The Board of Directors of Tigar A.D. Pirot (BELEX:TIGR) authorized a share repurchase program on November 28, 2012. Under the plan, the company will repurchase up to 85,923 shares, representing 5% of its issued share capital. The company shall acquire the treasury shares at prices synchronized with market conditions.

The company shall acquire the said treasury shares in the regulated market, the Belgrade Stock Exchange, with the goal of averting adverse developments in the securities market and preventing considerable and direct damage to the company. The company shall dispose of or cancel all the treasury shares acquired under this decision not later than within one year after the date of acquisition. The shares acquired in this manner shall not carry any voting rights at the Shareholders' Assembly, shall not be included in the decision-making quorum, and shall not entitle to dividends.

Decisions regarding the volume and price at which the company is to acquire the treasury shares shall be made by the Chief Executive Officer – Jelena Petkoviæ, based on public information on the trading of the company's shares on the Belgrade Stock Exchange and in accordance with the company's financial capability. The company shall acquire the treasury shares in one or several cycles, depending on market developments. The company shall continue to acquire treasury shares until the reasons identified in Article 3 of this decision no longer exist, or until the threshold identified in Article 2 of this decision is reached.

The plan will be valid for a period of up to 2 years. As of November 28, 2012, the company has 1,718,460 shares in issue.