FRATELLO TRADE launches IPO

03 Dec 2008

Vienna/Banja Luka - Horizonte Venture Management (Horizonte) is pleased to announce that its portfolio company FRATELLO TRADE a.d., Banja Luka, (website: www.fratello-trade.com) has launched its initial public offering (IPO) of newly issued common stock on the Banja Luka stock exchange today.

• - Up to 295.000 shares of FRATELLO TRADE a.d. will be offered at a price range of KM 4.- (€ 2.05) to KM 5.20 (€ 2.66).
• - The period for subscription and payment will start on 18^th December 2008 and will terminate on 29^th December 2008.

FRATELLO TRADE's IPO is the first IPO ever in Bosnia & Herzegovina. FRATELLO TRADE a.d. specializes in the trade, packing and distribution of frozen fish and fish related products, frozen fruits, vegetables, ice cream, conserved fish, olives and olive oil with a distribution network in Bosnia and Herzegovina, Serbia and Montenegro. FRATELLO TRADE a.d. is the second largest fish distributor in Bosnia and Herzegovina and Montenegro and the largest exporter of frozen fish and fish products from Bosnia and Herzegovina to Serbia and Montenegro. In Serbia FRATELLO TRADE a.d. is among the leading five companies in this industry.

FRATELLO TRADE a.d. expects to raise between € 423k and € 784k and intends to use the net proceeds of this offering for the further expansion of its business including investments into its storage capacities, working capital and potential acquisition of a company in Montenegro. In the year 2007 the company had net sales of € 5.6 million and the company plans to increase its sales in the year 2013 to € 12.6 million. FRATELLO TRADE a.d. has the goal to become the leading company in the distribution of frozen sea fish and seafood in Bosnia and Herzegovina and Montenegro and to be among the leading three companies in this industry in Serbia.

FRATELLO TRADE a.d. is certified under the ISO 900:2000 and HACCP standards.

Advantis Broker a.d., Banja Luka, has been appointed as underwriter, coordinator and bookrunner of the IPO.

Dr. Alfred Matzka, Managing Partner of Horizonte Venture Management, commented on the listing: "The IPO is an important milestone for FRATELLO. It is exciting to be part of a story that started with a vision in 1996 and which today is breaking new ground through the first IPO in Bosnia and Herzegovina ever. The proceeds will enable FRATELLO to continue its strong growth path in order to become a regional market leader."

Upon completion of the offering and assuming that all offered shares will be subscribed, there will be 1,218,433 shares outstanding and new shareholders will hold approximately 24.2% of the company.

For more information on the IPO please contact: "Advantis broker" JSC Banja Luka: +387 51/348-900; website: www.advantisbroker.com; e-mail: branko.kecman@advantisbroker.com.

The information contained herein is not for publication or distribution in the United States of America. This press release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from Fratello Trade a.d. and that will contain detailed information about the company and management, as well as financial statements.