1. APARTMENTS FOR SALE HOTEL BLANCA RESORT & SPA 2012. G.

2. ABOUT HOTEL Hotel Blanca Resort and Spa is a new 5* Hotel Resort and Spa, located at a beautiful and quiet mountain of Vlašić in Bosnia and Herzegovina, that represents desirable location for family vacations throughout a whole year round. Hotel has been receiving awards through its operations, for two years in a row : “Wellness Hotel of the year 2010” – entitled by a Regional Conference of Health, Wellness and Spa Tourism in Belgrad; "The Best Mountain Wellness Hotel in 2011" – entitled also by a jury of regional experts of health and wellness tourism industry; “Hospitality Crown 2011” in a category for “The best Resort and Spa Hotel” But most of all, we are happy to provide service to all our gusets who have recognized our quality and became frequent guests of Hotel Blanca Resort and Spa*****

3. ACCOMMODATION Hotel Blanca Resort and Spa: 132 beds total 2 de luxe suites: Mc Kailash Mc Kinley 38 double rooms: CLS – classic / 10 PRM – premium / 9 SPR – superior / 19 16 suites: FOR SALE CLS – classic / 3 PRM – premium / 5 SPR – superior / 8

4. SPA & WELLNESS FACILITIES and SERVICES Mont Lhotse Spa & Wellness Zone Infrared sauna Aromatherapy sauna Finnish sauna Turkish bath Swimming pool Jacuzzi Silentium area with tepidarium Massage room Body and face care room Manicure and pedicure Solarium Fitness

5. GASTRONOMY and it’s outlets Mont Blanc Restaurant *brunches / dinners Mont Parnass Ski Bar *Night Bar Mont Rushmore Lobby Bar *Cigare & whiskey bar

6. ADDITIONAL FACILITIES Mont Vinson Conference Hall Kids Club Mont Pinatubo Shopping area Mont Olymp Entertainment room Billiard, Poker Food & drinks served

7. 3 in 1 – VIP PACKAGE HOW TO BECAME AN OWNER OF A LUXURY SUITE ON VLAŠIĆ. TAKE MEMBERSHIP ADVANTAGE OF HOTEL BLANCA RESORT & SPA***** UNIQUE SELLING PROPOSITION YOUR LUXURY PROPERTY + MONT LHOTSE WELLNESS FACILITIES (IFRARED, AROMA and FINNISH SAUNA, TURKISH BATH, SWIMMING POOL, JACCUZZI, TEPIDARIUM, FITNESS) + 5* SERVICES “HOTEL BLANCA RESORT & SPA - READY on YOUR PHONE CALL: FIREPLACE, JACUZZI, CANDLES, CHAMPAGNE – “DEAR MADAM/SIR, WELCOME TO YOUR SECOND HOME” + OTHER FACILITIES (BILLIARD TABLES, KIDS CLUB) ‏

8. CLS / PRM / SPR ? CLASSIC SUITE (CLS): APP cca. 35-42 sqm Bedroom: King size bed (modern zyp system enables single and double use); kitchen; living room: fireplace, LCD TV Flat, hotel cable TV, telephone, electronic safe with private code and spare mechanical key, smoke detector, free wireless and wire internet; heating / air condition; intelligent room system ; toilette (hydro massage bath tub, hairdryer, SOS system, bathrobe, slippers ) PREMIUM SUITE (PRM): APP cca. 47-48 sqm Bedroom: King size bed (modern zyp system enables single and double use); kitchen; living room: sofa, love-sofa, fireplace, LCD TV Flat, hotel cable TV, telephone, electronic safe with private code and spare mechanical key, smoke detector, free wireless and wire internet; haeting / air condition; intelligent room system ; toilette (hydro massage bath tub, hairdryer, SOS system, bathrobe, slippers) SUPERIOR SUITE (SPR): APP cca. 49-79 sqm Bedroom: King size bed (modern zyp system enables single and double use); kitchen; living room: sofa, love-sofa, fireplace, LCD TV Flat, hotel cable system, telephone, electronic safe with private code and spare mechanical key, smoke detector, free wireless and wire internet; heating / air condition; intelligent room system; toilette (hydro massage bath tub, hairdryer, SOS system, bathrobe, slippers )

9. /CLS / PRM / SPR

10. PURCHASE & CONTRACT OPTIONS HOTEL BLANCA RESORT & SPA***** Hotel Blanca Resort & Spa offers two selling models for apartment buyers: MODEL 1 : Purchase Contract without Lease Agreement Purchase Contract – no additional rent in cooperation with hotel Price per sqm – 25% discounted MODEL 2 : Purchase Contract with Lease Agreement Purchase Contract and Lease Agreement with the Hotel 3 weeks of accommodation / per year, additional 2 weeks – optional Investment return: First 5 years – 6% turnover – your saving (30%) (3weeks accommodation) ‏ Next 10 years – 3% turnover – your saving (30%)(3weeks accommodation) ‏ Your total saving including 3 weeks accommodation/ year – 60% Total investment return after 15 years: – financial + accommodation saving: 120% + membership card saving up to 25% a la carte services!!!

11. MODEL 1: PURCHASE CONTRACT without LEASE AGREEMENT PRICE per sqm – 25% DISCOUNTED APP no.TypeSQMEUR/SQMEUR 1102SPR49,871.68784.144 1103PRM47,31.84187.063 1104CLS35,571.84165.472 1201CLS42,671.76475.268 1202SPR48,831.68782.389 1203PRM49,451.84191.020 1204CLS44,21.84181.357 1301CLS43,731.76477.138 1302SPR50,341.68784.937 1303PRM50,781.84193.468 1304CLS47,721.84187.836 1401SPR80,971.534124.198 1402SPR49,21.68783.013 1403PRM50,661.84193.247 1404CLS40,981.84175.430

12. MODEL 1: PURCHASE CONTRACT without LEASE AGREEMENT PRICE per sqm – 25% DISCOUNTED Model 1. - an attractive occasion to buy a property/apartment throughout a Purchase Contract between a Buyer and a Hotel (Winter d.o.o.). Buyer holds the title of the property/apartment after signing and meeting all the contract conditions. Buying the apartment, buyer also gets: unlimited access to Mont Lhotse Wellness Zone (unlimited time: infrared, aromatherapy, Finnish and Turkish sauna, swimming pool, Jacuzzi, fitness), private wellness locker, private ski locker. Buyer also have all 5* services at 5% - 25% discounted prices. Buyer/New owner will be charged a monthly fee for apartment’s maintainance and housekeeping services what actually includes also apartment cleaning (bathrobe, towels and shampoo) and other daily operations as well. Monthly fee will be charged due to a current index of utilityy costs (gas and electricity), which at this moment equels 8,75 BAM /per apartmant sqm / monthly. Monthly fee will be revised, calculated and adjusted at the end of the year. Apartment buyout also allows possibility to purchase one of the Membership Card Type: Platinum, Gold or Silver, that will enable from 5% up to 25% discount on all a la carte services Purchace Contract is unique determined contarct, but will be adjusted to individual Buyers needs and wants.

13. MODEL 2 : PURCHASE CONTRACT and LEASE AGREEMENT with the HOTEL Model 2a: 3 weeks of accommodation/ year Model 2b: 3 weeks + additional 1 week/ year / total 4 weeks/ year. Model 2c: 3 weeks + additional 2 weeks/ year / total 5 weeks/year. Model 2a: 3 weeks of accommodation per year 3 weeks accommodation per year Turnover per net purchase price: First 5 years – 6% turnover - saving (30%) Next 10 years – 3% turmover – additional saving (30%) Total saving after 15 years and 3 weeks of accommodation per year – 60% Investment return after 15 years - 120% Model 2b: 3 weeks + additional 1 week of accommodation/ year = total 4 weeks/year 4 weeks accommodation per year Turnover per net purchase price: First 5 years – 5,33% turnover - saving (26,65%) Next 10 years – 2,67% turnover - saving (26,70%) Total saving after 15 years and 4 weeks of accommodation per year – 53,35% Investment return after 15 years - 106,70% Model 2c: 3 weeks + additional 2 weeks of accommodation/ year = total 5 weeks/year 5 weeks accommodation per year Turnover per net purchase price: First 5 years – 5% turnover - saving (25%) Next 10 years – 2,50% turnover - saving (25%) Total saving after 15 years and 5 weeks of accommodation per year – 50% Investment return after 15 years - 100%

14. MODEL 2 : PURCHASE CONTRACT and LEASE AGREEMENT Model 2. Purchase contract in combination with Lease Agreement is actually your business investment step. If you choose this purchase model you sign a purchase contract for your apartment and you are also obliged to lease apartment to the Hotel Blanca Resort & Spa. Choosing this option, you will get your investment return (turnover per year) according to presentation on Slide 13 and it depends of how many weeks per year you use your apartment for your accommodation. Evaluation has been made upon 3 weeks as usual accommodation per year and additional 2 weeks maximum what than reflect to your turnover. Detailed calculation find on Slides 16-32. There is no monthly fee for utilities expenses, cleaning the apartment and daily property management costs.

15. Model 2A: 3 weeks of accommodation / year YOUR SAVING: Turnover per net purchase price: First 5 years: 6% turnover - saving (30%) Next 10 years: 3% turnover - saving (30%) ‏ Total saving after 15 years – 60% ADDITIONAL SAVING – ACCOMMODATION: Total saving – your accommodation costs during 3 weeks per year after 15 years – 60% Total turnover after 15 years - 120%

16. MODEL 2A : 3 WEEKS OF ACCOMODATION / YEAR TURNOVER: FIRST 5 YEARS – 6% TURNOVER - SAVING (30%) ‏ NEXT 10 YEARS – 3% TURNOVER - SAVING (30%) TOTAL SAVING AFTER 15 YEARS / 3 WEEKS of ACCOMMODATION / YEAR – 60% TOTAL TURNOVER AFTER 15 YEARS - 120% Purchase price Net purchase TURNOVER - 6%, first 5 years (2012-2016) APP notypesqm EUR/Total price6% - 20126% - 20136% - 20146% - 20156% - 2016 sqmEUR 1102SPR49,872.250112.192101.9936.120 1103PRM47,32.454116.084106.4106.385 1104CLS35,572.45487.29680.0214.801 1201CLS42,672.352100.35791.6315.498 1202SPR48,832.250109.85299.8665.992 1203PRM49,452.454121.360111.2476.675 1204CLS44,22.454108.47699.4365.966 1301CLS43,732.352102.85093.9075.634 1302SPR50,342.250113.249102.9546.177 1303PRM50,782.454124.624114.2396.854 1304CLS47,722.454117.114107.3556.441 1401SPR80,972.250182.157165.5979.936 1402SPR49,22.250110.684100.6226.037 1403PRM50,662.454124.330113.9696.838 1404CLS40,982.454100.57392.1925.532

17. MODEL 2A : 3 WEEKS OF ACCOMMODATION / YEAR TURNOVER: FIRST 5 YEARS – 6% TURNOVER - SAVING (30%) NEXT 10 YEARS – 3% TURNOVER - SAVING (30%) TOTAL SAVING AFTER 15 YEARS/ 3 WEEKS OF ACCOMMODATION / YEAR – 60% TOTAL TURNOVER AFTER 15 YEARS - 120% Purchas e price Net purchas e TURNOVER - 3%, next 10 years (2017-2026) APP notypesqm EUR/Total price 3% - 2017 3% - 2018 3% - 2019 3% - 2020 3% - 2021 3% - 2022 3% - 2023 3% - 2024 3% - 2025 3% - 2026 sqmEUR 1102SPR49,872.250112.192101.9933.060 1103PRM47,32.454116.084106.4103.192 1104CLS35,572.45487.29680.0212.401 1201CLS42,672.352100.35791.6312.749 1202SPR48,832.250109.85299.8662.996 1203PRM49,452.454121.360111.2473.337 1204CLS44,22.454108.47699.4362.983 1301CLS43,732.352102.85093.9072.817 1302SPR50,342.250113.249102.9543.089 1303PRM50,782.454124.624114.2393.427 1304CLS47,722.454117.114107.3553.221 1401SPR80,972.250182.157165.5974.968 1402SPR49,22.250110.684100.6223.019 1403PRM50,662.454124.330113.9693.419 1404CLS40,982.454100.57392.1922.766

18. MODEL 2A : 3 WEEKS OF ACCOMMODATION / YEAR TURNOVER: FIRST 5 YEARS – 6% TURNOVER - SAVING (30%) NEXT 10 YEARS – 3% TURNOVER - SAVING (30%) TOTAL SAVING AFTER 15 YEARS / 3 WEEKS of ACCOMMODATION / YEAR – 60% TOTAL TURNOVER AFTER 15 YEARS - 120% Total saving after 15 years Purchase priceNet purchaseTotal APP noTypesqm EUR/Total price Turnover – Saving sqmEUR 1102SPR49,92.250112.192101.99361.196 1103PRM47,32.454116.084106.41063.846 1104CLS35,62.45487.29680.02148.013 1201CLS42,72.352100.35791.63154.978 1202SPR48,82.250109.85299.86659.919 1203PRM49,52.454121.360111.24766.748 1204CLS44,22.454108.47699.43659.662 1301CLS43,72.352102.85093.90756.344 1302SPR50,32.250113.249102.95461.772 1303PRM50,82.454124.624114.23968.543 1304CLS47,72.454117.114107.35564.413 1401SPR812.250182.157165.59799.358 1402SPR49,22.250110.684100.62260.373 1403PRM50,72.454124.330113.96968.381 1404CLS412.454100.57392.19255.315

19. MODEL 2A: 3 WEEKS OF ACCOMMODATION / YEAR TURNOVER: FIRST 5 YEARS – 6% TURNOVER - SAVING (30%) NEXT 10 YEARS – 3% TURNOVER - SAVING (30%) TOTAL SAVING AFTER 15 YEARS / 3 WEEKS of ACCOMMODATION / YEAR – 60% TOTAL TURNOVER AFTER 15 YEARS - 120% Total saving / 3 weeks Purchase price price per day Accommodation accommodation/ year2012-2026 APP noTypesqmEUR/sqmTotal EUREUR Total saving/ 15years 1102SPR49,874.400219.428330103.950 1103PRM47,34.800227.04030094.500 1104CLS35,574.800170.73627085.050 1201CLS42,674.600196.28227085.050 1202SPR48,834.400214.852330103.950 1203PRM49,454.800237.36030094.500 1204CLS44,24.800212.16027085.050 1301CLS43,734.600201.15827085.050 1302SPR50,344.400221.496330103.950 1303PRM50,784.800243.74430094.500 1304CLS47,724.800229.05627085.050 1401SPR80,974.400356.268330103.950 1402SPR49,24.400216.480330103.950 1403PRM50,664.800243.16830094.500 1404CLS40,984.800196.70427085.050

20. MODEL 2A: TOTAL TURNOVER 3 WEEKS of ACCOMMODATION / 15 YEARS Total turnover/ 3 weeks per year – trought 15 years Purchase price Net purchase The total yieldStayTotal Investment overall benefits APP noTypesqm EUR/Total price Total fin.savings Total cost savings through the room overall benefits The difference /real cost sqmEUR 1102SPR49,872.250112.192101.99361.19653.149114.344-2.153 1103PRM47,32.454116.084106.41063.84648.317112.1633.921 1104CLS35,572.45487.29680.02148.01343.48591.498-4.202 1201CLS42,672.352100.35791.63154.97843.48598.4641.894 1202SPR48,832.250109.85299.86659.91953.149113.068-3.216 1203PRM49,452.454121.360111.24766.74848.317115.0656.295 1204CLS44,22.454108.47699.43659.66243.485103.1475.329 1301CLS43,732.352102.85093.90756.34443.48599.8303.021 1302SPR50,342.250113.249102.95461.77253.149114.921-1.672 1303PRM50,782.454124.624114.23968.54348.317116.8607.764 1304CLS47,722.454117.114107.35564.41343.485107.8989.216 1401SPR80,972.250182.157165.59799.35853.149152.50729.650 1402SPR49,22.250110.684100.62260.37353.149113.522-2.838 1403PRM50,662.454124.330113.96968.38148.317116.6987.631 1404CLS40,982.454100.57392.19255.31543.48598.8011.773

21. Model 2B: 4 weeks of accommodation / year YOUR SAVING: Turnover per net purchase price: First 5 years: 5,33% turnover - saving (26,65%) Next 10 years: 2,67% turnover - saving (26,70%) ‏ Total saving after 15 years – 53,35% ADDITIONAL SAVING – ACCOMMODATION: Total saving – your accommodation costs during 4 weeks per year after 15 years – 53,35% Total turnover after 15 years - 106,70%

22. MODEL 2B : 3 WEEKS + EXTRA 1 WEEK / YEAR ; TOTAL 4 WEEKS / YEAR 4 WEEKS of ACCOMMODATION/ YEAR TURNOVER: FIRST 5 YEARS – 5,33% TURNOVER - SAVING (26,65%) NEXT 10 YEARS – 2,67% TURNOVER - SAVING (26,70%) TOTAL SAVING AFTER 15 YEARS / 4 WEEKS of ACCOMMODATION / YEAR – 53,35% TOTAL TURNOVER AFTER 15 YEARS - 106,70% Purchase price Net purchase Turnover - 5.33%, the first 5 years (2012-2016) APP noTypesqmEUR/sqnTotal EURprice 5,33% - 2012 5,33% - 2013 5,33% - 2014 5,33% - 2015 5,33% - 2016 1102SPR49,872.250112.192101.9935.436 1103PRM47,32.454116.084106.4105.672 1104CLS35,572.45487.29680.0214.265 1201CLS42,672.352100.35791.6314.884 1202SPR48,832.250109.85299.8665.323 1203PRM49,452.454121.360111.2475.929 1204CLS44,22.454108.47699.4365.300 1301CLS43,732.352102.85093.9075.005 1302SPR50,342.250113.249102.9545.487 1303PRM50,782.454124.624114.2396.089 1304CLS47,722.454117.114107.3555.722 1401SPR80,972.250182.157165.5978.826 1402SPR49,22.250110.684100.6225.363 1403PRM50,662.454124.330113.9696.075 1404CLS40,982.454100.57392.1924.914

23. MODEL 2B : 3 WEEKS + EXTRA 1 WEEK / YEAR; TOTAL 4 WEEKS / YEAR 4 WEEKS of ACCOMMODATION / YEAR TURNOVER: FIRST 5 YEARS – 5,33% TURNOVER - SAVING (26,65%) NEXT 10 YEARS – 2,67% TURNOVER - SAVING (26,70%) TOTAL SAVING AFTER 15 YEARS / 4 WEEKS of ACCOMMODATION / YEAR – 53,35% TOTAL TURNOVER AFTER 15 YEARS - 106,70% Purchase price Net purchas e turnover - 2.67%, the remaining 10 years (2017-2026) APP notypesqm EUR/sq n Total EURprice 2,67% - 2017201820192020202120222023202420252026 1102SPR49,872.250112.192101.9932.723 1103PRM47,32.454116.084106.4102.841 1104CLS35,572.45487.29680.0212.137 1201CLS42,672.352100.35791.6312.447 1202SPR48,832.250109.85299.8662.666 1203PRM49,452.454121.360111.2472.970 1204CLS44,22.454108.47699.4362.655 1301CLS43,732.352102.85093.9072.507 1302SPR50,342.250113.249102.9542.749 1303PRM50,782.454124.624114.2393.050 1304CLS47,722.454117.114107.3552.866 1401SPR80,972.250182.157165.5974.421 1402SPR49,22.250110.684100.6222.687 1403PRM50,662.454124.330113.9693.043 1404CLS40,982.454100.57392.1922.462

24. MODEL 2B : 3 WEEKS + EXTRA 1 WEEK / YEAR; TOTAL 4 WEEKS / YEAR 4 WEEKS of ACCOMMODATION / YEAR TURNOVER: FIRST 5 YEARS – 5,33% TURNOVER - SAVING (26,65%) NEXT 10 YEARS – 2,67% TURNOVER - SAVING (26,70%) TOTAL SAVING AFTER 15 YEARS / 4 WEEKS of ACCOMMODATION / YEAR – 53,35% TOTAL TURNOVER AFTER 15 YEARS - 106,70% Total financial savings over 15 yearsPurchase priceNet purchasetotal turnover APP notypesqmEUR/sqmTotal EURpriceTOTAL FINANCIAL SAVINGS 1102SPR49,872.250112.192101.99354.413 1103PRM47,32.454116.084106.41056.770 1104CLS35,572.45487.29680.02142.691 1201CLS42,672.352100.35791.63148.885 1202SPR48,832.250109.85299.86653.278 1203PRM49,452.454121.360111.24759.350 1204CLS44,22.454108.47699.43653.049 1301CLS43,732.352102.85093.90750.099 1302SPR50,342.250113.249102.95454.926 1303PRM50,782.454124.624114.23960.946 1304CLS47,722.454117.114107.35557.274 1401SPR80,972.250182.157165.59788.346 1402SPR49,22.250110.684100.62253.682 1403PRM50,662.454124.330113.96960.802 1404CLS40,982.454100.57392.19249.184

25. MODEL 2B : 3 WEEKS + EXTRA 1 WEEK / YEAR ; TOTAL 4 WEEKS / YEAR 4 WEEKS OF ACCOMMODATION / YEAR TURNOVER: FIRST 5 YEARS – 5,33% TURNOVER - SAVING (26,65%) NEXT 10 YEARS – 2,67% TURNOVER - SAVING (26,70%) TOTAL SAVING AFTER 15 YEARS / 4 WEEKS of ACCOMMODATION / YEAR – 53,35% TOTAL TURNOVER AFTER 15 YEARS - 106,70% Savings through 15 annual use of the apartment on the basis of 4 weeks a year Purchase price Net purchase Accomodation 2012 - 2026 APP notypesqmEUR/sqmtotal EUR1 day Savings in EUR throught 15 years 1102SPR49,872.250112.19216970.865 1103PRM47,32.454116.08415364.423 1104CLS35,572.45487.29613857.980 1201CLS42,672.352100.35713857.980 1202SPR48,832.250109.85216970.865 1203PRM49,452.454121.36015364.423 1204CLS44,22.454108.47613857.980 1301CLS43,732.352102.85013857.980 1302SPR50,342.250113.24916970.865 1303PRM50,782.454124.62415364.423 1304CLS47,722.454117.11413857.980 1401SPR80,972.250182.15716970.865 1402SPR49,22.250110.68416970.865 1403PRM50,662.454124.33015364.423 1404CLS40,982.454100.57313857.980

26. MODEL 2B : TURNOVER: 4 WEEKS of ACCOMMODATION / YEAR after 15 YEARS Return on total net purchase value of the apartment and room revenue 4 weeks per year by 15 years Purchase priceNet purchase total turnover accommodati ontotal Investment overall benefits APP notypesqmEUR/sqmTotal EURprice Total financial savings Total cost savings through the room Overall the customer The difference /real cost 1102SPR49,872.250112.192101.99354.41370.865125.278-13.086 1103PRM47,32.454116.084106.41056.77064.423121.193-5.109 1104CLS35,572.45487.29680.02142.69157.980100.672-13.376 1201CLS42,672.352100.35791.63148.88557.980106.865-6.508 1202SPR48,832.250109.85299.86653.27870.865124.143-14.291 1203PRM49,452.454121.360111.24759.35064.423123.773-2.413 1204CLS44,22.454108.47699.43653.04957.980111.030-2.554 1301CLS43,732.352102.85093.90750.09957.980108.080-5.229 1302SPR50,342.250113.249102.95454.92670.865125.791-12.542 1303PRM50,782.454124.624114.23960.94664.423125.369-745 1304CLS47,722.454117.114107.35557.27457.980115.2541.860 1401SPR80,972.250182.157165.59788.34670.865159.21122.946 1402SPR49,22.250110.684100.62253.68270.865124.547-13.863 1403PRM50,662.454124.330113.96960.80264.423125.225-895 1404CLS40,982.454100.57392.19249.18457.980107.165-6.592

27. Model 2C: 5 weeks of accommodation usage / year YOUR SAVING: Turnover per net purchase price: First 5 years: 5% turnover - saving (25%) Next 10 years: 2,50% turnover - saving (25%) ‏ Total saving after 15 years – 50% ADDITIONAL SAVING - ACCOMMODATION: Total saving – your accommodation cost during 5 weeks per year after 15 years – 50% Total turnover after 15 years - 100%

28. MODEL 2C : 3 WEEKS + EXTRA 2 WEEKS / YEAR; TOTAL 5 WEEKS / YEAR 5 WEEKS of ACCOMMODATION PER YEAR Turnover : First 5 years – 5% turnover – financial saving (25%) Next 10 years – 2,50% turnover - financial saving (25%) Total saving after 15 years / 4 week accommodation per year – 50% Total turnover after 15 years : 100,00% Purchase price Net purchase ANNUAL turnover OF RENTAL - 5% firs 5 years (2012-2016) APP noTypesqmEUR/sqmTotal EURprice5% - 20125% - 20135% - 20145% - 20155% - 2016 1102SPR49,872.250112.192101.9935.100 1103PRM47,32.454116.084106.4105.321 1104CLS35,572.45487.29680.0214.001 1201CLS42,672.352100.35791.6314.582 1202SPR48,832.250109.85299.8664.993 1203PRM49,452.454121.360111.2475.562 1204CLS44,22.454108.47699.4364.972 1301CLS43,732.352102.85093.9074.695 1302SPR50,342.250113.249102.9545.148 1303PRM50,782.454124.624114.2395.712 1304CLS47,722.454117.114107.3555.368 1401SPR80,972.250182.157165.5978.280 1402SPR49,22.250110.684100.6225.031 1403PRM50,662.454124.330113.9695.698 1404CLS40,982.454100.57392.1924.610

29. MODEL 2C: 3 WEEKS + 2 WEEKS EXTRA OPTIONAL / YEAR, 5 WEEK ACCOMMODITATION/ YEAR. TURNOVER: FIRST 5 YEARS 5% TURNOVER - FINANCIAL SAVING (25%) NEXT 10 YEARS 2.50% TURNOVER - FINANCIAL SAVING (25%) SAVING PER 15 YEAR USING APPARTMENT 4 WEEK PER YEAR - 50% RETURN ON NET PURCHASE PRICE IN 15 YEARS: 100.00% Purchase price Net purchase ANNUAL turnover OF RENTAL 2,5% - next 10 god (2017 - 2026) app notypesqmEUR/sqmtotal EURprice 2,5% - 2017201820192020202120222023202420252026 1102SPR49,872.250112.192101.9932.550 1103PRM47,32.454116.084106.4102.660 1104CLS35,572.45487.29680.0212.001 1201CLS42,672.352100.35791.6312.291 1202SPR48,832.250109.85299.8662.497 1203PRM49,452.454121.360111.2472.781 1204CLS44,22.454108.47699.4362.486 1301CLS43,732.352102.85093.9072.348 1302SPR50,342.250113.249102.9542.574 1303PRM50,782.454124.624114.2392.856 1304CLS47,722.454117.114107.3552.684 1401SPR80,972.250182.157165.5974.140 1402SPR49,22.250110.684100.6222.516 1403PRM50,662.454124.330113.9692.849 1404CLS40,982.454100.57392.1922.305

30. MODEL 2C: 3 WEEKS + 2 WEEKS EXTRA / OPTIONAL / YEAR 5 WEEK ACCOMMODATION/ YEAR TURNOVER: FIRST 5 YEARS - 5% TURNOVER - FINANCIAL SAVING (25%) NEXT 10 YEARS - 2.50% TURNOVER - FINANCIAL SAVING (25%) SAVING FOR 15 YEARS USING APPARTMENT BASIS OF 4 WEEK / YEAR - 50% RETURN ON NET PURCHASE PRICE IN 15 YEARS: 100.00% Total financial saving Purchase priceNet purchaseTotal ravenue througt 15 years turnover APP notypesqmEUR/sqmTotal EURpriceTotal financial saving 1102SPR49,872.250112.192101.99350.996 1103PRM47,32.454116.084106.41053.205 1104CLS35,572.45487.29680.02140.011 1201CLS42,672.352100.35791.63145.815 1202SPR48,832.250109.85299.86649.933 1203PRM49,452.454121.360111.24755.623 1204CLS44,22.454108.47699.43649.718 1301CLS43,732.352102.85093.90746.953 1302SPR50,342.250113.249102.95451.477 1303PRM50,782.454124.624114.23957.119 1304CLS47,722.454117.114107.35553.677 1401SPR80,972.250182.157165.59782.799 1402SPR49,22.250110.684100.62250.311 1403PRM50,662.454124.330113.96956.985 1404CLS40,982.454100.57392.19246.096

31. MODEL 2C: 3 WEEKS + 2 WEEKS EXTRA / OPTIONAL / YEAR 5 WEEK ACCOMMODITATION/ YEAR TURNOVER: FIRST 5 YEARS - 5% TURNOVER - FINANCIAL SAVING (25%) NEXT10 YEARS - 2.50% TURNOVER - FINANCIAL SAVING (25%) SAVING FOR 15 YEARS USING A APARTMENT BASIS OF 4 WEEK / YEAR - 50% RETURN ON NET PURCHASE PRICE IN 15 YEARS: 100.00% Saving throught 15 years accommodation Purchase priceNet purchase Accommodation 5 week/ year(2012-2026) APP noTypesqmEUR/sqmTotal EUR1 day Saving in EUR / 15 year 1102SPR49,872.250112.19216988.581 1103PRM47,32.454116.08415380.528 1104CLS35,572.45487.29613872.476 1201CLS42,672.352100.35713872.476 1202SPR48,832.250109.85216988.581 1203PRM49,452.454121.36015380.528 1204CLS44,22.454108.47613872.476 1301CLS43,732.352102.85013872.476 1302SPR50,342.250113.24916988.581 1303PRM50,782.454124.62415380.528 1304CLS47,722.454117.11413872.476 1401SPR80,972.250182.15716988.581 1402SPR49,22.250110.68416988.581 1403PRM50,662.454124.33015380.528 1404CLS40,982.454100.57313872.476

32. MODEL 2C: RETURN ON TOTAL NET PURCHASE VALUE OF THE APARTMENT AND ACCOMMODATION 5 WEEKS / YEAR / OVER 15 YEARS Return on total net purchase value of the apartment and room revenue 4 weeks per year by 15 years Purchase price Net purchase total turnover accommodati ontotal Investment overall benefits APP notypesqmEUR/sqmTotal EURprice TotalTotal saving Overall the customer Difference / financial saving accommodati onreal cost 1102SPR49,872.250112.192101.99350.99688.581139.578-27.386 1103PRM47,32.454116.084106.41053.20580.528133.734-17.650 1104CLS35,572.45487.29680.02140.01172.476112.486-25.190 1201CLS42,672.352100.35791.63145.81572.476118.291-17.934 1202SPR48,832.250109.85299.86649.93388.581138.514-28.662 1203PRM49,452.454121.360111.24755.62380.528136.152-14.792 1204CLS44,22.454108.47699.43649.71872.476122.194-13.718 1301CLS43,732.352102.85093.90746.95372.476119.429-16.579 1302SPR50,342.250113.249102.95451.47788.581140.058-26.809 1303PRM50,782.454124.624114.23957.11980.528137.648-13.024 1304CLS47,722.454117.114107.35553.67772.476126.153-9.039 1401SPR80,972.250182.157165.59782.79988.581171.38010.777 1402SPR49,22.250110.684100.62250.31188.581138.892-28.208 1403PRM50,662.454124.330113.96956.98580.528137.513-13.183 1404CLS40,982.454100.57392.19246.09672.476118.572-17.998

33. PLATINUM / GOLD / SILVER MEMBERSHIP CARDS - PROGRAM HOTEL BLANCA RESORT & SPA***** Apartmant purchase ensures also: “ SILVER MEMBERSHIP CARD”, Hotel’s GIFT 5% discount on all services at the Hotel Blanca Resort & Spa*****

34. PLATINUM / GOLD / SILVER MEMBERSHIP CARDS - PROGRAM HOTEL BLANCA RESORT & SPA***** Buying the apartment you become a member of our Blanca Membership Program. You will get Silver Membership Card as a gift, but if you want to have a better discount of all 5* Hotel services you can buy Gold or Platinum Card and enjoy your vacation at discounted prices at Hotel Blanca Resort & Spa***** GOLD MEMBERSHIP CARD PLATINUM MEMBERSHIP CARD 15% discount / card fee 500,00 BAM/ year 25% discount / card fee 1.000,00 BAM/ year

35. WELCOME TO YOUR SECOND HOME HOTEL BLANCA RESORT & SPA***** Dear Customer, We truly hope that this presentation was helpful in understanding advantages of your future property investment - Your luxury suite at Hotel Blanca Resort & Spa - Luxuriously furnished suite Wellness Zone 25% discounted 5* service = only one price For any additional information, we stand at your service: Telephone: + 387 30 519 904 / + 385 21 482 367 Fax: + 387 30 519 901 / + 385 21 482 374 Mobile: + 387 62 991 513 / + 385 98 976 0936 E: info@blancaresort.com / sales@blancaresort.com