We have done 5 sensitive analysis scenarios based on different occupancy levels as well as different expected yield. Based on this business model, we believe that the most probable scenario will be scenario C, with a 60% occupancy on cruising mode as of year 4, producing an IRR (Internal Rate of Return) of 12,1%, based on a 12% Yield, with an exit value of 9,7M€. The objective is to optimise and reduce the construction costs in order to reach a 15% IRR.

STAFF REQUIREMENTS FOR SECRETUM PRÍNCIPE

PRE

YEAR 1

YEAR 2

YEAR 3

Nº of international staff

Nº of local staff

Total Nº of staff

% of local staff

93,8%

94,0%

95,7%

Nº staff per room

5,3

5,6

6,1

6,2

Number of Rooms:

Scenario A

Scenario B

Scenario C

Scenario D

Scenario E

4 Jungle Bungalows:

From € 396 to € 540

Occupancy

50%

55%

60%

65%

70%

5 Iconic Bungalows:

From € 484 to € 660

Projects Costs:

€ 444,000

1 Family Bungalow:

From € 528 to € 720

Construction Costs:

€ 5,434,975

YIELD

IRR

4 Beach Bungalow:

From € 554 to € 756

Land:

€ 1,000,000

Yield 10%

6.4%

10.2%

13.5%

16.4%

19%

1 Secretum Bungalow:

From € 1056 to € 1440

Total Project Costs:

€ 6,878,975

Yield 12%

4.9%

8.8%

12.1%

15%

17.6%

Yearly ARR:

€ 542

Cost per Room:

€ 458,598

Yield 15%

3.3%

7.1%

10.5%

13.4%

16.1%