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1 DAILY REPORT Financial market analysis Unit Brokerage Unit Milica Travica Ljiljana Zipovski Srñan Maletić Snežana Spasojević Olivera Glisić FX sales Unit Custody Unit Darko Karanović Vitomir Marić Marija Prebanić Biljana Radosavljević Dragan Ignja FX rate Domestic market International market Currency Previous Change Currency Previous Change EUR % EURUSD % USD % EURCHF % CHF % EURGBP % GBP % GBPUSD % Source: NBS USDJPY % EUR EURUSD Central bank announced that till 12:3 total amount of trading was 19,7 mil EUR (Central bank didn t sell or buy Euro) at average rate 13,287 EUR and USD indicators for current day: Time Country Event Period Previous Forecast!! Euro zone ECB Publishes Monthly Report February MM and fixed income Key rate NBS 12,% Interbank market - Serbia Previous Change bps Source: NBS BEONIA BELIBOR1M T Bills - Serbia BELIBOR3M Maturity Previous Source: Reuters 3 month 13.5% 13.9% 6 month 14.5% 15.% Major Key rates 12 month 14.5% 15.1% 18 month 12.94% 14.9% ECB 1.% 24 month 14.6% 14.9% FED.25% euro-linked SNB.25% 6 month 5.25% - Source: Treasury - Ministry of Finance Interbank - World FX Savings Bond - Serbia Previous Change bps Yield EONIA 1.93%.677%.416 A211 98,52 5,3% EURIBOR1M.926%.93%.23 A212 94,13 4,74% EURIBOR3M 1.89% 1.79%.1 A213 9,37 4,49% EURIBOR6M 1.35% 1.336%.14 A214 86,62 4,44% LIBOR1M (USD).264%.264%. A215 81,36 4,91% LIBOR3M (USD).312%.312%. A216 8,7 4,28% LIBOR1M (CHF).13667%.13667%. Source: Belex LIBOR3M (CHF).17%.17%. Note: Interest rates refer to the previous working day 1

2 Equity market SERBIA Previous Change YTD Belex % 17.91% Belex line 1, , % 11.1% Turnover 194,487,233 Din. 1,881,778 93,774,546 Din. 96, % 17.48% Ratios P / B P / E Belex15,83 1,69 Source: Belex Belex Belex Line % 6.% 5.% 4.% 3.% 2.% 1.%.% -1.% -2.% -3.% -4.% - members of Belex % 2.3% 1.57%.64%.79% 1.%.%.%.1% -.14% -.11% -.9% -1.46% -2.72% TIGR TGAS UNBN PRBN KMBN VZAS ALFA AGBN AIKB SJPT ENHL IMLK MTBN MTLC Serbia still needs politically painful reforms after the International Monetary Fund s soon-to-expire bailout loan helped prevent an economic implosion, the fund s representative said in an opinion piece published by Economics Institute in Belgrade. Serbia s newly acquired cost competitiveness, reflected in increased exports last year, will remain only if complemented with downsizing of the public sector and further restructuring of large and inefficient state-owned companies, Bogdan Lissovolik said in the Institute s Macroeconomic Analysis and Trends monthly bulletin. Serbia has a weak labor market and must work on its human resources, Lissovolik wrote. He also called for long-term limitations to public wages and pensions and s to the predominantly state-funded education and health care. An IMF delegation is currently in Belgrade for the seventh and final revision of a 3 billion-euro ($4.9 billion) loan arrangement that expires in April. () Serbia said on Wednesday it sold its entire offer of 2 million euro ($272.7 million) worth of one-year Treasury bills in its first offer of euro-denominated debt paper. The Finance Ministry sold 2, Treasury bills that will mature on February 17, 212 at an annual interest rate of 4.48%, it said in a statement. Serbia will use the funds from the 53-week T-bills sale to cover its budget gap and finance current liabilities, the statement said. Serbia has agreed with the International Monetary Fund on a 211 budget gap of 4.1% of the projected gross domestic product under a two-year, 3. billion euro stand-by deal with the global lender which expires in April. () The International Finance Corp., the World Bank s private-sector lending arm, wants to support Serbian infrastructure projects, including the Belgrade subway and bridges, through private public partnerships, Tanjug newswire reported, citing infrastructure minister. They are interested in completely prepared projects whose implementation is ready to begin, Milutin Mrkonjic was quoted as saying after meeting with an IFC delegation in the Serbian capital. () 2

3 A Listing Aerodrom Nikola Tesla Energoprojekt holding Naftna industrija Srbije Soja protein Tigar Izvor: Bloomberg AERO 549 5,277, % n/a n/a n/a n/a ENHL 1,8 1,32,192 1.% 1.72% NIIS 49 35,87,92 -.2% -.2% 2.5 n/a SJPT 1,16 5,452,872.79% 1.2% TIGR , % 3.16%.37 n/a ,824,853,15 Din. 9,543,553, Din. 79,899,59, Din. 7,743,245, Din. 1,292,282, Din. Alfa Plam Komercijalna banka Metalac Izvor: Bloomberg B Listing ALFA 8,48.%.95% KMBN 3,17 3,197, % -.39% MTLC 2,64 781,2 5.64% 4.79% ,482,46, Din. 26,142,74, Din. 2,656,8, Din. Continuous Trading Method Agrobanka AIK banka Beogradska industrija piva Bambi Credy banka Čačanska banka DIN prioritetne Dunav osiguranje Galenika Fitofarmacija Globos osiguranje Imlek Informatika Jedinstvo Sevojno Jubmes banka Komercijalna banka PB Lasta Napred GP Politika Privredna banka Progres Pupin Telecom Putevi Užice Razvojna banka Vojvodine Simpo Tehnogas Telefonija Univerzal banka Velefarm Veterinarski zavod Subotica Vino Župa Vital Voda Vrnjci AGBN 9,94 13,286,334.1% 7.27%.4 n/a 7.95 AIKB 4,11 73,752,384.64% 3.8% BIPB 33.%.%.69 n/a BMBI 19,998 7,999,2 -.1% -.1% CYBN 1,86 379, %.11%.27 n/a CCNB 14,5.% -1.31% DINNPB 2,76 151, % -1.13% DNOS 1,95 1,66, % 7.14% n/a n/a 1.36 FITO 7, ,.46% 2.46% GLOS 431.% 4.36%.2 n/a 2.8 IMLK 2, , % 6.14% INFM 2,947.%.% JESV 6,499 7,935, % 7.26% JMBN 15,5 64,5-1.84% -1.9% KMBNPB 1,.% -.69% n/a n/a 6.91 LSTA 53 2,14.% -.75% NPRD 4,.%.% PLTK 1.% %.3 n/a PRBN 697 1,35, % 1.6%.7 n/a PRGS 14 31, % -4.59% PTLK 12.%.% PUUE 1,1.%.1% MTBN 3,376 2,987,76 2.3% 4.62% SIMP 44 2,64.% -.23%.8 n/a TGAS 6,71 21,3-1.46%.77% TLFN 1,197 41, % -4.62% UNBN 5,36 191,16 -.9% 9.15% VLFR 1,.% -2.91%.73 n/a VLFR ,235.% 1.76% VINZ 8,72 226, % -3.9% VITL 85.%.% VDAV 3,9.% -4.18%.45 n/a ,536,294, Din. 34,226,55, Din. 3,499,9 Din. 7,865,533, Din. 573,768, Din. 1,935,112, Din. 6,869,2, Din. 55,399, Din. 3,21,, Din. 45,795,4 Din. 19,987,89, Din. 541,679,2 Din. 1,98,369, Din. 3,619,493, Din. 373,51, Din. 811,48,8 Din. 1,373,116, Din. 65,246,2 Din. 1,737,51, Din. 56,846, Din. 134,636,8 Din. 983,223,3 Din. 3,47,18, Din. 466,268, Din. 6,946,645, Din. 693,296,4 Din. 3,11,54, Din. 1,559,95, Din. 1,435,224, Din. 1,61,243, Din. 649,346,4 Din. 447,669,3 Din. Napomene: (1) Promet=prosečna ponderisana cena x obim. (2) -price to book value je racio koji predstavlja odnos tržišne cene i knjigovodstvene vrednosti. (3) -price to earnings je racio koji predstavlja odnos tržišne cene i zarade po akciji (EPS). (4) -return on equity je racio koji predstavlja odnos neto dobiti i akcijskog kapitala. (5) Mcaptržišna kapitalizacija=tržišna cena akcije x broj akcija 3

4 REGION Index Country / Region Previous Change YTD Crobex Hrvatska 2, ,39.29 SBITOP Slovenija SOFIX Bugarska BET Rumunija 5, , DJ Stoxx Balkan 5 Balkan % 1.38%.29% -.44% 1.13% 16.42%.38% 9.16%.75% 9.8% CROBEX SBITOP crobex 15 sbi SOFIX 1 BET sofix 8 bet-c DJ Stoxx Balkan dj balkan Hypo Alpe-Adria Bank International AG, the lender nationalized by Austria in 29, fired the entire boards of its Slovenian banking and leasing units with immediate effect as it overhauls its operations in the Balkans. Hypo Alpe, based in Klagenfurt, Austria, sacked the boards of its Slovenian bank, led by Anton Romih, and of its leasing business, led by Andrej Potocnik, Hypo Alpe spokesman Dominic Koefner said in a telephone interview. The restructuring required a management that meets our new requirements regarding business ethics, Koefner said, declining to elaborate. Prosecutors in countries including Austria, Croatia, Germany and Liechtenstein are probing former managers of Hypo Alpe and Bayerische Landesbank, which owned the bank until the end of 29. Hypo Alpe s former chief executive officer, Wolfgang Kulterer, goes on trial in March in Klagenfurt on charges of misuse of funds. () Bulgarian Finance Minister Simeon Djankov is seeking to include spending limits in the country s constitution to bolster efforts by the European Union member to reduce its budget deficit. The measures may include capping the deficit at less than 3 percent of gross domestic product, limiting government expenditures to 38 percent of GDP and requiring that tax s be approved by two-thirds of the deputies in Parliament, the ministry said yesterday in an . Djankov announced his plan yesterday in a speech at the New Bulgarian University in Sofia. The rules would guarantee a predictable fiscal and taxation policy for the investors, Djankov said in the . These measures must be enshrined in the constitution in order to ensure financial stability as a long-term policy. Bulgaria, which joined the EU in 27, seeks to cut its budget deficit to less than 3 percent of GDP this year, bringing it in line with the bloc s rules, from 3.9 percent last year. () 4

5 WORLD Index Country / Region Previous Change YTD Dow Jones Industrial S&P 5 NASDAQ FTSE Dow Jones Stoxx 6 Nikkei , , ,789.7 Engleska 6,52.29 EU Japan 1, , , , , , % 5.72% -.28% 5.3% -.29% 5.13% -.64% 2.58% -.42% 4.18% -.17% 3.8% Dow Jones Industrial S&P dow jones 12 s&p NASDAQ Composite FTSE nasdaq 6 dax DJ Stoxx 6 Nikkei nikkei 15 \ dj stoxx Most U.S. stocks fell, pushing the Standard & Poor s 5 Index down from its highest level since June 28, amid growing investor concern that accelerating global inflation will lead to higher borrowing costs. Chevron Corp. and Alcoa Inc. dropped at least 1.4 percent, sending energy and raw materials producers to the two biggest declines within 1 S&P 5 groups. Wells Fargo & Co. slumped 2.8 percent after Chief Financial Officer Howard I. Atkins stepped down. American International Group Inc. slid 3 percent after saying higher-than-forecast claims cut profit by $4.1 billion. NYSE Euronext surged 14 percent after saying it was in talks to be purchased by Germany s Deutsche Boerse AG. About nine stocks declined for every five that rose on U.S. exs. Fed Chairman Ben S. Bernanke said the economic recovery has strengthened while unemployment will remain high for some time. His comments back speculation the Fed is waiting for further proof of a durable pickup in the job market as it presses ahead with its quantitative easing plan. () European stocks fell after the Stoxx Europe 6 Index closed yesterday near its highest level since 28. Sanofi-Aventis SA slipped after saying earnings per share will drop this year. Statoil ASA retreated after it reported lower-than-estimated fourthquarter profit and said production may fall this year. London Stock Ex Group Plc soared 3.1 percent after agreeing to buy Toronto Stock Ex owner TMX Group Inc. National benchmarks fell in 12 of the 18 western European markets. France s CAC 4 dropped.4 percent and Germany s DAX fell less than.1 percent. The U.K. s FTSE 1 Index slid.6 percent. (Source: Boomberg) Navedene informacije date su u svrhu opšteg informisanja i ne mogu biti zamena za finansijski savet niti se njihovim objavljivanjem stvara bilo kakva obveza za Banca Intesa ad Beograd. Banca Intesa ad Beograd ne prihvata odgovornost za bilo kakvu štetu nastalu upotrebom informacija iz ovog materijala. niti garantuje za njihovu tačnost. Zabranjeno je dalje distribuiranje i umnožavanje ovog materijala ili nekih njegovih delova bez prethodnog pisanog pristanka Banca Intesa ad Beograd. 5