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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 91, 95 mil EUR at average rate 11, 129. EUR and USD indicators for current day: beonia Time Country Event Period Previous Forecast!! 6: Germany CPI - YoY August 2.4% 2.4% 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 12.% 11.9% 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 14.5% 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.863%.87% month 5.% - EURIBOR1M 1.341% 1.341%. 15 year 5.85% - EURIBOR3M 1.532% 1.532%. FX Savings Bond - Serbia EURIBOR6M 1.732% 1.731%.1 Yield LIBOR1M (USD).22%.226% -.1 A212 96,1 5,61% LIBOR3M (USD).33683%.33683%. A213 91,29 5,41% LIBOR1M (CHF).%.%. A214 86,91 5,28% LIBOR3M (CHF).%.%. A215 82,45 5,31% A216 78,41 5,27% Source: Belex Note: Interest rates refer to the previous working day 1

2 Equity market SERBIA Previous Change Belex % Belex line 1, , % Turnover 126,745,672 Din. 129,554,368 Din % 1,252,131 1,275, % Ratios P / B P / E Belex15,69 6,62 YTD -5.85% -8.42% Source: Belex 2 Belex15 42 Belex Line %.% -2.% -4.% -2.17% -.76% -.42% -.34% -.14% - members of Belex15.%.%.%.%.16%.79%.89% 1.2% -6.% -8.% -1.% -8.65% JMBN KMBN VZAS NIIS ENHL TIGR MTBN MTLC TGAS ALFA AGBN SJPT AIKB AERO Serbia s central bank lowered its benchmark interest rate, the second highest in Europe after Belarus, as slowing export growth dims the outlook for the economy and inflation concerns ease.the Narodna Banka Srbije cut the two-week repurchase rate to from percent, the Belgrade-based bank said on its website today. Five of 21 economists in a Bloomberg survey forecast the decrease, while nine predicted a quarter-point lowering and seven saw no. The decision to further ease monetary policy was taken so that inflation gets back to our target without major volatility, the bank said in a statement. Future rate movements will depend on risks, primarily tied to international environment and Serbia s fiscal policies. (source: bloomberg) Russia s Sberbank inks deal to buy Volksbank International, including unit in Serbia, for up to EUR 645 million. Russia s biggest bank, Sberbank, has signed a deal to buy Oesterreichische Volksbanken s international unit, Volksbank International, including its operations in Serbia, but excluding the Romanian unit, for an amount equal to the book value, of between EUR 585 million and EUR 645 million, depending on the 211 business results, according to a press release distributed by Belgrade-based Volksbank. The bank in Serbia is among the top 15 players in the market, according to the press release. The transaction is expected to take place by the end of 211, subject to regulatory approvals in Russia and Austria as well as in other Central and Eastern European countries where Volksbank operates.(source:executive newsletter) Italian companies will keep with investments in Serbia s textile, machinery, automotive and energy sectors despite Italian sluggish economy and the global financial crisis, Italian Economic Development Minister Paolo Romani told his Serbian counterpart, Nebojsa Ciric, during talks in Belgrade, local media reported yesterday. Speaking after the signature of a joint declaration on bilateral and economic cooperation, Romani said that the talks covered Italian car giant Fiat s investments in Serbia, along with plans for the construction of several hydropower plants on the Drina river, whose electricity will be mainly used for Italy s needs. He also invited Ciric to take part in a session of the Serbian-Italian Business Council in Italy in November. During the two-day visit, Romani also held talks with Prime Minister Mirko Cvetkovic and told him that Italian companies are interested in taking part in building Belgrade s metro system, according to the reports.(source:executive newsletter) 2

3 A Listing Aerodrom Nikola Tesla Energoprojekt holding Naftna industrija Srbije Soja protein Tigar Izvor: Bloomberg AERO ,158, % -1.56% ENHL 579 2,89, % -5.39% NIIS 711 4,445, % -3.75% SJPT ,96.79% -3.5% TIGR ,4 -.14% -.14%.36 n/a ,7,52, Din. 5,481,862, Din. 115,935,9, Din. 6,251,476, Din. 1,225,262, Din. Alfa Plam Komercijalna banka Metalac Izvor: Bloomberg B Listing ALFA 7,9.% 1.27% KMBN 2,25 4,329, -2.17% -4.26% MTLC 1,951.%.98% ,381,15, Din. 19,595,95, Din. 1,99,2, 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 5,6 112,.16% -2.9%.23 n/a 6.77 AIKB 2,161 9,927,634.89% -6.77% BIPB 35.% -2.75% 3.17 n/a BMBI 2, 7,78, 5.26% 4.17% CYBN 2,2.% -.5%.49 n/a CCNB 12,.%.% DINNPB 1,661 29, % -2.21% DNOS 1,2.% 8.6%.3 n/a 2.16 FITO 6,25 8, % -5.5% GLOS 3 69,.% -5.6%.14 n/a 2.21 IMLK 2,194 1,272, % -.27% INFM 2,464.% -5.23% JESV 5,6 392, 1.43% -.4% JMBN 13, 6,474, -8.65% -2.62% KMBNPB 91 45,5-5.46%.11% n/a n/a 8.62 LSTA 26.% % NPRD 2,2 17,6-12.% -12.% PLTK 58.%.%.17 n/a PRBN 398.% 4.46%.43 n/a PRGS 6.% -9.9% PTLK 127.%.% PUUE 83.%.% MTBN 2,3.% % SIMP , % 6.25%.5 n/a TGAS 5,55 111,.% -6.3% TLFN 735.%.% UNBN 3,.%.% VLFR 51.%.%.37 n/a VLFR , % -4.16% VINZ 7,1.%.% VITL 1,579.% 5.62% VDAV 3,.%.%.39 n/a ,24,989, Din. 18,845,74, Din. 318,712,1 Din. 7,657,98, Din. 1,34,199, Din. 1,61,472, Din. 5,495,864, Din. 311,14,8 Din. 2,73,2, Din. 333,259,2 Din. 19,93,15, Din. 452,9, Din. 1,76,426, Din. 3,374,826, Din. 336,532, Din. 398,49,6 Din. 755,213,8 Din. 382,62, Din. 992,145,6 Din. 323,565, Din. 142,49,6 Din. 788,739, Din. 2,488,253, Din. 27,223, Din. 5,753,452, Din. 425,78,3 Din. 1,986,183, Din. 795,138,4 Din. 885,996,8 Din. 1,388,788, Din. 1,26,256, Din. 41,754, 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, ,989.2 SBITOP Slovenija SOFIX Bugarska BET Rumunija 4, ,73.67 DJ Stoxx Balkan 5 Balkan % -5.9% -.47% %.27% 2.57% -.76% -1.89% -.4% % CROBEX SBITOP crobex 1 sbi SOFIX BET sofix bet-c DJ Stoxx Balkan dj balkan The National Bank of Romania has published the new draft set of rules on granting mortgage loans and loans for consumption. According to the document, down payments for real estate loans will be increased considerably, while in the case of mortgage loans for consumption, guarantees will have to amount to at least 133 percent of the borrowed sum. Loans for consumption will be granted for a period of 5 years at the most, as compared to the previous 2-year period, and customers will have to provide loan guarantees of 133 percent of the borrowed sum, shows the new draft set of regulations published by the National Bank of Romania. According to the new rules mortgage loans for consumption will be treated like any consumption. In the case of real estate loans, down payments will amount to 15 percent of the building s value in the case of loans granted in the Romanian currency, 3 percent for loans in Euros and 4 percent in the case of other currencies. Just like before, banks will be obliged to work out risk scenarios in order to keep the indebtedness rate below the maximum level set under their own financing standards throughout the duration of the Bulgaria's starch manufacturer Amilum will invest 51 million leva in the construction of a new production facility, the country's Economy Ministry said on September Construction works on the project, which will create 15 jobs, are expected to be completed in a year and a half.the investment is aimed at boosting the company's dextrose output to 1 tons a day, with an option to further increase it to 3 tons.amilum Bulgaria, based in the northeastern town of Razgrad, is part of Belgium's Amilum group, which is in turn a subsidiary of Tate & Lyle, a global leader in the starch industry. The group has production facilities in nearly 3 countries in Europe, the Americas and Southeastern Asia.In 1993, the sale of the unfinished starch factory in Razgrad was the first privatisation deal in Bulgaria. The Belgian company then paid $2 million for the asset.amilum Bulgaria specialises in the production of fructose syrup, sweeteners and starches. (source: bloomberg) 4

5 WORLD Index Country / Region Previous Change YTD Dow Jones Industrial S&P NASDAQ FTSE Dow Jones Stoxx 6 Nikkei , , , Engleska 5,34.38 EU Japan 8, , , , , , % -2.43% -1.6% -5.7% -.78% -4.66%.41% -9.48%.71% %.34% -14.4% Dow Jones Industrial S&P dow jones 12 s&p NASDAQ Composite FTSE nasdaq 6 dax DJ Stoxx 6 Nikkei nikkei 1 \ dj stoxx Most European stocks slid, with the benchmark Stoxx Europe 6 Index extending a weekly decline, amid concern the global economic recovery is stalling. U.S. futures gained and Asian shares fell.stmicroelectronics NV and Infineon Technologies AG slipped 1.5 percent and.9 percent, respectively, after Texas Instruments Inc. cut its sales forecast. Porsche SE retreated 12 percent after Volkswagen AG said it will no longer complete its merger with Porsche by the end of the year because of pending lawsuits. Verbund AG lost 5 percent after forecasting that profit will decline this year before rising in 212.The Stoxx 6 declined.2 % in London, extending its weekly drop to 1.4 percent. More than two stocks fell for every one that gained. The gauge has fallen 21 percent from this year s peak on Feb. 17 as European and.s.economic reports trailed forecasts, adding to concern that the global economic recovery is at risk. The retreat has left the gauge trading at about 9.6 percent the estimated earnings of its companies, near the lowest valuation since March 29.(source: bloomberg) Growth in consumer spending shows that a loss of household confidence won t bring on a recession or send share prices tumbling, according to Tobias Levkovich,Citigroup Inc. s chief U.S. equity strategist.us. stock futures erased gains,following losses in Asian shares after China s industrial output growth trailed estimates and Caixin magazine reported a Chinese province defaulted on its debt.s&p futures expiring in December fell.2 percent to 1,177.6 in Tokyo and earlier gained as much as.7%. The U.S. equity benchmark lost 1.1 percent yesterday.dow Jones Industrial Average futures slipped.1 percent to 11,215.The MSCI Asia Pacific Index declined.5 percent, headed for its first weekly loss in three weeks. U.S. stock futures rose earlier in the day after President Barack Obama outlined a plan to inject $447 billion into the world biggest economy through infrastructure spending and tax cuts.(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