Hotels motels for sale and shares

Invitation to bid for purchase of shares in the companies from the state tourism portfolio year 2003

Company Name	Location	Targeted Tender Date
TOURISM
Hotel Neptun	Dubrovnik	Feb-03
Hotel Kompas	Dubrovnik	Feb-03
Hoteli Koločep	Koločep	Feb-03
Grand Hotel Park	Dubrovnik	Feb-03
Hotel Lero	Dubrovnik	Feb-03
Hoteli Mlini	Mlini	Feb-03
Kaštelanska Rivijera	Kaštel Stari	Feb-03
Brna HRO	Smokvica	Mar-03
Hotel Medena	Trogir	Mar-03
Lovor	Lumbarda	Mar-03
Hoteli Omišalj	Krk	Mar-03
HTP Sumratin-Zagreb	Dubrovnik	Mar-03
Hotel Lapad	Dubrovnik	Apr-03
Apartmani Medena	Trogir	Apr-03
Bizovačke Toplice	Bizovac	Apr-03
HTT Picok	Đurđevac	May-03
Hoteli Novi	Novi Vinodolski	Oct-03
Hotel Holiday	Zagreb	Dec-03
SHIPYARDS AND PORTS
Luka Rijeka	Rijeka	Nov-03
Jadroplov	Split	Dec-03
Uljanik	Pula	Dec-03
INDUSTRY
TLM	Šibenik	Jan-03
BTI	Beli Manastir	Jan-03
Koteks	Split	Jan-03
Slavonija MK	Osijek	Jan-03
Dalma	Split	January - June 03
Prvi Maj	Laslovo	Jan-03
Đuro Đaković	Slavonski brod	February - October 03
Meiso	Goričan	Apr-03
Adriadiesel	Karlovac	Apr-03
Kordun	Karlovac	May-03
Papuk Drvna Ind	Pakrac	May-03
Autokuća AKD Zagreb	Zagreb	Jun-03
Dubrovkinja Nuova	Dubrovnik	Jun-03
Inel		Jul-03
Histria	Umag	Jul-03
Kaštelanski staklenici	Kaštel Stari	Jul-03
Nova Modna Konfekcija	Nova Gradiška	Jul-03
Razvitak	Metkovic	Sep-03
Moderna Zenska Konfect	Pakrac	Sep-03
Adriachem	Kaštel Sućurac	Sep-03
Promet	Zagreb	Sep-03
Tekstilstroj	Zagreb	Oct-03
Regeneracija	Zabok	Oct-03
Tisak	Zagreb	Oct-03
Neretvanka	opuzen	Nov-03

The shares are from the portfolio of the Croatian Privatization Fund, Croatian Pension Insurance Institute and State Agency for Deposit Insurance and Bank Rehabilitation.

7.4 HRK = 1 EURO, 1.955 DM = 1 EURO

Company	Headquarters	Commercial Court - MBS number	Shareholder's equity	Initial Price of the bid	Suggested investment*	Number of shares for sale	Percentage of shareholder's equity	Number of employees
HP PODGORA d.d.	PODGORA	Split, MBS 060008652	DEM 36,625,000.00	HRK 19,830,024.00	HRK 60,000,000.00	267,251	72,97 %	150
HP ZIVOGOSCE d.d.	ZIVOGOSCE	Split, MBS 060008601	DEM 30,276,000.00	HRK 31,037,885.00	HRK 22,000,000.00	272,935	90,15 %	108
VODICANKA d.d.	VODICE	Split, MBS 060018687	DEM 40,086,000.00	HRK 20,983,590,00	--------	225,630	56,29 %	108
HP JELSA d.d.	JELSA	Split, MBS 060004761	HRK 105,775,800.00	HRK 25,832,790.00	HRK 65.000.000,00	861,093	81,41 %	125

* Suggested investment will be specially valued and taken into consideration

In assessing the most favorable bidder, in addition to the purchase price offered for the shares, the CPF will especially appreciate the preparedness of the bidder to provide the following:

A commitment for retention of the current number of employees for a period of minimally one year from the date of the Contract on the Sale and Transfer of Shares / or a presentation of a redundancy program for the eventual surplus of employees in compliance with the regulations of the Republic of Croatia / or a plan to create new positions at the Company if foreseen by the Business Plan;

A detailed Investment Plan for the company (Technical structure of investment and time frame of its implementation, financial amount required for investment, introduction of new services, know how, etc.);

A 5 (five) year 'Business Plan';

A commitment not to sell nor mortgage the Company’s real estate without previously obtained consent by the vendor within one year from the date of the Contract on the Sale and Transfer of Shares;

Adequate guarantees for fulfillment of the assumed commitments.

Deadline for Submission of Bids: February 04, 2003 by 14.00 hours