28.12.2011

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 102.6549 102.4684 0.18% EURUSD 1.3074 1.3071 0.02%USDRSD 78.5664 78.3757 0.24% EURCHF 1.2209 1.2226 -0.14%CHFRSD 84.1158 83.7160 0.48% EURGBP 0.8347 0.8359 -0.15%GBPRSD 123.0284 122.5259 0.41% GBPUSD 1.5663 1.5636 0.17%Source: NBS USDJPY 77.83 77.92 -0.12%

Source: Bloomberg

EUR and USD indicators for current day:

Time Country Period Previous Forecast!! 12:00 USD Dec - -

Source: Bloomberg

Interbank market - Serbia

Value Previous Change bpsSource: NBS BEONIA 8.33 8.33 0.00

BELIBOR1M 10.55 10.32 23.00T Bills - Serbia BELIBOR3M 11.04 10.77 27.00Maturity Value Previous Source: Reuters

3 month 11.60% 11.90%6 month 10.90% 11.65% Major Key rates

12 month 13.00% 13.00% Value

18 month 13.50% 13.30% ECB 1.00%24 month 13.25% 13.19% FED 0.25%36 month 14.89% 14.89% SNB 0.00%

Source: Bloomberg

Source: Treasury - Ministry of Finance Interbank - World

Value Previous Change bpsEONIA 0.417% 0.422% -0.005

FX Savings Bond - Serbia EURIBOR1M 1.097% 1.109% -0.012Price Yield EURIBOR3M 1.396% 1.404% -0.008

EURIBOR6M 1.648% 1.658% -0.010A2012 97,27 6,69% LIBOR1M (USD) 0.29395% 0.29360% 0.00035A2013 91,15 6,71% LIBOR3M (USD) 0.57575% 0.57375% 0.00200A2014 86,00 6,41% LIBOR1M (CHF) 0.03167% 0.03167% 0.00000A2015 81,21 6,26% LIBOR3M (CHF) 0.05167% 0.05167% 0.00000A2016 78,39 5,65% Source: Bloomberg

Source: Belex

Note: Interest rates refer to the previous working day

MBA Mortgage Applications

FX rate

Central bank informed us that till 12:30 total amount of trading was 41, 9 mil EUR at average rate 102, 4721.

Snežana Spasojević

9.75

Domestic market

MM and fixed income

International market

Key rate NBS

Event

Ljiljana Zipovski

Brokerage UnitFinancial market analysis Unit

DAILY REPORT

1.15

1.20

1.25

1.30

1.35

1.40

1.45

1.50

1.55

1.60

1.65

01.01.0801.05.0801.09.0801.01.0901.05.0901.09.0901.01.1001.05.1001.09.1001.01.1101.05.1101.09.11

EURUSD

75

78

81

84

87

90

93

96

99

102

105

108

01.01.0801.05.0801.09.0801.01.0901.05.0901.09.0901.01.1001.05.1001.09.1001.01.1101.05.1101.09.11

EURRSD

1

Source: Belex

P / B P / E

Belex15 0,55 5,10

SERBIA

59.01%

122,570,361 Din.

Serbian central bank Governor Dejan Soskic said policy makers may be in a position to cut borrowing costs in the first half tohelp foster economic growth because inflation will continue to slow.“We have a period in front of us where room for monetarypolicy relaxation will exist,” the head of the Belgrade-based Narodna Banka Srbije said in a Dec. 26 interview. There’s scopefor more rate cuts at least in the “next six months.” The central bank expects annual inflation to slow in the first quarter toward itstarget range for the end of 2012 of between 2.5 percent and 5.5 percent, from 8.1 percent in November. Serbia’s central banklowered its benchmark two-week repurchase rate a quarter-point to 9.75 percent on Dec. 8 for the sixth time since June onconcern Europe’s debt crisis will damp export demand and slow economic growth.(source:bloomberg)

Russia's Bank of Moscow said on Tuesday it has raised the share capital of its Serbian unit to 1.75 billion dinars ($22.3million/17.1 million euro) from 1.24 billion dinars to fund the bank's development.The parent bank bought new shares worth515.4 million dinars, Bank of Moscow said in an email sent to SeeNews.The unit, Moskovska Banka AD Beograd, showedsignificant growth of operations this year, its lending portfolio rising 79% in January-November, Bank of Moscow said in aseparate statement. In 2011, in partnership with its parent bank, the Serbian unit provided a total of $140 million in cross-borderloans to Serbian companies.Moskovska banka AD Beograd's assets totalled 3.54 billion dinars at the end of September,according to the data from Serbia's central bank, NBS.(source:bloomberg)

Equity market

77,688,159 Din.

1,196,177 €

57.77%

752,267 €

Coal mining complex Rudarski Basen Kolubara, part of state power utility Elektroprivreda Srbije (EPS), has excavated 30.6million tons so far in 2011, its biggest annual output ever, Tanjug reported yesterday, citing a statement from Kolubara. Theminer expects to end the year with 31 million tons, Kolubara General Manager Nebojsa Ceran said in the statement, recallingthat the miner’s previous record production level was seen in 2008, when it excavated 30.5 million tons. According to earlierreports, Kolubara’s net profit fell to slightly under RSD 70 million in 2010, from RSD 217.2 million the year before. Kolubaraexcavated around 30 million tons of lignite last year, increasing its output against 2009, according to a press release from thecompany.(source:ecxecutive newsletter)

Turnover

Belex 15 498.67

Belex line

-23.45%

-23.95%

-0.63%

-0.37%

501.85

Value

979.11

YTD

975.46

Previous Change

Ratios

0

500

1000

1500

2000

2500

3000

3500

Belex15

0

1000

2000

3000

4000

5000

6000

Belex Line

-7.21%

-3.43% -3.16%

-1.90% -1.54%-1.01%

-0.04%

0.00% 0.00% 0.00% 0.26%1.22%

1.77%

3.39%

-8.00%

-6.00%

-4.00%

-2.00%

0.00%

2.00%

4.00%

MTBN AIKB UNBN VZAS PRBN TIGR ALFA KMBN MTLC TGAS ENHL AGBN IMLK SJPT

Daily change - members of Belex15

2

AERO 519 2,131,533 0.76% 3.93% 0.79 7.95 10.75

ENHL 383 7,660 0.26% 4.64% 0.36 5.61 6.62

NIIS 609 2,940,252 -0.32% 0.33% 2.11 5.93 42.34

SJPT 519 1,221,207 3.39% 4.64% 0.74 8.21 7.81

TIGR 492 12,300 -1.01% 19.71% 0.25 #N/A N/A -1.76

Izvor: Bloomberg

ALFA 7,397 4,386,421 -0.04% 2.72% 0.35 2.83 12.92

KMBN 1,650 6,600,000 0.00% -1.32% 0.38 4.98 8.62

MTLC 1,600 9,600 0.00% 0.00% 0.47 3.53 14.01

Izvor: Bloomberg

AGBN 3,389 745,580 1.22% -3.17% 0.14 n/a 6.77

AIKB 1,660 1,294,800 -3.43% 4.27% 0.34 2.32 14.26

BIPB 31 0 0.00% 0.00% 2.81 n/a -125.23

BMBI 20,000 0 0.00% 0.01% 2.27 13.77 16.91

CYBN 1,666 0 0.00% 0.00% 0.41 n/a -54.60

CCNB 10,450 209,000 4.50% -4.13% 0.35 14.98 2.33

DINNPB 1,180 23,600 16.67% 19.96% 1.07 4.14 17.70

DNOS 1,101 0 0.00% 0.00% 0.03 n/a 2.16

FITO 1,828 73,120 0.44% 1.56% 0.54 2.61 22.12

GLOS 290 1,450 6.23% 16.00% 0.13 n/a 2.21

IMLK 2,299 1,887,479 1.77% 4.50% 2.13 18.05 11.79

INFM 2,290 0 0.00% -1.59% 0.39 105.60 0.40

JESV 5,500 0 0.00% 5.57% 0.94 3.35 28.72

JMBN 13,199 131,990 -4.97% 1.55% 0.70 15.19 6.74

KMBNPB 1,000 8,707,000 0.20% 2.56% n/a n/a 8.62

LSTA 300 0 0.00% 0.00% 0.20 0.89 25.59

NPRD 1,021 0 0.00% -31.66% 0.10 0.31 39.62

PLTK 50 0 0.00% -9.09% 0.15 n/a -16.32

PRBN 320 952,000 -1.54% -5.60% 0.34 n/a -6.61

PRGS 52 64,168 15.56% 20.93% 0.06 205.29 0.03

PTLK 127 0 0.00% 0.00% 0.15 232.45 0.06

PUUE 430 0 0.00% 19.44% 0.30 3.08 9.95

MTBN 1,197 126,882 -7.21% -10.67% 0.18 9.87 2.06

SIMP 230 9,200 0.88% 0.00% 0.04 #N/A N/A -7.95

TGAS 4,302 0 0.00% 7.55% 0.48 4.50 11.27

TLFN 550 5,500 -5.17% -8.64% 0.25 10.62 1.86

UNBN 2,084 63,041,000 -3.16% 4.20% 0.18 3.12 6.05

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

VLFR 309 3,708 -1.90% -6.36% 0.24 2.06 2.47

VINZ 6,800 0 0.00% 12.40% 0.64 3.80 21.84

VITL 1,565 15,650 -11.88% -12.42% 0.34 2.80 12.67

VDAV 4,100 0 0.00% 0.00% 0.46 n/a 2.49

Source: Bloomberg

1,632,000,000 Din.

2,435,837,000 Din.

14,370,360,000 Din.

Ticker ROE

Company

Ticker

Company

Energoprojekt holding

Soja protein

Naftna industrija Srbije

Aerodrom Nikola Tesla

Price P/BV ROE

Weekly

change

Weekly

change

Alfa Plam

Komercijalna banka

Ticker

Daily

change

Turnover in

RSD

Vital

Pupin Telecom 142,490,600 Din.

422,363,600 Din.

1,182,630,000 Din.

470,626,700 Din.

467,728,500 Din.

698,400,600 Din.

280,423,000 Din.

329,844,800 Din.

4,459,703,000 Din.

318,557,300 Din.

797,705,000 Din.

243,731,000 Din.

1,294,973,000 Din.

420,918,000 Din.

322,150,600 Din.

1,608,640,000 Din.

14,476,600,000 Din.

Market Capitalization

282,287,800 Din.

350,487,900 Din.

459,288,000 Din.

1,675,954,000 Din.

3,426,487,000 Din.

373,510,000 Din.

1,394,615,000 Din.

3,904,346,000 Din.

P/E

285,356,100 Din.

860,627,300 Din.

ROEP/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

20,855,670,000 Din.Imlek

Price

Voda Vrnjci

Veterinarski zavod Subotica

Velefarm

1,348,916,000 Din.

1,195,561,000 Din.

Vino Župa

99,303,780,000 Din.

Metalac

7,657,980,000 Din.

Market Capitalization

Company

Continuous Trading Method

Daily

changeP/E

Globos osiguranje

Bambi

AIK banka

Credy banka

845,482,300 Din.

3,626,171,000 Din.

1,293,084,000 Din.

Market Capitalization

5,109,474,000 Din.

Privredna banka

Napred GP

Lasta

Dunav osiguranje

Agrobanka

Jubmes banka

Beogradska industrija piva

Jedinstvo Sevojno

Galenika Fitofarmacija

Informatika

Čačanska banka

Univerzal banka

Progres

Putevi Užice

Simpo

Tehnogas

Telefonija

Razvojna banka Vojvodine

Politika

Komercijalna banka PB

DIN prioritetne

A Listing

P/BVWeekly

change

Turnover in

RSD

B Listing

Daily

changePrice

Tigar

17,796,170,000 Din.

Turnover in

RSDP/E

3

-0.03% -17.75%

1.25% -32.23%

1.52% -11.04%

-0.46% -18.39%

1.55% -36.20%

Source: Bloomberg

crobex sbi20

sofix bet-c

dj balkan

317.51

569.12

1,736.77

Previous Change

4,299.69 4,319.56

DJ Stoxx Balkan 50 379.98Balkan

Sofia. Interest rates on housing loans dropped in the beginning of 2011, thus stimulating crediting activity throughout the year,according to an analysis of the Bulgarian Properties real estate agency, as quoted by the Trud daily. While in 2010 interest rateson credits varied around 8.5%-9%, in 2011 their levels were between 8%-8.5% for credits in BGN and below 8% for credits inEUR. Credits in EUR represent 80% from the total volume of newly-issued housing loans. For the first 10 months of 2011 newly-contracted housing loans registered an insignificant growth compared to the same period of 2010 – 0.7%, which shows bankshave not increased crediting. (source:bloomberg)

The Albanian economy grew 3.9% in 2011 and will grow 4.3% in 2012 in spite of the economic crisis, Finance Minister RidvanBode reports. In his report, Bode said Moody's and S&P had given Albania "stable in the near term" outlook for the economy,while other Balkan countries have been showing signs of slowing down compared to last year reports AGI.(source: balkans.com)

Country / Region

Crobex 1,736.28

YTD

BET

374.17

Rumunija

Hrvatska

Index

REGION

Value

SOFIX

Slovenija 576.24

Bugarska

SBITOP

322.35

0

1000

2000

3000

4000

5000

6000

02.01.08 02.05.08 02.09.08 02.01.09 02.05.09 02.09.09 02.01.10 02.05.10 02.09.10 02.01.11

CROBEX

0

500

1000

1500

2000

2500

3000

03.01.08 03.05.08 03.09.08 03.01.09 03.05.09 03.09.09 03.01.10 03.05.10 03.09.10 03.01.11

SBITOP

100

500

900

1300

1700

2100

01.01.08 01.05.08 01.09.08 01.01.09 01.05.09 01.09.09 01.01.10 01.05.10 01.09.10 01.01.11

SOFIX

0

2000

4000

6000

8000

10000

12000

03.01.08 03.05.08 03.09.08 03.01.09 03.05.09 03.09.09 03.01.10 03.05.10 03.09.10 03.01.11

BET

250

450

650

850

1050

1250

1450

DJ Stoxx Balkan 50

4

-0.02% 6.17%

0.01% 0.62%

0.25% -1.04%

1.02% -6.56%

0.02% -12.29%

-0.46% -17.48%

Source: Bloomberg

dow jones s&p

nasdaq dax

nikkei dj stoxx

U.S. stocks were little changed,following the longest rally since September, as better-than- estimated consumer confidence dataovershadowed a decline in home prices and concern about Europe’s debt crisis.Mead Johnson Nutrition Co. jumped 5.8 percentafter the world’s leading seller of children’s formula said tests showed no bacteria in a batch of the product used by a baby whodied.Sears Holdings Corp. plunged 27 percent as it plans to close as many as 120 stores. Financial shares in the Standard &Poor’s 500 Index fell 0.7 percent as Morgan Stanley slumped 3 percent.The S&P 500 rose less than 0.1 percent to 1,265.43 at 4p.m. New York time, after rallying 5 percent in four days. It has added 0.6 percent so far this year. The Dow Jones IndustrialAverage lost 2.65 points, or less than 0.1 percent, to 12,291.35. The index has gained 6.2 percent in 2011. Both are among the10 best performers in 2011 among 91 national indexes tracked by Bloomberg. About 3.6 billion shares changed hands on U.S.exchanges, or 53 percent below the three-month average.(source:bloomberg)

European stocks closed little changed after data on U.S. house prices and consumer confidence gave conflicting signals aboutthe strength of the world’s largest economy. Banco Comercial Portugues SA and Banco Espirito Santo SA rallied more than 7percent after a report that Portugal may recapitalize its banks without taking an equity stake. Chemical makers also advanced.Italian lenders UniCredit SpA and Mediobanca SpA retreated at least 4 percent. The benchmark Stoxx Europe 600 Index roseless than 0.1 percent to 241.91 at the close of trading, having fluctuated between gains and losses at least 10 times. Themeasure rallied 3.5 percent last week as a decline in U.S. jobless claims and increases in consumer confidence and durable-goods orders spurred optimism that the economy is strengthening. The gauge has still retreated 12 percent this year as Europe’sdebt crisis spread from Greece to Italy and Spain.(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 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

2,618.64

8,440.56

Dow Jones Stoxx 600

Japan

12,291.35

WORLD

Country / Region ValueIndex

S&P 500

2,625.20

1,265.43

Dow Jones Industrial

NASDAQ

SAD 12,294.00

FTSE

8,479.34

241.86

5,456.97

1,265.33

Nikkei 225

SAD

5,512.70

EU 241.91

Engleska

6000

8000

10000

12000

14000

16000

02.01.08 02.05.08 02.09.08 02.01.09 02.05.09 02.09.09 02.01.10 02.05.10 02.09.10 02.01.11

Dow Jones Industrial

600

800

1000

1200

1400

1600

03.01.08 03.05.08 03.09.08 03.01.09 03.05.09 03.09.09 03.01.10 03.05.10 03.09.10 03.01.11

S&P 500

1200

1600

2000

2400

2800

03.01.08 03.05.08 03.09.08 03.01.09 03.05.09 03.09.09 03.01.10 03.05.10 03.09.10 03.01.11

NASDAQ Composite

3000

4000

5000

6000

7000

02.01.08 02.05.08 02.09.08 02.01.09 02.05.09 02.09.09 02.01.10 02.05.10 02.09.10 02.01.11

FTSE

120

170

220

270

320

370

02.01.08 02.05.08 02.09.08 02.01.09 02.05.09 02.09.09 02.01.10 02.05.10 02.09.10 02.01.11

DJ Stoxx 600

6500

8500

10500

12500

14500

04.01.08 04.05.08 04.09.08 04.01.09 04.05.09 04.09.09 04.01.10 04.05.10 04.09.10 04.01.11

Nikkei 225

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