Le Jardin de Fleur, Morocco

June 2010

Le Jardin de Fleur
Project Information

Part I: Context – The Developer & The Market

1. Corporate Profile of Property Logic
2. Morocco: Country Profile
3. Morocco: Tourism Strategy
4. Property Logic’s Achievements in Morocco

Part II: The Project – Le Jardin de Fleur, Saïdia

5. Location & Infrastructure
6. Master Plan
7. Business Model

Contacts:

General enquiries :
Info@property-logic.com

Marketing & Press enquiries:
Jenny@property-logic.com

Property Sales:
Antoine@property-logic.com

Property Logic
CC Los Halcones, Local 17/18,
Ctra de Ronda A397,
29679 Benahavís, (Málaga) España

Context: The Developer_Section 1

1. Corporate Profile
About Property Logic

Property Logic – developing new destination resorts

Property Logic is a leading global real estate developer specialised in creating high luxury resort
communities in emerging destinations.

Established in 2005 and headquartered in Marbella, Spain, the company is creating prestigious upscale
resort communities in Morocco and Brasil.

Property Logic has become the prominent leader in the tourist development of Mediterrania Saïdia, a
7 million m2 coastal development on the northeast coast of Morocco. Its flagship project Le Jardin de
Fleur comprises 11 resorts featuring luxury villas, townhouses and apartments.

In 2006, the company acquired the exotic Brasilian island Ilha de Cajaíba, approximately 1100
hectares, located in Bahia. The development of this island will commence in 2010 and will provide a
new generation eco-resort with luxury accommodation, signature golf courses and an emphasis on
sports and wellbeing lifestyles.

Property Logic sells property through a professional sales network committed to promoting the
overseas property industry and specialised in the tourism sector.
The company also has a dedicated and experienced in-house sales team available to support agents.

For more information, please visit www.property-logic.com

Environmental Awareness

Property Logic is a member of the US Green Building Council, working
within LEED guidelines for architectural and developmental design
strategies. This prestigious union is internationally recognised as the future
for “green building”, providing sound advice for environmentally aware
construction as well as encouraging sustainability in the surrounding
environs.

For more information, please visit www.usgbc.org


Founding Partners

Property Logic was established in 2005 by three founding partners, who together bring a wealth of
experience and vision.

Margus Reinsalu; Chairman of the Executive Board
An Estonian citizen, Margus has an extensive business portfolio in commercial
property, and is managing director of KC Grupp – a property development holding
company with operations in Estonia. In 2007, the KC Grupp was responsible for
significant deals with international operators for the development of land around
the port of Muuga (Tallin, Estonia). He has been recently named as Honorary
Consul of Morocco in Estonia.

Sean Cusack
A British citizen, Sean brings over 20 years experience in the property industry. His
original activities were centred on the challenging London real estate market where
he was responsible for leading a large staff team across the capital. After selling his
successful operations in the UK, Sean focused on the market niche of creating and
developing new concept resorts.

Joop Huisman
A Dutch citizen, Joop brings over 25 years experience in insurance, finance and the
property industry. He began his career in 1977 as financial advisor at ABN/AMRO
Bank. In 1985, he was leading the advisory department for business loans and
insurance before joining Swiss Life as a pension advisor. After 5 years, he set up his
own insurance and real estate brokerage which expanded to have 12 offices and
40,000 clients within 10 years.

Executive Board Members
Alvaro Hidalgo; Managing Director, Property Logic International
Alvaro manages the strategic running of all Property Logic operations. He brings
more than 20 years of expertise, having worked in Financial Markets and Merchant
Banking in Spain, France and the US, in addition to his experience in the public
regulatory framework in South America as part of the World Bank funded UNOPS
programmes. This combination of experience in both emerging and developed
markets ensures Property Logic’s capacity to comply with the different legal and
financial frameworks within which the company operates.

Dick Blom; Managing Director, Brazil
Dick is responsible for all of Property Logic’s Brazilian activities. He has more than
10 years of senior management experience, specialising in the set up and
development of new markets, projects and offices. Prior to joining Property Logic
in 2007, Dick was the President for LogicaCMG (South America), a large Anglo-
Dutch consulting company with headquarters in São Paulo. From the year 2000, he
was solely responsible for the successful set up and development of their very
lucrative new South American enterprise.


History & Key Milestones

December 2005
- Property Logic is founded by three partners and acquires two plots of land on the Mediterrania
Saïdia master development, in the Moroccan province, Berkane.

January 2006
- The company’s first two projects comprising of beach and golf apartments and villas are brought to
market under the brand name Le Jardin de Fleur.

March 2006
- Property Logic acquires a further nine plots in Mediterrania Saïdia to develop luxury 5 star villas,
apartments and townhouses in beach, marine and golf locations.

July 2006
- The company acquires a 1100 ha private island Ilha de Cajaíba in Brasil, off the coast of All Saint’s
Bay in Bahia, near Salvador, to develop a luxury eco-resort.

September - November 2006
- Le Jardin de Fleur releases for sale three further projects of townhouses, apartments and villas.

February 2007
- Flagship 5 star Condominium Resort is launched.
- Football stars Rio Ferdinand and John Terry invest in Le Jardin de Fleur.

April 2007
- Le Jardin de Fleur releases for sale an additional project of villas.

July 2007
- Property Logic organises the first ever direct charter flight from London to the resort in Saïdia,
transporting 70 British second-home buyers and investors.

September 2007
- An additional development of villas is released for sale.
- Property Logic becomes preferred partner of the Moroccan government, winning the bid to be
master developer of a 650 ha resort project at Cap de l’Eau on the northeast coast of Morocco.

October 2007
- Le Jardin de Fleur wins two CNBC awards for Best Development & Best Golf Development,
Morocco.


June 2008
- Property Logic signs a management agreement with Rezidor Hotel Group for the operation of
the Radisson Resort & Spa, Saïdia.

July 2008
- Le Jardin de Fleur wins CNBC Awards for the second consecutive year in the categories of Best
Development Morocco, Best Golf Development Morocco and Best Architecture.

September 2008
- Property Logic signs a duo of management agreements with Best Western Premier and the
Marrakech based luxury hotel company, Hivernage.

October 2008
- Property Logic signs a management agreement with Golden Tulip.

November 2008
- Property Logic receives further international industry recognition with two prestigious awards
within the same week; Overseas Property Professional gives high praise for the Best Developer
Partnership Programme along with high commendations for its work within the Africa region, and
Homes Overseas Awards 2008 awards Property Logic for Best Development Morocco.

February 2009
- Property Logic signs management agreements with Kenzi Hotels Group for the operation of a
Kenzi Premium Resort in Le Jardin de Fleur Saïdia and with Marrakech-based SAKA Hospitality Group
for the opening of a Crystal Boutique Resort.

May 2009
- Property Logic signs agreement with WORLDHOTELS to manage luxury golf resort plot VVT-8.

June 2009
- The destination of Mediterrania Saïdia officially opens with the inauguration by the King on 19
June. The event marks the opening of the second phase of Marina Saïdia, the third largest marina in
the Mediterranean with capacity to host 1,350 boats. Also opened are "Medina Saidia", a 40-ha
shopping centre taking the shape of a Moroccan traditional city, “El Palmeral” golf course, an 18 hole
championship course to be managed by Troon Golf and two beach front hotels: the Barceló and the
Iberostar.

October 2009
-Property Logic is awarded as Best Developer by Overseas Property Professional for the second year
running. Additionally it is given the “Highly Commended” accolade.

December 2009
- Property Logic signs agreement with Franklyn Hotels and Resorts to manage two luxury golf
resorts.

June 2010
- Property Logic announces the option to SIPP investments with Le Jardin de Fleur.

Context: Morocco Profile_Section 2

2. Morocco Country Profile

The Kingdom of Morocco is located in North Africa, bordering the North Atlantic Ocean and
the Mediterranean Sea, between Algeria and Western Sahara. Population: 34,859,364

Background
Hi Majesty King Mohammed VI has brought modernity to his North African country since taking the
throne on July 23, 1999.

• Over the past decade, Morocco has built an infrastructure that is the envy of its Maghreb
neighbours. From 100 kilometres (60 miles) of major highways in 1999, Morocco's main cities will
be connected by 1,500 kilometres of motorway by 2011.

• On the Mediterranean coast, the 825 million euro (1.15
million dollar) Tangiers Med project was launched to
create the biggest port in Africa. Plans are underway for a
high-speed train to connect the port to Casablanca.

• The government’s Vision 2010 Tourism Strategy aims to
invigorate global travel to Morocco and attract 10 million
visitors by 2010. Known as the Plan Azur, the programme
will develop six new coastal resorts with overall capacity
for 85,000 hotel beds and 35,000 residential beds. The first
resort, Mediterrania Saidia, opened in June 2009.

• Morocco was named ‘African Tourism Destination of the
Year’ in 2009, at the African Business Awards organised by
African Business magazine and Commonwealth Business
Council (CBC).

• In 2000, Morocco entered an Association Agreement with
the EU and, in 2006, entered a Free Trade Agreement
(FTA) with the US. In 2008, Morocco obtained "advanced
status" relations from the European Union, to gain greater
access to Europe's single market.

• In 2005, Morocco launched the National Initiative for Human Development (INDH), a $2 billion
social development plan to address poverty and unemployment and improve the living conditions
of the country's urban slums.

Context: Morocco Profile_Section 2

Economy
Progress:
The macroeconomic, structural and commercial reforms that Morocco has undertaken since 2003
have contributed to a growing diversification and a positive overall performance of its economy. The
financial sector has seen improved performance and the industrial sectors are steadily developing.
Social welfare has been improved through a successful rural electrification program plus an overhaul
of the tourism and agriculture sectors.

Record agricultural harvest, strong government spending and domestic consumption combined to
help GDP grow by 5.1% in 2009.

Q1 2010:
• Morocco's economy growth increased by 4.6% in the first
quarter of 2010 – a figure that is expected to hold for year
end 2010.

• The European Union has also announced an increase to the
645 million euros having already been invested in support
of the country’s reforms.

• Morocco has been, to some extent, spared from the
international financial crisis, attributing this performance to
the relatively low and long term external debt and its
strengthened macroeconomic policies. The outlook of
Morocco's economy remains positive (source: International
Monetary Fund, IMF).

GDP - composition by sector:
• Agriculture: 14.7% - (Products: Barley, wheat, citrus, wine,
vegetables, olives, livestock)
• Industry: 38.9% - (Phosphate rock mining and processing, food
processing, leather goods, textiles, construction, tourism)
• Services: 46.5%
(*estimates)

Exports - commodities: clothing and textiles, electric components, inorganic chemicals, transistors,
crude minerals, fertilizers (including phosphates), petroleum products, citrus fruits, vegetables, fish
(2010)

Imports - commodities: crude petroleum, textile fabric, telecommunications equipment, wheat,
gas and electricity, transistors, plastics

Context: Morocco Tourism Strategy_Section 3

3. Morocco Tourism Strategy:
Plan 2010
After his enthronement in 1999, His Majesty King Mohammed VI announced his ambitious
development plans for Morocco. The “Plan 2010” tourism strategy aims to increase tourism to 10
million annual visitors and create 600,000 jobs in the tourist industry. This new initiative has created
attractive opportunities for investors in the travel and tourism industry.

Tourism Industry Figures
• The Tourism Minister of Morocco has reported that receipts will reach $52 billion in 2010

• Receipts for January – February period 2010 have risen by 10.5% compared to the same
period in 2009

• More than one million tourists visited the kingdom in the first two months of 2010,
registering a rise of 14% relative to the same period last year

• The tourism sector now accounts for more than 9% of Morocco’s GDP

• Morocco reported a 6% increase in arrivals in 2009 (8.34 million tourists in total). This is in
some part due to an increase in tourism numbers from Spain, the Arab countries, Italy,
France and Belgium

• It is expected that the Plan Azur resorts will have a good impact on the tourism sector with
an estimated total of 42 billion receipts in 2010

• Morocco’s travel and tourism industry is expected to grow in nominal terms to $30.4 million
by 2018, according to World Travel and Tourism Council

• French tourists top the visitor list with 1.37 million (+9%), followed by the Spanish (714,000,
+ 19 %), the Belgians (184,000, +19 %), the German (176,000, +8 %), the Dutch (163,000,
+15 %), the British (154,000, -13 %) and the Italians (130,000, +10 %)

Plan Azur
Overall objectives:
To be achieved through strategic programmes:

- Triple bed capacity (city, rural and coastal)
- Create 6 new coastal resorts (Plan Azur)
- Train tourism industry staff
- Create air transportation capacity and incentives
- Tour operator partnerships
- Infrastructure & tourist services improvement (airports, motor ways etc)
- Provide incentives to hotel developers and investors

Context: Morocco Tourism Strategy_Section 3

In January 2010, the new Minister of Tourism was appointed to the Moroccan government to pursue
the Plan Azur initiatives that include improvements to the transport network and a steady increase in
tourism numbers. The Tourism Minister, Mr. Yassir Zenagui, expects that all of the Plan Azur resorts
will have a good impact on the tourism sector (which he estimates to total €42 billion receipts in
2010) and reports that more than 1 million tourists visited the country in the first 2 months of 2010
giving a 16% rise for the first quarter.

The Plan Azur: Six coastal resorts

Plan Azur is a national programme to create six integrated Government-backed developments on
priority sites along the Moroccan coastline. Mediterrania Saïdia was the first to open in 2009 being
officially inaugurated by His Majesty King Mohammed VI, shortly followed by Mazagan beach resort in
El Jadida. Lixus, Mogador and Taghazout have also been attributed and Plage Blanche currently awaits
a master developer.

The infrastructure for new arrivals to these destinations is being prepared with the help of Morocco’s
Open Skies policy that aims to lower airfares and boost internet sales.

PLAN AZUR IN FIGURES:

• 46 billion DH (€4 billion)
• Accommodation capacity: 110,000 beds
(including 80,000 hotel beds)
• Area covered: 3000 hectares
• Expecting 10.25 to 11.5 billion dollar
foreign exchange earning
• 600,000 new jobs

The 9th annual Assises du Tourisme in Morocco was celebrated in 2009 in Saidia coinciding with the
inauguration of the destination – the first of six resorts that form the Plan Azur of King Mohammed
VI.

Property Logic’s resort developments are located in the new costal destination of Mediterrania Saïdia,

Context: Property Logic in Morocco_Section 4

4. Property Logic in Morocco
Property Logic is one of the leading touristic developers of the Mediterrania Saïdia resort. The 11
luxury boutique resorts developed by Property Logic under the brand Le Jardin de Fleur enjoy prime
locations within the destination and now total almost 1,400 touristic properties (more than 5,000
beds).

Since the creation of Property Logic in 2005, the company has made significant achievements in terms
of penetrating the business sphere in Morocco. The developer maintains a constant flow of
communication with Moroccan authorities, organizations and associations.

Moroccan Partnerships

Kenzi Hotels Group has been selected to manage the 59 large riad-style villas, located
amidst two of the golf courses.

SAKA Hospitality will manage the Crystal Resort, featuring 50 exclusively
designed residences with rooftop pools.

Hivernage Hotels & Spa will feature 76 villa residences, each with their own
private pool.

International Hotel Partnerships
Property Logic has contracted with international hotel chains to the new coastal destination of
Mediterrania Saïdia with the objective of raising the international profile and reservations capacity of
the resort and attracting high quality tourism from strategic European markets.

Rezidor signed a management agreement with Property Logic to operate the 5
star Radisson Resort & Spa, featuring 384 rooms and 97 villas.

WORLDHOTELS, has signed a management agreement with Property
Logic, to create a luxury golf resort .

Best Western Premier will operate Le Jardin de Fleur’s first resort of 126
luxury hotel suites.

Starwood Group, through subsidiary Golden Tulip Hospitality, will manage 234
apartments in a prime central position within the destination.

Franklyn Hotels and Resorts. The group will operate two Le Jardin de
Fleur developments including apartments, townhouses and villas.


Introducing the UK market to Saïdia
Le Jardin de Fleur has attracted over 600 owners who have invested in the prestigious resorts, the
majority of which are from the UK. (72% clients have originated from UK & Ireland, 24% from other
European countries and 4% from the rest of the world).

The average purchase price has been approximately 250,000€ with a 60-40 per cent preference for
the large apartment options over villas.

Le Jardin de Fleur appeals to those attracted by the prospect of investing in a five star resort within
close reach of Europe. Le Jardin de Fleur’s key concept attracts a particularly high caliber investor – a
concept that provides choice, luxury and exclusivity. The concept is equally applicable whether the
client intends to use the purchased property for holidaying, retiring or simply to enjoy the economic
rewards of touristic rental income that is maximized by the intrinsic hotel operator scheme.

Awards for Best Developments in Morocco
Property Logic has attracted international industry recognition for the quality of its developments by
winning 8 prestigious awards. These awards recognize Property Logic’s commitment to the highest
levels of quality in terms of partnership, architectural design and development. Property Logic is the
only European company with business operations in Morocco to win 8 prestigious awards for its best
practices and quality of development.

These awards recognize Property Logic’s commitment to the highest levels of quality in terms of
partnership, architectural design and development. “We are delighted to have been voted best among
our respected industry peers. Our vision for Le Jardin de Fleur resorts in Morocco has always been
based on providing luxury, exclusivity and flexibility for the discerning property owner and holiday
guest, and to create long-lasting partnerships with our agents and hotel operators. We will continue
to demonstrate our commitment to the success of Saïdia as the first Government-backed Plan Azur
destination to open in Morocco,” comments Sean Cusack, Managing Director of Property Logic.


Media Coverage
Property Logic has relationships with a number of media trade contacts and publications to maintain
interesting and up-to-date press coverage about Mediterrania Saïdia. These efforts raise the Moroccan
destination’s profile on the international stage and ensure its success as a sustainable resort with
increased awareness, attracting year-round visitors.

Property Logic has hosted key journalists to Mediterrania Saïdia to survey the destination’s progress
as a new leading tourism destination.


Celebrity Investors
Amongst the many high profile clients that Property Logic
has attracted to Morocco are some of the UK’s finest
footballing elite. Premier League England Team players
John Terry, Rio Ferdinand and Gary Neville have invested
in Le Jardin de Fleur resorts.

Rio Ferdinand was hosted by Le Jardin de Fleur to the site
of his luxury riad style villa in ‘Le Village des Amis’, which
he has named “one of the best spots in the world”.

Image: Rio Ferdinand on-site in Mediterrania Saïdia

Founding Partner named
Honorary Consul for Morocco
Margus Reinsalu, one of the three founding partners of Property Logic
was named Morocco’s honorary consul in Estonia. Margus met the
Moroccan Secretary of state Ministry of Foreign Affairs and
Cooperation, Mrs. Latifa Akharbach, during her stay in Estonia on the
25th July 2008.

According to Margus, cooperation possibilities between Estonia and
Morocco as well as the development of business contacts were
discussed. Margus said that Estonia would welcome the Moroccan
business delegations to introduce them to cooperation and business
opportunities in Estonia. “Both the investment protection system
between Estonia and Morocco plus contracts to avoid double taxation
would definitely boost cooperation,” Margus said.

On 26th July, Morocco’s honorary consul Margus Reinsalu celebrated the Moroccan Enthronement
Public Holiday at the Oandu watermill in Virumaa, Estonia with a grand reception and a concert.

The Project: Location & Infrastructure_Section 5

5. Location & Infrastructure

Le Jardin de Fleur resort developments are located in Mediterrania
Saïdia, a new tourism destination on the north eastern coast of
Morocco.

Mediterrania Saïdia is the first of six government-backed coastal
resorts that form part of the Plan Azur tourism strategy to bring 10
million annual visitors to the country by 2010. It is a total project of 7
million with a 6 km beachfront. It comprises 17,000 hotel beds and
3,000 accommodation units.

Saïdia is situated on Morocco’s north eastern Mediterranean coastline
and is a forty minute drive from Oujda International Airport. Located
along six kilometres of sandy beaches – this is the area known as the
Blue Pearl of Morocco.

Destination Saïdia: Competitive strengths
from the tourism industry perspective
Mediterranean
- Calmer waters (suitable for bathing)
- Excellent for water sports, sailing, diving, fishing (deep sea and surface)
- 6 km of beaches (clear turquoise sea and golden sand)
- Typical Mediterranean climate – winter sun and perfect summer beach weather

Fast transfer time
The new motorway connecting Oujda International Airport to Saïdia is a 35 minute drive - a direct,
pleasant and convenient way to transport guests to their hotels.

Marina
The 1,350 berth marina in Mediterrania Saïdia is the third largest leisure port in the Mediterranean,
with capacity for berths of up to 50 metres (150 ft). The favourable conditions of the tranquil waters
make it an ideal destination for sailing and moorings for visitors from all over the Mediterranean
(particularly Spain, France, Italy and Tunisia).


Natural Reserve (SIBE)
Mediterrania Saïdia has a nature reserve close by with rare and distinctive birdlife. The Moulouya
Estuary is a high-value ecological and biological site (SIBE rated), that hosts five distinct habitat zones,
(marine, estuarine, dunes, cliffs) and is dominated by portions of gently sloping barrier beach that
borders a wetland and marsh area characterised by a land-water continuum. Due to its importance as
hub for migrating birds, the presence of many endemic and rare species and the important
biodiversity and rich water vegetation, the area fulfils the conditions to become an important bird
sanctuary.

The wetland here has been declared a protected area, and bird hides and information signboards have
been erected along a marked walking path which creates the ideal destination for wildlife lovers.

Resort destination facilities
Mediterrania Saïdia will be a complete holiday destination across a total of 700 hectares. Visitors will
have, in addition to their hotel facilities, complimentary resort transport to connect them to the
following activities within the resort destination of Mediterrania Saidia: 3 golf courses (each with 18
holes), 160 international and designer shops in a pedestrianised Moroccan medina area, supermarket,
bars and restaurants in the harbour, 17 beach clubs, sports and convention complex, water sports and
nautical centre.

Undiscovered charm
The area of Saïdia, located in the Berkane province, is known in Morocco as the best area for beaches
(termed locally as the “blue pearl”).

Saïdia town – Government investment
The King of Morocco has initiated significant infrastructure improvements to the town of Saïdia
located 10 minutes from the resort. What was a former fishing village with a popular annual music
festival and 18th century Kasbah is experiencing a complete renovation which will enable it to become
one of the closest tourism attractions for visitors to the resort destination a short drive away. This
gives added variety for visitors who wish to explore the real Morocco beyond their hotel and resort
facilities. In addition, a new hospital is being built in Saïdia town centre which will complement the
services offered by the private medical centre on the Mediterrania Saïdia resort.

Safety and Security
Because this is a government sponsored destination, much investment will go into the infrastructure,
training of staff and security in order to ensure tourism satisfaction. 24 hour security will be organized
by the Moroccan authorities in all communal areas in addition to the security within the gated resorts.


Access & Communications

Main inbound visitor markets & flight times:

Origin Flight time to
nearest
Airports of
Oujda, Nador
and Melilla

London 3 hours

Paris 2 hours

Madrid 1 hour

Rome 3 hours

Frankfurt 3 hours

Due to the 3 hour average flight time from most West European cities, flights to Mediterrania Saïdia’s
aiports qualify as short-haul.

Land transfer time from airport to resort:

Airport: Transfer time by car to Saïdia resort:
Oujda International Airport 35 minutes
Nador 1 hour
Melilla 1 hour

Sea routes:
Frequent daily ferry routes connect southern Spain to Morocco. The shortest distance between the
two countries is 17 kilometers and there are several options for visitors to cross the Mediterranean
Sea. The closest ferry ports to Saïdia are currently Melilla and Nador.

Ferry: Malaga/Almeria to Melilla (Spanish port). (Then, land transfer time 1 hour to Saïdia)
Ferry: Almeria to Nador. (Then, land transfer time 1 hour to Saïdia)

The fastest sea routes from Spain at present connect the Costa del Sol (Algeciras/ Tarifa) to Tangiers
which is 540 km from Saïdia. Eventually this journey time will be cut to one or two hours thanks to a
high-speed rail network, “TGV”, which is planned to run via an underwater tunnel in 2011.

In addition, private boat crafts can moor at Marina Saïdia.

Land transfer options:
• Regular coaches
• Limousines and chauffeur driven vehicles
• Taxi (24 hour service)


Accessibility from other locations within Morocco:
The Oriental region of Morocco is conveniently located to give opportunity to combine visits with
other key Moroccan destinations:

• The Imperial city of Fez (approximately 4 hour drive from Saïdia)
- The imperial city of Meknes is only a further 50 km from Fez
- Erfoud (Sahara desert) is only a further 5 hours south of Fez
• Desert Oasis of Figuig (approximately 4.5 hour drive from Saïdia)

Transport Infrastructure
Flight routes:

Charter
The majority of tourism visitors will be able to travel on charter flights from Europe.

Scheduled
Scheduled flights, including low cost companies, are already operating routes to Oujda Airport from
France, Belgium and the Netherlands. The Oujda Airport expansion project will provide capacity for
numerous airline routes. Ryanair has commenced a route from Nador to Marseille which connects to
several UK & European airports. Royal Air Maroc has also announced plans to commence a route
from London Stansted airport to Oujda in 2010. Air Andalus also operates flights to Nador from
most Spanish cities, and the airport of Melilla is well served by Iberia.

Airports:

Oujda International Airport
The majority of visitors to Mediterrania Saïdia will arrive into the closest airport - Oujda International
Airport which is a 35 minute transfer time to Mediterrania Saïdia. Oujda is currently undergoing a
large transformation and is set to become the second largest hub in Morocco with well over 2 million
passengers.

Nador and Melilla International Airports
Also within close proximity to Saïdia are Nador and Melilla (Spanish) airports, with Nador becoming a
key hub for new Spanish carrier Air Andalus, and for regular flights out of Amsterdam and Brussels.


Expansion of Oujda International Airport:
ONDA (Morocco’s national airport authority) has initiated the development project of Oujda/Angads
airport in order to progress in parallel to the future development of the Oriental region of Morocco.

The development of Oujda airport that is currently underway includes:

• The construction of a new terminal
(20.000 m²), offering an additional
capacity for 2 million passengers per
annum
• The construction of a control tower
• A parking bay with additional capacity
for 10 planes
• New road access with a car park for 800
spaces
• Installation of the accesses
• Green spaces and trees, external lighting
• A new take-off runway

Road infrastructure:

A new motorway was opened on the route between Oujda and
Saïdia in June 2008 making the journey time by car less than 40
minutes. In addition, construction is underway for a new toll road
(320 km) to link Oujda to Fez which will reduce the journey time
between these two cities considerably. Morocco has committed
$4.4bn to the building of 1500 km of motorways specifically to aid
the development of the tourism industry. This also includes the
coastal highway or the Mediterranean “rocade” which will link the
towns along the northern coastline.

Railway infrastructure:

Large investment has been made into a high-speed TGV rail system which will link Nador via a 1,500
km network to Tangiers and Marrakech.

The Project: MasterPlan_Section 6

6. Master Plan
Mediterrania Saïdia
Le Jardin de Fleur resorts are located in the Master plan of Mediterrania Saïdia – a 7 million m2
coastal destination with 6 km of beaches across the spectacular stretch of coastline known as
Morocco’s Blue Pearl, featuring 3 golf courses, a marina, hotels, resorts, shops and restaurants.

This is a new generation resort highlighted as Morocco’s exotic Côte d’Azur on the exclusive riviera
of the North African Mediterranean coast. Mediterrania Saïdia aims to be the ultimate year-round
sports and sun destination with three golf courses and Olympic standard sports installations among
the many facilities. To date, the hotel brands that will be present in Mediterrania Saïdia include
international chains Barceló, Iberostar and Property Logic’s partners Radisson, Worldhotels, Best
Western Premier, Franklyn, Golden Tulip, in addition to Moroccan chains Hivernage, Kenzi and
Crystal.

The Plan Azur projects form a national tourism strategy that will transform under-developed areas of
Morocco into independently operating destinations, thus collectively increasing tourist numbers to 10
million annual visitors by 2010 and creating 600,000 jobs.


The Project
Size: 700 hectares

Overall Investment: 12 billion MAD (€1 billion) - Within framework of partnership
between State (605 billion MAD), Addoha Maroc (3,7 billion
MAD) and other investors/developers (7,7 billion MAD)

Developers: GFM, Property Logic

Completion date: Phase 1 opened 2009, final phase 2013

Job creation: 48,000 jobs, 8000 direct

Hotel beds: 9 hotel plots (4 and 5 star), 8 touristic residence plots and 12
vacation village plots, creating a total of 17,000 hotel beds*

Real estate: 3600 residential units (townhouses, apartments and villas)

Golf: 3 courses with 18 holes each, designed by Grupo Segales (the first
managed by Troon Golf)

Marina: Third largest leisure port in Mediterranean with 1,350 berths

*The Moroccan Authorities granted building licenses for 11 Le Jardin de Fleur developments, making a
total of 1,382 properties.

This represents over a third of the touristic properties being developed on Mediterrania Saïdia with a
total land value of 65 million euros within the 2.5 billion resort project. Property Logic was granted
the licenses to build additional residences in order to ensure that the reputable developer maintains a
high level of quality and a variety of resort vacation options in this Government-backed coastal
destination.

Public Facilities in Mediterrania Saïdia:

• 6 km of beautiful sandy beachfront
• Promenade with beach clubs
• Three 18 hole golf courses
• Marina with 1,350 berths
• Diving and sailing centre
• Water sports & yacht club
• Restaurants & bars
• First class sports facilities (Olympic swimming pool, football ground, tennis facilities)
• Aquatic park (under development)
• Moroccan medina with European shopping centre
• Nine 4 & 5 star hotels
• Polo ground & Equestrian centre (under development)
• Medical Centre


Marina Saïdia
The newly opened marina in Mediterrania Saïdia is one of the largest leisure ports in the
Mediterranean.

FIGURES:
• Investment: 540 million DH (€47million)
• Surface area: 25 ha
• Berths: 1350 capable of holding boats from 7m to over 50m
Distance : 32 nautical miles from Melilla, 90 nautical miles from Almería,
average 150 nautical miles from Costa del Sol marinas.

The marina has all the facilities and services needed to repair, restock and refit even the largest ocean
going cruisers, and includes a yacht club, nautical centre, water sports facilities, dry docking plus
numerous bars, restaurants and a supermarket.


Beach
Mediterrania Saïdia’s coastline
is known as Morocco’s “Blue
Pearl.” The resort features 6
kilometres of sandy beach.
The conditions created by the
warm tranquil waters are ideal
for bathing and water sports.

Beach Clubs

Several beach clubs will be
developed in 2010/11 and a
palm tree lined promenade
connects the resort of
Mediterrania Saïdia to the
nearby town of Saïdia.

Golf
The master plan features 3 golf courses over 210 ha and each with 18 holes. The first course, “El
Palmeral”, designed by Grupo Segales, was officially inaugurated in June 2009 and is being operated by
Troon Golf Management.


Commercial centre
In the marina area, Mediterrania Saïdia will feature a Moroccan style medina over 20 ha, with
pedestrianised streets, squares, fountains, restaurants and over 160 retail outlets including many
recognized European brands such as Mango, Vertu, Lacoste, Fauchon, Okaidi, Marionnaud, Charriol,
Promod and Marjane.


Build progress
Le Jardin de Fleur comprises 11 resort sites within the Mediterrania Saïdia master plan, each
strategically chosen for beach and golf views.

Phase 1 of the Mediterrania Saïdia master plan was officially opened in June 2009 and
includes:

- Barceló international 4-star hotel (614 rooms)
- Iberostar international 4-star hotel (485 rooms)
- El Palmeral Golf course (18 holes)
- Marina (1350 berths)
- Medina and Commercial Centre

- The Best Western Premier Le Jardin de Fleur Resort (126 hotel suites including one and two
bedroom apartments and penthouses, clubhouses, restaurant, café-bar, swimming pool, spa) is
scheduled to open year end 2010.

The remainder of the resorts and master plan facilities including two 18 hole golf courses, and 10 Le
Jardin de Fleur hotel operated resorts will have varying openings dates between 2010-2013.

Marina Saïdia and Commercial Centre at official opening celebrations

The Project: Business Model_Section 7

7. Business Model
The travel industry is witnessing great demand for added luxuries such as private dining and swimming pools to
enjoy with family and friends. Le Jardin de Fleur’s client-centric approach meets these needs with a wide range of
high standard and fully-serviced on-site lifestyle facilities.

The concept behind Le Jardin de Fleur is to provide the investor with luxury, flexibility and exclusivity. Investors
can choose to purchase a freehold property to use as a vacation home, a retirement property or simply to enjoy
the returns from a fully maintained holiday home in a prime tourism destination. Villas, apartments and townhouses
form a total of 1,382 units that make up the 11 resorts, with investors able to enjoy 8 weeks at their property each
year whilst also receiving a share of the rental income for the rest of the year.

Tourism Leaseback Concept
Morocco is seen as a great value alternative in an emerging luxury tourist destination with ideal winter and summer
sun. Most property buyers are attracted by Le Jardin de Fleur’s investment potential, the conclusive destination
location and facilities and good rental returns. Le Jardin de Fleur caters to these needs by including a leaseback
agreement where the investor is offered a high quality freehold property that is managed and rented out to
tourism guests by the appointed resort hotel operator. The properties are entered into a rental pool that
generates hotel revenue streams and this rental profit is maximised by the appointment of top range hotel
operators to manage the resorts.

Best Western Premier – Radisson Resort & Spa – Hivernage Resort & Spa - Jardins Botaniques
126 Suites (RT-2) 250 Hotel Suites (RT-6) 76 Villas (VVT-11) - 96 Residences (VVT-12)

Grandes Villas –
25 Villas (VVT-4)

Crystal Resort Saïdia –
50 Townhouses (VVT-5)

Tulip Residences –
234 Residences (RT-7)
Radisson Residences - Kenzi Premium Resort –
97 Villas (VVT-6) 59 Villas (VVT-7) Village de Golf – Village de Sport – 233
120 Villas (VVT-8) Golf Residences (VVT-9)


Property Sales
Since launching in 2005, Le Jardin de Fleur has attracted over 600 owners who have invested in the resorts.
Le Jardin de Fleur appeals to those attracted by the prospect of investing in an upscale resort within close reach of
Europe.

The accommodation ranges from a one bedroom apartment to a five bedroom villa in some of the best beach
or golf locations. Prices range from €92,000 ($117,000) for a one-bedroom hotel suite, €197,000 ($251,000)
for a two-bedroom beach apartment rising to €988,000 ($1.26 million) for a five-bedroom frontline golf villa.
Whichever investment option is chosen, owners are in the exciting position of being part of a well planned
tourism strategy. More information: www.lejardindefleur.com

Common facilities and hotel infrastructure
Each resort has an on-site clubhouse and facilities managed by the hotel operator
Resort guests and property owners have exclusive access to the on-site facilities within their resort community:

- Moroccan style Clubhouses with bar
- International restaurant in each resort
- Spa and swimming pools
- Personal catering, housekeeping & concierge services for sightseeing/transfers etc.
- Daily Entertainment programmes

Clubhouses

BEST WESTERN GRANDES VILLAS CRYSTAL (VVT-5) TULIP RESIDENCES GOLF VILLAS (VVT-8)
PREMIER (RT-2) (VVT-4) (RT-7)

KENZI PREMIUM RADISSON RESIDENCES VILLAGE DU SPORT HIVERNAGE (VVT-11) RADISSON RESORT
(VVT-7 VILLAS) (VVT-6) (VVT-9) & SPA (RT-6)

Facilities include
• Restaurants
• Bars
• Outdoor lagoon pools
• Kids pools
• Indoor pools
• Aqua Park
• Spas
• Gymnasiums
• Tennis
• Putting Greens
• Entertainment


Interior design packages
A full furniture package is provided and maintained by Le Jardin de Fleur. Under the leaseback programme, the
property is managed like a hotel with daily cleaning and maintenance services.

The interior packages are inspired by a modern Moroccan theme with an emphasis on luxury and comfort.
All units feature kitchens with appliances, air-conditioning, marble flooring, satellite TV, internet, furnishings &
Moroccan Interiors.

All properties are subject to a 10 year construction guarantee and follow European building standards.

Payment terms
Clients can reserve a property off-plan with an initial deposit and then visit the site before making the final
purchase decision. On signing the contract, a payment of 20% is made, followed by a second payment of 20% once
construction commences. When construction is finished, the buyer completes the purchase of the property at a
notary with the remaining 60%. Property Logic facilitates this process by recommending partner mortgage and legal
advisors specialised in the Moroccan property market.


Hotel Operations
To date, Property Logic has agreed the following management contracts for Le Jardin de Fleur resorts in Saïdia. A
selection of international and domestic quality brands will provide international four and five star standard.

*Subject to contract*


RADISSON RESORT & SPA SAÏDIA

In June 2008 the Rezidor Group selected Saïdia for its first entry into the Moroccan market. In a joint partnership
with Property Logic the Radisson brand will be responsible for the operation of two of the resorts that Property
Logic is constructing.

Located in plots RT-6 and VVT-6 of the master plan and in a beachfront position, the Radisson Resort & Spa and
the Radisson Residences will include the following features:

• 400 rooms and 97 villa residences
• 4 restaurants & 3 bars
• 5 outdoor pools & 1 indoor pool
• 1 fitness centre
• Kids club
• Shops
• Tennis courts
• Amphitheatre
• Moroccan-themed Spa/ Thalasso centre
• Meeting and conference facilities
• 48,697 m² area
• Opening date: 2011

About the Rezidor Group
“With this signing we are adding a new and emerging country to our pipeline and are now present in 53 countries
across EMEA”, comments Kurt Ritter, President & CEO of Rezidor. “In the Middle East and Africa we now have 47
hotels with almost 11,500 rooms in operation and under development – a clear sign for our commitment to this
region.” A benchmark for the Radisson Saïdia is the Radisson Hotel in Djerba, Tunisia.

The Rezidor Hotel Group is one of the fastest growing hotel companies in the world. The group features a
portfolio of over 330 hotels in operation and under development with more than 68,000 rooms in 53 countries.
Rezidor operates the brands Radisson SAS Hotels & Resorts, Regent Hotels & Resorts, Park Inn and Country Inns
& Suites in Europe, Middle East and Africa, along with the goldpoints plusSM loyalty programme for frequent hotel
guests.

In November 2006, Rezidor was listed on the Stockholm Stock Exchange. Carlson Companies is the largest
shareholder (42%). The Corporate Office of the Rezidor Hotel Group is based in Brussels, Belgium. For more
information on Rezidor, visit www.rezidor.com

Signature quote
"We are delighted to partner with such an important international brand as
Radisson because of its outstanding quality and services that are renowned
in the industry. Our companies share a common vision for luxury standards
that will make the Saïdia resort a world class tourism destination,” said Joop
Huisman, Managing Director of Property Logic.

From left to right: Romain Avril, Business Development
Manager of Rezidor, Kurt Ritter, President & CEO of
Rezidor, Joop Huisman, Managing Director of
Property Logic and David Woodward, Director Hotel &
Commercial Operations of Property Logic


BEST WESTERN PREMIER LE JARDIN DE FLEUR RESORT,
SAÏDIA

In September 2008, the Best Western Hotel Group announced Saïdia as the first location to pilot its superior Best
Western Premier brand. The resort is also the first Premier level Best Western in Moroccan market.

Located in plot RT-2 next to the Palmeral 18-hole golf course and within minutes walk to the beach, the Le Jardin
de Fleur’s premier resort will feature:

• 126 residences
• 528 beds
• Clubhouse/ lobby
• Café-bar
• Outdoor lagoon pool
• Kids club
• Spa
• Landscaped gardens
• 41,834 m² area

“The Best Western Premier hotel brand was launched to provide a higher level of service and amenities together
with a characterful dimension. This resort will add to a network of more than 100 Best Western Premier hotels
currently located throughout Europe and Asia. We are very proud to be part of the development of the Saïdia
resort project, one of the major plans to develop tourism in the country” said Stephane Cremel, Director of
Development for Best Western in Morocco.

“This will be the first Best Western Premier resort to open in Saïdia and we have chosen to partner with a hotel
operator with a powerful global marketing and reservations network. Best Western Premier is the upper-scale
brand of the world’s strongest hotel brand and we believe it will enable the Saïdia destination to maximize on
opportunities in the ever growing short-stay and longer-stay leisure markets,” said David Woodward, Director of
Hotel and Commercial Operations for Property Logic, the developer behind Le Jardin de Fleur resorts in
Morocco.

About the Best Western Group
Best Western International is THE WORLD'S LARGEST HOTEL CHAIN®, providing marketing, reservations and
operational support to over 4,000 independently owned and operated member hotels in 80 countries and
territories worldwide. An industry pioneer since 1946, Best Western has grown into an iconic brand that hosts
400,000 worldwide guests each night. Best Western France is affiliated to Best Western International with 280
hotels all over France. Best Western France is also responsible for marketing hotels in some of the most important
Moroccan cities and destination. For more information, please visit www.bestwestern.com or www.bestwestern.fr

About Best Western Premier®
Founded in 2004, Best Western Premier is Best Western International’s top of the range brand. It includes 101
four and five-star hotels around the world, chiefly in Europe and Asia, 15 of which are situated in mainland France
and the French overseas territories, with a capacity ranging from 12 to 300 bedrooms. All independent and very
different, these hotels are full of character and offer guests a unique art de vivre at each destination while at the
same time providing the same high levels of comfort throughout the world. Their architecture, design and
hospitality are all influenced by their strong roots, firmly anchored in the local identity of a country or region and
often dating back several centuries. For more information about Best Western Premier®, please go to
www.bestwesternpremier.com


HIVERNAGE RESORT & SPA SAÏDIA

In September 2008, the Marrakech based boutique hotel chain, Hivernage Hotel Group announced its partnership
agreement with Property Logic for the management of its second resort in Morocco, to be located in Saïdia.

Located in plot VVT-11 of the master plan, the Hivernage resort will enjoy a tranquil beach and golf position and
includes the following features:

• 76 villa residences
• 452 beds
• Restaurants & bar
• Indoor pool
• Fitness centre
• Kids club
• Tennis courts
• Moroccan-themed Spa
• 55,129 m² area

“We are developing a total of 11 individually-styled resorts that offer full hotel service operated leaseback
properties in Le Jardin de Fleur Saïdia. We are currently in the process of finalizing management contracts with
additional international and Moroccan hotel brands that will make Saïdia a top quality tourism destination,”
comments David Woodward, Director of Hotel and Commercial Operations for Property Logic, the developer
behind Le Jardin de Fleur resorts in Morocco.

About the Hivernage Hotel Group
Hivernage Hotels & Spa Group of Marrakech includes, via its holding company, the first luxury boutique hotel, the
Hivernage Hotel & Spa of Marrakech, as well as three new top luxury projects which are located in Marrakech. At
the Hivernage, contemporary design is blended with traditional Moroccan handicrafts. For more information visit
www.hivernage-hotel.com


TULIP RESIDENCES, SAÏDIA

STARWOOD Capital Group Global, through subsidiary Golden Tulip Hospitality signed a management
contract with Property Logic for its Tulip Residences resort, representing more than 780 hotels and 75.000 rooms
in more than 50 countries. The Group franchises and manages hotels in Europe, the Middle East & Africa, the Asian
Pacific Region and the Americas. In 2006, Hotels Magazine has ranked this company the 18th largest hotel chain.
The chain was acquired by Starwood Capital Group in 2009.

Tulip Residences Saïdia is comprised of:

• 234 spacious residences
• Ranging from 2 to 4 bedrooms
• 1000 beds
• Fully serviced & equipped with home-
like comforts.
• Moroccan-style Clubhouse
• 2 lagoon pools & 1 outdoor heated
pool
• Themed restaurant & café-bar
• Tennis courts
• Amphitheatre for family
entertainment
• 72.,075 m² area

Tulip Residences are an ideal alternative to hotel rooms as they offer the leisure traveller fully-serviced, tastefully
furnished properties that combine luxury and elegance with all the home-like comforts and services you could wish
for. Saïdia was chosen as the location to launch the first Tulip Residences concept outside Europe due to its
immense potential.

About Golden Tulip
The Golden Tulip provides services in categories with different standards. Tulip Inn provides limited-service first-
class category rooms in functional hotels, Golden Tulip and Tulip Residences are the brands for the Superior First-
Class service with international standards of comfort and a local flavour. For more information visit:
www.goldentulip.com

About Tulip Residences
Following the continuous growth in demand in Europe for extended stay hotels, Golden Tulip Hospitality Group
announced the launch of its new extended-stay brand concept in June 2008; “Tulip Residences” offers guests an
experience of home-like comforts. The interior offerings of Tulip Residences are based on elements of luxury and
elegance. Tastefully residences are equipped with high-definition televisions, free Wi-Fi connection, en suite
bathrooms and a fully equipped kitchen facility.


CRYSTAL HOTEL SAÏDIA

In February 2009, the SAKA Hospitality Group signs a management contract with the developer Property Logic for
the “Crystal Hotel Saïdia” project in Le Jardin de Fleur Saïdia.

Crystal Hotel Saïdia is comprised of:

• 50 Crystal Resort Residences with private sunroof and pool
• Each residence has 2 storeys + roof
• Each residence has 3 bedrooms
• Total of 266 beds
• Fully serviced & equipped with modern home-like comforts
• Moroccan-style Clubhouse
• Outdoor lagoon pool
• Gourmet restaurant & café-bar
• Tennis court
• Putting green
• Petanque
• 34.420 m² area

Saad Kabbaj, President & General Manager of SAKA Hospitality comments: “We have chosen Saïdia as
part of our expansion plans, as we see huge potential in this destination to open our distribution to wider markets.
The Crystal Hotel in Saïdia will offer stylish hotel residences with private rooftop pools, solariums and cascading
fountains in addition to all the modern comforts of a five star resort. We are pleased to be partnering with
Property Logic and believe that Saïdia is the ideal destination to expand our exciting new venture.”

About SAKA Hospitality
The Managing Director of SAKA Hospitality, Mr. Saad Kabbaj is owner of the Pacha entertainment franchise in
Morocco with its renovated nightclub, restaurant and hotel complex Pacha Marrakech. The Pacha Marrakech
complex is built over 8000 square metres. It includes two restaurants, a pool, chill out bar and nightclub that holds
up to 2300 people plus a host of world famous DJs, in addition to the brand new Crystal Suites hotel & ball room
complex. The Crystal Restaurant boasts cuisine by Jacques & Laurent Pourcet. For more information please visit:
www.pachamarrakech.com


KENZI PREMIUM RESORT SAÏDIA

The Kenzi Group has signed a management contract with the developer Property Logic for the “Kenzi Premium”
project in Le Jardin de Fleur Saïdia.

Kenzi Premium Resort Saïdia is comprised of:

• 59 large riad-style villas with private pools
• Each on a plot size ranging from 800-
1000m2
• Each villa has 3 - 5 bedrooms
• Fully serviced & equipped with modern
home-like comforts
• Lagoon swimming pool and children’s pools
• Clubhouse
• Restaurant and bar
• Spa
• Tennis courts
• Putting green
• Area: 78.344 m²

Abdellatif Kabbaj, President & Managing Director of the Kenzi hotels Group comments: “Kenzi Group
has decided to be present in the Saïdia project and will open a luxury hotel with unique character. The fact that
Property Logic - a European developer has chosen a 100% Moroccan Management Company for its flagship project
in Morocco is a vote of confidence for the Moroccan tourism sector.”

About the Kenzi Hotel Group
Created in 1988, the Kenzi Group comprises today ten 4* and 5* hotels, with a total of 1564 rooms. This
development has made the group a leading Moroccan hotel operator. Spa centres, restaurants, bars, business
centres among many other services, have made the Kenzi Hotel Chain leader in Moroccan tourism and have
embellished its reputation. In 2009, Kenzi Hotels Group will open two Premium Signature properties. The 1st
March 2009 saw the opening of the five star Kenzi Tower Hotel in Casablanca and the Kenzi Menara Palace in
Marrakech, which marked the introduction of a world class luxury brand of this hotel chain. For more information,
please visit www.kenzi-hotels.com


WORLD HOTELS, HomeSuites (Village de Golf Villas)
In June 2009, WORLDHOTELS signed a management contract for one of Le Jardin de Fleur’s golf villas
developments.

Under WORLDHOTELS management the resort is comprised of:

• 120 golf villas with private pools
• Each on a plot size ranging from
400-700m2
• Each villa has 3 bedrooms
• Fully serviced & equipped with modern
home-like comforts
• Lagoon swimming pool and heated
indoor pool
• Clubhouse
• Restaurant and bar
• Gymnasium
• Tennis courts
• Petanque
• Area: 73.810 m²
•

Robert Hornman, Vice President at WORLDHOTELS, comments on the partnership:
“This agreement with Property Logic marks an exciting new era for WORLDHOTELS. We already have a very
strong presence in Europe with 500 affiliated hotels and resorts throughout the world. It therefore makes natural
sense for WORLDHOTELS to sign management and marketing agreements with international developers, such as
Property Logic.”

About WORLDHOTELS
WORLDHOTELS is an exclusive collection of the world's most unique independent hotels and resorts. For nearly
40 years, the company's mission has been to offer business and leisure travellers easy access to a wide range of
accommodation options with a strong emphasis on hotels of character and distinction.

WORLDHOTELS.HomeSuites comprises a global network of 43 vacation, resort and city residences with full hotel
facilities.

www.worldhotels.com


FRANKLYN SUITES, SAÏDIA (LES GRANDES
VILLAS RESORT)

In December 2009, Franklyn Hotels and Resorts, the leisure and hospitality arm of KOP group, signed a
management agreement with Property Logic to operate two Le Jardin de Fleur developments.

The first development to be managed by Franklyn Hotels and Resorts, ‘Les Grandes Villas’ is located close to the
1,350 berth marina and El Palmeral Golf, and will be operated under the “Franklyn Suites” brand. The boutique
resort will open in 2011 and features:

• 25 unique villas
• 208 beds
• Clubhouse
• Restaurant
• Café-bar
• Outdoor pool
• Indoor pool
• Putting green
• Tennis
• Petanque
• 41.687 m² area

MONTIGO RESORT, SAÏDIA (LE VILLAGE DE SPORT)

The second resort to be operated by Franklyn Hotels and Resorts under the “Montigo Resorts” brand is ‘Le
Village de Sport’ located by Las Lagunas Golf and Mediterrania Saïdia’s world class sports complex.
The development features:

• 236 apartments,
townhouses & villas
• 850 beds
• Clubhouse
• Restaurant
• Café-bar
• Indoor pool
• Putting & chipping green
• Tennis Club
• Petanque
• Gym
• Aqua park
• 131.462 m² area


Dean Schreiber, Managing Director of Franklyn Hotels and Resorts comments: “We are excited to be
part of the prestigious Le Jardin de Fleur development, as Saïdia is one of the most desirable locations in the
southern Mediterranean, with immense potential for the luxury tourism market. Franklyn Hotels and Resorts is
proud to operate a unique collection of hotels which delight the senses and aspirations of our guests. We have
chosen Saïdia for its location and the quality of the properties developed by Property Logic. Saïdia is positioning
itself as the best coastal resort in Morocco and is set to become one of the greatest tourist locations in southern
Europe. The white sandy beaches are superb, the sea is crystal blue in absolutely beautiful surroundings, and the
location on the Mediterranean coast of Morocco offers good weather virtually all year round.”

About the Franklyn Hotels and Resorts:
Franklyn Hotels and Resorts specialises in the management of small luxury lifestyle hotels worldwide offering a full
portfolio of management services and a dedicated team of industry experts. Their philosophy is to combine the
very best elements of the luxury lifestyle with the conveniences of the modern world in order to create an
atmosphere of relaxed sophistication and subtle elegance. The hotels are characterised by spacious properties (25
to 160 rooms) with charming architecture and design, spectacular locations, and in many cases emblematic and
historic buildings regarded as local landmarks ( Port Palace Monaco, Casa Angelina Amalfi coast in Italy, and
Cadogan London).

Franklyn Hotels and Resorts was established as the Leisure and Hospitality division of the KOP Group. Through
its various subsidiaries, the KOP Group acquires, develops and manages an entire range of real estate assets and
services relating to the hospitality industry. Headquartered in Singapore and with a global presence in Barcelona,
London, Paris and Berlin, KOP Hotels & Resorts is acknowledged as one of the world’s most comprehensive
luxury management service groups of today.

Franklyn’s portfolio of hotels will grow to 25 by 2013 and will be located in some of the world’s most exclusive
destinations spanning Europe, Africa and Asia. Among its brands are Montigo Resorts and Luxury Lifestyle
Hotels and Resorts.

For more information about Franklyn Hotels and Resorts, please visit www.Franklynhotels.com
For more information about the KOP group, please visit www.kopgroup.com

Le Jardin de Fleur, Morocco

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