REG - Serbia (Republic of) - Results of Tender Offer

Deutsche Bank AGAnnouncement

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RNS Number : 4142D  Serbia (Republic of)  07 May 2026

NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN ANY
JURISDICTION WHERE SUCH DISTRIBUTION WOULD BE UNLAWFUL (SEE "INVITATION AND
DISTRIBUTION RESTRICTIONS" IN THE TENDER OFFER MEMORANDUM DATED 28 APRIL 2026
PREPARED BY THE REPUBLIC OF SERBIA)

LEI NUMBER: 254900W94OCY91V32O78

7 May 2026

THE REPUBLIC OF SERBIA ANNOUNCES THE RESULTS OF THE TENDER OFFER

FOR ITS €2,000,000,000 3.125 PER CENT. NOTES DUE 2027

The Republic of Serbia (the "Republic") (represented by the Government of the
Republic of Serbia, acting by and through the Ministry of Finance) today
announces the results of its invitation to eligible holders of its outstanding
€2,000,000,000 3.125 per cent. Notes due 2027 (Reg S ISIN: XS2170186923;
Rule 144A ISIN: XS2170187145) (the "Notes") to tender Notes for purchase by
the Republic for cash up to an aggregate nominal amount of Notes of
€1,000,000,000, subject to the satisfaction or waiver of the New Financing
Condition (as defined in the Tender Offer Memorandum (as defined below)) and
the other conditions described in the Tender Offer Memorandum (the
"Invitation").

The Invitation was announced on 28 April 2026 and was made on the terms and
subject to the conditions set out in the tender offer memorandum dated 28
April 2026 (the "Tender Offer Memorandum") prepared by the Republic.
Capitalised terms used but not otherwise defined in this announcement shall
have the meanings given to them in the Tender Offer Memorandum.

The Invitation expired at 4.00 p.m. (London time) on 6 May 2026 (the
"Expiration Deadline"). As at the Expiration Deadline, the Republic had
received valid tenders of €870,762,000 in aggregate nominal amount of Notes
for purchase pursuant to the Invitation.

On 6 May 2026, the Republic completed the issuance of the New Notes and the
New Financing Condition has therefore been satisfied. Accordingly, the
Republic announces that it will accept all €870,762,000 in aggregate nominal
amount of Notes validly tendered for purchase pursuant to the Invitation
without proration.

The Purchase Price for the Notes accepted for purchase pursuant to the
Invitation is €1,000 per €1,000 in nominal amount of the Notes. In
addition to the Purchase Price, the Republic will also pay the Accrued
Interest Payment in respect of such Notes accepted for purchase pursuant to
the Invitation.

The Settlement Date in respect of the Notes accepted for purchase is expected
to be 8 May 2026. Tenders of Notes which are accepted for purchase will settle
through the normal procedures of the Clearing Systems. All Notes accepted for
purchase will be cancelled and will not be re-issued or re-sold. Any Notes
that were not tendered or are not accepted for purchase pursuant to the
Invitation, being €1,129,238,000 in aggregate nominal amount of the Notes,
will remain outstanding.

BNP Paribas, Deutsche Bank AG Aktiengesellschaft, Merrill Lynch International,
Morgan Stanley & Co. International plc and UniCredit Bank GmbH are acting
as Dealer Managers and Kroll Issuer Services Limited is acting as Tender and
Information Agent in respect of the Invitation.

Dealer Managers

 BNP PARIBAS                                  Deutsche Bank AG Aktiengesellschaft
 16, boulevard des Italiens
Mainzer Landstr. 11-17

 75009 Paris                                  60329 Frankfurt am Main

 France                                       Germany

Attention: Liability Management Group       Attention: Liability Management

Telephone: +33 1 55 77 78 94

                                            Telephone: +44 20 7545 8011
 Email: liability.management@bnpparibas.com

  Merrill Lynch International                 Morgan Stanley & Co. International plc

 2 King Edward Street                         25 Cabot Square

 London EC1A 1HQ                              Canary Wharf

 United Kingdom                               London E14 4QA

                                              United Kingdom

 Attention:  Liability Management Group

 London: +44 20 7996 5420                     Attention: Liability Management Team, Global Capital Markets

 Email:  DG.LM-EMEA@bofa.com                  Telephone: +44 20 7677 5040

                                              Email: liabilitymanagementeurope@morganstanley.com

 UniCredit Bank GmbH

 Arabellastraße 12

81925 Munich

Germany

 Attention: Liability Management

 Telephone: +49 89 378 15582

 Email: liability.management@unicredit.de

Tender and Information Agent

Kroll Issuer Services Limited

The News Building

3 London Bridge Street

London SE1 9SG

United Kingdom

 

Telephone:  +44 20 7704 0880

Attention: Arlind Bytyqi

Email: serbia@is.kroll.com

Invitation Website: https://deals.is.kroll.com/serbia

 

DISCLAIMER This announcement must be read in conjunction with the Tender Offer
Memorandum. This announcement and the Tender Offer Memorandum contain
important information which should be read carefully. If you are in any doubt
as to the contents of this announcement or the Tender Offer Memorandum, you
are recommended to seek your own financial and legal advice, including as to
any tax consequences, immediately from your stockbroker, bank manager,
solicitor, accountant or other independent financial or legal adviser. This
announcement is for informational purposes only. Neither this announcement nor
the Tender Offer Memorandum constitutes an offer to buy or the solicitation of
an offer to sell Notes in any circumstances in which such offer or
solicitation is unlawful.

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