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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 informed us that till 12:3 total amount of trading was 42, 5 mil EUR at average rate 11, EUR and USD indicators for current day: beonia Time Country Event Period Previous Forecast!! MM and fixed income Key rate NBS 11.25% Interbank market - Serbia Previous Change bps Source: NBS BEONIA BELIBOR1M T Bills - Serbia BELIBOR3M Maturity Previous Source: Reuters 3 month 11.9% 11.95% 6 month 11.9% 12.% Major Key rates 12 month 13.% 12.75% 18 month 13.3% 12.95% ECB 1.5% 24 month 12.99% 12.89% FED.25% 36 month 14.89% 14.5% SNB.% euro-linked 6 month 5.25% - euro-denominated Interbank - World 53 weeks 4.48% - Previous Change bps 18 month 5.4% - EONIA 1.4% 1.61% month 5.% - EURIBOR1M 1.35% 1.351% year 5.85% - EURIBOR3M 1.536% 1.537% -.1 FX Savings Bond - Serbia EURIBOR6M 1.734% 1.736% -.2 Yield LIBOR1M (USD).23456%.2335%.16 A212 96,4 6,3% LIBOR3M (USD).3586%.35556%.25 A213 91,5 5,7% LIBOR1M (CHF).333%.167%.166 A214 87, 5,31% LIBOR3M (CHF).1%.1%. A215 82,62 5,31% A216 78,4 5,32% Source: Belex Note: Interest rates refer to the previous working day 1

2 Equity market SERBIA Previous Change Belex % Belex line 1, , % Turnover 56,129,353 Din. 18,92,495 Din % 553, , % Ratios P / B P / E Belex15,64 6,23 YTD % % Source: Belex Belex Belex Line %.5%.% -.5% -1.% -1.5% -2.% -2.5% -3.% -3.5% -4.% -4.5% - members of Belex15.3%.4%.%.%.%.%.%.9% -.57% -.54% -.21% -.99% -1.47% -3.5% -3.9% VZAS NIIS TIGR SJPT JMBN MTLC AERO KMBN AGBN MTBN TGAS ALFA IMLK AIKB ENHL Serbia sold $1 billion of Eurobonds and could have sold double the amount due to demand from investors.yields on Serbia s debut Eurobond rose to 7.89 percent yesterday from 7.5 percent at the moment of sale, according to Bloomberg data. The yield was less than 1-year dollar- denominated bonds issued by its neighbor Hungary, as well as Russia and Turkey.The issue was a historic event for Serbia because it is the first time a Serbian state security is being traded on the European market, Beta cited Cvetkovic as saying today. He added that the Eurobond secured Serbia long-term sources of financing for its budget and will improve its balance of payments.the government sold the bond as the Cabinet needs cash to finance its budget deficit after failing to sell a controlling stake in Telekom Srbija AD earlier this year. JPMorgan Chase & Co. and Deutsche Bank AG advised the country in the Eurobond sale.(source: bloomberg) Serbian engineering holding Energoprojekt sees its consolidated gross profit rising by around ten percent per year in the next four years, to 9.2 million euro ($12.5 million) in 215.The consolidated gross profit is seen rising to 6.9 million euro next year from a projected 6.3 million euro in 211. It is expected to climb further to 7.6 million euro in 213 and to 8.36 million in 214, Energoprojekt said in a business presentation filed with the Belgrade bourse on Wednesday.The holding company's consolidated revenue is expected to reach 278 million euro in 215, up from 267 million in 214, 257 million in 213 and 247 million in 212. This year's consolidated revenue is estimated at 238 million euro.energoprojekt said it has signed new contracts worth some 53 million euro since 29 with the value of ongoing deals exceeding 3 million euro at the end of June 211.(source: bloomberg) Serbia s budget deficit widened to 94.7 billion dinars ($1.24 billion) in the first eight months of the year, as government spending exceeded a plan with payment of farming subsidies.the shortfall, calculated under the International Monetary Fund methodology, expanded from 83.8 billion dinars in the first seven months of the year.following a new agreement with the IMF on an 18-month precautionary loan program worth 1 billion euros ($1.34 billion), which is to be cleared by the IMF board next week, the government targets a full-year gap of around 143 billion dinars, or 4.5 percent of GDP. That would be more than the previous goal of 4.25 percent.in August, revenue came mainly from the collection of value-added tax and excise duties. Spending topped the plan because of higher farming subsidy payments for the second consecutive month.serbia s total public debt, including the government s liabilities to creditors at home and abroad, was at 41.7 percent of GDP at the end of August, below a self-imposed limit of 45 percent of GDP.(source: bloomberg) 2

3 A Listing Aerodrom Nikola Tesla Energoprojekt holding Naftna industrija Srbije Soja protein Tigar Izvor: Bloomberg AERO 467 7,56, % -2.85% ENHL ,52.4% -5.9% NIIS 66 25,74, -3.5% -5.39% SJPT 62 4,59, % -3.37% TIGR 67 26,8-1.47% -3.6%.34 n/a ,13,13, Din. 4,762,39, Din. 17,619,9, Din. 5,926,596, Din. 1,151,368, Din. Alfa Plam Komercijalna banka Metalac Izvor: Bloomberg B Listing ALFA 7,9.%.1% KMBN 2,1.% -1.45% MTLC 1,85 353, %.% ,381,15, Din. 18,289,55, Din. 1,887,, 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 5,163.% -1.54%.21 n/a 6.77 AIKB 2,6 6,13,988.3% -5.91% BIPB % 3.% 3.8 n/a BMBI 19,996 1,379, % -.2% CYBN 2,.%.%.49 n/a CCNB 11,.% -8.33% DINNPB 1,56 3,12.13% -5.82% DNOS 1, 14,.% -9.5%.3 n/a 2.16 FITO 6,51 13,2-7.13% -7.13% GLOS 276.% -7.69%.13 n/a 2.21 IMLK 2,152 2,38,112.9%.51% INFM 2,4 38,4-4.% -2.6% JESV 5,4 486, -1.8% -1.78% JMBN 13,86 27,9 -.57% -1.6% KMBNPB , % -4.1% n/a n/a 8.62 LSTA 27 72,9-7.53% 3.85% NPRD 1,94.% % PLTK 58.%.%.17 n/a PRBN 39.% -2.1%.42 n/a PRGS 6.%.% PTLK 127.%.% PUUE 74.% -2.76% MTBN 2,16.% 19.8% SIMP 255.%.%.5 n/a TGAS 4,885.% % TLFN 747.%.% UNBN 3,5.%.% VLFR 45.%.%.33 n/a VLFR 37 18,5-3.9% -6.33% VINZ 6,9.% -1.44% VITL 1, , % -.4% VDAV 3,3.%.%.37 n/a ,71,896, Din. 17,494,1, Din. 39,66, Din. 7,656,448, Din. 1,33,166, Din. 1,468,16, Din. 4,983,4, Din. 259,179, Din. 2,86,44, Din. 36,598,4 Din. 19,522,14, Din. 441,136,8 Din. 1,645,483, Din. 3,598,84, Din. 331,676,9 Din. 413,359,2 Din. 665,961,2 Din. 382,62, Din. 972,22,9 Din. 323,565, Din. 142,49,6 Din. 691,497,7 Din. 2,336,794, Din. 27,223,5 Din. 5,64,74, Din. 432,658,7 Din. 1,986,183, Din. 71,592,8 Din. 836,272,5 Din. 1,368,753, Din. 1,145,142, Din. 378,797,1 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, , SBITOP Slovenija SOFIX Bugarska BET Rumunija 4, ,46.62 DJ Stoxx Balkan 5 Balkan % -11.7% -.77% % -1.61% -2.22% -3.39% -18.2% -3.8% % CROBEX SBITOP crobex 15 1 sbi SOFIX BET sofix bet-c dj balkan DJ Stoxx Balkan 5 Slovenia s credit rating was cut one level by Moody s Investors Service, which said another downgrade is possible as risks grow that the country s banking system will need more government support.the local- and foreign-currency government bond ratings were lowered to Aa3, the fourth-highest level, from Aa2, Moody s said in a statement today. The company also cited the weakening outlook for medium-term economic growth and increasing political uncertainty surrounding plans for fiscal consolidation and reforms needed to prevent a further rise in government debt.slovenia s economy is losing momentum as demand for exports from its main markets in Europe weakens amid the region s deepening debt crisis. The nation s banks are still struggling to recover from the 29 recession which led to a surge in bad debts in the construction and real-estate industries.(source: bloomberg) Croatia's Podravka has launched an investment cycle of about HRK 1 million in order to enhance its business processes and modernise its production, this Koprivnica-based food manufacturer said in a statement issued on Monday on the Zagreb Stock Ex reports TPortal.The statement underscores that, among planned investments, new sausage factory will be built in the Danica industrial zone in Koprivnica Croatia. "Construction of the first solar power plant is planned as part of this project. New production facilities would be using solar power, the first of its kind when it comes to regional economy," reads the statement."as Podravka is a socially responsible company working under the principles of sustainable development, Podravka's Vegetable factory in Umag has invested HRK 2.5 million of total HRK 5.5. mill. this year's investment in the reconstruction of the boiler-room, in order to transfer from masut to ecologically acceptable gas. Production processes are also automatised," reads the statement.(source:balkans.com) 4

5 WORLD Index Country / Region Previous Change YTD Dow Jones Industrial S&P 5 NASDAQ FTSE Dow Jones Stoxx 6 Nikkei 225 1, , , Engleska 5,41.61 EU Japan 8, , , , , , % -7.29% -3.19% -1.18% -3.25% -7.43% -4.67% % -4.63% -22.9% -2.7% % Dow Jones Industrial S&P dow jones 1 s&p NASDAQ Composite FTSE nasdaq 6 dax DJ Stoxx 6 Nikkei nikkei 15 \ dj stoxx U.S. stocks tumbled, giving the Standard & Poor s 5 Index a four-day loss of 7.4 percent, amid investors concern that policymakers are running out of tools to avoid another global economic recession.caterpillar Inc. and DuPont Co. slumped at least 6 percent, pacing declines among companies most-tied to economic growth.alcoa Inc. and Chevron Corp. slid more than 4.8 percent as commodities erased this year s gains on speculation that demand for energy and raw materials will slow. FedEx Corp., operator of the biggest cargo airline and a proxy for the economy, lost 9.5 percent after cutting its profit forecast.the S&P 5 fell 3.5 percent to 1, The Dow Jones Industrial Average lost points, or 3.8 percent. The MSCI All-Country World Index slid 4.7 percent.(source: bloomberg) European stocks tumbled to a two-year low as the Federal Reserve signaled significant downside risks to the world s largest economy and Moody s Investors Service downgraded three U.S. banks. Logitech International SA, the world s biggest maker of computer mice, plunged 12 percent after cutting its forecasts for the second time in two months. Rio Tinto Group, the world s second-largest mining company, sank the most in more than two years as copper fell for a fifth day. LVMH Moet Hennessy Louis Vuitton SA and Burberry Group Plc led luxury stocks lower.the Stoxx Europe 6 Index sank 4.6 percent to the lowest since July 29.Today s drop was the biggest in five weeks and extends thec decline from this year s high on Feb. 17 to 26 percent amid concern the global economic recovery is stalling and the European debt crisis is spreading.(source: bloomberg) 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