Information Distribution Service

B E L E X . i n f o

Information Distribution Service

User Manual

Version 1.3

Belgrade Stock Exchange, April 2008

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Beogradska berza

This document contains information which is property of the Belgrade Stock Exchange and is not to be reproduced, copied, printed, published, sold nor distributed without the written consent of the Belgrade Stock Exchange.

CONTENTS

1. BELEX.info Front Page

1.1.About This Manual

The primary purpose of this Manual is to give users basic information about the BELEX.info service and to prepare them for the use of this service, as well as to answer any potential questions they may have. The Manual gives answers to the questions how can user access the system, how to receive a username and password and how to use them,how to adjust Main Board and securities display to accommodate their needs. BELEX.info provides to all users real-time data on up to 60 selected securities simultaneously. If the investor chooses to view other companies which are not on their list they can change the list very quickly and simply.

All required trading data is available in the real-time, so the user is able to see the following: Price, Volume, Present Bid and Offer Prices, Best Bid and Offer, Open, High and Low Price, Change from the Previous Day Closing Price, the Price Trend. The subscriber is also able to see the market depth for the selected securitiy, up to 5 bid/ask positions, company’s P/E, P/B, market cap, 52- week high and low price, number of shares issued, when the shares were first quoted on the exchange, access the companies short prospectus and a graph of the intraday trading activity (price and volume).

For debt instruments, the subscribers are also able to see yields and nominal values.

1.2. A Short Description of BELEX.info Service

BELEX.info is internet based service of the Belgrade Stock Exchange which provides real-time distribution of trading data from the Belgrade Stock Exchange. Data is distributed real-time, along with the market depth information for the selected security and a graph overview of the price changes throughout the day.

1.3. BELEX.info Service Main Components

Main components of the BELEX.info service are the Main Board which contains detailed information on all traded securities, including level 2 information; a link to the issuer’s prospectus which is located on the Belgrade Stock Exchange website – a ticker showing real-time prices and changes in price and fluctuations; graphical overview of securities.

1.4. Logging-In

To log-in, the subscriber must follow instructions given by the BSE. The first step is filing out the registration form, where the username is chosen and forwarding this to the BSE. Then after payment for the services is made, the subscriber will receive a password from the BSE. So once the password is received the subscriber goes to type in his/her username and password and enter into the Main Board.

1.5. Main Board

1.5.1. Characteristics of the Main Board

The Main Board is the most important part of the BELEX.info as it gives real-time data for all securities which the subscribers selected. So, after logging-in, the subscriber will automatically be forwarded to the main page, on which, the Main Board and the Ticker are located.

The Ticker, which continuously scrolls from left to right, shows both the real-time price and the percentage price change in comparison to the previous day’s closing price for all exchange traded securities. The font of bonds is blue colour while equities are black and the colours do not change based on price fluctuations.

If the price of a security rises, in comparison to the previous day’s closing price, there is a green arrow pointing upwards and both the price and change in price will be green. However, if the price of a security happens to fall, then there is a red arrow pointing down and both the price and change in price will be red. As previously stated, the maximum number of securities that can be selected is 60 and the subscriber is also able to select which columns to view.

Subscribers are able to sort all data which the Main Board offers as they choose just by clicking on the appropriate column. So, with one click, data can be sorted either in ascending or descending order and back again.

1.5.2. Description of the Main Board’s Columns

• Symbol – symbol of a particular security
• Price – last traded price (for debt securities this is the percentage of the nominal value at which the bonds are being traded while for equities it is the price per share in Dinars)
• Change – absolute change of the price in relation to the closing price of the previous trading session
• Best Bid – the highest price which someone is presently offering to pay for a security
• Total Best Bid – the total quantity of securities being demanded at the Best Bid price
• Best Ask – the lowest price which someone is presently offering to sell a security for
• Total Best Ask – the total quantity of securities being supplied at the Best Ask price
• Sum Bid – total number of securities for which outstanding buy orders exist
• Sum Ask – total number of securities for which outstanding sell orders exist
• Volume – days total volume traded
• Open – the first price during a trading session at which a transaction was made
• High – the highest traded price during the trading session
• Low – the lowest traded price during the trading session
• Trend – the absolute change in price compared to the previously concluded transaction
• Daily Price Range – the range of prices for which the shares can trade during the day (this is related to the previous days closing price)
• Phase – the trading phase the market is currently in

1.5.3 Setting up the Main Board

Subscribers can customize the appearance of the Main Board in order to fit their needs. So that they can at all times select which securities to view (max 60), as well as columns to view and also sort data in either ascending or descending order depending on the column chosen.

1.5.4 Choosing Securities

In order to view desired securities, the subscribers must previously click on the link “securities” which is located in the upper left corner of the on the Main Board. Once inside this, the subscribers must search for securities which they want to view on the Main Board. This is done by entering either the first letter or number for the company in question or “---” so that all securities traded on the BSE are listed. After this subscribers can further simplify their search by either selecting “--All Securities”, or only previously selected securities or “securities traded today”.

After this subscribers must check the window next to the name of the security in the column titled “selection”, in order to add it to the basket of securities which are to be viewed. After this, subscribers must click “accept” which will allow the security to appear on their Main Board.

The “reset” button will return subscribers to the default view which holds only securities previously selected. After selecting the desired for securities, they return to the Main Board by clicking «Table» which is located on the top left-hand corner so that Main Board change once the new selections are made.

1.5.5. Choosing Columns

Securities are represented on the Main Board, in columns that can be customized to fit the subscribers’ needs. Clicking on “columns” displays a list of all 14 available columns (the Symbol and Price columns appear automatically). After selecting preferred columns, and clicking “accept”, and then clicking “Main Board” (located in the lower right-hand corner), subscribers are returned to the Main Board, and only selected columns are active.

1.5.6 Styling

Subscribers can adjust visual appearance of the Main Board according to their preferences, by changing the colour of the page background so as to make easier to view rows. They can also set the colour of the table borders. The Ask column is always in a reddish colour while the Bid column is always in the bluish colour in the Bid column. Also, subscribers can choose background colour for the display when the market is closed, text font and size and font colour. After setting visual characteristics of the Main Board all which the subscribers must do is click on the “Save” button, and then on the “board” button to return to the Main Board.

1.6 Details of Securities

In order to see details about a specific security, all that subscribers have to do is to click on chosen security on Main Board (the colour of the row of the security will automatically turn blue) and then click on the link “Detail of Securities”. After this, on the bottom of the page details of that security will appear along with the Depth chart andIntraday graph with prices and volumes information, if the selected security is traded on the continuous market. The red line on the graph represents the intraday prices of the security while the blue bars represent intraday traded volumes (in number of securities).

“Securities details” contain the following data for equities:

• Symbol and full name of the traded security
• ISIN number
• Depth chart with a market depth for the selected security, by prices, up to five best bid/ask positions and quantities forthe said bid/ask prices
• Total number of shares issued by the company
• Date of the first trading session for the specified shares on the BSE
• Code and name of the industrial sector of the issuer
• Market capitalization of the company
• P/B ratio (ratio showing the shares market value in relation to its book value)
• P/E ratio, (ratio which shows the shares market value in relation to its earnings per share)
• 52 Week High Price and the date when the highest price was reached
• 52 Weeks Low Price and the date when the lowest price was reached

“Securities details” contain the following data fordebt:

• Symbol and the full name of the traded security
• ISIN number
• Depth chart with a market depth for the selected bond, by prices, up to five best bid/ask positions and quantities for said bid/ask prices
• Nominal value
• Bonds annual yield
• 52 Week High Price and the date when the highest price was reached
• 52 Weeks Low Price and the date when the lowest price was reached
• Date of the first trading session for the specified shares on the BSE
• Maturity date

1.7 Prospectus

Subscribers of the BELEX.info service can promptly and easily access the prospectus of a company, as all which they have to do is select and highlight the company in question and click on the button „Prospectus“. A new window will open containing the prospectus of the company.

1.8 BELEX15

User of the BELEX.info service can access graphic presentation together with data concerning the latest value of Belgrade Stock Exchange index in the real time, by activating the link BELEX15 from the main table.

The purpose of the index is to measure changes of prices of shares (price index), on the regulated and unregulated market, traded by continuous method, which have previously fulfilled the criteria for inclusion into the index basket. Index BELEX15 is primarily designed for the improvement of the investment process, by measuring performance of the most liquid segment of Serbian capital market, as well as through possibility of comparing the potential investment strategies with index. The index is expected to bee analytical tool for portfolio managers, professional analysts, experts, investors, as well as for all persons who are analysing dynamics of the price movements on this market.

After activating the link the following window will open:

Data concerning daily movements of the index are presented above the graph:

• Value – the last index value
• Open – index value at the opening
• High – the highest index value
• Low – the lowest daily value of the index
• Change – change of the index value compared with closing value of the previous day
• Trend - change of index value compared with previous value

Graphic presentation is automatically updated, in equal time periods. In the case that shorter time periods for updating are needed, user should activate taster “update presentation”.

Data concerning components of the index basket are below the graphic presentation:

• Issuer and its symbol in BELEX
• Quantity - total number of issued shares of the issuer
• FFC- Free float factor is percentage in the free float, which is publicly accessible to potential investors.
• % - percentage of participation of the each individual security in the index basket on the day after the review.

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