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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 45.8 mil EUR at average rate 15, EUR and USD indicators for current day: Time Country Event Period Previous Forecast!! 1: Euro zone Industrial new orders MoM October -6.4% 2.5% MM and fixed income Key rate NBS 9.75 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 1.85% 1.9% Major Key rates 12 month 13.% 13.% 18 month 13.5% 13.3% ECB 1.% 24 month 13.25% 13.19% FED.25% 36 month 14.89% 14.89% SNB.% Source: Treasury - Ministry of Finance Interbank - World Previous Change bps EONIA.395%.396% -.1 FX Savings Bond - Serbia EURIBOR1M.97%.988% -.18 Yield EURIBOR3M 1.319% 1.333% -.14 EURIBOR6M 1.586% 1.598% -.12 A212 97,23 7,17% LIBOR1M (USD).2953%.2953%. A213 91,1 6,93% LIBOR3M (USD).5825%.5825%. A214 9, 4,48% LIBOR1M (CHF).3167%.3167%. A215 82,6 5,77% LIBOR3M (CHF).5167%.5167%. A216 79,48 5,35% Source: Belex Note: Interest rates refer to the previous working day 1

2 Equity market SERBIA Previous Change YTD Belex % Belex line % Turnover 15,4,92 Din. 3,811,31 Din % 141, , % Ratios P / B P / E Belex15,53 4, % % Source: Belex Belex Belex Line 2.%.% -2.% -4.% -3.54% -2.85% - members of Belex15.%.%.%.%.% -.29% -.9% -2.55% -2.25% -1.75%.31% -6.% -8.% -1.% -9.17% AGBN SJPT AIKB ENHL IMLK TIGR KMBN MTBN UNBN MTLC VZAS TGAS ALFA PRBN The Serbian government said on Wednesday it plans to invest around 17 million euro ($221 million) in several construction projects this year. Serbia will launch the construction of 1,7 flats for low-income families in 12 cities, a project worth 3 million euro, the government said in a statement, quoting the minister of environment, mining and spatial planning Oliver Dulic.Out of the 18 billion dinars ($222 million/17 million euro) of state aid earmarked for the construction industry in 211, only 8. billion dinars have been spent while the remainder will be disbursed for this year's projects. A large-scale conversion to residential use of the disused Stepa Stepanovic barracks in Belgrade, a project worth 4 million euro, will also be completed this year, the statement said.(source: bloomberg) Serbian PM Mirko Cvetković s economic advisor Jurij Bajec told Tanjug there was a realistic chance Serbia would maintain macroeconomic stability in 212. He believes that macroeconomic stability will be maintained regardless of the influence of the crisis coming from abroad, because the government has set aside around EUR 1.5bn in the budget for capital projects and EUR 6mn for subsidies and has also signed a precautionary arrangement with the International Monetary Fund (IMF). Bajec stressed it would be very good if Serbia got candidate status for EU membership this year, as this would draw foreign investors, noting the state needed to cut spending and carry out a reform of the public sector and the tax system. "These are definitely not all the necessary measures, because when you are a candidate for EU membership, then investors see a long-term perspective of where you are headed, and investments are long-term projects. An investor would be more likely to come with the candidacy as a sort of additional guarantee," he explained. (source: b92) Mulk Holdings has acquired a large 1 acre asset in Serbia and announced an investment of $2 million toward the establishment of a new production facility in Europe.This strategic move is in line with the company's continued expansion program of establishing manufacturing plants close to demand markets.the facility, situated in the Nemanjina Street, Banatski Karlovac, Serbia, 6km from Belgrade (capital of Serbia), will have a state-of-the art production facility with a 3, square meters office and showroom space and 1, square meters of production Area which will be built in several phases.the new factory will have a capacity of 3 million m2 of fire rated metal composite panels and 1, tons of color coated coils.shaji Ul Mulk, Chairman of Mulk Holdings International, said: "Our Investment in Europe started last year with the establishment of Alubond Europe in Pancevo, Serbia in a leased facility.(source:bloomberg) 2

3 A Listing Aerodrom Nikola Tesla Energoprojekt holding Naftna industrija Srbije Soja protein Tigar Izvor: Bloomberg AERO , % -4.57% ENHL , %.% NIIS 64 2,787, % -1.13% SJPT , % 8.57% TIGR 55 1,1-1.75% 1.61%.26 #N/A N/A ,836,7, Din. 3,616,73, Din. 98,488,48, Din. 5,365,44, Din. 867,822,3 Din. Alfa Plam Komercijalna banka Metalac Izvor: Bloomberg B Listing ALFA 7,2.% -2.7% KMBN 1, , % 2.73% MTLC 1,6 36,.%.% ,258,646, Din. 14,762,28, Din. 1,632,, 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 2, , % %.11 n/a 6.77 AIKB 1,61 48,3-2.85% -6.86% BIPB 31.%.% 2.81 n/a BMBI 2,.%.% CYBN 1,666.%.%.41 n/a CCNB 1,45.% 4.5% DINNPB 985.% -2.45% DNOS 976.% %.3 n/a 2.16 FITO 1,864 4,387, % 2.42% GLOS 29.% 6.23%.13 n/a 2.21 IMLK 2,3 57, -2.25% 1.81% INFM 2,29.%.% JESV 4,855.% % JMBN 13,444 67, % -3.2% KMBNPB 95.% -4.81% n/a n/a 8.62 LSTA 3.%.% NPRD 1,21.%.% PLTK 5.%.%.15 #N/A N/A PRBN 32 6,8.31% -1.54%.34 n/a PRGS 52.% 15.56% PTLK 127.%.% PUUE 431.%.23% MTBN 1,149 14, % -1.93% SIMP 23.%.88%.4 #N/A N/A TGAS 4,3.% -.5% TLFN 55.% -5.17% UNBN 2,3.% 6.88% VLFR 3.%.%.22 n/a VLFR 321.% 1.9% VINZ 6,2 62, -4.62% -8.82% VITL 1,56 2, % % VDAV 4,1.%.%.46 n/a ,957,87, Din. 13,962,7, Din. 282,287,8 Din. 7,657,98, Din. 86,627,3 Din. 1,394,615, Din. 3,259,136, Din. 252,958,7 Din. 1,64,32, Din. 322,15,6 Din. 2,864,74, Din. 42,918, Din. 1,479,411, Din. 3,49,89, Din. 354,834, Din. 459,288, Din. 35,487,9 Din. 329,844,8 Din. 797,75, Din. 28,423, Din. 142,49,6 Din. 423,345,9 Din. 1,243,45, Din. 243,731, Din. 4,457,629, Din. 318,557,3 Din. 1,35,26, Din. 467,728, Din. 725,522,9 Din. 1,229,894, Din. 1,191,742, Din. 47,626,7 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, ,771.5 SBITOP Slovenija SOFIX Bugarska BET Rumunija 4, , DJ Stoxx Balkan 5 Balkan % %.23% -3.6%.81% %.14% % -.18% % CROBEX SBITOP crobex 1 sbi SOFIX BET sofix bet-c dj balkan DJ Stoxx Balkan 5 The European Central Bank s unprecedented cash injection is easing borrowing costs for Italy, Spain and Belgium, compensating for the lack of a solution to the debt crisis and the risk of recession.two-year Italian yields have dropped by 5 basis points and Belgian notes of the same maturity have declined by 22 basis points since Dec. 21, when the ECB supplied banks with 489 billion euros ($636 billion) of three-year loans. Short-dated Italian and Spanish debt outperformed AAA rated German and Dutch securities during that period. Short-term borrowing costs have come down significantly and that certainly helps to buy time, said Jens Nordvig,managing director of currency research at Nomura Holdings Inc.in New York. Six weeks ago, it looked as if there was going to be an imminent funding crisis, but that s averted by the ECB s money injection. (source: bloomberg) Hungary s Treasury-bill yields rose to the highest level in 2 1/2 years before an auction today as concern the International Monetary Fund and the European Union won t resume aid talks pushed the forint to a record low.the government is offering 45 billion forint ($14 million) in one-year bills, according to data from the Debt Management Agency on Bloomberg. The yield on existing Treasury bills of the same maturity increased 2 basis points to 8.8 percent yesterday, the highest since July 29, according to generic prices compiled by Bloomberg. The forint weakened.5 percent to an all-time low of 322 per euro by 8:55 a.m. in Budapest.(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, EU Japan 8, , , , , , % 7.26%.2% 1.56% -.1% -.17% -.55% -3.92% -.57% -9.5% 1.24% % Dow Jones Industrial S&P dow jones s&p NASDAQ Composite FTSE nasdaq 6 dax DJ Stoxx 6 Nikkei nikkei 1 \ dj stoxx European stocks were little d before a French bond sale and a report that may show the American service industry grew the fastest in three months. U.S.index futures were also little d, while Asian shares declined. L Oreal SA gained after reporting 211 sales that rose more than 4 percent. Societe Generale SA dropped 1.6 percent after announcing a 1 percent cut in corporate- and investment-banking staff.the Stoxx Europe 6 Index rose.2 percent to 25.9 at 8:7 in London. The gauge lost 11 percent last year as policy makers struggled to contain the region s debt crisis. The March contract on the Standard & Poor s Index slid.1 percent.the MSCI Asia Pacific Index dropped.5 percent.the benchmark measure yesterday retreated from a five-month high on concern that the region s banks will need to raise more capital to weather the sovereign-debt crisis.france plans to sell as much as 8 billion euros ($1.4 billion) of debt today in the country s first test this year of investor appetite for its bonds amid threats of a downgrade of its AAA rating by credit-rating companies. (source:bloomberg) U.S. stocks erased an early loss to finish little d, leaving the Dow Jones Industrial Average at the highest level since July, as improving sales at retailers and carmakers helped offset lower-than-forecast factory orders. Ford Motor Co. rose 1.5 percent after carmakers reported December sales that beat analysts estimates, capping the industry s best year since 28. Home Depot Inc., Lowe s Cos.and Starbucks Corp. advanced at least 1.4 percent after the International Council of Shopping Centers increased its estimate for December retail-sales growth. Yahoo! Inc. lost 3.1 percent after appointing Scott Thompson chief executive officer.the Standard & Poor s Index rose less than.1 percent to 1,277.3 at 4 p.m. New York time, after dropping as much as.7 percent earlier. The benchmark index is at its highest level since Oct. 28. The Dow added 21.4 points, or.2 percent, to 12, (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