L e s J a r d i n s Re n a i s s a n c e – A z a y - l e - R i d e a u T h e L o i r e Va l l e y The Region–The Loire Valley

LEASEBACK 5.2% - RESIDENCE * * *

Renowned for its beautiful châteaux, the Loire Valley, now classified a UNESCO World Heritage Site, is rich both in history and architecture. Its sophisticated cities, lush landscape and magnificent food and wine make this a veritable paradise. In this rich region there is something for everyone: Tour the castles, go wine-tasting, or choose from an array of outdoor activities the whole family can enjoy. You can explore the Loire region by bike, on horseback, or even by hot-air balloon! The river itself provides a source of entertainment with river cruises, fishing and kayaking.

Situated in the Loire valley, in the famous town of Azay-le-Rideau, the four Star residence is located on a hilltop overlooking the town. The development is composed of 110 houses in a spacious site situated only 10 minutes walk from the town centre. Onsite, the residents will benefit from a private indoor swimming pool.

Services will include: ! ! ! !

Reception Cleaning & linen service Heated swimming pool Bicycle garages

Capital Appreciation for apartments in the Loire region of France • •

+ 16 % in 2005 + 8.7 % yearly average over the last 10 years

Source – FNAIM (French Federation of Estate Agents)

Azay- Le- Rideau The Château of Azay-Le-Rideau was built on a small island on the Indre River and is the most feminine of the Loire castles, serving as a pleasure palace during the Renaissance. The village of Azay-le-Rideau (3100 inhabitants) provides access to all amenities, offers wine-tasting opportunities by day and, unlike most Loire villages, is lively by night.

The town of Azay-le-Rideau

Product description – Les Jardins Renaissance - Rev 5

The castle of Azay-le-Rideau

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Other castles in the Region

Château d’Ussé

This fairytale castle inspired Charles Perrault’s Sleeping Beauty. With its romantic white turrets, pointed towers and chimneys, and Renaissance chapel, it is a favourite among the châteaux.

Château de Villandry

Villandry was the last Renaissance château built in the Loire Valley and is a splendid illustration of Renaissance architecture and gardens: it boasts an exquisite vegetable garden, water garden, plant labyrinth, and is host to various shows and festivals.

Château de Chenonceau

Created by aristocratic women from the Renaissance onwards, Chenonceau is a romantic pleasure palace. Praised by Flaubert as “floating on air and water”, the chateau stretches across the river Cher with a 60m gallery built over a series of arches. Its grounds contain beautiful gardens, a turreted pavilion and a chapel.

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Accessibility ! ! ! ! !

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30 minutes from Tours airport (Ryanair via London) 2 hours from Nantes airport (Ryanair direct from Dublin & Shannon) 1 hour 15 minutes from Poitiers airports (Ryanair via London) 3 hours from Paris Charles de Gaulle airport (Aer Lingus direct) 1 hour by TGV from Paris

Facts ! 9 year lease with guaranteed and index linked rental income ! Up to 5.2% guaranteed annual rental return ! Possibility to exchange weeks of usage with weeks in the operator’s other residences throughout France ! VAT recovery ! Delivery – 3rd quarter 2007 ! Possibility of personal use for up to 6month/year or owner occupier

Price Gu ideline Villa Type

Price (VAT excl.)

Surface area

Comments

1-bed

From 100 K€

From 34.4 sqm

Furniture & Parking incl.

2-bed

From 128 K€

From 44.56 sqm

Furniture & Parking incl.

3-bed

From 154 K€

From 54.35 Sqm

Furniture & Parking incl..

Azay-le-Rideau wine dégustation

The town

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The development site p lan

The water suite building

Payment Schedule Apartment & Park ing Total ! ! ! ! ! !

5 % 30 % 20 % 10 % 5% 13.612 %

! 16.388 %

Deposit at reservation stage Completion of the foundations Completion of the ground floor slab Roof fitting stage Roof fitted Completion of internal partitioning

5 % 35 % 55 % 65 % 70 % 83.612 % (100% of VAT Excl.)

Work completion and delivery

100 %

Furniture ! 100 % Signature of the title deed

} VAT refund

Total 100 %

Note – All stage payments above are based on the VAT included prices. VAT on the furniture will be recovered after the delivery of the property.

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The Leases When purchasing an apartment, the purchaser may choose between two types of leases: ! The ‘Invest’ lease - 5.2% guaranteed rental income - No personal use included ! The ‘Serenissime’ lease - Guaranteed rental income based on the number of weeks of personal use of the property - Up to 8 weeks of personal use

The ‘I nvest’ Lease Soderev will be in charge of the entire management of the residence and will guarantee the rental income to the property owners. The lease proposed by Soderev is for 9 years renewable. The rent is payable in arrears by Soderev on a quarterly basis, on 31 March, 30 June, 30 September and 31 December of each year. The lease offers the following: ! Guaranteed quarterly payment of the index linked rental income for 9 consecutive years ! No personal use of the property ! 20% discount on the rental public prices ! Property insurance ! Maintenance of the property and furniture ! Most running and maintenance charges covered by the operator

The ‘Se reniss ime’ Lease Soderev will be in charge of the entire management of the residence and will guarantee the rental income to the property owners. The lease proposed by Soderev is for 9 years renewable. The rent is payable in arrears by Soderev on a quarterly basis, on 31 March, 30 June, 30 September and 31 December of each year. The lease offers the following: ! Guaranteed quarterly payment of the index linked rental income for 9 consecutive years ! Up to 8 weeks of personal use ! Selection of weeks of usage in the residence (Soderev offers the option for weeks of personal usage to be taken in any other Residence of similar standard within the Group) ! Property insurance ! Maintenance of the property and furniture ! Most running and maintenance charges covered by the operator

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Calculation of the Yearly Guaranteed Rental income: Your yield (guaranteed income) is based on your choice of weeks of personal use. Your initial maximum yield is 5.2%, with no personal use. If you decide to use your property, you will simply reduce your yield starting at 5.2%. The percentage yield applies on the property price only (VAT Excl.). Nbr of weeks ! High Season ! Medium Season ! Low Season

…….. X …….. X …….. X

5.2% 0.5 0.3 0.2

= = = Total

- ………… - ………… - ………… _____________________ ………….

Example M. & Mrs Jones decides to take 2 weeks of personal use a year, 1 medium season and 1 low season. Their guaranteed income will be 4.7% (i.e. 5.2% - (0.3 X 1) - (0.2 X 1) ). Seasons definition for 2005: High Season Medium Season Low Season

- From the 02/07 to the 26/08 - From the 02/04 to the 29/04 - From the 04/06 to the 01/07 - From the 27/08 to the 16/09 - From the 01/01 to the 01/04 - From the 30/04 to the 03/06 - From the 17/09 to the 05/11

Note – In the event that you do not use your occupancy rights, you should advise Soderev as soon as possible. Soderev may offer the rental for the one or more weeks unoccupied as an intermediary and without commitment for a rent equal to 50% of the public prices.

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Annual costs & taxes ! Land & property tax (Taxe foncière) This tax is applicable to the property owner whether the property is leased or not. This annual tax will be at approximately € 13 /Sqm. ! Running costs Most general running costs are covered by the management company; however some costs, including the co-ownership syndicate costs, remain payable by the owner. These costs are estimated at € 20 /Sqm/year.

Costs ass ociated with the buying process ! Legal fees - For this property the legal fees, mainly composed of the Notary fees, will be approximately 3% of the property price. - If a French mortgage is required to finance the property, a 2 to 3 % mortgage registration fee applies as well. This percentage applies on the mortgage amount. ! Accountant costs The company PriceWaterhouseCoopers Entreprises has been selected by the developer to represent you before the French tax office and retrieve the VAT on your behalf. Their yearly fees for this mission will be € 570 (VAT Excl.) for year one. PriceWaterhouseCoopers Entreprises Le Palmeira 45 Rue St Philippe BP 1006 06001 NICE Cedex 1 Tel: + 33 4 93 37 20 20

! Other costs - When taking a mortgage in France, the lending institution will charge a mortgage arrangement fee of 1% of the required mortgage. - If you choose to sign a power of attorney in Ireland rather than travelling to France to sign before the designated notary, the Irish Notary Public will charge a fee of €100.

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Financ ing For non residents, a mortgage up to 80% - 20 years can be arranged with Crédit Foncier. Crédit Foncier is a leading French financial institution which meets investors’ expectations with a wide range of highly specific and original solutions

The Developer Nexity Georges V is a leading French residential and commercial real estate developer. Nexity is present throughout France and combines all areas of expertise to address the concerns of its many clients - local communities, businesses, investors and individuals. Nexity continues to grow in the area of real estate activities development, strengthening its presence in France and throughout Europe, while developing its real estate services. Pursuing a targeted strategy of international development, Nexity aims to become a major player in European real estate activities. Today Nexity has a turnover of € 1.7 Billion and 1697 employees throughout France. http://www.nexity.fr/sommaire_corpo.php?Lang=Uk

The Operator The LAGRANGE Group, created in 1876, has been involved in the Tourism industry for the last 40 years. It is now one of the leaders in the management of tourism residences. The LAGRANGE Group is: ! 5 Reservation centres in Europe (Brussels, Geneva, London, Paris, Stuttgart) ! 3 Millions brochures distributed every year to 8,000 European travel agencies ! Over 800,000 customers every year ! 142 Residences in France (37,000 beds) ! 40 years of experience Soderev, one of the companies of the LAGRANGE Group, will be in charge of managing the residence. Soderev, established in 1982, was integrated into the LAGRANGE Group in 1998. Within the LAGRANGE Group, Soderev manages a large number of residences all over France. www.lagrange-holidays.com

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The buying process ! Step 1 – Signing of the preliminary contract

Once you have chosen an apartment we will ask you to sign within 7 days a preliminary sales contract as well as all the annexed documents (property description, apartment plans, general site plans, etc..). At that stage you will be required to transfer the 5% refundable deposit. The documents will be sent to the developer to be countersigned. ! Step 2 – The cooling off period The countersigned documents will then be sent back to you by registered post. Upon receipt, French law allows for a 7 day retraction period (cooling off period) where you, as the buyer, can stop the purchase process and be refunded your deposit. ! Step 3 – Financing If required, the mortgage and current account in France should be applied for as soon as the preliminary contract is signed. ! Step 4 – Signing of the title deeds or power of attorney Signing of the deeds can be done before the notary in France. In general, Irish investors sign a power of attorney before a Notary Public in Ireland allowing the French notary to sign the deeds on their behalf. In average, it takes 4 to 8 months to complete step 4 from the start of the buying process.

Disclaimer Every effort has been made to offer information that is current, correct and clearly expressed. The information in this summary is intended to be no more than a general overview of the position and certain details have been deliberately omitted. The contents of this document should not be taken as an authoritative statement. Neither the author nor the publisher are responsible for the results of actions taken on the basis of information contained in this summary, nor for any errors or omissions. This text is not intended to render legal, accounting or tax advice. Readers are encouraged to seek professional advice concerning specific matters before making any decision.

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