Presentation from Opal’s European Alternative & Institutional Investing Summit

Western Balkans – ex Yugoslavia

Slovenia, Croatia, Bosnia and Herzegovina, Serbia, Montenegro and Macedonia

Undiscovered investment region in the heart of Europe
Indices are lagging behind most in the whole world– only 10-15% of 2007’s highs
On different stages of EU and NATO accession – convergenceof economies and valuations – last catch up story in Europe Privatization and M&A cycle areaccelerating
BIH, Serbia, Montenegro and Macedonia starting to develop infrastructure– huge impact on the growth, creation of wealth
Richin coal and minerals and have exploited only around 30% of their huge hydro potential until now
Domestic savings will increase and more and more foreign capital will flow in
Stock markets still very inefficient – plentyof investment opportunities available
All countriesexperiencing the process which Slovenia has already gone trough
15 years ofexperience and local presence – we receive, evaluate and exploit information very fast; mitigation of risks