Time schedule of the issue


Right to subscribe the convertible bonds have shareholders who have acquired shares no later than	14 Jul 2011
Closing date of trade on BSE of the shares with rights for participation in the subscription of the bond issue	14 Jul 2011
Prospectus publishing date	25 Aug 2011
Date of publishing the notice of the offering in the State Gazetteand in a central daily newspaper,the Dnevnik daily	26 Aug 2011
Beginning of transfer of rightsand trade in rights on BSE and ofthe subscription of bonds	7 Sept 2011
Closing date of trade inrights on BSE	20 Sept 2011
Closing date of transferring therights on BSE	26 Sept 2011
Closing date of the subscription of bonds by holders of rights, including persons that have purchased rights on BSE, before the ex-officio auction	26 Sept 2011 (1)
Ex-officio auction on BSE for sale of unexercised rights	3 Oct 2011
Beginning of the subscription of bonds by persons that have purchased rights at the ex-officio auction	5 Oct 2011
Closing date of the subscription of bonds by persons that have purchased rights at the ex-officio auction	17 Oct 2011
Closing date for payment for bonds by any persons that have subscribed bonds. End of subscription	17 Oct 2011
Registration of the bonds in investor accounts with the Central Depository	19 Oct 2011 (2)
Announcement for the debent6ure loan in the Commercial Register	19 Oct 2011 (2)
Registering the issue convertible bonds in the FSC Register according to Article 30, paragraph 1, point 3 of FSC Law	19 Oct 2011 (2)
Beginning of trade in new shares on BSE	19 Oct 2011 (2)

(1) We would like to pay attention that the shareholders whose shares and respectively whose rights are on private account in Central Depository should ask a licensed Investment Intermediary acting as a Registration agent to the CD to issue a duplicate of depository receipt for their rights that are in their private account. This specifying is made having in mind the time necessary for the issue of a duplicate of depository receipt which may take around 3 working days and the closing date for the subscription of new shares before the ex-officio auction - 19 September 2011.

(2) 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.

Time schedule of the issue

Financial calendar

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