7/15/2007

J&T Will Be a Developer for the Biggest 5* Complex in the Caribbean Region

"The entry to this project is in line with the strategy of building a chain of luxury hotels by J&T followed by development of other activities and the offer of comprehensive services in the field of luxury tourism, says Peter Korbačka, partner in J&T Group and chairman of board of directors in J&T REAL ESTATE, a.s.

,,In the coming period, J&T wants to remain an active investor into unique assets, such as luxury hotels, even at the cost of partnerships. We can imagine the formation of a single strong company in the future that would own such assets. It is expected that it would be placed in the public capital market through IPO," adds Peter Korbačka.

A luxury hotel resort with a number of services and a top golf course will be built on Salt Cay Island. A total area of more than 320 hectares will house 130 apartments, each in a detached house, and 75 luxurious private residences. Visitors will have a possibility to use 5 restaurants, two sports centres, luxurious spa and a marina for 80 yachts. Costs of building the resort will exceed USD 600 million. The resort will be operated by one of the most prestigious global hotel chains.

The Group and its clients entered the project under a partnership made with companies controlled by Mario Hoffmann. Under the local legislation, Mario Hoffmann and the companies controlled by him remain the owner of the lands the resort should be built on, taking up almost the whole island, so he is entitled to a part of the revenues from this project.

,,This deal will allow me to keep my relationship to this island I grew to love over the years, but it will also reinforce the cornerstone of my business, which is still retail banking, and it will make it possible for me to consider entry to additional retail financial services," says Mario Hoffmann, majority owner and chairman of the managing board in ISTROKAPITAL SE. ,,Part of the revenues amounting to 1.5 billion can be used to strengthen the position of the ISTROKAPITAL Group in Poštová banka to ensure its further development and expansion as planned," he adds.

The resort will be built on the Salt Cay Island, one of more than 40 islands in the Turks and Caicos Islands territory in the Caribbean Sea. Turks and Caicos Islands are a British Overseas Territory with certain elements of independence, such as the constitution or government consisting of seven members. For more information see http://www.tcimall.tc/

J&T is one of the most active investors in the Slovak and Czech Republics with investment projects in almost ten European countries. The Group is a leader in luxury hotel development in Slovakia and the Czech Republic with developmental goals in Central and Eastern Europe and in some special areas of the world. At present, J&T is building two 5* hotels in Slovakia and a 5*+ hotel in Prague. Acquisition of an exclusive hotel in Moscow is almost complete. Two other hotels with 5* grades will be added before 2011 after the renovation of two grand hotels in the High Tatra Mountains. Apart from these, J&T administers several 3 and 4* hotels. Besides private banking and real estate development, J&T focuses primarily on long-term investments in Czech and Slovak industrial companies and it operates also in healthcare, food industry and media. Assets of the J&T Group amounted to 88.88 billion Crowns as of 31 December 2006. Last year, the Group generated a profit of SKK 2.95 billion. The Group employs more than 12,000 people. For more information see www.jtfg.com