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06 December, 2012 D A I L Y O V E R V I E W • Sinteza Invest Group • 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 140 940 NIIS 720 0.3% 7,662,428 10,678 140 490 930 VZAS 549 1.9% 4,959,210 9,041 120 120 480 SJPT 549 10.0% 4,665,108 8,721 920 100 100 MLNI 1,620 0.0% 4,084,020 2,521 470 910 IMLK 3,200 0.0% 3,184,000 995 80 80 460 900 60 60 890 Gainers 450 40 Ticker Price % Turnover (RSD) Volume 40 880 FRKM 6,360 20.0% 19,080 3 20 440 20 870 EPVI 285 18.8% 168,150 590 0 430 0 860 DNVG 105 12.9% 95,655 911 02-Nov-12 12-Nov-12 22-Nov-12 02-Dec-12 01-Nov-12 11-Nov-12 21-Nov-12 01-Dec-12 SJPT 549 10.0% 4,665,108 8,721 Current Index Level 481.91 Current Index Level 927.78 VZAS 549 1.9% 4,959,210 9,041 Daily Return 0.96% Daily Return 0.77% Weekly Return 3.22% Weekly Return 2.20% Fallers 1M 7.26% 1M 4.47% Ticker Price % Turnover (RSD) Volume YTD -3.43% YTD -5.06% CEBAPB 220 -26.7% 550,000 2,500 52-Week-Return -2.43% 52-Week-Return -4.96% FSIL 550 -25.3% 803,550 1,461 52-Week-High 566.85 52-Week-High 1,051.34 RDJZ 400 -16.7% 189,200 473 52-Week-Low 426.80 52-Week-Low 857.00 PRBN 60 -14.3% 21,600 360 Daily Turnover 21,821,340 Daily Turnover 22,619,423 KMBNPB 835 -1.7% 23,380 28 3M Average Turnover 25,110,355 3M Average Turnover 29,157,522

Belex15 Index Constituents MCap Daily Turnover MCap/ Div. Ticker Price 1W 1M 3M YTD Open High Low P/B P/E D/E ROA ROE Banking Sector (m RSD) Return RSD Assets Yield AIK Banka AIKB 13,904 1,569 1.1% 1.8% 10.9% 12.2% -4.8% 1,561 1,599 1,561 21,968 0.3 3.3 9% 2.1 2.9% 8.9% 0.4% KMBN 9,258 1,063 0.0% 6.3% -3.4% -3.4% -37.5% - - - - 0.2 2.1 3% 5.5 1.5% 9.5% 0.0% Jubmes Banka JMBN 2,180 8,397 0.0% 0.0% -3.4% -19.3% -35.4% - - - - 0.4 11.8 23% 0.1 2.0% 3.5% 0.0% Real Sector P/S Petroleum Industry-NIS NIIS 117,403 720 0.3% 4.0% 9.6% 15.9% 19.0% 714 726 713 7,662,428 1.0 2.6 0.5 1.2 18.9% 46.2% 0.0% ** ENHL 5,704 574 0.0% 1.4% 0.7% 17.4% 46.4% - - - - 0.5 11.5 0.3 1.3 1.9% 4.5% 0.0% Imlek IMLK 27,971 3,200 0.0% 3.2% 6.0% 18.4% 36.0% 3,200 3,200 3,200 3,184,000 2.5 16.1 1.1 1.1 8.1% 16.3% 1.1% SJPT 8,178 549 10.0% 18.8% 22.0% 17.1% -2.8% 530 549 530 4,665,108 0.7 6.4 0.6 0.7 6.6% 10.8% 0.0% Metalac MTLC 1,715 1,681 0.0% 1.9% 2.4% -1.1% 5.1% - - - - 0.5 3.2 0.3 0.6 8.9% 14.3% 7.7% Tigar TIGR 302 176 0.0% -4.9% -9.7% -29.6% -65.8% 176 176 176 176 0.1 - 0.1 2.3 -5.3% -16.2% 0.0% Airport Nikola Tesla AERO 14,744 430 -0.7% -0.5% 0.7% 5.1% -13.7% 430 430 430 430,000 0.6 16.0 2.5 0.1 3.6% 4.0% 6.7% Alfa plam ALFA 927 5,300 0.0% -0.2% 0.0% -7.6% -26.4% 5,300 5,300 5,300 673,100 0.2 2.1 0.2 0.3 9.2% 11.2% 0.0% Veterinarski zavod VZAS 1,241 549 1.9% 1.9% 32.0% 51.7% 71.0% 540 550 540 4,959,210 0.5 25.8 0.3 0.5 1.3% 1.8% 0.0% Jedinstvo Sevojno JESV 1,373 4,507 0.1% 2.4% 3.6% 2.9% -7.2% 4,507 4,507 4,507 225,350 0.3 2.2 0.2 0.9 9.0% 15.4% 11.1% Galenika Fitofarmacija FITO 2,776 2,103 0.0% -4.1% 1.1% -8.1% 15.5% - - - - 0.6 3.2 1.0 0.1 20.2% 22.2% 6.9% * total (not weighted average) number of shares used for calculations ** previous year results

AIK Banka: Price and Moving Averages NIS: Price and Moving Averages Airport Nikola Tesla: Price and Moving Averages

Price Price Price Price Price Price Moving Average - 100 Moving Average 100 800 550 Moving Average - 100 2,400 Moving Average - 50 Moving Average 50 Moving Average - 50

2,200 750 500

2,000 700 450 1,800 650

1,600 400 600 1,400 350 550 1,200

1,000 500 300 1-Jan 27-Feb 24-Apr 20-Jun 16-Aug 12-Oct 01-Jan 27-Feb 24-Apr 20-Jun 16-Aug 12-Oct 01-Jan 27-Feb 24-Apr 20-Jun 16-Aug 12-Oct

Foreign Savings Bonds Treasury bills, notes and bonds Foreign Indices Country/ Turnover Emision Principal Daily Ticker Price YTM Volume Maturity MMY Realization Stock Simbol Value EUR Date (m RSD) Exchange Change A2013 98.22 3.77% 2,785,776 2,836,289 3m 15-Nov-12 11.95% 5,000 62.00% Vienna SRX EUR 151.28 -0.01% A2014 92.60 5.31% 7,256 7,813 6m 08-Nov-12 12.90% 4,000 100.00% A2015 88.17 5.20% 16,683 18,922 12m 27-Nov-12 12.49% 10,000 30.00% Region Zurich DJS 30 BALKAN 77.73 0.18% A2016 83.91 5.16% 174,297 207,724 18m 20-Nov-12 13.99% 10,000 100.00% Slovenia SBITOP 591.28 -0.47% 24m 24-Jun-12 14.45% 7,769 14.73% Croatia CROBEX 1,766.18 0.33% 36m 04-Dec-12 13.95% 10,000 42.31% Price 6% 60m 14-Nov-12 5.45% USD 750m 100.00% USA NYSE DJIA 13,034.49 0.64% 5.20% 125 NYSE S&P 500 1,409.28 0.16% 5% 5.31% 5.16% FX Nasdaq NASDAQ 2,973.70 -0.77% 115 4% RSD/EUR 113.9663 125 Chicago VIX 16.46 -3.86% RSD/USD 87.277 105 3.77% 120 3% 94.1481 Europe GB FTSE100 5,892.10 0.39% 98.22 RSD/CHF 115 95 92.60 Germany DAX 30 7,454.55 0.26% 2% 110 88.17 France CAC 40 3,590.50 0.28% 83.91 105 85 1% 100 RSDEUR Asia China SSE COMPOSITE 2,029.24 -0.13% 75 0% 95 A2013 A2014 A2015 A2016 Hong Kong HSI 22,249.81 -0.09% 90 Japan NIKKEI 225 9,545.16 0.81% Price YTM 1-Jan 1-Apr 1-Jul 1-Oct

BDD Sinteza Invest Group Mihajla Pupina 115V, Block A3 / 7 Analyst: 11070 Belgrade, Milos Bijanic Tel: +381 (0)11 2099 500 [email protected] Faks: +381 (0)11 2099 578 +381 (0)11 2099 574 www.sinteza.net T O P B U S I N E S S S T O R I E S Serbia

Canada's SNC Lavalin sets up regional office in Serbia - Canadian construction and engineering firm SNC Lavalin has opened a regional office in the Serbian capital Belgrade to facilitate cooperation with companies from the region, the Canadian embassy in Serbia said. The office will be SNC Lavalin's hub for central, eastern and southeastern Europe. SNC Lavalin International's director for business development, Evgeni Shevchenko, was appointed as head of the office, opened on Tuesday, it was said in a statement made available to SeeNews on Wednesday. The company has been present in Serbia since 2010 when it started working as the main contractor for a sulfuric acid plant at Serbia’s copper smelting and mining complex RTB Bor, a project worth more than 200 million Canadian dollars ($ 200.9 million/155.8 million euro). (SeeNews)

Sweden's Verisec opens development center in Belgrade – On December 4th, the Swedish IT company Verisec opened a new development center in Belgrade. This center will be focused on developing state-of-the-art technology in the fields of IT security and cryptography. As the representatives of that company explained, it is a development laboratory where experts will be working on advanced solutions for the Swedish market. Verisec CEO Johan Henrikson told Tanjug news agency that one of the reasons why they invested in Serbia was the availability of well-educated IT staff and young talented people. As he noted, the development center in Belgrade (Verisec Labs) will hire seven people for start, whereas another five experts should be employed within the next six months. The aim is to increase the number of workers to about 20 by 2014, he announced. Henrikson also noted that the laboratory in Belgrade would serve as a development center only, adding that it would not be engaged in sales. - The plan is not to mix the work on new solutions with sales - Henrikson concluded. (eKapija)

Belex

Serbian share indices gain more ground, turnover surges - Serbian share indices extended their gains on Wednesday as turnover surged, bourse data indicated. The blue-chip BELEX15 index of the rose 0.96% to 481.91 points after adding 0.34% on Tuesday. The broader BELEXline was up 0.77% to 927.78 points after advancing by 0.32% in the previous trading session. The joint SRX index of the bourses in Belgrade and Vienna climbed 1.15% in euro terms to 151.54 points after adding 0.46% on Tuesday. Total turnover jumped to 371.1 million dinars ($4.2 million/3.3 million euro) from 128.5 million dinars on Tuesday. Oil and gas company NIS generated Tuesday’s largest turnover of 7.7 million dinars, closing 0.28% higher at 720 dinars. Frozen food producer Frikom led Tuesday's gainers, adding 20% to 6,360 dinars with only three shares changing hands. Sojaprotein gained 10.02% to 549 dinars in a volume of 8,721 shares. "Sojaprotein today jumped as it was announced that the company has called an extraordinary assembly where its shareholders may voice their disagreement with a proposed resolution to approve a loan," Milos Bijanic, financial analyst at Belgrade-based brokerage Sinteza Invest Group, told SeeNews. The stock price is expected to rally further, he added. Earlier on Wednesday, Sojaprotein, part of the local , said it has called an extraordinary meeting of shareholders for December 25 to put to a vote a proposal to provide guarantees for a 50 million euro ($64.5 million) loan for sister company Victoria Logistics as well as a proposal to approve a loan for Victoria Group from the International Finance Corporation. Radiator manufacturer Radijator paced the decliners, losing 16.67% to 400 dinars in a volume of 473 shares. (SeeNews)

Serbia’s Sojaprotein to decide on loan guarantee for Victoria Logistics - Serbian soybeans producer Sojaprotein, part of Victoria Group, said on Wednesday it will put to the shareholders vote a guarantee for a 50 million euro ($64.5 million) loan for Victoria Logistics. Sojaprotein’s supervisory board will recommend to the shareholders to approve at the assembly on December 25 the granting of guarantee for a loan taken from Erste Bank for Victoria Logistics, a member of Victoria Group, Sojaprotein said in a bourse filling. The financing will be used for the procurement of corn, soybean, canola, sunflower and wheat, Sojaprotein said in a statement published on its website. The purchase of raw materials will ensure 100% utilization of Sojaprotein’s production capacity. The assembly will also vote on a 57 million euro loan for Victoria Group from the International Finance Corporation (IFC), meant for refinancing existing short-term loans and providing working capital, the statement said. (SeeNews)

NIS in Talks to Buy OMV Petrom Stations: Energyonline.ro - AD, the Serbian oil and gas company controlled by OAO Gazprom Neft (GAZP), is in talks to buy 60 gas stations from Romania’s OMV Petrom SA (SNP), energyonline.ro reported, citing unidentified industry people. The companies are very close to reaching a deal on the sale of the gas stations in Romania and a final decision is expected from OMV AG (OMV), Petrom’s majority owner, according to the unidentified people cited by energyonline.ro news website. Petrom, which also tried to sell its gas stations in Moldova, didn’t receive any offers for them, energyonline.ro said. OMV, which signed an agreement to sell its unit in Bosnia- Herzegovina to NIS and is selling its retail and commercial business in Croatia, hasn’t made further decisions to sell refining and marketing assets, Petrom said in an e-mailed response to Bloomberg News today. “As a general rule, we do not comment on rumors,” the company said in the statement. “In view of a very tough business environment, OMV has decided to look at how the refining and marketing portfolio could be optimized.” (Bloomberg)

Sources: Belgrade Stock Exchange, Bloomberg, Sinteza Invest Group, SeeNews, eKapija

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BDD Sinteza Invest Group Mihajla Pupina 115V, Block A3 / 7 Analyst: 11070 Belgrade, Serbia Milos Bijanic Tel: 2099-500 [email protected] Faks: 2099-578 +381 (0)11 2099 575 www.sinteza.net