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CASH DEPARTMENT COUNTERFEIT CURRENCY REPORT January March 2016 April 2016

Contents: 1. Expertise of dinar banknotes... 2 2. Expertise of foreign currency banknotes... 4 3. Ratio of counterfeit dinar to foreign currency banknotes... 6 1

1. Expertise of dinar banknotes In Q1 2016, expertise of suspect counterfeit banknotes showed that a total of 1,320 notes were indeed counterfeits, which is 14.9% less than in the same period last year, when 1,552 false banknotes were detected. The face value of forged banknotes decreased by 2.6% (RSD 1,941,450.00 in Q1 2016 relative to RSD 1,993,900.00 in Q1 2015). Table 1 shows the denomination structure of detected counterfeit dinar banknotes. Table 1 Dinar banknote counterfeits, January March 2016 Denomination 5000 2000 1000 500 200 100 50 20 10 Total Pieces 55 546 458 225 4 31 1 0 0 1,320 Share in % 4.17 41.36 34.7 17.04 0.3 2.35 0.08 0 0 100 With regard to the structure of detected counterfeit dinar banknotes, the most frequently forged were the 2000-, 1000- and 500-dinar banknotes (Chart 1). Percentage-wise, these three denominations made up as much as 93.1% of the overall number of counterfeit dinar banknotes. Chart 1 Denomination structure of dinar banknote counterfeits, January March 2016 4.17% 0% 0% 0.08% 2.35% 0.3% 41.36% 17.04% 34.7% 10 20 50 100 200 500 1000 2000 5000 Chart 2 illustrates movements in the number of detected counterfeits of these three banknote denominations over the last six years. 2

Chart 2 The most frequent dinars counterfeits 8000 7000 6000 7,213 5000 4000 3000 2000 1000 0 2,531 1,382 2,330 2,106 1,590 1,562 1,267 860 725 1,114 741 350 2010 2011 2012 2013 2014 2015 2,087 1,729 1,435 500-dinar 1000-dinar 2000-dinar In value terms, the 2000-dinar banknote accounted for the largest share of dinar counterfeits, followed by 1000-, 500- and 5000- dinar banknotes (Table 2 and Chart 3). In percentage terms, these four denominations made up 99.8% of dinar counterfeits. Table 2 Dinar banknote counterfeits, January March 2016 (RSD thousand) Denomination 5000 2000 1000 500 200 100 50 20 10 Total Pieces 275 1,092 458 112.5 0.8 3.1 0.1 0 0 1,941.5 Share in % 14.17 56.25 23.59 5.79 0.04 0.16 0 0 0 100 Chart 3 Denomination structure of dinar banknote counterfeits, January March 2016 (nominally) 0% 0% 0% 0.16% 0.04% 5.79% 14.17% 23.59% 56.25% 10 20 50 100 200 500 1000 2000 5000 3

A comparison of the number of detected counterfeit dinar banknotes with that of genuine dinar banknotes in circulation, which at 31 March 2016 numbered 288.7 million pieces or RSD 161.3 bln (Table 3), reveals that 4.6 in every 1 million of circulating banknotes were found to be counterfeit, i.e. there was RSD 12,034 worth of counterfeits in every RSD 1 billion. Table 3 Circulating banknotes as at 31/03/2016 Denomination Pieces Amount 5000 2,906,342 14,531,710,000 2000 32,069,466 64,138,932,000 1000 63,619,508 63,619,508,000 500 19,955,108 9,977,554,000 200 19,480,903 3,896,180,600 100 24,869,215 2,486,921,500 50 25,373,697 1,268,684,850 20 40,289,862 805,797,240 10 60,101,845 601,018,450 Total: 288,665,946 161,326,306,640 2. Expertise of foreign currency banknotes From January to March 2016, expertise of suspected counterfeit foreign currency banknotes revealed 920 pieces of counterfeits, which is two and a half times more than in the same period in 2015, when a total of 367 counterfeit banknotes were detected. The currency and denomination structure of these counterfeits is presented in Table 4. Тable 4 Foreign currency banknote counterfeits, January March 2016 Currency ЕUR Total USD Denomination 500 200 100 50 20 EUR 100 Total USD Other Total Pieces 50 37 203 570 14 874 37 37 9 920 Share in % 5.4 4.0 22.1 62.0 1.5 95.0 4.0 4.0 1.0 100 A total of 874 counterfeit euro banknotes were detected during the observed period, which is 3.2 times more than in the same period last year, when 273 such banknotes were detected. Movements in the number of the most frequently detected euro counterfeits 50-, 100- and 200-euro banknotes over the last six years are presented in Chart 4. 4

Chart 4 The most frequent euro counterfeits 1,200 1,000 966 1,081 800 600 511 535 400 200 0 345 295 227 243 159 133 118 240 197 184 90 83 129 97 2010 2011 2012 2013 2014 2015 50-euro 100-euro 200-euro In Q1 2016, 37 counterfeit US dollar banknotes were detected, or 2.4 times less than in the same period last year, when 90 dollar banknotes were found to be counterfeit. From January until March this year, only 100-dollar banknote counterfeits were detected. Chart 5 shows movements in the number of detected 100-dollar counterfeits over the last six years. Chart 5 The most frequent US-dollar counterfeit 1,600 1,400 1,200 1,000 800 600 400 200 0 1,572 1,193 504 266 74 94 2010 2011 2012 2013 2014 2015 100-dollar Item Other in Table 4 refers to forged banknotes of four different currencies the Swiss franc (6 pieces), German mark (one piece), pound sterling (one piece) and Hungarian forint (one piece). In nominal value terms, the share of individual currencies in total detected foreign currency counterfeits and their percentage vis-à-vis the figures from a year earlier are best illustrated if expressed in euros 1, as shown in Chart 6. 1 The middle exchange rate as at 7 April 2016 was applied to convert the value of other currencies to the euro for 2015 and 2016. 5

Chart 6 Foreign currency banknote counterfeits, January March 2015 and 2016 (EUR thousand) 90 80 70 60 50 40 30 20 10 0 32.7 7.8 I-III 2015 0.4 81.5 EUR USD Other EUR USD Other 3.2 I-III 2016 5.8 3. Ratio of counterfeit dinar to foreign currency banknotes Chart 7 shows the ratio of detected dinar to foreign currency counterfeit banknotes (in terms of the number of pieces) from January to March 2016. Chart 7 Currency structure of banknote counterfeits detected in January March 2016 37 9 874 RSD EUR USD Other 1,320 As shown, the share of counterfeit dinar banknotes (58.9%) exceeds that of all other foreign currency counterfeits taken together. In nominal value terms, however, the share of individual currencies in total counterfeit banknotes in the first three months of 2016 is best illustrated if expressed in euros 2, as shown in Chart 8. 2 The middle exchange rate as at 7 April 2016 was applied to convert the value of other currencies to the euro. 6

Chart 8 Currency structure of banknote counterfeits detected in January March 2016 (EUR) 3,242 5,816 15,827 81,480 RSD EUR USD Other The dominant share in total detected counterfeits was that of the euro (76.6%), followed by the dinar (14.9%) and the US dollar (3.1%). 7