May. Bankruptcy Monitor. Highlights. Companies with highest blocked amount in May 2012: Bankruptcy procedure opened against Navip from Belgrade:

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1 Bankruptcy Monitor 2012 May Highlights Companies with highest blocked amount in May 2012: Company Name City Blocked amount (EUR) Buducnost Corp. Novi Sad GVS Company Ltd. Belgrade Navip-Vinea Ltd. Belgrade SCT & CG Montaza Corp. Belgrade ELTS Ltd. Umka GB Frigo Logistic Ltd. Novi Sad Promiral Ltd. Nis Agro Fish Ltd. Subotica Aroma Food Ltd. Novi Sad Eco Optic Ltd. Belgrade Bankruptcy procedure opened against Navip from Belgrade: Navip is one of the largest companies operating in the area of wine, sparkling wine, brandy, and syrups production. According to the latest available financial statements for 2010 the Company is classified into the large legal entities with 359 employees and consolidated net loss of approximately EUR 1 million.

2 WMEP Bankruptcy Monitor Most interesting bankruptcy proceedings opened in May 2012 Navip Corp. Belgrade (business sector: beverages production; national ID number: ) Navip is one of the largest companies operating in area of wine, sparkling wine, brandy, and syrups production. Currently, the Company has a production capacity of 150 tons of processing mass per hour and a charge capacity of bottles per hour. The Company's production start is related to 1848 th when the first wine cellars were built. Today, the Company owns several plantations and cellars throughout Serbia (Fruskogorac, Zemun, Krnjevo, Crkvenac, Jagodina, Pirot, Leskovac and Vranje). According to the latest consolidated financial reports (2010) the Company was classified into the large legal entities with 359 employees and consolidated net loss of approximately EUR 1 million. By the Commercial Court in Belgrade decision the bankruptcy procedure was initiated on 14 th May Year Consolidated operating revenue (EUR) Forum Vizija Corp. Belgrade (business sector: electro industry; national ID number: ) This company operates in electro industry, more specifically in area of design, manufacture, transport and construction of transmission lines and its current business is more recognizable by the name of ABS Minel Elektrogradnja. The privatization of the Company was ended in 2005 when 70% of the Company s capital was sold through a public auction procedure at a price of about EUR 3 million. According to the latest financial reports (2011) the Company was classified as a small legal entity with 6 employees that generated a net loss of around EUR According to the same financial reports the Company owned a property of an estimated book value of EUR 6.5 million. By the Commercial Court in Belgrade decision the company's bankruptcy procedure was opened on 20 th May Year Consolidated operating revenue (EUR) Velefarm Invest Ltd. Belgrade (business sector: trade and distribution of pharmaceutical products; national ID number ) Velefarm Invest from Belgrade is a part of a large pharmaceutical business system Velefarm which bankruptcy procedure was described in more details in the previous (April) Bankruptcy Monitor. Main activity of Velefarm Invest is trade, distribution and supply of pharmaceutical products to health care institutions in Serbia. According to the latest financial reports (2011) the Company was classified as a large legal entity with 10 employees and a net loss of approximately EUR 25 million. By the Commercial Court in Belgrade decision the bankruptcy proceedings against the Company were initiated on 20 th May WM Equity Partners, Jun 2012 WMEP Bankruptcy Monitor 2 P a g e

3 Others JAGGER MFG.Co Ltd. Kragujevac (business sector: clothing production and retail industry; national ID number: ) The Company was founded in Kragujevac and its main activity is the production and sale of men's and women's clothing. The Company was mainly operating in the territory of Serbia and Montenegro, but the business in recent years extended to the territory of Russia and the Czech Republic. Financial reports for 2011 showed that during this period the Company had no employees and the net realized loss ranged at around EUR At the end of 2011 the Company owned a total assets book value of approximately EUR 2.5 million with a higher level of short and long term liabilities. By the Commercial Court in Kragujevac decision the Company's bankruptcy proceeding was initiated on 2 nd May Geosonda Hidrogeologija Corp. Belgrade (business sector: specific construction industry; national ID number: ) The company Geosonda from Belgrade operated through the five decade period in the field of geology and hydrogeology industry. The Companies privatization process was completed in the first half of 2007 through the sale of majority equity stake to the company Hidromol Ltd. from Podgorica. At the time of this writing the Hidromol owns around 86% of the Companies capital. In 2010 the Company employed 27 employees and achieved a total net loss of around EUR At the end of the same period the Company owned the property of total book value of approximately EUR 1 million and a slightly higher amount of short and long term debt. By the Commercial Court in Belgrade decision the bankruptcy proceeding was initiated on 17 th May Branicevo Ltd. Branicevo (business sector: processing and preserving of fruit and vegetables; national ID number: ) The Branicevo Company operates within the industry of production, purchasing, freezing, processing, packaging and shipment of fruits and vegetables as well as the purchase and processing of fish under a single brand of AlpeFoods. The Company was founded in 1978 and in 1992 it became a part of the Bambi Concern from Pozarevac. Since 2008 the Company is 100% private capital owned. Company's main products are frozen fruits and vegetables, more specifically frozen strawberries, raspberries, blackberries and cherries, and dried mushrooms, sauerkraut, etc. According to the latest available financial statements for 2010 the Company had no employees while the total accounting value of assets was at a level of around EUR 1.5 million. By the Commercial Court in Pozarevac decision the Company's bankruptcy proceedings were initiated on 20 th May WM Equity Partners, Jun 2012 WMEP Bankruptcy Monitor 3 P a g e

4 Property sale in May 2012 Banat Corp. Zrenjanin The Company operated in the construction industry and it s in the bankruptcy procedure since May 10 th 2011 based on the decision of the Commercial Court in Zrenjanin. The first public auction was held on April 29 th 2012 after several direct negotiations held in The property offered for sale was structured through one sale unit mainly consisted of small tools and a significant number of buildings, auxiliary buildings and raw land in Zrenjanin area. The value of assets is estimated at around of EUR 4.5 million. Autobanat Ltd. Zrenjanin By the Commercial Court in Zrenjanin decision the Company's bankruptcy proceedings were initiated on December 13 th The Company operated in the field of urban and suburban passenger transport in the territory of Zrenjanin and its surrounding areas. In mid 2011 the first asset sale by direct negotiation procedure was organized, and the subsequent public auction sale was organized on May 29 th 2012 when the entire debtor s property was offered for sale. The offer was made up of a small number of real estates and the associated raw land and a large number of buses, cars and other vehicles. The estimated salvage value of the whole package offered for sale was around EUR 3 million. Bakery Kikinda Corp. Kikinda By the Commercial Court in Zrenjanin decision the bankruptcy procedure against the Company was initiated on April 12 th Before the bankruptcy proceedings the Company had been operating in the production of bread, fresh pastry goods and cakes. The first public auction was held on May 23 rd 2012 when the entire Companies property and inventory was offered for sale. The estimated value of property was at around of EUR 1.5 million. The offer was structured through a one selling unit and it s most important parts were the bakery building and related equipment in the form of generators, bakery carts, production lines for wafers, etc. Vumix Ltd. Belgrade This company operated in the wholesale industry and the bankruptcy procedure was initiated on September 30 th The first public auction was held on May 6 th The sale was organized through three property packages composed of two trucks, bakery equipment and related facilities in the form of the bakery building, warehouses, garage and boiler room. Estimated value of all assets was approximately EUR Preliminary bankruptcy procedures Pankomerc Ltd. Novi Sad This Company was mentioned in the previous Bankruptcy Monitor as one of ten companies with the greatest blocked amount in April On May 15 th 2012 the judge of the Commercial Court in Novi Sad made the decision to launch the preliminary bankruptcy procedure which will further establish the facts relevant to the insolvency proceedings. WM Equity Partners, Jun 2012 WMEP Bankruptcy Monitor 4 P a g e

5 Ten companies with highest blocked amount in May 2012 # Company City National ID number Blocked amount (EUR) 1 Buducnost Corp. Novi Sad GVS Company Ltd. Belgrade Navip-Vinea Ltd. Belgrade SCT & CG Montaza Corp. Belgrade ELTS Ltd. Umka GB Frigo Logistic Ltd. Novi Sad Promiral Ltd. Nis Agro Fish Ltd. Subotica Aroma Food Ltd. Novi Sad Eco Optic Ltd. Belgrade Source: WM Equity Partners, Jun 2012 WMEP Bankruptcy Monitor 5 P a g e

6 Contact: WM Equity Partners Ltd, Belgrade Mihajlo Pupin Boulevard 10a, Belgrade, SERBIA Vladimir Pavlović, CFA Director Tel: Web site: Disclaimer This report was prepared, presented and authorized by WM Equity Partners Ltd. Belgrade, based on data provided by the Client and publicly available data, own data, independent analysis and other data considered to be reliable, but which accuracy is not guaranteed. All data included in this report represent our analysis on date marked in report and are subject to changes. WM Equity Partners, its management and employees cannot be responsible for any damage that was caused by this report. Information presented cannot be regarded as recommendations for buying or selling of the securities, properties and/or assets.