The Authorized Bank shall inform each client by a durable medium about the following:

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1 Pursuant to Article 26 of the Statute of UniCredit Bank Srbija a.d. and Article 174 of Law on Capital Market ( Official Gazette of RS no. 31/2011), Articles of the Rulebook on Code of Conduct applying to Investment Services Providers ( Official Gazette of RS, no. 89/2011 and 44/2012), Rulebook on approving general acts to the Market organizer, Investment company and Central securities, depository and clearing House ( Official Gazette of RS, no. 89/2011 and 44/2012) and Article 3 of the Code of Practice of the Department for Broker-dealer services UniCredit Bank Srbija, the Management Board of Unicredit Bank Serbia a.d. adopted on 16 th May 2012 the following Rules on Categorization of Clients of the Department for Broker-dealer Services UniCredit Bank Srbija, the Management Board of Unicredit Bank Serbia a.d. 1. General provisions The Department for Broker-dealer services of a credit institution (hereinafter referred to as: Authorized Bank) shall before providing services classify the clients in the category of professional or small clients, and all in accordance with the Law on Capital Market and Securities Commission Acts. This categorization, the Authorized Bank shall carry out on the basis of data available regarding the client s: 1. Investment goals; 2. Know-how; 3. Financial position. Having determined some clients do not belong to the initially defined category the Authorized Bank shall take measures to change the category of the client. The Authorized Bank shall inform each client by a durable medium about the following: 1. The category the client has been classified in; 2. Level of protection of interests it is to be provided; 3. Possibilities to require its classification into another category of clients, as well as about any changes referred to levels of protection arising out of such a decision. 2. PROFESSIONAL CLIENTS 2.1 Professional clients A professional client is the client who owns enough know-how and expertise to independently bring decisions on investments and proper assessment of risks related to investments, meeting the requirements stipulated by the law. Professional clients, regarding all investment services and activities and financial instruments, are considered to be:

2 1) persons who in order to operate on financial market are subject to the obligation of approval, i.e. supervision by the competent body such as: a) Credit Institutions b) Investment companies c) Other financial institutions which operations have been approved or have been supervised by the adequate supervisory body d) Insurance companies e) Collective Investment institutions and their management companies f) Pension Funds and their management companies g) dealers on the commodity exchange h) as well as other persons supervised by the competent body 2) legal entities fulfilling at least two of the following conditions: a) total property value is at least 20,000,000 EUR; b) annual operating profit is at least 40,000,000 EUR; c) own capital has the amount of at least 2,000,000 EUR; 3) the Republic, autonomous regions and units of local self-government, as well as other countries or national and regional bodies, the National Bank of Serbia and central banks of other countries, international and supranational institutions, such as the International Monetary Fund, the European Central Bank, the European Investment Bank, and other similar International organizations. The Authorized Bank may treat other clients as professional clients as well on their request and when it has assessed that such a client owns enough know-how to bring decisions on investments and appropriate assessment of risk independently and depending on the type of transaction or services. The assessment includes the obligation to fulfill at least two conditions stipulated for qualified investors, closely stipulated by Article 14 paragraph 2 item 2 of Law on Capital Market. 2.2 Treatment When providing services to a professional client, the Authorized Bank shall consider the client to have sufficient know-how necessary for understanding the risk of related transaction or managing its portfolio, i.e. services, transactions, transaction types or instruments which the client has been classified for in the category of a professional client.

3 Professional clients do not have rights to be indemnified from the resources of the Investor protection fund. Before offering services to a professional client, the Authorized Bank shall offer information about the existence and conditions of any potential mortgage right that the Authorized Bank has or could have for the financial instruments or means of the client and about obligations and responsibilities of the bank pertaining to the use of financial instruments. 2.3 Change of category The Authorized Bank shall provide to a professional client upon his request, a treatment at a higher level of protection, i.e. the treatment providing to other clients not being professional ones. Before offering its services, the Authorized Bank shall notify the client from paragraph 1 (and according to information about the person available to the Authorized Bank) that it is considered to be a professional client and shall be treated as such. The Authorized Bank shall notify a professional client on possibilities to change the agreed terms and conditions should he be provided with a higher level of protection of his interests, whereas the client has the responsibility to request a higher level of protection, at the moment he thinks he is not in a position to adequately assess or manage the risks characteristic for some investments. A higher level of protection is always provided when a client has concluded a contract in writing with the Authorized Bank which defines his wish not to be treated as a professional client, and such contract must clearly define whether it refers to one or more services, i.e. transactions or one or more types of financial instruments, transactions respectively. Professional clients are required to notify the Authorized Bank in timely manner about all facts that might influence the change of category of the client by the Authorized Bank. Should the Authorized Bank determine that a client does not belong to the initially defined category of a professional client, it shall take the appropriate measures. 3. SMALL CLIENTS 3.1 Small clients All clients, legal and natural persons who according to the law and Commission Acts as well as its investments goals, know-how, financial positions, do not belong to the category of professional clients shall be classified in small clients.

4 3.2 Treatment The Authorized Bank shall, before concluding a contract, closely inform small clients and introduce to them the following: 1) The Authorized Bank and the services it offers and which are defined by the Law, Securities Commission Acts and Business Rules and Regulations: 2) Financial instruments, its nature and types of risks some of the financial instruments carry; 3) Protection of financial instruments and financial resources of the clients in case the Authorized Bank holds for the account of the clients financial instruments and funds, and particularly: a) the funds or financial instruments that may be held with the third person in the name of the Authorized Bank and under liability of the Authorized Bank in connection with acting or default of the third person, as well as with consequences for the client in case of the third person being insolvent; b) when the third person keeps financial instruments on a collective account as well as warnings on risks arising thereby; c) that in case the accounts containing financial instruments or monetary funds of the client or a potential client, are or shall be under jurisdiction of other country s legislation (or countries not being EU Member States), notifying that the client s rights or those of a potential one relating to the mentioned financial instruments or funds may differ accordingly; d) that there exists a subscribed mortgage right and, under conditions of actual mortgage right and in favor of the Authorized Bank it has or could have over financial instruments or client s funds; e) before concluding transactions for financing securities and relating to financial instruments the Authorized Bank holds for the account of a small client or before being used in any other way, the Authorized Bank shall submit to the small client in writing and in timely manner clear, complete and accurate data on obligations and responsibilities of the Authorized Bank with respect to the use of the named financial instruments, including terms and conditions for their returning to the client as well as about the risks included therewith; f) costs and charges for market organizers, Securities Commission, Central register, third parties. Information on costs and charges include: total price the client is to pay in connection with the financial instrument or service, including all related compensations, charges and other expenses, as well as all payments through the Authorized Bank when the compensation, charge the company charges must be separately named for any case; price accrual basis, in cases it is not possible to name total price where the compensation, charge respectively, charged by the company must be separately named for any case; warning about currency and relevant exchange rate and expenses, in cases any part of the total price must be paid or presents the amount expressed inn a foreign currency; notification on existence of possibility for other expenses to arise from, which includes

5 taxes and other payments, related to the transaction regarding financial instrument or service, that might incur for a client and are not payable through the investment of the Authorized Bank or have not been imposed by Authorized Bank and ways of payment. 3.3 The right to be indemnified from the Investor Protection Fund Small clients have the right to be indemnified from the Investor Protection Fund in case of credit institution liquidation (which part is the Authorized Bank) up to 20,000 EUR in RSD value. Indemnification shall refer to the following claims: 1) financial claims in RSD the member of the Fund, the Authorized Bank owes to the client or that belong to the client, having arisen during investment services and activities being provided set forth in Article 134 paragraph 1 of the law. 2) claims for financial instruments belonging to the client fund member to be regained, the Authorized Bank holds and holds for the account of the client and relating to provision of one or more investment services and activities from Article 134 paragraph 1 of the law; The insured amount from paragraph 1 of this Article shall apply to total claims of the client towards one member of the Fund, regardless the number and place of the account, provided such rehabilitation refers to the funds in RSD and financial instruments. 3.4 Change of category The clients being treated as small clients may upon their personal request waive a higher level of protection included in their status. In such a case the client shall notify the Authorized Bank in writing that he wants to be treated as a professional client, with respect to all or any particular investment service, transaction or for a specific transaction or specific type of transaction, financial instrument respectively. The Authorized Bank shall in case a Small client requests change of category: 1) with no ambiguity and in writing warn the client on lowering protection of his interests and his right to be indemnified from the Investor Protection Fund, which he may lose this way; 2) assess whether the client owns enough know-how to bring decisions on investments and adequate assessment of risks related to investments; 3) conclude a contract in writing with the client, an annex to the contract which shall define services and/or transactions, financial instruments regarding which the client wants to be treated like a professional client or refuse to approve the client the status of a professional client. The client is required to make a statement within a separate document, apart from the contract, that he is aware of the consequences of losing the level of protection.

6 Before adopting client s request for waiving a higher level of protection, the Authorized Bank shall take the appropriate activities in order to verify that the client requesting the status of a professional client fulfills the prescribed conditions, respectively The Authorized Bank shall assess whether such a client owns enough know-how to bring decisions on investments and appropriate assessment of risks related to investments and depending on the type of transaction or services. Assessment includes analyzing facts on whether the client fulfills at least two of the following conditions: 1) The Investor has made transactions on financial markets with an average frequency of at least 10 transactions per quarter during the last year and in the amount of EUR per quarter; 2) the size of financial instruments portfolio, including money as well, of investors exceeds EUR in RSD value; 3) the Investor operates or operated at least one year in the financial sector at positions requiring competence in investing in securities. 4. TRANSITORY AND FINAL PROVISIONS The Authorized Bank will publish the Rules on categorization as well as its any further modification (before implementation but after obtaining the consent of the Commission), on its website and on the bulletin board at least 15 (in words: fifteen) days prior to the start of implementation. If The Authorized Bank has clients who are foreign legal or natural persons, notification about amendments to the Code of Practice are given in the manner envisaged by the Contract with client, and if the number of clients from one Making of draft amendments and keeping of proofread text of the Rules is the competence of the Authorized Bank, whereas the amendments to the policy shall be adopted by the Bank Management Board. These Rules on categorization enter into force on the date of its adopting, and shall be applied from the date of implementation of Business rules and regulations adopted on 16 th May 2012 after the lapse of 7 (in words: seven) days from the publishing date from this paragraph. President of the Deputy President Member of the Management Board of the Management Board Management Board Claudio Cesario Branislav Radovanovic Alen Dobrić