Excerpt from the Articles of Incorporation P.S. "Telefonija" a.d.:

Work of the Board of Directors of P.S. "Telefonija" a.d.

The meetings of the Board of Directors are held 8 times per year on average.

In accordance with the provisions of Articles 307 to 321 of the Company Law (Official Gazette of the Republic of Serbia, No. 125/2004) and Articles 93 to 106 of the Articles of Incorporation, P.S."Telefonija" a.d. defined the work of the Board of Directors.

Board of Directors

The Board of Directors of the Joint Stock Company comprises 7 members. Directors are elected among the shareholders, employees and persons otherwise unaffiliated with the company.

Election of the Board members

Directors are elected at each annual shareholders meeting by shareholders themselves, and may also be elected at any extraordinary general meeting convened for that purpose by the shareholders.

The existing Board of Directors, shareholders or nominating committee (authorized nominators) of the Joint Stock Company propose candidates to be chosen as Board members.

The number of votes cast by a shareholder for a Board member equals the number of shares held by the same shareholder.

Board members are elected by simple majority by shareholders who attend the meetings in person or by proxy. The system of cumulative voting is excluded in the election of Board members.