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URBANIZED LAND WITH GOLF COURSE INTOLEDO - SPAIN

2TOTAL LAND FOR SALE

B) 47 ATTACHED PLOTS IN GOLF VILLAGE RESORT The urbanization

is adjacent to the Golf Village Resort, having

each of the plots for sale a

family golf course right use including

all other sports and social facilities.

• 47 attached plots located inside the Golf Village Resort and including all its facilities.

A) THE URBANIZATION

PLOTS FOR SALE PHASE 1 (4 UNITS)

PLOTS FOR SALE PHASE 2 (22 UNITS)

CONSOLIDATED URBAN CENTER MAIN ACCESS

TO THE PLOTS

MAIN ACCESS

ACCESS

GOLFCOURSE

FIRST BUILT PHASE

PEDESTR

IAN

RO

AD

3OUR LAND FOR SALE

A) THE URBANIZATION

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Central street between phase 1 and 2 of the urbanization Types of villas already built next to plots

Views of the urbanization from the golf course

OUR LAND FOR SALE

A) THE URBANIZATION

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Types of villas already built next to plots

OUR LAND FOR SALE

A) THE URBANIZATION

6OUR LAND FOR SALE

A) THE URBANIZATIONCHARACTERISTICS OF THE PLOTS

7OUR LAND FOR SALE

A) THE URBANIZATIONCHARACTERISTICS OF THE PLOTS

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• All the plots are fully urbanized, with services including:

– asphalted road – general lighting – water supply – electricity supply – telephone and internet access– Golf course family use right of 7.000 € per plot

• Are ready to be built immediately once the owner has determined the architectural project to be executed.

OUR LAND FOR SALE

A) THE URBANIZATIONCHARACTERISTICS OF THE PLOTS

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• The plots vary in area between 1,000 and 1,300 m2 and are mostly covered by trees (oaks) of more than 100 years old. Have views over the golf course and the nearby mountains of Sierra de Gredos. Total buildable surface in each plot is 15% of plot surface, between three levels (450 m2 in three floors of 150 each for a plot of 1000 m2 of surface).Architecture design is free.

• All plots are fully registered.

• They have low maintenance cost.

OUR LAND FOR SALE

A) THE URBANIZATIONCHARACTERISTICS OF THE PLOTS

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• PHASE 1

– 4 UNITS (plot size range between 1.039 m2 – 1.296,8 m2)

• YEAR 2007 : 150 €/m2 • NOW (with discount): 90 €/m2 • 4 PLOTS PRICE: 90 €/m2 x 4.755,40 m2 = 427.986 €• 4 Golf Course use rights: 7.000 € x 4 = 28.000 €• TOTAL PRICE: 427.986 € + 28.000 € = 455.986 €

• PHASE 2 (to be acquired with phase 1)

– 22 UNITS (plot size range between 1.000 m2 – 1051.20 m2)

• YEAR 2007 : 180 €/m2 • NOW (with discount): 100 €/m2

• 22 PLOTS PRICE: 100 €/m2 x 22.067 m2 = 2.206.720 €• 22 Golf Course use rights: 7.000 € x 22 = 154.000 €• TOTAL PRICE: 2.206.720 € + 154.000 € = 2.360.720 €

ALL THESE AMOUNTS TO BE CHARGED WITH A 18% VAT TAXPRICES ARE AVAILABLE UNTIL 31 OF DECEMBER OF 2011

OUR LAND FOR SALE

A) THE URBANIZATIONSELLING PRICES

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• Low risk profit. In comparison with investments in equities or sophisticated financial products, the urban properties are characterized by their reliability in relation with other financial markets. And need very small maintenance costs

• We believe that investment in this type of urbanized plots should have a 3 years horizon, considering the time needed to overcome the current adjustment and benefiting from the future housing real estate recovery during the years 2012 and 2013.

OUR LAND FOR SALE

A) THE URBANIZATIONURBANIZED LAND FOR INVESTORS

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RETURN FOR INVESTORS

• The buyer holds the property to be sold later.

• Over a period of three years the estimated minimum return is 10% annually, and more likely to reach between 15 and 20% annually.

OUR LAND FOR SALE

A) THE URBANIZATION

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PROJECT FOR DEVELOPERS

• The urbanization is capable of offering a full range of opportunities for investors – residents to settle in Spain.

• It can include:

a) 26 housing units with golf course access of 7.000 € per plot.

b) possibility of locating inside the villas rural Bed & Breakfast rooms for external rental.

c) central Club House unit with facilities for: -space for meetings and international food restaurants with

garden and swimming pool.

OUR LAND FOR SALE

A) THE URBANIZATION

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PROJECT FOR DEVELOPERS

• -centralized Managing Office handling maintenance of buildings and rental running of rural rooms. Legal advice given by lawyer related to immigration requirements and financial consulting and Social Security admission and services to which the residents are entitled.

-centralized private transportation from the Club House connecting to Madrid, Toledo, Universities.

- industrial and commercial plots in the neighborhood capable of

locating companies both for producing and selling purposes.

OUR LAND FOR SALE

A) THE URBANIZATION

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PROJECT FOR DEVELOPERS(Considering the buyer will build and sell villas)Following are some examples although plots admit free design

ESTIMATED COST (per unit)

TOTAL PLOT COST (1000 M2) 100.000 € (27,15%)TOTAL CONSTRUCTION WORK 201.190 € (54,63%)TECHNICAL FEES 19.600 € (5,32%)LEGAL PROMOTION EXPENSES 13.274 € (3,60%)GENERAL MANAGING EXPENSES 27.216 € (7,40%)GOLF USE RIGHTS 7.000 € (1,90%)

TOTAL COST OF DEVELOPMENT 368.280 € (100%)

SALE PRICE 563.000 €

TOTAL PROFIT OVER INVESTMENT/VILLA 194.720 € (52,9%)

VILLA TYPE A (273 m2 built, 4 bedrooms)

OUR LAND FOR SALE

A) THE URBANIZATION

16OUR LAND FOR SALE

BASEMENT:1. GARAGE2. CORRIDOR3. CELLAR4. TECHNICAL R.

FIRST FLOOR:1. LOUNGE2. BEDROOM 33. BATHROOM 34. CORRIDOR5. TERRACE

GROUND FLOOR:1. PORCH 12. PORCH 23. ENTRANCE4. LIVING-DINING 5. KITCHEN6. LAUNDRY R.7. CORRIDOR8. BEDROOM 19. BEDROOM 210. BATHROOM 111. BATHROOM 2

first floor

basement ground floor

A) THE URBANIZATION

17OUR LAND FOR SALE

B) 47 ATTACHED PLOTS IN GOLF VILLAGE RESORT

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• DESCRIPTION: 47 Plots in Golf Village Urbanization .

• LOCATION: 50 minutes drive from Madrid.

• TOTAL 47 UNITS SURFACE: 8.197,9 m2

• EXTERNAL PARKING COVERED SURFACE ATTACHED TO SITE(47 parking plots): 587,5 m2

• Total buildable surface on 47 plots (in two levels): 7.694 m2

OUR LAND FOR SALE

B) 47 ATTACHED PLOTS IN GOLF VILLAGE RESORT

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• DESCRIPTION: 47 Plots in Golf Village Urbanization .

• LOCATION: 50 minutes drive from Madrid.

• TOTAL 47 UNITS SURFACE: 8.197,9 m2

• EXTERNAL PARKING COVERED SURFACE ATTACHED TO SITE(47 parking plots): 587,5 m2

• Total buildable surface on 47 plots (in two levels): 7.694 m2

OUR LAND FOR SALE

B) 47 ATTACHED PLOTS IN GOLF VILLAGE RESORT

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Views of the golf course next to the plots

OUR LAND FOR SALE

B) 47 ATTACHED PLOTS IN GOLF VILLAGE RESORT

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Types of villas next to the plots

OUR LAND FOR SALE

B) 47 ATTACHED PLOTS IN GOLF VILLAGE RESORT

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Types of villas next to the plots

OUR LAND FOR SALE

B) 47 ATTACHED PLOTS IN GOLF VILLAGE RESORT

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Attached villas prototype layout to be built in plots

Type A1 (150 m2)

OUR LAND FOR SALE

B) 47 ATTACHED PLOTS IN GOLF VILLAGE RESORT

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Attached villas prototype layout to be built in plots

Type C (190 m2)

OUR LAND FOR SALE

B) 47 ATTACHED PLOTS IN GOLF VILLAGE RESORT

25OUR LAND FOR SALE

B) 47 ATTACHED PLOTS IN GOLF VILLAGE RESORT

26OUR LAND FOR SALE

B) 47 ATTACHED PLOTS IN GOLF VILLAGE RESORT

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SELLING PRICE

(2008 price on appraisal: 530 €/m2)

• Actual price: 267 €/m2

• Total land price 267 €/m2x 8.197,9 m2 = 2.194.000 € • Golf Course Use rights 47 x 7.000 € = 329.000 €

• TOTAL PRICE: = 2.523.000 €

• INCLUDES:

– 47 Plots (plot size range between 150,2 m2 – 295 m2)– 47 Covered exterior parking spaces– 47 Golf Course family use rights of 7.000 € per plot

ALL THESE AMOUNTS TO BE CHARGED WITH A 18% VAT TAX PRICES ARE AVAILABLE UNTILL 31 OF DECEMBER OF 2011

OUR LAND FOR SALE

B) 47 ATTACHED PLOTS IN GOLF VILLAGE RESORT

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RETURN ON INVESTMENT

PROFIT FOR DEVELOPERS

ESTIMATED COST

TOTAL PLOT COST 47 PLOTS (8.197,9 m2) 2.194.000 € (20,60%) TOTAL CONSTRUCTION WORK 6.378.715 € (59,90%) TECHNICAL FEES 587.377 € (5,52%) LEGAL PROMOTION EXPENSES 294.807 € (2,77%) GENERAL MANAGING EXPENSES 864.110 € (8,11%) TOTAL 47 GOLF USE RIGHTS 329.000 € (3,10%)

TOTAL COST OF DEVELOPMENT 10.648.009 € (100%)

SALE PRICE 15.000.000 €

TOTAL PROFIT OVER INVESTMENT 4.351.991 € (40,87%)

OUR LAND FOR SALE

B) 47 ATTACHED PLOTS IN GOLF VILLAGE RESORT