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The Government of the Republic of Serbia

In the service of citizens

Applications for free shares from January 28

Belgrade, 23 January 2008

Serbian Minister of Economy and Regional Development Mladjan Dinkic said today that a public issuing of free shares for citizens will be announced on January 25 and that applications will be accepted from January 28 to July 31, 2008.

From left: Goran Ciric, Mladjan Dinkic and Tamara Samardzic

Dinkic said at a press conference that all Serbian citizens who were of age by the end of last year, had acquired Serbian citizenship by January 3 of this year and had a registered address in Serbia on June 30 last year, are entitled to receive free shares.

According to Dinkic, the condition is that by the deadline for applying, citizens must be on the live register and should not have availed of free shares previously.

The Minister said that free shares can also be acquired by internally displaced persons from Kosovo-Metohija. He added that it is estimated that nearly four million citizens have the right to these shares and the shares, worth a total of €4 billion, will be distributed equally. This means that each citizen will receive shares worth €1,000.

He said that only a personal identity card and a bank account are required to apply for shares, and for those who do not already have a bank account, one will be opened free of cost.

Citizens living abroad may apply at embassies or consulates. A special committee will apply on behalf of persons with disabilities and those serving prison sentences, said Dinkic.

According to Dinkic, a penalty ranging from RSD 5,000 to 10,000 is envisaged for those who provide inaccurate information during the registration procedure, and postal staff or employees at embassies or consulates may be charged penalties ranging from RSD 10,000 to 50,000 for violating procedure.

He said that citizens who apply within the deadline will be registered by the Serbian Privatisation Agency as holders of free shares and they will be issued confirmation of this by December 31 this year, which will be mailed to the address as stated on their identity card.

The Minister stressed that registration of citizens for free shares, as well as the later sale of these shares, will be completely free of cost and proceeds from the sale of shares in the Privatisation Register will be paid to citizens from next year.

He expressed conviction that the trading of these public company shares, distributed free of cost to citizens will begin by the first half of the next year.

Shares of six public companies, Serbian oil industry Naftna Industrija Srbije (NIS), power company Elektroprivreda Srbije (EPS), airline company Jat Airways, telecommunications provider Telekom, medical plant Galenika and the Nikola Tesla Airport will be offered to the public. On January 28 the registration of pensioners and former and current employees of these companies for receiving free shares will begin also, explained the Minister. According to him, they will receive shares worth €200 per year of employment, calculated according to the estimated market value of the company before privatisation.

Dinkic said that employees of those companies will be registered at offices of the National Employment Service, for which they will require a photocopy of their ID and employment booklet, certificate of citizenship and a certificate confirming the number of years of service in that public company.

It is estimated that nearly 150,000 pensioners, former and present employees of public companies are to apply for free shares, Dinkic said and noted that those first to register will be employees of NIS and Jat Airways – from January 28 to March 31, followed by employees from Telekom Srbija and employees at the Nikola Tesla Airport from March 31 to May 31, and finally, from May 31 to July 31 – employees of Galenika and EPS.

According to him, all information on the distribution of free shares can be obtained by calling free phone 0800 100 300.

According to the Minister, 50% state owneship in NIS should be retained and that it would be best for Serbia to strike an energy deal with Russia as Bulgaria did.

The model that Bulgaria agreed with Russia was to establish a joint company that will manage the gas pipe line, Dinkic said.

In line with that model, the state would keep a 50% stake in NIS while 50% would be transferred to Gazprom, he noted.

Dinkic also noted that the price of that 50% stake should reflect the market price of NIS, adding that Serbia should retain oil sites under its control and that a concession be granted to Gazprom.

General Manager of PTT Saobracaj Goran Ciric said that citizens can apply for free shares at any of 3,500 postal counters in 1,400 locations.

Ciric said that the process will last no longer than five minutes and noted that there is no need to rush.

Director of the National Employment Service Tamara Samardzic said that it will be possible to apply for free shares at their 25 offices from 2 pm to 7 pm.