FX rate 1,

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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 13, ,2237,12% EURUSD 1,386 1,3754,38% USD 74,837 74,9954 -,26% EURCHF 1,2823 1,2768,43% CHF 8,2959 8,89 -,73% EURGBP,8492,8532 -,47% GBP 121,714 12,8284,72% GBPUSD 1,6257 1,6118,86% Source: NBS USDJPY 81,78 81,68,12% 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 31,2 mil EUR (Central bank didn t sell or buy Euro) at average rate 13,392 EUR and USD indicators for current day: Time Country Event Period Previous Forecast!! 11: Euro zone CPI estimate y-o-y February 2.4% 2.4% MM and fixed income Key rate NBS 12,% Interbank market - Serbia Previous Change bps Source: NBS BEONIA 11,59 11,61-2, BELIBOR1M 13,19 13,24-5, T Bills - Serbia BELIBOR3M 13,62 13,49 13, Maturity Previous Source: Reuters 3 month 12,9% 13,5% 6 month 13,% 13,4% Major Key rates 12 month 13,47% 14,5% 18 month 12,94% 14,9% ECB 1,% 24 month 12,9% 14,6% FED,25% euro-linked SNB,25% 6 month 5,25% - euro-denominated 53 weeks 4,48% - Interbank - World Source: Treasury - Ministry of Finance Previous Change bps EONIA,689%,628%,61 FX Savings Bond - Serbia EURIBOR1M,867%,867%, Yield EURIBOR3M 1,94% 1,92%,2 A211 98,61 5,71% EURIBOR6M 1,379% 1,377%,2 A212 94,51 4,6% LIBOR1M (USD),261%,261%, A213 9,44 4,56% LIBOR3M (USD),395%,315% -,1 A214 87,6 4,15% LIBOR1M (CHF),13667%,13667%, A215 83,1 4,47% LIBOR3M (CHF),17%,17%, A216 8,66 4,17% Source: Belex Note: Interest rates refer to the previous working day 1

2 Equity market SERBIA Previous Change YTD Belex ,8 76,85,39% 17,24% Belex line 1.427, ,5,14% 11,26% Turnover Din Din ,26% -1,12% Ratios P / B P / E Belex15,82 1,63 Source: Belex Belex Belex Line ,% 7,% 6,% 5,% 4,% 3,% 2,% 1,%,% -1,% -2,% - members of Belex15 7,56% 2,17% 1,29%,65%,8%,%,%,%,9%,13%,33% -,2% -,6% -,89% ENHL AIKB MTBN MTLC ALFA KMBN TGAS UNBN IMLK VZAS SJPT TIGR AGBN PRBN Serbia s industrial output in January went up 3.8% against the same month a year earlier, while dropping 12.1% compared to the 21 monthly average, according to data from the Statistics Office. In January 211, output in the processing sector grew 5.6%, the distribution of electricity, natural gas, and water increased 1.7%, while mining dropped 4.3% against December 21. At the same time, the output of capital goods skyrocketed 25.9%, intermediary goods rose 8.6%, non-durable consumer goods went up by 1.6%, and energy 1.2%. The production of durable consumer goods, however, slumped 25.5%. According to earlier reports, Serbia s industrial production in 21 increased 2.9% against the previous year. (Source: Executive newsletter) Serbia will sell 162 billion dinar in debt in the second quarter, up from 143 billion dinar in the first three months of the year, the Finance Ministry said yesterday in a statement on its website. Serbia will sell 6 billion dinar in 53-week Treasury bills, 3 billion dinar in 3-year bonds, and 2 billion dinar in both 18- and 24-month securities, the ministry said. It will also sell 32 billion dinar in paper with maturities of less than one year. () Mineral water bottlers will have to raise prices due to the rising costs of energy and PET packaging, Tanjug reported yesterday, citing Mineral Water Industries Association President Branka Serovic. Last year, the sector experienced a 2% year-on-year drop in sales, in line with a trend that has been ongoing for four years in Serbia, she recalled. On an annual level, some 63 million liters of bottled water are produced in Serbia. Knjaz Milos, owned by private equity firm Salford Capital Partners, and Minaqua from Novi Sad each had a 22.5% share in Serbia s mineral water market in 21, while Voda Vrnjci from Vrnjacka Banja held 2.7%. (Source: Executive newsletter) 2

3 A Listing Aerodrom Nikola Tesla Energoprojekt holding Naftna industrija Srbije Soja protein Tigar Izvor: Bloomberg AERO ,39% 7,93% n/a n/a n/a ENHL ,89%,1% 1,9 1,67 1,2 NIIS ,2%,4% 2,51 n/a -74,3 SJPT ,8%,5%,6 12,89 5,23 TIGR ,29% 2,75%,35 n/a -6, Din Din Din Din Din. Alfa Plam Komercijalna banka Metalac Izvor: Bloomberg B Listing ALFA ,% -4,75%,49 4,36 11,77 KMBN ,% 3,34%,95 14,3 6,91 MTLC ,% -3,24%,85 8,71 9, 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 ,17% 1,62%,39 n/a 7,95 AIKB ,2% -4,48%,84 5,73 16,21 BIPB 35,% 6,%,73 n/a -126,53 BMBI 2.,%,4% 2,46 3,43 8,15 CYBN 1.899,% -2,62%,28 n/a -44,75 CCNB 16.,% 3,6%,56 3,51 1,84 DINNPB 2.9,% 3,74% 1,13 6,35 17,37 DNOS 1.89,% -4,79% n/a n/a 1,36 FITO ,5%,97% 1,37 5,84 25,94 GLOS 44,% -4,35%,2 n/a 2,8 IMLK ,33% -,47% 2,5 22,1 9,46 INFM ,35%,35%,49 133,73,4 JESV 6.599,% 1,51% 1,24 3,96 32,1 JMBN ,73% -2,1%,8 11,38 6,74 KMBNPB 1.,%,% n/a n/a 6,91 LSTA ,79% -1,79%,41 1,79 25,59 NPRD 4.,%,%,4 1,23 39,62 PLTK ,% -6,12%,27 n/a -16,32 PRBN ,56% 4,53%,68 n/a -12,35 PRGS ,43% -4,95%,1 378,99,3 PTLK 123,% 2,5%,14 225,13,6 PUUE 1.25,% -3,3%,96 6,78 14,74 MTBN ,6%,91%,56 84,23,59 SIMP 478,% 17,44%,9 n/a -7,95 TGAS ,9% 2,9%,87 9,92 9,15 TLFN 1.2,% 8,21%,55 23,16 1,86 UNBN ,13% -2,4%,49 14,18 3,35 VLFR 978,%,%,71 n/a -58,54 VLFR ,65% -2,22%,49 4,12 8,63 VINZ ,21% 6,21%,8 4,74 21,84 VITL 849,% -,12%,19 2,84,9 VDAV 4.25,% 3,21%,47 n/a 4, 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) Mcaptržišna kapitalizacija=tržišna cena akcije x broj akcija 3

4 REGION Index Country / Region Previous Change YTD Crobex Hrvatska 2.241,4 2.25,38 SBITOP Slovenija 818,83 821,73 SOFIX Bugarska 449,9 442,6 BET Rumunija 5.864, ,89 DJ Stoxx Balkan 5 Balkan 633,76 632,71 -,42% 6,16% -,35% -3,71% 1,65% 24,16% 3,3% 11,31%,17% 6,41% CROBEX SBITOP crobex sbi SOFIX 1 BET sofix 8 bet-c DJ Stoxx Balkan dj balkan Austrian banks have more than 1billion euros ($1.4 billion) in deposits from Libyan clients, Austrian central bank Governor Ewald Nowotny said in an interview on Austrian state television yesterday. Nowotny added he couldn t say yet how many of the deposits were linked to the country s leader, Muammar Qaddafi, and his family, whose assets are to be frozen under a UN Security Council resolution. I can t say yet how big the volume is that falls into this category, Nowotny said, referring to the asset freeze. Overall, Austrian banks have deposits from Libya that total more than 1 billion euros. Erste Group Bank AG, Austria s secondlargest lender, has no accounts linked to Qaddafi or his family, spokeswoman Hana Cygonkova said in an ed statement. () Montenegro's Finance Ministry said it sold out on Monday a 44 million euro ($6.7 million) issue of six-month Treasury bills. The average yield on the government securities was 2.64%, up from 2.58% achieved in the previous auction of six-month T-bills held on October 27, the Finance Ministry said in a statement. The issue was oversubscribed with bids totalling million euro. This was the ministry's first auction of six-month government securities this year. In October, it held its sixth and final T-bills auction for 21, selling out its 3.59 million euro offer. () 4

5 WORLD Index Country / Region Previous Change YTD Dow Jones Industrial S&P NASDAQ FTSE Dow Jones Stoxx 6 Nikkei , , ,27 Engleska 5.994,1 EU 286,47 Japan 1.624, , , ,5 6.1,2 284, ,76,79% 5,6%,56% 5,53%,4% 4,88% -,12% 1,59%,83% 3,86%,92% 3,86% 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 advanced, extending a third straight monthly gain for benchmark indexes, amid improving economic data and billionaire investor Warren Buffett s desire to make more acquisitions. Berkshire Hathaway Inc. s Class B shares rose 2.8 percent as Buffett s company said profit jumped 43 percent to the highest since 27. Stocks of phone and utilities companies led the gains in the Standard & Poor s Index, adding at least 1 percent. Walgreen Co. climbed 3.3 percent after Morgan Stanley raised its share-price estimate for the largest U.S. drugstore chain. Intel Corp. fell 1.8 percent as JPMorgan Chase & Co. said the largest chipmaker may miss revenue estimates. The S&P rose 3.2 percent in February, extending this year s gain to 5.5 percent, amid government measures to stimulate the economy and higher-than-estimated corporate earnings. Per-share profit topped estimates at 71 percent of the 46 companies in the S&P that have reported results since Jan. 1, according to data compiled by Bloomberg. () European stocks gained after the biggest weekly drop since July pushed the benchmark Stoxx Europe 6 Index to its cheapest valuation in almost two years. Syngenta AG jumped 2.6 percent after the Indian government announced tax breaks for investments in fertilizer projects and a rival announced an increase in sales of agricultural chemicals. Siemens AG climbed 3.6 percent after the company was said to be considering an initial public offering for its Osram lighting business. HSBC Holdings Plc tumbled 4.7 percent after posting full-year net income that missed analysts estimates. National benchmark indexes gained in all of the 18 western European markets except Greece and the U.K. The U.K. s FTSE 1 Index lost.1 percent. Germany s DAX Index climbed 1.2 percent and France s CAC 4 Index rose 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