Minority Shareholders

Excerpt from ARTICLES OF ASSOCIATION P.S. "Telefonija" a.d.:
Exercising shareholders' rights; Assembly types

SHAREHOLDERS' ASSEMBLY
Exercising shareholders' rights; Assembly types

The Shareholders' Assembly of the Joint-stock Company consists of shareholders. Every shareholder, personally or through his authorized representative, shall have the right to attend the Shareholders' Assembly, vote if his shares carry the right to vote, ask questions and receive answers regarding matters included on the agenda, and make proposals for the agenda, in consent to Law and Articles of Association of the Joint-stock Company.

Shareholder who holds shares with voting privilege shall be entitled to make decisions and participate in activities of General Assembly only if he possess or represents at least 1 000 shares with voting privilege.

Shareholders with smaller amount of shares with voting privilege shall be entitled to join themselves and through representative satisfy prescribed condition.
Chief Executive Officer, members of the Board of Directors, members of the Executive Board, members of the Supervisory Board as well as the auditor shall attend and participate in the activities of General Assembly, as defined.

Shareholders' Assembly annual meeting

The Shareholders' Assembly shall be convened at least once a year ("annual assembly") not later than three months after submission of financial statements for each fiscal year to the Board of Directors or six months after the end of business year. The annual assembly shall be held upon schedule specified by the decision of the Board of Directors.

Extraordinary assembly and Convening by Minority Shareholders

Apart from the annual assembly, the Joint-stock Company shall hold Extraordinary assembly session: upon request of the Board of Directors or any other person authorized by Articles of Association to call an Extraordinary assembly session; at request of the liquidator of the Joint-stock Company, if Company is in liquidation; upon written demand of shareholders of at least 10% of shares with voting privilege on the issue raised for extraordinary General Assembly session. Procedures and methods of submission of request for Extraordinary assembly session are prescribed by Law.

List of shareholders

The Board of Directors is obliged, in consent to the law, to approve the setting of the record date for the list of shareholders, who are entitled to receive written notice on General Assembly, to demand convening of an Extraordinary assembly, to vote, to submit proposals in consent to Law and Articles of Association and to take any other action (such as record date for the list of shareholders).

The list of shareholders from paragraph 1 hereof, shall be composed as of the record from the shareholder list in the Central Securities Depository, and shall be available at the head office of the Joint-stock Company to any shareholder with voting right. Such list of shareholders shall contain the name and address of each shareholder and the number of voting shares held by each shareholder