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ProCorp Real Estate Investors

Cancún Towers – Prime Investment in the Heart of the Caribbean. Where Luxury, Comfort, Golf, Marina, Fitness & More Come Together. Investor Presentation. Cancún, April 2008. ProCorp Real Estate Investors. http://www.cancuntowers.net/tour.php. Contents Page.

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ProCorp Real Estate Investors

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  1. Cancún Towers – Prime Investment in the Heart of the Caribbean Where Luxury, Comfort, Golf, Marina, Fitness & More Come Together Investor Presentation Cancún, April 2008 ProCorp Real Estate Investors http://www.cancuntowers.net/tour.php ACROSUR Investor Presentation 2007-11-13.ppt

  2. Contents Page 1. Fundamentals about the Project 4 2. Major Reasons for Investment 8 • Sales Options 22 • Legal Issues for Foreign Real Estate Investors in Mexico 24 http://www.cancuntowers.net/tour.php ACROSUR Investor Presentation 2007-11-13.ppt

  3. Chapter1 Fundamentals about the Project http://www.cancuntowers.net/tour.php ACROSUR Investor Presentation 2007-11-13.ppt

  4. Cancún Towers is the most prestigious private development of Puerto Cancún in the Caribbean (1) Cancún – #1 tourist destination in the Caribbean for 20 years Puerto Cancún – located between Cancún Downtown and the Hotel Zone ACROSUR Investor Presentation 2007-11-13.ppt

  5. 1 2 3 4 5 6 7 8 9 Cancún Towers is the most prestigious private development of Puerto Cancún in the Caribbean (2) • Cancún Towers • Commercial and high density residential lots • Commercial area • Offices • Services • High density residential zone • Hotels • Low density residential zone • Medium density residential zone • Club House • Marina • 18-hole Golf Course http://www.cancuntowers.net/tour.php ACROSUR Investor Presentation 2007-11-13.ppt

  6. Cancún Towers stand for innovative architecture, luxury amenities and highest standards in building construction • Area: 9,800 M2 • Buildings: 3 Towers a 30 apartments • 66 2-bedroom apartments each about 180 M2 • 21 3-bedroom apartments each about 330 M2 • 3 Penthouses with roof-garden and terrace each about 470 M2 • Architect: De Regil Arquitectos, Mexico • Developer: ACROSUR S.A. de C.V. • Constructor: ACROSUR S.A. de C.V. • Construction Period: 2006-2009 (3 phases) • Status as of April 2008: • Construction Phase 1 – Completed • Sales Phase Completed (30/30) http://www.cancuntowers.net/tour.php ACROSUR Investor Presentation 2007-11-13.ppt

  7. Chapter2 Major Reasons for Investment http://www.cancuntowers.net/tour.php ACROSUR Investor Presentation 2007-11-13.ppt

  8. Location, Concept and Timing – three reasons why this is the right moment to invest at Cancún Towers Premium Location • The Riviera Maya is the #1 tourist destination in the Caribbean • Cancún is the largest city on the Riviera Maya • Puerto Cancún is going to be the most exclusive development in Cancún Premium Concept • Luxury amenities • Spectacular views • Innovative features • Contemporary design • Highest construction standards Optimal Timing valueproposition • Phase 1 of Cancún Towers completed • Prices have been increasing for Cancún Real Estate and are expected to continue to rise • Puerto Cancún not yet finished but fast progress ACROSUR Investor Presentation 2007-11-13.ppt

  9. Premium Location (1) Cancún offers everything people look for when choosing a vacation or when selecting a location for a second home • Magnificent Coastline with white sandy beaches and deep blue waters • Vast number of sports activities • >15 golf courses • Diving, snorkeling the Mesoamerican Reef • Beach, water and all other sports • Shopping on international level • Vibrant Night Life all year round • World class dining • Attractions to be explored • Archaeological Sites (Mayan Ruins) • Theme Parks • Eco/Adventure Tours, Cruises • Isla Mujeres, Cozumel Island Riviera Maya – the crown of the CaribbeanCancún – the jewel in the crown ACROSUR Investor Presentation 2007-11-13.ppt

  10. Premium Location (2) Puerto Cancún becomes one of the most exclusive areas to live in Cancún – total investment >1 billion USD • Situated on 808 acres, Puerto Cancún once completed will be one of the most important private communitiesin the Caribbean along an untouched coastline • The highlights: • 18 hole championship Golf Course designed by Tom Weiskopf • Marina to accommodate up to 330 boats - largest marina in the Mexican Caribbean • 435 residential lots • Five world class hotel resorts with all amenities • Shopping complex • Fine dining, bars & clubs Puerto Cancún: City within the City ACROSUR Investor Presentation 2007-11-13.ppt

  11. Premium Location (3) Cancún Towers most central apartment complex in Cancún – part of Puerto Cancún directly adjacent the Golf Course • Cancún Towers was located to: • Be easy to reach from and reach easily • Downtown Cancún (<5 minutes) • Hotel Zone (<5 minutes) • Cancún International Airport (<20 minutes) • Provide most scenic views possible • To the Caribbean Sea and Isla Mujeres • Across Puerto Cancún with its Marina • Towards the Hotel Zone as well as Downtown Cancún • Be an integral part of Puerto Cancún • Directly adjacent the professional Golf Course • Close to Puerto Cancún‘s commercial/shopping area • With separate gated entrance for fast and easy access Cancún Towers: Tower 1 ACROSUR Investor Presentation 2007-11-13.ppt

  12. Premium Concept (1) Cancún Towers – innovative architecture, luxury amenities and highest standards in construction (1) • Innovative architecture • Only maximum two apartments per floor (level 1-11) • Only one apartment per floor with elevator access as part of the apartment (level 12-20) • Contemporary design with style • Luxury amenities • Two pools, relaxation areas, bar, palapa, spa, Jacuzzis, steam room, sauna, massage area, gym, tennis center • Multi-use rooms for events in every tower • Professional security for buildings and premises • Highest standards in construction • Highest hurricane protection of all buildings in Cancún (Garage completely closed and with high ramp, balconies/ocean front hurricane prove until 270 km/h) • Only high quality materials from around the world are used • All walls are concrete/concrete blocks - no dry walls ACROSUR Investor Presentation 2007-11-13.ppt

  13. Premium Concept (3) – BACKUP Only high quality materials from around the world are used in the construction Exterior / Common Areas Floors • Concrete and white cement with grains of marble and washed in superior finish Tennis Court • Concrete with artificial grass Facade • Pre-fabricated 8 cm • Outside finished with pre-strained concrete that does not require maintenance Railings • Hurricane Tempered Window and glass of 9,5 mm- class 4 • Hand railing 3‘‘ in diameter finished in RAL 9010 http://www.cancuntowers.net/tour.php ACROSUR Investor Presentation 2007-11-13.ppt

  14. Premium Concept (4) Cancún Towers – elegant apartments, spectacular views, highest quality and privacy in a unique apartment complex The Highlights: • All apartment with views across Puerto Cancún , Golf Course and Marina to the Caribbean Sea • All apartments with Jacuzzi on the balcony • All concrete walls – no dry walls • High speed private elevators • Completely furnished, imported kitchen with modern appliances • Central garbage collection slide with air-conditioned garbage storage in basement • Latest technology such as sky television service, 2-3 phone lines per apartment ACROSUR Investor Presentation 2007-11-13.ppt

  15. Premium Concept (6) – BACKUP Only high quality materials from around the world are used in the construction Interior / Apartments Flooring • Porcelain, ceramic and marble tiles Walls • Concrete blocks, leveled with cement and painted with vinyl paint, marble Ceiling • Concrete, leveled with cement and painted with vinyl paint, some sheet rock Kitchen • Cabinets MDF, granite counter, appliances mainly General Electric Crystal/windows • Reinforced aluminum white, laminated and Hurricane Tempered Window and glass of 9,5 mm- class 4 • Air conditioning • Apartment with three zone air-condition unit “York” Bath rooms • Featuring outfit/furnishing by URREA and Ideal Standard ACROSUR Investor Presentation 2007-11-13.ppt

  16. Premium Concept (7) At Cancún Towers we do everything to secure your investment, furthermore all documents are examined Land • We hold the title of the land where the towers are being build • We are the sole owner of the land (100% owner) Permits and documentation • We possess all permits, licenses, documents etc. required for the project Stable financing • We are cooperating with international banks that finance our project Insurance • We have insured the construction of the building ACROSUR Investor Presentation 2007-11-13.ppt

  17. 22 of 30 apartments of the First Tower have already been sold • Shows that this project appeals to potential buyers and that there is actually a market for it Apartment prices in Cancún have been increasing annually by about 15% • Price increases have also been realized at Cancún Towers for the latest apartment sales • Prices are expected to continue to rise Apartment rental rates in Cancún are high in comparison to the investment • At prime locations in Cancún, with ocean view, high rental rates can be realized making the project also attractive to sole investors not interested in a second home The Puerto Cancún community is not finished but construction is well under way • Currently, there is still a discount on property in the Puerto Cancún area. However, this discount will disappear as soon as the project reaches the final stages and Golf Course and Marina have been completed. Given the current progress, there is no doubt that this will happen by 2009. Optimal Timing (1) Buying now, investors will minimize their risks and still receive pre-sales prices on Towers 2 and 3 Indicators that minimize risks and create opportunity A B C D ACROSUR Investor Presentation 2007-11-13.ppt

  18. Optimal Timing (1) – A In line with our schedule, we have sold 95% of the first tower and will hand over the first units until May 2008 • PHASE 1 – start 06-2006 • PHASE 2 • PHASE 3 – until end 2009 Q1-2007 Q1-2008 Q1-2009 Q3-2009 Q3-2007 Q3-2008 Hand over first T1 units Hand over first T2 units Construction Tower 1 Construction Tower 3 Parking Tower 2+3 Principal entrance Construction Tower 2 Pool 2 Paved ways Garden area T2 Outside parking Parking Tower 1 Palapa SPA, Gym Pool 1 Tennis Center Garden area T1 Progress can be followed life via Webcam: www.Cancuntowers.net ACROSUR Investor Presentation 2007-11-13.ppt

  19. Optimal Timing (2) – B First Tower apartments almost sold – price increases over time could be realized in line with the Cancún market Examples of price development apartments Levels 3-8 • REMARKS • Price increases realized at Cancún Towers during the past months are on average in line with the market experiences in Cancún (increase 10-15% p.a.1)) • Prices are expected to grow further despite the current international banking crisis (Cancún market does not suffer from overheating like US markets e.g. Miami) 1) Estimate based on available market information and interviews with real estate agents ACROSUR Investor Presentation 2007-11-13.ppt

  20. Optimal Timing (3) – C Vacation Rental properties with ocean view, high rates can be realized making the project even more attractive to investors • 2-Bedroom Apartment • 3-Bedroom Apartment Rental rates of comparable properties in Cancún • 1.000 to 2.000 USD/week1) • With ocean view • With at least 2 bathrooms • 1.500 to 2.500 USD/week1) • With ocean view • With at least 2 bathrooms • 1,500 USD/week • Assuming that the apartment can be rented for 25 weeks p.a., total rent premium would accumulates to: • 37,500 USD p.a. • vs. initial investment of • 350.000 USD • 2,000 USD/week • Assuming that the apartment can be rented for 25 weeks p.a., total rent premium would accumulates to: • 50,000 USD p.a. • vs. initial investment of • 650.000 USD Cancún Towers expected rates 1) Estimate based on ww.vrbo.com/vacation-rentals/mexico/yucatan-mayan-riviera ACROSUR Investor Presentation 2007-11-13.ppt

  21. Optimal Timing (4) – D The development of Puerto Cancún is progressing very rapidly – Price discounts will disappear in the next 2 years December 2009 August 2006 October 2007 February 2005 Price discounts still exist in the Puerto Cancún area compared to the Hotel Zone of Cancún due to the non-completion of the development The discounts will disappear, in turn increase property prices in the area, as soon as the development comes close to finishing major works especially Golf Course and Marina ACROSUR Investor Presentation 2007-11-13.ppt

  22. Chapter3 Sales Options ACROSUR Investor Presentation 2007-11-13.ppt

  23. We are pursuing two different channels to sell Towers 2+3 – official sales start January 2008 Option 1 Sales to individuals Option 2 – Sales to institutional investors $ 31,800,000.00 $ 31,800,000.00 http://www.cancuntowers.net/tour.php WE LOOK FORWARD TO DISCUSS THE DIFFERENT OPTIONS WITH YOU ACROSUR Investor Presentation 2007-11-13.ppt

  24. Chapter4 Legal Issues for Foreign Real Estate Investors in Mexico http://www.cancuntowers.net/tour.php ACROSUR Investor Presentation 2007-11-13.ppt

  25. Legal issues to be considered by foreign real estate investors planning to invest in Mexico Acquisition of Land, Houses or Condominiums Located in the State of Quintana Roo, Mexico by Foreign Individuals or CompaniesFor historical reasons, Mexican law establishes restrictions on foreign individuals or companies that acquire real estate within a 100 kilometer (60 mile) strip of the land along the country’s borders and 50 kilometers (30 miles) from coastal areas. However, there are several legal mechanisms through which these foreigners may use and dispose of this real estate as their own property with the minor limitations and procedures that are described as follows:TrustForeign individuals or companies may hold property through a trust contract signed before a Mexican notary public, designating a Mexican credit institution such as a Bank, Insurance Company or Bond Company as Trustee, who will hold title to the real estate for the duration of the Trust: 20, 30, 50 or even 99 years. These trusts are indefinitely renewable for similar periods of time, if you so wish. The foreign individual or company is designated as the trust beneficiary with practically all the attributes of an owner since they may use the property without limit, rent it or even sell it by instructions issued to the trustee and the property is immediately conveyed to the new owner.Fees must be paid to the Trustee to set up the trust and the Trustee also charges yearly administration fees, which in practice are not very high, but depend on the property’s value.Condominiums and villas are sold through this legal figure in what is known as the fractional system, by which up to 12 persons may acquire a property for life, and may even designate substitute trust beneficiaries as their heirs. Trust CostsAcceptance of the Trust by the banking institution $450* Annual fees $550* Authorization from the Secretary of Foreign Affairs $1,415* Filling the agreement with the National Registry of Foreign Affairs $335* *Approximate prices.Mexican CompanyUnder the terms of recent reforms in legislation regarding commercial entities, a Mexican corporation with 100% foreign capital may acquire fee simple title to property in the restricted coastal areas, especially in the state of Quintana Roo. The partners of said corporations have unlimited use of the property and may rent or sell it through the corporation. ACROSUR Investor Presentation 2007-11-13.ppt

  26. Cancún Towers – Prime Investment in the Heart of the Caribbean Where Luxury, Comfort, Golf, Marina, Fitness & More Come Together Investor Presentation Cancún, April 2008 2007 http://www.cancuntowers.net/tour.php ProCorp Real Estate Investors ACROSUR Investor Presentation 2007-11-13.ppt

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