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The Government of the Republic of Serbia

In the service of citizens

Decision on qualification of bidders for selection of NIS privatisation advisor passed

Belgrade, 26 October 2005

The Serbian Privatisation Agency stated today that the Commission for public procurement of consultancy services for the selection of the privatisation advisor for the state oil company NIS brought a Decision on the qualification of bidders for the selection of the advisor.

At its session held on October 24, the Commission accepted the qualifications of the following bidders:

- Consortium: JP Morgan, McKinsey, EKI Investment, Synergy Capital, Deloitte, Simmons & Simmons, Harrisons Solicitors; - Consortium: Morgan Stanley, Citadel Financial Advisory; - Consortium: CSP Consult & Strategy GmbH, Deutsche Bank AG, Roland Berger Strategy Consultants GmbH; - Consortium: Rothschild SpA, NM Rothschild & Sons Ltd; - Consortium: Merrill Lynch, Raiffeisen Investment; - Consortium: Credit Suisse First Boston, Dewey Balantine, Drazic, Beatovic & Partners; - BNP Paribas SA; - Consortium: Goldman Sachs, CA IB Corporate Finance.

The Commission turned down the application of the bidder Jefferies Intl. Ltd because it did not meet the legal conditions and qualification requirements set in the Public Invitation published in the Official Gazette of the Republic of Serbia on September 13, 2005.

The application of the Capitol Consulting Group Kft. Budapest was not opened by the Commission because it was not submitted in the appropriate manner.

The bidders whose qualifications have been approved will now have to submit bids that will be examined by the Commission in the second phase of the procedure.

The criterion for the selection of the most favourable offer will be the economically most attractive offer.

The framework deadline for the selection of the most favourable offer is three months from the announcement of the Public Invitation in the Official Gazette of the Republic of Serbia, the statement concluded.