ILMARINE DEVELOPMENT, TALLINN CENTRE

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1 , TALLINN CENTRE Overview New and used apartments available in this popular development located in the centre of Tallinn only 2 minutes walk from the Pikk gate of the Old Town (approximately 7 minutes walk to Townhall Square). This development was recommended by Amanda Lamb in the Channel 4 A Place in the Sun programme on Estonia given its central location and planned infrastructure developments in this area. Close to this development, there are plans to turn the harbour area into a marina in the next 3 years and this should lead to a significant increase in prices in this area. These apartments are very well constructed to a high specification. Some apartments have partial sea views or views of Tallinn s Old Town. Telephone:

2 Prices Studio apartments from 1,045,000 EEK ( 53,292 / 66,787). See price list at end of these details for more information. Price includes new bathroom fittings, natural wood parquet flooring, walls painted according to your choice of colours and saunas in some apartments. Price excludes fitted kitchen (normally between 45,000 60,000 EEK) and secure underground car parking (optionally an additional 220,000 EEK). Location This development is located close to the harbour area but only 2 mins walk from the Pikk gate of the Old Town (7 mins walk to the main Old Townhall Square). It is also close to the Domina Ilmarine hotel complex which has café, bar, restaurant and sauna facilities available to non-residents. Completion Date Block D and M are completed and Jahu 1 blocks Fe and Ff were completed in spring No of Floors 5-6 Payment Schedule 50,000 EEK reservation deposit. Remainder payable just prior to signing real right contract. Full assistance with obtaining mortgage finance upto 75% of purchase price will be provided. Telephone:

3 Additional Information Apartment Information All buildings have municipal central heating and hot water supply. In order to ensure continuous supply of hot water in case of a breakdown, an electrical boiler in the basement functions as back- up hot water supply. Houses are also provided with elevators connecting the floors and underground parking lot. Parking lots are sold as separate apartment ownerships and cost an additional 220,000 EEK per lot. Ongoing maintenance charges are very economical with average related costs in summer ca 15 EEK/m², in winter (due to heating costs) the costs reach 25 EEK/m² (excluding individual expenditure on electricity and water which are separately metered). Real estate management services are provided by Pro Halduse AS. Photos Stairwells Telephone: Page: 3 of 18

4 Interior Finish Telephone: Page: 4 of 18

5 Marina Area Future Re-Development Plans After 4 years of discussions, the Tallinn City Council has approved the general plan for the harbour area. This covers Kalamaja area (where the Ilmarine development is located across to about 3 kms east of the city). This area is scheduled for the development of apartments, boat harbours, offices and cultural and entertainment establishments transforming the current wilderness areas. A photo of the harbour area as it stands currently is shown below: For more details on the general plan for the area, see: the Important Sites Kalasadam (Fishing Port) part of this website. The development company which owns the harbourside completed the detailed planning for this site in 2007 and construction is likely to commence in Telephone: Page: 5 of 18

6 The current plans for the area are shown below: Telephone: Page: 6 of 18

7 Layout of New Apartment Blocks The latest Ilmarine blocks Ma, Mb and D currently on sale are located between the existing blocks Fe and Ff (which were completed in spring 2007) and Pohja Pst. The areas around these blocks will be well landscaped with grass, trees and walkways as shown below: Telephone: Page: 7 of 18

8 Layouts Pohja blvd. 21 Block D Apartment 21-7 Apartment 21-9 Telephone: Page: 8 of 18

9 Apartment Apartment Telephone: Page: 9 of 18

10 Apartment This apartment faces south and is situated on the 3 rd floor. Telephone: Page: 10 of 18

11 Apartment This apartment faces east with views of the Old Town and is situated on the 5th floor. Telephone: Page: 11 of 18

12 Pohja blvd. 21 Block Ma Apartment Apartment Telephone: Page: 12 of 18

13 Pohja blvd. 21 Block Mb Apartment Apartment Telephone: Page: 13 of 18

14 Apartment Jahu Str 1 Block Fb Apartment 1-29 Telephone: Page: 14 of 18

15 Apartment 21C- 9 Telephone: Page: 15 of 18

16 Price List Apt no. Floor No. of Rooms New Apartments Area m2 Balcony Price EEK View from windows & additional notes Pohja blvd. 21 Block D ,895,000 to the Ilmarise hotel ,795,000 to the Ma block ,295, ,195,000 to the old warehouse, in the middle there are trees to the old warehouse, in the middle there are trees open view to the south to the Old Town direction, new office building on the right ,875, ,245,000 very good open view over the hotel building Pohja blvd. 21 Block Ma ,345,000 to the D block, 2 bathrooms, bath to the D block, 2 bathrooms, bath, with additional balcony (9,8 m2+1,5 m2) ,675,000 Pohja blvd. 21 Block Mb ,295,000 to the old warehouse ,045,000 to the Jahu str. 1 building very good view to the Old Town (Toompea), 2 bathrooms, bath ,795,000 Jahu Str 1 Block Fb ,495,000 to the south to the courtyard Used Apartments Pohja blvd. 21C ,995,000 2 bathrooms, bath, sauna, kitchen, furniture Telephone: Page: 16 of 18

17 Property in Estonia Arrangement Fee Please note that in addition to these prices, Property in Estonia charges an arrangement fee of 3% incl VAT of the overall purchase price. This fee is payable in two stages: 50% once the preliminary agreement has been notarised with the remainder only becoming payable once the final notarial contract has been signed. For this fee, Property in Estonia will help you with all aspects of your property purchase and will include you on our priority mailing list to allow you to gain early information on future new developments in Tallinn. The services provided by Property in Estonia include: - Assistance with any queries during the buying process - Help in obtaining mortgage finance via our specialist arrangements with the leading banks in Estonia - Help and discounts in terms of arranging kitchens, fitted wardrobes, furniture, insurance etc - Mediation/help in communicating interior decoration requirements through to the development company - Assistance at notary appointments to ensure that you feel comfortable with the legal process - Advice/help on letting your property either through our own rental company, Property in Estonia Haldus (for long term lets) or through our partner short term rental company. We can also arrange furniture packs (at additional cost). - Advance information on new property developments in the Tallinn area allowing you to select prime apartments before they are released to the general market. Telephone: Page: 17 of 18

18 DISCLAIMER - PLEASE READ CAREFULLY 1. Descriptions of the Development Particulars, specifications, pictures and artists' impressions of the Development are given in good faith and believed to be correct but they do not form part of any offer or solicitation and are intended only as a general guide. Our role is to introduce the Development to you and to assist you in purchasing a chosen property object. The specifications for the development, floor layouts etc will be provided to you as part of the legally-binding sales contract. It is important that you ensure that these are satisfactory before proceeding with the purchase. Once you are legally committed to purchase the property it is your responsibility to ensure that the property will be built in all material respects in accordance with plans and designs relating to the Development. 2. Information Provided by Property in Estonia We provide details about investment opportunities in the form of, but not limited, to property reports, market analysis, property news and reports ("the Information"). The Information is obtained from a number of third party sources including the development companies themselves. Whilst we endeavour to provide accurate, up-to-date and complete Information we assume no responsibility or liability for any omissions or errors contained in the Information. Due to the speculative nature of such opportunities the Information we provide should be considered our 'opinion'. You are advised to make your own judgement upon the investment being offered and independently to verify the Information and our speculative analysis. Please remember that the price and value of any investment and the income derived from it can go down as well as up. It you make an investment you may get back less than the amount you originally invested. If you are in doubt about any investment decision you should seek the advice of a suitably qualified person. The Information contains forward-looking statements, including, without limitation, statements containing the words "believes", "anticipates", should, "expects" and similar expressions. Such forward-looking statements involve unknown risks, uncertainties and other factors which may cause the actual results, financial condition, performance or returns of the investment, or industry results, to be materially different from any future results, performance or returns expressed or implied by such forward-looking statements. Given these uncertainties, prospective investors are cautioned not to place any undue reliance on such forward-looking statements. Property in Estonia and its directors, officers, employees and agents disclaim any obligation to update any such forward-looking statements to reflect future events or development. The information on the Property in Estonia website is also subject to the provisions of this clause. 3. Third Parties Recommended to You by Us We will endeavour to recommend banks, notaries, solicitors, foreign exchange providers, rental agents, interior designers, furniture suppliers or other third parties ("Third Party" or "Third Parties") of good calibre, who offer a service or product deemed to be of good quality and reasonable cost. However, we make no warranties or representations as to the products or services provided by such Third Parties and assume no responsibility or liability for their actions, omissions or errors. If you make any arrangements with such a Third Party it is at your sole risk and responsibility. Property in Estonia August 2008 Telephone: Page: 18 of 18