<<< back to the Table of Contents IsTRIa esTaTe & CoUnTRy ClUb, Marlera golf

PRoJeCT desCRIPTIon

The Estate & Country Club in provides a unique investment opportunity with the possibility to participate in a premier high-end integrated golf and real estate development, with direct access to the sea and in a truly fascinating natural environment. The current master plan for the overall envisioned development stretching over 126 hectares of land is to include:

t fve star luxury hotel with 170 rooms, extensive spa & Medulin Ližnjan Marlera wellness facilities, conference facilities, restaurants, bars, and a casino, t 114 residential units: 87 apartments with two or three bedrooms and 27 luxury villas, t 18+9 hole golf course and amenities. The golf course architect Graham Cooke & Associates from Canada has originally designed the golf course for the 1SPKFDU XIJMF#VMM4UPDLXFMM"MMFO B4BO'SBODJTDPCBTFE design frm was responsible for designing Marlera’s facility include the suitability of the site for the resort development, architecture including clubhouse. GTC has also partnered its excellent location and accessibility, the favorable up with Mark Hamlin of the SE Group, responsible for building permits obtained, the freehold residential landscape architecture, environmental and land planning. ownership options and the owner’s development track Among others, the unique selling points of the project record. oWneRsHIP sTRUCTURe GTC Group, headquartered in Poland, is a leading developer in Central and Eastern Europe. The company has a diverse experience in real estate development projects within the ofce, residential and commercial sectors, having played a major role in several large-scale projects. .BSMFSB(PMG-%-UE/PWB*TUSB*EFBVT-UEBSFUIFFOUJUJFTUIBUPXOUIFMBOEXIFSFUIF*TUSJB&TUBUF$PVOUSZ$MVCJTUPCF developed. Ultimately, both subsidiaries are controlled by GTC Group. esTIMaTed ValUe

KEY INVESTEMENT HIGHLIGHTS Golf component t 18-hole golf course 113 hectares Residential component − t $MVCIPVTFo5PUBM(SPTT'MPPS"SFB− 1,800 m2 t 5PUBM(SPTT'MPPS"SFB− 23,300 m2 t Estimated stabilised EBITDA − approx. 1 to 1.25 mil EUR t Total estimated sales proceeds − approx. 90 to 100 mil EUR Hotel component Total estimated development cost including land: 100 mil EUR t 5PUBM(SPTT'MPPS"SFB− 29,200 m2 Total development costs excluding land: approx. 70 to 75 t Estimated stabilised EBITDA − approx. 3.7 to 4 mil EUR mil EUR loCaTIon desCRIPTIon The project is located on the southern tip of the Istria peninsula, with incredible views on the , where the tranquility of the countryside meets the untouched seashore, only a few kilometers from vibrant Pula, the region’s administrative center. TRansaCTIon Model -PPLJOHGPSJOWFTUPSPSTUSBUFHJDQBSUOFS

Croatian Chamber of Economy, Rooseveltov trg 2, 10 000 , Croatia %*4$-"*.&3*OGPSNBUJPODPOUBJOFEJOUIJTEPDVNFOUIBTCFFOQSPWJEFECZ$SPBUJBO$IBNCFSPG&DPOPNZ1VSQPTFPGUIJTEPDVNFOUJTUPHJWFTIPSUJOGPSNBUJPOBCPVUDPNQBOJFT 122 BOEPSJOWFTUNFOUQPTTJCJMJUJFTUPQPUFOUJBMJOWFTUPST5IFQSPöMFJTGPSJOGPSNBUJPOQVSQPTFTPOMZ/PSFTQPOTJCJMJUZPSMJBCJMJUZJTBDDFQUFEGPSUIFJOGPSNBUJPOJOUIJTEPDVNFOU Company name: Marlera Golf LD Ltd. Address: 10 000 Zagreb, Avenija Dubrovnik 16

PRoJeCT sTaTUs

The project is in an advanced development stage. To date, the following project preparatory work has been completed:

Market assessment Concept and master plan development  'JOBODJBMGFBTJCJMJUZTUVEJFT Design and architectural planning Permits (location permit and construc- tion permit have been obtained, except for the hotel)

The subject land has been earmarked for the development and all relevant permits are currently in place.

IsTRIa CoUnTy

Population (2011): 208,055 investments in a construction of new and reconstruction GDP per capita (2013): 12,711 EUR of existing primarily high-class hotel facilities were made, Unemployment rate (2015): 9.9% resulting in a signifcant increase of fve-star hotels (total of 5) and four-stars hotels (total of 37). Average gross monthly salary: 1,024 EUR Average gross salary in the sector (tourism): 1,171 EUR According to the Istria Tourist Board, in the structure of accommodation, from a total of 243,290 units, camps are the Istria County is located on the largest Croatian peninsula of most represented (42%), followed by private accommodation 2 Istria, on an area of 2,820 km and has excellent transport (27%), hotels (11%) and tourist settlements (9%). Main DPOOFDUJPOT XJUI NBJO &VSPQFBO NPUPSXBZT *TUSJBO i:w markets in terms of overnight stays are Germany (30.7%), motorway connects Istria with highways in , Italy Slovenia (13.7%), Austria (12.2%) and Italy (9.1%). Strong and Austria) and by air (International Airport in Pula). Istria is EPNFTUJD CSBOET *TUSBUVSJTU 6NBH  .BJTUSB BOE 7BMBNBS  one of the most developed Croatian regions with dominant prevail but international brands such as the Park Plaza, industry (shipbuilding, production of building materials, Kempinski Hotel and Sol Melia are present as well, primarily tobacco products, furniture, glass and electrical machinery as management companies. The wide and diversifed range and parts for the automotive industry), tourism (total of of facilities enables the development of various kinds of 21.0 million of overnights, or 29.3% of all overnight stays in tourism: sports tourism (currently 2 out of 4 golf courses in Croatia in 2015) and trade sector. Croatia are in Istria - Umag and Brijuni, and the International There is a very long tradition of tourism that has been ATP tournament takes place in Umag), cultural tourism developing from the period of the Roman Empire through .PUPWVO 'JMN 'FTUJWBM  QFSGPSNBODFT CZ XPSMESFOPXOFE the Austro-Hungarian Empire (when tourist centres Umag, BSUJTUT JO 7FTQBTJBOT 3PNBO BNQIJUIFBUSF  1VMB "SFOB  1PSFǏ  3PWJOK  1VMB  3BCBD  JODMVEJOH UIF #SJKVOJ *TMBOET Theatre Ulysses), nautical, convention, hunting, fshing and were strongly developed). In the past decade, intensive diving tourism. ConTaCTs $SPBUJBO$IBNCFSPG&DPOPNZ *OUFSOBUJPOBM"òBJST4FDUPS www.hgk.hr, www.investincroatia.hr, e-mail: [email protected] Ms Silva Stipić Kobali, Managing Director .BSMFSB(PMG-%-UE FNBJMPóDF!HUD[BHSFCISQIPOF 

Croatian Chamber of Economy, Rooseveltov trg 2, 10 000 Zagreb, Croatia %*4$-"*.&3*OGPSNBUJPODPOUBJOFEJOUIJTEPDVNFOUIBTCFFOQSPWJEFECZ$SPBUJBO$IBNCFSPG&DPOPNZ1VSQPTFPGUIJTEPDVNFOUJTUPHJWFTIPSUJOGPSNBUJPOBCPVUDPNQBOJFT BOEPSJOWFTUNFOUQPTTJCJMJUJFTUPQPUFOUJBMJOWFTUPST5IFQSPöMFJTGPSJOGPSNBUJPOQVSQPTFTPOMZ/PSFTQPOTJCJMJUZPSMJBCJMJUZJTBDDFQUFEGPSUIFJOGPSNBUJPOJOUIJTEPDVNFOU 123