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The Government of the Republic of Serbia

In the service of citizens

Government reserves RSD 500m in case of Dunav Osiguranje

Belgrade, 18 July 2012

The government announced today that on 16 July this year it passed a decision on the provision and reservation of RSD 500 million in the case of the insurance company "Dunav Osiguranje".

The statement said that the government made the decision so that in the case of forced collection, it would be able to regularly service its other obligations, especially the regular payment of pensions and social benefits that could potentially be threatened by executive order by "Dunav Osiguranje".

The government will not willingly pay this amount, but "Dunav Osiguranje" has the enforceable court judgment on the ground of which it may unilaterally claim to collect the entire amount of RSD 3.5 billion from the account of the Republic of Serbia.

Representatives of the Serbian government in recent months discussed the issue with the managers of "Dunav Osiguranje" and offered an agreement on the regulation of relations on the basis of the 2000final decision of the Commercial Court.

The Serbian government regrets that "Dunav Osiguranje" rejected the proposed agreement and filed a warrant for the payment that far exceeds the potential future liabilities of "Dunav Osiguranje".

According to the final court decision, the amount stands at $6.5 million and 3,535 million Deutschemarks, and the claims of the company from the Republic of Serbia stand at RSD 3.5 billion, or €30 million.