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 EURRSD 13,265 13,1795 -,15% EURUSD 1,4226 1,4182,31% USDRSD 72,46 72,8617 -,63% EURCHF 1,2868 1,2778,7% CHFRSD 8,245 8,4581 -,26% EURGBP,8722,8736 -,16% GBPRSD 118,19 118,184,% GBPUSD 1,6311 1,6234,47% Source: NBS USDJPY 81,3 8,58,56% EURRSD 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 22 mil EUR (Central bank didn t sell or buy Euro) at average rate 12,952 EUR and USD indicators for current day: Time Country Event Period Previous Forecast!! 15: USA Home price index m-o-m January -.3% 5.2% MM and fixed income Key rate NBS 12,25% Interbank market - Serbia Previous Change bps Source: NBS BEONIA 12,7 12,62 8, BELIBOR1M 13,42 13,29 13, T Bills - Serbia BELIBOR3M 13,58 13,6-2, Maturity Previous Source: Reuters 3 month 12,75% 12,8% 6 month 12,8% 13,% Major Key rates 12 month 12,5% 13,5% 18 month 12,6% 12,8% ECB 1,% 24 month 12,9% 14,6% FED,25% euro-linked SNB,25% 6 month 5,25% - euro-denominated 53 weeks 4,48% - Interbank - World Source: Treasury - Ministry of Finance Previous Change bps EONIA,695%,71% -,15 FX Savings Bond - Serbia EURIBOR1M,892%,89%,2 Price Yield EURIBOR3M 1,179% 1,172%,7 A211 98,55 7,8% EURIBOR6M 1,488% 1,479%,9 A212 93,4 5,87% LIBOR1M (USD),2525%,2535% -,1 A213 86,62 6,76% LIBOR3M (USD),39%,39%, A214 81,7 6,53% LIBOR1M (CHF),13667%,13667%, A215 78,1 6,7% LIBOR3M (CHF),17833%,17833%, A216 74,17 5,91% Source: Belex Note: Interest rates refer to the previous working day 1

2 Equity market SERBIA Previous Change YTD Belex ,8 76,4,23% Belex line 1.424, ,89 -,9% Turnover Din Din. 41,55% ,2% Ratios P / B P / E Belex15,82 1,61 16,94% 11,7% Source: Belex Belex Belex Line ,% 3,% 2,% 1,%,% -1,% -2,% -3,% -4,% Daily - members of Belex15 3,28% 1,85% 1,9%,42%,49%,71%,93%,%,%,%,7% -,73% -,7% -3,57% TGAS AGBN KMBN PRBN MTLC VZAS MTBN UNBN AIKB ENHL IMLK TIGR SJPT ALFA Telekom Austria AG placed the sole bid for Serbia s 51 percent stake in national phone company Telekom Srbija AD, risking a rejection as the offer fell short of government demands. The Austrian phone company, which runs mobile networks in seven east European nations, offered as much as 95 million euros in cash and 45 million euros in committed investments over the next three years, it said in a statement from Vienna announcing the conditional offer. The bid is less than the 1.4 billion euros in cash Serbia said it needs to bolster the economy, trim the budget gap and steer the country closer to the European Union. Telekom Austria acknowledged the bid does not comply with Serbia s unconditional minimum price. If the sale is approved, Telekom Austria will gain access to almost all of Serbia s landline network and about 6 percent of its mobile-phone market. It s already the third-biggest mobile-phone operator in Serbia, with its Vip Mobile, launched in 27, with a market share of 14 percent. () Serbia's power monopoly EPS and Bosnian power utility EPRS are expected to launch the construction of a planned hydro power complex on the Drina river after two years, Bosnian media reported. The investment in the project is seen at 83 million euro, daily Nezavisne Novine reported in the weekend. EPRS said that according to an initial analysis the project would include the construction of the Dubravica, Tegare and Rogacica plants on the middle flow of the Drina river. The three plants will have a combined installed capacity of megawatts (MW) and an average annual production of 1,2 gigawatthours (GWh) of electricity. The 346 kilometre-long Drina river forms most of the border between Bosnia and Serbia. The completion of exploration works, the preparation of the technical documentation and the issue of all necessary permits should take place in the coming two years. () Serbian industrial and medical gas producer Messer Tehnogas said it plans to build a $15 million (1.6 million euro) oxygen production plant in Bor, in the country's east. The facility will be of the same type as an existing oxygen plant in Bor which Messer purchased in 29 for $2.5 million, the company said in a statement. The output capacity of the new facility will be at least three times bigger than that of the existing plant which is about 3, cubic meters per hour, the statement said, giving no timeframe for the construction works. Messer Tehnogas has invested about 1 million euro in the construction of plants across Serbia since entering the Balkan country's market in Besides Bor, the company, which employs about 37 people, operates plants in the capital Belgrade, Pancevo and Novi Sad, in the north, Smederevo and Kraljevo, in central Serbia, and Nis, in the south. () 2

3 Aerodrom Nikola Tesla Energoprojekt holding Naftna industrija Srbije Soja protein Tigar Izvor: Bloomberg Alfa Plam Komercijalna banka Metalac Izvor: Bloomberg 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 Price Turnover in RSD A Listing Daily Weekly AERO ,2% -4,46% 1,22 9,71 12,94 ENHL ,71% -,5% 1,9 1,62 1,2 NIIS ,62% -3,99% 2,42 n/a -74,3 SJPT ,9% -,2%,61 13,8 5,23 TIGR ,85%,84%,36 n/a -6,21 B Listing ALFA ,28% 17,5%,53 4,68 11,77 KMBN ,7%,48% 1, 14,99 6,91 MTLC ,% -4,%,79 8,4 9,92 AGBN ,73% -1,3%,38 n/a 7,95 AIKB ,49% -1,69% n/a n/a n BIPB 35,% 12,78%,73 n/a -126,53 BMBI ,35%,35% 2,37 29,31 8,15 CYBN 1.996,% -,55%,3 n/a -44,75 CCNB 15.,% -13,89%,52 28,66 1,84 DINNPB ,34% -7,52% 1,1 5,66 17,37 DNOS 1.794,% -2,61% n/a n/a 1,36 FITO 7.949,% -,64% 1,36 5,8 25,94 GLOS 45,% 2,27%,21 n/a 2,8 IMLK ,93% -5,24% 2,2 26,2 8,1 INFM 2.6,% -1,34%,44 119,89,4 JESV 6.836,% -1,51% 1,29 4,1 32,7 JMBN ,7% -1,43% n/a n/a n KMBNPB 9.65,%,% n/a n/a 6,91 LSTA,% 3,52%,34 1,49 25,59 NPRD ,% -11,36%,39 1,2 39,62 PLTK ,3% -11,63%,22 n/a -16,32 PRBN ,% -2,76%,61 n/a -12,35 PRGS ,11% 6,59%,1 382,94,3 PTLK ,32% 21,14%,17 272,71,6 PUUE 1.2,% -4,%,92 6,51 14,74 MTBN ,7% -1,1%,54 82,33,59 SIMP ,22% -9,65%,8 n/a -7,95 TGAS ,57% -1,%,84 9,57 9,15 TLFN 1.1,% -1,96%,5 21,23 1,86 UNBN ,42% -5,48%,44 12,88 3,35 VLFR ,63% -9,85%,52 n/a -58,54 VLFR 581,% -3,17%,46 3,88 8,63 VINZ ,% 2,47%,78 4,58 21,84 VITL 8,%,%,18 19,64,9 VDAV 3.85,% -4,35%,44 n/a 4,11 P/BV Turnover in Daily Weekly Price P/BV P/E ROE RSD Price Turnover in RSD Continuous Trading Method Daily Weekly P/BV P/E P/E ROE ROE 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 Din Din Din Din Din Din Din. Napomene: (1) Promet=prosečna ponderisana cena x obim. (2) P/BV-price to book value je racio koji predstavlja odnos tržišne cene i knjigovodstvene vrednosti. (3) P/E-price to earnings je racio koji predstavlja odnos tržišne cene i zarade po akciji (EPS). (4) ROE-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 2.27, ,72 SBITOP Slovenija 87,92 816,74 SOFIX Bugarska 436,49 432,39 BET Rumunija 5.82, ,51 DJ Stoxx Balkan 5 Balkan 645,15 639,99,43% 7,55% -1,8% -4,99%,95% 2,46% 2,29% 1,48%,81% 8,32% CROBEX SBITOP crobex sbi SOFIX 1 BET sofix 8 bet-c DJ Stoxx Balkan dj balkan Slovenia plans to sell 15-year bonds in euros, according to a banker involved in the transaction. Credit Agricole CIB, ING Groep NV, Societe Generale SA and UniCredit SpA are managing the sale. () Croatia plans to sell an unspecified amount of euro-denominated and domestic bonds this year to finance the budget deficit and refinance older debt, Finance Minister Martina Dalic said. The euro-denominated bond may be sold before summer, Dalic told reporters yesterday in the capital Zagreb. Croatia needs to borrow 26.7 billion kuna this year to refinance existing debt and aid the budget deficit, forecast for 211 by the government at 4.2 percent of the gross domestic product. Croatia on March 16 sold $1.5 billion of debt maturing on March 24, 221. To protect Croatia from foreign-currency risks, the bond will behave like a eurobond, and will be paid out in euros, equaling 1.81 billion euros with an interest rate of percent, she said. Croatia also last week borrowed 825 million euros to repay a 75 million-euro bond that matured on March 14, Dalic said. Croatia had its longterm sovereign credit rating reduced in December to one step above junk at Standard & Poor s, which cited the country s deteriorated fiscal position and continuously weak external financing. () 4

5 WORLD Index Country / Region Previous Change YTD Dow Jones Industrial S&P NASDAQ FTSE Dow Jones Stoxx 6 Nikkei , , ,9 Engleska 5.786,9 EU 272,33 Japan 9.26, , , , ,13 267, ,75 1,5% 3,96% 1,5% 3,24% 1,83% 1,48% 1,19% -1,93% 1,76% -1,26%,% -9,99% 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 rallied, sending the Standard & Poor s Index higher for a third day, as concern eased that Japan will suffer a nuclear meltdown and after AT&T Inc. agreed to buy T-Mobile USA for $39 billion. AT&T added 1.2 percent after agreeing to buy Deutsche Telekom AG s U.S. wireless unit. OptionsXpress Holdings Inc. soared 17 percent after Charles Schwab Corp. agreed to buy the company for $1 billion in stock. American International Group Inc. and Hartford Financial Services Group Inc. rallied at least 3.9 percent as Japan made progress in restoring power to two reactors. Energy shares advanced as crude oil gained. Billionaire investor Warren Buffett said Japan s record earthquake is a buying opportunity and he won t sell his shares in the country. Buffett canceled a trip this week to Japan to visit a factory owned by Iscar Metalworking Cos. s Tungaloy Corp. in Fukushima prefecture, the site of the worst nuclear disaster in 25 years. Buffett s Berkshire Hathaway Inc. owns 8 percent of Iscar, a maker of cutting tools. () European stocks rose, sending the Stoxx Europe 6 Index to the biggest three-day gain since July, as Japan s atomic crisis eased and U.S. officials said its allies are in full control of Libya s airspace following two days of airstrikes. Deutsche Telekom AG jumped 11 percent after AT&T Inc. agreed to buy T-Mobile USA from the German phone company for $39 billion. Vodafone Group Plc and Hellenic Telecommunications organization SA surged more than 3 percent. ING Groep NV gained 3.6 percent as General Electric Co. was said to be among companies looking at the Dutch firm s U.S. online bank. Hellenic Telecommunications climbed 5.8 percent to 8.24 euros, the highest price since May. Deutsche Telekom, which owns a 3 percent stake in Greece s biggest phone company, has an option to acquire shares if the Greek government sells down its holding. National benchmark indexes rose in all of the 18 western European markets, except Denmark. France s CAC 4 Index advanced 2.5 percent, the U.K. s FTSE 1 increased 1.2 percent and Germany s DAX jumped 2.3 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