Exclusive Prime Investment – Lake Como, Italy

1. “We create wealth for our clients” Exclusive Prime Investment – Lake Como, Italy A “Tailormade Investment Village” in Varenna Actual View taken from an apartment Prestigious 1 and 2 bed luxury apartments from £175,000 1 bed mini-penthouses - £189,000 & 4 bed penthouses - £490,000 Huge potential for capital growth (over 50% expected in 5 years) Below market value All apartments have commanding views of Lake Como Euro 5000 reservation and 30% deposit required to exchange then nothing more to pay until completion The area should be visited to appreciate its natural beauty Each apartment has a garden/ private balcony, garage and communal swimming pool

2. “We Find Great Deals” Located, in our opinion, on the best part of Lake Como. On a hillside in the village of Varenna, overlooking the town of Bellagio across the lake from Menaggio – this is the ‘Golden Triangle’ of Lake Como. say: “This is a rare opportunity to acquire a luxury apartment at an affordable price in one of the most outstanding locations in Europe. From our success in selling phase 1 we know that this is a superb development. The position above the Lake in a sought-after village, will ensure that the values of these apartments will rise substantially. Phase 2 includes some superior 2 bedroom and 4 bedroom penthouses which bring the whole site to a new level. We see them as a hold for at least 5 years after completion. A visit to appreciate it outstanding beauty is a must” All views are actually taken from the site

3. The Opportunity 7BestInvest are offering 18 luxury apartments in Block A and 4 key ready apartments in Block D all with spectacular views of Lake Como. The development, is situated above the charming village of Varenna, 15 minutes by ferry from the popular town of Bellagio. The apartments are offered as either an investment or as a perfect holiday home, with, letting and management companies in place, (buyers however can choose their own) and mortgage providers are in place too. Apartment sizes range from 60.28 to 182.16 m2 living space. The development is scheduled to be completed by January 2008. Each apartment includes fully fitted bathrooms and gas central heating. Fitted kitchens are provided with all units, including white goods. Tiled floors will be fitted throughout both the apartments and on the balconies. Each apartment comes with a large garage (from 17.75m2) and there is a communal pool exclusively for each Block. The windows also include wooden Louvre shutters in keeping with the local architecture. Located, in our opinion, on the best part of Lake Como. On a hillside in the village of Varenna, overlooking the town of Bellagio across the lake from Menaggio – this is the ‘Golden Triangle’ of Lake Como. Varenna is known as the ‘mini Portofino’ after one of the most expensive towns in Italy! The apartments sit proudly above Varenna on a hillside with unobstructed views of the Lake, no more than 5 minutes drive by car from the church square. Varenna train station can also be reached from the site in a few minutes. Varenna is an intriguing village to explore. Some of its 800 wealthy inhabitants actually work in Milan and the surrounding area, but choose the peace, style and charm of Varenna as their home. There is also a breathtaking golf course up on the hills overlooking Menaggio (accessed by the regular ferries from Varenna harbour). Milan is an hours drive or train journey away with all its worldly pleasures and amazing shopping. Theatre and cinema flourish in this fashionable city, it's lifestyle that counts. The Varenna black stone ‘Nero Varenna’ which is used in the famous Duomo in Milan is actually from the quarry (Cava) where this development is being constructed. Skiing is only 20 minutes away, where four pistes can be found, for the real enthusiast St. Moritz is only 45 minutes away by train. Varenna is 1 hour from Milan Malpensa airport, 1 hour from Milan’s Bergamo airport and 45 mins from the smaller Lugano airport via Menaggio. Milan’s airports are served by most major airlines flying from all the major hubs. There are also plenty of budget airline flights from Stanstead, Luton, Manchester and other UK airports which fly to both of Milan’s airports. Development Specification Location Getting There

4. Properties – Block D Artist’s Impressions of completed Block D. This building is now ‘key ready’ Please note that the orientation of the graphics is for display only. The best lake views are to the south and west, front and right of the building as we face it. The ground floor is actually raised above the ground level providing stunning views as well. There are a mixture of studio, one and two bedroom apartments. They range from 45.81 m2 to 87.79 m2 living space plus Juliet balconies from 2 to 19 m2 or ground floor gardens from 50.23 to 186.4 m2 . The gardens are separated by fences, (not shown in the artist’s impression), with access to the ground floor apartments from the front up sets of stairs. The 1st and 2nd floors are accessed from steps to the rear. There is a swimming pool to the rear of the development (not shown) and underground car parking with access by stairs directly to the building.

5. Price List and Apartment Types – Block D

6. Block A Properties in Block A The apartments all face West with stunning lake views. The ground floor is actually raised above the ground level providing commanding views as well. To the South West are un-obstructed views over picturesque Varenna and the ‘Golden Triangle’ of Lake Como, with Bellagio at the centre. There are a mixture of one, two and superior two bedroom two bathroom apartments. They range from 60.28 m2 to 126.56 m2 living space plus Juliet balconies or ground floor gardens from 50.43 to 107.32 m2 . To complete this stunning development the top floor with its high wooden ceilings contains two, 4 bedroom 3 bathroom penthouses which cover a huge 182 m2 and are probably the most exclusive residences on the Lake! There are also two, 1 bedroom mini-penthouses of 60 m2 which are outstanding value for money. There is a swimming pool to the side of the development (not pictured) and large underground individually lockable garages / storage space with access by stairs directly to the building. Actual View taken from an apartment

7. Price List and Apartment Types – Block A

8. Why is this an outstanding investment opportunity? • The location of these apartments on a hillside with unobstructed views are guaranteed for life as there is no possibility to build in front of them. The development is also very close to the centre of Varenna with access to its restaurants, harbour and regular ferries to Bellagio and Menaggio. This makes it an ideal candidate for capital growth and rental demand – but at very affordable prices as a result of us securing the units at wholesale value (lower than comparable new builds in the area). • Stunning location with Spectacular views of Lake Como and the mountains • Limited supply of quality apartments being constructed at affordable prices • Below market value based on comparables • Lake Como is only at ’30% of its potential’ and prices and demand are set to soar • We expect at least 50% capital growth over the next 5 years • Perfect location for rentals and re-sales • Good links to Milan and its airports • Skiing close by • St Moritz close by • Train station a few minutes drive away Looking North up the Lake towards the Alps

9. Spectacular Lake Como in the Winter! Actual View taken from the site

10. Excellent Rental Potential ‘The Golden Triangle’ is in an excellent position on Lake Como and a very popular location for tourists. The area receives more requests for accommodation per annum, than the number beds. This is naturally a very healthy situation for an investor, with little scope for further development of property in the area. For the management and rental of the apartments, we have negotiated with a company to offer their service to buyers. This is around 1500 euros pa. They are currently acting for many of our clients. They have also provided quotes for a total rental package which they can offer to purchasers of the apartments, please see below: The main marketing side of the operation is a UK based company who have an excellent track in rental marketing. Their web site has been mentioned on the BBC’s Holiday Programme.

11. Mortgage Finance is available through Italian banks secured on your property. Below is a table with examples of terms offered recently to clients after carrying out an official bank valuation, please see table below: Banks have provided us with a valuation of over €3000 m2 as an average price across all floors. We recommend you use Conti Financial Services or Fidentia Group to provide and advise you of mortgage products in Italy. Available Loan to Value: Normally 70% but up to 80% subject to status. Note this is typically the purchase price, not the actual market value. Note that there are no Buy to Let or self-certifying mortgages in Italy. It is similar to France, in that no rental income is assessed in the application. The bank looks at only net monthly income, to see if it is three times the mortgage payment. You will typically need 3 months bank statements, 3 months pay slips or other proof is self-employed and the latest annual tax documents, such as a P60 for UK tax payers.

12. Actual Views taken from Balconies Actual Views taken from Balconies

13. FAQs Q; Freehold – how does this work in Italy? A; All apartments are freehold. This means the buyer owns their physical apartment and share of land the building is built upon. Buyers will be granted full title. Q; What Security is planned for the project? A; There will be an access road, no gate, or on-site security staff. This is not required. Q; Are there any advantages to being an EU citizen when considering this purchase versus a US resident?”. A; there a number of angles to this question; as far as the purchase is concerned the answer is "no". However, the client may wish to consider two points 1. Their personal tax position 2. Becoming an "Italian" resident which will make a difference to the overall cost of purchase, which means they pay 4% tax instead of 10% IVA. However, it may take 18 months to become a full citizen. Q; Also what are the likely property /local /council taxes the owner would incur? A; compared to the UK, annual property taxes are low; like the UK the figure is geared to the size of the property. In the case of the apartments, budget a gross amount of approx. €600 to €800 per annum should be comfortable. As soon as the property is finished and an ICI tax assessment completed we will be able to confirm actual costs. Q; What are the proposed service charges? A; These will be set after completion but will be between €50 to €100 per month. Q; On the final act, can owners occupy the apartment, or will the ensuing work on the new blocks prevent this? A; Yes, they can occupy and use the apartment. Safety paperwork will be granted by final act. Q; What is the target completion date of the whole project? A; Early 2008. Q; What swimming Pools are there? A; There is one swimming pool and sun deck (with stunning views) each for Block D and Block A.

14. recommends: “These luxury apartments are situated in a prime location overlooking a prestigious part of Lake Como - they offer excellence in quality of build, style and comfort. An outstanding investment with huge potential for growth in capital values with purchase prices of the apartments below market value. They are ideal for both investment and personal use. We strongly recommend this development.” “In our opinion, one of the 7 best property investment opportunities in the world today” For further information please contact us on 0208 387 4094 or e-mail enquiries@7bestinvest.com