Stock Exchange

24 April, 2013 D A I L Y O V E R V I E W • Brokerage • Analisys and Reasearch • Mergers and Aqusitions • Corporate servises • Investment consulting •

Belex15 Index BelexLine Index Volume Leaders

Turnover, m Turnover, m Index Ticker Price % Turnover (RSD) Volume Index 120 1,110 NIIS 982 -0.8% 22,771,604 23,221 120 595 GMON 3,048 -0.7% 7,089,188 2,326 590 100 1,100 100 ENHL 727 1.8% 2,959,775 4,072 585 1,090 AIKB 1,560 0.0% 2,497,560 1,601 80 580 80 1,080 DVCA 290 0.0% 1,307,030 4,507 575 60 60 570 1,070 Gainers 40 565 40 1,060 Ticker Price % Turnover (RSD) Volume 560 LKDN 1,980 20.0% 11,880 6 20 20 1,050 555 MOIN 7,952 15.6% 262,400 33 0 550 0 1,040 NFTA 13,500 12.5% 445,500 33 22-Mar-13 01-Apr-13 11-Apr-13 21-Apr-13 21-Mar-13 31-Mar-13 10-Apr-13 20-Apr-13 SJPT 690 5.8% 361,332 524 Current Index Level 572.15 Current Index Level 1,077.52 ENHL 727 1.8% 2,959,775 4,072 Daily Return 0.01% Daily Return -0.08% Weekly Return -0.28% Weekly Return -0.10% Fallers Monthly Return 0.05% Monthly Return 0.47% Ticker Price % Turnover (RSD) Volume YTD 9.21% YTD 7.16% UNBN 650 -18.8% 35,750 55 52-Week-Return 15.29% 52-Week-Return 10.39% PLTK 15 -16.7% 4,500 300 52-Week-High 586.90 52-Week-High 1,099.21 BIPB 38 -11.6% 15,010 395 52-Week-Low 426.80 52-Week-Low 857.00 ZPKG 11,000 -8.3% 99,000 9 Daily Turnover 36,715,132 Daily Turnover 37,630,283 DNOS 605 -5.5% 20,560 34 3M Daily Average Turnover 49,236,061 3M Daily Average Turnover 54,032,714 YTD Daily Average Turnover 47,093,193 YTD Daily Average Turnover 52,246,019

Belex15 Index Constituents Cap. Price Daily Turnover MCap/ Div. Ticker 1W 1M 3M YTD Open High Low P/B P/E D/E ROA ROE Banking Sector (m EUR) (RSD) Return RSD Assets Yield AIK Banka AIKB 124 1,560 0.0% -0.1% -3.7% -8.9% -0.4% 1,560 1,560 1,560 2,497,560 0.5 3.8 9% 4.8 2.4% 13.8% 0.4% KMBN 121 1,550 -3.1% -7.1% 0.0% 0.0% 10.8% 1,550 1,550 1,550 13,950 0.2 3.3 4% 4.4 1.4% 7.9% 0.0% Jubmes Banka JMBN 21 8,875 0.0% -4.0% -14.6% -18.5% -28.0% 8,875 8,875 8,875 88,750 0.4 14.5 23% 0.2 1.6% 3.0% 0.0% Real Sector P/S Oil Industry of -NIS NIIS 1,438 982 -0.8% 0.1% 7.3% 19.2% 33.4% 977 988 977 22,771,604 1.2 3.2 0.7 1.2 18.7% 44.0% 0.0% ** ENHL 65 727 1.8% 0.6% 6.9% 20.0% 20.2% 714 740 710 2,959,775 0.6 14.6 0.3 1.3 1.9% 4.5% 0.0% Imlek IMLK 237 3,017 0.0% 0.9% -0.8% -3.5% -5.2% - - - - 2.4 15.2 1.0 1.1 8.1% 16.3% 1.2% SJPT 92 690 5.8% 8.2% -10.5% -10.7% -6.1% 685 691 685 361,332 0.8 14.9 0.7 0.7 3.6% 5.8% 0.0% Metalac MTLC 21 2,300 -1.2% 0.0% 0.4% 25.1% 32.6% 2,300 2,300 2,300 190,900 0.6 4.4 0.4 0.6 8.9% 14.3% 5.7% Tigar TIGR 3 186 0.0% -7.0% -7.0% -13.5% -13.5% - - - - 0.1 - 0.1 2.3 -5.3% -16.2% 0.0% Airport "Nikola Tesla" AERO 149 485 -0.8% 0.4% -2.8% -3.8% 8.3% 480 485 480 741,195 0.7 22.9 2.6 0.1 2.9% 3.2% 5.9% Alfa-Plam ALFA 13 8,300 0.0% -2.7% 39.5% 56.0% 56.6% - - - - 0.3 1.4 0.4 0.2 19.1% 22.8% 0.0% Veterinarski zavod VZAS 9 439 -0.2% -2.4% -6.8% -14.8% -20.2% 439 439 439 878 0.4 20.6 0.2 0.5 1.3% 1.8% 0.0% Jedinstvo Sevojno JESV 11 4,150 0.0% 0.0% 1.2% -3.5% -8.2% - - - - 0.3 2.0 0.2 0.9 9.0% 15.4% 12.0% Galenika Fitofarmacija FITO 38 3,200 0.0% 0.1% 6.7% 14.3% 28.0% - - - - 1.0 5.3 1.4 0.2 19.0% 21.5% 4.5% Gosa Montaza GMON 784 3,048 -0.7% -5.6% 22.3% 30.1% 27.2% 3,070 3,070 3,000 7,089,188 0.7 2.1 0.3 0.5 21.4% 39.0% 9.8% * total (not weighted average) number of shares used for calculations ** previous year results

Jubmes Banka: Price and Moving Averages NIS: Price and Moving Averages Gosa Montaza: Price and Moving Averages

Price Price Price Price Price Price Moving Average - 100 Moving Average 100 1,100 3,650 Moving Average - 100 14,000 Moving Average - 50 Moving Average 50 Moving Average - 50 3,450 13,000 1,000 3,250

12,000 900 3,050

11,000 2,850 800 2,650 10,000

700 2,450 9,000 2,250 600 8,000 2,050

7,000 500 1,850 Apr-12 Jun-12 Aug-12 Oct-12 Dec-12 Feb-13 Apr-13 Apr-12 Jun-12 Aug-12 Oct-12 Dec-12 Feb-13 Apr-13 Apr-12 Jun-12 Aug-12 Oct-12 Dec-12 Feb-13 Apr-13

Foreign Savings Bonds Treasury bills, notes and bonds World Indices Country/ Turnover Emision Principal Daily Ticker Price YTM Volume Maturity MMY Realization Stock Simbol Value EUR Date (mlrd RSD) Exchange Change A2013 99.20 8.02% 771 777 3m 07-Mar-13 9.48% 3 83.51% Vienna SRX EUR 180.54 0.03% A2014 95.59 4.17% 1,773 1,855 6m 04-Apr-13 9.39% 3 100.00% A2015 91.56 4.28% 8,017 8,756 12m 09-Apr-13 9.58% 10 100.00% Region Zurich DJS 30 BALKAN 81.55 0.01% A2016 87.34 4.45% 1,175 1,346 18m 12-Dec-12 5.05% EUR 40m 90.30% SBITOP 606.12 0.76% 24m 02-Apr-13 10.24% 10 100.00% CROBEX 1,950.91 0.00% 36m 23-Apr-13 10.49% 10 100.00% Price 9% 60m 16-Apr-13 5.00% EUR 50m 86.62% USA NYSE DJIA 14,719.46 1.05% 125 8% 84m 10-Apr-13 12.25% 5 69.26% NYSE S&P 500 1,578.78 1.04% 8.02% 7% FX , Key and Euribor Rates NASDAQ NASDAQ 3,269.33 1.11% 115 111.3447 Chicago VIX 13.48 -6.32% 4.28% 6% RSD/EUR 120 105 4.17% 4.45% 5% RSD/USD 85.6761 99.20 116 95.59 4% RSD/CHF 90.5094 Europe GB FTSE 100 6,406.10 2.00% 95 91.56 3% Germany DAX 30 7,658.21 2.41% 87.34 112 2% Key Rate 11.75% France CAC 40 3,783.05 3.58% 85 1% 108 RSDEUR 75 0% Euribor 3M 0.207% Asia China SSE COMPOSITE 2,218.32 1.55% A2013 A2014 A2015 A2016 Euribor 6M 0.320% Hong Kong HSI 22,159.50 1.62% 104 Price YTM Euribor 12M 0.520% Apr-12 Aug-12 Dec-12 Apr-13 Japan NIKKEI 225 13,843.46 2.32% D A I L Y C O M M E N T

BSE, 23 April 2013 - Indices end mostly higher

The blue-chip BELEX15 index of the inched up 0.01% to 572.15 points after gaining 1.01% on Monday. The broader BELEXline index lost 0.08% to 1.077,52 points after adding 1.0% in the previous trading session. The joint SRX index of the bourses in Belgrade and Vienna climbed 0.03% in euro terms to 180.54 after a 1.46% increase on Monday. Total BELEX turnover rose to 41.4 million dinars ($484,680/371,090 euro) from 38.7 million dinars in the previous trading session. Total equity trading amounted to 40 million dinars, which is more than yesterday, but still below the daily average.

By far the most traded was NIS (NIIS), which was responsible for more than half of the total turnover of shares with realization of 22.8 million dinars. After yesterday's growth and achievement of the psychological barrier of 1,000 dinars, the price went down to 982 dinars, which is a daily drop of 0.8 percent. Investors seem to have all the attention now focused on the results for the first quarter of this year, which will be released on Friday, April 26. Almost the same percentage decline was experienced by Belgrade Airport "Nikola Tesla" (AERO), which dropped to 485 dinars but with a turnover of 0.7 million dinars, while the Energoprojekt (ENHL) with a turnover of close to 3 million dinars rose by 1.8 percent at 727 dinars. Gosa Montaza (GMON) has continued to decline, dropping by 0.65 percent to 3,048 dinars, while the traffic was very solid 7 million dinars. The highest growth in the index basket Belex15 had Sojaprotein (SJPT) of 5.8 percent and ended the session at 690 dinars with a turnover of 0.4 million dinars. This is the second day in a row that this paper recorded a significant growth while in four days arrived close to 700 from 604 dinars. Gornji Milanovac-based Metalac (MTLC) lost an additional 1.2 percent to 2,300 dinars but the traffic was very modest and amounted to 0.2 million dinars.

The loser of the day was Universal Banka (UNBN), which dropped 18.8 percent to 650 dinars, while (DNOS) was also in the top five losers with a drop of 5.5 percent to 605 dinars. AIK Banka (AIKB) remained unchanged at 1,560 dinars amid implementation of 2.5 million dinars, while Komercijalna Banka (KMBN) with nine stocks fell from 1,600 to 1,550 dinars.

Foreign Savings Bonds registered a modest turnover of 11.2 thousand euros, with minor price changes.

T O P B U S I N E S S S T O R I E S Serbia

Slovenian insurer Triglav sees further expansion in SEE – Slovenian leading insurer Zavarovalnica Triglav is eyeing further expansion in Southeastern Europe (SEE), Ljubljana-based media reported on Monday. "I see plenty of opportunities for growth, in particular in Croatia, Serbia and Bosnia and Herzegovina," Triglav's CEO Matjaz Rakovec told news agency STA (www.sta.si) in an interview. In SEE Zavarovalnica Triglav is already present in Croatia, Bosnia, Serbia, and Macedonia. (SeeNEws)

Fiat Automobili Srbija slashes 2012 net loss - Fiat Automobili Srbija (FAS), a joint venture between the Italian car maker and the Serbian state, cut its net loss to 221.9 million dinars ($2.6 million/1.99 million euro) in 2012 from 5.7 billion dinars a year earlier, data from Serbia's Business Registry Agency (APR) indicated. Operating revenues rocketed up to 40.8 billion dinars in 2012 from 7.6 billion dinars a year earlier while operating expenses jumped to 45.8 billion dinars from 13.1 billion dinars, data submitted to APR showed. In December, news agency Beta (www.beta.rs) reported that FAS produced 30,000 units of the Fiat 500L model at its factory in the central city of Kragujevac in 2012 and exported nearly all of them. In March, FAS director Antonio Cesare Ferrara said that this year between 110,000 and 150,000 units of the new model will be produced, depending on whether a deal on duty-free exports to Russia is reached. The Fiat 500L went into production at Kragujevac in July 2012. Fiat owns 67% of FAS, founded in 2008, while Serbia controls the remainder. (SeeNews)

Serbia’s JAT Airways net loss widens in 2012 - The net loss of Serbian state-owned flag carrier JAT Airways widened 10.2% to 3.68 billion dinars ($43.1 million/33 million euro) in 2012, data from the country's Business Registry Agency (APR) indicated. Operating revenues rose 12.6% to 13.57 billion dinars in 2012 while operating expenses climbed up to 17.49 billion dinars from 15.59 billion dinars a year earlier, data submitted to APR showed. The Serbian government has been battling recently to secure future for its loss-making national flag carrier. In search of a strategic partner, it approached Etihad, the flag carrier of the United Arab Emirates. On Monday Etihad said it will launch as of June 15 daily flights between its home base of Abu Dhabi and the Serbian capital Belgrade. The two companies have signed a code share agreement that will enable JAT Airways to reestablish flights to the U.S., as well as to offer its clients better interconnections with all continents at more favourable prices. The two air carriers will explore further options for strategic cooperation, Etihad has said. JAT Airways said on Friday it will lease in May two Airbus A319s from Slovenian peer Adria Airways. During the three-year lease period, the aircraft will be serviced by state-owned aircraft maintenance company JAT Tehnika, the press office of JAT Airways told SeeNews in an email. Financial details were not disclosed. State-run broadcaster RTS (www.rts.rs) quoted on Friday the director general of JAT Airways, Vladimir Ognjenovic, as saying that the planned delivery by the end of May of newly leased Airbuses would kick off the renewal of the carrier's fleet after a wait of more than 20 years. In February, Ognjenovic said that JAT Airways plans to boost passenger numbers by 11% in 2013, passing the 1.5-millionth-passenger milestone for the first time. According to data from its website (www.jat.com), JAT Airways currently operates a fleet of four ATRs and 10 Airbuses. (SeeNews)

Serbian sugar maker Sunoko net profit falls 5.6% in 2012 - The net profit of Serbian sugar maker Sunoko, part of local vertically-integrated agro- industrial conglomerate MK Group, fell 5.6% to 6.08 billion dinars ($71.2 million/54.5 million euro) in 2012, data from the country's Business Registry Agency (APR) indicated. Operating revenues fell 2.8% to 20.7 billion dinars in 2012 while operating expenses declined to 13.99 billion dinars from 14.15 billion dinars a year earlier, data submitted to APR showed. Sunoko, which owns sugar factories in Vrbas, Pecinci, Kovacica and Bac, is Serbia's biggest sugar producer and exporter. The company is currently participating in a tender for the 82.33% stake of Greece's ailing ATEbank in Hellenic Sugar. (SeeNews)

Serbia sells 10 bln dinars (89.6 mln euro) in 3-yr T-bonds - Serbia on Tuesday sold 10 billion dinars ($117.1 million/89.6 million euro) in three- year Treasury bonds, equal to 100% of its offer, the finance ministry’s treasury department said. The ministry sold a total of 1,000,000 T-bonds at an annual yield of 10.49%, the treasury department said in a statement. The government paper will mature on April 25, 2016. (SeeNews)

Belex

Serbia's NIS wraps up acquisition of 50% stake in Plandiste wind park project - Serbian oil and gas company NIS [BEL:NIIS] said it has formally taken over a 50% stake in the Plandiste wind park project in the Balkan country. In December NIS signed an agreement with Serbia's Energowind to acquire 50% of the project, which envisages the construction of a 102 megawatt (MW) wind farm in the country's north. At this moment the partners have equal shares in the project, but French company Akuo Energy expressed its intention to participate in the construction of the wind park and signed with Energowind a memorandum of understanding, NIS said in a statement on Monday. The wind farm in the municipality of Plandiste will comprise 34 wind generators. The total value of the project amounts to 160 million euro ($209 million). NIS plans use 23.5 million euro from its own funds to finance the project, while the remainder will come from loans from commercial banks. The construction of wind generators is expected to kick off in June and the preparations for commissioning will start the first quarter of 2014. NIS (www.nis.rs), 56.15%-owned by Russia's Gazprom Neft, is one of the largest vertically integrated companies in . Main activities include the exploration, production and processing of oil and gas, as well as the production of a wide range of petroleum products. Energowind is a private company specialised in the development of wind projects in Serbia. (SeeNews) Sources: Belgrade Stock Exchange, Bloomberg, Sinteza Invest Group, SeeNews, eKapija

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