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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 EURRSD % EURUSD % USDRSD % EURCHF % CHFRSD % EURGBP % GBPRSD % GBPUSD % Source: NBS USDJPY % EURRSD EURUSD Central bank informed us that till 12:3 total amount of trading was 13,5 mil EUR at average rate 113, 374. EUR and USD indicators for current day: Time Country Event Period Previous Forecast!! 13: US Chicago FED national activity apr -.29 MM and fixed income Interbank market - Serbia Key rate NBS 9.5 Previous Change bps Source: NBS BEONIA BELIBOR1M T Bills - Serbia BELIBOR3M Maturity Previous Source: Reuters 3 month 11.6% 11.9% 6 month 1.48% 1.48% Major Key rates 12 month 12.58% 12.5% 18 month 13.39% 13.2% ECB 1.% 24 month 13.49% 13.25% FED.25% 36 month 14.99% 14.89% SNB.% 6 month 14.7% 53 week-eur 5.95% Source: Treasury - Ministry of Finance Interbank - World Previous Change bps EONIA.337%.32%.17 FX Savings Bond - Serbia EURIBOR1M.394%.395% -.1 Price Yield EURIBOR3M.684%.686% -.2 EURIBOR6M.972%.975% -.3 A212 99,2 25,3% LIBOR1M (USD).23975%.23975%. A213 93,68 6,51% LIBOR3M (USD).46685%.46685%. A214 88,67 6,9% LIBOR1M (CHF).7167%.7167%. A215 84, 5,91% LIBOR3M (CHF).11167%.11167%. A216 78,69 6,11% Source: Belex Note: Interest rates refer to the previous working day 1

2 Equity market SERBIA Previous Change YTD Belex Belex line Turnover 14,165,571 Din. 125, ,615,374 Din. 731, % -.4% % % -4.72% -2.24% Ratios P / B P / E Belex15,7 4,76 Source: Belex Belex15 Belex Line % 1.5% 1.%.5%.% -.5% -1.% -1.5% -2.% -2.5% -3.% Daily - members of Belex % 1.5%.67%.%.%.%.%.%.%.% -.19% -.13% -.64% -1.17% -2.46% AIKB NIIS AGBN SJPT FITO IMLK AERO ENHL JMBN MTLC JESV ALFA VZAS TIGR KMBN Opposition Serbian Progressive Party (SNS) leader Tomislav Nikolic (pictured) won Sunday s presidential runoff, taking 49.8% of votes, ahead of ruling Democratic Party (DS) leader Boris Tadic, with 47%, according to final estimates. Turnout was estimated at 46.3%. Claiming the election victory, Nikolic said that the country will not deviate from its European course, also noting that Serbia will seek to protect its people in Kosovo. He recalled that he has stepped down as SNS leader in order to take office as Serbian president. Conceding defeat, Tadic blamed the election result on the global economic crisis. He also noted that he expects Serbia to continue EU integration efforts. Tadic said that he will certainly not be the next prime minister. Socialist Party of Serbia (SPS) leader and outgoing first deputy prime minister and interior minister Ivica Dacic, who emerged as kingmaker following the May 6 parliamentary polls, has endorsed Tadic, but has also said that talks on the next government s makeup will be held following the runoff. Yesterday, outgoing parliament speaker Slavica Djukic Dejanovic, a highranking SPS official, recalled that the party has agreed to continue forming the government with the DS, noting that she does not see a reason why this should. (Source:executivenewsletter) EBRD slashes forecast of Serbia s 212 GDP growth from 1.1% to.1%. The European Bank for Reconstruction and Development (EBRD) has revised downwards its projection of Serbia s GDP growth to.1% in 212, from the earlier forecast 1.1%. The lender has also projected Serbia s GDP expansion in 213 at 2.6%, and it estimated the country s economic growth at 1.6% in 211. In related news, Serbia s former deputy prime minister Bozidar Djelic said at the EBRD s annual meeting in London that he is certain that the EBRD will not reduce the size of its annual lending to Serbia, of about EUR 6 million, this year. Djelic, who ran for president of the EBRD, is now a strong candidate for the lender s vice president, according to the Financial Times. The EBRD s shareholders have elected the UK s Sir Suma Chakrabarti the lender s president for the next four years.(source:executivenewsletter) Russia s Lukoil seeks to sell 3 gas stations in Serbia, but plans no pullout, unnamed company officials say. Russian oil company Lukoil has put 3 of its gas stations in Serbia up for sale, but is not considering a pullout from the local market, unnamed company officials have told Vecernje Novosti. The gas stations up for sale are either performing poorly or have been shut down for several years, the officials said, noting that Lukoil plans to start building new filling stations in Serbia in the nearest future. The officials also refuted speculation that the sale announcement has something to do with the company s unresolved issues with Croatian oil company INA, noting that there are no unresolved issues between the Russian company s Serbian subsidiary, Lukoil Srbija, and INA. In 23, Lukoil bought 79.5% of Serbian fuel chain Beopetrol, whose assets belonged to INA prior to the break-up of the former Yugoslavia. (Source:executivenewsletter) 2

3 Company Aerodrom Nikola Tesla Energoprojekt holding Naftna industrija Srbije Soja protein Tigar Izvor: Bloomberg Company Alfa Plam Komercijalna banka Metalac Izvor: Bloomberg Ticker Price A Listing Weekly AERO , % -1.71% ENHL 44 55, % -2.22% NIIS 576 2,673, % -4.59% SJPT ,876.% -.19% TIGR 48 15,36.% -1.84%.24 #N/A N/A Ticker Price Turnover in RSD Turnover in RSD Daily B Listing Daily Weekly ALFA 6,85 89,5.%.% KMBN 1,735 48,58.% -2.8% MTLC 1,61.% -5.1% P/BV P/BV P/E P/E ROE ROE Market Capitalization 15,43,27,31 Din. 4,165,836,426 Din. 93,922,789,63 Din. 7,686,9,332 Din. 824,86,779 Din. Market Capitalization 1,197,462,158 Din. 15,11,653,32 1,642,199,951 Din. Open market Issuer Symbol Closing price Change (%) Open High Low VWAP Traded volume Traded value (RSD) Galenika Fitofarmacija a.d., Zemun Politika a.d., Beograd Veterinarski zavod Subotica a.d., Subotica Agrobanka a.d. Beograd Niška mlekara a.d., Niš Napred Razvoj a.d., Beograd Philip Morris Operations a.d., Niš Dijamant a.d., Zrenjanin AIK banka a.d. Niš Dunav Grocka a.d., Grocka Messer Tehnogas a.d., Beograd Banini a.d., Kikinda Napred GP a.d., Beograd Pinki a.d., Zemun Neoplanta a.d., Novi Sad Goša montaža a.d., Velika Plana Morava a.d., Jagodina Progres a.d., Beograd Industrijske nekretnine a.d., Beograd Standard Novi Sad a.d., Novi Sad Jugoslovenski fond za žita a.d., Beograd Dunav osiguranje a.d., Beograd Galeb GTE a.d., Beograd FITO ,13% PLTK 44-4,35% VZAS 3 +,67% AGBN 93 -,64% MLNI ,25% NPRZ 25-1,71% DINNPB 88,% DJMN 7,% AIKB ,46% DNVG 111,% TGAS ,58% BNNI ,% NPRD 75-6,25% PNKZ 165,% NEOP 341-7,84% GMON ,67% MRVJ 84,% PRGS 48,% INNK 139-1,32% STNS 5,% JUFZ 3 +2,% DNOS 992 +,2% GLBG 286-1,4% ,425 Din. 11,65 Din. 11,88 87, 84,15 44,375 Din. 28,8 16,8 9,264 Din. 6,255 Din. 5, 3, 992 Din. 286 Din. 3

4 REGION Index Country / Region Previous Change YTD Crobex SBITOP SOFIX BET Croatia 1, Slovenia Bulgaria , Romania 4, , DJ Stoxx Balkan 5 Balkans % -.4% -.57% -3.5% -.42% -5.86% -1.32% 7.3%.2% -.37% CROBEX crobex SBITOP sbi SOFIX sofix BET bet-c dj balkan DJ Stoxx Balkan 5 The South Stream gas pipeline is project of high priority for Bulgaria, Prime Minister Boyko Borisov has declared.borisov has pointed out the financial benefits of projects like South Stream that make use of his country's geostrategic location. He added that the money gathered by Bulgaria from this project will be used for "retirement pensions, salaries and asphalt," the latter referring to ruling centrist-right GERB's priority on the construction of highway.(source:balkans.com) South Korean automaker Hyundai s Turkish division has rolled the first of the revamped supermini i2 out of the company s Turkish plant in Izmit-Kocaeli, while announcing a USD 6 million investment program that will double Hyundai s production capacity in Turkey. According to the statement by Hyundai Assan, the investment will take the production levels of the Izmit plant to 2, vehicles per year, up from its current level of 1,. A new model of supermini will be added to the production line, which will directly or indirectly create 2,4 new jobs. The new model is planned to enter production in 214, with the majority of the production destined for export markets. Hyundai s Turkish plant currently manufactures Accent Era and i2 Troy models. Exporting cars to over 6 countries, the Hyundai-Assan Izmit plant in Turkey s western province of Kocaeli holds the highest quality production facility title among all Hyundai plants across the world. The company s annual exports are expected to hit USD 2 billion with the doubling of the production capacity. Last March, Turkey and South Korea signed a framework agreement for a free trade deal that will be finalized in the coming months. (Source: IIT) 4

5 WORLD Index Country / Region Previous Change YTD Dow Jones Industrial S&P 5 NASDAQ FTSE Dow Jones Stoxx 6 Nikkei , , , UK 5, EU Japan 8, , , , , , % 1.24% -.74% 2.99% -1.24% 6.67% -1.33% -5.47% -1.14% -2.31% -2.99% 1.84% Dow Jones Industrial S&P dow jones 12 1 s&p NASDAQ Composite FTSE nasdaq 6 dax DJ Stoxx 6 Nikkei nikkei 15 \ dj stoxx European stocks fell for a fifth day, posting their biggest weekly selloff since September, amid signs of slowing growth in China and continued concern that Greece will have to leave the euro area. Rio Tinto Group and Volkswagen AG led mining companies and carmakers lower. Industrial goods companies retreated after Caterpillar Inc. reported slowing sales. London Stock Ex Group Plc paced rising shares after reporting that second-half profit quadrupled. The Stoxx Europe 6 Index slid 1.1 percent to at the close in London. The equity benchmark slumped 5.2 percent this week and 7.2 percent so far this month. That would be the largest monthly drop since last August.(Source:Bloomberg) U.S. stocks dropped for a sixth day, the longest slump since November for the Standard & Poor s 5 Index, as Facebook Inc. s record initial public offering failed to boost confidence in a market rattled by Europe s debt crisis. Facebook rose.6 percent, paring a rally of 18 percent. Underwriters bought the stock to keep it from falling below the IPO price, people with knowledge of the matter said. The pricing of the first transaction took a half hour longer than Nasdaq OMX Group Inc. s forecast. Zynga Inc. tumbled 13 percent to a record low after a volatility circuit breaker prompted two trading halts that lasted at least 1 times longer than usual. The S&P 5 retreated.7 percent to 1, at 4 p.m. New York time and has declined 4.6 percent in six days. The Dow Jones Industrial Average decreased points, or.6 percent, to 12, today. The Nasdaq Composite Index slipped 1.2 percent to 2, About 8.9 billion shares d hands on U.S. exs, the most since Dec. 16.(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