DAILY REPORT December 27, 2016

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1 Member of Financial Market Analysis Unit Treasury Department DAILY REPORT December 27, 2016 FX RATES 12.0 EUR/RSD EUR mn 80 FX rates on domestic market Value Previous Change YTD EUR/RSD % -1.7% USD/RSD % -6.1% CHF/RSD % -2.27% GBP/RSD % 12.08% Central bank informed us that till 12: total amount of trading was 6, mio EUR at average rate 123, 8. Turnover on FX market (right axis) EUR/USD EUR/CHF EUR/GBP GBP/USD USD/JPY International markets Value Previous Change YTD % 3.7% % 1.3% % 16.6% % % -1.1% EUR/USD Economic indicators Time Country/ Region Indicator Period Previous Projection 16:00 US Consumer confidence December MONEY MARKET National Bank of Serbia Interest rates Value Key policy rate.00% Next decision Deposit facility 2.0% Lending facility.0% Repo operations (1 week) 2.89% RSD Interest rates NBS key rate Beonia Belibor 3M 6.. Interbank interest rates - Serbia BEONIA BELIBOR1M BELIBOR3M BELIBOR 6M Value Previous Change 2.88% 2.88% % 3.3% % 3.8% % 3.66% Source: Reuters Eurozone (ECB) US (Fed) United Kingdom (BOE) Switzerland (SNB) Major interest rates Value 0.7% 0.2% -0.7% Next decision EUR Interest rates ECB main rate Euribor 3M Interbank Interest rates - Europe -0.2 EONIA EURIBOR1M EURIBOR3M EURIBOR6M Change (bps) -0.36% -0.3% % % % % % % , EBF Sources: ECB, EBF Note: Values are with 2 days delay Libor 1M (USD) Libor 3M (USD) Libor 6M (USD) Libor 1M (CHF) Libor 3M (CHF) Libor 6M (CHF) Sources: ICE, Bloomberg Libor Interest rates Interest rate Swap Value Previous Change Value Previous Change 0.761% 0.76% 0.00 EURIBOR ISDA 3Y FIXING % % % 0.997% EURIBOR ISDA Y FIXING 0.120% 0.11% % 1.316% EURIBOR ISDA 10Y FIXING 0.726% 0.716% % % USD ISDA 3Y FIXING 1.73% 1.7% % % USD ISDA Y FIXING 2.0% 2.06% % -0.66% USD ISDA 10Y FIXING 2.3% 2.% Sources: IBA, Bloomberg

2 dec.1 jan.16 feb.16 mar.16 apr.16 maj.16 jun.16 jul.16 avg.16 sep.16 okt.16 nov.16 FIXED INCOME Yields on RSD government securities on primary sales present Maturity 3 month 6 month 3 week 2 year 3 year year 7 year 10 year 2 month amortizing RSD Government securities Date Value Previous % 2.79% % 3.2% % 3.7% %.9% %.79% % 10.80% %.98% % NBS key NBS key rate rate + 0.2% + 0.% y 3m 3w 6m NBS key rate y 10y Scheduled auctions for this week Date Instrument Volume bps JP Morgan EMBI Serbia Maturity Date Value Previous week % 0.79% 2 year % 1.08% 3 year % 2.9% year % 3.% 10 year %.0%, JPMorgan 1 years % - EUR government securities 220 Sources: Ministry of finance, Banca Intesa Outlook Latest update Serbia Credit rating Serbian Eurobond yields (USD) Moody's S&P Fitch Value Previous UST spread B1 BB- BB- Serbia y % 2.8% 2.017% Positive Stable Stable Serbia y % 3.310% 2.066% Serbia 7y %.267% 2.689% Serbia 10y %.70% 2.9% Serbia 20y % 6.7% Serbian 10-year Eurobond Price Yield (right axis)

3 EQUITIES SERBIA Value Value from the previous day Change (%) Change YTD Belex % 6.8% Belex line 1,6.88 1, % 1.77% Turnover 7,13,38 Din. 13,1,802 Din % 7, , % Source: Beogradska berza Ratios P / B P / E Belex1 0,82 12, BELEX1 Belex line ,00 0 1, dec.1 mar.1 jun.1 sep.1 dec.1 mar.16 jun.16 sep.16 dec.16 1,000 dec.1 mar.1 jun.1 sep.1 dec.1 mar.16 jun.16 sep.16 dec.16 Daily change of Belex 1 members 0.07% -0.09% -1.9% -2.9% TGAS MTLC AERO NIIS KMBN SJPT FITO JESV ALFA ENHL NIS AD NOVI SAD GOA FSO AD SIMICEVO MESSER TEHNOGAS AD Source: Belex The most traded stocks on Belgrade stock exchange from the previous day Company Ticker Price RSD Turnover RSD MORAVAMERMER AD BEOGRAD ADSK GPSIKA AD BEOGRAD IMPOL SEVAL AD SEVOJNO METALAC AD GORNJI MILANOVAC NAPREDAK AD STARA PAZOVA MILAN BLAGOJEVI AD SMEDERE AIK BANKA AD VOJPUT AD AERODROM NIKOLA TESLA AD BE Daily change Weekly change P/BV NIIS 737 3,62,72-0.6% #N/A N/A #N/A N/A #N/A N/A GFSO 90 1,129, MRVM 00 9,00 #N/A N/A #N/A N/A #N/A N/A INFM ,.61%.61% 0.17 #N/A N/A #N/A N/A TGAS 12, , % -.11% IMPL 2,62 199,2 0.8% -.% MTLC 1,6 190, % 0.68% NASP 1,200 16, % 9.00% MBLS,700 12,00 -.0% AIKB 1,70 10, VOJP 8,200 82, AERO 1,1 79, % P/E ROE Market capitalization 120,17, Din. 120,,000 Din. 6,08,00 Din. 160,209,790 Din. 13,33,191,698 Din. 2,72,61,088 Din. 3,37,160,000 Din. 3,98,11,200 Din. 718,200,000 Din. 1,99,09,70 Din. 822,312,00 Din. 39,60,199,20 Din. Slovak national eyes Serbia s spa resorts Mataruska Banja and Bogutovacka Banja, ready to invest up to EUR million, as Kursumlija s Planinka interested in Prolom Banja - Slovak national Slavomir Elias, owner of the Bojnice spa in Slovakia, is interested in Mataruska Banja and Bogutovacka Banja, which will be offered in a package, RTS reported yesterday, citing Ljiljana Jevtic, a former manager of the two Serbian spa resorts. The Slovak suitor is ready to invest between EUR 3 million and EUR million in the two spa resorts and to hire between 20 and 0 people, according to Jevtic. At the same time, Kursumlija-based tourism company Planinka, which operates hotels in the Prolom Banja and Lukovska Banja spas, is interested in acquiring the spa resort of Kursumlijska Banja, according to RTS. Last week, Trade, Tourism, and Telecommunications Minister Rasim Ljajic said that first privatizations of Serbian spas and strategic partnerships could be expected next year, according to earlier reports. (Source: Executive newsletter) Businessman Petar Matijevic files winning, EUR 7.3 million bid to buy bankrupt Yugoexport s building on Belgrade s central Kolarceva Street - Businessman Petar Matijevic, the owner of agribusiness and meatpacker Matijevic, has placed a winning, EUR 7.3 million bid to buy bankrupt trading firm YES Yugoexport Sistem-YES Korporacija s building on Belgrade s central Kolarceva Street, local media reported yesterday, citing the online edition of Vecernje Novosti. The bankrupt firm s assets that have been up for sale for a decade included other facilities as well, according to earlier reports. According to Blic, Yugoexport s creditors have filed a complaint to the Commercial Court in Belgrade over the appraised value of the assets. (Source: Executive newsletter) Geodetic Authority seeks to slash cadastre fees by 0% on average, new tariffs could start applying during The Geodetic Authority (RGZ) has proposed to the Construction, Transportation, and Infrastructure Ministry and the Economy Ministry that a number of cadastre fees be reduced by 0% on average, Vecernje Novosti reported yesterday. The proposed list does not include mortgage registration fees. New tariffs, if given the green light, could take effect during (Source: Executive newsletter) 3

4 REGION Crobex SBITOP SOFIX BET DJ Stoxx Balkan 0 Croatia Slovenia Bulgaria Romania Balkans 1, , , , % 1.% 2.91% 0.13% 3.90% Index Country/Region Value Value from the previous day Change (%) Change YTD (%) 2,100 CROBEX 80 SBITOP 2, , crobex sbi20 1, ,00 dec.1 mar.1 jun.1 sep.1 dec.1 mar.16 jun.16 sep.16 dec.16 SOFIX sofix dec.1 mar.1 jun.1 sep.1 dec.1 mar.16 jun.16 sep.16 dec.16 dec.1 mar.1 jun.1 sep.1 dec.1 mar.16 jun.16 sep.16 dec.16 8,000 BET 7,00 bet-c 7,000 6,00 6,000,00 dec.1 mar.1 jun.1 sep.1 dec.1 mar.16 jun.16 sep.16 dec.16 DJ Stoxx Balkan 0 00 dj balkan 00 0 dec.1 feb.1 apr.1 jun.1 avg.1 okt.1 dec.1 feb.16 apr.16 jun.16 avg.16 okt.16 dec.16 MOL responds to Croatian PM's announcement on INA buyout - Hungary's MOL remains open to talks on the future of Croatian peer INA, the oil and gas company said in a statement on Sunday, responding to an announcement by Croatia's prime minister that the state would buy out MOL's stake in INA. MOL said it had not yet been officially informed by the Croatian government on the matter. Croatian Prime Minister Andrej Plenkovic on Saturday said the state would buy back MOL's stake in INA. The announcement was made after an international arbitration court in Geneva ruled in favour of MOL in a case brought by the state of Croatia. Plenkovic noted that the arbitration court had found insufficient evidence of corruption related to MOL's acquisition of management rights in INA and had not invalidated a shareholders agreement between MOL and the Croatian government signed in MOL welcomed the court's decision on Sunday. MOL owns just under half of INA's shares but exercises management rights in the company. The state of Croatia is the other big stakeholder. Both sides have been at odds over the company's strategy for years. MOL chairman-ceo, Zsolt Hernadi, was earlier acquitted of charges he had bribed Croatia's former prime minister, Ivo Sanader, to give MOL management rights in INA. (, HNW) Hungary to Extend VAT Cuts to More Food Types, Hirlap Reports - Governmentt to cut rates on more foods to help reduce prices and tax evasion, Agriculture Minister Sandor Fazekas tells Magyar Hirlap newspaper in interview. Lower VAT rates for fresh milk, eggs and poultry coming in January. Government to decide on further VAT cuts in 1H 2017 as it prepares 2018 budget. Fish may be up next, govt also looking at cutting VAT to % for processed meats, sausages, bread, some vegetables and fruits depending on budget room. ()

5 WORLD Index Country/Region Value Value from the previous day Change (%) Change YTD (%) Dow Jones Industrial US 19, , % S&P 00 US 2, , % NASDAQ US,62.69, % DAX Germany 11, , % FTSE UK 7, , % Dow Jones Stoxx EU % Nikkei 22 Japan 19, , % 1.91% 20,00 Dow Jones Industrial 20,000 19,00 19,000 18,00 18,000 dow jones 17,00 17,000 16,00 16,000 1,00 dec.1 mar.1 jun.1 sep.1 dec.1 mar.16 jun.16 sep.16 dec.16 NASDAQ Composite,800,,00,200,000 nasdaq,800,,00,200,000 3,800 3, 3,00 3,200 3,000 2,800 dec.1 mar.1 jun.1 sep.1 dec.1 mar.16 jun.16 sep.16 dec.16 DJ Stoxx nikkei dec.1 mar.1 jun.1 sep.1 dec.1 mar.16 jun.16 sep.16 dec.16 S&P 00 2,00 2,0 2,200 2,100 s&p 2,000 1,900 1,700 dec.1 mar.1 jun.1 sep.1 dec.1 mar.16 jun.16 sep.16 dec.16 DAX 13,00 12,00 11,00 dax 10,00 9,00 8,00 7,00 6,00 dec.1 feb.1 apr.1 jun.1 avg.1 okt.1 dec.1 feb.16 apr.16 jun.16 avg.16 okt.16 dec.16 23,000 Nikkei 22 21,000 19,000 17,000 dj stoxx 1,000 \ 13,000 11,000 9,000 dec.1 mar.1 jun.1 sep.1 dec.1 mar.16 jun.16 sep.16 dec Brent (USD/bbl) 1,00 Gold 1,30 0 1,0 1, ,200 1,10 1,100 \ 2 dec.1 mar.16 jun.16 sep.16 dec.16 1,00 dec.1 mar.16 jun.16 sep.16 dec.16 Vix Index Aug-16 Aug-16 Sep-16 Sep-16 Sep-16 Sep-16 Oct-16 Oct-16 Oct-16 Oct-16 Nov-16 Nov-16 Nov-16 Nov-16 Nov-16 Dec-16 Dec-16 Dec-16 Asian Stocks Fluctuate in Light Trading as Oil Extends Advance - Asian equities fluctuated between gains and losses in light trading as the yen halted a four-day advance and oil headed for the longest rally in more than four months. The MSCI Asia Pacific Index was little changed at as of 3:0 p.m. in Hong Kong. Trading volume was less than percent of the three-month average after U.S. and London markets were closed on Monday. Japan s Topix slid 0.1 percent, extending losses for fourth straight session. Indonesia s Jakarta Stock Exchange Composite Index rose 1 percent, poised to end the longest losing streak since 200. Markets are expected to remain thin today, said Jingyi Pan, a market strategist at IG Asia Pte in Singapore. For Asia, it is likely to be a second day of mixed performance with a lack of leads. Japan could nevertheless experience gains with the dollar climbing against the yen. () Oil Extends Longest Run of Gains Since August Before OPEC Cuts - Oil extended the longest winning streak in more than four months before OPEC and other producing nations start reducing output to stabilize the market. Futures advanced 0. percent in New York, climbing for a seventh session. Prices are set to recover next year as production cuts help to re-balance an oversupplied market, Saudi Arabia s Energy Minister Khalid Al-Falih said last week. OPEC and 11 nations from outside of the group including Russia have agreed to trim about 1.8 million barrels a day from January. Oil has traded near $0 a barrel since the Organization of Petroleum Exporting Countries agreed last month to curb production for the first time in eight years. Iraq, the second-biggest OPEC producer, is fully committed to the accord, Oil Minister Jabbar Al-Luaibi said Thursday in Cairo at a meeting of the Organization of Arab Petroleum Exporting Countries. Current oil prices reflect positive factors we ve been seeing recently, including expectations about output cuts by OPEC and non-opec nations, said Will Yun, a Seoul-based commodities analyst at Hyundai Futures Corp. Questions remain on whether the rally will continue because unless there are new bullish items, the market may see more uncertainties in the long term. () Contact Financial Market Analysis Broker-Dealer Office Vladimir Gavović Snežana Spasojević Snežana Topalović Dragomir Milin research@bancaintesa.rs Biljana Radosavljević broker@bancaintesa.rs Custody Dealing Vitomir Marić Darko Karanović Olivera Glišić Boban Todorović kastodi@bancaintesa.rs Dragan Ignja trz_sales@bancaintesa.rs 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.