NIS Board of Directors has Approved Financial Results 2008 and Reviewed the Company’s Plan for 2009 and Strategy for 2014

At the meeting held on November 23, 2009, the Board of Directors of Naftna Industrija Srbije (NIS) examined the company’s financial report for 2008 and the report by the independent auditor KPMG on the audit of NIS’ financial reports for 2008 held recently. Further to the report, the company’s loss as per 2008 results amounted to RSD 8 bln. Besides, the Board of Directors confirmed that in accordance with its instructions E&Y completed the validation of the data presented in NIS’ financial reports. The Board of Directors unanimously resolved to approve both the results of the year 2008 and the report of the independent auditor.

Besides, the Board of Directors accepted NIS’ operational report for nine months of the current year, in accordance to which the company’s net profit in the third quarter totaled to RSD 3.2 bln. (net of single settlements of employees’ voluntarily termination of services).

The Board of Directors studied NIS’ Development Strategy 2010 prepared by the Company management contemplating NIS’ turning into an effective regional player in the Balkans from a national company.

The Board of Directors took note of NIS’ Business Plan 2010, which was consigned to be submitted for approval before the end of December 2009.