Development Projects in Bulgaria

2. OPPORTUNITY DETAILS – Development project for sale. Price: Eur 3.8m. LOCATION - Frontline site overlooking The Old Harbour Byala PLOT SIZE - 17800 Square Metres BUILD-UP AREA – 28098 Square Metres LAND STATUS - Regulated with Building Permission SECTOR - Lifestyle Residential OPPORTUNITY TYPE - Ready to Build 5 Star Luxury Gated Residential Resort Complex REVENUE Gross Development Value (Sales) 33,248,861 EXPENDITURE Development Cost 14,628,413 Recommended Sale Price of Project [€5,174,092] Disc. Sale Price €3,800,000 Transfer Tax & Legal 166,244 Total Expenditure 18,594,657 PROFIT (Based on discount price @ Eur3.8m) €14,654,204 CONDITIONS OF SALE – PURCHASE The company Marina Beach OOD will be sold as a going concern with all its assets and intellectual property, which include the project and land called Obzor Club, all permissions, all drawings, all 3d visual images and website www.obzorclub.com.

3. Summary Appraisal REVENUE Sales Val.m² Rate m² Gross Sales Apartments 22,673.65 €1,400.00 31,743,110 Garage Spaces 2,557.67 €300.00 767,301 Commercial 984.60 €750.00 738,450 Totals 26,215.92 33,248,861 33,248,861 NET REALISATION 33,248,861 ACQUISITION COSTS Fixed Price (28,098.00 m² €135.24 pm²) 3,800,000 Transfer Tax 94,000 Notary / Legal 47,000 3,941,000 CONSTRUCTION COSTS Const.m² Rate m² Cost Apartments 23,867.00 €420.00 10,024,140 Garage Spaces 2,841.85 €250.00 710,462 Commercial 1,094.00 €375.00 410,250 Totals 27,802.85 11,144,853 11,144,853 Developers Contingency 5.00% 557,243 557,243 PROFESSIONAL FEES Project Management 5.00% 557,243 557,243 DISPOSAL FEES Sales Legal Fee 0.50% 166,244 Apartments 1,904,587 Garage Spaces 46,038 Commercial 36,923 2,153,791

4. VAT Total Paid (2,978,946) Total Recovered 2,978,946 FINANCE Debit Rate 7.000% Credit Rate 0.000% (Nominal) Land 239,924 Construction 603 Total Finance Cost 240,528 TOTAL COSTS 18,594,657 PROFIT €14,654,204 Performance Measures Profit on Cost% 78.81% Profit on GDV% 44.07% Profit on NDV% 44.07% IRR 144.69% This document is confidential and has been made available to the individual/ Corporation on the understanding that its contents will not be disclosed or discussed with any third parties except for the individual’s / Corporation’s own professional advisers. The information contained within this document does not form part of any contractual agreement.

6. Discover OBZOR CLUB Elegance & Sophistication OBZOR CLUB is set in an oasis of luxury in lush gardens overlooking The Old Harbour Byala and Obzor bay and is ideally situated being equidistance from the international airports of Bourgas to the South and Varna, the Sea Capital to the North. The thirty five minute drive to OBZOR CLUB will enchant and enthral you with beautiful scenic views along the Black Sea coast. Byala is a rich wine centre, with traditions in the wine industry that date back to ancient times and here the wine of the extremely fine vintage “Dimyat” is lovingly produced. Byala has all the beauty that Mother Nature could have bestowed upon it; crystal clear water, the most beautiful white sandy beaches - ideal for all ages, unbelievable coastal scenery and surrounded by evergreen forests and nature reserves. The harbour is a welcome haven for the many yachts that visit and the proposed new marina of international standards, with direct views from OBZOR Club, will substantially increase the desirability of the area. OBZOR CLUB set in a prime sea front location -superior luxurious apartments.

8. An Oasis of Luxury The Residence OBZOR CLUB is set amidst lush gardens, elegantly landscaped with a profusion of local plants and trees. Panoramic views to the sea and mountains are an ever ending source of delight as is the beauty of the magnificent gardens and grounds. The harmony which nature imposes on the charming surroundings is preserved by excellence of planning and design, offering owners the assurance of a lifestyle in a luxurious environment but with all the modern conveniences that design, quality and space can provide; a combination of modern Mediterranean style architecture and European interior design, encompassed in tranquil and lush surroundings. OBZOR CLUB apartments feature spacious bedrooms, generous lounge areas along with marble bathrooms and look out onto lush gardens and to the bay of Obzor. Most stunning of all however, are the penthouses with panoramic views to the sea and featuring a roof sun terrace with private Jacuzzi’s - the perfect invitation for an alfresco breakfast or romantic dinner. OBZOR CLUB exclusive and sophisticated - perfect for those seeking a relaxing seaside retreat. Superior quality at an affordable price

11. OBZOR CLUB … LIFESTYLE

12. Lifestyle Living OBZOR CLUB is close to the many shops, cafés and nightclubs in Obzor and Byala A range of excellent restaurants offer everything the discernable palette could desire, with a gastronomic choice ranging from typical Bulgarian to the very best International cuisines. The resort is also serviced with regular transportation to both Bourgas and Varna with their state of the art shopping malls, chic designer shops and everything associated with a busy modern metropolis. This exclusive location also offers a variety of activities including beautiful clean sandy beaches and for the more adventurous the local marina and harbour is ideal for all the associated pleasures of Water skiing, Sailing, Fishing, Surfing, Scuba Diving, Windsurfing etc. Golf merits a special mention with the proposed creation of three new championship golf courses in the area and the magnificent signature golf courses now open north of Varna.