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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 34, 6 mil EUR (Central bank didn t sell or buy Euro) at average rate 11, 3722 EUR and USD indicators for current day: Time Country Event Period Previous Forecast!! - MM and fixed income Key rate NBS 12,5% Interbank market - Serbia Previous Change bps Source: NBS BEONIA BELIBOR1M T Bills - Serbia BELIBOR3M Maturity Previous Source: Reuters 3 month 13.% 12.75% 6 month 13.25% 13.% Major Key rates 12 month 13.25% 13.% 18 month 12.6% 12.8% ECB 1.25% 24 month 12.89% 12.9% FED.25% 36 month 14.48% - SNB.25% euro-linked 6 month 5.25% - euro-denominated Interbank - World 53 weeks 4.48% - Previous Change bps Source: Treasury - Ministry of Finance EONIA.54%.554% -.14 EURIBOR1M 1.77% 1.39%.38 FX Savings Bond - Serbia EURIBOR3M 1.294% 1.28%.14 Yield EURIBOR6M 1.599% 1.585%.14 A211 98,67 9,66% LIBOR1M (USD).2265%.23138% A212 93,56 5,97% LIBOR3M (USD).28525%.2895% A213 88,32 5,95% LIBOR1M (CHF).14%.14%. A214 83,25 6,% LIBOR3M (CHF).18%.18%. A215 79,7 5,82% A216 74,82 5,79% Source: Belex 1

2 Equity market SERBIA Previous Change YTD Belex % 17.61% Belex line 1, , % 11.64% Turnover 43,979,674 Din. 431,63 44,957,516 Din. 44, % -1.98% Ratios P / B P / E Belex15,45 8,6 Source: Belex Belex Belex Line %.5%.% - members of Belex15.%.%.%.%.1%.15%.33%.73% -.5% -1.% -.44% -.38% -.35% -1.5% -2.% -2.5% -1.53% -1.35% -3.% -3.5% -2.98% MTLC JMBN MTBN AGBN AERO AIKB ENHL UNBN TIGR ALFA SJPT KMBN IMLK VZAS The International Monetary Fund agreed to disburse billion euros to Serbia after reviewing the country s implementations of economic policies under a 2.9 billion-euro loan. The growth outlook is favorable, although inflationary pressures are rising, IMF Managing Director Dominique Strauss-Kahn said in an ed statement on Friday. Serbia is making progress toward a more balanced economic growth model, but the adjustment is proving difficult, as indicated by strong pressures to hike public wages and significant private sector job losses. (source: bloomberg) Minister of Economy and Regional Development Nebojsa Ciric yesterday signed a trade agreement between Serbia and Kuwait providing the most favoured nation status and helping increase exports to that country.ciric, who is in Kuwait within the visit of the state delegation headed by Serbian President Boris Tadic, told the Tanjug news agency that the agreement specifies the concrete ways of future cooperation, particularly in the area of trade.the agreement provides for the establishment of a Mixed Committee of Trade, which will analyse the modalities of deepening and increasing the cooperation.he expressed the hope that, thanks to the agreement, Serbia will increase its trade deficit with Kuwait.(source: bloomberg) Serbian bus manufacturer Vulovic Transport plans to invest 1.2 million euro ($1.73 million) in a compressed natural gas (CNG) station, local media reported on Friday.The company has produced 12 buses running on CNG in cooperation with Belarus bus maker MAZ that are currently used by Belgrade city public transportation company GSP, news provider Ekapija ( reported. Vulovic Transport, based in Kragujevac in central Serbia, has invested 2. million euro so far in acquiring land, production equipment, technology, training of workers and the launch of its first CNG-powered bus, Ekapija said.(sourse: bloomberg) 2

3 A Listing Aerodrom Nikola Tesla Energoprojekt holding Naftna industrija Srbije Soja protein Tigar Izvor: Bloomberg AERO 512 2,532, % -3.51% ENHL 95 38,.% -4.23% NIIS 526 2,827,496.77% -2.92% 2.68 #N/A N/A SJPT 1,1 167,167.1% -.3% TIGR 729.% 4.14%.36 #N/A N/A ,556,15, Din. 8,994,42, Din. 85,769,77, Din. 7,628,925, Din. 1,252,757, Din. Alfa Plam Komercijalna banka Metalac Izvor: Bloomberg B Listing ALFA 9,475.%.% KMBN 3,35 413,125.15% 1.69% MTLC 2,28 228, -2.98% -4.76% ,656,344, Din. 28,784,27, Din. 2,325,6, 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 Razvojna banka Vojvodine Simpo Tehnogas Telefonija Univerzal banka Velefarm Veterinarski zavod Subotica Vino Župa Vital Voda Vrnjci AGBN 8,859 2,33, % -.61%.39 n/a 7.95 AIKB 4,21 5,138, % -.4% BIPB 3.%.%.62 n/a BMBI 19,464.%.% CYBN 2,4 4,8.% 4.62%.36 n/a CCNB 15, 36,.% -1.96% DINNPB 1,88 1,88.% -.5% DNOS 1,84 1, % -1.97% #N/A N/A n/a 1.36 FITO 7,6 76,.% 1.28% GLOS 42.%.%.19 n/a 2.8 IMLK 2,16 583,2.33% -1.77% INFM 2,552.%.% JESV 6, ,635.72% -.73% JMBN 16,3 64, % 6.69% KMBNPB , % 3.52% n/a n/a 6.91 LSTA , % -2.15% NPRD 3,256.%.3% PLTK 79 66, % 23.44%.23 #N/A N/A PRBN 6 2,911,2 9.9% 12.15%.61 n/a PRGS 93 27,435.% 6.9% PTLK 131.%.% PUUE 1,11.% -11.2% MTBN 3,2 186, % -.83% SIMP , % -6.59%.8 #N/A N/A TGAS 6,823.% -2.51% TLFN 1,97.% -.27% UNBN 4,71.% -6.57% VLFR 64.%.%.46 n/a VLFR ,25.73%.36% VINZ 7,853.% -.77% VITL 1,32.% -5.58% VDAV 3,85.%.%.44 n/a ,367,389, Din. 33,558,88, Din. 273,181,8 Din. 7,655,52, Din. 762,482,4 Din. 2,1,84, Din. 6,22,484, Din. 476,889,4 Din. 3,344,, Din. 439,29,2 Din. 19,66,22, Din. 469,75, Din. 2,87,21, Din. 3,736,951, Din. 373,136, Din. 696,586,8 Din. 1,117,716, Din. 513,694, Din. 1,495,697, Din. 51,525,8 Din. 146,978, Din. 1,9,287, Din. 3,85,63, Din. 435,536,7 Din. 7,73,118, Din. 635,376,9 Din. 2,672,835, Din. 997,82,8 Din. 1,254,49, Din. 1,557,8, Din. 788,383, Din. 441,93, 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, , SBITOP Slovenija SOFIX Bugarska BET Rumunija 6,68.4 6,12.7 DJ Stoxx Balkan 5 Balkan % 6.37% -.23% -3.45% -.57% 22.49%.94% 15.18% -.74% 9.23% CROBEX SBITOP crobex sbi SOFIX 1 BET sofix 8 bet-c DJ Stoxx Balkan dj balkan Romania s inflation rate rose to the highest in 2 ½ years in March, more than economists had forecast, as rising food and fuel costs worldwide boosted domestic prices.the rate advanced to 8 percent, the highest since August 28, from 7.6 percent in February, according to the Bucharest-based National Statistics Institute. The annual rate exceeded the median estimate of 7.8 percent in a Bloomberg survey of eight economists. s increased a monthly.6 percent.food-price inflation quickened to an annual 9.9 percent in March, compared with 8.8 percent in February, boosted by rising bread, potato and sugar prices, the institute said. Non-food prices advanced 7.4 percent, compared with 7.3 percent in the previous month, driven by higher fuel prices. growth for services fell to an annual 5.7 percent, compared with 6 percent in February, helped by a stronger currency.(source: bloomberg) Slovenia will focus on the campaign to adopt pension reforms after voters rejected a so-called mini- jobs bill, Delo newspaper reported, citing Prime Minister Borut Pahor.Voters in the former Yugoslav nation rejected the government s proposal by an 8 percent majority with voter turnout at about 34 percent.the bill was meant to expand eligibility for more loosely regulated jobs to the elderly and the unemployed, according to Delo.The country that adopted the euro in 27 will face another vote on the pension overhaul, probably in May, after the Constitutional Court rejected the government s assessment that a referendum on the subject would endanger the system of social benefits.(source:bloomberg) 4

5 WORLD Index Country / Region Previous Change YTD Dow Jones Industrial S&P NASDAQ FTSE Dow Jones Stoxx 6 Nikkei ,38.5 1, ,78.42 Engleska 6,55.75 EU Japan 9, , , , , , % 6.93% -.4% 5.61% -.56% 4.81%.81% 2.64%.32% 2.13% 1.85% -4.51% Dow Jones Industrial S&P dow jones 12 s&p NASDAQ Composite FTSE nasdaq 6 dax DJ Stoxx 6 Nikkei nikkei 1 \ dj stoxx European stocks were little d after the benchmark Stoxx Europe 6 Index rallied to a one-month high last week. Asian shares were also little d while U.S. futures gained. British banks climbed after the U.K. s Independent Commission on Banking released its report on the industry. BHP Billiton Ltd. rose 2.4 percent amid speculation it plans to buy Royal Dutch Shell Plc s stake in Woodside Petroleum Ltd. and make a A$46 billion ($48.6 billion) takeover. European airlines fell, following their Asian counterparts lower, as crude oil trades above $112 a barrel in New York.The Stoxx 6 dropped.1 percent to at 8:7 a.m. in London. The gauge last week climbed.6 percent to the highest level since March 8. Standard & Poor s Index futures rose.3 percent.(source:bloomberg) U.S. stocks fell, preventing the third straight weekly gain for the Standard & Poor s Index, as oil s rally to a 3-month high drove down transportation shares and investors speculated the federal government may shut for the first time since 1996.FedEx Corp., which runs the world s biggest cargo airline,slumped 2.9 percent. United Continental Holdings Inc. tumbled 5.8 percent as the NYSE Arca Airlines Index slid to the lowest level since September. Expedia Inc. surged 13 percent after the world s biggest online travel agency said it will split in two.the S&P fell.4 percent to 1, at 4 p.m. in New York, after gaining as much as.5 percent. The Dow Jones Industrial Average decreased points, or.2 percent, to 12,38.5. The U.S. dollar fell 1.2 percent to $ per euro,helping drive up prices of commodities traded in dollars. As oil rises, the synchronized trade is to derisk, said Chad Morganlander, a Florham Park, New Jersey-based money manager at Stifel Nicolaus & Co., which oversees $11 billion in client assets. The S&P has risen 5.6 percent in 211 as government stimulus measures and higher-than-estima 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