BELGRADE, Serbia -- Allegations by certain media that there is an estimate of the value of the shareholding company Telekom Srbija and that it has been made by a consulting company based on the Company’s operating results from 2009 are absolutely untrue.

We most firmly deny the claims by certain media that the representatives of Deutsche Telekom or other possible investors are present at Telekom Srbija, since it would be contrary to the law to allow anyone access to Company by-laws and documentation without an adequate decision of the shareholders – PTT Srbija, i.e. the Serbian state and the Greek OTE company.

Since this information is untrue and can bring serious damage to our company and its shareholders, we would like to once again warn media companies of their legal obligation and responsibility for the information published, in accordance with the provisions of the Law on Business Companies and the Law on the Securities Market.

Given our previous good cooperation, we call on the media to check all the information regarding Telekom Srbija a.d. with the Company itself, instead of publishing incorrect information obtained from incompetent sources.

Telekom Srbija a.d.