GLOBE TRADE CENTRE S.A. - Expansion of GTCs strategy

Expansion of GTC’s strategy

GLOBE TRADE CENTRE S.A.
(Incorporated and registered in Poland with KRS No. 61500)
(Share code on the WSE: GTC.S.A)
(Share code on the JSE: GTC ISIN: PLGTC0000037)
(“GTC” or “the Company”)


Current report number: 9/2023

Expansion of GTC’s strategy

The Management Board of Globe Trade Centre S.A. (the “Company” or “GTC”) hereby announces that
it has decided to expand the previously announced and implemented strategy of the Company, which
strategy will now include investments and developments in real estate projects involving hospitality
assets, in particular in the high-end segment of the market in Europe.

The resolution regarding the expansion of the Company’s strategy was adopted by the Management
Board of GTC on 29 May 2023.

GTC owns an attractively located development land plot of 126ha dedicated for high-end hospitality in
Istria, Croatia since 2006. Based on the current market trends, GTC initiated predevelopment phase of
the project, including design and search for the hotel operator. The Management Board of GTC believes
that investments in high-end hospitality properties in Europe and the potential addition of such properties
to GTC’s portfolio would be beneficial for the Group for the following reasons:

    -   the hospitality sector has rapidly recovered from the outbreak of the COVID-19 pandemic, with
        many markets having already surpassed their 2019 performance levels and further growth
        expected in the coming years;

    -   within the hospitality sector, leisure travel has been the main driver sustaining travel figures,
        with leisure-focused destinations benefitting from this trend;

    -   average room rates and occupancies in the hospitality sector have been growing over the last
        few years;

    -   hospitality assets act as a hedge against inflation as strong cash flow growth offsets rising
        interest rates and inflation;
    -   investor confidence in the hospitality sector has recovered, along with the warming up of the
        markets as a whole;

    -   assets located in attractive and unique locations prove to be the most popular, with the high-
        end segment outperforming all other hospitality segments;
    -   hospitality assets tend to be more resilient to value fluctuations resulting from economic
        downturns; and

    -   a more balanced portfolio of the Group could attract a more diversified investor base.


Legal basis: Art. 17 (1) of the Regulation of the European Parliament and Council (EU) No. 596/2014
on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European
Parliament and Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (inside
information).
Signed by:



/s/ Zoltan Fekete                 /s/ Janos Gardai
Member of the Management Board    Member of the Management Board

29 May 2023

Warsaw, Poland
Sponsor: Investec Bank Limited

Date: 29-05-2023 02:25:00
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