On 8 June, the 14th Ordinary General Meeting of Shareholders of the Montenegrin Electricity Transmission System AD will be held.

Pursuant to Article 135, 136 и Article 161 of the Law on Commercial Companies ('Official Gazette of Montenegro' no. 65/20) and Article 45, paragraph 1, point 2 of the Statute of the Montenegrin Transmission System Company AD, the Board of Directors, to convene

XIV Regular Shareholders' Meeting

Montenegrin Electric Transmission System Ltd

The shareholders' meeting will be held in Podgorica. 08.06.2023in the year at the hotel "Hilton Podgorica, Boulevard St. Peter of Cetinje No. 2, starting at 10.00 lesson.

For XIV regular Shareholders' Meeting, the following was established

Day and Night Red:

1. Decision on the adoption of the Financial Statements of the Montenegrin Transmission System Company AD for 2022, with the auditor's report;

2. Decision on the distribution of the realised profit of Crnogorski elektropredajni sistem AD for 2022;

3. Decision on the adoption of the business report of the Montenegrin Transmission System Operator AD for 2022;

4. Decision on the selection of the auditor of Crnogorski elektropredajni sistem AD for 2023;

5. Decision on the adoption of the Tariff Policy of Montenegro Transmission System Company AD

6. Decision on:

6.1 Appointment of members of the Board of Directors of the Montenegrin Electricity Transmission System AD;

6.2 Election of members of the Board of Directors of the Montenegrin Electricity Transmission System AD

Decisionе under item 1., 3., 4., 5. and 6.1. delivered from the agendais by a majority of votes of the shareholders present or represented, the quorum required is at least ½ (50%) + 1 of the total number of voting shares.

Decision under item 2 of the agenda passed by a majority of 77% total number all Society's action with the right to vote.

The decision under item 6.2 is made by the so-called cumulative voting principle. Candidates for the Board of Directors will be elected who receive the highest number of votes from a quorum constituting at least ½ (50%) + 1 of the total number of the Company's voting shares.

Material for The XIV Ordinary General Meeting of Shareholders will be made available for inspection by shareholders at the CGE's business premises, Podgorica, 18 St. Peter of Cetina Boulevard (office no. 301).

Insight into the material for The 14th Ordinary General Meeting of Shareholders, can be carried out every working day between 09:00 and 15:00, starting from 19.05.2023.

Shareholders who are unable to attend the General Assembly may vote in advance by post, by sending their ballot papers to the following address: Crnogorski elektrotransmisioni sistem AD, Bulevar Svetog Petra Cetinjskog no. 18 – Podgorica (for the Shareholders' Meeting), no later than the start of the Shareholders' Meeting. The voting ballot must be notarised in accordance with the law.

Shareholders with their registered office/residence outside the territory of Montenegro may participate electronically in the work of the General Assembly of Shareholders and vote on the itemscama which are on a daily basis in the queue before or during the session.

Shareholders who intend to participate in the General Meeting of Shareholders electronically shall notify the Company of this from their official email address to the following email address: Katarina Blagojevic@cges.me, no later than 25.05.2023. In the email attachment, a copy of the power of attorney and personal documents must be provided for the identification of the shareholder/attorney.

The original power of attorney must be submitted no later than 05.06.2023 to the address:

Montenegro Transmission System AD, 18 St. Peter of Cetina Boulevard, Podgorica (for the General Meeting of Shareholders – to the Company Secretary).

Registration of present shareholders and proxies will take place from 09:00 to 10:00. lesson per day and у placeу holding an extraordinary General Meeting of Shareholders.

Shareholders will be identified at the General Assembly by means of personal identity documents, and proxies by means of a power of attorney and personal identity documents. The power of attorney must be notarised in accordance with the law.

Notice of Convocation Fourteenth regularе Assemblyе Shareholder forms of proxy and voting slips, as well as instructions on how to vote electronically, will be available on the Company's website: www.cges.me.

Chairman of the Board,

Aleksandar Mijušković, MEng, Electrical Engineering, self-employed