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The Birr Castle Retreat and Spa Securing and persevering the Birr Estate for the next generation A corporate stakeholder introduction to the Birr Castle Estate and the Birr Castle Retreat and Spa project. Q4 2018 Image © copyright Schletterer Consult GmbH

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TREDIC Corporation Tel: +44 (0) 208 849 5646 Fax: +44 (0) 208 899 6001 Building 3, Chiswick Park, 566 Chiswick High Road, Chiswick, Email: [email protected] London W4 5YA, United Kingdom. Web: www.trediccorporation.com www.trediccorporation.com © Copyright TREDIC Corporation 2018

irish Oxmantown Settlement Trust birr capital Birr Scientific and Heritage Foundation limited

Hello, and welcome to our presentation. I warmly welcome our Stakeholder Groups, and I look forward to presenting our vision for the future of the Birr Castle Estate to you in this information memorandum.

Birr, like so many other magnificent country estates in the U.K. and Ireland, proves extremely expensive to preserve, to maintain and to run on day to day basis. Successful efforts have been made to date to ensure revenue is being generated through the estate to cover our basic cash flow requirements. To date, increasing annual visitors to the estate, a thriving museum and science centre, the development of the LOFAR Programme within the grounds, a retail shop with growing sales, and one of the most successful food and beverage offerings in Birr are all testament to the progress that continues to be made.

But are we going far enough? And can we go further? Are we seeking to survive, and to maintain, or are we seeking to grow and to thrive? Are we seeking to look backwards and capitalise on our past, or dare we seek to look forward and capitalise on our future potential? Do we want to be seen as the historic heart of science and discovery in Ireland, or do we want to be seen as the present and future of science and discovery in Ireland?

We can choose to stagnate, we can choose to maintain the status quo and slowly evolve, or we can choose to take decisive action right now through a concerted team effort to generate the capital to we require to not only preserve the historic buildings and wider public and private realm, but to create a real future for the estate that can be cherished and protected by the family, and enjoyed and celebrated by the local community, the people of Ireland, and our increasing number of international visitors.

Our family has a long history and tradition within the local community but also with science, astronomy, discovery and botany. These facets maintain the basis from which we must progress. The world class team that we have assembled led our joint venture development and financing partner TREDIC Corporation from London, aims to capture the very essence of these traditions and to drive the estate forward not only monetarily, but culturally, scientifically and with great vision for a long term sustainable future at its very heart.

At the heart of our strategy is the development of a luxury spa hotel and ‘retreat’ but it would be a fundamental mistake to simply view this as just another luxury hotel offering a range of spa treatments. It is far more than that. It is a destination development and the centrepiece of a far wider long term sustainable development strategy that we wish to deploy throughout the estate, both in the short term and over the years to come. It is an establishment that captures the very essence of what Birr is about. Health, wellness, a sense of mind, body and spirit. Irish Culture, Irish Heritage, Irish Cuisine and traditional Irish fair. A veritable Eden in the centre of Ireland.

Walking through the gates at Birr one gets a sense of going back in time, of relaxation, tranquillity and genuine peace of mind. Attributes that cannot be created, cannot be purchased and cannot be forged in new build developments, yet we have them in natural abundance at Birr. One cannot put a price or value on this. Our development will integrate and pay homage to its natural surroundings and the history and heritage of the estate. The rarity of such a project is its ability to naturally sell itself through its surroundings, its history and culture and its inherent botanical beauty.

2 Director & Equity Partner - Irish Birr Capital Ltd & Equity Partner - Director Lord Oxmantown Lord Patrick Parsons Laurence are empathetic to the empathetic to the what we as a family need and are cash flow of the wider estate. TREDIC fundamentally understand hugely important to the management to do so on terms in keeping with our history and tradition, only have they invested heavily to date, but they have been willing Not Trust. of the requirements partners also. financing in our future and it is this trait that we shall seek explaining the unique benefits to the estate, the risk management our thoughts and strategies to you in this memorandum, to representing look forward We for to life, as well as the unique financial benefits plan we have in place to bring the project the trust and the financing tools that will be deployed to protect Foundation. and the Birr Scientific and Heritage the Trust ready to proceed with a turnkey development strategy that stands to full scrutiny. with a turnkeystands to full scrutiny. to proceed development strategy that ready company uniquely positioned to understand London we have found a developer and financier TREDIC Corporation from with current Under our relationship They Trust and the Family. Estate, the of the requirements and development as well as the strategy of the project the financial and technical execution ownership. TREDIC have freehold a partner that requires and not to proceed institutional grade lease in order a 125-year a partner that only requires are something of the project the life Trust, throughout to the rent payments a partner that will further commit ground to date and they are financed the project In this memorandum and presentation, we talk about the Retreat and Spa as the anchor of wider destination development; but we also talk about the future the future but we also talk about the anchor of wider destination development; and Spa as talk about the Retreat we and presentation, In this memorandum of years. over a number growth of the estate, the potential for organic investment and we for such went ready declined. We the USA. We from a Forbes global top 50 Billionaire from a funding offer years ago, we received Two that offering have seen us strategize an investor of the development land. The last 24 months post this offer ownership freehold able to concede weren’t on of the project to keep control and to both raise the capital necessary to progress partnership with TREDIC Corporation, in joint venture permits my family, we stand today, and buildings at Birr; and this is where for all lands that oversees and has ultimate responsibility the Trust from a long term leasehold interest But what is our differentiating factor? What will make the proposed Birr Castle Retreat and Spa development a true destination, what will make it unique, what will make it unique, and Spa development a true destination, Birr Castle Retreat What will make the proposed factor? But what is our differentiating the asset class, the development strategy, of the answer lies in the nature viable destination? The a successful destination and a financially what will make it hotel itself, of the anchor tenant, the it lies in the nature Most importantly, quality of management and operation. of use, attraction, facility and its breakdown strategy for the wider estate. the long term development and investment complimented by We use the word ‘destination’ rather deliberately and rather aptly and it is the destination nature of the retreat that is key to the success of this development this development to the success of that is key of the retreat destination nature aptly and it is the and rather rather deliberately ‘destination’ use the word We and visitors, guests that attracts is a development its very nature development by A destination wider estate. security of the long term financial and to the the appetite for health and wellness, demonstrates the insatiable study contained within this memorandum a wide market. The market consumers from Dublin from major conurbations in Ireland, all the two hour drive from in a location just a short hospitality by far, market sector within global fastest growing standing. commercial on the rise in terms of its global a City in Dublin that is fastly Airport and from The Birr Castle Retreat and Spa will therefore be a destination resort for all. A retreat, complete with a world class health and wellness facility, the very best very best the facility, wellness and class health a world with complete A retreat, for all. resort a destination be will therefore and Spa Retreat Birr Castle The crafted under a carefully styles & themes, and villas in different a diverse mix of bedrooms split between that will be with accommodation of F&B and mixture Under the present conditions. and the local planning surroundings the estate, its history, sensitive to a density and massing strategy and with phasing design phase. architecture into the progress slightly as we but this may change and 30 villas, bedrooms we have 76 strategy,

Contact page Appendix The Executive Team Board The Executive Team Potential Future The Estate’s The Market The Developer The Operators The Business CaseThe Business Analysis Financing Strategy and Financial The Project & Proposed Development & Proposed The Project The Location Steps Status & Next The Current Introduction to the Birr Castle Estate to the Birr Introduction Contents 14. 13. 12. Conclusions 10. 11. 9. 7. 8. 6. 5. 3. 4. 2. 1.

CORPORATION Introduction to the Birr Castle Estate to Introduction

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Please visit: www.birrcastle.com 1.0 Birr Castle Introduction:

Birr Castle (Irish: Caisleán Bhiorra) is a large castle and 1,000 Hct estate telescope station IE613 was constructed in the grounds of the castle in the town of Birr in County Offaly and County Tipperary, Ireland. It is the as the westernmost station in the LOFAR network. In 2018, The I-Lofar home of Mr. Brendan Parsons the 07th Earl of Rosse, and his son Mr. telescope, observed for the first time a billion-year-old red-dwarf, flare Patrick Parsons (Lord Oxmantown) the future 08th Earl of Rosse. star called CN Leo, almost 75 trillion kilometres away, continuing the scientific heritage of Birr into the next generation. The castle grounds are also home to Ireland’s Historic Science Centre, a museum of Ireland’s historic scientists and their contributions to Unlike so many Irish Castles that today have been converted into astronomy, as well as one of the largest public botanical gardens in commercial hotels or tourist attractions, Birr Castle is still lived in by the Europe with over 100,000 visitors per year. There has been a castle on original family and they have been here for nearly 400 years. Instead the site since the year 1170, with the current castle commissioned in the of converting the castle, the family plan to embark upon an ambitious year 1620 by Sir Laurence Parsons. project to develop the Birr Castle Retreat and Spa within the grounds, under the Leadership of Lord Oxmantown and his development and Today Birr is full of history, elegance and timeless wonder, with strong financing partners TREDIC Corporation. ties to Science, Botany and the Orient; and in 2017 the LOFAR radio-

6 section entitled “The estates future potential”. section entitled “The estates future The retreat and spa will see the development of a circa 106 key hotel, key 106 circa a of development the see will spa and retreat The on the site, health and wellness centre) and spa (a world class resort 76 roughly between split be to F&B; best very the with complete an has Estate The themes. & styles different in villas 30 with bedrooms surrounding immediate area (the of about 130 acres eminent domain lands. further 1,000 Hct of surrounding the castle) and a lease year 125 a under site acre 10 a on developed be to is retreat The are proposals commercial present and at domain, eminent within the of a potential Interactive Planetarium,underway to establish the viability that will compliment and Centre Auditorium, Science and Education capitalise on existing Birr’s scientific and astronomy heritage as well radio-telescope station. as the LOFAR longer term plan includes for various associated the Additionally, estate such as outdoor the wider uses being developed around with Birr golf, and relationships pursuits, a culinary school, a shoot, a “mind, body and spirit” centre, potential agri-tourism, treehouses All subject to feasibility analysisand possibly senior living facilities. thein explained is such of exploration further A approval. Trustee and .com

birrcastle

www. Please visit:

birr capital birr capital limited irish

birrcastle Please visit: www.

CORPORATION The Project & Proposed Development & Proposed The Project

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birr capital birr capital limited irish Image © copyright Schletterer Consult GmbH Image © copyright Schletterer

© Copyright TREDIC Corporation 2018 9 of investment. In reality, this number is inflated as it includes this number is inflated as it includes of investment. In reality, funding strategy the current for financing costs which under a debt/equity The appraisal model under such is not required. for here and is presented still needs to be completed however the viewing of the Trustees. and a whisky bar. The spa will also hold an informal casual also hold an informal casual The spa will and a whisky bar. and banqueting hotel will have conferencing dining option. The and weddings. of hosting corporate events facilities, capable pools, will include for and wellness centre The spa and health a rooms, consultation an F&B offering, rooms, treatment and class room & weights, an exercise cardio gymnasium with spirit’ centre. a ‘mind, body & is TREDIC Corporation partner The developer and joint venture and for both the financing London, responsible from TREDIC will form a domestic special development strategy. will utilise the existing or purpose vehicle (SPV) within Ireland, formed to develop been Irish Birr Capital Ltd that has already of This SPV is held under a shareholding through. the project 25% TREDIC Corporation. TREDIC will 75% Parsons Family, a grade lease, effectively develop under a a 125 institutional the financing to successfully execute in order virtual freehold, appraisal that TREDIC The indicative development for project. shows a Gross (contained herewith) working from are standard based on 56m Euros, Development Cost of circa per key 500,000 Euros roughly debt equity model of financing, The Project & Proposed Development & Proposed Project The executive lounge in keeping with American Express Platinum Platinum American Express executive lounge in keeping with a selection of food beverage that and for our executive guests, dining (Irish Bar and Lounge) will include formal dining, informal The hotel mix will include a combination of standard deluxe deluxe of standard The hotel mix will include a combination typically 60 sq.m. and typically 40 sq.m. Junior suites, rooms, in addition to the villas that will master suites, typically 80 sq.; The hotel will have a reception, serve as the executive suites. an room, a children’s a games room, a lounge, a library, model as set by our financing and development partners and a and development partners and model as set by our financing wealth of international a from consistency of market feedback the estate over the past 24- sectorial experts that have visited 36 months. surroundings and the local planning conditions. The strategy strategy planning conditions. The and the local surroundings of market and a combination has been formed through operating preferred our from feasibility studies, expert advice industry partners of our proposed partners, the requirements et Chateaux, advice and Relais such as American Express the business the Planning Authorities, Ireland, Tourism from and wellness facility, the very best mixture of F&B (food and of F&B (food and best mixture the very and wellness facility, be split between with accommodation that will beverage) and styles & villas in different with 30 76 bedrooms a proposed with crafted phasing strategy and a carefully themes, under its history, sensitive to the estate, a density and massing 2.0 and Spa will be a destination Retreat The Birr Castle with a world class health complete retreat development. A

© Copyright TREDIC Corporation 2018 10 natural landscape and unique selling features of Birr to explore explore of Birr to and unique selling features natural landscape status wider estate. The current the opportunities around made to date on the progress more section below elaborates It is forecasted the initial strategy. behind and though process in addition to the will be required 10m Euros that an additional uses such finance and develop all associated hotel budget to science and education centre. as a planetarium, Whilst the immediate development is to be a 5* retreat and and to be a 5* retreat is immediate development Whilst the tenant of a be the anchor this will it is proposed spa hotel, that will capitalise one strategy, development destination by the over presided infrastructure existing on the already well to utilise the and Heritage Foundation, as Birr Scientific commit capital, invest and share in the responsibility responsibility in the commit capital, invest and share In fact, in this location. for the success of the project it is specifically because of the location that TREDIC Corporation have decided to commit to the project. been at Birr Castle for 4 centuries. who will drive the occupancy. comprising Castle, Lakes and Gardens. comprising Castle, Lakes and with a beautiful boutique hotel, which is not only the the boutique hotel, which is not only with a beautiful but also the Spa offer accommodation experience for for the Global Wellness a superbly located hotel base, and and visit the historic which to explore segment, from their choice of places that have also influenced romantic as their holiday destination. Ireland, international visitor. world-competing Spa experience not only a which offers most major urban conurbations within Ireland, most most conurbations within Ireland, most major urban drive. within a two hour Still the seat of the original Parsons family, who have who have family, Still the seat of the original Parsons partners by our key industry and operating Well-liked developer is willing to the investor Commercially, A beautiful Demesne to accommodate the Spa Retreat, the Spa Retreat, A beautiful Demesne to accommodate A fascinating history and heritage. Excellent access from Dublin International Dublin for the from Airport Excellent access iconic, state of the art Spa Retreat, It combines an It is in the very heart of Ireland and close proximity to to and close proximity heart of Ireland It is in the very

6. 7. 8. 4. 5. 2. 3. reasons: 1. The choice of Birr Castle for a such a destination a destination for a such of Birr Castle The choice of key for a number competitive is highly development

Masterplan 18 24 7 18 6 7 6 8 18 6

6 6 7 7

18 7 7 23 7 15 22 16 14 3 7 13 4 19 18 5 21 20

9 17 2 12 11 1 10

1. Castle 9. Show garden, seed sales 17. PARKING (carports) 2. Electrical power station (historic water mill) 10. Resort entrance, coach area, valet parking 18. Small electrical power plants 3. Historic ice storage (new development) 11. IRISH CELTIC GARDEN AREA 19. Solar power panels on roof of the carports 4. Telescope 12. SCIENCE GARDEN AREA 20. Solar power panels on roof of the garden hotel 5. Meditation, education, small congresses 13. NATURAL GARDEN HOTEL 21. Geothermal technology 6. Fishing 14. WELLNESS SPA & HEALTHNESS CENTER 22. Bio mass green power station 7. Lord Brendan Parsons wonderful botanic stories 15. ORANGERIE, BAKERY, IRISH PUB, MUSIC 23. Stables 8. Canoe, paddle boarding, water bicycles 16. CHINESE GARDEN AREA 24. Horse training parcours 12 Development Plot Development

CORPORATION The Location

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Birr Development Location - Development Location

CORPORATION The Current Status & Next Steps & Next Steps Status The Current

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© Copyright TREDIC Corporation 2018 24 holistic medicines, outdoor pursuits experts and specialists holistic medicines, outdoor pursuits management expertise, experts with significant private estate the development and commercialisation’, in ‘preservation house tourism, agri-tourism, health management of tree club pool tourism, golf tourism, food and tourism, time share & beverage tourism as well as meetings and site visits with and sales. manufacture production, whisky experts in distillery, development plan we may choose to embark upon. upon. we may choose to embark development plan in 2018 was to objectives we set ourselves One of the primary Scientific and might fully capitalise on Birr’s establish how we development of further such the heritage through Astronomy to capitalise facilities within the estate, science and education over by the presided existing infrastructure on the already well to utilise the and Heritage Foundation, as Birr Scientific of Birr to explore selling features natural landscape and unique the wider estate. opportunities around continuous ongoing dialogue with this end we have had To leading the world’s Space Agency, NASA, the European leading expert of interactive observatories, the world’s the worlds media and experts from planetarium’s, science and technology entertainment, television production, and within the Irish education education (both commercial leading auditorium experts, the promoters system), the world’s Channel, National Geographic, Discovery of TED Talks, science and culinary schools, experts in the fields of culinary and branding, alternative and merchandising wedding strategy, The Current Status Current The Science Centre, the LOFAR programme and to get a sense and to get a sense programme the LOFAR Science Centre, Not just in terms of the of just what is achievable at Birr. and spa development, but also immediate destination retreat in terms of the wider estate and any potential longer term journey we now embark upon at Birr. Additionally we have Additionally we have journey upon at Birr. we now embark and canvassing opinion from been speaking to, liaising with, the world right around experts from from soliciting proposals travelling sectors, including a diverse array of relevant across with them and inviting most internationally to meet regularly visit the meet the family, of them to Birr to tour the estate, Our collective market intelligence is second to none and our is second to none and our Our collective market intelligence truly cemented. global relationships those advice from have observed, listened to and taken We of this exciting the path who have successfully trodden closely with our development and financing partners TREDIC and financing partners TREDIC closely with our development with the owners of similar Corporation and visiting and meeting as well as meeting the U.K. such private estates right across heath, wellness and spa owners and managers of the leading the USA, Middle East and Asia. Europe, aright across retreats to develop the Retreat and Spa for a number of years now, now, Spa for a number of years and Retreat to develop the this year in significant momentum but especially gaining had ongoing dialogue with have Trustees 2018. Indeed the and advisers of our strategic consultants a select number to ensure and perfect the outcomes necessary whilst we hone have been working extremely We our collective success. & Next Steps& Next of our plans have been aware of the Birr Estate The Trustees 4.0

© Copyright TREDIC Corporation 2018 25 lease, which is expected in November / December expected in November / December lease, which is 2018. Spa. complete by summer & permitting), anticipated to be 2020. to be complete (construction & build), anticipated summer 2022. Finalising the terms of a 125 year institutional grade grade of a 125 year institutional Finalising the terms to the lease. Contractually committing and strategy for both the Hotel Finalising the operator and strategy (design Execution of stage two financing strategy financing and Execution of stage three Soft opening summer 2022. opening winter 2022. Hard 1. 2. 3. 4. 5. 6. 7. The next steps include for: steps include The next includes for design and planning consultation, relationship consultation, relationship includes for design and planning national and local level as well building for support at both the possible now in the strongest are We Ireland. as with Tourism position now to proceed. core team, the perfecting of a business model for finance model for finance team, the perfecting of a business core partners to drive the execution, the selection of industry and revenue daily rates (ADR’s) average occupancy, core hotel and spa, and (RevPar) within the per available room and delivery team. It also the selection of our development our ability to successful execute the right product is now in as in as is now execute the right product our ability to successful hands as it ever will be. a professional strong includes 5 years’ worth to date progress our In summary, a building across and strategic relationship of research the selection of our vast stakeholder network. It includes health and wellness hotel, and destination development in in hotel, and destination development health and wellness say it, potentially the we Dare and eventually Europe. Ireland, world? With in place, the expertise, the team we have put delivery and history of successful background track record, and wellness sectors, health the hotel, hospitality, right across The list continues into a stakeholder network the likes of of the likes a stakeholder network continues into The list for at the or hoped have imagined we couldn’t which even been No stone has exciting journey. this incredibly start of left unturned in our pursuit of visionary excellence globally and financial of the necessary commercial and the building needed to make Birr the pre-eminent that will be relationships

CORPORATION The Business Case The Business

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© Copyright TREDIC Corporation 2018 27 relations and the engagement of youth. and the engagement relations with market engagement strategies development and and making Birr a powerful domestic the objective of once within the scientific community international force more. through education, market appeal, technology, public public appeal, technology, education, market through To revitalise and recapture Birr’s past through careful careful past through Birr’s and recapture revitalise To To modernise Century Birr into the 21st and bring To

estate. 11. as the historic heart of just want Birr to be seen don’t We and future the present but as science and discovery in Ireland, With of science and discovery in Ireland. the success of the and the year on programme, existing Museum, the LOFAR the Estate, through in tourism numbers coming year increase well on our way. already we are strategy generate the How then does the development returns achieve the developer’s necessary financial to of the development the nature objectives? The answer lies in of use, attraction, class, the breakdown the asset strategy, and operation. Most facility and its quality of management of the anchor tenant, the hotel lies in the nature it importantly, term strategy for the wider itself, complimented by the long 10. The Business Case Business The spend rates within the Estate. promotion further through programme, and the LOFAR and synergistic development. Domain, the Botanical Gardens and the Wider and the Domain, the Botanical Gardens Estate. and internationally. wider audience, both domestically Foundation. and for generations to come. future, and spa, and supported by a further mix of asset class class by a further mix of asset and spa, and supported and heritage of the development sensitive to the history Birr Estate. and buildings on the estate term revenue generation and return for its investors. generation term revenue sustainable strategy for a long term aim of creating of the creation return and through financial security by a 5* retreat anchored a destination development, To capitalise on the success of the Birr Science Museum of the Birr Science Museum capitalise on the success To The long term preservation of the Castle, the Eminent the Eminent of the Castle, The long term preservation the Birr Castle brand to a further develop and bring To numbers and average visitor significantly increase To Financial security for the Birr Scientific and Heritage and Heritage Financial security for the Birr Scientific and present family, Financial security for the Parsons Financial security for the Trust that presides over the land over the land that presides Financial security for the Trust To further commercialise the Birr Estate with the express express the Birr Estate with the commercialise further To To create a financially viable and stable asset with long with long viable and stable asset a financially create To

9. 6. 7. 8. 4. 5. 3. 2. The following objectives have been set by the developer by the developer have been set objectives The following case: business to underpin their entire TREDIC Corporation 1. 5.0

© Copyright TREDIC Corporation 2018 28 Image © copyright Schletterer Consult GmbH Image © copyright Schletterer MICE – Meetings, Incentives, Conference, Exhibitions Incentives, Conference, MICE – Meetings, Spa sales external sales Leisure – Estate tourism charge Media Birr concession Room sales sales Food & Beverage Weddings

stage with indicative budget estimates at circa 10m Euros. 10m Euros. at circa stage with indicative budget estimates commercial feel however it makes sense to undertake We objectives. This may include for such options as diverse as outdoor as diverse as outdoor This may include for such options a planetarium and to pursuits, a shoot and golf; through and Proposals centre. a science education and media underway to evaluate already consultations are professional mixed use development, but our options for such a potential only at this nature conceptual and explorative in these are Trustee’s. Whilst consultation is underway with architects to to Whilst consultation is underway with architects Trustee’s. of it is envisaged a mixture look at master planning options, as and spa, retreat complementary to both the uses entirely heritage would be fitting. scientific well as Birr’s The strategy for the wider estate, the funding and operational the funding and operational The strategy for the wider estate, for execution, and the favoured the timeframes strategy, to be are development locations for any potential future in close consultation with the determined and will be done so 3. 4. 5. 6. 7. of which per annum are forecasted in the following financial following financial in the forecasted per annum are of which section: analysis 1. 2. The anchor tenant is the 5* retreat and spa. It generates spa. It generates and 5* retreat tenant is the The anchor amounts the specific sources, the following from revenues

CORPORATION Financing Strategy & Financial Analysis Strategy & Financial Financing

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Construction and build Construction and Refinancing Design and permitting Seed finance

Financing Strategy Financing modelling, corporate expenses such as travel & entrainment such as travel & entrainment modelling, corporate expenses and marketing and design work. Estimated capital contribution: Estimated capital contribution: developing a date on research, This capital has been spent to studies, feasibility analysis, global stakeholder network, market planning and financial concept analysis, business architectural The project is presently at stage one of financing or the ‘seed’ or the ‘seed’ at stage one of financing is presently The project largely been self-funded by the finance stage. This stage has with financing and development Parsons Family in conjunction partner TREDIC Corporation. We examine each stage here in turn: examine each stage here We Stage one: Stage one: Stage two: Stage three: Stage four: & Financial Analysis & Financial financing process: has a four stage The project 6.0

© Copyright TREDIC Corporation 2018 31 Finance Agency & Arrangement Fee - €160,000 Finance Agency & Arrangement Fee Secondary Drawdown (at six months) Secondary Drawdown €250,000 Design Architects Management €120,000 Project Legal €25,000 €50,000 practices Misc. professional €100,000 Site Preparation Landscaping & €35,000 Marketing & Communications €580,000 Euros Sub Total: +Finance Agency & Arrangement Fee Contingency (at 12 months) Contingency €265,000 Estate 125 year lease €125,000 €290,000 Euros Sub Total: +Finance Agency & Arrangement Fee €2,340,000 Euros Total 2,500,000 Euros Design and permitting Design and

is estimated to be as follows, which is anticipated will be which is anticipated will be is estimated to be as follows, an 18 month permitting drawn down and committed over period: post lease signing) Priority Drawdown (immediate The breakdown and use of the design and permitting budget and permitting budget and use of the design The breakdown Stage two: +Finance Agency & Arrangement Fee +Finance Agency & Arrangement Fee Planning, Submissions & Surveys €225,000 €225,000 Planning, Submissions & Surveys Legal €100,000 Collateral lease €75,000 €1,470,000 Euros Sub Total: Design Architects €600,000 (phased between 1&2) 1&2) €600,000 (phased between Design Architects between 1&2) practices €75,000 (phased Misc. professional between 1&2) Management €120,000 (phased Project €65,000 (phased between 1&2) Marketing & Communications Estate Master planning €75,000 Spa Design & Consultation €135,000 now required immediately and terms can be provided to all to all can be provided immediately and terms now required parties: interested Estimated capital contribution: The next stage of project financing is design and permitting. financing is design and permitting. of project The next stage and arranged by this stage will be strategized The funding for facility a short-term bridge loan through TREDIC Corporation a convertible rate and the security of against a high coupon is in case of default) This money (debt to equity debenture

© Copyright TREDIC Corporation 2018 32 A more innovative innovative A more and commercially attractive financing strategy may include financing strategy may include attractive and commercially which (Investor Immigration Programme) the selling of IPP to entirely) citizenship, largely (if not is essentially selling each. Euros in exchange for 1,000,000 Chinese Citizens The Irish Government schemes for real sanctions such for example senior that fit certain criteria, estate projects at present) the is a shortage of funding living (where jobs that create projects and (in the case of Birr) tourist To to Ireland. tourists and attract high spending foreign for IIP sales, strategy future successfully plan any potential law firm their forward TREDIC Corporation have brought Bloomsbury Mayfair in London. Bloomsbury Law from in the U.K. and they have is the largest Chinese law firm and to assist the project negotiated a deal with TREDIC see the letter of the IIP sales in China – please promote support in the appendix. Investor Immigration Programme (IIP): Programme Investor Immigration financed by IIP and the projects debt to be funded either to be funded either debt financed by IIP and the projects in London. a bond issue local Irish banks, or through through for the full responsibility TREDIC Corporation will be taking a long term Alternatively, strategy. execution and repayment up period and rolled private loan with a once year grace against the security of 5% will also considered coupon of circa a convertible debenture. 2. equity to be the projects The most likely outcome is for *48,000,000 Euros *48,000,000 Euros Construction and build Construction

TREDIC have the option to use a listed real a listed real TREDIC have the option to use a standard banking construction loan. banking construction loan. a standard estate & infrastructure exchange (the EIX) to list a project to list a project exchange (the EIX) estate & infrastructure City of London against specific bond issue in the Financial rate). This will be a fixed market driven coupon (or interest easier commensurate to banking debt, but will far quicker, through and on better terms than those that will be secured A bond: Stage three: To date, TREDIC Corporation have arranged for two have arranged for two date, TREDIC Corporation To contingency financing strategies: 1. Estimated capital contribution for associated development: for associated development: Estimated capital contribution *10,000,000 Euros to the a number of financing strategies available are There a private debt and equity and including standard project placement loan. Estimated capital contribution for hotel: Estimated capital contribution costs (which at present is not *This figure excludes 8,000,000 financing but is written into the financing required under current financing strategy, for banking contingency purposes) strategy and development appraisal The construction and build programme will commence post post will commence and build programme The construction of achieving and satisfactory conclusion design and permitting is anticipated that and building permits. It planning permission will last 24 months, and build programme the construction 30 months. opening after with a hard

margin of error in performance to be considered successful. successful. in performance to be considered margin of error At present, the retreat and spa forecast is showing a stabilised is showing a stabilised and spa forecast the retreat At present, and tax, depreciation interest, year 3 EBITDA (earnings before This is highly Euros. amortisation) of just over 6,000,000m to be require twice what we would competitive and circa the asset, leaving us a strong achieving financial stability on operation. The development appraisal is drafted under a appraisal is drafted under a operation. The development This is for valuation debt / equity model of funding. standard unlikely to utilise this we are and banking purposes only as for the development finance. The budget method of project the same. however remains health of the project at the time. the time. at health of the project appraisal and budget for Over page we show the development and the hotel forecast the hotel element of the development draft financial analysis and for the benefit of studying the construction and subsequent performance against both the capital post asset stabilisation which is likely to be in year to be in year stabilisation which is likely capital post asset a secondary through This will be refinanced four of operation. IIP sales. issue, bank financing, or secondary long term bond most and TREDIC will choose the available All options are financial time given the at the appropriate competitive finance Stage four: Stage but discussing refinancing, at this stage to be It is premature with cheaper the project plan to refinance TREDIC Corporation

© Copyright TREDIC Corporation 2018 34 0.0833 0.0833 0.0833 5,512,588 2,265,124 7,777,712 7,777,712 23.20% 5.68% 18.83% 5.38% 0.0833 0.0833 0.0833 5,512,588 2,265,124 7,777,712 7,777,712 23.20% 5.68% 18.83% 5.38% 0.0833 0.0833 0.0833 5,512,588 2,265,124 7,777,712 7,777,712 23.20% 5.68% 18.83% 5.38% DCF 5.7% 5.4% 23.2% 18.8% 27.9% 640,849 241,877 919,132 595,992 750,000 DCF 5.7% 5.4% 2,563,395 2,938,679 2,666,720 2,539,600 3,109,680 3,020,954 2,934,552 2,850,744 2,769,424 2,688,083 2,613,327 2,611,226 2,901,362 2,297,831 3,204,243 5,000,000 23.2% 18.8% 53,311,467 78,504,553 79,000,000 27.9% 5,512,588 8,019,589 3,204,243 DCF 640,849 241,877 919,132 595,992 750,000 5.7% 5.4% 56,394,971 23.2% 18.8% 2,563,395 2,938,679 2,666,720 2,539,600 3,109,680 3,020,954 2,934,552 2,850,744 2,769,424 2,688,083 2,613,327 2,611,226 2,901,362 2,297,831 3,204,243 5,000,000 27.9% 53,311,467 78,504,553 79,000,000 640,849 241,877 919,132 595,992 750,000 5,512,588 8,019,589 3,204,243 56,394,971 2,563,395 2,938,679 2,666,720 2,539,600 3,109,680 3,020,954 2,934,552 2,850,744 2,769,424 2,688,083 2,613,327 2,611,226 2,901,362 2,297,831 3,204,243 5,000,000 53,311,467 78,504,553 79,000,000 5,512,588 8,019,589 3,204,243 56,394,971 say period) GDC

total 0.9524 0.9070 0.8638 0.8227 0.7835 0.7462 0.7107 0.6763 0.6446 0.6139 say period) GDC

total total profit 0.9524 0.9070 0.8638 0.8227 0.7835 0.7462 0.7107 0.6763 0.6446 0.6139 split equity say inc. finance inc. finance inc. exc. finance exc. finance exc. period) GDC

total capital sales capital project yr 4-13 GDV mths (5/6 mths 0.9524 0.9070 0.8638 0.8227 0.7835 0.7462 0.7107 0.6763 0.6446 0.6139 split developer total profit discount factor discount split equity inc. finance inc. finance inc. exc. finance exc. finance exc. total profit capital sales capital project yr 4-13 GDV mths (5/6 mths split developer split equity inc. finance inc. finance inc. discount factor discount exc. finance exc. finance exc. total return to equity land acquired EUR at 24 24 capital sales capital project yr 4-13 GDV mths (5/6 mths split developer discount factor discount 40% NOI excludes total IRR return to equity total equitycontribution ; total return to equity land acquired EUR at 24 24 40% NOI excludes total return to equity 2,800,000 2,800,000 3,600,000 3,672,000 3,745,440 3,820,349 3,896,756 3,974,691 4,054,185 4,135,268 land acquired EUR at 24 24 total IRR return to equity total equitycontribution ; 86,840,636 40% NOI excludes 123,339,325 123,000,000 profit on cost on profit total IRR return to equity total equitycontribution ; 2,800,000 2,800,000 3,600,000 3,672,000 3,745,440 3,820,349 3,896,756 3,974,691 4,054,185 4,135,268 10 5 5.00 2 3,974,691 86,840,636 123,339,325 123,000,000 % 2,800,000 2,800,000 3,600,000 3,672,000 3,745,440 3,820,349 3,896,756 3,974,691 4,054,185 4,135,268 profit on cost on profit 10 5 5.00 2 3,974,691 profit on NDV/sale 86,840,636 123,339,325 123,000,000 4 5 6 7 8 9 profit on cost on profit % % % 10 11 12 13 10 5 5.00 2 3,974,691 profit on NDV/sale year 4 5 6 7 8 9 years % yr4 establishment yr4 % % 10 11 12 13 profit on NDV/sale 4 5 6 7 8 9 year 2,297,831 % years yr4 establishment yr4 % 10 11 12 13 21,768,922 24,187,691 45,956,613 from term discount terminal cap inflation NOI year€ 13, year years yr4 establishment yr4 2,297,831 GDC 21,768,922 24,187,691 45,956,613 from term discount terminal cap inflation NOI year€ 13, 2,297,831 GDC 21,768,922 24,187,691 45,956,613 from term discount terminal cap inflation NOI year€ 13, 0 0 0 GDC 50% DCF 0 0 0 50% DCF 0 0 0 2,303,560 2,193,800 2,686,320 2,609,690 2,533,041 2,462,597 46,558,308 61,347,316 61,000,000 50% DCF 2,303,560 2,193,800 2,686,320 2,609,690 2,533,041 2,462,597 delivery costs delivery costs delivery costs debt equity 46,558,308 61,347,316 61,000,000 2,303,560 2,193,800 2,686,320 2,609,690 2,533,041 2,462,597 delivery costs delivery costs delivery costs debt equity 46,558,308 61,347,316 61,000,000 delivery costs delivery costs delivery costs debt equity 5% 45% 50% total 6.00% 1.00% 2.00% 1.00% 0.9524 0.9070 0.8638 0.8227 0.7835 0.7462 0.7107 0.6763 0.6446 0.6139 5% 45% 50% total 6.00% 1.00% 2.00% 1.00% 5% 0.9524 0.9070 0.8638 0.8227 0.7835 0.7462 0.7107 0.6763 0.6446 0.6139 45% 50% total 6.00% 1.00% 2.00% 1.00% project yr 0-10 (at yr 3 estabilised) 3 yr (at 0.9524 0.9070 0.8638 0.8227 0.7835 0.7462 0.7107 0.6763 0.6446 0.6139 discount factor discount 0 0 0 project yr 0-10 (at yr 3 estabilised) 3 yr (at NOI discount factor discount 0 0 0 capital sales capital project yr 0-10 (at yr 3 estabilised) 3 yr (at discount factor discount NOI 0 0 0 2,800,000 2,800,000 3,600,000 3,672,000 3,745,440 3,820,349 3,896,756 capital sales capital 68,842,685 93,177,230 93,000,000 NOI capital sales capital 2,800,000 2,800,000 3,600,000 3,672,000 3,745,440 3,820,349 3,896,756 68,842,685 93,177,230 excludes 93,000,000 at yr3 split equity/development, ungeared return equity/development, split inc.finance costs months 8 5 6.00 2 3,745,440 ; 2,800,000 2,800,000 3,600,000 3,672,000 3,745,440 3,820,349 3,896,756 68,842,685 93,177,230 93,000,000 1 2 3 4 5 6 7 8 9 excludes 36 10 % at yr3 split equity/development, ungeared return equity/development, split inc.finance costs months 8 5 6.00 2 3,745,440 ; (at PC) 20% excludes year 1 2 3 4 5 6 7 8 9 at yr3 split equity/development, ungeared return equity/development, split inc.finance costs months 8 5 6.00 2 3,745,440 36 10 ; % % % (at PC) (at PC) 20% 1 2 3 4 5 6 7 8 9 year 10 36 years % occupation (at PC) (inc. finance costs) % 20% % (at PC) year % years occupation % (inc. finance costs) finance (inc. (at PC) from term discount terminal cap inflation NOI year€ 10, years occupation (inc. finance costs) from term discount terminal cap inflation NOI year€ 10, from term discount terminal cap inflation NOI year€ 10, funding arrangement fees arrangement funding fees arrangement funding funding exit fees costs funding total finance costs delivery cost total costs finance after profit development profit returns HOTEL valuation, finance costs finance rate borrowing blended initial equity requirement IIP requirement finance & development land debt total interest costs funding arrangement fees arrangement funding fees arrangement funding funding exit fees costs funding total finance costs delivery cost total costs finance after profit development profit returns HOTEL valuation, finance costs finance rate borrowing blended initial equity requirement IIP requirement finance & development land debt total interest costs funding arrangement fees arrangement funding fees arrangement funding funding exit fees costs funding total finance costs delivery cost total costs finance after profit development profit returns HOTEL valuation, finance costs finance rate borrowing blended initial equity requirement IIP requirement finance & development land debt total interest costs

7,803,663 1,010,750 250,000 1,260,750 5,000,000 270,000 5,270,000 29,847,100 5,454,619 35,301,719 7,803,663 1,010,750 250,000 1,260,750 5,000,000 270,000 5,270,000 29,847,100 5,454,619 35,301,719 0 0 0 0 0 7,803,663 1,010,750 250,000 1,260,750 5,000,000 270,000 5,270,000 29,847,100 5,454,619 35,301,719 7,500 0 0 0 0 0 50,000 12,500 50,000 48,300 30,000 20,000 40,000 200,000 250,000 250,000 500,000 250,000 760,750 250,000 250,000 150,000 100,000 800,000 500,000 179,083 298,471 160,000 138,300 0 0 0 0 0 sqft GEA sqft 1,765,086 1,588,577 2,000,000 1,000,000 5,000,000 6,000,000 4,000,000 1,659,600 3,283,181 1,193,884 7,500 60,859,964 17,287,500 50,000 12,500 50,000 48,300 30,000 20,000 40,000 7,803,663 1,260,750 5,270,000 200,000 250,000 250,000 500,000 250,000 760,750 250,000 250,000 150,000 100,000 800,000 500,000 179,083 298,471 160,000 138,300 43,105,382 48,375,382 11,223,832 60,859,964 59,599,214 35,301,719 7,500 sqft GEA sqft 1,765,086 1,588,577 2,000,000 1,000,000 5,000,000 6,000,000 4,000,000 1,659,600 3,283,181 1,193,884 50,000 12,500 50,000 48,300 30,000 20,000 40,000 60,859,964 17,287,500 200,000 250,000 250,000 500,000 250,000 760,750 250,000 250,000 150,000 100,000 800,000 500,000 179,083 298,471 160,000 7,803,663 1,260,750 5,270,000 138,300 sqft GEA sqft 43,105,382 48,375,382 11,223,832 60,859,964 59,599,214 35,301,719 1,765,086 1,588,577 2,000,000 1,000,000 5,000,000 6,000,000 4,000,000 1,659,600 3,283,181 1,193,884 60,859,964 17,287,500 7,803,663 1,260,750 5,270,000 43,105,382 48,375,382 11,223,832 60,859,964 59,599,214 35,301,719 say say say say say say say say say say say say say say say say GDV NDV say say say say say say say say say say say say say say say say GDV NDV net/gross say say say say say say say say say say say say say say say say GDV NDV net/gross LEV YP net/gross LEV YP 16.67 ≈ 90% LEV YP sqft GIA sqft 16.67 ≈ 90% sqft GIA sqft 16.67 ≈ 90% sqft GIA sqft €/sqft GEA €/sqft GEA €/sqm €/sqm €/sqm €/sqm €/sqm €/sqm €/sqm €/sqm €/sqft GEA 54 €/sqft GEA €/sqft GEA €/sqm €/sqm €/sqft GEA €/sqm €/sqm €/sqm €/sqm €/sqm €/sqm 312 350 129 255 592 430 1,345 1,614 1,076 0.60% €/sqft GEA €/sqft GEA €/sqm €/sqm €/sqft GEA €/sqm €/sqm €/sqm €/sqm €/sqm €/sqm 54 312 350 129 255 592 430 sqft NSA 1,345 1,614 1,076 54 0.60% 312 350 129 255 592 430 1,345 1,614 1,076 sqft NSA 0.60% GIY EUR ERV EUR

sqft NSA € % GIY EUR ERV EUR

24 76 € % 6.00 keys GIY EUR ERV EUR

€ % 24 76 6.00 keys 3,651,598 24 76 6.00 keys 3,651,598 €/sqft GEA €/sqft GEA €/sqft GIA months referral direct offmarket, arrangementsSPV scheme% built €/sqft GEA €/sqft GEA €/key €/sqft GIA €/sqft GIA €/sqft GIA 3,651,598 5 0 0 12 55 40 €/sqft GEA €/sqft GEA €/sqft GIA months referral direct offmarket, arrangementsSPV scheme% built €/sqft GEA €/sqft GEA €/key €/sqft GIA €/sqft GIA €/sqft GIA 125 150 100 5 0 0 1.00% 4.00% 5.00% 4.50% 2.07% 0.25% 0.15% 3.00% 1.00% 4.40% 1.25% €/sqft GEA €/sqft GEA €/sqft GIA months referral direct offmarket, arrangementsSPV scheme% built €/sqft GEA €/sqft GEA €/key €/sqft GIA €/sqft GIA €/sqft GIA 60,000 12 55 40 EUR/key 11.00%

125 150 100 € 5 0 0 12 55 40 1.00% 4.00% 5.00% 4.50% 2.07% 0.25% 0.15% 3.00% 1.00% 4.40% 1.25% 60,000 EUR/key 125 150 100 11.00%

€ 1.00% 4.00% 5.00% 4.50% 2.07% 0.25% 0.15% 3.00% 1.00% 4.40% 1.25% 60,000 EUR/key 11.00%

€ 36,516 36,516 36,516 20% excl. fees excl. 20% excl. fees excl. 20% (exc. sales costs, finance costs) finance (exc. sales costs, (exc sales & land sales (exc taxes) excl. fees excl. construction

(exc. sales costs, finance costs) finance (exc. sales costs, (exc sales & land sales (exc taxes) (exc. sales costs, finance costs) finance (exc. sales costs, construction (exc. sales costs, finance costs) finance (exc. sales costs, BCIS Elemental 4th.Ed (NRM) 4th.Ed Elemental BCIS

(exc sales & land sales (exc taxes) construction (exc. sales costs, finance costs) finance (exc. sales costs, construction

BCIS Elemental 4th.Ed (NRM) 4th.Ed Elemental BCIS construction (exc. sales costs, finance costs) finance (exc. sales costs, BCIS Elemental 4th.Ed (NRM) 4th.Ed Elemental BCIS NOI, stabilised yr3 construction NOI, stabilised yr3 NOI, stabilised yr3 Birr RoI Castle& Hotel Spa, STRICTLY CONFIDENTIAL CONFIDENTIAL STRICTLY Preliminary Development Appraisal [equity/debt model] & DCF valn. & DCF model] [equity/debt Appraisal Development Preliminary total delivery costs total costs beforedevelopment finance profit third party rights & easements & easements rights party third ancillarytotal costs development costs total ctp/entitlement professional& fees charges fees obligations/impact planning/entitlement SOE contribution hotel opening costs contribution working capital contribution ancillary costs ancillary decennial liability insurance void costs development management professional fees & insurance warranties & costs fees statutory contingency risk design construction contingencyrisk total construction costs finishes/fitFOH/BOH hotel out condo/resi out finishes/fit FF&E spa infrastructure/utilities landscaping amenities/ext construction costs costs construction pre-contract& verification facilitating works superstructures/substructure amenity structures finishes/fitrooms hotel out legal costs valuation fee agent & referralfees taxes land/transfer costs purchase total net development value value) (acquisition residual land land building/site survey interim management property costs holding void/rent allowances free total sales & void costs hotel & spa & spa hotel grossdevelopment value fees on investment exit sale sales& marketing budget spa building spa landscaping development value accommodation hotel hotel distribution cottages v.02 ed.04 v.02 Initial Analytics(abbreviated) [all figures in USD] [exc. all taxes unless otherwise stated] [subject to contract, survey, disclaimer & assumptions] [no sales tail/absorption rate all units/month] [planning obligations tbc] [without planning ] planning tbc] [without obligations [planning units/month] rate all tail/absorption sales [no & assumptions] disclaimer survey, contract, to [subject stated] otherwise USD] unless [exc. taxes in all figures [all Birr RoI Castle& Hotel Spa, STRICTLY CONFIDENTIAL CONFIDENTIAL STRICTLY Preliminary Development Appraisal [equity/debt model] & DCF valn. & DCF model] [equity/debt Appraisal Development Preliminary total delivery costs total costs beforedevelopment finance profit third party rights & easements & easements rights party third ancillarytotal costs development costs total ctp/entitlement professional& fees charges fees obligations/impact planning/entitlement SOE contribution hotel opening costs contribution working capital contribution ancillary costs ancillary decennial liability insurance void costs development management professional fees & insurance warranties & costs fees statutory contingency risk design construction contingencyrisk total construction costs finishes/fitFOH/BOH hotel out condo/resi out finishes/fit FF&E spa infrastructure/utilities landscaping amenities/ext construction costs costs construction pre-contract& verification facilitating works superstructures/substructure amenity structures finishes/fitrooms hotel out legal costs valuation fee agent & referralfees taxes land/transfer costs purchase total net development value value) (acquisition residual land land building/site survey interim management property costs holding void/rent allowances free total sales & void costs hotel & spa & spa hotel grossdevelopment value fees on investment exit sale sales& marketing budget spa building spa landscaping development value accommodation hotel hotel distribution cottages v.02 ed.04 v.02 Initial Analytics(abbreviated) [all figures in USD] [exc. all taxes unless otherwise stated] [subject to contract, survey, disclaimer & assumptions] [no sales tail/absorption rate all units/month] [planning obligations tbc] [without planning ] planning tbc] [without obligations [planning units/month] rate all tail/absorption sales [no & assumptions] disclaimer survey, contract, to [subject stated] otherwise USD] unless [exc. taxes in all figures [all Birr RoI Castle& Hotel Spa, STRICTLY CONFIDENTIAL CONFIDENTIAL STRICTLY Preliminary Development Appraisal [equity/debt model] & DCF valn. & DCF model] [equity/debt Appraisal Development Preliminary development profit before finance costs beforedevelopment finance profit total delivery costs total total ancillarytotal costs development costs total working capital contribution & easements rights party third planning/entitlement obligations/impact fees obligations/impact planning/entitlement SOE contribution hotel opening costs contribution development management ctp/entitlement professional& fees charges ancillary costs ancillary decennial liability insurance void costs construction contingencyrisk total construction costs statutory fees & costs & costs fees statutory contingency risk design amenities/ext landscaping amenities/ext professional fees & insurance warranties finishes/fit out condo/resi out finishes/fit FF&E spa infrastructure/utilities finishes/fitrooms hotel out finishes/fitFOH/BOH hotel out pre-contract& verification facilitating works superstructures/substructure amenity structures total purchase costs purchase total costs construction agent & referralfees taxes land/transfer building/site survey legal costs valuation fee land residual (acquisition value) (acquisition residual land land net development value holding costs costs holding void/rent allowances free total sales & void costs fees on investment exit sale sales& marketing budget interim management property grossdevelopment value development value & spa hotel landscaping cottages building spa accommodation hotel hotel distribution v.02 ed.04 v.02 Initial Analytics(abbreviated) [all figures in USD] [exc. all taxes unless otherwise stated] [subject to contract, survey, disclaimer & assumptions] [no sales tail/absorption rate all units/month] [planning obligations tbc] [without planning ] planning tbc] [without obligations [planning units/month] rate all tail/absorption sales [no & assumptions] disclaimer survey, contract, to [subject stated] otherwise USD] unless [exc. taxes in all figures [all

© Copyright TREDIC Corporation 2018 35 0.0% 0.0% 6.0% 2.4% 2.7% 2.5% 2.5% 0.0% 0.7% 2.0% 0.0% 1.4% 3.0% 0.0% 0.0% 0.0% 0.9% 7.0% 50.0% 75.5% 23.6% 24.6% 83.0% 38.6% 61.4% 16.2% 45.2% 38.2% 100.0% % 180828_Birr Castle_5YP 0.0 0.0 0.0 0.0 0.0 8.3 0.0 106 80.1 433.3 474.0 441.5 442.8 121.4 354.2 240.4 531.3 160.1 75.0% 38,690 29,018 1,070.9 4,174.8 3,290.6 3,463.7 6,834.4 2,862.5 8,013.7 1,247.4 6,766.3 €460.67 €345.50 13,367.4 10,876.2 17,710.6 Year 5 € 000's 0.0% 0.0% 6.1% 2.5% 2.7% 2.4% 2.5% 0.0% 0.7% 2.0% 0.0% 1.4% 3.0% 0.0% 0.0% 0.0% 0.9% 7.0% 50.0% 75.5% 23.6% 24.7% 83.2% 38.7% 61.3% 16.1% 45.2% 38.1% 100.0% % 0.0 0.0 0.0 0.0 0.0 8.1 0.0 106 78.1 423.6 463.6 422.1 432.0 118.5 345.6 234.2 518.4 156.2 75.0% 38,690 29,018 1,047.3 4,072.9 3,215.5 3,388.4 6,682.1 2,788.6 7,807.9 1,216.6 6,591.3 €449.43 €337.07 13,041.3 10,596.5 17,278.6 Year 4 € 000's 0.0% 0.0% 6.2% 2.5% 2.8% 2.5% 2.5% 0.0% 0.7% 2.0% 0.0% 1.3% 3.0% 0.0% 0.0% 0.0% 0.9% 7.1% 50.0% 76.3% 22.7% 24.9% 83.9% 38.5% 61.5% 16.6% 44.9% 37.9% 100.0% % 0.0 0.0 7.9 0.0 0.0 0.0 0.0 106 75.2 115.6 325.6 219.3 488.4 150.4 414.1 453.5 403.6 407.0 74.0% 38,690 28,631 3,694.4 3,097.9 3,100.2 1,016.6 1,148.9 6,273.3 2,694.9 7,311.3 6,162.4 €434.04 €321.19 12,426.8 16,279.4 10,006.1 Year 3 € 000's 0.8% 2.0% 0.0% 1.3% 2.0% 0.0% 0.0% 0.0% 1.0% 0.0% 0.0% 6.7% 2.8% 2.8% 2.6% 2.5% 0.0% 6.1% 76.3% 22.7% 26.1% 85.6% 50.0% 39.8% 60.2% 17.4% 42.8% 36.8% 100.0% % 0.0 0.0 5.1 0.0 0.0 0.0 0.0 106 72.4 112.8 291.8 187.4 291.8 144.7 977.4 404.9 404.7 385.9 364.8 883.8 73.0% 38,690 28,244 3,313.6 2,899.3 2,835.7 5,807.4 8,783.7 2,537.6 6,246.0 5,362.3 €393.98 €287.61 11,127.6 14,591.0 Year 2 € 000's 0.9% 2.0% 0.0% 1.2% 1.0% 0.0% 0.0% 0.0% 1.1% 0.0% 0.0% 7.5% 3.2% 2.7% 3.0% 2.5% 0.0% 5.1% 77.1% 21.8% 27.7% 89.8% 50.0% 41.5% 58.5% 18.8% 39.7% 34.6% 100.0% % 0.0 0.0 2.5 0.0 0.0 0.0 0.0 106 68.7 110.0 249.5 148.4 124.7 137.3 934.0 400.8 333.4 368.9 311.9 632.6 71.0% 38,690 27,470 2,717.5 2,668.1 2,441.6 9,617.2 2,349.1 4,947.0 5,178.4 7,296.1 4,314.3 €350.10 €248.57 12,474.5 Year 1 € 000's BIRR CASTLE (106 ROOMS) HOTEL PROJECTED CASHFLOW DAY ONE PROJECTED CASHFLOW HOTEL Property: FFE Reserve Other TOTAL FIXED COSTS EBITDA Insurance Property Tax Franchise Fee Incentive Fee Management GROSS (GOP) OPERATING PROFIT FIXED COSTS Property Operations & Maintenance (POM) Property Maintenance Operations& Utilities Fee Management Base Other TOTAL UNDISTRIBUTED EXPENSES UNDISTRIBUTED OPERATING EXPENSES OPERATING UNDISTRIBUTED General Admin & Marketing & Sales Other DEPARTMENTAL TOTAL COSTS GROSS OPERATING INCOME Rooms Beverage & Food HireRoom Leisure Leisure Other REVENUETOTAL DEPARTMENTAL EXPENSES REVENUES Rooms Beverage & Food HireRoom Average Room Rate Room Average per Available Room) (Revenue RevPar PROPERTY DETAILS PROPERTY of Bedrooms Number AvailableRooms of Number of OccupiedNumber Rooms Occupancy YEAR 29/08/2018

irish birr capital limited

7.0 The Market (Global Health & Wellness)

CORPORATION

37 © Copyright TREDIC Corporation 2018

7.0 Global Wellness Market

The global wellness sectors now represent a $3.7 trillion economy.

The wellness economy now represents more than 5% of global economic output and is almost half the size of all global health expenditures, which reached $7.6 trillion in 2014. From 2013-2015, the wellness economy grew by 10.6%, while the global economy shrank by -3.6% in U.S. dollar terms.

Global wellness market overview:

• The global wellness industry grew 10.6% from 2013-2015: from a $3.36 trillion to $3.72 trillion market. • Global wellness tourism revenues grew from $494.1 billion in 2013 to $563.2 billion in 2015 – or 14%. A growth rate more than twice as fast as overall tourism expenditures (6.9%). • World travelers made 691 million wellness trips in 2015, 104.4 million more than in 2013. • The global spa market grew from $94 billion in 2013 to $98.6 billion in 2015. • World spa locations jumped from 105,591 in 2013 to 121,595 in 2015. Since 2013, the spa industry added 16,000 spas, more than 230,000 workers (to reach 2.1 million), and $3.5 billion in revenue. • GlobalThe number ofWellness global thermal/mineral Economy springs properties Highlights grew from 26,847 (2015) in 2013 to 27,507 in 2015. These businesses earned $51 billion in 2015, up 2% (from $50 billion) from 2013. • The global workplaceSpa wellnessIndustry industry grew 6.4% from 2013-2015, from $40.7 billion to $43.3 billion.

• The global wellnessNumber real of estate Spas: 121,595market (7% was CAGR one from of the 2013-2015) fastest-growing wellness sectors from 2013-2015: growing 19% from $100 billion to $118.6 billion. Spa Revenues: $77.6 billion (2% CAGR from 2013-2015) Spa Employment: 2,150,147 (6% CAGR from 2013-2015) Global Wellness Economy Highlights (2015)

Spa Industry Wellness Tourism Spa Industry

Number of Spas: 121,595 (7% CAGR from 2013-2015) Number of Spas: 121,595 (7% CAGR from 2013-2015) Number of Wellness Trips: 691.0 million (9% CAGR from 2013-2015) Spa Revenues: $77.6 billion (2% CAGR from 2013-2015) Spa Revenues: $77.6 billion (2% CAGR from 2013-2015) Wellness Tourism Expenditures: $563.2 billion (7% CAGR from 2013-2015) Spa Employment: 2,150,147 (6% CAGR from 2013-2015) Spa Employment: 2,150,147 (6% CAGR from 2013-2015)

Wellness Tourism Thermal/Mineral Springs Wellness Tourism Number of Thermal/Mineral Springs Establishment: 27,507 (1% CAGR from 2013-2015) Number of Wellness Trips: 691.0 million (9% CAGR from 2013-2015) Number of Wellness Trips: 691.0 million (9% CAGR from 2013-2015) Thermal/Mineral Springs Estab. Revenues: $50.0 billion (1% CAGR from 2013-2015) Wellness Tourism Expenditures: $563.2 billion (7% CAGR from 2013-2015) Wellness Tourism Expenditures: $563.2 billion (7% CAGR from 2013-2015) 38 Thermal/Mineral Springs Establishment Employment: 1,386,092

Thermal/Mineral Springs Workplace Wellness Thermal/Mineral Springs Number of Thermal/Mineral Springs Establishment: 27,507 (1% CAGR from 2013-2015) Number of Workers with Access to Workplace Wellness Programs & Services: Number of Thermal/Mineral Springs Establishment: 27,507 (1% CAGR from 2013-2015) Thermal/Mineral Springs Estab. Revenues: $50.0 billion (1% CAGR from 2013-2015) 305.5 million (9.5% of employed workers) Thermal/Mineral Springs Estab. Revenues: $50.0 billion (1% CAGR from 2013-2015) Thermal/Mineral Springs Establishment Employment: 1,386,092 Expenditures on Workplace Wellness: $43.3 billion (3% CAGR from 2013-2015) Thermal/Mineral Springs Establishment Employment: 1,386,092

Workplace Wellness Wellness Real Estate Workplace Wellness Number of Workers with Access to Workplace Wellness Programs & Services: Wellness Real Estate Market: $118.6 billion (9% CAGR from 2013-2015) 305.5Number million of Workers (9.5% of with employed Access workers)to Workplace Wellness Programs & Services: 305.5 million (9.5% of employed workers) Expenditures on Workplace Wellness: $43.3 billion (3% CAGR from 2013-2015) Expenditures on Workplace Wellness: $43.3 billion (3% CAGR from 2013-2015)

Wellness Real Estate Wellness Real Estate Wellness Real Estate Market: $118.6 billion (9% CAGR from 2013-2015) Wellness Real Estate Market: $118.6 billion (9% CAGR from 2013-2015)

Global Wellness Economy Monitor - January 2017 | xv

Global Wellness Economy Monitor - January 2017 | xv Global Wellness Economy Monitor - January 2017 | xv Global Wellness Economy Chart: Economy Wellness Global

9 3.1% 11.1% 1.0% 2.5% 3.3% 6.2% 6.8% 8.9% 5.2% -1.3% 10.2% (2.3%) 2013-2015 7.5% 5.2% 4.8% 5.0% 6.0% Growth Rate** Growth Average Annual Annual Average 2015-2020 Projected Average Average Projected Annual Growth Rate Annual Growth 2015 $51.0 $43.3 $98.6 $118.6 $199.0 $647.8 $563.2 $534.3 ($77.6) $542.0 $999.0 ) over the next five years. five the next ) over 11 *$3,724.4 $55.1 2020 $64.6 $152.8 $103.9 $808.0 This trend is propelling growth in many global in many growth is propelling trend This digital media to to travel from industries, higher education. An increasing consumer interest in all things interest consumer An increasing health, maintaining and improving to related aging, a rising global epidemic by driven the negative stress, disease and of chronic degradation, health impacts of environmental Size* Market (US$ billions) (US$ than global GDP growth (projected by the IMF at the IMF at by (projected than global GDP growth 4.5% annually • Clearly, wellness drives significant consumer consumer significant drives wellness Clearly, when activities even spending and economic global health rising rapidly to compared trillion in 2014. $7.6 reached which expenditures, The two wellness sectors that have experienced experienced have that sectors wellness two The & Preventive are rates growth the fastest and Public Medicine and Health Personalized Mind-Body. and Fitness From 2013-2015, the wellness economy grew by by grew economy wellness the 2013-2015, From -3.6%. by shrank economy global the while 10.6%, - January 2017 | 5 - January 2017 Monitor Economy Global Wellness 2013 $40.7 $50.0 $94.0 $186.7 $494.1 ($74.1) $574.2 $432.7 $100.0 $446.4 $1,025.6 *$3,367.8 (US$ billions) Size Market Projected 2015 $51.0 $77.6 $43.3 $118.6 $563.2 Wellness Economy Sectors, 2013 and 2015 and 2013 Sectors, Economy Wellness Wellness Sector Growth Projections, 2015-2020 Projections, Growth Sector Wellness An emerging global middle class with rising global middle class An emerging spend on improving to disposable incomes outlook. and their future their quality of life http://www.who.int/health-accounts/ghed/en/. , Database Global Health Expenditures WHO, from: data Global health expenditures , April 2016 Edition, Edition, , April 2016 Outlook Database Economic World IMF, from: Global GDP data data and GWI’s Euromonitor, ILO, the IMF, from projections sector and industry based upon economic Institute, Global Wellness Source: model. and projection Spa Facilities Springs Thermal/Mineral Tourism Wellness Wellness Workplace Wellness Lifestyle Lifestyle Wellness Estate Real IMF, World Economic Outlook Database, April 2016 Edition. April 2016 Outlook Database, Economic World IMF, Fitness & Mind-Body Fitness Medicine & Personalized Preventive and Public Health Wellness Tourism Wellness & Alternative Complementary Medicine Beauty & Anti-Aging Nutrition, & Eating, Healthy Loss Weight Estate Real Lifestyle Wellness Spa Economy (Spa Facilities) Workplace Wellness Workplace Thermal/Mineral Springs Thermal/Mineral Economy Wellness We believe that the wellness economy will economy the wellness that believe We is that trajectory growth an upward continue disruptions and geopolitical economic to resilient the intersection it is positioned at because events including: global trends, of several • 11 Wellness sectors are positioned to grow as grow to positioned are sectors Wellness of the global economy, share an increasing and consumer demographic by propelled collective evolving as an as well trends, global wellbeing. toward consciousness and estimation sources data own Using GWI’s we track, that sectors wellness the five models for faster a rate at will all grow they that project we

*Numbers do not sum to total due to overlap in segments. overlap due to total sum to *Numbers do not Seeother major currencies. many U.S. dollar against of the appreciation by the affected were sectors many for rates growth that **Note rates. and their impact on growth fluctuations currency of additional explanation page 8 for sources. data and secondary primary research based upon extensive Institute, Global Wellness Source: 9 10 We estimate that the wellness economy has economy the wellness that estimate We 5.1% representing trillion in 2015, $3.7 to grown wellness 10 The output. of global economic important each sizable and track, we that sectors dynamic, and interrelated, right, are in its own Global Wellness The overlapping. increasingly five for original estimates develops Institute Tourism, Spa, Wellness including: sectors, wellness Wellness, Workplace Springs, Thermal/Mineral the other For Real Estate. Lifestyle and Wellness global secondary aggregate we sectors, five at arrive to sources multiple from data industry size. market estimated the http://www.imf.org/external/pubs/ft/weo/2016/01/weodata/index.aspx. | Global Wellness Institute 4 | Global Wellness propelled by demographic and consumer by demographic and consumer propelled as well as an evolving collective trends, global wellbeing. consciousness toward Wellness Sector Growth Sector Wellness 2015-2020: Projections, as to grow positioned sectors are Wellness economy, of the global share an increasing industries that enable consumers to industries that enable activities and lifestyles incorporate wellness into their daily lives. Wellness Economy Sectors: Wellness encompasses The wellness economy

© Copyright TREDIC Corporation 2018 40 $3.1 $7.7 $5.7 $4.7 2015 $77.6 $25.6 $30.8 $1.1 $2.1 $4.9 2015 $21.4 $77.6 $20.6 *$27.5 (US$ billions) (US$ billions) Revenues Spa Facility $2.7 $5.4 $8.4 $4.8 Revenues Spa Facility 2013 $74.1 $22.2 $30.5 $1.7 $4.7 $0.8 2013 $18.3 $18.8 $74.1 *$29.8 for definitions). From From definitions). Appendix A for (see 2007 since added spas” category the “hotel/resort 2013-2015, amount number of spas and greatest the largest Because of their sheer numbers, of revenues. the for account to spas continue day/club/salon revenues. of industry share greatest greatest number of new spas from 2013-2015. 2013-2015. from spas of new number greatest in 2015. revenues spa in total led Europe spa revenues, highest has the second and now the $1b threshold has surpassed while Thailand and Emirates Arab The United time. the first for 20 countries the top into moved have Hong Kong whose spa revenues and Brazil, Poland (displacing significant by reduced were dollar terms in U.S. dollar the U.S. against depreciation local currency countries). European most the case for – as was 7,171 2015 2,374 5,502 12,106 30,180 64,262 2015 2,316 121,595 4,465 38,819 10,269 37,420 28,306 121,595 Number of Spas Number of Spas Number of 2013 2,204 6,504 5,009 2013 10,459 22,076 59,339 1,544 3,889 9,007 105,591 32,451 32,190 26,510 105,591 Spa Facilities and Revenues by Type, 2013 and 2015 2013 Type, by and Revenues Spa Facilities Spa Facilities and Revenues by Region, 2013 and 2015 and 2013 Region, by Revenues and Spa Facilities Destination Spas & Destination Health Resorts Thermal/Mineral Springs Spas Medical Spas Other Spas Total Day/Club/Salon Day/Club/Salon Spas Spas Hotel/Resort Total Latin America- Latin Caribbean Middle East-North Africa Sub-Saharan Africa Europe North America Asia-Pacific Note: Revenue figures may not sum to total due to rounding. See Appendix A for descriptions of the spa categories. for descriptions rounding. See Appendix A to due total to sum not may figures Revenue Note: Institute Global Wellness Source: “Hotel/resort spas” is the fastest spas” is the fastest “Hotel/resort category. growing encompass the world spas around 121,595 The variation their forms; types and different many sometimes makes and regions countries across nomenclatures. standardize it challenging to six created have we of consistency, reasons For their growth track to of spas in order categories *Note that the decline in US$ revenues for Europe since the 2013 figures is indicative of currency depreciation against the U.S. dollar and not the against depreciation of currency is indicative figures the 2013 since Europe for the decline in US$ revenues that *Note billion in 2015. €24.9 to in 2013 billion €22.7 from grew market the European in Euros, Expressed an actual decline in the market. Institute Global Wellness Source: are majority of spas and their customers The of Asia-Pacific, markets in the key concentrated five the top In fact, and North America. Europe, Japan, China, Germany, States, (United markets 51% of global revenues, for account and France) 80% of the represent 20 markets while the top had annual 16 countries In 2015, global market. 2013, $1 billion. Since exceeding spa revenues and Japan ahead of Germany China has moved Asia leads in the number of spas, while Europe Europe while spas, of number the in leads Asia revenue. in leads countries in 210 located spas were there In 2015, to was home Asia-Pacific world. the around the and also added of spas number the largest | Global Wellness Institute 12 | Global Wellness | Global Wellness Institute 10 | Global Wellness for spa facilities around the world (the number of spas, their for spa facilities around figures and employment), followed by updated revenues, direct “spa economy” – a $98.6 billion market that for the broader as well as includes the $77.6 billion of spa facility revenues of other supporting sectors such as spa consulting, revenues education, media, and so on. and Brazilian Real. Converting the revenue data to Euros, the data to Euros, and Brazilian Real. Converting the revenue billion in 2015, as compared global spa market was worth €70.1 rate of 11.9% when to €56.0 billion in 2013, an annual growth in Euros. expressed are spa revenues detailed, updated estimates The following information presents 2015 may seem modest as compared to the increase in the to the increase 2015 may seem modest as compared is that, in order reason number of spas and employment. The figures revenue data, we report to be consistent with previous significantly against in U.S. dollars, which have appreciated of many major spa markets, including the Euro, the currencies Indian Rupee, Japanese Yen, Russian Ruble, Canadian Dollar, The GWI now estimate the number of spas at 121,595 in 2015, The GWI now estimate the number of 2.1 than and employing more earning $77.6 billion in revenues has added 16,000 million workers. Since 2013, the industry 230,000 workers, and $3.5 billion in revenues. than spas, more 2013- rate in U.S. dollars from growth The 2.3% annual revenue The Spa Economy: and dynamic is a strong, The spa economy numbers, in spas grew global economy, growing 2013 to 2015. from and employment revenues,

© Copyright TREDIC Corporation 2018 41 1 3 7 2 5 8 6 9 4 11 17 13 12 18 15 19 16 14 10 20 Rank in 2015 $1.15 $1.91 $1.91 $1.01 $1.48 $1.48 $1.46 $1.90 $1.60 $2.75 $7.09 $0.74 $5.95 $2.96 $0.79 $2.46 $0.92 $5.08 $0.68 $18.67 (US$ billions) Revenues Spa Facility 12,431 - January 2017 | 11 - January 2017 Monitor Economy Global Wellness 38,971 12,208 51,530 115,515 19,438 77,297 66,441 55,862 55,342 48,756 70,897 30,477 60,682 143,134 45,390 20,606 105,461 378,783 288,368 Spa Facility Spa Facility Employment 783 739 687 1,162 4,011 3,185 1,354 3,010 2,672 7,069 3,885 3,023 4,734 2,966 2,070 6,488 2,304 3,099 12,595 Top Twenty Spa Markets, 2015 Markets, Spa Twenty Top 24,421 Number of Spas Number of China Germany Japan Austria Italy United States United United Kingdom United France Mexico Spain Canada Arab United Emirates Hong Kong Russia South Korea India Switzerland Thailand Indonesia Australia Source: Global Wellness Institute Wellness Global Source: (displacing Poland and Brazil, whose spa revenues (displacing Poland and Brazil, whose by significant reduced in U.S. dollar terms were against the U.S. dollar depreciation local currency countries). – as was the case for most European global market. In 2015, 16 countries had annual global market. In 2015, billion. Since 2013, exceeding $1 spa revenues ahead of Germany and Japan China has moved highest spa revenues, and now has the second surpassed the $1b threshold while Thailand has The United Arab Emirates and for the first time. into the top 20 countries Hong Kong have moved The majority of spas and their customers are of spas and their The majority of Asia-Pacific, in the key markets concentrated the top five America. In fact, and North Europe, Japan, China, Germany, markets (United States, for 51% of global revenues, and France) account the 80% of represent while the top 20 markets Major Spa Markets: Major

13 (US$ billions) Expenditures 2013 $156.3 $337.8 $494.1 116.0 2015 575.0 691.0 The growing demand for wellness travel, and the travel, wellness demand for growing The and innovations investments business accelerating wellness propelled meet this demand, have to billion global industry a $563.2 into tourism tourism wellness 2013-2015, From in 2015. dollars, U.S. in annually 6.8% by grew expenditures in much higher than the 3.4% annual increase expenditures. tourism overall Travelers made 691.0 million wellness trips in 2015, trips in 2015, million wellness made 691.0 Travelers Wellness than in 2013. which is 104.4 million more trips, but 6.5% of all tourism for trips account This expenditures. tourism 15.6% of total represent spend much to tend travelers is because wellness travelers. non-wellness per trip than more (millions) Number of Trips Number of Trips 95.3 - January 2017 | 17 - January 2017 Monitor Economy Global Wellness 2013 491.2 586.5 Wellness Tourism Trips and Expenditures, 2013 and 2015 2013 and Expenditures, Trips Tourism Wellness An increasing consumer desire for all things all things for desire consumer An increasing and lifestyle; and a healthy wellness to related travel. in experiential interest A growing An emerging global middle class with rising global middle class An emerging spending, lifestyle for disposable incomes including travel; including travel; An emerging global middle class with rising disposable incomes for lifestyle spending, middle class with rising disposable An emerging global and a healthy lifestyle; to wellness related for all things consumer desire An increasing in experiential travel. interest A growing Note that the appreciation of the U.S. dollar against many major global currencies affects the calculation of market of market the calculation affects major global currencies many dollar against of the U.S. the appreciation that Note

International/Inbound Wellness Tourism Wellness International/Inbound Domestic Wellness Tourism Wellness Domestic Total Wellness Tourism Industry Tourism Wellness Total growth rates. For example, while wellness tourism expenditures grew by 6.8% annually in current U.S. dollars from dollars from U.S. 6.8% annually in current by grew expenditures tourism while wellness example, For rates. growth further explanation time period. For that annually over 16.7% was Euros to when converted rate the growth 2013-2015, see page 8. conversions, of currency 13 Source: Global Wellness Institute Global Wellness Source:

• • • In 2013, we unveiled the size of global wellness of global wellness the size unveiled we In 2013, along with the definition time, first the for tourism with associated as travel tourism of wellness or enhancing one’s the pursuit of maintaining the growth later, years Three personal wellbeing. as ever, momentum of this segment is as strong global three a position where as it occupies converge: megatrends III. WELLNESS TOURISM III. WELLNESS than faster grow to continues tourism Wellness to aspire consumers as more global tourism, this incorporate and of wellness higher levels their travels. into intention Travelers made 691.0 million wellness trips in 2015, which is 104.4 million more than in is 104.4 million more made 691.0 million wellness trips in 2015, which Travelers 15.6% of total trips, but represent trips account for 6.5% of all tourism 2013. Wellness per This is because wellness travelers tend to spend much more tourism expenditures. trip than non-wellness travelers. The growing demand for wellness travel, and the accelerating business investments and demand for wellness travel, and The growing tourism into a $563.2 billion wellness propelled innovations to meet this demand, have by 6.8% grew 2013-2015, wellness tourism expenditures global industry in 2015. From in overall tourism than the 3.4% annual increase annually in U.S. dollars, much higher expenditures. • • • Wellness tourism continues to grow faster than global tourism, as global tourism, faster than grow continues to tourism Wellness and incorporate of wellness to higher levels aspire consumers more travels. into their this intention a position as it occupies ever, as this segment is as strong momentum of The growth converge: global megatrends three where Wellness Tourism: Wellness

© Copyright TREDIC Corporation 2018 43 type of trip. Secondary Wellness Tourists Wellness Secondary A family that spends a day at a hot at spends a day that A family as part establishment springs bathing trip of a holiday who a beach resort at A vacationer visit the spa and salon a few to wants times during the trip selects who specifically A cruise tourist and spa, beauty, a ship with extensive amenities fitness who visits an eco- tourist An adventure of hiking or biking a long day spa after who gets a Thai traveler group A tour or treatment, or reflexology massage visits a hammam, as part of the tour experience A business or leisure traveler traveler or leisure A business seeks out healthy who actively and fitness food, accommodations, options during a trip in wellness experiences while taking any taking any while experiences in wellness • • • • • • Seek to maintain their wellness or participate participate or wellness their maintain to Seek trips and 67% of expenditures in 2015. However, However, in 2015. of expenditures trips and 67% has been growing tourism wellness international wellness than domestic rate a much faster at in trips and 22% growth 2013-2015: from tourism as international, for in expenditures 20% growth domestic. 17% and 11% for to compared - January 2017 | 19 - January 2017 Monitor Economy Global Wellness EXAMPLES Defining Wellness Tourists Wellness Defining Primary Wellness Tourists Primary Wellness Staying at an eco-spa or jungle spa or an eco-spa at Staying a week for resort that retreat in a yoga Participating in and meditation food includes healthy setting a natural Visiting a destination spa (such as spa (such a destination Visiting Ranch, Rancho La Puerta, Canyon Gwinganna, SHA Som, Ananda, Chiva etc.) Lanserhof, Wellness, a for a hot springs resort at Vacationing long weekend a meditation for an ashram at Staying retreat spa trip for a weekend Taking reduction and stress rejuvenation a full- for center a wellness to Traveling health checkup scale executive cruise a wellness Taking Wellness is the sole purpose or motivating or motivating is the sole purpose Wellness factor for their trip and destination choice. destination their trip and for factor • • • • • • • •

The bulk of wellness tourism is done by domestic domestic is done by tourism bulk of wellness The trips. short-haul and weekend by driven tourists, such countries, large by is dominated market This China, Japan, Germany, States, as the United internal/ large which have India, and France, Domestic in general. markets tourism domestic 83% of all wellness represented tourism wellness A tourist who seeks to A tourist whose trip or A tourist whose trip Secondary wellness tourist: participates in maintain wellness while traveling or who type of trip for wellness experiences while taking any or business. leisure Primary wellness tourist: Primary wellness motivated by wellness. destination is primarily

• segments, we estimate the portion of trips and expenditures the portion of trips and expenditures segments, we estimate both the by wellness tourists, including represented that are wellness tourism segments: primary and secondary • Primary & Secondary wellness & Secondary Primary tourists: Withineach of the international and domestic tourism

83% 67% 89% 86% Domestic Domestic Secondary Secondary (613 mil trips) (613 (575 mil trips) (575 ($376 bil expend.) ($376 ($482 bil expend.)

($563 ($563 (691 (691 Tourism 7% 16% Wellness Wellness Tourism Wellness Wellness mil trips) bil expend.)

Tourism Tourism 93% 84% (9.9 bil trips) bil (9.9 Non-Wellness Non-Wellness Non-Wellness ($3.1 tril expend.) ($3.1 Source: All wellness tourism data are estimates by Global Wellness Institute. General Institute. Global Wellness by estimates are data tourism All wellness Source: (www.euromonitor.com). International Euromonitor from data and tourism global travel RECEIPTS/EXPENDITURES Segmenting Global Wellness Tourism, 2015 Tourism, Wellness Global Segmenting ARRIVALS/TRIPS | Global Wellness Institute 20 | Global Wellness Segmenting GlobalSegmenting Tourism: Wellness

© Copyright TREDIC Corporation 2018 45 $8.3 $4.2 2015 $111.2 $30.4 $215.7 $193.4 $563.2 (US$ billions) Expenditures $7.3 $3.2 2013 $84.1 $25.9 $178.1 $195.5 $494.1 8.5 5.4 46.8 2015 186.5 193.9 691.0 249.9 (millions) currencies also accounts for the U.S. dominance in dominance U.S. the for accounts also currencies years, two past the In spending. tourism wellness of number the both in gains most the made Asia expenditures, tourism wellness and trips wellness rising a by is propelled that trend a continuing a and tourism, intra-Asia increasing class, middle in wellness. interest consumer growing Number of Trips 7.0 4.2 35.5 171.7 151.9 2013 216.2 586.5 21 | - January 2017 Monitor Economy Global Wellness by Region, 2013 and 2015 2013 Region, by Wellness Tourism Trips and Expenditures Expenditures and Trips Tourism Wellness Total Wellness Tourism Industry Tourism Wellness Total Africa Europe Asia-Pacific America-Caribbean Latin Africa Middle East-North North America primary and spending, and also include both tourism wellness and domestic international/inbound combine both figures These Note: trips. wellness secondary Institute Global Wellness Source: Europe had the most wellness trips and North and trips wellness the most had Europe while expenditures, the highest had America wellness both in most the gained Asia-Pacific 2013-2015. from expenditures and trips studies, previous in found we what to Similar number largest the for destination the is Europe tend tourists wellness Because trips. wellness of North in average trip on per more spend to wellness in lead to continues region the America, of the appreciation The expenditures. tourism and Asian European major against dollar U.S. in wellness. against major European and Asian currencies also and Asian currencies against major European wellness tourism accounts for the U.S. dominance in made the spending. In the past two years, Asia trips and most gains in both the number of wellness continuing a trend wellness tourism expenditures, by a rising middle class, increasing that is propelled consumer interest intra-Asia tourism, and a growing Europe is the destination for the largest number of is the destination for the largest number Europe tend to wellness trips because wellness tourists trip on average in North America, per spend more continues to lead in wellness tourism the region of the U.S. dollar appreciation The expenditures. Europe had the most wellness trips had the most wellness Europe had the highest and North America while Asia-Pacific gained expenditures, wellness trips and the most in both 2013-2015. from expenditures Wellness Tourism Trips Trips Tourism Wellness byand Expenditures and 2015: Region, 2013

© Copyright TREDIC Corporation 2018 46 4.1% 7.3% 7.9% 2.5% 8.5% 4.7% 8.8% 9.9% 11.7% 9.0% 4.4% 29.1% 17.0% 18.7% 21.0% 13.0% 15.0% 14.4% 10.0% 25.3% 36.7% 26.5% 26.6% 35.0% 34.4% from 2013-2015 from Average Annual Growth Rate Rate Annual Growth Average strong growth in a number of other developing of other developing in a number growth strong Vietnam, Brazil, India, Mexico, – including markets the Meanwhile, Argentina. and Indonesia, Chile, – from markets tourism wellness developed and France to Germany and States United the with grow, to – continue others among Australia, of share a as growing steadily tourism wellness trips. tourism domestic and inbound overall their - January 2017 | 23 - January 2017 Monitor Economy Global Wellness 1.7 1.2 1.3 1.5 1.5 1.8 1.8 1.6 1.6 1.4 2.7 2.2 2.2 3.2 2.3 3.3 8.3 2.6 2.4 2.4 18.1 4.9 6.0 4.0 12.6 from 2013-2015 (millions) 2013-2015 from Number of Wellness Arrivals/Trips Added Added Arrivals/Trips Wellness Number of Leading Growth Markets for Wellness Tourism Trips, 2013-2015 Trips, Tourism Wellness for Markets Growth Leading Poland Romania India France Australia Mexico Russia Chile Kingdom United Indonesia Thailand Malaysia Sweden Japan Argentina Greece Brazil Austria Spain Vietnam Canada South Korea Germany United States United China Note: These figures combine both international/inbound and domestic wellness tourism spending, and also include both primary and also include both tourism spending, and wellness and domestic international/inbound combine both figures These Note: Institute Wellness Global trips. Source: wellness secondary The developing markets in Asia-Pacific, Latin Latin in Asia-Pacific, markets developing The and Africa, East-North Middle America-Caribbean, in growth robust posted have Africa Sub-Saharan accounting years, recent trips in tourism wellness wellness in global increase the of half over for leader, growth the far by is China 2013. since trips (inbound trips wellness million 18 over adding alongside 2013-2015, from domestic) and – continue to grow, with wellness tourism steadily with wellness – continue to grow, overall inbound and of their as a share growing domestic tourism trips. 18 million wellness trips (inbound and domestic) 18 million wellness in a growth 2013-2015, alongside strong from – including number of other developing markets India, Mexico, Brazil, Vietnam, Chile, Indonesia, wellness and Argentina. Meanwhile, the developed the United States and tourism markets – from others Germany to France and Australia, among Sub-Saharan Africa have posted robust growth in growth have posted robust Sub-Saharan Africa years, accounting in recent wellness tourism trips wellness in global increase for over half of the trips since 2013. adding over leader, growth China is by far the for Wellness Tourism Tourism for Wellness 2013-2015: Trips, in Asia-Pacific, Latin The developing markets Middle East-North Africa, and America-Caribbean, Leading Growth Markets Growth Leading

© Copyright TREDIC Corporation 2018 47 Tourist Tourist Wellness Wellness Domestic Domestic Secondary Secondary $1.6 trillion 40.8 million jobs million 40.8 Wellness Tourism Tourism Wellness Tourist Tourist Primary Primary Wellness Wellness Domestic Domestic Economy-Wide Impact Economy-Wide A domestic wellness tourist tourist wellness A domestic than the spends 164% more tourist international average A domestic wellness tourist tourist wellness A domestic than the spends 164% more tourist international average Tourist Tourist Average Average Domestic Domestic Impact $1.1 trillion $1.1 22.8 million jobs Indirect & Induced & Induced Indirect $1,613 per trip in 2015, 61% more than the typical the typical than more 61% trip in 2015, per $1,613 domestic for premium The tourist. international an spending higher, is even tourists wellness typical the than more 61% 2015, trip in per $1,613 the than higher 164% trip, per $654 of average domestic for premium The tourist. international tourist. domestic typical an spending higher, is even tourists wellness the than higher 164% trip, per $654 of average tourist. domestic typical (from impacts (from and the induced businesses) we employees), sector tourism spending by impacts of global economy-wide the estimate million and 40.8 be $1.6 trillion to tourism wellness jobs in 2015. An international wellness tourist tourist wellness An international than the more spends 61% tourist international average tourist wellness An international than the more spends 61% tourist international average Tourist Tourist Wellness Wellness Secondary Secondary International International $563.2 billion $563.2 Direct Impact Direct 17.9 million jobs 17.9 Wellness Tourism Tourism Wellness Tourist Tourist Primary Primary Wellness Wellness International International Wellness Tourism Spending Premiums, 2015 Premiums, Spending Tourism Wellness 2015 Premiums, Spending Tourism Wellness Tourist Tourist Average Average International International Economic Impacts of the Wellness Tourism Industry, 2015 Industry, Tourism Impacts of the Wellness Economic $0 $0 $750 $750 $250 $250 $500 $500 Employment Wellness Tourism Tourism Wellness Expenditures $1,750 $1,750 $1,250 $1,250 $1,500 $1,500 | Global Wellness Institute | Global Wellness | Global Wellness Institute | Global Wellness $2,250 $2,250 $1,000 $1,000 Note: Numbers may not sum to total due to rounding. These figures combine both international/inbound and domestic wellness tourism wellness and domestic international/inbound combine both figures These rounding. due to total sum to not Numbers may Note: trips. wellness primary and secondary spending, and also include both Council. & Tourism Travel World from multipliers derived and tourism Travel Institute. Global Wellness Source: The economic impact of wellness tourism goes tourism impact of wellness economic The billion impact of $563.2 its direct beyond far million jobs worldwide. and 17.9 expenditures of impacts the indirect account into Taking the purchasing spending (from tourism wellness sector tourism by of goods and services Source: All wellness tourism data are estimates by Global Wellness Institute. General global travel and tourism data from Euromonitor from data and tourism global travel General Institute. Global Wellness by estimates are data tourism All wellness Source: (www.euromonitor.com). International Euromonitor from data and tourism global travel General Institute. Global Wellness by estimates are data tourism All wellness Source: (www.euromonitor.com). International Wellness tourism is a high yield sector, sector, a high yield is tourism Wellness of the economy segments many benefitting sector, a high yield is tourism Wellness impacts. economic ranging far and bringing of the economy segments many benefitting impacts. economic ranging far bringing and higher disposable have to tend tourists Wellness educated, and more be older to tend incomes, so their spending trips, longer take and typically higher disposable have to tend tourists Wellness tourist. average the than higher are patterns educated, more and be older to tend incomes, spent average on tourists wellness International spending their so trips, longer take typically and tourist. average the than higher are patterns spent average on tourists wellness International $2,000 $2,000 | Global Wellness Institute 26 | Global Wellness 24 24 wellness and sustainability-minded consumers – are – are wellness and sustainability-minded consumers In this sense, market shares. likely to see increasing tourism even the “generic” portion of wellness wellness-specific over spending can become more time. buying souvenirs). their consumers incorporate wellness into As more wellness into lifestyles, businesses that incorporate – such as wellness-branded hotels, their offerings food options, and even healthy that offer restaurants that cater to airlines and transportation companies activities, excursions, shopping, and other services. activities, excursions, shopping, and Within may expenditures each segment, some visiting a include wellness-focused activities (e.g., or tai chi spa or a hot spring, or taking a meditation may be “generic” class), while other expenditures and lodging, or (such as transportation, general food is even higher, spending an average of $654 per trip, spending an is even higher, tourist. 164% higher than the typical domestic tourists globally The $563.2 billion spent by wellness of the travel is distributed among many segments food and lodging, to from and tourism industry, Wellness tourists tend to have higher disposable tourists tend to have Wellness and educated, older and more incomes, tend to be trips, so their spending patternstypically take longer tourist. International higher than the average are average spent $1,613 per trip wellness tourists on typical international than the in 2015, 61% more wellness tourists for domestic tourist. The premium Wellness tourism is a high yield sector, sector, is a high yield tourism Wellness segments of the economy benefitting many ranging economic impacts. and bringing far Wellness Tourism Tourism Wellness Spending:

© Copyright TREDIC Corporation 2018 48 13,363 19,438 77,297 66,441 20,574 55,342 48,756 30,477 143,134 105,461 $3,149.9 $7,695.7 $4,818.4 $12,731.8 $12,185.4 Spa Employment $3,546.9 $13,012.4 $30,216.6 $15,409.3 $60,229.7 (US$ millions) Receipts/Expenditures $551.3 $635.3 $1,152.4 $1,597.3 $2,753.7 $1,903.4 $2,457.9 $1,908.6 $2,956.3 $5,948.9 (US$ millions) Spa Revenues 9.2 9.3 6.6 4.9 13.5 13.6 14.6 58.5 20.6 30.6 (millions) Number of Trips 783 768 4,011 3,185 1,354 1,209 3,010 2,672 3,023 6,488 Number of Spas Number of Top Ten Spa Industry Markets in Europe, 2015 in Europe, Markets Industry Spa Ten Top Top Ten Wellness Tourism Markets in Europe, 2015 in Europe, Markets Tourism Wellness Ten Top Turkey Italy Switzerland Spain Russia Sweden Netherlands United Kingdom United Austria Germany Kingdom United France Italy Spain Austria Russia Switzerland Poland Germany France Note: These figures combine both international/inbound and domestic wellness tourism spending, and also include both primary andtourism spending, and also include both wellness and domestic international/inbound combine both figures These Note: Institute Global Wellness trips. Source: wellness secondary Source: Global Wellness Institute Global Wellness Source: | Global Wellness Institute 46 | Global Wellness Europe: Top Ten Spa & Wellness & Wellness Spa Ten Top in Markets Industry

7.1

birr capital birr capital limited irish

© Copyright TREDIC Corporation 2018 50 7.7 6% 7.9 7.4 4.5 6.6 21% 35% 38% Share nights Average 68 A 06 H 55 3% 6% 6% 6% 5% 14 15+ % VISITORS -0% +6% +9% B 06 +13% +12% nights 21 09 12 vs. 2015 F G 09 08 02 I 02 304 11% 17% 13% 16% 20% 1,970 9–14 1,083 5,161 1,804 nights 2016 [000’s] 17 E 25 D 6–8 12 17% 32 27% 29% 28% 34% C Total 16 nights 20 *Promotable visitors are made up of holidaymakers, made up of holidaymakers, are *Promotable visitors here for and visitors visitors fair/exhibition trade conference, (ELT). English Language Training % HOLIDAYMAKERS 4–5 18% 22% 28% 20% 20% nights I 73 1–3 51% 25% 26% 2% 2% 32% 20% 226 nights LEARN ENGLISH Midlands H 6% 6% Mid Total 626 266 East 6.8 nights in 2014, 6.7 nights in 2015 to 6.6 nights in 2016. 1-3 nights). This is a a short break (51% staying for staying British holidaymakers all came for ago where 41% of British holidaymakers significant increase from 10 years areas though in other market This trend is also observed of 1-3 nights. a stay an increase in North America and Other Areas where there has also been particularly 4-5 nights. for in the proportion staying HOW LONG DID OUR HOLIDAYMAKERS STAY? DID OUR HOLIDAYMAKERS HOW LONG from the last couple of years over marginally has reduced length of stay The average with half of in the past decade considerably The popularity of short breaks has grown G 9% 8% 815 429 Border F 9% 577 946 12% East South WHERE DID OUR PROMOTABLE VISITORS* COME FROM? VISITORS* PROMOTABLE DID OUR WHERE not surprising that the it is (92%) of promotable visitors, up the majority make that holidaymakers Given (55%) of the more than half However, that of holidaymakers. a great extent to area mirrors market share by come from Mainland visitors and English Language Training visitors additional 425k promotable business (38%). share of promotable visitors greater in Mainland Europe’s marginally Europe as reflected WHITE COLLAR 57% E Mid 802 17% 12% 1,215 West HOLIDAYMAKER PROFILES HOLIDAYMAKER DE 3% 2% 2% 5% 3% D 16% 25% 1,176 1,675 West Worker Unskilled C2 C 7% 9% 8% 17% 10% 6% 37% 36% 22% 32% 20% Skilled 1,492 West 2,079 Worker South Share C1 B 61% 57% 55% 59% 48% 684 -1% 21% 14% Collar White +6% 2,133 +12% +14% +10% Ireland vs. 2015 Northern AB A 27% 32% 35% 29% 30% 263 55% 68% 1,738 5,687 1,683 1,052 3,238 4,736 Dublin [000’s] Managerial Professional West: West: Cork, Kerry South West: Tyrone Derry/Londonderry, Fermanagh, Northern Ireland: Antrim, Armagh, Down, Dublin: Dublin City & County Cavan, Border: Wexford (South), Waterford, Tipperary Kilkenny, South East: Carlow, Roscommon Mid East: Kildare, Meath, Wicklow Mayo, Galway, Westmeath. Offaly, (North) Midlands: Laois, Longford, Clare, Limerick, Tipperary Mid West: Sligo, Louth Monaghan, Donegal, Leitrim, 2016

Total [000’s] Total from other areas. The island of Ireland’s of Ireland’s The island other areas. from dependence on Britain as our main source from market for holidaymakers has reduced 48% in 2006 to 36% in 2016. AVERAGE SPEND AND LENGTH AND LENGTH SPEND AVERAGE OF STAY per overseas visitor The average spend 2016. The average was €515/£416 in was 7.6 nights and length of stay for visitors 6.6 nights. holidaymakers was HOLIDAY- WHERE DO THE FROM? MAKERS COME contribute and Britain each Mainland Europe of all holidaymakers to the island over a third A fifth of holidaymakers come from of Ireland. coming North America with the remainder Share white collar/managerial/professional (ABC1) holidaymakers holidaymakers (ABC1) white collar/managerial/professional the make-up (86%), (less so from Britain (77%)). However, has changed with a greater proportion of of these ABC1’s 27% in 2006). This (30% in 2016 vs. ago than a decade AB’s except areas main market across in all can be observed North America where the opposite is the case (27% in 2016 34% in 2006). vs. WHAT SOCIO ECONOMIC GROUP DO WHAT TO? BELONG OUR HOLIDAYMAKERS a high proportion of The island of Ireland continues to attract [000’s]

Visitors WHERE ON THE ISLAND OF IRELAND DID OUR VISITORS & HOLIDAYMAKERS STAY? THE ISLAND ON WHERE & HOLIDAYMAKERS OF IRELAND OUR VISITORS DID This 1.9 regions. included 2016, while holidaymakers in their trip in on average 1.5 regions on average included visitors Overseas and holidaymakers. visitors both 1.9 for visited was regions the average ago when 10 years from visitors among decline a reflects HOLIDAYMAKERS DID OUR WHERE COME FROM? a Britain each contribute over Mainland Europe and of to the island of Ireland. A fifth holidaymakers third of all come from North America with the remainder holidaymakers on of Ireland’s dependence The island coming from other areas. has holidaymakers for market Britain as our main source from 48% in 2006 to 36% in 2016. reduced Holidays A record 4.7 million overseas visitors came A record (46%) for a holiday in 2016, that is almost half of all visitors and generated 53% of revenue. with the 2.7m overseas This compares in 2010, when holidaymakers recorded of all holidaymakers only accounted for 39% visitors and 58% of revenue. The island of Ireland generated €5.3/£4.3 generated €5.3/£4.3 The island of Ireland additional +€446/£360 billion in 2016, an to 2015. million compared TOP MARKETS the and Germany are Britain, the US, France to the island of top four inbound markets of visitors, 70% They account for 72% Ireland. and 60% 65% of revenue of holidaymakers, of nights. GROWING FASTEST the fastest growing Britain and the US were markets in volume terms in 2016. Combined (+538k) of all they account for two-thirds additional (+834k) visitors in 2016. terms, the Netherlands (+26%), In percentage Spain (+15%), the US (+14%) and some Africa, developing markets including South year-on- greatest China and India recorded year % growth. REASONS FOR VISITING OVERSEAS REVENUE OVERSEAS (Overview) Tourism in Ireland in Ireland Tourism all visitors and 53% of all visitors and 53% revenue. A record 4.7m overseas A record visitors came for a holiday in 2016, that of is almost half (46%) (556,000 or 5.5%) overnighted on both sides of the border. of Ireland. An additional An additional of Ireland. 834,000 visitors when to 2015. compared Over half a million 2016 was a record a record 2016 was 10.3 million year with visitors overseas to the island welcomed After 6 years of After 6 years growth, consecutive 6.1

© Copyright TREDIC Corporation 2018 51 7.7 6% 7.9 7.4 4.5 6.6 21% 35% 38% Share nights Average 68 A 7.7 6% 7.9 7.4 4.5 6.6 1% 2% 5% 3% 06 0% 21% 35% 38% 9% H 55 3% 6% 6% 6% 5% 17% 15% 15% 14 14% 14% 18% 15+ 23% 58% % VISITORS Share -0% +6% +9% B nights 06 +13% +12% Other Share nights Average 21 (24%) 09 12 vs. 2015 F G Born here H 09 08 68 A 32% 12% 02 06 I H 55 3% 6% 6% 6% 5% 14 15+ % VISITORS WORLD WORLD ISLAND OF IRELAND ISLAND OF IRELAND -0% EUROPE EUROPE +6% 31% 15% 6% 19% 8% +9% B 53% 34% 06 02 304 +13% +12% 11% 11% 15% 14% +1% 17% 13% 16% 20% nights 1,970 B&B/ 9–14 1,083 5,161 +12% +15% +16% 1,804 21 +12% 09 Repeat 12 vs. 2015 nights F G vs. 2015 09 08 OVERSEAS RESIDENTS OVERSEAS 10.3m Trips IRELAND NORTHERN RESIDENTS 3.3m Trips REPUBLIC OF IRELAND RESIDENTS 9.7m Trips €5.3/£4.3bn (68%) €661/£538m (8%) €1.9/£1.5bn 02 Guesthouse 2016 [000’s] I

17 HOSTEL +9.2% B&B +8.8% E 02 304 11% 17% 93 13% 50 84 25 16% 20% 83% 69% 63% 42% 80% 1,970 8% 316 9–14 1,083 5,161 1,804 D

543 6–8 12

13% 17% 18%

14% 23% 32 27% 29% 28% 34%

nights 13% 34% -0.2% C +1.6% Total 16 2015/16 2015/16 nights 1st visit Rented 20 *Promotable visitors are made up of holidaymakers, holidaymakers, are made up of *Promotable visitors here for and visitors visitors fair/exhibition trade conference, (ELT). English Language Training

2016 £m

% HOLIDAYMAKERS +1.1% 2016 [000’s] +3.6% 17 E 25 D 6–8 12 62 17% 32 27% 116 3% 3% 29% 5% 28% 34% 3% 4% 391 104 673 Total C 68% Total 16 4–5 19% 18% 27% Misc 25% 26%

22% 28% nights 40% 20% 20% Hotel

20 +17.3% *Promotable visitors are made up of holidaymakers, holidaymakers, are made up of *Promotable visitors here for and visitors visitors fair/exhibition trade conference, (ELT). English Language Training +12.4% nights % HOLIDAYMAKERS 2016 €m

Northern Ireland Northern

+4.2% +4.6% 2014/15 2014/15

+14.5% 4–5 +4.4% I 18% 22% 28% 20% 20% 73 1–3 11% 13% 13% 15% 51% 14% 13% 21% 18% 24% 25% 36% 26% 29% 2% 2% 32% 20% 47% 35% 30% 226 nights Share nights LEARN

Friends/ Shopping ENGLISH

Relatives

Midlands +6.3% +6.3% I

1–3 51% +4.1% 25% +1.8% 26% 2% 2% 32% 20% 2013/14 2013/14 226 H 11% 11% 13% 12% 12% +7% 6% +9% 6% +8% +9% nights L E T Mid O Total 626 266 H +11% nights in 2016. in the past considerably has grown breaks The popularity of short a short all British holidaymakers staying for decade with half of 10 from This is a significant increase (51% staying 1-3 nights). break came for a stay of 41% of British holidaymakers years ago where though in other market areas is also observed 1-3 nights. This trend also has there where America and Other Areas particularly in North for 4-5 nights. staying in the proportion been an increase STAY? WHERE DO THE TOURISTS HOW LONG DID THE TOURISTS STAY? DID THE HOW LONG over the last marginally has reduced length of stay The average 6.6 nights in 2015 to nights in 2014, 6.7 6.8 years from couple of Total

East

€7.8bn/£6.3bn

LEARN

TOTAL REVENUE TOTAL +5.2% ENGLISH +4.1% WHERE DID THEY STAY? WHERE Internal vs. 2015 Midlands Transport 8% 6.8 nights in 2014, 6.7 nights in 2015 to 6.6 nights in 2016. to 6.6 nights in 2016. 2014, 6.7 nights in 2015 6.8 nights in 1-3 nights). This is a a short break (51% staying for staying British holidaymakers all came for holidaymakers ago where 41% of British 10 years significant increase from areas though in other market This trend is also observed of 1-3 nights. a stay an increase there has also been in North America and Other Areas where particularly 4-5 nights. for in the proportion staying HOW LONG DID OUR HOLIDAYMAKERS STAY? DID OUR HOLIDAYMAKERS HOW LONG from couple of years the last over marginally has reduced of stay length The average with half of in the past decade considerably breaks has grown The popularity of short %

+12.4% 6% +6.8% 6% G 7% 7% Mid Total 626 266 6% 6% 431 24 896 6% East 9% 8% 815 429 1,338 1,080

3,745 REPEAT VISIT 11%

34% 19%

30% 40% +5.7% +5.1% 2012/13 2012/13 Share Border 2016 £m

SS/Ents*

6.8 nights in 2014, 6.7 nights in 2015 to 6.6 nights in 2016. to 6.6 nights in 2016. 2014, 6.7 nights in 2015 6.8 nights in a 1-3 nights). This is short break (51% staying a for staying British holidaymakers all for came 41% of British holidaymakers ago where from 10 years significant increase areas though in other market This trend is also observed of 1-3 nights. a stay an increase there has also been in North America and Other Areas where particularly 4-5 nights. for in the proportion staying HOW LONG DID OUR HOLIDAYMAKERS STAY? HOLIDAYMAKERS DID OUR LONG HOW from couple of years the last over marginally has reduced of stay length The average of with half decade in the past considerably grown of short breaks has The popularity

+4.7% HAD OUR HOLIDAYMAKERS BEEN HERE BEFORE? BEEN HERE OUR HOLIDAYMAKERS HAD (63%) of holidaymakers almost two-thirds visit to the island of Ireland for a first It was main ago (56%). All a significantly higher proportion than a decade in 2016, this reflects of with the exception visitors, first-time an increase in these seen areas has market North America. +4.8% G 9% 8% 815 F 429 533 9% 37% 577 32% 32% 32% 34% 1,110 946 1,337 12% 1,657 East Drink 4,638 Border South Food & Food +7% +6% +9% +8% WORLD/EUROPE/ISLAND OF IRELAND REVENUE: YEAR-ON-YEAR % CHANGE WORLD/EUROPE/ISLAND OF IRELAND TOURISTS: YEAR-ON-YEAR % CHANGE +10% +12% +9% +6% +3% 0% +12% +9% +6% +3% 0% Exchange rates used to determine spending in euros varies over time, and is not equal to the exchange rate used in the Tourism Ireland Model’ used in the Tourism rate time, and is not equal to the exchange over used to determine spending in euros varies rates Exchange Economics Oxford Source: Source: Oxford Economics Oxford Source: 2016 €m 2016 €m vs. 2015 Republic of Ireland Republic 5% 9% 11% 13% 65+ 14% WHERE DID OUR PROMOTABLE VISITORS* COME FROM? VISITORS* DID OUR PROMOTABLE WHERE it is not surprising that the up the majority (92%) of promotable visitors, make that holidaymakers Given more than half (55%) of the However, that of holidaymakers. to a great extent area mirrors market share by come from Mainland visitors Language Training and English business visitors additional 425k promotable (38%). of promotable visitors greater share in Mainland Europe’s marginally Europe as reflected F WHITE COLLAR 57% 9% 577 E 946 12% 11% East 27% 27% 33% 32% 34% 33% 32% 28% Mid 802 17% 12% South 1,215 Bed & Board West HOLIDAYMAKER PROFILES HOLIDAYMAKER Share 9,001 31,288 14,652 23,349 78,290 13% 12% 19% 18% SS/Ents* — Sightseeing & Entertainment — Sightseeing SS/Ents* 15% WHERE DID OUR PROMOTABLE VISITORS* COME FROM? VISITORS* PROMOTABLE DID OUR WHERE it is not surprising that the up the majority (92%) of promotable visitors, make that holidaymakers Given half (55%) of the more than However, that of holidaymakers. to a great extent area mirrors market share by come from Mainland visitors Language Training and English business visitors additional 425k promotable (38%). of promotable visitors greater share in Mainland Europe’s marginally Europe as reflected TOURISM CONTEXT TOURISM 55–64 WHITE COLLAR 57% E 2016 [000’s] DE Mid 3% 2% 2% 5% 3% 802 D 17% 12% 1,215 West HOLIDAYMAKER PROFILES HOLIDAYMAKER +9% +6% 16% +9% Total 25% +11% 1,176 +12% 1,675 West Worker Unskilled HOW DID THEY SPEND THEIR MONEY? THEY SPEND HOW DID The overseas revenue generated on the island of Ireland reached record reached record on the island of Ireland generated revenue The overseas record This is the second breaking the 2015 record. €5.3/£4.3 billion, levels the Republic of Ireland. both Northern Ireland and for year in a row vs. 2015 11% 17% 13% 19% 17% 45–54 DE 3% 2% 2% 5% 3% D C2 C 7% 9% 8% 16% 25% 17% 481 1,176 10% 6% 1,675 West 37% Worker 36% 22% 1,212 32% 1,164 20% 1,432 Skilled 7% recorded in 2016, in recorded increase in the last 2% 4,288 8% Unskilled overseas bed overseas nights were that is a +20% 10 years.” 1,492 West 2,079 Worker South Share 13% 14% 13% 12% 15% 14% Total 14% Other “A record 78.3m 78.3m “A record 2016 £m 35–44 C2 C 7% 9% 8% 17% C1 10% 6% B 37% 36% 22% 32% 20% 61% 595 Skilled 57% 55% 59% 48% 1,492 West 2,079 684 1,773 -1% Worker South 1,501 21% 1,441 14% Share Collar White 5,311 +6% 23% 22% 26% 28% 2,133 24% 9% +12% +14% +10% 16% 18% 16% 23% Ireland 25–34 2016 €m vs. 2015 Northern Island of Ireland Island Business C1 B 61% AB 57% 55% 59% 48% A 684 -1% 21% 14% 27% Collar White 32% 35% 29% 30% +6% 17% 2,133 15% 15% 17% +12% +14% 20% +10% 263 55% 68% Total 1,738 5,687 1,683 1,052 3,238 Ireland 16–24 4,736 Dublin vs. 2015 31% 15% 14% 36% 23% [000’s] VFR* Northern Managerial Professional West: West: Cork, Kerry South West: Tyrone Derry/Londonderry, Fermanagh, Dublin: Dublin City & County Northern Ireland: Antrim, Armagh, Down, Border: Cavan, Wexford Waterford, (South), Tipperary Kilkenny, South East: Carlow, Roscommon Mid East: Kildare, Meath, Wicklow Mayo, Galway, Westmeath. Offaly, (North) Midlands: Laois, Longford, Clare, Limerick, Tipperary Mid West: Monaghan, Sligo, Louth Donegal, Leitrim, 2016 AB A

27% 32% 35% 29% 30% 3% 2% 5% 4% 4% U16 263 55% 68% 1,738 5,687 1,683 Total 1,052 3,238 4,736 Dublin € [000’s]

[000’s] Total Share white collar/managerial/professional (ABC1) holidaymakers holidaymakers (ABC1) white collar/managerial/professional the make-up (77%)).(86%), (less so from Britain However, has changed with a greater proportion of of these ABC1’s 27% in 2006). This in 2016 vs. ago (30% than a decade AB’s areas except main market across in all can be observed the opposite is the case (27% in 2016 North America where 34% in 2006). vs. The island of Ireland continues to attract a high proportion of a high proportion attract Ireland continues to The island of WHAT SOCIO ECONOMIC GROUP DO ECONOMIC GROUP SOCIO WHAT TO? BELONG OUR HOLIDAYMAKERS 70% 39% 38% 55% [000’s] 53%

Managerial

Visitors Mainland Europe and Britain each contribute over a each contribute over Mainland Europe and Britain of Ireland. A fifth of to the island holidaymakers third of all come from North America with the remainder holidaymakers on Ireland’s dependence The island of coming from other areas. has holidaymakers for market Britain as our main source in 2006 to 36% in 2016. from 48% reduced WHERE DID OUR HOLIDAYMAKERS DID OUR HOLIDAYMAKERS WHERE COME FROM? WHERE ON THE ISLAND OF IRELAND DID OUR VISITORS & HOLIDAYMAKERS STAY? ISLAND ON THE WHERE IRELAND OF & HOLIDAYMAKERS OUR VISITORS DID This 1.9 regions. included in 2016, while holidaymakers in their trip on average 1.5 regions included on average visitors Overseas and holidaymakers. both visitors 1.9 for regions visited was ago when the average from 10 years among visitors a decline reflects Professional Holidays West: West: Cork, Kerry South West: Tyrone Derry/Londonderry, Fermanagh, Dublin: Dublin City & County Northern Ireland: Antrim, Armagh, Down, Border: Cavan, Wexford Waterford, (South), Tipperary Kilkenny, South East: Carlow, Roscommon Mid East: Kildare, Meath, Wicklow Mayo, Galway, Westmeath. Offaly, (North) Midlands: Laois, Longford, Clare, Limerick, Tipperary Mid West: Monaghan, Sligo, Louth Donegal, Leitrim,

Holiday 2016 €

VFR* — Visiting friends and relatives — Visiting VFR*

Total Total is true in all market areas except in North America where just under half are just under half are except in North America where is true in all market areas 35+ years. WHAT AGE ARE THE TOURISTS? AGE ARE WHAT this 35 years of age or older, than half (55%) of all holidaymakers are More can be observed across in all main market areas except North America market areas in all main can be observed across (27% in 2016 vs. 34% in 2006). the opposite is the case where WHAT SOCIO ECONOMIC GROUP DO THE TOURISTS DO THE TOURISTS GROUP SOCIO ECONOMIC WHAT TO? BELONG of white collar/ attract a high proportion continues to The island of Ireland Britain (86%), (less so from (ABC1) holidaymakers managerial/professional greater has changed with a ABC1’s the make-up of these (77%)). However, vs. 27% in 2006). This than a decade ago (30% in 2016 of AB’s proportion Tourist profiles Tourist [000’s] Total Share white collar/managerial/professional (ABC1) holidaymakers holidaymakers (ABC1) white collar/managerial/professional the make-up so from Britain (77%)).(86%), (less However, of with a greater proportion has changed of these ABC1’s 27% in 2006). This in 2016 vs. ago (30% than a decade AB’s areas except main market across in all can be observed the opposite is the case (27% in 2016 North America where 34% in 2006). vs. WHAT SOCIO ECONOMIC GROUP DO GROUP ECONOMIC SOCIO WHAT TO? BELONG OUR HOLIDAYMAKERS of a high proportion attract Ireland continues to The island of [000’s]

Overseas visitors continue to visitors Overseas

£ 68% of spend and 70% of nights.” accounting for 44% of all trips, 44% of all for accounting of Ireland (North and South), grow in importance for the island for in importance grow Visitors WHERE DID OUR HOLIDAYMAKERS HOLIDAYMAKERS DID OUR WHERE COME FROM? a each contribute over Mainland Europe and Britain of Ireland. A fifth of to the island holidaymakers third of all come from North America with the remainder holidaymakers on Ireland’s dependence The island of coming from other areas. has holidaymakers for market Britain as our main source in 2006 to 36% in 2016. from 48% reduced Overseas visitors included on average 1.5 regions on average in their trip in 2016, while holidaymakers included 1.9 regions. This 1.9 regions. included in 2016, while holidaymakers in their trip on average 1.5 regions included on average visitors Overseas and holidaymakers. both visitors 1.9 for regions visited was ago when the average from 10 years among visitors a decline reflects WHERE ON THE ISLAND OF IRELAND DID OUR VISITORS & HOLIDAYMAKERS STAY? ON THE ISLANDWHERE OF IRELAND & HOLIDAYMAKERS DID OUR VISITORS Overseas visitors to the island of Ireland has grown by +8.8% in by to the island of Ireland has grown visitors Overseas a and Europe (+1.6%), for (+3.6%) than both the World 2016,faster and the World The island of Ireland’s share of year in a row. fourth the last 5 years. consistently over has grown Europe’s holidaymakers has arrivals (overnight) At the same time Europe’s share of World (from 54.6% in 2006 to 48.8% 10% in the past 10 years over by declined that of Europe. has outpaced in Asia and the Pacific in 2016) as growth GLOBAL TOURISM TRENDS TOURISM GLOBAL Total tourism on the island of Ireland generated €7.8/£6.3 billion in 2016. In addition to the €5.3/£4.3 billion in 2016. In addition to the €5.3/£4.3 billion €7.8/£6.3 billion tourism on the island of Ireland generated Total of the Republic residents by generated was a further €1.9/£1.5 billion visitors, overseas by generated coming from Northern Ireland residents. (€661/£538 billion) of Ireland, with the balance TOTAL TOURISM ON THE ISLAND TOURISM OF IRELAND TOTAL More than half (55%) of all holidaymakers are 35 years of age or are 35 years holidaymakers More than half (55%) of all in North America areas except market this is true in all older, where just under half are 35+ years. WHAT AGE ARE OUR HOLIDAYMAKERS? AGE WHAT Holidays

Total “ Average length of stay is inflated by those here is inflated by length of stay Average (6.6 nights), reasons other than holidaying for (7.1 nights) and visiting friends and/ relatives business reasons (6.3 nights). These ‘other’ of 28.0 nights stay an average reasons have and include those who come to learn English as language (English language training). a foreign Those travelling further tend to stay longer further tend to stay Those travelling 14.9 on average stay (other areas visitors on who stay nights compared to GB visitors 4.8 nights). This is true across all average visitor types. Quarter 3 (July-September) remains the in terms of holiday especially busiest quarter, in bednights growth Greatest volume nights. accommodation in Q3 in 2016. All recorded was with the types benefitted from this growth a slight of Hotels which recorded exception of 7.6 length of stay in Q3.The average decline but last year, nights remains unchanged since from a peak of 8.3 nights in 2010. is down A record 78.3 million overseas bednights were bednights were overseas 78.3 million A record in the in 2016, that is a +20% increase recorded last 10 years. HOW MANY NIGHTS DID THEY STAY? More than half (53%) of all overseas revenue revenue overseas More than half (53%) of all is generated on the Island of Ireland in 2016 a holiday. from those who come for from North America account Holidaymakers from that market. revenue 70% of all for HOW DOES PURPOSE PURPOSE HOW DOES OF VISIT CONTRIBUTE SPEND? TO HOW MUCH DID OUR VISITORS SPEND? VISITORS DID OUR HOW MUCH

6% 4% 4% Other 9% 17% 16% 14% 16%

Business % 19% 37% 24 46% 35% VFR* 67% 53% 35% 43% 46% Holiday 9% 17% 15% 15% 14% 14% 18% 23% 58% Currently 30 million passengers Currently passengers Capacity for 40 million air access Lots of new direct by 2023 including; Montreal, routes Hong Kong and Bejing Moscow, VFR* — Visiting friends and relatives VFR* Other Share

H overseas visitors visitors overseas a came for in 2016, holiday that is almost half (46%) of all and 53% visitors of revenue” Dublin Airport plans for Dublin Airport €1 billion+ investment • • • “A record 4.7m “A record 32% 12% Total Total 6% 8% WHY WERE OUR VISITORS HERE? OUR VISITORS WERE WHY a holiday came for visitors overseas 4.7 million A record and visitors half (46%) of all in 2016, that is almost This compares with the 2.7m 53% of revenue. generated in 2010, when recorded holidaymakers overseas and visitors 39% of all for only accounted holidaymakers 58% of revenue. Visiting Friends & Relatives (VFR) & Relatives Visiting Friends (35%) a third for trips account VFR contrast, By and nights to visitors Ireland’s overseas island of of the Northern (23%). spend all a quarter of but only (32%) visiting on those heavily more to rely continues Ireland of terms in particularly (52%), relatives and friends (60%). nights 11% 15% 14% +1% B&B/ +12% +15% +16% +12% vs. 2015 Guesthouse HOSTEL B&B ) 93 50 84 1% 3% 3% 3% 3% 2% 9% 6% 8% 316 s 17% 543 12% 13% 18% 65% 14% 23% 13% 34% Share Rented 2016 £m (000’ 2016 62 116 3% 3% 5% 3% 4% 391 104 673 19% 27% Misc 25% 26% 40% Hotel +7% +7% +9% +6% +8% +4% +9% +12% +15% +18% +10% +23% 2016 €m vs. 2015 Northern Ireland 11% 13% 13% 15% 14% 13% 61 21% 18% 27 24% 36% 29% 47% 62 69 35% 42 54 30% 135 196 358 250 Share 2016 1,389 2,133 Friends/ Shopping Relatives Northern Ireland 11% 11% 13% 12% 12% +7% +9% +8% +9% L E T O H +11% Total 7% 2% 2% 6% 6% 4% 4% 17% 15% rance and Germany are the and Germany rance 35% 42% WHERE DID THEY STAY? WHERE Internal vs. 2015 Share Transport 7% 7% 6% 6% 431 896 6% 1,338 1,080 3,745 11% 19% 30% 40% +1% Share +7% +3% +3% +5% +9% +8% +9% 2016 £m SS/Ents* +11% +15% +15% +14% Our Top Markets Our Top Britain, the US, F to the island of Ireland. They inbound markets top four 65% 70% of holidaymakers, 72% of visitors, for account 60% of nights. and of revenue As we continue to diversify into other markets, the into other markets, continue to diversify As we has been markets from these four proportion of visitors 77% for accounted of all The top four trending down. 83%. visits in 2006, while in 2003 it was Three long-haul markets, the US, Canada and Australia, the US, Canada and Australia, long-haul markets, Three markets. in our top 10 source feature Fastest Growing Growing Fastest (+15%), the US (+14%) and some developing markets markets and some developing (+15%), the US (+14%) China and India recorded Africa, including South % growth. greatest year-on-year Britain and the US were the fastest growing markets markets growing fastest the Britain and the US were for account they terms in 2016. Combined in volume additional (+834k) visitors (+538k) of all two-thirds in 2016. In percentage terms, the Netherlands (+26%), Spain terms, the Netherlands In percentage vs. 2015 After 6 years of consecutive growth, 2016 was a record a record 2016 was growth, of consecutive 6 years After to the welcomed visitors overseas year with 10.3 million when island of Ireland. An additional 834,000 visitors (556,000 or 5.5%) half a million compared to 2015. Over on both sides of the border. overnighted WHERE DO OUR VISITORS COME DO OUR VISITORS WHERE FROM? Diversifaction Long-haul 533 37% 32% 32% 32% 34% 1,110 1,337 1,657 Drink 4,638 Food & Food +7% +9% +6% +8% +10% 531 183 2016 €m 370 624 326 206 494 visitors +538,000 An Extra Extra An 2016 1,477 vs. 2015 Republic of Ireland 3,102 1,294 3,632 8,742 Republic of Ireland Republic of Britain + USA + Britain 11% 27% 27% 33% 32% 34% 33% 32% 28% Bed & Board Share 9,001 31,288 14,652 23,349 78,290 3% 2% 2% 5% 6% 6% 4% SS/Ents* — Sightseeing & Entertainment Sightseeing — SS/Ents* 13% 15% 47% 32% Share 2016 [000’s] +9% +6% +9% Total +11% +12% HOW DID THEY SPEND THEIR MONEY? The overseas revenue generated on the island of Ireland reached record on the island of Ireland reached record generated revenue The overseas record This is the second the 2015 record. breaking €5.3/£4.3 billion, levels both Northern Ireland and the Republic of Ireland. for year in a row vs. 2015 +3% +2% +6% +8% +8% +8% +4% +9% +11% +13% +15% +14% vs. 2015 481 1,212 1,164 1,432 7% recorded in 2016, recorded increase in the last 2% 4,288 8% overseas bed overseas nights were that is a +20% 10 years.” 13% 14% Total Other “A record 78.3m “A record 2016 £m 391 651 227 524 336 203 604 2016 1,366 1,569 3,282 4,863 10,319 595 1,773 1,501 1,441 5,311 9% Island of Ireland 16% 18% 16% 23% 2016 €m consecutive consecutive was 2016 growth, year a record with 10.3 million visitors overseas to the welcomed island of Ireland.” Island of Ireland 2015 Business “After 6 years of 6 years “After USA /0o* ITALY SPAIN Total

FRANCE NZ CANADA Total WHERE DO OUR VISITORS COME FROM? (000's) FROM? COME VISITORS DO OUR WHERE / GERMANY HOW MUCH DID THE VISITORS SPEND? HOW MUCH DID THE VISITORS WHERE DO THE VISITORS TO THE ISLAND OF IRELAND COME FROM? IRELAND COME ISLAND OF TO THE DO THE VISITORS WHERE 31% 15% 14% 36% 23% VFR* AUS Other Oceania

€ 70% 39% 38% 55% 53% Holiday

VFR* — Visiting friends and relatives VFR* £ Total a foreign language (English language training). language (English language training). a foreign and include those who come to learn English as reasons have an average stay of 28.0 nights stay an average reasons have business reasons (6.3 nights). These ‘other’ visiting friends and/ relatives (7.1 nights) and visiting friends and/ relatives for reasons other than holidaying (6.6 nights), reasons other than holidaying for Average length of stay is inflated by those here is inflated by length of stay Average visitor types. visitor types. average 4.8 nights). This is true across all 4.8 nights). This is true across all average nights compared to GB visitors who stay on who stay nights compared to GB visitors (other areas visitors stay on average 14.9 on average stay (other areas visitors Those travelling further tend to stay longer further tend to stay Those travelling is down from a peak of 8.3 nights in 2010. is down nights remains unchanged since last year, but last year, nights remains unchanged since decline in Q3.The average length of stay of 7.6 length of stay in Q3.The average decline exception of Hotels which recorded a slight of Hotels which recorded exception types benefitted from this growth with the types benefitted from this growth was recorded in Q3 in 2016. All accommodation accommodation in Q3 in 2016. All recorded was nights. Greatest volume growth in bednights in bednights growth Greatest volume nights. busiest quarter, especially in terms of holiday in terms of holiday especially busiest quarter, Quarter 3 (July-September) remains the last 10 years. last 10 years. recorded in 2016, that is a +20% increase in the recorded A record 78.3 million overseas bednights were bednights were overseas 78.3 million A record HOW MANY NIGHTS DID THEY STAY? More than half (53%) of all overseas revenue revenue overseas More than half (53%) of all on the Island of Ireland in 2016 is generated a holiday. from those who come for from North America account Holidaymakers from that market. revenue 70% of all for HOW DOES PURPOSE OF VISIT CONTRIBUTE SPEND? TO HOW MUCH DID OUR VISITORS SPEND? HOW MUCH DID OUR VISITORS 7.7 6% 7.9 7.4 4.5 6.6 21% 35% 38% Share nights Average 68 A 06 H 55 3% 6% 6% 6% 5% 14 15+ % VISITORS -0% +6% +9% B 06 +13% +12% nights 21 09 12 vs. 2015 F G 09 08 02 I 02 304 11% 17% 13% 16% 20% 1,970 9–14 1,083 5,161 1,804 nights 2016 [000’s] 17 E 25 D 6–8 12 17% 32 27% 29% 28% 34% C Total 16 nights 20 *Promotable visitors are made up of holidaymakers, are made up of holidaymakers, *Promotable visitors here for and visitors visitors fair/exhibition trade conference, (ELT). English Language Training % HOLIDAYMAKERS 4–5 18% 22% 28% 20% 20% nights I 73 1–3 51% 25% 26% 32% 2% 2% 20% 226 nights LEARN ENGLISH Midlands H 6% 6% Mid Total 626 266 East Titanic Experience & Titanic Hotel Belfast at Lyons Cliff (new Hotel) Yard Mount Juliet - Hunter’s Old Head Kinsale (Luxury Accommodation Masterplan under way) Galgorm Resort & Spa Hotel Belfast Merchant

• • • • • • 6.8 nights in 2014, 6.7 nights in 2015 to 6.6 nights in 2016. 1-3 nights). This is a a short break (51% staying for staying British holidaymakers all came for ago where 41% of British holidaymakers significant increase from 10 years areas though in other market This trend is also observed of 1-3 nights. a stay an increase and Other Areas where there has also been in North America particularly 4-5 nights. for in the proportion staying HOW LONG DID OUR HOLIDAYMAKERS STAY? DID OUR HOLIDAYMAKERS HOW LONG from the last couple of years over marginally has reduced length of stay The average with half of in the past decade considerably The popularity of short breaks has grown G 9% 8% 815 429 Border F 9% 577 946 12% East South WHERE DID OUR PROMOTABLE VISITORS* COME FROM? VISITORS* PROMOTABLE DID OUR WHERE it is not surprising that the up the majority (92%) of promotable visitors, make that holidaymakers Given half (55%) of the more than However, that of holidaymakers. to a great extent area mirrors market share by come from Mainland visitors and English Language Training additional 425k promotable business visitors (38%). greater share of promotable visitors in Mainland Europe’s marginally Europe as reflected WHITE COLLAR 57% E Mid 802 17% 12% 1,215 West HOLIDAYMAKER PROFILES HOLIDAYMAKER DE 3% 2% 2% 5% 3% D 16% 25% 1,176 1,675 West Worker Unskilled C2 C 7% 9% 8% 17% 10% 6% 37% 36% 22% 32% 20% Skilled 1,492 West 2,079 Worker South Share C1 B 61% 57% 55% 59% 48% 684 -1% 21% 14% Collar White +6% 2,133 +12% +14% +10% Ireland vs. 2015 Northern AB A 27% 32% 35% 29% 30% 263 55% 68% 1,738 5,687 1,683 1,052 3,238 4,736 Dublin [000’s] Managerial Professional West: West: Cork, Kerry South West: Tyrone Derry/Londonderry, Fermanagh, Dublin: Dublin City & County Northern Ireland: Antrim, Armagh, Down, Border: Cavan, Wexford Waterford, (South), Tipperary Kilkenny, South East: Carlow, Roscommon Mid East: Kildare, Meath, Wicklow Mayo, Galway, Westmeath. Offaly, (North) Midlands: Laois, Longford, Clare, Limerick, Tipperary Mid West: Monaghan, Sligo, Louth Donegal, Leitrim, 2016

Total [000’s] Total Share white collar/managerial/professional (ABC1) holidaymakers holidaymakers (ABC1) white collar/managerial/professional the make-up (86%), (less so from Britain (77%)). However, greater proportion of has changed with a of these ABC1’s 27% in 2006). This ago (30% in 2016 vs. than a decade AB’s areas except main market across in all can be observed North America where the opposite is the case (27% in 2016 34% in 2006). vs. WHAT SOCIO ECONOMIC GROUP DO WHAT TO? BELONG OUR HOLIDAYMAKERS a high proportion of The island of Ireland continues to attract [000’s]

Ballyfin Demesne Hogs Head (Hotel & Golf in Co. Kerry €100m investment) & The Dunloe (€120m+ refurbishment) Hotel Europe Shelbourne Hotel (major refurbishment) - €100m) (major refurbishment Castle Ashford €250m-€300m investment) Manor (super luxury property Adare Merrion Hotel (extension) Visitors WHERE DID OUR HOLIDAYMAKERS HOLIDAYMAKERS DID OUR WHERE COME FROM? a over Mainland Europe and Britain each contribute to the island of Ireland. A fifth of holidaymakers third of all with the remainder come from North America holidaymakers on The island of Ireland’s dependence coming from other areas. has holidaymakers for market Britain as our main source from 48% in 2006 to 36% in 2016. reduced WHERE ON THE ISLAND OF IRELAND DID OUR VISITORS & HOLIDAYMAKERS STAY? ON THE ISLANDWHERE OF IRELANDHOLIDAYMAKERS & VISITORS DID OUR This included 1.9 regions. holidaymakers in their trip in 2016, while 1.5 regions on average average included on visitors Overseas holidaymakers. and visitors both 1.9 for visited was regions the average ago when from 10 years among visitors a decline reflects Holidays

• • • • • • RECENT INVESTMENTS INTO LUXURY PROPERTIES IN IRELAND PROPERTIES LUXURY RECENT INVESTMENTS INTO • Overseas visitors included on average 1.5 regions on average in their trip in 2016, while holidaymakers included 1.9 regions. included 1.9 regions. holidaymakers trip in 2016, while on average in their average 1.5 regions visitors included on Overseas visitors and was 1.9 for both regions visited when the average 10 years ago from among visitors a decline This reflects holidaymakers. WHERE ON THE ISLAND DID THE VISITORS & HOLIDAYMAKERS STAY? HOLIDAYMAKERS VISITORS & DID THE ON THE ISLAND WHERE

© Copyright TREDIC Corporation 2018 54 BALLYFIN walled Ballyfin is comprised of a 600-acre demesne in County Laois. £700 per night Rooms circa https://www.ballyfin.com/ country houses, finest Ballyfin is one of Ireland’s grace, and to life with remarkable now restored as a luxurious hotel. The beauty of reopened the house and its park, and the stratospheric makes Ballyfin a here, of hospitality standards place. truly remarkable and successful hotels in Europe. ASHFORD CASTLE Lough Corrib and with a of On the shore islands. scattering of forested £298 per night Rooms circa http://www.ashfordcastle.com/ With setting and innate a peerless Lough Corrib Castle has long centuries-old Ashford grandeur, best hotels. been known as one of Ireland’s have imbued the property Extensive renovations it can with sufficient modern comforts to ensure stake a claim as one of the most characterful Highly rated spa destinations in Ireland destinations rated spa Highly play golf, fish or explore the great outdoors. the great play golf, fish or explore and therapies includes The menu of treatments Facilities facials, massages, scrubs and wraps. and include an indoor heated pool with waterfall thermal adjacent whirlpool tub, as well as gym, for couples. rooms suite and several treatment Rooms circa £230 per night Rooms circa https://www.aghadoeheights.com/ amid A five-star base in a spectacular setting you’ll feel at home where the lakes of Killarney, the spa, whether you’ve booked to unwind in AGHADOE HEIGHTS HOTEL & SPA AGHADOE HEIGHTS HOTEL amid A five-star base in a spectacular setting the lakes of Killarney. Competition: Competition:

© Copyright TREDIC Corporation 2018 55 LOUGH ESKE CASTLE of mature A secluded hotel boasting 40 acres in County Donegal. woodland and gardens £190 per night Rooms circa www.solishotels.com/lougheskecastle/ praise Lough Eske has been garlanded with offers – and no wonder: this five-star hotel And a marvellous service and hospitality. grounds splendid setting too: the hotel and its of beautiful Lough Eske, lie on the shores most rugged by some of Donegal’s surrounded looks out landscapes. The excellent Spa Solis modern and sleek, it’s onto the hotel gardens: infinity areas, with indoor and outdoor relaxation rooms. pool and eight treatment THE MARKER HOTEL in Dublin’s The Marker boasts a prime location south docklands. regenerating £220 per night Rooms circa http://www.themarkerhoteldublin.com/ fashionable, and smarter than Glamorous, enjoys a waterside Marker Hotel smart, Dublin’s spa and location, ritzy interiors, an impressive the Dublin bar with vistas across a rooftop spacious and inviting, are docklands. Bedrooms and service is polished. Highly rated spa destinations in Ireland destinations rated spa Highly finish, a relaxation room with beds in which to room relaxation finish, a tuck yourself up while enjoying floor-to-ceiling views of the ferns and pine forest. survey the ever-changing tides. There are are tides. There survey the ever-changing can enjoy you where rooms five treatments and the knock-out heavenly Sisley treatments thermal thermal suites consist of a 40-degree eternity pool open to the wilderness, a steam shower and knippe pool. To a tropical room, Rooms circa £290 per night Rooms circa http://www.parkkenmare.com/ Scandi-esque eco-lodge A wild grass covered ultra-modern the with a sparkling interior, which to Samas spa is a chilled spot from PARK HOTEL KENMARE PARK Kenmare, Located in the idyllic heritage town of Bay. overlooking Kenmare Competition: Competition:

© Copyright TREDIC Corporation 2018 56 INTERCONTINENTAL DUBLIN INTERCONTINENTAL prosperous A tranquil location in south Dublin’s embassy belt. £200 per night Rooms circa http://www.ihg.com/ for A handsome, friendly spot: come here style and impeccable service in spacious luxury, the a 10-minute taxi ride from surroundings choice for weekending a great It’s city centre. business couples in need of a little pampering; and travellers seeking excellent facilities; swish spa families after space and comfort. The hot tub, good gym pool, a 14-metre features herbal teas and daily with area and a relaxation rooms, plus treatment newspapers on offer; Espa is the brand of sauna and steam room. choice. created by Voya Seaweed Baths along the Seaweed Baths by Voya created miss the outdoor coast – and definitely don’t the river; seaweed bath on the deck overlooking is both therapeutic it even on a chilly Irish day, is on and luxurious. A full range of treatments offer. THE ICE HOUSE HOTEL above the Moy just north of The hotel perches handsome, historic Ballina. £129 per night Rooms circa http://www.icehousehotel.ie/ The Ice House is swish, small and delightfully an evocative it features situated. Moreover, life – for history to add to a luxurious present built to serve the was an ice store, it really Don’t Moy. bountiful salmon fishery on the river neglect the Chill spa, with its lovely products Highly rated spa destinations in Ireland destinations rated spa Highly rear enclose a pleasant half-acre quadrangle of enclose a pleasant half-acre rear Rooms are greenery. fountains and manicured beautifully appointed. and tiled in lapis lazuli-blue mosaic, this is as and tiled in lapis lazuli-blue mosaic, this relaxing. Roman as they come, and beautifully is available, with A full range of spa treatments plus a choice of Espa and Darphin products, and gym with personal trainers. steam room, Spacious and light-filled Garden Wings to the Rooms circa £300 per night Rooms circa http://www.merrionhotel.com/ swimming pool in The very lovely 18-metre Spa is especially worth Tethra The Merrion’s columns experiencing: flanked by symmetrical THE MERRION HOTEL lies in The Merrion exudes period charm and the heart of Georgian Dublin. Competition: Competition:

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birr capital birr capital limited irish

Find out more by visiting: www.trediccorporation.com Introducing: irish birr capital CORPORATION limited

Headquartered in London, TREDIC Corporation is a family owned multi-national company with primary commercial interests in the real estate and infrastructure development and investment industries.

As advisers, master developers and administrators TREDIC draw together the necessary financial and technical expertise to structure, fund and develop the most innovative and dynamic socio-economic project initiatives across:

Real Estate: mix use development; master-planned developments & communities; hospitality, hotel and resort development; residential; office and commercial; food and non- food retail & malls; student accommodation; senior & retirement living; affordable housing; industrial, logistics & warehousing; leisure & entertainment; healthcare; data canters; golf resort and polo & equestrian.

Infrastrucure: transportation, supply chain & logistics, power & energy, communities & housing development, master planning and city build, healthcare, & education, hotel and leisure, water & sanitation, irrigation & agriculture, waste & waste management, technology and digital communications and sustainability & natural resources.

TREDIC Corporation is the brand through which we operate and manage a global network of special purpose vehicles, joint ventures and equity partnerships, often separate legal entities, some TREDIC branded, some non TREDIC branded, in individual countries and geographic regions.

www.trediccorporation.com 59 © Copyright TREDIC Corporation 2018

Find out more by visiting: www.trediccorporation.com

CORPORATION

We are both a development and investment principle and a trusted adviser to both the domestic and international Public & Private Sectors, including Governments, Municipalities, Corporations, Multi- Lateral Development Banks, Commercial and Investment Banks and Corporations; as well as to some of the largest and most strategically important and sensitive global project initiatives.

By volume and projects under management TREDIC are one of the most decorated privately owned infrastructure and real estate firms in the world and one of the foremost global advisory businesses specialising in major Public and Private Sector project finance, including PFI, PPP, BOT, and BOOT, BOOM, BOOM+D and standard public/private debt and equity. When developing as promoter or principle, our typical modus operandi is to seed finance and originate deal flow and then place the debt and equity through our network of partners and clients, prior to turnkey managing, operating and eventually exiting the completed investment.

In short, we structure, finance, develop & broker major real estate, infrastructure, and land & natural resource transactions and are experts in managing specific aspects of, or the full project development & funding process.

For the Birr Castle Retreat and Spa project we plan to finance through Hold.Co. at TREDIC Corporation in London, but to develop through an Irish registered Special Purpose Vehicle, under a 75% majority share to the Parsons Family and an 25% minority share to TREDIC Corporation. At present Irish Birr Capital Ltd has been registered for this purpose and may serve as the vehicle through which we progress the project. Taxation advice on relevant structures will be sought immediately following planning application and prior to the commencement of construction and build.

irish birr capital limited

Contained herewith are the preferred operating partners but the developer retains the right to 9.0 The Hotel Operator change either the hotel and/or spa operator in line Bespoke Hotels with their business plan and financing model

CORPORATION

61 – Bespoke unveils its first new build property, The Bermondsey Square Hotel, which opens in London London in opens which Hotel, Square Bermondsey The property, build new first its unveils Bespoke – - Hotel Gotham secures 15 independent Industry Awards, while Bespoke secures contracts to - Bespoke secures sites for second Hotel Gotham and new Hotel Brooklyn concept, as well as re- – The group continued to expand, acquiring Bath’s Combe Grove Manor Hotel and Hawkwell House, House, Hawkwell and Hotel Manor Grove Combe Bath’s acquiring expand, to continued group The – Home House acquired. Square’s into London, with Portman its first venture – Bespoke makes institutional of numbers increasing by approached is Bespoke UK, the hits recession economic As – first– overseas International expansion begins, with Jakes Resort in Jamaica becoming the group’s – Bespoke announces its most significant acquisition to date, with 34 properties fromthe Oxford sees which GB, Hotel series, reality Four Channel primetime host to chosen is Square –Bermondsey – Bespoke partners with Topland to assist with the acquisition of the Menzies Hotels portfolio, properties flagship welcoming alongside Dubai, and India both in hotels and offices opens Bespoke – – Bespoke Hotels is founded by Haydn Fentum and Robin Sheppard, with its inaugural property in the shape of The Chester Grosvenor and Manchester’s Hotel Gotham. Hotel Manchester’s and in the shape of The Chester Grosvenor 2016 Capital. alongside Criterion develop 8 London properties 2017 Horse following £4 million investment. famed White opening Surrey’s 2002 the next year. Arms followed by The Lygon 2004 2007 of in 2007 on behalf 15 new hotels join the group with invitations to oversee assets. owners and banks following year. with a further 9 on behalf of RBS the Mountain Capital, 2009 Bridge. 2010 property. 2011 joining its swelling ranks. Hotel Group 2012 the business. the UK compete to successfully run across from public figures 2013 of Bespoke merged together under the umbrella which are groups, followed by the Feathers and Hallmark operations. 2015 Company Timeline: Company 2000 Marwell Hotel. by the Hampshire’s followed closely near Stratford-Upon-Avon, Manor, being Billesley .com spokehotels be your hotel fit a pre-determined template or brand. there is no typical Bespoke Hotel. Each is is no typical Bespoke Hotel. Each is there individual and we celebrate the difference. pride ourselves on our diverse portfolio We and a unique, individualised management approach and to hospitality. We don’t do one-size-fits-all contracts or try make to Formed in 2000, Bespoke Hotels has grown grown Formed in 2000, Bespoke Hotels has worldwide, and now properties to represent stands as one of the Largest Independent from Ranging world. the in Groups Hotel specialist golfing hotels, award-winning to spa resorts and chic city-centre properties, Introduction and corporate Introduction Profile: www. Bespoke Hotels

Ascot for the Hilton Group. He subsequently Design Council, with the aim of turning became a Regional Operations Director with hotel bedrooms and public areas into less- Forte Hotels, turning the Bath Spa Hotel into functional and hospitalised spaces, seeking a shining star and winning recognition as to inject delight and surprise. In recognition British Hotel of the Year in 1995. of this, in 2017 he was named “Hotel Sector Champion” by the Minister for Disabled In 2000, he co-founded Bespoke Hotels People and the Government’s Office for which has subsequently grown into the Disability Issues. UK’s largest independent hotel group and now boasts over 170 properties spanning Track record: the length and breadth of the country and overseas. Since founding Bespoke, Robin • $1.5 billion of assets under management Robin Sheppard BA Hons and the team have overseen yet more or marketed awards, winning the ‘Newcomer of the Year’ TREDIC Corporation Advisory Board award for Bermondsey Square in 2009 and • Over 14,000 rooms worldwide Irish Birr Capital Ltd Advisory Board he was the driving force behind the multi- Founder, Chairman - Bespoke Hotels award-winning five star Hotel Gotham • Over 90 UK hotels in Manchester, which has picked up 17 • Over 40 cities across the world, across industry awards since its launch in 2015. four continents

Biography: Although an hotelier at heart, Robin enjoyed • 9,000 employees worldwide a brief detour into the world of design in Robin is the Founder Chairman of Bespoke 1988 when he created the Tynant Water • 3 million regular guests Hotels: [www.bespokehotels.com] a Company, which continues to ship large TREDIC Board Adviser and the operating quantities of its handsome blue bottles partner for our SPV, “Irish Birr Capital Ltd” around the world. Inspired by this success the development vehicle behind the Birr he continues to run a soft drinks business to Castle Retreat and Spa. this day, and produces own-label soft drinks for a number of high street notables like Pret Robin has over 40 years’ experience in a Manger, Holland & Barrett and Leon. hospitality, along with 4 ‘Hotel of the Year’ awards and many prizes along the way, Robin was recently presented with the including Egon Ronay’s ‘Hotelier of the ‘Outstanding Contribution to the Hospitality Year’ and the ‘Queen’s Award to Industry Industry’ award at the Hotel Cateys in for Export Achievement’. First training with 2016, as well as being named Chairman British Transport Hotels, including The Old of the Institute of Hospitality in 2018. He Course in St Andrews, Robin first became has also worked tirelessly to promote a General Manager at the historic house accessibility within the tourism and the hotel, Bodysgallen Hall, before moving on to hospitality industries, launching the Bespoke the Lygon Arms and the Royal Berkshire in Access Awards, alongside RIBA and the

63 CORPORATION

Schletterer Consult and Founder Heinz Schletterer Consult and Founder Schletterer The Spa Operator

9.1

birr capital birr capital limited irish

the entire process, including hotel/resort USPs planning, spa planning, interior design, engineering, feasibility, construction Unique, authentic hotel, spa and health and turnkey realisation. This guarantees solutions that are profitable and sustainable. maximum efficiency at optimal costs for The focus is on individual clients and projects. projects of all sizes. Cultural understanding and a strong service orientation are characteristics of Schletterer’s Additional services: approach to international customers. • Strategic project development: strategic How many spas do you and market analyses; project evaluation; business vision; and feasibility/profit and supply? Heinz Schletterer loss studies. Over 2,000 projects – representing 2.8 Founder, and CEO - Schletterer • Consulting: expert consultation; strate- million sq m of spa space – completed Consult GmbH gic spa concept; and architectural master concept. worldwide. Irish Birr Capital Ltd Advisory Board • Architecture and design: new construction – conversion, expansion, renova- Top clients tion; hotel and spa architecture and interior design. Major hotel chains/investment groups: • Planning: spa interior design; strate- Hilton, Sheraton, Kempinski, Mövenpick, gic spa concepts; equipment planning; Four Seasons. Operators of city and M&E detailed planning; position plan- resort hotels: Hotel Sacher Vienna, SPA ning; creation of energy, light and colour & Golf Resort Andreus, Mohr Life Resort, www.schlettererconsult.com concepts and systems. Center Parcs UK. Health centers/spas: • Realisation/construction: project man- Medical & Beauty 1st Vienna Day SPA, First agement; construction management; BioDentSPA Düsseldorf. Background: general contractor; turnkey realisation at fixed costs. Where in the world? • Audit: operational spa audit; technical Schletterer was founded in the late 1980s by spa audit; energy efficiency analysis; Headquartered in the Austrian Tirol, founder, owner and CEO Heinz Schletterer. energy and costsaving strategies. Schletterer has representatives/consulting • Management: medical spa operation; offices in Dubai, Switzerland, Egypt, Russia, Schletterer is one of only a few companies health resort operation; spa manage- Spain, Croatia, UK, France, Hong Kong and worldwide that covers all parts of the spa ment services. Malaysia. business, from project development and • Education & training: training of medical consulting, to architecture and design, spa therapists; staff training technology/ realisation and management. The company maintenance; hands-on spa equipment works across the spa, medical spa, hotel training for technical staff, managers and destination sectors. Schletterer covers and therapists.

65 CORPORATION

The Executive Team Board Team The Executive

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birr capital birr capital limited irish

Mandarin and French, Lord Oxmantown at the time. China Jones Lang Wootton. is also the Founder Director of Irish Birr Research & Consultancy. Managed feasibility Capital Ltd, the designate SPV established studies and advised UHNW Chinese clients to develop and invest further into the Birr on their real estate investment strategies. Estate over the coming generation, including Provided and updated investment and the development of Ireland’s leading spa, market growth models. China Capital Steel health and wellness retreat. A project in Hong Kong, Eastlake Villas. Asset managed which TREDIC are an early stage investor, a team to bring the completed part of the shareholder and the development manager. project from as low as 30% up to 95% as Lord Oxmantown sits on TREDIC’s Board well as worked with the architects to position for China, including StarCore Nuclear and the 2nd phase of the development. China for the export of TREDIC China relationships Guohua Real Estate, China Central Place. internationally, including USA. Developed, positioned and marketed a 1 Lord Oxmantown million sm mixed use project. Comprising of Laurence Patrick Parsons Experience & track record: a Ritz Carlton, JW Marriott, 200,000 of high Director & Equity Partner - Irish Birr end and luxury retail with three office towers Capital Ltd Over 5 Bn USD accumulative real estate rented out to the top 100 fortune 500 global development, strategy, investment and companies. China Taihe Real Estate Group, marketing experience in the US, Europe and Forest Hills Villas. Developed, positioned Asia. Including USA Property Acquisition and marketed 155 villas in one of Chinas and Construction, IAM Properties, New top most expensive villa projects. China York. Managed numerous multifamily Taihe Real Estate Group, Four Seasons. Biography: developments through the development Developed, positioned and marketed a process as well as organized market studies 250,000 sm mixed complex comprising of Lord Oxmantown is a projects and SPV and feasibility reports for potential new a Four Seasons Hotel, Apartments, Office equity partner, and the future 8th Earl of locations for development. and Retail. China Zhongpu Real Estate, Joy Rosse. He has both British and Irish Heritage City. Developed, positioned and marketed a and is the next generation of the magnificent Some select geographic experience 200,000 sm mixed development, comprising Birr Castle Estate in Ireland. The son of includes: Ireland Developed, refinanced, of a 100,000 sm of retail, a four star hotel the 7th Earl of Rosse, a United Nations packaged and marketed 40 residential and and an office building. China Horizon Real Diplomat, Lord Oxmantown is an extensively commercial properties in and around the Estate Group Developed a pipeline of 1 well-travelled multi-linguist. He was privately town of Birr. Supervised a team and worked Billion investment opportunities in 1st and educated in Switzerland and has a 25 year closely with bankers, lawyers and realtors. 2nd tier cities. Packaged and presented professional career in international real estate France Advised international high net worth opportunities to international and domestic development, investment and advisory investors on commercial and residential real investors. China OPC International Built with organizations such as Jones Lang La estate investments throughout France. Total up a Real Estate service company serving Salle and Battersea Power Station. He has sales amounted to US$30 million. Hong Kong Chinese developers and both domestic particular strength in China where his family / China Was a founding Partner in creating a as well as international investors. Advising have long-standing connections dating back $50 million Heilongjiang provincial fund that developers on their business strategies and 100 years. A multi linguist, speaking both was one of the first provincial funds in China project planning, positioning, marketing as

Birr Castle Retreat and Spa concept renderings © copyright Schletterer Consult GmbH well as project finance as well as investors on their investments. UK Battersea Power Station Development Co Ltd. Developed a Birr Castle Retreat & Spa Chinese marketing strategy, platform and SPV Partner built channels throughout China successfully selling 30 mil capital value over 2 years. Ireland Irish Birr Capital Developments Ltd. Developing and positioning a 170 room Spa retreat resort at the world renown Birr Castle Demesne in the heart of Ireland. www. birrcastle.com

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The Americas, Russia & CIS, Asia & St. Lucia ($500m USD master plan & resort), Australasia. There has been a strong focus Germany ($80m residential & marina), on major Public and Private Sector project Mexico ($150m USD resort development), finance and capital build projects, including Bahamas ($400m USD resort development), PFI, PPP, BOT, and BOOT, BOOM, BOOM+D Maldives ($350m USD resort). Israel ($250m and standard public/private debt and equity, USD commercial mix use), Morocco ($90m across transportation, supply chain & USD hotel & residences), Russia ($90m logistics, power & energy, communities & USD commercial office), UK ($150m USD housing development, master planning and portfolio management), UK & Saudi ($300m city build, healthcare, & education, water & USD hotel), Dubai ($120m USD leisure), sanitation, irrigation & agriculture, waste & Spain ($60m golf masterplan), Kurdistan waste management, technology and digital ($250m USD media park). Jason Harris communications and sustainability & natural resources. BA Hons MSc MRICS Founder, Chairman and CEO Experience & track record: TREDIC Corporation Director and Equity Partner Irish Over $10bn USD accumulative real Birr Capital Ltd estate development, investment, asset management & advisory in experience in the UK, EMEA, The Americas, Russia & CIS, Asia & Australasia; including: USA ($850m USD Hotel & Yacht Club, $225m Biography: USD Mixed use development, $125m USD Hotel Development). Latvia ($65m USD Jason is a British National, a Director of Hotel development) Malta ($130m USD his Family Office Trust and the Chairman commercial mix use development, $500m and CEO of TREDIC Corporation www. USD urban regeneration). Angola ($200m trediccorporation.com including a number USD Commercial mix use development). UK of subsidiary associated businesses, joint ($50m USD hotel developments, $200m USD venture partnerships and special purpose mixed use development, $30m residential). vehicles as well as TREDIC Capital Partners, Australia ($350m USD airport advisory), a traditional merchant banking financial Riga ($110m USD airport advisory), St. advisory and asset management business. Lucia (airport & road advisory), UK (<$10bn Primarily an infrastructure & real estate USD road & rail advisory), UK ($110m USD professional and with corporate experience airport advisory), Libya & South Africa with the likes of Scotfield Group, Knight Frank ($1.3bn USD stadium advisory), and Egypt and Hines, Jason has 20 years structuring, ($75m USD education advisory). Canada funding, development, operational and ($550m USD StarCore Nuclear). Istanbul, execution experience spanning UK, EMEA, Turkey ($160m USD commercial mix use),

Forest in 1989, Longleat Forest in 1994 and Castle Spa Retreat, working with acclaimed led the site negotiations for Whinfell Forest designer, Heinz Schletterer. He conducted and Woburn, the fifth and last Center Parcs, the sector analysis, market analysis and the in the UK. He was Executive Board Member in-depth competitive analysis research on of Center Parcs NV and Chairman of Center the project. In 2017, he became Northern Parcs International Marketing Board. He Powerhouse Developments Chairman of introduced the successful Aqua Sana Leisure, leading the development of the Afan Spa concept, to all the UK Center Parcs. Valley Adventure Resort, an active lifestyle In 2000, following the decision by then resort, in South Wales, with the project owners, Scottish and Newcastle, to divest of having been recently submitted for Outline their leisure operations throughout Europe, Planning. having led the sale of Center Parcs to Deutche Bank, he decided to set up his own With 30 years at the forefront of leisure Peter Moore OBE leisure consultancy, Brightaspect Leisure. and tourism strategy, Peter is considered one of the most influential figures in British Director and Equity Partner Irish From 1997 to 2003, he served 2 terms as leisure and tourism. He has shaped and Birr Capital Ltd Board Member of VisitEngland, during which delivered much of the UK’s leisure success time he Chaired the Resort Regeneration stories, bringing a rare mix of development, Task Force, delivering the ‘Sea Changes’ operational and marketing experience to Report. From 1999 to 2001 he was a Board businesses and projects. He has been Biography: Member of the East Midlands Development advisor to both Labour and Conservative Agency. From 2002 until 2004, he was government departments, a member of Peter Moore OBE is a projects and SPV Chairman of Blackpool Council’s Resort the CBI Tourism Advisory Task force. His equity partner of Irish descent. He came to Regeneration Task Force, which delivered consultancy work includes visitor destination England in 1982, to take up the new role the regeneration strategy the Council is still design and development; spa design; and of Marketing Director of Alton Towers, to currently implementing. The development resort strategy and design, both in the UK reposition the historic leisure attraction, as team included the Jon Jerde Partnership. and abroad. a major day visitor destination. By 1986, Alton Towers was ranked 5th in the world In 2004, he became Chairman of Chill In 1997, he received the OBE for Services league of Theme parks, with visitor numbers Factor, the real-snow, indoor ski village at to Leisure and Tourism. He has a BA from in excess of 2.5 million. In 1986, initially Trafford, Manchester, particularly focusing Queen’s University, Belfast and an MSc as Director of Sales and Marketing, he on the design and communications strategy, from Loughborough University, England. launched the international expansion of the launching the business in 2007, remaining Peter serves as TREDIC’s lead on all hotel, then Dutch owner, Center Parcs, launching as Chairman until 2010. In 2010, he began hospitality, health and wellness projects. the new all-year-round concept with Center to develop ‘Visions of China’, a visitor Parcs Sherwood Forest, in 1987. It launched destination based on a Chinese Cultural Experience & track record: at 100% occupancy.In 1989, he became Theme Park of international status, of which Chief Executive of Center Parcs UK and was he is now Chief Executive.In 2016, he joined Key Achievements: to spearhead the successful development of TREDIC and Lord Oxmantown, as an equity the concept throughout the UK, with Elveden partner, to lead the development of the Birr • Role at Alton Towers in 1982, was

originally to focus on developing the of the built and natural environment – a • Peter has continued to strive for communications strategy for the theme fundamental of the concept – and of guest excellence in his career after the sale of park which was aiming to reposition itself service were considered vital to success Center Parcs. As Chairman of Blackpool’s as a new, modern, day visitor destination in this sector and great emphasis was Regeneration Masterplan Task Force, he which would have national appeal. This placed on employee selection, training stressed the need for change if the resort rapidly broadened to bringing a much and development. was to survive in the demanding 21st more consumer-driven approach to • Unrivalled occupancy figures and century leisure market. determining the optimum mix of offer and levels of guest satisfaction saw rapid • The quest for the outstanding guest to more professionally determining the development, even in the face of the experience was brought to his design carrying capacities and customer flows 1990-1994 recession. The success approach at the Chill Factore indoor ski within the Park. of the concept saw Center Parcs UK, village in Manchester where the skier and • Following Disney’s strategy, Peter initiated driven by Moore’s search for excellence, the spectator share the same ambiance a new programme to create distinctly gain virtually every award for outstanding of the alpine resort, another project themed ‘worlds’, each with their own mix tourism destination and environmental recognised for its outstanding product of attractions, retail and food offer. New sensitivity. quality and guest service standards. car parking facilities and people moving • The English Tourism Council said of • In 2012 he embarked on the development systems were introduced, carrying guests Center Parcs on its tenth anniversary: strategy of ‘Visions of China’, a cultural to a major new point of arrival which in • ‘Ten Years ago The English Tourist day visitor destination, a project he turn led into a dramatic street scene and Board awarded Center Parcs its largest believes is completely in tune with on to the separate micro destinations. ever grant of £10 million and hailed the VisitEngland’s key objective of delivering Satisfaction with the improved offer company’s arrival in Britain as the biggest Visitor Destinations of Distinctiveness allowed the communications strategy to innovation in British tourism since the and its theme is perfectly aligned to target audiences nationally, and by 1986, War. Ten years later, Center Parcs has the emergence of China as a major all regional TV regions were used to drive met all our expectations. In terms of economic engine and influential political the 2.3 million visitors (from the 1.6m in product quality, environmental sensitivity powerhouse. 1982) now coming to Alton Towers. and seasonality, it stands as a benchmark • In early 2016, he joined TREDIC and • In 1986, following Alton’s successful of best practice’. Lord Oxmantown, as an equity partner, and sustaining repositioning strategy, • In terms of demonstrating sensitivity to to help develop the Birr Castle Hotel Peter joined a fledgling UK Center Parcs integrating within its natural environment, and Spa Retreat. In this project, Peter organisation, to launch as Director of English Nature said of Center Parcs: brings his extensive experience in the Sales and Marketing, the totally new • ‘Center Parcs’ overall record of Spa and Wellbeing sector and the concept of an all-year-round, 365 day, environmental care is impressive. What delivery of Resort and Visitor Destination short break holiday experience into the is more impressive is the company’s experiences. UK market. response to any new suggestions to • In January 2017, he joined the board of • Before the first Holiday Village opened, he improve the environmental quality of their Northern Powerhouse Developments, persuaded the Dutch Board of the need Villages’ as Chairman of its Leisure Division, to broaden the product mix and raise the • In their tenth anniversary of the England developing the UK’s first Active Lifestyle quality of the overall offer, to meet the for Excellence Awards, VisitEngland Resort and has taken the project to needs of the consumer segments he had named Moore as ‘the most influential Outline Planning submission. identified as key target audiences. Quality figure in British tourism’.

includes over 200 development projects Retirement Village, Monte Verde, Vilalara in over 80 countries on four continents. Spa, Verdolago, Salgados, Regengo Golf, His experience covers a number of Rio Laranja, Cascade Resort, Pelican, fields including: Strategic Land Review & Belas. SPAIN - La Manga Club, Sotogrande, Acquisition, Development Consultancy, Alcadaisa, San Roque Club, Marbella Club, Development Management, Development Puerto Romano Villas, Puerto Banus Marina, Funding, Programme Management, Design Cape Vantage, Gibraltar, Montenmedio Consultancy, Retirement Development, Equine & Golf Resort, El Bosque, Mazarron Concept Development, Master-planning & Resort, Bonmont, Lifeland, Hansa Urbana, Marketing & PR, Residential Agency. Prior Cabo del Sol, MONACO – Fontvielle, Les to joining Savills, he was with Bovis/P&O Ligures, West Tower apartments, Vista for 11-years, where he was director for a Palace Hotel, CARRIBEAN - Sandy Lane - number of major international development Barbados, Royal Westmoreland - Barbados, Charles Western Baker projects, including a two of Europe’s leading Kings Beach - Barbados, Port St Charles high quality integrated resorts - Quinta - Barbados, Carlisle Bay - Antigua, Asian Irish Birr Capital Ltd Board do Lago in Portugal and La Manga Club, Village - Antigua, Emerald Bay - Antigua, St Spain. He also worked on projects ranging James’s Club - Antigua, Savannah, Antigua, from a high technology park in the Czech Rendezvous Bay, Antigua, Jolly Harbour, Republic, EuroDisney, the International Antigua, English Harbour, Antigua, Lawries Carnegie Clubs developed by Peter de Bay - Antigua, Jumby Bay - Antigua, Mill Biography: Savary and Quinta do Lago - created by Reef Club - Antigua, St Lucia office & André Jordan as well as many other projects projects, Paradise Beach -Grenada, K Club in the UK. Charles previously spent 11 years - Barbuda, Ocean’s Edge - St Kitts, Pinney’s Charles is a British National, and a projects as an officer in the British Army where his Beach - Nevis, Grand Bahama Development and SPV equity partner with TREDIC appointments included establishing a tank Corporation - Bahamas, Abaco -Bahamas, Corporation www.trediccorporation.com force for the Sultan of Oman. Charles has a Ile a Quatre - Bequi, Beef Island - British including a number of subsidiary associated wide knowledge and experience of concept Virgin Islands, Goose Hole Marina - British businesses, joint venture partnerships and development and master-planning and Virgin Islands, Oyster Bay, Levera Beach – special purpose vehicles. Primarily a real project delivery. Grenada, Grand Harbour - Grenada, Whale estate professional and with corporate Quay, Shoreline - GBI, Dellis Quay - Turks experience with Bovis Abroad / P&O and & Caicos, Grand Cayman project, Cap Savills, Experience & track record: Cana - Dominican Republic, TURKEY - Gokec Marina, Kaplankaya Resort, Bodrum, Charles has 30 years of development, Over $50bn USD accumulative real estate Savarona project, MOROCCO - Samana consultancy and sales and marketing resort development experience around the Golf Resort, Mandarin Oriental Marrakech, experience with international residential world; including: PORTUGAL - Quinta do Tagousit Golf , Oliverie - Marrakech, Resort, and leisure projects, having established Lago, Vilamoura, Praia del Rey, Almada de Agadier, Casablanca Beach Villas, Ksar Alia and led the International Residential Ouro, Quinta de Boavista, Encosta de Lago, Resort, BULGARIA – Bansko Ski project, Department of Savills for 25-years. Vila Sol, Quinta de Victoria, Monte da Quinta Black Sea Rama Golf Resort, SLOVENIA Charles is a leading specialist in resort real Club, Sao Lorenco apartments, Lagos – Soca Valley Chalets, Lake Bled villas, estate development and his experience Marina, Vale do Lobo, Monte de Palhagueira

72 de Rotana etc, IRELAND – K Club, Carton House, ST HELENA – SHELCO Golf Resort project. Club, SavernakeClub, Park, Cherrington Club, Gleneagles, INDIA – Bhartiya City project, Himalayan Puna Golf Resort, Bangalore, Ski Village, SRI LANKA – Candy Golf Resort project, CUBA – Carbonera Golf & Resorts, Pasquero CYPRUS – Resort, Thelassa Beach Resort, Aphrodite ZANZIBAR Hills – Monsoon Garden, FRANCE – Provence de VisaCountry Club, Bourg Village, Le St Eulalie, St Carcassone, de Golf Royal Remy, St Malo Spa Village,St Emilion Flaine Ski apartments, Hotel, Arc1950 Ski Golf, Castlefort, VIETNAM –Resort Projects , GERMANY – THAILAND Resort, Ski Johann St Hamburg, City centre – apartments, Office etc.,CROATIA & Resort – Projects, Trogir Livka Apartments, Dubrovnic villas, Kavanijn Shipyard Samui Koh Marina, Bay Marina, ALBANIA – Lalzit Bay Resort, Beach JAPAN – MONTENEGRO – Sveti Marko Island, Porto Kobe Resort Kumbor Budva, Tower, Adriatic Montenegro, project, Marina Resort, Cavac & Dobrota Kotor, project, MADEIRA – Palhiero Encosta Cabo Golf Girao, MALLORCA – Village, Office incl Bendinat, Le Reserva & several projects Eco Resort, QATAR – SINGAPORE The – Pearl Sentosa Island, Island, – BAHRAIN Financial Harbour, – UNITED Carlyon KINGDOM Beach Club Resort, at The Skibo Castle, CarnegieLower Mill Taymouth Estate, project, Celtic Manor, Highland Ghalib, Serrenia, COSTA RICA – St Regis KENYA Resort, Pedro San – BELIZE Resort, – Ark Game Lodge, MAURITIUS – Emerald SEYCELLES – Eden Heights, Corniche Bay, George St – PANAMA Beach, James Island, Merida, BRAZIL Salvador – & Oderbrecht Beach, Natal, Resorts GREECE CRETE – Apollo Golf Resort, Azapiko, Lesbos – Village, Volos Heraklion Golf EGYPT Project, – Port El Bay, Soma Apartments, Heliopolis Gouna, Dreamland, Giza, Park Hotel, Verbier, Morzine, SCANDINAVIA Park Hotel, Verbier, ARAB UNITED Olso, ResidenSea, of World – EMIRATES – Dubai Marina, Jumeira Palm, Arabian Ranches, Emaar Tower, OMAN – Blue City, The Wave, Muscat Hills Country Golf & Club, SAUDI ARABIA South – City, Jeddah MEXICO – Flamingo Lakes, Whistler, New Whistler, apartments, York Cote Nord, Mont Tremblant, ARGENTINA – BA apartments, Quay BA polo project, Mendosa golf resort, MALTA – Portomaso Hilton Resort, Tigne Island including projects ski several & office Geneva project, SWITZERLAND – other ski projects, Sidney Home projects, Coast apartment AUSTRALIA – Cove, Island, Santuary Heron projects, Gold SOUTH AFRICA – Pesula, Atlantic Beach, & Game Route golf projects Garden Ranches, USA – MGM Mirage City Center, Las Vegas, Chicago Spire, CANADA – Tournabuoni, Tournabuoni, Luca Castel di Cassiole, Castel, Florence, Florence, & Golf Ciovo, Sardinia Village project, Sammezzano Marina Resort, HONG – KONG & CHINA AUSTRIA Shanghai – Pracondu Ski apartments and investment apartments, RUSSIA – Morskoi Fasad, St Moscow Polo Petersburg, Club, POLAND – City Centre Apartments, ITALY – Lake Coma Villas,

STEP diploma in Family Business Advisory investment funds, acquisition, disposal or and currently represents numerous clients restructuring of businesses or shareholdings on their family office or trust boards, in in numerous businesses including Teaching the UK and internationally, including www. Personnel, John Laing Plc, Mitie Group Plc, mondecapital.com. Capita Plc, Bertram Books, Scottish Coal (later Scottish Resources Group Plc), Bernard After 15 years in law and banking, Ian Matthews Plc, Hopkins Homes, Grosvenor established his own advisory/ consultancy Estates, Lombard International Assurance, business ‘iStrategic’ to service clients from Chellaram Shipping, Carphone Warehouse New York to Hong Kong. During this period Plc, Toomey Group, Monahan family group Ian co-founded the Freshfield Energy group holdings, and many others. Property projects engaged in a range of renewables projects have included UK residential, commercial from UK landed estate advisory to anaerobic and leisure developments, restructuring digestion plants and heat pump installations. holdings in New York tower blocks and Ian Cain One of Freshfield’s subsidiaries, EKOGEA real estate portfolios, Irish data-centres, Irish Birr Capital Ltd Board UK Ltd www.ekogea.co.uk has broadened Luxembourg and French property holdings, its market focus from pure AD and Waste and bridge loans and mezzanine funding Water Treatment to agricultural and human across a range of properties and assets health products. (including artwork).

Biography: Ian has roles which are either strategic or operationally focused as ‘general counsel’ - often responsible for cost and tax efficient Ian is a British National and projects and financial and legal structuring of projects. SPV equity partner projects as well as A deep understanding of international legal being co-founder, director or equity holder frameworks, private and corporate taxation, in a number of other businesses, primarily financial and investment risk parameters with a real estate, renewable energy or is key to putting together ‘win win’ deal consultancy focus. Ian started his career structures. as a tax lawyer at Wiggin and Co in 1994, later head of domestic tax at Eversheds and then a partner and head of Family Business Experience & track record: at Boodle Hatfield solicitors in London. In 2006 Ian was appointed Head of Goldman Advised on $billions of investment fund Sachs’ Strategic Advisory team across UK, and real estate projects globally over a 25 Europe and Middle East with an advisory year career including key clients/ projects focus (both inward looking to bank and in UK and Ireland, Hong Kong, Singapore, outward looking to key ‘family office’ clients). Switzerland, Dubai and USA and the Ian was head of Ogier’s international Private Caribbean. Projects include: advice on AIM Wealth group with a focus on fiduciary and and FTSE IPOs, restructuring personal listed wealth management services. Ian has a or unlisted equity holdings into qualifying

of hotel chains, vehicle manufacturers, high- end consumer goods and high street brands. His experience of Global brands, SME’s and new start-ups ensures TREDIC’s clients & partners receive the highest standards of Marketing, Design & PR throughout their projects. Ross and his staff have prime responsibility for presenting TREDIC to all clients and partners, for the look and feel of the business and for designing all client design work, websites, brochures and marketing material.

Ross Vickers Experience & track record: TREDIC Corporation Board of Directors Public relations: HSBC Insurance (Spectrum), Hitachi Data Systems, Blink Insurance, Director of Marketing & Greggs PLC, Leader Communications. Communications Irish Birr Capital Ltd Marketing & web development: Days Hotel (Days Inn), HSBC (Labyrinth), Crofts & Assinder, Premium Choice.

Design & print: BMW, Jaguar, Nikon. STA Biography: Travel, Unipart Automotive

Ross is an Equity Partner, Director of Exhibition & Display: Nikon, Harris Parts, Marketing and the Head of TREDIC Wilcomatic / Turtle Wax, NHS (National Design Studio’s, TREDIC’s real estate and Health Service). infrastrucure digital design business. Ross is a highly talented design and marketing Real Estate: All marketing, branding professional with 20 years’ experience in and design work on behalf of TREDIC Marketing, Communications, Agency, PR Corporation, TREDIC Florida, TREDIC and Creative roles. He holds a National Design Studios, StarCore Nuclear, and Diploma in design specializing in corporate all project related SPV’s and joint venture branding. Ross has won many design partnerships as well as all client work. orientated awards including Macromedia site of the day and he has been featured by Adobe in their UK Designer Showcase. He has been influential in the marketing & PR

CORPORATION Introduction to the Advisory Board: to the Introduction

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birr capital birr capital limited irish

Advisory Board:

Javed Iqbal Warren Barr TREDIC Corporation Board of Directors TREDIC Corporation Board of Directors Board Adviser to Irish Birr Capital Ltd Board Adviser to Irish Birr Capital Ltd

Javed is a British and Pakistani National Warren is an American National and TREDIC and TREDIC Equity Partner. With 40 years Equity Partner. With over 40 years of business of business experience, primarily in banking experience, primarily in the real estate sector, and infrastructure, Javed is Head of Asia and Warren is Head of TREDIC North America. Middle East.

Eric Butcher Aart Verbeek TREDIC Corporation Board of Directors TREDIC Corporation Board of Directors Board Adviser to Irish Birr Capital Ltd Board Adviser to Irish Birr Capital Ltd

Eric is a British and Mexican National and Aart is a British and Dutch National and TREDIC Equity Partner. With 50 years of TREDIC Equity Partner. With 45 years of business experience, primarily in global business experience, primarily in real estate infrastructure, power and energy, Eric is Head and architecture, Aart is Head of Europe. of Latin & Central America.

CORPORATION 77 CORPORATION

The Birr’s fellowship The Birr’s Relais & Chateaux

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birr capital birr capital limited irish

© Copyright TREDIC Corporation 2018 78 “five C” motto: Calm, Charm and Cuisine). Courtesy, (Character, Caractère, Courtoisie, Calme, Charme Cuisine et The group is known for its strict admission luxurious facilities, standards. members In must addition have special to features distinguishing them from chain hotels. Most of them are historic landmarks such in idyllic settings and offering castles, manor houses, or townhouses as exquisite haute cuisine. traditional group’s the by evaluated are members current and Prospective .com relaischateaux whilst its vision is to encourage the diversity of cuisines and hospitalities diversity of cuisines and hospitalities whilst its vision is to encourage the endorse the variety of individual and of the world, as well as support and unique properties. Relais & Châteaux aims to promote the Fine Arts of and education knowledge, of sharing the through values its and Living of resources. preservation Established in France in 1954, Relais & 500 Châteaux members in currently 60 countries has on five over continents. Strongly represented Asia and Africa. in North America, the association is growing in Europe, the across vivre de art unique its spread “to is mission Association’s The globe by selecting outstanding properties with a truly unique character; Relais & Châteaux is serve will they a proposed is it and restaurants and hotels luxury operated global fellowship of individually and booking system. affiliation industry partner, as Birr Castle’s owned and www. Relais & Châteaux

The loyalty programme The loyalty Collection Hotel & Vacation Platinum The American Express

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© Copyright TREDIC Corporation 2018 80 Complimentary dining packages Complimentary spa treatments credits Complimentary resort Complimentary nights’ offers as a family Huge additional benefit when staying Complimentary room upgrades Complimentary room Early check-in and late check-out benefits unique of wealth a receive and more or nights two Book and preferential treatments such as: treatments and preferential • • • • • • • • All these benefits make Birr an extremely attractive attraction for American American for attraction attractive extremely an Birr make benefits these All agenda. strategic on high Express American put and customers Express For example, members (regardless of the number of nights stayed) could could stayed) nights of number the of (regardless members example, For benefit from: Gold and Platinum cards offer members special room prices in hotels all hotels all prices in members special room offer Gold and Platinum cards over the world. The Vacation Collection brings more value in privileges negotiated especially for American Express and ADR Gold rates, occupancy affiliate and hotel drive Platinum that benefits clients these is it and and Spa. for the Birr Retreat and will do so RevPar, and Vacation Collection. It is estimated that as much as 35% occupancy as 35% occupancy Collection. It is estimated that as much and Vacation of affiliate hotels is driven purely through this loyalty programme alone. This compares with the best loyalty programmes in the hotel industry Rewards, such as Hilton Honors and Marriott worldwide travel, airline discounted of advantages unique the as well As Express American the points, rewards membership and insurance travel The Birr and Retreat Spa plans to align itself with the American Express & Relais with fellowship its through loyalty scheme Platinum and Gold Chateaux and membership of the American Express Hotel Collection Platinum Hotel & Collection Vacation American Express Express American

CORPORATION The Estate’s Future Potential Future The Estate’s

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© Copyright TREDIC Corporation 2018 82 firmly in the hands of the family. Any and all developmental Any and all developmental firmly in the hands of the family. fully discussed and will be organic, fully strategized, growth at all times. For by the Family and the Trustees, approved one that will only, setting a vision for the future we are now, the first phase budget for the be master planned as part of and Spa. Retreat Griffith Observatory, Trinity College Dublin, the Irish Education the Irish Education Trinity College Dublin, Griffith Observatory, leading Domes (world’s Vortex Ireland, system, Tourism the full developers) and crucially, interactive Planetarium development and financing partners. support of our additional options the are this strategy, Sitting alongside wider estate, albeit very serious exploring for the we are them. They include the behind options with financing interest uses such as outdoor development of various associated of commercial pursuits, a culinary school, development and spirit” centre, with Birr Golf Club, a “mind, body relations estate shoot, and options on the houses, a regular tree living housing. boundaries for senior and assisted and developer Trustee family, is an investor, this Naturally, making, all with the partnership with collective decision of and cultural future aim of securing the financial express generations. as well as future the estate for both the existing remain will financial security, that through Indeed, a future community, including NASA, the European Space Agency, the the Space Agency, the European including NASA, community, The Estate’s Future Potential Future Estate’s The research, but to be seen as both the present and future of it as of it as and future but to be seen as both the present research, have the natural landscape and environment already well. We and programme, for it, the history and tradition, the LOFAR the global scientific with our friends and colleagues from flow for the up keep and maintenance of the wider grounds of the wider grounds flow for the up keep and maintenance budget for this to date The estimated and botanical gardens. is 10,000,000m Euros. be seen not just as the great Our vision is simple. For Birr to discovery and of Irish scientific and astronomy historic centre within the grounds. As part of the programme, options are options are As part of the programme, within the grounds. the to fully restore being evaluated to generate budgets in money into much needed repairs put Leviathan Telescope, adjacent to the House and the residence the Castle, the Turf much needed day to day cash Castle as well as to generate to evaluate our options for a potential mixed use development, mixed use development, to evaluate our options for a potential - but to hidden from and Spa (to be to include for the Retreat auditorium, and science sit alongside) a possible planetarium, to complement the existing and educational learning centre programme of the LOFAR Birr facilities and the emergence to serve as the anchor tenant for a much wider, measured and and measured anchor tenant for a much wider, to serve as the wider estate to development and to use the timely destination a and tradition of Birr through the history capture commercially education. of tourism, science and unique combination underway already are consultations and professional Proposals 11.0 Spa will be developed on a and that the Retreat It is proposed the granted lease within year Trustee site under a 125 10 acre castle), the (the immediate land surrounding Eminent Domain

CORPORATION Conclusions

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birr capital birr capital limited irish

© Copyright TREDIC Corporation 2018 84 Conclusions team of professionals with huge international experience to take this team of professionals plan, financing and we have developed a business forward project and execution strategy that stands to even the most hardened investor scrutiny. spa as the anchor tenant of a wider destination development, one wider destination development, one spa as the anchor tenant of a organically and in keeping with the that will be developed slowly, the next decade. A strategy that history and heritage of Birr over and the Birr of the Trust will involve at all stages the involvement have built a world class We Scientific and Heritage Foundation. and wider public and private realm, but to create a real future for for future a real to create but and wider public and private realm, and by the family, and protected the estate that can be cherished the people of local community, enjoyed and celebrated by the number of international visitors. and our increasing Ireland, and of a 5* retreat on the development Our strategy is predicated We can choose to stagnate, we can choose to maintain the status to maintain the status can choose to stagnate, we can choose We can choose to take decisive action quo and slowly evolve, or we to generate / developereffort a concerted investor right now through buildings the historic to not only preserve the capital to we require to run on day to day basis. To reiterate the sentiments made in the made in the the sentiments reiterate day basis. To to run on day to been made to date have already efforts successful opening address, the estate to cover through is being generated revenue to ensure is not thriving. However surviving requirements. cash flow basic Birr’s be thriving. And Birr should The reasons for pursuing the prevailing development strategy are are development strategy pursuing the prevailing for The reasons documented. now well U.K. and country estates in the like so many other magnificent Birr, maintain and to expensive to preserve, extremely proves Ireland, 12.0

CORPORATION Contact

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birr capital birr capital limited irish

irish birr capital limited CORPORATION

13.0 Contact

Project Chairman: Project CEO: Head of Corporate Communications:

BIRR CASTLE RETREAT & SPA BIRR CASTLE RETREAT & SPA BIRR CASTLE RETREAT & SPA

A TREDIC CORPORATION SPV A TREDIC CORPORATION SPV A TREDIC CORPORATION SPV Building 3 Chiswick Park, 566 Chiswick High Rd, Building 3 Chiswick Park, 566 Chiswick High Rd, Building 3 Chiswick Park, 566 Chiswick High Rd, London, W4 5YA. United Kingdom. London, W4 5YA. United Kingdom. London, W4 5YA. United Kingdom.

Lord Oxmantown Mobile: +44 (0) 7920 339 820 Jason Harris Mobile: +44 (0) 7964 291 123 Ross Vickers Mobile: +44 (0) 7920 779 737 Phone: +44 (0) 208 849 5646 Phone: +44 (0) 208 849 5646 Phone: +44 (0) 208 849 5646 Project Chairman Wechat: PatrickParsons Project CEO Email: [email protected] Marketing & Corporate Fax: +44 (0) 208 899 6001 Email: [email protected] Skype: jajamaha Communications Email: [email protected] Skype: laurencepatrick1969 Web: www.trediccorporation.com Web: www.trediccorporation.com

TREDIC Corporation Limited. Registered in England and Wales No. 07617700. TREDIC Corporation Limited. Registered in England and Wales No. 07617700. TREDIC Corporation Limited. Registered in England and Wales No. 07617700.

TREDIC Corporation Building 3, Chiswick Park, 566 Chiswick High Road, Chiswick, London W4 5YA, United Kingdom.

Email: [email protected] Tel: +44 (0) 208 849 5646 Fax: +44 (0) 208 899 6001 Web: www.trediccorporation.com www.trediccorporation.com

CORPORATION APPENDIX

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birr capital birr capital limited irish

re you that the proposal received enthusiastic endorsement from the Board of BIRR of Board the from endorsement enthusiastic received proposal the that you re you every success in the months and year/s ahead as you progress the various stages of this of this stages various the progress as you ahead year/s and months in the success every you

[email protected]> From: John Carroll Carroll John From: Date: Thu, Sep 6, 2018 at 9:30 PM 9:30 at 2018 6, Sep Thu, Date: Hotel Proposed Subject: To: