Pursuant on Article 201, item 14) of the Law on Planning and Construction ("Official Gazette of the

Republic of Serbia", no. 72/09, 81/09 - corrigendum, 64/10 - US and 24/11),

The Minister of Environment, Mining and Spatial Planning enacts

RULEBOOK
on the contents and scope of preparatory works, prefeasibility studies, and
feasibility studies

"Official Gazette of the Republic of Serbia", issue no. 1 of January 11, 2012.

Article 1.
This Rulebook prescribes the content, scope and method of production of Prefeasibility and
Feasibility study for the construction of structures.

Article 2.
The Prefeasibility Study determines, in particular, the spatial, ecological, social, financial,
market, and economic justification of the investment for alternative solutions defined by the
General Design, based on which a planning document can be adopted, as well as a decision on the
feasibility of investment in preparatory works for the Preliminary Design and the production of the
Feasibility study and Preliminary Design.

The Feasibility Study determines, in particular, the spatial, ecological, social, financial,
market, and economic justification of the investment for the chosen solution, elaborated in a
Preliminary Design, based on which a decision is made on the justification of the investment and
the initiation of the procedure for issuing a construction approval.

Article 3.
The Investor provides Terms of Reference for the production of Prefeasibility and Feasibility
study. Terms of Reference for the production include, in particular: the objective of the production
of the study, the legal base for the study production, the documentation basis for the study
production, the methodological framework of the study, the required analyses, the manner of the
presentation of the study, the procedure for checking the results, the deadlines, the choice of
software tools and other conditions for the preparation.

Article 4.
The Prefeasibility and Feasibility Study has been done according to the regulations of other
countries, i.e. according to the methodology of foreign financial organizations (creditors, banks,
etc.) or which has been approved by foreign financial institutions can be submitted to the audit
committee for Professional control and in original form.

Article 5.
For structures for which construction is planned, i.e. use in stages, the Prefeseability Study
must contain elements for all stages planned, and the Feseability Study can be prepared for
individual stages as well.

Prefeseability Study for structures from Article 133, paragraph 2, item. 6) and 16) of the Law
on Planning and Construction ("Official Gazette of the Republic of Serbia", no. 72/09, 81/09 -
corrigendum, 64/10 - US and 24/11 - hereinafter: the Law) shall be made at the level of the entire
network, and Feasibility Study is prepared for the entire network or individual sub-functional parts
of the network, or groups of facilities in a certain territory that represent a technological and
organizational unit.
 Article 6.
The basis for the preparation of the Prefeasibility Study in particular shall consist of: the
Spatial Plan of the Republic of Serbia, the regional spatial plan, the spatial plan of municipalities,
previous works, and alternative solutions from the General Design.

The Prefeasibility Study also contains a General Design.

Article 7.
The Prefeasibility Study contains in particular:

1. Introduction,

(1) investing objectives (social, economic, other objectives);

(2) main data on investor and his development abilities and authors of the Study;

(3) task for he production of the Study;

(4) planning period and informational base;

(5) methodological approach (explanation of the applied software tool).

2) Analysis of the existing situation,

(1) spatial location (of the structure, the corridor, the network);

(2) function (of the structure, the corridor, the network) and utilization degree;

(3) significance (of the structure, the corridor, the network) in the system.

3) Market aspect - analysis and projection,

- for structures from Article 133, paragraph 2, item 2), 4), 9) 10), 11), 12) and 13) of the
Law
(1) main characteristics of products or services;

(2) demand analysis;

(3) supply analysis;

(4) assessment of possible sales.

- for facilities from Article 133, paragraph 2, item 3), 7), 14), 15), 17) and 18) of the Law
(1) gravitating area;

(2) main indicators of social-economic development;

(3) generators of flows (passengers, freight, goods, services);

(4) realized scope of transport and traffic (passengers, freight, goods and services) in total

and by structure (by branches, types, segments, types of goods and services, motives of

travel);

(5) forecasted scope of transport, i.e. traffic for passengers and freight - in total and by

structure (by branches, types, segments, types of goods and services, motives of

transport, i.e. travel);

(6) assessment of conditions of transport, i.e. traffic according to alternatives (functional

evaluation).

- for structures from Article 133, paragraph 2, item 6) and 16) of the Law

(1) gravitating area;

(2) services and goods flow generators;

(3) realized scope of services and goods by structure;

(4) forecasted scope of flow of goods and services - total and by structure.

- for structure from Article 133, paragraph 2, item 1) and 8) of the Law
(1) gravitating area;

(2) main characteristics of the products or services;

(3) main indicators of social-economic development;

(4) demand analysis;

(5) supply analysis;

(6) forecasted scope of flow of goods and services - total and by structure;

(7) assessment of possible sales.

4) Presentation of technological and technical solutions in the General Design,

(1) presentation of the development of the main design;

(2) presentation of the main elements of the General Design;

(3) presentation of technical-technological solutions from the General Design (architectural,

construction, traffic, technological, mechanical, electrical, etc.);

(4) graphic representation of alternative solutions;

(5) planned life span of the structure;

(6) structure and dynamics of required investments.

5) Analysis of the purchasing market,

(1) specification and description of required inputs;

(2) analysis and evaluation of the possibility of acquiring the necessary inputs (domestic,

foreign) - for material and equipment; for raw materials for construction and production;

(3) forecast of purchase prices.

6) Spatial aspect,

- for structures from Article 133, paragraph 2, item 2, 4), 9), 10), 11), 12) and 13) of the Law

(1) site analysis;

(2) site evaluation and selection.

- for structures from Article 133, paragraph 2, item 3), 6), 7), 14), 15), 16), 17) and 18) of
the Law

(1) compliance of the adopted alternative with spatial and urban plans;

(2) spatial consequences of occupying surfaces and separating wholes;

(3) impacts on the spatial development of the area;

(4) previous assessment of spatial eligibility.

- for structures from Article 133, paragraph 2, item 1) and 8) of the Law

(1) compliance of the adopted alternative with spatial and urban plans;

(2) spatial consequences of occupying surfaces and separating wholes;

(3) impacts on the spatial development of the area;

(4) previous assessment of spatial eligibility;

(5) displacement of human population;

(6) employment;

(7) security.

7) Preliminary environmental impact analysis,

- for structures from Article 133, paragraph 2, item 2), 4), 9), 10), 11), 12) and 13) of the
Law

(1) analysis of possible environmental impacts;

(2) proposal for environmental protection measures.

- for structures from Article 133, paragraph 2, item 2), 3), 4), 6), 7), 9), 10), 11), 12), 13),
14), 15), 16), 17) and 18) of the Law

(1) attitude towards natural and cultural-historical assets;

(2) impacts on climate;

(3) impacts on surface and groundwater;

(4) noise and air pollution;

(5) impacts on flora and fauna;

(6) impacts on soil;

(7) preliminary assessments of ecological eligibility.

8) Financial analysis and assessment,

(1) calculation of required investments;

(2) funding sources and obligations towards the sources;

(3) calculation of revenues and costs;

(4) income statement;

(5) preliminary financial assessment of the project profitability.

9) Social-economic analysis and assessment,

(1) economic costs and benefits by alternatives during the operation period;

(2) applied economic evaluation method;

(3) direct and indirect (external) social-economic effects;

(4) proposal of optimal alternative;

(5) stages and phases of building construction and optimal year of opening;

(6) preliminary social-economic evaluation of the project profitability.

10) Analysis of sensitivity and investment risks,

(1) sensitivity to changes in initial parameters;

(2) sources and extent of risk.

11) Preliminary analysis of financing resources and financial obligations,

(1) the investor's own funds;

(2) domestic resources;

(3) foreign and international resources;

(4) guarantees and obligations;

(5) preliminary assessment of financing resources.

12) Preliminary analysis of organizational and personnel abilities,

(1) organization;

(2) personnel potential;

(3) preliminary assessment of organizational and personnel eligibility.

13) Conclusion on Prefeasibility Study,

(1) final considerations;

(2) a summary of the Study.

Article 8.
The basis for the production of the Feasibility Study shall mainly consist of: preparatory works

and the Prefeasibility Study with the General Design.

Feasibility Study also includes a Preliminary Design.

Article 9.
The Feasibility Study includes in particular:

1) Data on the purchaser and authors of the Study,

2) Introduction,

(1) the objective of the production of the Study;

(2) task for the production of the Study;

(3) main documentation used for the production of the Study;

(4) methodological approach (explanation of the applied licensed software tool);

(5) A short outline of the results of the Prefeasibility Study.

3) Objectives and purpose of investing,

(1) social objectives;

(2) economic objectives;

(3) other objectives;

(4) purpose of investing.

4) Description of the structure,

(1) location of the structure;

(2) significance in the system or network;

(3) function of the structure;

(4) available technical documentation;

(5) available planning documentation;

(6) graphic representation of the structure (site plans, profiles, main layouts, and sections

taken from the Preliminary Design);

(7) planned life span of the structure;

(8) the structure construction time;

(9) the structure construction stages.

5) Analysis of development abilities of the investors,

(1) name and headquarters of the investor;

(2) subject of business operations;

(3) representation of development and assessment of the current investor organization;

(4) representation of technological and economic development and assessment of the current

state;

(5) analysis of the structure of employees;

(6) business balance sheets and assessment of financial eligibility (development program,

technology, organization, and personnel).

6) Methodological bases for the production of the Study,

(1) laws and rulebooks;

(2) coordination with technical documentation;

(3) coordination with planning documentation;

(4) information system and data sources;

(5) procedure for defining indicators;

(6) procedure and method of valuation.

7) Technical-technological solution in Preliminary Design;

(1) the Prelımınary Design production process;

(2) the Preliminary Design production bases;

(3) method and criteria of functional evaluation;

(4) the structure graphical representation (site plans, profiles, sections, technological layouts,

etc.);

(5) analysis of the abilities of the project realization;

(6) stages and phases of construction of the structure;

(7) dynamic construction plan of the structure;

(8) dynamics of investment of financial resources, in total and by structure/purpose;

(9) organization and project management system;

(10) revisions and decisions during the Preliminary Design development.

8) Market aspects,

(1) international market;

(2) domestic market;

(3) market efficiency assessment.

9) Spatial aspects,

(1) compliance of the adopted alternative with spatial and urban plans;

(2) consequences of expropriation and displacement of human population;

(3) the consequences of the separation of entities;

(4) impacts on the spatial and urban development of the structure immediate area;

(5) assessment of spatial eligibility.

10) Environmental aspects,

(1) impacts on the environment (microclimate, water, air, noise, soil);

(2) effects of technical environmental protection measures;

(3) visual pollution;

(4) safety;

(5) environmental eligibility assessment.

11) Economic costs,

(1) construction costs of the structures;

(2) equipment acquisition and installation costs;

(3) exploitation, maintenance, and management costs;

(4) accompanying and additional costs;

(5) price analysis and accuracy check;

(6) cost dynamics;

(7) costs in domestic and foreign currencies.

12) Benefits,

(1) revenues;

(2) direct profits - benefits;

(3) indirect profits - benefits;

(4) price analysis for profit calculation and accuracy check;

(5) dynamics of revenues, direct and indirect profits;

(6) revenues and profits in domestic and foreign currencies.

13) Financial efficiency with an assessment of profitability and liquidity,

(1) calculation and dynamics of revenues;

(2) calculation and dynamics of expenditures;

(3) the project financial flow;

(4) the project profitability;

(5) the project liquidity;

(6) financial efficiency assessment.

14) Social-economic efficiency,

(1) calculation and dynamics of direct economic effects (costs and benefits);

(2) calculation and dynamics of supplementary economic effects;

(3) economic flow of the project;

(4) scale and dynamics of social effects;

(5) social flow of the project;

(6) social-economic assessment of profitability and efficiency.

15) Analysis of investment sensitivity and risk,

(1) sensitivity to changes in financial parameters;

(2) sensitivity to changes in economic parameters;

 (3) sensitivity to changes in the initial elements for price definition (structural sensitivity);

(4) risk assessment;

(5) conclusions of sensitivity and risk analysis;

16) Analysis of financing resources, financial obligations and dynamics,

(1) scope and dynamics of the investor's own funds;

(2) scope and dynamics of domestic resources with dynamics of inflow of funds;

(3) scope and dynamics of foreign and international resources;

(4) guarantees by financing resources;

(5) obligations by financing resources;

(6) assessment of financing resources.

17) Analysis of organizational and personnel abilities,

(1) external links and contacts;

(2) organization;

(3) personnel potential;

(4) assessment of organizational and personnel eligibility.

18) Conclusion on investment justification,

(1) investment justification collective rating;

(2) explanation of the rating;

(3) reliability degree of the rating;

(4) the Feasibility Study summary.

Article 10.
If calculation and evaluation software tools are used in the Prefeasibilty and Feasibility Studies
production, the final results shall contain a summary and recapitulation of the discussed solutions,
as well as the description of the selected technology for the preparation of the Study.

Article 11.
On the day of this Rulebook’s coming into effect, the Rulebook on the contents and scope of
Prefeasibility and the Feasibility study for the construction of the structures ("Official Gazette of the
Republic of Serbia", number 80/05) shall cease to be valid.

Article 12.
This Rulebook shall enter into force on the eighth day from the date of its publication in the
"Official Gazette of the Republic of Serbia".