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Teaser Investment Opportunity Hotel Development in Montenegro

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Strictly private and confidential INVESTMENT OPPORTUNITY TEASER HOTEL DEVELOPMENT IN MONTENEGRO TEASER INVESTMENT OPPORTUNITY IN HOTEL DEVELOPMENT IN MONTENEGRO POTENTIAL INVESTORS ARE PRESENTED WITH AN OPPORTUNITY TO TAKE PART IN THE DEVELOPMENT OF A 4-STAR FAMILY TYPE HOTEL SITUATED ON THE BEACHFRONT IN ONE OF THE MOST POPULAR LOCATIONS ON ADRIATIC COAST OF MONTENEGRO THROUGH STRATEGIC PARTNERSHIP WITH NIS J.S.C. NOVI SAD, SERBIA („NIS“) ONE OF THE LARGEST VERTICALLY INTEGRATED ENERGY COMPANIES IN SEE . Proposed development site has an excellent location on the unique seafront plot (area of 33.694 m2) on one of the most popular beaches in Budva Riviera. It is a place with number of hotels along the beach and the sea promenade that extends to Budva, center of tourism in Montenegro. As such, the location currently presents one of the top development seaside opportunities in Montenegro. Old and outdated, but still operational, Hotel Bečići is located on the site and is run by “NIS Petrol” JSC Beograd, a subsidiary of NIS. The hotel is intended for demolition, and the site is designated for development and management of a minimum 4- star family type hotel. NIS is seeking for a strategic partner who will preferably have experience in hotel development or hotel management and operating. 2 TEASER KEY INVESTMENT HIGHLIGHTS . On the most popular part the Adriatic coast of Montenegro, on the famous Bečići beach - long promenade with a large choice of bars and restaurants and on the central position of the pedestrian path that connects number one destination in Montenegro, Prime Budva with Bečići and fishermen`s village Rafailovići. Location . Geographical location with excellent accessibility – 2 international airports (Podgorica 60 km and Tivat 24 km away) with year round and more frequent seasonal flights from numerous European destinations. Sizeable land plot of 33.694 m2. Direct sea view from any position of the land plot (as shown on the cover page). Development Potential . One of very few remaining locations in Montenegro that allows development of large-scale hotel and tourist complex with accompanying facilities. Well developed existing infrastructure already in place. According to European Travel Commission outlook on trends in tourism in 2019, Montenegro had the highest annual growth of total arrivals (20% y-o-y) among European destinations. Results for 2020 have been affected by Covid situation. Commercially . Although, hotel market in Montenegro is fast growing driven largely by high quality resorts built by international investors on Attractive the coastline, there are still insufficient accommodation capacities of higher categories. Destination . More than 10 international hotel brands and chains are already present in Montenegro (such as Aman, Hilton, Regent, Melia, Chedi and Iberostar). There was significant increase in average RevPar (27%) in 2018 with expected further growth before emergence of Covid.. Business environment for hotel development is favorable since the Montenegrin Government is offering significant investing benefits and tax reliefs on national and local level, such as: ‒ General corporate profit tax as low as 9% Government ‒ Exemption from paying fees for land development of a hotel with at least 4 stars Incentives ‒ Lower property tax rate (up to 30% for 4-star hotels and up to 70% for those with more than 4 stars) ‒ Lower VAT rate for accommodation services in hotels and sale of F&B (7% instead of 21%) and VAT exemption for materials used for the construction of a hotel with at least 5 stars 3 TEASER WHY TO INVEST IN TOURISM IN MONTENEGRO? ONE OF THE FASTEST GROWING AND DYNAMIC TOURISM DESTINATIONS IN EUROPE SIGNIFICANT MARKET POTENTIAL • Tourism is by far the most important economic sector in • Tourism has been strongly supported by the state in Montenegro and attracts greater number of tourists each year with recent years with a number of infrastructure projects predictions of continued growth in the forthcoming years. aimed at reinventing Montenegro as an elite tourist destination in the future mainly for tourists from Tourist arrivals, mil. Tourist overnights, mil. Russia, Ex-Yu region and EU countries. +32% +21% MONTENEGRO (MNE) 2,0 2,2 2,6 12,0 12,9 14,5 KEY FACTS: . One of the smallest Mediterranean 2017 2018 2019 2017 2018 2019 countries with area of 13.812 km2 • In 2019, Montenegro was visited by 2,6 million tourists, with 14,5 and population of appx. 630 million overnights, and the income from foreign and domestic visitors thousands. will reach 1,1 billion euros. Its Adriatic coast is 294 km long, with • Around 95% of all tourist overnight stays occurred in seaside resorts 72 km of beaches and many well- and around 32% in Budva municipality alone. 300 km (30 min flying) 21 million people preserved ancient coastal towns. • Tourists from abroad account for 95 % of all tourists. 1.000 km (1,5 hrs flying) 180 million people . It became a full member of the World Bank, IMF and EBRD in 2007, WTO in 2.000 km (2,5 hrs flying) 470 million people 2012, NATO in 2018 and progress toward EU membership should lead BUSINESS FRIENDLY ENVIRONMENT to further economic stability. • Montenegro has one of the lowest corporate and . The service sector accounts for capital gains tax rates in Europe (9%), VAT reduced around 70% of GDP with tourism to 7% for Tourism (from 21%), low barriers to entry being a major sub-sector and for new businesses, property rights, and state contributing with around 23% to subsidies for high class hotel developments. GDP. 4 TEASER BEČIĆI – ATTRACTIVE TOURIST DESTINATION Increasingly popular vacation and lifestyle destination only 3 km from the town of Budva, the capital of Montenegro tourism, well-known for its wonderful Mediterranean climate, famous old town and beaches. Bečići has a sandy beach 2 kilometers long stretching to fisherman's village of Rafailovići. The town has a typical Mediterranean climate, with hot summers, mild winters, and around 230 sunny days per year . Bečići is a small town on on the border between the Adriatic sea and the mountain of Lovćen, national park of exceptional natural beauty. Narrow part of the coast is where the most hotels are located, and it is separated from other part of Bečići by the main road connecting towns of Petrovac and Budva. Above the main road there are private villas, apartments and houses. Whole town is slightly elevated above the sea level making summer nights very pleasant and slightly cooler. Bečići area is considered an attractive tourist destination as it has large coastal exposure and is in the vicinity of a number of cultural sites and ancient towns including Budva, Kotor, Perast, Sveti Stefan etc. It is a primary spot for swimming and relaxation, and it offers a wide range of water sports and other sporting facilities as well as many cozy restaurants with traditional local and Mediterranean cuisine. Travelers who come to the Bečići by plane can use the airports Tivat, Golubovci in Podgorica or Čilipi in the vicinity of Dubrovnik (Croatia). Swimming season stretches over 180 days with the peak from July to August, when the majority visitors come. High level of seasonality of tourism industry and relatively short summer season pose a major challenge to potential developers to attract targeted guest and reach higher occupancy in off-season. AS PART OF MONTENEGRO RE- DUKLEY 5* (Bečići) MAESTRAL 5* (Bečići) SPLENDID 5* (Bečići) BUDVA OLD TOWN SVETI STEFAN BRANDING AS A “BEST KEPT SECRET” LUXURY DESTINATION, NUMEROUS INTERNATIONAL INVESTORS AND DEVELOPERS AS WELL AS WORLD- WIDE REPUTABLE BRANDS FROM THE HOTEL INDUSTRY HAVE INVESTED IN RECENT YEARS 5 TEASER IDEALLY POSITIONED DEVELOPMENT OPPORTUNITY LOCATED IN BEČIĆI TOWN WITHIN BUDVA MUNICIPALITY AND ON ONE OF THE FEW BEČIĆI’S BEACH FRONT LOCATIONS THAT IS STILL NOT OCCUPIED BY RECENTLY CONSTRUCTED/RECONSTRUCTED HOTEL OR APARTMENT BUILDING. SITUATED JUST SOUTH OF THE ADRIATIC HIGHWAY NEXT TO THE SEA COAST AND PROMENADE, IT IS EXCEPTIONALLY WELL LOCATED IN TERMS OF SIZE, VISIBILITY, ACCESSIBILITY AND TRAFFIC CONNECTION. LEGAL STATUS . Existing building 6.537m2 (to be demolished) NIS Petrol JSC Beograd, a fully owned subsidiary of NIS inscribed as a sole owner free of any liens or encumbrances . Land 33.694 m2 (cadastral parcels 434/I and 434/2) NIS Petrol jsc Beograd is inscribed with the right of use over the plot, free of any liens or encumbrances. *NIS has initiated the conversion process of right of use into ownership right. DEVELOPMENT CONDITIONS Land plot is located in the urbanistic plot 10.3 (10B block) and as per received conditions it is intended to be used for the Hotel complex (business, congress, family oriented). According to detailed regulation plan construction limitations for this land plot are: UTP 10B GEA Area under Construction Occupancy (10.3) (m2) building (m2) index index UTP 39.964 9.991 1,21 0,30 stated Final decision / approval of the proposed design will be made by City of Budva Chief Architect. 6 UTP - Urbanistic Technical Parameters; GEA - gross external area TEASER OVERVIEW OF POTENTIAL TRANSACTION PROPOSED HOTEL PROJECT - MAIN INFO INVESTMENT COMMITMENTS . We offer participation in the development of Estimated investment and main expectations: the minimum 4-stars hotel in Bečići, based . expected investment commitment from a partner is on the prepared conceptual design* around EUR 25 million . Hotel is projected as a specialized family- . Investment commitment from NIS will include : friendly hotel, providing full comfort and o in-kind contribution (land rights) and support to the parents of toddlers and preschool children and rich on-site o additional cash contribution from NIS, entertainment options for children in school needed to preserve 50% ownership of NIS in age and teenagers. The proposed concept of SPV** (assumed share of the partner is 50%) a family hotel aims to reduce the identified .
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    Montenegro by Jovana Marović Capital: Podgorica Population: 0.62 million GNI/capita, PPP: US$15,250 Source: World Bank World Development Indicators. Nations in Transit Ratings and Averaged Scores NIT Edition 2016 2007 2008 2009 2010 2011 2012 2013 2014 2015 Electoral Process 3.50 3.25 3.25 3.25 3.25 3.25 3.25 3.50 3.50 3.50 Civil Society 3.00 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 2.75 Independent 3.50 3.75 3.75 4.00 4.25 4.25 4.25 4.25 4.50 4.50 Media National Democratic 4.50 4.25 4.25 4.25 4.25 4.25 4.25 4.25 4.25 4.25 Governance Local Democratic 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.50 Governance Judicial Framework and 4.25 4.00 4.25 4.00 4.00 4.00 4.00 4.00 4.00 4.00 Independence Corruption 5.50 5.25 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 Democracy 3.93 3.79 3.79 3.79 3.82 3.82 3.82 3.86 3.89 3.93 Score NOTE: The ratings reflect the consensus of Freedom House, its academic advisers, and the author(s) of this report. If consensus cannot be reached, Freedom House is responsible for the final ratings. The ratings are based on a scale of 1 to 7, with 1 representing the highest level of democratic progress and 7 the lowest.