CONTENTS• Autodromo do Algarve• The Track• The Property• The Investment• Pricing and Terms• Financial Projections• Rental Model• Mortgage • Legal Pack• The Algarve• International Development Team• Disclaimer

39

15212527313741455557

1

• Radisson Resort is one of the most unique real estate opportunities in the International marketplace today.

• This multi-functional business complex will host a broad range of national and international commercial, sports and leisure events.

• The Autodromo Internacional do Algarve extends to 300 hectares.

• The Portuguese government strongly supports the Autodromo Internacional do Algarve and has awarded the project a PIN (Projecto Interesse Nacional).

• The PIN signifies the project is of significant national importance.

AUTODROMO INTERNACIONAL

DO ALGARVE

3

• The complex comprises:– 5km FIA approved Formula 1 motor racing track– 1.5km International standard karting circuit– International standard off-road test and leisure

facility– 60,000m2 Technology Park / Innovation Centre– Sports Academy including full gymnasium,

swimming pools, treatment rooms, squash courts and multipurpose playing facilities

AUTODROMO INTERNACIONAL

DO ALGARVE

5

– Retail Park including motor dealerships– Luxury Radisson SAS Hotel with 194 rooms,

restaurants and bars– Conferencing facilities– Leisure area includes indoor and outdoor pools,

state of the art spa and wellness centre, tennis courts, children’s play areas, golf driving range

– 160 luxury apartments– Access to adjacent golf courses.

AUTODROMO INTERNACIONAL

DO ALGARVE

7

• Since its recent opening in November 2008 the track has created a buzz throughout the motor racing world.

• The track is an official Formula 1 test track for 2009 and has already become a regular testing circuit for Formula 1 teams.

• It has received rave reviews from motorsports’ top drivers including Michael Schumacher, Lewis Hamilton, Fernando Alonso, Heikki Kovalainen, Troy Bayliss and Troy Corser.

THE TRACK

9

• The track enjoys a unique design thanks to the natural terrain of the area – curves and straights follow each other at an exciting rhythm with accentuated declines.

• The track has a VIP tower at the epicentre of the track offering spectators a 360 degree view of the track.

• The VIP tower has 48 luxury suites, balcony area and a lounge.

• As well as accommodating motorsports’ elite the track offers “Speed Box” packages.

• This includes F1 driving experience, super car driving, car and bike track days, off road driving and karting.

THE TRACK

11

• 7 World Events & 8 National Events scheduled per year.• Fully booked for 2009 for International and National events,

Testing, Track days and Corporate car launches.• Bookings have already been placed for 2011.• Upcoming events for 2009 include:

– A1 GP - April 2009– GT International Open – May 2009– Le Mans Series - August 2009– FIA GT World Championship - September 2009– GP2 Series Final - September 2009– World Super Bike Championship - November 2009.

THE TRACK

13

• BE PART OF THE ACTION

For a fortunate few, the ultimate in luxury and excitement will be to own your very own piece of the action.

THE PROPERTY

15

• Unique investment property.• Turnkey product fully finished and furnished to 5-star

specification.• All apartments have substantial balconies with impressive

scenic views.• Each apartment comes with its own private underground car

parking space and secure storage area.• Additional surface parking.• Personal usage and access to luxury hotel facilities.• Radisson SAS will manage and rent the residences using their

worldwide business channels and expertises to maximise your rental.

THE PROPERTY

17

• Owners will have access to their apartments for 2 weeks per annum– 1 weeks from October to April– 1 weeks from May to September– Extended usage rights are available subject to conditions.

• Purchasers who would like the flexibility of having their apartments available for personal usage at all times can be accommodated.

• VIP tickets to selected events for the first five years.• Guaranteed rental income of 7% for first 3 years for all owners

participating in the rental scheme.

THE PROPERTY

19

• AN EXCITING OPPORTUNITY

Become an envied owner in the only apartment facilities on the International race track.

THE INVESTMENT

• The apartments overlook the most modern and significant motor racing and technology park complex in Europe!

• Launched with the World Super Bike Championship in November 2008, the Autodromo Internacional do Algarve comprises a €250 million investment, with further investment planned.– The properties will be managed and marketed by Rezidor under the

Radisson SAS brand.– Guaranteed rental income of 7% for the first 3 years.– Fully furnished to the same standard as the Radisson Hotel.– 80% finance available.– Ready for occupancy October 2009.

THE INVESTMENT

21

• Excellent climate, world class location and superb facilities provide an ideal environment for business and tourism.

• Prospect of strong capital appreciation on your investment.• Deloitte feasibility study projects that the track will generate

an additional one million visitors to the Algarve per annum.• The target markets will be individuals, companies and specific

track related traffic, extending nationally and internationally.• The corporate target market will include the lucrative MICE

segment (Meetings, Incentives, Conferencing and Exhibitions).

• The complex has already signed commercial deals with Red Bull, Radisson, Samsung, Portuguese Tourism Board, Siemens, TMN National Mobile Telecommunications, Unilever, Sagres amongst others.

THE INVESTMENT

23

PRICING AND TERMS

• €6,000 payable on reservation.• Balancing payment required to make up 20% on

signing Promissory Contract.• All monies paid will be held in Escrow until the

properties are ready for occupation.• The remaining balance of funds (80%) is payable on

signing the deed of sale, which happens on delivery of the apartment.

PRICING AND TERMS

25

• Initial uplift of 10% expected at completion stage.• This is supported by Banif Bank.• Growth rate of 5% projected for year 2 and forward.• This level of appreciation is based on the profile of

the track increasing.• The capital appreciation will also be driven by the

development of other facilities within the complex i.e. the Technology Park and in time the Sports Centre.

• An exceptional capital appreciation spike is expected on securing a Formula 1 race.

• Excellent re-sale opportunities.

FINANCIAL PROJECTIONS

27

FINANCIAL PROJECTIONS

FINANCIAL PROJECTIONS

29

• Guaranteed rental income of 7% for first 3 years.• Guarantee will be supported as follows, 50% on

deposit and the balance will be covered by an insurance bond.

• After the initial 3 year period the rents will be pooled and divided equally after the Radisson management charge.

• The operators may offer a further guaranteed rental agreement for an agreed period.

RENTAL MODEL

31

• The average annual occupancy level has been conservatively estimated at 75% by Radisson.

• The average annual occupancy levels for hotels in the Algarve is 60%.

• Given the diversity of the potential target markets for the Radisson Resort it is reasonable to conclude that the performance levels will exceed the industry averages.

• Since the track opened in November 2008 hotels within a 15km radius of the track have enjoyed above average returns for the low season.

• This business will be redirected to the Radisson Resort when it is opened in October 2009.

RENTAL MODEL

33

RENTAL MODEL

• The seasonal effect will be diluted at the Radisson Resort due to the influence of the track and the technology park.

• The track is fully booked for 2009, with a spread of major events throughout the year.

• In the traditional low season i.e. Nov – Feb the track will host the World Super Bikes, Formula 1 testing, launch of new cars for the coming season, amongst other events.

• The development of a sports facility within the Autodromo do Algarve will also have a strong positive influence on the rental income generated.

RENTAL MODEL

35

• Mortgage packages have been agreed with a number of the leading banks operating in Portugal.

• The following are the key points in the mortgage package offered by Banif bank:– LTV up to 80%.– 20% is payable on signing the Promissory Contract. Banif bank will

fund 50% of the deposit at a cost of 3% over Euribor.– Bank valuations are in line with Phase 1 pricing structure.– Interest only mortgage is available for up to 5 years.– Benchmark interest rate can be 3, 6 or 12-month EURIBOR, client

option.• All mortgage applications will be pre-approved.

MORTGAGE

37

MORTGAGE

• EURIBOR rates – checkout http://www.euribor-rates.eu/

• Spread on loan (1.25%-1.65% over Euribor)

• The general criteria for mortgage approval is as follows:• STEP 1: The monthly mortgage payment must be equal to or less

than 25% of the clients net monthly income.i.e. if a client earns €4,000 net per month his NEW mortgage payment may not exceed €1,000 per month.

• STEP2: DISPOSABLE INCOME: From the clients net monthly income ALL loan payments (car loans, other mortgages, education loans, etc) must be deducted to reach the disposable income. There must then still be sufficient disposable income to cover the family aggregate i.e. if there are 4 members of the family, there must be €2,000 disposable income after ALL loan payments.

• STEP 3: BANK ACCOUNTS: should not be in overdraft, and all income should go through the bank account. Provision of savings statements, investments statements, etc will all make the case stronger should step 1 or 2 not hold.

MORTGAGE

39

• An independent legal representative has been appointed in Portugal.

• The Partner within the legal firm dealing with the Radisson Resort is Justin Ryan.

• Justin has been practicing in Portugal for the last 12 years. Prior to that he practiced in Ireland and the UK.

• Justin specialises in contracts involving overseas jurisdictions, tourism and real estate law and handles the firm’s foreign clients.

LEGAL PACK

41

LEGAL PACK

• The following is a breakdown of the additional costs associated with purchasing an apartment:– 6.5% IMT tax (stamp duty) based on the purchase price of the

property– Flat rate legal fee of €4,000– Notary fee of €500– Fiscal fee of €400– Finance fees are bank and apartment specific and range from

€3,000 to €5,000. This includes a stamp duty cost of 0.6% of the mortgage value

– Land registration fee of €250.• Total purchase costs are estimated at 9% of the purchase price.

LEGAL PACK

43

• The Algarve is a hugely popular tourist destination.• In excess of 5 million visitors arrive through Faro

airport annually.• Given the importance of tourism to the Portuguese

economy the government have been very proactive in promoting and managing this resource.

• Development in the Algarve region has been strictly managed.

THE ALGARVE

45

• The Algarve has a staggering array of attractions on offer for visitors: – 200km of coastline with sandy beaches– Modern marinas– Cosmopolitan towns with a huge variety of entertainment,

shopping and nightlife– 34 world class golf courses in the Algarve– International cuisine– Host to major international events.

• And now there is another great reason - Autodromo Internacional do Algarve.

THE ALGARVE

47

• Major European capitals are less than 3 hours away.• Excellent infrastructure with a direct motorway link

from Faro airport to the Autodromo Internacional do Algarve.

• Regular low cost and luxury flights to nearby Faro airport (45 minutes).

• The Algarve has won numerous tourist awards in recent years including “Best Golf Destination”.

THE ALGARVE

49

• EXISTING AND FUTURE DEVELOPMENTS IN PORTIMÁO– Ongoing improvement of beachfront facilities– Autodromo Internacional do Algarve (2008) – New sports complex (2009/2010)– Aquarium (2009)– Planetarium (2009)– Cruise ship harbour (2010)– New Ferragudo Marina (2011)– New Airport (2015)– Golf Courses

THE ALGARVE

51

• INTERNATIONAL SPORT IN PORTIMÁO– A1GP World Motorsport– World Super Bike Championship– Le Mans Series– P1 World Powerboat Championship– Kite Surf World Tour– Breitling Mediterranean Cup Yacht Race– International Beach Soccer Championships– European Volleyball Cup– International Show Jumping– European Windsurfing Championships

THE ALGARVE

53

• Harte Property & Investment, www.harte.ie is the resort developer for the project. As a business, Harte Property & Investment delivers a comprehensive and innovative portfolio of property development and investment opportunities to business partners, investors and joint venture partners across a range of project types and sectors.

• Radisson Hotels & Resorts, www.rezidor.com is one of the world’s leading, full-service global hotel companies, operates, manages and franchises more than 395 hotels and resorts in 65 countries. Radisson is focused on being the hotel of choice for today’s independent-minded frequent business and leisure traveller who want more control over their hotel experience.

• Parkalgar, www.autodromodoalgarve is the Portuguese company which owns the Autodromo Internacional do Algarve and will be managing it. Paulo Pinheiro, CEO, is the visionary and motor sports fanatic driving the project.

• The Mace Group, www.macegroup.com is one of the world’s most accomplished consultancy and construction firms, with a reputation for finding the best solutions to complex property and real estate challenges.

• Intergaup, www.intergaup.pt are the architects providing creativity, quality and the spatial design, with over 20 years of professional experience on a huge range of leisure, commercial and residential projects.

• Hagen, www.hagen.pt is an international standard construction company with an excellent reputation in Portugal.

• Westboro, www.westboro.ie has advised the developers in their capacity as financial consultants and will participate in the sale and distribution of the apartment product. Westboro is a market leader in advising entrepreneurial and growth orientated businesses. As business advisors the focus is on working closely with the client and delivering a professional multi-disciplined service.

INTERNATIONAL DEVELOPMENT TEAM

55

• All information provided in this presentation is given on behalf of Harte Property & Investment. It is provided without responsibility or any warranty as to its accuracy or completeness on the part of Harte Property & Investment’s employees, agents, solicitors, and other advisors and their respective directors, partners and employees. Further more, there is no guarantee or warranty as to future performance and/or profitability of any business carried on at the Property.

• Without prejudice to the generality of the above, the accuracy of the information provided herein is not guaranteed and does not obviate the need for any interested party to carry out all necessary due diligence and also to carry out all appropriate searches, enquiries, surveys and inspections as they consider appropriate. In accordance with the Misrepresentation Act 1967 and the Property Misdescriptions Act 1991. Harte Property & Investment hereby give notice that:1. This presentation does not form party of any offer or contract, and must not be relied upon in whole or in part as statements or representations of fact;2. No director or partner in any person in the employment of Harte Property & Investment has any authority to make or give any representation or warranty whatever in relation to the Property;3. Floor areas, measurement or distances given are approximate. Unless otherwise stated, all prices, rents, income, outgoings and other figures quoted are exclusive of VAT;4. Any description given of the Property cannot be taken to imply it is in good repair, has all necessary consents, is free of contamination, or that the services and facilities are in working order. Interested parties are advised to carry out their own surveys and investigations as required.

DISCLAIMER

57