FX rate 1,

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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 14,346 14,911 -,54% EURUSD 1,3294 1,3388 -,7% USD 78, ,6727 -,37% EURCHF 1,2824 1,2899 -,58% CHF 81, ,5342 -,7% EURGBP,8331,8317,16% GBP 124, ,7741,12% GBPUSD 1,5888 1,587,11% Source: NBS USDJPY 82,68 82,87 -,23% EUR EURUSD 1,65 1,6 1,55 1,5 1,45 1,4 1,35 1,3 1,25 1,2 1,15 Central bank announced that till 12:3 total amount of trading was 89,1 mil EUR (Central bank didn t sell or buy Euro) at average rate 14,3861. EUR and USD indicators for current day: Time Country Event Period Previous Forecast!! 11: Germany ZEW Survey Economic Sentiment January MM and fixed income Key rate NBS 12,% Interbank market - Serbia Previous Change bps Source: NBS BEONIA 12,95 1,52 243, BELIBOR1M 12,9 12,71 19, T Bills - Serbia BELIBOR3M 13,9 13,89 1, Maturity Previous Source: Reuters 3 month 13,88% 13,5% 6 month 15,% 15,% Major Key rates 12 month 15,1% 14,59% 18 month 14,9% 14,39% 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,367%,361%,6 A211 98,31 4,75% EURIBOR1M,771%,768%,3 A212 94,34 4,35% EURIBOR3M 1,9% 1,6%,3 A213 89,95 4,57% EURIBOR6M 1,249% 1,244%,5 A214 87,97 3,88% LIBOR1M (USD),26125%,26125%, A215 83,7 4,16% LIBOR3M (USD),3313%,3313%, A216 8,41 4,14% LIBOR1M (CHF),13667%,13667%, Source: Belex LIBOR3M (CHF),16833%,16833%, 1

2 Equity market SERBIA Previous Change YTD Belex 15 72,83 69,8 1,85% 7,88% Belex line 1.34, ,41 1,64% 4,48% Turnover Din Din ,45% 7,61% Ratios P / B P / E Belex15,76 9,78 Source: Belex Belex Belex Line ,% 6,% 5,% 4,% 3,% 2,% 1,%,% -1,% -2,% -3,% - members of Belex15 6,34% 5,11% 3,41% 2,67% 2,13% 2,19%,86% 1,%,%,7% -,85% -,79% -2,11% -2,4% PRBN TGAS TIGR AIKB ALFA MTBN ENHL IMLK UNBN MTLC VZAS SJPT KMBN AGBN Serbia s central bank raised its benchmark interest rate, Europe s highest, for the sixth time in as many months in response to accelerating inflation and wage and pension increases, spurring the dinar against the euro. National Bank of Serbia boosted the two-week repurchase rate yesterday by a half-point to 12 percent. Inflation is above the higher end of the band and it was assessed that further monetary tightening is still needed to curb inflationary pressures fuelled by rising regulated prices, inflationary expectations, higher food and global crude oil prices, the bank said in a statement. Policy makers have raised borrowing costs 4 percentage points since August as higher food prices, a weak dinar, poor credit inflows and a lack of investment spurred inflation to a 22-month high of 1.3 percent in December. The central bank, balancing the need to fight price growth with an economic recovery, targets a rate of 4.5 percent, plus or minus 1.5 percentage points by the end of the year. () Serbia's largest drug maker, Galenika, has placed a 1 million dinar ($1.3 million/956, euro) bond issue, the brokerage in charge of the transaction said. In a filing to the Central Securities Depository and Clearing House on Friday, Belgrade-based brokerage Dunav Stockbroker said Galenika sold 1, bonds at a price of 1, dinars each, equal to their par value. The issue bears an annual interest of 9.% and will expire on July 13, 211, the statement said. It added this was Galenika's fourth placement of short-term bonds. Serbia launched the long-planned privatisation of Galenika in late 29 but last year backtracked, saying that the bidders that participated in the tender for the company were not distinguished enough. Galenika's biggest domestic competitors include Sumadijalek, owned by Greek pharmaceutical company Alapis, and Hemofarm, owned by Germany's STADA. () Serbia said on Monday it has pushed back to March 21 the bidding deadline in a tender for the sale of a 51% stake in Telekom Srbija to give prospective candidates more time to prepare. The original deadline was due to expire on February 21. The decision was taken at the proposal of the privatisation consultant in order to provide the interested companies with sufficient time to put together their bids," the country's Finance Ministry said in a statement. Deutsche Telekom, France Telecom, Telekom Austria, America Movil and Weather Investments have so far bought tender documents while Turkey's Turkcell is expected to do so in the coming days, the statement said. The government in Belgrade has set a minimum price of 1.4 billion euro ($1.9 million) for the stake. It owns 8% of the telco, while the remainder is in the hands of Greece's OTE. If more than one bid is submitted, Serbia will organise a live TV auction and the winner will be the candidate that pitches the highest price. () 2

3 A Listing Energoprojekt holding Naftna industrija Srbije Soja protein Tigar Izvor: Bloomberg ENHL ,86% 5,26% 1,3 1,3 1,2 NIIS ,24% 1,24% 2,47 n/a -74,3 SJPT ,41% 8,98%,54 11,68 5,23 TIGR ,85% 5,7%,35 n/a -6, Din Din Din Din. Alfa Plam Komercijalna banka Metalac Izvor: Bloomberg B Listing ALFA 8.216,%,2%,43 3,77 11,77 KMBN ,11% 7,35%,86 12,89 6,91 MTLC ,19% 7,49%,75 7,98 9, Din Din 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 ,34% 11,75%,35 n/a 7,95 AIKB ,79% 12,85%,8 5,47 16,21 BIPB 4,%,%,83 n/a -126,53 BMBI ,35% 14,72% 2,33 28,8 8,15 CYBN ,%,5%,29 n/a -44,75 CCNB 14.,%,%,49 26,81 1,84 DINNPB ,54% 6,3% 1,22 6,86 17,37 DNOS ,59% -2,21% n/a n/a 1,36 EGMN 2.6,%,%,38 n/a -27,37 FITO ,42% -1,4% 1,18 5,2 25,94 GLOS 49,% -7,67%,19 n/a 2,8 IMLK ,% 1,% 1,87 2,13 9,46 INFM 2.947,%,%,5 135,9,4 JESV ,41% 3,41% 1,13 3,6 32,1 JMBN ,22%,3%,87 12,37 6,74 KMBNPB 9.999,% 8,1% n/a n/a 6,91 LSTA ,53% 1,53%,39 1,73 25,59 NPRD 3.,%,%,35 1,7 39,62 PLTK 1,% 5,26%,3 n/a -16,32 PRBN ,11%,5%,61 n/a -12,35 PRGS ,% -,91%,12 43,31,3 PTLK ,% -,97%,12 186,69,6 PUUE 95,% -8,95%,7 4,91 14,74 MTBN ,7% -1,2%,48 82,98,54 SIMP 478,%,42%,9 n/a -7,95 TGAS ,4% -,26%,73 8,28 9,15 TLFN 1.54,% 5,4%,48 2,34 1,86 UNBN ,13% 7,29%,42 12,28 3,35 VLFR 1.,%,%,7 n/a -58,54 VLFR ,67% 13,65%,49 4,11 8,64 VINZ ,% -2,89%,66 3,91 21,84 VITL 86,% -4,34%,19 21,11,9 VDAV 4. 1.,% -2,44%,46 n/a 4, Din Din Din Din Din Din Din Din Din Din Din Din Din Din Din Din Din Din Din Din Din Din Din Din Din Din Din Din Din Din Din Din 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 2.273, ,42 SBITOP Slovenija 85,96 844,4 SOFIX Bugarska 377,44 371,88 BET Rumunija 5.784, ,69 DJ Stoxx Balkan 5 Balkan 621,82 618,6 1,49% 7,72%,78%,7% 1,5% 4,16%,46% 9,78%,61% 4,4% CROBEX SBITOP crobex sbi SOFIX 1 BET sofix 8 bet-c DJ Stoxx Balkan dj balkan Agrokor d.d., the largest company in the former Yugoslav region, has hired BNP Paribas SA, UniCredit SpA, Raiffeisen Bank International AG, Societe Generale SA, Intesa Sanpaolo SpA and Erste Group Bank AG to manage a sale of 15 million euros ($199 million) in bonds. The Zagreb-based food processing and retail company will offer bonds maturing in 216, with a yield of 8.4 percent, the company said in an ed statement yesterday. The offering is the extension of 4 million euros of 1 percent bonds Agrokor sold in 29, it said. Raising the targeted amount will allow the company to refinance its short-term debt, it said. () Montenegro plans a new issue of Eurobonds in the first half of 211 after the successful placement last year of its maiden 2 million euro ($266 million) debt paper, Finance Minister Milorad Katnic said. We have started the preparations for this year's Eurobond issue. We have launched the selection of financial institutions that will advice us on the process," Katnic told yesterday. The volume will depend on the market conditions and our needs," Katnic said. He added that the country's budget for this year allows for the borrowing of up to 18 million euro plus a further 53 million euro for infrastructure projects. In September, Montenegro sold its debut Eurobond issue to 125 international investors as demand exceeded the amount on offer threefold. The five-year bonds carry an annual fixed coupon of 7.875%. The lead managers of last year's Eurobond issue were Credit Suisse and Deutsche Bank. () 4

5 WORLD Index Country / Region Previous Change YTD Dow Jones Industrial S&P NASDAQ FTSE Dow Jones Stoxx 6 Nikkei , , ,3 Engleska 5.985,7 EU 284,6 Japan 1.52, , , ,3 6.2,7 283, ,4,% 1,81%,% 2,83%,% 3,86% -,27% 1,45%,1% 2,99%,4% 2,68% 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. stock futures signaled losses for benchmark indexes after Apple Inc. Chief Executive Officer Steve Jobs s leave of absence spurred concern over the prospects for the world s second-largest company. Futures on the Nasdaq-1 Index, of which Apple makes up 21 percent, sank to 2,299 at 2:25 p.m. in Tokyo, down.9 percent from their close on Jan. 14. Standard & Poor s Index futures expiring in March slipped.2 percent from their close last week. Apple, which rose last week to a record in New York, slid 6.2 percent in Germany yesterday, when U.S. exs were closed for Martin Luther King Jr. Day. Apple, along with Citigroup Inc., Google Inc. and Goldman Sachs Group Inc., are among companies scheduled to release earnings this week. Analysts estimate that S&P profits grew 22 percent in the final three months of 21 and will increase 14 percent in 211, according to data compiled by Bloomberg News. Apple earnings are forecast to have grown 47 percent to $5.39 a share in the fourth quarter, according to a survey of analysts. () Most European stocks declined as the region s finance chiefs began meeting to work on a new strategy to contain the sovereigndebt crisis. ARM Holdings Plc, which designs chips for Apple Inc. s iphone, slid 3 percent after Apple Chief Executive Officer Steve Jobs was granted a medical leave of absence. Banco Santander SA led a measure of banks lower. Smiths Group Plc jumped 7.7 percent after the world s biggest maker of airport-security scanners rejected an offer for its Smiths Medical unit. National benchmark indexes fell in 13 of the 18 western European markets. France s CAC 4 dropped.2 percent, the U.K. s FTSE 1 lost.3 percent and Germany s DAX was little d. Spain s IBEX 35 tumbled 1 percent, while Italy s FTSE MIB retreated.5 percent. () 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