EFTA01454837

Extraordinary planning consent with strong support from the regional and local authorities Permits and authorisations received 24 December 2CC9 C June 2010 24 April 2012 9 May 2012 6 January 2014 Project phases (10-year development) PCS (modification of land use) Les Irrordes Le Ganay Le Ganay rosidenoes — Development of Development of Agree hotel Development of 2 luxury homes new Ganay operator tennis. PUP (local Commune agreement for Phase 1 Development of course Development of equestrian & services) 24 lodges Hotel & spa development 20 hotel shooting centre branded residences Diagnostic archaeological survey - Development of 6 luxury homes Ganay course completed Development of 60 hotel Phase 2 ,... Development of - Hotel branded Tree clearance permission 52 lodges operational residences Amenities operational Site infrastructure permission - Development of Development of Phase 3 16 luxury homes --- Development of 124 lodges 80 hotel branded residences Road and path declassification Development of Development of Land exchange with local Commune Phase 4 23 luxury homes Development of 176 lodges 60 hotel branded residences Water law permission Development of Development of 3 luxury homes 20 hotel Infrastructure work commenced Phase 5 Development of 24 lodges branded residences 4 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0113212 CONFIDENTIAL SDNY_GM_00259396 EFTA01454837