~ Polenak Law Firm Local rendered legal assistance to Pozavarovalnica SAVA Re in the process of acquistion of the insurance company Tabak Osiguruvanje AD Skopje, completed in December 2006.

~ In 2006, we assisted European Bank for Reconstruction and Development in rendering and facilitating a loan of 55.000.000 Euro to Tutunska Banka AD Skopje.

~ In 2006 our firm assisted Standard Bank plc. in a credit facility of up to US$35,000,000. granting a loan to companies related to a local metal producer.

~ We rendered legal assistance to DROGA-KOLINSKA in the process of acquistion of Slovin Jugokokta AD Skopje, completed in March 2006.

~ In 2006, we have participated in several tender processes on behalf of our clients, such as the public procurement of electricity by Electric Power Company of Macedonia JSCo on behalf of ISTRABENZ-GORENJE d.o.o. Ljubljana or the tender process for sale of assets in liquidation of companies.

~ We assisted Makedonski Telekomunikacii in the purchase of treasury shares in June 2006.
In 2006 we assisted Depfa Bank in extending a loan of 41.000.000 Euro to a Macedonian power production company.

~ The process of issuance of the Macedonian Eurobonds in 2005, when we acted as local legal counsel for Citygroup, represents one of the biggest transactions of the Macedonian state on the world capital markets.
In 2005, we participated in the preparation of the Country Assessment of Corporate Governance and Banking Corporate Governance for The World Bank.

~ We assisted European Bank for Reconstruction and Development in extending a loan of 20.000.000 Euro to Tutunska Banka AD Skopje, completed in December 2004.

~ As one of the legal counsels engaged for the Kometal Group of companies, in 2003 we have participated in the preparation of the sale of the majority share of the daily newspapers Utrinski Vesnik and Dnevnik to WestDeutsche Allgemeine Zeitung subsidiary.

~ Polenak Law Firm is the unique law Firm in Republic of Macedonia that had the opportunity to participate as legal counsel in the creation of two banks - Eurostandard Bank AD Skopje in 2001 and Pro Credit Bank AD Skopje in 2003. These assignments include preparation of the necessary legal documentation for the issuance of the licenses by the National Bank of Republic of Macedonia and, in the case of Pro Credit Bank AD Skopje, registration in the trade register.

~ In year 2002, Polenak Law Firm has worked as legal counsel for the shareholders establishing the insurance company Eurolink AD Skopje. The tasks comprised of preparation of the necessary documentation for obtaining a license from the Ministry of Finance and all corporate documents of the company.

~ Polenak Law Firm has acted as local counsel of the Macedonian Telecom in the transaction of 51% acquisition by the consortium lead by Magyar Tavkozlesi Reszvenytarsasag (Hungarian Telecommunications Company Limited) in 2000/2001. The assignment include review and comments on transaction documents (share purchase agreement, shareholders agreement, services agreement, pledge agreement etc.), as well as preparation of governmental acts, preparation of acts of the Telecom's assembly and board of directors (corporate documents), preparation of documents for the Monopoly Commission (merger control rules), review of tender rules and compliance with them of the tender participants. This transaction remains the biggest foreign investment in Republic of Macedonia. Not long after this transaction, and as requirement under the transaction documents, we have prepared the documentation (charter and necessary resolutions) and undertook all legal activities for the division of the mobile telecommunication operations from the fixed telecommunication operations and have registered Mobimak AD Skopje as the first mobile telecommunication operator in the country.

~ We have acted for FHL Kiriakidis Marbles SA from Greece, in acquisition of Mermeren Kombinat AD Prilep in 2001. The task included advises on takeover on the stock exchange. In 2003, Polenak Law Firm assisted FHL Mermeren Kombinat AD in listing of its GDR's at the Athens Stock Exchange. This is still the sole listing of a Macedonian company abroad.

~ Polenak Law  Firm acted as local counsel for the European Bank for Reconstruction and Development and International Finance Corporation in the acquisition of shares in Stopanska Banka AD Skopje in 2000. The tasks include review and comments on shares purchase agreement, subscription agreement, and preparation of a series of other agreements and corporate documents including preparation of shareholders agreement. This acquisition for almost 45 million Euro lead by the National Bank of Greece was by far the largest bank acquisition in Republic of Macedonia.

~ The Firm has acted as legal counsel of EBRD in the process of pre-privatization of the Macedonian Power Supply Company. This was a very specific transaction, involving drafting of deffered share sale contract.
As one of our pioneer legal projects in Republic of Macedonia, we were engaged in the creation of the first Macedonian leasing company NLB Leasing, a member of NLB Group. Immediately after the introduction of the Leasing Law, we prepared the documents necessary for leasing operations of our client, including a Leasing Contract, Operative Leasing and modified Lease - back Contract.

~ In year 1999, Polenak Law Firm has advised the selling shareholders in Kreditna Banka AD Skopje in the purchase of majority stake in this bank by Alpha Credit Bank AG from Greece. The assignment included preparation of share purchase agreement, advises on acquisition process and share transfers.

~ In our capacity as permanent legal counsel of AD Alkaloid Skopje, biggest pharmaceutical company in the country, in 1999 Polenak Law Firm has participated in a 17, 4 million Euro convertible loan transactions between Alkaloid as borrower and European Bank for Reconstruction and Development and International Finance Corporation as lenders. The assignment comprised of negotiations, review of transaction documents (loan agreements, shareholders agreement, put option agreements, mortgage and pledge agreements, escrow account agreement, assignment of insurance policies), as well as preparation of company acts and resolutions. In the transaction, the borrower issued convertible bonds as security for the loan. The Firm has structured the corporate actions and assisted in obtaining the Securities and Exchange Commission approvals.

~ Polenak Law Firm was retained by Duferco SA from Lugano, Switzerland for the acquisition of majority share in Makstil AD Skopje (the Still mill in Skopje) in September 1997. In the transaction we have conducted a legal due diligence and have prepared, together with Duferco's in-house lawyers, the transaction documents - Share Purchase Agreements, Assignment Agreements and Escrow Agreements with the three selling shareholders. Since the transaction, we have continued working for Duferco SA and Makstil AD as permanent outside counsel.

~ Polenak Law Firm has acted as local counsel for the International Finance Corporation in rendering loans to four Macedonian companies: Teteks AD Tetovo (1996 and 2003), Makedonijaturist AD Skopje (1998), Nikol Fert DOO Dojran (1997) and Masinomont DOO Skopje (1997), and all necessary activities in relation with the perfection of security interest in the relevant registers. Albeit the projects were governed with extreme caution, two of the borrowers defaulted and in 2003 we were asked by the International Finance Corporation to enforce the security created over the assets of Nikol Fert DOO Dojran and Masinomont DOO Skopje. We have foreclosed the pledges and the mortgages against these two companies within four months from the date of commencing the procedure. The enforcement, though other creditors made many obstacles, was performed and our client received the funds. The activities comprised of enforcement by way of sale of the assets and engaged notary foreclosure procedure. This particular assignment evidences our commitment to serve to client's interest as our primary rule.

~ In year 1996 Polenak Law Firm acted as local counsel for European Bank for Reconstruction and Development in acquisition of shares in Komercijalna Banka AD Skopje. The task included review, comments on share purchase agreement, subscription agreement, review of Komercijalna Banka's corporate documents and issuing legal opinion on the reviewed documents.

~ In our practice we were first lawyers engaged in a procedure at the Monopoly Administration. In a process initiated by Makedonija Tabak 2000 DOO we have represented Philip Morris Skopje and its distributors. There were two hearings and we have set out sufficient procedural objections and material evidences to cause the petitioner to withdraw.

~ The process of acquisition of Postenska Banka by ING Group, the work for the shareholders of Komercijalna Banka AD Skopje in the sale process of the majority interest in the bank, the attempt to enter into a partnership arrangement with the Republic of Macedonia for the Canadian Posts, although not closed deals, took a significant role in our experience record.