THE FIRST SESSION OF THE BOARD OF DIRECTORS OF CEDIS HELD

The first constitutional session of the Board of Directors of Crnogorski elektrodistributivni sistem DOO Podgorica (CEDIS) has been held today, with Miodrag Čanović appointed as the Chairman of the Board of Directors, Zoran Đukanović as the Chief Executive Officer and Magdalena Vukčević as the Company Secretary.

This session was preceded by the yesterday's session of EPCG's Board of Directors when five members of the Board of Directors of CEDIS were appointed on behalf of the Founder. Zoran Đukanović, Snežana Šljukić and Miodrag Čanović have been appointed based on the proposal made by Montenegro's Government. Aleksandar Mitrović and Giorgio Casalotti have been appointed as members of the Board of Directors based on the proposal made by A2A.

According to the Law on the Application of the Agreement on Creating Conditions for Free and Fair Elections (Lex Specialis) Mr Dejan Mijović has also been appointed as member of this Board of Directors.

Let us remind you that, on June 23rd, EPCG’s Shareholders’ Meeting enacted the Decision on Incorporation of the Limited Liability Company Crnogorski elektrodistributivni sistem Podgorica - CEDIS. The Company is 100% owned by its Founder Elektroprivreda Crne Gore. The Company will distribute electricity within the integral electric power system of Montenegro. According to regulations of the Energy Regulatory Agency, the Founder shall transfer to the Company the license for performing activities of the Distribution System Operator. Having been unbundled from EPCG, CEDIS has at the same time become one of the largest companies in Montenegro, employing more than 1,300 people. The Company is an independent legal entity having the management function and being held liable for its obligations to the full extent of its assets worth around €280 million.