12.03.2012

Milica Travica 201-1672 201-3617

Srñan Maletić 201-1263 201-3621Olivera Glisić 201-1314

FX sales UnitCustody Unit Darko Karanović 201-3624

Vitomir Marić 201-1315 Marija Prebanić 201-3626Biljana Radosavljević 201-3622 Dragan Ignja 201-3627

201-3625

Currency Value Previous Change Currency Value Previous ChangeEURRSD 110.7378 110.6685 0.06% EURUSD 1.3123 1.3263 -1.06%USDRSD 84.5843 83.5360 1.25% EURCHF 1.2057 1.2055 0.02%CHFRSD 91.6324 91.7878 -0.17% EURGBP 0.8373 0.8384 -0.13%GBPRSD 132.4932 132.0311 0.35% GBPUSD 1.5674 1.5820 -0.92%Source: NBS USDJPY 82.46 81.51 1.17%

Source: Bloomberg

EUR and USD indicators for current day:

Time Country Period Previous Forecast!! 19:00 US feb -$222.5B -$234B

Source: Bloomberg

Interbank market - Serbia

Value Previous Change bpsSource: NBS BEONIA 8.70 8.63 7.00

BELIBOR1M 10.35 10.28 7.00T Bills - Serbia BELIBOR3M 10.68 10.56 12.00Maturity Value Previous Source: Reuters

3 month 11.60% 11.90%6 month 10.48% 10.48% Major Key rates

12 month 12.69% 13.00% Value

18 month 13.10% 12.79% ECB 1.00%24 month 13.25% 13.25% FED 0.25%36 month 14.89% 14.89% SNB 0.00%60 month 14.70% Source: Bloomberg

53 week-EUR 5.95%

Source: Treasury - Ministry of Finance Interbank - World

Value Previous Change bpsEONIA 0.362% 0.359% 0.003

FX Savings Bond - Serbia EURIBOR1M 0.490% 0.495% -0.005Price Yield EURIBOR3M 0.894% 0.902% -0.008

EURIBOR6M 1.203% 1.213% -0.010A2012 98,50 6,87% LIBOR1M (USD) 0.24175% 0.24175% 0.00000A2013 92,28 6,76% LIBOR3M (USD) 0.47355% 0.47355% 0.00000A2014 87,91 5,96% LIBOR1M (CHF) 0.06917% 0.06917% 0.00000A2015 81,29 6,63% LIBOR3M (CHF) 0.09333% 0.09333% 0.00000A2016 77,84 6,10% Source: Bloomberg

Source: Belex

Note: Interest rates refer to the previous working day

Ljiljana Zipovski

Brokerage UnitFinancial market analysis Unit

DAILY REPORT

Domestic market

MM and fixed income

International market

Key rate NBS

Event

9.50

Snežana Spasojević

Monthly budget statement

FX rate

Central bank informed us that till 12:30 total amount of trading was 16, 6 mil EUR at average rate 110, 7406.

1.15

1.22

1.29

1.36

1.43

1.50

1.57

1.64

01.01.08 01.06.08 01.11.08 01.04.09 01.09.09 01.02.10 01.07.10 01.12.10 01.05.11 01.10.11

EURUSD

75

80

85

90

95

100

105

110

01.01.08 01.06.08 01.11.08 01.04.09 01.09.09 01.02.10 01.07.10 01.12.10 01.05.11 01.10.11

EURRSD

1

Source: Belex

Value

1,043.36

YTD

1,041.26

Previous Change

11.27%

6.56%

-0.80%

-0.20%

559.74Belex 15 555.28

Belex line

Ratios

Turnover61,055,983 Din.

338,822 €

-38.59%

551,235 €

The European Investment Bank (EIB) will not decrease the level of its lending to Serbia in 2012 compared to 2011, when itapproved around EUR 711 million in loans to the country, quoting EIB Vice-President Dario Scannapieco. Of the EUR 711million in lending approved last year, Serbia drew some EUR 576 million, he said. In 2012, the EIB will focus on financing theconstruction of Corridor 10 highways and the Belgrade bypass, as well as the development of small and medium-sizedenterprises (SME) and various other infrastructural projects in Serbia, according to Scannapieco. He also noted that the EIBapproved a total of about EUR 3.7 billion in lending to Serbia in the 2001-2011 period, of which the country drew EUR 1.7billion.(Source:Executivenews letter)

Equity market

SERBIA

-38.53%

37,496,909 Din.

Serbia will hold local, provincial and parliamentary elections “on April 29 or May 6, but more likely on May 6,” parliament speakerSlavica Djukic Dejanovic said. Belgrade Mayor Dragan Djilas said that it is up to President Boris Tadic, who leads the rulingDemocratic Party (DS), to decide whether he will resign and “thereby enable” holding presidential elections simultaneously withlocal, provincial and parliamentary polls. Djilas, a vicepresident of the DS, said that the main motive for holding elections at alllevels simultaneously is “to complete all the 2012 election processes at the same time and start a new four-year and five-yearcycle.” It will not be easy to win the race for Belgrade mayor against Serbian Progressive Party (SNS) deputy leader AleksandarVucic, Djilas said, repeating that he wishes to run for a second mayoral term. For his part, Tadic said that the DS will not form apost-election coalition with the SNS, the Serbian Radical Party (SRS), or former prime minister Vojislav Kostunica’s DemocraticParty of Serbia (DSS). (Source:Executivenews letter)

Greek metals and engineering company Mytilineos has sued Serbian state copper mining and smelting complex Rudarsko-Topionicarski Basen (RTB) before a court in Athens over USD 65 million it seeks to collect from the Bor-based company. Underthe 1998 contract on strategic partnership between RTB and Mytilineos, the Greek company invested USD 16.9 million in RTBand supplied copper concentrate to the Serbian miner, which later failed to deliver some 4,000 tons of copper obtained from theconcentrate to the Greek firm. Novosti has also learned that Mytilineos decided to turn to the court in Athens after losing a casebefore an arbitration court in Zurich. According to previous reports, RTB Deputy General Manager Mirjana Antic said earlier thismonth that negotiations were underway on RTB’s debt to Mytilineos.(Source:Executivenews letter)

P / B P / E

Belex15 0,60 5,63

0

500

1000

1500

2000

2500

3000

3500

Belex15

0

700

1400

2100

2800

3500

4200

4900

5600

Belex Line

-2.56%-2.19%

-1.97%-1.75%

-1.47% -1.38%

-0.28%

0.00% 0.00% 0 0.16%

1.12%

1.80% 1.80%

-3.00%

-2.50%

-2.00%

-1.50%

-1.00%

-0.50%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

AIKB UNBN SJPT ENHL IMLK JESV NIIS JMBN TIGR VZAS AGBN KMBN MTLC AERO

Daily change - members of Belex15

2

AERO 509 6,674,517 1.76% 1.37% 0.78 7.80 10.75

ENHL 505 154,025 -1.75% -1.37% 0.47 7.40 6.62

NIIS 712 6,127,472 -0.28% -3.75% 2.47 6.94 42.34

SJPT 547 287,175 -1.97% -0.55% 0.78 8.65 7.81

TIGR 471 0 0.00% -2.48% 0.24 #N/A N/A -1.76

Izvor: Bloomberg

ALFA 7,500 15,000 4.15% 4.17% 0.35 2.87 12.92

KMBN 1,800 36,000 1.12% 0.00% 0.42 5.43 8.62

MTLC 1,700 221,000 1.80% 4.29% 0.50 3.75 14.01

Izvor: Bloomberg

AGBN 1,885 118,755 0.16% 0.37% 0.08 n/a 6.77

AIKB 2,095 3,928,125 -2.56% 6.83% 0.43 2.93 14.05

BIPB 29 0 0.00% -12.00% 2.63 n/a -125.23

BMBI 19,500 0 0.00% 0.00% 2.21 13.43 16.91

CYBN 1,900 0 0.00% 0.05% 0.46 n/a -54.60

CCNB 9,000 0 0.00% 0.00% 0.30 12.90 2.33

DINNPB 1,050 99,750 -0.93% -6.35% 0.95 3.68 17.70

DNOS 991 96,127 -0.90% -0.90% 0.03 n/a 2.16

FITO 2,020 0 0.00% -0.10% 0.59 2.89 22.12

GLOS 273 0 0.00% 9.20% 0.13 n/a 2.21

IMLK 2,953 1,045,362 -1.47% -1.37% 2.74 23.18 11.79

INFM 2,119 0 0.00% -6.45% #N/A N/A #N/A N/A #N/A N/A

JESV 4,733 141,990 -1.36% -1.38% 0.81 2.88 28.72

JMBN 12,195 60,975 0.00% 0.79% 0.64 14.03 6.74

KMBNPB 900 24,300 -2.17% -2.17% n/a n/a 8.62

LSTA 252 15,120 -0.40% -1.18% 0.17 0.75 25.59

NPRD 1,000 0 0.00% -9.09% 0.10 0.31 39.62

PLTK 50 0 0.00% 0.00% 0.15 #N/A N/A -16.32

PRBN 220 29,480 0.00% 0.00% 0.24 n/a -6.61

PRGS 48 60,048 0.00% -4.00% 0.05 189.50 0.03

PTLK 94 0 0.00% 0.00% 0.11 172.05 0.06

PUUE 650 45,500 13.44% 13.44% 0.45 4.66 9.95

MTBN 998 278,442 13.41% 0.10% 0.15 8.23 2.06

SIMP 200 0 0.00% 0.00% 0.04 #N/A N/A -7.95

TGAS 4,252 187,088 6.30% -1.12% 0.48 4.45 11.27

TLFN 400 0 0.00% -11.11% 0.18 7.72 1.86

UNBN 1,878 90,144 -2.19% -1.68% 0.17 2.81 6.05

VLFR 300 0 0.00% 0.00% 0.22 n/a -58.54

VLFR 323 27,455 0.00% -4.15% 0.26 2.16 2.47

VINZ 6,500 0 0.00% 0.00% 0.61 3.63 21.84

VITL 1,603 0 0.00% -5.71% 0.34 2.86 12.67

VDAV 5,000 2,750,000 0.00% 11.11% 0.56 n/a 2.49

Source: Bloomberg

17,453,279,297 Din.

P/ETurnover in

RSD

Tigar

Čačanska banka

Telefonija

Razvojna banka Vojvodine

DIN prioritetne

A Listing

P/BVWeekly

change

Turnover in

RSD

B Listing

Daily

changePrice

Politika

Komercijalna banka PB

Privredna banka

Napred GP

Lasta

Univerzal banka

Progres

Putevi Užice

Simpo

Tehnogas

Dunav osiguranje

Agrobanka

Jubmes banka

Beogradska industrija piva

Jedinstvo Sevojno

Galenika Fitofarmacija

Informatika

Globos osiguranje

Bambi

AIK banka

Credy banka

809,394,653 Din.

4,781,244,141 Din.

1,311,089,966 Din.

Market Capitalization

8,147,851,563 Din.

116,099,007,813 Din.

Metalac

7,466,530,273 Din.

Market Capitalization

Voda Vrnjci

Veterinarski zavod Subotica

Velefarm

1,289,405,029 Din.

1,224,591,064 Din.

Vino Župa

P/BV

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) Mcap-

tržišna kapitalizacija=tržišna cena akcije x broj akcija

26,788,517,578 Din.Imlek

Price

256,846,375 Din.

981,507,690 Din.

ROE

343,278,992 Din.

385,801,910 Din.

1,442,234,985 Din.

3,165,846,436 Din.

336,158,997 Din.

389,487,030 Din.

303,265,869 Din.

1,777,599,976 Din.

18,270,164,063 Din.

Market Capitalization

264,075,714 Din.

1,201,104,004 Din.

3,474,206,299 Din.

Company

258,851,990 Din.

329,844,788 Din.

4,407,869,629 Din.

231,677,994 Din.

548,422,180 Din.

211,940,002 Din.

1,079,685,303 Din.

Vital

Pupin Telecom 105,465,462 Din.

638,456,665 Din.

1,065,729,370 Din.

573,934,998 Din.

467,728,485 Din.

730,043,335 Din.

Daily

change

Turnover in

RSD

Company

Ticker P/E

Continuous Trading Method

Daily

changeP/EPrice P/BV

Energoprojekt holding

Soja protein

Naftna industrija Srbije

Aerodrom Nikola Tesla

ROE

Weekly

change

Weekly

change

Alfa Plam

Komercijalna banka

Ticker

1,354,839,966 Din.

15,676,757,813 Din.

Ticker ROECompany

1,734,000,000 Din.

3

-0.26% 2.80%

0.97% -2.96%

-0.60% -3.99%

-0.12% 22.31%

-1.12% 18.45%

Source: Bloomberg

crobex sbi20

sofix bet-c

dj balkan

SOFIX

Slovenija 572.11

Bugarska

SBITOP

309.27

Hrvatska

Index

REGION

ValueCountry / Region

Crobex 1,788.89

YTD

BET

454.33

Rumunija 5,304.31 5,310.70

DJ Stoxx Balkan 50 449.24

Global banking regulators will seek an accord later this month on changes to draft liquidity rules criticized by some governmentsand lenders as a threat to economic recovery. The measures will be considered at a meeting of the Basel Committee onBanking Supervision on March 20 and 21. The so-called liquidity coverage ratio is part of an overhaul of bank regulation, knownas Basel III, that was agreed on by the committee to avoid a repeat of the events that led to the 2008 collapse of LehmanBrothers Holdings Inc. It would require lenders to hold enough easy-to-sell assets to survive a 30-day credit squeeze. The LCRplans have been attacked by some governments and banks as overly restrictive as few assets other than sovereign debt wouldbe recognized as highly liquid. The Association for Financial Markets in Europe, which represents international banks includingDeutsche Bank AG, BNP Paribas SA and UBS AG, has said that the measure may make it harder for lenders to spread theirrisks, so making them more vulnerable in a crisis, while also forcing them to curb some lending.(Source:Bloomberg)

Balkan

Property prices in Bulgaria's biggest ski resort of Bansko are in freefall and with the exit of British and Irish buyers, Russianinvestors now dominate the market, putting to good use their bargaining skills, a survey shows. Many Bulgarian and Britishinvestors, who have been lured into Bansko ski properties with no exit in sight, are seeing their dream come to a sorry end andscramble to attract the attention of Russian buyers.Even though over the last two years Bansko has not seen the launch of newholiday complexes, there is a huge number of properties up for sale and prices have already fallen by 50%. Statistics showhotels with over 7000 beds have opened since 2007. About 80% of them are in apartment complexes. At the same time, thenumber of transactions in the region has decreased significantly - from 4000 in 2009 to 1,800 last year. Of these, 1300 werepurchases on the secondary market, a survey of investment company GreenLife shows.At the end of last year Bansko wasnamed the world's best Value Ski Resort for Britons.(Source:Bloomberg)

311.15

566.63

1,793.62

Previous Change

0

1000

2000

3000

4000

5000

6000

02.01.08 02.06.08 02.11.08 02.04.09 02.09.09 02.02.10 02.07.10 02.12.10 02.05.11 02.10.11

CROBEX

0

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1000

1500

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3000

03.01.08 03.06.08 03.11.08 03.04.09 03.09.09 03.02.10 03.07.10 03.12.10 03.05.11 03.10.11

SBITOP

100

500

900

1300

1700

2100

01.01.08 01.06.08 01.11.08 01.04.09 01.09.09 01.02.10 01.07.10 01.12.10 01.05.11 01.10.11

SOFIX

0

2000

4000

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8000

10000

12000

03.01.08 03.06.08 03.11.08 03.04.09 03.09.09 03.02.10 03.07.10 03.12.10 03.05.11 03.10.11

BET

250

450

650

850

1050

1250

1450

DJ Stoxx Balkan 50

4

0.11% 5.77%

0.36% 9.01%

0.60% 14.71%

0.47% 5.66%

0.48% 8.55%

1.65% 17.44%

Source: Bloomberg

dow jones s&p

nasdaq dax

nikkei dj stoxx

9,768.96

264.16

5,859.73

1,365.91

Nikkei 225

SAD

5,887.49

EU 265.44

EngleskaFTSE

S&P 500

2,988.34

1,370.87

Dow Jones Industrial

NASDAQ

WORLD

Country / Region

SAD

ValueIndex

12,907.94

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 adBeograd. Banca Intesa ad Beograd ne prihvata odgovornost za bilo kakvu štetu nastalu upotrebom informacija iz ovog materijala. niti garantuje za njihovu tačnost. Zabranjeno jedalje distribuiranje i umnožavanje ovog materijala ili nekih njegovih delova bez prethodnog pisanog pristanka Banca Intesa ad Beograd.

Previous Change YTD

SAD

2,970.42

9,929.74

Dow Jones Stoxx 600

Japan

12,922.02

European stocks fell this week as investors speculated the Stoxx Europe 600 Index’s best start to a year since 1998 hasovershot the outlook for the economy.Enel SpA sank to a record low as Italy’s largest utility cut its dividend target to reduce debt.PSA Peugeot Citroen sank 7.8 percent after Europe’s second-biggest carmaker announced a 1 billion-euro ($1.3 billion) rightsoffer. Salzgitter AG lost 7 percent after the steelmaker said it was“impossible” to provide an earnings forecast. “The force of themove into the new year really took the market into extended overbought conditions; technically it looked like there was a need forsome consolidation,” said Mike Lenhoff, chief strategist at Brewin Dolphin Securities Ltd. in London. “We could see more of aconsolidation phase going forward, but the fundamental picture is still looking more supportive than before.”(Source:Bloomberg)

U.S. stocks rose, capping the fourth straight weekly rally for the Standard & Poor’s 500 Index, after a government report showing stronger-than-forecast payroll growth bolstered optimism in the world’s largest economy. Financial shares had the biggest gainamong 10 groups in the S&P 500 as Greece’s private creditors agreed to a debt swap. JPMorgan Chase & Co. and BB&T Corp.added at least 1.2 percent. Lennar Corp. and D.R. Horton Inc. rallied more than 3 percent, pacing gains in homebuilders, afterCredit Suisse Group AG raised its recommendations for the companies. Starbucks Corp. rose 2.9 percent on plans to introducea new single-cup brewer. “The jobs report was solid, but not spectacular,” said James McDonald, chief investment strategist atNorthern Trust Corp. in Chicago. His firm manages $663 billion. “This helps depict the U.S. as the standout Western economycontinuing to slowly, but steadily repair. We didn’t see any improvement in the unemployment rate. That tells me the Fed is goingto stay accommodative. The path of least resistance for stocks is up.” On friday was the 3-year anniversary of the bull market inU.S. stocks that followed the global financial crisis. (Source:Bloomberg)

6000

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16000

02.01.08 02.06.08 02.11.08 02.04.09 02.09.09 02.02.10 02.07.10 02.12.10 02.05.11 02.10.11

Dow Jones Industrial

600

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1400

1600

03.01.08 03.06.08 03.11.08 03.04.09 03.09.09 03.02.10 03.07.10 03.12.10 03.05.11 03.10.11

S&P 500

1200

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2400

2800

03.01.08 03.06.08 03.11.08 03.04.09 03.09.09 03.02.10 03.07.10 03.12.10 03.05.11 03.10.11

NASDAQ Composite

3000

4000

5000

6000

7000

02.01.08 02.06.08 02.11.08 02.04.09 02.09.09 02.02.10 02.07.10 02.12.10 02.05.11 02.10.11

FTSE

120

170

220

270

320

370

02.01.08 02.06.08 02.11.08 02.04.09 02.09.09 02.02.10 02.07.10 02.12.10 02.05.11 02.10.11

DJ Stoxx 600

6500

8500

10500

12500

14500

04.01.08 04.06.08 04.11.08 04.04.09 04.09.09 04.02.10 04.07.10 04.12.10 04.05.11 04.10.11

Nikkei 225

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