23.11.2011

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 103.7422 #DIV/0! EURUSD 1.3522 1.3507 0.11%USDRSD 77.0744 #DIV/0! EURCHF 1.2352 1.2378 -0.20%CHFRSD 84.2474 #DIV/0! EURGBP 0.8638 0.8631 0.08%GBPRSD 120.3785 #DIV/0! GBPUSD 1.5654 1.5651 0.02%Source: NBS USDJPY 76.99 76.95 0.05%

Source: Bloomberg

EUR and USD indicators for current day:

beoniaTime Country Period Previous Forecast

!! 15:30 USD October -0.6% -1.2%Source: Bloomberg

Interbank market - Serbia

Value Previous Change bpsSource: NBS BEONIA 9.92 9.94 -2.00

BELIBOR1M 11.08 11 8.00T Bills - Serbia BELIBOR3M 11.31 11.33 -2.00Maturity 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 1.25%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 0.724% 0.705% 0.01936 month 5.00% - EURIBOR1M 1.198% 1.199% -0.00115 year 5.85% - EURIBOR3M 1.467% 1.467% 0.000FX Savings Bond - Serbia EURIBOR6M 1.695% 1.694% 0.001

Price Yield LIBOR1M (USD) 0.25722% 0.25667% 0.00055A2012 97,48 5,00% LIBOR3M (USD) 0.50028% 0.49500% 0.00528A2013 92,49 5,26% LIBOR1M (CHF) 0.03000% 0.03000% 0.00000A2014 87,07 5,64% LIBOR3M (CHF) 0.05000% 0.05000% 0.00000A2015 81,30 6,05% Source: Bloomberg

A2016 76,80 6,01%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

10.00%

Snežana Spasojević

Durable goods orders

FX rate

Central bank informed us that till 12:30 total amount of trading was 73, 3 mil EUR at average rate 103, 7426.

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 01.10.11

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 01.10.11

EURRSD

1

Source: Belex

Value

1,022.26

YTD

1,013.87

Previous Change

-20.41%

-20.96%

-1.29%

-0.82%

525.30Belex 15 518.50

Belex line

Ratios

Turnover29,078,081 Din.

346,916 €

23.80%

281,198 €

South Korean companies interested in copper production at miner RTB, GM says. South Korean companies are interested ininvesting into copper production at state miner Rudarsko-Topionicarki Basen (RTB) in Bor, according to general manager BlagojeSpaskovski, local media reported yesterday. Spaskovski spoke to reporters following a meeting with South Korean Ambassador toBelgrade Kim Kwang-keun and Korean auto ignition parts producer Yura Corporation’s general manager in Serbia, Jongwoo Nam.Spaskovski presented them with investment opportunities in RTB’s Borska Reka and Juzni Revir copper deposits as well as theCerovo copper and gold mine near Bor. Spaskovski added that he was told by the South Korean ambassador that certain Koreancompanies were ready to invest “as much as EUR 100 million” into RTB. However, Spaskovski did not reveal the names of thecompanies in question.(source: bloomberg)

Equity market

SERBIA

23.37%

35,999,552 Din.

Serbia signed an agreement authorizing a Luxembourg-based investment company to develop what could be the world’s biggestsolar project at a cost of as much as 2 billion euros ($2.7 billion).Oliver Dulic, the Serbian minister for environment and spatialplanning, said he signed a memorandum of understanding with Securum Equity Partners SA on Nov. 17 allowing it to work onplans to develop a 1-gigawatt photovoltaic plant.The project would be more than 10 times the size of any solar plant operating inEurope and the first utility-scale facility of its kind in Serbia, according to Bloomberg New Energy Finance. Only two projects ofcomparable size have been announced anywhere in the world, both in China. Securum said in an e-mailed statement it wouldfinance the work through its NEPER Fund, a new entity it’s establishing by December with Amicorp Fund Services, targeting toraise cash from investors by promising 15 percent returns over two decades.(source: bloomberg)

Serbian power utility EPS to ink contract tomorrow on Japan’s loan worth some RSD 24.2 billion for flue gas desulfurization systemat TENT thermal power plants. State power utility Elektroprivreda Srbije (EPS) and the Japanese government will ink an agreementtomorrow on a loan of about RSD 24.5 billion for installing a flue gas desulfurization system at the Nikola Tesla (TENT) thermalpower plants.The ceremony will be attended by International Cooperation Agency (JICA) representatives, Obrenovac Mayor ZeljkoJovetic, EPS General Manager Dragomir Markovic, and TENT’s top man, Petar Knezevic. The yen-denominated loan will bedisbursed through JICA. The entire project is worth an estimated EUR 300 million, with EPS due to provide about 15% of thefunding. Japan’s Official Development Assistance (ODA) loan will come with a 15-year repayment schedule, including a five-yeargrace period and a 0.6% interest rate. A consultant that will prepare tender documents for the project should be selected by the endof 2011.(source: executive newsletter)

P / B P / E

Belex15 0,57 5,30

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 08.10.11

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 08.10.11

Belex Line

0.95%

0.23% 0.00% 0.00% 0.00% 0.00% 0.00%

-0.05%-0.39%

-0.93% -1.09%-1.64%

-2.82%

-4.08% -4.15%-5.00%

-4.00%

-3.00%

-2.00%

-1.00%

0.00%

1.00%

2.00%

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

Daily change - members of Belex15

2

AERO 497 1,344,385 -0.39% -1.55% 0.76 7.62 10.75

ENHL 431 189,640 0.23% 0.23% 0.40 6.32 6.62

NIIS 636 1,588,092 -0.93% -1.08% 2.20 6.20 42.34

SJPT 543 119,460 -1.09% -3.04% 0.77 8.59 7.81

TIGR 479 14,370 -1.64% -3.23% 0.24 n/a -1.76

Izvor: Bloomberg

ALFA 7,500 0 0.00% 0.00% 0.35 2.87 12.92

KMBN 1,853 0 0.00% 0.00% 0.43 5.59 8.62

MTLC 1,710 0 0.00% 0.00% 0.50 3.77 14.01

Izvor: Bloomberg

AGBN 3,928 1,095,912 -4.08% -2.19% 0.16 n/a 6.77

AIKB 1,639 865,392 -4.15% -9.15% 0.33 2.30 14.26

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

BMBI 20,000 0 0.00% -4.76% 2.27 13.77 16.91

CYBN 1,800 41,400 2.86% -7.69% 0.44 n/a -54.60

CCNB 10,900 0 0.00% 9.00% 0.36 15.62 2.33

DINNPB 1,021 45,945 -7.11% -7.11% 0.92 3.58 17.70

DNOS 950 288,800 0.00% 0.00% 0.02 n/a 2.16

FITO 1,948 1,018,804 2.20% 5.87% 0.57 2.78 22.12

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

IMLK 2,202 5,485,182 -0.05% -0.14% 2.04 17.29 11.79

INFM 2,327 0 0.00% -11.86% 0.40 107.31 0.40

JESV 5,128 0 0.00% -1.37% 0.88 3.12 28.72

JMBN 14,250 142,500 0.00% -0.70% 0.75 16.40 6.74

KMBNPB 1,070 10,700 -1.11% -1.65% n/a n/a 8.62

LSTA 280 31,360 -4.05% 6.06% 0.19 0.83 25.59

NPRD 1,494 0 0.00% -0.40% 0.15 0.46 39.62

PLTK 50 3,200 0.00% 0.00% 0.15 n/a -16.32

PRBN 373 322,645 7.80% 6.27% 0.40 n/a -6.61

PRGS 57 0 0.00% 14.00% 0.06 225.03 0.03

PTLK 127 0 0.00% 0.00% 0.15 232.45 0.06

PUUE 531 0 0.00% 0.00% 0.37 3.80 9.95

SIMP 245 0 0.00% 0.00% 0.05 n/a -7.95

TGAS 4,515 216,720 -1.10% -9.34% 0.51 4.72 11.27

TLFN 540 0 0.00% -3.74% 0.25 10.42 1.86

UNBN 2,450 12,250 0.95% -2.39% 0.22 3.67 6.05

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

VLFR 345 13,455 -2.82% -3.09% 0.27 2.30 2.47

VINZ 6,000 78,000 -11.62% -11.62% 0.57 3.35 21.84

VITL 1,543 100,295 -2.53% -11.83% 0.33 2.76 12.67

VDAV 4,100 615,000 -10.87% -10.87% 0.46 n/a 2.49Source: Bloomberg

17,041,810,000 Din.

P/ETurnover in

RSD

Čačanska banka

Telefonija

DIN prioritetne

A Listing

P/BVWeekly

change

Turnover in

RSD

B Listing

Daily

changePrice

Tigar

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

823,142,300 Din.

4,080,626,000 Din.

1,311,090,000 Din.

Market Capitalization

5,345,750,000 Din.

103,706,400,000 Din.

Metalac

7,657,980,000 Din.

Market Capitalization

Voda Vrnjci

Veterinarski zavod Subotica

Velefarm

1,190,220,000 Din.

1,178,755,000 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

19,975,720,000 Din.Imlek

Price

246,220,000 Din.

929,849,400 Din.

ROE

512,858,800 Din.

428,668,800 Din.

1,562,599,000 Din.

3,699,329,000 Din.

399,655,700 Din.

427,718,900 Din.

309,931,100 Din.

1,714,240,000 Din.

14,293,460,000 Din.

Market Capitalization

282,287,800 Din.

1,454,670,000 Din.

3,378,252,000 Din.

Company

307,386,700 Din.

329,844,800 Din.

4,680,511,000 Din.

312,765,300 Din.

929,824,800 Din.

259,626,500 Din.

Vital

Pupin Telecom 142,490,600 Din.

521,569,900 Din.

1,390,328,000 Din.

470,626,700 Din.

467,728,500 Din.

779,767,600 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

2,823,242,000 Din.

16,138,350,000 Din.

Ticker ROECompany

1,744,200,000 Din.

3

-0.34% -15.54%

-1.39% -26.67%

0.01% -11.08%

-0.68% -17.49%

-0.32% -34.70%

Source: Bloomberg

crobex sbi20

sofix bet-c

dj balkan

SOFIX

Slovenija 623.57

Bugarska

SBITOP

322.19

Hrvatska

Index

REGION

ValueCountry / Region

Crobex 1,782.88

YTD

BET

390.15

Rumunija 4,347.23 4,377.04

DJ Stoxx Balkan 50 388.92

Raiffeisen Bank International AG’s Romanian unit will not be “significantly impacted” by the decision of Austrian regulators to limitnew loans in central and eastern Europe as it has sufficient capital and internal funding sources, the unit’s head said. Raiffeisen,one of the five-biggest lenders in Romania, may issue bonds next year through a medium-term notes program of about 1.5 billioneuros ($2 billion) as it plans to wait for the right moment to get a “reasonable price,” Chief Executive Officer Steven van Groningensaid in an interview in Bucharest. Austria’s banking regulators are restricting new loan business of Vienna-based lenders, includingRaiffeisen, Erste Group Bank AG and UniCredit SpA’s Bank Austria AG, in central and eastern Europe to 1.1 times the depositsand wholesale funding that the lenders’ local units are able to raise on their own.(source: bloomberg)

Balkan

An International Monetary Fund (IMF) team led by Costas Christou visited Bosnia and Herzegovina (BiH) during November 9–22 tohold discussions with the authorities about recent economic developments and government policies. At the conclusion of the visitMr. Christou made the following statement in Sarajevo:“The near-term economic outlook for BiH has weakened. The recovery thatstarted in mid-2010 is at a risk of being derailed, as the region becomes caught in the downward trend of the euro area. We arenow projecting real GDP growth at 1.7 percent in 2011 and 0.7 percent in 2012.BiH is a small open economy and therefore isvulnerable to a possible economic downturn. All levels of government are facing financing pressures. In addition, the policy driftsince the October 2010 elections has weakened the national policy coordination needed to design an effective response to theemerging challenges.(source: balkans.com)

322.16

632.37

1,788.94

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

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 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

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 03.10.11

BET

250

450

650

850

1050

1250

1450

DJ Stoxx Balkan 50

4

-0.46% -0.72%

-0.41% -5.53%

-0.07% -4.96%

-0.30% -11.75%

-0.66% -19.05%

-0.40% -18.71%

Source: Bloomberg

dow jones s&p

nasdaq dax

nikkei dj stoxx

8,348.27

224.76

5,222.60

1,192.98

Nikkei 225

SAD

5,206.82

EU 223.27

EngleskaFTSE

S&P 500

2,521.28

1,188.04

Dow Jones Industrial

NASDAQ

WORLD

Country / Region

SAD

ValueIndex

11,547.31

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

2,523.14

8,314.74

Dow Jones Stoxx 600

Japan

11,493.72

European stocks retreated, with the Stoxx Europe 600 Index declining for a fifth day, as a report showed manufacturing in Chinamay contract this month, adding to concern the global economy is faltering.Rio Tinto Group, the world’s second-largest miningcompany, dropped 1.4 percent, leading a gauge of commodity shares lower as Australia’s lower house of parliament passedlegislation for a tax on coal and iron-ore profits. Logica Plc, an Anglo-Dutch computer services provider, slipped 3 percent afterJefferies Group Inc. cut its recommendation on the shares.The Stoxx 600 fell 0.4 percent to 222.44 at 8:33 a.m. in London for itslongest losing streak since August. Futures on the Standard & Poor’s 500 Index expiring in December fell 0.8 percent.(source:bloomberg)

U.S. stocks fell, driving the Standard & Poor’s 500 Index to its longest slump in almost four months, as slower-than-estimatedeconomic growth overshadowed signs the Federal Reserve may provide more stimulus. Alcoa Inc. and Bank of America Corp. slidat least 2.1 percent to pace losses in the Dow Jones Industrial Average. The Dow Jones Transportation Average slumped 1.1percent. Campbell Soup Co. decreased 5.3 percent as the world’s largest soup maker’s sales trailed projections. Netflix Inc., thevideo-streaming and DVD subscription service, sank 5.4 percent after agreeing to sell $400 million in stock and convertible notes.The S&P 500 declined 0.4 percent to 1,188.04 at 4 p.m. New York time. The gauge lost 5.6 percent in five days. The Dow retreated53.59 points, or 0.5 percent.(source:bloomberg)

6000

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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 02.10.11

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 03.10.11

S&P 500

1200

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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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5