1. 11 Countries. 1 Company. The TPA Horwath Group. VIENNA ECONOMIC TALKS SERBIA ON THE EUROPEAN ROAD. OVERVIEW OF THE SERBIAN ECONOMY AND CONCRETE PROJECTS. EXPERIENCES AND CURRENT CHALLENGES FOR THE REGIONAL INVESTMENTS. Thomas Haneder | Vienna | 18 June 2015

2. Accounting & Payroll Audit Tax Advisory Consulting area 27 partners and approximately 480 employees live  Face-to-Face-Business in 11 offices in Austria. Over 520 colleagues in 10 Central and South Eastern European Countries also offer this high standard of consultancy. In the areas: Page 2 Advisory

3. One of the leading advisory companies in Central and South Eastern Europe. 1 Company. 11 Countries. 25 Offices. 1000 Employees. Strength & Success: The TPA Horwath Group Regardless of where you are doing business in Central and South Eastern Europe. You will benefit from our cross-border thinking.  For a long time now we have had offices in other countries.  Due to this, we know the markets and their particularities.  Our cultural understanding makes many steps easier.  We offer you not only a location or an office but also the advantages of an entire group. Page 3

4. TPA Horwath Group is a member of Crowe Horwath International. The Crowe Horwath International competence network comprises 191 member companies with over 680 offices and approximately 29,410 employees and is in the „Top Ten“ of the globally active consulting networks. As such, we, and our services, are at your disposal in all economically important cities and regions of the world. The global network www.crowehorwath.net Page 4

5. Serbia on the European Road | Positive Developments Page 5  Improvements in the business environment, e.g.:  New Labor Law in 2014  New Construction Law shortening deadlines for issuing construction permits  Law on Land Conversion should be adopted soon and create legal clarity  Process of harmonizing legislation with the regulatory framework of the EU (e.g. VAT)

6. Serbia on the European Road | ToDo´s Page 6  Consistency between legislation and implementation by the administrative authorities  Tax administration  Impact assessment of new laws  Privatization: structured and transparent approach required  Further Liberalization of Foreign Exchange Law

7. Serbia on the European Road | Conclusion Page 7  Serbia should maintain its current reform path  in this context the start of EU negotiations is very important  Business potential for international investors  Production sector  Agriculture  Infrastructure

8. Thomas Haneder Tel.: + 43 664 126 61 06 thomas.haneder@tpa-horwath.com www.tpa-horwath.com www.tpa-horwath.rs Vienna, 18 June 2015  Face-to-Face-Business by Page 8

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