Valamar Riviera d.d.

M&A Activity • May 17, 2018

HANFA- Croatian Financial Services Supervisory Agency 24b Miramarska Street 10000 ZAGREB

HANFA – Official Registry of Regulated Information

Zagreb Stock Exchange 2a Ivana Lučića 10000 ZAGREB

HINA – Croatian News Agency ots@hina.hr

Poreč, 17/05/2018 File no: 1-73/18

Subject: Notification of Approval for the Announcement of the Takeover Bid for HOTELI MAKARSKA d.d.

We hereby inform you that the Croatian Financial Services Supervisory Agency (Hrvatska agencija za nadzor financijskih usluga) granted its approval for the announcement of the takeover bid for HOTELI MAKARSKA d.d. with registered office in Makarska, 1 Šetalište dr. Franje Tuđmana to Valamar Riviera d.d. with registered office in Poreč, 1 Stancija Kaligari, entered in the court register of the Commercial court in Pazin with the registration number (MBS) 040020883, personal identification number (OIB): 36201212847 (hereinafter: the Company or Valamar). Regarding HOTELI MAKARSKA d.d., the Company acts in concert with AZ d.o.o društvo za upravljanje obveznim mirovinskim fondovima, acting in its own name and on behalf of AZ obvezni mirovinski fond kategorije A, personal identification number (OIB): 15220336427 and in its own name and on behalf of AZ obvezni mirovinski fond kategorije B, personal identification number (OIB): 59318506371 (hereinafter: AZ).

Valamar will disclose the Takeover Bid for HOTELI MAKARSKA d.d. as prescribed by the provisions of the Act on the Takeover of Joint Stock Companies.

Valamar Riviera d.d.