Publication of a Prospectus

14 December 2020

Publication of Prospectus

The following Prospectus has been approved by the Financial Conduct Authority and is available for viewing:

Prospectus dated 14 December 2020 (the "Prospectus") relating to the EUR 750,000,000 2.875 per cent. Notes due 2027 by the State of Montenegro (represented by the Government of Montenegro, acting by and through its Ministry of Finance and Social Welfare)

To view the Prospectus, please paste the following URL into the address bar of your browser:

http://www.rns-pdf.londonstockexchange.com/rns/5800I_1-2020-12-14.pdf

The Prospectus has been submitted to the National Storage Mechanism and will shortly be available for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

For further information, please contact

Milojko Spajić Ministry of Finance and Social WelfareStanka Dragojevica 281000 PodgoricaMontenegro

DISCLAIMER - INTENDED ADDRESSEES

Please note that the information contained in the Prospectus may be addressed to and/or targeted at persons who are residents of particular countries (specified in the Prospectus) only and is not intended for use and should not be relied upon by any person outside these countries and/or to whom the offer contained in the Prospectus is not addressed. Prior to relying on the information contained in the Prospectus, you must ascertain from the Prospectus whether or not you are one of the intended addressees of the information contained therein.

Your right to access this service is conditional upon complying with the above requirement.