THEME PARK, HOTEL, RETAIL & RESIDENTIAL DEVELOPM 1 - - PowerPoint PPT Presentation

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THEME PARK, HOTEL, RETAIL & RESIDENTIAL DEVELOPM

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City of Wonders is a world-class development offering a unique, enjoyable and exci work and play, to appeal to all ages, be family oriented, encourage repeat visitors the diverse appeal that will attract the maximum number of guest

When It Comes To The Wonders Of The World... City Of Wonders Will Cap

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Executive Summary 4 Descriptive Statistics 4 Industry Overview 10 Global Casinos and Gaming 11 Industry Overview 11 U.S. Casinos and Hotel Casinos 14 Industry Defined 14 Industry Growth U.S. Important Revenue and Income Factors 16 Native American Casino and Hotel Casinos 17 Industry Overview 17 Industry Participants 18 Company Overview 19 The Seminole Tribe of Florida 20 The Seminole Tribe of Florida, Inc. (STOFI) 21 Seminole Nation Organizational Chart 22 FKC International, Inc 23 Historical Timeline 24 Management Team Biographies 25 The Seminole Tribe of Florida Overview 26 Seminole Gaming 27 Locations of FKC Cafés, Hotels and Casinos 28 Project Overview 35 Project Details 36 Key Factors 37

• St. Maarten Hotel Trends

38 Key Growth Factors and Project Development Plan 39 Site Plan 40 Financials 41 10-Year Pro-Forma 42 Operational Summary 43

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Welcome to “The City of Wonders Project”. The park consists of 312 acres of fully developed land and situ

• n the beach in Bouznika, located between Casablanca and the capital city of Rabat in Morocco. The operatio

the City of Wonder will be managed by Maghreb Development Group’s partners (“MDG”). This project will involve the construction of a Theme & Entertainment Park for people of all ages with a touch healthy living. The project is inclusive of water parks, roller coasters, restaurants, casinos, children activities most of all services dedicated to health & rehabilitation for local guests and those travelling from neighbo

• countries. Guests will enjoy the special upscale settings and oceanic backgrounds.

As described herein, the City of Wonders, (the “Project”) also referred to as the “Company” or “City of Wond City of Wonders is offering an opportunity for Investors and/or Lenders to participate in the financing and ownersh

• f a Hotel, Theme Park, Retail and Residential Housing which makes a unique concept in Morocco. The proje

developed by Maghreb Development Group. ¡ The Project proposes the construction of the first National project of this magnitude in Morocco. No other project this demension have been built before and this will become the most magnificent project ever. The Morocca government has accorded an exclusive arrangement to develop a premier 312 acre resort, theme park, retail residential project outside the coastal town of Bouznika, Morocco named The “City Of Wonders”. The propert situated between Casablanca and the capital city of Rabat placing the development site in a central location fo tourist industry and offers the demographic of capturing the bulk of wealth in the country of Morocco.

FK-Construction & MDG believes this to be a unique opportunity given its standing and relationship with

Moroccan government and its affiliates. In accordance with the letter of Minister Walli of the Area Chaouia Ourd and the Governor of the Province of Settat, the "Regional Commission of Investment" agreed to grant an exemp relating to the acquisition of the property located at TFN° 11973/R, N° 1225/R and 2085/R on August 18, 2010. total surface area of 91 hectares by 48 hectares in the Province of Benslimane, just outside the city of Bouzn was designated for the construction of a Tourist Complex known as the "City Of Wonders". The tourist com

• ffers numerous attractions and amenities:

EXECUTIVE SUMMARY ¡

Sincerely, FK-Construction & MDG

• Casino
• Hotels
• Residential Villages
• Amusement Park
• Water Park
• Dolphin Aquarium
• Botanical Park
• Health Spa
• Restaurants & ¡ ¡

Shopping Facilities

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CONFIDENTIAL INFORMATION MEMORANDUM

This Confidential Information Memorandum (“CIM”) contains proprietary and confidential information regarding the proposed City of Wonder be-formed affiliate of Maghreb Development Group (the “Company”). It is based upon information provided by the Company as well as Company makes no express or implied representation or warranty to potential Investors or Lenders with respect to the accuracy or completenes

• CIM. Nothing contained herein is, or shall be, relied upon as a promise or representation of future events or performance and the Compan

such presentations or for omissions from this analysis. The information set forth in this CIM is intended solely for the evaluation of the Proj agreement previously executed. The receipt of this CIM is an acknowledgement that this information will not be disclosed to any external consent of the Company. Neither this CIM, nor the information contained herein, may be reproduced or used for any purpose other than to contained in this confidential information memorandum (“CIM”) was prepared by the FK construction ltd (the “PARTNER”) to assist intere investment in a proposed city of wonder (the “PROJECT”), and may not be used for any other purpose. No representation or warranty, accuracy or completeness of such information. no information contained in this CIM or any other written or oral communication transmitte party is, or shall be relied upon as a promise or representation, whether as to the past or future performance of the project, and no liabi definitive agreement when, as and if it is executed and subject to such limitations as may be provided in such definitive agreement. The infor the date stated on the cover page hereof or such other date(s) specified in this CIM. The company does not intend to (and it specifically d information in this CIM, whether as a result of new information, future events or otherwise. An investment in the company is suitable o investors” (as such term is defined in rule 501(a) of regulation d promulgated under the securities act of 1933, as amended) and can affor This CIM does not purport to contain all information that may be required to evaluate a transaction. any recipient of this CIM must condu project and its proposed assets, business and operations. Prospective investors are not to construe the contents of this CIM as legal, tax, bus that this CIM contains all the information that prospective investors may need to make an informed investment decision. Each prospective inv with respect to the legal, tax, business, financial and other matters concerning the company’s proposed assets, business and operations data and industry information described or referred to in this CIM is derived from various trade publications, industry and public sources, and and assumptions. No independent investigation has been made with respect to such information and no representation or warranty, express

• r completeness thereof. No representation whatsoever is made by the company or any other person or entity as to the accuracy or complet

this CIM accordingly, you are encouraged to conduct your own due diligence prior to pursuing any transaction. All statements and projections

• perations of the project were prepared by the project’s management based upon various estimates and assumptions, that, while consid

inherently subject to significant business, operational, economic, financial, competitive, regulatory and other uncertainties and contingenc company’s control. Such statements and projections have been provided only to assist the recipient of this CIM in its independent analysis proposed assets, business and operations, but are not to be relied upon as any representation or warranty of future returns or results that m that any of such statements or projections or the estimates and assumptions on which they are based will be achieved in part or at all. The been subjected to any accounting review or evaluation and have not received the approval of any accounting firm. Furthermore, becaus based on estimates and assumptions about circumstances and events that have not yet taken place and are subject to variation, there c results will be attained. This CIM contains certain forward-looking statements relating to future events or the future business, operatio

• perations of the project. forward-looking statements, which involve assumptions and describe the company’s future plans, strategies and

by use of the words “may,” “could,” “should,” “will,” “would,” “expect(s),” “anticipate(s),” “plan(s),” “potential,” “estimate(s),” “believe(s),” “in negative of such words, other variations on such words or similar terminology. Prospective investors are cautioned that such statements refle

• n current expectations and/or beliefs concerning future events and that actual events or results may differ materially from those statemen

looking statements involve risks, uncertainties and other factors, which may cause actual results to be materially different from any future forward-looking statements.

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CONFIDENTIAL INFORMATION MEMORANDUM (Cont.)

such risks, uncertainties and other factors include, among other things, changes in political and economic policies and conditions, change company’s inability to obtain adequate funding and financing as the need arises, the company’s inability to ¡pay ¡liabilities ¡as they become due, risks terms thereof, uncertainty of cash flow to meet fixed obligations, availability and ¡cost of energy, adverse changes in ¡general and/or local econom estate ¡values, unfavorable ¡ enactments ¡of zoning and other governmental laws, environmental risks, uninsured or uninsurable risks, the prohibitiv

• ther insurance, natural disasters, competition, vandalism and others), changes in interest rates, as well as other risks, uncertainties and other fa

be foreseeable. These forward-looking statements speak only as of the date of this CIM and the company does not intend to (and it specifically such information in this CIM after the date of this CIM. No federal or state governmental agency or authority has approved or disapproved of company, passed upon or endorsed the merits of any offering or sale of securities of the company or the accuracy or adequacy of this CIM. This

• r a solicitation of an offer to buy, any securities or interests in the company in any state or other jurisdiction to any person to whom making suc

state or jurisdiction. FK construction ltd and its affiliates and each of their shareholders, officers, directors, employees, agents and repre participating in or endorsing the transactions contemplated by this confidential investment memorandum (“CIM”). Neither FKC nor any of its employees shall in any way be deemed an “issuer” or “underwriter” or “sponsor” of any such transactions, and the delivery of this CIM shall not negotiate by FKC. FKC did not produce, endorse or distribute in any manner this CIM. FKC was not involved in the making of this CIM. Neithe agents or employees makes any representation or warranty whatsoever regarding the accuracy of the information contained in this CIM. FKC h liability or responsibility for any financial statements, projections or other information contained in this CIM. FKC has not in any way passed on t this CIM. recipient acknowledges and agrees by receiving this CIM that participation in any transaction relating to any FKC branded facility a transaction do not constitute an assurance, representation or warranty by FKC of any kind, express or implied, as to the suitability (commerci transaction relating to any FKC branded facility for any purpose. Any financial information set forth herein is merely estimates and should not be independent investigation. Subsequent to the entering into any transaction, demographic and/or economic factors could change, altering the

• thereby. Such factors are unpredictable and are beyond FKC's control, and FKC shall not be liable for expectations as to revenue, income or oper

shall have any obligation to enter into definitive agreements regarding the transactions contemplated by this brochure. The information contained

• r legal advice. Each recipient must consult with and rely upon the advice of his, her or its own counsel and other advisors with respect to the fi

any proposed transaction. No representations or warranties of any kind are intended or should be inferred with respect to the economic return or the recipients. FKC does not represent or warrant (and has not represented and warranted) that the information obtained from third parties commission has reviewed this CIM or has approved or disapproved the transactions described herein, or has passed on or endorsed the merits of person is authorized to give any information or to make any statement not contained in this CIM, and any information or statement not contained been authorized. Information contained in this CIM may contain “forward-looking statements” within the meaning of the private securities litigatio can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “anticipate,” “estimate” or “continue” or the negativ comparable terminology. The matters set forth in this CIM constitute cautionary statements identifying important factors with respect to such forwar risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. No information set out written or oral information will form the basis of any contract. All Inquiries Regarding Any Proposed Transaction, Or Relating To The Information Provided Herein, Should Be Add Hanna F Khouri , Chief Operating Officer -- Cell : (305) 321-2856 Office : (201) 793-3448 E-mail: hanna.khouri@fkcons Hakim Boukarrou -- Cell : (561) 809-5172 Office : (561) 394-2678 E-mail: hakim@maghredevelopment.co

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City of Wonder will be located 30 minutes by car Casablanca Mohammed V International

• rt, which is served by 30 of the world’s major
• es. More than 26 major global cruise lines port

asablanca, located on the Atlantic Ocean. It is capital of the Grand Casablanca region and rocco's largest city as well as its chief port. As an catcher, the Project will have the only park with rcoaster and water rides that will serve as a con for approaching cruise ships and airplanes. st governmental permits, construction plans, land rchases, and feasibility studies have been pleted. ice Offerings - The global Resort / Casino ing / Amusement Park industry, whose primary ities include licensed recreational, casino ing and online legal gaming (excluding the U.S.), efined as having products and services which de conventional casino gaming services, online l casino gaming services, accommodations, food beverages, entertainment, convention centers, t conference rooms and retailing. ar Outlook - By 2010, the industry began to ver from the depths of the global recession and

• w anticipated to produce revenue in 2014 of

.6 billion, with expected annual growth of 5.4% 164.5 billion in 2017. The European debt market s could prolong the slow-growth pattern of the d-wide recession. New markets, especially in cau, Morocco and Singapore, will experience ch higher growth, while the traditional markets in pe and Las Vegas will experience slower veries. Geographic Concentration - Three-quarters of global gaming revenues come from t Europe, which are in a mature, low-growth stage. Newer markets in Asia and Emergin Europe are experiencing accelerating, stronger growth potential. Casino gaming is faci growing competition, from legal non-U.S. based on-line gaming, racinos (race track gamin Key Market Drivers - The global economic recovery in gaming started in 2010 due casinos, improved consumer sentiment, increased per capita disposable income, rela constant demand from high-end players, gaming deregulation, expanding interest by advantage of gaming revenues, and a recovery in the U.S. segment. The existence of pa Disney has not yet been introduced into Africa.

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solidation Activity - In 2006 and 2007, consolidation in the industry began to substantially crease after the private equity consortium of Apollo Management, Texas Pacific and the Blackstone up announced that they made a buyout offer to Harrah’s Entertainment, a leading, global gaming

• ration. Thereafter, numerous acquisitions continued such as Harrah’s purchase of Caesars

ertainment Corporation, MGM Mirage’s buyout of Mandalay Resort Group and Genting Berhad’s laysia) acquisition of Stanley in the United Kingdom. ket share leaders - As a result of the consolidations and the rapid development in Macau and gapore, the 2012 global gaming industry has been led by the six main market share leaders – ely, SJM Holdings Limited (8.8%), Las Vegas Sands Corporation (8.2%) Caesar’s Entertainment rporation (7.4%), MGM Resorts International (6.6%), Genting Berhad (Malaysia) (4.4%) and Wynn sorts Limited (4.4%). enue breakdown - The industry is led by licensed casinos, where low-denomination slot machines and high stakes table games are leading co er important contributors to revenue and profitability are catchment, which refers to the demographics of the local population, the amount o rnational and domestic high stakes play (which on average, accounts for 20% of U.S. casino and gaming revenue). International high stake ract, and is responsible for 30% of industry revenue. Conventional casino and gaming services 45.6% Online legal casino gaming services 28.3% ventional casino and gaming services 45.6% Online legal casino gaming services 28.3% Accommodation 7.7% Food and beverages 7.5% Othe Meeting, incentives, conferences and events 2.4% Retailing 1.8%, Casino Hotel Business Locations (2012) - % of Total Global Locations Geo

• North America 54.0%
• North Asia 21.0%
• Europe 13.0%
• South East Asia 5.2%

a Casinos are flourishing and other global locations have expanding gaming industries, including the burgeoning Macau market (2010 - $20 bil gapore, Malaysia, France (largest in Europe), Monte Carlo (largest in Western Europe), Germany, the United Kingdom, Central and Eastern Eu tral America, Latin America, Africa and Oceana (especially Australia). The top four casinos account for approximately 30% of the marke rating Cost Structure (2012). Major Global Casino Companies and Market Share (2012) · Wages 29.2% · SJM Holdings Limited 8.8% · Marketing/promotional 9.8% · Las Vegas Sands Corporation 8.2% · General & admin 8.9% · Caesars Entertainment Corporation 7.4%

• Oceania 3.6%
• Africa & Middle East 1.8%
• India & Central Asia 1.0%
• South America 0.4%

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· Purchases 7.9% MGM Resorts International 6.6% · Depreciation 6.5% Wynn Resorts, Limited 4.4% · Utilities 2.2% Other 64.6% Total 100.0%

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· Rent 2.0% · Other 24.0% · Profit 9.5% Total 100.0%

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Since the ascension of King Mohammed VI in 1999, Morocco has become an increasingly popular resort and retirement destination for Europeans due to its location, low cost of living, appreciating land values and stable government. Visitor numbers hit over 10 million in 2011, a 22% increase since 2010 and the highest tourist tally in four decades. Since 2001, Morocco has seen an increase in visitor numbers of 3 million, with a further rise of 2.5 million forecast within the next 3 years. The “Open Skies” agreement with the EU in December 2005 is fostering further growth in passenger air transport to Morocco. This effort has resulted in 1,400 weekly airline connections, up from only 600 in late 2005, as well as boosting the proportion of direct flights to the country’s holiday resort destinations from 40% to 60%, according to Morocco’s transport minister. The government is also an ardent supporter of growth through foreign direct investment mandates specifically “Vision 2010” and “Plan Azur” which includes the current construction of six large-scale internationally financed resort destinations in the country. The Vision 2015 and the Plan Azur initiatives have been instrumental in the development and upgrade of the country’s infrastructure, boosting investment, employment, income distribution and education levels within the population. These plans are firmly positioning Morocco as a destination to live and vacation with the six new resorts chosen to balance the country’s development, which is focused on the Casablanca – Rabat axis. The Project is anticipated to directly benefit from favorable Moroccan economic trends. Morocco can be described as a stable economy enjoying steady growth. The government continues to encourage reform, liberalization, and modernization to stimulate growth resulting in the country experiencing a host of salutary events. The economy is expected to be further buttressed if, as is expected, Morocco becomes part of the Euro-Med free trade zone which is an integral element of the national development Vision 2015 plan. Morocco has also held inflation rates to industrial country averages over the past decade due to a foreign exchange rate anchor and well-managed monetary policy. Inflation in 2011 was at 4.5%. The country maintains a current account surplus and foreign exchange reserves are strong, amounting to around $21 billion. In 2005 the Moroccan Government secured a Free Trade Agreement (FTA) with the USA. The US - Morocco FTA is the second in the Arab world and the first to be made in Africa. It immediately eliminated tariffs on 95% of US trade in consumer and industrial products. Further FTA reforms and liberalization are currently underway.

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rocco Consumer Spending -- Consumer Spending in Morocco creased to 494,499 MAD Million in 2012 from 472,938 MAD lion in 2011. Consumer Spending in Morocco is reported by the ut-commissariat Au Plan, Morocco. Morocco Consumer nding averaged 343,240.63 MAD Million from 1998 until 2012, ching an all time high of 494,499 MAD Million in June of 2012 a record low of 234,359 MAD Million in June of 1998. rocco Government Spending -- Government spending in rocco increased to 159,118 MAD Million in 2012 from 146332 AD Million in 2011. Government spending in Morocco is reported the Haut-commissariat Au Plan, Morocco. Morocco Government nding averaged 38374.26 MAD Million from 1952 until 2012, ching an all time high of 159,118 MAD Million in June of 2012 a record low of 400 MAD Million in June of 1952.

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GDP ¡ ¡ Last ¡ ¡ Previous ¡ ¡ Average ¡ ¡ Trend ¡ ¡ Unit ¡ ¡ GDP ¡per ¡capita ¡ ¡ 1908.30 ¡ ¡ 1844.35 ¡ ¡ 1102.24 ¡ ¡ ¡ USD ¡ ¡ GDP ¡per ¡capita ¡PPP ¡ ¡ 4952.43 ¡ ¡ 4682.13 ¡ ¡ 2542.05 ¡ ¡ ¡ USD ¡ ¡ GDP ¡ ¡ 96.73 ¡ ¡ 99.21 ¡ ¡ 28.20 ¡ ¡ ¡ USD ¡Billi GDP ¡Constant ¡Prices ¡ ¡ 684691.00 ¡ ¡ 666725.00 ¡ ¡ 398000.65 ¡ ¡ ¡ MAD ¡Mi GDP ¡Growth ¡Rate ¡ ¡ 4.30 ¡ ¡ 4.80 ¡ ¡ 5.86 ¡ ¡ ¡ Percent ¡ GDP ¡Annual ¡Growth ¡Rate ¡ ¡ 4.30 ¡ ¡ 4.80 ¡ ¡ 5.86 ¡ ¡ ¡ Percent ¡

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LABOR ¡ ¡ Last ¡ ¡ Previous ¡ ¡ Average ¡ ¡ Trend ¡ ¡ Unit ¡ ¡ Population ¡ ¡ 32.59 ¡ ¡ 32.27 ¡ ¡ 22.45 ¡ ¡ ¡ Million ¡ ¡ Employed ¡Persons ¡ ¡ 10397.00 ¡ ¡ 10525.00 ¡ ¡ 9793.26 ¡ ¡ ¡ Thousan Unemployed ¡Persons ¡ ¡ 1077.00 ¡ ¡ 1007.00 ¡ ¡ 1168.97 ¡ ¡ ¡ Thousan Unemployment ¡Rate ¡ ¡ 8.80 ¡ ¡ 9.40 ¡ ¡ 10.71 ¡ ¡ ¡ Percent ¡

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PRICES ¡ ¡ Last ¡ ¡ Previous ¡ ¡ Average ¡ ¡ Trend ¡ ¡ Unit ¡ ¡ Consumer ¡Price ¡Index ¡(CPI) ¡ ¡ 112.90 ¡ ¡ 112.90 ¡ ¡ 107.93 ¡ ¡ ¡ Index ¡Po Inflation ¡Rate ¡ ¡ 2.30 ¡ ¡ 2.80 ¡ ¡ 1.81 ¡ ¡ ¡ Percent ¡

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MONEY ¡ ¡ Last ¡ ¡ Previous ¡ ¡ Average ¡ ¡ Trend ¡ ¡ Unit ¡ ¡ Foreign ¡Exchange ¡Reserves ¡ ¡ 156711.00 ¡ ¡ 148040.00 ¡ ¡ 151078.93 ¡ ¡ ¡ MAD ¡Mi Interest ¡Rate ¡ ¡ 3.00 ¡ ¡ 3.00 ¡ ¡ 4.20 ¡ ¡ ¡ Percent ¡

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TRADE ¡ ¡ Last ¡ ¡ Previous ¡ ¡ Average ¡ ¡ Trend ¡ ¡ Unit ¡ ¡ Exports ¡ ¡ 14738.00 ¡ ¡ 14341.00 ¡ ¡ 3541.59 ¡ ¡ ¡ Million ¡MA Imports ¡ ¡ 29610.00 ¡ ¡ 32366.00 ¡ ¡ 18097.66 ¡ ¡ ¡ Million ¡MA

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GOVERNMENT ¡ ¡ Last ¡ ¡ Previous ¡ ¡ Average ¡ ¡ Trend ¡ ¡ Unit ¡ ¡ Government ¡Budget ¡ ¡

• ­‑7.60 ¡ ¡
• ­‑6.70 ¡ ¡
• ­‑1.91 ¡ ¡

¡ Percent ¡ Government ¡Spending ¡ ¡ 159118.00 ¡ ¡ 146332.00 ¡ ¡ 38374.26 ¡ ¡ ¡ MAD ¡Mi Changes ¡in ¡Inventories ¡ ¡ 32697.00 ¡ ¡ 42168.00 ¡ ¡ 4776.91 ¡ ¡ ¡ MAD ¡Mi Industrial ¡Production ¡ ¡

• ­‑0.70 ¡ ¡

0.20 ¡ ¡ 3.32 ¡ ¡ ¡ Percent ¡ Consumer ¡Confidence ¡ ¡ 74.20 ¡ ¡ 75.80 ¡ ¡ 79.36 ¡ ¡ ¡ ¡ ¡ ¡ Consumer ¡Spending ¡ ¡ 494499.00 ¡ ¡ 472938.00 ¡ ¡ 343240.63 ¡ ¡ ¡ MAD ¡Mi ¡

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This newly formed development company was founded by Hakim Boukarrou in 20 appointed the Chairman of the Company and initiated its formation in 2008 for the acq Thomas & King, Inc. and its affiliates, to be followed by the acquisition of its operations.

• ther individuals founded Thomas & King, Inc. in 1988, and he worked there as Sen

responsibilities for site selection of the majority of the current eighty-nine (89) Applebe the company that all enjoy above average sales. Mr. Reynolds is also a founder and m Durbin Corporation (1996) which is a diversified business and real estate holding co 1,000,000 square feet of commercial real estate in its real estate division, a diversified and entertainment division, and several ancillary businesses in the Midwest. Previou the real estate manager for Chart House developing over twenty sites, being promoted to district manager for nine states, and su

• professionals. His prior experience includes real estate acquisition and development, and store development for Taco Bell, Bu

Jerrico, WUV’s, Bonanza, Cedricks, DX Oil, Pride Oil Company, and Texaco Incorporated spanning over twenty years. Mr. R

• f the University of Kentucky with a Bachelor of Arts.

After having gone through phase I of obtaining licenses and land, Mr Boukarrou contact Mr Hanna F Khouri, Directo Construction LTD (FKC) a well established Design / Build / Operate company in Africa. FKC expects to have a meaningful on in the development and offers significant value to the development of the Project through their various financial busine

• relationships. Since the Project does still require the necessary entitlements for the development of the proposed program

can assist with any of the needed requirements. Maghreb Development Group is a management holding company focuse sustainable, boutique sized, five-star wellness and entertainment retreats located on private land/water front across Development Group will be the flagship location for the new brand with multiple retreats (5-7 likely) planned in idyllic settin currently oversees the acquisition, financing, development, and marketing of all the Maghreb Development Group projects. Be the Khouri family operates under multiversity businesses. The Khouri family has two centuries of developing businesses in West Africa and work on various types of businesses. Th throughout their career in West Africa has been improving the way of life at home (AFRICA), primarily providing new jobs t sourcing new projects in infrastructure and real estate which improve the environment in which we live. The Khouri family wil

• f building new business in Africa to develop another state of the art resort – the New Wave.

The Khouri family will also make use of this state of the art resort to develop strong partnerships with both the banking in equity/hedge fund investor base. All the Khouri family members have at least a bachelor’s degree in engineering from a we the USA, and Hanna F Khouri holds a Master in Project Management and Geotechnical Engineering and is presently pursuin

• level. The Khouri family currently resides in Togo, Nigeria, Ghana, Benin, Ivory Coast, Lebanon and USA. The Khouri F

several charities including The LiveStrong Foundation, World Wildlife Fund, The Nature Conservancy, Special Olympics, Sa Option for Life.

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Stantec Engineering -- Stantec Engineering was founded in 1954 and is headquartered in Canada with over 130 locations in North America. The office engineering this project will be Stantec:Winston-Salem headed by Randall Pool, who has been involved in the engineering business for more than 20 years, mainly with Stantec, Inc. Stantec provides not only land engineering, but also architectural design, land planning, and landscape architecture as well as consulting services in planning surveying, environmental sciences, project management, and project economics. Stantec is recognized as a world-class leader and innovator in the delivery of sustainable solutions. Stantec’s team is deeply committed to the art and science of sustainable

• design. Stantec engineers and architects apply their extensive experience to hundreds of high-

performance buildings and hotel projects to better design, operate, and evaluate all development projects. Langan Engineering & Environmental Services -- Founded as a geotechnical specialty firm in 1970, Langan quickly became involved in many large, complex projects located throughout the eastern part of the United States. Our client-focused, highly entrepreneurial culture helped evolve additional technical capabilities and enable geographic expansion into the southeast and western regions of the United States. Langan International was formed to support global clients and partner with the world's elite design and construction teams around the world. After four successful decades, our reputation for providing innovative solutions that yield measurable value for our clients continually forges new enduring relationships for the firm and distinguishes Langan from the competition. FAB Studio Architects -- FAB Studio is an international architectural firm based in Dallas,

• Texas. Founded by Frank A. Butler, FAB Studio focuses on the architectural design of luxury

resorts, hotels, spas, and residential projects. The team has been very fortunate to have worked with many of the top operators including The Four Seasons Hotels and Resorts, Rosewood Hotels and Resorts, Fairmont Hotels and Resorts, West Paces, Westin Hotels, One and Only Resorts, Raffles and many more. FAB Studios are truly passionate about the global hospitality industry and what it takes to make each destination resort successful. Frank has designed such iconic resorts as Rosewood Mayakoba, The Inn at Aspen Highlands, Four Seasons Bodrum, and The Ocean Heights Resort. Frank’s partner and senior designer, Song Chia, was born and raised in Singapore before moving to the US in 1993 to attend the University of Oklahoma. Song's love

• f travel and desire for organic architecture drew him to Frank and they began FAB Studios. Song

previously worked at Three Architecture as a senior designer and also at Rees Associates in Dallas, Texas. Song has helped design such renowned resorts as Fairmont Chateau Whistler, Punta Maroma Resort, Pura Verde Resort, and Blackadore Cay Resort.

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Zimmer Associates International , LLC -- ZAI’s founder, Bob Zimmer, has more than 30 years of executive experience in the global hospitality and real estate development business. Many of his past projects have been routinely ranked among the world’s finest including: The Mansion on Turtle Creek, The Remington, The Belair, Hotel Hana on Maui, and The Inn of the

• Anasazi. All of these have been ranked at the top of Conde Nast’s “Gold List.” Mr. Zimmer is

also recognized as a global leader in the field of sustainable design and development. In each project, he employs a holistic approach that emphasizes the integration of each property with it natural environment, and the ultimate synchronicity of all design disciplines in the planning

• process. His hallmark has been the creation of luxury properties that are site-sensitive, fusing

the building and operations within a distinctive cultural and physical setting that enhances the projects long term environmental, social, and economic sustainability. As the founding CEO of Rosewood Resorts, Bob oversaw the development of all the above mentioned properties that each created substantial appreciation for the owners and impressive returns for all the stakeholders involved. ZAI Intl hotel and resort interiors have set new benchmarks for the hospitality industry, achieving a unique residential quality with the focus on details and a palpable sense of place. The team is involved in extensive research on each project in regard to local culture, history, artisans as well as competitive projects in the area which enables the team to be informed, inspired, and highly sensitive to the affects of each design

• recommendation. ZAI Intl has the reputation for creative highly elegant, powerfully distinctive

and truly memorable resort properties. ZAI’s project work includes: programming and conceptual design, design development, schematic design, contract documents, and construction administration. Bob works alongside his wife Delores, who is lead interior designer as well as Bryan Knopf who runs the project management side of ZAI Intl. Both have been in the design and hospitality industry for 20+ years. DHP Associates , Ltd -- DHP is also headquartered in Nassau, Bahamas and is highly respected for their cost engineering for projects in the Bahamas as well as other nations within the Caribbean. Headed by Paul Wolfford and Peter McLeod, DHP has been conducting quantity surveying data for the past two decades. Having worked on many luxury resort projects including Ritz Carlton-Rose Island, Royal Island-Eleuthera, and Roker’s Point-Great Exuma, they are well aware of the various costs involved in constructing luxury resort product in remote locations. DHP has been used for gaining initial costing estimates to complete the pro formas and feasibility studies for the HKF Shaolin Resort project.

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Trevi Hospitality Group , Inc. -- The operating management company for Papillon Resort- Bahamas, LLC will be the Trevi Hospitality Group headed by its founder, Atef Mankarios. Atef is considered one of the most renowned and respected professionals in the luxury hospitality

• business. Trevi Hospitality was formed in 2006 with a focus on providing asset management

as well as technical services for the world’s finest independent hotels and resorts. Atef was the CEO of Rosewood Resorts during the 1990s and led the company in an incredible expansion building iconic resorts like Las Ventanas, Caneel Bay, and Little Dix Bay as well as hotels like The Lanesborough and Hotel Belair. He then joined Starwood Hotels as the President and CEO of St. Regis Hotels and Resorts overseeing the development of multiple hotel and resort properties for that entity prior to forming Mankarios group in 2004. The members of Trevi Hospitality Group’s executive team are renowned luxury hoteliers with wide- ranging expertise and established track records, giving them a unique perspective and the skills required to ensure operational excellence and extract maximum financial performance. Based in Dallas, Texas, Trevi Hospitality Group provides a comprehensive list of services to select hotel and resort owners around the world, both branded and non-branded. SBD-Studio Landscape Architects -- SBD-Studio is an international land planning firm based in Phoenix, Arizona. The vision of SBD is to create a social and physical presence rooted in the creation of environments that respond to and reinforce humanity’s symbiotic relationship with the natural world. This process of establishing a sense of place intrinsically creates environments and places that not only speak to the socials and natural values, but also create destinations which are economically synergistic with these values. SBD-studio firmly believes that successful places fro humanity, nature, and economy are not mutually exclusive, but rather they support one another synergistically. An understanding and well- studied response to these relationships allows for an incredibly innovative advancement in the

• designs. SBD-studio was founded by John Suarez, who possesses over 20 years of

leadership experience in building the awareness in his field of landscape architecture, resort planning, and regional planning across the globe. John’s unique integrative process has established a reputation for client collaboration, and creative problem solving for the betterment of the project. John’s primary focus in any project is capturing the true essence of

• place. John’s master plan designs utilize sacred geometry and resonation to create project

plans that complement the landscape and work in harmony with the existing topography and ecology for ethereal designs.

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FK Construction Ltd -- For almost 50 years FK Construction Company has grown to become a leader in public contracting and engineering. Over the years in the local, national and international markets, we have acquired broad expertise and earned the enviable reputation of being a dependable, no-nonsense developer who consistently delivers rock-solid results on time and within the budget. Our qualified staff and up-to-date equipment, supported by extensive experience allow the FK Construction Company to deliver works of high quality and enables the client to obtain high value for money. PHILKO Limited -- Our companies in private ownership look back on successful decades. Since their establishments in the early 1970's, significant changes have taken place in the

• companies. Qualified and motivated employees have in line with new developments and

technology considerably expanded our company to new frontiers. Being an innovative & well- established company, we offer our customers, at very competitive prices, the best quality in the fields of Building, Highway & Infrastructure, Offshore & Marine services, Hydraulics & Environmental Engineering, Water Well Drillings, Energy, & Consultancy works. Retro Group -- Since 1995, RETRO Construction Company Limited has grown to become a leading construction and engineering firm, in both fields of public and civil works. RETRO Construction has branches all over Nigeria. The head office is located in Rivers State and four

• ther branches in Abuja, Benin, Kano and Lagos. RETRO Construction Co. Ltd. was founded

in Nigeria with talented members of the engineering profession, where through the years the company developed into one of the most dynamic construction, design and engineering firms in Nigeria. RETRO focuses on effective collaboration and win-win solutions. We welcome projects of all sizes and are committed to delivering the highest level of value and service to every customer. ICIS -- Founded in 2008, ICIS has experience in providing comprehensive program, project, and construction management services to Private, Federal and Public Agencies, Healthcare and Labs, Courthouses, Educational Facilities, Resorts, and state of the arts projects. Adding value throughout a project’s lifecycle from concept to occupancy, ICIS’s experienced technical and management professionals help clients navigate through complex design, procurement, and construction processes, while anticipating and diverting risks. ICIS’s deep industry knowledge and extensive experience fosters a client relationship as a trusted partner who supports clients’ adaption to growth, realignment, and new Federal regulations and mandates.

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The development team has hired ICIS & Trevi Hospitality to operate as well as market the resort and residential properties for City of Wonders. This group will provide planning and research services which will allow the development team to optimize the value of the residential real estate in the Project as well as direct all sales and marketing efforts. The primary target for marketing both the resort programs as well as the fractional units will be the fast growing psychographic commonly called the Cultural Creatives. These individuals comprise over 60 million of the current US adult population, primarily located in states east of the Mississippi. There are similar amounts of CCs in Europe as well. These travelers are typically looking for more experiential vacations and more sustainable travel options, as their primary focus is helping to decrease global warming, increase social responsibility, and give back to causes that make sense to them and their families. They want to increase their own vitality, their own consciousness, and learn more about why they are really here on Earth and what can be done to preserve this planet for generations to come. We have a City of Wonders website which cater to all these interests and more by embedding webinars, blogs, seminars, and workshops in key target cities where the potential City of Wonders clients can learn how to better sustain themselves and the planet with the tools that will be taught at the resort once opened. The programming for City of Wonders will be tailored to these various interests and wellness concepts which will be fine tuned based on feedback from the website visitors and the seminar attendees. We will also be selling City of Wonders merchandise on the website to further enhance the community feel of City of Wonders and create early revenue generation for City of Wonders. We will look to sell herbal medicine; phiometry jewelry; Healing Arts t-shirts; BodyLove t-shirts, sleepwear & yogawear, PIMS advertising and merchandise, wellness leader's books/cds/dvds, amusement park themes, and other relevant merchandise. The website will also be used to update members on City of Wonders construction via webcams which will build the pre-opening momentum so we achieve 70% occupancy quicker than the typical new resort 5-year stabilization period. We will also have an iPhone app for mobile convenience and

• reservations. For securing reservations, we will be using Travel Agencies, Internet Sites,

Partner Marketing, and Advertising. Our Primary focus regions will be in the USA and Europe. We will also market to UK, Mexico, and South America. There will be sales people on-site, Member: Destination Spa Group, Leading hotels of the World, and Healing Hotels of the World.

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Moran Downes Architecture – Moran Downes is a multi disciplined architectural design firm located in Phoenix, Arizona specializing in sustainable design for both commercial and residential projects. Moran Downes is comprised of a contingent of designers that bring fascinating individual perspectives to every project. The firm is primarily focused on resort hospitality; spa, wellness, and medical facilities; custom residential, and office architectures and interiors. MoranDownes has a collective experience designing fully sustainable projects both nationally and internationally. Moran Downes brings a unique awareness, passion, and commitment to sustainable resort design. They uphold the firms guiding principle-Sustainable Design for Healthy Living. Over 80% of MoranDowne’s projects are seeking LEED

• certification. MoranDownes will be overseeing the LEED certification of Papillon–Bahamas

which is projected to achieve a LEED Platinum rating – the 1st LEED Platinum destination resort in North America. Moran Downes’ bottom line is the triple bottom line of true sustainability as it pertains to people, planet, and prosperity, vehemently adhering to the basic principle that sustainable design can serve both Mother Earth as well as mankind. City Of Wonders Resort Market Positioning -- It may be concluded from the ICIS & Trevi Luxury Hotel Group’s marketing approach, that City of Wonders Resort will not be just another luxury casino/hotel/resort/amusement/spa project. Its key differentiators create a one-of-a-kind

• wnership opportunity. Initial differentiators include:
• The significant 100 acres of site and its irreplaceable location
• Uniquely low density development, with no potential direct competitors in Morocco
• A sense of place with unique design flair
• Integration of indoor and natural outdoor elements in design
• A collection of like-minded individuals as homeowners
• Highly experienced iconic hotel operator who understand guest needs
• A discretely exclusive, private living environment
• Carefree construction and maintenance services
• The full benefits of the wellness and retreat programs that transcends what is

available in the global market. Once the key differentiators are identified, we will craft the City of Wonders Resort story and train the sales team to help potential purchasers make City of Wonders Resort their own story. Once it becomes their story, purchasers become the best ambassadors for City of Wonders Resort and effectively lower the overall cost of marketing.

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About $10 million has been allocated to put City of Wonders Resort on the map with worldwide recognition and impact. The marketing budget includes:

• Market research updates
• Preparation of a detailed marketing plan
• Sales strategy documents
• Design and production of collateral marketing materials
• Conducting a lead generation program and direct mail campaign
• Public relations campaign and City of Wonders Resort brand management
• Limited advertising and promotion expenses
• Cost of sales launch during the resort grand opening
• Initial sales office overheads
• Developing and managing computer software and the project database
• Website design, digital marketing and social media
• Initial base salaries and training of the marketing and sales team
• Travel and related expenses pursuant to initial marketing effort

During the buildup to the launch of City of Wonders Resort, a third revenue generator will be considered, namely the introduction of a line of City of Wonders Resort’s own products, ranging from soaps, shampoos, body lotions, herbal medicine, spa accessories, eventually expanding to include a full wellness accessory line. This potential revenue generator will be under separate management to the resort and spa. The overall marketing, both pre and post

• pening, will come under the umbrella of the management company while a sales and

marketing team reporting directly to the resort will be hired. The director of sales and marketing and his support staff will be based in the USA. Transportation & Logistics Furthermore, the Moroccan government will provide: a politically stable environment conducive to private investments; an atmosphere where investments are safe and the expropriation of investment capital is not a considered option; A legal environment based on a long tradition of parliamentary democracy, the rule of constitutional and statute laws, and where security of life and personal property is guaranteed; a stable macroeconomic environment bolstered by a prudent fiscal policy, a stable exchange rate, flexible exchange control rules and free trade; an environment in which freedom from Capital Gains, Inheritance, Withholding, Profit Remittance, Corporate, Royalties, Sales, Personal Income, Dividends, Payroll and Interest Taxes is ensured.

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LOGISTICS ¡

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City of Wonders secured the land in 2009 and has completed the following activities related to the Project: · Completed (with International Consulting & Innovative Solutions LLC “ICIS”) a feasibility study of the Project including competitive set analysis, pro formas, and real estate sales and pricing. · Completed (with FK Construction LTD “FKC”) the Master Plan and Site Program for the project. · Completed initial LEED Certification process (with ICIS & Stantec) to ensure Platinum rating. · Completed (with ICIS & Stantec) Schematic Designs for entire resort and residential components. · Completed the initial Environmental Impact Assessment (the “EIA”) of the Project with ICIS, including analysis of soils, water treatment, wastewater disposal, utility installation, energy generation, solid waste treatment and disposal, fire and other disaster management, road access and general environmental impacts. · Leased the use of the private property airstrip and landing docks as well as major surrounding points of access to the resort location. · Received initial authorization from the Bouznika Administrator and Town Board and

• ther local authorities for the development of

a staff village for the Site and piers to transport staff and guests to the resort.

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Initiated discussions with the main aviation provider in providing VIP services to ou for potential daily flights to the International Airport (30 mins in from the re authorization from the office of the Moroccan government for the development’s lan and proposed sustainable designs. Certain of the materials needed to construct an be brought to the Project by barge. The balance of materials will be brought by hi has also utilized MSC, a leading international transportation company, to study a va and sea access scenarios for the imported materials and guests. The likely gu Casablanca International Airport and the Rabat International Airport. City of Wonders Resort – The Project. City of Wonders Resort has already completed significant pre-development activiti designs, master plans, government applications, environmental studies, topographi be in a position to initiate construction in End-2014, once design and constructio and construction financing for the project is put in place. City of Wonders Resort p funding of the Project by reinvesting a portion of the value of the land in th (“Venture”) and investing the initial start-up capital as well. City of Wonders Reso from Private Groups to brand the Project as an independent resort. · the Bouznika Administrator and Town Board and other local authorities for the deve

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Initiated discussions with the main aviation provider in providing VIP services to our guests and to arrange for potential daily flights to the International Airport (30 mins in from the resort). Received initial authorization from the office of the Moroccan government initiated for the development’s land use plan, construction and proposed sustainable designs. Certain of the materials needed to construct and service the Project will be brought to the Project by barge. The balance of materials will be brought by highway. City of Wonders has also utilized MSC, a leading international transportation company, to study a variety of optimal air, land and sea access scenarios for the imported materials and guests. The likely guest airlift will be to the Casablanca International Airport and the Rabat International Airport. City of Wonders Resort – The Project. City of Wonders Resort has already completed significant pre-development activities, including conceptual designs, master plans, government applications, environmental studies, topographical mapping, and should be in a position to initiate construction in End-2014, once design and construction planning is completed and construction financing for the project is put in place. City of Wonders Resort plans on assisting in the funding of the Project by reinvesting a portion of the value of the land in the development venture (“Venture”) and investing the initial start-up capital as well. City of Wonders Resort has received interest from Private Groups to brand the Project as an independent resort. The Bouznika Administrator and Town Board and other local authorities for the development of a staff village for the Site and piers to transport staff and guests to the resort.

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The total estimated cost to develop the Project is approximately $300 m detailed as follows: Project Budget Land / Entitlements $ 90,000,000.00 Infrastructure Costs $ 50,000,000.00 Construction $126,450,000.00 FF&E / OS&E / Technology $ 3,000,000.00 Pre-Development Costs $ 1,500,000.00 Pre-Opening Marketing / Staffing $ 3,900,000.00 Technical Services / Pre-opening $ 1,500,000.00 Design / Consultants $ 11,000,000.00 Development / Const Management $ 7,500,000.00 Permits / Licenses / Entitlements $ 150,000.00 Legal / Travel / Other $ 1,500,000.00 Operating Reserve / Working Capital $ 1,000,000.00 Construction / FF&E Contingency $ 2,500,000.00 Total Project Costs (w/o interest) $300,000,000.00 Total project cost is estimated at $300 million. The most si construction, has been estimated based on consultation with a local contractor and quantity surveyor. The cost of construction in Morocco is low availability of material, and it is assumed that substantially all materi be obtained outside Morocco. Fortunately, City of Wonders believes it will be able to obtain a wa imported materials. Infrastructure costs include the renewable Energy F transmission, water and sewer treatment and roadway improvements a items for providing utilities and access to the project. Total construction debt is assumed to be $150 million (abo capitalization), with total Project equity will be approximately $150 million is offered by the country for the infrastructure work, $90 million is the est the bank institutions, and $10 million the initial soft investment by M ARCHITECTE DPLG Archi-Urba snc, ICIS LLC, and FK Construction LT

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The Project is assumed to be constructed in stages, with the resort, the resort amenities, and suites to be constructed in an · The Project includes 1 Spiritual Suite, 2 Ch’an Buddhism Suite and 8 Gong Fu-Ch’an Suite units sold in 1/8th shares (88 t four years at an average of $500 per square feet of air conditioned space in year 1, increasing by 5% in years 2-4. To

• perator fees, sales commissions, marketing fees, closing costs and interest is assumed to be 23% of gross sales p

projected at 2, 3, 4 and 2 in years one through four. · Unsold fractional units will be part of the resort inventory with 100% availability. Sold units will participate in a rental p availability with gross room revenue split 40% to owners less 5% for expenses. The resort is projected to open with a $50

• ccupancy. Additionally, unsold fractional units and rental pool participants will realize $1,000 at 35%. The resort rate will g

the stable year, at 70.6% ($300 RevPar). · While fractional rentals will contribute a decreasing amount due to unit sales, they will stabilize at $1,013 at 44.7%. After we

• ther activities, we are projecting total revenue in year five at $2.5 million, generating an NOI of $0.6 million, 29.9%. Con

loans (25 year) are assumed at 8% with a 2% loan fee. Resort sale is projected at an 8% capitalization rate with 2% of tran IRR’s, based on above assumptions are projected as follows:

• At end of fifth year of operation: 24.9%
• At end of seventh year of operation: 22.7%
• At end of tenth year of operation: 20.8%

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City of Wonders will have 1,500-square foot wellness retreat and will feature many unique components based on sacred ancient vastu design techniques. The spa experience will be unlike any other in the world, with an organic herb garden extraordinary water gardens, a one-of-a-kind “caves” experience for wet treatments, and vibrational healing treatment mesmerizing Mediterranean (4 treatment rooms). There will also be yoga pavilions, tai chi/qui gong pavilions, and specia

• utcoves. The City of wonders Partners will be there to guide guests through their renewal experience and cater to every ne

while at City of Wonders from arrival to their departure. City of Wonders guests will be learning to better sustain their o sustainable resort and spa environment which they can then teach others when back home.

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The Energy Farm will be located north of the project site on land. The Energy Farm will create 30 MW of power through mult technologies including state of the art photovoltaic panels which rotate with the sun, ultra sensitive helix wind turbines which g knots of wind, and deep sea cooling for all of the resort’s HVAC and refrigeration needs. The Energy Farm will also house water, a waste treatment plant (i.e. Living Machine), and storage for the excess energy generated (compressed air). We plan within the City of Wonders to educate visitors on the healing methodology, the construction sustainability approach, and the in

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The City of Wonders Resort Water Sanctuary: the main pool within the resort will incorporate the same sacred geometry throughout the entire resort layout. Guests will have full service at the pool with a juice bar and pool grille serving lunch

• evening. The pool will be salt water with a sustainable filtration system called ionization/oxidation filtering systems.

Traditional resort outlets and amenities including a spectacular 3-meal food and beverage facility within the main build restaurant, a pool grille, a spa juice bar, a salt-water pool with cabanas and juice bar, an ocean pool and bar area, and

• rooms. Activities will include: snorkeling, kayaking, scuba, bonefishing, windsurfing, kite sailing, ocean sailing, nature hiki

painting, and botany.

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Total % Total Amenities Per Suite Keys Suites Per Suite Keys LAND USAGE / HARD COSTS 580,000.00 7.14% 523,500.00 17,450.00 33.12% 6,500.00 $ 216.67 0.61% PRE-DEVELOPMENT 37,625.05 0.46% 5,796.67 193.22 0.37% 6,041.48 $ 201.38 0.57% SITE & INFRASTRUCTURE 125,416.84 1.54% 19,322.22 644.07 1.22% 20,138.28 $ 671.28 1.89% CONSTRUCTION-INCLUDING TAX 5,290,680.96 65.11% 675,793.77 22,526.46 42.76% 704,335.47 $ 23,477.85 66.27% FURNITURE,FIXTURES & 73,399.17 0.90% 35,940.62 1,198.02 2.27% $ 1,248.62 3.52% OPERATING EQUIPMENT 2,578.09 0.03% 1,262.39 42.08 0.08% $ 43.86 0.12% ARCHITECTURAL & DESIGN 466,860.66 5.75% 108,711.71 3,623.72 6.88% 67,981.85 $ 2,266.06 6.40% SUSTAINABLE SITE ENHANCEMENT ITEMS 163,041.89 2.01% 25,118.89 837.30 1.59% $ 872.66 2.46% Sub-Total 6,159,602.66 75.81% 871,946.27 29,064.88 55.17% $28,781.70 81.24% SOFT COSTS & OTHER LICENSES & PERMITS 3,762.51 0.05% 579.67 19.32 0.04% 604.15 $ 20.14 0.06% LEGAL 1,881.25 0.02% 289.83 9.66 0.02% $ 10.07 0.03% PRE-OPENING COSTS 194,091.93 2.39% 25,907.16 863.57 1.64% $ 900.04 2.54% INTEREST & FEES 0.00%

• 0.00%
• 0.00%

TECHNICAL SERVICES/ PRE-OPENING $36,400.41 0.45% $4,858.68 $161.96 0.31% $5,063.89 $168.80 0.48% OPERATING RESERVE 29,738.90 0.37% 3,969.51 132.32 0.25% 4,137.16 137.91 0.39% PROJECT MANAGEMENT 187,592.97 2.31% 25,039.69 834.66 1.58% 26,097.22 869.91 2.46% WORKING CAPITAL 17,545.95 0.22% $ 78.07 0.15% 2,440.93 81.36 0.23% Sub-Total 476,477.63 5.86% $ 2,119.99 4.02% 2,209.53 6.24% CONTINGENCY 438,166.79 5.39% $ 1,949.53 3.70% 60,956.10 2,031.87 5.74% TOTAL PROJECT COSTS W/O INTEREST 8,125,260.99 100.00% 1,580,518.48 52,683.95 100.00% 1,062,839.71 35,427.99 100.00%

PERCENT OF TOTAL 19.45% 13.08%

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