Land for IRS Project in Mauritius

PROJECT ROCHES NOIRES

A unique opportunity to acquire an up-market real-estate project in Mauritius

Brief Description of Project ''Roches Noires''

• Project ''Roches Noires'' consists of the development of an Integrated Resort Scheme (IRS) in Mauritius, aiming at attracting high net-worth individuals who are looking for an alternative or another place of residence by allowing them to acquire luxury villas / apartments

• Project ''Roches Noires'' will comprise luxury villas and apartments, an inland marina, extensive up-market leisure and recreational facilities (including a 18-hole golf course, a country club, a spa and a fitness centre), and business facilities

• The freehold property has a surface area of 358ha, is directly linked to the lagoon

• Project ''Roches Noires'' is located on the north-eastern coast of Mauritius, approximately 30 minutes from the city of Port Louis (capital of Mauritius), 35minutes from the international airport and 25 minutes from Grand-Baie (an up-market tourist and shopping resort). The property is situated about 15 minutes from the renowned luxury resorts of ''Le Prince Maurice'', ''One&Only Le Saint Geran'' and ''Le Touessrok''

• By acquiring a villa, non-Mauritian citizens will be granted a residence permit by the Mauritian government and could benefit from the advantageous tax environment prevailing in Mauritius

Mauritius – Snapshot on Economy

• Located in the Indian Ocean, off the east of Africa, Mauritius has a population of approx. 1.3 million inhabitants and benefits from a stable political environment

• Although hit by recent economic crisis, the country's GDP is expected to grow by approx. 4.3% in 2010, higher than the 2.8% growth in 2009

• Tourism is the third pillar of the Mauritian economy, ranking after the E.P.Z manufacturing sector and agriculture

• In the past two decades, tourist arrivals increased at an average annual rate of 9% with a corresponding increase of 21% in tourism revenues

• Tourist arrivals for the year 2010 are expected at approx. 915,000 (+5% from 2009), Tourism receipts for the year 2010 will be around Rs 40,150 million (+12.5% from 2009)

• Apart from tourism, Mauritius is aspiring to become the region's leading centre for international financial services, insurance and other consultancy services

A real estate development project factoring in recent economic crisis and subsequent new economic drivers

Key Investment Considerations

• A sound and extremely profitable project

• A unique, differentiating and environmentally-friendly IRS scheme

• Pre-sale of villas / apartments / land, thereby reducing the needs for excessive cash requirements

• A country with great potential, stable governance, growing economy, good infrastructure, technology and communication, and a government encouraging and facilitating foreign investment through tax incentives

• One of the most up-market touristic destinations in the world

• A dynamic international secondary home market

Financing Considerations

Options for the new financial partner:

Acquiring of the initial project developed by the current real estate developer

• Includes the 230ha land plot, the BOI and EIA authorizations, and the building permits

• Opportunity to increase the land plot to 358ha if the new financing partner is interested