30.01.2012

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 106.1874 105.7674 0.40% EURUSD 1.3220 1.3149 0.54%USDRSD 80.6038 80.7385 -0.17% EURCHF 1.2065 1.2068 -0.03%CHFRSD 88.0274 87.6283 0.46% EURGBP 0.8405 0.8371 0.41%GBPRSD 126.5642 126.5312 0.03% GBPUSD 1.5729 1.5708 0.13%Source: NBS USDJPY 76.70 77.46 -0.98%

Source: Bloomberg

EUR and USD indicators for current day:

Time Country Period Previous Forecast!! 11:00 EU EU -0.31 -0.25

Source: Bloomberg

Interbank market - Serbia

Value Previous Change bpsSource: NBS BEONIA 8.34 8.64 -30.00

BELIBOR1M 10.25 10.15 10.00T Bills - Serbia BELIBOR3M 10.76 10.57 19.00Maturity 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 13.25% 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 0.379% 0.377% 0.002

FX Savings Bond - Serbia EURIBOR1M 0.728% 0.734% -0.006Price Yield EURIBOR3M 1.138% 1.142% -0.004

EURIBOR6M 1.433% 1.439% -0.006A2012 98,10 5,76% LIBOR1M (USD) 0.27000% 0.27050% -0.00050A2013 92,44 6,03% LIBOR3M (USD) 0.55110% 0.55310% -0.00200A2014 87,22 6,01% LIBOR1M (CHF) 0.04000% 0.04000% 0.00000A2015 82,90 5,77% LIBOR3M (CHF) 0.06667% 0.06500% 0.00167A2016 78,59 5,70% 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

Business climate indicator

FX rate

Central bank informed us that till 12:30 total amount of trading was 61, 1 mil EUR at average rate 106, 1568.

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

944.37

YTD

945.04

Previous Change

-26.43%

-26.32%

-0.21%

0.07%

480.29Belex 15 479.30

Belex line

Ratios

Turnover115,696,439 Din.

459,611 €

-57.98%

1,099,050 €

Oil company NIS to invest EUR 43 million in oil & gas exploration in Serbia in 2012, news agency reports. Oil company NaftnaIndustrija Srbije (NIS), majority owned by Russian energy giant Gazprom, will invest around EUR 43 million in oil and gasexploration in Serbia in 2012, Tanjug reported on Saturday. NIS’ 3D seismic research is underway in the Zrenjanin area, and willalso be carried out in the Kikinda and Itebej areas in Vojvodina in 2012, while 2D research will be conducted at Srem, Backa-Srem, Kovacica, and Moravski Rov locations. In 2012, NIS plans to drill exploratory wells near Kraljevo in central Serbia, as wellas at the Vojvodina areas of Velike Livade, Itebej, Srbobran, and Lokve, according to the news agency.(Source:Executivenewsletter)

Equity market

P / E

Belex15 0,52 4,86

SERBIA

-58.18%

48,611,901 Din.

The government has signed a letter of intent under which United States Steel Corp. (USS) will put U.S. Steel Serbia back intothe state’s hands for a symbolic USD 1. USS, better known as U.S. Steel, bought the Smederevobased steel maker for aroundUSD 23 million in 2003 and has invested around USD 300 million into the Serbian unit so far. Speaking at anews conference, Cvetkovic said that the global economic crisis has forced USS to pull out of Serbia, noting that the state hasbeen cornered into striking the deal to buy the steelworks in order to prevent the loss of some 5,500 jobs as well as tomaintain production at one of the country’s top exporters. A deal on the sale will be signed tomorrow, he said, noting that Serbiadoes not intend to remain the company’s owner in the long run, but will start looking for a strategic partner from February 1. U.SSteel Serbia, which currently produces about 1.1 million tons of steel annually, or about a half of its installed capacity, made aloss of some USD 73 million in the first nine months of 2011, according to the media reports. The state does not plan to lay offany employees at the steel maker. (Source:Executivenewsletter)

EBRD, Zeleznice Srbije ink deal on EUR 95 million sovereign-guaranteed loan for Corridor 10 rail overhaul. The European Bankfor Reconstruction and Development (EBRD) has signed a deal with state railway company Zeleznice Srbije on providing it witha sovereign-guaranteed loan of up to EUR 95 million for the modernization of several legs of the Corridor 10 railway routethrough Serbia. The works will cover a 14-kilometer railroad section between Belgrade and Resnik and another 50 kilometers inother parts of the country. The EBRD said that Zeleznice will also receive EUR 1.5 million in technical assistance grants tosupport a further restructuring and commercialization of the company, as well as the project’s implementation and monitoring.That funding is provided by the Central European Initiative, Western Balkans Investment Framework, and the EBRD’sShareholder Special Fund. The EBRD’s managing director for transport and infrastructure, Thomas Maier, said that this projectwill improve the quality of rail services in Serbia and further support the transformation of Zeleznice into a modern, commerciallyviable holding company. (Source:Executivenewsletter)

P / B

0

500

1000

1500

2000

2500

3000

3500

Belex15

0

700

1400

2100

2800

3500

4200

4900

5600

Belex Line

-6.26%

-1.36% -1.09% -1.03%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%0.75%

1.13% 1.19% 1.31%

-7.00%

-6.00%

-5.00%

-4.00%

-3.00%

-2.00%

-1.00%

0.00%

1.00%

2.00%

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

Daily change - members of Belex15

2

AERO 498 1,246,494 1.60% 0.99% 0.76 7.63 10.75

ENHL 454 3,030,904 -1.09% 11.82% 0.42 6.65 6.62

NIIS 577 2,423,977 -1.02% -1.52% 2.00 5.62 42.34

SJPT 534 2,749,032 0.75% 4.50% 0.76 8.45 7.81

TIGR 480 2,889,600 -1.03% -5.33% 0.24 #N/A N/A -1.76

Izvor: Bloomberg

ALFA 7,700 0 0.00% 10.00% 0.36 2.94 12.92

KMBN 1,663 0 0.00% -1.89% 0.39 5.01 8.62

MTLC 1,550 7,750 1.31% 0.00% 0.45 3.42 14.01

Izvor: Bloomberg

AGBN 1,534 8,598,070 1.19% 4.07% 0.06 n/a 6.77

AIKB 1,524 7,926,324 -1.36% -0.39% 0.31 2.13 14.26

BIPB 30 0 0.00% -3.19% 2.72 n/a -125.23

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

CYBN 1,600 153,600 0.00% 0.00% 0.39 n/a -54.60

CCNB 9,001 0 0.00% 0.00% 0.30 12.90 2.33

DINNPB 1,000 10,000 -1.46% 6.88% 0.90 3.51 17.70

DNOS 955 55,390 -0.52% -4.50% 0.02 n/a 2.16

FITO 1,900 0 0.00% 0.00% 0.56 2.72 22.12

GLOS 287 0 0.00% 0.00% 0.13 n/a 2.21

IMLK 2,600 265,200 1.13% 3.42% 2.41 20.41 11.79

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

JESV 4,600 0 0.00% -2.11% 0.79 2.80 28.72

JMBN 12,858 128,580 0.01% -0.62% 0.68 14.80 6.74

KMBNPB 950 0 0.00% 0.00% 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 10,400 0.00% 0.00% 0.28 n/a -6.61

PRGS 52 0 0.00% 8.33% 0.06 205.29 0.03

PTLK 127 0 0.00% 0.00% 0.15 232.45 0.06

PUUE 440 0 0.00% 0.00% 0.30 3.15 9.95

MTBN 749 455,392 -6.26% -10.51% 0.12 6.18 2.06

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

TGAS 3,924 0 0.00% -4.29% 0.44 4.10 11.27

TLFN 520 0 0.00% 0.00% 0.24 10.04 1.86

UNBN 1,900 0 0.00% -4.76% 0.17 2.85 6.05

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

VLFR 320 0 0.00% 0.00% 0.25 2.14 2.47

VINZ 6,000 0 0.00% 0.00% 0.57 3.35 21.84

VITL 1,700 255,000 -5.45% -5.45% 0.36 3.04 12.67

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

Source: Bloomberg

P/E

DIN prioritetne

A Listing

P/BV

17,076,095,703 Din.

Turnover in

RSD

Tigar

Daily

changePrice

Price P/BV

Čačanska banka

Univerzal banka

Progres

Putevi Užice

Simpo

Tehnogas

Telefonija

Razvojna banka Vojvodine

Politika

Komercijalna banka PB

Privredna banka

Napred GP

Lasta

Dunav osiguranje

Agrobanka

Jubmes banka

Beogradska industrija piva

Jedinstvo Sevojno

Galenika Fitofarmacija

Informatika

Market Capitalization

Company

Continuous Trading Method

Daily

changeP/E

7,954,209,961 Din.

Weekly

change

Metalac

Globos osiguranje

Bambi

AIK banka

Credy banka

Voda Vrnjci

Veterinarski zavod Subotica

Velefarm

1,190,219,971 Din.

1,298,692,871 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

23,586,232,422 Din.Imlek

Price ROE

Turnover in

RSD

B Listing

94,085,851,563 Din.

824,860,779 Din.

4,298,385,742 Din.

1,346,052,368 Din.

Market Capitalization

247,515,945 Din.

826,532,776 Din.

7,466,530,273 Din.

377,606,903 Din.

459,287,994 Din.

1,401,707,397 Din.

3,337,962,402 Din.

354,834,503 Din.

1,201,237,427 Din.

3,308,768,066 Din.

P/E

421,837,067 Din.

318,817,963 Din.

1,672,000,000 Din.

13,290,563,477 Din.

Market Capitalization

273,181,763 Din.

723,262,695 Din.

280,423,004 Din.

329,844,788 Din.

4,067,845,947 Din.

301,181,396 Din.

648,135,254 Din.

264,924,988 Din.

810,304,871 Din.

Daily

change

Vital

Pupin Telecom 142,490,570 Din.

432,186,035 Din.

1,078,213,867 Din.

470,626,709 Din.

467,728,485 Din.

Company

Ticker

Company

Energoprojekt holding

Soja protein

Naftna industrija Srbije

Aerodrom Nikola Tesla

Alfa Plam

Komercijalna banka

Ticker

1,581,000,000 Din.

1,102,559,448 Din.

14,483,583,008 Din.

Turnover in

RSD

ROE

Weekly

change

Weekly

change

Ticker ROE

3

-0.17% -0.18%

0.71% -0.35%

0.74% -0.45%

1.89% 9.94%

0.74% 12.88%

Source: Bloomberg

crobex sbi20

sofix bet-c

dj balkan

Slovenija 587.54

Bugarska

SBITOP

320.65

Index

REGION

ValueCountry / Region

Crobex 1,737.06

YTD

BET

424.97

Rumunija

Hrvatska

SOFIX

4,768.14 4,679.79

DJ Stoxx Balkan 50 428.12Balkan

The World Bank (WB) may provide a EUR 1 billion precautionary credit line to Romania.Francois Rantrua, country manager inRomania of WB, said today that Romania is negotiating a precautionary arrangement totaling EUR 1 billion, with drawingrights.An agreement worth EUR 5 billion hs been signed by Romania with the IMF, European Commission and World Bank, butthe country hasn't drawn any sums yet.“Romania will have to meet certain mutually agreed measures, which are currently beingdiscussed,” Rantrua said. “The duration of the credit line can be as long as three years.” The WB estimates a 2.2 percent growthrate for Romania in 2011 and 1.5 percent growth is forecasted for 2012.The deficit totaled 4.3 percent of GDP last year, and theGovernment wants to lower it to 1.9 percent this year. (Source:balkans.com)

GlaxoSmithKline Plc (GSK), the U.K.’s largest drugmaker, is seeking an acquisition in Turkey as it struggles to become profitablein the country.Potential targets include producers of cardiovascular drugs or businesses with production facilities that would addvalue to Glaxo’s operations.Glaxo has failed to make a profit or increase revenue in Turkey in the past three years as a result ofthe country’s drug pricing policy.(Source:balkans.com)

318.28

583.38

1,740.08

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

-0.58% 3.62%

-0.16% 4.67%

0.40% 8.11%

-1.07% 2.89%

-0.95% 4.44%

-0.09% 4.56%

Source: Bloomberg

dow jones s&p

nasdaq dax

nikkei dj stoxx

8,849.47

257.86

5,795.20

1,318.43

Engleska

Nikkei 225

SAD

5,733.45

EU 255.40

FTSE

12,734.63

Country / Region ValueIndex

S&P 500

2,816.55

1,316.33

Dow Jones Industrial

NASDAQ

SAD

WORLD

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

2,805.28

8,841.22

Dow Jones Stoxx 600

Japan

12,660.46

U.S. stocks fell, sending the Standard & Poor’s 500 Index lower for a second day, after a report showed the world’s largesteconomy expanded less than forecast in the fourth quarter as consumers curbed spending. Ford Motor Co. slumped 4.2 percentas profit missed estimates on overseas challenges. Chevron Corp., the second-largest U.S. energy company, slid 2.5 percentafter reporting its biggest earnings decline in two years. T. Rowe Price Group Inc., the asset manager that has posted a profitevery quarter since going public in 1986, dropped 2 percent as earnings fell.Banks in the S&P 500 rose 1.1 percent as optimismgrew that Greece will reach an agreement with bondholders.(Source:bloomberg)

European stocks were called to open lower on Monday as European government heads meet in Brussels for their first summit of2012.European Union leaders are due to approve plans for greater fiscal unity within the EU when they meet on Monday andGreece is likely to top the agenda as it attempts to reach a deal with private bondholders over losses they are willing to incur ontheir Greek debt holdings. Reports out early on Monday suggested a deal with private bondholders was imminent and couldensure Greece avoids a default in March when a number of bond redemptions come due.In London, the UK Treasury Committeewill hear evidence from the Chairman and Chief Executive of the Financial Services Authority over the regulator's report intobailed out British bank Royal Bank of Scotland (-1.91%). Dutch electronics firm Philips reported fourth quarter core profit of$662.3 million on Monday, down from $1.2 billion a year earlier. Low cost airline Ryanair increased its full year profit forecast by9 percent on Monday after reporting revenue growth of 13 percent in the last quarter. (Source:cnbc)

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