In this Guarantee (including its Recitals) all capitalized terms used and not otherwise defined herein shall have the meaning ascribed to such terms in the Equipment Financing Contract.

CO means the Swiss Code of Obligations (Schweizerisches Obligationenrecht) dated 30 March 1911, as amended and restated from time to time.

Company means Joint Stock Company for Railway Passenger Transport "Srbijavoz", Belgrade, 6 Nemanjina Str., 11000 Belgrade, The Republic of Serbia.

Equipment Financing Documents (EFI No. 20202) means the Prefinancing and Hire Purchase Agreement (EFI No. 20202) and the respective Assignment and Mandate Agreement (EFI No. 20202) with respect to new equipment yet to be manufactured and delivered in a principal amount of up to EUR 40,000,000.

Equipment Financing Documents (EFI No. 20206) means the Hire Purchase Agreement (EFI No. 20206) and the respective Equipment Transfer Agreement (EFI No. 20206) with respect to existing equipment (part of it yet to be refurbished) in a principal amount of up to EUR 50,000,000.

Equipment Financing Documents means each and all of the Equipment Financing Documents (EFI No. 20202) and the Equipment Financing Documents (EFI No. 20206).

Eurofima Convention means the international convention, dated as of October 20, 1955, relative to the establishment of Eurofima.

Guarantee means this Guarantee Agreement (EFI No. 20202/20206).

Guaranteed Obligations means any and all obligations (present and future, actual and contingent) which are or become owing from time to time by the Company under or in connection with the Equipment Financing Documents, in each case, whether for principal, interest, breakage costs, fees, expenses, indemnification or otherwise. Guaranteed Principal means Guaranteed Obligations in respect of the payment of the aggregate principal amounts under the Equipment Financing Documents.

1.2.1. A reference to a Party includes a reference to its successors in title, permitted transferees, designees and assigns.

1.2.2. A reference to any agreement includes such agreement as amended, restated, modified or otherwise supplemented from time to time in accordance with its terms.

1.2.3. Words denoting the singular shall include the plural and vice versa, unless the context requires otherwise.

1.2.4. Any reference in this Guarantee to a "Clause" or a "Schedule" shall, subject to any contrary indication, be construed as a reference to a clause or a schedule hereof.

This Guarantee is based on and governed by the Eurofima Convention and the provisions set forth below.

2.1.1. As security for any and all Guaranteed Obligations the Guarantor herewith unconditionally and irrevocably guarantees to Eurofima the due and punctual performance by the Company of the Guaranteed Obligations.

2.1.2. The Guarantor's liability under this Guarantee for Guaranteed Principal shall be limited to an amount of EUR 90,000,000 and any other Guaranteed Obligation that is to be calculated in respect of or on the basis of principal outstanding under the Equipment Financing Contracts shall be limited to the amount calculated on such Guaranteed Principal. Any amount paid under this Guarantee on account of Guaranteed Principal shall reduce the liability for Guaranteed Principal, provided that Eurofima shall be free to allocate any payment received under this Guarantee first to any Guaranteed Obligation other than Guaranteed Principal and then to Guaranteed Principal.

2.1.3. This Guarantee constitutes, and is intended by the Guarantor to constitute, a primary, direct, separate, unlimited, non-accessory and independent undertaking (unbeschränkte, nicht akzessorische Verpflichtung) of the Guarantor within the meaning of Article 111 CO and the terms hereof and not a mere surety (Bürgschaft) within the meaning of Article 492 et seq. CO.

2.1.4. The Guarantor hereby undertakes to pay or indemnify Eurofima irrespective of the validity, the effectiveness and the enforceability of the Guaranteed Obligations and waiving all rights of objection and defence arising from or relating to the Guaranteed Obligations, upon first demand by Eurofima from time to time in writing stating that an amount is due and payable and has remained unpaid by the Company under or pursuant to the terms and conditions of the Equipment Financing Contract or the Guaranteed Obligations or on account of any breach thereof.

2.2.1 This Guarantee constitutes and shall be a present and continuing obligation of the Guarantor until full and indefeasible discharge of all Guaranteed Obligations.

2.2.2 The Guarantee shall remain valid and in full force and effect, notwithstanding any amendment or modification of the Equipment Financing Documents, including without limitation any renewal, extension, supplement or replacement thereof or any refinancing granted thereunder and notwithstanding any settlement or other matter or thing whatsoever, and in particular but without limitation, shall not be considered, satisfied discharged, prejudiced, waived or released by any intermediate payment or satisfaction of all or any of the Guaranteed Obligations. If any payment made by the Company on account of the Guaranteed Obligations were to be clawed back, this Guarantee shall be reinstated.

2.3.1. This Guarantee is in addition and independent of any other security which Eurofima may at any time hold as security for the Guaranteed Obligations or any rights, powers and remedies provided by law and shall not operate so as in any way to prejudice, affect or be prejudiced or affected by any security interest or other right or remedy which Eurofima may now or at any time in the future have in respect of the Guaranteed Obligations.

2.3.2. Neither this Guarantee nor the rights, powers and remedies conferred in respect of the Guarantor upon Eurofima by this Guarantee or by law shall be discharged, impaired or otherwise affected by:

2.3.3. Eurofima shall not be obliged before exercising any of the rights, powers or remedies conferred upon it under this Guarantee or by law:

2.3.4. The Guarantor agrees that, until the payment and satisfaction in full of any amount payable under or pursuant to the terms and conditions of the Guaranteed Obligations, the Guarantor shall not exercise any right, including a right of set-off, or remedy arising by reason of any performance by it of this Guarantee, whether by subrogation or otherwise, against the Company.

2.4.1. All payments under the Guarantee shall be made in the currency of the outstanding amounts under the Guaranteed Obligations and free and clear of, and without withholding or deduction for, taxes, duties, assessments, or governmental charges of whatever nature.

2.4.2. Moneys received or recovered by Eurofima under this Guarantee from the Guarantor in a currency other than that in which the said sums are due and payable under or pursuant to the Guaranteed Obligations or under Clauses 2.1.1 and/or 2.1.2 hereof shall be converted into the latter currency at the rate at which Eurofima would have sold the latter currency for the former at the opening of business on the latest day before Eurofima's receipt or recovery on which Eurofima quoted generally a rate of exchange for such a sale.

2.5.1. The Guarantor may not transfer, assign, novate or otherwise dispose of this Guarantee or any rights or obligations hereunder without the prior written consent of Eurofima.

2.5.2. Eurofima may at any time transfer, assign, novate or otherwise dispose of or permit subrogation in this Guarantee or any rights and/or obligations hereunder without the consent of the Guarantor.

All notices in respect of this Guarantee must be made in writing to the following addresses (or such other addresses as the Parties may previously have specified by written notice to each other):

Republic of Serbia, acting through the Ministry of Finance

20 Kneza Milosa Str., 11000 Belgrade, The Republic of Serbia

Fax: (381-11) 3618-961

E-mail: kabinet@mfin.gov.rs

Eurofima European Company for the Financing

of Railroad Rolling Stock

Meret Oppenheim-Platz 1 C

4053 Basel, Switzerland

Attention: Mr. Christoph Pasternak, Chief Executive Officer

E-mail: christoph.pasternak@eurofima.org

If, at any time, any provision of this Guarantee is or becomes illegal, invalid or unenforceable in any respect, the legality, validity or enforceability of the remaining provisions will not in any way be affected or impaired. In such case the Parties shall replace the invalid or unenforceable term or provision by such valid and enforceable terms or provisions the contents of which shall reflect as closely as possible the commercial and legal purpose and intent of the provisions or terms replaced.

Any term of this Guarantee including this Clause 0 may be amended or waived only in writing and with the consent of all Parties.

This Guarantee may be executed in several counterparts with the same effect as if all Parties had signed one and the same single copy.

This Guarantee shall be governed by and construed in accordance with Swiss law.

The ordinary courts of Basel City, Canton of Basel City, Switzerland shall have exclusive jurisdiction for any dispute arising out of or in connection with this Guarantee.

[Signature Pages follow]

The Republic of Serbia

___________________________________________________________________

Name: Siniša Mali Name: [ ]

Title: First Deputy Prime Minister Title: [ ]

and Minister of Finance

EUROFIMA European Company for the Financing of Railroad Rolling Stock

___________________________________________________________________

Name: Aurélia Gerber Name: Dirk Dombrowski

Title: Head of Capital Markets, Title: Head of Middle Office

Treasury & Asset Management

U ovoj Garanciji (uključujući njene Uvodne napomene) svi termini koji su označeni velikim slovom, a nisu drugačije definisani ovde, imaće značenje koje je pripisano tim terminima u Ugovoru o finansiranju novih voznih sredstava.

ŠZO označava Zakon o obligacionim odnosima Švajcarske od 30. marta

1911. godine, sa povremenim izmenama i dopunama.

Kompanija označava Akcionarsko društvo za železnički prevoz putnika „Srbijavoz”, Beograd, ul. Nemanjina br. 6, 11000 Beograd, Republika Srbija.

Dokumenta za finansiranje opreme (EFI br. 20202) znače Ugovor o predfinansiranju i prodaji na rate (EFI br. 20202) i odgovarajući Ugovor o ustupanju i ovlašćenju (EFI br. 20202), u vezi sa novom opremom koja tek treba da se proizvede i isporuči, do iznosa glavnice od 40.000.000 evra.

Dokumenta za finansiranje opreme (EFI br. 20206) znače Ugovor o prodaji na rate (EFI br. 20206) i odgovarajući Ugovor o prenosu vlasništva nad voznim sredstvima (EFI br. 20206), u vezi sa postojećom opremom (čiji deo tek treba renovirati), do iznosa glavnice od 50.000.000 evra.

Dokumenta za finansiranje opreme označavaju Dokumenta o finansiranju opreme (EFI br. 20202) i Dokumenta o finansiranju opreme (EFI br. 20206).

Eurofima konvencija označava međunarodnu konvenciju od 20. oktobra

1955. godine, kojom je osnovana Eurofima.

Garancija znači ovaj Ugovor o garanciji (EFI br. 20202/20206).

Garantovane obaveze označavaju sve obaveze (sadašnje i buduće, stvarne i potencijalne) koje Kompanija povremeno duguje u okviru ili u vezi sa Dokumentima za finansiranje opreme, u svakom slučaju, bilo da se radi o glavnici, kamatama, naknadama za prevremenu otplatu, taksama, troškovima, obeštećenju ili drugim obavezama. Garantovana glavnica znači Garantovane obaveze u pogledu plaćanja ukupnih iznosa glavnice u skladu sa Dokumentima za finansiranje opreme.

1.2.1. Pozivanje na Ugovornu stranu uključuje upućivanje na njene pravne sledbenike, ovlašćene primaoce, imenovana lica i ustupioce.

1.2.2. Pozivanje na bilo koji ugovor podrazumeva taj ugovor koji je izmenjen, ispravljen, modifikovan ili na drugi način dopunjen s vremena na vreme u skladu sa njegovim uslovima.

1.2.3. Reči koje označavaju jedninu uključuju množinu i obrnuto, osim ukoliko kontekst ne zahteva drugačije.

1.2.4. Svako pozivanje u ovoj Garanciji na „Klauzulu” ili „Prilog” će, u skladu sa bilo kojom suprotnom naznakom, biti tumačeno kao pozivanje na klauzulu ili prilog ovog dokumenta.

Ova garancija je zasnovana i regulisana Eurofima konvencijom i odredbama navedenim u nastavku.

2.1.1. Kao obezbeđenje za sve Garantovane obaveze, Garant ovim bezuslovno i neopozivo garantuje Eurofimi pravovremeno i tačno izvršenje Garantovanih obaveza Kompanije.

2.1.2. Garantova odgovornost prema ovoj Garanciji za Garantovanu glavnicu biće ograničena na iznos od 90.000.000 evra, a svaka druga Garantovana obaveza koja se obračunava u odnosu na ili na osnovu preostale glavnice u skladu sa Ugovorima za finansiranje opreme biće ograničena na iznos koji je obračunat na Garantovanu glavnicu. Svaki iznos plaćen po osnovu ove Garancije na račun Garantovane glavnice će smanjiti obavezu za Garantovanu glavnicu, pod uslovom da Eurofima može slobodno svaku uplatu primljenu po ovoj Garanciji prvo da rasporedi na bilo koju Garantovanu obavezu različitu od Garantovane glavnice, a zatim na Garantovanu glavnicu.

2.1.3. Ova Garancija predstavlja i namera je Garanta da predstavlja primarnu, direktnu, odvojenu, neograničenu, samostalnu i nezavisnu obavezu Garanta (nem. unbeschränkte, nicht akzessorische Verpflichtung), u smislu člana 111. ŠZO i njegovih uslova, a ne obično jemstvo u smislu člana 492. ŠZO i dalje.

2.1.4. Garant se ovim obavezuje da plati ili nadoknadi Eurofimi, bez obzira na validnost, efektivnost i izvršivost Garantovanih obaveza i odriče se svih prava na prigovor i odbranu koja proističu iz ili se odnose na Garantovane obaveze, na prvi zahtev Eurofime koji povremeno podnosi u pisanoj formi u kome se navodi da je iznos dospeo i plativ i da Kompanija nije isplatila iznos prema ili u skladu sa odredbama i uslovima Ugovora o finansiranju novih voznih sredstava ili Garantovanim obavezama ili zbog bilo kakvog kršenja istih.

2.2.1. Ova Garancija predstavlja sadašnju i trajnu obavezu Garanta do potpunog i neupitnog ispunjenja svih Garantovanih obaveza.

2.2.2. Garancija ostaje važeća i na pravnoj snazi, bez obzira na bilo kakvu izmenu ili dopunu Dokumenata za finansiranje opreme, uključujući, bez ograničenja, bilo kakvo obnavljanje, produženje, dopunu, zamenu ili refinansiranje odobreno na osnovu toga i bez obzira na bilo kakvo poravnanje ili drugu stvar ili način, a posebno, ali bez ograničenja, neće se smatrati odgovarajućim ispunjenjem, okončanjem, odricanjem ili oslobađanjem bilo koje međuplaćanje ili ispunjenje svih ili bilo kojih Garantovanih obaveza. Ukoliko bilo koja uplata koju je Kompanija izvršila na račun Garantovanih obaveza bude vraćena, ova Garancija će biti ponovo aktivirana.

2.3.1. Ova Garancija je dodatak i nezavisna je od bilo kog drugog sredstva obezbeđenja koje Eurofima može u bilo kom trenutku imati kao obezbeđenje za Garantovane obaveze ili bilo koja prava, ovlašćenja i pravna sredstva predviđena zakonom i neće delovati tako da na bilo koji način šteti, utiče ili nanosi štetu ili ugrožava bilo koji interes obezbeđenja ili drugo pravo ili pravno sredstvo koje Eurofima može sada ili u bilo kom trenutku u budućnosti da ima u vezi sa Garantovanim obavezama.

2.3.2. Ova Garancija, kao ni prava, ovlašćenja i pravna sredstva koji su u vezi sa Garantom dodeljeni Eurofimi ovom Garancijom ili zakonom, neće biti poništeni, umanjeni ili na drugi način ugroženi:

2.3.3. Eurofima neće biti u obavezi, pre nego što iskoristi bilo koje od prava, ovlašćenja ili pravnih sredstava koji su joj dodeljeni ovom Garancijom ili zakonom, da:

2.3.4. Garant je saglasan da, do ispunjenja i isplate u celosti bilo kog iznosa koji se plaća prema ili u skladu sa odredbama i uslovima Garantovanih obaveza, neće koristiti nikakvo pravo, uključujući pravo na kompenzaciju ili pravno sredstvo po osnovu izvršenja ove Garancije, bilo putem subrogacije ili na drugi način, protiv Kompanije.

2.4.1. Sva plaćanja po Garanciji će se vršiti u valuti isplaćenih, a neizmirenih iznosa po osnovu Garantovanih obaveza i bez zadržavanja ili odbitka poreza, dažbina, procena ili državnih nameta bilo koje prirode.

2.4.2. Novčani iznos koji Eurofima primi ili naplati po ovoj Garanciji od Garanta u valuti različitoj od one u kojoj su navedeni iznosi dospeli i plativi prema ili u skladu sa Garantovanim obavezama ili u skladu sa Klauzulama 2.1.1 i/ili 2.1.2 ovog Ugovora, biće konvertovani u ugovorenu valutu po kursu po kome bi Eurofima prodala ugovorenu valutu za valutu primljene isplate na otvaranju poslovanja poslednjeg dana pre Eurofiminog prijema ili povraćaja novčanog iznosa koji je Eurofima uopšteno navela kao kurs za takvu prodaju.

2.5.1. Garant ne može preneti, ustupiti, novirati ili na drugi način raspolagati ovom Garancijom ili bilo kojim pravima ili obavezama iz ovog Ugovora bez prethodne pismene saglasnosti Eurofime.

2.5.2. Eurofima može u bilo kom trenutku preneti, ustupiti, novirati ili na drugi način raspolagati ili dozvoliti subrogaciju ove Garancije ili bilo kojih prava i/ili obaveza iz ovog Ugovora bez saglasnosti Garanta.

Sva obaveštenja u vezi sa ovom Garancijom moraju biti poslata u pisanoj formi na sledeće adrese (ili na druge adrese koje su Ugovorne strane prethodno navele u pismenom obaveštenju jedna drugoj):

Ako, u bilo kom trenutku, bilo koja odredba ove Garancije bude ili postane nezakonita, nevažeća ili nesprovodiva u bilo kom pogledu, zakonitost, validnost ili sprovodivost preostalih odredbi neće ni na koji način biti ugrožena ili narušena. U tom slučaju, Ugovorne strane će zameniti nevažeći ili nesprovodivi uslov ili odredbu važećim i sprovodivim uslovima ili odredbama čiji će sadržaj, što je moguće bliže, odražavati komercijalnu i pravnu svrhu i nameru zamenjenih odredaba ili uslova.

Bilo koji uslov ove Garancije, uključujući ovu Klauzulu 4.2, može se izmeniti ili se od njega može odustati samo u pisanoj formi i uz saglasnost svih Ugovornih strana.

Ova Garancija može biti potpisana u više primeraka sa istim dejstvom kao da su sve strane potpisale jedan isti primerak.

Ova Garancija će biti regulisana i tumačena u skladu sa švajcarskim pravom.

Redovni sudovi grada Bazela, Kantona Grada Bazel, Švajcarska, imaće isključivu nadležnost za sve sporove koji proizilaze iz ili su u vezi sa ovom Garancijom.

[Slede stranice sa potpisima]

Republika Srbija

______________________________ _____________________________

Ime: Siniša Mali Ime: [ ]

Funkcija: Prvi potpredsednik Vlade Funkcija: [ ] i ministar finansija

EUROFIMA Evropsko društvo za finansiranje železničkih voznih sredstava

___________________________________ _____________________________

Ime: Aurelia Gerber Ime: Dirk Dombrovski

Funkcija: Rukovodilac tržišta kapitala, Funkcija: Šef srednje kancelarije trezora i upravljanja imovinom