WEEKLY REPORT Interest rates. Actual Previous Actual Previous Key rate 4.80% 4.90% USA 5.60% 5.60% = UK.

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1 Financial Market Analysis Treasury and ALM Department Member of WEEKLY REPORT Interest rates Actual Previous Actual Previous Key rate 3.7% 4.% 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 4.6% 4.6% = Europe.%.% = 3 years 4.8% 4.9% USA 1.2% 1.2% = years 6.%.8% Switzerland -.7% -.7% = 7 years.6%.6% = UK.2%.2% = years 12.99% NBS key rate Serbian government securities RSD 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.%.% = outlook Stable positive stable 2 years.99% 1.4% latest update years 1.8% 1.87% Source: Bloomberg Source: PDA Beonia Belibor 1m Belibor 3m Belibor 6m YTD Serbian interbank interest rates years 2.6% 2.69% years 4.% 4.% = 1 years 4.% 4.% = Sources: NBS, Reuters BEONIA Belibor 1M Belibor 3M Belibor 6M RSD interest rates Y Italian bond Y German bund Y Italian bond World market interest rates 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

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 Latest results from EUR auctions Latest results from RSD auctions EUR millions RSD bln 18 4.% 4.%.% 4.% 6 6.%.6% 7% 6% %.99% 1.8% 2.6% 3.% 2.% 1.%.% -1.% -2.% % 2.64% 3.48% 4.6% 4.2% 4.8% % 4% 3% 2% 1% 1y 2y 3y y y 1Y Sold Issued Accepted rate (right axis) -3.% 3 m 6 m 12 m 24 m 24 m float 36 m 6 m 84 m Sold Issued Accepted rate % Macroeconomic indicators Inflation August CPI mom.2% -.4% CPI yoy 2.% 3.2% CPI cumulative ytd 2.7% 2.% 6% % 4% 3% 2% 1% % Consumer price index y/y 2.% GDP Q/Q (%) Q CPI Lower band Upper band Industrial production y/y (%) August August Source: Ministry of finance Public debt FX reserve NBS (EUR bln) % BDP 64.6 August Source: NBS August Foreign trade balance (EUR mln) Export-import ratio (%) -2, Budget balance (RSD mln) August 6, ,896.8 Source: Ministry of finance in % Industrial production and GDP Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul Serbia GDP (q/q) FX Reserves (EUR bln) Industrial production YoY

3 FX Rate Weekly movement EURRSD* RSD versus main currencies - weekly change EUR/RSD.16% USD/RSD -.% CHF/RSD.32% 119 GBP/RSD 2.% Oct 3-Oct 4-Oct -Oct *Indicative quotations by domestic banks (not market quotations) -3.8% -2.8% -1.8% -.8%.2% 1.2% 2.2% ; + apreciation, - depreciation FOREX EURUSD EURCHF Oct 3-Oct 4-Oct -Oct 6-Oct 2-Oct 3-Oct 4-Oct -Oct 6-Oct USDGBP USDCNY Oct 3-Oct 4-Oct -Oct 6-Oct 2-Oct 3-Oct 4-Oct -Oct 6-Oct Economic indicator calendar for this week (US,EU and Serbia) Country/ Region Indicator Previous Forecast 9-Oct-17 US ISM Manufacturing (September) Oct-17 US 11-Oct-17 FOMC meeting minutes 12-Oct Oct-17 US Consumer Price Index (YoY, Sep) 1.9% 2.3% US Univ of Michigen - confidence (Oct P) Dollar Rises for Fourth Straight Week Amid Strong Economic Data - The dollar was on track for its longest weekly winning streak in almost a year despite ending the week weighed down by concerns about North Korea. The greenback was little changed late in the session Friday, relinquishing an almost.4 percent advance seen after the U.S. nonfarm payrolls report, amid concerns that North Korea might conduct a long-range missile test. The dollar was mixed versus G- peers. Its streak of four straight weekly gains marks the longest since late October 16. U.S. The dollar saw steep gains after September s nonfarm payrolls report showed average hourly earnings rose by. percent m/m vs est..3% and unemployment fell to 4.2% a 16-year low. Markets looked past the first decline in the headline number (-33k vs est. +8k) since as largely reflecting disruptions from hurricanes and saw the uptick in earnings as supportive for a Fed rate hike in December. USD/JPY was trading ~112.71, down.1 percent, with the yen retracing its earlier losses amid haven demand. EUR/USD was trading ~1.1733, reversing a loss to as low as after the jobs report. (Source: bloomberg.com) 3

4 . Equity markets Serbia BELGRADE STOCK EXCHANGE MARKET CAPITALIZATION Belex Sentiment RSD EUR Shares 42,839,94,237 4,,43,741 Bonds Total 42,839,94,237 4,,43,741 sep.17 avg.17 jul SHARES Belex1 BelexLine Value 726,8 Value 1.616,83 Weekly change(abs) +,32 Weekly change(abs) +12,2 Weekly change (%) +,74% Weekly change (%) +,78% Weekly max 727,29 Weekly max 1.616,83 Weekly min 714,67 Weekly min 1.62,7 Weekly turnover Weekly turnover FIS FIB FIT total 47,64% b-fis 4,18% s-fis,%,% 2,7% in mio RSD 7 6 Daily turnover 4 3 actual previous Weekly turnover 1,283,784,84 Din. 2,8,471,117 Din. Weekly turnover,77,24 17,244,786 Out of which Bonds 1,228,87,8 Din. 1,932,327,281 Din. change % -37.4% -36.4% No. of transaction 1,227 1,8 13.9% Gainers Symbol Last price Change Traded value RSD Traded volume Sojaprotein a.d., Bečej Impol Seval a.d., Sevojno Jubmes banka a.d., Beograd Metalac a.d., Gornji Milanovac SJPT IMPL JMBN MTLC ,7% +3,68% +2,96% +1,7% Losers Symbol Last price Change Traded value RSD Traded volume Energoprojekt industrija a.d., Beograd Komercijalna banka a.d., Beograd Alfa plam a.d., Vranje Philip Morris Operations a.d., Niš Komercijalna banka a.d., Beograd EPIN KMBNPB ALFA DINNPB KMBN ,82% -2,11% -1,39% -,69% -,2% Most traded shares Metalac a.d., Gornji Milanovac Aerodrom Nikola Tesla a.d., Beograd NIS a.d., Novi Sad Jedinstvo a.d., Sevojno Energoprojekt industrija a.d., Beograd Source: Belgrade Stock Exchange Symbol Last price Traded value RSD No.of transactions Traded volume MTLC AERO NIIS JESV EPIN

5 Region indices Country Index Value Weekly change Change YTD Hrvatska CROBEX 1, % -9.% Slovenija SBITOP % 11.4% Rep. Srpska BIRS 9.2.3% 2.29% Bosna&Her. SASX 63..3% -8.72% Rumunija BET 7, % 12.69% Bugarska SOFIX % 1.87% World indices Country Index Value Weekly change YTD change USA Dow Jones Industrial 22, % 1.24% USA S&P 2, % 13.87% USA NASDAQ 6, % 22.42% Engleska FTSE 7, %.32% EU DJ STOXX % 7.76% Nemačka DAX 12,9.9.99% 12.8% Kina CSI 3 3,836..% 1.9% Japan NIKKEI 22, % 7.92% Commodities Brent ($/bbl) Gold ($/oz) \ Oct 3-Oct 4-Oct -Oct 6-Oct Copper ($ cents/lb ) 2-Oct 3-Oct 4-Oct -Oct 6-Oct Wheat ($ cents/bushel) \ Oct 3-Oct 4-Oct -Oct 6-Oct 2-Oct 3-Oct 4-Oct -Oct 6-Oct Contact Financial Market Analysis Dealing Vladimir Gavović Darko Karanović Snežana Topalović 1-14 Boban Todorović Dragan Ignja Brokerage and custody Office Snežana Spasojević Treasury Office Dragomir Milin Marta Latinović Biljana Radosavljevic Bojan Barošević Nikola Ostojić Custody Vitomir Marić Olivera Glišić 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.