Sun Village Resort & Spa Verified Appraisal 07.11.09

ROFIASI Engineering Hector Luis Rodriguez Fiallo
APPRAISALS DIVISION Civil Engineer Surveyor

Cristobal Colon St. 110, Costambar Pan-American Appraiser
P.O. Box 636 Credential
Puerto Plata 57131 Appraisal Panamerican Union Association 437
Dominican Republic
Telephone: (809) 970-7771 Codia 3138

Fax: (809-970-7773 Itado 214
E-mail: rofiasi@codetel.net.do Catacodia 152
Banks Superintendence Appraisals Registry T-020-1801
Appraisal Report
REAL ESTATE: Composed by the Hotel Complex – Sun Village Resorts & Spa
LOCATION: Cofresi, Puerto Plata, Dominican Republic
REQUESTED BY: Sun Village Resorts & Spa
DATE: July 11th, 2009
1
July 11th, 2009
Puerto Plata, DR.
Sirs:
Sun Village Resorts & Spa
City
Dear Sirs Sun Village Resorts & Spa
In light of the fact that we had conducted a thorough evaluation in April 22, 2007
of the Real Estate that compose the Sun Village Resorts & Spa complex, located in
Cofresi, County & Province of Puerto Plata, Dominican Republic and subsequently
updated that information on the date November 11th, 2008 due your request for a new
update on the above mentioned report and after having completed and inspection visit to
the complex of real estate verified the conditions of and understanding that significant
changes have not been made in the referred Real Estate, and that there have been changed
in the costs of construction of the units and in the depreciations, we have prepared the
following report which contains the Value Tables Incurred on the Real Estate.
This report describes procedure that was followed throughout the assigned
investigation and must be noted that the values stated are valid on the date of the present
duty.
Our opinion is that the MARKET VALUE of Sun Village Resorts & Spa
including Residential Properties, Improvements, Machinery, Equipment and Furniture is,
to our best knowledge, Fifty Eight Million, Eighty Four Thousand, Six Hundred and
Seventeen 71/100 United States Dollars (US$58,084,617.71) to date July 11, 2009.
There is no text below this line
Sincerely,
Hector Luis Rodriguez Fiallo

Civil Engineer – Surveyor
Pan-American Appraiser
2
TABLE OF CONTENTS
PROPERTY TYPE AND IDENTIFICATION ............................................................... 1

PURPOSE OF APPRAISAL ........................................................................................... 3
MARKET VALUE DEFINITION .................................................................................. 4
CONTIGENT AND LIMITATING CONDITIONS ....................................................... 5
CURRENT CONDITION OF REAL ESTATE .............................................................. 6
SUN VILLAGE HOTEL ......................................................................................................................... 8
MARKET VALUE DETERMINATION PROCEDURE ............................................... 9
Depreciation Calculation ....................................................................................................................... 9
Market Value Determination ................................................................................................................. 9
BUNGALOWS...................................................................................................................................... 12
DESCRIPTIONS OF THE IMPROVEMENTS............................................................ 13
Depreciation Calculation ..................................................................................................................... 13
Market Value Determination ............................................................................................................... 14
OCEAN PALMS HOTEL ............................................................................................. 15
MARKET VALUE DETERMINATION PROCEDURE ............................................. 15
BEACH PALM HOTEL........................................................................................................................ 19
MASTER SUITES APARTMENTS ....................................................................................................... 23
Villas M2, M3 & M4 ............................................................................................................................ 26
GENERATORS, CHILLERS AND OTHER MACHINERY AREA ....................................................... 30
VALUATION CERTIFICATE ..................................................................................... 34
SUMMARY TABLE ..................................................................................................... 35
3
PROPERTY TYPE AND IDENTIFICATION
We hereby present the following Real Estate description tables, which will provide us general knowledge of each real estate valuated.
As it can be appreciated the tables show the cadastral description of each real estate, including the area of the property each
corresponds to. These properties have been modified with improvements that have been described in the original report dated April
22, 2007.
Property Title Owner

Title Note. Serie Plot No. C.D. Company Name Individual Name County
No. No. No. No.
69 6 203-B-1 9 Desarrollos Mirador Cofresi, S.A. Desarrollos Mirador Cofresi, S.A. Puerto Plata
69 3 203-B-1 9 Desarrollos Mirador Cofresi, S.A. Desarrollos Mirador Cofresi, S.A. Puerto Plata
69 29060 203-B-1 9 Inmobiliria Canandaigua, S.A. Inmobiliria Canandaigua, S.A. Puerto Plata
69 7 29583 203-B-1 9 Inmobiliria Lirios del Tropico, S.A. Inmobiliria Lirios del Tropico, S.A. Puerto Plata
25 15093 203-B-1-B 9 HSV Holding, S.A. HSV Holding, S.A. Puerto Plata
26 15094 203-B-1-C 9 HSV Holding, S.A. HSV Holding, S.A. Puerto Plata
45 1 18682 203-D 9 Tenedora Tunya, S.A. Tenedora Tunya, S.A. Puerto Plata
45 2 18683 203-D 9 Tenedora Tunya, S.A. Tenedora Tunya, S.A. Puerto Plata
28 24003 203-B-1-D-Subd 5 9 Villa Santa Ponca, S.A. Villa Santa Ponca, S.A. Puerto Plata
69 19 29582 203-B-1 9 Inmobiliaria Sauco, S.A. Frederic Elliott Puerto Plata
69 14 29596 203-B-1 9 Inmobiliaria Sauco, S.A. Frederic Elliott Puerto Plata
69 18 20319 203-B-1 9 Inmobiliaria Sauco, S.A. John Michael Burley Puerto Plata
1
APPRAISED TERRAIN AREA TABLE
Title No. Note. No. Serial No. Plot No. C.D. No. Area (m2)
69 6 203-B-1 Portion 9 1271.25
69 3 203-B-1 Portion 9 6596.18
7867.43
69 29060 203-B-1 Portion 9 2000.00
69 29062 203-B-1 Portion 9 721.62
64 38 203-B-2 Portion 9 2000.00
4721.62
69 7 29583 203-B-1 Portion 9 2433.04
2433.04
25 15093 203-B-1-B 9 53312.21
26 15094 203-B-1-C 9 14954.15
68266.36
45 1 18682 203-D Portion 9 18111.33
45 2 18683 203-D Portion 9 1867.67
19979.00
28 24003 203-B-1 Subd 5 9 1389.16
34 24100 203-B-1 Subd 4 9 1233.55
27 23798 203-B-1 Subd 3 9 909.89
3532.60
69 19 29582 203-B-1 Portion 9 775.42
69 14 29596 203-B-1 Portion 9 773.72
69 18 20319 203-B-1 Portion 9 986.95
Notes:
As it can be appreciated, in certain cases, when the column “Note No.” is filled it is
because it correspond to portions of land not demarcated out of its Mother Plot; hence it is
necessary to complete the corresponding demarcation, which we understand is in progress.
Area corrections have been established in works performed by the Surveyor Najibe
Chabebe in the involved portions in the Demarcation Process corresponding to Ocean Palm
as can be noted in the following table:
We will use the corrected areas for determining the market value of Ocean Palms.

Codia 3138 Itado 214 Catacodia 152 UPAV437 Registry of Banks Superintendent #T-020-1801
2
SUB PRJECT OCEAN PALMS
Tasks Comparison
As per Title Certificates Updated Measurements

Company Plot Area (m2) Plot Area (m2) Difference
Plot 203-B-1 1,271.25 Plot 203-B-1 1,270.95 0.30
Plot 203-B-1 900.00 Plot 203-B-1 894.51 5.49
Desarrollos Plot 203-B-1 1,225.00 Plot 203-B-1 1,220.67 4.33
Mirador Plot 203-B-1 1,200.00 Plot 203-B-1 1,186.11 13.89
Cofresi S.A. Plot 203-B-1 900.00 Plot 203-B-1 900.00 0.00
Plot 203-B-1 952.50 Plot 203-B-1 921.75 30.75
Plot 203-B-1 620.18 Plot 203-B-1 520.31 99.87
Plot 203-B-1 795.50 Plot 203-B-1 795.50 0.00
7,864.43 7,709.80 154.63

Plot 203-B-2 2,000.00 Plot 203-B-1 1,800.00 200.00
Inmobiliaria 721.62 Plot 203-B-1 500.00 221.62
Canandaigua Plot 203-B-1
S.A. 2,000.00 Plot 203-B-1 1,800.00 200.00
Plot 203-B-1
4,721.62 4,100.00 621.62

7.54
Inmobiliaria Plot 203-B-1 2,433.04 Plot 203-B-1 2,425.50
Lirios S.A.
2,433.04 2,425.50 7.54
Total Area Ocean Palm 15,019.09 14,235.30 783.79
PURPOSE OF APPRAISAL
The fundamental purpose of this update assignation is to determine the MARKET
VALUE towards an eventual financial operation.
To determine the MARKET VALUE we have conducted a procedure that covers the
physical inspection; collection, test, analysis & data verification concerning to the property
and its surroundings; comparison with similar data from other sources; and processing of
previously presented data through the application of proper methods.
For the purposes of this appraisal, the property is considered a free of any liabilities,
and the same therefore has been valuated in good faith judging it free of liabilities or
obligations of any kind under administration regimen.

3
MARKET VALUE DEFINITION
For the purposes of this report we define VALUE MARKET as: “The estimated cost for
which an asset can be exchanged on the valuation date, between a purchaser willing to buy
and a seller willing to sell, during a free transaction upon proper commercialization in which
both parties have acted with the necessary information, in a prudent manner and without
coactions” according to the definition on the International Valuation Standard Committee
(IVSC).

4
CONTIGENT AND LIMITATING CONDITIONS
We have considered authentic and correct each and every one of the legal and
technical documents that have been provided to us. Any existing obligation has not been
considered; hence the property has been valuated exempt of these and considers it to be
under a responsible possession and administration regimen.
The stated MARKET VALUE does not include any other values that could be
derived from other causes or by the denial of the usufruct of the valuated property.
The blueprints or diagrams included in this report are meant to aid the reader in
visualizing the property and in this context it is not intended to alter, contradict or violate any
of the dimensions or other data that appear on the legal documents used.
In no way it must be understood that this Valuation Assignment obligates us to testify

or appear in a Trail at the Courts, in relation to the valuated property, unless previously
agreed to.
This valuation has been completed in accordance with the Ethic Code of the Instituto
Dominicano de Tasadores, Inc1, of the Union Pan-Americana de Asociaciones de Valuación
(UPAV)2, and from Capitulo de Catastro y Tasacion (CATACODIA)3, from the Nucleo de
Agrimensores4, from the Colegio Dominicano de Ingernieros, Arquitectos y Agrimensores.5
In Puerto Plata, Dominican Republic today July 11, 2009. There is no text below
this line. There is no text below this line. There is no text below this line.

Pan-American Appraiser

1
Dominican Institute of Appraisers, Inc.
2
Pan-American Union of Valuation Associations
3
Cadastral & Valuation Chamber
4
Surveyors Nucleus
5
Dominican College of Engineers, Architects & Suveryors
5
CURRENT CONDITION OF REAL ESTATE
6
7
SUN VILLAGE HOTEL

8
MARKET VALUE DETERMINATION PROCEDURE
The buildings value has been determined based on the Cost Analysis of ROFIASI
Engineering completed to date.
Note: The estimates on the base of the Cost Analysis of the Construction
Company ROFIASI Engineering have been updated to date and cover the
specifications of the Real Estate Valuated. Additionally, it is important to
highlight that the updates completed correspond to real state that are similar to the
one being valuated. Comparisons have been made with budgets of other sources.
The established exchange rate has been DOP$35.50/US$.
Depreciation Calculation
(According to LOS BIENES INMUEBLES, Aspectos Juridicos & Economicos de su

Valoración6, by Jesus Moral Gomez, Page 61-62-63, Series ARIEL ECONOMIA,
Editorial Ariel, Barcelona, 1991)
DEPRECIATION CALCULATION
APPARENT AGE OF BULDING PERCENTAGE
0 to 5 years 10.00%
5 to 7 years 3%
Total Depreciation 13%
Level of Conservation 1 (Excellent)

Conservation Coefficient 0.30
Adjusted Depreciation 3.90%
Market Value Determination
We present the table of involved values in the present valuation:
6
REAL ESTATE ASSETS, Judicial & Economic Aspects of your Valuation
9
SUN VILLAGE RESORT VALUATION
Date: November 11, 2008
No. Items Area (m2) Cost U. Value (US$) Total (US$)
1. SUN VILLAGE HOTEL BUILDINGS
1.1 Room Buildings
1.11 Type A Building (7 units) 3870 m2 $ 668.10 $2,585,547.00
1.13 Type A Building (6 units) 3480 m2 $ 668.10 $2,324,988.00
$4,910,535.00
1.2 Noble Areas
1.21 Lobby & Offices 1,140 m2 $ 610.84 $ 696,352.22
1.22 Corporate Offices & 312 m2 $ 994.93 $ 312,409.44
Others
1.23 Theater Lounge 1,534 m2 $ 899.53 $1,379,878.77
1.24 Citrus – Others 1,026 m2 $ 899.53 $ 922,917.62
1.25 Malibu – Others 2,070 m2 $ 899.53 $1,862,026.77
1.26 Kitchen – Offices 1,770 m2 $ 994.93 $1,761,034.10
1.27 Pools 1 2 3 500,000 gal $ 4.20 $2,099,130.43
1.28 Pool Islands, Bars & 163 m2 $ 511.10 $ 83,308.73
Bridges
1.29 Sidewalks and Exterior 1 P.A. $208,590.00 $ 208,590.00
Stairs
$9,117,058.08
1.3 Others
1.31 Gardening & Landscaping 10,700 m2 $ 28.05 $ 300,135.00
1.32 Parking Lots and Entries 2,800 m2 $ 39.91 $ 111,756.52
1.33 Tennis Courts 1,280 m2 $ 57.65 $ 73,794.78
$ 411,891.52
2.01 Depreciation ($563,139.90)

3.90%
BUILDING VALUE AND IMPROVEMENTS DEPRECIATED IN USD$ $13,876,344.7
3.00 LAND
3.01 Land 38,100 m2 $ 130.00 $4,953,000.00
LAND VALUE $4,953,000.00
REAL ESTATE VALUE to date July 11 2009 $18,829,344.70
For the above valuation we have obtained the corresponding machinery, equipment and
furniture values from the inventory elaborated for Insurance purposes making an
adjustment of time for today’s update.

10
Table of Machinery, Equipment & Furniture
Date: July 11, 2009
No. Items Value (US$) Total (US$)
2.0 Machinery
2.01 Kitchen Area Machinery $450,800.00
2.02 Laundry Machinery $112,700.00
2.03 Maintenance Machinery $ 72,128.00
2.04 Children’s Area Equipment Machinery $ 4,508.00
2.05 Storage Room Machinery $ 9,016.00
2.06 Oasia Pool Bar Machinery $ 9,016.00
SUN VILLAGE HOTEL MACHINERY VALUE IN US$ $658,168.00
3.00 Equipment and Furniture

3.01 Kitchen Area Equipment & Furniture $180,320.00
3.02 Basement Equipment & Furniture $ 90,160.00
3.03 Storage Room Equipment & Furniture $ 9,016.00
3.04 2nd Floor Restaurant Equipment & Furniture $450,800.00
3.05 Ovando Restaurant Equipment & Furniture $ 90,160.00
3.06 Opus Disco Equipment & Furniture $ 36,064.00
3.07 Conference Ccenter Equipment & Furniture $ 90,160.00
3.08 Business Center Equipment & Furniture $ 27,048.00
3.09 Logo Shop Equipment & Furniture $ 13,524.00
3.10 Lobby Bar Equipment & Furniture $ 9,016.00
3.11 Anfitheather Structure Equipment & Furniture $ 90,160.00
3.12 Tower 1 Equipment & Furniture $ 27,048.00
3.13 Tower 2 Equipment & Furniture $ 9,016.00
3.14 Large Upper Pool Equipment & Furniture $ 18,032.00
3.15 Middle Pool Equipment & Furniture $ 13,524.00
3.16 Children’s Pool Equipment & Furniture $ 9,016.00
3.17 Terrace Rooms Equipment & Furniture $ 27,048.00
3.18 Oasia Pool Bar Equipment & Furniture $ 4,508.00
3.19 Room Buildings Equipment & Furniture $361,541.60
EQUIPMENTS VALUE IN US$ SUN VILLAGE HOTEL $1,556,161.60
MACHINERY AND EQUIPMENT IN US$ SUN VILLAGE HOTEL $2,214,329.60
Applying the corresponding procedures, we conclude that the MARKET VALUE of the
Real Estate Sun Village Hotel is of approximately Eighteen Million, Eight Hundred
and Twenty Nine Thousand, Three Hundred and Forty Four 70/100 United States
Dollars (US$18,829,344.70) on land and improvement and Two Million Two Hundred
and Fourteen Thousand, Three Hundred and Twenty Nine United States Dollars
(US$2,214,329.60) on Machinery and Equipment generating a great total of
approximately Twenty One Million, Forty Three Thousand and Six Hundred and
Seventy Four 30/100 United States Dollars (US$20,750,229.20) to date Julio 11, 2009.

Civil Engineer - Surveyor

11
BUNGALOWS

12
DESCRIPTIONS OF THE IMPROVEMENTS
Usage: Apartments of Hotel Use
Improvements Descriptions: The Bungalows complex is conformed of the

following infrastructure:
Five Buildings of Luxury Apartments with 2 apartments per level and four levels as per case.
Cascade Pool with Deck
Circular Shape Restaurant
Lobby
Tennis & Basketball courts, Parking lots, access streets, roads, stoops, paths, and gardens.
The value of these buildings has been determined based on ROFIASI Engineering Cost
Analysis updated to date.
In light of the completion of the buildings in a timeframe of less than one year
depreciation is not considered.

7
13
BUNGALOWS VALUATION
Date: July 11, 2009
1.00 BUILDINGS AND IMPROVEMENTS
1.01 Bungalows 14 2332 m2 $ 746.03 $1,739,737.30
1.02 Bungalows 15 1749 m2 $ 746.03 $1,304,802.97
1.03 Bungalows 16 2332 m2 $ 746.03 $1,739,737.30
1.04 Bungalows 17 2041 m2 $ 746.03 $1,522,643.15
1.05 Bungalows 18 2041 m2 $ 746.03 $1,522,643.15
1.06 Tennis & Basketball Courts 1280 m2 $ 61.40 $ 78,597.12
1.07 Restaurant Bar 560.95 m2 $ 685.05 $ 384,277.86
1.08 Lobby Offices 290.61 m2 $ 652.80 $ 189,710.21
1.09 Roads, Gardens and others 1 P.A. $491,640.00 $ 491,640.00
1.10 Pool 373,824 Gal $ 4.20 $1,570,957.98
1.11 Parking Lots and Entries 1 P.A. $ 71,400.00 $ 71,400.00
US$ VALUE OF BUILDINGS REPLACED AND IMPROVEMENTS $10,616,147.02
2.00 LAND
2.01 Land 26,850 m2 $ 130.00 $3,490,500.00
US$ LAND VALUE $ 3,490,500.00
REAL ESTATE VALUE to date November 11 2008 $14,106,647.02

Date: July 11, 2009
1.00 Equipment and Furniture
1.01 Apartments Equipment & Furniture $246,600.00
1.02 Lobby & Offices Equipment & Furniture $ 52,400.00
US$ EQUIPMENTS VALUE MAXIM BUNGALOWS $299,000.00
Applying the corresponding procedures, we conclude that the MARKET VALUE of

the Bungalows is of approximately Fourteen Million, One Hundred and Six Thousand,
Six Hundred and Forty Seven 84/100 United States Dollars (US$14,106,647.84) on land
and improvement and Two Hundred and Ninety Nine Thousand United States Dollars
(US$299,000.00) on Equipment generating a great total of approximately Fourteen Million,
Four Hundred and FiveThousand, Six Hundred Forty-Seven 02/100 United States
Dollars (US$14,405,647.02) to date July 11, 2009. There is no text below this line. There
is no text below this line. There is no text below this line.

14
OCEAN PALMS HOTEL
Located over several continued portions of different areas inside of the Plot 203-B-1
y Plot 203-B-2 from the Cadastral District No. 9, distributed in the following way, as:
2,000.00+721.62+2,000.00+1,271.25+6,596.18+2,433.04=15,019.09 m2 as per
constancy letters however corrected in the demarcation process as shown on the tables.
OCEAN PALMS SUB-PROJECT

Areas Comparison

Plot 203-B-1 1,271.25 Plot 203-B-1 1,270.95 0.30
Plot 203-B-1 900.00 Plot 203-B-1 894.51 5.49
Desarrollos Plot 203-B-1 1,225.00 Plot 203-B-1 1,220.67 4.33
Mirador Plot 203-B-1 1,200.00 Plot 203-B-1 1,186.11 13.89
Cofresi S.A. Plot 203-B-1 900.00 Plot 203-B-1 900.00 0.00
Plot 203-B-1 952.50 Plot 203-B-1 921.75 30.75
Plot 203-B-1 620.18 Plot 203-B-1 520.31 99.87
Plot 203-B-1 795.50 Plot 203-B-1 795.50 0.00
7,864.43 7,709.80 154.63

Plot 203-B-2 2,000.00 Plot 203-B-1 1,800.00 200.00
Inmobiliaria 721.62 Plot 203-B-1 500.00 221.62
Canandaigua Plot 203-B-1
S.A. 2,000.00 Plot 203-B-1 1,800.00 200.00
Plot 203-B-1
4,721.62 4,100.00 621.62

7.54
Inmobiliaria Plot 203-B-1 2,433.04 Plot 203-B-1 2,425.50
Lirios S.A.
2,433.04 2,425.50 7.54
Total Area Ocean Palm 15,019.09 14,235.30 783.79

15
0 to 5 years 10.00%
6 to 22 years 25.50%
Total Depreciation 35.50%

0 to 5 years 10.00%
6 to 15 years 15%

0 to 5 years 10.00%
6 to 11 years 9%



8
16
OCEAN PALMS HOTEL VALUATION
Date: July 11, 2009
BUILDINGS PHASE I
1.00 3 Level Buildings 18 rooms 1,024 m2 $ 668.10 $ 684,134.40
1.01 Pool Area 320 m2 $ 59.16 $ 18,931.20
1.02 Parking Lots Area 320 m2 $ 42.84 $ 13,708.80
1.03 Pool (Phase 1 & 2) 68,000 Gal $ 4.20 $ 285,763.20
1.04 New Spa 338 m2 $ 1,022.19 $ 345,501.23
PHASE 1 REPLACEMENT BULDINGS VALUE $1,348,038.83
DEPRECIATION 10.65% $ (106,770.25)
BULDINGS PHASE II
2.00 3 Level Buildings 48 rooms 2,310 m2 $ 668.10 $1,543,311.00
2.01 Lobby, Offices, etc 326 m2 $ 601.29 $ 196,020.54
2.02 Restaurant, Kitchen, Annex 580 m2 $ 749.61 $ 434,772.76
Phase 1
2.03 Pool Area 360 m2 $ 59.16 $ 21,297.60
2.04 Sanitary Drainage $ 52,000.00
DEPRECIATION 7.50% $ (168,555.14)
BULDINGS PHASE III

3.00 3 Level Buildings 48 rooms 2,284 m2 $ 668.10 $1,525,940.40
3.01 Roads & Exterior Stairs 200 m2 $ 42.94 $ 8,588.40
3.02 Bridge $ 38,307.69
DEPRECIATION 5.70% $ (89,651.68)
BULDINGS PHASE IV
4.00 3 Level Buildings 36 rooms 1,496 m2 $ 668.10 $ 999,477.60
4.01 Lobby, offices, etc 246 m2 $ 589.50 $ 147,917.34
4.02 Pool Area, Hallways and Bar 750 m2 $ 87.00 $ 66,555.00
4.03 Pool 48,000 Gals $ 4.12 $ 201,715.20
DEPRECIATION 3.45% $ (48,840.45)
US$ DEPRECIATED VALUE BUILDINGS OCEAN PALMS $6,170,124.84
5.00 LAND 14,235.30 m2 $ 130.00 $1,850,589.00

OCEAN PALMS HOTEL LAND US$ VALUE $1,850,589.00
US$ BULDING AND LAND VALUE TO DATE $8,020,713.84

17
OCEAN PALMS HOTEL VALUATION
Date: July 11, 2009
2.00 Machinery
2.01 Spa Pool Machinery $ 4,508.00
2.02 Spa Restaurant Machinery $ 4,508.00
2.03 Billiard Pool Machinery $ 8,114.40
2.04 Spa-Gym Machinery $ 31,556.00
2.05 Administrative Offices Machinery $ 33,810.00
US$ VALUE OCEAN PALMS HOTEL MACHINERY $82,496.40
3.00 Equipment & Furniture

3.01 EMI Lobby Equipment & Furniture $ 9,016.00
3.02 Room Building Equipment & Furniture $438,177.60
3.03 Pool Spa Equipment & Furniture $ 48,686.40
3.04 Spa Restaurant Equipment & Spa $ 48,686.40
3.05 Pool Billiard Equipment & Spa $ 15,778.00
3.06 Gym Spa Equipment & Spa $225,400.00
3.07 Coorporate Offices Equipment & Spa $ 41,473.60

the Real Estate Ocean Palm Hotel is of approximately Eight Million, Twenty Thousand,
Seven Hundred and Thirteen 84/100 United States Dollars (US$8,020,713.84) on land
and improvement and Nine Hundred and Nine Thousand Seven Hundred and Fourteen
40/100 United States Dollars (US$909,714.40) on Equipment generating a great total of
approximately Eight Million, Nine Hundred and Thirty Thousand, Four Hundred
Twenty-Eight 24/100 United States Dollars (US$8,930,428.24) to date July 11, 2009.
There is no text below this line. There is no text below this line. There is no text below
this line.


18
BEACH PALM HOTEL

19
0 to 5 years 10.00%
5 to 6 years 1.5%



9
20
BEACH PALM HOTEL VALUATION
Date: July 11, 2009
1.00 BUILDINGS & IMPROVEMENTS
1.01 Sonora Restaurant 771 m2 $ 594.61 $ 458,443.54
1.02 Stores 206.1 m2 $ 380.82 $ 78,486.38
1.03 Mall in front of Stores 460 m2 $ 44.37 $ 20,410.20
1.04 Drifted Love wrecked Bar 123.9 m2 $ 527.80 $ 65,394.30
1.05 Pools 282,000 gals $ 4.20 $1,185,076.80
1.06 Wedding Gazebo 98.8 m2 $ 527.80 $ 52,146.54
1.07 Jacuzzi 5,600 gals $ 5.30 $ 29,702.40
1.08 Kiosko 135 m2 $ 538.35 $ 72,677.92
1.09 Pool Deck 864 m2 $ 38.25 $ 33,048.00
1.10 Roads 270 ml $ 28.31 $ 7,642.35
1.11 Gardens & Others 1 P.A. $ 66,657.00 $ 66,657.00
REPLACEMENT BULDINGS & IMPROVEMENTS US$ VALUE $2,069,685.43
2.00 DEPRECIATION
2.01 Depreciation 3.45% ($15,816.18)
BUILDINGS & IMPROVEMENT DEPRECIATED US$ VALUE $2,053,869.13
3.00 LAND
3.01 Land 19,979 m2 $ 175.00 $3,496,325.00
US$ LAND VALUE $3,496,325.00
REAL ESTATE US$ TOTAL VALUE TO DATE $5,550,194.13
BEACH PALM HOTEL VALUATION

Date: July 11, 2009
2.00 Machinery
2.01 Driffer Machinery $ 27,048.00
2.02 Coconut Machinery $ 54,096.00
2.03 Coconut Pool Machinery $ 4,508.00
2.04 Beach Pool Machinery $ 4,508.00
US$ VALUE BEACH PALMS HOTEL MACHINERY $90,160.00

3.01 Driffers Equipment & Furniture $ 13,524.00
3.02 Coconut Equipment & Furniture $ 22,540.00
3.03 Beach Shops Equipment & Furniture $ 4,508.00
3.04 Coconuts Pool Equipment & Spa $ 4,508.00
3.05 Beach Pool Equipment & Spa $ 4,508.00
3.06 Beach Chairs & Equipment $ 18,032.00
3.06 Sonora Café Equipment & Furniture $ 13,524.00
US$ VALUE BEACH PALMS EQUIPMENT $81,144.00
US$ TOTAL VALUE OCEAN PALMS EQUIPMENT & MACHINERY $171,304.00

21
Beach Palm is of approximately Five Million, Five Hundred and Fifty Thousand, One
Hundred and Ninety-Four 13/100 United States Dollars (US$5,550,194.13) on land and
improvement and One Hundred Seventy-Four Thousand Eight Hundred United States
Dollars (US$174,800.00) on Equipment generating a great total of approximately Five
Million, Six Hundred Twenty-One Thousand, Four Hundred Ninety-Eight 13/100
United States Dollars (US$5,721,498.13) to date July 11, 2009. There is no text below this
line. There is no text below this line. There is no text below this line.


22
MASTER SUITES APARTMENTS

23
0 to 5 years 10.00%
6 to 11 years 9%
Level of Conservation 2 (Very Good)



10
24
MASTER SUITES VALUATION
Date: July 11, 2009
1.00 BUILDINGS & IMPROVEMENTS
1.01 4 APARTMENTS 1,282 m2 $ 634.70 $ 813,678.99
(4 buildings of 2 apartments
each)
1.02 Pool 25,000 Gals $ 4.20 $ 105,060.00
1.03 Pool Terrace 256 m2 $ 42.94 $ 10,993.15
1.04 Gardens, Fences and others 1 P.A. $ 20,196.00 $ 20,196.00
REPLACEMENT BULDINGS & IMPROVEMENTS US$ VALUE $949,928.14
2.00 DEPRECIATION
2.01 Depreciation 11.40% ($108,291.81)
BUILDINGS & IMPROVEMENT DEPRECIATED US$ VALUE $841,636.33
3.00 LAND
3.01 Land 2,498.24 m2 $ 175.00 $437,192.00
US$ LAND VALUE $437,192.00
REAL ESTATE US$ TOTAL VALUE TO DATE July 11, 2009 $1,278,828.33
MASTER SUITES APARTMENTS HOTEL VALUATION

Date: July 11, 2009
2.00 Machinery
2.01 Pool & Waterfall Machinery $ 6,750.00
US$ VALUE SUN VILLAGE SUITES MACHINERY $6,750.00

3.01 Pool & Water Equipment & Furniture $ 9,000.00
3.02 Apartments Equipment & Furniture $108,000.00
US$ VALUE BEACH PALMS EQUIPMENT $117,000.00
US$ TOTAL VALUE OCEAN PALMS EQUIPMENT & MACHINERY $123,750.00

the Master Suites is of approximately One Million, Two Hundred and Seventy Eight
Thousand, Eight Hundred and Twenty-Eight 33/100 United States Dollars
(US$1,278,828.33) on land and improvement and One Hundred Twenty-Three Thousand
Seven Hundred and Fifty United States Dollars (US$123,750.00) on Equipment
generating a great total of approximately One Million, Four Hundred and Two Thousand,
Five Hundred Seventy Eight and 33/100 United States Dollars (US$1,402,578.33) to date
July 11, 2009. There is no text below this line. There is no text below this line. There is
no text below this line.


25
Villas M2, M3 & M4

26
0 to 5 years 10.00%
6 to 11 years 10.50%



11
27
VILLAS M2, M3 & M4 VALUATION
Date: July 11, 2009
1.00 Building: CASA FANTASIA
1.01 Casa Fantasia (M2) 370.09 m2 $ 694.78 $ 257,130.80
1.02 Pool 18,000 Gals $ 4.32 $ 77,717.88
1.03 Gardens & Roads 1 P.A. $ 22,992.84 $ 22,992.84
2.00 DEPRECIATION
2.01 Depreciation 5.25% ($13,499.37)
3.00 LAND
3.01 Land Villa M2 1,389.16 m2 $ 175.00 $243,103.00
REAL ESTATE US$ TOTAL VALUE TO DATE $587,445.16

1.00 Building: CASA NORTE
1.01 Casa Fantasia (M3) 298.5 m2 $ 694.78 $ 207,391.57
1.02 Pool 18,000 Gals $ 4.32 $ 77,717.88
1.03 Gardens & Roads 1 P.A. $ 20,599.92 $ 20,599.92
2.00 DEPRECIATION
2.01 Depreciation 5.70% ($10,888.06)
3.00 LAND
3.01 Land Villa M3 1,233.50 m2 $ 175.00 $215,862.50

1.00 Building: CASA VISTA
1.01 Casa Fantasia (M4) 460.00 m2 $ 694.78 $ 319,598.40
1.02 Pool 13,000 Gals $ 4.32 $ 56,129.58
1.03 Gardens & Roads 1 P.A. $ 16,478.72 $ 17,478.72
2.00 DEPRECIATION
2.01 Depreciation 5.70% ($16,778.92)
3.00 LAND
3.01 Land Villa M4 909.89 m2 $ 175.00 $159,230.75

28
Date:
July 11, 2009
3.01 Equipment & Furniture M2 $ 31,500.00
US$ TOTAL VALUE M2, M3 & M4 EQUIPMENT & MACHINERY $94,500.00

the the Real Estate Casa Fantasia is of approximately Five Hundred and Eighty-Seven
Thousand, Four Hundred Forty-Five 16/100 United States Dollars (US$587,445.16) on
land and improvement and Thirty-One Thousand Five Hundred United States Dollars
(US$31,500.00) on Equipment generating a great total of approximately Six Hundred
Eighteen Thousand, Nine Hundred Forty-Five 16/100 United States Dollars
(US$618,945.16) to date July 11, 2009. the MARKET VALUE of the the Real Estate Casa
Norte is of approximately Five Hundred and Ten Thousand, Six Hundred and Eighty-
Three 81/100 United States Dollars (US$510,683.81) on land and improvement and
Thirty-One Thousand Five Hundred United States Dollars (US$31,500.00) on
Equipment generating a great total of approximately Five Hundred Forty Two Thousand,
One Hundred and Eighty-Three 81/100 United States Dollars (US$542,183.81) to date
July 11, 2009. The MARKET VALUE of the the Real Estate Casa Vista is of approximately
Five Hundred and Thirty-Five Thousand, Seven Hundred and Fifty-Eight 53/100
United States Dollars (US$535,658.53) on land and improvement and Thirty-One
Thousand Five Hundred United States Dollars (US$31,500.00) on Equipment generating
a great total of approximately Five Hundred Sixty-Seven Thousand, One Hundred and
Fifty-Eight 53/100 United States Dollars (US$587,158.53) to date July 11, 2009. There is
no text below this line. There is no text below this line. There is no text below this line.


29
GENERATORS, CHILLERS AND OTHER MACHINERY AREA

30
0 to 5 years 10.00%
5 to 6 years 3%
Level of Conservation 2 (Good)

Adjusted Depreciation 13%


12
31
MASTER SUITES VALUATION
Date: July 11, 2009
1.00 BUILDINGS AND IMPROVEMENTS
1.01 Machinery House 300 m2 $ 467.67 $ 140,301.00
1.04 Street, Walls and Conduits 1 P.A. $269,280.00 $ 269,280.00
2.00 DEPRECIATION
2.01 Depreciation 11.50% ($47,101.82)
3.00 LAND
3.01 Land 5,850 m2 $ 125.00 $731,250.00
REAL ESTATE US$ TOTAL VALUE TO DATE $1,093,729.19

Date: July 11, 2009
1.00 Electric Generators
1.01 Diesel Detroit Generator (600 KVA) $ 92,610.00
1.02 Cumins Generator (1000 KW) $ 176,400.00
1.03 Cumins Generator (1500 KW) $ 191,702.70
US$ TOTAL VALUE of GENERATORS $460,712.70
2.00 Power Transformers

2.01 3, next to Generators Container (75 KVA each) $ 7,938.00
2.02 1 Three-phase (500 KVA) $ 5,292.00
2.03 2 Selectors $ 21,609.00
2.04 Power Transformers (112.5 KVA) $ 3,087.00
2.05 3 Power Transformers (225 KVA each) $ 10,584.00
2.06 Power Transformer (500 KVA) $ 12,348.00
US$ VALUE OF POWER TRANSFORMERS $ 60,858.00
US$ VALUE OF GENERATORS + TRANSFORMERS $521,570.70
3.00 Sun Village Palms

3.01 Building Chiller Generator $ 220,500.00
3.02 3 Chillers $ 319,284.00
3.03 Chiller Pumps $ 44,100.00
3.04 Chiller Parts $ 11,466.00
3.05 Black Waters Treatment Plant $ 396,900.00
3.06 Steam Boilers $ 41,277.60
3.07 2 Heaters $ 29,106.00
US$ TOTAL VALUE of EQUIPMENT at SUN VILLAGE HOTEL $1,062,633.60
US$ CHILLERS TOTAL VALUE $2,105,775.00

32
the the Real Estate Machinery House Area, Chillers and other infraestructure is of
approximately One Million Ninety-three Thousand, Seven Hundred and Twenty-Nine
19/100 United States Dollars (US$1,093,729.19) on land and improvement and Two-
Million One Hundred Ninety-Six Thousand, Five Hundred United States Dollars
(US$2,105,775.00) on Equipment generating a great total of approximately Three Million
One Hundred and Ninety-Nine Thousand, Five Hundred and Four 19/100 United States
Dollars (US$3,199,504.19) to date July 11, 2009. There is no text below this line. There is
no text below this line. There is no text below this line.


33
VALUATION CERTIFICATE
In a General Summary Format, we present the following Certificate of Valuation
under the premises of our having personally completed the inspection of the property and
subsequent tasks in conformity with our knowledge and experience, everything stated and
reported is the reality and correct subject to the Constraints and Contingent Conditions
attached as annexes. The values assigned to the machinery, equipment and furniture have
been taken from the Inventory Report provided by the company Sun Village Resorts & Span
for Valuation dated April 22, 2007, and corrected in time for the current date and in
accordancce with our experience such information is covered by logical parameters for this
kind of Real Estate (Resorts), representing about 10% of the Total Value Involved. We have
taken into account updated unit costs and have used Depreciation Coefficients adjusted to the
Evaluation Protocol.
Based on the data of this report, our opinion is that the MARKET VALUE of Sun
Village Resorts & Spa, including urban land, improvements, machinery, equipment and
furniture is, to our best knowledge, Fifty-Eight Million, Eighty-Four Six Hundred and
Seventeen and 71/100 United States Dollars (US$58,084,617.71) to date 11 of July 2009.
There is no text below this line. There is no text below this line. There is no text below
this line.


34
SUMMARY TABLE
TABLE OF VALUES INVOLVED IN SUN VILLAGE RESORTS AND SPA VALUATION
Date: July 11, 2009
Item Land & Machinery (US$) Equipment (US$) Machinery & Equipment (US$) Total (US$)
Improvement (US$)
SUN VILLAGE HOTEL $18,829,344.70 $658,168.00 $1,556,161.60 $2,214,329.60 $21,043,674.20
BOUNGALOWS $14,106,647.02 - $ 299,000.00 $ 299,000.00 $14,405,647.02
OCEAN PALM HOTEL $ 8,020,713.84 $82,496.40 $ 827,218.00 $ 909,714.40 $ 8,930,428.24
BEACH PALM HOTEL $ 5,550,194.13 $90,160.00 $ 81,144.00 $ 171,304.00 $5,721,498.13
MASTER SUITES $ 1,278,828.33 $ 6,750.00 $ 117,000.00 $ 123,750.00 $1,402,578.33
VILLA M2 $ 587,445.16 - $ 31,500.00 $ 31,500.00 $ 618,495.16
VILLA M3 $ 510,683.81 - $ 31,500.00 $ 31,500.00 $ 542,183.81
VILLA M4 $ 535,658.53 - $ 31,500.00 $ 31,500.00 $ 567,158.53
CHILLERS $ 1,093,729.19 $2,105,775.00 - $2,105,775.00 $3,199,504.19
COMPUTER EQUIPMENT ALL AREAS $1,653,000.00
TOTAL $50,513,244.71 $2,943,389.40 $2,975,023.60 $5,918,373.00 $58,084,617.71
Prepared by


35

Sun Village Resort &amp; Spa Verified Appraisal 07.11.09

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Sun Village Resort &amp; Spa Verified Appraisal 07.11.09

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ROFIASI Engineering Hector Luis Rodriguez Fiallo

APPRAISALS DIVISION Civil Engineer Surveyor

Telephone: (809) 970-7771 Codia 3138

LOCATION: Cofresi, Puerto Plata, Dominican Republic

REQUESTED BY: Sun Village Resorts & Spa

DATE: July 11th, 2009

Dear Sirs Sun Village Resorts & Spa

Hector Luis Rodriguez Fiallo

PROPERTY TYPE AND IDENTIFICATION ............................................................... 1

Property Title Owner

Hector Luis Rodriguez Fiallo

As per Title Certificates Updated Measurements

As per Title Certificates Updated Measurements

As per Title Certificates Updated Measurements

Total Area Ocean Palm 15,019.09 14,235.30 783.79

Hector Luis Rodriguez Fiallo

Hector Luis Rodriguez Fiallo

In no way it must be understood that this Valuation Assignment obligates us to testify

Hector Luis Rodriguez Fiallo

Hector Luis Rodriguez Fiallo

Hector Luis Rodriguez Fiallo

(According to LOS BIENES INMUEBLES, Aspectos Juridicos & Economicos de su

Level of Conservation 1 (Excellent)

Market Value Determination

We present the table of involved values in the present valuation:

2.01 Depreciation ($563,139.90)

Hector Luis Rodriguez Fiallo

3.00 Equipment and Furniture

Hector Luis Rodriguez Fiallo

Hector Luis Rodriguez Fiallo

Hector Luis Rodriguez Fiallo

Improvements Descriptions: The Bungalows complex is conformed of the

Cascade Pool with Deck

Circular Shape Restaurant

Hector Luis Rodriguez Fiallo

SUN VILLAGE RESORT VALUATION

Applying the corresponding procedures, we conclude that the MARKET VALUE of

Hector Luis Rodriguez Fiallo

OCEAN PALMS SUB-PROJECT

As per Title Certificates Updated Measurements

As per Title Certificates Updated Measurements

As per Title Certificates Updated Measurements

Total Area Ocean Palm 15,019.09 14,235.30 783.79

MARKET VALUE DETERMINATION PROCEDURE

Level of Conservation 1 (Excellent)

Level of Conservation 1 (Excellent)

Level of Conservation 1 (Excellent)

Market Value Determination

Hector Luis Rodriguez Fiallo

BULDINGS PHASE III

5.00 LAND 14,235.30 m2 $ 130.00 $1,850,589.00

US$ BULDING AND LAND VALUE TO DATE $8,020,713.84

Hector Luis Rodriguez Fiallo

3.00 Equipment & Furniture

Applying the corresponding procedures, we conclude that the MARKET VALUE of

Hector Luis Rodriguez Fiallo

Hector Luis Rodriguez Fiallo

Hector Luis Rodriguez Fiallo

Level of Conservation 1 (Excellent)

Market Value Determination

Hector Luis Rodriguez Fiallo

BEACH PALM HOTEL VALUATION

3.00 Equipment & Furniture

Hector Luis Rodriguez Fiallo

Sun Village Resort & Spa Verified Appraisal 07.11.09

Sun Village Resort & Spa Verified Appraisal 07.11.09