General. Location: Harmony Hall Hill, San Andrés Island, Department of San Andrés, Providence and Catalina, Colombia

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1 Presents

2 General Location: Harmony Hall Hill, San Andrés Island, Department of San Andrés, Providence and Catalina, Colombia Lot: 55,000 m2, green area and close to the beach Project: Full service upscale hotel, 150 rooms Status: Obtained construction license, closing financial structure, construction and operational/ franchising contracts.

3 Location Where is San Andrés? San Andrés, Providence and Santa Catalina is a group of islands in the Caribbean Sea forming the only department of Colombia not connected to the mainland. Located about 720 km northwest of the Colombian coast and 110 kilometers from the Nicaraguan coast. 3rd largest coral reef in the world and declared a UNESCO Biosphere Reserve.

4 Attractions Things To See & Do. NATURAL SIGHTS Botanical Garden Mangrove Reserve Big Pond Laguna Blowing Hole MAIN BEACHES Spratt Bight Rocky Cay Bolivar Cay Johnny Cay RECREATIONAL ACTIVITIES Mangrove Kayak Stand Up Paddle Diving Kite Surfing Cove Bay Flowers Hill Coral Reef West View Haynes Cay Cotton Cay La Piscinita Cocoplum Snorkling Wind Surfing

5 Location of Charaibi.

6 Design Constructed area 3,000m 2 of main entrance building, 7,300m 2 of guestrooms with 40,000m 2 of landscape area. Main entrance building with 2 restaurants, a gym and a SPA. 26 houses with up to 6 rooms each. A pool with more than 300m2 of water surface, a bar and a lounge area.

7 Design

8 Hospitality Industry of San Andrés How many tourists are coming to San Andrés? This year s projected number of visitors surpassing 1 million. 53% growth in 3 years in visitors in total If San Andrés was independent this would mean around 35% compared to foreigners visiting mainland Colombia Number of Tourists Arriving to the Island jan - oct 2013 jan - oct 2014 jan - oct 2015 jan - oct 2016 Domestic Foreigners * Year 2016 is extrapolated according to projections. Source: Camara de Comercio de San Andrés

9 Hospitality Industry of San Andrés How to get there? The table on the right is from the end of 2015 and shows weekly flights to San Andrés. Last week there were 124 flights to San Andrés. One additional destination from where San Andrés gets its tourists is San Jose, Costa Rica.

10 Hospitality Industry of San Andrés How high are the occupancy rates? San Andrés has the highest occupancy rates in Colombia. According to COTELCO San Andrés had 20 percentage points higher occupancy rates in the first 6 months in 2016 as the most popular tourist destination in Colombia (Cartagena). According to ASHOTELS occupancy rates on San Andrés never dropped below 60% and 80% from 2006 and 2012 respectfully. 100,00% 90,00% 80,00% 70,00% 60,00% 50,00% 40,00% 30,00% 20,00% 10,00% 0,00% 80,60% Occupancy Rates San Andrés 66,30% 51,90% 89,70% 90,00% 79,50% 81,10% 57,40% Source: Camara de Comercio de San Andrés 61,50% jan - jun 2016 ASHOTELS COTELCO Cartagena (COTELCO)

11 Hospitality Industry of San Andrés Current market shares of resorts on the island % 36 4% 42 5% % 18 2% 91 10% % % Cocoplum On Vacation Blue Cove MS San Luis Village Sol Caribe Campo Decameron Marazul Decameron San Luis Decameron El Isleño Decameron Los Delfines

12 Hospitality Industry of San Andrés Our market share in 2018 (3 rd party feasibility study). 13% 1% 5% 24% Charaibi Eco Lodge 17% 9% 14% 4% 3% 10% Cocoplum On Vacation Blue Cove MS San Luis Village Sol Caribe Campo Decameron Marazul Decameron San Luis Decameron El Isleño Decameron Los Delfines Radisson Blue Charaibi EcoLodge

13 Projections Occupancy rates (3 rd party feasibility study). The green line is our occupancy rate projections until The other two lines are current occupancy rates by COTELCO and ASHOTELS. We still think these numbers are conservative due to high barriers of entering the San Andrés hotel market. 95% 90% 85% 80% 75% 70% 65% 60% 90% 86,30% 81% 81% 74,80% 75% 75% 72% 67,00% 67% Current Occupancy Rate by COTELCO Current Occupancy Rates by ASHOTELS Charaibi Occupancy Rates Projected for CHARAIBI

14 Projections ADR (3 rd party feasibility study). The green line is our ADR projections until The other two lines are current ADRs in low and high season from our 2 nearest competitors. The 2 competitors mentioned above have ratings on booking.com 6.8 and 7.1 and offer an all inclusive package. $400 $350 $300 $250 $200 $150 $100 $50 $- $339 $197 $187 $196 $188 $170 $171 $147 $155 $ Competition Low Season ADR Charaibi Average ADR Competition High Season ADR

15 Projections Revenues (3 rd party feasibility study). On average we have projected 70% revenue from rooms, 27% from F&B and 3% from other sources like telephone or renting bikes and similar. We project the best year to be 2020 with $13.1mio in total revenues. $ $ $ $ $ $ $ $ Rooms F&B Telephone Other

16 Projections Gross Operating Profit (3 rd party feasibility study). As revenues we also project the highest gross operating profit in 2020, $5.3mio. $ $ $ ,5% 40,7% 41,4% 41,4% 42,6% 42,6% 44,0% 42,0% 40,0% GOP margin grows until 2024 and stops growing at 42.6%. $ $ ,3% 38,2% 38,0% 36,0% $ ,0% $ ,0% GOP GOP Margin

17 Projections Adjusted Gross Operating Profit (3 rd party feasibility study). AGOP is calculated as GOP less all the management and possible franchising fees, less FF&E reserve. As such it is also considered as EBITDA of the project. AGOP margin similarly as GOP margin grows until 2024 and stops growing at 29.6%. $ $ $ $ $ $ $ $ $- 29,6% 29,6% 28,5% 28,5% 27,7% 27,9% 25,4% 25,7% AGOP AGOP Margin 31,0% 30,0% 29,0% 28,0% 27,0% 26,0% 25,0%

18 Projections Return on investment. With management and franchising fees included in cost structure and the price of USD /room we achieve the IRR around 25%. Payback period for the whole project valued at USD /room is 8.4 years.

19 Timeline Finished until the end of November 2016 Finished until the end of December 2016 Finished until December 2017 January 2018

20 Objective on SAHIC 2016 A deal with a strategic investor above USD5mio. A sale of turnkey project is a possibility. A deal with a financial investor for USD13mio. THANK YOU Contact: Jaka Vidrih jaka.vidrih@colpasion.com Cel: