DAILY REPORT April 4, 2017

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1 Member of Financial Market Analysis Unit Treasury Department DAILY REPORT April, 2017 FX RATES 12 EUR/RSD EUR mn FX rates on domestic market Currency Value Previous Change YTD EUR/RSD % -0.27% USD/RSD % 0.99% CHF/RSD % -0.86% GBP/RSD % -0.6% Central bank informed us that till 12: total amount of trading was 13,3 mio EUR at average rate 123, Turnover on FX market (right axis) Currency EUR/USD EUR/CHF EUR/GBP GBP/USD USD/JPY International markets Value Previous Change YTD % -1.% % 0.33% % -1.18% %.18% % -0.11% EUR/USD Economic indicators Time Country/ Region Indicator Period Previous Projection 16:00 USA Durable good orders FEB 1.70% 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) 2.98% RSD Interest rates NBS key rate Beonia Belibor 3M Interbank interest rates - Serbia BEONIA BELIBOR1M BELIBOR3M BELIBOR 6M Value Previous Change 2.79% 2.73% % 3.3% % 3.2% % 3.71% 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) -0.33% -0.3% % % % % % -0.21% , 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 0.983% 0.983% EURIBOR ISDA 3Y FIXING -0.0% % % 1.10% EURIBOR ISDA Y FIXING 0.197% 0.186% % 1.23% EURIBOR ISDA Y FIXING 0.777% 0.771% % % USD ISDA 3Y FIXING 1.8% 1.79% % -0.7% USD ISDA Y FIXING 2.061% 2.0% % -0.66% USD ISDA Y FIXING 2.01% 2.38% Sources: IBA, Bloomberg

2 apr.16 maj.16 jun.16 jul.16 avg.16 sep.16 okt.16 nov.16 dec.16 jan.17 feb.17 mar.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 year 2 month amortizing RSD Government securities Date Value Previous % 2.79% % 2.6% % 3.9% %.7% %.7% %.80% %.6% % NBS key NBS key rate rate + 0.% + 0.7% y 3m 3w 6m NBS key rate y y Scheduled auctions for this week Date Instrument Currency Volume y T-bonds RSD 1,000,000,000 bps JP Morgan EMBI Serbia Maturity 3 week 2 year 3 year year year EUR government securities Date Value Previous % 0.78% % 1.07% % 1.89% % 2.90% %.20%, JPMorgan 20 2 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 % 1.90% 1.883% Stable Positive Stable Serbia y % 2.86% 1.377% Serbia 7y % 3.72% 2.03% Serbia y % 3.760% 2.8% Serbia 20y % 6.23% Serbian -year Eurobond Price Yield (right axis)

3 EQUITIES SERBIA Value Value from the previous day Change (%) Change YTD Belex % 9.% Belex line 1, , % 19.2% Turnover 1,68,13 Din. 6,20,28 Din. -7.6% 126,613 19,6-7.6% Source: Beogradska berza Ratios P / B P / E Belex1 0,86 1, BELEX1 Belex line ,00 0 1, apr.1 jul.1 okt.1 jan.16 apr.16 jul.16 okt.16 jan.17 apr.17 1,000 apr.1 jul.1 okt.1 jan.16 apr.16 jul.16 okt.16 jan.17 apr.17 Daily change of Belex 1 members 0.81% 0.00% 0.00% 0.00% 0.00% -0.80% -0.6% -0.% -0.27% -2.17% MTLC NIIS AERO KMBN JESV SJPT TGAS FITO ALFA ENHL ENERGOPROJEKT HOLDING AD BE BUDUCNOST AD BACKA PALANKA IMPOL SEVAL AD SEVOJNO NIS AD NOVI SAD MILAN BLAGOJEVI AD SMEDERE JEDINSTVO SEVOJNO AD LASTA AD BEOGRAD DUNAV OSIGURANJE AD MESSER TEHNOGAS AD Company Ticker Price RSD Turnover RSD AERODROM NIKOLA TESLA AD BE VODOPRIVREDA AD POZAREVAC KOMERCIJALNA BANKA AD BEOGR Source: Belex The most traded stocks on Belgrade stock exchange from the previous day Daily change Weekly change P/BV ENHL 1,01,698,1 0.76% 2.6% BDBP 1,00 3,000, % 0.00% IMPL 3,20 1,9, % -1.67% NIIS 71 1,32, % -0.79% #N/A N/A #N/A N/A #N/A N/A MBLS, , % -2.20% JESV,00 0, % 7.11% LSTA , %.01% 0.67 #N/A N/A DNOS 1,80 162, % 6.1% TGAS 12,60 126, % -8.% AERO 1,29 99, % -1.12% VDPO 70,00 6.3% 6.3% #N/A N/A #N/A N/A #N/A N/A KMBN 1,60 69,0-0.28% -6.63% P/E ROE Market capitalization 16,07,869,292 Din. 612,39,00 Din. 3,222,621,0 Din. 120,827,76,00 Din. 61,880,000 Din. 1,371,23,00 Din. 1,070,11,00 Din. 6,2,69,080 Din. 13,113,723, Din.,370,18,900 Din. 32,1,200 Din. 27,79,627,00 Din. Trade gap widens 19.8% in US dollars, 23.7% in euros year-on-year in January-February - Serbia s foreign trade deficit expanded 19.8% year-on-year to USD 68.6 million in January- February, according to a news release from the Statistics Office. Expressed in euros, the deficit was up 23.7% at EUR 62 million. In US dollars, exports rose.9% year-on-year to USD 2.21 billion in January-February, as imports increased 8.1% to nearly USD 2.9 billion, the Statistics Office said. In euros, exports increased 8.% to EUR 2.08 billion and imports went up 11.7% to EUR 2.72 billion. In dollars, intermediary products accounted for.2% of all exports and.3% of all imports, consumer goods 3.9% of exports and 18.2% of imports, and equipment 9.9% of exports and.2% of imports. The biggest chunk of Serbia s exports went to Italy, USD 30.8 million, Germany, USD million, Bosnia-Herzegovina, USD 162 million, Russia, USD 132. million, and Romania, USD 90.9 million. At the same time, most of Serbia s imports came from Germany, USD 367. million, Italy, USD 283 million, China, USD 22.2 million, Russia, USD million, and Hungary, USD million. The EU accounted for as much as 6.7% of Serbia s overall foreign trade. At the same time, Serbia recorded a trade surplus of USD million with CEFTA signatories. (Source: Executive Newsletter) Industrial production declines 1.7% year-on-year in February - Serbia s industrial production in February was down 1.7% year-on-year and 8.2% against the 2016 average, according to a news release from the Statistics Office. In January-February, industrial output rose 0.7% year-on-year. Compared with February 2016, manufacturing grew 2.%, while mining fell 1.%. Electricity, gas, steam, and air conditioning supply dropped 12.8%. The output of capital goods increased 7.3%, durable consumer goods.9%, and intermediate goods excluding energy.9%, while the production of energy decreased.%. On a seasonally adjusted basis, industrial production in February was up 1.7% month-on-month and 0.7% against the 2016 average. In February, manufacturing increased by a seasonally adjusted 2.1% month-on-month and.3% against the 2016 average. (Source: Executive Newsletter) Belgrade stock indexes snap 8-week winning streak - The Belgrade Stock Exchange s (BSE) blue-chip index BELEX1 ended 1.82% lower at points last week, and composite index BELEXline fell 1.23% to 1, points, after eight straight weeks of gains for both. Overall trading totaled RSD 3.07 million, RSD million of which was stock trading and almost RSD million bond trading. The multilateral trading facility registered stock trading worth RSD 1.09 million. On the regulated market, Tigar was the biggest advancer, skyrocketing % to RSD 78. Also trading in positive territory, Halkbank rallied 12.0% to RSD 9,000 and Jubmes Banka rose % to RSD,00. TE-TO fell the most, nosediving 26.78% to RSD 1,900. Also in the red, Sojaprotein tumbled 9.17% to RSD and Messer Tehnogas sank 8.99% to RSD 12,60. Halkbank had the largest trade value, of RSD 29.8 million, ahead of Komercijalna Banka s common stock, with almost RSD.12 million, and Messer Tehnogas, with RSD.2 million. (Source: Executive Newsletter) 3

4 REGION Crobex SBITOP SOFIX BET DJ Stoxx Balkan 0 Croatia Slovenia Bulgaria Romania Balkans 2, , , , % 0.09% -0.1% 1.07% 0.38% 2.03% 8.06% 7.96% 1.11%.80% Index Country/Region Value Value from the previous day Change (%) Change YTD (%) 2,0 CROBEX 80 SBITOP 2,200 2, , ,900 crobex sbi20 1, 60 1,00 apr.1 jul.1 okt.1 jan.16 apr.16 jul.16 okt.16 jan.17 apr.17 apr.1 jul.1 okt.1 jan.16 apr.16 jul.16 okt.16 jan.17 apr.17 SOFIX 8,00 BET 60 8,000 sofix 7,00 bet-c 0 7, ,00 0 6, apr.1 jul.1 okt.1 jan.16 apr.16 jul.16 okt.16 jan.17 apr.17,00 apr.1 jul.1 okt.1 jan.16 apr.16 jul.16 okt.16 jan.17 apr.17 DJ Stoxx Balkan 0 00 dj balkan 00 0 apr.1 jun.1 avg.1 okt.1 dec.1 feb.16 apr.16 jun.16 avg.16 okt.16 dec.16 feb.17 apr.17 Romania's jobless rate flat at.% in February - Romania's unemployment rate stayed flat at.% in February, the national statistics office (INS) said on Monday. Compared to February 2016, the jobless rate was 0.9 percentage points lower, the office said in a statement. The number of unemployed in Romania was 89,000 in February, up from 88,000 in January but below the 68,000 registered in February 2016, INS said in a statement. The jobless rate among women was.0% in February versus.7% among men. Romania's workforce is estimated at about 9.0 million out of a population of some 20.1 million. (, SeeNews) Croatia's government ready to take charge of Agrokor restructuring - The Croatian government is ready take charge of the restructuring of heavily indebted concern Agrokor, prime minister Andrej Plenkovic said on Monday. Pursuant to the provisions of a future law drafted to protect the country's economic and financial systems from the impact of large corporate failures, the government is ready to take responsibility for the sustainable restructuring of Agrokor, Plenkovic said at a press conference following a meeting with the company's suppliers. He explained that the government is willing to support a plan that will stabilize the heavily indebted concern if it takes into account the interests of all stakeholders including the suppliers, or else the government will take control. "We would gladly support an agreement that will enable a successful restructuring and ensure new funds that would give way to regular operations and the settlement of at least a part of the accumulated debt to suppliers," Plenkovic said. The prime minister declined to comment the standstill agreement, which was signed over the weekend by four of the largest Croatian banks, Russia's VTB and Sberbank, and representatives of Agrokor. (, SeeNews)

5 WORLD Index Country/Region Value Dow Jones Industrial US 20, , %.9% S&P 00 US 2,38.8 2, %.36% NASDAQ US,89.68, % 9.0% DAX Germany 12, , % 6.76% FTSE UK 7, , % 1.96% Dow Jones Stoxx EU %.9% Nikkei 22 Japan 18, , % -0.69% Value from the previous day Change (%) Change YTD (%) Dow Jones Industrial 22,000 21,00 21,000 20,00 20,000 19,00 19,000 18,00 18,000 17,00 17,000 dow jones 16,00 16,000 1,00 1,000 1,00 1,000 13,00 13,000 12,00 12,000 apr.1 jul.1 okt.1 jan.16 apr.16 jul.16 okt.16 jan.17 apr.17 NASDAQ Composite 6,200 6,000,800,,00 nasdaq,200,000,800,,00,200,000 3,800 3, 3,00 3,200 3,000 2,800 apr.1 jul.1 okt.1 jan.16 apr.16 jul.16 okt.16 jan.17 apr DJ Stoxx 260 apr.1 jul.1 okt.1 jan.16 apr.16 jul.16 okt.16 jan.17 apr.17 nikkei S&P 00 2,00 2,00 2,0 2,200 2,0 s&p 2,000 1,900 1, apr.1 jul.1 okt.1 jan.16 apr.16 jul.16 okt.16 jan.17 apr.17 DAX 13,00 12,00 11,00 dax,00 9,00 8,00 7,00 6,00 apr.1 jun.1 avg.1 okt.1 dec.1 feb.16 apr.16 jun.16 avg.16 okt.16 dec.16 feb.17 apr.17 23,000 Nikkei 22 21,000 19,000 17,000 dj stoxx 1,000 \ 13,000 11,000 9,000 apr.1 jul.1 okt.1 jan.16 apr.16 jul.16 okt.16 jan.17 apr Brent (USD/bbl) 1,00 Gold 1,30 0 1,0 1, ,200 1,10 1,0 \ 2 apr.16 jul.16 okt.16 jan.17 apr.17 1,00 apr.16 jul.16 okt.16 jan.17 apr.17 Vix Index Nov-16 Dec-16 Dec-16 Dec-16 Dec-16 Jan-17 Jan-17 Jan-17 Jan-17 Jan-17 Feb-17 Feb-17 Feb-17 Feb-17 Mar-17 Mar-17 Mar-17 Mar-17 U.S. Stocks Fall, Led by Automakers; Small-Caps Snap 7-Day Gain - U.S. stocks fell on the first day of the second quarter, with falling bond yields and crude prices weighing on banks and energy companies. General Motors Co. and Ford Motor Co. slipped after the automakers reported fewer U.S. vehicle sales in March than analysts had projected. The S&P 00 Index retreated 0.2 percent to 2,38.8 at p.m. in New York, paring losses after the measure approached the 0-day average of 2,31, a level seen by some analysts as providing support. The benchmark measure last week capped its biggest increase in six weeks, taking its first quarter gain to. percent, the most since 201. The Dow Jones Industrial Average slipped 0.1 percent to 20,60.21 on Monday. () European Stocks End Four-Day Advance as Bank Shares Lead Losses - European stocks declined for the first time in five days, with cyclical shares leading losses, as investors assessed the longest run of quarterly gains since 201. The Stoxx Europe Index fell 0. percent at the close, erasing an earlier advance of as much as 0. percent. Banks declined the most, followed by carmakers and insurers. The industry groups were among the best performers in the equity rally that began in November on bets for stronger global growth, and pushed the Stoxx on Friday to its highest level since December 201. The Stoxx is entering April with a decline after posting its longest run of quarterly gains since 201, and investors last week added the most money to European equity funds in a 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.