BDD TANDEM FINANCIAL a.d. Research Department MARKET Miroslava Anti°a 4 Novi Sad, Serbia

Tel: +381 21 425 777 +LAN BEOGRADSKE BERZE I CENTRALNOG DAILY REPORT REGISTRA HARTIJA OD VREDNOSTI [email protected] www.tandemfin.com

2. decembar 2011

Shares Bonds RS

Most Active Issuer Ticker Price Change Volume Turnover RSD Ticker Price Yield Change Turnover(EUR) Goša FOM a.d. , Smederevska Palanka GFOM 540 1,89% 89,902 48.547.080 A2012 97,35 5,57% 0,13% 5.014 NIS a.d., Novi Sad 621 -0,16% 8,175 5.072.051 A2013 91,49 6,13% -0,33% 6.438 Tigar a.d. , Pirot TIGR 445 1,37% 8,580 3.822.172 A2014 86,70 5,88% -0,10% 838 Imlek a.d. , Beograd IMLK 2.261 5,36% 1,580 3.570.520 A2015 81,77 5,93% 0,53% 3.628 Vaga Mont a.d. , Beograd VGMT 2.532 20,00% 3000 1.709.100 A2016 76,52 6,13% 0,00% 0

Gainers Issuer Ticker Price Change Volume Turnover RSD 8.000 6,20% Gumins a.d. , Novi Sad GMNS 96 20,00% 90 8.640 7.000 6,10% 6,00% 6.000 6. oktobar a.d. , Panþevo SOKB 3.744 20,00% 18 67.392 5,90% 5.000 5,80% Vaga Mont a.d. , Beograd VGMT 2.532 20,00% 675 1.709.100 Yield 4.000 5,70% Angropromet a.d., Niš ANPN 650 13,64% 1,216 790.400 3.000 5,60% PIK Kovin a.d., Kovin PIKK 1.400 7,69% 265 371.000 Volume 5,50% 2.000 5,40% 1.000 5,30% 0 5,20% Losers A2012 A2013 A2014 A2015 A2016 Issuer Ticker Price Change Volume Turnover RSD AIK banka a.d. , Niš AIKBPB 779 -8,35% 374 291.280 Globos osiguranje a.d. , Beograd GLOS 255 -5,56% 32 8.160 Lasta a.d. , Beograd LSTA 300 -4,76% 98 29.400 Totals Messer Tehnogas a.d. , Beograd TGAS 4.500 -4,60% 1 4.500 Metalac a.d. , Gornji Milanovac MTLC 1.605 -3,02% 10 16.050 Turnover structure Turnover RSD Turnover(EUR) No. of trans. Shares 72.880.286 701.563 2.474 Bonds RS 1.653.643 15.918 11 Prime market - Shares Total 74.533.929 717.482 2.485

Issuer Ticker Price Change Volume Turnover RSD NIS a.d., Novi SadNIS a.d., Novi Sad NIIS 621 -0,16% 8175 5.072.051 Tigar a.d. , PirotTigar a.d. , Pirot TIGR 445 1,37% 8580 3.822.172 Aerodrom Nikola Tesla a.d. , Beograd AERO 485 -0,21% 1297 626.246 Belex 15 Soja protein a.d. , Beþej SJPT 501 0,20% 805 403.606 550 Value 493,91 540 a.d. , Beograd ENHL 410 1,49% 431 176.710 Change% 0,26% 530 520 Change 1,26 510 Turnover - 500 Historical max Najviša vrednost Standard market - Shares 490 480 Historical min Najniža vrednost Issuer Ticker Price Change Volume Turnover RSD 470 Date 2.12.2011 460 a.d. , Beograd KMBN 1.682 -2,77% 211 354.877 2011. 14.11.2011. 23.11.2011. 02.12.2011. Metalac a.d. , Gornji Milanovac MTLC 1.605 -3,02% 10 16.050 bez trgovanja 0,00% 0 0,00% 0 0 Belex line Current Takeovers 1060 Value 977,06 1040 Change% 0,09% Acquiror Target Price Valid up to 1020 Change 0,90 PROMIST D.O.O. HOTEL NARVIK AD 1.500,00 26.12.2011 1000 Turnover - INVEJ A.D. RUBIN AD 31.680 12.12.2011 980 Historical max Najviša vrednost IM MATIJEVI RIBAR AD 2.500 12.12.2011 960 Historical min Najniža vrednost TREA PETOLETKA DOO GRADINA AD 300 9.12.2011 940 Date 2.12.2011 920 Block trading 14.11.2011. 23.11.2011. 02.12.2011.

Date Ticker Price Volume Turnover Kursna lista EUR 103,8827 USD 77,1444 CHF 84,1360

UPOZORENJE: Izveštaj je pripremljen i objavljen pod autoritetom BDD Tandem Financial i služi jedino u informativne svrhe. Informacije koje su koriš°ene, kao i mišljenja i prognoze, dobijene su od izvora za koje BDD Tandem Financial smatra da su pouzdani ali ne garantuje njihovu ispravnost i kompletnost. Nijedna informacija ili predlog ne mogu se protuma²iti kao ponuda ili nametanje kupovine ili prodaje hartija od vrednosti. Nijedan deo ovog dokumenta ne sme se reprodukovati bez dozvole BDD Tandem Financial. BDD TANDEM FINANCIAL a.d. Research Department SERBIA MARKET Miroslava Anti°a 4 Novi Sad, Serbia

Tel: +381 21 425 777 +LAN BEOGRADSKE BERZE I CENTRALNOG DAILY REPORT REGISTRA HARTIJA OD VREDNOSTI [email protected] www.tandemfin.com

Business news

Merkel: Serbia does not meet EU requirements BERLIN - German Chancellor Angela Merkel stated on Friday that Serbia does not meet the conditions for obtaining the EU candidate status at the moment, and called on the Serbian government to shift its orientation.According to Deutsche Welle, the German chancellor qualified the recent conflicts in northern Kosovo as unacceptable and recalled that good cooperation with neighbours is also one of the criteria for EU enlargement.

Low economic growth in second half of 2011 - Serbia recorded a real GDP growth of 3 percent in the first half of 2011, but that rate is expected to drop in the second half and bring the annual growth to 2 percent, the Ministry of Finance has announced.Industrial production will achieve a modest increase this year, while trade will fall significantly, according to the ministry's website.Economic activity grew slower in the second and third quarter, mostly because of lower production in the processing industry and a drop in trade.

Reforms even during BELGRADE - The Serbian government is conducting reforms even at the time of the economic crisis, and a consistent implementation of small changes should result in major progress in a few years' time, Serbian Prime Minister Mirko Cvetkovic has said.In an interview for the latest issue of Cord magazine, Cvetkovic said Serbia is becoming "more organized," although maybe not fast enough, but there is definitely an improvement and the country is headed in the right direction. The EU still represents a strategic priority for Serbia, despite the unprecedented crisis in the Eurozone, said Cvetkovic.

Lowering reserve requirements is not necessary Governor of the National Bank of Serbia (NBS) Dejan Soskic said Thursday that banks had enough money to finance the economy and it was not necessary to lower reserve requirements, particularly because there was no guarantee that the funds so released would go to crediting development projects.

Japan approves loan for TENT The government of Japan approved a RSD 26 billion and 250 million loan to the Electric Power Industry of Serbia (EPS) for the construction of desulphurization facilities at the Nikola Tesla A thermal power plant (TENT) in the city of Obrenovac, central Serbia. The Loan Agreement was signed in Obrenovac Thursday by CEO of the Electric Power Industry of Serbia (EPS) Dragomir Markovic and Head of the Japan International Cooperation Agency (JICA) Representative Office for the Balkans Satoru Kurosawa.

Nibens employees stage new protests in Belgrade Employees of the road construction and maintenance company Nibens Group continued their protests in front of the Serbian government's building in Belgrade Monday. President of the trade union of the PZP Beograd branü Milan Jovanovic said the workers had decided to stage new protests since they had not been paid the RSD 200 million they had been promised earlier.

Serbia loses 25,000 ha of arable land annually The quantity of arable land in Serbia is reduced by 25,000 hectares every year because of the construction of roads, unregistered facilities and other building, expert adviser at the Serbian Chamber of Commerce Branislav Gulan told Tanjug on Sunday. There is an illusion in Serbia that agricultural land covers about 5 million hectares, while arable land covers 4.2 million, he stressed.

Izvor: Tanjug

UPOZORENJE: Izveštaj je pripremljen i objavljen pod autoritetom BDD Tandem Financial i služi jedino u informativne svrhe. Informacije koje su koriš°ene, kao i mišljenja i prognoze, dobijene su od izvora za koje BDD Tandem Financial smatra da su pouzdani ali ne garantuje njihovu ispravnost i kompletnost. Nijedna informacija ili predlog ne mogu se protuma²iti kao ponuda ili nametanje kupovine ili prodaje hartija od vrednosti. Nijedan deo ovog dokumenta ne sme se reprodukovati bez dozvole BDD Tandem Financial. BDD TANDEM FINANCIAL a.d. Research Department SERBIA MARKET Miroslava Anti°a 4 Novi Sad, Serbia

Tel: +381 21 425 777 +LAN BEOGRADSKE BERZE I CENTRALNOG DAILY REPORT REGISTRA HARTIJA OD VREDNOSTI [email protected] www.tandemfin.com

Trading review

Issuer Ticker Price Max Min Change Ask Bid Volume Turnover (RSD) Aerodrom Nikola Tesla a.d. , Beograd AERO 485 487 480 -0,21% / / 1,297 626.246 Agrobanka a.d. , Beograd AGBN 3.549 3.549 3.549 1,00% / / 3 10.647 AIK banka a.d. , Niš AIKB 1.520 1.590 1.510 1,27% / / 329 500.089 AIK banka a.d. , Niš AIKBPB 779 800 770 -8,35% / / 374 291.280 a.d. , Beograd DNOS 1.100 1.100 1.099 0,55% / / 254 279.290 Energoprojekt holding a.d. , Beograd ENHL 410 410 410 1,49% / / 431 176.710 Galenika Fitofarmacija a.d. , Zemun FITO 1.800 1.800 1.800 0,00% / / 250 450.000 Globos osiguranje a.d. , Beograd GLOS 255 255 255 -5,56% / / 32 8.160 Imlek a.d. , Beograd IMLK 2.261 2.300 2.140 5,36% / / 1,580 3.570.520 Jedinstvo Sevojno a.d. , Sevojno JESV 5.000 5.000 5.000 -0,22% / / 128 640.000 Jubmes banka a.d. , Beograd JMBN 13.662 13.920 12.372 -2,73% / / 6 81.972 Komercijalna banka a.d. , Beograd KMBN 1.682 1.797 1.677 -2,77% / / 211 354.877 Komercijalna banka a.d. , Beograd KMBNPB 998 998 998 0,00% / / 20 19.960 Lasta a.d. , Beograd LSTA 300 300 300 -4,76% / / 98 29.400 Metalac a.d. , Gornji Milanovac MTLC 1.605 1.605 1.605 -3,02% / / 10 16.050 NIS a.d., Novi Sad NIIS 621 624 620 -0,16% / / 8,175 5.072.051 Privredna banka a.d. , Beograd PRBN 359 365 355 -1,64% / / 3,354 1.204.056 Progres a.d. , Beograd PRGS 50 50 50 2,04% / / 2 100 Putevi a.d. , Užice PUUE 550 550 550 3,58% / / 10 5.500 Soja protein a.d. , Beþej SJPT 501 507 500 0,20% / / 805 403.606 Messer Tehnogas a.d. , Beograd TGAS 4.500 4.500 4.500 -4,60% / / 1 4.500 Tigar a.d. , Pirot TIGR 445 448 440 1,37% / / 8,580 3.822.172 Veterinarski zavod Subotica a.d. , Subotica VZAS 330 330 329 0,00% / / 20 6.590 AMS Osiguranje a.d. , Beograd AMSO 840 / / -1,18% 2380 6 6 5.040 Angropromet a.d., Niš ANPN 650 / / 13,64% 1932 1216 1,216 790.400 Carnex a.d. , Vrbas CRNX 2.100 / / 5,00% 667 97 5 10.500 Dunavprevoz a.d. , Baþka Palanka DNPR 500 / / 0,00% 181 150 118 59.000 Goša FOM a.d. , Smederevska Palanka GFOM 540 / / 1,89% 90902 92050 89,902 48.547.080 Galeb GTE a.d. , Beograd GLBG 200 / / 0,00% 1758 3048 539 107.800 Gumins a.d. , Novi Sad GMNS 96 / / 20,00% 90 90 90 8.640 Ikarus fabrika alata i otpresaka a.d. , Beograd IKRS 264 / / 0,00% 292 355 292 77.088 a.d. , Sevojno IMPL 848 / / 0,00% 638 2 2 1.696 Impregnacija a.d. , Beograd IMPR 420 / / 0,00% 3600 3600 3,600 1.512.000 Inex Buduünost a.d. , Požega INBU 400 / / 0,00% 196 147 147 58.800 Institut za strane jezike a.d. , Beograd INSJ 10.000 / / 0,00% 10 35 10 100.000 Inex Sokolica a.d., Prijepolje INSK 490 / / 0,00% 98 107 98 48.020 Jugoslovenski fond za žita a.d. , Beograd JUFZ 2.500 / / 0,00% 625 625 625 1.562.500 Labudnjaþa a.d. , Vajska LBDC 100 / / 0,00% 2.000 2.000 2 200.000 Neoplanta a.d. , Novi Sad NEOP 290 / / 0,00% 558 154 110 31.900 PIK Kovin a.d., Kovin PIKK 1.400 / / 7,69% 265 265 265 371.000 Pionir a.d. , Arilje PNAR 521 / / 0,00% 74 74 74 38.554 6. oktobar a.d. , Panþevo SOKB 3.744 / / 20,00% 18 68 18 67.392 Vaga Mont a.d. , Beograd VGMT 2.532 / / 20,00% 675 675 675 1.709.100

UPOZORENJE: Izveštaj je pripremljen i objavljen pod autoritetom BDD Tandem Financial i služi jedino u informativne svrhe. Informacije koje su koriš°ene, kao i mišljenja i prognoze, dobijene su od izvora za koje BDD Tandem Financial smatra da su pouzdani ali ne garantuje njihovu ispravnost i kompletnost. Nijedna informacija ili predlog ne mogu se protuma²iti kao ponuda ili nametanje kupovine ili prodaje hartija od vrednosti. Nijedan deo ovog dokumenta ne sme se reprodukovati bez dozvole BDD Tandem Financial.