Common use of Entry into force Clause in Contracts

Entry into force. This Contract shall enter into force upon confirmation by the Bank to the Borrower that it has received a certified copy of the Official Gazette of the Republic of Serbia publishing the law on ratification of this Contract by the Parliament of the Republic of Serbia. The Recitals and following Schedules form part of this Contract: Schedule A Form of Allocation Request Schedule B Definition of EURIBOR and LIBOR Schedule C1 Form of Disbursement Request Schedule C2 Form of Certificate from the Borrower Schedule D Interest Rate Revision and Conversion IN WITNESS WHEREOF the parties hereto have caused this Contract to be executed in four (4) originals in the English language and have initialled each page of this Contract on their behalf. Belgrade, 30 December 2013 Luxembourg, 30 December 2013 Signed for and on behalf of REPUBLIC OF SERBIA Signed for and on behalf of EUROPEAN INVESTMENT BANK The Minister of Finance The Managerial Advisor The Legal Counsel ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ CAGNATO Signed for and on behalf of NATIONAL BANK OF SERBIA The Governor ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ A. EURIBOR “EURIBOR” means: (a) in respect of a relevant period of less than one month, the Screen Rate (as defined below) for a term of one month; (b) in respect of a relevant period of one or more months for which a Screen Rate is available, the applicable Screen Rate for a term for the corresponding number of months; and (c) in respect of a relevant period of more than one month for which a Screen Rate is not available, the Screen Rate resulting from a linear interpolation by reference to two Screen Rates, one of which is applicable for a period next shorter and the other for a period next longer than the length of the relevant period, (the period for which the rate is taken or from which the rates are interpolated being the “Representative Period”). For the purposes of paragraphs (b) and (c) above, “available” means the rates that are calculated under the aegis of the EURIBOR FBE and EURIBOR ACI (or any successor to that function of the EURIBOR FBE and EURIBOR ACI as determined by the Bank) for given maturities. “Screen Rate” means the rate of interest for deposits in EUR for the relevant period as published at 11h00, Brussels time, or at a later time acceptable to the Bank on the day (the “Reset Date”) which falls 2 (two) Relevant Business Days prior to the first day of the relevant period, on Reuters page EURIBOR 01 or its successor page or, failing which, by any other means of publication chosen for this purpose by the Bank. If such Screen Rate is not so published, the Bank shall request the principal euro- zone offices of four major banks in the euro-zone, selected by the Bank, to quote the rate at which EUR deposits in a comparable amount are offered by each of them as at approximately 11h00, Brussels time, on the Reset Date to prime banks in the euro-zone interbank market for a period equal to the Representative Period. If at least 2 (two) quotations are provided, the rate for that Reset Date will be the arithmetic mean of the quotations. If fewer than 2 (two) quotations are provided as requested, the rate for that Reset Date will be the arithmetic mean of the rates quoted by major banks in the euro-zone, selected by the Bank, at approximately 11h00, Brussels time, on the day which falls 2 (two) Relevant Business Days after the Reset Date, for loans in EUR in a comparable amount to leading European Banks for a period equal to the Representative Period. If the rate resulting from the above is below zero, EURIBOR will be deemed to be zero. If no rate is available as provided above, EURIBOR shall be the rate (expressed as a percentage rate per annum) which is determined by the Bank to be the all-inclusive cost to the Bank for the funding of the relevant Tranche based upon the then applicable internally generated Bank reference rate or an alternative rate determination method reasonably determined by the Bank. B. LIBOR USD “LIBOR” means, in respect of USD: (a) in respect of a relevant period of less than one month, the Screen Rate for a term of one month; (b) in respect of a relevant period of one or more months for which a Screen Rate is available, the applicable Screen Rate for a term for the corresponding number of months; and (c) in respect of a relevant period of more than one month for which a Screen Rate is not available, the Screen Rate resulting from a linear interpolation by reference to two Screen Rates, one of which is applicable for a period next shorter and the other for a period next longer than the length of the relevant period, (the period for which the rate is taken or from which the rates are interpolated being the “Representative Period”). For the purposes of paragraphs (b) and (c) above, “available” means the rates that are calculated under the aegis of the British Bankers Association (or any successor to that function of the British Bankers Association as determined by the Bank) for given maturities. “Screen Rate” means the rate of interest for deposits in USD for the relevant period as set by the British Bankers Association (or any successor to that function of the British Bankers Association as determined by the Bank) and released by financial news providers at 11h00, London time, or at a later time acceptable to the Bank on the day (the “Reset Date”) which falls 2 (two) London Business Days prior to the first day of the relevant period. If such Screen Rate is not so released by any financial news provider acceptable to the Bank, the Bank shall request the principal London offices of 4 (four) major banks in the London interbank market selected by the Bank to quote the rate at which USD deposits in a comparable amount are offered by each of them at approximately 11h00, London time, on the Reset Date, to prime banks in the London interbank market for a period equal to the Representative Period. If at least 2 (two) such quotations are provided, the rate will be the arithmetic mean of the quotations provided. If fewer than 2 (two) quotations are provided as requested, the Bank shall request the principal New York City offices of 4 (four) major banks in the New York City interbank market, selected by the Bank, to quote the rate at which USD deposits in a comparable amount are offered by each of them at approximately 11h00, New York City time, on the day falling 2 (two) New York Business Days after the Reset Date, to prime banks in the European market for a period equal to the Representative Period. If at least 2 (two) such quotations are provided, the rate will be the arithmetic mean of the quotations provided. If the rate resulting from the above is below zero, LIBOR will be deemed to be zero. If no rate is available as provided above, LIBOR shall be the rate (expressed as a percentage rate per annum) which is determined by the Bank to be the all-inclusive cost to the Bank for the funding of the relevant Tranche based upon the then applicable internally generated Bank reference rate or an alternative rate determination method reasonably determined by the Bank. C. LIBOR GBP “LIBOR” means, in respect of GBP: (a) in respect of a relevant period of less than one month, the Screen Rate for a term of one month; (b) in respect of a relevant period or of one or more months for which a Screen Rate is available, the applicable Screen Rate for a term for the corresponding number of months; and (c) in respect of a relevant period of more than one month for which a Screen Rate is not available, the Screen Rate resulting from a linear interpolation by reference to two Screen Rates, one of which is applicable for a period next shorter and the other for a period next longer than the length of the relevant period, (the period for which the Screen Rate is taken or from which the Screen Rates are interpolated being the “Representative Period”) For the purposes of paragraphs (b) and (c) above, “available” means the rates that are calculated under the aegis of the British Bankers Association (or any successor to that function of the British Bankers Association as determined by the Bank) for given maturities. “Screen Rate” means the rate of interest for deposits in GBP for the relevant period as set by the British Bankers Association (or any successor to that function of the British Bankers Association as determined by the Bank) and released by financial news providers at 11h00, London time, or at a later time acceptable to the Bank on the day (the “Reset Date”) on which the relevant period starts or, if that day is not a Business Day in London, on the next following day which is such a Business Day. If such Screen Rate is not so released by any financial news provider acceptable to the Bank, the Bank shall request the principal London offices of 4 (four) major banks in the London interbank market, selected by the Bank, to quote the rate at which GBP deposits in a comparable amount are offered by each of them at approximately 11h00, London time, on the Reset Date, to prime banks in the London interbank market for a period equal to the Representative Period. If at least 2 (two) such quotations are provided, the rate will be the arithmetic mean of the quotations provided. If fewer than 2 (two) quotations are provided as requested, the rate will be the arithmetic mean of the rates quoted at approximately 11h00, London time, on the Reset Date by major banks in London (selected by the Bank) for loans in GBP in a comparable amount to leading European banks for a period equal to the Representative Period. If the rate resulting from the above is below zero, LIBOR will be deemed to be zero. If no rate is available as provided above, LIBOR shall be the rate (expressed as a percentage rate per annum) which is determined by the Bank to be the all-inclusive cost to the Bank for the funding of the relevant Tranche based upon the then applicable internally generated Bank reference rate or an alternative rate determination method reasonably determined by the Bank. D. General For the purposes of the foregoing definitions: (a) “London Business Day” means a day on which banks are open for normal business in London and “New York Business Day” means a day on which banks are open for normal business in New York. (b) All percentages resulting from any calculations referred to in this Schedule will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, with halves being rounded up. (c) The Bank shall inform the Borrower without delay of the quotations received by the Bank. (d) If any of the foregoing provisions becomes inconsistent with provisions adopted under the aegis of EURIBOR FBE and EURIBOR ACI in respect of EURIBOR (or any successor to that function of the of EURIBOR FBE and EURIBOR ACI as determined by the Bank) or of the British Bankers Association (or any successor to that function of the British Bankers Association as determined by the Bank) in respect of LIBOR, the Bank may by notice to the Borrower amend the provision to bring it into line with such other provisions. Please proceed with the following disbursement: </> Loan Name (*): Signature Date (*): Contract FI number: Currency Amount Bank (contract currency) Total Credit Amount: Disbursed to date: Balance for disbursement: Current disbursement: Balance after disbursement: Disbursement deadline: Max. number of disbursements: Minimum Tranche size: Total allocations to date: Conditions precedent: Yes / No </> </> </> Annual Semi-annual Quarterly 🞏 🞏 🞏 Rate (% or Spread)2 Frequency (Art. 3.01) Annual Semi-annual Quarterly 🞏 🞏 🞏 Equal instalments 🞏 Constant annuities 🞏 Single instalment 🞏 Acc. N°: ……………………………………………………………………………………………. Bank name, address: ………………………………………………………………………… Please transmit information relevant to: ▇▇▇▇▇▇▇▇'▇ authorised name(s), titles signature(s): FAX number: To: European Investment Bank From: [Borrower and the Agent] <Date> Finance Contract between the European Investment Bank and </> dated </> (the ‘‘Finance Contract’’) FI number </> Serapis number </> Dear Sirs, Terms defined in the Finance Contract have the same meaning when used in this letter. For the purposes of Article 1.04 of the Finance Contract we hereby certify to you as follows: (i) no security of the type prohibited under Article 7.02 has been created or is in existence; (ii) no event or circumstance which constitutes or would with the passage of time or giving of notice under the Finance Contract constitute an Event of Default or a Prepayment Event has occurred and is continuing unremedied or unwaived; (iii) no litigation, arbitration, administrative or regulatory proceedings or investigation is current or to our knowledge is threatened or pending before any court, arbitral body or agency which has resulted or if adversely determined is reasonably likely to result in a Material Adverse Change, nor is there subsisting against us or any of our subsidiaries any unsatisfied judgement or award; (iv) the representations and warranties to be made or repeated by the Borrower and the Agent under Article 6.09 are true in all material respects; and (v) no Material Adverse Change has occurred. Yours faithfully, For and on behalf of [▇▇▇▇▇▇▇▇ and the Agent] Date: If an Interest Revision/Conversion Date has been included in the Disbursement Noticefor a Tranche, the following provisions shall apply. A. Mechanics of Interest Revision/Conversion (a) the Fixed Rate and/or Spread that would apply to the Tranche, or the part thereof indicated in the Interest Revision/Conversion Request pursuant to Article 3.01; and (b) that such rate shall apply until the Maturity Date or until a new Interest Revision/Conversion Date, if any, and that interest is payable quarterly, semi- annually or annually in arrears on designated Payment Dates. The Borrower may accept in writing an Interest Revision/Conversion Proposal by the deadline specified therein. Any amendment to the Contract requested by the Bank in this connection shall be effected by an agreement to be concluded not later than 15 (fifteen) days prior to the relevant Interest Revision/Conversion Date. B. Effects of Interest Revision/Conversion C. Non-fulfillment of Interest Revision/Conversion

Entry into force. This Contract shall enter into force upon confirmation by the Bank to the Borrower that it has received a certified copy of the Official Gazette of the Republic of Serbia publishing the law on ratification of this Contract by the Parliament of the Republic of Serbia. The Recitals and following Schedules form part of this Contract: Schedule A Form of Allocation Request Schedule B Definition of EURIBOR and LIBOR Schedule C1 Form of Disbursement Request Schedule C2 Form of Certificate from the Borrower Schedule D Interest Rate Revision and Conversion IN WITNESS WHEREOF the parties hereto have caused this Contract to be executed in four (4) originals in the English language and have initialled each page of this Contract on their behalf. Belgrade, 30 December 2013 Luxembourg, 30 December 2013 Signed for and on behalf of REPUBLIC OF SERBIA Signed for and on behalf of EUROPEAN INVESTMENT BANK The Minister Ministry of Finance The Managerial Advisor The Legal Counsel ▇▇▇▇▇ ▇Vice-President Mr ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇Mr ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ CAGNATO Signed for and on behalf of NATIONAL BANK OF SERBIA The Governor Ms ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ A. EURIBOR “EURIBOR” means: (a) in respect of a relevant period of less than one month, the Screen Rate (as defined below) for a term of one month; (b) in respect of a relevant period of one or more months for which a Screen Rate is available, the applicable Screen Rate for a term for the corresponding number of months; and (c) in respect of a relevant period of more than one month for which a Screen Rate is not available, the Screen Rate rate resulting from a linear interpolation by reference to two Screen Rates, one of which is applicable for a period next shorter and the other for a period next longer than the length of the relevant period, (the period for which the rate is taken or from which the rates are interpolated being the “Representative Period”). For the purposes of paragraphs (b) and (c) above, “available” means the rates rates, for given maturities, that are calculated and published by Global Rate Set Systems Ltd (GRSS), or such other service provider selected by the European Money Markets Institute (EMMI), under the aegis sponsorship of the EMMI EURIBOR FBE and EURIBOR ACI (ACI, or any successor to that function of the EURIBOR FBE EMMI and EURIBOR ACI as determined by the Bank) for given maturities. “Screen Rate” means the rate of interest for deposits in EUR for the relevant period as published at 11h00, Brussels time, or at a later time acceptable to the Bank on the day (the “Reset Date”) which falls 2 (two) Relevant Business Days prior to the first day of the relevant period, on Reuters page EURIBOR 01 or its successor page or, failing which, by any other means of publication chosen for this purpose by the Bank. If such Screen Rate is not so published, the Bank shall request the principal euro- euro-zone offices of four major banks in the euro-zone, selected by the Bank, to quote the rate at which EUR deposits in a comparable amount are offered by each of them as at approximately 11h00, Brussels time, on the Reset Date to prime banks in the euro-zone interbank market for a period equal to the Representative Period. If at least 2 (two) quotations are provided, the rate for that Reset Date will be the arithmetic mean of the quotations. If fewer than 2 (two) quotations are provided as requested, the rate for that Reset Date will be the arithmetic mean of the rates quoted by major banks in the euro-zone, selected by the Bank, at approximately 11h00, Brussels time, on the day which falls 2 (two) Relevant Business Days after the Reset Date, for loans in EUR in a comparable amount to leading European Banks for a period equal to the Representative Period. If the rate resulting from the above is below zero, EURIBOR will be deemed to be zero. If no rate is available as provided above, EURIBOR shall be the rate (expressed as a percentage rate per annum) which is determined by the Bank to be the all-inclusive cost to the Bank for the funding of the relevant Tranche based upon the then applicable internally generated Bank reference rate or an alternative rate determination method reasonably determined by the Bank. B. LIBOR USD “LIBOR” means, in respect of USD: (a) in respect of a relevant period of less than one month, the Screen Rate for a term of one month; (b) in respect of a relevant period of one or more months for which a Screen Rate is available, the applicable Screen Rate for a term for the corresponding number of months; and (c) in respect of a relevant period of more than one month for which a Screen Rate is not available, the Screen Rate rate resulting from a linear interpolation by reference to two Screen Rates, one of which is applicable for a period next shorter and the other for a period next longer than the length of the relevant period, (the period for which the rate is taken or from which the rates are interpolated being the “Representative Period”). For the purposes of paragraphs (b) and (c) above, “available” means the rates that are “calculated and published” under the aegis of the British Bankers Association ICE Benchmark Administration Limited (or any successor to that function of the British Bankers Association ICE Benchmark Administration Limited as determined by the Bank) for given maturities. “Screen Rate” means the rate of interest for deposits in USD for the relevant period as set by the British Bankers Association ICE Benchmark Administration Limited (or any successor to that function of the British Bankers Association ICE Benchmark Administration Limited as determined by the Bank) and released by financial news providers at 11h00, London time, or at a later time acceptable to the Bank on the day (the “Reset Date”) which falls 2 (two) London Business Days prior to the first day of the relevant period. If such Screen Rate is not so released by any financial news provider acceptable to the Bank, the Bank shall request the principal London offices of 4 (four) major banks in the London interbank market selected by the Bank to quote the rate at which USD deposits in a comparable amount are offered by each of them at approximately 11h00, London time, on the Reset Date, to prime banks in the London interbank market for a period equal to the Representative Period. If at least 2 (two) such quotations are provided, the rate will be the arithmetic mean of the quotations provided. If fewer than 2 (two) quotations are provided as requested, the Bank shall request the principal New York City offices of 4 (four) major banks in the New York City interbank market, selected by the Bank, to quote the rate at which USD deposits in a comparable amount are offered by each of them at approximately 11h00, New York City time, on the day falling 2 (two) New York Business Days after the Reset Date, to prime banks in the European market for a period equal to the Representative Period. If at least 2 (two) such quotations are provided, the rate will be the arithmetic mean of the quotations provided. If the rate resulting from the above is below zero, LIBOR will be deemed to be zero. If no rate is available as provided above, LIBOR shall be the rate (expressed as a percentage rate per annum) which is determined by the Bank to be the all-all- inclusive cost to the Bank for the funding of the relevant Tranche based upon the then applicable internally generated Bank reference rate or an alternative rate determination method reasonably determined by the Bank. C. LIBOR GBP “LIBOR” means, in respect of GBP: (a) in respect of a relevant period of less than one month, the Screen Rate for a term of one month; (b) in respect of a relevant period or of one or more months for which a Screen Rate is available, the applicable Screen Rate for a term for the corresponding number of months; and (c) in respect of a relevant period of more than one month for which a Screen Rate is not available, the Screen Rate rate resulting from a linear interpolation by reference to two Screen Rates, one of which is applicable for a period next shorter and the other for a period next longer than the length of the relevant period, (the period for which the Screen Rate is taken or from which the Screen Rates are interpolated being the “Representative Period”) For the purposes of paragraphs (b) and (c) above, “available” means the rates that are “calculated and published” under the aegis of the British Bankers Association ICE Benchmark Administration Limited (or any successor to that function of the British Bankers Association ICE Benchmark Administration Limited as determined by the Bank) for given maturities. “Screen Rate” means the rate of interest for deposits in GBP for the relevant period as set by the British Bankers Association ICE Benchmark Administration Limited (or any successor to that function of the British Bankers Association ICE Benchmark Administration Limited as determined by the Bank) and released by financial news providers at 11h00, London time, or at a later time acceptable to the Bank on the day (the “Reset Date”) on which the relevant period starts or, if that day is not a Business Day in London, on the next following day which is such a Business Day. If such Screen Rate is not so released by any financial news provider acceptable to the Bank, the Bank shall request the principal London offices of 4 (four) major banks in the London interbank market, selected by the Bank, to quote the rate at which GBP deposits in a comparable amount are offered by each of them at approximately 11h00, London time, on the Reset Date, to prime banks in the London interbank market for a period equal to the Representative Period. If at least 2 (two) such quotations are provided, the rate will be the arithmetic mean of the quotations provided. If fewer than 2 (two) quotations are provided as requested, the rate will be the arithmetic mean of the rates quoted at approximately 11h00, London time, on the Reset Date by major banks in London (selected by the Bank) for loans in GBP in a comparable amount to leading European banks for a period equal to the Representative Period. If the rate resulting from the above is below zero, LIBOR will be deemed to be zero. If no rate is available as provided above, LIBOR shall be the rate (expressed as a percentage rate per annum) which is determined by the Bank to be the all-all- inclusive cost to the Bank for the funding of the relevant Tranche based upon the then applicable internally generated Bank reference rate or an alternative rate determination method reasonably determined by the Bank. D. General For the purposes of the foregoing definitions: (a) “London Business Day” means a day on which banks are open for normal business in London and “New York Business Day” means a day on which banks are open for normal business in New York. (b) All percentages resulting from any calculations referred to in this Schedule will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, with halves being rounded up. (c) The Bank shall inform the Borrower without delay of the quotations received by the Bank. (d) If any of the foregoing provisions becomes inconsistent with provisions adopted under the aegis of EURIBOR FBE and EURIBOR ACI in respect of EURIBOR (or any successor to that function of the of EURIBOR FBE and EURIBOR ACI as determined by the Bank) or of the British Bankers Association (or any successor to that function of the British Bankers Association as determined by the Bank) in respect of LIBOR, the Bank may by notice to the Borrower amend the provision to bring it into line with such other provisions. Please proceed with the following disbursement: </> Loan Name (*): Signature Date (*): Contract FI number: Currency Amount Bank (contract currency) Total Credit Amount: Disbursed to date: Balance for disbursement: Current disbursement: Balance after disbursement: Disbursement deadline: Max. number of disbursements: Minimum Tranche size: Total allocations to date: Conditions precedent: Yes / No </> </> </> Annual Semi-annual Quarterly 🞏 🞏 🞏 Rate (% or Spread)2 Frequency (Art. 3.01) Annual Semi-annual Quarterly 🞏 🞏 🞏 Equal instalments 🞏 Constant annuities 🞏 Single instalment 🞏 Acc. N°: ……………………………………………………………………………………………. Bank name, address: ………………………………………………………………………… Please transmit information relevant to: ▇▇▇▇▇▇▇▇'▇ authorised name(s), titles signature(s): FAX number: To: European Investment Bank From: [Borrower and the Agent] <Date> Finance Contract between the European Investment Bank and </> dated </> (the ‘‘Finance Contract’’) FI number </> Serapis number </> Dear Sirs, Terms defined in the Finance Contract have the same meaning when used in this letter. For the purposes of Article 1.04 of the Finance Contract we hereby certify to you as follows: (i) no security of the type prohibited under Article 7.02 has been created or is in existence; (ii) no event or circumstance which constitutes or would with the passage of time or giving of notice under the Finance Contract constitute an Event of Default or a Prepayment Event has occurred and is continuing unremedied or unwaived; (iii) no litigation, arbitration, administrative or regulatory proceedings or investigation is current or to our knowledge is threatened or pending before any court, arbitral body or agency which has resulted or if adversely determined is reasonably likely to result in a Material Adverse Change, nor is there subsisting against us or any of our subsidiaries any unsatisfied judgement or award; (iv) the representations and warranties to be made or repeated by the Borrower and the Agent under Article 6.09 are true in all material respects; and (v) no Material Adverse Change has occurred. Yours faithfully, For and on behalf of [▇▇▇▇▇▇▇▇ and the Agent] Date: If an Interest Revision/Conversion Date has been included in the Disbursement Noticefor a Tranche, the following provisions shall apply. A. Mechanics of Interest Revision/Conversion (a) the Fixed Rate and/or Spread that would apply to the Tranche, or the part thereof indicated in the Interest Revision/Conversion Request pursuant to Article 3.01; and (b) that such rate shall apply until the Maturity Date or until a new Interest Revision/Conversion Date, if any, and that interest is payable quarterly, semi- annually or annually in arrears on designated Payment Dates. The Borrower may accept in writing an Interest Revision/Conversion Proposal by the deadline specified therein. Any amendment to the Contract requested by the Bank in this connection shall be effected by an agreement to be concluded not later than 15 (fifteen) days prior to the relevant Interest Revision/Conversion Date. B. Effects of Interest Revision/Conversion C. Non-fulfillment of Interest Revision/Conversion

Entry into force. This Contract shall enter into force upon confirmation by the Bank to the Borrower that it has received a certified copy of the Official Gazette of the Republic of Serbia publishing the law on ratification of this Contract by the Parliament of the Republic of Serbia. The Recitals and following Schedules form part of this Contract: Schedule A Form of Allocation Request Schedule B Definition of EURIBOR and LIBOR Schedule C1 Form of Disbursement Request Schedule C2 Form of Certificate from the Borrower Schedule D Interest Rate Revision and Conversion IN WITNESS WHEREOF the parties hereto have caused this Contract to be executed in four (4) originals in the English language and have initialled each page of this Contract on their behalf. Belgrade, 30 December 2013 Luxembourg, 30 December 2013 Signed for and on behalf of REPUBLIC OF SERBIA Signed for and on behalf of EUROPEAN INVESTMENT BANK The Minister of Finance The Managerial Advisor The Legal Counsel ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ CAGNATO Signed for and on behalf of NATIONAL BANK OF SERBIA The Governor ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ A. EURIBOR “EURIBOR” means: (a) in respect of a relevant period of less than one month, the Screen Rate (as defined below) for a term of one month; (b) in respect of a relevant period of one or more months for which a Screen Rate is available, the applicable Screen Rate for a term for the corresponding number of months; and (c) in respect of a relevant period of more than one month for which a Screen Rate is not available, the Screen Rate resulting from a linear interpolation by reference to two Screen Rates, one of which is applicable for a period next shorter and the other for a period next longer than the length of the relevant period, (the period for which the rate is taken or from which the rates are interpolated being the “Representative Period”). For the purposes of paragraphs (b) and (c) above, “available” means the rates that are calculated under the aegis of the EURIBOR FBE and EURIBOR ACI (or any successor to that function of the EURIBOR FBE and EURIBOR ACI as determined by the Bank) for given maturities. “Screen Rate” means the rate of interest for deposits in EUR for the relevant period as published at 11h00, Brussels time, or at a later time acceptable to the Bank on the day (the “Reset Date”) which falls 2 (two) Relevant Business Days prior to the first day of the relevant period, on Reuters page EURIBOR 01 or its successor page or, failing which, by any other means of publication chosen for this purpose by the Bank. If such Screen Rate is not so published, the Bank shall request the principal euro- zone offices of four major banks in the euro-zone, selected by the Bank, to quote the rate at which EUR deposits in a comparable amount are offered by each of them as at approximately 11h00, Brussels time, on the Reset Date to prime banks in the euro-zone interbank market for a period equal to the Representative Period. If at least 2 (two) quotations are provided, the rate for that Reset Date will be the arithmetic mean of the quotations. If fewer than 2 (two) quotations are provided as requested, the rate for that Reset Date will be the arithmetic mean of the rates quoted by major banks in the euro-zone, selected by the Bank, at approximately 11h00, Brussels time, on the day which falls 2 (two) Relevant Business Days after the Reset Date, for loans in EUR in a comparable amount to leading European Banks for a period equal to the Representative Period. If the rate resulting from the above is below zero, EURIBOR will be deemed to be zero. If no rate is available as provided above, EURIBOR shall be the rate (expressed as a percentage rate per annum) which is determined by the Bank to be the all-inclusive cost to the Bank for the funding of the relevant Tranche based upon the then applicable internally generated Bank reference rate or an alternative rate determination method reasonably determined by the Bank. B. LIBOR USD “LIBOR” means, in respect of USD: (a) in respect of a relevant period of less than one month, the Screen Rate for a term of one month; (b) in respect of a relevant period of one or more months for which a Screen Rate is available, the applicable Screen Rate for a term for the corresponding number of months; and (c) in respect of a relevant period of more than one month for which a Screen Rate is not available, the Screen Rate resulting from a linear interpolation by reference to two Screen Rates, one of which is applicable for a period next shorter and the other for a period next longer than the length of the relevant period, (the period for which the rate is taken or from which the rates are interpolated being the “Representative Period”). For the purposes of paragraphs (b) and (c) above, “available” means the rates that are calculated under the aegis of the British Bankers Association (or any successor to that function of the British Bankers Association as determined by the Bank) for given maturities. “Screen Rate” means the rate of interest for deposits in USD for the relevant period as set by the British Bankers Association (or any successor to that function of the British Bankers Association as determined by the Bank) and released by financial news providers at 11h00, London time, or at a later time acceptable to the Bank on the day (the “Reset Date”) which falls 2 (two) London Business Days prior to the first day of the relevant period. If such Screen Rate is not so released by any financial news provider acceptable to the Bank, the Bank shall request the principal London offices of 4 (four) major banks in the London interbank market selected by the Bank to quote the rate at which USD deposits in a comparable amount are offered by each of them at approximately 11h00, London time, on the Reset Date, to prime banks in the London interbank market for a period equal to the Representative Period. If at least 2 (two) such quotations are provided, the rate will be the arithmetic mean of the quotations provided. If fewer than 2 (two) quotations are provided as requested, the Bank shall request the principal New York City offices of 4 (four) major banks in the New York City interbank market, selected by the Bank, to quote the rate at which USD deposits in a comparable amount are offered by each of them at approximately 11h00, New York City time, on the day falling 2 (two) New York Business Days after the Reset Date, to prime banks in the European market for a period equal to the Representative Period. If at least 2 (two) such quotations are provided, the rate will be the arithmetic mean of the quotations provided. If the rate resulting from the above is below zero, LIBOR will be deemed to be zero. If no rate is available as provided above, LIBOR shall be the rate (expressed as a percentage rate per annum) which is determined by the Bank to be the all-inclusive cost to the Bank for the funding of the relevant Tranche based upon the then applicable internally generated Bank reference rate or an alternative rate determination method reasonably determined by the Bank. C. LIBOR GBP “LIBOR” means, in respect of GBP: (a) in respect of a relevant period of less than one month, the Screen Rate for a term of one month; (b) in respect of a relevant period or of one or more months for which a Screen Rate is available, the applicable Screen Rate for a term for the corresponding number of months; and (c) in respect of a relevant period of more than one month for which a Screen Rate is not available, the Screen Rate resulting from a linear interpolation by reference to two Screen Rates, one of which is applicable for a period next shorter and the other for a period next longer than the length of the relevant period, (the period for which the Screen Rate is taken or from which the Screen Rates are interpolated being the “Representative Period”) For the purposes of paragraphs (b) and (c) above, “available” means the rates that are calculated under the aegis of the British Bankers Association (or any successor to that function of the British Bankers Association as determined by the Bank) for given maturities. “Screen Rate” means the rate of interest for deposits in GBP for the relevant period as set by the British Bankers Association (or any successor to that function of the British Bankers Association as determined by the Bank) and released by financial news providers at 11h00, London time, or at a later time acceptable to the Bank on the day (the “Reset Date”) on which the relevant period starts or, if that day is not a Business Day in London, on the next following day which is such a Business Day. If such Screen Rate is not so released by any financial news provider acceptable to the Bank, the Bank shall request the principal London offices of 4 (four) major banks in the London interbank market, selected by the Bank, to quote the rate at which GBP deposits in a comparable amount are offered by each of them at approximately 11h00, London time, on the Reset Date, to prime banks in the London interbank market for a period equal to the Representative Period. If at least 2 (two) such quotations are provided, the rate will be the arithmetic mean of the quotations provided. If fewer than 2 (two) quotations are provided as requested, the rate will be the arithmetic mean of the rates quoted at approximately 11h00, London time, on the Reset Date by major banks in London (selected by the Bank) for loans in GBP in a comparable amount to leading European banks for a period equal to the Representative Period. If the rate resulting from the above is below zero, LIBOR will be deemed to be zero. If no rate is available as provided above, LIBOR shall be the rate (expressed as a percentage rate per annum) which is determined by the Bank to be the all-inclusive cost to the Bank for the funding of the relevant Tranche based upon the then applicable internally generated Bank reference rate or an alternative rate determination method reasonably determined by the Bank. D. General For the purposes of the foregoing definitions: (a) “London Business Day” means a day on which banks are open for normal business in London and “New York Business Day” means a day on which banks are open for normal business in New York. (b) All percentages resulting from any calculations referred to in this Schedule will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, with halves being rounded up. (c) The Bank shall inform the Borrower without delay of the quotations received by the Bank. (d) If any of the foregoing provisions becomes inconsistent with provisions adopted under the aegis of EURIBOR FBE and EURIBOR ACI in respect of EURIBOR (or any successor to that function of the of EURIBOR FBE and EURIBOR ACI as determined by the Bank) or of the British Bankers Association (or any successor to that function of the British Bankers Association as determined by the Bank) in respect of LIBOR, the Bank may by notice to the Borrower amend the provision to bring it into line with such other provisions. Schedule C‌ Please proceed with the following disbursement: </> Loan Name (*): Signature Date (*): Contract FI number: Currency Amount Bank Total Credit Amount: (contract currency) Total Credit Amount: Disbursed to date: Balance for disbursement: Current disbursement: Balance after disbursement: Disbursement deadline: Max. number of disbursements: Minimum Tranche size: Total allocations to date: Conditions precedent: Yes / No </> </> </> Annual Semi-annual Quarterly 🞏 🞏 o o o 🞏 Rate (% or Spread)2 Frequency (Art. 3.01) Annual Semi-annual Quarterly 🞏 o o o 🞏 🞏 Equal instalmeo nts 🞏 Constant annuio ties 🞏 Single instao lment 🞏 Acc. N°: ……………………………………………………………………………………………. Bank name, address: ………………………………………………………………………… Please transmit information relevant to: ▇▇▇▇▇▇▇▇'▇ authorised name(s), titles signature(s): FAXSchedule C2‌‌‌‌‌ number: To: European Investment Bank From: [Borrower and the Agent] <Date> Finance Contract between the European Investment Bank and </> dated </> (the ‘‘Finance Contract’’) FI number </> Serapis number </> Dear Sirs, Terms defined in the Finance Contract have the same meaning when used in this letter. For the purposes of Article 1.04 of the Finance Contract we hereby certify to you as follows: (i) no security of the type prohibited under Article 7.02 has been created or is in existence; (ii) no event or circumstance which constitutes or would with the passage of time or giving of notice under the Finance Contract constitute an Event of Default or a Prepayment Event has occurred and is continuing unremedied or unwaived; (iii) no litigation, arbitration, administrative or regulatory proceedings or investigation is current or to our knowledge is threatened or pending before any court, arbitral body or agency which has resulted or if adversely determined is reasonably likely to result in a Material Adverse Change, nor is there subsisting against us or any of our subsidiaries any unsatisfied judgement or award; (iv) the representations and warranties to be made or repeated by the Borrower and the Agent under Article 6.09 are true in all material respects; and (v) no Material Adverse Change has occurred. Yours faithfully, For and on behalf of [▇▇▇▇▇▇▇▇ and the Agent] Date: If an Interest Revision/Conversion Date has been included in the Disbursement Noticefor a Tranche, the following provisions shall apply. A. Mechanics of Interest Revision/Conversion (a) the Fixed Rate and/or Spread that would apply to the Tranche, or the part thereof indicated in the Interest Revision/Conversion Request pursuant to Article 3.01; and (b) that such rate shall apply until the Maturity Date or until a new Interest Revision/Conversion Date, if any, and that interest is payable quarterly, semi- annually or annually in arrears on designated Payment Dates. The Borrower may accept in writing an Interest Revision/Conversion Proposal by the deadline specified therein. Any amendment to the Contract requested by the Bank in this connection shall be effected by an agreement to be concluded not later than 15 (fifteen) days prior to the relevant Interest Revision/Conversion Date. B. Effects of Interest Revision/Conversion C. Non-fulfillment of Interest Revision/Conversion

Entry into force. This Contract shall enter into force upon confirmation by the Bank to the Borrower that it has received a certified copy of the Official Gazette of the Republic of Serbia publishing the law on ratification of this Contract by the Parliament of the Republic of Serbia. The Recitals and following Schedules form part of this Contract: Schedule A Form of Allocation Request Schedule B Definition of EURIBOR and LIBOR Schedule C1 Form of Disbursement Request Schedule C2 Form of Certificate from the Borrower Schedule D Interest Rate Revision and Conversion IN WITNESS WHEREOF the parties hereto have caused this Contract to be executed in four (4) originals in the English language and have initialled each page of this Contract on their behalf. Belgrade, 30 December 2013 Luxembourg, 30 December 2013 Signed for and on behalf of REPUBLIC OF SERBIA Signed for and on behalf of EUROPEAN INVESTMENT BANK The Minister of Finance The Managerial Advisor The Legal Counsel ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ CAGNATO Signed for and on behalf of NATIONAL BANK OF SERBIA The Governor ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇SERBIA A. EURIBOR “EURIBOR” means: (a) in respect of a relevant period of less than one month, the Screen Rate (as defined below) for a term of one month; (b) in respect of a relevant period of one or more months for which a Screen Rate is available, the applicable Screen Rate for a term for the corresponding number of months; and (c) in respect of a relevant period of more than one month for which a Screen Rate is not available, the Screen Rate resulting from a linear interpolation by reference to two Screen Rates, one of which is applicable for a period next shorter and the other for a period next longer than the length of the relevant period, (the period for which the rate is taken or from which the rates are interpolated being the “Representative Period”). For the purposes of paragraphs (b) and (c) above, “available” means the rates that are calculated under the aegis of the EURIBOR FBE and EURIBOR ACI (or any successor to that function of the EURIBOR FBE and EURIBOR ACI as determined by the Bank) for given maturities. “Screen Rate” means the rate of interest for deposits in EUR for the relevant period as published at 11h00, Brussels time, or at a later time acceptable to the Bank on the day (the “Reset Date”) which falls 2 (two) Relevant Business Days prior to the first day of the relevant period, on Reuters page EURIBOR 01 or its successor page or, failing which, by any other means of publication chosen for this purpose by the Bank. If such Screen Rate is not so published, the Bank shall request the principal euro- zone offices of four major banks in the euro-zone, selected by the Bank, to quote the rate at which EUR deposits in a comparable amount are offered by each of them as at approximately 11h00, Brussels time, on the Reset Date to prime banks in the euro-zone interbank market for a period equal to the Representative Period. If at least 2 (two) quotations are provided, the rate for that Reset Date will be the arithmetic mean of the quotations. If fewer than 2 (two) quotations are provided as requested, the rate for that Reset Date will be the arithmetic mean of the rates quoted by major banks in the euro-zone, selected by the Bank, at approximately 11h00, Brussels time, on the day which falls 2 (two) Relevant Business Days after the Reset Date, for loans in EUR in a comparable amount to leading European Banks for a period equal to the Representative Period. If the rate resulting from the above is below zero, EURIBOR will be deemed to be zero. If no rate is available as provided above, EURIBOR shall be the rate (expressed as a percentage rate per annum) which is determined by the Bank to be the all-inclusive cost to the Bank for the funding of the relevant Tranche based upon the then applicable internally generated Bank reference rate or an alternative rate determination method reasonably determined by the Bank. B. LIBOR USD “LIBOR” means, in respect of USD: (a) in respect of a relevant period of less than one month, the Screen Rate for a term of one month; (b) in respect of a relevant period of one or more months for which a Screen Rate is available, the applicable Screen Rate for a term for the corresponding number of months; and (c) in respect of a relevant period of more than one month for which a Screen Rate is not available, the Screen Rate resulting from a linear interpolation by reference to two Screen Rates, one of which is applicable for a period next shorter and the other for a period next longer than the length of the relevant period, (the period for which the rate is taken or from which the rates are interpolated being the “Representative Period”). For the purposes of paragraphs (b) and (c) above, “available” means the rates that are calculated under the aegis of the British Bankers Association (or any successor to that function of the British Bankers Association as determined by the Bank) for given maturities. “Screen Rate” means the rate of interest for deposits in USD for the relevant period as set by the British Bankers Association (or any successor to that function of the British Bankers Association as determined by the Bank) and released by financial news providers at 11h00, London time, or at a later time acceptable to the Bank on the day (the “Reset Date”) which falls 2 (two) London Business Days prior to the first day of the relevant period. If such Screen Rate is not so released by any financial news provider acceptable to the Bank, the Bank shall request the principal London offices of 4 (four) major banks in the London interbank market selected by the Bank to quote the rate at which USD deposits in a comparable amount are offered by each of them at approximately 11h00, London time, on the Reset Date, to prime banks in the London interbank market for a period equal to the Representative Period. If at least 2 (two) such quotations are provided, the rate will be the arithmetic mean of the quotations provided. If fewer than 2 (two) quotations are provided as requested, the Bank shall request the principal New York City offices of 4 (four) major banks in the New York City interbank market, selected by the Bank, to quote the rate at which USD deposits in a comparable amount are offered by each of them at approximately 11h00, New York City time, on the day falling 2 (two) New York Business Days after the Reset Date, to prime banks in the European market for a period equal to the Representative Period. If at least 2 (two) such quotations are provided, the rate will be the arithmetic mean of the quotations provided. If the rate resulting from the above is below zero, LIBOR will be deemed to be zero. If no rate is available as provided above, LIBOR shall be the rate (expressed as a percentage rate per annum) which is determined by the Bank to be the all-inclusive cost to the Bank for the funding of the relevant Tranche based upon the then applicable internally generated Bank reference rate or an alternative rate determination method reasonably determined by the Bank. C. LIBOR GBP “LIBOR” means, in respect of GBP: (a) in respect of a relevant period of less than one month, the Screen Rate for a term of one month; (b) in respect of a relevant period or of one or more months for which a Screen Rate is available, the applicable Screen Rate for a term for the corresponding number of months; and (c) in respect of a relevant period of more than one month for which a Screen Rate is not available, the Screen Rate resulting from a linear interpolation by reference to two Screen Rates, one of which is applicable for a period next shorter and the other for a period next longer than the length of the relevant period, (the period for which the Screen Rate is taken or from which the Screen Rates are interpolated being the “Representative Period”) For the purposes of paragraphs (b) and (c) above, “available” means the rates that are calculated under the aegis of the British Bankers Association (or any successor to that function of the British Bankers Association as determined by the Bank) for given maturities. “Screen Rate” means the rate of interest for deposits in GBP for the relevant period as set by the British Bankers Association (or any successor to that function of the British Bankers Association as determined by the Bank) and released by financial news providers at 11h00, London time, or at a later time acceptable to the Bank on the day (the “Reset Date”) on which the relevant period starts or, if that day is not a Business Day in London, on the next following day which is such a Business Day. If such Screen Rate is not so released by any financial news provider acceptable to the Bank, the Bank shall request the principal London offices of 4 (four) major banks in the London interbank market, selected by the Bank, to quote the rate at which GBP deposits in a comparable amount are offered by each of them at approximately 11h00, London time, on the Reset Date, to prime banks in the London interbank market for a period equal to the Representative Period. If at least 2 (two) such quotations are provided, the rate will be the arithmetic mean of the quotations provided. If fewer than 2 (two) quotations are provided as requested, the rate will be the arithmetic mean of the rates quoted at approximately 11h00, London time, on the Reset Date by major banks in London (selected by the Bank) for loans in GBP in a comparable amount to leading European banks for a period equal to the Representative Period. If the rate resulting from the above is below zero, LIBOR will be deemed to be zero. If no rate is available as provided above, LIBOR shall be the rate (expressed as a percentage rate per annum) which is determined by the Bank to be the all-inclusive cost to the Bank for the funding of the relevant Tranche based upon the then applicable internally generated Bank reference rate or an alternative rate determination method reasonably determined by the Bank. D. General For the purposes of the foregoing definitions: (a) “London Business Day” means a day on which banks are open for normal business in London and “New York Business Day” means a day on which banks are open for normal business in New York. (b) All percentages resulting from any calculations referred to in this Schedule will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, with halves being rounded up. (c) The Bank shall inform the Borrower without delay of the quotations received by the Bank. (d) If any of the foregoing provisions becomes inconsistent with provisions adopted under the aegis of EURIBOR FBE and EURIBOR ACI in respect of EURIBOR (or any successor to that function of the of EURIBOR FBE and EURIBOR ACI as determined by the Bank) or of the British Bankers Association (or any successor to that function of the British Bankers Association as determined by the Bank) in respect of LIBOR, the Bank may by notice to the Borrower amend the provision to bring it into line with such other provisions. Please proceed with the following disbursement: </> Loan Name (*): Signature Date (*): Contract FI number: Currency Amount Bank (contract currency) Total Credit Amount: Disbursed to date: Balance for disbursement: Current disbursement: Balance after disbursement: Disbursement deadline: Max. number of disbursements: Minimum Tranche size: Total allocations to date: Conditions precedent: Yes / No </> </> </> Annual Semi-annual Quarterly 🞏 🞏 🞏 Rate (% or Spread)2 Frequency (Art. 3.01) Annual Semi-annual Quarterly 🞏 🞏 🞏 Equal instalments 🞏 Constant annuities 🞏 Single instalment 🞏 Acc. N°: ……………………………………………………………………………………………. Bank name, address: ………………………………………………………………………… Please transmit information relevant to: ▇▇▇▇▇▇▇▇'▇ authorised name(s), titles signature(s): FAX number: To: European Investment Bank From: [Borrower and the Agent] <Date> Finance Contract between the European Investment Bank and </> dated </> (the ‘‘Finance Contract’’) FI number </> Serapis number </> Dear Sirs, Terms defined in the Finance Contract have the same meaning when used in this letter. For the purposes of Article 1.04 of the Finance Contract we hereby certify to you as follows: (i) no security of the type prohibited under Article 7.02 has been created or is in existence; (ii) no event or circumstance which constitutes or would with the passage of time or giving of notice under the Finance Contract constitute an Event of Default or a Prepayment Event has occurred and is continuing unremedied or unwaived; (iii) no litigation, arbitration, administrative or regulatory proceedings or investigation is current or to our knowledge is threatened or pending before any court, arbitral body or agency which has resulted or if adversely determined is reasonably likely to result in a Material Adverse Change, nor is there subsisting against us or any of our subsidiaries any unsatisfied judgement or award; (iv) the representations and warranties to be made or repeated by the Borrower and the Agent under Article 6.09 are true in all material respects; and (v) no Material Adverse Change has occurred. Yours faithfully, For and on behalf of [▇▇▇▇▇▇▇▇ and the Agent] Date: If an Interest Revision/Conversion Date has been included in the Disbursement Noticefor a Tranche, the following provisions shall apply. A. Mechanics of Interest Revision/Conversion (a) the Fixed Rate and/or Spread that would apply to the Tranche, or the part thereof indicated in the Interest Revision/Conversion Request pursuant to Article 3.01; and (b) that such rate shall apply until the Maturity Date or until a new Interest Revision/Conversion Date, if any, and that interest is payable quarterly, semi- annually or annually in arrears on designated Payment Dates. The Borrower may accept in writing an Interest Revision/Conversion Proposal by the deadline specified therein. Any amendment to the Contract requested by the Bank in this connection shall be effected by an agreement to be concluded not later than 15 (fifteen) days prior to the relevant Interest Revision/Conversion Date. B. Effects of Interest Revision/Conversion C. Non-fulfillment of Interest Revision/Conversion

Entry into force. This Contract shall enter into force upon confirmation by the Bank to the Borrower that it has received a certified copy of the Official Gazette of the Republic of Serbia publishing the law on ratification of this Contract by the Parliament of the Republic of Serbia. The Recitals and following Schedules form part of this Contract: Contract Schedule A Form of Allocation Request Schedule B Definition of EURIBOR and LIBOR Schedule C1 Form of Disbursement Request Schedule C2 Form of Certificate from the Borrower Schedule D Interest Rate Revision and Conversion IN WITNESS WHEREOF the parties hereto have caused this Contract to be executed in four (4) originals in the English language and have initialled each page of this Contract on their behalf. Belgrade, 30 December 2013 Luxembourg, 30 December 2013 Signed for and on behalf of REPUBLIC OF SERBIA Signed for and on behalf of EUROPEAN INVESTMENT BANK The Minister Ministry of Finance The Managerial Advisor The Legal Counsel ▇▇▇▇▇ ▇Vice-President Mr ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇Mr ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ CAGNATO Signed for and on behalf of NATIONAL BANK OF SERBIA The Governor Ms ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇ A. EURIBOR “EURIBOR” means: (a) in respect of a relevant period of less than one month, the Screen Rate (as defined below) for a term of one month; (b) in respect of a relevant period of one or more months for which a Screen Rate is available, the applicable Screen Rate for a term for the corresponding number of months; and (c) in respect of a relevant period of more than one month for which a Screen Rate is not available, the Screen Rate rate resulting from a linear interpolation by reference to two Screen Rates, one of which is applicable for a period next shorter and the other for a period next longer than the length of the relevant period, (the period for which the rate is taken or from which the rates are interpolated being the “Representative Period”). For the purposes of paragraphs (b) and (c) above, “available” means the rates rates, for given maturities, that are calculated and published by Global Rate Set Systems Ltd (GRSS), or such other service provider selected by the European Money Markets Institute (EMMI), under the aegis sponsorship of the EMMI EURIBOR FBE and EURIBOR ACI (ACI, or any successor to that function of the EURIBOR FBE EMMI and EURIBOR ACI as determined by the Bank) for given maturities. “Screen Rate” means the rate of interest for deposits in EUR for the relevant period as published at 11h00, Brussels time, or at a later time acceptable to the Bank on the day (the “Reset Date”) which falls 2 (two) Relevant Business Days prior to the first day of the relevant period, on Reuters page EURIBOR 01 or its successor page or, failing which, by any other means of publication chosen for this purpose by the Bank. If such Screen Rate is not so published, the Bank shall request the principal euro- euro-zone offices of four major banks in the euro-zone, selected by the Bank, to quote the rate at which EUR deposits in a comparable amount are offered by each of them as at approximately 11h00, Brussels time, on the Reset Date to prime banks in the euro-zone interbank market for a period equal to the Representative Period. If at least 2 (two) quotations are provided, the rate for that Reset Date will be the arithmetic mean of the quotations. If fewer than 2 (two) quotations are provided as requested, the rate for that Reset Date will be the arithmetic mean of the rates quoted by major banks in the euro-zone, selected by the Bank, at approximately 11h00, Brussels time, on the day which falls 2 (two) Relevant Business Days after the Reset Date, for loans in EUR in a comparable amount to leading European Banks for a period equal to the Representative Period. If the rate resulting from the above is below zero, EURIBOR will be deemed to be zero. If no rate is available as provided above, EURIBOR shall be the rate (expressed as a percentage rate per annum) which is determined by the Bank to be the all-all- inclusive cost to the Bank for the funding of the relevant Tranche based upon the then applicable internally generated Bank reference rate or an alternative rate determination method reasonably determined by the Bank. B. LIBOR USD “LIBOR” means, in respect of USD: (a) in respect of a relevant period of less than one month, the Screen Rate for a term of one month; (b) in respect of a relevant period of one or more months for which a Screen Rate is available, the applicable Screen Rate for a term for the corresponding number of months; and (c) in respect of a relevant period of more than one month for which a Screen Rate is not available, the Screen Rate resulting from a linear interpolation by reference to two Screen Rates, one of which is applicable for a period next shorter and the other for a period next longer than the length of the relevant period, (the period for which the rate is taken or from which the rates are interpolated being the “Representative Period”). For the purposes of paragraphs (b) and (c) above, “available” means the rates that are calculated under the aegis of the British Bankers Association (or any successor to that function of the British Bankers Association as determined by the Bank) for given maturities. “Screen Rate” means the rate of interest for deposits in USD for the relevant period as set by the British Bankers Association (or any successor to that function of the British Bankers Association as determined by the Bank) and released by financial news providers at 11h00, London time, or at a later time acceptable to the Bank on the day (the “Reset Date”) which falls 2 (two) London Business Days prior to the first day of the relevant period. If such Screen Rate is not so released by any financial news provider acceptable to the Bank, the Bank shall request the principal London offices of 4 (four) major banks in the London interbank market selected by the Bank to quote the rate at which USD deposits in a comparable amount are offered by each of them at approximately 11h00, London time, on the Reset Date, to prime banks in the London interbank market for a period equal to the Representative Period. If at least 2 (two) such quotations are provided, the rate will be the arithmetic mean of the quotations provided. If fewer than 2 (two) quotations are provided as requested, the Bank shall request the principal New York City offices of 4 (four) major banks in the New York City interbank market, selected by the Bank, to quote the rate at which USD deposits in a comparable amount are offered by each of them at approximately 11h00, New York City time, on the day falling 2 (two) New York Business Days after the Reset Date, to prime banks in the European market for a period equal to the Representative Period. If at least 2 (two) such quotations are provided, the rate will be the arithmetic mean of the quotations provided. If the rate resulting from the above is below zero, LIBOR will be deemed to be zero. If no rate is available as provided above, LIBOR shall be the rate (expressed as a percentage rate per annum) which is determined by the Bank to be the all-inclusive cost to the Bank for the funding of the relevant Tranche based upon the then applicable internally generated Bank reference rate or an alternative rate determination method reasonably determined by the Bank. C. LIBOR GBP “LIBOR” means, in respect of GBP: (a) in respect of a relevant period of less than one month, the Screen Rate for a term of one month; (b) in respect of a relevant period or of one or more months for which a Screen Rate is available, the applicable Screen Rate for a term for the corresponding number of months; and (c) in respect of a relevant period of more than one month for which a Screen Rate is not available, the Screen Rate resulting from a linear interpolation by reference to two Screen Rates, one of which is applicable for a period next shorter and the other for a period next longer than the length of the relevant period, (the period for which the Screen Rate is taken or from which the Screen Rates are interpolated being the “Representative Period”) For the purposes of paragraphs (b) and (c) above, “available” means the rates that are calculated under the aegis of the British Bankers Association (or any successor to that function of the British Bankers Association as determined by the Bank) for given maturities. “Screen Rate” means the rate of interest for deposits in GBP for the relevant period as set by the British Bankers Association (or any successor to that function of the British Bankers Association as determined by the Bank) and released by financial news providers at 11h00, London time, or at a later time acceptable to the Bank on the day (the “Reset Date”) on which the relevant period starts or, if that day is not a Business Day in London, on the next following day which is such a Business Day. If such Screen Rate is not so released by any financial news provider acceptable to the Bank, the Bank shall request the principal London offices of 4 (four) major banks in the London interbank market, selected by the Bank, to quote the rate at which GBP deposits in a comparable amount are offered by each of them at approximately 11h00, London time, on the Reset Date, to prime banks in the London interbank market for a period equal to the Representative Period. If at least 2 (two) such quotations are provided, the rate will be the arithmetic mean of the quotations provided. If fewer than 2 (two) quotations are provided as requested, the rate will be the arithmetic mean of the rates quoted at approximately 11h00, London time, on the Reset Date by major banks in London (selected by the Bank) for loans in GBP in a comparable amount to leading European banks for a period equal to the Representative Period. If the rate resulting from the above is below zero, LIBOR will be deemed to be zero. If no rate is available as provided above, LIBOR shall be the rate (expressed as a percentage rate per annum) which is determined by the Bank to be the all-inclusive cost to the Bank for the funding of the relevant Tranche based upon the then applicable internally generated Bank reference rate or an alternative rate determination method reasonably determined by the Bank. D. General For the purposes of the foregoing definitions: (a) “London Business Day” means a day on which banks are open for normal business in London and “New York Business Day” means a day on which banks are open for normal business in New York. (b) All percentages resulting from any calculations referred to in this Schedule will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, with halves being rounded up. (c) The Bank shall inform the Borrower without delay of the quotations received by the Bank. (d) If any of the foregoing provisions becomes inconsistent with provisions adopted under the aegis of EURIBOR FBE and EURIBOR ACI in respect of EURIBOR (or any successor to that function of the of EURIBOR FBE and EURIBOR ACI as determined by the Bank) or of the British Bankers Association (or any successor to that function of the British Bankers Association as determined by the Bank) in respect of LIBOR, the Bank may by notice to the Borrower amend the provision to bring it into line with such other provisions. Please proceed with the following disbursement: </> Loan Name (*): Signature Date (*): Contract FI number: Currency Amount Bank (contract currency) Total Credit Amount: Disbursed to date: Balance for disbursement: Current disbursement: Balance after disbursement: Disbursement deadline: Max. number of disbursements: Minimum Tranche size: Total allocations to date: Conditions precedent: Yes / No </> </> </> Annual Semi-annual Quarterly 🞏 🞏 🞏 Rate (% or Spread)2 Frequency (Art. 3.01) Annual Semi-annual Quarterly 🞏 🞏 🞏 Equal instalments 🞏 Constant annuities 🞏 Single instalment 🞏 Acc. N°: ……………………………………………………………………………………………. Bank name, address: ………………………………………………………………………… Please transmit information relevant to: ▇▇▇▇▇▇▇▇'▇ authorised name(s), titles signature(s): FAX number: To: European Investment Bank From: [Borrower and the Agent] <Date> Finance Contract between the European Investment Bank and </> dated </> (the ‘‘Finance Contract’’) FI number </> Serapis number </> Dear Sirs, Terms defined in the Finance Contract have the same meaning when used in this letter. For the purposes of Article 1.04 of the Finance Contract we hereby certify to you as follows: (i) no security of the type prohibited under Article 7.02 has been created or is in existence; (ii) no event or circumstance which constitutes or would with the passage of time or giving of notice under the Finance Contract constitute an Event of Default or a Prepayment Event has occurred and is continuing unremedied or unwaived; (iii) no litigation, arbitration, administrative or regulatory proceedings or investigation is current or to our knowledge is threatened or pending before any court, arbitral body or agency which has resulted or if adversely determined is reasonably likely to result in a Material Adverse Change, nor is there subsisting against us or any of our subsidiaries any unsatisfied judgement or award; (iv) the representations and warranties to be made or repeated by the Borrower and the Agent under Article 6.09 are true in all material respects; and (v) no Material Adverse Change has occurred. Yours faithfully, For and on behalf of [▇▇▇▇▇▇▇▇ and the Agent] Date: If an Interest Revision/Conversion Date has been included in the Disbursement Noticefor a Tranche, the following provisions shall apply. A. Mechanics of Interest Revision/Conversion (a) the Fixed Rate and/or Spread that would apply to the Tranche, or the part thereof indicated in the Interest Revision/Conversion Request pursuant to Article 3.01; and (b) that such rate shall apply until the Maturity Date or until a new Interest Revision/Conversion Date, if any, and that interest is payable quarterly, semi- annually or annually in arrears on designated Payment Dates. The Borrower may accept in writing an Interest Revision/Conversion Proposal by the deadline specified therein. Any amendment to the Contract requested by the Bank in this connection shall be effected by an agreement to be concluded not later than 15 (fifteen) days prior to the relevant Interest Revision/Conversion Date. B. Effects of Interest Revision/Conversion C. Non-fulfillment of Interest Revision/Conversion

Entry into force. This Contract shall enter into force upon confirmation by the Bank to the Borrower that it has received a certified copy of the Official Gazette of the Republic of Serbia publishing the law on ratification of this Contract by the Parliament of the Republic of Serbia. The Recitals and following Schedules form part of this Contract: Schedule A Form of Allocation Request Schedule B Definition of EURIBOR and LIBOR Schedule C1 Form of Disbursement Request Schedule C2 Form of Certificate from the Borrower Schedule D Interest Rate Revision and Conversion IN WITNESS WHEREOF the parties hereto have caused this Contract to be executed in four (4) originals in the English language and have initialled each page of this Contract on their behalf. Belgrade, 30 December 2013 Luxembourg, 30 December 2013 Signed for and on behalf of REPUBLIC OF SERBIA Signed for and on behalf of EUROPEAN INVESTMENT BANK The Minister of Finance The Managerial Advisor The Legal Counsel ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ CAGNATO Signed for and on behalf of NATIONAL BANK OF SERBIA The Governor ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇ A. EURIBOR “EURIBOR” means: (a) in respect of a relevant period of less than one month, the Screen Rate (as defined below) for a term of one month; (b) in respect of a relevant period of one or more months for which a Screen Rate is available, the applicable Screen Rate for a term for the corresponding number of months; and (c) in respect of a relevant period of more than one month for which a Screen Rate is not available, the Screen Rate resulting from a linear interpolation by reference to two Screen Rates, one of which is applicable for a period next shorter and the other for a period next longer than the length of the relevant period, (the period for which the rate is taken or from which the rates are interpolated being the “Representative Period”). For the purposes of paragraphs (b) and (c) above, “available” means the rates that are calculated under the aegis of the EURIBOR FBE and EURIBOR ACI (or any successor to that function of the EURIBOR FBE and EURIBOR ACI as determined by the Bank) for given maturities. “Screen Rate” means the rate of interest for deposits in EUR for the relevant period as published at 11h00, Brussels time, or at a later time acceptable to the Bank on the day (the “Reset Date”) which falls 2 (two) Relevant Business Days prior to the first day of the relevant period, on Reuters page EURIBOR 01 or its successor page or, failing which, by any other means of publication chosen for this purpose by the Bank. If such Screen Rate is not so published, the Bank shall request the principal euro- euro-zone offices of four major banks in the euro-zone, selected by the Bank, to quote the rate at which EUR deposits in a comparable amount are offered by each of them as at approximately 11h00, Brussels time, on the Reset Date to prime banks in the euro-zone interbank market for a period equal to the Representative Period. If at least 2 (two) quotations are provided, the rate for that Reset Date will be the arithmetic mean of the quotations. If fewer than 2 (two) quotations are provided as requested, the rate for that Reset Date will be the arithmetic mean of the rates quoted by major banks in the euro-zone, selected by the Bank, at approximately 11h00, Brussels time, on the day which falls 2 (two) Relevant Business Days after the Reset Date, for loans in EUR in a comparable amount to leading European Banks for a period equal to the Representative Period. If the rate resulting from the above is below zero, EURIBOR will be deemed to be zero. If no rate is available as provided above, EURIBOR shall be the rate (expressed as a percentage rate per annum) which is determined by the Bank to be the all-all- inclusive cost to the Bank for the funding of the relevant Tranche based upon the then applicable internally generated Bank reference rate or an alternative rate determination method reasonably determined by the Bank. B. LIBOR USD “LIBOR” means, in respect of USD: (a) in respect of a relevant period of less than one month, the Screen Rate for a term of one month; (b) in respect of a relevant period of one or more months for which a Screen Rate is available, the applicable Screen Rate for a term for the corresponding number of months; and (c) in respect of a relevant period of more than one month for which a Screen Rate is not available, the Screen Rate resulting from a linear interpolation by reference to two Screen Rates, one of which is applicable for a period next shorter and the other for a period next longer than the length of the relevant period, (the period for which the rate is taken or from which the rates are interpolated being the “Representative Period”). For the purposes of paragraphs (b) and (c) above, “available” means the rates that are calculated under the aegis of the British Bankers Association (or any successor to that function of the British Bankers Association as determined by the Bank) for given maturities. “Screen Rate” means the rate of interest for deposits in USD for the relevant period as set by the British Bankers Association (or any successor to that function of the British Bankers Association as determined by the Bank) and released by financial news providers at 11h00, London time, or at a later time acceptable to the Bank on the day (the “Reset Date”) which falls 2 (two) London Business Days prior to the first day of the relevant period. If such Screen Rate is not so released by any financial news provider acceptable to the Bank, the Bank shall request the principal London offices of 4 (four) major banks in the London interbank market selected by the Bank to quote the rate at which USD deposits in a comparable amount are offered by each of them at approximately 11h00, London time, on the Reset Date, to prime banks in the London interbank market for a period equal to the Representative Period. If at least 2 (two) such quotations are provided, the rate will be the arithmetic mean of the quotations provided. If fewer than 2 (two) quotations are provided as requested, the Bank shall request the principal New York City offices of 4 (four) major banks in the New York City interbank market, selected by the Bank, to quote the rate at which USD deposits in a comparable amount are offered by each of them at approximately 11h00, New York City time, on the day falling 2 (two) New York Business Days after the Reset Date, to prime banks in the European market for a period equal to the Representative Period. If at least 2 (two) such quotations are provided, the rate will be the arithmetic mean of the quotations provided. If the rate resulting from the above is below zero, LIBOR will be deemed to be zero. If no rate is available as provided above, LIBOR shall be the rate (expressed as a percentage rate per annum) which is determined by the Bank to be the all-inclusive cost to the Bank for the funding of the relevant Tranche based upon the then applicable internally generated Bank reference rate or an alternative rate determination method reasonably determined by the Bank. C. LIBOR GBP “LIBOR” means, in respect of GBP: (a) in respect of a relevant period of less than one month, the Screen Rate for a term of one month; (b) in respect of a relevant period or of one or more months for which a Screen Rate is available, the applicable Screen Rate for a term for the corresponding number of months; and (c) in respect of a relevant period of more than one month for which a Screen Rate is not available, the Screen Rate resulting from a linear interpolation by reference to two Screen Rates, one of which is applicable for a period next shorter and the other for a period next longer than the length of the relevant period, (the period for which the Screen Rate is taken or from which the Screen Rates are interpolated being the “Representative Period”) For the purposes of paragraphs (b) and (c) above, “available” means the rates that are calculated under the aegis of the British Bankers Association (or any successor to that function of the British Bankers Association as determined by the Bank) for given maturities. “Screen Rate” means the rate of interest for deposits in GBP for the relevant period as set by the British Bankers Association (or any successor to that function of the British Bankers Association as determined by the Bank) and released by financial news providers at 11h00, London time, or at a later time acceptable to the Bank on the day (the “Reset Date”) on which the relevant period starts or, if that day is not a Business Day in London, on the next following day which is such a Business Day. If such Screen Rate is not so released by any financial news provider acceptable to the Bank, the Bank shall request the principal London offices of 4 (four) major banks in the London interbank market, selected by the Bank, to quote the rate at which GBP deposits in a comparable amount are offered by each of them at approximately 11h00, London time, on the Reset Date, to prime banks in the London interbank market for a period equal to the Representative Period. If at least 2 (two) such quotations are provided, the rate will be the arithmetic mean of the quotations provided. If fewer than 2 (two) quotations are provided as requested, the rate will be the arithmetic mean of the rates quoted at approximately 11h00, London time, on the Reset Date by major banks in London (selected by the Bank) for loans in GBP in a comparable amount to leading European banks for a period equal to the Representative Period. If the rate resulting from the above is below zero, LIBOR will be deemed to be zero. If no rate is available as provided above, LIBOR shall be the rate (expressed as a percentage rate per annum) which is determined by the Bank to be the all-inclusive cost to the Bank for the funding of the relevant Tranche based upon the then applicable internally generated Bank reference rate or an alternative rate determination method reasonably determined by the Bank. D. General For the purposes of the foregoing definitions: (a) “London Business Day” means a day on which banks are open for normal business in London and “New York Business Day” means a day on which banks are open for normal business in New York. (b) All percentages resulting from any calculations referred to in this Schedule will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, with halves being rounded up. (c) The Bank shall inform the Borrower without delay of the quotations received by the Bank. (d) If any of the foregoing provisions becomes inconsistent with provisions adopted under the aegis of EURIBOR FBE and EURIBOR ACI in respect of EURIBOR (or any successor to that function of the of EURIBOR FBE and EURIBOR ACI as determined by the Bank) or of the British Bankers Association (or any successor to that function of the British Bankers Association as determined by the Bank) in respect of LIBOR, the Bank may by notice to the Borrower amend the provision to bring it into line with such other provisions. Please proceed with the following disbursement: </> Loan Name (*): Signature Date (*): Contract FI number: Currency Amount Bank (contract currency) Total Credit Amount: Disbursed to date: Balance for disbursement: Current disbursement: Balance after disbursement: Disbursement deadline: Max. number of disbursements: Minimum Tranche size: Total allocations to date: Conditions precedent: Yes / No </> </> </> Annual Semi-annual Quarterly 🞏 🞏 🞏 Rate (% or Spread)2 Frequency (Art. 3.01) Annual Semi-annual Quarterly 🞏 🞏 🞏 Equal instalments 🞏 Constant annuities 🞏 Single instalment 🞏 Acc. N°: ……………………………………………………………………………………………. Bank name, address: ………………………………………………………………………… Please transmit information relevant to: ▇▇▇▇▇▇▇▇'▇ authorised name(s), titles signature(s): FAX number: To: European Investment Bank From: [Borrower and the Agent] <Date> Finance Contract between the European Investment Bank and </> dated </> (the ‘‘Finance Contract’’) FI number </> Serapis number </> Dear Sirs, Terms defined in the Finance Contract have the same meaning when used in this letter. For the purposes of Article 1.04 of the Finance Contract we hereby certify to you as follows: (i) no security of the type prohibited under Article 7.02 has been created or is in existence; (ii) no event or circumstance which constitutes or would with the passage of time or giving of notice under the Finance Contract constitute an Event of Default or a Prepayment Event has occurred and is continuing unremedied or unwaived; (iii) no litigation, arbitration, administrative or regulatory proceedings or investigation is current or to our knowledge is threatened or pending before any court, arbitral body or agency which has resulted or if adversely determined is reasonably likely to result in a Material Adverse Change, nor is there subsisting against us or any of our subsidiaries any unsatisfied judgement or award; (iv) the representations and warranties to be made or repeated by the Borrower and the Agent under Article 6.09 are true in all material respects; and (v) no Material Adverse Change has occurred. Yours faithfully, For and on behalf of [▇▇▇▇▇▇▇▇ and the Agent] Date: If an Interest Revision/Conversion Date has been included in the Disbursement Noticefor a Tranche, the following provisions shall apply. A. Mechanics of Interest Revision/Conversion (a) the Fixed Rate and/or Spread that would apply to the Tranche, or the part thereof indicated in the Interest Revision/Conversion Request pursuant to Article 3.01; and (b) that such rate shall apply until the Maturity Date or until a new Interest Revision/Conversion Date, if any, and that interest is payable quarterly, semi- annually or annually in arrears on designated Payment Dates. The Borrower may accept in writing an Interest Revision/Conversion Proposal by the deadline specified therein. Any amendment to the Contract requested by the Bank in this connection shall be effected by an agreement to be concluded not later than 15 (fifteen) days prior to the relevant Interest Revision/Conversion Date. B. Effects of Interest Revision/Conversion C. Non-fulfillment of Interest Revision/Conversion