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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 announced that till 12:3 total amount of trading was 9,1 mil EUR (Central bank didn t sell or buy Euro) at average rate 16,3824 EUR and USD indicators for current day: Time Country Event Period Previous Forecast!! 1: Euro-zone Industrial production m-o-m November.6%.5% MM and fixed income Key rate NBS 11,5% Interbank market - Serbia Previous Change bps Source: NBS BEONIA BELIBOR1M T Bills - Serbia BELIBOR3M Maturity Previous Source: Reuters 3 month 13.88% 13.5% 6 month 15.% 14.5% Major Key rates 12 month 15.1% 14.59% 18 month 14.39% 13.7% ECB 1.% 24 month 14.9% 14.5% FED.25% euro-linked SNB.25% 6 month 5.25% - Source: Treasury - Ministry of Finance Interbank - World FX Savings Bond - Serbia Previous Change bps Yield EONIA.38%.379%.1 A211 98,32 4,36% EURIBOR1M.759%.76% -.1 A212 94, 4,52% EURIBOR3M.997%.997%. A213 9, 4,49% EURIBOR6M 1.223% 1.223%. A214 87, 4,18% LIBOR1M (USD).26125%.26125%. A215 83, 4,33% LIBOR3M (USD).3313%.3313%. A216 8, 4,22% LIBOR1M (CHF).13833%.13667%.166 Source: Belex LIBOR3M (CHF).17%.16917%.83 1

2 Equity market SERBIA Previous Change Belex Belex line 1, ,28.36 Turnover 33,638,158 Din. 33,638,158 Din. 315, ,867 Ratios P / B P / E Belex15,7 9,8 YTD -1.7% -2.4% Source: Belex Belex Belex Line members of Belex15 AIKB KMBN ENHL SJPT AGBN UNBN MTBN PRBN IMLK MTLC VZAS TGAS TIGR ALFA Serbian Deputy Prime Minister for EU Integration Bozidar Djelic stated Wednesday that Serbia stands a good chance of submitting the completed EC questionnaire to EU Enlargement Commissioner Stefan Fuele on January 31. He said that the remaining questions should be answered this week, and then, in mid-january, a meeting will be held with Serbian parliament's Committee for EU Integration and government's Council for EU Integration which will consider the answers before they are officially adopted. After that, in the first and second quarter of 211, the European Commission will send missions which would not only attest the veracity of answers, but also suggest some s, he noted. "In Serbia's case, there is a particularly sensitive issue of Kosovo, whose unilaterally declared independence Serbia will never recognize," Djelic emphasized adding that Serbia has to resolve the Kosovo issue in order to become a fully-fledged member of the European Union, and that the announced Belgrade-Pristina dialogue should help in that process. (Source: emportal) Director of the Serbian Statistics Office Dragan Vukmirovic stated that according to preliminary assessment, GDP growth in the second quarter of the year amounted to 1.6%, adding that statistical indicators show that the Serbian economy is on a path of recovery. Vukmirovic told the Tanjug news agency that this is a significant increase, recalling that three months ago the Statistics Office announced first estimates regarding GDP growth in the first quarter, which stood at.6%. If our preliminary assessments of GDP indicate a 1.6% growth in the second quarter, this is undoubtedly a sign that we are on the path to recovery. Movements in industrial production are also satisfactory, therefore it is safe to say that Serbia is starting to recover from the crisis, Vukmirovic explained. At the moment we can say that industry marked an important growth in this period, which greatly enabled the GDP increase, he concluded. (Source: Seebiz) Prime Minister Mirko Cvetković has announced that the budget rebalance will be carried out in two months. Serbian Prime Minister Mirko Cvetkovic, also announced that talks about the fifth revision of the arrangement with the IMF will begin on 23 August, voicing his belief that they will be successful, as all the previous ones. We have prepared this bill and I believe it is acceptable, but during the talks we will discuss it in more detail, Cvetkovic noted. The Prime Minister underlined that based on the current situation, it is highly unlikely that pensions and salaries in the public sector will be unfrozen by the end of the year. He recalled that Serbia s arrangement with the IMF does not envisage unfreezing pensions and public sector salaries this year, but it projects this move for 211.Cvetkovic stated that the budget was projected with a deficit of 4.8% of GDP, adding that it has already been determined which funds will be used to cover this deficit. (Source: Seebiz) 2

3 A Listing Energoprojekt holding Naftna industrija Srbije Soja protein Tigar Izvor: Bloomberg ENHL , % NIIS 475 2,962, n/a SJPT , % TIGR ,3-3.86%.33 n/a ,36,76, Din. 77,453,69, Din. 6,371,41, Din. 1,156,524, Din. Alfa Plam Komercijalna banka Metalac Izvor: Bloomberg B Listing ALFA 8, KMBN 26, MTLC 2,215 88,6 3.2% ,423,844, Din. 22,684,27, Din. 2,259,3, Din. Continuous Trading Method Agrobanka AIK banka Beogradska industrija piva Bambi Credy banka Čačanska banka DIN prioritetne Dunav osiguranje Energomontaža 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 7,181 1,271, %.31 n/a 7.95 AIKB 3,41 2,84, % BIPB %.83 n/a BMBI 17, 119, CYBN 1, n/a CCNB 14, DINNPB 2,1.28% DNOS 1,91 n/a n/a 1.36 EGMN 2,6.38 n/a FITO 6, GLOS %.2 n/a 2.8 IMLK 1, INFM 2, JESV 6, 18, -2.18% JMBN 16,47 164,7 -.15% KMBNPB 9,25 37, -4.64% n/a n/a 6.91 LSTA NPRD 3, PLTK %.28 n/a PRBN %.66 n/a PRGS % PTLK % PUUE MTBN 3, % SIMP n/a TGAS 5, TLFN 1,3 237, % UNBN 4, VLFR 1,.7 n/a VZAS VINZ 7, VITL VDAV 4,1.47 n/a ,161,33, Din. 28,384,42, Din. 364,242,4 Din. 6,686,372, Din. 613,798,3 Din. 1,935,112, Din. 6,948,413, Din. 492,699,3 Din. 185,354, Din. 3,58,, Din. 463,346,6 Din. 17,293,71, Din. 541,679,2 Din. 1,828,314, Din. 3,846,3, Din. 85,285, Din. 85,285, Din. 1,21,476, Din. 617,733,9 Din. 1,62,338, Din. 598,595,3 Din. 115,563,2 Din. 976,347, Din. 3,177,81, Din. 54,417,2 Din. 6,74,816, Din. 58,932,6 Din. 2,383,42, Din. 1,559,95, Din. 1,31,914, Din. 1,429,851, Din. 65,11,4 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 2, ,16.37 SBITOP Slovenija SOFIX Bugarska BET Rumunija 5, , DJ Stoxx Balkan 5 Balkan % -.75% -1.45%.11%.73%.85% 6.1% -.7% 1.75% CROBEX SBITOP crobex sbi SOFIX BET sofix bet-c DJ Stoxx Balkan dj balkan On Friday, the Executive Board of the International Monetary Fund (IMF) completed the sixth review of Romania s economic performance under a program supported by a 24-month Stand-By Arrangement (SBA). The completion of the review enables the immediate disbursement of SDR 769 million (about 94.8 million or US$1.17 billion), bringing total disbursements under the program to SDR billion (about billion or US$16.12 billion). The authorities have taken important structural measures, including pension and public wage reforms and the passage of a prudent 211 budget. Romania is now on a clear path to meeting its short and medium-term fiscal goals. The current challenge is to fully implement the approved reforms and maintain tight control over expenditures to assure that the budget parameters are observed. In this respect, further efforts are crucial in the health care sector and in public enterprises to control spending pressures.(source: balkans.com) Germany s butter specialist Meggle from Bavaria adds another eastern European dairy to a long list of purchases in this region in what has been a decade of expansion eastwards. Germany s butter specialist Meggle from Bavaria adds another eastern European dairy to a long list of purchases in this region in what has been a decade of expansion eastwards. Meggle s latest acquisition at the turn of the year is one of Serbia s leading dairies, the 29 million litres per year Mlekara Mladost in Kragujevac where local cheeses, yogurt, cream and drinking milk are the main products.as part of its professed aim of expanding milk market control in the east the family-run Meggle Group also bought Albania s leading milk processor Ferlat in August 21. Ferlat claimed at the time to be supplying 57% of the country s UHT milk market.through its holding company Meggle Eastern Europe, the group also processes local milk in Croatia, Bosnia, Bulgaria and Slovakia. The Meggle Group reported worldwide turnover of 7m in 29. (Source: Seebiz) 4

5 WORLD Index Country / Region Previous Change YTD Dow Jones Industrial S&P NASDAQ FTSE Dow Jones Stoxx 6 Nikkei , , ,73.17 Engleska 5, EU Japan 1, , , , , , %.84% -.18% 1.1% -.25% 1.9% -.58% 1.43% -.17% 1.89%.11% 3.5% 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 for the sixth straight week, the longest streak since April, as stronger-than- estimated employment and service sector data lifted confidence in the world s largest economy. The Standard & Poor s Index fell in Friday after a Labor Department report showed the nation added fewer jobs than forecast and two banks lost a foreclosure case. Bank of America Corp. and Hewlett-Packard Co. led gains in the Dow Jones Industrial Average, as the lender climbed 6.8 percent after settling loan disputes. Alcoa Inc. rallied 6.7 percent after Deutsche Bank AG raised the stock to a buy and Jim Cramer named it 211 s top stock. The S&P last week added to last year s 13 percent advance on higher-than-estimated increase in private payrolls reported by ADP Employer Services and faster-than-forecast growth in service industries. The Institute for Supply Management s non-manufacturing index rose to 57.1 last month, the highest level since 26. Last month s 6.5 percent advance in the S&P was the biggest December rally since 1991 and the index is up 21 percent since the end of August. () European stocks ended lower on Friday, as euro-zone debt worries resurfaced and data showed that the American economy added fewer jobs than expected in December. Portugal led the Continent lower on Friday, as the cost of insuring euro-zone debt rose on concerns about upcoming bond issuance by Lisbon, and the ongoing political stalemate in Belgium. Portugal s PSI 2 index fell 3%, pressured by a 5.3% tumble in the shares of Banco Espirito Santo. Food retailer Jeronimo Martins slipped 2.8%. In Madrid, the IBEX 35 index dropped 1.5%, as Banco Santander fell 2.2% and rival BBVA retreated 2.5%. In France, the CAC 4 index slipped 1% to 3,865.58, with banking giant Societe Generale slumping 3% and cement firm Lafarge SA dropping 2%. In Germany, food retailer Metro AG fell 1.6%, weighing on the DAX 3 index, which dropped.5%. Belgium s BEL 2 index declined.8%, as shares of bank KBC Group sank 3.3%, extending Thursday s decline triggered by a profit warning. The FTSE 1 index fell.6% in London, as shares of technology firm ARM Holdings PLC tumbled 4.7%, giving up some of their strong recent gains. (Source:marketwatch) 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