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Belgrade Stock Exchange D a I L Y O V E R V I E W 7-Nov-11 • Analyst: Ivan Dzakovic • Email: [email protected] • Contact: +381 (0)11 2099 574 ●

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Belgrade Stock Exchange D a I L Y O V E R V I E W 7-Nov-11 • Analyst: Ivan Dzakovic • Email: Ivan.Dzakovic@Sinteza.Net • Contact: +381 (0)11 2099 574 ● • Sinteza Invest Group • www.sinteza.net • Jurija Gagarina 32/II • [email protected] Belgrade Stock Exchange D A I L Y O V E R V I E W 7-Nov-11 • Analyst: Ivan Dzakovic • Email: [email protected] • Contact: +381 (0)11 2099 574 ● Belex15 Index Belex15 Index Constituents Turnover, m Index Level RSD BB Share Daily MCap Mcap/ YTD P/E* D/E ROA ROE 160 575 Ticker Price Return (m RSD) Assets 140 Banking Sector TTM TTM TTM TTM TTM AIK Banka AIKB 1,810 0.4% -45.5% 15,785 3.6 11% 2.1 3.4% 10.2% 120 Komercijalna Banka KMBN 1,899 0.5% -27.1% 16,539 4.7 6% 4.9 1.4% 8.3% 550 100 Agrobanka AGBN 4,099 0.4% -43.1% 3,234 - 4% 4.1 -2.8% -12.5% 80 Univerzal Banka UNBN 2,815 0.0% -33.0% 1,597 3.6 5% 4.1 1.3% 6.9% Jubmes Banka JMBN 14,890 -0.4% -9.7% 3,865 16.3 43% 0.1 2.7% 4.7% 60 525 BB Share Daily MCap 40 YTD P/E* P/S* D/E ROA ROE Ticker Price Return (m RSD) 20 Real Sector TTM TTM TTM TTM TTM 0 500 5-Oct-11 15-Oct-11 25-Oct-11 4-Nov-11 Petroleum Industry-NIS** NIIS 633 0.6% 33.3% 103,217 2.2 0.6 2.0 26.9% 104.4% Energoprojekt Holding ENHL 440 2.1% -51.1% 4,166 5.6 0.2 1.5 2.9% 7.7% Current Index Level 541.35 Imlek IMLK 2,399 0.0% 26.3% 21,836 15.4 1.0 1.1 7.2% 14.3% Daily Return 0.28% Sojaprotein** SJPT 560 0.5% -34.1% 8,325 5.5 0.6 0.5 8.5% 15.2% YTD -16.94% Metalac MTLC 1,705 -2.0% -20.7% 1,739 6.1 2.8 0.3 8.5% 11.5% 52-Week-Return -14.77% Tigar TIGR 530 -3.1% -24.3% 911 - 0.2 1.5 -0.4% -1.0% 52-Week-High 825.08 Airport Nikola Tesla AERO 510 -0.6% -19.3% 17,488 7.8 3.2 0.1 9.1% 10.1% 52-Week-Low 530.50 Alfa Plam ALFA 7,500 0.0% -7.9% 1,311 2.9 0.3 0.2 10.8% 12.8% Veterinarski Zavod VZAS 360 0.0% -37.9% 814 13.1 0.3 0.7 1.6% 2.5% Jedinstvo Sevojno JESV 5,200 0.0% -15.2% 1,585 3.2 0.4 0.3 9.4% 12.9% * total (not weighted average) number of shares used for calculations ** nonconsolidated data - The results of Energoprojekt Holding, Imlek, Metalac, Veterinarski Zavod and Jedinstvo Sevojno refer to the previous accounting year. Volume Leaders Gainers Fallers BB Share Trading Trading BB Share Trading Trading BB Share Trading Trading % % % Ticker Price Value Volume Ticker Price Value Volume Ticker Price Value Volume AIKB 1,810 0.4% 126,224,287 69,738 PRGS 49 6.52% 14,700 300 PUUE 623 -11.51% 54,824 88 AMSOPB 615 -12.0% 12,616,110 20,514 BMBI 21,000 3.95% 336,000 16 TIGR 530 -3.11% 33,920 64 NIIS 633 0.6% 5,281,888 8,357 ENHL 440 2.09% 728,623 1,657 DINNPB 1,210 -2.89% 102,830 85 AGBN 4,099 1.4% 1,077,298 263 NIIS 633 0.64% 5,281,888 8,357 MTLC 1,705 -2.01% 17,050 10 IMLK 2,399 0.0% 766,355 321 SJPT 560 0.54% 188,730 337 AERO 510 -0.58% 602,599 1,186 Sojaprotein: Price and Moving Averages Petroleum Industry of Serbia Komercijalna Banka: Price and Moving Averages Price Price Turnover Price Price Trading Value Price m RSD 1,400 Price Moving Average 100 700 30 Moving Average 100 1,300 4,000 Moving Average 50 Moving Average 50 680 1,200 25 3,700 660 Millions 3,400 1,100 640 20 3,100 1,000 620 2,800 900 600 15 2,500 800 580 10 2,200 700 560 1,900 600 540 5 1,600 500 520 1,300 400 500 0 1-Nov-10 1-Feb-11 1-May-11 1-Aug-11 1-Nov-11 5-Oct-11 15-Oct-11 25-Oct-11 4-Nov-11 1,000 1-Nov-10 1-Feb-11 1-May-11 1-Aug-11 1-Nov-11 Foreign Savings Bonds Treasury Bonds' Prices and Yield Curve BB Bond Turnover Trading Price Bonds's Prices Yied Curve Ticker Price y m EUR Volume 130 6.00% A2012 97.02 5.43% 400 412 126 A2013 92.18 5.31% 511 554 5.80% 122 5.73% A2014 87.42 5.37% 0 0 118 5.53% 5.43% 5.60% 5.37% A2015 82.50 5.53% 630 764 114 5.31% 5.40% 110 A2016 77.51 5.73% 164 212 106 5.20% 102 97.02 FX 98 5.00% EURRSD 102.31 94 92.18 4.80% USDRSD 74.32 90 87.42 86 82.50 4.60% 82 77.51 4.40% 78 74 4.20% A2012 A2013 A2014 A2015 A2016 Source: Belgrade Stock Exchange, Sinteza Invest Group BDD Sinteza Invest Group Jurija Gagarina 32 / II www.sinteza.net 11070 Belgrade, Srbija www.sinteza.net/en Tel: 2099-500, 2099-574 www.sinteza.net/disclaimer Fax: 2099-577 • Sinteza Invest Group • www.sinteza.net • Jurija Gagarina 32/II • [email protected] T O P B U S I N E S S S T O R I E S SERBIA Ciric: Economic growth about 2% in 2011 Serbian Minister of Economy and Regional Development Nebojsa Ciric stated Friday that the gross domestic product should increase by about 2% in 2011, adding that it is encouraging that industrial production figures rose this year. Ciric said that the EU candidate status Serbia was expecting to get in December guaranteed predictability and stability of conditions in the country and should imply the increase in level of investments. In his speech at the annual summit of the Central European Initiative (CEI), Ciric said that the country could feel the impact of the second wave of the world economic crisis in case of bigger problems in the EU member-states which are Serbia's traditional trade partners. According to him, this could imply a decrease in the demand in the countries' markets and, consequently, a lower competitiveness. He pointed out that the cooperation between CEI members could be improved in the domain of trade, as well as in joint ventures in third-country markets. EBRD to redirect its support to Serbia The president of the European Bank for Reconstruction and Development (EBRD) Thomas Mirow informs that the Bank will keep on supporting Serbia, especially in real economy. However, the EBRD wants to direct its support towards private sector, especially small and medium-sized enterprises, Mirow explains, recalling that the Bank has so far mostly supported infrastructure projects and public companies. The growth of small and medium-sized companies is currently the top priority of Serbian government. Serbia's surplus with CEFTA totals USD 1.15bn Serbia recorded USD 1.15bn worth of surplus in the first nine months of 2011 in trade with the Central European Free Trade Agreement (CEFTA) countries. This is mainly thanks to the export of agricultural products. According to the data of the Statistical Office, Serbia mainly exported cereals, beverages, iron and steel to CEFTA countries in the period January- September 2011, while it most imported electricity, iron, steel, black coal, non-ferrous metals, fruit and vegetables. In the said period, Serbia's exports totalled USD 2.4bn and its imports added up to USD 1.25bn and the export-import ratio totalled 192.3 per cent. In 2010, Serbia made USD 1.36bn worth of surplus in trade with CEFTA countries, mostly due to export of agricultural goods. The CEFTA region is one of few markets on which Serbia continuously records exchange surplus. BELGRADE STOCK EXCHANGE The Belex15 Index fell by 2.52% amid choppy trading worldwide The volatile trading seen in the world markets last week negatively affected the Belgrade Stock Exchange. Even though the turnover rose week-over-week by 12.82% to RSD 479.93m, trading was also characterised by higher activity in less liquid stocks. The Belex15 Index, the index encompassing 15 blue-chip companies and widely considered as the market benchmark, fell by 2.52% and ended the Friday’s trading session at 541.35 points. The most traded issue in the market was the stock in the AIK Banka. Nis-based banking institution saw turnover worth RSD 155.76m, mostly realised on Friday. The bank’s market capitalisation unexpectedly slumped on Monday by 8.49%, but failed to pare the loss during the rest of the week. For last five days the bank plunged 6.85% and closed at RSD 1,810. At that price, bank’s market cap valued at RSD 15.78bn. The biggest bank listed on the Exchange, the Komercijalna Banka enjoyed heavier turnover this week, too. It totalled to RSD 92.68 amid the price fall of 0.68% over the week. The bank reported about its third quarter results claiming the rise in the pre-tax income of more than 60% y-o-y, or 50% rise in the first nine months to September 2011 compared to the same time frame of 2010.
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