Contents. Introductory Address by the Management 4. Raiffeisen - Leasing International GmbH 5. Business Profile 6. Management Report 7

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2 Contents Contents Introductory Address by the Management 4 Raiffeisen - Leasing International GmbH 5 Business Profile 6 Management Report 7 General Assembly 9 Organizational Chart 10 Financial Statements Statement of Comprehensive Income for the Year Ended 31 December Statement of Financial Position as at 31 December Independent Auditors Report 13 Raiffeisen Leasing's Branches in Serbia 14 Photo by Nebojπa BabiÊ 3

great pleasure that even though the year 2009 will be remembered as a challenging year dominated by the effects of the economic crisis for our company it was another successful year in which we were

3 Introductory Address by the Management Introductory Address by the Management Dear Clients and Partners of Raiffeisen Leasing d.o.o, On behalf of the Management of Raiffeisen Leasing d.o.o. we inform you with great pleasure that even though the year 2009 will be remembered as a challenging year dominated by the effects of the economic crisis for our company it was another successful year in which we were able to further strengthen our market position. As a member of Raiffeisen Banking Group, Raiffeisen Leasing d.o.o. has always applied principle of quality instead of quantity and strict risk policy, which proves to be the right orientation showing its great importance in difficult times like these. During 2009, Raiffeisen Leasing d.o.o. was mainly focused on strengthening long-term partnership with clients of Raiffeisen Banking Group by providing them with a support they needed in their business. One of our major goals was also keeping high level of portfolio quality and minimizing number of problematic cases and repossessed assets on stock. Considering the changed economic environment, we conducted necessary restructuring within our company in order to fully comply with the changes in the market and improve our efficiency in such new circumstances. Notwithstanding the very challenging business circumstances, Raiffeisen Leasing d.o.o. maintained its top ranking as one of the leading leasing companies with a network in 6 towns in the country, besides the Head Office in Belgrade. Our results achieved in 2009, as well as our experience, strong capital base and quality portfolio represent a guarantee that we will remain a secure and reliable partner to our clients and dealers in the forthcoming period as well, even though the year 2010 is still not expected to be much easier compared to Thanks to our high professional standards and expertise of the Group which has proved to be strong even in the times of crisis, Raiffeisen Leasing d.o.o. will be in position to actively support the business and investment plans of its clients, by offering financing of vehicles and equipment in 2010 as well. Our aim is to further develop long-lasting cooperation with our clients, and therefore we are ready to proactively respond to their needs by developing our products and services. We would like to use this opportunity to thank our customers and business partners for the excellent cooperation in 2009 and for their confidence in us. We are also especially grateful to our employees, whose commitment, professionalism and efforts made this year successful, expressing our deep conviction that Raiffeisen Leasing d.o.o. team will keep its strong position in the market in 2010 as well. Ralph Zeitlberger Managing Director Ana RuæiÊ Executive Director 4

4 Raiffeisen - Leasing International GmbH Raiffeisen - Leasing International GmbH Leasing is generally considered to be the most favourable alternative for financing investments in Central and Eastern Europe, primarily due to better collateralization especially for small and medium sized companies. Advantages in tax and accounting add to this business segment's attractiveness. Raiffeisen International's leasing units in Central and Eastern Europe are steered by the sub - group's holding company Raiffeisen - Leasing International GmbH (RLI), located in Vienna, which is 75% owned by Raiffeisen International Bank Holding AG and 25% by Raiffeisen - Leasing GmbH, Vienna. The Raiffeisen - Leasing International network covers 17 countries in Central and Eastern Europe. Nearly 1400 people have been working for the Raiffeisen - Leasing International Group at year - end New business with 851 million euros in 2009 decreased compared to the previous year significantly due to the economic crisis. Raiffeisen - Leasing International's balance sheet total stays at million euros at the end of

5 Business Profile Business Profile Raiffeisen Leasing d.o.o. has been established for the purpose of enhancing and promoting leasing activities in Serbia, and at the same time extending the range of services of Raiffeisen Banking Group in this market. Raiffeisen Leasing d.o.o. was founded on February 10, 2003 with its headquarters in Belgrade, whereby the scope of services offered by Raiffeisen Group in the Serbian market has been expanded, both for legal entities and for private individuals. It started operating in April of the same year. The shareholders of Raiffeisen Leasing d.o.o. are: Raiffeisen-Leasing International GmbH with 50% Raiffeisen banka a.d. with 50% The shareholders of Raiffeisen-Leasing International GmbH are Raiffeisen Leasing Austria with 25% and Raiffeisen International with 75%. Raiffeisen Leasing d.o.o. is governed by the General Assembly on behalf of its shareholders. The General Assembly meets at least three times a year, deciding on strategic issues and directing the business activities of the Company. By fostering high professional standards set by its founders, Raiffeisen Leasing d.o.o. provides its clients with superior quality products and services, as well as complete information regarding the structure and simplicity of all transactions involved. The basic products of Raiffeisen Leasing d.o.o. are vehicle leasing and equipment leasing. Raiffeisen Leasing d.o.o. is located in Belgrade, operating via six other branches, which are situated in Subotica, Novi Sad, abac, Kragujevac,»aËak and Niπ. At the end of 2009, Raiffeisen Leasing d.o.o. had 81 employees, providing their clients with prompt and highly competent services. 6

6 Management Report Management Report The company Raiffeisen Leasing d.o.o. maintained its high ranking in the Serbian market during 2009 as well and contributed to keeping high quality level of Raiffeisen Banking Group services by constantly improving its products and services in order to meet clients' needs, despite aggravated business circumstances in the market. In the course of 2009, Raiffeisen Leasing d.o.o. has remained at the very top of the leasing industry in Serbia, keeping stable market share of 15.07%. Despite the actual financial crisis, the company Raiffeisen Leasing d.o.o. has in 2009 also proven its permanent commitment to developing long-term partnerships with clients of Raiffeisen Banking Group, as well as improving cooperation with the network of the most important dealers. In accordance with changed business environment in the market and also having in mind the restrictive policy of companies and the limited access to new investments in 2009, Raiffeisen Leasing d.o.o. was more oriented towards financing of vehicles, less to financing of equipment. The new business reached the amount of million euros, of which vehicle financing accounts for million euros and equipment 1.84 million euros. During 2009 Raiffeisen Leasing d.o.o. was mainly focused on collection and maintaining of a high-quality portfolio. The financial crisis spillover into the real economy had, as a result, increased number of returned, i.e. repossessed objects of leasing. Aiming to solve this problem, Raiffeisen Leasing d.o.o. successfully implemented remarketing and reselling process of returned and repossessed leasing objects group-wide. Also, by using the Raiffeisen Group experience and in cooperation with Raiffeisen banka a.d., the system of ongoing follow-up and communication with clients was implemented in order to provide timely identification of potential problems considering increasingly difficult collection process. This created the possibility of prevention and timely elimination of undesired effects. By this approach, Raiffeisen Leasing d.o.o. succeeded in maintaining the stability and quality of its portfolio of million euros, while at the same time keeping problematic business arrangements at the lowest level. In order to help clients business in a more difficult environment, Raiffeisen Leasing d.o.o. offered the possibility of reprogramming the existing obligations and adjusting the collection plan to the new circumstances in the market, thus strengthening cooperation with clients even more. 7

7 Management Report Strongly believing in good prospects for the Serbian market, Raiffeisen Leasing d.o.o. has, apart from the corporate segment, been focused on financing of SE&M sector. In order to promote and encourage development of this sector, which is the backbone of each economy, Raiffeisen Leasing d.o.o. signed a loan agreement worth 20 million euros with the European Investment Bank (EIB), specially provided to support this client segment. In 2009 Raiffeisen Leasing d.o.o. has been constantly working on improvement of business procedures in order to simplify as much as possible its processes with a strong focus on efficiency and availability. A high level of clients' satisfaction was documented in a survey of service quality conducted for all clients' segments at the end of the year. As an ambitious and professional company, Raiffeisen Leasing also recognizes the necessity of being a socially responsible company which contributes to Serbian society. Bearing this in mind, Raiffeisen Leasing supported the exhibition of modern art of Lincoln Centre from New York which was presented at the National Bank Gallery during December Considering the overall business environment, further development and potential of the leasing market in Serbia, Raiffeisen Leasing d.o.o. has set the following priorities for 2010: increasing the new business volume, maintaining the quality portfolio structure, focusing on the further improvement of cooperation with clients and the dealer network, by applying top-quality professional standards and constant improvement of its own products, as well as active participation in the further development and qualitative improvement of legal framework for leasing business in Serbia. 8

8 General Assembly General Assembly The General Assembly currently consists of three members: Mr. Oliver Roegl, Chairman of the Managing Board of Raiffeisen banka a.d. Mr. Goran KesiÊ, Member of the Managing Board of Raiffeisen banka a.d. (left on February, 23, 2009) Mr. Zoran PetroviÊ, Deputy Chairman of the Managing Board of Raiffeisen banka a.d. (appointed on February, 23, 2009) Mr. Dieter Scheidl, Managing Director of Raiffeisen - Leasing International GmbH Powers and duties of the General Assembly are determined in the Company Law of the Republic of Serbia and the Articles of Association of Raiffeisen Leasing d.o.o. According to the Articles of Association and to the Company Law of the Republic of Serbia, the General Assembly is the highest body of the company, which consists of the shareholders, or the persons appointed by the shareholders to represent their interests. According to the internal rules of the Raiffeisen Leasing d.o.o, the General Assembly holds its regular meetings minimum three times a year and extraordinary meetings that can be held as many times as necessary. Well - structured composition of the General Assembly guarantees support of both RLI and local bank and knowledge sharing within the Group. 9

9 Organizational Chart Organizational Chart SALES DEPARTMENT Multinational and Large Corporate Companies Unit Outlet BGD 1 & 2 Outlet Novi Sad Sales CS Outlet Subotica Sales CS Outlet Niπ Sales CS Outlet»aËak Sales CS Outlet Kragujevac Sales CS Outlet abac Sales CS Car Unit GENERAL ASSEMBLY EXECUTIVE DIRECTOR MANAGING DIRECTOR PRODUCT DEVELOPMENT & COORDINATION UNIT HR* MANAGEMENT SUPPORT & MARKETING DEPARTMENT LEGAL UNIT DEALER COOPERATION DEPARTMENT CUSTOMER SERVICES DEPARTMENT CONTRACT ADMINISTRATION DEPARTMENT ACCOUNTING & CON- TROLLING DEPARTMENT IT DEPARTMENT Trucks & Trailers Unit Equipment Unit Administration Unit Insurance Unit Accounting Unit Cash Management & Funding Unit Collection Unit Controlling Unit Star means outsourced to Raiffeisen banka a.d. RISK MANAGEMENT DEPARTMENT 10

10 Financial Statements Statement of Comprehensive Income For the Year Ended 31 December 2009 Prepared under IFRS In thousands of RSD Interest income 1,392,252 1,609,697 Interest expenses (544,493) (1,077,943) Net interest income 847, ,754 Fee and commission expenses (37,407) (43,007) Net fee and commission expenses (37,407) (43,007) Net trading income 2,478 54,940 Other operating income 83,244 64,938 Other income 85, ,878 Operating income 896, ,625 Net impairment loss on financial assets (380,450) (78,717) Personnel expenses (119,281) (132,095) Operating lease expenses (21,584) (16,763) Depreciation and amortisation (9,176) (10,691) Other expenses (321,916) (304,167) Profit before income tax 43,667 66,192 Income tax expense (29,048) (10,851) Profit for the period 14,619 55,341 Other comprehensive income, net of income tax - - Total comprehensive income for the period 14,619 55,341 11

Financial Statements Statement of Financial Position as at 31 December 2009 Prepared under IFRS In thousands of RSD 2009 2008 Assets Cash and cash equivalents

equipment 17,565 21,895 Intangible assets 7,631 11,293 Deferred tax assets 38,896 43,946 Other assets 266,194 567,323 Total assets 14,606,692 17,402,189

liabilities 21,513 19,946 Total liabilities 13,716,681 16,526,797 Equity Share stakes 226,544 226,544 Retained earnings 663,467 648,848 Total equity 890,011

11 Financial Statements Statement of Financial Position as at 31 December 2009 Prepared under IFRS In thousands of RSD Assets Cash and cash equivalents 891,026 60,246 Loans and advances to banks 2,762,787 2,556,011 Loans and advances to customers 10,622,486 14,141,368 Equity investments Property and equipment 17,565 21,895 Intangible assets 7,631 11,293 Deferred tax assets 38,896 43,946 Other assets 266, ,323 Total assets 14,606,692 17,402,189 Liabilities Deposits and borrowings from banks 7,406,224 10,094,409 Deposits and borrowings from customers 6,250,463 6,389,251 Provisions 38,481 23,191 Other liabilities 21,513 19,946 Total liabilities 13,716,681 16,526,797 Equity Share stakes 226, ,544 Retained earnings 663, ,848 Total equity 890, ,392 TOTAL LIABILITIES AND EQUITY 14,606,692 17,402,189 Belgrade, 26 February 2010 For and on behalf of the Management RAIFFEISEN LEASING D.O.O. BEOGRAD Ralph Zeitlberger Managing Director 12

12 Financial Statements 13

Raiffeisen Leasing's Branches in Serbia Raiffeisen Leasing s Branches in Serbia Beograd Milutina MilankoviÊa 134a Tel: (+381 11) 201 77 00 Fax: (+381 11) 313 00 81 Novi Sad Bulevar osloboappleenja

13 Raiffeisen Leasing's Branches in Serbia Raiffeisen Leasing s Branches in Serbia Beograd Milutina MilankoviÊa 134a Tel: ( ) Fax: ( ) Novi Sad Bulevar osloboappleenja 56a Tel: ( ) Fax: ( ) »aËak Gradsko πetaliπte bb Tel: ( ) Fax: ( ) Niπ ObrenoviÊeva 35 Tel: ( ) Fax: ( ) Subotica Trg slobode 5 Tel: ( ) Fax: ( ) Kragujevac Save KovaËeviÊa 1 Tel: ( ) Fax: ( ) abac Masarikova 7 Tel: ( ) Fax: ( ) info.leasing@raiffeisen-leasing.rs 14

OTP BANKA SRBIJA A.D., NOVI SAD. Consolidated Financial Statements of the Banking Group. Year Ended December 31, 2017 and Independent Auditors Report

OTP BANKA SRBIJA A.D., NOVI SAD Consolidated Financial Statements of the Banking Group Year Ended December 31, 2017 and Independent Auditors Report Translation of the Auditors Report issued in the Serbian