Fonte Nova Master Plan by PLANIFICACIONES MUNDIALES SL

Master Plan FONTE NOVA Island of Boavista – Cape Verde Registered Offices: Urb. El Rosario, Parcela G A-7, Km. 188 29604 Marbella – Málaga Spain Tel: +34.952.831.559/+34.952.837.663 Fax: +34.951.310.744

Cape Verde Office: Zona Ponta Preta Santa María Isla de Sal – Cabo Verde Tel: +238.242.21.50 Fax: +238.242.21.50

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Administration Office: C/ León y Castillo , 152 35600 Puerto del Rosario Fuerteventura Spain Tel:34.901.13.14.15/+34.928.85.60.17 Fax: +34.928.85.16.69

Master Plan FONTE NOVAâ&#x20AC;&#x201C; Island of Boavista

Content 1.Introduction 2.Cape Verde a) Geographical situation b) Factsheet c) Tourism d) Photos of Cape Verde 3.Why invest in Cape Verde? Incentives and exemptions 4.Island of Boavista a) Description b) Airport 5.Fonte Nova Master Plan a) Situation b) Description c) Town Planning Parameters d) Types e) Areas f) Tecnical datas g) Environment h) Distinguishing aspects i) Photo-report

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Introduction: Cape Verde is becoming more and more consolidated on the world market as a holiday destination with great potential. Its wild, exotic landscapes, the excellent sandy beaches with crystal clear water, the deep ocean full of fish, coral and marine archaeology, along with the unique conditions for practicing water sports, the warm nights filled with irresistible musical rhythms and last but not less important, the delightful, outgoing personality of the people make this archipelago a paradise set in the heart of the Atlantic Ocean. At the beginning of 2008, Cape Verde abandoned the Group of Low Income Countries and entered the group of Middle Income Countries (according to OECD criteria). In addition, from July 2008, the archipelago is a member of the WTO, which strengthens the multilateral trading system and will enable it to continue integrating into the world economy. From 1991 the country has been applying market-orientated economic policies, making foreign investment easier, encouraging the private sector through privatisation and by developing tourism, light manufacturing industries and the fishing industry. It has also improved transportation, communications and electricity installations. Furthermore, the integration of Cape Verde into the world economy and the development of the private sector, backed up by the arrival of large groups of foreign investors, a key element in the development of the country, have made it necessary to set up a legal framework that not only offers attractive incentives for investment, but also provides security that will facilitate and guarantee foreign investment in the country.

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2. Cape Verde: a. Geographical Situation:

Archipelago of Cape Verde

The Republic of Cape Verde occupies an area of 4,033 square kilometers. The islands of Cape Verde are situated in the Atlantic Ocean, to the south of the Canary Islands and some 500 kilometres from the coast of Senegal. Cape Verde has a privileged location, between the continents of Europe, Africa and America, right on the Atlantic shipping route. The archipelago is of volcanic origin and is made up of ten islands and eight small islets. The islands form two groups, depending on their relation with the north-east wind: the Windward Islands (Barlovento) consisting of S達o Antao, S達o Vicente, Santa Lucia, S達o Nicolau, Sal and Boa Vista; and the Leeward Islands (Sotavento) formed by Maio, S達o Tiago, Fogo and Brava. The terrain is generally craggy and of volcanic origin; the highest point is in Fogo with an altitude of 2,829m. However, Sal and Boa Vista are flat, with extensive meadows and dunes of fine, white sand. The climate is dry subtropical with an average temperature of 25 degrees centigrade (the coolest in Africa). Temperatures drop somewhat from December to February due to the wind blowing from the Sahara, the Hamattan. The sea temperature varies between 21 and 25 degrees. .

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Archipelago of Cape Verde

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b. Factsheet:

Flag Capital

Praia

Surface Area

4,033 Km2 965 Km. of coast

Population

519,000

Independence

5th July 1975

Form of Government

Parliamentary democracy

President Prime Minister

Pedro Pires JosĂŠ MarĂa Nieves

Currency

Capeverdean escudo (CVE)

Total GDP GDP per head

3,905 million US$ 7,904 US$

Languages

Portuguese - Creole

Density Hab./Km2

101 Hab./Km2

Annual growth (2008)

6.6%

Life expectancy

71.7 years

Urban population

57.3%

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c. Tourism:  Tourism is one of the pillars of the economic development of Cape Verde. In the last few years the tourism sector has undergone a spectacular evolution. The islands of Cape Verde received over 320,000 tourists during 2007.  On the island of Sal, there were 210,000 tourists that visited in 2007. The island of Sal receives 65% of the holidaymakers travelling to Cape Verde. Holidaymakers come mainly from Italy, Germany, Portugal and the Scandinavian countries. The average stay is 4-7 days. As an emerging market, Cape Verde has a growth rate of incoming international holidaymakers that is above the world average (22% growth per year). There are currently some 5,800 beds and 29 holiday establishments in the archipelago of Cape Verde. Hilton Hotels Corporation plans to open a hotel in Santa María (Island of Sal) during the second quarter of 2010. Riu and Iberostar plan to open 2 hotels that will open at the end of 2010.  Most popular hotels:  Island of Sal: Hotel Riu Funana-Garopa, Hotel Morabeza, Hotel Odjo d’Agua.  Island of Boa Vista: Hotel Riu Karamboa, Hotel Ventaclub, Hotel Estoril Beach.  Island of Maio: Hotel Belavista, Hotel Marilu, Residencial Bom Sossego.

Hotel Riu Funana – Island of Sal

Hotel Riu Karamboa – Island of Boavista

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Hotel Morabeza – Island of Sal

Holiday demand in Cape Verde: Markets of origin (2008)

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d. Photos of Cape Verde:

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3. Why invest in Cape Verde?  Its privileged location: Situated between the continents of Europe, Africa and America. Situated right on the Atlantic shipping route. Communicated by regular sea and air connections.  Virgin market in full economic growth: 6.6% economic growth in 2008. January 2008: integrated in the group of Middle Income Countries. Member of the WTO since July 2008.  Its political and economic stability: Parliamentary political system with free elections. Free from political, ethnic and religious conflict. Stable economic and social indicators.  Manpower: Freely available and low cost. Highly qualified. High production level.  The Caribbean of Europe: Spectacular beaches of white sand and crystal clear water Perfect conditions for water sports (windsurf, kitesurf and surfing) Attractive sea fauna for fishing and scuba diving

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The integration of Cape Verde into the world economy and the development of the private sector, backed up by the arrival of large groups of foreign investors, have brought about the need to establish legal and taxation conditions to create the right framework of security to facilitate and guarantee the new foreign investments. The Cape Verde Foreign Investors’ Statute (Act nº 89/IV/93) provides for the following incentives and guarantees:

 Tax Incentives: • Tax exemption for dividends and profits during the first five years of activity. • Tax exemption for dividends and profits re-invested in the same or another business in the country. • Tax exemption on interest payments. A privileged taxation system for any investments that, after the exemption period has expired and they are not re-invested, will only be taxed at a rate of 10% on the profits and dividends (this represents a 50% tax reduction on Income Tax applied to non-residents, currently set at 20%)

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By law, a foreign investment is considered to be any participation in financial business that is made with money brought from abroad and that can be financially revalued. For foreign investments thus qualified, the State of Cape Verde, under its own law, guarantees the non-discrimination of foreigners, who are given fair treatment both regarding the security and protection of their assets and rights, and also the guarantee that they cannot become subject to nationalization or expropriation, except in the case of for public use.

Guarantees: Protection of assets and rights inherent to foreign investment. Free transfer of dividends and profits abroad. No nationalisation or expropriation. Possibility of opening bank accounts in foreign currency.

 Benefits and Incentives under the Tourism Utility Law for tourist investments: (Act nº42/IV/92) Exemption from customs duties on the importation of materials to be used in the construction and running of hotels and holiday complexes. Exemption from local property rates on buildings. 100% tax exemption during the first five years. Tax deductions on profits reinvested in similar businesses.

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4. Island of Boavista: a. Description: The Island of Boavista has an area of 620 Km2 and forms part of the Barlovento islands. It is flat and dry in appearance, and has a predominately dry subtropical climate, characterized by mild, stable temperatures, with annual averages from 19 to 28º C.  Capital: Sal Rei.  4,000 inhabitants.  Third bigger island of the archipelago. Spectacular beaches of white sand and crystal clear water.  White sand dunes.  Sea fauna that attracts fishing enthusiasts and scuba divers, with great variety and abundance.  Presence of turtles and whales.  Perfect conditions for sports such as Surfing, Kitesurf and Windsurf.

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ď&#x192;ź The island of Boavista offers perfect conditions for fishing enthusiasts and scuba divers. You will enjoy the best beaches of the archipelago: crystal clear water and white sand dunes. ď&#x192;ź The current offer is orientated towards sun and beach holidays. The tourism market is made up principally by holidaymakers from the Nordic countries, Italy, England, Germany and Portugal. A large part of the holidays are organized by tour operators.

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b. Airport:

 There are at present 4 international airports in Cape Verde. The Boavista International Airport was inaugured in october 2007 and is located at only 5 minutes of Sal Rei, capital of the island.  The other three airports are on the islands of Sal (Amílcar Cabral International Airport), Santiago (Praia International Airport) and São Vicente. (São Vicente International Airport).

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Origin

Duration

Lisbon

3h30

Amsterdam

 The airport of the island of Sal continues to be the busiest, as this is the most tourist-orientated island of the archipelago, where 55% of the total traffic is concentrated.

Bergamo

Bologna

Rome

 As for the airline companies, the first one is the national airline, TACV, followed by the British THOMPSONFLY, the Portuguese TAP, the Italian NEOS SPA and TUIFLY NORDIC.

Múnich

Paris

Vienna

Madrid

Las Palmas

Dakar

New York

6h30

In the first six months of 2008, the airports of the archipelago of Cape Verde received over 700,000 passengers, which is an increase of 7.2% on the same period of the previous year.

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4. Master Plan Fonte Nova:

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a. Situation:

ď&#x192;ź The Fonte Nova residential development is only 5-10 minutes from the international airport and from the capital of the island: Sal Rei. The project is located on the west coast of the island of Boavista. ď&#x192;ź The project has been conceived to be selfsufficient, with excellent access to the airport and to the main points of tourist attraction.

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b. Description:  The Fonte Nova Master Plan is to be developed on an area of 54 hectares, in a privileged location of great natural beauty.  The environmental value and the scenic beauty of its surroundings add great value and potential to the project.  Fonte Nova is a clear example of Sustainable Development which means conceptual development with planning that not only meets the parameters set by the government but also the concept of sustainability, the preservation of the environmental values of the area, the minimisation of impact and the maximum integration into the surroundings.  It is a project that has the support of the Government of Cape Verde and its institutions, and has all necessary approval, permits and licences.

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The development will comprise:  Plots for hotels and aparthotels with a variety of offers.  Commercial Plots.  One 18 hole Golf Course.  Shopping Centres

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c. Town-Planning Parameters: FONTE NOVA MASTER PLAN :  General parameters:

 Total area: 2.240.200 m2  Maximum building volume: 0,09 m2/m2  Density: 50 beds/hectare  Maximum height: II + A.F.  Environmental measures:  Desalination plant using reverse osmosis.  Terciary treatment of waste water.  Electricity generated using a diesel/photovoltais system.  Water heated by cogeneration.  Low impact illumination.  Ecopark.  Sustainable mobility system.

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d. Types:

FONTE NOVA Master Plan Total area: Developable area:

2.240.200 m2 2.207.519 m2

Land for hotels: Mixed plots for holiday Redis.: Land for Commercial: Residential plots: Golf plot: Services area: Tecnical area:

422.371 m2 287.620 m2 52.514 m2 248.203 m2 482.849 m2 20.861 m2 11.770 m2

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e. Areas:

Plot

Use

Area

Building volume ratio

Max. built area

Floor nยบ

H -01

Hotel

70.000 m2

0,25 m2/m2

16.975 m2

R/C+1

H-02

Hotel

92.477 m2

0,25 m2/m2

22.425 m2

R/C+1

H-03

Hotel

89.687 m2

0,25 m2/m2

21.749 m2

R/C+1

H-04

Hotel

79.609 m2

0,25 m2/m2

19.305 m2

R/C+1

H-05

Hotel

90.598 m2

0,25 m2/m2

21.970 m2

R/C+1

M-01

Mixed

44.105 m2

0,20 m2/m2

4.278 m2

R/C+1

M-02

Mixed

78.514 m2

0,20 m2/m2

7.616 m2

R/C+1

M-03

Mixed

38.525 m2

0,20 m2/m2

3.737 m2

R/C+1

M-04

Mixed

37.672 m2

0,20 m2/m2

3.654 m2

R/C+1

M-05

Mixed

42.564 m2

0,20 m2/m2

4.129 m2

R/C+1

M-06

Mixed

46.240 m2

0,20 m2/m2

4.485 m2

R/C+1

RA-01

Residential

26.801 m2

0,16 m2/m2

4.160 m2

R/C+1

RA-02

Residential

19.314 m2

0,16 m2/m2

2.998 m2

R/C+1

RA-03

Residential

25.169 m2

0,16 m2/m2

3.906 m2

R/C+1

RA-04

Residential

30.467 m2

0,16 m2/m2

4.728 m2

R/C+1

RV-01

Residential

6.587 m2

0,10 m2/m2

658 m2

R/C

RV-02

Residential

5.646 m2

0,10 m2/m2

564 m2

R/C

RV-03

Residential

9.014 m2

0,10 m2/m2

901 m2

R/C

RV-04

Residential

9.871 m2

0,10 m2/m2

987 m2

R/C

RV-05

Residential

9.253 m2

0,10 m2/m2

926 m2

R/C

RV-06

Residential

6.667 m2

0,10 m2/m2

667 m2

R/C

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Plot

Use

Area

Building volume ratio

Max. built area

Floor nยบ

RV-07

Residential

19.949 m2

0,10 m2/m2

1.995 m2

R/C

RV-08

Residential

9.762 m2

0,10 m2/m2

976 m2

R/C

RV-09

Residential

14.301 m2

0,10 m2/m2

1.430 m2

R/C

RV-10

Residential

13.253 m2

0,10 m2/m2

1.325 m2

R/C

RV-11

Residential

18.910 m2

0,10 m2/m2

1.891 m2

R/C

RV-12

Residential

23.239 m2

0,10 m2/m2

2.324 m2

R/C

C-01

Commercial

4.415 m2

0,30 m2/m2

1.325 m2

R/C+1

C-02

Commercial

4.415 m2

0,30 m2/m2

1.325 m2

R/C+1

C-03

Commercial

24.343 m2

0,30 m2/m2

7.303 m2

R/C+1

C-04

Commercial

17.680 m2

0,30 m2/m2

5.304 m2

R/C+1

C-05

Commercial

1.661 m2

0,30 m2/m2

498 m2

R/C+1

S-01

Administration

20.861 m2

0,25 m2/m2

5.215 m2

R/C+1

T-01

Tecnical area

11.770 m2

0,10 m2/m2

1.177 m2

R/C+1

GOLF

Golf course

482.849 m2

0,1005m2/m2

2.414 m2

R/C

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f. Tecnical datas:

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g. Environment:

 The FONTE NOVA Master Plan is being developed with the utmost respect for the environment, which is one of the priorities of the PLANIFICACIONES MUNDIALES Group.  The FONTE NOVA Master Plan is a project that is completely integrated into its surroundings following criteria of sustainability and respect for its location.  In compliance with these levels of protection, the FONTE NOVA Master Plan has been planned to a high degree of environmental protection, transferring the line of marine protection to 120 meters.

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h. Distinguishing aspects:  The location of the project offers unbeatable conditions.  Excellent accessibility from the airport (5 minutes).  Largest centre of tourist attraction, Hotels, Golf, Sports centres, Clinic, Shops and general amenities.  Right on the beach.  Excellent quality beaches.  Close to the capital Sal Rei.  Designed as a sustainable holiday project, different from the rest and will high added value.

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i. Photo-report: