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Home , New Belgrade, Savski Venac, Zvezdara

SERBIA PRIME SITE ONE

Jan Schoch plans to realize the CHF 100 million project Serbia Prime Site One through a Swiss corporation.

This will expectedly represent, after Holcim, the second largest foreign direct investment from Switzerland in Serbia’s history.

This document is based on a detailed Valuation Report and a Real Estate Market Study conducted by CBRE in Belgrade, Serbia. INTRODUCTION

“With this presentation, I would like to introduce you to my newest developments that I am planning to realize in Belgrade, the capital of Serbia. Over the last few years I have implemented various real estate developments across Switzerland through my own real estate platform Valastone. In my home village of Appenzell alone, I have successfully built high-priced developments in both the residential and hotel market with a value of over CHF 70 million.

Through my most recent business activities and partnerships, I have decided to enter Serbia’s real estate market by opening Valastone’s new branch in Belgrade. The country’s development over the last decade shows continuous growth, especially in the real estate market. Furthermore, the current COVID-19 crisis has been Jan Schoch recognized as favourable in terms of the demand for purchasing real estate. The Serbian Government has even initiated a program to subsidize purchases of first apartments.” – Jan Schoch

4 WHY INVESTING IN SERBIA

Serbia is a South-eastern European country and is lo- For the last year, the world has been struggling with cated in the central part of the Balkan Peninsula and the novel coronavirus, which has provoked a global the southern part of the Pannonian Plain. The country economic slowdown affecting activities, tourism, bus- spreads over around 88,300 square kilometres and inesses etc. Overall, the global spread of the coronavi- borderson Hungary in the north, Romania and Bulga- rus has caused containment measures and disrupted ria in the east, Macedonia and Albania in the south, supply chains, weaker trade, lower consumption as and Croatia, Bosnia and Herzegovina and Montene- well as delayed investments in the first half of 2020. gro in the west. In terms of population, Serbia is one The effect has been direct in Serbia seen in an increa- of the largest countries in the region and is also one sing number of COVID 19-cases, and indirect due to of the main regional destinations in terms of foreign the slowdown in economic activity across Europe. direct investment inflows. The attractiveness of Serbia as an investment destination has further growth poten- However, last year ended on a high note and the tem- tial due to more extensive reforms, which are being po extended into January 2021. Fourth quarter invest- implemented in order to make the country eligible for ment growth was notably strong, followed by a dynamic accession to the European Union. Serbia‘s Stabilizati- construction sector. Construction permits seem to be on and Association Agreement with the EU was ratified levelling off after a multiyear record. In addition, retail in 2010, entered into force in 2013, and EU accession sales reported strong results, with slightly weaker data negotiations began in January 2014. in January 2020. Serbia’s low-cost, and technically trained labor force and improving infrastructure should The global economic recession did not bypass Serbia continue to attract new investment. More regulatory and the effects of the financial crisis lingered for seve- and tax reforms are planned to boost the digital eco- ral years. However, starting in 2014, the Government nomy, as the Government targets e-delivery of public began to implement extensive reforms, which already services to cut costs and corruption. Given an announ- showed results during 2015. As a result, Serbia has cement of substantial rises in both public sector wages seen a steady inflow of foreign direct investment. In and pensions and an 11% hike in the minimum wage, the 2019 Doing Business list, Serbia ranks 44th out of consumer demand is set to experience steady growth 190 countries. in the mid-term, making growth of the large domestic market a further attraction for investment.

5 RESIDENTIAL MARKET SUPPLY

The residential real estate market in Serbia is most of construction activity, which is also at a lower level. developed in its capital, Belgrade. The territory of the During the crisis, many people took the opportunity to city is divided into 17 municipalities, out of which 11 buy real estate at lower prices. In general, the crisis municipalities are considered urban, and these are and falling sales prices in the market have been re- Voždovac, Vračar, Zvezdara, Zemun, New Belgrade, cognized as a favorable moment for purchasig real es- Palilula, Rakovica, Savski Venac, Stari Grad, Čukarica tate. However, this also applies to apartments that are and Surčin. Historically, the overall supply of residen- less attractive and of lower quality with lower prices, tial units in urban municipalities in Belgrade has been as the Serbian Government has initiated a program developing in line with urbanization trends and the to subsidize the purchase of first homes. When con- increase in the number of residents in the city. New sidering the number of sold units within all Belgrade Belgrade is one of the newest municipalities, during municipalities, during 2019, the highest number of sold the development of which modern building techniques apartments was noted in Zvezdara, followed by New have been implemented with more efficient land use. Belgrade and Voždovac. At the beginning of 2020, with In addition, by increasing the height of buildings, the the onset of the pandemic, the number of transactions population density in the municipality was increased on the residential market recorded a decrease, which as well. was most evident during the State of emergency which was in effect between March and April. However, ac- Residential Real Estate Market – Demand tivity significantly improved later during the year, with Apartment sales in Serbia have risen, but are still lo- transaction levels nearly reaching the previous year. wer than before the crisis, which is in line with the level

Total number of registered transactions for Number of registered transactions in Belgrades apartments in Belgrades 11 urban municipalities urban municipalities

6 Residential Real Estate Market Price Analysis While a small contraction in residential prices was Over the past years, housing prices have stabilized. expected due to the COVID-19 pandemic, the initial This is especially true for new construction, where results for the first half of 2020 show that residential prices for residential units recorded an increase of prices for new build apartments recorded an increase over 25% compared to the initial price. across all Belgrade municipalities.

Average prices and price ranges for apartments in Belgrade in Q4 2020

Municipality Old Buildings New Bulidings

Average price Price Range Trend Average price Average Price Trend (EUR/m2) (EUR/m2) Min Max Min Max (EUR/m2) (EUR/m2) (%) (EUR/m2) (EUR/m2) (%)

Stari Grad 2’182 1’000 4’452 4 2’703 1’500 3’836 16

Vračar 2’021 904 3’474 7 2’047 1’075 3’252 4

Savski Venac 1’761 900 2’605 9 3’194 1’2610 8’754 10

New Belgrade 1’649 534 3’243 7 2’158 1’000 3’583 -1

Palilula 1’399 611 2’596 9 1’689 920 2’955 10

Zvezdara 1’526 701 2’417 5 1’676 793 2’550 2

Voždovac 1’362 673 2’391 5 1’667 763 2’418 -1

Čukarica 1’347 647 2’172 9 1’579 1’000 2’787 13

Zemun 1’453 781 2’294 8 1’740 732 2’451 9

Stara Rakovica 1’100 694 1’480 4 1’389 1’008 1’662 18

7 SERBIA PRIME SITE ONE PROJECT INTRODUCTION

The Serbia Prime Site One project will be located The planned complex will be constructed in in the block 65 between Heroja sa Košara Boule- four phases. The overall project will compri- vard and Tadije Sandomajera Street. se around 750 residential units. The size of the apartments is planned to be between 41 sq.m to 189 sq.m. This investment project includes phases 2-4 of the whole complex, where Jan Schoch owns 100% of shares and voting rights.

8 SERBIA PRIME SITE ONE PROPERTY DETAILS MACROLOCATION

The property is located in Belgrade, the capital of Ser- the territorial organization of Serbia, the City of Bel- bia and its largest city. Belgrade is located in the cen- grade has a special administrative status with its own tral part of Serbia and is situated ca. 380 km to the autonomous government. The total urban area of the south of Budapest, capital of Hungary, ca. 390 km to city is 360 sq. km., while the Belgrade metropolitan the east of Zagreb, capital of Croatia, and ca. 390 km area covers 3,223 sq. km. Currently, Belgrade has the to the northwest of Sofia, capital of Bulgaria. Belgra- best traffic connections with Zagreb and Budapest to de is the political, financial and administrative center which it is connected by highways. of Serbia. According to the last census, Belgrade has an urban population of around 1,150,000 inhabitants, In terms of river transportation, Belgrade lies on the while the wider administrative area has population of confluence of two international waterways, Danube ca. 1,640,000 which makes Belgrade the fourth largest and Sava. Both rivers enable passenger transportation city in South-eastern Europe, after Istanbul, Athens (tourism) as well as cargo transportation. The Danube and Bucharest and the largest city on the territory of connects Belgrade with Vienna (Austria), Bratislava former Yugoslavia. According to the latest census from (Slovakia) and Budapest (Hungary). 2011, 23% of Serbia’s population lives in Belgrade. In

9 SERBIA PRIME SITE ONE PROPERTY DETAILS MICROLOCATION

The subject property is situated within the Municipality Belgrade, within Block 65. The property is situated in of New Belgrade. The Municipality of New Belgrade is the central part of Block 65 between Boulevard Her- located in the western part of the City of Belgrade and oja sa Košara and Tadije Sondermajera Street which consists mainly of apartment blocks, retail facilities pass through the block in northwest-southeast direc- and office buildings. The construction of New Belgra- tion. The block is bordered by Tošin bunar Street in the de began after the Second World War, which makes west and Omladinskih briada Street in the east, which New Belgrade an urbanized and most organized part intersect Boulevard Heroja sa Košara. In the north, of the city with a developed traffic and communal in- Block 65 is bordered by railway. In Novi Beograd Muni- frastructure, wide boulevards, plots of regular shape cipality there are several big commercial facilities and and resolved property status. New Belgrade is very malls: Ušce Shopping Mall (4 km), Delta City (1.8 km), popular for both housing construction and office space Mercator (1.8 km), Immocentar (2.5 km) while West construction. New Belgrade is also the business cen- 65 Mall will be 150 m from the subject property. Sub- ter of the city (so-called Central Business District). In ject property is located around 6.4 km. from the Main addition, New Belgrade is the most populated munici- Square in the city center and 13 kilometres from Nikola pality in Belgrade with about 212,000 inhabitants and Tesla Airport, 500 m from Tošin Bunar Railway Station an area of 41 sq. km. New Belgrade is also part of and 2.3 km from Novi Beograd Train Station. the urban core of Belgrade. The subject property is located in the central part of the municipality of New

10 SERBIA PRIME SITE ONE PROPERTY DETAILS LOCATION CONDITIONS

According to Urban project achieved residential: commercial ratio is 78.9: 21.1%. On CP 1 (phase 1) residential:commercial ratio is 92.2: 7.8%, while on CP2 (phases 2, 3, and 4) residential:commercial ratio is about 74.3: 25.7% (in second phase 88.9: 11.1%, in third phase 88.0: 12.0% and in fourth phase 47.2: 52.8%). Max. occupancy coefficient of above ground floors is 48.95 % while occupancy coefficient of underground floors is 82.38%. On CP1 (phase 1) max. occupancy coefficient of above ground floors is 48.6 % while on CP2 (phase 2, 3, 4) max. occupancy coefficient of above ground floors is 49 % (second phase-16.3 %, third phase-16.6, fourth phase 16.1%). On CP1 (phase 1) max. occupancy coefficient of underground floors is 83.6 % while on CP2 (phase 2, 3, 4) max. occupancy coefficient of underground floors is 82 % (second phase-26.7 %, third phase-27.6, fourth phase 27.7%). Max. height of the building is 35.36 m.

11 SERBIA PRIME SITE ONE PROJECT REVIEW

Development is planned to be predominately resi- The complex will be situated in Block 65, at the inter- dential and delivered in phases. It will comprise 751 section of streets Tošin bunar Street (Boulevard Heroja residential units, hotel and office premises. Location sa Košara) and Tadije Sondermajera Street within a conditions ROP-BGDU-14741-LOC.-1/2019 IX-20 No. construction complex comprising construction parcels 350-1017/2019, from 17.06.2019 are issued for cons- formed of cadastral parcels 6842, CM Novi Beograd truction of the complex in 4 phases, which comprises (CP1) and 6844 CM Novi Beograd (CP2) as follows: four residential/commercial buildings as follows: two corner, unilaterally built residential/commercial buildings with 2UGF+GF+8+RF and two unilaterally built residential/commercial buildings with 2UGF+GF+8+RF with 10 lamellas and three commercial buildings, two of which with GF+2 floors and one with 2UGF+GF+8+RF. These buildings comprise 751 apartments, 22 retail units, 3 business premises, underground garage on two levels with 1061 parking places (56 of which are for people with special needs), and 26 outdoor parking places, with total GBA 129,304 sq. m. of which 95.021 sq. m. is aboveground GBA.

12 Phase 1 consists of the construction of a corner, Phase 2 consists of the construction of a unilaterally unilaterally built residential/commercial building on built residential/commercial building on the cadastral the cadastral parcel 6842, CM Novi Belgrade (CP1) parcel 6844, CM Novi Belgrade (CP2) consisting of 2 consisting of 4 lamellas (L1, L2, L3 and L4) with lamellas (L5 and L6) with 2UGF+P+8+RF and on com- 2UGF+P+8+RF, with total GBA about 32,805 sq. m, of mercial building PO1 with GF+2 floors which is situated which aboveground GBA is about 24,239 sq. m, with below lamellas of residential/commercial building, with 227 apartments, 8 retail units, underground garage on total GBA about 31,585 sq. m, of which aboveground two levels with 267 parking places (of which 14 are GBA is about 23,195 sq. m, with 216 apartments, 6 re- parking spaces for people with special needs) and 10 tail units, 1 business premise and underground garage outdoor parking places. on two levels with 259 parking places (of which 14 are parking spaces for people with special needs) and 11 outdoor parking places.

Phase 3 consists of the construction of a unilaterally built residential/commercial building on the cadastral parcel 6844, CM Novi Belgrade (CP2) consisting of 2 lamellas (L7 and L8) with 2UGF+P+8+RF and on commercial building PO2 with GF+2 floors which is situated below lamellas of residential/commercial building, with total GBA about 31,985 sq. m, of which aboveground GBA is about 23,337 sq. m, with 210 apartments, 6 retail units, 1 business premise and underground garage on two levels with 267 parking places (of which 14 are parking spaces for people with special needs) and 5 outdoor parking places.

Phase 4 consists of the construction of a corner, unilaterally built residential/commercial building on the cadastral parcel 6844, CM Novi Belgrade (CP2) consisting of 2 residential/commercial lamellas (L9, L10) and one commercial building (PO3) with 2UGF+P+8+RF, with total GBA about 32,928 sq. m, of which aboveground GBA is about 24,249 sq. m, with 98 apartments, 2 retail units, 1 business premise and underground garage on two levels with 268 parking places (of which 14 are parking spaces for people with special needs).

13 Construction parcel CP1 is formed of cadastral parcel As shown in the table, the complex will comprise 751 6842 with area of 5,121 sq. m while construction par- residential units, planned to be delivered in phases. cel CP2 is formed of cadastral parcel 6844 with area of Phases are planned to be developed in directions from 15,686 sq. m. On cadastral parcel 6842 there are two east to west. This project involves phases 2-4. Pha- buildings: building 1 (power substation) with area 106 ses are planned to be delivered in east west direction. sq. m, built without construction permit and building First phase will contain retail units on the ground floor 2 with area of 48 sq. m (other buildings) which has a and residential units on upper levels. Second and third usage permit. On parcel 6844 there are two business phase will contain retail units on ground floor and com- services buildings with areas of 6177 sq. m and 1433 mercial/office premises on the first two above ground sq. m. that have usage permits as well as part of the levels of lamellas placed in the centre, while apart- power substation building with area of 1 sq. m which ments will be placed on upper levels. remaining part of 12 sq. m is situated on parcel 2202/2 CM Novi Beograd which was built without construction Phase two is organized in buildings 5 and 6 and buil- permit. All existing buildings are to be demolished for ding PO1 which represents only a small commercial the construction of the planned complex. In terms of share of the complex placed on GF+2 levels in the uses, it is our understanding that phase I will be pre- central part. Commercial space can be accessed on dominately residential with retail units on ground floor, ground level from pedestrian open passage. Although phases 2 and 3 will be predominately residential with lamellas leaning on phase 1, forming a part of same retail on ground level and commercial premises placed 0 shaped structure, complex is organized in lamellas, in the centre of the block on the 1st and 2nd floor, while with buildings 5 and 6 being physically separated from phase 4 could be predominately commercial. phase 1. From 3rd floor, buildings 5 and 6 are merged over commercial building.

Phase three is organized in a similar way with buildings 7 and 8 organized in separate lamellas, leaning on hotel planned in the 4th phase. Commercial building and residential premises are organized in same way as in phase two.

14 Permited GRP Total Phase 1 Phase 2 Phase 3 Phase 4 Total accomplished on CP 2 UP

Plot area (m2) 20’807 5’121 15’686 Ratio of surfaces Residential/commercial ratio max 80%:20%

Residential max 80% 74’947 22’355 20’607 20’547 11’438 52’592

Commercial max 20% 20’081 1’888 2’588 2’795 12’810 18’193

Occupancy 0.5 percentage % 48.95% 48.62% 16.19% 16.64% 16.13% 48.96%

Area 10’186 2’490 2’554 2’610 2’531 7’695 Building footprint -

% 38.23% 42.32% 12.36% 12.61% 11.92% 36.89%

Area 7’954 2’167 1’938 1’979 1’870 5’787

Underground 0.85 occupancy % 82.38% 83.64% 26.74% 27.56% 27.66% 81.96% percentage Area 17’141 4’283 4’195 4’324 4’339 12’858 GFA Underground - 34’283 8’567 8’390 8’647 8’679 25’716 GFA Aboveground - 95’028 24’243 23’195 23’342 24’247 70’785 GFA Total - 129’311 32’810 31’586 31’990 32’926 96’501 % Free Areas min 40% with min 15% 12’853 2’954 3’307 3’316 3’276 9’899 green areas in direct contact with ground Greenery minimum 15% 4’081 1’097 1’164 1’092 730 2’985 No of parking plots 1PS/60 m2 of commercial 1’087 277 270 272 268 810 area or 1.1. PS/ ap No of apartments 751 227 216 210 98 524

15 BASE SCENARIO OF THE PROJECT

Details on phase II/III/IV and expected revenue cash flow is presented in table below.

Phase II Phase III Phase IV

Scope of the project phase Net sales apartment area (m2) 15’418 15’313 8’493 Number of apartment units 216 210 98 Net sales area of retail units (m2) 1’218 1’171 518 Number of garage places 259 267 268 Number of open parking places 11 5 0

Timing Predevelopment period from project start 3 months 15 months 27 months Building period 21 months 21 months 21 months Sales period 9 months 12 months 12 months

Total Revenues (EUR) Apartment sales revenues 34’632’601 35’397’386 20’078’501 Garage sales revenues 3’107’910 3’204’070 815’994 Retail sales revenues 2’679’534 2’576’640 1’139’776 Commercial cap. revenues 1’948’032 2’376’672 23’896’410 Sum 42’368’077 43’554’769 45’930’681

16 Construction costs Hard construction costs are projected at: • 700 EUR per sq. m of gross area for Street Retail • 850 EUR per sq. m of gross area for office space • 750 EUR per sq. m of gross area for residential apartments • 500 EUR per sq. m of gross area for underground area

Development Costs Phase II Total Area (sqm) EUR / sqm Total EUR Residential buildings 20’753 750 -15’916’557 Retail buildings 1’218 700 -871’850 Commercial buildings 1’187 850 -1’032’155 Garage area 8’390 500 -4’289’819 Construction costs phase II -22’110’381 Infrastructure development fee -1’446’000 Contingencies 5% of construction costs -1’105’519 Infrastructure connections -600’000 Demolition -150’000 Road/site works -300’000 Professional fees 5% of construction costs -1’135’519 Additional costs phase II -4’737’038 Total costs phase II -26’847’419

Phase III Total Area (sqm) EUR / sqm Total EUR Residential buildings 20’686 750 -16’182’233 Retail buildings 1’171 700 -855’138 Commercial buildings 1’448 850 -1’284’173 Garage area 8’647 500 -4’509’126 Construction costs phase III -22’830’670 Infrastructure development fee -2’155’168 Contingencies 5% of construction costs -1’141’534 Infrastructure connections -600’000 Professional fees 5% of construction costs -1’171’534 Additional costs phase III -5’068’235 Total costs phase III -27’898’905

Phase IV Total Area (sqm) EUR / sqm Total EUR Residential buildings 11’517 750 -8’637’750 Retail buildings 518 700 -362’656 Commercial buildings 12’214 850 -11’045’469 Commercial parking 6’476 500 -3’444’960 Garage area 2’201 500 -1’100’500 Construction costs phase IV -24’591’335 Infrastructure development fee -2’890’000 Contingencies 5% of construction costs -1’229’567 Infrastructure connections -730’000 Professional fees 5% of construction costs -1’266’067 Additional costs phase IV -6’115’634 Total costs phase IV -30’706’969 Total costs phase II, III, and IV without land and sales/marketing/legal fees* -85’454’130

* Total amount reflects inflation rate

17 PROFIT SCENARIO OF THE PROJECT

Profits - Scenario I Assumptions Residential price EUR/m2 2’150 Retail price EUR/m2 2’150

EURm Phase II Phase III Phase IV Revenues 42.37 43.55 45.93 Construction costs* -22.11 -22.83 -24.59 Additional costs -4.74 -5.07 -6.12 Marketing fees -0.88 -0.88 -0.88 Land costs -8.00 -8.00 -8.00 Expected profit before interest and corporate taxes 6.64 6.77 6.34

Profits - Scenario II Assumptions Residential price EUR/m2 2’500 Retail price EUR/m2 2’200

EURm Phase II Phase III Phase IV Revenues 46.40 47.67 48.27 Construction costs* -22.11 -22.83 -24.59 Additional costs -4.74 -5.07 -6.12 Marketing fees -0.88 -0.88 -0.88 Land costs -8.00 -8.00 -8.00 Expected profit before interest and corporate taxes 10.67 10.89 8.68

Profits - Scenario III Assumptions Residential price EUR/m2 2’700 Retail price EUR/m2 2’400

EURm Phase II Phase III Phase IV Revenues 51.51 52.90 51.14 Construction costs* -22.11 -22.83 -24.59 Additional costs -4.74 -5.07 -6.12 Marketing fees -0.88 -0.88 -0.88 Land costs -8.00 -8.00 -8.00 Expected profit before interest and corporate taxes 15.78 16.12 11.55

*Construction costs reflect inflation rate Revenues excl. VAT

18 Investment structure The following investment structure is particularly intended for the realization of Phase II but can potentially be extended for the realization of Phase III and IV.

ANOVA Real Estate Equity Jan Schoch through Valastone 3 Mio CHF Opportunity Fund I – Klasse B 3 Mio CHF as equity type financing

SERBIA PRIME ANOVA Debt Plus Fund I Investors up to 10 Mio CHF as debt financing SITE ONE AG up to with subordinated pledge of land and project 10 Mio CHF

Bank Financing 20 Mio CHF as debt finacing with senior pledge of land and project

19 SERBIA PRIME SITE ONE BUILDING QUALITY

Apartments of the project will have a mid to upper Target Groups mid-market positioning with following specifica- Structure of the units in the complex indicates that tion of finishing works (all competing projects are target groups are mostly young couples and families, positioned as mid to upper mid, with few differen- business people or individuals looking for investment ces when it comes to quality of finishes): opportunities, since 64 % of the units are apartments smaller than 70 sq. m. • Façade joinery made of high-quality aluminium- wood windows; Prices The average prices per apartment unit type are given • Parquet will be done as multilayer parquet from a below. Smaller units (below 60 sq. m) will be able to reputable manufacturer in a natural or oak colour; achieve the highest prices and largest units would • Ceramics in the kitchen and bathroom will be need to give more discounted prices, as it is seen in done of ceramics of premium quality; other projects on the market. This project’s apartment price level is estimated at EUR 2600. • Ceramics on terrace will be done as anti-slip granite tiles, premium quality; Apartment area Price (EUR/m2) excl. VAT

2 • Sanitary will include the following: acrylic bath- 120 - 140 m 1´950 tubs, faucets, walk-in showers, toilet bowl with 140 - 200 m2 1´950 soft close board, built-in cistern with accompany- 283 m2 1´950 ing sanitary ware from renowned manufacturers 100 - 110 m2 2´000 of premium quality; 110 - 120 m2 2´000 • MDF doors painted with polyurethane paint; 90 - 100 m2 2´100 70 - 80 m2 2´150 • Security entrance door on both sides veneered 60 - 70 m2 2´200 with oak, with wooden threshold; 45 - 50 m2 2´250 • Building will be connected to heating system with 50 - 55 m2 2´250 built-in radiators and towel dryers in bathrooms. 55 - 60 m2 2´250

20 FINANCING STRUCTURE

Investment strategy Key facts The sub-fund provides mezzanine capital, loans and Share class A provides financing of a debt nature (private debt) Valor 57726640 or invests its assets directly or indirectly in invest- ISIN LI0577266401 ments, bonds and other debt instruments, securitized Target return 20% per year as profit sharing above and non-securitized fixed and floating rate corporate the min. interest rate; max. return is receivables, as well as money market instruments, de- 20% per year mand deposits and callable deposits. Loans may also Currency EUR be made to other subfunds of the Investment Company. Expected AuM 7.0 Mio EUR Appropriation of profit accumulating Investment objective Subscription period until 31.03.2021 The sub-fund‘s investment objective is to achieve Investment timing Upon land purchase, expected in April/ medium to long-term capital growth through income. May 2021 Investment vehicle Belgrade Real Estate Project One AG Organization Form of investment Dare loan from the fund to the AG Fund Type Alternative Investment Fund (AIF) Capital of investment 3 Mio CHF at the time of vehicle Legal form SICAV investment Domicile Liechtenstein Security Land and the project in second place Investors Professional investors behind bank financing SICAV ANOVA Alternative Investments SICAV Bank financing 70% to 75% of the total investment as a Fund ANOVA Debt plus Fund I loan to the investment vehicle AIFM 1741 Fund Management AG Security of bank financing Pledge of the country and the project in the first rank Distribution Anova Partners AG Control Strict control of the bank and Belgrade Depositary VP Bank AG Real Estate project One Ltd. Auditor Grant Thornton AG Evaluation interval at least annually Supervision Financial Market Authority Liechtenstein (any time during the year) (FMA) Lock-up period up to 3 years with 2 years possibility of Representative CH 1741 Fund Solutions AG extension Paying Agent CH Tellco AG Participation Sector of land

Fees Share class A B Min. investment - 3 Mio Management Fee 1.00% 0.50% Performance Fee none Administration fee 0.25% Depositary fees EUR 10‘000 Issue & redemption fee Max. 5% / 1% respectively

21 CONTACT

Valastone AG Dorfstrasse 29 9108 Gonten

This presentation document is intended for information purposes only, and does not constitute an offer or a recommen- dation to purchase and/or sell any particular investment, share and/or other security. It is expressly not intended for persons who, due to their nationality or place of residence, are not permitted access to such information under local law. No liability is assumed for the correctness and accuracy given in this presentation. Any statements made herein, whether these may reflect the forward-looking statements regarding any particular company’s business, research statements of a particular company, market outlooks, performance analysis’ or any other statement made in a similar context, reflect solely the personal opinions of the authors of this presentation and are subject to certain risks, uncertainties and assumptions, and may, therefore, be changed at any time and shall not be binding for Valastone AG.

Every investment involves risk, especially with regard to fluctuations in value and return. Changes in rates of exchange may cause the value of this investment to fluctuate. Past performance is no indicator for the current or future performance. The performance data does not take into account possible commissions and fees charged for the issuance and redemption of any investment vehicles.

No part of this document may be copied and /or reproduced in any manner without the explicit prior written approval of Valastone AG. For further information about an investment strategy mentioned in this presentation, you may contact us. 14