Client name goes here | November 4 Client name goes here | December 8 Client name | 3 September 2007 Two Islands | 23 October 2007Two Islands

White sand, pure blue water, two islands. Gorgeous island vacation homes with private pools, and with income. Total management – houses, access, income. International architecture. Value beyond it’s price.

Two Islands Villas Both islands are very beautiful, natural and pure. At the south end of the Yasawa Islands, access to Lautoka and Nadi International Airport is shorter than all island destinations outside the densely developed Mamanuca Islands Site prices, house architecture and construction techniques are designed to provide luxury villas in an exceptional location at substantially less than most (if not all) comparable island product. The design and pricing of the Two Islands Villas creates an affordable opportunity for you to own an island residence without compromising style, living, or long term investment value.

Two Islands - Facts Two of the more beautiful islands in the Yasawa Group, part of the Fiji Islands – Naukucuvu (39 ha/99 acres – whole island) and Nanuya Balavu (58 ha/145 acres – approximately 90% of the island). Only 62 two bedroom villas with pools will be built across this exclusive development. Each villa will come with a half share of a site of at least one acre in size. 20 minutes by air from Nadi International Airport (helicopter or sea plane), 33 miles from Lautoka by sea. Serviced by Yasawa Flyer (daily large catamaran service from Denerau) and the resort’s private transfer boat. Villas may be let out or retained for private use, at each Owner’s option. Full management and maintenance services are provided. 99 year title leases (with 91 years to run) with rights of renewal for a further 99 years. The central resort facilities will feature an exclusive architecturally designed lodge, restaurant, beach bar and marine centre. All back of house (including manager’s house, utility and staff buildings) to be provided.

Two Islands Resort The resort will be centered around an exclusive architecturally designed lodge located on the beach on Naukacuvu. The two islands will be connected by jetties – one on each island. The resort will have at least two boats – one of which will be capable of transferring guests to and from the mainland. Common facilities will include a restaurant, bar, marine centre and a sunset bar located on Nanuya Balavu. The resort will be pitched as a five star boutique resort focusing on understated island luxury. Two Islands staff will be available to assist you 24 hours a day if requested. For instance, they can cook meals and snacks, prepare picnic hampers, attend to your personal laundry, and pack and unpack your personal effects.

Two Islands Villas Each two bedroom villa will comprise one “Large Bure” and one “Small Bure”. The floor plans and elevations for each of the Large Bure and Small Bures, along with an aerial “key” shot indicating the layout, are shown on the following pages. More detailed plans and specification are available on request.

Two Islands Villas Villas may be let out or retained for private use, at each owner’s option. Full management and maintenance services will be provided by an on site manager and then integrated. Resort will be marketed as an exclusive boutique resort. Villa owners will hold title through a 99 year sub-lease of the land with a right of renewal for a further 99 years.

Two Islands Villas An Integrated Resort Plan defines and protects the common areas in the plan of Two Islands. Owners will have protection as to the continuing tenure and proper administration of the head lease and the common areas and facilities. In conjunction with the sale of a sublease, Williams Land is offering purchasers a turn-key contract for the construction of a villa in accordance with the plans developed by Modern Architecture Partners. The legal structure provides for management by one entity only of the resort, infrastructure, owners’ villas and recreational facilities, to maintain a uniformly high standard of service in all aspects.

Two Islands Owners will be required to enter into a Villa Maintenance Agreement which will cover maintenance and servicing of their villa. On obtaining all necessary government approvals and VAT registration, Owners may make their villa available for rent through a Villa Management Agreement providing for marketing and letting services in respect of the villa, and in that case, Owners may qualify for certain tax relief. Alternatively, Owners may choose to retain their villa for private use. In that case only a Villa Maintenance Agreement will be entered into. Both structures provide a fully managed solution.

Key Headlease Terms 99 year Native leases, with the opportunity to renew for a further 99 years at the expiry of the lease, or alternatively receive market compensation for the improvements. The Naukacuvu lease commenced on 1 July 2000 and the Nanuya Balavu lease commenced on 1 January The Naukacuvu lease has a fixed rental of $40,000 p.a until 1 July 2011, then provides for a percentage rent commencing at 3% of gross receipts and increasing to 4% over the term of the lease. The Nanuya Balavu lease has a fixed rental of $30,000 p.a. which increases to $60,000 p.a. on 1 January 2011, then provides for a percentage rate commencing at 3% of gross receipts and increasing to 4% over the term of the lease. Whilst the development lease is principally orientated towards a tourism accommodation development, provision is made for residential accommodation, with private sublessees paying a deemed rental equal to the average of that paid by tourism sublessees.

Key Sub-lease Terms Each purchaser of a villa will acquire a half share of a sublease in respect of a lot of at least one acre in size. The aggregate of the obligations under all of the subleases will equal the obligations contained in the development headlease. Each sublessee will have exclusive possession to one villa site along with the non-exclusive right to use common areas/common facilities. Villas must be constructed in accordance with the development control by- laws and construction requirements contained in the sublease. Sublessees elect to put their villa in the scheme managed by the manager and the percentage rent applies or keep for private use in which case the deemed rent is payable. Villas must be maintained by the manager regardless of type of use.

Villa Owners Scheme Sublessees are deemed under the subleases to be members of the body corporate (a Fijian company limited by guarantee). The development headlease will be assigned to the body corporate so owners have protection as to the continuing tenure and proper administration of the headlease. The body corporate will be managed (possibly by the resort operator) so sublessees do not need to worry about day to day administration of the headlease.