TECHNICAL BOOK

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LOCATION Glebe10A–Street20–ValedasPalmeiras-Macaé

In 2013 it will be 200 years since Macaé was founded. In the 1970s the municipality of Macaé changed from being a small country township dependent on fishing, agriculture and ranching into nothing less than one of the largest centres of international business in Brazil. The discovery by Petrobras of oil in the Bacia de Campos turned Macaé in just a few years into Brazil’s Oil Capital with the majority of Petrobras’s operations located in the region.

As result of this rapid growth, people from all over the world and from Brazil itself have come to Macaé in search of employment opportunities and an improvement in their quality of life. Apart from Petrobras with its largest operations site located in Macaé, various multinational offshore oil companies have set themselves up in the municipality to provide support for oil exploration operations and logistics. These companies include Shell, Devon, BP, Statoil Idro, Esso, Texaco and Repsol YPF as well as companies involved in the upstream production of oil and gas such as Ensco-Pride, Halliburton, FMC, Acergy, Aggreko, Falck Nutek, Sub Sea 7, Transocean, Cooper Cameron, Aker Solutions, Smith, Weatherford, Superior Offshore amongst others. The second largest site worldwide of Baker and Transocean is located in Macaé and the largest site of Schlumberger is also established in the city.

The Nexus Hotel and Residences are strategically located in the main growth zone in Macaé next to the Petrobras Parque de Tubos and the new locations for offices, commerce and industry within the region. The residents and guests of Nexus Hotel and Residences find themselves right next to Macaé’s main industrial area and therefore are able to make the best use of their working day.

Praia do PecadoPraia das Pedrinhas Praia dos Cavaleiros

Porto de Imbetiba

Área industrial de Imboassica

Parque dos Tubos da Petrobras

Vale dos Cristais Residencial Park

Vale das Palmeiras

Green Place Residencial

Centro Industrial Novo Cavaleiros

Map not to scale, for illustrative purposes only

PROPOSED METRÔ

PURPLE LINE

BLUE LINE

GREEN LINE

RJ 106 - AMARAL PEIXOTO HIGHWAY

DOUBLING THE RJ 106

ACESS TO NEXUS HOTEL & RESIDENCES

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PRODUCT

There are 4 tower blocks for the apartment hotel and one tower for the hotel making a total of 1,857 units:Gallery integrated with the hotel lobby ..................27 shops1 tower for the Hotel (Block 5) ......................................336 hotel suites4 towers for the Apartment Hotels

• Blocks 2 and 4 .........................................896 apartment hotel suites, studio• Blocks 1 and 3 .........................................300 apartment hotel apartments, Long Stay (bedroom and living room suites) 298apartment hotel apartments, studio

AREAS

Land area = 25.526,00 m²Built area = 100.991,66 m²

HOTEL

The hotel will be a single 20 storey tower block and has a 4 star rating. The hotel has been designed to meet the needs of businessmen and other guests and will be managed by Blue Tree Hotels, which is the largest hotel operator in Brazil.

Block (5) - Hotel:• 1st to 16th Storey, Category B, with 18 suites per floor• 17th and 18th Storey; Category B, with 14 suites per floor• 19th and 20th Storey, Category B, with 10 suites per floor• Total suites for this block : 336• Roof-top leisure area

CONFERENCECENTREAs part of the Hotel Blue Tree, the multi-use conference area will be available for conferences, training courses and entertainment events. The large events hall can accommodate 450 people or can be divided into 3 rooms to take 150 people each.

ROOF-TOPLEISUREAREA• Swimming pool with deck • Pool-side bar• Fitness centre • Spa• Massage room • Steam sauna and dry heat sauna

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HOTELBUSINESSSUPPORTFACILITIES• Conference centre for 450 delegates • Foyer• 2 meeting rooms • Restaurant

PARKING• 170 hotel parking spaces

APARTMENTHOTEL

These will be four tower blocks built in an X formation with each apartment hotelhaving different design specifications. There will be two tower blocks with studios on16 storeys and 28 apartments on each floor, making a total of 448 units in each towerblock. The other two tower blocks will have 15 stories each and 10 apartments on eachfloor.

Blocks1and3-LongStay(bedroomandlivingroom)andStudio:• 01 apartment PNE per block • 1st storey, Category A, with 9 Long Stay apartments and 9 Studios in each block• 2nd to 14th storey, Category A, with 10 Long Stay apartments and 10 Studios on

each floor, 150 units in each block• 15th storey, Category A, with 10 Long Stay apartments and 10 Studios

Blocks2and4–Studio:• 1st to 16th storey, Category C, with 28 suites on each floor and 448 units in each block

LEISUREA spacious leisure area located at ground level in the central area of the 4 tower blocks of the Apartment Hotel.

Mezzanine• 4 rooms for events, which can be joined • 2 swimming pools with wet deck together and made into two larger rooms • Massage room • Solarium • Hydro massage • Fitness centre • Rest room • Sauna and steam room • Playground• Sports courts • Wooded area

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APARTMENTHOTELBUSINESSSUPPORTFACILITIES:• 5 meeting rooms with outside support area

FURNISHINGSFORSTUDIO:

• Wardrobe • Double bed• Bedside table • Work table• Chair for work table • Curtains or blinds• Telephone • TV, LED or Plasma• Mini-bar • Microwave• Coffee maker • Swipe card entry system• Split unit air-conditioning • Carpet• Table lamp • Shatterproof glass in shower-box

FURNISHINGSFORLONGSTAY:

Suite• Wardobe • Double bed• Bedside table • Work table• Chair for work table • Curtains or blinds• Telephone • TV, Led or Plasma• Shatterproof glass in shower-box • Recessed lighting• Coffee maker • Table lamp• Split unit air conditioning • Carpet• Wall-light above bedside table

Kitchen• Cupboard • Microwave• 4 burner stove • Washing machine• Fridge freezer • Fluorescent lighting

LivingRoom• Dining table with chairs • TV stand• Side table • Carpet• Centre table • TV, LED or Plasma• Swipe card entry system • Ceiling light• Recessed lighting • 2 seats sofa• Split unit air conditioning

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PARKING

• 600 parking spaces for the Apartment Hotel (396 covered and 204 open-air)

SECURITYANDTECHNOLOGY

• CCTV cameras in all communal areas• 24 hour CCTV control centre• Wi-Fi access for all residential and guest apartments

COMMERCIALAREA

A centrally located gallery with 27 shops and restaurants at street level with an area of 3,600 m2 connected to the hotel lobby and conference centre. The gallery is set around a central square.

SUSTAINABILITY

• Sensors to switch on the lighting to economise on energy• Low wattage light bulbs with long term durability• Individual meters for water and gas. Residents only pay for what they use.• Toilet flushing with a low consumption water cistern• Taps with control valves to minimise waste of water in communal areas • Rainwater capture systems for watering the garden areas, pavements and roads• Recharging points in the underground parking area for electric cars and bicycles• Green/living roofing over the shops• Solar and wind energy

TRANSPORT

Micro-bus shuttle service to the centre of Macaé (included in the condominium charge)

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APARTMENTHOTEL-Blocks02and04SUITES

UNITS AREA(m2) UNITS AREA(m2)101 to 601 26,18 701 to 1601 26,18102 to 602 21,29 702 to 1602 21,29103 to 603 22,09 703 to 1603 22,09104 to 604 22,09 704 to 1604 22,09105 to 605 22,09 705 to 1605 22,09106 to 606 22,09 706 to 1606 22,09107 to 607 22,09 707 to 1607 22,09108 to 608 22,09 708 to 1608 22,09109 to 609 24,69 709 to 1609 24,69110 to 610 28,16 710 to 1610 28,16111 to 611 28,29 711 to 1611 28,29112 to 612 22,09 712 to 1612 22,09113 to 613 22,09 713 to 1613 22,09114 to 614 25,46 714 to 1614 25,46115 to 615 26,18 715 to 1615 26,18116 to 616 21,29 716 to 1616 21,29117 to 617 22,09 717 to 1617 22,09118 to 618 22,09 718 to 1618 22,09119 to 619 22,09 719 to 1619 22,09120 to 620 22,09 720 to 1620 22,09121 to 621 22,05 721 to 1621 22,05122 to 622 23,18 722 to 1622 23,18123 to 623 24,69 723 to 1623 24,69124 to 624 28,16 724 to 1624 28,16125 to 625 28,29 725 to 1625 28,29126 to 626 22,09 726 to 1626 22,09127 to 627 22,09 727 to 1627 22,09128 to 628 25,46 728 to 1628 25,46

INTERNALDIMENSIONS

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APARTMENTHOTEL-Blocks01and03DOUBLESUITES

LivingRoomandBedroom Suites

UNITS AREA(m2) UNITS AREA(m2)101 to 1401 57,31 102 to 1502 18,36103 to 1403 47,21 104 to 1504 18,25106 to 1406 47,21 105 to 1505 18,25108 to 1408 44,25 107 to 1507 17,46110 to 1410 49,38 109 to 1509 20,34111 to 1411 57,31 112 to 1512 18,36

113* 67,30 114 18,25115 47,21 116 17,46117 44,25 118 20,34119 49,38 214 to 1514 18,25

213 to 1413 47,21 215 to 1515 18,25216 to 1416 47,21 217 to 1517 17,46218 to 1418 44,25 219 to 1519 20,34220 to 1420 49,38

1501 87,521503 to 1506 85,561508 to 1518 94,081510 to 1520 93,12

1511 87,531513 to 1516 85,56

* Unit 113 in Blocks 01 and 03 is used as the PNE apartment for people with special needs or disability

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HOTEL-Block05

UNITS AREA(m2) UNITS AREA(m2)101 to 1601 24,36 1704 to 1804 36,71102 to 1602 24,03 1705 to 1805 39,38103 to 1603 24,03 1706 to 1806 36,67104 to 1604 24,69 1707 to 1807 36,04105 to 1605 24,69 1708 to 1808 24,69106 to 1606 24,03 1709 to 1809 24,69107 to 1607 27,36 1710 to 1810 24,03108 to 1608 24,36 1711 to 1811 24,03109 to 1609 24,03 1712 to 1812 24,03110 to 1610 24,03 1713 to 1813 36,05111 to 1611 24,69 1714 to 1814 39,38112 to 1612 24,69 1901 to 2001 48,39113 to 1613 24,03 1902 to 2002 48,72114 to 1614 24,03 1903 to 2003 36,71115 to 1615 24,03 1904 to 2004 39,38116 to 1616 24,03 1905 to 2005 48,39117 to 1617 24,03 1906 to 2006 48,72118 to 1618 27,36 1907 to 2007 36,71

1701 to 1801 36,37 1908 to 2008 36,031702 to 1802 36,04 1909 to 2009 48,061703 to 1803 24,69 1910 to 2010 51,40

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MASTERPLAN

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1. GatewayaccesstoBlocks1,2,3and4

2. Access to the Commercial Centre and

Block5

3. Watersheetwithsculpture

4. Watersheet

5. Centralsquarewithshops

6. ParkingfortheCommercialCentre

7. Restaurant

8. Green/livingroofwithquietgarden

9. Fitnesscentre

10. Massageroom

11. Spa

12. Restroom

13. Steamanddryheatsaunas

14. Swimmingpool

15. Wetdeck

16. Solarium

17. Eventsandpartyhall

18. Meetingroom

19. Parking

20. Playground

21. Sportscourts

22. Woodedarea

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THENEWREALITYINBRAZIL

The times when Brazil was known only for its beaches and natural beauty are long past. Today Brazil is one of the largest and most important world economic powers and the growth prospects over the next years are extremely promising. Brazil continues to adopt the key policies and actions needed to drive economic growth.

Various studies have shown that Brazil’s key economic indicators continue to show an excellent performance.

Research carried out by the national newspaper “O Globo” with 12 companies in different commercial activities, showed that these companies are confident of a 4% growth and the creation of new jobs in Brazil over the next few years.

INVESTMENTOPTIONS

The Brazilian Central Bank has been keeping the base interest base rate 7.25%. This has led to a period of low interest rates causing low returns on saving accounts and fixed income investment in recent years.

It is within this context that the investor is looking for alternative investment options with higher returns.

The returns on the table above are net of income tax, which is deducted on all fixed income investments except for savings accounts (*). The TR has been considered as zero, as this depends on the date when the investment term expires and currently the average monthly rate has been running at close to zero (**) The return on investment has been calculated assuming brokers do not collect any administration fee for investments in government bonds.

Forecast annual return on investment in the current market:

Investment Term

Old Savings Account*

New Savings Account*

CDB 90%of CDI

DI Fund with 1,0% rate p.a.

Government Bonds**

12months 6,17% 5,03% 5,20% 5,00% 5,54%

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HOTELSECTOR

Buying an apartment in a hotel project is a very attractive option considering the current occupancy rates in Brazil and more especially those in the state of Rio de Janeiro. Apart from the world championship events which Brazil, and more specifically Rio de Janeiro, will be hosting (Confederation Cup, World Cup and the Olympic Games) there are even better reasons for investing in this sector.

The return on investment varies in function of various factors including: occupancy rate, daily room rate and hotel star rating amongst other factors. The location of the hotel determines to a large degree the occupancy rate and the daily room rate. Thelocationandthebrandof thehotelchainare fundamental indefiningtherateofreturnonthistypeofinvestment.

BACIADECAMPOS

Today the Bacia de Campos is an extremely attractive location for the above type of investment due to the ongoing expansion of the oil business and the Pre-Salt deposits still to be discovered. The current outlook is that Brazil will be one of the largest oil producers in the world within a few years time. Petrobras has estimated a requirement of 200,000 oil sector professionals dedicated to Pre-Salt production. Today there is a lack of housing in the region and with the Pre-Salt oil exploration over the next decades, the demand for hotel accommodation will increase even further.

MACAÉ

OilhaschangedthecityofMacaé.ItsdevelopmenthasbeenfantasticandthisquietcityintheinteriorofthestateofRiodeJaneirohasbeentransformedintotheoilcapitalofBrazil.TodayMacaéproduces86%ofBrazil’soiland47%ofitsnaturalgas.

TherapidgrowthofMacaédrivenbynewbusinesshasmeantthatthecityrequiresalargerhousingstocktomeettheneedsof itsresidents. In1970Macaé’spopulationwas47,000buthasnowreached200,000,includingthe“floating”populationwhoworkfromMondaytoFridayintheregion.

TodayMacaé is awell developed city that offers new opportunities in various businesssectors.

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BLUETREEHOTELSCreated by Chieko Aoki in 1997, the brand name of Blue Tree Hotels has become synonymous in the hotel sector in Brazil with innovative ideas, excellent service levels and return on investment.

Blue Tree has 24 hotels located across Brazil. In 2012 the company inaugurated 3 new hotels: Blue Tree Park, Buzios (RJ) - the largest beach resort in the north of Rio de Janeiro State, Blue Tree Premium, Congonhas Airport (SP) - the third largest hotel complex in Sao Paulo with 506 apartments and Blue Tree Towers, Rio Verde (GO) - the first branded hotel to establish itself in the agribusiness capital of the Central – West region of Brazil.

The Blue Tree Group has received various important awards within the hotel trade in Brazil. These include the award for the top AVIESP in Tourism (best Brazilian hotel chain), and the 3 Jacares de Ouro (Caio Award) and the Award DCI 2012 (for the most respected companies in Brazil).

Source:DepartmentofEconomicDevelopmentofMacaé

NEXUSThe Hotel Nexus & Residences is a real estate development focused on an integrated life style ambience that is self-sufficient. The development was designed in conjunction with Construtora & Incorporadora Calper and seen as a landmark project that will transform Macaé. The architecture has been designed by Aflalo & Gasperini and the Blue Tree Hotels Group has been chosen to manage the Hotel Nexus.

ofdomesticoilproduction

ofdomesticgasproduction

R$/year-GDPpercapita-200%higherthanthenationalaverage

units-currenthousingdeficitofthemunicipality

companiesestablishedinthemunicipalitysince1970

residents+regionalcommutersworkinginthecity

billionR$investedbyPetrobrasby2010

growthofthecityinthelast10years

take-offsandlandingsofhelicoptersandairplanesperyear

passengers-mosttooff-shoreexplorationplatforms

newcontractsplannedby2015Petrobras

billionwillbeinvestedinTERLOM-LogisticsTerminalforthePortofMacaé

placeinthecollectionofISStaxintheStateofRiodeJaneiro

largestcollectionofICMStaxintheStateofRiodeJaneiro

placeinthegrowthofGDPintheenergysector

80%

47%

36.000,00

30.000

4.000

200.000

25,7

600%

70.000

455.000

15.000

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2nd

3rd

7th

GROWTH FIGURES FOR MACAÉ

Estimates above based on current market data using apartment 1410, Block 5

FORECAST FOR BLUE TREE ROI YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5Units 336 336 336 336 336

Occupancy 65% 70% 75% 75% 75%

Dayrates R$380 R$418 R$460 R$506 R$556

Revenueperroom R$247 R$293 R$345 R$379 R$417

ANNUAL GROSS REVENUE R$ 37.307.266 R$ 43.601.169 R$ 50.780.780 R$ 55.858.857 R$ 61.444.743Hospitality R$30.292.080 R$35.884.464 R$42.292.404 R$46.521.644 R$51.173.809

FoodandBeverages R$4.591.820 R$5.051.002 R$5.556.102 R$6.111.712 R$6.722.883

RoomsandEquipmentRents R$1.514.604 R$1.666.064 R$1.832.671 R$2.015.938 R$2.217.532

Others R$908.762 R$999.639 R$1.099.603 R$1.209.563 R$1.330.519

(-)TaxesandVAT R$3.576.057 R$4.155.377 R$4.814.801 R$5.296.281 R$5.825.909

ANNUAL NET REVENUE R$ 33.731.209 R$ 39.445.792 R$ 45.965.979 R$ 50.562.576 R$ 55.618.834(-)ROYALTIESANDKNOWHOW R$674.624 R$788.916 R$919.320 R$1.011.252 R$1.112.377

PayrollandThirdPartyContractors R$5.777.910 R$3.944.569 R$4.596.588 R$5.056.247 R$5.561.873

FluctuatedCosts R$1.813.605 R$2.085.646 R$2.398.493 R$2.758.267 R$3.172.007

Operational R$196.578 R$3.550.121 R$4.136.938 R$4.550.632 R$5.005.695

Administrative R$535.689 R$616.042 R$708.449 R$814.716 R$936.924

Others R$3.872.142 R$3.828.934 R$4.288.641 R$5.368.613 R$6.654.247

TOTAL COSTS R$ 12.870.548 R$ 14.814.228 R$ 17.048.428 R$ 19.559.727 R$ 22.443.123(=)GROSSOPERATINGMARGIN R$20.860.661 R$24.631.564 R$28.917.551 R$31.002.849 R$33.175.711

(-)FF&E(FurnishingMaintenance) R$559.609 R$1.090.029 R$1.523.423 R$1.675.766 R$1.843.342

(-)INCENTIVETAX R$2.503.279 R$2.955.788 R$3.470.106 R$3.720.342 R$3.981.085

PRE TAX PROFIT R$ 17.797.773 R$ 20.585.747 R$ 23.924.022 R$ 25.606.741 R$ 27.351.284Estimatedgrossmonthlyreturnoninvest-mentforapartment1410 R$4.140 R$4.789 R$5.565 R$5.957 R$6.362

Estimatednetmonthlyreturnoninvestmentforapartment1410 R$3.625 R$4.193 R$4.873 R$5.216 R$5.571

PreTaxProfit 1,10% 1,27% 1,47% 1,58% 1,68%

unit 1.410

unitvalue R$330.625

Optimumdividendspayment 0,0027914

Seebelowthereturnoninvestmentanalysis(forecast)calculatedbyBlueTreefortheHotelNexus

OCCUPANCY RATE AND MONTHLY NET RETURNEstimatedbyBlueTreebasedonactualdatafromthemarket

Occupancy rate

Monthly ROI

Year 1 Year 2 Year 3 Year 4 Year 5

The Group turnover is growing year on year with a 21% increase in 2011 with a forecast for an even greater increase in turnover in 2012 to 27.5%

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SeebelowthereturnoninvestmentofNexuscomparedtootherinvestmentoptions.

The return on investment is an estimate made by Blue Tree based on current market data. Apartment 1410, Block 5, was used for simulation purposes (R$ 284,189.00 with an optimum dividends payment of 0.0027914

Factors

POSITIVESOR

NEGATIVES

Capital Appreciation + - - - + + +Maintenance Costs - + + + + + +Administration Taxes - + + + + + +Forgone Income from non occupancy - + + + + + +

Future Potential + - - - + + + Crisis Situations + - - - + + + Risk + + + + + + +

R$ 3.625

R$ 4.193

R$ 4.873

Property Rent

Old SavingsAccount

New SavingsAccount

CDB(90% CDI)

NEXUSTO 65%

NEXUSTO 70%

NEXUSTO 75%

SeebelowthereturnoninvestmentofNexuscomparedtootherinvestmentoptions.

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