In accordance with the Privatization plan, Montenegro Airlines announces

                                                     PUBLIC INVITATION

for all interested parties with relevant references to negotiations for concluding the agreement on preparing the program of restructuring and other programs and documents as well as providing consulting services.

For the purposes of preparing for the privatization process, the company Montenegro Airlines should perform technical-technological, organizational, financial, status restructuring for which it is necessary to prepare the Program, assessment of property value, define the procedure and proposals of documents to enable the transformation of the legal form of “company with limited liability” into “stock company”, and also to prepare all necessary documentation in order to issue shares at the capital market.

Upon the submission of bids, Montenegro Airlines shall select the most favourable one based on consultations, determination of project task and negotiations with interested parties.

The most favourable bid shall be selected in compliance with the following criteria: bidders' references, the possibility of providing the complete service in accordance with the aforementioned needs and project task, which will be agreed, offered deadline for preparing specific programs, possibilities of phase realization in accordance with the dynamics and needs of Montenegro Airlines, as well as the offered price.

 The deadline for application for interested parties: 8 (eight) days from the date of the public invitation announcement.

The applications may be submitted in written form within the stated deadline with the following wording "FOR PUBLIC INVITATION-DO NOT OPEN"

 Address: Montenegro Airlines, Beogradska 10, Podgorica, Montenegro.

Date of announcement: 09.08.2007. www.montenegroairlines.com