Notices shall meet the language requirements of Section 10.04 of the Standard Terms and Conditions. The following addresses are specified for purposes of Section 10.01 of the Standard Terms and Conditions, except that any notice shall be deemed to be delivered if by hand, mail, or in pdf or similar format by electronic mail:

For the Guarantor:

Ministry of Finance of the Republic of Serbia 20 Kneza Miloša Street 11000 Belgrade Serbia

Attention: Minister of Finance

Email: kabinet@mfin.gov.rs

For EBRD:

European Bank for Reconstruction and Development Five Bank Street London E14 United Kingdom

Attention: Banking Services / Operation No. 54039

Telephone: +44 20 7338 6000 Email: bankingservices @ebrd.com

For purposes of Section 9.03(b) of the Standard Terms and Conditions and in accordance with Section 6.02 of the Loan Agreement, the opinion of counsel shall be given on behalf of the Guarantor by the Minister of Justice. IN WITNESS WHEREOF the parties hereto, acting through their duly authorised representatives, have caused this Agreement to be signed and delivered in five (5) copies as of the day and year first above written.

REPUBLIC OF SERBIA

By: ______________________________ Name: Siniša Mali Title: First Deputy Prime Minister and Minister of Finance

EUROPEAN BANK

FOR RECONSTRUCTION AND DEVELOPMENT

By: ______________________________ Name: Matteo Colangeli Title: Director, Regional Head of Western Balkans