Master Plan BOAVISTA BEACHIsland of Boa Vista – Cape Verde

Administration Office:C/ León y Castillo , 152

35600 Puerto del Rosario Fuerteventura

SpainTel: +34.901.13.14.15/+34.928.85.60.17

Fax: +34.928.85.16.69

Registered Offices:Urb. El Rosario, Parcela GA-7, Km. 18829604 Marbella – MálagaSpainTel: +34.952.831.559/+34.952.837.663Fax: +34.951.310.744

Cape Verde Office:Zona Ponta Preta

Santa MaríaIsla de Sal – Cabo Verde

Tel: +238.242.21.50Fax: +238.242.21.50

www.planificacionesmundiales.com

Master Plan BOAVISTA BEACH– Island of Boa Vista

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3C/ León y Castillo, 152 – 35600 Puerto del Rosario – FuerteventuraTel: +34.901.13.14.15/+34.928.85.60.17 - Fax: +34.928.85.16.69

Content

1.Introduction 42.Cape Verde 5

a) Geographical situation 5b) Factsheet 7c) Tourism 8d) Photos of Cape Verde 11

3.Why invest in Cape Verde? 20Incentives and exemptions 21

4.Island of Boa Vista 23a) Description 23b) Airport 25

5.Boavista Beach Master Plan 27a) Situation 28b) Description 29c) Town Planning Parameters 31d) Types 32e) Technical data 34f) Environment 56g) Distinguishing aspects 57h) Photo-report 58

1. Introduction:Cape Verde is becoming more and more consolidated on the world market as a holiday destination with great potential.Its wild, exotic landscapes, the excellent sandy beaches with crystal clear water, the deep ocean full of fish, coral andmarine archaeology, along with the unique conditions for practicing water sports, the warm nights filled with irresistiblemusical rhythms and last but not less important, the delightful, outgoing personality of the people make this archipelago aparadise set in the heart of the Atlantic Ocean.

At the beginning of 2008, Cape Verde abandoned the Group of Low Income Countries and entered the group of MiddleIncome Countries (according to OECD criteria). In addition, from July 2008, the archipelago is a member of the WTO, whichstrengthens the multilateral trading system and will enable it to continue integrating into the world economy.

From 1991 the country has been applying market-orientated economic policies, making foreign investment easier,encouraging the private sector through privatisation and by developing tourism, light manufacturing industries and thefishing industry. It has also improved transportation, communications and electricity installations.

Furthermore, the integration of Cape Verde into the world economy and the development of the private sector, backed upby the arrival of large groups of foreign investors, a key element in the development of the country, have made it necessaryto set up a legal framework that no only offers attractive incentives for investment, but also provides security that willfacilitate and guarantee foreign investment in the country.

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2. Cape Verde:

a. Geographical Situation:

The Republic of Cape Verde occupies an area of 4,033 square kilometers. The islands of Cape Verde are situated in the AtlanticOcean, to the south of the Canary Islands and some 500 kilometres from the coast of Senegal. Cape Verde has a privilegedlocation, between the continents of Europe, Africa and America, right on the Atlantic shipping route.

The archipelago is of volcanic origin and is made of ten islands and eight small islets. The islands form two groups, depending ontheir relation with the north-east wind: the Windward Islands (Barlovento) consisting of São Antao, São Vicente, Santa Lucia,São Nicolau, Sal and Boa Vista; and the Leeward Islands (Sotavento) formed by Maio, São Tiago, Fogo and Brava.

The terrain is generally craggy and of volcanic origin; the highest point is in Fogo with an altitude of 2,829m. However, Sal andBoa Vista are flat, with extensive meadows and dunes of fine, white sand.

The climate is dry subtropical with an average temperature of 25 degrees centigrade (the coolest in Africa). Temperatures dropsomewhat from December to February due to the wind blowing from the Sahara, the Hamattan. The sea temperature variesbetween 21 and 25 degrees..

Archipelago of Cape Verde

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Archipelago of Cape Verde

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Flag

Capital Praia

Surface Area 4,033 Km2

965 Km. of coast

Population 519,000

Independence 5th July 1975

Form of government Parliamentary democracy

PresidentPrime Minister

Pedro PiresJosé María Nieves

Currency Capeverdean escudo (CVE)

Total GDPGDP per head

3,905 million US$7,904 US$

Languages Portuguese - Creole

Density Hab./Km2 101 Hab./Km2

Annual growth 5.8%

Life expectancy 71.7 years

Urban population 57.3%

b. Factsheet:

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c. Tourism:

Tourism is one of the pillars of the economic development of Cape Verde. In the last few years the tourism sector hasundergone a spectacular evolution. The islands of Cape Verde received over 320,000 tourists during 2007.

On the island of Sal, there were 210,000 tourists that visited in 2007. The island of Sal receives 65% of theholidaymakers travelling to Cape Verde. Holidaymakers come mainly from Italy, Germany, Portugal and the Scandinaviancountries. The average stay is 4-7 days. As an emerging market, Cape Verde has a growth rate of incoming internationalholidaymakers that is above the world average (22% growth per year).

There are currently some 5,800 beds and 29 holiday establishments in the archipelago of Cape Verde. Hilton HotelsCorporation plans to open a hotel in Santa María (Island of Sal) during the second quarter of 2010. Riu and Iberostar planto open 2 hotels that will open at the end of 2010.

Most popular hotels: Island of Sal: Hotel Riu Funana-Garopa, Hotel Morabeza, Hotel Odjo d’Agua. Island of Boa Vista: Hotel Riu Karamboa, Hotel Ventaclub, Hotel Estoril Beach. Island of Maio: Hotel Belavista, Hotel Marilu, Residencial Bom Sossego.

Hotel Riu Funana – Island of Sal Hotel Morabeza – Island of SalHotel Riu Karamboa – Island of Boavista

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Holiday demand in Cape Verde: Markets of origin (2008)

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d. Photos of Cape Verde:

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3. Why invest in Cape Verde?

Its privileged location:Situated between the continents of Europe, Africa and America.Situated right on the Atlantic shipping route.Communicated by regular sea and air connections.

Virgin market in full economic growth:6.9% economic growth in 2007.January 2008: integrated in the group of Middle Income Countries.Member of the WTO since July 2008.

Its political and economic stability:Parliamentary political system with free elections.Free from political, ethnic and religious conflict.Stable economic and social indicators.

Manpower:Freely available and low cost.Highly qualified.High production level.

The Caribbean of Europe:Spectacular beaches of white sand and crystal clear waterPerfect conditions for water sports (windsurf, kitesurf and surfing)Attractive sea fauna for fishing and scuba diving

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The integration of Cape Verde into the world economy and the development of the private sector, backed up by the arrival of large groups of foreign investors, have brought about the need to establish legal and taxation conditions to create the rightframework of security to facilitate and guarantee the new foreign investments.

The Cape Verde Foreign Investors’ Statute (Act nº 89/IV/93) provides for the following incentives and guarantees:

Tax Incentives:

• Tax exemption for dividends and profits during the first five years of activity.•Tax exemption for dividends and profits re-invested in the same or another business in the country.• Tax exemption on interest payments.

A privileged taxation system for any investments that, after the exemption period has expired and they are not re-invested, will only be taxed at a rate of 10% on the profits and dividends (this represents a 50% tax reduction on Income Tax applied to non-residents, currently set at 20%)

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By law, a foreign investment is considered to be any participation in financial business that is made with money broughtfrom abroad and that can be financially revalued. For foreign investments thus qualified, the State of Cape Verde, under itsown law, guarantees the non-discrimination of foreigners, who are given fair treatment both regarding the security andprotection of their assets and rights, and also the guarantee that they cannot become subject to nationalization orexpropriation, except in the case of for public use.

Guarantees:Protection of assets and rights inherent to foreign investment.Free transfer of dividends and profits abroad.No nationalisation or expropriation.Possibility of opening bank accounts in foreign currency.

Benefits and Incentives under the Tourism Utility Law for tourist investments: (Act nº42/IV/92)Exemption from customs duties on the importation of materials to be used in the construction and running of hotels and holiday complexes.Exemption from local property rates on buildings.100% tax exemption during the first five years.Tax deductions on profits reinvested in similar businesses.

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4. Island of Boavista:

a. Description:

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The Island of Boavista has an area of 620 Km2 and formspart of the Barlovento islands.It is flat and dry in appearance, and has a predominatelydry subtropical climate, characterized by mild, stabletemperatures, with annual averages from 19 to 28º C.

Capital: Sal Rei. 4,000 inhabitants. Third bigger island of the archipelago. Spectacular beaches of white sand and crystal

clear water.White sand dunes. Sea fauna that attracts fishing enthusiasts and

scuba divers, with great variety and abundance. Presence of turtles and whales. Perfect conditions for sports such as Surfing,

Kitesurf and Windsurf.

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The island of Boavista offers perfect conditions for fishing enthusiasts and scuba divers. You will enjoy the best beachesof the archipelago: crystal clear water and white sand dunes.

The current offer is orientated towards sun and beach holidays. The tourism market is made up principally byholidaymakers from the Nordic countries, Italy, England, Germany and Portugal. A large part of the holidays are organizedby tour operators.

b. Airport:

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There are at present 4 international airports in Cape Verde. The Boavista International Airport was inaugurated in october2007 and is located at only 5 minutes of Sal Rei, capital of the island.

The other three airports are on the islands of Sal (Amílcar Cabral International Airport), Santiago (Praia InternationalAirport) and São Vicente. (São Vicente International Airport).

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In the first six months of 2008, the airports of the archipelago of Cape Verdereceived over 700,000 passengers, which is an increase of 7.2% on the same periodof the previous year.

The airport of the island of Sal continues to be the busiest, as this is the mosttourist-orientated island of the archipelago, where 55% of the total traffic isconcentrated.

As for the airline companies, the first one is the national airline, TACV, followed bythe British THOMPSONFLY, the Portuguese TAP, the Italian NEOS SPA and TUIFLYNORDIC.

Origin Duration

Lisbon 3h30

Amsterdam 6h

Bergamo 6h

Bologna 6h

Rome 6h

Múnich 6h

Paris 6h

Vienna 6h

Madrid 4h

Las Palmas 2h

Dakar 2h

New York 6h30

5. Master Plan Boavista Beach:

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a. Situation:

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The Boavista Beach residential development isonly 5-10 minutes from the international airportand from the capital of the island: Sal Rei. Theproject is located on the west coast of the island ofBoavista.

The project has been conceived to be self-sufficient, with excellent access to the airport andto the main points of tourist attraction.

b. Description:

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The Boavista Beach Master Plan is to be developed on an area of 54 hectares, in a privileged location of great naturalbeauty.

The environmental value and the scenic beauty of its surroundings add great value and potential to the project.

Boavista Beach is a clear example of Sustainable Development which means conceptual development with planning thatnot only meets the parameters set by the government but also the concept of sustainability, the preservation of theenvironmental values of the area, the minimisation of impact and the maximum integration into the surroundings.

It is a project that has the support of the Government of Cape Verde and its institutions, and has all necessary approval,permits and licences.

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The development will comprise:

Plots for hotels and aparthotels with a variety of offers.

Commercial Plots.

One 9 hole Golf Course.

Sports Centre.

Clínic.

Shopping Centres.

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BOAVISTA BEACH MASTER PLAN :

General parameters:

Total area: 560.000 m2

Maximum occupation: 50%Maximum building volume: 50% Density: 60 beds/hectareMaximum height: III + A.F.

Environmental measures:

Water heated by cogeneration. Low impact illumination. Ecopark. Sustainable mobility system.

c. Town-Planning Parameters:

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d. Types:

BOAVISTA BEACH Master Plan

Total area: 560.000 m2

Total building area: 280.000 m2

Mixed plots for holiday Redis.: 281.316 m2

Land for Commercial: 19.748 m2

Residential plots: 92.937 m2

Sports plots: 45.147 m2

Sanitation: 4.911 m2

Tecnical area: 452 m2

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Plot Use Area Buildingvolume ratio

Max. built area Max. occupationratio

Floor nº

HM 1.1 Mixed 66.359 m2 0,70 m2/m2 46.451 m2 35,00% G/F+2+P

HM 1.2 Mixed 56.290 m2 0,70 m2/m2 39.403 m2 35,00% G/F+2+P

HM 2.1 Mixed 68.780 m2 0,70 m2/m2 48.146 m2 35,00% G/F+2+P

HM 2.2 Mixed 89.887 m2 0,70 m2/m2 62.921 m2 35,00% G/F+2+P

RE 5.1 Residential 92.937 m2 0,70 m2/m2 65.056 m2 30,00% G/F+2+P

CO 6.1 Commercial 11.723 m2 0,70 m2/m2 4.000 m2 60,00% G/F

CO 6.2 Commercial 584 m2 0,70 m2/m2 409 m2 70,00% G/F

CO 6.3 Commercial 1.830 m2 0,70 m2/m2 1.281 m2 70,00% G/F

CO 6.4 Commercial 1.132 m2 0,70 m2/m2 792 m2 70,00% G/F

CO 6.5 Commercial 516 m2 0,70 m2/m2 361 m2 70,00% G/F

CO 6.6 Commercial 532 m2 0,70 m2/m2 372 m2 70,00% G/F

CO 6.7 Commercial 1.800 m2 0,70 m2/m2 1.260 m2 70,00% G/F

CO 6.8 Commercial 855 m2 0,70 m2/m2 599 m2 70,00% G/F

CO 6.9 Commercial 776 m2 0,70 m2/m2 543 m2 70,00% G/F

AT 7.1 Tecnical area 452 m2 0,30 m2/m2 136 m2 G/F

AE 9.1 Built-up area 5.822 m2 0,70 m2/m2 4.075 m2

AJ 10.1 Tecnical area 1.696 m2 0,10 m2/m2 170 m2 10,00% G/F

DP 4.1 Sports 33.294 m2 0,05 m2/m2 1.665 m2 G/F+1

DP 4.2 Sports 11.853 m2 0,10 m2/m2 1.185 m2 10,00% G/F+1

ED 6.5.1 Educacional 516 m2 0,70 m2/m2 361 m2 70,00% R/C

SA 3.1 Sanitation 4.911 m2 0,50 m2/m2 2.456 m2 50,00% G/F+1

ZV Green space 51.687 m2

f. Technical data:

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f. Environment:

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The BOAVISTA BEACH Master Plan is being developed with the utmost respect of environment, which isone of the priorities of the PLANIFICACIONES MUNDIALES Group.

The BOAVISTA BEACH Master Plan is a project that is completely integrated into its surroundings followingcriteria of sustainability and respect for its location.

In compliance with these levels of protection, the BOAVISTA BEACH Master Plan has been planned to ahigh degree of environmental protection, moving the coastal protection line to 120 metres.

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g. Distinguishing aspects:

The location of the project offers unbeatable conditions. Excellent accessibility from the airport (5 minutes). Largest centre of tourist attraction, Hotels, Golf, Sports centres, Clinic, shops and general

amenities. Right on the beach. Excellent quality beaches. Close to the capital Sal Rei. Designed as a sustainable holiday project, different from the rest and will high added value.

h. Photo-report:

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