Date: 16/02/2006

New AmCham SCG Board of Governors Elected

The New Board of Governors of the American Chamber of Commerce in Serbia and Montenegro was elected at the Fifth General Assembly meeting held on Tuesday, February 16, 2006. The Board consists of representatives from some of the largest foreign direct investors in Serbia, is representative of the leading American business community in Serbia, has a strong manufacturing identity and is complemented by the strong presence of leading representatives of the service and banking industries.

Belgrade - The New Board of Governors of the American Chamber of Commerce in Serbia and Montenegro was elected at the Fifth General Assembly meeting held on Tuesday, February 16, 2006. The Board consists of representatives from some of the largest foreign direct investors in Serbia, is representative of the leading American business community in Serbia, has a strong manufacturing identity and is complemented by the strong presence of leading representatives of the service and banking industries.

After two successful mandates of the Deloitte's Chairmen Mr. Danko Djunić, the accountability of President of the AmCham SCG was assigned to Mr. Eugenio Sidoli, Managing Director of DIN - "Fabrika Duvana" A.D. Nis, an affiliate of Philip Morris International.

Mr. Miles Stipanovich, Executive Director - Legal and General Affairs for U.S. Steel Serbia, was elected First Vice President; Mr. Dejan Cvetković, General Manager of Microsoft Software d.o.o. was elected Second Vice President; Ms. Patricia Gannon, Partner at Karanović & Nikolić Law Office was re-elected to the position of the Secretary Treasurer.

By decision of the majority of the voters, the following nominees were elected for the position of Untitled Governors with one year term: Stefanos Vafidis, General Manager of Coca-Cola HBC Serbia and Montenegro, Anthony Barnett, Plant Manager of Ball Packaging Europe, Belgrade, and Predrag Mihajlović, Chief Executive Officer of Komercijalna Banka a.d. Vladimir Čupić, Member of the Board of HYPO Alpe-Adria-Bank a.d. and Dragan Lazarević, Partner at Deloitte were appointed as Untitled Governors with a two year term.

Leveraging the accomplishments of four years of existence and a strong membership base, AmCham will continue intensify its activities aimed at removing any barriers to the economic development in Serbia and Montenegro, seeking to improve the business climate and to create additional opportunities for employment.

To achieve its goals the AmCham aims at strengthening its dialogue with the representatives of the local government and with the international community while focusing its advocacy efforts to improve regulations and to support a faster economic progress towards the EU integration.

AmCham represents over 170 foreign and domestic companies, which have cumulatively invested over $3 billion, and employ over 40,000 people in Serbia and Montenegro. AmCham's mission is to promote American best business practices, values and responsible partnerships between the U.S. and Serbia and Montenegro, leading to economic development through trade and investment.