Company Profile _Tbilisi Condo Building Project Brief

MarJan LLC 26 Sulkhan Cincadze st 0106, Tbilisi, Georgia Jesse Stein Global Head of Real Estate at Airbnb Airbnb Inc 888 Brannan Street Suite 4 San Francisco CA 94103 United State May 12, 2022 Dear Mr. Stein, It is with great pleasure and enthusiasm that I hereby provide you with this proposal to collaborate on our innovative project, condominium development, in Tbilisi, Georgia. Considering Airbnb’s ever-growing interest in emerging markets we believe that our concept should be a matter of your interest and you will find it a mutually beneficial opportunity. In order to support our proposal enclosed you will find additional supporting document, project overview, a complete description of the project and its characteristics. I hope to have provided you with all the information you require in order to understand the project as well as our goals and ambitions. Should you need any additional documents or information, please do not hesitate to contact me. Kind Regards, Irakli Bughadze CEO at Marjan LLC [email protected] / +995 595110007

Georgia | Project Overview May 12, 2022 TBILISI CONDO BUILING WITH 2 1 ST C E N T I RY S E RV I C E Irakli Bughadze Mariam Bughadze Sophia Rukhadze CEO | [email protected] CO | [email protected] PM/Senior Analyst | +995 95 595 110007 +995 95 595 162016 [email protected] +995 95 593 686471

Contents Executive Summary 3 Project Overview 4 Concept Idea 4 Land Plot Overview 5 Land Development Potential 6 Project Team 7 International Team 7 Local Team 8 Project Budgeting and Financial Estimates 11 Project Budget 11 Project Timeframe 11 Capital Structure 12 Project Financial Estimate 12 Disclaimer 13

Georgia | Project Overview May 12, 2022 Executive Summery This paper intends to provide information regarding the real estate development project in Tbilisi, Georgia according to the innovative concept, considering not only the challenges of the 21st century's rapidly changing world but also the opportunities it offers. 26 Sulkhan Cincadze st | 0106 | Tbilisi | Georgia | marjan.ge 3

Georgia | Project Overview May 12, 2022 Project Overview CONCEPT IDEA The concept idea is to develop a land in Tbilisi, Georgia, in terms of creating Landmark building with 21st Century services that adopts opportunities and the challenges the modern world offer. The main use of the development will include a condo building, with built-in Airbnb service, collaborating with Airbnb, the building will include Airbnb's most demanded amenities making comfortable and flexible space for open-minded people who are looking for a hotel alternative that feels like home. In addition to built-in Airbnb service and the amenities which makes Airbnb experience comfortable, the building will be equipped with privet & co-working space, bar/restaurant space and Outdoor gathering space with Patio & Firepit creating circulating flow of people who are looking for work, leisure and cool hangouts. Building will also have a contactless market, secure parking equipped with electric car charging Stations and available electric cars, scooters, and bikes for rent. The concept aims to make the property management process simple for property owner and the travel experience more convenient for guests by using 21-century technological advantages in terms of developing mobile app which will be used as a centralized module for managing activities like allowing host to sync their hosting calendar to Airbnb portal, sync digital access control to Airbnb portal and issuing digital keys automatically when booking the property, scheduling room cleaning, Laundering and maintenance, allowing guest to get the information regarding local tourist attractions and site seeing, reserve building amenities, book electric car rental, order the food from local delivery companies and morel 26 Sulkhan Cincadze st | 0106 | Tbilisi | Georgia | marjan.ge 4

Georgia | Project Overview May 12, 2022 LAND PLOT OVERVIEW The land plot is in the capital city of Georgia, Tbilisi, in Avlabari district, a neighborhood in the heart of Old Tbilisi on the left bank (east side) of the river Kura and top of Abanotubani providing terrific panoramic views of old city. Located just back of the former presidential palace, the neighborhood is also considered the most popular area for international visitors. 26 Sulkhan Cincadze st | 0106 | Tbilisi | Georgia | marjan.ge 5

Georgia | Project Overview May 12, 2022 LAND DEVELOPMENT K3 K2 POTENTIAL K1 6 The total land area is 2436 SQM with following development coefficients Kl 0,7 K2 4,6 K3 0,2 maximum building heights 5 floors with attick K3 K2 Coefficient defines the required Coefficient defines the maximum Green area of the plot Allowed gross floor area GFA K3/0,2=487,2 SQM K2/4,6=11205,6 SQM Total Land Area 2436 SQM K1 Coefficient defines the amount of land surface on which it is allowed to locate the building K1/0,7=1705,2 SQM 26 Sulkhan Cincadze st | 0106 | Tbilisi | Georgia | marjan.ge

Georgia | Project Overview May 12, 2022 Project Team INTERNATIONAL TEAM MVRDV MVRDV is a Rotterdam-based Architecture office having a global scope they provide solutions to contemporary architectural and urban issues in all regions of the world. Person/s in charge: Elija Kozak [email protected] Stefan De Koning 7 [email protected] +37 (0)70 477 2860 www.mvrdv.com [email protected] Achterklooster 7 3077 RA Rotterdam NL Post Box 63736 3002 JC Rotterdam NL 26 Sulkhan Cincadze st | 0106 | Tbilisi | Georgia | marjan.ge

Georgia | Project Overview May 12, 2022 LOCAL TEAM MUA - MULTIVERSE ARCHITECTURE MUA is a Tbilisi-based Architecture and Placemaking office with prominent experience in Architecture, Urban, and Spatial Design. Person/s in charge: Maria Pelangia [email protected] Devi Kituashvili [email protected] +995 322780788 8 www.mua.ge [email protected] Tbilisi, Georgia Egnate Ninoshvili st. N8 26 Sulkhan Cincadze st | 0106 | Tbilisi | Georgia | marjan.ge

Georgia | Project Overview May 12, 2022 STRUCTURAL ENGINEER PROGRESI Progresi Ltd. is buildings and structures computer aided design and expertise center which provides static, dynamic (earthquake, wind pulsation) and thermal analysis with all building codes and standards valid in Georgia. (Georgian National Norms PN, Eurocodes EN, etc.) +995322371 009 [email protected] http://www.progresi.com.ge/ 16 Vazha--pshavela Ave, Tbilisi, Georgia LEGAL, ACCOUNTING & REAL ESTATE CONSULTANTS BDO BDO Georgia provides service in Georgian market since 1999 within following expertise: Audit & Assurance, Tax, Outsourcing, Business Advisory, Legal services +995 32 254 58 45 +995 32 218 81 88 [email protected] www.bdo.ge Vere Business Center 2 Tarkhnishvili Str. Tbilisi, Georgia APP DEVELOPMENT AND SOFTWARE SUPPORT Sweeft Digital is a full-stack development, venture build and digital media agency with offices in Tbilisi, Madrid, London and Milan. +995 558 90 02 91 [email protected] https://sweeftdigitaI.com 30, Chavchavadze Ave, Tbilisi, 0179 26 Sulkhan Cincadze st | 0106 | Tbilisi | Georgia | marjan.ge 9

Georgia | Project Overview May 12, 2022 DIGITAL ACCESS CONTROL TESA ASSA ABLOY is the leading Spanish manufacturer of locking and access control solutions for the residential and institutional market. The Becorp case study will be used as a benchmark. Becorp (www.be-corp.com) is the housing development project in Spain which have successfully implemented wireless access control, SMART air Wireless Online system with Openow™ management. +34 943 66 91 00 [email protected] https://www.tesa.es/en CONSTRUCTION Construction company will be identified via tender, sending Request for Proposal RFP to the following potential participants: ANAGI Anagi LLC has been providing civil and industrial construction services in Georgia since 1989. Company holds Quality Management System - ISO 9001, ISO 9001:2015, ISO 45001:2018 +995 32 2 24 12 11 [email protected] www.anagi.ge 37/39 Kostava Street, Tbilisi, Georgia DOMUS Domus has been providing premium quality construction services in Georgia since 2006 constructing most innovative projects. + 995 32 223 25 23 + 995 595 39 22 22 + 995 595 93 22 22 [email protected] https://domusi.com 3, Kavsadze Str. Tbilisi, Georgia PROJECT MANAGEMENT The overall project management will be undertaken by main initiator of the project MarJan LLC. + 995 595 11 00 07 [email protected] www.marjan.ge 26 Sulkhan Cincadze Str. Tbilisi, Georgia 26 Sulkhan Cincadze st | 0106 | Tbilisi | Georgia | marjan.ge 10

Georgia | Project Overview May 12, 2022 PROJECT BUDGETING & FINANCIAL ESTIMATES PROJECT BUDGET (IN USD) $11,000,000 Soft Cost $500,000 Hard Cost $10,500,000 Land Acquisition Permits, Legal & Accounting Construction & Renovations Architecture, Engineering & Consulting Furniture, Equipment & Hardware Software & Marketing PROJECT TIMEFRAME 8 WEEKS 33 WEEKS PHASE 1 5 WEEKS 72 WEEKS Preparing and submitting documentation for land 6 WEEKS acquisition, getting property ownership title 11 PHASE 2 Preparing architectural, interior, structural and MEP design. Submitting documentation in authorized organization to obtain design approval. PHASE 3 Preparing the tender documentation, introducing the project and its details to the potential contractors, suppliers, consultants, and other involved parties. PHASE 4 Pre-construction preparation, contracting tender winners and starting the construction process. PHASE 5 Finalizing all the procedures, pre-opening preparations, testing and opening. 26 Sulkhan Cincadze st | 0106 | Tbilisi | Georgia | marjan.ge

Georgia | Project Overview Asset May 12, 2022 $11,000,000 CAPITAL STRUCTURE The project considers 0,67x D/E Ratio as its capital structure. Equity Project budget $11,000,000 $4,400,000 Financial Institution investment $6,600,000 Shareholder's capital $4,400,000 Debt D/E Ratio 0,67x $6,000,000 PROJECT FINANCE ESTIMATES Total Number of Unites Average Daily Rent Price Total Annual Occupancy Total Annual Income $83 78% $2 405 494 143 Cap Rate & RIO Studio 1 Bedroom 2 Bedroom 3 Bedroom Assumptions 30 60 75 110 Property Type 78 44 18 3 Avarage Unite Size (SQM) 333 Unite 2328 2660 1330 Total SQM $0,79 $0,80 $0,67 $0,75 Cap Rate NOI & Valuation Property Value / Unite $66 000 $132 000 $165 000 $242 000 17,500,000 $/SQM $2 200 $2 200 $2 200 $2 200 Total Value $5 120 716 $731 531 15,000,000 NOI Calculation $5 852 246 $2 926 123 12,500,000 Rental Income / Per Unite Per Day $50 $128 $/SQM $2 $1 11M Rental Income / Day $3 879 Rental Income / Month $108 621 $68 $85 $387 10,000,000 4Y/10M Total Gross Revenue / Year $1 303 455 $1 $1 $10 834 7,500,000 Expances $3 015 $1 507 $130 007 $84 414 $42 207 $1 012 971 $506 485 $7 315 $1 244 $33 043 5,000,000 Investment $33 043 NOI $96 964 Property Tax $51 207 $58 522 $1 650 2,500,000 Insurance $8 705 $9 949 $4 974 $2 270 486 0 Allowance $217 242 $136 751 $160 387 $396 079 Total expences $217 155 $205 222 $167 011 $1 874 407 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Total NOI $1 026 300 $807 748 $339 474 Total Before Loan Interest Loan Interest Total After Loan Interest 26 Sulkhan Cincadze st | 0106 | Tbilisi | Georgia | marjan.ge 12

Georgia | Project Overview May 12, 2022 Disclaimer This document is the property of and has been prepared by Marjan LLC for informational purposes and independently of the respective companies mentioned herein. Unauthorized copying, distribution, publication or retransmission of all or any part of this document by any medium or in any form for any purpose is strictly prohibited. The recipients of this document are responsible for protecting against viruses and other destructive items. Receipt of the electronic transmission is at risk of the recipient and it is his/her responsibility to take precautions to ensure that it is free from viruses and other items of a destructive nature. 26 Sulkhan Cincadze st | 0106 | Tbilisi | Georgia | marjan.ge 13