AMENDMENT AGREEMENT IN RELATION TO THE FINANCE CONTRACT SIGNED ON 8 JUNE 2010 BETWEEN THE REPUBLIC OF SERBIA AND THЕ EUROPEAN INVESTMENT BANK - SCHOOL MODERNISATION PROGRAMME ("Off. Herald of RS - Treaties", No. 12/2015)

FI N° 25.610 (RS)
Serapis N° 2009-0284

Luxembourg, 18 March 2015
Belgrade, 27 March 2015

THIS AGREEMENT IS MADE BETWEEN:

(1) the Republic of Serbia (the "Borrower"); and

(2) the European Investment Bank (the "Bank"),

together referred to as the "Parties".

BACKGROUND

(A) The Parties have entered into the finance contract dated 8 June 2010 (the "Finance Contract").

(B) Further to the Borrower’s request dated 14 October 2014, the Parties have agreed to enter into this Amendment Agreement (hereinafter, the "Amendment Agreement") for the purpose of amending certain terms of the Finance Contract.

IT IS AGREED as follows:

1. Interpretation

Definitions

Unless a contrary indication appears, capitalised terms defined in the Finance Contract have the same meaning when used in this Amendment Agreement.

2. Amendments

The Finance Contract is hereby amended as set out below.

2.1 In the list of definitions, the definition Final Availability Date shall be amended to read as follows:

<<"Final Availability Date" means 31 December 2016.>>

2.2 In Schedule A (A.1. - Technical Description), the paragraph entitled "Calendar" shall be amended to read as follows:

<<The total investment project covers the six-year period 2010-2016. Component 1 is expected to be completed by December 31, 2015. Component 2 and Component 3 will be implemented between 2012 and December 31, 2016. >>

2.3 In the Table (List of Schools included in Component 1) of Schedule A, the Implementation Period in relation to elementary school "Vojvoda Stepa" and elementary school "Ljupce Nikolic" shall be amended as follows:

Table: List of Schools included in Component 1

School	Municipality	Implementation Period		Estimated building area	Estimated Plot Size
		Start date	Completion date
Elementary "Vojvoda Stepa"	Belgrade - Kumodraz	III Q 2014	IV Q 2015	1,600	17,500
Elementary "Ljupce Nikolic"	Aleksinac	II Q 2012	IV Q 2015	3,000	5,000

3. CONTINUING OBLIGATIONS

The provisions of the Finance Contract shall, save as amended by this Amendment Agreement, continue in full force and effect.

4. Governing law AND JURISDICTION

4.1 Governing Law

This Amendment Agreement and any non-contractual obligations arising out of or in connection with it shall be governed by the laws of the Grand Duchy of Luxembourg.

4.2 Jurisdiction

The Parties hereby submit to the jurisdiction of the Court of Justice of the European Union.

5. ENTRY INTO FORCE

This Amendment Agreement shall enter into force upon confirmation by the Bank to the Borrower in writing (including via electronic mail) that the Bank has received a certified copy of the Official Gazette of the Republic of Serbia publishing the law on ratification of this Amendment Agreement by the Parliament of the Republic of Serbia.

This Amendment Agreement has been entered into in four (4) originals in the English language, each page having been initialed by Mr. Branko Drčelić, director of Public Debt Administration - Ministry of Finance, on behalf of the Republic of Serbia, represented by the Ministry of Finance, and by Mr. Alessandro Cagnato, Legal Counsel, on behalf of the Bank.

Signed for and on behalf of the THE REPUBLIC OF SERBIA the Minister of Finance Dušan VUJOVIĆ this 27th day of March 2015, in Belgrade

Signed for and on behalf of EUROPEAN INVESTMENT BANK the Head of Division Massimo NOVO the Head of Division Jean-Marc MARTIN this 18th day of March 2015, in Luxembourg