HECCO-SOLUTIONS - Fevereiro 2012

The economic feasibility study

Project ECO-RESORT
 Index

Introduction 2
Supporting studies 2
Project specifications 3
Photo Gallery 4
Urban Settings 5
Location 6
Tomar and the Castelo do Bode Dam 7
The target market - Attachment complementary A 8
Business Tourism Sector 8
Senior Tourism Sector 9
Senior Tourism Sector - Residences Medically assisted 9
Target Segments - Attachment complementary B 10
PEST Analysis - Attachment complementary C 11
Politics 11
Economics 12
Sociocultural 12
Technology 12
Potential turistic of the Territory 13
Portugal 13
SWOT Analysis 13
SW Analysis for the 3rd Age sector 14
SW Analysis for the business tourism sector 15
SE Analysis for the Top tourism sector 15
Feasibility Studies - Presentation and Analysis of results 16
Contributions to the realization of feasibility studies 16
Method applied for the Feasibility Studies 16
Feasibility Study - Based on the sale of 100% of Real Estate 17
Feasibility Study - Based on 50% Sale Real Estate / 50% of the Tourism & Hospitality 18
Feasibility Study - Based on 100% the Tourism & Hospitality 19
Attachment I 20
Attachment II 21
Photos 22

1
Introduction
The present study has the purpose to demonstrate the benefits in investing in the tourism sector in Portugal and the economic feasibility of the project VALE-PARASO.

The decisions on investments in the hospitality and civil construction sectors should be taken after a series of studies and not on the pretended sensibility of the
entrepreneur.

The study presented here demonstrates the feasibility of the project by inserting a historically and culturally renowned city, centrally located, with a small population but
high-impact tourism, that lacks a real estate development of this model. This Plan was prepared after thorough feasibility analysis of different information sources, which
were applied economic engineering techniques, to obtain indicators that support the feasibility and which are decisive for the decision-making.

Market research is developed for determining economic and technical data about the enterprise. The sales prices were calculated taking into account the current
situation, the uniqueness of the location and type of services provided.

The net present value (NPV) was the main method used in the analysis. Internal Rate of Return (IRR), Payback and return index (RI) assist in decision making. The
exploration work showed that the project, in its different aspects, and its size is manageable, in terms of technical, market and economic variables.

Economic factors Financial Factors

Positive gain: Getting Resources for:
Economic Return (NPV); Product financing;
Benefit-Cost Ratio (BCR). Customer financing.
Corporation
Release

Supporting studies
These feasibility study results, as mentioned above, of a comprehensive analysis of the target markets and market segments. To obtain more credible evidence, there
was also a review of other previous studies of tourism investment in Portugal and were analyzed further, the recent socio-economic data of the tourism potential of the
property and surrounding area.

Attachments:
- Target Market Study
- Target Segments Analysis
- Politics, Economics, Sociocultural and Technology Analysis (PEST)

2
 Project specifications

Vale Paraiso is a property with a total area of 531.950m2, framed in an approved plan of development of the tourist area, based on a concept of ECO RESORT.

The property, set in a Environmentally Restricted Zone, is located on the outskirts of Albufeira de Castelo do Bode, a privileged area of idyllic landscapes.
The Project Plan Detail inserted in Vale Paraiso - Eco Resort comprises the construction of a Touristic resort with lodging properties like detached houses,
townhouses and apartments sets.

Also form part of the Plan details a range of infrastructure support such as a marina, shopping and dining and recreational areas legal, such as playgrounds, pools
and walkways. The Property Vale Paraiso - Eco Resort is an urban system integrated with several existing and projected road accessibilities, public transport,
public utility services and health.

3
Photo Gallery

4
Urbanistic Plan

Property area: 531.950,00sq.m.

Deployment area: 21.115,00sq.m.
Gross construction area: 30.060,00sq.m.
Nr. accommodation units: 193un.
Max. number of beds: 636un.
Max. number parking spaces: 520un.

- Impermeable Areas -
Housing units: 23.635,00sq.m.
Commerce and services support: 1.520,00sq.m.
Sport and recreation support units: 1.650,00sq.m.
Pavement network: 28.988,00sq.m.
Footpaths to be build: 2.492,00sq.m.

- Permeable Areas -
Cottage private gardes: 52.035,00m2
Areas for sport and recreation: 10.149,00m2
Nature areas: 25.535,00m2
Footpaths to be build: 2.493,00m2

Plan Legend
Execution Units
Apartements units: UA1 - UA2
Townhouse units: UB1 - UB2
Detached House units: UI1 a UI96
Commerce and Service units: C - CS
Recreation areas: UL1 a UL3
Marina & Services: M - SM

5
Location

The property Vale Paraso Eco Resort is located on the outskirts

of Albufeira de Castelo do Bode, near Tomar.

Right in the centre of Portugal, Vale Paraso is served by a great

road network, ensuring fast and secure access to all parts of the
country.

Depart from the main airports in Spain or Portugal; you can reach
Vale Paraso - Eco Resort in a quick and comfortable way, 90% of
the route is either motorways or highways.

With the completion of a new route IC9, scheduled for 2012, Vale
Paraso - Eco Resort will have a direct connection to the coast.
Just 40 minutes will be enough time to reach some of the most
beautiful beaches.

PORTUGAL

6
Tomar and Barragem Castelo do Bode

Tomar is a beautiful city, the county seat, the Central region, located on
the beautiful banks of the river Nabo and in marshy land.

As one of the most historic cities of Portugal, with so much to tell and
see, Tomar was elevated to city status in 1844. With 43,000
inhabitants, was conquered from the Moors by D. Afonso Henriques in
1147 after being donated by the King to the Knights Templar in 1159.

The rich historical heritage of Tomar stand out landmarks are the
Convent of Christ, the Castle, the Church of St. John the Baptist in the
fifteenth century, the Church of Nossa Senhora da Conceio
(sixteenth century) and St. Mary of the groves, among many others .
There is much to see in this charming Templar town, like the curious
Matches Museum or the Museum Luso-Hebrew, or the
fantastic Moucho Park, with its beautiful gardens, and the river
Nabo. Among the many attractions Tomar also stands out for its
religious art and tiles.

Tomar today is well known for its tourist potential offered by the
numerous historical buildings, archaeological remains and the fresh
and leafy strolls in the gardens along the river Nabo. But there is
much beyond the city and its magnificent historical monuments.

The dam of Castelo de Bode is one of the most important dams in

Portugal. With a length of about 60 km, extends from the vicinity of up
to take around Cernache Bomjardim near the dam Bou and is a
benchmark in air travel, since it is one of the main routes of approach
to Lisbon. The dam of Castelo do Bode is a unique place to practice
water sports or a relaxing boat ride on the S. Christopher, pleasure
craft where meals are served during the trip. Its great extension
provides the appearance of numerous bodies of water, where you can
find authentic oasis of tranquility.

7
The target market - Attachment complementary A

Was taken as an option to study the feasibility of the project Vale Paraiso in tandem with different sectors of tourism, these being the market of 3rd Age, business
tourism, top tourism and secondary or leisure housing markets.

One priority is to focus on Tourism and housing for the 3rd Age and entrepreneurs, seeking to entice the Portuguese or foreign visitor, whether it be for business, leisure,
to have a "short break" based on proposals of culture, romance, animation, health, sport and leisure, with the provision of high quality services to promote this
ECO-RESORT, taking advantage of the technologies of information and the latest media.

Under the Tourism or Senior Housing this project aims to provide a higher quality of life adapted to their needs, focusing on Health Tourism with medically assisted
housing, sports and other adapted and organized trips or visits, for the elderly population, with possibilities of travel in Portugal and abroad, at prices tailored to their
different financial circumstances.

This focus, in the tourism business and senior citizens, is related to its high profitability and future prospects. The investment in these sectors will be made through a
high-end offering and differentiated services, notably through a strong technological component in the spaces of the Hotel / Resort building.

Business Tourism Sector

Business tourism can be defined as a set of trips, whether collective or individual conducted in professional activities, whatever there nature. These may be conferences,
conventions, workshops, symposium, seminars, trade shows, exhibitions or incentive trips.

This is an important sector because:

Great demand by companies;
Search in low season and high;
Maximised financial return of spaces such as meeting rooms;
High average expenditure per capita / day;
Urban tourism;
Entertainment.

In this sector the categories of establishments searched are high and medium quality (4 and 5 star), the profile of the search is very demanding for quality and
personalized service.

8
The target market - Attachment complementary A

Senior Tourism Sector

The progressive increase in average life expectancy of people in developed countries, increases the number of older people grows every year. It is true that the world
population is increasingly aging, with the difference that new generations of seniors have nothing in common with the past. Currently the elderly constitute a significant
factor in tourism development, both for its availability of time and by their great purchasing power.

This new market segment, more expressive, require an elaborate and supply of high quality in order to meet their demands because it is a segment of highly
experienced, informed and demanding people.

The basic motivation of this tourist segment is enjoying the most senior, in a frame with a pleasant climate combined with recreation, but always fun and with the
appropriate facilities. That is, security is a priority. When we talk about security we speak not only of peace but mainly the satisfaction of basic needs, their own age
group in question. With greater or lesser health problems this segment requires some basic medical care but above all concerned with easy access to health services
and welfare, of the highest quality.

In short, the main activities in this sector we are interested are: Access to health care - medically assisted Residences; Wellness / Physical Activities; Social relations
(social animation, festivals, pilgrimages, quality time occupation); Travel / Tours organized; Gastronomy; Nature.

-- Quote International Press --

Stockholm, 12 March (Press Lusa) - The interest of pensioners from Sweden in Portugal has increased 200 percent in two years, according to the Swedish newspaper Aftonbladet, which
gives as the main reason for this trend the favorable taxation comparing the Portuguese to the Swedish. The newspaper says that the Swedish pensioners can earn "hundreds of
thousands of crowns [dozens of thousands of euro] each year" if they move to Portugal, and says that the beaches, the weather, taxation and, above all, the living cost, allow Portugal to
compete to traditional destinations for retired Swedes spend part of the year.
"France, Spain and Thailand have attracted the majority of Swedes in recent years, but now Portugal is the country that captures more interested," says the paper, which considers the
country "the logical hot choice.

Senior Tourism Sector - Residences Medically assisted

Health services for the Senior Tour, is absolutely essential and as such a decisive factor in choosing the package or purchase of housing.
A deficiency in the existing tourism in this market segment is can be filled with the Paraiso Vale project - Eco-resort.

Under the Tourism or Senior Housing project Paraiso Vale - Eco-resort meets all conditions to provide a unique offering in this market. It covers all the conditions to offer
a higher quality of life, adapted to the specific needs of this sector. Investing in Health Tourism with medically assisted housing, coupled with the provision of other leisure
services, welfare, sports and other activities such as organized trips or visits, this project is the choice of excellence. This unique combination of geographical features,
urban and landscape will allow full satisfaction of all the needs and wants of this market segment.

9
Target Segments - complementary Attachment B

Performing an analysis on the national tourism sector, we see that is very segmented.

These market segments have good business opportunities, specifically in the sectors that have only recently been developed (are less consolidated and are more
easily penetrated), as in the case of rural tourism and the case of "short breaks" (holiday weekend, the occasion, small time dimension).

80%

70%

60%

50%
The reasons for interest in this market segment
and the fact that this represents good investment 40% 2005
opportunities, is proven by the following chart: 30% 2010

20%

10%

0%
Beach Countryside City Mountain Dam / Lake

Using this plot we can see that there is a slight decline of "traditional tourism" (eg, beach tourism and rural) and on the other hand, the growth of tourism in the cities.
This change in trend may be related to almost economic stagnation of the country, and reduced the real income of domestic tourists, who thus prefer shorter vacations
(eg taking advantage of the bridges of some holidays), with less travel (and therefore less expense). This segment has the kind of economically active customer on
vacation, the age is not very high.

On the other hand, there is a segment noted that in absolute terms have increased expression, and that presents a great growth: medical tourism. This segment has
the largest customer population already has age, which is the model of senior tourism. These potential customers some old, retired or not, have financial availability and
free time above the average, and want not just a mini vacation. They are willing to pay for a period of rest but of recovery, wellness, if possible with some medical
treatments are either (in the case the thermal baths) or esthetic, included.

Although for a segment is no longer mass but niche, has shown a sharp increase, making it attractive for that segment.

Thus, these two segments, business tourism (short breaks) and the Senior Tourism, due to the trend growth and economic developments in Europe, are still considered
attractive segments.

10
PEST Analysis - Complementary attachment C

Politics Socio-cultural

Tourism
Economics Technology

Politics

Tourism appears as one of the fastest growing sectors in recent years in almost everywhere. This is assuming a major role in the smaller countries that can attract more
tourists, as is the case of Portugal. The various governments that go through the power have been aware of the power of this sector and have been continuously
investing in the dissemination of our country (example is the advertising campaigns developed by the Secretary of State for Tourism spend in the organs and
international television) as well as an improvement in the conditions offered. The very entry into the European Union and the consequent opening of borders in Europe
(after the signing of the Schengen agreement) emerged as an added convenience to the circulation of European tourists, taking into account that about 90% of
foreigners are received from countries covered by this agreement.
Portugal is a country with political stability, and the position of Prime Minister belongs to Pedro Passos Coelho, who has, together with his team, to promote various
changes to the country's economic policy and the position of President of the Republic belongs to Professor Cavaco Silva, seen as a person who can restore the level
of consumer confidence in positive values, and a respected figure in international politics.

Economics

Tourism positions itself more as a supportive activity of the national economy, getting a share of 7% to 8% of national GDP. Another fact to be considered relates to
the use of the absorption field has reached about 10% of the national. The consecutive increase in revenue is also an indicator of the growth of tourism in Portugal, as
in 2010 revenues reached more than 8.3 billion euros.

11
PEST Analysis - Complementary Attachment C

Sociocultural

Portugal has extraordinary resources and tourism potential.

Emerged as one of the countries with a historical legacy of the world's richest, a pleasant climate, the beauty of the 1713 km of coastline, a great diversity of natural
landscapes, good infrastructure for sports and a good level of resources and hoteliers. Added to this is the fact of being recognized as a country of friendly welcoming
people and have a recognized status as a tourist destination.

The major demographic change affecting the world, including the reduction of birth rates in some European countries, with increasing life expectancy will have a lasting
impact on ways to travel and spend more leisure time and purchasing power than at any other time.
Customers are more sophisticated and unstable, with a greater number of options to purchase, such as internet, mobile phones of the 3rd and 4th generation. These
same customers are primarily have greater awareness of the value of goods / services offered in the current competitive market.
The level of university education is increasing in Portugal which probably contributes to the increase in entrepreneurship and business innovation, changing lifestyles
and promoting business tourism.
Increasingly, the company seeks to mini-vacation to keep in shape and reduce the psychological stress level throughout the year.

Technology

Technological innovations have been playing a really important role in recent decades in any sector, not fleeing from tourism to this rule.
Quoting Porter:

"Information technology is a major driver of the opportunity-or need - change enterprises since they may modify one or more of the five competitive forces that
determine the profitability of a sector. (...) That's why executives should closely monitor information technology. "(Porter, 2001).

With regard to tourism technology it embraces the sector in an indirect way. Obviously it's not the technology that creates attractions, but can contribute strongly to
improve its impact on visitors. One of the key roles of technology is related to the speed of information transmission that is a very important factor in spreading the
destinations. The use of audiovisual media (television, radio, Internet) as a way to get to know a country has been explored and the results is beyond question.

12
Potential Tourism of the Territory

Portugal
Portugal is a country of simple beauty and genuine, where life is savored for the moment.
Every year millions of tourists from all corners of the globe, are seduced by that Portugal can offer. According to the World Tourism Organization (WTO) Portugal is
one of the 20 most popular countries in the world, is visited every year by more than 12 million foreigners, a number higher than the country's own population.
Portugal is widely recognized in Europe and increasingly throughout the world, the sun, beaches, cuisine and strong cultural heritage and of course property.
All this makes this "corner planted by the sea" increasingly a haven for foreigners who do residential tourism. From north to south the landscape,
the culture, the charms, the sun will only increase the number of visitors
For those looking for romance, culture, sports, ecology, food, sun or health Portugal is your destination.

SWOT Analysis
Strengths, Weaknesses Opportunities and Threats

Strengths:
Favorable climate.
Friendly people and easy communication.
Diversity physiography, landscapes, cuisine, heritage, cultures and environments that can respond to different motivations.
Political stability and integration in the European Union and the Euro.
Geographical proximity of a substantial part of the major source markets.
Destinations with a tradition of quality.
Emergence of strong national business groups.
Tourism high segment.
Competitive prices.
Premium recognition as a tourist destination for tourists from around the world.
Safety, low crime rates.

Weaknesses:
Poor signage and tourist traffic
High incidence of accommodation offer not rated.
Concentration of the product attractive - sun / sea - where the offer is primarily targeted for searches massed, and in many cases, it can only compete by price
The poor integration of tour operators and travel agencies national

13
Tourism Potential of the Territory

SWOT Analysis

Opportunities:
Overnight stays in hotels rose 4.1% in 2005. The domestic market (4.4%) showed a better performance than the external market (3.9%).
In 2010, the movement of passengers in seaports showed a growth rate of 7.6% over 2007.
The number of passengers on international flights landed at major airports has grown by 3.4% in 2010.
The poor integration of tour operators and travel agencies nationals.
Opportunity to diversify the tourism product offering with the increased demand for alternatives by tourists.

Threats:
Excessive increase in the price of fossil fuels and the consequent impact on the reduction of flights and road trips.
Absence of a strategy for sustainable tourism in the medium and long term.

SW Analysis for the 3rd Age sector

Strengths:
Trend towards the gradual aging of the population
Dependent care
Low availability of specialized tourism in this area

Weaknesses::
They require specific care and specialized human resources
Need for recognition of the company (credibility)
Expensive care -> need to focus on a 3rd age rich

14
Tourism Potential of the Territory

SW analysis for the sector of business tourism

Strengths:
Portugal with a strong position in the tourism business (between 2008 and 2010 Portugal was the 8th congress destination worldwide and 6th in Europe).

Weaknesses:
Dependence on the Portuguese business sector.

SW analysis for the Top range tourism

Strengths:
Strong demand and appetite for golfers, with 43% of users and residents in Portugal.
The offer of a new golf course to be created in Tomar and proximity to the coast, as a huge booster of this type of tourist stay.
Portugal stands out for its range of golf courses, with 52% of the preference of foreign practitioners of the sport.

Weaknesses:
Dependence of the socio-economic system.

15
 Feasibility Studies
Presentation and analysis of results

ECO-RESORT VALE PARASO

Contributions to the realization of feasibility studies
The studies to be presented are based on the detailed plan approved for the ECO-RESORT Vale Paraiso. The cost estimate is derived of that approved plan.
The parameters used for this are based on the current socio-economic growth prospects in the medium / long term.

These parameters can be influenced by variables such as estimated production costs, disbursements and renumbering of services, plus this variables is not
calculable, imposed by the market, such as inflation and interest of the economy.

The study for the evaluation of this investment will be based on the methods of discounted cash flows, with special focus on calculations of the IRR - internal rate of
return and NPV - Net Present Value.

Method applied for the Feasibility Studies

The feasibility of this project using the economic point of view (returns) and financial (solvency) is presented using the following model for evaluation:

Estimated stages:
A - Acquisition of Land (the end of t1);
B - Project Specific architectural (t2: 3 months);
C - Approval from the competent bodies (t3: 3 months);
D - Budgeting and planning (t4: 2 months);
E - Development of speciality projects (t5: 3 months);
F - Approval from the competent bodies (t6: 3 months);
G - Advertising (t7: 76 months);
H - Infrastructure (t8: 26 months);
I - Construction (t9: 72 months);
J - Property Sales (t10: 78 months);
K - Management development (t11: 84 months);

16
 Feasibility Study - Based on the sale of 100% of Property
INVESTMENT Development & Project Promotion, Vale Paraso / Eco-Resort TOTAL
YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEARS
1 2 3 4 5 6 7 8 9 10 11 12 24 36 48 60 72 84 MONTHS
Land Purchase
-10.500.000 -10.500.000
Architectural project
-80.000 -80.000 -80.000 -240.000
Approval from the authorities organisms
0 - projecto a prova do 0
Budgeting and planning
-25.000 -25.000 -50.000
Development of the specialty projects
-50.640 -50.640 -50.640 -151.920
Approval from the authorities organisms
-25.000 -25.000 -25.000 -75.000
Advertising
-50.000 -50.000 -15.000 -15.000 -15.000 -45.000 -45.000 -35.000 -35.000 -25.000 -25.000 -355.000
Infrastructures
-93.085 -93.085 -1.117.000 -1.117.000 -2.420.170
Construction
-4.220.000 -4.220.000 -4.220.000 -4.220.000 -4.220.000 -4.220.000 -25.320.000
Administration of the project
-12.500 -12.500 -12.500 -12.500 -12.500 -12.500 -12.500 -12.500 -12.500 -12.500 -12.500 -12.500 -150.000 -150.000 -150.000 -150.000 -150.000 -150.000 -1.050.000

EXPLORATION Based on the Sales of 100% of Property TOTAL

YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEARS
1 2 3 4 5 6 7 8 9 10 11 12 24 36 48 60 72 84 MONTHS

Sales - Detached Houses - 1st Line 805.715 805.715 805.715 805.715 805.715 4.028.571 4.028.571 4.028.571 4.028.571 4.028.571 4.028.571 28.200.001

Sales - Detached Houses - 2nd Line 630.000 630.000 630.000 630.000 630.000 3.150.000 3.150.000 3.150.000 3.150.000 3.150.000 3.150.000 22.050.000

Sales - Townhouse - 1st Line 320.000 320.000 640.000 1.280.000

Sales - Townhouse - 2st Line 300.000 300.000 300.000 300.000 500.000 500.000 500.000 500.000 500.000 500.000 4.200.000
SALES
Sales - Apartments T0 132.685 132.685 132.685 132.685 132.685 663.428 663.428 663.428 663.428 663.428 663.428 4.643.993

Sales - Apartments T1 133.668 133.668 133.668 133.668 133.668 668.342 668.342 668.342 668.342 668.342 668.342 4.678.392

Sales - Stores 275.000 275.000 275.000 275.000 1.100.000

Sales - Marina 600.000 0 0 0 0 0 600.000

RESULT Investment & Project Exploration Vale-Paraso / Eco Resort TOTAL

YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEARS
12 24 36 48 60 72 84 MONTHS
INVESTMENT - TOTAL costs with construction and promotion -11.498.090 -5.532.000 -5.532.000 -4.405.000 -4.405.000 -4.395.000 -4.395.000 -40.162.090
SALES - Revenues from sales 10.350.340 10.525.341 9.285.341 9.285.341 9.285.341 9.010.341 9.010.341 56.402.046
INCOME - Income before tax -1.147.750 4.993.341 3.753.341 4.880.341 4.880.341 4.615.341 4.615.341 16.239.956
Protability index 0,90 1,90 1,68 2,11 2,11 2,05 2,05 1,40
IRR - Internal Rate of Return 3,35 4,00 4,15 4,17 4,18 4,18
NPV - Net Present Value - Discount rate 15% -998.043 2.777.640 5.245.522 8.035.873 10.462.265 12.457.604 14.192.682
YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7

17 Note: Support values - see the support framework Attachment I

 Feasibility Study - Based on 50% Sales Property / 50% of the Tourism & Hospitality

INVESTMENT Development & Project Promotion, Vale Paraso / Eco-Resort TOTAL

YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR
YEAR
YEAR
YEAR
YEAR
8 910
1112 YEAR 13 YEAR 14 YEAR 15 YEARS
1 2 3 4 5 6 7 8 9 10 11 12 24 36 48 60 72 84 180 MONTHS
Land Purchase
-10.500.000 -10.500.000
Architectural project
-80.000 -80.000 -80.000 -240.000
Approval from the authorities organisms
0 - projecto a prova do 0
Budgeting and planning
-25.000 -25.000 -50.000
Development of the specialty projects
-50.640 -50.640 -50.640 -151.920
Approval from the authorities organisms
-25.000 -25.000 -25.000 -75.000
Advertising
-50.000 -50.000 -15.000 -15.000 -15.000 -45.000 -45.000 -35.000 -35.000 -25.000 -25.000 -355.000
Infrastructures
-93.085 -93.085 -1.117.000 -1.117.000 -2.420.170
Construction
-4.220.000 -4.220.000 -4.220.000 -4.220.000 -4.220.000 -4.220.000 -25.320.000
Administration of the project
-12.500 -12.500 -12.500 -12.500 -12.500 -12.500 -12.500 -12.500 -12.500 -12.500 -12.500 -12.500 -150.000 -150.000 -150.000 -150.000 -150.000 -150.000 -1.050.000

EXPLORATION Based on 50% Sales Property / 50% of the Tourism & Hospitality TOTAL
YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR
YEAR
YEAR
YEAR
YEAR
8 910
1112 YEAR 13 YEAR 14 YEAR 15 YEARS
1 2 3 4 5 6 7 8 9 10 11 12 24 36 48 60 72 84 180 MONTHS

Sales - Detached Houses - 1st Line 805.715 805.715 805.715 805.715 805.715 4.028.571 4.028.571 4.028.571 4.028.571 4.028.571 4.028.571 28.200.001
SALES
Sales - Detached Houses - 2nd Line 630.000 630.000 630.000 630.000 630.000 3.150.000 3.150.000 3.150.000 3.150.000 3.150.000 3.150.000 22.050.000

Apa rtements T0 - 45 uni ts / 50% a vera ge occupa tion ra te Opera tion Peri od: Ma rch / Apri l 0 267.300 273.983 280.832 287.853 295.049 342.167 350.721 359.489 4.047.040
Apa rtements T0 - 45 uni ts / 70% a vera ge occupa tion ra te Opera tion Peri od: Ma y / October 0 584.010 598.610 613.576 628.915 644.638 747.582 766.272 785.429 8.842.169
Apa rtements T1 - 34 uni ts / 50% a vera ge occupa tion ra te Opera tion Peri od: Ma rch / Apri l 0 266.220 272.876 279.697 286.690 293.857 340.784 349.304 358.036 4.030.688

Hotel Exploration Apa rtements T1 - 34 uni ts / 70% a vera ge occupa tion ra te Opera tion Peri od: Ma y / October 0 544.068 557.670 571.611 585.902 600.549 696.453 713.864 731.711 8.237.430
Townhous e T2 - 18 uni ts / 50% a vera ge occupa tion ra te Opera tion Peri od: Ma rch / Apri l 0 140.940 144.464 148.075 151.777 155.571 180.415 184.925 189.549 2.133.894
Income Townhous e T2 - 18 uni ts / 70% a vera ge occupa tion ra te Opera tion Peri od: Ma y / October 0 288.036 295.237 302.618 310.183 317.938 368.710 377.928 387.376 4.360.992
Commerce - Stores / 100% a vera ge occupa tion ra te Opera tion Peri od: Annua l 0 117.000 119.925 122.923 125.996 129.146 149.770 153.514 157.352 1.771.432
Res ta ura nt a nd ma ri na s upport Opera tion Peri od: Annua l 0 157.000 160.925 164.948 169.072 173.299 200.973 205.998 211.148 2.377.049
Ma ri na - boa t tie s ta tions / 50% occupa ncy ra te Opera tion Peri od: Annua l 0 937.500 960.938 984.961 1.009.585 1.034.825 1.200.079 1.230.081 1.260.833 14.194.164

Regul a r Ma i ntena nce Opera tion Peri od: Annua l 0 0 0 -357.600 -366.540 -375.704 -435.701 -446.593 -457.758 -4.464.088

Hotel Exploration Ma rketing Opera tion Peri od: Annua l 0 -52.370 -53.679 -55.021 -56.397 -57.807 -67.038 -68.714 -70.432 -792.905
ESS (Externa l Servi ce Suppl y) Opera tion Peri od: Annua l 0 -740.563 -759.077 -778.054 -797.505 -817.443 -947.983 -971.683 -995.975 -11.212.451
Costs Sa l a ri es (2.5% a nnua l growth) Opera tion Peri od: Annua l 0 -362.433 -371.494 -380.781 -390.301 -400.058 -463.945 -475.544 -487.432 -5.487.396
Advertis i ng Opera tion Peri od: Annua l 0 -121.000 -60.750 -60.750 -60.750 -60.750 -60.750 -60.750 -60.750 -850.000

RESULT Investment & Project Exploration Vale-Paraso / Eco Resort TOTAL

YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR
YEAR
YEAR
YEAR
YEAR
8 910
1112 YEAR 13 YEAR 14 YEAR 15 YEARS
12 24 36 48 60 72 84 180 MONTHS
INVESTMENT - TOTAL costs with construction and promotion -11.498.090 -5.532.000 -5.532.000 -4.405.000 -4.405.000 -4.395.000 -4.395.000 0 0 0 -40.162.090
SALES - Revenues from sales 7.178.575 7.178.571 7.178.571 7.178.571 7.178.571 7.178.571 7.178.571 0 0 0 50.250.001
EXPLORATION - Income hotel operations 0 0 3.302.074 3.384.626 3.469.241 3.555.973 3.644.872 4.226.934 4.332.607 4.440.922 49.994.859
EXPLORATION - hotel operations costs 0 0 -1.276.366 -1.245.000 -1.632.206 -1.671.493 -1.711.761 -1.975.417 -2.023.284 -2.072.347 -22.806.839
INCOME - Income before tax -4.319.515 1.646.571 3.672.279 4.913.197 4.610.606 4.668.051 4.716.681 2.251.517 2.309.324 2.368.575 37.275.931
Protability index 0,62 1,30 1,54 1,87 1,76 1,77 1,77 2,14 2,14 2,14 1,59
IRR - Internal Rate of Return 0,13 0,48 0,61 0,67 0,70 0,72 0,72 0,72
NPV - Net Present Value - Discount rate 15% -3.756.100 -2.511.056 -96.473 2.712.663 5.004.950 7.023.077 8.796.252 11.774.637 12.101.010 12.392.095
YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR
YEAR
YEAR
YEAR
YEAR
8 910
1112 YEAR 13 YEAR 14 YEAR 15

18 Note: Support values - see the support framework Attachment I & II

 Feasibility Study - Based on 100% the Tourism & Hospitality

INVESTMENT Development & Project Promotion, Vale Paraso / Eco-Resort TOTAL

YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR
YEAR
YEAR
YEAR
YEAR
8 9101112YEAR 13 YEAR 14 YEAR 15 YEARS
1 2 3 4 5 6 7 8 9 10 11 12 24 36 48 60 72 84 156 168 180 MONTHS
Land Purchase
-10.500.000 -10.500.000
Architectural project
-80.000 -80.000 -80.000 -240.000
Approval from the authorities organisms
0 - projecto a prova do 0
Budgeting and planning
-25.000 -25.000 -50.000
Development of the specialty projects
-50.640 -50.640 -50.640 -151.920
Approval from the authorities organisms
-25.000 -25.000 -25.000 -75.000
Advertising
-50.000 -50.000 -15.000 -15.000 -15.000 -45.000 -45.000 -35.000 -35.000 -25.000 -25.000 -355.000
Infrastructures
-93.085 -93.085 -1.117.000 -1.117.000 -2.420.170
Construction
-4.220.000 -4.220.000 -4.220.000 -4.220.000 -4.220.000 -4.220.000 -25.320.000
Administration of the project
-12.500 -12.500 -12.500 -12.500 -12.500 -12.500 -12.500 -12.500 -12.500 -12.500 -12.500 -12.500 -150.000 -150.000 -150.000 -150.000 -150.000 -150.000 -1.050.000

EXPLORATION Based on 100% the Tourism & Hospitality TOTAL

YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR
YEAR
YEAR
YEAR
YEAR
8 9101112YEAR 13 YEAR 14 YEAR 15 YEARS
1 2 3 4 5 6 7 8 9 10 11 12 24 36 48 60 72 84 156 168 180 MONTHS

Deta ched Hous es 1s t Li ne - 47 uni ts / 50% a vera ge occupa tion ra te Opera tion Peri od: Ma rch / Apri l 0 620.400 635.910 651.808 668.103 684.806 794.164 814.019 834.369 9.393.130
Deta ched Hous es 1s t Li ne - 47 uni ts / 70% a vera ge occupa tion ra te Opera tion Peri od: Ma y / October 0 1.413.384 1.448.719 1.484.937 1.522.060 1.560.111 1.809.251 1.854.482 1.900.844 21.399.258
Deta ched Hous es 2nd Li ne - 49 uni ts / 50% a vera ge occupa tion ra te Opera tion Peri od: Ma rch / Apri l 0 382.200 391.755 401.549 411.588 421.877 489.248 501.480 514.017 5.786.677
Deta ched Hous es 2nd Li ne - 49 uni ts / 70% a vera ge occupa tion ra te Opera tion Peri od: Ma y / October 0 864.360 885.969 908.118 930.821 954.092 1.106.454 1.134.115 1.162.468 13.086.792
Apa rtements T0 - 45 uni ts / 50% a vera ge occupa tion ra te Opera tion Peri od: Ma rch / Apri l 0 267.300 273.983 280.832 287.853 295.049 342.167 350.721 359.489 4.047.040

Hotel Exploration Apa rtements T0 - 45 uni ts / 70% a vera ge occupa tion ra te Opera tion Peri od: Ma y / October 0 584.010 598.610 613.576 628.915 644.638 747.582 766.272 785.429 8.842.169
Apa rtements T1 - 34 uni ts / 50% a vera ge occupa tion ra te Opera tion Peri od: Ma rch / Apri l 0 266.220 272.876 279.697 286.690 293.857 340.784 349.304 358.036 4.030.688
Income Apa rtements T1 - 34 uni ts / 70% a vera ge occupa tion ra te Opera tion Peri od: Ma y / October 0 544.068 557.670 571.611 585.902 600.549 696.453 713.864 731.711 8.237.430
Townhous e T2 - 18 uni ts / 50% a vera ge occupa tion ra te Opera tion Peri od: Ma rch / Apri l 0 140.940 144.464 148.075 151.777 155.571 180.415 184.925 189.549 2.133.894
Townhous e T2 - 18 uni ts / 70% a vera ge occupa tion ra te Opera tion Peri od: Ma y / October 0 288.036 295.237 302.618 310.183 317.938 368.710 377.928 387.376 4.360.992
Commerce - Stores / 100% a vera ge occupa tion ra te Opera tion Peri od: Annua l 0 117.000 119.925 122.923 125.996 129.146 149.770 153.514 157.352 1.771.432
Res ta ura nt a nd ma ri na s upport Opera tion Peri od: Annua l 0 280.000 287.000 294.175 301.529 309.068 358.424 367.384 376.569 4.239.324
Ma ri na - boa t tie s ta tions / 50% occupa ncy ra te Opera tion Peri od: Annua l 0 937.500 960.938 984.961 1.009.585 1.034.825 1.200.079 1.230.081 1.260.833 14.194.164

Regul a r Ma i ntena nce Opera tion Peri od: Annua l 0 0 0 -775.600 -794.990 -814.865 -944.993 -968.618 -992.834 -9.682.176

Hotel Exploration Ma rketing Opera tion Peri od: Annua l 0 -52.370 -53.679 -55.021 -56.397 -57.807 -67.038 -68.714 -70.432 -792.905
ESS (Externa l Servi ce Suppl y) Opera tion Peri od: Annua l 0 -940.563 -964.077 -988.179 -1.012.883 -1.038.206 -1.204.000 -1.234.100 -1.264.953 -14.240.539
Costs Sa l a ri es (2.5% a nnua l growth) Opera tion Peri od: Annua l 0 -432.433 -443.244 -454.325 -465.683 -477.325 -553.551 -567.390 -581.574 -6.547.227
Advertis i ng Opera tion Peri od: Annua l 0 -141.000 -70.750 -60.750 -60.750 -60.750 -60.750 -60.750 -60.750 -880.000

RESULT Investment & Project Exploration Vale-Paraso / Eco Resort TOTAL

YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR
YEAR
YEAR
YEAR
YEAR
8 9101112YEAR 13 YEAR 14 YEAR 15 YEARS
12 24 36 48 60 72 84 156 168 180 MONTHS
INVESTMENT - TOTAL costs with construction and promotion -11.498.090 -5.532.000 -5.532.000 -4.405.000 -4.405.000 -4.395.000 -4.395.000 0 0 0 -40.162.090
EXPLORATION - Income hotel operations 0 0 6.705.418 6.873.053 7.044.880 7.221.002 7.401.527 8.583.502 8.798.089 9.018.042 101.522.991
EXPLORATION - hotel operations costs 0 0 -1.566.366 -1.531.750 -2.333.875 -2.390.703 -2.448.952 -2.830.332 -2.899.572 -2.970.542 -32.142.847
INCOME - Income before tax -11.498.090 -5.532.000 -392.948 936.303 306.005 435.298 557.575 5.753.170 5.898.518 6.047.499 29.218.054
Protability index 0,00 0,00 0,94 1,16 1,05 1,06 1,08 3,03 3,03 3,04 1,40
IRR - Internal Rate of Return 0,08 0,10 0,11
NPV - Net Present Value - Discount rate 15% -10.695.898 -15.482.918 -15.799.225 -15.098.121 -14.884.971 -14.602.914 -14.266.833 959.047 3.102.058 5.145.907
YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR
YEAR
YEAR
YEAR
8YEAR
9101112 YEAR 13 YEAR 14 YEAR 15

19 Note: Support values - see the support framework Attachment II

ANEXO I

Note 1: Annex to the Feasibility Study - Values of Real Estate Sale

Note 2: The values shown concern the market study for Portugal, based on the values of supply currently available in the area and quality of services
provided.

Detached Houses Units UI-1 a UI-96 - Total de 96 units

N de units Type Construction Area Price / sq.m REF. Recomended Price Unit TOTAL
Detached Houses 1st line 47 T4 180/200sq.m. 3.000 600.000 28.200.000
Detached Houses 2nd line 49 T3 150/180sq.m. 2.500 450.000 22.050.000

Townhouse Units Units UB1 - UB2 - Total de 18 Units

N de units Type Construction Area Price / sq.m REF. Recomended Price Unit TOTAL
Townhouse Units 1st line 4 T2 130sq.m. 2.450 320.000 1.280.000
Townhouse Units 2nd line 14 T2 130sq.m. 2.300 300.000 4.200.000

Apartments Units UA1 - UA2 - Total de 79 Units

N de units Type Construction Area Price / sq.m REF. Recomended Price Unit TOTAL
Apartments 45 T0 60sq.m. 1.720 103.200 4.644.000
Apartments 34 T1 80sq.m. 1.720 137.600 4.678.400

Stores Units CS1 - rea bruta de 1500sq.m.

N de units Type Construction Area Price / sq.m REF. Recomended Price Unit TOTAL
Stores 20 1200 a 1300sq.m. 870 1.100.000 1.100.000

Marina & Services Units M1 + C1

N de units Type Construction Area Price / sq.m REF. Recomended Price Unit TOTAL
Store + Tie Stations 2 250sq.m. 600.000 600.000

20
ANEXO II

Note 1: Annex to the Feasibility Study - Values of Real Estate Sale

Note 2: The values shown concern the market study for Portugal, based on the values of supply currently available in the area and
quality of services provided.

Detached Houses Units UI-1 a UI-96 - Total de 96 Units

N de Units. Type Construction Area High Season - weekly rental Low Season - weekly rental
Detached Houses 1st line 47 T4 180/200sq.m. 1.790 1.100
Detached Houses 2nd line 49 T3 150/180sq.m. 1.580 970

Townhouse Units Units UB1 - UB2 - Total de 18 Units

N de Units. Type Construction Area High Season - weekly rental Low Season - weekly rental
Townhouse Units 1st line 18 T2 130sq.m. 1.050 650

Apartments Units UA1 - UA2 - Total de 79 Units

N de Units. Type Construction Area High Season - weekly rental Low Season - weekly rental
Apartments 45 T0 60sq.m. 103 66
Apartments 34 T1 80sq.m. 127 87

Stores Units CS1 - rea bruta de 1500sq.m.

N de Units. Type Construction Area Monthly rental
Stores 20 1200 a 1300sq.m. 9.750

Marina & Services Units M1 + C1

N de Units. Type Construction Area Monthly rental Annual Income - by unit
Restaurant and Services Suport 1 250sq.m. + fuel Post 1.750
Tie Stations 250 7.500

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Photos

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Contacts

Urbicastelo-Bode, urbanizaes S.A.

Casal dos Dures, n 76

Quinta do Falco
2300-184 TOMAR
Santarm Portugal

Tel: (+351) 244 892 641

Fax: (+351) 244 892 641
Telm: (+351) 929 197 171

Technical and Commercial Department

E-mail: geral@vale-paraiso.com

E-mail: geral@urbisfoco.pt
Tel: (+351) 244 892 641
Telm: (+351) 929 197 171

Estudo desenvolvido por Hecco-Solutions - Fevereiro 2012 HECCO

HECCO
HECCO
SOLUTIONS

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