<p><strong>Portfolio 4 Hotels 3*** </strong><strong><span style="text-decoration: underline;">Summary/income 6.9% in swiss </span></strong><strong>The Engadine is a year-round holiday destination and includes the world famous ski resort</strong> <strong>St. Moritz in Switzerland.</strong></p>
<p><strong><span style="text-decoration: underline;">Summary/income 6.9%</span></strong></p>
<p>&nbsp;</p>
<p><strong>&bull; Investment opportunity in the Engadine, one of the the most beautiful valleys in</strong></p>
<p><strong>Switzerland, situated in the South-East of the country in the Canton of Graub&uuml;nden</strong></p>
<p><strong>&bull; The Engadine is a year-round holiday destination and includes the world famous ski resort,</strong></p>
<p><strong>St. Moritz</strong></p>
<p><strong>&bull;<span style="text-decoration: underline;">&nbsp;Portfolio of 4 hotels:</span></strong></p>
<p><strong>-</strong><strong> 3 locations: St. Moritz, Pontresina and Sils-Engadin</strong></p>
<p><strong>-</strong><strong> *** Star properties, featuring a spa, restaurant /bar and, in most cases, on-site</strong></p>
<p><strong>parking</strong></p>
<p><strong>-</strong><strong> Recently refurbished to a high standard</strong></p>
<p><strong>-</strong><strong>&nbsp;<span style="text-decoration: underline;">Long-term lease/rental agreements between owner and hotel operators, providing</span></strong></p>
<p><strong><span style="text-decoration: underline;">regular and steady income</span></strong></p>
<p><strong>-</strong><strong> Available with existing financing arrangement providing an&nbsp;<span style="text-decoration: underline;">LTV of 47.3%</span></strong></p>
<p><strong>&bull; Gross yield*</strong></p>
<p><strong>: 6.9% (assuming cash/equity </strong></p>
<p><strong><span style="text-decoration: underline;">&bull; Price: CHF 48.0m</span></strong></p>
<p><strong>** the net yield is dependent upon the small incidental costs associated with ownership of the hotels and the amortization requirements for the financing&nbsp;</strong></p>
<p><strong><span style="text-decoration: underline;"><span style="color: #ff0000;">1.Hotel</span></span></strong></p>
<p><strong>&bull; Location: St. Moritz</strong></p>
<p><strong>&bull; *** Star (Refurbished 2009-11)</strong></p>
<p><strong>&bull; No. of Rooms/Beds: 24/48</strong></p>
<p><strong>&bull; Facilities: Restaurant, bar and spa</strong></p>
<p><strong><span style="color: #ff0000;">2.Hotel</span></strong></p>
<p><strong>&bull; Location: Sils-Engadin</strong></p>
<p><strong>&bull; *** Star (Refurbished 2014)</strong></p>
<p><strong>&bull; No. of Rooms/Beds: 37/75</strong></p>
<p><strong>&bull; Facilities: Restaurant, bar, spa and parking</strong></p>
<p><strong><span style="text-decoration: underline;"><span style="color: #ff0000;">3.Hotel</span></span></strong></p>
<p><strong>&bull; Location: Pontresina</strong></p>
<p><strong>&bull; *** Star (Built 2008)</strong></p>
<p><strong>&bull; No. of Rooms/Beds: 21/42</strong></p>
<p><strong>&bull; Facilities: Restaurant, bar, spa and parking</strong></p>
<p><strong><span style="text-decoration: underline;"><span style="color: #ff0000;">4.Hotel</span></span></strong></p>
<p><strong>&bull; Location: Pontresina</strong></p>
<p><strong>&bull; *** Star (Refurbished 2014)</strong></p>
<p><strong>&bull; No. of Rooms/Beds: 61/120</strong></p>
<p><strong>&bull; Facilities: Restaurant, bar, spa and parking</strong></p>
<p>&nbsp;</p>
<p><strong>Lease/Rental Agreement between owner and hotel operators</strong></p>
<p><strong>provides rental income for the owner for the term of the agreements</strong></p>
<p><strong>&bull; The existing agreements are for 2-8 years and can easily be extended</strong></p>
<p><strong>&bull; Current financing can be transferred to the buyer, subject to approvals</strong></p>
<p><strong>&bull; The rental income1 of CHF 1.74m (net of financing costs) provides</strong></p>
<p><strong>a gross yield 2</strong> <strong>of 6.9% on cash/equity</strong></p>
<p><strong>To move forward:</strong></p>
<p><strong>&nbsp;</strong></p>
<p>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <strong>Buyer / Buyer Rep to sign asset specific NCND/MFA</strong></p>
<p><strong>Buyer to submit Non-binding LOI and POF to connect with seller</strong></p>