EFTA01116966.pdf

Les Bordes opportunity May 2014 FOR U.S. KEY CLIENT PARTNER (KCP) CLIENTS ONLY. NOT FOR FURTHER DISTRIBUTION. EFTA01116966 Disclaimer In prepanng these materials. neither Deutsche Bank nor any of its affiliates has acted or is acing land does not purport load in any way) in a fiduciarycapacity. DevtSChe Bank AG. °ding tlerough CS London branch has prepared mete materials lOr Blue Slat International Group ('BSIG') In dung SO. 015 ie acting to assist BSIG and no other person in connection with mese ma:goals Of that panted*, Deutsche Bank will not be responsible o any person Other man BSIG lot providng any 01 me prolecnons anomed to clients 01 DB. nor for providing any adv0a re relation o any matter tarred to herein ViChOut imbed a person's liability for fraud. neither 05 nor any 01 its agitates nor any Of AS Or their respective directors, officers. represeMatives, employees. advisers or agents shall have any hablity b any other person in connection with these materials. 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In no circumstances will any Relevant Person be responsible for any costs or expenses incurred by any prospective purchaser of Assets in connection with the appraisal or evaluation of the Assets or these Marketing Matenah. My Decision as le whether % 00 to purchase any Ardete Should De taken eddy by the ROOPent. BelCre entenng into Such tranSadien(S). the Recipient Should take steps to ensure mat it fury understands such transectionts) and has freCke an independent assessment 01 the apprOpnateriela 01 Such transaction(s) in the light of its own objectrres and circumstances. including the possible nsks and benefits of entering into such transaction(s). The views expressed in these Marketing Materials are subject to change based upon a number of factors, including. without rim taten. Merkel conditions, OS well as any change to the abSentellOaS 0108 Thee° Marketing Matenals Shall not be deemed 10 De an indication Of the side Of altars Or financial 00001110n 01 any 01 the ASSOCS. 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Deutsche Bank AG is authOnS00 under German Banking Law (Competent authenty BaFin - Federal Financial Supervisory AutiOntyl arid auther6.00 and bunted 10 limited regulation Dy me MN Financial 0/ Mud Authority. 0001$ about the extent 01 Deutsche Banc AG'S atChonsallon and regulation by the Financial Conduct AVhenty are avoidable on requeSt 018080 051514 EFTA01116967 Overview of the opportunity Build the world's most exclusive residential development and country club 1,600 acre of unspoiled tranquility with a rich history Perfectly located in the "Garden of France" Situated in the heart of the Loire Valley. the location of choice for generations Nearest transportations oximate flights times to Paris of French royal families and aristocracy to situate their magnificent chateaux - Nearest train station: 9km - from London:1h and hunting estates - Nearest airport: 47km - from Moscow: 3h • - from Doha: 5h30 First archaeological evidence of settlement on Les Bordes estate dates back 10km from Chateau de - from New York: 7h over 3.000 years: home to a small monastic order in the Middle Ages and Chambord - from Los Angeles: 10h30 hunting grounds for noblemen for centuries - 3i0 most visited historic Approximate helicopter times to monument in France Les Sorties: In 20th century. home and retreat of Baron Marcel Bich. founder of the Bic - from London: 1h30 Distance from Paris pen and razor empire - from Nice.1h45 - 75 min by train In 1986. Robert Von Hagge created the "Augusta of Europe. an 18 hole - 90 min drive course that would be one of the most sought after in the world - 35 min by helicopter Planning in place to create Europe's largest residential and Europe's number 1 golf course — Golf World leisure development "One of the not enchanting piaturc.ouc and tranquil settings in the whole 01 Developments SO M SO FT Potential facilities to include 400 Los Bordes golf lodges 162.797 1.751.693 - Hunting estate 1Vall &reel Journal 50 luxury Los Bordes estates 75.000 807.000 "Les Bordes raises expectations dangerously for the rest of our golfing life. Golf - Equestrian centre 240 hotel branded residences 56.856 611.766 could get more luxurious, but probably only if each three-ball had its own personal team of ground staff just ahead of it. attending to each green with nail scissors and Other facilities 6.427 69.155 - Tennis academy microfibre cloths. : i.l, 1.. ., • . . .L,. t. ... .,t risk-rev—int architectural Hotel 4.000 43.040 Financial Times - Shooting academy Spa 4.000 43.040 "The course remains Ruben Von Ilagges linc4 work. As a picture of golfing Chateau Bel Air, boutique hotel 2.660 28.622 - Cookery school excellence. there are few locations to rival Les Bordes." Total 311.739 3,354.315 The Daily Telegraph - Car livery service "Eighteen of the moat terrifying but enjoyable holes imaginable? Total land area 5.600.000 sq m The Guardian - Adventure playground Total POS approved area 353.921 sq m "h should unquestionably. undeniably. he in anyone's top-five in the •orld." - 24 hour security Total build density 6% Golf World Magazine 1 1 EFTA01116968 Key investment highlights Golf course consistently ranked as number 1 in Europe by Golf World magazine and among the best golf courses in Les Bordes Golf, the world a unique trophy asset One-off opportunity in prime Western Europe Extraordinary planning consent Unique planning permission to develop a landmark resort of 3.8m sq ft within a world heritage site with strong support from the regional and local authorities Exciting prospect for the region expected to generate c. 1.750 jobs Strong demand for high-end and luxury residential resort properties, driven by the substantial growth of wealth creation in emerging markets Attractive market with strong fundamentals Most visited country in the world (c. 80m foreign tourists a year) with Chateau de Chambord amongst the top three most visited historic sites in France Already existing golf course leveraging Les Bordes' excellent reputation Low risk profile with attractive returns Self financing project in the third year of development thanks to residential phased sales resulting in limited cash flow requirements Highly experienced team of Full team of highly experienced professionals already mandated advisors in place 2 EFTA01116969 Les Bordes Golf, a unique trophy asset Existing site Proposed developments Europe's number 1 golf course, Les Bordes Championship 18 hole golf course: Les Bordes — private estate aimed at UHNW individuals - golf course, practice greens and driving range Development of 50 super prime estates ranging from 400 to 2,000 sqm. These residences will have access to the services of the 5-star hotel - offices, storage facilities, clubhouse: c. 11,000 sq ft Development of 400 prime golf homes of 300 sqm 10 cottages providing 41 letting bedrooms: c. 23,000 sq ft - Existing Château Bel Air to be refurbished and operated as a boutique hotel Two further 18 hole golf courses: golf course, practice greens and driving range Le Ganay - master planned community open to the general public and aimed at clubhouse: c. 8,000 sq ft a young and successful demographic storage building and ancillary building with apartment Development of 240 hotel branded residences ranging from 160 to 300 sqm Château Bel-Air, an ornate 1906 château Development of amenities including a village square with retail units, tennis - main building: c. 29.000 sq ft centre, fitness centre, shooting academy, equestrian centre, 200 acre children's adventure playground, organic farm and cookery school ancillary buildings: c. 12,000 sq ft Development of a 5-star luxury hotel with beauty spa An equestrian property comprising a house, several stables and grazing land 3 EFTA01116970 Extraordinary planning consent with strong support from the regional and local authorities Permits and authorisations received Project phases (10-year development) 24 December Le Ganay POS (modification of land use) Les Bordes Le Ganay Golf Amenities 2009 residences - Development of - Development of Agree hotel Development of 2 luxury homes new Ganay operator tennis. 6 June PUP (local Commune agreement for course equestrian & - Development of Development of 2010 services) shooting centre 24 lodges Hotel & spa 20 hotel development branded residences 15 February Diagnostic archaeological survey 2011 - Development of - Ganay course - Development of 6 luxury homes completed 60 hotel - Development of Hotel branded 19 July 52 lodges residences Tree clearance permission operational 2011 Amenities ■ operational 13 January - Development of - Development of Site infrastructure permission 2012 16 luxury homes 80 hotel - Development of branded 124 lodges residences 24 April Road and path declassification 2012 - Development of - Development of H May 23 luxury homes 60 hotel Land exchange with local Commune 2012 - Development of branded 176 lodges residences 31 October Water law permission 2012 - Development of - Development of 3 luxury homes 20 hotel 6 January - Development of branded Infrastructure work commenced 2014 24 lodges residences war 4 EFTA01116971 Attractive market with strong fundamentals Strong demand for high- end and luxury residential Most visited country in the world Strong growth of UHNWIs, our target market resort properties, driven 2012 International tourists (in m) Top visited historic UHNWI by the substantial growth CAGR 2008 - 2012: 8.5% sites of wealth creation in 83.0' 11.9 11.1 emerging markets O Arc de Triomphe 10.1 10.8 O O Mont Saint Michel ■ I 46.4 _ 35.7 10 Chateau de Chambord 2008 2009 2010 2011 2012 30.4 • North America • Asia-Rad& - Europa j 29.3 • Latin America • Middle East •Afelca Source: World TalliST Organize:ion Source: World Wealth report 2013. Capgen,tni Attractive length of golf stays Key demand factors for second homes 80% 8 nights or 1- 3 nights longer 22% 22% 60% Source: KPMG Goa Insights 2O3 4-7 nights 56% 40% 20% 0% Cultural/ historical attractions Golf Source: Savors 2013 ; I Beach Children's Madna entertainment Lake Ski 5 EFTA01116972 Low risk profile with attractive returns Self financing project in Financial summary the third year of Sale price (€1sq ft) Net salesol (Em) Cost (E / sq ft) Total Costal(Em) Total Profit development thanks to residential phased sales Residential development results in limited cash flow requirements # of luxury estates 1.022 850 (279) (315) 535 63% # of luxury golf lodges 883 1,628 (200) (504) 1,124 69% # of hotel branded residences 883 561 (200) (173) 388 69% Total 3.039 (992) 2.047 Hotel & other facilities Additional value created from hotel and other facilities (€m) 104 Hotel and other facilities development costs(4) (Ern) (61) Inlrastructure Infrastructure development costs@) (€m) (66) Total estimated profit (Ern) 2,024 Profit on costs 1.8x Time horizon 10 years (1) Net sales post marketing. agency and legal tees with 2% inflation assumed on sale price per sq ft across project time horizon (2) Total cost post contingency and professional fees with 2% inflation assumed on COSI per sq ft across project time horizon (3) Includes central mfrastructure and existing chateau refurbishment (4) Includes Hotel and facilities development and central overheads 6 EFTA01116973 Highly experienced team of advisors in place Professional team Programme Management 2013 sales volume by region gleede I I Cost Management Continental US Project Management Europe 1% 9% 1 ) UK Consultant Operations Infrastructure Architecture Sales and marketing 41% APAC 49% Hotel Water Resort Sales Les Bordes I I VEOLIA I HKS APAC 5% Europe& Alma Contractor Power Residential a Sales 13% Hart Howerton Riko Group Dalkia UI Anderson Orr ge CHRISTIE'S se US. Canada & Golf Surveying/Roads Golf Course SAmerica 82% 12aoceicar r Cabinet Perronnet I Von Hagge IE Lefevre Pelletier I I Estate Management QVEOUA I b are/Planning EDSA PRCo lcatlo Note: Additional local team members have since been engaged through competitive bid process for Architect of record. Environmental. SPS (health and safety). Soil Survey. Bissau de Controle (regulatory confonney) 7 EFTA01116974 Appendix I ,aitional information EFTA01116975 Comparable developments Golf/Country club community sale prices 1 s 2.419 1.998 1,359 1.299 Average: 1,109 1.223 1.217 1.200 1.126 1.123 1.104 924 829 tt - r 1,022 I 1,014 883 783 754 742 687 • • • • .O .o m 4, Sheraton Pines Fisher Island Kiawah Island Royal Mougins to Golfe Juan S O 2 .0 3 0 3,.. O co -O .0 O O w ._. (n co GI CO Coming to the market hotel branded residence sale prices El El El II