WEEKLY REPORT Interest rates. Serbian government securities EUR. Actual Previous Actual Previous Key rate 3.80% 3.

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1 Financial Market Analysis Treasury and ALM Department WEEKLY REPORT Interest rates NBS key rate Serbian government securities RSD Actual Previous Actual Previous Key rate 3.% 3.% = 3 months 2.7% 2.79% Source:NBS 6 months 2.64% 2.6% Major central banks key rates 3 weeks 3.48% 3.49% Actual Previous 2 years 4.% 4.6% Europe.%.% = 3 years 3.8% 3.88% USA 2.% 1.7% years 3.9% 3.99% Switzerland -.7% -.7% = 7 years.%.6% UK.%.% = years 4.9%.17% 24 m floaters NBS key rate +.2% NBS key rate +.2% = Serbia long-term credit rating Serbian government securities EUR Moody's S&P Fitch Actual Previous Ba3 BB BB 3 weeks.4%.47% outlook stable stable stable 2 years.6%.96% latest update years 1.2% 1.24% Source: Bloomberg Source: PDA Serbian interbank interest rates years 1.78% 1.88% 7 years 2.% years 3.% 4.% 1 years 4.2% 4.2% = Beonia Belibor 1m Belibor 3m Belibor 6m Sources: NBS, Reuters YTD RSD interest rates BEONIA Belibor 1M Belibor 3M Belibor 6M EUR USD/CHF YTD YTD 1m Euribor USD Libor 1m m Euribor USD Libor 3m m Euribor USD Libor 6m EUR Libor 1m CHF Libor 1m EUR Libor 3m CHF Libor 3m EUR Libor 6m CHF Libor 6m Y German bund Y US Treasury Y Italian bond Y US Treasury Y German bund Y US Treasury Y Italian bond Y German bund Y Italian bond World market interest rates 1

2 Serbian government securities Scheduled auctions of government securities for this week Results from auctions held last week Date Security type Currency Issue Volume Date Maturity Issue volume Realization rate Yield 11-Jun 7y,, EUR 6.13% 2.% 13-Jun 2y*,, EUR 7.13%.6% * reopening as of Latest results from EUR auctions Latest results from RSD auctions EUR millions RSD bln % 4.2%.% 4.% 3 3.% 4.9% 6% % %.6% 1.2% 1.78% 2.% 3.% 2.% 1.%.% -1.% -2.% % 2.64% 3.48% 4.% 3.2% 3.8% 3.9% 4% 3% 2% 1% 1y 2y 3y y 7y y 1Y Sold Issued Accepted rate -3.% 3 m 6 m 12 m 24 m 24 m float 36 m 6 m 84 m y Sold Issued Accepted rate % Macroeconomic indicators Inflation May CPI mom.6%.4% CPI yoy 2.1% 1.1% CPI cumulative ytd 1.8% 1.2% 6% % 4% 3% 2% 1% % Consumer price index y/y 2.% GDP Q/Q (%) Q CPI Lower band Upper band March March Source: Ministry of finance % BDP 9. April Source: NBS March Industrial production y/y (%) FX reserve NBS (EUR bln) Foreign trade balance (EUR mln) Export-import ratio (%) -1,243.6 Public debt 7.4 Budget balance (RSD mln) March -12,67.4-3,77. Source: Ministry of finance in % Industrial production and GDP May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar Serbia GDP (q/q).2 FX Reserves (EUR bln) Industrial production YoY

3 FX Rate Weekly movement EURRSD* RSD versus main currencies - weekly change EUR/RSD -.7% USD/RSD -2.8% CHF/RSD -.34% 118 GBP/RSD -.78% Jun 12-Jun 13-Jun 14-Jun *Indicative quotations by domestic banks (not market quotations) -2.8% -1.8% -.8%.2% 1.2% 2.2% ; + apreciation, - depreciation FOREX EURUSD EURCHF USDGBP USDCNY Economic indicator calendar for this week (US,EU and Serbia) Country/ Region Indicator Previous Forecast 18-Jun Jun Jun Jun Jun-218 Euro ended the week down - The euro regained some ground against the dollar on Friday, with EUR/USD rising.36% to 1.16, after falling 1.88% in the previous session. The euro ended the week down 1.34%. The euro tumbled on Thursday after the ECB outlined plans to wind up its massive asset purchase program by December, but also pledged to keep interest rates unchanged until at least the middle of 219. A day earlier a more hawkish sounding Fed raised interest rates for the second time this year and indicated that it now sees two more rate increases before the years end. The U.S. dollar index, which measures the greenback s strength against a basket of six major currencies, slid.14% to 94.8 late Friday, after rising to an eleven-month high of 9.13 earlier. For the week, the index was up 1.33%, its best weekly performance in seven weeks. The dollar was little changed against the yen late Friday, with USD/JPY at 1.66, off a three-week high of 1.9 reached overnight.the pound edged higher on Friday, with GBP/USD rising.11% to , still within striking distance of last month s seven-month lows of after a batch of mixed UK economic data indicated that the economic outlook remains fragile. The euro pushed higher against sterling, with EUR/GBP up.19% after falling 1.4% on Thursday amid a broad based selloff.(source: investing.com) 3

4 . Equity markets Serbia BELGRADE STOCK EXCHANGE MARKET CAPITALIZATION Belex Sentiment RSD EUR Shares 31,193,39,4 4,494,32,99 Bonds Total 31,193,39,4 4,494,32,99 jun.18 maj.18 apr SHARES Belex1 BelexLine Value 73,73 Value 1.43,34 Weekly change(abs) -,4 Weekly change(abs) -1,2 Weekly change (%) -,73% Weekly change (%) -,98% Weekly max 738,1 Weekly max 1.2,83 Weekly min 724,61 Weekly min 1.43,34 Weekly turnover Weekly turnover actual total 23,% b-fis 3,2% s-fis 16,76%,% 1,1% previous Weekly turnover 93,289,619 Din. 1,97,38,932 Din. Out of which Bonds FIS FIB FIT Weekly turnover 7,871,88 13,22,717 89,26,9 Din. 1,28,9,28 Din. No. of transaction 1,8 769 change % % % 44.8% in mio RSD Daily turnover Gainers Symbol Last price Change Traded value RSD Traded volume Voda Vrnjci a.d., Vrnjačka Banja Veterinarski zavod Subotica a.d., Subotica Philip Morris Operations a.d., Niš Aerodrom Nikola Tesla a.d., Beograd VDAV GLOS VZAS DINNPB AERO ,47% +11,61% +8,11% +3,23% +1,67% Losers Symbol Last price Change Traded value RSD Traded volume Messer Tehnogas a.d., Beograd Sojaprotein a.d., Bečej Alfa plam a.d., Vranje TGAS SJPT KMBNPB ALFA KMBN ,16% -4,92% -3,8% -2,86% -2,6% Most traded shares NIS a.d., Novi Sad Voda Vrnjci a.d., Vrnjačka Banja Aerodrom Nikola Tesla a.d., Beograd Messer Tehnogas a.d., Beograd Energoprojekt holding a.d., Beograd Source: Belgrade Stock Exchange Symbol Last price Traded value RSD No.of transactions Traded volume NIIS VDAV AERO TGAS ENHL

5 Region indices Country Index Value Weekly change Change YTD Hrvatska CROBEX 1, % -1.17% Slovenija SBITOP %.9% Rep. Srpska BIRS % -4.78% Bosna&Her. SASX % 9.2% Rumunija BET 8, %.77% Bugarska SOFIX % -7.31% World indices Country Index Value Weekly change YTD change USA Dow Jones Industrial 2, % 1.% USA S&P 2, % 3.97% USA NASDAQ 7, % 12.21% Engleska FTSE 7, % -.7% EU DJ STOXX % -.1% Nemačka DAX 13, %.72% Kina CSI 3 3, % -6.88% Japan NIKKEI 22 22, % -.12% Commodities Brent ($/bbl) Gold ($/oz) \ Copper ($ cents/lb ) Wheat ($ cents/bushel) \ Contact Financial Market Analysis Dealing Vladimir Gavović Darko Karanović Snežana Topalović Boban Todorović Dragan Ignja Brokerage and custody Office Snežana Spasojević Treasury Office Dragomir Milin Marta Latinović Biljana Radosavljevic Bojan Barošević Nikola Ostojić Disclaimer:This overview is written to inform and does not represent a call for making business decisions and buying or selling mentioned financial instruments. Banca Intesa ad Beograd does not guarantee exactness of summoned data. Information, opinions and commentaries in this overview are given with the best intention according to available data provided from relevant sources and as a result of professional attitudes and orientations of analytical team working in Banca Intesa ad Beograd. Banca Intesa ad Beograd does not assume responsibility for possible loss and damage caused by business activities according to any element and contents of the overview. This document may only be reproduced in whole or in part together with the name of Banca Intesa Beograd.