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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 8,6 mil EUR at average rate 111, 462. EUR and USD indicators for current day: Time Country Event Period Previous Forecast!! 9: EU Producer price index - YoY Feb 3.7% 3.5% 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 12.69% 12.69% 18 month 13.1% 12.79% ECB 1.% 24 month 13.25% 13.25% 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%.388% -.41 FX Savings Bond - Serbia EURIBOR1M.417%.419% -.2 Yield EURIBOR3M.771%.777% -.6 EURIBOR6M 1.72% 1.78% -.6 A212 98,7 8,43% LIBOR1M (USD).24125%.24125%. A213 94, 5,47% LIBOR3M (USD).46815%.46815%. A214 87,7 6,26% LIBOR1M (CHF).7833%.7667%.166 A215 83,4 5,91% LIBOR3M (CHF).1%.1%. A216 79, 5,82% Source: Belex Note: Interest rates refer to the previous working day 1

2 Equity market SERBIA Previous Change YTD Belex % 5.96% Belex line 1,26.1 1, % 5.1% Turnover 5,843,34 Din. 455,941 95,89,35 Din. 861, % -47.5% Ratios P / B P / E Belex15,56 4,75 Source: Belex Belex15 Belex Line members of Belex15 1.%.5%.%.%.%.%.%.15%.53% -.5% -.2% -.8% -1.% -1.5% -.98% -.6% -.59% -2.% -2.5% -3.% -2.2% -2.21% -2.41% AGBN AIKB TIGR AERO IMLK MTLC ENHL ALFA KMBN JMBN UNBN JESV NIIS SJPT Planned decrease in forex reserve requirement should lead to lower interest rates on loans, NBS governor s council chairman says; bankers reserved. The planned decrease in foreign ex reserve requirement for banks, alongside an increase of dinar reserve requirements, should result in lower interest rates on both dinar loans and lending indexed to a foreign currency, Bosko Zivkovic, chairman of the National Bank of Serbia (NBS) governor s council, has told Vecernje Novosti. The forex reserve requirement cut could alternately lead to some of local banks money ending up in their accounts abroad, according to Zivkovic. Local banks keep a vast sum of money abroad and are still hyper-liquid on the local market, he said in an interview with the daily, noting that corporate lending activity in Serbia is weak, due to the banks risk aversion. In the same interview, Zivkovic said that fuel prices are expected to account for about one-sixth of the overall inflation rate in the first quarter of 212.(source:executive newsletter) Banca Intesa raises profit to 9.59 billion in 211. Belgrade-based Banca Intesa, part of Intesa Sanpaolo Group, made a 9.59 billion profit last year, or 1.97 billion more than it did in 21, according to a statement from brokerage Sinteza Invest Group yesterday. Last year, Banca Intesa s net interest income stood at 19.4 billion, up 2.1 billion compared to 21, while its net fee and commission income rose from 5.16 billion to 5.4 billion. Banca Intesa s total assets stood at billion at the end of 211, while its capital totaled 8.4 billion, according to Sinteza.(source:executive newsletter) Serbia s first fashion outlet center to open in Indjija on April 19 under EUR 25 million investment. Serbia s first fashion outlet center will open in Indjija on April 19, following a EUR 25 million investment, local media reported yesterday. Fashion Park Outlet Center, a 15,-square meter development along the Belgrade-Novi Sad highway, will include 65 stores that will offer 3% to 7% discounts on apparel, footwear and accessories left over from previous seasons. The retailers will 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 center, which will also include a Costa Coffee outlet, a restaurant run by Salas 137, and children s play area, will employ people in the first phase.(source:executive newsletter) 2

3 A Listing Aerodrom Nikola Tesla Energoprojekt holding Naftna industrija Srbije Soja protein Tigar Izvor: Bloomberg AERO 56 9,321, %.19% ENHL ,83 -.2% 1.3% NIIS 686 6,7,414.14% -.14% SJPT ,3.53% 4.44% TIGR ,4-2.2% -2.2%.25 #N/A N/A ,35,41,156 Din. 4,648,694,824 Din. 111,859,437, Din. 8,41,75,195 Din. 833,453,125 Din. Alfa Plam Komercijalna banka Metalac Izvor: Bloomberg B Listing ALFA 7, , % -.8% KMBN 1,8.% 7.2% MTLC 1,68 8,4 -.59% 1.82% ,257,597,534 Din. 15,676,757,813 Din. 1,713,599,976 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 1,415 74, % -8.71%.6 n/a 6.77 AIKB 1,773 51, % -6.68% BIPB 29 72, %.% 2.63 n/a BMBI 2,.%.% CYBN 2,28.%.%.56 n/a CCNB 9,.%.% DINNPB 1,7 197,95.9% 1.41% DNOS 93.%.%.2 n/a 2.16 FITO 2,529.% 12.65% GLOS 316.% 13.26%.15 n/a 2.21 IMLK 3, 4,647, -.6%.% INFM 2,119.%.% #N/A N/A #N/A N/A #N/A N/A JESV 4,8 9,6.% -1.95% JMBN 12,96.% -.75% KMBNPB 9 18, 4.65% 4.65% n/a n/a 8.62 LSTA 249.% 11.66% NPRD 1,.%.% PLTK 42.% -12.5%.12 #N/A N/A PRBN 229.% -1.55%.25 n/a PRGS 44.% -2.22% PTLK 94.%.% PUUE 864.% 2.% MTBN 1,126.%.9% SIMP 2.% -9.9%.4 #N/A N/A TGAS 4, ,9 5.93% 11.6% TLFN 352 7,4-1.43% -1.43% UNBN 1,885.% 7.71% VLFR 3.%.%.22 n/a VLFR 32 6,8 2.56% 1.59% VINZ 6,6.% % VITL 1,878.% 17.38% VDAV 5,2 11,92,8 4.% 4.%.59 n/a ,17,28,442 Din. 15,462,52,734 Din. 264,75,714 Din. 7,657,979,98 Din. 1,177,89,24 Din. 1,21,14,4 Din. 3,54,381,836 Din. 241,36,469 Din. 2,225,52,2 Din. 351,33,2 Din. 27,214,884,766 Din. 389,487,3 Din. 1,462,651,245 Din. 3,14,145,752 Din. 336,158,997 Din. 381,29,45 Din. 343,278,992 Din. 277,69,641 Din. 57,857,65 Din. 237,281,6 Din. 15,465,462 Din. 848,656,25 Din. 1,218,161,987 Din. 211,94,2 Din. 4,612,91,39 Din. 23,876,633 Din. 1,69,71,66 Din. 467,728,485 Din. 723,262,695 Din. 1,39,241,943 Din. 1,434,673,76 Din. 596,892,395 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 1, , SBITOP Slovenija SOFIX Bugarska BET Rumunija 5, , DJ Stoxx Balkan 5 Balkan % 5.18% -2.2% -.41%.79% -3.34% -.9% 23.77% -.77% 14.27% CROBEX SBITOP crobex 1 sbi SOFIX BET sofix bet-c dj balkan DJ Stoxx Balkan 5 Euro-region unemployment rose to the highest in more than 14 years and manufacturing contracted for an eighth month, adding to signs the economy probably slipped into a recession in the first quarter. The jobless rate in the 17-nation euro area rose to 1.8 percent in February from 1.7 percent a month earlier, the European Union s statistics office in Luxembourg said today. That s the highest since June 1997 and close to the record of 1.9 percent. A manufacturing gauge, based on a survey of purchasing managers, fell to 47.7 in March from 49, Markit Economics said. Unemployment is lagging economic developments and the situation on the labor market will likely remain difficult through 212, said Jens Kramer, an economist at NordLB in Hanover, Germany. Domestic demand is hurt by the difficult labor market and tougher austerity measures. The first and second quarters will show a contraction followed by a slight recovery. (source:bloomberg) The business climate improved last year for Greek-owned companies doing business locally, with Greece ranked as the fifth or sixth most significant country among the top foreign investors in Romania. By September 211, more than 5,1 firms with Greek shareholders were registered in Romania, ONRC data show.greek investments amount to EUR 1.6 billion, representing 5.3 percent of the total value of FDI in Romania, according to the National Trade Registry Office (ONRC). However, data from the National Bank of Romania indicate that Greek investments exceed EUR 3.1 billion, or 5.7 percent of total FDI. Meanwhile, the Embassy of Greece puts current Greek investments at over EUR 4 billion.the business climate improved last year on 21, but a significant number of Greek-owned companies continued to struggle in 211. (source:balkans.com) 4

5 WORLD Index Country / Region Previous Change YTD Dow Jones Industrial S&P NASDAQ FTSE Dow Jones Stoxx 6 Nikkei , , ,119.7 Engleska 5, EU Japan 1, , , , , , % 8.57%.75% 12.84%.91% 19.75% 1.85% 5.43% 1.46% 9.25%.26% 19.57% Dow Jones Industrial S&P dow jones s&p NASDAQ Composite FTSE nasdaq 6 dax DJ Stoxx 6 Nikkei nikkei 1 \ dj stoxx U.S. stocks gained, with the Standard & Poor s Index returning to an almost four-year high, and commodities reversed early losses following a report showing stronger-than-forecast growth in American manufacturing. Oil rallied the most in six weeks.the S&P advanced.8 percent to close at 1,419.4 at 4 p.m. in New York, adding to its 12 percent first-quarter rally.the Dow Jones Industrial Average increased points to 13,264.49, the highest since December 27. The S&P GSCI Index rose 1.7 percent as heating oil, gasoline and copper led gains in 19 of 24 commodities. Ten-year Treasury yields lost two basis points to 2.19 percent after decreasing as much as five points. Stocks and commodities recovered from earlier losses after the Institute for Supply Management s manufacturing index increased to 53.4 last month and a gauge of factory employment climbed to the highest level since June. The data helped assuage concern about the global economy after earlier reports showed European unemployment rose to a 14-year high in February and manufacturing contracted for an eighth month in March.(source:bloomberg) European stocks climbed the most in almost three weeks, erasing earlier losses, as reports showed manufacturing expanded more than forecast in the U.S. and China. Oriflame Cosmetics SA gained 2.6 percent after Coty Inc. offered to buy Avon Products Inc. for $1 billion. Cookson Group Plc jumped 6 percent after the Sunday Times said the company may spin off a unit. Novo Nordisk A/S led a gauge of health-care companies to the largest increase since November, rallying 5.6 percent in Copenhagen. The benchmark Stoxx Europe 6 Index advanced 1.5 percent to at the close, the biggest gain since March 13. The measure erased losses in the final two hours of trading, after earlier dropping as much as.4 percent. The gauge climbed 7.7 percent in the first quarter, its best start to a year since 26, boosted by the European Central Bank s 1 trillion euros ($1.3 trillion) in loans to the region s financial firms.(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