Tadrai Resort Information Memorandum by Transformer

Information Memorandum

Tadrai Island Resort, Fiji For Sale by International Expressions of Interest

Dean Humphries

Rob Cross

Carol West

National Director Hotels

Regional Director

Principal Director

T: +64 9 358 9896

T: +61 2 9333 3427

T: +679 675 1167

M: +64 21 408 156 E: dean.humphries@colliers.com

M: +61 408 418 306 E: rob.cross@cbre.com.au

M: +679 999 2051 E: carol@professionalsfiji.com.fj

Colliers International New Zealand Level 27, 151 Queen Street Auckland 1010 New Zealand

CBRE Pty Ltd Level 21, 363 George Street Sydney NSW 2000 Australia

West Realty (Fiji) Ltd Suite 3 Port Denarau Fiji

Contents Introduction 3 Investment Highlights

Resort Offering

Location 8 Property Description

Building Specification

Resort & Development Land

Operating Structure

Financial & Operational Summary

Competitor Set

Fiji Market Overview

Offering Process

Agents 37

VANUA LEVU

• Nadi

Fiji’s newest five star boutique retreat located on the famous Mana Island

VITI LEVU

Fiji

Introduction Colliers International and CBRE Hotels in conjunction with West Realty (Fiji) Limited have been retained by The McGrath Family (the “Owner”) to offer for sale the Tadrai Island Resort, Fiji (the “Asset”, “Property” or “Resort”) by way of an International Expressions of Interest campaign. Tadrai Island Resort is Fiji’s newest “all inclusive” five star boutique retreat located on the famous Mana Island, part of the Mamanuca group of islands, just 15 minutes by air from Nadi airport. This exclusive Resort provides for five luxury beachfront villas, a signature restaurant and spa and is nestled on a 27.6 hectare parcel of pristine coastal land, including three white sand beaches. A master plan for a 331 room resort provides for future expansion possibilities.

TADRAI ISLAND RESORT INFORMATION MEMORANDUM

five beachfront villas situated on arguably the best white sand beaches inÂ theÂ region

Investment Highlights Tadrai Island Resort

Fiji’s newest ‘all-inclusive’ retreat just a stone’s throw from Nadi Completed in late 2011, Tadrai Island Resort is located on Mana Island which forms part of the Mamanuca group of islands, just 15 minutes by air from the Nadi International Airport. This exclusive Resort provides five beachfront villas, a signature restaurant and spa nestled on a 27.6 hectare parcel of pristine coastal land. The ultra-luxurious villas each include their own private plunge pools, tropical outdoor showers and spacious en suites. The Na Vatu signature restaurant and infinity pool provide a perfect environment for discerning guests.

Large pristine coastal land holding with development approval The Resort is located on 27.6 hectares of pristine coastal land with three white sand beaches. The reminder of the site remains available

for future development and expansion with a master plan and approval for up to a 331 room resort available to potential investors. This is the last remaining tourism redevelopment site available in the Mamanucas, located on arguably the best white sand beaches in the region.

Enviable location & endless opportunities Tadrai Island Resort offers a new investor significant upside as the retreat moves toward a sustainable trading platform over coming years. Tadrai remains the closest true all-inclusive five star retreat to the mainland and the only one located in the Mamanuca group of islands. It is therefore the most accessible resort of its kind in Fiji and a true alternative to other exclusive retreats which are typically located in more isolated locations. The ability to leverage from the mainland resorts while continuing to target the discerning traveller, particularly from Australia and Asia, provides endless opportunities moving forward.

Tadrai Island Resort provides an array of opportunities for a new owner. These include a continuation of the highly successful existing concept, expansion, development of a larger resort or simply holding as a lifestyle retreat. With vacant possession being offered as part of the sale, the Resort also has the ability to be rebranded with an internationally renowned boutique operator.

Position yourself in one of the highest performing areas in the Asia Pacific region Fiji has been the star performer in the wider Asia Pacific region over the past three years recording exceptional growth in occupancy and room rates resulting in RevPAR growth of 75% over this period. With a relatively benign supply pipeline, a favourable exchange rate and the outstanding hospitality by the Fijian people, the performance of the resort sector is likely to continue its growth phase over the foreseeable future.

TADRAI ISLAND RESORT INFORMATION MEMORANDUM

Resort Offering Tadrai Island Resort

Location

Resort Facilities

Operating Structure

Mana Island, Mamanuca Islands, Fiji.

• Fiji’s newest five star all inclusive retreat exclusively for adults;

Vacant possession.

Site Details

• Five elegantly appointed beach front villas with private plunge pools;

Opened

The retreat is situated on a 27.6 hectare coastal land holding including three white sand beaches. Potential for expansion or development exists.

Tenure Leasehold - 99 year lease with 90 years remaining.

• Signature restaurant and bar; • Infinity pool;

Website

• Massage bure;

www.tadrai.com

• Helicopter pad; • Retail shop; and • Back of house facilities and staff accommodation.

Source: Resort Owner

TADRAI ISLAND RESORT INFORMATION MEMORANDUM

2011

A r c t i c

O c e a n

Greenland Sea

Beaufort Sea

Norwegian Sea

Bering Sea Gulf of Alaska

Sea of Okhotsk

Location

Black Sea

Caspian Sea

Aral Sea Sea of Japan

N o r t h

The Tadrai Island Resort is located in the warm tropical waters of Fiji in the South Pacific Ocean.

Tadrai Island Resort is located on the famous Mana Island, part of the Mamanuca group of islands, just 15 minutes by air from Nadi airport.

10.5 hrs

Los Angeles

Hong Kong

hawaii South China Sea

Bay of Bengal

Philippine Sea

5 hrs Andaman Sea

Hawaii

Gulf of Thailand

S o u t h

Java Sea

Arafura Sea

c e a n Timor Sea

Gulf of Carpentaria

Coral Sea

1 hr

Noumea

4 hrs

Fiji

Brisbane

Australia

Great Australian Bight

4 hrs Sydney

Tasman Sea

3 hrs

Auckland

New Zealand

TADRAI ISLAND RESORT INFORMATION MEMORANDUM

Los Angeles

10.5 hrs

Sea Located east of Australia and north of New Red Zealand, the Fiji groupArabian of islands Sea comprise an island nation of some 332 islands (of which only 110 are inhabited) Gulf of Aden and some 522 smaller islets scattered across 200,000 square kilometres of the South Pacific Ocean between the latitudes of 15 degrees and 22 degrees south of the equator.

The country is a popular tourist destination particularly for Australian and New Zealand visitors and is a crossroad for air and shipping routes linking North America, Asia and Australia.

O c e a n

Hong Kong

Gulf of Oman

Fiji’s two largest islands are Viti Levu and Vanua Levu. The majority of tourism and commercial development and about three-quarters of the 900,000 population are domiciled on Viti Levu. The main International Airport and tourist I n d i a n O centre Nadi is located on the north-west side of the island.

P a c i f i c

East China Sea

P a c i f i c

O c e a n

TADRAI ISLAND RESORT INFORMATION MEMORANDUM

Property Description General Overview

Tadrai Island Resort is Fiji’s newest ‘all-inclusive’ five star boutique luxury resort. It nestles into palm-fringed Selena Cove on picturesque Mana Island, the perfect vantage point from which to take in spectacular sunsets and the ever-changing vistas of the turquoise waters and neighbouring islands of the outer reef. The Resort lies 20 kilometres from the main island of Viti Levu and 30 kilometres from Nadi International Airport. Guests typically travel to the Resort via helicopter with an approximate travel time of 15 minutes from Nadi Airport. Alternative ferry or water taxi services are also available from Port Denarau Marina, which is the main embarkation point for Mana Island and the wider Mamanuca group of islands. This passenger ferry has a travel time of approximately 80 minutes.

The Resort was developed by the McGrath Family over 2010/11 and has been designed specifically to cater for the discerning high net worth traveller. It offers a nightly tariff that includes all food and beverage and basic island activities. Of further note, the Resort only caters to adults.

Property Description The Resort is nestled on a large 27.6 hectare parcel of pristine coastal land including three white sand beaches. The retreat contains five guest villas together with an à la carte signature restaurant and bar overlooking an infinity pool. Other features include a small retail shop, combined greeting and massage bure, helicopter landing pad, extensive open space and walking tracks. Activities are tailored to guests’ individual interests and include hand-line fishing, snorkeling, hobiecatamaran sailing and inter-island excursions.

TADRAI ISLAND RESORT INFORMATION MEMORANDUM

Restaurant

Site Layout

Typical Villa TADRAI ISLAND RESORT INFORMATION MEMORANDUM

TADRAI ISLAND RESORT INFORMATION MEMORANDUM

Guest Rooms The guest villas provide for luxurious and spacious living quarters including private plunge pools and ‘feature’ en suites. Four of the villas sit on the white sand beach and the fifth in a slightly elevated private position just ten metres from the foreshore. The villas were designed by international award-winning Hare + Klein and feature Kenneth Cobonpue furnishings. All villas have been finished to the highest standard with timber floors and feature high pitched exposed beam ceilings with bi-fold doors opening to a private deck. The villas offer a large, partially open en suite with a feature stone bath, full length glass shower and dual hand basins. The bathroom opens directly out to the private plunge pool with direct access to the beach.

General features of the villas include: • Individually controlled air conditioning; • Signature en suite bathroom with shower, open air space and bath overlooking the beach; • Personal minibar with tea and coffee making facilities and a wine fridge; • TV with stereo (including iPod dock), radio, Sky TV and movie channels; • Telephone facilities; • Wireless internet; • Safety deposit boxes; • Deck furniture; • King size beds; and • A range of quality furniture and artwork synonymous with a property of this quality.

Each villa measures approximately 100 square metres and features original artworks and decor reflecting Fiji’s traditional culture.

TADRAI ISLAND RESORT INFORMATION MEMORANDUM

Food & Beverage Dining options include the signature Na Vatu “The Rock” Restaurant and Bar, private Chef in-room dining or a picnic arranged within any of the Resort’s wonderfully secluded locations. The Na Vatu Restaurant is spectacularly set overlooking the main pool and ocean vistas beyond. Menus change daily and are tailored to individual guest requirements. The openair à la carte restaurant and bar has seating capacity for 10 guests contained within a traditional Fijian structure.

TADRAI ISLAND RESORT INFORMATION MEMORANDUM

The restaurant overlooks a beautifully designed infinity pool and relaxation area with an intimate bar located to the rear. The open servery kitchen is fitted to a full commercial standard with a full array of fixtures and fittings. The entire main facility has a floor area of some 142 square metres.

TADRAI ISLAND RESORT INFORMATION MEMORANDUM

Other Facilities The Resort has an extensive inventory of front and back of house facilities including; • A greeting/reception bure, which also acts as a massage facility; • Helicopter pad; • Small retail store stocking traditional Fijian souvenirs and tourist products; • Administration office & quarters — located above the kitchen and includes the main administration office and general manager’s quarters; • Service area containing the generator, desalination plant and wastewater facilities; • Staff quarters — located beyond the services area to the east of the Resort providing dormitory style accommodation to sleep up to twenty staff members.

TADRAI ISLAND RESORT INFORMATION MEMORANDUM

Activities The Resort owns sea kayaks, a catamaran and a motor boat whilst also benefiting from the ability to utilise the surf and dive school and many other facilities operated by the co-owned Sonaisali Island Resort. Activities and excursions are tailored to individual guests. These include:

• Motor boat is available for guests to be transported to other locations including islands, resorts and dive locations.

• Snorkeling;

• Sea kayaking;

• Surfing;

• Hobie catamaran sailing;

• Diving; and

• Handline fishing;

• Tadrai also benefits from extensive open space with extensive running and walking tracks.

• Village tour; • Beach games;

• Fish feeding; • Basket weaving; • Deep sea fishing;

• Mountain climbing;

TADRAI ISLAND RESORT INFORMATION MEMORANDUM

Building Specification

Building Services

Construction

A description of the building services is outlined in the following table:

Tadrai has been architecturally designed to take advantage of traditional Fijian and modern construction techniques. Construction of the Resort comprises the following:

Element

Description Element

Description

Water Supply

In-ground bore and desalination plant. Fresh water is stored in four 10,000 L tanks with a fifth used for storage of sea water.

Main Building/Villas

Reinforced concrete foundations, floors and walls with rendered plaster finish.

Waste Water

Comprehensive tank filter system.

Roof

Water Heating

Infinity gas units to villas and gas cooking for restaurant. Gas is supplied by bottles shipped from the mainland.

Timber framed ceiling with exposed rafters, columns and purlins with marine rated sheathing over synthetic water proof thatching.

Floor Coverings

Timber/tile floor coverings.

Windows

Aluminium framed (including bi-fold) and timber louvers.

Power & Energy Backup

Electricity is supplied by three diesel generators.

Air-Conditioning

Split system units to rooms and office areas.

Computer Network System

Wireless internet throughout Resort.

In-Room Entertainment

Televisions with Sky TV available as well as guest iPad provided.

Fire System

Fire hose reels between villas.

Room Door Lock System

RFID Vintec locks.

Source Resort Management, Hotel Engineering Department

We have been advised that the abovementioned services have the capacity to allow for further expansion of the Resort. TADRAI ISLAND RESORT INFORMATION MEMORANDUM

Resort & Development Land The Tadrai Island Resort is located on the last remaining coastal development site in the wider Mamanuca Islands area. With a total area of approximately 27.6 hectares (68 acres), the retreat occupies approximately 5.7 hectares (14 acres) of the larger parcel of land and is situated on Selena Cove Beach. The remainder of the land, (approximately 21.9 hectares or 54 acres) remains undeveloped, including the largest white sand beach known as Tadrai. Tadrai beach provides between 200 – 300 metres of undeveloped prime beachfront land with a large level platform behind ideal for the construction of a new large-scale resort. South Beach (located to the southern side of the island) also remains undeveloped and provides a further approximate 100 metres of white sand beachfront property. Other areas include an elevated central section which extends along the main ridgeline of the Island. Owners of the Resort have secured planning permission for up to a 331 room resort in accordance with the following masterplan. Located on the other side of the island is the popular Mana Island Resort together with a local village and a number of smaller tourism facilities. The island also has its own privately owned airstrip and seven day inter-island ferry service.

TADRAI ISLAND RESORT INFORMATION MEMORANDUM

Indicated property boundary is approximate

TADRAI ISLAND RESORT INFORMATION MEMORANDUM

Land Use The land falls within an existing tourism area. The Mamanuca Islands are recognised by the government as playing a major role in Fiji tourism and its future development needs. The permitted use under the lease is tourist resort.

Resort Lease Details The land is held under a long term Native Lease with ownership of the underlying freehold title remaining with the Native Land Owners. ITaukei Land (formerly known as Native Land) is the predominant form of land tenure, comprising 88% of all land in Fiji. The iTaukei Land

Term

Details

Native Lease Number

27505

Name of Land

Tadrai (Part of) Lot 1

Area

27.58 ha

Lessor

Mataqali Ketenamsi (Yaro)

Lessee

Tadrai Island Resort Limited

Term

Ninety nine (99) years

Commencement Date

1 July 2004

Rental

The rent is paid half yearly in advance based upon the estimate for the year, with an adjustment once the annual audited accounts have been prepared as follows:

Trust Board is the statutory body responsible for managing the native land and issuing leases.

• From 1 July 2009 3% of gross receipts provided the rent is not less than $50,000.

The main details of the lease are summarised as follows:

• From 1 July 2024 3.5% of gross receipts provided the rent is not less than $150,000.

• From 1 July 2014 3% of gross receipts provided the rent is not less than $150,000.

• From 1 July 2044 4.0% of gross receipts provided the rent is not less than $150,000.

A full copy of the lease is available to qualified parties.

• 20% of gross receipts on any sublease, timeshare, licence or concession. Current Rental Paid (2012)

$50,000 plus VAT, if any

Use

The Lessee must at all times conduct the business of a tourist facility and keep the facility open for business and manage it in an efficient, orderly and lawful manner.

Development

The property shall be developed for Hotel/Tourism purposes with construction to commence within three years from the commencement date of the lease.

Source Resort Management, Hotel Engineering Department

TADRAI ISLAND RESORT INFORMATION MEMORANDUM

Operating Structure

Tadrai Island Resort is owned and operated by the McGrath Family. The McGrath Family also owns Sonaisali Island Resort and currently operates both resorts through a co-shared arrangement that is primarily based at Sonaisali Island Resort. The team includes a general manager, resort manager, financial controller and sales and marketing manager. Tadrai Island Resort’s day to day management is run by a resort manager who resides on the island. Neither resort is directly affiliated with any external operators, with both successfully operating in conjunction with a number of key wholesalers and third party booking facilities. The Resort is being offered with vacant possession.

TADRAI ISLAND RESORT INFORMATION MEMORANDUM

Investing in Fiji

Foreign Investment

The following information has been obtained from Investment Fiji, the Fiji Bureau of Economic and Business Affairs and Fiji Revenue and Customs Authority.

The government body Investment Fiji is responsible for the promotion, regulation and control of foreign investment within Fiji. Government approval is required for all foreign investment in Fiji. All businesses or enterprises with a foreign investment component in their ownership are required to apply to the Chief Executive, Investment Fiji for the issuance of a Foreign Investment Registration Certificate (FIRC) and are also required to pay a requisite application fee of F$2,812.50 (US$1,610.72).

Land Rights and Ownership Fiji land falls into one of three categories; iTaukei land, Crown land and Freehold land. iTaukei Land (formerly known as Native Land) is held by indigenous Fijians under communal tenure relationships. iTaukei Land makes up approximately 88% of land in Fiji and is reserved for the special use of the owners. For this reason this land cannot be sold, but leased. The iTaukei Lands Trust Board (ITLB) is the statutory body responsible for managing native land and issuing leases. Crown land refers to approximately 4% of the land in Fiji and is owned by the Government. This land also cannot be sold, but leased. Finally, Freehold or privately owned land refers to the remaining 8% of land in Fiji.

The Foreign Investment Act stipulates that the approval process for investment applications should take no longer than 5 working days. Applications for FIRCs are available online and to accompany the FIRC, the following information must also be supplied: • A copy of the Shareholders Agreement and a copy of the Declaration of Shareholders, witnessed or certified by a justice of the peace, lawyer and/or chartered accountant, are to be submitted if local equity contribution is required;

• A certified copy of the passport bio data page, together with a recent coloured passport sized photo of all those associated with the business; • A police clearance report from the country of residence in the last 12 months or more; and • Proof of company registration if abroad (if applicable). We note that depending on the nature of the business, investors may be required to obtain permits and licenses from other relevant authorities and should be prepared for delays. Foreign Investors are required to bring a minimum equity level investment of F$250,000 in cash from offshore on or before the operational date of the business. Foreign investors can purchase real estate; however, if the land is larger than one acre in size, the Minister of Lands must approve the purchase.

TADRAI ISLAND RESORT INFORMATION MEMORANDUM

Incentives There are industry specific incentives for tourism, mining, filmmaking and audio-visual activities, boat building, fishing, logging and saw milling operations and bus building. Information relating to incentives available can be obtained from the Fiji Revenue and Customs Authority (http://www.frca.org.fj). Incentives offered include preferential tax treatment and duty-free or low duty treatment of imported materials and equipment. Tourism incentives include tax-related investment allowances on approved expenditures on tourist boats/ships and approved building and expansion projects. The tourism incentive package for approved large tourism development projects with capital investments of more than F$7 million and completed prior to December 2018, may qualify for a 10 year tax holiday. An investment allowance (in addition to ordinary depreciation) of 55% of total capital expenditure is allowed as a deduction provided there is no shift of tax revenues to other countries. This is applicable to the building of a new hotel, including renovations or refurbishments or extensions of an existing hotel.

TADRAI ISLAND RESORT INFORMATION MEMORANDUM

Right to Private Ownership and Establishment Foreign investors are discouraged from acquiring controlling interest in, or taking over established, locally owned enterprises in Fiji. Permission may be given; however, if such a takeover or acquisition is deemed to be in the national interest. Foreign investors typically operate through a brand or a local subsidiary in Fiji. Formation of both public and private companies is possible, the process taking about two weeks. Registration costs are nominal. The South Pacific Stock Exchange and authorized banks in Fiji are allowed to approve investments by non-resident individuals and businesses in publicly listed companies and in fixed deposit accounts. For further information relating to foreign investment in Fiji, we refer to you two following websites: • http://www.state.gov/e/eb/rls/othr/ ics/2012/191148.htm • http://www.investmentfiji.org.fj/

Company Tax Company tax is payable by Fiji resident companies on taxable income derived from all sources. Nonresident companies are required to pay the tax on income sourced in Fiji. Resident companies are those that are incorporated in Fiji or carry on business in Fiji and have either practical management and control in Fiji or voting power controlled by shareholders who are Fiji residents. The resident company tax rate is 20% for all companies. This is effective for the tax year 2012 and thereafter. The tax rate of 20% is also applicable to branches of foreign companies and insurance companies. The tax year usually runs from 1 January to 31 December although alternative fiscal years are permitted. A company is required to make advance company tax payments in four installments. Three installments of 30% of estimated tax liability each are required to be paid by the last day of the 6th, 9th and 12th month of the fiscal year, and the balance by last day of the 2nd month following the end of the fiscal year.

Capital Gains Tax A Capital Gains Tax (CGT) regime has been introduced with effect from 1 May 2011. CGT is charged at the rate of 10%. However, where a capital asset was bought for the sole purpose of resale or as part of a profit-making scheme, any profits or gains are treated as taxable company income, and subject to income tax at the corporate tax rate.

Branch Profit Tax Where a branch of a foreign company operates in Fiji, the profits of the branch are subject to Fiji corporate tax at the following rates: • Non-resident shipping companies 2%; and • Other non-resident companies carrying on business in Fiji (e.g. branch profits) 20%.

VAT is charged at a rate of 15% on most goods and services in Fiji; the exceptions being certain exempt items such as financial services, residential dwellings, educational services, and certain zero rated items such as goods and services exported, and certain basic food items.

Stamp Duty Stamp duty is imposed on transfers of shares, transfers of properties, agreements, mortgages, partnership agreements, short term insurance policies, etc.

Other Taxes These include import customs duty, import excise duty and excise duty on certain manufactured products (e.g. alcohol, tobacco).

Sales Tax / Value Added Tax (VAT) There is no sales tax in Fiji although there is excise duty payable by manufacturers on sales of certain products such as alcohol, tobacco and carbonated drinks.

TADRAI ISLAND RESORT INFORMATION MEMORANDUM

Offering Process Expressions of Interest are being sought for the sale of Tadrai Island Resort, Fiji.

Transaction Timetable and Procedure

Offering Guidelines

Offers to purchase the Property (by way of Expressions of Interest), will be required to be lodged with Colliers International Hotels, Auckland or CBRE Hotels, Sydney.

Offers should outline the terms of the purchase of the Property and should include, at a minimum, the following information:

The Vendor reserves the right to alter the offering process or to withdraw the offering completely. The Vendor is under no obligation to respond to or accept any indication of interest. Interested and qualified parties are strongly advised to undertake a comprehensive due diligence review, including financial and operational analysis, and escorted site inspections.

A. The purchase price offered for the Property;

An electronic Data Room will be made available to qualified prospective purchasers.

B. Deposit to be paid; C. Proposed timeline including timeframe for the negotiation of a sale and purchase agreement, due diligence and settlement; D. Names of the ultimate beneficial owners of the Purchaser, including their respective percentage interests; E. An address, email address and fax number for the delivery of notices to the Purchaser; F. Details of credit or financial arrangements; and G. The approval process required. A detailed Expressions of Interest Form is available from the marketing agents.

TADRAI ISLAND RESORT INFORMATION MEMORANDUM

Agents Contact Details

Dean Humphries

Rob Cross

Carol West

Disclaimer

National Director Hotels

Regional Director

Principal Director

T: +64 9 358 9896

T: +61 2 9333 3427

T: +679 675 1167

M: +64 21 408 156 E: dean.humphries@colliers.com

M: +61 408 418 306 E: rob.cross@cbre.com.au

M: +679 999 2051 E: carol@professionalsfiji.com.fj

Colliers International New Zealand Level 27, 151 Queen Street Auckland 1010 New Zealand

CBRE Pty Ltd Level 21, 363 George Street Sydney NSW 2000 Australia

West Realty (Fiji) Ltd Suite 3 Port Denarau Fiji

This Information Memorandum has been prepared solely for information purposes in order to assist interested parties in making an initial evaluation of the Property and does not constitute advice nor purport to contain all of the information that a prospective Purchaser may require. In all cases interested parties must conduct their own investigation and analysis of the Property and the data set out in this Information Memorandum to satisfy themselves in all respects and not rely on the information in this Information Memorandum to make their purchasing decision. This Information Memorandum has been prepared in good faith and with due care by Colliers International, but neither Colliers International nor the Vendor accept responsibility hereunder for the accuracy of any part of the information contained in this Information Memorandum. Therefore the recipient/s of this Information Memorandum to the extent that they rely on the information contained herein do so entirely at their own risk. The Vendor and Colliers International NZ Limited (and its brokers) expressly disclaim all liability for representations, express or implied, contained in, or for omissions from this Information Memorandum, or any other written or oral communication given to any prospective purchaser in the course of their evaluation and/or offer. This Information Memorandum does not constitute an offer for sale or purchase or otherwise.

TADRAI ISLAND RESORT INFORMATION MEMORANDUM