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The Government of the Republic of Serbia

In the service of citizens

Best consultancy agencies invited to bid in tender for Jat Airways’ privatisation advisor

Belgrade, 2 August 2007

The Serbian Privatisation Agency will on behalf of the Serbian government invite 24 international consultancy agencies which are most seasoned in this area and have achieved the best results in consulting airline companies to place their bids for drafting and implementing a privatisation strategy for Serbia’s Jat Airways.

The Agency stated that the list of companies to be invited best illustrates the importance which the government is attributing to the privatisation of its national airway transporter.

Drafting a strategy is one of the crucial steps in the entire process since it directly defines the destiny of the privatised company.

The entire selection process will be made public and the list of potential consultants guarantees that the winner at the tender will use their international experience and knowledge to ensure that the privatisation of Jat Airways has the best possible outcome.

The government decided to begin privatisation of the public airline transportation company Jat Airways on July 26 and the deadline for the selection of the advisor is 70 days.

The procedure will be carried out in line with Article 102 of the Law on public procurement in a restrictive process and under shortened deadlines bearing in mind that the government decided it is necessary to appoint the privatisation advisor and begin the privatisation of the company as soon as possible.

Having decided to commence the public procurement process, the government agreed to send invitations for the placement of bids directly to the following bidders:

1. Rothschild; 2. UBS; 3. Goldman Sachs; 4. BNP Paribas SA; 5. HSBC Bank plc; 6. Morgan Stanley; 7. Citigroup Inc; 8. Merrill Lynch; 9. Lazard; 10. ABN AMRO; 11. Deutsche Bank AG; 12. Deloitte; 13. Lehman Brothers; 14. PricewaterhouseCoopers (PwC) Corp Fin; 15. Ernst & Young; 16. SG; 17. Dresdner Klinwort; 18. JP Morgan; 19. KPMG Corp Fin; 20. Macquarie Bank Ltd (MBL); 21. M&A International Inc; 22. ING; 23. Credit Suisse; 24. CALYON.

The public procurement for the selection of the most favourable bid will be carried out in line with the procedure defined by the Law on public procurement and based on the principles effective for this procedure, namely, transparency and competition.

The bidders will be invited to submit their technical and financial offers in sealed envelopes and the bids for which the Committee for Public Procurement ascertains that they fulfill the necessary conditions, will be opened and assessed and the privatisation advisor elected, adds the statement.