1. Republic of Serbia Economic and Structural Reform Challenges and Achievements Mladjan Dinkic, Minister of Finance November, 2005 www.mfin.sr.gov.yu

2. GDP per Capita (current USD) and Real Growth Rates Estimated growth of GDP for the first half of 2005 is 6,1%

3. Budget Balance, in % of GDP

4. Monthly Inflation Rate, February 1994 – September 2005

5. Official Reserves, in USD mil., January 1994 – September 2005

6. Official Reserves relative to Real Money Supply (M1) February 1994 – September 2005

7. Official and Gross Reserves relative to Monthly Imports

8. Citizens’ New Savings (in EUR billion)

9. Credit Portfolio of Banking Sector (in EUR billion)

10. Serbia: Exports in USD mill. January 2002- August 2005

11. Foreign Trade Deficit and Current Account Deficit (millions of USD and % of GDP)

12. Regulatory Activity – Laws Adopted by the Parliament Total Number of Laws Financial Laws included in Total Adopted in 2002 46 22 Adopted in 2003 4717 Adopted in 2004 8843 Adopted in 2005 8340 In Procedure 4110 20 guaranties and counter-guaranties issued Laws on restructuring old debts – London Club, Loan for Rehabilitation, government debt to NBS – adopted

13. Privatization Results 2002 - September 2005 TendersAuctionsShare FundTotal Enterprises offered: 901,5086392,237 Enterprises Sold: 501,1913901,631 Success Rate: 56%79%61%73% Employees in Sold Enterprises: 45,736112,22469,060227,020 Selling Price (in 000 EUR): 874,870534,546279,2931,688,708 Total Investments (in 000 EUR): 750,228141,8095,902897,939 Social Program (in 000 EUR): 272,441--

14. Foreign Direct Investments (USD mil.)

15. Public Debt: Total and Foreign (% of GDP)

16. Public debt Significantly lowered external debt –Paris Club –London Club –Foreign debt/GDP dropped to 55% in 2004, down from 169% in 2000 S&P credit rating (B+/Stable/B) in November 2004, upgrade (BB- /Stable/B) in July 2005 Fitch credit rating (BB-/Stable/B) in May 2005 Total foreign debt US$6.6bln, of which: Paris Club US$ 2.59bln London Club US$1.08bln IBRD US$2.20bln Total domestic debt US$4.7bln FX Bonds US$4.27bln

17. FFC Bonds yields Note: Secondary market rates (in Euro) based on BSE closing price

18. T-bill discount rates

19. Interest Rates on Long-term Housing Loans (per annum)