FI N° 23.200 (SI)
Serapis N° 2004 0464

1.01  The Guarantor declares that it is well acquainted with the terms,
      conditions and clauses of the Finance Contract, a true copy of which, as
      signed by the parties thereto, has been delivered to the Guarantor by
      the Bank.

2.01  The Guarantor, as primary obligor and not merely as surety, guarantees
      entirely the full and punctual performance of all the monetary
      obligations of the Borrower to the Bank under the Finance Contract,
      including all payments of interest without any limitation, commissions,
      incidental charges and other expenses and all the sums being due by the
      Borrower to the Bank under any provision of the Finance Contract.
2.02  The Guarantor undertakes to promptly furnish information to the Bank on
      legislation or the regulatory framework affecting the Borrower, which
      may have an impact on the implementation of the Project.

3.01  Demand may be made under this Guarantee Agreement as soon as the
      Borrower has not performed all or part of the obligations guaranteed
      pursuant to Article 2.01 of this Guarantee Agreement.
3.02  The Guarantor hereby waives irrevocably any objection or exception in
      law to the total or partial enforcement of this Guarantee Agreement. It
      undertakes to perform its obligations upon first written demand by the
      Bank whenever such demand is made and to pay the sums due without any
      limitation, retention or condition, without the Bank having to furnish
      any special evidence in support of its request other than the reason for
      the demand under this Guarantee Agreement. In particular, the Bank is
      not bound to prove that it has taken any action against the Borrower; it
      is not obliged, prior to the enforcement of this Guarantee Agreement, to
      realise securities or to enforce any other security that the Borrower or
      a third party may have constituted.
3.03  The payment by the Guarantor shall fall due on the tenth Business Day
      following that on which demand is made.
      For the purpose of this Guarantee Agreement “Business Day” means a day
      on which banks are open for business in Luxembourg and Ljubljana.
3.04  In the event of the Bank making demand, the Guarantor shall have the
      right to discharge immediately, under the conditions set out in the
      Finance Contract, all the monetary obligations of the Borrower under the
      Finance Contract which are still outstanding at the time of such
      discharge.

4.01  When the Guarantor has made a payment to the Bank, it is subrogated, to
      the extent of such payment, to the rights and actions relating to the
      said payment that the Bank has against the Borrower; this right of
      subrogation shall not be invoked to the detriment of the Bank.

5.01  The Guarantor shall inform the Bank forthwith of any fact or event
      likely to jeopardise the performance of its obligations under this
      Guarantee Agreement.
5.02  The Guarantor shall notify the Bank of the completion of the procedures
      necessary in the Republic of Slovenia to the entry into force of the
      Guarantee Agreement.

6.01  The Bank may agree to and shall notify the Guarantor of amendments made
      to the Finance Contract which do not increase the amounts payable by the
      Borrower thereunder.
      The Bank may grant the Borrower extensions of time of up to three months
      in respect of each repayment of principal or payment of interest and any
      other incidental expenses as it sees fit. Any such extension of time
      shall be notified to the Guarantor.
      Any modifications in the Finance Contract other than those referred to
      in the previous two paragraphs of this Article 6 shall be submitted for
      approval to the Guarantor. The latter may refuse its approval only if
      the proposed modifications are likely to be prejudicial to it in its
      capacity as Guarantor.

7.01  Taxes or fiscal charges, legal costs and other expenses incurred in the
      execution or implementation of this Guarantee Agreement shall be borne
      by the Guarantor. The Guarantor shall make payments hereunder without
      withholding or deduction on account of tax or fiscal charges.

8.01  The legal relations between the parties to this Guarantee Agreement, its
      formation and validity shall be governed by the laws of the Grand Duchy
      of Luxembourg.
8.02  The place of performance of this Guarantee Agreement is the head office
      of the Bank.
8.03  The parties hereto submit to the exclusive jurisdiction of the Court of
      Justice of the European Communities and all disputes concerning the
      Guarantee Agreement shall be submitted to such court.
      The decision of the Court of Justice of the European Communities shall
      be conclusive and shall be accepted as such by the parties without
      restriction or reservation.
8.04  The parties hereto agree that this Guarantee Agreement is of a
      commercial nature and hereby undertake to waive any immunities, which
      they may now or hereafter enjoy in any country from the jurisdiction of
      the Court of Justice of the European Communities.
 
8.05  In any legal action arising out of this Guarantee Agreement the
      certificate of the Bank as to any amount due to the Bank under this
      Guarantee Agreement shall be prima facie evidence of such amount.
8.06  This Guarantee Agreement shall enter into force upon confirmation by the
      Bank to the Guarantor that it has received a certified copy of the
      instrument of ratification by the Guarantor.

9.01  Notices and other communications given hereunder shall be sent to the
      respective address set out below:
      – for the Guarantor:    Ministry of Finance
                              Župančičeva, 3
                              1502 Ljubljana
                              Slovenia
      – for the Bank:         100 Boulevard Konrad Adenauer
                              L-2950 Luxembourg
                              Grand Duchy of Luxembourg.
      Each party may, by notice to the other, change its addresses as set out
      above.
9.02  Notices and other communications, for which fixed periods are laid down
      in this Guarantee Agreement or which themselves fix periods binding on
      the addressee, shall be served by hand delivery, registered letter,
      telegram, telex, confirmed fax or any other means of transmission which
      affords evidence of receipt by the addressee. The date of registration
      or, as the case may be, the stated date of receipt of transmission shall
      be conclusive for the determination of a period.
9.03  The Recitals forms part of this Guarantee Agreement.
      The following Annex is attached hereto:
      Annex I Certified English translation of the relevant provisions of the
      Law on the Guarantee.

FI št. 23.200 (SI)
Serapis št. 2004 0464

1.01  Garant izjavlja, da je dobro seznanjen s pogoji in določili finančne
      pogodbe, katere izvirnik, tak kot sta ga pogodbenici podpisali, je banka
      dostavila garantu.

2.01  Garant kot prvi zavezanec in ne le kot porok v celoti jamči za popolno
      in pravočasno izpolnjevanje vseh denarnih obveznosti kreditojemalke do
      banke po finančni pogodbi skupaj z vsemi plačili obresti brez vsakršnih
      omejitev, provizij, nepredvidenih stroškov in drugih izdatkov ter vseh
      zneskov, ki jih kreditojemalka dolguje banki na podlagi določb finančne
      pogodbe.

2.02  Garant se obvezuje, da bo banki nemudoma priskrbel informacije o
      zakonodaji oziroma pravnem okviru, ki zadeva kreditojemalko in bi lahko
      vplival na izvedbo projekta.

3.01  Zahtevek na podlagi te garancijske pogodbe je mogoče dati, kakor hitro
      kreditojemalka ne izpolni vseh obveznosti ali dela obveznosti, za katere
      velja garancija v skladu s členom 2.01 te pogodbe.
3.02  Garant se nepreklicno odreka vsakršnemu ugovoru ali zakonskim izjemam v
      zvezi s popolnim ali delnim uveljavljanjem te garancijske pogodbe.
      Obvezuje se, da bo na prvi pisni poziv banke izpolnil svoje obveznosti
      ob vsakem takem zahtevku in plačal zapadle zneske brez vsakršnih
      omejitev, zadrževanja ali pogojev, ne da bi bilo banki treba priskrbeti
      kaka druga posebna dokazila v podporo njenemu zahtevku, razen razloga za
      zahtevek, ki izhaja iz te garancijske pogodbe. Še posebej banka ni
      dolžna dokazovati, da je sprožila kak postopek proti kreditojemalki;
      pred uveljavljanjem te garancijske pogodbe ni dolžna unovčiti
      vrednostnih papirjev ali uveljavljati kakega drugega jamstva, ki ga je
      morebiti zagotovila kreditojemalka ali kaka tretja stran.
3.03  Garantovo plačilo zapade deseti delovni dan po datumu zahtevka.
 
      V tej garancijski pogodbi »delovni dan« pomeni dan, ko banke v
      Luxembourgu in Ljubljani poslujejo.
 
3.04  Če banka poda zahtevek, ima garant pravico pod pogoji, ki so navedeni v
      finančni pogodbi, takoj poravnati vse denarne obveznosti kreditojemalke
      iz finančne pogodbe, ki so ob taki poravnavi še neplačane.

4.01  Ko garant izvede plačilo banki, v obsegu takega plačila prevzame pravice
      in terjatve, ki jih ima banka do kreditojemalke v zvezi s tem plačilom;
      na pravico do subrogacije se ni mogoče sklicevati v škodo banke.

5.01  Garant takoj obvesti banko o vsakem dejstvu ali dogodku, ki bi lahko
      ogrozil izpolnjevanje njegovih obveznosti iz te garancijske pogodbe.
5.02  Garant uradno obvesti banko o dokončanju postopkov, ki so v Republiki
      Sloveniji potrebni za začetek veljavnosti garancijske pogodbe.

6.01  Banka lahko soglaša z dopolnitvami finančne pogodbe, s katerimi se ne
      povečujejo zneski, ki jih kreditojemalka plača na njeni podlagi, in o
      njih uradno obvesti garanta.
      Banka lahko na način, ki se ji zdi ustrezen, kreditojemalki odobri do
      trimesečno podaljšanje roka za vsako odplačilo glavnice ali plačilo
      obresti in drugih spremljajočih stroškov. O vsakem takem podaljšanju
      uradno obvesti garanta.
      Razen sprememb iz zgornjih dveh odstavkov tega 6. člena je treba vse
      druge spremembe v finančni pogodbi predložiti v odobritev garantu.
      Slednji lahko svojo odobritev odreče samo, če bi predlagane spremembe
      lahko škodljivo vplivale nanj kot garanta.

7.01  Davki ali druge dajatve, sodni in drugi stroški, ki nastanejo pri
      sklepanju ali izvajanju te garancijske pogodbe, bremenijo garanta.
      Garant bo plačila iz te pogodbe opravljal brez vsakršnega odbitka ali
      zmanjšanja zaradi davkov ali drugih dajatev.

8.01  Pravna razmerja med pogodbenicama iz te garancijske pogodbe, njeno
      sestavo in veljavnost ureja zakonodaja Velikega vojvodstva Luksemburg.
 
8.02  Kraj izpolnitve te garancijske pogodbe je sedež banke.
8.03  Pogodbenici se podrejata izključni pristojnosti Sodišča Evropskih
      skupnosti in vsi spori v zvezi z garancijsko pogodbo se predložijo temu
      sodišču.
 
      Odločitev Sodišča Evropskih skupnosti je dokončna in jo kot tako
      pogodbenici sprejmeta brez omejitev ali pridržkov.
 
8.04  Pogodbenici soglašata, da je ta garancijska pogodba komercialne narave,
      in se obvezujeta, da se bosta odpovedali vsem morebitnim imunitetam, ki
      jih uživata zdaj ali bi jih lahko uživali v prihodnje v kateri koli
      državi v zvezi s sodno pristojnostjo Sodišča Evropskih skupnosti.
8.05  V katerem koli pravnem sporu v zvezi s to garancijsko pogodbo je
      potrdilo banke o kakem znesku, dolgovanem banki po tej garancijski
      pogodbi, dokaz prima facie o takem znesku.
8.06  Ta garancijska pogodba začne veljati, ko banka potrdi garantu, da je
      prejela kopijo akta o ratifikaciji, ki jo je overil garant.

9.01  Obvestila in druga sporočila po tej pogodbi se pošljejo na spodaj
      navedena ustrezna naslova:
 
      – za garanta:   Ministrstvo za finance
                      Župančičeva 3
                      1502 Ljubljana
                      Slovenija
      – za banko:     100 Boulevard Konrad Adenauer
                      L-2950 Luxembourg
                      Veliko vojvodstvo Luksemburg
      Vsaka pogodbenica lahko z obvestilom drugi pogodbenici spremeni svoj
      zgoraj navedeni naslov.
9.02  Obvestila in druga sporočila, za katera so v tej garancijski pogodbi
      določeni stalni roki ali v katerih so določeni za naslovnika zavezujoči
      roki, se vročijo osebno ali pošljejo s priporočenim pismom, telegramom,
      teleksom, potrjenim telefaksom ali na kakršen koli drug način, ki
      dokazuje, da je naslovnik obvestilo prejel. Rok se določi glede na datum
      potrdila o oddaji priporočenega obvestila ali v nekaterih primerih glede
      na navedeni datum prejema oddanega obvestila.
9.03  Uvodne navedbe so sestavni del te garancijske pogodbe.
      Pogodbi je priložena naslednja priloga:
      Priloga I       Sodno overjen angleški prevod ustreznih določb Zakona o
      poroštvu.