Amendments of terms of the public invitation for participation in the Public Tender for divestment of 100% of total registered capital of the company: DP HIP – Azotara Pancevo – in restructuring

Based on the authorization given in Clause 6 of the Public Invitation for participation in the Public Tender, published on October 22, 2005 in "Politika” daily newspaper, the Privatization Agency, on November 15, 2005, informs potential tender participants on:

1. Clause 4.B. of the Public Invitation is changed to read as follows:
   If a potential bidder is a Consortium it is necessary that it fulfills cumulatively the following requirements:
   - All Consortium members have made the decision on organizing and entering into the Consortium;
   - All the Consortium members have made a written Consortium Agreement and notarized it at the Court or other legal body (in case of foreign legal entity or individual);
   - Each member of the Consortium assumes several and joint unlimited liability by the provisions of the Consortium Agreement;
   - The Consortium Agreement specifies each member’s percentage in the acquisition of the capital of the Entity undergoing privatization,
   - All Consortium members have signed a Notarized Power of Attorney for the representing member of the Consortium;
   - All Consortium members have signed the Confidentiality Agreement;
   - At least one Consortium member has purchased the Tender Documents, and
   - At least one Consortium member fulfills one of the following requirements:
   a) It has been engaged in production and/or sale of artificial fertilizers for at least the last 3 fiscal years continuously, and achieved operating revenue in excess of EUR 60 million (Euro sixty million) in 2004; or
   b) It is a Financial Investor (legal entity whose core business is investment of money, that exists for at least the last 3 fiscal years, and includes investment companies, mutual funds, insurance companies, pension funds and investment banks), with a minimum of EUR 100 million (Euro hundred million) in total assets in 2004; or
   c) It is an Investor that achieved operating revenue of more than EUR 90 million (Euro ninety million) in 2004.
   
2. All other information regarding the Public Invitation shall remain unchanged and are available online at: http://www.priv.yu/vesti/pdf/e-tender_374_jp.pdf
   
3. All the questions relating to this Public Invitation should be directed to the Consultant, at the address below:
   FACTIS d.o.o.
   Dzordza Vasingtona 54,
   11000 Belgrade
   Serbia & Montenegro
   Dr Zivana Olbina or Dr Nikola Zelic
   
   E-mail: factis@eunet.yu
   Tel No: + 381 11 323 10 55
   Fax No: + 381 11 323 46 77