The Agreement shall enter into force upon execution by the Parties and ratification by the Parliament of the Republic of Serbia with written confirmation to that effect received by the CEB from the Borrower.

[Remainder of page intentionally left blank] IN WITNESS THEREOF the Parties have caused this Agreement to be executed in four (4) originals, each of which is equally valid. One (1) original is for the CEB and three (3) are for the Borrower.

For the Borrower

Belgrade, on 24 December 2025

______________________________

Name: Siniša Mali

Title: First Deputy Prime Minister and Minister of Finance

For the CEB

Paris, on 18 December 2025

______________________________ ______________________________

Name: Cristian TABACARU Name: Andrea BUCCOMINO

Title: L&D Director Title: Deputy General Counsel