DAILY REPORT May 12, 2017

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1 Member of Financial Market Analysis Unit Treasury Department DAILY REPORT May 12, 2017 FX RATES FX rates on domestic market Value Previous Change YTD EUR/RSD % 0.22% USD/RSD % 3.2% CHF/RSD % 2.09% GBP/RSD % -1.% EUR/RSD EUR mn Central bank informed us that till 12:30 total amount of trading was 8,1 mio EUR at average rate 123, Turnover on FX market (right axis) EUR/USD EUR/CHF EUR/GBP GBP/USD USD/JPY International markets Value Previous Change YTD % -3.27% % -2.10% % -.2% % 2.6% % 1.2% EUR/USD Economic indicators Time Country/ Region Indicator Period Previous Projection 1:30 USA CPI (yoy) Apr 2.0% 2.30% 16:00 USA U.Michigan confidence May P 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) 2.9% RSD Interest rates NBS key rate Beonia Belibor 3M Interbank interest rates - Serbia BEONIA BELIBOR1M BELIBOR3M BELIBOR 6M Value Previous Change 2.3% 2.77% % 3.37% % 3.% % 3.73% Source: Reuters Eurozone (ECB) US (Fed) United Kingdom (BOE) Switzerland (SNB) Major interest rates Value 0.00% 1.00% 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) % -0.38% % -0.37% % % % -0.29% , 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 0.989% 0.989% EURIBOR ISDA 3Y FIXING % % % 1.181% EURIBOR ISDA Y FIXING 0.26% 0.22% % 1.2% EURIBOR ISDA 10Y FIXING 0.8% 0.837% % % USD ISDA 3Y FIXING 1.787% 1.778% % % USD ISDA Y FIXING 1.980% 2.016% % % USD ISDA 10Y FIXING 2.303% 2.337% Sources: IBA, Bloomberg

2 maj.16 jun.16 jul.16 avg.16 sep.16 okt.16 nov.16 dec.16 jan.17 feb.17 mar.17 apr.17 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% % 2.6% % 3.9% %.7% %.00% % 10.80% %.6% % NBS key NBS key rate rate + 0.% + 0.7% y 3m 3w 6m NBS key rate y 10y Scheduled auctions for this week Date Instrument Volume bps JP Morgan EMBI Serbia Maturity 3 week 2 year 3 year year 10 year EUR government securities Date Value Previous % 0.78% % 1.07% % 1.89% % 2.90% %.20%, JPMorgan 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 Ba3 BB- BB- Serbia y % 1.796% 1.760% Stable Positive Stable Serbia y % 2.% 1.169% Serbia 7y % 3.2% 1.777% Serbia 10y % 3.% 1.830% Serbia 20y % 6.02% Serbian 10-year Eurobond Price Yield (right axis)

3 EQUITIES SERBIA Value Value from the previous day Change (%) Change YTD Belex % 9.31% Belex line 1, , % 17.6% Turnover 311,833,03 Din. 669,309,80 Din. -3.1% 2,31,08,3,92-3.3% Source: Beogradska berza Ratios P / B P / E Belex1 0,8 1, BELEX1 Belex line ,00 0 1, maj.1 avg.1 nov.1 feb.16 maj.16 avg.16 nov.16 feb.17 maj.17 1,000 maj.1 avg.1 nov.1 feb.16 maj.16 avg.16 nov.16 feb.17 maj.17 Daily change of Belex 1 members 1.91% 2.16% 2.31% 0.00% 0.00% 0.00% 0.23% 0.7% -0.28% -0.1% -1.6% AERO ENHL IMPL SJPT TGAS ALFA MTLC FITO JESV KMBN NIIS NIS AD NOVI SAD ENERGOPROJEKT HOLDING AD BE AERODROM NIKOLA TESLA AD BE IMPOL SEVAL AD SEVOJNO PLANINKA AD KURSUMLIJA ENERGOPROJEKT OPREMA AD KOMERCIJALNA BANKA AD BEOGR ENERGOPROJEKT ENTEL AD BEO METALAC AD GORNJI MILANOVAC IRITEL AD BEOGRAD Company Ticker Price RSD Turnover RSD JUGOPREVOZ KRUSEVAC A.D. DUNAV OSIGURANJE AD Source: Belex The most traded stocks on Belgrade stock exchange from the previous day Daily change Weekly change P/BV NIIS 72 7,03, % 2.71% #N/A N/A #N/A N/A #N/A N/A ENHL 1,11 1,897, % 3.1% AERO 1,309 90, % 0.69% IMPL 3,21 8, % -2.67% PLNN 3,000 66, % % ENOP,000 0,000.06% 10.92% KMBN 1,796 37, % 2.3% EPEN 12,0 12, % -3.13% MTLC 1,72 86, % 1.76% IRTL 2 68,120-7.% -7.% JGPK 1,997 9, % 0.00% DNOS 1,80 9, % 0.00% P/E ROE Market capitalization 122,621,20,800 Din. 1,2,03,012 Din.,88,79,10 Din. 3,063,37,037 Din. 2,219,66,000 Din. 1,77,,000 Din. 30,20,08,976 Din.,298,087,300 Din. 3,19,000,000 Din. 12,01,96 Din. 12,07,86 Din. 6,2,69,080 Din. European Commission forecasts Serbia's GDP to grow 3.2% in 2017, 3.6% in 2017, says budget suplus is "within reach" - Serbia s GDP is projected to expand 3.2% in 2017 and 3.6% in 2018, according to the European Commission s Spring 2017 Economic Forecast, local media reported. Economic growth is forecast to strengthen mainly on the back of strong private consumption, while exports and investment are projected to remain robust. As a result, and also due to negative terms of trade, external imbalances are expected to widen. Serbia s current account deficit is projected to expand from 3.8% of GDP in 2016 to.3% in 2017 and.7%in According to the report, a budget surplus is within reach. Under the no-policychange assumption the general government balance is projected to post a small surplus in At this pace of fiscal consolidation government debt is forecast to decline steadily and fall under 70% of GDP in (Source: Executive Newsletter) Serbia, China set to sign EUR 3.2 million worth of road, railway infrastructure deals during ongoing Serbian PM s visit to Beijing, Mihajlovic says - Serbia and China will sign road and railway infrastructure deals worth a total of EUR 3.2 million during the ongoing visit of a Serbian delegation, headed by Prime Minister Aleksandar Vucic, to Beijing, according to Construction, Transportation, and Infrastructure Minister Zorana Mihajlovic, RTS reported yesterday. The deals relate to building highway sections between Preljina and Pozega and from Pozega to the Montenegrin border town of Boljare, both of which are part of the Corridor 11 route. According to her, a EUR million deal on the modernization of the Serbian section of the Belgrade-Budapest railway, from Novi Sad towards the Hungarian border, will also be signed. Also planned for signature is a deal on the construction of a road connecting Novi Sad and Ruma, the so-called Fruska Gora Corridor, which will entail building a Mt. Fruska Gora tunnel, she said, adding that the project is worth EUR 00 million. (Source: Executive Newsletter) State natural gas company Srbijagas debts below EUR 00 million, GM says - State natural gas company Srbijagas debts are now below EUR 00 million, down from EUR 1.7 billion in debts that arose from 2010 to 2012, with interest rates averaging 2.2%, General Manager Dusan Bajatovic has told Tanjug, local media reported yesterday. Part of the debt servicing is now covered by Srbijagas and the rest from the state budget, he said. Bajatovic said that Srbijagas now has no debts to Russian energy giant Gazprom, having settled all obligations, including those that arose prior to Srbijagas had a RSD 2. billion profit and a RSD 17. billion operating profit in 2016, Bajatovic said. (Source: Executive Newsletter) 3

4 REGION Crobex SBITOP SOFIX BET DJ Stoxx Balkan 0 Croatia Slovenia Bulgaria Romania Balkans 1, , , , % 0.96% -0.8% 0.% -0.01% -.3% 9.97% 11.6% 18.07% 13.6% Index Country/Region Value Value from the previous day Change (%) Change YTD (%) 2,300 CROBEX 80 SBITOP 2,200 2, , ,900 crobex sbi20 1, 60 1,00 maj.1 avg.1 nov.1 feb.16 maj.16 avg.16 nov.16 feb.17 maj.17 maj.1 avg.1 nov.1 feb.16 maj.16 avg.16 nov.16 feb.17 maj.17 SOFIX 9,000 BET 60 8,00 sofix 8,000 bet-c 0 7,00 7, ,00 0 6, maj.1 avg.1 nov.1 feb.16 maj.16 avg.16 nov.16 feb.17 maj.17,00 maj.1 avg.1 nov.1 feb.16 maj.16 avg.16 nov.16 feb.17 maj.17 DJ Stoxx Balkan 0 00 dj balkan maj.1 jul.1 sep.1 nov.1 jan.16 mar.16 maj.16 jul.16 sep.16 nov.16 jan.17 mar.17 maj.17 EU lifts Slovenia 2017 GDP forecast on consumption, investment - The European Commission said on Thursday it has raised its forecast for Slovenia's economic growth this year to 3.3% from 3.0% projected in February on the back of private consumption and investment. Slovenia entered 2017 with improving consumer sentiment, increasing retail sales and further decreases in unemployment, all of which are expected to back growth in private consumption and contribute to overall economic advancement, the Commission said in its Spring 2017 Economic Forecast report. Both private and public investment are also projected to positively contribute to growth, the Commission said. Domestic demand is forecast to be the main growth driver in 2017 and 2018, it added. In 2018, Slovenia's economic growth is expected to slow slightly to 3.1%. (, SeeNews) Croatia's Agrokor reports end-march debt of 0. bln kuna (. bln euro) - Croatia's troubled food and retail concern Agrokor said on Thursday its consolidated debt amounted to 0.1 billion kuna ($.9 billion/. billion euro) as of March 31. The debt figure, however, does not include liabilities of the group to retail unit Mercator and its affiliated companies, Agrokor said in a statement. The concern owes its financial creditors 2. billion kuna, of which 99 million kuna is made up of secured debt to banks, while 13.8 billion kuna relates to unsecured debt to banks. (, SeeNews)

5 WORLD Index Country/Region Value Dow Jones Industrial US 20, , %.8% S&P 00 US 2,39. 2, % 6.9% NASDAQ US 6, , % 13.61% DAX Germany 12, , % 10.71% FTSE UK 7, , % 3.1% Dow Jones Stoxx EU % 9.12% Nikkei 22 Japan 19, , %.3% Value from the previous day Change (%) Change YTD (%) 22,000 Dow Jones Industrial 21,000 20,000 19,000 18,000 17,000 dow jones 16,000 1,000 1,000 13,000 12,000 maj.1 avg.1 nov.1 feb.16 maj.16 avg.16 nov.16 feb.17 maj.17 S&P 00 2,00 2,00 2,300 2,200 2,100 s&p 2,000 1,900 1, maj.1 avg.1 nov.1 feb.16 maj.16 avg.16 nov.16 feb.17 maj.17 6,300 NASDAQ Composite 13,00 DAX,800 12,00,300 nasdaq 11,00 dax,800 10,00,300 9,00 3,800 8,00 3,300 7,00 2,800 maj.1 avg.1 nov.1 feb.16 maj.16 avg.16 nov.16 feb.17 maj.17 6,00 maj.1 jul.1 sep.1 nov.1 jan.16 mar.16 maj.16 jul.16 sep.16 nov.16 jan.17 mar.17 maj DJ Stoxx nikkei maj.1 avg.1 nov.1 feb.16 maj.16 avg.16 nov.16 feb.17 maj.17 23,000 Nikkei 22 21,000 19,000 17,000 dj stoxx 1,000 \ 13,000 11,000 9,000 maj.1 avg.1 nov.1 feb.16 maj.16 avg.16 nov.16 feb.17 maj Brent (USD/bbl) 1,00 Gold 1,30 0 1,300 1, ,200 1,10 1,100 \ 2 maj.16 avg.16 nov.16 feb.17 maj.17 1,00 maj.16 avg.16 nov.16 feb.17 maj.17 Vix Index Jan-17 Jan-17 Jan-17 Jan-17 Feb-17 Feb-17 Feb-17 Feb-17 Mar-17 Mar-17 Mar-17 Mar-17 Mar-17 Apr-17 Apr-17 Apr-17 Apr-17 May-17 U.S. Stocks Edge Lower as Retail Shares Decline - U.S. stocks fell after setting a record high Wednesday as retailer stocks declined and small-cap stocks sold off. S&P 00 down 0.2% to 2,39 at pm. Pared early losses of as much as 0.8%. Dow down 2 points to 20,919. Russell 2000 down 0.7%. Consumer discretionary shares down 0.6% on losses in Macy s (-17%), Kohls (-7.8%) Nordstrom (-7.6%) after weak retail earnings. Real estate shares drop 0.%; utility shares unchanged. 10-Year Treasury yield down about 2bps. () Europe Stocks Drop as BOE Says No Projections for Messy Brexit - European stocks ended a two-day advance as Bank of England Governor Mark Carney said the institution hasn t planned for a disorderly Brexit. The Stoxx Europe Index fell 0. percent at the close, the most since April 18. While the Bank of England left the benchmark interest rate unchanged Thursday, Carney said it hasn t modeled for a disorderly Brexit process, in response to a question on how much the central bank s forecasts are based on the assumption of a smooth exit from the European Union. The Stoxx added 0.2 percent Wednesday as oil companies rallied after data showed U.S. crude stockpiles fell the most this year. () Contact Financial Market Analysis Broker-Dealer Office Snežana Topalović Snežana Spasojević Vladimir Gavović 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.