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