Registration: 144A/Reg S; Registration: 144A/Reg S;

The Republic of Serbia (represented by the Government of the Republic of Serbia, acting by and through the Ministry of Finance), rated Ba2 (stable) / BB+ (stable) / BB+ (stable) by Moody's / S&P / Fitch, US$1.75bn 144A/Reg S 2-part sr notes (long 5y due 5/26/28 and long 10y due 9/26/33). BNP Paribas, BofA Securities, Citi, Deutsche Bank (B&D) and J.P. Morgan joint books. List LSE. English Law. UOP: i) Financing the budget deficit and (ii) refinancing or repaying its outstanding indebtedness. Marketing: URL: https://dealroadshow.com Entry Code: SERBIA23. Direct Link: https://dealroadshow.com/e/SERBIA23. Pricing 1/19. Settle 1/26 (T+5). IPTs: L5y T+330 area, L10y T+385 area.GUIDANCE: L5y T+300-305, L10y T+355-360.LAUNCHED: $750m L5y at T+285, $1bn L10y at T+340. PRICED:$750m 6.25% 5/26/28 99.627 6.336% T+285.$1bn 6.50% 9/26/33 97.703 6.808% T+340.