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Na osnovu člana 16. do 21. Pravilnika o pravilima ponašanja investicionog društva prilikom pružanja usluga (“Sl. glasnik RS“ 89/11 i 44/2012, 46/2016, 74/2016 I 70/2018) i Pravila ponašanja pri pružanju investicionih usluga i aktivnosti Službe za investicione usluge i aktivnosti OTP banke Srbija AD BEOGRAD (u daljem tekstu Pravila ponašanja), Služba za investicione usluge i aktivnosti OTP banke Srbija AD BEOGRAD dostavlja

INFORMACIJE KOJE SE PRUŽAJU KLIJENTIMA

ILI POTENCIJALNIM KLIJENTIMA

1. Informacije o Ovlašćenoj Banci i uslugama koje pruža

1.1. Kontakt podaci

OTP banka Srbija AD BEOGRAD, Služba za investicione usluge i aktivnosti (u daljem tekstu: Ovlašćena banka), MB 07552335, PIB 100000303. Na adresi: Bulevar Zorana Djindjica 50 a/b, Novi Beograd; Kontakt telefoni: 011/30-11-589; 011/30-19-785; 011/30-19-784. Internet adresa: www.otpsrbija.rs E-mail adresa: dragoslav.velickovic@otpsrbija.rs nada.trninic@otpsrbija.rs nenad.pavicevic@otpsrbija.rs

1.2. Investicione usluge i aktivnosti

Ovlašćena banka pruža sledeće investicione usluge i aktivnosti u vezi sa finansijskim instrumentima: 1. Prijem i prenos naloga koji se odnose na kupovinu i

prodaju finansijskih instrumenata, 2. Izvršenje naloga za račun klijenta, 3. Trgovanje za sopstveni račun, 4. Usluge pokroviteljstva u vezi sa ponudom i prodajom

finansijskih instrumenata uz obavezu otkupa (poslovi pokrovitelja emisije),

5. Usluge u vezi sa ponudom i prodajom finansijskih instrumenata bez obaveze otkupa (poslovi agenta emisije),

6. Pružanje savetodavnih usluga u vezi sa poslovanjem hartijama od vrednosti i drugim finansijskim instrumentima (poslovi investicionog savetovanja).

Ovlašćena banka obavlja i druge, dodatne investicione usluge i aktivnosti:

1. čuvanje i administriranje finansijskih instrumenata za račun klijenata,

2. saveti društvima u vezi sa strukturom kapitala, poslovnom strategijom, spajanjem i kupovinom društava i sličnim pitanjima,

3. usluge deviznog poslovanja u vezi sa pružanjem investicionih usluga,

4. istraživanje i finansijska analiza u oblasti investiranja ili drugi oblici opštih preporuka u vezi sa transakcijama

finansijskim instrumentima, 5. usluge u vezi sa pokroviteljstvom, 6. investicione usluge i aktivnosti, kao i dopunske usluge

koje se odnose na osnov izvedenog finansijskog instrumenta u skladu sa članom 2. tačka 1) podtačka 5), 6), 7) i 10) Zakona o tržištu kapitala, a u vezi sa pružanjem investicionih usluga i aktivnosti, kao i dopunskih usluga.

1.3. Dozvola za rad

On the basis of Article 16 to 21 Rules of Conduct of the Investment Companies in the Providing of Services ("Official Gazette" 89/11 and 44/2012, 46/2016, 74/2016 and 70/2018) and the Code of Conduct In the Providing Investment Services of the Investment Services Unit of OTP Bank Serbia AD BELGRADE (hereinafter referred to as the Code of Conduct), the Investment Services Unit of OTP Bank Serbia AD BELGRADE submits

INFORMATION WHICH IS PROVIDED TO CLIENTS OR POTENTIAL CLIENTS

1. Information about the Authorized Bank and services it provides

1.1. Contact details

OTP Bank Serbia AD BELGRADE, Investment Services Unit (Hereinafter: the Authorized bank), ID 07552335, PIB 100000303

Address: Zorana Djindjica Boulevard 50 a/b, New Belgrade; Telephone numbers: +381 11 30-11-589; +381 11 30-19-785; +381 11 30-19-784. Internet address: www.otpsrbija.rs E-mail address: dragoslav.velickovic@otpsrbija.rs nada.trninic@otpsrbija.rs nenad.pavicevic@otpsrbija.rs

1.2. Investment services and activities

The Authorized Bank offers the following investment services and activities relating to financial instruments: 1. Reception and transmission of orders relating to the

purchase and sale of financial instruments,

2. Execution of orders on behalf of Clients,

3. Trading for own account,

4. Underwriting services related to the offer and sale of financial instruments with the obligation to purchase,

5. Services in connection with the offer and sale of financial instruments without a firm purchase commitment,

6. Provision of consultancy services in connection with transactions with securities and other financial instruments (investment advisory).

The Authorized Bank provides additional investment services and activities: 1. keeping and administering of financial instruments for

Client accounts,

2. advising companies in relation to capital structure, business strategy, mergers and acquisitions of companies and related matters,

3. foreign exchange services in connection with the provision of investment services,

4. research and financial analysis in the investment area or other forms of general recommendation relating to transactions in financial instruments,

5. services related to underwriting,

6. investment services and activities, as well as additional services related to derived financial instruments in accordance with Article 2, item 1) sub-items 5), 6), 7) and 10)of the Law on the Capital Market, in relation to the provision of investment services and activities, as well as additional services.

1.3. The license for operations

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Regulatorno telo koje je izdalo dozvolu za rad Ovlašćenoj banci je Komisija za hartije od vrednosti (u daljem tekstu: Komisija), sa adresom: Omladinskih brigada br. 1, VII sprat, Beograd, Srbija Telefon: +381 11 213-79-24; +381 11 311-73-36 E-mail: office@sec.gov.rs Ovlašćena banka pruža investicione i dodatne usluge na osnovu dozvole za obavljanje delatnosti dobijene od strane Komisije, Rešenje pod brojem: 5/0-23-2942/8-15 od 29.01.2019. godine.

1.4. Članstvo u institucijama:

Ovlašćena Banka je član sledećih institucija:

Beogradska berza a.d. Beograd

Omladinskih brigada br. 1, 11070 Novi Beograd Telefon: 011/311-72-97 E-mail: info@belex.rs Internet adresa: www.belex.rs

Centralni registar depo i kliring hartija od vrednosti, Trg

Nikole Pašića br. 5, 11000 Beograd Telefon: 011 3331-380 E-mail: info@crhov.rs Internet adresa: www.crhov.rs

Fonda za zaštitu investitora

Knez Mihailova 2-4, 11000 Beograd Telefon+ 381 11 2075-100, E-mail: info@aod.rs Internet adresa: www.aod.rs

1.5. Komunikacija sa klijentima

Poslovna komunikacija između klijenta i Ovlašćene banke se odvija na srpskom jeziku. Kada su klijenti strana pravna ili fizička lica, nerezidenti, međusobna komunikacija se može odvijati na engleskom jeziku, s tim da se:

svi ugovori i ostala pismena potpisuju dvojezično,

u slućaju spora srpska verzija ugovora i drugih pismena smatra se merodavnom.

1.5.1. Način davanja i prijema naloga

U skladu sa članom 49. Pravila ponašanja, Ovlašćena banka prima naloge klijenata na sledeće načine:

u pisanom obliku: 1. na propisanom obrascu neposredno u sedištu

Ovlašćene banke, 2. putem pošte ili telefaksa,

telefonom

elektronskim putem (preko obezbeđenog internet servisa kojim se ne može izmeniti sadržina primljenog dokumenta), ukoliko je to predviđeno ugovorom sa klijentom.

Nalog primljen u pisanom obliku je punovažan ukoliko je potpisan od strane Klijenta ili njegovog ovlašćenog zastupnika/punomoćnika. Prijem naloga telefonom definisan je odredbama Korisničkog uputstva za ispostavljanje naloga trgovanja putem telefona. 1.5.2. Mesto davanja naloga

Ovlašćena banka može da prima naloge: 1. u sedištu Ovlašćene banke, 2. filijali/ekspozituri OTP banke Srbija AD BEOGRAD (u

daljem tekstu kreditna institucija),

The regulatory body which issued the permission for the operation to the Authorized bank is Republic os Serbia Securities Commission (hereinafter: the Commission) on the address: Omladinskih brigada br. 1, VII sprat, Belgrade, Serbia Telephone number: +381 11 213-79-24, +381 11 311-73-36 e-mail: office@sec.gov.rs The Authorized Bank provides investment and additional services based on its operating license obtained from the Commission, Decision: 5/0-23-2942/8-15, as of Januar 29, 2019.

1.4. Membership in the institutions

The Authorized Bank is a member of the following institutions:

Belgrade Stock Exchange a.d. Belgrade

Omladinskih brigada br. 1, 11070 New Beograd Telephone number: +381 11 311-72-97 e-mail: info@belex.rs Internet address: www.belex.rs

Central Securities Depository and Clearing House

Trg Nikole Pašića br. 5, 11000 Belgrade Telephone number: +381 11 3331-380 E-mail: info@crhov.rs Internet address: www.crhov.rs

Investor Protection Fund

Knez Mihailova 2-4,11000 Belgrade Telephone number: + 381 11 2075-100 E-mail: info@aod.rs Internet adresa: www.aod.rs

1.5. Communication with the clients

Business communication between the Client and the Authorized Banks is in the Serbian language. When the Client is a foreign legal entity or individual, non-residents, mutual communication can be in English language, except for:

all contracts and other signed documents are bilingual,

in case of dispute, the Serbian version of the contract and other documents shall be considered applicable.

1.5.1. The method of giving and receiving orders

In accordance with Article 49 of the Code of Conduct, the Authorized bank receives client orders in the following ways:

in writing: 1. directly, in the prescribed form and at the headquarters

of the Authorized Bank, 2. by post or fax,

by telephone

by electronic means (via a secured internet service which does not allow for altering of contents of received documents), if it is foreseen by the contract with the Client.

The order received in writing is valid if it is signed by the Client or his/her authorized representative / agent. Receipt of orders by telephone is defined by the provisions of the Authorized bank`s User guide for placing of trading orders by telephone.

1.5.2. Place of giving orders The Authorized bank may receive orders 1. At Headquarters of the Authorized bank, 2. Through subsidiary / branch of the OTP Bank Serbia AD

BELGRADE (futher in text: Credit institution) 3. In the business premises of the authorized investment firm.

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3. poslovnim prostorijama ovlašćenog investicionog društva.

1.5.3. Način dostavljanja dokumenata i drugih informacija od strane Ovlašćene Banke

Ovlašćena banka klijentima i potencijalnim klijentima stavlja na uvid opšta akta i druga pismena na srpskom jeziku. Za klijente strana pravna i fizička lica, Ovlašćena banka će obezbediti prevod na engleski jezik opštih akata i drugih pismena i informacija.

1.6. Izveštavanje klijenata o pruženim uslugama 1.6.1. Ovlašćena banka će klijentu dostaviti obaveštenje

o sledećem:

vremenu i mestu prijema naloga, izmene i opoziva naloga,

prihvatanju ili odbijanju izvršenja naloga, uz navođenje razloga za odbijanje naloga, odmah po prijemu naloga, a najkasnije narednog radnog dana od dana prijema/odbijanja naloga, na način određen ugovorom.

1.6.2. Ovlašćena banka će odmah po izvršenju naloga dostaviti klijentu:

bitne informacije o izvršenju naloga, odnosno malom klijentu poslati Potvrdu o izvršenju naloga, najkasnije prvog radnog dana po izvršenju naloga, na način definisan Ugovorom,

obaveštenje o ceni svake pojedinačne tranše ukoliko se transakcije izvršavaju u tranšama, najkasnije prvog radnog dana po izvršenju naloga, na način određen Ugovorom.

1.6.3. Ovlašćena banka će klijentu dostaviti obaveštenje o svakoj značajnoj promeni dostavljenih informacija, putem trajnog medija ili na način određen Ugovorom.

1.6.4. Ovlašćena banka će najmanje jednom godišnje,

svakom pojedinačnom Klijentu dostaviti izveštaj o imovini Klijenta, odnosno, finansijskim instrumentima koje drži za Klijenta na način određen Ugovorom, izuzev ukoliko se takav izveštaj dostavlja kao deo drugog periodičnog izveštaja.

1.6.5. Ovlašćena banka će na zahtev klijenta dostaviti

klijentu dokaz da je izvršila nalog u skladu sa usvojenim pravilima i procedurama o izvršenju naloga.

Klijent je dužan da odmah, pismeno obavesti Ovlašćenu banku o promeni adrese i drugih podataka koji su relevantni za obaveštavanje, kao i za izvršavanje obaveza Ovlašćene banke pri pružanju investicionih i dodatnih usluga i aktivnosti.

1.7. Informacije u vezi sa zaštitom finansijskih instrumenata klijenata

Ovlašćena banka može koristiti finansijske instrumente sa računa klijenata samo na osnovu naloga klijenta. Ovlašćena banka je uspostavila adekvatne sisteme za zaštitu vlasničkih prava klijenata kojima se onemogućava korišćenje finansijskih instrumenata klijenata za račun Ovlašćene banke ili za račun drugih klijenata, osim uz izričitu saglasnost klijenta:

1.5.3. The method of submitting documents and other information by the Authorized Bank

The Authorized Bank makes available for clients and potential clients general acts and other documents in the Serbian language. For Clients legal and natural persons, Authorized Bank will provide an English translation of general acts and other documents and information.

1.6. Reporting to clients about the service provided 1.6.1. The Authorized Bank shall provide the client with a

report of:

time and place of reception of the order, changes of order or cancellation of the received order,

acceptance or rejection execution of an order, stating the reasons for refusing an order, immediately upon receipt of the order, and no later than the next business day after receipt of the order, as specified by the Agreement.

1.6.2. The Authorized bank shall immediately upon execution of the order delivered to the Client:

essential information about the execution of the order, that is, send to Retail Clients a confirmation of the order execution, no later than the first business day following the execution of the order, as defined in the agreement,

Information on the price of each tranche if the transaction was executed in tranches, at the latest on the first business day following the execution of the order, as specified by the Agreement.

1.6.3. The Authorized Bank will provide the Client with a

notice of any significant changes in the information provided, by permanent media or in a manner stipulated in the Agreement.

1.6.4. The Authorized Bank will, at least once a year, submit

a report to each individual Client about the Client's property, that is, financial instruments held by the Client in a manner determined by the Agreement, except in cases when such a report is submitted as part of the second periodic report.

1.6.5. The Authorized Bank will, at Client's request, submit

evidence to the Client that the executed order was made in accordance with the adopted rules and procedures for the execution of the order.

The Client shall immediately notify, in writing, the Authorized Bank for changes of address and other information that is relevant, as well as, for the performance of obligations of the Authorized Bank when providing investment and additional services and activities.

1.7. Information of the protection of a Client’s financial instruments

The Authorized Bank may use financial instruments which on the Clients' account only on the basis of Client orders. The Authorized Bank has established adequate systems for the protection of property rights of the Client which prevent the use of a Client’s financial instruments for the account of the Authorized Banks or for the accounts of other Clients, except with the explicit consent of the Client:

Financial instrument account of the Authorized Bank opened at Central Securities Registry is separate from accounts of the Authorized Bank’s Clients,

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Računi finansijskih instrumenata Ovlašćene banke, otvoreni kod Centralnog registra su odvojeni od računa klijenata Ovlašćene banke,

Finansijski instrumenti klijenata nisu vlasništvo i ne ulaze u imovinu Ovlašćene banke i ne mogu se koristiti za plaćanje obaveza Ovlašćene banke prema poveriocima,

Finansijski instrumenti klijenata ne mogu se uključiti u likvidacionu ili stečajnu masu Ovlašćene banke ili Kreditne institucije čiji je deo, niti koristiti za plaćanje njihovih obaveza,

Ovlašćena banka ne može da zalaže ili otuđuje finansijske instrumente u vlasništvu klijenta bez njegovog prethodnog pismenog ovlašćenja,

Ovlašćena banka ne može da: o izvršava naloge klijenata na način koji nije u

skladu s Zakonom i aktima Komisije, odnosno aktima regulisanog tržišta, ili MTP,

o kupuje, prodaje ili pozajmljuje za sopstveni račun iste finansijske instrumente koji su predmet naloga klijenta pre postupanja po nalogu klijenta.

1.7.1. Fond za zaštitu investitora U skladu sa članom 135. Zakona o tržištu kapitala Ovlašćena banka je član Fonda za zaštitu investitora, sa ciljem zaštite imovine klijenata Ovlašćene banke. Mali klijent ima pravo na isplatu naknade štete na osnovu podnetog odštetnog zahteva kada:

Ovlašćena banka nije u mogućnosti da ispuni svoje dospele obaveze prema klijentima po osnovu finansijskih instrumenata koje Ovlašćena banka drži za račun klijenta,

ne postoje izgledi da će se okolnosti u dogledno vreme značajno izmeniti.

Potraživanja klijenta osigurana su do vrednosti od 20.000 eura u dinarskoj protivrednosti po klijentu Ovlašćene banke, izuzev ako se kao Klijent Ovlašćene banke pojavljuju sledeća lica, bez obzira na državu sedišta:

investiciono društvo;

kreditna institucija;

pojedini profesionalni klijenti finansijske institucije čije poslovanje je odobrio ili nadzire odgovarajući nadzorni organ, društva za osiguranje, institucije kolektivnog investiranja i njihova društva za upravljanje, penzijski fondovi i njihova društva za upravljanje, dileri produktnih berzi, kao i ostala lica koja nadzire nadležni organ;

Republika, autonomne pokrajine i jedinice lokalne samouprave, kao i druge države ili nacionalna i regionalna tela, NBS i centralne banke drugih država, međunarodne i nadnacionalne institucije, kao što su MMF, Evropska centralna banka, Evropska investiciona banka i ostale slične menunarodne organizacije;

pravno ili fizičko lice koje poseduje više od 5 % akcija sa pravom glasa ili kapitala Banke, koja je u nemogućnosti da ispuni svoje obaveze, odnosno 5% ili više akcija sa pravom glasa ili kapitala društva koje je blisko povezano sa Bankom, kao i njihovi članovi porodica ili treća lica koja nastupaju za njihov račun;

član Upravnog odbora Banke koji je u nemogućnosti da ispuni svoje obaveze, ako je na tom položaju na dan pokretanja stečajnog postupka nad Bankom, odnosno na dan objavljivanja rešenja Komisije o utvrđivanju potraživanja ili tokom tekuće ili prethodne finansijske godine, kao i članovi njihovih porodica ili treća lica koja nastupaju za njihov račun;

Clients financial instruments are not owned and are not the assets of the Authorized Bank and cannot be used to pay obligations of the Authorized Banks to creditors,

Financial Instruments of Clients are not part of the Authorized Bank’s assets, therefore, they are not included in liquidation proceedings in case of bankruptcy of the Authorized Bank or Credit Institution which it is a part of, nor used to pay their obligations,

The Authorized the bank cannot pledge or dispose of financial instruments owned by a Client without his prior written authorization,

Authorized Bank may not: o execute Client orders in a manner not in accordance

with law and regulations of the Commission, or acts of a regulated market or MTP,

o Buy, sell or borrow for its own account financial instruments that are the subject of a Client order prior to acting on the Client order.

1.7.1. Investor Protection Fund

In accordance with the Article 135 of the Law on the Capital Market, Authorized bank is a member of Investor Protection Fund, in order to protect Clients' assets. Retail Clients are entitled to payment of compensation on the basis of an indemnity claim when:

Authorized Bank is unable to fulfilled its obligations toward the Client based on financial instruments which the Authorized Bank holds for the account of the Client,

There is no prospect that the circumstances will significantly change in the foreseeable future.

Client receivables are insured up EUR 20,000, in RSD counter value, per Client at the Authorized Bank, unless the Client of the Authorized Bank is one of the following, regardless of country where headquarter located:

investment company;

Credit Institution;

some professional Clients of financial institution whose business is approved and supervised by the appropriate supervisory authority, insurance companies, collective investment institutions and their management companies, pension funds and their management companies, dealers of commodity exchanges and other persons supervised by the competent authority;

the State, autonomous provinces and local governments, and other state or national and regional bodies, the NBS and central banks of other countries, international and supranational institutions such as the IMF, the European Central Bank, the European Investment Bank and other similar international organizations;

legal or natural person who own more than 5% of the voting shares or capital of the Bank which is unable to meet its obligations, or 5% or more of the voting shares or capital of the company is closely associated with the Bank and their family members and third parties acting on their behalf;

Member of the Board of Directors of the Bank that is not able to meet its obligations, if they hold that position on day when bankruptcy proceedings against the bank are initiated, or on the date of the Securities Commission's Decision on establishing the claim or during the current or previous financial year, as well as their family members or third persons acting on their behalf;

Clients, auditors and employees of the Bank who are responsible for the existence of claims that led to financial difficulties.

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klijenti, revizori i zaposleni Banke odgovorni za nastanak potraživanja koje je dovelo do finansijskih poteškoća.

1.7.2. Informacije u vezi sa zaštitom finansijskih instrumenata klijenata

Ovlašćena banka može da drži finansijske instrumente klijenata radi pružanja finansijskih usluga kod trećeg lica u svoje ime (poslovi administriranja finansijskih instrumenata klijenata), na računu kod Centralnog registra. Ovlašćena banka klijentu odgovara samo za radnje ili propuste svojih zaposlenih, a ne odgovara klijentu za radnje ili propuste nadležnih organa i institucija.

Ovlašćena banka je dužna da evidencije, račune i korespodenciju u vezi sa klijentom vodi precizno i tačno, da ih redovno usklađuje sa evidencijama i računima trećih lica koja drže imovinu klijenata, da ih vodi na način da u svakom momentu i odmah može razlikovati imovinu jednog klijenta od imovine ostalih klijenata i imovine same Ovlašćene banke i kada se imovina klijenta vodi na zbirnom računu.

Ovlašćena banka je dužna da pri izboru inostranog depozitara na čijim računima će držati finansijske instrumente svojih klijenata, vodi računa o sledećim elementima: stručnosti i tržišnom ugledu depozitara, da depozitar podleže propisima države koji regulišu čuvanje finansijskih instrumenata za račun drugog lica, da periodično preispituje izbor depozitara i dogovorene aranžmane za držanje i čuvanje finansijskih instrumenata klijenta. Izuzetno, Banka može da deponuje finansijske instrumente klijenta kod depozitara u zemlji u kojoj držanje i čuvanje finansijskih instrumenata za račun drugog lica nisu posebno regulisani, samo ukoliko priroda finansijskog instrumenta ili investicione usluge povezane sa navedenim instrumentom zahteva deponovanje kod depozitara u toj državi ili profesionalni klijent pisanim putem zahteva deponovanje svojih finansijskih instrumenata kod depozitara u toj državi.

Ovlašćena banka ne sme da otuđuje ili zalaže finansijske instrumente u vlasništvu klijenta bez njegovog prethodnog pismenog ovlašćenja, da kupuje, prodaje ili pozajmljuje finansijske instrumente isključivo radi naplate provizije ili druge naknade, koristi finansijske instrumente klijenta za plaćanje svojih obaveza, kao i obaveza drugih klijenata.

Finansijski instrumenti klijenta koje drži Ovlašćena banka mogu se koristiti za račun Ovlašćene banke ili za račun drugih klijenata samo uz izričitu saglasnost klijenta, zakonitog imaoca finansijskog instrumenta.

1.8. Pravila upravljanja sukobom interesa

Sukob interesa pri pružanju investicionih usluga je moguć u sledećim slučajevima: 1. kada se interesi nekog klijenta Ovlašćene banke

sukobljavaju sa:

interesima drugog klijenta Ovlašćene banke,

interesima OTP banke Srbija AD BEOGRAD (u daljem tekstu Kreditna institucija) / Ovlašćene banke, drugog relevantnog lica i svih lica blisko povezanih sa njima,

2. kada je Ovlašćena banka dobila poverljivu / insajdersku informaciju u vezi sa sadašnjim ili bivšim klijentom, koja bi bila korisna drugom delu Kreditne institucije ili klijentu Kreditne institucije,

1.7.2. Information relating to the protection of the financial

instruments of clients

Authorized bank may hold financial instruments, in order to provide financial services to the third party in its own name (administration of financial instruments of clients), on the account with the Central Registry. Client of the Authorized bank is solely responsible for the acts or omissions of its employees, and not liable to the client for the acts or omissions of the competent authorities and institutions.

Authorized Bank is obliged to keep records, accounts and communication with the client precisely and accurately, to adjust it on the records and accounts of third parties which hold the assets of the clients, to keep it in a way that in every moment and immediately can differentiate client’s assets than the assets of the other clients and the assets of the Authorized Bank and when the assets of the client is part of custody account.

When the Authorized Bank chooses a foreign custodian where it will deposit financial instruments of its clients, it is obliged to take care about the following elements: expertise and market reputation of the custodian, the custodian shall be subject ot the state regulations which regulate keeping of the financial instruments, to periodically review the choice of the custodian and the agreed arrangements for the holding and safekeeping of the financial instruments of the client. Exceptionally, the Authorized Bank may deposit financial instruments of the client with the Custodian from the country where holding and safekeeping of the financial instruments for the account of another person are not specifically regulated, only if the nature of the financial instrument or investment service associated with that instrument requires depositing of the instruments with the custodian in that country or if a professional client requires depositing of the instrument with the custodian in that country.

Authorized Bank must not sell or pledge financial instruments owned by the client without his prior authorization to purchase, sell or borrow financial instruments exclusively for the collection of provisions or other fees, use financial instruments of the client to pay its obligations or obligations of other clients.

Client’s financial instruments, held by the Authorized Bank, can be used for the account of the Authorized Bank or for the account of other clients only with the explicit consent of the client which is lawful owner of the financial instrument.

1.8. Rules for Management of Conflict of interest

Conflict of interest when providing investment services is possible in the following cases: 1. when the interests of an Authorized Bank’s Client are in

conflict with:

the interests of another Client of the Authorized Bank,

the interests of OTP Bank Serbia AD BELGRADE (hereinafter: Credit Institution) / Authorised bank, other relevant persons and all persons closely associated with them,

2. when the Authorized Bank receives confidential / insider information about a current or former Client, which would be useful to another part of the Credit Institution or a Client of the Credit Institutions,

3. when the interests of the relevant person are in conflict with the interests of the Credit Institution.

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3. kada su interesi relevantnog lica u sukobu sa interesima Kreditne institucije.

1.8.1. Način utvrđivanja postojanja sukoba interesa ili potencijalnog sukoba interesa

Prilikom utvrđivanja sukoba interesa koji mogu štetiti interesima klijenata, razmotriće se da li Ovlašćena banka, relevantna lica ili sa njima blisko povezana lica, pružanjem investicionih usluga:

mogu ostvariti finansijsku dobit, ili izbeći finansijski gubitak na štetu klijenta,

imaju interes ili korist od rezultata pružene finansijske usluge, a koji se razlikuju od interesa klijenta,

imaju finansijski ili neki drugi motiv koji odgovara interesima drugog klijenta ili grupe klijenata, na štetu interesa klijenta,

obavljaju istu delatnost kao i klijent. Relevantna lica ne smeju pružati investicione i dodatne usluge na način koji je u interesu pojedinih klijenata, a na štetu drugih klijenata Ovlašćene banke. Relevantno lice je dužno da prilikom pružanja investicionih usluga:

stavlja interese svojih klijenata ispred sopstvenih interesa,

da posluje pravično, pošteno i profesionalno u skladu sa najboljim interesima klijenata.

Metode upravljanja sukobima interesa i kontrole pristupa poverljivim informacijama obuhvataju:

kontrolu razmene informacija između: o relevantnih lica u Ovlašćenoj banci, o različitih delova/odeljenja Kreditne institucije,

obavezu prijavljivanja ličnih transakcija,

obaveštavanje klijenta o mogućim sukobima interesa u vezi sa investicionom uslugom / transakcijom i pribavljanje pismenog odobrenja klijenta da se ne protivi takvom konfliktu interesa,

neprihvatanje pružanja investicionih usluga.

Kontrola razmene informacija podrazumeva ograničen pristup i protok poverljivih informacija samo na osobe koje moraju da znaju te informacije. Relevantnim licima je zabranjeno da: 1. saopštavaju poverljive informacije u vezi sa finansijskim

instrumentima kojima se trguje na regulisanom tržištu, odnosno MTP, ili OTC, drugom relevantnom licu zaposlenom u Kreditnoj instituciji,

2. učestvuju, lično ili preko Kreditne institucije, u bilo kojoj odluci o kupovini ili prodaji finansijskih instrumenata preduzeća dok su u posedu poverljivih informacija koje se direktno tiču preduzeća,

3. primaju ili pokušaju da dobiju poverljive informacije u vezi sa finansijskim instrumentima od strane drugih zaposlenih ili klijenta Kreditne institucije,

4. pristupaju fajlovima i bazama podataka koji sadrže poverljive informacije, osim u skladu sa Kodeksom banke o sprečavanju konflikta interesa – princip kineskog zida i Kodeksom ponašanja kod obavljanja ličnih transakcija,

5. saopštavaju informacije trećim licima vezano za kupovinu/prodaju finansijskih instrumenata koje je kupio/prodao klijent Ovlašćene banke, kao ni druge insajderske informacije kako bi sebi ili trećim osobama pribavili ličnu korist.

Podaci koje relevantna lica saznaju u vezi s ispostavljenim nalozima i transakcijama finansijskih instrumenata klijenata

1.8.1. The method of determining the existence of Conflicts of interest or potential conflict of interest

In determining conflicts of interest that may damage the interests of Clients, it will consider whether the Authorized Bank, relevant person or persons closely related to them, providing investment services:

can attain financial gain, or avoid financial loss to the detriment of the Client,

have an interest or benefit from the result of providing the financial services, which differ from those of the Client,

have a financial or other motive that suits the interests of another Client or group of Clients, at the expense of the Client,

perform the same activity as the Client. Relevant persons must not provide investment and additional services in a manner that is in the interests of individual Clients, to the detriment of other Clients of the Authorized Banks. In providing investment services, the relevant person is obliged to:

place its Clients' interests ahead of its own interest,

operate fairly, honestly and professionally in accordance with the best interests of the Clients.

Methods of managing conflicts of interest and controlling access to confidential information include:

control exchange of information between: o relevant persons in the Authorized Bank, o different unit/department of the Credit Institution,

the obligation to report personal transactions,

informing Clients about potential conflicts of interest in connection with investment services/transactions and obtain written consent from the Client that they do not object to such a conflict of interest,

refusal to provide investment services. Control involves the exchange of information and limited access to the flow of confidential information to persons who need to know that information. Relevant parties are prohibited from: 1. disclosing confidential information relating to financial

instruments traded on a regulated market or MTF or OTC, to another relevant person employed with the Credit Institution,

2. participate, in person or via the Credit Institution, in any decision to buy or sell financial instruments of companies while in possession of confidential information that is directly related to the company,

3. receive or attempt to get confidential information relating to financial instruments from other employees or Clients of the Credit Institution,

4. access files and databases containing confidential information, except in accordance with the Bank’s Code for the Prevention of Conflict of interest - the principle of the Chinese Wall and the Code of Conduct in Conduct Personal transactions,

5. communicate information to third parties relating to the purchase/sale of financial instruments that are being bought/sold by the Authorized bank’s Client, as well as other insider information so as to attain personal benefits or gains for third parties.

Data which Relevant persons have knowledge of related to placed orders and transactions with financial instruments by clients of the Authorized Bank, along with their portfolios, are considered confidential.

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Ovlašćene banke, kao i njihovih portfolia smatraju se poslovnom tajnom. Relevantna lica su dužna da prijave sve lične transakcije u skladu sa Kodeksom ponašanja kod obavljanja ličnih transakcija. Uspostavljena su dva nivoa kontrole postupanja sa insajderskim informacijama: 1. obaveza prijavljivanja šefu Ovlašćene banke i

nadređenom direktoru insajderskih informacija i okolnosti do kojih je relevantno lice došlo,

2. Rukovodioci sektora unutar Banke odgovorni su za identifikaciju i adekvatno upravljanje potencijalnim konfliktima interesa.

1.8.2. Reklamacije Ovlašćena banka je dužna da sprovodi procedure kreditne institucije u postupanju po pritužbama klijenata. Klijent može da uputi pismenu pritužbu/reklamaciju na sledeće načine:

preko zaposlenog kreditne institucije,

putem mejla na adresu: reklamacije@otpsrbija.rs,

putem pisma poslatog na zvaničnu adresu kreditne institucije.

Klijent može da uputi usmenu reklamaciju na sledeće načine:

pozivanjem broja 30 11 555 (opcija 7 i razgovora sa operaterom, u radno vreme Službe za upravljanje kvalitetom i reklamacijama,

može ostavliti kao snimljenu poruku na istom broju telefona van radnog vremena Službe za upravljanje kvalitetom i reklamacijama, tzv. zvučna reklamacija.

Nadležna služba će razmotriti navode upućene pritužbe/reklamacije i dostaviti klijentu odgovor najkasnije u roku od 15 dana od dana prijema prigovora. U slučaju da je za rešavanje pisane reklamacije klijenta, zbog dodatnih analiza i provera, potrebno više od 15 dana, klijent se o tome blagovremeno obaveštava tako što mu se šalje pismo obaveštenja da je reklamacija u obradi.

2. Informacije o finansijskim instrumentima

2.1. Finansijski instrumenti i s njima povezani rizici

Delatnost Ovlašćene banke obuhvata sve finansijske instrumente definisane članom 2. Zakona o tržištu kapitala. U skladu sa Zakonom o tržištu kapitala, finansijski instrumenti su: - prenosive hartije od vrednosti - instrumenti tržišta novca - jedinice institucija kolektivnog investiranja - izvedeni finansijski instrumenti 2.1.1. Osnovne karakteristike pojedinih finansijskih

instrumenata Prenosive hartije od vrednosti su sve vrste hartija od

vrednosti kojima se može trgovati na tržištu kapitala, izuzev instrumenata plaćanja, i to:

- akcije društava ili druge hartije od vrednosti ekvivalentne akcijama društava, a predstavljaju učešće u kapitalu ili u pravima glasa tog pravnog lica, kao i depozitne potvrde koje se odnose na akcije,

Relevant persons are required to report all personal transactions in accordance with the Code of Conduct in the performance of personal transactions. There are two levels of control in place with the goal of preventing conflicts of interest: 1. an obligation to report insider information and the

circumstances under the Relevant person came to know that information, to the Head of the Authorized bank and Superior manager,

2. Managers of sectors within the Bank are responsible for identifying and adequately manage potential conflicts of interest.

1.8.2. Complaints Authorized Bank conducts procedures of OTP Bank Serbia AD BELGRADE in dealing with complaints of clients. The client may send a written complaint/claim in the following ways:

over employee of the credit institution,

by mail to the address: reklamacije@otpsrbija.rs,

by a letter sent to the official address of the credit institution.

The client may send a verbal complaint in the following ways:

by calling 30 11 555 (option 7) and an interview with the operator, during the working hours of the Quality and Complaint Management Unit,

can leave a recorded message at the same number out of working hours of the Quality and Complaint Management Unit, so-called sound complaint.

The competent unit will consider the addressed complaints/claims and submit to the client not later than 15 days from receipt of the complaint. In the event that for resolving written complaints of the client, for further analysis and verifications, the competent unit needs more than 15 days, the client will be timely informed sending him a letter of notice that the complaint is being processed.

2. Information about financial instruments

2.1. Financial instruments and associated risks

The activity of the Authorized Bank includes all financial instruments defined in Article 2 of the Law on the Capital Market. In accordance with the Law on the Capital Market, the financial instruments are: - Transferable securities; - Money-market instruments; - Units in collective investment undertakings; - Derivative financial instruments. 2.1.1. Basic characteristics of individual financial instruments Transferable securities mean those classes of securities

which are negotiable on the capital market, with the exception of instruments of payment. Transferable securities shall especially include:

- Shares in companies or other securities equivalent to shares in companies, which represent a holding in capital or voting rights of the company, and depositary receipts in respect of shares;

- Bonds or other forms of securitized debt, including depositary receipts in respect of such securities;

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- obveznice i drugi oblici sekjuritizovanog duga, uključujući i depozitne potvrde koje se odnose na navedene hartije,

- druge hartije od vrednosti koje daju pravo na sticanje i prodaju takve prenosive hartije od vrednosti ili na osnovu kojih se može vršiti plaćanje u novcu, a čiji se iznos utvrđuje na osnovu prenosive hartije od vrednosti, valute, kamatne stope, prinosa, robe, indeksa ili drugih odredivih vrednosti

a) Akcije Akcije su dematerijalizovane vlasničke hartije od vrednosti koje izdaje akcionarsko društvo. Akcionarsko društvo je društvo čiji je osnovni kapital podeljen na akcije koje ima jedan ili više akcionara i nemaju rok dospeća. Akcije mogu biti:

obične i

preferencijalne. Akcije su hartije od vrednosti koje predstavljaju učešće u kapitalu ili u pravima glasa pravnog lica. Akcije iste klase uvek daju ista prava. Obične akcije uvek čine jednu klasu akcija. Akcije se mogu izdavati sa ili bez nominalne vrednosti. Ako društvo izdaje akcije sa nominalnom vrednošću, sve akcije iste klase moraju imati istu nominalnu vrednost.

Obične akcije zakonitom imaocu daju sledeća prava:

pravo učešća i pravo glasa na skupštini akcionara,

pravo na isplatu dividende,

pravo učešća u raspodeli likvidacionog ostatka ili stečajne mase u skladu sa zakonom kojim se urenuje stečaj,

pravo prečeg sticanja običnih akcija i drugih finansijskih instrumenata zamenljivih za obične akcije, iz novih emisija,

druga prava u skladu sa Zakonom o tržištu kapitala i statutom akcionarskog društva.

Obične akcije ne mogu se pretvoriti u preferencijalne akcije ili druge finansijske instrumente. Preferencijalne akcije zakonitom imaocu daju jedno ili više povlašćenih prava utvrđenih statutom i odlukom o izdavanju akcija:

pravo na dividendu u unapred utvrđenom novčanom iznosu ili procentu od njene nominalne vrednosti, koja se isplaćuje prioritetno u odnosu na imaoce običnih akcija,

pravo da mu se neisplaćena dividenda kumulira i isplati pre isplate dividendi imaocima običnih akcija;

pravo da participira u dividendi koja pripada imaocima običnih akcija, u svim slučajevima isplate dividende imaocima običnih akcija ili po ispunjenju odrenenih uslova (participativna preferencijalna akcija);

pravo prvenstva naplate iz likvidacionog ostatka ili stečajne mase u odnosu na imaoce običnih akcija;

pravo pretvaranja tih akcija u obične ili u drugu klasu preferencijalnih akcija (zamenljive preferencijalne akcije);

pravo prodaje tih akcija akcionarskom društvu po unapred utvrđenoj ceni ili pod drugim uslovima.

b) Obveznice

- Any other securities giving the right to acquire or sell any such transferable securities or giving rise to a cash settlement determined by reference to transferable securities, currencies, interest rates or yields, commodities or other indices or measures.

a) Shares Shares are dematerialized ownership securities issued by the corporation. A joint stock company is a company whose founding capital stock is divided into shares of one or more shareholder and do not have a maturity date.

Shares can be:

ordinary and

preferred. Shares are securities that represent a participation in the capital or voting rights of a legal entity. Shares of the same class always give the same rights. Ordinary shares always make up one class of shares. Shares can be issued with or without nominal value. If a company issues shares with nominal value, all shares of the same class must have the same nominal value.

Ordinary shares give all rightful owner the following rights:

right to participate and vote at the shareholders' meeting,

right to receive payment,

right to participate in the liquidation or the bankruptcy estate in accordance with the law governing bankruptcy,

pre-emptive rights to acquire common shares and other financial instruments exchangeable for ordinary shares of a new issuance,

other rights in accordance with the Law on Capital Market and the bylaws of the joint stock company.

Ordinary shares may not be converted into preferred shares or other financial instruments. Preferred shares give the lawful holder one or more preferential rights in accordance to the Bylaws and the Decision to issue shares:

right to a dividend at the predetermined monetary amount or percentage of their nominal value, which has a priority in payment in comparison to the holders of ordinary shares,

right that accumulated, unpaid dividends be paid prior to the payment of dividends to holders of common shares;

right to participate in dividends attributable to holders of ordinary shares, in all cases, payment of dividends to holders of ordinary shares or upon the fulfilment of certain conditions (participatory preferred stock);

priority in receiving payments arising from the liquidation of assets in relation bankruptcies, relative to holders of ordinary shares;

right to convert such shares into common or other class of preferred shares (exchangeable preferred shares);

right to sell shares of the joint stock company at a predetermined price or under other terms.

b) Bonds Bonds are long-term, transferable and dematerialized financial instruments issued by states, local governments, banks and companies to finance long-term investments. By issuing bonds, the issuer agrees to pay the bond’s lawful holders the amount

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Obveznice su dugoročni prenosivi i dematerijalizovani finansijski instrumenti koje izdaju države, lokalne samouprave, banke i privredna društva kako bi finansirali dugoročne investicije. Izdavanjem obveznica, izdavalac se obavezuje da će zakonitom imaocu obveznica isplatiti određeni novčani iznos (kamatu i glavnicu) na način i u skladu sa uslovima pod kojim je obveznica izdata. Obveznice se mogu podeliti prema njihovim brojnim karakteristikama, a najčešće se dele: Prema izdavaocu:

državne – izdavalac je država, odnosno Ministarstvo finansija ili trezor,

municipalne – izdavalac je jedinica lokalne samouprave,

korporativne – izdavalac je privredno društvo. Prema kamatnoj stopi:

obveznice bez isplate kamate (kupona),

obveznice s nepromenjivom kamatnom stopom (kuponom),

obveznice sa promenjivom kamatnom stopom (kuponom).

Prema otplati glavnice:

obveznice sa jednokratnim dospećem glavnice – izdavalac glavnicu isplaćuje o dospeću,

obveznice sa amortizujućom otplatom glavnice. Obveznice se mogu izdati u različitim valutama (u skladu sa važećom regulativom), mogu biti različite ročnosti, mogu biti negarantovane ili garantovane (npr. jemstvom), a sve to ih čini vrlo prilagodljivim instrumentom finansiranja za izdavaoca. Instrumenti tržišta novca

Instrumenti tržišta novca su finansijski instrumenti kojima se obično trguje na tržištu novca, kao što su trezorski, blagajnički i komercijalni zapisi i sertifikati o depozitu, izuzev instrumenata plaćanja.

a) Državni (Trezorski) zapisi Finansijski instrumenti koje izdaje Ministarstvo finansija Republike Srbije u cilju finansiranja republičkog budžeta. Kupuju se na aukcijama koje objavljuje Ministarstvo finansija Republike Srbije – Uprava za trezor.

b) Blagajnički zapisi Prenosivi finansijski instrumenti s rokom dospeća do jedne godine. U Srbiji blagajničke zapise izdaje Narodna Banka Srbije. Smatraju se nerizičnim instrumentom, a glavne karakteristike su mu sigurnost i niži prinos.

c) Komercijalni zapisi Prenosivi finansijski instrumenti koje izdaju društva (izdavalac), u dematerijaliziranom obliku i glase na ime. Omogućuju podmirenje kratkoročnih potreba društva tako da izdavalac, zavisno od situacije na tržištu, izdaje tranše zapisa koje su u okviru limita uspostavljenog programa. Komercijalni zapis je najčešće negarantovani (neosigurani) finansijski instrument. Osnovni cilj izdavanja komercijalnih zapisa je finansiranje kratkoročnih potreba Izdavaoca u okviru koga se omogućava izdavanje tranši komercijalnih zapisa različitih ročnosti, dospeća i denominacije do maksimalnog ukupnog iznosa koji je predviđen programom. Komercijalne zapise izdaju privredna društva različitog

of money (interest and principal) in a manner and in accordance with the terms under which the bond was issued.

Bonds can be classified according to their numerous features, but commonly divided according to:

The issuer:

State - the issuer is the State or the Ministry of Finance and Treasury

Municipality - the issuer is a local government unit,

Corporate - the issuer is a company.

The interest rate:

bond which does not make an interest payment (zero-coupon),

bond carrying a fixed interest rate,

bond carrying a variable interest rate.

The repayment of principal:

bonds where the principal is repaid at maturity,

bonds with an amortizing repayment principal schedule.

Bonds may be issued in various currencies (in accordance with applicable regulations), can have different maturities, can be un-guaranteed or guaranteed, all of which make them a very flexible financing instrument for the issuer. Money-market instruments

Money market instruments are financial instruments which are usually traded in the money market, such as treasury bills, commercial paper and certificates of deposit, with the exception of payment instruments.

a) State (Treasury) bills Financial instruments issued by the Ministry of Finance of the Republic of Serbia for the purpose of financing of the republic budget. They can be bought on auctions announced by the Ministry of Finance of the Republic of Serbia - Treasury.

b) National Bank of Serbia Treasury bills Transferable financial instruments with a maturity of up to one year, issued by the National Bank of Serbia. They are considered risk-free instrument, and the main characteristics are safety and lower yields.

c) Commercial papers Transferable financial instruments issued by the company (issuer), in a dematerialized form and registered in the name of the owner. Allow the settlement of short-term needs of the company so that the issuer, depending on the market situation, issues the paper in tranches within limits, according to an established program. Commercial paper is usually non-guaranteed (unsecured) financial instrument. The main goal for issuing commercial paper is for funding short-term needs of the Issuer within which allows for the issuance of tranches of different maturities and denominations up to a maximum total amount that is foreseen by the program. Commercial paper issued by companies with different credit ratings so that they are less secure instruments in relation to the Treasury or Treasury bills.

d) Certificates of deposit Negotiable financial instruments that by which banks obtain short-term funds. Banks “sells” certificates of deposit by issuing them in large amounts or issues them on the basis of deposits.

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boniteta pa su zato komercijalni zapisi nesigurniji instrument u odnosu na trezorske ili blagajničke zapise.

d) Sertifikati o depozitu Prenosivi finansijski instrumenti kojima banke pribavljaju kratkoročna novčana sredstva. Sertifikate o depozitu banke “prodaju” izdajući njihove emisije u velikim iznosima ili ih izdaju na osnovu depozita. Jedinice institucija kolektivnog investiranja

Jedinice institucija kolektivnog investiranja su jedinice u subjektima kolektivnog investiranja koji su dobili odobrenje Komisije za hartije od vrednosti ili Narodne Banke Srbije, u skladu sa zakonima kojima se uređuje poslovanje investicionih i penzionih fondova. Izvedeni finansijski instrumenti

Izvedeni finansijski instrumenti su opcije, fjučersi, svopovi, kamatni forvardi i bilo koji drugi izvedeni finansijski instrumenti koji se odnose na hartije od vrednosti, valute, kamatne stope, prinos kao i na druge izvedene finansijske instrumente, finansijske indekse ili finansijske mere koji se mogu namiriti fizički ili u novcu.

2.2. Rizici ulaganja u finansijske instrumente

2.2.1. Opšti rizici u poslovanju sa finansijskim instrumentima:

valutni rizik, odnosno rizik promene kursa;

kamatni rizik, odnosno rizik mogućnosti gubitka usled promena kamatnih stopa;

rizik promene kreditnog rejtinga zemlje, i to kao: rizik nemogućnosti plaćanja duga određene zemlje, politički rizik, uključujući i rizik neočekivanih regulatornih promena koje utiču na tržište kapitala i položaj investitora;

rizik inflacije, odnosno rizik smanjenja vrednosti finansijskih instrumenata usled opšteg rasta cena;

rizik likvidnosti, odnosno rizik nemogućnosti prodaje finansijskih instrumenata na sekundarnom tržištu kapitala zbog smanjene tražnje ili neefikasnosti tržišta;

rizik emitenta, odnosno rizik smanjenja vrednosti finansijskih instrumenata zbog pada kreditnog rejtinga izdavaoca;

rizik stečaja, odnosno rizik smanjenja ili potpunog gubitka vrednosti finansijskih instrumenata zbog otvaranja stečajnog postupka nad emitentom finansijskih instrumenata;

rizik psihologije tržišta, odnosno rizik promene vrednosti finansijskih instrumenata zbog špekulativnih aktivnosti investitora;

rizik kvara na informacionim sistemima i/ili rizik prekida komunikacijskih veza između ovlašćenih banaka, Centralnog registra, depoa i kliringa hartija od vrednosti, organizatora tržišta i/ili uređenih javnih tržišta finansijskih instrumenata;

rizik finansijskog leverage, kupovina finansijskih instrumenata zaduživanjem znatno povećava rizik od gubitka;

rizik dnevnog trgovanja (day trading risk), odnosno rizik mogućnosti dnevnog ili trenutnog gubitka usled izvršavanja transakcija u istom danu;

rizik segmenata tržišta (rizik pojedinih segmenata tržišta u zemlji ili u inostranstvu). Lokalna regulativa propisuje različiti stepen transparentnosti izdavaoca čiji se finansijski instrumenti kotiraju, u zavisnosti od odabranog segmenta tržišta na kojem je finansijski instrument kotiran.

Units in collective investment undertakings

Units in collective investment undertakings are units in collective investment schemes which have received the Commission's approval of the Securities and National Bank of Serbia, in accordance with the laws governing the operations of investment and pension funds. Derivative financial instruments

Derivative financial instruments are options, futures, swaps, forward rate agreements and other derivatives relating to securities, currencies, interest rates or yields, or other derivative instruments, financial indices or financial measures which may be settled physically or in cash.

2.2. Risks of investing in financial instruments

2.2.1. General risks in dealing with financial instruments:

currency risk, or the risk of exchange rate fluctuations;

interest rate risk, or the risk of the loss due to changes in interest rates;

risk associated with changes in the credit rating of a country, include: the risk that a particular country will not be able to pay its debt, political risk, risk of unexpected regulatory changes affecting capital markets and investor position;

risk of inflation, which is the risk of a drop in the value of financial instruments due to the general increase in prices;

liquidity risk, is the risk that a financial instrument will not be able to be sold on the secondary capital market due to a decrease in demand or because that the market is inefficient;

issuer risk, a risk of a reduction in the value of a financial instruments due to a falling in the credit rating of an issuer;

risk of bankruptcy, a risk reduction or complete loss of the value of financial instruments due to the bankruptcy proceedings against the issuer of financial instruments;

market psychology risk, the risk of changes in value of financial instruments resulting from speculative activities of investors;

risk of a failure in IT systems and/or the risk of breakdown of communication links between Authorized Banks, the Central Securities Depository and Clearing House, the market organizers and/or the regulated public market for financial instruments;

risk of financial leverage, the purchase of financial instruments by borrowing funds significantly increases the risk of loss;

day trading risk, a risk of a daily or immediate loss resulting from the execution of transactions during the same day;

Market segments risk (risk of individual market segments in the country or abroad). Local regulations prescribe different degree of transparency of the issuer whose financial instruments are listed, depending on the selected segment of the market where the financial instrument is listed.

2.2.2. Particular risks in dealing with financial instruments as

follows:

In operations with transferable securities:

in operations with shares:

o market risk, volatility risk, or the risk of a decline in the value of common shares due to periodic price movements in the market;

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2.2.2. Posebni rizici u poslovanju sa finansijskim

instrumentima i to:

u poslovanju sa prenosivim hartijama od vrednosti: u poslovanju sa akcijama

o tržišni rizik, rizik volatilnosti, odnosno rizik pada vrednosti akcije usled uobičajenih periodičnih kretanja cena na tržištu;

o rizik prinosa, odnosno rizik odnosa tržišne cene i isplate dividende, ili rizik neplaćanja dividende;

o rizik stečaja ili likvidacije akcionarskog društva, može dovesti do potpunog gubitka za klijenta;

u poslovanju sa obveznicama:

o tržišni rizik, rizik volatilnosti, odnosno rizik pada vrednosti obveznice usled uobičajenih periodičnih kretanja cena na tržištu; rizik reinvestiranja;

o rizik promene kreditnog rejtinga izdavaoca, odnosno rizik da izdavaoc neće biti u mogućnosti podmiriti svoje dospele obaveze na osnovu emitovanih obveznica;

o rizik prinosa, odnosno rizik promene prinosa usled prodaje obveznice pre dospeća;

o rizik promene kamatnih stopa, odnosno rizik promene kamatne stope na tržištu u odnosu na kamatnu stopu na obveznicu, npr. ako kamatna stopa na tržištu poraste više od kamatne stope na obveznicu;

o rizik likvidnosti, odnosno rizik da se ponuda i/ili tražnja za pojedinu obveznicu smanji ili potpuno nestane,

o valutni rizik, odnosno rizik da će se smanjiti vrednost obveznica koje su denominovane u jednoj valuti ili uz valutnu klauzulu, a izražene u drugoj valuti usled promene kursa tih valuta.

u poslovanju sa instrumentima tržišta novca:

o rizik promene kreditnog rejtinga izdavaoca, odnosno rizik da izdavaoc neće biti u mogućnosti podmiriti svoje dospele obaveze na osnovu emitovanih finansijskih instrumenata;

o rizik likvidnosti, instrumenti tržišta novca se po pravilu ne kotiraju na sekundarnim tržištima, pa postoji verovatnoća da investitor neće moći prodati instrument, nego će ga držati do dospeća;

o valutni rizik, odnosno rizik da će se smanjiti vrednost instrumenta koji je denominovan u jednoj valuti ili uz valutnu klauzulu, a izražen u drugoj valuti usled promene kursa tih valuta.

u poslovanju sa jedinicama kolektivnog investiranja:

o valutni rizik je rizik koji je moguć ukoliko se imovina fonda sastoji od finansijskih instrumenata denominovanih u različitim valutama. Promene međusobnog odnosa tih valuta mogu uticati na povećanje, odnosno smanjenje imovine fonda, a samim tim i vrednosti uloga investitora u fond;

o tržišni rizik tj. rizik pada vrednosti imovine fonda usled pada vrednosti cena finansijskih instrumenata u koje je uložena imovina fonda;

o kreditni rizik je rizik da izdavaoci finansijskih instrumenata u koje je uložena imovina fonda nisu u mogućnosti da izvršavaju svoje finansijske obaveze, što uzrokuje pad vrednosti imovine fonda

o rizik likvidnosti je rizik da je tržište finansijskih instrumenata u koje je uložena imovina fonda nelikvidno, da fond ne može brzo i po fer ceni da proda finansijske instrumente kako bi izašao u susret zahtevima za otkup uloga.

o yield risk, the risk that the ratio of the market price and dividend payments, or the risk of dividend payments will not be made;

o bankruptcy or liquidation risk of joint-stock company, it can lead to total losses for the Client;

in operations with bonds:

o market risk, volatility risk, or the risk of the drop in value due to the usual periodic price movements in the market; reinvestment risk;

o risk of changes in the credit rating of the issuer, or the risk that the issuer will not be able to meet its payment obligations under the bond issue;

o yield risk, the risk of changes in yields due to the selling of bonds before maturity;

o interest rate risk, the risk of changes in market interest rates relative to interest rates on bonds, for example, if market interest rates rise more than the interest rate on the bonds;

o liquidity risk, the risk that the supply and/or demand for a particular bond is reduced or completely disappears,

o currency risk, the risk that the value of bonds that are denominated in one currency or indexed in a particular currency, but which are expressed in another currency, will drop due to changes in the exchange rate of the currency;

in operations with money-market instruments:

o risk of changes in the credit rating of the issuer, or the risk that the issuer will not be able to meet its payment obligations on the basis of issued financial instruments;

o liquidity risk, money market instruments generally not quoted in the secondary markets, so there is a chance that an investor will not be able to sell the instrument, but will keep them until maturity;

o currency risk, the risk that the value of bonds that are denominated in one currency or indexed in a particular currency, but which are expressed in another currency, will drop due to changes in the exchange rate of the currency.

In operations with Units in collective investment undertakings

o Currency risk is the risk that is possible if the fund's assets consist of financial instruments denominated in different currencies. Changes to the mutual relations of these currencies can affect the increase or decrease in the fund's assets, and therefore the value of the investors stake in the fund;

o market risk, ie. the risk of decline in the value of fund assets due to the fall in the value price of financial instruments in which the fund invested assets;

o Credit risk is the risk that issuers of financial instruments in which the fund invested assets are not able to fulfill its financial obligations, causing a decline in the value of fund assets;

o Liquidity risk is the risk that financial instruments market in which the fund invested assets illiquid, the fund can not be quickly and at a fair price to sell financial instruments in order to meet the requirements for the repurchase of stakes.

In operations with derivative financial instruments:

o the positional risk is the risk of loss due to price changes (increase or decrease) of the financial instrument or in the case of a financial instrument that

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u poslovanju sa izvedenim finansijskih instrumentima:

o pozicioni rizik je rizik gubitka zbog promene cene (povećanja ili smanjenja) finansijskog instrumenta odnosno u slučaju finansijskog instrumenta koji je izveden iz promene cene odnosne varijable: · opšti pozicioni rizik kao rizik gubitka na osnovu promene cene finansijskog instrumenta usled promene nivoa kamatnih stopa ili većih promena na tržištu kapitala, nezavisno od bilo koje specifične karakteristike tog finansijskog instrumenta, · specifični pozicioni rizik kao rizik gubitka na osnovu promene cene finansijskog instrumenta usled činjenica koje se odnose na izdavaoca instrumenta, odnosno u slučaju izvedenog finansijskog instrumenta, usled činjenica koje se odnose na izdavaoca osnovnog finansijskog instrumenta.

o kursni rizik je rizik gubitaka koji nastaje zbog promene kursa valuta;

o robni rizik je rizik gubitka koji nastaje zbog promena cena robe;

o rizik likvidnosti je rizik gubitka koji nastaje zbog postojeće ili očekivane nemogućnosti investicionog društva da izmiri svoje novčane obaveze u roku dospeća.

3. Informacije o mestima izvršenja naloga Podaci o mestima izvršenja naloga su navedeni u tački 9. Pravilnika o izvršenju naloga Ovlašćene banke koja je dostupna na internet stranici www.otpsrbija.rs i u sedištu Ovlašćene banke. Za dodatne informacije o mestima izvršavanja naloga potrebno je kontaktirati Ovlašćenu banku.

4. Informacije o troškovima i naknadama Pravilnikom o tarifi Ovlašćene banke utvrđene su maksimalne naknade za pružanje investicionih i dodatnih usluga i aktivnosti. Ovlašćena banka će nakon realizacije naloga Klijentu dostaviti bitne informacije o izvršenju naloga, odnosno, klijentu koji je klasifikovan kao mali klijent dostaviće Potvrdu o izvršenju naloga. Informacije o troškovima i naknadama uključuju:

ukupnu cenu koju je Klijent dužan da plati u vezi sa finansijskim instrumentom ili uslugom, uključujući sve povezane provizije, naknade i druge troškove, kao i sva plaćanja putem Ovlašćene banke, kao što su provizija Ovlašćene banke, provizija organizatora tržišta, Centralnog registra i Komisije za hartije od vrednosti i druge naknade i stvarne troškove u vezi sa finansijskim instrumentom ili uslugom (uključujući i poreze koji padaju na teret klijenta, a plaćaju se preko Ovlašćene banke),

osnov za izračunavanje cene, u slučajevima kada ukupnu cenu nije moguće navesti,

upozorenje o valuti i relevantom deviznom kursu i troškovima, u slučajevima kada bilo koji deo ukupne cene iz predhodnog stava mora biti plaćen ili predstavlja iznos u stranoj valuti,

upozorenje da postoji mogućnost drugih troškova, što uključuje poreze ili druga plaćanja, povezane sa transakcijom u vezi sa finansijskim instrumentom ili

is derived from the change in the price of the underlying variable:

• general positional risk as the risk of loss on the basis of price changes of financial instruments due to changes in the level of interest rates or major changes in the capital market, regardless of any specific characteristic of this financing instrument,

• specific positional risk as the risk of loss on the basis of price changes of financial instruments due to the facts relating to the issuer of the instrument, or in the case of derivative financial instruments, from the facts relating to the issuer of the underlying financial instrument.

o the exchange rate risk is the risk of losses resulting from changes in foreign currency exchange rates;

o commodity risk is the risk of loss due to changes in commodity prices;

o Liquidity risk is the risk of loss due to actual or expected inability of an investment firm to meet its financial obligations at maturity.

3. Information about places of execution of the order

Information about places of execution of the order is given in item 9. The Rules of execution of the order of the Authorized Bank is available on the website www.otpsrbija.rs at the Authorized Bank address. For more information, please contact the Authorized Bank.

4. Information on expenses and fees The Tariff Rulebook of the Authorized Bank sets the maximum fees for providing investment and additional services and activities. The Authorized Bank will after the execution of a Client order submit relevant information about the execution of the order, that is, Clients classified as Retail Clients will be provided a confirmation for the executed order. Information about expenses and fees include:

total cost which the Client is obliged to pay in connection with the financial instrument or service, including all related fees, charges and other expenses, as well as all payments via the Authorized Banks, such as fees of the Authorized Banks, the fees of the Market Organizer, and the Central Securities Registry and fees of the Securities Commission as well as other real fees and expenses in connection with a financial instrument or service, (including also taxes for which the client is responcible, but paid via the Authroized bank),

the basis for calculating a price, in case when the exact price not possible to specify,

a warning of the relevant currency exchange rates and costs in cases where any part of the exact price of the preceding point is to be paid in a foreign currency,

warning that there is a possibility of other costs, including taxes and other fees, related to transactions in connection with the financial instruments or service that may arise for the Client and which are not payable through Authorized Bank or not imposed by the Authorized Banks.

the method of payment of costs and fees.

Payment method and meeting of obligations.

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uslugom, koji mogu nastati za klijenta, a koji nisu plativi putem Ovlašćene banke ili nisu nametnuti od strane Ovlašćene banke.

načine plaćanja i izvršenja obaveza. Za transakcije koje se izvršavaju u tranšama, Ovlašćena banka će klijentu pružiti informacije o ceni svake pojedinačne tranše. Ovaj dokument se objavljuje na internet stranici OTP banke

Srbija AD BEOGRAD: www.otpsrbija.rs, narednog radnog

dana od dana prijema rešenja Komisije za hartije od vrednosti o davanju saglasnosti na Pravila ponašanja Ovlašćene banke, čiji su ove Informacije sastavni deo, a njihova primena će početi osmog dana od dana objavljivanja na internet stranici banke.

For transactions that are executed in tranches, the Authorized Bank will provide the Client with information about the price of each tranche. This Document is published on the website of OTP Bank Serbia AD BELGRADE: www.otpsrbija.rs, the next working day from

the date of receipt of the Decision of the Securities Commission on approval to the Authorized bank`s Code of Conduct whose this Information is an integral part, and will be applied after a period of eight days from the date of its publication on the website fo the Bank.

_____________________________ Predsednik Izvršnog odbora

Marija Popović