PLOT PARAMETERS AND PLANNING RESTRICTIONS:

Zoning T2u (Tourist Zone) with direct access to a road.

Option 1 – Hotel Development

Maximum allowable Density 45% x 120% = 54%

Maximum allowable Coverage 20%

No. of floors 3 — maximum height of building 13,10 m

Option 2 — “Tourist Village” Development

Maximum allowable Density 40% x 120% 48%

Maximum allowable Coverage 20%

No. of floors 2 — maximum height of building 8,30 m

Option 3 – Residential Development Maximum allowable Density 20%

Maximum allowable Coverage 20%

No. of floors 2 — maximum height of building 8,30 m

The Hotel or Tourist Village Development (options 1 & 2 above) are considered the most desirable and cost effective because of the additional 20% density concession that has recently been announced by the government.

2. Plot Areas¨ 80,100m2

Allow for Road & Green Areas, say 20% (max by_ law 40%)   17.020m2

POTENTIAL FOR DEVELOPMENT OF THE LAND:

From the above it can be ascertained that there is potential for building a 4 or 5 star Hotel on site with over 700 rooms and all amenities. The preliminary cost estimate for such a development would be approximately fifty (50) million Euros, not including the cost of the land.

There is also potential for building a Tourist Village on site with over 550 units and all amenities. The preliminary cost estimate for such a development would be approximately forty (40) million Euros, not including the cost of the land.

The above is an outline preliminary assessment on the potential of the aforementioned plots.

We are at your disposal for any further clarifications as well as a more detailed analysis and preliminary architectural assessment.