Division 4.1.1

HGAA will limit new business in the public finance segment to […] and corporate credit engagements to […] or less, with a 1-year probability of default of […] or less for both public and corporate finance. In addition, all engagements above […] in the corporate segment must be […] % collateralised in compliance with HGAA’s internal credit policy parameters. Exceptions to the above restrictions are permissible if the local regulator requires certain financial instruments to be held. Furthermore, Treasury Bills issued by the Republic of Serbia and the Federation of Bosnia and Herzegovina with a maximum tenor of […] will be exempt from the above restrictions, if the acquisition of these securities […].