b a n ya n t r e e CO r n I C H e b ayG e n e r a L I n F O r Mat I O n

1. THE INTEGRATED RESORT SCHEME - 3

2. ESTATE OVERVIEW - GENERAL - 4

3. LIVING AT CORNICHE BAY - 9

4. GOLF - 11

5. THE VILLAS: DESIGN - 13

6. FINANCIAL INFORMATION - 17

7. PAYMENT SCHEDULE AND GUARANTEES - 19

8. LEGAL AND RESALES - 20

9. TAXATION - 22

10. LEVIES & FEES - 24

11. MANAGED VILLA RENTAL POOL - 26

12. THE DEVELOPMENT TEAM - 28

13. TOURIST AND GENERAL INFORMATION ON MAURITIUS - 31

14. CONTACT INFORMATION - 35

CO n t e n t S

2

Villas sold under the new IRS must form part of an approved development of villas, built to international standards, with world-class amenities and facilities. The acquisition of a villa for residential purposes by a foreigner under the IRS will allow the foreigner and his/her dependant family to reside in Mauritius for as long as he or she retains ownership. The minimum selling price of a villa is set at US$500,000 and the maximum extent of the land is limited to 0.5276 hectares. A villa can be acquired off-plan or during the construction phase. Corniche Bay will incorporate an ownership company (Home Owners Association) to manage security, maintenance and the estate. Under the IRS regulations, a minimum of US$500,000 investment is required for the acquisition of freehold immovable property, inclusive of land. Any of the following will qualify to acquire property under the IRS regulations:

• A non-citizen of Mauritius (including his or her spouse and dependants) • A citizen of Mauritius • A foreign company registered under the Companies Act of 2001 • A Trust

A person who intends to acquire a property under the Scheme for residency, and who is a non-citizen, must make an application for the status of resident in accordance with the Immigration Regulations 1973, in respect of himself/herself, his/her spouse and dependants. When such an application is approved, a resi-dency permit will be granted. There are two straightforward applications that buyers will need to complete:

• Authorisation to purchase (after signing the CRP and depositing 5% which is held in escrow) • Residency and Occupation permit (after signing the Deed of Sale and paying US$70,000 which, for the first phase, is included in the gross sales value indicated on the price.

PLEASE EXPLAIN THE INTEGRATED

RESORT SCHEME (IRS)

1 . t H e I n t e G r at e D r e S O r t S C H e M e

3

WHAT IS CORNICHE BAY?

2 . e S tat e O v e r v I e w G e n e r a L

Corniche Bay is a new luxury 190 Ha (470.3 hectare) low density scheme comprising

• 201 detached hillside villas with individual swimming pools • 9 hole golf course designed by Player Design • Golf clubhouse/academy • 62 bed Banyan Tree Spa and Hotel • Beach club • Required utilities and amenities • Access roads with 24 hour manned security access point • Footpaths and pedestrian bridges with 1 pedestrian/golf cart tunnel passing under road to lagoon frontage

The masterplanners, Foster and Partners, have framed the development using the natural topography of the land which rises gently from the lagoon over 1km up to a steep mountain slope. The villas are set within the hillside by using the contours of the land and vegetation so that a discreet, high quality and environ-mentally sensitive background is created.

Owing to the topography of the terrain, four villa designs have been created to best suit the ground conditions and landscape. All have dramatic views over the golf course, Le Morne Brabant mountain and the Indian Ocean.

Corniche Bay is located in the Black River District, on the South West Coast of Mauritius, approximately 1 mile south of La Gaulette village and 1.5 miles north of Le Morne Brabant. It is approximately one hour from the Sir Seewoosagur Ramgoolam International Airport and one hour from the bustling capital of Port Louis.

The site is notable for its spectacular coral reef and dramatic backdrop of Le Morne Brabant Mountain, designated as a UNESCO World Heritage Site in June 2008.

Services of the kind usually offered in world-class resorts shall be available to occupants of villas, as follows (these are a preliminary list of services and may be subject to change).

WHERE IS CORNICHE BAY?

WHAT SERvICES WILL BE AvAILABLE?

4

General Services included within the Home Owners Association/Estate charges:

• General administration of the Corniche Bay Estate • Common area landscaping and maintenance • Common area pest control • Refuse collection • 24 hour perimeter and access security • Insurance of common areas and administration buildings • Fibre-optic backbone and infrastructure to allow internet access, cable Tv and life and fire safety systems on a user-pays basis • All common areas and grounds • Full membership of the Player Design golf course, subject to membership charges

Optional Services with Additional Charges:

• Maintenance of exterior of villas, including exterior painting, roofs, windows, patios and pools • villa garden maintenance • Fitness centre, including tennis • Spa treatments • Restaurant dining • Housekeeping services • In-residence dining • Personal grocery stocking • Laundry and dry-cleaning • Babysitting services • Motorised water sports • Quad biking • Kid’s Club • The Beach Club • Non-motorised beach water sports at the Beach Club

Please note that not all services will be available prior to the opening of the Banyan Tree Hotel and Spa Resort - expected July 2011. Please see construction programme for further details.

WHAT SERvICES WILL BE AvAILABLE?

(continued)

5

The word “corniche” comes from the French route “à corniche” or “road on a ledge”. It typically refers to a road on the side of a cliff or mountain, with the ground rising on one side of the road and falling away on the other.

The development is approximately 190.35 hectares in total (470 acres),including the golf course and is made up as follows:

Component

Golf Course Villas and Landscaping Hotel and Spa Beach area Total

The HOA will be formed as soon as the first home is complete and will come into effect during the first quarter of 2011. The HOA will contract its own management team that will be responsible for the general well-being of the estate related to common areas and infrastructure.

The Black River District Council.

The site is in an idyllic setting in the shadows of Le Morne Peninsula, set on a west facing hillside forming a natural amphitheatre to view spectacular views and sunsets over the Indian Ocean.

The estate borders (and breaches) the Le Morne environmental buffer zone, ensuring enhanced tranquillity and peace for residents. The site is also in close proximity to the international airport (60 minutes), Black River (20 minutes) and the Capital City of Port Louis (60 minutes), with easy access to world-renowned beaches and water-sport activities.

HOW DID CORNICHE BAY GET

ITS NAME?

WHAT IS THE TOTAL SIzE OF THE

DEvELOPMENT?

WHAT WILL THE HOME OWNERS

ASSOCIATION MANAGE?

WHO IS THE LOCAL AUTHORITY?

WHY WAS THE SITE CHOSEN?

Area (Ha)

31.82119.6325.4313.47190.35

Acres

78.63295.5562.8433.28470.30

6

WHAT IS THE HISTORY OF THE AREA? The site itself was largely a sugar cane plantation until 1993 when it was converted into grazing land for use as deer ranching and hunting. As part of the development, the opportunity is being taken to ensure that indigenous vegeta-tion is retained and re-introduced.

Le Morne Brabant is the peninsula at the extreme south-western tip of Mauritius. It is highlighted by an eponymous single standing basaltic rock with a summit of 556 metres above sea level which is one of the most imposing sights on Mauri-tius. The summit covers an area of more than 12 hectares and there are many overhangs and caves in the steep slopes. It is surrounded by a lagoon and is a famous tourist attraction which was designated UNESCO World Heritage Site Status in June 2008.

The hill became well-known in the 19th century when fleeing slaves used Le Morne Brabant as a shelter. After the abolishment of slavery on Mauritius a police expedition travelled to the rock to tell the slaves that they were free, and it is said that the slaves misunderstood the expedition and jumped from the mountain to their deaths.

Le Morne is one of the last three refuges of one of the rarest plants in the world, the Mandrinette. Another rare plant which grows only on the sides of the mountain is Trochetia Boutoniana.

The peninsula of Le Morne benefits from a micro-climate and is one of the driest parts of the island.

Within Tatorio Holdings’ land ownership, no further development is planned. For conservation purposes the landscape around Le Morne is designated into “core” and “buffer” development zones in which development is strictly controlled by The Le Morne Heritage Trust Fund Act of 2004 and the National Heritage Act of 2003. Any future development within these areas will therefore be strictly regulated. The southern portion of Corniche Bay encroaches into the buffer zone, and any future development to the south will be strictly controlled, ensuring enhanced tranquillity and peace for residents. To the north and east of the site, ground conditions and topography (in addition to the aforementioned legislation) mean development will be extremely limited.

WHAT DEvELOPMENT IS PLANNED FOR

PROPERTIES IMMEDIATELY ADjOINING

THE CORNICHE BAY PROPERTY?

7

HAvE THE REQUIRED PLANNING

PROPOSALS BEEN APPROvED BY THE

NECESSARY PARTIES?

Yes – the required IRS Certificate was obtained in December 2007. The scheme has subsequently been changed to the current proposals and the promoter intends to submit an application in February 2009 to vary the original consents.

The landscaping and control of the environmental aspect of the site is very important and the developers have put aside a substantial landscaping budget to plant indigenous trees and to landscape the common areas between the plots with local shrubs and grasses. The landscaping has been designed and the implementation supervised by Graham Young, a landscape architect operating out of South Africa.

All the larger indigenous trees and shrubs along the river gorges and water courses will be retained and where very dense, will be thinned out and replanted elsewhere on the development. In the open spaces, trees, shrubs and grasses will be planted to recreate the tropical feel.

Each villa will have an automatic irrigation system to facilitate ease of maintenance and stimulate new growth in each of the gardens and in the common areas.

Please refer to the Home Owners Association Management Structure.

WILL INDIGENOUS PLANTS BE USED IN

THE ESTATE’S LANDSCAPING?

WHO WILL MANAGE THE ESTATE?

8

No, however, it is planned to include a delicatessen and general store as part of the golf clubhouse facility which will be a short walk or golf cart ride from the villas. For more substantial provisions, the village of La Gaulette is only a mile away where a commercial centre is available.

Yes. Each villa will have a car port and space for parking further vehicles. However, as part of the estates sustainable approach, the developer is encouraging travel within the estate via golf carts. This will include the construction of additional pathways and a tunnel under the main road connecting the villas to the hotel/beach facilities. Golf carts are not included in the price of the villa, but can be purchased from the promoter at cost.

The benefits will include:

• As Corniche Bay is a Mauritian approved Integrated Resort Scheme (IRS), the buyer of a villa is entitled to Mauritian Permanent Residency for them and their immediate dependants.

• Within a short golf cart ride away residents will have full access to the hotel facilities, golf club house with a fully equipped gym, a swimming pool, tennis courts and Beach Club with children’s playground and water sports activities including water skiing, sailing, snorkelling, diving, fishing, kite and wind surfing.

• The hotel will include a fine cuisine restaurant and bar, or for a more informal meal the golf clubhouse will have a bistro/sports bar.

• A luxurious ‘signature’ Spa, which will be located within the Banyan Tree Hotel.

• Within a 10 minute drive, access to the 1,000 Ha valriche Nature Reserve can be obtained which can be explored on horseback, by quad and mountain bikes or on foot.

• Owners may become members of the Corniche Bay golf club, a nine hole facility designed by the Player Design group. This will include different tee locations for those seeking a greater challenge or full 18 hole round.

WHAT WILL BE THE BENEFITS

OF LIvING AT CORNICHE BAY?

WILL THERE BE ANY RETAIL SHOPPING

FACILITIES WITHIN THE BOUNDARIES

OF THE ESTATE?

WILL MOTORISED RECREATIONAL

ACTIvITIES BE ALLOWED?

3 . L I v I n G at C O r n I C H e b ay

9

• A rental pool will be operated by Banyan Tree, allowing villa owners the opportunity to generate a return on their investment.

Yes, and this will be encouraged. Some facilities will however be subject toadditional charges, although it is hoped discounts will apply to residents.

There is one helipad located near the clubhouse – this is an authorised helipad which is open to a variety of operators. There will be little if no disruption to the home owners as it is situated away from residential areas.

No, the helipad will be maintianed by Banyan Tree who will operate both the hotel and golf club facilities.

WILL ALL ESTATE RESIDENTS BE ABLE

TO USE THE LOCAL HOTEL FACILITIES?

IS THERE A HELIPAD AvAILABLE?

AS A HOME OWNER WILL I BE

RESPONSIBLE FOR THE UPKEEP AND

MAINTENANCE OF THE HELIPAD?

10

WHAT WILL BE THE BENEFITS

OF LIvING AT CORNICHE BAY?

(continued)

Yes, all villa owners qualify to become members of the Corniche Bay Golf Club, which allows them to play the 9 hole golf course designed by the Gary Player Designgroup. This will include different tee locations for those seeking a greater challenge or full 18 hole round.

Golf enthusiasts are offered the following:

• A driving range • 9 hole course, with alternating tee’s for those wishing to play a full 18 holes • A putting green • A Pro shop • Equipment rental • Locker rooms • Snooker facilities • Tuition from a PGA golf professional • A bar and restaurant • Cinema • Conference facilities

The southern portion of Corniche Bay encroaches into a buffer zone, createdunder Mauritian Law to protect the landscape around Le Morne Brabant (a UNESCO World Heritage Site) from over development. The development restrictions have prevented the developer from being in a position to create a full 18 hole championship facility. However, by securing World renowned course designers Gary Player Design under the leadership of Gary Player, who have been involved in over 250 acclaimed designs worldwide, we can assure golf enthusiasts that the course will be of championship pedigree. In addition, different tee’s will be created on each hole to present players with a variety of challenges should they wish to play a full 18 holes.

Yes there is a club house, designed by Foster & Partners. It is intended that the club house will incorporate the Banyan Tree Hotel’s gym and other leisure functions to ensure this becomes a centre for social gathering and informal dining.

WHAT UNIQUE OFFERINGS WILL BE

AvAILABLE TO GOLFING ENTHUSIASTS?

WHY IS IT A 9 HOLE COURSE?

WILL CORNICHE BAY RESIDENTS

HAvE ACCESS TO THE GOLF

COURSE AS MEMBERS?

4 . G O L F

IS THERE A CLUB HOUSE?

11

No – Owners automatically qualify to become members of the Corniche Bay Golf Club when they purchase their villa, which allows them to play the golf course. For frequent players, there will be a number of membership categories (single, family) which provide the option of paying annual subscription fees inreturn for lower green fees. Owners that do not opt for the subscription feeare allowed to use the golf course at the same green fee rates as those charged to the public. The subscription fees, green fees and general rules and regulations are set by the Corniche Bay Golf Club and amended from time-to-time.

The golf course will be operated by Banyan Tree Spa and Hotel, so it is open to players from the hotel as well as paying members of the public.

The golf course and all associated facilities will be managed and financed by the developer and in due course, Banyan Tree as part of the hotel.

It is entirely your choice whether to pay the annual subscription fee to secure preferential green fees and booking privileges. This may be relevant if you plan to rent out your villa.

All rentals are handled through the managed rental pool and guests occupying your villa will be entitled to book and play golf during their stay. Golf membership will be fully transferable, therefore if you are a member of the golf club, your guests will benefit from the reduced green fees that apply.

If you are not part of the rental pool, but allow friends and family to use your villa, they will also be entitled to benefit from reduced green fees.

No, the membership rights are transferred to the new home owner that purchases that villa.

IS THERE A CLUB

MEMBERSHIP jOINING FEE?

IS USE OF THE GOLF COURSE

EXCLUSIvE TO HOME OWNERS?

WHO IS RESPONSIBLE FOR THE COST

OF OPERATING AND MAINTAINING THE

GOLF COURSE AND CLUB HOUSE?

WILL ALL PROPERTY OWNERS HAvE

TO BECOME MEMBERS OF THE GOLF

CLUB EvEN IF THEY DON’T PLAY GOLF?

IF I RENT OUT MY vILLA, WILL GUESTS

GET THE BENEFIT OF THE MEMBERSHIP?

IS THE MEMBERSHIP FEE REFUNDABLE

IF I SELL MY PROPERTY?

12

5 . v I L L a D e S I G n

The masterplan is for a discreet and environmentally intelligent architecture that blends harmoniously with the lush and extensive landscape. Green fingers of lush vegetation extend down towards the sea, with a series of contemporary buildings inserted amid tropical plantings to create an architecture that at once responds to the contours of the landscape and recedes into the green totality.Forming a sculptural family, dramatic undulating timber-shingle roofs unify the built elements and reinvent island architecture. Combined, these elements provide an idyllic haven in a luxuriant tropical garden, a pervading sense of tranquillity and luxurious relaxation.

Sustainable design principles are at the heart of the architectural approach, ensuring that the masterplan is not only energy efficient, but also helps regenerate the landscape. Built from natural, sustainable materials, the rich organic palettecreates a seamless relationship between the buildings and the landscape.

Volcanic rock collected from the very site will be used, anchoring the resort to its surroundings, and other natural materials such as timber shingles, vegetationand water are dominant features in the masterplan. The striking wave-like, curving roofs are designed for optimum natural ventilation and to collect rainwater for treatment and reuse. Solar power will be harnessed and electric vehicles will be available for transport around the site. Offering privacy and exclusivity, the scheme creates a new model of luxury resort living.

There are four different villa types that a buyer can choose from, all of which are freehold detached and standing on plots which vary between 1500-4000m² in size. The main types are:

WHAT ARCHITECTURAL STYLE HAS

BEEN CHOSEN FOR CORNICHE BAY?

WHAT IS THE SIzE OF THE

ACCOMMODATION?

villa Type

I-2I-31-4T

Gross Internal Area (m²)

155.2201.2320.00488.60

Covered External Area (m²)

125.90162.10163.40310.56

Total Covered Area (m²)

281.10363.30483.40799.16

Total Living Space (m²) *

230.90312.30465.61834.73

13

*(GIA + Decking and Leisure)

Gross Internal Area (GIA) is the area within the building, measured to the inside face of the external walls and including the area of internal walls and inboard structure. Total living space is the Gross Internal Area, plus decking and leisure area, but excludes the pools, Jacuzzi and water pool.

Possibly. Owing to the topography of the terrain, villa designs have been created to best suit the ground conditions and landscape. All have dramatic views over the golf course and Indian Ocean. However, some plots are more flexible than others, so if you have a strong preference for a particular plot and villa type, please speak with your local sales agent.

Yes – in order to optimize the views and privacy of villas, all plots have been allocated a specific villa type designed to suit that particular location. However, as indicated above some plots are more flexible than others, so if you have a strong preference for a particular plot and villa type, please speak with your local sales agent.

An owner cannot replace their villa or make changes to the architectural and landscaping guidelines, which will form part of the constitution of the home owners association. All construction within the estate (including by the developer) must conform to these guidelines in order to maintain the character and value of the estate. Should an owner wish to alter the design or layout of their villa, special arrangements can be made with the developer, which would involve the developer’s architect approving the owner’s plans and the developer’s contractor undertaking the works at an agreed price. These rules also apply to the installationof additional structures within the property (eg. sheds/garages) in order to preserve to character and value of the estate.

It will take approximately 18 months to complete a villa.

Yes, all villas have a swimming pool They are lined with black polished volcanic rock infinity edges which collect into troughs of rubble rock collected directly

CAN I SELECT THE DESIGN

AND SIzE I WOULD LIKE?

ARE CERTAIN SITES ALLOCATED FOR

A SPECIFIC HOUSE SIzE AND DESIGN?

CAN I SELECT MY OWN CHOICE OF

ARCHITECT, BUILDER AND LANDSCAPER

AND GARDEN SERvICE CONTRACTOR?

HOW LONG WILL IT TAKE

TO BUILD MY HOME?

DO ALL UNITS HAvE TO HAvE A

SWIMMING POOL OR IS THIS OPTIONAL?

WHAT IS THE SIzE OF THE

ACCOMMODATION? (continued)

14

from the site. Jacuzzi’s sit surrounded by shallow water ponds and consist of lounge and bench seating formed in black concrete and incorporating gentle air bubbles and massage jets.

The pools within the I - 4 type villas are constructed slightly below the villa itself due to the steepness of the terrain, and are approached via steps in the decking. The pool within the T type villas are partly constructed within the villa itself as it is not possible to construct an external pool on the steeper upper slopes on which these villa types are built.

It varies according to the type of villa that is purchased. In general, all villas will have the following:

- The internal accommodation is all air conditioned. All bedrooms have en suite bathrooms, which are fitted with high quality sanitaryware and large format reconstituted limestone tiled floors, specified by Foster + Partners.

- Modern kitchens with solid surface (Corian or similar) worktops, including a built-in hob, oven and extractor hood, specified by Foster + Partners.

- The living areas will have tongue and groove hardwood timber floorboards, with the main living space being open plan with glazed sliding doors integrated into full height curtain wall glazing with high quality stainless steel ironmongery. These will open onto a large open jointed hardwood timber deck that will allow for easy indoor/outdoor living. Entrance pathways will be created from large format volcanic rock slabs.

Centralised satellite and free-to-air television distribution. Fibre-to-the-premises (FTTP) optic network connected to each villa for high-speed multimedia services. A range of digital and communications services are available.

Crime is not a problem in Mauritius, although to ensure residents security and privacy, access to the estate will be controlled through entrance barriers which will be staffed on a 24 hour basis. The estate will also be patrolled and each villa

WHAT FIXTURES, FITTINGS AND

FURNISHINGS ARE INCLUDED IN

THE PURCHASE PRICE?

WHAT COMMUNICATION TECHNOLOGY

WILL BE INSTALLED ON THE PROPERTY?

WHAT SECURITY PROTECTION

WILL BE INSTALLED?

DO ALL UNITS HAvE TO HAvE A

SWIMMING POOL OR IS THIS OPTIONAL?

(continued)

15

will have an entry-phone system will also allow residents to visually verify the visitor’s identity from within their own villas. There is also an optional Intruder Alarm and Fire Detection System.

Foster + Partners will be designing a bespoke furniture package which will be customised for each villa, and will complement the Corniche Bay development concept.

This service will be very comprehensive allowing the home owner to move into a fully furnished home, from plates in the cupboards to linen on the beds. This package will be compulsory for those owners who wish to join the Banyan Tree Rental Pool.

A docking facility is proposed as part of the Hotel and Spa development, which will include the creation of a deep water channel. Moorings are currently available in Port Louis, Black River. Smaller boats can also be kept at an owner’s villa.

Pets are subject to a 3 month quarantine period in Mauritius if they are brought across from another country. Should you wish to permanently reside in the villa, then yes, the estate rules allow for you to keep a pet, provided that the estate rules relating to the control of pets are respected and fencing is constructed in accordance with the architectural and landscaping guidelines.

WHAT INTERIOR FURNISHING OPTIONS

ARE OFFERED AS ADD-ON PACKAGES?

ARE THERE FACILITIES TO

MOOR BOATS?

WHAT ABOUT PETS AND HOW

ARE THEY TO BE CONTAINED

WITHIN MY PROPERTY?

16

WHAT SECURITY PROTECTION

WILL BE INSTALLED? (continued)

6 . F I n a n C I a L I n F O r M at I O n

There is a strong drive from government to attract foreign investment into Mauritius – in this regard there are a number of attractions including:

• The benefits of a very low rate of corporate and personal income tax (15% in both cases), the absence of inheritance and capital gains taxes, as well as the existence of a number of double taxation agreements.

• No exchange controls or restrictions on the flow of funds in and out of the country.

• In Mauritius, an individual may opt for either a ‘country’ based tax where all assets are subject to income tax in Mauritius, or for the ‘international’ tax position where only money brought into Mauritius is taxable in Mauritius. The provisions of the relevant double taxation treaties which Mauritius holds with your country of origin would need to be reviewed and you are advised to consult your own tax specialist regarding your individual status, relating to either any taxation or exchange control issues in your country of citizenship or residency.

• Mauritius has a strong offshore banking and financial sector, with over 400 financial institutions operating from the island.

• A successful developing country with an advanced IT and telecommunications infrastructure.

• The possibility of using Mauritius as a gateway to India, Africa, Asia and the Middle East.

• Close business and cultural links with Europe.

• A peaceful and stable democracy that is more than 40 years old.

• Regular flights to all major international destinations.

• A first-world standard of health and education facilities.

• Permanent Residence, Work Permit and other advantages linked to a certain

WHY SHOULD I INvEST IN MAURITIUS?

17

WHY SHOULD I INvEST IN MAURITIUS?

(continued)

category of IRS scheme: There are no restrictions preventing foreigners from buying and owning real estate in Mauritius under the IRS scheme, save for processes and approvals that non-citizens must follow and obtain before registration of ownership. Buyers from certain countries may be required to obtain the approval of the appropriate authorities in their countries of residence before being able to purchase a villa at Corniche Bay or to be able to expatriate funds for such purposes.

• Doing Business 2009 released by the World Bank and International Finance Corporation (IFC), ranked Mauritius 24th (2008- 27th) out of 178 economies in terms of the ease of doing business and 1st in Africa, displacing South Africa who rank 35th, falling 6 places from last year. Mauritius has set itself a target of reaching the top ten worldwide.

• The Mo Ibrahim Foundation report, a Free Market Foundation Survey on African country governance, ranked Mauritius as No.1 in Africa. The Seychelles was 2nd with South Africa 5th.

Most of the major banks represented in Mauritius (including Standard Bank, Barclays, MCB and Investec Bank) offer to finance or guarantee up to 70% of the villa purchase price without recourse to collateral other than the underlying villas being purchased at Corniche Bay – these banks also have specialised IRS teams for assistance in matters such as these.

Yes, as long as that bank can provide a guarantee of payment acceptable to the developer.

WHICH FINANCIAL INSTITUTIONS HAvE

AGREED TO PROvIDE MORTGAGES FOR

THE CORNICHE BAY PROPERTIES

I WOULD LIKE TO CHOOSE A

FINANCIAL INSTITUTION THAT IS

NOT CURRENTLY ACCREDITED FOR

CORNICHE BAY, IS THIS POSSIBLE?

18

7 . Pay M e n t S C H e D u L e & G ua r a n t e e S

The developer is required by law to furnish a bank completion guarantee to assure the buyer that the construction of the villa will be fully completed. From the acceptance by the buyer of the villa, the developer is liable for 10 years for latent defects to which architects, contractors and other person linked to the developer by a contract for work, are themselves bound pursuant to Articles 1792 and 2281 of the Mauritius Civil Code.

Confidence in the development and in the contracts awarded has also resulted in the formal agreement of our bankers to provide completion guarantees to villa buyers – this is most significant in that:

• Such guarantees provide all buyers at Corniche Bay with the confidence that all aspects of the development have been independently scrutinized and found to be worthy of underwriting. This is particularly significant in the current global economic environment where the sub-prime melt-down has made financial institutions wary of certain types of property developments – especially those offering exotic financing packages with buy- or lease-back options and payment moratoriums. Financial institutions have taken comfort in the sound fundamentals upon which our development and rental pool are based and have confidence in the buyer screening approach adopted as part of our sales and buyer finance application processes. As a result, most of the major banks represented in Mauritius (including Standard Bank, Barclays, MCB and Investec Bank) and offer to finance or guarantee up to 70% of the villa purchase price without recourse to collateral other than the underlying villas being purchased at Corniche Bay.

• Standard Bank also guarantees that, in the event that the developer and/or the contractor fail/s to perform, the required funding will be provided to complete not only the buyers’ villas, but also the infrastructure required for all of the villas in Phase 1 of the development (representing an underwriting commitment of more than USD $20 million).

WHAT GUARANTEES ARE IN PLACE

AND WHAT CONFIDENCE CAN I HAvE

IN THE DEvELOPMENT?

19

8 . L e G a L & r e S a L e S

No, not for the home owner.

When a home owner signs the Reservation Contract, they will have already agreed with the developer the plot and the villa they require, as well as the plans for that villa. The deposit is not refundable unless the home owner’s application to purchase property in Mauritius is not granted by the Board of Investment.

Under Mauritian law, the buyer is well-protected to ensure that they are guaranteed full delivery of the villa they have contracted to purchase. Before the signing of the Deed of Sale (DOS) between the seller, Tatorio Holdings (Mauritius) Ltd and the potential buyer, a Preliminary Reservation Contract (PRC) is entered into by both parties. The potential buyer lodges a deposit with an independent escrow agent (in this case Standard Bank), equivalent to 5% of the purchase price on the DOS. This secures and reserves the selected villa until such time that a certificate is issued to the buyer by Mauritian authorities.

In the unlikely event that the approval to purchase a villa is declined by the Mauritian government, the 5% escrow deposit will be returned to the buyer. Upon approval by the Mauritian authorities for the buyer to purchase a villa, the CRP is replaced by a DOS, whereby the buyer provides an acceptable bank guarantee for the full purchase price. The developer then issues the buyer with a bank completion guarantee and the freehold title to the land is registered by the notary in the name of the buyer.

In accordance with the provisions of Article 1601-30 of the Mauritius Civil Code, the price on the DOS is payable as certain events happen and as the work progresses, namely:

• 30% on signature of the deed of sale (includes release of the 5% escrow deposit) and the US$70,000 registration duty (for the first phase, the developer is meeting the cost of Duty)

• 5% on completion of the villa foundations

• 35% when the roof is completed and the villa is closed in

ARE THERE ANY CHARGES APPLICABLE

IF THE BUILD TAKES LONGER ?

I‘vE SIGNED MY RESERvATION CONTRACT

AND DEPOSITED MY RESERvATION FUNDS

IN AN ESCROW ACCOUNT. WHEN WILL I

BE ABLE TO vISIT THE SITE TO CHOOSE THE

LOCATION AND TYPE OF DESIGN?

WHAT IS THE AGREEMENT OF SALE,

PAYMENT SCHEDULE AND LEGAL ISSUES

I NEED TO BE AWARE OF?

20

WHAT IS THE AGREEMENT OF SALE,

PAYMENT SCHEDULE AND LEGAL ISSUES

I NEED TO BE AWARE OF? (continued)

• 25% on completion of the villa in terms of the DOS

• 5% when the villa is made available to the buyer (all construction related payments certified by independent professionals prior to payment)

No. Title to the land is transferred into the name of the buyer with the payment of the first 30% of the purchase price (plus taxes). At this point, an application for residence and occupation permits is made and construction on the villa begins.

The acquisition of a villa under the IRS shall grant resident status to the investor,his/her spouse and dependents under 18 years of age. A residency permit granted under the IRS shall remain valid until such time as the non-citizen (overseas buyer) ceases to own a property in Mauritius. The residency permit does not allow citizenship and whilst it gives an owner the right to only live in Mauritius whilst they own property within an approved IRS, it does not give the buyer the right to work in Mauritius, nor to own non-IRS property. An Occupation Permit gives a buyer the right to work in Mauritius.

The land has been cleared according to the environmental impact assessment and associated development approval rights granted, including a subdivision development permit and a building and land usage permit.

A home owner is able to sell his property on transfer ; however the seller will need to pay registration (IRS) tax of 10% on property valued at over 1.25m Euros (or $50,000 if under).

Yes, you may use any agent of your choice who may charge for their services. It is not proposed that the HOA will charge any fees for their services.

IS OCCUPATION AvAILABLE PRIOR TO

THE REGISTRATION OF TRANSFER?

RESIDENCY AND OCCUPATION PERMIT

ARE THERE ANY OUTSTANDING TENANTS

OR ANCESTRAL LAND CLAIMS WITHIN THE

AREA OF THE PROPERTY TO BE DEvELOPED?

WHEN CAN I RE-SELL MY PROPERTY?

CAN I USE THE SERvICES OF AN ESTATE

AGENCY / BROKER OF MY CHOICE AND

DO I HAvE TO PAY ANY FEE TO THE

HOME OWNERS ASSOCIATION?

21

9 . ta x at I O n

Transfer Tax equivalent to 5% of the purchase price on the DOS is payable by the seller. Registration duty of USD $70,000 is payable by the buyer on the purchase of an IRS villa, but will be met by the developer for the first phase.

There is no inheritance tax and capital gains tax in Mauritius, but we recommend that all buyers should seek professional tax planning advice relevant to their own respective tax domicile, prior to purchasing property in Mauritius, in order to minimise liabilities to taxes and duties. In Mauritius, an individual may opt for either a ‘country’ based tax where all assets are subject to income tax in Mauritius, or for the ‘international’ tax position where only money brought into Mauritius is taxable in Mauritius. The provisions of the relevant double taxation treaties which Mauritius holds with your country of origin would need to be reviewed and you are advised to consult your own tax specialist regarding your individual status, relating to either any taxation or exchange control issues in your country of citizenship or residency.

The fiscal benefits, such as the low tax rates, absence of inheritance and capital gains taxes, numerous double taxation agreements and a strong financial and off-shore sector, are helping to ensure that Mauritius is fast becoming a major financial trade destination of choice. The other key ‘risk / investment’ related benefits of Corniche Bay specifically are:

• The golf course has already been designed by Player Design and will be operational by around july 2011

• Corniche Bay is supported by a number of leading international financial institutions operating in Mauritius

• The completion guarantees are issued by Standard Bank to the client and not to the developer

• The south western region of Mauritius is a fast growing tourist destination which will impact positively on the returns of hospitality investments (through the rental pool)

PLEASE EXPLAIN HOW

TAXATION APPLIES TO

CORNICHE BAY PROPERTIES?

WHY IS CORNICHE BAY SUCH

A GOOD INvESTMENT?

22

WHY IS CORNICHE BAY SUCH A

GOOD INvESTMENT? (continued)

• Corniche Bay is an exclusive development of only 201 villas designed by World renowned architect Foster & Partners. The plot and villa size are far more generous than any other development in Mauritius, and the views and seclusion are unique.

23

1 0 . L e v I e S & F e e S

Each villa owner will be a member of the Association Syndicale which will administer and manage the common areas and infrastructure of the estate on behalf of the owners. Costs of the Association Syndicale are split equally between all plots on the estate.

Interior cleaning and other domestic facilities will be available upon request as an added value amenity and will be charged to the home owner separately.

Non-refundable charges will be determined based upon a budget developed for the common areas and infrastructure, and will be managed by the home owners association. The developer will not have access to the funds.

For the initial phase, the developer will meet any shortfall in the Home Owners Association budget. For subsequent years shortfalls or surpluses will be carried forward to the following year, when charges will be adjusted accordingly.

The home owners service charge covers the costs of maintaining common areas and infrastructure and allows a sinking fund for the periodical replacement of major plant. There should be no other major items of expenditure.

The monthly levy and access fee charge is estimated initially to be approximately €300-400 per month for the I-2 and I-3 villas, rising to €550-900 per month for the I - 4 and T-type villas. Residents have no obligation to pay any costs towards the golf course. The service charges are used to fulfil a number of functions on the Estate, which include:

• General administration of common areas • Common area landscaping and maintenance • Common area pest control • Refuse collection • 24 hour perimeter and access security • Insurance of common areas, administration buildings and sporting facilities

HOW WILL THE ASSOCIATION SYNDICALE

SERvICE CHARGE BE CALCULATED,

WHAT WILL IT COvER, HOW WILL IT BE

APPORTIONED BETWEEN THE DIFFERENT

TYPES OF OWNERSHIP INCLUDING THE

COMMERCIAL PROPERTIES, AND HOW

WILL THE FUND WILL BE MANAGED?

WHAT IS THE SINKING FUND

CONTRIBUTION, HOW MUCH WILL IT

COST, IS IT REFUNDABLE IF I SELL MY

PROPERTY AND WHO WILL MANAGE IT?

HOW LONG WILL THE DEvELOPER TOP UP ANY

SHORTFALL IN THE HOME OWNERS ASSOCIATION

BUDGET AT THE FINANCIAL YEAR ENDING?

WHAT OTHER ONGOING PAYMENTS CAN

I EXPECT TO PAY WHICH ARE NOT

COvERED BY THE SERvICE CHARGE?

WHAT ARE THE HOA ESTATE CHARGES?

24

• Fibre-optic backbone and infrastructure to allow Internet access, cable Tv and life and fire safety systems on a user-pays basis • All common areas and grounds

Optional services with additional charges include:

• Spa treatments • Motorised water sports • Quad biking • Kid’s Club • Restaurant dining • Housekeeping services • In-residence dining • Personal grocery stocking • Laundry and dry-cleaning • Babysitting services • villa maintenance – cleaning, decorating etc.

The Promoter will guarantee that the HOA charges will not exceed the budget for the first 12 months of operation.

WHAT ARE THE ESTATE CHARGES?

(continued)

25

1 1 . M a n a G e D v I L L a r e n ta L P O O L

The tourism industry in Mauritius is well established. Villa rental in Mauritius is a relatively new industry and units of offer range from individual “bungalows” to exclusive villas attached and operated by 5-star hotels. The more exclusive the tourism offering, the better the revenue generation potential becomes for the promoters and for the country, which will in turn result in an increase in volume and quality of employment generation. It is therefore imperative that Mauritius maintains and grows its 5-Star plus exclusive tourism offering, and this can only happen through professional management and effective regulation of the industry. This includes regulation to ensure the orderly marketing and management of villa rentals. The Mauritian legal framework strictly regulates IRS developers – regulations include the attachment of stringent conditions to EIA licenses, minimum pricing of villas and apartments and numerous restrictions on building characteristics. The legal framework also obliges IRS companies to take responsibility for the orderly setting up and management of rental pools and obliges any rental of villas in an IRS scheme to be undertaken through the IRS Company. The rental pool for Corniche Bay will be operated by Banyan Tree Hotels, and control of the operation of the rental pool will be passed to them. The manager’s remuneration will be linked to the revenue and profitability of the rental pool – a formula that has proved to be highly successful for the hotel industry in Mauritius.

Principles central to any rental pool are:

• The equitable sharing of revenue and cost based on periodic evaluations preformed by an independent entity

• The independent management of the revenue and cost pools by a commercial operator

• The location of the villa in the development and the views enjoyed from the villa

• The size of the villa and plot

PLEASE DETAIL THE BROAD PRINCIPLES

OF OPERATION OF THE RENTAL POOL

26

PLEASE DETAIL THE BROAD PRINCIPLES

OF OPERATION OF THE RENTAL POOL

(continued)

• The quality of the finish and décor of the villa

• The season

The owner is not obliged to make his/her villa available, but the villa may not be occupied for the purposes of rental during the periods when the owner has declared it unavailable, and regulations will be put in place to monitor and control access to villas in order to administer these regulations.

All rental revenue will attract tax at the prevailing rate of 15%.

27

1 2 . t H e D e v e LO P M e n t t e a M

Corniche Bay is an exclusive residential property development in Mauritius proposed by the Tatorio Holdings (Mauritius) Ltd. This is a special purpose company which has been incorporated to implement this development, which is itself a wholly owned subsidiary of Greenoak Holdings Limited. Greenoak Holdings is part of the Greenoak Group, an international investment company. The Group activities include oil transportation, shipping and a number of industrial investments. The Group activities include significant investments in Georgia and the Caucasian Region.

Management of the Corniche Bay development will be undertaken through the development company whilst construction is taking place. Thereafter, once the management systems are in place, full control will be transferred to the Association Syndicale to either run in-house, or to outsource to another management company as agreed by the residents. The golf course and hotel will continue to be run by Banyan Tree, although there will be an obligation to contribute towards the cost of running shared plant.

A full team of independent professionals (all members of international associations of their respective professions) has been appointed to provide the following design, specification and construction supervision services:

Developer: Greenoak Holdings Ltd. www.greenoakholdings.com

Promoter: Tatorio Holdings (Mauritius) Ltd. www.cornichebay.com

Development Manager:Manly Developments www.manlygroup.com

Architectural Services: - Foster and Partners (London) www.fosterandpartners.com

WHO ARE THE DEvELOPERS FOR

CORNICHE BAY AND WHAT OTHER

DEvELOPMENTS HAvE THEY BEEN

INvOLvED WITH?

WHO IS THE MANAGEMENT TEAM

FOR THE CORNICHE BAY ESTATE?

WHAT COMPANIES ARE INvOLvED

WITH THE DEvELOPMENT?

28

- Jean-Michel D’Unienville (Mauritius)

Golf Course Designers:Gary Player Design Groupwww.garyplayer.com

Landscape Architectural Services: Graham Young (South Africa)www.newla.co.za

Construction Management Services: MACE (London) www.macegroup.com

Quantity Surveying Services: Gleeds Hoolooman (Mauritius) www.gleeds.com

Civil and Structural Engineering Services: Arup (London) and Arup Sigma (Mauritius)

Water (potable, irrigation, waste, ponds) Engineering Services: ArupSIGMA (Mauritius)www.arup.com

Mechanical and Electrical Engineering Services: PHA Services (Mauritius)

The first phase of the development is likely to be awarded to Rehm Grinaker, a Mauritian construction company, who have completed the bush clearance and groundwork to enable construction to start.

Phase 1 infrastructure works will be undertaken as part of phase 1, with the construction of roads, trenches, cables, piping, water, sewage, electricity, com-munications and other services will be put in place. This part will be completed during the course of 2009 such that the contractor and villa owners will be able

WHAT COMPANIES ARE INvOLvED WITH

THE DEvELOPMENT? (continued)

WHAT ARE THE DEvELOPMENT STAGES

PLANNED FOR CORNICHE BAY?

29

to use the infrastructure, but with final landscaping and a second layer of tar on the roads remaining to be completed as the second part. This split in infrastructure works is done in order to avoid damage to the landscaping during villa construction, and to ensure a smooth road finish when the contractor eventually leaves site. The second “touching up” part of the infrastructure will be completed during the second half of 2010, after the completion of construction.

Construction of the first group of 25 villas is scheduled to start in July 2009, and it is anticipated that these will be completed over a period of 18 months.

Pam Golding and Aylesford International have been appointed as sole marketing agents.

Founded in 1976, The Pam Golding International Property Group is South Africa’s largest independent residential and commercial property company. Named after its founder and Chairman Pam Golding, the Group now employs over 3000 people nationally and internationally (UK, France, Holland, Germany, Mauritius, Namibia, Zimbabwe, Botswana, Swaziland, Zambia) and operates in both the residential and commercial sectors, including game farms, wine farms, holiday rentals, long-term rentals, vacant land, hotels, golf estates, residential developments, auctions and offshore property investments. S ales for the year ending February 2008 totaled R21 billion, translating into a national market share of approximately 10 - 15%. This leadership position is even more dominant in the more elite residential property sector

Aylesford International has been in the business of selling homes for 40 years and operates in a discrete and professional fashion. They have a team of negotiators based in London who sell, let and value properties all over the world. The Marbella office covers the southern Spain region, the Villefranche-sur-Mer office looks after southern France, and an individually selected group of consultants work in specific markets to ensure the best possible service and local knowledge.

WHO ARE THE OTHER KEY PARTIES

INvOLvED AT CORNICHE BAY?

WHAT ARE THE DEvELOPMENT STAGES

PLANNED FOR CORNICHE BAY?

(continued)

30

TELL ME MORE ABOUT

MAURITIUS IN GENERAL

Mauritius is a small island situated in the Indian Ocean. The island is connected via direct flights to almost every capital city. The population is around 1.2 millionpeople, all of whom come from different cultural and ethnic backgrounds. This wonderful mix of cultures means that the people of Mauritius are open, friendly and service-orientated.

Summer ranges from November to April and Winter is from May to October.

The tourism sector is the fastest growing sector in the island with an annual growth rate of around 10% per annum. Current arrivals are in the order of 700,000 tourists per year and the government has initiated major enabling measures (airport expansion, liberalisation of air routes, etc.) with the objective to increase this figure to 2 million arrivals per annum over the next decade. The four main pillars of the Mauritian economy are textiles, sugar, tourism and services sectors. Sugar exports have been the main source of foreign exchange for a long time before the importance thereof diminished with the diversification of the economy. The increasing development of the business and financial sectors along with the use of the marine resources means that these are now the main engines of growth on the island. The island was discovered by the Arabs, who called it the Dinarobin. Many years thereafter, the Portuguese arrived and named it “The Isle of the Swan”, perhaps because of the Dodo bird. Then it was taken over by the Dutch who called it Mauritius after one of their royal members. They were the first to attempt to colonise the island. The French then arrived in 1715 and called the island “Ilse de France”. They started trading and cultivating sugar cane maximising the slave trade. A century later, Mauritius regained its Dutch name when the English took over and the island remained a British colony until its independence in 1968. Mauritius is now a well respected republic and well acclaimed democracy, with seats on various international organisations. The island is volcanic although the main crater, the Trou aux Cerfs is now as extinct as the Dodo, which was unique to the island. The adventurous will discover many rivers and streams as well as lakes, waterfalls and mountains very typical of a volcanic island. Many types of activities can be organised to make the most of these beautiful areas.

1 3 . t O u r I S t & G e n e r a L I n F O r M at I O n

31

TELL ME SPECIFIC INFORMATION

ABOUT MAURITIUSGeographyMauritius is located approximately 2,000 kilometres to the south eastern coast of Africa and lies east of Madagascar on 20°5, 57.5E. The country covers an area of 186 km² with 330 kilometres of coastline. Mauritius is 45 km in width and 65 km in length.

GovernmentMauritius is a democratic state based on the Westminster model and enjoys political stability.

visasVisitors from most countries do not require a visa. To enter one needs a valid passport and a return ticket. If in doubt contact any Mauritian Embassy. Upon arrival all visitors are requested to state where they will be staying.

CustomsPassengers over 18 years of age may import the following duty-free items: 250 grams of tobacco (including cigars and cigarettes), 1 litre of spirits, 2 litres of wine, ale or beer, one quarter litre of Eau de Toilette and perfume not exceeding 100 ml.

A plant import permit must be obtained from the Ministry of Agriculture, prior to the introduction of plants and plant material including cuttings, flowers, bulbs, fresh fruits, vegetables and seeds. It is prohibited to introduce sugarcane and parts thereof, soil micro-organisms and invertebrate animals.

All imported animals including animal products need an import permit from the Ministry of Agriculture and a health certificate from the country of origin. Drug trafficking is illegal and carries very heavy penalties. Firearms and ammunition need import permits and must be declared on arrival.

HealthNo vaccinations are required. However a yellow fever vaccination certificate is required for travellers over 1 year of age who arrive from areas where yellow fever cases are reported.

HistoryOf volcanic origin and generally sheltered by barriers of coral reefs forming

32

TELL ME SPECIFIC INFORMATION

ABOUT MAURITIUS (continued)

natural, safe, crystal clear lagoons, Mauritius has long been a dream destination. Known to the Arabs as early as the 10th century, but officially discovered in 1505 by the Portuguese navigator Pedro Mascarenhas, the island was occupied succes-sively by the Dutch (1598-1712) and the French (1715-1810), and was ceded to Great Britain in 1814 through the Treaty of Paris. On 12 March 1968, Mauritius became Independent. Republic Day was proclaimed on 12 March 1992.

LanguageMost people in Mauritius are bilingual and are equally fluent in English and French. Creole and French are the main languages in the everyday environment and several oriental languages are also spoken.

Medical ServicesFree public medical facilities are widely available. Private clinics provide medical services for a fee.

Banking HoursMonday to Thursday: 9.15am - 3.15pm, Friday: 9.15am - 3.30pm. Saturday: 9.15am -11.15am (some banks only).

Banks are also open to coincide with the arrival and departure of international flights at the airport.

Credit CardsNormally accepted by banks and most hotels, restaurants and tourist shops.

CultureMauritius is a blend of diverse cultures and religions. The population consists of Hindus, Creole, Chinese, Muslims and Europeans.

ClimateThe local climate is tropical, modified by southeast trade winds; there is a warm, dry winter from May to November and a hot, wet, and humid summer from November to May. The temperature on the coastal areas varies between 22°C in winter and 34°C in summer. The sea temperature varies between 22°C and 27°C. In the central part of the island, the maximum daytime temperature varies from

33

TELL ME SPECIFIC INFORMATION

ABOUT MAURITIUS (continued)

about 19°C in August to about 26°C in February. The western and northern regions are warmer and relatively drier than the East and the South.

JAN FEB0

50

100

150

200

250

TEM

PER

ATU

RE

(CEL

SIU

S) /

RA

INFA

LL (

MM

)

MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

RAINFALL

AVERAGE DAILY TEMPERATURE (MAX)

AVERAGE DAILY TEMPERATURE (MIN)

34

Tatorio Holdings Ltd (Le Morne) Arch. Makariou III, 284 Fortuna Court Block B2nd Floor P.C. 3105Limassol, Cyprus

Tatorio Holdings (Mauritius) LimitedDG 35, Block DRuisseau CreoleLa MivoieBlack River

Mauritius - Pam Golding Properties

Marie-Josee LlewellynM: +230 257 8006O: +230 483 6999E: mjllewellyn@pamgolding.mu

Guillaume MerleM: +230 422 7500E: gmerle@pamgolding.mu

South Africa - Pam Golding PropertiesFabrice Orengo de LamazièreT: +27 (0)21 7622617E: cornichebay@pamgolding.co.za

France - C.T.I.Stéphane TouronT: +33 (0)1 42 93 98 00E: C.T.IMMO@wanadoo.fr

United Kingdom - Aylesford InternationalHarry LangtonT: +44 (0)207 349 5100E: cornichebay@aylesford.com

PROMOTER:

DEvELOPER:

SALES AGENTS:

february 2008

1 4 . C O n ta C t I n F O r M at I O n

35