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The Government of the Republic of Serbia

In the service of citizens

Deadline for submitting bids for preparation and implementation of Jat Airways privatisation strategy August 27

Belgrade, 3 August 2007

The Serbian Privatisation Agency stated that the first session of the commission for public purchase of consultancy services for preparation and implementation of the strategy for privatisation of public company Jat Airways was held today.

The commission will send the invitation for submitting bids for preparation and implementation of consultancy services to the addresses of 24 international consultancy agencies, which have greatest experience and best results in the field of consulting in air traffic.

The deadline for submitting bids is August 27, 2007 and the commission underlined that it is in the interest of the company to speed up the process as much as possible.

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 Kleinwort; 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 bids, which the Committee for Public Procurement ascertain fulfill the necessary conditions, will be opened and assessed and the privatisation advisor elected, adds the statement.