20.03.2012

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 110.7191 110.7924 -0.07% EURUSD 1.3242 1.3175 0.51%USDRSD 83.6626 84.1312 -0.56% EURCHF 1.2062 1.2062 0.00%CHFRSD 91.7232 91.7763 -0.06% EURGBP 0.8327 0.8316 0.14%GBPRSD 132.7249 133.2600 -0.40% GBPUSD 1.5903 1.5844 0.37%Source: NBS USDJPY 83.40 83.44 -0.05%

Source: Bloomberg

EUR and USD indicators for current day:

Time Country Period Previous Forecast!! 07:00 Germany Feb 3.4% 3.2%

Source: Bloomberg

Interbank market - Serbia

Value Previous Change bpsSource: NBS BEONIA 9.02 7.97 105.00

BELIBOR1M 10.41 10.23 18.00T Bills - Serbia BELIBOR3M 10.74 10.57 17.00Maturity Value Previous Source: Reuters

3 month 11.60% 11.90%6 month 10.48% 10.48% Major Key rates

12 month 12.69% 13.00% Value

18 month 13.10% 12.79% ECB 1.00%24 month 13.25% 13.25% FED 0.25%36 month 14.89% 14.89% SNB 0.00%60 month 14.70% Source: Bloomberg

53 week-EUR 5.95%

Source: Treasury - Ministry of Finance Interbank - World

Value Previous Change bpsEONIA 0.359% 0.361% -0.002

FX Savings Bond - Serbia EURIBOR1M 0.452% 0.458% -0.006Price Yield EURIBOR3M 0.842% 0.853% -0.011

EURIBOR6M 1.146% 1.158% -0.012A2012 98,50 7,85% LIBOR1M (USD) 0.24175% 0.24175% 0.00000A2013 92,61 6,61% LIBOR3M (USD) 0.47365% 0.47365% 0.00000A2014 88,40 5,76% LIBOR1M (CHF) 0.07417% 0.07417% 0.00000A2015 82,48 6,20% LIBOR3M (CHF) 0.10417% 0.10250% 0.00167A2016 77,47 6,26% 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

Producer prices-YoY

FX rate

Central bank informed us that till 12:30 total amount of trading was 13, 3 mil EUR at average rate 110, 7178.

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

1,026.95

YTD

1,033.10

Previous Change

9.20%

5.72%

0.50%

0.60%

542.25Belex 15 544.97

Belex line

Ratios

Turnover300,478,136 Din.

323,613 €

-88.07%

2,709,366 €

Government to overhaul up to 200 public facilities under recently adopted RSD 1.3 billion energy efficiency financing program,subsidize 2,000 loans for individuals. The government will reconstruct between 150 and 200 public facilities under a recentlyadopted energy efficiency financing program, State Secretary at the Environment, Mining and Spatial Planning Ministry BojanDjuric said in an interview with RTS yesterday. Local governments will have to provide 10% of the financing for the projects, hesaid. As part of the same program, the state will subsidize 2,000 loans for people seeking to make their homes more energyefficient. The government has approved the financing program last week, setting aside RSD 1 billion for the reconstruction ofpublic facilities and RSD 300 million in loan subsidies for individuals.(source:executive newsletter)

Equity market

SERBIA

-88.06%

35,853,809 Din.

Italy-based Danieli, a steel maker and one of the world’s top three suppliers of plants and equipment for the metals sector, isinterested in building a plant in Sabac to manufacture special steel products, under an investment of up to EUR 500 million,Politika has been told by an unnamed government source. A related letter of intent is expected to be signed over the next 30days, according to the daily. The plant,which would export two-thirds of its output, would employ 1,000 people and create asmany jobs indirectly, according to the source. In December last year, President Boris Tadic said that Danieli was analyzingSerbia as one of possible locations to build a plant for manufacturing special steel products, according to earlierreports.(source:executive newsletter)

Budget deficit could exceed 5% of GDP, public debt 50% of GDP in 2012, economist warns. Serbia’s budget revenues in 2012will undershoot the target, and if no action is taken, the budget deficit will exceed 5% of GDP, while the country’s public debt willswell to over 50% of GDP this year, Milojko Arsic, economist and editor-inchief of the Quarterly Monitor economic trends bulletin,said yesterday at a presentation of the bulletin’s latest issue, Tanjug reported. Serbia could see a fresh investor confidence crisisif it does not take fiscal consolidation steps and fails to resume its arrangement with the International Monetary Fund (IMF) thisyear, said Arsic, who is also a member of the National Bank of Serbia (NBS) governor’s council. Fiscal policy should focus onslowing down the growth of public debt as a percentage of GDP and then reducing public debt, he went on to say, noting that thecurrent government should keep fiscal deficit within the framework agreed with the IMF, of RSD 26 billion at the end of the firstquarter of 2012.(source:executive newsletter)

P / B P / E

Belex15 0,59 5,52

0

500

1000

1500

2000

2500

3000

3500

Belex15

0

700

1400

2100

2800

3500

4200

4900

5600

Belex Line

-1.54%

-0.99%-0.79%

-0.43%-0.05%

0.00% 0.00% 0.00% 0.00% 0.00%

1.12% 1.28%

2.39%2.61%

-2.00%

-1.50%

-1.00%

-0.50%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

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

Daily change - members of Belex15

2

AERO 510 2,002,770 -1.51% 1.17% 0.78 7.82 10.75

ENHL 500 18,146,000 -0.99% 0.20% 0.46 7.33 6.62

NIIS 693 3,425,499 -0.43% -2.10% 2.40 6.75 42.34

SJPT 557 387,115 2.39% 0.72% 0.79 8.81 7.81

TIGR 500 10,000 0.00% 2.46% 0.25 #N/A N/A -1.76

Izvor: Bloomberg

ALFA 7,250 0 0.00% -3.33% 0.34 2.77 12.92

KMBN 1,740 31,320 5.97% -3.33% 0.40 5.25 8.62

MTLC 1,650 0 0.00% -2.94% 0.48 3.64 14.01

Izvor: Bloomberg

AGBN 1,650 80,850 2.61% -12.47% 0.07 n/a 6.77

AIKB 2,002 464,464 -0.79% -3.75% 0.41 2.80 14.05

BIPB 32 64 10.24% 10.24% 2.90 n/a -125.23

BMBI 19,964 499,100 2.43% 2.38% 2.26 13.75 16.91

CYBN 2,280 0 0.00% 20.00% 0.56 n/a -54.60

CCNB 9,000 0 0.00% 0.00% 0.30 12.90 2.33

DINNPB 1,087 0 0.00% -2.92% 0.98 3.81 17.70

DNOS 1,000 0 0.00% 0.91% 0.03 n/a 2.16

FITO 2,050 1,541,600 0.00% 1.49% 0.60 2.93 22.12

GLOS 250 12,500 -8.42% -8.42% 0.11 n/a 2.21

IMLK 3,084 3,543,516 1.28% 2.83% 2.86 24.21 11.79

INFM 2,119 0 0.00% 0.00% #N/A N/A #N/A N/A #N/A N/A

JESV 4,800 14,400 1.11% 1.40% 0.82 2.92 28.72

JMBN 12,192 73,152 -0.05% -0.02% 0.64 14.03 6.74

KMBNPB 860 0 0.00% -4.44% n/a n/a 8.62

LSTA 227 0 0.00% -9.92% 0.15 0.67 25.59

NPRD 1,000 0 0.00% 0.00% 0.10 0.31 39.62

PLTK 49 0 0.00% -2.00% 0.14 #N/A N/A -16.32

PRBN 245 0 0.00% -4.30% 0.26 n/a -6.61

PRGS 44 0 0.00% -8.33% 0.05 173.71 0.03

PTLK 94 0 0.00% 0.00% 0.11 172.05 0.06

PUUE 600 16,200 -7.69% -7.69% 0.41 4.30 9.95

MTBN 1,129 3,387 2.64% 13.13% 0.17 9.31 2.06

SIMP 180 0 0.00% -10.00% 0.03 #N/A N/A -7.95

TGAS 3,900 97,500 -2.50% -2.50% 0.44 4.08 11.27

TLFN 400 0 0.00% 0.00% 0.18 7.72 1.86

UNBN 1,750 0 0.00% -6.82% 0.15 2.62 6.05

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

VLFR 320 0 0.00% 1.59% 0.25 2.14 2.47

VINZ 7,800 0 0.00% 20.00% 0.74 4.36 21.84

VITL 1,895 0 0.00% 18.22% 0.41 3.39 12.67

VDAV 5,000 0 0.00% 0.00% 0.56 n/a 2.49

Source: Bloomberg

17,487,568,359 Din.

P/ETurnover in

RSD

Tigar

Čačanska banka

Telefonija

Razvojna banka Vojvodine

DIN prioritetne

A Listing

P/BVWeekly

change

Turnover in

RSD

B Listing

Daily

changePrice

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

859,229,980 Din.

4,733,904,785 Din.

1,267,386,963 Din.

Market Capitalization

8,296,806,641 Din.

113,000,859,375 Din.

Metalac

7,644,195,801 Din.

Market Capitalization

Voda Vrnjci

Veterinarski zavod Subotica

Velefarm

1,547,286,011 Din.

1,447,660,645 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

27,976,900,391 Din.Imlek

Price

259,178,986 Din.

1,177,809,204 Din.

ROE

343,278,992 Din.

347,527,924 Din.

1,462,651,245 Din.

3,165,067,627 Din.

321,218,597 Din.

389,487,030 Din.

277,716,003 Din.

1,804,000,000 Din.

17,459,125,000 Din.

Market Capitalization

291,393,890 Din.

1,201,104,004 Din.

3,596,630,859 Din.

Company

237,281,006 Din.

323,247,894 Din.

4,042,966,309 Din.

231,677,994 Din.

610,742,859 Din.

190,746,002 Din.

1,221,407,471 Din.

Vital

Pupin Telecom 105,465,462 Din.

589,344,604 Din.

993,091,736 Din.

573,934,998 Din.

467,728,485 Din.

723,262,695 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

1,185,934,204 Din.

15,154,199,219 Din.

Ticker ROECompany

1,683,000,000 Din.

3

0.24% 6.22%

0.83% -2.83%

-0.80% -4.14%

-0.90% 20.30%

0.28% 18.31%

Source: Bloomberg

crobex sbi20

sofix bet-c

dj balkan

SOFIX

Slovenija 572.87

Bugarska

SBITOP

308.79

Hrvatska

Index

REGION

ValueCountry / Region

Crobex 1,848.42

YTD

BET

447.50

Rumunija 5,217.37 5,265.01

DJ Stoxx Balkan 50 448.74

The European Bank for Reconstruction and Development said it is considering lending a total of 15 million euro ($19.7 million) toMacedonia’s Ohridska Banka.EBRD is considering providing a 10 million euro loan to Ohridska Banka to support the bank’sgrowth strategy and to maintain its availability to finance local small and medium-sized companies, the international lender saidin a statement last week.The loan will support Ohridska Banka's plans for regional and sector expansion. “The loan will beextended in two tranches of 5.0 million euro, the second tranche will be uncommitted.” EBRD also said it is considering a fundednon recourse co-financing facility (MCFF) of 5.0 million euro for Ohridska Banka.(source:bloomberg)

Balkan

Spot gold prices rose around 0.2 percent on Monday on the back of weakness in the US dollar, as a weaker dollar makes dollar-denominated commodities look attractive for the holders of the other currencies. Additionally, rise in crude oil prices also boostedthe inflation led demand for gold yesterday. The yellow metal touched an intra-day high of $1669/oz and closed its tradingsession at the level of $1662/oz on Monday. On the MCX, Gold April contract rose around 0.3 percent on account of a weakerRupee and hit an intra-day high of Rs27,974/10 gms yesterday.Silver: Taking cues from rise in gold prices coupled withweakness in the US dollar, spot silver traded higher by 1 percent in yesterday's trading session.(source:balkans.com)

311.27

568.15

1,844.03

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

0.05% 8.36%

0.40% 12.10%

0.75% 18.16%

-0.07% 6.98%

-0.12% 11.26%

0.12% 19.95%

Source: Bloomberg

dow jones s&p

nasdaq dax

nikkei dj stoxx

10,129.83

272.40

5,965.58

1,404.17

Nikkei 225

SAD

5,961.11

EU 272.07

EngleskaFTSE

S&P 500

3,078.32

1,409.75

Dow Jones Industrial

NASDAQ

WORLD

Country / Region

SAD

ValueIndex

13,232.62

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

3,055.26

10,141.99

Dow Jones Stoxx 600

Japan

13,239.13

The Standard & Poor’s 500 Index advanced to the highest level since May 2008 as Apple Inc. plans to pay a dividend and buyback $10 billion of its stock. Apple climbed 2.7 percent to a record $601.10. Citigroup Inc. advanced 1.3 percent after selling its2.71 percent stake in Shanghai Pudong Development Bank. U.S. Steel Corp. rallied 6.4 percent to pace gains in commodityshares. United Parcel Service Inc. increased 3.4 percent after agreeing to buy TNT Express NV. Bank of America Corp.retreated 2.8 percent,reversing an earlier advance that drove the stock above $10.The S&P 500 rose 0.4 percent to 1,409.75 at4 p.m. New York time, trading 9.9 percent below its October 2007 record of 1,565.15. The Dow Jones Industrial Average added6.51 points, or 0.1 percent, to 13,239.13. The Nasdaq Composite Index gained 0.8 percent to 3,078.32, the highest level sinceNovember 2000. The S&P Smallcap 600 Index increased 0.9 percent to an all-time high of 465.97. About 6.6 billion shareschanged hands on U.S. exchanges, almost in line with its three-month average.(source:bloomberg)

European stocks retreated for a second day as an official at China’s association of carmakers said auto sales will miss itsforecast in 2012 and as investors awaited a report on housebuilding in America. U.S. index futures and Asian shares alsodropped.Bayerische Motoren Werke AG and Daimler AG fell more than 2 percent after the official said the slowing economy willcause car sales to slow. Metro AG dropped after Germany’s largest retailer predicted unchanged earnings this year.The StoxxEurope 600 Index fell 0.5 percent to 270.78 at 8:06 a.m. in London. The gauge has still gained 11 percent this year as theEuropean Central Bank disbursed 1 trillion euros ($1.3 trillion) to the region’s lenders. Futures on the Standard & Poor’s 500Index expiring in June dropped 0.2 percent today.(source:bloomberg)

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

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