WEEKLY REPORT Interest rates. Serbian government securities EUR. Actual Previous Actual Previous Key rate 3.80% 3.

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1 Financial Market Analysis Treasury and ALM Department Member of WEEKLY REPORT Interest rates NBS key rate Serbian government securities RSD Actual Previous Actual Previous Key rate 3.% 3.% = 3 months 2.7% 2.79% Source:NBS 6 months 2.64% 2.6% Major central banks key rates 3 weeks 3.48% 3.49% Actual Previous 2 years 4.% 4.6% Europe.%.% = 3 years 3.8% 3.88% USA 2.% 2.2% years 3.74% 3.7% Switzerland -.7% -.7% = 7 years 4.7%.% UK.7%.% 1 years 4.8% 4.8% 24 m floaters NBS key rate +.2% NBS key rate +.2% = Serbia long-term credit rating Serbian government securities EUR Moody's S&P Fitch Actual Previous Ba3 BB BB 3 weeks.4%.47% outlook stable stable stable 2 years.6%.96% latest update years 1.% 1.24% Source: Bloomberg Source: PDA Serbian interbank interest rates years 1.78% 1.88% 7 years 2.% 1 years 3.% 4.% 1 years 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 1-Jan 16-Jan 3y T-bonds RSD 3,,, 1y T-bonds EUR,, 9-Jan 7y 1,,, RSD 12.27% 4.7% Latest results from EUR auctions Latest results from RSD auctions EUR millions RSD bln %.6% 1.% 1.78% 2.% 3.% 4.%.% 4.% 3.% 2.% 1.% % 2.64% 3.48% 4.% 3.2% 3.8% 3.74% 4.7% 4.8% 6% % 4% 3% % -1.% -2.% 6 4 2% 1% 1y 2y 3y y 7y 1y 1Y Sold Issued Accepted rate -3.% 3 m 6 m 12 m 24 m 24 m float 36 m 6 m 84 m 1 y Sold Issued Accepted rate % Macroeconomic indicators Inflation December CPI mom.1%.3% CPI yoy 2.% 1.9% CPI cumulative ytd 2.% 1.9% 6% % 4% 3% 2% 1% % Consumer price index y/y 2.% GDP Q/Q (%) Q CPI Lower band Upper band November October Source: Ministry of finance % BDP 6.7 November Source: NBS November Industrial production y/y (%) FX reserve NBS (EUR bln) Foreign trade balance (EUR mln) Export-import ratio (%) -4,977.7 Public debt 7.2 Budget balance (RSD mln) September ,34.6 Source: Ministry of finance in % Industrial production and GDP Dec-17 Feb-18 Apr-18 Jun-18 Aug-18 Oct Serbia GDP (q/q) FX Reserves (EUR bln) Industrial production YoY

3 FX Rate Weekly movement EURRSD* RSD versus main currencies - weekly change EUR/RSD -.6% USD/RSD 1.6% CHF/RSD.73% GBP/RSD.1% Jan 8-Jan 1-Jan 11-Jan *Indicative quotations by domestic banks (not market quotations) -2.8% -1.8% -.8%.2% 1.2% 2.2% ; + apreciation, - depreciation FOREX EURUSD EURCHF Jan 8-Jan 9-Jan 1-Jan 11-Jan 7-Jan 8-Jan 9-Jan 1-Jan 11-Jan USDGBP USDCNY Jan 8-Jan 9-Jan 1-Jan 11-Jan 7-Jan 8-Jan 9-Jan 1-Jan 11-Jan Economic indicator calendar for this week (US, EU and Serbia) Country/ Region Indicator Previous Forecast 14-Jan-19 1-Jan Jan Jan Jan-19 USA U. Of Michigan Sentiment (Jan P) Dollar pushed higher on Friday - This week investors will be looking ahead to Tuesday s data on U.S. producer price inflation as they continue to gauge the outlook for policy tightening by the Federal Reserve this year. If figures indicate that inflationary pressures are cooling, there could be a further reprieve from concerns over the prospect of additional rate hikes in the coming months. A number of Fed officials will also be speaking this week, giving them additional opportunities to reassure market watchers that they will take a patient approach towards monetary policy. China is to publish what will be closely watched trade figures on Monday amid the ongoing trade war between Beijing and Washington. The British parliament is due to hold a vote on Prime Ministers Theresa May s Brexit deal on Tuesday after the first attempt at voting on the agreement was postponed last month. Meanwhile, the euro zone is to publish revised inflation figures on Thursday and the UK is to release retail sales data on Friday. The U.S. dollar pushed higher on Friday, even as the greenback s outlook remained bleak amid cautious signals from the Fed about further rate hikes. The U.S. dollar index, which measures the greenback s strength against a basket of six major currencies, ended Friday up.14% at 9.2, but posted its fourth straight weekly decline. Data showing U.S. consumer prices in December fell for the first time in nine months in December had little impact on the market, but it backed the Fed s cautious stance about raising rates this year. The euro was little changed against the dollar in late trade, with EUR/USD at The greenback was also little changed against the yen and the pound, with USD/JPY at 18.4 and GBP/USD changing hands at (Source: investing) 3

4 . Equity markets Serbia BELGRADE STOCK EXCHANGE MARKET CAPITALIZATION Belex Sentiment RSD EUR Shares 497,9,633,8 4,,12,33 Bonds Total 497,9,633,8 4,,12,33 dec.18 nov.18 okt SHARES Belex1 BelexLine Value 72,4 Value 1.19,21 Weekly change(abs) -29,39 Weekly change(abs) Weekly change (%) -4,2% Weekly change (%) -23.% Weekly max 727,6 Weekly max 1.36,87 Weekly min 692,1 Weekly min 1.7, Weekly turnover Weekly turnover FIS FIB FIT total.% b-fis 49,8% s-fis 9,4% 89,61%,% in mio RSD 6 4 Daily turnover 3 actual previous Weekly turnover 78,449,948 Din. 1,31,672,116 Din. change % Weekly turnover 4,88,726 8,716,66 Out of which Bonds 39,31, Din. 21,974, Din % 1.6% No. of transaction 278 1, % Gainers Symbol Last price Change Traded value RSD Traded volume Valjaonica bakra Sevojno a.d., Sevojno Impol Seval a.d., Sevojno Energoprojekt industrija a.d., Beograd Sojaprotein a.d., Bečej VBSE IMPL EPIN KMBNPB SJPT 1,186 3, 2, ,6% +6,67% +2,6% +2,41% +2,19% 981,6,43, 829,4 143,687 12, Losers Symbol Last price Change Traded value RSD Traded volume Tigar a.d., Pirot Aerodrom Nikola Tesla a.d., Beograd Messer Tehnogas a.d., Beograd Alfa plam a.d., Vranje TIGR AERO TGAS KMBN ALFA 3 1,196 1,66 2,1 33, -26,83% -17,46% -8,91% -2,18% -1,1% 48 Din. 2,4,673 3,28 4,323,67 198, 16 2,91 2,11 6 Most traded shares Impol Seval a.d., Sevojno Aerodrom Nikola Tesla a.d., Beograd NIS a.d., Novi Sad Valjaonica bakra Sevojno a.d., Sevojno Source: Belgrade Stock Exchange Symbol Last price Traded value RSD No.of transactions Traded volume IMPL KMBN AERO NIIS VBSE ,43, 4,323,67 2,4,673 2,217, , ,41 2,11 2,91 3,

5 Region indices Country Index Value Weekly change Change YTD Hrvatska CROBEX 1, % -.88% Slovenija SBITOP % -.33% Rep. Srpska BIRS %.4% Bosna&Her. SASX % 13.67% Rumunija BET 7, % -6.62% Bugarska SOFIX % % World indices Country Index Value Weekly change YTD change USA Dow Jones Industrial 23, % -2.93% USA S&P 2, % -2.89% USA NASDAQ 6, %.99% Engleska FTSE 6, % -1.1% EU DJ STOXX % -1.27% Nemačka DAX 1, % -1.72% Kina CSI 3 3, % % Japan NIKKEI 22, % % Commodities Brent ($/bbl) Gold ($/oz) \ Jan 8-Jan 9-Jan 1-Jan 11-Jan Copper ($ cents/lb ) 7-Jan 8-Jan 9-Jan 1-Jan 11-Jan Wheat ($ cents/bushel) \ Jan 8-Jan 9-Jan 1-Jan 11-Jan 7-Jan 8-Jan 9-Jan 1-Jan 11-Jan Contact Financial Market Analysis Dealing Vladimir Gavović Darko Karanović Snežana Topalović 1 - Boban Todorović Dragan Ignja Brokerage and custody Office Snežana Spasojević Treasury Office Dragomir Milin Marta Latinović Biljana Radosavljevic Bojan Barošević Nikola Ostojić 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.