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Elements Estate is currently in negotiation with a number of internationally-renowned hotel and resort groups who have expressed a strong interest in taking on both the management and running of the resort in conjunction with the management and maintenance of the villas that have been purchased under the lease-back scheme. These discussions are on-going and as soon as they reach a conclusion, an announcement will be made. It is anticipated that the duties and powers of the manager will be in accordance with the standards, practices and procedures generally applied in the operation of existing hotels and residences for which it is manager. These include: concierge services and 24-hour security, interior and exterior cleaning and cause repairs. Necessary alterations of the common property, including but not limited to electrical, plumbing, carpentry, masonry, elevator, basic decorating and such other incidental alterations or changes as may be proper and necessary to ensure the maintenance of the value of the buildings.

LEASEBACK PROGRAM

Purchasers of villas on the Elements Estate will be offered the option to lease-back their property to the resort manager. The exact terms of the lease-back will be determined in conjunction with the resort manager. More details will be available as soon as current negotiations are concluded. The Manager will liaise with all lease-back purchasers to prepare and submit an annual budget with a detailed forecast of the expected cost of providing management, administration and maintenance services (including expected service charges) in advance of each financial year, inclusive of all administrative and other expenses. This forecast will include any amounts to be reserved in anticipation of future maintenance, repair or capital costs.

MAINTENANCE

The resort manager will be responsible for the maintenance of the resort and all villas purchased under the lease-back scheme. All freehold villa purchasers will be offered a Gold, Silver or Bronze maintenance contract, the terms of which will be made available shortly. The freehold maintenance packages will be designed to a minimum maintenance programme in line with the standard of maintenance in the resort and in respect of the lease-back properties.