RAČETINOVAC BAY. Island of Čiovo, Croatia

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1 Island of Čiovo, Croatia

2 Macro Location (43029,6' S ,6' I ) The Račetinovac Bay is situated on the north coast of the island of Čiovo, just 15 km from Split, the capital of Splitsko-Dalmatinska County (Splitsko-dalmatinska županija) which is the centralsouthern Dalmatian county of the Republic of Croatia, and the largest city in Dalmatia. The site is only 2 km away from the popular tourist historic town of Trogir, a UNESCO protected site, and 4 km from Split International Airport. The area is easily accessed from the A1 Motorway connecting it with the rest of Dalmatia, the capitol Zagreb and the rest of Europe.

3 Micro Location Čiovo is a small island located off the Adriatic coast in Croatia with an area of 28.8 km2, population of 6,071 inhabitants and its highest peak is 218 m (Rudine). Čiovo protects the city of Trogir and creates the Kaštela bay and on its southeastern part it is only two km distant from the cape Marjan in the city of Split. On its northern part it is connected to the mainland with a small bascule bridge in the old centre of Trogir, and actually Trogir spread itself onto the island. The vegetation is typically Mediterranean, consisting mainly of holm oak, myrtle, wormwood, juniper etc. On the northern side exposed to the northerly wind bura are forests of pine and cypress. Major crops include olives, figs, almonds, vines and citrus fruit. Site Description This greenfield seafront site, extending to 8.82 Hectares in size, is embedded in natural landscape, predominantly trees and scrub. The slope of the site faces northward towards the harbour of Trogir. Views out to the sea are partly obscured by the peninsula landmass, views out towards the sea are therefore twofold. Short range views to the bay northward and longer range views to the sea to the north west. The slope of the site generally decreases closer to the coastline. Although buildings can be located anywhere on the site, the slope of the landscape precludes placement of access roads in certain areas.the main access road from Trogir passes the full width of the site allowing full flexibility of access points. The range of temperatures experienced in the Bay is Mediterranean with highs of mid 30 s deg C and winter lows of 1-5 deg C. The slope and gradient changes within the site, and that can be utilised to enable and enhance the key resort development requirements. The slope generally facilitates good seas views. The increasing slope towards the existing spine access road allows buildings to be located closer together whilst still ensuring adequate sea views.

4 Planning Approval ( UPU ) Zoning The site falls within the Račetinovac tourism development zone Urban Development Plan ( left ) which allows the development of hotels and tourist settlements. The zoning status shows T1(hotels) and T2 (tourist settlements of villas, apartments and hotels ) zone. In summary, both T1 and T2 zones allow the development of tourist accommodation facilities with ancillary retail contents. In total, Račetinovac zone covers an area of 29.5 Hectares (295,000 sqm). The subject site allows for the development of an ancillary marina facility. Within the zone site is located within the north west part which is allocated for T2 and Ancillary uses zones, recreation and marina facilities.

5 Resort Concept Proposal Under the current Urban Development Plan this part of the tourist development zone Račetinovac is allocated for T2 use comprising villas, apartments and hotels as well as all other ancillary and recreational uses. The current Planning allows development of maximum 43,437 sqm of GBA ( Gross Build Area ) on ground, first and second floors which is 19,018 sqm in footprint including the single storey recreation zone buildings. This proposal is divided in several sub zones allowing the possibility of phased or separate development of each section. There are four T2 accommodation closters comprising self-contained villas, each with the private pool, with small boutique hotel within each but one zone. The recreation zone with caffe, beach bars, sports and playground facilities is completely separate as well as the marina facilities. The marina is part of the project which will be under maritime concession for 50 berths. The site also contains the ruins of the historic Rachetti House which are the protected monument and will be preserved as such as part of the recreation area.

6 Schedule of Accommodation Zone / Phase C1 47 apartments keys Boutique Hotel Zone / Phase C2 37 apartments Zone / Phase D1 17 villas with the pool over two floors + 80 keys Boutique Hotel Zone / Phase D2 11 villas with the pool over two floors + 70 keys Boutique Hotel

7 Marina RACETINOVAC (43029,6' N ,6' El - ANCHORAGE ) The bay is situated on the N coast of island Ciovo in the S part of Saldun bay. The bay is 1,SNM E of Rt Okruk and 1,5 NM from Trogir. Within the bay depths ranges from less than 1m to over 4m. The bottom is sand and the holding is good. Inside the anchorage shelter is good from N through E to W. The bay is sheltered from the breeze which in this area tends to be from the W. There is a small holding on the hillside, but otherwise the bay is unspoiled. This well sheltered anchorage is popular with visiting yachts and offers a safe overnight anchorage. The 50 berths marina using the prefabricated floating pontoons is proposed as environmentally friendliest option. The service areas will include the standard marina facilities, shop, caffee restaurant and offices.

8 Target Development Budget Total estimated development budget for Račetinovac Resort based on 112 holiday home units ( apartments and villas ), 265 hotel keys in three boutique four star hotels and common areas including the recreational facilities and 50 berth marina. Investment Highlights Racetinovac Bay - Apartment and Villa Concept Development Performance Gross Buildable Area 31,803 Profit 23,385,394 Select Profit 0 Profit Post Share 23,385,394 Profit on costs 51.1% Equity 11,202,118 Site Costs 6,500,000 Soft Costs 1,836,170 Build Costs 35,055,746 Total Investment Costs 45,789,629 50% of GDV 34,587,512 Return on Equity 280.5% EPM 2.8 IRR 29.5% Site Acquisition Som Costs (1) Equity (1) Profit (1) Som Costs (2) Equity (2) Profit (2) Soft Costs (3) Equity (3) Profit (3) 19 August May March June December January April October November February ,500, ,057-10,575,577 25,482, ,057-4,075,577 12,482, ,057-4,075,577 12,482,764 Leveraged IRR 29.52% 23,385,394

9 Development Appraisal EXIT VALUE Type GBA Layout NSA Value / m² Total Value m² efficiency m² (incl. VAT) Incl. VAT Apartments 10,470 90% 9,423 2,750 25,913,250 69% Villas 8,997 95% 8,547 3,000 25,641,450 Hotel 12, rooms 80,000 14,803,200 Marina % 50 75,000 3,750,000 Agents Fee 3.0% - 932,877 GBA/GDV 10,470 18, ,607 69,175,023 TOTAL COSTS % Constr. Cost Cost Base Total Value Excl VAT Incl. VAT LAND Land Cost 160 6,500,000 incl. VAT/m² 6,500, Purchase Costs 0 incl. VAT/m² 0.00 Stamp Duty 0% 0.00 Total 14.2% 621 incl. VAT/m² SHON 6,500, BUILDING COSTS Hotels/Apartments/Villas Marina Communal and Water Tax 31,803 GBA 905 incl. VAT/m² 28,795, Bertha 15,000 incl. VAT/m² 750, , incl. VAT/m² 4,033, Contingency 5% incl. VAT/m² 1,477, Total 147, % 3,348 incl. VAT/m² SHON 35,055, PROFESSIONAL FEES Professional Fees 3% incl. VAT/m² 894, Planning Consultants 0 incl. VAT/m² 0.00 Development Managment Fees 1.0% incl. VAT/m² 403, Community Infrastructure Charge 0 incl. VAT/m² 0.00 Legal Fees 20,000 Incl. VAT 20, Bank Fees 1.25% incl. VAT/m² 518, Total 4.0% 175 incl. VAT/m² 1,836, FINANCE COSTS Annual interest rate 8.00% 2.0% Per Qt as at 19-Aug-16 Land acquisition date Aug-16 Granting of building consent 18 months Feb-18 Future Planning Phases Works start amer "n" months 6 months 1 months Mar-18 Construction period 15 months Jun-19 Sale period 3 months Sep-19 Finance - VAT Finance - Land Finance - Som Costs Refinance 4 months reclaim 2.67% months 0.00% months 0.00% months 12.00% - 56, Finance - Build Costs 11 months 7.00% 2,453, Total 5.2% incl. VAT/m² 2,397, MISCELLANEOUS Rates 0.00 Total 0.0% 0.00 incl. taxes/m² 0.00 TOTAL COSTS 4, ,789, MARGIN ON SALE PRICE MARGIN ON TOTAL COST 33.8% / Sale price incl. VAT 23,385, % / Total costs incl. VAT

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