1. April, 2010

2. Why Macedonia? Investment Incentives Competitive Workforce Excellent Infrastructure Investor - friendly Government Competitive Location Higher Profits & Increased Competitiveness

6. 4 th BEST REFORMER IN THE WORLD World Bank’s Doing Business 2008 Report BEST EUROPEAN ECONOMIC DEVELOPMENT REGION 2008 Institute of Transport Management, UK BEST CONSECUTIVE REFORMER OVER THE LAST THREE YEARS IN SOUTH EASTERN EUROPE Based on the World Bank’s Doing Business Report 2008 , 2009 and 2010 3 rd BEST REFORMER IN THE WORLD World Bank’s Doing Business 2010 Report 5 th MOST TAX FRIENDLY COUNTRY IN THE WORLD Forbes Magazine 2009 Tax Misery & Reform Index

7. Ease of Doing Business Global Rank

8. Index of Economic Freedom World Rankings

10. Economic Indicators € 430 per month Macedonian Denar pegged to the DM/€ for the last 10 years (€1= MKD 61.3) Low inflation: avg <2% annually over the last 10 years (2003: 1.2%, 2004: -0.4%, 2005: 0.5%, 2006: 3.2%, 2007: 2.3%, 2008: 8.3%) 2003 2004 2005 2006 2007 2008 FDI BY YEAR (US$ m) Year EXPORT BY YEAR (US$ bn) Year 2008 REAL GDP GROWTH RATE (%) 2003 2004 2005 2006 2007 Year 2008 1.4 1.7 2.0 2.4 3.4 3.9 117.8 323.0 97.0 424.2 699.1 587.0 2.8 4.1 4.1 4.0 5.0 5.9 2007 CURRENCY AVERAGE GROSS SALARY IN 2008 INFLATION

12. Social Security Contributions Macedonia - Social Security Contributions Comparison - Social Security Contributions Macedonia 27% Poland 31.2% - 34.1% Slovakia 48.6% 37.2% Croatia Romania 41.2% - 52.4% Czech R. 45% 18% 15% 19% 7.5% 7.3% 6% 1.4% 1.2% 1% 28.4% 27% 22.5% 2009 Current 2011 Pension insurance Health insurance Employment insurance 21.2% 9.2% 1.6% 32.5% 2008 Turkey 33.5% 49% Hungary Ukraine 40.4% - 53.3% Source: PriceWaterhouseCoopers (Taxes at a glance 2009), National Investment Promotion Agencies 0.5% 0.5% 0.5% 0.5% Additional health insurance

13. Average Monthly Gross Salary Source: The Vienna Institute for International Economic Studies (wiiw), Calculations * Average gross monthly salary in manufacturing industry Average gross monthly salary € change y-o-y in % Average monthly gross salary in selected countries of Central and Eastern Europe in 2008

16. INVESTMENT OPPORTUNITIES

24. Investment Opportunities Energy sector Strategic Projects 2009-2014 New Mines Capacities Thermo Power Plants Hydro Power Plants Gasification High Voltage Power Lines Renewable Energy Number of Projects: 9 Types of projects: new mines capacities Number of Projects: 8 Types of projects: - revitalisation and improvement of the capacities of existing TPPs, - construction of new TPP, NPP and GPP Number of Projects: 6 Types of projects: - revitalisation of existing HPPs, - construction of new HPPs Number of Projects: 2 Types of projects: - Construction of new HV power lines - Development of existing HV power lines Number of Projects: 2 Types of projects: - construction of windmills - construction of small HPPs Number of Projects: 1 Types of projects: - construction of gasification network Financial sources: Concessions, PPP’s and credits secured by sovereign guarantees

25. Investment Opportunities Transport sector Strategic Projects 2009-2014 Roads Railways Number of Projects: 12 Types of projects: - reconstruction and construction of regional roads - reconstruction and construction of local roads - design and construction of motorways Number of Projects: 4 Types of projects: - construction of rail line towards Bulgaria - design and construction of rail line towards Albania - revitalisation, modernization and upgrade of rail lines Financial sources: State budget, Concessions, IBRD, EBRD, EIB

26. Investment Opportunities Technological Industrial Development Zones - TIDZs

31. AT YOUR SERVICE

33. Thank You AGENCY FOR FOREIGN INVESTMENTS OF THE REPUBLIC OF MACEDONIA Tel.: + 1 312 846 1027 Fax: + 1 312 846 1072 e-mail: [email_address] web: www.investinmacedonia.com 121 W Wacker Dr suite 2036 Chicago, IL 60601