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Time schedule

Prospectus publishing date

on 19 October 2007

Date of publishing the notice
of the offering in the State
Gazette and in a central daily newspaper,
the Dnevnik dail

on 19 October 2007

Beginning of trade in rights
on BSE and of the subscription of new shares

on 29 October 2007

Closing date of trade in rights on BSE

on 9 November 2007

Closing date of the subscription of
new shares by holders of rights, including
by persons that have purchased rights on BSE

on 13 November 2007

Ex-officio auction on BSE for sale
of unexercised rights

on 20 November 2007

Beginning of the subscription of new
shares by persons that have purchased
rights at the ex-officio auction

on 22 November 2007

Closing date of the subscription of new
shares by persons that have purchased
rights at the ex-officio auction

on 5 December 2007

Closing date for payment for new shares
by any persons that have subscribed
new shares

on 5 December 2007

Registration of the new shares issue
and of the capital increase in the
commercial register

on 14 December 2007(1)

Registration of the new shares in
investor accounts with the
Central Depository

on 19 December 2007(1)

Beginning of trade in new
shres on BSE

on 15 January 2008 (1)


(1) These dates are determined on the basis of the assumption that: (a) the time limits as per the time schedule will be met without any delay; and (b) the procedures to be carried out at the relevant institutions will be accomplished within the shortest deadlines according to their practices. The exact dates may fall more or less days after the specified date.