i'l'i {Ti I'm'l'nn'r? . 1 all?; w? L192 I27APR 2015 ll JOINT VENTURE AGREENIENT BELGRADE WATERFRONT PROJECT Republic of Serbia and Belgrade Waterfront Capital Investment LLC and Bengrad na vodi 6.0.0. Bengrad and Al Maabar International Investment LLC Belgrade, 26 April 2015 Appendices 3gp" in" Appendix 1B Ag? '?ndix'?n ?mesa-s 23 Appendix 3 Myriam Appendix 5A Agp??ii'ii'sem' Appendix 6 "Appendix 7 Angela's 3 Appendix 9 10 Appendix 11 Ag" E?dii'i?' Appendix 13 Appendix 14 Accession of New Shareholder and capital Increase of the Company Articles of Association .. .. Contributed Buildings Decision on Capital Increase "taggersth Pilot Developments Ciearance Phasing Plot 14 Developments Project - Project Limits: Site Area . Transfer Deed .. .. - Completion Actions and Deliverabies '2 "f6? that"messages Key'L?g?l Fastest aggressive?E'Hsges?" ROS representations and teatime Company to This shareholders' agreement (the "Agreemen is entered into on 26 April 20l5 by and among: (1) (2) (3) (4) REPUBLIC OF SERBIA. represented in this Agreement by the minister Zorana Mihajiovi?. pursuant to governmental conclusion no. 5 no. 336-4674f20l5 dated 26 April EUIS and BELGRADE WATERFRONT CAPITAL INVESTMENT LLC. a limited liability com? pany having its business address at Hamdan Street. Gaith Tower. Floor l9. Ollice 34. Abu Dhabi. United Arab Emirates. license number represented in this Agreement by Mr. Mohamed Ali Rashed Alahbar as a statutory representative (the "Strategic Partner"): and BEOGRAD NA a limited liability company incorporated in the Republic of Serbia having its business address at Karadordeva 48. Belgrade. Republic of Serbia. company identi?cation number 2I03339I. represented in this Agreement by Mr. Alcksandar Trifunovic. acting director (the "Company"}; and AL MAABAR INTERNATIONAL INVESTMENT LLC. a limited liability company hav- ing its business address at Capital Gate Tower. level IE. Al Khaleej Al Arabi Street. PO Box 34888. Abu Dhabi. United Arab Emirates. license number Chi-1099804 represented in this Agreement by Mr. Mohamed Ali Rashed Alabbar pursuant to the resolution ofthc Guarantor?s shareholders (the ?Guarantor?? (Ros. Strategic Partner and the Company are each referred to as a "Party" and collectively as "Par- ties". and Strategic Partner are collectively referred to as the "Shareholders" and individually as a "Shareholder": the "Guarantor" is principally referred to in Clause 33 (Guarantee) and in connec? tion with said Clause elsewhere in the Agreement). PREAMBLE (B) (C) (D) (E) On 17 February 3013. the Government oftite United Arab Emirates and the Government of the Republic of Serbia have entered into the Accord on co-operation between the Government of the Republic of Serbia and the Government of the United Arab Emirates {the "Bilateral Accord?): The Shareholders have identified mutual interest for development ofthc Project. in accordance with Article 2. point 8. sub-point 2 ofthe Bilateral Accord. The Project will entail urban deveIOpment and revitalisation 't?v?aterli'ont" includ- ing the development of public and private infrastructure within the Project Limits. public buildings. residential communities. commercial and retail spaces- hospitality. healthcare and educational Facilities and branded recreational facilities including without limitation support services. utilities. common areas and open spaces. For the purpose of the Project. has on 24 July 2014 established the Com- pany with a view of Strategic Partner acquiring interest in the Company pursuant to this Agreement for the sole purpose to develop the Project. ROS has delivered a decision no. 350-3 5333014 dated 01 May 20M declaring that the Pro? ject is importance for economic development of in accordance with Art. 10 of the Decree. The Parties have exchanged the following corporate resolutions authorizing them to enter into and perform their respective obligations under this Agreement: (ii the resolution by the Guar? antor's shareholders. (ii) conclusion by the Government of R05 no. 3326-4674205 dated 26 April EDIE and resolution by the shareholders meeting ofthe Company no. 480015 dated 25 April 20l5. The Parties now wish to determine their rights and obligations with regard to the Project on the basis ot?the terms set out in this Agreement. L.) {'11 NOW, THEREFORE in consideration of the above, the Parties hereby agree as follows: 1. DEFINITIONS AND INTERPRETATION 1.1 De?nitio us In addition to the terms de?ned elsewhere in this Agreement, the capitalized terms used herein shall have the following meanings: ?Achieved Percentage? ?Actually Leased Land? ?Additional Financing? "Af?liate" "Agreement" ?Agreement on Accession of New Shareholder and Capi- tal Increase of the Company? ?Articles of Association? ?Base Environmental Cleanup? ?Base Infrastructure? "Baseline Study" ?Bilateral Accord? ?Buildings? "Business Day" has the meaning given in Clause 6.5.2. has the meaning given in Clause 6.1.4. has the meaning given in Clause 11.2. means, in relation to Strategic Partner: any entity Controlled by wither Eagle Hills Properties LLC, a limited liability company having its business address at Capital Gate Tower, level 12, Al Khaleej Al Arabi Street, PO Box 34888, Abu Dhabi, United Arab Emirates, or (ii) Strategic Partner; and in relation to 3.08: any entity Controlled by means this joint venture agreement as well as all its amendments and Appendices. means the agreement on accession of Strategic Partner as the new shareholder of the Company in accordance with the Decision on Capital Increase to be entered between the Shareholders at Comple- tion in the form set out in Aggendix 1A. means amended and restated incorporation act of the Company, in a form and substance set out in Appendix 13. has the meaning given in Clause 8.1.3. has the meaning given in Clause 9.1 . 1. means the environmental study carried out in accordance with Clause 4.5.2 and delivered by Dekonta d.o.o. Belgrade, registered in the Commercial Registry, company ID no. 17243586; Baseline Study shall be prepared in accordance with EU standards. has the meaning given in Preamble (A). means together the Contributed Buildings and the Non-Contributed Buildings. means a day {other than Friday, Saturday or Sunday) which is not a public holiday and on which banks are open for general business in 5105 and the United Arab Emirates. "Business Plan" "Business Year" ?Call Option Exit? ?Call Option Exit Notice? ?Call Option Exit Period? . ?Call Option Exit Trigger? - ?Capital Call? 1 3 ?Capital Increase? ?Capital Increase Amount? ?Commercial Registry? f-Gcompany? ?Company?s Proportional Participation? ?Completion? ?Completion Date? ?Completion Long Stop Date? ?Conditions Precedent? EXE means the business plan for the Project prepared by Strategic Part- ner and approved by the Shareholders? Meeting, as amended from time to time. means the calendar year that commences on 1 January and ends on 31 December of the same year. means Serbian Companies Act (Official Herald of no. 361201 l, as amended). has the meaning given in Clause 23.3.1. has the meaning given in Clause 23.3.3. has the meaning given in Clause 23.3.3. has the meaning given in Clause 23.2. has the meaning given in Clause 10.2.2. means the initial increase of the monetary share capital of the Com- pany for the amount of RSD equivalent of EUR 22,000 (Euro twen- ty two thousand) to be subscribed and paid-in by Strategic Partner in accordance with the Decision on Capital Increase. has the meaning given in Clause 3.1.2. means Registry of Commercial Entities kept with the Serbian Agen- cy for Commercial Registries. means ?Beograd na vodi? a limited liability company with regis- tered seat at Karadordeva 48, Belgrade, Republic of Serbia, compa- ny identi?cation number 21033391, registered with the Commercial Registry. has the meaning given in Clause 6.5.5. means all actions taken pursuant to Clause 4.3. means the date when the last Completion action pursuant to Clause 4.3 has been completed. has the meaning given in Clause 4.4.1. has the meaning given in Clause 4.2.1. .0 L. .I?Ii-h i; i ?Conditions Snbseq uent? ?Conditions Subsequent has the meaning given in Clause 4.5.1. has the meaning given in Clause 4.6.l. Long Stop Date? ?Con?dential Information? "Control" ?Contributed Buildings? ?Deadlock? ?Deadlock Confirmation Notice? ?Deadlock Notice? ?Deadlock Resolution Period? ?Decision on Capital Increase? ?Decree? ?Deputy Director? ?Director? has the meaning given in Clause 27 . 1. means irrespective of whether used as a noun or as a verb (in the lat- ter case "control") in general the possession, directly or indirectly, solely or jointly with another person, of power to direct or cause the direction of the management or policies of a person (whether through the ownership of securities, other shareholder, partnership or ownership interest, by establishing total 0r partial identity of in- dividuals in management, by contract or otherwise), including in particular ownership of more than one half of the capital or busi- ness assets, (ii) the power to exercise more than half of the voting rights at the shareholders level, the power to appoint more than half of the members of the Supervisory Board, the management board or other body legally representing the controlled entity, or (iv) the right or ability to manage or direct the controlled persons' affairs. means the structures listed in Appendix ZB. has the meaning given in Clause 18.2. has the meaning given in Clause 18.5. has the meaning given in Clause 18.3. has the meaning given in Clause 18.5. means the decision on the Capital Increase to be delivered by R08 as the shareholder of the Company on or before Completion in the form set out in Appendix 3. means Decree on Conditions, Modalities and Procedure for Disposal or Leasing Out of Construction Land in Public Ownership of the Republic of Serbia or Autonomous Province (Of?cial Herald of R08 no. 67f2011, as amended). means the deputy director of the Company appointed pursuant to Clause 13.3.1. means the director of the Company appointed pursuant to Clause r- ?Directorate ?Dispute Resolution Board? ?Encu brances? ?Environmental Cleanup? ?Excess Cleanup Loan" ?Excess Environmental EE means Property Directorate of ROS (Republidka direkcrja 2a imovr'nu Republike has the meaning given in Clause 18.4. means the single currency of the member states of the European Un- . ion that have adopted the Euro as their lawful currency under the legislation of the European Cemmunities for the European Monetary Union. means any and all security interests, encumbrances, claims, privi- leges, liens, pledges, mortgages, third party rights (including physi- cal possession), charges, community property interests, trusts, as well as any servitude, easement, right of way, other dismember- ments, agreements, options, undertakings, rights of ?rst offer or re- fusal, rights of pre-emption, options and any attachments and re- strictions, or an arrangement or obligation to create any of the fore- going, or any arrangement, agreement, act, fact or event which has the purpose or the effect of restricting in any manner the ownership, use, transferability or exercise of ownership, possession or any at- tribute of ownership of the Land and the Buildings; ?Encumbranc? es? speci?cally include potential rights of previous owners under the restitution laws, whether recognized by the appropriate resolution of the Governmental Entity or not. has the meaning given in Clause has the meaning given in Clause 8.1.3. has the meaning given in Clause 8.1.3. Cleanup? SiExpert53 ?Excess Cleanup Costs? ?Excess Costs means an internationally recognized expert in valuation of real es- tate development projects selected by agreement of the Shareholders or, failing such agreement or if any Expert selected by them does not agree to perform the services called for hereunder, within thirty (30) calendar days upon either of the Shareholders notifying the oth- er Shareholder of its request to appoint an Expert, the expert ap- pointed by the International Centre for Expertise (acting as the ap- pointing authority) in accordance with the provisions for the ap- pointment of experts under the Rules for Expertise of the Interna- tional Chamber of Commerce. means the of (A) the balance between the Target Cleanup Costs and (ii) the cleanup costs shown in the Baseline Study, assum- ing that the cleanup costs shown in the Baseline Study are over and above the Target Cleanup Costs and (B) actual costs of the Excess Environmental Cleanup (as defined in Clause 3.1.3). means notice tendered by Strategic Partner to whereby Strate- accessing sass ?Exit Option? I "Governing Law" "Governmental Entity" 3 ?Guarantee? 1 ?Guarantor? ?Hazardous Materials? ?Interim Development Threshold? ?In-kind Contribution? ?Key Legal Framework and Legislative Changes? "Land" ?Land Development Fees? ?Leasable Land? ?Lease? ?Lease Agreement? 3 {Ti Iliaitiieraecepts to finance-the Excess Cleanup Costs. has the meaning given in Clause 23.3.5. means the laws, decrees and other legislation in force in the Repub? lie of Serbia. means any Serbian court or arbitral tribunal, regulatory authority, department, commission, board, agency or other governmental enti- ty, whether regional, local and whether domestic or foreign. means the guarantee given by the Guarantor pursuant to Clause 33. means Maabar International Investment LLC, a limited liability company having its business address at Capital Gate Tower, level 12, Al Khaleej Al Arabi Street, PO Box 34888, Abu Dhabi, United Arab Emirates. means any and all hazardous or dangerous substances, toxic sub- stances, or pollutants, biological or bacteriological contaminants, hazardous and special wastes, oils, asbestos and asbestos products, petroleum and petroleum products, hazardous materials, chemicals and goods and any other materials which (alone or in combination with any other Substance or element} are under the Governing Law or international treaties declared as harmful to human health or the environment. has the meaning given in Clause 6.5.2. has the meaning given in Clause 7.2.1. has the meaning given in Clause 9.3.2. means the land on which the Project will be developed by the Com- pany, and is identical to the Project Limits. The area comprising the Land is edged in magenta color in gpendix 8. means land development fees (nabrada/doprinos 2a uredivanje gradevinskog zemb?is'ta) or similar charge introduced from time to time. has the meaning given in Clause 6.1.1. means each of 99-year (ninety nine year) leases over each tract of the Selected Leasable Land granted to the Company without consid- eration, in accordance with the terms and conditions set out in the respective Lease Agreement. means each of the lease agreements for the Selected Leasable Land ?Legal Clearance? ?Material Adverse Effect? 3 ?Mlestone Date? ?Minor Underground Structures? ?Non-Contributed Buildings? ?Non-Public Land? ?Notice of Sale? I ?Offer Consideration? GEPal'tyI'l {lParties?? ?Physical Clearance? ?Pilot Corridor? ?Pilot Developments? ?Pilot Developments Area? EXE as the construction land zemijisi?e) without considera- tion entered into between the Directorate (as the lessor) and the Company (as the lessee) in the form set out in Appendix 4. has the meaning given in Clause 5.1.1. means any event, circumstance, condition, fact, change, develop- ment or effect that, individually or in the aggregate, is or could rea- sonably be expected to be materially adverse to the business, as- sets, liabilities or condition (?nancial or otherwise) of the Company or (ii) adversely affect the ability of the Company to develop the Project, both and (ii) with a ?nancial impact of EUR 100,000 (Euro one hundred thousand) or mere. has the meaning given in Clause 6.5.2. means pipes of diameter of up to 450mm and (ii) electric cables of up to 1 KV. means the structures listed in Appendix 2A. means all areas of the Land, except the Public Land, all within the Project Limits. has the meaning given in Clause 15.1.6. has the meaning given in Clause 15.1.6. has the meaning given in the opening section of this Agreement where signatories hereto are listed. has the meaning given in Clause means the corridor comprising parts of the Land, connecting the Pi? lot Developments Area with the outside boundary of the Project, the exact area and positioning of the Pilot Corridor to be notified by the Company to after due consultations between the Company and R08 as to the reasonableness of the Company?s assessment of the area and positioning of the Pilot Corridor; means the following buildings hotel (developed on Plot 13), (ii) Plot 14 Developments and (ii) Kola and the shopping mall (devel- oped on Plot 19), as per description set out in Appendix 5A. means all land plots within sections colored in green in Appendix ?Plot 14 Commencement Date? ?Plot 14 Commencement Pro-Conditions? ?Plot 14 Developments? ?Prohibited Transfer? "Project" ?Project Limits" ?Proposed Transaction? ?Public Land? ?Public Land Development Agreement? "Public Land Development Costs" ?Purchaser? ?Put Option Exit? ?Put Option Exit Notice? ?Put Option Exit Period? ?Put Option Exit Trigger? has the meaning given in Clause 6.4. 1. has the meaning given in Clause 6.4.1. means the structures as per description set out in Aggendix 6. has the meaning given in Clause 15.2.7. means the development project in accordance with the parameters I set out in Appendix 7 and within the Project Limits. means all land plots within boundaries colored in magenta in A2- gendix 3. has the meaning given in Clause 15.1.5. means all sections of the Land which are zoned for public areas, in? cluding roads and public infrastructure and (ii) buildings and are- as serving public purposes (jams namene) as de?ned in the Zoning Plan, all within the Project Limits. means the agreement on joint development of public land within the meaning of Art. 92 of the Planning and Construction Act (Official Herald of no. 72/2009, as amended), with the main features as set out in Clause 7.1.5. means all reasonable costs incurred in development of the Public Land which include all costs incurred by the Company in carrying out development of the Public Land pursuant to Clause 7.1.1 (in- cluding without limitation both soft and hard costs and interest di- rectly attributable to costs incurred in development of the Public Land). has the meaning given in Clause 15.1.5. has the meaning given in Clause 23.3.2. has the meaning given in Clause has the meaning given in Clause - i i i I has the meaning given in Clause 23. 1. has the meaning given in Clause 15.2.1. ?Selected Leasahle Land? ?Selected Non-Contributed Buildings? ?Selected Public Land? H-?Selling Shareholder? ?Services? ?Shareholder(s)? "Shareholders' Meeting" "Signing Date" "Supervisory Board" ?Surplus Land? ?Tag-along Notice? ?Tag-along Offer? ?Tag-along Right? ?Target Cleanup Costs? ?Termination Costs? ['11 means the of?cial currency of R08. has the meaning given in Clause 6.1.4. has the meaning given in Clause 7.3.2. has the meaning given in Clause 7.1.4. has the meaning '1 5.1.5. has the meaning-"given" in Clause 10.4.l. means and Strategic Partner. means the shareholders: meeting of the Company. means the date of the execution of this Agreement. means the supervisory board of the Company. has the meaning given in Clause 6.5.4. in Clause 5.5.3. has the meaning given in Clause 15.3.2. has the meaning given in Clause means the costs expended in connection with the Project or in ex- pectation that the Project will materialize incurred by or on behalf of Strategic Partner and/or Strategic Partner?s Af?liates prior to termi- nation pursuant to Clause 4.4 or Clause 4.6 (as the case may be), in- cluding but not limited to the costs incurred prior to the Signing Date, without regard to the form under which the costs have been expended; for the avoidance of doubt the ?Termination Costs" shall include all soft costs, hard costs, marketing and advertising costs in connection with or in expectation of the Project, including without limitation the investment in fixed assets that will remain in the own- ership of R05 or a Governmental Entity after the termination event ?Total-Financing - Commitment? and overheads; the Parties acknowledge that the formal headings for investments made by or on behalf of Strategic Partner andfor Strate- gic Partner?s Af?liates have been for convenience only and that the substance shall take precedence over form in assessing the costs in- curred. has the meaning given in Clause 10.2.2. "Transaction Agreements" ?Unrestricted Transfer? Detection Works" Detection Costs? 1.2 1.2.1 1.2.2 1.2.3 ?Valuation Report? I EXE means collectively this Agreement, any and all of the Lease Agree- ments and any other agreements or the Company?s resolutions con- templated by this Agreement. ?Transfer? has the meaning given in Clause 15.1.1. "Transfer Deed" means share transfer deed in the form attached as Appendix 9. has the meaning given in Clause 15.1.3. means unexploded ordnances (neeksplodirana ubojna sredsrva). means the works to include survey, detection, removal of UXOs and provision of services to provide a safe working environment during preparation and construction works. means all costs associated with UXO Detection Works. has the meaning given in Clause 17.3. means the Spatial Plan of the Special Dedication Area for develop- ment of the City of Belgrade waterfront river Sava waterfront for the project ?Belgrade Waterfront? (Prostorni plan podrucj'o posebne namene aredenje defer priobaya grade Beogmda podrucj'e pri- oi;an rake Save an projelmr ?Beogrod no vodi?) published in the ?Of?cial Herald of no. 7.12015? on 23 January 2015 attached as Appendix 10. ?Zoning Plan? Principles of Interpretation Unless otherwise expressly provided, for the purposes of this Agreement the following rules of interpretation shall apply: Time All references to time shall be to local 1103 time (except for the de?nition of Business Day). Calculation of time periods When calculating the period of days before which, within which or following which any act is to be done or step taken pursuant to this Agreement, the day that is the reference date in calculating such period shall be excluded. If the last day of such period is a non-Business Day, the relevant period shall end on the next succeeding Business Day. Unless otherwise expressly indicated, the terms indicated in weeks or months shall end on the same calendar day of the relevant week or month set as the end of the term. MW Any reference in this Agreement to gender shall include all genders, and words imparting the singular number only shall include the plural and vice versa. 12 1.2.4 1.2.5 1.2.6 1.2.7 1.2.8 1.2.9 1.2.10 1.2.11 1.2.12 Headings The provision of a table of contents, the division of this Agreement into articles, paragraphs and other subdivisions and the insertion of headings are for convenience of reference only and shall not affect or be utilized in construing or interpreting this Agreement. Clausefparagraph All referenCes in this Agreement to any ?Clause? or "paragraph" are to the corresponding clause andfor paragraph of this Agreement unless otherwise speci?ed. Herein The words such as "herein", "hereinafter", "hereof", and "hereunder" refer to this Agreement as a whole and not merely to a subdivision in which such words appear, unless the context otherwise requires. Including The word "including" or any variation thereof means "including, without limitation" and shall not be construed to limit any general statement that it follows to the speci?c or similar items or matters immediately following it. Appendices The appendices attached to this Agreement shall be construed with and as an integral part of this Agreement to the same extent as if the same had been set forth verbatim herein. Pa ment currenc Unless the Governing Law requires otherwise, all payments required hereunder shall be made in EUR. In all cases where the Governing Law requires payment in RSD or it is neces- sary to determine the amount of payment or a claim or whether a monetary limit or threshold set out herein has been reached or exceeded and the value of the relevant payments 0r claims is expressed in RSD, the amount of each such payment/claim expressed in RSD shall be cal? culated by applying the medium exchange rate of the National Bank of Serbia as of the date of making the payment/determination. All payments by R08 to the Company (including eq? uity in cash) shall be made in RSD. Land plot/building permit References to "land plot" means the relevant cadastral plot (katasrarsko parceia) on the Land, within the Project Limits. References to ?building permit? shall mean building permit (gradevinska dozvoia) within the meaning of articles 133 147 of the Planning and Construction Act (O?icial Herald of R05 no. 72/2009, as amended) in force as of the date hereof and provisions of the Law on Deter- mining Public Interest and Speci?c Procedures for Expropriation and Issuance of Building Permit for the Purpose of Implementing Belgrade Waterfront Project (Of?cial Herald of R05 no. 34/2015). Commencement of construction works References to ?[physical] commencement of construction work? shall mean piling and shor- ing works. Procure If any provision in this Agreement provides that a Shareholder shall procure that something 13 1.2.13 1.2.14 1.2.done or not done such term "procure" or ?cause [to be done]? shall be interpreted as a binding promise of the party making such promise (obe?anje radnje Ire?eg lice) within the meaning of Art. 153 of the Serbian Obligations Act (1978). Persons, companies References to a "company" shall be construed so as to include any company, corporation, business organization, or other body corporate, wherever and however incorporated or estab- lished. References to a "person" shall be construed so as to include any individual, ?rm, company, legal entity, fund, foundation, trust or similar entity, Governmental Entity or any joint venture, association or partnership (whether or not having separate legal personality). Controlling persons and subsidiaries A company is a "subsidiary" of another person (its "controlling person") if that other person, directly or indirectly, through one or more subsidiaries or other controlling persons, Controls it. Plot 14 Commencement Pre-Conditions Plot 14 Commencement Pre?Conditions are for the sole purpose of determining the Plot 14 Commencement Date and are without prejudice to the Shareholders? rights to terminate pur- suant to Clauses 4.4 and 4.6. PURPOSE OF THE AGREEMENT The purpose of this Agreement is to regulate and de?ne the relations between the Parties in respect of the implementation of the Project, operation of the Company, granting of Leases, the principles of the conduct of business of the Company and the rights and obligations of the Shareholders. Each Shareholder agrees to use its reasonable efforts and business judgment (which the Par- ties understand as meaning having a duty to do all that can reasonably be done in the circum- stances and to take all such actions as are commercially practicable) to promote the business of the Company and the implementation of the Project. The Shareholders agree and under- take that this Agreement will be performed by each of them in the spirit of mutual coopera- tion, trust and con?dence. The Shareholders shall do and shall cause to be done all such acts as may be within their powers including passing of resolutions (including the resolutions and decrees by the Gov- ernment of R08 and passing of laws by the Serbian Parliament) to procure that all provisions of this Agreement, and the intent of such provisions, are observed and performed. hereby gives its consent for entering by the Company into any agreement, arrangement, loan and other undertakings (including arrangements between the Company and Strategic Partner and/or Strategic Partner?s Af?liates) speci?cally provided for in this Agreement or the Articles of Association. This amounts to conflict clearance pursuant to provisions of the CA. Each Shareholder hereby undertakes to assist the Company in submitting the relevant docu- ments and applications and ?nalizing any and all agreements in connection with implemen? tation of the Project by providing the Company with all relevant information and advice as may be practicany available to the Shareholders. This Agreement shall serve as a shareholders? agreement, within the meaning of Article 15 of the CA notwithstandmg the Company being a Party and the Guarantor signatory hereto. 14 EXE 3. FORMATION OF JOINT VENTURE AND PRE-CODIIPLETION COVENANTS Shareholdings at Completion Date 3.1.1 At Completion Date, the Shareholders shall hold the following interests in the Company: General Business Name ?Beograd na vodi? drustvo sa ograni?enom od- - govomoscu Abbreviated business name Beograd na vodi d.o.o. Registered seat and business address Karadordeva 48, Belgrade Main business activity 6 6 6 Estate-iievelopment "Total capital R361,666,666Quasi contributions]! ?mas .. .. .. Strategic Partner ownership quota 68% (sixty eight per cent.) economic and voting rights of to- tal) Strategic Partner initial equity contri? RSD equivalent to EUR 22,000 (in cash) bution a ownership quota, economic and 32% (thirty two per cent.) voting rights of total) 5 R08 initial equity contribution RSD 1,000,000 (in cash) Voting rights Strategic Partner voting rights of 68% (sixty eight per cent.) total) voting rights total). 6 I 6.02% (thirty two per cent.) Dividend rights Strategic Painter rights bf total) 68% (sixty eight? cent.) 6666mm rights a. oftotal) "32% as; 6666;;- cent.) The Parties unconditionally and irrevocably agree that the voting and economic rights of ROS and Strategic Partner in the Company as designated in the preceding table during the life of this Agreement shall not be reduced by any contributions into share capital of the Company or additional payments to the Cempany made by either Shareholder. Without lim- iting the generality of the foregoing, Strategic Partner declares that 32% (thirty two per cent.) of economic and voting rights of ROS in the Company and its corresponding bene?cial inter- 15 3.1.2 3.2 3.2.1 3.2.2 3.2.3 3.2.4 3.2.5 3.2.6 3.2.7 3.2.8 EXE est in the Project cannot be diluted or otherwise reduced for the entire term of this Agree- ment except as Speci?cally provided elsewhere in this Agreement. At Completion, Strategic Partner shall pay cash contribution towards the capital of the Com- pany amounting to EUR 22,000 (Euro twenty two thousand) (the ?Capital Increase Amount?) pursuant to the Decision on Capital Increase. Pro-Completion Covenants covenants that, except as: disclosed in writing to Strategic Partner (in accordance with the notice provisions set out in this Agreement) prior to the date of this Agreement or speci?cally provided in this Agreement or required for its implementation (and noti?ed in accordance with this Agreement to Strategic Partner); andfor consented to in writing by Strategic Partner (such consent not to be unreasonably with? held or delayed) during the period commencing on the date of this Agreement and ending on Completion Date (both dates inclusive): the Company shall not carry on any business; the Company has not and shall not: amend its articles of association; issue, deliver or sell, redeem or authorize the issuance, delivery, redemption or sale of, any capital shares or other equity interests (except pursuant to Decision on Capital In- crease); the Company has not and shall not declare, set aside or pay any dividend or distribution or other capital return in respect of its share capital or, in general, make any payment to the shareholders or any person related to them, in any capacity whatsoever; the Company has not and shall not change its auditor and shall not change any accounting methods, principles or practices; the Company has not and shall not dispose of any asset or enter into, terminate or modify any contract (including, without being limited to, lease agreements), except as approved by Strategic Partner; the Company has complied and shall comply with all agreements it entered into; the Company has not and shall not: make any loans, advances, capital commitments or guarantees for the bene?t of any third party; create, incur or assume any debt; or make any capital expenditures; the Company has not and shall not hire any employees or make any commitment to do so; the Company shall not make any change in the terms and conditions of engagement of any of its directors; 16 3.2.9 3.2.10 4.2 4.2.1 of?cers; 0r managers as a whole or in part; the Company shall not settle any action, suit, investigation or other proceeding involving payment by the Company of money damages or waiver or release of any rights or claims; and the Company shall give to Strategic Partner and its of?cers and representatives reasonable access at all reasonable times upon reasonable notice to the properties, books and records of the Company and furnish such information and documents in its possession as Strategic Partner may reasonably request. COMPLETION Completion The Completion shall occur in Belgrade on the ?rst Business Day of the week which follows the date by which all Conditions Precedent have been: met and evidence thereof has been provided to the Shareholders; or waived by both Shareholders, or at such other place or time as the Shareholders may agree in writing. Conditions Precedent for Completion Completion is subject to the satisfaction, on or prior to Completion, of each of the following conditions (the "Conditions Precedent"): Merger Control Written evidence that unconditional merger control approval required to consummate this Agreement and to implement the transactions as contemplated by this Agreement has been obtained from the Serbian Commission for Protection of Competition. State Aid Control The Serbian Commission for State Aid Control has approved the entry into this Agreement and the performance of its obligations thereunder for state aid and all other related purposes, without any conditions or quali?cations thereto, or (ii) con?rmed in writing that such approval is not required pursuant to Serbian State Aid Control Act (Of- ?cial Herald of 1105 no. 5112009). No Prohibirive Decisions No judgment, preliminary or pennanth injunction, order or decree by any court, com- mission or governmental entity has prohibited the consummation of the transactions contemplated by this Agreement and no legal proceedings having the potential effect of such prohibition are pending. Each Party shall notify the other Party of any such injunction, order, decree or proceeding as may be notified, or becoming known, to it. The absence of noti?cation by either Party to the other of any of the foregoing events on the date of satisfaction of all other Conditions Precedent shall represent sufficient ev- idence of the satisfaction of this Condition Precedent. Decision on Capital Increase The Company shall have adopted and delivered to Strategic Partner the Decision on 17 4.2.2 4.2.3 4.2.4 4.3 4.3.1 4.3.2 4.3.3 4.3.4 4.3.5 4.3.6 Capital Increase. Land Development Fees Arrangement A long-term arrangement shall be reached to the full satisfaction of Strategic Partner, to the effect of full set-off of all Land Development Fees against Public Land Develop- ment Costs on the Project level or other structure or measure, but always in line with the Serbian laws, which would result in non-payment by the Company of all Land Devel- opment Fees, subject to the Company incurring Public Land Development Costs on the Project level. The Shareholders undertake to use their best efforts (which the Shareholders understand as having a duty to do all that can reasonably be done in the circumstances and to take all such actions as are commercially practicable) to ensure that all Conditions Precedent will be ful- filled as soon as possible and shall cooperate with each other to the extent reasonably re- quired in order to hilly effectuate the transactions contemplated herein. The Shareholders shall keep each other informed of the status of the satisfaction of the Conditions Precedent and shall notify each other without undue delay as soon as a Condition Precedent has been satis?ed or a development has occurred that makes it impossible or unlikely for a Condition Precedent to be satis?ed by the Completion Long Stop Date. and Strategic Partner may jointly waive, either in whole or in part, the Conditions Prec- edent. R08 and Strategic Partner are under no obligation whatsoever to exercise this waiver and any such waiver by R05 and Strategic Partner shall not in any way limit the other rights of the Shareholders hereunder. The Shareholders shall jointly be responsible for ful?lment of the Conditions Precedent set forth in Clauses and shall be responsible for ?il?lment of the Conditions Prec- edent set forth in Clauses 4.2.1(b) and The Shareholders shall make available to each other at no costs all information and records which are necessary for the respective ap- proval. All costs incurred in connection with obtaining the approval set out in Clause 4.2. 1(a) shall be borne by the Shareholders on an equal basis. Completion Obligations On Completion, the Shareholders and the Company (as the case may he) shall deliver, exe- cute or exchange the following documents and take the following actions, or cause such ac- tions to be taken in the following sequence: The Shareholders shall deliver, execute or exchange the documents and take actions listed in Appendix 11; Strategic Partner shall pay the Capital Increase Amount into bank account of the Company and deliver proof thereof to The Shareholders shall sign the Agreement on Accession of New Shareholder and Capital Increase of the Company and have their signatures thereon duly notarized; shall procure that Strategic Partner is duly registered in the Companies Registry as the sole owner of 68% (sixty eight per cent.) quota in the Company and deliver proof thereof to Strategic Partner; The Shareholders? Meeting shall deliver the Articles of Association and the Shareholders shall duly execute the Articles of Association; shall procure that the Articles of Association are duly registered with the Companies 18 4.4 4.4.1 4.4.2 4.4.3 4.5 4.5.1 4.5.2 4.6 Registry. No Com pletioanailure to Execute Completion Memorandum In the event that the Completion Date has not occurred by the date falling 6 months after the date of this Agreement or such other date as may be mutually agreed by the Shareholders in writing (the "Completion Long Stop Date") each Shareholder may terminate this Agree- ment with immediate effect by delivering written notice to other Parties. If this Agreement is terminated according to Clause unless agreed by the Shareholders in writing, any transaction contemplated by this Agreement which has effectively been carried out shall be reversed; and shall reimburse Strategic Partner for the Termination Costs. Strategic Partner shall not be entitled to reimbursement of the Termination Costs if the Completion Date has not occurred by the Completion Long Stop Date due to the reasons di- rectly attributable to conduct of Strategic Partner. Conditions Subsequent Business Plan The Company shall adopt the Business Plan as soon as practicable and at the latest within six (6) months following the Completion Date, which Business Plan shall include feasibil- ity/business plan for the Pilot Developments. Business Plan shall in particular include list of land plots which initially constitute ?Leasable Land? within the meaning of Clause 6.1.1. The Company shall deliver a copy of the Business Plan to as soon as practicable fol- lowing adoption thereof. Baseline Stud shall procure that the Baseline Study is delivered to the Company and each of the Shareholders within four (4) months a?er the date of this Agreement, such Baseline Study including: estimated cost of the Environmental Cleanup; and schedule for the Environmental Cleanup. Notwithstanding obligation to perform the Environmental Cleanup and procure deliv- ery of the Baseline Study as provided in this Agreement, for convenience reasons the Base? line Study has been or will be commissioned by either the Company or Strategic Partner on behalf of If Strategic Partner commissions the Baseline Study, the costs associated thereto shall be reimbursed by the Company. (4.5.1 4.5.2: the ?Conditions Subsequent?) Failure to Ful?ll Conditions Subsequent Provided that the Completion Date has occurred, if any of the following events materializes: any and all Conditions Subsequent are not ful?lled or waived within six (6) months following the Completion Date or such other date as may be mutually agreed by the Shareholders in writing (the ?Conditions Subsequent Long Stop Date?); andfor the Baseline Study shows that the estimated cost of the Environmental Cleanup ex- ceeds EUR 40,000,000 (Euro forty million) (the ?Target Cleanup Costs?) and, cumu- 19 i. s? 4.6.2 4.6.3 4.6.4 4.6.5 5.1 5.1.1 5.2 5.2.1 EXE latively, (ii) Strategic Partner does not deliver to the Excess Costs Acceptance No- tice within further ten (10) Business Days from the date of delivery of the Baseline Study to Strategic Partner then each Shareholder may terminate this Agreement with immediate effect by delivering written notice to other Parties within the period set out in Clause 4.6.3. R08 and Strategic Partner may jointly waive, either in whole or in part, the Conditions Sub- sequent. R08 and Strategic Partner are under no obligation whatsoever to exercise this waiver and any such waiver by R05 and Strategic Partner shall not in any way limit the oth- er rights of the Shareholders hereunder. The Shareholders? right to terminate according to Clause 4.6.1 shall be forfeited in the fol- lowing events: if all Conditions Subsequent are ?llfilled or waived by the Conditions Subsequent Long-Stop Date; and, cumulatively if the Agreement is not terminated within 15 (?fteen) days after the expiry of the peri- od for delivery of the Excess Costs Delivery Notice defined in Clause If this Agreement is terminated according to Clause 4.6.1: unless agreed by the Shareholders in writing, any transaction contemplated by this Agreement which has effectively been carried out shall be reversed; and ROS shall reimburse Strategic Partner for the Termination Costs. Strategic Partner shall not be entitled to reimbursement of the Termination Costs if the Con- ditions Subsequent are not ful?lled by the Conditions Subsequent Long Stop Date due to the reasons directly attributable to conduct of Strategic Partner. CLEARANCE OF THE LAND Legal Clearance undertakes, at its sole cost and expense, to remove all third party property rights to the Land and structures on the Land (including the Buildings) and to acquire full and valid title to such Land and the structures erected thereon (including the Buildings), free of any En- cumbrances and to transfer the title to the Public Land to the City of Belgrade (the ?Legal Clearance?). ?Completion? of Legal Clearance shall mean: becoming sole and exclusive owner of the Non-Public Land and the structures erected thereon, as evidenced by an excerpt from the land registry showing as the sole owner of the property (the Non-Public Land and the structures erected thereon (if any), including the Buildings), free of any Encumbrances, and, City of Belgrade becoming sole and exclusive owner of the Public Land and the struc- tures erected thereon, as evidenced by an excerpt from the land registry showing as the sole owner of the property (the Public Land and the structures erected thereon (if any), including the Buildings), free of any Encumbrances. Physical Clearance undertakes, at its sole cost and expense, to physically clear the Land (including the buildings and removal of debris) by removing the following structures andfor executing the 20 5.2.2 5.2.3 5.2.4 following works: all super?cial structures, installations or objects and structures that exist on the Land or on the river surface or ?oating on the river; and all underground structures attached to or beneath existing or previously demolished su- per?cial structures including but not limited to foundations, piling basements, tunnels, bunkers, buried objects of antiquity or historic significance; and all underground objects and installations including but not limited to sewage, in?igation network, electrical network, pipes, cables, conduits, drains; and UXO removal and UXO Detection Works as further detailed in clause 5.3; including structures added to the scope of the Physical Clearance such addition(s) be- ing determined in the Company?s or Strategic Partner?s sole discretion and communi- cated in one or more notices delivered by the Company to R08 and the Company will determine whether it is necessary to adjust respective Clearance Date to re?ect such in- clusion; but excluding Minor Underground Structures and structures speci?cally exempted from the scope of the Physical Clearance (including but not limited to the buildings and the infrastructure), such exemption(s) being determined in Strategic Partner?s sole dis- cretion and communicated in one or more notices delivered by Strategic Partner to (the ?Physical Clearance?) By way of example, the Physical Clearance shall include removal of existing developments and railway tracks from the Land, removal of electric railway grid, de-mining of the Land removal of UXOS) and removal of the boat remains outside of the site. For avoidance of doubt, the Physical Clearance: excludes removal of the Minor Underground Structures, which removal shall be done by and at sole cost and expense of the Company; and (ii) excludes removal of the structures listed in the notices referred to in Clause and includes removal ofthe structures listed in the notices referred to in Clause 5.2.10). If any structure which is registered in the land registry is in the scope of the Physical Clear- ance, ?completion? of Physical Clearance of such structure shall mean: physical removal of such structure from the Land; removal of debris from the Land; and deletion of the removed structure from the land registry. To the extent that the relevant parts of the Land are in possession of the Company due to the Company?s election to lease Non-Public Land or take possession of Public Land pursuant to the Public Land Development Agreement, on which the Physical Clearance has not been fully completed, the Shareholders will procure that the Company provides (or its em- ployees or agents) with access to the Land and the Shareholders shall generally co?ordinate their activities in order to facilitate Physical Clearance. This provision shall not be construed to create any responsibility upon Strategic Partner andi?or the Company for the Physical Clearance. 2] 5.2.5 5.2.6 5.2.7 5.3 5.3.1 5.3.2 5.3.3 5.3.4 5.4 EXE ROS shall procure that all permits required for the Physical Clearance are issued. Issuance Of demolition permits shall not affect Clearance Dates. ROS shall take full responsibility for: any loss or damage to third parties (including bodily injury) caused during the Physical Clearance; and any loss or damage to items brought onto the Land by or on behalf of the Company andfor Strategic Partner. Removal of the Minor Underground Structures shall be done by and at sole cost and expense of the Company. Geotechnica] risks, UXO Detection Works The Company shall assume all geotechnical risks relating to the Project and the Land (with- in the Project Limits). shall procure UXO Detection Works and bear UXO Detection Costs. The Company has the option to procure UXO Detection Works and shall reimburse the Company for UXO Detection Costs. If UXO Detection Works are not contracted separately, but as a part of a larger scope of works, the Company shall procure that UXO Detection Costs are shown separately in the invoices of the service provider. ROS shall reimburse the Company for UXO Detection Costs until the later of the following dates: twenty (20) Business Days from the date of submitting UXO Detection Costs invoices to ROS, or (in) twenty (20) Business Days from the date of the ?rst drawdown under the Additional Financing loan referred to in Clause 1 provided that ROS must make a drawdown request as soon as conditions for drawdown of the Additional Financing loan are met, otherwise the payment of UXO Detection Costs will no longer be deferred until the date in point and the due date under point of this Clause shall be applicable regardless of the drawdown. Clearance Dates ROS undertakes to complete Legal Clearance and Physical Clearance in accordance with the following timeframes: Pilot Developments Area Legal Clearance and Physical Clearance to be completed until 30 June 2916; and Pilot Corridor Legal Clearance and Physical Clearance to be completed until the date(s) noti?ed by Strategic Partner to ROS, provided that determination of dates so no- ti?ed shall be consistent with the planned progress of developments within the Project and envisioned needs for providing connections to the Pilot DevelOpments; and land plots within sections colored in violet in Apgendix 5B Legal Clearance and Physical Clearance to be completed until 30 June 2017; and land plots within sections colored in blue in Appendix 5B Legal Clearance and Phys- ical Clearance to be completed until 31 December 20l9. 22 6.1 6.1.1 6.2 6.2.1 6.2.2 and the ?Clearance Dates?) LEASING AND DEVELOPIVIENT OF THE NON-PUBLIC LAND General Principle Generally but subject to Clauses 6.1.2, 6.1.3 and 6.1.4, only sections of the Non-Public Land: for which both Legal Clearance and Physical Clearance have been completed; and, cumulatively which are identi?ed as sections designated for leasing to the Company in the Business Plan (as per list included in the Business Plan pursuant to Clau5e 4.5.1 or amend- edfadditional list included or attached to any Business Plan adopted thereafter but without giving regard to any indication in the Business Plan as to the time when such sections will be actually required for development); may be leased to the Company pursuant to this Clause and Clause 6.2 (the ?Leasable Land?). For avoidance of doubt, if the list included in the Business Plan pursuant to Clause is expanded at any time pursuant to a Business Plan adopted after the initial Business Plan, the land plots contained in such espanded list will be included in and will form the part of the ?Leasable Land?. Land required for the Plot 14 Developments (as de?ned in Appendix 6} is deemed to be ?Leasable Land? and the Company may request to enter into the Lease Agreement at any time a?er the date of this Agreement. Exceptionally, the Company may opt to include sections of the Non-Public Land on which the Physical Clearance has not been fully completed in the ?Leasable Land?, provided that no legally constructed buildings registered in the land registry exist on such sections. Such inclusion shall not relieve of its obligation to complete Physical Clearance on such sec- tions of the Non-Public Land pursuant to Clause 5.2. The Company may, from time to time, until the entire Non-Public Land is leased to the Company: select any of the land plots (but not parts of land plots) constituting the Leasable Land, including the Leasable Land on which the Physical Clearance has not been completed (the ?Selected Leasable Land?); notify of its intention to take the Lease of the Selected Leasable Land; and subject to preceding paragraphs and proceed to take the Lease pursuant to the procedure set forth in Clause 6.2 (Selected Leasable Land actually leased to the Com- pany pursuant to Clause 6.2: the ?Actually Leased Land?). Leasing Proced are The Company shall ?le with the Directomte, with a copy to 13.08, a proper request for enter- ing into the Lease of the Selected Leasable Land without any consideration on the basis of Article 10 ofthe Decree. undertakes to procure that all of the following steps are taken and completed within the timeframes set out below: the Directorate shall within 30 (thirty) calendar days from the Company?s request made 23 6.2.3 6.2.4 6.2.5 6.2.6 6.3 6.3.1 6.3 .2 6.3.3 6.4 6.4.1 EXE pursuant to Clause propose to the Government of R05 to award the Lease of the Selected Leasable Land on the basis of Article 10 of the Decree; the Government of R05 shall within 15 (?fteen) calendar days from the date of the Di- rectorate?s proposal made pursuant to Clause 6.2.2(a) approve awarding of the Lease of the Selected Leasable Land to the Company; the Directorate shall within eight (8) calendar days from the date of the approval given pursuant to Clause 6.2.2(b) deliver the resolution on awarding the Lease of the Selected Leasable Land to the Company. Within seven calendar days following completion of the steps set out in Clause 6.2.2 and (ii) ?nality of the resolution referred to in in Clause shall procure that the Directorate (on behalf of the lessor): calls the Company (as the lessee) to duly execute the Lease Agreement; and duly executes the Lease Agreement. The Company shall (as the lessee) duly execute the Lease Agreement following the Directorate?s call made pursuant to Clause 6.2.3. Within fifteen (15) Business Days from the date of execution of each Lease Agreement, the Company shall file a proper request for the registration of the respective Lease with the competent land registry and, subject to such proper ?lling being made, shall procure that the Lease in favour of the Company shall be ?nally and un-appealably registered in the competent land registry within further ?fteen (15) Business Days. Subject to Clause 6.5, the procedure set forth in Clauses 6.2.1 6.2.5 may be repeated until the entire Leasable Land is leased to the Company. Conversion into Freehold The Company?s leasehold under the Lease Agreements shall be converted into freehold (pravo svojina) without any additional payment, conversion surcharge (Haknd'da za konver- zrju) or similar. Conversion into freehold shall occur per land plot. The Company shall be entitled to conver- sion of leasehold into freehold once the occupancy permit for the structure(s) erected on the land plot becomes ?nal. Before or immediately after completion of each structure for which the occupancy permit has been issued, the Company shall have the right to sub-divide part of the land plot where such structure is erected into a separate land plot not shared with any other planned or executed development. Once the Company acquires the freehold to a land plot in accordance with Clause 6.3.2, it shall be entitled to transfer the title to the land plot to third parties, in accordance with the approved Business Plan. Plot 14 Developments The Company shall physically commence construction works on Plot 14 Developments by the date falling 6 (six) months after the Completion Date (the ?Plot 14 Commencement Date?), subject to timely ful?llment of the following conditions: Completion Date has occurred within 6 (six) months from the date of this Agreement; and Legal/Physical Clearance of the Plot 14 Developments land plot(s) has been complet- 24 a t-l w? l' 6.4.2 6.4.3 6.5 6.5.1 6.5.2 6.5.3 6.5.4 6.5.5 6.5.6 EXE ed and the Lease required for the Plot 14 Developments has been awarded to the Company and the leasing procedure has been fully completed (including registration of the Lease in the land registry) within one (1) month after the Completion Date; and proper ?ling for the building permit(s) for the Plot 14 Developments has been made within 1 (one) month a?er completion of the actions set out in Clause and building permit for the Plot 14 Developments has been issued and became ?nal and un-appealable within 1 (one) month after completion of the actions set out in Clause the ?Plot 14 Commencement Pre-Conditions?) The Shareholders shall use their respective best efforts in meeting the Plot 14 Commence- ment Pro-Conditions, provided that shall be solely responsible for meeting the Plot 14 Commencement Pre-Conditions in Clauses 6.4.1(b) and 6.4.l(d) If any of the Plot 14 Commencement Pre-Conditions is not ful?lled or is not ful?lled timely, the Plot 14 Commencement Date shall be postponed accordingly and such postponed date shall be deemed to be the ?Plot 14 Commencement Date?. Development Progress The Shareholders agree to strive that the Project is developed within thirty (30) years after the Completion Date. The Shareholders agree to strive that 50% (?fty per cent.) of the Project (the ?Interim De- velopment Threshold?) is developed within twenty (20) years after the Completion Date (the ?Milestone Date?). On the Milestone Date, the Shareholders shall determine the stage of development as of the Milestone Date, expressed as percentage of completed develop- ment of the Project by using the criteria set out in Clause 6.5.3 (the ?Achieved Percent- age?). It shall be considered that the Interim Development Threshold is reached if 50% (?fty percent.) of the total surface area of the Land is developed, and (ii) Pilot Developments have been substantially completed. For the purpose of this Clause ?total surface area of the Land? shall include the entire area of the Land, including the Public Land, Non-Public Land and areas of the Land designated for any other type of use. If the Interim Development Threshold is not reached by the Milestone Date, then: the Company cannot take further Leases of the Non?Public Land; and may decide to sell or otherwise dispose at market value sections of Non-Public Land which have not been leased to the Company (the ?Surplus Land?). If the Interim Development Threshold is not reached by the Milestone Date, the Company shall receive proceeds from sales of the Surplus Land, such proceeds bearing the same pro- pOrtion to total sales proceeds as the Achieved Percentage bears to the Interim Development Threshold (proportion expressed in percent: ?Company?s Proportional Participation?) (for example, if 25% (twenty ?ve per cent.) of the total surface area of the Land is devel- oped by the Milestone Date, representing 50% (?fty percent.) of the Interim Development Threshold, the Company?s Proportional Participation shall be 50% (?fty per cent.) of the sales proceeds). If disposes with the Surplus Land in phases, this principle shall be ap- plied to each disposal. Twenty (20) year period for reaching the Interim Development Threshold referred to in this 25 6.6 7.1.2 a {'11 [1'1 Clause is assuming: no delays in the Project caused by failure of R08 to timely meet its obligations under this Agreement; and/or no occmrence of a Material Adverse Effect. If the assumptions set out in this Clause 6.5.6. are not met, the period for reaching the Inter- im Development Threshold will be extended accordingly. Contractors The Parties agree that, when engaging contractors for performance of works on the Non- Public Land, Serbian contractor(s) shall have advantage over the foreign contractor(s) if the offers of both the Serbian and the foreign contractor(s) are given under the same conditions, while both the Serbian and the foreign contractor(s) guarantee the same or nearly the same quality of works. DEVELOPMENT OF THE PUBLIC LAND, BUILDINGS Development of the Public Land The Company shall develop the following structures on the Public Land within the Project Limits: public traf?c infrastructure within the Project Limits (point 2.1 of section IV of the Zoning Plan (pravila wedenja i gradenja); public infrastructure areas and objects within the Project Limits (water and sewage system, power grid and objects, telecommunications network and objects, distant heat? ing system and gas supply grid point 2.2 of section IV of the Zoning Plan); areas adjacent to the river within the Project Limits (point 2.3 of section of the Zoning Plan); public greenery within the Project Limits (point 2.4 of section IV of the Zoning Plan); public service buildings within the Project Limits (as de?ned in point 2.5 of section of the Zoning Plan), except the Non-Contributed Buildings. The Public Land shall be developed in accordance with the Business Plan and subject to Ac- tual 1y Leased Land. shall procure that: Legal Clearance of the Public Land is effected is such way that ensures that the title to the Public Land is acquired by the City of Belgrade; and acquisition of the Public Land by the City of Belgrade occurs within the same timeframe provided for completion of Legali?Physical Clearance. The Company shall timely notify on selection of the sections of the Public Land which will be immediately next in line for development by the Company (the ?Selected Public Land"). Generally, only sections of the Public Land: which serve for improvement r? opremanje) of the Actually Leased Land or the Leasable Land; and for which both Legal Clearance and Physical Clearance have been completed 26 7.1.5 EXE may be designated as Selected Public Land. Exceptionally, the Company may include sec- tions of the Public Land on which the Physical Clearance has not been fully completed as the Selected Public Land. Such inclusion shall not relieve of its obligation to complete Physical Clearance on such sections of the Public Land pursuant to Clause 5.2. Within ?fteen (15) calendar days following the Company?s proposal for ?nancing develop- ment of the Selected Public Land, shall procure that the relevant Governmental Entity executes the Public Land Development Agreement to the satisfaction of the Company, which provides, inter alia: right and obligation of the Company to develop of the Selected Public Land in ac- cordance with the Zoning Plan; obligation of the relevant Governmental Entity to hand over possession of the Select- ed Public Land to the Company within fifteen (l5) calendar days from the date of the Company? request for possession; obligation of the Governmental Entity and to procure issuance of all permits re- quired for execution of the works on development of the Selected Public Land and re- spective occupancyfoperational permits within thirty (30) calendar clays from the date of ?ling of proper request for permits; full autonomy of the Company in selection of design and construction contractors and other professional advisers engaged in development of the Selected Public Land; to the extent required by the Governing Law, obligation of the Governmental Entity to appoint works supervision; such works supervision shall act in parallel with the works supervision appointed by the Company, the latter being solely responsible for instruct- ing the contractor(s) and veri?cation of payment certi?cates; to the extent security is required by the Governing Law, the Company shall post secu- rity for its obligations under the Public Land Development Agreement in the form of promissory notes or similar; the Public Land Development Agreement and instru- ments required for executing promissory notes shall clearly state that the Company?s promissory notes may be executed only up to the amount of determined but unpaid obligations of the Company under the Public Land Development Agreement; to the extent required by the arrangement de?ned in Clause provisions for full off-setting of the Land Development Fees for the entire Project against the Public Land Development Costs for the entire Project. shall procure that the relevant Governmental entity executes the Public Land Development Agreement. The developed sections of the Selected Public Land shall be handed over to the relevant Governmental Entity and the title to all works such completed sections shall pass to relevant Governmental Entity or to To the extent permitted by the Governing Law, the Company shall have the following rights over developed sections of the Selected Public Land: the right to provide property management services and the right to charge adequate property management fees for such services; other rights necessary to properly manage developed sections of the Selected Public Land in order to achieve the level of experience required by Strategic Partner, includ- ing but not limited to the right to operate and manage public land including, without limitation, the right to manage advertisements and to place kiosks, food and beverage .5, 'l II id} .1 7.2 7.2.1 7.2.2 7.2.3 7.2.4 7.2.5 7.2.6 EXE cutlets, or other attractions as commonly used in public places in master planned cemmunities. The Parties shall co?operate to give this Clause the fullest effect possible within the limita- tions imposed by the Governing Law. Contributed Buildings Within 30 (thirty) calendar days after the Completion Date, shall effect capital increase of the Company by way of in-lcind contribution of the title to the Contributed Buildings and the land accessory the Contributed Buildings towards the capital of the Company (the ?In- kind Contribution?). The value of the In-kind Contribution for each individual Contributed Building shall be ap- praised in accordance with the Governing Law and, following the In-kind Contribution, the capital of the Company shall be increased by the corresponding amount. Within thirty (30) Business Days from the date of the ?rst disbursement of the Additional Financing loan referred to in Clause the following steps shall be taken and complet- ed: shall provide evidence satisfactory to Strategic Partner that ROS has full and valid title over the Contributed Buildings, free of any Encumbrances and (ii) has full and valid title to the land accessory to the Contributed Buildings, {ice of any En- cumbrances; ROS shall procure delivery of all necessary govemmentahDirectorate actions for transfer of title to the Buildings as In-kind Contribution; delivery of an appropriate resolution on the capital increase by the Company (duly no- tarized, if requested by any of the Shareholders); the Company shall register the capital increase with the Commercial Registry; the Shareholders shall execute the amendments to the Articles of Association (duly notarized, if requested by any of the Shareholders) to reflect capital increase based on the ln-kind Contribution, which amendment shall serve as a transfer deed for convey- ance of the title to the Contributed Buiidings from R03 to the Company and any and all documents, statement, certi?cation or deeds needed for registration of title to the Contributed Buildings from R08 to the Company; (D The Company shall file the proper request for registration as the sole owner of the Contributed Buildings with the competent land registry; handing-over of vacant possession of the Contributed Buildings to the Company. Subject to such proper registration request having been made, shall procure that the Company is registered with the competent land registries as the sole owner of the Contribut- ed Buildings, free of any Encumbrances, within ?fteen (15) Business Days upon ?ling of the proper registration request. The ln-kind Contribution will not change the percentage interest in the Company and the Shareholder?s rights to distributions and the voting rights. The Company shall re?irbish the Contributed Buildings to the standard and in accordance with the Business Plan. 28 7.3 7.3.1 7.3.2 7.3 .3 7.3.4 7.3.5 7.3.6 7.4 8.1 8.1.1 Non-Contributed Buildings and Mala Pijaea Cross The Company has the right but not the obligation to ?nance re?irbishment of any of the Non-Contributed Buildings. The refurbishment of any of the Non-Contributed Buildings shall be in accordance with and up to the international industry standards. The Company may from time to time select one or more of the Non-Contributed Buildings for refurbishment (the ?Selected Non-Contributed and notify of such selection. Such notice shall contain the date by which the re?irbishment of the Selected Non-Contributed Building(s) shall commence. Following tendering of the notice pursuant to Clause 7.3.2 the Shareholders shall agree on the way to enable ?nancing of the refurbishment of the Selected Non-Contributed Building(s), refurbishment works and shall procure that all permits for refurbishment are issued by the estimated commencement date of the refurbishment works. undertakes: not to dispose with the Non-Contributed Buildings and to keep them as state-owned assets; and to ensure that such Non-Contributed Buildings continue to serve public purposes (as such purposes are listed in Appendix 2A) for the duration of this Agreement. The Company shall have the option to operate without paying any additional consideration the Selected Non-Contributed Buildings refurbished pursuant to this Clause. The Company will notify on exercise of the option to operate refurbished Selected Non-Contributed Buildings in its notice tendered pursuant to Clause 7.3.2. shall enter into appropriate agreement or shall procure that the relevant party/parties enter into the appropriate agree- ment necessary for operation of the Selected Non-Contributed Buildings by the Company. undertakes to maintain in its current place and preserve the structure known as ?Krsr so Male prince? located in the park between Karadordeva street and Svetonikolski trg. Contractors The Parties agree that, when engaging contractors for performance of works on the Public Land, Serbian contractor(s) shall have advantage over the foreign conn-actor(s) if the offers of both the Serbian and the foreign contractor(s) are given under the same conditions, while both the Serbian and the foreign contractor(s) guarantee the same or nearly the same quality of works. ENVIRONNEENTAL CLEANUP, RISKS AND UXO DETECTION WORKS Environmental Cleanup shall, at its sole cost and expense, procure environmental cleanup of the Land if re- quired in order to remove any Hazardous Materials (including toxic soil) from the Land (the ?Environmental Cleanup?). The time schedule for the Environmental Cleanup for any part of the Land shall be con- sistent with the schedule provided in the Baseline Study pursuant to Clause After delivery of the Baseline Study, the Shareholders may amend the Clearance Dates with respect to completion of the Environmental Cleanup only. 29 1 I. Mr L. \l 9.1 9.1.1 9.1.2 EXE If Strategic Partner has elected to ?nance Excess Cleanup Costs (as evidenced by delivery of the Excess Costs Acceptance Notice), the following shall apply: (3.) R03 shall, at its sole cost and expense, procure the Environmental Cleanup until the entire amount of Target Cleanup Costs are expended on the Environmental Cleanup, at arm?s length conditions (the ?Base Environmental Cleanup?); and after completion of the Base Environmental Cleanup, but subject to entering into the Excess Cleanup Loan, will procure remaining portion Environmental Cleanup up to the amount of the Excess Cleanup Costs (the ?Excess Environmental Cleanup?); the Excess Cleanup Costs will be financed by extending special senior loan(s) from Strategic Partner or its as the lender, to Ros, as the borrower (the ?Excess Cleanup Loan?); if, after completion of the Excess Environmental Cleanup, the Environmental Cleanup is still not completed, then will not have an obligation to procure completion of the Environmental Cleanup over and above the Excess Environmental Cleanup, (ii) Strategic Partner will not have an obligation to ?nance such completion of the Envi- ronmental Cleanup and the Shareholders will without delay negotiate in good faith if and how to proceed with completing the Environmental Cleanup; this provi- sion shall not be construed as an obligation of any of the Parties to procure or finance completion of the Environmental Cleanup over and above the Excess Environmental Cleanup. For avoidance of doubt, Clause 8.1.3 applies only if the Excess Costs Acceptance Notice has been delivered. If the Excess Costs Acceptance Notice has not been delivered and provided that the Agreement has not been terminated pursuant to Clause Environmental Cleanup will be governed solely by Clauses 8.1.1 and 8.1.2. OTHER UNDERTAKINGS BY ROS Infrastructure shall, at its sole cost and expense, procure development of the utility infrastructure and supply of utility services (including water, electricity, gas, roads, sewerage and telecommu- nication) up to the boundaries of the Project in such quantity, quality and capacity as de?ned in detail in the Zoning Plan including all external traf?c solutions, extended connections to metro and tram routes (the ?Base Infrastructure?) up to Project Limits until the earlier of the following dates: the date(s) notified by the Company to (one or more times), such noti?cation containing dates for providing Base Infrastructure (or parts thereof) and (ii) capaci- tyfquantity of Base Infrastructure required to be provided on the designated date, pro- vided that determination of dates/capacities so notified shall be consistent with the planned progress of developments within the Project; or 31 December 2019. For the avoidance of doubt, entire Base Infrastructure shall be provided until 31 December 2019 at the latest. In addition to obligation to provide Base Infrastructure set out in Clause 9.1.1 shall, at its sole cost and expense or at the expense of the City of Belgrade (as the case may be), procure development of utility services until the boundaries of each of the blocks in the 30 .i .51 9.2 9.2.1 9.2.2 9.2.3 9.2.4 9.2.5 9.3 9.3.1 9.3.2 9.3.3 EXE capacities as per speci?cation set out in Appendix 12 within thirty (30) days from the date of application for building permit for the structures to be erected on respective block. The Company shall notify on submitting relevant application for the building permit. For avoidance of doubt, the Company cannot deduct the costs incurred by RoSr'City of Belgrade in developing utility services pursuant to Appendix 12 from the Land Development Fees. Zoning and Permitting Ros undertakes not to amend the Zoning Plan without prior consent of Strategic Partner. Strategic Partner may change speci?cation of the Project from time to time if it deems this to be necessary or desirable for the success of the Project, in which case shall make its best efforts that the Zoning Plan is amended to accommodate changed Project speci?cations, as soon as practicable but no later than six (6) months from the date of being noti?ed of the change to the speci?cation of the Project. In such case, the amended Zoning Plan shall be delivered in Such a way to enable direct issuance of building permits (or similar) in the name of the Company, without the need for further amendments of the zoning plan (spatial, general or detailed zoning plans}. shall procure that: all permits are issued to the Company as soon as possible but no later than thirty (30) calendar days from the date of properly ?led application for permit; and the building/occupancy permits issued to the Company fully recognize non-payment of the Land Development Fees for the entire Project against the Public Land Devel- opment Costs for the entire Project and state that no Land Development Fees are pay- able under respective building permit. shall procure that before or immediately after completion of each structure for which the occupancy permit has been issued, the land plot where such structure is erected is sub- divided into a separate land plot not shared with any other planned development. shall procure that all dealings with Government Entities related to permitting in relation to the Project shall be done through a single agency/entity identi?ed by R08 and all related transactions shall be completed in an ef?cient and expedient manner. Maintaining Legal Frameworkahanges to the Legislation undertakes to pass all necessary changes to the legislation or, as the case may be, to keep at all times certain key features of the legal framework which are necessary or desira- ble to give full effect of the provisions of this Agreement. All such changes to legislation, key features of legal framework to be kept at all times as well as changes necessary to guarantee the protection of investments made by, or on behalf of, Strategic Partner together with the schedule for effecting changes to the legislation are set out in Appendix 13 (the ?Key Legal Framework and Legislative Changes?). This Clause 9.3 shall be interpreted in the following manner: The government of R05 shall propose the changes to the legislation; To the extent that the changes to the legislation proposed by the government of R08 have not been accepted by the parliament, will devise and alternative pro- posaL?solution with the same economic effect for Strategic Partner/Company as the legislative change envisioned in Key Legal Framework and Legislative Changes and use its best efforts to implement such alternative proposalisolution; 3] 9.3.4 9.4 9.5 9.5.1 9.5.2 9.6 9.6.2 9.6.3 9.7 10. 10.1 EXE The government of R03 shall abstain from proposing changes to the legislation in contravention to the principles/commitments in the Key Legal Framework and Legis- lative Changes andfor otherwise in contravention to this Agreement. Failure of to comply with this Clause shall not entitle Strategic Partner/Company to seek speci?c perfonnance, but will be considered as a breach constituting the Put Option Exit Trigger andfor (ii) ground for claiming damages. Handover of the Selected Leasable Land under the Leases Notwithstanding provisions of the Lease Agreements, ROS hereby undertakes to procure that the tracts of Selected Leasable Land are handed over to the Company in accordance with the terms and pursuant to the schedule set out in the relevant Lease Agreements. Conversion of the Lease into Freehold Notwithstanding provisions of the Lease Agreements, hereby undertakes to procure that the Leases under the Lease Agreements are converted into freehold (pram svajine) and all actions and consents fer cenversion of the Company?s right into freehold are issued with- in thirty (30) days from the date of ful?lment of the conditions for conversion of leasehold into freehold pursuant to Clause 6.3.2. Ros hereby undertakes to procure that the Company?s freehold over respective land plots is duly registered with the land registry, free from any Encumbrances (other than those created by the Company) within thirty (30) days upon ?ling request for registration of the Compa- ny?s freehold. Transfer of the Leases Notwithstanding provisions of the Lease Agreements, in the event of corporate reorganiza- tions pursuant to Clause 12.4, hereby undertakes to procure that all actions and con- sents for transferring of parts of the Company?s rights under the Leases to the Company?s spin-offs or subsidiaries are issued within thirty (30) days from the date of ?ling an applica- tion for such transfer. In case of transfer of the Company?s rights under the Lease, hereby undertakes to pro- cure that the transferees rights related to transfer of parts of the Company?s rights under the Leases are duly registered with the land registry, free from any Encumbrances (other than those created by the Company) within thirty (30) days upon ?ling request for registration of the transferee?s rights. The Parties acknowledge that the Governing Law requires that a building permit is issued for the land subject to the Lease prior to transfer of the Company?s rights under respective Lease. Performance of the Lease Agreements hereby undertakes to timely perform, and procure that the Directomte timely performs, all its obligations under the Lease Agreements. UNDERTAKINGS BY STRATEGIC PARTNER Principal Obligations Subject to other terms and conditions of this Agreement, Strategic Partner shall pay the en- tire Total Financing Commitment pursuant to the Business Plan. 32 10.2 10.2.1 10.2.2 10.2.3 10.3 Financing Financing {General} Financing of the Company will be procured through a combination of: (C) proceeds of sales collected from customers; borrowing from banks and the Shareholders agree that the Company shall be entitled to use the Selected Leasable Land as security for such borrowings; equity and debt ?nancing contributed by, or on behalf of, Strategic Partner; investments by third party-investors arranged by Strategic Partner. Details of the ?nancing plan shall form part of the Business Plan. Equity and Debt Financing Strategic Partner agrees to provide, either directly or indirectly through its Af?liates or con- nected companies, the Company with the ?nancing as follows: (C) in respect to ?nancing commitment referred to in Clause Strategic Partner shall: contribute additional equity in the aggregate amount of up to EUR 150,000,000 (Euro one hundred ?fty million); and (ii) extend interest-bearing shareholder loans to the Company in the aggregate amount of up to EUR 150,000,000 (Euro one hundred ?fty million) and the "Total Financing Commitment"). The Total Financing Commitment shall be provided by, or on behalf of, Strategic Partner upon capital calls proposed by the Supervisory Board and passed by resolu- tions by the Shareholders? Meeting in accordance with the Business Plan (a ?Capital Call?); Capital Calls shall indicate whether shareholder loan or equity ?nancing by Strategic Partner is required; Subject to the Business Plan and respective Capital Call, the ?rst EUR 20,000,000 (Euro twenty million) of Strategic Partner?s ?nancing shall be in the form of equity; Strategic Partner agrees to provide shareholder loan and/or equity ?nancing within the period speci?ed by the Supervisory Board, in accordance with the Business Plan, which shall in no event be less than 30 (thirty) Business Days after passing of the Capital Call; for the avoidance of doubt, Strategic Partner shall not be under an obligation to nance the Company in excess of the Total Financing Commitment. No Change in Participations Additional equity or debt ?nancing by Strategic Partner will not change the percentage in- terest in the Company and the Shareholder-?5 rights to distributions and the voting rights. Zoning Strategic Partner has provided initial master planning inputs for the Project (the ?Planned Developments?) and that shall procure that the Planned Developments are incorporated 33 10.4 10.4.1 10.4.2 10.4.3 10.4.4 10.5 10.6 11. EXE in the Zoning Plan. Strategic Partner may change speci?cation of the Planned Developments at the later stages, as it deems ?t for the development of the Project. Provision of Services Strategic Partner or its Af?liates or connected companies will be the sole and exclusive pro- vider of the following services to the Company: project design, development and management services; sales and marketing services; customer care and customer relationship management services; and information technology and its related services. (the ?Services?) By signing this Agreement, the Shareholders agree that the Services will be provided by Strategic Partner or its Af?liates or connected companies and R08 hereby consents to such arrangements. Strategic Partner may provide the Services either directly, through its Af?liates or connected companies or by sub-contracting reputable professional ?rms and Strategic Partner will be entitled to charge the Company with the management/co-ordination fees relating to such Services. It is hereby understood that the Services will comprise assistance to the Company and do not preclude engagement of external consultants and/'or internal researces of the Company. Strategic Partner, its Af?liates and connected companies will be entitled to remuneration for the Services equal to 3% (three per cent.) of the total development costs of the Project. Said remuneration does not include fees payable to external consultants. Arms' Length Strategic Partner shall procure that the Company does not enter into any transaction, agree- ment or understanding of any kind with any Affiliate or connected company of Strategic Partner, other than a transaction, agreement or understanding at arms? length terms and con- ditions. Duty to Notify Strategic Partner shall immediately notify ROS as soon as it becomes aware that the devel- opment on any part of the Land in accordance with the Project is not commercially viable for whatever reason. Strategic Partner shall then discuss with R05 the best options to deal with such part of the Land and if mutually agreed, the Company shall offer to that these parts of the Land are excluded from the scope of the Project and handed back to ADDITIONAL FINANCING BY STRATEGIC PARTNER The obligation of Strategic Partner to provide additional financing does not in any way prej? udice obligation to perform the Legal Clearance and Physical Clearance until the Clearance Dates or to perform any other obligations under this Agreement, except for the obligation of R08 to procure Excess Environmental Cleanup, which is subject to entering into the Excess Cleanup Loan; (13} the obligation of the Company to contribute the Contributed Buildings pursuant to 34 11.2 11.3 11.4 11.5 12. 12.1 EXE Clause 7.2.3 which is subject to the ?rst disbursement of the Additional Financing loan referred to in Clause the obligation of the Company to start with reimbursements of the UXO Detection Costs pursuant to Clause 5.3.4, which is subject to the ?rst drawdown under the Addi- tional Financing loan referred to in Clause provided that this condition is re? moved in case ROS delays with the ?rst drawdown, as defmed in Clause 5.3.4. Strategic Partner will extend the following loans to the loan for the purpose of ?nancing the costs of the Legal Clearance and the Physical Clearance in the amount of EUR 40,000,000 (Euro forty million); and the loan for the purpose of ?nancing the costs of infrastructure necessary for the Pro- ject in the amount of EUR 90,000,000 (Euro ninety million); and subject to delivering of the Excess Costs Acceptance Notice, the Excess Cleanup Loan. and the Excess Cleanup Loan: ?Additional Financing?) The Additional Financing shall, inter aka: be in the form of one or more senior loan(s) from Strategic Partner or its as the lender(s), to ROS, as the borrower; be backed by a full sovereign guarantee of be structured as a term loan with speci?ed repayment schedule; be priced consistent with the market rates for borrowing by Strategic Partner; include a monitoring mechanism for disbursements ensuring that the Additional Fi- nancing is utilized for agreed-upon purposes; contain other provisions customary for cross-border ?nancings of this type; provide that the Excess Cleanup Loan will be disbursed only after has completed the Base Environmental Cleanup; without prejudice to obligation to adhere to the speci?ed repayment schedule, the Excess Cleanup Loan will provide that in the event the loan is not fully repaid by the time the Company starts distributing the dividends, all amounts received or to be re- ceived by R03 on account of the dividends shall be utilized towards repayment of the Excess Cleanup Loan. Strategic Partner can discharge its obligation to extend the Additional Financing by arrang- ing that the Additional Financing is extended by another entity domiciled in the United Arab Emirates; including the sovereign entities. For avoidance of doubt, Strategic Partner shall not be under the obligation to arrange the Excess Cleanup Loan unless Excess Costs Acceptance Notice has been delivered pursuant to Clause FINANCING, BUSINESS PLAN, DISTRIBUTION POLICY Financing The Shareholders agree that ?nancing for the Company shall be in accordance with Clause 35 12.2 12.2.1 12.2.2 12.3 12.3.1 12.3.2 12.4 12.4.1 l2.4.2 13. EXE 10.2. Business Plans The Company shall develop the Project in accordance with the Business Plan and this Agreement. The Shareholders shall procure that the Business Plan is adopted by the Shareholders? Meet- ing within six (6) months after Completion Date. Distribution Policy The order of repayment of loans and the distribution policy of the Company after settlement of debts and liabilities towards third party service providers, subject to applicable ?nancial covenants and undertakings towards ?nancing banks advancing ?nancing to the Company shall be as follows: repayment of the shareholder loan(s) and similar non?equity financing together with any interest accrued thereon pro rata to the outstanding balance under such sharehold- er loans and similar non?equity ?nancing; repayment of loans obtained from third party banks Or other ?nancial institutions; and after satisfaction of the above and subject to a resolution by the Shareholders? Meet- ing, in its sole discretion, to distribute the surplus of funds or any portion thereof, the remaining funds legally available for distribution by the Company shall be distributed as dividends to the Shareholders, in proportion with the Shareholders? participation in the equity of the Company. In the event the Excess Cleanup Loan is not fully repaid by the time the Company starts dis- tributing the dividends, all amounts received or to be received by R08 on account of the div- idends shall be utilized towards repayment of the Excess Cleanup Loan; this undertaking does not in any way prejudice obligation to adhere to the loan repayment schedule provided in the Excess Cleanup Loan. Corporate Reorganization If the Business Plan provides that part of the Actually Leased Land or any other asset of the Company is spun-off into a separate corporate entity or, if permitted by the Governing Law, contributed into equity of a separate corporate entity fully owned by the Company (such en- tities incorporated by spin-off or in-kind contribution, the "NcwCos") the Shareholders agree to vote in favour of such spin-off or contribution provided that the articles of association, shareholders agreement or amendments to this Agreement (as applicable) are agreed to implement the governance structure of the Company to the NewCos. Subject to agreement between the Shareholders, shareholdings in spin-off entities may be subject to speci?cally agreed-upon transfer procedures. CORPORATE GOVERNANCE AND RIGHTS OF THE SHAREHOLDERS The Shareholders hereby con?rm that the corporate governance structure of the Company shall comply with the Articles of Association and this Agreement and therefore shall consist of the Shareholders' Meeting, the Supervisory Board, the Director and the Deputy Director. Detailed provisions regarding these bodies and their competences are set out in the Articles of Association and further detailed herein. 36 13.1 13.1.1 13.1.2 13.1.3 13.1.4 Shareholders' Meeting The Shareholders' Meeting shall be the highest authority of the Company. The details re- garding the organisation of the Shareholders' Meeting are stipulated in the Articles of Asso- ciation and in the applicable statutory provisions. Notice Shareholders' Meetings may be called by the Supervisory Board or by any Shareholder. All notices convening the Shareholders? Meetings shall be given according to provisions of the CA by registered letter with simultaneous fax or e-mail, continuation requested. Such notice shall set out the time, the place, the agenda, proposed resolutions with supporting material and the participation requirements for the proposed meeting as well as any other require- ments of the CA. Minutes of the Shareholders' Meetings The Shareholders shall procure that minutes of Shareholders' Meeting shall be taken, in which at least the registered name of the Company, the place and the time, the name of the chairman of the Shareholders' Meeting and the person keeping the minutes, the brief de- scription of discussion on each subject on the agenda, the results of voting for each subject on the agenda, the number of votes for the resolution, against the resolution or abstained, any objections of the Shareholders, or any dissenting opinion of the Shareholders and objec- tions of the Director, the list of the Shareholders and other persons attending the session of the Shareholders? Meeting. Such minutes shall be signed by the chairman of the Sharehold- ers Meeting session, the minutes keeper and the persons participating in the session of the Shareholders? Meeting. The minutes of the Shareholders' Meeting shall be of?cially documented bilingually, in Ser- bian and English languages. In case of any discrepancy between the English and Serbian languages, solely between the Shareholders, the English language shall prevail. uorum At any Shareholders' Meeting, the presence of percent plus one (50% 1) of overall voting rights of all Shareholders of the Company entitled to exercise voting rights under Clause 13.1.4 of this Agreement is necessary to constitute the quorum. In the case the initially called Shareholders' Meeting does not constitute a quorum, the re- peated Shareholders' Meeting session shall be held not earlier than ten (10) calendar days and not later than thirty (30} calendar days as from the date when the initially called Share- holders' Meeting should have been held. In such repeated Shareholders' Meeting, the pres- ence of one third (lf3) of overall voting rights of all Shareholders of the Company consti- tutes the quorum. Voting and Majorig All resolutions of the Shareholders? Meeting shall be passed by ?fty percent plus one vote of the votes cast at the Shareholders? Meeting, save for the following resolutiOn which shall be rendered unanimously by one hundred percent (100%) of the total votes: decision to abandon or reduce the scope of the Project; (13) decision to expand the scope of the Project; approval of the Business Plan; 37 13.1.5 13.2 13.2.] EXE approval of modi?cation of the corporate purpose andr?or the change of the registered business activity of the Company; approval on capital increase of the Company; approval on capital decrease of the Company; resolution on pro?t distribution and covering losses; approval of the change of the registered seat of the Company; approval of the change of the legal form of the Company, listing or delisting of the Company, mergers and de-mergers, divisions, separation resolution on liquidation, winding up and ?ling for the bankruptcy of the Company; resolution on the acquisition of self-owned shares of the Company; (1) resolution on issuance of any (debt, equity or hybrid) securities by the Company; appointment and revocation of the member of the Supervisory Board provided that each Shareholder shall support the appointment of the member of the Supervisory Board proposed by the other Shareholder in accordance with Clause 13.2; determination of the remuneration or salaries of members of the Supervisory Board if determined that such remuneration or salaries are applicable; (0) approval of the appointment and revocation of the auditors of the Company as advised by the Supervisory Board; approval of disposal of high value assets of the Company other than such disposals approved in the Business Plan; approval of provision of any indebtedness by the Company to another person (other than to a wholly owned subsidiary in accordance with the Business Plan); amendments to the Articles of Association of the Company; (5) entering into joint ventures or partnerships of any nature including silent partnerships or any agreements that give the other party a participation in the pro?t of the Compa- ny or entitle it to a remuneration contingent on the amount of its pro?t; transfer of shares pursuant to Clause 15 and terms and conditions of an investment by a new shareholder; approvals of incorporation and constitutive documents of the NewCos as well as in- kind contributions or spin-offs of the Leases or other assets of the Company into the NewCos; approval of a pledge or other encumbrance of shares or parts of the share of a Share- holder. Venue Shareholders* Meetings shall be held at the registered of?ce of the Company or any other place proposed and mutually agreed by the Shareholders. Supervisory Board Appointment 3B 13.2.2 13.2.3 13.2.2.1 13.2.2.2 EXE The Supervisory Board shall consist of ?ve (5) members, three (3) of which shall be ap- pointed by the Shareholders' Meeting upon proposal by Strategic Partner and two (2) shall be appointed by the Shareholders' Meeting upon proposal by R08. The Chairman of the Super- visory Board shall be appointed upon proposal by Strategic Partner and the Vice Chairman shall be appointed upon proposal of Strategic Partner and R08 agree that the respective Shareholder is responsible for the deci- sions and voting of the members of the Supervisory Board appointed by it. The Shareholders shall procure that its appointees will cast their votes in the Supervisory Board in such a man- ner so that the decisions of the Shareholders' Meeting are adopted and executed by the Sn- pervisory Board with the quali?ed majority required under this Agreement. Replacement and Removal Should a Shareholder wish to replace a member of the Supervisory Board nominated by it, then the other Shareholder shall vote for the removal of such member and the election of the new member nominated by such Shareholder, regardless of whether the removal or replace- ment is with or without cause. Should any membership in the Supervisory Board fall vacant for any reason whatsoever oth- er than removal (death, resignation of a member of the Supervisory Board, etc), the Share- holders shall vote in favour of the nominee of the Shareholder who initially nominated the vacated membership. Matters to be decided by the Supervisory Board The Supervisory Board: decides on the business strategy of the Company; appoints and dismisses the Director and Deputy Director and determines reimburse? ment for his or her work, and the principles for determination of their remuneration; the Supervisory Board shall appoint the person proposed by Strategic Partner as a Di- rector and the person proposed by R05 as the Deputy Director; supervises the work of the Director and Deputy Director and adopts Director's reports; (at) conducts internal supervision over the business operations of the Company; conducts supervision over the legality of the business operations of the Company; (1) proposes to the Shareholders? Meeting the accounting policies of the Company and determines the risk management policies; issues order to auditor to investigate the financial reports of the Company on an annu- al basis; proposes to the Shareholder?s Meeting selection of the auditor and reimbursement and remuneration for his work; controls proposal of the pro?t distribution and other payments to the Shareholders; conducts other actions determined by the Articles of Association and decision of the Shareholders1 Meeting. Provided that at least one member of the Supervisory Board appointed by R08 and one member of the Supervisory Board appointed by Strategic Partner approve, the Supervisory Board shall have the power to decide on the following matters: 39 13.2.2.3 13.2.4 13.2.5 13.2.6 13.2.7 EXE approval of change in accounting period and accounting policy of the Company; (in) making of any loan or advance which is not contemplated in the Business Plan, or ac- quisition of any equity shares or other securities of any legal entity; approval of the agreement on engagement of the service providers which are Af?liates of Strategic Partner (other than the Services, which are pre-approved for contracting in accordance with Clause acquiring, disposal and encumbering equity held by the Company in other companies which is not contemplated in the Business Plan; acquiring, disposal and encumbering real estate, if such disposal is not the regular business operations of the Company; approval of all transactions between the Company and the Af?liates of Strategic Part- ner subject to provisions on con?ict of interest provided by the CA. In addition to matters stated in Clause 13.2.2.2, the Supervisory Board gives prior consent for deciding on all matters not reserved for the Shareholders? Meeting. Responsibility of the Chairman The Chairman shall be responsible for: the establishment of the agenda for the Supervisory Board meetings; convocation of the Supervisory Board meetings in accordance with Clause 13.2.5 of this Agreement; chairing the Supervisory Board meetings; and (r1) signing the minutes of the Supervisory Board meetings. Calling of the Supervisory Board meetings The Supervisory Board meetings shall be called by the Chairman of the Supervisory Board, whenever it is deemed necessary for the business of the Company, but at least once every quarter, on his own initiative or upon the request of any of the members of the Supervisory Board. If the Chairman of the Supervisory Board fails to comply with such request within thirty (30) calendar days from the request, each member of the Supervisory Board shall have the right to directly call the Supervisory Board. Notices The Supervisory Board shall be called with a notice period of eight (8) calendar days by mail, fax, email or telephone, continuation in each case requested. Notices by e-mail or tel- ephone shall be followed by transmission by fax or postal mail. In cases of urgency, the no- tice period may be shortened, provided that all members of the Supervisory Board have been validly noti?ed. The time, the place and the agenda shall be set by the Chairman of the Sn- pervisory Board. 110 rum The quorum for decision making by the Supervisory Board shall be three (3) members of the Supervisory Board present in person, out of which at least one (1) member of the Superviso- ry Board must be a member appointed upon the proposal of Strategic Partner and at least one (1) member of the Supervisory Board must be a member appointed upon the proposal of If, in respect of any meeting of the Supervisory Board, a quorum is not available, the 40 13.2.8 13.2.9 13.2.10 13.2.11 13.2.12 13.2.13 13.3 EXE meeting shall be adjourned for a week and the following meeting shall be valid if attended by any three members of the Supervisory Board. Voting Save for matters stated in Clause 13.2.2.2, the Supervisory Board resolutions shall be passed with simple majority of the votes cast. Abstaining and conditional votes shall not be consid- ered. All members of the Supervisory Board will have one vote each. Neither the Chairman nor the Vice Chairman of the Supervisory Board shall have a casting vote. Voting by Proxy Each member of the Supervisory Board may grant a written voting proxy to another member of the Supervisory Board for any specific Supervisory Board meeting. Minutes The Chairman shall procure that minutes of Supervisory Board meetings are taken in which at least the agenda, the members present, the issues discussed and arguments exchanged be- tween the members during the Supervisory Board, dissenting opinion of the members of the Supervisory Board and the result of any voting shall be re?ected. Such minutes shall be signed by the Chairman of the Supervisory Board and shall be made available to the mem- bers within reasonable time following the Supervisory Board meeting by mail, fax or e-mail. The minutes of the Supervisory Board meetings shall be of?cially documented bilingually, in Serbian and English languages. In case of any discrepancy between the English and Serbian languages, solely between the Shareholders, the English language shall prevail. Written Resolutions or Resolutions by Telephone Conference All resolutions of the Supervisory Board may also be passed in writing (including fax or e- mail) or by telephone conference provided that no member of the Supervisory Board objects in writing before the resolution is passed and provided further that resolutions passed by tel- ephone conference are con?rmed by each member of the Supervisory Board by follow-up letter, fax or e?mail to the Chairman of the Supervisory Board without undue delay. Confir- mations by fax or e?mail shall he also followed by a transmission by postal mail. Clause 13.2.8 in respect of the required majority applies accordingly. The Chairman of the Supervi- sory Board (or the minutes keeper on his behalt) shall co-ordinate the voting and shall pro- vide the members with the result of the vote without undue delay. Rules of Procedure The Supervisory Board shall pass rules of procedure for its operations. Any amendment of the rules of procedure of the Supervisory Board shall require the approval of the Supervisory Board. Committees The Supervisory Board may form committees for special tasks or on a permanent basis which shall have advisory or preparatory functions. Unless otherwise expressly provided for, the rules applicable to the entire Supervisory Board shall, to the extent possible, apply analo- gously to all committees of the Supervisory Board. Director and Deputy Director The Company shall have the Director and the Deputy Director. The Deputy Director will assist the Director. 41 13.3.1 13.3.2 13.3.3 13.3.4 14. 14.1 14.2 Appointment The Director is appointed by the Supervisory Board upon proposal by Strategic Partner and the Deputy Director is appointed by the Supervisory Board upon proposal by ROS. The Shareholders shall procure that its respective members of the Supervisory Board will cast their votes in the Supervisory Board for the DirectorfDeputy Director respectively nomi? nated by Strategic Partner and R08. Replacement and Removal Should Strategic Partner wish to replace the Director, then shall cause its representatives on the Supervisory Board to vote for the removal of such member and the election of the new member nominated by Strategic Partner, regardless of whether the removal or replacement is with or without cause. Should wish to replace the Deputy Director, then Strategic Part- ner shall cause its representatives on the Supervisory Board to vote for the removal of such member and the election of the new member nominated by regardless of whether the removal or replacement is with or without cause. Should the position of the Directorl'Deputy Director fall vacant for any reason whatsoever other than removal (death, resignation, etc), the representatives of and Strategic Partner shall vote in favour of the nominee of Strategic Partner as the Director of the Company and in favour of the nominee of R08 as the Deputy Director. Matters to be decided bv the Director The Director shall decide on all matters relating to the business of the Company in accord- ance with the Articles of Association, resolutions of the Shareholders? Meeting and instruc? tions of the Supervisory Board. Representation The Company will be represented solely by the Director. The powers of the Director may be restricted by the Supervisory Board as the Supervisory Board may decide appropriate. The Deputy Director has no power to represent the Company. AUDITING, RIGHTS T0 INFORMATION The Shareholders agree that the ?rst external auditor of the Company will be Ernst Young. Provided that it does not unduly interfere with the business of the Company, each Sharehold- er may at its own expense: at all reasonable times, discuss the affairs, ?nances and accounts of the Company with the Company's officers and principal executives; and inspect and make copies of all books, records, accounts, orders, invoices, contracts, internal decisions and other documents relating to the business and the affairs of the Company or, subject to con?dentiality restrictions reasonably acceptable to the Com- pany, have these documents inspected and copies made by any of its representatives or professional advisers. The Shareholders shall procure that the Director make avail- able to the relevant representatives or advisers all information requested by them. 42 ?1 H. 7x 15. 15.1 15.1.1 15.1.2 15.1.3 15.1.4 15.1.5 TRANSFER OF SHARES Transfers Each of the Shareholders agrees that it shall not sell, transfer, assign, encumber or otherwise dispose of, directly or indirectly its shareholding in the Company or parts thereof, whether for consideration in cash or in kind, a combination thereof, or gratuitously or enter into any agreement, option or other arrangement in respect of any such transfer, assignment, encum- brance or disposal in whole or in part of its shareholding (each of such transactions consti- tuting a "Transfer") otherwise than in accordance with this Clause. shall not Transfer its shares in the Company or any part thereof. This provision applies to all Transfers (including Transfers to fully owned and controlled entities of R08). Strategic Partner shall not Transfer at least 50.10% (?fty and 1/10 per cent.) of the total share(s} in the Company for the period of ?ve (5) years after the Completion Date, unless such Transfer is approved in advance by R08. The Shareholders agree that a Transfer shall not include any transfer of shareholdings to Af- filiates of Strategic Partner, which transfer shall be unrestricted and only subject to unquali- fied ratification and assumption by the transferee of: the provisions of this Agreement and the Articles of Association, and any and all obligations under any agreement entered into between the Shareholders. (the ?Unrestricted Transfer?) If the transferee pursuant to Unrestricted Transfer ceases for whatever reason to be fully owned and controlled of the Selling Shareholder, as the case may be, the acquired shares must immediately and fully be retransferred to the Selling Shareholder. The Selling Shareholder shall remain jointly and severally liable as a co-debtor for all obli- gations of the transferee under the Unrestricted Transfer. In the event of the Unrestricted Transfer, the Guarantee shall remain in force and shall cover the obligations of the transfer- ee to the same extent as it covered the obligations of Strategic Partner. Notwithstanding any other prevision of this Agreement, no Shareholder may Transfer its shares at any time while a Deadlock is subsisting unless it is a transfer made in accordance with the provisions ofClause 18.5. Subject to Clauses 15.1.2, 15.1.3 and 15.1.4, if a Shareholder wants to effect a Transfer (the "Selling Shareholder") to any person (the "Purchaser" and the proposed transfer to the Purchaser: the "Proposed Transaction") such Transfer is only permissible if: it relates to the entire shareholding of the Selling Shareholder in the Company, pro- vided that Strategic Partner may transfer part of its shareholding exceeding the share- holding locked-in pursuant to Clause 15.1.2; (13) the Purchaser fully assumes the contractual position (together with all rights, obliga- tions and liabilities) of the Selling Shareholder under this Agreement and under any and all agreements entered into by the Selling Shareholder in connection with the Pro- ject; if Strategic Partner is the Selling Shareholder, a guarantor with at least equal financial standing as the Guarantor gives a guarantee for the transferee with the same scope as the Guarantee, provided that if the transferee has at least equal financial standing as 43 15.1.6 15.2 15.2.1 15.2.2 15.2.3 15.2.4 EXE the Guarantor, no such third party guarantee will be required; and it is made for a consideration in cash; and it is approved by the Shareholders? Meeting. In case that the Shareholders5 Meeting disapproves the Proposed Transaction, it shall by the same resolution designate the alternative Purchaser who shall acquire the Selling Sharehold- ers? share under the terms and conditions which are not less bene?cial that those outlined in the Notice of Sale, provided always that the conditions under points of this Clause 15.1.5 are met. In the event of a disagreement between the Shareholders as to whether an entity has ?at least equal ?nancial standing?, one of the ?big four? accounting firms (appointed and commis- sioned by Strategic Partner) shall con?rm whether an entity ?has at least equal ?nancial standing as the Guarantor? and such con?rmation shall be taken as a proof of the ?nancial standing within the meaning of Clause 15 . 1 The Selling Shareholder shall give a notice in writing to the non-Selling Shareholder, stating its intention to Transfer its shareholding in the Company (the "Offered Share"). This notice (the "Notice of Sale") shall specify the following: the Offered Share; the transfer price and other terms upon which the Offered Share is proposed to be Transferred (the "Offer Consideration"); the identity of the Purchaser; the closing date for the Proposed Transaction. Pre-emption Right of the non-Selling Shareholder The non-Selling Shareholder shall, within a period of twenty (20} Business Days after the Notice of Sale send a notice in writing to the Selling Shareholder stating whether it: wishes to purchase the Offered Share for the Offer Consideration; or refuses to acquire the Offered Share (the "Reply"}. If the non-Selling Shareholder does not send the Reply within the period set out in Clause 15.2.1, it shall be deemed that the non-Selling Shareholder refused to purchase the Offered Share and its Tag-alon Right is forfeited. On receipt of the Reply, stating that the non-Selling Shareholder wishes to acquire the Of? fered Share for the Offer Consideration, the Selling Shareholder shall be bound to uncondi- tionally sell and the non-selling Shareholder shall be bound to uncenditionally purchase the Offered Share for the Offer Consideration. The closing of a sale of the Offered Share to the non-Selling Shareholder shall take place in the following sequence: the non-Selling Shareholder shall post an adequate security for the payment of the Of- fer Consideration, as the case may be; the Shareholders shall procure that without undue delay any and all merger control approvals required to consummate the purchase of the Offered Share shall be obtained 44 15.2.5 15.2.6 15.2.7I 15.3 15.3.1 15.3.2 15.3.3 from the Serbian Commission for Protection of Competition, and shall become ?nal and non-appealable. The expenses of the merger control ?lings shall be home by the non-Selling Shareholder; the non?Selling Shareholder and the Selling Shareholder shall execute the Transfer Deed with respect to the Offered Share and have their signatures thereon duly authen- ticated; the Selling Shareholder shall deliver the written irrevocable resignations of all Direc- tors and members of the Supervisory Board appointed upon proposal by the Selling Shareholder, continuing that they have no claims against the Company; the Selling Shareholder shall deliver all consents or such documents (if any) as may be required to give evidence of the title to the Offered Share and the Selling Share- holder's capacity to sell and transfer the same; subject to the compliance by the Selling Shareholder with its obligations under this Clause, the full amount of the Offer Consideration shall be paid to the Selling Share- holder. In the event of a negative Reply by the non-Selling Shareholder or constructive refusal by the non-Selling Shareholder to purchase the Offered Share, the Selling Shareholder may complete the Proposed Transaction in accordance with the Notice of Sale within further twenty (20) Business Days (if merger approval for the Proposed Transaction is not required) or within ?ve (5) months (if merger approval for the Proposed Transaction is required). If the Proposed Transaction is not completed within the period set out in Clause 15.2.5, any attempt of the Selling Shareholder to dispose with its share shall be considered as a new Transfer and shall be subject to the procedure set out in Clauses 15.1.15 to In the event that the conditions set out in this Clause 15 are not met in regard of a Transfer, such Transfer (the "Prohibited Transfer") shall be without effect and the Company shall not recognize the Prohibited Transfer and the Shareholders shall procure that the Company shall not undertake any actions necessary for entering the new shareholder in the Companies Registry kept with the Agency for Commercial Registries and shall continue to manage the affairs of the Company as if Prohibited Transfer has not taken place. Tag-along Right In the event of a Transfer, the non?Selling Shareholder shall have the right, but not the obli- gation, to participate in the Transfer by Transferring its entire share to the Purchaser, on the same terms and conditions as applicable to the Selling Shareholder (the ?Tag-along Right?). Should the non-Selling Shareholder elect to exercise its Tag-along Right by delivering the Tag~along Notice in the Reply, the Selling Shareholder may sell its Share only subject to the condition that the Purchaser commits to purchase the non-Selling Shareholder?s share in the form of a binding offer which the Purchaser will send to the non-Selling Shareholder within ten (10) Business Days upon noti?cation by the Selling Shareholder to the Purchaser that the non-Selling Shareholder had elected to exercise its Tag-along Right (the ?Tag-along Of- fer?). If the Purchaser fails to tender the Tag-along Offer to the non-Sellin Shareholder, the Selling Shareholder shall be prohibited from selling its share to the Purchaser. The non-Selling Shareholder shall notify the Selling Shareholder in writing of its election to exercise the Tag-alon Right (the ?Tag-along Notice?) together with the Reply given pursu? ant to Clause 15.2.1. In the event that the non-Selling Shareholder either notifies the Sell- 45 15.3.4 16. 16.1 16.2 16.3 17. 17.] 17.2 17.3 17.4 17.5 17.6 18. 18.1 EXE ing Shareholder that it will not exercise the Tag-along Right or (ii) fails to notify the Selling Shareholder on its election until the expiry of the deadline for the Reply, the Tag-along Right shall be forfeited. A Tag-along Notice shall constitute a binding obligation on the part of the non-Selling Shareholder to sell its share in the Company to the Purchaser concurrently with the sale and transfer by the Selling Shareholder and on the same terms and conditions thereof. CEASING TO BE A SHAREHOLDER If a Shareholder ceases to be a Shareholder it shall, upon Transfer of its share, procure the resignation of all its appointees including, as applicable, the Director and the appointees to the posts on the Supervisory Board. If the continuing Shareholder so request, it shall do all such things and sign all such documents as may otherwise be necessary to procure the resig- nation or dismissal of such persons from such appointments in a timely manner. Those resignations shall take effect without any liabilities upon the Company for compensa- tion for loss of of?ce or otherwise. Any Shareholder removing any appointee shall fully in- demnify and hold harmless the other Shareholder, and the Company from and against any claim of the person dismissed or removed for unfair or wrongful dismissal arising out of such removal. The Guarantee will automatically terminate in cases listed in Clause 33.6. FAIR MARKET VALUE When the fair market value of the shares of the Company (the "Fair Market Value") is re- quired to be determined hereunder, the Shareholders shall meet and use their best efforts to agree upon a Fair Market Value. If the Shareholders fail to agree on the Fair Market Value within thirty (30) calendar days, then the determination of the Fair Market Value shall be made by the Expert. The Expert shall, within thirty (3 0) calendar days after his appointment, deliver to the Share- holders a written report (the "Valuation Report") which sets forth the Fair Market Value. The determination of the Fair Market Value as set out in the Valuation Report shall be final and binding upon the Parties. The evaluation of the Fair Market Value shall be based on the method deemed most appro- priate by the Expert. In determining the Fair Market Value of a Shareholder's interest, such Fair Market Value shall mean the Fair Market Value of the Company as a whole, multiplied by the percentage of the shares owned by the Shareholder. All fees and expenses incurred by the Expert, as well as the fees and expenses payable in ap- pointing an Expert, if any, shall be paid by the Shareholders in proportion to their sharehold- ing interests in the Company. The Shareholders will cooperate with the Expert and provide all information reasonably re- quested in order to allow the Expert to prepare the Valuation Report. DEADLOCK The Shareholders agree to do their utmost to resolve disagreements in good faith and in a manner so as not to block or otherwise jeopardize the cooperation of the Shareholders in the corporate bodies of the Company. The Shareholders agree to resolve disagreements in rela- tion to business decisions on the level of the Company in accordance with the provisions in 46 13.2 18.3 18.4 18.5 13.6 18.? this Clause 18. A deadlock (a "Deadlock") shall have occurred if the Shareholders' Meeting cannot adopt resolutions on matters stated in Clause 13.1.4 with regard to which a unanimous vote is re- quired. If a Deadlock has occurred, any Shareholder shall, within undue delay after the occurrence of a Deadlock, issue a notice to the other Shareholder that a Deadlock has occurred describ- ing the Deadlock and giving reasons for the Deadlock (the "Deadlock Notice"). Within ten (10) Business Days after receipt of a Deadlock Notice, the matter shall be re- ferred by the issuer of the Deadlock Notice to the general manager of Strategic Partner and natural person appointed by the Government of (the "Dispute Resoluti0n Board") for resolution. The Dispute Resolution Board shall do its utmost and without undue delay nego- tiate in good faith a solution to the Deadlock in order to avoid a con?ict. The Dispute Reso- lution Board may call upon recognised experts for the matters constituting the Deadlock in order for these experts to render advice on how to resolve the Deadlock. The Shareholders shall procure that the Shareholders? Meeting shall pass the resolution as agreed by the Dis- pute Resolution Board. If the Dispute Resolution Board cannot resolve the Deadlock within sixty (60) days from the date of referring the matter to the Dispute Resolution Board pursuant to Clause 13.4 (the ?Deadlock Resolution Period?), is shall notify the Shareholders and the Company on its failure to resolve the Deadlock (the ?Deadlock Con?rmation Notice?). Within sixty (60) calendar days after the earlier of receipt of the Deadlock Con?rmation Notice or (ii) expi~ ry of the Deadlock Resolution Period: Strategic Partner may sell its share in the Company to in which case Put Option Exit rules will be applied mutatis mutandis; and may purchase Strategic Partner?s share in the Company in which case Call 0p- tion Exit rules will be applied maratis mutana?fs. If the Shareholders do not exercise their reapective right to selUpurchase within said sixty (60) calendar day period, their respective rights to sellfpurchase pursuant to this Clause 18.5 shall expire. In no circumstances shall a Shareholder create an arti?cial Deadlock 1'10!" exercise, or seek to pursue, its rights under this Clause 18 when a Deadlock is or has become arti?cial. For these purposes, a Deadlock is arti?cial if caused by a Shareholder voting against or persisting in their opposition to a proposal: primarily or substantially with the intention of frustrating or delaying the proper and ef?cient carrying out of the business of the Company; or in any case where the passage or approval of the same is required to enable the Com- pany to carry on its business properly and ef?ciently for the purpose of developing and commercializing the Project. When a Deadlock has occurred and for as long as it remains unresolved, each Shareholder shall take such actions as may be necessary in order to: refrain from taking any action or decision regarding the issues at stake; minimise any adverse consequences of such Deadlock for the Company and ensure that the corporate governance of the Company is not materially affected by such 47 19. 19.] (C) Deadlock; and procure that the business, assets and liabilities of the Company be managed in compli- ance with the Governing Law and this Agreement, while at the same time maximising the pro?tability of the Company. REPRESENTATIONS AND WARRANTIES Representations and warranties of Strategic Partner Unless expressly stated otherwise in this Clause 19.1, Strategic Partner represents and war- rants to that at Completion the following statements are true and accurate and will con- tinue to be true and accurate throughout duration of this Agreement: (11) Strategic Partner is duly registered under the laws of the United Arab Emirates having its business address at Hamdan Street, Gaith Tower, Floor 19, Office 34, Abu Dhabi, United Arab Emirates. Strategic Partner is ultimately Controlled by Mr. Mo- hammed Ali Rashed Alabbar; Strategic Partner has full power and authority to enter into the Transaction Agree- ments to which Strategic Partner is a party and to perform its obligations under the Transactions Agreements; Strategic Partner has obtained all necessary approvals of its corporate bodies to enter into the Transaction Agreements to which Strategic Partner is a party and to perform its obligations under the Transaction Agreements; the provisions of the Transaction Agreements to which Strategic Partner is a party constitute legal, valid and binding obligations of Strategic Partner, enforceable against it in accordance with their terms; all authorizations from, consents of, and ?lings with all competent authorities and en- tities that are required to be obtained or made prior to Completion in order for Strate- gic Partner to be authorized to enter into and perform this Agreement and all actions contemplated thereby have been obtained and are valid and in full force and effect; neither the execution of the Transaction Agreements to which Strategic Partner is a party nor the performance of them by Strategic Partner violates any judgment or order applicable to Strategic Partner (or any of its Af?liates); (ii) contravenes any provision of the laws of the United Arab Emirates; violates any provision of the articles of association or other constitutional document of Strategic Partner (or any of its Af?liates), or (iv) con?icts or causes any breach of any agreement to which Strate- gic Partner (or any of its Af?liates) is a party or by which it (or any of its Af?liates) is bound; no acts have been taken and no proceedings have been ?led, commenced or are pend- ing before any court, arbitration court or arbitrator, or any Governmental Entity, which might affect the legality, validity or enforceability of the Transaction Agree- ments to which Strategic Partner is a party prior to or subsequent to incorporation of the Company, nor, so far as Strategic Partner is aware, are any such acts threatened; and Strategic Partner is and will continue to be Controlled by Mr. Mohammed Ali Rashed Alabbar. 43 19.2 Representations and warranties of R03 Unless expressly stated otherwise in this Clause 19.2, Ros represents and warrants to Strate- gic Partner that at Completion the following statements are true and accurate and will con- tinue to be true and accurate throughout duration of this Agreement: (C) (1) R08 has full power and authority to enter into Transaction Agreements to which R08 is a party and to perform its obligations under the Transaction Agreements; has obtained all necessary approvals and carried out all procedures required to enter into the Transaction Agreements to which R08 is a party and to perform its obli- gations under the Transaction Agreements; the provisions of the Transaction Agreements constitute legal, valid and binding obli- gations of enforceable against it in accordance with their terms; the process leading to the execution of the Transaction Agreements, the execution of the Transaction Agreements and the other documents related hereto and contemplated hereby, has been performed fully in accordance with the Governing Law; all authorizations from, consents of, and ?lings with all competent authorities and en- tities that are required to be obtained or made prior to incorporation of the Company and Completion in order for R08 to be authorized to enter into and perform this Agreement and all actions contemplated thereby have been obtained and are valid and in full force and effect; neither the execution of the Transaction Agreements nor the performance of them by R03 violates any judgment or order applicable to (ii) contravenes any provi- sion of the Governing Law and con?icts or causes any breach of any agreement to which R08 is a party or by which it is bound; no acts have been taken and no proceedings have been filed, commenced or are pend- ing before any court, arbitration court or arbin'ator, or any Governmental Entity, which might affect the legality, validity or enforceability of the Transaction Agree- ments prior to or subsequent to incorporation of the Company, nor, so far as is aware, are any such acts threatened; at signing of respective Lease Agreements, the Selected Leasable Land subject to signed Lease Agreements is owned by R08 and, free and clear of any Encumbrances; at the time of In-kind Contribution, the Contributed Buildings are owned by R08 and, free and clear of any Encumbrances; the Selected Non-Contributed Buildings are owned by Res and, free and clear of any Encumbrances; at signing of respective Lease Agreements, there are no proceedings pending or, to the knowledge of R08, threatened affecting any portion of the Selected Leasable Land subject to signed Lease Agreements; there exists no writ, injunction, decree, order or judgment outstanding, nor any action, pending or threatened, relating to the owner- ship, lease, use, occupancy or operation by any person of the Selected Leasable Land subject to signed Lease Agreements; the Land and the Buildings are in compliance with all material environmental permits required to execute the Project and are in compliance with all material applicable ens vironrnental laws; and to RoS's best knowledge there are no Hazardous Materials in 49 20. 20.1 20.2 20.3 21. 21.1 21.2 EE the Land andfor the Buildings and there are no proceedings or actions pending or threatened by any Governmental Entity or by any other person under any environmen- tal laws relating to the Land andfor the Buildings; and (In) representations and warranties related to the Company given in Aggendix 14. INDEPENDENCE 0F REPRESENTATIONS, REMEDY Each warranty set out in Clause 19 of this Agreement, is separate and independent and, un- less expressly otherwise provided herein, shall not be limited by reference to any other war- ranty set out in such Clause or anything in the Agreement. Without affecting any obligation or responsibility of the Shareholders under this Agreement, each of the Shareholders shall disclose to the other Shareholders any matter: which may arise or become known to it prior or subsequent to inc0rporation of the Company, and which is inconsistent with any of the representations and warranties set out in Claus- es 19.1 or 19.2 of this Agreement or which might render any of them untrue, inaccu- rate, misleading or which is material to be known for deciding to enter into the Project contemplated by this Agreement. Should one of the representations and warranties given by R05 under this Agreement be un- true in whole or in part, ROS shall have the right to remedy such defect in the warranties and representations within a period of six (6) months from date became aware that the rep- resentation/warranty is not true, to ensure that all effects after such remedy are, in all re? speets, the same should the representation and warranty given under this Agreement has been cerrect. INDEMNIFICATION Indemni?cation by Strategic Partner In addition to any other remedy contemplated by this Agreement, the Transaction Agree- ments or available under the Governing Law, Strategic Partner shall indemnify and hold harmless or the Company (as the case may be) from and against any and all losses, based upon, arising out of, or resulting from any of the following: any breach by Strategic Partner of the representations and/or warranties made by Stra- tegic Partner in this Agreement andfor the Transaction Agreements which have not been remedied in six (6) months; any breach by Strategic Partner of its obligations under this Agreement andfor the Transaction Agreements. Indemni?cation by R05 In addition to any other remedy contemplated by this Agreement, the Transaction Agree- ments or available under the Governing Law, ROS shall indemnify and hold harmless Strate? gic Partner or the Company (as the case may be) from and against any and all losses based upon, arising out of, or resulting from, any of the following: any breach by R08 of the representations andx'or warranties made by R03 in this Agreement andfor the Transaction Agreements, which have not been remedied in six (6) months; 50 21.3 21.3.1 21.3.2 21.4 21.5 21.6 22. EE any breach by ROS of its obligations under this Agreement andr?or the Transaction Agreements. Indemni?cation of the Company by the Shareholders The Shareholders or the Shareholder in breach, as the case may be, shall indemnify and hold harmless the Company from and against any and all losses based upon, arising out of, or re- sulting from, any of the following: any breach by such Shareholders or Shareholder of the representations andfor warran? ties made by such Shareholders or the Shareholder in this Agreement andfor the Transaction Agreements (if such breach has not been remedied in six (6) months); any breach of such Shareholders or the Shareholder of its obligations under this Agreement, including the effectiveness of the capital increase, andfor the Transaction Agreements. If the Company (or its subsidiaries) has or may have any claim against a Shareholder or any of its Af?liates arising out of this Agreement, another agreement or law, that Shareholder will procure that its nominated Director or members of the Supervisory Board shall not do anything to prevent or hinder the Company or its subsidiaries asserting or enforcing the claim against the ?rst mentioned Shareholder and that they shall, if necessary, enable all decisions regarding such claim to be taken by the Director or members of the Supervisory Board nomi- nated by the Shareholders wishing to assert or enforce the claim. This is without prejudice to any right of the defendant Shareholder itself to dispute the claim. Speci?c Performance The Shareholders hereby acknowledge and agree that damages would not be an adequate remedy for breach of the representations and warranties given by the Shareholders or their obligations under the Transaction Agreement. Each Shareholder and the Company will be entitled (in addition to damages) to seek speci?c performance in connection with any breach of representation and warranties or obligations by any Shareholder. No multiple recovery The Shareholders shall not be entitled to recover damages or obtain payment or indemnity more than once for the same loss or breach or (ii) to the extent the Company has already re ceived damages or obtained payment or indemnity for the loss or breach arising from the same facts or circumstances. Breaches by Other Parties The Shareholder shall not be liable under this Agreement in respect of any matter, act, omis? sion or circumstance (or any combination thereof) and any losses arising therefore, to the ex- tent that the same would not have occurred but for any breach of this Agreement or Govern- in Law by the other Party. SURVIVAL OF INDEBINTFICATION The claims brought under indemni?cation provisions contained in Clause 21 of this Agree- ment before or as a result of termination of this Agreement shall survive any termination of this Agreement. The same shall apply to any provision contained in Clause 2] of this Agreement to the extent required to enforce such indemnification provisions. 5] AK: viv 23. 23.] 23.2 23.3 23.3.1 EXIT Exit by Strategic Partner Strategic Partner shall have the right to exercise the Put Option Exit solely upon the occur- rence ofany of the following: Plot 14 Commencement Date does not occur by the date(s) set out in Clause 6.4 pro- vided that non-occurrence of the Plot 14 Commencement Date i_s attributable to failure to meet the Plot 14 Commencement Pro-Conditions as provided in Clause 6.4.2; and/or R03 is in material breach of any of its undertakings set out in Clause 5 (Clearance of the Land), Clause 6 (Leasing of the Non-Public Land), Clause 7 (Development of Public Land, Buildings), Clause 8 (Environmental Cleanup) and Clause 9 (Additional Undertakings by andfor material breach of any of the representations and warranties set out in Clause 192. provided that: fails to cure the braches speci?ed in previous paragraphs and within six (6) months after the receipt of written notice of such breach; and (ii) Strategic Partner or the Company have not caused any of the breaches speci?ed in preceding para- graphs (3) - by breach of any of the Transaction Agreements (the "Put Option Exit Trig- ger"). Exit by ROS shall have the right to exercise the Call Option Exit upon the occurrence of any of the following: Plot 14 Commencement Date does not occur by the date(s) set out in Clause 6.4 pro- vided that non-occurrence of the Plot 14 Commencement Date is not attributable to RoS?s conduct (where ?Ros conduct? is deemed to include, for the avoidance of doubt, a conduct by a Governmental Entity); andfor Strategic Partner is in material breach of any of its undertakings set out in Clause 10; andfor Strategic Partner is in material breach of any of the representations and warranties set out in Clause 19.1. provided that: Strategic Partner fails to cure breach speci?ed in previous paragraphs and within six (6) month after the receipt of written notice of such breach; and (ii) ROS or the Company (the latter by actionsffailure to act by R08 representatives in the Sharehold- ers? Meeting andfor the Supervisory Board) have not caused any of the events speci?ed in preceding paragraphs - by breach of any of the Transaction Agreements (the "Call Option Exit Trigger"). Consequences of a Call/Put Option Exit Trigger Upon occurrence of a Call Option Exit Trigger, 1105 shall have the right to purchase from Strategic Partner and Strategic Partner shall have the obligation to sell to all and not less than all of the shares of Strategic Partner in the Company for the Fair Market Value, provided that (the "Call Option Exit"), if the Call Option Exit is based on the Call Option Exit Trigger set out in Clause 23.2(a) (non-occurrence of the Plot 1'4 Commencement Date for the reasons not attributable to conduct (where conduct? is deemed to in- clude, for avoidance of doubt, a conduct by a Governmentutl Entity/i), the Fair Market Value 52 23.3.2 23.3.3 23.3.4 23.3.5 23.3.6 24. 24.1 24.1.1 24.1.2 24.2 ['11 [Tl of Strategic Parther?s shares in the Company shall be zero (0). Upon occurrence of a Put Option Exit Trigger, Strategic Partner shall have the right to sell to ROS and ROS shall have the obligation to purchase ?'om Strategic Partner all and not less than all of the shares of Strategic Partner in the Company for the Fair Market Value (the "Put Option Exit"). Subject to Clause the Call Option Exit may be exercised within thirty (30) Business Days after ROS delivers a written notice to Strategic Partner stating that a Call Option Exit Trigger has occurred (the "Call Option Exit Period") or at any time thereafter, if such ex- tension is explicitly agreed by ROS and Strategic Partner. For the timely exercise, the Call Option Exit must have been exercised not later than 00:00 pm. on the last day of the Call Option Exit Period or the extended Cal] Option Exit Period. ROS shall exercise the Call Op- tion Exit by delivery of a notice to Strategic Partner, stating that ROS exercises the Call Op- tion Exit pursuant to the terms and conditions of this Agreement (the "Call Option Exit No- tice"). Subject to Clause 23.3.2, the Put Option Exit may be exercised within thirty (30) Business Days a?er Strategic Partner delivers a written notice to ROS stating that a Put Option Exit Trigger has occurred (the "Put Option Exit Period") or at any time thereafter, if such ex- tension is explicitly agreed by ROS and Strategic Partner. For the timely exercise, the Put Option Exit must have been exercised not later than 00:00 pm. on the last day of the Put Option Exit Period or the extended Put Option Exit Period. Strategic Partner shall exercise the Put Option Exit by delivery of a notice to ROS, stating that Strategic Partner exercises the Put Option Exit pursuant to the terms and conditions of this Agreement {the "Put 0p- tion Exit Notice"). The CalUPut Option Exit (the ?Exit Options" and each an "Exit Option") are irrevocable and binding on the Shareholders. The Shareholders hereby agree to give full force and effect to the exercise of the Exit Options. The purchase by ROS pursuant to an Exit Option shall be consummated within ten (10) Business Days after merger clearance pursuant to Clause 24.2 Of this Agreement has been obtained and provisions of Clause 15.2.4 shall be applied mutatis mutandis. EXERCISE OF THE EXIT OPTIONS General After exercisin the Exit Option, Strategic Partner and ROS shall sign and execute the Trans- fer Deed. Pursuant to the terms and conditions of the Transfer Deed, the shares shall be sold from Strategic Partner to ROS and shall pass from Strategic Partner to ROS. Unless specifi- cally stated otherwise in this Agreement, Strategic Partner assigns and transfers the shares with all rights and obligations pertaining thereto pursuant to the terms of the Transfer Deed and subject to merger clearance, if applicable, and (ii) the payment of the Fair Market Value to the bank account indicated by Strategic Partner. The Shareholders shall procure that the rights and obligations under this Agreement are ful? ?lled until the transfer of the shares is completed. Merger Clearance In case of the exercise of an Exit Option, shall procure that without undue delay any and all merger control approvals required to consummate such option shall be obtained from the Serbian Commission for Protection of Competition, and shall become ?nal and non- 53 24.3 24.3.1 24.3.2 25. 26. 27.] 27.2 27.2.1 27.2.2 EXE appealable. Strategic Partner shall assist and the Company to the utmost extent and at the expense of the Company in the preparation of the merger control ?lings. Resignation of Appointees In case of the exercise of an Exit Option, Strategic Partner shall procure that the members of the Supervisory Board designated by Strategic Partner shall resign from of?ce up- on executing the Transfer Deed and waive any claim they may have against the Company. If so requests, Strategic Partner shall do all such things and sign all such documents as may otherwise be necessary to procure the resignation or dismissal of such persons from such appointments in a timely manner. The resignations pursuant to Clause 24.3.1 of this Agreement shall take effect without any liabilities on the Company for compensation for loss of of?ce or otherwise. Strategic Partner removing any appointee shall fully indemnify and hold harmless Ros, and the Company from and against any claim of the person dismissed or removed for unfair or wrongful dis~ missal arising out of such removal. REMEDIES The Parties acknowledge and agree that the remedies explicitly provided in this Agreement shall be exclusive remedies solely available to the Parties and not cumulative to any other remedies available under the applicable law. BOOKS AND COMPLIANCE The Shareholders undertake that they shall use their reasonable efforts to procure that: the Company keeps proper books of account and makes true and complete entries of all its dealings and transactions of and in relation to the business; and the Company shall use its best efforts to obtain and maintain in full force and effect all approvals, consents or licences necessary for the conduct of the business. CONFIDENTIALITY Con?dential Information The Shareholders shall use all reasonable efforts to keep con?dential and to ensure that their respective Af?liates and their respective of?cers, employees, agents and professional and other advisers keep con?dential any information (the "Confidential Information"): relating to the customers, the business, assets or affairs of the Company which they may have or acquire through ownership of an interest in the Company; or relating to the content of this Agreement, the Project documents and all transactions contemplated therein as well as to the customers, business, assets or affairs of the oth- er Shareholders or any of their Af?liates which they may have or acquire through be- ing a Shareholder or through the exercise of their rights or performance of their obli- gations under this Agreement. Restrictions No Shareholder may disclose to any third party any Con?dential Information without the prior written consent of the other Shareholder. This Clause 27 does not apply to: 54 27.2.3 (3) (C) (1) EXE information which is or becomes publicly available (otherwise than as a result of a breach ofthis Clause 27); information which is independently developed by the relevant Shareholder or acquired from a third party, to the extent that it is acquired with the right to disclose it; information which was lawfully in the possession of the relevant Shareholder ?'ee of any restriction on disclosure, as can be shown by that Shareholder?s written records or other reasonable evidence; information which, following disclosure under this Clause 27', becomes available to the relevant Shareholder, as can be shown by that Shareholder?s written records or other reasonable evidence, from a source which is not bound by any obligation of con- ?dentiality in relation to such information; the disclosure of Con?dential Information by a Shareholder to its directors or employ- ees or to its Af?liates or the directors and employees of such Affiliates who need to know that Con?dential Information for purposes relating to this Agreement, provided that those directors and employees shall be subject to an equally strict statutory or contractual con?dentiality obligation; the disclosure of information to the extent required to be disclosed by law (provided, for the avoidance of doubt, such law does not exempt con?dential obligations from disclosure), the rules of any recognised stock exchange or any court of competent ju- risdiction, any governmental of?cial or regulatory authority or any bindingjudgment, Order or requirement of any other competent authority; the disclosure of information to any tax authority to the extent reasonably required for the purposes of the tax affairs of the Shareholder concerned or any of its Affiliates; the disclosure to a Shareholder?s professional advisers of information reasonably re- quired to be disclosed for purposes relating to this Agreement, provided that such pro- fessional advisers are subject to an equally strict statutory or contractual con?dentiali- ty obligation; the disciosure to any insurer under or in connection with an insurance policy related to the Project, as the case may be, provided that such persons are subject to an equally strict statutory or contractual con?dentiality obligation; the disclosure of information to any bank or ?nancial institution for the purposes of seeking or obtaining ?nance participation regarding the Project, including any profes- sional consultant retained by such bank or ?nancial institution for the purpose of eval- uating the Confidential Information provided that such persons are subject to an equally strict statutory or contractual con?dentiality obligation; any announcement, or circular made, or information provided in accordance with the terms of Clause 29 of this Agreement; information disclosed to any Shareholder and their Affiliates. Each Shareholder shall inform any of?cer, employee or agent or any professional or other adviser advising it in relation to matters relating to this Agreement, or to whom it provides Con?dential Information, that such information is con?dential and shall instruct them: that any announcement, or circular made, or information provided is in accordance with the terms ofClause 29 of this Agreement; 55 212.4 28. 28.1 28.2 29. 30. 30.1 to keep it con?dential; and not to disclose it to any third party (other than those persons to whom it has already been or may be disclosed in accordance with the terms of this Clause 27). Once ceasing to be a Shareholder due to any reason, a Shareholder will be bound by this Clause 27 for the period of ten (10) years. If requested by the Company, a Shareholder shall be obliged to hand over to the Company all materials containing Con?dential In? formation held by it or any of its Affiliates or any third party which has acquired such data through that Shareholder and shall not keep any such materials (either in physical or digital form) other than as required by applicable law. COOPERATION AND FURTHER ASSURANCE Cooperation The Shareholders agree to co-operate with each other and use all reasonable endeavours to prepare all the documents, to effect all necessary ?lings and to obtain all necessary permits, consents, waivers, clearances, approvals and authorizations of all third parties and Govern- mental Entities necessary to consummate the Project as contemplated by this Agreement. Further Assurance Each Shareholder hereto shall make, execute, acknowledge and deliver such other instru? ments and documents, and take all such other actions, as may be reasonably necessary in or- der to effect the purpose of this Agreement as set out in Clause 2 of this Agreement. PUBLIC ANN OUNCENIENTS No Shareholder shall make any public announcement or issue any circular relating to this Agreement without the prior written approval of the other Shareholder. This does not affect any announcement or circular required by law or any regulatory body or the rules of any rec- ognised stock exchange, but the Shareholder with an obligation to make an announcement or issue a circular shall consult with the other Shareholder so far as is reasonably practicable be- fore complying with such obligation. Any oral public statements made or replies to questions given by any Shareholder relating to the Company or the Project shall be consistent with any public announcements or circulars. WAMRS, WAIVER OF SOVEREIGN The Shareholders may waive their respective rights, powers or privileges under this Agree- ment provided that such waiver shall be in writing and addressed to other Shareholder. The Shareholders agree that, notwithstanding anything contrary in this Agreement, no failure or delay on the part of the Shareholders to exercise any right, power or privilege under this Agreement will operate as a waiver thereof. The Shareholders agree that no single or partial exercise of any right, power or privilege under this Agreement will preclude any other or ?lr- ther exercise thereof or the exercise of any other right, power or privilege by the respective Shareholder under the terms of this Agreement, unless such exercise is in conflict with law. The Shareholders agree that no waiver shall operate or be construed as a future waiver of a (further) right, power or privilege under this Agreement. Failure by any Shareholder at any time or times to require performance of any provision of this Agreement shall in no manner affect its right to enforce the same, and the waiver by any Shareholder of any breach of any provision of this Agreement shall not be construed to be a waiver by such Shareholder of any succeeding breach of such provision or a waiver by such Shareholder of any breach of any 56 30.2 31. 31.1 31.2 32. 32.1 32.2 32.3 33. 33.] EXE other provision hereof. This Agreement constitutes a commercial transaction and not state contract, public or gov- ernmental acts and R08 is entering into this Agreement solely in its commercial capacity. hereby waives with respect to itself, any of its assets and any of the actions it has taken any immunity from legal action, enforcement or jurisdiction to which it or its assets might otherwise be entitled in any action arising out of, based on or for the enforcement of any of the obligations arising directly under this Agreement which may be instituted as provided under this Agreement. Such waiver constitutes only a limited and speci?c waiver for the purposes of this Agreement and under no circumstances shall it be interpreted as a general waiver by any Shareholder or a waiver with respect to proceedings unrelated to this Agree- ment. COVENANTS Approvals and Compliance Without limitation to any other clause of this Agreement, with respect to the Project gov- erned by or contemplated in this Agreement, each Shareholder individually covenants to the other Shareholder of this Agreement that it will obtain all required approvals or permits in any affected jurisdiction, including but not limited to will make all noti?cations, ?lings and publications required and otherwise comply with all applicable laws, including but not limited to capital markets rules on market manipulation) and merger control legislation, in any a?ectedjurisdiction, including but not limited to at all times. Proceedings The Shareholders each individually covenant that they will notify the other Shareholder without undue delay in writing if proceedings with respect to the Project or transactions gov- erned by or contemplated in this Agreement are initiated or threatened by any third parties. GOVERNING LAW AND DISPUTE RESOLUTION VENUE This Agreement and the rights and obligations hereunder (including the Guarantee) shall be governed by and construed and interpreted in accordance with Serbian law, without applica- tion of its con?ict of laws rules or UN Convention on Contracts for the International Sale of Goods. Mandatory provisions of the Serbian law shall apply, in particular but not limited to the incorporation and the corporate governance of the Company. All disputes, controversies or claims arising out of or in connection with this Agreement (in- cluding the Guarantee), including in relation to the validity, breach or termination of this Agreement and/or the Guarantee, shall be ?nally and exclusively settled by arbitration in ac* cordance with the Rules of Arbitration of the International Chamber of Commerce by three arbitrators appointed in accordance with the said Rules. The seat of the arbitration shall be Vienna. The arbitral proceedings shall be conducted in the English language. Strategic Partner retains all rights to seek protection in accordance with the investrnent treaty between the United Arab Emirates and R08. GUARANTEE The Guarantor irrevocably guarantees to the performance of the obligations of Strategic Partner contained in this Agreement (including its obligations under Clauses 10 and ii). Guarantor shall invest in the Company from time to time on demand any sum of money which Strategic Partner is at any time liable to invest in the Company under or pursuant to 57 33.2 33.3 33.4L 33.5 33.6 33.7 34. 34.1 34.2 EXE this Agreement and which has not been paid at the time the demand is made, provided that agrees that no such demand shall be made on Guarantor unless demand for investment has ?rst been made on Strategic Partner in accordance with this Agreement and investment has not been made by Strategic Partner. Guarantor?s obligations under this clause 33.1 are primary obligations and not those of a mere surety. The Guarantor irrevocably and unconditionally agrees to indemnify (and keep indemni?ed) on demand against any loss, liability or cost incurred by R03 as a result of any obliga- tion of Strategic Partner referred to in Clause 33.1 above being or becoming void, voidable or unenforceable as against Strategic Partner for any reason whatsoever. The amount of the loss, liability or cost shall be equal to the amount which ROS would otherwise have been en- titled to recover from Strategic Partner. The Guarantor?s obligations under Clauses 33.] and 33.2 are continuing obligations and are not satisfied, discharged or affected by an intermediate payment or settlement of account by, or a change in the constitution or control of, or merger or consolidation with any other per- son of, or the insolvency of, or bankruptcy, winding up or analogous proceedings relating to, Strategic Partner. The Guarantor waives any right it may have of ?rst requiring ROS to proceed against or en- force any other rights or security or claim payment from any person before claiming from Guarantor under this Clause 33. This waiver applies irrespective of any law or any provision of this Agreement or any other agreement entered into pursuant to this Agreement to the con? trary. Nothing in this Clause 33 shall prejudice any right of Strategic Partner to assert any of its rights under this Agreement and the amount (if any) payable by Guarantor to pursuant to this Clause 33 shall not in any circumstances exceed the amount that would otherwise have been so payable by Strategic Partner in the absence of this Clause 33. The Guarantee automatically terminates in any of the following events: Strategic Partner ceases to be a Shareholder pursuant to a Transfer which is not the Un- restricted Transfer; or Strategic Partner ceases to be a Shareholder pursuant to Exit Option. In case of termination of the Guarantee, the Guarantor remains liable for the obligati0ns of Strategic Partner incurred until termination. This Guarantee remains in force for the obligations of the transferee only in the event the transferee is introduced pursuant to the Unrestricted Transfer. MISCELLANEOUS Entire Agreement This Agreement contains the entire agreement and understanding between the Shareholders (unless otherwise agreed in writing between all the Shareholders) with respect to the subject matter hereof. No Assignment and Successors Except as otherwise provided for herein, this Agreement or any rights and obligations under this Agreement may not be assigned without the prior written consent of the other Party. All the provisions hereof shall be binding upon and inure to the bene?t of the Shareholders and 53 34.3 34.4 EXE their successors and permitted assignees. The Guarantee or any rights and obligations under the Guarantee may not be assigned with- out the prior written consent of the Guarantor. Language The Shareholders will procure that all communication in connection with this Agreement, whether orally or in writing, including, but not limited to, notices, discussions at the Compa- ny?s Shareholders? Meetings and meetings of the Supervisory Board, reports, preparatory documents for Supervisory Board and Shareholders? Meetings shall, to the extent reasonably possible and permitted by applicable law and regulation, be in the English and Serbian lan- guage, whereby the English language shall prevail in case of inconsistencies. Notices If the applicable law mandates that a communication, including but not limited to the notices, discussions and minutes of the Shareholder?s Meeting and the meeting of the Supervisory Board, should mandatory be in Serbian language, the subject communication, including but not limited to the notices, discussions and minutes of the respective corporate bodies, shall be composed bilingually in Serbian and English language. In case of any discrepancy be- tween the English and Serbian language thereof, the English version shall prevail solely be- tween the Shareholders. Unless explicitly provided otherwise hereunder, any notice, claim, request, demand, consent, approval or other communication to any Partnyuarantor hereto shall be in the English and Serbian language and shall be considered to have been duly given or made when given in writing, and delivered in person against receipt thereof, or sent by certi?ed mail (postage prepaid), telefax or courier service (courier service prepaid) to the Party/Guarantor in question at its address set out below (or at such other address as the re- spective Party shall hereafter furnish in writing to the other Partyquarantor). All such notic- es and other communications shall be deemed given on the date received by the addressee. For Address: Nemanjina Belgrade, Republic of Serbia Faxno: +381113621526 Attention: Minister for Construction, Chief of Staflc For Strategic Partner: Address: PO Box 34888 Capital Gate Level 12 Abu Dhabi, UAE Fax no: +971 26333886 Attention: CEO Copy to: General Counsel For the Company: 59 34.5 34.6 34.? Address: Karadordeva 48 Belgrade, Republic of Serbia Fax no: +381 11 788 88 96 Attention: General Manager Copy to: General Counsel For Guarantor: Address: PO Box 34838 Capital Gate Level 12 Abu Dhabi, UAE Fax no: +971 26338886 Attention: General Manager Copy to: General Counsel Severability If any provision of this Agreement is invalid or unenforceable then, to the extent possible, all of the remaining provisions of this Agreement shall remain in full force and effect and shall be binding upon the Shareholders hereto. The Shareholders shall use their best and reasona- ble efforts to replace Such invalid provision and give effect to a valid and enforceable provi- sion, which corresponds as closely as possible with the commercial intent of the invalid or unenforceable provision. Formal requirement, Amendments, Annexes, Counterparts No amendment of this Agreement and its Annexes shall be valid unless in writing and signed by or on behalf of the Shareholders, which shall also apply to any waiver of the requirement of written form. The expression "amendment" shall include any variation, supplement, dele- tion or replacement however effected. This Agreement has been signed in English language in eight (8) copies, each signatory keeping two copies. All counterparts have equal legal power and effect. No amendment of the Guarantee shall be valid unless in writing and signed by or on behalf of the Parties and the Guarantor. No Partnership or Agency Nothing in this Agreement (or any of the arrangements contemplated by it) is or shall be deemed to constitute a partnership (arrakluk) between the Shareholders nor, except as may be expressly set out in it, constitute any Party or the Guarantor the agent of the other for any purpose. None of the Shareholders shall enter into any contract or commitment with third parties as agent for the Company or any of its subsidiaries or for any of the other Sharehold- ers or {ii} describe itself as such an agent or in any way hold itself out as being such an agent. IN WITNESS HEREOF, the Parties hereto have caused this Agreement to be executed by their duly authorized representatives. 60 Mr. Mohamed Ali Rashed Alabbar BEOGRAD NA VODI D.0.0. I . ce-Mr/s/rjm . . . . . . . . . . . . . Mr. Aleksandar Trifunovi?, acting director . Ir I ?1 Mr. Mohiained Ali Rashed Alabbar Appendix 1A AGREEMENT ON ACCESSION OF NEW SHAREHOLDER AND CAPITAL INCREASE OF THE COMPANY Appendix IA Agreement on Accession of New Shareholder and Increase of Share Capital of the Company Na osnovu elana 146. star: 1. tacka l. Zakona prim-ednim druswima glasnik R. in: 36/2103}. 99.003}. 83/20? dr. mirror 1' 5.3.3035) ("Zakon 0 privrednim drustvima") i vezi sa Elanom I I. stav 1. tacka 1. Odluke osnivanju drustva Beograd na vodi d.o.o. Beograd. sa sediStem na adresi Karadordeva 48. Beograd. Republika Srbija. odluka 05 br. 02488930144 od 26. una 2014. godine: 1. Republika Srbija, koju na osnovu zakonskih ovlascenja zastupa Vlada Republike Srbije. sa sedistem na adresi Neinanjina 11. Beograd. Repubiika Srbija. koju zastupa i 2. Belgrade Waterfront Capital Investment L.L.C.. drustvo osnovano po zakonima Ujedinjenih Arapskih Emirata. sa sedistem ulici Hamdan. A1 Gaith kula. 19. sprat. Abu Dabi, Ujedinjeni Arapski Emirati. registrovano pod brojem i BWCI su pojedinacno ozna?eni kao "Ugovorna strana" i zajcdno kao "Ugovorne strane"} dana zakljueuju: UGOVOR PRISTUPANJU NOVOG CLANA I POVECANJU OSNOVNDG KAPITALA BEOGRAD NA VODI [10.0. Preambula A. Ronc osniva? ijedini clan druStva Beograd na vodi d.o.o. Beograd. sa sedistem na adresi Kal?adordeva 48, Beograd. Republika Srbija. mati?ni broj 21033391 {"Drustvo"). 13. Udeo RoS?a Di'tistvu predstavlja 100% registrovanog kapitala Drustva i ima nominaan Pursuant to Article 146 paragraph 1 point I. of the Companies Act Gazette of nos. 36.9033. 99.0011 83/20? - other low and ("Companies Act") and in connection with Article 11 paragraph 1 point 1 of the Decision on Incorporation oFa company Beograd na vodi 01.0.0. Beograd. with its registered seat at the address Karadordcva 48. Belgrade. Republic of Serbia . the decision 05 no. 0248891120144 dated 26 June 2014: 1. The Republic of Serbia. which is by the statutory power represented by the Government 0i~ the Republic of Serbia. with its seat at Nemanjina 11. Belgrade. Republic of Serbia. represented by and Belgrade Waterfront Capital Investment L.L.C.. a company incorporated under the laws of United Arab Emirates with its registered seat at Hamdan Street. Gaith Tower. Floor 19. Abu Dhabi. United Arab Emit'ates. registered under commercial license no. and are individually referred to as "Contractual Party? and together as "Contractual Parties?} on have entered into: AGREEMENT ON ACCESSION OF NEW SHAREHOLDER AND INCREASE 0F SHARE CAPITAL OF THE COMPANY BEOGRAD NA VODI [10.0. Preamble A. The R03 is the Founder and the sole shareholder of the company Beograd na vodi d.o.o. Beograd. with its registered seat at the address Karadordeva 48. Belgrade. Republic of Serbia, identification number 21033391 (the B. The share of the in the Company represents 100% 01? the Company?s share Appendix I A vrednost RSD l.000.000 upisanog i neuplac?enog kapitala novcu. C. Ugovorne strane su zakljuciie Ugovor zajednickom ulaganju dana ("ligovor zajed ni?kom ulaganju"). D. Saglasno Ugovoru zajedni?kom ulaganju. Ugovorne strane ielc da BWCI pristupi Drustvu kao novi clan. STOGA SU SE UGOVORNE STRANF. SAGLASILE SLEDECEM: Clan 1 Rone kaojedini Elana Drustva. funkciji Skupstine Drustva. dana godine doneo odluku povecanju kapitala Drustvu ["Odluka") sktadu sa koiom ce uplatiti ulog novcu ignosu od RSI) [uneti EUR 22.000 prema srednjem Irurs'rr NBS na n'rm opiate] {"Iznos pove?anja kapitala") i pristupiti Druswu kao novi clan. Kopija Odluke je priloiena kao Priioa I L12 ovaj Ugovor i cini njegov sastavni den. Clan 2 ROS. kao osniyae ijedini clan Dru?tva. vezi sa clanom 200. tacka Zakona privrednim drustvima. odobrava pristupanje Drustvu skladu sa ovim Ugovorom. Clan 3 Ugovorne strane saglasno konstatuju i saglasne su da Ugovor zajednickom ulaganju predvida da ovaj Ugovor predstavlja instrument za pristupanje Drustvu i stieanje od strane BWCI -a vlasnistva nad udela Drustvu. syentu skladu sa merodaynim pravoin. Ugovorne strane saglasno konstatuju i saglasne su da nemaju nikakvih drugih medusobnih praya it?ili obayeza po osnovu ovog Ugoyora. osim onih ovde ugovorenih koje se odnose na pristupanje DrLIStvu. capital and has the nominal value of RSD 1.000.000 subscribed and unpaid capital in cash. C. The Contractual Parties have entered into the Joint Venture Agreement dated [It] ("Joint Venture Agreement"). D. Pursuant to the Joint Venture Agreement. the Contractual Parties wish that accedes to the Company as the new shareholder. THEREFORE THE CONTRACTUAL PARTIES AGREED ON THE FOLLOWING: Article 1 The as the sole shareholder ofthe Company. in the capacity of the Shareholders? Meeting oi" the Company. on passed the decision on increase of the share capital of the Company ("Decision"). pursuant to which BWCI shall pay the contribution in cash in the amount of RSD [insert the counter- vuhre of EUR 22,000 as per middle exchange rate of the NBS applicable on the date ofpaymenrl [the "Capital Increase Amount") and accede to the Company as the new shareholder. The copy of the Decision is enclosed hereto as Appendix I and forms integral part of this Agreement. Article 2 as the founder and the sole shareholder of the Company. in connection with Article 200 point 21 of the Companies Act. approves accession of BWCI to the Company in accordance with this Agreement. Article 3 The Contractual Parties acknowledge and agree that the Joint Venture Agreement provides that this Agreement represents solely the instrument for accession of to the Company and acquisition oftitle over share by BWCI in the Company. all in accordance with the applicable law. The Contractual Parties hereby acknowledge and agree that they do not have any other mutual rights andfor obligations under this Agreement except those Appendix A ean4 BWCI prihvata i potvrduje da c'e lznos povecanja kapitala uplati?ti na ra?un Drusitva br. kod roku utyrdenom Odlukom. Clan 5 Odmah po ispunjenju obaveze iz elana 4. ovog Ugovora. ?e preduzeti sve putrebne pravrte i faktieke radnje radi registracije poveeanja osnovnog kapitala Drustva i pristupanja kao novog clana Druswa Registar subjekata Ageneije za privredne registre Republike Srbije. skladu sa Odlukom i ovim Ugovorom. (flan 6 skladu sa ovim Ugovorom i Odlukom ukupan iznos osnovnog kapitala Dru?tva. posle uplate lznosa poyec?anja kapitala. iznosice: l. llpisani kapital: Nov?ani: RSD 1.000.000zi i RSD [unetf pro?vvrednasr EUR 22.000] Ne-novcani: -- I-J Uplacenx?unet kapital: Novcani: RSD [mien prarirvrednesr EUR 22. 000]. na dan uplate. Ne-novcani: -- ?mn7 Posle uplate [znosa povecanja Rapitala i BWCI ee imati udeo osnovnom kapitalu. imovinskim i glasaekim pravima Drustvu kao Sto sledi: La: provided hereby related to accession to the Company. Article 4 BWCI accepts and confinns that it shall pay the Capital Increase Amount in the account of the Company no. with within the deadline determined by the Decision. Article 5 Immediately after ful?lment of the obligation of BWCI provided in Article 4 of this Agreement. the R05 shall undertake all required legal and factual actions aimng to registration ofthe capital increase of the Company and accession of BWCI as the new shareholder of the Company with the Registry of Business Entities of the Agency for Commercial Registers. in accordance with the Decision and this Agreement. Article 6 In accordance with this Agreement and the Decision the total amount of share capital ofthe Company. after the payment of the Capital Increase Amount shall be: I. Subscribed capital: [n cash: RSD 1.000.000; and II RSD [insert EUR 22.000 counter-value] ln-l-tind: -- L.) Paid-infcontributed capital: [n cash: RSD [insert EUR 22,060 coroner-value]. as of the date of payment. in-kind: -- Article 7 After the payment of the Capital Increase Amount. the ROS and BWCI shall hold interest in the share Appendix I A we l. ROS: 32% Upisan kapital noveu: RSD 1.000.000: Uplac'enr'unet kapital; -- 2. BWCI: 68% - Upisan kapital L1 novcu: RSD [mterr? prorivvrednosr EUR 22.000]: 0 Uplacent?unet kapital: RSD [unetr' pmrivvrednosr EUR 22. 000] (Elan 8 Prava i obaveze Ugovornih strana ne mogu biti dodeljene. zaloiene ili na ncki drugi naein prenete od strane bilo koje Ugovorne strane. osim ukoliko je dozvoljeno saglasno Ugovoru zajedni?kom ulaganju. (Elan 9 Na ovaj Ugovor printenjuje se pravo Srbije. Ugovorne strane ce svako sporno pitanje koje proistekne iz ovoga Ugovora ili vezi sa ovim Ugovorom resiti mirnim putem. siucaju ncmogucnosti postizanja mirnog resenja. svi sporovi hoji proisteknu iz vezi sa ovim Ugovorom bice reseni sudom Beogradu. (Elan l0 Ovaj Ugovor se ne moie menjati niti doptmjavati. osim putem aneksa pisanoj formi. potpisanog od Ugovornih strana. ?ian 11 slucaju da se bilo l-toja odredba ovog Ugovora bude smatrala nevaiecom celosti ili delimieno. to ne?e uticati na pravnu valjanost preostalih odredaba ovog Ugovora. tom slucaju- Ugovornc strane do. meri kojoj je to moguce. zatneniti takvu nevaiecu capital. economic and voting rights ol?the Company as follows: I . ROS: 32% 0 Subscribed capital in cash: RSD 1.000.000; I Paid-in/contributed Capital: -- la.) 68% Subscribed capital in cash: RSD [insert UR 22.000 counter-value]: 0 Paid ini?contributed Capital: RSD [insert UR 22.000 counter-value]; Article 8 The rights and obligations ofthe Contractual Parties may not be ceded. pledged or otherwise transferred by either of the Contractual Parties. except as permitted pursuant to the Joint Venture Agreement. Article 9 This Agreement shall be governed by the laws of the Republic of Serbia. The Contractual Parties to the Agreement shall endeavour to settle amicably all disputes arising from or in connection with this Agreement. Should reaching of an amicable solution be impossible. all diSputes arising from or with respect to this Agreement shall be settled before the Commercial court in Belgrade. Article 10 This Agreement may not be altered or amended. except by annex in writing. signed by the Contractual Parties. Article 11 Should any of the provisions of this Agreement be considered fully or partially invalid. this shall not affect the legal validity of the remaining provisions hereof. [n this event. the Contractual Parties shall replace. to the possible extent. such invalid provision with another legally binding provision that shall be Appendix 1A W. odredbu drugom pravno valjanom odredbom koja c'c odgovarati duhu i svrsi ovog Ugovora. Clan 12 slucaju nesaglasnosti izmedu Ugovora zajednieitom ulaganju i ovog Ugovora. merodavan cc biti Ugovor zajednickom ulaganju. (Elan 13 Ovaj Ugovor stupa na snagu kada ga potpisu ovlasceni predstavnici Ugovornih strana i kada isti bude [notarizemuXaveren pared unr?e?nim (Elan l4 Ovaj Ugovor je sa?injen na i engleskom jeziku 5 (pet) originalnih primeraka od kojih ?e po 1 Liedan] primerak zadr'Zati svaka Ugovorna strane. I [iedanl primerak za Agenciju za privredne registre Republike Srbije. {jedanl primerak za [nar?e?ti organ pri?kom overe/imrar]. a Liedan) ?e biti dostavljen Drustvu. slueaju neslaganja izmedu i engleske verzije merodavna cc biti verzija. in compliance with the sense and purpose of this Agreement. Article 12 In case of discrepancy between the .loint Venture Agreement and this Agreement. the Joint Venture Agreement shall prevail. Article 13 This Agreement shall become effective upon signing by the authorized representatives of the Contractual Parties and its before the competent authorinr]. Article 14 This Agreement is executed in 5 (fich original counterpaits out of which each Contractual Parties shall keep 1 [one] copy. I (onch copy For the Agency for Commercial Registries ofthc Republic of Serbia. I (one) copy for [the certi?cation and I (one) copy shall be delivered to the Company. In case ot?diserepancies between the Serbian and the English version the Serbian version shall prevail. Za J'For REPUBLIKA REPUBLIC OF SERBIA [melNamcz l-?unkcijafPosition: Za BEL-GRADE WATERFRONT CAPITAL INVESTMENT L.L.C. lmchamc: Appendix M. Prilog IEAEQendix Odiuka/Decision Appendix IA Appendix 13 ARTICLES OF ASSOCIATION Appendix 13 Articles of Association in accordance with Article 20. Paragraph l. Point 1. of the Decision on Incorporation ofa company Beograd na vodi d.o.o. Beograd. with its registered seat at Karadordeva 48. Belgrade. Republic of Serbia {the "Company") no. 02-4389x?2014-l dated 26 June 2014 and the decision oi" the Republic of Serbia no. dated the Shareholders' Meeting of the Company on its session held on adopted the amended Articles of Association of the Company (the "Articles of Association") between: I) Republic of Serbia. represented by the Government of Republic of Serbia having its address at Nemanjina l. Belgrade and represented by 2) Belgrade Waterfront Capital Investment L.L.C. a limited liability company incorporated in the United Arab Emirates under commercial license no. Chi-1945304 having its business address at Hamdan Street, AI Gaith Tower. Floor l9. Abu Dhabi. United Arab Emirates. represented by His Excellency/Mohamed Ali Rashed Alabhar (R08 and BWCI are referred jointly as the Shareholders. and individually as the Shareholder}. WHEREAS: A. BWCI has acceded to the Company and became the Shareholder through acquisition of 68% of the total share capital of the Company in accordance with the decision on capital increase of the Company dated and the agreement on accession dated between the Shareholders: B. On the Shareholders and the Company have entered into the joint venture agreement (the "Joint Venture Agreement?) which serves as a shareholders? agreement within the Na osnovu elana 20. stav l. tacka l. Odluke osnivanju privrednogI dru?tva Beograd na vodi d.o.o. Beograd. sa registrovanim sedistcni na adresi Karadordeva 48. Beograd. Republilta Srbija ("Drustvo"). hr. 02-4889a?2014-l od dana 26.juna 20M. i odluke Republike Srbijc br. od dana It]. Skupstina Drustva. je na svojoj seduiei odrianoj dana usvojila izmenjen Osnivacki akt Drustva {"OsnivaEki Akt") izmedu: l} Republike Srbije. koju zastupa Vlada Republike Srbije sa sedistem na adresi Nemanjina ll. Bee-grad i koju zastupa 2) Belgrade Waterfront Capital Investment L.L.C.. drudtvo sa ogranicenom odgovornoscu osnovano Ujedinjenim Arapskim Emiratima pod mati?nim brojem br. Chi-1945304. sa poslovnim sedi?tem Ll uliei Hamdan. AI Gaith kula. 19. sprat. Abu Dabi. Ujedinjeni Arapski Emirati. koga zastupa njegova Ekseclencijaf Mohamed Ali Rashed Alabbar i BWCI so dalje tekstu zajednitEki oznaeeni kao Clanovi. a pojedina?no kao Clan). BUDUCIDA: A. .le BWCI pristupio Drustvu i postao C?lan sticanjem 68]% ukupnog osnovnog kapitala Drustva skladu sa odlukom poveeanju kapitala Drustva od i ugovorom pristupanjn od izmedu Clanova; B. Dana [Iv] Clariovi i [)ruStvo su zakljucili ugovor zajedni?kom ulaganju ("Ugovor Zajedni?kom Ulaganju") koji sluii kao ugovor izmedu clanova druStva smisiu Clana IS. Zakona 0 Appendix 13 In) meaning of Article IS of the Companies Act ("Q?icmf Gazette qfthe Republic: of .?i?erbiu"36r?201 I. 9920} 83/2014 - other km and 5301?5) (the "Companies Act"); The Shareholders have agreed to enter into this amended Articles of Association. NOW, THEREFORE the Shareholders agreed to adopt the amended consolidated Articles of usvoje izmenjeni precisceni Osniva?ki Akt: Association: ARTICLES OF ASSOCIATION OF THE COMPANY BEOGRAD NA VODT D.0.0. BEOGRAD SUBJECT OF ESTABLISHM ENT Subject of establishment is the Company in the legal form of a limited liability company. The Company is established for an indefinite period oftime. BUSINESS NAME AND SEAT OF THE COMPANY The ?ll] business name ofthe Company is: Beograd na vodi d.o.o. Beograd. The abbreviated business name of the Company is: Beograd na vodi d.o.o. The seat of the Company is in Karadordeva 48- Belgrade. Republic of Serbia. CORE BUSINESS ACTIVITY OF THE COMPANY The core business activity ofthe Company is: Development of building projects - code number: 4 ID. In addition to the core business activity. the Company may also carry out consulting activities in relation to businesses and all other business activities including foreign trade transactions. SHAREHOLDERS OF TH COMPANY privrednim drustvima Gt?asnik Reptrbiike Srbije" hr. 3 6.290! . 8320:? - nil?. :m?rrm i 5/205) ("Zakon privrednim drustvima"): Clanovi su se saglasili da zakljuce ovaj izmenjeni Osnivacki Akt. SADA. STOGA Clanovi su se saglasili da AKT BEOGRAD NA vom 0.0.0. l.l BEOGRAD PREDMET OSNIVANJA Predmet osnivanja je Drustvo pravnoj formi druitva 5a ogranicenom odgovornoscu. Drustvo se osniva na neogranicen vremenski period. POSLOVNO 1 DRUSTVA Puno poslovno ime Dru?tva je: Beograd na vodi d.o.o. Beograd. Skrac?eno poslovno ime Drustva je: Beograd na vodi d.o.o. Sediste Drustvaje ulici Karadordeva 48. Beograd. Republika Srbija. DELATNOST DRUSTVA Dru?tva je: projekata Preteina delatnost Razrada grade i ski sifra delatnosti: 4110. Pored preteine delatnosti. Drustvo moZe obavljati aktivnosti savetovanja vezi sa delatnostima i sve druge delatnosti ukljucuju?i spoljnotrgovinske transakcijc. DRUSTVA Appendix 1 IJJ 4.1 b) 3) The Company has two Shareholders: The Republic ofSerbia; and Belgrade Waterfront Capital Investment a limited liability company incorporated in the United Arab Emirates under commercial license no. CN- 1945304 having its business address at Hamdan Street. Al Gaith Tower. Floor 19. Abu Dhabi. United Arab Emirates. SHARE CAPITAL The total share capital of the Company amounts as follows: Subscribed contribution in cash: RSD 1.000.000 and RSD 22,000 counter-value as per middle exchange rate of the NBS applicable on the date of payment]. Paid-in contribution in cash: RSD 22,000 counter-value as per middle exchange rate of the NBS applicable on the date of payment] paid on The unpaid subscribed capital in the amount of RSD 1.000.000 is payable in full by R08 within 2 years from the date of registration of the Company with the Register of Business Entities of the Agency for Commercial Registers. CONTRIBUTIONS AND SHARES OF THE SHAREHOLDERS The contributions and the participation of the Shareholders in the share capital ofthe Company are as follows: R05 is holding 32% share ofthe total share capital of the Company with the nominal value of RSD _000.000 (the Share"). subscribed and unpaid capital in cashDrustvo ima dva Clana: Republika Srbija: i Belgrade Waterfront Capital investment L.L.C.. drustvo sa ograni?enom odgovorno??u osnovano Lljedinjenim Arapskim Emiratima pod maticnim brojem br. sa poslovnim sedistem ulici liamdan. Al Gaith kula. 19. sprat. Abu Dabi. Ujedinjeni Arapski Emirati. OSNOVNI KAPITAL Ukupni osnovni kapita] Dru?tva iznosi kako sledi: Upisani novc'ani ulog: RSD l.000.000 i RSD [22.000 EUR 1: po srednjem kursu NBS vaiecem na dan pla?anja]. Uplacen novcani ulogje: RSD [22.000 EUR protiwrednosti po srednjem kursu NBS vaie?em na dan pla?anjal uplacen dana Neuplacen upisani kapital iznosu od RSD .000.000 uplatice potpunosti roku od due godine od dana registracije Drustva Register privrednih subjekata Agencije za privrednc rcgistre. ULOZI I UDELI CLANOVA Ulozi i ereli Clanova osnovnom kapitalu Drustva iznose kako sledi: poseduje 32% udeia osnovnom kapitalu Drustva sa nominalnom od RSD 1.000.000 Udeo"). upisanog i neuplacenog nov?anog kapitala: Appendix BWCI is holding 68% share 01" the total share capital of the Company with the nominal value of RSD [insert EUR 22.000 counter-value] (the BWCI Share"), subscribed capital in cash and paid on (R08 Share and the Share are collectively referred as the "Shares" and individually as the "Share"). Each of the Shareholder has the voting. economic and all other rights in proportion to its share in the Company. The Shareholders agree that the voting and economic rights in the Company provided in Article 6.1. points a] and b) shall not be reduced or increased by any contributions into share capital of the Company or additional payments to the Company made by any of the Shareholder. The Shareholders agree that the shares in the Company held by the Shareholders are and will be in disproportion to the value of the Sltareltolder?s contribution to the total share capital ofthe Company. INCREASE AND DECREASE OF THE SHARE CAPITAL The Cmnpany"s share capital may be increased by: new contributions of the existing Shareholders or of a shareholders joining the Company; conversion of the reserves or profit of the Company into the share capital: conversion of receivables towards the Company into the share capital; mergers and reorganizations that result in the increase of the share capital, and conversion of additional payments into the share capital. b) 6.3 6.4 a) b} BWCI poseduje 68% udela Ll ukupnom osnovnont kapitalu Druitva sa nominalnom vrednoscu od RSD [uneti 22.000 EUR 11 RSI) protivvrednosti] Udeo"). upisanog novcanog kapitala i uplacenog dana (R08 Udeo i BWCI Udeo su zajednicki oznaceni kao "Udeli" i pojedinacno kao "Udeo"). Svaki od Clanova ima pravo giasa. imovinska i sva druga prava proporcionalno svom udelu Drustvu. Clanovi su saglasni da pravo glasa i imovinska prava Drustvu predvidena Clanu 6.1. tacke a) i b) tte?e biti umanjena ili uvecana bilo kojim ulozima osnovni kapital Drustva ili dodatnim uplatama Drustvu od stranc bilo hog Clana. Clanovi su saglasni da udeli Drustvu koje poseduju. jesu i bi?e nesrazmeri sa vrednoscu uloga Clana osnovnom kapitalu Drustva. 1 SMANJENJE OSNOVNOG KAPITALA Osnovni kapital Drustva moie biti povecan: novim ulozima postoje?ih Clanova ili clanova koji pristupe Drustvu; pretvaranjem rezeivi ili dobiti Drustva osnovni kapital: konverzijom potraiivanja prcma Drustvu osnovni kapital: spajanjima i statusnim promenama koje imaju :o'a posledicu pove?attje osnovnog kapitala. i dodatnih uplata osnovni kaphaL Appendix 13 7.4 8.2 8.3 8.4 8.5 9. Shareholders agree that any increase ofthe share capital of the Company and any contributions ot?the Shareholders towards the capital of the Company shall be made in accordance with the Joint Venture Agreement. The share capital of the Company may be decreased but not below the statutory minimum share capital. The share capital may be decreased in a manner and under conditions specified by the Companies Act. ADDITIONAL PAYM ENTS The Shareholders may. pursuant to resolution of the Shareholders? Meeting delivered in accordance with the Joint Venture Agreement. make additional payments which do not increase the share capital of the Company. of the Shareholders? Meeting determining obligation of additional payments shall be passed unanimously by (one hundred percent) of the total votes of all Shareholders. The resolution Additional payments may be made in proportion to Shareholders? shares in the total share capital of the Company or in any other proportion. Instead of specifying the exact amount of additional payments. the Shareholders may define the maximum amount of any additional payment. Additional payments may be returned to the Shareholders only if they are not necessary For covering the Company's losses. or for settling the claims of the Company?s creditors. in accordance with the rules applicable to the decrease of the share capital ofthe Company. PROFIT DISTRIBUTION 13 7.4 8.3 8.4 8.5 9. Clanovi su saglasni da cc se bilo koje pove?anje osnovnog kapitala i bilo koji ulozi osnovni kapital Drustya sprovoditi skladu sa L'govorom Zajedniekom Ulaganju. moie se aakonom iznosa Osnovni kapital Drustva smanjiti ali ne ispod propisanog minimalnog osnovnog kapitala. Osnovni kapital Drustva moie se smanjiti na naein i pod uslovima predvidenim Zakonom privrednim drustvima. DODATN F. UPLATE Clanovi mogu. na osnovu odluke Skupstine Drustva. donete skladu sa Ugovorom Zajednickom Ulaganju. izvrsiti dodatne uplate kojima se ne poveeava osnovni kapital Drustva. Odluka Skupstine Drustva kojom se utvrduje obaveza na dodatne uplate donosi sejednoglasno od strane 100% (sto procenata) od broja glasova svih Clanova. Dodatnc uplate mogu se vrsiti srazmerno visini udela Clanova ukupnom osnovnom kapitalu Drustva ili drugacijoj srazmeri. Umesto odredivanja tacnog iznosa dodatne uplate. Clanovi mogu odrediti maksimalni iznos dodatne uplate. Dodatne uplate se mogu vratiti lClanmrima samo ukoliko nisu potreboe 2a pokrice gubitaka Drustva ili 2a namirenje potraiivanja poverilaca Drustva. skladu sa pravilima koja se odnose na smanjenje osnovnog kapitala Drustva. ISPLATA DOBITI Appendix lB 9.1 10. l0.l II. a} c) 12. The profits ot?the Company. as reported in the Company's annual ?nancial statements. shall be allocated to the Shareholders in accordance with the distribution policy as determined in the Joint Venture Agreement. tltese Articles of Association and the law. The Shareholders shall be entitled to the pro?ts of the Company in proportion to their respective Share in the Company. LIABILITIES OF THE COMPANY AND THE SHAREHOLDERS The Company acts in legal transactions with third parties in its own name and on its own behalf. The Company is liable for its obligations up to the value ofits assets. The Shareholders are not liable for the Company obligations. except as otherwise provided by the Companies Act. CORPORATE BODIES The Company?s governance is organized as a two-tier system. Corporate bodies are: Shareholders' Meeting. and Supewisory Board: 1 (one) Director. and I (one) deputy DirectOr. MEETING The Shareholders" Meeting. comprises all Shareholders. Shareholders' Meeting shall be competent to decide on the following matters: Articles of amendments to this Association: 9.1 10. 10.] II. a b) 12. Dohit Drustva. na nacin odreden godisnjim iinansijsltim Eavestajima rasporeduje se Clanovima skladu sa politikom raspodele dobiti utvrdenom Ugovorom Zajcdnit?:kom Ulaganju. oyim Osniva?kim Akmm i zakonom. Clanovi imaju pravo na dobit Drustva proporcionalno svom Udelu Drustvu. ODGOVORNOST DRUETVA I LANOVA pravnom prometu sa tre?im licima. Drustvo istnpa svoje ime i 2a svoj ra?ttn. Drustvo odgovara za svoje obaveze svojom celokupnorn imovinom. Clanovi ne odgovaraju 2a obaveze Drustva. osim 11 slucajevima predvidenim Zakonom privrednim drustvima. DRUSTVA Upravljanje Drustvom tie organizovano kao dvodomno. Organi Drustva su: Skupstina. i Nadzorni Odbor: 1(jedan) Direklor, i (jedan) zamenik Direktora. SKUPSTINA Skupstinn Drustva cine svi Clanovi. Skupstinaje ovlaseena da odlu?uje sledec?im pitanjima: donosi izmene ovog Osriiva?kog Akta: Appendix IB 3) 4) 5) 6) 7) 3} 10) ll) l4) l5} 17) adoption of ?nancial statements and audit reports; adoption of reports of the Supervisory Board: the capital increase/decrease and any issuance of securities: pro?t distribution and covering losses; appointment and removal of members of Supervison Board and their remuneration: appointment of auditor and its remuneration: opening of liquidation and filing for the bankruptcy; appointment ot?a liquidation administrator and adoption ofthe liquidation reports; acquisition ofthe own (treasury) shares of the Company: obligation of the Shareholders to make additional payments: requests by the Shareholder to withdraw from the Company: expulsion of the Shareholders due- to failure to pay-in or make the subscribed contributions; initiating proceedings for expulsion ofthe Shareholders: redemption and cancellation of Shares: appointment of the holder of statutory power of attorney: initiating proceedings and granting authorization for representing the Company in disputes against the holders of statutory power of attorney and/or members of the Supervisory Board10} l6) 17') usvaja ?nansijske izve?taje i izvestaje revizora: usvaja izvestaje Nadzornog Odbora; odlucuje poveeanju/smanjenju kapitala i svakoj emisiji hartija od vrednosti: raspodeli dobiti i pokricu gubitaka: imenuje i razresavaclanove Nadzornog Odbora i utvrduje naknadu za njihov rad: imenuje revizora i utvrduje naknadu za njegov/njen rad; odlucujc pokretanju postupka likvidacije. kao i podnosenju predloga za pokretanje ste?ajnog postupka Drustva; imenuje likvidacionog upravnika i usvaja izvestaje likvidacionog upravnika: sticanju sopstvenih udcla Drustva: obavezama Clanova na dodatne uplate: odlucuje zahtevu Clanova 2a istupanje iz Drustva: iskljucenju lanova i2 razloga neplaeanja. odnosno neunosenja upisanog uloga: pokretanju postupka za iskljucenje lClanova: povla?enju i ponistenju Udela: imenovanju zakonskih zastupnika; pokretanju postupka i davanju punomo?ja za zastupanje Drustva sporu protiv zakonskih zastupnika ifili clanova Nadzornog Odhora; Appendix 1 18) 19) 20) L.) VJ l2.3 initiating proceedings and granting authorization for representing the Company in disputes against Shareholders; approving agreements on accession of the new shareholder and giving consents on accession of new shareholders: deciding on merger. reorganization and changes of the corporate form; approving transactions involving conflict of interest; approving acquisition and disposal ofltigh value assets of the Company. including in any event any real estate transactions: adoption ofits rules of procedure: approving any ?nancing agreements: other matters in accordance with the law and the Articles of Association. Shareholders' Meeting shall operate and adopt resolutions within its competence at the sessions or outside the sessions. Sessions shall be held as annual meetings and extraordinary meetings. The annual session of the Shareholders' Meeting shall be held once a year. no later than within six months following expin of the business year for the purpose of adopting the ?nancial reperts and deciding on pro?t allocation. Sessions held between two annual meetings of the Shareholders' Meeting, shall represent extraordinary sessions ofthe Shareholders? Meeting. Shareholders' Meetings may be called by the Supervisory Board or any of the Shareholder. IS) 19} L.) La 12.4 pokretanj Ll postupka i davanj punomoeja za zastupanje DruStva sporu sa Clanovima: odobrava sporazume pristupu novih clanova i daje odobrenja 2a pristup novih clanova: spajanjima, statusnim protnenama i promenama pravne forme Druitva: daje odobrenje na transakcije kojima postoji kon?ikt interesa; daje saglasnost na sticanje i raspolaganje imovinom velike vrednosti DruStva. uklj ueujuei svakom slueaju i transakcije vezi sa nepokretnostima; donosi poslovnik svom radu: daje saglasnost na ?nansijske sporazume; odlucuje drugim pitanjima skladu sa zakonom i Osnivackim Aktom; Skupstina radi i odlueuje pitanjima i2 svog delokruga na sednieama ili van sednica. Sedniee Skupstine se odriavaju kao redovne i vanredne. Redovna sednica Skupstine Drustva se odriava jednom godisnje, ne kasnije od sest meseci od isteka poslovne godine svrhu usvajanja finansijskih izve?taja i odlucivanja raspodeli dobiti. Sedniee Skupstine koje se odriavaju izrnedu dve redovne sednice Skupstine Drustva predstavljaju vanredne sednice Skupstine Drustva. Skupstinu Drustva moie da sagove Nadzorni ()dbor ili bilo koji Clan Drustva. Appendix The Shareholders? Meeting shall be called at least 7 (seven) days prior to the scheduled date of the session but not earlier than l5 (fifteen) days prior to the scheduled date. by tendering notice in writing to the Shareholders constituting the Shareholders? Meeting. All notices convening the Shareholders' Meetings shall be given according to provisions of the Companies Act by registered letter with simultaneous fax or e-mail. confirmation requested. Such notice shall set out the time. the place. the agenda. proposed resolutions with supporting material and the participation requirements for the proposed meeting as well as any other requirements of the Companies Act. Shareholders' Meetings shall be held at the registered office of the Company or any other place proposed and mutually agreed by the Shareholders Sessions of the Shareholders? Meeting may be held without convening- if attended by all Shareholders. Sessions of the Shareholders? Meeting may be held by using conference calls or other audio and visual communication equipment. so that all Shareholders participating in the work at the session can simultaneously communicate with each other. All Shareholders participating in the work at the session in this manner shall be deemed as attending the session in person. in terms of adoption of the Shareholders Meeting?s resolutions the Shareholders shall be entitled to vote in writing. The Shareholders Meeting may pass any resolution outside a session if the resolution is signed by all Shareholders entitled to vote on that issue. "the Shareholders of?the Company shall be entitled to appoint. by written power of attorney. any other person to vote on its behalf at the Shareholders Meeting. provided that such other person is bound to 12.6 12.7 saziva se najkasnije (7) sedam dana pre utvrdenog datuma sednice. ali ne ranije ed 15 (petnaest) dana pre utvrdenog datuma. putem slanja pisanog obavestenja Clanovima koji eine Skupstinu Drustva. Sva obavestenja sazivanju Skupstine Drustva se dostavljaju skladu sa odredbama Zakona privrednim drustvima preporucenom postom i istovremeno faksom ili eiektronskom postom. sa zahtevom potvrdi prijema. Takva obavestenja ?e utvrditi vreme. mesto. dnevni red, predlog odluka sa prate?im materijalom i uslove za ueesce na predloienoj sednieu. kao i bilo koje druge uslove predvidene Zakonotn privrednim drustviina. Skupstina (to se odriati registrovanom sedistu Drustva ili bilo kom drugom mestu i sporazumno dogovorenom od strane (Slanova. Sedniee Skupstine Drustva se odriavaju bez sazivanja ukoliko im prisustvuju svi Clanovi. Sednice Skupstine Drustva se mogu odriavali putem koriseenja konferencijske veze ili putem druge audio i vizuelne komunikacijske opreme. tako da svi flanovi koji ueestvuju radu sednice mogu medusobno istovremeno da komuniciraju. Smatra?e se da svi Clanovi koji na ovaj naein prisustvuju sedniei liono prisustvuju seclniei. donosenju odluka Skupstine DruStva. Clanovi imaju pravo ga glasaj pisanint putem. Skupstina moie doneti bilo koju odlulsu van sedniee. ukoliko je potpisu syi (:"lanovi koji imaju pravo glasa po tom pitanju. Clanoyi Drustva ce imati pravo da intenuju. na osnovu pisanog punomoeja. bilo koju drugu osobu da glass it njihovo ime na Skupstini Drustva. pod uslovom da je ta druga Appendix 18 Wt [2.15 If) keep the internal affairs and business information of the Company and of the Shareholders of the Company as strictly con?dential and not to disclose such affairstinformation to third parties. The minutes of Shareholders' Meeting shall be kept for each Shareholders? Meeting and shall at least contain the registered name ofthe Company. the place and the time. the name of the chairman of the Shareholders' Meeting and the perSOn keeping the minutes. the brief description of discussion on each subject on the agenda. the results of voting for each subject on the agenda. the number of votes for the resolution against the resolution or abstained. any objections of the Shareholders. or any dissenting opinion of the Shareholders and objections of the Director. the list of the Shareholders and other persons attending the session of the Shareholders? Meeting. Such minutes shall be signed by the chairman of the Shareholders Meeting session. the minutes' keeper and the persons participating in the session of the Shareholders' Meeting. The minutes ofthe Shareholders' Meeting shall be officially documented bilingually, in Serbian and English languages. in case of any discrepancy between the English and Serbian languages. solely between the Shareholders. the English language shall prevail. At any Shareholders' Meeting. the presence of fifty percent plus one vote of overall voting rights oFall Shareholders of the Company entitled to exercise voting rights under Article l2. 7. ofthesc Articles ofAssociation is necessary to constitute the quorum. In the case the initially called Shareholders' Meeting does not constitute a quorum. the repeated Shareholders' Meeting session shall be held not earlier than 10 {ten} calendar days and not later titan 3t) (thirty) calendar days as from the date when the initially called Shareholders' Meeting should have been held. In such osoba obavezana da euva interne poslove i poslovne informacije Drustva i Clanova Drustva kao strogo poverljive i da nc otkriva takve poslove/informaeije trecim licima. Zapisniei sa Skupstine Drustva e'e biti Euvani za svaku Skupstinu Drustva i sadriaee maltar rcgistrovano ime Drustva. mesto i vreme. ime predsednika Skupstine Drustva i osobe koja vodi zapisnik. ltratak opis rasprave za svaki predmet dnevnog reda. rezultate glasanja za svaki predmet dnevnog reda. broj glasova 23 protiv odluke i broj uzdrianih. bilo kakve primedbe Clanova, ili bilo kakvo izdvojeno misljenje Clanova Drustva i printedbe Direktora. spisak Clanova i drugih osoba koji prisustvuju sednici Skupstine Drustva. Takvi zapisnici ee biti potpisani ocl strane predsednika Skupstine Drustva. zapisnicara i osoba koje ucestvuju na sednici Skupstine Drustva. Zapisnici Skupstine Drustva cc biti zvanieno dokumentovani dvojezicnoj formi. na i engleskom jeaiku. slu?aju bilo kakve nesaglasnosti izmedu englesltog i isl-Lljueivo izmedu Clanova. merodavna je verzija na engleskom jeziltu. Na bilo kojoj Skupstini Drustva. prisustvo od pedeset procenata plus jedan glas od ukupnog broja glasova Clanova DruStva koji imaju pravo da ostvaruju glasaeka prava i2 Clana IE. I 7. ovog Osnivaekog Akta je neophodno da bi se postigao kvorum. silicaju da na prvobitno sazvanoj sednici Drustva nema kvoruma. sednica Skupstine DruStva ee se odriati ne ran ije od l0 (deset) kalendarskih dana i no kasnije od 30 ttrideset} dana od datuma kada je prvobitno zakazana Skupstina trebalo da bude odriana. Appendix 1 l0} repeated Shareholders' Meeting. the presence of lt3 (one third) of overall voting rights of all Shareholders of the Company constitutes the quorum. All resolutions of the Shareholders' Meeting shall be passed by ?fty percent plus one vote of the votes cast at the Shareholders' Meeting. save for the following resolution which shall be rendered unanimously 100% (one hundred percent} of the total votes: decision to abandon or reduce the scope of the Project as defined by the Joint Venture Agreement: decision to expand the scope ofthe Project as de?ned by the Joint Venture Agreement: approval olthe business plan; [approval of entering into tire Public Land Development Agreement as provided in the Joint Venture Agreement] approval of modi?cation of the corporate purpose auditor the change ot'the registered business activity ofthe Company: approval on capital increase of the Co In pan}: approval on capital decrease of the Company: resolution on profit distribution and covering losses: approval of the change of the registered seat ofthe Company: approval ofthe change ofthe legal form of the Company. listing or delisting of the Company. mergers and de-mergers- divisions. separation: resolution on liquidation- winding up and ?ling For the bankruptcy of the Companytako Skupstini Drustva. prisustvo lt3 Liedne trec'inel od ukupnog broja glasova svih C?lanova Druslva Eini kvorum. Sve odlulte Skupstine Drtistva se donose sa pedeset proeenata plusjedan glas od ukupnog broja glasova na Skup?tini Dru?tva- izuzev LI slueaju sledeeih odluka gde je 2a usvajanje potrebna jednoglasna veeina od 00% [sto proeenata) glasova od ukupnog broja glasova: odluka da se napusti ili smanji obim Projekta kako je odreden Ugovorom Zajedniekom Ulaganju: odluka da se prosiri obim Projekta kalto je odreden Ugovorom Zajcdniekom Ulaganju; odobrenje poslovnog plan: zn znk?n?enje Ugnvorn nn J?nvnom Zem?tj?tn tuna fro je predvt'rteno Ugavomm 0 anertnf??kam odobrenje 2a izmenu korporativne svrhe itili izmene registrovane delatnosti Drustva: odobrenje za pove?anje kapitala Drustva: 2a smanjenje kapitala Drustva; odluka raspodeli dobiti i pokricu gubitaka: odobrenje 2a promenu registrovanog sedista Drustva: odobrenje 2a promenu pravne forme Drustva. listiranje ili dclistiranjc Drustva. spajanja i izdvajanje. podela: odluka likvidaeiji- prestanku i podnosenju predloga 7a pokretanje steeajnog postuplta Dru?tva: Appendix IB 14) 15) I6) 18) 19) resolution on the acquisition of self-owned shares ofthe Company: resolution on issuance of any (debt. equity or hybrid) securities by the Company: appointment and revocation ol?the member of the Supervisory Board provided that each Shareholder shall Support the appointment of the member of the Supervisory Board proposed by the other Shareholder in accordance with Article 13.1.: determination of the remuneration or salaries of members of the Supervisory Board if determined that such remuneration or salaries are applicable; approval of the appointment and revocation of the auditors ofthe Cmnpany as advised by the Supervisoiy Board; approval ofdisposal ofhigh value assets of the Company other than such disposals approved in the business plan: approval of provision of any indebtedness by the Company to another person (other than to a wholly owned subsidiary in accordance with the business plan): amendments to the Articles of Association: entering intojoint ventures or partnerships of any nature including silent partnerships or any agreements that give the other party a participation in the profit of the Company or entitle it to a remuneration contingent on the amount of its pro?t: transfer of shares pursuant to Article 7.6 and terms and conditions ot?an investment by a new shareholder: approvals of spin-off andfor incorporation and constitutive documents of the new companies fully owned by the Company as 14} 15) 16) l3} odluka sticanju sopstvenih udela Drustva: odlnka emisiji bilo kojih (duitnickih. akcija ili hibridnih) hartija od vrednosti Drustva: imenovanje i opoziv clana Nadzornog Odbora pod uslovom da ce svaki C?lan podriati imenovanje elana Nadzornog Odbora predloienog od strane C?Iana skladu sa Cv?lanom 13.1.; utvrdivanje naknada ili zarada clanova Nadzornog Odbora. ukoliko su takve naknade ili zarade predvidene: odobrenje Ia imenovanje i opoziv revizora Drustva na predlog Nadzornog Odbora: odobrenje 2a sticanje i raspolaganje imovinom velike vrednosti Drustva. osim ako su takva raspolaganja odobrena poslovnim planom; 2a zaduiivanja Druitva prema drugom lieu (osim prema zavisnom drustvu potpunom vlasni?tvu I.I skladu 5a poslovnim planom): izmene Osnivaekog Akta: stupanja zajednicka ulaganja ili ortakluke bilo koje prirode uklju?ujuei nevidljive ortakluke ili druge ugovore koji dale drugoj strani u?esce dobiti Drustva ili ga ovlaseuju na naknadu koja zavisi od iznosa dobiti: prenos udela skladu sa lanom 17.6 i uslovima ulaganja od strane nong Elana: odobrenje za izdvajanje irili dokumenta novih privrednih drustava potpunosti vlasnistvu Drustva kao i Appendix 1 W. 13.3 l3.4 well as unkind contributions or spin-offs ofthe land lease agreements or other assets ofthe Company into the new companies: approval ofa pledge or other encumbrance of shares or parts of the share of a Shareholder. Application of the provisions of the Companies Act regarding the right of dissenting shareholder are hereby excluded. THE SUPERVISORY BOARD The Company shall have the SupervisOry Board comprising ?ve members. three (3) of which shall be appointed by the Shareholders? Meeting upon proposal by and two (2) shall be appointed by the ShareholdersT Meeting upon proposal by the The Chairman of the Supervisory Board shall be appointed from the ranks of the members of the Supervisory Board appointed upon proposal by BWCI and the Vice Chairman ofthc Supervisory Board shall be appointed From the ranks of the members of the Supervisory Board appointed upon proposal ofthe BWCI and the R08 agree that the respective Shareholder is responsible for the decisions and voting ofthe members of the Supervisory Board appointed by it. The Shareholders shall procure that its appointees will cast their votes in the Supervisory Board in such a manner so that the decisions of the Shareholders' Meeting are adopted and executed by the Supervisory Board with the qualified majority. Should a Shareholder wish to replace a member of the Supervisory Board nominated by it. then the other Sharehoider shall vote for the removal of such member and the election of the new member nominated by such Shareholder- regardless of whether the removal or replacement is with or without cause. l3.4 nenov?ane uloge ili izdvaianje ugovora zakupu zemljista ili druge imovine Drustva nova privredna drustva; odobrenje za zalogu ili drugi teret na udelu ili delu udela Clana. Primena odredaba Zakona privrednim drustvima koje se tic?fu prava nesaglasnih Clanova su ovim iskljueena. NADZORNI ODBOR Drustvo ?e imati Nadzorni Odbor sastavljen od pet (S) Elattova. od kojih ?e tri Elana biti imenovana od strane Skupstiuc na predlog i dva (2) elana koja ee biti imenovana od strane Skupstine na predlog ROS. Predsednik Nadzornog Odbora ee biti imenovan is redova elanova Nadzornog Odbora imenovanih na predlog a Zamenik Predsednika ce biti imenovan 0d stane clanova Nadzornog Odbora imenovanih na predlog i su saglasni daje odnosni Clan odgovoran za odluke i glasanje Elanova Nadzornog Odbora koji su imenovani sa njihove strane. Clanovi ce obezbediti da lica koja su postavljena sa njihove strane glasaju Nadzornom Odboru na taj naein da se odluke Nadzornog Odbora usvajaju i izvrsavajtl kvalif?ikovanom v'e?inom. Ukoliko Clan ieli da zameni ?lana Nadzornog Odbora predloienog sa njegove strane. onda ee drugi Clan glasati 2a razreseuje takvog Elana i izbor novog Elana predlor'renog od strane tog Clana. nezavisno da li je tal\'v'0 razresenje ili zamena osnovana ili bez osnova. Appendix lB 13Should any membership in the Supervisory Board fall vacant for any reason whatsoever other than removal (death. resignation of a member of the Supervisory Board. etc.), the Shareholders shall vote in favour of the nominee of the Shareholder who initially nominated the vacated membership. The Supervisory Board: decides on the business strategy of the Company: appoints and dismisses the Director and the Deputy Director and determines reimbursement for his or her work. and the principles for determination of their remuneration: the Supewisory Board shall appoint the person proposed by BWCI as a Director and the persOn proposed by R08 as the Deputy Director; supervises the work ot?the Director and the Deputy Director and adopts Director?s reports; conducts internal supervision over the business operations ofthe Company; conducts supervision over the legality of the business operations ofthe Company; proposes to the Shareholders' Meeting the accounting policies of the Company and determines the risk management policies: issues order to auditor to investigate the financial repeats of the Company on an annual basis: proposes to the Shareholder's Meeting selection ofthe auditor and reimbursement and remuneration for his work; controls proposal of the profit distribution and other payments to the Shareholders; decides on initiating proceedings and granting authorization for representing the Company in disputes against the Directors: 13.6 4) 5} 6} 7} 8) Ukoliko bilo koje mesto Nadzornom Odboru ostane upraaneno iz bilo kog drugog razloga osim razre?enja (smrL ostavka elana Nadzornog Odhora. itd.). Clanovi ?e glasati korist predloienog liea od strane Clana koji je prvobitno predloiio (Elana na uprainjeno mesto. Nadzorni Odbor odlueuje poslovnoj strategiji Drustva; imenuje i razresava Direktora i Zamenika Direktora i odlueuje naknadi za njegov ili njen rad, i kriterijumima za odredivanje njihove naknade; Nadzorni Odbor ee imenovati lice predloieno od strane kao Direktora i lice predloieno od strane ROS kao Zamenika Direktora: sprovodi nadzor nad radom Direktora i Zainenika Direktora i usvaja izvestaje Direktora: Sprovodi interni nadzor poslovnih aktivnosti Drustva: sprovodi nadzor nad zakonitosti posiovnih aktivnosti Drustva: predlaie Skupstini ra?unovodstvenu politiku Drtt?tva i odreduje politiku upravljanja rizikom: izdaje naredbu revizoru za ispitivanje ?nansijsltih izvestaja Drustva na godisnjem nivou; predlaie Skupstini izbor revizora i naknadu i nagradu za njegov rad; kontrolise predlog raspodele dobiti i druge isplate Clanovima: pokretan?iu postupka i daje ovlascenje za zastupanje Drustva sporovima protiv Direktora: Appendix Jig/3. ll) l3.7 4) LII 6) conducts other actions determined by these Articles of Association and decisions of the Shareholders' Meeting. exercise ofthe option. in accordance with the Joint Venture Agreement. to operate without paying any additional consideration the Selected Non- Contributed Buildings: decide. in accordance with the Joint Venture Agreement on payment of any costs to BWCI. other than remuneration fOr the Services under lClause IBM-L4 ofthe Joint Venture Agreement. The Supervisory Board shall decide upon the following matters oniy if at least one (I) member of the Supervisory Board appointed by ROS and one l) member of the Supervisory Board appointed by vote in favour ofsuch a matter: approval of change in accounting period and accounting policy ofthe Company; making of any loan or advance which is not contemplated in the business plan, or acquisition of any equity shares or other securities ofany legal entity: approval of the agreement on engagement of the service providers which are af?liates other than the services, which are pre-approved for contracting in accordance with the Joint Venture Agreement: acquiring. disposal and encumbering equity held by the Company in other companies which is not contemplated in the business plan: acquiring. disposal and cncumbering real estate. if such disposal is not the regular business operations of the Company or is not contemplated in the business plan approval of all transactions between the Company and the af?liates of BWCI 11} 13) 2) 3] 4] 6) sprovodi druge radnje odredene ovim Osnivackim Aktom i odlukanta Skupsune. koristi opciju. skladu sa Ugovorom zajednickom ulaganju. da upravlja Odabranim Neunetim Objektima. placanja bilo kakve dodatne naknade: odluEuje. skladu sa Ugovorom zajednicltom ulaganju. placanju bilo kakvih troSkova osim 2a pruianjc Usluga prema clanu 10.4.4 Ugovora zajednickom ulaganju. Nadzorni Odbor odlucuje sledec'im pitanjima samo ukoliko najmanjcjedan clan Nadzornog Odbora intenovan od strane i jedan Elan Nadzornog Odbora imcnovan od strane glasa 2a takvo pitanje: odobrenje promene raeunovodstvenog perioda i racunovodstvene politiite Drustva; davanje zajma ili avansa koje nije predviden poslovnim planom= ili sticanje udela ili drugih ucesca kapitalu ili hartija od vrednosti bilo kog pravnog lica: odobrenje ugovora angaiovanju pruiaoca usluga koji su zavisna drustva osim usluga. koje su prethodno odobrene 2a ugovoranje skiadu sa Ugovorom Zajednickom Ulaganju: sticanje. raspolaganje i optcrecivanje kapitala koji poseduje Drustvo drugim privrednim drustvima, koje nije poslovnim planom; sticanje. raspolaganje i opterecivanje nepoltretnosti. slucaju da takvo raspoiaganje nije uobicajena poslovna aktivnost Drustva ili nije predvideno poslovnim planom?. odobrenje svih transakcija izmedu Drustva i zavisnih druStava u skladu sa sukobu Appendix 1 ?ag, 13.9 13.11 [subject to provisions on conflict of interest provided by the In addition to matters stated in Article 13.7, the Supervisory Board gives prior consent for deciding on all matters not reserved for the Shareholders? Meeting The Chairman of the Supervisory Board shall be responsible for the establishment of the agenda for the Supervisory Board meetings. (ii) the convocation of the Supervisory Board meetings in accordance with Article 13.10 of these Articles of Association chairing the Supervison Board meetings and (iv) signing the minutes of the Supervisory Board meetings. The Supervisory Board meetings shall be called by the Chairman oFthe SupervisOry Board- whenever it is deemed necessary for the business of the Company. but at least once every quarter. on his own initiative or upon the request of any ofthe members of the Supervisory Board. If the Chairman ofthe Supervisory Board fails to comply with such request within thirty {30) calendar days From the request. each member of the Supervisory Board shall have the right to directly call the Supervisory Board. The Supervisory Board shall be called with a notice period of eight calendar days by mail. fax. e-mail or telephone. confirmation in each case requested. Notices by e-mail or telephone shall be followed by transmission by fax or postal mail. In cases of urgency. the notice period may be shortened. provided that all members of the Supervisory Board have been validly notified. Time. place and agenda shall be set by the Chairman ofthe Supervisory Board. The quorum for decision making by the Supervisory Board shall be three (3) members ot?the Supervisory Board present in person. out of which at least one (1) member of the Supervisory Board must be 13.8 13.9 Ix.) interesa predvidenim Zahonom privrednim drust?vima]. Pored pitanja navedenih 11 Clanu 13.7. Nadzorni Odbor daje prethodnu saglasnost za odluc'ivanje svim pitanjima koja nisu rezervisana 2a Skupstinu. Predsednik Nadzornog Odbora ee biti odgovoran za utvrdivanje dnevnog reda za sedniee Nadzornog Odbora. (ii) sazivanje sednica Nadzornog Odbora skladu sa [i?lanon?i 13.10 ovog Osnivaekog Akta predsedavanje sednicama Nadzornog Odbora i (iv) potpisivanje zapisnika sa sedllica Nadzornog Odbora. Sednice Nadzornog Odbora saziva Predsednik Nadzornog Odbora. kada god se smatra potrebnim 2a poslovanje Drustva. ali najmanje jednom kvartalno. na licnu inicijativu ili na zahtev bilo hog ?lana Nadzornog Odbora. Ukoliko Nadzornog Odbora ne postupi po takvom zahteva roku od trideset (30} kalendarskih dana od takvog zahteva. svaki clan Nadzornog Odbora ima pravo da direktno sazove Nadzorni Odbor. Nadzorni Odbor se saziva roku od osam (8) kalendarskih Elana dostavljanjem obavestenja patem poite. faksa. elektronske poste ili telefonoln. sa zahtevom za potvrdu prijema. Obavestenja putem clektronske potite ili telefona ce biti prosledena putem Faksa ili poste. slucaju hitnosti. period obaves'stavanja moie biti skraeen. pod uslovom da so svi clartovi Nadzornog Odbora uredno obave?teni. Vreme. mesto i dnevni red ee biti odredeni od strane Predsednika Nadzornog Odbora. Kvorum 2a donosenje odluka Nadzornog Odbora cine tri clana Nadzornog Odbora koja su licno prisutna. 0d koj ih naimanjejedan 1 od ?lanova Nadzornog Odbora mora biti Appendix 1 Lu! a member appointed upon the proposal of BWCI and at least one I member of the Supervisory Board must be a member appointed upon the proposal ofthe If. in respect of any meeting of the Supervisory Board. a quorum is not available. the meeting shall be adjourned for seven days and the following meeting shall be valid if attended by any three (3) members of the Supervisory Board. Save for matters stated in Clause the Supervisory the Supervisory Board resolutions shall be passed with simple majority ofthe votes cast. Abstaining and conditional votes shall not be considered. All members of the Supervisory Board will have one vote each. Neither the Chairman nor the Vice Chairman of the Supervisory Board shall have a casting vote. Each member of the Supervisory Board may grant a written voting proxy to another member ofthe Supervisory Board for any specific Supervisory Board meeting. The Chairman of the Supervisory Board shall procure that minutes of Supervisory Board meetings are taken in which at least the agenda. the members present. the issues discussed and arguments exchanged between the members during the Supervisory Board. dissenting opinion of the members ofthe Supervisory Board and the result of any voting shall be reflected. Such minutes shall be signed by the Chairman of the Supervisory Board and shall be made available to the members within reasonable time following the Supervisory Board meeting by mail. fax or e?mail. The minutes of the Supervisory Board meetings shall be officially dovettmented bilingually. in Serbian and English languages. In case of any discrepancy between the English and Serbian languages. solely between the Shareholders. the English language shall prevail. clan imenovan na predlog i najmanje jedan od elanova Nadzornog Odbora mora biti clan imenovan na predlog Ukoliko. pogledu bilo koje sedniee Nadzornog Odbora. kvorum nije obezbeden. sedniea ?e se odloiiti 2a sedam dana i sledee?a sedniea ?e se smatrati ptmovainom ukoliko joj prisustvuju bilo koia tri (3) elana Nadzornog Odbora. Usim slu?aju pitanja navedenilt C?lanu odluke Nadzornog Odbora ?e biti donosene prostom ve?inom od ukupnog broja glasova. Uzdriani i uslovni glasovi se uzimati obzir. Svi elanovi Nadzornog Odbora ee imati po jedan glas. Ni Predsednik. ni Zamenik Predsednika Nadzornog Odbora imati glas. Svaki clan Nadzornog Odbora moie dati pisano ovlas?enjc za glasanje drugom Elana Nadzornog Odbora 2a bilo koju odredenu sednieu Nadzornog Odbora Predsednik Nadzornog Odbora ee obezbediti da se zapisniei sa Nadzornog Odbora vode na naein da budu navedeni barem dnevni red. prisutni clanovi. raspravljana pitanja i razmenjena argumentacija izmedu elanova tokom sedniee Nadzornog Odbora. izdvojeno misljenje clanova Nadzornog Odbora i rezultat glasanja. Takvi zapisnici ee biti potpisani od strane Predsednika Nadzornog Odbora i biee dostavtjeni ?lanovima razumnom roku nakon sedniee Nadzornog Odbora putem polite. faksom ili elektronskom postom. Zapisniei sa sednica Nadzornog Odbora ?e biti zvanit'mo dokumentovani dvojezi?noj formi. na i engleskom .ieziku. slueaju bilo kakve nesaglasnosti izmedu i engleskog jezika. iskljueivo izmedu Clanova. engleski jezik ?e biti merodavan. Appendix I M, All resolutions of the Supervisory Board l3.19 l4. 4. 1 may also be passed in writing (including fax or e-mail} or by telephone conference provided that no member of the Supervisory Board objects in writing before the resolution is passed and provided further that resolutions passed by telephone conference are confirmed by each member of the Supervisory Board by follow?up letter. fax or e?mail to the Chairman of the Supervisory Board without undue delay. Con?rmations by fax or email shall be also followed by a transmission by postal mail. Article 13.13 in respect of the required majority applies accordingly. The Chairman of the Supervisory Board (or the minutes' keeper on his behalf} shall co?ordinate the voting and shall provide the members with the result ofthe vote without undue delay. The Supervisory Board shall pass rules of procedure for its operations. Any amendment ofthe rules ofproeedure ofthe Supervisory Board shat] require the approval ofthe Supervisory Board. The Supervisory Board may form committees for special tasks or on a permanent basis which shall have advisory or preparatory functions. Unless otherwise expressly provided for. the rules applicable to the entire Supervisory Board shall. to the extent possible. apply analogously to all committees of the Supervisory Board. THE DIRECTOR AND THE DEPUTY DIRECTOR The Company shall have the Director and the Deputy Director. assist the The Deputy Director shall Director. The Director is appointed by the Supervisory Board upon proposal by BWCI and the Deputy Director is appointed by the Supervisory Board upon proposal by ROS. Ill? l3.13 14. 14.3 Sve odluke Nadzornog Odbora mogu takode biti donete pisanim putem {ultljucujuei faks ili elektronsku poStu) ili teiefonskorn konfereneijom pod uslovom da se ni jedan clan Nadzornog Odbora ne protivi tome pisanim putem pre nego stoje odluka doneta i pod daljim uslovom da je telefonska konferencija potvrdena od strane svakog elana Nadzornog Odbora propratnim pismom. faksom ili elektronskom Predsedniku Nadzornog Odbora bez neprimerenog odlaganja. Potvrde faksorn ili elektronskom postom ee takode biti prosledene putem poste. C?lan 13.13 pogledu potrebne vec'ine se shodno primenjuje. Predsednik Nadzornog Odbora (ili zapisniear njegovo ime) cc koordinirati glasanje i ohezbediti elatiovima rezultate glasanja bez neprimerenog odlaganja. Nadzorni Odbor ee doneti poslovnik radu za svoje aktivnosti. Bilo koja izmena poslovnika radu Nadzornog Odbora ee zahtevati odobrenje Nadzornog Od bora Nadzorni Odbor moie formirati odbore 2a posebne zadatke ili na stalnoj osnovi koji ce imati savetodavne ili pripremne uloge. Ukoliko nije izrieito odredeno drugaeije. pravila koja se primenjuju na ceo Nadzorni Odbor, najve?oj moguch meri. se analogno primenjuju na sve odbore Nadzornog Odbora. DIREKTOR ZAMENIK DIREKTORA Drustvo ee imati Direktora i Zamenika Direktora. Zamenik Direktora ?e pomagati Direktoru. Direktora imenuje Nadzorni ()dbor na predlog a Zamenika Direktora imenuje Nadzorni 0d bor na predlog Appendix 1 M. 14.4 14.5 14.6 14.7 14.8 15.1 The Shareholders shall procure that its respective members of the Supervisory Board will cast their votes in the Supervisory Board for the Director and the Deputy Director respectively nominated by and Should BWCI wish to replace the Director. then ROS shall cause its representatives in the Supervisory Board to vote for the removal of such Director and the election of the new Director nominated by BWCI. regardless of whether the removal or replacement is with or without cause. Should wish to replace the Deputy Director. then shall cause its representatives on the Supervisory Board to vote for the removal of such Deputy Director and the election of the new Deputy Director nominated by ROS. regardless ot? whether the removal or replacement is with or without cause. Should the position of the Director andfor Deputy Director fall vacant for any reason whatsoever other than removal (death. resignation. etc.). the representatives ofthe R08 and BWCI shall vote in favour ofthe nominee of' BWCI as the Director of the Company and in favour ofthe nominee of 1105 as the Deputy Director. The Director shall decide on all matters relating. to the business of the Company in accordance with these Articles of Association. resolutions of the Shareholders? Meeting and instructions of the Supervisory Board. The Director shall decide on all matters and perform all duties not falling within the competence of the Shareholders' Meeting and the Supervisory Board REPRESENTATION OF THE COMPANY The Company will be represented solely by the Director. 14.4 14.5 14.6 14.? 14.8 l5. C?lanovi ee obezhediti da t'Ijihovi odnosni clanovi Nadzornog Odbora glasaju Nadzornom Odboru za Direktora i Zamenika Direktora predloiettih od strane i a. Ukoliko BWCI zeli da zameni Direktora. tom slucaju ee ROS ueiniti da njegovi zastupniei Nadzornom Odboru glasaju 2a razresenje takvog Direktora i izbor novog Direktora predloienog od strane obzira na to da li tie takvo razresenje osnovano ili he: osnova. Ukoliko ieli da zameni Zatnenika Direktora. tom slueaju tie BWCI ueiniti da njegovi zastupnici Nadzornom Odboru glasaju za razresenje takvog Zamenika Direktora i izbor novog Zamenika Direlttora predloienog od strane bez obzira na to da Ii je takvo razresenje osnovano ili bez osnova. Ukoliko se pozicija Direktora ir?ili Zamenika Direktora uprazni i2 bilo kog razloga osim razre?enja (smrt. ostavka. itd.). predstavnici ROS i ee glasati 2a kandidata kao Direktora Drustva i za kandidata kao Zamenika Direktora. Direktor ee odlueivati svim pitanjima koja se odnose na poslovanje Drtistva skladu sa ovim Osnivaekim Aktom. odlukama Skupstine Drustva i uputstvima Nadzornog Odbora. Direktor ee odlucivati svim pitanj ima i vrsiee sve duinosti koje ne Spadaju nadleinost Skupstine Dru?tva i Nadzornog Odbora. ZASTU PANJ DRUSTVA Drustvo zastupa isLIju?ivo Direktor. Appendix 18 M. 16. l6.l 16.3 17. The powers of the Director may be restricted by the Supen-isory Board as the Supervisory Board may decide appropriate. The Director may grant a written power of attorney to another personts) to conclude speci?c contracts or represent the Company in specific legal transactions. as well as to represent it in the court proceedings and proceedings before other relevant bodies. The Deputy Director has no power to represent the Company. KEEPING RECORDS OF THE SHAREHOLDERS The Company shall be obliged to keep records of the addresses speci?ed by the Shareholders as their mailing addresses for service of process from the Company. and of which the Company is noti?ed. The Director shall be liable to the Company and the Company?s Shareholders for accurate and timely recording of the information about the Shareholders. and shall issue a certificate of recording or of the status of the record upon request ofthe Shareholder. The Shareholder shall be obliged to notify the Company of his/her mailing address and of each change of such address without delay. but not later than 8 (eight) days from the date ofany such change. SHARE TRANSFER RESTRICTIONS Any transfer of the Share. and the ROS Share shall be subject to the transfer provisions set out in these Articles of Association and the Joint Venture Agreement. Each of the Shareholders agrees that it shall not sell. transfer. assign. encumber or otherwise dispose of. directly or indirectly its Share in the Company or parts thereof. whether for consideration in cash or in 15.3 15.4 16. 6.l 16.3 17. Ovlascenja Direktora mogu biti ogranieena od strane Nadzornog Odbora. ako Nadaorni Odbor odluci daje to odgovaraju?e. Direktor moze dati pisano punomocje drugom licuflicima da zakljuci pojedinacne ugovore ili da zastupa Drustvo pojedinim pravnim poslovima. kao i da ga zastupa sudskitn postupcima i postupcima pred drugim nadleinim organilna. Zamenik Direktora nema ovlasc'enje da zastupa Drustvo. EVIDENCIJA PODATAKA CLANOVIMA Drustvo je duino da vodi evidencile adresama koju svaki od Clanova odredi kao svoju adresu 2a prijem po?te od Drustva i kojoj obavesti Drustvo. Direktor odgovara Drustvu i Clanovima Drustva za tacnost i blagovremenosl unosa Ll evidenciju podataka Clanovima, a izvr?enom unosu ili stanju te evidencije izdaje potvrdu na zahtev Clana. Clan je duian da 0 svojoj adresi za prijem poste. kao i svakoj promeni te adrese obavesti Drustvo be: odlaganja. a najkasnije roku od 8 (osam) dana ocl dana nastupanja bilo kaltve promene. OGRANICENJA PRENOSA UDELA Bilo k0ji prenos BWCI leela i Udela vrsi se prema odredaba prenosu predvidenim ovim Osnivac'kim Aktom i Ugovorom Zajednickont Ulaganju. Svaki od Clanovaje saglasan da nece prodati. preneti. ustupiti. opteretiti ili na drugi nacin raspolagati. direktno ili indirektno svojim Udelom Drustvu ili delovima istog- bilo 2a naknadu Appendix I we 17.4 17.6 kind, a combination thereof. or gratuitously or enter into any agreement. option or other arrangement in respect of any such transfer. assignment. encumbrance or disposal in whole or in part of its Share (each of such transactions constituting a "Transfer") otherwise than in accordance with this Article 17 and the Joint Venture Agreement. shall not Transfer the Share er any part thereof. This provision applies to all (including Transfers to fully owned and controlled entities ofthe Save as provided in Article 18 of these Articles of Association and the Joint Venture Agreement. BWCI shall not Transfer at least 50.10% of the BWCI Share for the period of ?ve (5) years after [insert the Completion Date]. No Shareholder may Transfer its share at any time while a deadlock is subsisting unless it is a transfer made in accordance with the provisions of the Joint Venture Agreement. Subject to Articles 17.3. 17.4. 17.5 and 18.1 of these Articles of Association and the Joint Venture Agreement. if the Shareholder wants to effect a 'l'ransfer to any person. such Transfer is only permissible if it: (1) relates to the entire shareholding ofthe selling Shareholder in the Company. provided that BWCI may transfer part of its shareholding exceeding the shareholding locked-in pursuant to Article 17.4. (ii) the purchaser fully assumes the contractual position (together with all rights. obligations and liabilities) of the selling Shareholder under the Joint Venture Agreement and under any and all agreements entered into by the selling Shareholder in connection with the Project as determined under the Joint Venture Agreement. is made for consideration in cash. (iv) is approved by the Shareholders Meeting and if other conditions provided by the Joint Venture Agreement are met. In case that the 17.3 17.4 17.6 gotovini i1i nenoveauu naknadu. kombinaeiju istih. bez naknade. ili stupiti bilo koji agovor. opciju ili drugi sporazum Ll pogledu bilo kog takvog prenosa. ustupanja. ili raspolaganja L1 celini ili delom svog Udela. (svaka takva transakeija predstavlja "Prenos"] drugaeije ncgo skladu sa ovim C?lanom 17. i Ugovorom Zajedniekom Ulagauju. nece vrsiti Prenos Udela ili bilo kog njegovog dela. Ova odredba se primenj uje na sve Preuose (uklju?ujuci Prenose na drustva potpunom vlasniStvu i kontroli Osim ukoliko nijc predvideno Clanom 18 ovog Osnivaekog Akta i Ugovorom ZajedniEkom Ulaganju. BWCI vrsiti Prenos najmanje 50.10% Udela 2a period od godina nakon [mte? Datum Zavrserkrr]. Nijedan Cvilau ne sme da Frenese svoj leeo Ll bilo kom trenutku dok traje zastoj. osim ukoliko prenos nije u?injen sltladu sa odredbama Ugovorom Zajednickom Ltlaganju. Pod uslovima iz C?lanova 17.3. 17.4. 17.5 i 18.1 ovog Osnivackog Akta i Ugovorom Zajednickom Ulaganju. ukoiiko C?lan ieli da izvrsi Prenos bilo kom lieu. takav Prenos je jedino dozvoljen ukoliko: se odnosi na celokupan udeo Clana prodavca Drustvu, pod uslovom da moie da prenese deo svog udela koje prelazi udco eiji je prenos zabranjen skladu sa Clanom 17.4. (ii) ltupac potpunosti preuzme ugovorni poloiaj (zajedno sa svim pravima. obavezama i odgovornostima) Clana prodavca po Ugovoru Zajcdniekom Ulaganju i po bilo kom i svim ugovorima. koje je zaklju?io Clan prodavac vezi sa Projektom kao sto jc odredeno Ugovoru Zajedniekom Lllaganju, se naknada isplacujc gotovini. (iv)je odobreno od strane Skupstine i su ispunjeni ostali uslovi Ugovorom Zajedniekom Lllaganju. Appendix I M, LJ PHI ll? 18. l8.l 3) 19. Shareholder's Meeting disapproves the Transfer. it shall by the same resolution designate the alternative purchaser 1who shall acquire the share of the selling Shareholder under the terms and conditions provided in the Joint Venture Agreement. in the event tltat the conditions provided in the Joint Venture Agreement are not met in regard ofa Transfer- such Transfer (the "Prohibited Transfer") shall be without effect and the Company shall not recognize the Prohibited Transfer and the Shareholders shall procure that the Company shall not undertake any actions necessary for entering the new shareholder in the Register of Business Entities ofthe Agency for Commercial Registers and Shall continue to manage the affairs of the Company as if Prohibited Transfer has not taken place. FREE TRANSFER The Shareholders agree that a Transfer shall not include any transfer ofthe BWCI Share to fully owned and controlled entities of BWCL which transfer shall be unrestricted and only subject to unqualified ratification and assumption by the transferee of: the provisions of these Articles of Association and Joint Venture Agreement: obligations under into between any the any and an agreement entered Shareholders: to further the Joint subject under l-?ree Transfer is conditions provided Venture Agreement. PRE-EMPTION RIG HT Subject to Article l7.6 and the Joint Venture Agreement. if the Shareholder wishes to effect the Transfer to a purchaser. it shall offer the entire share in the Company to other non?selling Shareholder and the nonvselling Shareholder shall have the pre-etnption 17.7 18. l8.l a) b) 19. Slucajtt do ne odobri Prenos. ona ce istom odlukom odrediti drugog kupea Itoji ce kupiti ttdeo Clana proclavca pod uslovima predvidenim Ugovorom Zajednickom Ulaganju. slucaju da uslovi predvideni Ll Ugovoru Zajednickom Ulaganju nisu ispunjeni pogledu Prenosa. takav Prenos ("Zabranjen Prenos") ee biti bez dejstva i Drustvo nec'e priznati Zabranjen Prenos i lanovi ce obezbediti da Drustvo ne preduzme bilo kakve radnje potrebne 2a upis novog Clana Register Privrednih Subjekata Agencije 7a Privredne Registre i nastaviee da obavlja poslove Dru?e'stva kao da se Zabranjen Prenos nije dogodio. SLOBODAN PRENOS Clanovi su saglasni da Prenos ne ultljucuje bilo koji prenos BWCI Udela drustvima potpunom vlasnistvu i kontroli koji ee biti dozvoljen i bice usiovljen jedino prihyatanjcm i preuzimanjem od strane sticaoca: odredaba ovog Osnivackog Akta i Ugovora Zajedniekom Ulaganju; bilo kojc i svih obaveze po bilo kom ugovoru zakljucenom izmcdu lanova: Slobodan Prenos podleie daljim uslovima predvidenim Ugoyoru Zajednickom Ulaganju. PRAVO PRECE KUPOVINE Pod uslovima iz Clana [7.6 i Ugovora laiednieltom Ulaganju. ukoliko Clan ieli da izvrsi Prenos kupcu. on mora ponuditi ceo svoj Udco Drustvu drugont Clanu koji nije prodavae. i drugi Clan koji nije prodayac cc imati prayo prcce kupovine skladu sa Appendix I ?ll/2y IJ Lu 20. 22. 23. 24. right pursuant to the terms and conditions set out in the Joint Venture Agreement. TAG-ALONG RIGHT ln the event ofa Transfer. the non-selling Shareholder shall have the right. but not the obligation. to participate in the Transfer by transferring its entire share to the purchaser. on the same terms and conditions as applicable to the selling Shareholder and other terms and conditions provided in the .loint Venture Agreement. FAIR MARKET VALUE When the fair market value of the Shares is required to be determined. it shall be determined in accordance with the Joint Venture Agreement. DEADLOCK The Shareholders agree to do their utmost to resolve disagreements in good faith and in a manner so as not to block or otherwise jeopardize the cooperation of the Shareholders in the corporate bodies ofthe Company. The Shareholders agree to resolve disagreements in relation to business decisions on the level of the Company in accordance with the terms and condition of the Joint Venture Agreement. TERMINATION OF THE COMPANY The Company is dissolved by a resolution passed by the Shareholders' Meeting and as provided by the Companies Act. THE SEAL The Company shall not be obliged to use its seal in business letters and other documents of the Company. unless Otherwise provided by law. APPLICATION OF THE LAW 20. 21. 22. 23. 24. uslovima predvidenim Ll Ugovortl Zajednickom Ulaganju. PRAVO NA PRIDRUZIVANJE PRODAJI slueaju Prenosa. C?Ian koji nije prodavac a: imati pravo. ali ne i obavezu. da ueestvuje Prenosu prenoseei svoj celokupni udco kupcu, pod istim uslovima koji se primenjuju na Clana prodavea i drugim uslovima Ugovoru Zajedni?kom Ulaganju. PRAVIENA TRZISNA NAKNADA Kada _ie potrebno utvrditi pravicnu triisnu aaknadu 2a Udeo. ona ?e biti odredcna skladu sa Ligovorom Zajedniekom Ulaganju. ZASTOJ Clanovi se obavezuju da ueine sve da razrese nesporazume dobroj veri i na naein da tone blokira ili na drugi naein ugroiava saradnju (:?lanova organima Dru?tva. C?lanovi su saglasni da rc?avaju nesporazume vezi sa poslovnim odlukama na nivou Drustva. skladu sa uslovima Ugovora Zajedniekom Ulaganju. PRESTANAK DRUSTVA Drustvo prestaje odlukom koju donosi Skupstina. kao Ste _ie predvideno Zakonom privrednim drustvima. PECAT DRUSTVA Drustvo nije duino da upotrebljava pecat poslovnim pismima i drugim dokumentima Drustva. alto zakonom nije drugacijc propisano. SHODNA PRIMENA ZAKONA Appendix I 27. 29. This Articles of Association is governed by the Companies Act. CON FIDENTIAL FORMATION Documents and information that are confidential have to be protected by the Shareholders and employees in the Company. Duty to maintain confidentiality continues even after the termination of employment agreements of an employees of the Company. LANGUAGE These Articles of Association were signed in Serbian and English languages. In case of any discrepancy between the two versions. the Serbian version shall prevail. AMENDMENTS Any amendments to these Articles of Association shall be executed in writing and shall be signed by the Shareholders. Authentication of any amendments to these Articles of Association before the competent authority or the notary shall not be required. unless otherwise provided by the law. The legal representative of the Company shall prepare and sign the consolidated version of the Articles ot" Association. incorporating all amendments thereto. unless such consolidated version of the Articles of Association is already enacted by the Shareholders. All amendments of these Articles of Association. as well as the amended texts. shall be registered with the Serbian Business Registers Agency. in accordance with the law. NUMBER OF COPIES These Articles of Association has been made in four identical copies. out of 2'7. 28. 28.1 28.3 29. Na ovaj ()snivacki Akt primenjuju se odredbe Zakona privrednim drustvima. POVERLJIVE INFORMACIJE Poverljiva dokumenta i informacije Euvaju se od strane Clanova i zaposlenilt Dru?stvu. Duinost cuvanja poverljivosti se nastavlja i nakon rasltida ugovora radu zaposlenih DruStvu. JEZIK Ovaj Osniva?ki Akt je sacinjen na i engleskom jeaiku. slucaju nesaglasnosti izmedu i engleske verzije. merodavna je verzija na jeziku. IZMENE Sve izn?lcne i dopune ovog Osnivackog Akta moraj biti sacinjene pisanoj formi i potpisane od strane cianova. Overa bilo kakvih izmena ovog Osniva?kog Akta 0d strane nadleinog organa ili notara nije potrebna. ukoliko nije drugaeije predvideno zakonom. Zakonski zastupnik Drustva je duian da nakon svake izmene ovog Osnivackog Akta sa?ini i potpise njen precis?eni tekst. osim slueaju da su tekst tako precis?enog Osnivaekog Akta vee usvojili Clanovi. Sve izmene i dopune ovog Osniva?kog Akta. kao i njegovi precisceni tekstovi. se registruju kod Agencije za privredne registre Republike Srbije. skladu sa zakonom. BROJ PRIMERAKA Ovaj Osnivaeki Altt je saeinjen cetiri istovctna printerka. od kojih Appendix 1 30. 30.] which one shall be kept with the Register of Business Entities of the Agency for Commercial Registers. one l} by each Shareholder. and one (I) copy shall be kept at the seat of the Company. jedan (Uprimerak zadriava Agencija za privredne registre Republike Srhije. jedan primerak zadriava svaki Clans dok cc se jcdan primerak cuvati sedi?tu Drustva. COMING INTO FORCE 30. STUPANJE NA SNAGU These Articles of Association shall come 3U.l Ovaj Osnivacki Akt slupa na snagn i into force and shall become applicable on primenjuje se danoln usvajanja. the date of'its adoption. By adoption of these Articles of 30.2 Usvajanjem ovog Osnivackog Akta. Association. the Decision on Osnivacki Akt od 26. juna 2Ul4. Incorporation dated 26 June 2014, is godinc sc stavlja van snagc. rendered out of force. These Articles of Association shall be 30.3 Ovaj Osnivacki Akt proizvodi pravna eff?ctive without court certi?cation or notarization. dejstva be: polrebe overc od stranc nadlcirnog suda ili notara. ELANOVI REPUBLIC OF REPUBLIKA SRBIJA amcfl me i prezi me: Title/Funkcija: BELGRADE WATERFRONT CAPITAL INVESTMENT L.L.Nam eflme i pi'ezime: Appendix I My Appendix 2A NON-CONTRIBUTED BUILDINGS W5 A??endix 2A Nun-Contributed Buildings No. Description Purpose Propen}: C'aidasiral Building no. Floors Area sheet no. plot no. Belgrade BW Gallery 612 443 43 2x 2472 I Operative KO. KI). I Karadordeva Savski Saw-Ski - ?v?enac ?v'enac 2 Bristol Hotel Hotel 4026 446 5'3 (ii-1 3060 Karadordeva Savski I Savski I Venae Vcnae 3 Group of 774 423 KO. Karadordeva 296 historic Sax-ski 36 buildings in Venae Savamaia Commercial 72 424 HO. Karadordeva 35 Savski 38 Venae I 339 425 KI). Karadordeva Savski I 40 Venae I Residential-?Commercial 247 426 KB. Brae?e CH 1 Sax-ski Krsmanovi?a i Venac 3 T15 42? KO. Bra?e 1 204 Savski Krsmanoviea Venau 5 Resiaei?r?liali-Tommereial 569 423 K0. Karadordeva 4 At 26] Savski 42 I Venoe Commercial 569 428 KO. Karadordeva I29I Sax-ski 42 I ?i-"enac I Reaidemialx?Conmiereiai 776 430 K13. Braee CH l?At 363 Savslii Krsnialicii"i?a . Venac 852 43 Bra?e I46 Sax-ski Krsmanm-?iea Venae 9 Commercial 777 432.4 L10. Karadordeva (3?1 1533 Savski 46 Venae Residentiair?Fommereial 773 33 KI). Brac?e 501 Savski Krsmanm'i?a ?fgiae? Commercial 434 K13. Brae?e 495 Sax Slx'i Krsmanm-i?a ?v'enae 2 Commerciai I457 435 L10. Braee - II9 Sax-Ski Krsmanoviea ?v'enae A I Appendix 2A N0. Purp?se Property (?adastral Building nu. Floors sheet no. plot nu. Commercial I457 43-5 FLO. Bl?a?e (Fl 23'? Sax-Ski Krsmanm'ii?a Venac 4 Commercial 1457? 43? KO. I Bra?e 243 Sax-ski Krsmamwi?a Venac 6? Commercial 855 44031 14.0. Brad?s 53 Sax-ski Krsmanovi?a 3 I . Railwa} Public ?"Culturc I027 1532 Sax-ska {3-1 2320 Station PLO. KO. I . Venac VermE "i?l 3 Savska 8 KI). Sam-ski I . ?v?cnac 7 5 'Paperx-Iin Publicw?fulturc 1573 0669 IUBulevar 5730 KI). Ho. Vojmde Sayski Savaki Mi?i?a Venac Venac Train Turn 1027 Savskd 535?: Table KI). I I 3 Savaki Sax-ski Venac Lemar: 7 Post Of?ce Post Of?ces" 620 l533 RD. Sax'skaE (3+1 ??33 I No. 6 KO. Savski Savski \"enac 3 Venac i 2 Appendix 2A APPENDIX 2A "on commaureo BUILDINGS marked as Nr 3 In table \1 It I if - I'table fr; . - at Of?ce Bldgix:- If I "\I?usnk .xix. . if), - 54? It:no. 3.6mupufhlatu?c In I Lag-ad -unncunm "x .91qu ll II as lo an? tm?l Appendix 28 CONTRIBUTED BUILDINGS AQQendix ZB Contributed Buildings Description Property sheet ('adastral plot Buildng no. Floors Area {m1} jI m4 453:] LjHadi-?x?ikole 0+4 I216 Zivkovi?a 6?23 173472 6Hadi?Nik0le "1:01" i Zivkovi?a Appendix EB APPENDIX EB CONTRIBUTED BUILDINGS *ti?e missing Appendix 3 DECISION ON CAPITAL INCREASE Appendix .3 Decision on Capital Increase Na osnovu clana 20. stay tacka 4. i clana I I. stay I. taeka I. Odluke osnivanju druswa Beograd na vodi d.o.o. Beograd. sa sedistem na adresi Karadordeva 48. Beograd. Republika Srbija ("Drustvo"). 05 br. od 26. juna 2014. godine. i odluke osnivaca Druitva. Republike Srbije {"Osnivac?) br. od Osniyae. cija osniva?ka prava na osnovu zakonskih ovlascenja vr?i Vlada Republike Srbije, sa sedistem na adresi Nemanjina Beograd. Republika Sr?oija. koju zastupa funkciji Skupstine Drustva dana godine donosi sledeeu: 0 POVECANJU KAPITALA Clan I Osnovni kapital Drus?tva povecava se ulogom novcu iznosu od RSD [rmet?r' prorlwrerlnesr EUR 22.000 prema .rrednjem karer NBS an den uplate] ("Iznos povecanja kapitala") novog clana Drustya Belgrade Waterfront Capital Investment L.L.C.. osnovanog po zakonima Ujedinjenih Arapskih Emirate. sa sediStem ulici Hamdan. Al Gaith kula, 19. sprat. Abu Dabi. Ujedinjeni Arapski Emirati. registrovanog pod brojem Chi-1945304 lcoji pristupa Drustvu. Clan 2 BWCI ce uplatiti Iznos povecanja kapitala na racun Drustva br. kod najkasnije do godine. Clan 3 Nakon uplate lznosa povec?anja kapitala skladu sa clanom 2 core Odluke. ukupan iznos osnovnog kapitala Drustva. iznosice: Pursuant to Article 20 paragraph I point 4 and Article II paragraph I point 01? the Decision on Incorporation ofa company Beograd na vodi d.o.o. Beograd. with its registered seat at the address Karadordeva 48. Belgrade. Republic of Serbia (the "Company"]. 05 no. 024889120144 dated 26 June 20M. and the decision of the shareholder of the Company. the Republic of Serbia {the "Shareholder") no. dated the Shareholder. whose shareholder?s rights. based on the statutory powers. are exercised by the Government of the Republic of Serbia. with its seat at Nemanjina ll. Belgrade. Republic of Serbia. represented by in capacity of the Shareholders? Meeting of the Company on passed the following: DECISION ON CAPITAL INCREASE Article I The share capital the Company shall be increased through the contribution in cash in the amount of RSD [insert the counter-value of UR 22,000 as per erelmnge rare ofrlre NBS applicable on the (lure of payment] (the "Capital Increase Amount") by the new shareholder of the Company, Belgrade Waterfront Capital Investment L.L.C.. a company incorporated under the laws of United Arab Emirates with its registered seat at Ilamdan Street. Al Gaith ?l"ower. Floor 19. Abu Dhabi. United Arab Emirates. registered under commercial license no. (TN-1945304 which accedes to the Company. Article 2 BWCI shall pay the Capital Increase Amount in the account ofthe Company no. with at the latest br Article 3 A?er the payment ofthe Capital Increase Amount in accordance with Article 2 hereof, the total amount of share capital ofthe Company. shall be: Appendix 3 la.) 1. Upisani kapital: Noveani: RSD 1.000.000: i RSD [rmerr? EUR 22. 000] Ne-nov?ani: -- 2. Uplacenfunet kapital: Nos/bani: RSD [uneti EUR 22. 000}. na dan uplate. skladu sa clanom 2. ove Odluke. Ne-novcani: -- Clan 4 Nakon uplate [znosa poyecanja kapitala, Osnivac i BWCI ce ima?ri udeo osnovnom kapitaiu, imovinskim i glasa?kim pravima Drustvu kao Ste sledi: Republika Srbija: 32% - Upisan kapital novcu: RSD 1.000.000; Uplaeen/unet kapital: -- 2. BWCI: 63% - Upisan kapital novcu: RSD insert pm?wrednosr EUR 22. 000]: Uplaeen/unet Rapital: SD [une?' EUR 22. 000] Clan 5 Ova odluka stupa na snagu danom donosenja. Clan Nalaze se ovlascenim zastupnicima Drustva da na osnovu ove Odiuke i potvrde banke iavr?enoj uplati iznosa povecanja kapitala preduzmu sve potrebne pravne i t'aktieke radnje radi upisa poveeanje osnovnog kapitala Druswa i kao novog Elana Drustva Registar subjekata Agencije za privredne registre Republike Srbije. l. Subscribed capital: [11 Cash: RSD 1.000.000: and RSD [insert EUR 22,000 counter-value] ln-kind: -- yo Paid-infcontributed capital: In Cash: RSD [insert EUR 22,000 counter-value]. as of the date of payment in accordance with the Article 2 to this Resolution. ln?kind: -- Article 4 After the payment ofthe Capital Increase Amount, the Shareholder and BWCI shall hold interest in the share capital. economic and voting rights of the Company as follows: 1. Republic of Serbia: 32% - Subscribed capital in cash: RSD 11000000; 0 Paid infcontributed capital: -- 2. BWCI: 68% - Subscribed capital in cash: RSD [insert EUR 22,000 (simmer-value]; Paid-infcontributed capital: RSD [insert EUR 22.000 counter-value]: Article 5 This Decision shall come into force as of" the date hereof. Article 6 The authorized representatives ofthe Company are hereby instructed to undertake all legal and factual activities necessary for registration of the capital increase of the Company and as the new shareholder of the Company with the Registry of Business Entities of the Agency for Commercial Registers. based on this Decision and certificate on payment of the Capital Increase Amount issued by bank. Appendix 3 Za Osniva?afFor the ShareholdEr: ImefName: FunkcijafPosition: Appendix 3 Appendix 4 LEASE AGREEMENT Appendix 4 Form of the Lease Agreement THIS AGREEMENT (?Agreement?) is made on the OVAJ UGOVOR (?Ugovor?) sacinjenje dana BETWEEN: IZM EBU: l. Beograd na vodi doo Beograd, Karadordeva 48. low} Belgrade. Serbia. ID Number 2l03339]. represented by ("Lessee"). and Beograd na vodi doo Beograd, Karadordeva 48. Beograd, Srbija. Mati?ni broj 210333 1. koga zastupa {"Zakupac"). i Id Republic of Serbia represented by the Di- rectorate for Property of the Republic of Serbia {"Lessor" and "Directorate-?J. Ia.) Republika Srbija koju zastupa Republi?ka direkeija za imovinu Republikc Srhijc kopodavac? i In this Agreement. the Lessee and the Lessor are col- leelively referred to as the ?Parties? and individually as the ?Party?. ovom Ugovoru Zakupac i Zakupodavac zaiednieki ee se nazivati ?Strane?. a pojedinaeno ?Strana?. PREAMBLE: PREAMBULA: The Lessee is a company founded by the Les- (A) Zakupae je privredno dru?lvo osnovano od strane sor and for development ofthe Project; Zakupodavca i radi realizacijc Projekta; (B) Joint Venture Agreement concluded by Res (B) Ugovor zajedniekom ulaganju zaltlju?en ia- and in accordance with the Accord on co- medu RS i skladu sa Sporazumom 0 operation between the Government of the saradnji izmedu Vlade Republike Srbije i Vlade Republic of Serbia and the Government ofthe Ujedinjenih Arapskih Emirata. tai?kovanog od United Arab Emirates ratified by the Parlia- Skupstine Republike Srbije l5.3+2013. godine, i ment of the Republic of Serbia on 15 March objavljenog "Sluibenom giasniku Republike 2013. and published in the "Official Herald of Srbije Medunarodni ugovori" broj 03,2013, ed the Republic of Serbia International agree- predvida postepeno davanje zakup bez. ments" No. 03.0013. dated provides for naknade zemljista potrebnog za razvoj Projekta gradual awarding of lease to land required for Zakupcu. skladu sa procedurom i uslovima development of the Project to the Lessee ulaganju: without consideration. in aecordanee with conditions and procedures defined in the Joint Venture Agreement: (0 By Conclusion of the Government dated (C) Zakljuekom Vlade od ?iji je sastavni deo integral part of which is draft of this Agree- ment. awarding lease to the Subject of the Lease without consideration to the Lessee has been approved: nacrt ovog Ugovora. odobreno je davanje Zakup- cu zakup Predmeta zakupa bez naknade: NOW IT IS HEREBY AGREED as follows: SKLADU SA NAVEDENIM DOGOVORENO je kako sledi: Interpretation Tuma?enje i In this Agreement (including the preamble) the words and expressions shall have the meanings set out in Clause 2. ovum Ugovoru (uklju?uju?i i preambulu) re?i i izrazi imaee znaeenje koje je predvideno od- redbania elana 2. Headings are used in this Agreement For eon- venience only and shall not affect its construc- tion or interpretation. Naslovi ovom Ugovoru koriste se samo radi jednostavnijeg snalaZenja i ne uti?u na njegovo tumaeenie. Appendix 4 NB 1.3 In this Agreement references to exhibits are to 1.3 Pozivanja na priloge ovom Ugovoru predstavlja exhibits to this Agreement and references to pozivanja na priloge ovog Ugovora, a pozivanja clauses are to clauses in this Agreement and. na clanove predstavlja pozivanja na cianove ovog unless otherwise speci?ed. references to para- Ugovora a pozivanja na stavovc. osim ukoliko graphs are to paragraphs of the clause in nije drugacije odredeno. predstavlja pozivanje na which such reference appears. stavove clana kojem se takvo pozivanje javlja. 1.4 In this Agreement. unless the context does not 1.4 ovom Ugovoru. osim ukoliko kontekst to ne so admit. reference to the singular includes a dopuSta. imeuice odredene ujednini obuhavataju reference to the plural and vice versa and ref- i mnoZinu i obrnuto. a imenice odredene erence to the masculine includes a reference to muskom rodu obuhavatju i Zenski i srednji rod. the Feminine and neuter. 1.5 In this Agreement reference to Party?s under-? 1.5 ovom Ugovoru. pozivanje na ugovorne odnos- takings ands?or commitments to "ensure. pro- no druge obaveze jedne Strane da ?obezbedi. cure. implement? shall be construed to mean pribavi. sprovede? tuma?ic?e se tako da znai?i da that the respective Party shall exercise all its ee odgovarajuc?a Strana primeniti sva svoja up- corporate and statutory powers in order to ravija?ka i zakonska radi postizanja achieve the stated objective. navedenog cilja. 1.6 This Agreement shall be governed by and 1.6 Na ovaj Ugovor primenjuje se i on se tumaciu construed in accordance with the Applicable skladu sa Vaiecim zakonom i Strane prihvataju Law and the Parties submit to the jurisdiction nadleinost suda odredenu skladu sa elanom 13. oFthe court pursuant to Clause 13. 2. De?nitions 2. De?nieije The capitalized terms and expressions used in Termini i izrazi ovom Ugovoru napisani ve- this Agreement shall have the following Iikim slovom imac?e sIedec?e zna?enje: meanings: ?Applicable Law? means any applicable law. ?Vaie?i nelson? znaci bilo koji vaie?i zakon. rule or regulation in force in ROS. pravilo ili propis koji je na snazi RS. ?Clean? means that following structures have ?ocisc'eno? zna?i da su sledeci objekti ?zicki been physically removed from the Subject of uklonjeni sa Predmeta zakupa: the Lease: a. all super?cial structures. installations or a. sve nadzemne instalacije objekti objects that exist on the Subject of the koji postojena Predmetu zakupa:i Lease: and b. all underground structures attached to or beneath existing or previously demolished b. sve podzemne strukturc povezanc sa ili ispod superficial structures including but not lim- prethodno uklonjenih nadzemnih objekata ited to foundations. piling basements. tun- ukljucujuci ne ogranicavajuci se na temeI- nels. bunkers. buried objects of antiquity or je. podrume. tuncle. bunkere. zakopane an- historic signi?cance: and tikvitete ili predmete od istorisjkog zna?aja'. i c. all underground objects and installations c. sve podzemne objekte i instalacije including but not limited to sewage. irriga- ukljucujuci ali ne ogranicavajuci se na kana~ lion network. electrical network. pipes. ca- lizaeiju. vodovod. elektricnu mreiu. cevi. ka- bles. conduits. drains. but excluding blove. provodnike. drenaie. ali iskljucujuci pipes of diameter of up to 450mm and (ii) cevi precnika do 450mm i (ii) elektricne electric cables ofup to I and kablove do 1 KW: i d. undexploded ordnances. d. neeksplodirana ubojna sredstva. ?Decree? means the Decree on Conditions. ?Urcdha? znaci Uredba uslovima. nacinu i Modalities and Procedure for Disposal or postupku otudenja ili davanja zakup 2 Appendix 4 Leasing Out of Construction Land in Public Ownership of the Republic of Serbia or Au- tonomous Province (Of?cial Herald ofthe RS No. 675320] I. as amended). [or such legislative act which at the time of entering into particu- lar Lease Agreement regulates awarding of lease to land in ownership of gradevinskog zemljista javnoj svojini Repub- like Srbije. odnosno autonomne pokrajine (Sluibeni glasnik RS broj. 67.320] 1. sa kasnijim izmenama]. [ili drugi pravni prepis kojim je vreme zakljubenja konkretnog Ugovora zakopu regulisano davanje zakup zemljiSta svojini ?Delivery Protocol? means delivery protocol evidencing handing over of the Subject ofthe Lease in the form attached to this Agreement as enmes- ?Zapisnik primopredaji? znaei zapisnik primopredaji Predmeta zakupa formi i2 Priloga ovog Ugovora. ?Encumbrance? means any possession, right of use. mortgage, pledge. charge, lien. privi- iege, priority. assignment, attaclnnent, set-off, right of pre-emption or other security interest of any kind or any other agreement or ar- rangement having the effect of conferring any right of whatsoever nature or security upon or with respect to any present or future assets, property, revenues or rights. which posses- sion. right or security diminishes andfor limits andfor excludes any of the Lessee's rights over the Subject of the Lease. ?Tereti'H znaci bilo koju driavinu, pravo kori??enja. hipoteku. zaiogu, teret, zaloino pravo. privilegiju, prioritet. prenos, zaplenu. prebijanje, pravo prece kupovine. ili drugo zalomio pravo bilo koje vrste ili bilo koji drugi sporazum ili aranirnan koji inta dejstvo dodele biio kog prava bilo kakve prirode ili obezbedenja na ili pogledu bilo kojih sadaSnjih ili buducih sred- stava, imovine, prihoda ili prava, kojim posedom. pravom ili obezbedeitjem se umanjuje 'fili ograni?ava ii?ili isklj ucuje biio koje pravo Zakup- ca na Predmetu zakupa. ?Hazardous Materials? means any and all hazardous or dangerous substances, toxic aub- stances. or pollutants, biological or bacterio- logical contaminants, hazardous and special wastes. oils, asbestos and asbestos products, petroleum and petroleum products, hazardous materials, chemicals and goods and any other materials which (alone or in combination with any other substance or element} are under the Applicable Law or international treaties de- clared as harmful to human health or the envi- ronment. ?Stetne materije" znat?i svaka opasna ili rizicna materija. toksicna materija. odnosno zagadivac, bioloski odnosno bakterioloski zagadivae. opasan i specijalan otpad, ulje. azbest i proizvodi ocl azbesta, nafta i naftni derivati, opasni niaterijali, hemijske supstance i roba i svaki drugi materijal koji je {pojedinacno ili kombinaciji sa bilo kojom drugom materijom ili elementom) skladu sa Vaiecim zakonom ili medunarodnim sporazumima utvrden kao opasan po zdravlje ljudi odnosno po iivotnu sredinu. ?Joint Venture Agreement" means joint venture agreement concluded by R05 and in accordance with the Accord on co- operation between the Government of the Re- public of Serbia and the Government of the United Arab Emirates rati?ed by the Parlia- ment of the Republic of Serbia on 15 March 2013, and published in the "Official Herald of the Republic of Serbia International agree- ments" No. 3, dated ?Ugovor zajedni?kom ulaganju? zna?i ugo- vor 0 zajednickom ulaganju zakljucen izmedu RS i skladu sa Sporazumom saradnji izmedu VIade Republike Srbije i Vlade Ujedinjenih Ar rapskih Emirata. tai?kovanog od Skupstine Re- publike Srbije 5.3.20 3. godine. i objavljenog "Slquenom glasniku Republike Srbije Medunarodni ugovori" broj 03.52013, od predvida postepeno davanje zakup bez naknade zemljis?ta potrebnog 2a razvoj Projekta Zakupcu. skladu sa procedurom i uslovima de?nisanim Ugovoru zajednickom ulaganju. ?Subject of the Lease? means cadastral par- ceils] CM ?Predmet zakupa" znaei katastarska parcela(e) K0 ?Lease Period" means a period of 99 (ninety nine) years commencing on the date of com- ing into force ofthis Agreement. ?Period zakupa" znaci period od 99 tdevedeset devet) godina koji poeinje teci na dan stupanja na snagu ovog Ugovora. Appendix 4 ?Planning and Construction Act? means the 1 Planning and Construction Act published in the Of?cial Herald of the Republic of Serbia No. 723009. as amended. [or such legislative act which at the time of entering into particu? lar Lease Agreement regulates awarding of lease to [and in ownership of ?Zakon planiranju i izgradnji? znaci Zakon planiranju i izgradnji koji je objavljen Sluibe- nom glasniku Republike Srbije br. 723009. sa kasnijim izmenanta. [ili drugi pravni propis kojim je weme zakljueenja konkretnog Ugovora zakupu regulisano davanje zakup zemljista svojini ?Plot? tneans part ofthe Subject of the Lease which forms separate cadastral parcel and fulfills conditions to be building plot under the Spatial Plan. For avoidance of doubt. the Plot may already exist at the time of coming into force of this Agreement. or may be created thereafter by parcellinfre-parcelling of the Subject ofthe Lease. ?Parcela? znaci deo Predmeta zakupa koji pred- stavlja posebnu katastarsku parcelu i ispunjava uslove za gradevinsku parcelu skladu sa Pro- stornim planom. Radi izbegavanja sumnje. Prace- ta moie vec postojati trenutku stupanja na sna? gu Ugovora. ili moire nastati kasnije putem parcelacijet' preparcelacije Predmeta zakupa. ?Planned Development? means buildings to be developed on the Subject of the Lease in accordance with parameters set out in the Spa- tial Plan. ?Planirana gradevina" znaci objekti koji ce biti izgradeni na Predmetu zakupa skladu sa para+ metrima datim Prostomom planu. ?Project? means development project known as Belgrade Waterfront Project developed by the Lessee. ?Projekat? znaci razvojni projeltat poznat kao projekat Beograd 11a vodi. koji razvija Zakttpac. means Republic of Serbia. znaci Republika Srbija. ?Spatial Plan? means Spatial Plan of Special Purpose Area Belgrade Waterfront as may be amended from time to time. ?Prostorni plan? znaci Prostorni plan podrucja posebne namene Beograd na vodi koji moie biti izmenjen vremena na vreme. Signing and Coming Into Force Potpisivanje i stupanje na snagu This Agreement shall come into force on the day of [authentication of signatures of the Parties iaid hereundert? notarization py public notary]. Ovaj Ugovor stupa na snagu na dart [overe potpi- sa Strana iz ovog Ugovorat notarizacij Subject-matter of the Agreement Predmet Ugovora The subject-matter of this Agreement is leas- ing of the Subject ot?the Lease to the Lessee. Predmet ovog Ugovora je davanje Predmeta zakupa ZakupCu zakup . The Subject ofthe Lease is leased to the Les- see without consideration. Predmet zakupa se daje zakup Zakupcu bez naknade. The Subject of the Lease shall be used by the Lessee for the purpose of development ofthe Planned Developments, in accordance with the Joint Venture Agreement. Zakupac ce koristiti Predmet zakupa svrhe izgradnje Planirane gradevine. skladu sa Ugo- vorom zejednickom ulaganju. The Lessor hereby irrevocably consents to using of the Subject of the Lease for the pur- pose ot' construction of the Planned Develop- ment. Zakupodavac ovim daje neopozivu saglasnost za korisc'enje Predmeta zakupa 2a svrhu izgradnjc Planirane gradevine. LII The Lessor hereby irrevocably consents to inscription ot?this Agreement and the right of Zakupodavac ovim daje neopozivu saglasnost za upis ovog Ugovora i prava zakupa korist Appendix 4 MD lease in favour ofthe Lessee into the relevant public records. Zakupca odgovarajuc?e javne ige. Commencement and Period of the Lease Po?etak i trajanje Zaku pa The Agreement is entered into for a ?nite pe- riod oftinte de?ned as the Lease Period. Ovaj Ugovor zakljucuje se na odredeno vreme kojeje detinisano kao Period zakupa. The Lease Period shall commence immediate- ly upon coming into force ofthis Agreement. Period zakupa poeinje te?i odmah po stupanju ovog Ugovora na snagu. Delivery of the Subject of the Lease Predaja Pred meta zakupa The Lessor shall deliver possession of the Subject ofthe Lease to the Lessee. Clean and free ofany Encumbrance. within l0 (ten) days from comng into force ofthis Agreement. Zakupodavac ce predati Zakupcu posed Pred- zakupa. OEisc'en i be: iltakvih Tereta. roku od [0 {deset} dana od stupanja na snagu ovog Ugovora. The Lessor shall deliver possession of the Subiect ofthe Lease to the Lessee. free of any Encumbrance. within l0 (ten) days ?'om com- ing into force ofthis Agreement. [This clause shall be applicable only in the event the Company opts to lease land for which Physically Clearance has not been completed] 5.1 (bl Zakupodavac ce predati Zal-tupcu posed Predv met zakupa. bez ikakvih Tereta. roku od It) [deset) dana od stupanja na snagu ovog Ugovora. [Ovaj Elan se same it slucaju da DruStvo odluci da uzme zakup zemljisze pre zavrsetka Fizi?kog resciseavanja] The delivery ofthe Subject ofthe Lease to the Lessee. shall be evidenced by signing, by botlt Patties ofthe Delivery Protocol. Potpisivanje Zapisnika primopredaji od strane obe Strane predstavljace dokaz predaji Predme- ta zakupa. Land development fee and infrastructural works Doprinos 7.3 uredivanje zeij ista i uredivanje zemljista 7.1 infrastructural and land improvement works and payment of the land development fees will be performed in accordance with the Joint Venture Agreement and the agreements en- tered into pursuant to the Joint Venture Agreement. Uredivanje i opremanje zemljista i placanje doprinosa za uredivanje gradevinskog zemljista ee biti vrSeno skladu sa Ugovorom zajedni?kom ulaganju i ugovorima aakljutenim skladu sa Ugovorom zejednickont ulaganju. Transformation of the lease into ownership Pretvaranje prava zakupa pravo svojine By development of the Subject of the Lease. the Lessee acquires ownership to the Subject of the Lease without any additional payment. in accordance with the Applicable Law and provisions ofthe Joint Venture Agreement. Privodenjem Predmeta zakupa nameni, Zakupac stiee pravo svojine na Predmetu zakupa bez nak- nade. skladu sa zakonom i odredbama Ugovot?a rajedni?kom ulaganju. Transformation of lease into ownership shall occur per Plot. The Lessee shall be entitled to transformation of lease over a Plot into own- ership once the occupancy permit for the erected 0n the Plot becomes ?nal and unappealable. 8.2 Pretvararlje prava zakupa pravo svojine se vrsi pt) Purcell. Zakupac ima pravo na pretvaranje prava zakupa pravo svojine na Parceli kada upotrebna dozvola 2a objehatte) izgradene na Parceli postane pravosnaina. Lu Right to transform the lease into ownership shall transfer alongside the transfer oflease. in case the lease is transferred to a third party Pravo na pretvaranje prava zakupa svojinu se prenosi zajedno sa prenosom prava zakupa. sltteaiu da je pravo zakttpa preneseno na trec?e Appendix 4 [including legal successors of the Lessee] in accordance with this Agreement. lice {uklju?ujuci i pravne siedbenike Zakupca) sltladu sa ovim Ugovorom. 8.4 The Lessor shall issue to the Lessee. or person 8.4 Zakupodavac ce izdati Zakupcu. odnosno licu na to whom tease has been transferred in accord- koga je preslo pravo zakupa skladu sa ovint ance with this Agreement. all necessary con? Ugovorom. sve potvrde iv-"ili akta potrebna za firmations and-"or acts required for transfor? pretvaranje prava zakupa pravo Svojine na mation ot'the lease into ownership on the Plot predmetnoj Parceli i za upis prava svojine na and registration of ownership ofthe Lessee on Parceli korist Zakupca. the Plot. 9. Covenants by the Lessor 9. ObavEIe Zakupodavca The Lessor hereby covenants to the Lessee: Zakupodavac se ovim putem obavezuje prcma Zakupcu: to furnish the Lessee with all data. da ce Zakupcu dostaviti sve podatke. documents or con?rmations to be dokumenta ili potvrde koje Zakupodavac provided by or issued by the Lessor ifili Direkcija obezbeduje ili izdaje. a koje and-?or the Directorate which are nec- su neophodne ili poieljne za pribavljanja essary or desirable for the purpose of bilo kojih dozvola ili odobrenja potrebnih obtaining any permits or approvals 2a izgradnju. upotrebu. ?nansiranje ili required for construction, operation. Planirane gradevine. ili ostvari- financing or disposal of the Planned vanje drugih prava Zakupca i2 ovog Ugo- Development. or excercising other vora. odmah nalton prijema zahteva rights of the Lessee under this Agree- tom smislu. a svaitom menl. forthwith upon receipt of the slu?aju najkasnije dana od dana Lessee?s request to that effect. and in dostavljanja takvog zahteva Zakupo- any event not iater than [insert] days davcu. upon such request being served to the Lessor. to at it's own expense procure Clean- da 0 svom troSku izvrsi Ciscenje Predme- ing ofthe Subject ofthe Lease within ta zakupa roku od dana od dana stu- [oj days front coming into force of panja na snaguovog Ugovorai this Agreement. and [Ovaj stav se primenjuje samo ukoliko je [This clause is applicable only if primenjiv i clan (b)ovog ugovora.j ciause 6.1 hereof applies] to at it?s own expense procure remov- da 0 svom trosku ukloni sve Stetne mate- ing of all Hazardous Materials from rije sa Predmeta zakupa roku od [uneti the Subject of the Lease within [insert rok konzistetntan sa dinamikom remedi- deadline consistent with the Clean-up jacije kakva je utvrdena t: Studiji nultog schedule as set out in the Baseline stanja] dana od stupanja na snagu ovog Study] days from coming into force of Ugovora. i this Agreement. and [Ovaj stav se primenjuje samo ukoliko i) [This clause is applicable only if i) the Studija nultog stanja pokaie da je remedi- Baseline Study shows the remediation jacija Predrneta zakupa neophodna, i ii) of the Subject of the Lease is neces- renedijacija nije izvrsena pre zakljucenja sary, and ii) such remediations has not konkretnog Ugovor zakupuj been executed before entering into particular Lease Agreement] not to dispose of the Subject of the da ncce otuditi Predntet zakupa toku Lease during the Lease Period. except with the prior written consent by the Lessee. Perioda zakupa. ukoliko prethodno ne dobije pisanu saglasnost Zakupca. Appendix 4 It]. Covenants by the Lessee 10. Obaveze Zakupca lU.l All related to development ofthe Sub? lU.l Sva pitanja vezi sa privodcnjem Predmeta ject of the Lease by tlte Lessee are regulated zakupa natneni od strane Zakupca. uredena su in the Joint Venture Agreement. The scope of Ugovorom zajedniekom ulaganju. Saerina the obligation to develop and tinteframe for obaveze privodenja nameni i rok za privodcnje development oftlte Subject ofthe Lease are itt nameni Pt'edmeta zakupa su skladu sa Ugo- accordance with the Joint Venture Agreement. voront zajednickorn ulaganju. 10.2 The Lessee hereby covenants to the Lessor to I02 Zakupac se ovim putem obavczujc Zakupodavcu notify the Lessor on occurrence of arty breach da ?e bez odlaganja obavestiti Zakupodavca oftlte representations and warranties set out in svakont slueaju povrede izjava i jentstava ClaUSe ll hereunder without undue delay. and predvidenilt Elattotn ll. ovog Ugovora. a in any event not later than days upon the svakom slutaju najkasnije dana nakon sto Lessee becoming aware of such occurrence. Zakupac sazna za takav dogadaj. ll. Representations and Warranties by the H. lzjaveijemstva koje daje Zakupodavac Lessor The Lessor hereby represents and warrants to the Lessee that: ll.l Zakupodavac ovim putent izjavljuje i jemci Zakupcu: the Subject of the Lease is in owner- ship ofthe Predtnet zakupaje vlasni?tvu RS. the Subject of the Lease is free of any Encumbrance. Predntet zakupa je slobodan ocl bilo kakvih Tereta. the of the Lease is free from any Hazardous Materials. [This warranty is applicable ifi) Base- line Study that remediation of the Subject ofthe Lease is not required. or ii) already executed remediation of the Subject of the Lease prior to entering into particular Lease Agree- ment. Application of' this warranty excludes applicability of clause 9 and vice versa.] na ili Predmetu zakupa ne postoie Stet- ne materije. [Ova garancijaje primenjiva ako i) Studi- ja nultog stanja poka?e da remedijacija Predmeta zakupa nije potrebna, ili ii) je RS vee izvrsila remedijaciju Predmeta zakupa pre zaklju?enja konkretnog Ugo- vora zakupu. Primena ove garancije iskljucuje primenu stava b) Elana 9. Ugo~ vora zakupu, i obrnutoj tltat this Agreement and the Conclu- sion of the Government no. dated are representing suf?cient and exhaustive proof of the lease of the Subject of the lease within the mean- ing of Article [86] of tlte Planning and Construction Act. which proof shall. da ovaj Ugovor i Zakljucak Vlade br. od dovoljan i iscrpan dokaz zakupa Predtneta zakupa sntislu Elana [36] Zakona planiranju i izgradnji. koji dokaz c'e. izmedu ostalog, biti po- trcban postupku pribavljanja 2a izgradnju Planirane gradevine na inte inter alia. be submitted in the process Zakupca. of obtaining of the building permit for the Planned Development in the natne ofthe Lessee. the awarding procedure has been car- da je procedura dodele zakupa ried out fully in accordance with the Applicable Law. and sprovedena potpunosti shiast sa Vaie?im zakonom. i [f?l notlting contained in this Agreement contravenes any mandatory provision oftlte Applicable Law. da ni jedna odredba ovog Ugovora nije suprotnosti sa bilo kojotn prinudnom od- redbont Vaieceg zakona. Appendix 4 1.2 The Lessor shall indemnify the Lessee for any I 1.2 Zakupodavac ce naknaditi Zakupcu svu Etetu loss or damage incurred by the Lessee arising nastalu kao direktna ili indirektna posledica pov- out of or in connection with breach of any of redejemstava sadrianih clanu the warranties contained in Clause I I2. Transfer of Lease t2. Prenos prava zakupa 12.1 The Lessor hereby irrevocany consents to 12.] Zakupodavac ovim daje neopozivu saglasnost na assignment of the lease to the Subject of the prenos prava zakupa na Predmetu zakupa. i i na Lease. or to one or more Plots. from the Les- jednoj ili vise Parcela. sa Zakupca na lice kojeje see to person under control of the Lessee. pod kontrolom Zakupca. smislu Zakona 0 within meaning of the Company?s Act. and privrednim druswima, i na zahtev Zakupca upon request of the Lessee. shall enter with zakljucice sa takvim licem ugovor izmenama such person into an agreement amending this ovog UgOvora. koji po potpisivanju predstavlja Agreement. which after signing shall serve as osnov za prontenu upisa zakupca javnoj knjizi ground for changing ofthe lessee in the regis- evidenciji nepokretnosti i pravima na njima. try ofreal properties and rights thereon. 12.2 In case of status changes of the Lessee. the 122 slucaju statusne promene Zakupca. Zakupac Lessee may. by division plan or agreement on moire planom podele. ili ugovorom statusnoj status change. transfer lease to the Subject of promeni. preneti pravo zakupa na Predemtu za- the Lease or speci?c Plot. to newly formed kupa ili pojedinim Parcelarna na nevoosnovano company. or to participant within status drustvo ili na ucesnika statusnoj promeni. Za- change. The Lessor hereby irrevocably con- kupodavaca ovim daje neopozivu saglasnosl na sents to such assignment of lease. and upon takav prenos prava zakupa. i na zahtev Zakupea. request of the Lessee. shall enter with such zakljucice sa takvim licem ugovor izmenama person into an agreement amending this ovog Ugovora. koji po potpisivanju predstavlja Agreement. which after signing shall serve as osnov za promenu upisa zakupca javnoj knjizi ground for changing of the lessee in the regis- evidenciji nepokretnosti i pravima na njima. try ofreal properties and rights thereon. 12.3 Lease to the Plot transfers to: l2.3 Pravo zakupa na Parceli se prenosi na: a buyer ofbuilding. or part of building kupca objekta. ili dela objekta (posebnog (sparate part of building or ownership dela ili vlasnickog udela}. koji je izgraden share). which has been constructed on na Parceli. pre nego Sto je izvrseno pret- the Plot. before transformation of the varanje prava zakupa na Parceli pravo lease to the Plot into ownership is svojine. conipleted. a buyer of building under construction (to) kupca objekta izgradnji koji se gradi na being developed on the Plot. Pareeli. and the Lessor shall. upon request ofthe Les- i Zakupodavac ce na zahtev Zakupca. zakljuciti see. enter with such buyer into an agreement sa takvim kupcem ugovor izmenarna ovog amending this Agreement. which after signing Ugovora. koji po po potpisivanju predstavlja os- shall serve as ground for changing of the les- nov za promenu upisa zakupca javan knjizi 0 see in the registry of real properties and rights evidenciji nepokretnosti i pravima na njima. thereon. 12.4 In cases other than those referred to in 12.4 Za svaki prenos prava zakupa na Predlnetu zaku- 12.2 and 12.3 any assignment of lease to the pa. izuzev slucajeva navedenih clanovima 12.1. Subject of the Lease requires decision of the [2.2 i l2.3 potrebnaje odluka Zakupodavca. koja Lessor. which shall not be unreasonany with- nece biti nerazumno uskrac?ena. held. 13. Default and Consequences L3. Neizvrsenje i posledice 13.] The Lessor does not undertake any obligations 13.1 Zakupac ovom Ugovorom he preuzima bilo under this Agreement. except in accordance kakve obaveze. izuzev skladu sa 8 Appendix 4 with the Joint Venture Agreement. zajednickoni ulaganju. This Agreement will terminate at the end of the Lease Period and can be terminated earlier only by mutual consent ofthe Parties. Ovaj Ugovor prestaje istckom Pcrioda zakupa i moZe biti raskinut pre toga samo uzajamnom saglasnoscu Strana. l4. Dispute Resolution 14. Resavanje sporova In case of any dispute. claim or the like aris? ing out of or in connection with this Agree- ment. the Parties shall submit to the jurisdic- tion of the competent court in Belgrade. slucaju bilo kakvog spora. pravnog zahteva ili slicno koji nastane iz ili vezi sa ovim Ugo- vorom. Strane ugovaraiu nadleZnost suda it Be- ogradu. General Provisions Opste odred be Except as provided for in this Agreement. neither Party may assign this Agreement or any ofthe rights and obligations hereunder. in whole or in part. whether by operation of law or otherwise. without the prior written consent of the other Party. and any such assignment contrary to the terms hereof shall be null and void and of no force or effect. Osim slucajevima predvidenim ovim Ugo- vorom. nijedna 0d Strana ne moie da izvrsi ustu- panje ovog Ugovora. niti bilo kojih prava i obaveza po ovom Ugovoru. celini ili delimit?fno. bilo po osnovu zakona ili na drugi naCin. be: prethodne pisane saglaSnosti druge Stranc. a svaki takav prenos koji je suprotnosti sa uslo- vima ovog Ugovora biee niStav i bez pravnog dejstva. lfat any time any provision ofthis Agreement is or becomes illegal. invalid or unenforceable in any respect under Applicable Law. the le- gality. validity and enforceability ofthe rest of the provisions of the Agreement shall not be affected or impaired in any way and the Par- ties shall agree in good faitlt alternative ar- rangements which preserve. to the extent pos- sible. the agreement reached by the Parties to achieve the objectives stated herein. Ukoliko je ili bilo kom trenutku. bilo koja od- redba ovog Ugovora postane nezakonita. ni?tava ili neizvrsiva. bilo kom pogledu na osnovu Vaie?eg zakona. zakonitost. vainost i izvl'sivost preostalih odredbi Ugovora nece biti dovedeni pitanje. niti na bilo koji naEin ugroieni. a Strane ce dobroj veri postiei sporazume kojima ce se. meri kojoj je to mogu?e. ocuvati sporazum da ispune ciljeve navedene ovom Ugovoru. l5.3 [t is understood between the Parties that in the event ofa change in Applicable Law affecting the implementation of this Agreement. the Parties hereto shall effect the transactions as contemplated in this Agreement. taking into account the new or changed legislation. Strane su se dogovorile da slu?aju izmene zakona koja ugroiava primenu ovog Ugovora. uloie sve napore da realizuju poslove predvidene ovom Ugovoru. uzimajuci obzir novi ili izmenjeni zakonski propis. This Agreement is executed in English and Serbian language versions. each of which shall be equally authoritative. [n the event of a discrepancy between the English and Serbi- an versions. the Serbian version shall prevail. 15.4 Ovaj Ugovor sacinjen je verzijama na eng- leskom i jeziku. od kojih svaka ima istu snagu. slucaju neslaganja izmedu engleske i verzije. bice merodavna verzija na jeziku. This Agreement is executed in counter- parts each in the like form. all of which taken together shall constitute one and the same document. Each party to this Agreement shall keep counterparts thereof and one shall be kept by the competent court in the process of signature authentication. Oval Ugovor sacinjen je jednakih pri- meraka. gde svi zajedno predstvaljaju jcdan i isti dokument. Svaka strana ovog Ugovora zaerava prilneraka ovog Ugovora. a jedan primerak zadriava nadleini sud prilikom ovcre potpisa. 3: en No variation of this Agreement shall be bind- ing on any party hereto unless and to the ex- tent that the same is recorded in a written doc- 15a Nikakva izmena ovog Ugovora nece biti obave- zujuce 2a bilo ltoju od Strana. osim ukoliko i meri kojoj je saeinjena pisanom dokumentu Appendix 4 Mg executed by all parties to this Agree- ment. kojeg su potpisaie sve strane ovog Ugovora. 15.7 The rights given to the Lessee in this Agree- 15.? Prava koja su ovim Ugovoront data Zakupmi I ment shall not in any way prejudice and shall nec'e na bilo koji na?in uticati na i smalra?e se be in addition to the rights of [Strategic Part- dodatnim pravima odnosu na prava [Strateskog oer] pursuant to the Joint Venture Agreement. partneral po Ugovoru zajednickom ulaganju. 16. Notices 16. Obavestenja 16.1 Any notice given under or in connection with 16.l Svako o?oaveStenje dostavljeno po osnovu ili this Agreement shall be in writing. vezi sa ovim Ugovorom hiee pisanum obiiku. 16.2 The respective addresses for service ol?notices 16.2 Odgovarajuce adrese za uru?enje obavestenja po under this Agreement shall be: osnovu ovog Ugevora so: The Lessee: Zakupac: The Lessor: Zakupodavac: [6.3 Notices may be given by being delivered to 16.3 Obavestenja se mogu dostavljati isporukom na the notice address of the addressee {in which case the notice shaIl be deemed to be served at the time of delivery) or by being sent by Fat:- simile [in which case the notice shaIl be deemed to be served upon completion of the transmission) or by being sent by registered mail. nazna?enu adresu primaoca (u kom slucaju ce se obavestenje smatrati urucenim trenutku isporuke). putem faksa {u kom slucaju ce se obaveStenje smatrati urucenim p0 zavrsetku prenosa) i i por?itanskom dostavont putem pre- poru?ene poete. AS WITNESS the hands of the Parties hereto or their duly authorised representatives the day first above written. GORENAVEDENO. Strane ovom Ugovoru njihovi propisno ovlas?eni predstavnici pot- pisali su ovaj UgOvor na dan kojije gore prvi naveden. [signatures and notarimtion. as applicable] [potpisi i notarizacija, ukoliko je primenjiva] Appendix 4 Appendiforilog Form of the Delivery Protocol in accordance with Article 6 of the Lease Agreement. entered into between represented by the Directorate for Property of the Republic of Serbia. and Beograd na vodi doo Beograd. Karadordeva 43. 1000 Belgrade. Ser- bia. Number 2103339]. dated undersigned hereby evidence physical handing over to the Lessee of the Subject of Lease. comprising cadastral parcelts) CM and. considering objections stated hereinbelow. confirm that. as of the date hereofthe Subject of Lease has no defects. Objections {typet?descriptionfto be remedied un- til): Capitalized terms used in this Delivery Protocol Shall have the same meanng as in the Lease Agreement. This Delivery Protocol has been drawn up on in the presence of the eomitte for delivery formed by and the City of Belgrade repre~ senting the Lessor. and authorized representative of the Lessee who. by laying their signatures hereunder con?rm trueness and accurateness of this Delivery Protocol. For Committee for delivery Inames and signatures of members] For the Lessee: [names and signatures] Format Zapisnika primopredaji skladu 5a clanom 6. Ugovora zakupu zakliu?enog izmedu Republike Srbije- koju predstavlja Direkcija 2a imovinu Republike Srbije. i Beograd na vodi doo Bcograd. Karadordeva 48. 11000 Beograd. Srbija. maticni broj 2 033391. od godine. dolepotpisani ovim potvrduju fizicku predaju Predmeta zakupa Zakupcu. koji se sastoji od katatsarskih parcela KO H. i. uzimajuei 1.1 obzir dolenavedene prigovore. potvrduju da je. na danasnji clan Predmet zakupa nema nedostataka. Prigovori (vrstai?opis/rok za otkianjanje): lzrazi oznaceni velikint slovom kttris?eni ovom Zapisniku prilnopredaji imaju isto znaccnja kao i Ugovoru zal-tupu. Ovaj Zapisnik pritnopredaji sacinjen dana prisustvu komisije za primopredaju sastavljene od strane RS i Grada Beograda koja predstavija Zakupodavca. i ovlaS?enog predstavnika Zakupca. l-toji svojim potpisont no event zapisniku potvrduju tadnost i istini? tost ovog Zapisnika primopredaji. Za RS Kotnisija za pri mopredaj limena i potpisi clanova] Za Zakupca: [intcna i potpisi] Appendix 4 Appendix SA PILOT DEVELOPMENTS Appendix SA Pilot Developments Pier i3; HOTEL buiiriing This plot is located just south ofthe Old Sava Bridge and has a total area of approximately 5.300 sq.m.. The western plot limit has frontage to the Sava promenade. a world class pedestrian riverside walk. whilst the eastern and southem limits are de?ned by two secondary roads. The main use ofthe building is hotel. The ?rst floors may contain commercial and retail uses that will help animate the waterfront primarily. but also the surrounding streetscape. The rest of the building will have a vertical composition with the aim of creating landmarks. transparency and diversity along the riverfront. The building height may reach max 60 meters. Piaf i4; RESDENTIA buiiriing As described in Appendix 6 Plot I4 Developments. Pint i 9; Shopping mrrii and Knit: buiiriing The plot occupies a central and pivotal location in the Masterplan development and has a total area of approximately 121.800 sq.m. The plot also contains a central square. The plot has a long frontage to the Sava promenade. the pedestrian riverside walk and on the south is adjacent to the "Gazelle" bridge. The northern limit is formed by a central entrance road and the eastern limit is the new central green boulevard of the Masterplan. The plot consists oftwo main elements which are described below separately. The Belgrade Kula. The central landmark building of the Masterplan development stands on a half-circle shaped plot. The plot has frontage to the Sava promenade. a world class pedestrian riverside walk. that has a reduced width of 20 meters in this part of the promenade in order to create more proximity to the water. The main use of the Kula is hoteliresidences, although commercial uses and-?or residential uses can be complementary. The building height may reach approximately 200 meters (max 320 meters) which will allow for the design of a representative and iconic landmark. The podium of the tower will house mixed uses that will aim to offer amenities and activate the riverfront and the surrounding plaza. The Mall. The piot adjacent to the Kula will be the Belgrade mall. The retail part ofthe mall only (without the additional residential. office. and hotel towers) will be part ofthe Pilot Project. The main use ofthe building is retail. although complementary uses as of?ce. hotel and residential can also be realized in the future. The shopping mall will have an average height of approximately l8 meters and additional acoents can have a height ofapproximateiy 30 meters. The mall will count with multiple entrances and routes through the building in order to achieve connectivity with the surrounding public realm and in particular it will reinforce the visual corridor and pedestrian axis between the Kula and the turntable cultural building. Along the waterfront the mall will have an active frontage and functions that will stimulate activities and use ofthe Sava promenade. 1 Appendix 5A F'i?ol Prqect Development Partners Legend Nu. APPENDIX-EA.- 5 PILOT PROJECT 'title not corresponding to text of App?mm Appendix SB PILOT DEVELOPMENTS AREA AND CLEARANCE PHASING LEGEND: IE PILGT win I . CON MUTED BUILDINGS II: PHASEJMEA SUE-GAL CONDITIONS 41mm WIN-1 PLAN an: man clif?n 5.: n- mug Imam-.5 mm?. U7 REEF D: PJLOT mats-.- - cram 1 - mm ?Liven-m . Fm I - Appendix 6 PLOT l4 DEVELOPMENTS Appendix 6 Plot 14 Devefopments 14; RESDENTIAL baf?ing This plot is the second plot south of the Old Sava Bridge and has a total area of?approximately 13.000 sq.m. The western plot limit has frontage to the Sava promenade. a world class pedestrian riverside walk, whilst the other three site boundaries are limited by secondary roads. The main use of the building is residential. with a total GPA of approximately 63.000 sq.m. The ?rst ?oors may contain commercial and retail uses that will help animate the waterfront primarily. but also the surrounding streetscape. The building height will be max 75 meters. although some areas ot'the plot may require adjustment to a view corridor regulation. The composition of the architectural volume will have a vertical character in order to achieve a varying and transparent pro?le along the waterfront. I Appendix 6 Appendix 7 PROJECT Appendix 7 Project The Belgrade Waterfront Project is a major regeneration project that will extend the city of Belgrade and connect it to the River Sava waterfront through the regeneration ofthe old Train Station area. located in geographical depression known as the ?Sava amphitheater?. The Belgrade Waterfront site is located promisingly along the east bank of the River Sava opposite New Belgradejust south ofthe Citadel. Old Town Belgrade. andjust north ofthe Belgrade Fair. The northern border ofthe site is bound by the Branko's Bridge. Brankova and Karadordeva roadways with the Savska street. Savski and Bulevar Vojvode Misica street marking its eastern boundary. The Belgrade Fair complex and the Old Railroad Bridge mark the southern site boundary. The Belgrade Waterfront project has set the ambitious vision for this unique site - creating a world?class waterfront destination and a new urban center that people will enjoy to live. work and play. The Project aims to revitalize the city waterfront- energize the city's economy and create amenity for residents as well as visitors to Belgrade. The second goal of the project is to establish a set of design guidelines for individual projects and development management in terms of how to add value to Belgrade?s existing offer through design under one coherent vision and how to transfer this former waterfront industrial site through the best engineering solutions. The mixed use development is set on a site on the right bank ofthe Sava river of approximately I 16 hectares. and sets to develop approximately 2.005.000 of space. including modern city Centre. residential accommodation. public services. cultural and civic attractions and a variety of retail and leisure facilities. The site boundaries include a number of buildings with historic cultural value that will be preserved and integrated in the development. 1 ?2.005.000m: TOTAL GFA inclPublic Services and Infrastructure (cca.68.?i?30m3} additional l0-25?Vn in Zones SS. for aboveground parking adds up to 1 Appendix 7 M5 Appendix 8 PROJECT LIMITS: SITE AREA I APPENDIX 8 SITE AREA c. ?mz ?43.1.31sz ,7 a. a. . . .7115, . .. .Vr/rw ?r grin.34p.?apfirm-Mp. r. . NORTH SITE I 737063 H2 SOUIH SITE I 191955?? Ligand SITE AREA TOTAL SITE AREA. I 979023 ?2 .- all/Appendix 9 TRANSFER DEED new Transfer Deed UGOVOR KUPOPRODAJI I PRENOSU UDELA Zakljucen dana godine izmedu slede?ih ugovornih strana: I. privrednog drustva osnovanog skladu sa zakonima sa sedistem na adresi registrovanog pod registarskim brojem [likaCl koje zastupa svojstw [ill lurks je de?nrimn Ugovorn a zajednl??hom ("Prodavae"). i Republike Srbije. koju na osnovu zakonskog ovlaseenja zastupa Vlada Republike Srbije, sa sedistem na adresi Nemanjina 11. Beograd, Republika Srbija. koju zastupa lice (valsnn ml slnfiejn) lh' hm hojl nlie je mlretlen Ugovorn a znjetlnle?hnm ("Kupac"). Prodavac i Kupae su daljem tekstu Ugovora zajednicki ozna?eni kao "Strane" ili poledinaeno kao "Strana". Preambula: A. Strane su ?lanovi drustva Beograd na vodi d.o.o. Beograd. koje je osnovano i posluje skladu sa zakonima Republike Srbije. sa sedistern na adresi Karadordeva 48. 11000 Beograd. Republilta Srbija. osnovanog dana 24. jula 3014. godine. registrovanog Registru privrednih subjekata Agencije za privredne registre pod maticnim brojem 21033391 {"Druitvo"); B. Prodayac i Kupac su strane ngovoru zajedniekom ulaganju koji je zaklju?en dana izmedu Republike Srbije. Belgrade Waterfront Capital Investment Abu Dabi. Ujedinjeni Arapski Emirati. drustva Beograd na vodi d.o.o. Beograd i drustva AI Maabar International Investments LLC. Abu AGREEMENT ON PURCHASE AND TRANSFER OF SHARE Concluded in on between the following parties to the agreement: 1. a cotnpany duly organized and existing under the laws of with its corporate seat at registered under with represented by in the capacity of o] nr the as de?ned in the Joint Venture Agreement] (the and ta.) Republic of Serbia. which is by the statutory power represented by the Government of the Republic of Serbia. with its seat at Nemanjina 1 1. Belgrade. Republic of Serbia. represented by [n] nr other entity of the Republic nfSerlJt?n (as the case may he) or non-selling Shareholder within the meaning of the Joint Venture Agreement] (the "Purchaser"). the Seller and the Buyer are hereinafterjointly referred to as the "Parties" or individually as the "Party" Preamble: A. The Parties are the shareholders of the company Beograd na vodi (loo. Beograd. which is duly organized and existing under the laws of the Republic of Serbia. with its registered seat at Karadordeva 48. 11000. Belgrade. Republic of Serbia. incorporated on 24 July 2014 and registered in the Registry of Business Entities ot? the Agency for Commercial Registers under the identification number 2103339] (the "Company"): B. The Seller and the Buyer are the parties to the Joint Venture Agreement entered on between the Republic of Serbia. the company Belgrade Waterfront Capital investment L.L.C.. Abu Dhabi. United Arab Emirates. the company Beograd na vodi d.o.o. Beograd and the company Al Maabar International Investments I.LC. Abu Appendix 9 L.) Dabi. Ujedinjeni Arapski Emirati ("Ugovor zajednickom ulaganju"); Prodavacje vlasnik udela koji predstavlja od ukupnog osnovnog kapitala Druswa. nominal ne yrednosti RSD od cega novcani ulog iznosi RED a nenoveani ulog iznosi RSD i od cegaje uplaceno RSD i uneto RSD Kupacje vlasnik udela koji predstavlja od ukupnog osnovnog kapitala Dru?tva. nominalne vrednosti RSD od cega novcani ulog iznosi RSD a nenovcani ulog iznosi R50 i od cegaje uplaceno RSI) i uneto RSD Ukupni osnovni kapital Drustva iznosi R513 i sastoji se od upisanog novcanog kapitala iznosu od RSD i upisanog nenovcanog kapitala iznosu od RSD od cega je uplaeeno RED i uneto RSD Saglasno clanu [15.2.4 mean (it) 111 24.1.1] Ugovora zajednickom ulaganju. Prodavac Zeli da proda i prenese na Kupca celokupan Udeo koji Prodavac ima Druswu. a Kupac ieli da kupi i prihvata taj udeo. SU SE STRANE SAGLASILE SLEDECEM: 1.2 l(Elan 1. Kupoprodaja i prenos udeia Na dan potpisivanja ovog Ugovora Prodavac vrsi prodaju i prenos svog ceiokupnog Udela Drustvu koji predstavlja [01% ukupnog osnovog kapitala Drustva na Kupca. Strane saglasno konstatuju i saglasne su da Ugovor zajednickom ulaganju predvida da ovaj Ugovor predstavlja iskljucivo instrument kojim se vrsi prenos vlasni?tva nad udela Prodayca Drustvu na Kupca. svemu C. Dhabi. United Arab Emirates ("Joint Venture Agreement"); The Seller is the owner ofthe share representing of the total share capital of the Company with the nominal value of RED out of which the cash contribution amounts to RSD and in? kind contribution amount to RSD and out of which the paid-in capital in cash amounts to RSD and contributed in-kind capital amount to RSD (the "Share"): The Purchaser is the owner of the share representing ofthe total share capital ofthe Company with the nominal value of RSD [In] out of which the cash contribution amounts to RSD and in?kind contribution amount to R30 and out of which the paid-in capital in cash amounts to RSD and contributed in-kind capital amount to RSD The total share capital of the Company amounts to RSD and comprises the subscribed capital in cash in the amount of to and the subscribed in-kind capital in the amount of to RSD out of which the paid-in capital in cash amounts to RSD and contributed in-kind capital amount to RSD Pursuant to Clause or 24.1.1] of the Joint Venture Agreement. the Seller wishes to sell and transfer to the Purchaser entire Share in the Company held by the Seller and the Purchaser wishes to purchase and accept the said share. THEREFORE THE PARTIES AGREED ON THE FOLLOWING: Article 1 Sale and transfer of share As of the date of signing of this Agreement the Seller shall sell and transfer its entire Share in the Company representing [01% of the total share capital of the Company to the Purchaser. The Parties acknowledge and agree that the Joint Venture Agreement provides that this Agreement represents solely the instrument for the transfer of title over share ofthe Seller in the Company to the Purchaser. all in accordance with the Appendix 9 L03 Ila} L.) 2.3 DJ skladu sa merodavnim pravom. Strane saglasno konstatuju i saglasne su da nemaju nikakvih drugih medusobnih prava i/ili obaveza po osnovu ovog Ugovora. osim onih ovde ugovorenih koje se odnosc na prenos Udela. Clan 2. Prijem udela Kupac prihvata prenos i kupovinu Udela koji predstavlja ukupnog osnoynog kapitala Druswu. kao i prava i obaveze po osnovu tog Udela. Odmah nakon [notarizacy'e Hi were] ovog govora [01f uadt'eineg organs]. Strane cc preduzeti sve neophodne radnje i dostaviti dokumenta kako bi zakonski zastupnik Drustva podneo registracionu prijavu Agenciji za privredne registre Republike Srbije za registraciju Register privrednih subjekata Kupca kao vlasnika Udela od Prodavca po osnovu ovog Ugovora. Na osnow oyog Ugovora. vlasni?ka struktura Druswu ?e biti sledeca: Kupac je Vlasnik udela koji predstavlja 100% od ukupnog osnovnog kapitala Drustva, nominalne vrednosti RSD 0d eega noVEani ulog iznosi RSD a nenov?ani ulog iznosi RSD Clan 3. Kupoprodajna cena i tro?skovi Za prenos Udela sa Prodavca na Kupca bice placena kupoprodajna cena iznosu od EUR skladu sa Ugovorom zajedniekom ulaganju. Kupac ce platiti sve potrebne troskove vezi sa ovog Ugovora. kao i tro?kove vezi sa upisom promcna Register privrednih subjekata Agencije 2a priyredne registre Republike Srbije Clan 4. Id applicable law. The Parties hereby acknowledge and agree that they do not have any other mutual rights and/or obligations under this Agreement except those provided hereby related to transfer of title over the Share. Article 2 Receiving of shares Purchaser accepts the transfer and purchase of the Share representing ot?the total share capital in the Company as well as the rights and obligations attached to such Share. immediately upon [notariza?oa or the certi?cation] of this Agreement [by the competent authoritj-?J the Parties shall take all necessary actions and provide the documents to make the legal representative of the Company to submit to the Agency for Commercial Registers the request for registration in the Registry of Business Entities the Purchaser as the owner of the Share acquired from the Seller based on this Agreement. Based on this Agreement. the shareholder structure ofthe Company shall be as follows: The Purchaser is the owner of the share representing of the total share capital ot'the Company with the nominal value out ofwhich RSD in cash and RSD in kind. Article 3 Sale and purchase price and expenses For transfer of the Share from the Seller to the Purchaser the sale and purchase price in the amount of EUR shall be paid in accordance with the Joint Venture Agreement. The Purchaser shall pay all necessary expenses relating to the of this Agreement. as well as costs related to registration ofthe change in the Registry of Business Entities of the Agency for Commercial Registries of the Republic of Serbia. Article 4 Appendix 9 Mi 4.2 5.3 Merodavno pravo Na ovaj Ugovor primenjuje 5e pravo Republike Srbije. Strane ce svako sporno pitanje koje proistekne i2 ovoga Ugovora ili L1 vezi sa ovim Ugovorom reSiti mirnirn putem. slu?aju nemoguenosti postizanja mirnog resenja. svi sporovi koji proisteknu i2 ili vezi sa ovim Ugovorom bice reseni pred Privrednim sudom Beogradu. Elan 5. Zavrsne odredbe Prava i obaveze Strana ne mogu biti dodeljene, zaloienc ili na neki drugi nacin prenete od strane bilo koje Strane. osim ukoliko je dozvoljeno saglasno Ugovoru zaiedniekom ulaganju. Ovaj Ugovor se ne moie menjati niti dopunjavati- osim putem aneksa Ll pisanoj formi. potpisanog od Strana. slutiaju da se bilo koja odredba ovog Ugovora bude smatrala nevaie?om celosti ili delimi?no. to ne?e uticati na pravnu valjanost preostalih odredaba ovog govora. tom slueaju. Strane Ll meri kojoj je to mogu?e. zameniti takvu odredbu drugom pravno valjanom odredbom Iaoja c'e odgovarati duhu i svrsi ovog Ugovora. slueaju nesaglasnosti izrnedu Ugovora zajedniekom ulaganju i ovog Ugovora, merodavan ?e biti Ugovor zajedni?korn ulaganju. Clan 6. Stupanje Ugovora na snagu Ovaj Ugovor stupa na snagu kada ga potpisu ovlasceni predstavnici Strana i kada isti bude pren? nar?ei?nim (flan 7. Broj primeraka ijezik Ugovora 4.1 'J'l 5.4 Governing Laws This Agreement shall be governed by the laws of the Republic of Serbia. The Parties to the Agreement shall endeavour to settle amicably all disputes arising from or in connection with this Agreement. Should reaching of an amicable solution be impossible. all diSputes arising from or with respect to this Agreement shall be settled before the Commercial court in Belgrade. Article 5 Final Provisions The rights and obligations of the Parties may not be ceded, pledged or otherwise transferred by either ofthe Parties. except as permitted pursuant to the Joint Venture Agreement. This Agreement may not be altered or amended, except by annex in writing. signed by the Parties. Should any ofthe provisions ofthis Agreement be considered fully or partially invalid. this shall not affect the legal validity of the remaining provisions hereof. [n this event. the Parties shall replace. to the possible extent. such invalid provision with another legally binding provision that shall be in compiiance with the sense and purpose ofthis Agreement. In case of discrepancy between the Joint Venture Agreement and this Agreement. the Joint Venture Agreement shall prevail. Article 6 Effective Date of the Agreement This Agreement shall become efiective upon signing by the authorized representatives of? the Parties and its [aarariznrimi/cerrf?mrion before the entrapment Article 7 Counterparts and Language of the Agreement Appendix 9 $516.- 7.1 Ovaj ugovor sa?injen je na i engleskom jeziltu 6 (Sest) identienih primeraka od kojih._ po [rmmn'mcr'r'L/oven' mt rmdl'einog orgmm] i dostavi Agenciji za privredne registre Republike Srbije i Poreskoj upravi. Prodavac i Kupac zadriavaju pt) I (jedan) primerak. a preostali primerak sluii za potrebe Drustva. slueaju neslaganja izmedu i engleske verzije merodavna ce biti verzija. This Agreement was made in Serbian and English language in 6 (six) identical copies. out of which. upon the by the competent authority] and submission to the Agency for Commercial Registries of the Republic of Serbia and the Tax Administration, the Seller and the Purchaser shall keep 1 (one) copy. while one copy shall serve for the requirements of the Company. In case of discrepancies between the Serbian and the English version the Serbian version shall prevail. [details ofrbe Seller] lme fName: Funkcija Position: [details of the Purchaser] [me fName: Funkcija/ Position: Appendix 9 Appendix 10 ZONING PLAN 23.jaHyap 2015.. ms. 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Humm 11 1.111111111111111 1111 pcun 1'13? 11111111111111 11 111.111: 31111111111111 1111113111] 11011111 1:1: 01:133113'11: 1108:31111111-111: 11:11a- 11 Kapahophcuc 52111111: 313112111111 annual-11111 :11'111 1.31111: 1c11c1c1111111 ?11:11:1an 11111111111351111'1' 111111111111111111. 1.1111113111111111 3111211111; 1111 pen-1- 11 .111l1c11'1115' 131311; 11111111611111 11 ?carpucmr 1111;161:1111. .?112111111-11112311 jc Huh 11111171 Hamclia 113111113111 :1111131'11131'111. 11: 1?11 1111:1111 11111111111111 11111.11 1111111121111 311 1.11111 1'1: 111111111111: 111111-1'111111111'1 11111-111111 1111-1111111. 111111 11 11 :1111glc;111p1111=c 1111:15'1112111111111'11 31 111111 11-11611-131- 1131' 1:11:13'91'1' ?em'pa?tmr rpc?cna. Imaiyhn 31' 1111.11?; 1111:1113 11c10 111 c1111 11 1111133711111 3111111111 31' 1111111 ?11013111111111 11.1mm 1111 111-111 1:1: 1131111111: "Cr-111311 [11111111 l'1:1:'l'11111111" 1 1111111c11111j1' 113111111: 11 11111111 111.13 11133111111111 TIp11u111 11111111.1111111 11112611 1111.131 011131 1111:11311H1'1r 101311.11 111111 11:31:13 111111311 11 llEilHHC. 11110 3131111111ch 1111:1111 11111111111111 111111111111 1111M 11331311111111 in?rm. 51'1th' 11111cp11c11111111: 11a 11 31' 11111111131111 111311111161- 1111111 11111131111111111; 11111111111 1:1: 1111:1111? 11111113115 0111111111111 11 )?H?iTpClelh? 11111171 ecrc?rcm? 11.111 11 110111211111'11'1'11111111'1: e:11:1111:11:1111_ 4 3. HEJEKTIE 1111111111: 111 0511:1171: 11111131161131 1:111111' 1111H-1cp1111'1-11pu11111: 11:10:11] {pCCTaypauujc pe- 111111u'11111'11u11jc. 1:1111111111j1: 1 11p1:'11:11'1'111111j1:1 1:11. 1111;111:111 111111 111111.11 3111:11- 1151131111. 111111 11 c11H11rI1111111 611.111 1111]: 111nm: 11111'1cl1c1-1111 11.111 Bpuhalba 11111106111110 1:1'111111: T111111h13. 11611111111113 ?11: 111111111111 11 11-131- 11111111: n?jeKnTa 110 nojehcw 1111311111111 11 11.1.1111 11p1111c11j1' 1111:1113 1111p11111her-1111. "11:661111 11 111112131111 11111111111111: 113:1? 111m: 1311 1:1: .11111 1111;11:11111111' 31111110113011 11 11111311111111 1111-1111111 1111111 C1: 11111-1111: micrum ca 11111111111- 1111116111111: .?111 1111:111 11.111111111111111 '111 111111:- 1111111111:. 1111111: ?11116111: 113353 :111 ca 11131113- 611?1?111111 g1 1::11111233 111131 131111111 11111113111111: 1111 11pm: 3. [711511111 11 111111} 15111111111113; 211311.111 11:11.1 11:01111111-11111: 1111311111111: CTaH1ll111c ?1111.11: 11 1111peT11111113. 11 Ba- c1111'11?13'p1' 112111 11c1111111= camp-11111111 11111113111: 11 Typu'nm 11111111. 1111:1111: 1:111'1c. 11'1111c111111111 111111 111111-133. 1:1:1111111111: 111mm: 11 LILJHHIUHITIICJ. 1 10r111111111 11115111111- 611 cc 1111 111:1'111'1111'1'1111 11 cr11111<11 111111111] 1111111 11p111:1 1.11111. c:111111111 1110111111113 11 13113111111111111111 1111111 131: 11p111111 111 11:1 .1p1r11'11 ['1'11p1111111. 1 311 1113111111211'111- ?31111111111110 I11: 111-1111111111: _11111111: 11311:?: '13 1111111013 111:1:111311 511 11.911111 3111111111 11111111111311 11a CHTepmcpa 1111111 "11:13ch 3' '1111111111c11111 1111.1111111 H11 111311111111 n?mKTa. 11131111111111-111jc 11 pc111311c1'pj1'111111j11 131111111111: H1: 1111111111: 11 Hpuhmm 111:111L1111u1bc 1111: 11111111: 11111111311. 11111 p11'111.1111111111 11p11 c11111uu11111 11111211111 ch11cr111111111111 11 '1'111111- 1111111111113'1111111 311 11111111 n.1111111p11111111: 11111111611111: 1111- 111:He 11111111. 311 _.Kp1:1' 1:11 pc11pc?1c11?1?ar?1131111ypc- }c11.c 11111111111111: "11111111111111: 1' 1111.111 1111c'1cn'1'11111111: 1431111111- 11111' .1111?11111 311 11111511111111 11111111111: "11.111.1111111 Bane" .111'11311111311 1'1: 11111311131111- 111111c 11111 arr1111 1111111111 11-11111 11:11rc1111 1111-11-11: 11.111 111111: 11111?11115121111 11 1:1'11111111111111' 4.71.4. 1113311131111 H11 1'11 :13 1:3; 1121311111611 11:11.13. 11' ?:111'111- 1111 rpa1111111: Ilpocmpuur 111111111 3'11 1111.111111- Mnu'l'u 1111111111 1111 1:11:1111111 1111 1111111?11111} Kucuwmhcaur BcHuu. mam-111111 11.111 J11 1111L?1'qi1: 11 1111111 11111:}' 611.111 1151'- x?nahcnn 11111131111011 [1111111101111 111111111}; 1111111111111 '11'p11;111_ 1:11:11: 1111- 3111111111: 11 13.1}. 111113111111 :1111r31h1111c1 11311111121111 1-111 amt-11111111111: 1111:1111: 11 Kano 11c 611 ?111 1111111111111 51111111'1'1?11111. 111'111111:'111 1111111:- cnrrupa .11: :111 11 111111131113 111111111131111111: 11 101111111111: 11111111111 n?amnn 3:131:11 111 ?111111111111 1:111:111311111111 11111111 131:11rpa;111. 1111i? hc 0151:1- (11331111111111117111111111111 1111111111 111111111 1111111h1311111 4 Mlil?ii 311 HH Elli-131111135 1'1- IIJAHA ('1116111111211111 1111112111] 11 1111111' .1011] rpma 11 111111.111. 1:21 11'1r1111:11111111 1111111111 11511311111111 11111111111311.1311 1111111111 1111111-?1?111111 11 11511113111. 1.1131111 .1111 11a11u1111az11111 111:1:11111-2 11111- 111011.111 11 1111;1ec111111:111p11 ca 11.111311113111111 1111111 01113311111111; 111111 11 :13 1101;111:111: 1111mm: 11:11am]11111111111: 116.1111131'1111111' 11111161111111 31' 1111113'111c1111'. 4 (1. 111-1113111111: 311111111111 11 11111111111111 H11p11111111-111c 131112511111- C'l?ll IT IIDITPOJHIIN 111.1111} 1:3 3111111111111 ll T11 1111111111111: 1:11:111111?. 3311111111111 11 '111111111111 111111111131: 11 ,?1111'1'1111 1111111111- umm 311111111111 11p11p11.'11: 11' 11:1H11c11 1111 '1111111111111 '111111'1'11hc1111 [11111111111111 111131311. 11111111114111: man-101:1" 11110 11m: '11::11:111: 11011111111111; 1111113111- 1111111111 np11111cpu11 pcxa C3311 111111 11311131111111? 1111;111:1011 11 3131211111 6110101111 1:11:111111111'111 110.111 n?m?ch?y' 11111111111111: 61111- .11111cp311TeTa 11 11133311112111 11111111111111: 11.11111c111111 [31311611112714 115c11?1c11c1111j1: 1111113111111: 11 13111111111111: 1101111- u111e111e 1:110:101111111 31111111111111r 110.1113'11111 "51111111: Can 31' 1131111111? 11 1:111:1- _?11.1u11101' 11013111111321 "1511:1111 1111.111" 11110 3.10133 13110110111111: {111311.112 1111n111 1c11111 .1111?11111 11:1 "111111111111. 3? 11111an11 [1111310111116 1111321111: Cp?ujc. 11111110111111 p131?:- 11113111 1151216611131111 1:111 1.11::111311 '111: 11111111111111: omnnurra 1111111111111111131111 111-1131111111 51111101111} 11 .111- 1311.11.11" 3?1 1115'1-111111111111111111 1:1 11111111510113 1 0:0511111: 1101131111111. 4111115111111: 11 11111111113111? 11 11.119111:- HaTa 1101111101311 31' 1:111:11}: 1:11 11111:;1cm11111 11 H11p11h'rc1111- 121-1111211111 110;1p_m_i11; 5} cnpcuanmbe. 111111113111 Chl?lbL?lbL?. 1111111111111" 11 c1111n1111j3' 111111: 1163111111 '1111'111'11111'111ba; h} yuanpcheme 1:110:111111111111 110p11.111p:1 31113111111 11'11'p11hc11111- 1111.1? pyuja. x1111?111111'11'1c1'a 11013111111111: l111111 6111111111111 11 1111111111111. 111151111111111111} 41311111111111: 11011111111111. 1161:1- ?chyiy 111:1:111121111111 mural-111: 111113-1111 spam; c.11111111111ca1b1: 11.111 11131111111111?: 11111111111 1111 11111- 1111 c3111 111p1111c1111?11 11ri1r111111p11 1h 111 11 :1113'1'11x [113111351111 81 1111111111111 111111;111palba11 11111111311111 ?11311311311111; Epcm 11': 1111p};- 11 1111111111 11113111111111111?111 1113111111111 111:0111111311111 '13 11111:?1? c1111.r1111111;11 31131111111111 11111111311121 11 c1111:1r11111111r 11111111101111 3?111' 1111111111'c111': 110311111111111111111: 111111110301111pc:11:;111111l 11p1111c11.1:1111jc 1'c1 [1111:111111: 1.111.111 "11111111111: 11111111111: 11 1311111111: 1111111111111: 1' 1:111: H1111c11c11 111cr11p11 31" T1111 131111111}. 11111111311111 111115111A el111x 11 11111113111111: 111111111111111-1111 31:11:11111; 11111111- 111111111. 11:11:1111x 11 .111111c11'1111111 11111111111111 1:11 1.11311 31 1111111111) 1111;111:111 131511111; 11 111.111.1111 :1 1:11: 31' 1111.19; _11111ur111':11111 1:111:1'1'1111 1111 1111e;111cr111'1111 11 1111111211? 1111111131 11 11111111111I1c111c 1:111:1131111111 111 1111111111113 111mm 311 1111:;1121111111111111: 111p1l 111.1111.1 Hum-11111111111111 HCI'C'I'atilljul. 111111.1111'111111111111.? 1111 1111111111: 78 yumm- Hpm'a ca my:qu- II Ila rpm- cxg. II Ihcuujc II Bpum. :1 ca Elk-mum Snowman - yrnLIupII". ?poj II .1211}- .1llL?T Cp?ujc ll Tum: ?puj Ifzus'U?} CI: 'me WJIIBII jI': Ic- "330mm pauuna j: fly?rk'?ll Eli] II 'i'cl Irpupmc 3' j; IIpIIpmc. n?anc- ju- n?aaecnml II 33 cm: ?y?yhc panaqinc I'Ipojcmc II pagan: HUIJHJEHI Jt,? Aymara JEI H08 'Im'Tcn 'Ia "1,1338le ycmea 131mm: npupn- 3a 'Ia anIpmu Cp?ruc Bpoj 7 4 7 ll: UJHDCIIO nourth-hm II llil Humor?: nmpc?nu ?up: II Imam: Tenn?5'. II cum} ca mpen?axm Banana 0 II I?cunmnII-Im HILL): l Ilpuc lips: 631131?: II npucmpa. a Ham" II nucn?gichm? Ia?jCKaI'a. nnpcuc II Tinc?a jc I'lJilIal?lI? ll'ifp??ilaa n?jexara II .SlC'liHjle jc Imcc?nc npucmpc 3a puInpcIuHalhc II vIzI'rcpIIiasla Iconoccxa. n?jcxam. II an "new: Imjch: mm .10- quI, nan.? ornma. TPCGEI omlocm 3. cu Bamma LI IHIIBIJTHI: cpcuu- Ila. ll? npnjex'l'a II Ila jr: ?131?ij :In C: aarathIICTII 'l'pefm Sailp??l?ilthc. (my-13ml): Ilocrqpehcr amenor nojaca 3'3 1163); u?any' (?anc II M0- rylmocr [imprq?paum ngu'umpujI-Tmr nnjaca Ha para: Cane. o?ci?cmlm awn-mule Ha Han ll ?Epic "Ia. mun II rlnallupauc n?JeKrc lFsU?anLI ll J. n?m?cnmn uucI Icpucm 1 Boga ca cam; 1m. uan?pahnjnuua II Wapl?l?l'il. I. camp-amp}. II 321,3. cc 01533561]ij Ha Harms maslm? npnnucanc II 'Ia Kann- II u?napamp II Ila II II n?am L'unc. 0.1 Ila II 1! ca CI: IIJJIIBILHII: mac qr:? IIJII 3a apex-II: II I'm-am ll'ilp?thL?. :1 60mm Ha Jenn} pane L'aac. Ilcpc Im II 3mm: Iranrluxcnn II Run II \Icpc mic cy Ham-chum aIITmt In II MEDIUM 5' mm Fnaqtm? 23. jauyap 2015. 'Iarpcanum n?jcuamalpucwpa. IUII II 3 II L'Ilu- ?puhujinnm; II rucc'ru BIILZUKHK 31 'iilIll'l'll'l'}' on 631m. yunna IT \Icpzl 'i'dIll?l'll'l'C cc 6} (JG-Icm'mm. II Imucmnuu cmunaamy II o?jch'nma Iummc II 11chch 51:1 1m 3' Emmy ca 'Ia ll Irp?un HI 'sI'panapcI'IIyJ 1 I 99!) 4I I ca n'r- HHJIIH lilaL'l-EIIK 6p. 30.509 II 83310] II Ha- IIFII: Inpu- Bibi-Ind! UTIHLIOM Ecnrpa?u 1?2020. Lilly-maul? ma?a I. II "In pmapcmname. lil'T'L?IhL! IT slarepnja Kojc II IurIIuJa uacrII II L?'lTilfla Icojt ?fl 1' II 5' Hum cc IIEMIIP- II u?ea?cmnn II ma?a- mm?u. IT rIpIInpcxIcIIn L'lmr II pcumpuml mncy?c In: 3: 13' unpx}; an Koju 'i'd j. Bpn'ml urn-Mun 325-: maolienn HUTEIJIEW BpC'l'u Imuua II lr?jFB?TlT 3' 'saI'ImpcuInI II nocynanla. )?l?phL?H cu: :m?Inmy 'Ia TUM BpuTmI II - um?onapqn'lm 5pm 0.1- Ilill??lhc nTrIaJa Kan II II cly 1a (Illar?lb? IIBII II 4.2.1. Tpc?a II g. cu Bamchnu Hupuamu II ap- u?chIaTEL II In. II \Icpaua 05:36:- ,Iu I21 Him-Lula: npenagc Ip?llIllIllC MHFIICTCKIIM II 5' many ca rpaHIIumIa spawn-Alma ?pulj II TII Bpmnuu'l 1mm (IL) llpL?flEl'SIl 2 kV-"m. 2 HC n?ug?ugnrul mun-HT) Inuzcwmut 30,151 Hurra- ahauxu npnxum onacnm \T?l'ep?ju In {many an 3.11:1 ump?canm' 'rpaIIcrhIIF-mampy; II Imje hujll caupaxn noun" Hame IInTpc?lIn II: npnu njll-Itkoiru xIcpI-Im ll HICPCHIC 65w: up: 'rpr:?II:: nun . 3.- cu ll gmumnmanac II 'rllH'dH-lnlil apaLICIm II (II-EIL- {Ipruny poh'y 0:1 15 Imp-31m m?i'Inp mac Immqu 23. jaHyap 5. ll raluljj. Hilamipaltl? II n?jckal?a CC Hamma- nan ll LIGHUEHIHIH Il'il-Inpii a Rpm: n?uummulbc u?jcxam. qcn}; ma?a lIE??l'aB?Tlt paeyhcuncr cmaplmx cunapnnx KO- :Icm'upa n3 HepTImaJnml [liar-(mama; II uranium? n.1a?np Bere'ruulljtu jv' 11:133- cunumha quCKa'Ia :1 'ip?LICEba Ha o?je?'rc. mm yrumaja Helpal 3? mi: :3 rupumlpuuay mmuu 'T'pu?u I H. up? cc Jaununu 043m xlupu 1 3Hcc'rn Bumps-L1". mm m?im?mlrm mronupqiyhy uncch "Ia npaherm: cunt.? ea 5' I'upama; 'm m'uzL?IHnI n3 rapama Inn no- 'Ipe?iII; - Burl-u. 1-pcmau :menl II 31121. up: mummauumm npamhemc II ucnnpampa. pent 3' urlyunj} chpl-njc yrpajnacm arpernm onwnupxuyhe L'Hulc IT cumuqu 'su Jaknr .103: 3cm in Im- pug-a 1mm arpcra?ra 1. neupuuyull) Imja n?l'uRalpn ?creme 3' cilyqqiy yucca 'Fl "ca min-x1 uley ITrrmInpurH llajMath immune] ca n?c L'rpanc HuamlJaanmmx uaw?pamajmlu?: Jp?uln?? y'i cao?pahauluue CAD I II CM) 2. I'I'mpmm'u [Iom'ojchc can upcjum rpmuluam I'lpucmpiwr 'cal ypc?cw: acne.me mph-anle Hnnux BpuTc. inc cy unmpue Ha Hcra'nmm: )L?Jnm: mmome upc- Jnxanmm H.1m1a'1'cmnl ammonium anc'! cnaJan.? aynw'mnu Imam. nut :21 03:16pm: \mpujy nzyuamc IO cm 4 3 0,31 I-I JIPYI HX 3A BEMJH. 4.7.8J. wept 'sam'anc "murmur Pam 'IC?ilhn?lpCC?. Itchvemc TH 15 cr-crliL'ly '5a n?ic- unzpy'ujlma 31.38]. 2'34'83. CBC npopaqyuc u'wn-Ixc m! liucc?llu Il'alpn?cmm \qupuucnwnuxc 3a u?jcwru IIC 5' Blicoml'pmm.) umpytumm Lil'n'x?clm .?ch ?pu] Nib-1 climax}; ca Ir;- i'piL?le?y :16}:an Bnummrpamhc cam: pm Iluna.zm: marcunumun: Ilapmicl'a- pa mtuL?maama m1 nuapmlmu Tcpemt. upc- uu llpuHIIJInmj. cum} lI Ilpcuu IN cran- Japmmu. .?muuluull I 1'33 n?jcm'u Bug?an In IIpanIL'Imnc n?jcmt! Hill-I ncropuic yE'wp-uuhu 'iil Iru- Bpanm ncpnoJ IIJIIJII IanrIu. - FN o?jca?rn KEITCHIPIUC cu 'iHEl?IiliIl -I. agR?{l Iihg 1:10 F. [bun-mp I 213:1npnc'rpunc't'pmnuucmpc. [Him]: In o??wIm: u?jcmn I Hulul?npn}: Ku?l? 3:1 VII umch cu ccn?nluulmu'rn I125 037?5. n?irKlII Ill cu Icnmlumuchmu 'maqitja 2 11m Imm I-.. ([12151va 1:13 4 amen?I] m? HUI-MIKE 9w tam Bpoj 7 79 3 I 3:1 crau?cnc 'srpimc II Harm'upnjc ca Ku=n?jcm'n ca Hocqmunjenmm .U agllr?llbg 1:10 Tuml E. ijk'mp Tim amax=?1084g 1'I:Ia1mpch anemic {a?jcxa'ra m1 rrnKauujH con- c-Iacllc ncpumc mic he n?jcmc am:me 40 ?n'm ache I 5. mncnajy allasuny juknx Ham Ilrm Mamnunn Hc :11 mm. In: llM?TlI 0:1 I 3 2 g. nu Hapamupucumu .mKaJr-Im nu Kama hr ll unname- Hc llElelL'lL' snunm? u?jcxura ?lm: uhcm [v damn mpaJc Tcx'mmh'c jc ?llEL'lIl- Ila Ll?ick?l?c. 4.7.3.2. Yp?mnm'nqh'e .m-pL- 1a talunr'ry.1.y1n llpunumm mrpagmc (mun: ca mu- m: 33mm} 0 6p. I 925]] II 01.12}. mm npuc?ropujaua rpazm cc eja? tmna 11mm ?min: 1.1 If'i?lpikll Erma-cm npoumcu Hmme cara?pahaimm :1 :Ipyrux' non'icumlx u?juxum tIquc?a- \lu cmmhamu ujattauc ?:ch Inna; Tpc?a Hpunml upch 1mm) 59 3a 'mumrmc 11.0qu1 .?Incr (1qu 55. IIpamt?umm Impmanmuml 311 ?pq; 55333} 3 GREEK. If?! Ilnjam 3* 1rpmapcm' umpmyucaa Knunmyupami nu!an H1.le 1a mun.? 11m, lump cum eneprujc. o?e?s?ehcn-c mu ?n.l.m yams-a mpumhelba II In: o?jcma HCDEIHUBJHIBIIN Hann- pn emprqu ll u?lmE-rbnsux Il'snupa jc pmyhunju cmlcujc 1m:qu ca cqlek'mm cramcnc ?nm'lc. mm 1mm'l1'nl r:m?:1:mor 3:1- 1 0511124113011 [1.133qu rpzuzL emu-13' ca 33Hu lml 01461111le :H?cHu It'lucmm clicpl'cmlm Hamill}; ?puj 145-14). ITcomoJHujc m1 Hale'rnllalbj.? rpannrmaa macmma millenam 1m canmacm: pun-ma Tummomjc 3' twin? 'srpaume. le??at?iaa rpmumn-d. 'rj. :13 yuanche 3' 1rpanapcmy ?n cc mammal npcru IIm?pc?Ho j: Elmilu? mun nnpamaml II rm "mam; ymnuxo cc malt: uurnapll'm runners? npuaym?lmuncm mm cucpru'rcxc [paule mm mmonlc II kgm- va'ruxm [Ipmtu Oglilylm (?TpaTcrIrjc pumq'ra Pcrq'?'nms: C'p?tuc ,ln 2M5 milan macmm 5ij 44905] mum'ch 5 m'nacm Impu- "1?:th mum-me encpl walkers?: w. cf rcmmu ?aer: cum-heme ynu'?l Illn- cmHux Hummu- ucpc pinup-chem:- eHeprcrum: 3' 'srpa- my; cg.? mamma- ry?n'nmn. uInmuuHu IT nju ?upckl?lmc Kama 3rpa;m I Dircclivc IZII ?auntayiyhu ?Iu linoncm: yHIch. Pam'?nmm C'p?niu 'aalmrrugm jc 33mm 0 II 613 72mm, SIIUU Ilcnpu?? Hat. 6145?! 43:13 5T- YE. '33-?13 Ff, 31-?14 mun? u?auma cmuu'?nuu 'srpaua Cil- umaim :Icu Knjil Cr: ?plum-Kn: 3.3 'm nuanmm um pc?nc ln'mch Jlu?omuuw Ilpumr mum cucprm'ukqi 'lI'pii- -1u macran 611 I I llpamummn yulnmma. 80 Hulum} camera?- xm I3qu {1912]. Jc'l'a?hullj? CUE-13C- h?c a?'ch Imcn'IIKu ccm'mhnxaunjc qu'?jlmn L115qu 3" canny l1 11113- 511. can HOBOTL'EilI-iilpafm u?mmu \Illpilj)? 33 EiHcpI?c'wh?a edumacnnu 11-pin: am my n?c?s?ehcml yawn? Rmidmpu czupmaml 3' anI nparsIL'mnH}; mm mm: nurpumma unupmju Ha I'm- 110 m- utimxacuorru 1min? cc 1521. - mrpamhy Imme 11-11mm. chmICijs'mmj}: 06mm}: 1 cucm'crcm Iruulujchm il'PuJ?. tIerI'uullj). VELIl'dlUlj}. o?H?Hy ll PCBIITEJII- 11111ij Ju?upu II 'srpauu 3' Hammnj ca jacam rpamluaw ll 10:53pm yunuanm 3. n?jukm'a 5' umpyujmm. ca uh?mM ,Jn?apa ll opl'ana. Dpl'illi?'iill?ljt: 'su Im- mune autumn: Juliana. H.111 Jenni?: 'u'pa:1u Imm: Inn If TlpamL'n-mxa cucprc?rump 311mm m: cc 1m arpruc Emu: cc HC :103mL'uI'. 'arpn?c cc I'sz'lC Ila canon} npancuch rpahemmuxc :10- 3unglc. lean ll 'lI'I'lEL'lc? Kl'er? cc rpm: I-ra (tummy I'puhemlucxc mn's?mi: 'm szlc'auc. npml'anwme Kale. mu} :1'pujcxc arpaxe cc nc lit? 'u path: my: 1mm 'snucm: Jan-m: cc- '5-an I \mlhc {1,1 25% Blank-Ila rpu?tmba 3??ch nJHn-an ceramic) II L'Buj- cmBa Cu: '13 aau?cHe 3I'prL'lc ca U'i'aHLn-Il L?I'aw'mac 1mm?: ca 33.1 Him 51mins?: unannan "grim-me; 1rpa- ;te Huuchenc unpaannamy Kan'pll; 'arpzus: ll wintjaunuj il?p?jlt? ?autumn: '5I'sz'16 Hus-mm?: rllupn' ll 1mm: ?numb-sue "l'pFDEIil-Ili 1 quy?nnrM 3min: Ham-Ht; 11 3:1 :prl't: HEIMEHE 1(0ij Impuc'lc eucpmj}. (.?eprmiumm 0 chpr'c'IL'mm Il?p'rl'Ia [cucprercm na- umua nmpajy llM?TLl cm.- Huac amine. Han Hum'ojchc mic cc pc- alam'lrpui): CilHli'p'dj} Ilrnl cannpajy. r.ch ama- KUji.? c3 mg. r1: 0:1 n?anc?tc cemuquamuc. cc Hupmuhcl-LCM etlumacmn? rpcjallna. BCIrrIIJaunjc. H0- :1 pauunc. muaunc n?nn- BILIIBHX "mum cucprujc. Inna? Ilapenw'l'ilp L'jr u?'mk my" Lug-penny memny Runway:le BETHP. mum. nuylmaan'r II HUJUi'Ix'Eijil u?jL'HIu. Kan I1 Lum- "16::me II \lHT?pFletJH. Hume ca: llnBi'L'Iqu?L?T u?jema. Hp? Ilprucm'cmau.} II InrpaL'uLn IIJaanmn? u?jcxma nmpc?nu jL' gauche \Icpc H??ii 'qumwka ll rcumnumxa pcmu- H13 3' rpLL'llhc yllorpc?c n?thaTa'. npunmm :r?ickam licouonHo je u?panmr na- mn-y m1 ll mHumn 3rp;L'1c m? Itpuprmc l pcu?y'pca IrchNuTHc "pt: caul'u cucpr?tuc cum-d. Hem: Ir (murmur 'lEJuHITfl'd'. ? rpujcu'mnu'1'n 'n'mmnm 'mnnpamc 3rpzuc. ugmocnu 3'H3'Tpalmbuw pa. imp npujuu'mcnm 5' Il'a?cranni'n Hanna}: pa'syhenocr o?tcm'm ufijcum 'Iu pil'HllK} lulu Bclic ry?nmc ump- to Home n?c'a?cgm'u mm unqnmum cu nm1cnuju n'mnu "0311?ch '?HIpcuH- Hc mun 'll?pl'IC 3' l-lil mmull'cm + rax1upc Henmny 'irpum; -- uan?TmcI-hn. Km) Guerr? rujc summit 11.11 ?pm [wanna-.13 mu}. Epoj 7 s9: 23. jaHyap 2015. I?ll! CL: ry- ?mul npocropnjc \Iepaxm mummrm u?jrh?r'u Hujn u} msmcennjamm npojemuna?m men: dJacnjc" o?icnam K30 KpuHuI?u: Ka- Ja may: 11) vroryhe; nanlmm IIanEK'I'nuama annex! "pllp?JHE Helm:- :munjc Ineurlnauumm Kan-tun. npm'a. omupln ram .121 ry?mm 3' un- lul?lchL?Hn: 1.- ;IcTI-hcm ncpuun} 55.15 mm mum. Haucnc u?jcma. mmnapajyhy Immunity .xlacy 3a nucrnsanm gum-- mm nepnmy :Icmchu?rn n?icma l'lorpc?lm jc Encore manner mlL'ImI-Ic Tup- mmor mmraqa ca Immu?lnm mutuapmuu mu Hoedmnulcnam Inu.'ln'1'c I "mm' mmTuua 'il?IlLL'lL'. {ammo enemcnma match}: 13:: cycunc 1mm- cy 3' lipa- cueprerqui equaclmum arpzua. mm'rau u?jcx'l'u "panama II Tam 3a a: mun-yhn mnmmanm: Ilelunmmx am-unmu un'mpmm unyuuj} mpmuhcma um'wunm IT nmaumrx BUJH 3a Ilulpc?c 'ummatha. 1mm pc?c. ll uahcnba 31"}1330. nymnuo inc ce unpnc'rc. cy Ili.? ypatiynanagiy cc 3' "apt:ch II'iBlJri-Ll cI-Iupr'ujn: :Inkat- cynuu. mun. l1 ?amnl. ll?licl?t?. :01anle Hu'lcu'rupa. IL'Imnm' 13.1. nyunc 03m unu'rcua f; pcmm-I) rpcjama 3mm. a j. pawn?) ma?a-La 3 mn- rem: .?lil tn: noun-am yrmna panmmepuu Toxml anme rman. 33 qmmemnnucm nemum: 3' ?Human-mu n?nm'. 'rupxmrumnuxm czlc'rcma nurpc?no J: Mealtime IpCjEilhii. Hmluat1'mauujc ll uujc ca alter-mm CTcneuml - cumcuc rpcjama IroTpc?nujc llpujCli'I'?H?'le ll 11'3- Hmm'zl Tam an ?ync umrrpa;ma pay'laultju rm'rpmmac wcpruje "m cquacna pacaer'na rem. patmla 1 0 cam m?mlh'u Gum :13 mm n?mmnumn Hw?rmmumn. I'pahummcuc \Ta'rL-rmjzuc In pil'inpc'l??Bi??H pcuuma?mnn pm? -- yp?alm \m?mnjap mju 'mx'rcsa n.1mmpa'm Kan f. cnuplc'l'cmm mum}; nocmummhcu time-Iannl-Icmx IIEIHCJB Han-m; m: unpcuc Kuja In: nE?umm'hnHm; Innupa cucprujc Ilpumamn'm Tl oi'ae's?chtmam 3a m'?ona jam": n3. Hamel. urnacmnz cq?unn. aym?ycm? cra- jnJqu'ra. wi~? ll) 1 1.1 encpl'c'lch'c Imelqiclmx :srpa- Ja npummu u?jcxma. mm) eqnmacan'rn. ju unurbnc "3013111ch 'uumna 3.1mem cc mun} ca 321mm? 11le ?rcuy 1'pc?a paqyna d35'rmurmnnimc ?5;le scuan nummn'unn 'sl'pzuc. up: 3' ca llfp?dh-IEI 'a'c nprana 'sa n?iem'c ?njn cyy penumy u: 3:1.1 [<0le cc cal-Inna Helm-m H?sl ,Iil nah-Hmch ca L'mm 63m: Ilpuurupu HKILIHKU Hucch rem?!ch IT m: cc mpm?c 4p) I'm: 1Ipmm- can}. a ninja 'nu Haj? ummpu IIEI rpumnur CH Ililpllu.ln.\t Ham-I:me clunmc 11" I5- cm camacmwT uyccna; - ju qrnpuupzuhc C'Iamschuxu 1a rexrmimc mm a: llu- cucprc'rcku utjulmunuc'm lennkunt ummuujc 'upalJl'a. II JCJIUHII mm mm :3 thin-emu cruHJIL-mum. 'sauluh'mcu: Tcpacc Jnhc.? cc rpnhemmcxa ca \mry npuna'uml .nmniy 5 twenty Hpukll'l- HIIKDM II 23.jaHyap 2015. CM?lele I'y?m'ah'u cu nuunrmc \Iucrosa". n30.1mmjmu 3:1.10321. HpuHuHa 1 rm- 135mm)!? mm mm Jn?pc 'rcpuon'su?mlmum: Nupzm- 21 cm: ry?u'rah'a Jcsla nrcpu 3n Ilucl'll'sawe npn- Inlcamrx 3n IL?Iaanch 3. ?up? 3' 312mm: o?icr-rra map: 3.1 Jam: 'irpans: m: 1:1 j. cwpu'rnucin ca Jim-I HM cylu'runuhnu 3M- mm mm cy upnc'l} murmur. II KU- n?icwra 4 9 2:108}! Ha nanny}: carjmarmt nilamzmr Tlpuumpmn cy Jan IIA It IIB mum; H11 HA1. THE. TIBI. I?ujuH HA Tn:ch INTI) 0:1 II m?'mrml 3?6) Knup'rapum cunn- ucHa'rn u'sl'pu?yjy eruihaqxn Jnnupoam'n CELIHNECIHH. mea no h'pt?llihilh'a MUHC gm Hapupa m1 BpJu ammo.? pawru'rzmay a?ur Hum Ilumcml: mu: _ic Ila ,Iy?mm \Talhqi 5 3: nknupy mam mnagiena gum 1 humpupcjnu ITAI - nrumry DBOT \Til?pnpejnf?l uptu- Hawm?Jalmpoaunt mju cc Jamhajy um mm. Ina-rum th'l'a? 111mm jc "pun-punch uncumm 3?5 m. 2} HA2 ?sunny ce jammj} mm mm: 13.00? 1411011111?; upcklumcrm pcu Hm'pnuau na Hamma- ?a nacml 03c cum-?cun- 3' 0,1 1?2111. BHCUHUI ?(121-6le 301:: Kojzijt: Hal .?ljs-??lIHH Haiku} 0:1 5 mam: uuanou-n [ma] Jen I'cpcmi CBETCTEHJE 3' "030;th up? yp?umrsaunjlr 3" muncnocm 0,1 II u?jcxaTa. {lmuupamc cc Home muccm H21 .1142: rmunna. mum-u mm ,Iy?nxu 3a 1361:?: major cneuudmuHur urn-cpc?m?ba an: Haganjanm mu ll?jj? \mr} - he n?jcxm 3'3 nuJ?rJ-d csqicruka. ?manual mnja. nu mju j: u'u?puhcu 0.1 Hm; llpumnp mju jc :Ipcxpuncn ccnu- cmju 0.1 [1?me T331 Oil un?nslammama lipn nn'rcpehcrba _ic .?ly?mm ?niunpamc uyreu unmunu Hujc i?pc?a pru.zlu:ma .?I?flopltM?. Hauun amuse cc n-m?pam m: Hamil 161mm"); Ill-l- nupammumu ll I'CiIC'r'dTIller: was? II.?raHtlpalm n?lcka'r jc Imnplullucnuv .1051}! Iru'pahull u,1 m1} Blljit'l?ll?i CCJII- nun-am} UliBltp} mjm: c3: [Il'dllIle \Ianqu 3. Jr?nmnu 2?3 m. cemmcm'n (1mmle If dmunjc mpn'ru} glc?mlmn 4-9 m. Ha Ilcmummr npuumpa. Hu- mu runucnmn, I-3 cumucn'm cy "51:13.11th rum-I Jealhmn: 3?6 m. [Runny Imam apnm n-arpahyjj.? II :Ialmpn ?aJL'm-i. 3601' 6:11?ch ITC- Hu,1u1luhc :Ilnmje: cc Haila'cc Ila .Iy?n- mum I'cpcnu j. 1mm cajlalumm [IrmIp-Mlmanunuu le?lmn .111 .m Bapllpu nu HpJu Kp?'lh??'u 's?nl H'spanccnur jc 'aupamhcn. u'rupuv [luau unison?: napnpa 3' pure: Cum: ,?.Lma.?ull1llr.1lu 11:1- jr: Hil Hum mm- "nan rum: Ipe?zi mm. rm rum-mg 81 Bpoj 7' 34' umupy mama cc much? mlupupcjm-I Hullng. nHuI' 1m pan?). ll .?Ianupn uJ RUN: mm'. 11:1) Bruit!- necxonmla ll .10 mm: (H'le mm?. Ilpcm innx' jc ?imam-rm? nmmacuhcmm necm?a dmunjc knpill'a 1 nucxomrm-mlmorsln'n 2 ?152 nBor MHHpupana mums: w: Il?lleH. ringlpehclm Hon: mnv. npexpuncml Janopmra II An 55.01! mm; Hamch umlmcuam Liaaunjc unmyuna. JEcmamm ccjammjy ll nccxa 1101mm": :InKIsL-Ilmrcuujn. 3] 3' 110mm" mam" Imjn ct: jambajy Jn Ron: mm mm; "perm mun; uy :Funupll II Iliill'?j?anTL? Tmmc. aL'iy'nlqa'umjczupmt nccxonn 21.11. nnmumu 36m anmkur mmun mu 1mm: mu: IT muc 11.1313?? jarnn? nHaj ilcu cupcran j: yenmnn Ilpn ['Ipu u?jcxara ?:0?quan anmu- m: nucxnamm ?cpu 3; Hum); Ilerm'ImI-mr ymuaja mu- 'iemmc Hum: rm kn'rc 74.0? mm? 3? mantllocrn 0:1 cm?rwmux II I'puhc- u?JuKaTa- cu mva Il'mccm mu '33 n?'pcli?l?t? \Imnr Ilpcnupy-ijc cc Rapnjaum n.1ln rpm- 3? Hajy um?yhu jc thymulpiuhc u?jcmn 5-1 upcrxu'm} mam-Hm r JiI3u1tm Ganj- clama. Haclill?llscu ll mpamm Tar-muncxor {311121. Ilpu ll'iflELllf n?jcxn- ra: Ether (mum ny-L-em umlmga I-pc?a 5 LUHHCHU .Jaumlm- ua In? (laynuupama cc Ina-51mm TEN 1m- II ran 'aa 11.1amrpalm n?jcxm. Inrpuguby n?icxam '360r BHCOKGI mmun mus: ?am: 11.13;- ananunx II quaulljc KopllTa. chc?raHJ: 31:3an noun-me 3rpu,1n.a n?jcmu Nu mum-mumm- Tcpcua 51021:: 1.1 cc mam: Ha: .Ina namnm - Ku mm 51511:?ch Ru u?JL-xTc mum- cc Hapnjaum onah?nor Ha- wmla Bncumnnuuhc smpa cc unwil'supiml 3a cnaxn n?jcxm nncc?rm 36m 'ulanle my] je alumna ncylicnuaqcnm rhn'qum-ucw- km: 11 npmwumnac unn- '11:ch mun "anan ??1.1chth gum Hulluun nJ u?jckura. S?Kmum cc B?pllJ?H'I'a unlcamc Ham unry?a. Inc'?? llil ?1 Hal Tim liil_ l1 CI: 0:1 U?iumru Hc mm} ?lm: 100 mem cc Hapmmna w: Mumc Ilpn- 35m :1 Iml?yhu j: ycnc- umn It-mcurn gly?mm thyrulmamu Hil ?Himmlma 321 uupujum} ?uxm mlmuaa up" ll'al?pa?lhll n?jmca?ra [scher [Behur 13.11 Inf} 'vd Tend" :ha cc mum-mm Iltlh'u KnTr': sum?mm mm] mu L'Jl?ij rialmpunm'm L'nmu [um Hurt: ?lm?46.00 mnv] Ll'la?np murmur Hm Linda! 3' he CC ynmuxn 111mm: c1 LI Harlan:- u?jcka'la IICTDEDMIHEIIMIUH rpc?a .1) (1tu Ilnjum: Li'mjat 3 min: Itmrl'?llpalbc ac BUS u?'mpu 051cm: Ipc?u mm .'lil :Iujmt?m :1 am: Hr: my. 1311. H: ?1.1 74.0? mm' CHIIY It Inga. \taxulnm'nm mun 5:1 mm nu mm mm; TL: nay wry rpu?u 3n 15] L'Til?x'i?l NIWC. ll H'irl?jl} cut-mum- 82 Bpoj 7 v? 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MIHPI-Z 111 11133111111 111111113 11 31111331313313 .11111'11131111111111'3. 111713- 11311111 1'1: [11111111133111 3.1313113 1.13113: 1111111313113 1111131131111111111311 -111 (111 1:1: 1' 311.1311: 1:11 11111113111111 11311133111111. 111111 n113n113h11'1' 1113111111311. 111111 11 1111116131111 33311311113113 311111.:111p311 1111111 12111 1113111111111" 111133- 01111111133 11111111111: 11'1- 11111111131111: 31131131131113; 1'111111331111311'1111 11111311111 11.111 11 3111111111311}.- 1311111111 11.1 1111111111111. 1111111111111 11 11111111; 11111111311131 31111131111111. 1111- 11135111113 111111 11111111111: 11113-111111 11 1111111133111} 111111111131: 1.1.1 311111111: 111131111311; 11:1;111111111111 1111111111 111111113111: 11310313111131? 11111111111 11 11.13113 11111111113 11 31111333111111: )1 33:13.13; 1:11 3111111111111 11 11111111311111? 1:11:11. 11113111111111 11111311111113 1111311111113111111 111 1111311111 11111113131111 .13 111111.131 1111111111113 1'11 11111: 3111-1111:- 11 11.111101: 111 111113113311- 11111): 11111311111 1111111 11111111131111) 11111311111111? 11 .1311 1:13 1111111- 1131101 6.1111121. 11331311111 111111jj1' ?1111.1111311 3111111111 I1 111 C1111- 3113 1:111113 11 1:11 311111111: 1' 1'1131'111111111111131'11 131111111: - 1111113113113 1131113113 111 111131111111: 33111131133111 311111.111 1111113111111 1111111131131 113.1111 1111111311111111111111113111 65111111133 13111111111 6.1011111; 11113T11'13'f11111' 1113131111111 1113113 17-33631:- 11113111 1 1111 11311111111. 31111111111311? 131111.11 1111111 1:1: 111111131: 111111121111'H1n1 1111;111:11ij M11113. :1 311.111.131' 1'11 1311111111111 11 11111113631111 514111133131131'311 111? 3.1111111. 1111111111111 33 11113,?11111ha 1111111111 11'1r11111'111111 01'1311333111'11311 1 13'11? (131'- ;11 31111111111131?- 113:111111: 11' 311113.111 1111'1131111111111111111; 11 13111111311111: 113- 71111111 311 11311311111111111'111'3: 11633133311111 31131111111131 1111.1111'1111131' 1111111: '111 12111311111: 11 1111311111- 1111113 11111131113111: 111131113; - 131111131111 1111111311311'1'11311_i11 11:1:1111111 1113111311311 1.1111111 1:1: 51113113 1111111 1111 33r11113111131' 11321331111111? 11111-11111 111135111311 1111.111 11111133111: np11-11311131-1113111 1131111 3311111113 4 I112. [Lu HIEFKCI H-IX 111111111 111111113 11 111133131111 ,1 {111131 3331311111? 113111 3113111131 11111311- 11 31131311111313? '111r11h11111111.11 1131.11311111111 111131131111 113111111111 311313111321 (1111113 111311311113 11133311111111?: 31111111113 II 31111311111 11111111611- 331111;: K1113113rg111H11 :10 1111111113111: 11.111113. 11113 333111 11311113331111 (111111713- 11111 33.111111: 111131: 11 311111.113p11j3111111 rp1111111'ax111 11335111111111? 11113115111111 ?1111113111111: .111 31' 311.1111 33113311111111.1151 111112111311 :10 3311131151111 1044 1'11- ;111113. 131111 131111611. 111 11311113 4131331 11111111311111'11113311- 31-3111:1111111111111. 113 11111331 113 1::13311111' 11111131111111111111 .111 ("11111111 1113.13- 3111311131 110 3111 3111111: 511131111111 33 1111'1'111111111111 111131111113 11311111131111.? 11 1131131111111 3113331111111 Ha npc'mmnn 1111131111- :1 31111111111 11 1?1311'13311113111 11 ?11111131133 1111 1111.131 (111111 1111:1151 11 l1:1 ll 11 I5. ?11111111111333 11 1121 11331111111 11'1? 11111131111 1'11111131111113111111 11111111111 111113111111 611111 53159311. :1 11111111 111113.13 131111111113 111111311113111111111?13 1113113311111 _i1: 1111111111 111111113- 111: 11111111111113 13rah3111131 1133113113113111111111111 111 311111111 3111111111111 1111111 33 1111.1 11111 1111 1111;111:1111? 111311'31'311113111111 ?1111311111- 111111 11.111111111 4 Ill} TFTPA IH P1111110 [431113111111 311311111111 1117113111113 11.111111111113111 11111113311111 1111 311:111" 1101111: 1111111111111 1111111111 11111111531111; :1-?1111rrp11? 1311.11.11 111137111311. 1111111111111111311111111 11111131111 1:11 1r1111;13 M1111113131131311 5111?111111111311x 11113111311 11' 3?:1111111 11113311 711-1111111111: .111 3111131111113 .111- 111111111'3 11:1 11111111111111 r111111- 11 1111111 11111131111 1:11 311111.13 11111111113'1'111131311 11151111111111.1111 [1113.111111] 1121111111 111137111 .111 3113111131111 {11- 5111111131113 1111111111 1'11111j 2 1? 3311111111 H1 1111' 113111311 11311131113311 11: 11:111- 11111111'111 11 11133163411111 11111111111111 61111] 1111111111111 1511111111; 31111111u11 11111111 1:1: 111: 1111 11111131111113 11113111133111131' 3111111111111 13.111111 11111- 1111111 31111113011311111 {13113111111311 11.131111. 11111111131111131'311 1?11111'1111111111111 n113:11111:1 ,1311111111133113 1371111111111: 113.1333 11 111311111 31113113111131 '1:1 113- 31131111111111'11111111l131L1: 1111131111: 1' H. 11331111111113 31: 1111111 1133:111'1111111111 1 1331111. 1111111 .111 [112113 :1 ?:11qu 1 pn11111Jf1 11113111131111?: 11113311311333] Jinx-11111113111111 1:1: \Iul'} 1111111: 1 1'1111113111111311'11 CC H'i'IilHiF 331111;. 512'} 11.11111111111- IEC 1111p113:13 11311.111'111111111: pcIllL'lbil pL?iIle? 131111111111 :1 V. 1121111 I1: 113111311111 .1313. Hill-I la?y?KHal'u. 31' [.lillill V. 111111 FT :1111111111111'11111 1'11:- II 11113'1'11'111'1111111 ll l1 111111111111111111 coma-w 23. janyap EU I 5. H'Spiljl} npojcwmu Ilpqiukura. 1mm: cc npuBnJe'In drama pausln'mlulja Hupanm n?jcxara. mm :m caana :mjmumaqna Liner-m tnapuma. u?Jcm! Hal 3m omenm He'sa- 'rexnmumw} nanuy ?mum,chch n21 5213'pr \apcm); Wilma? can?pahajnnr npn- ul}'lla un'rpc?a 1a Kim ncTaJa npamua rpn?mha 'm 1mm]. Hs'HHsi man ncnon 3n cm?: 'm Ilancnc II IIHPIICJH chHc. n'uaBm-hc mmunjcne gun'mmc ll rlpqicnn'ra rlpujcnam Juana JCTushnc snag); ca 3314mm? 0 unannpm?' I1 'Sa nujue: Ira u?ann pm: C'une. 06a- anujc 1131mm nute?nor 1mm}: permu- II 1rn'annm 06mm?:ch ll Honnx ?upma- Run II 3'pcl1cnm um?mmnx- 3m:me napmacmlx ?i 1} ca Jan-nu 3' oaoj Emmr. Kujc cc 0.1mm: Hn Banu 'san-Mum: jannc 3mm: unu?ngn-n: 351 kaTaCT-apcxc napumc no}: yumac 71.13110.? :La 6313' napucnc I 5mm napu?c 'm?iaane name": 'm man cu: JOKHUIUCKC 10339.10. n?jumu II nanch wcnUan Hun?n- .ICllji.? j" ?JIomBIma 8. 30 ll 3 1. u?unC'niu jc Ht:- Iuejnnx pctucma Ha 'aal nrm- IIth ("Hynun'nnc t'pmu Bwrpa?a 5? ca l?paqmumm npnn?mon 5. Ilimn nap? nun on n.1anm1 ,?lit?ha nnancxa panpana npqiem?ou '33 Iln'rrlc?c can?pahajlm- Im II Bcputbnneuuljs: pemcna up: In- 'za Jimaulljc IS. IT. 21121.23- 26.21 28 I129. MHHINMHII jc 6mm Ilium Imanuxa psi-spam 3:1 Iprc?c l neme- +1.11 up: It'SI'palngau. npumlcana j: 33 Jammie 5' lb. 22 34. TIIM gmju mnnmaJmI 0537mm yp?amw?mmr npujcx?Jill-T l'pa?cann- mun: napuenn ca mlanmr cnpunohcma. 3" "Jancxuj pa'jl?la?ll n.1mmpanm KmmJechl l3:me 1 I. nuryl1cjc Hp?'i Impact}; ?pajama npcnapnmalnuo yp?a- Ilptuum'u. prrunnjc Han? Humumlcla 113.1112} 0mm ?rroxy. (Mane-um mpan npuliema nnpucglailnjc I1 npcnapucnmunc npu? 1 UilHi1_ L? 'm can rpa?canncm mannpaim 1:1 nnaplunnc n'sjr'wca 1a .1me K1 E?jmxunn 1.2 5} napncm: HI I. 113 mic "Juno-n. napmn npcnap- ne'munjc Lbupunpaj}. u: napuene ?ca (lC'I'?l'Kil mm In: 'amunumasa ?Jana ,Ja 51w: Ilupucna. Ilpujcxm Il'iPilhE'JtI email} ca Ln. I166. 3amnan nnannparby 321 much: :mh'mmjc u?aucsnn jc pamnanaI-be Jannm yp?ann- Imjr: mun:th LIE-2 II 3 Emmy 3. KIT-4 I I. I'upnmm Cancun lifluh'} 1 I. KIT-I3 3' Hunk-3' 25. Kn?:me (hu?pnkc Bane? Luann-Jr Icon- ha: 61ml .1ct mnn::an nu {llOleTD?lh} - canaunjc ("Input cah- uunl nuj'iuinnm ll Hpnu?ammr nu 1::an 0(1an Cane ca mm In: (mm 3. I'paihcnn Il?tiIH .?lC'ra?alli perj??LlIIjL? '30 slumnnuy 3' zone L'l 3. meq 3. 3'3 Ecurparmc 'nL'Lmlc. u?amc'nm p: mum-pun 36m 06}. mm nanny-pull In: icztlalc'mpcm napucnn 44451 Ki 1 Cancun ncnau in Iraq-M5 a 83 Ba IE. l3. 15. IfHz: minua unamipanu n'n'anILn (w?ieh'a? Tn n?jcmu'n 0:1 4? 1m. jr: mam IL]le- npenapucmunju: n.nl mm ?3.11:ch ananmy nan} mulmc'l'n 13 mrpamhy' n?jcha. nu Hqin :lujc 'aa nuanme L'Hynumnn: Irma Anmm'ial qupmn mien}. HpnTepn- Bpoj 7 .iyna '31] UPDCTUDHU :Ipnl'pa?nch?c 'sa JnHaunjc Jqu:111njc_pz: upmra muchnn a] (mum; I: {mpym'en?zu 41,3 :mmunjs: '51] ?111 pm- Iby autumn-a u??wmrru. 3.3 Illmul'Um? wJaBnn we} .14. ,I?lonpnnou yp?umj um um- .15. Jlonpnnuu saun'n'rn lays ?j ml :1 (Tan?pahajlm urmcn'naqnnc'r: 2 ()?n?chmhe Jammr 3' rpunn'l'anlnunqi 1mm nil 40!} In nenmunn n'im'pumn'. 6.3 Ilapmlparm; 6.4 ufuulrra Ha cao?pahqw Ha (manhunt uan?pahqumumm a] mnan'I'Hc cpcnunc Bm?unnunn Morylmucr mi. npcm?y mhyu??na 1:1 Cl'an?cnc n?jch'rc mun manj I.'IilH1l. Jun! min cc na llp?BlL'la no 'mr-Iauu. nurj. cc 3' damn "3pm: npqiclcra. n.1chm' 3' nom'mq' n'?amnha .'lukall'leL'KL? :10- must. na ucnoay npoaepc [Iva-mam n3 L'L?Hh?ll }?5l?lbli?l?ll. mu He ?my ?n'l nauha 0,1 Banner o?jcma. '33 m1ijan nonuian n?jcm?c. manajc n'speuy gm- MCH I annjc. narpamhe Ha Jccnoj per-re f'anc; Ml?ncm: - narpumm 'IClel- Jchu Humm It Tcan-mc Ta pcmn?amnny cmja- :nmrra 3' 3mm EcurpeL'luNc'u' cajua. mane: UTR?f?t?lbi'l '32] pagan} II Im?njhmal-hc 3' Immune paapruc jL: mn'n 1111111ng Imanona a: mum: 3:1 nuijHHc JCJIUBC "Jan- u?ywan'a Hinp usunnu, Kpu'i man pennmunjc mum's cc npuncnn'ln 'Ilnm.'mrnja Il1l'plUlLt: ?nch-ma ll?jCIi?Ta. na- ncna .chumncul'n mum gamma 06:1- ca Hanan mencm'n [mama'an manun c3. m: 3.15'3e'mcm. u?icmm ?mm? npuuenm' 'smunnx un?mnnx mm paapmu mu]. ?mum-n Harm cc \1Clbiij}' Han c.1c,1chn manna?: man}; ?jmmsa 10 3, Humm Mummy.) Jun: -- [ham JeraLmn: u'l'ii'sc u.?l Jluphum .11; .lIn an :mu'I rpm-?Ia Henl'pma". ?rm} 35:16}. 3. 15'. Jlu'rauumn many 51mm n?ajc u'l'apm prnunm' \muTa :m aym-ny'l'd Jnc'r I'pmu Ecnl 6110} 3?74 3' (11.13?: 0 yp?annc'l nqu: caHCHc 062:- 3., Hum-n Bwrpa'u' 52'} .11ch rlnua Hana?pun". ?poj 51:1}. 84 51701 7 Mm 11111431111 11 11111111111 11111111111 3'p6111111c1111111111 111111111 ?111.11] 131111- ch'c 11611.1c 1 ?11131111 13:11111zlg1} 521 .111c1 111111111 5121111111- .111". 1111111 13111111111119" .11111 1111111111111111111111". 1111111 .1111}: 11 111-1111:1111 1'111'11111111'111111111 11.11111 331111.11: {11111-1111an [11111111111111 K111111111 .?111111 111111111 152111111111". 61.1111 5.1891. 3; 111.1} 111131-111'111'111111' 31- un?unuw .111 cc. 11111: 111111111111.11:11.11 11111111111 '111 1111111111151: 1'p11l1c111111c11c 1111111111: 111 1111111 1111;131:1111 111101111111 311111111111 1-111 1111111111111 1:111:11111}: 11111111111 11111112111114.1111 (111111111 111 111111111? 11 111111111111e 1:111:111111: 1111.111 11,1;111111111111111 11 111111113511 11311111: 11111111c1111 11111111111 11?ic111'a 1111 11111111111 114313.15 CH 11.111911- 111111111 31111111111 11 women? 11111111111 1111 1111111111111 1:116:111111' F111. 11 1 I111111113111111 5:11.111- [11:11 1'1111.1c11111 111111c1111111 0111111111111 1111111111 1::1111?1111111111111111 1111111111111H1n111 1111'111111c1lu 1'puhu1111111:1111 110313111111111 131111111 1111':- 11111'c1111 11031111111113.1121211: 1111111 11111111111111111 ?11111: [1:133:11- 111131; E'I'llik?? u?jcxra, 111:ch111.? 1 11111111}; 11111111111 ?13111 JCJIOBE 01311.1(- 111 131101.111: 111131112 1111511111111. 3111111111 11:11 11611111111111. napanennm 11 11113111111113: 11111111111: 11 n11.13c11111: noun-111111111: c111- 01:111111'. 11'11141111'1111111111- 111.1. 111' 1111111111111 1:1: 1 n1'111111111111c 11:11- pncnu?c 111131111. Bc111111111.11111 111:1}:1111111111 11.101111 11pm 1:11111111111u1'11:111 1111911111; 11131111111111) 13.111111 11111111111 11611-11111 -- 1113111111 1:111:11: 111111511111. 3' (11110115111111 1111111111. 11,71 111111? 11111112111111: c1111?1111h1111-111110 K1111 o?icmn'u 1:11 111111111111 111111111111 1111:111111 neuua cc 11111111111 :10 011111.11: 111.1111- L111111: 1:1'11111c. K111 nnpucm 1 1111111611 11111311111 C1: 311111111111- 11:1 1101:: c11c.111.1: 111111111: 111111111111 I 11al1c111111c1cc 11:11111c11c 11111311111311 cc 111:111111.1:1 111111-111? 1'1111161311111'11'111?11111 1:11 1311111111 61111. 11:11 CTEHIFIEHM 11:;11111111111. 11111111111111: 12111331111111" "211611101 11111110- 1111p11c1111 11111111: 11111111131111 11.111 1.1111111: 1115161111111 111311311111111111 11'1- H111 I1 111.1104 11113111111111: 1:11:11: 11 1311.11: .111 111111: 11? 1113111:- 11.1: 01211111111111 11111111111111 111311111111. M11119 1311111 110:1'1c11Ha 11.111 111:1'5c111111 111a?f1631111c1111:1111111111. 1'1111'11111111Hc1111 111111111:.111? 11111 1c111111c1