The document is an investor presentation for the Warapuru hotel and villa estate project in Itacare, Brazil. Some key points: - Warapuru will be a high-end resort comprising a hotel, spa, beach clubs, and 45 luxury villas situated in pristine natural beauty along the coast of Bahia, Brazil. - The first two phases consisting of 17 villas have already been pre-sold at record prices for Brazil, up to $4.6 million per villa. - Construction is well underway and 65% complete, with opening planned for late 2009. - The development is led by experienced Brazilian developers with a background in large construction companies in Portugal and

1. warapuru hotel & villa estate
itacare ñ bahia - brazil
investor presentation
November 2008
Reception & spa

2. investment highlights
ï Warapuru will be the finest hotel and destination spa project in South America
ï Genuinely a one-of-a-kind resort created with a build generosity and design aesthetic as yet unseen and
quite unrivalled on the Continent
ï Situated in a spectacular, never to be compromised area of pristine natural beautyÖ.and in one of the
hippest new destinations on the planet
ï The interest of opinion-leading media and resort operators of the highest calibre only confirms the buzz
about Warapuru
ï The phase 1&2 villa estate has been pre-sold at record breaking prices for Brazil
ï Lower risk profile by far than rival projects. Completion risk and timing very attractive ñ construction of
hotel and phase 1&2 villa estate is well advanced: third and final phase soon to be permitted and ready for
release next year.
ï The proposal benefits from nearly 5 years of sunk cost and investment in a complex environment where
competing offerings are far behind. The deal will be structured for additional risk mitigation, giving excellent
risk adjusted returns
warapuru hotel & villa estate ñ investor presentation ñ november 2008
spa Beach club

3. warapuru hotel & villa estate ñ investor presentation ñ november 2008
Warapuru site, a private cove embraced by the atlantic rain forest

4. Warapuru
ï Warapuru, Itacare, Brazilís first 6 star resort, comprises an hotel with 40 bungalows, a Spa, 2 beach
clubs and the operation of a 45 villa estate
ï Spectacular location within a Unesco World Heritage protected coastal rainforest reserve
ï Itacare, chosen as one of the worldís top destinations by the New York Times, is fast becoming the
hippest destination in Brazil
ï Breathtaking design by Anouska Hempel Design, known for the Blakes Hotels in London and
Amsterdam and The Hempel, London
ï Warapuru is one of the most anticipated resort openings globally in the top international press (CondÈ
Nast, Robb Report, NY Times, Financial Times, wallpaper, Nota Bene, etc.)
ï Villa development consists of 45 villas in 3 phases. phases 1&2 (17 Villas) already pre-sold
commanding prices up to 4,6 M USD per villa. Phase 3 (28 villas) is already under permitting, with pre-
sales expected by end 2009
ï Construction well-advanced - hotel and phase 1&2 is 65% concluded. Opening scheduled for end 2009
Villa bathroom
warapuru hotel & villa estate ñ investor presentation ñ november 2008
Villa ñ view of entrance from Living room
Villa bathroom

5. master plan
ïtotal site area: 80ha
ïtotal built area: 70.000 sqm
ïreception building: (total built area: 3.700 sqm) stunning clifftop position 85 m above beach level, with reception,
library, shops, expansive lounge and exhibition areas, bar and light meal areas
ïspa: (total built area: 2.150 sqm) built into hillside below the reception complex level, five ultra luxurious treatment
rooms, each with a private pool, opening onto fantastic intimate views over the beach and rainforest. Fitness room,
central cantilivered lap pool, vast, airy relaxation and lounging areas.
beach club: (total built area: 2.600 sqm) sits on an elevated site 15m above beach level, with a 35m long swimming
pool, expansive sunlounging timber deck on the ground level and a panoramic restaurant and bar area on the first floor
ïhotel bungalows: (built areas 160 sqm to 460 sqm) 40 independent bungalows in 5 different types, each with its
individual pool, dotted around the property near the beach.
ïvillas phase 1&2: 17 villas (each with 4, 5 and 6 suites with built areas from 950 sqm to 2.300 sqm) located on the
ridges around the reception building with amazing views over the rain forest and beach beyond.
ïvillas phase 3: on adjacent land overlooking a second secluded beach, phase 3 has a 28 villa development currently in
planning. The villas of 4 & 5 suites (average 900 m2 built area) will have free access to the hotel areas. A second beach
club will be built above the beach.
warapuru hotel & villa estate ñ investor presentation ñ november 2008

6. Warapuru ñ the villa and bungalow designs
Bungalow unit Bungalow unit Bungalow unit
Bungalow unit Bungalow unit Villa unit
Villa unit Villa unit Villa unit
warapuru hotel & villa estate ñ investor presentation ñ november 2008

7. warapuru hotel & villa estate ñ investor presentation ñ november 2008
Villa pool & terrace
Villa living
hotel and villa operation (stabilised - year 5)
ïbungalow rooms available: 40
ïvilla rooms available: 148
ïtotal rooms available: 188
ïoccupancy rate bungalows: 65%
ïoccupancy rate villas: 25%
ïaverage bungalow daily revenue: US$900
ïaverage villa daily revenue: US$3.940
ïdistribution to villa owners: 50% villa revenues
ïEBITDA: US$10,6 million
ïterminal value (10% cap rate): US$85,6 million
Phase 3 villa development
ïnumber of villas: 28
ïaverage size of villas: 900 sqm
ïtotal development costs: US$71 million
ïsales price per sqm: US$7,000
ïtotal sales: US$176 million
ïestimated profit: US$105 million
key figures

8. Warapuru site photos
Villa bedroom Villa terraces and pools
Villa terraces and living
Villa bedroom
warapuru hotel & villa estate ñ investor presentation ñ november 2008

9. Warapuru site photos
warapuru hotel & villa estate ñ investor presentation ñ november 2008
Hotel bungalow
Hotel bungalow Hotel bungalow
Bathroom detaill
Villa entrance

10. warapuru hotel & villa estate ñ investor presentation ñ november 2008
Background of the development company Harmattan Ltda, and its shareholders
Hotel bungalow ñ sink detail
ï The development company, Harmattan Ltda, is a brazilian company specifically created to develop
warapuru.
ï The main sponsors behind Harmattan are the brothers Diogo and Joao Vaz Guedes, and their cousin
Robrigo Croft de Moura, who have all been for more than 15 years senior managers in their family
business in Portugal, one of the largest construction companies in Portugal (Somague), with turnover
above Euro 2 billion, and business activity in Portugal, Brazil and Africa.
ï Diogo, has led Somague to become the largest construction group in Portugal before merging it with
Spanish giant Sacyr-Vallermoso in 2004, where he is now vice-president and member of the executive
board.
ï Joao was responsible for important regional markets in Somague representing more than Euro 300
million turnover and for the development of the renewable energy business (more than 200 MW in
Wind farms) before selling it to Endesa with exceptional returns.
ï Rodrigo headed Somagueís activities in challenging markets as the Cabo Verde archipelago in Africa
ï The idea to develop a project like warapuru was a growing dream from the sponsors, inspired by their
traveling around the world. ItacarÈís unique nature, and the relatively low land and construction
prices, were the trigger to start the project in a country where the sponsors had already some
business activity.
ï Joao has been overseeing the development of Warapuru since 2001 at Itacare, where he spends more
than a week per month.