ATLAS GROUP PROPERTY DEVELOPMENT PROJECTS IN MONTENEGRO AND SERBIA

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1 ATLAS GROUP PROPERTY DEVELOPMENT PROJECTS IN MONTENEGRO AND SERBIA

2 PROPERTY DEVELOPMENT PROJECTS IN MONTENEGRO AND SERBIA

3 CONTENTS ABOUT ATLAS GROUP About Atlas Group 05 About Montenegro Short market review (Montenegro) Atlas Projects in Montenegro Atlas Projects in Serbia 23 About Serbia/Belgrade 26 Short market review (Serbia) 27 Finished projects Century Atlas Invest 36 Our partners 37 Atlas Group has over 30 members operating in the area of banking, financial services, insurance, real estate, Atlas Group operates in line with global trends promoting sustainable development and utilization of renewable tourism, healthcare, production, media and marketing, edu- energy sources. cation, culture and sport. We are very proud of our philanthropic activities Our companies have offices in Montenegro, Serbia, conducted through Atlas Group Foundation, which is a mem- Cyprus and Russia. Atlas Group has also wide network of in- ber of Clinton Global Initiative. ternational partners and we are especially proud of our part- Within the Group there are three banks: Atlas Bank, nership with Royal family from Abu Dhabi. The Invest Bank Montenegro IBM and ABM bank in Moscow AtlasGroup, All rights reserved. Atlas Group is organized as a modern management unit with a main objective of increasing the value of all mem- Atlas Bank was awarded the status of the best Bank in Montenegro, and Atlas Group as best financial group for ber companies by adjusting to global trends through improv by world economy magazine World finance''. ing performance, investing in new projects and ideas and In order to promote its mission Atlas Group has with creating of synergy between the member companies. hosted many famous persons from the spheres of politics, Atlas Group counts nearly employees which business, show business and arts. makes us one of the largest companies in the whole region. Atlas Invest Ltd. is company that prepares, creates and leads development of all projects from Atlas Group`s portfolio and provides complete services of legal, financial, investment and technical engineering and management. 4 5

4 About Montenegro Located in Southeast Europe in the heart of Mediterranean. Extreme natural beauty and cultural historical heritage (4 national parks, Old town Kotor under UNESCO protection). Area: km2; population: ; climate: continental, mediterranean and mountain. Capital city Podgorica with around inhabitants. Borders with Croatia, BIH, Serbia, Albania and South part faces Adriatic Sea. Traffic connection: airports Podgorica, Tivat in Montenegro and airport in Dubrovnik, Croatia, port of Bar and Porto Montenegro, good connection of roads with international traffic. Currency: EUR. Achieved political and economic stability, and already member of important international organizations (UN, WTO, etc) and in the process of joining EU and NATO. Economy is largely oriented toward real estate and tourism development stimulative investment climate (income tax 9%, VAT 19%, customs rate 6,6%, tax on real estate transaction 3%). World Bank has placed Montenegro at 56th position out of 183 countries per easiness of doing business in Doing business report for Average amount of foreign direct investments in Montenegro in past 3 years were app. 850 million EUR. Average GDP in past 3 years is app. 3,1 billion EUR (for increase between 1,5% and 3% is expected); Average inflation rate in past 3 years is app. 3%. Herceg Novi is Montenegrin coastal town with around inhabitants. It is located at the entry of Kotor bay and represents one of 10 most beautiful bays in the world. Herceg Novi has long tradition and rich cultural-historical contents, archeological sites, numerous churches and monasteries and legacies of various peoples and civilizations that ruled in this region. Herceg Novi is the city of festivals (film festival, festival of Mimosa, music festival) and it lives' throughout whole year. Herceg Novi has long tradition of health tourism. Bar is the largest Montenegrin coastal town with inhabitants. This town represents sea gate of Montenegro because it is major port for trading and merchandize exchange. Bar traditionally has intensive tourist season, because in the vicinity there are numerous sandy beaches and well known summer resort Sutomore. Bar represents center of business and trade and that is the reason for presence of numerous representatives of local and foreign companies. Out of these facts Bar lives through whole year as there is growing trend in university education. Budva is Montenegrin coastal city with inhabitants. Budva is one of the oldest settlements at Adriatic coast with tradition over years. Budva's Riviera represents center of night life, luxurious lifestyle also known by natural sandy beaches, rich cultural and historical heritage and various contents for fun and recreation. Budva has the longest tourist season in Monenegro which intensively lasts for 5 months. Theatre city Budva and numerous cultural manifestations and festivals provide huge contribution to cultural city life. Petrovac is a small coastal place with mild Mediterranean climate and almost 300 sunny days in the year. It has got many coves, long beaches and small sandy gulfs which are the most beautiful in this part of the Adriatic. It belongs to Budva's Riviera and forms its Southern border. History of Petrovac dates from times of Roman Empire, witnessed by mosaics from IV century. In past period Petrovac and Budva mark constant growth of tourist visits and overnights, with longest tourist season in Montenegrin coast. Herceg Novi Bar Budva Petrovac 6 7

5 Short market review RESIDENTIAL REAL ESTATE AND APARTMENTS COMMERCIAL MARKET There is a lack of attractive and luxurious Real Estate developments, the reason why Investors have interest to develop exclusive zones of Montenegrin coast. Prices in mentioned zone range from to /m2. In demand structure of Real Estate 62% of foreign buyers purchase Real Estate in Montenegro for their own needs; 24% buy for their own needs and renting; about 10% buy for investment purposes; 4% are those who continue to live in Montenegro after purchase. Apart from that, the presence of Russian community that creates additional demand for new commercial, social and cultural contents is rising. In Montenegro mainly buyers come from Russia, Great Britain and Ireland. In previous period there was high level of older generation buyers from high standard countries who spend whole year in Montenegro due to suitable climate and low living costs. With the expansion of tourism at Montenegrin coastline there is the need for construction of modern commercial catering and retail areas that meet global standards. In that sense due to lack of adequate offer there is significant room in the market. In Podgorica average rent price in Delta city shopping mall is 20,87 /m2, and prices range from / m2. Rent in future commercial zone Atlas Capital Center range from /m2, and average lease price is 22,77 /m2. In shopping center Mall of Montenegro planned average rent price was 18,75 /m2. The occupancy rates for commercial retail in Montenegro are very high Regarding renting office space at the coast, prices range depending on quality and location. Price of A class goes between /m2, and for B class from /m2. project location price( /m2) Savina settlement Herceg Novi President Igalo Porto Montenegro Tivat ; penthouse 7k Island view Resort Tivat TQ Plaza Budva ; penthouse 7k Tre Canne Budva project Location object area content segments area Hypoermarket m2 Delta City Podgorica m2 Shopping Center m2 Mall of Montenegro Podgorica m2 Green market Shopping zone (including bowling hall, restaurants, cafes) m m2 Apartments Pržno Ave Maria Koljčević Reževići Apartments Petrovac Flats/Apartments Bar Business center Nikić Podgorica m2 Shopping center Residental units Shopping center Residental units 4.000m m m m2 TOURISM AND HOSPITALITY In Montenegro in past 10 years there is constant rise of tourist visits and overnights. This trend continues in 2009, 2010, 2011 and despite the effects of global crisis. Presence of tourists from region is 45%; tourists from EU members is around 37%; Russian tourists 14%. Guests in average stay for 6 nights per visit, which shows that Montenegro is good destination for relax. There is increased interest for investments at coast in accordance with intention of state to reduce/waive communal charges for development of hotel business of high category. Montenegro was placed among 10 most popular destinations for congress tourism by Travel daily news'' magazine in Presence of British Tour Operator TUI UK & IRELAND'' and inclusion of Montenegro into their network should mean arrival of about new tourists which should significantly prolong the tourist season. Low cost company Ryan Air has established air connections with Montenegro. Atlas Capital Center Podgorica m2 Commercial part m2 Business area m2 Hotel 8.500m2 Kamelija Kotor m2 Shopping center, restaurants, fitness center, bank and services m2 TQ Plaza Budva m2 Commercial area m2 MEDICAL TOURISM In Montenegro there are following global hotel operators: Aman Resorts, One&Only, Iberostar, Hunguest Hotels, Hit Gorica, Korston Hotels; and the following are announced for coming: Kempinski, Hilton, Four Seasons, Banyan Tree. Many destinations in world today have advantages due to development of medical tourism. Among them: India, Costarica, Hungary and United Arab Emirates, while in Europe countries such as Belgium, Poland and Slovakia enter the market and become more and more open for foreign patients in the sense of treatment provision. hotel location category capacities price per night (per person, avarage /day) It is estimated that travelling for medical purposes increases annually for 20% worldwide. For example, today around half a million foreign patients travel to India for medical reasons, in there were only 150,000. Hunguest Hotels Herceg Novi **** ,00 Club Hotel Riviera Herceg Novi **** ,00 Aman Resort Budva ***** ,00 Data for show that more than people from Great Britain decided to be operated abroad, and spent around 375 million. Number of medical tourists increased over 25% from 2006., and preliminary numbers for show continued growth. 8 Splendid Bečići ***** ,00 Avala Budva ***** ,00 Queen of Montenegro Bečići **** ,00 Iberostar Bellevue Miločer **** ,00 Maestral Pržno **** ,00 Monte Casa Petrovac **** ,00 Hotel Princess Bar **** ,00 9

6 Atlas Projects in Montenegro Croatia Dubrovnik Airport Herceg Novi-Belgrade PODGORICA Podgorica Airport We are available for various cooperation modalities via: Strategic equity partnership Project phases sale Development management Kotor Port of Kotor Atlas Capital Center Punta Mimosa Herceg NOVI Bijela tivat Tivat Airport Bar-Belgrade 03 Meljine 03 BUdva Adriatic Highway 04 Mogren Town PETROVAC 05 Mogren Hill SUtomore Adriatic Fair Post office BAR Port of Bar Pržno Kamenovo 04 albania 10 Petrovac 11 Sutomore 12 Topolica

7 Atlas Capital Center PDF Download: Atlas Capital Center is located in Podgorica, in the capital of Montenegro. It is positioned in the part of Podgorica that is considered as the business and administrative core of the city, modern and fashionable area at the intersection of main city roads and highways of Montenegro. Podgorica airport is some 15 minutes drive from downtown and the Atlas Capital Center, while Tivat airport is only 90 minutes away. Modern, attractively designed and unique, this multifunctional complex has fulfilled all the needs of professional and family life. The building is distinguished by its elegant construction solutions, high energetic efficiency, the most luxurious level of interior works and furnishing of apartments, very flexible office space, three levels of underground garages for over 800 garage spaces, attractive commercial shopping center, up-to-date communication systems which provide almost unlimited use of high-speed internet service and IP technologies, implementation of all known systems for security of employees and equipment, as well as the building management system known as the intelligent building. Development stretches over m2 with residential, business and retail uses. Residential apartment area of Atlas Capital Center offers m2 divided into five separate units featuring 90 luxury apartments intended for sale. They feature most quality materials found at today's market and the price includes: completely furnished kitchen, mounted cupboards, wardrobes and lighting. Apartments have video surveillance and controlled access, and also there is concierge service in each lamella. Systems for signaling fire, flood and burglary, and also for sending information to control center whose emergency team is active 24/7. Business and office areas of open space' type enable end users to adjust it to their needs and wishes. Almost m2 of business premises are located in object area recognized by extinguished glass facade, dominated by two towers of 8 and 10 levels and with 133 hotel rooms area capacity divided into 5 levels in between. Commercial-retail areas intended for rent are placed in the ground and minus one floor, and are visually and functionally connected to the inner square and facility surrounding. This carefully designed area holds restaurants, cafes, hypermarket, fashion brand stores, gym, wellness & spa center, bowling alley, night club, children playground and other content. Total area of commercial zone is app m2. Atlas Capital Center has been developed by Atlas Group in partnership with Capital Investment, a company owned by Royal family from Abu Dhabi. Max elevation Investment value m2 GF+10 Levels Underground - not included in GDA Greenfield Atlas Capital Center is ideal spot for work, leisure, relax and living. Three levels subterranean garage spaces, parking lots with surveillance, gas detection system are available 24 hour reception service and a doorman with video interphone are available Free of charge parking lot. Video survelliance of public spaces more than 300 IP cameras. Facility maintenance service. Unique distribution of radio and TV network which, within the facility, provides earth, satellite and cable programs. Three diesel engine generators, which cover 50% of the facility in case of power outage are available. Managed Schindler elevators. Location in the heart of business/living zone Easy and quick connection with other parts of town. Vicinity to Podgorica downtown and all the important buildings and services

8 Punta Mimoza Meljine PDF Download: PDF Download: 14 Punta Mimoza is located at the entry to Bay of Kotor, the southernmost European fjord, right next to Croatian border. It is largest Atlas Group location, which stretches over sqm and faces the sea in whole length. The location is very well connected by the international traffic as there are two airports in close vicinity on 8km (Ćilipi) and 17km (Tivat); ports at 5km (Zelenika) and 15km (Porto Montenegro), and international traffic directions passing just nearby the location connecting borders of Croatia Bosnia and Montenegro. Planning documents have been adopted and development offers various possibilities including the creation of three urban settlements in this area - Small towns in various construcion phases: Mimosa Mare, Mimosa Center and Mimosa Marina. The project plans phased construction of apartments, villas, condo hotels, commercial and retail promenades, squares, plazas, and marina with 150 ties for various vessels. Mimosa Mare Land Area Mimosa Center Mimosa Marina m m Greenfield Sea view is provided from most planned complex facilities. Two fortresses remain from Austro-Hungarian period on the site and witness the rich cultural-historical heritage of various civilisations in the location area for centuries. Location borders with Republic of Croatia, that joined EU, which enables soft tourist connection with EU. Possibility of phased development in order to adapt market trends and covering investment risks. Possibility to develop international marina up to 150 berths for various vessels. Public private partnership with Goverment on the project. Medical center Meljine is located in urban core municipality of Herceg Novi, near Cape Mimoza project. Herceg Novi is popular as health tourism destination with rich historic and cultural heritage. Current hospital complex, as the first private medical institution, stretches over m2, along the seashore, surrounded by valuable botanic garden, offering ideal conditions for patient treatment and relaxation. Accessibility to location is well established by international traffic network of: two airports-10km (Ćilipi) and 15km (Tivat), ports at 2km (Zelenika) 14km (Porto Montenegro) and 30km (Kotor) and international traffic directions passing just nearby location connecting borders of Croatia, Bosnia and Montenegro. Development project of Medical tourist complex Meljine envisages demolition of current objects and phased development of new hospital with research center, hotel with condo apartments, apartments, villas in the first row to the sea and artificial sandy beach. Max elevation m 2 Up to 7 floors Above/Underground - not included in GDA Sea view is provided from all contents of the complex. Meljine hospital has tradition more than 200 years since Austro Hungarian period including into current objects of the complex also former Yugoslavian president Tito's villa as a confirmation of location uniqueness. Good experienced medical staff. Phased development in order to adapt market trends and lowering investment risks and equity sharing possibility. Possibility to develop artificial sandy beach along the location's shore with area of m (including beach bars, restaurants, smaller vessels wharf ). 15

9 Mogren Town Mogren Hill PDF Download: PDF Download: At the territory of Budva municipality, the capital of Montenegrin tourism, Atlas Group plans to develop several attractive locations with objects that will enrich tourist offer of Montenegro and rise its level to become one of the world's prestigious destinations. One of those developments certainly is Mogren Town. Mogren Town is located in the urban core of Budva, stretching from the cape where Mogren Beach starts all the way by the coastline up to the historic Old town. It is very well connected with all traffic connections airports 10km (Tivat) and 50km (Podgorica) and international road trough Montenegrin south region, which goes along one of the borders. Location has nearly m2 where according to planning documents and conceptual design, it is planned to develop phased tourist settlement with condo hotel with apartments, apartments, pools, wellness & spa, plazas, squares, promenade, sightseeing lift and stairway communication with sightseeing, auxiliary catering and commercial content. Max elevation m 2 Up to 10 floors Above/Underground - not included in GDA Greenfield Mogren Hill is located at the very exit from Budva town, above Adriatic highway that leads towards sandy Jaz beach and Bay of Kotor, at the hill Spas in the back part of popular Mogren beach. Southern border lot faces Adriatic international highway and excellently connects location with Budva's Riviera, airports, ports and other international roads. At this location it is planed to construct app m2 of residential, sport and recreational objects. Residential objects could face villas, apartments, condominiums with direct sea view. Within an area for sports and recreation as additional value to residential zone it is possible to plan the following objects: pools and swimming areas, sports terrains, catering objects, smaller objects for accommodation of individuals and sportsmen, business, commercial and catering activities, parking and garages, objects and infrastructure network. The planning document provides flexibility as it is possible to develop the project in phases by joining of urban parcels depending on Investor`s needs, which enables lowering of investment risks. Max elevation Terrain is in slope which provides magnificent view towards sea and Budva. Climate and position is suitable for development of sports tourism and organization of preparations for sports teams throughout whole year. From the aspect of Budva's urban core expansion, location has extraordinary investment potential. By joining the EU it is expected that price of real estate near the sea in Montenegro will singnificantly rise m 2 Up to P Pk Above/Underground - not included in GDA Greenfield Most attractive location in the most frequent city zone just nearby the sea. Recognized and famous for astonishing view directly towards open sea. Urban concept of the development inspired by medieval Mediterranean cities provides unforgettable experience. Panoramic view towards the sea and old city from almost every development content. Integrated development into Budva's urban core and attraction to visitors concept of new old town

10 Adriatic Fair Kamenovo PDF Download: PDF Download: Adriatic Fair is located in the most attractive zone of Budva - the sea promenade just nearby popular sandy beach Slovenska plaža, at the location of existing Adriatic Fair, which has more than 40 years of tradition and is the only expo object in Montenegro. Location is directly connected to Adriatic highway which provides access to airports (Tivat 20km, Podgorica 50km), ports (The port of Budva 2km, The port of Kotor 15km, Porto Montenegro 20km, The port of Bar 35km), and also by two city boulevards connecting it with other parts of Budva's Riviera and beautiful sandy beaches. Planning document has been adopted. According to this document Adriatic fair disposes of app m2 with two urban parcels where it is planned to construct 3 functional units: new and modern expo building, hotel of high category restaurants, bars, service kitchens. and hotel apartment development with commercial content. On the same urban parcel with new Expo development it is planned New expo development will have multifunctional object of total m2 that will fulfill the needs of expo-congress industry and would positively effect on prolonging the tourist season by its new range of services. Within planned new Expo`s contents to develop hotel complex which Atlas Group is realizing with Future Capital Partners as our partners from London. Hotel complex development faces m2 and it is envisaged to upgrade the level of high category accommodation capacities in Budva. A renowned global hotel operator will be hired for management of 4+* hotel. there are: exhibition area with the possibility of various events Third segment of the development represents a facility of mixed use organization such as - sports events, fashion shows, concerts, etc., retail area, administrative part, multifunctional hall, conference areas, underground garages and auxiliary content: (hotel, apartment and commercial content) with maximum capacity up to m2, placed at the seafront next to the promenade and Slovenska beach at separate urban parcel. S - New Expo dvlp m 2 Up to P+20 Underground - not included in GDA S - Mixed use dvlp m 2 Up to P+Mz+9 Underground - not included in GDA By joining the EU it is expected that real estate prices in Montenegro will rise, especially by the sea. Communal charges for hotels of high category in exclusive zone could be significantly reduced. Montenegro is among Top 10 world congress destinations. Potential from the aspect of development and recognition of the Expo-fair in the region of SE Europe and also Expo-fair vicinity. Process of EU joining and need for promotion of new products and services in the region. Direct vicinity of hotel capacities. Possibility to lease beach in front of location. Tourist complex development in Kamenovo is located within Budva Municipality just nearby the beach with the same name, between Rafailovići and Pržno at the begining of Sveti Stefan Riviera, known as the pearl of Montenegrin coast. Kamenovo beach is oriented towards southeast with the large number of sunny hours and within the first line among 12 of the most attractive beaches in Sveti Stefan Riviera. In the close vicinity of Kamenovo tourist complex development there is unique Semi peninsula St Stefan with the park complex Miločer currently leased by well known global operator Aman Resorts. The good accessibility to the location of tourist development is provided by Adriatic highway which passes along the northern border of location and is well connected to international traffic network. It is distanced only 25 km from Tivat airport, 50 km from Podgorica airport and only 30km from The Port of Bar, the largest international port in Montenegro. Planning documentation for this development is in process with total land area of m2 including the part of the beach with 6.000m2 where it would be possible to develop app m2 of high category tourist settlement. Plan envisages flexibility through phased development of tourist settlement which includes: hotel, two condo hotels with apartments, villas nearby sea, beach bars, restaurants with swimming areas and berths for smaller boats. Max elevation Possibility to significantly reduce communal charges for high category hotels. Possibility of using renewable energy sources on the location. Possibility of branding tourist settlement by well known global hotel operators. Possibility of leasing the whole beach from State. Possibility of using the area of existing objects which are planned to be demolished when lowering communal charges for new development m² For villas up to P +1; for other types - customizable Underground - not included in GDA

11 Post office Budva Topolica PDF Download: 20 Old Post Office is located in the central zone of Budva in direct vicinity of Old town and main pedestrian area at only 50m from city marina. Budva is well connected by adriatic highway to international road traffic and distanced only 20 km from Tivat airport, 63 km to Podgorica airport and 70 km to Dubrovnik airport. Location stretches over m2 of land with direct access to promenade along the Slovenska beach, central zone of all cultural-entertaining events that makes Budva recognizable and famous. Currently, at the location there is facility with: restaurant, cafe, bank and business premises, planned for demolishing. By joining the EU, it is expected that sale/rent prices of real estate in Montenegro will rise. Project is developed in private public partnership with Budva`s municipality. Direct vicinity of all important city contents-urban core of the city. PDF Download: Location of Pržno development project is positioned in the most attractive area of Budva's Riviera within the old fishermen place inhabited since ancient times with preserved authenticity. The location is very well connected by the international traffic through Adriatic highway, as there are airports in close vicinity, such as Tivat 25 km and Podgorica 45 km airports, as well as ports- Port of Budva 5 km, Port of Bar 30km, Port of Tivat 25km. Planning documentation has been adopted and conceptual design finished in a manner that development leans' on famous Miločer park at a slope that offers direct sea view from all residential units, placed very close to the local beach. Planning documentation for the new development has been adopted and envisages development of the new object with total area of app m2 with following function: central activitiesretail, administration, culture with business and apartments in upper levels. Max elevation Pržno Location exclusivity Project is developed in private public partnership with Budva`s municipality. Access to public contents and services (PTT, healthcare, pharmacy, bank). By joining the EU, it is expected that the price of real estate in Montenegro will rise, especially by the sea m 2 Up to P + 8 Underground - not included in GDA Development has app m2 of land with totally planned m2 of apartment and retail use including underground garage with app. 160 lots. The concept provides two fronts with 8 separated villas and mediterranean square which pervades the whole complex. At the ground floor, there are retail use and on the other levels, serviced appartments from 60 to 300 sqm with attractive roof, terraces with pools. All approximate areas are flexible so it could easily adjust to market demand. GDA m² Up to P+3 Underground-not included in GDA Bar is the largest coastal Montenegrin city with over inhabitants, and also main naval Montenegrin port. Bar has good traffic connections with all parts of Montenegro by Adriatic highway and railway Belgrade-Bar, along with international road and sea routes. Construction of tunnel Sozina significantly improved communication with capital of Montenegro, Podgorica. Adriatic highway connects Bar with international road traffic; Tivat airport is 63 km away, Podgorica airport 45 km, and Dubrovnik airport 108 km. Location Topolica is at the entry to the city of Bar coming from Sutomore, and its whole Southern part faces promenade and the beach. In direct vicinity there is late King Nikola's castle with wonderful park forest, and terrains for outdoor sports, new sports arena, port and city center. Currently hotel Princess of 4* category is operating at location, reconstructed by Atlas Group in Hotel capacity is 126 keys and 12 apartments, and has Welness&Spa center, sauna, Fitness center, conference halls, indoor and outdoor pool, restaurant and bar. Location stretches over app m2 and it is planned to construct additional capacities of area app m2, and business residential complex of total area app m2. Project design envisages construction and expansion of hotel capacities, connected to existing hotel, which would amount to total area of hotel app m2 In the parcel area behind hotel it is planned to construct two objects: business tower with open type offices, underground garage of total area m2, and business residential object type of app m2. GDA - Existing (New Capacity) PDF Download: m2 (48.500m2) GF+14 Underground-not included in GDA Bar is becoming academic city as Atlas Group has opened its faculty for tourism and leisure but also there are other university units of state and private universities as well Proximity of business and administrative center of Bar to the location. Having in mind position and planned contents, project Topolica has perfect investment potential. Possibility of phased development and construction Possibility of leasing the beach in front of location for the needs of planned objects. Strategic position regarding coastal and central region of Montenegro. Possibility of using renewable energy sources. By joining the EU it is expected that price of real estate in Montenegro will rise. 21

12 Petrovac PDF Download: Petrovac offers excellent connection to all international traffic lines: airoport Podgorica 37km, Tivat 45km, Dubrovnik 88km, and port of Bar 33km. Location in Petrovac is at the crossroads of city access roads, and it stretches over two urban parcels of total area app m2, where it is possible to construct app m2 of residential, business and commercial area with garages. Project is designed so that business commercial objects are placed S - Lot 27 S - Lot 76 in lower level, using the proximity of main street, and apartments in upper floors. Apartments are designed in modular system that enables high flexibility, combining and organizing apartments depending on market needs. Planning documentation DUP Petrovac wider zone' that envisages relocation of current bus station and garages is passed m 2 4 levels Underground m 2 3 levels Underground Atlas projects in Serbia Terrain configuration where urban lots are located enables fantastic view of whole Petrovac bay. Construction expansion in Petrovac and high demand from foreign buyers. Planned roundabout next to location will concentrate traffic of pedestrians and vehicles and increase value of location. By joining the EU, it is expected that real estate price in Montenegro will rise, especially by the sea. Sutomore We are available for various cooperation modalities via: Strategic equity partnership Project phases sale Development management PDF Download: 22 Sutomore is well-known Montenegrin tourist settlement that belongs to Municipality of Bar. Bar and Sutomore have good traffic connections with all parts of Montenegro by Adriatic highway and railway Belgrade-Bar as well with international roads, sea routes and airports: Tivat airport (50 km), Podgorica airport 36 km. Atlas Group owns two smaller locations and current objects Zlatni nar and Hotel Sozina in the heart of the settlement Sutomore which are next to each other and have direct access to Adriatic highway at North, while facing the beach and promenade at South side. S - Sozina m² Up to 5 floors Underground - not included in GDA Terrain configuration enables fantastic sea view. Strategic position regarding coastal and central region of Montenegro. Possibility to lease the beach in front of both locations for the needs of planned objects. Possibility of using area of existing objects when calculating communal charges. Planning documentation has been adopted and envisages possibilities to refurbish existing objects or to demolish them and to develop apartment units with additional contents. Location Sozina is located at the lot of total area m2 where it is planned to develop 2,449 m2 of apartment contents with commercial and other services. Location Zlatni nar is located at the lot of total area app m2 where it is planned to develop m2 of apartment contents with commercial and other services. S - Zlatni Nar 3,292 m² Up to 5 floors Underground -not included in GDA

13 Block Block Vojvode Mišića Blvd. 04 Stevana Sremca 05 Svetogorska Takovska

14 Short market review RESIDENTIAL REAL ESTATE AND APARTMENTS About Serbia A number of constructed residential units in Serbia and Belgrade declined in 2009 and 2010, after a constant increase in the period Although the data imply less intense activities in previous years, the current plans of investors indicate the market recovery and positive trends in the supply. Serbian Government is pursuing to support the construction industry to alleviate the effects of economic crisis. As a part of anti-crisis measures, the Government has decided to decrease the percentage of citizens participation in financing the subsidized housing loans to 5%, instead of previous 10%. Serbia is a modern, democratic European country, on the path to membership in the European Union. Area: km2; population: more than ; climate: moderate continental. Capital city Belgrade with around inhabitants. Borders with Montenegro, Croatia, BIH, Albania, Hungary, Romania, Bulgaria and Macedonia. Traffic connection: airports Belgrade, Niš, Priština; Serbia is landlocked but as a Danube country it is connected to distant seas and oceans. Serbia is a crossroads of Europe, and geopolitically an important territory. The international roads and railway lines, which run through the country's river valleys, form the shortest link between Western Europe and the Middle East. Currency: Dinar (RSD). Stimulative investment climate (income tax 10%, VAT 20%, tax on real estate transaction 2,5%). Income of direct foreign investments in Serbia for 2012 is expected to reach about 1,2 billion EUR. Average GDP in past 3 years is app. 34,7 billion EUR (for increase was 0,5%: Inflation rate 4% ± 1,5%. A new Law on the Protection of Financial Services Consumers, which came into force on december 2011, regulates the change of interest rates during the repayment of loan. Banks will not be able to change interest rates according to their unilateral will, as the Law defines precisely the method of determining the interest rate. project location GBA(Sq m) Stepa Stepanović Voždovac Dr Lola Ribar New Belgrade West 65 New Belgrade Golf 8 Banovo brdo Gardenia Zvezdara Padina Voždovac The age limit is also increased. Married couples over 45 years of age are able to take loans as well. This will enable citizens to get housing loans more easily and will give significant support to the construction industry. In Belgrade area there is a slight increase of the demand prices for midend apartments from EUR per sq m, while the demand prices for high-end apartments remain steady and range from EUR per sq m. In other cities throughout Serbia sale prices range from EUR er sq m. Selected residential projects in development in Belgrade during 2012 OFFICE MARKET OUTLOOK About Belgrade SUPPLY Office market is still mostly concentrated in Belgrade city area, which is further divided into three areas: Central Business District, Broad Center and Suburban area. Total stock of office premises in Belgrade in HI 2012 ammount about sq m of GBA Class A office sq m and Class B offices sq m. In comparison to other cities in region, like Sophia, Budapest, Bucharest and Zagreb, Belgrade recorded the slowest growth of total office stock. In HI 2012, a total of sq m of office space is currently under construction. Several notable projects in 2012 are: EPS and EDB HQ, Danube Business Center, Intesa bank HQ, Raiffeisen bank HQ and West 65. Belgrade is the capital city of Serbia and has a population of around 1.7 million. It is one of the oldest cities in Europe and since ancient times has been an important crossing of the ways where the roads of eastern and western Europe meet. Because of it's position Belgrade is known as the Gateway to the Balkans and the Door to Central Europe. The inner, urban area of Belgrade covers an area of 36 km2 and the total territory of the city is around 322 km2. The wider city area is 419 km2. Belgrade is an important regional traffic hub: the crossroads of European routes E70 and E75 and the crossroads of Pan- European Corridors 7 and 10 are located here, the city is connected to key railway routes, and it has International airport Nikola Tesla and two international waterways. Belgrade is the capital of Serbian culture, education and science. It is home to the highest concentration of nationally important science and art institutions. DEMAND Same as last year, most of all lease activities are concentrated on territory New Belgrade, thanks to better supply of modern office buildings and more parking spaces, and due to lack of new office spaces and parking spaces in downtown. New Belgrade takes up to 60% of the total demand. RENTS When compared to the end of 2011, rents of A class and B class office space stayed approximately at the same level. In the central business district the average rents are in range EUR per sq m per month and in wider centre area rents are in range EUR 7 10 per sq m. RETAIL MARKET OUTLOOK Year 2012 brought rise in total stock of modern shopping centres, outlet centres and retail parks throughout Serbia. In March 2012, investor Plaza Centers opened their first shopping mall in Serbia - Kragujevac Plaza in Kragujevac. City of Indjija finaly got their long awaited outlet park known as Fashion Park Outlet Center. Aviv Park in Pancevo opened its new phase in May Merkur International decided to lease the whole new gallery level to interested tenants, in their project in Karaburma, now known as Karaburma Shopping Centar, and new stores are opened in autumn Israeli investor BIG CEE finished first phase of construction of BIG CEE Shopping Center in Novi Sad and opened it in October 2012, while the opening of the other phase is planned for March As for Belgrade area Usce Shopping Center and Delta City shopping mall still remain the most prominent shopping malls with the highest foot fall figures, along with Immocentar outlet center. Total stock of Belgrade shopping centres remain at the same level and ammounts to about sq m of GLA. RENTS Rents for prime locations in Belgrade are approximately at the same level, when compared to end of 2011 and range between EUR per sq m per month. The same situation is with rents of secondary location and these range from EUR per sq m per month. In retail parks rents vary from EUR 7 30 per sq m per month depending of the size and position of the shop

15 Block 26 Block 65 - Rad PDF Download: Rad property is situated in the middle of Block 65 and on a border with business park Airport City Belgrade within the central part of the New Belgrade Municipality. Block 65 is easily accessible via car and public transportation. Most of the surrounding streets are wide boulevards which are not trafficcongested, and also provide good connection to the Airport with no longer than minutes of drive by car. According to the Master Plan of Belgrade, the subject property is located in a city zone which is mainly intended for development of business, commercial building and high residential/business apartments. Location extends on m2 where it is possible to construct m2 of business and residential content. The property is situated in New Belgrade`s Block 26, next to the popular Kombank (Beogradska) arena. Over the Boulevard Arsenije Čarnojević location it is well connected with the highway, Airport Nikola Tesla and Old town Belgrade. Location stretches at around m2 and it is possible to construct m2 of office, hotel, shopping mall, commercial and residential content. It is divided into two units by green public corridor with vehicular pedestrian communication. Both units are subdivided into 3 urban lots where each complex can be developed in phases depending on design brief and parking solution. Within urban lot CP.1 which is positioned towards the Zoran Djindjic Blvd. it is planned to develop shopping mall of total gross area m2, with capacity for 150 various shops including: hypermarket (the only one in wider area of dense population), restaurants, entertainment, fashion brands, furniture, book store, perfume shops, jewellery etc. The elevation of shopping mall is G.F.+5. Beside shopping mall on C.P.1 it is planned to develop two business towers with total gross area m2 and elevation G.F On the urban lots CP.2 and CP.3 is planned to develop residential uses with retail-office use in ground floors of the objects. Total gross area for these lots amounts to m2 with planned elevation of G.F It is planned to construct underground garages of large capacity that would fulfil parking standards for planned development. PDF Download: m² G.F + 5 to G.F Underground - not included in GDA Greenfield New Belgrade become main business district in Serbia and also very demanded destination for residential use. Many companies choose New Belgrade for their headquarters or regional centers such as Acer, Comtrade, Siemens, Imtel Computers, Microsoft, Ikea, Mercedes Benz, Daimler Chrysler... Given its position and function location has huge investment potential. Over 1,2 million square meters is under construction in New Belgrade. Estimated value of construction in next two and half years will be over 1,5 billion Euro. PDF Download: Block 65 - Belim Belim property is situated in Block 65 within the central part of the New Belgrade Municipality. The highway E-75 (leading towards Zagreb, Novi Sad and Niš) is at close proximity to the location and provides direct access to the Belgrade airport within minutes of drive. According to the Master Plan of Belgrade, the subject property is located in a city zone which is mainly intended for development of business, commercial and residential buildings. Location extends on m2 where it is possible to develop in total m2 of business and commercial content. Above structure is divided in functional and flexible sub units: business and shopping (mega market) with auxiliary premises while substructure is intended for parking and technical premises. Floor heights are designed in a way to meet the needs of various sub units and enable their connection if needed. New Belgrade became main business district in Serbia and also very demanded destination for residential use. Many companies choose New Belgrade for their headquarters or regional centers such as Acer, Comtrade, Siemens, Imtel Computers, Microsoft, Ikea, Mercedes Benz, Daimler Chrysler... Given its position and function location has huge investment potential. Over 1,2 million square meters is under construction in New Belgrade. Estimated value of construction in next two and half years will be over 1,5 billion Euro m2 Up to G.F.+ 8 Levels Underground - included in GDA Greenfield m 2 Up to 2Ug+Gr+9 Underground - included in GDA Greenfield 28 29

16 Vojvode Mišica blvd. Stevana Sremca Location for planned hotel and media centre in Vojvode Misica Boulevard belongs to lower zone of northwest central Belgrade area of Senjacko hill, just near Belgrade- Zagreb highway with Belgrade Expo complex across the road. PDF Download: PDF Download: Property location is placed at central residential-business Belgrade zone in Stari Grad municipality. Location has good connections to main traffic lines that enable good connectivity to the central city area, airport and Belgrade Zagreb highway. Main design envisages development of business and residential development at one part of the lot and reconstruction of existing object that will physically be connected to the new one through the underground garage levels. Development has been planned with 8 levels: two underground and 6 aboveground (ground floor, 4 floors and one additional level). Ground floor has been planned for business and service uses while above ground floors are intended for residential uses. Given its position and function location has huge investment potential. Construction that meets highest Europeans standards and quality materials. Apartments design fulfils the needs of modern man, with emphasis on functionality on area usage. provided m 2 2Ug+Gr+4+Att Underground - included in GDA Location of future complex is highly suitable: direct connection with Belgrade-Zagreb highway and southwest city entrance and 10 minutes drive to the Airport In direct vicinity of the property location there are many public contents, business-catering activities and cultural facilities so practically subject location is part of micro business area. Svetogorska 26 Above structure of development is divided into two functional sub-units: hotel and media centre unit with conference room, out of which each one possesses adequate auxiliary premises, while underground floors are intended for car parking and technical premises m² 2 Undgr + G.F. + 6 Underground - included in GDA Given its position and function location has huge investment potential. Very good location with good connectivity and close proximity to Expo. Serbia is attracting foreign investments as reforms are progressive and stability continues thus bringing additional business guests to Serbia's capital. Low presence of international hotel chains allows new entries to the Belgrade market. PDF Download: Property location is positioned in the central zone of Belgrade -municipality Stari Grad in the Svetogorska Street No. 26. Location has good connection to all traffic lines that enable good connectivity to the central city area, airport and Belgrade Zagreb highway. At this location it is planned to develop the object of business commercial content with total area around m2. Given the unusually narrow street front it is planned that main facade material is glass in combination with line elements of aluminium and board elements of wood. Given its position and function location has huge investment potential. Easy access from all parts of the town. Proximity of all State and city institutions. Construction with application of all highest European standards and quality materials. Business area of all types that can be easily rearranged. Planned development area uses per floors are as follows: ground floor and basement are for activities of higher frequency while all other above ground levels are for business m 2 Gr+5+Att Underground