Consolidated financial statements for 2012 completely in compliance with IFRS

The Oil Industry of Serbia j.s.c. Novi Sad prepared Group’s 2012 consolidated financial statements for the first time on 18 April 2013, in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) on which independent auditors, PriceWaterhouseCoopers have issued an unqualified audit opinion.

In prior financial periods, the Financial Statements were prepared in accordance with the Law on Accounting and Auditing of the Republic of Serbia and regulations issued by the Ministry of Finance of the Republic of Serbia that in certain instances differ from IFRS.

We believe that our IFRS financial statements will enable wider range of users of financial statements to read, understand and compare our financial results against other companies in the region and the world.