DREAM PROPERTY CROATIA TO MERGE WITH LEACY NEKRETNINE
TO CREATE LARGEST INTERNATIONAL REAL ESTATE BUSINESS SERVICING CROATIA

Harris Penny are pleased to announce that Dream Property Croatia, our Croatian partner Company have today 23 November, 2004 announced that it will merge with Leacy Nekretnine (trading as Croatia Connect) to create the largest international real estate business servicing Croatia which will market the companies' combined product offering to clients throughout Europe. The new entity will be jointly managed by Niall Leacy and Kieran Kelleher and will operate under the brand Dream Property Croatia.

Under the terms of the agreement, the parties have established sales offices in Dublin, London and Munich, to market Croatian property, specializing in the Split region and the Dubrovnik Riviera, with plans to increase the breadth of local operations in the near future to cover other regions. The merger will immediately boost the portfolio of the combined Dream Property Croatia / Leacy Nekretnine offering to over 350 properties in the Southern Dalmatian region.

Kieran Kelleher, Managing Director, Dream Property Croatia, will manage the Irish and German sales operation, while Vedrana Kelleher will manage the UK business. National sales managers and supporting staff have been appointed in Ireland, the UK and Germany. The national teams will be responsible for all activities in relation to marketing, customer service and after-sales support. Niall Leacy, Managing Director, Leacy Nekretnine, along with Sam Mahoney and Denis Buckley, will continue to be responsible for managing relationships with developers across Croatia as well as the on-the-ground relationship with clients.

Kieran Kelleher commented: "The merger with Leacy Nekretnine will position the new entity as the forerunner in the Croatian real estate business. Our high street offices in Dublin, London and Munich will build confidence among the market as well as unparalleled after sales service to our growing client base".

"The merger with Dream Property Croatia is a key step in preparing our business for the changes to be expected in this relatively new market in the near future. Establishing offices in key countries, utilizing the marketing power of the new brand and bringing new talent into the team shows our strong commitment to the business and market," said Niall Leacy.