FX rate MM and fixed income

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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 17,3 mil EUR at average rate 111, 463. EUR and USD indicators for current day: Time Country Event Period Previous Forecast!! 7: Germany Producer prices mar 3.2% 3.1% MM and fixed income Key rate NBS 9.5 Interbank market - Serbia Previous Change bps Source: NBS BEONIA BELIBOR1M T Bills - Serbia BELIBOR3M Maturity Previous Source: Reuters 3 month 11.6% 11.9% 6 month 1.48% 1.48% Major Key rates 12 month 12.5% 12.69% 18 month 13.1% 12.79% ECB 1.% 24 month 13.25% 13.29% FED.25% 36 month 14.89% 14.89% SNB.% 6 month 14.7% 53 week-eur 5.95% Source: Treasury - Ministry of Finance Interbank - World Previous Change bps EONIA.347%.346%.1 FX Savings Bond - Serbia EURIBOR1M.47%.48% -.1 Yield EURIBOR3M.737%.741% -.4 EURIBOR6M 1.33% 1.38% -.5 A212 99, 9,13% LIBOR1M (USD).23975%.23975%. A213 93,3 6,42% LIBOR3M (USD).46565%.46565%. A214 87,54 6,49% LIBOR1M (CHF).7%.7%. A215 83, 6,16% LIBOR3M (CHF).11167%.11167%. A216 77,5 6,39% Source: Belex Note: Interest rates refer to the previous working day 1

2 Equity market SERBIA Previous Change YTD Belex Belex line Turnover 44,718,78 Din. 42, ,824,573 Din. 25, % -.36% 95.92% 96.7%.56%.8% Ratios P / B P / E Belex15,74 5,2 Source: Belex Belex15 42 Belex Line %.% - members of Belex15.%.%.%.%.%.3%.15%.33% -.5% -1.% -1.5% -2.% -.55% -.44% -1.3% -1.21% -1.55% -1.76% AIKB JMBN MTLC AERO SJPT ENHL KMBN AGBN FITO JESV ALFA IMLK NIIS VZAS German discount retailer Lidl boosts Serbian subsidiary s cash capital to EUR 5 million as part of plans to open outlet in Zrenjanin, three other stores. Germany-based discount supermarket chain Lidl plans to open at least three more outlets in Serbia, in addition to the one already planned for the Vojvodina town of Zrenjanin, Blic wrote yesterday, citing an unnamed source. The investment in Zrenjanin will stand at EUR 1.5 million, while Lidl will spend EUR 3.5 million on the three other stores, which will likely be in towns other than Belgrade, where land is the most expensive, the source said, noting that the German company has increased its Serbian subsidiary s cash capital from EUR 1 million to EUR 5 million to finance the planned investments. Lidl plans to open more than 2 outlets in Serbia overall, according to the source. For their part, unnamed representatives of Belgrade-based retailer Lidl Serbia Supermarketi, a subsidiary of the German company, confirmed that the retailer plans to secure several locations in order to unveil several outlets at once. Lidl operates more than 9, stores in 2 European countries. It is the world s fifth-biggest retailer, with over EUR 6 billion in annual revenues. (Source: Executivenewsletter) Indian property developer Embassy Group yesterday held a groundbreaking ceremony in Indjija to mark the beginning of a longawaited project to build an IT and business park, which is expected to see EUR 6 million in investment over five years. Speaking on the occasion, Embassy Group Managing Director Jitendra Virwani, who earlier this week said that the project will be the biggest investment in Serbia s IT sector, said that the park will feature state-of-the-art office space, using latest technologies. The park will be a home to producers of software, and to a lesser degree hardware, and as well as to cloud servers. In an interview with Politika, Virwani said that the initial stage of the project, which will see 12, square meters of commercial space built, will soak up USD 4 million, with plans to wrap up the works in 213. Embassy Group intends to lease the commercial space to businesses, he said, adding that the second phase of building works will start once first lease agreements are signed.(source: Executivenewsletter) Serbia s first fashion outlet center opened yesterday in the Vojvodina town of Indjija after a EUR 25 million investment. Fashion Park Outlet Center, a 15,-square meter development, includes 65 stores that offer discounts of up to 7%. It has been developed by Belgrade-based BlackOak Developments, in partnership with GVA Outlets, a major European outlet center operator. The center, located along the Belgrade-Novi Sad highway, is planned to be expanded by another 15, square meters in two years, in what will push up the investment to EUR 4 million and boost the workforce from current to 1,, according to BlackOak Developments CEO Djura Stanic. The retailers in the center include Fashion, Sportina, XYZ, Tommy Hilfiger, Adidas, Nike, Puma, Converse, Ecco, Office Shoes, Beosport, Midas, Timeout, Levi s, Burlington, Lisca, Retro, and Nikola S. The outlet center is part of a retail park that will span 6 hectares and include a business-style hotel, a cash-and-carry hypermarket, a furniture store, and office space, with the total investment to exceed EUR 1 million. (Source: Executivenewsletter) 2

3 A Listing Aerodrom Nikola Tesla Energoprojekt holding Naftna industrija Srbije Soja protein Tigar Izvor: Bloomberg AERO , % -2.38% ENHL , % -2.4% NIIS 658 6,599,74.15% -.6% SJPT , % -3.73% TIGR 497 2, % 2.47%.25 #N/A N/A ,527,466,797 Din. 4,241,579,12 Din. 17,293,742,188 Din. 8,73,374,23 Din. 854,74,646 Din. Alfa Plam Komercijalna banka Metalac Izvor: Bloomberg B Listing ALFA 7,1.%.% KMBN 1,69.% -3.43% MTLC 1,63 19, % -1.21% ,241,165,161 Din. 14,718,734,375 Din. 1,662,599,976 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 1,42.% 6.33%.4 n/a 6.77 AIKB 1, , % -6.41% BIPB 26.% -13.2% 2.36 n/a BMBI 2, 6,2,.%.% CYBN 2,1.%.%.49 n/a CCNB 7,92.% -12.% DINNPB 89 4,45-1.8%.% DNOS 1,24 9, % 2.4%.3 n/a 2.16 FITO 2,6.% -2.69% GLOS 316.%.%.15 n/a 2.21 IMLK 3,1 12,4.3% 1.97% INFM 2,25.%.% #N/A N/A #N/A N/A #N/A N/A JESV 4,8.%.% JMBN 11,499 45, % -2.13% KMBNPB ,7-8.72% -8.72% n/a n/a 8.62 LSTA 256.%.% NPRD 9.%.% PLTK 42.%.%.12 #N/A N/A PRBN 214.% 11.46%.23 n/a PRGS 4 6, -9.9% -9.9% PTLK 94.%.% PUUE 76.% -12.4% MTBN 1,.% 1.1% SIMP 22.%.%.4 #N/A N/A TGAS 3,8 15,2-7.32% -7.32% TLFN 353.%.28% UNBN 2, 1,216,.%.% VLFR 3.%.%.22 n/a VLFR 31 2,769.33%.33% VINZ 7, 35,.%.% VITL 1,75 24, 4.79% -6.82% VDAV 5,.%.%.56 n/a ,935,425 Din. 14,136,485,352 Din. 236,757,538 Din. 7,657,979,98 Din. 1,38,331,787 Din. 1,56,971,558 Din. 2,944,83,467 Din. 265,399,292 Din. 2,288,, Din. 351,33,2 Din. 27,223,955,78 Din. 413,565,735 Din. 1,462,651,245 Din. 2,985,163,33 Din. 38,892,761 Din. 391,925,751 Din. 38,951,111 Din. 277,69,641 Din. 533,465,21 Din. 215,71,7 Din. 15,465,462 Din. 746,53,174 Din. 1,81,848,999 Din. 233,134,3 Din. 3,939,3,293 Din. 24,455,841 Din. 1,134,962,36 Din. 467,728,485 Din. 68,318,97 Din. 1,388,589,966 Din. 1,336,889,771 Din. 573,934,998 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 5, ,31.75 DJ Stoxx Balkan 5 Balkan % 5.17% -.7% 3.48%.38% -5.44% -.78% 21.3% -1.17% 11.13% CROBEX crobex SBITOP sbi2 SOFIX sofix BET bet-c dj balkan DJ Stoxx Balkan 5 Croatia s sale of $1.5 billion in dollar-denominated bonds was five times oversubscribed, a signal that demand remains strong even as Europe s debt crisis continues. Bids from investors for the five-year bonds totaled $7.5 billion, a government official close to the transaction said. The official declined to be identified as the information is not public yet. The bonds were sold to yield percent. The high interest in the bonds was probably a result of the government s fiscal consolidation efforts and recent credit rating affirmations, Alen Kovac, chief analyst at Erste Banka d.d., said by phone. This was a very successful issue and as the largest part of Croatia s financing needs for the year are now over, further risks of public debt refinancing have been minimalized. Croatia, set to become the European Union s 28th member next year, sold bonds as rising borrowing costs for Spain, Italy and France fuel concern that the region s debt crisis may not be contained. The yield compares with 6.45 percent in a Feb. 28 sale of $75 million of 1-year notes by similarly-rated Romania, spurred by the European Central Bank s record lending in December and February. (Source:Bloomberg) The euro zone is convalescing and there no longer any risk of a break-up, French President Nicolas Sarkozy said. There is no longer any risk of an implosion of the euro zone because we have created an economic governance structure, because we are tackling our debts, because we have brought the European Central Bank into the game, Sarkozy said in an interview on RTL radio today.(source:bloomberg) 4

5 WORLD Index Country / Region Previous Change YTD Dow Jones Industrial S&P NASDAQ FTSE Dow Jones Stoxx 6 Nikkei , , ,7.56 Engleska 5, EU Japan 9, , , , , , % 6.11% -.59% 9.49% -.79% 15.45% -.1% 3.9% -.47% 4.89% -.82% 13.4% Dow Jones Industrial S&P dow jones 12 s&p NASDAQ Composite FTSE nasdaq 6 dax DJ Stoxx 6 Nikkei nikkei 1 \ dj stoxx European stocks fell for a second day as reports showed that sales of previously owned houses dropped and more Americans than forecast filed claims for unemployment benefits. Publicis Groupe SA dropped as France s largest advertising company said growth will slow this quarter. Nokia Oyj tumbled to a 15-year low after reporting an operating loss of 1.34 billioneuros ($1.8 billion). SKF AB, the world s biggest maker of ball bearings, rose 4.9 percent after forecasting higher sales in the U.S. and Asia. The Stoxx Europe 6 Index retreated.5 percent to at the close, after earlier rallying as much as 1 percent. The gauge has lost 2.6 percent so far in April on renewed concern that the euro area s sovereign-debt crisis will worsen. The Stoxx 6 has still advanced 4.9 percent this year. "U.S. data continued to disappoint today, said Craig Erlam, a London-based market analyst at Alpari U.K. The data wiped out any gains made in the morning from the successful Spanish bond auction. Sentiment is low and it won t take much to restart the down trend. (Source:Bloomberg) U.S. stocks retreated for a second day as disappointing economic data and concern over Europe s debt crisis overshadowed betterthan-forecast earnings from companies including EBay Inc. and Morgan Stanley. Alcoa Inc. and DuPont Co. slid at least 1.2 percent, as investors sold shares of companies most tied to economic growth. Qualcomm Inc. declined 6.6 percent after projecting sales and profit that fell short of estimates. EBay Inc. rallied 13 percent, the most since 25, as earnings were helped by growth in its PayPal payments business. Microsoft Corp. rose 2.9 percent after regular trading as it reported third-quarter profit that topped analysts estimates.(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