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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 #DIV/! EURUSD % USD #DIV/! EURCHF % CHF #DIV/! EURGBP % GBP #DIV/! GBPUSD % Source: NBS USDJPY % EUR EURUSD Central bank informed us that till 12:3 total amount of trading was 73, 3 mil EUR at average rate 13, EUR and USD indicators for current day: beonia Time Country Event Period Previous Forecast!! 15:3 USD Durable goods orders October -.6% -1.2% MM and fixed income Key rate NBS 1.% 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 1.9% 11.65% Major Key rates 12 month 13.% 13.% 18 month 13.5% 13.3% ECB 1.25% 24 month 13.19% 12.89% FED.25% 36 month 14.89% 14.89% SNB.% euro-linked 6 month 5.25% - euro-denominated Interbank - World 53 weeks 4.48% - Previous Change bps 18 month 5.4% - EONIA.724%.75% month 5.% - EURIBOR1M 1.198% 1.199% year 5.85% - EURIBOR3M 1.467% 1.467%. FX Savings Bond - Serbia EURIBOR6M 1.695% 1.694%.1 Yield LIBOR1M (USD).25722%.25667%.55 A212 97,48 5,% LIBOR3M (USD).28%.49%.528 A213 92,49 5,26% LIBOR1M (CHF).%.%. A214 87,7 5,64% LIBOR3M (CHF).%.%. A215 81,3 6,5% A216 76,8 6,1% Source: Belex Note: Interest rates refer to the previous working day 1

2 Equity market SERBIA Previous Change Belex % Belex line 1, , % Turnover 35,999,552 Din. 29,78,81 Din. 23.8% 346, , % Ratios P / B P / E Belex15,57 5,3 YTD -2.41% -2.96% Source: Belex Belex Belex Line % 1.%.%.95%.23%.%.%.%.%.% - members of Belex15-1.% -.5% -.39% -2.% -3.% -4.% -5.% -1.64% -2.82% -4.8% -4.15% UNBN ENHL KMBN JESV MTLC ALFA JMBN IMLK AERO NIIS SJPT TIGR VZAS AGBN AIKB Serbia signed an agreement authorizing a Luxembourg-based investment company to develop what could be the world s biggest solar project at a cost of as much as 2 billion euros ($2.7 billion).oliver Dulic, the Serbian minister for environment and spatial planning, said he signed a memorandum of understanding with Securum Equity Partners SA on Nov. 17 allowing it to work on plans to develop a 1-gigawatt photovoltaic plant.the project would be more than 1 times the size of any solar plant operating in Europe and the first utility-scale facility of its kind in Serbia, according to Bloomberg New Energy Finance. Only two projects of comparable size have been announced anywhere in the world, both in China. Securum said in an ed statement it would finance the work through its NEPER Fund, a new entity it s establishing by December with Amicorp Fund Services, targeting to raise cash from investors by promising 15 percent returns over two decades.(source: bloomberg) Serbian power utility EPS to ink contract tomorrow on Japan s loan worth some 24.2 billion for flue gas desulfurization system at TENT thermal power plants. State power utility Elektroprivreda Srbije (EPS) and the Japanese government will ink an agreement tomorrow on a loan of about 24.5 billion for installing a flue gas desulfurization system at the Nikola Tesla (TENT) thermal power plants.the ceremony will be attended by International Cooperation Agency (JICA) representatives, Obrenovac Mayor Zeljko Jovetic, EPS General Manager Dragomir Markovic, and TENT s top man, Petar Knezevic. The yen-denominated loan will be disbursed through JICA. The entire project is worth an estimated EUR 3 million, with EPS due to provide about 15% of the funding. Japan s Official Development Assistance (ODA) loan will come with a 15-year repayment schedule, including a five-year grace period and a.6% interest rate. A consultant that will prepare tender documents for the project should be selected by the end of 211.(source: executive newsletter) South Korean companies interested in copper production at miner RTB, GM says. South Korean companies are interested in investing into copper production at state miner Rudarsko-Topionicarki Basen (RTB) in Bor, according to general manager Blagoje Spaskovski, local media reported yesterday. Spaskovski spoke to reporters following a meeting with South Korean Ambassador to Belgrade Kim Kwang-keun and Korean auto ignition parts producer Yura Corporation s general manager in Serbia, Jongwoo Nam. Spaskovski presented them with investment opportunities in RTB s Borska Reka and Juzni Revir copper deposits as well as the Cerovo copper and gold mine near Bor. Spaskovski added that he was told by the South Korean ambassador that certain Korean companies were ready to invest as much as EUR 1 million into RTB. However, Spaskovski did not reveal the names of the companies in question.(source: bloomberg) 2

3 A Listing Aerodrom Nikola Tesla Energoprojekt holding Naftna industrija Srbije Soja protein Tigar Izvor: Bloomberg AERO 497 1,344, % -1.55% ENHL ,64.23%.23% NIIS 636 1,588, % -1.8% SJPT ,46-1.9% -3.4% TIGR , % -3.23%.24 n/a ,41,81, Din. 4,8,626, Din. 13,76,4, Din. 5,345,75, Din. 823,142,3 Din. Alfa Plam Komercijalna banka Metalac Izvor: Bloomberg B Listing ALFA 7,.%.% KMBN 1,853.%.% MTLC 1,71.%.% ,311,9, Din. 16,138,35, Din. 1,744,2, 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 Simpo Tehnogas Telefonija Univerzal banka Velefarm Veterinarski zavod Subotica Vino Župa Vital Voda Vrnjci AGBN 3,928 1,95, % -2.19%.16 n/a 6.77 AIKB 1, , % -9.15% BIPB 31.%.% 2.81 n/a BMBI 2,.% -4.76% CYBN 1,8 41,4 2.86% -7.69%.44 n/a CCNB 1,9.% 9.% DINNPB 1,21 45, % -7.11% DNOS ,8.%.%.2 n/a 2.16 FITO 1,948 1,18,84 2.2% 5.87% GLOS 279.%.%.13 n/a 2.21 IMLK 2,22 5,485, % -.14% INFM 2,327.% % JESV 5,128.% -1.37% JMBN 14,25 142,.% -.7% KMBNPB 1,7 1,7-1.11% -1.65% n/a n/a 8.62 LSTA 28 31,36-4.5% 6.6% NPRD 1,494.% -.4% PLTK 5 3,2.%.%.15 n/a PRBN , % 6.27%.4 n/a PRGS 57.% 14.% PTLK 127.%.% PUUE 531.%.% SIMP 245.%.%.5 n/a TGAS 4, ,72-1.1% -9.34% TLFN 54.% -3.74% UNBN 2,45 12,25.95% -2.39% VLFR 3.%.%.22 n/a VLFR , % -3.9% VINZ 6, 78, % % VITL 1,543 1, % % VDAV 4,1 615, -1.87% -1.87%.46 n/a ,823,242, Din. 14,293,46, Din. 282,287,8 Din. 7,657,98, Din. 929,849,4 Din. 1,454,67, Din. 3,378,252, Din. 246,22, Din. 1,714,24, Din. 39,931,1 Din. 19,975,72, Din. 427,718,9 Din. 1,562,599, Din. 3,699,329, Din. 399,655,7 Din. 428,668,8 Din. 512,858,8 Din. 329,844,8 Din. 929,824,8 Din. 37,386,7 Din. 142,49,6 Din. 521,569,9 Din. 259,626, Din. 4,68,511, Din. 312,765,3 Din. 1,39,328, Din. 467,728, Din. 779,767,6 Din. 1,19,22, Din. 1,178,755, 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) 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 4, ,377.4 DJ Stoxx Balkan 5 Balkan % % -1.39% %.1% -11.8% -.68% % -.32% -34.7% CROBEX SBITOP crobex 1 sbi SOFIX BET sofix bet-c dj balkan DJ Stoxx Balkan 5 Raiffeisen Bank International AG s Romanian unit will not be significantly impacted by the decision of Austrian regulators to limit new loans in central and eastern Europe as it has sufficient capital and internal funding sources, the unit s head said. Raiffeisen, one of the five-biggest lenders in Romania, may issue bonds next year through a medium-term notes program of about 1.5 billion euros ($2 billion) as it plans to wait for the right moment to get a reasonable price, Chief Executive Officer Steven van Groningen said in an interview in Bucharest. Austria s banking regulators are restricting new loan business of Vienna-based lenders, including Raiffeisen, Erste Group Bank AG and UniCredit SpA s Bank Austria AG, in central and eastern Europe to 1.1 times the deposits and wholesale funding that the lenders local units are able to raise on their own.(source: bloomberg) An International Monetary Fund (IMF) team led by Costas Christou visited Bosnia and Herzegovina (BiH) during November 9 22 to hold discussions with the authorities about recent economic developments and government policies. At the conclusion of the visit Mr. Christou made the following statement in Sarajevo: The near-term economic outlook for BiH has weakened. The recovery that started in mid-21 is at a risk of being derailed, as the region becomes caught in the downward trend of the euro area. We are now projecting real GDP growth at 1.7 percent in 211 and.7 percent in 212.BiH is a small open economy and therefore is vulnerable to a possible economic downturn. All levels of government are facing financing pressures. In addition, the policy drift since the October 21 elections has weakened the national policy coordination needed to design an effective response to the emerging challenges.(source: balkans.com) 4

5 WORLD Index Country / Region Previous Change YTD Dow Jones Industrial S&P NASDAQ FTSE Dow Jones Stoxx 6 Nikkei , , , Engleska 5,26.82 EU Japan 8, , , , , , % -.72% -.41% -5.53% -.7% -4.96% -.3% % -.66% -19.5% -.4% % 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 fell, driving the Standard & Poor s Index to its longest slump in almost four months, as slower-than-estimated economic growth overshadowed signs the Federal Reserve may provide more stimulus. Alcoa Inc. and Bank of America Corp. slid at least 2.1 percent to pace losses in the Dow Jones Industrial Average. The Dow Jones Transportation Average slumped 1.1 percent. Campbell Soup Co. decreased 5.3 percent as the world s largest soup maker s sales trailed projections. Netflix Inc., the video-streaming and DVD subscription service, sank 5.4 percent after agreeing to sell $4 million in stock and convertible notes. The S&P declined.4 percent to 1,188.4 at 4 p.m. New York time. The gauge lost 5.6 percent in five days. The Dow retreated points, or.5 percent.(source:bloomberg) European stocks retreated, with the Stoxx Europe 6 Index declining for a fifth day, as a report showed manufacturing in China may contract this month, adding to concern the global economy is faltering.rio Tinto Group, the world s second-largest mining company, dropped 1.4 percent, leading a gauge of commodity shares lower as Australia s lower house of parliament passed legislation for a tax on coal and iron-ore profits. Logica Plc, an Anglo-Dutch computer services provider, slipped 3 percent after Jefferies Group Inc. cut its recommendation on the shares.the Stoxx 6 fell.4 percent to at 8:33 a.m. in London for its longest losing streak since August. Futures on the Standard & Poor s Index expiring in December fell.8 percent.(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