01.11.2011

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 100.9119 100.4852 0.42% EURUSD 1.3946 1.4147 -1.42%USDRSD 73.0557 71.7957 1.75% EURCHF 1.2162 1.2214 -0.42%CHFRSD 83.0687 82.2032 1.05% EURGBP 0.8646 0.8775 -1.47%GBPRSD 117.2440 114.7878 2.14% GBPUSD 1.6128 1.6130 -0.01%Source: NBS USDJPY 77.95 75.82 2.81%

Source: Bloomberg

EUR and USD indicators for current day:

beoniaTime Country Period Previous Forecast

!! 16:00 USD Oct. 51.6 52Source: Bloomberg

Interbank market - Serbia

Value Previous Change bpsSource: NBS BEONIA 9.98 10.02 -4.00

BELIBOR1M 11.51 11.51 0.00T Bills - Serbia BELIBOR3M 11.72 11.72 0.00Maturity Value Previous Source: Reuters

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

12 month 13.00% 13.00% Value

18 month 13.30% 13.30% ECB 1.50%24 month 13.19% 12.89% FED 0.25%36 month 14.89% 14.89% SNB 0.00%euro-linked Source: Bloomberg

6 month 5.25% -euro-denominated Interbank - World

53 weeks 4.48% - Value Previous Change bps18 month 5.40% - EONIA 0.937% 0.919% 0.01836 month 5.00% - EURIBOR1M 1.367% 1.366% 0.00115 year 5.85% - EURIBOR3M 1.591% 1.592% -0.001FX Savings Bond - Serbia EURIBOR6M 1.788% 1.793% -0.005

Price Yield LIBOR1M (USD) 0.24528% 0.24583% -0.00055A2012 97,07 5,23% LIBOR3M (USD) 0.42944% 0.42944% 0.00000A2013 92,43 5,10% LIBOR1M (CHF) 0.02333% 0.02333% 0.00000A2014 86,99 5,54% LIBOR3M (CHF) 0.04333% 0.04333% 0.00000A2015 82,75 5,43% Source: Bloomberg

A2016 78,73 5,35%Source: Belex Note: Interest rates refer to the previous working day

ISM Manufacturing

FX rate

Central bank informed us that till 12:30 total amount of trading was 51, 95 mil EUR at average rate 100, 9102.

Snežana Spasojević

10.75%

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

01.01.08 01.06.08 01.11.08 01.04.09 01.09.09 01.02.10 01.07.10 01.12.10 01.05.11

EURUSD

75

78

81

84

87

90

93

96

99

102

105

108

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

EURRSD

1

Source: Belex

0,60 5,58

SERBIA

-18.25%

45,132,312 Din.

Serbia’s economy expanded 0.7 percent in the third quarter from the same period in 2010, the slowest pace in a year and ahalf.The growth rate fell from 2.4 percent in the second quarter, the Belgrade-based office said today in a preliminary estimate. Theeconomy advanced 2.2 percent in the first nine months of the year from the same period a year earlier. The office didn’t give anydetails of the data.Europe’s debt crisis is curbing demand for Serbian exports,jeopardizing government plans to wean the economyoff its dependence on foreign credit. The Balkan nation hopes to become an official candidate for European Union membership bythe end of the year.The International Monetary Fund on Sept. 20 lowered its 2011 gross domestic product forecast to a 2 percentrise from a previous estimate of 3 percent, and to 3 percent in 2012 compared with 4.5 percent, due to the global economicslowdown.(source; bloomberg)

US invests over USD 800 million through assistance programs in Serbia over past 10 years, ambassador says, as USAID marksdecade of country operations. The US has invested more than USD 800 million in various development assistance programs inSerbia over the past decade, with some USD 663 million of it coming through the US Agency for International Development(USAID), which is marking a 10-year anniversary in Serbia and 50 years of operations in the world, Beta reported yesterday,quoting US Ambassador to Serbia Mary Warlick. The assistance has been aimed at supporting and promoting reforms, especiallythose that will enable Serbia to become an EU member, Warlick said in an interview with the news agency, noting that the US hasalso supported the adoption of a large number of laws related to the reform process and the creation of a legal framework and abusiness environment crucial for attracting investments. One of USAID’s most successful programs in Serbia is the MunicipalEconomic Growth Activity (MEGA), which has helped 32 municipalities across the country to attract EUR 1.6 billion ininvestments(source:executive newsletter)

P / B P / E

Belex15

Equity market

55,089,980 Din.

449,144 €

-18.08%

549,418 €

Serbia will attract the highest level of foreign investments in the region this year despite the economic crisis, local media reportedyesterday, quoting James Thornley, chief executive partner at international auditing and advisory firm KPMG in Serbia andMontenegro. In 2011, KPMG has seen rising interest of foreign investors with regard to economic trends, the businessenvironment, and certain companies in Serbia, Thornley said, noting that the country still needs to improve its business climate,particularly administrative procedures at the local level and the necessary infrastructure. Last week, the Serbian Investment andExport Promotion Agency (SIEPA) said that projections for Serbia to pull in USD 3 million in 2011 foreign investments are“realistic.” However, SIEPA had revised down its forecast from USD 4 million to USD 3 million because of the flopped sale of amajority stake in telecom provider Telekom Srbija, according to earlier reports.(source:executive newsletter)

Turnover

Belex 15 546.02

Belex line

-16.19%

-17.25%

-1.68%

-0.63%

555.33

Value

1,068.18

YTD

1,061.45

Previous Change

Ratios

0

500

1000

1500

2000

2500

3000

3500

08.01.08 08.06.08 08.11.08 08.04.09 08.09.09 08.02.10 08.07.10 08.12.10 08.05.11

Belex15

0

700

1400

2100

2800

3500

4200

4900

5600

08.01.08 08.06.08 08.11.08 08.04.09 08.09.09 08.02.10 08.07.10 08.12.10 08.05.11

Belex Line

13.02%

3.68%

1.46%0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

-0.30% -0.71% -1.23% -1.75% -2.44%

-8.49%-10.00%

-5.00%

0.00%

5.00%

10.00%

15.00%

MTBN IMLK AGBN KMBN MTLC VZAS TGAS ALFA JMBN NIIS AERO SJPT TIGR ENHL AIKB

Daily change - members of Belex15

2

AERO 545 1,048,035 -0.71% 5.31% 0.83 8.35 10.75

ENHL 440 27,280 -2.44% -2.00% 0.41 6.45 6.62

NIIS 663 5,282,784 -0.30% -0.59% 2.30 6.46 42.34

SJPT 560 231,280 -1.23% -1.75% 0.80 8.86 7.81

TIGR 560 11,200 -1.75% -3.28% 0.28 n/a -1.76

Izvor: Bloomberg

ALFA 7,950 0 0.00% 8.90% 0.38 3.04 12.92

KMBN 1,912 0 0.00% 1.65% 0.44 5.77 8.62

MTLC 1,801 0 0.00% 0.61% 0.53 3.97 14.01

Izvor: Bloomberg

AGBN 4,037 165,517 1.46% 0.55% 0.16 n/a 6.77

AIKB 1,778 7,142,226 -8.49% -10.25% 0.36 2.49 14.26

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

BMBI 21,000 210,000 6.06% 5.53% 2.38 14.46 16.91

CYBN 2,180 0 0.00% 0.00% 0.53 n/a -54.60

CCNB 10,000 0 0.00% -3.85% 0.33 14.33 2.33

DINNPB 1,255 0 0.00% 4.54% 1.13 4.40 17.70

DNOS 950 0 0.00% -12.04% 0.02 n/a 2.16

FITO 3,301 775,735 0.03% -40.00% 0.48 2.36 22.12

GLOS 279 0 0.00% 0.00% 0.13 n/a 2.21

IMLK 2,341 1,779,160 3.68% 6.41% 2.17 18.38 11.79

INFM 3,000 0 0.00% 0.00% 0.51 138.34 0.40

JESV 5,299 0 0.00% 1.87% 0.90 3.23 28.72

JMBN 13,970 0 0.00% 5.83% 0.74 16.08 6.74

KMBNPB 1,093 5,465 -0.18% 20.11% n/a n/a 8.62

LSTA 260 0 0.00% 0.00% 0.18 0.77 25.59

NPRD 1,500 0 0.00% 0.00% 0.15 0.46 39.62

PLTK 55 0 0.00% 0.00% 0.16 n/a -16.32

PRBN 360 9,864,000 -7.46% -7.69% 0.39 n/a -6.61

PRGS 43 996,912 -12.24% -14.00% 0.05 169.76 0.03

PTLK 127 0 0.00% 0.00% 0.15 232.45 0.06

PUUE 704 0 0.00% 0.00% 0.49 5.04 9.95

SIMP 230 39,100 0.00% -11.54% 0.04 n/a -7.95

TGAS 5,050 0 0.00% 0.00% 0.57 5.28 11.27

TLFN 610 0 0.00% 1.50% 0.28 11.77 1.86

UNBN 2,815 0 0.00% 4.26% 0.25 4.22 6.05

VLFR 450 0 0.00% -11.76% 0.33 n/a -58.54

VLFR 361 0 0.00% -2.43% 0.29 2.41 2.47

VINZ 6,789 0 0.00% 0.58% 0.64 3.79 21.84

VITL 1,881 0 0.00% 14.00% 0.40 3.36 12.67

VDAV 3,900 0 0.00% 13.01% 0.44 n/a 2.49Source: Bloomberg

Ticker ROECompany

Energoprojekt holding

Soja protein

Naftna industrija Srbije

Aerodrom Nikola Tesla

1,837,020,000 Din.

16,652,200,000 Din.

Alfa Plam

Komercijalna banka

Ticker

Daily

change

Turnover in

RSD

Company

Ticker

Daily

changeP/EPrice P/BV ROE

Weekly

change

Weekly

change

Vital

Pupin Telecom 142,490,600 Din.

691,497,700 Din.

1,597,459,000 Din.

447,669,300 Din.

701,592,800 Din.

815,930,800 Din.

Company

231,888,200 Din.

362,829,300 Din.

5,235,123,000 Din.

353,309,000 Din.

897,418,100 Din.

243,731,000 Din.

P/E

2,901,586,000 Din.

551,421,000 Din.

309,931,100 Din.

1,452,440,000 Din.

15,505,660,000 Din.

Market Capitalization

282,287,800 Din.

514,918,500 Din.

398,049,600 Din.

1,614,706,000 Din.

3,626,640,000 Din.

408,246,400 Din.

1,334,560,000 Din.

4,152,504,000 Din.

Continuous Trading Method

246,220,000 Din.

1,126,151,000 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

21,236,680,000 Din.Imlek

Price

Vino Župa

Voda Vrnjci

Veterinarski zavod Subotica

Velefarm

1,346,734,000 Din.

1,436,965,000 Din.

Metalac

8,040,879,000 Din.

Market Capitalization

Bambi

AIK banka

Credy banka

962,337,600 Din.

4,165,836,000 Din.

1,389,755,000 Din.

Market Capitalization

5,513,113,000 Din.

108,109,000,000 Din.

Napred GP

Lasta

Dunav osiguranje

Agrobanka

Jubmes banka

Beogradska industrija piva

Jedinstvo Sevojno

Galenika Fitofarmacija

Informatika

Globos osiguranje

Čačanska banka

Univerzal banka

Progres

Putevi Užice

Simpo

Tehnogas

Telefonija

Politika

Komercijalna banka PB

Privredna banka

DIN prioritetne

A Listing

P/BVWeekly

change

Turnover in

RSD

B Listing

Daily

changePrice

Tigar

18,687,700,000 Din.

Turnover in

RSDP/E

3

-0.52% -12.71%

-0.16% -24.37%

-0.60% -5.72%

-1.82% -13.08%

-1.67% -28.64%

Source: Bloomberg

crobex sbi20

sofix bet-c

dj balkan

343.68

644.13

1,852.27

Previous Change

4,664.64

DJ Stoxx Balkan 50 425.02

Rumunija

Balkan

4,579.62

At the end of September the outgoing government in Slovenia confirmed that it is planning to introduce legislation to cap public debtat 48% of GDP.Earlier, the ruling coalition had proposed setting the ceiling on public debt at 45% of GDP. However, that level wasbreached in the first quarter of 2011 by 0.2 percentage points, which prompted the authorities to revise the planned figure. As partof its proposed amendments to the law governing the public finances, the government is also planning to cap state-guaranteedloans at 20% of GDP, excluding its contribution to the European Financial Stability Facility.(source: bloomberg)

The Montenegrin unit of Magyar Telekom, Crnogorski Telekom, said its net profit fell 9.6% on the year to 14.2 million euro ($19.9million) in the first nine months of 2011.The company's nine-month EBITDA (earnings before interest, taxes, depreciation, andamortisation) rose 1.4% to 35.8 million euro, while its revenue for the period slid 0.2% to 89.7 million euro, Crnogorski Telekomsaid on its website on Friday. Revenue of the company's fixed-line division, T-Com, fell 0.7% in January-September to 51.7 millioneuro. Voice-retail and voice-wholesale revenues declined 8.1% but the drop was compensated by a 17% increase in ADSL and a28% rise in Extra TV service revenues.Crnogorski Telekom's wireless division, T-Mobile, posted a 0.2% rise in its nine-monthrevenue to 46.8 million euro. The number of its mobile users dropped 1.5% on the year to 445,500 at the end of September.Revenues from mobile internet services were 31% higher on the year, the statement said but gave no figure.(source:bloomberg)

Country / Region

Crobex 1,842.63

YTD

BET

432.25

341.63

Hrvatska

Index

REGION

Value

SOFIX

Slovenija 643.09

Bugarska

SBITOP

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

CROBEX

0

500

1000

1500

2000

2500

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

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

SOFIX

0

2000

4000

6000

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

BET

250

450

650

850

1050

1250

1450

DJ Stoxx Balkan 50

4

-2.26% 3.26%

-2.47% -0.35%

-1.93% 1.19%

-2.77% -6.03%

-2.22% -11.72%

-0.69% -12.13%

Source: Bloomberg

dow jones s&p

nasdaq dax

nikkei dj stoxx

European stocks dropped, for the Stoxx Europe 600 Index’s biggest plunge in four weeks, as the announcement of a Greekreferendum spurred concern that the country may default. Credit Suisse Group AG plunged 8.6 percent, leading a selloff in lenders,after the Swiss bank reported earnings that missed analysts’ estimates. Danske Bank A/S slumped 7.1 percent after Denmark’slargest lender posted an unexpected loss. The Stoxx 600 slid 3 percent to 236.29 extending yesterday’s 2.2 percent selloff. Futurescontracts on the Standard & Poor’s 500 Index lost 1.8 percent.“Pessimism over the outlook for resolving the European debt crisiscontinues to mount,” said Peter Stanhope, an institutional trader at IG Markets in Melbourne. “Greece has shocked markets withthe announcement of a referendum. With more elements adding to uncertainty like this, it seems likely that the turbulent marketconditions will prevail.” European stocks slid the most since Oct. 4 yesterday, paring the Stoxx 600’s biggest monthly advancesince 2009, as investors awaited details on how Europe will fund its expanded bailout facility.(source:bloomberg)

U.S. stocks slumped, giving the Standard & Poor’s 500 Index its biggest decline in almost a month, amid concern Europeanleaders will struggle to raise funds to contain the region’s sovereign debt crisis. Stocks extended losses in the final hour of tradingafter Greek Prime Minister George Papandreou said he will put the European Union’s new agreement on financing for Greece to areferendum. Morgan Stanley and Citigroup Inc. dropped more than 7.5 percent, following the biggest weekly gain since July 2010for financial shares in the S&P 500, as European banks retreated. Alcoa Inc. and Chevron Corp. tumbled at least 4.1percent topace declines in commodity shares.The S&P 500 dropped 2.5 percent to 1,253.30 , erasing its 2011 gain and capping the biggestdecline since Oct. 3. The benchmark gauge for U.S. equities rose 11 percent in October, the best month since 1991, snapping afive-month retreat. The Dow Jones Industrial Average lost 276.10 points, or 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 adBeograd. Banca Intesa ad Beograd ne prihvata odgovornost za bilo kakvu štetu nastalu upotrebom informacija iz ovog materijala. niti garantuje za njihovu tačnost. Zabranjeno je daljedistribuiranje i umnožavanje ovog materijala ili nekih njegovih delova bez prethodnog pisanog pristanka Banca Intesa ad Beograd.

Previous Change YTD

SAD

2,737.15

8,988.39

Dow Jones Stoxx 600

Japan

11,955.01

WORLD

Country / Region

SAD

ValueIndex

S&P 500

2,684.41

1,253.30

Dow Jones Industrial

NASDAQ

12,231.11

FTSE

9,050.47

249.00

5,702.24

1,285.09

Nikkei 225

SAD

5,544.22

EU 243.48

Engleska

6000

8000

10000

12000

14000

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

Dow Jones Industrial

600

800

1000

1200

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

S&P 500

1200

1600

2000

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

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

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

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

Nikkei 225

\

5