Portfolio

Ultimate Montenegro Ltd

Ultimate Montenegro is a Real Estate Investment company based in Montenegro and London. Ultimate Montenegro is the property adviser to Montenegro Investments Ltd, a closed-end investment fund listed on the Channel Island Stock Exchange (CISX). The fund is audited by KPMG in Montenegro and in Guernsey. Ultimate Montenegros primary focus has been to acquire, consolidate/package and re-zone land assets into scalable project pipelines for future real estate development.

Contents
3 4 7 9 11 19 27 33 38 40 The Ultimate Montenegro Portfolio Asset Locations Zoning Status Why Invest in Montenegro? Coastal Portfolio Rural Portfolio Mountain Portfolio Lake Portfolio Yielding Assets About us

Montenegro
With a population of only 650,000, Montenegro is the smallest country in the Balkan peninsular. This stable, independent and democratic state on the road to EU membership, is one of the most attractive development opportunities in Europe. Situated on the southern tip of the Dalmatian Coast; it is an ideal tourist destination. Although compact, it has significant ecological, heritage and cultural resources, a beautiful coastline, charming renaissance towns and some of the most dramatic UNESCO protected scenery in Europe. With the political and economic focus on luxury tourism development, Montenegro is set to stand out from the crowd.
MONTENEGRO

The Ultimate Montenegro Portfolio

The Ultimate Montenegro Portfolio is for sale in its entirety or on the basis of one or more assets or packages as set out below.

Portfolio Structure m2
Large-Scale Coastal Projects Medium-Scale Coastal Projects Restoration Projects Rural Lake Projects Mountain Projects Commercial Projects Land Bank Portfolio Yielding Assets TOTAL
Left: Sveti Stefan.

Total Area %
15% 5% 10% 25% 10% 0% 35% 0% 100%
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410,062 m2 125,568 m2 269,980 m2 686,207 m2 286,908 m2 9,747 m2 957,351 m2 181 m2 2,746,004 m2

Bosnia-Herzegovina
PLUZINE

Serbia

Asset Locations
With a Total Land Area of (TLA) of 2.8 million m2, the Ultimate Montenegro Portfolio offers access to a diversified investment pipeline of lifestyle development opportunities, primarily residential and/or freehold-tourism property. The assets are located throughout Montenegro from the prime Adriatic Coastal areas via the rural Lake Skadar region to the ski resorts in the northern mountains. Investment Strategy Ultimate Montenegros primary focus has been to acquire, consolidate/package and re-zone land assets into scalable project pipelines for future real estate development. The five key phases of the Land Value enhancement process are identified as follows: Acquisition of Raw Land (legal due diligence and ownership status). Re-Zone for Development. Master Plan Approval. Detailed Building Permit. Fund Exit. Different assets are at different stages of the zoning process, so the growth and development strategy of the business allows for a variety of acquisition/exit modes and structures to be considered and valued accordingly.

ZABLIAK
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BIJELO POLJE

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SAVNIK

MOJKOVAC

Coastal
Bay Tree Estate Blue Horizon Budva Hillside Buljarica Bay Castle Land Kotor Bay Tree Kotor Woodland Lustica Bay View Mirac Village Oak Village Oceans Edge Rezevici Coast Villa Adria Ponte Village The Reef Olive Mill Estate The Lustica Estate Olive Grove Cottage Ponte Villa The School House Villa Petrovac Sunset House Sunset Cottage Fountain Square Milk House River House The Orangery Industrial Land Commercial Land 1l 2l 3l 4l 5l 6l 6l 7l 8l 9l 10 l 10 l 10 l 11 l 12 l 7n 7n 13 n 14 n 15 n 16 n 17 n 17 n 18 s 18 s 18 s 19 s 20 s 20 s

Rural
Belvedere Estate Vineyard Estate Belvedere Cottage Orchard House Church House Hamlet Cottage Hilltop Meadow Cottage White Cottage The Lodge Church Valley Pond House The Guard House Valley Cottage Valley House The Retreat Vine House Vista Lodge Belvedere Meadows Church Woods Orchard Meadows Hamlet House Ljuboutin Woods Half Woods Hamlet Meadows Hamlet Brook Lodge Meadows Hunting Land White Woods Pond Meadow Riverside Meadows Fig Tree Farm 21 l 22 l 21 n 21 n 21 n 22 n 22 n 22 n 22 n 22 n 23 n 24 n 24 n 25 n 25 n 26 n 27 n 27 n 21 ; 21 ; 21 ; 22 ; 22 ; 22 ; 22 ; 22 ; 22 ; 22 ; 22 ; 24 ; 25 ; 28 ;

Mountains
Koslasin Mountain Village 29 l Koslasin Peaks Koslasin Ski Apartments Zablijak Ski Apartments Zablijak Mountain Village Moraca Valley Loven Mountain Retreat Koslasin Retreat Koslasin 360 Koslasin Hillside The Canyon Lovcen Mountain Village 30 l 30 l 31 l 31 l 33 n 34 n 30 ; 30 ; 30 ; 32 ; 35 ;

Lake
Skadar Estate Lakeside Cottage Lakeside House 36 l 37 n 37 n

BERANE
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KOLASIN
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NIKSIC

ANDRIJEVIKA

Croatia
DUBROVNIK GRUDA HERCEG NOVI
13 7 TIVAT 15 11 14 1 2 20 19 6 18 8 23 26

Montenegro
RISAN
34 35

33

PLAV

Lovcen Mountain Meadow 34 ;

KOTOR

PODGORICA
CETINJE 27
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5 9 3 17 10 16 4

21 24 22 25

36 37

BUDVA

SKADAR LAKE

Stari Grad Apartments 18 s

Key to Symbols

l Projects n Restoration Projects ; Land Bank s Yielding Assets

Airports

Adriatic Sea

BAR

Albania

ULCINJ 4

Zoning Status
Zoned Development Projects Ultimate Montenegro has a substantial existing portfolio of greenfield Zoned Development Opportunities with a total land area in excess of 600,000 m2 (representing a Gross Development Area (GDA) of more than 300,000 m of build).
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Restoration Projects The Ultimate Portfolio also contains a unique valuable assembly of traditional stone buildings for restoration. Beyond the aesthetic attributes, the attractiveness of this asset class also relates to the embedded planning status and certain tax advantages.

In general, Master Plan Approval for the majority of these zoned projects is anticipated within the next 1-12 months. In addition to the planning status provided by the existing structure, the zoning status of a number of the projects allows for significant Pre-Zoned Acquisition Opportunities Ultimate Montenegro has a substantial active land pipeline of pre-zoned acquisition opportunities with a total land area in excess of 1 million m2 (representing a potential GDA of more than 250,000 m2 of build). A number of these assets will be re-zoned to achieve Development Status within the next 12 months. In addition to this active pipeline, the portfolio has a significant Land Bank. The Land Bank assets are generally characterised as being at the very early stages of the zoning process, within approval cycle of 1-3 years. additional (complimentary) build density on the sites.

Why Invest In Montenegro?

Montenegro is a competitive and dynamic destination with the clear strategic objective of developing a sustainable tourism portfolio whilst protecting its dramatic and beautiful natural resources.
Virtuous Circle

Economic growth at 7-8% p.a., driven by Tourism demand (+15-20% p.a.). EU accession expected by 2014 (EU Funding & huge infrastructure upgrades). A massive EU funded infrastructure programme is already underway roads, airports, electricity, water. Foreign Direct Investment (FDI) one of highest globally (per capita) Middle East & Russia most active current investors. A very favourable tax regime (Corp tax at 9%). Very low local exposure to the global credit crunch mortgages as % GDP at 2.2% (SEE av. 9.4%; EU av. 50%). Micro Re-branding as a luxury destination (Porto Montenegro, Four Seasons, Aman). Creation of development clusters as the key driver of the luxury growth model. Conservative zoning & planning framework, limiting overdevelopment. Structural advantage of a natural landscape that physically restricts the supply. Current market is characterised by strong demand but low supply of high-end product, creating potential investment opportunities with attractive risk-adjusted returns.

The Virtuous Circle Sustainable Growth Since the adoption of the Euro currency in 2002 and the ensuing independence from Serbia in 2006, Montenegro has aggressively pursued its twin policy goals of: 1. EU membership projected for 2014

EU ACCESSION FUNDS

INFRASTRUCTURE UPGRADES & DEVELOPMENT

MONTENEGRO

(SAA signed Oct 2007). 2. Tourism growth re-branding as a luxury leisure destination (by growth, Montenegro is already ranked in the top 5 tourist destinations globally). A virtuous circle is now in place, underpinned by a significant programme of large scale infrastructure investment. The Development Landscape A Summary Macro Political and economic focus on the Tourism & Leisure sector. Stable macro-economy with strong budget stance and moderate public debt (S&P BB positive).

STABLE DEMOCRACY

SUSTAINABLE ABOVEAVERAGE GROWTH (with Euro currency and low taxes)

Left: Budva Old Town.

Coastal Portfolio

Coastal Portfolio
The Coastal Projects Portfolio comprises a diverse number of prime development zone locations along the length of the Adriatic Riviera from Lustica via Kotor Bay to Budva and beyond. The Portfolio is well positioned to take full advantage of the selective Tourism Development Strategy that Montenegro is actively pursuing. The most significant of the developments is Porto Montenegro (in association with the Four Seasons Group), the largest luxury/mega yacht marina on the eastern Mediterranean with over 700 berths. The Zoning and Master Plan Approval timelines also vary according to location, within a typical cycle of 3 months to 2 years. In general, the majority of the Ultimate Coastal sites are already zoned for development and are at an advanced stage of the Master Plan Approval process. As a consequence of the diverse coastal locations, together with the specific zoning characteristics of each site, the Coastal Projects Portfolio provides exposure to the full spectrum of market segments. The Portfolio is also positioned to benefit from the inevitable value-migration from the coastal frontline to the coastal hinterland (as witnessed along the South of France and Spain for example). The sites range from 1,000 m2 to over 200,000 m2.

Views of the coastline of Montenegro.

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Oak Village
Project Description
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A significant standalone restaurant will be developed in the largest of the village ruins. It is envisaged that the local community will become integrated with this regeneration process, providing fresh vegetable produce, traditional home-made cheeses, smoked hams, wines and the local grappa. Design & Construction The nature of the sloping site will result in a development which sits naturally within the landscape, giving the overall appearance of a traditional Mediterranean hillside village. Together with the use of traditional materials and characteristic architectural language, the rural authenticity and heritage of the development area will be maintained.

Oak Village is one of the largest and most dramatic development projects on the coast of Montenegro.
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Herceg Novi
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Bijela
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Set high on the terraced slopes of a mountainous

Kotor

Tivat
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valley overlooking the Adriatic Coast, the Oak Village development site is a naturally framed amphitheatre. The natural topography is such that every part of the site provides exceptionally beautiful views towards the open sea, the famous Jaz beach and surrounding Lovcen mountains. The design of the site is inspired by the presence of a unique rural Montenegrin stone village (Zecevo Selo) perched high on the valley slopes. This picturesque authentic village will be restored to create a retail hub for the development, with a concentration of cafs, bars and shops.

Rose

Lustica

Radovii

E80 E65 ADRIATIC SEA Lastv a

Oak Village

Budva

Total Land Area Gross Development Area Urban Status

213,540 m 92,307 m Development Zone: Tourism / Residential Luxury Villa & Apartment mix with spa/club

Site Plan

Development Concept

A significant percentage of the terrain is agricultural terrace supported with stone dry walls. Much of the construction will be concentrated in these areas. The gradient of the slopes is between 16-35 degrees, but mostly below 20 degrees. The slope of the terrain allows for three storey buildings, with open views to all. The residential development will take the form of village clusters around communal pools and terraces.

Infrastructure & Transport Access The site is approximately a 10 km drive from the coast via the existing 3/4 lane Adriatic Highway, however 2 km as the crow flies. To facilitate the proper functioning of the new development, new local access roads will connect all parts of the site with the existing road and wider area.

Although the immediate district is not currently connected to mains water and waste, as part of the urbanization program of this designated zone, the local Municipality (Budva) is obliged to provide the necessary services and infrastructure appropriate to anticipated future demand. The development site is supplied by numerous

Electric and telco cable networks serve the area. The site is located near to the central electricity hub which services the entire coastline.

natural water sources. The regulation of the water supply will be facilitated by capturing the natural water at source and storing in strategic reservoirs above the development.

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Oceans Edge - Rezevici

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This exceptional site, perched on a cliff edge with

Kotor

Development Concepts A luxury apartment complex offering 44 apartments and one villa with a communal gym, three pools and a pool bar. Project Location Oceans Edge, Rezevici is one of the most desirable locations in Montenegro. Sitting proudly on the Budva Riviera, 2km from Petrovac, Oceans Edge has outstanding views out across the Adriatic and the coast of Montenegro. Tivat Airport is only 25 km from Rezevici and the lively town of Budva is 15 mins drive.

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dramatic coastal views, sits on gently slopping open grassland and provides the ideal location for an exclusive apartment development. Project Description The planning concept is to create a luxury

Rose

Lustica

Radovii

E80 E65 ADRIATIC SEA Lastv a

Budva

apartment complex and one two storey villa. The site is situated immediately off the main coastal highway and is perfectly orientated towards the South-West, providing sun, spectacular sea views
Rezevici

and dramatic sunsets.

Oceans Edge

Total Land Area

7,905 m

Gross Development Area 6,829 m (Including underground parking) 86% density

Site Plan

Above: Computer generated images of proposed development. Left: Views of and from Oceans Edge.

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Rural Portfolio

Rural Portfolio
The coastal hinterland region of Montenegro is one of the countrys best kept secrets. Lush valleys with beautiful scenery house olive groves and vineyards, which are a recurrent theme. We have packaged a portfolio of land and This area of Montenegro, which is only a 20 minute drive from the Adriatic, is equidistant restorable properties in a number of charming villages that stretch the full length of this valley. from the coast, Lake Skadar and Podgorica the capital; as a result of this, we expect to see significant growth in this region in the coming years.

Views of the Montenegrin Countryside.

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Church Valley
Church Valley is a rural location in Glavati although only a 10 minute drive to the Adriatic coast and its
E80

Site Plan

Project Description This Project is more of a renovation (reconstruction) than a new designed development. It is proposed to build two houses, one larger luxury villa and one smaller guest house on this site. The existing circular stone structure guvno is well preserved and can be renovated as an arbour or gazebo. On the lower part of the site (the meadow) a large swimming pool with an arbour as a landscape feature and shaded area is proposed. The access to the site is from the existing road on the South-East side with a new, stone-built arched gate. There will be four car parking spaces with direct access to the road.

It has been proposed that most of the existing landscape will be preserved, with added indigenous trees, shrubs and flower beds. Both buildings will be built as stone houses with duo pitched roofs and Mediterranean (Roman) tiles in the traditional, authentic style of the area. Infrastructure & Transport Access A newly built road and pathway connect the site to the main road. Electrical and phone/internet/cable is available. There is currently no sewage connection. There is no mains water. A water supply will have to be pumped into home from rain water storage tank.

beaches. It sits in the middle of existing farmland with old stone houses and indigenous flora. This
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Herceg Novi
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Bijela
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property is so called as it is in the unique position

Kotor

Tivat
E65

of being surrounded by five churches. The ruin site is easily accessible from Budva and Tivat airport and is a 5 minute drive from Jaz beach which has played host to international concerts.

Rose

Lustica

Radovii

Church Valley
ADRIATIC SEA

E80 E65 Lastv a

Budva

The area is a traditional farming community and the village is designated as a protected zone by the heritage department of Kotor Municipality. Site Description The site is rectangular and gently slopes towards

The two storey villa is constructed on the footprint of the existing main and ancillary buildings, connected together to make one house. There will be a newly designed spacious ground floor, and formal living Artists Impression room. The main view faces the North-Westerly direction with views of the meadow and swimming pool. In front of the villa is a large open terrace and formal garden. On the South-East side, one could plant a good sized winter garden. The two storey guest house is a smaller 3 bedroomed building, adjacent to the house with a lovely large open terrace and formal garden.

Plot Size Existing Building Footprint Proposed Building Footprint Proposed Total Build

1894 m 167 m 312 m 533 m

the North-West. On the upper part of the site there are three ruins. One is the main building with an ancillary building adjacent to it. The ground floor, external stone walls, and staircase of the main building have been preserved. The ancillary building is the best preserved with original Mediterranean roof tiles and the footprint of the third building has also been preserved; this was previously the farm building. The original village guvno still remains on the site. This is a stone built circular structure used for threshing grains and also was the meeting point for the village. The lower part of the site is almost a flat meadow surrounded with trees and shrubs. The intention

Artists impression of the Church Valley development.

is to preserve as much as possible of existing site layout. Ground Floor First Floor

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Vineyard Estate
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The Vineyard Estate is situated in the rural valley between Cetinje town and Skadar Lake. The proposed development looks to regenerate existing vineyards of this lush and plentiful area and make

Site Plan

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a luxury village with spa, swimming and tennis facilities.

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Budva

Project Description This rural location is surrounded by hills and orientated longitudinally North-South with open views to the mountains. The design of the site is inspired by traditional Montenegrin stone village houses, typical of this region. The Vineyard Estate

Podgorica
E65

Vineyard Estate Skadar Lake

concept is based on similar developments in Italy, France and South Africa, where vineyards are utilised for the Tourism and Hospitality industry. Design and Construction

Total Land Area Gross Development Area

265,679 m 19,680 m

The site is divided into three areas. A country club hub with Spa and recreation facilities, a boutique hotel with high-end restaurant and a residential development. The residential development will have access to swimming and tennis facilities. The bulk of the development will be characterised by luxury villas nestled between the vineyards. This is part of regeneration project for vineyards which are disappearing in this valley. As it is an integral part of this development, the vineyards and winery will serve the guests of the Vineyard Estate. Section Elevation External treatment of all buildings will include the use of thick local stone walls to the South and West, with those to the North and East in contrasting render. All lower ground walls, balustrading, stairs and paving will be of local stone, with traditional roman tile roof coverings. The proposed development is set within well established woodland, orchard and vineyards. Given this rural setting, it is imperative to retain as much of the existing landscape, native trees and bio-diversity as possible. Much of the existing woodland can be retained as a screen to the North and East. The existing vineyard will be revitalized due to its important local significance. Artists Impression Environmental and Sustainable Development The development density of the site has been set to 20%. This policy reflects a strategic aim to minimize ecological impact and allow for sustainable development.

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Mountain Portfolio

Mountain Portfolio
The terrain of Northern Montenegro is mountainous and the municipalities of Zabljak and Kolasin are considered to be the centres for Montenegros winter tourism. Snow fall is heavy here in the winter months but in summer the weather is glorious and these regions are perfect for those who enjoy the outdoors with challenging hiking and mountain-biking trails. The North of Montenegro also boasts the second largest canyon in the world. Access to both destinations will be greatly enhanced by new major road networks that are currently being built, providing direct, high speed connections with the coast and main airports. This infrastructure programme is the catalyst for rapid development and growth of these mountain regions. Ultimate Montenegro has significant land holdings in both regions. The new road network will also open up other beautiful areas of the Wild Montenegro interior, such as the Savnik Canyon (an Ultimate Montenegro asset).
Left: Tara River. Above: Mountain Views. Above: Durmator Mountains.

Montenegro is in the process of re-developing and expanding its two principal mountain resorts, Zabljak and Kolasin, which flank both sides of the countrys northern region. Ski facilities are operational in both resorts, in particular Zabljak (the highest town in the Balkans).

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Kolasin Mountain Village

Kolasin Mountain Village
Niksic
E80

Kolasin

Kolasin Mountain Village is situated approximately 2 km from the centre of Kolasin, creating easy access to this beautiful area. The site is Northfacing with fantastic mountain views as well as views across the sloping Kolasin meadows and woodland. Project Description Kolasin Mountain Village is divided into three areas. The upper central part of the development will be the Village centre with indoor and outdoor pools, saunas, bowling alley as well as shops and

Infrastructure and Transport There is electricity on this site but a new substation will have to be built in order to service the area. Proper road access to the site will need to be built as well as a water supply, however the area is extremely rich in natural water sources making this a simple task. Environmental and Sustainable development The development density of the site has been set to 40%. This policy reflects a strategic aim to minimize ecological impact and allow for sustainable development. The proposed development is set within well established woodland and meadows. Given this rural setting, it is imperative to retain as much of the existing landscape, native trees and bio-diversity as possible. Much of the existing woodland can be retained as a screen to the East of the site.

Site Plan

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restaurants. A sports centre with tennis courts in Skadar Lake the summer and ice rinks in the winter will sit on the second meadow area of the development. The main development will consist of traditional

Total Land Area New Development Area New Build density

92,753 m 36,300 m 33%

style log cabins, stone built ground and lower ground floors with timber construction on the first and second floor and loft. Luxury as well as mid to low range apartments will be positioned around the rest of the site.

Section Elevation

Section Elevation

Views across Kolasin.

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Lake Portfolio

Lake Portfolio
Skadar Lake
Skadar Lake is located in Zeta-Skadar valley divided between the Municipalities of Bar and Podgorica. Two thirds of the lake is in Montenegro and a third in Albania. This unique lake is 391 km2 and is the largest lake on the Balkan Peninsular. The Montenegrin part of the lake (40,000) hectares was declared a National Park in 1983 and is exceptionally rich in flora and fauna as well abundant marsh vegetation. It is one of the largest bird reserves in Europe, having 270 bird species, amongst which are some of the last pelicans in Europe, and is abundant in fish (especially carp). Our assets overlook this stunning lake setting within the Skadar Valley. Travelling to the Skadar region one cannot help but notice the beauty of the area, with its overgrown banks, bays, capes and islands. It is the perfect holiday destination with mild winters and dry, hot summers. The Adriatic Sea is only 20 mins drive from Skadar Lake accessed through the newly built Sozina tunnel.

Skadar Lake.

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The Skadar Estate

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Nestled in a mountainous valley overlooking the beautiful Skadar Lake, the development offers a rich variety of accommodation within exceptionally beautiful natural surroundings. The development

Project Location Skadar Lake is the largest lake in the Balkans. The landscape surrounding the lake is breathtaking, dotted with small, picturesque villages. The climate of the Skadar Valley makes it the perfect holiday destination with mild winters and hot summers. Tourists come to this region to enjoy fishing and swimming in the lake. In addition, the Adriatic coast is a mere 20 minutes drive from Skadar via the newly built newly built Sozina tunnel.
Views of Skadar Valley and The Skadar Estate.

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includes a 5-star luxury Hotel and Spa, terraced houses under planted roofs and luxury villas that
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Budva

are arranged organically along the contours of the landscape.

Skadar Estate
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Podgorica

Section Elevation Skadar Lake Development Concept A mixed use development including a 5-star Luxury Hotel and Spa, luxury villas and terraced houses. Infrastructure & Transport Access Access to the site is gained from an existing road along the northern edge of the site. New paved vehicular routes feed off this existing arterial into the development. The new roads culminate in private driveways for each residential unit and outdoor parking courts and basement parking for the Hotel and Spa. The development site is supplied by numerous natural water sources. The regulation of the water supply will be facilitated by capturing the natural water at source and storing it in strategic reservoirs above the development. To maintain the availability of sufficient potable water, a rainwater harvesting system will be used for grey water systems, maintenance of swimming pools and landscape irrigation. 36 37 The development density of the site has been limited to 19%, which reflects the aim to minimise ecological impact. Furthermore, the introduction of planted roofs over the terrace houses and hotel building will substantially reduce the built impact of the development on the site, with green roofs covering more than half the development on the site. Environmental & Sustainable Development The proposed development is set within a well established wooded valley. It is imperative, within this setting, to retain as much of the existing landscape, trees and bio-diversity as possible. Minimal cutting of trees is foreseen, with the luxury villas positioned where possible around existing trees.

Yielding Assets The Orangery, Perast

Ultimate Montenegro Ltd has 5 yielding assets in The Portfolio, the best example of which is The Orangery in Perast. The Orangery, Perast Perast is well known as being the most desirable location in the UNESCO protected Bay of Kotor. This immaculately preserved Venetian town is steeped in history, boasting 16 Baroque palaces, 9 defensive towers, 16 Catholic and 2 Orthodox churches. The Orangery is a charming, waterfront, 4 bedroom villa in the heart of this chic part of Montenegro. It has a courtyard in the front of the house that could be used for parking, or one could erect a single storey building for which outline planning has been granted. At the back of the villa is a terraced garden, complete with barbeque area and sun deck. The shoreline of the Bay is only 10 m from the front door, providing immediate access to a wide range of water sports and activities (swimming/ snorkelling, sailing, water/jet ski, fishing).

Artists Impression
View of Perast.

Floor Plans - Ground Floor

First Floor

Second Floor

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About Us
The team are senior property investment professionals, with a blend of local knowledge and international experience who have identified a unique development opportunity in Montenegro. Ultimate Montenegro entered the market in 2004 and acquired prime plots of land across the country with diverse development opportunities. Our specialist local team have carried out the necessary legal and planning due diligence for each asset. We offer consolidated land packages with zoning and planning consent and an on going local implementation support.
Michael Ward, Kotor, Montenegro Michael began working in the Investment Management industry in 1988, after graduating from Oxford University. With 22 years of industry experience of which 8 years in the Balkans, Michael has managed investment portfolios specialising in Eastern Europe faor various institutions, including Head of EMEA Equity at HSBC Asset Management, TCW Asset Management and ABN Amro. In 2000, he was ranked No.1 Investment Advisor in Turkey and No.2 in both Poland and Hungary (Reuters GEM survey). In 2005, Michael was appointed Director of Montenegro Investments Limited (MIL), a CISXlisted closed-end real estate company and one of the largest foreign investors in Montenegro to date. Michael is responsible for the implementation of the groups Strategy, Research and Marketing activities. Michael has a working knowledge of the Serbian/Bosnian languages. mward@ultimatemontenegro.com Amra Ward, Kotor, Montenegro Amra began working in the investment industry in 1996, after obtaining a Masters Degree in Advanced Mechanical Engineering from Imperial College, London. As an Eastern European investment specialist, Amra has worked for a number of blue chip institutions such as Merrill Lynch, TCW Asset Management and ABN Amro. In 2002, Amra acted as Advisor to a UK FTSE-listed real estate company regarding Western Balkan acquisitions and privatization activities. In 2005, as the Director of Ultimate Montenegro Ltd, Amra was appointed Advisor to Montenegro Investments Limited (MIL), a CISX-listed closed-end real estate company. Amras local knowledge and extensive network is the principal driver behind the groups Commercial & Urban Planning programs. Amra is fluent in English and her native Serbian/Bosnian. award@ultimatemontenegro.com Chris Kemsley, London Chris started his own property consortium in 1994 and is one of the largest providers of affordable housing in West London. He has significant real estate experience in both developed and emerging markets. Chris advises on all property fund decisions and is responsible for Joint Ventures and new business opportunities. Chris.Kemsley@penham.co.uk Sandra Tepic, Kotor, Montenegro Sandra is a graduate of the Faculty for Maritime Studies, Management Department, and is fluent in English. She has been with Ultimate since they opened in 2004, and with her excellent knowledge of office and human resources management, she is responsible for all office operations and procedures. stepic@ultimatemontenegro.com Tamara Peranovic, Kotor, Montenegro Tamara is a graduate of the Faculty for Tourism and Hotel Management. She has a good understanding of English and experience in the Tourism and Property management sector. She joined Ultimate in 2006 and is responsible for all property and land management. tperanovic@ultimatemontenegro.com

Danny Parish, Kotor, Montenegro Danny has extensive experience with sales and marketing and has worked in the commercial and travel sectors internationally since 1990. At the beginning of 2007 she moved to Montenegro to work as a Sales and Marketing Director for a UK hedge funds Montenegrin division. After successfully completing the sales of their assets in October 2008, she moved to join Ultimate in November 2008, as their Head of Sales and Marketing. danny@ultimatemontenegro.com

Borka Papovic, Kotor, Montenegro Borka obtained a Masters Degree in English Language & Literature at the University of Niksic. She has been working in the Montenegrin Real Estate sector since 2005, and joined Ultimate in 2008. With her extensive experience of the real estate market, she is responsible for property administration and market research. bpapovic@ultimatemontenegro.com

Ultimate Montenegro Stari Grad 475 Kotor 85330 Montenegro T +382 (0)32 304 369 F +382 (0)32 304 370

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www.ultimatemontenegro.com

Corporate Partners 1st Floor, Bree Street Studios 17 New Church Street Cape Town P.O.Box 15794 Vlaeberg 8018 T: 021 423 3241 F: 021 423 6633 info@visserthomas.co.za www.visserthomas.co.za Ivan Usljebrka Architect RIBA

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