Tourism Cluster in the North Caucasian Federal District, Krasnodar Region and Republic of Adygeya

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1 Tourism Cluster in the North Caucasian Federal District, Krasnodar Region and Republic of Adygeya 2013

2 NCR Mission, Objectives and Functions Mission Social and economic development of the regions in the south of Russia and improvement of living standards of the local population through integrated infrastructure business projects in the tourism sector and related industries Objectives to build mountain and recreational resort infrastructure facilities in the south of Russia to seek major international investors to set up and develop government support mechanisms for investors and investment projects in tourism and recreation business in Russia to build up a sustainable image of the North Caucasus as a new and safe global tourism area Functions ensures construction of SEZ infrastructure and other facilities required for operation of SEZ in compliance with a SEZ establishment agreement ensures operation of SEZ infrastructure and other facilities required for SEZ operation seeks investors and engage residents in SEZ, in particular, in construction of SEZ infrastructure facilities develops SEZ site planning and submit it to an authorized body for approval in compliance with the Russian legislation performs other functions envisaged by the Federal Law On Special Economic Zones and SEZ management agreement

3 Key Features Main Figures According to the Concept Establishment and Development of the Tourism Cluster in the North Caucasian Federal District, Krasnodar Region and Republic of Adygeya tourism cluster has the following features: 10 Resorts (in 8 SEZ) more than 268,000 ha total resorts area 76,000 created jobs in the tourism sector and related industries 3,5 mln. tourist flow 167,000 number of beds Strengths High recreational potential for year-round activities, including balneology potential, historical monuments, glaciers and lots of rivers World-class resort with largest elevation difference Creation of new resort infrastructure International level of comfort at reasonable prices High-level government support SEZ related tax preferences

4 Location Map of Special Economic Zones

5 Privileges and preferences in SEZ No connection charge to ready-to-use utilities: Electricity Heating Gas Water Sewage systems + Telecommunications Interest rate subsidies for $15+ mn projects Equity (% of total investment) < 15% - 15% - 30% 1/3*CBR > 30% 2/3*CBR Interest rate subsidy (for debt finance) Special tax regime Income tax is 13,5% (20% ordinary) Property tax is 0% for 10 years (2.2% ordinary) Insurance contributions 14% (30% ordinary) Rental rate of land is 0,02% from cadastral value (normally set by negotiations) Government guarantees on investor loans *Central Bank of Russia Refinancing Rate

6 Corporate Governance Management bodies General Shareholders Meeting Ownership structure Open Joint-Stock Company Special Economic Zones Board of Directors Vnesheconombank Sberbank of Russia 1,97% 97,70% 0,33% Executive Bodies (Management Board, Director General) Open Joint-Stock Company Northern Caucasus Resorts

7 NCR Board of Directors Maxim BYSTROV NCR Chairman of the Board Sergey VERESHCHAGIN NCR Director General Deputy Plenipotentiary Representative of the President of the Russian Federation in the North Caucasus Federal District Gernot LEITNER Mikhail KOTYUKOV Andrei SOKOLOV Mikhail POLUBOYARINOV Chairman and General Director Masterconcept GmbH Deputy Minister of Finance of the Russian Federation Head of the Department of Regional Economic Development Projects Ministry of Economic Development of the Russian Federation First Deputy Chairman Bank for Development and Foreign Economic Affairs (Vnesheconombank) Jean-Pierre SONOIS Oleg SAVELIEV Mikhail TRUSHKO Petr KOLTYPIN Director-manager LLC Loisirs Conseil Deputy Minister of Economic Development of the Russian Federation Director General JSC Special Economic Zones Chairman North- Caucasus Bank Sberbank

8 Stages of Project Implementation Stage 1: Arkhyz Resort - part of SEZ, located in the territory of Zelenchuksky District, Republic of Karachayevo-Cherkessia Veduchi Resort - part of SEZ, located in the territory of the Chechen Republic Mamison Resort - part of SEZ, located in the territory of Alagirsky District, Republic of North Ossetia-Alania Elbrus-Bezengi Resort - part of SEZ, located in the territory of the Republic of Kabardino-Balkaria Stage 2: Lagonaki Resort (Krasnodar Region and Republic of Adygeya), Armkhi and Tsori Resorts (Republic of Ingushetia), Caspian Coastal Cluster and Matlas Resort (Republic of Dagestan)

9 Current Status September 25, 2013 at the meeting of the Expert Council on tourist and recreational special economic zones, it was decided to support the business plan of LLC Arkhyz LLP Arkhyz-1650 will become the first resident of tourism cluster on the South of Russia. As a resident of SEZ LLP Arkhyz-1650 will proceed with construction and exploitation of hotel and hospitality infrastructure in the village Romantik in Arkhyz resort. During project implementation until the end of 2015 eight hotels 3* and 4* with a total number of 542 rooms, with 1084 beds will be constructed. A total number of 351 people will be hired to work in hotel complex. Total investment volume is estimated at 70 million USD. The Government of the Russian Federation have created a tourist-recreational special economic zone (SEZ ) Veduchi in the Itum -Kali municipal district of the Chechen Republic. Veduchi was included in the special economic zone of tourism cluster in the North Caucasus Federal District, Krasnodar Krai and the Republic of Adygea under the management of NCR. The corresponding resolution was signed by the Prime Minister of the Russian Federation Dmitry Medvedev in October 3, In 30th of October 2013 three-party agreement regarding creation of SEZ was signed ( S-591-OS/D14) by Ministry of Economic Development of the Russian Federation, the Government of the Chechen Republic and the administration Itum-Kale municipal area.

10 Benchmarking NCR in comparison with the largest resorts in the catchment area by total length of tracks NCR in comparison with the largest resorts in the catchment area by number of lifts Arkhyz Mamison Mamison Arkhyz Elbrus-Bezengi Elbrus-Bezengi Mzaar (Lebanon) Kartalkaya (Turkey) Bansko (Bulgaria) Bansko (Bulgaria) Lagonaki Pamporovo (Bulgaria) Borovets (Bulgaria) Borovets (Bulgaria) Gudauri (Georgia) Bukovel (Ukraine) Tsakhkadzor (Armenia) Palandoken (Turkey) Kartalkaya (Turkey) Uludag (Turkey) Pamporovo (Bulgaria) Poyana Brashov (Romania) Bakuriani (Georgia) km Lagonaki Uludag (Turkey) Bukovel (Ukraine) Poyana Brashov (Romania) Palandoken (Turkey) Bakuriani (Georgia) Gudauri (Georgia) Tsakhkadzor (Armenia) Mzaar (Lebanon) Number of lifts

11 Cost of a trip to the resort, USD Tourism cluster resorts are able to compete with European competitors Positioning of the tourism cluster resorts in comparison to European resorts Les Arcs (France) La Plagne (France) Yllas (Finland) Levi (Finland) Kitzbuhel (Austira) Ischgl, Solden (Austria) Ruka (Finland) Pamporova (Bulgaria) Roza Hutor Borovec (Bulgaria) Bansko (Bulgaria) Gornaya Karusel Lagonaki Arkhyz Mamison ,0 1,0 2,0 3,0 4,0 5,0 6,0 7,0 8,0 Resort rating on the basis of its technical characteristics Comparative analysis of the competitive advantages of ATRC Mamison, ATRC Arkhyz, and ATRC Lagonaki and their European competitors was held in the context of 2 factors: Cost of the trip to the resort from Moscow (as the main source of demand for ski service), which includes: average cost of the accommodation in 3* hotel for 7 nights (breakfast included); 7-day ski pass for the ski lifts; flight from Moscow (round-trip); transfers (airport - resort); visa costs (if necessary) Resort rating on the basis of its technical characteristics, based on: elevation change (the proportion of the grade - 60%); total length of the slopes (the proportion of the grade- 30%) number of lifts (the proportion of the grade- 10%) Source: official resorts websites; OJSC «Northern Caucasus Resorts» data

12 Investment opportunities Hotel 3* Apart-Hotel Cottage Number of rooms 73 rooms (168 beds) Total area sq. m (58 per room) CUR 55% (yearly average) Total Capex $8 816K Capex per room $121K Number of rooms 120 rooms (276 beds) Total area sq. m (69 per room) CUR 55% (yearly average) Total Capex $15 416K Capex per room $112K Number of beds Total area CUR Total Capex 59 beds per cottage 866 sq. m (58 per room) 55% (yearly average) $1 890K ADR $96 RevPAR $49 GOP margin 54% EBITDA margin 51% Net profit margin 39% WACC 10,1% IRR (unlevered) 18,3% IRR (levered) 24,7% NPV $5 357K PBP 9 years ADR $92 RevPAR $46 GOP margin 64% EBITDA margin 65% Net profit margin 48% WACC 10,1% IRR (unlevered) 15,5% IRR (levered) 20,4% NPV $5 209K PBP 10 years ADR $1 823 RevPAR $855 GOP margin 76% EBITDA margin 76% Net profit margin 57% WACC 10,1% IRR (unlevered) 18,9% IRR (levered) 26,1% NPV $1 417K PBP 9 years

13 Thank you for your attention!

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