Tivat Heights. Twelve spacious and eco-friendly luxury 2 bedroom apartments: Superior quality materials and fittings, including kitchen and bathrooms; Panoramic sea views from the ground floor to the penthouse; 90m² of net living space, with 2 bedrooms and 2 bathrooms; 20-30m² terraces or 55-80m² private gardens on the ground floor; 100m² Swimming pool & 750m² of Mediterranean Gardens.

1. NB: The information included in this document is for informational purposes only and not legally binding.

3. NB: The information included in this document is for informational purposes only and not legally binding.

4. NB: The information included in this document is for informational purposes only and not legally binding. State of the art Construction With the highest quality of construction and finishing , Tivat Heights apartments are suitable for year round living . Tivat Heights floor plans have been carefully designed to offer the best possible interior layouts: beautiful, spacious & practical. Cool in the summer and warm in the winter, with proper insulation and ventilation , Tivat Heights Apartments really stand apart from the actual Montenegrin offer. Beautiful Design Tivat Heigths Villas have been designed by the talented Architectural Design Company E n forma’ in respect with the Historic Architecture and the Beautiful Nature of Montenegro . This includes the use of natural and noble elements such as stone and wood in harmony with the surroundings of Kavač and the Tivat Bay . Low Density Our commitment to respecting the environment also means building at a lower density. We have designed less square meters than what is allowed in the Detailed Urban Plan, dedicating one entire urban parcel to landscaped gardens (750m²) and swimming pool area (100m²), in front of the villas. Eco Friendly Among the eco-friendly features of Tivat Heights: Heat-pumps, solar panels, under-floor heating, double glazing, proper thermal and phonic insulation, use of healthy materials, paints and glues, mechanic ventilation with heat exchanger, fitting materials from suppliers selected for the quality of their product as well as for their commitment to sustainable development …

5. NB: The information included in this document is for informational purposes only and not legally binding.

6. NB: The information included in this document is for informational purposes only and not legally binding. One of the very few Green Developers in Montenegro We, at Catareos d.o.o. , are proud to be one of the very few " Green Developers " in Montenegro. We are fully dedicated to respecting the environment and well aware of our institutional responsibility in terms of sustainable development. Tivat Heigths Villas have also been designed in respect with the Historic Architecture and the Beautiful Nature of Montenegro, which includes the use of natural and noble elements such as stone and wood . Maximum energy efficiency We worked closely with our architect Enforma and the engineering company ETG Inzenjering to design a very eco-friendly development with the most energy efficient system for heating and cooling. While the beauty and quality of finishing materials are the first visible aspects of Luxury, we believe that the comfort you can feel in your home on a long term basis is even more important. Unfortunately, what makes this possible is usually not visible to the eyes and has a high cost. We have decided to take responsibility for most of the extra cost to offer you the best value-for-money project in Montenegro.

8. NB: The information included in this document is for informational purposes only and not legally binding.

10. NB: The information included in this document is for informational purposes only and not legally binding. Suggestion of Interiors in Villa Cadmeia Living Room and Dining area in the background Master Bathroom with Mosaics Views from the Master Bedroom Mountain Views and modern kitchen

11. NB: The information included in this document is for informational purposes only and not legally binding. Intelligent & Practical Designs Every detail has been thought out to make the design of Tivat Heigths Villas really practical and comfortable. From high-end kitchen and bathroom fittings to carefully planned storage space, from Italian-style stall showers to soft-close drawers, from the most convenient furniture layout to the best distribution of switches and plugs, every single detail has been carefully considered to provide you with day to day comfort in your new home. Flexibility of a Frame Construction Built with a frame construction technique , the interiors of Tivat Heights apartments can be adapted to your needs. The rooms of Tivat Heights apartments being very spacious, it would be easy to add in the future a 3 rd bedroom or an office for example should you decide you need one. Thermal Comfort Cool in the summer and warm in the winter , with proper insulation and ventilation, Tivat Heights Apartments really stand apart from the actual Montenegrin offer and are suitable for year-round living , and therefore, for year-round rentals. Features used are also eco-friendly : Heat-pumps, solar panels, under-floor heating & cooling, double glazing, proper thermal insulation, mechanic ventilation with heat exchanger…

12. NB: The information included in this document is for informational purposes only and not legally binding. A small country with a huge potential… Some call it “ the last European Eldorado ”; indeed Montenegro can be considered as one of the very few European paradises where one can still enjoy magnificent scenery and invest in a holiday home without being surrounded by kilometers of skyscrapers as in Spain or Italy. Because it has been cut from the world for many years during the embargo of the region, it is now a place full of business opportunities for entrepreneurs, hence the reference to the Eldorado.

13. NB: The information included in this document is for informational purposes only and not legally binding. Views from Tivat Heights over the Tivat Bay Tivat, the next hotspot… Whereas Budva and Kotor have been the object of strong investment during the last 10 years mainly from Russian and British investors, the Tivat Riviera is still rather unknown; But certainly not for long… Tivat is a place to be discovered. The international press which often nicknames Tivat ‘ The new port of cool’ and ‘ The new Monaco’ , is unanimous about the tremendous potential of the area . Set in the Tivat Bay , which is one of the three inner bays of the Boka Kotorska, the biggest and the sunniest of all, it used to host a military yard which is now being turned into the largest and most luxurious marina for Super-yachts of the Mediterranean , Porto Montenegro. Porto Montenegro

15. NB: The information included in this document is for informational purposes only and not legally binding.

16. NB: The information included in this document is for informational purposes only and not legally binding.

17. NB: The information included in this document is for informational purposes only and not legally binding. Considering the level of quality of the apartments, our prices are very reasonable compared to the actual Montenegrin offer. We actually believe that we offer the best value for money property on the market. Check our market study in our brochure “Safe & Smart” to compare our project to other projects currently on the market. Reasonable Prices Completion Prices – High-quality finihing These prices are for Superior Quality finishings and guaranteed until June 30 th 2010. Price per square meter Level Price Cadmeia Illyria Harmonia 4 (penthouse) 390 000 € 3 280 € 3 398 € 3 280 € 3 350 000 € 2 943 € 3 050 € 2 943 € 2 320 000 € 2 691 € 2 788 € 2 691 € 1 (Ground floor) 290 000 € 2 246 € 2 267 € 2 246 €

19. NB: The information included in this document is for informational purposes only and not legally binding. Only 6 apartments are available for sale under these 2 very competitive Off-Plan schemes . With this off-plan scheme, we offer you a 10% discount and a 100% completion guarantee, your installments being blocked into Escrow account until the overall completion of your property . Off-plan Prices Off-plan scheme 1 - (10% discount) Off-plan scheme 2 - (20% discount) with this second off-plan scheme (-20%), your installments will be blocked into Escrow account until the completion of the roof of the villa. Price per square meter Level Price Cadmeia Illyria Harmonia 4 (penthouse) 351 000 € 2 952 € 3 058 € 2 952 € 3 315 000 € 2 649 € 2 745 € 2 649 € 2 288 000 € 2 422 € 2 509 € 2 422 € 1 (Ground floor) 261 000 € 2 021 € 2 040 € 2 021 € Price per square meter Level Price Cadmeia Illyria Harmonia 4 (penthouse) 312 000 € 2 624 € 2 718 € 2 624 € 3 280 000 € 2 355 € 2 440 € 2 355 € 2 256 000 € 2 153 € 2 231 € 2 153 € 1 (Ground floor) 232 000 € 1 796 € 1 813 € 1 796 €

20. NB: The information included in this document is for informational purposes only and not legally binding. Completion prices – Luxury finishing These prices are for Luxury finishing and guaranteed until June 30 th 2010. Price per square meter Level Price Cadmeia Illyria Harmonia 4 (penthouse) 410 000 € 3 448 € 3 572 € 3 448 € 3 370 000 € 3 112 € 3 224 € 3 112 € 2 340 000 € 2 859 € 2 962 € 2 859 € 1 (Ground floor) 310 000 € 2 400 € 2 423 € 2 400 €

21. NB: The information included in this document is for informational purposes only and not legally binding. Other Options We are flexible and happy to let you have your word if you wish so . Therefore you can decide to purchase your apartment without most of the finishing (floor surface, wall paint, kitchen and bathroom) or we can also assist you for a totally tailor-made finishing. D.I.Y (“Do It Yourself”) Whether you are a Do It Yourself person and you would like to take care of the entire finishing of your apartment or whether you would just like to take advantage of the price reduction implied by this option, we offer the possibility that you take care entirely of the finishing. Tailor made If you have specific needs and requests, we will be happy to assist you in the very personalized finishing of your apartment. Expect longer delays in this case.

22. NB: The information included in this document is for informational purposes only and not legally binding.

23. NB: The information included in this document is for informational purposes only and not legally binding. Reasonable prices… With average market prices of circa 2700€/m² in the Tivat area [1] , when considering medium to high quality projects, Tivat Heights’ off-plan prices stand well below the market value of the apartments. Ground floor apartments off-plan prices, start at 1800€/m² only. … Allowing tax-free high Capital Gain The off-plan sales prices are only available to 6 apartments which will benefit from a Capital gain of more than 20% in less than 1 year, if sold upon completion. Furthermore, there is no Capital Gain Tax in Montenegro . [1] The study does not include Porto Montenegro’s property prices which range from 5000€/m² to 8000€/m².

24. NB: The information included in this document is for informational purposes only and not legally binding. Long term rental incomes [1] Other projects include: the Orascom project on Lustica Peninsula, the Sveti Marko project (with Banyan tree 6 star spa)... In the meantime, expect regular income with long-term rentals to the growing expat community. Tivat's population increases year after year, so does the need for year-round accommodation . The actual offer in the Boka Bay is limited to summer rentals accommodation, with very poor or no insulation and no proper heating system. This, coupled with extremely high electricity rates, makes living in Montenegro over the winter uncomfortable and very costly. If you decide not to sell you property right upon completion, you can also expect high capital gain for a resale in the next 2 to 5 years, as the Super Yacht Marina and the other luxury projects [1] of the Tivat Bay get completed.

25. NB: The information included in this document is for informational purposes only and not legally binding. Think long-term, buy green "Only buy LEH (Low Energy Houses). In the future, products which are not LEH will be depreciated upon resale . An investor who thinks on the long-term must take this into account." François Bertière , CEO of Bouygues Immobilier (Leading Property Developer in France) NB: The information included in this document is for informational purposes only and not legally binding. It’s every citizen's responsibility to take care of the protection of the environment, however, as a Developer we, at Catareos , are aware or our institutional responsibility in terms of improving the offer of qualitative housing, and offering eco-friendly products which are still very rare in Montenegro, despite the will of the country to be the " first ecological state in the world ". "We take care of the extra cost, you pay reasonable prices". Of course, building on high energy efficiency standards has a higher cost (although this cost is paid off after a few years of lower utility bills). But because we pride ourselves of having a strong ecologic awareness , we have decided to take financial responsibility for most of the extra cost offering you apartments of an incomparable higher quality than our competitors, yet at very reasonable prices.

26. NB: The information included in this document is for informational purposes only and not legally binding. Catareos d.o.o. +382 (0) 67.456.731 [email_address] www.catareos.com For any information, please contact us :