EVeco ENG

HECCO-SOLUTIONS - Fevereiro 2012
The economic feasibility study

Project ECO-RESORT
Index
Introduction
Supporting studies
Project specifications
Photo Gallery
Urban Settings
Location
Tomar and the Castelo do Bode Dam
The target market - Attachment complementary A
Business Tourism Sector
Senior Tourism Sector
Senior Tourism Sector - Residences Medically assisted
Target Segments - Attachment complementary B
PEST Analysis - Attachment complementary C
Politics
Economics
Sociocultural
Technology
Potential turistic of the Territory
Portugal
SWOT Analysis
SW Analysis for the 3rd Age sector
SW Analysis for the business tourism sector
SE Analysis for the Top tourism sector
Feasibility Studies - Presentation and Analysis of results
Contributions to the realization of feasibility studies
Method applied for the Feasibility Studies
Feasibility Study - Based on the sale of 100% of Real Estate
Feasibility Study - Based on 50% Sale Real Estate / 50% of the Tourism & Hospitality
Feasibility Study - Based on 100% the Tourism & Hospitality
Attachment I
Attachment II
Photos
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Introduction
The present study has the purpose to demonstrate the benefits in investing in the tourism sector in Portugal and the economic feasibility of the project VALE-PARASO.
The decisions on investments in the hospitality and civil construction sectors should be taken after a series of studies and not on the pretended sensibility of the
entrepreneur.
The study presented here demonstrates the feasibility of the project by inserting a historically and culturally renowned city, centrally located, with a small population but
high-impact tourism, that lacks a real estate development of this model. This Plan was prepared after thorough feasibility analysis of different information sources, which
were applied economic engineering techniques, to obtain indicators that support the feasibility and which are decisive for the decision-making.
Market research is developed for determining economic and technical data about the enterprise. The sales prices were calculated taking into account the current
situation, the uniqueness of the location and type of services provided.
The net present value (NPV) was the main method used in the analysis. Internal Rate of Return (IRR), Payback and return index (RI) assist in decision making. The
exploration work showed that the project, in its different aspects, and its size is manageable, in terms of technical, market and economic variables.
Financial Factors
Economic factors
Positive gain:
Economic Return (NPV);
Benefit-Cost Ratio (BCR).
Getting Resources for:

Product financing;
Customer financing.
Corporation
Release
Supporting studies
These feasibility study results, as mentioned above, of a comprehensive analysis of the target markets and market segments. To obtain more credible evidence, there
was also a review of other previous studies of tourism investment in Portugal and were analyzed further, the recent socio-economic data of the tourism potential of the
property and surrounding area.
Attachments:
- Target Market Study
- Target Segments Analysis
- Politics, Economics, Sociocultural and Technology Analysis (PEST)
Project specifications
Vale Paraiso is a property with a total area of 531.950m2, framed in an approved plan of development of the tourist area, based on a concept of ECO RESORT.
The property, set in a Environmentally Restricted Zone, is located on the outskirts of Albufeira de Castelo do Bode, a privileged area of idyllic landscapes.
The Project Plan Detail inserted in Vale Paraiso - Eco Resort comprises the construction of a Touristic resort with lodging properties like detached houses,
townhouses and apartments sets.
Also form part of the Plan details a range of infrastructure support such as a marina, shopping and dining and recreational areas legal, such as playgrounds, pools
and walkways. The Property Vale Paraiso - Eco Resort is an urban system integrated with several existing and projected road accessibilities, public transport,
public utility services and health.
Photo Gallery
Urbanistic Plan
Property area:
Deployment area:
Gross construction area:
Nr. accommodation units:
Max. number of beds:
Max. number parking spaces:
531.950,00sq.m.
21.115,00sq.m.
30.060,00sq.m.
193un.
636un.
520un.
- Impermeable Areas Housing units:

23.635,00sq.m.
Commerce and services support:
1.520,00sq.m.
Sport and recreation support units:
1.650,00sq.m.
Pavement network:
28.988,00sq.m.
Footpaths to be build:
2.492,00sq.m.
- Permeable Areas Cottage private gardes:
52.035,00m2
Areas for sport and recreation:
10.149,00m2
Nature areas:
25.535,00m2
Footpaths to be build:
2.493,00m2
Plan Legend
Execution Units
Apartements units:
Townhouse units:
Detached House units:
Commerce and Service units:
Recreation areas:
Marina & Services:
UA1 - UA2
UB1 - UB2
UI1 a UI96
C - CS
UL1 a UL3
M - SM
Location
The property Vale Paraso Eco Resort is located on the outskirts

of Albufeira de Castelo do Bode, near Tomar.
Right in the centre of Portugal, Vale Paraso is served by a great
road network, ensuring fast and secure access to all parts of the
country.
Depart from the main airports in Spain or Portugal; you can reach
Vale Paraso - Eco Resort in a quick and comfortable way, 90% of
the route is either motorways or highways.
With the completion of a new route IC9, scheduled for 2012, Vale
Paraso - Eco Resort will have a direct connection to the coast.
Just 40 minutes will be enough time to reach some of the most
beautiful beaches.
PORTUGAL
Tomar and Barragem Castelo do Bode

Tomar is a beautiful city, the county seat, the Central region, located on
the beautiful banks of the river Nabo and in marshy land.
As one of the most historic cities of Portugal, with so much to tell and
see, Tomar was elevated to city status in 1844. With 43,000
inhabitants, was conquered from the Moors by D. Afonso Henriques in
1147 after being donated by the King to the Knights Templar in 1159.
The rich historical heritage of Tomar stand out landmarks are the
Convent of Christ, the Castle, the Church of St. John the Baptist in the
fifteenth century, the Church of Nossa Senhora da Conceio
(sixteenth century) and St. Mary of the groves, among many others .
There is much to see in this charming Templar town, like the curious
Matches Museum or the Museum Luso-Hebrew, or the
fantastic Moucho Park, with its beautiful gardens, and the river
Nabo. Among the many attractions Tomar also stands out for its
religious art and tiles.
Tomar today is well known for its tourist potential offered by the
numerous historical buildings, archaeological remains and the fresh
and leafy strolls in the gardens along the river Nabo. But there is
much beyond the city and its magnificent historical monuments.
The dam of Castelo de Bode is one of the most important dams in
Portugal. With a length of about 60 km, extends from the vicinity of up
to take around Cernache Bomjardim near the dam Bou and is a
benchmark in air travel, since it is one of the main routes of approach
to Lisbon. The dam of Castelo do Bode is a unique place to practice
water sports or a relaxing boat ride on the S. Christopher, pleasure
craft where meals are served during the trip. Its great extension
provides the appearance of numerous bodies of water, where you can
find authentic oasis of tranquility.

Was taken as an option to study the feasibility of the project Vale Paraiso in tandem with different sectors of tourism, these being the market of 3rd Age, business
tourism, top tourism and secondary or leisure housing markets.
One priority is to focus on Tourism and housing for the 3rd Age and entrepreneurs, seeking to entice the Portuguese or foreign visitor, whether it be for business, leisure,
to have a "short break" based on proposals of culture, romance, animation, health, sport and leisure, with the provision of high quality services to promote this
ECO-RESORT, taking advantage of the technologies of information and the latest media.
Under the Tourism or Senior Housing this project aims to provide a higher quality of life adapted to their needs, focusing on Health Tourism with medically assisted
housing, sports and other adapted and organized trips or visits, for the elderly population, with possibilities of travel in Portugal and abroad, at prices tailored to their
different financial circumstances.
This focus, in the tourism business and senior citizens, is related to its high profitability and future prospects. The investment in these sectors will be made through a
high-end offering and differentiated services, notably through a strong technological component in the spaces of the Hotel / Resort building.
Business Tourism Sector

Business tourism can be defined as a set of trips, whether collective or individual conducted in professional activities, whatever there nature. These may be conferences,
conventions, workshops, symposium, seminars, trade shows, exhibitions or incentive trips.
This is an important sector because:
Great demand by companies;
Search in low season and high;
Maximised financial return of spaces such as meeting rooms;
High average expenditure per capita / day;
Urban tourism;
Entertainment.
In this sector the categories of establishments searched are high and medium quality (4 and 5 star), the profile of the search is very demanding for quality and
personalized service.

Senior Tourism Sector
The progressive increase in average life expectancy of people in developed countries, increases the number of older people grows every year. It is true that the world
population is increasingly aging, with the difference that new generations of seniors have nothing in common with the past. Currently the elderly constitute a significant
factor in tourism development, both for its availability of time and by their great purchasing power.
This new market segment, more expressive, require an elaborate and supply of high quality in order to meet their demands because it is a segment of highly
experienced, informed and demanding people.
The basic motivation of this tourist segment is enjoying the most senior, in a frame with a pleasant climate combined with recreation, but always fun and with the
appropriate facilities. That is, security is a priority. When we talk about security we speak not only of peace but mainly the satisfaction of basic needs, their own age
group in question. With greater or lesser health problems this segment requires some basic medical care but above all concerned with easy access to health services
and welfare, of the highest quality.
In short, the main activities in this sector we are interested are: Access to health care - medically assisted Residences; Wellness / Physical Activities; Social relations
(social animation, festivals, pilgrimages, quality time occupation); Travel / Tours organized; Gastronomy; Nature.
-- Quote International Press -Stockholm, 12 March (Press Lusa) - The interest of pensioners from Sweden in Portugal has increased 200 percent in two years, according to the Swedish newspaper Aftonbladet, which
gives as the main reason for this trend the favorable taxation comparing the Portuguese to the Swedish. The newspaper says that the Swedish pensioners can earn "hundreds of
thousands of crowns [dozens of thousands of euro] each year" if they move to Portugal, and says that the beaches, the weather, taxation and, above all, the living cost, allow Portugal to
compete to traditional destinations for retired Swedes spend part of the year.
"France, Spain and Thailand have attracted the majority of Swedes in recent years, but now Portugal is the country that captures more interested," says the paper, which considers the
country "the logical hot choice.
Senior Tourism Sector - Residences Medically assisted

Health services for the Senior Tour, is absolutely essential and as such a decisive factor in choosing the package or purchase of housing.
A deficiency in the existing tourism in this market segment is can be filled with the Paraiso Vale project - Eco-resort.
Under the Tourism or Senior Housing project Paraiso Vale - Eco-resort meets all conditions to provide a unique offering in this market. It covers all the conditions to offer
a higher quality of life, adapted to the specific needs of this sector. Investing in Health Tourism with medically assisted housing, coupled with the provision of other leisure
services, welfare, sports and other activities such as organized trips or visits, this project is the choice of excellence. This unique combination of geographical features,
urban and landscape will allow full satisfaction of all the needs and wants of this market segment.
Target Segments - complementary Attachment B

Performing an analysis on the national tourism sector, we see that is very segmented.
These market segments have good business opportunities, specifically in the sectors that have only recently been developed (are less consolidated and are more
easily penetrated), as in the case of rural tourism and the case of "short breaks" (holiday weekend, the occasion, small time dimension).
80%
70%
60%
The reasons for interest in this market segment

and the fact that this represents good investment
opportunities, is proven by the following chart:
50%
40%
2005
30%
2010
20%
10%
0%
Beach
Countryside
City
Mountain
Dam / Lake
Using this plot we can see that there is a slight decline of "traditional tourism" (eg, beach tourism and rural) and on the other hand, the growth of tourism in the cities.
This change in trend may be related to almost economic stagnation of the country, and reduced the real income of domestic tourists, who thus prefer shorter vacations
(eg taking advantage of the bridges of some holidays), with less travel (and therefore less expense). This segment has the kind of economically active customer on
vacation, the age is not very high.
On the other hand, there is a segment noted that in absolute terms have increased expression, and that presents a great growth: medical tourism. This segment has
the largest customer population already has age, which is the model of senior tourism. These potential customers some old, retired or not, have financial availability and
free time above the average, and want not just a mini vacation. They are willing to pay for a period of rest but of recovery, wellness, if possible with some medical
treatments are either (in the case the thermal baths) or esthetic, included.
Although for a segment is no longer mass but niche, has shown a sharp increase, making it attractive for that segment.
Thus, these two segments, business tourism (short breaks) and the Senior Tourism, due to the trend growth and economic developments in Europe, are still considered
attractive segments.
10
PEST Analysis - Complementary attachment C
Politics
Socio-cultural
Tourism
Economics
Technology
Politics
Tourism appears as one of the fastest growing sectors in recent years in almost everywhere. This is assuming a major role in the smaller countries that can attract more
tourists, as is the case of Portugal. The various governments that go through the power have been aware of the power of this sector and have been continuously
investing in the dissemination of our country (example is the advertising campaigns developed by the Secretary of State for Tourism spend in the organs and
international television) as well as an improvement in the conditions offered. The very entry into the European Union and the consequent opening of borders in Europe
(after the signing of the Schengen agreement) emerged as an added convenience to the circulation of European tourists, taking into account that about 90% of
foreigners are received from countries covered by this agreement.
Portugal is a country with political stability, and the position of Prime Minister belongs to Pedro Passos Coelho, who has, together with his team, to promote various
changes to the country's economic policy and the position of President of the Republic belongs to Professor Cavaco Silva, seen as a person who can restore the level
of consumer confidence in positive values, and a respected figure in international politics.
Economics
Tourism positions itself more as a supportive activity of the national economy, getting a share of 7% to 8% of national GDP. Another fact to be considered relates to
the use of the absorption field has reached about 10% of the national. The consecutive increase in revenue is also an indicator of the growth of tourism in Portugal, as
in 2010 revenues reached more than 8.3 billion euros.
11
PEST Analysis - Complementary Attachment C

Sociocultural
Portugal has extraordinary resources and tourism potential.
Emerged as one of the countries with a historical legacy of the world's richest, a pleasant climate, the beauty of the 1713 km of coastline, a great diversity of natural
landscapes, good infrastructure for sports and a good level of resources and hoteliers. Added to this is the fact of being recognized as a country of friendly welcoming
people and have a recognized status as a tourist destination.
The major demographic change affecting the world, including the reduction of birth rates in some European countries, with increasing life expectancy will have a lasting
impact on ways to travel and spend more leisure time and purchasing power than at any other time.
Customers are more sophisticated and unstable, with a greater number of options to purchase, such as internet, mobile phones of the 3rd and 4th generation. These
same customers are primarily have greater awareness of the value of goods / services offered in the current competitive market.
The level of university education is increasing in Portugal which probably contributes to the increase in entrepreneurship and business innovation, changing lifestyles
and promoting business tourism.
Increasingly, the company seeks to mini-vacation to keep in shape and reduce the psychological stress level throughout the year.
Technology
Technological innovations have been playing a really important role in recent decades in any sector, not fleeing from tourism to this rule.
Quoting Porter:
"Information technology is a major driver of the opportunity-or need - change enterprises since they may modify one or more of the five competitive forces that
determine the profitability of a sector. (...) That's why executives should closely monitor information technology. "(Porter, 2001).
With regard to tourism technology it embraces the sector in an indirect way. Obviously it's not the technology that creates attractions, but can contribute strongly to
improve its impact on visitors. One of the key roles of technology is related to the speed of information transmission that is a very important factor in spreading the
destinations. The use of audiovisual media (television, radio, Internet) as a way to get to know a country has been explored and the results is beyond question.
12
Potential Tourism of the Territory

Portugal
Portugal is a country of simple beauty and genuine, where life is savored for the moment.
Every year millions of tourists from all corners of the globe, are seduced by that Portugal can offer. According to the World Tourism Organization (WTO) Portugal is
one of the 20 most popular countries in the world, is visited every year by more than 12 million foreigners, a number higher than the country's own population.
Portugal is widely recognized in Europe and increasingly throughout the world, the sun, beaches, cuisine and strong cultural heritage and of course property.
All this makes this "corner planted by the sea" increasingly a haven for foreigners who do residential tourism. From north to south the landscape,
the culture, the charms, the sun will only increase the number of visitors
For those looking for romance, culture, sports, ecology, food, sun or health Portugal is your destination.
SWOT Analysis
Strengths, Weaknesses Opportunities and Threats

Strengths:
Favorable climate.
Friendly people and easy communication.
Diversity physiography, landscapes, cuisine, heritage, cultures and environments that can respond to different motivations.
Political stability and integration in the European Union and the Euro.
Geographical proximity of a substantial part of the major source markets.
Destinations with a tradition of quality.
Emergence of strong national business groups.
Tourism high segment.
Competitive prices.
Premium recognition as a tourist destination for tourists from around the world.
Safety, low crime rates.
Weaknesses:
Poor signage and tourist traffic
High incidence of accommodation offer not rated.
Concentration of the product attractive - sun / sea - where the offer is primarily targeted for searches massed, and in many cases, it can only compete by price
The poor integration of tour operators and travel agencies national
13
Tourism Potential of the Territory

SWOT Analysis
Opportunities:
Overnight stays in hotels rose 4.1% in 2005. The domestic market (4.4%) showed a better performance than the external market (3.9%).
In 2010, the movement of passengers in seaports showed a growth rate of 7.6% over 2007.
The number of passengers on international flights landed at major airports has grown by 3.4% in 2010.
The poor integration of tour operators and travel agencies nationals.
Opportunity to diversify the tourism product offering with the increased demand for alternatives by tourists.
Threats:
Excessive increase in the price of fossil fuels and the consequent impact on the reduction of flights and road trips.
Absence of a strategy for sustainable tourism in the medium and long term.
SW Analysis for the 3rd Age sector

Strengths:
Trend towards the gradual aging of the population
Dependent care
Low availability of specialized tourism in this area
Weaknesses::
They require specific care and specialized human resources
Need for recognition of the company (credibility)
Expensive care -> need to focus on a 3rd age rich
14
Tourism Potential of the Territory

SW analysis for the sector of business tourism
Strengths:
Portugal with a strong position in the tourism business (between 2008 and 2010 Portugal was the 8th congress destination worldwide and 6th in Europe).
Weaknesses:
Dependence on the Portuguese business sector.
SW analysis for the Top range tourism

Strengths:
Strong demand and appetite for golfers, with 43% of users and residents in Portugal.
The offer of a new golf course to be created in Tomar and proximity to the coast, as a huge booster of this type of tourist stay.
Portugal stands out for its range of golf courses, with 52% of the preference of foreign practitioners of the sport.
Weaknesses:
Dependence of the socio-economic system.
15
Feasibility Studies
Presentation and analysis of results
ECO-RESORT VALE PARASO

Contributions to the realization of feasibility studies
The studies to be presented are based on the detailed plan approved for the ECO-RESORT Vale Paraiso. The cost estimate is derived of that approved plan.
The parameters used for this are based on the current socio-economic growth prospects in the medium / long term.
These parameters can be influenced by variables such as estimated production costs, disbursements and renumbering of services, plus this variables is not
calculable, imposed by the market, such as inflation and interest of the economy.
The study for the evaluation of this investment will be based on the methods of discounted cash flows, with special focus on calculations of the IRR - internal rate of
return and NPV - Net Present Value.
Method applied for the Feasibility Studies

The feasibility of this project using the economic point of view (returns) and financial (solvency) is presented using the following model for evaluation:
Estimated stages:
A - Acquisition of Land (the end of t1);
B - Project Specific architectural (t2: 3 months);
C - Approval from the competent bodies (t3: 3 months);
D - Budgeting and planning (t4: 2 months);
E - Development of speciality projects (t5: 3 months);
F - Approval from the competent bodies (t6: 3 months);
G - Advertising (t7: 76 months);
H - Infrastructure (t8: 26 months);
I - Construction (t9: 72 months);
J - Property Sales (t10: 78 months);
K - Management development (t11: 84 months);
16
Feasibility Study - Based on the sale of 100% of Property

INVESTMENT
Development & Project Promotion, Vale Paraso / Eco-Resort

YEAR 1
1
Land Purchase
10
11
12
YEAR 2
24
YEAR 3
36
TOTAL
YEAR 4
48
YEAR 5
60
YEAR 6
72
YEAR 7
84
YEARS
MONTHS
-10.500.000
-10.500.000
Architectural project
-80.000
-80.000
-80.000
-240.000
Approval from the authorities organisms

0 - projecto a prova do
Budgeting and planning

-25.000
-25.000
-50.000
Development of the specialty projects

-50.640
-50.640
-50.640
-151.920

-25.000
-25.000
-25.000
-50.000
-15.000
-75.000
Advertising
-50.000
-15.000
-15.000
-45.000
-45.000
-1.117.000
-1.117.000
-35.000
-35.000
-25.000
-25.000
-355.000
Infrastructures
-93.085
-93.085
-2.420.170
Construction
Administration of the project
-12.500
-12.500
-12.500
-12.500
-12.500
-12.500
-12.500
-12.500
EXPLORATION
-12.500
-12.500
-12.500
-12.500
-4.220.000
-4.220.000
-4.220.000
-4.220.000
-25.320.000
-150.000
-150.000
-150.000
-150.000
-150.000
-150.000
-1.050.000
TOTAL
10
11
12
YEAR 2
24
YEAR 3
36
YEAR 4
48
YEAR 5
60
YEAR 6
72
Sales - Detached Houses - 1st Line
805.715
805.715
805.715
805.715
805.715
4.028.571
4.028.571
4.028.571
4.028.571
4.028.571
4.028.571
28.200.001
Sales - Detached Houses - 2nd Line
630.000
630.000
630.000
630.000
630.000
3.150.000
3.150.000
3.150.000
3.150.000
3.150.000
3.150.000
22.050.000
Sales - Townhouse - 1st Line
SALES
-4.220.000
Based on the Sales of 100% of Property

YEAR 1
-4.220.000
320.000
Sales - Townhouse - 2st Line
320.000
640.000
300.000
300.000
300.000
500.000
500.000
500.000
500.000
500.000
500.000
4.200.000
663.428
663.428
663.428
663.428
4.643.993
668.342
668.342
1.280.000
132.685
132.685
132.685
132.685
132.685
663.428
663.428
Sales - Apartments T1
133.668
133.668
133.668
133.668
133.668
668.342
668.342
668.342
668.342
Sales - Stores
275.000
275.000
275.000
275.000
Sales - Marina
600.000
INVESTMENT - TOTAL costs with construction and promotion

SALES - Revenues from sales
INCOME - Income before tax
Protability index
IRR - Internal Rate of Return
NPV - Net Present Value - Discount rate 15%
YEAR 1
12
4.678.392
1.100.000
Investment & Project Exploration Vale-Paraso / Eco Resort
17
YEARS
MONTHS
300.000
Sales - Apartments T0
RESULT
YEAR 7
84
600.000
TOTAL
YEAR 2
24
YEAR 3
36
YEAR 4
48
YEAR 5
60
YEAR 6
72
YEAR 7
84
MONTHS
-11.498.090
-5.532.000
-5.532.000
-4.405.000
-4.405.000
-4.395.000
-4.395.000
-40.162.090
10.350.340
10.525.341
9.285.341
9.285.341
9.285.341
9.010.341
9.010.341
56.402.046
-1.147.750
4.993.341
3.753.341
4.880.341
4.880.341
4.615.341
4.615.341
16.239.956
0,90
1,90
3,35
2.777.640
YEAR 2
1,68
4,00
5.245.522
YEAR 3
2,11
4,15
8.035.873
YEAR 4
2,11
4,17
10.462.265
YEAR 5
2,05
4,18
12.457.604
YEAR 6
2,05
4,18
14.192.682
YEAR 7
1,40
-998.043
YEAR 1
Note: Support values - see the support framework Attachment I
YEARS
Feasibility Study - Based on 50% Sales Property / 50% of the Tourism & Hospitality
INVESTMENT

YEAR 1
1
Land Purchase
-80.000
-80.000
10
11
12
YEAR 2
24
YEAR 3
36
TOTAL
YEAR 4
48
YEAR 5
60
YEAR 6
72
YEAR 7
84
YEAR
YEAR
YEAR
YEAR
YEAR
8 910
11
12 YEAR 13
YEAR 14
YEAR 15
180
-10.500.000
YEARS
MONTHS
-10.500.000
-80.000
-240.000


-25.000
-25.000
-50.000

-50.640
-50.640
-50.640
-151.920

-25.000
-25.000
-25.000
-50.000
-15.000
-75.000
Advertising
-50.000
-15.000
-15.000
-45.000
-45.000
-35.000
-35.000
-25.000
-25.000
-355.000
Infrastructures
-93.085
-93.085
-1.117.000
-1.117.000
-2.420.170
Construction
-12.500
-12.500
-12.500
-12.500
-12.500
-12.500
-12.500
EXPLORATION
-12.500
-12.500
-12.500
-12.500
-12.500
SALES
Hotel Exploration
Income
Hotel Exploration
Costs
-4.220.000
-4.220.000
-4.220.000
-4.220.000
-4.220.000
-25.320.000
-150.000
-150.000
-150.000
-150.000
-150.000
-150.000
-1.050.000
Based on 50% Sales Property / 50% of the Tourism & Hospitality

YEAR 1
-4.220.000
TOTAL
10
11
12
YEAR 2
24
Sales - Detached Houses - 1st Line
805.715
805.715
805.715
805.715
805.715
4.028.571
4.028.571
4.028.571
4.028.571
4.028.571
4.028.571
28.200.001
Sales - Detached Houses - 2nd Line
630.000
630.000
630.000
630.000
630.000
3.150.000
3.150.000
3.150.000
3.150.000
3.150.000
3.150.000
22.050.000
YEAR 3
36
YEAR 4
48
YEAR 5
60
YEAR 6
72
YEAR 7
84
YEAR
YEAR
YEAR
YEAR
YEAR
8 910
11
12 YEAR 13
YEAR 14
YEAR 15
180
YEARS
MONTHS
Apa rtements T0 - 45 uni ts / 50% a vera ge occupa tion ra te
Opera tion Peri od: Ma rch / Apri l
267.300
273.983
280.832
287.853
295.049
342.167
350.721
359.489
4.047.040
Opera tion Peri od: Ma y / October
584.010
598.610
613.576
628.915
644.638
747.582
766.272
785.429
8.842.169
266.220
272.876
279.697
286.690
293.857
340.784
349.304
358.036
4.030.688
544.068
557.670
571.611
585.902
600.549
696.453
713.864
731.711
8.237.430
Townhous e T2 - 18 uni ts / 50% a vera ge occupa tion ra te
140.940
144.464
148.075
151.777
155.571
180.415
184.925
189.549
2.133.894
288.036
295.237
302.618
310.183
317.938
368.710
377.928
387.376
4.360.992
Commerce - Stores / 100% a vera ge occupa tion ra te
Opera tion Peri od: Annua l
117.000
119.925
122.923
125.996
129.146
149.770
153.514
157.352
1.771.432
Res ta ura nt a nd ma ri na s upport
157.000
160.925
164.948
169.072
173.299
200.973
205.998
211.148
2.377.049
Ma ri na - boa t tie s ta tions / 50% occupa ncy ra te
937.500
960.938
984.961
1.009.585
1.034.825
1.200.079
1.230.081
1.260.833
14.194.164
Regul a r Ma i ntena nce
-375.704
-435.701
-446.593
-457.758
Ma rketing
-52.370
-53.679
-55.021
-56.397
-57.807
-67.038
-68.714
-70.432
-792.905
ESS (Externa l Servi ce Suppl y)
-740.563
-759.077
-778.054
-797.505
-817.443
-947.983
-971.683
-995.975
-11.212.451
Sa l a ri es (2.5% a nnua l growth)
-362.433
-371.494
-380.781
-390.301
-400.058
-463.945
-475.544
-487.432
-5.487.396
Advertis i ng
-121.000
-60.750
-60.750
-60.750
-60.750
-60.750
-60.750
-60.750
-850.000
YEAR
YEAR
YEAR
YEAR
YEAR
8 910
11
12 YEAR 13
YEAR 14
YEAR 15
180
MONTHS
-40.162.090
RESULT
-357.600
-366.540

SALES - Revenues from sales
EXPLORATION - Income hotel operations
EXPLORATION - hotel operations costs
Protability index
18
-4.464.088
TOTAL
YEAR 1
12
YEAR 2
24
YEAR 3
36
YEAR 4
48
YEAR 5
60
YEAR 6
72
YEAR 7
84
-11.498.090
-5.532.000
-5.532.000
-4.405.000
-4.405.000
-4.395.000
-4.395.000
7.178.575
7.178.571
7.178.571
7.178.571
7.178.571
7.178.571
7.178.571
3.302.074
3.384.626
3.469.241
3.555.973
3.644.872
4.226.934
4.332.607
4.440.922
49.994.859
-1.276.366
-1.245.000
-1.632.206
-1.671.493
-1.711.761
-1.975.417
-2.023.284
-2.072.347
-22.806.839
-4.319.515
1.646.571
3.672.279
4.913.197
4.610.606
4.668.051
4.716.681
2.251.517
2.309.324
2.368.575
37.275.931
0,62
1,30
-2.511.056
YEAR 2
1,87
0,48
2.712.663
YEAR 4
1,76
0,61
5.004.950
YEAR 5
1,77
0,67
7.023.077
YEAR 6
2,14
0,72
12.101.010
2,14
0,72
12.392.095
YEAR 15
1,59
-3.756.100
YEAR 1
1,54
0,13
-96.473
YEAR 3
1,77
2,14
0,70
0,72
8.796.252
11.774.637
YEAR
YEAR
YEAR
YEAR
8 910
11
12 YEAR 13
YEAR 7 YEAR
Note: Support values - see the support framework Attachment I & II
YEAR 14
YEARS
50.250.001
Feasibility Study - Based on 100% the Tourism & Hospitality

INVESTMENT

YEAR 1
1
Land Purchase
10
11
12
YEAR 2
24
YEAR 3
36
TOTAL
YEAR 4
48
YEAR 5
60
YEAR 6
72
YEAR 7 YEAR
YEAR
YEAR
YEAR
YEAR
8 9101112YEAR 13
84
156
YEAR 14
168
YEAR 15
180
-10.500.000
YEARS
MONTHS
-10.500.000
-80.000
-80.000
-80.000
-240.000


-25.000
-25.000
-50.000

-50.640
-50.640
-50.640
-151.920

-25.000
-25.000
-25.000
-50.000
-15.000
-75.000
Advertising
-50.000
-15.000
-15.000
-45.000
-45.000
-93.085
-1.117.000
-1.117.000
-35.000
-35.000
-25.000
-25.000
-355.000
Infrastructures
-93.085
-2.420.170
Construction
-12.500
-12.500
-12.500
-12.500
-12.500
-12.500
-12.500
-12.500
-12.500
EXPLORATION
-12.500
-12.500
-12.500
Hotel Exploration
Income
Hotel Exploration
Costs
-4.220.000
-4.220.000
-4.220.000
-4.220.000
-4.220.000
-25.320.000
-150.000
-150.000
-150.000
-150.000
-150.000
-150.000
-1.050.000
Based on 100% the Tourism & Hospitality

YEAR 1
-4.220.000
10
11
12
YEAR 2
24
TOTAL
YEAR 3
36
YEAR 4
48
YEAR 5
60
YEAR 6
72
YEAR 7 YEAR
YEAR
YEAR
YEAR
YEAR
8 9101112YEAR 13
84
156
YEAR 14
168
YEAR 15
180
YEARS
MONTHS
Deta ched Hous es 1s t Li ne - 47 uni ts / 50% a vera ge occupa tion ra te
620.400
635.910
651.808
668.103
684.806
794.164
814.019
834.369
9.393.130
Deta ched Hous es 1s t Li ne - 47 uni ts / 70% a vera ge occupa tion ra te
1.413.384
1.448.719
1.484.937
1.522.060
1.560.111
1.809.251
1.854.482
1.900.844
21.399.258
Deta ched Hous es 2nd Li ne - 49 uni ts / 50% a vera ge occupa tion ra te
421.877
489.248
501.480
514.017
5.786.677
Deta ched Hous es 2nd Li ne - 49 uni ts / 70% a vera ge occupa tion ra te
864.360
885.969
908.118
930.821
954.092
1.106.454
1.134.115
1.162.468
13.086.792
267.300
273.983
280.832
287.853
295.049
342.167
350.721
359.489
4.047.040
584.010
598.610
613.576
628.915
644.638
747.582
766.272
785.429
8.842.169
266.220
272.876
279.697
286.690
293.857
340.784
349.304
358.036
4.030.688
544.068
557.670
571.611
585.902
600.549
696.453
713.864
731.711
8.237.430
140.940
144.464
148.075
151.777
155.571
180.415
184.925
189.549
2.133.894
288.036
295.237
302.618
310.183
317.938
368.710
377.928
387.376
4.360.992
Commerce - Stores / 100% a vera ge occupa tion ra te
117.000
119.925
122.923
125.996
129.146
149.770
153.514
157.352
1.771.432
Res ta ura nt a nd ma ri na s upport
280.000
287.000
294.175
301.529
309.068
358.424
367.384
376.569
4.239.324
Ma ri na - boa t tie s ta tions / 50% occupa ncy ra te
937.500
960.938
984.961
1.009.585
1.034.825
1.200.079
1.230.081
1.260.833
14.194.164
Regul a r Ma i ntena nce
-775.600
382.200
391.755
401.549
411.588
Ma rketing
-52.370
-53.679
-55.021
-56.397
-57.807
-67.038
-68.714
-70.432
-792.905
ESS (Externa l Servi ce Suppl y)
-940.563
-964.077
-988.179
-1.012.883
-1.038.206
-1.204.000
-1.234.100
-1.264.953
-14.240.539
Sa l a ri es (2.5% a nnua l growth)
-432.433
-443.244
-454.325
-465.683
-477.325
-553.551
-567.390
-581.574
-6.547.227
Advertis i ng
-141.000
-70.750
-60.750
-60.750
-60.750
-60.750
-60.750
-60.750
-880.000
YEAR 7 YEAR
YEAR
YEAR
YEAR
YEAR
8 9101112YEAR 13
84
156
YEAR 14
168
YEAR 15
180
RESULT
-794.990
-814.865
-944.993
-968.618
-992.834

EXPLORATION - Income hotel operations
EXPLORATION - hotel operations costs
Protability index
TOTAL
YEAR 1
12
YEAR 2
24
YEAR 3
36
YEAR 4
48
YEAR 5
60
YEAR 6
72
-11.498.090
-5.532.000
-5.532.000
-4.405.000
-4.405.000
-4.395.000
-40.162.090
6.705.418
6.873.053
7.044.880
7.221.002
7.401.527
8.583.502
8.798.089
9.018.042
101.522.991
-1.566.366
-1.531.750
-2.333.875
-2.390.703
-2.448.952
-2.830.332
-2.899.572
-2.970.542
-32.142.847
-11.498.090
-5.532.000
-392.948
936.303
306.005
435.298
557.575
5.753.170
5.898.518
6.047.499
29.218.054
0,00
0,00
0,94
1,16
1,05
1,06
1,08
3,03
0,08
959.047
-4.395.000
-10.695.898 -15.482.918 -15.799.225 -15.098.121 -14.884.971 -14.602.914 -14.266.833

YEAR 1
19
-9.682.176
YEAR 2
YEAR 3
YEAR 4
YEAR 5
YEAR 6
YEAR 7
YEAR
YEAR
YEAR
YEAR
8YEAR
9101112 YEAR 13
Note: Support values - see the support framework Attachment II
3,03
3,04
0,10
0,11
3.102.058 5.145.907
YEAR 14
YEAR 15
YEARS
MONTHS
1,40
ANEXO I
Note 1: Annex to the Feasibility Study - Values of Real Estate Sale
Note 2: The values shown concern the market study for Portugal, based on the values of supply currently available in the area and quality of services
provided.
Detached Houses
Units UI-1 a UI-96 - Total de 96 units

N de units
Type
Construction Area
Price / sq.m REF.
Recomended Price Unit
TOTAL
Detached Houses 1st line
47
T4
180/200sq.m.
3.000
600.000
28.200.000
Detached Houses 2nd line
49
T3
150/180sq.m.
2.500
450.000
22.050.000
Townhouse Units
Units UB1 - UB2 - Total de 18 Units

N de units
Type
Construction Area
Price / sq.m REF.
TOTAL
Townhouse Units 1st line
T2
130sq.m.
2.450
320.000
1.280.000
Townhouse Units 2nd line
14
T2
130sq.m.
2.300
300.000
4.200.000
Units UA1 - UA2 - Total de 79 Units
Apartments
N de units
Type
Construction Area
Price / sq.m REF.
TOTAL
Apartments
45
T0
60sq.m.
1.720
103.200
4.644.000
Apartments
34
T1
80sq.m.
1.720
137.600
4.678.400
Stores
Units CS1 - rea bruta de 1500sq.m.

N de units
Stores
Type
20
Construction Area
Price / sq.m REF.
TOTAL
1200 a 1300sq.m.
870
1.100.000
1.100.000
TOTAL
600.000
600.000
Marina & Services
Units M1 + C1
N de units
Store + Tie Stations
Type
Construction Area
250sq.m.
20
Price / sq.m REF.
ANEXO II
Note 1: Annex to the Feasibility Study - Values of Real Estate Sale
Note 2: The values shown concern the market study for Portugal, based on the values of supply currently available in the area and
quality of services provided.
Detached Houses
Units UI-1 a UI-96 - Total de 96 Units

N de Units.
Type
Construction Area
High Season - weekly rental
Low Season - weekly rental
Detached Houses 1st line
47
T4
180/200sq.m.
1.790
1.100
Detached Houses 2nd line
49
T3
150/180sq.m.
1.580
970
Townhouse Units
Townhouse Units 1st line
Units UB1 - UB2 - Total de 18 Units

N de Units.
Type
Construction Area
18
T2
130sq.m.
1.050
650
Apartments
Units UA1 - UA2 - Total de 79 Units

N de Units.
Type
Construction Area
Apartments
45
T0
60sq.m.
103
66
Apartments
34
T1
80sq.m.
127
87
Stores
Units CS1 - rea bruta de 1500sq.m.

N de Units.
Stores
Type
20
Construction Area
Monthly rental
1200 a 1300sq.m.
9.750
Marina & Services
Units M1 + C1
N de Units.
Restaurant and Services Suport
Tie Stations
250
Type
Construction Area
Monthly rental
250sq.m. + fuel Post
1.750
Annual Income - by unit

7.500
21
Photos
22
Contacts
Urbicastelo-Bode, urbanizaes S.A.

Casal dos Dures, n 76
Quinta do Falco
2300-184 TOMAR
Santarm Portugal
Tel: (+351) 244 892 641
Fax: (+351) 244 892 641
Telm: (+351) 929 197 171
Technical and Commercial Department

E-mail: geral@vale-paraiso.com
E-mail: geral@urbisfoco.pt
Tel: (+351) 244 892 641
Telm: (+351) 929 197 171
Estudo desenvolvido por Hecco-Solutions - Fevereiro 2012
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HECCO-SOLUTIONS - Fevereiro 2012

The economic feasibility study

Getting Resources for:

- Impermeable Areas Housing units:

The property Vale Paraso Eco Resort is located on the outskirts

Tomar and Barragem Castelo do Bode

The target market - Attachment complementary A

Business Tourism Sector

The target market - Attachment complementary A

Senior Tourism Sector - Residences Medically assisted

Target Segments - complementary Attachment B

The reasons for interest in this market segment

PEST Analysis - Complementary attachment C

PEST Analysis - Complementary Attachment C

Potential Tourism of the Territory

Strengths, Weaknesses Opportunities and Threats

Tourism Potential of the Territory

SW Analysis for the 3rd Age sector

Tourism Potential of the Territory

SW analysis for the Top range tourism

ECO-RESORT VALE PARASO

Method applied for the Feasibility Studies

Feasibility Study - Based on the sale of 100% of Property

Development & Project Promotion, Vale Paraso / Eco-Resort

Approval from the authorities organisms

Budgeting and planning

Development of the specialty projects

Approval from the authorities organisms

Sales - Detached Houses - 1st Line

Sales - Detached Houses - 2nd Line

Sales - Townhouse - 1st Line

Based on the Sales of 100% of Property

Sales - Townhouse - 2st Line

INVESTMENT - TOTAL costs with construction and promotion

Investment & Project Exploration Vale-Paraso / Eco Resort

Note: Support values - see the support framework Attachment I

Development & Project Promotion, Vale Paraso / Eco-Resort

Approval from the authorities organisms

Budgeting and planning

Development of the specialty projects

Approval from the authorities organisms

Based on 50% Sales Property / 50% of the Tourism & Hospitality

Sales - Detached Houses - 1st Line

Sales - Detached Houses - 2nd Line

Apa rtements T0 - 45 uni ts / 50% a vera ge occupa tion ra te

Opera tion Peri od: Ma rch / Apri l

Apa rtements T0 - 45 uni ts / 70% a vera ge occupa tion ra te

Opera tion Peri od: Ma y / October

Apa rtements T1 - 34 uni ts / 50% a vera ge occupa tion ra te

Opera tion Peri od: Ma rch / Apri l

Apa rtements T1 - 34 uni ts / 70% a vera ge occupa tion ra te

Opera tion Peri od: Ma y / October

Townhous e T2 - 18 uni ts / 50% a vera ge occupa tion ra te

Opera tion Peri od: Ma rch / Apri l

Townhous e T2 - 18 uni ts / 70% a vera ge occupa tion ra te

Opera tion Peri od: Ma y / October

Commerce - Stores / 100% a vera ge occupa tion ra te

Opera tion Peri od: Annua l

Res ta ura nt a nd ma ri na s upport

Opera tion Peri od: Annua l

Ma ri na - boa t tie s ta tions / 50% occupa ncy ra te

Opera tion Peri od: Annua l

Regul a r Ma i ntena nce