This document provides an overview of an investment opportunity involving a property called Los Cielos in Costa Rica. Los Cielos is a 1,000 acre property along the Pacific coast with nearly 800 acres of hillsides and 205 acres of beachfront. It is located near the town of Manuel Antonio, a popular tourist destination. The document outlines the conceptual development plan for Los Cielos, which includes an eco-lodge boutique hotel, spiritual/cultural center, and residential units. It highlights the attractive features of Los Cielos such as its seclusion and natural beauty, and notes the tourism growth occurring in the surrounding region. Qualified investors are being sought to purchase Los Cielos for $40.5

3. Table Of
Contents
Investment Proposal
• Investor Profile
• Points to consider | attractions and attributes
- General to Costa Rica
- Specific to los Cielos
• At the Planning or Nearing Completion Stage
The Offering
• Los Cielos | A General Overview:
• A Conceptual Development Plan and Current Property Status
- The Current Master Plan includes
Location and The Region’s Characteristics
• Location
• The Region’s Characteristics
Detailed Property Characteristics
• Total
• Additional very important features
• Conclusion
Information on Costa Rica of General & Business Interest
• Fact Sheet
• Business Climate
• Facts that prove Costa Rica’s competitiveness
• Accompanying investment and tourism- related foreign direct
investment
• Librería Internacional Airport’s dramatic effect on Costa Rica’s
Northern Pacific Coast region of Guanacaste

5. Investment Proposal
• Investor Profile
• Points to consider | attractions and attributes
- General to Costa Rica
- Specific to los Cielos
• At the Planning or Nearing Completion Stage

7. Investment Proposal
NAI Costa Rica is retained as the exclusive advisor by the Owner
of Los Cielos to arrange the sale of its fee simple and beach
concession interest to qualified buyers for a purchase price of
US$ 40,500,000.
Investor Profile:
• An international investor seeking to diversify his financial
holdings into a stable investment during these times of
financial uncertainties and currency fluctuations.
• An up-market hotel or condominium developer having
clients with environmental sensitivity or a craving for a
more peaceful life; or
• Part of a corporate or individual investor group or hedge
fund attracted to an area of consistent stability with a
growing presence on the world tourism stage.
Points to Consider - attractions and attributes
General to Costa Rica
• Costa Rica provides safety and stability –no army – and
has recently become part of the Central American Free
Trade Association with the United States of America
(CAFTA).
• Thus opening up the telecommunications and insurance
market to both competition and sector investment
opportunities.
• Costa Rica continues to attract both international
corporations and smaller companies because of its
educated workforce, lower wage structure, and free
trade zones.
• Health care is excellent and the government is encouraging

9. Investment Proposal
Health Tourism by creating bills offering attractive
investment benefits to health-related businesses. Private
hospitals such as Cima in San Jose provide first class
health care for a fraction of the cost of health care in the
United States of America and Europe. Medical tourists
typically recuperate in resort hotels such as the 5-star
Intercontinental Hotel which is located next to
Cima Hospital.
• An increasingly affluent local population leads to more
sophisticated shopping malls, restaurants, theaters,
and other forms of entertainment.
• In Costa Rica, the cost of living for Americans, Canadians,
and Europeans is comparatively lower than at home.
• Many United States and Canadian residents nearing
retirement age find Costa Rica a safe and enjoyable
haven in which to retire for they perceive
Costa Rica as a country encompassing a more
ecologically protected environment and a simpler life-style
than those in other areas of the world.
• Tourism, which began in earnest in 1987, has become one
of Costa Rica’s fastest growing economic sectors.
Since 1999 tourism has been earning more foreign
exchange than bananas, pineapples and coffee combined.
National parks and protected areas cover about
24% of the country’s land area: the largest in the world
as a percentage of the country’s territory. As eco-tourism
has flourished, these areas provide Costa Rica’s main
competitive advantage by enabling tourists to take
advantage of unspoiled tropical jungles and forest areas;
many of which are in close proximity to the beaches.
• Many 5-star hotels and resorts like Four Seasons, JW
Marriott, Hilton Hotels, Intercontinental Hotels, and other
major hotel and resorts chains, are found throughout
Costa Rica.

11. Investment Proposal
Specific to Los Cielos
• Airport: An airport is only 15 minutes north of the property
and is served by both the national airline and
private charter businesses that provide daily commuter
services to all areas of Costa Rica. One can fly into
the area from San Jose in less than one half hour.
• Hospital: Close to the Quepos airport and provides full
medical services with fifty three rooms, three
operating rooms, laboratories, drugstore, radiology,
and ER needs.
• Telephone: coverage is provided by a cellular-phone
tower within walking distance to Los Cielos.
• Water: Los Cielos has drilled a well to provide ample
potable water for its hillside parcel.
• Important local attractions: Neighboring Manuel Antonio/
Quepos is a busy, major international tourist destination
with its:
(i) Renowned Manuel Antonio National Park of diverse
flora and fauna and pristine beaches;
(ii) Hotels catering to the more affluent;
(iii) Increasingly sophisticated and cosmopolitan
shopping, restaurants, and nightlife. According to
AM Costa Rica, the internet newspaper, Costa Rica
Manuel Antonio is the biggest tourist draw in Costa
Rica with over 300,000 visitors a year. Dominical,
like Manuel Antonio town, is made up of small
boutique hotels and restaurants and is just five
minutes drive from Los Cielos.
• Los Cielos’s Competitive Advantage: Many beach areas
in Costa Rica, such as Jaco and Tamarindo whose

13. Investment Proposal
beachfront developments became over developed during
the 2004–2007 real estate boom so that their original
natural beauty was either ruined or totally eliminated.
In contrast, Los Cielos provides the developer an
unspoiled, pristine beachfront and hillside forest preserve
on which to work magic and create the perfect
environment for the discerning and wealthy visitor
to Costa Rica.
At the Planning or Nearing Completion Stage
• A major, new international airport is planned for
construction in ‘Palmar Norte’ just 40 minutes south of
Los Cielos, which will have a profound effect on the
area. For example: when the Liberia International Airport
opened up in Guanacaste, North Costa Rica, the region’s
development exploded. The growth in air passenger
traffic through the Liberia Airport has been a key factor for
attracting a high level of investment to the area. The
southern region is expecting the same result and many
businesses are already poised to take advantage.
(Please refer to the final section of this report for more in-
depth information.)
• The huge, new Pez Vela Marina, in nearby Quepos - world-
renowned for its sport fishing of mainly marlin, tuna,
dorado, and sailfish - will feature 308 slips for boats of
up to 200 feet in length and has almost been completed.
It is bound to draw an even wealthier class to the
area and trigger many related tourism-offshoots.

15. The Offering
• Los Cielos | A General Overview:
• A Conceptual Development Plan and Current Property Status
- The Current Master Plan includes

17. The Offering
Los Cielos – A General Overview:
Los Cielos: An appealing, timely, and spectacular investment
vehicle of approximately 1,000 acres of prime property
comprising two sections (created by the newly restructured and
upgraded, Pacific Coast Highway that divides the property into
its two diverse component parts):
1. Almost 800 acres of rolling hillsides that ascend gently
and accessibly from the highway of which 473 acres with
stunning ocean views are prepared and ready for
development and 291 acres of exquisite, protected,
higher-elevation, natural virgin forest – home to a myriad
variety of rare and endangered flora and fauna – that
surrounds and surmounts these hills; and
2. 205 acres of title, and to be obtained, oceanfront
concession of one mile of pristine beach. All enveloped
by the refreshing, cooling, and invigorating airs emanating
from both the Central Highland downdrafts and the
onshore breezes arriving unhindered from far-distant
Oceania.
It cannot be overstated that this is a mystical and extraordinary
parcel of distinctive land tucked into the Central Pacific of Costa
Rica. There are many beautiful properties worldwide awaiting
development, but discovering one on the market that has such
an overwhelming emotional tone would be almost impossible.
Thus, Los Cielos encompasses the unique atmosphere sought
by groups and individuals seeking solace and calm away from
their otherwise frenetic and stressful lives.

19. The Offering
So, for both investors and developers this is the ultimate
investment opportunity, for there exists a wide and diverse target
market for the finished product.
The Conceptual Development Plan and Current Property
Status.
Los Cielos’s current owners have completed dirt roads to allow
for automobile access to both the top of the hillside parcel
and the beachfront parcel. They have spent the past few years
developing the master plan and engineering for the hillside area
(see schematic).
A buyer has the flexibility to remake the Master Plan, if desired.
The current Master Plan includes:
• An eco lodge boutique hotel with 60 bungalow suites
• A spiritual/cultural center
• A spa and longevity center
• Eco lodge branded villas – 16 units
• A resident’s club and recreation center
• Ocean view villa/townhomes - 40 units
• Ocean view condominiums – 80 units (4-storey buildings
with 4 units per floor)
• Resort community entrance
• Conservation easement
• Springs – 100m set-back
• 178 single family resident lots – 1,800m² to 10,000m²
• Equestrian Center and stables

20. The Offering

26. The Offering
Note: Equestrian Center with international dressage and
show-jumping competition-standard horses and facilities are
in demand in Costa Rica; as are recreational horses for long
and short-distance tours and endurance competitions. An
up-market tourist development in Guanacaste already has
an international-standard polo field; whilst, a big residential
development west of the capital, San José, has both a polo club
and grounds comprising several playing fields and, in season,
hosts international competitions. Luxurious private homes
surrounding the fields have their own stable complexes.
The property has been well-maintained and is currently in top-
class condition.

28. Location and the
Region’s Characteristics
• Location
• The Region’s Characteristics

30. Costa Rica Map

32. Location and the
Region’s Characteristics
Location:
• In Costa Rica’s Central Pacific Region:
• On its Pacific Coast Highway (Costenera) that provides
easy access to a new airport, hospital, and marina;
Adjacent to the town of Matapalo; and
• Between Manuel Antonio (9° 22’ 60 N, 84° 9’ 0 W) and
Dominical (9° 15’ 0” North, 83° 52’ 0” West).
The Region’s Characteristics
The Central Pacific Region has scenery unlike any other and
is one of the most easily accessible regions in Costa Rica;
especially, with the opening of the new toll road from San Jose
to the Pacific Coast in the past few months. It is a narrow strip of
stunning, mountainous coastal land that stretches from north of
Jaco to Dominical, south of Manual Antonio. Sandy, magnificent
beaches flanked by spectacular verdant cliffs and striking forests
full of mango, palm and coconut trees and protected wildlife are
primary draws to this area. It is an awe-inspiring landscape with
its combination of ocean panorama and lush tropical vegetation.
Moreover, it features national parks, nature reserves and exotic
flora and fauna. World-renowned Manuel Antonio National Park
is just one of the region’s many points of natural interest while
Dominical is known for its natural beauty and rain forests.
Additionally, ocean stretches along the Central Pacific provide
the ultimate setting for water activities such as surfing, sport
fishing, scuba diving and, not least, spectacular sunsets.
The Central Pacific generally maintains a more arid climate than
the Caribbean Coast or the South Pacific. However, it is more
humid than Costa Rica’s Nicoya Peninsula to the northwest.

34. Location and the
Region’s Characteristics
The small town of Matapalo about 20 miles (32 km) south
of Quepos, has earned the Blue Ecological Flag (Bandera
Azul Ecológica) for its dedicated effort in conservation and
commitment to preserving the quality of environment.
There are two smaller villages surrounding Matapalo as well—
Savegre to the north and Hatillo to the south. Beyond Hatillo
sits the National Wildlife Refuge of Hacienda Barú and Uvita.
Quepos and the world famous Manuel Antonio National Park
reside to the north.
Since the recent completion of the restructuring and widening
of the formerly impassable coastal road (which meant that the
Quepos/Dominical corridor had long been inaccessible for
development), the Matapalo region is now only a short two-hour
car ride from San Jose and primed for development.

36. Detailed Property
Characteristics
• Total
• Additional very important features
• Conclusion

38. Detailed Property
Characteristics
Total: approximately 1,000 acres that are divided by the newly-
constructed and enlarged coastal highway into two parcels of
approximately:
• 205 acres of coastal land on the highway’s west side (title
and to be obtained oceanfront concession), and
• 764 acres of hillside on the highway’s east side.
These two parcels together comprise four principal defining
features:
1. Beach: Los Cielos’s one mile of undeveloped Pacific
Ocean beach - Playa Linda, fronting its 200-acre
coastland - is its crown jewel.
• Mature palm trees have been planted along its length
creating a ‘tropical feel’.
• From this beach, one can either walk on foot or ride on
horseback for 5-10 miles in either direction.
2. The coastal land: is currently used for farming, thus
providing a blank canvas for development planning.
Concessions for the immediate Maritime Zone beach
land must be obtained.
3. Hillside portion: the gentle inclination of Los Cielos’s 764-
acre hillside from sea level to 1500 feet in height is unique
in the Quepos/Dominical corridor for it not only includes
291 acres in a permanent conservation easement to
protect the rainforest, birds, butterflies, and other wildlife,
as illustrated in the Master Plan, but also it:

40. Detailed Property
Characteristics
• is easily accessible;
• has had a major portion of Melina plantation cleared,
and the whole hillside parcel has been extensively
engineered with several elevation tiers designed to allow
for the hillside’s maximum development;
• enjoys superb, breathtaking, and unencumbered Pacific
Ocean views (south to Dominical and north to Manuel
Antonio) and 180 to 360 degree views of both the
surrounding rainforest and distant Mount Chapparro.
Unlike the other typical land in the region, which may be:
• too steep,
• too forested for development – which hinders site
views -;
• too hard to access;
• too far from the ocean, or no ocean frontage at all;
• has had no land clearing or,
• has little or no potable water.
For example: It is common in the Quepos area to have water
trucked in to augment the existing supply.
Note: Hacienda Matapalo - adjacent to Los Cielos – with no
beachfront, very steep terrain, and ongoing road construction,
demonstrates strong area demand because over the past few
years it has pre-sold 270 hillside units, totaling almost $60M.
Moreover, its lower elevation lots pre-sold at prices ranging from
$100K to $360K.
Additionally, Hacienda Matapalo’s success in marketing has, by
extension, increased the marketing appeal of Los Cielos.

42. Detailed Property
Characteristics
4. Easement: the 291-acre rainforest, conservation
easement surrounds the hill and higher land and provides
a protected, natural, bio-diverse, conservation corridor for
countless species of birds, butterflies, and wildlife.
Additional very important features:
• Water: there is an abundance of water on the property:
wells, creeks, and a waterfall.
• Electricity supply: electricity along the Pacific Coast
Highway.
• Irrigated Nursery: an irrigated nursery with 1200 palm
trees i.e. Royal Palms, Fox Tail Palms, among others, was
constructed at Los Cielos.
• Reforestation: A total of 2,500 trees i.e. Saino, Ron Ron,
Amarillón, Guanacaste and other species, were planted
on the creek banks and the areas along the creeks located
within Los Cielos to protect the water sources.
• Telephone cell tower: provide cellular services and
internet access to the area.
• Public road: the coastal highway, which separates Los
Cielos into coastland and hillside land, joins up with the
Inter-American highway at Dominical in the south and
Puntarenas in the north.
The driving times from Los Cielos to:
- San José, the capital - 2 hours;
- Dominical - 5 minutes; and
- Quepos - 20mins

44. Detailed Property
Characteristics
• Climate: Mount Chapparro, over 12,000 ft in height,
provides a nighttime cooling affect for this area; and
the cooling Pacific Ocean onshore breezes help to
maintain this effect during the day. Throughout the
summer months from November to March, Los Cielos
enjoys temperatures 15 to 20 degrees Fahrenheit cooler
overall than Quepos.
• Soil Tests: Numerous soil test borings were conducted
that demonstrated suitable conditions for construction of
dwellings.
Conclusion
In summary Los Cielos offers the right individual, corporation or
group a unique and special offering, in an unspoiled setting, for
developing into a highly profitable investment venture.

46. Information on Costa Rica of
General & Business Interest
• Fact Sheet
• Business Climate
• Facts that prove Costa Rica’s competitiveness
• Accompanying investment and tourism- related foreign direct
investment
• Librería Internacional Airport’s dramatic effect on Costa Rica’s
Northern Pacific Coast region of Guanacaste

48. Information on Costa Rica of
General & Business Interest
Fact sheet
Total area: E10_m%C2%B2” o “1 E10 m²” 51,100 km2 (19,652
sq mi) Percentage water: 0.7% Population: 4,253,877 (July 2009
est.). Density: 85/km2 (220/sq mi) GDP (PPP) Total: $48.881
billion. Per capita: $10,579 (July 2009 est.) GDP (nominal) Total:
$29.318 billion. Per capita: $6,345 (July 2009 est.) Currency:
Costa Rican Colon (CRC) Country Calling Code: 506 Time Zone:
CTZ (GMT-6) Capital (and largest city) San José: 9°55’N 84°4’W
9.917°N84.067°W
Official language: Spanish. English widely spoken Demonym:
Costa Rican; Tico Government: Constitutional democracy
(Presidential republic)
President: Laura Chinchilla (Costa Rica’s first woman President
sworn in on May 8, 2010. She was one of the previous President’s
Vice-Presidents and his administration’s Minister of Justice.
She was the governing PLN candidate for President in the 2010
general election, where she won with 46.76% of the vote. She is
the sixth elected woman president of a Latin American country.)
Education: Costa Rica has over 50 universities, colleges, and
trade schools: many are bilingual.
International Airports: Two international airports: one closes
to the capital, San Jose, and one in Liberia, Guanacaste the
northernmost city on the Pacific Northwestern Coast. A major,
new international airport is planned for construction in ‘Palma
Norte’ in the Osa Peninsula area in the country’s southern region.
National Airports: Small commuter airports dot the country and
are served by Sansa and Nature Air whose flights are frequent
and inexpensive.
Costa Rica, officially the Republic of Costa Rica is a country in
Central America, bordered by the Pacific Ocean to the west and
south and the Caribbean Sea to the east.

49. Information on Costa Rica of
General & Business Interest
Costa Rica, which means “Rich Coast”, constitutionally abolished
its army permanently in 1949. It is the only Latin American country
included in list of the world’s 22 older democracies.
Costa Rica has consistently been among the top Latin American
countries in terms of Human Development Index, and in 2007
was ranked 54th in the world. The country is ranked 3rd in the
world, and 1st among the Environmental Performance Index.
In 2007 the Costa Rican government announced plans for Costa
Rica to become the first carbon-neutral country by 2021. New
Economics Foundation, Costa Rica ranks first in country in the
world.
Almost two million foreign tourists, about half are American, visit
Costa Rica annually.
Business Climate: Costa Rica has positioned itself as a key
destination for operations of multinational companies in a
variety of industries, such as Advanced Manufacturing, Medical
Devices and Services. Over 200 global companies have chosen
Costa Rica as an establishment location. Plus, it offers favorable
tax policies and Free Trade Zones.
Several quasi-public private agencies support this business
development. For example:
• CINDE Costa Rican Investment Board) with offices in
New York and Escazú promotes foreign investment in
medical devices, electronics, and service sectors, as well
as offering technical assistance in other areas.
• PROCOMER (The Foreign Trade Corporation of Costa
Rica) provides updated information related to Costa
Rica’s export supply, export statistics, and opportunities
to conduct on-line business procedures and invites
interested persons to learn more about how to export
from Costa Rica, a country full of top-quality products
and services.

50. Information on Costa Rica of
General & Business Interest
It also makes every effort to facilitate the development of
Costa Rica’s production sectors and support their export
capacity to promote an effective insertion of Costa Rica’s
production into world markets.
Facts that prove Costa Rica´s competitiveness
• Costa Rica is the 4th high-tech exporter in the world
(World Development Indicators 2008, World Bank)
• One of the most competitive destinations in Latin America
for service operations (A.T. Kearney, Destination Latin
America: A Near-Shore Alternative 2009)
• FDI per capita = US$ 448. Costa Rica is one of the most
competitive locations, above Latin America’s largest
economies like Brazil, Mexico and Chile
• Costa Rica’s per capita GDP per capita is almost 7 times
higher than China’s
• The total FDI inflows have grown an average 22% every
year since 2000
Accompanying investment and tourism-related foreign
direct investment
Tourism has become Costa Rica’s second most important
source of earnings (after the export of INTEL microelectronic
components) and a major incentive for attracting foreign direct
investment (FDI). The Costa Rican Central Bank estimates that in
2004 US$176.6 million tourism related FDI entered the country,
with a growth rate of 27% in 2005, reaching US$224.5 million.
Estimates for 2006 are even larger, with a 56% increase totaling
US$325 million. In short, tourism has represented approximately
a quarter of the total FDI for the last 3 years and Guanacaste
is currently the second most important destination for tourism
related FDI, after Puntarenas.

51. Information on Costa Rica of
General & Business Interest
Nevertheless, the Costa Rican Central Bank notes the increasing
importance of non-traditional investments in what is typically
referred to as residential tourism. For example, total real estate
FDI increased from US$ 41 million in 2004 to $325million in 2007,
primarily due to the arrival of highly renowned international hotel
chains such as Four Seasons, Intercontinental, and Marriot that
are solidly established throughout the country. Marriot recently
opened their high-end JW Marriott in Guanacaste. All inclusive
hotel chains like Barceló and RIU and others serve the ever
expanding tourist market.
The study notes that primarily vacationing homes and land
purchases have fueled this dynamic. El Coco, Ocotal, Conchal,
Flamingo, Tamarindo, Sámara, Nacascolo and el Golfo de
Papagayo are noted as key locations for these investments, many
of which are relatively close to Liberia’s International Airport.
As stated by a recent report by Costa Rica’s Central Bank:
“Traditionally, the main recipients of FDI have been industry and
tourism. However, in recent years, there has been a growing
tendency towards non-traditional purchases of housing, land,
condominiums, villas, and commercial premises by foreigners…
Indeed, housing developments provided with swimming pools
and golf courses sum up the preferences of non-resident aliens”
Countrywide real estate FDI has shown a gradual increase during
the past four years accounting for 2.4% of Costa Rica’s GDP in
2007. Guanacaste has consistently been the main recipient with
the exception of 2007, primarily due to important investments in
Golfito and Quepos, including Hacienda El Dorado Megaproject.
No figures exist to disaggregate total investment in residential
and hotel projects, but both the number of condominiums and
hotels in Guanacaste has soared to record levels.

52. Information on Costa Rica of
General & Business Interest
Residential tourism development has fewer linkages than hotel
accommodations, and is associated with speculation and short
life cycles. In addition, the development of residential tourism
tends to be seen as a threat to the preservation of the authenticity
tourists came looking for, potentially damaging the long run “no
artificial ingredients” successful marketing campaign. The town
of Santa Cruz, for example, is the area with the highest level of
construction in the country for both 2006 and 2007, followed by
Carrillo and Liberia, all part of the Guanacaste province. More
and more, sales for condominiums and timeshares are marketed
through a generic “sun and beach” marketing model, similar to
the ones used in the Mediterranean and Dominican Republic,
without sufficiently accentuating a high quality nature based
tourism model that has differentiated Costa Rica, eroding its
branding strategy.
Liberia International Airport’s dramatic effect on Costa Rica’s
northern Pacific coast region of Guanacaste:
Increasing tourist arrivals through the Liberia airport have had a
multiplicity of effects. Some – such as the expanded need for fire
safety and health services - are derived directly from increased
air traffic, while others are related to the indirect impacts of
expanded tourism operations and real estate developments in
the surrounding areas.
In essence, there appears to be a mutually reinforcing relationship
between the airport’s expansion and the development of
Guanacaste and Liberia in particular as an international vacation
destination. For instance, the Liberia airport has provided easier
and more efficient access to Guanacaste beach resorts, and
this in turn helps increase the profitability of these resorts. In
addition, luxury developments are ideally constructed within 1
hour or 2.5 hours from an international airport.

53. Contact
www.los-cielos.com
enter login: enter2cielos
• Diego Ouellette
www.naicostarica.com
diego@naicostarica.com
+506-8821-5265 (mobile)
+506-2228-7760 (0ffice)
+506-2228-7753 (fax)
• Carlos R. Robles
www.naicostarica.com
crobles@naicostarica.com
+506-8375-9138 (mobile)
+506-2228-7760 (0ffice)
+506-2228-7753 (fax)
• Ronald Umaña
www.naicostarica.com
rumana@naicostarica.com
+506-8878-9988 (mobile)
+506-2228-7760 (0ffice)
+506-2228-7753 (fax)