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Orco Wins "Suncani Hvar" Tender

The Croatian Privatization
Fund has announced on April 1st, 2005 that Orco Property Group bid has
been selected in the public tender for the privatisation of the company ”
Suncani Hvar”. The company is now entering into exclusive negotiations
with the government of Croatia. Suncani Hvar owns and operates water front hotels, restaurants and real
estate assets in the city of Hvar, on the island of Hvar, the most famous
island of Croatia. Orco intends to recapitalize the company and redevelop
its assets, and to provide professional management of the hotels.

This is the first investment of Orco in Croatia, a growing touristic
destination and the last country in Central europe set to join the
European Union within a few years. Orco Property Group sees a huge
potential in the development of the region and is glad to have the
opportunity to start its Croatian expansion with this pearl of the
Adriatic sea.