BERNARD GROUP AG

PROJECT PORTFOLIO

TOP DOWN ANALYSIS

Zagreb, October 2021

 PROJECT
PORTFOLIO

• ICHICHI LUXURY RESIDENCES, OPATIJA

• ROCH GLAMPING RESORT, ISTRIA
• CORAL RESIDENCES, CRIKVENICA
• BRUSJE VILLAS, HVAR
• MAGNIFICENT VIEW, HVAR PORTFOLIO THAT
• VILLAS ORASAC, DUBROVNIK
• SUN GARDEN VILLAS, DUBROVNIK EXCEED YOUR
EXPECTATIONS
PORTFOLIO PROFITABILITY
ICHICHI LUXURY
RESIDENCES
RIVIERA OPATIJA
 LOCATION IČIĆI
Internal code KV-C-ICICI_Hills
0 EXCHANGE RATE EU USA
Date 03/03/2019 € 1,00 $ 1,14

LAND DATA m² sq.ft.

Land size 11.182 m² 120.362 sq.ft.
1,12 ha 2,76 acres
A. Villas & Apartments - to build
Residential 01 350 m² 3.767 sq.ft.
Residential 02 350 m² 3.767 sq.ft.
Residential 03 350 m² 3.767 sq.ft.
Residential 04 350 m² 3.767 sq.ft.
Residential 05 350 m² 3.767 sq.ft.
Residential 06 350 m² 3.767 sq.ft.
Residential 07 350 m² 3.767 sq.ft.
Residential 08 350 m² 3.767 sq.ft.
Residential 09 350 m² 3.767 sq.ft.
Residential 10 350 m² 3.767 sq.ft.
Villa 01 400 m² 4.306 sq.ft.
Villa 02 400 m² 4.306 sq.ft.
Total GDA 1: 4.300 m² 46.285 sq.ft.
1 Total Net Sales Area
Total Net Usable Area - Villas
1,2 3.911 m²
667 m²
42.096 sq.ft.

Total Net Usable Area - Apartments 3.244 m²

Total number of villas 2

Total number of apartments 30

B. Existing Villas
Villa Romana with plot 1390 m2 625 m² 6.727 sq.ft.

G. Green Areas (Z)

Green Areas 6.600 m² 71.042 sq.ft.
Total 6.600 m² 71.042 sq.ft.

H. Infrastructure
Roads with instalations 1.600 m² 17.222 sq.ft.
Parking 360 m² 3.875 sq.ft.
Total 1.960 m² 0,48 acres

CONSTRUCTION COST ASSUMPTIONS Per m² $ / sq.ft.

A1. Villas 1.600 €/m² 169 $/sq.ft.
A2. Apartments 1.500 €/m² 158 $/sq.ft.
A11. FF&E Villas 500 €/m² 53 $/sq.ft.
A21. FF&E Apartments 400 €/m² 42 $/sq.ft.
B. Existing Villas - acquisition 2.550 €/m² 269 $/sq.ft.
G2. Green Areas 25 €/m² 3 $/sq.ft.
H. Infrastructure Roads with instalations 150 €/m² 16 $/sq.ft.
H. Infrastructure Parking 150 €/m² 16 $/sq.ft.

CONSTRUCTION WORKS SUMMARY

Residential 01 € 525.000 $ 597.000
Residential 02 € 525.000 $ 597.000
Residential 03 € 525.000 $ 597.000
2 Residential 04
Residential 05
€ 525.000
€ 525.000
$ 597.000
$ 597.000
Residential 06 € 525.000 $ 597.000
Residential 07 € 525.000 $ 597.000
Residential 08 € 525.000 $ 597.000
Residential 09 € 525.000 $ 597.000
Residential 10 € 525.000 $ 597.000
Villa 01 € 600.000 $ 682.000
Villa 02 € 600.000 $ 682.000
A11. FF&E Villas € 400.000 $ 455.000
A21. FF&E Apartments € 1.400.000 $ 1.592.000
G. Green Areas (Z) € 165.000 $ 188.000
H. Infrastructure Roads with instalations € 240.000 $ 273.000
H. Infrastructure Parking € 54.000 $ 61.000
TOTAL € 8.709.000 $ 9.903.000
 TOTAL COST
Land acquisition cost TOTAL € 2.083.143 $ 2.368.138
Land Acquisition Cost /m² 180 €/m² 19,01 $/sq.ft.
Total Land area 11.182 m² 120.362 sq.ft.
Land costs € 2.012.760 $ 2.288.126
Brokers Fee (% on Land cost) 2,00% € 40.255 $ 46.000
Transfer Tax (% on Land cost) €0 $0
Notary (% on Land cost) 0,50% € 10.000 $ 11.000
Lawyers (% on Land cost) 1,00% € 20.128 $ 23.000
$0
Existing Villas acquisition cost TOTAL € 1.625.001 $ 1.847.000
Existing Villas Acquisition Cost /m² 2.500 €/m²
Total Existing villas NUA 625 m² 6.727 sq.ft.
Existing villas costs € 1.562.500 $ 1.776.000
Brokers Fee (% on Villas cost) 0,00% €0 $0
Transfer Tax (% on Villas cost) 3,00% € 46.875 $ 53.000
Notary (% on Villas cost) 0,50% € 7.813 $ 9.000
Lawyers (% on Villas cost) 0,50% € 7.813 $ 9.000

Equity placement Fee (% Equity) €0

3 Construction cost TOTAL

Construction Works
€ 8.970.000
€ 8.709.000
$ 10.197.000
$ 9.900.000
Construction Works - Contingency 3,00% € 261.000 $ 297.000
Total GDA 4.300 m² 5.000 sq.ft.
Number of Beds 204 $0
Construction cost per Bed € 43.971 $ 50.000
Professional fees € 591.000 $ 672.000
Project Design 2,40% € 215.000 $ 244.000
Construction Supervision 2,20% € 197.000 $ 224.000
Project Management 2,00% € 179.000 $ 203.000
Permits & Utilities € 411.669 $ 468.000
Licenses and City Hall Fee's 3,59% € 321.669 $ 366.000
Connections (Electricity, Water, Sewage) 1,00% € 90.000 $ 102.000
Other € 216.000 $ 246.000
Warranty 0,40% € 36.000 $ 41.000
Marketing 1,00% € 90.000 $ 102.000
Soft Costs 1,00% € 90.000 $ 102.000
Developers Fee (% on Project Cost) 2,00% € 278.000 $ 316.000
Flat fee 0,00% €0 $0
Total project cost (TPC) € 14.174.813 $ 16.114.000

SOURCES % TPC
EQUITY 100,00% € 14.174.813 $ 16.114.000
Land costs 100% € 2.012.760 $ 2.288.000
Brokers Fee 100% € 40.255 $ 46.000
Transfer Tax 100% € 46.875 $ 53.000
Notary 100% € 17.813 $ 20.000
Lawyers 100% € 27.941 $ 32.000
Licenses and City Hall Fee's 100% € 321.669 $ 366.000
Connections (Electricity, Water, Sewage) 100% € 90.000 $ 102.000
Marketing 100% € 90.000 $ 102.000
Soft Costs 100% € 90.000 $ 102.000

4 Project Design
Project Management
Developers Fee (% on Project Cost)
100%
100%
100%
€ 215.000
€ 179.000
€ 278.000
$ 244.000
$ 203.000
$ 316.000

Equity placement Fee (% Equity) 100% €0 $0

Existing villas costs 100% € 1.562.500 $ 1.776.000
Construction Works 100% € 8.709.000 $ 9.900.000
Construction Works - Contingency 100% € 261.000 $ 297.000
Construction Supervision 100% € 197.000 $ 224.000
Warranty 100% € 36.000 $ 41.000
TOTAL Sources of Funds 100,00% € 14.174.813 $ 16.114.000

Total Project Cost (TPC) € 14.174.813 $ 16.114.000

 INVESTMENT PRO-FORMA / RENTAL
Revenue Assumptions

Stabilized Average Dailiy Rate (ADR) - price per Villa € 1.000

Stabilized Average Dailiy Rate (ADR) - price per Apartment € 275
Stabilized Average Dailiy Rate (ADR) - price per Existing Villa € 900

Touristic season / Villas 250

Stabilized Occupancy / Villas 2 90%

Touristic season / Apartments 250

Stabilized Occupancy / Apartments 30 90%

5 Touristic season / Existing Villas 210

Stabilized Occupancy / Existing Villas 1 85%

Hospitality Revenue
Revenue - Villas € 450.000 $ 512.000
Revenue - Apartments € 1.856.250 $ 2.110.000
Revenue - Existing Villas € 160.650 $ 183.000
Stabilized Annual Revenue (incl. VAT) € 2.466.900 $ 2.804.000
Stabilized Annual Revenue € 2.183.097 $ 2.482.000
Net Operating Income (NOI) 85% € 1.855.633 $ 2.110.000

TOTAL Stabilized Net Operating Income (NOI) after reserves € 1.855.633 $ 2.110.000

INVESTOR SUMMARY
Years to exit 5,0 years
Total return on project € 29.517.999 $ 33.556.000
Gross Multiple 2,08x

6 Net return on project

Net Multiple on Invested Equity
€ 15.343.186
1,08x
$ 17.442.000

Project net ROE 18,04%

NPV - 3,0% € 11.323.726 $ 12.873.000
IRR 19,46%
Cash flow calculation
KV‐C‐ICICI_Hills
INVESTMENT PERIOD STABILIZATION PERIOD STABILIZED YEAR OPERATING PERIOD
Investment Forecast Year 01 Year 02 Year 03 Year 04 Year 05 Year 06 Year 07 Year 08 Year 09 Year 10 Year 11
Investment ‐ schedule 28% 52% 20%
Investment value 14.174.813 € 4.006.144 7.354.069 2.814.600

NOI Forecast 3,0%

Net Operating Income ‐ schedule 9% 75% 90% 100% 103% 106% 109% 113% 116% 119%
Net Revenues 1.855.633 € 0 167.007 1.391.725 1.670.069 1.855.633 1.911.302 1.968.641 2.027.700 2.088.531 2.151.187 2.215.723

Cash on Hand (beginning of year) 0 0 167.007 1.499.581 3.060.398 4.773.377 6.532.004 8.337.650 10.191.724 12.095.679 14.051.012

Cash Receipts 38.676.363 €

Net Operating Income 24.501.551 € 0 167.007 1.391.725 1.670.069 1.855.633 1.911.302 1.968.641 2.027.700 2.088.531 2.151.187 2.215.723
Sales
Equity 14.174.813 € 4.006.144 7.354.069 2.814.600
Loan ‐ € 0 0 0 0 0 0 0 0 0 0 0

Total Cash Receipts 4.006.144 7.521.076 4.373.332 3.169.651 4.916.031 6.684.679 8.500.645 10.365.350 12.280.255 14.246.866 16.266.735

Cash Paid Out ‐ €

Total investment 14.174.813 € 4.006.144 7.354.069 2.814.600 0 0 0 0 0 0 0 0
Interest ‐ € 0 0 0 0 0 0 0 0 0 0 0
Loan principal payment ‐ € 0 0 0 0 0 0 0 0 0 0 0
Equity withdrawal ‐ €
Taxes 2.612.418 € 59.150 109.253 142.654 152.674 162.995 173.626 184.576 195.854 207.470

Total Cash Paid Out 16.258.711 € 4.006.144 7.354.069 2.873.750 109.253 142.654 152.674 162.995 173.626 184.576 195.854 207.470

Cash Position (end of year) 0 167.007 1.499.581 3.060.398 4.773.377 6.532.004 8.337.650 10.191.724 12.095.679 14.051.012 16.059.265
ISTRA
KV‐C‐ICICI_Hills

RETURN CALCULATION INVESTMENT

Years to exit 6 Year 01 Year 02 Year 03 Year 04 Year 05 Year 06 Year 07 Year 08 Year 09 Year 10 Year 11

Equity ‐€ 4,01 M ‐€ 7,35 M ‐€ 2,81 M

Residual Value € 29,52 M

TOTAL ‐€ 4,01 M ‐€ 7,35 M ‐€ 2,81 M € 29,52 M

Investment € 14,17 M
NOI on exit € 1,91 M
NPV ‐ discount rate 3,0%
NPV ‐ 3,0% € 11,32 M
IRR 19,46%

Residual Value Calculation

Investment € 14,17 M
Cumulative Depreciation € 2,83 M 5,00% 50
Net Residual Value € 11,34 M
Location Premium Added Value 10% € 2,09 M 10% 10
Added Value ‐ cummulative 5‐years NOI € 9,56 M 5Y
€ 22,99 M
Residual Loans principal
Cash position on exit € 6,53 M
Residual Value € 29,52 M
ROCH GLAMPING
RESORT
ISTRIA
 LOCATION ISTRA
Internal code ROCH RELAX RESORT
0 EXCHANGE RATE EU USA
Date 18/11/2020 € 1,00 $ 1,18
LAND DATA m² sq.ft.
Land size 95.731 m² 1.030.441 sq.ft.
Building area 2.829 m² 30.447 sq.ft.
Agricultural land - adrenaline park - owned 25.975 m² 279.588 sq.ft.
Agricultural land - Olive grove 6.191 m² 66.635 sq.ft.
Agricultural land - owned 3.116 m² 33.539 sq.ft.
Agricultural land - artificial lake - owned 649 m² 6.990 sq.ft.
Agricultural land - Vineyard 51.639 m² 555.834 sq.ft.
Agricultural land - fruits and vegetables 2.946 m² 31.714 sq.ft.
Land for development - Phase 2 (camp....) 0 sq.ft.
9,57 ha 23,66 acres
A. Suites
Main Building 723 m² 7.782 sq.ft.
Depadance 1 763 m²
Depadance 2 768 m² 8.267 sq.ft.
Total GDA 2.254 m² 24.262 sq.ft.
Number of suites 38
Number of Beds per Suite 4
Number of Beds - Suites 152

D. Glamping Tents
Area 14.880 m² 160.167 sq.ft.
Glamping Tents 20 units
Number of beds per Tent 3
1 Number of beds - Tents 60

E. Artificial Lake Area

Area 3.200 m² 34.445 sq.ft.
Bar 30 m² 323 sq.ft.
Toilets 56 m² 603 sq.ft.
Relaxation Tents 10 units
Total GDA 86 m² 195.537 sq.ft.

Total Hospitality Capacity (beds) 212

F. Additional facilities
Open Jacuzzi - glamping zone 8 units
Open Jacuzzi - around Depadances 10 units
Fireplaces 11 units
Pools 2 units
Adrenaline park 10.506 m² 113.086 sq.ft.
Vineyards 43.000 m² 462.848 sq.ft.
Organic Gardens (area under greenhouse) 30,00% 884 m²
Organic Gardens (open area) 2.062 m² 22.200 sq.ft.

G. Infrastructure
Roads with instalations 1.000 m² 10.764 sq.ft.
Parking 800 m² 8.611 sq.ft.
Total 1.800 m² 0,44 acres
 CONSTRUCTION COST ASSUMPTIONS Per m² $ / sq.ft.
A. Suites - Main Building with SPA and Restaurant incl.FF&E 2.000 €/m² 220,12 $/sq.ft.
A. Suites - Depadances incl. FF&E 1.800 €/m² 198,11 $/sq.ft.
D. Glamping Tents 30.000 €/unit
D. Glamping Area 40 €/m² 4,40 $/sq.ft.
E. Artificial Lake area 50 €/m² 5,50 $/sq.ft.
E. Artificial Lake Bar and Toilets 1.000 €/m² 110,06 $/sq.ft.
E. Relaxation Tents 15.000 €/unit
F. Open Jacuzzi 5.000 €/unit
F. Fireplaces 2.000 €/unit
F. Pools 20.000 €/unit
F. Adrenaline park 15 €/m² 1,65 $/sq.ft.
F. Vineyard area 5 €/m² 0,55 $/sq.ft.
F. Organic Gardens (area under greenhouses) 100 €/m² 11,01 $/sq.ft.
F. Organic Gardens (open area) 15 €/m²
G. Infrastructure Roads with instalations 70 €/m² 7,70 $/sq.ft.
G. Infrastructure Parking 70 €/m² 7,70 $/sq.ft.
2 CONSTRUCTION WORKS SUMMARY
A. Suites - Main Building with SPA and Restaurant incl.FF&E € 4.202.000 $ 4.978.109
D. Glamping Tents € 600.000 $ 710.820
D. Glamping Area € 595.000 $ 704.897
E. Artificial Lake area € 160.000 $ 189.552
E. Artificial Lake Bar and Toilets € 86.000 $ 101.884
E. Relaxation Tents € 150.000 $ 177.705
F. Open Jacuzzi € 90.000 $ 106.623
F. Fireplaces € 22.000 $ 26.063
F. Pools € 40.000 $ 47.388
F. Adrenaline park € 158.000 $ 187.183
F. Vineyard area € 215.000 $ 254.711
F. Organic Gardens (area under greenhouses) € 88.000 $ 104.254
F. Organic Gardens (open area) € 31.000 $ 36.726
G. Infrastructure Roads with instalations € 70.000 $ 82.929
G. Infrastructure Parking € 56.000 $ 66.343
TOTAL € 6.563.000 $ 7.775.186
TOTAL COST
Land acquisition cost TOTAL € 1.665.000 $ 1.972.526
Land Acquisition - Building area Cost /m² 80 €/m² 8,80 $/sq.ft.
Total Building area 2.829 m² 30.447 sq.ft.
Land Acquisition - Agricultural area Cost /m² 14,5 €/m² 1,60 $/sq.ft.
Total Agricultural area 92.902 m² 999.994 sq.ft.
Land costs € 1.573.000 $ 1.863.533

Brokers Fee (% on Land cost) 2,00% € 32.000 $ 37.910

Transfer Tax (% on Land cost) 3,00% € 48.000 $ 56.866
Notary (% on Land cost) 0,20% € 4.000 $ 4.739
Lawyers (% on Land cost) 0,50% € 8.000 $ 9.478
$0
Construction cost TOTAL € 6.695.000 $ 7.931.567
Construction Works € 6.563.000 $ 7.775.186
Construction Works - Contingency 2,00% € 132.000 $ 156.380
Total GDA 2.340 m² 25.188 sq.ft.

3 Number of Beds
Construction cost per Bed
Professional fees
212
€ 31.580
€ 383.000
$ 37.413
$ 453.740
Project Design 2,45% € 164.000 $ 194.291
Construction Supervision (% on Construction costs) 2,20% € 115.000 $ 136.241
Project Management (% on Construction costs) 2,00% € 104.000 $ 123.209
Permits & Utilities € 140.000 $ 165.858
Licenses and City Hall Fee's 1,09% € 73.000 $ 86.483
Connections (Electricity, Water, Sewage) 1,00% € 67.000 $ 79.375
Other € 102.000 $ 120.839
Insurance costs 0,25% € 17.000 $ 20.140
Marketing 0,75% € 51.000 $ 60.420
Soft Costs 0,50% € 34.000 $ 40.280
Equity / Debt / Development Fee
Equity Placement Fee (% of Equity) €0 $0
Senior Debt Fee (% of Senior Debt) €0 $0
Developers Fee (% on Project Cost) 3,00% € 268.000 $ 317.500

Total project cost (TPC) € 9.253.000 $ 10.962.029

 SOURCES % TPC
EQUITY 100,00% € 9.253.000 $ 10.962.029
Land costs 100% € 1.573.000 $ 1.863.533
Brokers Fee (% on Land cost) 100% € 32.000 $ 37.910
Transfer Tax (% on Land cost) 100% € 48.000 $ 56.866
Notary (% on Land cost) 100% € 4.000 $ 4.739
Lawyers (% on Land cost) 100% € 8.000 $ 9.478
Equity Placement Fee (% of Equity) 100% €0 $0
Senior Debt Fee (% of Senior Debt) 100% €0 $0
Licenses and City Hall Fee's 100% € 73.000 $ 86.483
Connections (Electricity, Water, Sewage) 100% € 67.000 $ 79.375
4 Marketing
Soft Costs
100%
100%
€ 51.000
€ 34.000
$ 60.420
$ 40.280
Project Design 100% € 164.000 $ 194.291
Project Management 100% € 104.000 $ 123.209
Developers Fee (% on Project Cost) 100% € 268.000 $ 317.500
Construction Works 100% € 6.563.000 $ 7.775.186
Construction Works - Contingency 100% € 132.000 $ 156.380
Construction Supervision (% on Construction costs) 100% € 115.000 $ 136.241
Insurance costs 100% € 17.000 $ 20.140
TOTAL Sources of Funds 100,00% € 9.253.000 $ 10.962.029

Total Project Cost (TPC) € 9.253.000 $ 10.962.029

INVESTMENT PRO-FORMA / RENTAL
Revenue Assumptions
Stabilized Average Dailiy Rate (ADR) - Suites - price per room € 200 $ 237
Stabilized Average Dailiy Rate (ADR) - Tents - price per unit € 180 $ 213
Stabilized Occupancy - Suites 80%
Touristic season / Days - Suites 240 days
Stabilized Occupancy - Tents 75%
Touristic season / Days - Tents 210 days

5 Hospitality Revenue
Revenue - Suites € 1.459.200 $ 1.728.714
Revenue - Tents € 567.000 $ 671.725
Stabilized Bruto Revenue € 2.026.200 $ 2.400.439
Rooms revenue % Total Revenue 45%
Rooms net revenue € 1.793.097 $ 2.124.282
F&B & Facilities net revenue € 2.191.563 $ 2.596.345
Stabilized Annual Revenue € 3.984.661 $ 4.720.628
Stabilized Net Operating Income (NOI) after reserves 30% € 1.195.398 $ 1.416.188
INVESTOR SUMMARY
Years to exit 5,0 years
Residual Value - Total Return € 18.843.616 $ 22.324.032

6
Gross Multiple 2,04x
Net return on project € 9.590.616 $ 11.362.003
Project net ROE 17,27%
NPV - 3,0% € 7.063.608 $ 8.368.256
IRR 19,38%
Cash flow calculation
ROCH RELAX RESORT
STABILIZED
INVESTMENT PERIOD STABILIZATION PERIOD OPERATING PERIOD
YEAR
Investment Forecast Year 01 Year 02 Year 03 Year 04 Year 05 Year 06 Year 07 Year 08 Year 09 Year 10 Year 11
Investment ‐ schedule
Investment 9.253.000 € 1.854.600 5.334.600 2.063.800 0 0
NOI Forecast 3,0%
Net Operating Income ‐ schedule 50% 95% 100% 103% 106% 109% 113% 116% 119%
Net Revenues 1.195.398 € 597.699 1.135.628 1.195.398 1.231.260 1.268.198 1.306.244 1.345.431 1.385.794 1.427.368
13%
Cash on Hand (beginning of year) 0 0 0 584.194 1.652.524 2.774.648 3.929.047 5.116.690 6.338.574 7.595.727 8.889.206

Cash Receipts 24.690.226 €

Net Operating Income 15.437.226 € 0 0 597.699 1.135.628 1.195.398 1.231.260 1.268.198 1.306.244 1.345.431 1.385.794 1.427.368
Sales
Equity 9.253.000 € 1.854.600 5.334.600 2.063.800
Loan ‐ € 0 0 0 0 0 0 0 0 0 0 0

Total Cash Receipts 1.854.600 5.334.600 2.661.499 1.719.822 2.847.922 4.005.908 5.197.244 6.422.933 7.684.005 8.981.521 10.316.574

Cash Paid Out ‐ €

Total investment 9.253.000 € 1.854.600 5.334.600 2.063.800 0 0 0 0 0 0 0 0
Interest ‐ € 0 0 0 0 0 0 0 0 0 0 0
Loan principal payment ‐ € 0 0 0 0 0 0 0 0 0 0 0
Equity withdrawal ‐ €
Taxes 988.543 € 13.505 67.298 73.275 76.861 80.555 84.359 88.278 92.314 96.472

Total Cash Paid Out 10.241.543 € 1.854.600 5.334.600 2.077.305 67.298 73.275 76.861 80.555 84.359 88.278 92.314 96.472

Cash Position (end of year) 0 0 584.194 1.652.524 2.774.648 3.929.047 5.116.690 6.338.574 7.595.727 8.889.206 10.220.102
ISTRA
ROCH RELAX RESORT

RETURN CALCULATION INVESTMENT OPERATIONS

Years to exit 6 Year 01 Year 02 Year 03 Year 04 Year 05 Year 06 Year 07 Year 08 Year 09 Year 10 Year 11

Equity ‐€ 1,85 M ‐€ 5,33 M ‐€ 2,06 M

Residual Value € 18,84 M

TOTAL ‐€ 1,85 M ‐€ 5,33 M ‐€ 2,06 M € 18,84 M

Investment € 9,25 M
NOI on exit € 1,23 M
NPV ‐ discount rate 3,0%
NPV ‐ 3,0% € 7,06 M
IRR 19,38%

Residual Value Calculation

Investment € 9,25 M
Cumulative Depreciation € 1,85 M 5,00% 50
Net Residual Value € 7,40 M
Location Premium Added Value 10% € 1,36 M 10% 10
Added Value ‐ cummulative 5‐years NOI € 6,16 M 5Y
€ 14,91 M
Residual Loans principal
Cash position on exit € 3,93 M
Residual Value € 18,84 M
CORAL RESIDENCES
CRIKVENICA
 LOCATION KVARNER - CRIKVENICA
Internal code CORAL RESIDENCES 2 (4 villas)
0 EXCHANGE RATE EU USA
Date 20/10/2021 € 1,00 $ 1,16
LAND DATA m² sq.ft.
Land size 2.055 m² 22.120 sq.ft.
0,21 ha 0,51 acres
A. Residential Units open part closed part
GDA - above ground 711 m² 7.653 sq.ft.
GDA - underground

D. External pools
D1 External pools with infrastructure 120 m²

1 G. Green Areas
G. Green Areas 1.270 m² 13.670 sq.ft.
Total 1.270 m² 13.670 sq.ft.

H. Infrastructure
H1. Access road 300 m² 3.229 sq.ft.
H3. External instalations 300 m²
H4. Wastewater treatment (purifiers + absorbtion wells)
H5. Retaining walls 500 m² 5.382 sq.ft.
Total
REMAINING CONSTRUCTION COST ASSUMPTIONS Per m² $ / sq.ft.
A1. Apartments - above ground 1.500 €/m² 162 $/sq.ft.
C2. FF&E Villas 300 €/m² 32 $/sq.ft.
D1 External pools with infrastructure 1.000 €/m² 108 $/sq.ft.
G. Green Areas 70 €/m² 8 $/sq.ft.
H1. Access road 250 €/m² 27 $/sq.ft.
H3. External instalations 200 €/m² 22 $/sq.ft.
H5. Retaining walls 200 €/m² 22 $/sq.ft.

2 CONSTRUCTION WORKS SUMMARY

A1. Apartments - above ground € 1.067.000 $ 1.240.698
C2. FF&E Villas € 213.000
D1 External pools with infrastructure € 120.000 $ 139.535
G. Green Areas € 88.900 $ 103.372
H1. Access road € 75.000 $ 87.209
H3. External instalations € 60.000 $ 69.767
H5. Retaining walls € 100.000 $ 116.279
TOTAL € 1.730.000 $ 2.011.628
TOTAL COST
Project acquisition cost TOTAL € 1.299.000 $ 1.510.465
Project Acquisition Cost /m² 584 €/m² 63,08 $/sq.ft.
Total Land area 2.055 m² 22.120 sq.ft.
Project costs € 1.200.000 $ 1.395.349
Brokers Fee (% on Project cost) 3,00% € 36.000 $ 41.860
Transfer Tax (% on Project cost) 3,00% € 36.000 $ 41.860
Notary (% on Project cost) 0,20% € 3.000 $ 3.488
Lawyers (% on Project cost) 2,00% € 24.000 $ 27.907
Construction cost TOTAL € 1.790.000 $ 2.081.395
Construction Works € 1.730.000 $ 2.011.628
Construction Works - Contingency 3,00% € 60.000 $ 69.767
Total GDA 711 m² 7.653 sq.ft.
Professional fees € 91.000 $ 105.814
Project Design € 15.000 $ 17.442
3 Construction Supervision
Project Management
2,20%
2,00%
€ 40.000
€ 36.000
$ 46.512
$ 41.860
Permits & Utilities € 65.000 $ 75.581
Licenses and City Hall Fee's TRUE € 55.000 $ 63.953
Connections (Electricity, Water, Sewage) 0,50% € 10.000 $ 11.628
Other € 31.000 $ 36.047
Warranty 0,20% € 4.000 $ 4.651
Marketing 1,00% € 18.000 $ 20.930
Soft Costs 0,50% € 9.000 $ 10.465
Equity / Debt / Development Fee
Placement Agent Fee (% of Equity) 0,00% €0 $0
Senior Debt Fee (% of Senior Debt) 0,00% €0 $0
Developers Fee (% on Project Cost) 3,00% € 97.000 $ 112.791

Total project cost (TPC) € 3.373.000 $ 3.922.093

 SOURCES % TPC
EQUITY 100,00% € 3.373.000 $ 3.922.093
Land costs 100% € 1.200.000 $ 1.395.349
Brokers Fee (% on Project cost) 100% € 36.000 $ 41.860
Transfer Tax (% on Project cost) 100% € 36.000 $ 41.860
Notary (% on Project cost) 100% € 3.000 $ 3.488
Lawyers (% on Project cost) 100% € 24.000 $ 27.907
Placement Agent Fee (% of Equity) 100% €0 $0
Senior Debt Fee (% of Senior Debt) 100% €0 $0
Licenses and City Hall Fee's 100% € 55.000 $ 63.953
Connections (Electricity, Water, Sewage) 100% € 10.000 $ 11.628

4 Marketing
Soft Costs
100%
100%
€ 18.000
€ 9.000
$ 20.930
$ 10.465
Project Design 100% € 15.000 $ 17.442
Project Management 100% € 36.000 $ 41.860
Developers Fee (% on Project Cost) 100% € 97.000 $ 112.791
Construction Works 100% € 1.730.000 $ 2.011.628
Construction Works - Contingency 100% € 60.000 $ 69.767
Construction Supervision 100% € 40.000 $ 46.512
Warranty 100% € 4.000 $ 4.651
TOTAL Sources of Funds 100,00% € 3.373.000 $ 3.922.093

Total Project Cost (TPC) € 3.373.000 $ 3.922.093

INVESTMENT PRO-FORMA

Revenue Assumptions -
Hospitality Revenue

Stabilized Average Dailiy Rate (ADR) - price per Villa € 1.000

Touristic season / Villas 180

Stabilized Occupancy / Villas 85%

5 Revenue - Villas € 612.000 $ 712.000

$0
Stabilized Annual Revenue (incl. VAT) € 612.000 $ 712.000
Rooms revenue % Total Revenue 100% $0
Rooms net revenue € 541.593 $ 630.000
F&B net revenue €0 $0
Stabilized Annual Revenue € 541.593 $ 630.000
Net Operating Income (NOI) 85% € 460.354 $ 535.000

TOTAL Stabilized Net Operating Income (NOI) after reserves € 460.354 $ 535.295

INVESTOR SUMMARY
Years to exit 5,0 years
Residual Value - Total Return € 6.926.875 $ 8.054.506
Gross Multiple 2,05x

6 Net return on project

Net Multiple on Invested Equity
€ 3.553.875
1,05x
$ 4.132.413

Project net ROE 21,07%

NPV - 3,0% € 2.592.804 $ 3.014.889
IRR 18,02%
Cash flow calculation
CORAL RESIDENCES 2 (4 villas)
INVESTMENT PERIOD OPERATING PERIOD STABILIZED YEAR OPERATING PERIOD

Investment Forecast Year 01 Year 02 Year 03 Year 04 Year 05 Year 06 Year 07 Year 08 Year 09 Year 10 Year 11
Investment ‐ schedule
Investment 3.373.000 € 1.559.000 € 1.263.400 € 550.600
NOI Forecast 3,0%
Net Operating Income ‐ schedule 0% 80% 100% 100% 103% 106% 109% 113% 116% 119%
Net Revenues 460.354 € 0 368.283 460.354 460.354 474.165 488.390 503.041 518.132 533.676 549.687
13,6%
Cash on Hand (beginning of year) 0 0 0 365.185 813.233 1.261.282 1.721.760 2.195.041 2.681.508 3.181.557 3.695.596

Cash Receipts 7.729.082 €

Net Revenues 4.356.082 € 0 368.283 460.354 460.354 474.165 488.390 503.041 518.132 533.676 549.687
Equity 3.373.000 € 1.559.000 1.263.400 550.600
Loan ‐ € 0 0 0 0 0 0 0 0 0 0 0

Total Cash Receipts 1.559.000 1.263.400 918.883 825.539 1.273.587 1.735.447 2.210.150 2.698.082 3.199.640 3.715.234 4.245.283

Cash Paid Out ‐ €

Total investment 3.373.000 € 1.559.000 1.263.400 550.600 0 0 0 0 0 0 0 0
Interest ‐ € 0 0 0 0 0 0 0 0 0 0 0
Loan principal payment ‐ € 0 0 0 0 0 0 0 0 0 0 0
Equity withdrawal ‐ €
Taxes 132.038 € 0 3.098 12.305 12.305 13.686 15.109 16.574 18.083 19.638 21.239

Total Cash Paid Out 3.505.038 € 1.559.000 1.263.400 553.698 12.305 12.305 13.686 15.109 16.574 18.083 19.638 21.239

Cash Position (end of year) 0 0 365.185 813.233 1.261.282 1.721.760 2.195.041 2.681.508 3.181.557 3.695.596 4.224.044
KVARNER ‐ CRIKVENICA
CORAL RESIDENCES 2 (4 villas)

RETURN CALCULATION INVESTMENT

Years to exit 6 Year 01 Year 02 Year 03 Year 04 Year 05 Year 06 Year 07 Year 08 Year 09 Year 10 Year 11

Equity ‐€ 1,56 M ‐€ 1,26 M ‐€ 0,55 M

Residual Value € 6,93 M

TOTAL ‐€ 1,56 M ‐€ 1,26 M ‐€ 0,55 M € 6,93 M

Investment € 3,37 M
NOI on exit € 0,47 M
NPV ‐ discount rate 3,0%
NPV ‐ 3,0% € 2,59 M
IRR 18,02%

Residual Value Calculation

Investment € 3,37 M
Cumulative Depreciation € 1,01 M 5,00% 50
Net Residual Value € 2,36 M
Location Premium Added Value10% € 0,47 M 10% 10
Added Value ‐ cummulative 5‐years NOI € 2,37 M 5Y
€ 5,21 M
Residual Loans principal
Cash position on exit € 1,72 M
Residual Value € 6,93 M
BRUSJE VILLAS
HVAR
 LOCATION HVAR ISLAND
Internal code VILE BRUSJE (10 villas)
0 EXCHANGE RATE EU USA
Date 20/10/2021 € 1,00 $ 1,16
LAND DATA m² sq.ft.
Land size 6.724 m² 72.377 sq.ft.
0,67 ha 1,66 acres
A. Residential Units

GDA - above ground 2.136 m² 22.992 sq.ft.

D. External pools

1 D1 External pools with infrastructure

G. Green Areas
300 m²

G. Green Areas 2.700 m² 29.063 sq.ft.

Total 2.700 m² 29.063 sq.ft.

H. Infrastructure
H1. Roads with instalations 1.500 m² 16.146 sq.ft.
H3. Parking 350 m²
Total
CONSTRUCTION COST ASSUMPTIONS Per m² $ / sq.ft.
A1. Villas - above ground 1.900 €/m² 205 $/sq.ft.
C2. FF&E Villas 450 €/m² 49 $/sq.ft.
D1 External pools with infrastructure 1.000 €/m² 108 $/sq.ft.
G. Green Areas 70 €/m² 8 $/sq.ft.
H1. Roads with instalations 150 €/m² 16 $/sq.ft.
H3. Parking 120 €/m² 13 $/sq.ft.

2 CONSTRUCTION WORKS SUMMARY

A1. Villas - above ground € 4.058.000 $ 4.718.605
C2. FF&E Villas € 961.000
D1 External pools with infrastructure € 300.000 $ 348.837
G. Green Areas € 189.000 $ 219.767
H1. Roads with instalations € 225.000 $ 261.628
H3. Parking € 42.000 $ 48.837
H4. Roads with instalations - cost compensation with municipal contribution -€ 73.000 -$ 84.884
TOTAL € 5.702.000 $ 6.630.233
TOTAL COST
Property acquisition cost TOTAL € 2.255.859 $ 2.623.092
Property Acquisition Cost /m² 325 €/m² 35,11 $/sq.ft.
Total Land area 6.724 m² 72.377 sq.ft.
Property acquisition cost TOTAL (include Design, Licences & Connections) € 2.185.300 $ 2.541.047
Brokers Fee (% on Land cost) 2,00% € 43.706 $ 50.821
Transfer Tax (% on Land cost) 0,00% €0 $0
Notary (% on Land cost) 0,20% € 5.000 $ 5.814
Lawyers (% on Land cost) 1,00% € 21.853 $ 25.410
Construction cost TOTAL € 5.882.000 $ 6.839.535
Construction Works € 5.702.000 $ 6.630.233
Construction Works - Contingency 3,00% € 180.000 $ 209.302
Total GDA 2.136 m² 22.992 sq.ft.
Professional fees € 248.000 $ 288.372
Project Design (included in Property acquisition)
3 Construction Supervision
Project Management
2,20%
2,00%
€ 130.000
€ 118.000
$ 151.163
$ 137.209
Permits & Utilities €0 $0
Licenses and City Hall Fee's (included in Property acquisition) TRUE $0
Connections (Electricity & Water) (included in Property acquisition) TRUE $0
Other € 60.000 $ 69.767
Warranty 0,50% € 30.000 $ 34.884
Marketing 0,25% € 15.000 $ 17.442
Soft Costs 0,25% € 15.000 $ 17.442
Equity / Debt / Development Fee
Placement Agent Fee (% of Equity) 0,00% €0 $0
Senior Debt Fee (% of Senior Debt) 0,00% €0 $0
Developers Fee (% on Project Cost) 2,00% € 169.000 $ 196.512

Total project cost (TPC) € 8.614.859 $ 10.017.278

 SOURCES % TPC
EQUITY 100,00% € 8.614.859 $ 10.017.278
Land costs 100% € 2.185.300 $ 2.541.047
Brokers Fee (% on Land cost) 100% € 43.706 $ 50.821
Transfer Tax (% on Land cost) 100% €0 $0
Notary (% on Land cost) 100% € 5.000 $ 5.814
Lawyers (% on Land cost) 100% € 21.853 $ 25.410
Licenses and City Hall Fee's 100% €0 $0
Connections (Electricity, Water, Sewage) 100% €0 $0
Marketing 100% € 15.000 $ 17.442

4 Soft Costs
Project Design (included in Property acquisition)
100%
100%
€ 15.000
€0
$ 17.442
$0
Project Management 100% € 118.000 $ 137.209
Developers Fee (% on Project Cost) 100% € 169.000 $ 196.512
Construction Works 100% € 5.702.000 $ 6.630.233
Construction Works - Contingency 100% € 180.000 $ 209.302
Construction Supervision 100% € 130.000 $ 151.163
Warranty 100% € 30.000 $ 34.884
TOTAL Sources of Funds 100,00% € 8.614.859 $ 10.017.278

Total Project Cost (TPC) € 8.614.859 $ 10.017.278

5 INVESTMENT PRO-FORMA

Revenue Assumptions -
Hospitality Revenue

Stabilized Average Dailiy Rate (ADR) - price per Villa 200 m2 8 € 1.000
Stabilized Average Dailiy Rate (ADR) - price per Villa 300 m2 2 € 1.400

Touristic season / Villas 180

Stabilized Occupancy / Villas 85%

Revenue - Villas 200m2 8 € 1.224.000 $ 1.423.000

Revenue - Villas 300 m2 2 € 428.400 $ 498.000
$0
Stabilized Annual Revenue (incl. VAT) € 1.652.400 $ 1.921.000
Rooms revenue % Total Revenue 100% $0
Rooms net revenue € 1.462.301 $ 1.700.000
F&B net revenue €0 $0
Stabilized Annual Revenue € 1.462.301 $ 1.700.000
Net Operating Income (NOI) 85% € 1.242.956 $ 1.445.000

TOTAL Stabilized Net Operating Income (NOI) after reserves € 1.242.956 $ 1.445.297

INVESTOR SUMMARY
Years to exit 5,0 years
Residual Value - Total Return € 18.096.760 $ 21.042.744
Gross Multiple 2,10x

6 Net return on project

Net Multiple on Invested Equity
€ 9.481.901
1,10x
$ 11.025.466

Project net ROE 22,01%

NPV - 3,0% € 7.000.721 $ 8.140.373
IRR 19,41%
Cash flow calculation
VILE BRUSJE (10 villas)
INVESTMENT PERIOD OPERATING PERIOD STABILIZED YEAR OPERATING PERIOD

Investment Forecast Year 01 Year 02 Year 03 Year 04 Year 05 Year 06 Year 07 Year 08 Year 09 Year 10 Year 11
Investment ‐ schedule
Investment 8.614.859 € 2.988.259 € 3.812.600 € 1.814.000
NOI Forecast 3,0%
Net Operating Income ‐ schedule 0% 70% 100% 100% 103% 106% 109% 113% 116% 119%
Net Revenues 1.242.956 € 0 870.069 1.242.956 1.242.956 1.280.244 1.318.652 1.358.211 1.398.958 1.440.926 1.484.154
14,4%
Cash on Hand (beginning of year) 0 0 0 868.524 2.042.815 3.217.106 4.421.974 5.658.336 6.927.137 8.229.350 9.565.977

Cash Receipts 20.251.985 €

Net Revenues 11.637.126 € 0 870.069 1.242.956 1.242.956 1.280.244 1.318.652 1.358.211 1.398.958 1.440.926 1.484.154
Equity 8.614.859 € 2.988.259 3.812.600 1.814.000
Loan ‐ € 0 0 0 0 0 0 0 0 0 0 0

Total Cash Receipts 2.988.259 3.812.600 2.684.069 2.111.480 3.285.771 4.497.351 5.740.626 7.016.548 8.326.095 9.670.276 11.050.131

Cash Paid Out ‐ €

Total investment 8.614.859 € 2.988.259 3.812.600 1.814.000 0 0 0 0 0 0 0 0
Interest ‐ € 0 0 0 0 0 0 0 0 0 0 0
Loan principal payment ‐ € 0 0 0 0 0 0 0 0 0 0 0
Equity withdrawal ‐ €
Taxes 699.076 € 0 1.545 68.665 68.665 75.377 82.290 89.411 96.745 104.299 112.080

Total Cash Paid Out 9.313.935 € 2.988.259 3.812.600 1.815.545 68.665 68.665 75.377 82.290 89.411 96.745 104.299 112.080

Cash Position (end of year) 0 0 868.524 2.042.815 3.217.106 4.421.974 5.658.336 6.927.137 8.229.350 9.565.977 10.938.051
HVAR ISLAND
VILE BRUSJE (10 villas)

RETURN CALCULATION INVESTMENT OPERATIONS

Years to exit 6 Year 01 Year 02 Year 03 Year 04 Year 05 Year 06 Year 07 Year 08 Year 09 Year 10 Year 11

Equity ‐€ 2,99 M ‐€ 3,81 M ‐€ 1,81 M

Residual Value € 18,10 M

TOTAL ‐€ 2,99 M ‐€ 3,81 M ‐€ 1,81 M € 18,10 M

Investment € 8,61 M
NOI on exit € 1,28 M
NPV ‐ discount rate 3,0%
NPV ‐ 3,0% € 7,00 M
IRR 19,41%

Residual Value Calculation

Investment € 8,61 M
Cumulative Depreciation € 2,58 M 5,00% 50
Net Residual Value € 6,03 M
Location Premium Added Value10% € 1,24 M 10% 10
Added Value ‐ cummulative 5‐years NOI € 6,40 M 5Y
€ 13,67 M
Residual Loans principal
Cash position on exit € 4,42 M
Residual Value € 18,10 M
MAGNIFICENT VIEW
HVAR
 LOCATION HVAR ISLAND
Internal code MAGNIFICENT VIEW (7 villas)
0 EXCHANGE RATE EU USA
Date 20/10/2021 € 1,00 $ 1,16
LAND DATA m² sq.ft.
Land size 6.551 m² 70.514 sq.ft.
0,66 ha 1,62 acres
A. Residential Units RoofTops closed part
GDA - above ground 900 2.800 m² 30.139 sq.ft.
GDA - underground

D. External pools
D1 External pools with infrastructure 280 m²
1 G. Green Areas
G. Green Areas 3.000 m² 32.292 sq.ft.
Total 3.000 m² 32.292 sq.ft.

H. Infrastructure
H1. Access road 1.000 m² 10.764 sq.ft.
H3. External instalations 1.000 m²
H5. Retaining walls 1.000 m² 10.764 sq.ft.
Total
REMAINING CONSTRUCTION COST ASSUMPTIONS Per m² $ / sq.ft.
A1. Apartments - above ground 2.000 €/m² 216 $/sq.ft.
A2. Roof Tops 600 €/m² 65 $/sq.ft.
C2. FF&E Villas 450 €/m² 49 $/sq.ft.
D1 External pools with infrastructure 1.000 €/m² 108 $/sq.ft.
G. Green Areas 70 €/m² 8 $/sq.ft.
H1. Access road 200 €/m² 22 $/sq.ft.
H3. External instalations 300 €/m² 32 $/sq.ft.
H5. Retaining walls 250 €/m² 27 $/sq.ft.

2 CONSTRUCTION WORKS SUMMARY

A1. Apartments - above ground € 5.600.000 $ 6.511.628
A2. Roof Tops € 540.000 $ 627.907
C2. FF&E Villas € 1.260.000
D1 External pools with infrastructure € 280.000 $ 325.581
G. Green Areas € 210.000 $ 244.186
H1. Access road € 200.000 $ 232.558
H3. External instalations € 300.000 $ 348.837
H5. Retaining walls € 250.000 $ 290.698
TOTAL € 8.640.000 $ 10.046.512
TOTAL COST
Project acquisition cost TOTAL € 4.356.000 $ 5.065.116
Project Acquisition Cost /m² 641 €/m² 69,26 $/sq.ft.
Total Land area 6.551 m² 70.514 sq.ft.
Project costs € 4.200.000 $ 4.883.721
Brokers Fee (% on Project cost) 3,00% € 126.000 $ 146.512
Transfer Tax (% on Project cost) 0,00% €0 $0
Notary (% on Project cost) 0,20% € 9.000 $ 10.465
Lawyers (% on Project cost) 0,50% € 21.000 $ 24.419
Construction cost TOTAL € 8.900.000 $ 10.348.837
Construction Works € 8.640.000 $ 10.046.512
Construction Works - Contingency 3,00% € 260.000 $ 302.326
Total GDA 2.800 m² 30.139 sq.ft.
Professional fees € 374.000 $ 434.884
Project Design €0 $0
3 Construction Supervision
Project Management
2,20%
2,00%
€ 196.000
€ 178.000
$ 227.907
$ 206.977
Permits & Utilities € 372.000 $ 432.558
Licenses and City Hall Fee's TRUE € 192.000 $ 223.256
Connections (Electricity, Water, Sewage) 2,00% € 180.000 $ 209.302
Other € 86.000 $ 100.000
Warranty 0,20% € 18.000 $ 20.930
Marketing 0,50% € 45.000 $ 52.326
Soft Costs 0,25% € 23.000 $ 26.744
Equity / Debt / Development Fee
Placement Agent Fee (% of Equity) 0,00% €0 $0
Senior Debt Fee (% of Senior Debt) 0,00% €0 $0
Developers Fee (% on Project Cost) 2,00% € 282.000 $ 327.907

Total project cost (TPC) € 14.370.000 $ 16.709.302

 SOURCES % TPC
EQUITY 100,00% € 14.370.000 $ 16.709.302
Land costs 100% € 4.200.000 $ 4.883.721
Brokers Fee (% on Project cost) 100% € 126.000 $ 146.512
Transfer Tax (% on Project cost) 100% €0 $0
Notary (% on Project cost) 100% € 9.000 $ 10.465
Lawyers (% on Project cost) 100% € 21.000 $ 24.419
Placement Agent Fee (% of Equity) 100% €0 $0
Senior Debt Fee (% of Senior Debt) 100% €0 $0
Licenses and City Hall Fee's 100% € 192.000 $ 223.256
Connections (Electricity, Water, Sewage) 100% € 180.000 $ 209.302

4 Marketing
Soft Costs
100%
100%
€ 45.000
€ 23.000
$ 52.326
$ 26.744
Project Design 100% €0 $0
Project Management 100% € 178.000 $ 206.977
Developers Fee (% on Project Cost) 100% € 282.000 $ 327.907
Construction Works 100% € 8.640.000 $ 10.046.512
Construction Works - Contingency 100% € 260.000 $ 302.326
Construction Supervision 100% € 196.000 $ 227.907
Warranty 100% € 18.000 $ 20.930
TOTAL Sources of Funds 100,00% € 14.370.000 $ 16.709.302

Total Project Cost (TPC) € 14.370.000 $ 16.709.302

5 INVESTMENT PRO-FORMA

Revenue Assumptions -
Hospitality Revenue

Stabilized Average Dailiy Rate (ADR) - price per Villa € 2.500

Touristic season / Villas 180

Stabilized Occupancy / Villas 85%

Revenue - Villas € 2.677.500 $ 3.113.000

$0
Stabilized Annual Revenue (incl. VAT) € 2.677.500 $ 3.113.000
Rooms revenue % Total Revenue 100% $0
Rooms net revenue € 2.369.469 $ 2.755.000
F&B net revenue €0 $0
Stabilized Annual Revenue € 2.369.469 $ 2.755.000
Net Operating Income (NOI) 85% € 2.014.049 $ 2.342.000

TOTAL Stabilized Net Operating Income (NOI) after reserves € 2.014.049 $ 2.341.917

INVESTOR SUMMARY
Years to exit 5,0 years
Residual Value - Total Return € 29.834.447 $ 34.691.217
Gross Multiple 2,08x

6 Net return on project

Net Multiple on Invested Equity
€ 15.464.447
1,08x
$ 17.981.915

Project net ROE 21,52%

NPV - 3,0% € 11.331.215 $ 13.175.831
IRR 18,50%
Cash flow calculation
MAGNIFICENT VIEW (7 villas)
INVESTMENT PERIOD OPERATING PERIOD STABILIZED YEAR OPERATING PERIOD

Investment Forecast Year 01 Year 02 Year 03 Year 04 Year 05 Year 06 Year 07 Year 08 Year 09 Year 10 Year 11
Investment ‐ schedule
Investment 14.370.000 € 5.650.000 € 6.891.200 € 1.828.800
NOI Forecast 3,0%
Net Operating Income ‐ schedule 0% 80% 100% 100% 103% 106% 109% 113% 116% 119%
Net Revenues 2.014.049 € 0 1.611.239 2.014.049 2.014.049 2.074.470 2.136.704 2.200.805 2.266.830 2.334.834 2.404.879
14,0%
Cash on Hand (beginning of year) 0 0 0 1.579.876 3.490.056 5.400.236 7.359.961 9.370.719 11.434.039 13.551.499 15.724.724

Cash Receipts 33.427.859 €

Net Revenues 19.057.859 € 0 1.611.239 2.014.049 2.014.049 2.074.470 2.136.704 2.200.805 2.266.830 2.334.834 2.404.879
Equity 14.370.000 € 5.650.000 6.891.200 1.828.800
Loan ‐ € 0 0 0 0 0 0 0 0 0 0 0

Total Cash Receipts 5.650.000 6.891.200 3.440.039 3.593.925 5.504.105 7.474.706 9.496.665 11.571.524 13.700.869 15.886.334 18.129.603

Cash Paid Out ‐ €

Total investment 14.370.000 € 5.650.000 6.891.200 1.828.800 0 0 0 0 0 0 0 0
Interest ‐ € 0 0 0 0 0 0 0 0 0 0 0
Loan principal payment ‐ € 0 0 0 0 0 0 0 0 0 0 0
Equity withdrawal ‐ €
Taxes 1.102.475 € 0 31.363 103.869 103.869 114.745 125.947 137.485 149.369 161.610 174.218

Total Cash Paid Out 15.472.475 € 5.650.000 6.891.200 1.860.163 103.869 103.869 114.745 125.947 137.485 149.369 161.610 174.218

Cash Position (end of year) 0 0 1.579.876 3.490.056 5.400.236 7.359.961 9.370.719 11.434.039 13.551.499 15.724.724 17.955.385
HVAR ISLAND
MAGNIFICENT VIEW (7 villas)

RETURN CALCULATION INVESTMENT

Years to exit 6 Year 01 Year 02 Year 03 Year 04 Year 05 Year 06 Year 07 Year 08 Year 09 Year 10 Year 11

Equity ‐€ 5,65 M ‐€ 6,89 M ‐€ 1,83 M

Residual Value € 29,83 M

TOTAL ‐€ 5,65 M ‐€ 6,89 M ‐€ 1,83 M € 29,83 M

Investment € 14,37 M
NOI on exit € 2,07 M
NPV ‐ discount rate 3,0%
NPV ‐ 3,0% € 11,33 M
IRR 18,50%

Residual Value Calculation

Investment € 14,37 M
Cumulative Depreciation € 4,31 M 5,00% 50
Net Residual Value € 10,06 M
Location Premium Added Value10% € 2,04 M 10% 10
Added Value ‐ cummulative 5‐years NOI € 10,37 M 5Y
€ 22,47 M
Residual Loans principal
Cash position on exit € 7,36 M
Residual Value € 29,83 M
VILLAS ORASAC
DUBROVNIK
 LOCATION DUBROVNIK RIVIERA
Internal code VILE ORAŠAC (4 villas)
0 EXCHANGE RATE EU USA
Date 20/10/2021 € 1,00 $ 1,16
LAND DATA m² sq.ft.
Land size 5.330 m² 57.372 sq.ft.
0,53 ha 1,32 acres
A. Residential Units open part closed part
Villa A 129 m² 328 m² 3.529 sq.ft.
Villa B 82 m² 328 m² 3.530 sq.ft.
Villa C 82 m² 321 m² 3.452 sq.ft.
Villa D 158 m² 1.701 sq.ft.
Total Net Sales Area 293 m² 1.134 m² 12.211 sq.ft.

GDA - above ground 1.510 m² 16.250 sq.ft.

GDA - underground 407 m²

1 D. External pools
D1 External pools with infrastructure 200 m²

G. Green Areas
G. Green Areas 2.200 m² 23.681 sq.ft.
Total 2.200 m² 23.681 sq.ft.

H. Infrastructure
H1. Access walking path 250 m² 2.691 sq.ft.
H2. Elevators 2 units
H3. External instalations 750 m²
H4. Wastewater treatment (purifiers + absorbtion wells) 4 units
H5. Retaining walls 1.800 m² 19.375 sq.ft.
Total
CONSTRUCTION COST ASSUMPTIONS Per m² $ / sq.ft.
A1. Apartments - above ground 1.900 €/m² 205 $/sq.ft.
A2. Garage - underground 700 €/m² 76 $/sq.ft.
C2. FF&E Villas 450 €/m² 49 $/sq.ft.
D1 External pools with infrastructure 1.000 €/m² 108 $/sq.ft.
G. Green Areas 70 €/m² 8 $/sq.ft.
H1. Access walking path 200 €/m² 22 $/sq.ft.
H2. Elevators 30.000 €/unit
H3. External instalations 200 €/m² 22 $/sq.ft.
H4. Wastewater treatment (purifiers + absorbtion wells) 10.000 €/unit
H5. Retaining walls 150 €/m² 16 $/sq.ft.

2 CONSTRUCTION WORKS SUMMARY

A1. Apartments - above ground € 2.868.000 $ 3.334.884
A2. Garage - underground € 285.000 $ 331.395
C2. FF&E Villas € 679.000
D1 External pools with infrastructure € 200.000 $ 232.558
G. Green Areas € 154.000 $ 179.070
H1. Access walking path € 50.000 $ 58.140
H2. Elevators € 60.000 $ 69.767
H3. External instalations € 150.000 $ 174.419
H4. Wastewater treatment (purifiers + absorbtion wells) € 40.000 $ 46.512
H5. Retaining walls € 270.000 $ 313.953
TOTAL € 4.756.000 $ 5.530.233
TOTAL COST
Land acquisition cost TOTAL € 1.187.500 $ 1.380.814
Land Acquisition Cost /m² 216 €/m² 23,31 $/sq.ft.
Total Land area 5.330 m² 57.372 sq.ft.
Land costs € 1.150.000 $ 1.337.209
Brokers Fee (% on Land cost) 0,00% €0 $0
Transfer Tax (% on Land cost) 0,00% €0 $0
Notary (% on Land cost) 0,20% € 3.000 $ 3.488
Lawyers (% on Land cost) 3,00% € 34.500 $ 40.116
Construction cost TOTAL € 4.906.000 $ 5.704.651
Construction Works € 4.756.000 $ 5.530.233
Construction Works - Contingency 3,00% € 150.000 $ 174.419
Total GDA 1.510 m² 16.250 sq.ft.
Professional fees € 246.000 $ 286.047
Project Design 0,79% € 39.000 $ 45.349
3 Construction Supervision
Project Management
2,20%
2,00%
€ 108.000
€ 99.000
$ 125.581
$ 115.116
Permits & Utilities € 173.000 $ 201.163
Licenses and City Hall Fee's TRUE € 113.000 $ 131.395
Connections (Electricity, Water, Sewage) 1,20% € 60.000 $ 69.767
Other € 36.000 $ 41.860
Warranty 0,20% € 10.000 $ 11.628
Marketing 0,25% € 13.000 $ 15.116
Soft Costs 0,25% € 13.000 $ 15.116
Equity / Debt / Development Fee
Placement Agent Fee (% of Equity) 0,00% €0 $0
Senior Debt Fee (% of Senior Debt) 0,00% €0 $0
Developers Fee (% on Project Cost) 2,00% € 131.000 $ 152.326

Total project cost (TPC) € 6.679.500 $ 7.766.860

 SOURCES % TPC
EQUITY 100,00% € 6.679.500 $ 7.766.860
Land costs 100% € 1.150.000 $ 1.337.209
Brokers Fee (% on Land cost) 100% €0 $0
Transfer Tax (% on Land cost) 100% €0 $0
Notary (% on Land cost) 100% € 3.000 $ 3.488
Lawyers (% on Land cost) 100% € 34.500 $ 40.116
Placement Agent Fee (% of Equity) 100% €0 $0
Senior Debt Fee (% of Senior Debt) 100% €0 $0
Licenses and City Hall Fee's 100% € 113.000 $ 131.395
Connections (Electricity, Water, Sewage) 100% € 60.000 $ 69.767

4 Marketing
Soft Costs
100%
100%
€ 13.000
€ 13.000
$ 15.116
$ 15.116
Project Design 100% € 39.000 $ 45.349
Project Management 100% € 99.000 $ 115.116
Developers Fee (% on Project Cost) 100% € 131.000 $ 152.326
Construction Works 100% € 4.756.000 $ 5.530.233
Construction Works - Contingency 100% € 150.000 $ 174.419
Construction Supervision 100% € 108.000 $ 125.581
Warranty 100% € 10.000 $ 11.628
TOTAL Sources of Funds 100,00% € 6.679.500 $ 7.766.860

Total Project Cost (TPC) € 6.679.500 $ 7.766.860

5 INVESTMENT PRO-FORMA

Revenue Assumptions -
Hospitality Revenue

Stabilized Average Dailiy Rate (ADR) - price per Villa A B C € 1.950

Stabilized Average Dailiy Rate (ADR) - price per Villa D € 1.700

Touristic season / Villas 180

Stabilized Occupancy / Villas 85%

Revenue - Villas A B C € 895.050 $ 1.041.000

Revenue - Villa D € 260.100 $ 302.000
$0
Stabilized Annual Revenue (incl. VAT) € 1.155.150 $ 1.343.000
Rooms revenue % Total Revenue 100% $0
Rooms net revenue € 1.022.257 $ 1.189.000
F&B net revenue €0 $0
Stabilized Annual Revenue € 1.022.257 $ 1.189.000
Net Operating Income (NOI) 85% € 868.918 $ 1.010.000

TOTAL Stabilized Net Operating Income (NOI) after reserves € 868.918 $ 1.010.370

INVESTOR SUMMARY
Years to exit 5,0 years
Total return on project € 13.327.977 $ 15.497.648
Gross Multiple 2,00x

6 Net return on project

Net Multiple on Invested Equity
€ 6.648.477
1,00x
$ 7.730.787

Project net ROE 19,91%

NPV - 3,0% € 4.840.659 $ 5.628.674
IRR 18,05%
Cash flow calculation
VILE ORAŠAC (4 villas)
INVESTMENT PERIOD OPERATING PERIOD STABILIZED YEAR OPERATING PERIOD

Investment Forecast Year 01 Year 02 Year 03 Year 04 Year 05 Year 06 Year 07 Year 08 Year 09 Year 10 Year 11
Investment ‐ schedule
Investment 6.679.500 € 1.871.000 € 3.800.800 € 1.007.700
NOI Forecast 3,0%
Net Operating Income ‐ schedule 0% 80% 100% 100% 103% 106% 109% 113% 116% 119%
Net Revenues 868.918 € 0 695.135 868.918 868.918 894.986 921.835 949.490 977.975 1.007.314 1.037.534
13,0%
Cash on Hand (beginning of year) 0 0 0 692.416 1.541.237 2.390.059 3.262.341 4.158.788 5.080.124 6.027.096 7.000.474

Cash Receipts 14.901.605 €

Net Revenues 8.222.105 € 0 695.135 868.918 868.918 894.986 921.835 949.490 977.975 1.007.314 1.037.534
Equity 6.679.500 € 1.871.000 3.800.800 1.007.700
Loan ‐ € 0 0 0 0 0 0 0 0 0 0 0

Total Cash Receipts 1.871.000 3.800.800 1.702.835 1.561.334 2.410.156 3.285.044 4.184.176 5.108.278 6.058.099 7.034.411 8.038.008

Cash Paid Out ‐ €

Total investment 6.679.500 € 1.871.000 3.800.800 1.007.700 0 0 0 0 0 0 0 0
Interest ‐ € 0 0 0 0 0 0 0 0 0 0 0
Loan principal payment ‐ € 0 0 0 0 0 0 0 0 0 0 0
Equity withdrawal ‐ €
Taxes 221.056 € 0 2.718 20.097 20.097 22.704 25.389 28.154 31.003 33.936 36.958

Total Cash Paid Out 6.900.556 € 1.871.000 3.800.800 1.010.418 20.097 20.097 22.704 25.389 28.154 31.003 33.936 36.958

Cash Position (end of year) 0 0 692.416 1.541.237 2.390.059 3.262.341 4.158.788 5.080.124 6.027.096 7.000.474 8.001.050
DUBROVNIK RIVIERA
VILE ORAŠAC (4 villas)

RETURN CALCULATION INVESTMENT OPERATIONS

Years to exit 6 Year 01 Year 02 Year 03 Year 04 Year 05 Year 06 Year 07 Year 08 Year 09 Year 10 Year 11

Equity ‐€ 1,87 M ‐€ 3,80 M ‐€ 1,01 M

Residual Value € 13,33 M

TOTAL ‐€ 1,87 M ‐€ 3,80 M ‐€ 1,01 M € 13,33 M

Investment € 6,68 M
NOI on exit € 0,89 M
NPV ‐ discount rate 3,0%
NPV ‐ 3,0% € 4,84 M
IRR 18,05%

Residual Value Calculation

Investment € 6,68 M
Cumulative Depreciation € 2,00 M 5,00% 50
Net Residual Value € 4,68 M
Location Premium Added Value10% € 0,92 M 10% 10
Added Value ‐ cummulative 5‐years NOI € 4,47 M 5Y
€ 10,07 M
Residual Loans principal
Cash position on exit € 3,26 M
Residual Value € 13,33 M
SUN GARDEN VILLAS
DUBROVNIK
 LOCATION DUBROVNIK RIVIERA
Internal code DUBROVNIK SUN VILLAS (ORAŠAC 2 - 8 VILLAS)
0 EXCHANGE RATE EU USA
Date 20/10/2021 € 1,00 $ 1,16
LAND DATA m² sq.ft.
Land size 6.500 m² 69.965 sq.ft.
0,65 ha 1,61 acres
A. Residential Units

GDA - above ground 2.840 m² 30.570 sq.ft.

GDA - underground 340 m²

D. External pools
D1 External pools with infrastructure 350 m²
1 G. Green Areas
G. Green Areas 2.600 m² 27.986 sq.ft.
Total 0 m² 0 sq.ft.

H. Infrastructure
H1. Access road 700 m² 7.535 sq.ft.
H3. External instalations 1.300 m²
H4. Wastewater treatment (purifiers + absorbtion wells) 8 units
H5. Retaining walls 3.150 m² 33.906 sq.ft.
Total
CONSTRUCTION COST ASSUMPTIONS Per m² $ / sq.ft.
A1. Apartments - above ground 1.900 €/m² 205 $/sq.ft.
A2. Garage - underground 700 €/m² 76 $/sq.ft.
C2. FF&E Villas 450 €/m² 49 $/sq.ft.
D1 External pools with infrastructure 1.000 €/m² 108 $/sq.ft.
G. Green Areas 70 €/m² 8 $/sq.ft.
H1. Access road 200 €/m² 22 $/sq.ft.
H3. External instalations 200 €/m² 22 $/sq.ft.
H4. Wastewater treatment (purifiers + absorbtion wells) 10.000 €/unit
H5. Retaining walls 150 €/m² 16 $/sq.ft.

2 CONSTRUCTION WORKS SUMMARY

A1. Apartments - above ground € 5.396.000 $ 6.274.419
A2. Garage - underground € 238.000 $ 276.744
C2. FF&E Villas € 1.278.000
D1 External pools with infrastructure € 350.000 $ 406.977
G. Green Areas € 182.000 $ 211.628
H1. Access road € 140.000 $ 162.791
H3. External instalations € 260.000 $ 302.326
H4. Wastewater treatment (purifiers + absorbtion wells) € 80.000 $ 93.023
H5. Retaining walls € 473.000 $ 550.000
TOTAL € 8.397.000 $ 9.763.953
TOTAL COST
Land acquisition cost TOTAL € 2.012.500 $ 2.340.116
Land Acquisition Cost /m² 300 €/m² 32,41 $/sq.ft.
Total Land area 6.500 m² 69.965 sq.ft.
Land costs € 1.950.000 $ 2.267.442
Brokers Fee (% on Land cost) 2,00% € 39.000 $ 45.349
Transfer Tax (% on Land cost) 0,00% €0 $0
Notary (% on Land cost) 0,20% € 4.000 $ 4.651
Lawyers (% on Land cost) 1,00% € 19.500 $ 22.674
Construction cost TOTAL € 8.657.000 $ 10.066.279
Construction Works € 8.397.000 $ 9.763.953
Construction Works - Contingency 3,00% € 260.000 $ 302.326
Total GDA 2.840 m² 30.570 sq.ft.
Professional fees € 303.000 $ 352.326
Project Design 0,74% € 64.000 $ 74.419
3 Construction Supervision
Project Management
1,50%
1,25%
€ 130.000
€ 109.000
$ 151.163
$ 126.744
Permits & Utilities € 234.000 $ 272.093
Licenses and City Hall Fee's TRUE € 124.000 $ 144.186
Connections (Electricity, Water, Sewage) 1,20% € 110.000 $ 127.907
Other € 84.000 $ 97.674
Warranty 0,20% € 18.000 $ 20.930
Marketing 0,50% € 44.000 $ 51.163
Soft Costs 0,25% € 22.000 $ 25.581
Equity / Debt / Development Fee
Placement Agent Fee (% of Equity) 0,00% €0 $0
Senior Debt Fee (% of Senior Debt) 0,00% €0 $0
Developers Fee (% on Project Cost) 2,00% € 226.000 $ 262.791

Total project cost (TPC) € 11.516.500 $ 13.391.279

 SOURCES % TPC
EQUITY 100,00% € 11.516.500 $ 13.391.279
Land costs 100% € 1.950.000 $ 2.267.442
Brokers Fee (% on Land cost) 100% € 39.000 $ 45.349
Transfer Tax (% on Land cost) 100% €0 $0
Notary (% on Land cost) 100% € 4.000 $ 4.651
Lawyers (% on Land cost) 100% € 19.500 $ 22.674
Placement Agent Fee (% of Equity) 100% €0 $0
Senior Debt Fee (% of Senior Debt) 100% €0 $0
Licenses and City Hall Fee's 100% € 124.000 $ 144.186
Connections (Electricity, Water, Sewage) 100% € 110.000 $ 127.907

4 Marketing
Soft Costs
100%
100%
€ 44.000
€ 22.000
$ 51.163
$ 25.581
Project Design 100% € 64.000 $ 74.419
Project Management 100% € 109.000 $ 126.744
Developers Fee (% on Project Cost) 100% € 226.000 $ 262.791
Construction Works 100% € 8.397.000 $ 9.763.953
Construction Works - Contingency 100% € 260.000 $ 302.326
Construction Supervision 100% € 130.000 $ 151.163
Warranty 100% € 18.000 $ 20.930
TOTAL Sources of Funds 100,00% € 11.516.500 $ 13.391.279

Total Project Cost (TPC) € 11.516.500 $ 13.391.279

INVESTMENT PRO-FORMA

Revenue Assumptions -
Hospitality Revenue

Stabilized Average Dailiy Rate (ADR) - price per Villa € 1.900

Touristic season / Villas 180

Stabilized Occupancy / Villas 80%

5 Revenue - Villas € 1.915.200 $ 2.227.000

$0
Stabilized Annual Revenue (incl. VAT) € 1.915.200 $ 2.227.000
Rooms revenue % Total Revenue 100% $0
Rooms net revenue € 1.694.867 $ 1.971.000
F&B net revenue €0 $0
Stabilized Annual Revenue € 1.694.867 $ 1.971.000
Net Operating Income (NOI) 85% € 1.440.637 $ 1.675.000

TOTAL Stabilized Net Operating Income (NOI) after reserves € 1.440.637 $ 1.675.159

INVESTOR SUMMARY
Years to exit 5,0 years
Residual Value - Total Return € 22.382.568 $ 26.026.241
Gross Multiple 1,94x

6 Net return on project

Net Multiple on Invested Equity
€ 10.866.068
0,94x
$ 12.634.962

Project net ROE 18,87%

NPV - 3,0% € 7.847.430 $ 9.124.919
IRR 17,33%
Cash flow calculation
DUBROVNIK SUN VILLAS (ORAŠAC 2 ‐ 8 VILLAS)
INVESTMENT PERIOD OPERATING PERIOD STABILIZED YEAR OPERATING PERIOD

Investment Forecast Year 01 Year 02 Year 03 Year 04 Year 05 Year 06 Year 07 Year 08 Year 09 Year 10 Year 11
Investment ‐ schedule
Investment 11.516.500 € 3.194.600 € 6.569.000 € 1.752.900
NOI Forecast 3,0%
Net Operating Income ‐ schedule 0% 80% 100% 100% 103% 106% 109% 113% 116% 119%
Net Revenues 1.440.637 € 0 1.152.510 1.440.637 1.440.637 1.483.856 1.528.372 1.574.223 1.621.450 1.670.093 1.720.196
12,5%
Cash on Hand (beginning of year) 0 0 0 1.152.355 2.540.974 3.929.594 5.353.653 6.814.215 8.312.375 9.849.261 11.426.034

Cash Receipts 25.148.475 €

Net Revenues 13.631.975 € 0 1.152.510 1.440.637 1.440.637 1.483.856 1.528.372 1.574.223 1.621.450 1.670.093 1.720.196
Equity 11.516.500 € 3.194.600 6.569.000 1.752.900
Loan ‐ € 0 0 0 0 0 0 0 0 0 0 0

Total Cash Receipts 3.194.600 6.569.000 2.905.410 2.592.992 3.981.612 5.413.450 6.882.025 8.388.438 9.933.825 11.519.354 13.146.231

Cash Paid Out ‐ €

Total investment 11.516.500 € 3.194.600 6.569.000 1.752.900 0 0 0 0 0 0 0 0
Interest ‐ € 0 0 0 0 0 0 0 0 0 0 0
Loan principal payment ‐ € 0 0 0 0 0 0 0 0 0 0 0
Equity withdrawal ‐ €
Taxes 588.082 € 0 155 52.018 52.018 59.797 67.810 76.063 84.564 93.320 102.338

Total Cash Paid Out 12.104.582 € 3.194.600 6.569.000 1.753.055 52.018 52.018 59.797 67.810 76.063 84.564 93.320 102.338

Cash Position (end of year) 0 0 1.152.355 2.540.974 3.929.594 5.353.653 6.814.215 8.312.375 9.849.261 11.426.034 13.043.892
DUBROVNIK RIVIERA
DUBROVNIK SUN VILLAS (ORAŠAC 2 ‐ 8 VILLAS)

RETURN CALCULATION INVESTMENT OPERATION

Years to exit 6 Year 01 Year 02 Year 03 Year 04 Year 05 Year 06 Year 07 Year 08 Year 09 Year 10

Equity ‐€ 3,19 M ‐€ 6,57 M ‐€ 1,75 M

Residual Value € 22,38 M

TOTAL ‐€ 3,19 M ‐€ 6,57 M ‐€ 1,75 M € 22,38 M

Investment € 11,52 M
NOI on exit € 1,48 M
NPV ‐ discount rate 3,0%
NPV ‐ 3,0% € 7,85 M
IRR 17,33%

Residual Value Calculation

Investment € 11,52 M
Cumulative Depreciation € 3,45 M 5,00% 50
Net Residual Value € 8,06 M
Location Premium Added Value10% € 1,55 M 10% 10
Added Value ‐ cummulative 5‐years NOI € 7,42 M 5Y
€ 17,03 M
Residual Loans principal
Cash position on exit € 5,35 M
Residual Value € 22,38 M