WEEKLY REPORT Interest rates. Serbian government securities EUR. Actual Previous Actual Previous Key rate 5.00% 5.

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1 Financial Market Analysis Treasury and ALM Department Member of WEEKLY REPORT Interest rates Actual Previous Actual Previous Key rate 4.% 4.% = 3 months 2.7% 2.79% Source:NBS 6 months 3.2% 3.2% = Major central banks key rates 3 weeks 3.9% 4.1% = Actual Previous 2 years 4.3% 4.9% Europe.%.% = 3 years.%.37% = USA.%.% = years 6.% 1.8% Switzerland -.7% -.7% = 7 years.98% 1.7% UK.2%.% 1 years 12.99% NBS key rate Serbian government securities RSD 24 m floaters Ref. stopa NBS +.2% Ref. stopa NBS +.4% Serbia long-term credit rating Serbian government securities EUR Moody's S&P Fitch Actual Previous B1 BB- BB- 3 weeks.8%.89% outlook positive stable stable 2 years 1.9% 1.18% = latest update years 2.9% 2.9% = Source: Bloomberg Source: PDA Serbian interbank interest rates years 3.4% 4.% 1 years 4.% 4.4% 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-Aug 3y,,, RSD 31.98%.% * reopening as of 18th Feb 16 Latest results from EUR auctions Latest results from RSD auctions EUR billions RSD bln 4.% 4.% 3 6.% 7% % 3.4% 3.% 2.% % 4.2%.%.98% 6% % % 1.9% 1.% 1 2.7% 3.2% 3.9% 4% 3% 6.% 1 2% 4 -.% 1% 1y 2y 3y y 1y Sold Issued Accepted rate (right axis) -1.% 3 m 6 m 12 m 24 m 24 m float 36 m 6 m 84 m Sold Issued Accepted rate % Macroeconomic indicators July CPI mom.1%.1% = CPI yoy CPI cumulative ytd Inflation GDP q/q (%) 1.2%.3%.8% 1Q June June Source: Ministry of finance % BDP 71.9 June Source: NBS June Industrial production y/y (%) Public debt FX reserve NBS (EUR bln) Foreign trade balance (EUR mln) Export-import ratio (%) -1, Budget balance (RSD mln) June 18,871. 8,863. Source: Ministry of finance Consumer price index y/y 6% % 4% 3% 2% 1.% 1% % jan.14 apr.14 jul.14 okt.14 jan.1 apr.1 jul.1 okt.1 jan.16 apr.16 jul.16 CPI Lower band Upper band in % Industrial production and GDP Jul-1 Aug-1 Sep-1 Oct-1 Nov-1 Dec-1 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun Serbia GDP (q/q) FX Reserves (EUR bln) Industrial production YoY

3 FX Rate Weekly movement EURRSD* RSD versus main currencies - weekly change Aug 8-Aug 9-Aug 1-Aug 11-Aug 12-Aug *Indicative quotations by domestic banks (not market quotations) EUR/RSD -.2% USD/RSD -.2% CHF/RSD.12% GBP/RSD 1.89% -1.% -.%.%.% 1.% 1.% 2.% 2.% ; + apreciation, - depreciation FOREX EURUSD EURCHF Aug 9-Aug 1-Aug 11-Aug 12-Aug 8-Aug 9-Aug 1-Aug 11-Aug 12-Aug USDGBP USDCNY Aug 9-Aug 1-Aug 11-Aug 12-Aug 8-Aug 9-Aug 1-Aug 11-Aug 12-Aug Economic indicator calendar for this week (US,EU and Serbia) Country/ Region Indicator Previous Forecast 1-Aug Aug-16 EU ZEW Survey - Economic sentiment (august) US Core CPI (yoy, july) 2.3% 2.3% 17-Aug Aug-16 EU Core CPI (yoy, jul F).9%.9% US Initial jobless claims 266k 26k 19-Aug-16 Dollar trims losses but remains broadly weaker - The dollar trimmed losses against the other major currencies on Friday, but remained under broad selling pressure as disappointing U.S. data dampened optimism over the strength of the economy and lowered expectations for a 16 rate hike by the Federal Reserve. In a preliminary report, the University of Michigan said its consumer sentiment index rose to 9.4, from July s reading of 9.. Analysts had forecast a larger increase to 91.. The data came after the U.S. Commerce Department said retail sales were flat in July, compared expectations for a.4% rise.core retail sales, which exclude automobile sales, fell by.3% in July, compared to forecasts for an advance of.2%. A separate report showed that U.S. producer prices fell by.4% last month, disappointing expectations for a.1% rise and after a.% gain in June. Year-over-year, producer prices decreased by.2%, confounding expectations for a gain of.2%. EUR/USD gained.32% to The euro found some support after Eurostat said that euro zone gross domestic productrose.3% in the second quarter, unchanged from the previous quarter and in line with consensus forecasts. Year-on-year, GDP in the single currency bloc rose 1.6% in the second quarter, matching both the expansion in the first three months of the year and the forecast. The data was released after Germany surprised markets earlier on Friday with growth of.4%, compared to the.2% increase expected. A separate report showed that euro zone industrial production rose.6% in June, beating expectations for a.% gain and after a 1.2% decline the previous month. GBP/USD edged down.12% to 1.294, close to the previous session s one-month low of USD/JPY retreated.89% to 11.4, while USD/CHF shed.22% to The Australian dollar was fractionally lower, with AUD/USD down.8% at.7692, whilenzd/usd rose.26% to Statistics New Zealand earlier reported that retail sales increased by 2.3% in the second quarter, exceeding expectations for a.9% rise. Core retail sales, which exclude automobiles and gas stations, rose 2.6% in the last quarter. Elsewhere, USD/CAD slid.3% to trade at (Source: Investing.com) 3

4 . Equity markets Serbia BELGRADE STOCK EXCHANGE MARKET CAPITALIZATION Belex Sentiment RSD EUR Shares 6,646,71,362,33,843,693 Bonds Total 6,646,71,362,33,843,693 avg.16 jul.16 jun SHARES Belex1 BelexLine Value 634,23 Value 1.39, Weekly change(abs) -1,82 Weekly change(abs) -2,62 Weekly change (%) -,29% Weekly change (%) -,19% Weekly max 647, Weekly max 1.4,34 Weekly min 624,6 Weekly min 1.377,46 Weekly turnover Weekly turnover FIS FIB FIT total 48,94% b-fis 33,22% s-fis 64,67%,% 49,8% in mio RSD Daily turnover 8 actual previous Weekly turnover,1,744 Din. 28,28,34 Din. Weekly turnover 1,623,473 2,27,3 Out of which Bonds 1,728,28 Din. 231,21,4 Din. change -28.6% % % No. of transaction 2,166 2,163.14% Gainers Symbol Last price Change Traded value RSD Traded volume Halkbank a.d., Beograd Globos osiguranje a.d., Beograd Messer Tehnogas a.d., Beograd Valjaonica bakra Sevojno a.d., Sevojno Philip Morris Operations a.d., Niš CCNB GLOS TGAS VBSE DINNPB ,81% +21,21% +12,64% +8,82% +7,27% Losers Symbol Last price Change Traded value RSD Traded volume Vital a.d., Vrbas Progres a.d., Beograd Energoprojekt Entel a.d., Beograd Sojaprotein a.d., Bečej Galenika Fitofarmacija a.d., Zemun VITL PRGS EPEN SJPT FITO ,87% -11,11% -,9% -,47% -4,% Most traded shares Galenika Fitofarmacija a.d., Zemun Komercijalna banka a.d., Beograd NIS a.d., Novi Sad Metalac a.d., Gornji Milanovac Energoprojekt holding a.d., Beograd Source: Belgrade Stock Exchange Symbol Last price Traded value RSD No.of transactions Traded volume FITO KMBN NIIS MTLC ENHL

5 Region indices Country Index Value Weekly change Change YTD Hrvatska CROBEX 1, %.72% Slovenija SBITOP % 1.44% Rep. Srpska BIRS % % Bosna&Her. SASX % -.89% Rumunija BET 6,789.1.% -3.7% Bugarska SOFIX 49..6% -.4% World indices Country Index Value Weekly change YTD change USA Dow Jones Industrial 18,76..18% 6.61% USA S&P 2,184.1.% 6.8% USA NASDAQ, % 4.% Engleska FTSE 6, % 1.79% EU DJ STOXX % -.39% Nemačka DAX 1, % -.28% Kina CSI 3 3, % % Japan NIKKEI 22 16, % -12.8% Commodities Brent ($/bbl) Gold ($/oz) \ Aug 9-Aug 1-Aug 11-Aug 12-Aug Copper ($ cents/lb ) 8-Aug 9-Aug 1-Aug 11-Aug 12-Aug Wheat ($ cents/bushel) \ Aug 9-Aug 1-Aug 11-Aug 12-Aug 8-Aug 9-Aug 1-Aug 11-Aug 12-Aug Contact Financial Market Analysis Dealing Vladimir Gavović Darko Karanović Boban Todorović Brokerage and custody Office Dragan Ignja Snežana Spasojević Dragomir Milin Biljana Radosavljevic Custody Treasury Office Marta Latinović Bojan Barošević Nikola Ostojić 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.