A Project ReviewJune 2011

VILLA LA ANGOSTURA

www.proideasgroup.com

www.cerrobayoweb.com

PROIDEAS: Is a holding that is in Real Estate (RE), Retail Real State and Media; with developments in Argentina and Uruguay.

VILLA LA ANGOSTURA to ski in winter and enjoy in summer the NAHUEL HUAPI Lake, with all the lake activities and one of the top 5 destinies for fly fishing in the world. We have here 1.000 ha in two pieces of 500 ha, we are develop here two projects, with golf, marinas, deptos and other.

An Extension to a successful Ski Resort

A Creation of a New Attractive Activity

2

The Macro Location

3

Villa La Angostura

Inacayal Lift

The Golf Course

The Extension

The Micro Location

350 Hectares

From the Bariloche International Airport

45 minutes

Drive from Bariloche City 1 hour

Drive from Catedral Ski Resort 1hr; 20m

Drive form Chapelco Ski Resort 2hr

Golf Course

Location Value

530 HectaresResort Extension

4

The New Extension

ExistingCerro Bayo Ski

ResortProposed

5

Impressions

Resort and Facilities

6

The Project

Hotels: this is the lot to build a 120 beds premium hotel in 1500 to support all the lodges

Business Unit Units Amount (m²)

Revenue (USD)

Investment (USD)

Total Investment

(USD)Expenses

(USD)Business

Horizon (yr)

Hotels 2 33,500 5.0M 1.2M 24 mln 0.5M 5 to 20

Ski In/Out Lodges 57 17,100 42.0M 11.6M 69.9 mln 4.8M 3 to 6

Lots 196 2,282,300 154.6M 21.3M 21.3 mln 8.7M 5 to 10

Commercial Base 44 2,860 2.9M 0.8M 2.4 mln 0.4M 1 to 3

Ski Op. Co. 1 1,800,000 8M/yr 3.9M 3.9 mln 6.0M/yr 5 to 20

Ski In/out Lodges: these are 57 lots to build 300m² lodges with great lake view next to the ski slope. Being a unique offer in Patagonia this is our most exclusive product

Lots: These are 196 lots at the base of the ski resort, embedded in a native wood of lengas and cohiues. The average size of 1,2Ha insures privacy and a premium environment.

Commercial Base: In the base of the mountain we’ve developed a small shopping precinct. Each 65m² unit allows to have a personalized clientele.

•.

7

The Commerciality

Investment Environment

The healthy measures of existing operations

Existing statistics and current revenues

$ & Notes

Only Focus & Appealing For the local market

No Data

Main

Sponsors

Cost of expansion development and operations

Potential revenues and risk assessment on 20 years

Capex 121.5 mlnOpex 247.0 mln

675.3 mlnNo Risk Plan

Investment and operations partnership Variety of Commercial Concessions

8

The Golf Course

9

The Project

10

Impressions

11

The Project

Golf Lots: 1800m² on average, with 85 directly on border of the Golf course and 135 on a second line. But the topography of the zone gives views to either the links or the lakes to most plots.

Golf Condo: these are 267 apartments on 16 buildings overseeing the golf links. The average size is 88m².

Gondola Condos: These are 107 apartments on 9 buildings that not only oversee the golf club, but are a walking distance of the ski lift. The average size is 105m².

Lakeside Lots: these are 20 plots with lake coast and direct access to the marina. The average size is 6Ha.

•.

Business Unit Units Amount (m²)

Revenue (USD)

Investment (USD)

Expenses (USD)

Business Horizon (yr)

Golf Lots 220 399,500 30.4M 4.8M 3.8M 5 to 7

Golf Condos 267 23,620 55.7M 40.0M 7.0M 5 to 7

Gondola Condos 107 13,987 38.9M 23.6M 4.9M 5 to 7

Lots 20 604,000 10.5M 1.1M 0.6M 1 to 3

Country Houses 12 1,520,000 26.2M 2.4M 1.9M 3 to 5

Country Houses: There are 12 exclusive plots of big size (an average of 12Ha) for a single and exclusive mansion. All plots have either lake views of falls views.

12

The Commerciality

Investment Environment

The healthy measures of existing operations

Existing statistics and current revenues

$

No supported documents for the business plan

NA

Const of expansion development and operations

Potential revenues and risk assessment on 7 years

Capex 100.7 mlnOpex 121.2 mln

623 mlnNo Risk Plan

Investment and operations partnership No commercial or promotional partnership

13

The Potentials

Ethraa’s Advices

Verification of the tabulated costs by an independent party

Provide Risk assessment and contingency plans

Provide data on current financial operations and growth

14

Initially, cost assumptions are reasonable & acceptable

Diversify target customers among corporate, regional & int’l markets