Uvod
Guarantee
Republic of Serbia represented by the Government of the Republic of Serbia acting by and through the Ministry of Finance as Guarantor
Deutsche Bank, Sociedad Anónima Española Unipersonal as Mandated Lead Arranger
Deutsche Bank AG as Original Lender
Deutsche Bank AG as Agent
relating to an EUR 263,874,992.80 CESCE-Supported Facility Agreement
_____20 May_____ 2026 Contents
1. Interpretation .................................................................................................................... 1
2. Guarantee and indemnity ................................................................................................. 2
3. Continuing guarantee ....................................................................................................... 3
4. Finance Parties' protections ............................................................................................. 3
5. Representations and warranties ....................................................................................... 5
6. Undertakings .................................................................................................................. 10
7. Payments ........................................................................................................................ 12
8. Notices ............................................................................................................................ 12
9. Currency indemnity......................................................................................................... 13
10. Miscellaneous ................................................................................................................. 13
11. Governing law and submission to jurisdiction ................................................................ 14
12. Waiver of Immunity ......................................................................................................... 15 THIS GUARANTEE (this "Guarantee") is made on 20 May 2026.
BETWEEN:
(1) Republic of Serbia, represented by the Government of the Republic of Serbia, acting by and through the Ministry of Finance, as guarantor (the
"Guarantor");
(2) Deutsche Bank, Sociedad Anónima Española Unipersonal as mandated lead arranger and structuring bank (the "Mandated Lead Arranger");
(3) Deutsche Bank AG, as original lender (the "Original Lender"); and
(4) Deutsche Bank AG, as agent for itself and the other Finance Parties (the
Agent),
(each of the Guarantor, the Original Lender and the Agent being a "Party").
WHEREAS:
(A) The Guarantor and the Finance Parties enter into this Guarantee in connection with the Facility Agreement (as defined below).
(B) Pursuant to a facility agreement dated the date hereof between, amongst others, Joint Stock Company for Railway Passenger Transport Srbijavoz Belgrade, a joint stock company incorporated in the Republic of Serbia with registered office in Belgrade 6 Nemanjina Street, 11000, the Republic of Serbia and VAT number 109108438 and corporate ID number 21127124 (the "Borrower"), the Agent and the Original Lender (the "Facility Agreement"), the Lenders have agreed to provide a euro denominated facility in a maximum amount of EUR 263,874,992.80 to the Borrower, on and subject to the terms thereof.
(C) The Lenders benefit from an insurance policy issued by CESCE (the "CESCE Insurance Policy") whereby CESCE agrees to insure, on and subject to the terms and conditions thereof, certain obligations of the Borrower under the Facility Agreement.
(D) Upon the payment of any claim to the Lenders under the CESCE Insurance Policy, CESCE shall be subrogated to the rights of the Lenders in accordance with the terms of the Finance Documents and the CESCE Insurance Policy.
(E) The Guarantor has, as of the date of this Guarantee, been provided with a copy of the Facility Agreement, and is aware of its terms.
THE PARTIES AGREE AS FOLLOWS: