21-Oct-21

Not for distribution, directly or indirectly, in or into the United States or any jurisdiction in

which such distribution would be unlawful.

The Republic of Serbia

Post-stabilisation Period Announcement

Further to the pre-stabilisation period announcement dated 16/09/2021₁ Deutsche Bank AG London (contact: DCM Syndication TA; telephone: 0207 54 54153 hereby gives notice that no stabilisation (within the meaning of Article 3.2(d) of the Market Abuse Regulation (EU/596/2014) or the rules of the Financial Conduct Authority)₂ was undertaken by the Stabilisation Manager(s)₃ named below in relation to the offer of the following securities.

The Securities:

Issuer:                                                                                  The Republic of Serbia

Guarantor (if any):                                                         

Aggregate nominal amount:                                       EUR 1.75bn

Description:                                                                        Republic of Serbia EUR 1bn 1% Green 7y / EUR 750m 2.050% 15y

Stabilisation Manager(s):                                              BNP Paribas, Citi, Deutsche Bank, J.P. Morgan,

                                                                                                Raiffeisen Bank International                    

Offer Price:                                                                         98.255% / 96.797%