Vision, location and masterplan. Computer generated image.

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3 Vision, location and masterplan Computer generated image.

A unique location The vision for Azuri The stunning 420 acre site at Azuri is a blend of freehold ocean front, riverside, forest and agricultural land.

The Azuri site is located in the North East of Mauritius, 25km from the capital city of Port Louis and will provide a truly unique proposition whereby residents will be able to acquire freehold

Despite Mauritius having nearly 200km of coast line, only a very small percentage remains as freehold, rather than leasehold tenure.

The North of Mauritius now benefits from the existence of a superior road network to that found to the South of Port Louis.

To create a true mauritian, aspirational ocean front lifestyle village conceived to satisfy the demands of the modern world through a blend of contemporary island living and enthralling experiences.

4 A unique location The vision for Azuri The stunning 420 acre site at Azuri is a blend of freehold ocean front, riverside, forest and agricultural land. The 40 acres where the river and ocean meet will be the platform for the initial phase of the project a new mauritian ocean front village. The Azuri site is located in the North East of Mauritius, 25km from the capital city of Port Louis and will provide a truly unique proposition whereby residents will be able to acquire freehold accommodation on the ocean front within a 35 minute drive of the capital. Despite Mauritius having nearly 200km of coast line, only a very small percentage remains as freehold, rather than leasehold tenure. Azuri is one of the very few such locations available in this island paradise. The North of Mauritius now benefits from the existence of a superior road network to that found to the South of Port Louis. As such, journey times are far quicker and offer easy access to the extensive range of facilities and activities to be found in the North and East of the island. To create a true mauritian, aspirational ocean front lifestyle village conceived to satisfy the demands of the modern world through a blend of contemporary island living and enthralling experiences. Azuri is devoted to the celebration of a mauritian lifestyle. The developers have sought to create a new village; providing education, hospitality, leisure and commercial facilities built around luxury residences. The project will deliver living opportunities that will stimulate the senses and aspirations, providing a compelling and functional platform for the growth of a truly sustainable community. Azuri is not aiming to be solely a vacation development. It will be a vibrant and evolving community of both year round residents and seasonal guests, united in the belief that life is enhanced when people interact, learn and share through experience. The diverse collection of maritime and land based activities provided on the site, coupled with the year round events calendar, will enhance the experience and make it the focal point for an entire region. Whether you re looking for a holiday destination or a place to call home, Azuri is the ultimate experience for anyone in search of a better way to live.

Azuri s value proposition The initial phase of the project will be the creation of the first village in Mauritius, where both mauritian ownership and foreign approved ownership is truly reachable to

It introduces the first truly multi-cultural integrated project on the island offering a balanced mix of international visitors and local mauritian residents.

5 Azuri s value proposition The initial phase of the project will be the creation of the first village in Mauritius, where both mauritian ownership and foreign approved ownership is truly reachable to as many people as possible. It is a truly innovative concept, designed by a team of highly experienced international consultants. It introduces the first truly multi-cultural integrated project on the island offering a balanced mix of international visitors and local mauritian residents. A stunning freehold ocean front location overlooking an exquisite lagoon, harnessing a myriad of land and ocean based environments. The creation of a true year round community that does not leave stakeholders disillusioned at activity drop off in the non peak seasons. The Azuri team has sought to include the best facilities conducive to a true mauritian lifestyle allowing for easy living and leisure pursuits. The project is conceived so as to create an open community that is part of Mauritius, not a fantasy world separated by high security barriers. Computer generated image. Street view of the Nautil beachfront residence.

Azuri s components Masterplan Azuri is conceived to provide the very best of lifestyle opportunities for residents, visitors, tourists and guests.

penthouses in landscaped grounds, with swimming pools, together with access to a wide variety of leisure activities both on and off site.

mauritians. Centara Grand Azuri Resort & Spa: an 85 bedroom 5 star boutique hotel.

culinary offerings that will also attract customers from further afield.

The Azuri team are currently working with a variety of parties on opportunities that will not only anchor Azuri as the most desirable educational magnet in Mauritius, but in

6 Azuri s components Masterplan Azuri is conceived to provide the very best of lifestyle opportunities for residents, visitors, tourists and guests. The result of nearly 2 years in the planning, this project will provide : IRS residential: a community of up to 169 foreign ownership qualified townhouses, apartments and penthouses in landscaped grounds, with swimming pools, together with access to a wide variety of leisure activities both on and off site. Luxury local residential: a mixture of 109 townhouses, apartments and penthouses, clustered around communal garden areas, with dedicated car parking, will be created for the mauritians. Centara Grand Azuri Resort & Spa: an 85 bedroom 5 star boutique hotel. Retail & restaurant: the intent is to provide a retail and restaurant presence that supports the residents and visitors daily needs whilst providing diverse high quality culinary offerings that will also attract customers from further afield. Schooling: key to the success of the project will be the establishment of first class primary and secondary educational facilities. The Azuri team are currently working with a variety of parties on opportunities that will not only anchor Azuri as the most desirable educational magnet in Mauritius, but in the entire Indian Ocean region. Marine facilities: Boat Club, free mooring. A wide array of leisure activities. Coralis IRS residences Health Centre Sports Club and facilities Haut Rivage Luxury local residences Cour Marin Luxury local residences Cour Ambrée Luxury local residences Centara Grand Azuri Resort & Spa Hotel, Mauritius 5 star boutique hotel Village Green Market Square Boat Club Opaline IRS residences Nautil IRS residences Céladon Luxury local residences La Baie IRS residences

7 The residences Computer generated image. Poolside view of the Nautil beach front residence.

Nautil, the beach front residence Ideally located just off the lagoon frontage, Nautil will offer stunning views over the bay and the mangrove trees along the boardwalk and will comprise of: 16

8 Nautil, the beach front residence Ideally located just off the lagoon frontage, Nautil will offer stunning views over the bay and the mangrove trees along the boardwalk and will comprise of: 16 apartments in 3 bedroom or 4 bedroom formats with balconies or terraces, including penthouses. 11 townhouses in 3 bedroom or 4 bedroom formats with private garden areas. Opaline, the residences on the green Adjacent to the village centre where the village green and market square will be located, Opaline will open to the bustling village heart on the one side and to a secluded, tropical garden and swimming pool on the other. It will comprise of: 23 apartments in 3 bedroom or 4 bedroom formats with balconies or terraces, including penthouses. 6 townhouses in 3 bedroom or 4 bedroom formats with private garden areas. The IRS residences Computer generated image. Nautil beach front residence. La Baie, the residences on the lagoon Ideally located just off the lagoon frontage, La Baie will offer stunning views over the bay and the mangrove trees and will comprise of: 26 apartments in 3 bedroom or 4 bedroom formats with balconies or terraces, including penthouses. 5 townhouses in 3 bedroom or 4 bedroom formats with private garden areas. Designed to provide intimacy whilst maintaining a foothold in a vibrant local community, the IRS residences will reinvent the basics of sophisticated seaside life. The architects have concentrated on merging modern architecture to the typical mauritian lifestyle of indoor and outdoor living. Great attention has been given to using local materials and textures so as to blend into the natural, fresh and simple environment. The residences will be clustered around communal garden areas with swimming pools and will offer secured parking. Azuri is accessible to international and mauritian buyers as from USD 500k whilst offering eligibility for mauritian residency and a rental pool managed through an international branded hotel chain. Coralis, the residences on the bay Coralis, with its exquisite location on the river heights, will offer stunning views over the mangroves and the turquoise lagoon beyond. It will comprise of: 33 apartments in 3 bedroom or 4 bedroom formats with balconies or terraces, including penthouses. 12 townhouses in 3 bedroom or 4 bedroom formats with private garden areas.

9 Each of the four luxury local residences will offer a mix of townhouses, apartments or penthouses clustered around communal garden areas. The residents of Azuri will have access to all the services and facilities of Azuri: Full marine facilities with free mooring and Boat Club membership. Golf membership and free Health Club membership. 5 star boutique hotel in the heart of the village. Proposed high quality primary and secondary international school. Superb landscaped environment and a myriad of activities on land and sea. Lively and vibrant community all year round, where mauritians and international visitors and home owners mix and meet in restaurants, shops and activities. Starting price from Rs 5.35 million. Haut Rivage 36 townhouses in 3 bedroom or 4 bedroom formats with private garden areas. The luxury local residences Computer generated image. Haut Rivage, luxury local residence Exclusive to mauritian buyers, these residences are the promise of a secure environment in a mixed community lifestyle village developed on freehold land by the sea, within only 35 minutes drive from Port Louis or Grand Bay. A strong emphasis has been placed on ensuring that this development takes the very best of what Mauritius has to offer, from landscape to architecture, views over the ocean and mountains, modern designs to comfortable island luxury and understated elegant residences. Céladon 30 apartments in 2 bedroom with study bedroom format, 3 or 4 bedroom formats with balconies or terraces, including penthouses. Cour Marin 15 apartments in 3 bedroom or 4 bedroom formats with balconies or terraces, including penthouses. 7 townhouses in 3 bedroom or 4 bedroom formats with private garden areas. Cour Ambrée 15 apartments in 3 bedroom or 4 bedroom formats with balconies or terraces, including penthouses. 6 townhouses in 3 bedroom or 4 bedroom formats with private garden areas.

10 Computer generated image. Interior views of Coralis apartment & townhouse. Computer generated image. Interior views of La Baie townhouse & penthouse.

11 Azuri components Computer generated image. Street view of La Baie

Centara Grand Azuri Resort & Spa, Mauritius The Azuri development sits on the unspoilt North East coast of the island the

We are delighted to have partnered with Centara Hotels & Resorts to provide the management of the 85 bedroom 5 star boutique

Centara is an award winning Thai hotel group, with 10,000 hotel rooms across South East Asia, Indonesia, India, Africa and the

The property will add to the management and range of facilities available to all the residents of the village; not least of

One of the benefits to the project of the inclusion of a hotel at Azuri, is the ability to increase leisure and recreational

In addition, the hotel will be utilised to provide full management facilities for any residential properties on site that will

12 Centara Grand Azuri Resort & Spa, Mauritius The Azuri development sits on the unspoilt North East coast of the island the location of choice for all of the World Class hotel properties located in Mauritius. We are delighted to have partnered with Centara Hotels & Resorts to provide the management of the 85 bedroom 5 star boutique hotel and Spa. Centara is an award winning Thai hotel group, with 10,000 hotel rooms across South East Asia, Indonesia, India, Africa and the Indian Ocean. The property will add to the management and range of facilities available to all the residents of the village; not least of which will be a 300 m 2 Spa facility and Health Club. One of the benefits to the project of the inclusion of a hotel at Azuri, is the ability to increase leisure and recreational facilities without a requirement to fully support these facilities through the immediate population on the site. In addition, the hotel will be utilised to provide full management facilities for any residential properties on site that will be entered into the Rental Pool and as such benefit from providing services to a far wider clientele. The choice of a boutique hotel format is strategically based on the fact that this niche is: Poorly provided for in comparison to the saturated 4 and 5 star resort hotel market. A bespoke proposition in line with the rest of the project. On a scale that can easily be accommodated without dominating the rest of the project. A growing format of choice for international tourists. Computer generated image.

The School at Azuri Leisure activities The core to our design intent at Azuri is to create a new high quality community.

The homes created will be targeted at the highest earning professionals and to succeed in becoming established as their preferred base, it will need to have a school of

Residents of the new development will benefit from the creation of a premium independent international school. There is currently no such school on the island.

High quality education is a critical driver of major economic and social advance, which is why good schools are found at the heart of all sustainable and healthy communities.

Notoriously hard to achieve a place at the IRS owners at Azuri will benefit from a guaranteed place for their children.

practice, and will attract the best tutors from around the world and with qualifications that are recognized internationally as gateways to higher education.

There are six distinctive marine environments within 500m of the site: River area above the weir River estuary Beach front Protected lagoon Area inside the reef Area outside

This variety allows both novices and seasoned experts to maximize their enjoyment whether it be underwater or above. Variety is not only restricted to the water.

13 The School at Azuri Leisure activities The core to our design intent at Azuri is to create a new high quality community. For Azuri to thrive deep into the current millennium it must have a top quality and high achieving school. The homes created will be targeted at the highest earning professionals and to succeed in becoming established as their preferred base, it will need to have a school of corresponding prestige; without schools, communities tend to shrink and stagnate. Residents of the new development will benefit from the creation of a premium independent international school. There is currently no such school on the island. Two years from now, at Azuri, we propose to open the first international private boarding school of its kind on the island. High quality education is a critical driver of major economic and social advance, which is why good schools are found at the heart of all sustainable and healthy communities. Azuri is partnering with the international elite brand of Wellington College; one of the top five ranked schools in the United Kingdom. Notoriously hard to achieve a place at the IRS owners at Azuri will benefit from a guaranteed place for their children. Based on the British system, but also to offer the International Baccalaureate, the School at Azuri will become a beacon of the highest achievement and best educational practice, and will attract the best tutors from around the world and with qualifications that are recognized internationally as gateways to higher education. The unique environment at Azuri provides a wonderful setting for a myriad of activities both within the initial phase and throughout the wider site area. There are six distinctive marine environments within 500m of the site: River area above the weir River estuary Beach front Protected lagoon Area inside the reef Area outside the reef This diverse offering has the potential to provide a unique maritime environment and will result in a diversity of activities for both residents and visitors. This variety allows both novices and seasoned experts to maximize their enjoyment whether it be underwater or above. Variety is not only restricted to the water. The flora and fauna on the site will create a diversity of environments for young and old. Leisure activities as sedate as picnicing, walking or pétanque can be accommodated on a site that is intended to also entertain more high octane sports such as equestrian eventing, mountain biking, Go Aping and quad biking. Golf The Azuri team have secured an arrangement with the world famous Le Touessrok Hotel to provide resort membership packages to the residents at Azuri to play their international championship golf course, designed by Bernhard Langer, and voted one of the top 10 courses in the world by Golf Magazine.

14 Invest at Azuri IRS benefits Comparison of IRS Computer generated image. View of penthouse in Nautil.

15 Invest at Azuri The Daily Telegraph recently voted Azuri one of the Top 10 Property Safe Havens Abroad. The Only Guaranteed Income Residences in Mauritius In addition to providing high quality and highly desirable homes, the team at Azuri has created the first IRS Residences in Mauritius to provide a 5% guaranteed income for the first 3 years of occupation. Available on a selection of units, this guarantee will help to provide both investors and second home owners with the peace of mind in knowing that the return on their capital is secured through the initial years of ownership whilst capital values grow. Summary of Azuri Investor Benefits All properties can be managed through an onsite Rental Pool managed by the 5 Star Centara Grand Resort at the heart of the village. The rental income is fixed at 5% (net of all charges i.e. management charges, service charges, insurance, FF&E Fund etc.) per annum for the first 3 years based on the cost of the property; The guarantee will be secured by a full Bank Guarantee, of equivalent value, to the outstanding income; This offer is unique in the Mauritian foreign homes market. Income Guarantee only on selected residential units. All rental income payments paid in USD equivalent. The proposal is extremely competitive compared to other financial investments on the market; Azuri is the only IRS with a price range from USD 500,000 to USD 830,000; the average price on the island for IRS currently being USD 1.6 million Purchasers qualify for automatic Residency in Mauritius Personal Income Tax flat rate 15%. Corporation tax flat rate 15%. Capital Gains Tax 0% Rental pool investment return Example based on 3-bedroom apartment with 47 weeks occupancy available to Rental Pool. Average acquisition price incl. $70,00 IRS Purchase Tax, Decoration Pack & Notary deeds: $685,000 SALES MARKETING REPAID TO OWNERS POTENTIAL EXPENSES FOR INCOME CASH CASH HYPOTHESES OF OCCUPANCY LOW SCENARIO MID SCENARIO HIGH SCENARIO Number of Nights (47 weeks) 329 Average Annual Occupancy Rate 45% 50% 55% 60% 65% Average Rental Rate per Unit per Night $450 FORECAST GROSS SALES $ 66,623 $ 74,025 $ 81,428 $ 88,830 $ 96,233 Cost of Sales & Admin & General Costs ESTIMATED NET INCOME AFTER SALES & ADMIN & GENERAL EXPENSES Share of Income Repaid to Hotel for Operational Costs. 20% $ 13,325 $ 14,805 $ 16,286 $ 17,766 $ 19,247 30% 30% 30% 30% 30% 40% 40% 40% 40% 50% 50% 50% 60% 60% $ 15,989 $ 18,358 $ 21,319 $ 24,280 $ 27,833 Reserve Fund for replacing 3% Furnishings and Infrastructure $ 1,999 $ 2,221 $ 2,443 $ 2,665 $ 2,887 Approximate Service & Community Charge Costs (excluding reserve fund for major works) $4,200 OWNERS ANNUAL SALES TO BE RETURNED $ 31,110 $ 34,441 $ 37,180 $ 39,919 $ 42,066 RETURN ON EQUITY at 70% Gearing RETURN ON INVESTMENT All figures are indicative and may be subject to change or amendment. AZURI Potential Scope of Project 169 Units $ 53,298 $ 59,220 $ 65,142 $ 71,064 INCOME Share : This is based on a sliding scale whereby up to an occupancy of 45% the Hotel retains 30% of income, on the next 5% additional occupancy the Hotel retains 40% of income, on the next 10% additional occupancy the Hotel retains 50%, of income and on occupancy of 60% and above the hotel retains 60%. Average Unit COST of $685, % 16.76% 18.09% 19.28% 2.53% 20.47% Average Unit COST of $685, % 5.03% 5.43% 5.83% 6.14% $ 76,986

The acquisition of a property for residential purposes by a foreigner under the IRS rules, allows the purchaser, and his/her dependant family, to reside in Mauritius for as long as they retain

16 IRS benefits IRS is short for Integrated Resort Scheme. Residences sold under the IRS regime must form part of an approved development of properties, built to international standards, with world class amenities and facilities. The acquisition of a property for residential purposes by a foreigner under the IRS rules, allows the purchaser, and his/her dependant family, to reside in Mauritius for as long as they retain ownership. A property can be acquired off plan or during the construction phase. Under the IRS regulations, a minimum of USD 500,000 investment is required for the acquisition of freehold immovable property, inclusive of land. However, the majority of other properties developed to date, have been targeted at a much higher price level and the average price for other IRS properties on the island is currently USD 1.6 million. 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 Mauritian Companies Act of A person who intends to acquire immovable 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 and his/her spouse and dependants. When such an application is approved, a residency permit will be granted. There are two straightforward applications that buyers will need to complete: Authorisation to purchase (after signing the Reservation Agreement and depositing 5% to be held in an escrow account). Residency and Occupation Permit after signing the Deed of Sale and paying the taxation; levied at USD 70,000 or 5% of the purchase price whichever is the higher. Pricing In order to establish the Azuri project with occupants at an early stage the pricing strategy we have developed is targeted at being affordable to a wider selection of the local and international market than has previously been possible. Pricing for Azuri starts from USD 500,000. Computer generated image. Garden view of the townhouses of Opaline.

17 Azuri - Comparison of Facilities Mauritian IRS projects - comparative pricing Azuri Akasha Anahita Belle Riviere Club Med La Balise Marina Matala Villas Valriche Ocean Front Location X X X X Inland Location X X X X Under 1 hour in Rush Hour to Port Louis X X Golf Course on Site X X Golf Course Access X X X X X 5 Star Hotel on Site X X X X Rental Pool Through Hotel on Site X X X Marine Facilities on Site X X X Health Club on Site X X X X X X X X Village Centre Commercial Facilities X X X Events Hall X Apartments X X Townhouses X X Detached villas X X X X X X X

18 The developers Sales contacts Computer generated image. Opaline,view of a townhouse interior.

Developers Established and registered in Mauritius in January 2009, IOREC is a property development company born from a partnership between two conglomerates, GML, the number one company in Mauritius

19 Developers Established and registered in Mauritius in January 2009, IOREC is a property development company born from a partnership between two conglomerates, GML, the number one company in Mauritius and the giant private equity group, Actis. IOREC boasts a strategic asset pool of land and equity coupled with a team of local and international experts in the field of real estate development. IOREC has at heart its social responsibility; as such, it abides to strict environmental norms such as LEED and HQE and endeavours to put the community at the centre of all its projects. Flacq United Estates Limited (FUEL), founded in 1948 is the largest private land owner on the island of Mauritius with 10,500 hectares of land, of which 8,000 hectares is under cane. The Group is predominantly engaged in the cane growing and sugar manufacturing business but over the years has diversified substantially into other business activities. At June 2010, the Group posted a total assets value of USD 430 million. GML is a significant economic player within the Indian Ocean and has remained for some time as leader of the Top 100 mauritian companies and in the premier groups of the Indian Ocean. GML is active across the mauritian economy which represented in 2010 a portfolio of approximately 300 subsidiaries and associated companies. The group had a turnover of USD 550 million as at June 30th 2010 and with more than 10,000 employees is individually responsible for a contribution of 9.1% to the GDP of Mauritius as a country. Actis was founded in July 2004 as an emerging markets private equity fund. Actis at a glance: USD 4.8 billion total funds under management. 87,383 - number of employees in Actis portfolio companies around the world. 69 number of portfolio companies. USD 4.3 billion realised from USD 1.7 billion invested. 234 Actis staff employed in 10 offices around the globe.

20 Sales contacts IOREC Indian Ocean Real Estate Company Limited 8th Floor, Harbour Front Building, President John Kennedy Street, Port Louis, Mauritius tel: /38 fax: mobile: Disclaimer The contents of this [brochure / set of documents] including but not limited to any pricing, pictures, artists impressions, layouts, specifications, plans, dimensions and/or surface areas (collectively the Information ) are for illustrative purposes only and should not be relied upon as being an offer to sell or a solicitation of any offer to buy an IRS property. The developer, Haute Rive IRS Company Limited ( Haute Rive IRS ) reserves the right to change, alter and/or modify at any time and without notice the Information. Haute Rive IRS, including any of its affiliates, employees, officers and/or agents shall not be responsible for any direct or indirect loss, damage and/or prejudice whatsoever and to whomsoever caused as a result of any reliance being placed by any person(s) on any of the Information. The purchase of an IRS property will be subject to the detailed terms, conditions and provisions of a deed of sale to be provided by Haute Rive IRS. # 1038

MAURITIUS LIVE THE DREAM.

MAURITIUS LIVE THE DREAM. MAURITIUS LIVE THE DREAM www.pamgolding.mu ABOUT MAURITIUS Geography: Mauritius is a volcanic island situated in the Indian Ocean, approximately 2400 kilometres off the South East Coast of Africa. Its