02.02.2012

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 105.2939 105.7162 -0.40% EURUSD 1.3184 1.3071 0.86%USDRSD 79.9073 80.9776 -1.32% EURCHF 1.2050 1.2040 0.08%CHFRSD 87.2722 87.7531 -0.55% EURGBP 0.8320 0.8300 0.25%GBPRSD 126.6160 127.4611 -0.66% GBPUSD 1.5846 1.5749 0.62%Source: NBS USDJPY 76.28 76.29 -0.01%

Source: Bloomberg

EUR and USD indicators for current day:

Time Country Period Previous Forecast!! 11:00 EU dec 5.3% 4.3%

Source: Bloomberg

Interbank market - Serbia

Value Previous Change bpsSource: NBS BEONIA 8.20 8.16 4.00

BELIBOR1M 10.27 10.27 0.00T Bills - Serbia BELIBOR3M 10.61 10.61 0.00Maturity Value Previous Source: Reuters

3 month 11.60% 11.90%6 month 10.59% 10.85% Major Key rates

12 month 12.69% 13.00% Value

18 month 12.79% 13.50% ECB 1.00%24 month 13.09% 13.25% FED 0.25%36 month 14.89% 14.89% SNB 0.00%60 months 14.70% Source: Bloomberg

Source: Treasury - Ministry of Finance Interbank - World

Value Previous Change bpsEONIA 0.363% 0.380% -0.017

FX Savings Bond - Serbia EURIBOR1M 0.701% 0.713% -0.012Price Yield EURIBOR3M 1.115% 1.125% -0.010

EURIBOR6M 1.409% 1.418% -0.009A2012 98,05 6,17% LIBOR1M (USD) 0.26400% 0.26475% -0.00075A2013 92,30 6,22% LIBOR3M (USD) 0.53710% 0.54235% -0.00525A2014 87,10 6,11% LIBOR1M (CHF) 0.04750% 0.04583% 0.00167A2015 82,09 6,11% LIBOR3M (CHF) 0.07083% 0.07000% 0.00083A2016 77,98 5,91% Source: Bloomberg

Source: Belex

Note: Interest rates refer to the previous working day

Producer price index

FX rate

Central bank informed us that till 12:30 total amount of trading was 33, 6 mil EUR at average rate 105, 3346.

Snežana Spasojević

9.50

Domestic market

MM and fixed income

International market

Key rate NBS

Event

Ljiljana Zipovski

Brokerage UnitFinancial market analysis Unit

DAILY REPORT

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

P / B P / E

Belex15 0,55 5,16

SERBIA

-94.14%

34,792,769 Din.

Ukrainian billionaire Rinat Akhmetov, the owner of mining and steel corporation Metinvest, is interested in buying the Smederevo-based steel producer. Akhmetov’s “closest associate” visited Belgrade earlier this week to discuss the issue with the Serbianstate leadership. Metinvest owns steel mills in the UK, France, Italy, Bulgaria, the Ukraine, the US, and Russia, and its biggestcompetitors are German steel producers, as well as the Smederevo steelworks, the source noted. U.S. Steel has decided toabandon its Serbian unit due to overall economic crisis, according to earlier reports. The Smederevo steel producer made a USD200 million loss in 201. According to Politika’s unnamed, “unofficial” sources, Vladan Mihailovic, USS’ plant manager – primaryoperations at Great Lakes Works in Michigan, is one of the candidates to take the reins of the Smederevo steel maker. Prior tobeing appointed to his current post in January 2011, Mihailovic served as executive director of operations at U.S. Steel Serbia,which is now to be renamed Zelezara Smederevo. (Source:Executivenewsletter)

Danish pump manufacturer Grundfos yesterday held a groundbreaking ceremony for a EUR 50.8 million factory it plans to buildin Indjija’s industrial zone. Grundfos will hire some 350 people at the facility, where it will manufacture circular pumpsfor heating and sewage systems, and it has received EUR 6 million in the state’s job creation grants. Minister Nebojsa Ciric saidthat the first phase of construction is expected to be completed by the end of the year. He added that the output will be exportoriented. Indjija Mayor Goran Jesic said that negotiations with Grundfos lasted more than three years, noting that the SerbianInvestment and Export Promotion Agency (SIEPA) and the Vojvodina Investment Promotion (VIP) Fund played a key role.According to previous reports, Grundfos purchased the land on which it will build the 25,000 square meter factory in 2009. LastJuly, the Danish company opened a production facility in Nova Pazova for manufacturing circulator pumps, following a EUR 5million investment.(Source:Executivenewsletter)

Equity market

595,194,240 Din.

329,115 €

-94.15%

5,611,758 €

Italy’s USCO, a manufacturer and distributor of spare parts for earthmoving machines, and Serbia’s state-owned hydraulic andpneumatic components maker, Prva Petoletka, have agreed on the “technical aspects of” and “next steps in” the arrival of theItalian company in Serbia. In late October, USCO sent a letter of intent to the Serbian government expressing its interest incooperation with Prva Petoletka. The letter stated that USCO is interested in using Prva Petoletka’s Mikroelektronika facility tomanufacture products intended entirely for exports. The Italian company would hire 50 new workers there, the statementsaid,while the investment would be worth “millions of euros.” Last month, Prva Petoletka General Manager Zoran Veselinovicsaid that there is a possibility of USCO’s expanding the Trstenik facility’s capacities after several years, or even relocating the“entire production portfolio” of its Modena-based pump and gear manufacturer GRS to the central Serbiantown.(Source:Executivenewsletter)

Turnover

Belex 15 508.33

Belex line

-21.97%

-23.34%

1.66%

1.37%

500.01

Value

970.03

YTD

983.28

Previous Change

Ratios

0

500

1000

1500

2000

2500

3000

3500

Belex15

0

700

1400

2100

2800

3500

4200

4900

5600

Belex Line

-5.75%

-2.49%-1.19%

-0.30%

0.00% 0.00% 0.00% 0.00%1.01%

2.63% 2.65%

5.63%6.42%

9.60%

-8.00%

-6.00%

-4.00%

-2.00%

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

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

Daily change - members of Belex15

2

AERO 496 2,827,200 1.40% 3.27% 0.76 7.60 10.75

ENHL 548 167,688 9.60% 21.78% 0.51 8.03 6.62

NIIS 579 4,978,242 0.52% 1.21% 2.01 5.64 42.34

SJPT 549 848,754 -2.49% 6.40% 0.78 8.68 7.81

TIGR 504 5,040 2.65% -0.59% 0.26 #N/A N/A -1.76

Izvor: Bloomberg

ALFA 7,700 0 0.00% 0.00% 0.36 2.94 12.92

KMBN 1,660 18,260 -0.30% -0.30% 0.38 5.01 8.62

MTLC 1,553 0 0.00% 0.19% 0.46 3.43 14.01

Izvor: Bloomberg

AGBN 1,500 2,700,000 -1.19% 11.77% 0.06 n/a 6.77

AIKB 1,807 578,240 1.01% 22.09% 0.37 2.53 14.26

BIPB 30 0 0.00% 0.00% 2.72 n/a -125.23

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

CYBN 1,749 52,470 0.00% 9.31% 0.43 n/a -54.60

CCNB 8,989 0 0.00% -0.13% 0.30 12.88 2.33

DINNPB 1,024 122,880 -0.10% 2.38% 0.93 3.59 17.70

DNOS 1,000 0 0.00% 4.17% 0.03 n/a 2.16

FITO 1,894 494,334 -0.32% -0.32% 0.56 2.71 22.12

GLOS 285 76,950 -0.70% -0.70% 0.13 n/a 2.21

IMLK 2,785 2,606,760 6.42% 7.36% 2.58 21.86 11.79

INFM 2,295 0 0.00% 0.00% 0.39 105.83 0.40

JESV 4,700 211,500 2.15% 2.15% 0.80 2.86 28.72

JMBN 12,700 177,800 -1.09% -1.24% 0.67 14.61 6.74

KMBNPB 920 18,400 0.11% -3.16% n/a n/a 8.62

LSTA 300 0 0.00% 0.00% 0.20 0.89 25.59

NPRD 1,100 0 0.00% 0.00% 0.11 0.34 39.62

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

PRBN 260 701,480 0.00% 0.00% 0.28 n/a -6.61

PRGS 50 2,400 0.00% -9.09% 0.05 197.39 0.03

PTLK 127 0 0.00% 0.00% 0.15 232.45 0.06

PUUE 460 0 0.00% 4.55% 0.32 3.30 9.95

MTBN 606 1,647,108 -5.75% -27.60% 0.09 5.00 2.06

SIMP 250 0 0.00% 8.70% 0.05 #N/A N/A -7.95

TGAS 3,811 0 0.00% -4.46% 0.43 3.99 11.27

TLFN 520 0 0.00% 0.00% 0.24 10.04 1.86

UNBN 1,950 19,500 2.63% 2.36% 0.17 2.92 6.05

VLFR 300 30,000 0.00% 0.00% 0.22 n/a -58.54

VLFR 338 11,830 5.63% 5.63% 0.27 2.26 2.47

VINZ 6,000 150,000 0.00% 0.00% 0.57 3.35 21.84

VITL 1,700 0 0.00% -5.45% 0.36 3.04 12.67

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

Source: Bloomberg

1,584,060,059 Din.

1,078,121,948 Din.

14,457,455,078 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 142,490,570 Din.

451,830,872 Din.

1,106,587,891 Din.

470,626,709 Din.

467,728,485 Din.

763,946,228 Din.

269,637,512 Din.

329,844,788 Din.

3,950,703,613 Din.

301,181,396 Din.

648,135,254 Din.

264,924,988 Din.

655,600,464 Din.

421,837,067 Din.

316,596,252 Din.

1,666,719,971 Din.

15,758,561,523 Din.

Market Capitalization

273,181,763 Din.

377,606,903 Din.

459,287,994 Din.

1,432,179,321 Din.

3,296,945,313 Din.

343,629,211 Din.

1,199,635,986 Din.

3,388,178,467 Din.

P/E

259,178,986 Din.

903,503,662 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

25,264,484,375 Din.Imlek

Price

Voda Vrnjci

Veterinarski zavod Subotica

Velefarm

1,190,219,971 Din.

1,298,692,871 Din.

Vino Župa

94,411,968,750 Din.

Metalac

7,466,530,273 Din.

Market Capitalization

Company

Continuous Trading Method

Daily

changeP/E

Globos osiguranje

Bambi

AIK banka

Credy banka

866,103,821 Din.

5,188,359,863 Din.

1,346,052,368 Din.

Market Capitalization

8,177,642,578 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

17,007,517,578 Din.

Turnover in

RSDP/E

3

0.11% -0.64%

0.07% 1.37%

-0.43% -0.19%

0.79% 13.59%

1.76% 19.54%

Source: Bloomberg

crobex sbi20

sofix bet-c

dj balkan

322.88

597.28

1,727.28

Previous Change

4,926.51 4,887.75

DJ Stoxx Balkan 50 453.38Balkan

Croatia’s economy will probably contract 1.3 percent this year on the euro-area’s sovereign debt crisis and domestic spendingcuts, according to a survey of economists conducted by the Croatian Banking Association. Decline in capital investment will pushthe economy into another recession, after last year’s brief recovery, said the survey based on the average estimate ofeconomists from Croatia’s six biggest banks in terms of assets. The banks include Zagrebacka Banka d.d., the Croatian unit ofUnicredit SpA and Privredna Banka d.d., a unit of Intesa Sanpaolo SpA. Prime Minister Zoran Milanovic last week proposed tocut spending by 4.6 billion kuna ($795 million) to narrow the budget deficit to 4.2 percent of the gross domestic product this yearfrom 6.2 percent of GDP in 2011. The economy will expand 0.8 percent this year as competition and domestic demand increase,Milanovic said. Annual fourth-quarter GDP grew 0.7 percent.(Source:Bloomberg)

The European Central Bank is likely to refuse to show its hand on how it will help cut Greece’s debt burden until investors andthe government have agreed to a deal, said economists from ING Group to Deutsche Bank.While Greece’s creditors areincreasing pressure on the ECB to join the bond swap being negotiated with the country, central bankers have remained silenton their intentions. Economists say the ECB wants to see the private-sector agreement concluded before indicating its strategy,which may include for going profits from its Greek bonds or a transfer to one of the region’s rescue funds.The Greek governmentneeds to reach a deal and secure a second European Union-led bailout by March 20, when it faces a 14.5 billion-euro ($19.1billion) bond payment. Charles Dallara, who as managing director of the Institute of International Finance leads a groupnegotiating on behalf of creditors, says involvement of public institutions is needed as bondholders hold only about 60 percent ofGreek debt.(Source:Bloomberg)

Country / Region

Crobex 1,729.14

YTD

BET

445.56

Rumunija

Hrvatska

Index

REGION

Value

SOFIX

Slovenija 597.67

Bugarska

SBITOP

321.49

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

0.66% 4.08%

0.89% 5.29%

1.22% 9.33%

1.92% 3.92%

2.00% 6.12%

0.08% 4.19%

Source: Bloomberg

dow jones s&p

nasdaq dax

nikkei dj stoxx

U.S. stocks advanced, snapping a four-day decline in the Standard & Poor’s 500 Index, amid signs that manufacturing acrossthe world is strengthening. Financial and industrial shares in the S&P 500 rose at least 1.1 percent to lead gains among 10groups. Morgan Stanley and Bank of America Corp. added more than 3.2 percent. Whirlpool Corp. surged 13 percent as theappliance maker projected earnings that beat forecasts. Technology companies in the benchmark index rallied to an 11 year-high. Broadcom Corp.jumped 8.1 percent as it forecast sales that may top estimates.The manufacturing is looking pretty good,”Allan Flader, a senior vice president at RBC Wealth Management, said in a telephone interview from Phoenix. His firm oversees$227 billion. “It shows that there’s not a contraction going on and that we’re progressing and moving forward.” Equities ralliedafter data showing manufacturing in the U.S. grew at the fastest pace in seven months. (Source:Bloomberg)

European stocks advanced to a six-month high, with the Stoxx Europe 600 Index extending its best start to a year since 1998, asgauges of manufacturing increased from America to the euro area to China.Banks and carmakers led gains. ICAP Plc jumped7.7 percent after saying annual pretax profit will be at the “upper end” of the range of analysts’ estimates. RWE AG climbed 4.9percent after Morgan Stanley added the stock to its best ideas list.he Stoxx 600 rose 2 percent to 259.51 at the close in London,its highest level since August. The benchmark gauge rallied 4 percent last month, the biggest January gain since 1998, as theU.S. economy maintained its recovery and speculation grew that European policy makers will contain theregion’s debt crisis. The Institute for Supply Management’s U.S. manufacturing index rose to 54.1 in January from 53.1 inDecember. Fifty is the dividing line between growth and contraction, and the median forecast in a Bloomberg News survey calledfor an increase to 54.5.(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

2,813.84

8,809.79

Dow Jones Stoxx 600

Japan

12,716.46

WORLD

Country / Region ValueIndex

S&P 500

2,848.27

1,324.09

Dow Jones Industrial

NASDAQ

SAD 12,632.91

FTSE

8,802.51

254.41

5,681.61

1,312.41

Nikkei 225

SAD

5,790.72

EU 259.51

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 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

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 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

\

5