Crete Investor Report 06

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Crete report

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Invest in the idyllic beauty of ancient Greece

Prinos Village Crete

March 2006

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Important

The information contained in this report is confidential and is set out as a general outline of an investment opportunity. All descriptions, references and other details are given in good faith, as is external market information that has been gathered by Urban Exposure or is believed to have derived from reputable and reliable sources. All opinions, judgments, and all financial forecasts and projections contained in this document are necessarily of a subjective nature and subject to uncertainty. The analysis is based on sources believed to be correct and reliable and represent the opinion of Urban Exposure as at the date of this document. Neither Urban Exposure nor any of the sources quoted or relied upon assume any responsibility for any direct or indirect damage or loss suffered due to reliance on the information contained herein. The information contained in this report, including any part thereof, may not be reproduced or quoted to third parties beyond the intended recipient without the prior written permission of Urban Exposure and/or the sources quoted or expressly relied upon herein. Nothing in this document constitutes an offer or solicitation.

Urban Exposure Ltd, 2006

Off plan Investment Opportunity: Prinos Village, Crete Confidential March 2006 Urban Exposure Ltd 2006

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Contents 1. Introduction .................................................................................... .....5 2. The region....................................................... ....................................5 3. Prinos Village................................................................ ........................7 4. Getting there........................................................................ ................7 5. Activities on the island.................................................................... .........7 6. The Developer................................................... ..................................10 7. The Resort...................................................................... ....................10 8. Apartment specifications....................................................... .................11 9. Guarantees................................................................. ........................12 10. Furniture packages........................................... ...................................12 11. Mortgage Guarantee ...................................................... ......................12 12. Rental Market and Projected Open Market Income.........................................12 13. Use of Apartments by owners....................................... ...........................12 14. Capital growth............................................................................. .......13 15. Finance.................................................................... ........................13 16. Inspection visits.......................................................... ........................14 17. Payment schedule and purchase procedure............................................. .....14 18. Currency.................................................................................... .......15 19. Tax 15 20. Legal......................................................................... ......................15 .................................................................................... ............16 Appendix 2: EXAMPLES OF FLOOR PLANS................................................. ..17 Appendix 3: RUNNING COSTS AND UTILITY PROVISIONS..................................20

Off plan Investment Opportunity: Prinos Village, Crete Confidential March 2006 Urban Exposure Ltd 2006

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Summary InformationUrban Exposure is pleased to present you with the opportunity to purchase a luxury apartment on the beautiful island of Crete. The exclusive development consists of 78 apartments, due to complete in May 2007. Located in a stunning valley with spectacular sea views and within walking distance of the beach, it is only 10 minutes drive of Rethymno a popular tourist harbour town. Urban Exposure has compiled an excellent package of discounts and incentives for purchasers as follows;

15% Discount incorporated into purchase price Costs paid for 3 years: including mortgage payments, service charge & utilities Full furniture package included Solicitors and notary fees paid Purchase tax paid Financing of up to 85% available (subject to status) Excellent capital growth potential Fully managed rental pool with free use for apartment owners

Please make reservation enquiries as soon as possible to avoid disappointment. Please contact Urban Exposure on 020 7763 7186 or email prinos@urbanexposureuk.com with any queries or to make a reservation.

Off plan Investment Opportunity: Prinos Village, Crete Confidential March 2006 Urban Exposure Ltd 2006

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1. Introduction Urban Exposure has secured an outstanding investment opportunity on the beautiful island of Crete exclusively for its investors. Not only does the development have excellent capital growth potential in the short and long term but the purchase price has been negotiated to include all costs associated with the purchase of the property (such as solicitors and notary fees) in addition to the payment of all ongoing costs including mortgage payments for the first 3 years. Excellent levels of financing are available (subject to status and bank lending criteria) and the price of investing in this Mediterranean paradise is incredibly reasonable compared with other European destinations. 2. The region

Greece

Off plan Investment Opportunity: Prinos Village, Crete Confidential March 2006 Urban Exposure Ltd 2006

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Greece has long been a popular holiday destination due to its wonderful climate, beautiful scenery, fascinating heritage and delicious cuisine. The Greek mainland and its archipelago of 1400 islands (169 of which are inhabited) boast a 5000 year old history and are home to just over 10 million people. The islands are divided into six groups: the Cyclades, the Ionian, the Dodecanese, the islands of the North-Eastern Aegean, the Sporades, and the Saronic Gulf islands. The two largest islands, Crete and Evia, do not belong to any group. Some facts at a glance: Population: Area: Religion: Currency: Key Industries: Key Trading Partners: President: Prime Minister: Ruling Party: Crete Crete is the largest of the Greek islands and located at the southern most part of Europe. The island is rich in natural beauty and has 1000 km of dramatic coastline as well as high mountains and rugged countryside. Life on Crete is relaxed and informal and the cost of living is affordable. In addition to this the island also has a rich cultural heritage which its people are very proud of, hence the Greek building regulations are every strict to protect the island from over development. Crete alone accounts for of the entire Greek tourist trade and is the only place on earth that you can visit the reputed birthplace of Zeus the King of the Gods! 11 million 131,957 sq km Greek Orthodox 98%, Muslim 1.3%, Other 0.7% Euro Tourism, Shipping, Food and Tobacco, Textiles, Chemicals, Metal Products, Mining and Petroleum. Germany, Italy, France, Great Britain, USA Karolos Papoulias Costas Karamanlis New Democracy Party.

Off plan Investment Opportunity: Prinos Village, Crete Confidential March 2006 Urban Exposure Ltd 2006

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A well known holiday destination on Crete, Rethymno is a gorgeous harbour town that manages to cater to tourists and holiday makers whilst retaining its charm through its fabulous Venetian architecture. It has a vibrant nightlife and plenty to keep holiday makers with all interests occupied. Visitors to Rethymno can enjoy the hustle and bustle of a pretty Greek town as well as the idyllic solitude of Cretes beautiful coast or mountains within a short walk or drive. 3. Prinos Village Located on the North West coast and within a 10-minute drive of Rethymno, Prinos is an idyllic location for this exclusive development. The development will be within walking distance of the beach and has great views of both the coast and mountains. The location gives a feeling of seclusion as well as being ideally located for all the bars, shops and historic sites that Rethymno city centre has to offer. 4. Getting there Crete has two international airports: the bigger and principal one is Heraklion and the other is Chania. Frequent charter flights link both to many European cities during high season; flights are currently less frequent during winter. However there are plans to introduce direct flight during the off peak season which will greatly increase the rental potential for property on the island. Both airports have regular flights to/from Athens (about 50 minutes from Heraklion and 40 minutes from Chania) so connections are easily made. 5. Activities on the island Historical Attractions - Crete is crammed with ancient archaeological sites and the island is a paradise for history enthusiasts but some highlights are:

Knossos - Other local attractions include the infamous Palace of Knossos. Home to King Minos palace dates back to 1900 BC and houses more than 1000 rooms this

Off plan Investment Opportunity: Prinos Village, Crete Confidential March 2006 Urban Exposure Ltd 2006

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Nikos Kanzantzakis The author of Zorba the Greek is buried just outside Iraklio. Dikteon Cave Reputedly the birthplace of Zeus, king of the gods.

Golf - Cretes first 18 hole championship golf course was opened in July 2003. Based to the east of Heraklion the 6430 yard 71 par course. The course also comes with the full range of practice facilities for novice golfers, tourists and golf club members. This includes a double- ended covered driving range with practice bunkers, short game area and practice putting green. There is also a second putting green adjacent to the first tee. There are plans to construct another course on the island. Water Sports - Most organised beaches in the Rethymno and surrounding areas offer water skiing, wind surfing, parachuting and other water sports. There are also some excellent dive centres around the island. sea

Mountaineering/Walking - Crete is home to the famous Samaria Gorge, Europes longest ravine which has spectacular walks that last between 5 and 7 hours as well as other fabulous nature trails through mountains lush vegetation and historical walks encompassing ancient archaeological and religious sites. Organised tours are available or you can just take a map and explore! Mountain Biking - Organised Mountain bike tours are available as well as the opportunity to explore the Cretan countryside by renting a bike on your own. The countryside is easily accessible from Prinos by car or foot. and

Shops, Restaurants and Nightlife - Rethymno has an impressive variety of shops selling designer labels, hand made jewellery, fine antiques and high quality leather goods. You can enjoy

Off plan Investment Opportunity: Prinos Village, Crete Confidential March 2006 Urban Exposure Ltd 2006

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drinks, music and dancing in the clubs, and folk dances to live music played on the bouzouki. Whether dining at a local taverna or an elegant restaurant, there are a delightful variety of restaurants serving Greek specialities and international cuisine.

Off plan Investment Opportunity: Prinos Village, Crete Confidential March 2006 Urban Exposure Ltd 2006

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6. The Developer A House on Crete is a construction and development company based near Rethymno on Crete. The company is run by British born Mark Last, who has over 20 years property development experience and has lived on the island for 9 years. Their portfolio includes exclusive small developments, restoration work and bespoke luxury villas. They have an excellent reputation on Crete for the outstanding quality of their work and the truly personal service they provide to their customers. More information is available at www.a-house-on-crete.com. 7. The Resort Carefully designed to work with the contours and slopes of an existing hillside, the resort will be built to a high standard in a traditional low-rise architectural style. Apartments will be built in blocks of two, with spectacular sea views from almost all units. The resort will be fully managed by an onsite manager, and facilities will include;

A communal swimming pool A shop for food and conveniences Restaurant with garden terrace and poolside snack bar All apartments have been designed with well-proportioned spacious living areas, large windows to allow in the light, and outdoor areas to enjoy the sunshine and sea views.

There are three types of apartment available with the following average sizes:

Studios 35 m2 1 Bedroom 50 m2 2 Bedrooms 60 m2

Off plan Investment Opportunity: Prinos Village, Crete Confidential March 2006 Urban Exposure Ltd 2006

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8. Apartment specifications

2 Bedroom Apartments These apartments consist of 2 double bedrooms of 14 m2 and 13 m2 respectively, one bathroom fully equipped with bathtub, toilet ball with flushing device, washstand, mirror, laundry area. One open plan kitchen and living area of 33 sq m. The kitchens is fully equipped with fitted cupboards and sink with tap for hot cold water. The kitchen will be fitted with ceramic hob with extractor fan, oven and fridge freezer. 1 Bedroom apartments These apartments consist of one double bedroom with closet of 13.25 sq m and one bathroom of 4.80 sq m fully equipped with bathtub, toilet ball with flushing device, washstand, mirror and laundry area. One open plan kitchen and living area 30 sq m. The kitchen is fully equipped with fitted cupboards and sink with tap for hot cold water. The kitchen will be fitted with ceramic hob with extractor fan, oven and fridge freezer. 1 Bedroom studio These apartments consist of one bedroom with closet of 12.70 sq m, one bathroom of 4 sq m fully equipped with bathtub, toilet ball with flushing device, washstand, mirror and laundry area. One open plan kitchen and living room of 16.30 sq m. The kitchen is fully equipped with fitted cupboards and sink with tap for hot cold water. The kitchen will be fitted with ceramic hob with extractor fan, oven and fridge freezer.

Off plan Investment Opportunity: Prinos Village, Crete Confidential March 2006 Urban Exposure Ltd 2006

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9. Guarantees Copies of all guarantees including the Mortgage Guarantee, Construction Insurance and Construction Guarantees, and Property Management documents are available to view on request. 10. Furniture packages Furniture Packages are included in the purchase price of the apartments. A complete inventory is shown in A...