The following addresses are specified for purposes of Section 10.01 of the Standard Terms and Conditions:

For the Borrower:

The Republic of Serbia Ministry of Finance Kneza Milosa 20 11000 Belgrade

Attention: Minister of Finance Email: kabinet@mfin.gov.rs

For EBRD:

European Bank for Reconstruction and Development 5 Bank St London, E14 4BG United Kingdom

Attention: Banking Services

Email: BankingServices@ebrd.com Telephone (for couriers): +44 20 7338 6000 IN WITNESS WHEREOF, the parties hereto, acting through their duly authorised representatives, have caused this Agreement to be signed in 5 originals and delivered at Belgrade, Serbia as of the day and year first above written.

THE 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 IN WITNESS WHEREOF, the parties hereto, acting through their duly authorised representatives, have caused this Agreement to be signed in 5 originals and delivered at Belgrade, Serbia as of the day and year first above written.

THE 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