-BUSINESS FORUM- MONTENEGRO

PROJECTED REAL GROWTH IN 2015 PROJECTED AVERAGE ANNUAL ECONOMIC GROWTH UNTIL ,5%3,8% MACROECONOMIC INDICATORS ECONOMIC GROWTH IS GENERATED FROM: FDIS – 10% IN 2014 AND PROJECTED 12% IN 2015 BANK CREDITS – CONSTANT DECREASE UNTIL 2014 AND PROJECTED INCREASE OF 4,5% Inflation 0,5% in 2014 and projected 1% in 2015 Unemployment 19,4% in 2014 and projected 18,9% in 2015 Current account deficit 15% with slight decline in 2015

TOURISM ENERGY AGRICULTURE PRIORITY SECTORS 2 3

INVESTMENT IN TOURISM KOLAŠIN 1600 The value of investment in the mountain resort is between 65 million € - 75 million €; SAVIN KUK Ski centre, 21,254 m². Total investment planned 81,234,088 €; BJELASICA AND KOMOVI The value of investments in the mountain resorts is between 800 million € - 1billion €; VELIKA PLAŽA There is a possibility for the project to be realized through a long-term lease of state land (903 ha) for a maximum of 90 years, with the possibility for extension of the lease. ADA BOJANA Planned concept: Exclusive Eco and Spa resorts with up to 2,500 beds constructed on the area of 100 ha;

INVESTMENT IN HYDRO POWER PLANTS INVESTMENT IN ENERGY HPP MORAČA Technical Design encompases construction of 4 hydro-power plants with total installed power of some MW and an average annual production of 721 GWh. HPP KOMARNICA Annual production of 232 GWh with total installed power of 178 MW. MAOČE PROJECT Concession for the exploitation of coal from the basin of Maoče and the construction of a thermal power plant of the estimated capacity of 500 MW (2k250MW), with concession contract is 45 years, with a possibility of extension up to 22,5 years. Concession fees for the exploitation of coal will be calculated as a percentage of revenues from the sales of electricity. II BLOCK TPP PLJEVLJA Installed power capacity of 220MW, with coal mine in the nearby, and for this project The Government of Montenegro is in the process of selection the shortlisted bidders.

INVESTMENT IN TEXTILE INDUSTRY “KONI” NIKŠIĆ Property - ground floor area of ​​ 899 m² with equipment and inventory and first floor of the building of 900 m2. The property was advertised for sale at a price of 600, €. “VUNKO” BIJELO POLJE Property – halls with equipment and inventory of m ². The property was advertised for sale at the price of 2,5 million €. “CASTELLO MONTENEGRO” PLJEVLJA Governement owns 87% of shares. The main problem is lack of market for products.

INVESTMENT IN AGRICULTURE  ANIMAL AND FEED PRODUCTION Currently there is no concentrated feed production in Montenegro. Animal feed is imported, mainly from neighbour countries, mostly from Serbia, but from CEFTA countries and the EU as well. The amount of imported overall cattle feed in 2014 is 120,000 t. Total investments €. ANIMAL WASTE MANAGEMENT Montenegro does not have facility for animal waste management. According to current regulations, each producer needs to obtain an adequate disposal manner. However, in order to create another investment opportunity we are currently working on a new set of regulations in the area of animal waste disposal. The feasibility study is completed by the World Bank. Estimated value of the investment €.

INVESTMENT IN AGRICULTURE TERRITORY NATURAL FOREST STANDING VOLUME SCOPE OF INVESTMENT POTENTIALS 59,5% of the total territory or 826,782 ha is covered with woods, while barren forest land makes additional 9.7%; Montenegrin forests are among the most natural forests in Europe. Almost 99% of forest potential of natural origin; The total standing volume of all of the forests is 133 million cubic meters of wood, 104 million of which belong to the forests available for wood supply; Possible projects: timber and pellet production, furniture production; Total investments vary from between € per project.

THANK YOU ! LOOKING FORWARD TO A SUCESSFUL PARTNERSHIP!!