBLIC - Trading with investment certificates starts today 

HUNgARy 

Newsflash HUNGARY- Arpad Pal appointed as CEO of BSE 

Newsflash HUNGARY - Holiday reminder 

Newsflash HUNGARY - Holiday Reminder 

pOLANd 

Newsflash POLAND - Chairman of the Office for the Financial Supervision appointed 

Newsflash POLAND - Amendments to the Banking Law

ROmANIA 

Newsflash ROMANIA - Romania’s EU Accession 

Newsflash ROMANIA - BCR Bond Issue 

Newsflash ROMANIA - Romanian Constitutional Court clears BCR sale 

Newsflash ROMANIA - Moody’s release on Romania 

Newsflash ROMANIA - Electroputere Craiova Sale 

Newsflash ROMANIA - A&D Pharma Sets Price Range for Initial Public Offering 

Newsflash ROMANIA - The Romanian BSE and BMFMS will not merge 

Newsflash ROMANIA - Romania to amend law to boost bond issuance 

Newsflash ROMANIA - Alumil Rom Industry to set IPO 

Newsflash ROMANIA - Goverment announcement 

Newsflash ROMANIA - World Bank Bonds to be listed on BSE 

Newsflash ROMANIA - A&D Pharma raises 120 million Euro in Romania’s first UK IPO 

Newsflash ROMANIA - New Romanian Bond Starts Trading 

Newsflash ROMANIA - Clarification of the Procedure Regarding Capital Gains Tax of 1% 

Newsflash ROMANIA - BCR's Bond Issue Rates at "A" 

Newsflash ROMANIA - New Board of Directors on CSD 

SLOvENIA 

Newsflash SLOVENIA - EURO Adoption 

Newsflash SLOVENIA - Transfer of 16 bonds from semi-offical to the official market 

Newsflash SLOVENIA - Act Amending Legal Penalty Rate Act 

Newsflash SLOVENIA - Holiday Reminder 

Newsflash SLOVENIA - EUR Adoption - Fixed Income 

Newsflash SLOVENIA - New DTTs in place 

SLOvAkIA 

Newsflash SLOVAKIA - Holiday Reminder 

SERBIA 

Newsflash SERBIA - Hypo Alpe-Adria Bank to float on BSE starting October 2, 2006 

Newsflash SERBIA - Reduced fees of Belgrade Stock Exchange 

Newsflash SERBIA - 5th International BSE Conference 

Newsflash SERBIA - Serbia Verifies New Constitution 

Newsflash SERBIA - Agro Bank Invites Subscriptions to Third Share Issue 

UkRAINE 

Newsflash UKRAINE - Banks to Become Open Joint-Stock Companies 

Newsflash UKRAINE - Reduced Tax Rate for Austrian Financial Institutions 

Newsflash UKRAINE - Quorum at General Meeting Will Be Decreased 

Newsflash UKRAINE - BA~CS Successfully Implemented 




CONTACTS 

BA-CA gROUp Rm 

david Penstone +43 50505 58547 

Andreas Petzl +43 50505 58510 

eva kacsirek +43 50505 58511 

mirela manea +43 50505 58508 

milovan Protic +43 50505 58560 

AUSTRIA 

josip kevari +43 50505 58509 

Sean eisiminger +43 50505 58512 

Stephan hans +43 50505 58513 

thomas rosmanitz +43 50505 58515 

BOSNIA ANd HERzEgOvINA 

Adnan Šec’ibovic’ +387 33 562 849 

Belma Kovačevic’ +387 33 562 810 

BULgARIA 

miroslav velikov +359 2 9269 124 

daniela Georgieva +359 2 9269 386 

CROATIA 

vladimir racic +385 1 6305 014 

valerija Bezak +385 1 6305 430 


michal Stuchlik +420 2 2111 2581 

Ales Polasek +420 2 2111 2580 

HUNgARy 

Attila Szalay-Berzeviczy +361 301 1910 

zita marton +361 301 1911 

dóra horváth +361 301 1924 

Orsolya kéry +361 301 1921 

zsanett lencses +361 301 1920 

Issue 67, October 2006 

pOLANd 

radoslaw Ignatowicz +4822 531 9441 

zbigniew Scislowski +4822 531 9447 

katarzyna zakrzewska +4822 531 9443 

ROmANIA 

Irina Savastre +40 21 203 2297 

Bogdan Badulescu +40 21 203 2294 

SERBIA 

Aleksandra kraguljevic +381 11 3204 559 

jasmina radicevic +381 11 3204 520 

vesna Grubesic +381 11 3204 576 

SLOvAkIA 

matej letko +421 2 5969 1500 

zuzana milanová +421 2 5969 1501 

SLOvENIA 

vanda mocnik-kohek +386 1 587 6450 

Barbara zajc +386 1 587 6453 

UkRAINE 

Bohdana yefremova +380 44230 3341 

Olesya Pyatchanina +380 44590 1209 

yelena karas +380 44230 3342 


Creditanstalt AG

ImpRINT 

Statement pursuant to the Austrian Media Act 

Publisher and Media Owner 

Bank Austria Creditanstalt AG 

1010 vienna, Am hof 2, 

1030 vienna, vordere zollamtsstrasse 13 



Information requirements pursuant to the Austrian 

E-Commerce Act 

Registered Office an Postal Address: 

1010 vienna, Am hof 2 

1030 vienna, vordere zollamtsstraße 13 

tel: +43 (0) 50505 – 0, e-mail: info@ba-ca.com 

Swift: BkAuAtWW 

Austrian bank code: 12.000 

registered under no. fN 150714p Companies register at the 

Commercial Court vienna 

kind of business: Credit institution under section 1 (1) Austrian Banking Act 

Supervisory authority: Austrian financial market Supervisory 

Authority (finanzmarktaufsicht), departments banking 

supervision and securities supervision, 1020 vienna, Praterstraße 23; 

http://www.fma.gv.at 

membership: Austrian federal economic Chamber, bank and 

insurance division, 1040 vienna, Wiedner hauptstraße 63; 

http://www.wko.at; 

Austrian Bankers‘ Association, 1013 vienna, p.o.box 132; 

http://www.voebb.at; 

Applicable legal regulations: Applicable legal regulations are 

in particular the Austrian Banking Act („Bankwesengesetz 

– BWG“, federal law Gazette/BGBl. No. 532/1993, with 

some amendments), the Austrian Securities Supervision Act 

(„Wertpapieraufsichtsgesetz – WAG“, federal law Gazette/BGBl. 

No. 753/1996, with some amendments) an the Austrian Savings 

Banks Act („Sparkassengesetz“, federal law Gazette/BGBl. No. 

64/1979, with some amendments). 

VAT identification number: ATU 51507409 

dISCLAImER 

the information in this publication is based on carefully selected sources believed to be reliable but we do not make any representation as to its accuracy or completeness. Any opinions 

herein reflect our judgement at this date and are subject to change without notice. Any investments discussed or recommended in this report may be unsuitable for investors depending 

on their specific investment objectives and financial position. Any reports provided herein are provided for general information purposes only and cannot substitute the obtaining of independent 

financial advice. Private investors should obtain the advice of their banker/broker about any investments concerned prior to making them. Nothing in this publication is intended 

to create contractual obligations on the UniCredit Markets & Investment Banking Division ("UMIB Division") composed of (the respective divisions of) Bayerische Hypo- und Vereinsbank 

AG, munich, Bank Austria Creditanstalt AG, vienna and uniCredit Banca mobiliare S.p.A., milan and certain of their subsidiaries. 

Note to UK Residents: 

In the United Kingdom, this publication is being communicated on a confidential basis only to clients of the UMIB Division (acting through Bayerische Hypo- und Vereinsbank, London 

Branch) who (i) have professional experience in matters relating to investments being investment professionals as defined in Article 19(5) of the Financial Services and Markets Act 2000 

(Financial Promotion) Order 2005; and/or (ii) are falling within Article 49 (2) (a) – (d) ("high net worth companies, unincorporated associations, etc.") of the FPO (or, to the extent that 

this publication relates to an unregulated collective scheme, to professional investors as defined in Article 14(5) of the Financial Services and Markets Act 2000 (Promotion of Collective 

Investment Schemes) (Exemptions) Order 2001) and/or (iii) to whom it may be lawful to communicate it (all such persons being referred to as "Relevant Persons"). This publication is 

only directed at relevant Persons and any investment or investment activity to which this publication relates is only available to relevant Persons or will be engaged in only with relevant 

Persons. Solicitations resulting from this publication will only be responded to if the person concerned is a relevant Person. Other persons should not rely or act upon this publication/ 

presentation or any of its contents. 

the information provided herein (including any report set out herein) does not constitute a solicitation to buy or an offer to sell any securities. the information in this publication is based 

on carefully selected sources believed to be reliable but we do not make any representation as to its accuracy or completeness. Any opinions herein reflect our judgement at this date 

and are subject to change without notice. We and/or any other member of the umIB division may take a long or short position and buy or sell securities mentioned in this publication. We 

and/or members of the umIB division may act as investment bankers and/or commercial bankers for issuers of securities mentioned, be represented on the board of such issuers and/or 

engage in "market making" of such securities. We and/or members of the UMIB Division may also, from time to time, have a consulting relationship with a company being reported upon. 

Any investments discussed or recommended in any report provided herein may be unsuitable for investors depending on their specific investment objectives and financial position. Any 

information provided herein is provided for general information purposes only and cannot substitute the obtaining of independent financial advice. Nothing in this publication is intended 

to create contractual obligations on any of the entitites composing the unicredit markets & Investment Banking division. Bayerische hypo- und vereinsbank AG, london branch is regulated 

by fSA for the conduct of investment business in the uk. 

Notwithstanding the above, if this presentation/publication relates to transferable securities (as defined in the Investment Services Directive) it is sent to you on the basis that you are a 

Qualified Investor for the purposes of the Prospectus Directive or any relevant implementing legislation of a European Economic Area ("EEA") Member State which has implemented the 

Prospectus Directive and it must not be given to any person who is not a Qualified Investor. By being in receipt of this publication you undertake that you will only offer or sell the securities 

described in this publication in circumstances which do not require the production of a prospectus under Article 3 of the Prospectus directive or any relevant implementing legislation 

of an eeA member State which has implemented the Prospectus directive. 

Note to US Residents: 

the information provided herein or contained in any report provided herein is intended solely for institutional clients of the umIB division acting through Bayerische hypo- und vereinsbank 

AG, New York Branch and HVB Capital Markets, Inc. (together "HVB") in the United States, and may not be used or relied upon by any other person for any purpose. It does not 

constitute a solicitation to buy or an offer to sell any securities under the Securities Act of 1933, as amended, or under any other uS federal or state securities laws, rules or regulations. 

Investments in securities discussed herein may be unsuitable for investors, depending on their specific investment objectives, risk tolerance and financial position. 

In jurisdictions where HVB is not registered or licensed to trade in securities, commodities or other financial products, any transaction may be effected only in accordance with applicable 

laws and legislation, which may vary from jurisdiction to jurisdiction and may require that a transaction be made in accordance with applicable exemptions from registration or licensing 

requirements. 

All information contained herein is based on carefully selected sources believed to be reliable, but hvB makes no representations as to its accuracy or completeness. Any opinions 

contained herein reflect HVB's judgement as of the original date of publication, without regard to the date on which you may receive such information, and are subject to change without 

notice. 

HVB may have issued other reports that are inconsistent with, and reach different conclusions from, the information presented in any report provided herein. Those reports reflect the 

different assumptions, views and analytical methods of the analysts who prepared them. Past performance should not be taken as an indication or guarantee of further performance, and 

no representation or warranty, express or implied, is made regarding future performance. 

hvB and any other entity of the umIB division may, with respect to any securities discussed herein: a) take a long or short position and buy or sell such securities; b) act as investment 

and/or commercial bankers for issuers of such securities; c) engage in market-making for such securities; d) serve on the board of any issuer of such securities; and e) act as a paid 

consultant or adviser to any issuer. 

the information contained in any report provided herein may include forward-looking statements within the meaning of uS federal securities laws that are subject to risks and uncertainties. 

Factors that could cause a company's actual results and financial condition to differ from its expectations include, without limitation: political uncertainty, changes in economic conditions 

that adversely affect the level of demand for the company‘s products or services, changes in foreign exchange markets, changes in international and domestic financial markets, 

competitive environments and other factors relating to the foregoing. All forward-looking statements contained in this report are qualified in their entirety by this cautionary statement. 

uniCredit markets & Investment Banking division 

Bayerische Hypo- und Vereinsbank AG, Munich; UniCredit Banca Mobiliare S.p.A., Milan; Bank Austria Creditanstalt AG, Vienna; CA IB Corporate Finance GmbH; CA IB 

International Markets AG

Custodian Newsletter - UniCredit Bank Srbija ad Beograd

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