1. V 2.0 june 2015 Page Swiss Golf Resort Bucharest

2. V 2.0 june 2015 Page Companies ‘Swiss Golf & Leisure Development SA’ founded 2007 as a joint-stock company to develop, promote and realize the project and own the land. www.swissgolf.ro ‘Golf & Country Club Bucharest’ founded 2007 as a non profit organization to promote golf in Romania and offer a networking platform to interested circles and persons. www.golf-bucharest.ro ‘Swiss Golf & Leisure Development SA’ founded 2007 as a joint-stock company to develop, promote and realize the project and own the land. www.swissgolf.ro ‘Golf & Country Club Bucharest’ founded 2007 as a non profit organization to promote golf in Romania and offer a networking platform to interested circles and persons. www.golf-bucharest.ro 2

3. V 2.0 june 2015 Page Golfsport is booming worldwide! Golf courses in comparison to population. Golf Courses:Population: Switzerland: 100 7,5 mill. Austria: 147 8,1 mill. Germany: 658 82,5 mill. France: 548 60,2 mill. Great Britain: 130260,6 mill. Czech Rep.: 52 10,2 mill. Poland: 24 38,2 mill. Hungary: 12 10,0 mill. Romania: 3 22,5 mill. Bucharest is at this moment the only European capital not offering a 18 hole golf course. Golf courses in comparison to population. Golf Courses:Population: Switzerland: 100 7,5 mill. Austria: 147 8,1 mill. Germany: 658 82,5 mill. France: 548 60,2 mill. Great Britain: 130260,6 mill. Czech Rep.: 52 10,2 mill. Poland: 24 38,2 mill. Hungary: 12 10,0 mill. Romania: 3 22,5 mill. Bucharest is at this moment the only European capital not offering a 18 hole golf course. 3

4. V 2.0 june 2015 Page Romania (2013) Population22 mill. GDP$ 274 billion GDP per capitas $ 12’800 Minimal salaryEuro 210 / month Average salary BucharestEuro 900 / month Taxes (companies)16% flat rate Growth 20136.5 % (highest EU average) Companies with foreign capital190’000 Since 2007 Romania is full EU member Population22 mill. GDP$ 274 billion GDP per capitas $ 12’800 Minimal salaryEuro 210 / month Average salary BucharestEuro 900 / month Taxes (companies)16% flat rate Growth 20136.5 % (highest EU average) Companies with foreign capital190’000 Since 2007 Romania is full EU member 4

5. V 2.0 june 2015 Page Bucharest (2013) Population2.4 mill. (including suburbs: 3.2 mill.) Expatstotal 32’000, 12’000 EU citizens Companies with foreign capital80’000 Country representations121 Crime raterather low (average EU capitals) Climatecontinental & subtropical Golf seasonMarch-November (meanwhile also December) Hotels / beds500 hotels on booking.com, with 50’000 beds Tourism 800’000 visitors per year Bucharest has an intense cultural, social and leisure offer, Romanians are very friendly and hospitable. Population2.4 mill. (including suburbs: 3.2 mill.) Expatstotal 32’000, 12’000 EU citizens Companies with foreign capital80’000 Country representations121 Crime raterather low (average EU capitals) Climatecontinental & subtropical Golf seasonMarch-November (meanwhile also December) Hotels / beds500 hotels on booking.com, with 50’000 beds Tourism 800’000 visitors per year Bucharest has an intense cultural, social and leisure offer, Romanians are very friendly and hospitable. 5

6. V 2.0 june 2015 Page Location Golf Bucharest 6 City of Bucharest Airport Buftea Chitila Dragomiresti

7. V 2.0 june 2015 Page Access to the airport 20 min. to the airport 20 min. to the city 20 min. to the city 20 min. acces Planned acces planned ring road planned ring road actual ring road north Scale: = approx. 2‘000 m 7 Golf Bucharest site

8. V 2.0 june 2015 Page Project overview 8

9. V 2.0 june 2015 Page Part overview projects 6 Hole Course Practice area 18 hole championship course Residential Hotel Clubhouse Commercial Tennis 9

10. V 2.0 june 2015 Page Facilities 18-holes championship golf course 6-holes beginners course Practice area (putting greens, pitching & chipping, driving range 70 pl., temp. clubhouse) Clubhouse (restaurant 200 seats, terrace 120 seats, shopping area 400 m2, conference area, wellness, administration, cloakrooms, annex spaces) Tennis courts (2-3 courts, tennis academy) Hotel 4**** (120-150 rooms, pool, SPA, conference rooms) Optional: Boarding House approx. 100 units or Hotel Extension Residential area (270-350 units, depending on the concept, maximum 66’000 m2 to be built) Commercial area and services (approx. 2’000 m 2 ) 18-holes championship golf course 6-holes beginners course Practice area (putting greens, pitching & chipping, driving range 70 pl., temp. clubhouse) Clubhouse (restaurant 200 seats, terrace 120 seats, shopping area 400 m2, conference area, wellness, administration, cloakrooms, annex spaces) Tennis courts (2-3 courts, tennis academy) Hotel 4**** (120-150 rooms, pool, SPA, conference rooms) Optional: Boarding House approx. 100 units or Hotel Extension Residential area (270-350 units, depending on the concept, maximum 66’000 m2 to be built) Commercial area and services (approx. 2’000 m 2 ) 10

11. V 2.0 june 2015 Page Virtual Overview Forest Practice 6 Hole Course Residential Clubhouse Hotel Commercial 18 hole course 18 hole course 11

12. V 2.0 june 2015 Page Virtual panorama hole 1, 9, 18 12

13. V 2.0 june 2015 Page Residential Concept Swiss Golf Village Twin-Houses Commercial, Services, Studios Villa Apartments Villas Park 13

14. V 2.0 june 2015 Page Investment Golf & Country Club Golf course 6‘640‘000 Club House (incl. infrastructure) 2’500‘000 Real Estate Residential (incl. land & infrastructure) 58‘000‘000 for average 320 units, 66’000 m 2 to be built Hotel Hotel 4* plus (150 rooms, incl. land & infrastructure) 28’000’000 Required equity: minimum Euro 4’650’000 by realisation in steps (see page 16) or Euro 14’000’000 by realisation in one single step and financing by banks or funds. Golf & Country Club Golf course 6‘640‘000 Club House (incl. infrastructure) 2’500‘000 Real Estate Residential (incl. land & infrastructure) 58‘000‘000 for average 320 units, 66’000 m 2 to be built Hotel Hotel 4* plus (150 rooms, incl. land & infrastructure) 28’000’000 Required equity: minimum Euro 4’650’000 by realisation in steps (see page 16) or Euro 14’000’000 by realisation in one single step and financing by banks or funds. (Euro, July 2013, amounts excl. VAT) 14

15. V 2.0 june 2015 Page Returns Golf & Country Club Golf Course : Profit before taxes per year after 3 years, including amortisation within 10 years 450’000 Expected turnover in 3 rd year Euro 2’400’000 Club House175’000 Income from rentals per year Profit from selling golf course & club house 6’000’000 Real Estate Profit from sales residential before taxes 22’000’000 ROI : 32%, ROE: 140% Hotel Income from rentals, yearly 1’600’000 or Profit from selling hotel 4’600’000 ROI: 28%, ROE: 130% Golf & Country Club Golf Course : Profit before taxes per year after 3 years, including amortisation within 10 years 450’000 Expected turnover in 3 rd year Euro 2’400’000 Club House175’000 Income from rentals per year Profit from selling golf course & club house 6’000’000 Real Estate Profit from sales residential before taxes 22’000’000 ROI : 32%, ROE: 140% Hotel Income from rentals, yearly 1’600’000 or Profit from selling hotel 4’600’000 ROI: 28%, ROE: 130% (Euro, July 2013, amounts excl. VAT) 15

16. V 2.0 june 2015 Page Realisation by steps Purchase of approx. 78 ha land (Golf Course) 2’000’000 (land price exempt VAT) Building of the access road 200’000 Building of the 1st 9 holes1’900’000 (including watering, infrastructure, etc.) Provisory club house 200’000 Additional costs 200’000 (planning, taxes, unexpected, management) Option land residential 150’000 Total equity required4’650’000 The realisation of the 1st step will allow to operate the resort (9 holes, competitions). The next steps may be realised without interference of the parts in operation Purchase of approx. 78 ha land (Golf Course) 2’000’000 (land price exempt VAT) Building of the access road 200’000 Building of the 1st 9 holes1’900’000 (including watering, infrastructure, etc.) Provisory club house 200’000 Additional costs 200’000 (planning, taxes, unexpected, management) Option land residential 150’000 Total equity required4’650’000 The realisation of the 1st step will allow to operate the resort (9 holes, competitions). The next steps may be realised without interference of the parts in operation (Euro, July 2013, amounts excl. VAT) 16

17. V 2.0 june 2015 Page Status of the Project Swiss Golf & Leisure Development founded 2006 to develop various Projects of Golf Courses & Real Estate in Romania Golf & Country Club Bucharest founded 2006 Contracts Concerning Land Use completed 2004 Detailed Execution Plans Golf Course completed by K. Rossknecht Detailed Plans Clubhouse completed Urbanistic Project Real Estate completed Offers for Infrastructure existing General Plan (PUZ) approved by Authorities in 2007 Business Plan Real Estate by Deloitte & Touche completed 2007-2008 First Pro Shop opened in Bucharest (repr. Callaway, Paragon, Wilson) Driving Range & Swiss Mastery Golf Academy operational Swiss Golf & Leisure Development founded 2006 to develop various Projects of Golf Courses & Real Estate in Romania Golf & Country Club Bucharest founded 2006 Contracts Concerning Land Use completed 2004 Detailed Execution Plans Golf Course completed by K. Rossknecht Detailed Plans Clubhouse completed Urbanistic Project Real Estate completed Offers for Infrastructure existing General Plan (PUZ) approved by Authorities in 2007 Business Plan Real Estate by Deloitte & Touche completed 2007-2008 First Pro Shop opened in Bucharest (repr. Callaway, Paragon, Wilson) Driving Range & Swiss Mastery Golf Academy operational 17

18. V 2.0 june 2015 Page Chances Romania is an EU land, the political risks are low. The ‘Swissness’ image of the project The 1st golf course in Bucharest will be an attractive & exclusive resort for the inhabitants & expats. The project is supported by the authorities There is no similar project around Bucharest. It is quite not possible to find the required land (approx. 100 ha) from one single owner for a second Golf Resort. Needed building permissions are existing Break even by approx. 400 members. (about 250-300 golfers from Bucharest drive regularly 4 hours to Bulgaria to play golf) Cheap labour costs Favourable exchange rate RON to Euro (2007: 1 Euro=3.6 RON, 2014: 1 Euro=4.4 RON) EU subsidies possible Romania is an EU land, the political risks are low. The ‘Swissness’ image of the project The 1st golf course in Bucharest will be an attractive & exclusive resort for the inhabitants & expats. The project is supported by the authorities There is no similar project around Bucharest. It is quite not possible to find the required land (approx. 100 ha) from one single owner for a second Golf Resort. Needed building permissions are existing Break even by approx. 400 members. (about 250-300 golfers from Bucharest drive regularly 4 hours to Bulgaria to play golf) Cheap labour costs Favourable exchange rate RON to Euro (2007: 1 Euro=3.6 RON, 2014: 1 Euro=4.4 RON) EU subsidies possible 18

19. V 2.0 june 2015 Page Risks Romania is still a quite unknown land. Investors are still reserved Bureaucracy, high administrative expenditure Low productivity Missing know how and experience in similar projects on site VAT 24% (not for estate purchase and shares transactions) Need of an important controlling concept on site Acceptance of the facilities by the future clients and members Business in an foreign area Romania is still a quite unknown land. Investors are still reserved Bureaucracy, high administrative expenditure Low productivity Missing know how and experience in similar projects on site VAT 24% (not for estate purchase and shares transactions) Need of an important controlling concept on site Acceptance of the facilities by the future clients and members Business in an foreign area 19

20. V 2.0 june 2015 Page Overview FacilityLand area (m2) Costs rent land p.y. (Euro) Price land purchase (Euro) Investment (Euro) Status plannedrealised Planning over all1‘400‘000X Driving range, infrastructure 60‘0000included560‘000XX Club house prov.6000included210‘000X Club house6‘00014‘000180‘0002‘100‘000X Residential150‘00002‘200‘00046‘000‘000partially Golf course 18+6720‘000100‘0002‘000‘0006‘500000X Commercial2‘80001‘800‘000partially Hotel 150 rooms12‘0003‘500‘00025‘000‘000partially Infrastructure over all7‘600‘000partially Total7‘880‘00091‘170‘000 20

21. V 2.0 june 2015 Page Summary Investors are planning the first golf resort in Romania. Located near Bucharest, fully completed, it will host a 18 hole golf Course, a 6 hole course residential, a hotel and leisure options. Bucharest and Romania has a rising economical significance. Since it is the first and only golf course, the potential is nearly unlimited. Investors are welcome to participate in different manners with the project. Investors are planning the first golf resort in Romania. Located near Bucharest, fully completed, it will host a 18 hole golf Course, a 6 hole course residential, a hotel and leisure options. Bucharest and Romania has a rising economical significance. Since it is the first and only golf course, the potential is nearly unlimited. Investors are welcome to participate in different manners with the project. 21

22. V 2.0 june 2015 Page Project Team Mr. Fernando Mutti lic. Oec, Head of Finance & Owner fernando.mutti@swissgolf.ro mobile +41 78 617 17 69 Mr. Radu D. Chiriac, Dipl. Arch. ETH/SIA, Head of Planning & Owner radu.chiriac@swissgolf.ro mobile +41 78 615 29 30 www.swissgolf.rowww.golf-bucharest.ro Mr. Fernando Mutti lic. Oec, Head of Finance & Owner fernando.mutti@swissgolf.ro mobile +41 78 617 17 69 Mr. Radu D. Chiriac, Dipl. Arch. ETH/SIA, Head of Planning & Owner radu.chiriac@swissgolf.ro mobile +41 78 615 29 30 www.swissgolf.rowww.golf-bucharest.ro 22

23. V 2.0 june 2015 Page Driving Range 23

24. V 2.0 june 2015 Page Thank for your attention! Are there any questions? Thank for your attention! Are there any questions? 24