1. Investments in Renewable Energies

2. A predictable business environment n A business friendly environment and a functioning and stable legislative are the two key aspects for international investments n The Montenegrin macroeconomic system is characterised by many indicators reflecting these key aspects, i.e. l an existing stable economic growth with a realistic forecast up to 2025 (~6%/a), l a low inflation rate and a continuous reduction of unemployment, l the “construction” of an open and competitive market under harmonizing the local legislation with the EU regulations n In case of the envisaged energy development of MNE this growth-approach is documented in a clear framework. The white book on the “Energy Development Strategy of MNE by 2025”

3. MNE Hydro potentials for energy utilization n Compared to its surface, MNE has extremely rich water resources; water is the MNE's key resource of highest strategic interest n From its total hydro potential MNE is exploiting just 17% (1,8 TWh); at least another 5 TWh are still technically useable n Import of Electricity amounted one year ago 1,8 TWh – in the future, this dependency will tendentiously increase rapidly n Under the consideration of the preservation of the natural heritage of MNE there is a vital need for wise and rational investments in HPPs of each size

4. Major business areas of our company n Electricity - our largest field of business l 67 power stations with an installed capacity of about 500 MW generating about 1 TWh el /a l Additional energy purchase rights primarily from common HPPs with AHP amounting to 1,5 TWh el /a l core competence: electricity from storage and pumped storage HPPs as well as run-of-river HPPs n Heat - operated by our affiliate l 48 distance heating plants and 575 central heating stations l sales of around 0,7 TWh th /a l leading supra-regional heating supplier in Austria l core competence: heat from renewable energy sources, as they are i.e. biomass, geothermal or waste heat

5. If you would like to receive our consolidated annual report, please contact office@kelag.at or visit our homepage www.kelag.atoffice@kelag.atwww.kelag.at KELAG is represented in Montenegro by Dr. Rodoljub Nikolic niroshimontenegro@cg.yu Thomas-M.Maier Director MNE activities thomas-michael.maier@kelag.at Tel.: +43 676 87801165 Thank you very much for your attention!