New Chief Executive Officer of Elektroprivreda Crne Gore appointed

Today, at its first regular session, the Board of Directors of EPCG approved appointment of Mr Stefano Pastori to the position of the Chief Executive Officer of EPCG, upon proposal of the strategic partner - A2A Company. At the position of the Chief Executive Officer, Mr Stefano Pastori will replace Mr Enrico Malerba, who covered that position since February, 2010.

In the previous four years, since A2A Company became shareholder of EPCG, the energy company has been facing huge problems, primarily related to changes of electricity prices, as well as deep crisis of an important commercial client in the period of constant global recession. The mentioned problems have not been solved, but the possibilities for their solving seem to be more evident provided that all the parties involved continue to cooperate making their maximum efforts.

The Company has launched important activities during previously mentioned four-year period aimed at restructuring, initiating of several investment programs and operating efficiency increase. Despite some problems, results that have been achieved by EPCG encourage us to continue this way and begin a new development stage, focusing more on operating efficiency and industrial development.

Taking into consideration all of the above, we believe that this is the right time to include Mr Stefano Pastori, a manager with extensive experience in European energy sector, into EPCG management structure. We are expressing belief that this change on top will give additional impulse to strengthening and development of the Company, for the benefit of all the shareholders, employees, clients and entire energetic and economic sector of Montenegro.

At the end, EPCG expresses its sincere gratitude to Mr Enrico Malerba for his engagement and professionalism during these four years of hard and complex work and on results which company has achieved.