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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 The day opened at lowest level 12, 5/25. In the morning market took upward trend until the highest level at 12, 55/75. Most of the day EUR was traded in band 12, 3-5. In the afternoon market took downward trend. The day closed at rate 12, 15/35.Central bank informed us that till 12:3 total amount of trading was 31, 3 mil EUR at average rate 12, EUR and USD indicators for current day: beonia Time Country Event Period Previous Forecast!! 16:3 US Bernanke speaks at FED conference MM and fixed income Key rate NBS 1.75% 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 11.65% 11.9% 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 1.219%.885% month 5.% - EURIBOR1M 1.215% 1.223% year 5.85% - EURIBOR3M 1.474% 1.476% -.2 FX Savings Bond - Serbia EURIBOR6M 1.692% 1.695% -.3 Yield LIBOR1M (USD).24778%.24778%. A212 97,2 5,53% LIBOR3M (USD).44417%.44139%.278 A213 92,2 5,34% LIBOR1M (CHF).2333%.2333%. A214 87,5 5,35% LIBOR3M (CHF).4333%.4333%. A215 83,41 5,23% A216 78,5 5,58% Source: Belex Note: Interest rates refer to the previous working day 1

2 Equity market SERBIA Belex Belex line 1, ,548,682 Din. Turnover 357,631 Ratios Belex15 Previous Change % 1, % 33,264,452 Din. 9.87% 325, % P / B P / E,6 5,52 YTD % % Source: Belex Belex Belex Line % 4.% 4.6% 4.57% - members of Belex15 3.% 2.% 1.%.% 1.18%.77%.76%.58%.29%.%.%.%.% -1.% -.35% -.7% MTBN IMLK AERO AIKB AGBN TIGR MTLC KMBN NIIS VZAS ALFA TGAS ENHL SJPT JMBN Think-tank EI projects Serbia s 211 inflation in 8% to 9% range. Belgrade-based think-tank Economics Institute s (EI) experts project Serbia s inflation to be in the 8% to 9% range at the end of 211, Tanjug reported yesterday. At a presentation of the latest issue of MAT, a monthly macroeconomic publication, the EI experts also said they expect the country s GDP to grow 2% to 2.5% in 211. Serbia s industrial output will increase by an estimated 2% this year, if current trends are taken into account and assuming the optimistic scenario, MAT Editor-in-Chief Vladimir Vuckovic said.(source:executivenewsletter) Serbia s construction industry is in grave danger of collapsing, as the sale of used homes has almost ground to a halt, and there is an absence of private investments in the real estate sector, according to Environment, Mining and Spatial Planning Minister Oliver Dulic, local media reported yesterday. Dulic said that he will make several proposals to Prime Minister Mirko Cvetkovic over the coming days on how problems in the construction sector can be resolved, according to the reports. The state set aside 18 billion to assist the construction industry in 211, and is now under pressure to earmark the same level of assistance for 212, he said. According to Dulic, a major problem for the sector is the National Bank of Serbia s (NBS) decision earlier this year to impose an 8% loan-to-value (LTV) ratio for the euro-indexed commercial home loans. The only serious investor currently selling homes, in Belgrade s Stepa Stepanovic mass residential complex, is the Building Directorate of Serbia, according to Dulic. Homes there can be bought through state-subsidized lending (Source:Executivenewsletter) Russian firms eye several Prva Petoletka subsidiaries, Serbian deputy PM says. Construction company Trest Gidromontazh from Russia has expressed its interest in buying two subsidiaries of Serbia s state-owned hydraulics and pneumatic components maker Prva Petoletka in Trstenik. The Russian company is interested in purchasing Prva Petoletka s hydraulic cylinders factory Cilindri and metallurgical processing factory TMO, Kalanovic said during a visit to the company in the central Serbian town. Last year, Trest Gidromontazh acquired Prva Petoletka Inzenjering, which makes hydraulics and pneumatic components, according to Kalanovic. On the other hand, the association of the defense industrial complex in Russia s Chelyabinsk region has shown an interest in acquiring Petoletka s Hidraulika, Kocna Tehnika, Zaptivke and Armature factories, Kalanovic said, without providing any further details. According to earlier reports, Italy s USCO, a manufacturer and distributor of spare parts for earthmoving machines, is interested in using Prva Petoletka s Mikroelektronika facility to manufacture products for exports.(source:executivenewsletter) 2

3 A Listing Aerodrom Nikola Tesla Energoprojekt holding Naftna industrija Srbije Soja protein Tigar Izvor: Bloomberg AERO 516 3,56, % -1.89% ENHL ,8 -.23% -3.85% NIIS 633 5,853,716.%.94% SJPT 565 7,134, %.71% TIGR 524 1,124,83.58% -4.9%.27 n/a ,487,57, Din. 4,23,819, Din. 14,358,7, Din. 7,135,83 Din. 9,473, Din. Alfa Plam Komercijalna banka Metalac Izvor: Bloomberg B Listing ALFA 7,.%.% KMBN 1,89 94,.%.% MTLC 1,72 2,58,.58% -1.21% ,311,9, Din. 16,46,6, Din. 1,754,4, 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 4,97 2,52,744.76% 3.93%.17 n/a 6.77 AIKB 1,837 3,164,781.77% 2.6% BIPB 35 1,5-5.41% 2.91% 3.17 n/a BMBI 21,.% 3.95% CYBN 1,95.%.%.47 n/a CCNB 1,.%.% DINNPB 1,29 8, %.66% DNOS 95.%.%.2 n/a 2.16 FITO 3,65 2,556,21.% -7.15% GLOS 279.%.%.13 n/a 2.21 IMLK 2,311 69, 4.57% -4.17% INFM 3,.%.% JESV 5,2 52,.% -.2% JMBN 14, ,99.% 6.66% KMBNPB 1,88.% -.46% n/a n/a 8.62 LSTA 264.% 1.54% NPRD 1,.%.% PLTK 5 7,.%.%.15 n/a PRBN , % 4.17%.4 n/a PRGS 5.% 8.7% PTLK 127.%.% PUUE 623.% % SIMP 245.% 6.52%.5 n/a TGAS 5, 25, -.22% -.99% TLFN 56.% -2.61% UNBN 2,815.%.% VLFR 355.% %.26 n/a VLFR 36.% -.28% VINZ 6,789.%.% VITL 1,85 597, % -1.65% VDAV 4,49 68, % -2.17%.51 n/a ,18,742, Din. 16,2,19, Din. 318,712,1 Din. 8,4,879, Din. 1,7,337, Din. 1,334,56, Din. 4,,31, Din. 246,22, Din. 1,348,6, Din. 39,931,1 Din. 2,864,74, Din. 551,421, Din. 1,584,539, Din. 3,738,9, Din. 46,378,9 Din. 44,173,4 Din. 514,918, Din. 329,844,8 Din. 934,81, Din. 269,637, Din. 142,49,6 Din. 611,936,2 Din. 259,626, Din. 5,183,29, Din. 324,349,2 Din. 1,597,459, Din. 553,478,7 Din. 813,67, Din. 1,346,734, Din. 1,413,283, Din. 516,541, 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 63.7 SOFIX Bugarska BET Rumunija 4,557.3 DJ Stoxx Balkan 5 Balkan , , % %.3% -25.9% -.1% -6.71%.9% % 1.4% % CROBEX SBITOP crobex 1 sbi SOFIX BET sofix bet-c dj balkan DJ Stoxx Balkan 5 Swedish fashion retailer Hennes & Mauritz (H&M) said it will open three stores in Romania in November, increasing to 11 the number of its stores in the country.the new stores will open in the shopping centres Sun Plaza, in the country's capital Bucharest, Lotus Center Oradea, in northwestern Romania, and Maritimo Shopping Center, in the Black sea port of Constanta, the company said in a press release on Thursday. H&M sales in Romania totalled 193 million Swedish crowns ($29.3 million/21.2 million euro) in the first nine months of the fiscal year 211 started December 1. (Source:Bloomberg) Fitch Ratings' latest quarterly Q411 European fixed income investor survey, which closed on 31 October and represents the views of managers of an estimated USD5.8trn of fixed income assets, shows that 7% of investors now believe there is a high risk of a double dip recession compared to 4% and 21% in the prior two quarters respectively. "With much of world growth dependent on emerging market dynamism, this sharp swing in sentiment partly reflects investor concerns over recent signs of a slowing in many of these emerging economies," said Monica Insoll, Managing Director in Fitch's Credit Market Research group. Respondents expressed a more negative sentiment on the outlook for fundamental credit conditions in the EM sovereign sector than in Q311, with 41% of respondents now expecting deterioration, up from 32%. More than one-third of survey respondents (36%) also said EM sovereign credit quality is over-stated and at risk of crisis.(source:bloomberg) 4

5 WORLD Index Country / Region Previous Change YTD Dow Jones Industrial S&P NASDAQ FTSE Dow Jones Stoxx 6 Nikkei , , , Engleska 5, EU 24.5 Japan 8, , , , , , % 5.12% 1.17% 1.45% 1.2% 2.81% 1.3% -5.64%.86% -12.8% -1.27% % Dow Jones Industrial S&P dow jones s&p NASDAQ Composite FTSE nasdaq 6 dax DJ Stoxx 6 Nikkei nikkei 1 \ dj stoxx Stocks closed higher after Italian Prime Minister Silvio Berlusconi said he would resign. Berlusconi promised to step down once Italy's parliament passes a package of economic reforms. Many investors saw Berlusconi as an obstacle to measures needed to help Italy avoid a debt crisis. U.S. stock indexes turned lower earlier Tuesday after Berlusconi narrowly survived a confidence vote, a sign that he might cling to power. The Dow Jones industrial average rose 12 points, or.8 percent, to close at 12,17. The S&P rose 15, or 1.2 percent, to 1,276. The Nasdaq composite rose 32, or 1.2 percent, to 2,727. Nearly three stocks rose for every one that fell on the New York Stock Ex. Trading volume was above average at 3.8 billion shares. (Source:Bloomberg) European stocks rose, with the Stoxx Europe 6 Index rebounding from two days of losses, as Italy s Prime Minister Silvio Berlusconi won a parliamentary vote on the budget yet still lost his absolute majority. Vodafone Group Plc gained 1.8 percent after increasing its full-year earnings forecast as profit beat analysts estimates. Repsol YPF SA climbed 6.3 percent after raising its prediction for recoverable reserves in Argentina. Banks rallied as Societe Generale SA, France s second-biggest bank, and Lloyds Banking Group Plc, the largest mortgage lender in the U.K., both gained more than 4 percent. The Stoxx 6 rose.9 percent to 24.5 at the close. The benchmark measure has rallied 12 percent since this year s low on Sept. 22 as investors speculated that the euro area would protect the economies of Italy and Spain from the sovereign-debt crisis. (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