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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 11, ,81 -,24% EURUSD 1,4499 1,4369,9% USD 7,118 7,763-1,6% EURCHF 1,169 1,143 2,27% CHF 86, ,2772-3,2% EURGBP,8858,8823,4% GBP 114,73 115,4199 -,62% GBPUSD 1,6368 1,6287,5% Source: NBS USDJPY 76,64 77,43-1,2% EUR EURUSD 1,65 1,6 1,55 1,5 1,45 1,4 1,35 1,3 1,25 1,2 1,15 Central bank announced that till 12:3 total amount of trading was 91,2 mil EUR at average rate 11,7646 EUR and USD indicators for current day: Time Country Event Period Previous Forecast!! Germany CPI y-o-y August 2.4% 2.3% MM and fixed income Key rate NBS 11,75% Interbank market - Serbia Previous Change bps Source: NBS BEONIA 1,46 1,81-35, BELIBOR1M 12,53 12,53, T Bills - Serbia BELIBOR3M 12,7 12,7, Maturity Previous Source: Reuters 3 month 11,95% 11,95% 6 month 12,% 11,9% Major Key rates 12 month 12,75% 12,5% 18 month 12,95% 12,69% ECB 1,5% 24 month 12,99% 12,89% FED,25% 36 month 14,5% 13,89% SNB,% euro-linked 6 month 5,25% - euro-denominated Interbank - World 53 weeks 4,48% - Previous Change bps 18 month 5,4% - EONIA,874%,89% -,16 36 month 5,% - EURIBOR1M 1,349% 1,349%, 15 year 5,85% - EURIBOR3M 1,54% 1,539%,1 FX Savings Bond - Serbia EURIBOR6M 1,744% 1,745% -,1 Yield LIBOR1M (USD),2294%,2283%,11 A212 95,8 5,77% LIBOR3M (USD),32278%,319%,378 A213 91,1 5,48% LIBOR1M (CHF) -,1333% -,1333%, A214 86,27 5,49% LIBOR3M (CHF),%,667% -,167 A215 81,65 5,53% A216 78,34 5,25% Source: Belex Note: Interest rates refer to the previous working day 1

2 Equity market SERBIA Previous Change Belex ,98 62,89-1,27% Belex line 1.173, ,59 -,55% Turnover Din Din. -1,4% ,85% Ratios P / B P / E Belex15,69 6,61 YTD -5,91% -8,54% Source: Belex 2 Belex15 42 Belex Line ,5%,% -,5% -1,% -1,5% -2,% -2,5% -3,% -3,5% -4,% -4,5% - members of Belex15,%,%,%,%,%,%,3%,2% -,2% -1,27% -1,87% -2,94% -4,24% -4,8% AIKB VZAS TIGR NIIS SJPT AGBN KMBN ENHL IMLK MTLC TGAS ALFA JMBN AERO There is a likelihood that the International Monetary Fund (IMF) will allow Serbia to increase its 211 budget deficit from the projected 12 billion, but not by much, Fiscal Council member Vladimir Vuckovic said late on Friday, noting, however, that the Serbian authorities and the lender s mission continue to discuss ways to keep the gap on target, local media reported. The objective reasons for raising the deficit projection include high inflation, weaker budget revenues in the second half of the year, and a fresh wave of the global economic crisis, Vuckovic was quoted as saying. The IMF mission is in Belgrade for talks on a EUR 1 billion precautionary arrangement that Serbia is seeking from the lender. According to Novi Magazin, there are indications that the government will ask the IMF to raise the deficit forecast to 13 billion, but it remains uncertain whether the lender will accept the increase. For its part, Danas quoted an unnamed source as saying that Serbia needs to cut budget spending by between 25 billion and 3 billion to keep the deficit at the planned 4.1% of GDP in 211. (Source: Executive newletter) Aerodrom Nikola Tesla AD, the main airport in the Serbian capital Belgrade, said its first-half net income rose 5.7 percent from a year ago to million dinar ($12.4 million). Flights were up 6.37 percent on the year, while total passengers increased 2.2 percent to 1.34 million, it said in a statement filed with the Belgrade Stock Ex. Revenue jumped 18 percent to 3.9 billion dinar and pretax profit rose 8 percent to million dinar, 5 percent more than expected. British Airways, Aegean Airlines, Nouvelair, Koralbue and Lotus Air ended their routes to Belgrade in the period, while Air Memphis, Croatia Airlines, Olympic Airlines SA, Pegasus Airlines and Nesma Airlines began flying to the Serbian capital. () Serbian state telecom operator Telekom Srbija has invested EUR 7.7 million to recapitalize Belgrade-based HD-Win, in what gave it a 51% stake in the company editing and broadcasting the four Arena Sport TV channels, local media reported on Friday, citing a press release from Telekom. The investment, Telekom Srbija s biggest since it bought telecom operator Telekom Srpske in Bosnian Serb entity Rep. Srpska and set up mobile provider m:tel in Montenegro, provides the Serbian telecom operator with access to the Croatian market, according to the press release. The acquisition makes Telekom Srbija the first telecom operator in Serbia to not only distribute but also have a significant role in producing multimedia content, the company went on to say, adding that it will offer Web TV and Mobile TV packages to its ADSL Internet and 3G mobile users on September 1. Telekom Srbija made the decision on the investment as part of efforts to develop its Open IPTV services, general manager Branko Radujko said at a presentation of the new packages, which will include 14 TV channels, among them the four Arena Sport channels, BBC World, B92 Info, Travel, and Bloomberg. (Source: Executive newsletter) 2

3 A Listing Aerodrom Nikola Tesla Energoprojekt holding Naftna industrija Srbije Soja protein Tigar Izvor: Bloomberg AERO ,2% -1,%,74 7,42 1,75 ENHL ,% 3,9%,56 8,79 6,62 NIIS ,87% 3,52% 2,53 7,1 42,34 SJPT ,27% 1,97%,88 9,84 7,81 TIGR ,94% -2,94%,33 n/a -1, Din Din Din Din Din. Alfa Plam Komercijalna banka Metalac Izvor: Bloomberg B Listing ALFA ,% -1,25%,37 3,2 12,92 KMBN 2.33,% -2,%,53 6,94 8,62 MTLC 1.951,% -2,98%,57 4,31 14, Din Din 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 ,2% -,2%,22 n/a 6,77 AIKB ,24% -2,96%,43 2,94 14,26 BIPB 35,%,% 3,17 n/a -125,23 BMBI 19.2,% 3,23% 2,18 13,22 16,91 CYBN 2.2,%,%,54 n/a -54,6 CCNB 12.1,% -7,68%,4 17,2 2,33 DINNPB 1.555,% 2,82% 1,41 5,45 17,7 DNOS 1.13,% -8,8%,3 n/a 2,16 FITO 6.7,% -3,89%,98 4,79 22,12 GLOS 317,% -8,91%,15 n/a 2,21 IMLK ,%,% 2,4 17,27 11,79 INFM 2.6,%,%,44 119,89,4 JESV 5.6,% -1,74%,96 3,41 28,72 JMBN ,3% -,21%,67 14,72 6,74 KMBNPB 9,%,% n/a n/a 8,62 LSTA ,93% -5,93%,17,76 25,59 NPRD 2.,%,%,25,77 39,62 PLTK 58,%,%,17 n/a -16,32 PRBN ,% -1,32%,4 n/a -6,61 PRGS ,% 1,%,7 26,56,3 PTLK 127,%,%,15 232,45,6 PUUE 83,%,%,55 5,75 9,95 MTBN ,56% -4,76%,31 16,49 2,6 SIMP 253,%,%,5 n/a -7,95 TGAS 5.,%,%,62 5,75 11,27 TLFN 735,%,%,34 14,19 1,86 UNBN 3.,% -1,41%,31 5,24 6,5 VLFR 51,%,%,37 n/a -58,54 VLFR ,8% 1,27%,32 2,67 2,47 VINZ 7.1,%,%,66 3,91 21,84 VITL 1.4,% 3,2%,3 2,5 12,67 VDAV 3.,%,%,39 n/a 2, Din Din Din Din Din Din Din Din Din Din Din Din Din Din Din Din Din Din Din Din Din Din Din Din Din Din Din Din Din Din Din 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) Mcap-tržišna kapitalizacija=tržišna cena akcije x broj akcija 3

4 REGION Index Country / Region Previous Change YTD Crobex Hrvatska 1.986,24 2.,74 SBITOP Slovenija 654,22 653,71 SOFIX Bugarska 373,45 374,6 BET Rumunija 4.67, ,99 DJ Stoxx Balkan 5 Balkan 459,94 46,58 -,72% -5,91%,8% -23,6% -,31% 3,6% -,78% -12,54% -,14% -22,78% CROBEX SBITOP crobex 1 sbi SOFIX BET sofix bet-c DJ Stoxx Balkan dj balkan OAO Sberbank lowered the offer price agreed to last month for its planned purchase of Oesterreichische Volksbanken AG s eastern European unit, according to five people with knowledge of the talks. Russia s biggest bank reduced its offer for Volksbanken International AG, which owns nine lenders in eastern Europe, after a 22 percent drop in European bank shares since Sberbank and VBI s owners agreed to a term sheet July 15, said the people, who declined to be identified because the talks are private. It s now offering 59 million euros ($849 million) for the business from an earlier bid of 67 million euros, according to three of the people. Senior executives of Volksbanken, Sberbank and of VBI s minority shareholders: Groupe BPCE, DZ Bank AG and WGZ-Bank AG, may meet as early as Aug. 28 for talks to rescue the deal, two of the people said. That meeting was scheduled to sign the purchase agreement, which would have been already a month after the original target to sign the deal at the end of July. Volksbanken spokesman Walter Groeblinger declined to comment on the status of the deal beyond the bank s statement yesterday that it still planned to complete the sale by the end of the year. () Croatia s economy returned to expansion in the second quarter as domestic consumption and exports increased. Gross domestic product grew.8 percent from a year ago after declining.8 percent in the first quarter, the statistics office said on its website, citing preliminary data. It will release detailed data on Sept. 2. The Adriatic Sea nation, which concluded negotiations with the European Union in June and expects to join the bloc in July 213, is recovering from a two-year recession. The economy shrank 1.2 percent last year and 5.8 percent in 29 after growth averaged 4.6 percent a year between and 27. The economy should grow 1.1 percent for the entire year, Santic said. The government on July 27 forecast an expansion of 1.5 percent this year and 2.5 percent next year. Croatia had its long-term sovereign credit rating reduced in December to one step above junk at Standard & Poor s, which cited the country s deteriorated fiscal position and continuously weak external financing. (Source: Bloomberg) 4

5 WORLD Index Country / Region Previous Change YTD Dow Jones Industrial S&P NASDAQ FTSE Dow Jones Stoxx 6 Nikkei , , ,85 Engleska 5.129,92 EU 225,52 Japan 8.797, , , , ,1 227, ,36 1,21% -2,53% 1,51% -6,43% 2,49% -6,52% -,2% -13,5% -,68% -18,23%,29% -13,99% Dow Jones Industrial S&P dow jones 12 s&p NASDAQ Composite FTSE nasdaq 6 dax DJ Stoxx 6 Nikkei nikkei 1 \ dj stoxx U.S. stocks rose, breaking a four-week losing streak in the Standard & Poor s Index, after Federal Reserve Chairman Ben S. Bernanke indicated the world s largest economy isn t deteriorating fast enough to warrant additional stimulus. Bank of America Corp. rallied 11 percent after Warren Buffett s Berkshire Hathaway Inc. invested $5 billion. Tiffany & Co. surged 2 percent after raising its earnings forecast. MEMC Electronic Materials Inc. jumped 18 percent, leading a rally in solar stocks, as Goldman Sachs Group Inc. said the industry is close to bottoming. Apple Inc. rose 7.7 percent even after Chief Executive Officer Steve Jobs quit. Travelers Cos. slumped 2.4 percent as Hurricane Irene headed for the U.S. East Coast. Stocks dropped and then rebounded on Friday after Bernanke s speech, in which he said the central bank still has tools to stimulate the economy without signaling he will use them. He echoed comments from dissenting members of the Federal Open Market Committee who said data aren t pointing to a recession. Investors piled into U.S. equities trading at the cheapest price-earnings ratios since 29. () European stocks fell as a report showed that the U.S. economy grew more slowly than estimated, offsetting Federal Reserve Chairman Ben S. Bernanke s prediction that the recovery is secure in the long term. Lanxess AG tumbled 5.8 percent after the German chemical maker said that its chief executive officer sold shares. Frontline Ltd. declined 2.4 percent after reporting a loss in the second quarter that was wider than analysts had estimated. EFG Eurobank Ergasias SA and Piraeus Bank SA plummeted at least 6 percent. Growth in loans to households and companies in the 17-nation euro area slowed in July as the region s debt crisis weakened economic expansion and damped demand for credit. Loans to the private sector grew 2.4 percent from a year earlier after advancing at an annual rate of 2.5 percent in June, the European Central Bank said on Friday. National benchmark indexes fell in 13 of the 18 western European markets. The U.K. s FTSE 1 Index lost less than.1 percent, while France s CAC 4 Index slid 1 percent. () 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