Location: * Distance from the old town 800m * Distance from the airport 20km Accommodation: a 5 floors a Total rooms: 93 a Total beds: 184 a 23 Bellevue rooms a 47 superior rooms a 11 Deluxe rooms a 11 Bellevue suites a Lovor suite. Restaurants: a Restaurant Vapor a Restaurant Nevera a Spice Lounge a Beach Bars a 24-hours room-service aComfort Zone Spa Centreat a Sauna a Fitness Centre a Spa Wellness Centre a Massage a Jacuzzi a Indoor Swimming Pool. Services a Room Service a Meeting/Banquet Facilities a Airport Shuttle a Babysitting/Child Services a Laundry a Dry Cleaning a Breakfast in the Room a Ironing Service a Internet Services a Currency Exchange a Souvenirs / Gift Shop a Shoe Shine a Car Rental a Fax/Photocopying a Wi-Fi / Wireless LAN. Miscellaneous: a Beach a Bellevue Cinema - a private screening room a Hair dresser a Wine shop, chocolates shop, flower shop and newspaper agent a Parking underground garage. Conference Banqueting rooms: a Conference room Miramare a Large board room

a All rooms have sea view a All rooms have a bathtub a 8 connecting rooms a Difference in deluxe and superior rooms: deluxe rooms are bigger a Every suite has a aseating areaat like a small living room, and some suites have extra bathroom (1 bathroom is with a bathtub and other with a shower) and 2 TVas. Standard room features a Air-conditioning a Interactive TV a SAT TV a Wireless Internet connection a Direct Telephone Line a Safe deposit box a Hairdryer a Mini bar a Electronic/Magnetic Keys a Private bathroom a Bathrobe a Slippers a Complimentary Toiletries a Make-up mirror a Wake-up calls. Superior room, Deluxe room Suite features a Balcony a Air-conditioning Interactive TV a SAT TV a Wireless Internet connection a Direct Telephone Line a Safe deposit box a Hairdryer a Mini bar a Electronic/Magnetic Keys a Private bathroom a Bathrobe a Slippers a Complimentary Toiletries a Make-up mirror a Wake-up calls

Hotel Bellevue features 93 rooms, majority with balcony, including superior, deluxe rooms and Bellevue suites. Facilities in all rooms and suites include: en-suite bathrooms, interactive TV, Internet connection, air conditioning, mini bar, satellite TV, safe deposit boxes, hairdryer and direct dial telephone. The bathrooms are equipped with toiletries, slippers and bathrobes. Suites have additional equipment plus a Jacuzzi in every bathroom. Image of sailing on a luxury boat influenced the room d©cor and design a very simple and elegant yet leaves nothing to be desired for. All rooms and suites have a sea view while sea blue glass walls balconies merely emphasize the magnificent view on the Miramare bay. All the rooms host permanent exhibition of two top Croatian artists: Fedor Damonja, painter and brilliant photographer and eljko SeneATiA, inspired painter, architect and experienced stenographer.

Sited atop a cliff overlooking the Adriatic, this modern five-storey property is situated in spectacular location with just 800 meters from the city center, historical monuments, museums, churches, monasteries, art galleries, shops and boutiques. Dubrovnik airport is 20 km distance (45 min drive), main bus station, harbor and major shopping centers just 1 km distance (15 min walk). While in Dubrovnik you can also visit Island of Lokrum and the Elaphiti islands, easy accessible from the city center. Dubrovnik Cilipi Airport (DBV): Approximate driving time to the Hotel Bellevue Dubrovnik is 40 minutes and distance is 20 kilometres (12.5 miles). Getting there: The hotel provides transport to and from the airport (surcharge), and Croatia Airlines also organise bus transfers. Alternatively, taxis are available, costing approximately a¬45 to the hotel. Driving directions: From the airport, follow signs for Dubrovnik Centre. Turn right at the first traffic lights, and then left at the second set of lights. Go straight on at the third set of traffic lights; the hotel is 500 metres further on. Getting around: Dubrovnikas city centre and environs are well served by buses. The main tourist area is pedestrianised.

EBRD AND IFC SUPPORT EXPANSION OF ADRIATIC LUXURY HOTELS, LEADING CROATIAN HOTEL GROUP. The European Bank for Reconstruction and Development and the International Finance Corporation, the private sector arm of the World Bank Group, are providing financing to GSHR Holdings Limited, the owner of Adriatic Luxury Hotels Group, one of the largest hotel groups in Croatia. The investment agreement worth a¬130 million was signed at the EBRD headquarters in London on 14 June 2007 by Varel Freeman, EBRDas First Vice President, Dimitris Tsitsiragos, Director of IFCas Global Manufacturing and Services Department and Goran  trok, Chairman of GSHR. The a¬130 million investment will be provided via loans and equity stakes and will support the further expansion of hotels owned and managed by GSHR. Senior loans total a¬93 million, of which a¬38 million will be syndicated to Hypo Alpe Adria Bank. There will also be equity investments from both EBRD and IFC for a 25.1 percent and 12 percent shareholding, respectively, in GSHR Holdings Limited. The financing will extend the groupas loan tenors. Goran  trok, Chairman of GS Holdings Limited, said the investments of EBRD and IFC in GS Holdings Ltd are very important for the further development of the group as well as the development of tourism in Croatia. The financing will help us to apply our experience in the hotel business in neighbouring countries and expand further in the region, he said. GSHR Holdings Ltd owns a number of landmark hotels in Croatia which operate under the Adriatic Luxury Hotels Group, including the Hotel Excelsior, Dubrovnik Palace, Kompas, and Bellevue in Dubrovnik, as well as Grand Hotel Bonavia in Rijeka. It also owns the SC Wren Hotel in the United Kingdom. The groupas hotels total 1,806 beds and employ 890 people. Varel Freeman, the EBRDas First Vice President, said that the tourism sector in Southeast Europe, and in Croatia in particular, is of strategic importance and that investing in GSHR Group, which has a proven track record and a commitment of expanding its business, will give excellent support to the wider tourism industry regionally. Dimitris Tsitsiragos, IFC Director for Global Manufacturing and Services, said that the GSHR Group has been a pioneer in helping Croatia recover from conflict and transform into a premier tourist destination. Through this investment, IFC will support the group as it expands its operations in Croatia and subsequently further into Southern Europe, Mr. Tsitsiragos said. About EBRD The European Bank for Reconstruction and Development, owned by 61 countries and two intergovernmental institutions, aims to foster the transition from centrally planned to market economies from central Europe to central Asia. The EBRD is the largest single investor in the region and mobilises significant foreign direct investment beyond its own financing. As of May 2007, it had committed a¬33.5 billion to 1,487 projects throughout its countries of operations. EBRDas commitments in Croatia exceed a¬1.7 billion. In the property and tourism sector alone, it has committed a¬1.53 billion in 70 projects across Central and Eastern Europe and the Commonwealth of Independent States. For more information, please visit. About IFC IFC, the private sector arm of the World Bank Group, promotes open and competitive markets in developing countries. IFC supports sustainable private sector companies and other partners in generating productive jobs and delivering basic services, so that people have opportunities to escape poverty and improve their lives. Through FY06, IFC Financial Products have committed more than $56 billion in funding for private sector investments and mobilized an additional $25 billion in syndications for 3,531 companies in 140 developing countries. IFC Advisory Services and donor partners have provided more than $1 billion in program support to build small enterprises, to accelerate private participation in infrastructure, to improve the business enabling environment, to increase access to finance, and to strengthen environmental and social sustainability. For more information, please visit. About GSHR GS Hotels and Resorts Holdings Ltd owns a number of landmark hotels in Croatia which operate under the Adriatic Luxury Hotels Group, including the Hotel Excelsior, Dubrovnik Palace, Kompas and Bellevue in Dubrovnik, and the Grand Hotel Bonavia in Rijeka. ALH also manages the Atrium Hotel in Split. The group also owns the Sir Christopher Wrenas House Hotel in the UK. In total, the group has 1,806 beds and 890 employees. For more information, please visit www.gshotelsresorts.com

For a prefect relaxation after good night's sleep and enjoying all the delicacies our restaurants and bars have to offer - by all means come to the Bellevue's own Spa centre. The Comfort Zone Spa Centreat, features an indoor swimming pool with a magnificent window view over the Adriatic, from bottom to ceiling. A large white tree, washed on shore near Dubrovnik and donated to the aHotel Bellevueat by a local fisherman stresses the Adriatic ambience. The aComfort Zone Spa Centreat offers wellness treatments which focus on tranquillity, balance and peace of mind. All the treatments are chosen for your maximum comfort and are a result of years of experience throughout the world. All products used are approved by the FDA and not tested on animals.

ENVIRONMENTAL AND SOCIAL REVIEW SUMMARY. ALH Property and Management. Project Description This project involves an equity investment to help develop high quality, environmentally friendly tourism facilities in five hotels in Croatia, by assisting the development of the. the leading local hospitality group in tourism. The development of quality tourism accommodation is of particular importance for the local economy, which is aiming to differentiate itself from other mass market tourism destinations in Europe, so as to capitalise on the unique natural environment of the Adriatic coast whilst best preserving that environment. In accordance with EBRDas Environmental Policy, environmental investigations have been undertaken to assess the current environmental status of the plant and environmental impacts associated with the project. Screening Category and Justification The project may result in some future environmental impacts, which are not expected to be significant and which can be readily identified and assessed. Therefore, the EBRD has classified the project B/1 and an Environmental Analysis of the planned expansion programme and an Environmental Audit of the existing facilities has been undertaken by independent environmental consultants. The environmental due diligence identified a range of issues in particular the need to develop an environmental, health and safety management systems at the group level along with specific actions to minimise environmental impacts at individual hotels. A comprehensive Environmental Action Plan (EAP) has been developed at the Group level as well as individual hotel levels to address these issues. Key environmental issues - Environmental audits have been carried out for the five hotels under the Project by an independent consultant in October 2006. The environmental due diligence based on the audit report identified the following main issues - In general, environmental performance at the hotel is appropriate for its current operations. All of the hotels have a good understanding of the environmental regulations that affect their operations and have assigned duties to staff and prepared procedures that achieve compliance with relevant regulations. The Company however needs to develop environmental, health and safety systems at the group level - A range of specific actions are required to minimize environmental impacts at individual hotels. These are all set out in a comprehensive environmental action plan (EAP). Implementation Requirements An environmental action plan (EAP) has been developed to address the necessary corrective and mitigation measures so as to bring the Company in compliance with European Union environmental standards and best international practice. The Company will develop its environmental management system in accordance with international standards. The Company is monitoring and reporting itas environmental, health and safety performance in accordance with Croatian regulatory requirements and will prepare annual environmental reports for the EBRD. The EBRD will evaluate the project's compliance with the applicable environmental and social standards, including European Union environmental standards, during the lifetime of the project by reviewing these reports and by periodic monitoring visits.