1. Ministry of Transport and Maritime Affairs of Montenegro MONTENEGRO AIRLINES INFORMATION April 2012

2. Historical Development Established on 24th October, 1994. Established on 24th October, 1994. Current fleet consists of 5 Fokker F100 and 3 Embraer E195 Current fleet consists of 5 Fokker F100 and 3 Embraer E195 In May 2001, Montenegro Airlines became the member of IATA. In May 2001, Montenegro Airlines became the member of IATA. March 2003 - “Amadeus System User”, leading global reservation system. March 2003 - “Amadeus System User”, leading global reservation system. In January 2006 Montenegro Airlines was awarded IOSA certificate, confirming the quality in both, technical and business operations, and recertified in January 2008. In September 2011 Company Recertifyed IOSA; In January 2006 Montenegro Airlines was awarded IOSA certificate, confirming the quality in both, technical and business operations, and recertified in January 2008. In September 2011 Company Recertifyed IOSA; Montenegro Airlines' pilots were the first in the region to be granted the IIIA certificate; Montenegro Airlines' pilots were the first in the region to be granted the IIIA certificate; March 2006, Montenegro Airlines become the first airline in the region introducing e-ticketing.; March 2006, Montenegro Airlines become the first airline in the region introducing e-ticketing.; From the moment of establishment until today Montenegro Airlines has carried more than 4 million passengers. From the moment of establishment until today Montenegro Airlines has carried more than 4 million passengers.

3. Current Fleet - FOKKER 100 Current Fleet - FOKKER 100 Montenegro Airlines operates 4 aircraft type Fokker F-100 Montenegro Airlines operates 4 aircraft type Fokker F-100 Seat capacity 102 to 110 Seat capacity 102 to 110 12 business class seats 12 business class seats 90-97 economy class seats 90-97 economy class seats

4. Current Fleet - EMBRAER 195 Current Fleet - EMBRAER 195 Montenegro Airlines operates 3 aircraft type Embraer E-195 Montenegro Airlines operates 3 aircraft type Embraer E-195 Seat capacity 116 Seat capacity 116 24 business class seats 24 business class seats 92 economy class seats 92 economy class seats

5. Ownership Structure Ownership Structure The Government of Montenegro is the owner of 99.88 % of total company equity. The Government of Montenegro is the owner of 99.88 % of total company equity. Minority share holders is 0.12 % Minority share holders is 0.12 %

6. Current MGX destination Current MGX destination * High Season Flights Montenegro Airlines have scheduled flights to London, Zurich, Frankfurt, Rome, Paris, Ljubljana, Vienna, Belgrade, Copenhagen, Moscow and St Petersburg successfully reconstructing air bridge between Montenegro and Europe, a s well as charter connection to many European destinations.

7. Route Maps Route Maps

8. Strategy and market wise  Development of more distant markets such as: Russia, Great Britain, Scandinavian countries and latter on East;  Development of Podgorica as regional hub for the surrounding markets-Kosovo, Macedonia and South Serbia;  Further development of the existing lines to Frankfurt, Zurich, Paris, London, Rome, Moscow and Vienna by increase in number of rotations and the quality of services.

9. Business Description Besides air transportation, Montenegro Airlines performs aircraft maintenance, catering services while duty free shopping is in the process of establishment. Besides air transportation, Montenegro Airlines performs aircraft maintenance, catering services while duty free shopping is in the process of establishment. Montenegro Airlines has maintenance hangar of 1650 m2. Montenegro Airlines has maintenance hangar of 1650 m2.

10. Other Information Other Information  Montenegro Airlines Ground Handling is provided by independent companies subject to IATA agreements.  Montenegro Airlines have there own catering facilities and only supply other parties for ad hoc charters etc.

11. Reasons to invest  The World Travel Tourism Council ranks Montenegro as the first growing destination in the World. Furthermore, WTTC estimates annual increase of total demand in 10.9% of tourism and travel for a period 2011-2021.  Over 80 Tour operators for more than 15 countries organize holidays to Montenegro.  The number of tourist visiting Montenegro is increasing at rate of 17% annually and is one of the top holiday destination in the world.  Montenegro Airlines has already been recognized as a reputable airline company with highly professional crew and services provided.  Impressive growth rates in the number off passengers (since 2000 the number has been increased 5 times) that are expect to persist in upcoming years due to increasing interest in Montenegro as destination as well as expansion of the services on new markets.  Modern and renewed fleet of the most reliable airplanes produces- 5 Fokkers and 3 Embraers, and the plains for purchase of additional Embraer in the next two years.  Further increase in the number of passengers expected due to increasing interest in Montenegro as destination as well as expansion of the services on new markets.

12. THANK YOU FOR YOUR ATTENTION