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1 INVESTORS REPORT ѱеYĵ May 2011

Detailed Investor's Report

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naked Stables Private Reserve Investor's Report

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Page 1: Detailed Investor's Report

1

INVESTORS REPORTѱеYĵ

May 2011

1

Introduction

Purpose

Fast Facts

Location

The Resort

The Site

Green Design and Construction

The Design Idea

Floor Plans

Fittings amp Finishes Schedule

Purchase Options

Industry Returns and Benchmarks

The Team

naked Coverage ndash Media

ǂˠ

ɧOuml

ȉ

THORNȓя

oacuteƟAacute

ФTHORN

ɀ˔ˤƗІƭˤ

ˤƗȓɲ

ȵʒɘ

ƭѡȦƎˤ]ɛ

ŅɈκΙ

ϛѝЎʖſYІaƹ

ͰɒOumldivide

Ɏ

content ɧȼ

2

3

5

8

10

12

14

17

20

26

29

36

39

49

2

INTRODUCTION

The naked concept was created to share our desire to strip away the busy cosmopolitan city lifestyle and get back to life and nature in a purer form

nakedФŃΘЗȑAringiuml˪ƂĈ˾OumlИ=ϡƎǶſŕordmǖѳʿ˪ƂOumlȓɲ΅ϰРyacute˪Ouml6

October 2011 will see the official unveiling of naked Stables Private Reserve a luxury lifestyle resort created and developed by naked Eco Developments (WOFE)

ɱМ=naked Stables=жϞϻWOFEƭШǭāOuml=ϾѯˡŴ˪ƂĈ˾OumloacuteƟAacuteƮн˾ƺǭʙ˨ɕOumlɘ˖6

The resort nestled in an idyllic pine forest setting in the Moganshan mountains just 2 hours from Shanghai features 121 eco friendly suites thoughtfully arranged within 70 contemporary Treetop Villas and Earth Huts The style of the resort fuses African and Asian elements and brings the magic of African hospitality and intimacy with nature to an Asian setting

oacuteƟAacuteѾɅФɢī˗ϞʎВMOumlȩѓ=Ǣȑ˛ŝLjϾȢΟ˶Ouml=ƣAEligĺɴqэˍŕĭǦOuml˪ĉēyЂmicroIcircCcedilĘķOumlccedilpũγƟɦͳѓ6oacuteƟAacuteOumlĘķˊūȥφčЏ=Ʈѳʿ5ʩNjOumlčљķaeligѣˏOgraveφљ˔OumlѩyǞѓ6

Apart from outstanding food and beverage concepts horse stables stateoftheart conference facility and naked Leaf our unique wellness and spa sanctuary guests may also enjoy a kaleidoscope of activities and tailormade offerings Furthermore the site is set in a private nature reserve dedicated to the preservation of endemic wildlife fauna and flora We are committed to achieving socioeconomic sustainability by engaging the local rural communities during the construction and operation of the resort This creates job opportunities and a sense of pride among the locals villagers

shyȥntildeǡ˔OumlϬȓɲ=oacuteƟAacuteŻϴϾɇǚũѻljOumlƁϨˤ˲=ϡƎnaked Leaf77ͰɒntildeOumlƫǰϕ˪Ɓŏ=Фжȕ=qǸǵϡϏĖĥOumlγΊƂiacute=ΘˆegraveѐOumlĞ6frac14=oacuteƟAacutedegФϞĸϾѯIcircTHORNϙ˪ѕϡƎiacuteцʾOumlˆѳʿWŰʵɬ6ФoacuteƟAacuteOumlƭˤũРϱʖƣ=ͰɒюȞЂWпŰTHORNΔAacuteˣʵˣƁǑƖOumlǵ θβāЮ6жIcircTHORNmiddotШȥηucircǜϛı=˶Ϛ˂IcircTHORNǝəϾȥϞѕѳŤĭ6

The design and development team collaborating on this project includes some of the Worldrsquos foremost thinkers and leaders in sustainable design green building technology and luxury development

ˤƗdivideũǭādivideŃūѽюȞЂfrac14Ιɧ=ʙѓVȂϞΡФǵ θāЮˤƗ5ɀ˔ƭѡƔũˡŴϛǭāĈɘǁƐOumlȭǪˆ6

With internationally renowned Ben Wood Studio Shanghai conceptualizing the master plan and architectural design and naked overseeing the development and operation naked Stables Private Reserve is targeting to be the first resort in Asia to achieve LEED Platinum accreditation

ƈЂŘƙсɜŁ77˛ŝBen WoodˤƗOumlѵŔŷũƭѡˤƗ=ƞ˛nakedoslashЂΙɧǭāũРѽOumlƢethŎȓ=naked StablesϾφљszligϞĸϴϾɀ˔ƭѡˈпOumloacuteƟAacute6

Innovative construction technology such as SIP (structural insulated panels) has been used in the construction of the Treetop Villas and traditional rammed earth walls feature in the Earth Huts

ФccedilpũϾѯsup3ŢʥOumlДΰΟͳͳOumlƭШѓ=˼ϸȥћˍSIPƿńǨЖOltUgraveΪίƭШƔ6

naked Stables Private Reserve will continue to reinforce our core commitment of redefining the essence of ldquosustainable luxury in naturerdquo

naked StablesƮƚθюȞЂͰɒіΪegraveϦOuml8ǵ θѳʿˡŴ9_ёOumlŨΫɼOumlāЮѓ6

ǂˠ

3

PURPOSE

This report invites people who are looking for a lifestyle holiday home in the country close enough from Shanghai to nip away

quickly and far enough to get away from the pollution and noise This report is intended to assist interested buyers in understanding

the offering and help make informed investment decisions

The key objective of this report is to provide potential purchasers with a greater understanding of the prevailing market conditions

with particular focus on

жĕYĵыФϗʰɨΡнФжĸŘoacuteȕοбϾѯ˪Ƃ˶˜ĭ5ȑ˛ŝNjǢȑɭņŬǽąſsʨЗȑϴƑІιΜOumloacuteƟͳ6ϖжĕYĵɭUѠɨΡʤФϛѝȥǀͰɒOumlϹƀϡƎUѠɒѼѱǧ6

жĕYĵOumlіagraveʤФϛѝФϡ΅ƒĸĈɘŀѻAringOumlUѠ=ȅ˼ʙȥǀжϞΪίȓɲOumlʣǒ

This information has been provided to assist the recipients in deciding whether they wish to purchase a Treetop Villa at naked

Stables Private Reserve located in Moganshan Zhejiang Province in China We have relied upon information from sources generally

regarded as authoritative Whilst the information has been prepared in good faith and with due care no representation is made for

the accuracy of the whole or any part of the publication

жΡάͽыФsup3AumlĺɨΡʤФϛѝ=ȅUѠɒǧegraveĚѬ]ФЂѓŘзƯˬɢī˗Oumlnaked StablesŅɈfrac14ʑ6ͰɒϟDzɨΡϾѯʹβȅЕOumlάͽ6жΡǐΫѬ]sʨϾѯϞegraveŋѣoacuteOumlάͽ=ʙʺƆēordfPOumlǐʽoacutesɍϾOtildeOgraveʺʽˈlt6

oacuteƟAacute

ƉЊ

ʑ

ſY

ɧOuml

4

5

FAST FACTS

Resort Development

The resort will include the following facilities

and halls

picking horse riding archery and many more thrilling activities

poultry

within the resort property

different ducks geese and swans

ȉ

度假村的发展

oacuteƟAacuteƮϴϾ΅ȧˤ˲

icircccedilpŃƣĉlt

icircДΰΟͳϞϞicirclt

ϸЂϕƝɇOumlɇǚ

ĸϽ϶iexclĸФeumlˉ϶iexcllt

ƝxĘOuml

ʒɔOumlƁϨǹƣ=VȂĸxOumlĉƣũȖ

ƫǰѓΫVȂĸSPAŏũƣђȤlt

thornˉѓΫ

ƂiacuteѓΫVȂ˗THORN5zȾα5cedilaring55ʛɇ5ˢƩϡƎηucircʙfrac12ƊǏΌOumlƂiacuteΙɧlt

oacuteƟAacuteŀϾũƝʪOumlˆϾƉɸ

ѕxѕȏOumlϙ˪ȻŀfŰOumlˆWŰʵ

6

Tree Top Villas

The Villas on offer are a first for China They are elevated above

the ground and protrude from the tops of 20 meters high pine

trees seemingly floating on the tops and therefore their name ndash

the Treetop Villas Built from Steel and Wood these Villarsquos are

to challenge the paradigm that luxury can be environmentally

friendly

Resort Services Offered to all Tree-top Villa Owners

树顶别墅

ccedilpФѓŘŻfrac34ordf6^ȑTHORNɘ=sʨФɔijOumlAgraveѓOtildeķɛ=ǯʜȅǜΚğФccedilт˛=ccedilpOumlɜϻfrac14yacuteȅ6ϸĮũɦƭШ=жΡpыФЯșȅOumlĆț77ˡcentϚɭˍfrac14THORNІѳʿźǔũΣŃdeg6

5ϡƎOumlp

ѵŃϾƣp

CcedilĘķnotĉ

DɠЌį

˞DZ

ɬ5

γͽ

ɏĸĉƣiumlϾˡŴOumlˆЌ

ǠAringOumlϒdegФ˕ȩccedilʈт˛

ͶέƐOumlaacuteʡˤ]

OcircŘɼŁOumlacuteŲȀơ

ɐŘSafelok ˢʐ˺pɑ

AEligϾΆˉŒΐƱĿɭOumlUacuteĝˢtȟ

oacuteƟAacuteϛŎȓ

oacuteƟAacuteĤЩϾOumlŰ

ǠAringOumlŃΘʵЉɤŁʯlt

提供给所有树顶别墅业主的度假村服务

oslashɴOumlpljαѴūOumlαоŎȓ

pɬOumlŰ

ˆŎƝĞ

αȔĞ

ƝоĞ

ϾŁϸʵOumlŰ

ϾOumlǒōɐŸ

ŞbrvbarĊђ

űȠƻˏ

έaacuteĞ

ȃƇƍ

ŀ΄

ϾŁϸʵOumlWΌ

Ο˶CW

˪ɝũΞĊCʺ΄

oacuteƟAacuteɬOumlƳР

7

Position

property

Financial Benefits

boutique development including only thirty tree top villas

should appreciate in value over time

the naked Stables Private Reserve and naked brand name

properties holiday homes and quality branded residences

increases

part of the resort room inventory

位置

Ђɢī˗˗ȸ

ЗȑιΜ=pϙɬɍϾƆй

ѳʿ˕ȩ

pdegФŝIɔϡ˛

ĸǢȑp13ēєȺOumlijyumlěʳ

ϮcOumlˆ˗ň

财务收益

LjϾƣǐʑ˪˝p=ɴOumlntildeϞʹĀOuml6

ϴϾũTHORNʞ=ˉŮɴϾegravesЫчOumlϛ6

ɴOumlƠчƮІ҉аoacuteƟAacuteŁϡƎʑʁȠϱyacuteЫч

ɴOumlƮϩoacuteƟAacuteϛ˩5oacuteƟͳ5ʑʁѢЭyacuteЫч

ϛѝɏɱƮƁϩoacuteƟAacuteɱoacuteʃagraveyacuteΘϾ θOumlˏ6

8

LOCATION

MAP of Shanghai to naked

County on the foothills of Moganshan Scenic Mountain

By Car

With the opening of the new Shenjiahu highway in 2010 the

traveling time to Moganshan is 2 hours drive from downtown

Puxi in Shanghai and also 2 hours from Pu Dong airport

By Train

With the opening of the new high speed trains across China

guest can now get to naked Stables in under 2 hours traveling

on the train from Shanghai Hongqiao Hub to Hangzhou and

onto Deqing Total train time is less then 1 hour

SITE MAP

地址地图

THORNȓя

从上海到naked的地图

pѾɅЂɢī˗Ęǒʵ˗ȸdegOumlOcircʭΎǔɬɤOumlˆѳʿWŰʵ

驾车

ѯɱ˥ƛůijOuml=iquest˛ŝʕͻ˙ϛʵƆʕecircƉOgraveɢī˗ǩъεΟ˶6

乘火车

ѯősup2ѓŘOumlijOumlˏРϱ=ȾǸiquest˛ŝŭʦǸРѓΫOgraveţјϡƎOcircʭΎOuml˶ƣʒǩ˟ЂΟ˶6ФƄ˛Oumlѵ˶ƣ˟ЂΟ˶6

9

10

THE RESORT

The experience

We believe that true luxury in the modern world is not

necessarily about designer labels and huge international brand

names but about privacy space spending quality time with

loved ones and rejuvenating your senses with nature All of

these elements have been brought together seamlessly at naked

Stables Private Reserve

After a refreshing welcome in our vibrant clubhouse your butler

will whisk you to your villa by electric golf buggy Enjoy sunset

cocktails on the deck and luxuriate in the sweeping views of the

bamboo forest whilst your butler unpacks your bags and dinner

playing the whole family congregates at the dining table and

dinner is served After dinner soak away the stress of city life in

your private jacuzzi on the deck as the stars wink overhead

Saturday morning starts with a hearty home cooked breakfast

and the thrill of a day filled with experiences in the mountains

Explore the local hills and forests on mountain bike Rejuvenate

and refresh in the sanctuary of the naked Leaf Wellness Centre

After a swim in the pool lounge in your villa hammock with

family and friends sharing precious moments

Kids will love the daycare centre with outdoor play area kids

pool art jamming music and laughter

Get your Sunday off to a great start with a family horseback

reintroduced to the hills Stretching and yoga are on offer in our

hilltop pavilions as well as tai chi kung fu and meditation After

fine tuning your archery skills finish off the day with a spot of

fishing in the nearby lake

If you choose to venture out of your villa for lunch enjoy

creative and delicious comfort food at either the pool cafeacute

or clubhouse Gourmet pizzas organic salads and artisanal

sandwiches will tempt you at the poolside Innovative Afro

Asian bistrostyle dishes are on offer in the clubhouse

oacuteƟAacute

经验

ͰɒΑάCcedilǁOumlинˡcentsxϞegraveϡijƐʑʁnьƆўɜOumlŘƙʑʁ=ʼϰħϴϾˆOumlǹƣ=ІΫBOumlˆŃoacuteɐťOuml˶Œ=sʨФѳʿźǔȕŽāʫsup1ƂȞ6ϾOumlжΡЏiumlƮФnaked Stables6

OgraveAumlƁŮɴƁOtildeOgraveͰɒĞdivideOuml˅ʮƻEgrave=ɴOuml˦ŎƝƁǭѯaacuteiacuteТɴOgraveɴOumlˆp6ˉɅ˶ēФϒΘϞZƋǙ=njФɊόOumlќŝтѓ6Іfrac14˶=ɴOuml˦ŎƝƁUɴΥ΅αȔѬ]=ĺɴAEligȅϞѕФƝOumlĭ6RѯɴBOumlϪȎ=ʺƝˆѾФѮiΘϸ6ćŮ=RѯɊĄέ=ФϒOumlˆDɠЌįȕżǀɴ˪ƂOumlτȞ6

їȳOumlЧ˽ЂϞuacuteĖ˭OumlƝЧ=ϞOumlǏΌfrac12ƊƂiacuteƮ˗ѓтȾ6ʛѯ˗THORNāǥIcircTHORN˗plusmnũ˕ȩOumlɕɖ6Фϕ˪Ɓŏѓaeligȓ˂ɴlOtildeĽƞcurrenɊƂȞ=ФϽ϶iexclРiacuteϞăтŮ=ȊϑϑOumlФpOumlaumlpara˛ļƝˆũʉϿŃoacuteɐť˶Œ6

ŜѲɒϚƮƁB˛thornѓΫ=ФжȕoacuteŚǽȎOuml˶Œ=ϩжȕϾƂiacuteTHORN5thornϽ϶iexcl=ƏήűiacuteŶ5ϪȎ6

˂ɴOumlїˉiquestІƝˆOumlʛɇϽȨǭ˽6ɴƮϾƉƁϞograveͰɒіΪϭˏ˗ѓOumlIcircTHORNȻѕ6Ђ˗ccedilOumlŏȕϾҋҀ5ƌ5ĿěUgraveƂiacute6ˢƩȡтŮ=ȅĦNjůicedilaringƿжϞтȾ6

ˍřɴκЪxФpȕͷ=϶iexclǬĎƆеǣȎiumlƮɴΘϸntildeɐOumlxĀκЪ6϶iexcliǬĎȕOumlɐ˸Ɲʍˑ5ϾƉ˔ȄϡƎľ˓ɛђiumlƮЀ˼ɰʸϞǗǕ6ǣȎȕŀϰΪʚOumlφčĘOumlґ6

11

In the evening join the visiting winemaker from South Africa for

a private tasting in our wine cellar followed by an outstanding

dinner featuring a myriad of organic and seasonal produce

sourced directly from the farm All dishes in the restaurant are

designed to be shared and enjoyed together

The warm summer months are filled with afternoon bbqs

evening musical performances in the openair theater and sun

dappled memories at the pool

Winter is crisp and perfectly peaceful as snow dusts the bamboo

forests Log fires crackle in the bar and winter cocktails warm

from within

Memories are created and moments are shared a naked Stables

Private Reserve

˛=ϞʜKċȅѳɫčOumlɳǙ˰=ФͰɒOumlǙѨȕʑɐǙ=ŻϾхƻȅѳɸOumlϾƉOumlΪΈ˸OumlĖ˭6ϞʜȅΘҗҖĺɴAEligȅOumlНH6

҈ϤOumlΆƕ=жȕɊͷŮ˞DZ=ȹǤOumlϝϪȎύordfϡƎ϶iexclȕϒŒLwOumlɐťſϥ6

жȕOumleumlƕʒǓΕũ=JμĢĩѯќŝ6ǙHȕ=ɦФƄѓˀ˞āordfʋɿ˩=ϞZeumlƕƋǙɭ˂ɴɻũηucirc6

ȅnaked StablesjуſϥΘɐť˶ŒH6

12

13

14

GREEN DESIGN amp CONSTRUCTION

LEED Green strategies

All about LEED

Developed by the US Green Building Council (USGBC) LEED

(Leadership in Environmental Energy Design) provides a concise

framework for measuring green building design construction

operations and maintenance LEED Platinum rating is the

USGBCrsquos highest rating with strict criteria encompassing energy

savings water efficiency CO2 emissions reduction improved

indoor environmental quality and stewardship of resources and

sensitivity to their impacts A LEED Platinum qualified building

should use at least 30 to 40 less water and electricity than a

normal building At naked some of the things that have been

done in aiming to achieve this award are

recycling

flushing and irrigation

water

waterless urinals

buildings

consumption

ɀ˔ˤƗІƭˤ

绿色建筑认证

关于LEED

ϻɐŘɀ˔ƭѡƁāʜ=LEEDɀ˔ƭѡˈпltȣɀ˔ƭѡˤƗ5ƿń5РѽϡƎŰŀƥƾOumlȀơ6LEEDɐŘɀ˔ƭѡƁ˄ƽɭ5ѱЕȚϸȿ5ƱUacuteĀϓŸʀČ5˫ɬźǔёȣ5ѱЕŎȓƎoslashʙϳΗOumlɚĭoacuteψķnѬOumlѻijưΙ6ϞmicroϴϾLEEDˈпOumlƭѡϰħaʔƭѡ˟˼ϸOumlaacute6Ф =ͰɒϚѼȥŬucircľѽȅлʷOtildeOgraveжĸưΙ

ƭѡƽˬȥ13OumlɭЕ˼ϸ

ƭѡƽˬȥOumlϸȣ

iquestͳccedilũɇȺƍȅOumlЅϸЂҔͲOumlνźȚϸ

ϾҔͲũđiuml^ſϸЂyenũŐĪ

LJA˗ňȱOuml˳THORNǖŸȥƂ

˼ϸUacuteȱȣOumlЌŊegraveѩяϡƎɶ˾umlɇɗyen

Οkiexcl

ϸЂЎ˅Oumlϒɭ˅ƞ˅ʠ

ϸЂƞ˅ũȐʼƭѡOumlƽɭЕкʢ`

pѩϾ˅ſѩяȅƱUacuteɭЕΞŦ

15

use Incentives given to reduce energy consumption

a factory 20 minutes away from site

window frames bricks and roof tiles

Council)

material

property

recharging stations

within a radius of 800km

CѩФϾp˛OumlɭȣƗϸȅƢethǸˆOumlɭЕ˼ϸʮ

ȁ6ŻɭЕΞŦOumlƦ˟ŀuumlOumlưȘ6

ϸ˼ϸќΧdzȝOumlŗȷƞ˅ŀɻ6ќΧdzȝȅѳǢȑͰɒ

ēєȺЗOumlϞƝľ

ϾOumlʥũacuteŲiumlijoacuteǨЖ

˼ϸɘŒŵOumlUacuteĝˢtȟ

˼ϸUacuteʀČOumlȦ

˼ϸſȚϸOumlǛɦёͳccedilơ5џѲ5џƈ5acuteȀ5ѦǼũ

ͳccedilʎ

Ś13OumlɦϻFSC˕ȩŎȓГƁltʹ

˼ϸǵУ˪OumlŸќѐTHORNO

pɬʺ˼ϸLEDtimesũΟίOumlϲŒtimes

oslashϾƭѡѻAringoacuteOumlljαѳʿŒũĘ

ѝTHORNъПηijyumlěljˏ=ijyumlěϻϒɭŀaacutesɭФ

ѤTHORNcurrenaacute

OumlƭѡȦiumlȅѳĈДŁȕɬOumlʵЉ

Ś13OumlƭѡđȦ^ſȚϸ

ϾoacuteƟAacuteOumlȃƇiuml^νźȚϸ

notĉũȃƇ^ϸѽĐȦ

oacuteƟAacuteɬϴϾϾƉųВ

іΪϭˏϙ˪iacuteIcircTHORNȻѕlt

WŰѳʿiacuteцʾ

16

17

THE DESIGN IDEA

Tree Top Villas

树顶别墅

To touch the sky at night and look down on the forest in the morning is what owners of the tree top villas will experience High

above the forest canopy 30 luxurious homes are perched in the tree tops Spacious wooden constructions with large sundecks spill

into the panoramic views of the mountains

macrɞҌҍOumlϝǹ=ϔѪȗOumlҐ=жǜϴϾccedilpOumlˆɒntildeΘOumlҕȞǒ˔6icircŤŴѢЭʗͽФ˕ȩŌт˛=pǡϞķ6аФǾOumlɦѐΟͳѓ=œOumlɢī˗ʺǒǍόYacute6

Each villa is built on stilts to minimize its physical footprint and maximize the views for its discerning owners The prefabricated villas

are made by innovative construction technology known as structural insulated panels (SIPs) With high insulation value and zero

construction waste these lofty eco dwellings are like no others offering you an energy efficient home that is beautiful and at one

with nature

ccedilpOumlƭѡaumlƵȵƿń=iquestyacuteƦ˟oslashБ˽˪źǔOumlϳΗ=sѻAringΏoacuteOumlЮϹɐOumlǒ˔6жΡЎѐOumlpϸѻΪǴƔOumlƿńWOѐШOuml6ccedilpOumlˤƗтѽ=ʹđȦͲˁssectѳʿ=ŀϞĸЁϾʑЁʩNjѳʿOuml˪ѢЭ6

The villas are intended for life Overlooking the mountains and forest below each home has a very large outside deck

complemented on the inside by an open plan kitchen with all the latest amenities dining room living area and opium den for

relaxation and entertainment Large sliding doors and full wall windows welcome natural light while sophisticated air conditioning

systems ensure your comfort Double layered glass keeps the view in perfect focus hushing all sounds to perfect stillness Wooden

floors soft lighting and high ceilings add a sense of warmth and space

ccedilpѥ˪Ƃyacuteƭ6Ġғ΅ɘOumlʾ˗ũ˕ȩ=ɏicircƭѡǩˤϾǾAringOumlϒ=ʆϡCcedilOumlмǭČ˾notĉ55˪ƂʵũČЄȎ6ǾAringOumlȄɑũмɘɅTHORNAringacuteǵɩѳʿˉŒ=˶ljOumlǹaelig΄ǵʽWɴOumloacute6tȟǵȯɴФѻƜƶoacuteΩ˚ɐǒOuml˶xƁOgraveĹѕ˩ϪOumlī˃=ntildedegЂϞʎǓтѓ6ʿOumlɦTHORNO5ˌũOumltimesŒũǹOumlųϣЫȥɻũǹƣĭ6

ˤƗȓɲ

18

Tree top villas

Roofs thatched

19

20

FLOOR PLANS

Treetop villa 2 bedroom villa ccedilpȢͱĉ

ʒɘ

Interior area 室内面积 13768sqm

Exterior area 室外面积 50sqm

Total usable area 实际使用面积 18768sqm

21

Level 1 一层

Interior area 室内面积 7088sqm

Exterior area 室外面积 102sqm

Level 2 二层

Interior area 室内面积 668sqm

Exterior area 室外面积 398sqm

22

Treetop villa 3 bedroom villa ccedilp˓ͱĉ

Interior area 室内面积 20214sqm

Exterior area 室外面积 664sqm

Total usable area 实际使用面积 26854sqm

23

Level 1 一层

Interior area 室内面积 10334sqm

Exterior area 室外面积 118sqm

Level 2 二层

Interior area 室内面积 988sqm

Exterior area 室外面积 546sqm

24

Treetop villa 4 bedroom villa ccedilpͱĉ

Interior area 室内面积 2667sqm

Exterior area 室外面积 863sqm

Total usable area 实际使用面积 353sqm

25

Level 1 一层

Interior area 室内面积 136sqm

Exterior area 室外面积 168sqm

Level 2 二层

Interior area 室内面积 1307sqm

Exterior area 室外面积 695sqm

26

FITTINGS amp FINISHES SCHEDULE

EXTERIOR AND INTERIOR FINISHES

External walls

Structure is built from steel and SIP (Structural Insulated Panels) External wall is cladded with painted fiber cement board

Internal walls

emulsion paint

Ceiling

Ceiling is finished with emulsion paint

Flooring

Bedroom is finished with heavy strand bamboo flooring

Balcony

Balcony floor is finished with Wood Plastic Composite decking (M wood) Railing and trellis made with Liu An wood Balustrade is fitted with metal and Liu An wood

Window

bedrooms are fitted with double glazed LowE glass and Roto hardware

Kitchen amp powder room

Floor is finished with natural tile Kitchen cabinets and sink are provided Kitchen counter top is fitted with natural stone

Bathroom

Wall and floor are finished with natural stone

Doors

Entrance door is made of solid core timber fitted with Saflok RFID locks Bedroom doors are fitted with hollow core timber fitted with Saflok RFID security locks

ƭѡȦƎˤ]ɛ

室内外材料

oacuteƟͳʥ

oacuteƟͳƿńˤƗĮƿńƎƿńWOSIPlt6ʥϸΉɮOũʘ6

ɬʥ

ǸćƎͱтɬʥǩϸĔƎˎƲʘ6

ų

ųɘˎƲʘ6

THORN

ǸćģūɦTHORNO6ͱіќTHORNO

ȹ

ȹϸɦOʓʟ6ʈȲҎɦѐШOuml6ȇĬϸDŽрƎȲҎɦĜ6

acuteŲ

Ǹć5ͱOumlacuteŲϸȽɦѐacuteȀʆ-3ѓǹtȟƎ-0-ͶDŽʆƪ6

notĉ

THORNϡƎɘϡʿTHORNѦʓʟ=notĉŀlaquoŖϡƎʇ6notĉɘʿ˵6

Ќ

Ќʥ˦ƎTHORNϡʿ˵ʓʟ6

ɑ

ˏǺAringɑϸ˹Ψɦɑʆ˛-)ljordfɑNJ΄6ͱɑϸǹΨɦɑʆ˛SaflokljordfɑNJ΄6

27

MECHANICAL AND ELECTRICAL INSTALLATIONS

Heating and Cooling

AIRWELL centralized water source heat pump is provided Fresh air intake with heat recovery system is installed

Electrical provisions

are provided

Electricity

Concealed conduits are provided Threephase electricity supply with miniature circuit breaker distribution board is provided

TV telephone and internet connection

Satellite TV with all major international channels

is provided in all the villas Telephone outlets and wireless internet connection is provided

Hot water supply

Huang Ming solar hot water heater and Rinnai gas water heaters are installed for the villa

Water supply and pipes

Concealed copper pipes are used for both hot water and PPR pipes are used for cold water

The resort will be patrolled 24 hours a day CCTV system is in operation throughout the resort 24 hours a day All the villa front doors and bedroom doors are fitted with Saflok RFID security lock system

APPLIANCES TO BE PROVIDED OR INSTALLED IN EACH DOMESTIC

UNIT

机电设施配套

ŀɻũѐȐ

ɽyumlƍѓ˾Е˅`΄6ΪĘ˅ſ΄6

Ɲaacute

ʆEΐNtildeŎOumlǭŋϡƎѿ6

aacuteȞŀϰ

ѩϾϮ˾ΐȺ=ʆϾίoumlȺʠ=ʆaacuteΓOuml˓ΑaacuteЕŀϰ6

aacuteƎςˤ]

έaacute=ʹΐaacuteŹũʹΐȺ6

˅ˤ]

žɛϒɭ˅ʠƎȩɬɌʡ˅ʠ

Ŏ

˅ŀϰŎǩϸϮc˾ĮŎ=ȐŀϰŎŎ6

WCˤ]

oacuteƟAacuteˤϾϾΟ˶ѽOumlgȺaacute΄ϡƎΟ˶OumlπɄ6ˏǺAringɑƎͱϸSaflokljordfɑNJ΄

标准住宅单位附送以下设备

Stove BAUMATICExaust fan BAUMATICOven BAUMATICMicrowave BAUMATICFridge BAUMATICBARMini fridge (2 3 bedroom) BAIXUEWine fridge (4 bedroom) BAUMATICBEDROOMMini fridge BAIXUEBath KOHLERTERRACEBarbeque grill

TelevisionDVDBATHROOMShower KOHLERBasin KOHLER

notĉ aacuteraquoȷ ʄɇUcircǷnotĉϼχƉ ʄɇUcircǷnotĉaacuteDZΓ ʄɇUcircǷuȷ ʄɇUcircǷɬяrΓ ʄɇUcircǷHΟrΓ=ĉlt JμǙŖĉlt ʄɇUcircǷͱΟrΓ JμЌį Ǵȍȹ˞DZΓҒĉaacute ɯDVD ɯЌȪЌʠ Ǵȍʇ Ǵȍ

28

NOTE

1 The Developer reserves the right to substitute other materials

or appliances of comparable quality and standard for the

intended items as listed in above fittings and finished schedule

2 The fittings and finished as listed above shall be subject to

the terms of formal Agreement for Sale and Purchase Those

provisions may have slight variation in the color measurement

3 The Developer reserves the right to make modifications and

changes to the building design fittings and finishes without

prior notice

4 Fittings and finishes of the Special Units may be different

from those of the Typical Units

备注

āЮ˙WȰϞʧʹȞ=Dв˹ƙʮȁεϘϡUgraveётƭѡȦϡƎˤ]Ccedil˛ȧĹΙ6

˛ȧĹΙȦϡƎˤ]ǩϡн˾ɈɉūКOumlǿщegraveѬ6ĹΙƭѡȦƎˤ]ǵɭƁФϋ˔=ȣoacutepoundAcirc5ȓ5ѺуƎƆľ˛ordfʬp6

āЮ˙WȰϞʧʹȞδeacuteϡƎĽĨϛOumlˤƗ5ƭѡȦϡƎˤ]ʹεȮαс6

˔EumlЏOumlēƭѡȦϡƎˤ]І˛oȧĹΙǵɭϾx6

29

PURCHASE OPTIONS

Buying a Tree-top Villa at naked Stables Private Reserve involves signing a Sale and Purchase Agreement with the development

company and a Lease and Management Agreement and Deed of Conditions with the Hotel Management Company The Management

Agreement requires the purchaser to lease the property back to the Hotel Management Company to manage on the ownerrsquos behalf

There are two different plans which are available for buyers

在 naked Stables 购买一套拥有不动产权的树顶别墅包括与发展公司签署一份买卖协议以及与酒店管理公司签署一份租赁管理协

议和条件契约管理协议要求购买者以业主的名义向管理公司出租其别墅以供其管理买家有两种方案可供选择

ŅɈκΙ

30

OPTION 1 - FLEXIBILITY

1Owner Usage Rights

Zero usage restrictions

Early reservations are required to secure Villarsquos especially during prime and peak seasons If a Villa Owner does not provide the

required advance notice for a reservation the resort may be required to offer the owner a different unit or in the worst case no

availability at all

1 业主使用权限

ȫ˼ϸΏѐ

ϘʴʣЎegraveˏѢp=ϺʙФƐƕ6ˍřpϛѝɍϾŀϘʴOumlϸЂЎegraveOumlЎс=oacuteƟAacuteƮʙŀȮϞdegѢdeg=ƆеѻЦĴOumlʮȁɍϾǹĉ6

2 Rental Revenue

2 租金收入

a Rental revenue

Whilst not in residence the owner will be eligible to earn a pro rata 36 of the room revenue generated by the Reserve during their

absence Ie Everyday the revenue generated by the entire resort is divided amongst the owners not in residence on that day When

an owner is in residence he forfeits his opportunity to earn revenue

ѸDŽˏ

ϛѝxǝѢʖƣ=ƮOtildeOgraveoacuteƟAacuteordfѸʙĉͳOtildeϧOuml6ɏoacuteƟAacuteordfѸɨΡxǝѢФfrac14OumlϛѝOumlĉͳOtildeOumlϧƮ^ʒǩēʆĺжΡϛѝ6IcircϛѝǝѢФʙpȕ˶=Ʈ˱ʸƅOtildeϧOumlƉƁ6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

选项1-灵活性

31

c Cashing out your returns

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

gtƮɴOumlſYŚDŽĈ˾ʷordf

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſYϧ6ˍřϛѝκЪxʷordfOumlϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3 有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecom services

included in the Services Fee to the owner whilst in residence The services fee is 300rmb per room per night This fee is charged on

all rooms regardless of which are in use

4 服务费用

IcircϛѝФoacuteƟAacuteǝѢ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸѓ6ɏĸĉƣɏOumlĞĒϸЏˆəe6жĸĒϸΛϾĉƣʷOuml=xɃfrac14ĉƣĚФ˼ϸ6

5Maintenance

4 of hotel room revenue will be reserved for ongoing building maintenance This will be deducted from the ownerrsquos share of total

room revenue

5 维护

ǙacircǸĉˏOumlƮ^ȰѽŮθƭѡδтĒϸ6ħēDŽuumlƮiquestϾˆǵēOtildeOumlǙacircǸĉˏĕuumlѓǻshy6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGEEarnings Per Room (36 of gross room revenue) 124173 170827 221315 253507 263647 2066942 Bedroom 收益 ndash 双人间 248346 341653 442631 507013 527294 4133873 Bedroom 收益 ndash 三人间 372519 512480 663946 760520 790941 6200814 Bedroom 收益 ndash 四人间 496692 683306 885261 1014027 1054588 826775

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 41 57 74 85 88 69

3 Bedroom 收益 ndash 三人间 9000000 41 57 74 85 88 69

4 Bedroom 收益 ndash 四人间 12000000 41 57 74 85 88 69

Hotel revenues and owner rental yield - Option 1 Flexibility

32

OPTION 2- STABILITY

1Usage Rights

1 使用权限

选项2-稳定性

Total Permitted Usage Prime Peak SeasonPermitted Usage

Peak SeasonPermitted Usage

Out-of-SeasonPermitted Usage Blackout

40 days per yearNo occupancypermitted

Up to 20 days per year but no more than 7consecutive daysfor any one stay

Up to 20 days per year but no more than 7consecutive days for any one stay

No occupancypermitted

允许使用总数主要的旺季允许使用

旺季允许使用

淡季允许使用

无折扣期

每年40天 不允许占用 每年20天但是每人

不能连续居住7天每年20天但是每人 不能连续居住7天

不允许占用

Prime Peak Season To be published by naked Retreats in according to government notification every year Prime Peak Season

Middle Autumn Festival (Sept) excluding Blackout dates

Ɛƕɏɱϻnaked RetreatsĻǟоġĵāordfс6ƐƕVȂѓŘsup1ƽϞМĀМlt5ȋiacuteƽͶМlt5Řʱƽ˴Мlt5ʭɛƽМlt5ѓʲƽǘМlt=xVȂʹгǻʖ6

ƕiquest˓МOgrave˴ϞМʖƣOuml10ĸїɡϡƎ10ĸľѽˉїʖ=xVȂƐƕũʹгǻʖ6

OutofSeason 20 days during December to February excluding Prime Peak Season and Blackout dates

Iacuteƕiquest˴ĀМOgraveĀМʖƣOuml=xVȂƐƕũʹгǻʖ6

Blackout Dates Peak demand dates such as holidays sporting events groups and citywide conventions Local cultural events

all as specified by the Hotel from time to time

ʹгǻʖεʴijėʖVȂƟʖ5Ћ˒5ũʺβOumlƁϨ6IcircTHORNɾyumlOumlŸƂiacuteiumlƮDвǙacircOumlɛljα6

2 Rental Revenue

2 租金收入

a Rental revenue

Regardless of your usage of your property your rental return will be fixed at 5 for the first 5 years of operation After this period

you will automatically migrate to the Flexibility plan

ѸDŽˏ

xɃɰOumlĉ˼ϸoacuteˍŪ=ͶɱOumlѸDŽϧiumlŊegraveOuml136ФжтŮ=ɴƮѳiacuteѧˏȬƂβĈF6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

33

c Cashing out your returns

gtƮɴOumlſYϡDŽĈ˾ʷordf

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſY6ˍřϛѝκЪxʷordfʙϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecoms services

rental option

4服务费用

IcircϛѝǝѢФoacuteƟAacuteȕ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸȕ6жϞȏOumlĞĒϸxVȂegraveβordfѸʆ6

5 Maintenance

Of the 5 guaranteed return generated form your property during the period you are not in residence the management company

will retain 4 of this return for maintaining your Villa The maintenance fund will be pooled and used for all Villarsquos in the resort

5维护

ɴxǝѢʖƣiquestɴOumlĉѓƮ˪Ouml13OumlſY=ŎȓŁƮWȰжbſYѓOumlϸѽɴpOumlŰ6ŰƈDŽƮ^ūsʜȅsϸЂϾoacuteƟAacutepOumlŰ6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Hotel projections

Rooms Available 可用房间 not relevant 非主要Estimated occupancy 预计使用率 not relevant 非主要Estimated average daily room rate 预计每日平均房价 not relevant 非主要Growth in room rate 房价增长率 not relevant 非主要Annual room sales 年房间销售额 not relevant 非主要RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE2 Bedroom 收益 ndash 双人间 50 50 50 50 50 503 Bedroom 收益 ndash 三人间 50 50 50 50 50 504 Bedroom 收益 ndash 四人间 50 50 50 50 50 50

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 300000 300000 300000 300000 300000 300000

3 Bedroom 收益 ndash 三人间 9000000 450000 450000 450000 450000 450000 450000

4 Bedroom 收益 ndash 四人间 12000000 600000 600000 600000 600000 600000 600000

Hotel revenues and owner rental yield - Option 1 Flexibility

34

Option 1 - FLEXIBILITY Option 2 ndash STABILITY

investment returns for your Villa are influenced by the

success of the resort and the number of days you use

your Villa

Stable implies both your returns and your annual

usage rights to your property are fixed Regardless of

how well the resort operates your returns will remain

the same Equally you will only have a fixed number

of days allowed in residence

Usage Have unlimited usage rights to their Villa 40 days usage per year

Rental ReturnEarn 36 of the pooled returns from the entire resort

whilst not in residence

5 guaranteed return on their investment regardless

of resort performance

Resort Discount20 discount on all resort amenities and activities

(including SPA and Restaurants)

20 discount on all resort amenities and activities

(including SPA and Restaurants)

Services FeePay a Services Fee of 300rmb per room per night

whilst in residence

Maintenance4 of all room revenue is retained for maintaining

the owners Villa

4 of all room revenue is retained for maintaining

the owners Villa

选项1 ndash 灵活性 选项 2 ndash 稳定性

ȬƂβϸЂ˼ϸІſY6ɰOumlpѱſYʷǧЂoacuteƟAacuteOumlĿǑϱũɰoslashpOuml˼ϸoacute

ŊegraveβϤѯɰOumlſYũɏɱoslashЂɰOumlĉOuml˼ϸʹΏiumlŊegraveOuml6xɃoacuteƟAacuteOumlǑϱѫȁϾucircť=ɰOumlſYiumlŊegraveOuml6ϖTHORN=ɰъϾŊegraveOumlПηǝѢOuml6

使用 ʹΏѐOumlp˼ϸʹΏ ɏɱOuml˼ϸʹΏ

租金收入 ФxǝѢʖƣ=ƅOtildeмĸoacuteƟAacuteūsſYOuml xɃoacuteƟAacuteǑϱѫȁˍŪ=Wп13OumlſYϸЂѱ

度假村折扣 ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt

服务费用 ǝѢʖƣ=ɏĉƣɏЏˆəeOumlĞĒϸ čѝϘ

维护 ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ

OPTION COMPARISON

选项对比

35

36

INDUSTRY RETURNS AND BENCHMARKS

INDUSTRY REPORT

行业报告

Tourism and urban resorts is one of the fastest growing industries in China According to industry consultant HVS cities such

as Shanghai Beijing Shenzhen Guangzhou Hangzhou and Tianjin all have a population where a critical mass of highly affluent

individuals and successful companies exist generating demand for suburban resorts

ФѓŘ=ȾϽϛũoacuteƟAacuteσɓāЮOumlαϛтϞ6ĻǟʺʳǙacircĞϛltOumlϞΙYĵ˿=ФѓŘOumlѝϘˍ˛ŝ5[ǎ5˧5œј5ţјũdžǩēyѯAringȣOumlĥЍˆʾũĿOumlʝϛ=ϻfrac14ϚƊāȥoslashƴʵoacuteƟAacuteOumlƌAringεʴ6

Amongst other things the exponential growth in private vehicles has seen a huge increase in demand in the leisure market With

the completion of the shenjiahu highway in 2010 the travel time from downtown Shanghai to Deqing is now 2 hours Also with

stop at Deqing) scheduled to open in late 2011 travel time from downtown Shanghai to Moganshan will take between 15 to 2

hours When comparing travel times to get to other resort destinations in China ndash eg Hainan or Lijiang flight times might be within

2 or 3 hours total travel time including travel to airports and check in make the whole trip 6 to 7 hours plus additional travel cost

Within the 2 hour travel radius of Shanghai the quality of resort destinations is also (in our opinion) not at an international standard

with most hotels simply being lsquocity hotels in the countryrsquo rather than true resort properties operating at international standards

shyfrac14т=ѯĸˆγΊOumlāЮ=ĸˆƸϴϾȿϚσʂ˫6ѳɱ˥ƛůijϡŮ=iquest˛ŝOgraveOcircʭϚLjεϘĸΟ˶Ouml6ΪƭOumlijǵϡФ13ēєɬiquest˛ŝUumlAumlţј6ƏƮФɱYacuteǫľOumliquestţјOgraveɫǎOumlijѓϾϞаDzOcircʭlt=ъεϞĸSΟ˶OgraveȢĸΟ˶ǜǵϡiquest˛ŝѓΫOgraveAumlɢī˗6ˍřІѓŘOumloacuteƟˮTHORNŝɫ5ȒƯUgraveaƹ=shyȥϘųĒэĸΟ˶Oumlďα˶ƣ=ŻϘФVȂʣƉ=CʺƤũUgraveEgraveOslashƉ˛ų˛эĸΟ˶=ĽxϸɨΡuumlOumlαųΝȥ6Ѷō˛ŝїiΟ˶ɬOumlγΊoacuteƟʸdeg=э˟ͰɒˈltІŘƙŸnѬŻϾѯɛOumlǢ6AringēOumloacuteƟǙacircϚũѓOumlɨΡǙacircɍϾ_ёOumlʵp=ЗЗAumlxOgraveинŘƙϤϦ˛oacuteƟίĉΙɧOumlϘʴ6

ϛѝЎʖſYІaƹ

37

OUR NICHE

我们的利基

naked sees a need in the market for world class expertly designed and operated resorts which are within 1 to 2 hour travel time

of major cities in China As with other urban resorts we believe that the Leisure market and the MICE (Meetings Incentives

Conferences Events) market will be a huge driver for our business In addition we feel that we are already at the forefront of

the growing focus and concern on environmental design building and operations as well as the growing interest in nature and

environmental education At naked we also place a high emphasis on facilities and services for the entire extended family ndash from

children to parents to grandparents that other resorts do not place dedicated resources for

nakedЎƧOgraveȥФѓŘжϞεʴƏǢȑѝϘϞэȢĸΟ˶Ouml=˶ЁhζǁϞȱOumlѥϛˤƗũŎȓOumloacuteƟΙɧ6ͰɒΑάγΊũƁƁϨ5ưȘȾϽ5AringίʝϛƁϨ5ƂiacuteЮȉltOumloslashͰɒϛOumlіAringʤȞ6frac14=ͰɒФŋѣũiacuteźWίˤƗ5ƭШ5ŎȓũźWȓɲœ˛ϠǑѷФȥαϛȭя=ФnakedІαϛеxͰɒϚіoslashЂˣʵѓOumlŜѲ5Ɲ5ȌеOumlĞũˏ6

As such we feel very confident in the rates and occupancies that we will achieve Regarding room prices when benchmarking

against some of the other leading hotel brands in the resort market such as Aman Fayun Hangzhou Banyan Tree Hangzhou Fuchun

Resort Hangzhou Mandarin Oriental Hainan and Commune by the Great Wall average rates in March 2011 for single bedrooms in

this set are ~ RMB2800

ϩfrac14=ͰɒoslashЂˏѢĉƠϡƎˏѢȿcurrenɊάΫ6ФˏѢĉƠĈɘ=ІʙФoacuteƟAacute˛OumlсɜǙacircʑʁaƹ=ˍCҊĂО5ţјНҏѨ5ĥsup1˗ǝ5˓φŴecircĈǙacircũƵ΅OumlŁˣ=Фɱ˓МOumlEumlˆƣʒǩƠķ=6

Regarding occupancies we are confident to achieve occupancies of around 60 after about 4 years of operation but forecast

conservatively that our occupancies will start from around 35 in the 1st year of operation and grow steadily to 45 in year 2

55 in year 3 and 60 after the hotel is lsquomaturersquo from year 4 onwards

ФˏѢȿĈɘ=ͰɒŬϾάΫǑŚɱOumlǑϱ=ͰɒǵϡAumlOgraveOumlˏѢȿ6WŇƗ=ͰɒOumlˏѢȿƮƁϻszligϞɱOuml13=egraveЫOgravefrac34ɱOuml13ũszlig˓ɱOuml1313=szligɱϡŮƮƁЫOgrave6

Given the above estimates we believe that owners can expect attractive investment terms as illustrated in the table below

Ļǟϡ˛OumlŇƗ=ЎƗϛѝɭņOtildeOgraveOumlѱſYƮƁˍ΅o˿

CҊĂО

НҏѨ

ĥsup1˗ǝ

˓φŴecircĈǙacirc

Ƶ΅OumlŁˣ

RMB4270

RMB3500

RMB2000

RMB2150

RMB2388

Aman Fayun Hangzhou

Banyan Tree Hangzhou

Fuchun Resort Hangzhou

Mandarin Oriental Hainan

Commune by the Great Wall Beijing

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966

38

39

ͰɒOumldivideTHE TEAM

40

Grant Horsfield ndash Chairman naked Group

Grant a native of South Africa is Founder and Chairman of the

naked Group

Before coming to China in 2005 Grant worked in England

and South Africa with more than 10 years business ownership

experience With background in IT he launched eBites

Limited in 2000 Operating nationally eBites was both a

publishing company and a callcentre facilitations company with

headquarters based in Cape Town In 2004 Grant received

an MBA from University of Cape Town Graduate School of

Business Upon graduation he decided to come to China as he

saw China is where business opportunities lie

After spending two years in Shanghai he found himself

overwhelmed by the metropolis and missed the natural beauty

of his home From this desire and need sprouted the concept

for naked Retreats which was launched in 2007 Grantrsquos vision is

to create sanctuaries that are in harmony with the environment

where people can appreciate the simple way of nature and

embrace the naked lifestyle Grantrsquos tireless efforts in promoting

ecotourism in the rural areas not only created jobs but also

pride for the local community He received an environmental

award from the Huzhou Government in 2008

高天成 - naked集团总裁

ij=ɫčIcircTHORNˆ=nakedƍOumlmiddot˽ˆũѵ|6

Ф13ɱȅOgraveѓŘтʣ=ij˪ЬФϯŘƎɫčľѽ=ϾŚɱOuml˙ϛǑϱƎРѽǑϏ6ФʙITǒOumlUѠ΅=ɱij˪ƭȜȥeBitesϾΏŁ=eBitesŁƮϱΝІaacuteŹĞѓΫLJɖƿū=ʙѵˤФǭʔugrave6ɱ=ijƅOtildeȥǭʔugraveAringλ˙λЙOumlMBAλ6dϛŮ=ǧegraveȅѓŘ=ϩǯOgraveȥжȕOuml˙Ɖ6

Ф˛ŝEgraveȥȢɱтŮ=āѳƓxȥ˪Ƃ=sʨAtilde˱ȥѳʿɐǒ6ФжѕИІεʴOumlʶ˼΅=ƭȜnaked Retreats

OumlΖĂФɱOtildeOgraveȥ˹˲6ijOumlΖĂƭШϞĸ˯THORNІѳʿũΣŃdeg=ˆɒǵϡΘѳʿ=ΘnakedOuml˪ƂĈ˾6ij˫ΔAacuteTHORNʵ˪ȾϽѽordfOumlxΦɹȞ=xLjmiddotШȥľѽıŻOtildeOgraveȥIcircTHORNˣʵOumlХϐ6ij˪ƅOtildeȥɱůјоġNāOumlźWAring˼ư6

41

Delphine Yip-Horsfield ndash Partner Ben Wood Studio Shanghai

received her Master of Architecture degree from Harvard

Boston prior to moving to Shanghai to oversee the award

winning Xintiandi project on behalf of Wood and Zapata In

the fall of 2005 Delphine became partner at Ben Wood Studio

Shanghai

Drawing from her own experience of diverse cultures Delphine

has led a multitude of high profile projects such as Hangzhou

Xihutiandi Zhujiajiao Oriental Garden Shanghai Waitanyuan

Beijing Palace 77 Shanghai Hongqiao Commercial Core Lijiang

Lashihai Resort Masterplan etc

In 2006 she was selected Wallpaper magazinersquos first annual 40

under 40 designer of the year

Delphine is the chief master planner and architect for naked

Home Village and naked Stables Private Reserve She also

oversees the visuals and styling of the naked Brand

叶凯欣 - 上海Ben Wood设计室合伙人

ϜǮΩɺ=Ben Wood ˤƗľѽOumlѵƢ=śęAringλƭѡλ6ȅ˛ŝтʣ=ФΒIJ5ɷКũuuacuteľѽ6ȅ˛ŝŮ=CcediloWoodũZapataĤЩΪTHORNΙɧOumlƢethľѽ613ɱʲƕ=ϜǮΩɺBen Wood ˤƗľѽūƃˆ6

ϾѯxŸϽșǑϏOumlϜǮΩɺ=EacuteˇȥηucircijocircΙɧOumlƢeth=VȂţјͻůTHORN5њƝƶecircĈųВ5˛ŝЕ5[ǎłatilde5˛ŝŭʦ˙ϛѓΫ5ȗƯȄŝoacuteƟAacuteѵŔŷˤƗUgrave6

ɱ=ˏκȥWallpaperСьǃɱoacuteϡ΅OumlˤƗ˰6

ϜǮΩnakedƝВAacuteũnaked RetreatsOumlѵˤƗеũƭѡ˰6˶ϚĤЩƢethnaked˙nOumlFũĘķˤƗ6

42

Kang Yang Lim ndash Group Chief Operating Officer naked Group

Group with over 13 years corporate finance and real estate

development experience Previously he was Director of the

real estate division of APP China taking responsibility for the

initial positioning and development of the USD15 billion lsquoWhite

Magnolia Plazarsquo mixed use development project (including

the development of Shanghairsquos first W Hotel) He also led the

concept and development of APPrsquos branded residence and resort

project in Sheshan Shanghai

Finance division of PricewaterhouseCoopers in Melbourne

Australia where he specialized in business value and strategy

worked in inhouse strategy roles for CocaCola GB in London

and to British venture capital firm of the year (2004) ISIS Equity

Partners before coming to China in 2005

Accountants Australia in 2002 and is also an affiliate of the

of Commerce and Diploma in Modern Languages from the

University of Melbourne Australia

林纲洋- naked 集团首席营运官

ƞˏnakedƍOumlȩ˪ϴϾŚɱOumlʝϛ~ƎTHORNǭāǑϏ6Фfrac14тʣ=ѽѓŘDŽŒOumlTHORNǭāOumlѵƢ=ĤЩƠч13ϢЏOumlucircϸ8JЈȈœ9ǭāΙɧOumlcopy˽κшũǭāVȂ˛ŝszligϞƝ ǙacircOumlǭālt6˶ϚщNtildeȥDŽŒƍФ˛ŝҁ˗ʑʁѢЭũoacuteƟAacuteΙɧOumlȓɲũǭā6

ФDŽŒƍˇфтʣ=ȩİϑGAringȚφɣyuml_ʔŴϷOacuteƁƗ˰OumlǑȓ=ѥѣЂ˙ϛƠчũЯɁѰξ6ȩ˪Ф13ɱȅOgraveѓŘтʣэȑǭʔŴϷOacuteŮOumlϞotilde˶ƣɬ=ѽǵǺǵȎɂugraveŁɬOumlЯɁēͺ˰=ϡƎISISOumlʼnʏūѽƃRФϯŘɂugraveOumlϯŘĘΌѱŁˇф6

ȩ˪ФɱƅOtildeȥGAringȚφηƁƗ˰ƁũGAringȚφпʻωǗOumlƁГѱķ6˶ϚƅOtildeȥGAringȚφɣyuml_AringλOuml˙ϛλλϡƎCcedilЇϊλп6

43

Gabriela Lo ndash Managing Director naked Retreats

With over 15 years experience in high end events and PR

management Gabriela has been instrumental in bringing naked

to where it is today As one of the original members of the

naked Team Gabriela has led the growth of naked Retreats

to become one of the most famous eco retreat destinations in

China attracting guests and publicity from around the world

Originally from Macao Gabriela has rich multi cultural and

multinational living and working experience having worked and

studied for many years in Greater China England and Italy

卢家宝 - naked 度假村常务董事

ϴϾŚ13ɱOumlijocircƂiacuteũŁŃŋ΄ŎȓǑϏ=nakedDžOumlǜІȶƝXēxǭ6ѽħdivideOumlmiddot˽ГтϞ=ȶƝXϠǑAEligȭnakedѓŘѻϾɜOuml˪ȾϽɧOumlTHORNтϞ=ͼϭȥȅѳǁĹTHORNOumlǸˆ6ȶƝXȅѳGɑ=ϴϾĖĥOumlucircЏŸũucircŘǝѢũľѽǑϏ=ЬФAringѓŴTHORNʵ=ϯŘũϤAringȚϾѯucircɱωǗǑș6

Judy Zhu ndash General Manager naked Group

Zhu is the General Manager for naked Group ensuring smooth

operations of the group with a particular focus on government

朱燕 - naked 集团总经理

њώ=iquestnaked Retreatsmiddot˽ǭ˽ǜũij˪ūѽ6њώѽƍѵǑȓ=ĤЩIcircTHORNũŋ΄ʽWƍРѽ6Фƞˏnakedтʣ=њώФ˛ŝũ[ǎiquestŚηucircІ˙ϛϾŋOumlфϛ6ФΪͻȈƅOtilde˙ϛλ6

44

Kurt Berman ndash General Manager naked Stables Private Reserve

With over 16 years experience in FampB and high end luxury

resort management Kurt brings a wealth of experience and

will lead the preopening and operations of our new resort ndash

naked Stables Private Reserve Prior to joining naked Kurt was

the preopening General Manager at Six Senses Laamu and

Resident Manager for Six Senses Soneva Gili by Six Senses Kurt

has also worked at other prestigious resorts including Fregate

his career in hospitality in FampB and was a trained Chef with

experience working in many prestigious institutions including

The Dorchester Hotel in London Kurt is from South Africa and

has a masters certificate in hospitality management from Cornell

University

Kurt Berman - naked私人度假村总经理

ϾѯŚɱϬƎijIumlŤŴoacuteƟAacuteOumlŎȓǑϏ=ƮϡĖĥOumlǑϏȭNtildeͰɒΪoacuteƟAacute77)$ 0OumlϱϛũРϱ6Фƞˏ)$ тʣ=10ЬEacuteˇŚ8szligȳĭǦ9+1ϱϛѵǑȓũ8szligȳĭǦ9-2 ((OumlѤacircǑȓ610ŻЬˇфЂamp0ˆŝETHũ1+4UgraveʙўɜoacuteƟˮTHORN610OumlϛʜzЂϬαϛ=ϚϡϞĸФŬucircўɜƉńVȂ-0-0 -$-ltľѽŚOumlρȡϾOumlnot˰610ȅѳɫč=sϴϾǰɪyumlAringλЃOumlǙacircŎȓλ6

Richard Johnston ndash General Manager naked Home Village

Hailing from the United Kingdom but with most of his working

life in resorts throughout Africa Richard brings with him over

20 years experience in General Management and Director level

roles in world class resorts including Azura Retreats Cape Grace

hotel and the Saxon Hotel Richard plays a key role in the set

up of systems training and operating standards His years

of experience and mentoring leadership style make Richard a

natural inspiration for our young hotel management team

Richard Johnston - naked 家园村总经理

RichardȅѳϯŘ=IgraveAringucircOumloacuteƟAacuteľѽiumlФмĸčљ=ϴϾŚɱOumlѴūŎȓũǁƐoacuteƟAacuteVȂAzura

Retreats Cape Grace hotel and the Saxon HotelltijʒŎȓǑϏ6RichardФƭȜ΄5ʅρũРαnѬĈɘʜѯŋƨѽϸ6ĖĥOumlǑϏũȭNtildeĘķ˼OtildeoslashͰɒɱʬOumlǙacircŎȓdivideϾѯѳʿOumlƊȘ6

45

Teun Hanegraaf ndash Sales Director naked Retreats

Teun obtained a Bachelors in Business Studies and Masters

in Strategic Management with a focus on Chinese Business

Culture Teun increased our corporate sales business by 350

in his first year with us bringing international companies

ranging from international conglomerates Unilever and Coca

Cola to more local institutions such as The Shanghai American

School and leading Chinese companies such as Bank of China

韩天宁销售总监

ȅѳŧȈɥEcirc=şɵϴϾ˙ϛλλλ5ЯɁŎȓѥѣЂѓŘ˙ϛŸlt6ȅƍOumlszligϞɱşɵƮŁOumlΝϛijȥ13=sŁAEligȅȥx˟ŘƙβOumlAringŁǸŲ=жʙѓϾŘƙAringʝϛȠūȚŴũǵǺǵȎ=ϚϾ˛ŝɐŘλΠUgraveIcircTHORNƉńũѓŘϫαUgraveѓŘȴʝϛ6

Oliver Yuen ndash nature Reserve amp Recreation Manager

naked Stables Private will be the first private reserve in China

with a wealth of new flora and fauna introduced to the project

from Sydney University Australia and as a fully qualified Ranger

working in many of the worldrsquos best wildlife parks Oliver takes a

special role in ensuring the environment of naked Retreats and

naked Stables Private Reserve will be full of life and a natural

self supporting eco system Oliverrsquos passion for both people and

nature make him the perfect person to teach our guests about

what we do and make their stay not only a relaxing one but

also a fun fulfilling educational one as well Oliver previously

worked in wildlife parks and resorts such as Azura Retreats in

Mozambique Mobala Private Game Reserve in South Africa and

Sydney Aquarium in Australia

袁鹏威 - 活动经理和度假村 生物学家

naked StablesƮѓŘszligϞĸϭljΪOumlцʾũiacuteʾOumlˆoacuteƟʵ6OliverѽϞɜGAringȚφͿɯAringλūķOuml˪λƝiacuteλƝ=ϡƎФǁĹTHORNOumlϙ˪iacuteВľѽOumlľѽе=Ф˼naked Retreats ũnaked StablesϾѯĖĥ˪ѱЕ5ʿѳĺOuml˪΄Oumlźǔľѽ˛QύѯіϘƶ˔6АʊoslashˆȏũѳʿOumlƊʮ˼ѻūOumlˆȅĵͰɒOumlǸˆͰɒѼOuml˷ɋ=sʨ˂ɒФжȕOuml˶ŒxLjLjČ=˶Ϛ˂ɒOumlǝѢǑșlOtildeϾǭΫcurren˹ũϾƷЋϤϦ6АʊтʣФɫčũGAringȚφͿɯѹŏiquestϙ˪iacuteВũWŰʵOumlľѽVȂMozambique OumlAzura Retreats Mobala Private Game Reservelt6

46

Philip C Davis Company Director naked Retreats

Phil joined the Board of Directors for naked Retreats hotel

management company in 2011 His previous board experience

includes Tian Rui Hotel Corporation holder of the master license

for Super 8 economy hotels in China and Hong Kong from 2006

to 2008 He also was a founding shareholder of Tian Rui and

served as its President and Managing Director from 2006 to

2008 He was a board member of Tian Xian Cheng a bai jiu

concern which is a joint venture between Pernod Ricard and a

2010

Phil was previously Chairman of the Budweiser (Wuhan)

International Brewing Company and Managing Director of the

AnheuserBusch business in China and Hong Kong from the

beginning of 1996 through 2002 From 2003 to 2005 he

headed the AnheuserBusch liaison office with Tsingtao Brewing

Company

Phil holds a PhD in history from Washington University and

started his career as a market researcher at a major advertising

agency in the US before moving to AnheuserBusch and

heading its consumer planning and new product development

functions in the 1980s

Philip CDavis naked 度假村公司董事长

PhilЂɱƞˏȥnakedoacuteƟʵǙacircŎȓŁOumligraveƁ6ϡĖĥOumlǑϏVȂФːǙacircƍˇф5ϡƎЂɱэɱФѓŘũѓŘΒIJEacuteˇSuper ǑƖǙacirc ʼnˆ6˶=ϚːǙacircƍOumlmiddot˽ʼnecirc=ФɱэɱʖƣEacuteˇƍOumlѵ|ũigrave6ɱэɱʖƣ=ϞƝІWȎȞƞũJǙ˪ȴʝϛƬɫūѱOumlʝϛ77ΐOumligraveƁГ6

iquestɱэɱ=Phil͵šBudweiserŘƙɳǙŁOumligraveƎѓŘũѓŘΒIJCŝyŁOumligrave6iquestɱэ13ɱ=CŝyũʫETHʌǙŁOumlȠɆdegOumlĤЩˆ6PhilϴϾŴ˭uacuteAringλOumlș˻дλvλ=ФǁɱCcedilȅOgraveCŝy5ĤЩΞĒŔŷũΪʑǭāĿɭтʣ=OumlϛʜzЂɐŘOumlϞƝœĵCcedilȓŁ=Eacuteˇaeligω6

47

OUR INTERNATIONAL TEAM

International team

Chief master planners amp architects

the urban landscape of modern China with Xintiandi in

Shanghai a commercial cultural and entertainment district

Since then the studio has worked on projects in very diverse

categories both small and large scale projects include mixed

use projects like the ldquoTiandirdquo in Hangzhou Chongqing Wuhan

and Foshan luxury villa and high rise residential complexes in

Shanghai and Vietnam as well as various boutique hotels and

Chalet Architects

A00 Architecture is most well known for their research

inenvironmental sustainability and its application to their

work in Architecture Interiors and Furniture Their portfolio

includes feature restaurants luxury spas retail stores design

conversion of dozens of historic Shanghai homes into highly

personalized residences

Interior Designers AIM (Architecture amp Design) brings expertise

in the combination of world architectural styles and design

influences to the interior designs at naked Stables Private

Reserve With the Shanghai office led by the two founding

on comfort warmth and a unique blend between African and

Asian design sensibilities

Landscape Architect

Design Land Collaborative (DLC) is a professional consulting firm

comprised of landscape architects and planners with an office in

Shanghai and the United States Projects have a strong emphasis

on cultural resources historic preservation and ecological

design involving both the public and private sectors

ͰɒOumlāЮdivide

ɴǵϡΑάOumlёȣ

ŘƙŸdivide

首席规划师和建筑师

benwood Studio Shanghai OumlсɜΙɧтϞѠĨШ˛ŝΪTHORNľ=˼ʙƍ˙ϛ5Ÿ5ЄȎϞOumlʵЉ6тŮ=ЁƻȥĹȏŔɟAringΟOumlΙɧ=VȂţјOumlͻůTHORN=іʱ5͵šƎę˗OumlŤŴpϡƎФ˛ŝũЛɫOumlijѢЭʵ=ȮŻϾФѓŘƎˉ_OumlĹȏǐʑǙacircƎoacuteƟ6

小圆房建筑

AOO Architecture ФźǔWŰƎǵ θāЮĈɘϾѯѭЛOumlƭ=s˘ƮʙƭϰϸЂɬƝѩ6ɒƻŚOumlΙɧVȂ˔5ŤŴȤѓΫ5ȫ˙acirc5ˤƗίǙacirc˛ŝυНǙacirc lt5ˆoacuteƟϡƎϞ΄ȧOuml˛ŝș˻ѢЭOumlCcedilŸƎˆŸĨШ6

ɬ ˤƗ˰AIMƭѡˤƗltѥѣЂǁƭѡĘķũˤƗOumlɐƿū=ϭNtildenaked StablesOumlɬˤƗ6ФȅѳŧȈũaȚ˶OumlūѽmiddotTˆȭNtildeOuml˛ŝTdegOumlUѠ΅=ˤƗѣі5ũφčˤƗȓɲOumlntildeˊū6

景观设计

Design Land Collaborative (DLC) ϞƝiquestǒōˤƗІŔŷOumlѥϛѰξŁ=Ф˛ŝІɐŘǩˤϾēрƉń6ʙΙɧ˘ЂŋѣŸș˻ĻЕ=ƿūźW˪ǴƔ=ѥѣЂŁŃƎϾTHORNOumlŔŷ6

48

Engineering amp Project Management team

Scott Wilson Group PLC is a globalintegrated design and

engineering consultancy for the built and natural environments

Scott Wilson is responsible for the project management the

electrical and mechanical engineering for the project

Environmental Consultants

Environmental Resources Management (ERM) a leading global

provider of environmental health and safety risk and social

consulting services ERM deliver innovative solutions for business

and government clients helping them understand and manage

their impacts on the world around them ERM have 137 offices

in 39 countries and employ approximately 3300 staff

Sustainability Consultants

Bisagni Environmental Enterprises (BEE) works with the

engineering and design teams to ensure the environmental

goals set out at the inception of the project are achieved

LEED Consultants

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

Local Design Institute

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

General Contractor

and have been responsible for some of Chinarsquos most iconic

properties such as the World Financial Centre in Shanghai

工程及项目管理团队

Scott Wilson Group PLCϞƝʺʳŔɟOumlźWˤƗƎľѰξŁ6Scott WilsonĤЩΙɧOumlaacuteʠƎƉΤľ6

环境咨询

Environmental Resources Management (ERM)ϞƝʺʳαϛȭѰξŁ=ŀźǔWŰ5ƫǰCʺƎŁŃˣƁĘΌUgraveѰξĞ6ERM˙ϛƎоġɑǸŲŀĨĶβOumlǀǧĈF=UѠɒȥǀsŎȓʙǑϱoslashˣƁźǔAEligȅOumlϳΗ6ERMФʺʳϾ137ĸēрƉń=myĸŘƝ=ϴϾAringК3300ɜГľ6

可持续发展咨询

Bisagni Environmental Enterprises (BEE)ІľˤƗdivideΑűūѽ=ϡʽWФΙɧǭ˽ƼotildeˤȜOumlźǔWŰǵ θāЮɧnOumlȚ˹6

绿色建筑认证咨询

Shanghai Pacific Energy Center (SPEC)ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlŁтϞ6

本地设计公司

Shanghai Baoye Construction Corp Ltd ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlαϛȭŁтϞ6

总承包商

ϞƝŘƝƐľVŁ=ϠƻȥηucircѓŘnьβΙɧ=țˍ˛ŝźʳDŽˊѓΫ6

49

naked COVERAGE

wwwcnngocom

ldquo25 killer things to do this summerrdquo

26 April 2010

Time Magazine

ldquoRun to the Moganshan Hillrdquo

新浪博客

ldquo避世的可能rdquo

31 December 2009

wwwenglisheastdaycom

ldquoThe first batch of ldquoChina Treasured Towns ldquo released

December 2009

Shanghai Urbanatomy

ldquoGet naked this time with horsesrdquo

Shanghai Daily

ldquoGreen MaGIC Casts design spellrdquo

14 October 2009

新浪商品

ldquo中国最佳设计酒店大赏rdquo

September 2009

wwwchannelnewsasiacom

ldquoChinarsquos green resort allows travellers to vacation on good consciencerdquo

2 September 2009

wwwbijianlinblshecom

ldquo莫干隐居rdquo

25 Aug 2009

wwwassociatecontentcom

ldquoThe Exquisite Moganshan Mountains of Chinardquo

Ɏ

Wikitravel

ldquoMoganshanrdquo

德清新闻网

ldquo承包国营林场建造生态ldquo逸站rdquo

wwwsinoeventcom

ldquo亚洲旅游地产及景点峰会成功举行rdquo

wwwchinatravelbrandingcom

ldquoPursuing Green for Greenrdquo

wwwbrandrepublicasia

ldquoMaking moves towards ecofriendly eventsrdquo

7 May 2009

wwwhandsonshanghaiorg

ldquoHands On Asia Conference Summeryrdquo

May 2009

wwwmyvacationcn

ldquo莫干山居rdquo

3 April 2009

wwwshanghaidailycom

ldquoThe naked truth Time to clean up Moganshan litterrdquo

4 March 2009

wwwgreennovateorg

ldquoMoganshan Project Kick Offrdquo

13 February 2009

Travesias

ldquonaked retreatsrdquo

Feb 2009

合肥在线

ldquo大山里的裸家族rdquo

20 October 2008

wwwentrepreneurcom

ldquoThe arrival of the Olympics showcases Chinarsquos burgeoning entrepreneurial spirit ldquo

7 August 2008

50

Shanghaiist

ldquoWeekend escape to Moganshan 莫干山rdquo

9 April 2008

私家地理

ldquo艳阳下的荫凉rdquo

30 May 2008

City Weekend

ldquoGet naked in Moganshanrdquo

25 January 2008

wwwbundpiccom

ldquo在这绿中撒点野rdquo

wwwhuzhougovcn

ldquo相中德清筏头的青山绿水南非客商莫干山下建生态逸站rdquo

wwwurbanatomycom

ldquo24 Hours in Moganshanrdquo

wwwhkheadlinecom

ldquo杭州莫干山竹林深处人家rdquo

15 May 2009

wwwnewsweekcom

ldquoBack from abroadrdquo

May 2009

Chinatravelnet

ldquoMoganshan A Heavenly Hideaway of Bamboo Forests amp Tea Plantationsrdquo

April 2009

wwwmzztmcagovcn

ldquo2009年踏青乐游路线推荐大公布rdquo

16 March 2009

第三媒体

ldquo规划一条畅快随性的踏青之旅rdquo

28 October 2009

wwwdqnewszjolcomcn

ldquo三九坞 ldquo裸家族rdquo钟爱的世外桃源rdquo

28 October 2008

ldquo自驾行天下rdquo之中国莫干山rdquo

Sep 2008

ldquoShiffting Gearsrdquo

Sep 2008

April 2008

Chewed up amp Spit Out

ldquoGet nakedrdquo

19 February 2008

ldquoBest Weekend Getaway Hotels Shanghairdquo

富世

Ecoefficient hotel低碳下榻

April 2011

Spa China Guy 男士派

Experiencing The Unique

2010

Cosmo 时尚

跨洋建屋隐居不隐世

April 2010

Global Times

The Mountain of legends

Global City Geography 城市地理

莫干山 naked Retreats 都市人一ldquo裸rdquo到底的山居生活

Dec 2009

China Daily

Rural Retreat

20 March 2011

China Daily

4th March 2011

Modern Weekly周末画报

圣诞低碳游

Dec 2010

Elite Traveler 携程自由行

旅尚

Esquire

Hidden Best Restaurants

Feb 2011

51

52

53

Page 2: Detailed Investor's Report

1

Introduction

Purpose

Fast Facts

Location

The Resort

The Site

Green Design and Construction

The Design Idea

Floor Plans

Fittings amp Finishes Schedule

Purchase Options

Industry Returns and Benchmarks

The Team

naked Coverage ndash Media

ǂˠ

ɧOuml

ȉ

THORNȓя

oacuteƟAacute

ФTHORN

ɀ˔ˤƗІƭˤ

ˤƗȓɲ

ȵʒɘ

ƭѡȦƎˤ]ɛ

ŅɈκΙ

ϛѝЎʖſYІaƹ

ͰɒOumldivide

Ɏ

content ɧȼ

2

3

5

8

10

12

14

17

20

26

29

36

39

49

2

INTRODUCTION

The naked concept was created to share our desire to strip away the busy cosmopolitan city lifestyle and get back to life and nature in a purer form

nakedФŃΘЗȑAringiuml˪ƂĈ˾OumlИ=ϡƎǶſŕordmǖѳʿ˪ƂOumlȓɲ΅ϰРyacute˪Ouml6

October 2011 will see the official unveiling of naked Stables Private Reserve a luxury lifestyle resort created and developed by naked Eco Developments (WOFE)

ɱМ=naked Stables=жϞϻWOFEƭШǭāOuml=ϾѯˡŴ˪ƂĈ˾OumloacuteƟAacuteƮн˾ƺǭʙ˨ɕOumlɘ˖6

The resort nestled in an idyllic pine forest setting in the Moganshan mountains just 2 hours from Shanghai features 121 eco friendly suites thoughtfully arranged within 70 contemporary Treetop Villas and Earth Huts The style of the resort fuses African and Asian elements and brings the magic of African hospitality and intimacy with nature to an Asian setting

oacuteƟAacuteѾɅФɢī˗ϞʎВMOumlȩѓ=Ǣȑ˛ŝLjϾȢΟ˶Ouml=ƣAEligĺɴqэˍŕĭǦOuml˪ĉēyЂmicroIcircCcedilĘķOumlccedilpũγƟɦͳѓ6oacuteƟAacuteOumlĘķˊūȥφčЏ=Ʈѳʿ5ʩNjOumlčљķaeligѣˏOgraveφљ˔OumlѩyǞѓ6

Apart from outstanding food and beverage concepts horse stables stateoftheart conference facility and naked Leaf our unique wellness and spa sanctuary guests may also enjoy a kaleidoscope of activities and tailormade offerings Furthermore the site is set in a private nature reserve dedicated to the preservation of endemic wildlife fauna and flora We are committed to achieving socioeconomic sustainability by engaging the local rural communities during the construction and operation of the resort This creates job opportunities and a sense of pride among the locals villagers

shyȥntildeǡ˔OumlϬȓɲ=oacuteƟAacuteŻϴϾɇǚũѻljOumlƁϨˤ˲=ϡƎnaked Leaf77ͰɒntildeOumlƫǰϕ˪Ɓŏ=Фжȕ=qǸǵϡϏĖĥOumlγΊƂiacute=ΘˆegraveѐOumlĞ6frac14=oacuteƟAacutedegФϞĸϾѯIcircTHORNϙ˪ѕϡƎiacuteцʾOumlˆѳʿWŰʵɬ6ФoacuteƟAacuteOumlƭˤũРϱʖƣ=ͰɒюȞЂWпŰTHORNΔAacuteˣʵˣƁǑƖOumlǵ θβāЮ6жIcircTHORNmiddotШȥηucircǜϛı=˶Ϛ˂IcircTHORNǝəϾȥϞѕѳŤĭ6

The design and development team collaborating on this project includes some of the Worldrsquos foremost thinkers and leaders in sustainable design green building technology and luxury development

ˤƗdivideũǭādivideŃūѽюȞЂfrac14Ιɧ=ʙѓVȂϞΡФǵ θāЮˤƗ5ɀ˔ƭѡƔũˡŴϛǭāĈɘǁƐOumlȭǪˆ6

With internationally renowned Ben Wood Studio Shanghai conceptualizing the master plan and architectural design and naked overseeing the development and operation naked Stables Private Reserve is targeting to be the first resort in Asia to achieve LEED Platinum accreditation

ƈЂŘƙсɜŁ77˛ŝBen WoodˤƗOumlѵŔŷũƭѡˤƗ=ƞ˛nakedoslashЂΙɧǭāũРѽOumlƢethŎȓ=naked StablesϾφљszligϞĸϴϾɀ˔ƭѡˈпOumloacuteƟAacute6

Innovative construction technology such as SIP (structural insulated panels) has been used in the construction of the Treetop Villas and traditional rammed earth walls feature in the Earth Huts

ФccedilpũϾѯsup3ŢʥOumlДΰΟͳͳOumlƭШѓ=˼ϸȥћˍSIPƿńǨЖOltUgraveΪίƭШƔ6

naked Stables Private Reserve will continue to reinforce our core commitment of redefining the essence of ldquosustainable luxury in naturerdquo

naked StablesƮƚθюȞЂͰɒіΪegraveϦOuml8ǵ θѳʿˡŴ9_ёOumlŨΫɼOumlāЮѓ6

ǂˠ

3

PURPOSE

This report invites people who are looking for a lifestyle holiday home in the country close enough from Shanghai to nip away

quickly and far enough to get away from the pollution and noise This report is intended to assist interested buyers in understanding

the offering and help make informed investment decisions

The key objective of this report is to provide potential purchasers with a greater understanding of the prevailing market conditions

with particular focus on

жĕYĵыФϗʰɨΡнФжĸŘoacuteȕοбϾѯ˪Ƃ˶˜ĭ5ȑ˛ŝNjǢȑɭņŬǽąſsʨЗȑϴƑІιΜOumloacuteƟͳ6ϖжĕYĵɭUѠɨΡʤФϛѝȥǀͰɒOumlϹƀϡƎUѠɒѼѱǧ6

жĕYĵOumlіagraveʤФϛѝФϡ΅ƒĸĈɘŀѻAringOumlUѠ=ȅ˼ʙȥǀжϞΪίȓɲOumlʣǒ

This information has been provided to assist the recipients in deciding whether they wish to purchase a Treetop Villa at naked

Stables Private Reserve located in Moganshan Zhejiang Province in China We have relied upon information from sources generally

regarded as authoritative Whilst the information has been prepared in good faith and with due care no representation is made for

the accuracy of the whole or any part of the publication

жΡάͽыФsup3AumlĺɨΡʤФϛѝ=ȅUѠɒǧegraveĚѬ]ФЂѓŘзƯˬɢī˗Oumlnaked StablesŅɈfrac14ʑ6ͰɒϟDzɨΡϾѯʹβȅЕOumlάͽ6жΡǐΫѬ]sʨϾѯϞegraveŋѣoacuteOumlάͽ=ʙʺƆēordfPOumlǐʽoacutesɍϾOtildeOgraveʺʽˈlt6

oacuteƟAacute

ƉЊ

ʑ

ſY

ɧOuml

4

5

FAST FACTS

Resort Development

The resort will include the following facilities

and halls

picking horse riding archery and many more thrilling activities

poultry

within the resort property

different ducks geese and swans

ȉ

度假村的发展

oacuteƟAacuteƮϴϾ΅ȧˤ˲

icircccedilpŃƣĉlt

icircДΰΟͳϞϞicirclt

ϸЂϕƝɇOumlɇǚ

ĸϽ϶iexclĸФeumlˉ϶iexcllt

ƝxĘOuml

ʒɔOumlƁϨǹƣ=VȂĸxOumlĉƣũȖ

ƫǰѓΫVȂĸSPAŏũƣђȤlt

thornˉѓΫ

ƂiacuteѓΫVȂ˗THORN5zȾα5cedilaring55ʛɇ5ˢƩϡƎηucircʙfrac12ƊǏΌOumlƂiacuteΙɧlt

oacuteƟAacuteŀϾũƝʪOumlˆϾƉɸ

ѕxѕȏOumlϙ˪ȻŀfŰOumlˆWŰʵ

6

Tree Top Villas

The Villas on offer are a first for China They are elevated above

the ground and protrude from the tops of 20 meters high pine

trees seemingly floating on the tops and therefore their name ndash

the Treetop Villas Built from Steel and Wood these Villarsquos are

to challenge the paradigm that luxury can be environmentally

friendly

Resort Services Offered to all Tree-top Villa Owners

树顶别墅

ccedilpФѓŘŻfrac34ordf6^ȑTHORNɘ=sʨФɔijOumlAgraveѓOtildeķɛ=ǯʜȅǜΚğФccedilт˛=ccedilpOumlɜϻfrac14yacuteȅ6ϸĮũɦƭШ=жΡpыФЯșȅOumlĆț77ˡcentϚɭˍfrac14THORNІѳʿźǔũΣŃdeg6

5ϡƎOumlp

ѵŃϾƣp

CcedilĘķnotĉ

DɠЌį

˞DZ

ɬ5

γͽ

ɏĸĉƣiumlϾˡŴOumlˆЌ

ǠAringOumlϒdegФ˕ȩccedilʈт˛

ͶέƐOumlaacuteʡˤ]

OcircŘɼŁOumlacuteŲȀơ

ɐŘSafelok ˢʐ˺pɑ

AEligϾΆˉŒΐƱĿɭOumlUacuteĝˢtȟ

oacuteƟAacuteϛŎȓ

oacuteƟAacuteĤЩϾOumlŰ

ǠAringOumlŃΘʵЉɤŁʯlt

提供给所有树顶别墅业主的度假村服务

oslashɴOumlpljαѴūOumlαоŎȓ

pɬOumlŰ

ˆŎƝĞ

αȔĞ

ƝоĞ

ϾŁϸʵOumlŰ

ϾOumlǒōɐŸ

ŞbrvbarĊђ

űȠƻˏ

έaacuteĞ

ȃƇƍ

ŀ΄

ϾŁϸʵOumlWΌ

Ο˶CW

˪ɝũΞĊCʺ΄

oacuteƟAacuteɬOumlƳР

7

Position

property

Financial Benefits

boutique development including only thirty tree top villas

should appreciate in value over time

the naked Stables Private Reserve and naked brand name

properties holiday homes and quality branded residences

increases

part of the resort room inventory

位置

Ђɢī˗˗ȸ

ЗȑιΜ=pϙɬɍϾƆй

ѳʿ˕ȩ

pdegФŝIɔϡ˛

ĸǢȑp13ēєȺOumlijyumlěʳ

ϮcOumlˆ˗ň

财务收益

LjϾƣǐʑ˪˝p=ɴOumlntildeϞʹĀOuml6

ϴϾũTHORNʞ=ˉŮɴϾegravesЫчOumlϛ6

ɴOumlƠчƮІ҉аoacuteƟAacuteŁϡƎʑʁȠϱyacuteЫч

ɴOumlƮϩoacuteƟAacuteϛ˩5oacuteƟͳ5ʑʁѢЭyacuteЫч

ϛѝɏɱƮƁϩoacuteƟAacuteɱoacuteʃagraveyacuteΘϾ θOumlˏ6

8

LOCATION

MAP of Shanghai to naked

County on the foothills of Moganshan Scenic Mountain

By Car

With the opening of the new Shenjiahu highway in 2010 the

traveling time to Moganshan is 2 hours drive from downtown

Puxi in Shanghai and also 2 hours from Pu Dong airport

By Train

With the opening of the new high speed trains across China

guest can now get to naked Stables in under 2 hours traveling

on the train from Shanghai Hongqiao Hub to Hangzhou and

onto Deqing Total train time is less then 1 hour

SITE MAP

地址地图

THORNȓя

从上海到naked的地图

pѾɅЂɢī˗Ęǒʵ˗ȸdegOumlOcircʭΎǔɬɤOumlˆѳʿWŰʵ

驾车

ѯɱ˥ƛůijOuml=iquest˛ŝʕͻ˙ϛʵƆʕecircƉOgraveɢī˗ǩъεΟ˶6

乘火车

ѯősup2ѓŘOumlijOumlˏРϱ=ȾǸiquest˛ŝŭʦǸРѓΫOgraveţјϡƎOcircʭΎOuml˶ƣʒǩ˟ЂΟ˶6ФƄ˛Oumlѵ˶ƣ˟ЂΟ˶6

9

10

THE RESORT

The experience

We believe that true luxury in the modern world is not

necessarily about designer labels and huge international brand

names but about privacy space spending quality time with

loved ones and rejuvenating your senses with nature All of

these elements have been brought together seamlessly at naked

Stables Private Reserve

After a refreshing welcome in our vibrant clubhouse your butler

will whisk you to your villa by electric golf buggy Enjoy sunset

cocktails on the deck and luxuriate in the sweeping views of the

bamboo forest whilst your butler unpacks your bags and dinner

playing the whole family congregates at the dining table and

dinner is served After dinner soak away the stress of city life in

your private jacuzzi on the deck as the stars wink overhead

Saturday morning starts with a hearty home cooked breakfast

and the thrill of a day filled with experiences in the mountains

Explore the local hills and forests on mountain bike Rejuvenate

and refresh in the sanctuary of the naked Leaf Wellness Centre

After a swim in the pool lounge in your villa hammock with

family and friends sharing precious moments

Kids will love the daycare centre with outdoor play area kids

pool art jamming music and laughter

Get your Sunday off to a great start with a family horseback

reintroduced to the hills Stretching and yoga are on offer in our

hilltop pavilions as well as tai chi kung fu and meditation After

fine tuning your archery skills finish off the day with a spot of

fishing in the nearby lake

If you choose to venture out of your villa for lunch enjoy

creative and delicious comfort food at either the pool cafeacute

or clubhouse Gourmet pizzas organic salads and artisanal

sandwiches will tempt you at the poolside Innovative Afro

Asian bistrostyle dishes are on offer in the clubhouse

oacuteƟAacute

经验

ͰɒΑάCcedilǁOumlинˡcentsxϞegraveϡijƐʑʁnьƆўɜOumlŘƙʑʁ=ʼϰħϴϾˆOumlǹƣ=ІΫBOumlˆŃoacuteɐťOuml˶Œ=sʨФѳʿźǔȕŽāʫsup1ƂȞ6ϾOumlжΡЏiumlƮФnaked Stables6

OgraveAumlƁŮɴƁOtildeOgraveͰɒĞdivideOuml˅ʮƻEgrave=ɴOuml˦ŎƝƁǭѯaacuteiacuteТɴOgraveɴOumlˆp6ˉɅ˶ēФϒΘϞZƋǙ=njФɊόOumlќŝтѓ6Іfrac14˶=ɴOuml˦ŎƝƁUɴΥ΅αȔѬ]=ĺɴAEligȅϞѕФƝOumlĭ6RѯɴBOumlϪȎ=ʺƝˆѾФѮiΘϸ6ćŮ=RѯɊĄέ=ФϒOumlˆDɠЌįȕżǀɴ˪ƂOumlτȞ6

їȳOumlЧ˽ЂϞuacuteĖ˭OumlƝЧ=ϞOumlǏΌfrac12ƊƂiacuteƮ˗ѓтȾ6ʛѯ˗THORNāǥIcircTHORN˗plusmnũ˕ȩOumlɕɖ6Фϕ˪Ɓŏѓaeligȓ˂ɴlOtildeĽƞcurrenɊƂȞ=ФϽ϶iexclРiacuteϞăтŮ=ȊϑϑOumlФpOumlaumlpara˛ļƝˆũʉϿŃoacuteɐť˶Œ6

ŜѲɒϚƮƁB˛thornѓΫ=ФжȕoacuteŚǽȎOuml˶Œ=ϩжȕϾƂiacuteTHORN5thornϽ϶iexcl=ƏήűiacuteŶ5ϪȎ6

˂ɴOumlїˉiquestІƝˆOumlʛɇϽȨǭ˽6ɴƮϾƉƁϞograveͰɒіΪϭˏ˗ѓOumlIcircTHORNȻѕ6Ђ˗ccedilOumlŏȕϾҋҀ5ƌ5ĿěUgraveƂiacute6ˢƩȡтŮ=ȅĦNjůicedilaringƿжϞтȾ6

ˍřɴκЪxФpȕͷ=϶iexclǬĎƆеǣȎiumlƮɴΘϸntildeɐOumlxĀκЪ6϶iexcliǬĎȕOumlɐ˸Ɲʍˑ5ϾƉ˔ȄϡƎľ˓ɛђiumlƮЀ˼ɰʸϞǗǕ6ǣȎȕŀϰΪʚOumlφčĘOumlґ6

11

In the evening join the visiting winemaker from South Africa for

a private tasting in our wine cellar followed by an outstanding

dinner featuring a myriad of organic and seasonal produce

sourced directly from the farm All dishes in the restaurant are

designed to be shared and enjoyed together

The warm summer months are filled with afternoon bbqs

evening musical performances in the openair theater and sun

dappled memories at the pool

Winter is crisp and perfectly peaceful as snow dusts the bamboo

forests Log fires crackle in the bar and winter cocktails warm

from within

Memories are created and moments are shared a naked Stables

Private Reserve

˛=ϞʜKċȅѳɫčOumlɳǙ˰=ФͰɒOumlǙѨȕʑɐǙ=ŻϾхƻȅѳɸOumlϾƉOumlΪΈ˸OumlĖ˭6ϞʜȅΘҗҖĺɴAEligȅOumlНH6

҈ϤOumlΆƕ=жȕɊͷŮ˞DZ=ȹǤOumlϝϪȎύordfϡƎ϶iexclȕϒŒLwOumlɐťſϥ6

жȕOumleumlƕʒǓΕũ=JμĢĩѯќŝ6ǙHȕ=ɦФƄѓˀ˞āordfʋɿ˩=ϞZeumlƕƋǙɭ˂ɴɻũηucirc6

ȅnaked StablesjуſϥΘɐť˶ŒH6

12

13

14

GREEN DESIGN amp CONSTRUCTION

LEED Green strategies

All about LEED

Developed by the US Green Building Council (USGBC) LEED

(Leadership in Environmental Energy Design) provides a concise

framework for measuring green building design construction

operations and maintenance LEED Platinum rating is the

USGBCrsquos highest rating with strict criteria encompassing energy

savings water efficiency CO2 emissions reduction improved

indoor environmental quality and stewardship of resources and

sensitivity to their impacts A LEED Platinum qualified building

should use at least 30 to 40 less water and electricity than a

normal building At naked some of the things that have been

done in aiming to achieve this award are

recycling

flushing and irrigation

water

waterless urinals

buildings

consumption

ɀ˔ˤƗІƭˤ

绿色建筑认证

关于LEED

ϻɐŘɀ˔ƭѡƁāʜ=LEEDɀ˔ƭѡˈпltȣɀ˔ƭѡˤƗ5ƿń5РѽϡƎŰŀƥƾOumlȀơ6LEEDɐŘɀ˔ƭѡƁ˄ƽɭ5ѱЕȚϸȿ5ƱUacuteĀϓŸʀČ5˫ɬźǔёȣ5ѱЕŎȓƎoslashʙϳΗOumlɚĭoacuteψķnѬOumlѻijưΙ6ϞmicroϴϾLEEDˈпOumlƭѡϰħaʔƭѡ˟˼ϸOumlaacute6Ф =ͰɒϚѼȥŬucircľѽȅлʷOtildeOgraveжĸưΙ

ƭѡƽˬȥ13OumlɭЕ˼ϸ

ƭѡƽˬȥOumlϸȣ

iquestͳccedilũɇȺƍȅOumlЅϸЂҔͲOumlνźȚϸ

ϾҔͲũđiuml^ſϸЂyenũŐĪ

LJA˗ňȱOuml˳THORNǖŸȥƂ

˼ϸUacuteȱȣOumlЌŊegraveѩяϡƎɶ˾umlɇɗyen

Οkiexcl

ϸЂЎ˅Oumlϒɭ˅ƞ˅ʠ

ϸЂƞ˅ũȐʼƭѡOumlƽɭЕкʢ`

pѩϾ˅ſѩяȅƱUacuteɭЕΞŦ

15

use Incentives given to reduce energy consumption

a factory 20 minutes away from site

window frames bricks and roof tiles

Council)

material

property

recharging stations

within a radius of 800km

CѩФϾp˛OumlɭȣƗϸȅƢethǸˆOumlɭЕ˼ϸʮ

ȁ6ŻɭЕΞŦOumlƦ˟ŀuumlOumlưȘ6

ϸ˼ϸќΧdzȝOumlŗȷƞ˅ŀɻ6ќΧdzȝȅѳǢȑͰɒ

ēєȺЗOumlϞƝľ

ϾOumlʥũacuteŲiumlijoacuteǨЖ

˼ϸɘŒŵOumlUacuteĝˢtȟ

˼ϸUacuteʀČOumlȦ

˼ϸſȚϸOumlǛɦёͳccedilơ5џѲ5џƈ5acuteȀ5ѦǼũ

ͳccedilʎ

Ś13OumlɦϻFSC˕ȩŎȓГƁltʹ

˼ϸǵУ˪OumlŸќѐTHORNO

pɬʺ˼ϸLEDtimesũΟίOumlϲŒtimes

oslashϾƭѡѻAringoacuteOumlljαѳʿŒũĘ

ѝTHORNъПηijyumlěljˏ=ijyumlěϻϒɭŀaacutesɭФ

ѤTHORNcurrenaacute

OumlƭѡȦiumlȅѳĈДŁȕɬOumlʵЉ

Ś13OumlƭѡđȦ^ſȚϸ

ϾoacuteƟAacuteOumlȃƇiuml^νźȚϸ

notĉũȃƇ^ϸѽĐȦ

oacuteƟAacuteɬϴϾϾƉųВ

іΪϭˏϙ˪iacuteIcircTHORNȻѕlt

WŰѳʿiacuteцʾ

16

17

THE DESIGN IDEA

Tree Top Villas

树顶别墅

To touch the sky at night and look down on the forest in the morning is what owners of the tree top villas will experience High

above the forest canopy 30 luxurious homes are perched in the tree tops Spacious wooden constructions with large sundecks spill

into the panoramic views of the mountains

macrɞҌҍOumlϝǹ=ϔѪȗOumlҐ=жǜϴϾccedilpOumlˆɒntildeΘOumlҕȞǒ˔6icircŤŴѢЭʗͽФ˕ȩŌт˛=pǡϞķ6аФǾOumlɦѐΟͳѓ=œOumlɢī˗ʺǒǍόYacute6

Each villa is built on stilts to minimize its physical footprint and maximize the views for its discerning owners The prefabricated villas

are made by innovative construction technology known as structural insulated panels (SIPs) With high insulation value and zero

construction waste these lofty eco dwellings are like no others offering you an energy efficient home that is beautiful and at one

with nature

ccedilpOumlƭѡaumlƵȵƿń=iquestyacuteƦ˟oslashБ˽˪źǔOumlϳΗ=sѻAringΏoacuteOumlЮϹɐOumlǒ˔6жΡЎѐOumlpϸѻΪǴƔOumlƿńWOѐШOuml6ccedilpOumlˤƗтѽ=ʹđȦͲˁssectѳʿ=ŀϞĸЁϾʑЁʩNjѳʿOuml˪ѢЭ6

The villas are intended for life Overlooking the mountains and forest below each home has a very large outside deck

complemented on the inside by an open plan kitchen with all the latest amenities dining room living area and opium den for

relaxation and entertainment Large sliding doors and full wall windows welcome natural light while sophisticated air conditioning

systems ensure your comfort Double layered glass keeps the view in perfect focus hushing all sounds to perfect stillness Wooden

floors soft lighting and high ceilings add a sense of warmth and space

ccedilpѥ˪Ƃyacuteƭ6Ġғ΅ɘOumlʾ˗ũ˕ȩ=ɏicircƭѡǩˤϾǾAringOumlϒ=ʆϡCcedilOumlмǭČ˾notĉ55˪ƂʵũČЄȎ6ǾAringOumlȄɑũмɘɅTHORNAringacuteǵɩѳʿˉŒ=˶ljOumlǹaelig΄ǵʽWɴOumloacute6tȟǵȯɴФѻƜƶoacuteΩ˚ɐǒOuml˶xƁOgraveĹѕ˩ϪOumlī˃=ntildedegЂϞʎǓтѓ6ʿOumlɦTHORNO5ˌũOumltimesŒũǹOumlųϣЫȥɻũǹƣĭ6

ˤƗȓɲ

18

Tree top villas

Roofs thatched

19

20

FLOOR PLANS

Treetop villa 2 bedroom villa ccedilpȢͱĉ

ʒɘ

Interior area 室内面积 13768sqm

Exterior area 室外面积 50sqm

Total usable area 实际使用面积 18768sqm

21

Level 1 一层

Interior area 室内面积 7088sqm

Exterior area 室外面积 102sqm

Level 2 二层

Interior area 室内面积 668sqm

Exterior area 室外面积 398sqm

22

Treetop villa 3 bedroom villa ccedilp˓ͱĉ

Interior area 室内面积 20214sqm

Exterior area 室外面积 664sqm

Total usable area 实际使用面积 26854sqm

23

Level 1 一层

Interior area 室内面积 10334sqm

Exterior area 室外面积 118sqm

Level 2 二层

Interior area 室内面积 988sqm

Exterior area 室外面积 546sqm

24

Treetop villa 4 bedroom villa ccedilpͱĉ

Interior area 室内面积 2667sqm

Exterior area 室外面积 863sqm

Total usable area 实际使用面积 353sqm

25

Level 1 一层

Interior area 室内面积 136sqm

Exterior area 室外面积 168sqm

Level 2 二层

Interior area 室内面积 1307sqm

Exterior area 室外面积 695sqm

26

FITTINGS amp FINISHES SCHEDULE

EXTERIOR AND INTERIOR FINISHES

External walls

Structure is built from steel and SIP (Structural Insulated Panels) External wall is cladded with painted fiber cement board

Internal walls

emulsion paint

Ceiling

Ceiling is finished with emulsion paint

Flooring

Bedroom is finished with heavy strand bamboo flooring

Balcony

Balcony floor is finished with Wood Plastic Composite decking (M wood) Railing and trellis made with Liu An wood Balustrade is fitted with metal and Liu An wood

Window

bedrooms are fitted with double glazed LowE glass and Roto hardware

Kitchen amp powder room

Floor is finished with natural tile Kitchen cabinets and sink are provided Kitchen counter top is fitted with natural stone

Bathroom

Wall and floor are finished with natural stone

Doors

Entrance door is made of solid core timber fitted with Saflok RFID locks Bedroom doors are fitted with hollow core timber fitted with Saflok RFID security locks

ƭѡȦƎˤ]ɛ

室内外材料

oacuteƟͳʥ

oacuteƟͳƿńˤƗĮƿńƎƿńWOSIPlt6ʥϸΉɮOũʘ6

ɬʥ

ǸćƎͱтɬʥǩϸĔƎˎƲʘ6

ų

ųɘˎƲʘ6

THORN

ǸćģūɦTHORNO6ͱіќTHORNO

ȹ

ȹϸɦOʓʟ6ʈȲҎɦѐШOuml6ȇĬϸDŽрƎȲҎɦĜ6

acuteŲ

Ǹć5ͱOumlacuteŲϸȽɦѐacuteȀʆ-3ѓǹtȟƎ-0-ͶDŽʆƪ6

notĉ

THORNϡƎɘϡʿTHORNѦʓʟ=notĉŀlaquoŖϡƎʇ6notĉɘʿ˵6

Ќ

Ќʥ˦ƎTHORNϡʿ˵ʓʟ6

ɑ

ˏǺAringɑϸ˹Ψɦɑʆ˛-)ljordfɑNJ΄6ͱɑϸǹΨɦɑʆ˛SaflokljordfɑNJ΄6

27

MECHANICAL AND ELECTRICAL INSTALLATIONS

Heating and Cooling

AIRWELL centralized water source heat pump is provided Fresh air intake with heat recovery system is installed

Electrical provisions

are provided

Electricity

Concealed conduits are provided Threephase electricity supply with miniature circuit breaker distribution board is provided

TV telephone and internet connection

Satellite TV with all major international channels

is provided in all the villas Telephone outlets and wireless internet connection is provided

Hot water supply

Huang Ming solar hot water heater and Rinnai gas water heaters are installed for the villa

Water supply and pipes

Concealed copper pipes are used for both hot water and PPR pipes are used for cold water

The resort will be patrolled 24 hours a day CCTV system is in operation throughout the resort 24 hours a day All the villa front doors and bedroom doors are fitted with Saflok RFID security lock system

APPLIANCES TO BE PROVIDED OR INSTALLED IN EACH DOMESTIC

UNIT

机电设施配套

ŀɻũѐȐ

ɽyumlƍѓ˾Е˅`΄6ΪĘ˅ſ΄6

Ɲaacute

ʆEΐNtildeŎOumlǭŋϡƎѿ6

aacuteȞŀϰ

ѩϾϮ˾ΐȺ=ʆϾίoumlȺʠ=ʆaacuteΓOuml˓ΑaacuteЕŀϰ6

aacuteƎςˤ]

έaacute=ʹΐaacuteŹũʹΐȺ6

˅ˤ]

žɛϒɭ˅ʠƎȩɬɌʡ˅ʠ

Ŏ

˅ŀϰŎǩϸϮc˾ĮŎ=ȐŀϰŎŎ6

WCˤ]

oacuteƟAacuteˤϾϾΟ˶ѽOumlgȺaacute΄ϡƎΟ˶OumlπɄ6ˏǺAringɑƎͱϸSaflokljordfɑNJ΄

标准住宅单位附送以下设备

Stove BAUMATICExaust fan BAUMATICOven BAUMATICMicrowave BAUMATICFridge BAUMATICBARMini fridge (2 3 bedroom) BAIXUEWine fridge (4 bedroom) BAUMATICBEDROOMMini fridge BAIXUEBath KOHLERTERRACEBarbeque grill

TelevisionDVDBATHROOMShower KOHLERBasin KOHLER

notĉ aacuteraquoȷ ʄɇUcircǷnotĉϼχƉ ʄɇUcircǷnotĉaacuteDZΓ ʄɇUcircǷuȷ ʄɇUcircǷɬяrΓ ʄɇUcircǷHΟrΓ=ĉlt JμǙŖĉlt ʄɇUcircǷͱΟrΓ JμЌį Ǵȍȹ˞DZΓҒĉaacute ɯDVD ɯЌȪЌʠ Ǵȍʇ Ǵȍ

28

NOTE

1 The Developer reserves the right to substitute other materials

or appliances of comparable quality and standard for the

intended items as listed in above fittings and finished schedule

2 The fittings and finished as listed above shall be subject to

the terms of formal Agreement for Sale and Purchase Those

provisions may have slight variation in the color measurement

3 The Developer reserves the right to make modifications and

changes to the building design fittings and finishes without

prior notice

4 Fittings and finishes of the Special Units may be different

from those of the Typical Units

备注

āЮ˙WȰϞʧʹȞ=Dв˹ƙʮȁεϘϡUgraveётƭѡȦϡƎˤ]Ccedil˛ȧĹΙ6

˛ȧĹΙȦϡƎˤ]ǩϡн˾ɈɉūКOumlǿщegraveѬ6ĹΙƭѡȦƎˤ]ǵɭƁФϋ˔=ȣoacutepoundAcirc5ȓ5ѺуƎƆľ˛ordfʬp6

āЮ˙WȰϞʧʹȞδeacuteϡƎĽĨϛOumlˤƗ5ƭѡȦϡƎˤ]ʹεȮαс6

˔EumlЏOumlēƭѡȦϡƎˤ]І˛oȧĹΙǵɭϾx6

29

PURCHASE OPTIONS

Buying a Tree-top Villa at naked Stables Private Reserve involves signing a Sale and Purchase Agreement with the development

company and a Lease and Management Agreement and Deed of Conditions with the Hotel Management Company The Management

Agreement requires the purchaser to lease the property back to the Hotel Management Company to manage on the ownerrsquos behalf

There are two different plans which are available for buyers

在 naked Stables 购买一套拥有不动产权的树顶别墅包括与发展公司签署一份买卖协议以及与酒店管理公司签署一份租赁管理协

议和条件契约管理协议要求购买者以业主的名义向管理公司出租其别墅以供其管理买家有两种方案可供选择

ŅɈκΙ

30

OPTION 1 - FLEXIBILITY

1Owner Usage Rights

Zero usage restrictions

Early reservations are required to secure Villarsquos especially during prime and peak seasons If a Villa Owner does not provide the

required advance notice for a reservation the resort may be required to offer the owner a different unit or in the worst case no

availability at all

1 业主使用权限

ȫ˼ϸΏѐ

ϘʴʣЎegraveˏѢp=ϺʙФƐƕ6ˍřpϛѝɍϾŀϘʴOumlϸЂЎegraveOumlЎс=oacuteƟAacuteƮʙŀȮϞdegѢdeg=ƆеѻЦĴOumlʮȁɍϾǹĉ6

2 Rental Revenue

2 租金收入

a Rental revenue

Whilst not in residence the owner will be eligible to earn a pro rata 36 of the room revenue generated by the Reserve during their

absence Ie Everyday the revenue generated by the entire resort is divided amongst the owners not in residence on that day When

an owner is in residence he forfeits his opportunity to earn revenue

ѸDŽˏ

ϛѝxǝѢʖƣ=ƮOtildeOgraveoacuteƟAacuteordfѸʙĉͳOtildeϧOuml6ɏoacuteƟAacuteordfѸɨΡxǝѢФfrac14OumlϛѝOumlĉͳOtildeOumlϧƮ^ʒǩēʆĺжΡϛѝ6IcircϛѝǝѢФʙpȕ˶=Ʈ˱ʸƅOtildeϧOumlƉƁ6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

选项1-灵活性

31

c Cashing out your returns

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

gtƮɴOumlſYŚDŽĈ˾ʷordf

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſYϧ6ˍřϛѝκЪxʷordfOumlϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3 有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecom services

included in the Services Fee to the owner whilst in residence The services fee is 300rmb per room per night This fee is charged on

all rooms regardless of which are in use

4 服务费用

IcircϛѝФoacuteƟAacuteǝѢ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸѓ6ɏĸĉƣɏOumlĞĒϸЏˆəe6жĸĒϸΛϾĉƣʷOuml=xɃfrac14ĉƣĚФ˼ϸ6

5Maintenance

4 of hotel room revenue will be reserved for ongoing building maintenance This will be deducted from the ownerrsquos share of total

room revenue

5 维护

ǙacircǸĉˏOumlƮ^ȰѽŮθƭѡδтĒϸ6ħēDŽuumlƮiquestϾˆǵēOtildeOumlǙacircǸĉˏĕuumlѓǻshy6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGEEarnings Per Room (36 of gross room revenue) 124173 170827 221315 253507 263647 2066942 Bedroom 收益 ndash 双人间 248346 341653 442631 507013 527294 4133873 Bedroom 收益 ndash 三人间 372519 512480 663946 760520 790941 6200814 Bedroom 收益 ndash 四人间 496692 683306 885261 1014027 1054588 826775

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 41 57 74 85 88 69

3 Bedroom 收益 ndash 三人间 9000000 41 57 74 85 88 69

4 Bedroom 收益 ndash 四人间 12000000 41 57 74 85 88 69

Hotel revenues and owner rental yield - Option 1 Flexibility

32

OPTION 2- STABILITY

1Usage Rights

1 使用权限

选项2-稳定性

Total Permitted Usage Prime Peak SeasonPermitted Usage

Peak SeasonPermitted Usage

Out-of-SeasonPermitted Usage Blackout

40 days per yearNo occupancypermitted

Up to 20 days per year but no more than 7consecutive daysfor any one stay

Up to 20 days per year but no more than 7consecutive days for any one stay

No occupancypermitted

允许使用总数主要的旺季允许使用

旺季允许使用

淡季允许使用

无折扣期

每年40天 不允许占用 每年20天但是每人

不能连续居住7天每年20天但是每人 不能连续居住7天

不允许占用

Prime Peak Season To be published by naked Retreats in according to government notification every year Prime Peak Season

Middle Autumn Festival (Sept) excluding Blackout dates

Ɛƕɏɱϻnaked RetreatsĻǟоġĵāordfс6ƐƕVȂѓŘsup1ƽϞМĀМlt5ȋiacuteƽͶМlt5Řʱƽ˴Мlt5ʭɛƽМlt5ѓʲƽǘМlt=xVȂʹгǻʖ6

ƕiquest˓МOgrave˴ϞМʖƣOuml10ĸїɡϡƎ10ĸľѽˉїʖ=xVȂƐƕũʹгǻʖ6

OutofSeason 20 days during December to February excluding Prime Peak Season and Blackout dates

Iacuteƕiquest˴ĀМOgraveĀМʖƣOuml=xVȂƐƕũʹгǻʖ6

Blackout Dates Peak demand dates such as holidays sporting events groups and citywide conventions Local cultural events

all as specified by the Hotel from time to time

ʹгǻʖεʴijėʖVȂƟʖ5Ћ˒5ũʺβOumlƁϨ6IcircTHORNɾyumlOumlŸƂiacuteiumlƮDвǙacircOumlɛljα6

2 Rental Revenue

2 租金收入

a Rental revenue

Regardless of your usage of your property your rental return will be fixed at 5 for the first 5 years of operation After this period

you will automatically migrate to the Flexibility plan

ѸDŽˏ

xɃɰOumlĉ˼ϸoacuteˍŪ=ͶɱOumlѸDŽϧiumlŊegraveOuml136ФжтŮ=ɴƮѳiacuteѧˏȬƂβĈF6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

33

c Cashing out your returns

gtƮɴOumlſYϡDŽĈ˾ʷordf

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſY6ˍřϛѝκЪxʷordfʙϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecoms services

rental option

4服务费用

IcircϛѝǝѢФoacuteƟAacuteȕ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸȕ6жϞȏOumlĞĒϸxVȂegraveβordfѸʆ6

5 Maintenance

Of the 5 guaranteed return generated form your property during the period you are not in residence the management company

will retain 4 of this return for maintaining your Villa The maintenance fund will be pooled and used for all Villarsquos in the resort

5维护

ɴxǝѢʖƣiquestɴOumlĉѓƮ˪Ouml13OumlſY=ŎȓŁƮWȰжbſYѓOumlϸѽɴpOumlŰ6ŰƈDŽƮ^ūsʜȅsϸЂϾoacuteƟAacutepOumlŰ6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Hotel projections

Rooms Available 可用房间 not relevant 非主要Estimated occupancy 预计使用率 not relevant 非主要Estimated average daily room rate 预计每日平均房价 not relevant 非主要Growth in room rate 房价增长率 not relevant 非主要Annual room sales 年房间销售额 not relevant 非主要RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE2 Bedroom 收益 ndash 双人间 50 50 50 50 50 503 Bedroom 收益 ndash 三人间 50 50 50 50 50 504 Bedroom 收益 ndash 四人间 50 50 50 50 50 50

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 300000 300000 300000 300000 300000 300000

3 Bedroom 收益 ndash 三人间 9000000 450000 450000 450000 450000 450000 450000

4 Bedroom 收益 ndash 四人间 12000000 600000 600000 600000 600000 600000 600000

Hotel revenues and owner rental yield - Option 1 Flexibility

34

Option 1 - FLEXIBILITY Option 2 ndash STABILITY

investment returns for your Villa are influenced by the

success of the resort and the number of days you use

your Villa

Stable implies both your returns and your annual

usage rights to your property are fixed Regardless of

how well the resort operates your returns will remain

the same Equally you will only have a fixed number

of days allowed in residence

Usage Have unlimited usage rights to their Villa 40 days usage per year

Rental ReturnEarn 36 of the pooled returns from the entire resort

whilst not in residence

5 guaranteed return on their investment regardless

of resort performance

Resort Discount20 discount on all resort amenities and activities

(including SPA and Restaurants)

20 discount on all resort amenities and activities

(including SPA and Restaurants)

Services FeePay a Services Fee of 300rmb per room per night

whilst in residence

Maintenance4 of all room revenue is retained for maintaining

the owners Villa

4 of all room revenue is retained for maintaining

the owners Villa

选项1 ndash 灵活性 选项 2 ndash 稳定性

ȬƂβϸЂ˼ϸІſY6ɰOumlpѱſYʷǧЂoacuteƟAacuteOumlĿǑϱũɰoslashpOuml˼ϸoacute

ŊegraveβϤѯɰOumlſYũɏɱoslashЂɰOumlĉOuml˼ϸʹΏiumlŊegraveOuml6xɃoacuteƟAacuteOumlǑϱѫȁϾucircť=ɰOumlſYiumlŊegraveOuml6ϖTHORN=ɰъϾŊegraveOumlПηǝѢOuml6

使用 ʹΏѐOumlp˼ϸʹΏ ɏɱOuml˼ϸʹΏ

租金收入 ФxǝѢʖƣ=ƅOtildeмĸoacuteƟAacuteūsſYOuml xɃoacuteƟAacuteǑϱѫȁˍŪ=Wп13OumlſYϸЂѱ

度假村折扣 ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt

服务费用 ǝѢʖƣ=ɏĉƣɏЏˆəeOumlĞĒϸ čѝϘ

维护 ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ

OPTION COMPARISON

选项对比

35

36

INDUSTRY RETURNS AND BENCHMARKS

INDUSTRY REPORT

行业报告

Tourism and urban resorts is one of the fastest growing industries in China According to industry consultant HVS cities such

as Shanghai Beijing Shenzhen Guangzhou Hangzhou and Tianjin all have a population where a critical mass of highly affluent

individuals and successful companies exist generating demand for suburban resorts

ФѓŘ=ȾϽϛũoacuteƟAacuteσɓāЮOumlαϛтϞ6ĻǟʺʳǙacircĞϛltOumlϞΙYĵ˿=ФѓŘOumlѝϘˍ˛ŝ5[ǎ5˧5œј5ţјũdžǩēyѯAringȣOumlĥЍˆʾũĿOumlʝϛ=ϻfrac14ϚƊāȥoslashƴʵoacuteƟAacuteOumlƌAringεʴ6

Amongst other things the exponential growth in private vehicles has seen a huge increase in demand in the leisure market With

the completion of the shenjiahu highway in 2010 the travel time from downtown Shanghai to Deqing is now 2 hours Also with

stop at Deqing) scheduled to open in late 2011 travel time from downtown Shanghai to Moganshan will take between 15 to 2

hours When comparing travel times to get to other resort destinations in China ndash eg Hainan or Lijiang flight times might be within

2 or 3 hours total travel time including travel to airports and check in make the whole trip 6 to 7 hours plus additional travel cost

Within the 2 hour travel radius of Shanghai the quality of resort destinations is also (in our opinion) not at an international standard

with most hotels simply being lsquocity hotels in the countryrsquo rather than true resort properties operating at international standards

shyfrac14т=ѯĸˆγΊOumlāЮ=ĸˆƸϴϾȿϚσʂ˫6ѳɱ˥ƛůijϡŮ=iquest˛ŝOgraveOcircʭϚLjεϘĸΟ˶Ouml6ΪƭOumlijǵϡФ13ēєɬiquest˛ŝUumlAumlţј6ƏƮФɱYacuteǫľOumliquestţјOgraveɫǎOumlijѓϾϞаDzOcircʭlt=ъεϞĸSΟ˶OgraveȢĸΟ˶ǜǵϡiquest˛ŝѓΫOgraveAumlɢī˗6ˍřІѓŘOumloacuteƟˮTHORNŝɫ5ȒƯUgraveaƹ=shyȥϘųĒэĸΟ˶Oumlďα˶ƣ=ŻϘФVȂʣƉ=CʺƤũUgraveEgraveOslashƉ˛ų˛эĸΟ˶=ĽxϸɨΡuumlOumlαųΝȥ6Ѷō˛ŝїiΟ˶ɬOumlγΊoacuteƟʸdeg=э˟ͰɒˈltІŘƙŸnѬŻϾѯɛOumlǢ6AringēOumloacuteƟǙacircϚũѓOumlɨΡǙacircɍϾ_ёOumlʵp=ЗЗAumlxOgraveинŘƙϤϦ˛oacuteƟίĉΙɧOumlϘʴ6

ϛѝЎʖſYІaƹ

37

OUR NICHE

我们的利基

naked sees a need in the market for world class expertly designed and operated resorts which are within 1 to 2 hour travel time

of major cities in China As with other urban resorts we believe that the Leisure market and the MICE (Meetings Incentives

Conferences Events) market will be a huge driver for our business In addition we feel that we are already at the forefront of

the growing focus and concern on environmental design building and operations as well as the growing interest in nature and

environmental education At naked we also place a high emphasis on facilities and services for the entire extended family ndash from

children to parents to grandparents that other resorts do not place dedicated resources for

nakedЎƧOgraveȥФѓŘжϞεʴƏǢȑѝϘϞэȢĸΟ˶Ouml=˶ЁhζǁϞȱOumlѥϛˤƗũŎȓOumloacuteƟΙɧ6ͰɒΑάγΊũƁƁϨ5ưȘȾϽ5AringίʝϛƁϨ5ƂiacuteЮȉltOumloslashͰɒϛOumlіAringʤȞ6frac14=ͰɒФŋѣũiacuteźWίˤƗ5ƭШ5ŎȓũźWȓɲœ˛ϠǑѷФȥαϛȭя=ФnakedІαϛеxͰɒϚіoslashЂˣʵѓOumlŜѲ5Ɲ5ȌеOumlĞũˏ6

As such we feel very confident in the rates and occupancies that we will achieve Regarding room prices when benchmarking

against some of the other leading hotel brands in the resort market such as Aman Fayun Hangzhou Banyan Tree Hangzhou Fuchun

Resort Hangzhou Mandarin Oriental Hainan and Commune by the Great Wall average rates in March 2011 for single bedrooms in

this set are ~ RMB2800

ϩfrac14=ͰɒoslashЂˏѢĉƠϡƎˏѢȿcurrenɊάΫ6ФˏѢĉƠĈɘ=ІʙФoacuteƟAacute˛OumlсɜǙacircʑʁaƹ=ˍCҊĂО5ţјНҏѨ5ĥsup1˗ǝ5˓φŴecircĈǙacircũƵ΅OumlŁˣ=Фɱ˓МOumlEumlˆƣʒǩƠķ=6

Regarding occupancies we are confident to achieve occupancies of around 60 after about 4 years of operation but forecast

conservatively that our occupancies will start from around 35 in the 1st year of operation and grow steadily to 45 in year 2

55 in year 3 and 60 after the hotel is lsquomaturersquo from year 4 onwards

ФˏѢȿĈɘ=ͰɒŬϾάΫǑŚɱOumlǑϱ=ͰɒǵϡAumlOgraveOumlˏѢȿ6WŇƗ=ͰɒOumlˏѢȿƮƁϻszligϞɱOuml13=egraveЫOgravefrac34ɱOuml13ũszlig˓ɱOuml1313=szligɱϡŮƮƁЫOgrave6

Given the above estimates we believe that owners can expect attractive investment terms as illustrated in the table below

Ļǟϡ˛OumlŇƗ=ЎƗϛѝɭņOtildeOgraveOumlѱſYƮƁˍ΅o˿

CҊĂО

НҏѨ

ĥsup1˗ǝ

˓φŴecircĈǙacirc

Ƶ΅OumlŁˣ

RMB4270

RMB3500

RMB2000

RMB2150

RMB2388

Aman Fayun Hangzhou

Banyan Tree Hangzhou

Fuchun Resort Hangzhou

Mandarin Oriental Hainan

Commune by the Great Wall Beijing

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966

38

39

ͰɒOumldivideTHE TEAM

40

Grant Horsfield ndash Chairman naked Group

Grant a native of South Africa is Founder and Chairman of the

naked Group

Before coming to China in 2005 Grant worked in England

and South Africa with more than 10 years business ownership

experience With background in IT he launched eBites

Limited in 2000 Operating nationally eBites was both a

publishing company and a callcentre facilitations company with

headquarters based in Cape Town In 2004 Grant received

an MBA from University of Cape Town Graduate School of

Business Upon graduation he decided to come to China as he

saw China is where business opportunities lie

After spending two years in Shanghai he found himself

overwhelmed by the metropolis and missed the natural beauty

of his home From this desire and need sprouted the concept

for naked Retreats which was launched in 2007 Grantrsquos vision is

to create sanctuaries that are in harmony with the environment

where people can appreciate the simple way of nature and

embrace the naked lifestyle Grantrsquos tireless efforts in promoting

ecotourism in the rural areas not only created jobs but also

pride for the local community He received an environmental

award from the Huzhou Government in 2008

高天成 - naked集团总裁

ij=ɫčIcircTHORNˆ=nakedƍOumlmiddot˽ˆũѵ|6

Ф13ɱȅOgraveѓŘтʣ=ij˪ЬФϯŘƎɫčľѽ=ϾŚɱOuml˙ϛǑϱƎРѽǑϏ6ФʙITǒOumlUѠ΅=ɱij˪ƭȜȥeBitesϾΏŁ=eBitesŁƮϱΝІaacuteŹĞѓΫLJɖƿū=ʙѵˤФǭʔugrave6ɱ=ijƅOtildeȥǭʔugraveAringλ˙λЙOumlMBAλ6dϛŮ=ǧegraveȅѓŘ=ϩǯOgraveȥжȕOuml˙Ɖ6

Ф˛ŝEgraveȥȢɱтŮ=āѳƓxȥ˪Ƃ=sʨAtilde˱ȥѳʿɐǒ6ФжѕИІεʴOumlʶ˼΅=ƭȜnaked Retreats

OumlΖĂФɱOtildeOgraveȥ˹˲6ijOumlΖĂƭШϞĸ˯THORNІѳʿũΣŃdeg=ˆɒǵϡΘѳʿ=ΘnakedOuml˪ƂĈ˾6ij˫ΔAacuteTHORNʵ˪ȾϽѽordfOumlxΦɹȞ=xLjmiddotШȥľѽıŻOtildeOgraveȥIcircTHORNˣʵOumlХϐ6ij˪ƅOtildeȥɱůјоġNāOumlźWAring˼ư6

41

Delphine Yip-Horsfield ndash Partner Ben Wood Studio Shanghai

received her Master of Architecture degree from Harvard

Boston prior to moving to Shanghai to oversee the award

winning Xintiandi project on behalf of Wood and Zapata In

the fall of 2005 Delphine became partner at Ben Wood Studio

Shanghai

Drawing from her own experience of diverse cultures Delphine

has led a multitude of high profile projects such as Hangzhou

Xihutiandi Zhujiajiao Oriental Garden Shanghai Waitanyuan

Beijing Palace 77 Shanghai Hongqiao Commercial Core Lijiang

Lashihai Resort Masterplan etc

In 2006 she was selected Wallpaper magazinersquos first annual 40

under 40 designer of the year

Delphine is the chief master planner and architect for naked

Home Village and naked Stables Private Reserve She also

oversees the visuals and styling of the naked Brand

叶凯欣 - 上海Ben Wood设计室合伙人

ϜǮΩɺ=Ben Wood ˤƗľѽOumlѵƢ=śęAringλƭѡλ6ȅ˛ŝтʣ=ФΒIJ5ɷКũuuacuteľѽ6ȅ˛ŝŮ=CcediloWoodũZapataĤЩΪTHORNΙɧOumlƢethľѽ613ɱʲƕ=ϜǮΩɺBen Wood ˤƗľѽūƃˆ6

ϾѯxŸϽșǑϏOumlϜǮΩɺ=EacuteˇȥηucircijocircΙɧOumlƢeth=VȂţјͻůTHORN5њƝƶecircĈųВ5˛ŝЕ5[ǎłatilde5˛ŝŭʦ˙ϛѓΫ5ȗƯȄŝoacuteƟAacuteѵŔŷˤƗUgrave6

ɱ=ˏκȥWallpaperСьǃɱoacuteϡ΅OumlˤƗ˰6

ϜǮΩnakedƝВAacuteũnaked RetreatsOumlѵˤƗеũƭѡ˰6˶ϚĤЩƢethnaked˙nOumlFũĘķˤƗ6

42

Kang Yang Lim ndash Group Chief Operating Officer naked Group

Group with over 13 years corporate finance and real estate

development experience Previously he was Director of the

real estate division of APP China taking responsibility for the

initial positioning and development of the USD15 billion lsquoWhite

Magnolia Plazarsquo mixed use development project (including

the development of Shanghairsquos first W Hotel) He also led the

concept and development of APPrsquos branded residence and resort

project in Sheshan Shanghai

Finance division of PricewaterhouseCoopers in Melbourne

Australia where he specialized in business value and strategy

worked in inhouse strategy roles for CocaCola GB in London

and to British venture capital firm of the year (2004) ISIS Equity

Partners before coming to China in 2005

Accountants Australia in 2002 and is also an affiliate of the

of Commerce and Diploma in Modern Languages from the

University of Melbourne Australia

林纲洋- naked 集团首席营运官

ƞˏnakedƍOumlȩ˪ϴϾŚɱOumlʝϛ~ƎTHORNǭāǑϏ6Фfrac14тʣ=ѽѓŘDŽŒOumlTHORNǭāOumlѵƢ=ĤЩƠч13ϢЏOumlucircϸ8JЈȈœ9ǭāΙɧOumlcopy˽κшũǭāVȂ˛ŝszligϞƝ ǙacircOumlǭālt6˶ϚщNtildeȥDŽŒƍФ˛ŝҁ˗ʑʁѢЭũoacuteƟAacuteΙɧOumlȓɲũǭā6

ФDŽŒƍˇфтʣ=ȩİϑGAringȚφɣyuml_ʔŴϷOacuteƁƗ˰OumlǑȓ=ѥѣЂ˙ϛƠчũЯɁѰξ6ȩ˪Ф13ɱȅOgraveѓŘтʣэȑǭʔŴϷOacuteŮOumlϞotilde˶ƣɬ=ѽǵǺǵȎɂugraveŁɬOumlЯɁēͺ˰=ϡƎISISOumlʼnʏūѽƃRФϯŘɂugraveOumlϯŘĘΌѱŁˇф6

ȩ˪ФɱƅOtildeȥGAringȚφηƁƗ˰ƁũGAringȚφпʻωǗOumlƁГѱķ6˶ϚƅOtildeȥGAringȚφɣyuml_AringλOuml˙ϛλλϡƎCcedilЇϊλп6

43

Gabriela Lo ndash Managing Director naked Retreats

With over 15 years experience in high end events and PR

management Gabriela has been instrumental in bringing naked

to where it is today As one of the original members of the

naked Team Gabriela has led the growth of naked Retreats

to become one of the most famous eco retreat destinations in

China attracting guests and publicity from around the world

Originally from Macao Gabriela has rich multi cultural and

multinational living and working experience having worked and

studied for many years in Greater China England and Italy

卢家宝 - naked 度假村常务董事

ϴϾŚ13ɱOumlijocircƂiacuteũŁŃŋ΄ŎȓǑϏ=nakedDžOumlǜІȶƝXēxǭ6ѽħdivideOumlmiddot˽ГтϞ=ȶƝXϠǑAEligȭnakedѓŘѻϾɜOuml˪ȾϽɧOumlTHORNтϞ=ͼϭȥȅѳǁĹTHORNOumlǸˆ6ȶƝXȅѳGɑ=ϴϾĖĥOumlucircЏŸũucircŘǝѢũľѽǑϏ=ЬФAringѓŴTHORNʵ=ϯŘũϤAringȚϾѯucircɱωǗǑș6

Judy Zhu ndash General Manager naked Group

Zhu is the General Manager for naked Group ensuring smooth

operations of the group with a particular focus on government

朱燕 - naked 集团总经理

њώ=iquestnaked Retreatsmiddot˽ǭ˽ǜũij˪ūѽ6њώѽƍѵǑȓ=ĤЩIcircTHORNũŋ΄ʽWƍРѽ6Фƞˏnakedтʣ=њώФ˛ŝũ[ǎiquestŚηucircІ˙ϛϾŋOumlфϛ6ФΪͻȈƅOtilde˙ϛλ6

44

Kurt Berman ndash General Manager naked Stables Private Reserve

With over 16 years experience in FampB and high end luxury

resort management Kurt brings a wealth of experience and

will lead the preopening and operations of our new resort ndash

naked Stables Private Reserve Prior to joining naked Kurt was

the preopening General Manager at Six Senses Laamu and

Resident Manager for Six Senses Soneva Gili by Six Senses Kurt

has also worked at other prestigious resorts including Fregate

his career in hospitality in FampB and was a trained Chef with

experience working in many prestigious institutions including

The Dorchester Hotel in London Kurt is from South Africa and

has a masters certificate in hospitality management from Cornell

University

Kurt Berman - naked私人度假村总经理

ϾѯŚɱϬƎijIumlŤŴoacuteƟAacuteOumlŎȓǑϏ=ƮϡĖĥOumlǑϏȭNtildeͰɒΪoacuteƟAacute77)$ 0OumlϱϛũРϱ6Фƞˏ)$ тʣ=10ЬEacuteˇŚ8szligȳĭǦ9+1ϱϛѵǑȓũ8szligȳĭǦ9-2 ((OumlѤacircǑȓ610ŻЬˇфЂamp0ˆŝETHũ1+4UgraveʙўɜoacuteƟˮTHORN610OumlϛʜzЂϬαϛ=ϚϡϞĸФŬucircўɜƉńVȂ-0-0 -$-ltľѽŚOumlρȡϾOumlnot˰610ȅѳɫč=sϴϾǰɪyumlAringλЃOumlǙacircŎȓλ6

Richard Johnston ndash General Manager naked Home Village

Hailing from the United Kingdom but with most of his working

life in resorts throughout Africa Richard brings with him over

20 years experience in General Management and Director level

roles in world class resorts including Azura Retreats Cape Grace

hotel and the Saxon Hotel Richard plays a key role in the set

up of systems training and operating standards His years

of experience and mentoring leadership style make Richard a

natural inspiration for our young hotel management team

Richard Johnston - naked 家园村总经理

RichardȅѳϯŘ=IgraveAringucircOumloacuteƟAacuteľѽiumlФмĸčљ=ϴϾŚɱOumlѴūŎȓũǁƐoacuteƟAacuteVȂAzura

Retreats Cape Grace hotel and the Saxon HotelltijʒŎȓǑϏ6RichardФƭȜ΄5ʅρũРαnѬĈɘʜѯŋƨѽϸ6ĖĥOumlǑϏũȭNtildeĘķ˼OtildeoslashͰɒɱʬOumlǙacircŎȓdivideϾѯѳʿOumlƊȘ6

45

Teun Hanegraaf ndash Sales Director naked Retreats

Teun obtained a Bachelors in Business Studies and Masters

in Strategic Management with a focus on Chinese Business

Culture Teun increased our corporate sales business by 350

in his first year with us bringing international companies

ranging from international conglomerates Unilever and Coca

Cola to more local institutions such as The Shanghai American

School and leading Chinese companies such as Bank of China

韩天宁销售总监

ȅѳŧȈɥEcirc=şɵϴϾ˙ϛλλλ5ЯɁŎȓѥѣЂѓŘ˙ϛŸlt6ȅƍOumlszligϞɱşɵƮŁOumlΝϛijȥ13=sŁAEligȅȥx˟ŘƙβOumlAringŁǸŲ=жʙѓϾŘƙAringʝϛȠūȚŴũǵǺǵȎ=ϚϾ˛ŝɐŘλΠUgraveIcircTHORNƉńũѓŘϫαUgraveѓŘȴʝϛ6

Oliver Yuen ndash nature Reserve amp Recreation Manager

naked Stables Private will be the first private reserve in China

with a wealth of new flora and fauna introduced to the project

from Sydney University Australia and as a fully qualified Ranger

working in many of the worldrsquos best wildlife parks Oliver takes a

special role in ensuring the environment of naked Retreats and

naked Stables Private Reserve will be full of life and a natural

self supporting eco system Oliverrsquos passion for both people and

nature make him the perfect person to teach our guests about

what we do and make their stay not only a relaxing one but

also a fun fulfilling educational one as well Oliver previously

worked in wildlife parks and resorts such as Azura Retreats in

Mozambique Mobala Private Game Reserve in South Africa and

Sydney Aquarium in Australia

袁鹏威 - 活动经理和度假村 生物学家

naked StablesƮѓŘszligϞĸϭljΪOumlцʾũiacuteʾOumlˆoacuteƟʵ6OliverѽϞɜGAringȚφͿɯAringλūķOuml˪λƝiacuteλƝ=ϡƎФǁĹTHORNOumlϙ˪iacuteВľѽOumlľѽе=Ф˼naked Retreats ũnaked StablesϾѯĖĥ˪ѱЕ5ʿѳĺOuml˪΄Oumlźǔľѽ˛QύѯіϘƶ˔6АʊoslashˆȏũѳʿOumlƊʮ˼ѻūOumlˆȅĵͰɒOumlǸˆͰɒѼOuml˷ɋ=sʨ˂ɒФжȕOuml˶ŒxLjLjČ=˶Ϛ˂ɒOumlǝѢǑșlOtildeϾǭΫcurren˹ũϾƷЋϤϦ6АʊтʣФɫčũGAringȚφͿɯѹŏiquestϙ˪iacuteВũWŰʵOumlľѽVȂMozambique OumlAzura Retreats Mobala Private Game Reservelt6

46

Philip C Davis Company Director naked Retreats

Phil joined the Board of Directors for naked Retreats hotel

management company in 2011 His previous board experience

includes Tian Rui Hotel Corporation holder of the master license

for Super 8 economy hotels in China and Hong Kong from 2006

to 2008 He also was a founding shareholder of Tian Rui and

served as its President and Managing Director from 2006 to

2008 He was a board member of Tian Xian Cheng a bai jiu

concern which is a joint venture between Pernod Ricard and a

2010

Phil was previously Chairman of the Budweiser (Wuhan)

International Brewing Company and Managing Director of the

AnheuserBusch business in China and Hong Kong from the

beginning of 1996 through 2002 From 2003 to 2005 he

headed the AnheuserBusch liaison office with Tsingtao Brewing

Company

Phil holds a PhD in history from Washington University and

started his career as a market researcher at a major advertising

agency in the US before moving to AnheuserBusch and

heading its consumer planning and new product development

functions in the 1980s

Philip CDavis naked 度假村公司董事长

PhilЂɱƞˏȥnakedoacuteƟʵǙacircŎȓŁOumligraveƁ6ϡĖĥOumlǑϏVȂФːǙacircƍˇф5ϡƎЂɱэɱФѓŘũѓŘΒIJEacuteˇSuper ǑƖǙacirc ʼnˆ6˶=ϚːǙacircƍOumlmiddot˽ʼnecirc=ФɱэɱʖƣEacuteˇƍOumlѵ|ũigrave6ɱэɱʖƣ=ϞƝІWȎȞƞũJǙ˪ȴʝϛƬɫūѱOumlʝϛ77ΐOumligraveƁГ6

iquestɱэɱ=Phil͵šBudweiserŘƙɳǙŁOumligraveƎѓŘũѓŘΒIJCŝyŁOumligrave6iquestɱэ13ɱ=CŝyũʫETHʌǙŁOumlȠɆdegOumlĤЩˆ6PhilϴϾŴ˭uacuteAringλOumlș˻дλvλ=ФǁɱCcedilȅOgraveCŝy5ĤЩΞĒŔŷũΪʑǭāĿɭтʣ=OumlϛʜzЂɐŘOumlϞƝœĵCcedilȓŁ=Eacuteˇaeligω6

47

OUR INTERNATIONAL TEAM

International team

Chief master planners amp architects

the urban landscape of modern China with Xintiandi in

Shanghai a commercial cultural and entertainment district

Since then the studio has worked on projects in very diverse

categories both small and large scale projects include mixed

use projects like the ldquoTiandirdquo in Hangzhou Chongqing Wuhan

and Foshan luxury villa and high rise residential complexes in

Shanghai and Vietnam as well as various boutique hotels and

Chalet Architects

A00 Architecture is most well known for their research

inenvironmental sustainability and its application to their

work in Architecture Interiors and Furniture Their portfolio

includes feature restaurants luxury spas retail stores design

conversion of dozens of historic Shanghai homes into highly

personalized residences

Interior Designers AIM (Architecture amp Design) brings expertise

in the combination of world architectural styles and design

influences to the interior designs at naked Stables Private

Reserve With the Shanghai office led by the two founding

on comfort warmth and a unique blend between African and

Asian design sensibilities

Landscape Architect

Design Land Collaborative (DLC) is a professional consulting firm

comprised of landscape architects and planners with an office in

Shanghai and the United States Projects have a strong emphasis

on cultural resources historic preservation and ecological

design involving both the public and private sectors

ͰɒOumlāЮdivide

ɴǵϡΑάOumlёȣ

ŘƙŸdivide

首席规划师和建筑师

benwood Studio Shanghai OumlсɜΙɧтϞѠĨШ˛ŝΪTHORNľ=˼ʙƍ˙ϛ5Ÿ5ЄȎϞOumlʵЉ6тŮ=ЁƻȥĹȏŔɟAringΟOumlΙɧ=VȂţјOumlͻůTHORN=іʱ5͵šƎę˗OumlŤŴpϡƎФ˛ŝũЛɫOumlijѢЭʵ=ȮŻϾФѓŘƎˉ_OumlĹȏǐʑǙacircƎoacuteƟ6

小圆房建筑

AOO Architecture ФźǔWŰƎǵ θāЮĈɘϾѯѭЛOumlƭ=s˘ƮʙƭϰϸЂɬƝѩ6ɒƻŚOumlΙɧVȂ˔5ŤŴȤѓΫ5ȫ˙acirc5ˤƗίǙacirc˛ŝυНǙacirc lt5ˆoacuteƟϡƎϞ΄ȧOuml˛ŝș˻ѢЭOumlCcedilŸƎˆŸĨШ6

ɬ ˤƗ˰AIMƭѡˤƗltѥѣЂǁƭѡĘķũˤƗOumlɐƿū=ϭNtildenaked StablesOumlɬˤƗ6ФȅѳŧȈũaȚ˶OumlūѽmiddotTˆȭNtildeOuml˛ŝTdegOumlUѠ΅=ˤƗѣі5ũφčˤƗȓɲOumlntildeˊū6

景观设计

Design Land Collaborative (DLC) ϞƝiquestǒōˤƗІŔŷOumlѥϛѰξŁ=Ф˛ŝІɐŘǩˤϾēрƉń6ʙΙɧ˘ЂŋѣŸș˻ĻЕ=ƿūźW˪ǴƔ=ѥѣЂŁŃƎϾTHORNOumlŔŷ6

48

Engineering amp Project Management team

Scott Wilson Group PLC is a globalintegrated design and

engineering consultancy for the built and natural environments

Scott Wilson is responsible for the project management the

electrical and mechanical engineering for the project

Environmental Consultants

Environmental Resources Management (ERM) a leading global

provider of environmental health and safety risk and social

consulting services ERM deliver innovative solutions for business

and government clients helping them understand and manage

their impacts on the world around them ERM have 137 offices

in 39 countries and employ approximately 3300 staff

Sustainability Consultants

Bisagni Environmental Enterprises (BEE) works with the

engineering and design teams to ensure the environmental

goals set out at the inception of the project are achieved

LEED Consultants

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

Local Design Institute

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

General Contractor

and have been responsible for some of Chinarsquos most iconic

properties such as the World Financial Centre in Shanghai

工程及项目管理团队

Scott Wilson Group PLCϞƝʺʳŔɟOumlźWˤƗƎľѰξŁ6Scott WilsonĤЩΙɧOumlaacuteʠƎƉΤľ6

环境咨询

Environmental Resources Management (ERM)ϞƝʺʳαϛȭѰξŁ=ŀźǔWŰ5ƫǰCʺƎŁŃˣƁĘΌUgraveѰξĞ6ERM˙ϛƎоġɑǸŲŀĨĶβOumlǀǧĈF=UѠɒȥǀsŎȓʙǑϱoslashˣƁźǔAEligȅOumlϳΗ6ERMФʺʳϾ137ĸēрƉń=myĸŘƝ=ϴϾAringК3300ɜГľ6

可持续发展咨询

Bisagni Environmental Enterprises (BEE)ІľˤƗdivideΑűūѽ=ϡʽWФΙɧǭ˽ƼotildeˤȜOumlźǔWŰǵ θāЮɧnOumlȚ˹6

绿色建筑认证咨询

Shanghai Pacific Energy Center (SPEC)ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlŁтϞ6

本地设计公司

Shanghai Baoye Construction Corp Ltd ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlαϛȭŁтϞ6

总承包商

ϞƝŘƝƐľVŁ=ϠƻȥηucircѓŘnьβΙɧ=țˍ˛ŝźʳDŽˊѓΫ6

49

naked COVERAGE

wwwcnngocom

ldquo25 killer things to do this summerrdquo

26 April 2010

Time Magazine

ldquoRun to the Moganshan Hillrdquo

新浪博客

ldquo避世的可能rdquo

31 December 2009

wwwenglisheastdaycom

ldquoThe first batch of ldquoChina Treasured Towns ldquo released

December 2009

Shanghai Urbanatomy

ldquoGet naked this time with horsesrdquo

Shanghai Daily

ldquoGreen MaGIC Casts design spellrdquo

14 October 2009

新浪商品

ldquo中国最佳设计酒店大赏rdquo

September 2009

wwwchannelnewsasiacom

ldquoChinarsquos green resort allows travellers to vacation on good consciencerdquo

2 September 2009

wwwbijianlinblshecom

ldquo莫干隐居rdquo

25 Aug 2009

wwwassociatecontentcom

ldquoThe Exquisite Moganshan Mountains of Chinardquo

Ɏ

Wikitravel

ldquoMoganshanrdquo

德清新闻网

ldquo承包国营林场建造生态ldquo逸站rdquo

wwwsinoeventcom

ldquo亚洲旅游地产及景点峰会成功举行rdquo

wwwchinatravelbrandingcom

ldquoPursuing Green for Greenrdquo

wwwbrandrepublicasia

ldquoMaking moves towards ecofriendly eventsrdquo

7 May 2009

wwwhandsonshanghaiorg

ldquoHands On Asia Conference Summeryrdquo

May 2009

wwwmyvacationcn

ldquo莫干山居rdquo

3 April 2009

wwwshanghaidailycom

ldquoThe naked truth Time to clean up Moganshan litterrdquo

4 March 2009

wwwgreennovateorg

ldquoMoganshan Project Kick Offrdquo

13 February 2009

Travesias

ldquonaked retreatsrdquo

Feb 2009

合肥在线

ldquo大山里的裸家族rdquo

20 October 2008

wwwentrepreneurcom

ldquoThe arrival of the Olympics showcases Chinarsquos burgeoning entrepreneurial spirit ldquo

7 August 2008

50

Shanghaiist

ldquoWeekend escape to Moganshan 莫干山rdquo

9 April 2008

私家地理

ldquo艳阳下的荫凉rdquo

30 May 2008

City Weekend

ldquoGet naked in Moganshanrdquo

25 January 2008

wwwbundpiccom

ldquo在这绿中撒点野rdquo

wwwhuzhougovcn

ldquo相中德清筏头的青山绿水南非客商莫干山下建生态逸站rdquo

wwwurbanatomycom

ldquo24 Hours in Moganshanrdquo

wwwhkheadlinecom

ldquo杭州莫干山竹林深处人家rdquo

15 May 2009

wwwnewsweekcom

ldquoBack from abroadrdquo

May 2009

Chinatravelnet

ldquoMoganshan A Heavenly Hideaway of Bamboo Forests amp Tea Plantationsrdquo

April 2009

wwwmzztmcagovcn

ldquo2009年踏青乐游路线推荐大公布rdquo

16 March 2009

第三媒体

ldquo规划一条畅快随性的踏青之旅rdquo

28 October 2009

wwwdqnewszjolcomcn

ldquo三九坞 ldquo裸家族rdquo钟爱的世外桃源rdquo

28 October 2008

ldquo自驾行天下rdquo之中国莫干山rdquo

Sep 2008

ldquoShiffting Gearsrdquo

Sep 2008

April 2008

Chewed up amp Spit Out

ldquoGet nakedrdquo

19 February 2008

ldquoBest Weekend Getaway Hotels Shanghairdquo

富世

Ecoefficient hotel低碳下榻

April 2011

Spa China Guy 男士派

Experiencing The Unique

2010

Cosmo 时尚

跨洋建屋隐居不隐世

April 2010

Global Times

The Mountain of legends

Global City Geography 城市地理

莫干山 naked Retreats 都市人一ldquo裸rdquo到底的山居生活

Dec 2009

China Daily

Rural Retreat

20 March 2011

China Daily

4th March 2011

Modern Weekly周末画报

圣诞低碳游

Dec 2010

Elite Traveler 携程自由行

旅尚

Esquire

Hidden Best Restaurants

Feb 2011

51

52

53

Page 3: Detailed Investor's Report

2

INTRODUCTION

The naked concept was created to share our desire to strip away the busy cosmopolitan city lifestyle and get back to life and nature in a purer form

nakedФŃΘЗȑAringiuml˪ƂĈ˾OumlИ=ϡƎǶſŕordmǖѳʿ˪ƂOumlȓɲ΅ϰРyacute˪Ouml6

October 2011 will see the official unveiling of naked Stables Private Reserve a luxury lifestyle resort created and developed by naked Eco Developments (WOFE)

ɱМ=naked Stables=жϞϻWOFEƭШǭāOuml=ϾѯˡŴ˪ƂĈ˾OumloacuteƟAacuteƮн˾ƺǭʙ˨ɕOumlɘ˖6

The resort nestled in an idyllic pine forest setting in the Moganshan mountains just 2 hours from Shanghai features 121 eco friendly suites thoughtfully arranged within 70 contemporary Treetop Villas and Earth Huts The style of the resort fuses African and Asian elements and brings the magic of African hospitality and intimacy with nature to an Asian setting

oacuteƟAacuteѾɅФɢī˗ϞʎВMOumlȩѓ=Ǣȑ˛ŝLjϾȢΟ˶Ouml=ƣAEligĺɴqэˍŕĭǦOuml˪ĉēyЂmicroIcircCcedilĘķOumlccedilpũγƟɦͳѓ6oacuteƟAacuteOumlĘķˊūȥφčЏ=Ʈѳʿ5ʩNjOumlčљķaeligѣˏOgraveφљ˔OumlѩyǞѓ6

Apart from outstanding food and beverage concepts horse stables stateoftheart conference facility and naked Leaf our unique wellness and spa sanctuary guests may also enjoy a kaleidoscope of activities and tailormade offerings Furthermore the site is set in a private nature reserve dedicated to the preservation of endemic wildlife fauna and flora We are committed to achieving socioeconomic sustainability by engaging the local rural communities during the construction and operation of the resort This creates job opportunities and a sense of pride among the locals villagers

shyȥntildeǡ˔OumlϬȓɲ=oacuteƟAacuteŻϴϾɇǚũѻljOumlƁϨˤ˲=ϡƎnaked Leaf77ͰɒntildeOumlƫǰϕ˪Ɓŏ=Фжȕ=qǸǵϡϏĖĥOumlγΊƂiacute=ΘˆegraveѐOumlĞ6frac14=oacuteƟAacutedegФϞĸϾѯIcircTHORNϙ˪ѕϡƎiacuteцʾOumlˆѳʿWŰʵɬ6ФoacuteƟAacuteOumlƭˤũРϱʖƣ=ͰɒюȞЂWпŰTHORNΔAacuteˣʵˣƁǑƖOumlǵ θβāЮ6жIcircTHORNmiddotШȥηucircǜϛı=˶Ϛ˂IcircTHORNǝəϾȥϞѕѳŤĭ6

The design and development team collaborating on this project includes some of the Worldrsquos foremost thinkers and leaders in sustainable design green building technology and luxury development

ˤƗdivideũǭādivideŃūѽюȞЂfrac14Ιɧ=ʙѓVȂϞΡФǵ θāЮˤƗ5ɀ˔ƭѡƔũˡŴϛǭāĈɘǁƐOumlȭǪˆ6

With internationally renowned Ben Wood Studio Shanghai conceptualizing the master plan and architectural design and naked overseeing the development and operation naked Stables Private Reserve is targeting to be the first resort in Asia to achieve LEED Platinum accreditation

ƈЂŘƙсɜŁ77˛ŝBen WoodˤƗOumlѵŔŷũƭѡˤƗ=ƞ˛nakedoslashЂΙɧǭāũРѽOumlƢethŎȓ=naked StablesϾφљszligϞĸϴϾɀ˔ƭѡˈпOumloacuteƟAacute6

Innovative construction technology such as SIP (structural insulated panels) has been used in the construction of the Treetop Villas and traditional rammed earth walls feature in the Earth Huts

ФccedilpũϾѯsup3ŢʥOumlДΰΟͳͳOumlƭШѓ=˼ϸȥћˍSIPƿńǨЖOltUgraveΪίƭШƔ6

naked Stables Private Reserve will continue to reinforce our core commitment of redefining the essence of ldquosustainable luxury in naturerdquo

naked StablesƮƚθюȞЂͰɒіΪegraveϦOuml8ǵ θѳʿˡŴ9_ёOumlŨΫɼOumlāЮѓ6

ǂˠ

3

PURPOSE

This report invites people who are looking for a lifestyle holiday home in the country close enough from Shanghai to nip away

quickly and far enough to get away from the pollution and noise This report is intended to assist interested buyers in understanding

the offering and help make informed investment decisions

The key objective of this report is to provide potential purchasers with a greater understanding of the prevailing market conditions

with particular focus on

жĕYĵыФϗʰɨΡнФжĸŘoacuteȕοбϾѯ˪Ƃ˶˜ĭ5ȑ˛ŝNjǢȑɭņŬǽąſsʨЗȑϴƑІιΜOumloacuteƟͳ6ϖжĕYĵɭUѠɨΡʤФϛѝȥǀͰɒOumlϹƀϡƎUѠɒѼѱǧ6

жĕYĵOumlіagraveʤФϛѝФϡ΅ƒĸĈɘŀѻAringOumlUѠ=ȅ˼ʙȥǀжϞΪίȓɲOumlʣǒ

This information has been provided to assist the recipients in deciding whether they wish to purchase a Treetop Villa at naked

Stables Private Reserve located in Moganshan Zhejiang Province in China We have relied upon information from sources generally

regarded as authoritative Whilst the information has been prepared in good faith and with due care no representation is made for

the accuracy of the whole or any part of the publication

жΡάͽыФsup3AumlĺɨΡʤФϛѝ=ȅUѠɒǧegraveĚѬ]ФЂѓŘзƯˬɢī˗Oumlnaked StablesŅɈfrac14ʑ6ͰɒϟDzɨΡϾѯʹβȅЕOumlάͽ6жΡǐΫѬ]sʨϾѯϞegraveŋѣoacuteOumlάͽ=ʙʺƆēordfPOumlǐʽoacutesɍϾOtildeOgraveʺʽˈlt6

oacuteƟAacute

ƉЊ

ʑ

ſY

ɧOuml

4

5

FAST FACTS

Resort Development

The resort will include the following facilities

and halls

picking horse riding archery and many more thrilling activities

poultry

within the resort property

different ducks geese and swans

ȉ

度假村的发展

oacuteƟAacuteƮϴϾ΅ȧˤ˲

icircccedilpŃƣĉlt

icircДΰΟͳϞϞicirclt

ϸЂϕƝɇOumlɇǚ

ĸϽ϶iexclĸФeumlˉ϶iexcllt

ƝxĘOuml

ʒɔOumlƁϨǹƣ=VȂĸxOumlĉƣũȖ

ƫǰѓΫVȂĸSPAŏũƣђȤlt

thornˉѓΫ

ƂiacuteѓΫVȂ˗THORN5zȾα5cedilaring55ʛɇ5ˢƩϡƎηucircʙfrac12ƊǏΌOumlƂiacuteΙɧlt

oacuteƟAacuteŀϾũƝʪOumlˆϾƉɸ

ѕxѕȏOumlϙ˪ȻŀfŰOumlˆWŰʵ

6

Tree Top Villas

The Villas on offer are a first for China They are elevated above

the ground and protrude from the tops of 20 meters high pine

trees seemingly floating on the tops and therefore their name ndash

the Treetop Villas Built from Steel and Wood these Villarsquos are

to challenge the paradigm that luxury can be environmentally

friendly

Resort Services Offered to all Tree-top Villa Owners

树顶别墅

ccedilpФѓŘŻfrac34ordf6^ȑTHORNɘ=sʨФɔijOumlAgraveѓOtildeķɛ=ǯʜȅǜΚğФccedilт˛=ccedilpOumlɜϻfrac14yacuteȅ6ϸĮũɦƭШ=жΡpыФЯșȅOumlĆț77ˡcentϚɭˍfrac14THORNІѳʿźǔũΣŃdeg6

5ϡƎOumlp

ѵŃϾƣp

CcedilĘķnotĉ

DɠЌį

˞DZ

ɬ5

γͽ

ɏĸĉƣiumlϾˡŴOumlˆЌ

ǠAringOumlϒdegФ˕ȩccedilʈт˛

ͶέƐOumlaacuteʡˤ]

OcircŘɼŁOumlacuteŲȀơ

ɐŘSafelok ˢʐ˺pɑ

AEligϾΆˉŒΐƱĿɭOumlUacuteĝˢtȟ

oacuteƟAacuteϛŎȓ

oacuteƟAacuteĤЩϾOumlŰ

ǠAringOumlŃΘʵЉɤŁʯlt

提供给所有树顶别墅业主的度假村服务

oslashɴOumlpljαѴūOumlαоŎȓ

pɬOumlŰ

ˆŎƝĞ

αȔĞ

ƝоĞ

ϾŁϸʵOumlŰ

ϾOumlǒōɐŸ

ŞbrvbarĊђ

űȠƻˏ

έaacuteĞ

ȃƇƍ

ŀ΄

ϾŁϸʵOumlWΌ

Ο˶CW

˪ɝũΞĊCʺ΄

oacuteƟAacuteɬOumlƳР

7

Position

property

Financial Benefits

boutique development including only thirty tree top villas

should appreciate in value over time

the naked Stables Private Reserve and naked brand name

properties holiday homes and quality branded residences

increases

part of the resort room inventory

位置

Ђɢī˗˗ȸ

ЗȑιΜ=pϙɬɍϾƆй

ѳʿ˕ȩ

pdegФŝIɔϡ˛

ĸǢȑp13ēєȺOumlijyumlěʳ

ϮcOumlˆ˗ň

财务收益

LjϾƣǐʑ˪˝p=ɴOumlntildeϞʹĀOuml6

ϴϾũTHORNʞ=ˉŮɴϾegravesЫчOumlϛ6

ɴOumlƠчƮІ҉аoacuteƟAacuteŁϡƎʑʁȠϱyacuteЫч

ɴOumlƮϩoacuteƟAacuteϛ˩5oacuteƟͳ5ʑʁѢЭyacuteЫч

ϛѝɏɱƮƁϩoacuteƟAacuteɱoacuteʃagraveyacuteΘϾ θOumlˏ6

8

LOCATION

MAP of Shanghai to naked

County on the foothills of Moganshan Scenic Mountain

By Car

With the opening of the new Shenjiahu highway in 2010 the

traveling time to Moganshan is 2 hours drive from downtown

Puxi in Shanghai and also 2 hours from Pu Dong airport

By Train

With the opening of the new high speed trains across China

guest can now get to naked Stables in under 2 hours traveling

on the train from Shanghai Hongqiao Hub to Hangzhou and

onto Deqing Total train time is less then 1 hour

SITE MAP

地址地图

THORNȓя

从上海到naked的地图

pѾɅЂɢī˗Ęǒʵ˗ȸdegOumlOcircʭΎǔɬɤOumlˆѳʿWŰʵ

驾车

ѯɱ˥ƛůijOuml=iquest˛ŝʕͻ˙ϛʵƆʕecircƉOgraveɢī˗ǩъεΟ˶6

乘火车

ѯősup2ѓŘOumlijOumlˏРϱ=ȾǸiquest˛ŝŭʦǸРѓΫOgraveţјϡƎOcircʭΎOuml˶ƣʒǩ˟ЂΟ˶6ФƄ˛Oumlѵ˶ƣ˟ЂΟ˶6

9

10

THE RESORT

The experience

We believe that true luxury in the modern world is not

necessarily about designer labels and huge international brand

names but about privacy space spending quality time with

loved ones and rejuvenating your senses with nature All of

these elements have been brought together seamlessly at naked

Stables Private Reserve

After a refreshing welcome in our vibrant clubhouse your butler

will whisk you to your villa by electric golf buggy Enjoy sunset

cocktails on the deck and luxuriate in the sweeping views of the

bamboo forest whilst your butler unpacks your bags and dinner

playing the whole family congregates at the dining table and

dinner is served After dinner soak away the stress of city life in

your private jacuzzi on the deck as the stars wink overhead

Saturday morning starts with a hearty home cooked breakfast

and the thrill of a day filled with experiences in the mountains

Explore the local hills and forests on mountain bike Rejuvenate

and refresh in the sanctuary of the naked Leaf Wellness Centre

After a swim in the pool lounge in your villa hammock with

family and friends sharing precious moments

Kids will love the daycare centre with outdoor play area kids

pool art jamming music and laughter

Get your Sunday off to a great start with a family horseback

reintroduced to the hills Stretching and yoga are on offer in our

hilltop pavilions as well as tai chi kung fu and meditation After

fine tuning your archery skills finish off the day with a spot of

fishing in the nearby lake

If you choose to venture out of your villa for lunch enjoy

creative and delicious comfort food at either the pool cafeacute

or clubhouse Gourmet pizzas organic salads and artisanal

sandwiches will tempt you at the poolside Innovative Afro

Asian bistrostyle dishes are on offer in the clubhouse

oacuteƟAacute

经验

ͰɒΑάCcedilǁOumlинˡcentsxϞegraveϡijƐʑʁnьƆўɜOumlŘƙʑʁ=ʼϰħϴϾˆOumlǹƣ=ІΫBOumlˆŃoacuteɐťOuml˶Œ=sʨФѳʿźǔȕŽāʫsup1ƂȞ6ϾOumlжΡЏiumlƮФnaked Stables6

OgraveAumlƁŮɴƁOtildeOgraveͰɒĞdivideOuml˅ʮƻEgrave=ɴOuml˦ŎƝƁǭѯaacuteiacuteТɴOgraveɴOumlˆp6ˉɅ˶ēФϒΘϞZƋǙ=njФɊόOumlќŝтѓ6Іfrac14˶=ɴOuml˦ŎƝƁUɴΥ΅αȔѬ]=ĺɴAEligȅϞѕФƝOumlĭ6RѯɴBOumlϪȎ=ʺƝˆѾФѮiΘϸ6ćŮ=RѯɊĄέ=ФϒOumlˆDɠЌįȕżǀɴ˪ƂOumlτȞ6

їȳOumlЧ˽ЂϞuacuteĖ˭OumlƝЧ=ϞOumlǏΌfrac12ƊƂiacuteƮ˗ѓтȾ6ʛѯ˗THORNāǥIcircTHORN˗plusmnũ˕ȩOumlɕɖ6Фϕ˪Ɓŏѓaeligȓ˂ɴlOtildeĽƞcurrenɊƂȞ=ФϽ϶iexclРiacuteϞăтŮ=ȊϑϑOumlФpOumlaumlpara˛ļƝˆũʉϿŃoacuteɐť˶Œ6

ŜѲɒϚƮƁB˛thornѓΫ=ФжȕoacuteŚǽȎOuml˶Œ=ϩжȕϾƂiacuteTHORN5thornϽ϶iexcl=ƏήűiacuteŶ5ϪȎ6

˂ɴOumlїˉiquestІƝˆOumlʛɇϽȨǭ˽6ɴƮϾƉƁϞograveͰɒіΪϭˏ˗ѓOumlIcircTHORNȻѕ6Ђ˗ccedilOumlŏȕϾҋҀ5ƌ5ĿěUgraveƂiacute6ˢƩȡтŮ=ȅĦNjůicedilaringƿжϞтȾ6

ˍřɴκЪxФpȕͷ=϶iexclǬĎƆеǣȎiumlƮɴΘϸntildeɐOumlxĀκЪ6϶iexcliǬĎȕOumlɐ˸Ɲʍˑ5ϾƉ˔ȄϡƎľ˓ɛђiumlƮЀ˼ɰʸϞǗǕ6ǣȎȕŀϰΪʚOumlφčĘOumlґ6

11

In the evening join the visiting winemaker from South Africa for

a private tasting in our wine cellar followed by an outstanding

dinner featuring a myriad of organic and seasonal produce

sourced directly from the farm All dishes in the restaurant are

designed to be shared and enjoyed together

The warm summer months are filled with afternoon bbqs

evening musical performances in the openair theater and sun

dappled memories at the pool

Winter is crisp and perfectly peaceful as snow dusts the bamboo

forests Log fires crackle in the bar and winter cocktails warm

from within

Memories are created and moments are shared a naked Stables

Private Reserve

˛=ϞʜKċȅѳɫčOumlɳǙ˰=ФͰɒOumlǙѨȕʑɐǙ=ŻϾхƻȅѳɸOumlϾƉOumlΪΈ˸OumlĖ˭6ϞʜȅΘҗҖĺɴAEligȅOumlНH6

҈ϤOumlΆƕ=жȕɊͷŮ˞DZ=ȹǤOumlϝϪȎύordfϡƎ϶iexclȕϒŒLwOumlɐťſϥ6

жȕOumleumlƕʒǓΕũ=JμĢĩѯќŝ6ǙHȕ=ɦФƄѓˀ˞āordfʋɿ˩=ϞZeumlƕƋǙɭ˂ɴɻũηucirc6

ȅnaked StablesjуſϥΘɐť˶ŒH6

12

13

14

GREEN DESIGN amp CONSTRUCTION

LEED Green strategies

All about LEED

Developed by the US Green Building Council (USGBC) LEED

(Leadership in Environmental Energy Design) provides a concise

framework for measuring green building design construction

operations and maintenance LEED Platinum rating is the

USGBCrsquos highest rating with strict criteria encompassing energy

savings water efficiency CO2 emissions reduction improved

indoor environmental quality and stewardship of resources and

sensitivity to their impacts A LEED Platinum qualified building

should use at least 30 to 40 less water and electricity than a

normal building At naked some of the things that have been

done in aiming to achieve this award are

recycling

flushing and irrigation

water

waterless urinals

buildings

consumption

ɀ˔ˤƗІƭˤ

绿色建筑认证

关于LEED

ϻɐŘɀ˔ƭѡƁāʜ=LEEDɀ˔ƭѡˈпltȣɀ˔ƭѡˤƗ5ƿń5РѽϡƎŰŀƥƾOumlȀơ6LEEDɐŘɀ˔ƭѡƁ˄ƽɭ5ѱЕȚϸȿ5ƱUacuteĀϓŸʀČ5˫ɬźǔёȣ5ѱЕŎȓƎoslashʙϳΗOumlɚĭoacuteψķnѬOumlѻijưΙ6ϞmicroϴϾLEEDˈпOumlƭѡϰħaʔƭѡ˟˼ϸOumlaacute6Ф =ͰɒϚѼȥŬucircľѽȅлʷOtildeOgraveжĸưΙ

ƭѡƽˬȥ13OumlɭЕ˼ϸ

ƭѡƽˬȥOumlϸȣ

iquestͳccedilũɇȺƍȅOumlЅϸЂҔͲOumlνźȚϸ

ϾҔͲũđiuml^ſϸЂyenũŐĪ

LJA˗ňȱOuml˳THORNǖŸȥƂ

˼ϸUacuteȱȣOumlЌŊegraveѩяϡƎɶ˾umlɇɗyen

Οkiexcl

ϸЂЎ˅Oumlϒɭ˅ƞ˅ʠ

ϸЂƞ˅ũȐʼƭѡOumlƽɭЕкʢ`

pѩϾ˅ſѩяȅƱUacuteɭЕΞŦ

15

use Incentives given to reduce energy consumption

a factory 20 minutes away from site

window frames bricks and roof tiles

Council)

material

property

recharging stations

within a radius of 800km

CѩФϾp˛OumlɭȣƗϸȅƢethǸˆOumlɭЕ˼ϸʮ

ȁ6ŻɭЕΞŦOumlƦ˟ŀuumlOumlưȘ6

ϸ˼ϸќΧdzȝOumlŗȷƞ˅ŀɻ6ќΧdzȝȅѳǢȑͰɒ

ēєȺЗOumlϞƝľ

ϾOumlʥũacuteŲiumlijoacuteǨЖ

˼ϸɘŒŵOumlUacuteĝˢtȟ

˼ϸUacuteʀČOumlȦ

˼ϸſȚϸOumlǛɦёͳccedilơ5џѲ5џƈ5acuteȀ5ѦǼũ

ͳccedilʎ

Ś13OumlɦϻFSC˕ȩŎȓГƁltʹ

˼ϸǵУ˪OumlŸќѐTHORNO

pɬʺ˼ϸLEDtimesũΟίOumlϲŒtimes

oslashϾƭѡѻAringoacuteOumlljαѳʿŒũĘ

ѝTHORNъПηijyumlěljˏ=ijyumlěϻϒɭŀaacutesɭФ

ѤTHORNcurrenaacute

OumlƭѡȦiumlȅѳĈДŁȕɬOumlʵЉ

Ś13OumlƭѡđȦ^ſȚϸ

ϾoacuteƟAacuteOumlȃƇiuml^νźȚϸ

notĉũȃƇ^ϸѽĐȦ

oacuteƟAacuteɬϴϾϾƉųВ

іΪϭˏϙ˪iacuteIcircTHORNȻѕlt

WŰѳʿiacuteцʾ

16

17

THE DESIGN IDEA

Tree Top Villas

树顶别墅

To touch the sky at night and look down on the forest in the morning is what owners of the tree top villas will experience High

above the forest canopy 30 luxurious homes are perched in the tree tops Spacious wooden constructions with large sundecks spill

into the panoramic views of the mountains

macrɞҌҍOumlϝǹ=ϔѪȗOumlҐ=жǜϴϾccedilpOumlˆɒntildeΘOumlҕȞǒ˔6icircŤŴѢЭʗͽФ˕ȩŌт˛=pǡϞķ6аФǾOumlɦѐΟͳѓ=œOumlɢī˗ʺǒǍόYacute6

Each villa is built on stilts to minimize its physical footprint and maximize the views for its discerning owners The prefabricated villas

are made by innovative construction technology known as structural insulated panels (SIPs) With high insulation value and zero

construction waste these lofty eco dwellings are like no others offering you an energy efficient home that is beautiful and at one

with nature

ccedilpOumlƭѡaumlƵȵƿń=iquestyacuteƦ˟oslashБ˽˪źǔOumlϳΗ=sѻAringΏoacuteOumlЮϹɐOumlǒ˔6жΡЎѐOumlpϸѻΪǴƔOumlƿńWOѐШOuml6ccedilpOumlˤƗтѽ=ʹđȦͲˁssectѳʿ=ŀϞĸЁϾʑЁʩNjѳʿOuml˪ѢЭ6

The villas are intended for life Overlooking the mountains and forest below each home has a very large outside deck

complemented on the inside by an open plan kitchen with all the latest amenities dining room living area and opium den for

relaxation and entertainment Large sliding doors and full wall windows welcome natural light while sophisticated air conditioning

systems ensure your comfort Double layered glass keeps the view in perfect focus hushing all sounds to perfect stillness Wooden

floors soft lighting and high ceilings add a sense of warmth and space

ccedilpѥ˪Ƃyacuteƭ6Ġғ΅ɘOumlʾ˗ũ˕ȩ=ɏicircƭѡǩˤϾǾAringOumlϒ=ʆϡCcedilOumlмǭČ˾notĉ55˪ƂʵũČЄȎ6ǾAringOumlȄɑũмɘɅTHORNAringacuteǵɩѳʿˉŒ=˶ljOumlǹaelig΄ǵʽWɴOumloacute6tȟǵȯɴФѻƜƶoacuteΩ˚ɐǒOuml˶xƁOgraveĹѕ˩ϪOumlī˃=ntildedegЂϞʎǓтѓ6ʿOumlɦTHORNO5ˌũOumltimesŒũǹOumlųϣЫȥɻũǹƣĭ6

ˤƗȓɲ

18

Tree top villas

Roofs thatched

19

20

FLOOR PLANS

Treetop villa 2 bedroom villa ccedilpȢͱĉ

ʒɘ

Interior area 室内面积 13768sqm

Exterior area 室外面积 50sqm

Total usable area 实际使用面积 18768sqm

21

Level 1 一层

Interior area 室内面积 7088sqm

Exterior area 室外面积 102sqm

Level 2 二层

Interior area 室内面积 668sqm

Exterior area 室外面积 398sqm

22

Treetop villa 3 bedroom villa ccedilp˓ͱĉ

Interior area 室内面积 20214sqm

Exterior area 室外面积 664sqm

Total usable area 实际使用面积 26854sqm

23

Level 1 一层

Interior area 室内面积 10334sqm

Exterior area 室外面积 118sqm

Level 2 二层

Interior area 室内面积 988sqm

Exterior area 室外面积 546sqm

24

Treetop villa 4 bedroom villa ccedilpͱĉ

Interior area 室内面积 2667sqm

Exterior area 室外面积 863sqm

Total usable area 实际使用面积 353sqm

25

Level 1 一层

Interior area 室内面积 136sqm

Exterior area 室外面积 168sqm

Level 2 二层

Interior area 室内面积 1307sqm

Exterior area 室外面积 695sqm

26

FITTINGS amp FINISHES SCHEDULE

EXTERIOR AND INTERIOR FINISHES

External walls

Structure is built from steel and SIP (Structural Insulated Panels) External wall is cladded with painted fiber cement board

Internal walls

emulsion paint

Ceiling

Ceiling is finished with emulsion paint

Flooring

Bedroom is finished with heavy strand bamboo flooring

Balcony

Balcony floor is finished with Wood Plastic Composite decking (M wood) Railing and trellis made with Liu An wood Balustrade is fitted with metal and Liu An wood

Window

bedrooms are fitted with double glazed LowE glass and Roto hardware

Kitchen amp powder room

Floor is finished with natural tile Kitchen cabinets and sink are provided Kitchen counter top is fitted with natural stone

Bathroom

Wall and floor are finished with natural stone

Doors

Entrance door is made of solid core timber fitted with Saflok RFID locks Bedroom doors are fitted with hollow core timber fitted with Saflok RFID security locks

ƭѡȦƎˤ]ɛ

室内外材料

oacuteƟͳʥ

oacuteƟͳƿńˤƗĮƿńƎƿńWOSIPlt6ʥϸΉɮOũʘ6

ɬʥ

ǸćƎͱтɬʥǩϸĔƎˎƲʘ6

ų

ųɘˎƲʘ6

THORN

ǸćģūɦTHORNO6ͱіќTHORNO

ȹ

ȹϸɦOʓʟ6ʈȲҎɦѐШOuml6ȇĬϸDŽрƎȲҎɦĜ6

acuteŲ

Ǹć5ͱOumlacuteŲϸȽɦѐacuteȀʆ-3ѓǹtȟƎ-0-ͶDŽʆƪ6

notĉ

THORNϡƎɘϡʿTHORNѦʓʟ=notĉŀlaquoŖϡƎʇ6notĉɘʿ˵6

Ќ

Ќʥ˦ƎTHORNϡʿ˵ʓʟ6

ɑ

ˏǺAringɑϸ˹Ψɦɑʆ˛-)ljordfɑNJ΄6ͱɑϸǹΨɦɑʆ˛SaflokljordfɑNJ΄6

27

MECHANICAL AND ELECTRICAL INSTALLATIONS

Heating and Cooling

AIRWELL centralized water source heat pump is provided Fresh air intake with heat recovery system is installed

Electrical provisions

are provided

Electricity

Concealed conduits are provided Threephase electricity supply with miniature circuit breaker distribution board is provided

TV telephone and internet connection

Satellite TV with all major international channels

is provided in all the villas Telephone outlets and wireless internet connection is provided

Hot water supply

Huang Ming solar hot water heater and Rinnai gas water heaters are installed for the villa

Water supply and pipes

Concealed copper pipes are used for both hot water and PPR pipes are used for cold water

The resort will be patrolled 24 hours a day CCTV system is in operation throughout the resort 24 hours a day All the villa front doors and bedroom doors are fitted with Saflok RFID security lock system

APPLIANCES TO BE PROVIDED OR INSTALLED IN EACH DOMESTIC

UNIT

机电设施配套

ŀɻũѐȐ

ɽyumlƍѓ˾Е˅`΄6ΪĘ˅ſ΄6

Ɲaacute

ʆEΐNtildeŎOumlǭŋϡƎѿ6

aacuteȞŀϰ

ѩϾϮ˾ΐȺ=ʆϾίoumlȺʠ=ʆaacuteΓOuml˓ΑaacuteЕŀϰ6

aacuteƎςˤ]

έaacute=ʹΐaacuteŹũʹΐȺ6

˅ˤ]

žɛϒɭ˅ʠƎȩɬɌʡ˅ʠ

Ŏ

˅ŀϰŎǩϸϮc˾ĮŎ=ȐŀϰŎŎ6

WCˤ]

oacuteƟAacuteˤϾϾΟ˶ѽOumlgȺaacute΄ϡƎΟ˶OumlπɄ6ˏǺAringɑƎͱϸSaflokljordfɑNJ΄

标准住宅单位附送以下设备

Stove BAUMATICExaust fan BAUMATICOven BAUMATICMicrowave BAUMATICFridge BAUMATICBARMini fridge (2 3 bedroom) BAIXUEWine fridge (4 bedroom) BAUMATICBEDROOMMini fridge BAIXUEBath KOHLERTERRACEBarbeque grill

TelevisionDVDBATHROOMShower KOHLERBasin KOHLER

notĉ aacuteraquoȷ ʄɇUcircǷnotĉϼχƉ ʄɇUcircǷnotĉaacuteDZΓ ʄɇUcircǷuȷ ʄɇUcircǷɬяrΓ ʄɇUcircǷHΟrΓ=ĉlt JμǙŖĉlt ʄɇUcircǷͱΟrΓ JμЌį Ǵȍȹ˞DZΓҒĉaacute ɯDVD ɯЌȪЌʠ Ǵȍʇ Ǵȍ

28

NOTE

1 The Developer reserves the right to substitute other materials

or appliances of comparable quality and standard for the

intended items as listed in above fittings and finished schedule

2 The fittings and finished as listed above shall be subject to

the terms of formal Agreement for Sale and Purchase Those

provisions may have slight variation in the color measurement

3 The Developer reserves the right to make modifications and

changes to the building design fittings and finishes without

prior notice

4 Fittings and finishes of the Special Units may be different

from those of the Typical Units

备注

āЮ˙WȰϞʧʹȞ=Dв˹ƙʮȁεϘϡUgraveётƭѡȦϡƎˤ]Ccedil˛ȧĹΙ6

˛ȧĹΙȦϡƎˤ]ǩϡн˾ɈɉūКOumlǿщegraveѬ6ĹΙƭѡȦƎˤ]ǵɭƁФϋ˔=ȣoacutepoundAcirc5ȓ5ѺуƎƆľ˛ordfʬp6

āЮ˙WȰϞʧʹȞδeacuteϡƎĽĨϛOumlˤƗ5ƭѡȦϡƎˤ]ʹεȮαс6

˔EumlЏOumlēƭѡȦϡƎˤ]І˛oȧĹΙǵɭϾx6

29

PURCHASE OPTIONS

Buying a Tree-top Villa at naked Stables Private Reserve involves signing a Sale and Purchase Agreement with the development

company and a Lease and Management Agreement and Deed of Conditions with the Hotel Management Company The Management

Agreement requires the purchaser to lease the property back to the Hotel Management Company to manage on the ownerrsquos behalf

There are two different plans which are available for buyers

在 naked Stables 购买一套拥有不动产权的树顶别墅包括与发展公司签署一份买卖协议以及与酒店管理公司签署一份租赁管理协

议和条件契约管理协议要求购买者以业主的名义向管理公司出租其别墅以供其管理买家有两种方案可供选择

ŅɈκΙ

30

OPTION 1 - FLEXIBILITY

1Owner Usage Rights

Zero usage restrictions

Early reservations are required to secure Villarsquos especially during prime and peak seasons If a Villa Owner does not provide the

required advance notice for a reservation the resort may be required to offer the owner a different unit or in the worst case no

availability at all

1 业主使用权限

ȫ˼ϸΏѐ

ϘʴʣЎegraveˏѢp=ϺʙФƐƕ6ˍřpϛѝɍϾŀϘʴOumlϸЂЎegraveOumlЎс=oacuteƟAacuteƮʙŀȮϞdegѢdeg=ƆеѻЦĴOumlʮȁɍϾǹĉ6

2 Rental Revenue

2 租金收入

a Rental revenue

Whilst not in residence the owner will be eligible to earn a pro rata 36 of the room revenue generated by the Reserve during their

absence Ie Everyday the revenue generated by the entire resort is divided amongst the owners not in residence on that day When

an owner is in residence he forfeits his opportunity to earn revenue

ѸDŽˏ

ϛѝxǝѢʖƣ=ƮOtildeOgraveoacuteƟAacuteordfѸʙĉͳOtildeϧOuml6ɏoacuteƟAacuteordfѸɨΡxǝѢФfrac14OumlϛѝOumlĉͳOtildeOumlϧƮ^ʒǩēʆĺжΡϛѝ6IcircϛѝǝѢФʙpȕ˶=Ʈ˱ʸƅOtildeϧOumlƉƁ6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

选项1-灵活性

31

c Cashing out your returns

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

gtƮɴOumlſYŚDŽĈ˾ʷordf

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſYϧ6ˍřϛѝκЪxʷordfOumlϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3 有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecom services

included in the Services Fee to the owner whilst in residence The services fee is 300rmb per room per night This fee is charged on

all rooms regardless of which are in use

4 服务费用

IcircϛѝФoacuteƟAacuteǝѢ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸѓ6ɏĸĉƣɏOumlĞĒϸЏˆəe6жĸĒϸΛϾĉƣʷOuml=xɃfrac14ĉƣĚФ˼ϸ6

5Maintenance

4 of hotel room revenue will be reserved for ongoing building maintenance This will be deducted from the ownerrsquos share of total

room revenue

5 维护

ǙacircǸĉˏOumlƮ^ȰѽŮθƭѡδтĒϸ6ħēDŽuumlƮiquestϾˆǵēOtildeOumlǙacircǸĉˏĕuumlѓǻshy6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGEEarnings Per Room (36 of gross room revenue) 124173 170827 221315 253507 263647 2066942 Bedroom 收益 ndash 双人间 248346 341653 442631 507013 527294 4133873 Bedroom 收益 ndash 三人间 372519 512480 663946 760520 790941 6200814 Bedroom 收益 ndash 四人间 496692 683306 885261 1014027 1054588 826775

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 41 57 74 85 88 69

3 Bedroom 收益 ndash 三人间 9000000 41 57 74 85 88 69

4 Bedroom 收益 ndash 四人间 12000000 41 57 74 85 88 69

Hotel revenues and owner rental yield - Option 1 Flexibility

32

OPTION 2- STABILITY

1Usage Rights

1 使用权限

选项2-稳定性

Total Permitted Usage Prime Peak SeasonPermitted Usage

Peak SeasonPermitted Usage

Out-of-SeasonPermitted Usage Blackout

40 days per yearNo occupancypermitted

Up to 20 days per year but no more than 7consecutive daysfor any one stay

Up to 20 days per year but no more than 7consecutive days for any one stay

No occupancypermitted

允许使用总数主要的旺季允许使用

旺季允许使用

淡季允许使用

无折扣期

每年40天 不允许占用 每年20天但是每人

不能连续居住7天每年20天但是每人 不能连续居住7天

不允许占用

Prime Peak Season To be published by naked Retreats in according to government notification every year Prime Peak Season

Middle Autumn Festival (Sept) excluding Blackout dates

Ɛƕɏɱϻnaked RetreatsĻǟоġĵāordfс6ƐƕVȂѓŘsup1ƽϞМĀМlt5ȋiacuteƽͶМlt5Řʱƽ˴Мlt5ʭɛƽМlt5ѓʲƽǘМlt=xVȂʹгǻʖ6

ƕiquest˓МOgrave˴ϞМʖƣOuml10ĸїɡϡƎ10ĸľѽˉїʖ=xVȂƐƕũʹгǻʖ6

OutofSeason 20 days during December to February excluding Prime Peak Season and Blackout dates

Iacuteƕiquest˴ĀМOgraveĀМʖƣOuml=xVȂƐƕũʹгǻʖ6

Blackout Dates Peak demand dates such as holidays sporting events groups and citywide conventions Local cultural events

all as specified by the Hotel from time to time

ʹгǻʖεʴijėʖVȂƟʖ5Ћ˒5ũʺβOumlƁϨ6IcircTHORNɾyumlOumlŸƂiacuteiumlƮDвǙacircOumlɛljα6

2 Rental Revenue

2 租金收入

a Rental revenue

Regardless of your usage of your property your rental return will be fixed at 5 for the first 5 years of operation After this period

you will automatically migrate to the Flexibility plan

ѸDŽˏ

xɃɰOumlĉ˼ϸoacuteˍŪ=ͶɱOumlѸDŽϧiumlŊegraveOuml136ФжтŮ=ɴƮѳiacuteѧˏȬƂβĈF6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

33

c Cashing out your returns

gtƮɴOumlſYϡDŽĈ˾ʷordf

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſY6ˍřϛѝκЪxʷordfʙϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecoms services

rental option

4服务费用

IcircϛѝǝѢФoacuteƟAacuteȕ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸȕ6жϞȏOumlĞĒϸxVȂegraveβordfѸʆ6

5 Maintenance

Of the 5 guaranteed return generated form your property during the period you are not in residence the management company

will retain 4 of this return for maintaining your Villa The maintenance fund will be pooled and used for all Villarsquos in the resort

5维护

ɴxǝѢʖƣiquestɴOumlĉѓƮ˪Ouml13OumlſY=ŎȓŁƮWȰжbſYѓOumlϸѽɴpOumlŰ6ŰƈDŽƮ^ūsʜȅsϸЂϾoacuteƟAacutepOumlŰ6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Hotel projections

Rooms Available 可用房间 not relevant 非主要Estimated occupancy 预计使用率 not relevant 非主要Estimated average daily room rate 预计每日平均房价 not relevant 非主要Growth in room rate 房价增长率 not relevant 非主要Annual room sales 年房间销售额 not relevant 非主要RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE2 Bedroom 收益 ndash 双人间 50 50 50 50 50 503 Bedroom 收益 ndash 三人间 50 50 50 50 50 504 Bedroom 收益 ndash 四人间 50 50 50 50 50 50

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 300000 300000 300000 300000 300000 300000

3 Bedroom 收益 ndash 三人间 9000000 450000 450000 450000 450000 450000 450000

4 Bedroom 收益 ndash 四人间 12000000 600000 600000 600000 600000 600000 600000

Hotel revenues and owner rental yield - Option 1 Flexibility

34

Option 1 - FLEXIBILITY Option 2 ndash STABILITY

investment returns for your Villa are influenced by the

success of the resort and the number of days you use

your Villa

Stable implies both your returns and your annual

usage rights to your property are fixed Regardless of

how well the resort operates your returns will remain

the same Equally you will only have a fixed number

of days allowed in residence

Usage Have unlimited usage rights to their Villa 40 days usage per year

Rental ReturnEarn 36 of the pooled returns from the entire resort

whilst not in residence

5 guaranteed return on their investment regardless

of resort performance

Resort Discount20 discount on all resort amenities and activities

(including SPA and Restaurants)

20 discount on all resort amenities and activities

(including SPA and Restaurants)

Services FeePay a Services Fee of 300rmb per room per night

whilst in residence

Maintenance4 of all room revenue is retained for maintaining

the owners Villa

4 of all room revenue is retained for maintaining

the owners Villa

选项1 ndash 灵活性 选项 2 ndash 稳定性

ȬƂβϸЂ˼ϸІſY6ɰOumlpѱſYʷǧЂoacuteƟAacuteOumlĿǑϱũɰoslashpOuml˼ϸoacute

ŊegraveβϤѯɰOumlſYũɏɱoslashЂɰOumlĉOuml˼ϸʹΏiumlŊegraveOuml6xɃoacuteƟAacuteOumlǑϱѫȁϾucircť=ɰOumlſYiumlŊegraveOuml6ϖTHORN=ɰъϾŊegraveOumlПηǝѢOuml6

使用 ʹΏѐOumlp˼ϸʹΏ ɏɱOuml˼ϸʹΏ

租金收入 ФxǝѢʖƣ=ƅOtildeмĸoacuteƟAacuteūsſYOuml xɃoacuteƟAacuteǑϱѫȁˍŪ=Wп13OumlſYϸЂѱ

度假村折扣 ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt

服务费用 ǝѢʖƣ=ɏĉƣɏЏˆəeOumlĞĒϸ čѝϘ

维护 ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ

OPTION COMPARISON

选项对比

35

36

INDUSTRY RETURNS AND BENCHMARKS

INDUSTRY REPORT

行业报告

Tourism and urban resorts is one of the fastest growing industries in China According to industry consultant HVS cities such

as Shanghai Beijing Shenzhen Guangzhou Hangzhou and Tianjin all have a population where a critical mass of highly affluent

individuals and successful companies exist generating demand for suburban resorts

ФѓŘ=ȾϽϛũoacuteƟAacuteσɓāЮOumlαϛтϞ6ĻǟʺʳǙacircĞϛltOumlϞΙYĵ˿=ФѓŘOumlѝϘˍ˛ŝ5[ǎ5˧5œј5ţјũdžǩēyѯAringȣOumlĥЍˆʾũĿOumlʝϛ=ϻfrac14ϚƊāȥoslashƴʵoacuteƟAacuteOumlƌAringεʴ6

Amongst other things the exponential growth in private vehicles has seen a huge increase in demand in the leisure market With

the completion of the shenjiahu highway in 2010 the travel time from downtown Shanghai to Deqing is now 2 hours Also with

stop at Deqing) scheduled to open in late 2011 travel time from downtown Shanghai to Moganshan will take between 15 to 2

hours When comparing travel times to get to other resort destinations in China ndash eg Hainan or Lijiang flight times might be within

2 or 3 hours total travel time including travel to airports and check in make the whole trip 6 to 7 hours plus additional travel cost

Within the 2 hour travel radius of Shanghai the quality of resort destinations is also (in our opinion) not at an international standard

with most hotels simply being lsquocity hotels in the countryrsquo rather than true resort properties operating at international standards

shyfrac14т=ѯĸˆγΊOumlāЮ=ĸˆƸϴϾȿϚσʂ˫6ѳɱ˥ƛůijϡŮ=iquest˛ŝOgraveOcircʭϚLjεϘĸΟ˶Ouml6ΪƭOumlijǵϡФ13ēєɬiquest˛ŝUumlAumlţј6ƏƮФɱYacuteǫľOumliquestţјOgraveɫǎOumlijѓϾϞаDzOcircʭlt=ъεϞĸSΟ˶OgraveȢĸΟ˶ǜǵϡiquest˛ŝѓΫOgraveAumlɢī˗6ˍřІѓŘOumloacuteƟˮTHORNŝɫ5ȒƯUgraveaƹ=shyȥϘųĒэĸΟ˶Oumlďα˶ƣ=ŻϘФVȂʣƉ=CʺƤũUgraveEgraveOslashƉ˛ų˛эĸΟ˶=ĽxϸɨΡuumlOumlαųΝȥ6Ѷō˛ŝїiΟ˶ɬOumlγΊoacuteƟʸdeg=э˟ͰɒˈltІŘƙŸnѬŻϾѯɛOumlǢ6AringēOumloacuteƟǙacircϚũѓOumlɨΡǙacircɍϾ_ёOumlʵp=ЗЗAumlxOgraveинŘƙϤϦ˛oacuteƟίĉΙɧOumlϘʴ6

ϛѝЎʖſYІaƹ

37

OUR NICHE

我们的利基

naked sees a need in the market for world class expertly designed and operated resorts which are within 1 to 2 hour travel time

of major cities in China As with other urban resorts we believe that the Leisure market and the MICE (Meetings Incentives

Conferences Events) market will be a huge driver for our business In addition we feel that we are already at the forefront of

the growing focus and concern on environmental design building and operations as well as the growing interest in nature and

environmental education At naked we also place a high emphasis on facilities and services for the entire extended family ndash from

children to parents to grandparents that other resorts do not place dedicated resources for

nakedЎƧOgraveȥФѓŘжϞεʴƏǢȑѝϘϞэȢĸΟ˶Ouml=˶ЁhζǁϞȱOumlѥϛˤƗũŎȓOumloacuteƟΙɧ6ͰɒΑάγΊũƁƁϨ5ưȘȾϽ5AringίʝϛƁϨ5ƂiacuteЮȉltOumloslashͰɒϛOumlіAringʤȞ6frac14=ͰɒФŋѣũiacuteźWίˤƗ5ƭШ5ŎȓũźWȓɲœ˛ϠǑѷФȥαϛȭя=ФnakedІαϛеxͰɒϚіoslashЂˣʵѓOumlŜѲ5Ɲ5ȌеOumlĞũˏ6

As such we feel very confident in the rates and occupancies that we will achieve Regarding room prices when benchmarking

against some of the other leading hotel brands in the resort market such as Aman Fayun Hangzhou Banyan Tree Hangzhou Fuchun

Resort Hangzhou Mandarin Oriental Hainan and Commune by the Great Wall average rates in March 2011 for single bedrooms in

this set are ~ RMB2800

ϩfrac14=ͰɒoslashЂˏѢĉƠϡƎˏѢȿcurrenɊάΫ6ФˏѢĉƠĈɘ=ІʙФoacuteƟAacute˛OumlсɜǙacircʑʁaƹ=ˍCҊĂО5ţјНҏѨ5ĥsup1˗ǝ5˓φŴecircĈǙacircũƵ΅OumlŁˣ=Фɱ˓МOumlEumlˆƣʒǩƠķ=6

Regarding occupancies we are confident to achieve occupancies of around 60 after about 4 years of operation but forecast

conservatively that our occupancies will start from around 35 in the 1st year of operation and grow steadily to 45 in year 2

55 in year 3 and 60 after the hotel is lsquomaturersquo from year 4 onwards

ФˏѢȿĈɘ=ͰɒŬϾάΫǑŚɱOumlǑϱ=ͰɒǵϡAumlOgraveOumlˏѢȿ6WŇƗ=ͰɒOumlˏѢȿƮƁϻszligϞɱOuml13=egraveЫOgravefrac34ɱOuml13ũszlig˓ɱOuml1313=szligɱϡŮƮƁЫOgrave6

Given the above estimates we believe that owners can expect attractive investment terms as illustrated in the table below

Ļǟϡ˛OumlŇƗ=ЎƗϛѝɭņOtildeOgraveOumlѱſYƮƁˍ΅o˿

CҊĂО

НҏѨ

ĥsup1˗ǝ

˓φŴecircĈǙacirc

Ƶ΅OumlŁˣ

RMB4270

RMB3500

RMB2000

RMB2150

RMB2388

Aman Fayun Hangzhou

Banyan Tree Hangzhou

Fuchun Resort Hangzhou

Mandarin Oriental Hainan

Commune by the Great Wall Beijing

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966

38

39

ͰɒOumldivideTHE TEAM

40

Grant Horsfield ndash Chairman naked Group

Grant a native of South Africa is Founder and Chairman of the

naked Group

Before coming to China in 2005 Grant worked in England

and South Africa with more than 10 years business ownership

experience With background in IT he launched eBites

Limited in 2000 Operating nationally eBites was both a

publishing company and a callcentre facilitations company with

headquarters based in Cape Town In 2004 Grant received

an MBA from University of Cape Town Graduate School of

Business Upon graduation he decided to come to China as he

saw China is where business opportunities lie

After spending two years in Shanghai he found himself

overwhelmed by the metropolis and missed the natural beauty

of his home From this desire and need sprouted the concept

for naked Retreats which was launched in 2007 Grantrsquos vision is

to create sanctuaries that are in harmony with the environment

where people can appreciate the simple way of nature and

embrace the naked lifestyle Grantrsquos tireless efforts in promoting

ecotourism in the rural areas not only created jobs but also

pride for the local community He received an environmental

award from the Huzhou Government in 2008

高天成 - naked集团总裁

ij=ɫčIcircTHORNˆ=nakedƍOumlmiddot˽ˆũѵ|6

Ф13ɱȅOgraveѓŘтʣ=ij˪ЬФϯŘƎɫčľѽ=ϾŚɱOuml˙ϛǑϱƎРѽǑϏ6ФʙITǒOumlUѠ΅=ɱij˪ƭȜȥeBitesϾΏŁ=eBitesŁƮϱΝІaacuteŹĞѓΫLJɖƿū=ʙѵˤФǭʔugrave6ɱ=ijƅOtildeȥǭʔugraveAringλ˙λЙOumlMBAλ6dϛŮ=ǧegraveȅѓŘ=ϩǯOgraveȥжȕOuml˙Ɖ6

Ф˛ŝEgraveȥȢɱтŮ=āѳƓxȥ˪Ƃ=sʨAtilde˱ȥѳʿɐǒ6ФжѕИІεʴOumlʶ˼΅=ƭȜnaked Retreats

OumlΖĂФɱOtildeOgraveȥ˹˲6ijOumlΖĂƭШϞĸ˯THORNІѳʿũΣŃdeg=ˆɒǵϡΘѳʿ=ΘnakedOuml˪ƂĈ˾6ij˫ΔAacuteTHORNʵ˪ȾϽѽordfOumlxΦɹȞ=xLjmiddotШȥľѽıŻOtildeOgraveȥIcircTHORNˣʵOumlХϐ6ij˪ƅOtildeȥɱůјоġNāOumlźWAring˼ư6

41

Delphine Yip-Horsfield ndash Partner Ben Wood Studio Shanghai

received her Master of Architecture degree from Harvard

Boston prior to moving to Shanghai to oversee the award

winning Xintiandi project on behalf of Wood and Zapata In

the fall of 2005 Delphine became partner at Ben Wood Studio

Shanghai

Drawing from her own experience of diverse cultures Delphine

has led a multitude of high profile projects such as Hangzhou

Xihutiandi Zhujiajiao Oriental Garden Shanghai Waitanyuan

Beijing Palace 77 Shanghai Hongqiao Commercial Core Lijiang

Lashihai Resort Masterplan etc

In 2006 she was selected Wallpaper magazinersquos first annual 40

under 40 designer of the year

Delphine is the chief master planner and architect for naked

Home Village and naked Stables Private Reserve She also

oversees the visuals and styling of the naked Brand

叶凯欣 - 上海Ben Wood设计室合伙人

ϜǮΩɺ=Ben Wood ˤƗľѽOumlѵƢ=śęAringλƭѡλ6ȅ˛ŝтʣ=ФΒIJ5ɷКũuuacuteľѽ6ȅ˛ŝŮ=CcediloWoodũZapataĤЩΪTHORNΙɧOumlƢethľѽ613ɱʲƕ=ϜǮΩɺBen Wood ˤƗľѽūƃˆ6

ϾѯxŸϽșǑϏOumlϜǮΩɺ=EacuteˇȥηucircijocircΙɧOumlƢeth=VȂţјͻůTHORN5њƝƶecircĈųВ5˛ŝЕ5[ǎłatilde5˛ŝŭʦ˙ϛѓΫ5ȗƯȄŝoacuteƟAacuteѵŔŷˤƗUgrave6

ɱ=ˏκȥWallpaperСьǃɱoacuteϡ΅OumlˤƗ˰6

ϜǮΩnakedƝВAacuteũnaked RetreatsOumlѵˤƗеũƭѡ˰6˶ϚĤЩƢethnaked˙nOumlFũĘķˤƗ6

42

Kang Yang Lim ndash Group Chief Operating Officer naked Group

Group with over 13 years corporate finance and real estate

development experience Previously he was Director of the

real estate division of APP China taking responsibility for the

initial positioning and development of the USD15 billion lsquoWhite

Magnolia Plazarsquo mixed use development project (including

the development of Shanghairsquos first W Hotel) He also led the

concept and development of APPrsquos branded residence and resort

project in Sheshan Shanghai

Finance division of PricewaterhouseCoopers in Melbourne

Australia where he specialized in business value and strategy

worked in inhouse strategy roles for CocaCola GB in London

and to British venture capital firm of the year (2004) ISIS Equity

Partners before coming to China in 2005

Accountants Australia in 2002 and is also an affiliate of the

of Commerce and Diploma in Modern Languages from the

University of Melbourne Australia

林纲洋- naked 集团首席营运官

ƞˏnakedƍOumlȩ˪ϴϾŚɱOumlʝϛ~ƎTHORNǭāǑϏ6Фfrac14тʣ=ѽѓŘDŽŒOumlTHORNǭāOumlѵƢ=ĤЩƠч13ϢЏOumlucircϸ8JЈȈœ9ǭāΙɧOumlcopy˽κшũǭāVȂ˛ŝszligϞƝ ǙacircOumlǭālt6˶ϚщNtildeȥDŽŒƍФ˛ŝҁ˗ʑʁѢЭũoacuteƟAacuteΙɧOumlȓɲũǭā6

ФDŽŒƍˇфтʣ=ȩİϑGAringȚφɣyuml_ʔŴϷOacuteƁƗ˰OumlǑȓ=ѥѣЂ˙ϛƠчũЯɁѰξ6ȩ˪Ф13ɱȅOgraveѓŘтʣэȑǭʔŴϷOacuteŮOumlϞotilde˶ƣɬ=ѽǵǺǵȎɂugraveŁɬOumlЯɁēͺ˰=ϡƎISISOumlʼnʏūѽƃRФϯŘɂugraveOumlϯŘĘΌѱŁˇф6

ȩ˪ФɱƅOtildeȥGAringȚφηƁƗ˰ƁũGAringȚφпʻωǗOumlƁГѱķ6˶ϚƅOtildeȥGAringȚφɣyuml_AringλOuml˙ϛλλϡƎCcedilЇϊλп6

43

Gabriela Lo ndash Managing Director naked Retreats

With over 15 years experience in high end events and PR

management Gabriela has been instrumental in bringing naked

to where it is today As one of the original members of the

naked Team Gabriela has led the growth of naked Retreats

to become one of the most famous eco retreat destinations in

China attracting guests and publicity from around the world

Originally from Macao Gabriela has rich multi cultural and

multinational living and working experience having worked and

studied for many years in Greater China England and Italy

卢家宝 - naked 度假村常务董事

ϴϾŚ13ɱOumlijocircƂiacuteũŁŃŋ΄ŎȓǑϏ=nakedDžOumlǜІȶƝXēxǭ6ѽħdivideOumlmiddot˽ГтϞ=ȶƝXϠǑAEligȭnakedѓŘѻϾɜOuml˪ȾϽɧOumlTHORNтϞ=ͼϭȥȅѳǁĹTHORNOumlǸˆ6ȶƝXȅѳGɑ=ϴϾĖĥOumlucircЏŸũucircŘǝѢũľѽǑϏ=ЬФAringѓŴTHORNʵ=ϯŘũϤAringȚϾѯucircɱωǗǑș6

Judy Zhu ndash General Manager naked Group

Zhu is the General Manager for naked Group ensuring smooth

operations of the group with a particular focus on government

朱燕 - naked 集团总经理

њώ=iquestnaked Retreatsmiddot˽ǭ˽ǜũij˪ūѽ6њώѽƍѵǑȓ=ĤЩIcircTHORNũŋ΄ʽWƍРѽ6Фƞˏnakedтʣ=њώФ˛ŝũ[ǎiquestŚηucircІ˙ϛϾŋOumlфϛ6ФΪͻȈƅOtilde˙ϛλ6

44

Kurt Berman ndash General Manager naked Stables Private Reserve

With over 16 years experience in FampB and high end luxury

resort management Kurt brings a wealth of experience and

will lead the preopening and operations of our new resort ndash

naked Stables Private Reserve Prior to joining naked Kurt was

the preopening General Manager at Six Senses Laamu and

Resident Manager for Six Senses Soneva Gili by Six Senses Kurt

has also worked at other prestigious resorts including Fregate

his career in hospitality in FampB and was a trained Chef with

experience working in many prestigious institutions including

The Dorchester Hotel in London Kurt is from South Africa and

has a masters certificate in hospitality management from Cornell

University

Kurt Berman - naked私人度假村总经理

ϾѯŚɱϬƎijIumlŤŴoacuteƟAacuteOumlŎȓǑϏ=ƮϡĖĥOumlǑϏȭNtildeͰɒΪoacuteƟAacute77)$ 0OumlϱϛũРϱ6Фƞˏ)$ тʣ=10ЬEacuteˇŚ8szligȳĭǦ9+1ϱϛѵǑȓũ8szligȳĭǦ9-2 ((OumlѤacircǑȓ610ŻЬˇфЂamp0ˆŝETHũ1+4UgraveʙўɜoacuteƟˮTHORN610OumlϛʜzЂϬαϛ=ϚϡϞĸФŬucircўɜƉńVȂ-0-0 -$-ltľѽŚOumlρȡϾOumlnot˰610ȅѳɫč=sϴϾǰɪyumlAringλЃOumlǙacircŎȓλ6

Richard Johnston ndash General Manager naked Home Village

Hailing from the United Kingdom but with most of his working

life in resorts throughout Africa Richard brings with him over

20 years experience in General Management and Director level

roles in world class resorts including Azura Retreats Cape Grace

hotel and the Saxon Hotel Richard plays a key role in the set

up of systems training and operating standards His years

of experience and mentoring leadership style make Richard a

natural inspiration for our young hotel management team

Richard Johnston - naked 家园村总经理

RichardȅѳϯŘ=IgraveAringucircOumloacuteƟAacuteľѽiumlФмĸčљ=ϴϾŚɱOumlѴūŎȓũǁƐoacuteƟAacuteVȂAzura

Retreats Cape Grace hotel and the Saxon HotelltijʒŎȓǑϏ6RichardФƭȜ΄5ʅρũРαnѬĈɘʜѯŋƨѽϸ6ĖĥOumlǑϏũȭNtildeĘķ˼OtildeoslashͰɒɱʬOumlǙacircŎȓdivideϾѯѳʿOumlƊȘ6

45

Teun Hanegraaf ndash Sales Director naked Retreats

Teun obtained a Bachelors in Business Studies and Masters

in Strategic Management with a focus on Chinese Business

Culture Teun increased our corporate sales business by 350

in his first year with us bringing international companies

ranging from international conglomerates Unilever and Coca

Cola to more local institutions such as The Shanghai American

School and leading Chinese companies such as Bank of China

韩天宁销售总监

ȅѳŧȈɥEcirc=şɵϴϾ˙ϛλλλ5ЯɁŎȓѥѣЂѓŘ˙ϛŸlt6ȅƍOumlszligϞɱşɵƮŁOumlΝϛijȥ13=sŁAEligȅȥx˟ŘƙβOumlAringŁǸŲ=жʙѓϾŘƙAringʝϛȠūȚŴũǵǺǵȎ=ϚϾ˛ŝɐŘλΠUgraveIcircTHORNƉńũѓŘϫαUgraveѓŘȴʝϛ6

Oliver Yuen ndash nature Reserve amp Recreation Manager

naked Stables Private will be the first private reserve in China

with a wealth of new flora and fauna introduced to the project

from Sydney University Australia and as a fully qualified Ranger

working in many of the worldrsquos best wildlife parks Oliver takes a

special role in ensuring the environment of naked Retreats and

naked Stables Private Reserve will be full of life and a natural

self supporting eco system Oliverrsquos passion for both people and

nature make him the perfect person to teach our guests about

what we do and make their stay not only a relaxing one but

also a fun fulfilling educational one as well Oliver previously

worked in wildlife parks and resorts such as Azura Retreats in

Mozambique Mobala Private Game Reserve in South Africa and

Sydney Aquarium in Australia

袁鹏威 - 活动经理和度假村 生物学家

naked StablesƮѓŘszligϞĸϭljΪOumlцʾũiacuteʾOumlˆoacuteƟʵ6OliverѽϞɜGAringȚφͿɯAringλūķOuml˪λƝiacuteλƝ=ϡƎФǁĹTHORNOumlϙ˪iacuteВľѽOumlľѽе=Ф˼naked Retreats ũnaked StablesϾѯĖĥ˪ѱЕ5ʿѳĺOuml˪΄Oumlźǔľѽ˛QύѯіϘƶ˔6АʊoslashˆȏũѳʿOumlƊʮ˼ѻūOumlˆȅĵͰɒOumlǸˆͰɒѼOuml˷ɋ=sʨ˂ɒФжȕOuml˶ŒxLjLjČ=˶Ϛ˂ɒOumlǝѢǑșlOtildeϾǭΫcurren˹ũϾƷЋϤϦ6АʊтʣФɫčũGAringȚφͿɯѹŏiquestϙ˪iacuteВũWŰʵOumlľѽVȂMozambique OumlAzura Retreats Mobala Private Game Reservelt6

46

Philip C Davis Company Director naked Retreats

Phil joined the Board of Directors for naked Retreats hotel

management company in 2011 His previous board experience

includes Tian Rui Hotel Corporation holder of the master license

for Super 8 economy hotels in China and Hong Kong from 2006

to 2008 He also was a founding shareholder of Tian Rui and

served as its President and Managing Director from 2006 to

2008 He was a board member of Tian Xian Cheng a bai jiu

concern which is a joint venture between Pernod Ricard and a

2010

Phil was previously Chairman of the Budweiser (Wuhan)

International Brewing Company and Managing Director of the

AnheuserBusch business in China and Hong Kong from the

beginning of 1996 through 2002 From 2003 to 2005 he

headed the AnheuserBusch liaison office with Tsingtao Brewing

Company

Phil holds a PhD in history from Washington University and

started his career as a market researcher at a major advertising

agency in the US before moving to AnheuserBusch and

heading its consumer planning and new product development

functions in the 1980s

Philip CDavis naked 度假村公司董事长

PhilЂɱƞˏȥnakedoacuteƟʵǙacircŎȓŁOumligraveƁ6ϡĖĥOumlǑϏVȂФːǙacircƍˇф5ϡƎЂɱэɱФѓŘũѓŘΒIJEacuteˇSuper ǑƖǙacirc ʼnˆ6˶=ϚːǙacircƍOumlmiddot˽ʼnecirc=ФɱэɱʖƣEacuteˇƍOumlѵ|ũigrave6ɱэɱʖƣ=ϞƝІWȎȞƞũJǙ˪ȴʝϛƬɫūѱOumlʝϛ77ΐOumligraveƁГ6

iquestɱэɱ=Phil͵šBudweiserŘƙɳǙŁOumligraveƎѓŘũѓŘΒIJCŝyŁOumligrave6iquestɱэ13ɱ=CŝyũʫETHʌǙŁOumlȠɆdegOumlĤЩˆ6PhilϴϾŴ˭uacuteAringλOumlș˻дλvλ=ФǁɱCcedilȅOgraveCŝy5ĤЩΞĒŔŷũΪʑǭāĿɭтʣ=OumlϛʜzЂɐŘOumlϞƝœĵCcedilȓŁ=Eacuteˇaeligω6

47

OUR INTERNATIONAL TEAM

International team

Chief master planners amp architects

the urban landscape of modern China with Xintiandi in

Shanghai a commercial cultural and entertainment district

Since then the studio has worked on projects in very diverse

categories both small and large scale projects include mixed

use projects like the ldquoTiandirdquo in Hangzhou Chongqing Wuhan

and Foshan luxury villa and high rise residential complexes in

Shanghai and Vietnam as well as various boutique hotels and

Chalet Architects

A00 Architecture is most well known for their research

inenvironmental sustainability and its application to their

work in Architecture Interiors and Furniture Their portfolio

includes feature restaurants luxury spas retail stores design

conversion of dozens of historic Shanghai homes into highly

personalized residences

Interior Designers AIM (Architecture amp Design) brings expertise

in the combination of world architectural styles and design

influences to the interior designs at naked Stables Private

Reserve With the Shanghai office led by the two founding

on comfort warmth and a unique blend between African and

Asian design sensibilities

Landscape Architect

Design Land Collaborative (DLC) is a professional consulting firm

comprised of landscape architects and planners with an office in

Shanghai and the United States Projects have a strong emphasis

on cultural resources historic preservation and ecological

design involving both the public and private sectors

ͰɒOumlāЮdivide

ɴǵϡΑάOumlёȣ

ŘƙŸdivide

首席规划师和建筑师

benwood Studio Shanghai OumlсɜΙɧтϞѠĨШ˛ŝΪTHORNľ=˼ʙƍ˙ϛ5Ÿ5ЄȎϞOumlʵЉ6тŮ=ЁƻȥĹȏŔɟAringΟOumlΙɧ=VȂţјOumlͻůTHORN=іʱ5͵šƎę˗OumlŤŴpϡƎФ˛ŝũЛɫOumlijѢЭʵ=ȮŻϾФѓŘƎˉ_OumlĹȏǐʑǙacircƎoacuteƟ6

小圆房建筑

AOO Architecture ФźǔWŰƎǵ θāЮĈɘϾѯѭЛOumlƭ=s˘ƮʙƭϰϸЂɬƝѩ6ɒƻŚOumlΙɧVȂ˔5ŤŴȤѓΫ5ȫ˙acirc5ˤƗίǙacirc˛ŝυНǙacirc lt5ˆoacuteƟϡƎϞ΄ȧOuml˛ŝș˻ѢЭOumlCcedilŸƎˆŸĨШ6

ɬ ˤƗ˰AIMƭѡˤƗltѥѣЂǁƭѡĘķũˤƗOumlɐƿū=ϭNtildenaked StablesOumlɬˤƗ6ФȅѳŧȈũaȚ˶OumlūѽmiddotTˆȭNtildeOuml˛ŝTdegOumlUѠ΅=ˤƗѣі5ũφčˤƗȓɲOumlntildeˊū6

景观设计

Design Land Collaborative (DLC) ϞƝiquestǒōˤƗІŔŷOumlѥϛѰξŁ=Ф˛ŝІɐŘǩˤϾēрƉń6ʙΙɧ˘ЂŋѣŸș˻ĻЕ=ƿūźW˪ǴƔ=ѥѣЂŁŃƎϾTHORNOumlŔŷ6

48

Engineering amp Project Management team

Scott Wilson Group PLC is a globalintegrated design and

engineering consultancy for the built and natural environments

Scott Wilson is responsible for the project management the

electrical and mechanical engineering for the project

Environmental Consultants

Environmental Resources Management (ERM) a leading global

provider of environmental health and safety risk and social

consulting services ERM deliver innovative solutions for business

and government clients helping them understand and manage

their impacts on the world around them ERM have 137 offices

in 39 countries and employ approximately 3300 staff

Sustainability Consultants

Bisagni Environmental Enterprises (BEE) works with the

engineering and design teams to ensure the environmental

goals set out at the inception of the project are achieved

LEED Consultants

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

Local Design Institute

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

General Contractor

and have been responsible for some of Chinarsquos most iconic

properties such as the World Financial Centre in Shanghai

工程及项目管理团队

Scott Wilson Group PLCϞƝʺʳŔɟOumlźWˤƗƎľѰξŁ6Scott WilsonĤЩΙɧOumlaacuteʠƎƉΤľ6

环境咨询

Environmental Resources Management (ERM)ϞƝʺʳαϛȭѰξŁ=ŀźǔWŰ5ƫǰCʺƎŁŃˣƁĘΌUgraveѰξĞ6ERM˙ϛƎоġɑǸŲŀĨĶβOumlǀǧĈF=UѠɒȥǀsŎȓʙǑϱoslashˣƁźǔAEligȅOumlϳΗ6ERMФʺʳϾ137ĸēрƉń=myĸŘƝ=ϴϾAringК3300ɜГľ6

可持续发展咨询

Bisagni Environmental Enterprises (BEE)ІľˤƗdivideΑűūѽ=ϡʽWФΙɧǭ˽ƼotildeˤȜOumlźǔWŰǵ θāЮɧnOumlȚ˹6

绿色建筑认证咨询

Shanghai Pacific Energy Center (SPEC)ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlŁтϞ6

本地设计公司

Shanghai Baoye Construction Corp Ltd ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlαϛȭŁтϞ6

总承包商

ϞƝŘƝƐľVŁ=ϠƻȥηucircѓŘnьβΙɧ=țˍ˛ŝźʳDŽˊѓΫ6

49

naked COVERAGE

wwwcnngocom

ldquo25 killer things to do this summerrdquo

26 April 2010

Time Magazine

ldquoRun to the Moganshan Hillrdquo

新浪博客

ldquo避世的可能rdquo

31 December 2009

wwwenglisheastdaycom

ldquoThe first batch of ldquoChina Treasured Towns ldquo released

December 2009

Shanghai Urbanatomy

ldquoGet naked this time with horsesrdquo

Shanghai Daily

ldquoGreen MaGIC Casts design spellrdquo

14 October 2009

新浪商品

ldquo中国最佳设计酒店大赏rdquo

September 2009

wwwchannelnewsasiacom

ldquoChinarsquos green resort allows travellers to vacation on good consciencerdquo

2 September 2009

wwwbijianlinblshecom

ldquo莫干隐居rdquo

25 Aug 2009

wwwassociatecontentcom

ldquoThe Exquisite Moganshan Mountains of Chinardquo

Ɏ

Wikitravel

ldquoMoganshanrdquo

德清新闻网

ldquo承包国营林场建造生态ldquo逸站rdquo

wwwsinoeventcom

ldquo亚洲旅游地产及景点峰会成功举行rdquo

wwwchinatravelbrandingcom

ldquoPursuing Green for Greenrdquo

wwwbrandrepublicasia

ldquoMaking moves towards ecofriendly eventsrdquo

7 May 2009

wwwhandsonshanghaiorg

ldquoHands On Asia Conference Summeryrdquo

May 2009

wwwmyvacationcn

ldquo莫干山居rdquo

3 April 2009

wwwshanghaidailycom

ldquoThe naked truth Time to clean up Moganshan litterrdquo

4 March 2009

wwwgreennovateorg

ldquoMoganshan Project Kick Offrdquo

13 February 2009

Travesias

ldquonaked retreatsrdquo

Feb 2009

合肥在线

ldquo大山里的裸家族rdquo

20 October 2008

wwwentrepreneurcom

ldquoThe arrival of the Olympics showcases Chinarsquos burgeoning entrepreneurial spirit ldquo

7 August 2008

50

Shanghaiist

ldquoWeekend escape to Moganshan 莫干山rdquo

9 April 2008

私家地理

ldquo艳阳下的荫凉rdquo

30 May 2008

City Weekend

ldquoGet naked in Moganshanrdquo

25 January 2008

wwwbundpiccom

ldquo在这绿中撒点野rdquo

wwwhuzhougovcn

ldquo相中德清筏头的青山绿水南非客商莫干山下建生态逸站rdquo

wwwurbanatomycom

ldquo24 Hours in Moganshanrdquo

wwwhkheadlinecom

ldquo杭州莫干山竹林深处人家rdquo

15 May 2009

wwwnewsweekcom

ldquoBack from abroadrdquo

May 2009

Chinatravelnet

ldquoMoganshan A Heavenly Hideaway of Bamboo Forests amp Tea Plantationsrdquo

April 2009

wwwmzztmcagovcn

ldquo2009年踏青乐游路线推荐大公布rdquo

16 March 2009

第三媒体

ldquo规划一条畅快随性的踏青之旅rdquo

28 October 2009

wwwdqnewszjolcomcn

ldquo三九坞 ldquo裸家族rdquo钟爱的世外桃源rdquo

28 October 2008

ldquo自驾行天下rdquo之中国莫干山rdquo

Sep 2008

ldquoShiffting Gearsrdquo

Sep 2008

April 2008

Chewed up amp Spit Out

ldquoGet nakedrdquo

19 February 2008

ldquoBest Weekend Getaway Hotels Shanghairdquo

富世

Ecoefficient hotel低碳下榻

April 2011

Spa China Guy 男士派

Experiencing The Unique

2010

Cosmo 时尚

跨洋建屋隐居不隐世

April 2010

Global Times

The Mountain of legends

Global City Geography 城市地理

莫干山 naked Retreats 都市人一ldquo裸rdquo到底的山居生活

Dec 2009

China Daily

Rural Retreat

20 March 2011

China Daily

4th March 2011

Modern Weekly周末画报

圣诞低碳游

Dec 2010

Elite Traveler 携程自由行

旅尚

Esquire

Hidden Best Restaurants

Feb 2011

51

52

53

Page 4: Detailed Investor's Report

3

PURPOSE

This report invites people who are looking for a lifestyle holiday home in the country close enough from Shanghai to nip away

quickly and far enough to get away from the pollution and noise This report is intended to assist interested buyers in understanding

the offering and help make informed investment decisions

The key objective of this report is to provide potential purchasers with a greater understanding of the prevailing market conditions

with particular focus on

жĕYĵыФϗʰɨΡнФжĸŘoacuteȕοбϾѯ˪Ƃ˶˜ĭ5ȑ˛ŝNjǢȑɭņŬǽąſsʨЗȑϴƑІιΜOumloacuteƟͳ6ϖжĕYĵɭUѠɨΡʤФϛѝȥǀͰɒOumlϹƀϡƎUѠɒѼѱǧ6

жĕYĵOumlіagraveʤФϛѝФϡ΅ƒĸĈɘŀѻAringOumlUѠ=ȅ˼ʙȥǀжϞΪίȓɲOumlʣǒ

This information has been provided to assist the recipients in deciding whether they wish to purchase a Treetop Villa at naked

Stables Private Reserve located in Moganshan Zhejiang Province in China We have relied upon information from sources generally

regarded as authoritative Whilst the information has been prepared in good faith and with due care no representation is made for

the accuracy of the whole or any part of the publication

жΡάͽыФsup3AumlĺɨΡʤФϛѝ=ȅUѠɒǧegraveĚѬ]ФЂѓŘзƯˬɢī˗Oumlnaked StablesŅɈfrac14ʑ6ͰɒϟDzɨΡϾѯʹβȅЕOumlάͽ6жΡǐΫѬ]sʨϾѯϞegraveŋѣoacuteOumlάͽ=ʙʺƆēordfPOumlǐʽoacutesɍϾOtildeOgraveʺʽˈlt6

oacuteƟAacute

ƉЊ

ʑ

ſY

ɧOuml

4

5

FAST FACTS

Resort Development

The resort will include the following facilities

and halls

picking horse riding archery and many more thrilling activities

poultry

within the resort property

different ducks geese and swans

ȉ

度假村的发展

oacuteƟAacuteƮϴϾ΅ȧˤ˲

icircccedilpŃƣĉlt

icircДΰΟͳϞϞicirclt

ϸЂϕƝɇOumlɇǚ

ĸϽ϶iexclĸФeumlˉ϶iexcllt

ƝxĘOuml

ʒɔOumlƁϨǹƣ=VȂĸxOumlĉƣũȖ

ƫǰѓΫVȂĸSPAŏũƣђȤlt

thornˉѓΫ

ƂiacuteѓΫVȂ˗THORN5zȾα5cedilaring55ʛɇ5ˢƩϡƎηucircʙfrac12ƊǏΌOumlƂiacuteΙɧlt

oacuteƟAacuteŀϾũƝʪOumlˆϾƉɸ

ѕxѕȏOumlϙ˪ȻŀfŰOumlˆWŰʵ

6

Tree Top Villas

The Villas on offer are a first for China They are elevated above

the ground and protrude from the tops of 20 meters high pine

trees seemingly floating on the tops and therefore their name ndash

the Treetop Villas Built from Steel and Wood these Villarsquos are

to challenge the paradigm that luxury can be environmentally

friendly

Resort Services Offered to all Tree-top Villa Owners

树顶别墅

ccedilpФѓŘŻfrac34ordf6^ȑTHORNɘ=sʨФɔijOumlAgraveѓOtildeķɛ=ǯʜȅǜΚğФccedilт˛=ccedilpOumlɜϻfrac14yacuteȅ6ϸĮũɦƭШ=жΡpыФЯșȅOumlĆț77ˡcentϚɭˍfrac14THORNІѳʿźǔũΣŃdeg6

5ϡƎOumlp

ѵŃϾƣp

CcedilĘķnotĉ

DɠЌį

˞DZ

ɬ5

γͽ

ɏĸĉƣiumlϾˡŴOumlˆЌ

ǠAringOumlϒdegФ˕ȩccedilʈт˛

ͶέƐOumlaacuteʡˤ]

OcircŘɼŁOumlacuteŲȀơ

ɐŘSafelok ˢʐ˺pɑ

AEligϾΆˉŒΐƱĿɭOumlUacuteĝˢtȟ

oacuteƟAacuteϛŎȓ

oacuteƟAacuteĤЩϾOumlŰ

ǠAringOumlŃΘʵЉɤŁʯlt

提供给所有树顶别墅业主的度假村服务

oslashɴOumlpljαѴūOumlαоŎȓ

pɬOumlŰ

ˆŎƝĞ

αȔĞ

ƝоĞ

ϾŁϸʵOumlŰ

ϾOumlǒōɐŸ

ŞbrvbarĊђ

űȠƻˏ

έaacuteĞ

ȃƇƍ

ŀ΄

ϾŁϸʵOumlWΌ

Ο˶CW

˪ɝũΞĊCʺ΄

oacuteƟAacuteɬOumlƳР

7

Position

property

Financial Benefits

boutique development including only thirty tree top villas

should appreciate in value over time

the naked Stables Private Reserve and naked brand name

properties holiday homes and quality branded residences

increases

part of the resort room inventory

位置

Ђɢī˗˗ȸ

ЗȑιΜ=pϙɬɍϾƆй

ѳʿ˕ȩ

pdegФŝIɔϡ˛

ĸǢȑp13ēєȺOumlijyumlěʳ

ϮcOumlˆ˗ň

财务收益

LjϾƣǐʑ˪˝p=ɴOumlntildeϞʹĀOuml6

ϴϾũTHORNʞ=ˉŮɴϾegravesЫчOumlϛ6

ɴOumlƠчƮІ҉аoacuteƟAacuteŁϡƎʑʁȠϱyacuteЫч

ɴOumlƮϩoacuteƟAacuteϛ˩5oacuteƟͳ5ʑʁѢЭyacuteЫч

ϛѝɏɱƮƁϩoacuteƟAacuteɱoacuteʃagraveyacuteΘϾ θOumlˏ6

8

LOCATION

MAP of Shanghai to naked

County on the foothills of Moganshan Scenic Mountain

By Car

With the opening of the new Shenjiahu highway in 2010 the

traveling time to Moganshan is 2 hours drive from downtown

Puxi in Shanghai and also 2 hours from Pu Dong airport

By Train

With the opening of the new high speed trains across China

guest can now get to naked Stables in under 2 hours traveling

on the train from Shanghai Hongqiao Hub to Hangzhou and

onto Deqing Total train time is less then 1 hour

SITE MAP

地址地图

THORNȓя

从上海到naked的地图

pѾɅЂɢī˗Ęǒʵ˗ȸdegOumlOcircʭΎǔɬɤOumlˆѳʿWŰʵ

驾车

ѯɱ˥ƛůijOuml=iquest˛ŝʕͻ˙ϛʵƆʕecircƉOgraveɢī˗ǩъεΟ˶6

乘火车

ѯősup2ѓŘOumlijOumlˏРϱ=ȾǸiquest˛ŝŭʦǸРѓΫOgraveţјϡƎOcircʭΎOuml˶ƣʒǩ˟ЂΟ˶6ФƄ˛Oumlѵ˶ƣ˟ЂΟ˶6

9

10

THE RESORT

The experience

We believe that true luxury in the modern world is not

necessarily about designer labels and huge international brand

names but about privacy space spending quality time with

loved ones and rejuvenating your senses with nature All of

these elements have been brought together seamlessly at naked

Stables Private Reserve

After a refreshing welcome in our vibrant clubhouse your butler

will whisk you to your villa by electric golf buggy Enjoy sunset

cocktails on the deck and luxuriate in the sweeping views of the

bamboo forest whilst your butler unpacks your bags and dinner

playing the whole family congregates at the dining table and

dinner is served After dinner soak away the stress of city life in

your private jacuzzi on the deck as the stars wink overhead

Saturday morning starts with a hearty home cooked breakfast

and the thrill of a day filled with experiences in the mountains

Explore the local hills and forests on mountain bike Rejuvenate

and refresh in the sanctuary of the naked Leaf Wellness Centre

After a swim in the pool lounge in your villa hammock with

family and friends sharing precious moments

Kids will love the daycare centre with outdoor play area kids

pool art jamming music and laughter

Get your Sunday off to a great start with a family horseback

reintroduced to the hills Stretching and yoga are on offer in our

hilltop pavilions as well as tai chi kung fu and meditation After

fine tuning your archery skills finish off the day with a spot of

fishing in the nearby lake

If you choose to venture out of your villa for lunch enjoy

creative and delicious comfort food at either the pool cafeacute

or clubhouse Gourmet pizzas organic salads and artisanal

sandwiches will tempt you at the poolside Innovative Afro

Asian bistrostyle dishes are on offer in the clubhouse

oacuteƟAacute

经验

ͰɒΑάCcedilǁOumlинˡcentsxϞegraveϡijƐʑʁnьƆўɜOumlŘƙʑʁ=ʼϰħϴϾˆOumlǹƣ=ІΫBOumlˆŃoacuteɐťOuml˶Œ=sʨФѳʿźǔȕŽāʫsup1ƂȞ6ϾOumlжΡЏiumlƮФnaked Stables6

OgraveAumlƁŮɴƁOtildeOgraveͰɒĞdivideOuml˅ʮƻEgrave=ɴOuml˦ŎƝƁǭѯaacuteiacuteТɴOgraveɴOumlˆp6ˉɅ˶ēФϒΘϞZƋǙ=njФɊόOumlќŝтѓ6Іfrac14˶=ɴOuml˦ŎƝƁUɴΥ΅αȔѬ]=ĺɴAEligȅϞѕФƝOumlĭ6RѯɴBOumlϪȎ=ʺƝˆѾФѮiΘϸ6ćŮ=RѯɊĄέ=ФϒOumlˆDɠЌįȕżǀɴ˪ƂOumlτȞ6

їȳOumlЧ˽ЂϞuacuteĖ˭OumlƝЧ=ϞOumlǏΌfrac12ƊƂiacuteƮ˗ѓтȾ6ʛѯ˗THORNāǥIcircTHORN˗plusmnũ˕ȩOumlɕɖ6Фϕ˪Ɓŏѓaeligȓ˂ɴlOtildeĽƞcurrenɊƂȞ=ФϽ϶iexclРiacuteϞăтŮ=ȊϑϑOumlФpOumlaumlpara˛ļƝˆũʉϿŃoacuteɐť˶Œ6

ŜѲɒϚƮƁB˛thornѓΫ=ФжȕoacuteŚǽȎOuml˶Œ=ϩжȕϾƂiacuteTHORN5thornϽ϶iexcl=ƏήűiacuteŶ5ϪȎ6

˂ɴOumlїˉiquestІƝˆOumlʛɇϽȨǭ˽6ɴƮϾƉƁϞograveͰɒіΪϭˏ˗ѓOumlIcircTHORNȻѕ6Ђ˗ccedilOumlŏȕϾҋҀ5ƌ5ĿěUgraveƂiacute6ˢƩȡтŮ=ȅĦNjůicedilaringƿжϞтȾ6

ˍřɴκЪxФpȕͷ=϶iexclǬĎƆеǣȎiumlƮɴΘϸntildeɐOumlxĀκЪ6϶iexcliǬĎȕOumlɐ˸Ɲʍˑ5ϾƉ˔ȄϡƎľ˓ɛђiumlƮЀ˼ɰʸϞǗǕ6ǣȎȕŀϰΪʚOumlφčĘOumlґ6

11

In the evening join the visiting winemaker from South Africa for

a private tasting in our wine cellar followed by an outstanding

dinner featuring a myriad of organic and seasonal produce

sourced directly from the farm All dishes in the restaurant are

designed to be shared and enjoyed together

The warm summer months are filled with afternoon bbqs

evening musical performances in the openair theater and sun

dappled memories at the pool

Winter is crisp and perfectly peaceful as snow dusts the bamboo

forests Log fires crackle in the bar and winter cocktails warm

from within

Memories are created and moments are shared a naked Stables

Private Reserve

˛=ϞʜKċȅѳɫčOumlɳǙ˰=ФͰɒOumlǙѨȕʑɐǙ=ŻϾхƻȅѳɸOumlϾƉOumlΪΈ˸OumlĖ˭6ϞʜȅΘҗҖĺɴAEligȅOumlНH6

҈ϤOumlΆƕ=жȕɊͷŮ˞DZ=ȹǤOumlϝϪȎύordfϡƎ϶iexclȕϒŒLwOumlɐťſϥ6

жȕOumleumlƕʒǓΕũ=JμĢĩѯќŝ6ǙHȕ=ɦФƄѓˀ˞āordfʋɿ˩=ϞZeumlƕƋǙɭ˂ɴɻũηucirc6

ȅnaked StablesjуſϥΘɐť˶ŒH6

12

13

14

GREEN DESIGN amp CONSTRUCTION

LEED Green strategies

All about LEED

Developed by the US Green Building Council (USGBC) LEED

(Leadership in Environmental Energy Design) provides a concise

framework for measuring green building design construction

operations and maintenance LEED Platinum rating is the

USGBCrsquos highest rating with strict criteria encompassing energy

savings water efficiency CO2 emissions reduction improved

indoor environmental quality and stewardship of resources and

sensitivity to their impacts A LEED Platinum qualified building

should use at least 30 to 40 less water and electricity than a

normal building At naked some of the things that have been

done in aiming to achieve this award are

recycling

flushing and irrigation

water

waterless urinals

buildings

consumption

ɀ˔ˤƗІƭˤ

绿色建筑认证

关于LEED

ϻɐŘɀ˔ƭѡƁāʜ=LEEDɀ˔ƭѡˈпltȣɀ˔ƭѡˤƗ5ƿń5РѽϡƎŰŀƥƾOumlȀơ6LEEDɐŘɀ˔ƭѡƁ˄ƽɭ5ѱЕȚϸȿ5ƱUacuteĀϓŸʀČ5˫ɬźǔёȣ5ѱЕŎȓƎoslashʙϳΗOumlɚĭoacuteψķnѬOumlѻijưΙ6ϞmicroϴϾLEEDˈпOumlƭѡϰħaʔƭѡ˟˼ϸOumlaacute6Ф =ͰɒϚѼȥŬucircľѽȅлʷOtildeOgraveжĸưΙ

ƭѡƽˬȥ13OumlɭЕ˼ϸ

ƭѡƽˬȥOumlϸȣ

iquestͳccedilũɇȺƍȅOumlЅϸЂҔͲOumlνźȚϸ

ϾҔͲũđiuml^ſϸЂyenũŐĪ

LJA˗ňȱOuml˳THORNǖŸȥƂ

˼ϸUacuteȱȣOumlЌŊegraveѩяϡƎɶ˾umlɇɗyen

Οkiexcl

ϸЂЎ˅Oumlϒɭ˅ƞ˅ʠ

ϸЂƞ˅ũȐʼƭѡOumlƽɭЕкʢ`

pѩϾ˅ſѩяȅƱUacuteɭЕΞŦ

15

use Incentives given to reduce energy consumption

a factory 20 minutes away from site

window frames bricks and roof tiles

Council)

material

property

recharging stations

within a radius of 800km

CѩФϾp˛OumlɭȣƗϸȅƢethǸˆOumlɭЕ˼ϸʮ

ȁ6ŻɭЕΞŦOumlƦ˟ŀuumlOumlưȘ6

ϸ˼ϸќΧdzȝOumlŗȷƞ˅ŀɻ6ќΧdzȝȅѳǢȑͰɒ

ēєȺЗOumlϞƝľ

ϾOumlʥũacuteŲiumlijoacuteǨЖ

˼ϸɘŒŵOumlUacuteĝˢtȟ

˼ϸUacuteʀČOumlȦ

˼ϸſȚϸOumlǛɦёͳccedilơ5џѲ5џƈ5acuteȀ5ѦǼũ

ͳccedilʎ

Ś13OumlɦϻFSC˕ȩŎȓГƁltʹ

˼ϸǵУ˪OumlŸќѐTHORNO

pɬʺ˼ϸLEDtimesũΟίOumlϲŒtimes

oslashϾƭѡѻAringoacuteOumlljαѳʿŒũĘ

ѝTHORNъПηijyumlěljˏ=ijyumlěϻϒɭŀaacutesɭФ

ѤTHORNcurrenaacute

OumlƭѡȦiumlȅѳĈДŁȕɬOumlʵЉ

Ś13OumlƭѡđȦ^ſȚϸ

ϾoacuteƟAacuteOumlȃƇiuml^νźȚϸ

notĉũȃƇ^ϸѽĐȦ

oacuteƟAacuteɬϴϾϾƉųВ

іΪϭˏϙ˪iacuteIcircTHORNȻѕlt

WŰѳʿiacuteцʾ

16

17

THE DESIGN IDEA

Tree Top Villas

树顶别墅

To touch the sky at night and look down on the forest in the morning is what owners of the tree top villas will experience High

above the forest canopy 30 luxurious homes are perched in the tree tops Spacious wooden constructions with large sundecks spill

into the panoramic views of the mountains

macrɞҌҍOumlϝǹ=ϔѪȗOumlҐ=жǜϴϾccedilpOumlˆɒntildeΘOumlҕȞǒ˔6icircŤŴѢЭʗͽФ˕ȩŌт˛=pǡϞķ6аФǾOumlɦѐΟͳѓ=œOumlɢī˗ʺǒǍόYacute6

Each villa is built on stilts to minimize its physical footprint and maximize the views for its discerning owners The prefabricated villas

are made by innovative construction technology known as structural insulated panels (SIPs) With high insulation value and zero

construction waste these lofty eco dwellings are like no others offering you an energy efficient home that is beautiful and at one

with nature

ccedilpOumlƭѡaumlƵȵƿń=iquestyacuteƦ˟oslashБ˽˪źǔOumlϳΗ=sѻAringΏoacuteOumlЮϹɐOumlǒ˔6жΡЎѐOumlpϸѻΪǴƔOumlƿńWOѐШOuml6ccedilpOumlˤƗтѽ=ʹđȦͲˁssectѳʿ=ŀϞĸЁϾʑЁʩNjѳʿOuml˪ѢЭ6

The villas are intended for life Overlooking the mountains and forest below each home has a very large outside deck

complemented on the inside by an open plan kitchen with all the latest amenities dining room living area and opium den for

relaxation and entertainment Large sliding doors and full wall windows welcome natural light while sophisticated air conditioning

systems ensure your comfort Double layered glass keeps the view in perfect focus hushing all sounds to perfect stillness Wooden

floors soft lighting and high ceilings add a sense of warmth and space

ccedilpѥ˪Ƃyacuteƭ6Ġғ΅ɘOumlʾ˗ũ˕ȩ=ɏicircƭѡǩˤϾǾAringOumlϒ=ʆϡCcedilOumlмǭČ˾notĉ55˪ƂʵũČЄȎ6ǾAringOumlȄɑũмɘɅTHORNAringacuteǵɩѳʿˉŒ=˶ljOumlǹaelig΄ǵʽWɴOumloacute6tȟǵȯɴФѻƜƶoacuteΩ˚ɐǒOuml˶xƁOgraveĹѕ˩ϪOumlī˃=ntildedegЂϞʎǓтѓ6ʿOumlɦTHORNO5ˌũOumltimesŒũǹOumlųϣЫȥɻũǹƣĭ6

ˤƗȓɲ

18

Tree top villas

Roofs thatched

19

20

FLOOR PLANS

Treetop villa 2 bedroom villa ccedilpȢͱĉ

ʒɘ

Interior area 室内面积 13768sqm

Exterior area 室外面积 50sqm

Total usable area 实际使用面积 18768sqm

21

Level 1 一层

Interior area 室内面积 7088sqm

Exterior area 室外面积 102sqm

Level 2 二层

Interior area 室内面积 668sqm

Exterior area 室外面积 398sqm

22

Treetop villa 3 bedroom villa ccedilp˓ͱĉ

Interior area 室内面积 20214sqm

Exterior area 室外面积 664sqm

Total usable area 实际使用面积 26854sqm

23

Level 1 一层

Interior area 室内面积 10334sqm

Exterior area 室外面积 118sqm

Level 2 二层

Interior area 室内面积 988sqm

Exterior area 室外面积 546sqm

24

Treetop villa 4 bedroom villa ccedilpͱĉ

Interior area 室内面积 2667sqm

Exterior area 室外面积 863sqm

Total usable area 实际使用面积 353sqm

25

Level 1 一层

Interior area 室内面积 136sqm

Exterior area 室外面积 168sqm

Level 2 二层

Interior area 室内面积 1307sqm

Exterior area 室外面积 695sqm

26

FITTINGS amp FINISHES SCHEDULE

EXTERIOR AND INTERIOR FINISHES

External walls

Structure is built from steel and SIP (Structural Insulated Panels) External wall is cladded with painted fiber cement board

Internal walls

emulsion paint

Ceiling

Ceiling is finished with emulsion paint

Flooring

Bedroom is finished with heavy strand bamboo flooring

Balcony

Balcony floor is finished with Wood Plastic Composite decking (M wood) Railing and trellis made with Liu An wood Balustrade is fitted with metal and Liu An wood

Window

bedrooms are fitted with double glazed LowE glass and Roto hardware

Kitchen amp powder room

Floor is finished with natural tile Kitchen cabinets and sink are provided Kitchen counter top is fitted with natural stone

Bathroom

Wall and floor are finished with natural stone

Doors

Entrance door is made of solid core timber fitted with Saflok RFID locks Bedroom doors are fitted with hollow core timber fitted with Saflok RFID security locks

ƭѡȦƎˤ]ɛ

室内外材料

oacuteƟͳʥ

oacuteƟͳƿńˤƗĮƿńƎƿńWOSIPlt6ʥϸΉɮOũʘ6

ɬʥ

ǸćƎͱтɬʥǩϸĔƎˎƲʘ6

ų

ųɘˎƲʘ6

THORN

ǸćģūɦTHORNO6ͱіќTHORNO

ȹ

ȹϸɦOʓʟ6ʈȲҎɦѐШOuml6ȇĬϸDŽрƎȲҎɦĜ6

acuteŲ

Ǹć5ͱOumlacuteŲϸȽɦѐacuteȀʆ-3ѓǹtȟƎ-0-ͶDŽʆƪ6

notĉ

THORNϡƎɘϡʿTHORNѦʓʟ=notĉŀlaquoŖϡƎʇ6notĉɘʿ˵6

Ќ

Ќʥ˦ƎTHORNϡʿ˵ʓʟ6

ɑ

ˏǺAringɑϸ˹Ψɦɑʆ˛-)ljordfɑNJ΄6ͱɑϸǹΨɦɑʆ˛SaflokljordfɑNJ΄6

27

MECHANICAL AND ELECTRICAL INSTALLATIONS

Heating and Cooling

AIRWELL centralized water source heat pump is provided Fresh air intake with heat recovery system is installed

Electrical provisions

are provided

Electricity

Concealed conduits are provided Threephase electricity supply with miniature circuit breaker distribution board is provided

TV telephone and internet connection

Satellite TV with all major international channels

is provided in all the villas Telephone outlets and wireless internet connection is provided

Hot water supply

Huang Ming solar hot water heater and Rinnai gas water heaters are installed for the villa

Water supply and pipes

Concealed copper pipes are used for both hot water and PPR pipes are used for cold water

The resort will be patrolled 24 hours a day CCTV system is in operation throughout the resort 24 hours a day All the villa front doors and bedroom doors are fitted with Saflok RFID security lock system

APPLIANCES TO BE PROVIDED OR INSTALLED IN EACH DOMESTIC

UNIT

机电设施配套

ŀɻũѐȐ

ɽyumlƍѓ˾Е˅`΄6ΪĘ˅ſ΄6

Ɲaacute

ʆEΐNtildeŎOumlǭŋϡƎѿ6

aacuteȞŀϰ

ѩϾϮ˾ΐȺ=ʆϾίoumlȺʠ=ʆaacuteΓOuml˓ΑaacuteЕŀϰ6

aacuteƎςˤ]

έaacute=ʹΐaacuteŹũʹΐȺ6

˅ˤ]

žɛϒɭ˅ʠƎȩɬɌʡ˅ʠ

Ŏ

˅ŀϰŎǩϸϮc˾ĮŎ=ȐŀϰŎŎ6

WCˤ]

oacuteƟAacuteˤϾϾΟ˶ѽOumlgȺaacute΄ϡƎΟ˶OumlπɄ6ˏǺAringɑƎͱϸSaflokljordfɑNJ΄

标准住宅单位附送以下设备

Stove BAUMATICExaust fan BAUMATICOven BAUMATICMicrowave BAUMATICFridge BAUMATICBARMini fridge (2 3 bedroom) BAIXUEWine fridge (4 bedroom) BAUMATICBEDROOMMini fridge BAIXUEBath KOHLERTERRACEBarbeque grill

TelevisionDVDBATHROOMShower KOHLERBasin KOHLER

notĉ aacuteraquoȷ ʄɇUcircǷnotĉϼχƉ ʄɇUcircǷnotĉaacuteDZΓ ʄɇUcircǷuȷ ʄɇUcircǷɬяrΓ ʄɇUcircǷHΟrΓ=ĉlt JμǙŖĉlt ʄɇUcircǷͱΟrΓ JμЌį Ǵȍȹ˞DZΓҒĉaacute ɯDVD ɯЌȪЌʠ Ǵȍʇ Ǵȍ

28

NOTE

1 The Developer reserves the right to substitute other materials

or appliances of comparable quality and standard for the

intended items as listed in above fittings and finished schedule

2 The fittings and finished as listed above shall be subject to

the terms of formal Agreement for Sale and Purchase Those

provisions may have slight variation in the color measurement

3 The Developer reserves the right to make modifications and

changes to the building design fittings and finishes without

prior notice

4 Fittings and finishes of the Special Units may be different

from those of the Typical Units

备注

āЮ˙WȰϞʧʹȞ=Dв˹ƙʮȁεϘϡUgraveётƭѡȦϡƎˤ]Ccedil˛ȧĹΙ6

˛ȧĹΙȦϡƎˤ]ǩϡн˾ɈɉūКOumlǿщegraveѬ6ĹΙƭѡȦƎˤ]ǵɭƁФϋ˔=ȣoacutepoundAcirc5ȓ5ѺуƎƆľ˛ordfʬp6

āЮ˙WȰϞʧʹȞδeacuteϡƎĽĨϛOumlˤƗ5ƭѡȦϡƎˤ]ʹεȮαс6

˔EumlЏOumlēƭѡȦϡƎˤ]І˛oȧĹΙǵɭϾx6

29

PURCHASE OPTIONS

Buying a Tree-top Villa at naked Stables Private Reserve involves signing a Sale and Purchase Agreement with the development

company and a Lease and Management Agreement and Deed of Conditions with the Hotel Management Company The Management

Agreement requires the purchaser to lease the property back to the Hotel Management Company to manage on the ownerrsquos behalf

There are two different plans which are available for buyers

在 naked Stables 购买一套拥有不动产权的树顶别墅包括与发展公司签署一份买卖协议以及与酒店管理公司签署一份租赁管理协

议和条件契约管理协议要求购买者以业主的名义向管理公司出租其别墅以供其管理买家有两种方案可供选择

ŅɈκΙ

30

OPTION 1 - FLEXIBILITY

1Owner Usage Rights

Zero usage restrictions

Early reservations are required to secure Villarsquos especially during prime and peak seasons If a Villa Owner does not provide the

required advance notice for a reservation the resort may be required to offer the owner a different unit or in the worst case no

availability at all

1 业主使用权限

ȫ˼ϸΏѐ

ϘʴʣЎegraveˏѢp=ϺʙФƐƕ6ˍřpϛѝɍϾŀϘʴOumlϸЂЎegraveOumlЎс=oacuteƟAacuteƮʙŀȮϞdegѢdeg=ƆеѻЦĴOumlʮȁɍϾǹĉ6

2 Rental Revenue

2 租金收入

a Rental revenue

Whilst not in residence the owner will be eligible to earn a pro rata 36 of the room revenue generated by the Reserve during their

absence Ie Everyday the revenue generated by the entire resort is divided amongst the owners not in residence on that day When

an owner is in residence he forfeits his opportunity to earn revenue

ѸDŽˏ

ϛѝxǝѢʖƣ=ƮOtildeOgraveoacuteƟAacuteordfѸʙĉͳOtildeϧOuml6ɏoacuteƟAacuteordfѸɨΡxǝѢФfrac14OumlϛѝOumlĉͳOtildeOumlϧƮ^ʒǩēʆĺжΡϛѝ6IcircϛѝǝѢФʙpȕ˶=Ʈ˱ʸƅOtildeϧOumlƉƁ6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

选项1-灵活性

31

c Cashing out your returns

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

gtƮɴOumlſYŚDŽĈ˾ʷordf

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſYϧ6ˍřϛѝκЪxʷordfOumlϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3 有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecom services

included in the Services Fee to the owner whilst in residence The services fee is 300rmb per room per night This fee is charged on

all rooms regardless of which are in use

4 服务费用

IcircϛѝФoacuteƟAacuteǝѢ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸѓ6ɏĸĉƣɏOumlĞĒϸЏˆəe6жĸĒϸΛϾĉƣʷOuml=xɃfrac14ĉƣĚФ˼ϸ6

5Maintenance

4 of hotel room revenue will be reserved for ongoing building maintenance This will be deducted from the ownerrsquos share of total

room revenue

5 维护

ǙacircǸĉˏOumlƮ^ȰѽŮθƭѡδтĒϸ6ħēDŽuumlƮiquestϾˆǵēOtildeOumlǙacircǸĉˏĕuumlѓǻshy6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGEEarnings Per Room (36 of gross room revenue) 124173 170827 221315 253507 263647 2066942 Bedroom 收益 ndash 双人间 248346 341653 442631 507013 527294 4133873 Bedroom 收益 ndash 三人间 372519 512480 663946 760520 790941 6200814 Bedroom 收益 ndash 四人间 496692 683306 885261 1014027 1054588 826775

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 41 57 74 85 88 69

3 Bedroom 收益 ndash 三人间 9000000 41 57 74 85 88 69

4 Bedroom 收益 ndash 四人间 12000000 41 57 74 85 88 69

Hotel revenues and owner rental yield - Option 1 Flexibility

32

OPTION 2- STABILITY

1Usage Rights

1 使用权限

选项2-稳定性

Total Permitted Usage Prime Peak SeasonPermitted Usage

Peak SeasonPermitted Usage

Out-of-SeasonPermitted Usage Blackout

40 days per yearNo occupancypermitted

Up to 20 days per year but no more than 7consecutive daysfor any one stay

Up to 20 days per year but no more than 7consecutive days for any one stay

No occupancypermitted

允许使用总数主要的旺季允许使用

旺季允许使用

淡季允许使用

无折扣期

每年40天 不允许占用 每年20天但是每人

不能连续居住7天每年20天但是每人 不能连续居住7天

不允许占用

Prime Peak Season To be published by naked Retreats in according to government notification every year Prime Peak Season

Middle Autumn Festival (Sept) excluding Blackout dates

Ɛƕɏɱϻnaked RetreatsĻǟоġĵāordfс6ƐƕVȂѓŘsup1ƽϞМĀМlt5ȋiacuteƽͶМlt5Řʱƽ˴Мlt5ʭɛƽМlt5ѓʲƽǘМlt=xVȂʹгǻʖ6

ƕiquest˓МOgrave˴ϞМʖƣOuml10ĸїɡϡƎ10ĸľѽˉїʖ=xVȂƐƕũʹгǻʖ6

OutofSeason 20 days during December to February excluding Prime Peak Season and Blackout dates

Iacuteƕiquest˴ĀМOgraveĀМʖƣOuml=xVȂƐƕũʹгǻʖ6

Blackout Dates Peak demand dates such as holidays sporting events groups and citywide conventions Local cultural events

all as specified by the Hotel from time to time

ʹгǻʖεʴijėʖVȂƟʖ5Ћ˒5ũʺβOumlƁϨ6IcircTHORNɾyumlOumlŸƂiacuteiumlƮDвǙacircOumlɛljα6

2 Rental Revenue

2 租金收入

a Rental revenue

Regardless of your usage of your property your rental return will be fixed at 5 for the first 5 years of operation After this period

you will automatically migrate to the Flexibility plan

ѸDŽˏ

xɃɰOumlĉ˼ϸoacuteˍŪ=ͶɱOumlѸDŽϧiumlŊegraveOuml136ФжтŮ=ɴƮѳiacuteѧˏȬƂβĈF6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

33

c Cashing out your returns

gtƮɴOumlſYϡDŽĈ˾ʷordf

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſY6ˍřϛѝκЪxʷordfʙϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecoms services

rental option

4服务费用

IcircϛѝǝѢФoacuteƟAacuteȕ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸȕ6жϞȏOumlĞĒϸxVȂegraveβordfѸʆ6

5 Maintenance

Of the 5 guaranteed return generated form your property during the period you are not in residence the management company

will retain 4 of this return for maintaining your Villa The maintenance fund will be pooled and used for all Villarsquos in the resort

5维护

ɴxǝѢʖƣiquestɴOumlĉѓƮ˪Ouml13OumlſY=ŎȓŁƮWȰжbſYѓOumlϸѽɴpOumlŰ6ŰƈDŽƮ^ūsʜȅsϸЂϾoacuteƟAacutepOumlŰ6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Hotel projections

Rooms Available 可用房间 not relevant 非主要Estimated occupancy 预计使用率 not relevant 非主要Estimated average daily room rate 预计每日平均房价 not relevant 非主要Growth in room rate 房价增长率 not relevant 非主要Annual room sales 年房间销售额 not relevant 非主要RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE2 Bedroom 收益 ndash 双人间 50 50 50 50 50 503 Bedroom 收益 ndash 三人间 50 50 50 50 50 504 Bedroom 收益 ndash 四人间 50 50 50 50 50 50

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 300000 300000 300000 300000 300000 300000

3 Bedroom 收益 ndash 三人间 9000000 450000 450000 450000 450000 450000 450000

4 Bedroom 收益 ndash 四人间 12000000 600000 600000 600000 600000 600000 600000

Hotel revenues and owner rental yield - Option 1 Flexibility

34

Option 1 - FLEXIBILITY Option 2 ndash STABILITY

investment returns for your Villa are influenced by the

success of the resort and the number of days you use

your Villa

Stable implies both your returns and your annual

usage rights to your property are fixed Regardless of

how well the resort operates your returns will remain

the same Equally you will only have a fixed number

of days allowed in residence

Usage Have unlimited usage rights to their Villa 40 days usage per year

Rental ReturnEarn 36 of the pooled returns from the entire resort

whilst not in residence

5 guaranteed return on their investment regardless

of resort performance

Resort Discount20 discount on all resort amenities and activities

(including SPA and Restaurants)

20 discount on all resort amenities and activities

(including SPA and Restaurants)

Services FeePay a Services Fee of 300rmb per room per night

whilst in residence

Maintenance4 of all room revenue is retained for maintaining

the owners Villa

4 of all room revenue is retained for maintaining

the owners Villa

选项1 ndash 灵活性 选项 2 ndash 稳定性

ȬƂβϸЂ˼ϸІſY6ɰOumlpѱſYʷǧЂoacuteƟAacuteOumlĿǑϱũɰoslashpOuml˼ϸoacute

ŊegraveβϤѯɰOumlſYũɏɱoslashЂɰOumlĉOuml˼ϸʹΏiumlŊegraveOuml6xɃoacuteƟAacuteOumlǑϱѫȁϾucircť=ɰOumlſYiumlŊegraveOuml6ϖTHORN=ɰъϾŊegraveOumlПηǝѢOuml6

使用 ʹΏѐOumlp˼ϸʹΏ ɏɱOuml˼ϸʹΏ

租金收入 ФxǝѢʖƣ=ƅOtildeмĸoacuteƟAacuteūsſYOuml xɃoacuteƟAacuteǑϱѫȁˍŪ=Wп13OumlſYϸЂѱ

度假村折扣 ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt

服务费用 ǝѢʖƣ=ɏĉƣɏЏˆəeOumlĞĒϸ čѝϘ

维护 ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ

OPTION COMPARISON

选项对比

35

36

INDUSTRY RETURNS AND BENCHMARKS

INDUSTRY REPORT

行业报告

Tourism and urban resorts is one of the fastest growing industries in China According to industry consultant HVS cities such

as Shanghai Beijing Shenzhen Guangzhou Hangzhou and Tianjin all have a population where a critical mass of highly affluent

individuals and successful companies exist generating demand for suburban resorts

ФѓŘ=ȾϽϛũoacuteƟAacuteσɓāЮOumlαϛтϞ6ĻǟʺʳǙacircĞϛltOumlϞΙYĵ˿=ФѓŘOumlѝϘˍ˛ŝ5[ǎ5˧5œј5ţјũdžǩēyѯAringȣOumlĥЍˆʾũĿOumlʝϛ=ϻfrac14ϚƊāȥoslashƴʵoacuteƟAacuteOumlƌAringεʴ6

Amongst other things the exponential growth in private vehicles has seen a huge increase in demand in the leisure market With

the completion of the shenjiahu highway in 2010 the travel time from downtown Shanghai to Deqing is now 2 hours Also with

stop at Deqing) scheduled to open in late 2011 travel time from downtown Shanghai to Moganshan will take between 15 to 2

hours When comparing travel times to get to other resort destinations in China ndash eg Hainan or Lijiang flight times might be within

2 or 3 hours total travel time including travel to airports and check in make the whole trip 6 to 7 hours plus additional travel cost

Within the 2 hour travel radius of Shanghai the quality of resort destinations is also (in our opinion) not at an international standard

with most hotels simply being lsquocity hotels in the countryrsquo rather than true resort properties operating at international standards

shyfrac14т=ѯĸˆγΊOumlāЮ=ĸˆƸϴϾȿϚσʂ˫6ѳɱ˥ƛůijϡŮ=iquest˛ŝOgraveOcircʭϚLjεϘĸΟ˶Ouml6ΪƭOumlijǵϡФ13ēєɬiquest˛ŝUumlAumlţј6ƏƮФɱYacuteǫľOumliquestţјOgraveɫǎOumlijѓϾϞаDzOcircʭlt=ъεϞĸSΟ˶OgraveȢĸΟ˶ǜǵϡiquest˛ŝѓΫOgraveAumlɢī˗6ˍřІѓŘOumloacuteƟˮTHORNŝɫ5ȒƯUgraveaƹ=shyȥϘųĒэĸΟ˶Oumlďα˶ƣ=ŻϘФVȂʣƉ=CʺƤũUgraveEgraveOslashƉ˛ų˛эĸΟ˶=ĽxϸɨΡuumlOumlαųΝȥ6Ѷō˛ŝїiΟ˶ɬOumlγΊoacuteƟʸdeg=э˟ͰɒˈltІŘƙŸnѬŻϾѯɛOumlǢ6AringēOumloacuteƟǙacircϚũѓOumlɨΡǙacircɍϾ_ёOumlʵp=ЗЗAumlxOgraveинŘƙϤϦ˛oacuteƟίĉΙɧOumlϘʴ6

ϛѝЎʖſYІaƹ

37

OUR NICHE

我们的利基

naked sees a need in the market for world class expertly designed and operated resorts which are within 1 to 2 hour travel time

of major cities in China As with other urban resorts we believe that the Leisure market and the MICE (Meetings Incentives

Conferences Events) market will be a huge driver for our business In addition we feel that we are already at the forefront of

the growing focus and concern on environmental design building and operations as well as the growing interest in nature and

environmental education At naked we also place a high emphasis on facilities and services for the entire extended family ndash from

children to parents to grandparents that other resorts do not place dedicated resources for

nakedЎƧOgraveȥФѓŘжϞεʴƏǢȑѝϘϞэȢĸΟ˶Ouml=˶ЁhζǁϞȱOumlѥϛˤƗũŎȓOumloacuteƟΙɧ6ͰɒΑάγΊũƁƁϨ5ưȘȾϽ5AringίʝϛƁϨ5ƂiacuteЮȉltOumloslashͰɒϛOumlіAringʤȞ6frac14=ͰɒФŋѣũiacuteźWίˤƗ5ƭШ5ŎȓũźWȓɲœ˛ϠǑѷФȥαϛȭя=ФnakedІαϛеxͰɒϚіoslashЂˣʵѓOumlŜѲ5Ɲ5ȌеOumlĞũˏ6

As such we feel very confident in the rates and occupancies that we will achieve Regarding room prices when benchmarking

against some of the other leading hotel brands in the resort market such as Aman Fayun Hangzhou Banyan Tree Hangzhou Fuchun

Resort Hangzhou Mandarin Oriental Hainan and Commune by the Great Wall average rates in March 2011 for single bedrooms in

this set are ~ RMB2800

ϩfrac14=ͰɒoslashЂˏѢĉƠϡƎˏѢȿcurrenɊάΫ6ФˏѢĉƠĈɘ=ІʙФoacuteƟAacute˛OumlсɜǙacircʑʁaƹ=ˍCҊĂО5ţјНҏѨ5ĥsup1˗ǝ5˓φŴecircĈǙacircũƵ΅OumlŁˣ=Фɱ˓МOumlEumlˆƣʒǩƠķ=6

Regarding occupancies we are confident to achieve occupancies of around 60 after about 4 years of operation but forecast

conservatively that our occupancies will start from around 35 in the 1st year of operation and grow steadily to 45 in year 2

55 in year 3 and 60 after the hotel is lsquomaturersquo from year 4 onwards

ФˏѢȿĈɘ=ͰɒŬϾάΫǑŚɱOumlǑϱ=ͰɒǵϡAumlOgraveOumlˏѢȿ6WŇƗ=ͰɒOumlˏѢȿƮƁϻszligϞɱOuml13=egraveЫOgravefrac34ɱOuml13ũszlig˓ɱOuml1313=szligɱϡŮƮƁЫOgrave6

Given the above estimates we believe that owners can expect attractive investment terms as illustrated in the table below

Ļǟϡ˛OumlŇƗ=ЎƗϛѝɭņOtildeOgraveOumlѱſYƮƁˍ΅o˿

CҊĂО

НҏѨ

ĥsup1˗ǝ

˓φŴecircĈǙacirc

Ƶ΅OumlŁˣ

RMB4270

RMB3500

RMB2000

RMB2150

RMB2388

Aman Fayun Hangzhou

Banyan Tree Hangzhou

Fuchun Resort Hangzhou

Mandarin Oriental Hainan

Commune by the Great Wall Beijing

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966

38

39

ͰɒOumldivideTHE TEAM

40

Grant Horsfield ndash Chairman naked Group

Grant a native of South Africa is Founder and Chairman of the

naked Group

Before coming to China in 2005 Grant worked in England

and South Africa with more than 10 years business ownership

experience With background in IT he launched eBites

Limited in 2000 Operating nationally eBites was both a

publishing company and a callcentre facilitations company with

headquarters based in Cape Town In 2004 Grant received

an MBA from University of Cape Town Graduate School of

Business Upon graduation he decided to come to China as he

saw China is where business opportunities lie

After spending two years in Shanghai he found himself

overwhelmed by the metropolis and missed the natural beauty

of his home From this desire and need sprouted the concept

for naked Retreats which was launched in 2007 Grantrsquos vision is

to create sanctuaries that are in harmony with the environment

where people can appreciate the simple way of nature and

embrace the naked lifestyle Grantrsquos tireless efforts in promoting

ecotourism in the rural areas not only created jobs but also

pride for the local community He received an environmental

award from the Huzhou Government in 2008

高天成 - naked集团总裁

ij=ɫčIcircTHORNˆ=nakedƍOumlmiddot˽ˆũѵ|6

Ф13ɱȅOgraveѓŘтʣ=ij˪ЬФϯŘƎɫčľѽ=ϾŚɱOuml˙ϛǑϱƎРѽǑϏ6ФʙITǒOumlUѠ΅=ɱij˪ƭȜȥeBitesϾΏŁ=eBitesŁƮϱΝІaacuteŹĞѓΫLJɖƿū=ʙѵˤФǭʔugrave6ɱ=ijƅOtildeȥǭʔugraveAringλ˙λЙOumlMBAλ6dϛŮ=ǧegraveȅѓŘ=ϩǯOgraveȥжȕOuml˙Ɖ6

Ф˛ŝEgraveȥȢɱтŮ=āѳƓxȥ˪Ƃ=sʨAtilde˱ȥѳʿɐǒ6ФжѕИІεʴOumlʶ˼΅=ƭȜnaked Retreats

OumlΖĂФɱOtildeOgraveȥ˹˲6ijOumlΖĂƭШϞĸ˯THORNІѳʿũΣŃdeg=ˆɒǵϡΘѳʿ=ΘnakedOuml˪ƂĈ˾6ij˫ΔAacuteTHORNʵ˪ȾϽѽordfOumlxΦɹȞ=xLjmiddotШȥľѽıŻOtildeOgraveȥIcircTHORNˣʵOumlХϐ6ij˪ƅOtildeȥɱůјоġNāOumlźWAring˼ư6

41

Delphine Yip-Horsfield ndash Partner Ben Wood Studio Shanghai

received her Master of Architecture degree from Harvard

Boston prior to moving to Shanghai to oversee the award

winning Xintiandi project on behalf of Wood and Zapata In

the fall of 2005 Delphine became partner at Ben Wood Studio

Shanghai

Drawing from her own experience of diverse cultures Delphine

has led a multitude of high profile projects such as Hangzhou

Xihutiandi Zhujiajiao Oriental Garden Shanghai Waitanyuan

Beijing Palace 77 Shanghai Hongqiao Commercial Core Lijiang

Lashihai Resort Masterplan etc

In 2006 she was selected Wallpaper magazinersquos first annual 40

under 40 designer of the year

Delphine is the chief master planner and architect for naked

Home Village and naked Stables Private Reserve She also

oversees the visuals and styling of the naked Brand

叶凯欣 - 上海Ben Wood设计室合伙人

ϜǮΩɺ=Ben Wood ˤƗľѽOumlѵƢ=śęAringλƭѡλ6ȅ˛ŝтʣ=ФΒIJ5ɷКũuuacuteľѽ6ȅ˛ŝŮ=CcediloWoodũZapataĤЩΪTHORNΙɧOumlƢethľѽ613ɱʲƕ=ϜǮΩɺBen Wood ˤƗľѽūƃˆ6

ϾѯxŸϽșǑϏOumlϜǮΩɺ=EacuteˇȥηucircijocircΙɧOumlƢeth=VȂţјͻůTHORN5њƝƶecircĈųВ5˛ŝЕ5[ǎłatilde5˛ŝŭʦ˙ϛѓΫ5ȗƯȄŝoacuteƟAacuteѵŔŷˤƗUgrave6

ɱ=ˏκȥWallpaperСьǃɱoacuteϡ΅OumlˤƗ˰6

ϜǮΩnakedƝВAacuteũnaked RetreatsOumlѵˤƗеũƭѡ˰6˶ϚĤЩƢethnaked˙nOumlFũĘķˤƗ6

42

Kang Yang Lim ndash Group Chief Operating Officer naked Group

Group with over 13 years corporate finance and real estate

development experience Previously he was Director of the

real estate division of APP China taking responsibility for the

initial positioning and development of the USD15 billion lsquoWhite

Magnolia Plazarsquo mixed use development project (including

the development of Shanghairsquos first W Hotel) He also led the

concept and development of APPrsquos branded residence and resort

project in Sheshan Shanghai

Finance division of PricewaterhouseCoopers in Melbourne

Australia where he specialized in business value and strategy

worked in inhouse strategy roles for CocaCola GB in London

and to British venture capital firm of the year (2004) ISIS Equity

Partners before coming to China in 2005

Accountants Australia in 2002 and is also an affiliate of the

of Commerce and Diploma in Modern Languages from the

University of Melbourne Australia

林纲洋- naked 集团首席营运官

ƞˏnakedƍOumlȩ˪ϴϾŚɱOumlʝϛ~ƎTHORNǭāǑϏ6Фfrac14тʣ=ѽѓŘDŽŒOumlTHORNǭāOumlѵƢ=ĤЩƠч13ϢЏOumlucircϸ8JЈȈœ9ǭāΙɧOumlcopy˽κшũǭāVȂ˛ŝszligϞƝ ǙacircOumlǭālt6˶ϚщNtildeȥDŽŒƍФ˛ŝҁ˗ʑʁѢЭũoacuteƟAacuteΙɧOumlȓɲũǭā6

ФDŽŒƍˇфтʣ=ȩİϑGAringȚφɣyuml_ʔŴϷOacuteƁƗ˰OumlǑȓ=ѥѣЂ˙ϛƠчũЯɁѰξ6ȩ˪Ф13ɱȅOgraveѓŘтʣэȑǭʔŴϷOacuteŮOumlϞotilde˶ƣɬ=ѽǵǺǵȎɂugraveŁɬOumlЯɁēͺ˰=ϡƎISISOumlʼnʏūѽƃRФϯŘɂugraveOumlϯŘĘΌѱŁˇф6

ȩ˪ФɱƅOtildeȥGAringȚφηƁƗ˰ƁũGAringȚφпʻωǗOumlƁГѱķ6˶ϚƅOtildeȥGAringȚφɣyuml_AringλOuml˙ϛλλϡƎCcedilЇϊλп6

43

Gabriela Lo ndash Managing Director naked Retreats

With over 15 years experience in high end events and PR

management Gabriela has been instrumental in bringing naked

to where it is today As one of the original members of the

naked Team Gabriela has led the growth of naked Retreats

to become one of the most famous eco retreat destinations in

China attracting guests and publicity from around the world

Originally from Macao Gabriela has rich multi cultural and

multinational living and working experience having worked and

studied for many years in Greater China England and Italy

卢家宝 - naked 度假村常务董事

ϴϾŚ13ɱOumlijocircƂiacuteũŁŃŋ΄ŎȓǑϏ=nakedDžOumlǜІȶƝXēxǭ6ѽħdivideOumlmiddot˽ГтϞ=ȶƝXϠǑAEligȭnakedѓŘѻϾɜOuml˪ȾϽɧOumlTHORNтϞ=ͼϭȥȅѳǁĹTHORNOumlǸˆ6ȶƝXȅѳGɑ=ϴϾĖĥOumlucircЏŸũucircŘǝѢũľѽǑϏ=ЬФAringѓŴTHORNʵ=ϯŘũϤAringȚϾѯucircɱωǗǑș6

Judy Zhu ndash General Manager naked Group

Zhu is the General Manager for naked Group ensuring smooth

operations of the group with a particular focus on government

朱燕 - naked 集团总经理

њώ=iquestnaked Retreatsmiddot˽ǭ˽ǜũij˪ūѽ6њώѽƍѵǑȓ=ĤЩIcircTHORNũŋ΄ʽWƍРѽ6Фƞˏnakedтʣ=њώФ˛ŝũ[ǎiquestŚηucircІ˙ϛϾŋOumlфϛ6ФΪͻȈƅOtilde˙ϛλ6

44

Kurt Berman ndash General Manager naked Stables Private Reserve

With over 16 years experience in FampB and high end luxury

resort management Kurt brings a wealth of experience and

will lead the preopening and operations of our new resort ndash

naked Stables Private Reserve Prior to joining naked Kurt was

the preopening General Manager at Six Senses Laamu and

Resident Manager for Six Senses Soneva Gili by Six Senses Kurt

has also worked at other prestigious resorts including Fregate

his career in hospitality in FampB and was a trained Chef with

experience working in many prestigious institutions including

The Dorchester Hotel in London Kurt is from South Africa and

has a masters certificate in hospitality management from Cornell

University

Kurt Berman - naked私人度假村总经理

ϾѯŚɱϬƎijIumlŤŴoacuteƟAacuteOumlŎȓǑϏ=ƮϡĖĥOumlǑϏȭNtildeͰɒΪoacuteƟAacute77)$ 0OumlϱϛũРϱ6Фƞˏ)$ тʣ=10ЬEacuteˇŚ8szligȳĭǦ9+1ϱϛѵǑȓũ8szligȳĭǦ9-2 ((OumlѤacircǑȓ610ŻЬˇфЂamp0ˆŝETHũ1+4UgraveʙўɜoacuteƟˮTHORN610OumlϛʜzЂϬαϛ=ϚϡϞĸФŬucircўɜƉńVȂ-0-0 -$-ltľѽŚOumlρȡϾOumlnot˰610ȅѳɫč=sϴϾǰɪyumlAringλЃOumlǙacircŎȓλ6

Richard Johnston ndash General Manager naked Home Village

Hailing from the United Kingdom but with most of his working

life in resorts throughout Africa Richard brings with him over

20 years experience in General Management and Director level

roles in world class resorts including Azura Retreats Cape Grace

hotel and the Saxon Hotel Richard plays a key role in the set

up of systems training and operating standards His years

of experience and mentoring leadership style make Richard a

natural inspiration for our young hotel management team

Richard Johnston - naked 家园村总经理

RichardȅѳϯŘ=IgraveAringucircOumloacuteƟAacuteľѽiumlФмĸčљ=ϴϾŚɱOumlѴūŎȓũǁƐoacuteƟAacuteVȂAzura

Retreats Cape Grace hotel and the Saxon HotelltijʒŎȓǑϏ6RichardФƭȜ΄5ʅρũРαnѬĈɘʜѯŋƨѽϸ6ĖĥOumlǑϏũȭNtildeĘķ˼OtildeoslashͰɒɱʬOumlǙacircŎȓdivideϾѯѳʿOumlƊȘ6

45

Teun Hanegraaf ndash Sales Director naked Retreats

Teun obtained a Bachelors in Business Studies and Masters

in Strategic Management with a focus on Chinese Business

Culture Teun increased our corporate sales business by 350

in his first year with us bringing international companies

ranging from international conglomerates Unilever and Coca

Cola to more local institutions such as The Shanghai American

School and leading Chinese companies such as Bank of China

韩天宁销售总监

ȅѳŧȈɥEcirc=şɵϴϾ˙ϛλλλ5ЯɁŎȓѥѣЂѓŘ˙ϛŸlt6ȅƍOumlszligϞɱşɵƮŁOumlΝϛijȥ13=sŁAEligȅȥx˟ŘƙβOumlAringŁǸŲ=жʙѓϾŘƙAringʝϛȠūȚŴũǵǺǵȎ=ϚϾ˛ŝɐŘλΠUgraveIcircTHORNƉńũѓŘϫαUgraveѓŘȴʝϛ6

Oliver Yuen ndash nature Reserve amp Recreation Manager

naked Stables Private will be the first private reserve in China

with a wealth of new flora and fauna introduced to the project

from Sydney University Australia and as a fully qualified Ranger

working in many of the worldrsquos best wildlife parks Oliver takes a

special role in ensuring the environment of naked Retreats and

naked Stables Private Reserve will be full of life and a natural

self supporting eco system Oliverrsquos passion for both people and

nature make him the perfect person to teach our guests about

what we do and make their stay not only a relaxing one but

also a fun fulfilling educational one as well Oliver previously

worked in wildlife parks and resorts such as Azura Retreats in

Mozambique Mobala Private Game Reserve in South Africa and

Sydney Aquarium in Australia

袁鹏威 - 活动经理和度假村 生物学家

naked StablesƮѓŘszligϞĸϭljΪOumlцʾũiacuteʾOumlˆoacuteƟʵ6OliverѽϞɜGAringȚφͿɯAringλūķOuml˪λƝiacuteλƝ=ϡƎФǁĹTHORNOumlϙ˪iacuteВľѽOumlľѽе=Ф˼naked Retreats ũnaked StablesϾѯĖĥ˪ѱЕ5ʿѳĺOuml˪΄Oumlźǔľѽ˛QύѯіϘƶ˔6АʊoslashˆȏũѳʿOumlƊʮ˼ѻūOumlˆȅĵͰɒOumlǸˆͰɒѼOuml˷ɋ=sʨ˂ɒФжȕOuml˶ŒxLjLjČ=˶Ϛ˂ɒOumlǝѢǑșlOtildeϾǭΫcurren˹ũϾƷЋϤϦ6АʊтʣФɫčũGAringȚφͿɯѹŏiquestϙ˪iacuteВũWŰʵOumlľѽVȂMozambique OumlAzura Retreats Mobala Private Game Reservelt6

46

Philip C Davis Company Director naked Retreats

Phil joined the Board of Directors for naked Retreats hotel

management company in 2011 His previous board experience

includes Tian Rui Hotel Corporation holder of the master license

for Super 8 economy hotels in China and Hong Kong from 2006

to 2008 He also was a founding shareholder of Tian Rui and

served as its President and Managing Director from 2006 to

2008 He was a board member of Tian Xian Cheng a bai jiu

concern which is a joint venture between Pernod Ricard and a

2010

Phil was previously Chairman of the Budweiser (Wuhan)

International Brewing Company and Managing Director of the

AnheuserBusch business in China and Hong Kong from the

beginning of 1996 through 2002 From 2003 to 2005 he

headed the AnheuserBusch liaison office with Tsingtao Brewing

Company

Phil holds a PhD in history from Washington University and

started his career as a market researcher at a major advertising

agency in the US before moving to AnheuserBusch and

heading its consumer planning and new product development

functions in the 1980s

Philip CDavis naked 度假村公司董事长

PhilЂɱƞˏȥnakedoacuteƟʵǙacircŎȓŁOumligraveƁ6ϡĖĥOumlǑϏVȂФːǙacircƍˇф5ϡƎЂɱэɱФѓŘũѓŘΒIJEacuteˇSuper ǑƖǙacirc ʼnˆ6˶=ϚːǙacircƍOumlmiddot˽ʼnecirc=ФɱэɱʖƣEacuteˇƍOumlѵ|ũigrave6ɱэɱʖƣ=ϞƝІWȎȞƞũJǙ˪ȴʝϛƬɫūѱOumlʝϛ77ΐOumligraveƁГ6

iquestɱэɱ=Phil͵šBudweiserŘƙɳǙŁOumligraveƎѓŘũѓŘΒIJCŝyŁOumligrave6iquestɱэ13ɱ=CŝyũʫETHʌǙŁOumlȠɆdegOumlĤЩˆ6PhilϴϾŴ˭uacuteAringλOumlș˻дλvλ=ФǁɱCcedilȅOgraveCŝy5ĤЩΞĒŔŷũΪʑǭāĿɭтʣ=OumlϛʜzЂɐŘOumlϞƝœĵCcedilȓŁ=Eacuteˇaeligω6

47

OUR INTERNATIONAL TEAM

International team

Chief master planners amp architects

the urban landscape of modern China with Xintiandi in

Shanghai a commercial cultural and entertainment district

Since then the studio has worked on projects in very diverse

categories both small and large scale projects include mixed

use projects like the ldquoTiandirdquo in Hangzhou Chongqing Wuhan

and Foshan luxury villa and high rise residential complexes in

Shanghai and Vietnam as well as various boutique hotels and

Chalet Architects

A00 Architecture is most well known for their research

inenvironmental sustainability and its application to their

work in Architecture Interiors and Furniture Their portfolio

includes feature restaurants luxury spas retail stores design

conversion of dozens of historic Shanghai homes into highly

personalized residences

Interior Designers AIM (Architecture amp Design) brings expertise

in the combination of world architectural styles and design

influences to the interior designs at naked Stables Private

Reserve With the Shanghai office led by the two founding

on comfort warmth and a unique blend between African and

Asian design sensibilities

Landscape Architect

Design Land Collaborative (DLC) is a professional consulting firm

comprised of landscape architects and planners with an office in

Shanghai and the United States Projects have a strong emphasis

on cultural resources historic preservation and ecological

design involving both the public and private sectors

ͰɒOumlāЮdivide

ɴǵϡΑάOumlёȣ

ŘƙŸdivide

首席规划师和建筑师

benwood Studio Shanghai OumlсɜΙɧтϞѠĨШ˛ŝΪTHORNľ=˼ʙƍ˙ϛ5Ÿ5ЄȎϞOumlʵЉ6тŮ=ЁƻȥĹȏŔɟAringΟOumlΙɧ=VȂţјOumlͻůTHORN=іʱ5͵šƎę˗OumlŤŴpϡƎФ˛ŝũЛɫOumlijѢЭʵ=ȮŻϾФѓŘƎˉ_OumlĹȏǐʑǙacircƎoacuteƟ6

小圆房建筑

AOO Architecture ФźǔWŰƎǵ θāЮĈɘϾѯѭЛOumlƭ=s˘ƮʙƭϰϸЂɬƝѩ6ɒƻŚOumlΙɧVȂ˔5ŤŴȤѓΫ5ȫ˙acirc5ˤƗίǙacirc˛ŝυНǙacirc lt5ˆoacuteƟϡƎϞ΄ȧOuml˛ŝș˻ѢЭOumlCcedilŸƎˆŸĨШ6

ɬ ˤƗ˰AIMƭѡˤƗltѥѣЂǁƭѡĘķũˤƗOumlɐƿū=ϭNtildenaked StablesOumlɬˤƗ6ФȅѳŧȈũaȚ˶OumlūѽmiddotTˆȭNtildeOuml˛ŝTdegOumlUѠ΅=ˤƗѣі5ũφčˤƗȓɲOumlntildeˊū6

景观设计

Design Land Collaborative (DLC) ϞƝiquestǒōˤƗІŔŷOumlѥϛѰξŁ=Ф˛ŝІɐŘǩˤϾēрƉń6ʙΙɧ˘ЂŋѣŸș˻ĻЕ=ƿūźW˪ǴƔ=ѥѣЂŁŃƎϾTHORNOumlŔŷ6

48

Engineering amp Project Management team

Scott Wilson Group PLC is a globalintegrated design and

engineering consultancy for the built and natural environments

Scott Wilson is responsible for the project management the

electrical and mechanical engineering for the project

Environmental Consultants

Environmental Resources Management (ERM) a leading global

provider of environmental health and safety risk and social

consulting services ERM deliver innovative solutions for business

and government clients helping them understand and manage

their impacts on the world around them ERM have 137 offices

in 39 countries and employ approximately 3300 staff

Sustainability Consultants

Bisagni Environmental Enterprises (BEE) works with the

engineering and design teams to ensure the environmental

goals set out at the inception of the project are achieved

LEED Consultants

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

Local Design Institute

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

General Contractor

and have been responsible for some of Chinarsquos most iconic

properties such as the World Financial Centre in Shanghai

工程及项目管理团队

Scott Wilson Group PLCϞƝʺʳŔɟOumlźWˤƗƎľѰξŁ6Scott WilsonĤЩΙɧOumlaacuteʠƎƉΤľ6

环境咨询

Environmental Resources Management (ERM)ϞƝʺʳαϛȭѰξŁ=ŀźǔWŰ5ƫǰCʺƎŁŃˣƁĘΌUgraveѰξĞ6ERM˙ϛƎоġɑǸŲŀĨĶβOumlǀǧĈF=UѠɒȥǀsŎȓʙǑϱoslashˣƁźǔAEligȅOumlϳΗ6ERMФʺʳϾ137ĸēрƉń=myĸŘƝ=ϴϾAringК3300ɜГľ6

可持续发展咨询

Bisagni Environmental Enterprises (BEE)ІľˤƗdivideΑűūѽ=ϡʽWФΙɧǭ˽ƼotildeˤȜOumlźǔWŰǵ θāЮɧnOumlȚ˹6

绿色建筑认证咨询

Shanghai Pacific Energy Center (SPEC)ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlŁтϞ6

本地设计公司

Shanghai Baoye Construction Corp Ltd ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlαϛȭŁтϞ6

总承包商

ϞƝŘƝƐľVŁ=ϠƻȥηucircѓŘnьβΙɧ=țˍ˛ŝźʳDŽˊѓΫ6

49

naked COVERAGE

wwwcnngocom

ldquo25 killer things to do this summerrdquo

26 April 2010

Time Magazine

ldquoRun to the Moganshan Hillrdquo

新浪博客

ldquo避世的可能rdquo

31 December 2009

wwwenglisheastdaycom

ldquoThe first batch of ldquoChina Treasured Towns ldquo released

December 2009

Shanghai Urbanatomy

ldquoGet naked this time with horsesrdquo

Shanghai Daily

ldquoGreen MaGIC Casts design spellrdquo

14 October 2009

新浪商品

ldquo中国最佳设计酒店大赏rdquo

September 2009

wwwchannelnewsasiacom

ldquoChinarsquos green resort allows travellers to vacation on good consciencerdquo

2 September 2009

wwwbijianlinblshecom

ldquo莫干隐居rdquo

25 Aug 2009

wwwassociatecontentcom

ldquoThe Exquisite Moganshan Mountains of Chinardquo

Ɏ

Wikitravel

ldquoMoganshanrdquo

德清新闻网

ldquo承包国营林场建造生态ldquo逸站rdquo

wwwsinoeventcom

ldquo亚洲旅游地产及景点峰会成功举行rdquo

wwwchinatravelbrandingcom

ldquoPursuing Green for Greenrdquo

wwwbrandrepublicasia

ldquoMaking moves towards ecofriendly eventsrdquo

7 May 2009

wwwhandsonshanghaiorg

ldquoHands On Asia Conference Summeryrdquo

May 2009

wwwmyvacationcn

ldquo莫干山居rdquo

3 April 2009

wwwshanghaidailycom

ldquoThe naked truth Time to clean up Moganshan litterrdquo

4 March 2009

wwwgreennovateorg

ldquoMoganshan Project Kick Offrdquo

13 February 2009

Travesias

ldquonaked retreatsrdquo

Feb 2009

合肥在线

ldquo大山里的裸家族rdquo

20 October 2008

wwwentrepreneurcom

ldquoThe arrival of the Olympics showcases Chinarsquos burgeoning entrepreneurial spirit ldquo

7 August 2008

50

Shanghaiist

ldquoWeekend escape to Moganshan 莫干山rdquo

9 April 2008

私家地理

ldquo艳阳下的荫凉rdquo

30 May 2008

City Weekend

ldquoGet naked in Moganshanrdquo

25 January 2008

wwwbundpiccom

ldquo在这绿中撒点野rdquo

wwwhuzhougovcn

ldquo相中德清筏头的青山绿水南非客商莫干山下建生态逸站rdquo

wwwurbanatomycom

ldquo24 Hours in Moganshanrdquo

wwwhkheadlinecom

ldquo杭州莫干山竹林深处人家rdquo

15 May 2009

wwwnewsweekcom

ldquoBack from abroadrdquo

May 2009

Chinatravelnet

ldquoMoganshan A Heavenly Hideaway of Bamboo Forests amp Tea Plantationsrdquo

April 2009

wwwmzztmcagovcn

ldquo2009年踏青乐游路线推荐大公布rdquo

16 March 2009

第三媒体

ldquo规划一条畅快随性的踏青之旅rdquo

28 October 2009

wwwdqnewszjolcomcn

ldquo三九坞 ldquo裸家族rdquo钟爱的世外桃源rdquo

28 October 2008

ldquo自驾行天下rdquo之中国莫干山rdquo

Sep 2008

ldquoShiffting Gearsrdquo

Sep 2008

April 2008

Chewed up amp Spit Out

ldquoGet nakedrdquo

19 February 2008

ldquoBest Weekend Getaway Hotels Shanghairdquo

富世

Ecoefficient hotel低碳下榻

April 2011

Spa China Guy 男士派

Experiencing The Unique

2010

Cosmo 时尚

跨洋建屋隐居不隐世

April 2010

Global Times

The Mountain of legends

Global City Geography 城市地理

莫干山 naked Retreats 都市人一ldquo裸rdquo到底的山居生活

Dec 2009

China Daily

Rural Retreat

20 March 2011

China Daily

4th March 2011

Modern Weekly周末画报

圣诞低碳游

Dec 2010

Elite Traveler 携程自由行

旅尚

Esquire

Hidden Best Restaurants

Feb 2011

51

52

53

Page 5: Detailed Investor's Report

4

5

FAST FACTS

Resort Development

The resort will include the following facilities

and halls

picking horse riding archery and many more thrilling activities

poultry

within the resort property

different ducks geese and swans

ȉ

度假村的发展

oacuteƟAacuteƮϴϾ΅ȧˤ˲

icircccedilpŃƣĉlt

icircДΰΟͳϞϞicirclt

ϸЂϕƝɇOumlɇǚ

ĸϽ϶iexclĸФeumlˉ϶iexcllt

ƝxĘOuml

ʒɔOumlƁϨǹƣ=VȂĸxOumlĉƣũȖ

ƫǰѓΫVȂĸSPAŏũƣђȤlt

thornˉѓΫ

ƂiacuteѓΫVȂ˗THORN5zȾα5cedilaring55ʛɇ5ˢƩϡƎηucircʙfrac12ƊǏΌOumlƂiacuteΙɧlt

oacuteƟAacuteŀϾũƝʪOumlˆϾƉɸ

ѕxѕȏOumlϙ˪ȻŀfŰOumlˆWŰʵ

6

Tree Top Villas

The Villas on offer are a first for China They are elevated above

the ground and protrude from the tops of 20 meters high pine

trees seemingly floating on the tops and therefore their name ndash

the Treetop Villas Built from Steel and Wood these Villarsquos are

to challenge the paradigm that luxury can be environmentally

friendly

Resort Services Offered to all Tree-top Villa Owners

树顶别墅

ccedilpФѓŘŻfrac34ordf6^ȑTHORNɘ=sʨФɔijOumlAgraveѓOtildeķɛ=ǯʜȅǜΚğФccedilт˛=ccedilpOumlɜϻfrac14yacuteȅ6ϸĮũɦƭШ=жΡpыФЯșȅOumlĆț77ˡcentϚɭˍfrac14THORNІѳʿźǔũΣŃdeg6

5ϡƎOumlp

ѵŃϾƣp

CcedilĘķnotĉ

DɠЌį

˞DZ

ɬ5

γͽ

ɏĸĉƣiumlϾˡŴOumlˆЌ

ǠAringOumlϒdegФ˕ȩccedilʈт˛

ͶέƐOumlaacuteʡˤ]

OcircŘɼŁOumlacuteŲȀơ

ɐŘSafelok ˢʐ˺pɑ

AEligϾΆˉŒΐƱĿɭOumlUacuteĝˢtȟ

oacuteƟAacuteϛŎȓ

oacuteƟAacuteĤЩϾOumlŰ

ǠAringOumlŃΘʵЉɤŁʯlt

提供给所有树顶别墅业主的度假村服务

oslashɴOumlpljαѴūOumlαоŎȓ

pɬOumlŰ

ˆŎƝĞ

αȔĞ

ƝоĞ

ϾŁϸʵOumlŰ

ϾOumlǒōɐŸ

ŞbrvbarĊђ

űȠƻˏ

έaacuteĞ

ȃƇƍ

ŀ΄

ϾŁϸʵOumlWΌ

Ο˶CW

˪ɝũΞĊCʺ΄

oacuteƟAacuteɬOumlƳР

7

Position

property

Financial Benefits

boutique development including only thirty tree top villas

should appreciate in value over time

the naked Stables Private Reserve and naked brand name

properties holiday homes and quality branded residences

increases

part of the resort room inventory

位置

Ђɢī˗˗ȸ

ЗȑιΜ=pϙɬɍϾƆй

ѳʿ˕ȩ

pdegФŝIɔϡ˛

ĸǢȑp13ēєȺOumlijyumlěʳ

ϮcOumlˆ˗ň

财务收益

LjϾƣǐʑ˪˝p=ɴOumlntildeϞʹĀOuml6

ϴϾũTHORNʞ=ˉŮɴϾegravesЫчOumlϛ6

ɴOumlƠчƮІ҉аoacuteƟAacuteŁϡƎʑʁȠϱyacuteЫч

ɴOumlƮϩoacuteƟAacuteϛ˩5oacuteƟͳ5ʑʁѢЭyacuteЫч

ϛѝɏɱƮƁϩoacuteƟAacuteɱoacuteʃagraveyacuteΘϾ θOumlˏ6

8

LOCATION

MAP of Shanghai to naked

County on the foothills of Moganshan Scenic Mountain

By Car

With the opening of the new Shenjiahu highway in 2010 the

traveling time to Moganshan is 2 hours drive from downtown

Puxi in Shanghai and also 2 hours from Pu Dong airport

By Train

With the opening of the new high speed trains across China

guest can now get to naked Stables in under 2 hours traveling

on the train from Shanghai Hongqiao Hub to Hangzhou and

onto Deqing Total train time is less then 1 hour

SITE MAP

地址地图

THORNȓя

从上海到naked的地图

pѾɅЂɢī˗Ęǒʵ˗ȸdegOumlOcircʭΎǔɬɤOumlˆѳʿWŰʵ

驾车

ѯɱ˥ƛůijOuml=iquest˛ŝʕͻ˙ϛʵƆʕecircƉOgraveɢī˗ǩъεΟ˶6

乘火车

ѯősup2ѓŘOumlijOumlˏРϱ=ȾǸiquest˛ŝŭʦǸРѓΫOgraveţјϡƎOcircʭΎOuml˶ƣʒǩ˟ЂΟ˶6ФƄ˛Oumlѵ˶ƣ˟ЂΟ˶6

9

10

THE RESORT

The experience

We believe that true luxury in the modern world is not

necessarily about designer labels and huge international brand

names but about privacy space spending quality time with

loved ones and rejuvenating your senses with nature All of

these elements have been brought together seamlessly at naked

Stables Private Reserve

After a refreshing welcome in our vibrant clubhouse your butler

will whisk you to your villa by electric golf buggy Enjoy sunset

cocktails on the deck and luxuriate in the sweeping views of the

bamboo forest whilst your butler unpacks your bags and dinner

playing the whole family congregates at the dining table and

dinner is served After dinner soak away the stress of city life in

your private jacuzzi on the deck as the stars wink overhead

Saturday morning starts with a hearty home cooked breakfast

and the thrill of a day filled with experiences in the mountains

Explore the local hills and forests on mountain bike Rejuvenate

and refresh in the sanctuary of the naked Leaf Wellness Centre

After a swim in the pool lounge in your villa hammock with

family and friends sharing precious moments

Kids will love the daycare centre with outdoor play area kids

pool art jamming music and laughter

Get your Sunday off to a great start with a family horseback

reintroduced to the hills Stretching and yoga are on offer in our

hilltop pavilions as well as tai chi kung fu and meditation After

fine tuning your archery skills finish off the day with a spot of

fishing in the nearby lake

If you choose to venture out of your villa for lunch enjoy

creative and delicious comfort food at either the pool cafeacute

or clubhouse Gourmet pizzas organic salads and artisanal

sandwiches will tempt you at the poolside Innovative Afro

Asian bistrostyle dishes are on offer in the clubhouse

oacuteƟAacute

经验

ͰɒΑάCcedilǁOumlинˡcentsxϞegraveϡijƐʑʁnьƆўɜOumlŘƙʑʁ=ʼϰħϴϾˆOumlǹƣ=ІΫBOumlˆŃoacuteɐťOuml˶Œ=sʨФѳʿźǔȕŽāʫsup1ƂȞ6ϾOumlжΡЏiumlƮФnaked Stables6

OgraveAumlƁŮɴƁOtildeOgraveͰɒĞdivideOuml˅ʮƻEgrave=ɴOuml˦ŎƝƁǭѯaacuteiacuteТɴOgraveɴOumlˆp6ˉɅ˶ēФϒΘϞZƋǙ=njФɊόOumlќŝтѓ6Іfrac14˶=ɴOuml˦ŎƝƁUɴΥ΅αȔѬ]=ĺɴAEligȅϞѕФƝOumlĭ6RѯɴBOumlϪȎ=ʺƝˆѾФѮiΘϸ6ćŮ=RѯɊĄέ=ФϒOumlˆDɠЌįȕżǀɴ˪ƂOumlτȞ6

їȳOumlЧ˽ЂϞuacuteĖ˭OumlƝЧ=ϞOumlǏΌfrac12ƊƂiacuteƮ˗ѓтȾ6ʛѯ˗THORNāǥIcircTHORN˗plusmnũ˕ȩOumlɕɖ6Фϕ˪Ɓŏѓaeligȓ˂ɴlOtildeĽƞcurrenɊƂȞ=ФϽ϶iexclРiacuteϞăтŮ=ȊϑϑOumlФpOumlaumlpara˛ļƝˆũʉϿŃoacuteɐť˶Œ6

ŜѲɒϚƮƁB˛thornѓΫ=ФжȕoacuteŚǽȎOuml˶Œ=ϩжȕϾƂiacuteTHORN5thornϽ϶iexcl=ƏήűiacuteŶ5ϪȎ6

˂ɴOumlїˉiquestІƝˆOumlʛɇϽȨǭ˽6ɴƮϾƉƁϞograveͰɒіΪϭˏ˗ѓOumlIcircTHORNȻѕ6Ђ˗ccedilOumlŏȕϾҋҀ5ƌ5ĿěUgraveƂiacute6ˢƩȡтŮ=ȅĦNjůicedilaringƿжϞтȾ6

ˍřɴκЪxФpȕͷ=϶iexclǬĎƆеǣȎiumlƮɴΘϸntildeɐOumlxĀκЪ6϶iexcliǬĎȕOumlɐ˸Ɲʍˑ5ϾƉ˔ȄϡƎľ˓ɛђiumlƮЀ˼ɰʸϞǗǕ6ǣȎȕŀϰΪʚOumlφčĘOumlґ6

11

In the evening join the visiting winemaker from South Africa for

a private tasting in our wine cellar followed by an outstanding

dinner featuring a myriad of organic and seasonal produce

sourced directly from the farm All dishes in the restaurant are

designed to be shared and enjoyed together

The warm summer months are filled with afternoon bbqs

evening musical performances in the openair theater and sun

dappled memories at the pool

Winter is crisp and perfectly peaceful as snow dusts the bamboo

forests Log fires crackle in the bar and winter cocktails warm

from within

Memories are created and moments are shared a naked Stables

Private Reserve

˛=ϞʜKċȅѳɫčOumlɳǙ˰=ФͰɒOumlǙѨȕʑɐǙ=ŻϾхƻȅѳɸOumlϾƉOumlΪΈ˸OumlĖ˭6ϞʜȅΘҗҖĺɴAEligȅOumlНH6

҈ϤOumlΆƕ=жȕɊͷŮ˞DZ=ȹǤOumlϝϪȎύordfϡƎ϶iexclȕϒŒLwOumlɐťſϥ6

жȕOumleumlƕʒǓΕũ=JμĢĩѯќŝ6ǙHȕ=ɦФƄѓˀ˞āordfʋɿ˩=ϞZeumlƕƋǙɭ˂ɴɻũηucirc6

ȅnaked StablesjуſϥΘɐť˶ŒH6

12

13

14

GREEN DESIGN amp CONSTRUCTION

LEED Green strategies

All about LEED

Developed by the US Green Building Council (USGBC) LEED

(Leadership in Environmental Energy Design) provides a concise

framework for measuring green building design construction

operations and maintenance LEED Platinum rating is the

USGBCrsquos highest rating with strict criteria encompassing energy

savings water efficiency CO2 emissions reduction improved

indoor environmental quality and stewardship of resources and

sensitivity to their impacts A LEED Platinum qualified building

should use at least 30 to 40 less water and electricity than a

normal building At naked some of the things that have been

done in aiming to achieve this award are

recycling

flushing and irrigation

water

waterless urinals

buildings

consumption

ɀ˔ˤƗІƭˤ

绿色建筑认证

关于LEED

ϻɐŘɀ˔ƭѡƁāʜ=LEEDɀ˔ƭѡˈпltȣɀ˔ƭѡˤƗ5ƿń5РѽϡƎŰŀƥƾOumlȀơ6LEEDɐŘɀ˔ƭѡƁ˄ƽɭ5ѱЕȚϸȿ5ƱUacuteĀϓŸʀČ5˫ɬźǔёȣ5ѱЕŎȓƎoslashʙϳΗOumlɚĭoacuteψķnѬOumlѻijưΙ6ϞmicroϴϾLEEDˈпOumlƭѡϰħaʔƭѡ˟˼ϸOumlaacute6Ф =ͰɒϚѼȥŬucircľѽȅлʷOtildeOgraveжĸưΙ

ƭѡƽˬȥ13OumlɭЕ˼ϸ

ƭѡƽˬȥOumlϸȣ

iquestͳccedilũɇȺƍȅOumlЅϸЂҔͲOumlνźȚϸ

ϾҔͲũđiuml^ſϸЂyenũŐĪ

LJA˗ňȱOuml˳THORNǖŸȥƂ

˼ϸUacuteȱȣOumlЌŊegraveѩяϡƎɶ˾umlɇɗyen

Οkiexcl

ϸЂЎ˅Oumlϒɭ˅ƞ˅ʠ

ϸЂƞ˅ũȐʼƭѡOumlƽɭЕкʢ`

pѩϾ˅ſѩяȅƱUacuteɭЕΞŦ

15

use Incentives given to reduce energy consumption

a factory 20 minutes away from site

window frames bricks and roof tiles

Council)

material

property

recharging stations

within a radius of 800km

CѩФϾp˛OumlɭȣƗϸȅƢethǸˆOumlɭЕ˼ϸʮ

ȁ6ŻɭЕΞŦOumlƦ˟ŀuumlOumlưȘ6

ϸ˼ϸќΧdzȝOumlŗȷƞ˅ŀɻ6ќΧdzȝȅѳǢȑͰɒ

ēєȺЗOumlϞƝľ

ϾOumlʥũacuteŲiumlijoacuteǨЖ

˼ϸɘŒŵOumlUacuteĝˢtȟ

˼ϸUacuteʀČOumlȦ

˼ϸſȚϸOumlǛɦёͳccedilơ5џѲ5џƈ5acuteȀ5ѦǼũ

ͳccedilʎ

Ś13OumlɦϻFSC˕ȩŎȓГƁltʹ

˼ϸǵУ˪OumlŸќѐTHORNO

pɬʺ˼ϸLEDtimesũΟίOumlϲŒtimes

oslashϾƭѡѻAringoacuteOumlljαѳʿŒũĘ

ѝTHORNъПηijyumlěljˏ=ijyumlěϻϒɭŀaacutesɭФ

ѤTHORNcurrenaacute

OumlƭѡȦiumlȅѳĈДŁȕɬOumlʵЉ

Ś13OumlƭѡđȦ^ſȚϸ

ϾoacuteƟAacuteOumlȃƇiuml^νźȚϸ

notĉũȃƇ^ϸѽĐȦ

oacuteƟAacuteɬϴϾϾƉųВ

іΪϭˏϙ˪iacuteIcircTHORNȻѕlt

WŰѳʿiacuteцʾ

16

17

THE DESIGN IDEA

Tree Top Villas

树顶别墅

To touch the sky at night and look down on the forest in the morning is what owners of the tree top villas will experience High

above the forest canopy 30 luxurious homes are perched in the tree tops Spacious wooden constructions with large sundecks spill

into the panoramic views of the mountains

macrɞҌҍOumlϝǹ=ϔѪȗOumlҐ=жǜϴϾccedilpOumlˆɒntildeΘOumlҕȞǒ˔6icircŤŴѢЭʗͽФ˕ȩŌт˛=pǡϞķ6аФǾOumlɦѐΟͳѓ=œOumlɢī˗ʺǒǍόYacute6

Each villa is built on stilts to minimize its physical footprint and maximize the views for its discerning owners The prefabricated villas

are made by innovative construction technology known as structural insulated panels (SIPs) With high insulation value and zero

construction waste these lofty eco dwellings are like no others offering you an energy efficient home that is beautiful and at one

with nature

ccedilpOumlƭѡaumlƵȵƿń=iquestyacuteƦ˟oslashБ˽˪źǔOumlϳΗ=sѻAringΏoacuteOumlЮϹɐOumlǒ˔6жΡЎѐOumlpϸѻΪǴƔOumlƿńWOѐШOuml6ccedilpOumlˤƗтѽ=ʹđȦͲˁssectѳʿ=ŀϞĸЁϾʑЁʩNjѳʿOuml˪ѢЭ6

The villas are intended for life Overlooking the mountains and forest below each home has a very large outside deck

complemented on the inside by an open plan kitchen with all the latest amenities dining room living area and opium den for

relaxation and entertainment Large sliding doors and full wall windows welcome natural light while sophisticated air conditioning

systems ensure your comfort Double layered glass keeps the view in perfect focus hushing all sounds to perfect stillness Wooden

floors soft lighting and high ceilings add a sense of warmth and space

ccedilpѥ˪Ƃyacuteƭ6Ġғ΅ɘOumlʾ˗ũ˕ȩ=ɏicircƭѡǩˤϾǾAringOumlϒ=ʆϡCcedilOumlмǭČ˾notĉ55˪ƂʵũČЄȎ6ǾAringOumlȄɑũмɘɅTHORNAringacuteǵɩѳʿˉŒ=˶ljOumlǹaelig΄ǵʽWɴOumloacute6tȟǵȯɴФѻƜƶoacuteΩ˚ɐǒOuml˶xƁOgraveĹѕ˩ϪOumlī˃=ntildedegЂϞʎǓтѓ6ʿOumlɦTHORNO5ˌũOumltimesŒũǹOumlųϣЫȥɻũǹƣĭ6

ˤƗȓɲ

18

Tree top villas

Roofs thatched

19

20

FLOOR PLANS

Treetop villa 2 bedroom villa ccedilpȢͱĉ

ʒɘ

Interior area 室内面积 13768sqm

Exterior area 室外面积 50sqm

Total usable area 实际使用面积 18768sqm

21

Level 1 一层

Interior area 室内面积 7088sqm

Exterior area 室外面积 102sqm

Level 2 二层

Interior area 室内面积 668sqm

Exterior area 室外面积 398sqm

22

Treetop villa 3 bedroom villa ccedilp˓ͱĉ

Interior area 室内面积 20214sqm

Exterior area 室外面积 664sqm

Total usable area 实际使用面积 26854sqm

23

Level 1 一层

Interior area 室内面积 10334sqm

Exterior area 室外面积 118sqm

Level 2 二层

Interior area 室内面积 988sqm

Exterior area 室外面积 546sqm

24

Treetop villa 4 bedroom villa ccedilpͱĉ

Interior area 室内面积 2667sqm

Exterior area 室外面积 863sqm

Total usable area 实际使用面积 353sqm

25

Level 1 一层

Interior area 室内面积 136sqm

Exterior area 室外面积 168sqm

Level 2 二层

Interior area 室内面积 1307sqm

Exterior area 室外面积 695sqm

26

FITTINGS amp FINISHES SCHEDULE

EXTERIOR AND INTERIOR FINISHES

External walls

Structure is built from steel and SIP (Structural Insulated Panels) External wall is cladded with painted fiber cement board

Internal walls

emulsion paint

Ceiling

Ceiling is finished with emulsion paint

Flooring

Bedroom is finished with heavy strand bamboo flooring

Balcony

Balcony floor is finished with Wood Plastic Composite decking (M wood) Railing and trellis made with Liu An wood Balustrade is fitted with metal and Liu An wood

Window

bedrooms are fitted with double glazed LowE glass and Roto hardware

Kitchen amp powder room

Floor is finished with natural tile Kitchen cabinets and sink are provided Kitchen counter top is fitted with natural stone

Bathroom

Wall and floor are finished with natural stone

Doors

Entrance door is made of solid core timber fitted with Saflok RFID locks Bedroom doors are fitted with hollow core timber fitted with Saflok RFID security locks

ƭѡȦƎˤ]ɛ

室内外材料

oacuteƟͳʥ

oacuteƟͳƿńˤƗĮƿńƎƿńWOSIPlt6ʥϸΉɮOũʘ6

ɬʥ

ǸćƎͱтɬʥǩϸĔƎˎƲʘ6

ų

ųɘˎƲʘ6

THORN

ǸćģūɦTHORNO6ͱіќTHORNO

ȹ

ȹϸɦOʓʟ6ʈȲҎɦѐШOuml6ȇĬϸDŽрƎȲҎɦĜ6

acuteŲ

Ǹć5ͱOumlacuteŲϸȽɦѐacuteȀʆ-3ѓǹtȟƎ-0-ͶDŽʆƪ6

notĉ

THORNϡƎɘϡʿTHORNѦʓʟ=notĉŀlaquoŖϡƎʇ6notĉɘʿ˵6

Ќ

Ќʥ˦ƎTHORNϡʿ˵ʓʟ6

ɑ

ˏǺAringɑϸ˹Ψɦɑʆ˛-)ljordfɑNJ΄6ͱɑϸǹΨɦɑʆ˛SaflokljordfɑNJ΄6

27

MECHANICAL AND ELECTRICAL INSTALLATIONS

Heating and Cooling

AIRWELL centralized water source heat pump is provided Fresh air intake with heat recovery system is installed

Electrical provisions

are provided

Electricity

Concealed conduits are provided Threephase electricity supply with miniature circuit breaker distribution board is provided

TV telephone and internet connection

Satellite TV with all major international channels

is provided in all the villas Telephone outlets and wireless internet connection is provided

Hot water supply

Huang Ming solar hot water heater and Rinnai gas water heaters are installed for the villa

Water supply and pipes

Concealed copper pipes are used for both hot water and PPR pipes are used for cold water

The resort will be patrolled 24 hours a day CCTV system is in operation throughout the resort 24 hours a day All the villa front doors and bedroom doors are fitted with Saflok RFID security lock system

APPLIANCES TO BE PROVIDED OR INSTALLED IN EACH DOMESTIC

UNIT

机电设施配套

ŀɻũѐȐ

ɽyumlƍѓ˾Е˅`΄6ΪĘ˅ſ΄6

Ɲaacute

ʆEΐNtildeŎOumlǭŋϡƎѿ6

aacuteȞŀϰ

ѩϾϮ˾ΐȺ=ʆϾίoumlȺʠ=ʆaacuteΓOuml˓ΑaacuteЕŀϰ6

aacuteƎςˤ]

έaacute=ʹΐaacuteŹũʹΐȺ6

˅ˤ]

žɛϒɭ˅ʠƎȩɬɌʡ˅ʠ

Ŏ

˅ŀϰŎǩϸϮc˾ĮŎ=ȐŀϰŎŎ6

WCˤ]

oacuteƟAacuteˤϾϾΟ˶ѽOumlgȺaacute΄ϡƎΟ˶OumlπɄ6ˏǺAringɑƎͱϸSaflokljordfɑNJ΄

标准住宅单位附送以下设备

Stove BAUMATICExaust fan BAUMATICOven BAUMATICMicrowave BAUMATICFridge BAUMATICBARMini fridge (2 3 bedroom) BAIXUEWine fridge (4 bedroom) BAUMATICBEDROOMMini fridge BAIXUEBath KOHLERTERRACEBarbeque grill

TelevisionDVDBATHROOMShower KOHLERBasin KOHLER

notĉ aacuteraquoȷ ʄɇUcircǷnotĉϼχƉ ʄɇUcircǷnotĉaacuteDZΓ ʄɇUcircǷuȷ ʄɇUcircǷɬяrΓ ʄɇUcircǷHΟrΓ=ĉlt JμǙŖĉlt ʄɇUcircǷͱΟrΓ JμЌį Ǵȍȹ˞DZΓҒĉaacute ɯDVD ɯЌȪЌʠ Ǵȍʇ Ǵȍ

28

NOTE

1 The Developer reserves the right to substitute other materials

or appliances of comparable quality and standard for the

intended items as listed in above fittings and finished schedule

2 The fittings and finished as listed above shall be subject to

the terms of formal Agreement for Sale and Purchase Those

provisions may have slight variation in the color measurement

3 The Developer reserves the right to make modifications and

changes to the building design fittings and finishes without

prior notice

4 Fittings and finishes of the Special Units may be different

from those of the Typical Units

备注

āЮ˙WȰϞʧʹȞ=Dв˹ƙʮȁεϘϡUgraveётƭѡȦϡƎˤ]Ccedil˛ȧĹΙ6

˛ȧĹΙȦϡƎˤ]ǩϡн˾ɈɉūКOumlǿщegraveѬ6ĹΙƭѡȦƎˤ]ǵɭƁФϋ˔=ȣoacutepoundAcirc5ȓ5ѺуƎƆľ˛ordfʬp6

āЮ˙WȰϞʧʹȞδeacuteϡƎĽĨϛOumlˤƗ5ƭѡȦϡƎˤ]ʹεȮαс6

˔EumlЏOumlēƭѡȦϡƎˤ]І˛oȧĹΙǵɭϾx6

29

PURCHASE OPTIONS

Buying a Tree-top Villa at naked Stables Private Reserve involves signing a Sale and Purchase Agreement with the development

company and a Lease and Management Agreement and Deed of Conditions with the Hotel Management Company The Management

Agreement requires the purchaser to lease the property back to the Hotel Management Company to manage on the ownerrsquos behalf

There are two different plans which are available for buyers

在 naked Stables 购买一套拥有不动产权的树顶别墅包括与发展公司签署一份买卖协议以及与酒店管理公司签署一份租赁管理协

议和条件契约管理协议要求购买者以业主的名义向管理公司出租其别墅以供其管理买家有两种方案可供选择

ŅɈκΙ

30

OPTION 1 - FLEXIBILITY

1Owner Usage Rights

Zero usage restrictions

Early reservations are required to secure Villarsquos especially during prime and peak seasons If a Villa Owner does not provide the

required advance notice for a reservation the resort may be required to offer the owner a different unit or in the worst case no

availability at all

1 业主使用权限

ȫ˼ϸΏѐ

ϘʴʣЎegraveˏѢp=ϺʙФƐƕ6ˍřpϛѝɍϾŀϘʴOumlϸЂЎegraveOumlЎс=oacuteƟAacuteƮʙŀȮϞdegѢdeg=ƆеѻЦĴOumlʮȁɍϾǹĉ6

2 Rental Revenue

2 租金收入

a Rental revenue

Whilst not in residence the owner will be eligible to earn a pro rata 36 of the room revenue generated by the Reserve during their

absence Ie Everyday the revenue generated by the entire resort is divided amongst the owners not in residence on that day When

an owner is in residence he forfeits his opportunity to earn revenue

ѸDŽˏ

ϛѝxǝѢʖƣ=ƮOtildeOgraveoacuteƟAacuteordfѸʙĉͳOtildeϧOuml6ɏoacuteƟAacuteordfѸɨΡxǝѢФfrac14OumlϛѝOumlĉͳOtildeOumlϧƮ^ʒǩēʆĺжΡϛѝ6IcircϛѝǝѢФʙpȕ˶=Ʈ˱ʸƅOtildeϧOumlƉƁ6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

选项1-灵活性

31

c Cashing out your returns

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

gtƮɴOumlſYŚDŽĈ˾ʷordf

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſYϧ6ˍřϛѝκЪxʷordfOumlϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3 有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecom services

included in the Services Fee to the owner whilst in residence The services fee is 300rmb per room per night This fee is charged on

all rooms regardless of which are in use

4 服务费用

IcircϛѝФoacuteƟAacuteǝѢ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸѓ6ɏĸĉƣɏOumlĞĒϸЏˆəe6жĸĒϸΛϾĉƣʷOuml=xɃfrac14ĉƣĚФ˼ϸ6

5Maintenance

4 of hotel room revenue will be reserved for ongoing building maintenance This will be deducted from the ownerrsquos share of total

room revenue

5 维护

ǙacircǸĉˏOumlƮ^ȰѽŮθƭѡδтĒϸ6ħēDŽuumlƮiquestϾˆǵēOtildeOumlǙacircǸĉˏĕuumlѓǻshy6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGEEarnings Per Room (36 of gross room revenue) 124173 170827 221315 253507 263647 2066942 Bedroom 收益 ndash 双人间 248346 341653 442631 507013 527294 4133873 Bedroom 收益 ndash 三人间 372519 512480 663946 760520 790941 6200814 Bedroom 收益 ndash 四人间 496692 683306 885261 1014027 1054588 826775

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 41 57 74 85 88 69

3 Bedroom 收益 ndash 三人间 9000000 41 57 74 85 88 69

4 Bedroom 收益 ndash 四人间 12000000 41 57 74 85 88 69

Hotel revenues and owner rental yield - Option 1 Flexibility

32

OPTION 2- STABILITY

1Usage Rights

1 使用权限

选项2-稳定性

Total Permitted Usage Prime Peak SeasonPermitted Usage

Peak SeasonPermitted Usage

Out-of-SeasonPermitted Usage Blackout

40 days per yearNo occupancypermitted

Up to 20 days per year but no more than 7consecutive daysfor any one stay

Up to 20 days per year but no more than 7consecutive days for any one stay

No occupancypermitted

允许使用总数主要的旺季允许使用

旺季允许使用

淡季允许使用

无折扣期

每年40天 不允许占用 每年20天但是每人

不能连续居住7天每年20天但是每人 不能连续居住7天

不允许占用

Prime Peak Season To be published by naked Retreats in according to government notification every year Prime Peak Season

Middle Autumn Festival (Sept) excluding Blackout dates

Ɛƕɏɱϻnaked RetreatsĻǟоġĵāordfс6ƐƕVȂѓŘsup1ƽϞМĀМlt5ȋiacuteƽͶМlt5Řʱƽ˴Мlt5ʭɛƽМlt5ѓʲƽǘМlt=xVȂʹгǻʖ6

ƕiquest˓МOgrave˴ϞМʖƣOuml10ĸїɡϡƎ10ĸľѽˉїʖ=xVȂƐƕũʹгǻʖ6

OutofSeason 20 days during December to February excluding Prime Peak Season and Blackout dates

Iacuteƕiquest˴ĀМOgraveĀМʖƣOuml=xVȂƐƕũʹгǻʖ6

Blackout Dates Peak demand dates such as holidays sporting events groups and citywide conventions Local cultural events

all as specified by the Hotel from time to time

ʹгǻʖεʴijėʖVȂƟʖ5Ћ˒5ũʺβOumlƁϨ6IcircTHORNɾyumlOumlŸƂiacuteiumlƮDвǙacircOumlɛljα6

2 Rental Revenue

2 租金收入

a Rental revenue

Regardless of your usage of your property your rental return will be fixed at 5 for the first 5 years of operation After this period

you will automatically migrate to the Flexibility plan

ѸDŽˏ

xɃɰOumlĉ˼ϸoacuteˍŪ=ͶɱOumlѸDŽϧiumlŊegraveOuml136ФжтŮ=ɴƮѳiacuteѧˏȬƂβĈF6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

33

c Cashing out your returns

gtƮɴOumlſYϡDŽĈ˾ʷordf

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſY6ˍřϛѝκЪxʷordfʙϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecoms services

rental option

4服务费用

IcircϛѝǝѢФoacuteƟAacuteȕ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸȕ6жϞȏOumlĞĒϸxVȂegraveβordfѸʆ6

5 Maintenance

Of the 5 guaranteed return generated form your property during the period you are not in residence the management company

will retain 4 of this return for maintaining your Villa The maintenance fund will be pooled and used for all Villarsquos in the resort

5维护

ɴxǝѢʖƣiquestɴOumlĉѓƮ˪Ouml13OumlſY=ŎȓŁƮWȰжbſYѓOumlϸѽɴpOumlŰ6ŰƈDŽƮ^ūsʜȅsϸЂϾoacuteƟAacutepOumlŰ6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Hotel projections

Rooms Available 可用房间 not relevant 非主要Estimated occupancy 预计使用率 not relevant 非主要Estimated average daily room rate 预计每日平均房价 not relevant 非主要Growth in room rate 房价增长率 not relevant 非主要Annual room sales 年房间销售额 not relevant 非主要RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE2 Bedroom 收益 ndash 双人间 50 50 50 50 50 503 Bedroom 收益 ndash 三人间 50 50 50 50 50 504 Bedroom 收益 ndash 四人间 50 50 50 50 50 50

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 300000 300000 300000 300000 300000 300000

3 Bedroom 收益 ndash 三人间 9000000 450000 450000 450000 450000 450000 450000

4 Bedroom 收益 ndash 四人间 12000000 600000 600000 600000 600000 600000 600000

Hotel revenues and owner rental yield - Option 1 Flexibility

34

Option 1 - FLEXIBILITY Option 2 ndash STABILITY

investment returns for your Villa are influenced by the

success of the resort and the number of days you use

your Villa

Stable implies both your returns and your annual

usage rights to your property are fixed Regardless of

how well the resort operates your returns will remain

the same Equally you will only have a fixed number

of days allowed in residence

Usage Have unlimited usage rights to their Villa 40 days usage per year

Rental ReturnEarn 36 of the pooled returns from the entire resort

whilst not in residence

5 guaranteed return on their investment regardless

of resort performance

Resort Discount20 discount on all resort amenities and activities

(including SPA and Restaurants)

20 discount on all resort amenities and activities

(including SPA and Restaurants)

Services FeePay a Services Fee of 300rmb per room per night

whilst in residence

Maintenance4 of all room revenue is retained for maintaining

the owners Villa

4 of all room revenue is retained for maintaining

the owners Villa

选项1 ndash 灵活性 选项 2 ndash 稳定性

ȬƂβϸЂ˼ϸІſY6ɰOumlpѱſYʷǧЂoacuteƟAacuteOumlĿǑϱũɰoslashpOuml˼ϸoacute

ŊegraveβϤѯɰOumlſYũɏɱoslashЂɰOumlĉOuml˼ϸʹΏiumlŊegraveOuml6xɃoacuteƟAacuteOumlǑϱѫȁϾucircť=ɰOumlſYiumlŊegraveOuml6ϖTHORN=ɰъϾŊegraveOumlПηǝѢOuml6

使用 ʹΏѐOumlp˼ϸʹΏ ɏɱOuml˼ϸʹΏ

租金收入 ФxǝѢʖƣ=ƅOtildeмĸoacuteƟAacuteūsſYOuml xɃoacuteƟAacuteǑϱѫȁˍŪ=Wп13OumlſYϸЂѱ

度假村折扣 ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt

服务费用 ǝѢʖƣ=ɏĉƣɏЏˆəeOumlĞĒϸ čѝϘ

维护 ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ

OPTION COMPARISON

选项对比

35

36

INDUSTRY RETURNS AND BENCHMARKS

INDUSTRY REPORT

行业报告

Tourism and urban resorts is one of the fastest growing industries in China According to industry consultant HVS cities such

as Shanghai Beijing Shenzhen Guangzhou Hangzhou and Tianjin all have a population where a critical mass of highly affluent

individuals and successful companies exist generating demand for suburban resorts

ФѓŘ=ȾϽϛũoacuteƟAacuteσɓāЮOumlαϛтϞ6ĻǟʺʳǙacircĞϛltOumlϞΙYĵ˿=ФѓŘOumlѝϘˍ˛ŝ5[ǎ5˧5œј5ţјũdžǩēyѯAringȣOumlĥЍˆʾũĿOumlʝϛ=ϻfrac14ϚƊāȥoslashƴʵoacuteƟAacuteOumlƌAringεʴ6

Amongst other things the exponential growth in private vehicles has seen a huge increase in demand in the leisure market With

the completion of the shenjiahu highway in 2010 the travel time from downtown Shanghai to Deqing is now 2 hours Also with

stop at Deqing) scheduled to open in late 2011 travel time from downtown Shanghai to Moganshan will take between 15 to 2

hours When comparing travel times to get to other resort destinations in China ndash eg Hainan or Lijiang flight times might be within

2 or 3 hours total travel time including travel to airports and check in make the whole trip 6 to 7 hours plus additional travel cost

Within the 2 hour travel radius of Shanghai the quality of resort destinations is also (in our opinion) not at an international standard

with most hotels simply being lsquocity hotels in the countryrsquo rather than true resort properties operating at international standards

shyfrac14т=ѯĸˆγΊOumlāЮ=ĸˆƸϴϾȿϚσʂ˫6ѳɱ˥ƛůijϡŮ=iquest˛ŝOgraveOcircʭϚLjεϘĸΟ˶Ouml6ΪƭOumlijǵϡФ13ēєɬiquest˛ŝUumlAumlţј6ƏƮФɱYacuteǫľOumliquestţјOgraveɫǎOumlijѓϾϞаDzOcircʭlt=ъεϞĸSΟ˶OgraveȢĸΟ˶ǜǵϡiquest˛ŝѓΫOgraveAumlɢī˗6ˍřІѓŘOumloacuteƟˮTHORNŝɫ5ȒƯUgraveaƹ=shyȥϘųĒэĸΟ˶Oumlďα˶ƣ=ŻϘФVȂʣƉ=CʺƤũUgraveEgraveOslashƉ˛ų˛эĸΟ˶=ĽxϸɨΡuumlOumlαųΝȥ6Ѷō˛ŝїiΟ˶ɬOumlγΊoacuteƟʸdeg=э˟ͰɒˈltІŘƙŸnѬŻϾѯɛOumlǢ6AringēOumloacuteƟǙacircϚũѓOumlɨΡǙacircɍϾ_ёOumlʵp=ЗЗAumlxOgraveинŘƙϤϦ˛oacuteƟίĉΙɧOumlϘʴ6

ϛѝЎʖſYІaƹ

37

OUR NICHE

我们的利基

naked sees a need in the market for world class expertly designed and operated resorts which are within 1 to 2 hour travel time

of major cities in China As with other urban resorts we believe that the Leisure market and the MICE (Meetings Incentives

Conferences Events) market will be a huge driver for our business In addition we feel that we are already at the forefront of

the growing focus and concern on environmental design building and operations as well as the growing interest in nature and

environmental education At naked we also place a high emphasis on facilities and services for the entire extended family ndash from

children to parents to grandparents that other resorts do not place dedicated resources for

nakedЎƧOgraveȥФѓŘжϞεʴƏǢȑѝϘϞэȢĸΟ˶Ouml=˶ЁhζǁϞȱOumlѥϛˤƗũŎȓOumloacuteƟΙɧ6ͰɒΑάγΊũƁƁϨ5ưȘȾϽ5AringίʝϛƁϨ5ƂiacuteЮȉltOumloslashͰɒϛOumlіAringʤȞ6frac14=ͰɒФŋѣũiacuteźWίˤƗ5ƭШ5ŎȓũźWȓɲœ˛ϠǑѷФȥαϛȭя=ФnakedІαϛеxͰɒϚіoslashЂˣʵѓOumlŜѲ5Ɲ5ȌеOumlĞũˏ6

As such we feel very confident in the rates and occupancies that we will achieve Regarding room prices when benchmarking

against some of the other leading hotel brands in the resort market such as Aman Fayun Hangzhou Banyan Tree Hangzhou Fuchun

Resort Hangzhou Mandarin Oriental Hainan and Commune by the Great Wall average rates in March 2011 for single bedrooms in

this set are ~ RMB2800

ϩfrac14=ͰɒoslashЂˏѢĉƠϡƎˏѢȿcurrenɊάΫ6ФˏѢĉƠĈɘ=ІʙФoacuteƟAacute˛OumlсɜǙacircʑʁaƹ=ˍCҊĂО5ţјНҏѨ5ĥsup1˗ǝ5˓φŴecircĈǙacircũƵ΅OumlŁˣ=Фɱ˓МOumlEumlˆƣʒǩƠķ=6

Regarding occupancies we are confident to achieve occupancies of around 60 after about 4 years of operation but forecast

conservatively that our occupancies will start from around 35 in the 1st year of operation and grow steadily to 45 in year 2

55 in year 3 and 60 after the hotel is lsquomaturersquo from year 4 onwards

ФˏѢȿĈɘ=ͰɒŬϾάΫǑŚɱOumlǑϱ=ͰɒǵϡAumlOgraveOumlˏѢȿ6WŇƗ=ͰɒOumlˏѢȿƮƁϻszligϞɱOuml13=egraveЫOgravefrac34ɱOuml13ũszlig˓ɱOuml1313=szligɱϡŮƮƁЫOgrave6

Given the above estimates we believe that owners can expect attractive investment terms as illustrated in the table below

Ļǟϡ˛OumlŇƗ=ЎƗϛѝɭņOtildeOgraveOumlѱſYƮƁˍ΅o˿

CҊĂО

НҏѨ

ĥsup1˗ǝ

˓φŴecircĈǙacirc

Ƶ΅OumlŁˣ

RMB4270

RMB3500

RMB2000

RMB2150

RMB2388

Aman Fayun Hangzhou

Banyan Tree Hangzhou

Fuchun Resort Hangzhou

Mandarin Oriental Hainan

Commune by the Great Wall Beijing

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966

38

39

ͰɒOumldivideTHE TEAM

40

Grant Horsfield ndash Chairman naked Group

Grant a native of South Africa is Founder and Chairman of the

naked Group

Before coming to China in 2005 Grant worked in England

and South Africa with more than 10 years business ownership

experience With background in IT he launched eBites

Limited in 2000 Operating nationally eBites was both a

publishing company and a callcentre facilitations company with

headquarters based in Cape Town In 2004 Grant received

an MBA from University of Cape Town Graduate School of

Business Upon graduation he decided to come to China as he

saw China is where business opportunities lie

After spending two years in Shanghai he found himself

overwhelmed by the metropolis and missed the natural beauty

of his home From this desire and need sprouted the concept

for naked Retreats which was launched in 2007 Grantrsquos vision is

to create sanctuaries that are in harmony with the environment

where people can appreciate the simple way of nature and

embrace the naked lifestyle Grantrsquos tireless efforts in promoting

ecotourism in the rural areas not only created jobs but also

pride for the local community He received an environmental

award from the Huzhou Government in 2008

高天成 - naked集团总裁

ij=ɫčIcircTHORNˆ=nakedƍOumlmiddot˽ˆũѵ|6

Ф13ɱȅOgraveѓŘтʣ=ij˪ЬФϯŘƎɫčľѽ=ϾŚɱOuml˙ϛǑϱƎРѽǑϏ6ФʙITǒOumlUѠ΅=ɱij˪ƭȜȥeBitesϾΏŁ=eBitesŁƮϱΝІaacuteŹĞѓΫLJɖƿū=ʙѵˤФǭʔugrave6ɱ=ijƅOtildeȥǭʔugraveAringλ˙λЙOumlMBAλ6dϛŮ=ǧegraveȅѓŘ=ϩǯOgraveȥжȕOuml˙Ɖ6

Ф˛ŝEgraveȥȢɱтŮ=āѳƓxȥ˪Ƃ=sʨAtilde˱ȥѳʿɐǒ6ФжѕИІεʴOumlʶ˼΅=ƭȜnaked Retreats

OumlΖĂФɱOtildeOgraveȥ˹˲6ijOumlΖĂƭШϞĸ˯THORNІѳʿũΣŃdeg=ˆɒǵϡΘѳʿ=ΘnakedOuml˪ƂĈ˾6ij˫ΔAacuteTHORNʵ˪ȾϽѽordfOumlxΦɹȞ=xLjmiddotШȥľѽıŻOtildeOgraveȥIcircTHORNˣʵOumlХϐ6ij˪ƅOtildeȥɱůјоġNāOumlźWAring˼ư6

41

Delphine Yip-Horsfield ndash Partner Ben Wood Studio Shanghai

received her Master of Architecture degree from Harvard

Boston prior to moving to Shanghai to oversee the award

winning Xintiandi project on behalf of Wood and Zapata In

the fall of 2005 Delphine became partner at Ben Wood Studio

Shanghai

Drawing from her own experience of diverse cultures Delphine

has led a multitude of high profile projects such as Hangzhou

Xihutiandi Zhujiajiao Oriental Garden Shanghai Waitanyuan

Beijing Palace 77 Shanghai Hongqiao Commercial Core Lijiang

Lashihai Resort Masterplan etc

In 2006 she was selected Wallpaper magazinersquos first annual 40

under 40 designer of the year

Delphine is the chief master planner and architect for naked

Home Village and naked Stables Private Reserve She also

oversees the visuals and styling of the naked Brand

叶凯欣 - 上海Ben Wood设计室合伙人

ϜǮΩɺ=Ben Wood ˤƗľѽOumlѵƢ=śęAringλƭѡλ6ȅ˛ŝтʣ=ФΒIJ5ɷКũuuacuteľѽ6ȅ˛ŝŮ=CcediloWoodũZapataĤЩΪTHORNΙɧOumlƢethľѽ613ɱʲƕ=ϜǮΩɺBen Wood ˤƗľѽūƃˆ6

ϾѯxŸϽșǑϏOumlϜǮΩɺ=EacuteˇȥηucircijocircΙɧOumlƢeth=VȂţјͻůTHORN5њƝƶecircĈųВ5˛ŝЕ5[ǎłatilde5˛ŝŭʦ˙ϛѓΫ5ȗƯȄŝoacuteƟAacuteѵŔŷˤƗUgrave6

ɱ=ˏκȥWallpaperСьǃɱoacuteϡ΅OumlˤƗ˰6

ϜǮΩnakedƝВAacuteũnaked RetreatsOumlѵˤƗеũƭѡ˰6˶ϚĤЩƢethnaked˙nOumlFũĘķˤƗ6

42

Kang Yang Lim ndash Group Chief Operating Officer naked Group

Group with over 13 years corporate finance and real estate

development experience Previously he was Director of the

real estate division of APP China taking responsibility for the

initial positioning and development of the USD15 billion lsquoWhite

Magnolia Plazarsquo mixed use development project (including

the development of Shanghairsquos first W Hotel) He also led the

concept and development of APPrsquos branded residence and resort

project in Sheshan Shanghai

Finance division of PricewaterhouseCoopers in Melbourne

Australia where he specialized in business value and strategy

worked in inhouse strategy roles for CocaCola GB in London

and to British venture capital firm of the year (2004) ISIS Equity

Partners before coming to China in 2005

Accountants Australia in 2002 and is also an affiliate of the

of Commerce and Diploma in Modern Languages from the

University of Melbourne Australia

林纲洋- naked 集团首席营运官

ƞˏnakedƍOumlȩ˪ϴϾŚɱOumlʝϛ~ƎTHORNǭāǑϏ6Фfrac14тʣ=ѽѓŘDŽŒOumlTHORNǭāOumlѵƢ=ĤЩƠч13ϢЏOumlucircϸ8JЈȈœ9ǭāΙɧOumlcopy˽κшũǭāVȂ˛ŝszligϞƝ ǙacircOumlǭālt6˶ϚщNtildeȥDŽŒƍФ˛ŝҁ˗ʑʁѢЭũoacuteƟAacuteΙɧOumlȓɲũǭā6

ФDŽŒƍˇфтʣ=ȩİϑGAringȚφɣyuml_ʔŴϷOacuteƁƗ˰OumlǑȓ=ѥѣЂ˙ϛƠчũЯɁѰξ6ȩ˪Ф13ɱȅOgraveѓŘтʣэȑǭʔŴϷOacuteŮOumlϞotilde˶ƣɬ=ѽǵǺǵȎɂugraveŁɬOumlЯɁēͺ˰=ϡƎISISOumlʼnʏūѽƃRФϯŘɂugraveOumlϯŘĘΌѱŁˇф6

ȩ˪ФɱƅOtildeȥGAringȚφηƁƗ˰ƁũGAringȚφпʻωǗOumlƁГѱķ6˶ϚƅOtildeȥGAringȚφɣyuml_AringλOuml˙ϛλλϡƎCcedilЇϊλп6

43

Gabriela Lo ndash Managing Director naked Retreats

With over 15 years experience in high end events and PR

management Gabriela has been instrumental in bringing naked

to where it is today As one of the original members of the

naked Team Gabriela has led the growth of naked Retreats

to become one of the most famous eco retreat destinations in

China attracting guests and publicity from around the world

Originally from Macao Gabriela has rich multi cultural and

multinational living and working experience having worked and

studied for many years in Greater China England and Italy

卢家宝 - naked 度假村常务董事

ϴϾŚ13ɱOumlijocircƂiacuteũŁŃŋ΄ŎȓǑϏ=nakedDžOumlǜІȶƝXēxǭ6ѽħdivideOumlmiddot˽ГтϞ=ȶƝXϠǑAEligȭnakedѓŘѻϾɜOuml˪ȾϽɧOumlTHORNтϞ=ͼϭȥȅѳǁĹTHORNOumlǸˆ6ȶƝXȅѳGɑ=ϴϾĖĥOumlucircЏŸũucircŘǝѢũľѽǑϏ=ЬФAringѓŴTHORNʵ=ϯŘũϤAringȚϾѯucircɱωǗǑș6

Judy Zhu ndash General Manager naked Group

Zhu is the General Manager for naked Group ensuring smooth

operations of the group with a particular focus on government

朱燕 - naked 集团总经理

њώ=iquestnaked Retreatsmiddot˽ǭ˽ǜũij˪ūѽ6њώѽƍѵǑȓ=ĤЩIcircTHORNũŋ΄ʽWƍРѽ6Фƞˏnakedтʣ=њώФ˛ŝũ[ǎiquestŚηucircІ˙ϛϾŋOumlфϛ6ФΪͻȈƅOtilde˙ϛλ6

44

Kurt Berman ndash General Manager naked Stables Private Reserve

With over 16 years experience in FampB and high end luxury

resort management Kurt brings a wealth of experience and

will lead the preopening and operations of our new resort ndash

naked Stables Private Reserve Prior to joining naked Kurt was

the preopening General Manager at Six Senses Laamu and

Resident Manager for Six Senses Soneva Gili by Six Senses Kurt

has also worked at other prestigious resorts including Fregate

his career in hospitality in FampB and was a trained Chef with

experience working in many prestigious institutions including

The Dorchester Hotel in London Kurt is from South Africa and

has a masters certificate in hospitality management from Cornell

University

Kurt Berman - naked私人度假村总经理

ϾѯŚɱϬƎijIumlŤŴoacuteƟAacuteOumlŎȓǑϏ=ƮϡĖĥOumlǑϏȭNtildeͰɒΪoacuteƟAacute77)$ 0OumlϱϛũРϱ6Фƞˏ)$ тʣ=10ЬEacuteˇŚ8szligȳĭǦ9+1ϱϛѵǑȓũ8szligȳĭǦ9-2 ((OumlѤacircǑȓ610ŻЬˇфЂamp0ˆŝETHũ1+4UgraveʙўɜoacuteƟˮTHORN610OumlϛʜzЂϬαϛ=ϚϡϞĸФŬucircўɜƉńVȂ-0-0 -$-ltľѽŚOumlρȡϾOumlnot˰610ȅѳɫč=sϴϾǰɪyumlAringλЃOumlǙacircŎȓλ6

Richard Johnston ndash General Manager naked Home Village

Hailing from the United Kingdom but with most of his working

life in resorts throughout Africa Richard brings with him over

20 years experience in General Management and Director level

roles in world class resorts including Azura Retreats Cape Grace

hotel and the Saxon Hotel Richard plays a key role in the set

up of systems training and operating standards His years

of experience and mentoring leadership style make Richard a

natural inspiration for our young hotel management team

Richard Johnston - naked 家园村总经理

RichardȅѳϯŘ=IgraveAringucircOumloacuteƟAacuteľѽiumlФмĸčљ=ϴϾŚɱOumlѴūŎȓũǁƐoacuteƟAacuteVȂAzura

Retreats Cape Grace hotel and the Saxon HotelltijʒŎȓǑϏ6RichardФƭȜ΄5ʅρũРαnѬĈɘʜѯŋƨѽϸ6ĖĥOumlǑϏũȭNtildeĘķ˼OtildeoslashͰɒɱʬOumlǙacircŎȓdivideϾѯѳʿOumlƊȘ6

45

Teun Hanegraaf ndash Sales Director naked Retreats

Teun obtained a Bachelors in Business Studies and Masters

in Strategic Management with a focus on Chinese Business

Culture Teun increased our corporate sales business by 350

in his first year with us bringing international companies

ranging from international conglomerates Unilever and Coca

Cola to more local institutions such as The Shanghai American

School and leading Chinese companies such as Bank of China

韩天宁销售总监

ȅѳŧȈɥEcirc=şɵϴϾ˙ϛλλλ5ЯɁŎȓѥѣЂѓŘ˙ϛŸlt6ȅƍOumlszligϞɱşɵƮŁOumlΝϛijȥ13=sŁAEligȅȥx˟ŘƙβOumlAringŁǸŲ=жʙѓϾŘƙAringʝϛȠūȚŴũǵǺǵȎ=ϚϾ˛ŝɐŘλΠUgraveIcircTHORNƉńũѓŘϫαUgraveѓŘȴʝϛ6

Oliver Yuen ndash nature Reserve amp Recreation Manager

naked Stables Private will be the first private reserve in China

with a wealth of new flora and fauna introduced to the project

from Sydney University Australia and as a fully qualified Ranger

working in many of the worldrsquos best wildlife parks Oliver takes a

special role in ensuring the environment of naked Retreats and

naked Stables Private Reserve will be full of life and a natural

self supporting eco system Oliverrsquos passion for both people and

nature make him the perfect person to teach our guests about

what we do and make their stay not only a relaxing one but

also a fun fulfilling educational one as well Oliver previously

worked in wildlife parks and resorts such as Azura Retreats in

Mozambique Mobala Private Game Reserve in South Africa and

Sydney Aquarium in Australia

袁鹏威 - 活动经理和度假村 生物学家

naked StablesƮѓŘszligϞĸϭljΪOumlцʾũiacuteʾOumlˆoacuteƟʵ6OliverѽϞɜGAringȚφͿɯAringλūķOuml˪λƝiacuteλƝ=ϡƎФǁĹTHORNOumlϙ˪iacuteВľѽOumlľѽе=Ф˼naked Retreats ũnaked StablesϾѯĖĥ˪ѱЕ5ʿѳĺOuml˪΄Oumlźǔľѽ˛QύѯіϘƶ˔6АʊoslashˆȏũѳʿOumlƊʮ˼ѻūOumlˆȅĵͰɒOumlǸˆͰɒѼOuml˷ɋ=sʨ˂ɒФжȕOuml˶ŒxLjLjČ=˶Ϛ˂ɒOumlǝѢǑșlOtildeϾǭΫcurren˹ũϾƷЋϤϦ6АʊтʣФɫčũGAringȚφͿɯѹŏiquestϙ˪iacuteВũWŰʵOumlľѽVȂMozambique OumlAzura Retreats Mobala Private Game Reservelt6

46

Philip C Davis Company Director naked Retreats

Phil joined the Board of Directors for naked Retreats hotel

management company in 2011 His previous board experience

includes Tian Rui Hotel Corporation holder of the master license

for Super 8 economy hotels in China and Hong Kong from 2006

to 2008 He also was a founding shareholder of Tian Rui and

served as its President and Managing Director from 2006 to

2008 He was a board member of Tian Xian Cheng a bai jiu

concern which is a joint venture between Pernod Ricard and a

2010

Phil was previously Chairman of the Budweiser (Wuhan)

International Brewing Company and Managing Director of the

AnheuserBusch business in China and Hong Kong from the

beginning of 1996 through 2002 From 2003 to 2005 he

headed the AnheuserBusch liaison office with Tsingtao Brewing

Company

Phil holds a PhD in history from Washington University and

started his career as a market researcher at a major advertising

agency in the US before moving to AnheuserBusch and

heading its consumer planning and new product development

functions in the 1980s

Philip CDavis naked 度假村公司董事长

PhilЂɱƞˏȥnakedoacuteƟʵǙacircŎȓŁOumligraveƁ6ϡĖĥOumlǑϏVȂФːǙacircƍˇф5ϡƎЂɱэɱФѓŘũѓŘΒIJEacuteˇSuper ǑƖǙacirc ʼnˆ6˶=ϚːǙacircƍOumlmiddot˽ʼnecirc=ФɱэɱʖƣEacuteˇƍOumlѵ|ũigrave6ɱэɱʖƣ=ϞƝІWȎȞƞũJǙ˪ȴʝϛƬɫūѱOumlʝϛ77ΐOumligraveƁГ6

iquestɱэɱ=Phil͵šBudweiserŘƙɳǙŁOumligraveƎѓŘũѓŘΒIJCŝyŁOumligrave6iquestɱэ13ɱ=CŝyũʫETHʌǙŁOumlȠɆdegOumlĤЩˆ6PhilϴϾŴ˭uacuteAringλOumlș˻дλvλ=ФǁɱCcedilȅOgraveCŝy5ĤЩΞĒŔŷũΪʑǭāĿɭтʣ=OumlϛʜzЂɐŘOumlϞƝœĵCcedilȓŁ=Eacuteˇaeligω6

47

OUR INTERNATIONAL TEAM

International team

Chief master planners amp architects

the urban landscape of modern China with Xintiandi in

Shanghai a commercial cultural and entertainment district

Since then the studio has worked on projects in very diverse

categories both small and large scale projects include mixed

use projects like the ldquoTiandirdquo in Hangzhou Chongqing Wuhan

and Foshan luxury villa and high rise residential complexes in

Shanghai and Vietnam as well as various boutique hotels and

Chalet Architects

A00 Architecture is most well known for their research

inenvironmental sustainability and its application to their

work in Architecture Interiors and Furniture Their portfolio

includes feature restaurants luxury spas retail stores design

conversion of dozens of historic Shanghai homes into highly

personalized residences

Interior Designers AIM (Architecture amp Design) brings expertise

in the combination of world architectural styles and design

influences to the interior designs at naked Stables Private

Reserve With the Shanghai office led by the two founding

on comfort warmth and a unique blend between African and

Asian design sensibilities

Landscape Architect

Design Land Collaborative (DLC) is a professional consulting firm

comprised of landscape architects and planners with an office in

Shanghai and the United States Projects have a strong emphasis

on cultural resources historic preservation and ecological

design involving both the public and private sectors

ͰɒOumlāЮdivide

ɴǵϡΑάOumlёȣ

ŘƙŸdivide

首席规划师和建筑师

benwood Studio Shanghai OumlсɜΙɧтϞѠĨШ˛ŝΪTHORNľ=˼ʙƍ˙ϛ5Ÿ5ЄȎϞOumlʵЉ6тŮ=ЁƻȥĹȏŔɟAringΟOumlΙɧ=VȂţјOumlͻůTHORN=іʱ5͵šƎę˗OumlŤŴpϡƎФ˛ŝũЛɫOumlijѢЭʵ=ȮŻϾФѓŘƎˉ_OumlĹȏǐʑǙacircƎoacuteƟ6

小圆房建筑

AOO Architecture ФźǔWŰƎǵ θāЮĈɘϾѯѭЛOumlƭ=s˘ƮʙƭϰϸЂɬƝѩ6ɒƻŚOumlΙɧVȂ˔5ŤŴȤѓΫ5ȫ˙acirc5ˤƗίǙacirc˛ŝυНǙacirc lt5ˆoacuteƟϡƎϞ΄ȧOuml˛ŝș˻ѢЭOumlCcedilŸƎˆŸĨШ6

ɬ ˤƗ˰AIMƭѡˤƗltѥѣЂǁƭѡĘķũˤƗOumlɐƿū=ϭNtildenaked StablesOumlɬˤƗ6ФȅѳŧȈũaȚ˶OumlūѽmiddotTˆȭNtildeOuml˛ŝTdegOumlUѠ΅=ˤƗѣі5ũφčˤƗȓɲOumlntildeˊū6

景观设计

Design Land Collaborative (DLC) ϞƝiquestǒōˤƗІŔŷOumlѥϛѰξŁ=Ф˛ŝІɐŘǩˤϾēрƉń6ʙΙɧ˘ЂŋѣŸș˻ĻЕ=ƿūźW˪ǴƔ=ѥѣЂŁŃƎϾTHORNOumlŔŷ6

48

Engineering amp Project Management team

Scott Wilson Group PLC is a globalintegrated design and

engineering consultancy for the built and natural environments

Scott Wilson is responsible for the project management the

electrical and mechanical engineering for the project

Environmental Consultants

Environmental Resources Management (ERM) a leading global

provider of environmental health and safety risk and social

consulting services ERM deliver innovative solutions for business

and government clients helping them understand and manage

their impacts on the world around them ERM have 137 offices

in 39 countries and employ approximately 3300 staff

Sustainability Consultants

Bisagni Environmental Enterprises (BEE) works with the

engineering and design teams to ensure the environmental

goals set out at the inception of the project are achieved

LEED Consultants

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

Local Design Institute

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

General Contractor

and have been responsible for some of Chinarsquos most iconic

properties such as the World Financial Centre in Shanghai

工程及项目管理团队

Scott Wilson Group PLCϞƝʺʳŔɟOumlźWˤƗƎľѰξŁ6Scott WilsonĤЩΙɧOumlaacuteʠƎƉΤľ6

环境咨询

Environmental Resources Management (ERM)ϞƝʺʳαϛȭѰξŁ=ŀźǔWŰ5ƫǰCʺƎŁŃˣƁĘΌUgraveѰξĞ6ERM˙ϛƎоġɑǸŲŀĨĶβOumlǀǧĈF=UѠɒȥǀsŎȓʙǑϱoslashˣƁźǔAEligȅOumlϳΗ6ERMФʺʳϾ137ĸēрƉń=myĸŘƝ=ϴϾAringК3300ɜГľ6

可持续发展咨询

Bisagni Environmental Enterprises (BEE)ІľˤƗdivideΑűūѽ=ϡʽWФΙɧǭ˽ƼotildeˤȜOumlźǔWŰǵ θāЮɧnOumlȚ˹6

绿色建筑认证咨询

Shanghai Pacific Energy Center (SPEC)ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlŁтϞ6

本地设计公司

Shanghai Baoye Construction Corp Ltd ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlαϛȭŁтϞ6

总承包商

ϞƝŘƝƐľVŁ=ϠƻȥηucircѓŘnьβΙɧ=țˍ˛ŝźʳDŽˊѓΫ6

49

naked COVERAGE

wwwcnngocom

ldquo25 killer things to do this summerrdquo

26 April 2010

Time Magazine

ldquoRun to the Moganshan Hillrdquo

新浪博客

ldquo避世的可能rdquo

31 December 2009

wwwenglisheastdaycom

ldquoThe first batch of ldquoChina Treasured Towns ldquo released

December 2009

Shanghai Urbanatomy

ldquoGet naked this time with horsesrdquo

Shanghai Daily

ldquoGreen MaGIC Casts design spellrdquo

14 October 2009

新浪商品

ldquo中国最佳设计酒店大赏rdquo

September 2009

wwwchannelnewsasiacom

ldquoChinarsquos green resort allows travellers to vacation on good consciencerdquo

2 September 2009

wwwbijianlinblshecom

ldquo莫干隐居rdquo

25 Aug 2009

wwwassociatecontentcom

ldquoThe Exquisite Moganshan Mountains of Chinardquo

Ɏ

Wikitravel

ldquoMoganshanrdquo

德清新闻网

ldquo承包国营林场建造生态ldquo逸站rdquo

wwwsinoeventcom

ldquo亚洲旅游地产及景点峰会成功举行rdquo

wwwchinatravelbrandingcom

ldquoPursuing Green for Greenrdquo

wwwbrandrepublicasia

ldquoMaking moves towards ecofriendly eventsrdquo

7 May 2009

wwwhandsonshanghaiorg

ldquoHands On Asia Conference Summeryrdquo

May 2009

wwwmyvacationcn

ldquo莫干山居rdquo

3 April 2009

wwwshanghaidailycom

ldquoThe naked truth Time to clean up Moganshan litterrdquo

4 March 2009

wwwgreennovateorg

ldquoMoganshan Project Kick Offrdquo

13 February 2009

Travesias

ldquonaked retreatsrdquo

Feb 2009

合肥在线

ldquo大山里的裸家族rdquo

20 October 2008

wwwentrepreneurcom

ldquoThe arrival of the Olympics showcases Chinarsquos burgeoning entrepreneurial spirit ldquo

7 August 2008

50

Shanghaiist

ldquoWeekend escape to Moganshan 莫干山rdquo

9 April 2008

私家地理

ldquo艳阳下的荫凉rdquo

30 May 2008

City Weekend

ldquoGet naked in Moganshanrdquo

25 January 2008

wwwbundpiccom

ldquo在这绿中撒点野rdquo

wwwhuzhougovcn

ldquo相中德清筏头的青山绿水南非客商莫干山下建生态逸站rdquo

wwwurbanatomycom

ldquo24 Hours in Moganshanrdquo

wwwhkheadlinecom

ldquo杭州莫干山竹林深处人家rdquo

15 May 2009

wwwnewsweekcom

ldquoBack from abroadrdquo

May 2009

Chinatravelnet

ldquoMoganshan A Heavenly Hideaway of Bamboo Forests amp Tea Plantationsrdquo

April 2009

wwwmzztmcagovcn

ldquo2009年踏青乐游路线推荐大公布rdquo

16 March 2009

第三媒体

ldquo规划一条畅快随性的踏青之旅rdquo

28 October 2009

wwwdqnewszjolcomcn

ldquo三九坞 ldquo裸家族rdquo钟爱的世外桃源rdquo

28 October 2008

ldquo自驾行天下rdquo之中国莫干山rdquo

Sep 2008

ldquoShiffting Gearsrdquo

Sep 2008

April 2008

Chewed up amp Spit Out

ldquoGet nakedrdquo

19 February 2008

ldquoBest Weekend Getaway Hotels Shanghairdquo

富世

Ecoefficient hotel低碳下榻

April 2011

Spa China Guy 男士派

Experiencing The Unique

2010

Cosmo 时尚

跨洋建屋隐居不隐世

April 2010

Global Times

The Mountain of legends

Global City Geography 城市地理

莫干山 naked Retreats 都市人一ldquo裸rdquo到底的山居生活

Dec 2009

China Daily

Rural Retreat

20 March 2011

China Daily

4th March 2011

Modern Weekly周末画报

圣诞低碳游

Dec 2010

Elite Traveler 携程自由行

旅尚

Esquire

Hidden Best Restaurants

Feb 2011

51

52

53

Page 6: Detailed Investor's Report

5

FAST FACTS

Resort Development

The resort will include the following facilities

and halls

picking horse riding archery and many more thrilling activities

poultry

within the resort property

different ducks geese and swans

ȉ

度假村的发展

oacuteƟAacuteƮϴϾ΅ȧˤ˲

icircccedilpŃƣĉlt

icircДΰΟͳϞϞicirclt

ϸЂϕƝɇOumlɇǚ

ĸϽ϶iexclĸФeumlˉ϶iexcllt

ƝxĘOuml

ʒɔOumlƁϨǹƣ=VȂĸxOumlĉƣũȖ

ƫǰѓΫVȂĸSPAŏũƣђȤlt

thornˉѓΫ

ƂiacuteѓΫVȂ˗THORN5zȾα5cedilaring55ʛɇ5ˢƩϡƎηucircʙfrac12ƊǏΌOumlƂiacuteΙɧlt

oacuteƟAacuteŀϾũƝʪOumlˆϾƉɸ

ѕxѕȏOumlϙ˪ȻŀfŰOumlˆWŰʵ

6

Tree Top Villas

The Villas on offer are a first for China They are elevated above

the ground and protrude from the tops of 20 meters high pine

trees seemingly floating on the tops and therefore their name ndash

the Treetop Villas Built from Steel and Wood these Villarsquos are

to challenge the paradigm that luxury can be environmentally

friendly

Resort Services Offered to all Tree-top Villa Owners

树顶别墅

ccedilpФѓŘŻfrac34ordf6^ȑTHORNɘ=sʨФɔijOumlAgraveѓOtildeķɛ=ǯʜȅǜΚğФccedilт˛=ccedilpOumlɜϻfrac14yacuteȅ6ϸĮũɦƭШ=жΡpыФЯșȅOumlĆț77ˡcentϚɭˍfrac14THORNІѳʿźǔũΣŃdeg6

5ϡƎOumlp

ѵŃϾƣp

CcedilĘķnotĉ

DɠЌį

˞DZ

ɬ5

γͽ

ɏĸĉƣiumlϾˡŴOumlˆЌ

ǠAringOumlϒdegФ˕ȩccedilʈт˛

ͶέƐOumlaacuteʡˤ]

OcircŘɼŁOumlacuteŲȀơ

ɐŘSafelok ˢʐ˺pɑ

AEligϾΆˉŒΐƱĿɭOumlUacuteĝˢtȟ

oacuteƟAacuteϛŎȓ

oacuteƟAacuteĤЩϾOumlŰ

ǠAringOumlŃΘʵЉɤŁʯlt

提供给所有树顶别墅业主的度假村服务

oslashɴOumlpljαѴūOumlαоŎȓ

pɬOumlŰ

ˆŎƝĞ

αȔĞ

ƝоĞ

ϾŁϸʵOumlŰ

ϾOumlǒōɐŸ

ŞbrvbarĊђ

űȠƻˏ

έaacuteĞ

ȃƇƍ

ŀ΄

ϾŁϸʵOumlWΌ

Ο˶CW

˪ɝũΞĊCʺ΄

oacuteƟAacuteɬOumlƳР

7

Position

property

Financial Benefits

boutique development including only thirty tree top villas

should appreciate in value over time

the naked Stables Private Reserve and naked brand name

properties holiday homes and quality branded residences

increases

part of the resort room inventory

位置

Ђɢī˗˗ȸ

ЗȑιΜ=pϙɬɍϾƆй

ѳʿ˕ȩ

pdegФŝIɔϡ˛

ĸǢȑp13ēєȺOumlijyumlěʳ

ϮcOumlˆ˗ň

财务收益

LjϾƣǐʑ˪˝p=ɴOumlntildeϞʹĀOuml6

ϴϾũTHORNʞ=ˉŮɴϾegravesЫчOumlϛ6

ɴOumlƠчƮІ҉аoacuteƟAacuteŁϡƎʑʁȠϱyacuteЫч

ɴOumlƮϩoacuteƟAacuteϛ˩5oacuteƟͳ5ʑʁѢЭyacuteЫч

ϛѝɏɱƮƁϩoacuteƟAacuteɱoacuteʃagraveyacuteΘϾ θOumlˏ6

8

LOCATION

MAP of Shanghai to naked

County on the foothills of Moganshan Scenic Mountain

By Car

With the opening of the new Shenjiahu highway in 2010 the

traveling time to Moganshan is 2 hours drive from downtown

Puxi in Shanghai and also 2 hours from Pu Dong airport

By Train

With the opening of the new high speed trains across China

guest can now get to naked Stables in under 2 hours traveling

on the train from Shanghai Hongqiao Hub to Hangzhou and

onto Deqing Total train time is less then 1 hour

SITE MAP

地址地图

THORNȓя

从上海到naked的地图

pѾɅЂɢī˗Ęǒʵ˗ȸdegOumlOcircʭΎǔɬɤOumlˆѳʿWŰʵ

驾车

ѯɱ˥ƛůijOuml=iquest˛ŝʕͻ˙ϛʵƆʕecircƉOgraveɢī˗ǩъεΟ˶6

乘火车

ѯősup2ѓŘOumlijOumlˏРϱ=ȾǸiquest˛ŝŭʦǸРѓΫOgraveţјϡƎOcircʭΎOuml˶ƣʒǩ˟ЂΟ˶6ФƄ˛Oumlѵ˶ƣ˟ЂΟ˶6

9

10

THE RESORT

The experience

We believe that true luxury in the modern world is not

necessarily about designer labels and huge international brand

names but about privacy space spending quality time with

loved ones and rejuvenating your senses with nature All of

these elements have been brought together seamlessly at naked

Stables Private Reserve

After a refreshing welcome in our vibrant clubhouse your butler

will whisk you to your villa by electric golf buggy Enjoy sunset

cocktails on the deck and luxuriate in the sweeping views of the

bamboo forest whilst your butler unpacks your bags and dinner

playing the whole family congregates at the dining table and

dinner is served After dinner soak away the stress of city life in

your private jacuzzi on the deck as the stars wink overhead

Saturday morning starts with a hearty home cooked breakfast

and the thrill of a day filled with experiences in the mountains

Explore the local hills and forests on mountain bike Rejuvenate

and refresh in the sanctuary of the naked Leaf Wellness Centre

After a swim in the pool lounge in your villa hammock with

family and friends sharing precious moments

Kids will love the daycare centre with outdoor play area kids

pool art jamming music and laughter

Get your Sunday off to a great start with a family horseback

reintroduced to the hills Stretching and yoga are on offer in our

hilltop pavilions as well as tai chi kung fu and meditation After

fine tuning your archery skills finish off the day with a spot of

fishing in the nearby lake

If you choose to venture out of your villa for lunch enjoy

creative and delicious comfort food at either the pool cafeacute

or clubhouse Gourmet pizzas organic salads and artisanal

sandwiches will tempt you at the poolside Innovative Afro

Asian bistrostyle dishes are on offer in the clubhouse

oacuteƟAacute

经验

ͰɒΑάCcedilǁOumlинˡcentsxϞegraveϡijƐʑʁnьƆўɜOumlŘƙʑʁ=ʼϰħϴϾˆOumlǹƣ=ІΫBOumlˆŃoacuteɐťOuml˶Œ=sʨФѳʿźǔȕŽāʫsup1ƂȞ6ϾOumlжΡЏiumlƮФnaked Stables6

OgraveAumlƁŮɴƁOtildeOgraveͰɒĞdivideOuml˅ʮƻEgrave=ɴOuml˦ŎƝƁǭѯaacuteiacuteТɴOgraveɴOumlˆp6ˉɅ˶ēФϒΘϞZƋǙ=njФɊόOumlќŝтѓ6Іfrac14˶=ɴOuml˦ŎƝƁUɴΥ΅αȔѬ]=ĺɴAEligȅϞѕФƝOumlĭ6RѯɴBOumlϪȎ=ʺƝˆѾФѮiΘϸ6ćŮ=RѯɊĄέ=ФϒOumlˆDɠЌįȕżǀɴ˪ƂOumlτȞ6

їȳOumlЧ˽ЂϞuacuteĖ˭OumlƝЧ=ϞOumlǏΌfrac12ƊƂiacuteƮ˗ѓтȾ6ʛѯ˗THORNāǥIcircTHORN˗plusmnũ˕ȩOumlɕɖ6Фϕ˪Ɓŏѓaeligȓ˂ɴlOtildeĽƞcurrenɊƂȞ=ФϽ϶iexclРiacuteϞăтŮ=ȊϑϑOumlФpOumlaumlpara˛ļƝˆũʉϿŃoacuteɐť˶Œ6

ŜѲɒϚƮƁB˛thornѓΫ=ФжȕoacuteŚǽȎOuml˶Œ=ϩжȕϾƂiacuteTHORN5thornϽ϶iexcl=ƏήűiacuteŶ5ϪȎ6

˂ɴOumlїˉiquestІƝˆOumlʛɇϽȨǭ˽6ɴƮϾƉƁϞograveͰɒіΪϭˏ˗ѓOumlIcircTHORNȻѕ6Ђ˗ccedilOumlŏȕϾҋҀ5ƌ5ĿěUgraveƂiacute6ˢƩȡтŮ=ȅĦNjůicedilaringƿжϞтȾ6

ˍřɴκЪxФpȕͷ=϶iexclǬĎƆеǣȎiumlƮɴΘϸntildeɐOumlxĀκЪ6϶iexcliǬĎȕOumlɐ˸Ɲʍˑ5ϾƉ˔ȄϡƎľ˓ɛђiumlƮЀ˼ɰʸϞǗǕ6ǣȎȕŀϰΪʚOumlφčĘOumlґ6

11

In the evening join the visiting winemaker from South Africa for

a private tasting in our wine cellar followed by an outstanding

dinner featuring a myriad of organic and seasonal produce

sourced directly from the farm All dishes in the restaurant are

designed to be shared and enjoyed together

The warm summer months are filled with afternoon bbqs

evening musical performances in the openair theater and sun

dappled memories at the pool

Winter is crisp and perfectly peaceful as snow dusts the bamboo

forests Log fires crackle in the bar and winter cocktails warm

from within

Memories are created and moments are shared a naked Stables

Private Reserve

˛=ϞʜKċȅѳɫčOumlɳǙ˰=ФͰɒOumlǙѨȕʑɐǙ=ŻϾхƻȅѳɸOumlϾƉOumlΪΈ˸OumlĖ˭6ϞʜȅΘҗҖĺɴAEligȅOumlНH6

҈ϤOumlΆƕ=жȕɊͷŮ˞DZ=ȹǤOumlϝϪȎύordfϡƎ϶iexclȕϒŒLwOumlɐťſϥ6

жȕOumleumlƕʒǓΕũ=JμĢĩѯќŝ6ǙHȕ=ɦФƄѓˀ˞āordfʋɿ˩=ϞZeumlƕƋǙɭ˂ɴɻũηucirc6

ȅnaked StablesjуſϥΘɐť˶ŒH6

12

13

14

GREEN DESIGN amp CONSTRUCTION

LEED Green strategies

All about LEED

Developed by the US Green Building Council (USGBC) LEED

(Leadership in Environmental Energy Design) provides a concise

framework for measuring green building design construction

operations and maintenance LEED Platinum rating is the

USGBCrsquos highest rating with strict criteria encompassing energy

savings water efficiency CO2 emissions reduction improved

indoor environmental quality and stewardship of resources and

sensitivity to their impacts A LEED Platinum qualified building

should use at least 30 to 40 less water and electricity than a

normal building At naked some of the things that have been

done in aiming to achieve this award are

recycling

flushing and irrigation

water

waterless urinals

buildings

consumption

ɀ˔ˤƗІƭˤ

绿色建筑认证

关于LEED

ϻɐŘɀ˔ƭѡƁāʜ=LEEDɀ˔ƭѡˈпltȣɀ˔ƭѡˤƗ5ƿń5РѽϡƎŰŀƥƾOumlȀơ6LEEDɐŘɀ˔ƭѡƁ˄ƽɭ5ѱЕȚϸȿ5ƱUacuteĀϓŸʀČ5˫ɬźǔёȣ5ѱЕŎȓƎoslashʙϳΗOumlɚĭoacuteψķnѬOumlѻijưΙ6ϞmicroϴϾLEEDˈпOumlƭѡϰħaʔƭѡ˟˼ϸOumlaacute6Ф =ͰɒϚѼȥŬucircľѽȅлʷOtildeOgraveжĸưΙ

ƭѡƽˬȥ13OumlɭЕ˼ϸ

ƭѡƽˬȥOumlϸȣ

iquestͳccedilũɇȺƍȅOumlЅϸЂҔͲOumlνźȚϸ

ϾҔͲũđiuml^ſϸЂyenũŐĪ

LJA˗ňȱOuml˳THORNǖŸȥƂ

˼ϸUacuteȱȣOumlЌŊegraveѩяϡƎɶ˾umlɇɗyen

Οkiexcl

ϸЂЎ˅Oumlϒɭ˅ƞ˅ʠ

ϸЂƞ˅ũȐʼƭѡOumlƽɭЕкʢ`

pѩϾ˅ſѩяȅƱUacuteɭЕΞŦ

15

use Incentives given to reduce energy consumption

a factory 20 minutes away from site

window frames bricks and roof tiles

Council)

material

property

recharging stations

within a radius of 800km

CѩФϾp˛OumlɭȣƗϸȅƢethǸˆOumlɭЕ˼ϸʮ

ȁ6ŻɭЕΞŦOumlƦ˟ŀuumlOumlưȘ6

ϸ˼ϸќΧdzȝOumlŗȷƞ˅ŀɻ6ќΧdzȝȅѳǢȑͰɒ

ēєȺЗOumlϞƝľ

ϾOumlʥũacuteŲiumlijoacuteǨЖ

˼ϸɘŒŵOumlUacuteĝˢtȟ

˼ϸUacuteʀČOumlȦ

˼ϸſȚϸOumlǛɦёͳccedilơ5џѲ5џƈ5acuteȀ5ѦǼũ

ͳccedilʎ

Ś13OumlɦϻFSC˕ȩŎȓГƁltʹ

˼ϸǵУ˪OumlŸќѐTHORNO

pɬʺ˼ϸLEDtimesũΟίOumlϲŒtimes

oslashϾƭѡѻAringoacuteOumlljαѳʿŒũĘ

ѝTHORNъПηijyumlěljˏ=ijyumlěϻϒɭŀaacutesɭФ

ѤTHORNcurrenaacute

OumlƭѡȦiumlȅѳĈДŁȕɬOumlʵЉ

Ś13OumlƭѡđȦ^ſȚϸ

ϾoacuteƟAacuteOumlȃƇiuml^νźȚϸ

notĉũȃƇ^ϸѽĐȦ

oacuteƟAacuteɬϴϾϾƉųВ

іΪϭˏϙ˪iacuteIcircTHORNȻѕlt

WŰѳʿiacuteцʾ

16

17

THE DESIGN IDEA

Tree Top Villas

树顶别墅

To touch the sky at night and look down on the forest in the morning is what owners of the tree top villas will experience High

above the forest canopy 30 luxurious homes are perched in the tree tops Spacious wooden constructions with large sundecks spill

into the panoramic views of the mountains

macrɞҌҍOumlϝǹ=ϔѪȗOumlҐ=жǜϴϾccedilpOumlˆɒntildeΘOumlҕȞǒ˔6icircŤŴѢЭʗͽФ˕ȩŌт˛=pǡϞķ6аФǾOumlɦѐΟͳѓ=œOumlɢī˗ʺǒǍόYacute6

Each villa is built on stilts to minimize its physical footprint and maximize the views for its discerning owners The prefabricated villas

are made by innovative construction technology known as structural insulated panels (SIPs) With high insulation value and zero

construction waste these lofty eco dwellings are like no others offering you an energy efficient home that is beautiful and at one

with nature

ccedilpOumlƭѡaumlƵȵƿń=iquestyacuteƦ˟oslashБ˽˪źǔOumlϳΗ=sѻAringΏoacuteOumlЮϹɐOumlǒ˔6жΡЎѐOumlpϸѻΪǴƔOumlƿńWOѐШOuml6ccedilpOumlˤƗтѽ=ʹđȦͲˁssectѳʿ=ŀϞĸЁϾʑЁʩNjѳʿOuml˪ѢЭ6

The villas are intended for life Overlooking the mountains and forest below each home has a very large outside deck

complemented on the inside by an open plan kitchen with all the latest amenities dining room living area and opium den for

relaxation and entertainment Large sliding doors and full wall windows welcome natural light while sophisticated air conditioning

systems ensure your comfort Double layered glass keeps the view in perfect focus hushing all sounds to perfect stillness Wooden

floors soft lighting and high ceilings add a sense of warmth and space

ccedilpѥ˪Ƃyacuteƭ6Ġғ΅ɘOumlʾ˗ũ˕ȩ=ɏicircƭѡǩˤϾǾAringOumlϒ=ʆϡCcedilOumlмǭČ˾notĉ55˪ƂʵũČЄȎ6ǾAringOumlȄɑũмɘɅTHORNAringacuteǵɩѳʿˉŒ=˶ljOumlǹaelig΄ǵʽWɴOumloacute6tȟǵȯɴФѻƜƶoacuteΩ˚ɐǒOuml˶xƁOgraveĹѕ˩ϪOumlī˃=ntildedegЂϞʎǓтѓ6ʿOumlɦTHORNO5ˌũOumltimesŒũǹOumlųϣЫȥɻũǹƣĭ6

ˤƗȓɲ

18

Tree top villas

Roofs thatched

19

20

FLOOR PLANS

Treetop villa 2 bedroom villa ccedilpȢͱĉ

ʒɘ

Interior area 室内面积 13768sqm

Exterior area 室外面积 50sqm

Total usable area 实际使用面积 18768sqm

21

Level 1 一层

Interior area 室内面积 7088sqm

Exterior area 室外面积 102sqm

Level 2 二层

Interior area 室内面积 668sqm

Exterior area 室外面积 398sqm

22

Treetop villa 3 bedroom villa ccedilp˓ͱĉ

Interior area 室内面积 20214sqm

Exterior area 室外面积 664sqm

Total usable area 实际使用面积 26854sqm

23

Level 1 一层

Interior area 室内面积 10334sqm

Exterior area 室外面积 118sqm

Level 2 二层

Interior area 室内面积 988sqm

Exterior area 室外面积 546sqm

24

Treetop villa 4 bedroom villa ccedilpͱĉ

Interior area 室内面积 2667sqm

Exterior area 室外面积 863sqm

Total usable area 实际使用面积 353sqm

25

Level 1 一层

Interior area 室内面积 136sqm

Exterior area 室外面积 168sqm

Level 2 二层

Interior area 室内面积 1307sqm

Exterior area 室外面积 695sqm

26

FITTINGS amp FINISHES SCHEDULE

EXTERIOR AND INTERIOR FINISHES

External walls

Structure is built from steel and SIP (Structural Insulated Panels) External wall is cladded with painted fiber cement board

Internal walls

emulsion paint

Ceiling

Ceiling is finished with emulsion paint

Flooring

Bedroom is finished with heavy strand bamboo flooring

Balcony

Balcony floor is finished with Wood Plastic Composite decking (M wood) Railing and trellis made with Liu An wood Balustrade is fitted with metal and Liu An wood

Window

bedrooms are fitted with double glazed LowE glass and Roto hardware

Kitchen amp powder room

Floor is finished with natural tile Kitchen cabinets and sink are provided Kitchen counter top is fitted with natural stone

Bathroom

Wall and floor are finished with natural stone

Doors

Entrance door is made of solid core timber fitted with Saflok RFID locks Bedroom doors are fitted with hollow core timber fitted with Saflok RFID security locks

ƭѡȦƎˤ]ɛ

室内外材料

oacuteƟͳʥ

oacuteƟͳƿńˤƗĮƿńƎƿńWOSIPlt6ʥϸΉɮOũʘ6

ɬʥ

ǸćƎͱтɬʥǩϸĔƎˎƲʘ6

ų

ųɘˎƲʘ6

THORN

ǸćģūɦTHORNO6ͱіќTHORNO

ȹ

ȹϸɦOʓʟ6ʈȲҎɦѐШOuml6ȇĬϸDŽрƎȲҎɦĜ6

acuteŲ

Ǹć5ͱOumlacuteŲϸȽɦѐacuteȀʆ-3ѓǹtȟƎ-0-ͶDŽʆƪ6

notĉ

THORNϡƎɘϡʿTHORNѦʓʟ=notĉŀlaquoŖϡƎʇ6notĉɘʿ˵6

Ќ

Ќʥ˦ƎTHORNϡʿ˵ʓʟ6

ɑ

ˏǺAringɑϸ˹Ψɦɑʆ˛-)ljordfɑNJ΄6ͱɑϸǹΨɦɑʆ˛SaflokljordfɑNJ΄6

27

MECHANICAL AND ELECTRICAL INSTALLATIONS

Heating and Cooling

AIRWELL centralized water source heat pump is provided Fresh air intake with heat recovery system is installed

Electrical provisions

are provided

Electricity

Concealed conduits are provided Threephase electricity supply with miniature circuit breaker distribution board is provided

TV telephone and internet connection

Satellite TV with all major international channels

is provided in all the villas Telephone outlets and wireless internet connection is provided

Hot water supply

Huang Ming solar hot water heater and Rinnai gas water heaters are installed for the villa

Water supply and pipes

Concealed copper pipes are used for both hot water and PPR pipes are used for cold water

The resort will be patrolled 24 hours a day CCTV system is in operation throughout the resort 24 hours a day All the villa front doors and bedroom doors are fitted with Saflok RFID security lock system

APPLIANCES TO BE PROVIDED OR INSTALLED IN EACH DOMESTIC

UNIT

机电设施配套

ŀɻũѐȐ

ɽyumlƍѓ˾Е˅`΄6ΪĘ˅ſ΄6

Ɲaacute

ʆEΐNtildeŎOumlǭŋϡƎѿ6

aacuteȞŀϰ

ѩϾϮ˾ΐȺ=ʆϾίoumlȺʠ=ʆaacuteΓOuml˓ΑaacuteЕŀϰ6

aacuteƎςˤ]

έaacute=ʹΐaacuteŹũʹΐȺ6

˅ˤ]

žɛϒɭ˅ʠƎȩɬɌʡ˅ʠ

Ŏ

˅ŀϰŎǩϸϮc˾ĮŎ=ȐŀϰŎŎ6

WCˤ]

oacuteƟAacuteˤϾϾΟ˶ѽOumlgȺaacute΄ϡƎΟ˶OumlπɄ6ˏǺAringɑƎͱϸSaflokljordfɑNJ΄

标准住宅单位附送以下设备

Stove BAUMATICExaust fan BAUMATICOven BAUMATICMicrowave BAUMATICFridge BAUMATICBARMini fridge (2 3 bedroom) BAIXUEWine fridge (4 bedroom) BAUMATICBEDROOMMini fridge BAIXUEBath KOHLERTERRACEBarbeque grill

TelevisionDVDBATHROOMShower KOHLERBasin KOHLER

notĉ aacuteraquoȷ ʄɇUcircǷnotĉϼχƉ ʄɇUcircǷnotĉaacuteDZΓ ʄɇUcircǷuȷ ʄɇUcircǷɬяrΓ ʄɇUcircǷHΟrΓ=ĉlt JμǙŖĉlt ʄɇUcircǷͱΟrΓ JμЌį Ǵȍȹ˞DZΓҒĉaacute ɯDVD ɯЌȪЌʠ Ǵȍʇ Ǵȍ

28

NOTE

1 The Developer reserves the right to substitute other materials

or appliances of comparable quality and standard for the

intended items as listed in above fittings and finished schedule

2 The fittings and finished as listed above shall be subject to

the terms of formal Agreement for Sale and Purchase Those

provisions may have slight variation in the color measurement

3 The Developer reserves the right to make modifications and

changes to the building design fittings and finishes without

prior notice

4 Fittings and finishes of the Special Units may be different

from those of the Typical Units

备注

āЮ˙WȰϞʧʹȞ=Dв˹ƙʮȁεϘϡUgraveётƭѡȦϡƎˤ]Ccedil˛ȧĹΙ6

˛ȧĹΙȦϡƎˤ]ǩϡн˾ɈɉūКOumlǿщegraveѬ6ĹΙƭѡȦƎˤ]ǵɭƁФϋ˔=ȣoacutepoundAcirc5ȓ5ѺуƎƆľ˛ordfʬp6

āЮ˙WȰϞʧʹȞδeacuteϡƎĽĨϛOumlˤƗ5ƭѡȦϡƎˤ]ʹεȮαс6

˔EumlЏOumlēƭѡȦϡƎˤ]І˛oȧĹΙǵɭϾx6

29

PURCHASE OPTIONS

Buying a Tree-top Villa at naked Stables Private Reserve involves signing a Sale and Purchase Agreement with the development

company and a Lease and Management Agreement and Deed of Conditions with the Hotel Management Company The Management

Agreement requires the purchaser to lease the property back to the Hotel Management Company to manage on the ownerrsquos behalf

There are two different plans which are available for buyers

在 naked Stables 购买一套拥有不动产权的树顶别墅包括与发展公司签署一份买卖协议以及与酒店管理公司签署一份租赁管理协

议和条件契约管理协议要求购买者以业主的名义向管理公司出租其别墅以供其管理买家有两种方案可供选择

ŅɈκΙ

30

OPTION 1 - FLEXIBILITY

1Owner Usage Rights

Zero usage restrictions

Early reservations are required to secure Villarsquos especially during prime and peak seasons If a Villa Owner does not provide the

required advance notice for a reservation the resort may be required to offer the owner a different unit or in the worst case no

availability at all

1 业主使用权限

ȫ˼ϸΏѐ

ϘʴʣЎegraveˏѢp=ϺʙФƐƕ6ˍřpϛѝɍϾŀϘʴOumlϸЂЎegraveOumlЎс=oacuteƟAacuteƮʙŀȮϞdegѢdeg=ƆеѻЦĴOumlʮȁɍϾǹĉ6

2 Rental Revenue

2 租金收入

a Rental revenue

Whilst not in residence the owner will be eligible to earn a pro rata 36 of the room revenue generated by the Reserve during their

absence Ie Everyday the revenue generated by the entire resort is divided amongst the owners not in residence on that day When

an owner is in residence he forfeits his opportunity to earn revenue

ѸDŽˏ

ϛѝxǝѢʖƣ=ƮOtildeOgraveoacuteƟAacuteordfѸʙĉͳOtildeϧOuml6ɏoacuteƟAacuteordfѸɨΡxǝѢФfrac14OumlϛѝOumlĉͳOtildeOumlϧƮ^ʒǩēʆĺжΡϛѝ6IcircϛѝǝѢФʙpȕ˶=Ʈ˱ʸƅOtildeϧOumlƉƁ6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

选项1-灵活性

31

c Cashing out your returns

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

gtƮɴOumlſYŚDŽĈ˾ʷordf

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſYϧ6ˍřϛѝκЪxʷordfOumlϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3 有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecom services

included in the Services Fee to the owner whilst in residence The services fee is 300rmb per room per night This fee is charged on

all rooms regardless of which are in use

4 服务费用

IcircϛѝФoacuteƟAacuteǝѢ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸѓ6ɏĸĉƣɏOumlĞĒϸЏˆəe6жĸĒϸΛϾĉƣʷOuml=xɃfrac14ĉƣĚФ˼ϸ6

5Maintenance

4 of hotel room revenue will be reserved for ongoing building maintenance This will be deducted from the ownerrsquos share of total

room revenue

5 维护

ǙacircǸĉˏOumlƮ^ȰѽŮθƭѡδтĒϸ6ħēDŽuumlƮiquestϾˆǵēOtildeOumlǙacircǸĉˏĕuumlѓǻshy6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGEEarnings Per Room (36 of gross room revenue) 124173 170827 221315 253507 263647 2066942 Bedroom 收益 ndash 双人间 248346 341653 442631 507013 527294 4133873 Bedroom 收益 ndash 三人间 372519 512480 663946 760520 790941 6200814 Bedroom 收益 ndash 四人间 496692 683306 885261 1014027 1054588 826775

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 41 57 74 85 88 69

3 Bedroom 收益 ndash 三人间 9000000 41 57 74 85 88 69

4 Bedroom 收益 ndash 四人间 12000000 41 57 74 85 88 69

Hotel revenues and owner rental yield - Option 1 Flexibility

32

OPTION 2- STABILITY

1Usage Rights

1 使用权限

选项2-稳定性

Total Permitted Usage Prime Peak SeasonPermitted Usage

Peak SeasonPermitted Usage

Out-of-SeasonPermitted Usage Blackout

40 days per yearNo occupancypermitted

Up to 20 days per year but no more than 7consecutive daysfor any one stay

Up to 20 days per year but no more than 7consecutive days for any one stay

No occupancypermitted

允许使用总数主要的旺季允许使用

旺季允许使用

淡季允许使用

无折扣期

每年40天 不允许占用 每年20天但是每人

不能连续居住7天每年20天但是每人 不能连续居住7天

不允许占用

Prime Peak Season To be published by naked Retreats in according to government notification every year Prime Peak Season

Middle Autumn Festival (Sept) excluding Blackout dates

Ɛƕɏɱϻnaked RetreatsĻǟоġĵāordfс6ƐƕVȂѓŘsup1ƽϞМĀМlt5ȋiacuteƽͶМlt5Řʱƽ˴Мlt5ʭɛƽМlt5ѓʲƽǘМlt=xVȂʹгǻʖ6

ƕiquest˓МOgrave˴ϞМʖƣOuml10ĸїɡϡƎ10ĸľѽˉїʖ=xVȂƐƕũʹгǻʖ6

OutofSeason 20 days during December to February excluding Prime Peak Season and Blackout dates

Iacuteƕiquest˴ĀМOgraveĀМʖƣOuml=xVȂƐƕũʹгǻʖ6

Blackout Dates Peak demand dates such as holidays sporting events groups and citywide conventions Local cultural events

all as specified by the Hotel from time to time

ʹгǻʖεʴijėʖVȂƟʖ5Ћ˒5ũʺβOumlƁϨ6IcircTHORNɾyumlOumlŸƂiacuteiumlƮDвǙacircOumlɛljα6

2 Rental Revenue

2 租金收入

a Rental revenue

Regardless of your usage of your property your rental return will be fixed at 5 for the first 5 years of operation After this period

you will automatically migrate to the Flexibility plan

ѸDŽˏ

xɃɰOumlĉ˼ϸoacuteˍŪ=ͶɱOumlѸDŽϧiumlŊegraveOuml136ФжтŮ=ɴƮѳiacuteѧˏȬƂβĈF6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

33

c Cashing out your returns

gtƮɴOumlſYϡDŽĈ˾ʷordf

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſY6ˍřϛѝκЪxʷordfʙϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecoms services

rental option

4服务费用

IcircϛѝǝѢФoacuteƟAacuteȕ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸȕ6жϞȏOumlĞĒϸxVȂegraveβordfѸʆ6

5 Maintenance

Of the 5 guaranteed return generated form your property during the period you are not in residence the management company

will retain 4 of this return for maintaining your Villa The maintenance fund will be pooled and used for all Villarsquos in the resort

5维护

ɴxǝѢʖƣiquestɴOumlĉѓƮ˪Ouml13OumlſY=ŎȓŁƮWȰжbſYѓOumlϸѽɴpOumlŰ6ŰƈDŽƮ^ūsʜȅsϸЂϾoacuteƟAacutepOumlŰ6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Hotel projections

Rooms Available 可用房间 not relevant 非主要Estimated occupancy 预计使用率 not relevant 非主要Estimated average daily room rate 预计每日平均房价 not relevant 非主要Growth in room rate 房价增长率 not relevant 非主要Annual room sales 年房间销售额 not relevant 非主要RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE2 Bedroom 收益 ndash 双人间 50 50 50 50 50 503 Bedroom 收益 ndash 三人间 50 50 50 50 50 504 Bedroom 收益 ndash 四人间 50 50 50 50 50 50

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 300000 300000 300000 300000 300000 300000

3 Bedroom 收益 ndash 三人间 9000000 450000 450000 450000 450000 450000 450000

4 Bedroom 收益 ndash 四人间 12000000 600000 600000 600000 600000 600000 600000

Hotel revenues and owner rental yield - Option 1 Flexibility

34

Option 1 - FLEXIBILITY Option 2 ndash STABILITY

investment returns for your Villa are influenced by the

success of the resort and the number of days you use

your Villa

Stable implies both your returns and your annual

usage rights to your property are fixed Regardless of

how well the resort operates your returns will remain

the same Equally you will only have a fixed number

of days allowed in residence

Usage Have unlimited usage rights to their Villa 40 days usage per year

Rental ReturnEarn 36 of the pooled returns from the entire resort

whilst not in residence

5 guaranteed return on their investment regardless

of resort performance

Resort Discount20 discount on all resort amenities and activities

(including SPA and Restaurants)

20 discount on all resort amenities and activities

(including SPA and Restaurants)

Services FeePay a Services Fee of 300rmb per room per night

whilst in residence

Maintenance4 of all room revenue is retained for maintaining

the owners Villa

4 of all room revenue is retained for maintaining

the owners Villa

选项1 ndash 灵活性 选项 2 ndash 稳定性

ȬƂβϸЂ˼ϸІſY6ɰOumlpѱſYʷǧЂoacuteƟAacuteOumlĿǑϱũɰoslashpOuml˼ϸoacute

ŊegraveβϤѯɰOumlſYũɏɱoslashЂɰOumlĉOuml˼ϸʹΏiumlŊegraveOuml6xɃoacuteƟAacuteOumlǑϱѫȁϾucircť=ɰOumlſYiumlŊegraveOuml6ϖTHORN=ɰъϾŊegraveOumlПηǝѢOuml6

使用 ʹΏѐOumlp˼ϸʹΏ ɏɱOuml˼ϸʹΏ

租金收入 ФxǝѢʖƣ=ƅOtildeмĸoacuteƟAacuteūsſYOuml xɃoacuteƟAacuteǑϱѫȁˍŪ=Wп13OumlſYϸЂѱ

度假村折扣 ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt

服务费用 ǝѢʖƣ=ɏĉƣɏЏˆəeOumlĞĒϸ čѝϘ

维护 ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ

OPTION COMPARISON

选项对比

35

36

INDUSTRY RETURNS AND BENCHMARKS

INDUSTRY REPORT

行业报告

Tourism and urban resorts is one of the fastest growing industries in China According to industry consultant HVS cities such

as Shanghai Beijing Shenzhen Guangzhou Hangzhou and Tianjin all have a population where a critical mass of highly affluent

individuals and successful companies exist generating demand for suburban resorts

ФѓŘ=ȾϽϛũoacuteƟAacuteσɓāЮOumlαϛтϞ6ĻǟʺʳǙacircĞϛltOumlϞΙYĵ˿=ФѓŘOumlѝϘˍ˛ŝ5[ǎ5˧5œј5ţјũdžǩēyѯAringȣOumlĥЍˆʾũĿOumlʝϛ=ϻfrac14ϚƊāȥoslashƴʵoacuteƟAacuteOumlƌAringεʴ6

Amongst other things the exponential growth in private vehicles has seen a huge increase in demand in the leisure market With

the completion of the shenjiahu highway in 2010 the travel time from downtown Shanghai to Deqing is now 2 hours Also with

stop at Deqing) scheduled to open in late 2011 travel time from downtown Shanghai to Moganshan will take between 15 to 2

hours When comparing travel times to get to other resort destinations in China ndash eg Hainan or Lijiang flight times might be within

2 or 3 hours total travel time including travel to airports and check in make the whole trip 6 to 7 hours plus additional travel cost

Within the 2 hour travel radius of Shanghai the quality of resort destinations is also (in our opinion) not at an international standard

with most hotels simply being lsquocity hotels in the countryrsquo rather than true resort properties operating at international standards

shyfrac14т=ѯĸˆγΊOumlāЮ=ĸˆƸϴϾȿϚσʂ˫6ѳɱ˥ƛůijϡŮ=iquest˛ŝOgraveOcircʭϚLjεϘĸΟ˶Ouml6ΪƭOumlijǵϡФ13ēєɬiquest˛ŝUumlAumlţј6ƏƮФɱYacuteǫľOumliquestţјOgraveɫǎOumlijѓϾϞаDzOcircʭlt=ъεϞĸSΟ˶OgraveȢĸΟ˶ǜǵϡiquest˛ŝѓΫOgraveAumlɢī˗6ˍřІѓŘOumloacuteƟˮTHORNŝɫ5ȒƯUgraveaƹ=shyȥϘųĒэĸΟ˶Oumlďα˶ƣ=ŻϘФVȂʣƉ=CʺƤũUgraveEgraveOslashƉ˛ų˛эĸΟ˶=ĽxϸɨΡuumlOumlαųΝȥ6Ѷō˛ŝїiΟ˶ɬOumlγΊoacuteƟʸdeg=э˟ͰɒˈltІŘƙŸnѬŻϾѯɛOumlǢ6AringēOumloacuteƟǙacircϚũѓOumlɨΡǙacircɍϾ_ёOumlʵp=ЗЗAumlxOgraveинŘƙϤϦ˛oacuteƟίĉΙɧOumlϘʴ6

ϛѝЎʖſYІaƹ

37

OUR NICHE

我们的利基

naked sees a need in the market for world class expertly designed and operated resorts which are within 1 to 2 hour travel time

of major cities in China As with other urban resorts we believe that the Leisure market and the MICE (Meetings Incentives

Conferences Events) market will be a huge driver for our business In addition we feel that we are already at the forefront of

the growing focus and concern on environmental design building and operations as well as the growing interest in nature and

environmental education At naked we also place a high emphasis on facilities and services for the entire extended family ndash from

children to parents to grandparents that other resorts do not place dedicated resources for

nakedЎƧOgraveȥФѓŘжϞεʴƏǢȑѝϘϞэȢĸΟ˶Ouml=˶ЁhζǁϞȱOumlѥϛˤƗũŎȓOumloacuteƟΙɧ6ͰɒΑάγΊũƁƁϨ5ưȘȾϽ5AringίʝϛƁϨ5ƂiacuteЮȉltOumloslashͰɒϛOumlіAringʤȞ6frac14=ͰɒФŋѣũiacuteźWίˤƗ5ƭШ5ŎȓũźWȓɲœ˛ϠǑѷФȥαϛȭя=ФnakedІαϛеxͰɒϚіoslashЂˣʵѓOumlŜѲ5Ɲ5ȌеOumlĞũˏ6

As such we feel very confident in the rates and occupancies that we will achieve Regarding room prices when benchmarking

against some of the other leading hotel brands in the resort market such as Aman Fayun Hangzhou Banyan Tree Hangzhou Fuchun

Resort Hangzhou Mandarin Oriental Hainan and Commune by the Great Wall average rates in March 2011 for single bedrooms in

this set are ~ RMB2800

ϩfrac14=ͰɒoslashЂˏѢĉƠϡƎˏѢȿcurrenɊάΫ6ФˏѢĉƠĈɘ=ІʙФoacuteƟAacute˛OumlсɜǙacircʑʁaƹ=ˍCҊĂО5ţјНҏѨ5ĥsup1˗ǝ5˓φŴecircĈǙacircũƵ΅OumlŁˣ=Фɱ˓МOumlEumlˆƣʒǩƠķ=6

Regarding occupancies we are confident to achieve occupancies of around 60 after about 4 years of operation but forecast

conservatively that our occupancies will start from around 35 in the 1st year of operation and grow steadily to 45 in year 2

55 in year 3 and 60 after the hotel is lsquomaturersquo from year 4 onwards

ФˏѢȿĈɘ=ͰɒŬϾάΫǑŚɱOumlǑϱ=ͰɒǵϡAumlOgraveOumlˏѢȿ6WŇƗ=ͰɒOumlˏѢȿƮƁϻszligϞɱOuml13=egraveЫOgravefrac34ɱOuml13ũszlig˓ɱOuml1313=szligɱϡŮƮƁЫOgrave6

Given the above estimates we believe that owners can expect attractive investment terms as illustrated in the table below

Ļǟϡ˛OumlŇƗ=ЎƗϛѝɭņOtildeOgraveOumlѱſYƮƁˍ΅o˿

CҊĂО

НҏѨ

ĥsup1˗ǝ

˓φŴecircĈǙacirc

Ƶ΅OumlŁˣ

RMB4270

RMB3500

RMB2000

RMB2150

RMB2388

Aman Fayun Hangzhou

Banyan Tree Hangzhou

Fuchun Resort Hangzhou

Mandarin Oriental Hainan

Commune by the Great Wall Beijing

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966

38

39

ͰɒOumldivideTHE TEAM

40

Grant Horsfield ndash Chairman naked Group

Grant a native of South Africa is Founder and Chairman of the

naked Group

Before coming to China in 2005 Grant worked in England

and South Africa with more than 10 years business ownership

experience With background in IT he launched eBites

Limited in 2000 Operating nationally eBites was both a

publishing company and a callcentre facilitations company with

headquarters based in Cape Town In 2004 Grant received

an MBA from University of Cape Town Graduate School of

Business Upon graduation he decided to come to China as he

saw China is where business opportunities lie

After spending two years in Shanghai he found himself

overwhelmed by the metropolis and missed the natural beauty

of his home From this desire and need sprouted the concept

for naked Retreats which was launched in 2007 Grantrsquos vision is

to create sanctuaries that are in harmony with the environment

where people can appreciate the simple way of nature and

embrace the naked lifestyle Grantrsquos tireless efforts in promoting

ecotourism in the rural areas not only created jobs but also

pride for the local community He received an environmental

award from the Huzhou Government in 2008

高天成 - naked集团总裁

ij=ɫčIcircTHORNˆ=nakedƍOumlmiddot˽ˆũѵ|6

Ф13ɱȅOgraveѓŘтʣ=ij˪ЬФϯŘƎɫčľѽ=ϾŚɱOuml˙ϛǑϱƎРѽǑϏ6ФʙITǒOumlUѠ΅=ɱij˪ƭȜȥeBitesϾΏŁ=eBitesŁƮϱΝІaacuteŹĞѓΫLJɖƿū=ʙѵˤФǭʔugrave6ɱ=ijƅOtildeȥǭʔugraveAringλ˙λЙOumlMBAλ6dϛŮ=ǧegraveȅѓŘ=ϩǯOgraveȥжȕOuml˙Ɖ6

Ф˛ŝEgraveȥȢɱтŮ=āѳƓxȥ˪Ƃ=sʨAtilde˱ȥѳʿɐǒ6ФжѕИІεʴOumlʶ˼΅=ƭȜnaked Retreats

OumlΖĂФɱOtildeOgraveȥ˹˲6ijOumlΖĂƭШϞĸ˯THORNІѳʿũΣŃdeg=ˆɒǵϡΘѳʿ=ΘnakedOuml˪ƂĈ˾6ij˫ΔAacuteTHORNʵ˪ȾϽѽordfOumlxΦɹȞ=xLjmiddotШȥľѽıŻOtildeOgraveȥIcircTHORNˣʵOumlХϐ6ij˪ƅOtildeȥɱůјоġNāOumlźWAring˼ư6

41

Delphine Yip-Horsfield ndash Partner Ben Wood Studio Shanghai

received her Master of Architecture degree from Harvard

Boston prior to moving to Shanghai to oversee the award

winning Xintiandi project on behalf of Wood and Zapata In

the fall of 2005 Delphine became partner at Ben Wood Studio

Shanghai

Drawing from her own experience of diverse cultures Delphine

has led a multitude of high profile projects such as Hangzhou

Xihutiandi Zhujiajiao Oriental Garden Shanghai Waitanyuan

Beijing Palace 77 Shanghai Hongqiao Commercial Core Lijiang

Lashihai Resort Masterplan etc

In 2006 she was selected Wallpaper magazinersquos first annual 40

under 40 designer of the year

Delphine is the chief master planner and architect for naked

Home Village and naked Stables Private Reserve She also

oversees the visuals and styling of the naked Brand

叶凯欣 - 上海Ben Wood设计室合伙人

ϜǮΩɺ=Ben Wood ˤƗľѽOumlѵƢ=śęAringλƭѡλ6ȅ˛ŝтʣ=ФΒIJ5ɷКũuuacuteľѽ6ȅ˛ŝŮ=CcediloWoodũZapataĤЩΪTHORNΙɧOumlƢethľѽ613ɱʲƕ=ϜǮΩɺBen Wood ˤƗľѽūƃˆ6

ϾѯxŸϽșǑϏOumlϜǮΩɺ=EacuteˇȥηucircijocircΙɧOumlƢeth=VȂţјͻůTHORN5њƝƶecircĈųВ5˛ŝЕ5[ǎłatilde5˛ŝŭʦ˙ϛѓΫ5ȗƯȄŝoacuteƟAacuteѵŔŷˤƗUgrave6

ɱ=ˏκȥWallpaperСьǃɱoacuteϡ΅OumlˤƗ˰6

ϜǮΩnakedƝВAacuteũnaked RetreatsOumlѵˤƗеũƭѡ˰6˶ϚĤЩƢethnaked˙nOumlFũĘķˤƗ6

42

Kang Yang Lim ndash Group Chief Operating Officer naked Group

Group with over 13 years corporate finance and real estate

development experience Previously he was Director of the

real estate division of APP China taking responsibility for the

initial positioning and development of the USD15 billion lsquoWhite

Magnolia Plazarsquo mixed use development project (including

the development of Shanghairsquos first W Hotel) He also led the

concept and development of APPrsquos branded residence and resort

project in Sheshan Shanghai

Finance division of PricewaterhouseCoopers in Melbourne

Australia where he specialized in business value and strategy

worked in inhouse strategy roles for CocaCola GB in London

and to British venture capital firm of the year (2004) ISIS Equity

Partners before coming to China in 2005

Accountants Australia in 2002 and is also an affiliate of the

of Commerce and Diploma in Modern Languages from the

University of Melbourne Australia

林纲洋- naked 集团首席营运官

ƞˏnakedƍOumlȩ˪ϴϾŚɱOumlʝϛ~ƎTHORNǭāǑϏ6Фfrac14тʣ=ѽѓŘDŽŒOumlTHORNǭāOumlѵƢ=ĤЩƠч13ϢЏOumlucircϸ8JЈȈœ9ǭāΙɧOumlcopy˽κшũǭāVȂ˛ŝszligϞƝ ǙacircOumlǭālt6˶ϚщNtildeȥDŽŒƍФ˛ŝҁ˗ʑʁѢЭũoacuteƟAacuteΙɧOumlȓɲũǭā6

ФDŽŒƍˇфтʣ=ȩİϑGAringȚφɣyuml_ʔŴϷOacuteƁƗ˰OumlǑȓ=ѥѣЂ˙ϛƠчũЯɁѰξ6ȩ˪Ф13ɱȅOgraveѓŘтʣэȑǭʔŴϷOacuteŮOumlϞotilde˶ƣɬ=ѽǵǺǵȎɂugraveŁɬOumlЯɁēͺ˰=ϡƎISISOumlʼnʏūѽƃRФϯŘɂugraveOumlϯŘĘΌѱŁˇф6

ȩ˪ФɱƅOtildeȥGAringȚφηƁƗ˰ƁũGAringȚφпʻωǗOumlƁГѱķ6˶ϚƅOtildeȥGAringȚφɣyuml_AringλOuml˙ϛλλϡƎCcedilЇϊλп6

43

Gabriela Lo ndash Managing Director naked Retreats

With over 15 years experience in high end events and PR

management Gabriela has been instrumental in bringing naked

to where it is today As one of the original members of the

naked Team Gabriela has led the growth of naked Retreats

to become one of the most famous eco retreat destinations in

China attracting guests and publicity from around the world

Originally from Macao Gabriela has rich multi cultural and

multinational living and working experience having worked and

studied for many years in Greater China England and Italy

卢家宝 - naked 度假村常务董事

ϴϾŚ13ɱOumlijocircƂiacuteũŁŃŋ΄ŎȓǑϏ=nakedDžOumlǜІȶƝXēxǭ6ѽħdivideOumlmiddot˽ГтϞ=ȶƝXϠǑAEligȭnakedѓŘѻϾɜOuml˪ȾϽɧOumlTHORNтϞ=ͼϭȥȅѳǁĹTHORNOumlǸˆ6ȶƝXȅѳGɑ=ϴϾĖĥOumlucircЏŸũucircŘǝѢũľѽǑϏ=ЬФAringѓŴTHORNʵ=ϯŘũϤAringȚϾѯucircɱωǗǑș6

Judy Zhu ndash General Manager naked Group

Zhu is the General Manager for naked Group ensuring smooth

operations of the group with a particular focus on government

朱燕 - naked 集团总经理

њώ=iquestnaked Retreatsmiddot˽ǭ˽ǜũij˪ūѽ6њώѽƍѵǑȓ=ĤЩIcircTHORNũŋ΄ʽWƍРѽ6Фƞˏnakedтʣ=њώФ˛ŝũ[ǎiquestŚηucircІ˙ϛϾŋOumlфϛ6ФΪͻȈƅOtilde˙ϛλ6

44

Kurt Berman ndash General Manager naked Stables Private Reserve

With over 16 years experience in FampB and high end luxury

resort management Kurt brings a wealth of experience and

will lead the preopening and operations of our new resort ndash

naked Stables Private Reserve Prior to joining naked Kurt was

the preopening General Manager at Six Senses Laamu and

Resident Manager for Six Senses Soneva Gili by Six Senses Kurt

has also worked at other prestigious resorts including Fregate

his career in hospitality in FampB and was a trained Chef with

experience working in many prestigious institutions including

The Dorchester Hotel in London Kurt is from South Africa and

has a masters certificate in hospitality management from Cornell

University

Kurt Berman - naked私人度假村总经理

ϾѯŚɱϬƎijIumlŤŴoacuteƟAacuteOumlŎȓǑϏ=ƮϡĖĥOumlǑϏȭNtildeͰɒΪoacuteƟAacute77)$ 0OumlϱϛũРϱ6Фƞˏ)$ тʣ=10ЬEacuteˇŚ8szligȳĭǦ9+1ϱϛѵǑȓũ8szligȳĭǦ9-2 ((OumlѤacircǑȓ610ŻЬˇфЂamp0ˆŝETHũ1+4UgraveʙўɜoacuteƟˮTHORN610OumlϛʜzЂϬαϛ=ϚϡϞĸФŬucircўɜƉńVȂ-0-0 -$-ltľѽŚOumlρȡϾOumlnot˰610ȅѳɫč=sϴϾǰɪyumlAringλЃOumlǙacircŎȓλ6

Richard Johnston ndash General Manager naked Home Village

Hailing from the United Kingdom but with most of his working

life in resorts throughout Africa Richard brings with him over

20 years experience in General Management and Director level

roles in world class resorts including Azura Retreats Cape Grace

hotel and the Saxon Hotel Richard plays a key role in the set

up of systems training and operating standards His years

of experience and mentoring leadership style make Richard a

natural inspiration for our young hotel management team

Richard Johnston - naked 家园村总经理

RichardȅѳϯŘ=IgraveAringucircOumloacuteƟAacuteľѽiumlФмĸčљ=ϴϾŚɱOumlѴūŎȓũǁƐoacuteƟAacuteVȂAzura

Retreats Cape Grace hotel and the Saxon HotelltijʒŎȓǑϏ6RichardФƭȜ΄5ʅρũРαnѬĈɘʜѯŋƨѽϸ6ĖĥOumlǑϏũȭNtildeĘķ˼OtildeoslashͰɒɱʬOumlǙacircŎȓdivideϾѯѳʿOumlƊȘ6

45

Teun Hanegraaf ndash Sales Director naked Retreats

Teun obtained a Bachelors in Business Studies and Masters

in Strategic Management with a focus on Chinese Business

Culture Teun increased our corporate sales business by 350

in his first year with us bringing international companies

ranging from international conglomerates Unilever and Coca

Cola to more local institutions such as The Shanghai American

School and leading Chinese companies such as Bank of China

韩天宁销售总监

ȅѳŧȈɥEcirc=şɵϴϾ˙ϛλλλ5ЯɁŎȓѥѣЂѓŘ˙ϛŸlt6ȅƍOumlszligϞɱşɵƮŁOumlΝϛijȥ13=sŁAEligȅȥx˟ŘƙβOumlAringŁǸŲ=жʙѓϾŘƙAringʝϛȠūȚŴũǵǺǵȎ=ϚϾ˛ŝɐŘλΠUgraveIcircTHORNƉńũѓŘϫαUgraveѓŘȴʝϛ6

Oliver Yuen ndash nature Reserve amp Recreation Manager

naked Stables Private will be the first private reserve in China

with a wealth of new flora and fauna introduced to the project

from Sydney University Australia and as a fully qualified Ranger

working in many of the worldrsquos best wildlife parks Oliver takes a

special role in ensuring the environment of naked Retreats and

naked Stables Private Reserve will be full of life and a natural

self supporting eco system Oliverrsquos passion for both people and

nature make him the perfect person to teach our guests about

what we do and make their stay not only a relaxing one but

also a fun fulfilling educational one as well Oliver previously

worked in wildlife parks and resorts such as Azura Retreats in

Mozambique Mobala Private Game Reserve in South Africa and

Sydney Aquarium in Australia

袁鹏威 - 活动经理和度假村 生物学家

naked StablesƮѓŘszligϞĸϭljΪOumlцʾũiacuteʾOumlˆoacuteƟʵ6OliverѽϞɜGAringȚφͿɯAringλūķOuml˪λƝiacuteλƝ=ϡƎФǁĹTHORNOumlϙ˪iacuteВľѽOumlľѽе=Ф˼naked Retreats ũnaked StablesϾѯĖĥ˪ѱЕ5ʿѳĺOuml˪΄Oumlźǔľѽ˛QύѯіϘƶ˔6АʊoslashˆȏũѳʿOumlƊʮ˼ѻūOumlˆȅĵͰɒOumlǸˆͰɒѼOuml˷ɋ=sʨ˂ɒФжȕOuml˶ŒxLjLjČ=˶Ϛ˂ɒOumlǝѢǑșlOtildeϾǭΫcurren˹ũϾƷЋϤϦ6АʊтʣФɫčũGAringȚφͿɯѹŏiquestϙ˪iacuteВũWŰʵOumlľѽVȂMozambique OumlAzura Retreats Mobala Private Game Reservelt6

46

Philip C Davis Company Director naked Retreats

Phil joined the Board of Directors for naked Retreats hotel

management company in 2011 His previous board experience

includes Tian Rui Hotel Corporation holder of the master license

for Super 8 economy hotels in China and Hong Kong from 2006

to 2008 He also was a founding shareholder of Tian Rui and

served as its President and Managing Director from 2006 to

2008 He was a board member of Tian Xian Cheng a bai jiu

concern which is a joint venture between Pernod Ricard and a

2010

Phil was previously Chairman of the Budweiser (Wuhan)

International Brewing Company and Managing Director of the

AnheuserBusch business in China and Hong Kong from the

beginning of 1996 through 2002 From 2003 to 2005 he

headed the AnheuserBusch liaison office with Tsingtao Brewing

Company

Phil holds a PhD in history from Washington University and

started his career as a market researcher at a major advertising

agency in the US before moving to AnheuserBusch and

heading its consumer planning and new product development

functions in the 1980s

Philip CDavis naked 度假村公司董事长

PhilЂɱƞˏȥnakedoacuteƟʵǙacircŎȓŁOumligraveƁ6ϡĖĥOumlǑϏVȂФːǙacircƍˇф5ϡƎЂɱэɱФѓŘũѓŘΒIJEacuteˇSuper ǑƖǙacirc ʼnˆ6˶=ϚːǙacircƍOumlmiddot˽ʼnecirc=ФɱэɱʖƣEacuteˇƍOumlѵ|ũigrave6ɱэɱʖƣ=ϞƝІWȎȞƞũJǙ˪ȴʝϛƬɫūѱOumlʝϛ77ΐOumligraveƁГ6

iquestɱэɱ=Phil͵šBudweiserŘƙɳǙŁOumligraveƎѓŘũѓŘΒIJCŝyŁOumligrave6iquestɱэ13ɱ=CŝyũʫETHʌǙŁOumlȠɆdegOumlĤЩˆ6PhilϴϾŴ˭uacuteAringλOumlș˻дλvλ=ФǁɱCcedilȅOgraveCŝy5ĤЩΞĒŔŷũΪʑǭāĿɭтʣ=OumlϛʜzЂɐŘOumlϞƝœĵCcedilȓŁ=Eacuteˇaeligω6

47

OUR INTERNATIONAL TEAM

International team

Chief master planners amp architects

the urban landscape of modern China with Xintiandi in

Shanghai a commercial cultural and entertainment district

Since then the studio has worked on projects in very diverse

categories both small and large scale projects include mixed

use projects like the ldquoTiandirdquo in Hangzhou Chongqing Wuhan

and Foshan luxury villa and high rise residential complexes in

Shanghai and Vietnam as well as various boutique hotels and

Chalet Architects

A00 Architecture is most well known for their research

inenvironmental sustainability and its application to their

work in Architecture Interiors and Furniture Their portfolio

includes feature restaurants luxury spas retail stores design

conversion of dozens of historic Shanghai homes into highly

personalized residences

Interior Designers AIM (Architecture amp Design) brings expertise

in the combination of world architectural styles and design

influences to the interior designs at naked Stables Private

Reserve With the Shanghai office led by the two founding

on comfort warmth and a unique blend between African and

Asian design sensibilities

Landscape Architect

Design Land Collaborative (DLC) is a professional consulting firm

comprised of landscape architects and planners with an office in

Shanghai and the United States Projects have a strong emphasis

on cultural resources historic preservation and ecological

design involving both the public and private sectors

ͰɒOumlāЮdivide

ɴǵϡΑάOumlёȣ

ŘƙŸdivide

首席规划师和建筑师

benwood Studio Shanghai OumlсɜΙɧтϞѠĨШ˛ŝΪTHORNľ=˼ʙƍ˙ϛ5Ÿ5ЄȎϞOumlʵЉ6тŮ=ЁƻȥĹȏŔɟAringΟOumlΙɧ=VȂţјOumlͻůTHORN=іʱ5͵šƎę˗OumlŤŴpϡƎФ˛ŝũЛɫOumlijѢЭʵ=ȮŻϾФѓŘƎˉ_OumlĹȏǐʑǙacircƎoacuteƟ6

小圆房建筑

AOO Architecture ФźǔWŰƎǵ θāЮĈɘϾѯѭЛOumlƭ=s˘ƮʙƭϰϸЂɬƝѩ6ɒƻŚOumlΙɧVȂ˔5ŤŴȤѓΫ5ȫ˙acirc5ˤƗίǙacirc˛ŝυНǙacirc lt5ˆoacuteƟϡƎϞ΄ȧOuml˛ŝș˻ѢЭOumlCcedilŸƎˆŸĨШ6

ɬ ˤƗ˰AIMƭѡˤƗltѥѣЂǁƭѡĘķũˤƗOumlɐƿū=ϭNtildenaked StablesOumlɬˤƗ6ФȅѳŧȈũaȚ˶OumlūѽmiddotTˆȭNtildeOuml˛ŝTdegOumlUѠ΅=ˤƗѣі5ũφčˤƗȓɲOumlntildeˊū6

景观设计

Design Land Collaborative (DLC) ϞƝiquestǒōˤƗІŔŷOumlѥϛѰξŁ=Ф˛ŝІɐŘǩˤϾēрƉń6ʙΙɧ˘ЂŋѣŸș˻ĻЕ=ƿūźW˪ǴƔ=ѥѣЂŁŃƎϾTHORNOumlŔŷ6

48

Engineering amp Project Management team

Scott Wilson Group PLC is a globalintegrated design and

engineering consultancy for the built and natural environments

Scott Wilson is responsible for the project management the

electrical and mechanical engineering for the project

Environmental Consultants

Environmental Resources Management (ERM) a leading global

provider of environmental health and safety risk and social

consulting services ERM deliver innovative solutions for business

and government clients helping them understand and manage

their impacts on the world around them ERM have 137 offices

in 39 countries and employ approximately 3300 staff

Sustainability Consultants

Bisagni Environmental Enterprises (BEE) works with the

engineering and design teams to ensure the environmental

goals set out at the inception of the project are achieved

LEED Consultants

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

Local Design Institute

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

General Contractor

and have been responsible for some of Chinarsquos most iconic

properties such as the World Financial Centre in Shanghai

工程及项目管理团队

Scott Wilson Group PLCϞƝʺʳŔɟOumlźWˤƗƎľѰξŁ6Scott WilsonĤЩΙɧOumlaacuteʠƎƉΤľ6

环境咨询

Environmental Resources Management (ERM)ϞƝʺʳαϛȭѰξŁ=ŀźǔWŰ5ƫǰCʺƎŁŃˣƁĘΌUgraveѰξĞ6ERM˙ϛƎоġɑǸŲŀĨĶβOumlǀǧĈF=UѠɒȥǀsŎȓʙǑϱoslashˣƁźǔAEligȅOumlϳΗ6ERMФʺʳϾ137ĸēрƉń=myĸŘƝ=ϴϾAringК3300ɜГľ6

可持续发展咨询

Bisagni Environmental Enterprises (BEE)ІľˤƗdivideΑűūѽ=ϡʽWФΙɧǭ˽ƼotildeˤȜOumlźǔWŰǵ θāЮɧnOumlȚ˹6

绿色建筑认证咨询

Shanghai Pacific Energy Center (SPEC)ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlŁтϞ6

本地设计公司

Shanghai Baoye Construction Corp Ltd ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlαϛȭŁтϞ6

总承包商

ϞƝŘƝƐľVŁ=ϠƻȥηucircѓŘnьβΙɧ=țˍ˛ŝźʳDŽˊѓΫ6

49

naked COVERAGE

wwwcnngocom

ldquo25 killer things to do this summerrdquo

26 April 2010

Time Magazine

ldquoRun to the Moganshan Hillrdquo

新浪博客

ldquo避世的可能rdquo

31 December 2009

wwwenglisheastdaycom

ldquoThe first batch of ldquoChina Treasured Towns ldquo released

December 2009

Shanghai Urbanatomy

ldquoGet naked this time with horsesrdquo

Shanghai Daily

ldquoGreen MaGIC Casts design spellrdquo

14 October 2009

新浪商品

ldquo中国最佳设计酒店大赏rdquo

September 2009

wwwchannelnewsasiacom

ldquoChinarsquos green resort allows travellers to vacation on good consciencerdquo

2 September 2009

wwwbijianlinblshecom

ldquo莫干隐居rdquo

25 Aug 2009

wwwassociatecontentcom

ldquoThe Exquisite Moganshan Mountains of Chinardquo

Ɏ

Wikitravel

ldquoMoganshanrdquo

德清新闻网

ldquo承包国营林场建造生态ldquo逸站rdquo

wwwsinoeventcom

ldquo亚洲旅游地产及景点峰会成功举行rdquo

wwwchinatravelbrandingcom

ldquoPursuing Green for Greenrdquo

wwwbrandrepublicasia

ldquoMaking moves towards ecofriendly eventsrdquo

7 May 2009

wwwhandsonshanghaiorg

ldquoHands On Asia Conference Summeryrdquo

May 2009

wwwmyvacationcn

ldquo莫干山居rdquo

3 April 2009

wwwshanghaidailycom

ldquoThe naked truth Time to clean up Moganshan litterrdquo

4 March 2009

wwwgreennovateorg

ldquoMoganshan Project Kick Offrdquo

13 February 2009

Travesias

ldquonaked retreatsrdquo

Feb 2009

合肥在线

ldquo大山里的裸家族rdquo

20 October 2008

wwwentrepreneurcom

ldquoThe arrival of the Olympics showcases Chinarsquos burgeoning entrepreneurial spirit ldquo

7 August 2008

50

Shanghaiist

ldquoWeekend escape to Moganshan 莫干山rdquo

9 April 2008

私家地理

ldquo艳阳下的荫凉rdquo

30 May 2008

City Weekend

ldquoGet naked in Moganshanrdquo

25 January 2008

wwwbundpiccom

ldquo在这绿中撒点野rdquo

wwwhuzhougovcn

ldquo相中德清筏头的青山绿水南非客商莫干山下建生态逸站rdquo

wwwurbanatomycom

ldquo24 Hours in Moganshanrdquo

wwwhkheadlinecom

ldquo杭州莫干山竹林深处人家rdquo

15 May 2009

wwwnewsweekcom

ldquoBack from abroadrdquo

May 2009

Chinatravelnet

ldquoMoganshan A Heavenly Hideaway of Bamboo Forests amp Tea Plantationsrdquo

April 2009

wwwmzztmcagovcn

ldquo2009年踏青乐游路线推荐大公布rdquo

16 March 2009

第三媒体

ldquo规划一条畅快随性的踏青之旅rdquo

28 October 2009

wwwdqnewszjolcomcn

ldquo三九坞 ldquo裸家族rdquo钟爱的世外桃源rdquo

28 October 2008

ldquo自驾行天下rdquo之中国莫干山rdquo

Sep 2008

ldquoShiffting Gearsrdquo

Sep 2008

April 2008

Chewed up amp Spit Out

ldquoGet nakedrdquo

19 February 2008

ldquoBest Weekend Getaway Hotels Shanghairdquo

富世

Ecoefficient hotel低碳下榻

April 2011

Spa China Guy 男士派

Experiencing The Unique

2010

Cosmo 时尚

跨洋建屋隐居不隐世

April 2010

Global Times

The Mountain of legends

Global City Geography 城市地理

莫干山 naked Retreats 都市人一ldquo裸rdquo到底的山居生活

Dec 2009

China Daily

Rural Retreat

20 March 2011

China Daily

4th March 2011

Modern Weekly周末画报

圣诞低碳游

Dec 2010

Elite Traveler 携程自由行

旅尚

Esquire

Hidden Best Restaurants

Feb 2011

51

52

53

Page 7: Detailed Investor's Report

6

Tree Top Villas

The Villas on offer are a first for China They are elevated above

the ground and protrude from the tops of 20 meters high pine

trees seemingly floating on the tops and therefore their name ndash

the Treetop Villas Built from Steel and Wood these Villarsquos are

to challenge the paradigm that luxury can be environmentally

friendly

Resort Services Offered to all Tree-top Villa Owners

树顶别墅

ccedilpФѓŘŻfrac34ordf6^ȑTHORNɘ=sʨФɔijOumlAgraveѓOtildeķɛ=ǯʜȅǜΚğФccedilт˛=ccedilpOumlɜϻfrac14yacuteȅ6ϸĮũɦƭШ=жΡpыФЯșȅOumlĆț77ˡcentϚɭˍfrac14THORNІѳʿźǔũΣŃdeg6

5ϡƎOumlp

ѵŃϾƣp

CcedilĘķnotĉ

DɠЌį

˞DZ

ɬ5

γͽ

ɏĸĉƣiumlϾˡŴOumlˆЌ

ǠAringOumlϒdegФ˕ȩccedilʈт˛

ͶέƐOumlaacuteʡˤ]

OcircŘɼŁOumlacuteŲȀơ

ɐŘSafelok ˢʐ˺pɑ

AEligϾΆˉŒΐƱĿɭOumlUacuteĝˢtȟ

oacuteƟAacuteϛŎȓ

oacuteƟAacuteĤЩϾOumlŰ

ǠAringOumlŃΘʵЉɤŁʯlt

提供给所有树顶别墅业主的度假村服务

oslashɴOumlpljαѴūOumlαоŎȓ

pɬOumlŰ

ˆŎƝĞ

αȔĞ

ƝоĞ

ϾŁϸʵOumlŰ

ϾOumlǒōɐŸ

ŞbrvbarĊђ

űȠƻˏ

έaacuteĞ

ȃƇƍ

ŀ΄

ϾŁϸʵOumlWΌ

Ο˶CW

˪ɝũΞĊCʺ΄

oacuteƟAacuteɬOumlƳР

7

Position

property

Financial Benefits

boutique development including only thirty tree top villas

should appreciate in value over time

the naked Stables Private Reserve and naked brand name

properties holiday homes and quality branded residences

increases

part of the resort room inventory

位置

Ђɢī˗˗ȸ

ЗȑιΜ=pϙɬɍϾƆй

ѳʿ˕ȩ

pdegФŝIɔϡ˛

ĸǢȑp13ēєȺOumlijyumlěʳ

ϮcOumlˆ˗ň

财务收益

LjϾƣǐʑ˪˝p=ɴOumlntildeϞʹĀOuml6

ϴϾũTHORNʞ=ˉŮɴϾegravesЫчOumlϛ6

ɴOumlƠчƮІ҉аoacuteƟAacuteŁϡƎʑʁȠϱyacuteЫч

ɴOumlƮϩoacuteƟAacuteϛ˩5oacuteƟͳ5ʑʁѢЭyacuteЫч

ϛѝɏɱƮƁϩoacuteƟAacuteɱoacuteʃagraveyacuteΘϾ θOumlˏ6

8

LOCATION

MAP of Shanghai to naked

County on the foothills of Moganshan Scenic Mountain

By Car

With the opening of the new Shenjiahu highway in 2010 the

traveling time to Moganshan is 2 hours drive from downtown

Puxi in Shanghai and also 2 hours from Pu Dong airport

By Train

With the opening of the new high speed trains across China

guest can now get to naked Stables in under 2 hours traveling

on the train from Shanghai Hongqiao Hub to Hangzhou and

onto Deqing Total train time is less then 1 hour

SITE MAP

地址地图

THORNȓя

从上海到naked的地图

pѾɅЂɢī˗Ęǒʵ˗ȸdegOumlOcircʭΎǔɬɤOumlˆѳʿWŰʵ

驾车

ѯɱ˥ƛůijOuml=iquest˛ŝʕͻ˙ϛʵƆʕecircƉOgraveɢī˗ǩъεΟ˶6

乘火车

ѯősup2ѓŘOumlijOumlˏРϱ=ȾǸiquest˛ŝŭʦǸРѓΫOgraveţјϡƎOcircʭΎOuml˶ƣʒǩ˟ЂΟ˶6ФƄ˛Oumlѵ˶ƣ˟ЂΟ˶6

9

10

THE RESORT

The experience

We believe that true luxury in the modern world is not

necessarily about designer labels and huge international brand

names but about privacy space spending quality time with

loved ones and rejuvenating your senses with nature All of

these elements have been brought together seamlessly at naked

Stables Private Reserve

After a refreshing welcome in our vibrant clubhouse your butler

will whisk you to your villa by electric golf buggy Enjoy sunset

cocktails on the deck and luxuriate in the sweeping views of the

bamboo forest whilst your butler unpacks your bags and dinner

playing the whole family congregates at the dining table and

dinner is served After dinner soak away the stress of city life in

your private jacuzzi on the deck as the stars wink overhead

Saturday morning starts with a hearty home cooked breakfast

and the thrill of a day filled with experiences in the mountains

Explore the local hills and forests on mountain bike Rejuvenate

and refresh in the sanctuary of the naked Leaf Wellness Centre

After a swim in the pool lounge in your villa hammock with

family and friends sharing precious moments

Kids will love the daycare centre with outdoor play area kids

pool art jamming music and laughter

Get your Sunday off to a great start with a family horseback

reintroduced to the hills Stretching and yoga are on offer in our

hilltop pavilions as well as tai chi kung fu and meditation After

fine tuning your archery skills finish off the day with a spot of

fishing in the nearby lake

If you choose to venture out of your villa for lunch enjoy

creative and delicious comfort food at either the pool cafeacute

or clubhouse Gourmet pizzas organic salads and artisanal

sandwiches will tempt you at the poolside Innovative Afro

Asian bistrostyle dishes are on offer in the clubhouse

oacuteƟAacute

经验

ͰɒΑάCcedilǁOumlинˡcentsxϞegraveϡijƐʑʁnьƆўɜOumlŘƙʑʁ=ʼϰħϴϾˆOumlǹƣ=ІΫBOumlˆŃoacuteɐťOuml˶Œ=sʨФѳʿźǔȕŽāʫsup1ƂȞ6ϾOumlжΡЏiumlƮФnaked Stables6

OgraveAumlƁŮɴƁOtildeOgraveͰɒĞdivideOuml˅ʮƻEgrave=ɴOuml˦ŎƝƁǭѯaacuteiacuteТɴOgraveɴOumlˆp6ˉɅ˶ēФϒΘϞZƋǙ=njФɊόOumlќŝтѓ6Іfrac14˶=ɴOuml˦ŎƝƁUɴΥ΅αȔѬ]=ĺɴAEligȅϞѕФƝOumlĭ6RѯɴBOumlϪȎ=ʺƝˆѾФѮiΘϸ6ćŮ=RѯɊĄέ=ФϒOumlˆDɠЌįȕżǀɴ˪ƂOumlτȞ6

їȳOumlЧ˽ЂϞuacuteĖ˭OumlƝЧ=ϞOumlǏΌfrac12ƊƂiacuteƮ˗ѓтȾ6ʛѯ˗THORNāǥIcircTHORN˗plusmnũ˕ȩOumlɕɖ6Фϕ˪Ɓŏѓaeligȓ˂ɴlOtildeĽƞcurrenɊƂȞ=ФϽ϶iexclРiacuteϞăтŮ=ȊϑϑOumlФpOumlaumlpara˛ļƝˆũʉϿŃoacuteɐť˶Œ6

ŜѲɒϚƮƁB˛thornѓΫ=ФжȕoacuteŚǽȎOuml˶Œ=ϩжȕϾƂiacuteTHORN5thornϽ϶iexcl=ƏήűiacuteŶ5ϪȎ6

˂ɴOumlїˉiquestІƝˆOumlʛɇϽȨǭ˽6ɴƮϾƉƁϞograveͰɒіΪϭˏ˗ѓOumlIcircTHORNȻѕ6Ђ˗ccedilOumlŏȕϾҋҀ5ƌ5ĿěUgraveƂiacute6ˢƩȡтŮ=ȅĦNjůicedilaringƿжϞтȾ6

ˍřɴκЪxФpȕͷ=϶iexclǬĎƆеǣȎiumlƮɴΘϸntildeɐOumlxĀκЪ6϶iexcliǬĎȕOumlɐ˸Ɲʍˑ5ϾƉ˔ȄϡƎľ˓ɛђiumlƮЀ˼ɰʸϞǗǕ6ǣȎȕŀϰΪʚOumlφčĘOumlґ6

11

In the evening join the visiting winemaker from South Africa for

a private tasting in our wine cellar followed by an outstanding

dinner featuring a myriad of organic and seasonal produce

sourced directly from the farm All dishes in the restaurant are

designed to be shared and enjoyed together

The warm summer months are filled with afternoon bbqs

evening musical performances in the openair theater and sun

dappled memories at the pool

Winter is crisp and perfectly peaceful as snow dusts the bamboo

forests Log fires crackle in the bar and winter cocktails warm

from within

Memories are created and moments are shared a naked Stables

Private Reserve

˛=ϞʜKċȅѳɫčOumlɳǙ˰=ФͰɒOumlǙѨȕʑɐǙ=ŻϾхƻȅѳɸOumlϾƉOumlΪΈ˸OumlĖ˭6ϞʜȅΘҗҖĺɴAEligȅOumlНH6

҈ϤOumlΆƕ=жȕɊͷŮ˞DZ=ȹǤOumlϝϪȎύordfϡƎ϶iexclȕϒŒLwOumlɐťſϥ6

жȕOumleumlƕʒǓΕũ=JμĢĩѯќŝ6ǙHȕ=ɦФƄѓˀ˞āordfʋɿ˩=ϞZeumlƕƋǙɭ˂ɴɻũηucirc6

ȅnaked StablesjуſϥΘɐť˶ŒH6

12

13

14

GREEN DESIGN amp CONSTRUCTION

LEED Green strategies

All about LEED

Developed by the US Green Building Council (USGBC) LEED

(Leadership in Environmental Energy Design) provides a concise

framework for measuring green building design construction

operations and maintenance LEED Platinum rating is the

USGBCrsquos highest rating with strict criteria encompassing energy

savings water efficiency CO2 emissions reduction improved

indoor environmental quality and stewardship of resources and

sensitivity to their impacts A LEED Platinum qualified building

should use at least 30 to 40 less water and electricity than a

normal building At naked some of the things that have been

done in aiming to achieve this award are

recycling

flushing and irrigation

water

waterless urinals

buildings

consumption

ɀ˔ˤƗІƭˤ

绿色建筑认证

关于LEED

ϻɐŘɀ˔ƭѡƁāʜ=LEEDɀ˔ƭѡˈпltȣɀ˔ƭѡˤƗ5ƿń5РѽϡƎŰŀƥƾOumlȀơ6LEEDɐŘɀ˔ƭѡƁ˄ƽɭ5ѱЕȚϸȿ5ƱUacuteĀϓŸʀČ5˫ɬźǔёȣ5ѱЕŎȓƎoslashʙϳΗOumlɚĭoacuteψķnѬOumlѻijưΙ6ϞmicroϴϾLEEDˈпOumlƭѡϰħaʔƭѡ˟˼ϸOumlaacute6Ф =ͰɒϚѼȥŬucircľѽȅлʷOtildeOgraveжĸưΙ

ƭѡƽˬȥ13OumlɭЕ˼ϸ

ƭѡƽˬȥOumlϸȣ

iquestͳccedilũɇȺƍȅOumlЅϸЂҔͲOumlνźȚϸ

ϾҔͲũđiuml^ſϸЂyenũŐĪ

LJA˗ňȱOuml˳THORNǖŸȥƂ

˼ϸUacuteȱȣOumlЌŊegraveѩяϡƎɶ˾umlɇɗyen

Οkiexcl

ϸЂЎ˅Oumlϒɭ˅ƞ˅ʠ

ϸЂƞ˅ũȐʼƭѡOumlƽɭЕкʢ`

pѩϾ˅ſѩяȅƱUacuteɭЕΞŦ

15

use Incentives given to reduce energy consumption

a factory 20 minutes away from site

window frames bricks and roof tiles

Council)

material

property

recharging stations

within a radius of 800km

CѩФϾp˛OumlɭȣƗϸȅƢethǸˆOumlɭЕ˼ϸʮ

ȁ6ŻɭЕΞŦOumlƦ˟ŀuumlOumlưȘ6

ϸ˼ϸќΧdzȝOumlŗȷƞ˅ŀɻ6ќΧdzȝȅѳǢȑͰɒ

ēєȺЗOumlϞƝľ

ϾOumlʥũacuteŲiumlijoacuteǨЖ

˼ϸɘŒŵOumlUacuteĝˢtȟ

˼ϸUacuteʀČOumlȦ

˼ϸſȚϸOumlǛɦёͳccedilơ5џѲ5џƈ5acuteȀ5ѦǼũ

ͳccedilʎ

Ś13OumlɦϻFSC˕ȩŎȓГƁltʹ

˼ϸǵУ˪OumlŸќѐTHORNO

pɬʺ˼ϸLEDtimesũΟίOumlϲŒtimes

oslashϾƭѡѻAringoacuteOumlljαѳʿŒũĘ

ѝTHORNъПηijyumlěljˏ=ijyumlěϻϒɭŀaacutesɭФ

ѤTHORNcurrenaacute

OumlƭѡȦiumlȅѳĈДŁȕɬOumlʵЉ

Ś13OumlƭѡđȦ^ſȚϸ

ϾoacuteƟAacuteOumlȃƇiuml^νźȚϸ

notĉũȃƇ^ϸѽĐȦ

oacuteƟAacuteɬϴϾϾƉųВ

іΪϭˏϙ˪iacuteIcircTHORNȻѕlt

WŰѳʿiacuteцʾ

16

17

THE DESIGN IDEA

Tree Top Villas

树顶别墅

To touch the sky at night and look down on the forest in the morning is what owners of the tree top villas will experience High

above the forest canopy 30 luxurious homes are perched in the tree tops Spacious wooden constructions with large sundecks spill

into the panoramic views of the mountains

macrɞҌҍOumlϝǹ=ϔѪȗOumlҐ=жǜϴϾccedilpOumlˆɒntildeΘOumlҕȞǒ˔6icircŤŴѢЭʗͽФ˕ȩŌт˛=pǡϞķ6аФǾOumlɦѐΟͳѓ=œOumlɢī˗ʺǒǍόYacute6

Each villa is built on stilts to minimize its physical footprint and maximize the views for its discerning owners The prefabricated villas

are made by innovative construction technology known as structural insulated panels (SIPs) With high insulation value and zero

construction waste these lofty eco dwellings are like no others offering you an energy efficient home that is beautiful and at one

with nature

ccedilpOumlƭѡaumlƵȵƿń=iquestyacuteƦ˟oslashБ˽˪źǔOumlϳΗ=sѻAringΏoacuteOumlЮϹɐOumlǒ˔6жΡЎѐOumlpϸѻΪǴƔOumlƿńWOѐШOuml6ccedilpOumlˤƗтѽ=ʹđȦͲˁssectѳʿ=ŀϞĸЁϾʑЁʩNjѳʿOuml˪ѢЭ6

The villas are intended for life Overlooking the mountains and forest below each home has a very large outside deck

complemented on the inside by an open plan kitchen with all the latest amenities dining room living area and opium den for

relaxation and entertainment Large sliding doors and full wall windows welcome natural light while sophisticated air conditioning

systems ensure your comfort Double layered glass keeps the view in perfect focus hushing all sounds to perfect stillness Wooden

floors soft lighting and high ceilings add a sense of warmth and space

ccedilpѥ˪Ƃyacuteƭ6Ġғ΅ɘOumlʾ˗ũ˕ȩ=ɏicircƭѡǩˤϾǾAringOumlϒ=ʆϡCcedilOumlмǭČ˾notĉ55˪ƂʵũČЄȎ6ǾAringOumlȄɑũмɘɅTHORNAringacuteǵɩѳʿˉŒ=˶ljOumlǹaelig΄ǵʽWɴOumloacute6tȟǵȯɴФѻƜƶoacuteΩ˚ɐǒOuml˶xƁOgraveĹѕ˩ϪOumlī˃=ntildedegЂϞʎǓтѓ6ʿOumlɦTHORNO5ˌũOumltimesŒũǹOumlųϣЫȥɻũǹƣĭ6

ˤƗȓɲ

18

Tree top villas

Roofs thatched

19

20

FLOOR PLANS

Treetop villa 2 bedroom villa ccedilpȢͱĉ

ʒɘ

Interior area 室内面积 13768sqm

Exterior area 室外面积 50sqm

Total usable area 实际使用面积 18768sqm

21

Level 1 一层

Interior area 室内面积 7088sqm

Exterior area 室外面积 102sqm

Level 2 二层

Interior area 室内面积 668sqm

Exterior area 室外面积 398sqm

22

Treetop villa 3 bedroom villa ccedilp˓ͱĉ

Interior area 室内面积 20214sqm

Exterior area 室外面积 664sqm

Total usable area 实际使用面积 26854sqm

23

Level 1 一层

Interior area 室内面积 10334sqm

Exterior area 室外面积 118sqm

Level 2 二层

Interior area 室内面积 988sqm

Exterior area 室外面积 546sqm

24

Treetop villa 4 bedroom villa ccedilpͱĉ

Interior area 室内面积 2667sqm

Exterior area 室外面积 863sqm

Total usable area 实际使用面积 353sqm

25

Level 1 一层

Interior area 室内面积 136sqm

Exterior area 室外面积 168sqm

Level 2 二层

Interior area 室内面积 1307sqm

Exterior area 室外面积 695sqm

26

FITTINGS amp FINISHES SCHEDULE

EXTERIOR AND INTERIOR FINISHES

External walls

Structure is built from steel and SIP (Structural Insulated Panels) External wall is cladded with painted fiber cement board

Internal walls

emulsion paint

Ceiling

Ceiling is finished with emulsion paint

Flooring

Bedroom is finished with heavy strand bamboo flooring

Balcony

Balcony floor is finished with Wood Plastic Composite decking (M wood) Railing and trellis made with Liu An wood Balustrade is fitted with metal and Liu An wood

Window

bedrooms are fitted with double glazed LowE glass and Roto hardware

Kitchen amp powder room

Floor is finished with natural tile Kitchen cabinets and sink are provided Kitchen counter top is fitted with natural stone

Bathroom

Wall and floor are finished with natural stone

Doors

Entrance door is made of solid core timber fitted with Saflok RFID locks Bedroom doors are fitted with hollow core timber fitted with Saflok RFID security locks

ƭѡȦƎˤ]ɛ

室内外材料

oacuteƟͳʥ

oacuteƟͳƿńˤƗĮƿńƎƿńWOSIPlt6ʥϸΉɮOũʘ6

ɬʥ

ǸćƎͱтɬʥǩϸĔƎˎƲʘ6

ų

ųɘˎƲʘ6

THORN

ǸćģūɦTHORNO6ͱіќTHORNO

ȹ

ȹϸɦOʓʟ6ʈȲҎɦѐШOuml6ȇĬϸDŽрƎȲҎɦĜ6

acuteŲ

Ǹć5ͱOumlacuteŲϸȽɦѐacuteȀʆ-3ѓǹtȟƎ-0-ͶDŽʆƪ6

notĉ

THORNϡƎɘϡʿTHORNѦʓʟ=notĉŀlaquoŖϡƎʇ6notĉɘʿ˵6

Ќ

Ќʥ˦ƎTHORNϡʿ˵ʓʟ6

ɑ

ˏǺAringɑϸ˹Ψɦɑʆ˛-)ljordfɑNJ΄6ͱɑϸǹΨɦɑʆ˛SaflokljordfɑNJ΄6

27

MECHANICAL AND ELECTRICAL INSTALLATIONS

Heating and Cooling

AIRWELL centralized water source heat pump is provided Fresh air intake with heat recovery system is installed

Electrical provisions

are provided

Electricity

Concealed conduits are provided Threephase electricity supply with miniature circuit breaker distribution board is provided

TV telephone and internet connection

Satellite TV with all major international channels

is provided in all the villas Telephone outlets and wireless internet connection is provided

Hot water supply

Huang Ming solar hot water heater and Rinnai gas water heaters are installed for the villa

Water supply and pipes

Concealed copper pipes are used for both hot water and PPR pipes are used for cold water

The resort will be patrolled 24 hours a day CCTV system is in operation throughout the resort 24 hours a day All the villa front doors and bedroom doors are fitted with Saflok RFID security lock system

APPLIANCES TO BE PROVIDED OR INSTALLED IN EACH DOMESTIC

UNIT

机电设施配套

ŀɻũѐȐ

ɽyumlƍѓ˾Е˅`΄6ΪĘ˅ſ΄6

Ɲaacute

ʆEΐNtildeŎOumlǭŋϡƎѿ6

aacuteȞŀϰ

ѩϾϮ˾ΐȺ=ʆϾίoumlȺʠ=ʆaacuteΓOuml˓ΑaacuteЕŀϰ6

aacuteƎςˤ]

έaacute=ʹΐaacuteŹũʹΐȺ6

˅ˤ]

žɛϒɭ˅ʠƎȩɬɌʡ˅ʠ

Ŏ

˅ŀϰŎǩϸϮc˾ĮŎ=ȐŀϰŎŎ6

WCˤ]

oacuteƟAacuteˤϾϾΟ˶ѽOumlgȺaacute΄ϡƎΟ˶OumlπɄ6ˏǺAringɑƎͱϸSaflokljordfɑNJ΄

标准住宅单位附送以下设备

Stove BAUMATICExaust fan BAUMATICOven BAUMATICMicrowave BAUMATICFridge BAUMATICBARMini fridge (2 3 bedroom) BAIXUEWine fridge (4 bedroom) BAUMATICBEDROOMMini fridge BAIXUEBath KOHLERTERRACEBarbeque grill

TelevisionDVDBATHROOMShower KOHLERBasin KOHLER

notĉ aacuteraquoȷ ʄɇUcircǷnotĉϼχƉ ʄɇUcircǷnotĉaacuteDZΓ ʄɇUcircǷuȷ ʄɇUcircǷɬяrΓ ʄɇUcircǷHΟrΓ=ĉlt JμǙŖĉlt ʄɇUcircǷͱΟrΓ JμЌį Ǵȍȹ˞DZΓҒĉaacute ɯDVD ɯЌȪЌʠ Ǵȍʇ Ǵȍ

28

NOTE

1 The Developer reserves the right to substitute other materials

or appliances of comparable quality and standard for the

intended items as listed in above fittings and finished schedule

2 The fittings and finished as listed above shall be subject to

the terms of formal Agreement for Sale and Purchase Those

provisions may have slight variation in the color measurement

3 The Developer reserves the right to make modifications and

changes to the building design fittings and finishes without

prior notice

4 Fittings and finishes of the Special Units may be different

from those of the Typical Units

备注

āЮ˙WȰϞʧʹȞ=Dв˹ƙʮȁεϘϡUgraveётƭѡȦϡƎˤ]Ccedil˛ȧĹΙ6

˛ȧĹΙȦϡƎˤ]ǩϡн˾ɈɉūКOumlǿщegraveѬ6ĹΙƭѡȦƎˤ]ǵɭƁФϋ˔=ȣoacutepoundAcirc5ȓ5ѺуƎƆľ˛ordfʬp6

āЮ˙WȰϞʧʹȞδeacuteϡƎĽĨϛOumlˤƗ5ƭѡȦϡƎˤ]ʹεȮαс6

˔EumlЏOumlēƭѡȦϡƎˤ]І˛oȧĹΙǵɭϾx6

29

PURCHASE OPTIONS

Buying a Tree-top Villa at naked Stables Private Reserve involves signing a Sale and Purchase Agreement with the development

company and a Lease and Management Agreement and Deed of Conditions with the Hotel Management Company The Management

Agreement requires the purchaser to lease the property back to the Hotel Management Company to manage on the ownerrsquos behalf

There are two different plans which are available for buyers

在 naked Stables 购买一套拥有不动产权的树顶别墅包括与发展公司签署一份买卖协议以及与酒店管理公司签署一份租赁管理协

议和条件契约管理协议要求购买者以业主的名义向管理公司出租其别墅以供其管理买家有两种方案可供选择

ŅɈκΙ

30

OPTION 1 - FLEXIBILITY

1Owner Usage Rights

Zero usage restrictions

Early reservations are required to secure Villarsquos especially during prime and peak seasons If a Villa Owner does not provide the

required advance notice for a reservation the resort may be required to offer the owner a different unit or in the worst case no

availability at all

1 业主使用权限

ȫ˼ϸΏѐ

ϘʴʣЎegraveˏѢp=ϺʙФƐƕ6ˍřpϛѝɍϾŀϘʴOumlϸЂЎegraveOumlЎс=oacuteƟAacuteƮʙŀȮϞdegѢdeg=ƆеѻЦĴOumlʮȁɍϾǹĉ6

2 Rental Revenue

2 租金收入

a Rental revenue

Whilst not in residence the owner will be eligible to earn a pro rata 36 of the room revenue generated by the Reserve during their

absence Ie Everyday the revenue generated by the entire resort is divided amongst the owners not in residence on that day When

an owner is in residence he forfeits his opportunity to earn revenue

ѸDŽˏ

ϛѝxǝѢʖƣ=ƮOtildeOgraveoacuteƟAacuteordfѸʙĉͳOtildeϧOuml6ɏoacuteƟAacuteordfѸɨΡxǝѢФfrac14OumlϛѝOumlĉͳOtildeOumlϧƮ^ʒǩēʆĺжΡϛѝ6IcircϛѝǝѢФʙpȕ˶=Ʈ˱ʸƅOtildeϧOumlƉƁ6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

选项1-灵活性

31

c Cashing out your returns

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

gtƮɴOumlſYŚDŽĈ˾ʷordf

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſYϧ6ˍřϛѝκЪxʷordfOumlϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3 有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecom services

included in the Services Fee to the owner whilst in residence The services fee is 300rmb per room per night This fee is charged on

all rooms regardless of which are in use

4 服务费用

IcircϛѝФoacuteƟAacuteǝѢ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸѓ6ɏĸĉƣɏOumlĞĒϸЏˆəe6жĸĒϸΛϾĉƣʷOuml=xɃfrac14ĉƣĚФ˼ϸ6

5Maintenance

4 of hotel room revenue will be reserved for ongoing building maintenance This will be deducted from the ownerrsquos share of total

room revenue

5 维护

ǙacircǸĉˏOumlƮ^ȰѽŮθƭѡδтĒϸ6ħēDŽuumlƮiquestϾˆǵēOtildeOumlǙacircǸĉˏĕuumlѓǻshy6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGEEarnings Per Room (36 of gross room revenue) 124173 170827 221315 253507 263647 2066942 Bedroom 收益 ndash 双人间 248346 341653 442631 507013 527294 4133873 Bedroom 收益 ndash 三人间 372519 512480 663946 760520 790941 6200814 Bedroom 收益 ndash 四人间 496692 683306 885261 1014027 1054588 826775

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 41 57 74 85 88 69

3 Bedroom 收益 ndash 三人间 9000000 41 57 74 85 88 69

4 Bedroom 收益 ndash 四人间 12000000 41 57 74 85 88 69

Hotel revenues and owner rental yield - Option 1 Flexibility

32

OPTION 2- STABILITY

1Usage Rights

1 使用权限

选项2-稳定性

Total Permitted Usage Prime Peak SeasonPermitted Usage

Peak SeasonPermitted Usage

Out-of-SeasonPermitted Usage Blackout

40 days per yearNo occupancypermitted

Up to 20 days per year but no more than 7consecutive daysfor any one stay

Up to 20 days per year but no more than 7consecutive days for any one stay

No occupancypermitted

允许使用总数主要的旺季允许使用

旺季允许使用

淡季允许使用

无折扣期

每年40天 不允许占用 每年20天但是每人

不能连续居住7天每年20天但是每人 不能连续居住7天

不允许占用

Prime Peak Season To be published by naked Retreats in according to government notification every year Prime Peak Season

Middle Autumn Festival (Sept) excluding Blackout dates

Ɛƕɏɱϻnaked RetreatsĻǟоġĵāordfс6ƐƕVȂѓŘsup1ƽϞМĀМlt5ȋiacuteƽͶМlt5Řʱƽ˴Мlt5ʭɛƽМlt5ѓʲƽǘМlt=xVȂʹгǻʖ6

ƕiquest˓МOgrave˴ϞМʖƣOuml10ĸїɡϡƎ10ĸľѽˉїʖ=xVȂƐƕũʹгǻʖ6

OutofSeason 20 days during December to February excluding Prime Peak Season and Blackout dates

Iacuteƕiquest˴ĀМOgraveĀМʖƣOuml=xVȂƐƕũʹгǻʖ6

Blackout Dates Peak demand dates such as holidays sporting events groups and citywide conventions Local cultural events

all as specified by the Hotel from time to time

ʹгǻʖεʴijėʖVȂƟʖ5Ћ˒5ũʺβOumlƁϨ6IcircTHORNɾyumlOumlŸƂiacuteiumlƮDвǙacircOumlɛljα6

2 Rental Revenue

2 租金收入

a Rental revenue

Regardless of your usage of your property your rental return will be fixed at 5 for the first 5 years of operation After this period

you will automatically migrate to the Flexibility plan

ѸDŽˏ

xɃɰOumlĉ˼ϸoacuteˍŪ=ͶɱOumlѸDŽϧiumlŊegraveOuml136ФжтŮ=ɴƮѳiacuteѧˏȬƂβĈF6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

33

c Cashing out your returns

gtƮɴOumlſYϡDŽĈ˾ʷordf

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſY6ˍřϛѝκЪxʷordfʙϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecoms services

rental option

4服务费用

IcircϛѝǝѢФoacuteƟAacuteȕ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸȕ6жϞȏOumlĞĒϸxVȂegraveβordfѸʆ6

5 Maintenance

Of the 5 guaranteed return generated form your property during the period you are not in residence the management company

will retain 4 of this return for maintaining your Villa The maintenance fund will be pooled and used for all Villarsquos in the resort

5维护

ɴxǝѢʖƣiquestɴOumlĉѓƮ˪Ouml13OumlſY=ŎȓŁƮWȰжbſYѓOumlϸѽɴpOumlŰ6ŰƈDŽƮ^ūsʜȅsϸЂϾoacuteƟAacutepOumlŰ6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Hotel projections

Rooms Available 可用房间 not relevant 非主要Estimated occupancy 预计使用率 not relevant 非主要Estimated average daily room rate 预计每日平均房价 not relevant 非主要Growth in room rate 房价增长率 not relevant 非主要Annual room sales 年房间销售额 not relevant 非主要RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE2 Bedroom 收益 ndash 双人间 50 50 50 50 50 503 Bedroom 收益 ndash 三人间 50 50 50 50 50 504 Bedroom 收益 ndash 四人间 50 50 50 50 50 50

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 300000 300000 300000 300000 300000 300000

3 Bedroom 收益 ndash 三人间 9000000 450000 450000 450000 450000 450000 450000

4 Bedroom 收益 ndash 四人间 12000000 600000 600000 600000 600000 600000 600000

Hotel revenues and owner rental yield - Option 1 Flexibility

34

Option 1 - FLEXIBILITY Option 2 ndash STABILITY

investment returns for your Villa are influenced by the

success of the resort and the number of days you use

your Villa

Stable implies both your returns and your annual

usage rights to your property are fixed Regardless of

how well the resort operates your returns will remain

the same Equally you will only have a fixed number

of days allowed in residence

Usage Have unlimited usage rights to their Villa 40 days usage per year

Rental ReturnEarn 36 of the pooled returns from the entire resort

whilst not in residence

5 guaranteed return on their investment regardless

of resort performance

Resort Discount20 discount on all resort amenities and activities

(including SPA and Restaurants)

20 discount on all resort amenities and activities

(including SPA and Restaurants)

Services FeePay a Services Fee of 300rmb per room per night

whilst in residence

Maintenance4 of all room revenue is retained for maintaining

the owners Villa

4 of all room revenue is retained for maintaining

the owners Villa

选项1 ndash 灵活性 选项 2 ndash 稳定性

ȬƂβϸЂ˼ϸІſY6ɰOumlpѱſYʷǧЂoacuteƟAacuteOumlĿǑϱũɰoslashpOuml˼ϸoacute

ŊegraveβϤѯɰOumlſYũɏɱoslashЂɰOumlĉOuml˼ϸʹΏiumlŊegraveOuml6xɃoacuteƟAacuteOumlǑϱѫȁϾucircť=ɰOumlſYiumlŊegraveOuml6ϖTHORN=ɰъϾŊegraveOumlПηǝѢOuml6

使用 ʹΏѐOumlp˼ϸʹΏ ɏɱOuml˼ϸʹΏ

租金收入 ФxǝѢʖƣ=ƅOtildeмĸoacuteƟAacuteūsſYOuml xɃoacuteƟAacuteǑϱѫȁˍŪ=Wп13OumlſYϸЂѱ

度假村折扣 ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt

服务费用 ǝѢʖƣ=ɏĉƣɏЏˆəeOumlĞĒϸ čѝϘ

维护 ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ

OPTION COMPARISON

选项对比

35

36

INDUSTRY RETURNS AND BENCHMARKS

INDUSTRY REPORT

行业报告

Tourism and urban resorts is one of the fastest growing industries in China According to industry consultant HVS cities such

as Shanghai Beijing Shenzhen Guangzhou Hangzhou and Tianjin all have a population where a critical mass of highly affluent

individuals and successful companies exist generating demand for suburban resorts

ФѓŘ=ȾϽϛũoacuteƟAacuteσɓāЮOumlαϛтϞ6ĻǟʺʳǙacircĞϛltOumlϞΙYĵ˿=ФѓŘOumlѝϘˍ˛ŝ5[ǎ5˧5œј5ţјũdžǩēyѯAringȣOumlĥЍˆʾũĿOumlʝϛ=ϻfrac14ϚƊāȥoslashƴʵoacuteƟAacuteOumlƌAringεʴ6

Amongst other things the exponential growth in private vehicles has seen a huge increase in demand in the leisure market With

the completion of the shenjiahu highway in 2010 the travel time from downtown Shanghai to Deqing is now 2 hours Also with

stop at Deqing) scheduled to open in late 2011 travel time from downtown Shanghai to Moganshan will take between 15 to 2

hours When comparing travel times to get to other resort destinations in China ndash eg Hainan or Lijiang flight times might be within

2 or 3 hours total travel time including travel to airports and check in make the whole trip 6 to 7 hours plus additional travel cost

Within the 2 hour travel radius of Shanghai the quality of resort destinations is also (in our opinion) not at an international standard

with most hotels simply being lsquocity hotels in the countryrsquo rather than true resort properties operating at international standards

shyfrac14т=ѯĸˆγΊOumlāЮ=ĸˆƸϴϾȿϚσʂ˫6ѳɱ˥ƛůijϡŮ=iquest˛ŝOgraveOcircʭϚLjεϘĸΟ˶Ouml6ΪƭOumlijǵϡФ13ēєɬiquest˛ŝUumlAumlţј6ƏƮФɱYacuteǫľOumliquestţјOgraveɫǎOumlijѓϾϞаDzOcircʭlt=ъεϞĸSΟ˶OgraveȢĸΟ˶ǜǵϡiquest˛ŝѓΫOgraveAumlɢī˗6ˍřІѓŘOumloacuteƟˮTHORNŝɫ5ȒƯUgraveaƹ=shyȥϘųĒэĸΟ˶Oumlďα˶ƣ=ŻϘФVȂʣƉ=CʺƤũUgraveEgraveOslashƉ˛ų˛эĸΟ˶=ĽxϸɨΡuumlOumlαųΝȥ6Ѷō˛ŝїiΟ˶ɬOumlγΊoacuteƟʸdeg=э˟ͰɒˈltІŘƙŸnѬŻϾѯɛOumlǢ6AringēOumloacuteƟǙacircϚũѓOumlɨΡǙacircɍϾ_ёOumlʵp=ЗЗAumlxOgraveинŘƙϤϦ˛oacuteƟίĉΙɧOumlϘʴ6

ϛѝЎʖſYІaƹ

37

OUR NICHE

我们的利基

naked sees a need in the market for world class expertly designed and operated resorts which are within 1 to 2 hour travel time

of major cities in China As with other urban resorts we believe that the Leisure market and the MICE (Meetings Incentives

Conferences Events) market will be a huge driver for our business In addition we feel that we are already at the forefront of

the growing focus and concern on environmental design building and operations as well as the growing interest in nature and

environmental education At naked we also place a high emphasis on facilities and services for the entire extended family ndash from

children to parents to grandparents that other resorts do not place dedicated resources for

nakedЎƧOgraveȥФѓŘжϞεʴƏǢȑѝϘϞэȢĸΟ˶Ouml=˶ЁhζǁϞȱOumlѥϛˤƗũŎȓOumloacuteƟΙɧ6ͰɒΑάγΊũƁƁϨ5ưȘȾϽ5AringίʝϛƁϨ5ƂiacuteЮȉltOumloslashͰɒϛOumlіAringʤȞ6frac14=ͰɒФŋѣũiacuteźWίˤƗ5ƭШ5ŎȓũźWȓɲœ˛ϠǑѷФȥαϛȭя=ФnakedІαϛеxͰɒϚіoslashЂˣʵѓOumlŜѲ5Ɲ5ȌеOumlĞũˏ6

As such we feel very confident in the rates and occupancies that we will achieve Regarding room prices when benchmarking

against some of the other leading hotel brands in the resort market such as Aman Fayun Hangzhou Banyan Tree Hangzhou Fuchun

Resort Hangzhou Mandarin Oriental Hainan and Commune by the Great Wall average rates in March 2011 for single bedrooms in

this set are ~ RMB2800

ϩfrac14=ͰɒoslashЂˏѢĉƠϡƎˏѢȿcurrenɊάΫ6ФˏѢĉƠĈɘ=ІʙФoacuteƟAacute˛OumlсɜǙacircʑʁaƹ=ˍCҊĂО5ţјНҏѨ5ĥsup1˗ǝ5˓φŴecircĈǙacircũƵ΅OumlŁˣ=Фɱ˓МOumlEumlˆƣʒǩƠķ=6

Regarding occupancies we are confident to achieve occupancies of around 60 after about 4 years of operation but forecast

conservatively that our occupancies will start from around 35 in the 1st year of operation and grow steadily to 45 in year 2

55 in year 3 and 60 after the hotel is lsquomaturersquo from year 4 onwards

ФˏѢȿĈɘ=ͰɒŬϾάΫǑŚɱOumlǑϱ=ͰɒǵϡAumlOgraveOumlˏѢȿ6WŇƗ=ͰɒOumlˏѢȿƮƁϻszligϞɱOuml13=egraveЫOgravefrac34ɱOuml13ũszlig˓ɱOuml1313=szligɱϡŮƮƁЫOgrave6

Given the above estimates we believe that owners can expect attractive investment terms as illustrated in the table below

Ļǟϡ˛OumlŇƗ=ЎƗϛѝɭņOtildeOgraveOumlѱſYƮƁˍ΅o˿

CҊĂО

НҏѨ

ĥsup1˗ǝ

˓φŴecircĈǙacirc

Ƶ΅OumlŁˣ

RMB4270

RMB3500

RMB2000

RMB2150

RMB2388

Aman Fayun Hangzhou

Banyan Tree Hangzhou

Fuchun Resort Hangzhou

Mandarin Oriental Hainan

Commune by the Great Wall Beijing

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966

38

39

ͰɒOumldivideTHE TEAM

40

Grant Horsfield ndash Chairman naked Group

Grant a native of South Africa is Founder and Chairman of the

naked Group

Before coming to China in 2005 Grant worked in England

and South Africa with more than 10 years business ownership

experience With background in IT he launched eBites

Limited in 2000 Operating nationally eBites was both a

publishing company and a callcentre facilitations company with

headquarters based in Cape Town In 2004 Grant received

an MBA from University of Cape Town Graduate School of

Business Upon graduation he decided to come to China as he

saw China is where business opportunities lie

After spending two years in Shanghai he found himself

overwhelmed by the metropolis and missed the natural beauty

of his home From this desire and need sprouted the concept

for naked Retreats which was launched in 2007 Grantrsquos vision is

to create sanctuaries that are in harmony with the environment

where people can appreciate the simple way of nature and

embrace the naked lifestyle Grantrsquos tireless efforts in promoting

ecotourism in the rural areas not only created jobs but also

pride for the local community He received an environmental

award from the Huzhou Government in 2008

高天成 - naked集团总裁

ij=ɫčIcircTHORNˆ=nakedƍOumlmiddot˽ˆũѵ|6

Ф13ɱȅOgraveѓŘтʣ=ij˪ЬФϯŘƎɫčľѽ=ϾŚɱOuml˙ϛǑϱƎРѽǑϏ6ФʙITǒOumlUѠ΅=ɱij˪ƭȜȥeBitesϾΏŁ=eBitesŁƮϱΝІaacuteŹĞѓΫLJɖƿū=ʙѵˤФǭʔugrave6ɱ=ijƅOtildeȥǭʔugraveAringλ˙λЙOumlMBAλ6dϛŮ=ǧegraveȅѓŘ=ϩǯOgraveȥжȕOuml˙Ɖ6

Ф˛ŝEgraveȥȢɱтŮ=āѳƓxȥ˪Ƃ=sʨAtilde˱ȥѳʿɐǒ6ФжѕИІεʴOumlʶ˼΅=ƭȜnaked Retreats

OumlΖĂФɱOtildeOgraveȥ˹˲6ijOumlΖĂƭШϞĸ˯THORNІѳʿũΣŃdeg=ˆɒǵϡΘѳʿ=ΘnakedOuml˪ƂĈ˾6ij˫ΔAacuteTHORNʵ˪ȾϽѽordfOumlxΦɹȞ=xLjmiddotШȥľѽıŻOtildeOgraveȥIcircTHORNˣʵOumlХϐ6ij˪ƅOtildeȥɱůјоġNāOumlźWAring˼ư6

41

Delphine Yip-Horsfield ndash Partner Ben Wood Studio Shanghai

received her Master of Architecture degree from Harvard

Boston prior to moving to Shanghai to oversee the award

winning Xintiandi project on behalf of Wood and Zapata In

the fall of 2005 Delphine became partner at Ben Wood Studio

Shanghai

Drawing from her own experience of diverse cultures Delphine

has led a multitude of high profile projects such as Hangzhou

Xihutiandi Zhujiajiao Oriental Garden Shanghai Waitanyuan

Beijing Palace 77 Shanghai Hongqiao Commercial Core Lijiang

Lashihai Resort Masterplan etc

In 2006 she was selected Wallpaper magazinersquos first annual 40

under 40 designer of the year

Delphine is the chief master planner and architect for naked

Home Village and naked Stables Private Reserve She also

oversees the visuals and styling of the naked Brand

叶凯欣 - 上海Ben Wood设计室合伙人

ϜǮΩɺ=Ben Wood ˤƗľѽOumlѵƢ=śęAringλƭѡλ6ȅ˛ŝтʣ=ФΒIJ5ɷКũuuacuteľѽ6ȅ˛ŝŮ=CcediloWoodũZapataĤЩΪTHORNΙɧOumlƢethľѽ613ɱʲƕ=ϜǮΩɺBen Wood ˤƗľѽūƃˆ6

ϾѯxŸϽșǑϏOumlϜǮΩɺ=EacuteˇȥηucircijocircΙɧOumlƢeth=VȂţјͻůTHORN5њƝƶecircĈųВ5˛ŝЕ5[ǎłatilde5˛ŝŭʦ˙ϛѓΫ5ȗƯȄŝoacuteƟAacuteѵŔŷˤƗUgrave6

ɱ=ˏκȥWallpaperСьǃɱoacuteϡ΅OumlˤƗ˰6

ϜǮΩnakedƝВAacuteũnaked RetreatsOumlѵˤƗеũƭѡ˰6˶ϚĤЩƢethnaked˙nOumlFũĘķˤƗ6

42

Kang Yang Lim ndash Group Chief Operating Officer naked Group

Group with over 13 years corporate finance and real estate

development experience Previously he was Director of the

real estate division of APP China taking responsibility for the

initial positioning and development of the USD15 billion lsquoWhite

Magnolia Plazarsquo mixed use development project (including

the development of Shanghairsquos first W Hotel) He also led the

concept and development of APPrsquos branded residence and resort

project in Sheshan Shanghai

Finance division of PricewaterhouseCoopers in Melbourne

Australia where he specialized in business value and strategy

worked in inhouse strategy roles for CocaCola GB in London

and to British venture capital firm of the year (2004) ISIS Equity

Partners before coming to China in 2005

Accountants Australia in 2002 and is also an affiliate of the

of Commerce and Diploma in Modern Languages from the

University of Melbourne Australia

林纲洋- naked 集团首席营运官

ƞˏnakedƍOumlȩ˪ϴϾŚɱOumlʝϛ~ƎTHORNǭāǑϏ6Фfrac14тʣ=ѽѓŘDŽŒOumlTHORNǭāOumlѵƢ=ĤЩƠч13ϢЏOumlucircϸ8JЈȈœ9ǭāΙɧOumlcopy˽κшũǭāVȂ˛ŝszligϞƝ ǙacircOumlǭālt6˶ϚщNtildeȥDŽŒƍФ˛ŝҁ˗ʑʁѢЭũoacuteƟAacuteΙɧOumlȓɲũǭā6

ФDŽŒƍˇфтʣ=ȩİϑGAringȚφɣyuml_ʔŴϷOacuteƁƗ˰OumlǑȓ=ѥѣЂ˙ϛƠчũЯɁѰξ6ȩ˪Ф13ɱȅOgraveѓŘтʣэȑǭʔŴϷOacuteŮOumlϞotilde˶ƣɬ=ѽǵǺǵȎɂugraveŁɬOumlЯɁēͺ˰=ϡƎISISOumlʼnʏūѽƃRФϯŘɂugraveOumlϯŘĘΌѱŁˇф6

ȩ˪ФɱƅOtildeȥGAringȚφηƁƗ˰ƁũGAringȚφпʻωǗOumlƁГѱķ6˶ϚƅOtildeȥGAringȚφɣyuml_AringλOuml˙ϛλλϡƎCcedilЇϊλп6

43

Gabriela Lo ndash Managing Director naked Retreats

With over 15 years experience in high end events and PR

management Gabriela has been instrumental in bringing naked

to where it is today As one of the original members of the

naked Team Gabriela has led the growth of naked Retreats

to become one of the most famous eco retreat destinations in

China attracting guests and publicity from around the world

Originally from Macao Gabriela has rich multi cultural and

multinational living and working experience having worked and

studied for many years in Greater China England and Italy

卢家宝 - naked 度假村常务董事

ϴϾŚ13ɱOumlijocircƂiacuteũŁŃŋ΄ŎȓǑϏ=nakedDžOumlǜІȶƝXēxǭ6ѽħdivideOumlmiddot˽ГтϞ=ȶƝXϠǑAEligȭnakedѓŘѻϾɜOuml˪ȾϽɧOumlTHORNтϞ=ͼϭȥȅѳǁĹTHORNOumlǸˆ6ȶƝXȅѳGɑ=ϴϾĖĥOumlucircЏŸũucircŘǝѢũľѽǑϏ=ЬФAringѓŴTHORNʵ=ϯŘũϤAringȚϾѯucircɱωǗǑș6

Judy Zhu ndash General Manager naked Group

Zhu is the General Manager for naked Group ensuring smooth

operations of the group with a particular focus on government

朱燕 - naked 集团总经理

њώ=iquestnaked Retreatsmiddot˽ǭ˽ǜũij˪ūѽ6њώѽƍѵǑȓ=ĤЩIcircTHORNũŋ΄ʽWƍРѽ6Фƞˏnakedтʣ=њώФ˛ŝũ[ǎiquestŚηucircІ˙ϛϾŋOumlфϛ6ФΪͻȈƅOtilde˙ϛλ6

44

Kurt Berman ndash General Manager naked Stables Private Reserve

With over 16 years experience in FampB and high end luxury

resort management Kurt brings a wealth of experience and

will lead the preopening and operations of our new resort ndash

naked Stables Private Reserve Prior to joining naked Kurt was

the preopening General Manager at Six Senses Laamu and

Resident Manager for Six Senses Soneva Gili by Six Senses Kurt

has also worked at other prestigious resorts including Fregate

his career in hospitality in FampB and was a trained Chef with

experience working in many prestigious institutions including

The Dorchester Hotel in London Kurt is from South Africa and

has a masters certificate in hospitality management from Cornell

University

Kurt Berman - naked私人度假村总经理

ϾѯŚɱϬƎijIumlŤŴoacuteƟAacuteOumlŎȓǑϏ=ƮϡĖĥOumlǑϏȭNtildeͰɒΪoacuteƟAacute77)$ 0OumlϱϛũРϱ6Фƞˏ)$ тʣ=10ЬEacuteˇŚ8szligȳĭǦ9+1ϱϛѵǑȓũ8szligȳĭǦ9-2 ((OumlѤacircǑȓ610ŻЬˇфЂamp0ˆŝETHũ1+4UgraveʙўɜoacuteƟˮTHORN610OumlϛʜzЂϬαϛ=ϚϡϞĸФŬucircўɜƉńVȂ-0-0 -$-ltľѽŚOumlρȡϾOumlnot˰610ȅѳɫč=sϴϾǰɪyumlAringλЃOumlǙacircŎȓλ6

Richard Johnston ndash General Manager naked Home Village

Hailing from the United Kingdom but with most of his working

life in resorts throughout Africa Richard brings with him over

20 years experience in General Management and Director level

roles in world class resorts including Azura Retreats Cape Grace

hotel and the Saxon Hotel Richard plays a key role in the set

up of systems training and operating standards His years

of experience and mentoring leadership style make Richard a

natural inspiration for our young hotel management team

Richard Johnston - naked 家园村总经理

RichardȅѳϯŘ=IgraveAringucircOumloacuteƟAacuteľѽiumlФмĸčљ=ϴϾŚɱOumlѴūŎȓũǁƐoacuteƟAacuteVȂAzura

Retreats Cape Grace hotel and the Saxon HotelltijʒŎȓǑϏ6RichardФƭȜ΄5ʅρũРαnѬĈɘʜѯŋƨѽϸ6ĖĥOumlǑϏũȭNtildeĘķ˼OtildeoslashͰɒɱʬOumlǙacircŎȓdivideϾѯѳʿOumlƊȘ6

45

Teun Hanegraaf ndash Sales Director naked Retreats

Teun obtained a Bachelors in Business Studies and Masters

in Strategic Management with a focus on Chinese Business

Culture Teun increased our corporate sales business by 350

in his first year with us bringing international companies

ranging from international conglomerates Unilever and Coca

Cola to more local institutions such as The Shanghai American

School and leading Chinese companies such as Bank of China

韩天宁销售总监

ȅѳŧȈɥEcirc=şɵϴϾ˙ϛλλλ5ЯɁŎȓѥѣЂѓŘ˙ϛŸlt6ȅƍOumlszligϞɱşɵƮŁOumlΝϛijȥ13=sŁAEligȅȥx˟ŘƙβOumlAringŁǸŲ=жʙѓϾŘƙAringʝϛȠūȚŴũǵǺǵȎ=ϚϾ˛ŝɐŘλΠUgraveIcircTHORNƉńũѓŘϫαUgraveѓŘȴʝϛ6

Oliver Yuen ndash nature Reserve amp Recreation Manager

naked Stables Private will be the first private reserve in China

with a wealth of new flora and fauna introduced to the project

from Sydney University Australia and as a fully qualified Ranger

working in many of the worldrsquos best wildlife parks Oliver takes a

special role in ensuring the environment of naked Retreats and

naked Stables Private Reserve will be full of life and a natural

self supporting eco system Oliverrsquos passion for both people and

nature make him the perfect person to teach our guests about

what we do and make their stay not only a relaxing one but

also a fun fulfilling educational one as well Oliver previously

worked in wildlife parks and resorts such as Azura Retreats in

Mozambique Mobala Private Game Reserve in South Africa and

Sydney Aquarium in Australia

袁鹏威 - 活动经理和度假村 生物学家

naked StablesƮѓŘszligϞĸϭljΪOumlцʾũiacuteʾOumlˆoacuteƟʵ6OliverѽϞɜGAringȚφͿɯAringλūķOuml˪λƝiacuteλƝ=ϡƎФǁĹTHORNOumlϙ˪iacuteВľѽOumlľѽе=Ф˼naked Retreats ũnaked StablesϾѯĖĥ˪ѱЕ5ʿѳĺOuml˪΄Oumlźǔľѽ˛QύѯіϘƶ˔6АʊoslashˆȏũѳʿOumlƊʮ˼ѻūOumlˆȅĵͰɒOumlǸˆͰɒѼOuml˷ɋ=sʨ˂ɒФжȕOuml˶ŒxLjLjČ=˶Ϛ˂ɒOumlǝѢǑșlOtildeϾǭΫcurren˹ũϾƷЋϤϦ6АʊтʣФɫčũGAringȚφͿɯѹŏiquestϙ˪iacuteВũWŰʵOumlľѽVȂMozambique OumlAzura Retreats Mobala Private Game Reservelt6

46

Philip C Davis Company Director naked Retreats

Phil joined the Board of Directors for naked Retreats hotel

management company in 2011 His previous board experience

includes Tian Rui Hotel Corporation holder of the master license

for Super 8 economy hotels in China and Hong Kong from 2006

to 2008 He also was a founding shareholder of Tian Rui and

served as its President and Managing Director from 2006 to

2008 He was a board member of Tian Xian Cheng a bai jiu

concern which is a joint venture between Pernod Ricard and a

2010

Phil was previously Chairman of the Budweiser (Wuhan)

International Brewing Company and Managing Director of the

AnheuserBusch business in China and Hong Kong from the

beginning of 1996 through 2002 From 2003 to 2005 he

headed the AnheuserBusch liaison office with Tsingtao Brewing

Company

Phil holds a PhD in history from Washington University and

started his career as a market researcher at a major advertising

agency in the US before moving to AnheuserBusch and

heading its consumer planning and new product development

functions in the 1980s

Philip CDavis naked 度假村公司董事长

PhilЂɱƞˏȥnakedoacuteƟʵǙacircŎȓŁOumligraveƁ6ϡĖĥOumlǑϏVȂФːǙacircƍˇф5ϡƎЂɱэɱФѓŘũѓŘΒIJEacuteˇSuper ǑƖǙacirc ʼnˆ6˶=ϚːǙacircƍOumlmiddot˽ʼnecirc=ФɱэɱʖƣEacuteˇƍOumlѵ|ũigrave6ɱэɱʖƣ=ϞƝІWȎȞƞũJǙ˪ȴʝϛƬɫūѱOumlʝϛ77ΐOumligraveƁГ6

iquestɱэɱ=Phil͵šBudweiserŘƙɳǙŁOumligraveƎѓŘũѓŘΒIJCŝyŁOumligrave6iquestɱэ13ɱ=CŝyũʫETHʌǙŁOumlȠɆdegOumlĤЩˆ6PhilϴϾŴ˭uacuteAringλOumlș˻дλvλ=ФǁɱCcedilȅOgraveCŝy5ĤЩΞĒŔŷũΪʑǭāĿɭтʣ=OumlϛʜzЂɐŘOumlϞƝœĵCcedilȓŁ=Eacuteˇaeligω6

47

OUR INTERNATIONAL TEAM

International team

Chief master planners amp architects

the urban landscape of modern China with Xintiandi in

Shanghai a commercial cultural and entertainment district

Since then the studio has worked on projects in very diverse

categories both small and large scale projects include mixed

use projects like the ldquoTiandirdquo in Hangzhou Chongqing Wuhan

and Foshan luxury villa and high rise residential complexes in

Shanghai and Vietnam as well as various boutique hotels and

Chalet Architects

A00 Architecture is most well known for their research

inenvironmental sustainability and its application to their

work in Architecture Interiors and Furniture Their portfolio

includes feature restaurants luxury spas retail stores design

conversion of dozens of historic Shanghai homes into highly

personalized residences

Interior Designers AIM (Architecture amp Design) brings expertise

in the combination of world architectural styles and design

influences to the interior designs at naked Stables Private

Reserve With the Shanghai office led by the two founding

on comfort warmth and a unique blend between African and

Asian design sensibilities

Landscape Architect

Design Land Collaborative (DLC) is a professional consulting firm

comprised of landscape architects and planners with an office in

Shanghai and the United States Projects have a strong emphasis

on cultural resources historic preservation and ecological

design involving both the public and private sectors

ͰɒOumlāЮdivide

ɴǵϡΑάOumlёȣ

ŘƙŸdivide

首席规划师和建筑师

benwood Studio Shanghai OumlсɜΙɧтϞѠĨШ˛ŝΪTHORNľ=˼ʙƍ˙ϛ5Ÿ5ЄȎϞOumlʵЉ6тŮ=ЁƻȥĹȏŔɟAringΟOumlΙɧ=VȂţјOumlͻůTHORN=іʱ5͵šƎę˗OumlŤŴpϡƎФ˛ŝũЛɫOumlijѢЭʵ=ȮŻϾФѓŘƎˉ_OumlĹȏǐʑǙacircƎoacuteƟ6

小圆房建筑

AOO Architecture ФźǔWŰƎǵ θāЮĈɘϾѯѭЛOumlƭ=s˘ƮʙƭϰϸЂɬƝѩ6ɒƻŚOumlΙɧVȂ˔5ŤŴȤѓΫ5ȫ˙acirc5ˤƗίǙacirc˛ŝυНǙacirc lt5ˆoacuteƟϡƎϞ΄ȧOuml˛ŝș˻ѢЭOumlCcedilŸƎˆŸĨШ6

ɬ ˤƗ˰AIMƭѡˤƗltѥѣЂǁƭѡĘķũˤƗOumlɐƿū=ϭNtildenaked StablesOumlɬˤƗ6ФȅѳŧȈũaȚ˶OumlūѽmiddotTˆȭNtildeOuml˛ŝTdegOumlUѠ΅=ˤƗѣі5ũφčˤƗȓɲOumlntildeˊū6

景观设计

Design Land Collaborative (DLC) ϞƝiquestǒōˤƗІŔŷOumlѥϛѰξŁ=Ф˛ŝІɐŘǩˤϾēрƉń6ʙΙɧ˘ЂŋѣŸș˻ĻЕ=ƿūźW˪ǴƔ=ѥѣЂŁŃƎϾTHORNOumlŔŷ6

48

Engineering amp Project Management team

Scott Wilson Group PLC is a globalintegrated design and

engineering consultancy for the built and natural environments

Scott Wilson is responsible for the project management the

electrical and mechanical engineering for the project

Environmental Consultants

Environmental Resources Management (ERM) a leading global

provider of environmental health and safety risk and social

consulting services ERM deliver innovative solutions for business

and government clients helping them understand and manage

their impacts on the world around them ERM have 137 offices

in 39 countries and employ approximately 3300 staff

Sustainability Consultants

Bisagni Environmental Enterprises (BEE) works with the

engineering and design teams to ensure the environmental

goals set out at the inception of the project are achieved

LEED Consultants

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

Local Design Institute

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

General Contractor

and have been responsible for some of Chinarsquos most iconic

properties such as the World Financial Centre in Shanghai

工程及项目管理团队

Scott Wilson Group PLCϞƝʺʳŔɟOumlźWˤƗƎľѰξŁ6Scott WilsonĤЩΙɧOumlaacuteʠƎƉΤľ6

环境咨询

Environmental Resources Management (ERM)ϞƝʺʳαϛȭѰξŁ=ŀźǔWŰ5ƫǰCʺƎŁŃˣƁĘΌUgraveѰξĞ6ERM˙ϛƎоġɑǸŲŀĨĶβOumlǀǧĈF=UѠɒȥǀsŎȓʙǑϱoslashˣƁźǔAEligȅOumlϳΗ6ERMФʺʳϾ137ĸēрƉń=myĸŘƝ=ϴϾAringК3300ɜГľ6

可持续发展咨询

Bisagni Environmental Enterprises (BEE)ІľˤƗdivideΑűūѽ=ϡʽWФΙɧǭ˽ƼotildeˤȜOumlźǔWŰǵ θāЮɧnOumlȚ˹6

绿色建筑认证咨询

Shanghai Pacific Energy Center (SPEC)ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlŁтϞ6

本地设计公司

Shanghai Baoye Construction Corp Ltd ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlαϛȭŁтϞ6

总承包商

ϞƝŘƝƐľVŁ=ϠƻȥηucircѓŘnьβΙɧ=țˍ˛ŝźʳDŽˊѓΫ6

49

naked COVERAGE

wwwcnngocom

ldquo25 killer things to do this summerrdquo

26 April 2010

Time Magazine

ldquoRun to the Moganshan Hillrdquo

新浪博客

ldquo避世的可能rdquo

31 December 2009

wwwenglisheastdaycom

ldquoThe first batch of ldquoChina Treasured Towns ldquo released

December 2009

Shanghai Urbanatomy

ldquoGet naked this time with horsesrdquo

Shanghai Daily

ldquoGreen MaGIC Casts design spellrdquo

14 October 2009

新浪商品

ldquo中国最佳设计酒店大赏rdquo

September 2009

wwwchannelnewsasiacom

ldquoChinarsquos green resort allows travellers to vacation on good consciencerdquo

2 September 2009

wwwbijianlinblshecom

ldquo莫干隐居rdquo

25 Aug 2009

wwwassociatecontentcom

ldquoThe Exquisite Moganshan Mountains of Chinardquo

Ɏ

Wikitravel

ldquoMoganshanrdquo

德清新闻网

ldquo承包国营林场建造生态ldquo逸站rdquo

wwwsinoeventcom

ldquo亚洲旅游地产及景点峰会成功举行rdquo

wwwchinatravelbrandingcom

ldquoPursuing Green for Greenrdquo

wwwbrandrepublicasia

ldquoMaking moves towards ecofriendly eventsrdquo

7 May 2009

wwwhandsonshanghaiorg

ldquoHands On Asia Conference Summeryrdquo

May 2009

wwwmyvacationcn

ldquo莫干山居rdquo

3 April 2009

wwwshanghaidailycom

ldquoThe naked truth Time to clean up Moganshan litterrdquo

4 March 2009

wwwgreennovateorg

ldquoMoganshan Project Kick Offrdquo

13 February 2009

Travesias

ldquonaked retreatsrdquo

Feb 2009

合肥在线

ldquo大山里的裸家族rdquo

20 October 2008

wwwentrepreneurcom

ldquoThe arrival of the Olympics showcases Chinarsquos burgeoning entrepreneurial spirit ldquo

7 August 2008

50

Shanghaiist

ldquoWeekend escape to Moganshan 莫干山rdquo

9 April 2008

私家地理

ldquo艳阳下的荫凉rdquo

30 May 2008

City Weekend

ldquoGet naked in Moganshanrdquo

25 January 2008

wwwbundpiccom

ldquo在这绿中撒点野rdquo

wwwhuzhougovcn

ldquo相中德清筏头的青山绿水南非客商莫干山下建生态逸站rdquo

wwwurbanatomycom

ldquo24 Hours in Moganshanrdquo

wwwhkheadlinecom

ldquo杭州莫干山竹林深处人家rdquo

15 May 2009

wwwnewsweekcom

ldquoBack from abroadrdquo

May 2009

Chinatravelnet

ldquoMoganshan A Heavenly Hideaway of Bamboo Forests amp Tea Plantationsrdquo

April 2009

wwwmzztmcagovcn

ldquo2009年踏青乐游路线推荐大公布rdquo

16 March 2009

第三媒体

ldquo规划一条畅快随性的踏青之旅rdquo

28 October 2009

wwwdqnewszjolcomcn

ldquo三九坞 ldquo裸家族rdquo钟爱的世外桃源rdquo

28 October 2008

ldquo自驾行天下rdquo之中国莫干山rdquo

Sep 2008

ldquoShiffting Gearsrdquo

Sep 2008

April 2008

Chewed up amp Spit Out

ldquoGet nakedrdquo

19 February 2008

ldquoBest Weekend Getaway Hotels Shanghairdquo

富世

Ecoefficient hotel低碳下榻

April 2011

Spa China Guy 男士派

Experiencing The Unique

2010

Cosmo 时尚

跨洋建屋隐居不隐世

April 2010

Global Times

The Mountain of legends

Global City Geography 城市地理

莫干山 naked Retreats 都市人一ldquo裸rdquo到底的山居生活

Dec 2009

China Daily

Rural Retreat

20 March 2011

China Daily

4th March 2011

Modern Weekly周末画报

圣诞低碳游

Dec 2010

Elite Traveler 携程自由行

旅尚

Esquire

Hidden Best Restaurants

Feb 2011

51

52

53

Page 8: Detailed Investor's Report

7

Position

property

Financial Benefits

boutique development including only thirty tree top villas

should appreciate in value over time

the naked Stables Private Reserve and naked brand name

properties holiday homes and quality branded residences

increases

part of the resort room inventory

位置

Ђɢī˗˗ȸ

ЗȑιΜ=pϙɬɍϾƆй

ѳʿ˕ȩ

pdegФŝIɔϡ˛

ĸǢȑp13ēєȺOumlijyumlěʳ

ϮcOumlˆ˗ň

财务收益

LjϾƣǐʑ˪˝p=ɴOumlntildeϞʹĀOuml6

ϴϾũTHORNʞ=ˉŮɴϾegravesЫчOumlϛ6

ɴOumlƠчƮІ҉аoacuteƟAacuteŁϡƎʑʁȠϱyacuteЫч

ɴOumlƮϩoacuteƟAacuteϛ˩5oacuteƟͳ5ʑʁѢЭyacuteЫч

ϛѝɏɱƮƁϩoacuteƟAacuteɱoacuteʃagraveyacuteΘϾ θOumlˏ6

8

LOCATION

MAP of Shanghai to naked

County on the foothills of Moganshan Scenic Mountain

By Car

With the opening of the new Shenjiahu highway in 2010 the

traveling time to Moganshan is 2 hours drive from downtown

Puxi in Shanghai and also 2 hours from Pu Dong airport

By Train

With the opening of the new high speed trains across China

guest can now get to naked Stables in under 2 hours traveling

on the train from Shanghai Hongqiao Hub to Hangzhou and

onto Deqing Total train time is less then 1 hour

SITE MAP

地址地图

THORNȓя

从上海到naked的地图

pѾɅЂɢī˗Ęǒʵ˗ȸdegOumlOcircʭΎǔɬɤOumlˆѳʿWŰʵ

驾车

ѯɱ˥ƛůijOuml=iquest˛ŝʕͻ˙ϛʵƆʕecircƉOgraveɢī˗ǩъεΟ˶6

乘火车

ѯősup2ѓŘOumlijOumlˏРϱ=ȾǸiquest˛ŝŭʦǸРѓΫOgraveţјϡƎOcircʭΎOuml˶ƣʒǩ˟ЂΟ˶6ФƄ˛Oumlѵ˶ƣ˟ЂΟ˶6

9

10

THE RESORT

The experience

We believe that true luxury in the modern world is not

necessarily about designer labels and huge international brand

names but about privacy space spending quality time with

loved ones and rejuvenating your senses with nature All of

these elements have been brought together seamlessly at naked

Stables Private Reserve

After a refreshing welcome in our vibrant clubhouse your butler

will whisk you to your villa by electric golf buggy Enjoy sunset

cocktails on the deck and luxuriate in the sweeping views of the

bamboo forest whilst your butler unpacks your bags and dinner

playing the whole family congregates at the dining table and

dinner is served After dinner soak away the stress of city life in

your private jacuzzi on the deck as the stars wink overhead

Saturday morning starts with a hearty home cooked breakfast

and the thrill of a day filled with experiences in the mountains

Explore the local hills and forests on mountain bike Rejuvenate

and refresh in the sanctuary of the naked Leaf Wellness Centre

After a swim in the pool lounge in your villa hammock with

family and friends sharing precious moments

Kids will love the daycare centre with outdoor play area kids

pool art jamming music and laughter

Get your Sunday off to a great start with a family horseback

reintroduced to the hills Stretching and yoga are on offer in our

hilltop pavilions as well as tai chi kung fu and meditation After

fine tuning your archery skills finish off the day with a spot of

fishing in the nearby lake

If you choose to venture out of your villa for lunch enjoy

creative and delicious comfort food at either the pool cafeacute

or clubhouse Gourmet pizzas organic salads and artisanal

sandwiches will tempt you at the poolside Innovative Afro

Asian bistrostyle dishes are on offer in the clubhouse

oacuteƟAacute

经验

ͰɒΑάCcedilǁOumlинˡcentsxϞegraveϡijƐʑʁnьƆўɜOumlŘƙʑʁ=ʼϰħϴϾˆOumlǹƣ=ІΫBOumlˆŃoacuteɐťOuml˶Œ=sʨФѳʿźǔȕŽāʫsup1ƂȞ6ϾOumlжΡЏiumlƮФnaked Stables6

OgraveAumlƁŮɴƁOtildeOgraveͰɒĞdivideOuml˅ʮƻEgrave=ɴOuml˦ŎƝƁǭѯaacuteiacuteТɴOgraveɴOumlˆp6ˉɅ˶ēФϒΘϞZƋǙ=njФɊόOumlќŝтѓ6Іfrac14˶=ɴOuml˦ŎƝƁUɴΥ΅αȔѬ]=ĺɴAEligȅϞѕФƝOumlĭ6RѯɴBOumlϪȎ=ʺƝˆѾФѮiΘϸ6ćŮ=RѯɊĄέ=ФϒOumlˆDɠЌįȕżǀɴ˪ƂOumlτȞ6

їȳOumlЧ˽ЂϞuacuteĖ˭OumlƝЧ=ϞOumlǏΌfrac12ƊƂiacuteƮ˗ѓтȾ6ʛѯ˗THORNāǥIcircTHORN˗plusmnũ˕ȩOumlɕɖ6Фϕ˪Ɓŏѓaeligȓ˂ɴlOtildeĽƞcurrenɊƂȞ=ФϽ϶iexclРiacuteϞăтŮ=ȊϑϑOumlФpOumlaumlpara˛ļƝˆũʉϿŃoacuteɐť˶Œ6

ŜѲɒϚƮƁB˛thornѓΫ=ФжȕoacuteŚǽȎOuml˶Œ=ϩжȕϾƂiacuteTHORN5thornϽ϶iexcl=ƏήűiacuteŶ5ϪȎ6

˂ɴOumlїˉiquestІƝˆOumlʛɇϽȨǭ˽6ɴƮϾƉƁϞograveͰɒіΪϭˏ˗ѓOumlIcircTHORNȻѕ6Ђ˗ccedilOumlŏȕϾҋҀ5ƌ5ĿěUgraveƂiacute6ˢƩȡтŮ=ȅĦNjůicedilaringƿжϞтȾ6

ˍřɴκЪxФpȕͷ=϶iexclǬĎƆеǣȎiumlƮɴΘϸntildeɐOumlxĀκЪ6϶iexcliǬĎȕOumlɐ˸Ɲʍˑ5ϾƉ˔ȄϡƎľ˓ɛђiumlƮЀ˼ɰʸϞǗǕ6ǣȎȕŀϰΪʚOumlφčĘOumlґ6

11

In the evening join the visiting winemaker from South Africa for

a private tasting in our wine cellar followed by an outstanding

dinner featuring a myriad of organic and seasonal produce

sourced directly from the farm All dishes in the restaurant are

designed to be shared and enjoyed together

The warm summer months are filled with afternoon bbqs

evening musical performances in the openair theater and sun

dappled memories at the pool

Winter is crisp and perfectly peaceful as snow dusts the bamboo

forests Log fires crackle in the bar and winter cocktails warm

from within

Memories are created and moments are shared a naked Stables

Private Reserve

˛=ϞʜKċȅѳɫčOumlɳǙ˰=ФͰɒOumlǙѨȕʑɐǙ=ŻϾхƻȅѳɸOumlϾƉOumlΪΈ˸OumlĖ˭6ϞʜȅΘҗҖĺɴAEligȅOumlНH6

҈ϤOumlΆƕ=жȕɊͷŮ˞DZ=ȹǤOumlϝϪȎύordfϡƎ϶iexclȕϒŒLwOumlɐťſϥ6

жȕOumleumlƕʒǓΕũ=JμĢĩѯќŝ6ǙHȕ=ɦФƄѓˀ˞āordfʋɿ˩=ϞZeumlƕƋǙɭ˂ɴɻũηucirc6

ȅnaked StablesjуſϥΘɐť˶ŒH6

12

13

14

GREEN DESIGN amp CONSTRUCTION

LEED Green strategies

All about LEED

Developed by the US Green Building Council (USGBC) LEED

(Leadership in Environmental Energy Design) provides a concise

framework for measuring green building design construction

operations and maintenance LEED Platinum rating is the

USGBCrsquos highest rating with strict criteria encompassing energy

savings water efficiency CO2 emissions reduction improved

indoor environmental quality and stewardship of resources and

sensitivity to their impacts A LEED Platinum qualified building

should use at least 30 to 40 less water and electricity than a

normal building At naked some of the things that have been

done in aiming to achieve this award are

recycling

flushing and irrigation

water

waterless urinals

buildings

consumption

ɀ˔ˤƗІƭˤ

绿色建筑认证

关于LEED

ϻɐŘɀ˔ƭѡƁāʜ=LEEDɀ˔ƭѡˈпltȣɀ˔ƭѡˤƗ5ƿń5РѽϡƎŰŀƥƾOumlȀơ6LEEDɐŘɀ˔ƭѡƁ˄ƽɭ5ѱЕȚϸȿ5ƱUacuteĀϓŸʀČ5˫ɬźǔёȣ5ѱЕŎȓƎoslashʙϳΗOumlɚĭoacuteψķnѬOumlѻijưΙ6ϞmicroϴϾLEEDˈпOumlƭѡϰħaʔƭѡ˟˼ϸOumlaacute6Ф =ͰɒϚѼȥŬucircľѽȅлʷOtildeOgraveжĸưΙ

ƭѡƽˬȥ13OumlɭЕ˼ϸ

ƭѡƽˬȥOumlϸȣ

iquestͳccedilũɇȺƍȅOumlЅϸЂҔͲOumlνźȚϸ

ϾҔͲũđiuml^ſϸЂyenũŐĪ

LJA˗ňȱOuml˳THORNǖŸȥƂ

˼ϸUacuteȱȣOumlЌŊegraveѩяϡƎɶ˾umlɇɗyen

Οkiexcl

ϸЂЎ˅Oumlϒɭ˅ƞ˅ʠ

ϸЂƞ˅ũȐʼƭѡOumlƽɭЕкʢ`

pѩϾ˅ſѩяȅƱUacuteɭЕΞŦ

15

use Incentives given to reduce energy consumption

a factory 20 minutes away from site

window frames bricks and roof tiles

Council)

material

property

recharging stations

within a radius of 800km

CѩФϾp˛OumlɭȣƗϸȅƢethǸˆOumlɭЕ˼ϸʮ

ȁ6ŻɭЕΞŦOumlƦ˟ŀuumlOumlưȘ6

ϸ˼ϸќΧdzȝOumlŗȷƞ˅ŀɻ6ќΧdzȝȅѳǢȑͰɒ

ēєȺЗOumlϞƝľ

ϾOumlʥũacuteŲiumlijoacuteǨЖ

˼ϸɘŒŵOumlUacuteĝˢtȟ

˼ϸUacuteʀČOumlȦ

˼ϸſȚϸOumlǛɦёͳccedilơ5џѲ5џƈ5acuteȀ5ѦǼũ

ͳccedilʎ

Ś13OumlɦϻFSC˕ȩŎȓГƁltʹ

˼ϸǵУ˪OumlŸќѐTHORNO

pɬʺ˼ϸLEDtimesũΟίOumlϲŒtimes

oslashϾƭѡѻAringoacuteOumlljαѳʿŒũĘ

ѝTHORNъПηijyumlěljˏ=ijyumlěϻϒɭŀaacutesɭФ

ѤTHORNcurrenaacute

OumlƭѡȦiumlȅѳĈДŁȕɬOumlʵЉ

Ś13OumlƭѡđȦ^ſȚϸ

ϾoacuteƟAacuteOumlȃƇiuml^νźȚϸ

notĉũȃƇ^ϸѽĐȦ

oacuteƟAacuteɬϴϾϾƉųВ

іΪϭˏϙ˪iacuteIcircTHORNȻѕlt

WŰѳʿiacuteцʾ

16

17

THE DESIGN IDEA

Tree Top Villas

树顶别墅

To touch the sky at night and look down on the forest in the morning is what owners of the tree top villas will experience High

above the forest canopy 30 luxurious homes are perched in the tree tops Spacious wooden constructions with large sundecks spill

into the panoramic views of the mountains

macrɞҌҍOumlϝǹ=ϔѪȗOumlҐ=жǜϴϾccedilpOumlˆɒntildeΘOumlҕȞǒ˔6icircŤŴѢЭʗͽФ˕ȩŌт˛=pǡϞķ6аФǾOumlɦѐΟͳѓ=œOumlɢī˗ʺǒǍόYacute6

Each villa is built on stilts to minimize its physical footprint and maximize the views for its discerning owners The prefabricated villas

are made by innovative construction technology known as structural insulated panels (SIPs) With high insulation value and zero

construction waste these lofty eco dwellings are like no others offering you an energy efficient home that is beautiful and at one

with nature

ccedilpOumlƭѡaumlƵȵƿń=iquestyacuteƦ˟oslashБ˽˪źǔOumlϳΗ=sѻAringΏoacuteOumlЮϹɐOumlǒ˔6жΡЎѐOumlpϸѻΪǴƔOumlƿńWOѐШOuml6ccedilpOumlˤƗтѽ=ʹđȦͲˁssectѳʿ=ŀϞĸЁϾʑЁʩNjѳʿOuml˪ѢЭ6

The villas are intended for life Overlooking the mountains and forest below each home has a very large outside deck

complemented on the inside by an open plan kitchen with all the latest amenities dining room living area and opium den for

relaxation and entertainment Large sliding doors and full wall windows welcome natural light while sophisticated air conditioning

systems ensure your comfort Double layered glass keeps the view in perfect focus hushing all sounds to perfect stillness Wooden

floors soft lighting and high ceilings add a sense of warmth and space

ccedilpѥ˪Ƃyacuteƭ6Ġғ΅ɘOumlʾ˗ũ˕ȩ=ɏicircƭѡǩˤϾǾAringOumlϒ=ʆϡCcedilOumlмǭČ˾notĉ55˪ƂʵũČЄȎ6ǾAringOumlȄɑũмɘɅTHORNAringacuteǵɩѳʿˉŒ=˶ljOumlǹaelig΄ǵʽWɴOumloacute6tȟǵȯɴФѻƜƶoacuteΩ˚ɐǒOuml˶xƁOgraveĹѕ˩ϪOumlī˃=ntildedegЂϞʎǓтѓ6ʿOumlɦTHORNO5ˌũOumltimesŒũǹOumlųϣЫȥɻũǹƣĭ6

ˤƗȓɲ

18

Tree top villas

Roofs thatched

19

20

FLOOR PLANS

Treetop villa 2 bedroom villa ccedilpȢͱĉ

ʒɘ

Interior area 室内面积 13768sqm

Exterior area 室外面积 50sqm

Total usable area 实际使用面积 18768sqm

21

Level 1 一层

Interior area 室内面积 7088sqm

Exterior area 室外面积 102sqm

Level 2 二层

Interior area 室内面积 668sqm

Exterior area 室外面积 398sqm

22

Treetop villa 3 bedroom villa ccedilp˓ͱĉ

Interior area 室内面积 20214sqm

Exterior area 室外面积 664sqm

Total usable area 实际使用面积 26854sqm

23

Level 1 一层

Interior area 室内面积 10334sqm

Exterior area 室外面积 118sqm

Level 2 二层

Interior area 室内面积 988sqm

Exterior area 室外面积 546sqm

24

Treetop villa 4 bedroom villa ccedilpͱĉ

Interior area 室内面积 2667sqm

Exterior area 室外面积 863sqm

Total usable area 实际使用面积 353sqm

25

Level 1 一层

Interior area 室内面积 136sqm

Exterior area 室外面积 168sqm

Level 2 二层

Interior area 室内面积 1307sqm

Exterior area 室外面积 695sqm

26

FITTINGS amp FINISHES SCHEDULE

EXTERIOR AND INTERIOR FINISHES

External walls

Structure is built from steel and SIP (Structural Insulated Panels) External wall is cladded with painted fiber cement board

Internal walls

emulsion paint

Ceiling

Ceiling is finished with emulsion paint

Flooring

Bedroom is finished with heavy strand bamboo flooring

Balcony

Balcony floor is finished with Wood Plastic Composite decking (M wood) Railing and trellis made with Liu An wood Balustrade is fitted with metal and Liu An wood

Window

bedrooms are fitted with double glazed LowE glass and Roto hardware

Kitchen amp powder room

Floor is finished with natural tile Kitchen cabinets and sink are provided Kitchen counter top is fitted with natural stone

Bathroom

Wall and floor are finished with natural stone

Doors

Entrance door is made of solid core timber fitted with Saflok RFID locks Bedroom doors are fitted with hollow core timber fitted with Saflok RFID security locks

ƭѡȦƎˤ]ɛ

室内外材料

oacuteƟͳʥ

oacuteƟͳƿńˤƗĮƿńƎƿńWOSIPlt6ʥϸΉɮOũʘ6

ɬʥ

ǸćƎͱтɬʥǩϸĔƎˎƲʘ6

ų

ųɘˎƲʘ6

THORN

ǸćģūɦTHORNO6ͱіќTHORNO

ȹ

ȹϸɦOʓʟ6ʈȲҎɦѐШOuml6ȇĬϸDŽрƎȲҎɦĜ6

acuteŲ

Ǹć5ͱOumlacuteŲϸȽɦѐacuteȀʆ-3ѓǹtȟƎ-0-ͶDŽʆƪ6

notĉ

THORNϡƎɘϡʿTHORNѦʓʟ=notĉŀlaquoŖϡƎʇ6notĉɘʿ˵6

Ќ

Ќʥ˦ƎTHORNϡʿ˵ʓʟ6

ɑ

ˏǺAringɑϸ˹Ψɦɑʆ˛-)ljordfɑNJ΄6ͱɑϸǹΨɦɑʆ˛SaflokljordfɑNJ΄6

27

MECHANICAL AND ELECTRICAL INSTALLATIONS

Heating and Cooling

AIRWELL centralized water source heat pump is provided Fresh air intake with heat recovery system is installed

Electrical provisions

are provided

Electricity

Concealed conduits are provided Threephase electricity supply with miniature circuit breaker distribution board is provided

TV telephone and internet connection

Satellite TV with all major international channels

is provided in all the villas Telephone outlets and wireless internet connection is provided

Hot water supply

Huang Ming solar hot water heater and Rinnai gas water heaters are installed for the villa

Water supply and pipes

Concealed copper pipes are used for both hot water and PPR pipes are used for cold water

The resort will be patrolled 24 hours a day CCTV system is in operation throughout the resort 24 hours a day All the villa front doors and bedroom doors are fitted with Saflok RFID security lock system

APPLIANCES TO BE PROVIDED OR INSTALLED IN EACH DOMESTIC

UNIT

机电设施配套

ŀɻũѐȐ

ɽyumlƍѓ˾Е˅`΄6ΪĘ˅ſ΄6

Ɲaacute

ʆEΐNtildeŎOumlǭŋϡƎѿ6

aacuteȞŀϰ

ѩϾϮ˾ΐȺ=ʆϾίoumlȺʠ=ʆaacuteΓOuml˓ΑaacuteЕŀϰ6

aacuteƎςˤ]

έaacute=ʹΐaacuteŹũʹΐȺ6

˅ˤ]

žɛϒɭ˅ʠƎȩɬɌʡ˅ʠ

Ŏ

˅ŀϰŎǩϸϮc˾ĮŎ=ȐŀϰŎŎ6

WCˤ]

oacuteƟAacuteˤϾϾΟ˶ѽOumlgȺaacute΄ϡƎΟ˶OumlπɄ6ˏǺAringɑƎͱϸSaflokljordfɑNJ΄

标准住宅单位附送以下设备

Stove BAUMATICExaust fan BAUMATICOven BAUMATICMicrowave BAUMATICFridge BAUMATICBARMini fridge (2 3 bedroom) BAIXUEWine fridge (4 bedroom) BAUMATICBEDROOMMini fridge BAIXUEBath KOHLERTERRACEBarbeque grill

TelevisionDVDBATHROOMShower KOHLERBasin KOHLER

notĉ aacuteraquoȷ ʄɇUcircǷnotĉϼχƉ ʄɇUcircǷnotĉaacuteDZΓ ʄɇUcircǷuȷ ʄɇUcircǷɬяrΓ ʄɇUcircǷHΟrΓ=ĉlt JμǙŖĉlt ʄɇUcircǷͱΟrΓ JμЌį Ǵȍȹ˞DZΓҒĉaacute ɯDVD ɯЌȪЌʠ Ǵȍʇ Ǵȍ

28

NOTE

1 The Developer reserves the right to substitute other materials

or appliances of comparable quality and standard for the

intended items as listed in above fittings and finished schedule

2 The fittings and finished as listed above shall be subject to

the terms of formal Agreement for Sale and Purchase Those

provisions may have slight variation in the color measurement

3 The Developer reserves the right to make modifications and

changes to the building design fittings and finishes without

prior notice

4 Fittings and finishes of the Special Units may be different

from those of the Typical Units

备注

āЮ˙WȰϞʧʹȞ=Dв˹ƙʮȁεϘϡUgraveётƭѡȦϡƎˤ]Ccedil˛ȧĹΙ6

˛ȧĹΙȦϡƎˤ]ǩϡн˾ɈɉūКOumlǿщegraveѬ6ĹΙƭѡȦƎˤ]ǵɭƁФϋ˔=ȣoacutepoundAcirc5ȓ5ѺуƎƆľ˛ordfʬp6

āЮ˙WȰϞʧʹȞδeacuteϡƎĽĨϛOumlˤƗ5ƭѡȦϡƎˤ]ʹεȮαс6

˔EumlЏOumlēƭѡȦϡƎˤ]І˛oȧĹΙǵɭϾx6

29

PURCHASE OPTIONS

Buying a Tree-top Villa at naked Stables Private Reserve involves signing a Sale and Purchase Agreement with the development

company and a Lease and Management Agreement and Deed of Conditions with the Hotel Management Company The Management

Agreement requires the purchaser to lease the property back to the Hotel Management Company to manage on the ownerrsquos behalf

There are two different plans which are available for buyers

在 naked Stables 购买一套拥有不动产权的树顶别墅包括与发展公司签署一份买卖协议以及与酒店管理公司签署一份租赁管理协

议和条件契约管理协议要求购买者以业主的名义向管理公司出租其别墅以供其管理买家有两种方案可供选择

ŅɈκΙ

30

OPTION 1 - FLEXIBILITY

1Owner Usage Rights

Zero usage restrictions

Early reservations are required to secure Villarsquos especially during prime and peak seasons If a Villa Owner does not provide the

required advance notice for a reservation the resort may be required to offer the owner a different unit or in the worst case no

availability at all

1 业主使用权限

ȫ˼ϸΏѐ

ϘʴʣЎegraveˏѢp=ϺʙФƐƕ6ˍřpϛѝɍϾŀϘʴOumlϸЂЎegraveOumlЎс=oacuteƟAacuteƮʙŀȮϞdegѢdeg=ƆеѻЦĴOumlʮȁɍϾǹĉ6

2 Rental Revenue

2 租金收入

a Rental revenue

Whilst not in residence the owner will be eligible to earn a pro rata 36 of the room revenue generated by the Reserve during their

absence Ie Everyday the revenue generated by the entire resort is divided amongst the owners not in residence on that day When

an owner is in residence he forfeits his opportunity to earn revenue

ѸDŽˏ

ϛѝxǝѢʖƣ=ƮOtildeOgraveoacuteƟAacuteordfѸʙĉͳOtildeϧOuml6ɏoacuteƟAacuteordfѸɨΡxǝѢФfrac14OumlϛѝOumlĉͳOtildeOumlϧƮ^ʒǩēʆĺжΡϛѝ6IcircϛѝǝѢФʙpȕ˶=Ʈ˱ʸƅOtildeϧOumlƉƁ6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

选项1-灵活性

31

c Cashing out your returns

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

gtƮɴOumlſYŚDŽĈ˾ʷordf

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſYϧ6ˍřϛѝκЪxʷordfOumlϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3 有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecom services

included in the Services Fee to the owner whilst in residence The services fee is 300rmb per room per night This fee is charged on

all rooms regardless of which are in use

4 服务费用

IcircϛѝФoacuteƟAacuteǝѢ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸѓ6ɏĸĉƣɏOumlĞĒϸЏˆəe6жĸĒϸΛϾĉƣʷOuml=xɃfrac14ĉƣĚФ˼ϸ6

5Maintenance

4 of hotel room revenue will be reserved for ongoing building maintenance This will be deducted from the ownerrsquos share of total

room revenue

5 维护

ǙacircǸĉˏOumlƮ^ȰѽŮθƭѡδтĒϸ6ħēDŽuumlƮiquestϾˆǵēOtildeOumlǙacircǸĉˏĕuumlѓǻshy6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGEEarnings Per Room (36 of gross room revenue) 124173 170827 221315 253507 263647 2066942 Bedroom 收益 ndash 双人间 248346 341653 442631 507013 527294 4133873 Bedroom 收益 ndash 三人间 372519 512480 663946 760520 790941 6200814 Bedroom 收益 ndash 四人间 496692 683306 885261 1014027 1054588 826775

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 41 57 74 85 88 69

3 Bedroom 收益 ndash 三人间 9000000 41 57 74 85 88 69

4 Bedroom 收益 ndash 四人间 12000000 41 57 74 85 88 69

Hotel revenues and owner rental yield - Option 1 Flexibility

32

OPTION 2- STABILITY

1Usage Rights

1 使用权限

选项2-稳定性

Total Permitted Usage Prime Peak SeasonPermitted Usage

Peak SeasonPermitted Usage

Out-of-SeasonPermitted Usage Blackout

40 days per yearNo occupancypermitted

Up to 20 days per year but no more than 7consecutive daysfor any one stay

Up to 20 days per year but no more than 7consecutive days for any one stay

No occupancypermitted

允许使用总数主要的旺季允许使用

旺季允许使用

淡季允许使用

无折扣期

每年40天 不允许占用 每年20天但是每人

不能连续居住7天每年20天但是每人 不能连续居住7天

不允许占用

Prime Peak Season To be published by naked Retreats in according to government notification every year Prime Peak Season

Middle Autumn Festival (Sept) excluding Blackout dates

Ɛƕɏɱϻnaked RetreatsĻǟоġĵāordfс6ƐƕVȂѓŘsup1ƽϞМĀМlt5ȋiacuteƽͶМlt5Řʱƽ˴Мlt5ʭɛƽМlt5ѓʲƽǘМlt=xVȂʹгǻʖ6

ƕiquest˓МOgrave˴ϞМʖƣOuml10ĸїɡϡƎ10ĸľѽˉїʖ=xVȂƐƕũʹгǻʖ6

OutofSeason 20 days during December to February excluding Prime Peak Season and Blackout dates

Iacuteƕiquest˴ĀМOgraveĀМʖƣOuml=xVȂƐƕũʹгǻʖ6

Blackout Dates Peak demand dates such as holidays sporting events groups and citywide conventions Local cultural events

all as specified by the Hotel from time to time

ʹгǻʖεʴijėʖVȂƟʖ5Ћ˒5ũʺβOumlƁϨ6IcircTHORNɾyumlOumlŸƂiacuteiumlƮDвǙacircOumlɛljα6

2 Rental Revenue

2 租金收入

a Rental revenue

Regardless of your usage of your property your rental return will be fixed at 5 for the first 5 years of operation After this period

you will automatically migrate to the Flexibility plan

ѸDŽˏ

xɃɰOumlĉ˼ϸoacuteˍŪ=ͶɱOumlѸDŽϧiumlŊegraveOuml136ФжтŮ=ɴƮѳiacuteѧˏȬƂβĈF6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

33

c Cashing out your returns

gtƮɴOumlſYϡDŽĈ˾ʷordf

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſY6ˍřϛѝκЪxʷordfʙϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecoms services

rental option

4服务费用

IcircϛѝǝѢФoacuteƟAacuteȕ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸȕ6жϞȏOumlĞĒϸxVȂegraveβordfѸʆ6

5 Maintenance

Of the 5 guaranteed return generated form your property during the period you are not in residence the management company

will retain 4 of this return for maintaining your Villa The maintenance fund will be pooled and used for all Villarsquos in the resort

5维护

ɴxǝѢʖƣiquestɴOumlĉѓƮ˪Ouml13OumlſY=ŎȓŁƮWȰжbſYѓOumlϸѽɴpOumlŰ6ŰƈDŽƮ^ūsʜȅsϸЂϾoacuteƟAacutepOumlŰ6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Hotel projections

Rooms Available 可用房间 not relevant 非主要Estimated occupancy 预计使用率 not relevant 非主要Estimated average daily room rate 预计每日平均房价 not relevant 非主要Growth in room rate 房价增长率 not relevant 非主要Annual room sales 年房间销售额 not relevant 非主要RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE2 Bedroom 收益 ndash 双人间 50 50 50 50 50 503 Bedroom 收益 ndash 三人间 50 50 50 50 50 504 Bedroom 收益 ndash 四人间 50 50 50 50 50 50

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 300000 300000 300000 300000 300000 300000

3 Bedroom 收益 ndash 三人间 9000000 450000 450000 450000 450000 450000 450000

4 Bedroom 收益 ndash 四人间 12000000 600000 600000 600000 600000 600000 600000

Hotel revenues and owner rental yield - Option 1 Flexibility

34

Option 1 - FLEXIBILITY Option 2 ndash STABILITY

investment returns for your Villa are influenced by the

success of the resort and the number of days you use

your Villa

Stable implies both your returns and your annual

usage rights to your property are fixed Regardless of

how well the resort operates your returns will remain

the same Equally you will only have a fixed number

of days allowed in residence

Usage Have unlimited usage rights to their Villa 40 days usage per year

Rental ReturnEarn 36 of the pooled returns from the entire resort

whilst not in residence

5 guaranteed return on their investment regardless

of resort performance

Resort Discount20 discount on all resort amenities and activities

(including SPA and Restaurants)

20 discount on all resort amenities and activities

(including SPA and Restaurants)

Services FeePay a Services Fee of 300rmb per room per night

whilst in residence

Maintenance4 of all room revenue is retained for maintaining

the owners Villa

4 of all room revenue is retained for maintaining

the owners Villa

选项1 ndash 灵活性 选项 2 ndash 稳定性

ȬƂβϸЂ˼ϸІſY6ɰOumlpѱſYʷǧЂoacuteƟAacuteOumlĿǑϱũɰoslashpOuml˼ϸoacute

ŊegraveβϤѯɰOumlſYũɏɱoslashЂɰOumlĉOuml˼ϸʹΏiumlŊegraveOuml6xɃoacuteƟAacuteOumlǑϱѫȁϾucircť=ɰOumlſYiumlŊegraveOuml6ϖTHORN=ɰъϾŊegraveOumlПηǝѢOuml6

使用 ʹΏѐOumlp˼ϸʹΏ ɏɱOuml˼ϸʹΏ

租金收入 ФxǝѢʖƣ=ƅOtildeмĸoacuteƟAacuteūsſYOuml xɃoacuteƟAacuteǑϱѫȁˍŪ=Wп13OumlſYϸЂѱ

度假村折扣 ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt

服务费用 ǝѢʖƣ=ɏĉƣɏЏˆəeOumlĞĒϸ čѝϘ

维护 ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ

OPTION COMPARISON

选项对比

35

36

INDUSTRY RETURNS AND BENCHMARKS

INDUSTRY REPORT

行业报告

Tourism and urban resorts is one of the fastest growing industries in China According to industry consultant HVS cities such

as Shanghai Beijing Shenzhen Guangzhou Hangzhou and Tianjin all have a population where a critical mass of highly affluent

individuals and successful companies exist generating demand for suburban resorts

ФѓŘ=ȾϽϛũoacuteƟAacuteσɓāЮOumlαϛтϞ6ĻǟʺʳǙacircĞϛltOumlϞΙYĵ˿=ФѓŘOumlѝϘˍ˛ŝ5[ǎ5˧5œј5ţјũdžǩēyѯAringȣOumlĥЍˆʾũĿOumlʝϛ=ϻfrac14ϚƊāȥoslashƴʵoacuteƟAacuteOumlƌAringεʴ6

Amongst other things the exponential growth in private vehicles has seen a huge increase in demand in the leisure market With

the completion of the shenjiahu highway in 2010 the travel time from downtown Shanghai to Deqing is now 2 hours Also with

stop at Deqing) scheduled to open in late 2011 travel time from downtown Shanghai to Moganshan will take between 15 to 2

hours When comparing travel times to get to other resort destinations in China ndash eg Hainan or Lijiang flight times might be within

2 or 3 hours total travel time including travel to airports and check in make the whole trip 6 to 7 hours plus additional travel cost

Within the 2 hour travel radius of Shanghai the quality of resort destinations is also (in our opinion) not at an international standard

with most hotels simply being lsquocity hotels in the countryrsquo rather than true resort properties operating at international standards

shyfrac14т=ѯĸˆγΊOumlāЮ=ĸˆƸϴϾȿϚσʂ˫6ѳɱ˥ƛůijϡŮ=iquest˛ŝOgraveOcircʭϚLjεϘĸΟ˶Ouml6ΪƭOumlijǵϡФ13ēєɬiquest˛ŝUumlAumlţј6ƏƮФɱYacuteǫľOumliquestţјOgraveɫǎOumlijѓϾϞаDzOcircʭlt=ъεϞĸSΟ˶OgraveȢĸΟ˶ǜǵϡiquest˛ŝѓΫOgraveAumlɢī˗6ˍřІѓŘOumloacuteƟˮTHORNŝɫ5ȒƯUgraveaƹ=shyȥϘųĒэĸΟ˶Oumlďα˶ƣ=ŻϘФVȂʣƉ=CʺƤũUgraveEgraveOslashƉ˛ų˛эĸΟ˶=ĽxϸɨΡuumlOumlαųΝȥ6Ѷō˛ŝїiΟ˶ɬOumlγΊoacuteƟʸdeg=э˟ͰɒˈltІŘƙŸnѬŻϾѯɛOumlǢ6AringēOumloacuteƟǙacircϚũѓOumlɨΡǙacircɍϾ_ёOumlʵp=ЗЗAumlxOgraveинŘƙϤϦ˛oacuteƟίĉΙɧOumlϘʴ6

ϛѝЎʖſYІaƹ

37

OUR NICHE

我们的利基

naked sees a need in the market for world class expertly designed and operated resorts which are within 1 to 2 hour travel time

of major cities in China As with other urban resorts we believe that the Leisure market and the MICE (Meetings Incentives

Conferences Events) market will be a huge driver for our business In addition we feel that we are already at the forefront of

the growing focus and concern on environmental design building and operations as well as the growing interest in nature and

environmental education At naked we also place a high emphasis on facilities and services for the entire extended family ndash from

children to parents to grandparents that other resorts do not place dedicated resources for

nakedЎƧOgraveȥФѓŘжϞεʴƏǢȑѝϘϞэȢĸΟ˶Ouml=˶ЁhζǁϞȱOumlѥϛˤƗũŎȓOumloacuteƟΙɧ6ͰɒΑάγΊũƁƁϨ5ưȘȾϽ5AringίʝϛƁϨ5ƂiacuteЮȉltOumloslashͰɒϛOumlіAringʤȞ6frac14=ͰɒФŋѣũiacuteźWίˤƗ5ƭШ5ŎȓũźWȓɲœ˛ϠǑѷФȥαϛȭя=ФnakedІαϛеxͰɒϚіoslashЂˣʵѓOumlŜѲ5Ɲ5ȌеOumlĞũˏ6

As such we feel very confident in the rates and occupancies that we will achieve Regarding room prices when benchmarking

against some of the other leading hotel brands in the resort market such as Aman Fayun Hangzhou Banyan Tree Hangzhou Fuchun

Resort Hangzhou Mandarin Oriental Hainan and Commune by the Great Wall average rates in March 2011 for single bedrooms in

this set are ~ RMB2800

ϩfrac14=ͰɒoslashЂˏѢĉƠϡƎˏѢȿcurrenɊάΫ6ФˏѢĉƠĈɘ=ІʙФoacuteƟAacute˛OumlсɜǙacircʑʁaƹ=ˍCҊĂО5ţјНҏѨ5ĥsup1˗ǝ5˓φŴecircĈǙacircũƵ΅OumlŁˣ=Фɱ˓МOumlEumlˆƣʒǩƠķ=6

Regarding occupancies we are confident to achieve occupancies of around 60 after about 4 years of operation but forecast

conservatively that our occupancies will start from around 35 in the 1st year of operation and grow steadily to 45 in year 2

55 in year 3 and 60 after the hotel is lsquomaturersquo from year 4 onwards

ФˏѢȿĈɘ=ͰɒŬϾάΫǑŚɱOumlǑϱ=ͰɒǵϡAumlOgraveOumlˏѢȿ6WŇƗ=ͰɒOumlˏѢȿƮƁϻszligϞɱOuml13=egraveЫOgravefrac34ɱOuml13ũszlig˓ɱOuml1313=szligɱϡŮƮƁЫOgrave6

Given the above estimates we believe that owners can expect attractive investment terms as illustrated in the table below

Ļǟϡ˛OumlŇƗ=ЎƗϛѝɭņOtildeOgraveOumlѱſYƮƁˍ΅o˿

CҊĂО

НҏѨ

ĥsup1˗ǝ

˓φŴecircĈǙacirc

Ƶ΅OumlŁˣ

RMB4270

RMB3500

RMB2000

RMB2150

RMB2388

Aman Fayun Hangzhou

Banyan Tree Hangzhou

Fuchun Resort Hangzhou

Mandarin Oriental Hainan

Commune by the Great Wall Beijing

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966

38

39

ͰɒOumldivideTHE TEAM

40

Grant Horsfield ndash Chairman naked Group

Grant a native of South Africa is Founder and Chairman of the

naked Group

Before coming to China in 2005 Grant worked in England

and South Africa with more than 10 years business ownership

experience With background in IT he launched eBites

Limited in 2000 Operating nationally eBites was both a

publishing company and a callcentre facilitations company with

headquarters based in Cape Town In 2004 Grant received

an MBA from University of Cape Town Graduate School of

Business Upon graduation he decided to come to China as he

saw China is where business opportunities lie

After spending two years in Shanghai he found himself

overwhelmed by the metropolis and missed the natural beauty

of his home From this desire and need sprouted the concept

for naked Retreats which was launched in 2007 Grantrsquos vision is

to create sanctuaries that are in harmony with the environment

where people can appreciate the simple way of nature and

embrace the naked lifestyle Grantrsquos tireless efforts in promoting

ecotourism in the rural areas not only created jobs but also

pride for the local community He received an environmental

award from the Huzhou Government in 2008

高天成 - naked集团总裁

ij=ɫčIcircTHORNˆ=nakedƍOumlmiddot˽ˆũѵ|6

Ф13ɱȅOgraveѓŘтʣ=ij˪ЬФϯŘƎɫčľѽ=ϾŚɱOuml˙ϛǑϱƎРѽǑϏ6ФʙITǒOumlUѠ΅=ɱij˪ƭȜȥeBitesϾΏŁ=eBitesŁƮϱΝІaacuteŹĞѓΫLJɖƿū=ʙѵˤФǭʔugrave6ɱ=ijƅOtildeȥǭʔugraveAringλ˙λЙOumlMBAλ6dϛŮ=ǧegraveȅѓŘ=ϩǯOgraveȥжȕOuml˙Ɖ6

Ф˛ŝEgraveȥȢɱтŮ=āѳƓxȥ˪Ƃ=sʨAtilde˱ȥѳʿɐǒ6ФжѕИІεʴOumlʶ˼΅=ƭȜnaked Retreats

OumlΖĂФɱOtildeOgraveȥ˹˲6ijOumlΖĂƭШϞĸ˯THORNІѳʿũΣŃdeg=ˆɒǵϡΘѳʿ=ΘnakedOuml˪ƂĈ˾6ij˫ΔAacuteTHORNʵ˪ȾϽѽordfOumlxΦɹȞ=xLjmiddotШȥľѽıŻOtildeOgraveȥIcircTHORNˣʵOumlХϐ6ij˪ƅOtildeȥɱůјоġNāOumlźWAring˼ư6

41

Delphine Yip-Horsfield ndash Partner Ben Wood Studio Shanghai

received her Master of Architecture degree from Harvard

Boston prior to moving to Shanghai to oversee the award

winning Xintiandi project on behalf of Wood and Zapata In

the fall of 2005 Delphine became partner at Ben Wood Studio

Shanghai

Drawing from her own experience of diverse cultures Delphine

has led a multitude of high profile projects such as Hangzhou

Xihutiandi Zhujiajiao Oriental Garden Shanghai Waitanyuan

Beijing Palace 77 Shanghai Hongqiao Commercial Core Lijiang

Lashihai Resort Masterplan etc

In 2006 she was selected Wallpaper magazinersquos first annual 40

under 40 designer of the year

Delphine is the chief master planner and architect for naked

Home Village and naked Stables Private Reserve She also

oversees the visuals and styling of the naked Brand

叶凯欣 - 上海Ben Wood设计室合伙人

ϜǮΩɺ=Ben Wood ˤƗľѽOumlѵƢ=śęAringλƭѡλ6ȅ˛ŝтʣ=ФΒIJ5ɷКũuuacuteľѽ6ȅ˛ŝŮ=CcediloWoodũZapataĤЩΪTHORNΙɧOumlƢethľѽ613ɱʲƕ=ϜǮΩɺBen Wood ˤƗľѽūƃˆ6

ϾѯxŸϽșǑϏOumlϜǮΩɺ=EacuteˇȥηucircijocircΙɧOumlƢeth=VȂţјͻůTHORN5њƝƶecircĈųВ5˛ŝЕ5[ǎłatilde5˛ŝŭʦ˙ϛѓΫ5ȗƯȄŝoacuteƟAacuteѵŔŷˤƗUgrave6

ɱ=ˏκȥWallpaperСьǃɱoacuteϡ΅OumlˤƗ˰6

ϜǮΩnakedƝВAacuteũnaked RetreatsOumlѵˤƗеũƭѡ˰6˶ϚĤЩƢethnaked˙nOumlFũĘķˤƗ6

42

Kang Yang Lim ndash Group Chief Operating Officer naked Group

Group with over 13 years corporate finance and real estate

development experience Previously he was Director of the

real estate division of APP China taking responsibility for the

initial positioning and development of the USD15 billion lsquoWhite

Magnolia Plazarsquo mixed use development project (including

the development of Shanghairsquos first W Hotel) He also led the

concept and development of APPrsquos branded residence and resort

project in Sheshan Shanghai

Finance division of PricewaterhouseCoopers in Melbourne

Australia where he specialized in business value and strategy

worked in inhouse strategy roles for CocaCola GB in London

and to British venture capital firm of the year (2004) ISIS Equity

Partners before coming to China in 2005

Accountants Australia in 2002 and is also an affiliate of the

of Commerce and Diploma in Modern Languages from the

University of Melbourne Australia

林纲洋- naked 集团首席营运官

ƞˏnakedƍOumlȩ˪ϴϾŚɱOumlʝϛ~ƎTHORNǭāǑϏ6Фfrac14тʣ=ѽѓŘDŽŒOumlTHORNǭāOumlѵƢ=ĤЩƠч13ϢЏOumlucircϸ8JЈȈœ9ǭāΙɧOumlcopy˽κшũǭāVȂ˛ŝszligϞƝ ǙacircOumlǭālt6˶ϚщNtildeȥDŽŒƍФ˛ŝҁ˗ʑʁѢЭũoacuteƟAacuteΙɧOumlȓɲũǭā6

ФDŽŒƍˇфтʣ=ȩİϑGAringȚφɣyuml_ʔŴϷOacuteƁƗ˰OumlǑȓ=ѥѣЂ˙ϛƠчũЯɁѰξ6ȩ˪Ф13ɱȅOgraveѓŘтʣэȑǭʔŴϷOacuteŮOumlϞotilde˶ƣɬ=ѽǵǺǵȎɂugraveŁɬOumlЯɁēͺ˰=ϡƎISISOumlʼnʏūѽƃRФϯŘɂugraveOumlϯŘĘΌѱŁˇф6

ȩ˪ФɱƅOtildeȥGAringȚφηƁƗ˰ƁũGAringȚφпʻωǗOumlƁГѱķ6˶ϚƅOtildeȥGAringȚφɣyuml_AringλOuml˙ϛλλϡƎCcedilЇϊλп6

43

Gabriela Lo ndash Managing Director naked Retreats

With over 15 years experience in high end events and PR

management Gabriela has been instrumental in bringing naked

to where it is today As one of the original members of the

naked Team Gabriela has led the growth of naked Retreats

to become one of the most famous eco retreat destinations in

China attracting guests and publicity from around the world

Originally from Macao Gabriela has rich multi cultural and

multinational living and working experience having worked and

studied for many years in Greater China England and Italy

卢家宝 - naked 度假村常务董事

ϴϾŚ13ɱOumlijocircƂiacuteũŁŃŋ΄ŎȓǑϏ=nakedDžOumlǜІȶƝXēxǭ6ѽħdivideOumlmiddot˽ГтϞ=ȶƝXϠǑAEligȭnakedѓŘѻϾɜOuml˪ȾϽɧOumlTHORNтϞ=ͼϭȥȅѳǁĹTHORNOumlǸˆ6ȶƝXȅѳGɑ=ϴϾĖĥOumlucircЏŸũucircŘǝѢũľѽǑϏ=ЬФAringѓŴTHORNʵ=ϯŘũϤAringȚϾѯucircɱωǗǑș6

Judy Zhu ndash General Manager naked Group

Zhu is the General Manager for naked Group ensuring smooth

operations of the group with a particular focus on government

朱燕 - naked 集团总经理

њώ=iquestnaked Retreatsmiddot˽ǭ˽ǜũij˪ūѽ6њώѽƍѵǑȓ=ĤЩIcircTHORNũŋ΄ʽWƍРѽ6Фƞˏnakedтʣ=њώФ˛ŝũ[ǎiquestŚηucircІ˙ϛϾŋOumlфϛ6ФΪͻȈƅOtilde˙ϛλ6

44

Kurt Berman ndash General Manager naked Stables Private Reserve

With over 16 years experience in FampB and high end luxury

resort management Kurt brings a wealth of experience and

will lead the preopening and operations of our new resort ndash

naked Stables Private Reserve Prior to joining naked Kurt was

the preopening General Manager at Six Senses Laamu and

Resident Manager for Six Senses Soneva Gili by Six Senses Kurt

has also worked at other prestigious resorts including Fregate

his career in hospitality in FampB and was a trained Chef with

experience working in many prestigious institutions including

The Dorchester Hotel in London Kurt is from South Africa and

has a masters certificate in hospitality management from Cornell

University

Kurt Berman - naked私人度假村总经理

ϾѯŚɱϬƎijIumlŤŴoacuteƟAacuteOumlŎȓǑϏ=ƮϡĖĥOumlǑϏȭNtildeͰɒΪoacuteƟAacute77)$ 0OumlϱϛũРϱ6Фƞˏ)$ тʣ=10ЬEacuteˇŚ8szligȳĭǦ9+1ϱϛѵǑȓũ8szligȳĭǦ9-2 ((OumlѤacircǑȓ610ŻЬˇфЂamp0ˆŝETHũ1+4UgraveʙўɜoacuteƟˮTHORN610OumlϛʜzЂϬαϛ=ϚϡϞĸФŬucircўɜƉńVȂ-0-0 -$-ltľѽŚOumlρȡϾOumlnot˰610ȅѳɫč=sϴϾǰɪyumlAringλЃOumlǙacircŎȓλ6

Richard Johnston ndash General Manager naked Home Village

Hailing from the United Kingdom but with most of his working

life in resorts throughout Africa Richard brings with him over

20 years experience in General Management and Director level

roles in world class resorts including Azura Retreats Cape Grace

hotel and the Saxon Hotel Richard plays a key role in the set

up of systems training and operating standards His years

of experience and mentoring leadership style make Richard a

natural inspiration for our young hotel management team

Richard Johnston - naked 家园村总经理

RichardȅѳϯŘ=IgraveAringucircOumloacuteƟAacuteľѽiumlФмĸčљ=ϴϾŚɱOumlѴūŎȓũǁƐoacuteƟAacuteVȂAzura

Retreats Cape Grace hotel and the Saxon HotelltijʒŎȓǑϏ6RichardФƭȜ΄5ʅρũРαnѬĈɘʜѯŋƨѽϸ6ĖĥOumlǑϏũȭNtildeĘķ˼OtildeoslashͰɒɱʬOumlǙacircŎȓdivideϾѯѳʿOumlƊȘ6

45

Teun Hanegraaf ndash Sales Director naked Retreats

Teun obtained a Bachelors in Business Studies and Masters

in Strategic Management with a focus on Chinese Business

Culture Teun increased our corporate sales business by 350

in his first year with us bringing international companies

ranging from international conglomerates Unilever and Coca

Cola to more local institutions such as The Shanghai American

School and leading Chinese companies such as Bank of China

韩天宁销售总监

ȅѳŧȈɥEcirc=şɵϴϾ˙ϛλλλ5ЯɁŎȓѥѣЂѓŘ˙ϛŸlt6ȅƍOumlszligϞɱşɵƮŁOumlΝϛijȥ13=sŁAEligȅȥx˟ŘƙβOumlAringŁǸŲ=жʙѓϾŘƙAringʝϛȠūȚŴũǵǺǵȎ=ϚϾ˛ŝɐŘλΠUgraveIcircTHORNƉńũѓŘϫαUgraveѓŘȴʝϛ6

Oliver Yuen ndash nature Reserve amp Recreation Manager

naked Stables Private will be the first private reserve in China

with a wealth of new flora and fauna introduced to the project

from Sydney University Australia and as a fully qualified Ranger

working in many of the worldrsquos best wildlife parks Oliver takes a

special role in ensuring the environment of naked Retreats and

naked Stables Private Reserve will be full of life and a natural

self supporting eco system Oliverrsquos passion for both people and

nature make him the perfect person to teach our guests about

what we do and make their stay not only a relaxing one but

also a fun fulfilling educational one as well Oliver previously

worked in wildlife parks and resorts such as Azura Retreats in

Mozambique Mobala Private Game Reserve in South Africa and

Sydney Aquarium in Australia

袁鹏威 - 活动经理和度假村 生物学家

naked StablesƮѓŘszligϞĸϭljΪOumlцʾũiacuteʾOumlˆoacuteƟʵ6OliverѽϞɜGAringȚφͿɯAringλūķOuml˪λƝiacuteλƝ=ϡƎФǁĹTHORNOumlϙ˪iacuteВľѽOumlľѽе=Ф˼naked Retreats ũnaked StablesϾѯĖĥ˪ѱЕ5ʿѳĺOuml˪΄Oumlźǔľѽ˛QύѯіϘƶ˔6АʊoslashˆȏũѳʿOumlƊʮ˼ѻūOumlˆȅĵͰɒOumlǸˆͰɒѼOuml˷ɋ=sʨ˂ɒФжȕOuml˶ŒxLjLjČ=˶Ϛ˂ɒOumlǝѢǑșlOtildeϾǭΫcurren˹ũϾƷЋϤϦ6АʊтʣФɫčũGAringȚφͿɯѹŏiquestϙ˪iacuteВũWŰʵOumlľѽVȂMozambique OumlAzura Retreats Mobala Private Game Reservelt6

46

Philip C Davis Company Director naked Retreats

Phil joined the Board of Directors for naked Retreats hotel

management company in 2011 His previous board experience

includes Tian Rui Hotel Corporation holder of the master license

for Super 8 economy hotels in China and Hong Kong from 2006

to 2008 He also was a founding shareholder of Tian Rui and

served as its President and Managing Director from 2006 to

2008 He was a board member of Tian Xian Cheng a bai jiu

concern which is a joint venture between Pernod Ricard and a

2010

Phil was previously Chairman of the Budweiser (Wuhan)

International Brewing Company and Managing Director of the

AnheuserBusch business in China and Hong Kong from the

beginning of 1996 through 2002 From 2003 to 2005 he

headed the AnheuserBusch liaison office with Tsingtao Brewing

Company

Phil holds a PhD in history from Washington University and

started his career as a market researcher at a major advertising

agency in the US before moving to AnheuserBusch and

heading its consumer planning and new product development

functions in the 1980s

Philip CDavis naked 度假村公司董事长

PhilЂɱƞˏȥnakedoacuteƟʵǙacircŎȓŁOumligraveƁ6ϡĖĥOumlǑϏVȂФːǙacircƍˇф5ϡƎЂɱэɱФѓŘũѓŘΒIJEacuteˇSuper ǑƖǙacirc ʼnˆ6˶=ϚːǙacircƍOumlmiddot˽ʼnecirc=ФɱэɱʖƣEacuteˇƍOumlѵ|ũigrave6ɱэɱʖƣ=ϞƝІWȎȞƞũJǙ˪ȴʝϛƬɫūѱOumlʝϛ77ΐOumligraveƁГ6

iquestɱэɱ=Phil͵šBudweiserŘƙɳǙŁOumligraveƎѓŘũѓŘΒIJCŝyŁOumligrave6iquestɱэ13ɱ=CŝyũʫETHʌǙŁOumlȠɆdegOumlĤЩˆ6PhilϴϾŴ˭uacuteAringλOumlș˻дλvλ=ФǁɱCcedilȅOgraveCŝy5ĤЩΞĒŔŷũΪʑǭāĿɭтʣ=OumlϛʜzЂɐŘOumlϞƝœĵCcedilȓŁ=Eacuteˇaeligω6

47

OUR INTERNATIONAL TEAM

International team

Chief master planners amp architects

the urban landscape of modern China with Xintiandi in

Shanghai a commercial cultural and entertainment district

Since then the studio has worked on projects in very diverse

categories both small and large scale projects include mixed

use projects like the ldquoTiandirdquo in Hangzhou Chongqing Wuhan

and Foshan luxury villa and high rise residential complexes in

Shanghai and Vietnam as well as various boutique hotels and

Chalet Architects

A00 Architecture is most well known for their research

inenvironmental sustainability and its application to their

work in Architecture Interiors and Furniture Their portfolio

includes feature restaurants luxury spas retail stores design

conversion of dozens of historic Shanghai homes into highly

personalized residences

Interior Designers AIM (Architecture amp Design) brings expertise

in the combination of world architectural styles and design

influences to the interior designs at naked Stables Private

Reserve With the Shanghai office led by the two founding

on comfort warmth and a unique blend between African and

Asian design sensibilities

Landscape Architect

Design Land Collaborative (DLC) is a professional consulting firm

comprised of landscape architects and planners with an office in

Shanghai and the United States Projects have a strong emphasis

on cultural resources historic preservation and ecological

design involving both the public and private sectors

ͰɒOumlāЮdivide

ɴǵϡΑάOumlёȣ

ŘƙŸdivide

首席规划师和建筑师

benwood Studio Shanghai OumlсɜΙɧтϞѠĨШ˛ŝΪTHORNľ=˼ʙƍ˙ϛ5Ÿ5ЄȎϞOumlʵЉ6тŮ=ЁƻȥĹȏŔɟAringΟOumlΙɧ=VȂţјOumlͻůTHORN=іʱ5͵šƎę˗OumlŤŴpϡƎФ˛ŝũЛɫOumlijѢЭʵ=ȮŻϾФѓŘƎˉ_OumlĹȏǐʑǙacircƎoacuteƟ6

小圆房建筑

AOO Architecture ФźǔWŰƎǵ θāЮĈɘϾѯѭЛOumlƭ=s˘ƮʙƭϰϸЂɬƝѩ6ɒƻŚOumlΙɧVȂ˔5ŤŴȤѓΫ5ȫ˙acirc5ˤƗίǙacirc˛ŝυНǙacirc lt5ˆoacuteƟϡƎϞ΄ȧOuml˛ŝș˻ѢЭOumlCcedilŸƎˆŸĨШ6

ɬ ˤƗ˰AIMƭѡˤƗltѥѣЂǁƭѡĘķũˤƗOumlɐƿū=ϭNtildenaked StablesOumlɬˤƗ6ФȅѳŧȈũaȚ˶OumlūѽmiddotTˆȭNtildeOuml˛ŝTdegOumlUѠ΅=ˤƗѣі5ũφčˤƗȓɲOumlntildeˊū6

景观设计

Design Land Collaborative (DLC) ϞƝiquestǒōˤƗІŔŷOumlѥϛѰξŁ=Ф˛ŝІɐŘǩˤϾēрƉń6ʙΙɧ˘ЂŋѣŸș˻ĻЕ=ƿūźW˪ǴƔ=ѥѣЂŁŃƎϾTHORNOumlŔŷ6

48

Engineering amp Project Management team

Scott Wilson Group PLC is a globalintegrated design and

engineering consultancy for the built and natural environments

Scott Wilson is responsible for the project management the

electrical and mechanical engineering for the project

Environmental Consultants

Environmental Resources Management (ERM) a leading global

provider of environmental health and safety risk and social

consulting services ERM deliver innovative solutions for business

and government clients helping them understand and manage

their impacts on the world around them ERM have 137 offices

in 39 countries and employ approximately 3300 staff

Sustainability Consultants

Bisagni Environmental Enterprises (BEE) works with the

engineering and design teams to ensure the environmental

goals set out at the inception of the project are achieved

LEED Consultants

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

Local Design Institute

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

General Contractor

and have been responsible for some of Chinarsquos most iconic

properties such as the World Financial Centre in Shanghai

工程及项目管理团队

Scott Wilson Group PLCϞƝʺʳŔɟOumlźWˤƗƎľѰξŁ6Scott WilsonĤЩΙɧOumlaacuteʠƎƉΤľ6

环境咨询

Environmental Resources Management (ERM)ϞƝʺʳαϛȭѰξŁ=ŀźǔWŰ5ƫǰCʺƎŁŃˣƁĘΌUgraveѰξĞ6ERM˙ϛƎоġɑǸŲŀĨĶβOumlǀǧĈF=UѠɒȥǀsŎȓʙǑϱoslashˣƁźǔAEligȅOumlϳΗ6ERMФʺʳϾ137ĸēрƉń=myĸŘƝ=ϴϾAringК3300ɜГľ6

可持续发展咨询

Bisagni Environmental Enterprises (BEE)ІľˤƗdivideΑűūѽ=ϡʽWФΙɧǭ˽ƼotildeˤȜOumlźǔWŰǵ θāЮɧnOumlȚ˹6

绿色建筑认证咨询

Shanghai Pacific Energy Center (SPEC)ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlŁтϞ6

本地设计公司

Shanghai Baoye Construction Corp Ltd ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlαϛȭŁтϞ6

总承包商

ϞƝŘƝƐľVŁ=ϠƻȥηucircѓŘnьβΙɧ=țˍ˛ŝźʳDŽˊѓΫ6

49

naked COVERAGE

wwwcnngocom

ldquo25 killer things to do this summerrdquo

26 April 2010

Time Magazine

ldquoRun to the Moganshan Hillrdquo

新浪博客

ldquo避世的可能rdquo

31 December 2009

wwwenglisheastdaycom

ldquoThe first batch of ldquoChina Treasured Towns ldquo released

December 2009

Shanghai Urbanatomy

ldquoGet naked this time with horsesrdquo

Shanghai Daily

ldquoGreen MaGIC Casts design spellrdquo

14 October 2009

新浪商品

ldquo中国最佳设计酒店大赏rdquo

September 2009

wwwchannelnewsasiacom

ldquoChinarsquos green resort allows travellers to vacation on good consciencerdquo

2 September 2009

wwwbijianlinblshecom

ldquo莫干隐居rdquo

25 Aug 2009

wwwassociatecontentcom

ldquoThe Exquisite Moganshan Mountains of Chinardquo

Ɏ

Wikitravel

ldquoMoganshanrdquo

德清新闻网

ldquo承包国营林场建造生态ldquo逸站rdquo

wwwsinoeventcom

ldquo亚洲旅游地产及景点峰会成功举行rdquo

wwwchinatravelbrandingcom

ldquoPursuing Green for Greenrdquo

wwwbrandrepublicasia

ldquoMaking moves towards ecofriendly eventsrdquo

7 May 2009

wwwhandsonshanghaiorg

ldquoHands On Asia Conference Summeryrdquo

May 2009

wwwmyvacationcn

ldquo莫干山居rdquo

3 April 2009

wwwshanghaidailycom

ldquoThe naked truth Time to clean up Moganshan litterrdquo

4 March 2009

wwwgreennovateorg

ldquoMoganshan Project Kick Offrdquo

13 February 2009

Travesias

ldquonaked retreatsrdquo

Feb 2009

合肥在线

ldquo大山里的裸家族rdquo

20 October 2008

wwwentrepreneurcom

ldquoThe arrival of the Olympics showcases Chinarsquos burgeoning entrepreneurial spirit ldquo

7 August 2008

50

Shanghaiist

ldquoWeekend escape to Moganshan 莫干山rdquo

9 April 2008

私家地理

ldquo艳阳下的荫凉rdquo

30 May 2008

City Weekend

ldquoGet naked in Moganshanrdquo

25 January 2008

wwwbundpiccom

ldquo在这绿中撒点野rdquo

wwwhuzhougovcn

ldquo相中德清筏头的青山绿水南非客商莫干山下建生态逸站rdquo

wwwurbanatomycom

ldquo24 Hours in Moganshanrdquo

wwwhkheadlinecom

ldquo杭州莫干山竹林深处人家rdquo

15 May 2009

wwwnewsweekcom

ldquoBack from abroadrdquo

May 2009

Chinatravelnet

ldquoMoganshan A Heavenly Hideaway of Bamboo Forests amp Tea Plantationsrdquo

April 2009

wwwmzztmcagovcn

ldquo2009年踏青乐游路线推荐大公布rdquo

16 March 2009

第三媒体

ldquo规划一条畅快随性的踏青之旅rdquo

28 October 2009

wwwdqnewszjolcomcn

ldquo三九坞 ldquo裸家族rdquo钟爱的世外桃源rdquo

28 October 2008

ldquo自驾行天下rdquo之中国莫干山rdquo

Sep 2008

ldquoShiffting Gearsrdquo

Sep 2008

April 2008

Chewed up amp Spit Out

ldquoGet nakedrdquo

19 February 2008

ldquoBest Weekend Getaway Hotels Shanghairdquo

富世

Ecoefficient hotel低碳下榻

April 2011

Spa China Guy 男士派

Experiencing The Unique

2010

Cosmo 时尚

跨洋建屋隐居不隐世

April 2010

Global Times

The Mountain of legends

Global City Geography 城市地理

莫干山 naked Retreats 都市人一ldquo裸rdquo到底的山居生活

Dec 2009

China Daily

Rural Retreat

20 March 2011

China Daily

4th March 2011

Modern Weekly周末画报

圣诞低碳游

Dec 2010

Elite Traveler 携程自由行

旅尚

Esquire

Hidden Best Restaurants

Feb 2011

51

52

53

Page 9: Detailed Investor's Report

8

LOCATION

MAP of Shanghai to naked

County on the foothills of Moganshan Scenic Mountain

By Car

With the opening of the new Shenjiahu highway in 2010 the

traveling time to Moganshan is 2 hours drive from downtown

Puxi in Shanghai and also 2 hours from Pu Dong airport

By Train

With the opening of the new high speed trains across China

guest can now get to naked Stables in under 2 hours traveling

on the train from Shanghai Hongqiao Hub to Hangzhou and

onto Deqing Total train time is less then 1 hour

SITE MAP

地址地图

THORNȓя

从上海到naked的地图

pѾɅЂɢī˗Ęǒʵ˗ȸdegOumlOcircʭΎǔɬɤOumlˆѳʿWŰʵ

驾车

ѯɱ˥ƛůijOuml=iquest˛ŝʕͻ˙ϛʵƆʕecircƉOgraveɢī˗ǩъεΟ˶6

乘火车

ѯősup2ѓŘOumlijOumlˏРϱ=ȾǸiquest˛ŝŭʦǸРѓΫOgraveţјϡƎOcircʭΎOuml˶ƣʒǩ˟ЂΟ˶6ФƄ˛Oumlѵ˶ƣ˟ЂΟ˶6

9

10

THE RESORT

The experience

We believe that true luxury in the modern world is not

necessarily about designer labels and huge international brand

names but about privacy space spending quality time with

loved ones and rejuvenating your senses with nature All of

these elements have been brought together seamlessly at naked

Stables Private Reserve

After a refreshing welcome in our vibrant clubhouse your butler

will whisk you to your villa by electric golf buggy Enjoy sunset

cocktails on the deck and luxuriate in the sweeping views of the

bamboo forest whilst your butler unpacks your bags and dinner

playing the whole family congregates at the dining table and

dinner is served After dinner soak away the stress of city life in

your private jacuzzi on the deck as the stars wink overhead

Saturday morning starts with a hearty home cooked breakfast

and the thrill of a day filled with experiences in the mountains

Explore the local hills and forests on mountain bike Rejuvenate

and refresh in the sanctuary of the naked Leaf Wellness Centre

After a swim in the pool lounge in your villa hammock with

family and friends sharing precious moments

Kids will love the daycare centre with outdoor play area kids

pool art jamming music and laughter

Get your Sunday off to a great start with a family horseback

reintroduced to the hills Stretching and yoga are on offer in our

hilltop pavilions as well as tai chi kung fu and meditation After

fine tuning your archery skills finish off the day with a spot of

fishing in the nearby lake

If you choose to venture out of your villa for lunch enjoy

creative and delicious comfort food at either the pool cafeacute

or clubhouse Gourmet pizzas organic salads and artisanal

sandwiches will tempt you at the poolside Innovative Afro

Asian bistrostyle dishes are on offer in the clubhouse

oacuteƟAacute

经验

ͰɒΑάCcedilǁOumlинˡcentsxϞegraveϡijƐʑʁnьƆўɜOumlŘƙʑʁ=ʼϰħϴϾˆOumlǹƣ=ІΫBOumlˆŃoacuteɐťOuml˶Œ=sʨФѳʿźǔȕŽāʫsup1ƂȞ6ϾOumlжΡЏiumlƮФnaked Stables6

OgraveAumlƁŮɴƁOtildeOgraveͰɒĞdivideOuml˅ʮƻEgrave=ɴOuml˦ŎƝƁǭѯaacuteiacuteТɴOgraveɴOumlˆp6ˉɅ˶ēФϒΘϞZƋǙ=njФɊόOumlќŝтѓ6Іfrac14˶=ɴOuml˦ŎƝƁUɴΥ΅αȔѬ]=ĺɴAEligȅϞѕФƝOumlĭ6RѯɴBOumlϪȎ=ʺƝˆѾФѮiΘϸ6ćŮ=RѯɊĄέ=ФϒOumlˆDɠЌįȕżǀɴ˪ƂOumlτȞ6

їȳOumlЧ˽ЂϞuacuteĖ˭OumlƝЧ=ϞOumlǏΌfrac12ƊƂiacuteƮ˗ѓтȾ6ʛѯ˗THORNāǥIcircTHORN˗plusmnũ˕ȩOumlɕɖ6Фϕ˪Ɓŏѓaeligȓ˂ɴlOtildeĽƞcurrenɊƂȞ=ФϽ϶iexclРiacuteϞăтŮ=ȊϑϑOumlФpOumlaumlpara˛ļƝˆũʉϿŃoacuteɐť˶Œ6

ŜѲɒϚƮƁB˛thornѓΫ=ФжȕoacuteŚǽȎOuml˶Œ=ϩжȕϾƂiacuteTHORN5thornϽ϶iexcl=ƏήűiacuteŶ5ϪȎ6

˂ɴOumlїˉiquestІƝˆOumlʛɇϽȨǭ˽6ɴƮϾƉƁϞograveͰɒіΪϭˏ˗ѓOumlIcircTHORNȻѕ6Ђ˗ccedilOumlŏȕϾҋҀ5ƌ5ĿěUgraveƂiacute6ˢƩȡтŮ=ȅĦNjůicedilaringƿжϞтȾ6

ˍřɴκЪxФpȕͷ=϶iexclǬĎƆеǣȎiumlƮɴΘϸntildeɐOumlxĀκЪ6϶iexcliǬĎȕOumlɐ˸Ɲʍˑ5ϾƉ˔ȄϡƎľ˓ɛђiumlƮЀ˼ɰʸϞǗǕ6ǣȎȕŀϰΪʚOumlφčĘOumlґ6

11

In the evening join the visiting winemaker from South Africa for

a private tasting in our wine cellar followed by an outstanding

dinner featuring a myriad of organic and seasonal produce

sourced directly from the farm All dishes in the restaurant are

designed to be shared and enjoyed together

The warm summer months are filled with afternoon bbqs

evening musical performances in the openair theater and sun

dappled memories at the pool

Winter is crisp and perfectly peaceful as snow dusts the bamboo

forests Log fires crackle in the bar and winter cocktails warm

from within

Memories are created and moments are shared a naked Stables

Private Reserve

˛=ϞʜKċȅѳɫčOumlɳǙ˰=ФͰɒOumlǙѨȕʑɐǙ=ŻϾхƻȅѳɸOumlϾƉOumlΪΈ˸OumlĖ˭6ϞʜȅΘҗҖĺɴAEligȅOumlНH6

҈ϤOumlΆƕ=жȕɊͷŮ˞DZ=ȹǤOumlϝϪȎύordfϡƎ϶iexclȕϒŒLwOumlɐťſϥ6

жȕOumleumlƕʒǓΕũ=JμĢĩѯќŝ6ǙHȕ=ɦФƄѓˀ˞āordfʋɿ˩=ϞZeumlƕƋǙɭ˂ɴɻũηucirc6

ȅnaked StablesjуſϥΘɐť˶ŒH6

12

13

14

GREEN DESIGN amp CONSTRUCTION

LEED Green strategies

All about LEED

Developed by the US Green Building Council (USGBC) LEED

(Leadership in Environmental Energy Design) provides a concise

framework for measuring green building design construction

operations and maintenance LEED Platinum rating is the

USGBCrsquos highest rating with strict criteria encompassing energy

savings water efficiency CO2 emissions reduction improved

indoor environmental quality and stewardship of resources and

sensitivity to their impacts A LEED Platinum qualified building

should use at least 30 to 40 less water and electricity than a

normal building At naked some of the things that have been

done in aiming to achieve this award are

recycling

flushing and irrigation

water

waterless urinals

buildings

consumption

ɀ˔ˤƗІƭˤ

绿色建筑认证

关于LEED

ϻɐŘɀ˔ƭѡƁāʜ=LEEDɀ˔ƭѡˈпltȣɀ˔ƭѡˤƗ5ƿń5РѽϡƎŰŀƥƾOumlȀơ6LEEDɐŘɀ˔ƭѡƁ˄ƽɭ5ѱЕȚϸȿ5ƱUacuteĀϓŸʀČ5˫ɬźǔёȣ5ѱЕŎȓƎoslashʙϳΗOumlɚĭoacuteψķnѬOumlѻijưΙ6ϞmicroϴϾLEEDˈпOumlƭѡϰħaʔƭѡ˟˼ϸOumlaacute6Ф =ͰɒϚѼȥŬucircľѽȅлʷOtildeOgraveжĸưΙ

ƭѡƽˬȥ13OumlɭЕ˼ϸ

ƭѡƽˬȥOumlϸȣ

iquestͳccedilũɇȺƍȅOumlЅϸЂҔͲOumlνźȚϸ

ϾҔͲũđiuml^ſϸЂyenũŐĪ

LJA˗ňȱOuml˳THORNǖŸȥƂ

˼ϸUacuteȱȣOumlЌŊegraveѩяϡƎɶ˾umlɇɗyen

Οkiexcl

ϸЂЎ˅Oumlϒɭ˅ƞ˅ʠ

ϸЂƞ˅ũȐʼƭѡOumlƽɭЕкʢ`

pѩϾ˅ſѩяȅƱUacuteɭЕΞŦ

15

use Incentives given to reduce energy consumption

a factory 20 minutes away from site

window frames bricks and roof tiles

Council)

material

property

recharging stations

within a radius of 800km

CѩФϾp˛OumlɭȣƗϸȅƢethǸˆOumlɭЕ˼ϸʮ

ȁ6ŻɭЕΞŦOumlƦ˟ŀuumlOumlưȘ6

ϸ˼ϸќΧdzȝOumlŗȷƞ˅ŀɻ6ќΧdzȝȅѳǢȑͰɒ

ēєȺЗOumlϞƝľ

ϾOumlʥũacuteŲiumlijoacuteǨЖ

˼ϸɘŒŵOumlUacuteĝˢtȟ

˼ϸUacuteʀČOumlȦ

˼ϸſȚϸOumlǛɦёͳccedilơ5џѲ5џƈ5acuteȀ5ѦǼũ

ͳccedilʎ

Ś13OumlɦϻFSC˕ȩŎȓГƁltʹ

˼ϸǵУ˪OumlŸќѐTHORNO

pɬʺ˼ϸLEDtimesũΟίOumlϲŒtimes

oslashϾƭѡѻAringoacuteOumlljαѳʿŒũĘ

ѝTHORNъПηijyumlěljˏ=ijyumlěϻϒɭŀaacutesɭФ

ѤTHORNcurrenaacute

OumlƭѡȦiumlȅѳĈДŁȕɬOumlʵЉ

Ś13OumlƭѡđȦ^ſȚϸ

ϾoacuteƟAacuteOumlȃƇiuml^νźȚϸ

notĉũȃƇ^ϸѽĐȦ

oacuteƟAacuteɬϴϾϾƉųВ

іΪϭˏϙ˪iacuteIcircTHORNȻѕlt

WŰѳʿiacuteцʾ

16

17

THE DESIGN IDEA

Tree Top Villas

树顶别墅

To touch the sky at night and look down on the forest in the morning is what owners of the tree top villas will experience High

above the forest canopy 30 luxurious homes are perched in the tree tops Spacious wooden constructions with large sundecks spill

into the panoramic views of the mountains

macrɞҌҍOumlϝǹ=ϔѪȗOumlҐ=жǜϴϾccedilpOumlˆɒntildeΘOumlҕȞǒ˔6icircŤŴѢЭʗͽФ˕ȩŌт˛=pǡϞķ6аФǾOumlɦѐΟͳѓ=œOumlɢī˗ʺǒǍόYacute6

Each villa is built on stilts to minimize its physical footprint and maximize the views for its discerning owners The prefabricated villas

are made by innovative construction technology known as structural insulated panels (SIPs) With high insulation value and zero

construction waste these lofty eco dwellings are like no others offering you an energy efficient home that is beautiful and at one

with nature

ccedilpOumlƭѡaumlƵȵƿń=iquestyacuteƦ˟oslashБ˽˪źǔOumlϳΗ=sѻAringΏoacuteOumlЮϹɐOumlǒ˔6жΡЎѐOumlpϸѻΪǴƔOumlƿńWOѐШOuml6ccedilpOumlˤƗтѽ=ʹđȦͲˁssectѳʿ=ŀϞĸЁϾʑЁʩNjѳʿOuml˪ѢЭ6

The villas are intended for life Overlooking the mountains and forest below each home has a very large outside deck

complemented on the inside by an open plan kitchen with all the latest amenities dining room living area and opium den for

relaxation and entertainment Large sliding doors and full wall windows welcome natural light while sophisticated air conditioning

systems ensure your comfort Double layered glass keeps the view in perfect focus hushing all sounds to perfect stillness Wooden

floors soft lighting and high ceilings add a sense of warmth and space

ccedilpѥ˪Ƃyacuteƭ6Ġғ΅ɘOumlʾ˗ũ˕ȩ=ɏicircƭѡǩˤϾǾAringOumlϒ=ʆϡCcedilOumlмǭČ˾notĉ55˪ƂʵũČЄȎ6ǾAringOumlȄɑũмɘɅTHORNAringacuteǵɩѳʿˉŒ=˶ljOumlǹaelig΄ǵʽWɴOumloacute6tȟǵȯɴФѻƜƶoacuteΩ˚ɐǒOuml˶xƁOgraveĹѕ˩ϪOumlī˃=ntildedegЂϞʎǓтѓ6ʿOumlɦTHORNO5ˌũOumltimesŒũǹOumlųϣЫȥɻũǹƣĭ6

ˤƗȓɲ

18

Tree top villas

Roofs thatched

19

20

FLOOR PLANS

Treetop villa 2 bedroom villa ccedilpȢͱĉ

ʒɘ

Interior area 室内面积 13768sqm

Exterior area 室外面积 50sqm

Total usable area 实际使用面积 18768sqm

21

Level 1 一层

Interior area 室内面积 7088sqm

Exterior area 室外面积 102sqm

Level 2 二层

Interior area 室内面积 668sqm

Exterior area 室外面积 398sqm

22

Treetop villa 3 bedroom villa ccedilp˓ͱĉ

Interior area 室内面积 20214sqm

Exterior area 室外面积 664sqm

Total usable area 实际使用面积 26854sqm

23

Level 1 一层

Interior area 室内面积 10334sqm

Exterior area 室外面积 118sqm

Level 2 二层

Interior area 室内面积 988sqm

Exterior area 室外面积 546sqm

24

Treetop villa 4 bedroom villa ccedilpͱĉ

Interior area 室内面积 2667sqm

Exterior area 室外面积 863sqm

Total usable area 实际使用面积 353sqm

25

Level 1 一层

Interior area 室内面积 136sqm

Exterior area 室外面积 168sqm

Level 2 二层

Interior area 室内面积 1307sqm

Exterior area 室外面积 695sqm

26

FITTINGS amp FINISHES SCHEDULE

EXTERIOR AND INTERIOR FINISHES

External walls

Structure is built from steel and SIP (Structural Insulated Panels) External wall is cladded with painted fiber cement board

Internal walls

emulsion paint

Ceiling

Ceiling is finished with emulsion paint

Flooring

Bedroom is finished with heavy strand bamboo flooring

Balcony

Balcony floor is finished with Wood Plastic Composite decking (M wood) Railing and trellis made with Liu An wood Balustrade is fitted with metal and Liu An wood

Window

bedrooms are fitted with double glazed LowE glass and Roto hardware

Kitchen amp powder room

Floor is finished with natural tile Kitchen cabinets and sink are provided Kitchen counter top is fitted with natural stone

Bathroom

Wall and floor are finished with natural stone

Doors

Entrance door is made of solid core timber fitted with Saflok RFID locks Bedroom doors are fitted with hollow core timber fitted with Saflok RFID security locks

ƭѡȦƎˤ]ɛ

室内外材料

oacuteƟͳʥ

oacuteƟͳƿńˤƗĮƿńƎƿńWOSIPlt6ʥϸΉɮOũʘ6

ɬʥ

ǸćƎͱтɬʥǩϸĔƎˎƲʘ6

ų

ųɘˎƲʘ6

THORN

ǸćģūɦTHORNO6ͱіќTHORNO

ȹ

ȹϸɦOʓʟ6ʈȲҎɦѐШOuml6ȇĬϸDŽрƎȲҎɦĜ6

acuteŲ

Ǹć5ͱOumlacuteŲϸȽɦѐacuteȀʆ-3ѓǹtȟƎ-0-ͶDŽʆƪ6

notĉ

THORNϡƎɘϡʿTHORNѦʓʟ=notĉŀlaquoŖϡƎʇ6notĉɘʿ˵6

Ќ

Ќʥ˦ƎTHORNϡʿ˵ʓʟ6

ɑ

ˏǺAringɑϸ˹Ψɦɑʆ˛-)ljordfɑNJ΄6ͱɑϸǹΨɦɑʆ˛SaflokljordfɑNJ΄6

27

MECHANICAL AND ELECTRICAL INSTALLATIONS

Heating and Cooling

AIRWELL centralized water source heat pump is provided Fresh air intake with heat recovery system is installed

Electrical provisions

are provided

Electricity

Concealed conduits are provided Threephase electricity supply with miniature circuit breaker distribution board is provided

TV telephone and internet connection

Satellite TV with all major international channels

is provided in all the villas Telephone outlets and wireless internet connection is provided

Hot water supply

Huang Ming solar hot water heater and Rinnai gas water heaters are installed for the villa

Water supply and pipes

Concealed copper pipes are used for both hot water and PPR pipes are used for cold water

The resort will be patrolled 24 hours a day CCTV system is in operation throughout the resort 24 hours a day All the villa front doors and bedroom doors are fitted with Saflok RFID security lock system

APPLIANCES TO BE PROVIDED OR INSTALLED IN EACH DOMESTIC

UNIT

机电设施配套

ŀɻũѐȐ

ɽyumlƍѓ˾Е˅`΄6ΪĘ˅ſ΄6

Ɲaacute

ʆEΐNtildeŎOumlǭŋϡƎѿ6

aacuteȞŀϰ

ѩϾϮ˾ΐȺ=ʆϾίoumlȺʠ=ʆaacuteΓOuml˓ΑaacuteЕŀϰ6

aacuteƎςˤ]

έaacute=ʹΐaacuteŹũʹΐȺ6

˅ˤ]

žɛϒɭ˅ʠƎȩɬɌʡ˅ʠ

Ŏ

˅ŀϰŎǩϸϮc˾ĮŎ=ȐŀϰŎŎ6

WCˤ]

oacuteƟAacuteˤϾϾΟ˶ѽOumlgȺaacute΄ϡƎΟ˶OumlπɄ6ˏǺAringɑƎͱϸSaflokljordfɑNJ΄

标准住宅单位附送以下设备

Stove BAUMATICExaust fan BAUMATICOven BAUMATICMicrowave BAUMATICFridge BAUMATICBARMini fridge (2 3 bedroom) BAIXUEWine fridge (4 bedroom) BAUMATICBEDROOMMini fridge BAIXUEBath KOHLERTERRACEBarbeque grill

TelevisionDVDBATHROOMShower KOHLERBasin KOHLER

notĉ aacuteraquoȷ ʄɇUcircǷnotĉϼχƉ ʄɇUcircǷnotĉaacuteDZΓ ʄɇUcircǷuȷ ʄɇUcircǷɬяrΓ ʄɇUcircǷHΟrΓ=ĉlt JμǙŖĉlt ʄɇUcircǷͱΟrΓ JμЌį Ǵȍȹ˞DZΓҒĉaacute ɯDVD ɯЌȪЌʠ Ǵȍʇ Ǵȍ

28

NOTE

1 The Developer reserves the right to substitute other materials

or appliances of comparable quality and standard for the

intended items as listed in above fittings and finished schedule

2 The fittings and finished as listed above shall be subject to

the terms of formal Agreement for Sale and Purchase Those

provisions may have slight variation in the color measurement

3 The Developer reserves the right to make modifications and

changes to the building design fittings and finishes without

prior notice

4 Fittings and finishes of the Special Units may be different

from those of the Typical Units

备注

āЮ˙WȰϞʧʹȞ=Dв˹ƙʮȁεϘϡUgraveётƭѡȦϡƎˤ]Ccedil˛ȧĹΙ6

˛ȧĹΙȦϡƎˤ]ǩϡн˾ɈɉūКOumlǿщegraveѬ6ĹΙƭѡȦƎˤ]ǵɭƁФϋ˔=ȣoacutepoundAcirc5ȓ5ѺуƎƆľ˛ordfʬp6

āЮ˙WȰϞʧʹȞδeacuteϡƎĽĨϛOumlˤƗ5ƭѡȦϡƎˤ]ʹεȮαс6

˔EumlЏOumlēƭѡȦϡƎˤ]І˛oȧĹΙǵɭϾx6

29

PURCHASE OPTIONS

Buying a Tree-top Villa at naked Stables Private Reserve involves signing a Sale and Purchase Agreement with the development

company and a Lease and Management Agreement and Deed of Conditions with the Hotel Management Company The Management

Agreement requires the purchaser to lease the property back to the Hotel Management Company to manage on the ownerrsquos behalf

There are two different plans which are available for buyers

在 naked Stables 购买一套拥有不动产权的树顶别墅包括与发展公司签署一份买卖协议以及与酒店管理公司签署一份租赁管理协

议和条件契约管理协议要求购买者以业主的名义向管理公司出租其别墅以供其管理买家有两种方案可供选择

ŅɈκΙ

30

OPTION 1 - FLEXIBILITY

1Owner Usage Rights

Zero usage restrictions

Early reservations are required to secure Villarsquos especially during prime and peak seasons If a Villa Owner does not provide the

required advance notice for a reservation the resort may be required to offer the owner a different unit or in the worst case no

availability at all

1 业主使用权限

ȫ˼ϸΏѐ

ϘʴʣЎegraveˏѢp=ϺʙФƐƕ6ˍřpϛѝɍϾŀϘʴOumlϸЂЎegraveOumlЎс=oacuteƟAacuteƮʙŀȮϞdegѢdeg=ƆеѻЦĴOumlʮȁɍϾǹĉ6

2 Rental Revenue

2 租金收入

a Rental revenue

Whilst not in residence the owner will be eligible to earn a pro rata 36 of the room revenue generated by the Reserve during their

absence Ie Everyday the revenue generated by the entire resort is divided amongst the owners not in residence on that day When

an owner is in residence he forfeits his opportunity to earn revenue

ѸDŽˏ

ϛѝxǝѢʖƣ=ƮOtildeOgraveoacuteƟAacuteordfѸʙĉͳOtildeϧOuml6ɏoacuteƟAacuteordfѸɨΡxǝѢФfrac14OumlϛѝOumlĉͳOtildeOumlϧƮ^ʒǩēʆĺжΡϛѝ6IcircϛѝǝѢФʙpȕ˶=Ʈ˱ʸƅOtildeϧOumlƉƁ6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

选项1-灵活性

31

c Cashing out your returns

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

gtƮɴOumlſYŚDŽĈ˾ʷordf

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſYϧ6ˍřϛѝκЪxʷordfOumlϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3 有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecom services

included in the Services Fee to the owner whilst in residence The services fee is 300rmb per room per night This fee is charged on

all rooms regardless of which are in use

4 服务费用

IcircϛѝФoacuteƟAacuteǝѢ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸѓ6ɏĸĉƣɏOumlĞĒϸЏˆəe6жĸĒϸΛϾĉƣʷOuml=xɃfrac14ĉƣĚФ˼ϸ6

5Maintenance

4 of hotel room revenue will be reserved for ongoing building maintenance This will be deducted from the ownerrsquos share of total

room revenue

5 维护

ǙacircǸĉˏOumlƮ^ȰѽŮθƭѡδтĒϸ6ħēDŽuumlƮiquestϾˆǵēOtildeOumlǙacircǸĉˏĕuumlѓǻshy6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGEEarnings Per Room (36 of gross room revenue) 124173 170827 221315 253507 263647 2066942 Bedroom 收益 ndash 双人间 248346 341653 442631 507013 527294 4133873 Bedroom 收益 ndash 三人间 372519 512480 663946 760520 790941 6200814 Bedroom 收益 ndash 四人间 496692 683306 885261 1014027 1054588 826775

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 41 57 74 85 88 69

3 Bedroom 收益 ndash 三人间 9000000 41 57 74 85 88 69

4 Bedroom 收益 ndash 四人间 12000000 41 57 74 85 88 69

Hotel revenues and owner rental yield - Option 1 Flexibility

32

OPTION 2- STABILITY

1Usage Rights

1 使用权限

选项2-稳定性

Total Permitted Usage Prime Peak SeasonPermitted Usage

Peak SeasonPermitted Usage

Out-of-SeasonPermitted Usage Blackout

40 days per yearNo occupancypermitted

Up to 20 days per year but no more than 7consecutive daysfor any one stay

Up to 20 days per year but no more than 7consecutive days for any one stay

No occupancypermitted

允许使用总数主要的旺季允许使用

旺季允许使用

淡季允许使用

无折扣期

每年40天 不允许占用 每年20天但是每人

不能连续居住7天每年20天但是每人 不能连续居住7天

不允许占用

Prime Peak Season To be published by naked Retreats in according to government notification every year Prime Peak Season

Middle Autumn Festival (Sept) excluding Blackout dates

Ɛƕɏɱϻnaked RetreatsĻǟоġĵāordfс6ƐƕVȂѓŘsup1ƽϞМĀМlt5ȋiacuteƽͶМlt5Řʱƽ˴Мlt5ʭɛƽМlt5ѓʲƽǘМlt=xVȂʹгǻʖ6

ƕiquest˓МOgrave˴ϞМʖƣOuml10ĸїɡϡƎ10ĸľѽˉїʖ=xVȂƐƕũʹгǻʖ6

OutofSeason 20 days during December to February excluding Prime Peak Season and Blackout dates

Iacuteƕiquest˴ĀМOgraveĀМʖƣOuml=xVȂƐƕũʹгǻʖ6

Blackout Dates Peak demand dates such as holidays sporting events groups and citywide conventions Local cultural events

all as specified by the Hotel from time to time

ʹгǻʖεʴijėʖVȂƟʖ5Ћ˒5ũʺβOumlƁϨ6IcircTHORNɾyumlOumlŸƂiacuteiumlƮDвǙacircOumlɛljα6

2 Rental Revenue

2 租金收入

a Rental revenue

Regardless of your usage of your property your rental return will be fixed at 5 for the first 5 years of operation After this period

you will automatically migrate to the Flexibility plan

ѸDŽˏ

xɃɰOumlĉ˼ϸoacuteˍŪ=ͶɱOumlѸDŽϧiumlŊegraveOuml136ФжтŮ=ɴƮѳiacuteѧˏȬƂβĈF6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

33

c Cashing out your returns

gtƮɴOumlſYϡDŽĈ˾ʷordf

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſY6ˍřϛѝκЪxʷordfʙϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecoms services

rental option

4服务费用

IcircϛѝǝѢФoacuteƟAacuteȕ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸȕ6жϞȏOumlĞĒϸxVȂegraveβordfѸʆ6

5 Maintenance

Of the 5 guaranteed return generated form your property during the period you are not in residence the management company

will retain 4 of this return for maintaining your Villa The maintenance fund will be pooled and used for all Villarsquos in the resort

5维护

ɴxǝѢʖƣiquestɴOumlĉѓƮ˪Ouml13OumlſY=ŎȓŁƮWȰжbſYѓOumlϸѽɴpOumlŰ6ŰƈDŽƮ^ūsʜȅsϸЂϾoacuteƟAacutepOumlŰ6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Hotel projections

Rooms Available 可用房间 not relevant 非主要Estimated occupancy 预计使用率 not relevant 非主要Estimated average daily room rate 预计每日平均房价 not relevant 非主要Growth in room rate 房价增长率 not relevant 非主要Annual room sales 年房间销售额 not relevant 非主要RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE2 Bedroom 收益 ndash 双人间 50 50 50 50 50 503 Bedroom 收益 ndash 三人间 50 50 50 50 50 504 Bedroom 收益 ndash 四人间 50 50 50 50 50 50

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 300000 300000 300000 300000 300000 300000

3 Bedroom 收益 ndash 三人间 9000000 450000 450000 450000 450000 450000 450000

4 Bedroom 收益 ndash 四人间 12000000 600000 600000 600000 600000 600000 600000

Hotel revenues and owner rental yield - Option 1 Flexibility

34

Option 1 - FLEXIBILITY Option 2 ndash STABILITY

investment returns for your Villa are influenced by the

success of the resort and the number of days you use

your Villa

Stable implies both your returns and your annual

usage rights to your property are fixed Regardless of

how well the resort operates your returns will remain

the same Equally you will only have a fixed number

of days allowed in residence

Usage Have unlimited usage rights to their Villa 40 days usage per year

Rental ReturnEarn 36 of the pooled returns from the entire resort

whilst not in residence

5 guaranteed return on their investment regardless

of resort performance

Resort Discount20 discount on all resort amenities and activities

(including SPA and Restaurants)

20 discount on all resort amenities and activities

(including SPA and Restaurants)

Services FeePay a Services Fee of 300rmb per room per night

whilst in residence

Maintenance4 of all room revenue is retained for maintaining

the owners Villa

4 of all room revenue is retained for maintaining

the owners Villa

选项1 ndash 灵活性 选项 2 ndash 稳定性

ȬƂβϸЂ˼ϸІſY6ɰOumlpѱſYʷǧЂoacuteƟAacuteOumlĿǑϱũɰoslashpOuml˼ϸoacute

ŊegraveβϤѯɰOumlſYũɏɱoslashЂɰOumlĉOuml˼ϸʹΏiumlŊegraveOuml6xɃoacuteƟAacuteOumlǑϱѫȁϾucircť=ɰOumlſYiumlŊegraveOuml6ϖTHORN=ɰъϾŊegraveOumlПηǝѢOuml6

使用 ʹΏѐOumlp˼ϸʹΏ ɏɱOuml˼ϸʹΏ

租金收入 ФxǝѢʖƣ=ƅOtildeмĸoacuteƟAacuteūsſYOuml xɃoacuteƟAacuteǑϱѫȁˍŪ=Wп13OumlſYϸЂѱ

度假村折扣 ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt

服务费用 ǝѢʖƣ=ɏĉƣɏЏˆəeOumlĞĒϸ čѝϘ

维护 ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ

OPTION COMPARISON

选项对比

35

36

INDUSTRY RETURNS AND BENCHMARKS

INDUSTRY REPORT

行业报告

Tourism and urban resorts is one of the fastest growing industries in China According to industry consultant HVS cities such

as Shanghai Beijing Shenzhen Guangzhou Hangzhou and Tianjin all have a population where a critical mass of highly affluent

individuals and successful companies exist generating demand for suburban resorts

ФѓŘ=ȾϽϛũoacuteƟAacuteσɓāЮOumlαϛтϞ6ĻǟʺʳǙacircĞϛltOumlϞΙYĵ˿=ФѓŘOumlѝϘˍ˛ŝ5[ǎ5˧5œј5ţјũdžǩēyѯAringȣOumlĥЍˆʾũĿOumlʝϛ=ϻfrac14ϚƊāȥoslashƴʵoacuteƟAacuteOumlƌAringεʴ6

Amongst other things the exponential growth in private vehicles has seen a huge increase in demand in the leisure market With

the completion of the shenjiahu highway in 2010 the travel time from downtown Shanghai to Deqing is now 2 hours Also with

stop at Deqing) scheduled to open in late 2011 travel time from downtown Shanghai to Moganshan will take between 15 to 2

hours When comparing travel times to get to other resort destinations in China ndash eg Hainan or Lijiang flight times might be within

2 or 3 hours total travel time including travel to airports and check in make the whole trip 6 to 7 hours plus additional travel cost

Within the 2 hour travel radius of Shanghai the quality of resort destinations is also (in our opinion) not at an international standard

with most hotels simply being lsquocity hotels in the countryrsquo rather than true resort properties operating at international standards

shyfrac14т=ѯĸˆγΊOumlāЮ=ĸˆƸϴϾȿϚσʂ˫6ѳɱ˥ƛůijϡŮ=iquest˛ŝOgraveOcircʭϚLjεϘĸΟ˶Ouml6ΪƭOumlijǵϡФ13ēєɬiquest˛ŝUumlAumlţј6ƏƮФɱYacuteǫľOumliquestţјOgraveɫǎOumlijѓϾϞаDzOcircʭlt=ъεϞĸSΟ˶OgraveȢĸΟ˶ǜǵϡiquest˛ŝѓΫOgraveAumlɢī˗6ˍřІѓŘOumloacuteƟˮTHORNŝɫ5ȒƯUgraveaƹ=shyȥϘųĒэĸΟ˶Oumlďα˶ƣ=ŻϘФVȂʣƉ=CʺƤũUgraveEgraveOslashƉ˛ų˛эĸΟ˶=ĽxϸɨΡuumlOumlαųΝȥ6Ѷō˛ŝїiΟ˶ɬOumlγΊoacuteƟʸdeg=э˟ͰɒˈltІŘƙŸnѬŻϾѯɛOumlǢ6AringēOumloacuteƟǙacircϚũѓOumlɨΡǙacircɍϾ_ёOumlʵp=ЗЗAumlxOgraveинŘƙϤϦ˛oacuteƟίĉΙɧOumlϘʴ6

ϛѝЎʖſYІaƹ

37

OUR NICHE

我们的利基

naked sees a need in the market for world class expertly designed and operated resorts which are within 1 to 2 hour travel time

of major cities in China As with other urban resorts we believe that the Leisure market and the MICE (Meetings Incentives

Conferences Events) market will be a huge driver for our business In addition we feel that we are already at the forefront of

the growing focus and concern on environmental design building and operations as well as the growing interest in nature and

environmental education At naked we also place a high emphasis on facilities and services for the entire extended family ndash from

children to parents to grandparents that other resorts do not place dedicated resources for

nakedЎƧOgraveȥФѓŘжϞεʴƏǢȑѝϘϞэȢĸΟ˶Ouml=˶ЁhζǁϞȱOumlѥϛˤƗũŎȓOumloacuteƟΙɧ6ͰɒΑάγΊũƁƁϨ5ưȘȾϽ5AringίʝϛƁϨ5ƂiacuteЮȉltOumloslashͰɒϛOumlіAringʤȞ6frac14=ͰɒФŋѣũiacuteźWίˤƗ5ƭШ5ŎȓũźWȓɲœ˛ϠǑѷФȥαϛȭя=ФnakedІαϛеxͰɒϚіoslashЂˣʵѓOumlŜѲ5Ɲ5ȌеOumlĞũˏ6

As such we feel very confident in the rates and occupancies that we will achieve Regarding room prices when benchmarking

against some of the other leading hotel brands in the resort market such as Aman Fayun Hangzhou Banyan Tree Hangzhou Fuchun

Resort Hangzhou Mandarin Oriental Hainan and Commune by the Great Wall average rates in March 2011 for single bedrooms in

this set are ~ RMB2800

ϩfrac14=ͰɒoslashЂˏѢĉƠϡƎˏѢȿcurrenɊάΫ6ФˏѢĉƠĈɘ=ІʙФoacuteƟAacute˛OumlсɜǙacircʑʁaƹ=ˍCҊĂО5ţјНҏѨ5ĥsup1˗ǝ5˓φŴecircĈǙacircũƵ΅OumlŁˣ=Фɱ˓МOumlEumlˆƣʒǩƠķ=6

Regarding occupancies we are confident to achieve occupancies of around 60 after about 4 years of operation but forecast

conservatively that our occupancies will start from around 35 in the 1st year of operation and grow steadily to 45 in year 2

55 in year 3 and 60 after the hotel is lsquomaturersquo from year 4 onwards

ФˏѢȿĈɘ=ͰɒŬϾάΫǑŚɱOumlǑϱ=ͰɒǵϡAumlOgraveOumlˏѢȿ6WŇƗ=ͰɒOumlˏѢȿƮƁϻszligϞɱOuml13=egraveЫOgravefrac34ɱOuml13ũszlig˓ɱOuml1313=szligɱϡŮƮƁЫOgrave6

Given the above estimates we believe that owners can expect attractive investment terms as illustrated in the table below

Ļǟϡ˛OumlŇƗ=ЎƗϛѝɭņOtildeOgraveOumlѱſYƮƁˍ΅o˿

CҊĂО

НҏѨ

ĥsup1˗ǝ

˓φŴecircĈǙacirc

Ƶ΅OumlŁˣ

RMB4270

RMB3500

RMB2000

RMB2150

RMB2388

Aman Fayun Hangzhou

Banyan Tree Hangzhou

Fuchun Resort Hangzhou

Mandarin Oriental Hainan

Commune by the Great Wall Beijing

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966

38

39

ͰɒOumldivideTHE TEAM

40

Grant Horsfield ndash Chairman naked Group

Grant a native of South Africa is Founder and Chairman of the

naked Group

Before coming to China in 2005 Grant worked in England

and South Africa with more than 10 years business ownership

experience With background in IT he launched eBites

Limited in 2000 Operating nationally eBites was both a

publishing company and a callcentre facilitations company with

headquarters based in Cape Town In 2004 Grant received

an MBA from University of Cape Town Graduate School of

Business Upon graduation he decided to come to China as he

saw China is where business opportunities lie

After spending two years in Shanghai he found himself

overwhelmed by the metropolis and missed the natural beauty

of his home From this desire and need sprouted the concept

for naked Retreats which was launched in 2007 Grantrsquos vision is

to create sanctuaries that are in harmony with the environment

where people can appreciate the simple way of nature and

embrace the naked lifestyle Grantrsquos tireless efforts in promoting

ecotourism in the rural areas not only created jobs but also

pride for the local community He received an environmental

award from the Huzhou Government in 2008

高天成 - naked集团总裁

ij=ɫčIcircTHORNˆ=nakedƍOumlmiddot˽ˆũѵ|6

Ф13ɱȅOgraveѓŘтʣ=ij˪ЬФϯŘƎɫčľѽ=ϾŚɱOuml˙ϛǑϱƎРѽǑϏ6ФʙITǒOumlUѠ΅=ɱij˪ƭȜȥeBitesϾΏŁ=eBitesŁƮϱΝІaacuteŹĞѓΫLJɖƿū=ʙѵˤФǭʔugrave6ɱ=ijƅOtildeȥǭʔugraveAringλ˙λЙOumlMBAλ6dϛŮ=ǧegraveȅѓŘ=ϩǯOgraveȥжȕOuml˙Ɖ6

Ф˛ŝEgraveȥȢɱтŮ=āѳƓxȥ˪Ƃ=sʨAtilde˱ȥѳʿɐǒ6ФжѕИІεʴOumlʶ˼΅=ƭȜnaked Retreats

OumlΖĂФɱOtildeOgraveȥ˹˲6ijOumlΖĂƭШϞĸ˯THORNІѳʿũΣŃdeg=ˆɒǵϡΘѳʿ=ΘnakedOuml˪ƂĈ˾6ij˫ΔAacuteTHORNʵ˪ȾϽѽordfOumlxΦɹȞ=xLjmiddotШȥľѽıŻOtildeOgraveȥIcircTHORNˣʵOumlХϐ6ij˪ƅOtildeȥɱůјоġNāOumlźWAring˼ư6

41

Delphine Yip-Horsfield ndash Partner Ben Wood Studio Shanghai

received her Master of Architecture degree from Harvard

Boston prior to moving to Shanghai to oversee the award

winning Xintiandi project on behalf of Wood and Zapata In

the fall of 2005 Delphine became partner at Ben Wood Studio

Shanghai

Drawing from her own experience of diverse cultures Delphine

has led a multitude of high profile projects such as Hangzhou

Xihutiandi Zhujiajiao Oriental Garden Shanghai Waitanyuan

Beijing Palace 77 Shanghai Hongqiao Commercial Core Lijiang

Lashihai Resort Masterplan etc

In 2006 she was selected Wallpaper magazinersquos first annual 40

under 40 designer of the year

Delphine is the chief master planner and architect for naked

Home Village and naked Stables Private Reserve She also

oversees the visuals and styling of the naked Brand

叶凯欣 - 上海Ben Wood设计室合伙人

ϜǮΩɺ=Ben Wood ˤƗľѽOumlѵƢ=śęAringλƭѡλ6ȅ˛ŝтʣ=ФΒIJ5ɷКũuuacuteľѽ6ȅ˛ŝŮ=CcediloWoodũZapataĤЩΪTHORNΙɧOumlƢethľѽ613ɱʲƕ=ϜǮΩɺBen Wood ˤƗľѽūƃˆ6

ϾѯxŸϽșǑϏOumlϜǮΩɺ=EacuteˇȥηucircijocircΙɧOumlƢeth=VȂţјͻůTHORN5њƝƶecircĈųВ5˛ŝЕ5[ǎłatilde5˛ŝŭʦ˙ϛѓΫ5ȗƯȄŝoacuteƟAacuteѵŔŷˤƗUgrave6

ɱ=ˏκȥWallpaperСьǃɱoacuteϡ΅OumlˤƗ˰6

ϜǮΩnakedƝВAacuteũnaked RetreatsOumlѵˤƗеũƭѡ˰6˶ϚĤЩƢethnaked˙nOumlFũĘķˤƗ6

42

Kang Yang Lim ndash Group Chief Operating Officer naked Group

Group with over 13 years corporate finance and real estate

development experience Previously he was Director of the

real estate division of APP China taking responsibility for the

initial positioning and development of the USD15 billion lsquoWhite

Magnolia Plazarsquo mixed use development project (including

the development of Shanghairsquos first W Hotel) He also led the

concept and development of APPrsquos branded residence and resort

project in Sheshan Shanghai

Finance division of PricewaterhouseCoopers in Melbourne

Australia where he specialized in business value and strategy

worked in inhouse strategy roles for CocaCola GB in London

and to British venture capital firm of the year (2004) ISIS Equity

Partners before coming to China in 2005

Accountants Australia in 2002 and is also an affiliate of the

of Commerce and Diploma in Modern Languages from the

University of Melbourne Australia

林纲洋- naked 集团首席营运官

ƞˏnakedƍOumlȩ˪ϴϾŚɱOumlʝϛ~ƎTHORNǭāǑϏ6Фfrac14тʣ=ѽѓŘDŽŒOumlTHORNǭāOumlѵƢ=ĤЩƠч13ϢЏOumlucircϸ8JЈȈœ9ǭāΙɧOumlcopy˽κшũǭāVȂ˛ŝszligϞƝ ǙacircOumlǭālt6˶ϚщNtildeȥDŽŒƍФ˛ŝҁ˗ʑʁѢЭũoacuteƟAacuteΙɧOumlȓɲũǭā6

ФDŽŒƍˇфтʣ=ȩİϑGAringȚφɣyuml_ʔŴϷOacuteƁƗ˰OumlǑȓ=ѥѣЂ˙ϛƠчũЯɁѰξ6ȩ˪Ф13ɱȅOgraveѓŘтʣэȑǭʔŴϷOacuteŮOumlϞotilde˶ƣɬ=ѽǵǺǵȎɂugraveŁɬOumlЯɁēͺ˰=ϡƎISISOumlʼnʏūѽƃRФϯŘɂugraveOumlϯŘĘΌѱŁˇф6

ȩ˪ФɱƅOtildeȥGAringȚφηƁƗ˰ƁũGAringȚφпʻωǗOumlƁГѱķ6˶ϚƅOtildeȥGAringȚφɣyuml_AringλOuml˙ϛλλϡƎCcedilЇϊλп6

43

Gabriela Lo ndash Managing Director naked Retreats

With over 15 years experience in high end events and PR

management Gabriela has been instrumental in bringing naked

to where it is today As one of the original members of the

naked Team Gabriela has led the growth of naked Retreats

to become one of the most famous eco retreat destinations in

China attracting guests and publicity from around the world

Originally from Macao Gabriela has rich multi cultural and

multinational living and working experience having worked and

studied for many years in Greater China England and Italy

卢家宝 - naked 度假村常务董事

ϴϾŚ13ɱOumlijocircƂiacuteũŁŃŋ΄ŎȓǑϏ=nakedDžOumlǜІȶƝXēxǭ6ѽħdivideOumlmiddot˽ГтϞ=ȶƝXϠǑAEligȭnakedѓŘѻϾɜOuml˪ȾϽɧOumlTHORNтϞ=ͼϭȥȅѳǁĹTHORNOumlǸˆ6ȶƝXȅѳGɑ=ϴϾĖĥOumlucircЏŸũucircŘǝѢũľѽǑϏ=ЬФAringѓŴTHORNʵ=ϯŘũϤAringȚϾѯucircɱωǗǑș6

Judy Zhu ndash General Manager naked Group

Zhu is the General Manager for naked Group ensuring smooth

operations of the group with a particular focus on government

朱燕 - naked 集团总经理

њώ=iquestnaked Retreatsmiddot˽ǭ˽ǜũij˪ūѽ6њώѽƍѵǑȓ=ĤЩIcircTHORNũŋ΄ʽWƍРѽ6Фƞˏnakedтʣ=њώФ˛ŝũ[ǎiquestŚηucircІ˙ϛϾŋOumlфϛ6ФΪͻȈƅOtilde˙ϛλ6

44

Kurt Berman ndash General Manager naked Stables Private Reserve

With over 16 years experience in FampB and high end luxury

resort management Kurt brings a wealth of experience and

will lead the preopening and operations of our new resort ndash

naked Stables Private Reserve Prior to joining naked Kurt was

the preopening General Manager at Six Senses Laamu and

Resident Manager for Six Senses Soneva Gili by Six Senses Kurt

has also worked at other prestigious resorts including Fregate

his career in hospitality in FampB and was a trained Chef with

experience working in many prestigious institutions including

The Dorchester Hotel in London Kurt is from South Africa and

has a masters certificate in hospitality management from Cornell

University

Kurt Berman - naked私人度假村总经理

ϾѯŚɱϬƎijIumlŤŴoacuteƟAacuteOumlŎȓǑϏ=ƮϡĖĥOumlǑϏȭNtildeͰɒΪoacuteƟAacute77)$ 0OumlϱϛũРϱ6Фƞˏ)$ тʣ=10ЬEacuteˇŚ8szligȳĭǦ9+1ϱϛѵǑȓũ8szligȳĭǦ9-2 ((OumlѤacircǑȓ610ŻЬˇфЂamp0ˆŝETHũ1+4UgraveʙўɜoacuteƟˮTHORN610OumlϛʜzЂϬαϛ=ϚϡϞĸФŬucircўɜƉńVȂ-0-0 -$-ltľѽŚOumlρȡϾOumlnot˰610ȅѳɫč=sϴϾǰɪyumlAringλЃOumlǙacircŎȓλ6

Richard Johnston ndash General Manager naked Home Village

Hailing from the United Kingdom but with most of his working

life in resorts throughout Africa Richard brings with him over

20 years experience in General Management and Director level

roles in world class resorts including Azura Retreats Cape Grace

hotel and the Saxon Hotel Richard plays a key role in the set

up of systems training and operating standards His years

of experience and mentoring leadership style make Richard a

natural inspiration for our young hotel management team

Richard Johnston - naked 家园村总经理

RichardȅѳϯŘ=IgraveAringucircOumloacuteƟAacuteľѽiumlФмĸčљ=ϴϾŚɱOumlѴūŎȓũǁƐoacuteƟAacuteVȂAzura

Retreats Cape Grace hotel and the Saxon HotelltijʒŎȓǑϏ6RichardФƭȜ΄5ʅρũРαnѬĈɘʜѯŋƨѽϸ6ĖĥOumlǑϏũȭNtildeĘķ˼OtildeoslashͰɒɱʬOumlǙacircŎȓdivideϾѯѳʿOumlƊȘ6

45

Teun Hanegraaf ndash Sales Director naked Retreats

Teun obtained a Bachelors in Business Studies and Masters

in Strategic Management with a focus on Chinese Business

Culture Teun increased our corporate sales business by 350

in his first year with us bringing international companies

ranging from international conglomerates Unilever and Coca

Cola to more local institutions such as The Shanghai American

School and leading Chinese companies such as Bank of China

韩天宁销售总监

ȅѳŧȈɥEcirc=şɵϴϾ˙ϛλλλ5ЯɁŎȓѥѣЂѓŘ˙ϛŸlt6ȅƍOumlszligϞɱşɵƮŁOumlΝϛijȥ13=sŁAEligȅȥx˟ŘƙβOumlAringŁǸŲ=жʙѓϾŘƙAringʝϛȠūȚŴũǵǺǵȎ=ϚϾ˛ŝɐŘλΠUgraveIcircTHORNƉńũѓŘϫαUgraveѓŘȴʝϛ6

Oliver Yuen ndash nature Reserve amp Recreation Manager

naked Stables Private will be the first private reserve in China

with a wealth of new flora and fauna introduced to the project

from Sydney University Australia and as a fully qualified Ranger

working in many of the worldrsquos best wildlife parks Oliver takes a

special role in ensuring the environment of naked Retreats and

naked Stables Private Reserve will be full of life and a natural

self supporting eco system Oliverrsquos passion for both people and

nature make him the perfect person to teach our guests about

what we do and make their stay not only a relaxing one but

also a fun fulfilling educational one as well Oliver previously

worked in wildlife parks and resorts such as Azura Retreats in

Mozambique Mobala Private Game Reserve in South Africa and

Sydney Aquarium in Australia

袁鹏威 - 活动经理和度假村 生物学家

naked StablesƮѓŘszligϞĸϭljΪOumlцʾũiacuteʾOumlˆoacuteƟʵ6OliverѽϞɜGAringȚφͿɯAringλūķOuml˪λƝiacuteλƝ=ϡƎФǁĹTHORNOumlϙ˪iacuteВľѽOumlľѽе=Ф˼naked Retreats ũnaked StablesϾѯĖĥ˪ѱЕ5ʿѳĺOuml˪΄Oumlźǔľѽ˛QύѯіϘƶ˔6АʊoslashˆȏũѳʿOumlƊʮ˼ѻūOumlˆȅĵͰɒOumlǸˆͰɒѼOuml˷ɋ=sʨ˂ɒФжȕOuml˶ŒxLjLjČ=˶Ϛ˂ɒOumlǝѢǑșlOtildeϾǭΫcurren˹ũϾƷЋϤϦ6АʊтʣФɫčũGAringȚφͿɯѹŏiquestϙ˪iacuteВũWŰʵOumlľѽVȂMozambique OumlAzura Retreats Mobala Private Game Reservelt6

46

Philip C Davis Company Director naked Retreats

Phil joined the Board of Directors for naked Retreats hotel

management company in 2011 His previous board experience

includes Tian Rui Hotel Corporation holder of the master license

for Super 8 economy hotels in China and Hong Kong from 2006

to 2008 He also was a founding shareholder of Tian Rui and

served as its President and Managing Director from 2006 to

2008 He was a board member of Tian Xian Cheng a bai jiu

concern which is a joint venture between Pernod Ricard and a

2010

Phil was previously Chairman of the Budweiser (Wuhan)

International Brewing Company and Managing Director of the

AnheuserBusch business in China and Hong Kong from the

beginning of 1996 through 2002 From 2003 to 2005 he

headed the AnheuserBusch liaison office with Tsingtao Brewing

Company

Phil holds a PhD in history from Washington University and

started his career as a market researcher at a major advertising

agency in the US before moving to AnheuserBusch and

heading its consumer planning and new product development

functions in the 1980s

Philip CDavis naked 度假村公司董事长

PhilЂɱƞˏȥnakedoacuteƟʵǙacircŎȓŁOumligraveƁ6ϡĖĥOumlǑϏVȂФːǙacircƍˇф5ϡƎЂɱэɱФѓŘũѓŘΒIJEacuteˇSuper ǑƖǙacirc ʼnˆ6˶=ϚːǙacircƍOumlmiddot˽ʼnecirc=ФɱэɱʖƣEacuteˇƍOumlѵ|ũigrave6ɱэɱʖƣ=ϞƝІWȎȞƞũJǙ˪ȴʝϛƬɫūѱOumlʝϛ77ΐOumligraveƁГ6

iquestɱэɱ=Phil͵šBudweiserŘƙɳǙŁOumligraveƎѓŘũѓŘΒIJCŝyŁOumligrave6iquestɱэ13ɱ=CŝyũʫETHʌǙŁOumlȠɆdegOumlĤЩˆ6PhilϴϾŴ˭uacuteAringλOumlș˻дλvλ=ФǁɱCcedilȅOgraveCŝy5ĤЩΞĒŔŷũΪʑǭāĿɭтʣ=OumlϛʜzЂɐŘOumlϞƝœĵCcedilȓŁ=Eacuteˇaeligω6

47

OUR INTERNATIONAL TEAM

International team

Chief master planners amp architects

the urban landscape of modern China with Xintiandi in

Shanghai a commercial cultural and entertainment district

Since then the studio has worked on projects in very diverse

categories both small and large scale projects include mixed

use projects like the ldquoTiandirdquo in Hangzhou Chongqing Wuhan

and Foshan luxury villa and high rise residential complexes in

Shanghai and Vietnam as well as various boutique hotels and

Chalet Architects

A00 Architecture is most well known for their research

inenvironmental sustainability and its application to their

work in Architecture Interiors and Furniture Their portfolio

includes feature restaurants luxury spas retail stores design

conversion of dozens of historic Shanghai homes into highly

personalized residences

Interior Designers AIM (Architecture amp Design) brings expertise

in the combination of world architectural styles and design

influences to the interior designs at naked Stables Private

Reserve With the Shanghai office led by the two founding

on comfort warmth and a unique blend between African and

Asian design sensibilities

Landscape Architect

Design Land Collaborative (DLC) is a professional consulting firm

comprised of landscape architects and planners with an office in

Shanghai and the United States Projects have a strong emphasis

on cultural resources historic preservation and ecological

design involving both the public and private sectors

ͰɒOumlāЮdivide

ɴǵϡΑάOumlёȣ

ŘƙŸdivide

首席规划师和建筑师

benwood Studio Shanghai OumlсɜΙɧтϞѠĨШ˛ŝΪTHORNľ=˼ʙƍ˙ϛ5Ÿ5ЄȎϞOumlʵЉ6тŮ=ЁƻȥĹȏŔɟAringΟOumlΙɧ=VȂţјOumlͻůTHORN=іʱ5͵šƎę˗OumlŤŴpϡƎФ˛ŝũЛɫOumlijѢЭʵ=ȮŻϾФѓŘƎˉ_OumlĹȏǐʑǙacircƎoacuteƟ6

小圆房建筑

AOO Architecture ФźǔWŰƎǵ θāЮĈɘϾѯѭЛOumlƭ=s˘ƮʙƭϰϸЂɬƝѩ6ɒƻŚOumlΙɧVȂ˔5ŤŴȤѓΫ5ȫ˙acirc5ˤƗίǙacirc˛ŝυНǙacirc lt5ˆoacuteƟϡƎϞ΄ȧOuml˛ŝș˻ѢЭOumlCcedilŸƎˆŸĨШ6

ɬ ˤƗ˰AIMƭѡˤƗltѥѣЂǁƭѡĘķũˤƗOumlɐƿū=ϭNtildenaked StablesOumlɬˤƗ6ФȅѳŧȈũaȚ˶OumlūѽmiddotTˆȭNtildeOuml˛ŝTdegOumlUѠ΅=ˤƗѣі5ũφčˤƗȓɲOumlntildeˊū6

景观设计

Design Land Collaborative (DLC) ϞƝiquestǒōˤƗІŔŷOumlѥϛѰξŁ=Ф˛ŝІɐŘǩˤϾēрƉń6ʙΙɧ˘ЂŋѣŸș˻ĻЕ=ƿūźW˪ǴƔ=ѥѣЂŁŃƎϾTHORNOumlŔŷ6

48

Engineering amp Project Management team

Scott Wilson Group PLC is a globalintegrated design and

engineering consultancy for the built and natural environments

Scott Wilson is responsible for the project management the

electrical and mechanical engineering for the project

Environmental Consultants

Environmental Resources Management (ERM) a leading global

provider of environmental health and safety risk and social

consulting services ERM deliver innovative solutions for business

and government clients helping them understand and manage

their impacts on the world around them ERM have 137 offices

in 39 countries and employ approximately 3300 staff

Sustainability Consultants

Bisagni Environmental Enterprises (BEE) works with the

engineering and design teams to ensure the environmental

goals set out at the inception of the project are achieved

LEED Consultants

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

Local Design Institute

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

General Contractor

and have been responsible for some of Chinarsquos most iconic

properties such as the World Financial Centre in Shanghai

工程及项目管理团队

Scott Wilson Group PLCϞƝʺʳŔɟOumlźWˤƗƎľѰξŁ6Scott WilsonĤЩΙɧOumlaacuteʠƎƉΤľ6

环境咨询

Environmental Resources Management (ERM)ϞƝʺʳαϛȭѰξŁ=ŀźǔWŰ5ƫǰCʺƎŁŃˣƁĘΌUgraveѰξĞ6ERM˙ϛƎоġɑǸŲŀĨĶβOumlǀǧĈF=UѠɒȥǀsŎȓʙǑϱoslashˣƁźǔAEligȅOumlϳΗ6ERMФʺʳϾ137ĸēрƉń=myĸŘƝ=ϴϾAringК3300ɜГľ6

可持续发展咨询

Bisagni Environmental Enterprises (BEE)ІľˤƗdivideΑűūѽ=ϡʽWФΙɧǭ˽ƼotildeˤȜOumlźǔWŰǵ θāЮɧnOumlȚ˹6

绿色建筑认证咨询

Shanghai Pacific Energy Center (SPEC)ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlŁтϞ6

本地设计公司

Shanghai Baoye Construction Corp Ltd ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlαϛȭŁтϞ6

总承包商

ϞƝŘƝƐľVŁ=ϠƻȥηucircѓŘnьβΙɧ=țˍ˛ŝźʳDŽˊѓΫ6

49

naked COVERAGE

wwwcnngocom

ldquo25 killer things to do this summerrdquo

26 April 2010

Time Magazine

ldquoRun to the Moganshan Hillrdquo

新浪博客

ldquo避世的可能rdquo

31 December 2009

wwwenglisheastdaycom

ldquoThe first batch of ldquoChina Treasured Towns ldquo released

December 2009

Shanghai Urbanatomy

ldquoGet naked this time with horsesrdquo

Shanghai Daily

ldquoGreen MaGIC Casts design spellrdquo

14 October 2009

新浪商品

ldquo中国最佳设计酒店大赏rdquo

September 2009

wwwchannelnewsasiacom

ldquoChinarsquos green resort allows travellers to vacation on good consciencerdquo

2 September 2009

wwwbijianlinblshecom

ldquo莫干隐居rdquo

25 Aug 2009

wwwassociatecontentcom

ldquoThe Exquisite Moganshan Mountains of Chinardquo

Ɏ

Wikitravel

ldquoMoganshanrdquo

德清新闻网

ldquo承包国营林场建造生态ldquo逸站rdquo

wwwsinoeventcom

ldquo亚洲旅游地产及景点峰会成功举行rdquo

wwwchinatravelbrandingcom

ldquoPursuing Green for Greenrdquo

wwwbrandrepublicasia

ldquoMaking moves towards ecofriendly eventsrdquo

7 May 2009

wwwhandsonshanghaiorg

ldquoHands On Asia Conference Summeryrdquo

May 2009

wwwmyvacationcn

ldquo莫干山居rdquo

3 April 2009

wwwshanghaidailycom

ldquoThe naked truth Time to clean up Moganshan litterrdquo

4 March 2009

wwwgreennovateorg

ldquoMoganshan Project Kick Offrdquo

13 February 2009

Travesias

ldquonaked retreatsrdquo

Feb 2009

合肥在线

ldquo大山里的裸家族rdquo

20 October 2008

wwwentrepreneurcom

ldquoThe arrival of the Olympics showcases Chinarsquos burgeoning entrepreneurial spirit ldquo

7 August 2008

50

Shanghaiist

ldquoWeekend escape to Moganshan 莫干山rdquo

9 April 2008

私家地理

ldquo艳阳下的荫凉rdquo

30 May 2008

City Weekend

ldquoGet naked in Moganshanrdquo

25 January 2008

wwwbundpiccom

ldquo在这绿中撒点野rdquo

wwwhuzhougovcn

ldquo相中德清筏头的青山绿水南非客商莫干山下建生态逸站rdquo

wwwurbanatomycom

ldquo24 Hours in Moganshanrdquo

wwwhkheadlinecom

ldquo杭州莫干山竹林深处人家rdquo

15 May 2009

wwwnewsweekcom

ldquoBack from abroadrdquo

May 2009

Chinatravelnet

ldquoMoganshan A Heavenly Hideaway of Bamboo Forests amp Tea Plantationsrdquo

April 2009

wwwmzztmcagovcn

ldquo2009年踏青乐游路线推荐大公布rdquo

16 March 2009

第三媒体

ldquo规划一条畅快随性的踏青之旅rdquo

28 October 2009

wwwdqnewszjolcomcn

ldquo三九坞 ldquo裸家族rdquo钟爱的世外桃源rdquo

28 October 2008

ldquo自驾行天下rdquo之中国莫干山rdquo

Sep 2008

ldquoShiffting Gearsrdquo

Sep 2008

April 2008

Chewed up amp Spit Out

ldquoGet nakedrdquo

19 February 2008

ldquoBest Weekend Getaway Hotels Shanghairdquo

富世

Ecoefficient hotel低碳下榻

April 2011

Spa China Guy 男士派

Experiencing The Unique

2010

Cosmo 时尚

跨洋建屋隐居不隐世

April 2010

Global Times

The Mountain of legends

Global City Geography 城市地理

莫干山 naked Retreats 都市人一ldquo裸rdquo到底的山居生活

Dec 2009

China Daily

Rural Retreat

20 March 2011

China Daily

4th March 2011

Modern Weekly周末画报

圣诞低碳游

Dec 2010

Elite Traveler 携程自由行

旅尚

Esquire

Hidden Best Restaurants

Feb 2011

51

52

53

Page 10: Detailed Investor's Report

9

10

THE RESORT

The experience

We believe that true luxury in the modern world is not

necessarily about designer labels and huge international brand

names but about privacy space spending quality time with

loved ones and rejuvenating your senses with nature All of

these elements have been brought together seamlessly at naked

Stables Private Reserve

After a refreshing welcome in our vibrant clubhouse your butler

will whisk you to your villa by electric golf buggy Enjoy sunset

cocktails on the deck and luxuriate in the sweeping views of the

bamboo forest whilst your butler unpacks your bags and dinner

playing the whole family congregates at the dining table and

dinner is served After dinner soak away the stress of city life in

your private jacuzzi on the deck as the stars wink overhead

Saturday morning starts with a hearty home cooked breakfast

and the thrill of a day filled with experiences in the mountains

Explore the local hills and forests on mountain bike Rejuvenate

and refresh in the sanctuary of the naked Leaf Wellness Centre

After a swim in the pool lounge in your villa hammock with

family and friends sharing precious moments

Kids will love the daycare centre with outdoor play area kids

pool art jamming music and laughter

Get your Sunday off to a great start with a family horseback

reintroduced to the hills Stretching and yoga are on offer in our

hilltop pavilions as well as tai chi kung fu and meditation After

fine tuning your archery skills finish off the day with a spot of

fishing in the nearby lake

If you choose to venture out of your villa for lunch enjoy

creative and delicious comfort food at either the pool cafeacute

or clubhouse Gourmet pizzas organic salads and artisanal

sandwiches will tempt you at the poolside Innovative Afro

Asian bistrostyle dishes are on offer in the clubhouse

oacuteƟAacute

经验

ͰɒΑάCcedilǁOumlинˡcentsxϞegraveϡijƐʑʁnьƆўɜOumlŘƙʑʁ=ʼϰħϴϾˆOumlǹƣ=ІΫBOumlˆŃoacuteɐťOuml˶Œ=sʨФѳʿźǔȕŽāʫsup1ƂȞ6ϾOumlжΡЏiumlƮФnaked Stables6

OgraveAumlƁŮɴƁOtildeOgraveͰɒĞdivideOuml˅ʮƻEgrave=ɴOuml˦ŎƝƁǭѯaacuteiacuteТɴOgraveɴOumlˆp6ˉɅ˶ēФϒΘϞZƋǙ=njФɊόOumlќŝтѓ6Іfrac14˶=ɴOuml˦ŎƝƁUɴΥ΅αȔѬ]=ĺɴAEligȅϞѕФƝOumlĭ6RѯɴBOumlϪȎ=ʺƝˆѾФѮiΘϸ6ćŮ=RѯɊĄέ=ФϒOumlˆDɠЌįȕżǀɴ˪ƂOumlτȞ6

їȳOumlЧ˽ЂϞuacuteĖ˭OumlƝЧ=ϞOumlǏΌfrac12ƊƂiacuteƮ˗ѓтȾ6ʛѯ˗THORNāǥIcircTHORN˗plusmnũ˕ȩOumlɕɖ6Фϕ˪Ɓŏѓaeligȓ˂ɴlOtildeĽƞcurrenɊƂȞ=ФϽ϶iexclРiacuteϞăтŮ=ȊϑϑOumlФpOumlaumlpara˛ļƝˆũʉϿŃoacuteɐť˶Œ6

ŜѲɒϚƮƁB˛thornѓΫ=ФжȕoacuteŚǽȎOuml˶Œ=ϩжȕϾƂiacuteTHORN5thornϽ϶iexcl=ƏήűiacuteŶ5ϪȎ6

˂ɴOumlїˉiquestІƝˆOumlʛɇϽȨǭ˽6ɴƮϾƉƁϞograveͰɒіΪϭˏ˗ѓOumlIcircTHORNȻѕ6Ђ˗ccedilOumlŏȕϾҋҀ5ƌ5ĿěUgraveƂiacute6ˢƩȡтŮ=ȅĦNjůicedilaringƿжϞтȾ6

ˍřɴκЪxФpȕͷ=϶iexclǬĎƆеǣȎiumlƮɴΘϸntildeɐOumlxĀκЪ6϶iexcliǬĎȕOumlɐ˸Ɲʍˑ5ϾƉ˔ȄϡƎľ˓ɛђiumlƮЀ˼ɰʸϞǗǕ6ǣȎȕŀϰΪʚOumlφčĘOumlґ6

11

In the evening join the visiting winemaker from South Africa for

a private tasting in our wine cellar followed by an outstanding

dinner featuring a myriad of organic and seasonal produce

sourced directly from the farm All dishes in the restaurant are

designed to be shared and enjoyed together

The warm summer months are filled with afternoon bbqs

evening musical performances in the openair theater and sun

dappled memories at the pool

Winter is crisp and perfectly peaceful as snow dusts the bamboo

forests Log fires crackle in the bar and winter cocktails warm

from within

Memories are created and moments are shared a naked Stables

Private Reserve

˛=ϞʜKċȅѳɫčOumlɳǙ˰=ФͰɒOumlǙѨȕʑɐǙ=ŻϾхƻȅѳɸOumlϾƉOumlΪΈ˸OumlĖ˭6ϞʜȅΘҗҖĺɴAEligȅOumlНH6

҈ϤOumlΆƕ=жȕɊͷŮ˞DZ=ȹǤOumlϝϪȎύordfϡƎ϶iexclȕϒŒLwOumlɐťſϥ6

жȕOumleumlƕʒǓΕũ=JμĢĩѯќŝ6ǙHȕ=ɦФƄѓˀ˞āordfʋɿ˩=ϞZeumlƕƋǙɭ˂ɴɻũηucirc6

ȅnaked StablesjуſϥΘɐť˶ŒH6

12

13

14

GREEN DESIGN amp CONSTRUCTION

LEED Green strategies

All about LEED

Developed by the US Green Building Council (USGBC) LEED

(Leadership in Environmental Energy Design) provides a concise

framework for measuring green building design construction

operations and maintenance LEED Platinum rating is the

USGBCrsquos highest rating with strict criteria encompassing energy

savings water efficiency CO2 emissions reduction improved

indoor environmental quality and stewardship of resources and

sensitivity to their impacts A LEED Platinum qualified building

should use at least 30 to 40 less water and electricity than a

normal building At naked some of the things that have been

done in aiming to achieve this award are

recycling

flushing and irrigation

water

waterless urinals

buildings

consumption

ɀ˔ˤƗІƭˤ

绿色建筑认证

关于LEED

ϻɐŘɀ˔ƭѡƁāʜ=LEEDɀ˔ƭѡˈпltȣɀ˔ƭѡˤƗ5ƿń5РѽϡƎŰŀƥƾOumlȀơ6LEEDɐŘɀ˔ƭѡƁ˄ƽɭ5ѱЕȚϸȿ5ƱUacuteĀϓŸʀČ5˫ɬźǔёȣ5ѱЕŎȓƎoslashʙϳΗOumlɚĭoacuteψķnѬOumlѻijưΙ6ϞmicroϴϾLEEDˈпOumlƭѡϰħaʔƭѡ˟˼ϸOumlaacute6Ф =ͰɒϚѼȥŬucircľѽȅлʷOtildeOgraveжĸưΙ

ƭѡƽˬȥ13OumlɭЕ˼ϸ

ƭѡƽˬȥOumlϸȣ

iquestͳccedilũɇȺƍȅOumlЅϸЂҔͲOumlνźȚϸ

ϾҔͲũđiuml^ſϸЂyenũŐĪ

LJA˗ňȱOuml˳THORNǖŸȥƂ

˼ϸUacuteȱȣOumlЌŊegraveѩяϡƎɶ˾umlɇɗyen

Οkiexcl

ϸЂЎ˅Oumlϒɭ˅ƞ˅ʠ

ϸЂƞ˅ũȐʼƭѡOumlƽɭЕкʢ`

pѩϾ˅ſѩяȅƱUacuteɭЕΞŦ

15

use Incentives given to reduce energy consumption

a factory 20 minutes away from site

window frames bricks and roof tiles

Council)

material

property

recharging stations

within a radius of 800km

CѩФϾp˛OumlɭȣƗϸȅƢethǸˆOumlɭЕ˼ϸʮ

ȁ6ŻɭЕΞŦOumlƦ˟ŀuumlOumlưȘ6

ϸ˼ϸќΧdzȝOumlŗȷƞ˅ŀɻ6ќΧdzȝȅѳǢȑͰɒ

ēєȺЗOumlϞƝľ

ϾOumlʥũacuteŲiumlijoacuteǨЖ

˼ϸɘŒŵOumlUacuteĝˢtȟ

˼ϸUacuteʀČOumlȦ

˼ϸſȚϸOumlǛɦёͳccedilơ5џѲ5џƈ5acuteȀ5ѦǼũ

ͳccedilʎ

Ś13OumlɦϻFSC˕ȩŎȓГƁltʹ

˼ϸǵУ˪OumlŸќѐTHORNO

pɬʺ˼ϸLEDtimesũΟίOumlϲŒtimes

oslashϾƭѡѻAringoacuteOumlljαѳʿŒũĘ

ѝTHORNъПηijyumlěljˏ=ijyumlěϻϒɭŀaacutesɭФ

ѤTHORNcurrenaacute

OumlƭѡȦiumlȅѳĈДŁȕɬOumlʵЉ

Ś13OumlƭѡđȦ^ſȚϸ

ϾoacuteƟAacuteOumlȃƇiuml^νźȚϸ

notĉũȃƇ^ϸѽĐȦ

oacuteƟAacuteɬϴϾϾƉųВ

іΪϭˏϙ˪iacuteIcircTHORNȻѕlt

WŰѳʿiacuteцʾ

16

17

THE DESIGN IDEA

Tree Top Villas

树顶别墅

To touch the sky at night and look down on the forest in the morning is what owners of the tree top villas will experience High

above the forest canopy 30 luxurious homes are perched in the tree tops Spacious wooden constructions with large sundecks spill

into the panoramic views of the mountains

macrɞҌҍOumlϝǹ=ϔѪȗOumlҐ=жǜϴϾccedilpOumlˆɒntildeΘOumlҕȞǒ˔6icircŤŴѢЭʗͽФ˕ȩŌт˛=pǡϞķ6аФǾOumlɦѐΟͳѓ=œOumlɢī˗ʺǒǍόYacute6

Each villa is built on stilts to minimize its physical footprint and maximize the views for its discerning owners The prefabricated villas

are made by innovative construction technology known as structural insulated panels (SIPs) With high insulation value and zero

construction waste these lofty eco dwellings are like no others offering you an energy efficient home that is beautiful and at one

with nature

ccedilpOumlƭѡaumlƵȵƿń=iquestyacuteƦ˟oslashБ˽˪źǔOumlϳΗ=sѻAringΏoacuteOumlЮϹɐOumlǒ˔6жΡЎѐOumlpϸѻΪǴƔOumlƿńWOѐШOuml6ccedilpOumlˤƗтѽ=ʹđȦͲˁssectѳʿ=ŀϞĸЁϾʑЁʩNjѳʿOuml˪ѢЭ6

The villas are intended for life Overlooking the mountains and forest below each home has a very large outside deck

complemented on the inside by an open plan kitchen with all the latest amenities dining room living area and opium den for

relaxation and entertainment Large sliding doors and full wall windows welcome natural light while sophisticated air conditioning

systems ensure your comfort Double layered glass keeps the view in perfect focus hushing all sounds to perfect stillness Wooden

floors soft lighting and high ceilings add a sense of warmth and space

ccedilpѥ˪Ƃyacuteƭ6Ġғ΅ɘOumlʾ˗ũ˕ȩ=ɏicircƭѡǩˤϾǾAringOumlϒ=ʆϡCcedilOumlмǭČ˾notĉ55˪ƂʵũČЄȎ6ǾAringOumlȄɑũмɘɅTHORNAringacuteǵɩѳʿˉŒ=˶ljOumlǹaelig΄ǵʽWɴOumloacute6tȟǵȯɴФѻƜƶoacuteΩ˚ɐǒOuml˶xƁOgraveĹѕ˩ϪOumlī˃=ntildedegЂϞʎǓтѓ6ʿOumlɦTHORNO5ˌũOumltimesŒũǹOumlųϣЫȥɻũǹƣĭ6

ˤƗȓɲ

18

Tree top villas

Roofs thatched

19

20

FLOOR PLANS

Treetop villa 2 bedroom villa ccedilpȢͱĉ

ʒɘ

Interior area 室内面积 13768sqm

Exterior area 室外面积 50sqm

Total usable area 实际使用面积 18768sqm

21

Level 1 一层

Interior area 室内面积 7088sqm

Exterior area 室外面积 102sqm

Level 2 二层

Interior area 室内面积 668sqm

Exterior area 室外面积 398sqm

22

Treetop villa 3 bedroom villa ccedilp˓ͱĉ

Interior area 室内面积 20214sqm

Exterior area 室外面积 664sqm

Total usable area 实际使用面积 26854sqm

23

Level 1 一层

Interior area 室内面积 10334sqm

Exterior area 室外面积 118sqm

Level 2 二层

Interior area 室内面积 988sqm

Exterior area 室外面积 546sqm

24

Treetop villa 4 bedroom villa ccedilpͱĉ

Interior area 室内面积 2667sqm

Exterior area 室外面积 863sqm

Total usable area 实际使用面积 353sqm

25

Level 1 一层

Interior area 室内面积 136sqm

Exterior area 室外面积 168sqm

Level 2 二层

Interior area 室内面积 1307sqm

Exterior area 室外面积 695sqm

26

FITTINGS amp FINISHES SCHEDULE

EXTERIOR AND INTERIOR FINISHES

External walls

Structure is built from steel and SIP (Structural Insulated Panels) External wall is cladded with painted fiber cement board

Internal walls

emulsion paint

Ceiling

Ceiling is finished with emulsion paint

Flooring

Bedroom is finished with heavy strand bamboo flooring

Balcony

Balcony floor is finished with Wood Plastic Composite decking (M wood) Railing and trellis made with Liu An wood Balustrade is fitted with metal and Liu An wood

Window

bedrooms are fitted with double glazed LowE glass and Roto hardware

Kitchen amp powder room

Floor is finished with natural tile Kitchen cabinets and sink are provided Kitchen counter top is fitted with natural stone

Bathroom

Wall and floor are finished with natural stone

Doors

Entrance door is made of solid core timber fitted with Saflok RFID locks Bedroom doors are fitted with hollow core timber fitted with Saflok RFID security locks

ƭѡȦƎˤ]ɛ

室内外材料

oacuteƟͳʥ

oacuteƟͳƿńˤƗĮƿńƎƿńWOSIPlt6ʥϸΉɮOũʘ6

ɬʥ

ǸćƎͱтɬʥǩϸĔƎˎƲʘ6

ų

ųɘˎƲʘ6

THORN

ǸćģūɦTHORNO6ͱіќTHORNO

ȹ

ȹϸɦOʓʟ6ʈȲҎɦѐШOuml6ȇĬϸDŽрƎȲҎɦĜ6

acuteŲ

Ǹć5ͱOumlacuteŲϸȽɦѐacuteȀʆ-3ѓǹtȟƎ-0-ͶDŽʆƪ6

notĉ

THORNϡƎɘϡʿTHORNѦʓʟ=notĉŀlaquoŖϡƎʇ6notĉɘʿ˵6

Ќ

Ќʥ˦ƎTHORNϡʿ˵ʓʟ6

ɑ

ˏǺAringɑϸ˹Ψɦɑʆ˛-)ljordfɑNJ΄6ͱɑϸǹΨɦɑʆ˛SaflokljordfɑNJ΄6

27

MECHANICAL AND ELECTRICAL INSTALLATIONS

Heating and Cooling

AIRWELL centralized water source heat pump is provided Fresh air intake with heat recovery system is installed

Electrical provisions

are provided

Electricity

Concealed conduits are provided Threephase electricity supply with miniature circuit breaker distribution board is provided

TV telephone and internet connection

Satellite TV with all major international channels

is provided in all the villas Telephone outlets and wireless internet connection is provided

Hot water supply

Huang Ming solar hot water heater and Rinnai gas water heaters are installed for the villa

Water supply and pipes

Concealed copper pipes are used for both hot water and PPR pipes are used for cold water

The resort will be patrolled 24 hours a day CCTV system is in operation throughout the resort 24 hours a day All the villa front doors and bedroom doors are fitted with Saflok RFID security lock system

APPLIANCES TO BE PROVIDED OR INSTALLED IN EACH DOMESTIC

UNIT

机电设施配套

ŀɻũѐȐ

ɽyumlƍѓ˾Е˅`΄6ΪĘ˅ſ΄6

Ɲaacute

ʆEΐNtildeŎOumlǭŋϡƎѿ6

aacuteȞŀϰ

ѩϾϮ˾ΐȺ=ʆϾίoumlȺʠ=ʆaacuteΓOuml˓ΑaacuteЕŀϰ6

aacuteƎςˤ]

έaacute=ʹΐaacuteŹũʹΐȺ6

˅ˤ]

žɛϒɭ˅ʠƎȩɬɌʡ˅ʠ

Ŏ

˅ŀϰŎǩϸϮc˾ĮŎ=ȐŀϰŎŎ6

WCˤ]

oacuteƟAacuteˤϾϾΟ˶ѽOumlgȺaacute΄ϡƎΟ˶OumlπɄ6ˏǺAringɑƎͱϸSaflokljordfɑNJ΄

标准住宅单位附送以下设备

Stove BAUMATICExaust fan BAUMATICOven BAUMATICMicrowave BAUMATICFridge BAUMATICBARMini fridge (2 3 bedroom) BAIXUEWine fridge (4 bedroom) BAUMATICBEDROOMMini fridge BAIXUEBath KOHLERTERRACEBarbeque grill

TelevisionDVDBATHROOMShower KOHLERBasin KOHLER

notĉ aacuteraquoȷ ʄɇUcircǷnotĉϼχƉ ʄɇUcircǷnotĉaacuteDZΓ ʄɇUcircǷuȷ ʄɇUcircǷɬяrΓ ʄɇUcircǷHΟrΓ=ĉlt JμǙŖĉlt ʄɇUcircǷͱΟrΓ JμЌį Ǵȍȹ˞DZΓҒĉaacute ɯDVD ɯЌȪЌʠ Ǵȍʇ Ǵȍ

28

NOTE

1 The Developer reserves the right to substitute other materials

or appliances of comparable quality and standard for the

intended items as listed in above fittings and finished schedule

2 The fittings and finished as listed above shall be subject to

the terms of formal Agreement for Sale and Purchase Those

provisions may have slight variation in the color measurement

3 The Developer reserves the right to make modifications and

changes to the building design fittings and finishes without

prior notice

4 Fittings and finishes of the Special Units may be different

from those of the Typical Units

备注

āЮ˙WȰϞʧʹȞ=Dв˹ƙʮȁεϘϡUgraveётƭѡȦϡƎˤ]Ccedil˛ȧĹΙ6

˛ȧĹΙȦϡƎˤ]ǩϡн˾ɈɉūКOumlǿщegraveѬ6ĹΙƭѡȦƎˤ]ǵɭƁФϋ˔=ȣoacutepoundAcirc5ȓ5ѺуƎƆľ˛ordfʬp6

āЮ˙WȰϞʧʹȞδeacuteϡƎĽĨϛOumlˤƗ5ƭѡȦϡƎˤ]ʹεȮαс6

˔EumlЏOumlēƭѡȦϡƎˤ]І˛oȧĹΙǵɭϾx6

29

PURCHASE OPTIONS

Buying a Tree-top Villa at naked Stables Private Reserve involves signing a Sale and Purchase Agreement with the development

company and a Lease and Management Agreement and Deed of Conditions with the Hotel Management Company The Management

Agreement requires the purchaser to lease the property back to the Hotel Management Company to manage on the ownerrsquos behalf

There are two different plans which are available for buyers

在 naked Stables 购买一套拥有不动产权的树顶别墅包括与发展公司签署一份买卖协议以及与酒店管理公司签署一份租赁管理协

议和条件契约管理协议要求购买者以业主的名义向管理公司出租其别墅以供其管理买家有两种方案可供选择

ŅɈκΙ

30

OPTION 1 - FLEXIBILITY

1Owner Usage Rights

Zero usage restrictions

Early reservations are required to secure Villarsquos especially during prime and peak seasons If a Villa Owner does not provide the

required advance notice for a reservation the resort may be required to offer the owner a different unit or in the worst case no

availability at all

1 业主使用权限

ȫ˼ϸΏѐ

ϘʴʣЎegraveˏѢp=ϺʙФƐƕ6ˍřpϛѝɍϾŀϘʴOumlϸЂЎegraveOumlЎс=oacuteƟAacuteƮʙŀȮϞdegѢdeg=ƆеѻЦĴOumlʮȁɍϾǹĉ6

2 Rental Revenue

2 租金收入

a Rental revenue

Whilst not in residence the owner will be eligible to earn a pro rata 36 of the room revenue generated by the Reserve during their

absence Ie Everyday the revenue generated by the entire resort is divided amongst the owners not in residence on that day When

an owner is in residence he forfeits his opportunity to earn revenue

ѸDŽˏ

ϛѝxǝѢʖƣ=ƮOtildeOgraveoacuteƟAacuteordfѸʙĉͳOtildeϧOuml6ɏoacuteƟAacuteordfѸɨΡxǝѢФfrac14OumlϛѝOumlĉͳOtildeOumlϧƮ^ʒǩēʆĺжΡϛѝ6IcircϛѝǝѢФʙpȕ˶=Ʈ˱ʸƅOtildeϧOumlƉƁ6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

选项1-灵活性

31

c Cashing out your returns

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

gtƮɴOumlſYŚDŽĈ˾ʷordf

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſYϧ6ˍřϛѝκЪxʷordfOumlϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3 有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecom services

included in the Services Fee to the owner whilst in residence The services fee is 300rmb per room per night This fee is charged on

all rooms regardless of which are in use

4 服务费用

IcircϛѝФoacuteƟAacuteǝѢ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸѓ6ɏĸĉƣɏOumlĞĒϸЏˆəe6жĸĒϸΛϾĉƣʷOuml=xɃfrac14ĉƣĚФ˼ϸ6

5Maintenance

4 of hotel room revenue will be reserved for ongoing building maintenance This will be deducted from the ownerrsquos share of total

room revenue

5 维护

ǙacircǸĉˏOumlƮ^ȰѽŮθƭѡδтĒϸ6ħēDŽuumlƮiquestϾˆǵēOtildeOumlǙacircǸĉˏĕuumlѓǻshy6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGEEarnings Per Room (36 of gross room revenue) 124173 170827 221315 253507 263647 2066942 Bedroom 收益 ndash 双人间 248346 341653 442631 507013 527294 4133873 Bedroom 收益 ndash 三人间 372519 512480 663946 760520 790941 6200814 Bedroom 收益 ndash 四人间 496692 683306 885261 1014027 1054588 826775

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 41 57 74 85 88 69

3 Bedroom 收益 ndash 三人间 9000000 41 57 74 85 88 69

4 Bedroom 收益 ndash 四人间 12000000 41 57 74 85 88 69

Hotel revenues and owner rental yield - Option 1 Flexibility

32

OPTION 2- STABILITY

1Usage Rights

1 使用权限

选项2-稳定性

Total Permitted Usage Prime Peak SeasonPermitted Usage

Peak SeasonPermitted Usage

Out-of-SeasonPermitted Usage Blackout

40 days per yearNo occupancypermitted

Up to 20 days per year but no more than 7consecutive daysfor any one stay

Up to 20 days per year but no more than 7consecutive days for any one stay

No occupancypermitted

允许使用总数主要的旺季允许使用

旺季允许使用

淡季允许使用

无折扣期

每年40天 不允许占用 每年20天但是每人

不能连续居住7天每年20天但是每人 不能连续居住7天

不允许占用

Prime Peak Season To be published by naked Retreats in according to government notification every year Prime Peak Season

Middle Autumn Festival (Sept) excluding Blackout dates

Ɛƕɏɱϻnaked RetreatsĻǟоġĵāordfс6ƐƕVȂѓŘsup1ƽϞМĀМlt5ȋiacuteƽͶМlt5Řʱƽ˴Мlt5ʭɛƽМlt5ѓʲƽǘМlt=xVȂʹгǻʖ6

ƕiquest˓МOgrave˴ϞМʖƣOuml10ĸїɡϡƎ10ĸľѽˉїʖ=xVȂƐƕũʹгǻʖ6

OutofSeason 20 days during December to February excluding Prime Peak Season and Blackout dates

Iacuteƕiquest˴ĀМOgraveĀМʖƣOuml=xVȂƐƕũʹгǻʖ6

Blackout Dates Peak demand dates such as holidays sporting events groups and citywide conventions Local cultural events

all as specified by the Hotel from time to time

ʹгǻʖεʴijėʖVȂƟʖ5Ћ˒5ũʺβOumlƁϨ6IcircTHORNɾyumlOumlŸƂiacuteiumlƮDвǙacircOumlɛljα6

2 Rental Revenue

2 租金收入

a Rental revenue

Regardless of your usage of your property your rental return will be fixed at 5 for the first 5 years of operation After this period

you will automatically migrate to the Flexibility plan

ѸDŽˏ

xɃɰOumlĉ˼ϸoacuteˍŪ=ͶɱOumlѸDŽϧiumlŊegraveOuml136ФжтŮ=ɴƮѳiacuteѧˏȬƂβĈF6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

33

c Cashing out your returns

gtƮɴOumlſYϡDŽĈ˾ʷordf

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſY6ˍřϛѝκЪxʷordfʙϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecoms services

rental option

4服务费用

IcircϛѝǝѢФoacuteƟAacuteȕ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸȕ6жϞȏOumlĞĒϸxVȂegraveβordfѸʆ6

5 Maintenance

Of the 5 guaranteed return generated form your property during the period you are not in residence the management company

will retain 4 of this return for maintaining your Villa The maintenance fund will be pooled and used for all Villarsquos in the resort

5维护

ɴxǝѢʖƣiquestɴOumlĉѓƮ˪Ouml13OumlſY=ŎȓŁƮWȰжbſYѓOumlϸѽɴpOumlŰ6ŰƈDŽƮ^ūsʜȅsϸЂϾoacuteƟAacutepOumlŰ6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Hotel projections

Rooms Available 可用房间 not relevant 非主要Estimated occupancy 预计使用率 not relevant 非主要Estimated average daily room rate 预计每日平均房价 not relevant 非主要Growth in room rate 房价增长率 not relevant 非主要Annual room sales 年房间销售额 not relevant 非主要RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE2 Bedroom 收益 ndash 双人间 50 50 50 50 50 503 Bedroom 收益 ndash 三人间 50 50 50 50 50 504 Bedroom 收益 ndash 四人间 50 50 50 50 50 50

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 300000 300000 300000 300000 300000 300000

3 Bedroom 收益 ndash 三人间 9000000 450000 450000 450000 450000 450000 450000

4 Bedroom 收益 ndash 四人间 12000000 600000 600000 600000 600000 600000 600000

Hotel revenues and owner rental yield - Option 1 Flexibility

34

Option 1 - FLEXIBILITY Option 2 ndash STABILITY

investment returns for your Villa are influenced by the

success of the resort and the number of days you use

your Villa

Stable implies both your returns and your annual

usage rights to your property are fixed Regardless of

how well the resort operates your returns will remain

the same Equally you will only have a fixed number

of days allowed in residence

Usage Have unlimited usage rights to their Villa 40 days usage per year

Rental ReturnEarn 36 of the pooled returns from the entire resort

whilst not in residence

5 guaranteed return on their investment regardless

of resort performance

Resort Discount20 discount on all resort amenities and activities

(including SPA and Restaurants)

20 discount on all resort amenities and activities

(including SPA and Restaurants)

Services FeePay a Services Fee of 300rmb per room per night

whilst in residence

Maintenance4 of all room revenue is retained for maintaining

the owners Villa

4 of all room revenue is retained for maintaining

the owners Villa

选项1 ndash 灵活性 选项 2 ndash 稳定性

ȬƂβϸЂ˼ϸІſY6ɰOumlpѱſYʷǧЂoacuteƟAacuteOumlĿǑϱũɰoslashpOuml˼ϸoacute

ŊegraveβϤѯɰOumlſYũɏɱoslashЂɰOumlĉOuml˼ϸʹΏiumlŊegraveOuml6xɃoacuteƟAacuteOumlǑϱѫȁϾucircť=ɰOumlſYiumlŊegraveOuml6ϖTHORN=ɰъϾŊegraveOumlПηǝѢOuml6

使用 ʹΏѐOumlp˼ϸʹΏ ɏɱOuml˼ϸʹΏ

租金收入 ФxǝѢʖƣ=ƅOtildeмĸoacuteƟAacuteūsſYOuml xɃoacuteƟAacuteǑϱѫȁˍŪ=Wп13OumlſYϸЂѱ

度假村折扣 ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt

服务费用 ǝѢʖƣ=ɏĉƣɏЏˆəeOumlĞĒϸ čѝϘ

维护 ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ

OPTION COMPARISON

选项对比

35

36

INDUSTRY RETURNS AND BENCHMARKS

INDUSTRY REPORT

行业报告

Tourism and urban resorts is one of the fastest growing industries in China According to industry consultant HVS cities such

as Shanghai Beijing Shenzhen Guangzhou Hangzhou and Tianjin all have a population where a critical mass of highly affluent

individuals and successful companies exist generating demand for suburban resorts

ФѓŘ=ȾϽϛũoacuteƟAacuteσɓāЮOumlαϛтϞ6ĻǟʺʳǙacircĞϛltOumlϞΙYĵ˿=ФѓŘOumlѝϘˍ˛ŝ5[ǎ5˧5œј5ţјũdžǩēyѯAringȣOumlĥЍˆʾũĿOumlʝϛ=ϻfrac14ϚƊāȥoslashƴʵoacuteƟAacuteOumlƌAringεʴ6

Amongst other things the exponential growth in private vehicles has seen a huge increase in demand in the leisure market With

the completion of the shenjiahu highway in 2010 the travel time from downtown Shanghai to Deqing is now 2 hours Also with

stop at Deqing) scheduled to open in late 2011 travel time from downtown Shanghai to Moganshan will take between 15 to 2

hours When comparing travel times to get to other resort destinations in China ndash eg Hainan or Lijiang flight times might be within

2 or 3 hours total travel time including travel to airports and check in make the whole trip 6 to 7 hours plus additional travel cost

Within the 2 hour travel radius of Shanghai the quality of resort destinations is also (in our opinion) not at an international standard

with most hotels simply being lsquocity hotels in the countryrsquo rather than true resort properties operating at international standards

shyfrac14т=ѯĸˆγΊOumlāЮ=ĸˆƸϴϾȿϚσʂ˫6ѳɱ˥ƛůijϡŮ=iquest˛ŝOgraveOcircʭϚLjεϘĸΟ˶Ouml6ΪƭOumlijǵϡФ13ēєɬiquest˛ŝUumlAumlţј6ƏƮФɱYacuteǫľOumliquestţјOgraveɫǎOumlijѓϾϞаDzOcircʭlt=ъεϞĸSΟ˶OgraveȢĸΟ˶ǜǵϡiquest˛ŝѓΫOgraveAumlɢī˗6ˍřІѓŘOumloacuteƟˮTHORNŝɫ5ȒƯUgraveaƹ=shyȥϘųĒэĸΟ˶Oumlďα˶ƣ=ŻϘФVȂʣƉ=CʺƤũUgraveEgraveOslashƉ˛ų˛эĸΟ˶=ĽxϸɨΡuumlOumlαųΝȥ6Ѷō˛ŝїiΟ˶ɬOumlγΊoacuteƟʸdeg=э˟ͰɒˈltІŘƙŸnѬŻϾѯɛOumlǢ6AringēOumloacuteƟǙacircϚũѓOumlɨΡǙacircɍϾ_ёOumlʵp=ЗЗAumlxOgraveинŘƙϤϦ˛oacuteƟίĉΙɧOumlϘʴ6

ϛѝЎʖſYІaƹ

37

OUR NICHE

我们的利基

naked sees a need in the market for world class expertly designed and operated resorts which are within 1 to 2 hour travel time

of major cities in China As with other urban resorts we believe that the Leisure market and the MICE (Meetings Incentives

Conferences Events) market will be a huge driver for our business In addition we feel that we are already at the forefront of

the growing focus and concern on environmental design building and operations as well as the growing interest in nature and

environmental education At naked we also place a high emphasis on facilities and services for the entire extended family ndash from

children to parents to grandparents that other resorts do not place dedicated resources for

nakedЎƧOgraveȥФѓŘжϞεʴƏǢȑѝϘϞэȢĸΟ˶Ouml=˶ЁhζǁϞȱOumlѥϛˤƗũŎȓOumloacuteƟΙɧ6ͰɒΑάγΊũƁƁϨ5ưȘȾϽ5AringίʝϛƁϨ5ƂiacuteЮȉltOumloslashͰɒϛOumlіAringʤȞ6frac14=ͰɒФŋѣũiacuteźWίˤƗ5ƭШ5ŎȓũźWȓɲœ˛ϠǑѷФȥαϛȭя=ФnakedІαϛеxͰɒϚіoslashЂˣʵѓOumlŜѲ5Ɲ5ȌеOumlĞũˏ6

As such we feel very confident in the rates and occupancies that we will achieve Regarding room prices when benchmarking

against some of the other leading hotel brands in the resort market such as Aman Fayun Hangzhou Banyan Tree Hangzhou Fuchun

Resort Hangzhou Mandarin Oriental Hainan and Commune by the Great Wall average rates in March 2011 for single bedrooms in

this set are ~ RMB2800

ϩfrac14=ͰɒoslashЂˏѢĉƠϡƎˏѢȿcurrenɊάΫ6ФˏѢĉƠĈɘ=ІʙФoacuteƟAacute˛OumlсɜǙacircʑʁaƹ=ˍCҊĂО5ţјНҏѨ5ĥsup1˗ǝ5˓φŴecircĈǙacircũƵ΅OumlŁˣ=Фɱ˓МOumlEumlˆƣʒǩƠķ=6

Regarding occupancies we are confident to achieve occupancies of around 60 after about 4 years of operation but forecast

conservatively that our occupancies will start from around 35 in the 1st year of operation and grow steadily to 45 in year 2

55 in year 3 and 60 after the hotel is lsquomaturersquo from year 4 onwards

ФˏѢȿĈɘ=ͰɒŬϾάΫǑŚɱOumlǑϱ=ͰɒǵϡAumlOgraveOumlˏѢȿ6WŇƗ=ͰɒOumlˏѢȿƮƁϻszligϞɱOuml13=egraveЫOgravefrac34ɱOuml13ũszlig˓ɱOuml1313=szligɱϡŮƮƁЫOgrave6

Given the above estimates we believe that owners can expect attractive investment terms as illustrated in the table below

Ļǟϡ˛OumlŇƗ=ЎƗϛѝɭņOtildeOgraveOumlѱſYƮƁˍ΅o˿

CҊĂО

НҏѨ

ĥsup1˗ǝ

˓φŴecircĈǙacirc

Ƶ΅OumlŁˣ

RMB4270

RMB3500

RMB2000

RMB2150

RMB2388

Aman Fayun Hangzhou

Banyan Tree Hangzhou

Fuchun Resort Hangzhou

Mandarin Oriental Hainan

Commune by the Great Wall Beijing

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966

38

39

ͰɒOumldivideTHE TEAM

40

Grant Horsfield ndash Chairman naked Group

Grant a native of South Africa is Founder and Chairman of the

naked Group

Before coming to China in 2005 Grant worked in England

and South Africa with more than 10 years business ownership

experience With background in IT he launched eBites

Limited in 2000 Operating nationally eBites was both a

publishing company and a callcentre facilitations company with

headquarters based in Cape Town In 2004 Grant received

an MBA from University of Cape Town Graduate School of

Business Upon graduation he decided to come to China as he

saw China is where business opportunities lie

After spending two years in Shanghai he found himself

overwhelmed by the metropolis and missed the natural beauty

of his home From this desire and need sprouted the concept

for naked Retreats which was launched in 2007 Grantrsquos vision is

to create sanctuaries that are in harmony with the environment

where people can appreciate the simple way of nature and

embrace the naked lifestyle Grantrsquos tireless efforts in promoting

ecotourism in the rural areas not only created jobs but also

pride for the local community He received an environmental

award from the Huzhou Government in 2008

高天成 - naked集团总裁

ij=ɫčIcircTHORNˆ=nakedƍOumlmiddot˽ˆũѵ|6

Ф13ɱȅOgraveѓŘтʣ=ij˪ЬФϯŘƎɫčľѽ=ϾŚɱOuml˙ϛǑϱƎРѽǑϏ6ФʙITǒOumlUѠ΅=ɱij˪ƭȜȥeBitesϾΏŁ=eBitesŁƮϱΝІaacuteŹĞѓΫLJɖƿū=ʙѵˤФǭʔugrave6ɱ=ijƅOtildeȥǭʔugraveAringλ˙λЙOumlMBAλ6dϛŮ=ǧegraveȅѓŘ=ϩǯOgraveȥжȕOuml˙Ɖ6

Ф˛ŝEgraveȥȢɱтŮ=āѳƓxȥ˪Ƃ=sʨAtilde˱ȥѳʿɐǒ6ФжѕИІεʴOumlʶ˼΅=ƭȜnaked Retreats

OumlΖĂФɱOtildeOgraveȥ˹˲6ijOumlΖĂƭШϞĸ˯THORNІѳʿũΣŃdeg=ˆɒǵϡΘѳʿ=ΘnakedOuml˪ƂĈ˾6ij˫ΔAacuteTHORNʵ˪ȾϽѽordfOumlxΦɹȞ=xLjmiddotШȥľѽıŻOtildeOgraveȥIcircTHORNˣʵOumlХϐ6ij˪ƅOtildeȥɱůјоġNāOumlźWAring˼ư6

41

Delphine Yip-Horsfield ndash Partner Ben Wood Studio Shanghai

received her Master of Architecture degree from Harvard

Boston prior to moving to Shanghai to oversee the award

winning Xintiandi project on behalf of Wood and Zapata In

the fall of 2005 Delphine became partner at Ben Wood Studio

Shanghai

Drawing from her own experience of diverse cultures Delphine

has led a multitude of high profile projects such as Hangzhou

Xihutiandi Zhujiajiao Oriental Garden Shanghai Waitanyuan

Beijing Palace 77 Shanghai Hongqiao Commercial Core Lijiang

Lashihai Resort Masterplan etc

In 2006 she was selected Wallpaper magazinersquos first annual 40

under 40 designer of the year

Delphine is the chief master planner and architect for naked

Home Village and naked Stables Private Reserve She also

oversees the visuals and styling of the naked Brand

叶凯欣 - 上海Ben Wood设计室合伙人

ϜǮΩɺ=Ben Wood ˤƗľѽOumlѵƢ=śęAringλƭѡλ6ȅ˛ŝтʣ=ФΒIJ5ɷКũuuacuteľѽ6ȅ˛ŝŮ=CcediloWoodũZapataĤЩΪTHORNΙɧOumlƢethľѽ613ɱʲƕ=ϜǮΩɺBen Wood ˤƗľѽūƃˆ6

ϾѯxŸϽșǑϏOumlϜǮΩɺ=EacuteˇȥηucircijocircΙɧOumlƢeth=VȂţјͻůTHORN5њƝƶecircĈųВ5˛ŝЕ5[ǎłatilde5˛ŝŭʦ˙ϛѓΫ5ȗƯȄŝoacuteƟAacuteѵŔŷˤƗUgrave6

ɱ=ˏκȥWallpaperСьǃɱoacuteϡ΅OumlˤƗ˰6

ϜǮΩnakedƝВAacuteũnaked RetreatsOumlѵˤƗеũƭѡ˰6˶ϚĤЩƢethnaked˙nOumlFũĘķˤƗ6

42

Kang Yang Lim ndash Group Chief Operating Officer naked Group

Group with over 13 years corporate finance and real estate

development experience Previously he was Director of the

real estate division of APP China taking responsibility for the

initial positioning and development of the USD15 billion lsquoWhite

Magnolia Plazarsquo mixed use development project (including

the development of Shanghairsquos first W Hotel) He also led the

concept and development of APPrsquos branded residence and resort

project in Sheshan Shanghai

Finance division of PricewaterhouseCoopers in Melbourne

Australia where he specialized in business value and strategy

worked in inhouse strategy roles for CocaCola GB in London

and to British venture capital firm of the year (2004) ISIS Equity

Partners before coming to China in 2005

Accountants Australia in 2002 and is also an affiliate of the

of Commerce and Diploma in Modern Languages from the

University of Melbourne Australia

林纲洋- naked 集团首席营运官

ƞˏnakedƍOumlȩ˪ϴϾŚɱOumlʝϛ~ƎTHORNǭāǑϏ6Фfrac14тʣ=ѽѓŘDŽŒOumlTHORNǭāOumlѵƢ=ĤЩƠч13ϢЏOumlucircϸ8JЈȈœ9ǭāΙɧOumlcopy˽κшũǭāVȂ˛ŝszligϞƝ ǙacircOumlǭālt6˶ϚщNtildeȥDŽŒƍФ˛ŝҁ˗ʑʁѢЭũoacuteƟAacuteΙɧOumlȓɲũǭā6

ФDŽŒƍˇфтʣ=ȩİϑGAringȚφɣyuml_ʔŴϷOacuteƁƗ˰OumlǑȓ=ѥѣЂ˙ϛƠчũЯɁѰξ6ȩ˪Ф13ɱȅOgraveѓŘтʣэȑǭʔŴϷOacuteŮOumlϞotilde˶ƣɬ=ѽǵǺǵȎɂugraveŁɬOumlЯɁēͺ˰=ϡƎISISOumlʼnʏūѽƃRФϯŘɂugraveOumlϯŘĘΌѱŁˇф6

ȩ˪ФɱƅOtildeȥGAringȚφηƁƗ˰ƁũGAringȚφпʻωǗOumlƁГѱķ6˶ϚƅOtildeȥGAringȚφɣyuml_AringλOuml˙ϛλλϡƎCcedilЇϊλп6

43

Gabriela Lo ndash Managing Director naked Retreats

With over 15 years experience in high end events and PR

management Gabriela has been instrumental in bringing naked

to where it is today As one of the original members of the

naked Team Gabriela has led the growth of naked Retreats

to become one of the most famous eco retreat destinations in

China attracting guests and publicity from around the world

Originally from Macao Gabriela has rich multi cultural and

multinational living and working experience having worked and

studied for many years in Greater China England and Italy

卢家宝 - naked 度假村常务董事

ϴϾŚ13ɱOumlijocircƂiacuteũŁŃŋ΄ŎȓǑϏ=nakedDžOumlǜІȶƝXēxǭ6ѽħdivideOumlmiddot˽ГтϞ=ȶƝXϠǑAEligȭnakedѓŘѻϾɜOuml˪ȾϽɧOumlTHORNтϞ=ͼϭȥȅѳǁĹTHORNOumlǸˆ6ȶƝXȅѳGɑ=ϴϾĖĥOumlucircЏŸũucircŘǝѢũľѽǑϏ=ЬФAringѓŴTHORNʵ=ϯŘũϤAringȚϾѯucircɱωǗǑș6

Judy Zhu ndash General Manager naked Group

Zhu is the General Manager for naked Group ensuring smooth

operations of the group with a particular focus on government

朱燕 - naked 集团总经理

њώ=iquestnaked Retreatsmiddot˽ǭ˽ǜũij˪ūѽ6њώѽƍѵǑȓ=ĤЩIcircTHORNũŋ΄ʽWƍРѽ6Фƞˏnakedтʣ=њώФ˛ŝũ[ǎiquestŚηucircІ˙ϛϾŋOumlфϛ6ФΪͻȈƅOtilde˙ϛλ6

44

Kurt Berman ndash General Manager naked Stables Private Reserve

With over 16 years experience in FampB and high end luxury

resort management Kurt brings a wealth of experience and

will lead the preopening and operations of our new resort ndash

naked Stables Private Reserve Prior to joining naked Kurt was

the preopening General Manager at Six Senses Laamu and

Resident Manager for Six Senses Soneva Gili by Six Senses Kurt

has also worked at other prestigious resorts including Fregate

his career in hospitality in FampB and was a trained Chef with

experience working in many prestigious institutions including

The Dorchester Hotel in London Kurt is from South Africa and

has a masters certificate in hospitality management from Cornell

University

Kurt Berman - naked私人度假村总经理

ϾѯŚɱϬƎijIumlŤŴoacuteƟAacuteOumlŎȓǑϏ=ƮϡĖĥOumlǑϏȭNtildeͰɒΪoacuteƟAacute77)$ 0OumlϱϛũРϱ6Фƞˏ)$ тʣ=10ЬEacuteˇŚ8szligȳĭǦ9+1ϱϛѵǑȓũ8szligȳĭǦ9-2 ((OumlѤacircǑȓ610ŻЬˇфЂamp0ˆŝETHũ1+4UgraveʙўɜoacuteƟˮTHORN610OumlϛʜzЂϬαϛ=ϚϡϞĸФŬucircўɜƉńVȂ-0-0 -$-ltľѽŚOumlρȡϾOumlnot˰610ȅѳɫč=sϴϾǰɪyumlAringλЃOumlǙacircŎȓλ6

Richard Johnston ndash General Manager naked Home Village

Hailing from the United Kingdom but with most of his working

life in resorts throughout Africa Richard brings with him over

20 years experience in General Management and Director level

roles in world class resorts including Azura Retreats Cape Grace

hotel and the Saxon Hotel Richard plays a key role in the set

up of systems training and operating standards His years

of experience and mentoring leadership style make Richard a

natural inspiration for our young hotel management team

Richard Johnston - naked 家园村总经理

RichardȅѳϯŘ=IgraveAringucircOumloacuteƟAacuteľѽiumlФмĸčљ=ϴϾŚɱOumlѴūŎȓũǁƐoacuteƟAacuteVȂAzura

Retreats Cape Grace hotel and the Saxon HotelltijʒŎȓǑϏ6RichardФƭȜ΄5ʅρũРαnѬĈɘʜѯŋƨѽϸ6ĖĥOumlǑϏũȭNtildeĘķ˼OtildeoslashͰɒɱʬOumlǙacircŎȓdivideϾѯѳʿOumlƊȘ6

45

Teun Hanegraaf ndash Sales Director naked Retreats

Teun obtained a Bachelors in Business Studies and Masters

in Strategic Management with a focus on Chinese Business

Culture Teun increased our corporate sales business by 350

in his first year with us bringing international companies

ranging from international conglomerates Unilever and Coca

Cola to more local institutions such as The Shanghai American

School and leading Chinese companies such as Bank of China

韩天宁销售总监

ȅѳŧȈɥEcirc=şɵϴϾ˙ϛλλλ5ЯɁŎȓѥѣЂѓŘ˙ϛŸlt6ȅƍOumlszligϞɱşɵƮŁOumlΝϛijȥ13=sŁAEligȅȥx˟ŘƙβOumlAringŁǸŲ=жʙѓϾŘƙAringʝϛȠūȚŴũǵǺǵȎ=ϚϾ˛ŝɐŘλΠUgraveIcircTHORNƉńũѓŘϫαUgraveѓŘȴʝϛ6

Oliver Yuen ndash nature Reserve amp Recreation Manager

naked Stables Private will be the first private reserve in China

with a wealth of new flora and fauna introduced to the project

from Sydney University Australia and as a fully qualified Ranger

working in many of the worldrsquos best wildlife parks Oliver takes a

special role in ensuring the environment of naked Retreats and

naked Stables Private Reserve will be full of life and a natural

self supporting eco system Oliverrsquos passion for both people and

nature make him the perfect person to teach our guests about

what we do and make their stay not only a relaxing one but

also a fun fulfilling educational one as well Oliver previously

worked in wildlife parks and resorts such as Azura Retreats in

Mozambique Mobala Private Game Reserve in South Africa and

Sydney Aquarium in Australia

袁鹏威 - 活动经理和度假村 生物学家

naked StablesƮѓŘszligϞĸϭljΪOumlцʾũiacuteʾOumlˆoacuteƟʵ6OliverѽϞɜGAringȚφͿɯAringλūķOuml˪λƝiacuteλƝ=ϡƎФǁĹTHORNOumlϙ˪iacuteВľѽOumlľѽе=Ф˼naked Retreats ũnaked StablesϾѯĖĥ˪ѱЕ5ʿѳĺOuml˪΄Oumlźǔľѽ˛QύѯіϘƶ˔6АʊoslashˆȏũѳʿOumlƊʮ˼ѻūOumlˆȅĵͰɒOumlǸˆͰɒѼOuml˷ɋ=sʨ˂ɒФжȕOuml˶ŒxLjLjČ=˶Ϛ˂ɒOumlǝѢǑșlOtildeϾǭΫcurren˹ũϾƷЋϤϦ6АʊтʣФɫčũGAringȚφͿɯѹŏiquestϙ˪iacuteВũWŰʵOumlľѽVȂMozambique OumlAzura Retreats Mobala Private Game Reservelt6

46

Philip C Davis Company Director naked Retreats

Phil joined the Board of Directors for naked Retreats hotel

management company in 2011 His previous board experience

includes Tian Rui Hotel Corporation holder of the master license

for Super 8 economy hotels in China and Hong Kong from 2006

to 2008 He also was a founding shareholder of Tian Rui and

served as its President and Managing Director from 2006 to

2008 He was a board member of Tian Xian Cheng a bai jiu

concern which is a joint venture between Pernod Ricard and a

2010

Phil was previously Chairman of the Budweiser (Wuhan)

International Brewing Company and Managing Director of the

AnheuserBusch business in China and Hong Kong from the

beginning of 1996 through 2002 From 2003 to 2005 he

headed the AnheuserBusch liaison office with Tsingtao Brewing

Company

Phil holds a PhD in history from Washington University and

started his career as a market researcher at a major advertising

agency in the US before moving to AnheuserBusch and

heading its consumer planning and new product development

functions in the 1980s

Philip CDavis naked 度假村公司董事长

PhilЂɱƞˏȥnakedoacuteƟʵǙacircŎȓŁOumligraveƁ6ϡĖĥOumlǑϏVȂФːǙacircƍˇф5ϡƎЂɱэɱФѓŘũѓŘΒIJEacuteˇSuper ǑƖǙacirc ʼnˆ6˶=ϚːǙacircƍOumlmiddot˽ʼnecirc=ФɱэɱʖƣEacuteˇƍOumlѵ|ũigrave6ɱэɱʖƣ=ϞƝІWȎȞƞũJǙ˪ȴʝϛƬɫūѱOumlʝϛ77ΐOumligraveƁГ6

iquestɱэɱ=Phil͵šBudweiserŘƙɳǙŁOumligraveƎѓŘũѓŘΒIJCŝyŁOumligrave6iquestɱэ13ɱ=CŝyũʫETHʌǙŁOumlȠɆdegOumlĤЩˆ6PhilϴϾŴ˭uacuteAringλOumlș˻дλvλ=ФǁɱCcedilȅOgraveCŝy5ĤЩΞĒŔŷũΪʑǭāĿɭтʣ=OumlϛʜzЂɐŘOumlϞƝœĵCcedilȓŁ=Eacuteˇaeligω6

47

OUR INTERNATIONAL TEAM

International team

Chief master planners amp architects

the urban landscape of modern China with Xintiandi in

Shanghai a commercial cultural and entertainment district

Since then the studio has worked on projects in very diverse

categories both small and large scale projects include mixed

use projects like the ldquoTiandirdquo in Hangzhou Chongqing Wuhan

and Foshan luxury villa and high rise residential complexes in

Shanghai and Vietnam as well as various boutique hotels and

Chalet Architects

A00 Architecture is most well known for their research

inenvironmental sustainability and its application to their

work in Architecture Interiors and Furniture Their portfolio

includes feature restaurants luxury spas retail stores design

conversion of dozens of historic Shanghai homes into highly

personalized residences

Interior Designers AIM (Architecture amp Design) brings expertise

in the combination of world architectural styles and design

influences to the interior designs at naked Stables Private

Reserve With the Shanghai office led by the two founding

on comfort warmth and a unique blend between African and

Asian design sensibilities

Landscape Architect

Design Land Collaborative (DLC) is a professional consulting firm

comprised of landscape architects and planners with an office in

Shanghai and the United States Projects have a strong emphasis

on cultural resources historic preservation and ecological

design involving both the public and private sectors

ͰɒOumlāЮdivide

ɴǵϡΑάOumlёȣ

ŘƙŸdivide

首席规划师和建筑师

benwood Studio Shanghai OumlсɜΙɧтϞѠĨШ˛ŝΪTHORNľ=˼ʙƍ˙ϛ5Ÿ5ЄȎϞOumlʵЉ6тŮ=ЁƻȥĹȏŔɟAringΟOumlΙɧ=VȂţјOumlͻůTHORN=іʱ5͵šƎę˗OumlŤŴpϡƎФ˛ŝũЛɫOumlijѢЭʵ=ȮŻϾФѓŘƎˉ_OumlĹȏǐʑǙacircƎoacuteƟ6

小圆房建筑

AOO Architecture ФźǔWŰƎǵ θāЮĈɘϾѯѭЛOumlƭ=s˘ƮʙƭϰϸЂɬƝѩ6ɒƻŚOumlΙɧVȂ˔5ŤŴȤѓΫ5ȫ˙acirc5ˤƗίǙacirc˛ŝυНǙacirc lt5ˆoacuteƟϡƎϞ΄ȧOuml˛ŝș˻ѢЭOumlCcedilŸƎˆŸĨШ6

ɬ ˤƗ˰AIMƭѡˤƗltѥѣЂǁƭѡĘķũˤƗOumlɐƿū=ϭNtildenaked StablesOumlɬˤƗ6ФȅѳŧȈũaȚ˶OumlūѽmiddotTˆȭNtildeOuml˛ŝTdegOumlUѠ΅=ˤƗѣі5ũφčˤƗȓɲOumlntildeˊū6

景观设计

Design Land Collaborative (DLC) ϞƝiquestǒōˤƗІŔŷOumlѥϛѰξŁ=Ф˛ŝІɐŘǩˤϾēрƉń6ʙΙɧ˘ЂŋѣŸș˻ĻЕ=ƿūźW˪ǴƔ=ѥѣЂŁŃƎϾTHORNOumlŔŷ6

48

Engineering amp Project Management team

Scott Wilson Group PLC is a globalintegrated design and

engineering consultancy for the built and natural environments

Scott Wilson is responsible for the project management the

electrical and mechanical engineering for the project

Environmental Consultants

Environmental Resources Management (ERM) a leading global

provider of environmental health and safety risk and social

consulting services ERM deliver innovative solutions for business

and government clients helping them understand and manage

their impacts on the world around them ERM have 137 offices

in 39 countries and employ approximately 3300 staff

Sustainability Consultants

Bisagni Environmental Enterprises (BEE) works with the

engineering and design teams to ensure the environmental

goals set out at the inception of the project are achieved

LEED Consultants

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

Local Design Institute

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

General Contractor

and have been responsible for some of Chinarsquos most iconic

properties such as the World Financial Centre in Shanghai

工程及项目管理团队

Scott Wilson Group PLCϞƝʺʳŔɟOumlźWˤƗƎľѰξŁ6Scott WilsonĤЩΙɧOumlaacuteʠƎƉΤľ6

环境咨询

Environmental Resources Management (ERM)ϞƝʺʳαϛȭѰξŁ=ŀźǔWŰ5ƫǰCʺƎŁŃˣƁĘΌUgraveѰξĞ6ERM˙ϛƎоġɑǸŲŀĨĶβOumlǀǧĈF=UѠɒȥǀsŎȓʙǑϱoslashˣƁźǔAEligȅOumlϳΗ6ERMФʺʳϾ137ĸēрƉń=myĸŘƝ=ϴϾAringК3300ɜГľ6

可持续发展咨询

Bisagni Environmental Enterprises (BEE)ІľˤƗdivideΑűūѽ=ϡʽWФΙɧǭ˽ƼotildeˤȜOumlźǔWŰǵ θāЮɧnOumlȚ˹6

绿色建筑认证咨询

Shanghai Pacific Energy Center (SPEC)ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlŁтϞ6

本地设计公司

Shanghai Baoye Construction Corp Ltd ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlαϛȭŁтϞ6

总承包商

ϞƝŘƝƐľVŁ=ϠƻȥηucircѓŘnьβΙɧ=țˍ˛ŝźʳDŽˊѓΫ6

49

naked COVERAGE

wwwcnngocom

ldquo25 killer things to do this summerrdquo

26 April 2010

Time Magazine

ldquoRun to the Moganshan Hillrdquo

新浪博客

ldquo避世的可能rdquo

31 December 2009

wwwenglisheastdaycom

ldquoThe first batch of ldquoChina Treasured Towns ldquo released

December 2009

Shanghai Urbanatomy

ldquoGet naked this time with horsesrdquo

Shanghai Daily

ldquoGreen MaGIC Casts design spellrdquo

14 October 2009

新浪商品

ldquo中国最佳设计酒店大赏rdquo

September 2009

wwwchannelnewsasiacom

ldquoChinarsquos green resort allows travellers to vacation on good consciencerdquo

2 September 2009

wwwbijianlinblshecom

ldquo莫干隐居rdquo

25 Aug 2009

wwwassociatecontentcom

ldquoThe Exquisite Moganshan Mountains of Chinardquo

Ɏ

Wikitravel

ldquoMoganshanrdquo

德清新闻网

ldquo承包国营林场建造生态ldquo逸站rdquo

wwwsinoeventcom

ldquo亚洲旅游地产及景点峰会成功举行rdquo

wwwchinatravelbrandingcom

ldquoPursuing Green for Greenrdquo

wwwbrandrepublicasia

ldquoMaking moves towards ecofriendly eventsrdquo

7 May 2009

wwwhandsonshanghaiorg

ldquoHands On Asia Conference Summeryrdquo

May 2009

wwwmyvacationcn

ldquo莫干山居rdquo

3 April 2009

wwwshanghaidailycom

ldquoThe naked truth Time to clean up Moganshan litterrdquo

4 March 2009

wwwgreennovateorg

ldquoMoganshan Project Kick Offrdquo

13 February 2009

Travesias

ldquonaked retreatsrdquo

Feb 2009

合肥在线

ldquo大山里的裸家族rdquo

20 October 2008

wwwentrepreneurcom

ldquoThe arrival of the Olympics showcases Chinarsquos burgeoning entrepreneurial spirit ldquo

7 August 2008

50

Shanghaiist

ldquoWeekend escape to Moganshan 莫干山rdquo

9 April 2008

私家地理

ldquo艳阳下的荫凉rdquo

30 May 2008

City Weekend

ldquoGet naked in Moganshanrdquo

25 January 2008

wwwbundpiccom

ldquo在这绿中撒点野rdquo

wwwhuzhougovcn

ldquo相中德清筏头的青山绿水南非客商莫干山下建生态逸站rdquo

wwwurbanatomycom

ldquo24 Hours in Moganshanrdquo

wwwhkheadlinecom

ldquo杭州莫干山竹林深处人家rdquo

15 May 2009

wwwnewsweekcom

ldquoBack from abroadrdquo

May 2009

Chinatravelnet

ldquoMoganshan A Heavenly Hideaway of Bamboo Forests amp Tea Plantationsrdquo

April 2009

wwwmzztmcagovcn

ldquo2009年踏青乐游路线推荐大公布rdquo

16 March 2009

第三媒体

ldquo规划一条畅快随性的踏青之旅rdquo

28 October 2009

wwwdqnewszjolcomcn

ldquo三九坞 ldquo裸家族rdquo钟爱的世外桃源rdquo

28 October 2008

ldquo自驾行天下rdquo之中国莫干山rdquo

Sep 2008

ldquoShiffting Gearsrdquo

Sep 2008

April 2008

Chewed up amp Spit Out

ldquoGet nakedrdquo

19 February 2008

ldquoBest Weekend Getaway Hotels Shanghairdquo

富世

Ecoefficient hotel低碳下榻

April 2011

Spa China Guy 男士派

Experiencing The Unique

2010

Cosmo 时尚

跨洋建屋隐居不隐世

April 2010

Global Times

The Mountain of legends

Global City Geography 城市地理

莫干山 naked Retreats 都市人一ldquo裸rdquo到底的山居生活

Dec 2009

China Daily

Rural Retreat

20 March 2011

China Daily

4th March 2011

Modern Weekly周末画报

圣诞低碳游

Dec 2010

Elite Traveler 携程自由行

旅尚

Esquire

Hidden Best Restaurants

Feb 2011

51

52

53

Page 11: Detailed Investor's Report

10

THE RESORT

The experience

We believe that true luxury in the modern world is not

necessarily about designer labels and huge international brand

names but about privacy space spending quality time with

loved ones and rejuvenating your senses with nature All of

these elements have been brought together seamlessly at naked

Stables Private Reserve

After a refreshing welcome in our vibrant clubhouse your butler

will whisk you to your villa by electric golf buggy Enjoy sunset

cocktails on the deck and luxuriate in the sweeping views of the

bamboo forest whilst your butler unpacks your bags and dinner

playing the whole family congregates at the dining table and

dinner is served After dinner soak away the stress of city life in

your private jacuzzi on the deck as the stars wink overhead

Saturday morning starts with a hearty home cooked breakfast

and the thrill of a day filled with experiences in the mountains

Explore the local hills and forests on mountain bike Rejuvenate

and refresh in the sanctuary of the naked Leaf Wellness Centre

After a swim in the pool lounge in your villa hammock with

family and friends sharing precious moments

Kids will love the daycare centre with outdoor play area kids

pool art jamming music and laughter

Get your Sunday off to a great start with a family horseback

reintroduced to the hills Stretching and yoga are on offer in our

hilltop pavilions as well as tai chi kung fu and meditation After

fine tuning your archery skills finish off the day with a spot of

fishing in the nearby lake

If you choose to venture out of your villa for lunch enjoy

creative and delicious comfort food at either the pool cafeacute

or clubhouse Gourmet pizzas organic salads and artisanal

sandwiches will tempt you at the poolside Innovative Afro

Asian bistrostyle dishes are on offer in the clubhouse

oacuteƟAacute

经验

ͰɒΑάCcedilǁOumlинˡcentsxϞegraveϡijƐʑʁnьƆўɜOumlŘƙʑʁ=ʼϰħϴϾˆOumlǹƣ=ІΫBOumlˆŃoacuteɐťOuml˶Œ=sʨФѳʿźǔȕŽāʫsup1ƂȞ6ϾOumlжΡЏiumlƮФnaked Stables6

OgraveAumlƁŮɴƁOtildeOgraveͰɒĞdivideOuml˅ʮƻEgrave=ɴOuml˦ŎƝƁǭѯaacuteiacuteТɴOgraveɴOumlˆp6ˉɅ˶ēФϒΘϞZƋǙ=njФɊόOumlќŝтѓ6Іfrac14˶=ɴOuml˦ŎƝƁUɴΥ΅αȔѬ]=ĺɴAEligȅϞѕФƝOumlĭ6RѯɴBOumlϪȎ=ʺƝˆѾФѮiΘϸ6ćŮ=RѯɊĄέ=ФϒOumlˆDɠЌįȕżǀɴ˪ƂOumlτȞ6

їȳOumlЧ˽ЂϞuacuteĖ˭OumlƝЧ=ϞOumlǏΌfrac12ƊƂiacuteƮ˗ѓтȾ6ʛѯ˗THORNāǥIcircTHORN˗plusmnũ˕ȩOumlɕɖ6Фϕ˪Ɓŏѓaeligȓ˂ɴlOtildeĽƞcurrenɊƂȞ=ФϽ϶iexclРiacuteϞăтŮ=ȊϑϑOumlФpOumlaumlpara˛ļƝˆũʉϿŃoacuteɐť˶Œ6

ŜѲɒϚƮƁB˛thornѓΫ=ФжȕoacuteŚǽȎOuml˶Œ=ϩжȕϾƂiacuteTHORN5thornϽ϶iexcl=ƏήűiacuteŶ5ϪȎ6

˂ɴOumlїˉiquestІƝˆOumlʛɇϽȨǭ˽6ɴƮϾƉƁϞograveͰɒіΪϭˏ˗ѓOumlIcircTHORNȻѕ6Ђ˗ccedilOumlŏȕϾҋҀ5ƌ5ĿěUgraveƂiacute6ˢƩȡтŮ=ȅĦNjůicedilaringƿжϞтȾ6

ˍřɴκЪxФpȕͷ=϶iexclǬĎƆеǣȎiumlƮɴΘϸntildeɐOumlxĀκЪ6϶iexcliǬĎȕOumlɐ˸Ɲʍˑ5ϾƉ˔ȄϡƎľ˓ɛђiumlƮЀ˼ɰʸϞǗǕ6ǣȎȕŀϰΪʚOumlφčĘOumlґ6

11

In the evening join the visiting winemaker from South Africa for

a private tasting in our wine cellar followed by an outstanding

dinner featuring a myriad of organic and seasonal produce

sourced directly from the farm All dishes in the restaurant are

designed to be shared and enjoyed together

The warm summer months are filled with afternoon bbqs

evening musical performances in the openair theater and sun

dappled memories at the pool

Winter is crisp and perfectly peaceful as snow dusts the bamboo

forests Log fires crackle in the bar and winter cocktails warm

from within

Memories are created and moments are shared a naked Stables

Private Reserve

˛=ϞʜKċȅѳɫčOumlɳǙ˰=ФͰɒOumlǙѨȕʑɐǙ=ŻϾхƻȅѳɸOumlϾƉOumlΪΈ˸OumlĖ˭6ϞʜȅΘҗҖĺɴAEligȅOumlНH6

҈ϤOumlΆƕ=жȕɊͷŮ˞DZ=ȹǤOumlϝϪȎύordfϡƎ϶iexclȕϒŒLwOumlɐťſϥ6

жȕOumleumlƕʒǓΕũ=JμĢĩѯќŝ6ǙHȕ=ɦФƄѓˀ˞āordfʋɿ˩=ϞZeumlƕƋǙɭ˂ɴɻũηucirc6

ȅnaked StablesjуſϥΘɐť˶ŒH6

12

13

14

GREEN DESIGN amp CONSTRUCTION

LEED Green strategies

All about LEED

Developed by the US Green Building Council (USGBC) LEED

(Leadership in Environmental Energy Design) provides a concise

framework for measuring green building design construction

operations and maintenance LEED Platinum rating is the

USGBCrsquos highest rating with strict criteria encompassing energy

savings water efficiency CO2 emissions reduction improved

indoor environmental quality and stewardship of resources and

sensitivity to their impacts A LEED Platinum qualified building

should use at least 30 to 40 less water and electricity than a

normal building At naked some of the things that have been

done in aiming to achieve this award are

recycling

flushing and irrigation

water

waterless urinals

buildings

consumption

ɀ˔ˤƗІƭˤ

绿色建筑认证

关于LEED

ϻɐŘɀ˔ƭѡƁāʜ=LEEDɀ˔ƭѡˈпltȣɀ˔ƭѡˤƗ5ƿń5РѽϡƎŰŀƥƾOumlȀơ6LEEDɐŘɀ˔ƭѡƁ˄ƽɭ5ѱЕȚϸȿ5ƱUacuteĀϓŸʀČ5˫ɬźǔёȣ5ѱЕŎȓƎoslashʙϳΗOumlɚĭoacuteψķnѬOumlѻijưΙ6ϞmicroϴϾLEEDˈпOumlƭѡϰħaʔƭѡ˟˼ϸOumlaacute6Ф =ͰɒϚѼȥŬucircľѽȅлʷOtildeOgraveжĸưΙ

ƭѡƽˬȥ13OumlɭЕ˼ϸ

ƭѡƽˬȥOumlϸȣ

iquestͳccedilũɇȺƍȅOumlЅϸЂҔͲOumlνźȚϸ

ϾҔͲũđiuml^ſϸЂyenũŐĪ

LJA˗ňȱOuml˳THORNǖŸȥƂ

˼ϸUacuteȱȣOumlЌŊegraveѩяϡƎɶ˾umlɇɗyen

Οkiexcl

ϸЂЎ˅Oumlϒɭ˅ƞ˅ʠ

ϸЂƞ˅ũȐʼƭѡOumlƽɭЕкʢ`

pѩϾ˅ſѩяȅƱUacuteɭЕΞŦ

15

use Incentives given to reduce energy consumption

a factory 20 minutes away from site

window frames bricks and roof tiles

Council)

material

property

recharging stations

within a radius of 800km

CѩФϾp˛OumlɭȣƗϸȅƢethǸˆOumlɭЕ˼ϸʮ

ȁ6ŻɭЕΞŦOumlƦ˟ŀuumlOumlưȘ6

ϸ˼ϸќΧdzȝOumlŗȷƞ˅ŀɻ6ќΧdzȝȅѳǢȑͰɒ

ēєȺЗOumlϞƝľ

ϾOumlʥũacuteŲiumlijoacuteǨЖ

˼ϸɘŒŵOumlUacuteĝˢtȟ

˼ϸUacuteʀČOumlȦ

˼ϸſȚϸOumlǛɦёͳccedilơ5џѲ5џƈ5acuteȀ5ѦǼũ

ͳccedilʎ

Ś13OumlɦϻFSC˕ȩŎȓГƁltʹ

˼ϸǵУ˪OumlŸќѐTHORNO

pɬʺ˼ϸLEDtimesũΟίOumlϲŒtimes

oslashϾƭѡѻAringoacuteOumlljαѳʿŒũĘ

ѝTHORNъПηijyumlěljˏ=ijyumlěϻϒɭŀaacutesɭФ

ѤTHORNcurrenaacute

OumlƭѡȦiumlȅѳĈДŁȕɬOumlʵЉ

Ś13OumlƭѡđȦ^ſȚϸ

ϾoacuteƟAacuteOumlȃƇiuml^νźȚϸ

notĉũȃƇ^ϸѽĐȦ

oacuteƟAacuteɬϴϾϾƉųВ

іΪϭˏϙ˪iacuteIcircTHORNȻѕlt

WŰѳʿiacuteцʾ

16

17

THE DESIGN IDEA

Tree Top Villas

树顶别墅

To touch the sky at night and look down on the forest in the morning is what owners of the tree top villas will experience High

above the forest canopy 30 luxurious homes are perched in the tree tops Spacious wooden constructions with large sundecks spill

into the panoramic views of the mountains

macrɞҌҍOumlϝǹ=ϔѪȗOumlҐ=жǜϴϾccedilpOumlˆɒntildeΘOumlҕȞǒ˔6icircŤŴѢЭʗͽФ˕ȩŌт˛=pǡϞķ6аФǾOumlɦѐΟͳѓ=œOumlɢī˗ʺǒǍόYacute6

Each villa is built on stilts to minimize its physical footprint and maximize the views for its discerning owners The prefabricated villas

are made by innovative construction technology known as structural insulated panels (SIPs) With high insulation value and zero

construction waste these lofty eco dwellings are like no others offering you an energy efficient home that is beautiful and at one

with nature

ccedilpOumlƭѡaumlƵȵƿń=iquestyacuteƦ˟oslashБ˽˪źǔOumlϳΗ=sѻAringΏoacuteOumlЮϹɐOumlǒ˔6жΡЎѐOumlpϸѻΪǴƔOumlƿńWOѐШOuml6ccedilpOumlˤƗтѽ=ʹđȦͲˁssectѳʿ=ŀϞĸЁϾʑЁʩNjѳʿOuml˪ѢЭ6

The villas are intended for life Overlooking the mountains and forest below each home has a very large outside deck

complemented on the inside by an open plan kitchen with all the latest amenities dining room living area and opium den for

relaxation and entertainment Large sliding doors and full wall windows welcome natural light while sophisticated air conditioning

systems ensure your comfort Double layered glass keeps the view in perfect focus hushing all sounds to perfect stillness Wooden

floors soft lighting and high ceilings add a sense of warmth and space

ccedilpѥ˪Ƃyacuteƭ6Ġғ΅ɘOumlʾ˗ũ˕ȩ=ɏicircƭѡǩˤϾǾAringOumlϒ=ʆϡCcedilOumlмǭČ˾notĉ55˪ƂʵũČЄȎ6ǾAringOumlȄɑũмɘɅTHORNAringacuteǵɩѳʿˉŒ=˶ljOumlǹaelig΄ǵʽWɴOumloacute6tȟǵȯɴФѻƜƶoacuteΩ˚ɐǒOuml˶xƁOgraveĹѕ˩ϪOumlī˃=ntildedegЂϞʎǓтѓ6ʿOumlɦTHORNO5ˌũOumltimesŒũǹOumlųϣЫȥɻũǹƣĭ6

ˤƗȓɲ

18

Tree top villas

Roofs thatched

19

20

FLOOR PLANS

Treetop villa 2 bedroom villa ccedilpȢͱĉ

ʒɘ

Interior area 室内面积 13768sqm

Exterior area 室外面积 50sqm

Total usable area 实际使用面积 18768sqm

21

Level 1 一层

Interior area 室内面积 7088sqm

Exterior area 室外面积 102sqm

Level 2 二层

Interior area 室内面积 668sqm

Exterior area 室外面积 398sqm

22

Treetop villa 3 bedroom villa ccedilp˓ͱĉ

Interior area 室内面积 20214sqm

Exterior area 室外面积 664sqm

Total usable area 实际使用面积 26854sqm

23

Level 1 一层

Interior area 室内面积 10334sqm

Exterior area 室外面积 118sqm

Level 2 二层

Interior area 室内面积 988sqm

Exterior area 室外面积 546sqm

24

Treetop villa 4 bedroom villa ccedilpͱĉ

Interior area 室内面积 2667sqm

Exterior area 室外面积 863sqm

Total usable area 实际使用面积 353sqm

25

Level 1 一层

Interior area 室内面积 136sqm

Exterior area 室外面积 168sqm

Level 2 二层

Interior area 室内面积 1307sqm

Exterior area 室外面积 695sqm

26

FITTINGS amp FINISHES SCHEDULE

EXTERIOR AND INTERIOR FINISHES

External walls

Structure is built from steel and SIP (Structural Insulated Panels) External wall is cladded with painted fiber cement board

Internal walls

emulsion paint

Ceiling

Ceiling is finished with emulsion paint

Flooring

Bedroom is finished with heavy strand bamboo flooring

Balcony

Balcony floor is finished with Wood Plastic Composite decking (M wood) Railing and trellis made with Liu An wood Balustrade is fitted with metal and Liu An wood

Window

bedrooms are fitted with double glazed LowE glass and Roto hardware

Kitchen amp powder room

Floor is finished with natural tile Kitchen cabinets and sink are provided Kitchen counter top is fitted with natural stone

Bathroom

Wall and floor are finished with natural stone

Doors

Entrance door is made of solid core timber fitted with Saflok RFID locks Bedroom doors are fitted with hollow core timber fitted with Saflok RFID security locks

ƭѡȦƎˤ]ɛ

室内外材料

oacuteƟͳʥ

oacuteƟͳƿńˤƗĮƿńƎƿńWOSIPlt6ʥϸΉɮOũʘ6

ɬʥ

ǸćƎͱтɬʥǩϸĔƎˎƲʘ6

ų

ųɘˎƲʘ6

THORN

ǸćģūɦTHORNO6ͱіќTHORNO

ȹ

ȹϸɦOʓʟ6ʈȲҎɦѐШOuml6ȇĬϸDŽрƎȲҎɦĜ6

acuteŲ

Ǹć5ͱOumlacuteŲϸȽɦѐacuteȀʆ-3ѓǹtȟƎ-0-ͶDŽʆƪ6

notĉ

THORNϡƎɘϡʿTHORNѦʓʟ=notĉŀlaquoŖϡƎʇ6notĉɘʿ˵6

Ќ

Ќʥ˦ƎTHORNϡʿ˵ʓʟ6

ɑ

ˏǺAringɑϸ˹Ψɦɑʆ˛-)ljordfɑNJ΄6ͱɑϸǹΨɦɑʆ˛SaflokljordfɑNJ΄6

27

MECHANICAL AND ELECTRICAL INSTALLATIONS

Heating and Cooling

AIRWELL centralized water source heat pump is provided Fresh air intake with heat recovery system is installed

Electrical provisions

are provided

Electricity

Concealed conduits are provided Threephase electricity supply with miniature circuit breaker distribution board is provided

TV telephone and internet connection

Satellite TV with all major international channels

is provided in all the villas Telephone outlets and wireless internet connection is provided

Hot water supply

Huang Ming solar hot water heater and Rinnai gas water heaters are installed for the villa

Water supply and pipes

Concealed copper pipes are used for both hot water and PPR pipes are used for cold water

The resort will be patrolled 24 hours a day CCTV system is in operation throughout the resort 24 hours a day All the villa front doors and bedroom doors are fitted with Saflok RFID security lock system

APPLIANCES TO BE PROVIDED OR INSTALLED IN EACH DOMESTIC

UNIT

机电设施配套

ŀɻũѐȐ

ɽyumlƍѓ˾Е˅`΄6ΪĘ˅ſ΄6

Ɲaacute

ʆEΐNtildeŎOumlǭŋϡƎѿ6

aacuteȞŀϰ

ѩϾϮ˾ΐȺ=ʆϾίoumlȺʠ=ʆaacuteΓOuml˓ΑaacuteЕŀϰ6

aacuteƎςˤ]

έaacute=ʹΐaacuteŹũʹΐȺ6

˅ˤ]

žɛϒɭ˅ʠƎȩɬɌʡ˅ʠ

Ŏ

˅ŀϰŎǩϸϮc˾ĮŎ=ȐŀϰŎŎ6

WCˤ]

oacuteƟAacuteˤϾϾΟ˶ѽOumlgȺaacute΄ϡƎΟ˶OumlπɄ6ˏǺAringɑƎͱϸSaflokljordfɑNJ΄

标准住宅单位附送以下设备

Stove BAUMATICExaust fan BAUMATICOven BAUMATICMicrowave BAUMATICFridge BAUMATICBARMini fridge (2 3 bedroom) BAIXUEWine fridge (4 bedroom) BAUMATICBEDROOMMini fridge BAIXUEBath KOHLERTERRACEBarbeque grill

TelevisionDVDBATHROOMShower KOHLERBasin KOHLER

notĉ aacuteraquoȷ ʄɇUcircǷnotĉϼχƉ ʄɇUcircǷnotĉaacuteDZΓ ʄɇUcircǷuȷ ʄɇUcircǷɬяrΓ ʄɇUcircǷHΟrΓ=ĉlt JμǙŖĉlt ʄɇUcircǷͱΟrΓ JμЌį Ǵȍȹ˞DZΓҒĉaacute ɯDVD ɯЌȪЌʠ Ǵȍʇ Ǵȍ

28

NOTE

1 The Developer reserves the right to substitute other materials

or appliances of comparable quality and standard for the

intended items as listed in above fittings and finished schedule

2 The fittings and finished as listed above shall be subject to

the terms of formal Agreement for Sale and Purchase Those

provisions may have slight variation in the color measurement

3 The Developer reserves the right to make modifications and

changes to the building design fittings and finishes without

prior notice

4 Fittings and finishes of the Special Units may be different

from those of the Typical Units

备注

āЮ˙WȰϞʧʹȞ=Dв˹ƙʮȁεϘϡUgraveётƭѡȦϡƎˤ]Ccedil˛ȧĹΙ6

˛ȧĹΙȦϡƎˤ]ǩϡн˾ɈɉūКOumlǿщegraveѬ6ĹΙƭѡȦƎˤ]ǵɭƁФϋ˔=ȣoacutepoundAcirc5ȓ5ѺуƎƆľ˛ordfʬp6

āЮ˙WȰϞʧʹȞδeacuteϡƎĽĨϛOumlˤƗ5ƭѡȦϡƎˤ]ʹεȮαс6

˔EumlЏOumlēƭѡȦϡƎˤ]І˛oȧĹΙǵɭϾx6

29

PURCHASE OPTIONS

Buying a Tree-top Villa at naked Stables Private Reserve involves signing a Sale and Purchase Agreement with the development

company and a Lease and Management Agreement and Deed of Conditions with the Hotel Management Company The Management

Agreement requires the purchaser to lease the property back to the Hotel Management Company to manage on the ownerrsquos behalf

There are two different plans which are available for buyers

在 naked Stables 购买一套拥有不动产权的树顶别墅包括与发展公司签署一份买卖协议以及与酒店管理公司签署一份租赁管理协

议和条件契约管理协议要求购买者以业主的名义向管理公司出租其别墅以供其管理买家有两种方案可供选择

ŅɈκΙ

30

OPTION 1 - FLEXIBILITY

1Owner Usage Rights

Zero usage restrictions

Early reservations are required to secure Villarsquos especially during prime and peak seasons If a Villa Owner does not provide the

required advance notice for a reservation the resort may be required to offer the owner a different unit or in the worst case no

availability at all

1 业主使用权限

ȫ˼ϸΏѐ

ϘʴʣЎegraveˏѢp=ϺʙФƐƕ6ˍřpϛѝɍϾŀϘʴOumlϸЂЎegraveOumlЎс=oacuteƟAacuteƮʙŀȮϞdegѢdeg=ƆеѻЦĴOumlʮȁɍϾǹĉ6

2 Rental Revenue

2 租金收入

a Rental revenue

Whilst not in residence the owner will be eligible to earn a pro rata 36 of the room revenue generated by the Reserve during their

absence Ie Everyday the revenue generated by the entire resort is divided amongst the owners not in residence on that day When

an owner is in residence he forfeits his opportunity to earn revenue

ѸDŽˏ

ϛѝxǝѢʖƣ=ƮOtildeOgraveoacuteƟAacuteordfѸʙĉͳOtildeϧOuml6ɏoacuteƟAacuteordfѸɨΡxǝѢФfrac14OumlϛѝOumlĉͳOtildeOumlϧƮ^ʒǩēʆĺжΡϛѝ6IcircϛѝǝѢФʙpȕ˶=Ʈ˱ʸƅOtildeϧOumlƉƁ6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

选项1-灵活性

31

c Cashing out your returns

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

gtƮɴOumlſYŚDŽĈ˾ʷordf

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſYϧ6ˍřϛѝκЪxʷordfOumlϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3 有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecom services

included in the Services Fee to the owner whilst in residence The services fee is 300rmb per room per night This fee is charged on

all rooms regardless of which are in use

4 服务费用

IcircϛѝФoacuteƟAacuteǝѢ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸѓ6ɏĸĉƣɏOumlĞĒϸЏˆəe6жĸĒϸΛϾĉƣʷOuml=xɃfrac14ĉƣĚФ˼ϸ6

5Maintenance

4 of hotel room revenue will be reserved for ongoing building maintenance This will be deducted from the ownerrsquos share of total

room revenue

5 维护

ǙacircǸĉˏOumlƮ^ȰѽŮθƭѡδтĒϸ6ħēDŽuumlƮiquestϾˆǵēOtildeOumlǙacircǸĉˏĕuumlѓǻshy6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGEEarnings Per Room (36 of gross room revenue) 124173 170827 221315 253507 263647 2066942 Bedroom 收益 ndash 双人间 248346 341653 442631 507013 527294 4133873 Bedroom 收益 ndash 三人间 372519 512480 663946 760520 790941 6200814 Bedroom 收益 ndash 四人间 496692 683306 885261 1014027 1054588 826775

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 41 57 74 85 88 69

3 Bedroom 收益 ndash 三人间 9000000 41 57 74 85 88 69

4 Bedroom 收益 ndash 四人间 12000000 41 57 74 85 88 69

Hotel revenues and owner rental yield - Option 1 Flexibility

32

OPTION 2- STABILITY

1Usage Rights

1 使用权限

选项2-稳定性

Total Permitted Usage Prime Peak SeasonPermitted Usage

Peak SeasonPermitted Usage

Out-of-SeasonPermitted Usage Blackout

40 days per yearNo occupancypermitted

Up to 20 days per year but no more than 7consecutive daysfor any one stay

Up to 20 days per year but no more than 7consecutive days for any one stay

No occupancypermitted

允许使用总数主要的旺季允许使用

旺季允许使用

淡季允许使用

无折扣期

每年40天 不允许占用 每年20天但是每人

不能连续居住7天每年20天但是每人 不能连续居住7天

不允许占用

Prime Peak Season To be published by naked Retreats in according to government notification every year Prime Peak Season

Middle Autumn Festival (Sept) excluding Blackout dates

Ɛƕɏɱϻnaked RetreatsĻǟоġĵāordfс6ƐƕVȂѓŘsup1ƽϞМĀМlt5ȋiacuteƽͶМlt5Řʱƽ˴Мlt5ʭɛƽМlt5ѓʲƽǘМlt=xVȂʹгǻʖ6

ƕiquest˓МOgrave˴ϞМʖƣOuml10ĸїɡϡƎ10ĸľѽˉїʖ=xVȂƐƕũʹгǻʖ6

OutofSeason 20 days during December to February excluding Prime Peak Season and Blackout dates

Iacuteƕiquest˴ĀМOgraveĀМʖƣOuml=xVȂƐƕũʹгǻʖ6

Blackout Dates Peak demand dates such as holidays sporting events groups and citywide conventions Local cultural events

all as specified by the Hotel from time to time

ʹгǻʖεʴijėʖVȂƟʖ5Ћ˒5ũʺβOumlƁϨ6IcircTHORNɾyumlOumlŸƂiacuteiumlƮDвǙacircOumlɛljα6

2 Rental Revenue

2 租金收入

a Rental revenue

Regardless of your usage of your property your rental return will be fixed at 5 for the first 5 years of operation After this period

you will automatically migrate to the Flexibility plan

ѸDŽˏ

xɃɰOumlĉ˼ϸoacuteˍŪ=ͶɱOumlѸDŽϧiumlŊegraveOuml136ФжтŮ=ɴƮѳiacuteѧˏȬƂβĈF6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

33

c Cashing out your returns

gtƮɴOumlſYϡDŽĈ˾ʷordf

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſY6ˍřϛѝκЪxʷordfʙϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecoms services

rental option

4服务费用

IcircϛѝǝѢФoacuteƟAacuteȕ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸȕ6жϞȏOumlĞĒϸxVȂegraveβordfѸʆ6

5 Maintenance

Of the 5 guaranteed return generated form your property during the period you are not in residence the management company

will retain 4 of this return for maintaining your Villa The maintenance fund will be pooled and used for all Villarsquos in the resort

5维护

ɴxǝѢʖƣiquestɴOumlĉѓƮ˪Ouml13OumlſY=ŎȓŁƮWȰжbſYѓOumlϸѽɴpOumlŰ6ŰƈDŽƮ^ūsʜȅsϸЂϾoacuteƟAacutepOumlŰ6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Hotel projections

Rooms Available 可用房间 not relevant 非主要Estimated occupancy 预计使用率 not relevant 非主要Estimated average daily room rate 预计每日平均房价 not relevant 非主要Growth in room rate 房价增长率 not relevant 非主要Annual room sales 年房间销售额 not relevant 非主要RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE2 Bedroom 收益 ndash 双人间 50 50 50 50 50 503 Bedroom 收益 ndash 三人间 50 50 50 50 50 504 Bedroom 收益 ndash 四人间 50 50 50 50 50 50

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 300000 300000 300000 300000 300000 300000

3 Bedroom 收益 ndash 三人间 9000000 450000 450000 450000 450000 450000 450000

4 Bedroom 收益 ndash 四人间 12000000 600000 600000 600000 600000 600000 600000

Hotel revenues and owner rental yield - Option 1 Flexibility

34

Option 1 - FLEXIBILITY Option 2 ndash STABILITY

investment returns for your Villa are influenced by the

success of the resort and the number of days you use

your Villa

Stable implies both your returns and your annual

usage rights to your property are fixed Regardless of

how well the resort operates your returns will remain

the same Equally you will only have a fixed number

of days allowed in residence

Usage Have unlimited usage rights to their Villa 40 days usage per year

Rental ReturnEarn 36 of the pooled returns from the entire resort

whilst not in residence

5 guaranteed return on their investment regardless

of resort performance

Resort Discount20 discount on all resort amenities and activities

(including SPA and Restaurants)

20 discount on all resort amenities and activities

(including SPA and Restaurants)

Services FeePay a Services Fee of 300rmb per room per night

whilst in residence

Maintenance4 of all room revenue is retained for maintaining

the owners Villa

4 of all room revenue is retained for maintaining

the owners Villa

选项1 ndash 灵活性 选项 2 ndash 稳定性

ȬƂβϸЂ˼ϸІſY6ɰOumlpѱſYʷǧЂoacuteƟAacuteOumlĿǑϱũɰoslashpOuml˼ϸoacute

ŊegraveβϤѯɰOumlſYũɏɱoslashЂɰOumlĉOuml˼ϸʹΏiumlŊegraveOuml6xɃoacuteƟAacuteOumlǑϱѫȁϾucircť=ɰOumlſYiumlŊegraveOuml6ϖTHORN=ɰъϾŊegraveOumlПηǝѢOuml6

使用 ʹΏѐOumlp˼ϸʹΏ ɏɱOuml˼ϸʹΏ

租金收入 ФxǝѢʖƣ=ƅOtildeмĸoacuteƟAacuteūsſYOuml xɃoacuteƟAacuteǑϱѫȁˍŪ=Wп13OumlſYϸЂѱ

度假村折扣 ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt

服务费用 ǝѢʖƣ=ɏĉƣɏЏˆəeOumlĞĒϸ čѝϘ

维护 ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ

OPTION COMPARISON

选项对比

35

36

INDUSTRY RETURNS AND BENCHMARKS

INDUSTRY REPORT

行业报告

Tourism and urban resorts is one of the fastest growing industries in China According to industry consultant HVS cities such

as Shanghai Beijing Shenzhen Guangzhou Hangzhou and Tianjin all have a population where a critical mass of highly affluent

individuals and successful companies exist generating demand for suburban resorts

ФѓŘ=ȾϽϛũoacuteƟAacuteσɓāЮOumlαϛтϞ6ĻǟʺʳǙacircĞϛltOumlϞΙYĵ˿=ФѓŘOumlѝϘˍ˛ŝ5[ǎ5˧5œј5ţјũdžǩēyѯAringȣOumlĥЍˆʾũĿOumlʝϛ=ϻfrac14ϚƊāȥoslashƴʵoacuteƟAacuteOumlƌAringεʴ6

Amongst other things the exponential growth in private vehicles has seen a huge increase in demand in the leisure market With

the completion of the shenjiahu highway in 2010 the travel time from downtown Shanghai to Deqing is now 2 hours Also with

stop at Deqing) scheduled to open in late 2011 travel time from downtown Shanghai to Moganshan will take between 15 to 2

hours When comparing travel times to get to other resort destinations in China ndash eg Hainan or Lijiang flight times might be within

2 or 3 hours total travel time including travel to airports and check in make the whole trip 6 to 7 hours plus additional travel cost

Within the 2 hour travel radius of Shanghai the quality of resort destinations is also (in our opinion) not at an international standard

with most hotels simply being lsquocity hotels in the countryrsquo rather than true resort properties operating at international standards

shyfrac14т=ѯĸˆγΊOumlāЮ=ĸˆƸϴϾȿϚσʂ˫6ѳɱ˥ƛůijϡŮ=iquest˛ŝOgraveOcircʭϚLjεϘĸΟ˶Ouml6ΪƭOumlijǵϡФ13ēєɬiquest˛ŝUumlAumlţј6ƏƮФɱYacuteǫľOumliquestţјOgraveɫǎOumlijѓϾϞаDzOcircʭlt=ъεϞĸSΟ˶OgraveȢĸΟ˶ǜǵϡiquest˛ŝѓΫOgraveAumlɢī˗6ˍřІѓŘOumloacuteƟˮTHORNŝɫ5ȒƯUgraveaƹ=shyȥϘųĒэĸΟ˶Oumlďα˶ƣ=ŻϘФVȂʣƉ=CʺƤũUgraveEgraveOslashƉ˛ų˛эĸΟ˶=ĽxϸɨΡuumlOumlαųΝȥ6Ѷō˛ŝїiΟ˶ɬOumlγΊoacuteƟʸdeg=э˟ͰɒˈltІŘƙŸnѬŻϾѯɛOumlǢ6AringēOumloacuteƟǙacircϚũѓOumlɨΡǙacircɍϾ_ёOumlʵp=ЗЗAumlxOgraveинŘƙϤϦ˛oacuteƟίĉΙɧOumlϘʴ6

ϛѝЎʖſYІaƹ

37

OUR NICHE

我们的利基

naked sees a need in the market for world class expertly designed and operated resorts which are within 1 to 2 hour travel time

of major cities in China As with other urban resorts we believe that the Leisure market and the MICE (Meetings Incentives

Conferences Events) market will be a huge driver for our business In addition we feel that we are already at the forefront of

the growing focus and concern on environmental design building and operations as well as the growing interest in nature and

environmental education At naked we also place a high emphasis on facilities and services for the entire extended family ndash from

children to parents to grandparents that other resorts do not place dedicated resources for

nakedЎƧOgraveȥФѓŘжϞεʴƏǢȑѝϘϞэȢĸΟ˶Ouml=˶ЁhζǁϞȱOumlѥϛˤƗũŎȓOumloacuteƟΙɧ6ͰɒΑάγΊũƁƁϨ5ưȘȾϽ5AringίʝϛƁϨ5ƂiacuteЮȉltOumloslashͰɒϛOumlіAringʤȞ6frac14=ͰɒФŋѣũiacuteźWίˤƗ5ƭШ5ŎȓũźWȓɲœ˛ϠǑѷФȥαϛȭя=ФnakedІαϛеxͰɒϚіoslashЂˣʵѓOumlŜѲ5Ɲ5ȌеOumlĞũˏ6

As such we feel very confident in the rates and occupancies that we will achieve Regarding room prices when benchmarking

against some of the other leading hotel brands in the resort market such as Aman Fayun Hangzhou Banyan Tree Hangzhou Fuchun

Resort Hangzhou Mandarin Oriental Hainan and Commune by the Great Wall average rates in March 2011 for single bedrooms in

this set are ~ RMB2800

ϩfrac14=ͰɒoslashЂˏѢĉƠϡƎˏѢȿcurrenɊάΫ6ФˏѢĉƠĈɘ=ІʙФoacuteƟAacute˛OumlсɜǙacircʑʁaƹ=ˍCҊĂО5ţјНҏѨ5ĥsup1˗ǝ5˓φŴecircĈǙacircũƵ΅OumlŁˣ=Фɱ˓МOumlEumlˆƣʒǩƠķ=6

Regarding occupancies we are confident to achieve occupancies of around 60 after about 4 years of operation but forecast

conservatively that our occupancies will start from around 35 in the 1st year of operation and grow steadily to 45 in year 2

55 in year 3 and 60 after the hotel is lsquomaturersquo from year 4 onwards

ФˏѢȿĈɘ=ͰɒŬϾάΫǑŚɱOumlǑϱ=ͰɒǵϡAumlOgraveOumlˏѢȿ6WŇƗ=ͰɒOumlˏѢȿƮƁϻszligϞɱOuml13=egraveЫOgravefrac34ɱOuml13ũszlig˓ɱOuml1313=szligɱϡŮƮƁЫOgrave6

Given the above estimates we believe that owners can expect attractive investment terms as illustrated in the table below

Ļǟϡ˛OumlŇƗ=ЎƗϛѝɭņOtildeOgraveOumlѱſYƮƁˍ΅o˿

CҊĂО

НҏѨ

ĥsup1˗ǝ

˓φŴecircĈǙacirc

Ƶ΅OumlŁˣ

RMB4270

RMB3500

RMB2000

RMB2150

RMB2388

Aman Fayun Hangzhou

Banyan Tree Hangzhou

Fuchun Resort Hangzhou

Mandarin Oriental Hainan

Commune by the Great Wall Beijing

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966

38

39

ͰɒOumldivideTHE TEAM

40

Grant Horsfield ndash Chairman naked Group

Grant a native of South Africa is Founder and Chairman of the

naked Group

Before coming to China in 2005 Grant worked in England

and South Africa with more than 10 years business ownership

experience With background in IT he launched eBites

Limited in 2000 Operating nationally eBites was both a

publishing company and a callcentre facilitations company with

headquarters based in Cape Town In 2004 Grant received

an MBA from University of Cape Town Graduate School of

Business Upon graduation he decided to come to China as he

saw China is where business opportunities lie

After spending two years in Shanghai he found himself

overwhelmed by the metropolis and missed the natural beauty

of his home From this desire and need sprouted the concept

for naked Retreats which was launched in 2007 Grantrsquos vision is

to create sanctuaries that are in harmony with the environment

where people can appreciate the simple way of nature and

embrace the naked lifestyle Grantrsquos tireless efforts in promoting

ecotourism in the rural areas not only created jobs but also

pride for the local community He received an environmental

award from the Huzhou Government in 2008

高天成 - naked集团总裁

ij=ɫčIcircTHORNˆ=nakedƍOumlmiddot˽ˆũѵ|6

Ф13ɱȅOgraveѓŘтʣ=ij˪ЬФϯŘƎɫčľѽ=ϾŚɱOuml˙ϛǑϱƎРѽǑϏ6ФʙITǒOumlUѠ΅=ɱij˪ƭȜȥeBitesϾΏŁ=eBitesŁƮϱΝІaacuteŹĞѓΫLJɖƿū=ʙѵˤФǭʔugrave6ɱ=ijƅOtildeȥǭʔugraveAringλ˙λЙOumlMBAλ6dϛŮ=ǧegraveȅѓŘ=ϩǯOgraveȥжȕOuml˙Ɖ6

Ф˛ŝEgraveȥȢɱтŮ=āѳƓxȥ˪Ƃ=sʨAtilde˱ȥѳʿɐǒ6ФжѕИІεʴOumlʶ˼΅=ƭȜnaked Retreats

OumlΖĂФɱOtildeOgraveȥ˹˲6ijOumlΖĂƭШϞĸ˯THORNІѳʿũΣŃdeg=ˆɒǵϡΘѳʿ=ΘnakedOuml˪ƂĈ˾6ij˫ΔAacuteTHORNʵ˪ȾϽѽordfOumlxΦɹȞ=xLjmiddotШȥľѽıŻOtildeOgraveȥIcircTHORNˣʵOumlХϐ6ij˪ƅOtildeȥɱůјоġNāOumlźWAring˼ư6

41

Delphine Yip-Horsfield ndash Partner Ben Wood Studio Shanghai

received her Master of Architecture degree from Harvard

Boston prior to moving to Shanghai to oversee the award

winning Xintiandi project on behalf of Wood and Zapata In

the fall of 2005 Delphine became partner at Ben Wood Studio

Shanghai

Drawing from her own experience of diverse cultures Delphine

has led a multitude of high profile projects such as Hangzhou

Xihutiandi Zhujiajiao Oriental Garden Shanghai Waitanyuan

Beijing Palace 77 Shanghai Hongqiao Commercial Core Lijiang

Lashihai Resort Masterplan etc

In 2006 she was selected Wallpaper magazinersquos first annual 40

under 40 designer of the year

Delphine is the chief master planner and architect for naked

Home Village and naked Stables Private Reserve She also

oversees the visuals and styling of the naked Brand

叶凯欣 - 上海Ben Wood设计室合伙人

ϜǮΩɺ=Ben Wood ˤƗľѽOumlѵƢ=śęAringλƭѡλ6ȅ˛ŝтʣ=ФΒIJ5ɷКũuuacuteľѽ6ȅ˛ŝŮ=CcediloWoodũZapataĤЩΪTHORNΙɧOumlƢethľѽ613ɱʲƕ=ϜǮΩɺBen Wood ˤƗľѽūƃˆ6

ϾѯxŸϽșǑϏOumlϜǮΩɺ=EacuteˇȥηucircijocircΙɧOumlƢeth=VȂţјͻůTHORN5њƝƶecircĈųВ5˛ŝЕ5[ǎłatilde5˛ŝŭʦ˙ϛѓΫ5ȗƯȄŝoacuteƟAacuteѵŔŷˤƗUgrave6

ɱ=ˏκȥWallpaperСьǃɱoacuteϡ΅OumlˤƗ˰6

ϜǮΩnakedƝВAacuteũnaked RetreatsOumlѵˤƗеũƭѡ˰6˶ϚĤЩƢethnaked˙nOumlFũĘķˤƗ6

42

Kang Yang Lim ndash Group Chief Operating Officer naked Group

Group with over 13 years corporate finance and real estate

development experience Previously he was Director of the

real estate division of APP China taking responsibility for the

initial positioning and development of the USD15 billion lsquoWhite

Magnolia Plazarsquo mixed use development project (including

the development of Shanghairsquos first W Hotel) He also led the

concept and development of APPrsquos branded residence and resort

project in Sheshan Shanghai

Finance division of PricewaterhouseCoopers in Melbourne

Australia where he specialized in business value and strategy

worked in inhouse strategy roles for CocaCola GB in London

and to British venture capital firm of the year (2004) ISIS Equity

Partners before coming to China in 2005

Accountants Australia in 2002 and is also an affiliate of the

of Commerce and Diploma in Modern Languages from the

University of Melbourne Australia

林纲洋- naked 集团首席营运官

ƞˏnakedƍOumlȩ˪ϴϾŚɱOumlʝϛ~ƎTHORNǭāǑϏ6Фfrac14тʣ=ѽѓŘDŽŒOumlTHORNǭāOumlѵƢ=ĤЩƠч13ϢЏOumlucircϸ8JЈȈœ9ǭāΙɧOumlcopy˽κшũǭāVȂ˛ŝszligϞƝ ǙacircOumlǭālt6˶ϚщNtildeȥDŽŒƍФ˛ŝҁ˗ʑʁѢЭũoacuteƟAacuteΙɧOumlȓɲũǭā6

ФDŽŒƍˇфтʣ=ȩİϑGAringȚφɣyuml_ʔŴϷOacuteƁƗ˰OumlǑȓ=ѥѣЂ˙ϛƠчũЯɁѰξ6ȩ˪Ф13ɱȅOgraveѓŘтʣэȑǭʔŴϷOacuteŮOumlϞotilde˶ƣɬ=ѽǵǺǵȎɂugraveŁɬOumlЯɁēͺ˰=ϡƎISISOumlʼnʏūѽƃRФϯŘɂugraveOumlϯŘĘΌѱŁˇф6

ȩ˪ФɱƅOtildeȥGAringȚφηƁƗ˰ƁũGAringȚφпʻωǗOumlƁГѱķ6˶ϚƅOtildeȥGAringȚφɣyuml_AringλOuml˙ϛλλϡƎCcedilЇϊλп6

43

Gabriela Lo ndash Managing Director naked Retreats

With over 15 years experience in high end events and PR

management Gabriela has been instrumental in bringing naked

to where it is today As one of the original members of the

naked Team Gabriela has led the growth of naked Retreats

to become one of the most famous eco retreat destinations in

China attracting guests and publicity from around the world

Originally from Macao Gabriela has rich multi cultural and

multinational living and working experience having worked and

studied for many years in Greater China England and Italy

卢家宝 - naked 度假村常务董事

ϴϾŚ13ɱOumlijocircƂiacuteũŁŃŋ΄ŎȓǑϏ=nakedDžOumlǜІȶƝXēxǭ6ѽħdivideOumlmiddot˽ГтϞ=ȶƝXϠǑAEligȭnakedѓŘѻϾɜOuml˪ȾϽɧOumlTHORNтϞ=ͼϭȥȅѳǁĹTHORNOumlǸˆ6ȶƝXȅѳGɑ=ϴϾĖĥOumlucircЏŸũucircŘǝѢũľѽǑϏ=ЬФAringѓŴTHORNʵ=ϯŘũϤAringȚϾѯucircɱωǗǑș6

Judy Zhu ndash General Manager naked Group

Zhu is the General Manager for naked Group ensuring smooth

operations of the group with a particular focus on government

朱燕 - naked 集团总经理

њώ=iquestnaked Retreatsmiddot˽ǭ˽ǜũij˪ūѽ6њώѽƍѵǑȓ=ĤЩIcircTHORNũŋ΄ʽWƍРѽ6Фƞˏnakedтʣ=њώФ˛ŝũ[ǎiquestŚηucircІ˙ϛϾŋOumlфϛ6ФΪͻȈƅOtilde˙ϛλ6

44

Kurt Berman ndash General Manager naked Stables Private Reserve

With over 16 years experience in FampB and high end luxury

resort management Kurt brings a wealth of experience and

will lead the preopening and operations of our new resort ndash

naked Stables Private Reserve Prior to joining naked Kurt was

the preopening General Manager at Six Senses Laamu and

Resident Manager for Six Senses Soneva Gili by Six Senses Kurt

has also worked at other prestigious resorts including Fregate

his career in hospitality in FampB and was a trained Chef with

experience working in many prestigious institutions including

The Dorchester Hotel in London Kurt is from South Africa and

has a masters certificate in hospitality management from Cornell

University

Kurt Berman - naked私人度假村总经理

ϾѯŚɱϬƎijIumlŤŴoacuteƟAacuteOumlŎȓǑϏ=ƮϡĖĥOumlǑϏȭNtildeͰɒΪoacuteƟAacute77)$ 0OumlϱϛũРϱ6Фƞˏ)$ тʣ=10ЬEacuteˇŚ8szligȳĭǦ9+1ϱϛѵǑȓũ8szligȳĭǦ9-2 ((OumlѤacircǑȓ610ŻЬˇфЂamp0ˆŝETHũ1+4UgraveʙўɜoacuteƟˮTHORN610OumlϛʜzЂϬαϛ=ϚϡϞĸФŬucircўɜƉńVȂ-0-0 -$-ltľѽŚOumlρȡϾOumlnot˰610ȅѳɫč=sϴϾǰɪyumlAringλЃOumlǙacircŎȓλ6

Richard Johnston ndash General Manager naked Home Village

Hailing from the United Kingdom but with most of his working

life in resorts throughout Africa Richard brings with him over

20 years experience in General Management and Director level

roles in world class resorts including Azura Retreats Cape Grace

hotel and the Saxon Hotel Richard plays a key role in the set

up of systems training and operating standards His years

of experience and mentoring leadership style make Richard a

natural inspiration for our young hotel management team

Richard Johnston - naked 家园村总经理

RichardȅѳϯŘ=IgraveAringucircOumloacuteƟAacuteľѽiumlФмĸčљ=ϴϾŚɱOumlѴūŎȓũǁƐoacuteƟAacuteVȂAzura

Retreats Cape Grace hotel and the Saxon HotelltijʒŎȓǑϏ6RichardФƭȜ΄5ʅρũРαnѬĈɘʜѯŋƨѽϸ6ĖĥOumlǑϏũȭNtildeĘķ˼OtildeoslashͰɒɱʬOumlǙacircŎȓdivideϾѯѳʿOumlƊȘ6

45

Teun Hanegraaf ndash Sales Director naked Retreats

Teun obtained a Bachelors in Business Studies and Masters

in Strategic Management with a focus on Chinese Business

Culture Teun increased our corporate sales business by 350

in his first year with us bringing international companies

ranging from international conglomerates Unilever and Coca

Cola to more local institutions such as The Shanghai American

School and leading Chinese companies such as Bank of China

韩天宁销售总监

ȅѳŧȈɥEcirc=şɵϴϾ˙ϛλλλ5ЯɁŎȓѥѣЂѓŘ˙ϛŸlt6ȅƍOumlszligϞɱşɵƮŁOumlΝϛijȥ13=sŁAEligȅȥx˟ŘƙβOumlAringŁǸŲ=жʙѓϾŘƙAringʝϛȠūȚŴũǵǺǵȎ=ϚϾ˛ŝɐŘλΠUgraveIcircTHORNƉńũѓŘϫαUgraveѓŘȴʝϛ6

Oliver Yuen ndash nature Reserve amp Recreation Manager

naked Stables Private will be the first private reserve in China

with a wealth of new flora and fauna introduced to the project

from Sydney University Australia and as a fully qualified Ranger

working in many of the worldrsquos best wildlife parks Oliver takes a

special role in ensuring the environment of naked Retreats and

naked Stables Private Reserve will be full of life and a natural

self supporting eco system Oliverrsquos passion for both people and

nature make him the perfect person to teach our guests about

what we do and make their stay not only a relaxing one but

also a fun fulfilling educational one as well Oliver previously

worked in wildlife parks and resorts such as Azura Retreats in

Mozambique Mobala Private Game Reserve in South Africa and

Sydney Aquarium in Australia

袁鹏威 - 活动经理和度假村 生物学家

naked StablesƮѓŘszligϞĸϭljΪOumlцʾũiacuteʾOumlˆoacuteƟʵ6OliverѽϞɜGAringȚφͿɯAringλūķOuml˪λƝiacuteλƝ=ϡƎФǁĹTHORNOumlϙ˪iacuteВľѽOumlľѽе=Ф˼naked Retreats ũnaked StablesϾѯĖĥ˪ѱЕ5ʿѳĺOuml˪΄Oumlźǔľѽ˛QύѯіϘƶ˔6АʊoslashˆȏũѳʿOumlƊʮ˼ѻūOumlˆȅĵͰɒOumlǸˆͰɒѼOuml˷ɋ=sʨ˂ɒФжȕOuml˶ŒxLjLjČ=˶Ϛ˂ɒOumlǝѢǑșlOtildeϾǭΫcurren˹ũϾƷЋϤϦ6АʊтʣФɫčũGAringȚφͿɯѹŏiquestϙ˪iacuteВũWŰʵOumlľѽVȂMozambique OumlAzura Retreats Mobala Private Game Reservelt6

46

Philip C Davis Company Director naked Retreats

Phil joined the Board of Directors for naked Retreats hotel

management company in 2011 His previous board experience

includes Tian Rui Hotel Corporation holder of the master license

for Super 8 economy hotels in China and Hong Kong from 2006

to 2008 He also was a founding shareholder of Tian Rui and

served as its President and Managing Director from 2006 to

2008 He was a board member of Tian Xian Cheng a bai jiu

concern which is a joint venture between Pernod Ricard and a

2010

Phil was previously Chairman of the Budweiser (Wuhan)

International Brewing Company and Managing Director of the

AnheuserBusch business in China and Hong Kong from the

beginning of 1996 through 2002 From 2003 to 2005 he

headed the AnheuserBusch liaison office with Tsingtao Brewing

Company

Phil holds a PhD in history from Washington University and

started his career as a market researcher at a major advertising

agency in the US before moving to AnheuserBusch and

heading its consumer planning and new product development

functions in the 1980s

Philip CDavis naked 度假村公司董事长

PhilЂɱƞˏȥnakedoacuteƟʵǙacircŎȓŁOumligraveƁ6ϡĖĥOumlǑϏVȂФːǙacircƍˇф5ϡƎЂɱэɱФѓŘũѓŘΒIJEacuteˇSuper ǑƖǙacirc ʼnˆ6˶=ϚːǙacircƍOumlmiddot˽ʼnecirc=ФɱэɱʖƣEacuteˇƍOumlѵ|ũigrave6ɱэɱʖƣ=ϞƝІWȎȞƞũJǙ˪ȴʝϛƬɫūѱOumlʝϛ77ΐOumligraveƁГ6

iquestɱэɱ=Phil͵šBudweiserŘƙɳǙŁOumligraveƎѓŘũѓŘΒIJCŝyŁOumligrave6iquestɱэ13ɱ=CŝyũʫETHʌǙŁOumlȠɆdegOumlĤЩˆ6PhilϴϾŴ˭uacuteAringλOumlș˻дλvλ=ФǁɱCcedilȅOgraveCŝy5ĤЩΞĒŔŷũΪʑǭāĿɭтʣ=OumlϛʜzЂɐŘOumlϞƝœĵCcedilȓŁ=Eacuteˇaeligω6

47

OUR INTERNATIONAL TEAM

International team

Chief master planners amp architects

the urban landscape of modern China with Xintiandi in

Shanghai a commercial cultural and entertainment district

Since then the studio has worked on projects in very diverse

categories both small and large scale projects include mixed

use projects like the ldquoTiandirdquo in Hangzhou Chongqing Wuhan

and Foshan luxury villa and high rise residential complexes in

Shanghai and Vietnam as well as various boutique hotels and

Chalet Architects

A00 Architecture is most well known for their research

inenvironmental sustainability and its application to their

work in Architecture Interiors and Furniture Their portfolio

includes feature restaurants luxury spas retail stores design

conversion of dozens of historic Shanghai homes into highly

personalized residences

Interior Designers AIM (Architecture amp Design) brings expertise

in the combination of world architectural styles and design

influences to the interior designs at naked Stables Private

Reserve With the Shanghai office led by the two founding

on comfort warmth and a unique blend between African and

Asian design sensibilities

Landscape Architect

Design Land Collaborative (DLC) is a professional consulting firm

comprised of landscape architects and planners with an office in

Shanghai and the United States Projects have a strong emphasis

on cultural resources historic preservation and ecological

design involving both the public and private sectors

ͰɒOumlāЮdivide

ɴǵϡΑάOumlёȣ

ŘƙŸdivide

首席规划师和建筑师

benwood Studio Shanghai OumlсɜΙɧтϞѠĨШ˛ŝΪTHORNľ=˼ʙƍ˙ϛ5Ÿ5ЄȎϞOumlʵЉ6тŮ=ЁƻȥĹȏŔɟAringΟOumlΙɧ=VȂţјOumlͻůTHORN=іʱ5͵šƎę˗OumlŤŴpϡƎФ˛ŝũЛɫOumlijѢЭʵ=ȮŻϾФѓŘƎˉ_OumlĹȏǐʑǙacircƎoacuteƟ6

小圆房建筑

AOO Architecture ФźǔWŰƎǵ θāЮĈɘϾѯѭЛOumlƭ=s˘ƮʙƭϰϸЂɬƝѩ6ɒƻŚOumlΙɧVȂ˔5ŤŴȤѓΫ5ȫ˙acirc5ˤƗίǙacirc˛ŝυНǙacirc lt5ˆoacuteƟϡƎϞ΄ȧOuml˛ŝș˻ѢЭOumlCcedilŸƎˆŸĨШ6

ɬ ˤƗ˰AIMƭѡˤƗltѥѣЂǁƭѡĘķũˤƗOumlɐƿū=ϭNtildenaked StablesOumlɬˤƗ6ФȅѳŧȈũaȚ˶OumlūѽmiddotTˆȭNtildeOuml˛ŝTdegOumlUѠ΅=ˤƗѣі5ũφčˤƗȓɲOumlntildeˊū6

景观设计

Design Land Collaborative (DLC) ϞƝiquestǒōˤƗІŔŷOumlѥϛѰξŁ=Ф˛ŝІɐŘǩˤϾēрƉń6ʙΙɧ˘ЂŋѣŸș˻ĻЕ=ƿūźW˪ǴƔ=ѥѣЂŁŃƎϾTHORNOumlŔŷ6

48

Engineering amp Project Management team

Scott Wilson Group PLC is a globalintegrated design and

engineering consultancy for the built and natural environments

Scott Wilson is responsible for the project management the

electrical and mechanical engineering for the project

Environmental Consultants

Environmental Resources Management (ERM) a leading global

provider of environmental health and safety risk and social

consulting services ERM deliver innovative solutions for business

and government clients helping them understand and manage

their impacts on the world around them ERM have 137 offices

in 39 countries and employ approximately 3300 staff

Sustainability Consultants

Bisagni Environmental Enterprises (BEE) works with the

engineering and design teams to ensure the environmental

goals set out at the inception of the project are achieved

LEED Consultants

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

Local Design Institute

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

General Contractor

and have been responsible for some of Chinarsquos most iconic

properties such as the World Financial Centre in Shanghai

工程及项目管理团队

Scott Wilson Group PLCϞƝʺʳŔɟOumlźWˤƗƎľѰξŁ6Scott WilsonĤЩΙɧOumlaacuteʠƎƉΤľ6

环境咨询

Environmental Resources Management (ERM)ϞƝʺʳαϛȭѰξŁ=ŀźǔWŰ5ƫǰCʺƎŁŃˣƁĘΌUgraveѰξĞ6ERM˙ϛƎоġɑǸŲŀĨĶβOumlǀǧĈF=UѠɒȥǀsŎȓʙǑϱoslashˣƁźǔAEligȅOumlϳΗ6ERMФʺʳϾ137ĸēрƉń=myĸŘƝ=ϴϾAringК3300ɜГľ6

可持续发展咨询

Bisagni Environmental Enterprises (BEE)ІľˤƗdivideΑűūѽ=ϡʽWФΙɧǭ˽ƼotildeˤȜOumlźǔWŰǵ θāЮɧnOumlȚ˹6

绿色建筑认证咨询

Shanghai Pacific Energy Center (SPEC)ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlŁтϞ6

本地设计公司

Shanghai Baoye Construction Corp Ltd ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlαϛȭŁтϞ6

总承包商

ϞƝŘƝƐľVŁ=ϠƻȥηucircѓŘnьβΙɧ=țˍ˛ŝźʳDŽˊѓΫ6

49

naked COVERAGE

wwwcnngocom

ldquo25 killer things to do this summerrdquo

26 April 2010

Time Magazine

ldquoRun to the Moganshan Hillrdquo

新浪博客

ldquo避世的可能rdquo

31 December 2009

wwwenglisheastdaycom

ldquoThe first batch of ldquoChina Treasured Towns ldquo released

December 2009

Shanghai Urbanatomy

ldquoGet naked this time with horsesrdquo

Shanghai Daily

ldquoGreen MaGIC Casts design spellrdquo

14 October 2009

新浪商品

ldquo中国最佳设计酒店大赏rdquo

September 2009

wwwchannelnewsasiacom

ldquoChinarsquos green resort allows travellers to vacation on good consciencerdquo

2 September 2009

wwwbijianlinblshecom

ldquo莫干隐居rdquo

25 Aug 2009

wwwassociatecontentcom

ldquoThe Exquisite Moganshan Mountains of Chinardquo

Ɏ

Wikitravel

ldquoMoganshanrdquo

德清新闻网

ldquo承包国营林场建造生态ldquo逸站rdquo

wwwsinoeventcom

ldquo亚洲旅游地产及景点峰会成功举行rdquo

wwwchinatravelbrandingcom

ldquoPursuing Green for Greenrdquo

wwwbrandrepublicasia

ldquoMaking moves towards ecofriendly eventsrdquo

7 May 2009

wwwhandsonshanghaiorg

ldquoHands On Asia Conference Summeryrdquo

May 2009

wwwmyvacationcn

ldquo莫干山居rdquo

3 April 2009

wwwshanghaidailycom

ldquoThe naked truth Time to clean up Moganshan litterrdquo

4 March 2009

wwwgreennovateorg

ldquoMoganshan Project Kick Offrdquo

13 February 2009

Travesias

ldquonaked retreatsrdquo

Feb 2009

合肥在线

ldquo大山里的裸家族rdquo

20 October 2008

wwwentrepreneurcom

ldquoThe arrival of the Olympics showcases Chinarsquos burgeoning entrepreneurial spirit ldquo

7 August 2008

50

Shanghaiist

ldquoWeekend escape to Moganshan 莫干山rdquo

9 April 2008

私家地理

ldquo艳阳下的荫凉rdquo

30 May 2008

City Weekend

ldquoGet naked in Moganshanrdquo

25 January 2008

wwwbundpiccom

ldquo在这绿中撒点野rdquo

wwwhuzhougovcn

ldquo相中德清筏头的青山绿水南非客商莫干山下建生态逸站rdquo

wwwurbanatomycom

ldquo24 Hours in Moganshanrdquo

wwwhkheadlinecom

ldquo杭州莫干山竹林深处人家rdquo

15 May 2009

wwwnewsweekcom

ldquoBack from abroadrdquo

May 2009

Chinatravelnet

ldquoMoganshan A Heavenly Hideaway of Bamboo Forests amp Tea Plantationsrdquo

April 2009

wwwmzztmcagovcn

ldquo2009年踏青乐游路线推荐大公布rdquo

16 March 2009

第三媒体

ldquo规划一条畅快随性的踏青之旅rdquo

28 October 2009

wwwdqnewszjolcomcn

ldquo三九坞 ldquo裸家族rdquo钟爱的世外桃源rdquo

28 October 2008

ldquo自驾行天下rdquo之中国莫干山rdquo

Sep 2008

ldquoShiffting Gearsrdquo

Sep 2008

April 2008

Chewed up amp Spit Out

ldquoGet nakedrdquo

19 February 2008

ldquoBest Weekend Getaway Hotels Shanghairdquo

富世

Ecoefficient hotel低碳下榻

April 2011

Spa China Guy 男士派

Experiencing The Unique

2010

Cosmo 时尚

跨洋建屋隐居不隐世

April 2010

Global Times

The Mountain of legends

Global City Geography 城市地理

莫干山 naked Retreats 都市人一ldquo裸rdquo到底的山居生活

Dec 2009

China Daily

Rural Retreat

20 March 2011

China Daily

4th March 2011

Modern Weekly周末画报

圣诞低碳游

Dec 2010

Elite Traveler 携程自由行

旅尚

Esquire

Hidden Best Restaurants

Feb 2011

51

52

53

Page 12: Detailed Investor's Report

11

In the evening join the visiting winemaker from South Africa for

a private tasting in our wine cellar followed by an outstanding

dinner featuring a myriad of organic and seasonal produce

sourced directly from the farm All dishes in the restaurant are

designed to be shared and enjoyed together

The warm summer months are filled with afternoon bbqs

evening musical performances in the openair theater and sun

dappled memories at the pool

Winter is crisp and perfectly peaceful as snow dusts the bamboo

forests Log fires crackle in the bar and winter cocktails warm

from within

Memories are created and moments are shared a naked Stables

Private Reserve

˛=ϞʜKċȅѳɫčOumlɳǙ˰=ФͰɒOumlǙѨȕʑɐǙ=ŻϾхƻȅѳɸOumlϾƉOumlΪΈ˸OumlĖ˭6ϞʜȅΘҗҖĺɴAEligȅOumlНH6

҈ϤOumlΆƕ=жȕɊͷŮ˞DZ=ȹǤOumlϝϪȎύordfϡƎ϶iexclȕϒŒLwOumlɐťſϥ6

жȕOumleumlƕʒǓΕũ=JμĢĩѯќŝ6ǙHȕ=ɦФƄѓˀ˞āordfʋɿ˩=ϞZeumlƕƋǙɭ˂ɴɻũηucirc6

ȅnaked StablesjуſϥΘɐť˶ŒH6

12

13

14

GREEN DESIGN amp CONSTRUCTION

LEED Green strategies

All about LEED

Developed by the US Green Building Council (USGBC) LEED

(Leadership in Environmental Energy Design) provides a concise

framework for measuring green building design construction

operations and maintenance LEED Platinum rating is the

USGBCrsquos highest rating with strict criteria encompassing energy

savings water efficiency CO2 emissions reduction improved

indoor environmental quality and stewardship of resources and

sensitivity to their impacts A LEED Platinum qualified building

should use at least 30 to 40 less water and electricity than a

normal building At naked some of the things that have been

done in aiming to achieve this award are

recycling

flushing and irrigation

water

waterless urinals

buildings

consumption

ɀ˔ˤƗІƭˤ

绿色建筑认证

关于LEED

ϻɐŘɀ˔ƭѡƁāʜ=LEEDɀ˔ƭѡˈпltȣɀ˔ƭѡˤƗ5ƿń5РѽϡƎŰŀƥƾOumlȀơ6LEEDɐŘɀ˔ƭѡƁ˄ƽɭ5ѱЕȚϸȿ5ƱUacuteĀϓŸʀČ5˫ɬźǔёȣ5ѱЕŎȓƎoslashʙϳΗOumlɚĭoacuteψķnѬOumlѻijưΙ6ϞmicroϴϾLEEDˈпOumlƭѡϰħaʔƭѡ˟˼ϸOumlaacute6Ф =ͰɒϚѼȥŬucircľѽȅлʷOtildeOgraveжĸưΙ

ƭѡƽˬȥ13OumlɭЕ˼ϸ

ƭѡƽˬȥOumlϸȣ

iquestͳccedilũɇȺƍȅOumlЅϸЂҔͲOumlνźȚϸ

ϾҔͲũđiuml^ſϸЂyenũŐĪ

LJA˗ňȱOuml˳THORNǖŸȥƂ

˼ϸUacuteȱȣOumlЌŊegraveѩяϡƎɶ˾umlɇɗyen

Οkiexcl

ϸЂЎ˅Oumlϒɭ˅ƞ˅ʠ

ϸЂƞ˅ũȐʼƭѡOumlƽɭЕкʢ`

pѩϾ˅ſѩяȅƱUacuteɭЕΞŦ

15

use Incentives given to reduce energy consumption

a factory 20 minutes away from site

window frames bricks and roof tiles

Council)

material

property

recharging stations

within a radius of 800km

CѩФϾp˛OumlɭȣƗϸȅƢethǸˆOumlɭЕ˼ϸʮ

ȁ6ŻɭЕΞŦOumlƦ˟ŀuumlOumlưȘ6

ϸ˼ϸќΧdzȝOumlŗȷƞ˅ŀɻ6ќΧdzȝȅѳǢȑͰɒ

ēєȺЗOumlϞƝľ

ϾOumlʥũacuteŲiumlijoacuteǨЖ

˼ϸɘŒŵOumlUacuteĝˢtȟ

˼ϸUacuteʀČOumlȦ

˼ϸſȚϸOumlǛɦёͳccedilơ5џѲ5џƈ5acuteȀ5ѦǼũ

ͳccedilʎ

Ś13OumlɦϻFSC˕ȩŎȓГƁltʹ

˼ϸǵУ˪OumlŸќѐTHORNO

pɬʺ˼ϸLEDtimesũΟίOumlϲŒtimes

oslashϾƭѡѻAringoacuteOumlljαѳʿŒũĘ

ѝTHORNъПηijyumlěljˏ=ijyumlěϻϒɭŀaacutesɭФ

ѤTHORNcurrenaacute

OumlƭѡȦiumlȅѳĈДŁȕɬOumlʵЉ

Ś13OumlƭѡđȦ^ſȚϸ

ϾoacuteƟAacuteOumlȃƇiuml^νźȚϸ

notĉũȃƇ^ϸѽĐȦ

oacuteƟAacuteɬϴϾϾƉųВ

іΪϭˏϙ˪iacuteIcircTHORNȻѕlt

WŰѳʿiacuteцʾ

16

17

THE DESIGN IDEA

Tree Top Villas

树顶别墅

To touch the sky at night and look down on the forest in the morning is what owners of the tree top villas will experience High

above the forest canopy 30 luxurious homes are perched in the tree tops Spacious wooden constructions with large sundecks spill

into the panoramic views of the mountains

macrɞҌҍOumlϝǹ=ϔѪȗOumlҐ=жǜϴϾccedilpOumlˆɒntildeΘOumlҕȞǒ˔6icircŤŴѢЭʗͽФ˕ȩŌт˛=pǡϞķ6аФǾOumlɦѐΟͳѓ=œOumlɢī˗ʺǒǍόYacute6

Each villa is built on stilts to minimize its physical footprint and maximize the views for its discerning owners The prefabricated villas

are made by innovative construction technology known as structural insulated panels (SIPs) With high insulation value and zero

construction waste these lofty eco dwellings are like no others offering you an energy efficient home that is beautiful and at one

with nature

ccedilpOumlƭѡaumlƵȵƿń=iquestyacuteƦ˟oslashБ˽˪źǔOumlϳΗ=sѻAringΏoacuteOumlЮϹɐOumlǒ˔6жΡЎѐOumlpϸѻΪǴƔOumlƿńWOѐШOuml6ccedilpOumlˤƗтѽ=ʹđȦͲˁssectѳʿ=ŀϞĸЁϾʑЁʩNjѳʿOuml˪ѢЭ6

The villas are intended for life Overlooking the mountains and forest below each home has a very large outside deck

complemented on the inside by an open plan kitchen with all the latest amenities dining room living area and opium den for

relaxation and entertainment Large sliding doors and full wall windows welcome natural light while sophisticated air conditioning

systems ensure your comfort Double layered glass keeps the view in perfect focus hushing all sounds to perfect stillness Wooden

floors soft lighting and high ceilings add a sense of warmth and space

ccedilpѥ˪Ƃyacuteƭ6Ġғ΅ɘOumlʾ˗ũ˕ȩ=ɏicircƭѡǩˤϾǾAringOumlϒ=ʆϡCcedilOumlмǭČ˾notĉ55˪ƂʵũČЄȎ6ǾAringOumlȄɑũмɘɅTHORNAringacuteǵɩѳʿˉŒ=˶ljOumlǹaelig΄ǵʽWɴOumloacute6tȟǵȯɴФѻƜƶoacuteΩ˚ɐǒOuml˶xƁOgraveĹѕ˩ϪOumlī˃=ntildedegЂϞʎǓтѓ6ʿOumlɦTHORNO5ˌũOumltimesŒũǹOumlųϣЫȥɻũǹƣĭ6

ˤƗȓɲ

18

Tree top villas

Roofs thatched

19

20

FLOOR PLANS

Treetop villa 2 bedroom villa ccedilpȢͱĉ

ʒɘ

Interior area 室内面积 13768sqm

Exterior area 室外面积 50sqm

Total usable area 实际使用面积 18768sqm

21

Level 1 一层

Interior area 室内面积 7088sqm

Exterior area 室外面积 102sqm

Level 2 二层

Interior area 室内面积 668sqm

Exterior area 室外面积 398sqm

22

Treetop villa 3 bedroom villa ccedilp˓ͱĉ

Interior area 室内面积 20214sqm

Exterior area 室外面积 664sqm

Total usable area 实际使用面积 26854sqm

23

Level 1 一层

Interior area 室内面积 10334sqm

Exterior area 室外面积 118sqm

Level 2 二层

Interior area 室内面积 988sqm

Exterior area 室外面积 546sqm

24

Treetop villa 4 bedroom villa ccedilpͱĉ

Interior area 室内面积 2667sqm

Exterior area 室外面积 863sqm

Total usable area 实际使用面积 353sqm

25

Level 1 一层

Interior area 室内面积 136sqm

Exterior area 室外面积 168sqm

Level 2 二层

Interior area 室内面积 1307sqm

Exterior area 室外面积 695sqm

26

FITTINGS amp FINISHES SCHEDULE

EXTERIOR AND INTERIOR FINISHES

External walls

Structure is built from steel and SIP (Structural Insulated Panels) External wall is cladded with painted fiber cement board

Internal walls

emulsion paint

Ceiling

Ceiling is finished with emulsion paint

Flooring

Bedroom is finished with heavy strand bamboo flooring

Balcony

Balcony floor is finished with Wood Plastic Composite decking (M wood) Railing and trellis made with Liu An wood Balustrade is fitted with metal and Liu An wood

Window

bedrooms are fitted with double glazed LowE glass and Roto hardware

Kitchen amp powder room

Floor is finished with natural tile Kitchen cabinets and sink are provided Kitchen counter top is fitted with natural stone

Bathroom

Wall and floor are finished with natural stone

Doors

Entrance door is made of solid core timber fitted with Saflok RFID locks Bedroom doors are fitted with hollow core timber fitted with Saflok RFID security locks

ƭѡȦƎˤ]ɛ

室内外材料

oacuteƟͳʥ

oacuteƟͳƿńˤƗĮƿńƎƿńWOSIPlt6ʥϸΉɮOũʘ6

ɬʥ

ǸćƎͱтɬʥǩϸĔƎˎƲʘ6

ų

ųɘˎƲʘ6

THORN

ǸćģūɦTHORNO6ͱіќTHORNO

ȹ

ȹϸɦOʓʟ6ʈȲҎɦѐШOuml6ȇĬϸDŽрƎȲҎɦĜ6

acuteŲ

Ǹć5ͱOumlacuteŲϸȽɦѐacuteȀʆ-3ѓǹtȟƎ-0-ͶDŽʆƪ6

notĉ

THORNϡƎɘϡʿTHORNѦʓʟ=notĉŀlaquoŖϡƎʇ6notĉɘʿ˵6

Ќ

Ќʥ˦ƎTHORNϡʿ˵ʓʟ6

ɑ

ˏǺAringɑϸ˹Ψɦɑʆ˛-)ljordfɑNJ΄6ͱɑϸǹΨɦɑʆ˛SaflokljordfɑNJ΄6

27

MECHANICAL AND ELECTRICAL INSTALLATIONS

Heating and Cooling

AIRWELL centralized water source heat pump is provided Fresh air intake with heat recovery system is installed

Electrical provisions

are provided

Electricity

Concealed conduits are provided Threephase electricity supply with miniature circuit breaker distribution board is provided

TV telephone and internet connection

Satellite TV with all major international channels

is provided in all the villas Telephone outlets and wireless internet connection is provided

Hot water supply

Huang Ming solar hot water heater and Rinnai gas water heaters are installed for the villa

Water supply and pipes

Concealed copper pipes are used for both hot water and PPR pipes are used for cold water

The resort will be patrolled 24 hours a day CCTV system is in operation throughout the resort 24 hours a day All the villa front doors and bedroom doors are fitted with Saflok RFID security lock system

APPLIANCES TO BE PROVIDED OR INSTALLED IN EACH DOMESTIC

UNIT

机电设施配套

ŀɻũѐȐ

ɽyumlƍѓ˾Е˅`΄6ΪĘ˅ſ΄6

Ɲaacute

ʆEΐNtildeŎOumlǭŋϡƎѿ6

aacuteȞŀϰ

ѩϾϮ˾ΐȺ=ʆϾίoumlȺʠ=ʆaacuteΓOuml˓ΑaacuteЕŀϰ6

aacuteƎςˤ]

έaacute=ʹΐaacuteŹũʹΐȺ6

˅ˤ]

žɛϒɭ˅ʠƎȩɬɌʡ˅ʠ

Ŏ

˅ŀϰŎǩϸϮc˾ĮŎ=ȐŀϰŎŎ6

WCˤ]

oacuteƟAacuteˤϾϾΟ˶ѽOumlgȺaacute΄ϡƎΟ˶OumlπɄ6ˏǺAringɑƎͱϸSaflokljordfɑNJ΄

标准住宅单位附送以下设备

Stove BAUMATICExaust fan BAUMATICOven BAUMATICMicrowave BAUMATICFridge BAUMATICBARMini fridge (2 3 bedroom) BAIXUEWine fridge (4 bedroom) BAUMATICBEDROOMMini fridge BAIXUEBath KOHLERTERRACEBarbeque grill

TelevisionDVDBATHROOMShower KOHLERBasin KOHLER

notĉ aacuteraquoȷ ʄɇUcircǷnotĉϼχƉ ʄɇUcircǷnotĉaacuteDZΓ ʄɇUcircǷuȷ ʄɇUcircǷɬяrΓ ʄɇUcircǷHΟrΓ=ĉlt JμǙŖĉlt ʄɇUcircǷͱΟrΓ JμЌį Ǵȍȹ˞DZΓҒĉaacute ɯDVD ɯЌȪЌʠ Ǵȍʇ Ǵȍ

28

NOTE

1 The Developer reserves the right to substitute other materials

or appliances of comparable quality and standard for the

intended items as listed in above fittings and finished schedule

2 The fittings and finished as listed above shall be subject to

the terms of formal Agreement for Sale and Purchase Those

provisions may have slight variation in the color measurement

3 The Developer reserves the right to make modifications and

changes to the building design fittings and finishes without

prior notice

4 Fittings and finishes of the Special Units may be different

from those of the Typical Units

备注

āЮ˙WȰϞʧʹȞ=Dв˹ƙʮȁεϘϡUgraveётƭѡȦϡƎˤ]Ccedil˛ȧĹΙ6

˛ȧĹΙȦϡƎˤ]ǩϡн˾ɈɉūКOumlǿщegraveѬ6ĹΙƭѡȦƎˤ]ǵɭƁФϋ˔=ȣoacutepoundAcirc5ȓ5ѺуƎƆľ˛ordfʬp6

āЮ˙WȰϞʧʹȞδeacuteϡƎĽĨϛOumlˤƗ5ƭѡȦϡƎˤ]ʹεȮαс6

˔EumlЏOumlēƭѡȦϡƎˤ]І˛oȧĹΙǵɭϾx6

29

PURCHASE OPTIONS

Buying a Tree-top Villa at naked Stables Private Reserve involves signing a Sale and Purchase Agreement with the development

company and a Lease and Management Agreement and Deed of Conditions with the Hotel Management Company The Management

Agreement requires the purchaser to lease the property back to the Hotel Management Company to manage on the ownerrsquos behalf

There are two different plans which are available for buyers

在 naked Stables 购买一套拥有不动产权的树顶别墅包括与发展公司签署一份买卖协议以及与酒店管理公司签署一份租赁管理协

议和条件契约管理协议要求购买者以业主的名义向管理公司出租其别墅以供其管理买家有两种方案可供选择

ŅɈκΙ

30

OPTION 1 - FLEXIBILITY

1Owner Usage Rights

Zero usage restrictions

Early reservations are required to secure Villarsquos especially during prime and peak seasons If a Villa Owner does not provide the

required advance notice for a reservation the resort may be required to offer the owner a different unit or in the worst case no

availability at all

1 业主使用权限

ȫ˼ϸΏѐ

ϘʴʣЎegraveˏѢp=ϺʙФƐƕ6ˍřpϛѝɍϾŀϘʴOumlϸЂЎegraveOumlЎс=oacuteƟAacuteƮʙŀȮϞdegѢdeg=ƆеѻЦĴOumlʮȁɍϾǹĉ6

2 Rental Revenue

2 租金收入

a Rental revenue

Whilst not in residence the owner will be eligible to earn a pro rata 36 of the room revenue generated by the Reserve during their

absence Ie Everyday the revenue generated by the entire resort is divided amongst the owners not in residence on that day When

an owner is in residence he forfeits his opportunity to earn revenue

ѸDŽˏ

ϛѝxǝѢʖƣ=ƮOtildeOgraveoacuteƟAacuteordfѸʙĉͳOtildeϧOuml6ɏoacuteƟAacuteordfѸɨΡxǝѢФfrac14OumlϛѝOumlĉͳOtildeOumlϧƮ^ʒǩēʆĺжΡϛѝ6IcircϛѝǝѢФʙpȕ˶=Ʈ˱ʸƅOtildeϧOumlƉƁ6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

选项1-灵活性

31

c Cashing out your returns

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

gtƮɴOumlſYŚDŽĈ˾ʷordf

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſYϧ6ˍřϛѝκЪxʷordfOumlϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3 有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecom services

included in the Services Fee to the owner whilst in residence The services fee is 300rmb per room per night This fee is charged on

all rooms regardless of which are in use

4 服务费用

IcircϛѝФoacuteƟAacuteǝѢ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸѓ6ɏĸĉƣɏOumlĞĒϸЏˆəe6жĸĒϸΛϾĉƣʷOuml=xɃfrac14ĉƣĚФ˼ϸ6

5Maintenance

4 of hotel room revenue will be reserved for ongoing building maintenance This will be deducted from the ownerrsquos share of total

room revenue

5 维护

ǙacircǸĉˏOumlƮ^ȰѽŮθƭѡδтĒϸ6ħēDŽuumlƮiquestϾˆǵēOtildeOumlǙacircǸĉˏĕuumlѓǻshy6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGEEarnings Per Room (36 of gross room revenue) 124173 170827 221315 253507 263647 2066942 Bedroom 收益 ndash 双人间 248346 341653 442631 507013 527294 4133873 Bedroom 收益 ndash 三人间 372519 512480 663946 760520 790941 6200814 Bedroom 收益 ndash 四人间 496692 683306 885261 1014027 1054588 826775

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 41 57 74 85 88 69

3 Bedroom 收益 ndash 三人间 9000000 41 57 74 85 88 69

4 Bedroom 收益 ndash 四人间 12000000 41 57 74 85 88 69

Hotel revenues and owner rental yield - Option 1 Flexibility

32

OPTION 2- STABILITY

1Usage Rights

1 使用权限

选项2-稳定性

Total Permitted Usage Prime Peak SeasonPermitted Usage

Peak SeasonPermitted Usage

Out-of-SeasonPermitted Usage Blackout

40 days per yearNo occupancypermitted

Up to 20 days per year but no more than 7consecutive daysfor any one stay

Up to 20 days per year but no more than 7consecutive days for any one stay

No occupancypermitted

允许使用总数主要的旺季允许使用

旺季允许使用

淡季允许使用

无折扣期

每年40天 不允许占用 每年20天但是每人

不能连续居住7天每年20天但是每人 不能连续居住7天

不允许占用

Prime Peak Season To be published by naked Retreats in according to government notification every year Prime Peak Season

Middle Autumn Festival (Sept) excluding Blackout dates

Ɛƕɏɱϻnaked RetreatsĻǟоġĵāordfс6ƐƕVȂѓŘsup1ƽϞМĀМlt5ȋiacuteƽͶМlt5Řʱƽ˴Мlt5ʭɛƽМlt5ѓʲƽǘМlt=xVȂʹгǻʖ6

ƕiquest˓МOgrave˴ϞМʖƣOuml10ĸїɡϡƎ10ĸľѽˉїʖ=xVȂƐƕũʹгǻʖ6

OutofSeason 20 days during December to February excluding Prime Peak Season and Blackout dates

Iacuteƕiquest˴ĀМOgraveĀМʖƣOuml=xVȂƐƕũʹгǻʖ6

Blackout Dates Peak demand dates such as holidays sporting events groups and citywide conventions Local cultural events

all as specified by the Hotel from time to time

ʹгǻʖεʴijėʖVȂƟʖ5Ћ˒5ũʺβOumlƁϨ6IcircTHORNɾyumlOumlŸƂiacuteiumlƮDвǙacircOumlɛljα6

2 Rental Revenue

2 租金收入

a Rental revenue

Regardless of your usage of your property your rental return will be fixed at 5 for the first 5 years of operation After this period

you will automatically migrate to the Flexibility plan

ѸDŽˏ

xɃɰOumlĉ˼ϸoacuteˍŪ=ͶɱOumlѸDŽϧiumlŊegraveOuml136ФжтŮ=ɴƮѳiacuteѧˏȬƂβĈF6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

33

c Cashing out your returns

gtƮɴOumlſYϡDŽĈ˾ʷordf

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſY6ˍřϛѝκЪxʷordfʙϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecoms services

rental option

4服务费用

IcircϛѝǝѢФoacuteƟAacuteȕ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸȕ6жϞȏOumlĞĒϸxVȂegraveβordfѸʆ6

5 Maintenance

Of the 5 guaranteed return generated form your property during the period you are not in residence the management company

will retain 4 of this return for maintaining your Villa The maintenance fund will be pooled and used for all Villarsquos in the resort

5维护

ɴxǝѢʖƣiquestɴOumlĉѓƮ˪Ouml13OumlſY=ŎȓŁƮWȰжbſYѓOumlϸѽɴpOumlŰ6ŰƈDŽƮ^ūsʜȅsϸЂϾoacuteƟAacutepOumlŰ6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Hotel projections

Rooms Available 可用房间 not relevant 非主要Estimated occupancy 预计使用率 not relevant 非主要Estimated average daily room rate 预计每日平均房价 not relevant 非主要Growth in room rate 房价增长率 not relevant 非主要Annual room sales 年房间销售额 not relevant 非主要RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE2 Bedroom 收益 ndash 双人间 50 50 50 50 50 503 Bedroom 收益 ndash 三人间 50 50 50 50 50 504 Bedroom 收益 ndash 四人间 50 50 50 50 50 50

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 300000 300000 300000 300000 300000 300000

3 Bedroom 收益 ndash 三人间 9000000 450000 450000 450000 450000 450000 450000

4 Bedroom 收益 ndash 四人间 12000000 600000 600000 600000 600000 600000 600000

Hotel revenues and owner rental yield - Option 1 Flexibility

34

Option 1 - FLEXIBILITY Option 2 ndash STABILITY

investment returns for your Villa are influenced by the

success of the resort and the number of days you use

your Villa

Stable implies both your returns and your annual

usage rights to your property are fixed Regardless of

how well the resort operates your returns will remain

the same Equally you will only have a fixed number

of days allowed in residence

Usage Have unlimited usage rights to their Villa 40 days usage per year

Rental ReturnEarn 36 of the pooled returns from the entire resort

whilst not in residence

5 guaranteed return on their investment regardless

of resort performance

Resort Discount20 discount on all resort amenities and activities

(including SPA and Restaurants)

20 discount on all resort amenities and activities

(including SPA and Restaurants)

Services FeePay a Services Fee of 300rmb per room per night

whilst in residence

Maintenance4 of all room revenue is retained for maintaining

the owners Villa

4 of all room revenue is retained for maintaining

the owners Villa

选项1 ndash 灵活性 选项 2 ndash 稳定性

ȬƂβϸЂ˼ϸІſY6ɰOumlpѱſYʷǧЂoacuteƟAacuteOumlĿǑϱũɰoslashpOuml˼ϸoacute

ŊegraveβϤѯɰOumlſYũɏɱoslashЂɰOumlĉOuml˼ϸʹΏiumlŊegraveOuml6xɃoacuteƟAacuteOumlǑϱѫȁϾucircť=ɰOumlſYiumlŊegraveOuml6ϖTHORN=ɰъϾŊegraveOumlПηǝѢOuml6

使用 ʹΏѐOumlp˼ϸʹΏ ɏɱOuml˼ϸʹΏ

租金收入 ФxǝѢʖƣ=ƅOtildeмĸoacuteƟAacuteūsſYOuml xɃoacuteƟAacuteǑϱѫȁˍŪ=Wп13OumlſYϸЂѱ

度假村折扣 ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt

服务费用 ǝѢʖƣ=ɏĉƣɏЏˆəeOumlĞĒϸ čѝϘ

维护 ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ

OPTION COMPARISON

选项对比

35

36

INDUSTRY RETURNS AND BENCHMARKS

INDUSTRY REPORT

行业报告

Tourism and urban resorts is one of the fastest growing industries in China According to industry consultant HVS cities such

as Shanghai Beijing Shenzhen Guangzhou Hangzhou and Tianjin all have a population where a critical mass of highly affluent

individuals and successful companies exist generating demand for suburban resorts

ФѓŘ=ȾϽϛũoacuteƟAacuteσɓāЮOumlαϛтϞ6ĻǟʺʳǙacircĞϛltOumlϞΙYĵ˿=ФѓŘOumlѝϘˍ˛ŝ5[ǎ5˧5œј5ţјũdžǩēyѯAringȣOumlĥЍˆʾũĿOumlʝϛ=ϻfrac14ϚƊāȥoslashƴʵoacuteƟAacuteOumlƌAringεʴ6

Amongst other things the exponential growth in private vehicles has seen a huge increase in demand in the leisure market With

the completion of the shenjiahu highway in 2010 the travel time from downtown Shanghai to Deqing is now 2 hours Also with

stop at Deqing) scheduled to open in late 2011 travel time from downtown Shanghai to Moganshan will take between 15 to 2

hours When comparing travel times to get to other resort destinations in China ndash eg Hainan or Lijiang flight times might be within

2 or 3 hours total travel time including travel to airports and check in make the whole trip 6 to 7 hours plus additional travel cost

Within the 2 hour travel radius of Shanghai the quality of resort destinations is also (in our opinion) not at an international standard

with most hotels simply being lsquocity hotels in the countryrsquo rather than true resort properties operating at international standards

shyfrac14т=ѯĸˆγΊOumlāЮ=ĸˆƸϴϾȿϚσʂ˫6ѳɱ˥ƛůijϡŮ=iquest˛ŝOgraveOcircʭϚLjεϘĸΟ˶Ouml6ΪƭOumlijǵϡФ13ēєɬiquest˛ŝUumlAumlţј6ƏƮФɱYacuteǫľOumliquestţјOgraveɫǎOumlijѓϾϞаDzOcircʭlt=ъεϞĸSΟ˶OgraveȢĸΟ˶ǜǵϡiquest˛ŝѓΫOgraveAumlɢī˗6ˍřІѓŘOumloacuteƟˮTHORNŝɫ5ȒƯUgraveaƹ=shyȥϘųĒэĸΟ˶Oumlďα˶ƣ=ŻϘФVȂʣƉ=CʺƤũUgraveEgraveOslashƉ˛ų˛эĸΟ˶=ĽxϸɨΡuumlOumlαųΝȥ6Ѷō˛ŝїiΟ˶ɬOumlγΊoacuteƟʸdeg=э˟ͰɒˈltІŘƙŸnѬŻϾѯɛOumlǢ6AringēOumloacuteƟǙacircϚũѓOumlɨΡǙacircɍϾ_ёOumlʵp=ЗЗAumlxOgraveинŘƙϤϦ˛oacuteƟίĉΙɧOumlϘʴ6

ϛѝЎʖſYІaƹ

37

OUR NICHE

我们的利基

naked sees a need in the market for world class expertly designed and operated resorts which are within 1 to 2 hour travel time

of major cities in China As with other urban resorts we believe that the Leisure market and the MICE (Meetings Incentives

Conferences Events) market will be a huge driver for our business In addition we feel that we are already at the forefront of

the growing focus and concern on environmental design building and operations as well as the growing interest in nature and

environmental education At naked we also place a high emphasis on facilities and services for the entire extended family ndash from

children to parents to grandparents that other resorts do not place dedicated resources for

nakedЎƧOgraveȥФѓŘжϞεʴƏǢȑѝϘϞэȢĸΟ˶Ouml=˶ЁhζǁϞȱOumlѥϛˤƗũŎȓOumloacuteƟΙɧ6ͰɒΑάγΊũƁƁϨ5ưȘȾϽ5AringίʝϛƁϨ5ƂiacuteЮȉltOumloslashͰɒϛOumlіAringʤȞ6frac14=ͰɒФŋѣũiacuteźWίˤƗ5ƭШ5ŎȓũźWȓɲœ˛ϠǑѷФȥαϛȭя=ФnakedІαϛеxͰɒϚіoslashЂˣʵѓOumlŜѲ5Ɲ5ȌеOumlĞũˏ6

As such we feel very confident in the rates and occupancies that we will achieve Regarding room prices when benchmarking

against some of the other leading hotel brands in the resort market such as Aman Fayun Hangzhou Banyan Tree Hangzhou Fuchun

Resort Hangzhou Mandarin Oriental Hainan and Commune by the Great Wall average rates in March 2011 for single bedrooms in

this set are ~ RMB2800

ϩfrac14=ͰɒoslashЂˏѢĉƠϡƎˏѢȿcurrenɊάΫ6ФˏѢĉƠĈɘ=ІʙФoacuteƟAacute˛OumlсɜǙacircʑʁaƹ=ˍCҊĂО5ţјНҏѨ5ĥsup1˗ǝ5˓φŴecircĈǙacircũƵ΅OumlŁˣ=Фɱ˓МOumlEumlˆƣʒǩƠķ=6

Regarding occupancies we are confident to achieve occupancies of around 60 after about 4 years of operation but forecast

conservatively that our occupancies will start from around 35 in the 1st year of operation and grow steadily to 45 in year 2

55 in year 3 and 60 after the hotel is lsquomaturersquo from year 4 onwards

ФˏѢȿĈɘ=ͰɒŬϾάΫǑŚɱOumlǑϱ=ͰɒǵϡAumlOgraveOumlˏѢȿ6WŇƗ=ͰɒOumlˏѢȿƮƁϻszligϞɱOuml13=egraveЫOgravefrac34ɱOuml13ũszlig˓ɱOuml1313=szligɱϡŮƮƁЫOgrave6

Given the above estimates we believe that owners can expect attractive investment terms as illustrated in the table below

Ļǟϡ˛OumlŇƗ=ЎƗϛѝɭņOtildeOgraveOumlѱſYƮƁˍ΅o˿

CҊĂО

НҏѨ

ĥsup1˗ǝ

˓φŴecircĈǙacirc

Ƶ΅OumlŁˣ

RMB4270

RMB3500

RMB2000

RMB2150

RMB2388

Aman Fayun Hangzhou

Banyan Tree Hangzhou

Fuchun Resort Hangzhou

Mandarin Oriental Hainan

Commune by the Great Wall Beijing

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966

38

39

ͰɒOumldivideTHE TEAM

40

Grant Horsfield ndash Chairman naked Group

Grant a native of South Africa is Founder and Chairman of the

naked Group

Before coming to China in 2005 Grant worked in England

and South Africa with more than 10 years business ownership

experience With background in IT he launched eBites

Limited in 2000 Operating nationally eBites was both a

publishing company and a callcentre facilitations company with

headquarters based in Cape Town In 2004 Grant received

an MBA from University of Cape Town Graduate School of

Business Upon graduation he decided to come to China as he

saw China is where business opportunities lie

After spending two years in Shanghai he found himself

overwhelmed by the metropolis and missed the natural beauty

of his home From this desire and need sprouted the concept

for naked Retreats which was launched in 2007 Grantrsquos vision is

to create sanctuaries that are in harmony with the environment

where people can appreciate the simple way of nature and

embrace the naked lifestyle Grantrsquos tireless efforts in promoting

ecotourism in the rural areas not only created jobs but also

pride for the local community He received an environmental

award from the Huzhou Government in 2008

高天成 - naked集团总裁

ij=ɫčIcircTHORNˆ=nakedƍOumlmiddot˽ˆũѵ|6

Ф13ɱȅOgraveѓŘтʣ=ij˪ЬФϯŘƎɫčľѽ=ϾŚɱOuml˙ϛǑϱƎРѽǑϏ6ФʙITǒOumlUѠ΅=ɱij˪ƭȜȥeBitesϾΏŁ=eBitesŁƮϱΝІaacuteŹĞѓΫLJɖƿū=ʙѵˤФǭʔugrave6ɱ=ijƅOtildeȥǭʔugraveAringλ˙λЙOumlMBAλ6dϛŮ=ǧegraveȅѓŘ=ϩǯOgraveȥжȕOuml˙Ɖ6

Ф˛ŝEgraveȥȢɱтŮ=āѳƓxȥ˪Ƃ=sʨAtilde˱ȥѳʿɐǒ6ФжѕИІεʴOumlʶ˼΅=ƭȜnaked Retreats

OumlΖĂФɱOtildeOgraveȥ˹˲6ijOumlΖĂƭШϞĸ˯THORNІѳʿũΣŃdeg=ˆɒǵϡΘѳʿ=ΘnakedOuml˪ƂĈ˾6ij˫ΔAacuteTHORNʵ˪ȾϽѽordfOumlxΦɹȞ=xLjmiddotШȥľѽıŻOtildeOgraveȥIcircTHORNˣʵOumlХϐ6ij˪ƅOtildeȥɱůјоġNāOumlźWAring˼ư6

41

Delphine Yip-Horsfield ndash Partner Ben Wood Studio Shanghai

received her Master of Architecture degree from Harvard

Boston prior to moving to Shanghai to oversee the award

winning Xintiandi project on behalf of Wood and Zapata In

the fall of 2005 Delphine became partner at Ben Wood Studio

Shanghai

Drawing from her own experience of diverse cultures Delphine

has led a multitude of high profile projects such as Hangzhou

Xihutiandi Zhujiajiao Oriental Garden Shanghai Waitanyuan

Beijing Palace 77 Shanghai Hongqiao Commercial Core Lijiang

Lashihai Resort Masterplan etc

In 2006 she was selected Wallpaper magazinersquos first annual 40

under 40 designer of the year

Delphine is the chief master planner and architect for naked

Home Village and naked Stables Private Reserve She also

oversees the visuals and styling of the naked Brand

叶凯欣 - 上海Ben Wood设计室合伙人

ϜǮΩɺ=Ben Wood ˤƗľѽOumlѵƢ=śęAringλƭѡλ6ȅ˛ŝтʣ=ФΒIJ5ɷКũuuacuteľѽ6ȅ˛ŝŮ=CcediloWoodũZapataĤЩΪTHORNΙɧOumlƢethľѽ613ɱʲƕ=ϜǮΩɺBen Wood ˤƗľѽūƃˆ6

ϾѯxŸϽșǑϏOumlϜǮΩɺ=EacuteˇȥηucircijocircΙɧOumlƢeth=VȂţјͻůTHORN5њƝƶecircĈųВ5˛ŝЕ5[ǎłatilde5˛ŝŭʦ˙ϛѓΫ5ȗƯȄŝoacuteƟAacuteѵŔŷˤƗUgrave6

ɱ=ˏκȥWallpaperСьǃɱoacuteϡ΅OumlˤƗ˰6

ϜǮΩnakedƝВAacuteũnaked RetreatsOumlѵˤƗеũƭѡ˰6˶ϚĤЩƢethnaked˙nOumlFũĘķˤƗ6

42

Kang Yang Lim ndash Group Chief Operating Officer naked Group

Group with over 13 years corporate finance and real estate

development experience Previously he was Director of the

real estate division of APP China taking responsibility for the

initial positioning and development of the USD15 billion lsquoWhite

Magnolia Plazarsquo mixed use development project (including

the development of Shanghairsquos first W Hotel) He also led the

concept and development of APPrsquos branded residence and resort

project in Sheshan Shanghai

Finance division of PricewaterhouseCoopers in Melbourne

Australia where he specialized in business value and strategy

worked in inhouse strategy roles for CocaCola GB in London

and to British venture capital firm of the year (2004) ISIS Equity

Partners before coming to China in 2005

Accountants Australia in 2002 and is also an affiliate of the

of Commerce and Diploma in Modern Languages from the

University of Melbourne Australia

林纲洋- naked 集团首席营运官

ƞˏnakedƍOumlȩ˪ϴϾŚɱOumlʝϛ~ƎTHORNǭāǑϏ6Фfrac14тʣ=ѽѓŘDŽŒOumlTHORNǭāOumlѵƢ=ĤЩƠч13ϢЏOumlucircϸ8JЈȈœ9ǭāΙɧOumlcopy˽κшũǭāVȂ˛ŝszligϞƝ ǙacircOumlǭālt6˶ϚщNtildeȥDŽŒƍФ˛ŝҁ˗ʑʁѢЭũoacuteƟAacuteΙɧOumlȓɲũǭā6

ФDŽŒƍˇфтʣ=ȩİϑGAringȚφɣyuml_ʔŴϷOacuteƁƗ˰OumlǑȓ=ѥѣЂ˙ϛƠчũЯɁѰξ6ȩ˪Ф13ɱȅOgraveѓŘтʣэȑǭʔŴϷOacuteŮOumlϞotilde˶ƣɬ=ѽǵǺǵȎɂugraveŁɬOumlЯɁēͺ˰=ϡƎISISOumlʼnʏūѽƃRФϯŘɂugraveOumlϯŘĘΌѱŁˇф6

ȩ˪ФɱƅOtildeȥGAringȚφηƁƗ˰ƁũGAringȚφпʻωǗOumlƁГѱķ6˶ϚƅOtildeȥGAringȚφɣyuml_AringλOuml˙ϛλλϡƎCcedilЇϊλп6

43

Gabriela Lo ndash Managing Director naked Retreats

With over 15 years experience in high end events and PR

management Gabriela has been instrumental in bringing naked

to where it is today As one of the original members of the

naked Team Gabriela has led the growth of naked Retreats

to become one of the most famous eco retreat destinations in

China attracting guests and publicity from around the world

Originally from Macao Gabriela has rich multi cultural and

multinational living and working experience having worked and

studied for many years in Greater China England and Italy

卢家宝 - naked 度假村常务董事

ϴϾŚ13ɱOumlijocircƂiacuteũŁŃŋ΄ŎȓǑϏ=nakedDžOumlǜІȶƝXēxǭ6ѽħdivideOumlmiddot˽ГтϞ=ȶƝXϠǑAEligȭnakedѓŘѻϾɜOuml˪ȾϽɧOumlTHORNтϞ=ͼϭȥȅѳǁĹTHORNOumlǸˆ6ȶƝXȅѳGɑ=ϴϾĖĥOumlucircЏŸũucircŘǝѢũľѽǑϏ=ЬФAringѓŴTHORNʵ=ϯŘũϤAringȚϾѯucircɱωǗǑș6

Judy Zhu ndash General Manager naked Group

Zhu is the General Manager for naked Group ensuring smooth

operations of the group with a particular focus on government

朱燕 - naked 集团总经理

њώ=iquestnaked Retreatsmiddot˽ǭ˽ǜũij˪ūѽ6њώѽƍѵǑȓ=ĤЩIcircTHORNũŋ΄ʽWƍРѽ6Фƞˏnakedтʣ=њώФ˛ŝũ[ǎiquestŚηucircІ˙ϛϾŋOumlфϛ6ФΪͻȈƅOtilde˙ϛλ6

44

Kurt Berman ndash General Manager naked Stables Private Reserve

With over 16 years experience in FampB and high end luxury

resort management Kurt brings a wealth of experience and

will lead the preopening and operations of our new resort ndash

naked Stables Private Reserve Prior to joining naked Kurt was

the preopening General Manager at Six Senses Laamu and

Resident Manager for Six Senses Soneva Gili by Six Senses Kurt

has also worked at other prestigious resorts including Fregate

his career in hospitality in FampB and was a trained Chef with

experience working in many prestigious institutions including

The Dorchester Hotel in London Kurt is from South Africa and

has a masters certificate in hospitality management from Cornell

University

Kurt Berman - naked私人度假村总经理

ϾѯŚɱϬƎijIumlŤŴoacuteƟAacuteOumlŎȓǑϏ=ƮϡĖĥOumlǑϏȭNtildeͰɒΪoacuteƟAacute77)$ 0OumlϱϛũРϱ6Фƞˏ)$ тʣ=10ЬEacuteˇŚ8szligȳĭǦ9+1ϱϛѵǑȓũ8szligȳĭǦ9-2 ((OumlѤacircǑȓ610ŻЬˇфЂamp0ˆŝETHũ1+4UgraveʙўɜoacuteƟˮTHORN610OumlϛʜzЂϬαϛ=ϚϡϞĸФŬucircўɜƉńVȂ-0-0 -$-ltľѽŚOumlρȡϾOumlnot˰610ȅѳɫč=sϴϾǰɪyumlAringλЃOumlǙacircŎȓλ6

Richard Johnston ndash General Manager naked Home Village

Hailing from the United Kingdom but with most of his working

life in resorts throughout Africa Richard brings with him over

20 years experience in General Management and Director level

roles in world class resorts including Azura Retreats Cape Grace

hotel and the Saxon Hotel Richard plays a key role in the set

up of systems training and operating standards His years

of experience and mentoring leadership style make Richard a

natural inspiration for our young hotel management team

Richard Johnston - naked 家园村总经理

RichardȅѳϯŘ=IgraveAringucircOumloacuteƟAacuteľѽiumlФмĸčљ=ϴϾŚɱOumlѴūŎȓũǁƐoacuteƟAacuteVȂAzura

Retreats Cape Grace hotel and the Saxon HotelltijʒŎȓǑϏ6RichardФƭȜ΄5ʅρũРαnѬĈɘʜѯŋƨѽϸ6ĖĥOumlǑϏũȭNtildeĘķ˼OtildeoslashͰɒɱʬOumlǙacircŎȓdivideϾѯѳʿOumlƊȘ6

45

Teun Hanegraaf ndash Sales Director naked Retreats

Teun obtained a Bachelors in Business Studies and Masters

in Strategic Management with a focus on Chinese Business

Culture Teun increased our corporate sales business by 350

in his first year with us bringing international companies

ranging from international conglomerates Unilever and Coca

Cola to more local institutions such as The Shanghai American

School and leading Chinese companies such as Bank of China

韩天宁销售总监

ȅѳŧȈɥEcirc=şɵϴϾ˙ϛλλλ5ЯɁŎȓѥѣЂѓŘ˙ϛŸlt6ȅƍOumlszligϞɱşɵƮŁOumlΝϛijȥ13=sŁAEligȅȥx˟ŘƙβOumlAringŁǸŲ=жʙѓϾŘƙAringʝϛȠūȚŴũǵǺǵȎ=ϚϾ˛ŝɐŘλΠUgraveIcircTHORNƉńũѓŘϫαUgraveѓŘȴʝϛ6

Oliver Yuen ndash nature Reserve amp Recreation Manager

naked Stables Private will be the first private reserve in China

with a wealth of new flora and fauna introduced to the project

from Sydney University Australia and as a fully qualified Ranger

working in many of the worldrsquos best wildlife parks Oliver takes a

special role in ensuring the environment of naked Retreats and

naked Stables Private Reserve will be full of life and a natural

self supporting eco system Oliverrsquos passion for both people and

nature make him the perfect person to teach our guests about

what we do and make their stay not only a relaxing one but

also a fun fulfilling educational one as well Oliver previously

worked in wildlife parks and resorts such as Azura Retreats in

Mozambique Mobala Private Game Reserve in South Africa and

Sydney Aquarium in Australia

袁鹏威 - 活动经理和度假村 生物学家

naked StablesƮѓŘszligϞĸϭljΪOumlцʾũiacuteʾOumlˆoacuteƟʵ6OliverѽϞɜGAringȚφͿɯAringλūķOuml˪λƝiacuteλƝ=ϡƎФǁĹTHORNOumlϙ˪iacuteВľѽOumlľѽе=Ф˼naked Retreats ũnaked StablesϾѯĖĥ˪ѱЕ5ʿѳĺOuml˪΄Oumlźǔľѽ˛QύѯіϘƶ˔6АʊoslashˆȏũѳʿOumlƊʮ˼ѻūOumlˆȅĵͰɒOumlǸˆͰɒѼOuml˷ɋ=sʨ˂ɒФжȕOuml˶ŒxLjLjČ=˶Ϛ˂ɒOumlǝѢǑșlOtildeϾǭΫcurren˹ũϾƷЋϤϦ6АʊтʣФɫčũGAringȚφͿɯѹŏiquestϙ˪iacuteВũWŰʵOumlľѽVȂMozambique OumlAzura Retreats Mobala Private Game Reservelt6

46

Philip C Davis Company Director naked Retreats

Phil joined the Board of Directors for naked Retreats hotel

management company in 2011 His previous board experience

includes Tian Rui Hotel Corporation holder of the master license

for Super 8 economy hotels in China and Hong Kong from 2006

to 2008 He also was a founding shareholder of Tian Rui and

served as its President and Managing Director from 2006 to

2008 He was a board member of Tian Xian Cheng a bai jiu

concern which is a joint venture between Pernod Ricard and a

2010

Phil was previously Chairman of the Budweiser (Wuhan)

International Brewing Company and Managing Director of the

AnheuserBusch business in China and Hong Kong from the

beginning of 1996 through 2002 From 2003 to 2005 he

headed the AnheuserBusch liaison office with Tsingtao Brewing

Company

Phil holds a PhD in history from Washington University and

started his career as a market researcher at a major advertising

agency in the US before moving to AnheuserBusch and

heading its consumer planning and new product development

functions in the 1980s

Philip CDavis naked 度假村公司董事长

PhilЂɱƞˏȥnakedoacuteƟʵǙacircŎȓŁOumligraveƁ6ϡĖĥOumlǑϏVȂФːǙacircƍˇф5ϡƎЂɱэɱФѓŘũѓŘΒIJEacuteˇSuper ǑƖǙacirc ʼnˆ6˶=ϚːǙacircƍOumlmiddot˽ʼnecirc=ФɱэɱʖƣEacuteˇƍOumlѵ|ũigrave6ɱэɱʖƣ=ϞƝІWȎȞƞũJǙ˪ȴʝϛƬɫūѱOumlʝϛ77ΐOumligraveƁГ6

iquestɱэɱ=Phil͵šBudweiserŘƙɳǙŁOumligraveƎѓŘũѓŘΒIJCŝyŁOumligrave6iquestɱэ13ɱ=CŝyũʫETHʌǙŁOumlȠɆdegOumlĤЩˆ6PhilϴϾŴ˭uacuteAringλOumlș˻дλvλ=ФǁɱCcedilȅOgraveCŝy5ĤЩΞĒŔŷũΪʑǭāĿɭтʣ=OumlϛʜzЂɐŘOumlϞƝœĵCcedilȓŁ=Eacuteˇaeligω6

47

OUR INTERNATIONAL TEAM

International team

Chief master planners amp architects

the urban landscape of modern China with Xintiandi in

Shanghai a commercial cultural and entertainment district

Since then the studio has worked on projects in very diverse

categories both small and large scale projects include mixed

use projects like the ldquoTiandirdquo in Hangzhou Chongqing Wuhan

and Foshan luxury villa and high rise residential complexes in

Shanghai and Vietnam as well as various boutique hotels and

Chalet Architects

A00 Architecture is most well known for their research

inenvironmental sustainability and its application to their

work in Architecture Interiors and Furniture Their portfolio

includes feature restaurants luxury spas retail stores design

conversion of dozens of historic Shanghai homes into highly

personalized residences

Interior Designers AIM (Architecture amp Design) brings expertise

in the combination of world architectural styles and design

influences to the interior designs at naked Stables Private

Reserve With the Shanghai office led by the two founding

on comfort warmth and a unique blend between African and

Asian design sensibilities

Landscape Architect

Design Land Collaborative (DLC) is a professional consulting firm

comprised of landscape architects and planners with an office in

Shanghai and the United States Projects have a strong emphasis

on cultural resources historic preservation and ecological

design involving both the public and private sectors

ͰɒOumlāЮdivide

ɴǵϡΑάOumlёȣ

ŘƙŸdivide

首席规划师和建筑师

benwood Studio Shanghai OumlсɜΙɧтϞѠĨШ˛ŝΪTHORNľ=˼ʙƍ˙ϛ5Ÿ5ЄȎϞOumlʵЉ6тŮ=ЁƻȥĹȏŔɟAringΟOumlΙɧ=VȂţјOumlͻůTHORN=іʱ5͵šƎę˗OumlŤŴpϡƎФ˛ŝũЛɫOumlijѢЭʵ=ȮŻϾФѓŘƎˉ_OumlĹȏǐʑǙacircƎoacuteƟ6

小圆房建筑

AOO Architecture ФźǔWŰƎǵ θāЮĈɘϾѯѭЛOumlƭ=s˘ƮʙƭϰϸЂɬƝѩ6ɒƻŚOumlΙɧVȂ˔5ŤŴȤѓΫ5ȫ˙acirc5ˤƗίǙacirc˛ŝυНǙacirc lt5ˆoacuteƟϡƎϞ΄ȧOuml˛ŝș˻ѢЭOumlCcedilŸƎˆŸĨШ6

ɬ ˤƗ˰AIMƭѡˤƗltѥѣЂǁƭѡĘķũˤƗOumlɐƿū=ϭNtildenaked StablesOumlɬˤƗ6ФȅѳŧȈũaȚ˶OumlūѽmiddotTˆȭNtildeOuml˛ŝTdegOumlUѠ΅=ˤƗѣі5ũφčˤƗȓɲOumlntildeˊū6

景观设计

Design Land Collaborative (DLC) ϞƝiquestǒōˤƗІŔŷOumlѥϛѰξŁ=Ф˛ŝІɐŘǩˤϾēрƉń6ʙΙɧ˘ЂŋѣŸș˻ĻЕ=ƿūźW˪ǴƔ=ѥѣЂŁŃƎϾTHORNOumlŔŷ6

48

Engineering amp Project Management team

Scott Wilson Group PLC is a globalintegrated design and

engineering consultancy for the built and natural environments

Scott Wilson is responsible for the project management the

electrical and mechanical engineering for the project

Environmental Consultants

Environmental Resources Management (ERM) a leading global

provider of environmental health and safety risk and social

consulting services ERM deliver innovative solutions for business

and government clients helping them understand and manage

their impacts on the world around them ERM have 137 offices

in 39 countries and employ approximately 3300 staff

Sustainability Consultants

Bisagni Environmental Enterprises (BEE) works with the

engineering and design teams to ensure the environmental

goals set out at the inception of the project are achieved

LEED Consultants

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

Local Design Institute

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

General Contractor

and have been responsible for some of Chinarsquos most iconic

properties such as the World Financial Centre in Shanghai

工程及项目管理团队

Scott Wilson Group PLCϞƝʺʳŔɟOumlźWˤƗƎľѰξŁ6Scott WilsonĤЩΙɧOumlaacuteʠƎƉΤľ6

环境咨询

Environmental Resources Management (ERM)ϞƝʺʳαϛȭѰξŁ=ŀźǔWŰ5ƫǰCʺƎŁŃˣƁĘΌUgraveѰξĞ6ERM˙ϛƎоġɑǸŲŀĨĶβOumlǀǧĈF=UѠɒȥǀsŎȓʙǑϱoslashˣƁźǔAEligȅOumlϳΗ6ERMФʺʳϾ137ĸēрƉń=myĸŘƝ=ϴϾAringК3300ɜГľ6

可持续发展咨询

Bisagni Environmental Enterprises (BEE)ІľˤƗdivideΑűūѽ=ϡʽWФΙɧǭ˽ƼotildeˤȜOumlźǔWŰǵ θāЮɧnOumlȚ˹6

绿色建筑认证咨询

Shanghai Pacific Energy Center (SPEC)ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlŁтϞ6

本地设计公司

Shanghai Baoye Construction Corp Ltd ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlαϛȭŁтϞ6

总承包商

ϞƝŘƝƐľVŁ=ϠƻȥηucircѓŘnьβΙɧ=țˍ˛ŝźʳDŽˊѓΫ6

49

naked COVERAGE

wwwcnngocom

ldquo25 killer things to do this summerrdquo

26 April 2010

Time Magazine

ldquoRun to the Moganshan Hillrdquo

新浪博客

ldquo避世的可能rdquo

31 December 2009

wwwenglisheastdaycom

ldquoThe first batch of ldquoChina Treasured Towns ldquo released

December 2009

Shanghai Urbanatomy

ldquoGet naked this time with horsesrdquo

Shanghai Daily

ldquoGreen MaGIC Casts design spellrdquo

14 October 2009

新浪商品

ldquo中国最佳设计酒店大赏rdquo

September 2009

wwwchannelnewsasiacom

ldquoChinarsquos green resort allows travellers to vacation on good consciencerdquo

2 September 2009

wwwbijianlinblshecom

ldquo莫干隐居rdquo

25 Aug 2009

wwwassociatecontentcom

ldquoThe Exquisite Moganshan Mountains of Chinardquo

Ɏ

Wikitravel

ldquoMoganshanrdquo

德清新闻网

ldquo承包国营林场建造生态ldquo逸站rdquo

wwwsinoeventcom

ldquo亚洲旅游地产及景点峰会成功举行rdquo

wwwchinatravelbrandingcom

ldquoPursuing Green for Greenrdquo

wwwbrandrepublicasia

ldquoMaking moves towards ecofriendly eventsrdquo

7 May 2009

wwwhandsonshanghaiorg

ldquoHands On Asia Conference Summeryrdquo

May 2009

wwwmyvacationcn

ldquo莫干山居rdquo

3 April 2009

wwwshanghaidailycom

ldquoThe naked truth Time to clean up Moganshan litterrdquo

4 March 2009

wwwgreennovateorg

ldquoMoganshan Project Kick Offrdquo

13 February 2009

Travesias

ldquonaked retreatsrdquo

Feb 2009

合肥在线

ldquo大山里的裸家族rdquo

20 October 2008

wwwentrepreneurcom

ldquoThe arrival of the Olympics showcases Chinarsquos burgeoning entrepreneurial spirit ldquo

7 August 2008

50

Shanghaiist

ldquoWeekend escape to Moganshan 莫干山rdquo

9 April 2008

私家地理

ldquo艳阳下的荫凉rdquo

30 May 2008

City Weekend

ldquoGet naked in Moganshanrdquo

25 January 2008

wwwbundpiccom

ldquo在这绿中撒点野rdquo

wwwhuzhougovcn

ldquo相中德清筏头的青山绿水南非客商莫干山下建生态逸站rdquo

wwwurbanatomycom

ldquo24 Hours in Moganshanrdquo

wwwhkheadlinecom

ldquo杭州莫干山竹林深处人家rdquo

15 May 2009

wwwnewsweekcom

ldquoBack from abroadrdquo

May 2009

Chinatravelnet

ldquoMoganshan A Heavenly Hideaway of Bamboo Forests amp Tea Plantationsrdquo

April 2009

wwwmzztmcagovcn

ldquo2009年踏青乐游路线推荐大公布rdquo

16 March 2009

第三媒体

ldquo规划一条畅快随性的踏青之旅rdquo

28 October 2009

wwwdqnewszjolcomcn

ldquo三九坞 ldquo裸家族rdquo钟爱的世外桃源rdquo

28 October 2008

ldquo自驾行天下rdquo之中国莫干山rdquo

Sep 2008

ldquoShiffting Gearsrdquo

Sep 2008

April 2008

Chewed up amp Spit Out

ldquoGet nakedrdquo

19 February 2008

ldquoBest Weekend Getaway Hotels Shanghairdquo

富世

Ecoefficient hotel低碳下榻

April 2011

Spa China Guy 男士派

Experiencing The Unique

2010

Cosmo 时尚

跨洋建屋隐居不隐世

April 2010

Global Times

The Mountain of legends

Global City Geography 城市地理

莫干山 naked Retreats 都市人一ldquo裸rdquo到底的山居生活

Dec 2009

China Daily

Rural Retreat

20 March 2011

China Daily

4th March 2011

Modern Weekly周末画报

圣诞低碳游

Dec 2010

Elite Traveler 携程自由行

旅尚

Esquire

Hidden Best Restaurants

Feb 2011

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Page 13: Detailed Investor's Report

12

13

14

GREEN DESIGN amp CONSTRUCTION

LEED Green strategies

All about LEED

Developed by the US Green Building Council (USGBC) LEED

(Leadership in Environmental Energy Design) provides a concise

framework for measuring green building design construction

operations and maintenance LEED Platinum rating is the

USGBCrsquos highest rating with strict criteria encompassing energy

savings water efficiency CO2 emissions reduction improved

indoor environmental quality and stewardship of resources and

sensitivity to their impacts A LEED Platinum qualified building

should use at least 30 to 40 less water and electricity than a

normal building At naked some of the things that have been

done in aiming to achieve this award are

recycling

flushing and irrigation

water

waterless urinals

buildings

consumption

ɀ˔ˤƗІƭˤ

绿色建筑认证

关于LEED

ϻɐŘɀ˔ƭѡƁāʜ=LEEDɀ˔ƭѡˈпltȣɀ˔ƭѡˤƗ5ƿń5РѽϡƎŰŀƥƾOumlȀơ6LEEDɐŘɀ˔ƭѡƁ˄ƽɭ5ѱЕȚϸȿ5ƱUacuteĀϓŸʀČ5˫ɬźǔёȣ5ѱЕŎȓƎoslashʙϳΗOumlɚĭoacuteψķnѬOumlѻijưΙ6ϞmicroϴϾLEEDˈпOumlƭѡϰħaʔƭѡ˟˼ϸOumlaacute6Ф =ͰɒϚѼȥŬucircľѽȅлʷOtildeOgraveжĸưΙ

ƭѡƽˬȥ13OumlɭЕ˼ϸ

ƭѡƽˬȥOumlϸȣ

iquestͳccedilũɇȺƍȅOumlЅϸЂҔͲOumlνźȚϸ

ϾҔͲũđiuml^ſϸЂyenũŐĪ

LJA˗ňȱOuml˳THORNǖŸȥƂ

˼ϸUacuteȱȣOumlЌŊegraveѩяϡƎɶ˾umlɇɗyen

Οkiexcl

ϸЂЎ˅Oumlϒɭ˅ƞ˅ʠ

ϸЂƞ˅ũȐʼƭѡOumlƽɭЕкʢ`

pѩϾ˅ſѩяȅƱUacuteɭЕΞŦ

15

use Incentives given to reduce energy consumption

a factory 20 minutes away from site

window frames bricks and roof tiles

Council)

material

property

recharging stations

within a radius of 800km

CѩФϾp˛OumlɭȣƗϸȅƢethǸˆOumlɭЕ˼ϸʮ

ȁ6ŻɭЕΞŦOumlƦ˟ŀuumlOumlưȘ6

ϸ˼ϸќΧdzȝOumlŗȷƞ˅ŀɻ6ќΧdzȝȅѳǢȑͰɒ

ēєȺЗOumlϞƝľ

ϾOumlʥũacuteŲiumlijoacuteǨЖ

˼ϸɘŒŵOumlUacuteĝˢtȟ

˼ϸUacuteʀČOumlȦ

˼ϸſȚϸOumlǛɦёͳccedilơ5џѲ5џƈ5acuteȀ5ѦǼũ

ͳccedilʎ

Ś13OumlɦϻFSC˕ȩŎȓГƁltʹ

˼ϸǵУ˪OumlŸќѐTHORNO

pɬʺ˼ϸLEDtimesũΟίOumlϲŒtimes

oslashϾƭѡѻAringoacuteOumlljαѳʿŒũĘ

ѝTHORNъПηijyumlěljˏ=ijyumlěϻϒɭŀaacutesɭФ

ѤTHORNcurrenaacute

OumlƭѡȦiumlȅѳĈДŁȕɬOumlʵЉ

Ś13OumlƭѡđȦ^ſȚϸ

ϾoacuteƟAacuteOumlȃƇiuml^νźȚϸ

notĉũȃƇ^ϸѽĐȦ

oacuteƟAacuteɬϴϾϾƉųВ

іΪϭˏϙ˪iacuteIcircTHORNȻѕlt

WŰѳʿiacuteцʾ

16

17

THE DESIGN IDEA

Tree Top Villas

树顶别墅

To touch the sky at night and look down on the forest in the morning is what owners of the tree top villas will experience High

above the forest canopy 30 luxurious homes are perched in the tree tops Spacious wooden constructions with large sundecks spill

into the panoramic views of the mountains

macrɞҌҍOumlϝǹ=ϔѪȗOumlҐ=жǜϴϾccedilpOumlˆɒntildeΘOumlҕȞǒ˔6icircŤŴѢЭʗͽФ˕ȩŌт˛=pǡϞķ6аФǾOumlɦѐΟͳѓ=œOumlɢī˗ʺǒǍόYacute6

Each villa is built on stilts to minimize its physical footprint and maximize the views for its discerning owners The prefabricated villas

are made by innovative construction technology known as structural insulated panels (SIPs) With high insulation value and zero

construction waste these lofty eco dwellings are like no others offering you an energy efficient home that is beautiful and at one

with nature

ccedilpOumlƭѡaumlƵȵƿń=iquestyacuteƦ˟oslashБ˽˪źǔOumlϳΗ=sѻAringΏoacuteOumlЮϹɐOumlǒ˔6жΡЎѐOumlpϸѻΪǴƔOumlƿńWOѐШOuml6ccedilpOumlˤƗтѽ=ʹđȦͲˁssectѳʿ=ŀϞĸЁϾʑЁʩNjѳʿOuml˪ѢЭ6

The villas are intended for life Overlooking the mountains and forest below each home has a very large outside deck

complemented on the inside by an open plan kitchen with all the latest amenities dining room living area and opium den for

relaxation and entertainment Large sliding doors and full wall windows welcome natural light while sophisticated air conditioning

systems ensure your comfort Double layered glass keeps the view in perfect focus hushing all sounds to perfect stillness Wooden

floors soft lighting and high ceilings add a sense of warmth and space

ccedilpѥ˪Ƃyacuteƭ6Ġғ΅ɘOumlʾ˗ũ˕ȩ=ɏicircƭѡǩˤϾǾAringOumlϒ=ʆϡCcedilOumlмǭČ˾notĉ55˪ƂʵũČЄȎ6ǾAringOumlȄɑũмɘɅTHORNAringacuteǵɩѳʿˉŒ=˶ljOumlǹaelig΄ǵʽWɴOumloacute6tȟǵȯɴФѻƜƶoacuteΩ˚ɐǒOuml˶xƁOgraveĹѕ˩ϪOumlī˃=ntildedegЂϞʎǓтѓ6ʿOumlɦTHORNO5ˌũOumltimesŒũǹOumlųϣЫȥɻũǹƣĭ6

ˤƗȓɲ

18

Tree top villas

Roofs thatched

19

20

FLOOR PLANS

Treetop villa 2 bedroom villa ccedilpȢͱĉ

ʒɘ

Interior area 室内面积 13768sqm

Exterior area 室外面积 50sqm

Total usable area 实际使用面积 18768sqm

21

Level 1 一层

Interior area 室内面积 7088sqm

Exterior area 室外面积 102sqm

Level 2 二层

Interior area 室内面积 668sqm

Exterior area 室外面积 398sqm

22

Treetop villa 3 bedroom villa ccedilp˓ͱĉ

Interior area 室内面积 20214sqm

Exterior area 室外面积 664sqm

Total usable area 实际使用面积 26854sqm

23

Level 1 一层

Interior area 室内面积 10334sqm

Exterior area 室外面积 118sqm

Level 2 二层

Interior area 室内面积 988sqm

Exterior area 室外面积 546sqm

24

Treetop villa 4 bedroom villa ccedilpͱĉ

Interior area 室内面积 2667sqm

Exterior area 室外面积 863sqm

Total usable area 实际使用面积 353sqm

25

Level 1 一层

Interior area 室内面积 136sqm

Exterior area 室外面积 168sqm

Level 2 二层

Interior area 室内面积 1307sqm

Exterior area 室外面积 695sqm

26

FITTINGS amp FINISHES SCHEDULE

EXTERIOR AND INTERIOR FINISHES

External walls

Structure is built from steel and SIP (Structural Insulated Panels) External wall is cladded with painted fiber cement board

Internal walls

emulsion paint

Ceiling

Ceiling is finished with emulsion paint

Flooring

Bedroom is finished with heavy strand bamboo flooring

Balcony

Balcony floor is finished with Wood Plastic Composite decking (M wood) Railing and trellis made with Liu An wood Balustrade is fitted with metal and Liu An wood

Window

bedrooms are fitted with double glazed LowE glass and Roto hardware

Kitchen amp powder room

Floor is finished with natural tile Kitchen cabinets and sink are provided Kitchen counter top is fitted with natural stone

Bathroom

Wall and floor are finished with natural stone

Doors

Entrance door is made of solid core timber fitted with Saflok RFID locks Bedroom doors are fitted with hollow core timber fitted with Saflok RFID security locks

ƭѡȦƎˤ]ɛ

室内外材料

oacuteƟͳʥ

oacuteƟͳƿńˤƗĮƿńƎƿńWOSIPlt6ʥϸΉɮOũʘ6

ɬʥ

ǸćƎͱтɬʥǩϸĔƎˎƲʘ6

ų

ųɘˎƲʘ6

THORN

ǸćģūɦTHORNO6ͱіќTHORNO

ȹ

ȹϸɦOʓʟ6ʈȲҎɦѐШOuml6ȇĬϸDŽрƎȲҎɦĜ6

acuteŲ

Ǹć5ͱOumlacuteŲϸȽɦѐacuteȀʆ-3ѓǹtȟƎ-0-ͶDŽʆƪ6

notĉ

THORNϡƎɘϡʿTHORNѦʓʟ=notĉŀlaquoŖϡƎʇ6notĉɘʿ˵6

Ќ

Ќʥ˦ƎTHORNϡʿ˵ʓʟ6

ɑ

ˏǺAringɑϸ˹Ψɦɑʆ˛-)ljordfɑNJ΄6ͱɑϸǹΨɦɑʆ˛SaflokljordfɑNJ΄6

27

MECHANICAL AND ELECTRICAL INSTALLATIONS

Heating and Cooling

AIRWELL centralized water source heat pump is provided Fresh air intake with heat recovery system is installed

Electrical provisions

are provided

Electricity

Concealed conduits are provided Threephase electricity supply with miniature circuit breaker distribution board is provided

TV telephone and internet connection

Satellite TV with all major international channels

is provided in all the villas Telephone outlets and wireless internet connection is provided

Hot water supply

Huang Ming solar hot water heater and Rinnai gas water heaters are installed for the villa

Water supply and pipes

Concealed copper pipes are used for both hot water and PPR pipes are used for cold water

The resort will be patrolled 24 hours a day CCTV system is in operation throughout the resort 24 hours a day All the villa front doors and bedroom doors are fitted with Saflok RFID security lock system

APPLIANCES TO BE PROVIDED OR INSTALLED IN EACH DOMESTIC

UNIT

机电设施配套

ŀɻũѐȐ

ɽyumlƍѓ˾Е˅`΄6ΪĘ˅ſ΄6

Ɲaacute

ʆEΐNtildeŎOumlǭŋϡƎѿ6

aacuteȞŀϰ

ѩϾϮ˾ΐȺ=ʆϾίoumlȺʠ=ʆaacuteΓOuml˓ΑaacuteЕŀϰ6

aacuteƎςˤ]

έaacute=ʹΐaacuteŹũʹΐȺ6

˅ˤ]

žɛϒɭ˅ʠƎȩɬɌʡ˅ʠ

Ŏ

˅ŀϰŎǩϸϮc˾ĮŎ=ȐŀϰŎŎ6

WCˤ]

oacuteƟAacuteˤϾϾΟ˶ѽOumlgȺaacute΄ϡƎΟ˶OumlπɄ6ˏǺAringɑƎͱϸSaflokljordfɑNJ΄

标准住宅单位附送以下设备

Stove BAUMATICExaust fan BAUMATICOven BAUMATICMicrowave BAUMATICFridge BAUMATICBARMini fridge (2 3 bedroom) BAIXUEWine fridge (4 bedroom) BAUMATICBEDROOMMini fridge BAIXUEBath KOHLERTERRACEBarbeque grill

TelevisionDVDBATHROOMShower KOHLERBasin KOHLER

notĉ aacuteraquoȷ ʄɇUcircǷnotĉϼχƉ ʄɇUcircǷnotĉaacuteDZΓ ʄɇUcircǷuȷ ʄɇUcircǷɬяrΓ ʄɇUcircǷHΟrΓ=ĉlt JμǙŖĉlt ʄɇUcircǷͱΟrΓ JμЌį Ǵȍȹ˞DZΓҒĉaacute ɯDVD ɯЌȪЌʠ Ǵȍʇ Ǵȍ

28

NOTE

1 The Developer reserves the right to substitute other materials

or appliances of comparable quality and standard for the

intended items as listed in above fittings and finished schedule

2 The fittings and finished as listed above shall be subject to

the terms of formal Agreement for Sale and Purchase Those

provisions may have slight variation in the color measurement

3 The Developer reserves the right to make modifications and

changes to the building design fittings and finishes without

prior notice

4 Fittings and finishes of the Special Units may be different

from those of the Typical Units

备注

āЮ˙WȰϞʧʹȞ=Dв˹ƙʮȁεϘϡUgraveётƭѡȦϡƎˤ]Ccedil˛ȧĹΙ6

˛ȧĹΙȦϡƎˤ]ǩϡн˾ɈɉūКOumlǿщegraveѬ6ĹΙƭѡȦƎˤ]ǵɭƁФϋ˔=ȣoacutepoundAcirc5ȓ5ѺуƎƆľ˛ordfʬp6

āЮ˙WȰϞʧʹȞδeacuteϡƎĽĨϛOumlˤƗ5ƭѡȦϡƎˤ]ʹεȮαс6

˔EumlЏOumlēƭѡȦϡƎˤ]І˛oȧĹΙǵɭϾx6

29

PURCHASE OPTIONS

Buying a Tree-top Villa at naked Stables Private Reserve involves signing a Sale and Purchase Agreement with the development

company and a Lease and Management Agreement and Deed of Conditions with the Hotel Management Company The Management

Agreement requires the purchaser to lease the property back to the Hotel Management Company to manage on the ownerrsquos behalf

There are two different plans which are available for buyers

在 naked Stables 购买一套拥有不动产权的树顶别墅包括与发展公司签署一份买卖协议以及与酒店管理公司签署一份租赁管理协

议和条件契约管理协议要求购买者以业主的名义向管理公司出租其别墅以供其管理买家有两种方案可供选择

ŅɈκΙ

30

OPTION 1 - FLEXIBILITY

1Owner Usage Rights

Zero usage restrictions

Early reservations are required to secure Villarsquos especially during prime and peak seasons If a Villa Owner does not provide the

required advance notice for a reservation the resort may be required to offer the owner a different unit or in the worst case no

availability at all

1 业主使用权限

ȫ˼ϸΏѐ

ϘʴʣЎegraveˏѢp=ϺʙФƐƕ6ˍřpϛѝɍϾŀϘʴOumlϸЂЎegraveOumlЎс=oacuteƟAacuteƮʙŀȮϞdegѢdeg=ƆеѻЦĴOumlʮȁɍϾǹĉ6

2 Rental Revenue

2 租金收入

a Rental revenue

Whilst not in residence the owner will be eligible to earn a pro rata 36 of the room revenue generated by the Reserve during their

absence Ie Everyday the revenue generated by the entire resort is divided amongst the owners not in residence on that day When

an owner is in residence he forfeits his opportunity to earn revenue

ѸDŽˏ

ϛѝxǝѢʖƣ=ƮOtildeOgraveoacuteƟAacuteordfѸʙĉͳOtildeϧOuml6ɏoacuteƟAacuteordfѸɨΡxǝѢФfrac14OumlϛѝOumlĉͳOtildeOumlϧƮ^ʒǩēʆĺжΡϛѝ6IcircϛѝǝѢФʙpȕ˶=Ʈ˱ʸƅOtildeϧOumlƉƁ6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

选项1-灵活性

31

c Cashing out your returns

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

gtƮɴOumlſYŚDŽĈ˾ʷordf

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſYϧ6ˍřϛѝκЪxʷordfOumlϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3 有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecom services

included in the Services Fee to the owner whilst in residence The services fee is 300rmb per room per night This fee is charged on

all rooms regardless of which are in use

4 服务费用

IcircϛѝФoacuteƟAacuteǝѢ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸѓ6ɏĸĉƣɏOumlĞĒϸЏˆəe6жĸĒϸΛϾĉƣʷOuml=xɃfrac14ĉƣĚФ˼ϸ6

5Maintenance

4 of hotel room revenue will be reserved for ongoing building maintenance This will be deducted from the ownerrsquos share of total

room revenue

5 维护

ǙacircǸĉˏOumlƮ^ȰѽŮθƭѡδтĒϸ6ħēDŽuumlƮiquestϾˆǵēOtildeOumlǙacircǸĉˏĕuumlѓǻshy6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGEEarnings Per Room (36 of gross room revenue) 124173 170827 221315 253507 263647 2066942 Bedroom 收益 ndash 双人间 248346 341653 442631 507013 527294 4133873 Bedroom 收益 ndash 三人间 372519 512480 663946 760520 790941 6200814 Bedroom 收益 ndash 四人间 496692 683306 885261 1014027 1054588 826775

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 41 57 74 85 88 69

3 Bedroom 收益 ndash 三人间 9000000 41 57 74 85 88 69

4 Bedroom 收益 ndash 四人间 12000000 41 57 74 85 88 69

Hotel revenues and owner rental yield - Option 1 Flexibility

32

OPTION 2- STABILITY

1Usage Rights

1 使用权限

选项2-稳定性

Total Permitted Usage Prime Peak SeasonPermitted Usage

Peak SeasonPermitted Usage

Out-of-SeasonPermitted Usage Blackout

40 days per yearNo occupancypermitted

Up to 20 days per year but no more than 7consecutive daysfor any one stay

Up to 20 days per year but no more than 7consecutive days for any one stay

No occupancypermitted

允许使用总数主要的旺季允许使用

旺季允许使用

淡季允许使用

无折扣期

每年40天 不允许占用 每年20天但是每人

不能连续居住7天每年20天但是每人 不能连续居住7天

不允许占用

Prime Peak Season To be published by naked Retreats in according to government notification every year Prime Peak Season

Middle Autumn Festival (Sept) excluding Blackout dates

Ɛƕɏɱϻnaked RetreatsĻǟоġĵāordfс6ƐƕVȂѓŘsup1ƽϞМĀМlt5ȋiacuteƽͶМlt5Řʱƽ˴Мlt5ʭɛƽМlt5ѓʲƽǘМlt=xVȂʹгǻʖ6

ƕiquest˓МOgrave˴ϞМʖƣOuml10ĸїɡϡƎ10ĸľѽˉїʖ=xVȂƐƕũʹгǻʖ6

OutofSeason 20 days during December to February excluding Prime Peak Season and Blackout dates

Iacuteƕiquest˴ĀМOgraveĀМʖƣOuml=xVȂƐƕũʹгǻʖ6

Blackout Dates Peak demand dates such as holidays sporting events groups and citywide conventions Local cultural events

all as specified by the Hotel from time to time

ʹгǻʖεʴijėʖVȂƟʖ5Ћ˒5ũʺβOumlƁϨ6IcircTHORNɾyumlOumlŸƂiacuteiumlƮDвǙacircOumlɛljα6

2 Rental Revenue

2 租金收入

a Rental revenue

Regardless of your usage of your property your rental return will be fixed at 5 for the first 5 years of operation After this period

you will automatically migrate to the Flexibility plan

ѸDŽˏ

xɃɰOumlĉ˼ϸoacuteˍŪ=ͶɱOumlѸDŽϧiumlŊegraveOuml136ФжтŮ=ɴƮѳiacuteѧˏȬƂβĈF6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

33

c Cashing out your returns

gtƮɴOumlſYϡDŽĈ˾ʷordf

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſY6ˍřϛѝκЪxʷordfʙϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecoms services

rental option

4服务费用

IcircϛѝǝѢФoacuteƟAacuteȕ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸȕ6жϞȏOumlĞĒϸxVȂegraveβordfѸʆ6

5 Maintenance

Of the 5 guaranteed return generated form your property during the period you are not in residence the management company

will retain 4 of this return for maintaining your Villa The maintenance fund will be pooled and used for all Villarsquos in the resort

5维护

ɴxǝѢʖƣiquestɴOumlĉѓƮ˪Ouml13OumlſY=ŎȓŁƮWȰжbſYѓOumlϸѽɴpOumlŰ6ŰƈDŽƮ^ūsʜȅsϸЂϾoacuteƟAacutepOumlŰ6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Hotel projections

Rooms Available 可用房间 not relevant 非主要Estimated occupancy 预计使用率 not relevant 非主要Estimated average daily room rate 预计每日平均房价 not relevant 非主要Growth in room rate 房价增长率 not relevant 非主要Annual room sales 年房间销售额 not relevant 非主要RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE2 Bedroom 收益 ndash 双人间 50 50 50 50 50 503 Bedroom 收益 ndash 三人间 50 50 50 50 50 504 Bedroom 收益 ndash 四人间 50 50 50 50 50 50

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 300000 300000 300000 300000 300000 300000

3 Bedroom 收益 ndash 三人间 9000000 450000 450000 450000 450000 450000 450000

4 Bedroom 收益 ndash 四人间 12000000 600000 600000 600000 600000 600000 600000

Hotel revenues and owner rental yield - Option 1 Flexibility

34

Option 1 - FLEXIBILITY Option 2 ndash STABILITY

investment returns for your Villa are influenced by the

success of the resort and the number of days you use

your Villa

Stable implies both your returns and your annual

usage rights to your property are fixed Regardless of

how well the resort operates your returns will remain

the same Equally you will only have a fixed number

of days allowed in residence

Usage Have unlimited usage rights to their Villa 40 days usage per year

Rental ReturnEarn 36 of the pooled returns from the entire resort

whilst not in residence

5 guaranteed return on their investment regardless

of resort performance

Resort Discount20 discount on all resort amenities and activities

(including SPA and Restaurants)

20 discount on all resort amenities and activities

(including SPA and Restaurants)

Services FeePay a Services Fee of 300rmb per room per night

whilst in residence

Maintenance4 of all room revenue is retained for maintaining

the owners Villa

4 of all room revenue is retained for maintaining

the owners Villa

选项1 ndash 灵活性 选项 2 ndash 稳定性

ȬƂβϸЂ˼ϸІſY6ɰOumlpѱſYʷǧЂoacuteƟAacuteOumlĿǑϱũɰoslashpOuml˼ϸoacute

ŊegraveβϤѯɰOumlſYũɏɱoslashЂɰOumlĉOuml˼ϸʹΏiumlŊegraveOuml6xɃoacuteƟAacuteOumlǑϱѫȁϾucircť=ɰOumlſYiumlŊegraveOuml6ϖTHORN=ɰъϾŊegraveOumlПηǝѢOuml6

使用 ʹΏѐOumlp˼ϸʹΏ ɏɱOuml˼ϸʹΏ

租金收入 ФxǝѢʖƣ=ƅOtildeмĸoacuteƟAacuteūsſYOuml xɃoacuteƟAacuteǑϱѫȁˍŪ=Wп13OumlſYϸЂѱ

度假村折扣 ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt

服务费用 ǝѢʖƣ=ɏĉƣɏЏˆəeOumlĞĒϸ čѝϘ

维护 ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ

OPTION COMPARISON

选项对比

35

36

INDUSTRY RETURNS AND BENCHMARKS

INDUSTRY REPORT

行业报告

Tourism and urban resorts is one of the fastest growing industries in China According to industry consultant HVS cities such

as Shanghai Beijing Shenzhen Guangzhou Hangzhou and Tianjin all have a population where a critical mass of highly affluent

individuals and successful companies exist generating demand for suburban resorts

ФѓŘ=ȾϽϛũoacuteƟAacuteσɓāЮOumlαϛтϞ6ĻǟʺʳǙacircĞϛltOumlϞΙYĵ˿=ФѓŘOumlѝϘˍ˛ŝ5[ǎ5˧5œј5ţјũdžǩēyѯAringȣOumlĥЍˆʾũĿOumlʝϛ=ϻfrac14ϚƊāȥoslashƴʵoacuteƟAacuteOumlƌAringεʴ6

Amongst other things the exponential growth in private vehicles has seen a huge increase in demand in the leisure market With

the completion of the shenjiahu highway in 2010 the travel time from downtown Shanghai to Deqing is now 2 hours Also with

stop at Deqing) scheduled to open in late 2011 travel time from downtown Shanghai to Moganshan will take between 15 to 2

hours When comparing travel times to get to other resort destinations in China ndash eg Hainan or Lijiang flight times might be within

2 or 3 hours total travel time including travel to airports and check in make the whole trip 6 to 7 hours plus additional travel cost

Within the 2 hour travel radius of Shanghai the quality of resort destinations is also (in our opinion) not at an international standard

with most hotels simply being lsquocity hotels in the countryrsquo rather than true resort properties operating at international standards

shyfrac14т=ѯĸˆγΊOumlāЮ=ĸˆƸϴϾȿϚσʂ˫6ѳɱ˥ƛůijϡŮ=iquest˛ŝOgraveOcircʭϚLjεϘĸΟ˶Ouml6ΪƭOumlijǵϡФ13ēєɬiquest˛ŝUumlAumlţј6ƏƮФɱYacuteǫľOumliquestţјOgraveɫǎOumlijѓϾϞаDzOcircʭlt=ъεϞĸSΟ˶OgraveȢĸΟ˶ǜǵϡiquest˛ŝѓΫOgraveAumlɢī˗6ˍřІѓŘOumloacuteƟˮTHORNŝɫ5ȒƯUgraveaƹ=shyȥϘųĒэĸΟ˶Oumlďα˶ƣ=ŻϘФVȂʣƉ=CʺƤũUgraveEgraveOslashƉ˛ų˛эĸΟ˶=ĽxϸɨΡuumlOumlαųΝȥ6Ѷō˛ŝїiΟ˶ɬOumlγΊoacuteƟʸdeg=э˟ͰɒˈltІŘƙŸnѬŻϾѯɛOumlǢ6AringēOumloacuteƟǙacircϚũѓOumlɨΡǙacircɍϾ_ёOumlʵp=ЗЗAumlxOgraveинŘƙϤϦ˛oacuteƟίĉΙɧOumlϘʴ6

ϛѝЎʖſYІaƹ

37

OUR NICHE

我们的利基

naked sees a need in the market for world class expertly designed and operated resorts which are within 1 to 2 hour travel time

of major cities in China As with other urban resorts we believe that the Leisure market and the MICE (Meetings Incentives

Conferences Events) market will be a huge driver for our business In addition we feel that we are already at the forefront of

the growing focus and concern on environmental design building and operations as well as the growing interest in nature and

environmental education At naked we also place a high emphasis on facilities and services for the entire extended family ndash from

children to parents to grandparents that other resorts do not place dedicated resources for

nakedЎƧOgraveȥФѓŘжϞεʴƏǢȑѝϘϞэȢĸΟ˶Ouml=˶ЁhζǁϞȱOumlѥϛˤƗũŎȓOumloacuteƟΙɧ6ͰɒΑάγΊũƁƁϨ5ưȘȾϽ5AringίʝϛƁϨ5ƂiacuteЮȉltOumloslashͰɒϛOumlіAringʤȞ6frac14=ͰɒФŋѣũiacuteźWίˤƗ5ƭШ5ŎȓũźWȓɲœ˛ϠǑѷФȥαϛȭя=ФnakedІαϛеxͰɒϚіoslashЂˣʵѓOumlŜѲ5Ɲ5ȌеOumlĞũˏ6

As such we feel very confident in the rates and occupancies that we will achieve Regarding room prices when benchmarking

against some of the other leading hotel brands in the resort market such as Aman Fayun Hangzhou Banyan Tree Hangzhou Fuchun

Resort Hangzhou Mandarin Oriental Hainan and Commune by the Great Wall average rates in March 2011 for single bedrooms in

this set are ~ RMB2800

ϩfrac14=ͰɒoslashЂˏѢĉƠϡƎˏѢȿcurrenɊάΫ6ФˏѢĉƠĈɘ=ІʙФoacuteƟAacute˛OumlсɜǙacircʑʁaƹ=ˍCҊĂО5ţјНҏѨ5ĥsup1˗ǝ5˓φŴecircĈǙacircũƵ΅OumlŁˣ=Фɱ˓МOumlEumlˆƣʒǩƠķ=6

Regarding occupancies we are confident to achieve occupancies of around 60 after about 4 years of operation but forecast

conservatively that our occupancies will start from around 35 in the 1st year of operation and grow steadily to 45 in year 2

55 in year 3 and 60 after the hotel is lsquomaturersquo from year 4 onwards

ФˏѢȿĈɘ=ͰɒŬϾάΫǑŚɱOumlǑϱ=ͰɒǵϡAumlOgraveOumlˏѢȿ6WŇƗ=ͰɒOumlˏѢȿƮƁϻszligϞɱOuml13=egraveЫOgravefrac34ɱOuml13ũszlig˓ɱOuml1313=szligɱϡŮƮƁЫOgrave6

Given the above estimates we believe that owners can expect attractive investment terms as illustrated in the table below

Ļǟϡ˛OumlŇƗ=ЎƗϛѝɭņOtildeOgraveOumlѱſYƮƁˍ΅o˿

CҊĂО

НҏѨ

ĥsup1˗ǝ

˓φŴecircĈǙacirc

Ƶ΅OumlŁˣ

RMB4270

RMB3500

RMB2000

RMB2150

RMB2388

Aman Fayun Hangzhou

Banyan Tree Hangzhou

Fuchun Resort Hangzhou

Mandarin Oriental Hainan

Commune by the Great Wall Beijing

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966

38

39

ͰɒOumldivideTHE TEAM

40

Grant Horsfield ndash Chairman naked Group

Grant a native of South Africa is Founder and Chairman of the

naked Group

Before coming to China in 2005 Grant worked in England

and South Africa with more than 10 years business ownership

experience With background in IT he launched eBites

Limited in 2000 Operating nationally eBites was both a

publishing company and a callcentre facilitations company with

headquarters based in Cape Town In 2004 Grant received

an MBA from University of Cape Town Graduate School of

Business Upon graduation he decided to come to China as he

saw China is where business opportunities lie

After spending two years in Shanghai he found himself

overwhelmed by the metropolis and missed the natural beauty

of his home From this desire and need sprouted the concept

for naked Retreats which was launched in 2007 Grantrsquos vision is

to create sanctuaries that are in harmony with the environment

where people can appreciate the simple way of nature and

embrace the naked lifestyle Grantrsquos tireless efforts in promoting

ecotourism in the rural areas not only created jobs but also

pride for the local community He received an environmental

award from the Huzhou Government in 2008

高天成 - naked集团总裁

ij=ɫčIcircTHORNˆ=nakedƍOumlmiddot˽ˆũѵ|6

Ф13ɱȅOgraveѓŘтʣ=ij˪ЬФϯŘƎɫčľѽ=ϾŚɱOuml˙ϛǑϱƎРѽǑϏ6ФʙITǒOumlUѠ΅=ɱij˪ƭȜȥeBitesϾΏŁ=eBitesŁƮϱΝІaacuteŹĞѓΫLJɖƿū=ʙѵˤФǭʔugrave6ɱ=ijƅOtildeȥǭʔugraveAringλ˙λЙOumlMBAλ6dϛŮ=ǧegraveȅѓŘ=ϩǯOgraveȥжȕOuml˙Ɖ6

Ф˛ŝEgraveȥȢɱтŮ=āѳƓxȥ˪Ƃ=sʨAtilde˱ȥѳʿɐǒ6ФжѕИІεʴOumlʶ˼΅=ƭȜnaked Retreats

OumlΖĂФɱOtildeOgraveȥ˹˲6ijOumlΖĂƭШϞĸ˯THORNІѳʿũΣŃdeg=ˆɒǵϡΘѳʿ=ΘnakedOuml˪ƂĈ˾6ij˫ΔAacuteTHORNʵ˪ȾϽѽordfOumlxΦɹȞ=xLjmiddotШȥľѽıŻOtildeOgraveȥIcircTHORNˣʵOumlХϐ6ij˪ƅOtildeȥɱůјоġNāOumlźWAring˼ư6

41

Delphine Yip-Horsfield ndash Partner Ben Wood Studio Shanghai

received her Master of Architecture degree from Harvard

Boston prior to moving to Shanghai to oversee the award

winning Xintiandi project on behalf of Wood and Zapata In

the fall of 2005 Delphine became partner at Ben Wood Studio

Shanghai

Drawing from her own experience of diverse cultures Delphine

has led a multitude of high profile projects such as Hangzhou

Xihutiandi Zhujiajiao Oriental Garden Shanghai Waitanyuan

Beijing Palace 77 Shanghai Hongqiao Commercial Core Lijiang

Lashihai Resort Masterplan etc

In 2006 she was selected Wallpaper magazinersquos first annual 40

under 40 designer of the year

Delphine is the chief master planner and architect for naked

Home Village and naked Stables Private Reserve She also

oversees the visuals and styling of the naked Brand

叶凯欣 - 上海Ben Wood设计室合伙人

ϜǮΩɺ=Ben Wood ˤƗľѽOumlѵƢ=śęAringλƭѡλ6ȅ˛ŝтʣ=ФΒIJ5ɷКũuuacuteľѽ6ȅ˛ŝŮ=CcediloWoodũZapataĤЩΪTHORNΙɧOumlƢethľѽ613ɱʲƕ=ϜǮΩɺBen Wood ˤƗľѽūƃˆ6

ϾѯxŸϽșǑϏOumlϜǮΩɺ=EacuteˇȥηucircijocircΙɧOumlƢeth=VȂţјͻůTHORN5њƝƶecircĈųВ5˛ŝЕ5[ǎłatilde5˛ŝŭʦ˙ϛѓΫ5ȗƯȄŝoacuteƟAacuteѵŔŷˤƗUgrave6

ɱ=ˏκȥWallpaperСьǃɱoacuteϡ΅OumlˤƗ˰6

ϜǮΩnakedƝВAacuteũnaked RetreatsOumlѵˤƗеũƭѡ˰6˶ϚĤЩƢethnaked˙nOumlFũĘķˤƗ6

42

Kang Yang Lim ndash Group Chief Operating Officer naked Group

Group with over 13 years corporate finance and real estate

development experience Previously he was Director of the

real estate division of APP China taking responsibility for the

initial positioning and development of the USD15 billion lsquoWhite

Magnolia Plazarsquo mixed use development project (including

the development of Shanghairsquos first W Hotel) He also led the

concept and development of APPrsquos branded residence and resort

project in Sheshan Shanghai

Finance division of PricewaterhouseCoopers in Melbourne

Australia where he specialized in business value and strategy

worked in inhouse strategy roles for CocaCola GB in London

and to British venture capital firm of the year (2004) ISIS Equity

Partners before coming to China in 2005

Accountants Australia in 2002 and is also an affiliate of the

of Commerce and Diploma in Modern Languages from the

University of Melbourne Australia

林纲洋- naked 集团首席营运官

ƞˏnakedƍOumlȩ˪ϴϾŚɱOumlʝϛ~ƎTHORNǭāǑϏ6Фfrac14тʣ=ѽѓŘDŽŒOumlTHORNǭāOumlѵƢ=ĤЩƠч13ϢЏOumlucircϸ8JЈȈœ9ǭāΙɧOumlcopy˽κшũǭāVȂ˛ŝszligϞƝ ǙacircOumlǭālt6˶ϚщNtildeȥDŽŒƍФ˛ŝҁ˗ʑʁѢЭũoacuteƟAacuteΙɧOumlȓɲũǭā6

ФDŽŒƍˇфтʣ=ȩİϑGAringȚφɣyuml_ʔŴϷOacuteƁƗ˰OumlǑȓ=ѥѣЂ˙ϛƠчũЯɁѰξ6ȩ˪Ф13ɱȅOgraveѓŘтʣэȑǭʔŴϷOacuteŮOumlϞotilde˶ƣɬ=ѽǵǺǵȎɂugraveŁɬOumlЯɁēͺ˰=ϡƎISISOumlʼnʏūѽƃRФϯŘɂugraveOumlϯŘĘΌѱŁˇф6

ȩ˪ФɱƅOtildeȥGAringȚφηƁƗ˰ƁũGAringȚφпʻωǗOumlƁГѱķ6˶ϚƅOtildeȥGAringȚφɣyuml_AringλOuml˙ϛλλϡƎCcedilЇϊλп6

43

Gabriela Lo ndash Managing Director naked Retreats

With over 15 years experience in high end events and PR

management Gabriela has been instrumental in bringing naked

to where it is today As one of the original members of the

naked Team Gabriela has led the growth of naked Retreats

to become one of the most famous eco retreat destinations in

China attracting guests and publicity from around the world

Originally from Macao Gabriela has rich multi cultural and

multinational living and working experience having worked and

studied for many years in Greater China England and Italy

卢家宝 - naked 度假村常务董事

ϴϾŚ13ɱOumlijocircƂiacuteũŁŃŋ΄ŎȓǑϏ=nakedDžOumlǜІȶƝXēxǭ6ѽħdivideOumlmiddot˽ГтϞ=ȶƝXϠǑAEligȭnakedѓŘѻϾɜOuml˪ȾϽɧOumlTHORNтϞ=ͼϭȥȅѳǁĹTHORNOumlǸˆ6ȶƝXȅѳGɑ=ϴϾĖĥOumlucircЏŸũucircŘǝѢũľѽǑϏ=ЬФAringѓŴTHORNʵ=ϯŘũϤAringȚϾѯucircɱωǗǑș6

Judy Zhu ndash General Manager naked Group

Zhu is the General Manager for naked Group ensuring smooth

operations of the group with a particular focus on government

朱燕 - naked 集团总经理

њώ=iquestnaked Retreatsmiddot˽ǭ˽ǜũij˪ūѽ6њώѽƍѵǑȓ=ĤЩIcircTHORNũŋ΄ʽWƍРѽ6Фƞˏnakedтʣ=њώФ˛ŝũ[ǎiquestŚηucircІ˙ϛϾŋOumlфϛ6ФΪͻȈƅOtilde˙ϛλ6

44

Kurt Berman ndash General Manager naked Stables Private Reserve

With over 16 years experience in FampB and high end luxury

resort management Kurt brings a wealth of experience and

will lead the preopening and operations of our new resort ndash

naked Stables Private Reserve Prior to joining naked Kurt was

the preopening General Manager at Six Senses Laamu and

Resident Manager for Six Senses Soneva Gili by Six Senses Kurt

has also worked at other prestigious resorts including Fregate

his career in hospitality in FampB and was a trained Chef with

experience working in many prestigious institutions including

The Dorchester Hotel in London Kurt is from South Africa and

has a masters certificate in hospitality management from Cornell

University

Kurt Berman - naked私人度假村总经理

ϾѯŚɱϬƎijIumlŤŴoacuteƟAacuteOumlŎȓǑϏ=ƮϡĖĥOumlǑϏȭNtildeͰɒΪoacuteƟAacute77)$ 0OumlϱϛũРϱ6Фƞˏ)$ тʣ=10ЬEacuteˇŚ8szligȳĭǦ9+1ϱϛѵǑȓũ8szligȳĭǦ9-2 ((OumlѤacircǑȓ610ŻЬˇфЂamp0ˆŝETHũ1+4UgraveʙўɜoacuteƟˮTHORN610OumlϛʜzЂϬαϛ=ϚϡϞĸФŬucircўɜƉńVȂ-0-0 -$-ltľѽŚOumlρȡϾOumlnot˰610ȅѳɫč=sϴϾǰɪyumlAringλЃOumlǙacircŎȓλ6

Richard Johnston ndash General Manager naked Home Village

Hailing from the United Kingdom but with most of his working

life in resorts throughout Africa Richard brings with him over

20 years experience in General Management and Director level

roles in world class resorts including Azura Retreats Cape Grace

hotel and the Saxon Hotel Richard plays a key role in the set

up of systems training and operating standards His years

of experience and mentoring leadership style make Richard a

natural inspiration for our young hotel management team

Richard Johnston - naked 家园村总经理

RichardȅѳϯŘ=IgraveAringucircOumloacuteƟAacuteľѽiumlФмĸčљ=ϴϾŚɱOumlѴūŎȓũǁƐoacuteƟAacuteVȂAzura

Retreats Cape Grace hotel and the Saxon HotelltijʒŎȓǑϏ6RichardФƭȜ΄5ʅρũРαnѬĈɘʜѯŋƨѽϸ6ĖĥOumlǑϏũȭNtildeĘķ˼OtildeoslashͰɒɱʬOumlǙacircŎȓdivideϾѯѳʿOumlƊȘ6

45

Teun Hanegraaf ndash Sales Director naked Retreats

Teun obtained a Bachelors in Business Studies and Masters

in Strategic Management with a focus on Chinese Business

Culture Teun increased our corporate sales business by 350

in his first year with us bringing international companies

ranging from international conglomerates Unilever and Coca

Cola to more local institutions such as The Shanghai American

School and leading Chinese companies such as Bank of China

韩天宁销售总监

ȅѳŧȈɥEcirc=şɵϴϾ˙ϛλλλ5ЯɁŎȓѥѣЂѓŘ˙ϛŸlt6ȅƍOumlszligϞɱşɵƮŁOumlΝϛijȥ13=sŁAEligȅȥx˟ŘƙβOumlAringŁǸŲ=жʙѓϾŘƙAringʝϛȠūȚŴũǵǺǵȎ=ϚϾ˛ŝɐŘλΠUgraveIcircTHORNƉńũѓŘϫαUgraveѓŘȴʝϛ6

Oliver Yuen ndash nature Reserve amp Recreation Manager

naked Stables Private will be the first private reserve in China

with a wealth of new flora and fauna introduced to the project

from Sydney University Australia and as a fully qualified Ranger

working in many of the worldrsquos best wildlife parks Oliver takes a

special role in ensuring the environment of naked Retreats and

naked Stables Private Reserve will be full of life and a natural

self supporting eco system Oliverrsquos passion for both people and

nature make him the perfect person to teach our guests about

what we do and make their stay not only a relaxing one but

also a fun fulfilling educational one as well Oliver previously

worked in wildlife parks and resorts such as Azura Retreats in

Mozambique Mobala Private Game Reserve in South Africa and

Sydney Aquarium in Australia

袁鹏威 - 活动经理和度假村 生物学家

naked StablesƮѓŘszligϞĸϭljΪOumlцʾũiacuteʾOumlˆoacuteƟʵ6OliverѽϞɜGAringȚφͿɯAringλūķOuml˪λƝiacuteλƝ=ϡƎФǁĹTHORNOumlϙ˪iacuteВľѽOumlľѽе=Ф˼naked Retreats ũnaked StablesϾѯĖĥ˪ѱЕ5ʿѳĺOuml˪΄Oumlźǔľѽ˛QύѯіϘƶ˔6АʊoslashˆȏũѳʿOumlƊʮ˼ѻūOumlˆȅĵͰɒOumlǸˆͰɒѼOuml˷ɋ=sʨ˂ɒФжȕOuml˶ŒxLjLjČ=˶Ϛ˂ɒOumlǝѢǑșlOtildeϾǭΫcurren˹ũϾƷЋϤϦ6АʊтʣФɫčũGAringȚφͿɯѹŏiquestϙ˪iacuteВũWŰʵOumlľѽVȂMozambique OumlAzura Retreats Mobala Private Game Reservelt6

46

Philip C Davis Company Director naked Retreats

Phil joined the Board of Directors for naked Retreats hotel

management company in 2011 His previous board experience

includes Tian Rui Hotel Corporation holder of the master license

for Super 8 economy hotels in China and Hong Kong from 2006

to 2008 He also was a founding shareholder of Tian Rui and

served as its President and Managing Director from 2006 to

2008 He was a board member of Tian Xian Cheng a bai jiu

concern which is a joint venture between Pernod Ricard and a

2010

Phil was previously Chairman of the Budweiser (Wuhan)

International Brewing Company and Managing Director of the

AnheuserBusch business in China and Hong Kong from the

beginning of 1996 through 2002 From 2003 to 2005 he

headed the AnheuserBusch liaison office with Tsingtao Brewing

Company

Phil holds a PhD in history from Washington University and

started his career as a market researcher at a major advertising

agency in the US before moving to AnheuserBusch and

heading its consumer planning and new product development

functions in the 1980s

Philip CDavis naked 度假村公司董事长

PhilЂɱƞˏȥnakedoacuteƟʵǙacircŎȓŁOumligraveƁ6ϡĖĥOumlǑϏVȂФːǙacircƍˇф5ϡƎЂɱэɱФѓŘũѓŘΒIJEacuteˇSuper ǑƖǙacirc ʼnˆ6˶=ϚːǙacircƍOumlmiddot˽ʼnecirc=ФɱэɱʖƣEacuteˇƍOumlѵ|ũigrave6ɱэɱʖƣ=ϞƝІWȎȞƞũJǙ˪ȴʝϛƬɫūѱOumlʝϛ77ΐOumligraveƁГ6

iquestɱэɱ=Phil͵šBudweiserŘƙɳǙŁOumligraveƎѓŘũѓŘΒIJCŝyŁOumligrave6iquestɱэ13ɱ=CŝyũʫETHʌǙŁOumlȠɆdegOumlĤЩˆ6PhilϴϾŴ˭uacuteAringλOumlș˻дλvλ=ФǁɱCcedilȅOgraveCŝy5ĤЩΞĒŔŷũΪʑǭāĿɭтʣ=OumlϛʜzЂɐŘOumlϞƝœĵCcedilȓŁ=Eacuteˇaeligω6

47

OUR INTERNATIONAL TEAM

International team

Chief master planners amp architects

the urban landscape of modern China with Xintiandi in

Shanghai a commercial cultural and entertainment district

Since then the studio has worked on projects in very diverse

categories both small and large scale projects include mixed

use projects like the ldquoTiandirdquo in Hangzhou Chongqing Wuhan

and Foshan luxury villa and high rise residential complexes in

Shanghai and Vietnam as well as various boutique hotels and

Chalet Architects

A00 Architecture is most well known for their research

inenvironmental sustainability and its application to their

work in Architecture Interiors and Furniture Their portfolio

includes feature restaurants luxury spas retail stores design

conversion of dozens of historic Shanghai homes into highly

personalized residences

Interior Designers AIM (Architecture amp Design) brings expertise

in the combination of world architectural styles and design

influences to the interior designs at naked Stables Private

Reserve With the Shanghai office led by the two founding

on comfort warmth and a unique blend between African and

Asian design sensibilities

Landscape Architect

Design Land Collaborative (DLC) is a professional consulting firm

comprised of landscape architects and planners with an office in

Shanghai and the United States Projects have a strong emphasis

on cultural resources historic preservation and ecological

design involving both the public and private sectors

ͰɒOumlāЮdivide

ɴǵϡΑάOumlёȣ

ŘƙŸdivide

首席规划师和建筑师

benwood Studio Shanghai OumlсɜΙɧтϞѠĨШ˛ŝΪTHORNľ=˼ʙƍ˙ϛ5Ÿ5ЄȎϞOumlʵЉ6тŮ=ЁƻȥĹȏŔɟAringΟOumlΙɧ=VȂţјOumlͻůTHORN=іʱ5͵šƎę˗OumlŤŴpϡƎФ˛ŝũЛɫOumlijѢЭʵ=ȮŻϾФѓŘƎˉ_OumlĹȏǐʑǙacircƎoacuteƟ6

小圆房建筑

AOO Architecture ФźǔWŰƎǵ θāЮĈɘϾѯѭЛOumlƭ=s˘ƮʙƭϰϸЂɬƝѩ6ɒƻŚOumlΙɧVȂ˔5ŤŴȤѓΫ5ȫ˙acirc5ˤƗίǙacirc˛ŝυНǙacirc lt5ˆoacuteƟϡƎϞ΄ȧOuml˛ŝș˻ѢЭOumlCcedilŸƎˆŸĨШ6

ɬ ˤƗ˰AIMƭѡˤƗltѥѣЂǁƭѡĘķũˤƗOumlɐƿū=ϭNtildenaked StablesOumlɬˤƗ6ФȅѳŧȈũaȚ˶OumlūѽmiddotTˆȭNtildeOuml˛ŝTdegOumlUѠ΅=ˤƗѣі5ũφčˤƗȓɲOumlntildeˊū6

景观设计

Design Land Collaborative (DLC) ϞƝiquestǒōˤƗІŔŷOumlѥϛѰξŁ=Ф˛ŝІɐŘǩˤϾēрƉń6ʙΙɧ˘ЂŋѣŸș˻ĻЕ=ƿūźW˪ǴƔ=ѥѣЂŁŃƎϾTHORNOumlŔŷ6

48

Engineering amp Project Management team

Scott Wilson Group PLC is a globalintegrated design and

engineering consultancy for the built and natural environments

Scott Wilson is responsible for the project management the

electrical and mechanical engineering for the project

Environmental Consultants

Environmental Resources Management (ERM) a leading global

provider of environmental health and safety risk and social

consulting services ERM deliver innovative solutions for business

and government clients helping them understand and manage

their impacts on the world around them ERM have 137 offices

in 39 countries and employ approximately 3300 staff

Sustainability Consultants

Bisagni Environmental Enterprises (BEE) works with the

engineering and design teams to ensure the environmental

goals set out at the inception of the project are achieved

LEED Consultants

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

Local Design Institute

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

General Contractor

and have been responsible for some of Chinarsquos most iconic

properties such as the World Financial Centre in Shanghai

工程及项目管理团队

Scott Wilson Group PLCϞƝʺʳŔɟOumlźWˤƗƎľѰξŁ6Scott WilsonĤЩΙɧOumlaacuteʠƎƉΤľ6

环境咨询

Environmental Resources Management (ERM)ϞƝʺʳαϛȭѰξŁ=ŀźǔWŰ5ƫǰCʺƎŁŃˣƁĘΌUgraveѰξĞ6ERM˙ϛƎоġɑǸŲŀĨĶβOumlǀǧĈF=UѠɒȥǀsŎȓʙǑϱoslashˣƁźǔAEligȅOumlϳΗ6ERMФʺʳϾ137ĸēрƉń=myĸŘƝ=ϴϾAringК3300ɜГľ6

可持续发展咨询

Bisagni Environmental Enterprises (BEE)ІľˤƗdivideΑűūѽ=ϡʽWФΙɧǭ˽ƼotildeˤȜOumlźǔWŰǵ θāЮɧnOumlȚ˹6

绿色建筑认证咨询

Shanghai Pacific Energy Center (SPEC)ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlŁтϞ6

本地设计公司

Shanghai Baoye Construction Corp Ltd ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlαϛȭŁтϞ6

总承包商

ϞƝŘƝƐľVŁ=ϠƻȥηucircѓŘnьβΙɧ=țˍ˛ŝźʳDŽˊѓΫ6

49

naked COVERAGE

wwwcnngocom

ldquo25 killer things to do this summerrdquo

26 April 2010

Time Magazine

ldquoRun to the Moganshan Hillrdquo

新浪博客

ldquo避世的可能rdquo

31 December 2009

wwwenglisheastdaycom

ldquoThe first batch of ldquoChina Treasured Towns ldquo released

December 2009

Shanghai Urbanatomy

ldquoGet naked this time with horsesrdquo

Shanghai Daily

ldquoGreen MaGIC Casts design spellrdquo

14 October 2009

新浪商品

ldquo中国最佳设计酒店大赏rdquo

September 2009

wwwchannelnewsasiacom

ldquoChinarsquos green resort allows travellers to vacation on good consciencerdquo

2 September 2009

wwwbijianlinblshecom

ldquo莫干隐居rdquo

25 Aug 2009

wwwassociatecontentcom

ldquoThe Exquisite Moganshan Mountains of Chinardquo

Ɏ

Wikitravel

ldquoMoganshanrdquo

德清新闻网

ldquo承包国营林场建造生态ldquo逸站rdquo

wwwsinoeventcom

ldquo亚洲旅游地产及景点峰会成功举行rdquo

wwwchinatravelbrandingcom

ldquoPursuing Green for Greenrdquo

wwwbrandrepublicasia

ldquoMaking moves towards ecofriendly eventsrdquo

7 May 2009

wwwhandsonshanghaiorg

ldquoHands On Asia Conference Summeryrdquo

May 2009

wwwmyvacationcn

ldquo莫干山居rdquo

3 April 2009

wwwshanghaidailycom

ldquoThe naked truth Time to clean up Moganshan litterrdquo

4 March 2009

wwwgreennovateorg

ldquoMoganshan Project Kick Offrdquo

13 February 2009

Travesias

ldquonaked retreatsrdquo

Feb 2009

合肥在线

ldquo大山里的裸家族rdquo

20 October 2008

wwwentrepreneurcom

ldquoThe arrival of the Olympics showcases Chinarsquos burgeoning entrepreneurial spirit ldquo

7 August 2008

50

Shanghaiist

ldquoWeekend escape to Moganshan 莫干山rdquo

9 April 2008

私家地理

ldquo艳阳下的荫凉rdquo

30 May 2008

City Weekend

ldquoGet naked in Moganshanrdquo

25 January 2008

wwwbundpiccom

ldquo在这绿中撒点野rdquo

wwwhuzhougovcn

ldquo相中德清筏头的青山绿水南非客商莫干山下建生态逸站rdquo

wwwurbanatomycom

ldquo24 Hours in Moganshanrdquo

wwwhkheadlinecom

ldquo杭州莫干山竹林深处人家rdquo

15 May 2009

wwwnewsweekcom

ldquoBack from abroadrdquo

May 2009

Chinatravelnet

ldquoMoganshan A Heavenly Hideaway of Bamboo Forests amp Tea Plantationsrdquo

April 2009

wwwmzztmcagovcn

ldquo2009年踏青乐游路线推荐大公布rdquo

16 March 2009

第三媒体

ldquo规划一条畅快随性的踏青之旅rdquo

28 October 2009

wwwdqnewszjolcomcn

ldquo三九坞 ldquo裸家族rdquo钟爱的世外桃源rdquo

28 October 2008

ldquo自驾行天下rdquo之中国莫干山rdquo

Sep 2008

ldquoShiffting Gearsrdquo

Sep 2008

April 2008

Chewed up amp Spit Out

ldquoGet nakedrdquo

19 February 2008

ldquoBest Weekend Getaway Hotels Shanghairdquo

富世

Ecoefficient hotel低碳下榻

April 2011

Spa China Guy 男士派

Experiencing The Unique

2010

Cosmo 时尚

跨洋建屋隐居不隐世

April 2010

Global Times

The Mountain of legends

Global City Geography 城市地理

莫干山 naked Retreats 都市人一ldquo裸rdquo到底的山居生活

Dec 2009

China Daily

Rural Retreat

20 March 2011

China Daily

4th March 2011

Modern Weekly周末画报

圣诞低碳游

Dec 2010

Elite Traveler 携程自由行

旅尚

Esquire

Hidden Best Restaurants

Feb 2011

51

52

53

Page 14: Detailed Investor's Report

13

14

GREEN DESIGN amp CONSTRUCTION

LEED Green strategies

All about LEED

Developed by the US Green Building Council (USGBC) LEED

(Leadership in Environmental Energy Design) provides a concise

framework for measuring green building design construction

operations and maintenance LEED Platinum rating is the

USGBCrsquos highest rating with strict criteria encompassing energy

savings water efficiency CO2 emissions reduction improved

indoor environmental quality and stewardship of resources and

sensitivity to their impacts A LEED Platinum qualified building

should use at least 30 to 40 less water and electricity than a

normal building At naked some of the things that have been

done in aiming to achieve this award are

recycling

flushing and irrigation

water

waterless urinals

buildings

consumption

ɀ˔ˤƗІƭˤ

绿色建筑认证

关于LEED

ϻɐŘɀ˔ƭѡƁāʜ=LEEDɀ˔ƭѡˈпltȣɀ˔ƭѡˤƗ5ƿń5РѽϡƎŰŀƥƾOumlȀơ6LEEDɐŘɀ˔ƭѡƁ˄ƽɭ5ѱЕȚϸȿ5ƱUacuteĀϓŸʀČ5˫ɬźǔёȣ5ѱЕŎȓƎoslashʙϳΗOumlɚĭoacuteψķnѬOumlѻijưΙ6ϞmicroϴϾLEEDˈпOumlƭѡϰħaʔƭѡ˟˼ϸOumlaacute6Ф =ͰɒϚѼȥŬucircľѽȅлʷOtildeOgraveжĸưΙ

ƭѡƽˬȥ13OumlɭЕ˼ϸ

ƭѡƽˬȥOumlϸȣ

iquestͳccedilũɇȺƍȅOumlЅϸЂҔͲOumlνźȚϸ

ϾҔͲũđiuml^ſϸЂyenũŐĪ

LJA˗ňȱOuml˳THORNǖŸȥƂ

˼ϸUacuteȱȣOumlЌŊegraveѩяϡƎɶ˾umlɇɗyen

Οkiexcl

ϸЂЎ˅Oumlϒɭ˅ƞ˅ʠ

ϸЂƞ˅ũȐʼƭѡOumlƽɭЕкʢ`

pѩϾ˅ſѩяȅƱUacuteɭЕΞŦ

15

use Incentives given to reduce energy consumption

a factory 20 minutes away from site

window frames bricks and roof tiles

Council)

material

property

recharging stations

within a radius of 800km

CѩФϾp˛OumlɭȣƗϸȅƢethǸˆOumlɭЕ˼ϸʮ

ȁ6ŻɭЕΞŦOumlƦ˟ŀuumlOumlưȘ6

ϸ˼ϸќΧdzȝOumlŗȷƞ˅ŀɻ6ќΧdzȝȅѳǢȑͰɒ

ēєȺЗOumlϞƝľ

ϾOumlʥũacuteŲiumlijoacuteǨЖ

˼ϸɘŒŵOumlUacuteĝˢtȟ

˼ϸUacuteʀČOumlȦ

˼ϸſȚϸOumlǛɦёͳccedilơ5џѲ5џƈ5acuteȀ5ѦǼũ

ͳccedilʎ

Ś13OumlɦϻFSC˕ȩŎȓГƁltʹ

˼ϸǵУ˪OumlŸќѐTHORNO

pɬʺ˼ϸLEDtimesũΟίOumlϲŒtimes

oslashϾƭѡѻAringoacuteOumlljαѳʿŒũĘ

ѝTHORNъПηijyumlěljˏ=ijyumlěϻϒɭŀaacutesɭФ

ѤTHORNcurrenaacute

OumlƭѡȦiumlȅѳĈДŁȕɬOumlʵЉ

Ś13OumlƭѡđȦ^ſȚϸ

ϾoacuteƟAacuteOumlȃƇiuml^νźȚϸ

notĉũȃƇ^ϸѽĐȦ

oacuteƟAacuteɬϴϾϾƉųВ

іΪϭˏϙ˪iacuteIcircTHORNȻѕlt

WŰѳʿiacuteцʾ

16

17

THE DESIGN IDEA

Tree Top Villas

树顶别墅

To touch the sky at night and look down on the forest in the morning is what owners of the tree top villas will experience High

above the forest canopy 30 luxurious homes are perched in the tree tops Spacious wooden constructions with large sundecks spill

into the panoramic views of the mountains

macrɞҌҍOumlϝǹ=ϔѪȗOumlҐ=жǜϴϾccedilpOumlˆɒntildeΘOumlҕȞǒ˔6icircŤŴѢЭʗͽФ˕ȩŌт˛=pǡϞķ6аФǾOumlɦѐΟͳѓ=œOumlɢī˗ʺǒǍόYacute6

Each villa is built on stilts to minimize its physical footprint and maximize the views for its discerning owners The prefabricated villas

are made by innovative construction technology known as structural insulated panels (SIPs) With high insulation value and zero

construction waste these lofty eco dwellings are like no others offering you an energy efficient home that is beautiful and at one

with nature

ccedilpOumlƭѡaumlƵȵƿń=iquestyacuteƦ˟oslashБ˽˪źǔOumlϳΗ=sѻAringΏoacuteOumlЮϹɐOumlǒ˔6жΡЎѐOumlpϸѻΪǴƔOumlƿńWOѐШOuml6ccedilpOumlˤƗтѽ=ʹđȦͲˁssectѳʿ=ŀϞĸЁϾʑЁʩNjѳʿOuml˪ѢЭ6

The villas are intended for life Overlooking the mountains and forest below each home has a very large outside deck

complemented on the inside by an open plan kitchen with all the latest amenities dining room living area and opium den for

relaxation and entertainment Large sliding doors and full wall windows welcome natural light while sophisticated air conditioning

systems ensure your comfort Double layered glass keeps the view in perfect focus hushing all sounds to perfect stillness Wooden

floors soft lighting and high ceilings add a sense of warmth and space

ccedilpѥ˪Ƃyacuteƭ6Ġғ΅ɘOumlʾ˗ũ˕ȩ=ɏicircƭѡǩˤϾǾAringOumlϒ=ʆϡCcedilOumlмǭČ˾notĉ55˪ƂʵũČЄȎ6ǾAringOumlȄɑũмɘɅTHORNAringacuteǵɩѳʿˉŒ=˶ljOumlǹaelig΄ǵʽWɴOumloacute6tȟǵȯɴФѻƜƶoacuteΩ˚ɐǒOuml˶xƁOgraveĹѕ˩ϪOumlī˃=ntildedegЂϞʎǓтѓ6ʿOumlɦTHORNO5ˌũOumltimesŒũǹOumlųϣЫȥɻũǹƣĭ6

ˤƗȓɲ

18

Tree top villas

Roofs thatched

19

20

FLOOR PLANS

Treetop villa 2 bedroom villa ccedilpȢͱĉ

ʒɘ

Interior area 室内面积 13768sqm

Exterior area 室外面积 50sqm

Total usable area 实际使用面积 18768sqm

21

Level 1 一层

Interior area 室内面积 7088sqm

Exterior area 室外面积 102sqm

Level 2 二层

Interior area 室内面积 668sqm

Exterior area 室外面积 398sqm

22

Treetop villa 3 bedroom villa ccedilp˓ͱĉ

Interior area 室内面积 20214sqm

Exterior area 室外面积 664sqm

Total usable area 实际使用面积 26854sqm

23

Level 1 一层

Interior area 室内面积 10334sqm

Exterior area 室外面积 118sqm

Level 2 二层

Interior area 室内面积 988sqm

Exterior area 室外面积 546sqm

24

Treetop villa 4 bedroom villa ccedilpͱĉ

Interior area 室内面积 2667sqm

Exterior area 室外面积 863sqm

Total usable area 实际使用面积 353sqm

25

Level 1 一层

Interior area 室内面积 136sqm

Exterior area 室外面积 168sqm

Level 2 二层

Interior area 室内面积 1307sqm

Exterior area 室外面积 695sqm

26

FITTINGS amp FINISHES SCHEDULE

EXTERIOR AND INTERIOR FINISHES

External walls

Structure is built from steel and SIP (Structural Insulated Panels) External wall is cladded with painted fiber cement board

Internal walls

emulsion paint

Ceiling

Ceiling is finished with emulsion paint

Flooring

Bedroom is finished with heavy strand bamboo flooring

Balcony

Balcony floor is finished with Wood Plastic Composite decking (M wood) Railing and trellis made with Liu An wood Balustrade is fitted with metal and Liu An wood

Window

bedrooms are fitted with double glazed LowE glass and Roto hardware

Kitchen amp powder room

Floor is finished with natural tile Kitchen cabinets and sink are provided Kitchen counter top is fitted with natural stone

Bathroom

Wall and floor are finished with natural stone

Doors

Entrance door is made of solid core timber fitted with Saflok RFID locks Bedroom doors are fitted with hollow core timber fitted with Saflok RFID security locks

ƭѡȦƎˤ]ɛ

室内外材料

oacuteƟͳʥ

oacuteƟͳƿńˤƗĮƿńƎƿńWOSIPlt6ʥϸΉɮOũʘ6

ɬʥ

ǸćƎͱтɬʥǩϸĔƎˎƲʘ6

ų

ųɘˎƲʘ6

THORN

ǸćģūɦTHORNO6ͱіќTHORNO

ȹ

ȹϸɦOʓʟ6ʈȲҎɦѐШOuml6ȇĬϸDŽрƎȲҎɦĜ6

acuteŲ

Ǹć5ͱOumlacuteŲϸȽɦѐacuteȀʆ-3ѓǹtȟƎ-0-ͶDŽʆƪ6

notĉ

THORNϡƎɘϡʿTHORNѦʓʟ=notĉŀlaquoŖϡƎʇ6notĉɘʿ˵6

Ќ

Ќʥ˦ƎTHORNϡʿ˵ʓʟ6

ɑ

ˏǺAringɑϸ˹Ψɦɑʆ˛-)ljordfɑNJ΄6ͱɑϸǹΨɦɑʆ˛SaflokljordfɑNJ΄6

27

MECHANICAL AND ELECTRICAL INSTALLATIONS

Heating and Cooling

AIRWELL centralized water source heat pump is provided Fresh air intake with heat recovery system is installed

Electrical provisions

are provided

Electricity

Concealed conduits are provided Threephase electricity supply with miniature circuit breaker distribution board is provided

TV telephone and internet connection

Satellite TV with all major international channels

is provided in all the villas Telephone outlets and wireless internet connection is provided

Hot water supply

Huang Ming solar hot water heater and Rinnai gas water heaters are installed for the villa

Water supply and pipes

Concealed copper pipes are used for both hot water and PPR pipes are used for cold water

The resort will be patrolled 24 hours a day CCTV system is in operation throughout the resort 24 hours a day All the villa front doors and bedroom doors are fitted with Saflok RFID security lock system

APPLIANCES TO BE PROVIDED OR INSTALLED IN EACH DOMESTIC

UNIT

机电设施配套

ŀɻũѐȐ

ɽyumlƍѓ˾Е˅`΄6ΪĘ˅ſ΄6

Ɲaacute

ʆEΐNtildeŎOumlǭŋϡƎѿ6

aacuteȞŀϰ

ѩϾϮ˾ΐȺ=ʆϾίoumlȺʠ=ʆaacuteΓOuml˓ΑaacuteЕŀϰ6

aacuteƎςˤ]

έaacute=ʹΐaacuteŹũʹΐȺ6

˅ˤ]

žɛϒɭ˅ʠƎȩɬɌʡ˅ʠ

Ŏ

˅ŀϰŎǩϸϮc˾ĮŎ=ȐŀϰŎŎ6

WCˤ]

oacuteƟAacuteˤϾϾΟ˶ѽOumlgȺaacute΄ϡƎΟ˶OumlπɄ6ˏǺAringɑƎͱϸSaflokljordfɑNJ΄

标准住宅单位附送以下设备

Stove BAUMATICExaust fan BAUMATICOven BAUMATICMicrowave BAUMATICFridge BAUMATICBARMini fridge (2 3 bedroom) BAIXUEWine fridge (4 bedroom) BAUMATICBEDROOMMini fridge BAIXUEBath KOHLERTERRACEBarbeque grill

TelevisionDVDBATHROOMShower KOHLERBasin KOHLER

notĉ aacuteraquoȷ ʄɇUcircǷnotĉϼχƉ ʄɇUcircǷnotĉaacuteDZΓ ʄɇUcircǷuȷ ʄɇUcircǷɬяrΓ ʄɇUcircǷHΟrΓ=ĉlt JμǙŖĉlt ʄɇUcircǷͱΟrΓ JμЌį Ǵȍȹ˞DZΓҒĉaacute ɯDVD ɯЌȪЌʠ Ǵȍʇ Ǵȍ

28

NOTE

1 The Developer reserves the right to substitute other materials

or appliances of comparable quality and standard for the

intended items as listed in above fittings and finished schedule

2 The fittings and finished as listed above shall be subject to

the terms of formal Agreement for Sale and Purchase Those

provisions may have slight variation in the color measurement

3 The Developer reserves the right to make modifications and

changes to the building design fittings and finishes without

prior notice

4 Fittings and finishes of the Special Units may be different

from those of the Typical Units

备注

āЮ˙WȰϞʧʹȞ=Dв˹ƙʮȁεϘϡUgraveётƭѡȦϡƎˤ]Ccedil˛ȧĹΙ6

˛ȧĹΙȦϡƎˤ]ǩϡн˾ɈɉūКOumlǿщegraveѬ6ĹΙƭѡȦƎˤ]ǵɭƁФϋ˔=ȣoacutepoundAcirc5ȓ5ѺуƎƆľ˛ordfʬp6

āЮ˙WȰϞʧʹȞδeacuteϡƎĽĨϛOumlˤƗ5ƭѡȦϡƎˤ]ʹεȮαс6

˔EumlЏOumlēƭѡȦϡƎˤ]І˛oȧĹΙǵɭϾx6

29

PURCHASE OPTIONS

Buying a Tree-top Villa at naked Stables Private Reserve involves signing a Sale and Purchase Agreement with the development

company and a Lease and Management Agreement and Deed of Conditions with the Hotel Management Company The Management

Agreement requires the purchaser to lease the property back to the Hotel Management Company to manage on the ownerrsquos behalf

There are two different plans which are available for buyers

在 naked Stables 购买一套拥有不动产权的树顶别墅包括与发展公司签署一份买卖协议以及与酒店管理公司签署一份租赁管理协

议和条件契约管理协议要求购买者以业主的名义向管理公司出租其别墅以供其管理买家有两种方案可供选择

ŅɈκΙ

30

OPTION 1 - FLEXIBILITY

1Owner Usage Rights

Zero usage restrictions

Early reservations are required to secure Villarsquos especially during prime and peak seasons If a Villa Owner does not provide the

required advance notice for a reservation the resort may be required to offer the owner a different unit or in the worst case no

availability at all

1 业主使用权限

ȫ˼ϸΏѐ

ϘʴʣЎegraveˏѢp=ϺʙФƐƕ6ˍřpϛѝɍϾŀϘʴOumlϸЂЎegraveOumlЎс=oacuteƟAacuteƮʙŀȮϞdegѢdeg=ƆеѻЦĴOumlʮȁɍϾǹĉ6

2 Rental Revenue

2 租金收入

a Rental revenue

Whilst not in residence the owner will be eligible to earn a pro rata 36 of the room revenue generated by the Reserve during their

absence Ie Everyday the revenue generated by the entire resort is divided amongst the owners not in residence on that day When

an owner is in residence he forfeits his opportunity to earn revenue

ѸDŽˏ

ϛѝxǝѢʖƣ=ƮOtildeOgraveoacuteƟAacuteordfѸʙĉͳOtildeϧOuml6ɏoacuteƟAacuteordfѸɨΡxǝѢФfrac14OumlϛѝOumlĉͳOtildeOumlϧƮ^ʒǩēʆĺжΡϛѝ6IcircϛѝǝѢФʙpȕ˶=Ʈ˱ʸƅOtildeϧOumlƉƁ6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

选项1-灵活性

31

c Cashing out your returns

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

gtƮɴOumlſYŚDŽĈ˾ʷordf

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſYϧ6ˍřϛѝκЪxʷordfOumlϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3 有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecom services

included in the Services Fee to the owner whilst in residence The services fee is 300rmb per room per night This fee is charged on

all rooms regardless of which are in use

4 服务费用

IcircϛѝФoacuteƟAacuteǝѢ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸѓ6ɏĸĉƣɏOumlĞĒϸЏˆəe6жĸĒϸΛϾĉƣʷOuml=xɃfrac14ĉƣĚФ˼ϸ6

5Maintenance

4 of hotel room revenue will be reserved for ongoing building maintenance This will be deducted from the ownerrsquos share of total

room revenue

5 维护

ǙacircǸĉˏOumlƮ^ȰѽŮθƭѡδтĒϸ6ħēDŽuumlƮiquestϾˆǵēOtildeOumlǙacircǸĉˏĕuumlѓǻshy6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGEEarnings Per Room (36 of gross room revenue) 124173 170827 221315 253507 263647 2066942 Bedroom 收益 ndash 双人间 248346 341653 442631 507013 527294 4133873 Bedroom 收益 ndash 三人间 372519 512480 663946 760520 790941 6200814 Bedroom 收益 ndash 四人间 496692 683306 885261 1014027 1054588 826775

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 41 57 74 85 88 69

3 Bedroom 收益 ndash 三人间 9000000 41 57 74 85 88 69

4 Bedroom 收益 ndash 四人间 12000000 41 57 74 85 88 69

Hotel revenues and owner rental yield - Option 1 Flexibility

32

OPTION 2- STABILITY

1Usage Rights

1 使用权限

选项2-稳定性

Total Permitted Usage Prime Peak SeasonPermitted Usage

Peak SeasonPermitted Usage

Out-of-SeasonPermitted Usage Blackout

40 days per yearNo occupancypermitted

Up to 20 days per year but no more than 7consecutive daysfor any one stay

Up to 20 days per year but no more than 7consecutive days for any one stay

No occupancypermitted

允许使用总数主要的旺季允许使用

旺季允许使用

淡季允许使用

无折扣期

每年40天 不允许占用 每年20天但是每人

不能连续居住7天每年20天但是每人 不能连续居住7天

不允许占用

Prime Peak Season To be published by naked Retreats in according to government notification every year Prime Peak Season

Middle Autumn Festival (Sept) excluding Blackout dates

Ɛƕɏɱϻnaked RetreatsĻǟоġĵāordfс6ƐƕVȂѓŘsup1ƽϞМĀМlt5ȋiacuteƽͶМlt5Řʱƽ˴Мlt5ʭɛƽМlt5ѓʲƽǘМlt=xVȂʹгǻʖ6

ƕiquest˓МOgrave˴ϞМʖƣOuml10ĸїɡϡƎ10ĸľѽˉїʖ=xVȂƐƕũʹгǻʖ6

OutofSeason 20 days during December to February excluding Prime Peak Season and Blackout dates

Iacuteƕiquest˴ĀМOgraveĀМʖƣOuml=xVȂƐƕũʹгǻʖ6

Blackout Dates Peak demand dates such as holidays sporting events groups and citywide conventions Local cultural events

all as specified by the Hotel from time to time

ʹгǻʖεʴijėʖVȂƟʖ5Ћ˒5ũʺβOumlƁϨ6IcircTHORNɾyumlOumlŸƂiacuteiumlƮDвǙacircOumlɛljα6

2 Rental Revenue

2 租金收入

a Rental revenue

Regardless of your usage of your property your rental return will be fixed at 5 for the first 5 years of operation After this period

you will automatically migrate to the Flexibility plan

ѸDŽˏ

xɃɰOumlĉ˼ϸoacuteˍŪ=ͶɱOumlѸDŽϧiumlŊegraveOuml136ФжтŮ=ɴƮѳiacuteѧˏȬƂβĈF6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

33

c Cashing out your returns

gtƮɴOumlſYϡDŽĈ˾ʷordf

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſY6ˍřϛѝκЪxʷordfʙϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecoms services

rental option

4服务费用

IcircϛѝǝѢФoacuteƟAacuteȕ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸȕ6жϞȏOumlĞĒϸxVȂegraveβordfѸʆ6

5 Maintenance

Of the 5 guaranteed return generated form your property during the period you are not in residence the management company

will retain 4 of this return for maintaining your Villa The maintenance fund will be pooled and used for all Villarsquos in the resort

5维护

ɴxǝѢʖƣiquestɴOumlĉѓƮ˪Ouml13OumlſY=ŎȓŁƮWȰжbſYѓOumlϸѽɴpOumlŰ6ŰƈDŽƮ^ūsʜȅsϸЂϾoacuteƟAacutepOumlŰ6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Hotel projections

Rooms Available 可用房间 not relevant 非主要Estimated occupancy 预计使用率 not relevant 非主要Estimated average daily room rate 预计每日平均房价 not relevant 非主要Growth in room rate 房价增长率 not relevant 非主要Annual room sales 年房间销售额 not relevant 非主要RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE2 Bedroom 收益 ndash 双人间 50 50 50 50 50 503 Bedroom 收益 ndash 三人间 50 50 50 50 50 504 Bedroom 收益 ndash 四人间 50 50 50 50 50 50

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 300000 300000 300000 300000 300000 300000

3 Bedroom 收益 ndash 三人间 9000000 450000 450000 450000 450000 450000 450000

4 Bedroom 收益 ndash 四人间 12000000 600000 600000 600000 600000 600000 600000

Hotel revenues and owner rental yield - Option 1 Flexibility

34

Option 1 - FLEXIBILITY Option 2 ndash STABILITY

investment returns for your Villa are influenced by the

success of the resort and the number of days you use

your Villa

Stable implies both your returns and your annual

usage rights to your property are fixed Regardless of

how well the resort operates your returns will remain

the same Equally you will only have a fixed number

of days allowed in residence

Usage Have unlimited usage rights to their Villa 40 days usage per year

Rental ReturnEarn 36 of the pooled returns from the entire resort

whilst not in residence

5 guaranteed return on their investment regardless

of resort performance

Resort Discount20 discount on all resort amenities and activities

(including SPA and Restaurants)

20 discount on all resort amenities and activities

(including SPA and Restaurants)

Services FeePay a Services Fee of 300rmb per room per night

whilst in residence

Maintenance4 of all room revenue is retained for maintaining

the owners Villa

4 of all room revenue is retained for maintaining

the owners Villa

选项1 ndash 灵活性 选项 2 ndash 稳定性

ȬƂβϸЂ˼ϸІſY6ɰOumlpѱſYʷǧЂoacuteƟAacuteOumlĿǑϱũɰoslashpOuml˼ϸoacute

ŊegraveβϤѯɰOumlſYũɏɱoslashЂɰOumlĉOuml˼ϸʹΏiumlŊegraveOuml6xɃoacuteƟAacuteOumlǑϱѫȁϾucircť=ɰOumlſYiumlŊegraveOuml6ϖTHORN=ɰъϾŊegraveOumlПηǝѢOuml6

使用 ʹΏѐOumlp˼ϸʹΏ ɏɱOuml˼ϸʹΏ

租金收入 ФxǝѢʖƣ=ƅOtildeмĸoacuteƟAacuteūsſYOuml xɃoacuteƟAacuteǑϱѫȁˍŪ=Wп13OumlſYϸЂѱ

度假村折扣 ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt

服务费用 ǝѢʖƣ=ɏĉƣɏЏˆəeOumlĞĒϸ čѝϘ

维护 ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ

OPTION COMPARISON

选项对比

35

36

INDUSTRY RETURNS AND BENCHMARKS

INDUSTRY REPORT

行业报告

Tourism and urban resorts is one of the fastest growing industries in China According to industry consultant HVS cities such

as Shanghai Beijing Shenzhen Guangzhou Hangzhou and Tianjin all have a population where a critical mass of highly affluent

individuals and successful companies exist generating demand for suburban resorts

ФѓŘ=ȾϽϛũoacuteƟAacuteσɓāЮOumlαϛтϞ6ĻǟʺʳǙacircĞϛltOumlϞΙYĵ˿=ФѓŘOumlѝϘˍ˛ŝ5[ǎ5˧5œј5ţјũdžǩēyѯAringȣOumlĥЍˆʾũĿOumlʝϛ=ϻfrac14ϚƊāȥoslashƴʵoacuteƟAacuteOumlƌAringεʴ6

Amongst other things the exponential growth in private vehicles has seen a huge increase in demand in the leisure market With

the completion of the shenjiahu highway in 2010 the travel time from downtown Shanghai to Deqing is now 2 hours Also with

stop at Deqing) scheduled to open in late 2011 travel time from downtown Shanghai to Moganshan will take between 15 to 2

hours When comparing travel times to get to other resort destinations in China ndash eg Hainan or Lijiang flight times might be within

2 or 3 hours total travel time including travel to airports and check in make the whole trip 6 to 7 hours plus additional travel cost

Within the 2 hour travel radius of Shanghai the quality of resort destinations is also (in our opinion) not at an international standard

with most hotels simply being lsquocity hotels in the countryrsquo rather than true resort properties operating at international standards

shyfrac14т=ѯĸˆγΊOumlāЮ=ĸˆƸϴϾȿϚσʂ˫6ѳɱ˥ƛůijϡŮ=iquest˛ŝOgraveOcircʭϚLjεϘĸΟ˶Ouml6ΪƭOumlijǵϡФ13ēєɬiquest˛ŝUumlAumlţј6ƏƮФɱYacuteǫľOumliquestţјOgraveɫǎOumlijѓϾϞаDzOcircʭlt=ъεϞĸSΟ˶OgraveȢĸΟ˶ǜǵϡiquest˛ŝѓΫOgraveAumlɢī˗6ˍřІѓŘOumloacuteƟˮTHORNŝɫ5ȒƯUgraveaƹ=shyȥϘųĒэĸΟ˶Oumlďα˶ƣ=ŻϘФVȂʣƉ=CʺƤũUgraveEgraveOslashƉ˛ų˛эĸΟ˶=ĽxϸɨΡuumlOumlαųΝȥ6Ѷō˛ŝїiΟ˶ɬOumlγΊoacuteƟʸdeg=э˟ͰɒˈltІŘƙŸnѬŻϾѯɛOumlǢ6AringēOumloacuteƟǙacircϚũѓOumlɨΡǙacircɍϾ_ёOumlʵp=ЗЗAumlxOgraveинŘƙϤϦ˛oacuteƟίĉΙɧOumlϘʴ6

ϛѝЎʖſYІaƹ

37

OUR NICHE

我们的利基

naked sees a need in the market for world class expertly designed and operated resorts which are within 1 to 2 hour travel time

of major cities in China As with other urban resorts we believe that the Leisure market and the MICE (Meetings Incentives

Conferences Events) market will be a huge driver for our business In addition we feel that we are already at the forefront of

the growing focus and concern on environmental design building and operations as well as the growing interest in nature and

environmental education At naked we also place a high emphasis on facilities and services for the entire extended family ndash from

children to parents to grandparents that other resorts do not place dedicated resources for

nakedЎƧOgraveȥФѓŘжϞεʴƏǢȑѝϘϞэȢĸΟ˶Ouml=˶ЁhζǁϞȱOumlѥϛˤƗũŎȓOumloacuteƟΙɧ6ͰɒΑάγΊũƁƁϨ5ưȘȾϽ5AringίʝϛƁϨ5ƂiacuteЮȉltOumloslashͰɒϛOumlіAringʤȞ6frac14=ͰɒФŋѣũiacuteźWίˤƗ5ƭШ5ŎȓũźWȓɲœ˛ϠǑѷФȥαϛȭя=ФnakedІαϛеxͰɒϚіoslashЂˣʵѓOumlŜѲ5Ɲ5ȌеOumlĞũˏ6

As such we feel very confident in the rates and occupancies that we will achieve Regarding room prices when benchmarking

against some of the other leading hotel brands in the resort market such as Aman Fayun Hangzhou Banyan Tree Hangzhou Fuchun

Resort Hangzhou Mandarin Oriental Hainan and Commune by the Great Wall average rates in March 2011 for single bedrooms in

this set are ~ RMB2800

ϩfrac14=ͰɒoslashЂˏѢĉƠϡƎˏѢȿcurrenɊάΫ6ФˏѢĉƠĈɘ=ІʙФoacuteƟAacute˛OumlсɜǙacircʑʁaƹ=ˍCҊĂО5ţјНҏѨ5ĥsup1˗ǝ5˓φŴecircĈǙacircũƵ΅OumlŁˣ=Фɱ˓МOumlEumlˆƣʒǩƠķ=6

Regarding occupancies we are confident to achieve occupancies of around 60 after about 4 years of operation but forecast

conservatively that our occupancies will start from around 35 in the 1st year of operation and grow steadily to 45 in year 2

55 in year 3 and 60 after the hotel is lsquomaturersquo from year 4 onwards

ФˏѢȿĈɘ=ͰɒŬϾάΫǑŚɱOumlǑϱ=ͰɒǵϡAumlOgraveOumlˏѢȿ6WŇƗ=ͰɒOumlˏѢȿƮƁϻszligϞɱOuml13=egraveЫOgravefrac34ɱOuml13ũszlig˓ɱOuml1313=szligɱϡŮƮƁЫOgrave6

Given the above estimates we believe that owners can expect attractive investment terms as illustrated in the table below

Ļǟϡ˛OumlŇƗ=ЎƗϛѝɭņOtildeOgraveOumlѱſYƮƁˍ΅o˿

CҊĂО

НҏѨ

ĥsup1˗ǝ

˓φŴecircĈǙacirc

Ƶ΅OumlŁˣ

RMB4270

RMB3500

RMB2000

RMB2150

RMB2388

Aman Fayun Hangzhou

Banyan Tree Hangzhou

Fuchun Resort Hangzhou

Mandarin Oriental Hainan

Commune by the Great Wall Beijing

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966

38

39

ͰɒOumldivideTHE TEAM

40

Grant Horsfield ndash Chairman naked Group

Grant a native of South Africa is Founder and Chairman of the

naked Group

Before coming to China in 2005 Grant worked in England

and South Africa with more than 10 years business ownership

experience With background in IT he launched eBites

Limited in 2000 Operating nationally eBites was both a

publishing company and a callcentre facilitations company with

headquarters based in Cape Town In 2004 Grant received

an MBA from University of Cape Town Graduate School of

Business Upon graduation he decided to come to China as he

saw China is where business opportunities lie

After spending two years in Shanghai he found himself

overwhelmed by the metropolis and missed the natural beauty

of his home From this desire and need sprouted the concept

for naked Retreats which was launched in 2007 Grantrsquos vision is

to create sanctuaries that are in harmony with the environment

where people can appreciate the simple way of nature and

embrace the naked lifestyle Grantrsquos tireless efforts in promoting

ecotourism in the rural areas not only created jobs but also

pride for the local community He received an environmental

award from the Huzhou Government in 2008

高天成 - naked集团总裁

ij=ɫčIcircTHORNˆ=nakedƍOumlmiddot˽ˆũѵ|6

Ф13ɱȅOgraveѓŘтʣ=ij˪ЬФϯŘƎɫčľѽ=ϾŚɱOuml˙ϛǑϱƎРѽǑϏ6ФʙITǒOumlUѠ΅=ɱij˪ƭȜȥeBitesϾΏŁ=eBitesŁƮϱΝІaacuteŹĞѓΫLJɖƿū=ʙѵˤФǭʔugrave6ɱ=ijƅOtildeȥǭʔugraveAringλ˙λЙOumlMBAλ6dϛŮ=ǧegraveȅѓŘ=ϩǯOgraveȥжȕOuml˙Ɖ6

Ф˛ŝEgraveȥȢɱтŮ=āѳƓxȥ˪Ƃ=sʨAtilde˱ȥѳʿɐǒ6ФжѕИІεʴOumlʶ˼΅=ƭȜnaked Retreats

OumlΖĂФɱOtildeOgraveȥ˹˲6ijOumlΖĂƭШϞĸ˯THORNІѳʿũΣŃdeg=ˆɒǵϡΘѳʿ=ΘnakedOuml˪ƂĈ˾6ij˫ΔAacuteTHORNʵ˪ȾϽѽordfOumlxΦɹȞ=xLjmiddotШȥľѽıŻOtildeOgraveȥIcircTHORNˣʵOumlХϐ6ij˪ƅOtildeȥɱůјоġNāOumlźWAring˼ư6

41

Delphine Yip-Horsfield ndash Partner Ben Wood Studio Shanghai

received her Master of Architecture degree from Harvard

Boston prior to moving to Shanghai to oversee the award

winning Xintiandi project on behalf of Wood and Zapata In

the fall of 2005 Delphine became partner at Ben Wood Studio

Shanghai

Drawing from her own experience of diverse cultures Delphine

has led a multitude of high profile projects such as Hangzhou

Xihutiandi Zhujiajiao Oriental Garden Shanghai Waitanyuan

Beijing Palace 77 Shanghai Hongqiao Commercial Core Lijiang

Lashihai Resort Masterplan etc

In 2006 she was selected Wallpaper magazinersquos first annual 40

under 40 designer of the year

Delphine is the chief master planner and architect for naked

Home Village and naked Stables Private Reserve She also

oversees the visuals and styling of the naked Brand

叶凯欣 - 上海Ben Wood设计室合伙人

ϜǮΩɺ=Ben Wood ˤƗľѽOumlѵƢ=śęAringλƭѡλ6ȅ˛ŝтʣ=ФΒIJ5ɷКũuuacuteľѽ6ȅ˛ŝŮ=CcediloWoodũZapataĤЩΪTHORNΙɧOumlƢethľѽ613ɱʲƕ=ϜǮΩɺBen Wood ˤƗľѽūƃˆ6

ϾѯxŸϽșǑϏOumlϜǮΩɺ=EacuteˇȥηucircijocircΙɧOumlƢeth=VȂţјͻůTHORN5њƝƶecircĈųВ5˛ŝЕ5[ǎłatilde5˛ŝŭʦ˙ϛѓΫ5ȗƯȄŝoacuteƟAacuteѵŔŷˤƗUgrave6

ɱ=ˏκȥWallpaperСьǃɱoacuteϡ΅OumlˤƗ˰6

ϜǮΩnakedƝВAacuteũnaked RetreatsOumlѵˤƗеũƭѡ˰6˶ϚĤЩƢethnaked˙nOumlFũĘķˤƗ6

42

Kang Yang Lim ndash Group Chief Operating Officer naked Group

Group with over 13 years corporate finance and real estate

development experience Previously he was Director of the

real estate division of APP China taking responsibility for the

initial positioning and development of the USD15 billion lsquoWhite

Magnolia Plazarsquo mixed use development project (including

the development of Shanghairsquos first W Hotel) He also led the

concept and development of APPrsquos branded residence and resort

project in Sheshan Shanghai

Finance division of PricewaterhouseCoopers in Melbourne

Australia where he specialized in business value and strategy

worked in inhouse strategy roles for CocaCola GB in London

and to British venture capital firm of the year (2004) ISIS Equity

Partners before coming to China in 2005

Accountants Australia in 2002 and is also an affiliate of the

of Commerce and Diploma in Modern Languages from the

University of Melbourne Australia

林纲洋- naked 集团首席营运官

ƞˏnakedƍOumlȩ˪ϴϾŚɱOumlʝϛ~ƎTHORNǭāǑϏ6Фfrac14тʣ=ѽѓŘDŽŒOumlTHORNǭāOumlѵƢ=ĤЩƠч13ϢЏOumlucircϸ8JЈȈœ9ǭāΙɧOumlcopy˽κшũǭāVȂ˛ŝszligϞƝ ǙacircOumlǭālt6˶ϚщNtildeȥDŽŒƍФ˛ŝҁ˗ʑʁѢЭũoacuteƟAacuteΙɧOumlȓɲũǭā6

ФDŽŒƍˇфтʣ=ȩİϑGAringȚφɣyuml_ʔŴϷOacuteƁƗ˰OumlǑȓ=ѥѣЂ˙ϛƠчũЯɁѰξ6ȩ˪Ф13ɱȅOgraveѓŘтʣэȑǭʔŴϷOacuteŮOumlϞotilde˶ƣɬ=ѽǵǺǵȎɂugraveŁɬOumlЯɁēͺ˰=ϡƎISISOumlʼnʏūѽƃRФϯŘɂugraveOumlϯŘĘΌѱŁˇф6

ȩ˪ФɱƅOtildeȥGAringȚφηƁƗ˰ƁũGAringȚφпʻωǗOumlƁГѱķ6˶ϚƅOtildeȥGAringȚφɣyuml_AringλOuml˙ϛλλϡƎCcedilЇϊλп6

43

Gabriela Lo ndash Managing Director naked Retreats

With over 15 years experience in high end events and PR

management Gabriela has been instrumental in bringing naked

to where it is today As one of the original members of the

naked Team Gabriela has led the growth of naked Retreats

to become one of the most famous eco retreat destinations in

China attracting guests and publicity from around the world

Originally from Macao Gabriela has rich multi cultural and

multinational living and working experience having worked and

studied for many years in Greater China England and Italy

卢家宝 - naked 度假村常务董事

ϴϾŚ13ɱOumlijocircƂiacuteũŁŃŋ΄ŎȓǑϏ=nakedDžOumlǜІȶƝXēxǭ6ѽħdivideOumlmiddot˽ГтϞ=ȶƝXϠǑAEligȭnakedѓŘѻϾɜOuml˪ȾϽɧOumlTHORNтϞ=ͼϭȥȅѳǁĹTHORNOumlǸˆ6ȶƝXȅѳGɑ=ϴϾĖĥOumlucircЏŸũucircŘǝѢũľѽǑϏ=ЬФAringѓŴTHORNʵ=ϯŘũϤAringȚϾѯucircɱωǗǑș6

Judy Zhu ndash General Manager naked Group

Zhu is the General Manager for naked Group ensuring smooth

operations of the group with a particular focus on government

朱燕 - naked 集团总经理

њώ=iquestnaked Retreatsmiddot˽ǭ˽ǜũij˪ūѽ6њώѽƍѵǑȓ=ĤЩIcircTHORNũŋ΄ʽWƍРѽ6Фƞˏnakedтʣ=њώФ˛ŝũ[ǎiquestŚηucircІ˙ϛϾŋOumlфϛ6ФΪͻȈƅOtilde˙ϛλ6

44

Kurt Berman ndash General Manager naked Stables Private Reserve

With over 16 years experience in FampB and high end luxury

resort management Kurt brings a wealth of experience and

will lead the preopening and operations of our new resort ndash

naked Stables Private Reserve Prior to joining naked Kurt was

the preopening General Manager at Six Senses Laamu and

Resident Manager for Six Senses Soneva Gili by Six Senses Kurt

has also worked at other prestigious resorts including Fregate

his career in hospitality in FampB and was a trained Chef with

experience working in many prestigious institutions including

The Dorchester Hotel in London Kurt is from South Africa and

has a masters certificate in hospitality management from Cornell

University

Kurt Berman - naked私人度假村总经理

ϾѯŚɱϬƎijIumlŤŴoacuteƟAacuteOumlŎȓǑϏ=ƮϡĖĥOumlǑϏȭNtildeͰɒΪoacuteƟAacute77)$ 0OumlϱϛũРϱ6Фƞˏ)$ тʣ=10ЬEacuteˇŚ8szligȳĭǦ9+1ϱϛѵǑȓũ8szligȳĭǦ9-2 ((OumlѤacircǑȓ610ŻЬˇфЂamp0ˆŝETHũ1+4UgraveʙўɜoacuteƟˮTHORN610OumlϛʜzЂϬαϛ=ϚϡϞĸФŬucircўɜƉńVȂ-0-0 -$-ltľѽŚOumlρȡϾOumlnot˰610ȅѳɫč=sϴϾǰɪyumlAringλЃOumlǙacircŎȓλ6

Richard Johnston ndash General Manager naked Home Village

Hailing from the United Kingdom but with most of his working

life in resorts throughout Africa Richard brings with him over

20 years experience in General Management and Director level

roles in world class resorts including Azura Retreats Cape Grace

hotel and the Saxon Hotel Richard plays a key role in the set

up of systems training and operating standards His years

of experience and mentoring leadership style make Richard a

natural inspiration for our young hotel management team

Richard Johnston - naked 家园村总经理

RichardȅѳϯŘ=IgraveAringucircOumloacuteƟAacuteľѽiumlФмĸčљ=ϴϾŚɱOumlѴūŎȓũǁƐoacuteƟAacuteVȂAzura

Retreats Cape Grace hotel and the Saxon HotelltijʒŎȓǑϏ6RichardФƭȜ΄5ʅρũРαnѬĈɘʜѯŋƨѽϸ6ĖĥOumlǑϏũȭNtildeĘķ˼OtildeoslashͰɒɱʬOumlǙacircŎȓdivideϾѯѳʿOumlƊȘ6

45

Teun Hanegraaf ndash Sales Director naked Retreats

Teun obtained a Bachelors in Business Studies and Masters

in Strategic Management with a focus on Chinese Business

Culture Teun increased our corporate sales business by 350

in his first year with us bringing international companies

ranging from international conglomerates Unilever and Coca

Cola to more local institutions such as The Shanghai American

School and leading Chinese companies such as Bank of China

韩天宁销售总监

ȅѳŧȈɥEcirc=şɵϴϾ˙ϛλλλ5ЯɁŎȓѥѣЂѓŘ˙ϛŸlt6ȅƍOumlszligϞɱşɵƮŁOumlΝϛijȥ13=sŁAEligȅȥx˟ŘƙβOumlAringŁǸŲ=жʙѓϾŘƙAringʝϛȠūȚŴũǵǺǵȎ=ϚϾ˛ŝɐŘλΠUgraveIcircTHORNƉńũѓŘϫαUgraveѓŘȴʝϛ6

Oliver Yuen ndash nature Reserve amp Recreation Manager

naked Stables Private will be the first private reserve in China

with a wealth of new flora and fauna introduced to the project

from Sydney University Australia and as a fully qualified Ranger

working in many of the worldrsquos best wildlife parks Oliver takes a

special role in ensuring the environment of naked Retreats and

naked Stables Private Reserve will be full of life and a natural

self supporting eco system Oliverrsquos passion for both people and

nature make him the perfect person to teach our guests about

what we do and make their stay not only a relaxing one but

also a fun fulfilling educational one as well Oliver previously

worked in wildlife parks and resorts such as Azura Retreats in

Mozambique Mobala Private Game Reserve in South Africa and

Sydney Aquarium in Australia

袁鹏威 - 活动经理和度假村 生物学家

naked StablesƮѓŘszligϞĸϭljΪOumlцʾũiacuteʾOumlˆoacuteƟʵ6OliverѽϞɜGAringȚφͿɯAringλūķOuml˪λƝiacuteλƝ=ϡƎФǁĹTHORNOumlϙ˪iacuteВľѽOumlľѽе=Ф˼naked Retreats ũnaked StablesϾѯĖĥ˪ѱЕ5ʿѳĺOuml˪΄Oumlźǔľѽ˛QύѯіϘƶ˔6АʊoslashˆȏũѳʿOumlƊʮ˼ѻūOumlˆȅĵͰɒOumlǸˆͰɒѼOuml˷ɋ=sʨ˂ɒФжȕOuml˶ŒxLjLjČ=˶Ϛ˂ɒOumlǝѢǑșlOtildeϾǭΫcurren˹ũϾƷЋϤϦ6АʊтʣФɫčũGAringȚφͿɯѹŏiquestϙ˪iacuteВũWŰʵOumlľѽVȂMozambique OumlAzura Retreats Mobala Private Game Reservelt6

46

Philip C Davis Company Director naked Retreats

Phil joined the Board of Directors for naked Retreats hotel

management company in 2011 His previous board experience

includes Tian Rui Hotel Corporation holder of the master license

for Super 8 economy hotels in China and Hong Kong from 2006

to 2008 He also was a founding shareholder of Tian Rui and

served as its President and Managing Director from 2006 to

2008 He was a board member of Tian Xian Cheng a bai jiu

concern which is a joint venture between Pernod Ricard and a

2010

Phil was previously Chairman of the Budweiser (Wuhan)

International Brewing Company and Managing Director of the

AnheuserBusch business in China and Hong Kong from the

beginning of 1996 through 2002 From 2003 to 2005 he

headed the AnheuserBusch liaison office with Tsingtao Brewing

Company

Phil holds a PhD in history from Washington University and

started his career as a market researcher at a major advertising

agency in the US before moving to AnheuserBusch and

heading its consumer planning and new product development

functions in the 1980s

Philip CDavis naked 度假村公司董事长

PhilЂɱƞˏȥnakedoacuteƟʵǙacircŎȓŁOumligraveƁ6ϡĖĥOumlǑϏVȂФːǙacircƍˇф5ϡƎЂɱэɱФѓŘũѓŘΒIJEacuteˇSuper ǑƖǙacirc ʼnˆ6˶=ϚːǙacircƍOumlmiddot˽ʼnecirc=ФɱэɱʖƣEacuteˇƍOumlѵ|ũigrave6ɱэɱʖƣ=ϞƝІWȎȞƞũJǙ˪ȴʝϛƬɫūѱOumlʝϛ77ΐOumligraveƁГ6

iquestɱэɱ=Phil͵šBudweiserŘƙɳǙŁOumligraveƎѓŘũѓŘΒIJCŝyŁOumligrave6iquestɱэ13ɱ=CŝyũʫETHʌǙŁOumlȠɆdegOumlĤЩˆ6PhilϴϾŴ˭uacuteAringλOumlș˻дλvλ=ФǁɱCcedilȅOgraveCŝy5ĤЩΞĒŔŷũΪʑǭāĿɭтʣ=OumlϛʜzЂɐŘOumlϞƝœĵCcedilȓŁ=Eacuteˇaeligω6

47

OUR INTERNATIONAL TEAM

International team

Chief master planners amp architects

the urban landscape of modern China with Xintiandi in

Shanghai a commercial cultural and entertainment district

Since then the studio has worked on projects in very diverse

categories both small and large scale projects include mixed

use projects like the ldquoTiandirdquo in Hangzhou Chongqing Wuhan

and Foshan luxury villa and high rise residential complexes in

Shanghai and Vietnam as well as various boutique hotels and

Chalet Architects

A00 Architecture is most well known for their research

inenvironmental sustainability and its application to their

work in Architecture Interiors and Furniture Their portfolio

includes feature restaurants luxury spas retail stores design

conversion of dozens of historic Shanghai homes into highly

personalized residences

Interior Designers AIM (Architecture amp Design) brings expertise

in the combination of world architectural styles and design

influences to the interior designs at naked Stables Private

Reserve With the Shanghai office led by the two founding

on comfort warmth and a unique blend between African and

Asian design sensibilities

Landscape Architect

Design Land Collaborative (DLC) is a professional consulting firm

comprised of landscape architects and planners with an office in

Shanghai and the United States Projects have a strong emphasis

on cultural resources historic preservation and ecological

design involving both the public and private sectors

ͰɒOumlāЮdivide

ɴǵϡΑάOumlёȣ

ŘƙŸdivide

首席规划师和建筑师

benwood Studio Shanghai OumlсɜΙɧтϞѠĨШ˛ŝΪTHORNľ=˼ʙƍ˙ϛ5Ÿ5ЄȎϞOumlʵЉ6тŮ=ЁƻȥĹȏŔɟAringΟOumlΙɧ=VȂţјOumlͻůTHORN=іʱ5͵šƎę˗OumlŤŴpϡƎФ˛ŝũЛɫOumlijѢЭʵ=ȮŻϾФѓŘƎˉ_OumlĹȏǐʑǙacircƎoacuteƟ6

小圆房建筑

AOO Architecture ФźǔWŰƎǵ θāЮĈɘϾѯѭЛOumlƭ=s˘ƮʙƭϰϸЂɬƝѩ6ɒƻŚOumlΙɧVȂ˔5ŤŴȤѓΫ5ȫ˙acirc5ˤƗίǙacirc˛ŝυНǙacirc lt5ˆoacuteƟϡƎϞ΄ȧOuml˛ŝș˻ѢЭOumlCcedilŸƎˆŸĨШ6

ɬ ˤƗ˰AIMƭѡˤƗltѥѣЂǁƭѡĘķũˤƗOumlɐƿū=ϭNtildenaked StablesOumlɬˤƗ6ФȅѳŧȈũaȚ˶OumlūѽmiddotTˆȭNtildeOuml˛ŝTdegOumlUѠ΅=ˤƗѣі5ũφčˤƗȓɲOumlntildeˊū6

景观设计

Design Land Collaborative (DLC) ϞƝiquestǒōˤƗІŔŷOumlѥϛѰξŁ=Ф˛ŝІɐŘǩˤϾēрƉń6ʙΙɧ˘ЂŋѣŸș˻ĻЕ=ƿūźW˪ǴƔ=ѥѣЂŁŃƎϾTHORNOumlŔŷ6

48

Engineering amp Project Management team

Scott Wilson Group PLC is a globalintegrated design and

engineering consultancy for the built and natural environments

Scott Wilson is responsible for the project management the

electrical and mechanical engineering for the project

Environmental Consultants

Environmental Resources Management (ERM) a leading global

provider of environmental health and safety risk and social

consulting services ERM deliver innovative solutions for business

and government clients helping them understand and manage

their impacts on the world around them ERM have 137 offices

in 39 countries and employ approximately 3300 staff

Sustainability Consultants

Bisagni Environmental Enterprises (BEE) works with the

engineering and design teams to ensure the environmental

goals set out at the inception of the project are achieved

LEED Consultants

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

Local Design Institute

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

General Contractor

and have been responsible for some of Chinarsquos most iconic

properties such as the World Financial Centre in Shanghai

工程及项目管理团队

Scott Wilson Group PLCϞƝʺʳŔɟOumlźWˤƗƎľѰξŁ6Scott WilsonĤЩΙɧOumlaacuteʠƎƉΤľ6

环境咨询

Environmental Resources Management (ERM)ϞƝʺʳαϛȭѰξŁ=ŀźǔWŰ5ƫǰCʺƎŁŃˣƁĘΌUgraveѰξĞ6ERM˙ϛƎоġɑǸŲŀĨĶβOumlǀǧĈF=UѠɒȥǀsŎȓʙǑϱoslashˣƁźǔAEligȅOumlϳΗ6ERMФʺʳϾ137ĸēрƉń=myĸŘƝ=ϴϾAringК3300ɜГľ6

可持续发展咨询

Bisagni Environmental Enterprises (BEE)ІľˤƗdivideΑűūѽ=ϡʽWФΙɧǭ˽ƼotildeˤȜOumlźǔWŰǵ θāЮɧnOumlȚ˹6

绿色建筑认证咨询

Shanghai Pacific Energy Center (SPEC)ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlŁтϞ6

本地设计公司

Shanghai Baoye Construction Corp Ltd ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlαϛȭŁтϞ6

总承包商

ϞƝŘƝƐľVŁ=ϠƻȥηucircѓŘnьβΙɧ=țˍ˛ŝźʳDŽˊѓΫ6

49

naked COVERAGE

wwwcnngocom

ldquo25 killer things to do this summerrdquo

26 April 2010

Time Magazine

ldquoRun to the Moganshan Hillrdquo

新浪博客

ldquo避世的可能rdquo

31 December 2009

wwwenglisheastdaycom

ldquoThe first batch of ldquoChina Treasured Towns ldquo released

December 2009

Shanghai Urbanatomy

ldquoGet naked this time with horsesrdquo

Shanghai Daily

ldquoGreen MaGIC Casts design spellrdquo

14 October 2009

新浪商品

ldquo中国最佳设计酒店大赏rdquo

September 2009

wwwchannelnewsasiacom

ldquoChinarsquos green resort allows travellers to vacation on good consciencerdquo

2 September 2009

wwwbijianlinblshecom

ldquo莫干隐居rdquo

25 Aug 2009

wwwassociatecontentcom

ldquoThe Exquisite Moganshan Mountains of Chinardquo

Ɏ

Wikitravel

ldquoMoganshanrdquo

德清新闻网

ldquo承包国营林场建造生态ldquo逸站rdquo

wwwsinoeventcom

ldquo亚洲旅游地产及景点峰会成功举行rdquo

wwwchinatravelbrandingcom

ldquoPursuing Green for Greenrdquo

wwwbrandrepublicasia

ldquoMaking moves towards ecofriendly eventsrdquo

7 May 2009

wwwhandsonshanghaiorg

ldquoHands On Asia Conference Summeryrdquo

May 2009

wwwmyvacationcn

ldquo莫干山居rdquo

3 April 2009

wwwshanghaidailycom

ldquoThe naked truth Time to clean up Moganshan litterrdquo

4 March 2009

wwwgreennovateorg

ldquoMoganshan Project Kick Offrdquo

13 February 2009

Travesias

ldquonaked retreatsrdquo

Feb 2009

合肥在线

ldquo大山里的裸家族rdquo

20 October 2008

wwwentrepreneurcom

ldquoThe arrival of the Olympics showcases Chinarsquos burgeoning entrepreneurial spirit ldquo

7 August 2008

50

Shanghaiist

ldquoWeekend escape to Moganshan 莫干山rdquo

9 April 2008

私家地理

ldquo艳阳下的荫凉rdquo

30 May 2008

City Weekend

ldquoGet naked in Moganshanrdquo

25 January 2008

wwwbundpiccom

ldquo在这绿中撒点野rdquo

wwwhuzhougovcn

ldquo相中德清筏头的青山绿水南非客商莫干山下建生态逸站rdquo

wwwurbanatomycom

ldquo24 Hours in Moganshanrdquo

wwwhkheadlinecom

ldquo杭州莫干山竹林深处人家rdquo

15 May 2009

wwwnewsweekcom

ldquoBack from abroadrdquo

May 2009

Chinatravelnet

ldquoMoganshan A Heavenly Hideaway of Bamboo Forests amp Tea Plantationsrdquo

April 2009

wwwmzztmcagovcn

ldquo2009年踏青乐游路线推荐大公布rdquo

16 March 2009

第三媒体

ldquo规划一条畅快随性的踏青之旅rdquo

28 October 2009

wwwdqnewszjolcomcn

ldquo三九坞 ldquo裸家族rdquo钟爱的世外桃源rdquo

28 October 2008

ldquo自驾行天下rdquo之中国莫干山rdquo

Sep 2008

ldquoShiffting Gearsrdquo

Sep 2008

April 2008

Chewed up amp Spit Out

ldquoGet nakedrdquo

19 February 2008

ldquoBest Weekend Getaway Hotels Shanghairdquo

富世

Ecoefficient hotel低碳下榻

April 2011

Spa China Guy 男士派

Experiencing The Unique

2010

Cosmo 时尚

跨洋建屋隐居不隐世

April 2010

Global Times

The Mountain of legends

Global City Geography 城市地理

莫干山 naked Retreats 都市人一ldquo裸rdquo到底的山居生活

Dec 2009

China Daily

Rural Retreat

20 March 2011

China Daily

4th March 2011

Modern Weekly周末画报

圣诞低碳游

Dec 2010

Elite Traveler 携程自由行

旅尚

Esquire

Hidden Best Restaurants

Feb 2011

51

52

53

Page 15: Detailed Investor's Report

14

GREEN DESIGN amp CONSTRUCTION

LEED Green strategies

All about LEED

Developed by the US Green Building Council (USGBC) LEED

(Leadership in Environmental Energy Design) provides a concise

framework for measuring green building design construction

operations and maintenance LEED Platinum rating is the

USGBCrsquos highest rating with strict criteria encompassing energy

savings water efficiency CO2 emissions reduction improved

indoor environmental quality and stewardship of resources and

sensitivity to their impacts A LEED Platinum qualified building

should use at least 30 to 40 less water and electricity than a

normal building At naked some of the things that have been

done in aiming to achieve this award are

recycling

flushing and irrigation

water

waterless urinals

buildings

consumption

ɀ˔ˤƗІƭˤ

绿色建筑认证

关于LEED

ϻɐŘɀ˔ƭѡƁāʜ=LEEDɀ˔ƭѡˈпltȣɀ˔ƭѡˤƗ5ƿń5РѽϡƎŰŀƥƾOumlȀơ6LEEDɐŘɀ˔ƭѡƁ˄ƽɭ5ѱЕȚϸȿ5ƱUacuteĀϓŸʀČ5˫ɬźǔёȣ5ѱЕŎȓƎoslashʙϳΗOumlɚĭoacuteψķnѬOumlѻijưΙ6ϞmicroϴϾLEEDˈпOumlƭѡϰħaʔƭѡ˟˼ϸOumlaacute6Ф =ͰɒϚѼȥŬucircľѽȅлʷOtildeOgraveжĸưΙ

ƭѡƽˬȥ13OumlɭЕ˼ϸ

ƭѡƽˬȥOumlϸȣ

iquestͳccedilũɇȺƍȅOumlЅϸЂҔͲOumlνźȚϸ

ϾҔͲũđiuml^ſϸЂyenũŐĪ

LJA˗ňȱOuml˳THORNǖŸȥƂ

˼ϸUacuteȱȣOumlЌŊegraveѩяϡƎɶ˾umlɇɗyen

Οkiexcl

ϸЂЎ˅Oumlϒɭ˅ƞ˅ʠ

ϸЂƞ˅ũȐʼƭѡOumlƽɭЕкʢ`

pѩϾ˅ſѩяȅƱUacuteɭЕΞŦ

15

use Incentives given to reduce energy consumption

a factory 20 minutes away from site

window frames bricks and roof tiles

Council)

material

property

recharging stations

within a radius of 800km

CѩФϾp˛OumlɭȣƗϸȅƢethǸˆOumlɭЕ˼ϸʮ

ȁ6ŻɭЕΞŦOumlƦ˟ŀuumlOumlưȘ6

ϸ˼ϸќΧdzȝOumlŗȷƞ˅ŀɻ6ќΧdzȝȅѳǢȑͰɒ

ēєȺЗOumlϞƝľ

ϾOumlʥũacuteŲiumlijoacuteǨЖ

˼ϸɘŒŵOumlUacuteĝˢtȟ

˼ϸUacuteʀČOumlȦ

˼ϸſȚϸOumlǛɦёͳccedilơ5џѲ5џƈ5acuteȀ5ѦǼũ

ͳccedilʎ

Ś13OumlɦϻFSC˕ȩŎȓГƁltʹ

˼ϸǵУ˪OumlŸќѐTHORNO

pɬʺ˼ϸLEDtimesũΟίOumlϲŒtimes

oslashϾƭѡѻAringoacuteOumlljαѳʿŒũĘ

ѝTHORNъПηijyumlěljˏ=ijyumlěϻϒɭŀaacutesɭФ

ѤTHORNcurrenaacute

OumlƭѡȦiumlȅѳĈДŁȕɬOumlʵЉ

Ś13OumlƭѡđȦ^ſȚϸ

ϾoacuteƟAacuteOumlȃƇiuml^νźȚϸ

notĉũȃƇ^ϸѽĐȦ

oacuteƟAacuteɬϴϾϾƉųВ

іΪϭˏϙ˪iacuteIcircTHORNȻѕlt

WŰѳʿiacuteцʾ

16

17

THE DESIGN IDEA

Tree Top Villas

树顶别墅

To touch the sky at night and look down on the forest in the morning is what owners of the tree top villas will experience High

above the forest canopy 30 luxurious homes are perched in the tree tops Spacious wooden constructions with large sundecks spill

into the panoramic views of the mountains

macrɞҌҍOumlϝǹ=ϔѪȗOumlҐ=жǜϴϾccedilpOumlˆɒntildeΘOumlҕȞǒ˔6icircŤŴѢЭʗͽФ˕ȩŌт˛=pǡϞķ6аФǾOumlɦѐΟͳѓ=œOumlɢī˗ʺǒǍόYacute6

Each villa is built on stilts to minimize its physical footprint and maximize the views for its discerning owners The prefabricated villas

are made by innovative construction technology known as structural insulated panels (SIPs) With high insulation value and zero

construction waste these lofty eco dwellings are like no others offering you an energy efficient home that is beautiful and at one

with nature

ccedilpOumlƭѡaumlƵȵƿń=iquestyacuteƦ˟oslashБ˽˪źǔOumlϳΗ=sѻAringΏoacuteOumlЮϹɐOumlǒ˔6жΡЎѐOumlpϸѻΪǴƔOumlƿńWOѐШOuml6ccedilpOumlˤƗтѽ=ʹđȦͲˁssectѳʿ=ŀϞĸЁϾʑЁʩNjѳʿOuml˪ѢЭ6

The villas are intended for life Overlooking the mountains and forest below each home has a very large outside deck

complemented on the inside by an open plan kitchen with all the latest amenities dining room living area and opium den for

relaxation and entertainment Large sliding doors and full wall windows welcome natural light while sophisticated air conditioning

systems ensure your comfort Double layered glass keeps the view in perfect focus hushing all sounds to perfect stillness Wooden

floors soft lighting and high ceilings add a sense of warmth and space

ccedilpѥ˪Ƃyacuteƭ6Ġғ΅ɘOumlʾ˗ũ˕ȩ=ɏicircƭѡǩˤϾǾAringOumlϒ=ʆϡCcedilOumlмǭČ˾notĉ55˪ƂʵũČЄȎ6ǾAringOumlȄɑũмɘɅTHORNAringacuteǵɩѳʿˉŒ=˶ljOumlǹaelig΄ǵʽWɴOumloacute6tȟǵȯɴФѻƜƶoacuteΩ˚ɐǒOuml˶xƁOgraveĹѕ˩ϪOumlī˃=ntildedegЂϞʎǓтѓ6ʿOumlɦTHORNO5ˌũOumltimesŒũǹOumlųϣЫȥɻũǹƣĭ6

ˤƗȓɲ

18

Tree top villas

Roofs thatched

19

20

FLOOR PLANS

Treetop villa 2 bedroom villa ccedilpȢͱĉ

ʒɘ

Interior area 室内面积 13768sqm

Exterior area 室外面积 50sqm

Total usable area 实际使用面积 18768sqm

21

Level 1 一层

Interior area 室内面积 7088sqm

Exterior area 室外面积 102sqm

Level 2 二层

Interior area 室内面积 668sqm

Exterior area 室外面积 398sqm

22

Treetop villa 3 bedroom villa ccedilp˓ͱĉ

Interior area 室内面积 20214sqm

Exterior area 室外面积 664sqm

Total usable area 实际使用面积 26854sqm

23

Level 1 一层

Interior area 室内面积 10334sqm

Exterior area 室外面积 118sqm

Level 2 二层

Interior area 室内面积 988sqm

Exterior area 室外面积 546sqm

24

Treetop villa 4 bedroom villa ccedilpͱĉ

Interior area 室内面积 2667sqm

Exterior area 室外面积 863sqm

Total usable area 实际使用面积 353sqm

25

Level 1 一层

Interior area 室内面积 136sqm

Exterior area 室外面积 168sqm

Level 2 二层

Interior area 室内面积 1307sqm

Exterior area 室外面积 695sqm

26

FITTINGS amp FINISHES SCHEDULE

EXTERIOR AND INTERIOR FINISHES

External walls

Structure is built from steel and SIP (Structural Insulated Panels) External wall is cladded with painted fiber cement board

Internal walls

emulsion paint

Ceiling

Ceiling is finished with emulsion paint

Flooring

Bedroom is finished with heavy strand bamboo flooring

Balcony

Balcony floor is finished with Wood Plastic Composite decking (M wood) Railing and trellis made with Liu An wood Balustrade is fitted with metal and Liu An wood

Window

bedrooms are fitted with double glazed LowE glass and Roto hardware

Kitchen amp powder room

Floor is finished with natural tile Kitchen cabinets and sink are provided Kitchen counter top is fitted with natural stone

Bathroom

Wall and floor are finished with natural stone

Doors

Entrance door is made of solid core timber fitted with Saflok RFID locks Bedroom doors are fitted with hollow core timber fitted with Saflok RFID security locks

ƭѡȦƎˤ]ɛ

室内外材料

oacuteƟͳʥ

oacuteƟͳƿńˤƗĮƿńƎƿńWOSIPlt6ʥϸΉɮOũʘ6

ɬʥ

ǸćƎͱтɬʥǩϸĔƎˎƲʘ6

ų

ųɘˎƲʘ6

THORN

ǸćģūɦTHORNO6ͱіќTHORNO

ȹ

ȹϸɦOʓʟ6ʈȲҎɦѐШOuml6ȇĬϸDŽрƎȲҎɦĜ6

acuteŲ

Ǹć5ͱOumlacuteŲϸȽɦѐacuteȀʆ-3ѓǹtȟƎ-0-ͶDŽʆƪ6

notĉ

THORNϡƎɘϡʿTHORNѦʓʟ=notĉŀlaquoŖϡƎʇ6notĉɘʿ˵6

Ќ

Ќʥ˦ƎTHORNϡʿ˵ʓʟ6

ɑ

ˏǺAringɑϸ˹Ψɦɑʆ˛-)ljordfɑNJ΄6ͱɑϸǹΨɦɑʆ˛SaflokljordfɑNJ΄6

27

MECHANICAL AND ELECTRICAL INSTALLATIONS

Heating and Cooling

AIRWELL centralized water source heat pump is provided Fresh air intake with heat recovery system is installed

Electrical provisions

are provided

Electricity

Concealed conduits are provided Threephase electricity supply with miniature circuit breaker distribution board is provided

TV telephone and internet connection

Satellite TV with all major international channels

is provided in all the villas Telephone outlets and wireless internet connection is provided

Hot water supply

Huang Ming solar hot water heater and Rinnai gas water heaters are installed for the villa

Water supply and pipes

Concealed copper pipes are used for both hot water and PPR pipes are used for cold water

The resort will be patrolled 24 hours a day CCTV system is in operation throughout the resort 24 hours a day All the villa front doors and bedroom doors are fitted with Saflok RFID security lock system

APPLIANCES TO BE PROVIDED OR INSTALLED IN EACH DOMESTIC

UNIT

机电设施配套

ŀɻũѐȐ

ɽyumlƍѓ˾Е˅`΄6ΪĘ˅ſ΄6

Ɲaacute

ʆEΐNtildeŎOumlǭŋϡƎѿ6

aacuteȞŀϰ

ѩϾϮ˾ΐȺ=ʆϾίoumlȺʠ=ʆaacuteΓOuml˓ΑaacuteЕŀϰ6

aacuteƎςˤ]

έaacute=ʹΐaacuteŹũʹΐȺ6

˅ˤ]

žɛϒɭ˅ʠƎȩɬɌʡ˅ʠ

Ŏ

˅ŀϰŎǩϸϮc˾ĮŎ=ȐŀϰŎŎ6

WCˤ]

oacuteƟAacuteˤϾϾΟ˶ѽOumlgȺaacute΄ϡƎΟ˶OumlπɄ6ˏǺAringɑƎͱϸSaflokljordfɑNJ΄

标准住宅单位附送以下设备

Stove BAUMATICExaust fan BAUMATICOven BAUMATICMicrowave BAUMATICFridge BAUMATICBARMini fridge (2 3 bedroom) BAIXUEWine fridge (4 bedroom) BAUMATICBEDROOMMini fridge BAIXUEBath KOHLERTERRACEBarbeque grill

TelevisionDVDBATHROOMShower KOHLERBasin KOHLER

notĉ aacuteraquoȷ ʄɇUcircǷnotĉϼχƉ ʄɇUcircǷnotĉaacuteDZΓ ʄɇUcircǷuȷ ʄɇUcircǷɬяrΓ ʄɇUcircǷHΟrΓ=ĉlt JμǙŖĉlt ʄɇUcircǷͱΟrΓ JμЌį Ǵȍȹ˞DZΓҒĉaacute ɯDVD ɯЌȪЌʠ Ǵȍʇ Ǵȍ

28

NOTE

1 The Developer reserves the right to substitute other materials

or appliances of comparable quality and standard for the

intended items as listed in above fittings and finished schedule

2 The fittings and finished as listed above shall be subject to

the terms of formal Agreement for Sale and Purchase Those

provisions may have slight variation in the color measurement

3 The Developer reserves the right to make modifications and

changes to the building design fittings and finishes without

prior notice

4 Fittings and finishes of the Special Units may be different

from those of the Typical Units

备注

āЮ˙WȰϞʧʹȞ=Dв˹ƙʮȁεϘϡUgraveётƭѡȦϡƎˤ]Ccedil˛ȧĹΙ6

˛ȧĹΙȦϡƎˤ]ǩϡн˾ɈɉūКOumlǿщegraveѬ6ĹΙƭѡȦƎˤ]ǵɭƁФϋ˔=ȣoacutepoundAcirc5ȓ5ѺуƎƆľ˛ordfʬp6

āЮ˙WȰϞʧʹȞδeacuteϡƎĽĨϛOumlˤƗ5ƭѡȦϡƎˤ]ʹεȮαс6

˔EumlЏOumlēƭѡȦϡƎˤ]І˛oȧĹΙǵɭϾx6

29

PURCHASE OPTIONS

Buying a Tree-top Villa at naked Stables Private Reserve involves signing a Sale and Purchase Agreement with the development

company and a Lease and Management Agreement and Deed of Conditions with the Hotel Management Company The Management

Agreement requires the purchaser to lease the property back to the Hotel Management Company to manage on the ownerrsquos behalf

There are two different plans which are available for buyers

在 naked Stables 购买一套拥有不动产权的树顶别墅包括与发展公司签署一份买卖协议以及与酒店管理公司签署一份租赁管理协

议和条件契约管理协议要求购买者以业主的名义向管理公司出租其别墅以供其管理买家有两种方案可供选择

ŅɈκΙ

30

OPTION 1 - FLEXIBILITY

1Owner Usage Rights

Zero usage restrictions

Early reservations are required to secure Villarsquos especially during prime and peak seasons If a Villa Owner does not provide the

required advance notice for a reservation the resort may be required to offer the owner a different unit or in the worst case no

availability at all

1 业主使用权限

ȫ˼ϸΏѐ

ϘʴʣЎegraveˏѢp=ϺʙФƐƕ6ˍřpϛѝɍϾŀϘʴOumlϸЂЎegraveOumlЎс=oacuteƟAacuteƮʙŀȮϞdegѢdeg=ƆеѻЦĴOumlʮȁɍϾǹĉ6

2 Rental Revenue

2 租金收入

a Rental revenue

Whilst not in residence the owner will be eligible to earn a pro rata 36 of the room revenue generated by the Reserve during their

absence Ie Everyday the revenue generated by the entire resort is divided amongst the owners not in residence on that day When

an owner is in residence he forfeits his opportunity to earn revenue

ѸDŽˏ

ϛѝxǝѢʖƣ=ƮOtildeOgraveoacuteƟAacuteordfѸʙĉͳOtildeϧOuml6ɏoacuteƟAacuteordfѸɨΡxǝѢФfrac14OumlϛѝOumlĉͳOtildeOumlϧƮ^ʒǩēʆĺжΡϛѝ6IcircϛѝǝѢФʙpȕ˶=Ʈ˱ʸƅOtildeϧOumlƉƁ6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

选项1-灵活性

31

c Cashing out your returns

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

gtƮɴOumlſYŚDŽĈ˾ʷordf

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſYϧ6ˍřϛѝκЪxʷordfOumlϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3 有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecom services

included in the Services Fee to the owner whilst in residence The services fee is 300rmb per room per night This fee is charged on

all rooms regardless of which are in use

4 服务费用

IcircϛѝФoacuteƟAacuteǝѢ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸѓ6ɏĸĉƣɏOumlĞĒϸЏˆəe6жĸĒϸΛϾĉƣʷOuml=xɃfrac14ĉƣĚФ˼ϸ6

5Maintenance

4 of hotel room revenue will be reserved for ongoing building maintenance This will be deducted from the ownerrsquos share of total

room revenue

5 维护

ǙacircǸĉˏOumlƮ^ȰѽŮθƭѡδтĒϸ6ħēDŽuumlƮiquestϾˆǵēOtildeOumlǙacircǸĉˏĕuumlѓǻshy6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGEEarnings Per Room (36 of gross room revenue) 124173 170827 221315 253507 263647 2066942 Bedroom 收益 ndash 双人间 248346 341653 442631 507013 527294 4133873 Bedroom 收益 ndash 三人间 372519 512480 663946 760520 790941 6200814 Bedroom 收益 ndash 四人间 496692 683306 885261 1014027 1054588 826775

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 41 57 74 85 88 69

3 Bedroom 收益 ndash 三人间 9000000 41 57 74 85 88 69

4 Bedroom 收益 ndash 四人间 12000000 41 57 74 85 88 69

Hotel revenues and owner rental yield - Option 1 Flexibility

32

OPTION 2- STABILITY

1Usage Rights

1 使用权限

选项2-稳定性

Total Permitted Usage Prime Peak SeasonPermitted Usage

Peak SeasonPermitted Usage

Out-of-SeasonPermitted Usage Blackout

40 days per yearNo occupancypermitted

Up to 20 days per year but no more than 7consecutive daysfor any one stay

Up to 20 days per year but no more than 7consecutive days for any one stay

No occupancypermitted

允许使用总数主要的旺季允许使用

旺季允许使用

淡季允许使用

无折扣期

每年40天 不允许占用 每年20天但是每人

不能连续居住7天每年20天但是每人 不能连续居住7天

不允许占用

Prime Peak Season To be published by naked Retreats in according to government notification every year Prime Peak Season

Middle Autumn Festival (Sept) excluding Blackout dates

Ɛƕɏɱϻnaked RetreatsĻǟоġĵāordfс6ƐƕVȂѓŘsup1ƽϞМĀМlt5ȋiacuteƽͶМlt5Řʱƽ˴Мlt5ʭɛƽМlt5ѓʲƽǘМlt=xVȂʹгǻʖ6

ƕiquest˓МOgrave˴ϞМʖƣOuml10ĸїɡϡƎ10ĸľѽˉїʖ=xVȂƐƕũʹгǻʖ6

OutofSeason 20 days during December to February excluding Prime Peak Season and Blackout dates

Iacuteƕiquest˴ĀМOgraveĀМʖƣOuml=xVȂƐƕũʹгǻʖ6

Blackout Dates Peak demand dates such as holidays sporting events groups and citywide conventions Local cultural events

all as specified by the Hotel from time to time

ʹгǻʖεʴijėʖVȂƟʖ5Ћ˒5ũʺβOumlƁϨ6IcircTHORNɾyumlOumlŸƂiacuteiumlƮDвǙacircOumlɛljα6

2 Rental Revenue

2 租金收入

a Rental revenue

Regardless of your usage of your property your rental return will be fixed at 5 for the first 5 years of operation After this period

you will automatically migrate to the Flexibility plan

ѸDŽˏ

xɃɰOumlĉ˼ϸoacuteˍŪ=ͶɱOumlѸDŽϧiumlŊegraveOuml136ФжтŮ=ɴƮѳiacuteѧˏȬƂβĈF6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

33

c Cashing out your returns

gtƮɴOumlſYϡDŽĈ˾ʷordf

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſY6ˍřϛѝκЪxʷordfʙϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecoms services

rental option

4服务费用

IcircϛѝǝѢФoacuteƟAacuteȕ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸȕ6жϞȏOumlĞĒϸxVȂegraveβordfѸʆ6

5 Maintenance

Of the 5 guaranteed return generated form your property during the period you are not in residence the management company

will retain 4 of this return for maintaining your Villa The maintenance fund will be pooled and used for all Villarsquos in the resort

5维护

ɴxǝѢʖƣiquestɴOumlĉѓƮ˪Ouml13OumlſY=ŎȓŁƮWȰжbſYѓOumlϸѽɴpOumlŰ6ŰƈDŽƮ^ūsʜȅsϸЂϾoacuteƟAacutepOumlŰ6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Hotel projections

Rooms Available 可用房间 not relevant 非主要Estimated occupancy 预计使用率 not relevant 非主要Estimated average daily room rate 预计每日平均房价 not relevant 非主要Growth in room rate 房价增长率 not relevant 非主要Annual room sales 年房间销售额 not relevant 非主要RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE2 Bedroom 收益 ndash 双人间 50 50 50 50 50 503 Bedroom 收益 ndash 三人间 50 50 50 50 50 504 Bedroom 收益 ndash 四人间 50 50 50 50 50 50

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 300000 300000 300000 300000 300000 300000

3 Bedroom 收益 ndash 三人间 9000000 450000 450000 450000 450000 450000 450000

4 Bedroom 收益 ndash 四人间 12000000 600000 600000 600000 600000 600000 600000

Hotel revenues and owner rental yield - Option 1 Flexibility

34

Option 1 - FLEXIBILITY Option 2 ndash STABILITY

investment returns for your Villa are influenced by the

success of the resort and the number of days you use

your Villa

Stable implies both your returns and your annual

usage rights to your property are fixed Regardless of

how well the resort operates your returns will remain

the same Equally you will only have a fixed number

of days allowed in residence

Usage Have unlimited usage rights to their Villa 40 days usage per year

Rental ReturnEarn 36 of the pooled returns from the entire resort

whilst not in residence

5 guaranteed return on their investment regardless

of resort performance

Resort Discount20 discount on all resort amenities and activities

(including SPA and Restaurants)

20 discount on all resort amenities and activities

(including SPA and Restaurants)

Services FeePay a Services Fee of 300rmb per room per night

whilst in residence

Maintenance4 of all room revenue is retained for maintaining

the owners Villa

4 of all room revenue is retained for maintaining

the owners Villa

选项1 ndash 灵活性 选项 2 ndash 稳定性

ȬƂβϸЂ˼ϸІſY6ɰOumlpѱſYʷǧЂoacuteƟAacuteOumlĿǑϱũɰoslashpOuml˼ϸoacute

ŊegraveβϤѯɰOumlſYũɏɱoslashЂɰOumlĉOuml˼ϸʹΏiumlŊegraveOuml6xɃoacuteƟAacuteOumlǑϱѫȁϾucircť=ɰOumlſYiumlŊegraveOuml6ϖTHORN=ɰъϾŊegraveOumlПηǝѢOuml6

使用 ʹΏѐOumlp˼ϸʹΏ ɏɱOuml˼ϸʹΏ

租金收入 ФxǝѢʖƣ=ƅOtildeмĸoacuteƟAacuteūsſYOuml xɃoacuteƟAacuteǑϱѫȁˍŪ=Wп13OumlſYϸЂѱ

度假村折扣 ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt

服务费用 ǝѢʖƣ=ɏĉƣɏЏˆəeOumlĞĒϸ čѝϘ

维护 ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ

OPTION COMPARISON

选项对比

35

36

INDUSTRY RETURNS AND BENCHMARKS

INDUSTRY REPORT

行业报告

Tourism and urban resorts is one of the fastest growing industries in China According to industry consultant HVS cities such

as Shanghai Beijing Shenzhen Guangzhou Hangzhou and Tianjin all have a population where a critical mass of highly affluent

individuals and successful companies exist generating demand for suburban resorts

ФѓŘ=ȾϽϛũoacuteƟAacuteσɓāЮOumlαϛтϞ6ĻǟʺʳǙacircĞϛltOumlϞΙYĵ˿=ФѓŘOumlѝϘˍ˛ŝ5[ǎ5˧5œј5ţјũdžǩēyѯAringȣOumlĥЍˆʾũĿOumlʝϛ=ϻfrac14ϚƊāȥoslashƴʵoacuteƟAacuteOumlƌAringεʴ6

Amongst other things the exponential growth in private vehicles has seen a huge increase in demand in the leisure market With

the completion of the shenjiahu highway in 2010 the travel time from downtown Shanghai to Deqing is now 2 hours Also with

stop at Deqing) scheduled to open in late 2011 travel time from downtown Shanghai to Moganshan will take between 15 to 2

hours When comparing travel times to get to other resort destinations in China ndash eg Hainan or Lijiang flight times might be within

2 or 3 hours total travel time including travel to airports and check in make the whole trip 6 to 7 hours plus additional travel cost

Within the 2 hour travel radius of Shanghai the quality of resort destinations is also (in our opinion) not at an international standard

with most hotels simply being lsquocity hotels in the countryrsquo rather than true resort properties operating at international standards

shyfrac14т=ѯĸˆγΊOumlāЮ=ĸˆƸϴϾȿϚσʂ˫6ѳɱ˥ƛůijϡŮ=iquest˛ŝOgraveOcircʭϚLjεϘĸΟ˶Ouml6ΪƭOumlijǵϡФ13ēєɬiquest˛ŝUumlAumlţј6ƏƮФɱYacuteǫľOumliquestţјOgraveɫǎOumlijѓϾϞаDzOcircʭlt=ъεϞĸSΟ˶OgraveȢĸΟ˶ǜǵϡiquest˛ŝѓΫOgraveAumlɢī˗6ˍřІѓŘOumloacuteƟˮTHORNŝɫ5ȒƯUgraveaƹ=shyȥϘųĒэĸΟ˶Oumlďα˶ƣ=ŻϘФVȂʣƉ=CʺƤũUgraveEgraveOslashƉ˛ų˛эĸΟ˶=ĽxϸɨΡuumlOumlαųΝȥ6Ѷō˛ŝїiΟ˶ɬOumlγΊoacuteƟʸdeg=э˟ͰɒˈltІŘƙŸnѬŻϾѯɛOumlǢ6AringēOumloacuteƟǙacircϚũѓOumlɨΡǙacircɍϾ_ёOumlʵp=ЗЗAumlxOgraveинŘƙϤϦ˛oacuteƟίĉΙɧOumlϘʴ6

ϛѝЎʖſYІaƹ

37

OUR NICHE

我们的利基

naked sees a need in the market for world class expertly designed and operated resorts which are within 1 to 2 hour travel time

of major cities in China As with other urban resorts we believe that the Leisure market and the MICE (Meetings Incentives

Conferences Events) market will be a huge driver for our business In addition we feel that we are already at the forefront of

the growing focus and concern on environmental design building and operations as well as the growing interest in nature and

environmental education At naked we also place a high emphasis on facilities and services for the entire extended family ndash from

children to parents to grandparents that other resorts do not place dedicated resources for

nakedЎƧOgraveȥФѓŘжϞεʴƏǢȑѝϘϞэȢĸΟ˶Ouml=˶ЁhζǁϞȱOumlѥϛˤƗũŎȓOumloacuteƟΙɧ6ͰɒΑάγΊũƁƁϨ5ưȘȾϽ5AringίʝϛƁϨ5ƂiacuteЮȉltOumloslashͰɒϛOumlіAringʤȞ6frac14=ͰɒФŋѣũiacuteźWίˤƗ5ƭШ5ŎȓũźWȓɲœ˛ϠǑѷФȥαϛȭя=ФnakedІαϛеxͰɒϚіoslashЂˣʵѓOumlŜѲ5Ɲ5ȌеOumlĞũˏ6

As such we feel very confident in the rates and occupancies that we will achieve Regarding room prices when benchmarking

against some of the other leading hotel brands in the resort market such as Aman Fayun Hangzhou Banyan Tree Hangzhou Fuchun

Resort Hangzhou Mandarin Oriental Hainan and Commune by the Great Wall average rates in March 2011 for single bedrooms in

this set are ~ RMB2800

ϩfrac14=ͰɒoslashЂˏѢĉƠϡƎˏѢȿcurrenɊάΫ6ФˏѢĉƠĈɘ=ІʙФoacuteƟAacute˛OumlсɜǙacircʑʁaƹ=ˍCҊĂО5ţјНҏѨ5ĥsup1˗ǝ5˓φŴecircĈǙacircũƵ΅OumlŁˣ=Фɱ˓МOumlEumlˆƣʒǩƠķ=6

Regarding occupancies we are confident to achieve occupancies of around 60 after about 4 years of operation but forecast

conservatively that our occupancies will start from around 35 in the 1st year of operation and grow steadily to 45 in year 2

55 in year 3 and 60 after the hotel is lsquomaturersquo from year 4 onwards

ФˏѢȿĈɘ=ͰɒŬϾάΫǑŚɱOumlǑϱ=ͰɒǵϡAumlOgraveOumlˏѢȿ6WŇƗ=ͰɒOumlˏѢȿƮƁϻszligϞɱOuml13=egraveЫOgravefrac34ɱOuml13ũszlig˓ɱOuml1313=szligɱϡŮƮƁЫOgrave6

Given the above estimates we believe that owners can expect attractive investment terms as illustrated in the table below

Ļǟϡ˛OumlŇƗ=ЎƗϛѝɭņOtildeOgraveOumlѱſYƮƁˍ΅o˿

CҊĂО

НҏѨ

ĥsup1˗ǝ

˓φŴecircĈǙacirc

Ƶ΅OumlŁˣ

RMB4270

RMB3500

RMB2000

RMB2150

RMB2388

Aman Fayun Hangzhou

Banyan Tree Hangzhou

Fuchun Resort Hangzhou

Mandarin Oriental Hainan

Commune by the Great Wall Beijing

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966

38

39

ͰɒOumldivideTHE TEAM

40

Grant Horsfield ndash Chairman naked Group

Grant a native of South Africa is Founder and Chairman of the

naked Group

Before coming to China in 2005 Grant worked in England

and South Africa with more than 10 years business ownership

experience With background in IT he launched eBites

Limited in 2000 Operating nationally eBites was both a

publishing company and a callcentre facilitations company with

headquarters based in Cape Town In 2004 Grant received

an MBA from University of Cape Town Graduate School of

Business Upon graduation he decided to come to China as he

saw China is where business opportunities lie

After spending two years in Shanghai he found himself

overwhelmed by the metropolis and missed the natural beauty

of his home From this desire and need sprouted the concept

for naked Retreats which was launched in 2007 Grantrsquos vision is

to create sanctuaries that are in harmony with the environment

where people can appreciate the simple way of nature and

embrace the naked lifestyle Grantrsquos tireless efforts in promoting

ecotourism in the rural areas not only created jobs but also

pride for the local community He received an environmental

award from the Huzhou Government in 2008

高天成 - naked集团总裁

ij=ɫčIcircTHORNˆ=nakedƍOumlmiddot˽ˆũѵ|6

Ф13ɱȅOgraveѓŘтʣ=ij˪ЬФϯŘƎɫčľѽ=ϾŚɱOuml˙ϛǑϱƎРѽǑϏ6ФʙITǒOumlUѠ΅=ɱij˪ƭȜȥeBitesϾΏŁ=eBitesŁƮϱΝІaacuteŹĞѓΫLJɖƿū=ʙѵˤФǭʔugrave6ɱ=ijƅOtildeȥǭʔugraveAringλ˙λЙOumlMBAλ6dϛŮ=ǧegraveȅѓŘ=ϩǯOgraveȥжȕOuml˙Ɖ6

Ф˛ŝEgraveȥȢɱтŮ=āѳƓxȥ˪Ƃ=sʨAtilde˱ȥѳʿɐǒ6ФжѕИІεʴOumlʶ˼΅=ƭȜnaked Retreats

OumlΖĂФɱOtildeOgraveȥ˹˲6ijOumlΖĂƭШϞĸ˯THORNІѳʿũΣŃdeg=ˆɒǵϡΘѳʿ=ΘnakedOuml˪ƂĈ˾6ij˫ΔAacuteTHORNʵ˪ȾϽѽordfOumlxΦɹȞ=xLjmiddotШȥľѽıŻOtildeOgraveȥIcircTHORNˣʵOumlХϐ6ij˪ƅOtildeȥɱůјоġNāOumlźWAring˼ư6

41

Delphine Yip-Horsfield ndash Partner Ben Wood Studio Shanghai

received her Master of Architecture degree from Harvard

Boston prior to moving to Shanghai to oversee the award

winning Xintiandi project on behalf of Wood and Zapata In

the fall of 2005 Delphine became partner at Ben Wood Studio

Shanghai

Drawing from her own experience of diverse cultures Delphine

has led a multitude of high profile projects such as Hangzhou

Xihutiandi Zhujiajiao Oriental Garden Shanghai Waitanyuan

Beijing Palace 77 Shanghai Hongqiao Commercial Core Lijiang

Lashihai Resort Masterplan etc

In 2006 she was selected Wallpaper magazinersquos first annual 40

under 40 designer of the year

Delphine is the chief master planner and architect for naked

Home Village and naked Stables Private Reserve She also

oversees the visuals and styling of the naked Brand

叶凯欣 - 上海Ben Wood设计室合伙人

ϜǮΩɺ=Ben Wood ˤƗľѽOumlѵƢ=śęAringλƭѡλ6ȅ˛ŝтʣ=ФΒIJ5ɷКũuuacuteľѽ6ȅ˛ŝŮ=CcediloWoodũZapataĤЩΪTHORNΙɧOumlƢethľѽ613ɱʲƕ=ϜǮΩɺBen Wood ˤƗľѽūƃˆ6

ϾѯxŸϽșǑϏOumlϜǮΩɺ=EacuteˇȥηucircijocircΙɧOumlƢeth=VȂţјͻůTHORN5њƝƶecircĈųВ5˛ŝЕ5[ǎłatilde5˛ŝŭʦ˙ϛѓΫ5ȗƯȄŝoacuteƟAacuteѵŔŷˤƗUgrave6

ɱ=ˏκȥWallpaperСьǃɱoacuteϡ΅OumlˤƗ˰6

ϜǮΩnakedƝВAacuteũnaked RetreatsOumlѵˤƗеũƭѡ˰6˶ϚĤЩƢethnaked˙nOumlFũĘķˤƗ6

42

Kang Yang Lim ndash Group Chief Operating Officer naked Group

Group with over 13 years corporate finance and real estate

development experience Previously he was Director of the

real estate division of APP China taking responsibility for the

initial positioning and development of the USD15 billion lsquoWhite

Magnolia Plazarsquo mixed use development project (including

the development of Shanghairsquos first W Hotel) He also led the

concept and development of APPrsquos branded residence and resort

project in Sheshan Shanghai

Finance division of PricewaterhouseCoopers in Melbourne

Australia where he specialized in business value and strategy

worked in inhouse strategy roles for CocaCola GB in London

and to British venture capital firm of the year (2004) ISIS Equity

Partners before coming to China in 2005

Accountants Australia in 2002 and is also an affiliate of the

of Commerce and Diploma in Modern Languages from the

University of Melbourne Australia

林纲洋- naked 集团首席营运官

ƞˏnakedƍOumlȩ˪ϴϾŚɱOumlʝϛ~ƎTHORNǭāǑϏ6Фfrac14тʣ=ѽѓŘDŽŒOumlTHORNǭāOumlѵƢ=ĤЩƠч13ϢЏOumlucircϸ8JЈȈœ9ǭāΙɧOumlcopy˽κшũǭāVȂ˛ŝszligϞƝ ǙacircOumlǭālt6˶ϚщNtildeȥDŽŒƍФ˛ŝҁ˗ʑʁѢЭũoacuteƟAacuteΙɧOumlȓɲũǭā6

ФDŽŒƍˇфтʣ=ȩİϑGAringȚφɣyuml_ʔŴϷOacuteƁƗ˰OumlǑȓ=ѥѣЂ˙ϛƠчũЯɁѰξ6ȩ˪Ф13ɱȅOgraveѓŘтʣэȑǭʔŴϷOacuteŮOumlϞotilde˶ƣɬ=ѽǵǺǵȎɂugraveŁɬOumlЯɁēͺ˰=ϡƎISISOumlʼnʏūѽƃRФϯŘɂugraveOumlϯŘĘΌѱŁˇф6

ȩ˪ФɱƅOtildeȥGAringȚφηƁƗ˰ƁũGAringȚφпʻωǗOumlƁГѱķ6˶ϚƅOtildeȥGAringȚφɣyuml_AringλOuml˙ϛλλϡƎCcedilЇϊλп6

43

Gabriela Lo ndash Managing Director naked Retreats

With over 15 years experience in high end events and PR

management Gabriela has been instrumental in bringing naked

to where it is today As one of the original members of the

naked Team Gabriela has led the growth of naked Retreats

to become one of the most famous eco retreat destinations in

China attracting guests and publicity from around the world

Originally from Macao Gabriela has rich multi cultural and

multinational living and working experience having worked and

studied for many years in Greater China England and Italy

卢家宝 - naked 度假村常务董事

ϴϾŚ13ɱOumlijocircƂiacuteũŁŃŋ΄ŎȓǑϏ=nakedDžOumlǜІȶƝXēxǭ6ѽħdivideOumlmiddot˽ГтϞ=ȶƝXϠǑAEligȭnakedѓŘѻϾɜOuml˪ȾϽɧOumlTHORNтϞ=ͼϭȥȅѳǁĹTHORNOumlǸˆ6ȶƝXȅѳGɑ=ϴϾĖĥOumlucircЏŸũucircŘǝѢũľѽǑϏ=ЬФAringѓŴTHORNʵ=ϯŘũϤAringȚϾѯucircɱωǗǑș6

Judy Zhu ndash General Manager naked Group

Zhu is the General Manager for naked Group ensuring smooth

operations of the group with a particular focus on government

朱燕 - naked 集团总经理

њώ=iquestnaked Retreatsmiddot˽ǭ˽ǜũij˪ūѽ6њώѽƍѵǑȓ=ĤЩIcircTHORNũŋ΄ʽWƍРѽ6Фƞˏnakedтʣ=њώФ˛ŝũ[ǎiquestŚηucircІ˙ϛϾŋOumlфϛ6ФΪͻȈƅOtilde˙ϛλ6

44

Kurt Berman ndash General Manager naked Stables Private Reserve

With over 16 years experience in FampB and high end luxury

resort management Kurt brings a wealth of experience and

will lead the preopening and operations of our new resort ndash

naked Stables Private Reserve Prior to joining naked Kurt was

the preopening General Manager at Six Senses Laamu and

Resident Manager for Six Senses Soneva Gili by Six Senses Kurt

has also worked at other prestigious resorts including Fregate

his career in hospitality in FampB and was a trained Chef with

experience working in many prestigious institutions including

The Dorchester Hotel in London Kurt is from South Africa and

has a masters certificate in hospitality management from Cornell

University

Kurt Berman - naked私人度假村总经理

ϾѯŚɱϬƎijIumlŤŴoacuteƟAacuteOumlŎȓǑϏ=ƮϡĖĥOumlǑϏȭNtildeͰɒΪoacuteƟAacute77)$ 0OumlϱϛũРϱ6Фƞˏ)$ тʣ=10ЬEacuteˇŚ8szligȳĭǦ9+1ϱϛѵǑȓũ8szligȳĭǦ9-2 ((OumlѤacircǑȓ610ŻЬˇфЂamp0ˆŝETHũ1+4UgraveʙўɜoacuteƟˮTHORN610OumlϛʜzЂϬαϛ=ϚϡϞĸФŬucircўɜƉńVȂ-0-0 -$-ltľѽŚOumlρȡϾOumlnot˰610ȅѳɫč=sϴϾǰɪyumlAringλЃOumlǙacircŎȓλ6

Richard Johnston ndash General Manager naked Home Village

Hailing from the United Kingdom but with most of his working

life in resorts throughout Africa Richard brings with him over

20 years experience in General Management and Director level

roles in world class resorts including Azura Retreats Cape Grace

hotel and the Saxon Hotel Richard plays a key role in the set

up of systems training and operating standards His years

of experience and mentoring leadership style make Richard a

natural inspiration for our young hotel management team

Richard Johnston - naked 家园村总经理

RichardȅѳϯŘ=IgraveAringucircOumloacuteƟAacuteľѽiumlФмĸčљ=ϴϾŚɱOumlѴūŎȓũǁƐoacuteƟAacuteVȂAzura

Retreats Cape Grace hotel and the Saxon HotelltijʒŎȓǑϏ6RichardФƭȜ΄5ʅρũРαnѬĈɘʜѯŋƨѽϸ6ĖĥOumlǑϏũȭNtildeĘķ˼OtildeoslashͰɒɱʬOumlǙacircŎȓdivideϾѯѳʿOumlƊȘ6

45

Teun Hanegraaf ndash Sales Director naked Retreats

Teun obtained a Bachelors in Business Studies and Masters

in Strategic Management with a focus on Chinese Business

Culture Teun increased our corporate sales business by 350

in his first year with us bringing international companies

ranging from international conglomerates Unilever and Coca

Cola to more local institutions such as The Shanghai American

School and leading Chinese companies such as Bank of China

韩天宁销售总监

ȅѳŧȈɥEcirc=şɵϴϾ˙ϛλλλ5ЯɁŎȓѥѣЂѓŘ˙ϛŸlt6ȅƍOumlszligϞɱşɵƮŁOumlΝϛijȥ13=sŁAEligȅȥx˟ŘƙβOumlAringŁǸŲ=жʙѓϾŘƙAringʝϛȠūȚŴũǵǺǵȎ=ϚϾ˛ŝɐŘλΠUgraveIcircTHORNƉńũѓŘϫαUgraveѓŘȴʝϛ6

Oliver Yuen ndash nature Reserve amp Recreation Manager

naked Stables Private will be the first private reserve in China

with a wealth of new flora and fauna introduced to the project

from Sydney University Australia and as a fully qualified Ranger

working in many of the worldrsquos best wildlife parks Oliver takes a

special role in ensuring the environment of naked Retreats and

naked Stables Private Reserve will be full of life and a natural

self supporting eco system Oliverrsquos passion for both people and

nature make him the perfect person to teach our guests about

what we do and make their stay not only a relaxing one but

also a fun fulfilling educational one as well Oliver previously

worked in wildlife parks and resorts such as Azura Retreats in

Mozambique Mobala Private Game Reserve in South Africa and

Sydney Aquarium in Australia

袁鹏威 - 活动经理和度假村 生物学家

naked StablesƮѓŘszligϞĸϭljΪOumlцʾũiacuteʾOumlˆoacuteƟʵ6OliverѽϞɜGAringȚφͿɯAringλūķOuml˪λƝiacuteλƝ=ϡƎФǁĹTHORNOumlϙ˪iacuteВľѽOumlľѽе=Ф˼naked Retreats ũnaked StablesϾѯĖĥ˪ѱЕ5ʿѳĺOuml˪΄Oumlźǔľѽ˛QύѯіϘƶ˔6АʊoslashˆȏũѳʿOumlƊʮ˼ѻūOumlˆȅĵͰɒOumlǸˆͰɒѼOuml˷ɋ=sʨ˂ɒФжȕOuml˶ŒxLjLjČ=˶Ϛ˂ɒOumlǝѢǑșlOtildeϾǭΫcurren˹ũϾƷЋϤϦ6АʊтʣФɫčũGAringȚφͿɯѹŏiquestϙ˪iacuteВũWŰʵOumlľѽVȂMozambique OumlAzura Retreats Mobala Private Game Reservelt6

46

Philip C Davis Company Director naked Retreats

Phil joined the Board of Directors for naked Retreats hotel

management company in 2011 His previous board experience

includes Tian Rui Hotel Corporation holder of the master license

for Super 8 economy hotels in China and Hong Kong from 2006

to 2008 He also was a founding shareholder of Tian Rui and

served as its President and Managing Director from 2006 to

2008 He was a board member of Tian Xian Cheng a bai jiu

concern which is a joint venture between Pernod Ricard and a

2010

Phil was previously Chairman of the Budweiser (Wuhan)

International Brewing Company and Managing Director of the

AnheuserBusch business in China and Hong Kong from the

beginning of 1996 through 2002 From 2003 to 2005 he

headed the AnheuserBusch liaison office with Tsingtao Brewing

Company

Phil holds a PhD in history from Washington University and

started his career as a market researcher at a major advertising

agency in the US before moving to AnheuserBusch and

heading its consumer planning and new product development

functions in the 1980s

Philip CDavis naked 度假村公司董事长

PhilЂɱƞˏȥnakedoacuteƟʵǙacircŎȓŁOumligraveƁ6ϡĖĥOumlǑϏVȂФːǙacircƍˇф5ϡƎЂɱэɱФѓŘũѓŘΒIJEacuteˇSuper ǑƖǙacirc ʼnˆ6˶=ϚːǙacircƍOumlmiddot˽ʼnecirc=ФɱэɱʖƣEacuteˇƍOumlѵ|ũigrave6ɱэɱʖƣ=ϞƝІWȎȞƞũJǙ˪ȴʝϛƬɫūѱOumlʝϛ77ΐOumligraveƁГ6

iquestɱэɱ=Phil͵šBudweiserŘƙɳǙŁOumligraveƎѓŘũѓŘΒIJCŝyŁOumligrave6iquestɱэ13ɱ=CŝyũʫETHʌǙŁOumlȠɆdegOumlĤЩˆ6PhilϴϾŴ˭uacuteAringλOumlș˻дλvλ=ФǁɱCcedilȅOgraveCŝy5ĤЩΞĒŔŷũΪʑǭāĿɭтʣ=OumlϛʜzЂɐŘOumlϞƝœĵCcedilȓŁ=Eacuteˇaeligω6

47

OUR INTERNATIONAL TEAM

International team

Chief master planners amp architects

the urban landscape of modern China with Xintiandi in

Shanghai a commercial cultural and entertainment district

Since then the studio has worked on projects in very diverse

categories both small and large scale projects include mixed

use projects like the ldquoTiandirdquo in Hangzhou Chongqing Wuhan

and Foshan luxury villa and high rise residential complexes in

Shanghai and Vietnam as well as various boutique hotels and

Chalet Architects

A00 Architecture is most well known for their research

inenvironmental sustainability and its application to their

work in Architecture Interiors and Furniture Their portfolio

includes feature restaurants luxury spas retail stores design

conversion of dozens of historic Shanghai homes into highly

personalized residences

Interior Designers AIM (Architecture amp Design) brings expertise

in the combination of world architectural styles and design

influences to the interior designs at naked Stables Private

Reserve With the Shanghai office led by the two founding

on comfort warmth and a unique blend between African and

Asian design sensibilities

Landscape Architect

Design Land Collaborative (DLC) is a professional consulting firm

comprised of landscape architects and planners with an office in

Shanghai and the United States Projects have a strong emphasis

on cultural resources historic preservation and ecological

design involving both the public and private sectors

ͰɒOumlāЮdivide

ɴǵϡΑάOumlёȣ

ŘƙŸdivide

首席规划师和建筑师

benwood Studio Shanghai OumlсɜΙɧтϞѠĨШ˛ŝΪTHORNľ=˼ʙƍ˙ϛ5Ÿ5ЄȎϞOumlʵЉ6тŮ=ЁƻȥĹȏŔɟAringΟOumlΙɧ=VȂţјOumlͻůTHORN=іʱ5͵šƎę˗OumlŤŴpϡƎФ˛ŝũЛɫOumlijѢЭʵ=ȮŻϾФѓŘƎˉ_OumlĹȏǐʑǙacircƎoacuteƟ6

小圆房建筑

AOO Architecture ФźǔWŰƎǵ θāЮĈɘϾѯѭЛOumlƭ=s˘ƮʙƭϰϸЂɬƝѩ6ɒƻŚOumlΙɧVȂ˔5ŤŴȤѓΫ5ȫ˙acirc5ˤƗίǙacirc˛ŝυНǙacirc lt5ˆoacuteƟϡƎϞ΄ȧOuml˛ŝș˻ѢЭOumlCcedilŸƎˆŸĨШ6

ɬ ˤƗ˰AIMƭѡˤƗltѥѣЂǁƭѡĘķũˤƗOumlɐƿū=ϭNtildenaked StablesOumlɬˤƗ6ФȅѳŧȈũaȚ˶OumlūѽmiddotTˆȭNtildeOuml˛ŝTdegOumlUѠ΅=ˤƗѣі5ũφčˤƗȓɲOumlntildeˊū6

景观设计

Design Land Collaborative (DLC) ϞƝiquestǒōˤƗІŔŷOumlѥϛѰξŁ=Ф˛ŝІɐŘǩˤϾēрƉń6ʙΙɧ˘ЂŋѣŸș˻ĻЕ=ƿūźW˪ǴƔ=ѥѣЂŁŃƎϾTHORNOumlŔŷ6

48

Engineering amp Project Management team

Scott Wilson Group PLC is a globalintegrated design and

engineering consultancy for the built and natural environments

Scott Wilson is responsible for the project management the

electrical and mechanical engineering for the project

Environmental Consultants

Environmental Resources Management (ERM) a leading global

provider of environmental health and safety risk and social

consulting services ERM deliver innovative solutions for business

and government clients helping them understand and manage

their impacts on the world around them ERM have 137 offices

in 39 countries and employ approximately 3300 staff

Sustainability Consultants

Bisagni Environmental Enterprises (BEE) works with the

engineering and design teams to ensure the environmental

goals set out at the inception of the project are achieved

LEED Consultants

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

Local Design Institute

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

General Contractor

and have been responsible for some of Chinarsquos most iconic

properties such as the World Financial Centre in Shanghai

工程及项目管理团队

Scott Wilson Group PLCϞƝʺʳŔɟOumlźWˤƗƎľѰξŁ6Scott WilsonĤЩΙɧOumlaacuteʠƎƉΤľ6

环境咨询

Environmental Resources Management (ERM)ϞƝʺʳαϛȭѰξŁ=ŀźǔWŰ5ƫǰCʺƎŁŃˣƁĘΌUgraveѰξĞ6ERM˙ϛƎоġɑǸŲŀĨĶβOumlǀǧĈF=UѠɒȥǀsŎȓʙǑϱoslashˣƁźǔAEligȅOumlϳΗ6ERMФʺʳϾ137ĸēрƉń=myĸŘƝ=ϴϾAringК3300ɜГľ6

可持续发展咨询

Bisagni Environmental Enterprises (BEE)ІľˤƗdivideΑűūѽ=ϡʽWФΙɧǭ˽ƼotildeˤȜOumlźǔWŰǵ θāЮɧnOumlȚ˹6

绿色建筑认证咨询

Shanghai Pacific Energy Center (SPEC)ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlŁтϞ6

本地设计公司

Shanghai Baoye Construction Corp Ltd ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlαϛȭŁтϞ6

总承包商

ϞƝŘƝƐľVŁ=ϠƻȥηucircѓŘnьβΙɧ=țˍ˛ŝźʳDŽˊѓΫ6

49

naked COVERAGE

wwwcnngocom

ldquo25 killer things to do this summerrdquo

26 April 2010

Time Magazine

ldquoRun to the Moganshan Hillrdquo

新浪博客

ldquo避世的可能rdquo

31 December 2009

wwwenglisheastdaycom

ldquoThe first batch of ldquoChina Treasured Towns ldquo released

December 2009

Shanghai Urbanatomy

ldquoGet naked this time with horsesrdquo

Shanghai Daily

ldquoGreen MaGIC Casts design spellrdquo

14 October 2009

新浪商品

ldquo中国最佳设计酒店大赏rdquo

September 2009

wwwchannelnewsasiacom

ldquoChinarsquos green resort allows travellers to vacation on good consciencerdquo

2 September 2009

wwwbijianlinblshecom

ldquo莫干隐居rdquo

25 Aug 2009

wwwassociatecontentcom

ldquoThe Exquisite Moganshan Mountains of Chinardquo

Ɏ

Wikitravel

ldquoMoganshanrdquo

德清新闻网

ldquo承包国营林场建造生态ldquo逸站rdquo

wwwsinoeventcom

ldquo亚洲旅游地产及景点峰会成功举行rdquo

wwwchinatravelbrandingcom

ldquoPursuing Green for Greenrdquo

wwwbrandrepublicasia

ldquoMaking moves towards ecofriendly eventsrdquo

7 May 2009

wwwhandsonshanghaiorg

ldquoHands On Asia Conference Summeryrdquo

May 2009

wwwmyvacationcn

ldquo莫干山居rdquo

3 April 2009

wwwshanghaidailycom

ldquoThe naked truth Time to clean up Moganshan litterrdquo

4 March 2009

wwwgreennovateorg

ldquoMoganshan Project Kick Offrdquo

13 February 2009

Travesias

ldquonaked retreatsrdquo

Feb 2009

合肥在线

ldquo大山里的裸家族rdquo

20 October 2008

wwwentrepreneurcom

ldquoThe arrival of the Olympics showcases Chinarsquos burgeoning entrepreneurial spirit ldquo

7 August 2008

50

Shanghaiist

ldquoWeekend escape to Moganshan 莫干山rdquo

9 April 2008

私家地理

ldquo艳阳下的荫凉rdquo

30 May 2008

City Weekend

ldquoGet naked in Moganshanrdquo

25 January 2008

wwwbundpiccom

ldquo在这绿中撒点野rdquo

wwwhuzhougovcn

ldquo相中德清筏头的青山绿水南非客商莫干山下建生态逸站rdquo

wwwurbanatomycom

ldquo24 Hours in Moganshanrdquo

wwwhkheadlinecom

ldquo杭州莫干山竹林深处人家rdquo

15 May 2009

wwwnewsweekcom

ldquoBack from abroadrdquo

May 2009

Chinatravelnet

ldquoMoganshan A Heavenly Hideaway of Bamboo Forests amp Tea Plantationsrdquo

April 2009

wwwmzztmcagovcn

ldquo2009年踏青乐游路线推荐大公布rdquo

16 March 2009

第三媒体

ldquo规划一条畅快随性的踏青之旅rdquo

28 October 2009

wwwdqnewszjolcomcn

ldquo三九坞 ldquo裸家族rdquo钟爱的世外桃源rdquo

28 October 2008

ldquo自驾行天下rdquo之中国莫干山rdquo

Sep 2008

ldquoShiffting Gearsrdquo

Sep 2008

April 2008

Chewed up amp Spit Out

ldquoGet nakedrdquo

19 February 2008

ldquoBest Weekend Getaway Hotels Shanghairdquo

富世

Ecoefficient hotel低碳下榻

April 2011

Spa China Guy 男士派

Experiencing The Unique

2010

Cosmo 时尚

跨洋建屋隐居不隐世

April 2010

Global Times

The Mountain of legends

Global City Geography 城市地理

莫干山 naked Retreats 都市人一ldquo裸rdquo到底的山居生活

Dec 2009

China Daily

Rural Retreat

20 March 2011

China Daily

4th March 2011

Modern Weekly周末画报

圣诞低碳游

Dec 2010

Elite Traveler 携程自由行

旅尚

Esquire

Hidden Best Restaurants

Feb 2011

51

52

53

Page 16: Detailed Investor's Report

15

use Incentives given to reduce energy consumption

a factory 20 minutes away from site

window frames bricks and roof tiles

Council)

material

property

recharging stations

within a radius of 800km

CѩФϾp˛OumlɭȣƗϸȅƢethǸˆOumlɭЕ˼ϸʮ

ȁ6ŻɭЕΞŦOumlƦ˟ŀuumlOumlưȘ6

ϸ˼ϸќΧdzȝOumlŗȷƞ˅ŀɻ6ќΧdzȝȅѳǢȑͰɒ

ēєȺЗOumlϞƝľ

ϾOumlʥũacuteŲiumlijoacuteǨЖ

˼ϸɘŒŵOumlUacuteĝˢtȟ

˼ϸUacuteʀČOumlȦ

˼ϸſȚϸOumlǛɦёͳccedilơ5џѲ5џƈ5acuteȀ5ѦǼũ

ͳccedilʎ

Ś13OumlɦϻFSC˕ȩŎȓГƁltʹ

˼ϸǵУ˪OumlŸќѐTHORNO

pɬʺ˼ϸLEDtimesũΟίOumlϲŒtimes

oslashϾƭѡѻAringoacuteOumlljαѳʿŒũĘ

ѝTHORNъПηijyumlěljˏ=ijyumlěϻϒɭŀaacutesɭФ

ѤTHORNcurrenaacute

OumlƭѡȦiumlȅѳĈДŁȕɬOumlʵЉ

Ś13OumlƭѡđȦ^ſȚϸ

ϾoacuteƟAacuteOumlȃƇiuml^νźȚϸ

notĉũȃƇ^ϸѽĐȦ

oacuteƟAacuteɬϴϾϾƉųВ

іΪϭˏϙ˪iacuteIcircTHORNȻѕlt

WŰѳʿiacuteцʾ

16

17

THE DESIGN IDEA

Tree Top Villas

树顶别墅

To touch the sky at night and look down on the forest in the morning is what owners of the tree top villas will experience High

above the forest canopy 30 luxurious homes are perched in the tree tops Spacious wooden constructions with large sundecks spill

into the panoramic views of the mountains

macrɞҌҍOumlϝǹ=ϔѪȗOumlҐ=жǜϴϾccedilpOumlˆɒntildeΘOumlҕȞǒ˔6icircŤŴѢЭʗͽФ˕ȩŌт˛=pǡϞķ6аФǾOumlɦѐΟͳѓ=œOumlɢī˗ʺǒǍόYacute6

Each villa is built on stilts to minimize its physical footprint and maximize the views for its discerning owners The prefabricated villas

are made by innovative construction technology known as structural insulated panels (SIPs) With high insulation value and zero

construction waste these lofty eco dwellings are like no others offering you an energy efficient home that is beautiful and at one

with nature

ccedilpOumlƭѡaumlƵȵƿń=iquestyacuteƦ˟oslashБ˽˪źǔOumlϳΗ=sѻAringΏoacuteOumlЮϹɐOumlǒ˔6жΡЎѐOumlpϸѻΪǴƔOumlƿńWOѐШOuml6ccedilpOumlˤƗтѽ=ʹđȦͲˁssectѳʿ=ŀϞĸЁϾʑЁʩNjѳʿOuml˪ѢЭ6

The villas are intended for life Overlooking the mountains and forest below each home has a very large outside deck

complemented on the inside by an open plan kitchen with all the latest amenities dining room living area and opium den for

relaxation and entertainment Large sliding doors and full wall windows welcome natural light while sophisticated air conditioning

systems ensure your comfort Double layered glass keeps the view in perfect focus hushing all sounds to perfect stillness Wooden

floors soft lighting and high ceilings add a sense of warmth and space

ccedilpѥ˪Ƃyacuteƭ6Ġғ΅ɘOumlʾ˗ũ˕ȩ=ɏicircƭѡǩˤϾǾAringOumlϒ=ʆϡCcedilOumlмǭČ˾notĉ55˪ƂʵũČЄȎ6ǾAringOumlȄɑũмɘɅTHORNAringacuteǵɩѳʿˉŒ=˶ljOumlǹaelig΄ǵʽWɴOumloacute6tȟǵȯɴФѻƜƶoacuteΩ˚ɐǒOuml˶xƁOgraveĹѕ˩ϪOumlī˃=ntildedegЂϞʎǓтѓ6ʿOumlɦTHORNO5ˌũOumltimesŒũǹOumlųϣЫȥɻũǹƣĭ6

ˤƗȓɲ

18

Tree top villas

Roofs thatched

19

20

FLOOR PLANS

Treetop villa 2 bedroom villa ccedilpȢͱĉ

ʒɘ

Interior area 室内面积 13768sqm

Exterior area 室外面积 50sqm

Total usable area 实际使用面积 18768sqm

21

Level 1 一层

Interior area 室内面积 7088sqm

Exterior area 室外面积 102sqm

Level 2 二层

Interior area 室内面积 668sqm

Exterior area 室外面积 398sqm

22

Treetop villa 3 bedroom villa ccedilp˓ͱĉ

Interior area 室内面积 20214sqm

Exterior area 室外面积 664sqm

Total usable area 实际使用面积 26854sqm

23

Level 1 一层

Interior area 室内面积 10334sqm

Exterior area 室外面积 118sqm

Level 2 二层

Interior area 室内面积 988sqm

Exterior area 室外面积 546sqm

24

Treetop villa 4 bedroom villa ccedilpͱĉ

Interior area 室内面积 2667sqm

Exterior area 室外面积 863sqm

Total usable area 实际使用面积 353sqm

25

Level 1 一层

Interior area 室内面积 136sqm

Exterior area 室外面积 168sqm

Level 2 二层

Interior area 室内面积 1307sqm

Exterior area 室外面积 695sqm

26

FITTINGS amp FINISHES SCHEDULE

EXTERIOR AND INTERIOR FINISHES

External walls

Structure is built from steel and SIP (Structural Insulated Panels) External wall is cladded with painted fiber cement board

Internal walls

emulsion paint

Ceiling

Ceiling is finished with emulsion paint

Flooring

Bedroom is finished with heavy strand bamboo flooring

Balcony

Balcony floor is finished with Wood Plastic Composite decking (M wood) Railing and trellis made with Liu An wood Balustrade is fitted with metal and Liu An wood

Window

bedrooms are fitted with double glazed LowE glass and Roto hardware

Kitchen amp powder room

Floor is finished with natural tile Kitchen cabinets and sink are provided Kitchen counter top is fitted with natural stone

Bathroom

Wall and floor are finished with natural stone

Doors

Entrance door is made of solid core timber fitted with Saflok RFID locks Bedroom doors are fitted with hollow core timber fitted with Saflok RFID security locks

ƭѡȦƎˤ]ɛ

室内外材料

oacuteƟͳʥ

oacuteƟͳƿńˤƗĮƿńƎƿńWOSIPlt6ʥϸΉɮOũʘ6

ɬʥ

ǸćƎͱтɬʥǩϸĔƎˎƲʘ6

ų

ųɘˎƲʘ6

THORN

ǸćģūɦTHORNO6ͱіќTHORNO

ȹ

ȹϸɦOʓʟ6ʈȲҎɦѐШOuml6ȇĬϸDŽрƎȲҎɦĜ6

acuteŲ

Ǹć5ͱOumlacuteŲϸȽɦѐacuteȀʆ-3ѓǹtȟƎ-0-ͶDŽʆƪ6

notĉ

THORNϡƎɘϡʿTHORNѦʓʟ=notĉŀlaquoŖϡƎʇ6notĉɘʿ˵6

Ќ

Ќʥ˦ƎTHORNϡʿ˵ʓʟ6

ɑ

ˏǺAringɑϸ˹Ψɦɑʆ˛-)ljordfɑNJ΄6ͱɑϸǹΨɦɑʆ˛SaflokljordfɑNJ΄6

27

MECHANICAL AND ELECTRICAL INSTALLATIONS

Heating and Cooling

AIRWELL centralized water source heat pump is provided Fresh air intake with heat recovery system is installed

Electrical provisions

are provided

Electricity

Concealed conduits are provided Threephase electricity supply with miniature circuit breaker distribution board is provided

TV telephone and internet connection

Satellite TV with all major international channels

is provided in all the villas Telephone outlets and wireless internet connection is provided

Hot water supply

Huang Ming solar hot water heater and Rinnai gas water heaters are installed for the villa

Water supply and pipes

Concealed copper pipes are used for both hot water and PPR pipes are used for cold water

The resort will be patrolled 24 hours a day CCTV system is in operation throughout the resort 24 hours a day All the villa front doors and bedroom doors are fitted with Saflok RFID security lock system

APPLIANCES TO BE PROVIDED OR INSTALLED IN EACH DOMESTIC

UNIT

机电设施配套

ŀɻũѐȐ

ɽyumlƍѓ˾Е˅`΄6ΪĘ˅ſ΄6

Ɲaacute

ʆEΐNtildeŎOumlǭŋϡƎѿ6

aacuteȞŀϰ

ѩϾϮ˾ΐȺ=ʆϾίoumlȺʠ=ʆaacuteΓOuml˓ΑaacuteЕŀϰ6

aacuteƎςˤ]

έaacute=ʹΐaacuteŹũʹΐȺ6

˅ˤ]

žɛϒɭ˅ʠƎȩɬɌʡ˅ʠ

Ŏ

˅ŀϰŎǩϸϮc˾ĮŎ=ȐŀϰŎŎ6

WCˤ]

oacuteƟAacuteˤϾϾΟ˶ѽOumlgȺaacute΄ϡƎΟ˶OumlπɄ6ˏǺAringɑƎͱϸSaflokljordfɑNJ΄

标准住宅单位附送以下设备

Stove BAUMATICExaust fan BAUMATICOven BAUMATICMicrowave BAUMATICFridge BAUMATICBARMini fridge (2 3 bedroom) BAIXUEWine fridge (4 bedroom) BAUMATICBEDROOMMini fridge BAIXUEBath KOHLERTERRACEBarbeque grill

TelevisionDVDBATHROOMShower KOHLERBasin KOHLER

notĉ aacuteraquoȷ ʄɇUcircǷnotĉϼχƉ ʄɇUcircǷnotĉaacuteDZΓ ʄɇUcircǷuȷ ʄɇUcircǷɬяrΓ ʄɇUcircǷHΟrΓ=ĉlt JμǙŖĉlt ʄɇUcircǷͱΟrΓ JμЌį Ǵȍȹ˞DZΓҒĉaacute ɯDVD ɯЌȪЌʠ Ǵȍʇ Ǵȍ

28

NOTE

1 The Developer reserves the right to substitute other materials

or appliances of comparable quality and standard for the

intended items as listed in above fittings and finished schedule

2 The fittings and finished as listed above shall be subject to

the terms of formal Agreement for Sale and Purchase Those

provisions may have slight variation in the color measurement

3 The Developer reserves the right to make modifications and

changes to the building design fittings and finishes without

prior notice

4 Fittings and finishes of the Special Units may be different

from those of the Typical Units

备注

āЮ˙WȰϞʧʹȞ=Dв˹ƙʮȁεϘϡUgraveётƭѡȦϡƎˤ]Ccedil˛ȧĹΙ6

˛ȧĹΙȦϡƎˤ]ǩϡн˾ɈɉūКOumlǿщegraveѬ6ĹΙƭѡȦƎˤ]ǵɭƁФϋ˔=ȣoacutepoundAcirc5ȓ5ѺуƎƆľ˛ordfʬp6

āЮ˙WȰϞʧʹȞδeacuteϡƎĽĨϛOumlˤƗ5ƭѡȦϡƎˤ]ʹεȮαс6

˔EumlЏOumlēƭѡȦϡƎˤ]І˛oȧĹΙǵɭϾx6

29

PURCHASE OPTIONS

Buying a Tree-top Villa at naked Stables Private Reserve involves signing a Sale and Purchase Agreement with the development

company and a Lease and Management Agreement and Deed of Conditions with the Hotel Management Company The Management

Agreement requires the purchaser to lease the property back to the Hotel Management Company to manage on the ownerrsquos behalf

There are two different plans which are available for buyers

在 naked Stables 购买一套拥有不动产权的树顶别墅包括与发展公司签署一份买卖协议以及与酒店管理公司签署一份租赁管理协

议和条件契约管理协议要求购买者以业主的名义向管理公司出租其别墅以供其管理买家有两种方案可供选择

ŅɈκΙ

30

OPTION 1 - FLEXIBILITY

1Owner Usage Rights

Zero usage restrictions

Early reservations are required to secure Villarsquos especially during prime and peak seasons If a Villa Owner does not provide the

required advance notice for a reservation the resort may be required to offer the owner a different unit or in the worst case no

availability at all

1 业主使用权限

ȫ˼ϸΏѐ

ϘʴʣЎegraveˏѢp=ϺʙФƐƕ6ˍřpϛѝɍϾŀϘʴOumlϸЂЎegraveOumlЎс=oacuteƟAacuteƮʙŀȮϞdegѢdeg=ƆеѻЦĴOumlʮȁɍϾǹĉ6

2 Rental Revenue

2 租金收入

a Rental revenue

Whilst not in residence the owner will be eligible to earn a pro rata 36 of the room revenue generated by the Reserve during their

absence Ie Everyday the revenue generated by the entire resort is divided amongst the owners not in residence on that day When

an owner is in residence he forfeits his opportunity to earn revenue

ѸDŽˏ

ϛѝxǝѢʖƣ=ƮOtildeOgraveoacuteƟAacuteordfѸʙĉͳOtildeϧOuml6ɏoacuteƟAacuteordfѸɨΡxǝѢФfrac14OumlϛѝOumlĉͳOtildeOumlϧƮ^ʒǩēʆĺжΡϛѝ6IcircϛѝǝѢФʙpȕ˶=Ʈ˱ʸƅOtildeϧOumlƉƁ6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

选项1-灵活性

31

c Cashing out your returns

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

gtƮɴOumlſYŚDŽĈ˾ʷordf

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſYϧ6ˍřϛѝκЪxʷordfOumlϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3 有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecom services

included in the Services Fee to the owner whilst in residence The services fee is 300rmb per room per night This fee is charged on

all rooms regardless of which are in use

4 服务费用

IcircϛѝФoacuteƟAacuteǝѢ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸѓ6ɏĸĉƣɏOumlĞĒϸЏˆəe6жĸĒϸΛϾĉƣʷOuml=xɃfrac14ĉƣĚФ˼ϸ6

5Maintenance

4 of hotel room revenue will be reserved for ongoing building maintenance This will be deducted from the ownerrsquos share of total

room revenue

5 维护

ǙacircǸĉˏOumlƮ^ȰѽŮθƭѡδтĒϸ6ħēDŽuumlƮiquestϾˆǵēOtildeOumlǙacircǸĉˏĕuumlѓǻshy6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGEEarnings Per Room (36 of gross room revenue) 124173 170827 221315 253507 263647 2066942 Bedroom 收益 ndash 双人间 248346 341653 442631 507013 527294 4133873 Bedroom 收益 ndash 三人间 372519 512480 663946 760520 790941 6200814 Bedroom 收益 ndash 四人间 496692 683306 885261 1014027 1054588 826775

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 41 57 74 85 88 69

3 Bedroom 收益 ndash 三人间 9000000 41 57 74 85 88 69

4 Bedroom 收益 ndash 四人间 12000000 41 57 74 85 88 69

Hotel revenues and owner rental yield - Option 1 Flexibility

32

OPTION 2- STABILITY

1Usage Rights

1 使用权限

选项2-稳定性

Total Permitted Usage Prime Peak SeasonPermitted Usage

Peak SeasonPermitted Usage

Out-of-SeasonPermitted Usage Blackout

40 days per yearNo occupancypermitted

Up to 20 days per year but no more than 7consecutive daysfor any one stay

Up to 20 days per year but no more than 7consecutive days for any one stay

No occupancypermitted

允许使用总数主要的旺季允许使用

旺季允许使用

淡季允许使用

无折扣期

每年40天 不允许占用 每年20天但是每人

不能连续居住7天每年20天但是每人 不能连续居住7天

不允许占用

Prime Peak Season To be published by naked Retreats in according to government notification every year Prime Peak Season

Middle Autumn Festival (Sept) excluding Blackout dates

Ɛƕɏɱϻnaked RetreatsĻǟоġĵāordfс6ƐƕVȂѓŘsup1ƽϞМĀМlt5ȋiacuteƽͶМlt5Řʱƽ˴Мlt5ʭɛƽМlt5ѓʲƽǘМlt=xVȂʹгǻʖ6

ƕiquest˓МOgrave˴ϞМʖƣOuml10ĸїɡϡƎ10ĸľѽˉїʖ=xVȂƐƕũʹгǻʖ6

OutofSeason 20 days during December to February excluding Prime Peak Season and Blackout dates

Iacuteƕiquest˴ĀМOgraveĀМʖƣOuml=xVȂƐƕũʹгǻʖ6

Blackout Dates Peak demand dates such as holidays sporting events groups and citywide conventions Local cultural events

all as specified by the Hotel from time to time

ʹгǻʖεʴijėʖVȂƟʖ5Ћ˒5ũʺβOumlƁϨ6IcircTHORNɾyumlOumlŸƂiacuteiumlƮDвǙacircOumlɛljα6

2 Rental Revenue

2 租金收入

a Rental revenue

Regardless of your usage of your property your rental return will be fixed at 5 for the first 5 years of operation After this period

you will automatically migrate to the Flexibility plan

ѸDŽˏ

xɃɰOumlĉ˼ϸoacuteˍŪ=ͶɱOumlѸDŽϧiumlŊegraveOuml136ФжтŮ=ɴƮѳiacuteѧˏȬƂβĈF6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

33

c Cashing out your returns

gtƮɴOumlſYϡDŽĈ˾ʷordf

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſY6ˍřϛѝκЪxʷordfʙϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecoms services

rental option

4服务费用

IcircϛѝǝѢФoacuteƟAacuteȕ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸȕ6жϞȏOumlĞĒϸxVȂegraveβordfѸʆ6

5 Maintenance

Of the 5 guaranteed return generated form your property during the period you are not in residence the management company

will retain 4 of this return for maintaining your Villa The maintenance fund will be pooled and used for all Villarsquos in the resort

5维护

ɴxǝѢʖƣiquestɴOumlĉѓƮ˪Ouml13OumlſY=ŎȓŁƮWȰжbſYѓOumlϸѽɴpOumlŰ6ŰƈDŽƮ^ūsʜȅsϸЂϾoacuteƟAacutepOumlŰ6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Hotel projections

Rooms Available 可用房间 not relevant 非主要Estimated occupancy 预计使用率 not relevant 非主要Estimated average daily room rate 预计每日平均房价 not relevant 非主要Growth in room rate 房价增长率 not relevant 非主要Annual room sales 年房间销售额 not relevant 非主要RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE2 Bedroom 收益 ndash 双人间 50 50 50 50 50 503 Bedroom 收益 ndash 三人间 50 50 50 50 50 504 Bedroom 收益 ndash 四人间 50 50 50 50 50 50

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 300000 300000 300000 300000 300000 300000

3 Bedroom 收益 ndash 三人间 9000000 450000 450000 450000 450000 450000 450000

4 Bedroom 收益 ndash 四人间 12000000 600000 600000 600000 600000 600000 600000

Hotel revenues and owner rental yield - Option 1 Flexibility

34

Option 1 - FLEXIBILITY Option 2 ndash STABILITY

investment returns for your Villa are influenced by the

success of the resort and the number of days you use

your Villa

Stable implies both your returns and your annual

usage rights to your property are fixed Regardless of

how well the resort operates your returns will remain

the same Equally you will only have a fixed number

of days allowed in residence

Usage Have unlimited usage rights to their Villa 40 days usage per year

Rental ReturnEarn 36 of the pooled returns from the entire resort

whilst not in residence

5 guaranteed return on their investment regardless

of resort performance

Resort Discount20 discount on all resort amenities and activities

(including SPA and Restaurants)

20 discount on all resort amenities and activities

(including SPA and Restaurants)

Services FeePay a Services Fee of 300rmb per room per night

whilst in residence

Maintenance4 of all room revenue is retained for maintaining

the owners Villa

4 of all room revenue is retained for maintaining

the owners Villa

选项1 ndash 灵活性 选项 2 ndash 稳定性

ȬƂβϸЂ˼ϸІſY6ɰOumlpѱſYʷǧЂoacuteƟAacuteOumlĿǑϱũɰoslashpOuml˼ϸoacute

ŊegraveβϤѯɰOumlſYũɏɱoslashЂɰOumlĉOuml˼ϸʹΏiumlŊegraveOuml6xɃoacuteƟAacuteOumlǑϱѫȁϾucircť=ɰOumlſYiumlŊegraveOuml6ϖTHORN=ɰъϾŊegraveOumlПηǝѢOuml6

使用 ʹΏѐOumlp˼ϸʹΏ ɏɱOuml˼ϸʹΏ

租金收入 ФxǝѢʖƣ=ƅOtildeмĸoacuteƟAacuteūsſYOuml xɃoacuteƟAacuteǑϱѫȁˍŪ=Wп13OumlſYϸЂѱ

度假村折扣 ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt

服务费用 ǝѢʖƣ=ɏĉƣɏЏˆəeOumlĞĒϸ čѝϘ

维护 ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ

OPTION COMPARISON

选项对比

35

36

INDUSTRY RETURNS AND BENCHMARKS

INDUSTRY REPORT

行业报告

Tourism and urban resorts is one of the fastest growing industries in China According to industry consultant HVS cities such

as Shanghai Beijing Shenzhen Guangzhou Hangzhou and Tianjin all have a population where a critical mass of highly affluent

individuals and successful companies exist generating demand for suburban resorts

ФѓŘ=ȾϽϛũoacuteƟAacuteσɓāЮOumlαϛтϞ6ĻǟʺʳǙacircĞϛltOumlϞΙYĵ˿=ФѓŘOumlѝϘˍ˛ŝ5[ǎ5˧5œј5ţјũdžǩēyѯAringȣOumlĥЍˆʾũĿOumlʝϛ=ϻfrac14ϚƊāȥoslashƴʵoacuteƟAacuteOumlƌAringεʴ6

Amongst other things the exponential growth in private vehicles has seen a huge increase in demand in the leisure market With

the completion of the shenjiahu highway in 2010 the travel time from downtown Shanghai to Deqing is now 2 hours Also with

stop at Deqing) scheduled to open in late 2011 travel time from downtown Shanghai to Moganshan will take between 15 to 2

hours When comparing travel times to get to other resort destinations in China ndash eg Hainan or Lijiang flight times might be within

2 or 3 hours total travel time including travel to airports and check in make the whole trip 6 to 7 hours plus additional travel cost

Within the 2 hour travel radius of Shanghai the quality of resort destinations is also (in our opinion) not at an international standard

with most hotels simply being lsquocity hotels in the countryrsquo rather than true resort properties operating at international standards

shyfrac14т=ѯĸˆγΊOumlāЮ=ĸˆƸϴϾȿϚσʂ˫6ѳɱ˥ƛůijϡŮ=iquest˛ŝOgraveOcircʭϚLjεϘĸΟ˶Ouml6ΪƭOumlijǵϡФ13ēєɬiquest˛ŝUumlAumlţј6ƏƮФɱYacuteǫľOumliquestţјOgraveɫǎOumlijѓϾϞаDzOcircʭlt=ъεϞĸSΟ˶OgraveȢĸΟ˶ǜǵϡiquest˛ŝѓΫOgraveAumlɢī˗6ˍřІѓŘOumloacuteƟˮTHORNŝɫ5ȒƯUgraveaƹ=shyȥϘųĒэĸΟ˶Oumlďα˶ƣ=ŻϘФVȂʣƉ=CʺƤũUgraveEgraveOslashƉ˛ų˛эĸΟ˶=ĽxϸɨΡuumlOumlαųΝȥ6Ѷō˛ŝїiΟ˶ɬOumlγΊoacuteƟʸdeg=э˟ͰɒˈltІŘƙŸnѬŻϾѯɛOumlǢ6AringēOumloacuteƟǙacircϚũѓOumlɨΡǙacircɍϾ_ёOumlʵp=ЗЗAumlxOgraveинŘƙϤϦ˛oacuteƟίĉΙɧOumlϘʴ6

ϛѝЎʖſYІaƹ

37

OUR NICHE

我们的利基

naked sees a need in the market for world class expertly designed and operated resorts which are within 1 to 2 hour travel time

of major cities in China As with other urban resorts we believe that the Leisure market and the MICE (Meetings Incentives

Conferences Events) market will be a huge driver for our business In addition we feel that we are already at the forefront of

the growing focus and concern on environmental design building and operations as well as the growing interest in nature and

environmental education At naked we also place a high emphasis on facilities and services for the entire extended family ndash from

children to parents to grandparents that other resorts do not place dedicated resources for

nakedЎƧOgraveȥФѓŘжϞεʴƏǢȑѝϘϞэȢĸΟ˶Ouml=˶ЁhζǁϞȱOumlѥϛˤƗũŎȓOumloacuteƟΙɧ6ͰɒΑάγΊũƁƁϨ5ưȘȾϽ5AringίʝϛƁϨ5ƂiacuteЮȉltOumloslashͰɒϛOumlіAringʤȞ6frac14=ͰɒФŋѣũiacuteźWίˤƗ5ƭШ5ŎȓũźWȓɲœ˛ϠǑѷФȥαϛȭя=ФnakedІαϛеxͰɒϚіoslashЂˣʵѓOumlŜѲ5Ɲ5ȌеOumlĞũˏ6

As such we feel very confident in the rates and occupancies that we will achieve Regarding room prices when benchmarking

against some of the other leading hotel brands in the resort market such as Aman Fayun Hangzhou Banyan Tree Hangzhou Fuchun

Resort Hangzhou Mandarin Oriental Hainan and Commune by the Great Wall average rates in March 2011 for single bedrooms in

this set are ~ RMB2800

ϩfrac14=ͰɒoslashЂˏѢĉƠϡƎˏѢȿcurrenɊάΫ6ФˏѢĉƠĈɘ=ІʙФoacuteƟAacute˛OumlсɜǙacircʑʁaƹ=ˍCҊĂО5ţјНҏѨ5ĥsup1˗ǝ5˓φŴecircĈǙacircũƵ΅OumlŁˣ=Фɱ˓МOumlEumlˆƣʒǩƠķ=6

Regarding occupancies we are confident to achieve occupancies of around 60 after about 4 years of operation but forecast

conservatively that our occupancies will start from around 35 in the 1st year of operation and grow steadily to 45 in year 2

55 in year 3 and 60 after the hotel is lsquomaturersquo from year 4 onwards

ФˏѢȿĈɘ=ͰɒŬϾάΫǑŚɱOumlǑϱ=ͰɒǵϡAumlOgraveOumlˏѢȿ6WŇƗ=ͰɒOumlˏѢȿƮƁϻszligϞɱOuml13=egraveЫOgravefrac34ɱOuml13ũszlig˓ɱOuml1313=szligɱϡŮƮƁЫOgrave6

Given the above estimates we believe that owners can expect attractive investment terms as illustrated in the table below

Ļǟϡ˛OumlŇƗ=ЎƗϛѝɭņOtildeOgraveOumlѱſYƮƁˍ΅o˿

CҊĂО

НҏѨ

ĥsup1˗ǝ

˓φŴecircĈǙacirc

Ƶ΅OumlŁˣ

RMB4270

RMB3500

RMB2000

RMB2150

RMB2388

Aman Fayun Hangzhou

Banyan Tree Hangzhou

Fuchun Resort Hangzhou

Mandarin Oriental Hainan

Commune by the Great Wall Beijing

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966

38

39

ͰɒOumldivideTHE TEAM

40

Grant Horsfield ndash Chairman naked Group

Grant a native of South Africa is Founder and Chairman of the

naked Group

Before coming to China in 2005 Grant worked in England

and South Africa with more than 10 years business ownership

experience With background in IT he launched eBites

Limited in 2000 Operating nationally eBites was both a

publishing company and a callcentre facilitations company with

headquarters based in Cape Town In 2004 Grant received

an MBA from University of Cape Town Graduate School of

Business Upon graduation he decided to come to China as he

saw China is where business opportunities lie

After spending two years in Shanghai he found himself

overwhelmed by the metropolis and missed the natural beauty

of his home From this desire and need sprouted the concept

for naked Retreats which was launched in 2007 Grantrsquos vision is

to create sanctuaries that are in harmony with the environment

where people can appreciate the simple way of nature and

embrace the naked lifestyle Grantrsquos tireless efforts in promoting

ecotourism in the rural areas not only created jobs but also

pride for the local community He received an environmental

award from the Huzhou Government in 2008

高天成 - naked集团总裁

ij=ɫčIcircTHORNˆ=nakedƍOumlmiddot˽ˆũѵ|6

Ф13ɱȅOgraveѓŘтʣ=ij˪ЬФϯŘƎɫčľѽ=ϾŚɱOuml˙ϛǑϱƎРѽǑϏ6ФʙITǒOumlUѠ΅=ɱij˪ƭȜȥeBitesϾΏŁ=eBitesŁƮϱΝІaacuteŹĞѓΫLJɖƿū=ʙѵˤФǭʔugrave6ɱ=ijƅOtildeȥǭʔugraveAringλ˙λЙOumlMBAλ6dϛŮ=ǧegraveȅѓŘ=ϩǯOgraveȥжȕOuml˙Ɖ6

Ф˛ŝEgraveȥȢɱтŮ=āѳƓxȥ˪Ƃ=sʨAtilde˱ȥѳʿɐǒ6ФжѕИІεʴOumlʶ˼΅=ƭȜnaked Retreats

OumlΖĂФɱOtildeOgraveȥ˹˲6ijOumlΖĂƭШϞĸ˯THORNІѳʿũΣŃdeg=ˆɒǵϡΘѳʿ=ΘnakedOuml˪ƂĈ˾6ij˫ΔAacuteTHORNʵ˪ȾϽѽordfOumlxΦɹȞ=xLjmiddotШȥľѽıŻOtildeOgraveȥIcircTHORNˣʵOumlХϐ6ij˪ƅOtildeȥɱůјоġNāOumlźWAring˼ư6

41

Delphine Yip-Horsfield ndash Partner Ben Wood Studio Shanghai

received her Master of Architecture degree from Harvard

Boston prior to moving to Shanghai to oversee the award

winning Xintiandi project on behalf of Wood and Zapata In

the fall of 2005 Delphine became partner at Ben Wood Studio

Shanghai

Drawing from her own experience of diverse cultures Delphine

has led a multitude of high profile projects such as Hangzhou

Xihutiandi Zhujiajiao Oriental Garden Shanghai Waitanyuan

Beijing Palace 77 Shanghai Hongqiao Commercial Core Lijiang

Lashihai Resort Masterplan etc

In 2006 she was selected Wallpaper magazinersquos first annual 40

under 40 designer of the year

Delphine is the chief master planner and architect for naked

Home Village and naked Stables Private Reserve She also

oversees the visuals and styling of the naked Brand

叶凯欣 - 上海Ben Wood设计室合伙人

ϜǮΩɺ=Ben Wood ˤƗľѽOumlѵƢ=śęAringλƭѡλ6ȅ˛ŝтʣ=ФΒIJ5ɷКũuuacuteľѽ6ȅ˛ŝŮ=CcediloWoodũZapataĤЩΪTHORNΙɧOumlƢethľѽ613ɱʲƕ=ϜǮΩɺBen Wood ˤƗľѽūƃˆ6

ϾѯxŸϽșǑϏOumlϜǮΩɺ=EacuteˇȥηucircijocircΙɧOumlƢeth=VȂţјͻůTHORN5њƝƶecircĈųВ5˛ŝЕ5[ǎłatilde5˛ŝŭʦ˙ϛѓΫ5ȗƯȄŝoacuteƟAacuteѵŔŷˤƗUgrave6

ɱ=ˏκȥWallpaperСьǃɱoacuteϡ΅OumlˤƗ˰6

ϜǮΩnakedƝВAacuteũnaked RetreatsOumlѵˤƗеũƭѡ˰6˶ϚĤЩƢethnaked˙nOumlFũĘķˤƗ6

42

Kang Yang Lim ndash Group Chief Operating Officer naked Group

Group with over 13 years corporate finance and real estate

development experience Previously he was Director of the

real estate division of APP China taking responsibility for the

initial positioning and development of the USD15 billion lsquoWhite

Magnolia Plazarsquo mixed use development project (including

the development of Shanghairsquos first W Hotel) He also led the

concept and development of APPrsquos branded residence and resort

project in Sheshan Shanghai

Finance division of PricewaterhouseCoopers in Melbourne

Australia where he specialized in business value and strategy

worked in inhouse strategy roles for CocaCola GB in London

and to British venture capital firm of the year (2004) ISIS Equity

Partners before coming to China in 2005

Accountants Australia in 2002 and is also an affiliate of the

of Commerce and Diploma in Modern Languages from the

University of Melbourne Australia

林纲洋- naked 集团首席营运官

ƞˏnakedƍOumlȩ˪ϴϾŚɱOumlʝϛ~ƎTHORNǭāǑϏ6Фfrac14тʣ=ѽѓŘDŽŒOumlTHORNǭāOumlѵƢ=ĤЩƠч13ϢЏOumlucircϸ8JЈȈœ9ǭāΙɧOumlcopy˽κшũǭāVȂ˛ŝszligϞƝ ǙacircOumlǭālt6˶ϚщNtildeȥDŽŒƍФ˛ŝҁ˗ʑʁѢЭũoacuteƟAacuteΙɧOumlȓɲũǭā6

ФDŽŒƍˇфтʣ=ȩİϑGAringȚφɣyuml_ʔŴϷOacuteƁƗ˰OumlǑȓ=ѥѣЂ˙ϛƠчũЯɁѰξ6ȩ˪Ф13ɱȅOgraveѓŘтʣэȑǭʔŴϷOacuteŮOumlϞotilde˶ƣɬ=ѽǵǺǵȎɂugraveŁɬOumlЯɁēͺ˰=ϡƎISISOumlʼnʏūѽƃRФϯŘɂugraveOumlϯŘĘΌѱŁˇф6

ȩ˪ФɱƅOtildeȥGAringȚφηƁƗ˰ƁũGAringȚφпʻωǗOumlƁГѱķ6˶ϚƅOtildeȥGAringȚφɣyuml_AringλOuml˙ϛλλϡƎCcedilЇϊλп6

43

Gabriela Lo ndash Managing Director naked Retreats

With over 15 years experience in high end events and PR

management Gabriela has been instrumental in bringing naked

to where it is today As one of the original members of the

naked Team Gabriela has led the growth of naked Retreats

to become one of the most famous eco retreat destinations in

China attracting guests and publicity from around the world

Originally from Macao Gabriela has rich multi cultural and

multinational living and working experience having worked and

studied for many years in Greater China England and Italy

卢家宝 - naked 度假村常务董事

ϴϾŚ13ɱOumlijocircƂiacuteũŁŃŋ΄ŎȓǑϏ=nakedDžOumlǜІȶƝXēxǭ6ѽħdivideOumlmiddot˽ГтϞ=ȶƝXϠǑAEligȭnakedѓŘѻϾɜOuml˪ȾϽɧOumlTHORNтϞ=ͼϭȥȅѳǁĹTHORNOumlǸˆ6ȶƝXȅѳGɑ=ϴϾĖĥOumlucircЏŸũucircŘǝѢũľѽǑϏ=ЬФAringѓŴTHORNʵ=ϯŘũϤAringȚϾѯucircɱωǗǑș6

Judy Zhu ndash General Manager naked Group

Zhu is the General Manager for naked Group ensuring smooth

operations of the group with a particular focus on government

朱燕 - naked 集团总经理

њώ=iquestnaked Retreatsmiddot˽ǭ˽ǜũij˪ūѽ6њώѽƍѵǑȓ=ĤЩIcircTHORNũŋ΄ʽWƍРѽ6Фƞˏnakedтʣ=њώФ˛ŝũ[ǎiquestŚηucircІ˙ϛϾŋOumlфϛ6ФΪͻȈƅOtilde˙ϛλ6

44

Kurt Berman ndash General Manager naked Stables Private Reserve

With over 16 years experience in FampB and high end luxury

resort management Kurt brings a wealth of experience and

will lead the preopening and operations of our new resort ndash

naked Stables Private Reserve Prior to joining naked Kurt was

the preopening General Manager at Six Senses Laamu and

Resident Manager for Six Senses Soneva Gili by Six Senses Kurt

has also worked at other prestigious resorts including Fregate

his career in hospitality in FampB and was a trained Chef with

experience working in many prestigious institutions including

The Dorchester Hotel in London Kurt is from South Africa and

has a masters certificate in hospitality management from Cornell

University

Kurt Berman - naked私人度假村总经理

ϾѯŚɱϬƎijIumlŤŴoacuteƟAacuteOumlŎȓǑϏ=ƮϡĖĥOumlǑϏȭNtildeͰɒΪoacuteƟAacute77)$ 0OumlϱϛũРϱ6Фƞˏ)$ тʣ=10ЬEacuteˇŚ8szligȳĭǦ9+1ϱϛѵǑȓũ8szligȳĭǦ9-2 ((OumlѤacircǑȓ610ŻЬˇфЂamp0ˆŝETHũ1+4UgraveʙўɜoacuteƟˮTHORN610OumlϛʜzЂϬαϛ=ϚϡϞĸФŬucircўɜƉńVȂ-0-0 -$-ltľѽŚOumlρȡϾOumlnot˰610ȅѳɫč=sϴϾǰɪyumlAringλЃOumlǙacircŎȓλ6

Richard Johnston ndash General Manager naked Home Village

Hailing from the United Kingdom but with most of his working

life in resorts throughout Africa Richard brings with him over

20 years experience in General Management and Director level

roles in world class resorts including Azura Retreats Cape Grace

hotel and the Saxon Hotel Richard plays a key role in the set

up of systems training and operating standards His years

of experience and mentoring leadership style make Richard a

natural inspiration for our young hotel management team

Richard Johnston - naked 家园村总经理

RichardȅѳϯŘ=IgraveAringucircOumloacuteƟAacuteľѽiumlФмĸčљ=ϴϾŚɱOumlѴūŎȓũǁƐoacuteƟAacuteVȂAzura

Retreats Cape Grace hotel and the Saxon HotelltijʒŎȓǑϏ6RichardФƭȜ΄5ʅρũРαnѬĈɘʜѯŋƨѽϸ6ĖĥOumlǑϏũȭNtildeĘķ˼OtildeoslashͰɒɱʬOumlǙacircŎȓdivideϾѯѳʿOumlƊȘ6

45

Teun Hanegraaf ndash Sales Director naked Retreats

Teun obtained a Bachelors in Business Studies and Masters

in Strategic Management with a focus on Chinese Business

Culture Teun increased our corporate sales business by 350

in his first year with us bringing international companies

ranging from international conglomerates Unilever and Coca

Cola to more local institutions such as The Shanghai American

School and leading Chinese companies such as Bank of China

韩天宁销售总监

ȅѳŧȈɥEcirc=şɵϴϾ˙ϛλλλ5ЯɁŎȓѥѣЂѓŘ˙ϛŸlt6ȅƍOumlszligϞɱşɵƮŁOumlΝϛijȥ13=sŁAEligȅȥx˟ŘƙβOumlAringŁǸŲ=жʙѓϾŘƙAringʝϛȠūȚŴũǵǺǵȎ=ϚϾ˛ŝɐŘλΠUgraveIcircTHORNƉńũѓŘϫαUgraveѓŘȴʝϛ6

Oliver Yuen ndash nature Reserve amp Recreation Manager

naked Stables Private will be the first private reserve in China

with a wealth of new flora and fauna introduced to the project

from Sydney University Australia and as a fully qualified Ranger

working in many of the worldrsquos best wildlife parks Oliver takes a

special role in ensuring the environment of naked Retreats and

naked Stables Private Reserve will be full of life and a natural

self supporting eco system Oliverrsquos passion for both people and

nature make him the perfect person to teach our guests about

what we do and make their stay not only a relaxing one but

also a fun fulfilling educational one as well Oliver previously

worked in wildlife parks and resorts such as Azura Retreats in

Mozambique Mobala Private Game Reserve in South Africa and

Sydney Aquarium in Australia

袁鹏威 - 活动经理和度假村 生物学家

naked StablesƮѓŘszligϞĸϭljΪOumlцʾũiacuteʾOumlˆoacuteƟʵ6OliverѽϞɜGAringȚφͿɯAringλūķOuml˪λƝiacuteλƝ=ϡƎФǁĹTHORNOumlϙ˪iacuteВľѽOumlľѽе=Ф˼naked Retreats ũnaked StablesϾѯĖĥ˪ѱЕ5ʿѳĺOuml˪΄Oumlźǔľѽ˛QύѯіϘƶ˔6АʊoslashˆȏũѳʿOumlƊʮ˼ѻūOumlˆȅĵͰɒOumlǸˆͰɒѼOuml˷ɋ=sʨ˂ɒФжȕOuml˶ŒxLjLjČ=˶Ϛ˂ɒOumlǝѢǑșlOtildeϾǭΫcurren˹ũϾƷЋϤϦ6АʊтʣФɫčũGAringȚφͿɯѹŏiquestϙ˪iacuteВũWŰʵOumlľѽVȂMozambique OumlAzura Retreats Mobala Private Game Reservelt6

46

Philip C Davis Company Director naked Retreats

Phil joined the Board of Directors for naked Retreats hotel

management company in 2011 His previous board experience

includes Tian Rui Hotel Corporation holder of the master license

for Super 8 economy hotels in China and Hong Kong from 2006

to 2008 He also was a founding shareholder of Tian Rui and

served as its President and Managing Director from 2006 to

2008 He was a board member of Tian Xian Cheng a bai jiu

concern which is a joint venture between Pernod Ricard and a

2010

Phil was previously Chairman of the Budweiser (Wuhan)

International Brewing Company and Managing Director of the

AnheuserBusch business in China and Hong Kong from the

beginning of 1996 through 2002 From 2003 to 2005 he

headed the AnheuserBusch liaison office with Tsingtao Brewing

Company

Phil holds a PhD in history from Washington University and

started his career as a market researcher at a major advertising

agency in the US before moving to AnheuserBusch and

heading its consumer planning and new product development

functions in the 1980s

Philip CDavis naked 度假村公司董事长

PhilЂɱƞˏȥnakedoacuteƟʵǙacircŎȓŁOumligraveƁ6ϡĖĥOumlǑϏVȂФːǙacircƍˇф5ϡƎЂɱэɱФѓŘũѓŘΒIJEacuteˇSuper ǑƖǙacirc ʼnˆ6˶=ϚːǙacircƍOumlmiddot˽ʼnecirc=ФɱэɱʖƣEacuteˇƍOumlѵ|ũigrave6ɱэɱʖƣ=ϞƝІWȎȞƞũJǙ˪ȴʝϛƬɫūѱOumlʝϛ77ΐOumligraveƁГ6

iquestɱэɱ=Phil͵šBudweiserŘƙɳǙŁOumligraveƎѓŘũѓŘΒIJCŝyŁOumligrave6iquestɱэ13ɱ=CŝyũʫETHʌǙŁOumlȠɆdegOumlĤЩˆ6PhilϴϾŴ˭uacuteAringλOumlș˻дλvλ=ФǁɱCcedilȅOgraveCŝy5ĤЩΞĒŔŷũΪʑǭāĿɭтʣ=OumlϛʜzЂɐŘOumlϞƝœĵCcedilȓŁ=Eacuteˇaeligω6

47

OUR INTERNATIONAL TEAM

International team

Chief master planners amp architects

the urban landscape of modern China with Xintiandi in

Shanghai a commercial cultural and entertainment district

Since then the studio has worked on projects in very diverse

categories both small and large scale projects include mixed

use projects like the ldquoTiandirdquo in Hangzhou Chongqing Wuhan

and Foshan luxury villa and high rise residential complexes in

Shanghai and Vietnam as well as various boutique hotels and

Chalet Architects

A00 Architecture is most well known for their research

inenvironmental sustainability and its application to their

work in Architecture Interiors and Furniture Their portfolio

includes feature restaurants luxury spas retail stores design

conversion of dozens of historic Shanghai homes into highly

personalized residences

Interior Designers AIM (Architecture amp Design) brings expertise

in the combination of world architectural styles and design

influences to the interior designs at naked Stables Private

Reserve With the Shanghai office led by the two founding

on comfort warmth and a unique blend between African and

Asian design sensibilities

Landscape Architect

Design Land Collaborative (DLC) is a professional consulting firm

comprised of landscape architects and planners with an office in

Shanghai and the United States Projects have a strong emphasis

on cultural resources historic preservation and ecological

design involving both the public and private sectors

ͰɒOumlāЮdivide

ɴǵϡΑάOumlёȣ

ŘƙŸdivide

首席规划师和建筑师

benwood Studio Shanghai OumlсɜΙɧтϞѠĨШ˛ŝΪTHORNľ=˼ʙƍ˙ϛ5Ÿ5ЄȎϞOumlʵЉ6тŮ=ЁƻȥĹȏŔɟAringΟOumlΙɧ=VȂţјOumlͻůTHORN=іʱ5͵šƎę˗OumlŤŴpϡƎФ˛ŝũЛɫOumlijѢЭʵ=ȮŻϾФѓŘƎˉ_OumlĹȏǐʑǙacircƎoacuteƟ6

小圆房建筑

AOO Architecture ФźǔWŰƎǵ θāЮĈɘϾѯѭЛOumlƭ=s˘ƮʙƭϰϸЂɬƝѩ6ɒƻŚOumlΙɧVȂ˔5ŤŴȤѓΫ5ȫ˙acirc5ˤƗίǙacirc˛ŝυНǙacirc lt5ˆoacuteƟϡƎϞ΄ȧOuml˛ŝș˻ѢЭOumlCcedilŸƎˆŸĨШ6

ɬ ˤƗ˰AIMƭѡˤƗltѥѣЂǁƭѡĘķũˤƗOumlɐƿū=ϭNtildenaked StablesOumlɬˤƗ6ФȅѳŧȈũaȚ˶OumlūѽmiddotTˆȭNtildeOuml˛ŝTdegOumlUѠ΅=ˤƗѣі5ũφčˤƗȓɲOumlntildeˊū6

景观设计

Design Land Collaborative (DLC) ϞƝiquestǒōˤƗІŔŷOumlѥϛѰξŁ=Ф˛ŝІɐŘǩˤϾēрƉń6ʙΙɧ˘ЂŋѣŸș˻ĻЕ=ƿūźW˪ǴƔ=ѥѣЂŁŃƎϾTHORNOumlŔŷ6

48

Engineering amp Project Management team

Scott Wilson Group PLC is a globalintegrated design and

engineering consultancy for the built and natural environments

Scott Wilson is responsible for the project management the

electrical and mechanical engineering for the project

Environmental Consultants

Environmental Resources Management (ERM) a leading global

provider of environmental health and safety risk and social

consulting services ERM deliver innovative solutions for business

and government clients helping them understand and manage

their impacts on the world around them ERM have 137 offices

in 39 countries and employ approximately 3300 staff

Sustainability Consultants

Bisagni Environmental Enterprises (BEE) works with the

engineering and design teams to ensure the environmental

goals set out at the inception of the project are achieved

LEED Consultants

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

Local Design Institute

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

General Contractor

and have been responsible for some of Chinarsquos most iconic

properties such as the World Financial Centre in Shanghai

工程及项目管理团队

Scott Wilson Group PLCϞƝʺʳŔɟOumlźWˤƗƎľѰξŁ6Scott WilsonĤЩΙɧOumlaacuteʠƎƉΤľ6

环境咨询

Environmental Resources Management (ERM)ϞƝʺʳαϛȭѰξŁ=ŀźǔWŰ5ƫǰCʺƎŁŃˣƁĘΌUgraveѰξĞ6ERM˙ϛƎоġɑǸŲŀĨĶβOumlǀǧĈF=UѠɒȥǀsŎȓʙǑϱoslashˣƁźǔAEligȅOumlϳΗ6ERMФʺʳϾ137ĸēрƉń=myĸŘƝ=ϴϾAringК3300ɜГľ6

可持续发展咨询

Bisagni Environmental Enterprises (BEE)ІľˤƗdivideΑűūѽ=ϡʽWФΙɧǭ˽ƼotildeˤȜOumlźǔWŰǵ θāЮɧnOumlȚ˹6

绿色建筑认证咨询

Shanghai Pacific Energy Center (SPEC)ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlŁтϞ6

本地设计公司

Shanghai Baoye Construction Corp Ltd ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlαϛȭŁтϞ6

总承包商

ϞƝŘƝƐľVŁ=ϠƻȥηucircѓŘnьβΙɧ=țˍ˛ŝźʳDŽˊѓΫ6

49

naked COVERAGE

wwwcnngocom

ldquo25 killer things to do this summerrdquo

26 April 2010

Time Magazine

ldquoRun to the Moganshan Hillrdquo

新浪博客

ldquo避世的可能rdquo

31 December 2009

wwwenglisheastdaycom

ldquoThe first batch of ldquoChina Treasured Towns ldquo released

December 2009

Shanghai Urbanatomy

ldquoGet naked this time with horsesrdquo

Shanghai Daily

ldquoGreen MaGIC Casts design spellrdquo

14 October 2009

新浪商品

ldquo中国最佳设计酒店大赏rdquo

September 2009

wwwchannelnewsasiacom

ldquoChinarsquos green resort allows travellers to vacation on good consciencerdquo

2 September 2009

wwwbijianlinblshecom

ldquo莫干隐居rdquo

25 Aug 2009

wwwassociatecontentcom

ldquoThe Exquisite Moganshan Mountains of Chinardquo

Ɏ

Wikitravel

ldquoMoganshanrdquo

德清新闻网

ldquo承包国营林场建造生态ldquo逸站rdquo

wwwsinoeventcom

ldquo亚洲旅游地产及景点峰会成功举行rdquo

wwwchinatravelbrandingcom

ldquoPursuing Green for Greenrdquo

wwwbrandrepublicasia

ldquoMaking moves towards ecofriendly eventsrdquo

7 May 2009

wwwhandsonshanghaiorg

ldquoHands On Asia Conference Summeryrdquo

May 2009

wwwmyvacationcn

ldquo莫干山居rdquo

3 April 2009

wwwshanghaidailycom

ldquoThe naked truth Time to clean up Moganshan litterrdquo

4 March 2009

wwwgreennovateorg

ldquoMoganshan Project Kick Offrdquo

13 February 2009

Travesias

ldquonaked retreatsrdquo

Feb 2009

合肥在线

ldquo大山里的裸家族rdquo

20 October 2008

wwwentrepreneurcom

ldquoThe arrival of the Olympics showcases Chinarsquos burgeoning entrepreneurial spirit ldquo

7 August 2008

50

Shanghaiist

ldquoWeekend escape to Moganshan 莫干山rdquo

9 April 2008

私家地理

ldquo艳阳下的荫凉rdquo

30 May 2008

City Weekend

ldquoGet naked in Moganshanrdquo

25 January 2008

wwwbundpiccom

ldquo在这绿中撒点野rdquo

wwwhuzhougovcn

ldquo相中德清筏头的青山绿水南非客商莫干山下建生态逸站rdquo

wwwurbanatomycom

ldquo24 Hours in Moganshanrdquo

wwwhkheadlinecom

ldquo杭州莫干山竹林深处人家rdquo

15 May 2009

wwwnewsweekcom

ldquoBack from abroadrdquo

May 2009

Chinatravelnet

ldquoMoganshan A Heavenly Hideaway of Bamboo Forests amp Tea Plantationsrdquo

April 2009

wwwmzztmcagovcn

ldquo2009年踏青乐游路线推荐大公布rdquo

16 March 2009

第三媒体

ldquo规划一条畅快随性的踏青之旅rdquo

28 October 2009

wwwdqnewszjolcomcn

ldquo三九坞 ldquo裸家族rdquo钟爱的世外桃源rdquo

28 October 2008

ldquo自驾行天下rdquo之中国莫干山rdquo

Sep 2008

ldquoShiffting Gearsrdquo

Sep 2008

April 2008

Chewed up amp Spit Out

ldquoGet nakedrdquo

19 February 2008

ldquoBest Weekend Getaway Hotels Shanghairdquo

富世

Ecoefficient hotel低碳下榻

April 2011

Spa China Guy 男士派

Experiencing The Unique

2010

Cosmo 时尚

跨洋建屋隐居不隐世

April 2010

Global Times

The Mountain of legends

Global City Geography 城市地理

莫干山 naked Retreats 都市人一ldquo裸rdquo到底的山居生活

Dec 2009

China Daily

Rural Retreat

20 March 2011

China Daily

4th March 2011

Modern Weekly周末画报

圣诞低碳游

Dec 2010

Elite Traveler 携程自由行

旅尚

Esquire

Hidden Best Restaurants

Feb 2011

51

52

53

Page 17: Detailed Investor's Report

16

17

THE DESIGN IDEA

Tree Top Villas

树顶别墅

To touch the sky at night and look down on the forest in the morning is what owners of the tree top villas will experience High

above the forest canopy 30 luxurious homes are perched in the tree tops Spacious wooden constructions with large sundecks spill

into the panoramic views of the mountains

macrɞҌҍOumlϝǹ=ϔѪȗOumlҐ=жǜϴϾccedilpOumlˆɒntildeΘOumlҕȞǒ˔6icircŤŴѢЭʗͽФ˕ȩŌт˛=pǡϞķ6аФǾOumlɦѐΟͳѓ=œOumlɢī˗ʺǒǍόYacute6

Each villa is built on stilts to minimize its physical footprint and maximize the views for its discerning owners The prefabricated villas

are made by innovative construction technology known as structural insulated panels (SIPs) With high insulation value and zero

construction waste these lofty eco dwellings are like no others offering you an energy efficient home that is beautiful and at one

with nature

ccedilpOumlƭѡaumlƵȵƿń=iquestyacuteƦ˟oslashБ˽˪źǔOumlϳΗ=sѻAringΏoacuteOumlЮϹɐOumlǒ˔6жΡЎѐOumlpϸѻΪǴƔOumlƿńWOѐШOuml6ccedilpOumlˤƗтѽ=ʹđȦͲˁssectѳʿ=ŀϞĸЁϾʑЁʩNjѳʿOuml˪ѢЭ6

The villas are intended for life Overlooking the mountains and forest below each home has a very large outside deck

complemented on the inside by an open plan kitchen with all the latest amenities dining room living area and opium den for

relaxation and entertainment Large sliding doors and full wall windows welcome natural light while sophisticated air conditioning

systems ensure your comfort Double layered glass keeps the view in perfect focus hushing all sounds to perfect stillness Wooden

floors soft lighting and high ceilings add a sense of warmth and space

ccedilpѥ˪Ƃyacuteƭ6Ġғ΅ɘOumlʾ˗ũ˕ȩ=ɏicircƭѡǩˤϾǾAringOumlϒ=ʆϡCcedilOumlмǭČ˾notĉ55˪ƂʵũČЄȎ6ǾAringOumlȄɑũмɘɅTHORNAringacuteǵɩѳʿˉŒ=˶ljOumlǹaelig΄ǵʽWɴOumloacute6tȟǵȯɴФѻƜƶoacuteΩ˚ɐǒOuml˶xƁOgraveĹѕ˩ϪOumlī˃=ntildedegЂϞʎǓтѓ6ʿOumlɦTHORNO5ˌũOumltimesŒũǹOumlųϣЫȥɻũǹƣĭ6

ˤƗȓɲ

18

Tree top villas

Roofs thatched

19

20

FLOOR PLANS

Treetop villa 2 bedroom villa ccedilpȢͱĉ

ʒɘ

Interior area 室内面积 13768sqm

Exterior area 室外面积 50sqm

Total usable area 实际使用面积 18768sqm

21

Level 1 一层

Interior area 室内面积 7088sqm

Exterior area 室外面积 102sqm

Level 2 二层

Interior area 室内面积 668sqm

Exterior area 室外面积 398sqm

22

Treetop villa 3 bedroom villa ccedilp˓ͱĉ

Interior area 室内面积 20214sqm

Exterior area 室外面积 664sqm

Total usable area 实际使用面积 26854sqm

23

Level 1 一层

Interior area 室内面积 10334sqm

Exterior area 室外面积 118sqm

Level 2 二层

Interior area 室内面积 988sqm

Exterior area 室外面积 546sqm

24

Treetop villa 4 bedroom villa ccedilpͱĉ

Interior area 室内面积 2667sqm

Exterior area 室外面积 863sqm

Total usable area 实际使用面积 353sqm

25

Level 1 一层

Interior area 室内面积 136sqm

Exterior area 室外面积 168sqm

Level 2 二层

Interior area 室内面积 1307sqm

Exterior area 室外面积 695sqm

26

FITTINGS amp FINISHES SCHEDULE

EXTERIOR AND INTERIOR FINISHES

External walls

Structure is built from steel and SIP (Structural Insulated Panels) External wall is cladded with painted fiber cement board

Internal walls

emulsion paint

Ceiling

Ceiling is finished with emulsion paint

Flooring

Bedroom is finished with heavy strand bamboo flooring

Balcony

Balcony floor is finished with Wood Plastic Composite decking (M wood) Railing and trellis made with Liu An wood Balustrade is fitted with metal and Liu An wood

Window

bedrooms are fitted with double glazed LowE glass and Roto hardware

Kitchen amp powder room

Floor is finished with natural tile Kitchen cabinets and sink are provided Kitchen counter top is fitted with natural stone

Bathroom

Wall and floor are finished with natural stone

Doors

Entrance door is made of solid core timber fitted with Saflok RFID locks Bedroom doors are fitted with hollow core timber fitted with Saflok RFID security locks

ƭѡȦƎˤ]ɛ

室内外材料

oacuteƟͳʥ

oacuteƟͳƿńˤƗĮƿńƎƿńWOSIPlt6ʥϸΉɮOũʘ6

ɬʥ

ǸćƎͱтɬʥǩϸĔƎˎƲʘ6

ų

ųɘˎƲʘ6

THORN

ǸćģūɦTHORNO6ͱіќTHORNO

ȹ

ȹϸɦOʓʟ6ʈȲҎɦѐШOuml6ȇĬϸDŽрƎȲҎɦĜ6

acuteŲ

Ǹć5ͱOumlacuteŲϸȽɦѐacuteȀʆ-3ѓǹtȟƎ-0-ͶDŽʆƪ6

notĉ

THORNϡƎɘϡʿTHORNѦʓʟ=notĉŀlaquoŖϡƎʇ6notĉɘʿ˵6

Ќ

Ќʥ˦ƎTHORNϡʿ˵ʓʟ6

ɑ

ˏǺAringɑϸ˹Ψɦɑʆ˛-)ljordfɑNJ΄6ͱɑϸǹΨɦɑʆ˛SaflokljordfɑNJ΄6

27

MECHANICAL AND ELECTRICAL INSTALLATIONS

Heating and Cooling

AIRWELL centralized water source heat pump is provided Fresh air intake with heat recovery system is installed

Electrical provisions

are provided

Electricity

Concealed conduits are provided Threephase electricity supply with miniature circuit breaker distribution board is provided

TV telephone and internet connection

Satellite TV with all major international channels

is provided in all the villas Telephone outlets and wireless internet connection is provided

Hot water supply

Huang Ming solar hot water heater and Rinnai gas water heaters are installed for the villa

Water supply and pipes

Concealed copper pipes are used for both hot water and PPR pipes are used for cold water

The resort will be patrolled 24 hours a day CCTV system is in operation throughout the resort 24 hours a day All the villa front doors and bedroom doors are fitted with Saflok RFID security lock system

APPLIANCES TO BE PROVIDED OR INSTALLED IN EACH DOMESTIC

UNIT

机电设施配套

ŀɻũѐȐ

ɽyumlƍѓ˾Е˅`΄6ΪĘ˅ſ΄6

Ɲaacute

ʆEΐNtildeŎOumlǭŋϡƎѿ6

aacuteȞŀϰ

ѩϾϮ˾ΐȺ=ʆϾίoumlȺʠ=ʆaacuteΓOuml˓ΑaacuteЕŀϰ6

aacuteƎςˤ]

έaacute=ʹΐaacuteŹũʹΐȺ6

˅ˤ]

žɛϒɭ˅ʠƎȩɬɌʡ˅ʠ

Ŏ

˅ŀϰŎǩϸϮc˾ĮŎ=ȐŀϰŎŎ6

WCˤ]

oacuteƟAacuteˤϾϾΟ˶ѽOumlgȺaacute΄ϡƎΟ˶OumlπɄ6ˏǺAringɑƎͱϸSaflokljordfɑNJ΄

标准住宅单位附送以下设备

Stove BAUMATICExaust fan BAUMATICOven BAUMATICMicrowave BAUMATICFridge BAUMATICBARMini fridge (2 3 bedroom) BAIXUEWine fridge (4 bedroom) BAUMATICBEDROOMMini fridge BAIXUEBath KOHLERTERRACEBarbeque grill

TelevisionDVDBATHROOMShower KOHLERBasin KOHLER

notĉ aacuteraquoȷ ʄɇUcircǷnotĉϼχƉ ʄɇUcircǷnotĉaacuteDZΓ ʄɇUcircǷuȷ ʄɇUcircǷɬяrΓ ʄɇUcircǷHΟrΓ=ĉlt JμǙŖĉlt ʄɇUcircǷͱΟrΓ JμЌį Ǵȍȹ˞DZΓҒĉaacute ɯDVD ɯЌȪЌʠ Ǵȍʇ Ǵȍ

28

NOTE

1 The Developer reserves the right to substitute other materials

or appliances of comparable quality and standard for the

intended items as listed in above fittings and finished schedule

2 The fittings and finished as listed above shall be subject to

the terms of formal Agreement for Sale and Purchase Those

provisions may have slight variation in the color measurement

3 The Developer reserves the right to make modifications and

changes to the building design fittings and finishes without

prior notice

4 Fittings and finishes of the Special Units may be different

from those of the Typical Units

备注

āЮ˙WȰϞʧʹȞ=Dв˹ƙʮȁεϘϡUgraveётƭѡȦϡƎˤ]Ccedil˛ȧĹΙ6

˛ȧĹΙȦϡƎˤ]ǩϡн˾ɈɉūКOumlǿщegraveѬ6ĹΙƭѡȦƎˤ]ǵɭƁФϋ˔=ȣoacutepoundAcirc5ȓ5ѺуƎƆľ˛ordfʬp6

āЮ˙WȰϞʧʹȞδeacuteϡƎĽĨϛOumlˤƗ5ƭѡȦϡƎˤ]ʹεȮαс6

˔EumlЏOumlēƭѡȦϡƎˤ]І˛oȧĹΙǵɭϾx6

29

PURCHASE OPTIONS

Buying a Tree-top Villa at naked Stables Private Reserve involves signing a Sale and Purchase Agreement with the development

company and a Lease and Management Agreement and Deed of Conditions with the Hotel Management Company The Management

Agreement requires the purchaser to lease the property back to the Hotel Management Company to manage on the ownerrsquos behalf

There are two different plans which are available for buyers

在 naked Stables 购买一套拥有不动产权的树顶别墅包括与发展公司签署一份买卖协议以及与酒店管理公司签署一份租赁管理协

议和条件契约管理协议要求购买者以业主的名义向管理公司出租其别墅以供其管理买家有两种方案可供选择

ŅɈκΙ

30

OPTION 1 - FLEXIBILITY

1Owner Usage Rights

Zero usage restrictions

Early reservations are required to secure Villarsquos especially during prime and peak seasons If a Villa Owner does not provide the

required advance notice for a reservation the resort may be required to offer the owner a different unit or in the worst case no

availability at all

1 业主使用权限

ȫ˼ϸΏѐ

ϘʴʣЎegraveˏѢp=ϺʙФƐƕ6ˍřpϛѝɍϾŀϘʴOumlϸЂЎegraveOumlЎс=oacuteƟAacuteƮʙŀȮϞdegѢdeg=ƆеѻЦĴOumlʮȁɍϾǹĉ6

2 Rental Revenue

2 租金收入

a Rental revenue

Whilst not in residence the owner will be eligible to earn a pro rata 36 of the room revenue generated by the Reserve during their

absence Ie Everyday the revenue generated by the entire resort is divided amongst the owners not in residence on that day When

an owner is in residence he forfeits his opportunity to earn revenue

ѸDŽˏ

ϛѝxǝѢʖƣ=ƮOtildeOgraveoacuteƟAacuteordfѸʙĉͳOtildeϧOuml6ɏoacuteƟAacuteordfѸɨΡxǝѢФfrac14OumlϛѝOumlĉͳOtildeOumlϧƮ^ʒǩēʆĺжΡϛѝ6IcircϛѝǝѢФʙpȕ˶=Ʈ˱ʸƅOtildeϧOumlƉƁ6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

选项1-灵活性

31

c Cashing out your returns

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

gtƮɴOumlſYŚDŽĈ˾ʷordf

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſYϧ6ˍřϛѝκЪxʷordfOumlϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3 有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecom services

included in the Services Fee to the owner whilst in residence The services fee is 300rmb per room per night This fee is charged on

all rooms regardless of which are in use

4 服务费用

IcircϛѝФoacuteƟAacuteǝѢ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸѓ6ɏĸĉƣɏOumlĞĒϸЏˆəe6жĸĒϸΛϾĉƣʷOuml=xɃfrac14ĉƣĚФ˼ϸ6

5Maintenance

4 of hotel room revenue will be reserved for ongoing building maintenance This will be deducted from the ownerrsquos share of total

room revenue

5 维护

ǙacircǸĉˏOumlƮ^ȰѽŮθƭѡδтĒϸ6ħēDŽuumlƮiquestϾˆǵēOtildeOumlǙacircǸĉˏĕuumlѓǻshy6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGEEarnings Per Room (36 of gross room revenue) 124173 170827 221315 253507 263647 2066942 Bedroom 收益 ndash 双人间 248346 341653 442631 507013 527294 4133873 Bedroom 收益 ndash 三人间 372519 512480 663946 760520 790941 6200814 Bedroom 收益 ndash 四人间 496692 683306 885261 1014027 1054588 826775

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 41 57 74 85 88 69

3 Bedroom 收益 ndash 三人间 9000000 41 57 74 85 88 69

4 Bedroom 收益 ndash 四人间 12000000 41 57 74 85 88 69

Hotel revenues and owner rental yield - Option 1 Flexibility

32

OPTION 2- STABILITY

1Usage Rights

1 使用权限

选项2-稳定性

Total Permitted Usage Prime Peak SeasonPermitted Usage

Peak SeasonPermitted Usage

Out-of-SeasonPermitted Usage Blackout

40 days per yearNo occupancypermitted

Up to 20 days per year but no more than 7consecutive daysfor any one stay

Up to 20 days per year but no more than 7consecutive days for any one stay

No occupancypermitted

允许使用总数主要的旺季允许使用

旺季允许使用

淡季允许使用

无折扣期

每年40天 不允许占用 每年20天但是每人

不能连续居住7天每年20天但是每人 不能连续居住7天

不允许占用

Prime Peak Season To be published by naked Retreats in according to government notification every year Prime Peak Season

Middle Autumn Festival (Sept) excluding Blackout dates

Ɛƕɏɱϻnaked RetreatsĻǟоġĵāordfс6ƐƕVȂѓŘsup1ƽϞМĀМlt5ȋiacuteƽͶМlt5Řʱƽ˴Мlt5ʭɛƽМlt5ѓʲƽǘМlt=xVȂʹгǻʖ6

ƕiquest˓МOgrave˴ϞМʖƣOuml10ĸїɡϡƎ10ĸľѽˉїʖ=xVȂƐƕũʹгǻʖ6

OutofSeason 20 days during December to February excluding Prime Peak Season and Blackout dates

Iacuteƕiquest˴ĀМOgraveĀМʖƣOuml=xVȂƐƕũʹгǻʖ6

Blackout Dates Peak demand dates such as holidays sporting events groups and citywide conventions Local cultural events

all as specified by the Hotel from time to time

ʹгǻʖεʴijėʖVȂƟʖ5Ћ˒5ũʺβOumlƁϨ6IcircTHORNɾyumlOumlŸƂiacuteiumlƮDвǙacircOumlɛljα6

2 Rental Revenue

2 租金收入

a Rental revenue

Regardless of your usage of your property your rental return will be fixed at 5 for the first 5 years of operation After this period

you will automatically migrate to the Flexibility plan

ѸDŽˏ

xɃɰOumlĉ˼ϸoacuteˍŪ=ͶɱOumlѸDŽϧiumlŊegraveOuml136ФжтŮ=ɴƮѳiacuteѧˏȬƂβĈF6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

33

c Cashing out your returns

gtƮɴOumlſYϡDŽĈ˾ʷordf

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſY6ˍřϛѝκЪxʷordfʙϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecoms services

rental option

4服务费用

IcircϛѝǝѢФoacuteƟAacuteȕ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸȕ6жϞȏOumlĞĒϸxVȂegraveβordfѸʆ6

5 Maintenance

Of the 5 guaranteed return generated form your property during the period you are not in residence the management company

will retain 4 of this return for maintaining your Villa The maintenance fund will be pooled and used for all Villarsquos in the resort

5维护

ɴxǝѢʖƣiquestɴOumlĉѓƮ˪Ouml13OumlſY=ŎȓŁƮWȰжbſYѓOumlϸѽɴpOumlŰ6ŰƈDŽƮ^ūsʜȅsϸЂϾoacuteƟAacutepOumlŰ6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Hotel projections

Rooms Available 可用房间 not relevant 非主要Estimated occupancy 预计使用率 not relevant 非主要Estimated average daily room rate 预计每日平均房价 not relevant 非主要Growth in room rate 房价增长率 not relevant 非主要Annual room sales 年房间销售额 not relevant 非主要RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE2 Bedroom 收益 ndash 双人间 50 50 50 50 50 503 Bedroom 收益 ndash 三人间 50 50 50 50 50 504 Bedroom 收益 ndash 四人间 50 50 50 50 50 50

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 300000 300000 300000 300000 300000 300000

3 Bedroom 收益 ndash 三人间 9000000 450000 450000 450000 450000 450000 450000

4 Bedroom 收益 ndash 四人间 12000000 600000 600000 600000 600000 600000 600000

Hotel revenues and owner rental yield - Option 1 Flexibility

34

Option 1 - FLEXIBILITY Option 2 ndash STABILITY

investment returns for your Villa are influenced by the

success of the resort and the number of days you use

your Villa

Stable implies both your returns and your annual

usage rights to your property are fixed Regardless of

how well the resort operates your returns will remain

the same Equally you will only have a fixed number

of days allowed in residence

Usage Have unlimited usage rights to their Villa 40 days usage per year

Rental ReturnEarn 36 of the pooled returns from the entire resort

whilst not in residence

5 guaranteed return on their investment regardless

of resort performance

Resort Discount20 discount on all resort amenities and activities

(including SPA and Restaurants)

20 discount on all resort amenities and activities

(including SPA and Restaurants)

Services FeePay a Services Fee of 300rmb per room per night

whilst in residence

Maintenance4 of all room revenue is retained for maintaining

the owners Villa

4 of all room revenue is retained for maintaining

the owners Villa

选项1 ndash 灵活性 选项 2 ndash 稳定性

ȬƂβϸЂ˼ϸІſY6ɰOumlpѱſYʷǧЂoacuteƟAacuteOumlĿǑϱũɰoslashpOuml˼ϸoacute

ŊegraveβϤѯɰOumlſYũɏɱoslashЂɰOumlĉOuml˼ϸʹΏiumlŊegraveOuml6xɃoacuteƟAacuteOumlǑϱѫȁϾucircť=ɰOumlſYiumlŊegraveOuml6ϖTHORN=ɰъϾŊegraveOumlПηǝѢOuml6

使用 ʹΏѐOumlp˼ϸʹΏ ɏɱOuml˼ϸʹΏ

租金收入 ФxǝѢʖƣ=ƅOtildeмĸoacuteƟAacuteūsſYOuml xɃoacuteƟAacuteǑϱѫȁˍŪ=Wп13OumlſYϸЂѱ

度假村折扣 ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt

服务费用 ǝѢʖƣ=ɏĉƣɏЏˆəeOumlĞĒϸ čѝϘ

维护 ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ

OPTION COMPARISON

选项对比

35

36

INDUSTRY RETURNS AND BENCHMARKS

INDUSTRY REPORT

行业报告

Tourism and urban resorts is one of the fastest growing industries in China According to industry consultant HVS cities such

as Shanghai Beijing Shenzhen Guangzhou Hangzhou and Tianjin all have a population where a critical mass of highly affluent

individuals and successful companies exist generating demand for suburban resorts

ФѓŘ=ȾϽϛũoacuteƟAacuteσɓāЮOumlαϛтϞ6ĻǟʺʳǙacircĞϛltOumlϞΙYĵ˿=ФѓŘOumlѝϘˍ˛ŝ5[ǎ5˧5œј5ţјũdžǩēyѯAringȣOumlĥЍˆʾũĿOumlʝϛ=ϻfrac14ϚƊāȥoslashƴʵoacuteƟAacuteOumlƌAringεʴ6

Amongst other things the exponential growth in private vehicles has seen a huge increase in demand in the leisure market With

the completion of the shenjiahu highway in 2010 the travel time from downtown Shanghai to Deqing is now 2 hours Also with

stop at Deqing) scheduled to open in late 2011 travel time from downtown Shanghai to Moganshan will take between 15 to 2

hours When comparing travel times to get to other resort destinations in China ndash eg Hainan or Lijiang flight times might be within

2 or 3 hours total travel time including travel to airports and check in make the whole trip 6 to 7 hours plus additional travel cost

Within the 2 hour travel radius of Shanghai the quality of resort destinations is also (in our opinion) not at an international standard

with most hotels simply being lsquocity hotels in the countryrsquo rather than true resort properties operating at international standards

shyfrac14т=ѯĸˆγΊOumlāЮ=ĸˆƸϴϾȿϚσʂ˫6ѳɱ˥ƛůijϡŮ=iquest˛ŝOgraveOcircʭϚLjεϘĸΟ˶Ouml6ΪƭOumlijǵϡФ13ēєɬiquest˛ŝUumlAumlţј6ƏƮФɱYacuteǫľOumliquestţјOgraveɫǎOumlijѓϾϞаDzOcircʭlt=ъεϞĸSΟ˶OgraveȢĸΟ˶ǜǵϡiquest˛ŝѓΫOgraveAumlɢī˗6ˍřІѓŘOumloacuteƟˮTHORNŝɫ5ȒƯUgraveaƹ=shyȥϘųĒэĸΟ˶Oumlďα˶ƣ=ŻϘФVȂʣƉ=CʺƤũUgraveEgraveOslashƉ˛ų˛эĸΟ˶=ĽxϸɨΡuumlOumlαųΝȥ6Ѷō˛ŝїiΟ˶ɬOumlγΊoacuteƟʸdeg=э˟ͰɒˈltІŘƙŸnѬŻϾѯɛOumlǢ6AringēOumloacuteƟǙacircϚũѓOumlɨΡǙacircɍϾ_ёOumlʵp=ЗЗAumlxOgraveинŘƙϤϦ˛oacuteƟίĉΙɧOumlϘʴ6

ϛѝЎʖſYІaƹ

37

OUR NICHE

我们的利基

naked sees a need in the market for world class expertly designed and operated resorts which are within 1 to 2 hour travel time

of major cities in China As with other urban resorts we believe that the Leisure market and the MICE (Meetings Incentives

Conferences Events) market will be a huge driver for our business In addition we feel that we are already at the forefront of

the growing focus and concern on environmental design building and operations as well as the growing interest in nature and

environmental education At naked we also place a high emphasis on facilities and services for the entire extended family ndash from

children to parents to grandparents that other resorts do not place dedicated resources for

nakedЎƧOgraveȥФѓŘжϞεʴƏǢȑѝϘϞэȢĸΟ˶Ouml=˶ЁhζǁϞȱOumlѥϛˤƗũŎȓOumloacuteƟΙɧ6ͰɒΑάγΊũƁƁϨ5ưȘȾϽ5AringίʝϛƁϨ5ƂiacuteЮȉltOumloslashͰɒϛOumlіAringʤȞ6frac14=ͰɒФŋѣũiacuteźWίˤƗ5ƭШ5ŎȓũźWȓɲœ˛ϠǑѷФȥαϛȭя=ФnakedІαϛеxͰɒϚіoslashЂˣʵѓOumlŜѲ5Ɲ5ȌеOumlĞũˏ6

As such we feel very confident in the rates and occupancies that we will achieve Regarding room prices when benchmarking

against some of the other leading hotel brands in the resort market such as Aman Fayun Hangzhou Banyan Tree Hangzhou Fuchun

Resort Hangzhou Mandarin Oriental Hainan and Commune by the Great Wall average rates in March 2011 for single bedrooms in

this set are ~ RMB2800

ϩfrac14=ͰɒoslashЂˏѢĉƠϡƎˏѢȿcurrenɊάΫ6ФˏѢĉƠĈɘ=ІʙФoacuteƟAacute˛OumlсɜǙacircʑʁaƹ=ˍCҊĂО5ţјНҏѨ5ĥsup1˗ǝ5˓φŴecircĈǙacircũƵ΅OumlŁˣ=Фɱ˓МOumlEumlˆƣʒǩƠķ=6

Regarding occupancies we are confident to achieve occupancies of around 60 after about 4 years of operation but forecast

conservatively that our occupancies will start from around 35 in the 1st year of operation and grow steadily to 45 in year 2

55 in year 3 and 60 after the hotel is lsquomaturersquo from year 4 onwards

ФˏѢȿĈɘ=ͰɒŬϾάΫǑŚɱOumlǑϱ=ͰɒǵϡAumlOgraveOumlˏѢȿ6WŇƗ=ͰɒOumlˏѢȿƮƁϻszligϞɱOuml13=egraveЫOgravefrac34ɱOuml13ũszlig˓ɱOuml1313=szligɱϡŮƮƁЫOgrave6

Given the above estimates we believe that owners can expect attractive investment terms as illustrated in the table below

Ļǟϡ˛OumlŇƗ=ЎƗϛѝɭņOtildeOgraveOumlѱſYƮƁˍ΅o˿

CҊĂО

НҏѨ

ĥsup1˗ǝ

˓φŴecircĈǙacirc

Ƶ΅OumlŁˣ

RMB4270

RMB3500

RMB2000

RMB2150

RMB2388

Aman Fayun Hangzhou

Banyan Tree Hangzhou

Fuchun Resort Hangzhou

Mandarin Oriental Hainan

Commune by the Great Wall Beijing

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966

38

39

ͰɒOumldivideTHE TEAM

40

Grant Horsfield ndash Chairman naked Group

Grant a native of South Africa is Founder and Chairman of the

naked Group

Before coming to China in 2005 Grant worked in England

and South Africa with more than 10 years business ownership

experience With background in IT he launched eBites

Limited in 2000 Operating nationally eBites was both a

publishing company and a callcentre facilitations company with

headquarters based in Cape Town In 2004 Grant received

an MBA from University of Cape Town Graduate School of

Business Upon graduation he decided to come to China as he

saw China is where business opportunities lie

After spending two years in Shanghai he found himself

overwhelmed by the metropolis and missed the natural beauty

of his home From this desire and need sprouted the concept

for naked Retreats which was launched in 2007 Grantrsquos vision is

to create sanctuaries that are in harmony with the environment

where people can appreciate the simple way of nature and

embrace the naked lifestyle Grantrsquos tireless efforts in promoting

ecotourism in the rural areas not only created jobs but also

pride for the local community He received an environmental

award from the Huzhou Government in 2008

高天成 - naked集团总裁

ij=ɫčIcircTHORNˆ=nakedƍOumlmiddot˽ˆũѵ|6

Ф13ɱȅOgraveѓŘтʣ=ij˪ЬФϯŘƎɫčľѽ=ϾŚɱOuml˙ϛǑϱƎРѽǑϏ6ФʙITǒOumlUѠ΅=ɱij˪ƭȜȥeBitesϾΏŁ=eBitesŁƮϱΝІaacuteŹĞѓΫLJɖƿū=ʙѵˤФǭʔugrave6ɱ=ijƅOtildeȥǭʔugraveAringλ˙λЙOumlMBAλ6dϛŮ=ǧegraveȅѓŘ=ϩǯOgraveȥжȕOuml˙Ɖ6

Ф˛ŝEgraveȥȢɱтŮ=āѳƓxȥ˪Ƃ=sʨAtilde˱ȥѳʿɐǒ6ФжѕИІεʴOumlʶ˼΅=ƭȜnaked Retreats

OumlΖĂФɱOtildeOgraveȥ˹˲6ijOumlΖĂƭШϞĸ˯THORNІѳʿũΣŃdeg=ˆɒǵϡΘѳʿ=ΘnakedOuml˪ƂĈ˾6ij˫ΔAacuteTHORNʵ˪ȾϽѽordfOumlxΦɹȞ=xLjmiddotШȥľѽıŻOtildeOgraveȥIcircTHORNˣʵOumlХϐ6ij˪ƅOtildeȥɱůјоġNāOumlźWAring˼ư6

41

Delphine Yip-Horsfield ndash Partner Ben Wood Studio Shanghai

received her Master of Architecture degree from Harvard

Boston prior to moving to Shanghai to oversee the award

winning Xintiandi project on behalf of Wood and Zapata In

the fall of 2005 Delphine became partner at Ben Wood Studio

Shanghai

Drawing from her own experience of diverse cultures Delphine

has led a multitude of high profile projects such as Hangzhou

Xihutiandi Zhujiajiao Oriental Garden Shanghai Waitanyuan

Beijing Palace 77 Shanghai Hongqiao Commercial Core Lijiang

Lashihai Resort Masterplan etc

In 2006 she was selected Wallpaper magazinersquos first annual 40

under 40 designer of the year

Delphine is the chief master planner and architect for naked

Home Village and naked Stables Private Reserve She also

oversees the visuals and styling of the naked Brand

叶凯欣 - 上海Ben Wood设计室合伙人

ϜǮΩɺ=Ben Wood ˤƗľѽOumlѵƢ=śęAringλƭѡλ6ȅ˛ŝтʣ=ФΒIJ5ɷКũuuacuteľѽ6ȅ˛ŝŮ=CcediloWoodũZapataĤЩΪTHORNΙɧOumlƢethľѽ613ɱʲƕ=ϜǮΩɺBen Wood ˤƗľѽūƃˆ6

ϾѯxŸϽșǑϏOumlϜǮΩɺ=EacuteˇȥηucircijocircΙɧOumlƢeth=VȂţјͻůTHORN5њƝƶecircĈųВ5˛ŝЕ5[ǎłatilde5˛ŝŭʦ˙ϛѓΫ5ȗƯȄŝoacuteƟAacuteѵŔŷˤƗUgrave6

ɱ=ˏκȥWallpaperСьǃɱoacuteϡ΅OumlˤƗ˰6

ϜǮΩnakedƝВAacuteũnaked RetreatsOumlѵˤƗеũƭѡ˰6˶ϚĤЩƢethnaked˙nOumlFũĘķˤƗ6

42

Kang Yang Lim ndash Group Chief Operating Officer naked Group

Group with over 13 years corporate finance and real estate

development experience Previously he was Director of the

real estate division of APP China taking responsibility for the

initial positioning and development of the USD15 billion lsquoWhite

Magnolia Plazarsquo mixed use development project (including

the development of Shanghairsquos first W Hotel) He also led the

concept and development of APPrsquos branded residence and resort

project in Sheshan Shanghai

Finance division of PricewaterhouseCoopers in Melbourne

Australia where he specialized in business value and strategy

worked in inhouse strategy roles for CocaCola GB in London

and to British venture capital firm of the year (2004) ISIS Equity

Partners before coming to China in 2005

Accountants Australia in 2002 and is also an affiliate of the

of Commerce and Diploma in Modern Languages from the

University of Melbourne Australia

林纲洋- naked 集团首席营运官

ƞˏnakedƍOumlȩ˪ϴϾŚɱOumlʝϛ~ƎTHORNǭāǑϏ6Фfrac14тʣ=ѽѓŘDŽŒOumlTHORNǭāOumlѵƢ=ĤЩƠч13ϢЏOumlucircϸ8JЈȈœ9ǭāΙɧOumlcopy˽κшũǭāVȂ˛ŝszligϞƝ ǙacircOumlǭālt6˶ϚщNtildeȥDŽŒƍФ˛ŝҁ˗ʑʁѢЭũoacuteƟAacuteΙɧOumlȓɲũǭā6

ФDŽŒƍˇфтʣ=ȩİϑGAringȚφɣyuml_ʔŴϷOacuteƁƗ˰OumlǑȓ=ѥѣЂ˙ϛƠчũЯɁѰξ6ȩ˪Ф13ɱȅOgraveѓŘтʣэȑǭʔŴϷOacuteŮOumlϞotilde˶ƣɬ=ѽǵǺǵȎɂugraveŁɬOumlЯɁēͺ˰=ϡƎISISOumlʼnʏūѽƃRФϯŘɂugraveOumlϯŘĘΌѱŁˇф6

ȩ˪ФɱƅOtildeȥGAringȚφηƁƗ˰ƁũGAringȚφпʻωǗOumlƁГѱķ6˶ϚƅOtildeȥGAringȚφɣyuml_AringλOuml˙ϛλλϡƎCcedilЇϊλп6

43

Gabriela Lo ndash Managing Director naked Retreats

With over 15 years experience in high end events and PR

management Gabriela has been instrumental in bringing naked

to where it is today As one of the original members of the

naked Team Gabriela has led the growth of naked Retreats

to become one of the most famous eco retreat destinations in

China attracting guests and publicity from around the world

Originally from Macao Gabriela has rich multi cultural and

multinational living and working experience having worked and

studied for many years in Greater China England and Italy

卢家宝 - naked 度假村常务董事

ϴϾŚ13ɱOumlijocircƂiacuteũŁŃŋ΄ŎȓǑϏ=nakedDžOumlǜІȶƝXēxǭ6ѽħdivideOumlmiddot˽ГтϞ=ȶƝXϠǑAEligȭnakedѓŘѻϾɜOuml˪ȾϽɧOumlTHORNтϞ=ͼϭȥȅѳǁĹTHORNOumlǸˆ6ȶƝXȅѳGɑ=ϴϾĖĥOumlucircЏŸũucircŘǝѢũľѽǑϏ=ЬФAringѓŴTHORNʵ=ϯŘũϤAringȚϾѯucircɱωǗǑș6

Judy Zhu ndash General Manager naked Group

Zhu is the General Manager for naked Group ensuring smooth

operations of the group with a particular focus on government

朱燕 - naked 集团总经理

њώ=iquestnaked Retreatsmiddot˽ǭ˽ǜũij˪ūѽ6њώѽƍѵǑȓ=ĤЩIcircTHORNũŋ΄ʽWƍРѽ6Фƞˏnakedтʣ=њώФ˛ŝũ[ǎiquestŚηucircІ˙ϛϾŋOumlфϛ6ФΪͻȈƅOtilde˙ϛλ6

44

Kurt Berman ndash General Manager naked Stables Private Reserve

With over 16 years experience in FampB and high end luxury

resort management Kurt brings a wealth of experience and

will lead the preopening and operations of our new resort ndash

naked Stables Private Reserve Prior to joining naked Kurt was

the preopening General Manager at Six Senses Laamu and

Resident Manager for Six Senses Soneva Gili by Six Senses Kurt

has also worked at other prestigious resorts including Fregate

his career in hospitality in FampB and was a trained Chef with

experience working in many prestigious institutions including

The Dorchester Hotel in London Kurt is from South Africa and

has a masters certificate in hospitality management from Cornell

University

Kurt Berman - naked私人度假村总经理

ϾѯŚɱϬƎijIumlŤŴoacuteƟAacuteOumlŎȓǑϏ=ƮϡĖĥOumlǑϏȭNtildeͰɒΪoacuteƟAacute77)$ 0OumlϱϛũРϱ6Фƞˏ)$ тʣ=10ЬEacuteˇŚ8szligȳĭǦ9+1ϱϛѵǑȓũ8szligȳĭǦ9-2 ((OumlѤacircǑȓ610ŻЬˇфЂamp0ˆŝETHũ1+4UgraveʙўɜoacuteƟˮTHORN610OumlϛʜzЂϬαϛ=ϚϡϞĸФŬucircўɜƉńVȂ-0-0 -$-ltľѽŚOumlρȡϾOumlnot˰610ȅѳɫč=sϴϾǰɪyumlAringλЃOumlǙacircŎȓλ6

Richard Johnston ndash General Manager naked Home Village

Hailing from the United Kingdom but with most of his working

life in resorts throughout Africa Richard brings with him over

20 years experience in General Management and Director level

roles in world class resorts including Azura Retreats Cape Grace

hotel and the Saxon Hotel Richard plays a key role in the set

up of systems training and operating standards His years

of experience and mentoring leadership style make Richard a

natural inspiration for our young hotel management team

Richard Johnston - naked 家园村总经理

RichardȅѳϯŘ=IgraveAringucircOumloacuteƟAacuteľѽiumlФмĸčљ=ϴϾŚɱOumlѴūŎȓũǁƐoacuteƟAacuteVȂAzura

Retreats Cape Grace hotel and the Saxon HotelltijʒŎȓǑϏ6RichardФƭȜ΄5ʅρũРαnѬĈɘʜѯŋƨѽϸ6ĖĥOumlǑϏũȭNtildeĘķ˼OtildeoslashͰɒɱʬOumlǙacircŎȓdivideϾѯѳʿOumlƊȘ6

45

Teun Hanegraaf ndash Sales Director naked Retreats

Teun obtained a Bachelors in Business Studies and Masters

in Strategic Management with a focus on Chinese Business

Culture Teun increased our corporate sales business by 350

in his first year with us bringing international companies

ranging from international conglomerates Unilever and Coca

Cola to more local institutions such as The Shanghai American

School and leading Chinese companies such as Bank of China

韩天宁销售总监

ȅѳŧȈɥEcirc=şɵϴϾ˙ϛλλλ5ЯɁŎȓѥѣЂѓŘ˙ϛŸlt6ȅƍOumlszligϞɱşɵƮŁOumlΝϛijȥ13=sŁAEligȅȥx˟ŘƙβOumlAringŁǸŲ=жʙѓϾŘƙAringʝϛȠūȚŴũǵǺǵȎ=ϚϾ˛ŝɐŘλΠUgraveIcircTHORNƉńũѓŘϫαUgraveѓŘȴʝϛ6

Oliver Yuen ndash nature Reserve amp Recreation Manager

naked Stables Private will be the first private reserve in China

with a wealth of new flora and fauna introduced to the project

from Sydney University Australia and as a fully qualified Ranger

working in many of the worldrsquos best wildlife parks Oliver takes a

special role in ensuring the environment of naked Retreats and

naked Stables Private Reserve will be full of life and a natural

self supporting eco system Oliverrsquos passion for both people and

nature make him the perfect person to teach our guests about

what we do and make their stay not only a relaxing one but

also a fun fulfilling educational one as well Oliver previously

worked in wildlife parks and resorts such as Azura Retreats in

Mozambique Mobala Private Game Reserve in South Africa and

Sydney Aquarium in Australia

袁鹏威 - 活动经理和度假村 生物学家

naked StablesƮѓŘszligϞĸϭljΪOumlцʾũiacuteʾOumlˆoacuteƟʵ6OliverѽϞɜGAringȚφͿɯAringλūķOuml˪λƝiacuteλƝ=ϡƎФǁĹTHORNOumlϙ˪iacuteВľѽOumlľѽе=Ф˼naked Retreats ũnaked StablesϾѯĖĥ˪ѱЕ5ʿѳĺOuml˪΄Oumlźǔľѽ˛QύѯіϘƶ˔6АʊoslashˆȏũѳʿOumlƊʮ˼ѻūOumlˆȅĵͰɒOumlǸˆͰɒѼOuml˷ɋ=sʨ˂ɒФжȕOuml˶ŒxLjLjČ=˶Ϛ˂ɒOumlǝѢǑșlOtildeϾǭΫcurren˹ũϾƷЋϤϦ6АʊтʣФɫčũGAringȚφͿɯѹŏiquestϙ˪iacuteВũWŰʵOumlľѽVȂMozambique OumlAzura Retreats Mobala Private Game Reservelt6

46

Philip C Davis Company Director naked Retreats

Phil joined the Board of Directors for naked Retreats hotel

management company in 2011 His previous board experience

includes Tian Rui Hotel Corporation holder of the master license

for Super 8 economy hotels in China and Hong Kong from 2006

to 2008 He also was a founding shareholder of Tian Rui and

served as its President and Managing Director from 2006 to

2008 He was a board member of Tian Xian Cheng a bai jiu

concern which is a joint venture between Pernod Ricard and a

2010

Phil was previously Chairman of the Budweiser (Wuhan)

International Brewing Company and Managing Director of the

AnheuserBusch business in China and Hong Kong from the

beginning of 1996 through 2002 From 2003 to 2005 he

headed the AnheuserBusch liaison office with Tsingtao Brewing

Company

Phil holds a PhD in history from Washington University and

started his career as a market researcher at a major advertising

agency in the US before moving to AnheuserBusch and

heading its consumer planning and new product development

functions in the 1980s

Philip CDavis naked 度假村公司董事长

PhilЂɱƞˏȥnakedoacuteƟʵǙacircŎȓŁOumligraveƁ6ϡĖĥOumlǑϏVȂФːǙacircƍˇф5ϡƎЂɱэɱФѓŘũѓŘΒIJEacuteˇSuper ǑƖǙacirc ʼnˆ6˶=ϚːǙacircƍOumlmiddot˽ʼnecirc=ФɱэɱʖƣEacuteˇƍOumlѵ|ũigrave6ɱэɱʖƣ=ϞƝІWȎȞƞũJǙ˪ȴʝϛƬɫūѱOumlʝϛ77ΐOumligraveƁГ6

iquestɱэɱ=Phil͵šBudweiserŘƙɳǙŁOumligraveƎѓŘũѓŘΒIJCŝyŁOumligrave6iquestɱэ13ɱ=CŝyũʫETHʌǙŁOumlȠɆdegOumlĤЩˆ6PhilϴϾŴ˭uacuteAringλOumlș˻дλvλ=ФǁɱCcedilȅOgraveCŝy5ĤЩΞĒŔŷũΪʑǭāĿɭтʣ=OumlϛʜzЂɐŘOumlϞƝœĵCcedilȓŁ=Eacuteˇaeligω6

47

OUR INTERNATIONAL TEAM

International team

Chief master planners amp architects

the urban landscape of modern China with Xintiandi in

Shanghai a commercial cultural and entertainment district

Since then the studio has worked on projects in very diverse

categories both small and large scale projects include mixed

use projects like the ldquoTiandirdquo in Hangzhou Chongqing Wuhan

and Foshan luxury villa and high rise residential complexes in

Shanghai and Vietnam as well as various boutique hotels and

Chalet Architects

A00 Architecture is most well known for their research

inenvironmental sustainability and its application to their

work in Architecture Interiors and Furniture Their portfolio

includes feature restaurants luxury spas retail stores design

conversion of dozens of historic Shanghai homes into highly

personalized residences

Interior Designers AIM (Architecture amp Design) brings expertise

in the combination of world architectural styles and design

influences to the interior designs at naked Stables Private

Reserve With the Shanghai office led by the two founding

on comfort warmth and a unique blend between African and

Asian design sensibilities

Landscape Architect

Design Land Collaborative (DLC) is a professional consulting firm

comprised of landscape architects and planners with an office in

Shanghai and the United States Projects have a strong emphasis

on cultural resources historic preservation and ecological

design involving both the public and private sectors

ͰɒOumlāЮdivide

ɴǵϡΑάOumlёȣ

ŘƙŸdivide

首席规划师和建筑师

benwood Studio Shanghai OumlсɜΙɧтϞѠĨШ˛ŝΪTHORNľ=˼ʙƍ˙ϛ5Ÿ5ЄȎϞOumlʵЉ6тŮ=ЁƻȥĹȏŔɟAringΟOumlΙɧ=VȂţјOumlͻůTHORN=іʱ5͵šƎę˗OumlŤŴpϡƎФ˛ŝũЛɫOumlijѢЭʵ=ȮŻϾФѓŘƎˉ_OumlĹȏǐʑǙacircƎoacuteƟ6

小圆房建筑

AOO Architecture ФźǔWŰƎǵ θāЮĈɘϾѯѭЛOumlƭ=s˘ƮʙƭϰϸЂɬƝѩ6ɒƻŚOumlΙɧVȂ˔5ŤŴȤѓΫ5ȫ˙acirc5ˤƗίǙacirc˛ŝυНǙacirc lt5ˆoacuteƟϡƎϞ΄ȧOuml˛ŝș˻ѢЭOumlCcedilŸƎˆŸĨШ6

ɬ ˤƗ˰AIMƭѡˤƗltѥѣЂǁƭѡĘķũˤƗOumlɐƿū=ϭNtildenaked StablesOumlɬˤƗ6ФȅѳŧȈũaȚ˶OumlūѽmiddotTˆȭNtildeOuml˛ŝTdegOumlUѠ΅=ˤƗѣі5ũφčˤƗȓɲOumlntildeˊū6

景观设计

Design Land Collaborative (DLC) ϞƝiquestǒōˤƗІŔŷOumlѥϛѰξŁ=Ф˛ŝІɐŘǩˤϾēрƉń6ʙΙɧ˘ЂŋѣŸș˻ĻЕ=ƿūźW˪ǴƔ=ѥѣЂŁŃƎϾTHORNOumlŔŷ6

48

Engineering amp Project Management team

Scott Wilson Group PLC is a globalintegrated design and

engineering consultancy for the built and natural environments

Scott Wilson is responsible for the project management the

electrical and mechanical engineering for the project

Environmental Consultants

Environmental Resources Management (ERM) a leading global

provider of environmental health and safety risk and social

consulting services ERM deliver innovative solutions for business

and government clients helping them understand and manage

their impacts on the world around them ERM have 137 offices

in 39 countries and employ approximately 3300 staff

Sustainability Consultants

Bisagni Environmental Enterprises (BEE) works with the

engineering and design teams to ensure the environmental

goals set out at the inception of the project are achieved

LEED Consultants

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

Local Design Institute

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

General Contractor

and have been responsible for some of Chinarsquos most iconic

properties such as the World Financial Centre in Shanghai

工程及项目管理团队

Scott Wilson Group PLCϞƝʺʳŔɟOumlźWˤƗƎľѰξŁ6Scott WilsonĤЩΙɧOumlaacuteʠƎƉΤľ6

环境咨询

Environmental Resources Management (ERM)ϞƝʺʳαϛȭѰξŁ=ŀźǔWŰ5ƫǰCʺƎŁŃˣƁĘΌUgraveѰξĞ6ERM˙ϛƎоġɑǸŲŀĨĶβOumlǀǧĈF=UѠɒȥǀsŎȓʙǑϱoslashˣƁźǔAEligȅOumlϳΗ6ERMФʺʳϾ137ĸēрƉń=myĸŘƝ=ϴϾAringК3300ɜГľ6

可持续发展咨询

Bisagni Environmental Enterprises (BEE)ІľˤƗdivideΑűūѽ=ϡʽWФΙɧǭ˽ƼotildeˤȜOumlźǔWŰǵ θāЮɧnOumlȚ˹6

绿色建筑认证咨询

Shanghai Pacific Energy Center (SPEC)ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlŁтϞ6

本地设计公司

Shanghai Baoye Construction Corp Ltd ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlαϛȭŁтϞ6

总承包商

ϞƝŘƝƐľVŁ=ϠƻȥηucircѓŘnьβΙɧ=țˍ˛ŝźʳDŽˊѓΫ6

49

naked COVERAGE

wwwcnngocom

ldquo25 killer things to do this summerrdquo

26 April 2010

Time Magazine

ldquoRun to the Moganshan Hillrdquo

新浪博客

ldquo避世的可能rdquo

31 December 2009

wwwenglisheastdaycom

ldquoThe first batch of ldquoChina Treasured Towns ldquo released

December 2009

Shanghai Urbanatomy

ldquoGet naked this time with horsesrdquo

Shanghai Daily

ldquoGreen MaGIC Casts design spellrdquo

14 October 2009

新浪商品

ldquo中国最佳设计酒店大赏rdquo

September 2009

wwwchannelnewsasiacom

ldquoChinarsquos green resort allows travellers to vacation on good consciencerdquo

2 September 2009

wwwbijianlinblshecom

ldquo莫干隐居rdquo

25 Aug 2009

wwwassociatecontentcom

ldquoThe Exquisite Moganshan Mountains of Chinardquo

Ɏ

Wikitravel

ldquoMoganshanrdquo

德清新闻网

ldquo承包国营林场建造生态ldquo逸站rdquo

wwwsinoeventcom

ldquo亚洲旅游地产及景点峰会成功举行rdquo

wwwchinatravelbrandingcom

ldquoPursuing Green for Greenrdquo

wwwbrandrepublicasia

ldquoMaking moves towards ecofriendly eventsrdquo

7 May 2009

wwwhandsonshanghaiorg

ldquoHands On Asia Conference Summeryrdquo

May 2009

wwwmyvacationcn

ldquo莫干山居rdquo

3 April 2009

wwwshanghaidailycom

ldquoThe naked truth Time to clean up Moganshan litterrdquo

4 March 2009

wwwgreennovateorg

ldquoMoganshan Project Kick Offrdquo

13 February 2009

Travesias

ldquonaked retreatsrdquo

Feb 2009

合肥在线

ldquo大山里的裸家族rdquo

20 October 2008

wwwentrepreneurcom

ldquoThe arrival of the Olympics showcases Chinarsquos burgeoning entrepreneurial spirit ldquo

7 August 2008

50

Shanghaiist

ldquoWeekend escape to Moganshan 莫干山rdquo

9 April 2008

私家地理

ldquo艳阳下的荫凉rdquo

30 May 2008

City Weekend

ldquoGet naked in Moganshanrdquo

25 January 2008

wwwbundpiccom

ldquo在这绿中撒点野rdquo

wwwhuzhougovcn

ldquo相中德清筏头的青山绿水南非客商莫干山下建生态逸站rdquo

wwwurbanatomycom

ldquo24 Hours in Moganshanrdquo

wwwhkheadlinecom

ldquo杭州莫干山竹林深处人家rdquo

15 May 2009

wwwnewsweekcom

ldquoBack from abroadrdquo

May 2009

Chinatravelnet

ldquoMoganshan A Heavenly Hideaway of Bamboo Forests amp Tea Plantationsrdquo

April 2009

wwwmzztmcagovcn

ldquo2009年踏青乐游路线推荐大公布rdquo

16 March 2009

第三媒体

ldquo规划一条畅快随性的踏青之旅rdquo

28 October 2009

wwwdqnewszjolcomcn

ldquo三九坞 ldquo裸家族rdquo钟爱的世外桃源rdquo

28 October 2008

ldquo自驾行天下rdquo之中国莫干山rdquo

Sep 2008

ldquoShiffting Gearsrdquo

Sep 2008

April 2008

Chewed up amp Spit Out

ldquoGet nakedrdquo

19 February 2008

ldquoBest Weekend Getaway Hotels Shanghairdquo

富世

Ecoefficient hotel低碳下榻

April 2011

Spa China Guy 男士派

Experiencing The Unique

2010

Cosmo 时尚

跨洋建屋隐居不隐世

April 2010

Global Times

The Mountain of legends

Global City Geography 城市地理

莫干山 naked Retreats 都市人一ldquo裸rdquo到底的山居生活

Dec 2009

China Daily

Rural Retreat

20 March 2011

China Daily

4th March 2011

Modern Weekly周末画报

圣诞低碳游

Dec 2010

Elite Traveler 携程自由行

旅尚

Esquire

Hidden Best Restaurants

Feb 2011

51

52

53

Page 18: Detailed Investor's Report

17

THE DESIGN IDEA

Tree Top Villas

树顶别墅

To touch the sky at night and look down on the forest in the morning is what owners of the tree top villas will experience High

above the forest canopy 30 luxurious homes are perched in the tree tops Spacious wooden constructions with large sundecks spill

into the panoramic views of the mountains

macrɞҌҍOumlϝǹ=ϔѪȗOumlҐ=жǜϴϾccedilpOumlˆɒntildeΘOumlҕȞǒ˔6icircŤŴѢЭʗͽФ˕ȩŌт˛=pǡϞķ6аФǾOumlɦѐΟͳѓ=œOumlɢī˗ʺǒǍόYacute6

Each villa is built on stilts to minimize its physical footprint and maximize the views for its discerning owners The prefabricated villas

are made by innovative construction technology known as structural insulated panels (SIPs) With high insulation value and zero

construction waste these lofty eco dwellings are like no others offering you an energy efficient home that is beautiful and at one

with nature

ccedilpOumlƭѡaumlƵȵƿń=iquestyacuteƦ˟oslashБ˽˪źǔOumlϳΗ=sѻAringΏoacuteOumlЮϹɐOumlǒ˔6жΡЎѐOumlpϸѻΪǴƔOumlƿńWOѐШOuml6ccedilpOumlˤƗтѽ=ʹđȦͲˁssectѳʿ=ŀϞĸЁϾʑЁʩNjѳʿOuml˪ѢЭ6

The villas are intended for life Overlooking the mountains and forest below each home has a very large outside deck

complemented on the inside by an open plan kitchen with all the latest amenities dining room living area and opium den for

relaxation and entertainment Large sliding doors and full wall windows welcome natural light while sophisticated air conditioning

systems ensure your comfort Double layered glass keeps the view in perfect focus hushing all sounds to perfect stillness Wooden

floors soft lighting and high ceilings add a sense of warmth and space

ccedilpѥ˪Ƃyacuteƭ6Ġғ΅ɘOumlʾ˗ũ˕ȩ=ɏicircƭѡǩˤϾǾAringOumlϒ=ʆϡCcedilOumlмǭČ˾notĉ55˪ƂʵũČЄȎ6ǾAringOumlȄɑũмɘɅTHORNAringacuteǵɩѳʿˉŒ=˶ljOumlǹaelig΄ǵʽWɴOumloacute6tȟǵȯɴФѻƜƶoacuteΩ˚ɐǒOuml˶xƁOgraveĹѕ˩ϪOumlī˃=ntildedegЂϞʎǓтѓ6ʿOumlɦTHORNO5ˌũOumltimesŒũǹOumlųϣЫȥɻũǹƣĭ6

ˤƗȓɲ

18

Tree top villas

Roofs thatched

19

20

FLOOR PLANS

Treetop villa 2 bedroom villa ccedilpȢͱĉ

ʒɘ

Interior area 室内面积 13768sqm

Exterior area 室外面积 50sqm

Total usable area 实际使用面积 18768sqm

21

Level 1 一层

Interior area 室内面积 7088sqm

Exterior area 室外面积 102sqm

Level 2 二层

Interior area 室内面积 668sqm

Exterior area 室外面积 398sqm

22

Treetop villa 3 bedroom villa ccedilp˓ͱĉ

Interior area 室内面积 20214sqm

Exterior area 室外面积 664sqm

Total usable area 实际使用面积 26854sqm

23

Level 1 一层

Interior area 室内面积 10334sqm

Exterior area 室外面积 118sqm

Level 2 二层

Interior area 室内面积 988sqm

Exterior area 室外面积 546sqm

24

Treetop villa 4 bedroom villa ccedilpͱĉ

Interior area 室内面积 2667sqm

Exterior area 室外面积 863sqm

Total usable area 实际使用面积 353sqm

25

Level 1 一层

Interior area 室内面积 136sqm

Exterior area 室外面积 168sqm

Level 2 二层

Interior area 室内面积 1307sqm

Exterior area 室外面积 695sqm

26

FITTINGS amp FINISHES SCHEDULE

EXTERIOR AND INTERIOR FINISHES

External walls

Structure is built from steel and SIP (Structural Insulated Panels) External wall is cladded with painted fiber cement board

Internal walls

emulsion paint

Ceiling

Ceiling is finished with emulsion paint

Flooring

Bedroom is finished with heavy strand bamboo flooring

Balcony

Balcony floor is finished with Wood Plastic Composite decking (M wood) Railing and trellis made with Liu An wood Balustrade is fitted with metal and Liu An wood

Window

bedrooms are fitted with double glazed LowE glass and Roto hardware

Kitchen amp powder room

Floor is finished with natural tile Kitchen cabinets and sink are provided Kitchen counter top is fitted with natural stone

Bathroom

Wall and floor are finished with natural stone

Doors

Entrance door is made of solid core timber fitted with Saflok RFID locks Bedroom doors are fitted with hollow core timber fitted with Saflok RFID security locks

ƭѡȦƎˤ]ɛ

室内外材料

oacuteƟͳʥ

oacuteƟͳƿńˤƗĮƿńƎƿńWOSIPlt6ʥϸΉɮOũʘ6

ɬʥ

ǸćƎͱтɬʥǩϸĔƎˎƲʘ6

ų

ųɘˎƲʘ6

THORN

ǸćģūɦTHORNO6ͱіќTHORNO

ȹ

ȹϸɦOʓʟ6ʈȲҎɦѐШOuml6ȇĬϸDŽрƎȲҎɦĜ6

acuteŲ

Ǹć5ͱOumlacuteŲϸȽɦѐacuteȀʆ-3ѓǹtȟƎ-0-ͶDŽʆƪ6

notĉ

THORNϡƎɘϡʿTHORNѦʓʟ=notĉŀlaquoŖϡƎʇ6notĉɘʿ˵6

Ќ

Ќʥ˦ƎTHORNϡʿ˵ʓʟ6

ɑ

ˏǺAringɑϸ˹Ψɦɑʆ˛-)ljordfɑNJ΄6ͱɑϸǹΨɦɑʆ˛SaflokljordfɑNJ΄6

27

MECHANICAL AND ELECTRICAL INSTALLATIONS

Heating and Cooling

AIRWELL centralized water source heat pump is provided Fresh air intake with heat recovery system is installed

Electrical provisions

are provided

Electricity

Concealed conduits are provided Threephase electricity supply with miniature circuit breaker distribution board is provided

TV telephone and internet connection

Satellite TV with all major international channels

is provided in all the villas Telephone outlets and wireless internet connection is provided

Hot water supply

Huang Ming solar hot water heater and Rinnai gas water heaters are installed for the villa

Water supply and pipes

Concealed copper pipes are used for both hot water and PPR pipes are used for cold water

The resort will be patrolled 24 hours a day CCTV system is in operation throughout the resort 24 hours a day All the villa front doors and bedroom doors are fitted with Saflok RFID security lock system

APPLIANCES TO BE PROVIDED OR INSTALLED IN EACH DOMESTIC

UNIT

机电设施配套

ŀɻũѐȐ

ɽyumlƍѓ˾Е˅`΄6ΪĘ˅ſ΄6

Ɲaacute

ʆEΐNtildeŎOumlǭŋϡƎѿ6

aacuteȞŀϰ

ѩϾϮ˾ΐȺ=ʆϾίoumlȺʠ=ʆaacuteΓOuml˓ΑaacuteЕŀϰ6

aacuteƎςˤ]

έaacute=ʹΐaacuteŹũʹΐȺ6

˅ˤ]

žɛϒɭ˅ʠƎȩɬɌʡ˅ʠ

Ŏ

˅ŀϰŎǩϸϮc˾ĮŎ=ȐŀϰŎŎ6

WCˤ]

oacuteƟAacuteˤϾϾΟ˶ѽOumlgȺaacute΄ϡƎΟ˶OumlπɄ6ˏǺAringɑƎͱϸSaflokljordfɑNJ΄

标准住宅单位附送以下设备

Stove BAUMATICExaust fan BAUMATICOven BAUMATICMicrowave BAUMATICFridge BAUMATICBARMini fridge (2 3 bedroom) BAIXUEWine fridge (4 bedroom) BAUMATICBEDROOMMini fridge BAIXUEBath KOHLERTERRACEBarbeque grill

TelevisionDVDBATHROOMShower KOHLERBasin KOHLER

notĉ aacuteraquoȷ ʄɇUcircǷnotĉϼχƉ ʄɇUcircǷnotĉaacuteDZΓ ʄɇUcircǷuȷ ʄɇUcircǷɬяrΓ ʄɇUcircǷHΟrΓ=ĉlt JμǙŖĉlt ʄɇUcircǷͱΟrΓ JμЌį Ǵȍȹ˞DZΓҒĉaacute ɯDVD ɯЌȪЌʠ Ǵȍʇ Ǵȍ

28

NOTE

1 The Developer reserves the right to substitute other materials

or appliances of comparable quality and standard for the

intended items as listed in above fittings and finished schedule

2 The fittings and finished as listed above shall be subject to

the terms of formal Agreement for Sale and Purchase Those

provisions may have slight variation in the color measurement

3 The Developer reserves the right to make modifications and

changes to the building design fittings and finishes without

prior notice

4 Fittings and finishes of the Special Units may be different

from those of the Typical Units

备注

āЮ˙WȰϞʧʹȞ=Dв˹ƙʮȁεϘϡUgraveётƭѡȦϡƎˤ]Ccedil˛ȧĹΙ6

˛ȧĹΙȦϡƎˤ]ǩϡн˾ɈɉūКOumlǿщegraveѬ6ĹΙƭѡȦƎˤ]ǵɭƁФϋ˔=ȣoacutepoundAcirc5ȓ5ѺуƎƆľ˛ordfʬp6

āЮ˙WȰϞʧʹȞδeacuteϡƎĽĨϛOumlˤƗ5ƭѡȦϡƎˤ]ʹεȮαс6

˔EumlЏOumlēƭѡȦϡƎˤ]І˛oȧĹΙǵɭϾx6

29

PURCHASE OPTIONS

Buying a Tree-top Villa at naked Stables Private Reserve involves signing a Sale and Purchase Agreement with the development

company and a Lease and Management Agreement and Deed of Conditions with the Hotel Management Company The Management

Agreement requires the purchaser to lease the property back to the Hotel Management Company to manage on the ownerrsquos behalf

There are two different plans which are available for buyers

在 naked Stables 购买一套拥有不动产权的树顶别墅包括与发展公司签署一份买卖协议以及与酒店管理公司签署一份租赁管理协

议和条件契约管理协议要求购买者以业主的名义向管理公司出租其别墅以供其管理买家有两种方案可供选择

ŅɈκΙ

30

OPTION 1 - FLEXIBILITY

1Owner Usage Rights

Zero usage restrictions

Early reservations are required to secure Villarsquos especially during prime and peak seasons If a Villa Owner does not provide the

required advance notice for a reservation the resort may be required to offer the owner a different unit or in the worst case no

availability at all

1 业主使用权限

ȫ˼ϸΏѐ

ϘʴʣЎegraveˏѢp=ϺʙФƐƕ6ˍřpϛѝɍϾŀϘʴOumlϸЂЎegraveOumlЎс=oacuteƟAacuteƮʙŀȮϞdegѢdeg=ƆеѻЦĴOumlʮȁɍϾǹĉ6

2 Rental Revenue

2 租金收入

a Rental revenue

Whilst not in residence the owner will be eligible to earn a pro rata 36 of the room revenue generated by the Reserve during their

absence Ie Everyday the revenue generated by the entire resort is divided amongst the owners not in residence on that day When

an owner is in residence he forfeits his opportunity to earn revenue

ѸDŽˏ

ϛѝxǝѢʖƣ=ƮOtildeOgraveoacuteƟAacuteordfѸʙĉͳOtildeϧOuml6ɏoacuteƟAacuteordfѸɨΡxǝѢФfrac14OumlϛѝOumlĉͳOtildeOumlϧƮ^ʒǩēʆĺжΡϛѝ6IcircϛѝǝѢФʙpȕ˶=Ʈ˱ʸƅOtildeϧOumlƉƁ6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

选项1-灵活性

31

c Cashing out your returns

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

gtƮɴOumlſYŚDŽĈ˾ʷordf

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſYϧ6ˍřϛѝκЪxʷordfOumlϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3 有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecom services

included in the Services Fee to the owner whilst in residence The services fee is 300rmb per room per night This fee is charged on

all rooms regardless of which are in use

4 服务费用

IcircϛѝФoacuteƟAacuteǝѢ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸѓ6ɏĸĉƣɏOumlĞĒϸЏˆəe6жĸĒϸΛϾĉƣʷOuml=xɃfrac14ĉƣĚФ˼ϸ6

5Maintenance

4 of hotel room revenue will be reserved for ongoing building maintenance This will be deducted from the ownerrsquos share of total

room revenue

5 维护

ǙacircǸĉˏOumlƮ^ȰѽŮθƭѡδтĒϸ6ħēDŽuumlƮiquestϾˆǵēOtildeOumlǙacircǸĉˏĕuumlѓǻshy6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGEEarnings Per Room (36 of gross room revenue) 124173 170827 221315 253507 263647 2066942 Bedroom 收益 ndash 双人间 248346 341653 442631 507013 527294 4133873 Bedroom 收益 ndash 三人间 372519 512480 663946 760520 790941 6200814 Bedroom 收益 ndash 四人间 496692 683306 885261 1014027 1054588 826775

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 41 57 74 85 88 69

3 Bedroom 收益 ndash 三人间 9000000 41 57 74 85 88 69

4 Bedroom 收益 ndash 四人间 12000000 41 57 74 85 88 69

Hotel revenues and owner rental yield - Option 1 Flexibility

32

OPTION 2- STABILITY

1Usage Rights

1 使用权限

选项2-稳定性

Total Permitted Usage Prime Peak SeasonPermitted Usage

Peak SeasonPermitted Usage

Out-of-SeasonPermitted Usage Blackout

40 days per yearNo occupancypermitted

Up to 20 days per year but no more than 7consecutive daysfor any one stay

Up to 20 days per year but no more than 7consecutive days for any one stay

No occupancypermitted

允许使用总数主要的旺季允许使用

旺季允许使用

淡季允许使用

无折扣期

每年40天 不允许占用 每年20天但是每人

不能连续居住7天每年20天但是每人 不能连续居住7天

不允许占用

Prime Peak Season To be published by naked Retreats in according to government notification every year Prime Peak Season

Middle Autumn Festival (Sept) excluding Blackout dates

Ɛƕɏɱϻnaked RetreatsĻǟоġĵāordfс6ƐƕVȂѓŘsup1ƽϞМĀМlt5ȋiacuteƽͶМlt5Řʱƽ˴Мlt5ʭɛƽМlt5ѓʲƽǘМlt=xVȂʹгǻʖ6

ƕiquest˓МOgrave˴ϞМʖƣOuml10ĸїɡϡƎ10ĸľѽˉїʖ=xVȂƐƕũʹгǻʖ6

OutofSeason 20 days during December to February excluding Prime Peak Season and Blackout dates

Iacuteƕiquest˴ĀМOgraveĀМʖƣOuml=xVȂƐƕũʹгǻʖ6

Blackout Dates Peak demand dates such as holidays sporting events groups and citywide conventions Local cultural events

all as specified by the Hotel from time to time

ʹгǻʖεʴijėʖVȂƟʖ5Ћ˒5ũʺβOumlƁϨ6IcircTHORNɾyumlOumlŸƂiacuteiumlƮDвǙacircOumlɛljα6

2 Rental Revenue

2 租金收入

a Rental revenue

Regardless of your usage of your property your rental return will be fixed at 5 for the first 5 years of operation After this period

you will automatically migrate to the Flexibility plan

ѸDŽˏ

xɃɰOumlĉ˼ϸoacuteˍŪ=ͶɱOumlѸDŽϧiumlŊegraveOuml136ФжтŮ=ɴƮѳiacuteѧˏȬƂβĈF6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

33

c Cashing out your returns

gtƮɴOumlſYϡDŽĈ˾ʷordf

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſY6ˍřϛѝκЪxʷordfʙϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecoms services

rental option

4服务费用

IcircϛѝǝѢФoacuteƟAacuteȕ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸȕ6жϞȏOumlĞĒϸxVȂegraveβordfѸʆ6

5 Maintenance

Of the 5 guaranteed return generated form your property during the period you are not in residence the management company

will retain 4 of this return for maintaining your Villa The maintenance fund will be pooled and used for all Villarsquos in the resort

5维护

ɴxǝѢʖƣiquestɴOumlĉѓƮ˪Ouml13OumlſY=ŎȓŁƮWȰжbſYѓOumlϸѽɴpOumlŰ6ŰƈDŽƮ^ūsʜȅsϸЂϾoacuteƟAacutepOumlŰ6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Hotel projections

Rooms Available 可用房间 not relevant 非主要Estimated occupancy 预计使用率 not relevant 非主要Estimated average daily room rate 预计每日平均房价 not relevant 非主要Growth in room rate 房价增长率 not relevant 非主要Annual room sales 年房间销售额 not relevant 非主要RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE2 Bedroom 收益 ndash 双人间 50 50 50 50 50 503 Bedroom 收益 ndash 三人间 50 50 50 50 50 504 Bedroom 收益 ndash 四人间 50 50 50 50 50 50

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 300000 300000 300000 300000 300000 300000

3 Bedroom 收益 ndash 三人间 9000000 450000 450000 450000 450000 450000 450000

4 Bedroom 收益 ndash 四人间 12000000 600000 600000 600000 600000 600000 600000

Hotel revenues and owner rental yield - Option 1 Flexibility

34

Option 1 - FLEXIBILITY Option 2 ndash STABILITY

investment returns for your Villa are influenced by the

success of the resort and the number of days you use

your Villa

Stable implies both your returns and your annual

usage rights to your property are fixed Regardless of

how well the resort operates your returns will remain

the same Equally you will only have a fixed number

of days allowed in residence

Usage Have unlimited usage rights to their Villa 40 days usage per year

Rental ReturnEarn 36 of the pooled returns from the entire resort

whilst not in residence

5 guaranteed return on their investment regardless

of resort performance

Resort Discount20 discount on all resort amenities and activities

(including SPA and Restaurants)

20 discount on all resort amenities and activities

(including SPA and Restaurants)

Services FeePay a Services Fee of 300rmb per room per night

whilst in residence

Maintenance4 of all room revenue is retained for maintaining

the owners Villa

4 of all room revenue is retained for maintaining

the owners Villa

选项1 ndash 灵活性 选项 2 ndash 稳定性

ȬƂβϸЂ˼ϸІſY6ɰOumlpѱſYʷǧЂoacuteƟAacuteOumlĿǑϱũɰoslashpOuml˼ϸoacute

ŊegraveβϤѯɰOumlſYũɏɱoslashЂɰOumlĉOuml˼ϸʹΏiumlŊegraveOuml6xɃoacuteƟAacuteOumlǑϱѫȁϾucircť=ɰOumlſYiumlŊegraveOuml6ϖTHORN=ɰъϾŊegraveOumlПηǝѢOuml6

使用 ʹΏѐOumlp˼ϸʹΏ ɏɱOuml˼ϸʹΏ

租金收入 ФxǝѢʖƣ=ƅOtildeмĸoacuteƟAacuteūsſYOuml xɃoacuteƟAacuteǑϱѫȁˍŪ=Wп13OumlſYϸЂѱ

度假村折扣 ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt

服务费用 ǝѢʖƣ=ɏĉƣɏЏˆəeOumlĞĒϸ čѝϘ

维护 ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ

OPTION COMPARISON

选项对比

35

36

INDUSTRY RETURNS AND BENCHMARKS

INDUSTRY REPORT

行业报告

Tourism and urban resorts is one of the fastest growing industries in China According to industry consultant HVS cities such

as Shanghai Beijing Shenzhen Guangzhou Hangzhou and Tianjin all have a population where a critical mass of highly affluent

individuals and successful companies exist generating demand for suburban resorts

ФѓŘ=ȾϽϛũoacuteƟAacuteσɓāЮOumlαϛтϞ6ĻǟʺʳǙacircĞϛltOumlϞΙYĵ˿=ФѓŘOumlѝϘˍ˛ŝ5[ǎ5˧5œј5ţјũdžǩēyѯAringȣOumlĥЍˆʾũĿOumlʝϛ=ϻfrac14ϚƊāȥoslashƴʵoacuteƟAacuteOumlƌAringεʴ6

Amongst other things the exponential growth in private vehicles has seen a huge increase in demand in the leisure market With

the completion of the shenjiahu highway in 2010 the travel time from downtown Shanghai to Deqing is now 2 hours Also with

stop at Deqing) scheduled to open in late 2011 travel time from downtown Shanghai to Moganshan will take between 15 to 2

hours When comparing travel times to get to other resort destinations in China ndash eg Hainan or Lijiang flight times might be within

2 or 3 hours total travel time including travel to airports and check in make the whole trip 6 to 7 hours plus additional travel cost

Within the 2 hour travel radius of Shanghai the quality of resort destinations is also (in our opinion) not at an international standard

with most hotels simply being lsquocity hotels in the countryrsquo rather than true resort properties operating at international standards

shyfrac14т=ѯĸˆγΊOumlāЮ=ĸˆƸϴϾȿϚσʂ˫6ѳɱ˥ƛůijϡŮ=iquest˛ŝOgraveOcircʭϚLjεϘĸΟ˶Ouml6ΪƭOumlijǵϡФ13ēєɬiquest˛ŝUumlAumlţј6ƏƮФɱYacuteǫľOumliquestţјOgraveɫǎOumlijѓϾϞаDzOcircʭlt=ъεϞĸSΟ˶OgraveȢĸΟ˶ǜǵϡiquest˛ŝѓΫOgraveAumlɢī˗6ˍřІѓŘOumloacuteƟˮTHORNŝɫ5ȒƯUgraveaƹ=shyȥϘųĒэĸΟ˶Oumlďα˶ƣ=ŻϘФVȂʣƉ=CʺƤũUgraveEgraveOslashƉ˛ų˛эĸΟ˶=ĽxϸɨΡuumlOumlαųΝȥ6Ѷō˛ŝїiΟ˶ɬOumlγΊoacuteƟʸdeg=э˟ͰɒˈltІŘƙŸnѬŻϾѯɛOumlǢ6AringēOumloacuteƟǙacircϚũѓOumlɨΡǙacircɍϾ_ёOumlʵp=ЗЗAumlxOgraveинŘƙϤϦ˛oacuteƟίĉΙɧOumlϘʴ6

ϛѝЎʖſYІaƹ

37

OUR NICHE

我们的利基

naked sees a need in the market for world class expertly designed and operated resorts which are within 1 to 2 hour travel time

of major cities in China As with other urban resorts we believe that the Leisure market and the MICE (Meetings Incentives

Conferences Events) market will be a huge driver for our business In addition we feel that we are already at the forefront of

the growing focus and concern on environmental design building and operations as well as the growing interest in nature and

environmental education At naked we also place a high emphasis on facilities and services for the entire extended family ndash from

children to parents to grandparents that other resorts do not place dedicated resources for

nakedЎƧOgraveȥФѓŘжϞεʴƏǢȑѝϘϞэȢĸΟ˶Ouml=˶ЁhζǁϞȱOumlѥϛˤƗũŎȓOumloacuteƟΙɧ6ͰɒΑάγΊũƁƁϨ5ưȘȾϽ5AringίʝϛƁϨ5ƂiacuteЮȉltOumloslashͰɒϛOumlіAringʤȞ6frac14=ͰɒФŋѣũiacuteźWίˤƗ5ƭШ5ŎȓũźWȓɲœ˛ϠǑѷФȥαϛȭя=ФnakedІαϛеxͰɒϚіoslashЂˣʵѓOumlŜѲ5Ɲ5ȌеOumlĞũˏ6

As such we feel very confident in the rates and occupancies that we will achieve Regarding room prices when benchmarking

against some of the other leading hotel brands in the resort market such as Aman Fayun Hangzhou Banyan Tree Hangzhou Fuchun

Resort Hangzhou Mandarin Oriental Hainan and Commune by the Great Wall average rates in March 2011 for single bedrooms in

this set are ~ RMB2800

ϩfrac14=ͰɒoslashЂˏѢĉƠϡƎˏѢȿcurrenɊάΫ6ФˏѢĉƠĈɘ=ІʙФoacuteƟAacute˛OumlсɜǙacircʑʁaƹ=ˍCҊĂО5ţјНҏѨ5ĥsup1˗ǝ5˓φŴecircĈǙacircũƵ΅OumlŁˣ=Фɱ˓МOumlEumlˆƣʒǩƠķ=6

Regarding occupancies we are confident to achieve occupancies of around 60 after about 4 years of operation but forecast

conservatively that our occupancies will start from around 35 in the 1st year of operation and grow steadily to 45 in year 2

55 in year 3 and 60 after the hotel is lsquomaturersquo from year 4 onwards

ФˏѢȿĈɘ=ͰɒŬϾάΫǑŚɱOumlǑϱ=ͰɒǵϡAumlOgraveOumlˏѢȿ6WŇƗ=ͰɒOumlˏѢȿƮƁϻszligϞɱOuml13=egraveЫOgravefrac34ɱOuml13ũszlig˓ɱOuml1313=szligɱϡŮƮƁЫOgrave6

Given the above estimates we believe that owners can expect attractive investment terms as illustrated in the table below

Ļǟϡ˛OumlŇƗ=ЎƗϛѝɭņOtildeOgraveOumlѱſYƮƁˍ΅o˿

CҊĂО

НҏѨ

ĥsup1˗ǝ

˓φŴecircĈǙacirc

Ƶ΅OumlŁˣ

RMB4270

RMB3500

RMB2000

RMB2150

RMB2388

Aman Fayun Hangzhou

Banyan Tree Hangzhou

Fuchun Resort Hangzhou

Mandarin Oriental Hainan

Commune by the Great Wall Beijing

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966

38

39

ͰɒOumldivideTHE TEAM

40

Grant Horsfield ndash Chairman naked Group

Grant a native of South Africa is Founder and Chairman of the

naked Group

Before coming to China in 2005 Grant worked in England

and South Africa with more than 10 years business ownership

experience With background in IT he launched eBites

Limited in 2000 Operating nationally eBites was both a

publishing company and a callcentre facilitations company with

headquarters based in Cape Town In 2004 Grant received

an MBA from University of Cape Town Graduate School of

Business Upon graduation he decided to come to China as he

saw China is where business opportunities lie

After spending two years in Shanghai he found himself

overwhelmed by the metropolis and missed the natural beauty

of his home From this desire and need sprouted the concept

for naked Retreats which was launched in 2007 Grantrsquos vision is

to create sanctuaries that are in harmony with the environment

where people can appreciate the simple way of nature and

embrace the naked lifestyle Grantrsquos tireless efforts in promoting

ecotourism in the rural areas not only created jobs but also

pride for the local community He received an environmental

award from the Huzhou Government in 2008

高天成 - naked集团总裁

ij=ɫčIcircTHORNˆ=nakedƍOumlmiddot˽ˆũѵ|6

Ф13ɱȅOgraveѓŘтʣ=ij˪ЬФϯŘƎɫčľѽ=ϾŚɱOuml˙ϛǑϱƎРѽǑϏ6ФʙITǒOumlUѠ΅=ɱij˪ƭȜȥeBitesϾΏŁ=eBitesŁƮϱΝІaacuteŹĞѓΫLJɖƿū=ʙѵˤФǭʔugrave6ɱ=ijƅOtildeȥǭʔugraveAringλ˙λЙOumlMBAλ6dϛŮ=ǧegraveȅѓŘ=ϩǯOgraveȥжȕOuml˙Ɖ6

Ф˛ŝEgraveȥȢɱтŮ=āѳƓxȥ˪Ƃ=sʨAtilde˱ȥѳʿɐǒ6ФжѕИІεʴOumlʶ˼΅=ƭȜnaked Retreats

OumlΖĂФɱOtildeOgraveȥ˹˲6ijOumlΖĂƭШϞĸ˯THORNІѳʿũΣŃdeg=ˆɒǵϡΘѳʿ=ΘnakedOuml˪ƂĈ˾6ij˫ΔAacuteTHORNʵ˪ȾϽѽordfOumlxΦɹȞ=xLjmiddotШȥľѽıŻOtildeOgraveȥIcircTHORNˣʵOumlХϐ6ij˪ƅOtildeȥɱůјоġNāOumlźWAring˼ư6

41

Delphine Yip-Horsfield ndash Partner Ben Wood Studio Shanghai

received her Master of Architecture degree from Harvard

Boston prior to moving to Shanghai to oversee the award

winning Xintiandi project on behalf of Wood and Zapata In

the fall of 2005 Delphine became partner at Ben Wood Studio

Shanghai

Drawing from her own experience of diverse cultures Delphine

has led a multitude of high profile projects such as Hangzhou

Xihutiandi Zhujiajiao Oriental Garden Shanghai Waitanyuan

Beijing Palace 77 Shanghai Hongqiao Commercial Core Lijiang

Lashihai Resort Masterplan etc

In 2006 she was selected Wallpaper magazinersquos first annual 40

under 40 designer of the year

Delphine is the chief master planner and architect for naked

Home Village and naked Stables Private Reserve She also

oversees the visuals and styling of the naked Brand

叶凯欣 - 上海Ben Wood设计室合伙人

ϜǮΩɺ=Ben Wood ˤƗľѽOumlѵƢ=śęAringλƭѡλ6ȅ˛ŝтʣ=ФΒIJ5ɷКũuuacuteľѽ6ȅ˛ŝŮ=CcediloWoodũZapataĤЩΪTHORNΙɧOumlƢethľѽ613ɱʲƕ=ϜǮΩɺBen Wood ˤƗľѽūƃˆ6

ϾѯxŸϽșǑϏOumlϜǮΩɺ=EacuteˇȥηucircijocircΙɧOumlƢeth=VȂţјͻůTHORN5њƝƶecircĈųВ5˛ŝЕ5[ǎłatilde5˛ŝŭʦ˙ϛѓΫ5ȗƯȄŝoacuteƟAacuteѵŔŷˤƗUgrave6

ɱ=ˏκȥWallpaperСьǃɱoacuteϡ΅OumlˤƗ˰6

ϜǮΩnakedƝВAacuteũnaked RetreatsOumlѵˤƗеũƭѡ˰6˶ϚĤЩƢethnaked˙nOumlFũĘķˤƗ6

42

Kang Yang Lim ndash Group Chief Operating Officer naked Group

Group with over 13 years corporate finance and real estate

development experience Previously he was Director of the

real estate division of APP China taking responsibility for the

initial positioning and development of the USD15 billion lsquoWhite

Magnolia Plazarsquo mixed use development project (including

the development of Shanghairsquos first W Hotel) He also led the

concept and development of APPrsquos branded residence and resort

project in Sheshan Shanghai

Finance division of PricewaterhouseCoopers in Melbourne

Australia where he specialized in business value and strategy

worked in inhouse strategy roles for CocaCola GB in London

and to British venture capital firm of the year (2004) ISIS Equity

Partners before coming to China in 2005

Accountants Australia in 2002 and is also an affiliate of the

of Commerce and Diploma in Modern Languages from the

University of Melbourne Australia

林纲洋- naked 集团首席营运官

ƞˏnakedƍOumlȩ˪ϴϾŚɱOumlʝϛ~ƎTHORNǭāǑϏ6Фfrac14тʣ=ѽѓŘDŽŒOumlTHORNǭāOumlѵƢ=ĤЩƠч13ϢЏOumlucircϸ8JЈȈœ9ǭāΙɧOumlcopy˽κшũǭāVȂ˛ŝszligϞƝ ǙacircOumlǭālt6˶ϚщNtildeȥDŽŒƍФ˛ŝҁ˗ʑʁѢЭũoacuteƟAacuteΙɧOumlȓɲũǭā6

ФDŽŒƍˇфтʣ=ȩİϑGAringȚφɣyuml_ʔŴϷOacuteƁƗ˰OumlǑȓ=ѥѣЂ˙ϛƠчũЯɁѰξ6ȩ˪Ф13ɱȅOgraveѓŘтʣэȑǭʔŴϷOacuteŮOumlϞotilde˶ƣɬ=ѽǵǺǵȎɂugraveŁɬOumlЯɁēͺ˰=ϡƎISISOumlʼnʏūѽƃRФϯŘɂugraveOumlϯŘĘΌѱŁˇф6

ȩ˪ФɱƅOtildeȥGAringȚφηƁƗ˰ƁũGAringȚφпʻωǗOumlƁГѱķ6˶ϚƅOtildeȥGAringȚφɣyuml_AringλOuml˙ϛλλϡƎCcedilЇϊλп6

43

Gabriela Lo ndash Managing Director naked Retreats

With over 15 years experience in high end events and PR

management Gabriela has been instrumental in bringing naked

to where it is today As one of the original members of the

naked Team Gabriela has led the growth of naked Retreats

to become one of the most famous eco retreat destinations in

China attracting guests and publicity from around the world

Originally from Macao Gabriela has rich multi cultural and

multinational living and working experience having worked and

studied for many years in Greater China England and Italy

卢家宝 - naked 度假村常务董事

ϴϾŚ13ɱOumlijocircƂiacuteũŁŃŋ΄ŎȓǑϏ=nakedDžOumlǜІȶƝXēxǭ6ѽħdivideOumlmiddot˽ГтϞ=ȶƝXϠǑAEligȭnakedѓŘѻϾɜOuml˪ȾϽɧOumlTHORNтϞ=ͼϭȥȅѳǁĹTHORNOumlǸˆ6ȶƝXȅѳGɑ=ϴϾĖĥOumlucircЏŸũucircŘǝѢũľѽǑϏ=ЬФAringѓŴTHORNʵ=ϯŘũϤAringȚϾѯucircɱωǗǑș6

Judy Zhu ndash General Manager naked Group

Zhu is the General Manager for naked Group ensuring smooth

operations of the group with a particular focus on government

朱燕 - naked 集团总经理

њώ=iquestnaked Retreatsmiddot˽ǭ˽ǜũij˪ūѽ6њώѽƍѵǑȓ=ĤЩIcircTHORNũŋ΄ʽWƍРѽ6Фƞˏnakedтʣ=њώФ˛ŝũ[ǎiquestŚηucircІ˙ϛϾŋOumlфϛ6ФΪͻȈƅOtilde˙ϛλ6

44

Kurt Berman ndash General Manager naked Stables Private Reserve

With over 16 years experience in FampB and high end luxury

resort management Kurt brings a wealth of experience and

will lead the preopening and operations of our new resort ndash

naked Stables Private Reserve Prior to joining naked Kurt was

the preopening General Manager at Six Senses Laamu and

Resident Manager for Six Senses Soneva Gili by Six Senses Kurt

has also worked at other prestigious resorts including Fregate

his career in hospitality in FampB and was a trained Chef with

experience working in many prestigious institutions including

The Dorchester Hotel in London Kurt is from South Africa and

has a masters certificate in hospitality management from Cornell

University

Kurt Berman - naked私人度假村总经理

ϾѯŚɱϬƎijIumlŤŴoacuteƟAacuteOumlŎȓǑϏ=ƮϡĖĥOumlǑϏȭNtildeͰɒΪoacuteƟAacute77)$ 0OumlϱϛũРϱ6Фƞˏ)$ тʣ=10ЬEacuteˇŚ8szligȳĭǦ9+1ϱϛѵǑȓũ8szligȳĭǦ9-2 ((OumlѤacircǑȓ610ŻЬˇфЂamp0ˆŝETHũ1+4UgraveʙўɜoacuteƟˮTHORN610OumlϛʜzЂϬαϛ=ϚϡϞĸФŬucircўɜƉńVȂ-0-0 -$-ltľѽŚOumlρȡϾOumlnot˰610ȅѳɫč=sϴϾǰɪyumlAringλЃOumlǙacircŎȓλ6

Richard Johnston ndash General Manager naked Home Village

Hailing from the United Kingdom but with most of his working

life in resorts throughout Africa Richard brings with him over

20 years experience in General Management and Director level

roles in world class resorts including Azura Retreats Cape Grace

hotel and the Saxon Hotel Richard plays a key role in the set

up of systems training and operating standards His years

of experience and mentoring leadership style make Richard a

natural inspiration for our young hotel management team

Richard Johnston - naked 家园村总经理

RichardȅѳϯŘ=IgraveAringucircOumloacuteƟAacuteľѽiumlФмĸčљ=ϴϾŚɱOumlѴūŎȓũǁƐoacuteƟAacuteVȂAzura

Retreats Cape Grace hotel and the Saxon HotelltijʒŎȓǑϏ6RichardФƭȜ΄5ʅρũРαnѬĈɘʜѯŋƨѽϸ6ĖĥOumlǑϏũȭNtildeĘķ˼OtildeoslashͰɒɱʬOumlǙacircŎȓdivideϾѯѳʿOumlƊȘ6

45

Teun Hanegraaf ndash Sales Director naked Retreats

Teun obtained a Bachelors in Business Studies and Masters

in Strategic Management with a focus on Chinese Business

Culture Teun increased our corporate sales business by 350

in his first year with us bringing international companies

ranging from international conglomerates Unilever and Coca

Cola to more local institutions such as The Shanghai American

School and leading Chinese companies such as Bank of China

韩天宁销售总监

ȅѳŧȈɥEcirc=şɵϴϾ˙ϛλλλ5ЯɁŎȓѥѣЂѓŘ˙ϛŸlt6ȅƍOumlszligϞɱşɵƮŁOumlΝϛijȥ13=sŁAEligȅȥx˟ŘƙβOumlAringŁǸŲ=жʙѓϾŘƙAringʝϛȠūȚŴũǵǺǵȎ=ϚϾ˛ŝɐŘλΠUgraveIcircTHORNƉńũѓŘϫαUgraveѓŘȴʝϛ6

Oliver Yuen ndash nature Reserve amp Recreation Manager

naked Stables Private will be the first private reserve in China

with a wealth of new flora and fauna introduced to the project

from Sydney University Australia and as a fully qualified Ranger

working in many of the worldrsquos best wildlife parks Oliver takes a

special role in ensuring the environment of naked Retreats and

naked Stables Private Reserve will be full of life and a natural

self supporting eco system Oliverrsquos passion for both people and

nature make him the perfect person to teach our guests about

what we do and make their stay not only a relaxing one but

also a fun fulfilling educational one as well Oliver previously

worked in wildlife parks and resorts such as Azura Retreats in

Mozambique Mobala Private Game Reserve in South Africa and

Sydney Aquarium in Australia

袁鹏威 - 活动经理和度假村 生物学家

naked StablesƮѓŘszligϞĸϭljΪOumlцʾũiacuteʾOumlˆoacuteƟʵ6OliverѽϞɜGAringȚφͿɯAringλūķOuml˪λƝiacuteλƝ=ϡƎФǁĹTHORNOumlϙ˪iacuteВľѽOumlľѽе=Ф˼naked Retreats ũnaked StablesϾѯĖĥ˪ѱЕ5ʿѳĺOuml˪΄Oumlźǔľѽ˛QύѯіϘƶ˔6АʊoslashˆȏũѳʿOumlƊʮ˼ѻūOumlˆȅĵͰɒOumlǸˆͰɒѼOuml˷ɋ=sʨ˂ɒФжȕOuml˶ŒxLjLjČ=˶Ϛ˂ɒOumlǝѢǑșlOtildeϾǭΫcurren˹ũϾƷЋϤϦ6АʊтʣФɫčũGAringȚφͿɯѹŏiquestϙ˪iacuteВũWŰʵOumlľѽVȂMozambique OumlAzura Retreats Mobala Private Game Reservelt6

46

Philip C Davis Company Director naked Retreats

Phil joined the Board of Directors for naked Retreats hotel

management company in 2011 His previous board experience

includes Tian Rui Hotel Corporation holder of the master license

for Super 8 economy hotels in China and Hong Kong from 2006

to 2008 He also was a founding shareholder of Tian Rui and

served as its President and Managing Director from 2006 to

2008 He was a board member of Tian Xian Cheng a bai jiu

concern which is a joint venture between Pernod Ricard and a

2010

Phil was previously Chairman of the Budweiser (Wuhan)

International Brewing Company and Managing Director of the

AnheuserBusch business in China and Hong Kong from the

beginning of 1996 through 2002 From 2003 to 2005 he

headed the AnheuserBusch liaison office with Tsingtao Brewing

Company

Phil holds a PhD in history from Washington University and

started his career as a market researcher at a major advertising

agency in the US before moving to AnheuserBusch and

heading its consumer planning and new product development

functions in the 1980s

Philip CDavis naked 度假村公司董事长

PhilЂɱƞˏȥnakedoacuteƟʵǙacircŎȓŁOumligraveƁ6ϡĖĥOumlǑϏVȂФːǙacircƍˇф5ϡƎЂɱэɱФѓŘũѓŘΒIJEacuteˇSuper ǑƖǙacirc ʼnˆ6˶=ϚːǙacircƍOumlmiddot˽ʼnecirc=ФɱэɱʖƣEacuteˇƍOumlѵ|ũigrave6ɱэɱʖƣ=ϞƝІWȎȞƞũJǙ˪ȴʝϛƬɫūѱOumlʝϛ77ΐOumligraveƁГ6

iquestɱэɱ=Phil͵šBudweiserŘƙɳǙŁOumligraveƎѓŘũѓŘΒIJCŝyŁOumligrave6iquestɱэ13ɱ=CŝyũʫETHʌǙŁOumlȠɆdegOumlĤЩˆ6PhilϴϾŴ˭uacuteAringλOumlș˻дλvλ=ФǁɱCcedilȅOgraveCŝy5ĤЩΞĒŔŷũΪʑǭāĿɭтʣ=OumlϛʜzЂɐŘOumlϞƝœĵCcedilȓŁ=Eacuteˇaeligω6

47

OUR INTERNATIONAL TEAM

International team

Chief master planners amp architects

the urban landscape of modern China with Xintiandi in

Shanghai a commercial cultural and entertainment district

Since then the studio has worked on projects in very diverse

categories both small and large scale projects include mixed

use projects like the ldquoTiandirdquo in Hangzhou Chongqing Wuhan

and Foshan luxury villa and high rise residential complexes in

Shanghai and Vietnam as well as various boutique hotels and

Chalet Architects

A00 Architecture is most well known for their research

inenvironmental sustainability and its application to their

work in Architecture Interiors and Furniture Their portfolio

includes feature restaurants luxury spas retail stores design

conversion of dozens of historic Shanghai homes into highly

personalized residences

Interior Designers AIM (Architecture amp Design) brings expertise

in the combination of world architectural styles and design

influences to the interior designs at naked Stables Private

Reserve With the Shanghai office led by the two founding

on comfort warmth and a unique blend between African and

Asian design sensibilities

Landscape Architect

Design Land Collaborative (DLC) is a professional consulting firm

comprised of landscape architects and planners with an office in

Shanghai and the United States Projects have a strong emphasis

on cultural resources historic preservation and ecological

design involving both the public and private sectors

ͰɒOumlāЮdivide

ɴǵϡΑάOumlёȣ

ŘƙŸdivide

首席规划师和建筑师

benwood Studio Shanghai OumlсɜΙɧтϞѠĨШ˛ŝΪTHORNľ=˼ʙƍ˙ϛ5Ÿ5ЄȎϞOumlʵЉ6тŮ=ЁƻȥĹȏŔɟAringΟOumlΙɧ=VȂţјOumlͻůTHORN=іʱ5͵šƎę˗OumlŤŴpϡƎФ˛ŝũЛɫOumlijѢЭʵ=ȮŻϾФѓŘƎˉ_OumlĹȏǐʑǙacircƎoacuteƟ6

小圆房建筑

AOO Architecture ФźǔWŰƎǵ θāЮĈɘϾѯѭЛOumlƭ=s˘ƮʙƭϰϸЂɬƝѩ6ɒƻŚOumlΙɧVȂ˔5ŤŴȤѓΫ5ȫ˙acirc5ˤƗίǙacirc˛ŝυНǙacirc lt5ˆoacuteƟϡƎϞ΄ȧOuml˛ŝș˻ѢЭOumlCcedilŸƎˆŸĨШ6

ɬ ˤƗ˰AIMƭѡˤƗltѥѣЂǁƭѡĘķũˤƗOumlɐƿū=ϭNtildenaked StablesOumlɬˤƗ6ФȅѳŧȈũaȚ˶OumlūѽmiddotTˆȭNtildeOuml˛ŝTdegOumlUѠ΅=ˤƗѣі5ũφčˤƗȓɲOumlntildeˊū6

景观设计

Design Land Collaborative (DLC) ϞƝiquestǒōˤƗІŔŷOumlѥϛѰξŁ=Ф˛ŝІɐŘǩˤϾēрƉń6ʙΙɧ˘ЂŋѣŸș˻ĻЕ=ƿūźW˪ǴƔ=ѥѣЂŁŃƎϾTHORNOumlŔŷ6

48

Engineering amp Project Management team

Scott Wilson Group PLC is a globalintegrated design and

engineering consultancy for the built and natural environments

Scott Wilson is responsible for the project management the

electrical and mechanical engineering for the project

Environmental Consultants

Environmental Resources Management (ERM) a leading global

provider of environmental health and safety risk and social

consulting services ERM deliver innovative solutions for business

and government clients helping them understand and manage

their impacts on the world around them ERM have 137 offices

in 39 countries and employ approximately 3300 staff

Sustainability Consultants

Bisagni Environmental Enterprises (BEE) works with the

engineering and design teams to ensure the environmental

goals set out at the inception of the project are achieved

LEED Consultants

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

Local Design Institute

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

General Contractor

and have been responsible for some of Chinarsquos most iconic

properties such as the World Financial Centre in Shanghai

工程及项目管理团队

Scott Wilson Group PLCϞƝʺʳŔɟOumlźWˤƗƎľѰξŁ6Scott WilsonĤЩΙɧOumlaacuteʠƎƉΤľ6

环境咨询

Environmental Resources Management (ERM)ϞƝʺʳαϛȭѰξŁ=ŀźǔWŰ5ƫǰCʺƎŁŃˣƁĘΌUgraveѰξĞ6ERM˙ϛƎоġɑǸŲŀĨĶβOumlǀǧĈF=UѠɒȥǀsŎȓʙǑϱoslashˣƁźǔAEligȅOumlϳΗ6ERMФʺʳϾ137ĸēрƉń=myĸŘƝ=ϴϾAringК3300ɜГľ6

可持续发展咨询

Bisagni Environmental Enterprises (BEE)ІľˤƗdivideΑűūѽ=ϡʽWФΙɧǭ˽ƼotildeˤȜOumlźǔWŰǵ θāЮɧnOumlȚ˹6

绿色建筑认证咨询

Shanghai Pacific Energy Center (SPEC)ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlŁтϞ6

本地设计公司

Shanghai Baoye Construction Corp Ltd ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlαϛȭŁтϞ6

总承包商

ϞƝŘƝƐľVŁ=ϠƻȥηucircѓŘnьβΙɧ=țˍ˛ŝźʳDŽˊѓΫ6

49

naked COVERAGE

wwwcnngocom

ldquo25 killer things to do this summerrdquo

26 April 2010

Time Magazine

ldquoRun to the Moganshan Hillrdquo

新浪博客

ldquo避世的可能rdquo

31 December 2009

wwwenglisheastdaycom

ldquoThe first batch of ldquoChina Treasured Towns ldquo released

December 2009

Shanghai Urbanatomy

ldquoGet naked this time with horsesrdquo

Shanghai Daily

ldquoGreen MaGIC Casts design spellrdquo

14 October 2009

新浪商品

ldquo中国最佳设计酒店大赏rdquo

September 2009

wwwchannelnewsasiacom

ldquoChinarsquos green resort allows travellers to vacation on good consciencerdquo

2 September 2009

wwwbijianlinblshecom

ldquo莫干隐居rdquo

25 Aug 2009

wwwassociatecontentcom

ldquoThe Exquisite Moganshan Mountains of Chinardquo

Ɏ

Wikitravel

ldquoMoganshanrdquo

德清新闻网

ldquo承包国营林场建造生态ldquo逸站rdquo

wwwsinoeventcom

ldquo亚洲旅游地产及景点峰会成功举行rdquo

wwwchinatravelbrandingcom

ldquoPursuing Green for Greenrdquo

wwwbrandrepublicasia

ldquoMaking moves towards ecofriendly eventsrdquo

7 May 2009

wwwhandsonshanghaiorg

ldquoHands On Asia Conference Summeryrdquo

May 2009

wwwmyvacationcn

ldquo莫干山居rdquo

3 April 2009

wwwshanghaidailycom

ldquoThe naked truth Time to clean up Moganshan litterrdquo

4 March 2009

wwwgreennovateorg

ldquoMoganshan Project Kick Offrdquo

13 February 2009

Travesias

ldquonaked retreatsrdquo

Feb 2009

合肥在线

ldquo大山里的裸家族rdquo

20 October 2008

wwwentrepreneurcom

ldquoThe arrival of the Olympics showcases Chinarsquos burgeoning entrepreneurial spirit ldquo

7 August 2008

50

Shanghaiist

ldquoWeekend escape to Moganshan 莫干山rdquo

9 April 2008

私家地理

ldquo艳阳下的荫凉rdquo

30 May 2008

City Weekend

ldquoGet naked in Moganshanrdquo

25 January 2008

wwwbundpiccom

ldquo在这绿中撒点野rdquo

wwwhuzhougovcn

ldquo相中德清筏头的青山绿水南非客商莫干山下建生态逸站rdquo

wwwurbanatomycom

ldquo24 Hours in Moganshanrdquo

wwwhkheadlinecom

ldquo杭州莫干山竹林深处人家rdquo

15 May 2009

wwwnewsweekcom

ldquoBack from abroadrdquo

May 2009

Chinatravelnet

ldquoMoganshan A Heavenly Hideaway of Bamboo Forests amp Tea Plantationsrdquo

April 2009

wwwmzztmcagovcn

ldquo2009年踏青乐游路线推荐大公布rdquo

16 March 2009

第三媒体

ldquo规划一条畅快随性的踏青之旅rdquo

28 October 2009

wwwdqnewszjolcomcn

ldquo三九坞 ldquo裸家族rdquo钟爱的世外桃源rdquo

28 October 2008

ldquo自驾行天下rdquo之中国莫干山rdquo

Sep 2008

ldquoShiffting Gearsrdquo

Sep 2008

April 2008

Chewed up amp Spit Out

ldquoGet nakedrdquo

19 February 2008

ldquoBest Weekend Getaway Hotels Shanghairdquo

富世

Ecoefficient hotel低碳下榻

April 2011

Spa China Guy 男士派

Experiencing The Unique

2010

Cosmo 时尚

跨洋建屋隐居不隐世

April 2010

Global Times

The Mountain of legends

Global City Geography 城市地理

莫干山 naked Retreats 都市人一ldquo裸rdquo到底的山居生活

Dec 2009

China Daily

Rural Retreat

20 March 2011

China Daily

4th March 2011

Modern Weekly周末画报

圣诞低碳游

Dec 2010

Elite Traveler 携程自由行

旅尚

Esquire

Hidden Best Restaurants

Feb 2011

51

52

53

Page 19: Detailed Investor's Report

18

Tree top villas

Roofs thatched

19

20

FLOOR PLANS

Treetop villa 2 bedroom villa ccedilpȢͱĉ

ʒɘ

Interior area 室内面积 13768sqm

Exterior area 室外面积 50sqm

Total usable area 实际使用面积 18768sqm

21

Level 1 一层

Interior area 室内面积 7088sqm

Exterior area 室外面积 102sqm

Level 2 二层

Interior area 室内面积 668sqm

Exterior area 室外面积 398sqm

22

Treetop villa 3 bedroom villa ccedilp˓ͱĉ

Interior area 室内面积 20214sqm

Exterior area 室外面积 664sqm

Total usable area 实际使用面积 26854sqm

23

Level 1 一层

Interior area 室内面积 10334sqm

Exterior area 室外面积 118sqm

Level 2 二层

Interior area 室内面积 988sqm

Exterior area 室外面积 546sqm

24

Treetop villa 4 bedroom villa ccedilpͱĉ

Interior area 室内面积 2667sqm

Exterior area 室外面积 863sqm

Total usable area 实际使用面积 353sqm

25

Level 1 一层

Interior area 室内面积 136sqm

Exterior area 室外面积 168sqm

Level 2 二层

Interior area 室内面积 1307sqm

Exterior area 室外面积 695sqm

26

FITTINGS amp FINISHES SCHEDULE

EXTERIOR AND INTERIOR FINISHES

External walls

Structure is built from steel and SIP (Structural Insulated Panels) External wall is cladded with painted fiber cement board

Internal walls

emulsion paint

Ceiling

Ceiling is finished with emulsion paint

Flooring

Bedroom is finished with heavy strand bamboo flooring

Balcony

Balcony floor is finished with Wood Plastic Composite decking (M wood) Railing and trellis made with Liu An wood Balustrade is fitted with metal and Liu An wood

Window

bedrooms are fitted with double glazed LowE glass and Roto hardware

Kitchen amp powder room

Floor is finished with natural tile Kitchen cabinets and sink are provided Kitchen counter top is fitted with natural stone

Bathroom

Wall and floor are finished with natural stone

Doors

Entrance door is made of solid core timber fitted with Saflok RFID locks Bedroom doors are fitted with hollow core timber fitted with Saflok RFID security locks

ƭѡȦƎˤ]ɛ

室内外材料

oacuteƟͳʥ

oacuteƟͳƿńˤƗĮƿńƎƿńWOSIPlt6ʥϸΉɮOũʘ6

ɬʥ

ǸćƎͱтɬʥǩϸĔƎˎƲʘ6

ų

ųɘˎƲʘ6

THORN

ǸćģūɦTHORNO6ͱіќTHORNO

ȹ

ȹϸɦOʓʟ6ʈȲҎɦѐШOuml6ȇĬϸDŽрƎȲҎɦĜ6

acuteŲ

Ǹć5ͱOumlacuteŲϸȽɦѐacuteȀʆ-3ѓǹtȟƎ-0-ͶDŽʆƪ6

notĉ

THORNϡƎɘϡʿTHORNѦʓʟ=notĉŀlaquoŖϡƎʇ6notĉɘʿ˵6

Ќ

Ќʥ˦ƎTHORNϡʿ˵ʓʟ6

ɑ

ˏǺAringɑϸ˹Ψɦɑʆ˛-)ljordfɑNJ΄6ͱɑϸǹΨɦɑʆ˛SaflokljordfɑNJ΄6

27

MECHANICAL AND ELECTRICAL INSTALLATIONS

Heating and Cooling

AIRWELL centralized water source heat pump is provided Fresh air intake with heat recovery system is installed

Electrical provisions

are provided

Electricity

Concealed conduits are provided Threephase electricity supply with miniature circuit breaker distribution board is provided

TV telephone and internet connection

Satellite TV with all major international channels

is provided in all the villas Telephone outlets and wireless internet connection is provided

Hot water supply

Huang Ming solar hot water heater and Rinnai gas water heaters are installed for the villa

Water supply and pipes

Concealed copper pipes are used for both hot water and PPR pipes are used for cold water

The resort will be patrolled 24 hours a day CCTV system is in operation throughout the resort 24 hours a day All the villa front doors and bedroom doors are fitted with Saflok RFID security lock system

APPLIANCES TO BE PROVIDED OR INSTALLED IN EACH DOMESTIC

UNIT

机电设施配套

ŀɻũѐȐ

ɽyumlƍѓ˾Е˅`΄6ΪĘ˅ſ΄6

Ɲaacute

ʆEΐNtildeŎOumlǭŋϡƎѿ6

aacuteȞŀϰ

ѩϾϮ˾ΐȺ=ʆϾίoumlȺʠ=ʆaacuteΓOuml˓ΑaacuteЕŀϰ6

aacuteƎςˤ]

έaacute=ʹΐaacuteŹũʹΐȺ6

˅ˤ]

žɛϒɭ˅ʠƎȩɬɌʡ˅ʠ

Ŏ

˅ŀϰŎǩϸϮc˾ĮŎ=ȐŀϰŎŎ6

WCˤ]

oacuteƟAacuteˤϾϾΟ˶ѽOumlgȺaacute΄ϡƎΟ˶OumlπɄ6ˏǺAringɑƎͱϸSaflokljordfɑNJ΄

标准住宅单位附送以下设备

Stove BAUMATICExaust fan BAUMATICOven BAUMATICMicrowave BAUMATICFridge BAUMATICBARMini fridge (2 3 bedroom) BAIXUEWine fridge (4 bedroom) BAUMATICBEDROOMMini fridge BAIXUEBath KOHLERTERRACEBarbeque grill

TelevisionDVDBATHROOMShower KOHLERBasin KOHLER

notĉ aacuteraquoȷ ʄɇUcircǷnotĉϼχƉ ʄɇUcircǷnotĉaacuteDZΓ ʄɇUcircǷuȷ ʄɇUcircǷɬяrΓ ʄɇUcircǷHΟrΓ=ĉlt JμǙŖĉlt ʄɇUcircǷͱΟrΓ JμЌį Ǵȍȹ˞DZΓҒĉaacute ɯDVD ɯЌȪЌʠ Ǵȍʇ Ǵȍ

28

NOTE

1 The Developer reserves the right to substitute other materials

or appliances of comparable quality and standard for the

intended items as listed in above fittings and finished schedule

2 The fittings and finished as listed above shall be subject to

the terms of formal Agreement for Sale and Purchase Those

provisions may have slight variation in the color measurement

3 The Developer reserves the right to make modifications and

changes to the building design fittings and finishes without

prior notice

4 Fittings and finishes of the Special Units may be different

from those of the Typical Units

备注

āЮ˙WȰϞʧʹȞ=Dв˹ƙʮȁεϘϡUgraveётƭѡȦϡƎˤ]Ccedil˛ȧĹΙ6

˛ȧĹΙȦϡƎˤ]ǩϡн˾ɈɉūКOumlǿщegraveѬ6ĹΙƭѡȦƎˤ]ǵɭƁФϋ˔=ȣoacutepoundAcirc5ȓ5ѺуƎƆľ˛ordfʬp6

āЮ˙WȰϞʧʹȞδeacuteϡƎĽĨϛOumlˤƗ5ƭѡȦϡƎˤ]ʹεȮαс6

˔EumlЏOumlēƭѡȦϡƎˤ]І˛oȧĹΙǵɭϾx6

29

PURCHASE OPTIONS

Buying a Tree-top Villa at naked Stables Private Reserve involves signing a Sale and Purchase Agreement with the development

company and a Lease and Management Agreement and Deed of Conditions with the Hotel Management Company The Management

Agreement requires the purchaser to lease the property back to the Hotel Management Company to manage on the ownerrsquos behalf

There are two different plans which are available for buyers

在 naked Stables 购买一套拥有不动产权的树顶别墅包括与发展公司签署一份买卖协议以及与酒店管理公司签署一份租赁管理协

议和条件契约管理协议要求购买者以业主的名义向管理公司出租其别墅以供其管理买家有两种方案可供选择

ŅɈκΙ

30

OPTION 1 - FLEXIBILITY

1Owner Usage Rights

Zero usage restrictions

Early reservations are required to secure Villarsquos especially during prime and peak seasons If a Villa Owner does not provide the

required advance notice for a reservation the resort may be required to offer the owner a different unit or in the worst case no

availability at all

1 业主使用权限

ȫ˼ϸΏѐ

ϘʴʣЎegraveˏѢp=ϺʙФƐƕ6ˍřpϛѝɍϾŀϘʴOumlϸЂЎegraveOumlЎс=oacuteƟAacuteƮʙŀȮϞdegѢdeg=ƆеѻЦĴOumlʮȁɍϾǹĉ6

2 Rental Revenue

2 租金收入

a Rental revenue

Whilst not in residence the owner will be eligible to earn a pro rata 36 of the room revenue generated by the Reserve during their

absence Ie Everyday the revenue generated by the entire resort is divided amongst the owners not in residence on that day When

an owner is in residence he forfeits his opportunity to earn revenue

ѸDŽˏ

ϛѝxǝѢʖƣ=ƮOtildeOgraveoacuteƟAacuteordfѸʙĉͳOtildeϧOuml6ɏoacuteƟAacuteordfѸɨΡxǝѢФfrac14OumlϛѝOumlĉͳOtildeOumlϧƮ^ʒǩēʆĺжΡϛѝ6IcircϛѝǝѢФʙpȕ˶=Ʈ˱ʸƅOtildeϧOumlƉƁ6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

选项1-灵活性

31

c Cashing out your returns

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

gtƮɴOumlſYŚDŽĈ˾ʷordf

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſYϧ6ˍřϛѝκЪxʷordfOumlϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3 有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecom services

included in the Services Fee to the owner whilst in residence The services fee is 300rmb per room per night This fee is charged on

all rooms regardless of which are in use

4 服务费用

IcircϛѝФoacuteƟAacuteǝѢ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸѓ6ɏĸĉƣɏOumlĞĒϸЏˆəe6жĸĒϸΛϾĉƣʷOuml=xɃfrac14ĉƣĚФ˼ϸ6

5Maintenance

4 of hotel room revenue will be reserved for ongoing building maintenance This will be deducted from the ownerrsquos share of total

room revenue

5 维护

ǙacircǸĉˏOumlƮ^ȰѽŮθƭѡδтĒϸ6ħēDŽuumlƮiquestϾˆǵēOtildeOumlǙacircǸĉˏĕuumlѓǻshy6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGEEarnings Per Room (36 of gross room revenue) 124173 170827 221315 253507 263647 2066942 Bedroom 收益 ndash 双人间 248346 341653 442631 507013 527294 4133873 Bedroom 收益 ndash 三人间 372519 512480 663946 760520 790941 6200814 Bedroom 收益 ndash 四人间 496692 683306 885261 1014027 1054588 826775

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 41 57 74 85 88 69

3 Bedroom 收益 ndash 三人间 9000000 41 57 74 85 88 69

4 Bedroom 收益 ndash 四人间 12000000 41 57 74 85 88 69

Hotel revenues and owner rental yield - Option 1 Flexibility

32

OPTION 2- STABILITY

1Usage Rights

1 使用权限

选项2-稳定性

Total Permitted Usage Prime Peak SeasonPermitted Usage

Peak SeasonPermitted Usage

Out-of-SeasonPermitted Usage Blackout

40 days per yearNo occupancypermitted

Up to 20 days per year but no more than 7consecutive daysfor any one stay

Up to 20 days per year but no more than 7consecutive days for any one stay

No occupancypermitted

允许使用总数主要的旺季允许使用

旺季允许使用

淡季允许使用

无折扣期

每年40天 不允许占用 每年20天但是每人

不能连续居住7天每年20天但是每人 不能连续居住7天

不允许占用

Prime Peak Season To be published by naked Retreats in according to government notification every year Prime Peak Season

Middle Autumn Festival (Sept) excluding Blackout dates

Ɛƕɏɱϻnaked RetreatsĻǟоġĵāordfс6ƐƕVȂѓŘsup1ƽϞМĀМlt5ȋiacuteƽͶМlt5Řʱƽ˴Мlt5ʭɛƽМlt5ѓʲƽǘМlt=xVȂʹгǻʖ6

ƕiquest˓МOgrave˴ϞМʖƣOuml10ĸїɡϡƎ10ĸľѽˉїʖ=xVȂƐƕũʹгǻʖ6

OutofSeason 20 days during December to February excluding Prime Peak Season and Blackout dates

Iacuteƕiquest˴ĀМOgraveĀМʖƣOuml=xVȂƐƕũʹгǻʖ6

Blackout Dates Peak demand dates such as holidays sporting events groups and citywide conventions Local cultural events

all as specified by the Hotel from time to time

ʹгǻʖεʴijėʖVȂƟʖ5Ћ˒5ũʺβOumlƁϨ6IcircTHORNɾyumlOumlŸƂiacuteiumlƮDвǙacircOumlɛljα6

2 Rental Revenue

2 租金收入

a Rental revenue

Regardless of your usage of your property your rental return will be fixed at 5 for the first 5 years of operation After this period

you will automatically migrate to the Flexibility plan

ѸDŽˏ

xɃɰOumlĉ˼ϸoacuteˍŪ=ͶɱOumlѸDŽϧiumlŊegraveOuml136ФжтŮ=ɴƮѳiacuteѧˏȬƂβĈF6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

33

c Cashing out your returns

gtƮɴOumlſYϡDŽĈ˾ʷordf

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſY6ˍřϛѝκЪxʷordfʙϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecoms services

rental option

4服务费用

IcircϛѝǝѢФoacuteƟAacuteȕ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸȕ6жϞȏOumlĞĒϸxVȂegraveβordfѸʆ6

5 Maintenance

Of the 5 guaranteed return generated form your property during the period you are not in residence the management company

will retain 4 of this return for maintaining your Villa The maintenance fund will be pooled and used for all Villarsquos in the resort

5维护

ɴxǝѢʖƣiquestɴOumlĉѓƮ˪Ouml13OumlſY=ŎȓŁƮWȰжbſYѓOumlϸѽɴpOumlŰ6ŰƈDŽƮ^ūsʜȅsϸЂϾoacuteƟAacutepOumlŰ6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Hotel projections

Rooms Available 可用房间 not relevant 非主要Estimated occupancy 预计使用率 not relevant 非主要Estimated average daily room rate 预计每日平均房价 not relevant 非主要Growth in room rate 房价增长率 not relevant 非主要Annual room sales 年房间销售额 not relevant 非主要RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE2 Bedroom 收益 ndash 双人间 50 50 50 50 50 503 Bedroom 收益 ndash 三人间 50 50 50 50 50 504 Bedroom 收益 ndash 四人间 50 50 50 50 50 50

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 300000 300000 300000 300000 300000 300000

3 Bedroom 收益 ndash 三人间 9000000 450000 450000 450000 450000 450000 450000

4 Bedroom 收益 ndash 四人间 12000000 600000 600000 600000 600000 600000 600000

Hotel revenues and owner rental yield - Option 1 Flexibility

34

Option 1 - FLEXIBILITY Option 2 ndash STABILITY

investment returns for your Villa are influenced by the

success of the resort and the number of days you use

your Villa

Stable implies both your returns and your annual

usage rights to your property are fixed Regardless of

how well the resort operates your returns will remain

the same Equally you will only have a fixed number

of days allowed in residence

Usage Have unlimited usage rights to their Villa 40 days usage per year

Rental ReturnEarn 36 of the pooled returns from the entire resort

whilst not in residence

5 guaranteed return on their investment regardless

of resort performance

Resort Discount20 discount on all resort amenities and activities

(including SPA and Restaurants)

20 discount on all resort amenities and activities

(including SPA and Restaurants)

Services FeePay a Services Fee of 300rmb per room per night

whilst in residence

Maintenance4 of all room revenue is retained for maintaining

the owners Villa

4 of all room revenue is retained for maintaining

the owners Villa

选项1 ndash 灵活性 选项 2 ndash 稳定性

ȬƂβϸЂ˼ϸІſY6ɰOumlpѱſYʷǧЂoacuteƟAacuteOumlĿǑϱũɰoslashpOuml˼ϸoacute

ŊegraveβϤѯɰOumlſYũɏɱoslashЂɰOumlĉOuml˼ϸʹΏiumlŊegraveOuml6xɃoacuteƟAacuteOumlǑϱѫȁϾucircť=ɰOumlſYiumlŊegraveOuml6ϖTHORN=ɰъϾŊegraveOumlПηǝѢOuml6

使用 ʹΏѐOumlp˼ϸʹΏ ɏɱOuml˼ϸʹΏ

租金收入 ФxǝѢʖƣ=ƅOtildeмĸoacuteƟAacuteūsſYOuml xɃoacuteƟAacuteǑϱѫȁˍŪ=Wп13OumlſYϸЂѱ

度假村折扣 ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt

服务费用 ǝѢʖƣ=ɏĉƣɏЏˆəeOumlĞĒϸ čѝϘ

维护 ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ

OPTION COMPARISON

选项对比

35

36

INDUSTRY RETURNS AND BENCHMARKS

INDUSTRY REPORT

行业报告

Tourism and urban resorts is one of the fastest growing industries in China According to industry consultant HVS cities such

as Shanghai Beijing Shenzhen Guangzhou Hangzhou and Tianjin all have a population where a critical mass of highly affluent

individuals and successful companies exist generating demand for suburban resorts

ФѓŘ=ȾϽϛũoacuteƟAacuteσɓāЮOumlαϛтϞ6ĻǟʺʳǙacircĞϛltOumlϞΙYĵ˿=ФѓŘOumlѝϘˍ˛ŝ5[ǎ5˧5œј5ţјũdžǩēyѯAringȣOumlĥЍˆʾũĿOumlʝϛ=ϻfrac14ϚƊāȥoslashƴʵoacuteƟAacuteOumlƌAringεʴ6

Amongst other things the exponential growth in private vehicles has seen a huge increase in demand in the leisure market With

the completion of the shenjiahu highway in 2010 the travel time from downtown Shanghai to Deqing is now 2 hours Also with

stop at Deqing) scheduled to open in late 2011 travel time from downtown Shanghai to Moganshan will take between 15 to 2

hours When comparing travel times to get to other resort destinations in China ndash eg Hainan or Lijiang flight times might be within

2 or 3 hours total travel time including travel to airports and check in make the whole trip 6 to 7 hours plus additional travel cost

Within the 2 hour travel radius of Shanghai the quality of resort destinations is also (in our opinion) not at an international standard

with most hotels simply being lsquocity hotels in the countryrsquo rather than true resort properties operating at international standards

shyfrac14т=ѯĸˆγΊOumlāЮ=ĸˆƸϴϾȿϚσʂ˫6ѳɱ˥ƛůijϡŮ=iquest˛ŝOgraveOcircʭϚLjεϘĸΟ˶Ouml6ΪƭOumlijǵϡФ13ēєɬiquest˛ŝUumlAumlţј6ƏƮФɱYacuteǫľOumliquestţјOgraveɫǎOumlijѓϾϞаDzOcircʭlt=ъεϞĸSΟ˶OgraveȢĸΟ˶ǜǵϡiquest˛ŝѓΫOgraveAumlɢī˗6ˍřІѓŘOumloacuteƟˮTHORNŝɫ5ȒƯUgraveaƹ=shyȥϘųĒэĸΟ˶Oumlďα˶ƣ=ŻϘФVȂʣƉ=CʺƤũUgraveEgraveOslashƉ˛ų˛эĸΟ˶=ĽxϸɨΡuumlOumlαųΝȥ6Ѷō˛ŝїiΟ˶ɬOumlγΊoacuteƟʸdeg=э˟ͰɒˈltІŘƙŸnѬŻϾѯɛOumlǢ6AringēOumloacuteƟǙacircϚũѓOumlɨΡǙacircɍϾ_ёOumlʵp=ЗЗAumlxOgraveинŘƙϤϦ˛oacuteƟίĉΙɧOumlϘʴ6

ϛѝЎʖſYІaƹ

37

OUR NICHE

我们的利基

naked sees a need in the market for world class expertly designed and operated resorts which are within 1 to 2 hour travel time

of major cities in China As with other urban resorts we believe that the Leisure market and the MICE (Meetings Incentives

Conferences Events) market will be a huge driver for our business In addition we feel that we are already at the forefront of

the growing focus and concern on environmental design building and operations as well as the growing interest in nature and

environmental education At naked we also place a high emphasis on facilities and services for the entire extended family ndash from

children to parents to grandparents that other resorts do not place dedicated resources for

nakedЎƧOgraveȥФѓŘжϞεʴƏǢȑѝϘϞэȢĸΟ˶Ouml=˶ЁhζǁϞȱOumlѥϛˤƗũŎȓOumloacuteƟΙɧ6ͰɒΑάγΊũƁƁϨ5ưȘȾϽ5AringίʝϛƁϨ5ƂiacuteЮȉltOumloslashͰɒϛOumlіAringʤȞ6frac14=ͰɒФŋѣũiacuteźWίˤƗ5ƭШ5ŎȓũźWȓɲœ˛ϠǑѷФȥαϛȭя=ФnakedІαϛеxͰɒϚіoslashЂˣʵѓOumlŜѲ5Ɲ5ȌеOumlĞũˏ6

As such we feel very confident in the rates and occupancies that we will achieve Regarding room prices when benchmarking

against some of the other leading hotel brands in the resort market such as Aman Fayun Hangzhou Banyan Tree Hangzhou Fuchun

Resort Hangzhou Mandarin Oriental Hainan and Commune by the Great Wall average rates in March 2011 for single bedrooms in

this set are ~ RMB2800

ϩfrac14=ͰɒoslashЂˏѢĉƠϡƎˏѢȿcurrenɊάΫ6ФˏѢĉƠĈɘ=ІʙФoacuteƟAacute˛OumlсɜǙacircʑʁaƹ=ˍCҊĂО5ţјНҏѨ5ĥsup1˗ǝ5˓φŴecircĈǙacircũƵ΅OumlŁˣ=Фɱ˓МOumlEumlˆƣʒǩƠķ=6

Regarding occupancies we are confident to achieve occupancies of around 60 after about 4 years of operation but forecast

conservatively that our occupancies will start from around 35 in the 1st year of operation and grow steadily to 45 in year 2

55 in year 3 and 60 after the hotel is lsquomaturersquo from year 4 onwards

ФˏѢȿĈɘ=ͰɒŬϾάΫǑŚɱOumlǑϱ=ͰɒǵϡAumlOgraveOumlˏѢȿ6WŇƗ=ͰɒOumlˏѢȿƮƁϻszligϞɱOuml13=egraveЫOgravefrac34ɱOuml13ũszlig˓ɱOuml1313=szligɱϡŮƮƁЫOgrave6

Given the above estimates we believe that owners can expect attractive investment terms as illustrated in the table below

Ļǟϡ˛OumlŇƗ=ЎƗϛѝɭņOtildeOgraveOumlѱſYƮƁˍ΅o˿

CҊĂО

НҏѨ

ĥsup1˗ǝ

˓φŴecircĈǙacirc

Ƶ΅OumlŁˣ

RMB4270

RMB3500

RMB2000

RMB2150

RMB2388

Aman Fayun Hangzhou

Banyan Tree Hangzhou

Fuchun Resort Hangzhou

Mandarin Oriental Hainan

Commune by the Great Wall Beijing

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966

38

39

ͰɒOumldivideTHE TEAM

40

Grant Horsfield ndash Chairman naked Group

Grant a native of South Africa is Founder and Chairman of the

naked Group

Before coming to China in 2005 Grant worked in England

and South Africa with more than 10 years business ownership

experience With background in IT he launched eBites

Limited in 2000 Operating nationally eBites was both a

publishing company and a callcentre facilitations company with

headquarters based in Cape Town In 2004 Grant received

an MBA from University of Cape Town Graduate School of

Business Upon graduation he decided to come to China as he

saw China is where business opportunities lie

After spending two years in Shanghai he found himself

overwhelmed by the metropolis and missed the natural beauty

of his home From this desire and need sprouted the concept

for naked Retreats which was launched in 2007 Grantrsquos vision is

to create sanctuaries that are in harmony with the environment

where people can appreciate the simple way of nature and

embrace the naked lifestyle Grantrsquos tireless efforts in promoting

ecotourism in the rural areas not only created jobs but also

pride for the local community He received an environmental

award from the Huzhou Government in 2008

高天成 - naked集团总裁

ij=ɫčIcircTHORNˆ=nakedƍOumlmiddot˽ˆũѵ|6

Ф13ɱȅOgraveѓŘтʣ=ij˪ЬФϯŘƎɫčľѽ=ϾŚɱOuml˙ϛǑϱƎРѽǑϏ6ФʙITǒOumlUѠ΅=ɱij˪ƭȜȥeBitesϾΏŁ=eBitesŁƮϱΝІaacuteŹĞѓΫLJɖƿū=ʙѵˤФǭʔugrave6ɱ=ijƅOtildeȥǭʔugraveAringλ˙λЙOumlMBAλ6dϛŮ=ǧegraveȅѓŘ=ϩǯOgraveȥжȕOuml˙Ɖ6

Ф˛ŝEgraveȥȢɱтŮ=āѳƓxȥ˪Ƃ=sʨAtilde˱ȥѳʿɐǒ6ФжѕИІεʴOumlʶ˼΅=ƭȜnaked Retreats

OumlΖĂФɱOtildeOgraveȥ˹˲6ijOumlΖĂƭШϞĸ˯THORNІѳʿũΣŃdeg=ˆɒǵϡΘѳʿ=ΘnakedOuml˪ƂĈ˾6ij˫ΔAacuteTHORNʵ˪ȾϽѽordfOumlxΦɹȞ=xLjmiddotШȥľѽıŻOtildeOgraveȥIcircTHORNˣʵOumlХϐ6ij˪ƅOtildeȥɱůјоġNāOumlźWAring˼ư6

41

Delphine Yip-Horsfield ndash Partner Ben Wood Studio Shanghai

received her Master of Architecture degree from Harvard

Boston prior to moving to Shanghai to oversee the award

winning Xintiandi project on behalf of Wood and Zapata In

the fall of 2005 Delphine became partner at Ben Wood Studio

Shanghai

Drawing from her own experience of diverse cultures Delphine

has led a multitude of high profile projects such as Hangzhou

Xihutiandi Zhujiajiao Oriental Garden Shanghai Waitanyuan

Beijing Palace 77 Shanghai Hongqiao Commercial Core Lijiang

Lashihai Resort Masterplan etc

In 2006 she was selected Wallpaper magazinersquos first annual 40

under 40 designer of the year

Delphine is the chief master planner and architect for naked

Home Village and naked Stables Private Reserve She also

oversees the visuals and styling of the naked Brand

叶凯欣 - 上海Ben Wood设计室合伙人

ϜǮΩɺ=Ben Wood ˤƗľѽOumlѵƢ=śęAringλƭѡλ6ȅ˛ŝтʣ=ФΒIJ5ɷКũuuacuteľѽ6ȅ˛ŝŮ=CcediloWoodũZapataĤЩΪTHORNΙɧOumlƢethľѽ613ɱʲƕ=ϜǮΩɺBen Wood ˤƗľѽūƃˆ6

ϾѯxŸϽșǑϏOumlϜǮΩɺ=EacuteˇȥηucircijocircΙɧOumlƢeth=VȂţјͻůTHORN5њƝƶecircĈųВ5˛ŝЕ5[ǎłatilde5˛ŝŭʦ˙ϛѓΫ5ȗƯȄŝoacuteƟAacuteѵŔŷˤƗUgrave6

ɱ=ˏκȥWallpaperСьǃɱoacuteϡ΅OumlˤƗ˰6

ϜǮΩnakedƝВAacuteũnaked RetreatsOumlѵˤƗеũƭѡ˰6˶ϚĤЩƢethnaked˙nOumlFũĘķˤƗ6

42

Kang Yang Lim ndash Group Chief Operating Officer naked Group

Group with over 13 years corporate finance and real estate

development experience Previously he was Director of the

real estate division of APP China taking responsibility for the

initial positioning and development of the USD15 billion lsquoWhite

Magnolia Plazarsquo mixed use development project (including

the development of Shanghairsquos first W Hotel) He also led the

concept and development of APPrsquos branded residence and resort

project in Sheshan Shanghai

Finance division of PricewaterhouseCoopers in Melbourne

Australia where he specialized in business value and strategy

worked in inhouse strategy roles for CocaCola GB in London

and to British venture capital firm of the year (2004) ISIS Equity

Partners before coming to China in 2005

Accountants Australia in 2002 and is also an affiliate of the

of Commerce and Diploma in Modern Languages from the

University of Melbourne Australia

林纲洋- naked 集团首席营运官

ƞˏnakedƍOumlȩ˪ϴϾŚɱOumlʝϛ~ƎTHORNǭāǑϏ6Фfrac14тʣ=ѽѓŘDŽŒOumlTHORNǭāOumlѵƢ=ĤЩƠч13ϢЏOumlucircϸ8JЈȈœ9ǭāΙɧOumlcopy˽κшũǭāVȂ˛ŝszligϞƝ ǙacircOumlǭālt6˶ϚщNtildeȥDŽŒƍФ˛ŝҁ˗ʑʁѢЭũoacuteƟAacuteΙɧOumlȓɲũǭā6

ФDŽŒƍˇфтʣ=ȩİϑGAringȚφɣyuml_ʔŴϷOacuteƁƗ˰OumlǑȓ=ѥѣЂ˙ϛƠчũЯɁѰξ6ȩ˪Ф13ɱȅOgraveѓŘтʣэȑǭʔŴϷOacuteŮOumlϞotilde˶ƣɬ=ѽǵǺǵȎɂugraveŁɬOumlЯɁēͺ˰=ϡƎISISOumlʼnʏūѽƃRФϯŘɂugraveOumlϯŘĘΌѱŁˇф6

ȩ˪ФɱƅOtildeȥGAringȚφηƁƗ˰ƁũGAringȚφпʻωǗOumlƁГѱķ6˶ϚƅOtildeȥGAringȚφɣyuml_AringλOuml˙ϛλλϡƎCcedilЇϊλп6

43

Gabriela Lo ndash Managing Director naked Retreats

With over 15 years experience in high end events and PR

management Gabriela has been instrumental in bringing naked

to where it is today As one of the original members of the

naked Team Gabriela has led the growth of naked Retreats

to become one of the most famous eco retreat destinations in

China attracting guests and publicity from around the world

Originally from Macao Gabriela has rich multi cultural and

multinational living and working experience having worked and

studied for many years in Greater China England and Italy

卢家宝 - naked 度假村常务董事

ϴϾŚ13ɱOumlijocircƂiacuteũŁŃŋ΄ŎȓǑϏ=nakedDžOumlǜІȶƝXēxǭ6ѽħdivideOumlmiddot˽ГтϞ=ȶƝXϠǑAEligȭnakedѓŘѻϾɜOuml˪ȾϽɧOumlTHORNтϞ=ͼϭȥȅѳǁĹTHORNOumlǸˆ6ȶƝXȅѳGɑ=ϴϾĖĥOumlucircЏŸũucircŘǝѢũľѽǑϏ=ЬФAringѓŴTHORNʵ=ϯŘũϤAringȚϾѯucircɱωǗǑș6

Judy Zhu ndash General Manager naked Group

Zhu is the General Manager for naked Group ensuring smooth

operations of the group with a particular focus on government

朱燕 - naked 集团总经理

њώ=iquestnaked Retreatsmiddot˽ǭ˽ǜũij˪ūѽ6њώѽƍѵǑȓ=ĤЩIcircTHORNũŋ΄ʽWƍРѽ6Фƞˏnakedтʣ=њώФ˛ŝũ[ǎiquestŚηucircІ˙ϛϾŋOumlфϛ6ФΪͻȈƅOtilde˙ϛλ6

44

Kurt Berman ndash General Manager naked Stables Private Reserve

With over 16 years experience in FampB and high end luxury

resort management Kurt brings a wealth of experience and

will lead the preopening and operations of our new resort ndash

naked Stables Private Reserve Prior to joining naked Kurt was

the preopening General Manager at Six Senses Laamu and

Resident Manager for Six Senses Soneva Gili by Six Senses Kurt

has also worked at other prestigious resorts including Fregate

his career in hospitality in FampB and was a trained Chef with

experience working in many prestigious institutions including

The Dorchester Hotel in London Kurt is from South Africa and

has a masters certificate in hospitality management from Cornell

University

Kurt Berman - naked私人度假村总经理

ϾѯŚɱϬƎijIumlŤŴoacuteƟAacuteOumlŎȓǑϏ=ƮϡĖĥOumlǑϏȭNtildeͰɒΪoacuteƟAacute77)$ 0OumlϱϛũРϱ6Фƞˏ)$ тʣ=10ЬEacuteˇŚ8szligȳĭǦ9+1ϱϛѵǑȓũ8szligȳĭǦ9-2 ((OumlѤacircǑȓ610ŻЬˇфЂamp0ˆŝETHũ1+4UgraveʙўɜoacuteƟˮTHORN610OumlϛʜzЂϬαϛ=ϚϡϞĸФŬucircўɜƉńVȂ-0-0 -$-ltľѽŚOumlρȡϾOumlnot˰610ȅѳɫč=sϴϾǰɪyumlAringλЃOumlǙacircŎȓλ6

Richard Johnston ndash General Manager naked Home Village

Hailing from the United Kingdom but with most of his working

life in resorts throughout Africa Richard brings with him over

20 years experience in General Management and Director level

roles in world class resorts including Azura Retreats Cape Grace

hotel and the Saxon Hotel Richard plays a key role in the set

up of systems training and operating standards His years

of experience and mentoring leadership style make Richard a

natural inspiration for our young hotel management team

Richard Johnston - naked 家园村总经理

RichardȅѳϯŘ=IgraveAringucircOumloacuteƟAacuteľѽiumlФмĸčљ=ϴϾŚɱOumlѴūŎȓũǁƐoacuteƟAacuteVȂAzura

Retreats Cape Grace hotel and the Saxon HotelltijʒŎȓǑϏ6RichardФƭȜ΄5ʅρũРαnѬĈɘʜѯŋƨѽϸ6ĖĥOumlǑϏũȭNtildeĘķ˼OtildeoslashͰɒɱʬOumlǙacircŎȓdivideϾѯѳʿOumlƊȘ6

45

Teun Hanegraaf ndash Sales Director naked Retreats

Teun obtained a Bachelors in Business Studies and Masters

in Strategic Management with a focus on Chinese Business

Culture Teun increased our corporate sales business by 350

in his first year with us bringing international companies

ranging from international conglomerates Unilever and Coca

Cola to more local institutions such as The Shanghai American

School and leading Chinese companies such as Bank of China

韩天宁销售总监

ȅѳŧȈɥEcirc=şɵϴϾ˙ϛλλλ5ЯɁŎȓѥѣЂѓŘ˙ϛŸlt6ȅƍOumlszligϞɱşɵƮŁOumlΝϛijȥ13=sŁAEligȅȥx˟ŘƙβOumlAringŁǸŲ=жʙѓϾŘƙAringʝϛȠūȚŴũǵǺǵȎ=ϚϾ˛ŝɐŘλΠUgraveIcircTHORNƉńũѓŘϫαUgraveѓŘȴʝϛ6

Oliver Yuen ndash nature Reserve amp Recreation Manager

naked Stables Private will be the first private reserve in China

with a wealth of new flora and fauna introduced to the project

from Sydney University Australia and as a fully qualified Ranger

working in many of the worldrsquos best wildlife parks Oliver takes a

special role in ensuring the environment of naked Retreats and

naked Stables Private Reserve will be full of life and a natural

self supporting eco system Oliverrsquos passion for both people and

nature make him the perfect person to teach our guests about

what we do and make their stay not only a relaxing one but

also a fun fulfilling educational one as well Oliver previously

worked in wildlife parks and resorts such as Azura Retreats in

Mozambique Mobala Private Game Reserve in South Africa and

Sydney Aquarium in Australia

袁鹏威 - 活动经理和度假村 生物学家

naked StablesƮѓŘszligϞĸϭljΪOumlцʾũiacuteʾOumlˆoacuteƟʵ6OliverѽϞɜGAringȚφͿɯAringλūķOuml˪λƝiacuteλƝ=ϡƎФǁĹTHORNOumlϙ˪iacuteВľѽOumlľѽе=Ф˼naked Retreats ũnaked StablesϾѯĖĥ˪ѱЕ5ʿѳĺOuml˪΄Oumlźǔľѽ˛QύѯіϘƶ˔6АʊoslashˆȏũѳʿOumlƊʮ˼ѻūOumlˆȅĵͰɒOumlǸˆͰɒѼOuml˷ɋ=sʨ˂ɒФжȕOuml˶ŒxLjLjČ=˶Ϛ˂ɒOumlǝѢǑșlOtildeϾǭΫcurren˹ũϾƷЋϤϦ6АʊтʣФɫčũGAringȚφͿɯѹŏiquestϙ˪iacuteВũWŰʵOumlľѽVȂMozambique OumlAzura Retreats Mobala Private Game Reservelt6

46

Philip C Davis Company Director naked Retreats

Phil joined the Board of Directors for naked Retreats hotel

management company in 2011 His previous board experience

includes Tian Rui Hotel Corporation holder of the master license

for Super 8 economy hotels in China and Hong Kong from 2006

to 2008 He also was a founding shareholder of Tian Rui and

served as its President and Managing Director from 2006 to

2008 He was a board member of Tian Xian Cheng a bai jiu

concern which is a joint venture between Pernod Ricard and a

2010

Phil was previously Chairman of the Budweiser (Wuhan)

International Brewing Company and Managing Director of the

AnheuserBusch business in China and Hong Kong from the

beginning of 1996 through 2002 From 2003 to 2005 he

headed the AnheuserBusch liaison office with Tsingtao Brewing

Company

Phil holds a PhD in history from Washington University and

started his career as a market researcher at a major advertising

agency in the US before moving to AnheuserBusch and

heading its consumer planning and new product development

functions in the 1980s

Philip CDavis naked 度假村公司董事长

PhilЂɱƞˏȥnakedoacuteƟʵǙacircŎȓŁOumligraveƁ6ϡĖĥOumlǑϏVȂФːǙacircƍˇф5ϡƎЂɱэɱФѓŘũѓŘΒIJEacuteˇSuper ǑƖǙacirc ʼnˆ6˶=ϚːǙacircƍOumlmiddot˽ʼnecirc=ФɱэɱʖƣEacuteˇƍOumlѵ|ũigrave6ɱэɱʖƣ=ϞƝІWȎȞƞũJǙ˪ȴʝϛƬɫūѱOumlʝϛ77ΐOumligraveƁГ6

iquestɱэɱ=Phil͵šBudweiserŘƙɳǙŁOumligraveƎѓŘũѓŘΒIJCŝyŁOumligrave6iquestɱэ13ɱ=CŝyũʫETHʌǙŁOumlȠɆdegOumlĤЩˆ6PhilϴϾŴ˭uacuteAringλOumlș˻дλvλ=ФǁɱCcedilȅOgraveCŝy5ĤЩΞĒŔŷũΪʑǭāĿɭтʣ=OumlϛʜzЂɐŘOumlϞƝœĵCcedilȓŁ=Eacuteˇaeligω6

47

OUR INTERNATIONAL TEAM

International team

Chief master planners amp architects

the urban landscape of modern China with Xintiandi in

Shanghai a commercial cultural and entertainment district

Since then the studio has worked on projects in very diverse

categories both small and large scale projects include mixed

use projects like the ldquoTiandirdquo in Hangzhou Chongqing Wuhan

and Foshan luxury villa and high rise residential complexes in

Shanghai and Vietnam as well as various boutique hotels and

Chalet Architects

A00 Architecture is most well known for their research

inenvironmental sustainability and its application to their

work in Architecture Interiors and Furniture Their portfolio

includes feature restaurants luxury spas retail stores design

conversion of dozens of historic Shanghai homes into highly

personalized residences

Interior Designers AIM (Architecture amp Design) brings expertise

in the combination of world architectural styles and design

influences to the interior designs at naked Stables Private

Reserve With the Shanghai office led by the two founding

on comfort warmth and a unique blend between African and

Asian design sensibilities

Landscape Architect

Design Land Collaborative (DLC) is a professional consulting firm

comprised of landscape architects and planners with an office in

Shanghai and the United States Projects have a strong emphasis

on cultural resources historic preservation and ecological

design involving both the public and private sectors

ͰɒOumlāЮdivide

ɴǵϡΑάOumlёȣ

ŘƙŸdivide

首席规划师和建筑师

benwood Studio Shanghai OumlсɜΙɧтϞѠĨШ˛ŝΪTHORNľ=˼ʙƍ˙ϛ5Ÿ5ЄȎϞOumlʵЉ6тŮ=ЁƻȥĹȏŔɟAringΟOumlΙɧ=VȂţјOumlͻůTHORN=іʱ5͵šƎę˗OumlŤŴpϡƎФ˛ŝũЛɫOumlijѢЭʵ=ȮŻϾФѓŘƎˉ_OumlĹȏǐʑǙacircƎoacuteƟ6

小圆房建筑

AOO Architecture ФźǔWŰƎǵ θāЮĈɘϾѯѭЛOumlƭ=s˘ƮʙƭϰϸЂɬƝѩ6ɒƻŚOumlΙɧVȂ˔5ŤŴȤѓΫ5ȫ˙acirc5ˤƗίǙacirc˛ŝυНǙacirc lt5ˆoacuteƟϡƎϞ΄ȧOuml˛ŝș˻ѢЭOumlCcedilŸƎˆŸĨШ6

ɬ ˤƗ˰AIMƭѡˤƗltѥѣЂǁƭѡĘķũˤƗOumlɐƿū=ϭNtildenaked StablesOumlɬˤƗ6ФȅѳŧȈũaȚ˶OumlūѽmiddotTˆȭNtildeOuml˛ŝTdegOumlUѠ΅=ˤƗѣі5ũφčˤƗȓɲOumlntildeˊū6

景观设计

Design Land Collaborative (DLC) ϞƝiquestǒōˤƗІŔŷOumlѥϛѰξŁ=Ф˛ŝІɐŘǩˤϾēрƉń6ʙΙɧ˘ЂŋѣŸș˻ĻЕ=ƿūźW˪ǴƔ=ѥѣЂŁŃƎϾTHORNOumlŔŷ6

48

Engineering amp Project Management team

Scott Wilson Group PLC is a globalintegrated design and

engineering consultancy for the built and natural environments

Scott Wilson is responsible for the project management the

electrical and mechanical engineering for the project

Environmental Consultants

Environmental Resources Management (ERM) a leading global

provider of environmental health and safety risk and social

consulting services ERM deliver innovative solutions for business

and government clients helping them understand and manage

their impacts on the world around them ERM have 137 offices

in 39 countries and employ approximately 3300 staff

Sustainability Consultants

Bisagni Environmental Enterprises (BEE) works with the

engineering and design teams to ensure the environmental

goals set out at the inception of the project are achieved

LEED Consultants

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

Local Design Institute

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

General Contractor

and have been responsible for some of Chinarsquos most iconic

properties such as the World Financial Centre in Shanghai

工程及项目管理团队

Scott Wilson Group PLCϞƝʺʳŔɟOumlźWˤƗƎľѰξŁ6Scott WilsonĤЩΙɧOumlaacuteʠƎƉΤľ6

环境咨询

Environmental Resources Management (ERM)ϞƝʺʳαϛȭѰξŁ=ŀźǔWŰ5ƫǰCʺƎŁŃˣƁĘΌUgraveѰξĞ6ERM˙ϛƎоġɑǸŲŀĨĶβOumlǀǧĈF=UѠɒȥǀsŎȓʙǑϱoslashˣƁźǔAEligȅOumlϳΗ6ERMФʺʳϾ137ĸēрƉń=myĸŘƝ=ϴϾAringК3300ɜГľ6

可持续发展咨询

Bisagni Environmental Enterprises (BEE)ІľˤƗdivideΑűūѽ=ϡʽWФΙɧǭ˽ƼotildeˤȜOumlźǔWŰǵ θāЮɧnOumlȚ˹6

绿色建筑认证咨询

Shanghai Pacific Energy Center (SPEC)ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlŁтϞ6

本地设计公司

Shanghai Baoye Construction Corp Ltd ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlαϛȭŁтϞ6

总承包商

ϞƝŘƝƐľVŁ=ϠƻȥηucircѓŘnьβΙɧ=țˍ˛ŝźʳDŽˊѓΫ6

49

naked COVERAGE

wwwcnngocom

ldquo25 killer things to do this summerrdquo

26 April 2010

Time Magazine

ldquoRun to the Moganshan Hillrdquo

新浪博客

ldquo避世的可能rdquo

31 December 2009

wwwenglisheastdaycom

ldquoThe first batch of ldquoChina Treasured Towns ldquo released

December 2009

Shanghai Urbanatomy

ldquoGet naked this time with horsesrdquo

Shanghai Daily

ldquoGreen MaGIC Casts design spellrdquo

14 October 2009

新浪商品

ldquo中国最佳设计酒店大赏rdquo

September 2009

wwwchannelnewsasiacom

ldquoChinarsquos green resort allows travellers to vacation on good consciencerdquo

2 September 2009

wwwbijianlinblshecom

ldquo莫干隐居rdquo

25 Aug 2009

wwwassociatecontentcom

ldquoThe Exquisite Moganshan Mountains of Chinardquo

Ɏ

Wikitravel

ldquoMoganshanrdquo

德清新闻网

ldquo承包国营林场建造生态ldquo逸站rdquo

wwwsinoeventcom

ldquo亚洲旅游地产及景点峰会成功举行rdquo

wwwchinatravelbrandingcom

ldquoPursuing Green for Greenrdquo

wwwbrandrepublicasia

ldquoMaking moves towards ecofriendly eventsrdquo

7 May 2009

wwwhandsonshanghaiorg

ldquoHands On Asia Conference Summeryrdquo

May 2009

wwwmyvacationcn

ldquo莫干山居rdquo

3 April 2009

wwwshanghaidailycom

ldquoThe naked truth Time to clean up Moganshan litterrdquo

4 March 2009

wwwgreennovateorg

ldquoMoganshan Project Kick Offrdquo

13 February 2009

Travesias

ldquonaked retreatsrdquo

Feb 2009

合肥在线

ldquo大山里的裸家族rdquo

20 October 2008

wwwentrepreneurcom

ldquoThe arrival of the Olympics showcases Chinarsquos burgeoning entrepreneurial spirit ldquo

7 August 2008

50

Shanghaiist

ldquoWeekend escape to Moganshan 莫干山rdquo

9 April 2008

私家地理

ldquo艳阳下的荫凉rdquo

30 May 2008

City Weekend

ldquoGet naked in Moganshanrdquo

25 January 2008

wwwbundpiccom

ldquo在这绿中撒点野rdquo

wwwhuzhougovcn

ldquo相中德清筏头的青山绿水南非客商莫干山下建生态逸站rdquo

wwwurbanatomycom

ldquo24 Hours in Moganshanrdquo

wwwhkheadlinecom

ldquo杭州莫干山竹林深处人家rdquo

15 May 2009

wwwnewsweekcom

ldquoBack from abroadrdquo

May 2009

Chinatravelnet

ldquoMoganshan A Heavenly Hideaway of Bamboo Forests amp Tea Plantationsrdquo

April 2009

wwwmzztmcagovcn

ldquo2009年踏青乐游路线推荐大公布rdquo

16 March 2009

第三媒体

ldquo规划一条畅快随性的踏青之旅rdquo

28 October 2009

wwwdqnewszjolcomcn

ldquo三九坞 ldquo裸家族rdquo钟爱的世外桃源rdquo

28 October 2008

ldquo自驾行天下rdquo之中国莫干山rdquo

Sep 2008

ldquoShiffting Gearsrdquo

Sep 2008

April 2008

Chewed up amp Spit Out

ldquoGet nakedrdquo

19 February 2008

ldquoBest Weekend Getaway Hotels Shanghairdquo

富世

Ecoefficient hotel低碳下榻

April 2011

Spa China Guy 男士派

Experiencing The Unique

2010

Cosmo 时尚

跨洋建屋隐居不隐世

April 2010

Global Times

The Mountain of legends

Global City Geography 城市地理

莫干山 naked Retreats 都市人一ldquo裸rdquo到底的山居生活

Dec 2009

China Daily

Rural Retreat

20 March 2011

China Daily

4th March 2011

Modern Weekly周末画报

圣诞低碳游

Dec 2010

Elite Traveler 携程自由行

旅尚

Esquire

Hidden Best Restaurants

Feb 2011

51

52

53

Page 20: Detailed Investor's Report

19

20

FLOOR PLANS

Treetop villa 2 bedroom villa ccedilpȢͱĉ

ʒɘ

Interior area 室内面积 13768sqm

Exterior area 室外面积 50sqm

Total usable area 实际使用面积 18768sqm

21

Level 1 一层

Interior area 室内面积 7088sqm

Exterior area 室外面积 102sqm

Level 2 二层

Interior area 室内面积 668sqm

Exterior area 室外面积 398sqm

22

Treetop villa 3 bedroom villa ccedilp˓ͱĉ

Interior area 室内面积 20214sqm

Exterior area 室外面积 664sqm

Total usable area 实际使用面积 26854sqm

23

Level 1 一层

Interior area 室内面积 10334sqm

Exterior area 室外面积 118sqm

Level 2 二层

Interior area 室内面积 988sqm

Exterior area 室外面积 546sqm

24

Treetop villa 4 bedroom villa ccedilpͱĉ

Interior area 室内面积 2667sqm

Exterior area 室外面积 863sqm

Total usable area 实际使用面积 353sqm

25

Level 1 一层

Interior area 室内面积 136sqm

Exterior area 室外面积 168sqm

Level 2 二层

Interior area 室内面积 1307sqm

Exterior area 室外面积 695sqm

26

FITTINGS amp FINISHES SCHEDULE

EXTERIOR AND INTERIOR FINISHES

External walls

Structure is built from steel and SIP (Structural Insulated Panels) External wall is cladded with painted fiber cement board

Internal walls

emulsion paint

Ceiling

Ceiling is finished with emulsion paint

Flooring

Bedroom is finished with heavy strand bamboo flooring

Balcony

Balcony floor is finished with Wood Plastic Composite decking (M wood) Railing and trellis made with Liu An wood Balustrade is fitted with metal and Liu An wood

Window

bedrooms are fitted with double glazed LowE glass and Roto hardware

Kitchen amp powder room

Floor is finished with natural tile Kitchen cabinets and sink are provided Kitchen counter top is fitted with natural stone

Bathroom

Wall and floor are finished with natural stone

Doors

Entrance door is made of solid core timber fitted with Saflok RFID locks Bedroom doors are fitted with hollow core timber fitted with Saflok RFID security locks

ƭѡȦƎˤ]ɛ

室内外材料

oacuteƟͳʥ

oacuteƟͳƿńˤƗĮƿńƎƿńWOSIPlt6ʥϸΉɮOũʘ6

ɬʥ

ǸćƎͱтɬʥǩϸĔƎˎƲʘ6

ų

ųɘˎƲʘ6

THORN

ǸćģūɦTHORNO6ͱіќTHORNO

ȹ

ȹϸɦOʓʟ6ʈȲҎɦѐШOuml6ȇĬϸDŽрƎȲҎɦĜ6

acuteŲ

Ǹć5ͱOumlacuteŲϸȽɦѐacuteȀʆ-3ѓǹtȟƎ-0-ͶDŽʆƪ6

notĉ

THORNϡƎɘϡʿTHORNѦʓʟ=notĉŀlaquoŖϡƎʇ6notĉɘʿ˵6

Ќ

Ќʥ˦ƎTHORNϡʿ˵ʓʟ6

ɑ

ˏǺAringɑϸ˹Ψɦɑʆ˛-)ljordfɑNJ΄6ͱɑϸǹΨɦɑʆ˛SaflokljordfɑNJ΄6

27

MECHANICAL AND ELECTRICAL INSTALLATIONS

Heating and Cooling

AIRWELL centralized water source heat pump is provided Fresh air intake with heat recovery system is installed

Electrical provisions

are provided

Electricity

Concealed conduits are provided Threephase electricity supply with miniature circuit breaker distribution board is provided

TV telephone and internet connection

Satellite TV with all major international channels

is provided in all the villas Telephone outlets and wireless internet connection is provided

Hot water supply

Huang Ming solar hot water heater and Rinnai gas water heaters are installed for the villa

Water supply and pipes

Concealed copper pipes are used for both hot water and PPR pipes are used for cold water

The resort will be patrolled 24 hours a day CCTV system is in operation throughout the resort 24 hours a day All the villa front doors and bedroom doors are fitted with Saflok RFID security lock system

APPLIANCES TO BE PROVIDED OR INSTALLED IN EACH DOMESTIC

UNIT

机电设施配套

ŀɻũѐȐ

ɽyumlƍѓ˾Е˅`΄6ΪĘ˅ſ΄6

Ɲaacute

ʆEΐNtildeŎOumlǭŋϡƎѿ6

aacuteȞŀϰ

ѩϾϮ˾ΐȺ=ʆϾίoumlȺʠ=ʆaacuteΓOuml˓ΑaacuteЕŀϰ6

aacuteƎςˤ]

έaacute=ʹΐaacuteŹũʹΐȺ6

˅ˤ]

žɛϒɭ˅ʠƎȩɬɌʡ˅ʠ

Ŏ

˅ŀϰŎǩϸϮc˾ĮŎ=ȐŀϰŎŎ6

WCˤ]

oacuteƟAacuteˤϾϾΟ˶ѽOumlgȺaacute΄ϡƎΟ˶OumlπɄ6ˏǺAringɑƎͱϸSaflokljordfɑNJ΄

标准住宅单位附送以下设备

Stove BAUMATICExaust fan BAUMATICOven BAUMATICMicrowave BAUMATICFridge BAUMATICBARMini fridge (2 3 bedroom) BAIXUEWine fridge (4 bedroom) BAUMATICBEDROOMMini fridge BAIXUEBath KOHLERTERRACEBarbeque grill

TelevisionDVDBATHROOMShower KOHLERBasin KOHLER

notĉ aacuteraquoȷ ʄɇUcircǷnotĉϼχƉ ʄɇUcircǷnotĉaacuteDZΓ ʄɇUcircǷuȷ ʄɇUcircǷɬяrΓ ʄɇUcircǷHΟrΓ=ĉlt JμǙŖĉlt ʄɇUcircǷͱΟrΓ JμЌį Ǵȍȹ˞DZΓҒĉaacute ɯDVD ɯЌȪЌʠ Ǵȍʇ Ǵȍ

28

NOTE

1 The Developer reserves the right to substitute other materials

or appliances of comparable quality and standard for the

intended items as listed in above fittings and finished schedule

2 The fittings and finished as listed above shall be subject to

the terms of formal Agreement for Sale and Purchase Those

provisions may have slight variation in the color measurement

3 The Developer reserves the right to make modifications and

changes to the building design fittings and finishes without

prior notice

4 Fittings and finishes of the Special Units may be different

from those of the Typical Units

备注

āЮ˙WȰϞʧʹȞ=Dв˹ƙʮȁεϘϡUgraveётƭѡȦϡƎˤ]Ccedil˛ȧĹΙ6

˛ȧĹΙȦϡƎˤ]ǩϡн˾ɈɉūКOumlǿщegraveѬ6ĹΙƭѡȦƎˤ]ǵɭƁФϋ˔=ȣoacutepoundAcirc5ȓ5ѺуƎƆľ˛ordfʬp6

āЮ˙WȰϞʧʹȞδeacuteϡƎĽĨϛOumlˤƗ5ƭѡȦϡƎˤ]ʹεȮαс6

˔EumlЏOumlēƭѡȦϡƎˤ]І˛oȧĹΙǵɭϾx6

29

PURCHASE OPTIONS

Buying a Tree-top Villa at naked Stables Private Reserve involves signing a Sale and Purchase Agreement with the development

company and a Lease and Management Agreement and Deed of Conditions with the Hotel Management Company The Management

Agreement requires the purchaser to lease the property back to the Hotel Management Company to manage on the ownerrsquos behalf

There are two different plans which are available for buyers

在 naked Stables 购买一套拥有不动产权的树顶别墅包括与发展公司签署一份买卖协议以及与酒店管理公司签署一份租赁管理协

议和条件契约管理协议要求购买者以业主的名义向管理公司出租其别墅以供其管理买家有两种方案可供选择

ŅɈκΙ

30

OPTION 1 - FLEXIBILITY

1Owner Usage Rights

Zero usage restrictions

Early reservations are required to secure Villarsquos especially during prime and peak seasons If a Villa Owner does not provide the

required advance notice for a reservation the resort may be required to offer the owner a different unit or in the worst case no

availability at all

1 业主使用权限

ȫ˼ϸΏѐ

ϘʴʣЎegraveˏѢp=ϺʙФƐƕ6ˍřpϛѝɍϾŀϘʴOumlϸЂЎegraveOumlЎс=oacuteƟAacuteƮʙŀȮϞdegѢdeg=ƆеѻЦĴOumlʮȁɍϾǹĉ6

2 Rental Revenue

2 租金收入

a Rental revenue

Whilst not in residence the owner will be eligible to earn a pro rata 36 of the room revenue generated by the Reserve during their

absence Ie Everyday the revenue generated by the entire resort is divided amongst the owners not in residence on that day When

an owner is in residence he forfeits his opportunity to earn revenue

ѸDŽˏ

ϛѝxǝѢʖƣ=ƮOtildeOgraveoacuteƟAacuteordfѸʙĉͳOtildeϧOuml6ɏoacuteƟAacuteordfѸɨΡxǝѢФfrac14OumlϛѝOumlĉͳOtildeOumlϧƮ^ʒǩēʆĺжΡϛѝ6IcircϛѝǝѢФʙpȕ˶=Ʈ˱ʸƅOtildeϧOumlƉƁ6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

选项1-灵活性

31

c Cashing out your returns

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

gtƮɴOumlſYŚDŽĈ˾ʷordf

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſYϧ6ˍřϛѝκЪxʷordfOumlϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3 有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecom services

included in the Services Fee to the owner whilst in residence The services fee is 300rmb per room per night This fee is charged on

all rooms regardless of which are in use

4 服务费用

IcircϛѝФoacuteƟAacuteǝѢ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸѓ6ɏĸĉƣɏOumlĞĒϸЏˆəe6жĸĒϸΛϾĉƣʷOuml=xɃfrac14ĉƣĚФ˼ϸ6

5Maintenance

4 of hotel room revenue will be reserved for ongoing building maintenance This will be deducted from the ownerrsquos share of total

room revenue

5 维护

ǙacircǸĉˏOumlƮ^ȰѽŮθƭѡδтĒϸ6ħēDŽuumlƮiquestϾˆǵēOtildeOumlǙacircǸĉˏĕuumlѓǻshy6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGEEarnings Per Room (36 of gross room revenue) 124173 170827 221315 253507 263647 2066942 Bedroom 收益 ndash 双人间 248346 341653 442631 507013 527294 4133873 Bedroom 收益 ndash 三人间 372519 512480 663946 760520 790941 6200814 Bedroom 收益 ndash 四人间 496692 683306 885261 1014027 1054588 826775

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 41 57 74 85 88 69

3 Bedroom 收益 ndash 三人间 9000000 41 57 74 85 88 69

4 Bedroom 收益 ndash 四人间 12000000 41 57 74 85 88 69

Hotel revenues and owner rental yield - Option 1 Flexibility

32

OPTION 2- STABILITY

1Usage Rights

1 使用权限

选项2-稳定性

Total Permitted Usage Prime Peak SeasonPermitted Usage

Peak SeasonPermitted Usage

Out-of-SeasonPermitted Usage Blackout

40 days per yearNo occupancypermitted

Up to 20 days per year but no more than 7consecutive daysfor any one stay

Up to 20 days per year but no more than 7consecutive days for any one stay

No occupancypermitted

允许使用总数主要的旺季允许使用

旺季允许使用

淡季允许使用

无折扣期

每年40天 不允许占用 每年20天但是每人

不能连续居住7天每年20天但是每人 不能连续居住7天

不允许占用

Prime Peak Season To be published by naked Retreats in according to government notification every year Prime Peak Season

Middle Autumn Festival (Sept) excluding Blackout dates

Ɛƕɏɱϻnaked RetreatsĻǟоġĵāordfс6ƐƕVȂѓŘsup1ƽϞМĀМlt5ȋiacuteƽͶМlt5Řʱƽ˴Мlt5ʭɛƽМlt5ѓʲƽǘМlt=xVȂʹгǻʖ6

ƕiquest˓МOgrave˴ϞМʖƣOuml10ĸїɡϡƎ10ĸľѽˉїʖ=xVȂƐƕũʹгǻʖ6

OutofSeason 20 days during December to February excluding Prime Peak Season and Blackout dates

Iacuteƕiquest˴ĀМOgraveĀМʖƣOuml=xVȂƐƕũʹгǻʖ6

Blackout Dates Peak demand dates such as holidays sporting events groups and citywide conventions Local cultural events

all as specified by the Hotel from time to time

ʹгǻʖεʴijėʖVȂƟʖ5Ћ˒5ũʺβOumlƁϨ6IcircTHORNɾyumlOumlŸƂiacuteiumlƮDвǙacircOumlɛljα6

2 Rental Revenue

2 租金收入

a Rental revenue

Regardless of your usage of your property your rental return will be fixed at 5 for the first 5 years of operation After this period

you will automatically migrate to the Flexibility plan

ѸDŽˏ

xɃɰOumlĉ˼ϸoacuteˍŪ=ͶɱOumlѸDŽϧiumlŊegraveOuml136ФжтŮ=ɴƮѳiacuteѧˏȬƂβĈF6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

33

c Cashing out your returns

gtƮɴOumlſYϡDŽĈ˾ʷordf

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſY6ˍřϛѝκЪxʷordfʙϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecoms services

rental option

4服务费用

IcircϛѝǝѢФoacuteƟAacuteȕ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸȕ6жϞȏOumlĞĒϸxVȂegraveβordfѸʆ6

5 Maintenance

Of the 5 guaranteed return generated form your property during the period you are not in residence the management company

will retain 4 of this return for maintaining your Villa The maintenance fund will be pooled and used for all Villarsquos in the resort

5维护

ɴxǝѢʖƣiquestɴOumlĉѓƮ˪Ouml13OumlſY=ŎȓŁƮWȰжbſYѓOumlϸѽɴpOumlŰ6ŰƈDŽƮ^ūsʜȅsϸЂϾoacuteƟAacutepOumlŰ6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Hotel projections

Rooms Available 可用房间 not relevant 非主要Estimated occupancy 预计使用率 not relevant 非主要Estimated average daily room rate 预计每日平均房价 not relevant 非主要Growth in room rate 房价增长率 not relevant 非主要Annual room sales 年房间销售额 not relevant 非主要RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE2 Bedroom 收益 ndash 双人间 50 50 50 50 50 503 Bedroom 收益 ndash 三人间 50 50 50 50 50 504 Bedroom 收益 ndash 四人间 50 50 50 50 50 50

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 300000 300000 300000 300000 300000 300000

3 Bedroom 收益 ndash 三人间 9000000 450000 450000 450000 450000 450000 450000

4 Bedroom 收益 ndash 四人间 12000000 600000 600000 600000 600000 600000 600000

Hotel revenues and owner rental yield - Option 1 Flexibility

34

Option 1 - FLEXIBILITY Option 2 ndash STABILITY

investment returns for your Villa are influenced by the

success of the resort and the number of days you use

your Villa

Stable implies both your returns and your annual

usage rights to your property are fixed Regardless of

how well the resort operates your returns will remain

the same Equally you will only have a fixed number

of days allowed in residence

Usage Have unlimited usage rights to their Villa 40 days usage per year

Rental ReturnEarn 36 of the pooled returns from the entire resort

whilst not in residence

5 guaranteed return on their investment regardless

of resort performance

Resort Discount20 discount on all resort amenities and activities

(including SPA and Restaurants)

20 discount on all resort amenities and activities

(including SPA and Restaurants)

Services FeePay a Services Fee of 300rmb per room per night

whilst in residence

Maintenance4 of all room revenue is retained for maintaining

the owners Villa

4 of all room revenue is retained for maintaining

the owners Villa

选项1 ndash 灵活性 选项 2 ndash 稳定性

ȬƂβϸЂ˼ϸІſY6ɰOumlpѱſYʷǧЂoacuteƟAacuteOumlĿǑϱũɰoslashpOuml˼ϸoacute

ŊegraveβϤѯɰOumlſYũɏɱoslashЂɰOumlĉOuml˼ϸʹΏiumlŊegraveOuml6xɃoacuteƟAacuteOumlǑϱѫȁϾucircť=ɰOumlſYiumlŊegraveOuml6ϖTHORN=ɰъϾŊegraveOumlПηǝѢOuml6

使用 ʹΏѐOumlp˼ϸʹΏ ɏɱOuml˼ϸʹΏ

租金收入 ФxǝѢʖƣ=ƅOtildeмĸoacuteƟAacuteūsſYOuml xɃoacuteƟAacuteǑϱѫȁˍŪ=Wп13OumlſYϸЂѱ

度假村折扣 ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt

服务费用 ǝѢʖƣ=ɏĉƣɏЏˆəeOumlĞĒϸ čѝϘ

维护 ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ

OPTION COMPARISON

选项对比

35

36

INDUSTRY RETURNS AND BENCHMARKS

INDUSTRY REPORT

行业报告

Tourism and urban resorts is one of the fastest growing industries in China According to industry consultant HVS cities such

as Shanghai Beijing Shenzhen Guangzhou Hangzhou and Tianjin all have a population where a critical mass of highly affluent

individuals and successful companies exist generating demand for suburban resorts

ФѓŘ=ȾϽϛũoacuteƟAacuteσɓāЮOumlαϛтϞ6ĻǟʺʳǙacircĞϛltOumlϞΙYĵ˿=ФѓŘOumlѝϘˍ˛ŝ5[ǎ5˧5œј5ţјũdžǩēyѯAringȣOumlĥЍˆʾũĿOumlʝϛ=ϻfrac14ϚƊāȥoslashƴʵoacuteƟAacuteOumlƌAringεʴ6

Amongst other things the exponential growth in private vehicles has seen a huge increase in demand in the leisure market With

the completion of the shenjiahu highway in 2010 the travel time from downtown Shanghai to Deqing is now 2 hours Also with

stop at Deqing) scheduled to open in late 2011 travel time from downtown Shanghai to Moganshan will take between 15 to 2

hours When comparing travel times to get to other resort destinations in China ndash eg Hainan or Lijiang flight times might be within

2 or 3 hours total travel time including travel to airports and check in make the whole trip 6 to 7 hours plus additional travel cost

Within the 2 hour travel radius of Shanghai the quality of resort destinations is also (in our opinion) not at an international standard

with most hotels simply being lsquocity hotels in the countryrsquo rather than true resort properties operating at international standards

shyfrac14т=ѯĸˆγΊOumlāЮ=ĸˆƸϴϾȿϚσʂ˫6ѳɱ˥ƛůijϡŮ=iquest˛ŝOgraveOcircʭϚLjεϘĸΟ˶Ouml6ΪƭOumlijǵϡФ13ēєɬiquest˛ŝUumlAumlţј6ƏƮФɱYacuteǫľOumliquestţјOgraveɫǎOumlijѓϾϞаDzOcircʭlt=ъεϞĸSΟ˶OgraveȢĸΟ˶ǜǵϡiquest˛ŝѓΫOgraveAumlɢī˗6ˍřІѓŘOumloacuteƟˮTHORNŝɫ5ȒƯUgraveaƹ=shyȥϘųĒэĸΟ˶Oumlďα˶ƣ=ŻϘФVȂʣƉ=CʺƤũUgraveEgraveOslashƉ˛ų˛эĸΟ˶=ĽxϸɨΡuumlOumlαųΝȥ6Ѷō˛ŝїiΟ˶ɬOumlγΊoacuteƟʸdeg=э˟ͰɒˈltІŘƙŸnѬŻϾѯɛOumlǢ6AringēOumloacuteƟǙacircϚũѓOumlɨΡǙacircɍϾ_ёOumlʵp=ЗЗAumlxOgraveинŘƙϤϦ˛oacuteƟίĉΙɧOumlϘʴ6

ϛѝЎʖſYІaƹ

37

OUR NICHE

我们的利基

naked sees a need in the market for world class expertly designed and operated resorts which are within 1 to 2 hour travel time

of major cities in China As with other urban resorts we believe that the Leisure market and the MICE (Meetings Incentives

Conferences Events) market will be a huge driver for our business In addition we feel that we are already at the forefront of

the growing focus and concern on environmental design building and operations as well as the growing interest in nature and

environmental education At naked we also place a high emphasis on facilities and services for the entire extended family ndash from

children to parents to grandparents that other resorts do not place dedicated resources for

nakedЎƧOgraveȥФѓŘжϞεʴƏǢȑѝϘϞэȢĸΟ˶Ouml=˶ЁhζǁϞȱOumlѥϛˤƗũŎȓOumloacuteƟΙɧ6ͰɒΑάγΊũƁƁϨ5ưȘȾϽ5AringίʝϛƁϨ5ƂiacuteЮȉltOumloslashͰɒϛOumlіAringʤȞ6frac14=ͰɒФŋѣũiacuteźWίˤƗ5ƭШ5ŎȓũźWȓɲœ˛ϠǑѷФȥαϛȭя=ФnakedІαϛеxͰɒϚіoslashЂˣʵѓOumlŜѲ5Ɲ5ȌеOumlĞũˏ6

As such we feel very confident in the rates and occupancies that we will achieve Regarding room prices when benchmarking

against some of the other leading hotel brands in the resort market such as Aman Fayun Hangzhou Banyan Tree Hangzhou Fuchun

Resort Hangzhou Mandarin Oriental Hainan and Commune by the Great Wall average rates in March 2011 for single bedrooms in

this set are ~ RMB2800

ϩfrac14=ͰɒoslashЂˏѢĉƠϡƎˏѢȿcurrenɊάΫ6ФˏѢĉƠĈɘ=ІʙФoacuteƟAacute˛OumlсɜǙacircʑʁaƹ=ˍCҊĂО5ţјНҏѨ5ĥsup1˗ǝ5˓φŴecircĈǙacircũƵ΅OumlŁˣ=Фɱ˓МOumlEumlˆƣʒǩƠķ=6

Regarding occupancies we are confident to achieve occupancies of around 60 after about 4 years of operation but forecast

conservatively that our occupancies will start from around 35 in the 1st year of operation and grow steadily to 45 in year 2

55 in year 3 and 60 after the hotel is lsquomaturersquo from year 4 onwards

ФˏѢȿĈɘ=ͰɒŬϾάΫǑŚɱOumlǑϱ=ͰɒǵϡAumlOgraveOumlˏѢȿ6WŇƗ=ͰɒOumlˏѢȿƮƁϻszligϞɱOuml13=egraveЫOgravefrac34ɱOuml13ũszlig˓ɱOuml1313=szligɱϡŮƮƁЫOgrave6

Given the above estimates we believe that owners can expect attractive investment terms as illustrated in the table below

Ļǟϡ˛OumlŇƗ=ЎƗϛѝɭņOtildeOgraveOumlѱſYƮƁˍ΅o˿

CҊĂО

НҏѨ

ĥsup1˗ǝ

˓φŴecircĈǙacirc

Ƶ΅OumlŁˣ

RMB4270

RMB3500

RMB2000

RMB2150

RMB2388

Aman Fayun Hangzhou

Banyan Tree Hangzhou

Fuchun Resort Hangzhou

Mandarin Oriental Hainan

Commune by the Great Wall Beijing

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966

38

39

ͰɒOumldivideTHE TEAM

40

Grant Horsfield ndash Chairman naked Group

Grant a native of South Africa is Founder and Chairman of the

naked Group

Before coming to China in 2005 Grant worked in England

and South Africa with more than 10 years business ownership

experience With background in IT he launched eBites

Limited in 2000 Operating nationally eBites was both a

publishing company and a callcentre facilitations company with

headquarters based in Cape Town In 2004 Grant received

an MBA from University of Cape Town Graduate School of

Business Upon graduation he decided to come to China as he

saw China is where business opportunities lie

After spending two years in Shanghai he found himself

overwhelmed by the metropolis and missed the natural beauty

of his home From this desire and need sprouted the concept

for naked Retreats which was launched in 2007 Grantrsquos vision is

to create sanctuaries that are in harmony with the environment

where people can appreciate the simple way of nature and

embrace the naked lifestyle Grantrsquos tireless efforts in promoting

ecotourism in the rural areas not only created jobs but also

pride for the local community He received an environmental

award from the Huzhou Government in 2008

高天成 - naked集团总裁

ij=ɫčIcircTHORNˆ=nakedƍOumlmiddot˽ˆũѵ|6

Ф13ɱȅOgraveѓŘтʣ=ij˪ЬФϯŘƎɫčľѽ=ϾŚɱOuml˙ϛǑϱƎРѽǑϏ6ФʙITǒOumlUѠ΅=ɱij˪ƭȜȥeBitesϾΏŁ=eBitesŁƮϱΝІaacuteŹĞѓΫLJɖƿū=ʙѵˤФǭʔugrave6ɱ=ijƅOtildeȥǭʔugraveAringλ˙λЙOumlMBAλ6dϛŮ=ǧegraveȅѓŘ=ϩǯOgraveȥжȕOuml˙Ɖ6

Ф˛ŝEgraveȥȢɱтŮ=āѳƓxȥ˪Ƃ=sʨAtilde˱ȥѳʿɐǒ6ФжѕИІεʴOumlʶ˼΅=ƭȜnaked Retreats

OumlΖĂФɱOtildeOgraveȥ˹˲6ijOumlΖĂƭШϞĸ˯THORNІѳʿũΣŃdeg=ˆɒǵϡΘѳʿ=ΘnakedOuml˪ƂĈ˾6ij˫ΔAacuteTHORNʵ˪ȾϽѽordfOumlxΦɹȞ=xLjmiddotШȥľѽıŻOtildeOgraveȥIcircTHORNˣʵOumlХϐ6ij˪ƅOtildeȥɱůјоġNāOumlźWAring˼ư6

41

Delphine Yip-Horsfield ndash Partner Ben Wood Studio Shanghai

received her Master of Architecture degree from Harvard

Boston prior to moving to Shanghai to oversee the award

winning Xintiandi project on behalf of Wood and Zapata In

the fall of 2005 Delphine became partner at Ben Wood Studio

Shanghai

Drawing from her own experience of diverse cultures Delphine

has led a multitude of high profile projects such as Hangzhou

Xihutiandi Zhujiajiao Oriental Garden Shanghai Waitanyuan

Beijing Palace 77 Shanghai Hongqiao Commercial Core Lijiang

Lashihai Resort Masterplan etc

In 2006 she was selected Wallpaper magazinersquos first annual 40

under 40 designer of the year

Delphine is the chief master planner and architect for naked

Home Village and naked Stables Private Reserve She also

oversees the visuals and styling of the naked Brand

叶凯欣 - 上海Ben Wood设计室合伙人

ϜǮΩɺ=Ben Wood ˤƗľѽOumlѵƢ=śęAringλƭѡλ6ȅ˛ŝтʣ=ФΒIJ5ɷКũuuacuteľѽ6ȅ˛ŝŮ=CcediloWoodũZapataĤЩΪTHORNΙɧOumlƢethľѽ613ɱʲƕ=ϜǮΩɺBen Wood ˤƗľѽūƃˆ6

ϾѯxŸϽșǑϏOumlϜǮΩɺ=EacuteˇȥηucircijocircΙɧOumlƢeth=VȂţјͻůTHORN5њƝƶecircĈųВ5˛ŝЕ5[ǎłatilde5˛ŝŭʦ˙ϛѓΫ5ȗƯȄŝoacuteƟAacuteѵŔŷˤƗUgrave6

ɱ=ˏκȥWallpaperСьǃɱoacuteϡ΅OumlˤƗ˰6

ϜǮΩnakedƝВAacuteũnaked RetreatsOumlѵˤƗеũƭѡ˰6˶ϚĤЩƢethnaked˙nOumlFũĘķˤƗ6

42

Kang Yang Lim ndash Group Chief Operating Officer naked Group

Group with over 13 years corporate finance and real estate

development experience Previously he was Director of the

real estate division of APP China taking responsibility for the

initial positioning and development of the USD15 billion lsquoWhite

Magnolia Plazarsquo mixed use development project (including

the development of Shanghairsquos first W Hotel) He also led the

concept and development of APPrsquos branded residence and resort

project in Sheshan Shanghai

Finance division of PricewaterhouseCoopers in Melbourne

Australia where he specialized in business value and strategy

worked in inhouse strategy roles for CocaCola GB in London

and to British venture capital firm of the year (2004) ISIS Equity

Partners before coming to China in 2005

Accountants Australia in 2002 and is also an affiliate of the

of Commerce and Diploma in Modern Languages from the

University of Melbourne Australia

林纲洋- naked 集团首席营运官

ƞˏnakedƍOumlȩ˪ϴϾŚɱOumlʝϛ~ƎTHORNǭāǑϏ6Фfrac14тʣ=ѽѓŘDŽŒOumlTHORNǭāOumlѵƢ=ĤЩƠч13ϢЏOumlucircϸ8JЈȈœ9ǭāΙɧOumlcopy˽κшũǭāVȂ˛ŝszligϞƝ ǙacircOumlǭālt6˶ϚщNtildeȥDŽŒƍФ˛ŝҁ˗ʑʁѢЭũoacuteƟAacuteΙɧOumlȓɲũǭā6

ФDŽŒƍˇфтʣ=ȩİϑGAringȚφɣyuml_ʔŴϷOacuteƁƗ˰OumlǑȓ=ѥѣЂ˙ϛƠчũЯɁѰξ6ȩ˪Ф13ɱȅOgraveѓŘтʣэȑǭʔŴϷOacuteŮOumlϞotilde˶ƣɬ=ѽǵǺǵȎɂugraveŁɬOumlЯɁēͺ˰=ϡƎISISOumlʼnʏūѽƃRФϯŘɂugraveOumlϯŘĘΌѱŁˇф6

ȩ˪ФɱƅOtildeȥGAringȚφηƁƗ˰ƁũGAringȚφпʻωǗOumlƁГѱķ6˶ϚƅOtildeȥGAringȚφɣyuml_AringλOuml˙ϛλλϡƎCcedilЇϊλп6

43

Gabriela Lo ndash Managing Director naked Retreats

With over 15 years experience in high end events and PR

management Gabriela has been instrumental in bringing naked

to where it is today As one of the original members of the

naked Team Gabriela has led the growth of naked Retreats

to become one of the most famous eco retreat destinations in

China attracting guests and publicity from around the world

Originally from Macao Gabriela has rich multi cultural and

multinational living and working experience having worked and

studied for many years in Greater China England and Italy

卢家宝 - naked 度假村常务董事

ϴϾŚ13ɱOumlijocircƂiacuteũŁŃŋ΄ŎȓǑϏ=nakedDžOumlǜІȶƝXēxǭ6ѽħdivideOumlmiddot˽ГтϞ=ȶƝXϠǑAEligȭnakedѓŘѻϾɜOuml˪ȾϽɧOumlTHORNтϞ=ͼϭȥȅѳǁĹTHORNOumlǸˆ6ȶƝXȅѳGɑ=ϴϾĖĥOumlucircЏŸũucircŘǝѢũľѽǑϏ=ЬФAringѓŴTHORNʵ=ϯŘũϤAringȚϾѯucircɱωǗǑș6

Judy Zhu ndash General Manager naked Group

Zhu is the General Manager for naked Group ensuring smooth

operations of the group with a particular focus on government

朱燕 - naked 集团总经理

њώ=iquestnaked Retreatsmiddot˽ǭ˽ǜũij˪ūѽ6њώѽƍѵǑȓ=ĤЩIcircTHORNũŋ΄ʽWƍРѽ6Фƞˏnakedтʣ=њώФ˛ŝũ[ǎiquestŚηucircІ˙ϛϾŋOumlфϛ6ФΪͻȈƅOtilde˙ϛλ6

44

Kurt Berman ndash General Manager naked Stables Private Reserve

With over 16 years experience in FampB and high end luxury

resort management Kurt brings a wealth of experience and

will lead the preopening and operations of our new resort ndash

naked Stables Private Reserve Prior to joining naked Kurt was

the preopening General Manager at Six Senses Laamu and

Resident Manager for Six Senses Soneva Gili by Six Senses Kurt

has also worked at other prestigious resorts including Fregate

his career in hospitality in FampB and was a trained Chef with

experience working in many prestigious institutions including

The Dorchester Hotel in London Kurt is from South Africa and

has a masters certificate in hospitality management from Cornell

University

Kurt Berman - naked私人度假村总经理

ϾѯŚɱϬƎijIumlŤŴoacuteƟAacuteOumlŎȓǑϏ=ƮϡĖĥOumlǑϏȭNtildeͰɒΪoacuteƟAacute77)$ 0OumlϱϛũРϱ6Фƞˏ)$ тʣ=10ЬEacuteˇŚ8szligȳĭǦ9+1ϱϛѵǑȓũ8szligȳĭǦ9-2 ((OumlѤacircǑȓ610ŻЬˇфЂamp0ˆŝETHũ1+4UgraveʙўɜoacuteƟˮTHORN610OumlϛʜzЂϬαϛ=ϚϡϞĸФŬucircўɜƉńVȂ-0-0 -$-ltľѽŚOumlρȡϾOumlnot˰610ȅѳɫč=sϴϾǰɪyumlAringλЃOumlǙacircŎȓλ6

Richard Johnston ndash General Manager naked Home Village

Hailing from the United Kingdom but with most of his working

life in resorts throughout Africa Richard brings with him over

20 years experience in General Management and Director level

roles in world class resorts including Azura Retreats Cape Grace

hotel and the Saxon Hotel Richard plays a key role in the set

up of systems training and operating standards His years

of experience and mentoring leadership style make Richard a

natural inspiration for our young hotel management team

Richard Johnston - naked 家园村总经理

RichardȅѳϯŘ=IgraveAringucircOumloacuteƟAacuteľѽiumlФмĸčљ=ϴϾŚɱOumlѴūŎȓũǁƐoacuteƟAacuteVȂAzura

Retreats Cape Grace hotel and the Saxon HotelltijʒŎȓǑϏ6RichardФƭȜ΄5ʅρũРαnѬĈɘʜѯŋƨѽϸ6ĖĥOumlǑϏũȭNtildeĘķ˼OtildeoslashͰɒɱʬOumlǙacircŎȓdivideϾѯѳʿOumlƊȘ6

45

Teun Hanegraaf ndash Sales Director naked Retreats

Teun obtained a Bachelors in Business Studies and Masters

in Strategic Management with a focus on Chinese Business

Culture Teun increased our corporate sales business by 350

in his first year with us bringing international companies

ranging from international conglomerates Unilever and Coca

Cola to more local institutions such as The Shanghai American

School and leading Chinese companies such as Bank of China

韩天宁销售总监

ȅѳŧȈɥEcirc=şɵϴϾ˙ϛλλλ5ЯɁŎȓѥѣЂѓŘ˙ϛŸlt6ȅƍOumlszligϞɱşɵƮŁOumlΝϛijȥ13=sŁAEligȅȥx˟ŘƙβOumlAringŁǸŲ=жʙѓϾŘƙAringʝϛȠūȚŴũǵǺǵȎ=ϚϾ˛ŝɐŘλΠUgraveIcircTHORNƉńũѓŘϫαUgraveѓŘȴʝϛ6

Oliver Yuen ndash nature Reserve amp Recreation Manager

naked Stables Private will be the first private reserve in China

with a wealth of new flora and fauna introduced to the project

from Sydney University Australia and as a fully qualified Ranger

working in many of the worldrsquos best wildlife parks Oliver takes a

special role in ensuring the environment of naked Retreats and

naked Stables Private Reserve will be full of life and a natural

self supporting eco system Oliverrsquos passion for both people and

nature make him the perfect person to teach our guests about

what we do and make their stay not only a relaxing one but

also a fun fulfilling educational one as well Oliver previously

worked in wildlife parks and resorts such as Azura Retreats in

Mozambique Mobala Private Game Reserve in South Africa and

Sydney Aquarium in Australia

袁鹏威 - 活动经理和度假村 生物学家

naked StablesƮѓŘszligϞĸϭljΪOumlцʾũiacuteʾOumlˆoacuteƟʵ6OliverѽϞɜGAringȚφͿɯAringλūķOuml˪λƝiacuteλƝ=ϡƎФǁĹTHORNOumlϙ˪iacuteВľѽOumlľѽе=Ф˼naked Retreats ũnaked StablesϾѯĖĥ˪ѱЕ5ʿѳĺOuml˪΄Oumlźǔľѽ˛QύѯіϘƶ˔6АʊoslashˆȏũѳʿOumlƊʮ˼ѻūOumlˆȅĵͰɒOumlǸˆͰɒѼOuml˷ɋ=sʨ˂ɒФжȕOuml˶ŒxLjLjČ=˶Ϛ˂ɒOumlǝѢǑșlOtildeϾǭΫcurren˹ũϾƷЋϤϦ6АʊтʣФɫčũGAringȚφͿɯѹŏiquestϙ˪iacuteВũWŰʵOumlľѽVȂMozambique OumlAzura Retreats Mobala Private Game Reservelt6

46

Philip C Davis Company Director naked Retreats

Phil joined the Board of Directors for naked Retreats hotel

management company in 2011 His previous board experience

includes Tian Rui Hotel Corporation holder of the master license

for Super 8 economy hotels in China and Hong Kong from 2006

to 2008 He also was a founding shareholder of Tian Rui and

served as its President and Managing Director from 2006 to

2008 He was a board member of Tian Xian Cheng a bai jiu

concern which is a joint venture between Pernod Ricard and a

2010

Phil was previously Chairman of the Budweiser (Wuhan)

International Brewing Company and Managing Director of the

AnheuserBusch business in China and Hong Kong from the

beginning of 1996 through 2002 From 2003 to 2005 he

headed the AnheuserBusch liaison office with Tsingtao Brewing

Company

Phil holds a PhD in history from Washington University and

started his career as a market researcher at a major advertising

agency in the US before moving to AnheuserBusch and

heading its consumer planning and new product development

functions in the 1980s

Philip CDavis naked 度假村公司董事长

PhilЂɱƞˏȥnakedoacuteƟʵǙacircŎȓŁOumligraveƁ6ϡĖĥOumlǑϏVȂФːǙacircƍˇф5ϡƎЂɱэɱФѓŘũѓŘΒIJEacuteˇSuper ǑƖǙacirc ʼnˆ6˶=ϚːǙacircƍOumlmiddot˽ʼnecirc=ФɱэɱʖƣEacuteˇƍOumlѵ|ũigrave6ɱэɱʖƣ=ϞƝІWȎȞƞũJǙ˪ȴʝϛƬɫūѱOumlʝϛ77ΐOumligraveƁГ6

iquestɱэɱ=Phil͵šBudweiserŘƙɳǙŁOumligraveƎѓŘũѓŘΒIJCŝyŁOumligrave6iquestɱэ13ɱ=CŝyũʫETHʌǙŁOumlȠɆdegOumlĤЩˆ6PhilϴϾŴ˭uacuteAringλOumlș˻дλvλ=ФǁɱCcedilȅOgraveCŝy5ĤЩΞĒŔŷũΪʑǭāĿɭтʣ=OumlϛʜzЂɐŘOumlϞƝœĵCcedilȓŁ=Eacuteˇaeligω6

47

OUR INTERNATIONAL TEAM

International team

Chief master planners amp architects

the urban landscape of modern China with Xintiandi in

Shanghai a commercial cultural and entertainment district

Since then the studio has worked on projects in very diverse

categories both small and large scale projects include mixed

use projects like the ldquoTiandirdquo in Hangzhou Chongqing Wuhan

and Foshan luxury villa and high rise residential complexes in

Shanghai and Vietnam as well as various boutique hotels and

Chalet Architects

A00 Architecture is most well known for their research

inenvironmental sustainability and its application to their

work in Architecture Interiors and Furniture Their portfolio

includes feature restaurants luxury spas retail stores design

conversion of dozens of historic Shanghai homes into highly

personalized residences

Interior Designers AIM (Architecture amp Design) brings expertise

in the combination of world architectural styles and design

influences to the interior designs at naked Stables Private

Reserve With the Shanghai office led by the two founding

on comfort warmth and a unique blend between African and

Asian design sensibilities

Landscape Architect

Design Land Collaborative (DLC) is a professional consulting firm

comprised of landscape architects and planners with an office in

Shanghai and the United States Projects have a strong emphasis

on cultural resources historic preservation and ecological

design involving both the public and private sectors

ͰɒOumlāЮdivide

ɴǵϡΑάOumlёȣ

ŘƙŸdivide

首席规划师和建筑师

benwood Studio Shanghai OumlсɜΙɧтϞѠĨШ˛ŝΪTHORNľ=˼ʙƍ˙ϛ5Ÿ5ЄȎϞOumlʵЉ6тŮ=ЁƻȥĹȏŔɟAringΟOumlΙɧ=VȂţјOumlͻůTHORN=іʱ5͵šƎę˗OumlŤŴpϡƎФ˛ŝũЛɫOumlijѢЭʵ=ȮŻϾФѓŘƎˉ_OumlĹȏǐʑǙacircƎoacuteƟ6

小圆房建筑

AOO Architecture ФźǔWŰƎǵ θāЮĈɘϾѯѭЛOumlƭ=s˘ƮʙƭϰϸЂɬƝѩ6ɒƻŚOumlΙɧVȂ˔5ŤŴȤѓΫ5ȫ˙acirc5ˤƗίǙacirc˛ŝυНǙacirc lt5ˆoacuteƟϡƎϞ΄ȧOuml˛ŝș˻ѢЭOumlCcedilŸƎˆŸĨШ6

ɬ ˤƗ˰AIMƭѡˤƗltѥѣЂǁƭѡĘķũˤƗOumlɐƿū=ϭNtildenaked StablesOumlɬˤƗ6ФȅѳŧȈũaȚ˶OumlūѽmiddotTˆȭNtildeOuml˛ŝTdegOumlUѠ΅=ˤƗѣі5ũφčˤƗȓɲOumlntildeˊū6

景观设计

Design Land Collaborative (DLC) ϞƝiquestǒōˤƗІŔŷOumlѥϛѰξŁ=Ф˛ŝІɐŘǩˤϾēрƉń6ʙΙɧ˘ЂŋѣŸș˻ĻЕ=ƿūźW˪ǴƔ=ѥѣЂŁŃƎϾTHORNOumlŔŷ6

48

Engineering amp Project Management team

Scott Wilson Group PLC is a globalintegrated design and

engineering consultancy for the built and natural environments

Scott Wilson is responsible for the project management the

electrical and mechanical engineering for the project

Environmental Consultants

Environmental Resources Management (ERM) a leading global

provider of environmental health and safety risk and social

consulting services ERM deliver innovative solutions for business

and government clients helping them understand and manage

their impacts on the world around them ERM have 137 offices

in 39 countries and employ approximately 3300 staff

Sustainability Consultants

Bisagni Environmental Enterprises (BEE) works with the

engineering and design teams to ensure the environmental

goals set out at the inception of the project are achieved

LEED Consultants

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

Local Design Institute

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

General Contractor

and have been responsible for some of Chinarsquos most iconic

properties such as the World Financial Centre in Shanghai

工程及项目管理团队

Scott Wilson Group PLCϞƝʺʳŔɟOumlźWˤƗƎľѰξŁ6Scott WilsonĤЩΙɧOumlaacuteʠƎƉΤľ6

环境咨询

Environmental Resources Management (ERM)ϞƝʺʳαϛȭѰξŁ=ŀźǔWŰ5ƫǰCʺƎŁŃˣƁĘΌUgraveѰξĞ6ERM˙ϛƎоġɑǸŲŀĨĶβOumlǀǧĈF=UѠɒȥǀsŎȓʙǑϱoslashˣƁźǔAEligȅOumlϳΗ6ERMФʺʳϾ137ĸēрƉń=myĸŘƝ=ϴϾAringК3300ɜГľ6

可持续发展咨询

Bisagni Environmental Enterprises (BEE)ІľˤƗdivideΑűūѽ=ϡʽWФΙɧǭ˽ƼotildeˤȜOumlźǔWŰǵ θāЮɧnOumlȚ˹6

绿色建筑认证咨询

Shanghai Pacific Energy Center (SPEC)ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlŁтϞ6

本地设计公司

Shanghai Baoye Construction Corp Ltd ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlαϛȭŁтϞ6

总承包商

ϞƝŘƝƐľVŁ=ϠƻȥηucircѓŘnьβΙɧ=țˍ˛ŝźʳDŽˊѓΫ6

49

naked COVERAGE

wwwcnngocom

ldquo25 killer things to do this summerrdquo

26 April 2010

Time Magazine

ldquoRun to the Moganshan Hillrdquo

新浪博客

ldquo避世的可能rdquo

31 December 2009

wwwenglisheastdaycom

ldquoThe first batch of ldquoChina Treasured Towns ldquo released

December 2009

Shanghai Urbanatomy

ldquoGet naked this time with horsesrdquo

Shanghai Daily

ldquoGreen MaGIC Casts design spellrdquo

14 October 2009

新浪商品

ldquo中国最佳设计酒店大赏rdquo

September 2009

wwwchannelnewsasiacom

ldquoChinarsquos green resort allows travellers to vacation on good consciencerdquo

2 September 2009

wwwbijianlinblshecom

ldquo莫干隐居rdquo

25 Aug 2009

wwwassociatecontentcom

ldquoThe Exquisite Moganshan Mountains of Chinardquo

Ɏ

Wikitravel

ldquoMoganshanrdquo

德清新闻网

ldquo承包国营林场建造生态ldquo逸站rdquo

wwwsinoeventcom

ldquo亚洲旅游地产及景点峰会成功举行rdquo

wwwchinatravelbrandingcom

ldquoPursuing Green for Greenrdquo

wwwbrandrepublicasia

ldquoMaking moves towards ecofriendly eventsrdquo

7 May 2009

wwwhandsonshanghaiorg

ldquoHands On Asia Conference Summeryrdquo

May 2009

wwwmyvacationcn

ldquo莫干山居rdquo

3 April 2009

wwwshanghaidailycom

ldquoThe naked truth Time to clean up Moganshan litterrdquo

4 March 2009

wwwgreennovateorg

ldquoMoganshan Project Kick Offrdquo

13 February 2009

Travesias

ldquonaked retreatsrdquo

Feb 2009

合肥在线

ldquo大山里的裸家族rdquo

20 October 2008

wwwentrepreneurcom

ldquoThe arrival of the Olympics showcases Chinarsquos burgeoning entrepreneurial spirit ldquo

7 August 2008

50

Shanghaiist

ldquoWeekend escape to Moganshan 莫干山rdquo

9 April 2008

私家地理

ldquo艳阳下的荫凉rdquo

30 May 2008

City Weekend

ldquoGet naked in Moganshanrdquo

25 January 2008

wwwbundpiccom

ldquo在这绿中撒点野rdquo

wwwhuzhougovcn

ldquo相中德清筏头的青山绿水南非客商莫干山下建生态逸站rdquo

wwwurbanatomycom

ldquo24 Hours in Moganshanrdquo

wwwhkheadlinecom

ldquo杭州莫干山竹林深处人家rdquo

15 May 2009

wwwnewsweekcom

ldquoBack from abroadrdquo

May 2009

Chinatravelnet

ldquoMoganshan A Heavenly Hideaway of Bamboo Forests amp Tea Plantationsrdquo

April 2009

wwwmzztmcagovcn

ldquo2009年踏青乐游路线推荐大公布rdquo

16 March 2009

第三媒体

ldquo规划一条畅快随性的踏青之旅rdquo

28 October 2009

wwwdqnewszjolcomcn

ldquo三九坞 ldquo裸家族rdquo钟爱的世外桃源rdquo

28 October 2008

ldquo自驾行天下rdquo之中国莫干山rdquo

Sep 2008

ldquoShiffting Gearsrdquo

Sep 2008

April 2008

Chewed up amp Spit Out

ldquoGet nakedrdquo

19 February 2008

ldquoBest Weekend Getaway Hotels Shanghairdquo

富世

Ecoefficient hotel低碳下榻

April 2011

Spa China Guy 男士派

Experiencing The Unique

2010

Cosmo 时尚

跨洋建屋隐居不隐世

April 2010

Global Times

The Mountain of legends

Global City Geography 城市地理

莫干山 naked Retreats 都市人一ldquo裸rdquo到底的山居生活

Dec 2009

China Daily

Rural Retreat

20 March 2011

China Daily

4th March 2011

Modern Weekly周末画报

圣诞低碳游

Dec 2010

Elite Traveler 携程自由行

旅尚

Esquire

Hidden Best Restaurants

Feb 2011

51

52

53

Page 21: Detailed Investor's Report

20

FLOOR PLANS

Treetop villa 2 bedroom villa ccedilpȢͱĉ

ʒɘ

Interior area 室内面积 13768sqm

Exterior area 室外面积 50sqm

Total usable area 实际使用面积 18768sqm

21

Level 1 一层

Interior area 室内面积 7088sqm

Exterior area 室外面积 102sqm

Level 2 二层

Interior area 室内面积 668sqm

Exterior area 室外面积 398sqm

22

Treetop villa 3 bedroom villa ccedilp˓ͱĉ

Interior area 室内面积 20214sqm

Exterior area 室外面积 664sqm

Total usable area 实际使用面积 26854sqm

23

Level 1 一层

Interior area 室内面积 10334sqm

Exterior area 室外面积 118sqm

Level 2 二层

Interior area 室内面积 988sqm

Exterior area 室外面积 546sqm

24

Treetop villa 4 bedroom villa ccedilpͱĉ

Interior area 室内面积 2667sqm

Exterior area 室外面积 863sqm

Total usable area 实际使用面积 353sqm

25

Level 1 一层

Interior area 室内面积 136sqm

Exterior area 室外面积 168sqm

Level 2 二层

Interior area 室内面积 1307sqm

Exterior area 室外面积 695sqm

26

FITTINGS amp FINISHES SCHEDULE

EXTERIOR AND INTERIOR FINISHES

External walls

Structure is built from steel and SIP (Structural Insulated Panels) External wall is cladded with painted fiber cement board

Internal walls

emulsion paint

Ceiling

Ceiling is finished with emulsion paint

Flooring

Bedroom is finished with heavy strand bamboo flooring

Balcony

Balcony floor is finished with Wood Plastic Composite decking (M wood) Railing and trellis made with Liu An wood Balustrade is fitted with metal and Liu An wood

Window

bedrooms are fitted with double glazed LowE glass and Roto hardware

Kitchen amp powder room

Floor is finished with natural tile Kitchen cabinets and sink are provided Kitchen counter top is fitted with natural stone

Bathroom

Wall and floor are finished with natural stone

Doors

Entrance door is made of solid core timber fitted with Saflok RFID locks Bedroom doors are fitted with hollow core timber fitted with Saflok RFID security locks

ƭѡȦƎˤ]ɛ

室内外材料

oacuteƟͳʥ

oacuteƟͳƿńˤƗĮƿńƎƿńWOSIPlt6ʥϸΉɮOũʘ6

ɬʥ

ǸćƎͱтɬʥǩϸĔƎˎƲʘ6

ų

ųɘˎƲʘ6

THORN

ǸćģūɦTHORNO6ͱіќTHORNO

ȹ

ȹϸɦOʓʟ6ʈȲҎɦѐШOuml6ȇĬϸDŽрƎȲҎɦĜ6

acuteŲ

Ǹć5ͱOumlacuteŲϸȽɦѐacuteȀʆ-3ѓǹtȟƎ-0-ͶDŽʆƪ6

notĉ

THORNϡƎɘϡʿTHORNѦʓʟ=notĉŀlaquoŖϡƎʇ6notĉɘʿ˵6

Ќ

Ќʥ˦ƎTHORNϡʿ˵ʓʟ6

ɑ

ˏǺAringɑϸ˹Ψɦɑʆ˛-)ljordfɑNJ΄6ͱɑϸǹΨɦɑʆ˛SaflokljordfɑNJ΄6

27

MECHANICAL AND ELECTRICAL INSTALLATIONS

Heating and Cooling

AIRWELL centralized water source heat pump is provided Fresh air intake with heat recovery system is installed

Electrical provisions

are provided

Electricity

Concealed conduits are provided Threephase electricity supply with miniature circuit breaker distribution board is provided

TV telephone and internet connection

Satellite TV with all major international channels

is provided in all the villas Telephone outlets and wireless internet connection is provided

Hot water supply

Huang Ming solar hot water heater and Rinnai gas water heaters are installed for the villa

Water supply and pipes

Concealed copper pipes are used for both hot water and PPR pipes are used for cold water

The resort will be patrolled 24 hours a day CCTV system is in operation throughout the resort 24 hours a day All the villa front doors and bedroom doors are fitted with Saflok RFID security lock system

APPLIANCES TO BE PROVIDED OR INSTALLED IN EACH DOMESTIC

UNIT

机电设施配套

ŀɻũѐȐ

ɽyumlƍѓ˾Е˅`΄6ΪĘ˅ſ΄6

Ɲaacute

ʆEΐNtildeŎOumlǭŋϡƎѿ6

aacuteȞŀϰ

ѩϾϮ˾ΐȺ=ʆϾίoumlȺʠ=ʆaacuteΓOuml˓ΑaacuteЕŀϰ6

aacuteƎςˤ]

έaacute=ʹΐaacuteŹũʹΐȺ6

˅ˤ]

žɛϒɭ˅ʠƎȩɬɌʡ˅ʠ

Ŏ

˅ŀϰŎǩϸϮc˾ĮŎ=ȐŀϰŎŎ6

WCˤ]

oacuteƟAacuteˤϾϾΟ˶ѽOumlgȺaacute΄ϡƎΟ˶OumlπɄ6ˏǺAringɑƎͱϸSaflokljordfɑNJ΄

标准住宅单位附送以下设备

Stove BAUMATICExaust fan BAUMATICOven BAUMATICMicrowave BAUMATICFridge BAUMATICBARMini fridge (2 3 bedroom) BAIXUEWine fridge (4 bedroom) BAUMATICBEDROOMMini fridge BAIXUEBath KOHLERTERRACEBarbeque grill

TelevisionDVDBATHROOMShower KOHLERBasin KOHLER

notĉ aacuteraquoȷ ʄɇUcircǷnotĉϼχƉ ʄɇUcircǷnotĉaacuteDZΓ ʄɇUcircǷuȷ ʄɇUcircǷɬяrΓ ʄɇUcircǷHΟrΓ=ĉlt JμǙŖĉlt ʄɇUcircǷͱΟrΓ JμЌį Ǵȍȹ˞DZΓҒĉaacute ɯDVD ɯЌȪЌʠ Ǵȍʇ Ǵȍ

28

NOTE

1 The Developer reserves the right to substitute other materials

or appliances of comparable quality and standard for the

intended items as listed in above fittings and finished schedule

2 The fittings and finished as listed above shall be subject to

the terms of formal Agreement for Sale and Purchase Those

provisions may have slight variation in the color measurement

3 The Developer reserves the right to make modifications and

changes to the building design fittings and finishes without

prior notice

4 Fittings and finishes of the Special Units may be different

from those of the Typical Units

备注

āЮ˙WȰϞʧʹȞ=Dв˹ƙʮȁεϘϡUgraveётƭѡȦϡƎˤ]Ccedil˛ȧĹΙ6

˛ȧĹΙȦϡƎˤ]ǩϡн˾ɈɉūКOumlǿщegraveѬ6ĹΙƭѡȦƎˤ]ǵɭƁФϋ˔=ȣoacutepoundAcirc5ȓ5ѺуƎƆľ˛ordfʬp6

āЮ˙WȰϞʧʹȞδeacuteϡƎĽĨϛOumlˤƗ5ƭѡȦϡƎˤ]ʹεȮαс6

˔EumlЏOumlēƭѡȦϡƎˤ]І˛oȧĹΙǵɭϾx6

29

PURCHASE OPTIONS

Buying a Tree-top Villa at naked Stables Private Reserve involves signing a Sale and Purchase Agreement with the development

company and a Lease and Management Agreement and Deed of Conditions with the Hotel Management Company The Management

Agreement requires the purchaser to lease the property back to the Hotel Management Company to manage on the ownerrsquos behalf

There are two different plans which are available for buyers

在 naked Stables 购买一套拥有不动产权的树顶别墅包括与发展公司签署一份买卖协议以及与酒店管理公司签署一份租赁管理协

议和条件契约管理协议要求购买者以业主的名义向管理公司出租其别墅以供其管理买家有两种方案可供选择

ŅɈκΙ

30

OPTION 1 - FLEXIBILITY

1Owner Usage Rights

Zero usage restrictions

Early reservations are required to secure Villarsquos especially during prime and peak seasons If a Villa Owner does not provide the

required advance notice for a reservation the resort may be required to offer the owner a different unit or in the worst case no

availability at all

1 业主使用权限

ȫ˼ϸΏѐ

ϘʴʣЎegraveˏѢp=ϺʙФƐƕ6ˍřpϛѝɍϾŀϘʴOumlϸЂЎegraveOumlЎс=oacuteƟAacuteƮʙŀȮϞdegѢdeg=ƆеѻЦĴOumlʮȁɍϾǹĉ6

2 Rental Revenue

2 租金收入

a Rental revenue

Whilst not in residence the owner will be eligible to earn a pro rata 36 of the room revenue generated by the Reserve during their

absence Ie Everyday the revenue generated by the entire resort is divided amongst the owners not in residence on that day When

an owner is in residence he forfeits his opportunity to earn revenue

ѸDŽˏ

ϛѝxǝѢʖƣ=ƮOtildeOgraveoacuteƟAacuteordfѸʙĉͳOtildeϧOuml6ɏoacuteƟAacuteordfѸɨΡxǝѢФfrac14OumlϛѝOumlĉͳOtildeOumlϧƮ^ʒǩēʆĺжΡϛѝ6IcircϛѝǝѢФʙpȕ˶=Ʈ˱ʸƅOtildeϧOumlƉƁ6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

选项1-灵活性

31

c Cashing out your returns

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

gtƮɴOumlſYŚDŽĈ˾ʷordf

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſYϧ6ˍřϛѝκЪxʷordfOumlϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3 有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecom services

included in the Services Fee to the owner whilst in residence The services fee is 300rmb per room per night This fee is charged on

all rooms regardless of which are in use

4 服务费用

IcircϛѝФoacuteƟAacuteǝѢ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸѓ6ɏĸĉƣɏOumlĞĒϸЏˆəe6жĸĒϸΛϾĉƣʷOuml=xɃfrac14ĉƣĚФ˼ϸ6

5Maintenance

4 of hotel room revenue will be reserved for ongoing building maintenance This will be deducted from the ownerrsquos share of total

room revenue

5 维护

ǙacircǸĉˏOumlƮ^ȰѽŮθƭѡδтĒϸ6ħēDŽuumlƮiquestϾˆǵēOtildeOumlǙacircǸĉˏĕuumlѓǻshy6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGEEarnings Per Room (36 of gross room revenue) 124173 170827 221315 253507 263647 2066942 Bedroom 收益 ndash 双人间 248346 341653 442631 507013 527294 4133873 Bedroom 收益 ndash 三人间 372519 512480 663946 760520 790941 6200814 Bedroom 收益 ndash 四人间 496692 683306 885261 1014027 1054588 826775

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 41 57 74 85 88 69

3 Bedroom 收益 ndash 三人间 9000000 41 57 74 85 88 69

4 Bedroom 收益 ndash 四人间 12000000 41 57 74 85 88 69

Hotel revenues and owner rental yield - Option 1 Flexibility

32

OPTION 2- STABILITY

1Usage Rights

1 使用权限

选项2-稳定性

Total Permitted Usage Prime Peak SeasonPermitted Usage

Peak SeasonPermitted Usage

Out-of-SeasonPermitted Usage Blackout

40 days per yearNo occupancypermitted

Up to 20 days per year but no more than 7consecutive daysfor any one stay

Up to 20 days per year but no more than 7consecutive days for any one stay

No occupancypermitted

允许使用总数主要的旺季允许使用

旺季允许使用

淡季允许使用

无折扣期

每年40天 不允许占用 每年20天但是每人

不能连续居住7天每年20天但是每人 不能连续居住7天

不允许占用

Prime Peak Season To be published by naked Retreats in according to government notification every year Prime Peak Season

Middle Autumn Festival (Sept) excluding Blackout dates

Ɛƕɏɱϻnaked RetreatsĻǟоġĵāordfс6ƐƕVȂѓŘsup1ƽϞМĀМlt5ȋiacuteƽͶМlt5Řʱƽ˴Мlt5ʭɛƽМlt5ѓʲƽǘМlt=xVȂʹгǻʖ6

ƕiquest˓МOgrave˴ϞМʖƣOuml10ĸїɡϡƎ10ĸľѽˉїʖ=xVȂƐƕũʹгǻʖ6

OutofSeason 20 days during December to February excluding Prime Peak Season and Blackout dates

Iacuteƕiquest˴ĀМOgraveĀМʖƣOuml=xVȂƐƕũʹгǻʖ6

Blackout Dates Peak demand dates such as holidays sporting events groups and citywide conventions Local cultural events

all as specified by the Hotel from time to time

ʹгǻʖεʴijėʖVȂƟʖ5Ћ˒5ũʺβOumlƁϨ6IcircTHORNɾyumlOumlŸƂiacuteiumlƮDвǙacircOumlɛljα6

2 Rental Revenue

2 租金收入

a Rental revenue

Regardless of your usage of your property your rental return will be fixed at 5 for the first 5 years of operation After this period

you will automatically migrate to the Flexibility plan

ѸDŽˏ

xɃɰOumlĉ˼ϸoacuteˍŪ=ͶɱOumlѸDŽϧiumlŊegraveOuml136ФжтŮ=ɴƮѳiacuteѧˏȬƂβĈF6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

33

c Cashing out your returns

gtƮɴOumlſYϡDŽĈ˾ʷordf

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſY6ˍřϛѝκЪxʷordfʙϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecoms services

rental option

4服务费用

IcircϛѝǝѢФoacuteƟAacuteȕ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸȕ6жϞȏOumlĞĒϸxVȂegraveβordfѸʆ6

5 Maintenance

Of the 5 guaranteed return generated form your property during the period you are not in residence the management company

will retain 4 of this return for maintaining your Villa The maintenance fund will be pooled and used for all Villarsquos in the resort

5维护

ɴxǝѢʖƣiquestɴOumlĉѓƮ˪Ouml13OumlſY=ŎȓŁƮWȰжbſYѓOumlϸѽɴpOumlŰ6ŰƈDŽƮ^ūsʜȅsϸЂϾoacuteƟAacutepOumlŰ6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Hotel projections

Rooms Available 可用房间 not relevant 非主要Estimated occupancy 预计使用率 not relevant 非主要Estimated average daily room rate 预计每日平均房价 not relevant 非主要Growth in room rate 房价增长率 not relevant 非主要Annual room sales 年房间销售额 not relevant 非主要RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE2 Bedroom 收益 ndash 双人间 50 50 50 50 50 503 Bedroom 收益 ndash 三人间 50 50 50 50 50 504 Bedroom 收益 ndash 四人间 50 50 50 50 50 50

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 300000 300000 300000 300000 300000 300000

3 Bedroom 收益 ndash 三人间 9000000 450000 450000 450000 450000 450000 450000

4 Bedroom 收益 ndash 四人间 12000000 600000 600000 600000 600000 600000 600000

Hotel revenues and owner rental yield - Option 1 Flexibility

34

Option 1 - FLEXIBILITY Option 2 ndash STABILITY

investment returns for your Villa are influenced by the

success of the resort and the number of days you use

your Villa

Stable implies both your returns and your annual

usage rights to your property are fixed Regardless of

how well the resort operates your returns will remain

the same Equally you will only have a fixed number

of days allowed in residence

Usage Have unlimited usage rights to their Villa 40 days usage per year

Rental ReturnEarn 36 of the pooled returns from the entire resort

whilst not in residence

5 guaranteed return on their investment regardless

of resort performance

Resort Discount20 discount on all resort amenities and activities

(including SPA and Restaurants)

20 discount on all resort amenities and activities

(including SPA and Restaurants)

Services FeePay a Services Fee of 300rmb per room per night

whilst in residence

Maintenance4 of all room revenue is retained for maintaining

the owners Villa

4 of all room revenue is retained for maintaining

the owners Villa

选项1 ndash 灵活性 选项 2 ndash 稳定性

ȬƂβϸЂ˼ϸІſY6ɰOumlpѱſYʷǧЂoacuteƟAacuteOumlĿǑϱũɰoslashpOuml˼ϸoacute

ŊegraveβϤѯɰOumlſYũɏɱoslashЂɰOumlĉOuml˼ϸʹΏiumlŊegraveOuml6xɃoacuteƟAacuteOumlǑϱѫȁϾucircť=ɰOumlſYiumlŊegraveOuml6ϖTHORN=ɰъϾŊegraveOumlПηǝѢOuml6

使用 ʹΏѐOumlp˼ϸʹΏ ɏɱOuml˼ϸʹΏ

租金收入 ФxǝѢʖƣ=ƅOtildeмĸoacuteƟAacuteūsſYOuml xɃoacuteƟAacuteǑϱѫȁˍŪ=Wп13OumlſYϸЂѱ

度假村折扣 ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt

服务费用 ǝѢʖƣ=ɏĉƣɏЏˆəeOumlĞĒϸ čѝϘ

维护 ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ

OPTION COMPARISON

选项对比

35

36

INDUSTRY RETURNS AND BENCHMARKS

INDUSTRY REPORT

行业报告

Tourism and urban resorts is one of the fastest growing industries in China According to industry consultant HVS cities such

as Shanghai Beijing Shenzhen Guangzhou Hangzhou and Tianjin all have a population where a critical mass of highly affluent

individuals and successful companies exist generating demand for suburban resorts

ФѓŘ=ȾϽϛũoacuteƟAacuteσɓāЮOumlαϛтϞ6ĻǟʺʳǙacircĞϛltOumlϞΙYĵ˿=ФѓŘOumlѝϘˍ˛ŝ5[ǎ5˧5œј5ţјũdžǩēyѯAringȣOumlĥЍˆʾũĿOumlʝϛ=ϻfrac14ϚƊāȥoslashƴʵoacuteƟAacuteOumlƌAringεʴ6

Amongst other things the exponential growth in private vehicles has seen a huge increase in demand in the leisure market With

the completion of the shenjiahu highway in 2010 the travel time from downtown Shanghai to Deqing is now 2 hours Also with

stop at Deqing) scheduled to open in late 2011 travel time from downtown Shanghai to Moganshan will take between 15 to 2

hours When comparing travel times to get to other resort destinations in China ndash eg Hainan or Lijiang flight times might be within

2 or 3 hours total travel time including travel to airports and check in make the whole trip 6 to 7 hours plus additional travel cost

Within the 2 hour travel radius of Shanghai the quality of resort destinations is also (in our opinion) not at an international standard

with most hotels simply being lsquocity hotels in the countryrsquo rather than true resort properties operating at international standards

shyfrac14т=ѯĸˆγΊOumlāЮ=ĸˆƸϴϾȿϚσʂ˫6ѳɱ˥ƛůijϡŮ=iquest˛ŝOgraveOcircʭϚLjεϘĸΟ˶Ouml6ΪƭOumlijǵϡФ13ēєɬiquest˛ŝUumlAumlţј6ƏƮФɱYacuteǫľOumliquestţјOgraveɫǎOumlijѓϾϞаDzOcircʭlt=ъεϞĸSΟ˶OgraveȢĸΟ˶ǜǵϡiquest˛ŝѓΫOgraveAumlɢī˗6ˍřІѓŘOumloacuteƟˮTHORNŝɫ5ȒƯUgraveaƹ=shyȥϘųĒэĸΟ˶Oumlďα˶ƣ=ŻϘФVȂʣƉ=CʺƤũUgraveEgraveOslashƉ˛ų˛эĸΟ˶=ĽxϸɨΡuumlOumlαųΝȥ6Ѷō˛ŝїiΟ˶ɬOumlγΊoacuteƟʸdeg=э˟ͰɒˈltІŘƙŸnѬŻϾѯɛOumlǢ6AringēOumloacuteƟǙacircϚũѓOumlɨΡǙacircɍϾ_ёOumlʵp=ЗЗAumlxOgraveинŘƙϤϦ˛oacuteƟίĉΙɧOumlϘʴ6

ϛѝЎʖſYІaƹ

37

OUR NICHE

我们的利基

naked sees a need in the market for world class expertly designed and operated resorts which are within 1 to 2 hour travel time

of major cities in China As with other urban resorts we believe that the Leisure market and the MICE (Meetings Incentives

Conferences Events) market will be a huge driver for our business In addition we feel that we are already at the forefront of

the growing focus and concern on environmental design building and operations as well as the growing interest in nature and

environmental education At naked we also place a high emphasis on facilities and services for the entire extended family ndash from

children to parents to grandparents that other resorts do not place dedicated resources for

nakedЎƧOgraveȥФѓŘжϞεʴƏǢȑѝϘϞэȢĸΟ˶Ouml=˶ЁhζǁϞȱOumlѥϛˤƗũŎȓOumloacuteƟΙɧ6ͰɒΑάγΊũƁƁϨ5ưȘȾϽ5AringίʝϛƁϨ5ƂiacuteЮȉltOumloslashͰɒϛOumlіAringʤȞ6frac14=ͰɒФŋѣũiacuteźWίˤƗ5ƭШ5ŎȓũźWȓɲœ˛ϠǑѷФȥαϛȭя=ФnakedІαϛеxͰɒϚіoslashЂˣʵѓOumlŜѲ5Ɲ5ȌеOumlĞũˏ6

As such we feel very confident in the rates and occupancies that we will achieve Regarding room prices when benchmarking

against some of the other leading hotel brands in the resort market such as Aman Fayun Hangzhou Banyan Tree Hangzhou Fuchun

Resort Hangzhou Mandarin Oriental Hainan and Commune by the Great Wall average rates in March 2011 for single bedrooms in

this set are ~ RMB2800

ϩfrac14=ͰɒoslashЂˏѢĉƠϡƎˏѢȿcurrenɊάΫ6ФˏѢĉƠĈɘ=ІʙФoacuteƟAacute˛OumlсɜǙacircʑʁaƹ=ˍCҊĂО5ţјНҏѨ5ĥsup1˗ǝ5˓φŴecircĈǙacircũƵ΅OumlŁˣ=Фɱ˓МOumlEumlˆƣʒǩƠķ=6

Regarding occupancies we are confident to achieve occupancies of around 60 after about 4 years of operation but forecast

conservatively that our occupancies will start from around 35 in the 1st year of operation and grow steadily to 45 in year 2

55 in year 3 and 60 after the hotel is lsquomaturersquo from year 4 onwards

ФˏѢȿĈɘ=ͰɒŬϾάΫǑŚɱOumlǑϱ=ͰɒǵϡAumlOgraveOumlˏѢȿ6WŇƗ=ͰɒOumlˏѢȿƮƁϻszligϞɱOuml13=egraveЫOgravefrac34ɱOuml13ũszlig˓ɱOuml1313=szligɱϡŮƮƁЫOgrave6

Given the above estimates we believe that owners can expect attractive investment terms as illustrated in the table below

Ļǟϡ˛OumlŇƗ=ЎƗϛѝɭņOtildeOgraveOumlѱſYƮƁˍ΅o˿

CҊĂО

НҏѨ

ĥsup1˗ǝ

˓φŴecircĈǙacirc

Ƶ΅OumlŁˣ

RMB4270

RMB3500

RMB2000

RMB2150

RMB2388

Aman Fayun Hangzhou

Banyan Tree Hangzhou

Fuchun Resort Hangzhou

Mandarin Oriental Hainan

Commune by the Great Wall Beijing

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966

38

39

ͰɒOumldivideTHE TEAM

40

Grant Horsfield ndash Chairman naked Group

Grant a native of South Africa is Founder and Chairman of the

naked Group

Before coming to China in 2005 Grant worked in England

and South Africa with more than 10 years business ownership

experience With background in IT he launched eBites

Limited in 2000 Operating nationally eBites was both a

publishing company and a callcentre facilitations company with

headquarters based in Cape Town In 2004 Grant received

an MBA from University of Cape Town Graduate School of

Business Upon graduation he decided to come to China as he

saw China is where business opportunities lie

After spending two years in Shanghai he found himself

overwhelmed by the metropolis and missed the natural beauty

of his home From this desire and need sprouted the concept

for naked Retreats which was launched in 2007 Grantrsquos vision is

to create sanctuaries that are in harmony with the environment

where people can appreciate the simple way of nature and

embrace the naked lifestyle Grantrsquos tireless efforts in promoting

ecotourism in the rural areas not only created jobs but also

pride for the local community He received an environmental

award from the Huzhou Government in 2008

高天成 - naked集团总裁

ij=ɫčIcircTHORNˆ=nakedƍOumlmiddot˽ˆũѵ|6

Ф13ɱȅOgraveѓŘтʣ=ij˪ЬФϯŘƎɫčľѽ=ϾŚɱOuml˙ϛǑϱƎРѽǑϏ6ФʙITǒOumlUѠ΅=ɱij˪ƭȜȥeBitesϾΏŁ=eBitesŁƮϱΝІaacuteŹĞѓΫLJɖƿū=ʙѵˤФǭʔugrave6ɱ=ijƅOtildeȥǭʔugraveAringλ˙λЙOumlMBAλ6dϛŮ=ǧegraveȅѓŘ=ϩǯOgraveȥжȕOuml˙Ɖ6

Ф˛ŝEgraveȥȢɱтŮ=āѳƓxȥ˪Ƃ=sʨAtilde˱ȥѳʿɐǒ6ФжѕИІεʴOumlʶ˼΅=ƭȜnaked Retreats

OumlΖĂФɱOtildeOgraveȥ˹˲6ijOumlΖĂƭШϞĸ˯THORNІѳʿũΣŃdeg=ˆɒǵϡΘѳʿ=ΘnakedOuml˪ƂĈ˾6ij˫ΔAacuteTHORNʵ˪ȾϽѽordfOumlxΦɹȞ=xLjmiddotШȥľѽıŻOtildeOgraveȥIcircTHORNˣʵOumlХϐ6ij˪ƅOtildeȥɱůјоġNāOumlźWAring˼ư6

41

Delphine Yip-Horsfield ndash Partner Ben Wood Studio Shanghai

received her Master of Architecture degree from Harvard

Boston prior to moving to Shanghai to oversee the award

winning Xintiandi project on behalf of Wood and Zapata In

the fall of 2005 Delphine became partner at Ben Wood Studio

Shanghai

Drawing from her own experience of diverse cultures Delphine

has led a multitude of high profile projects such as Hangzhou

Xihutiandi Zhujiajiao Oriental Garden Shanghai Waitanyuan

Beijing Palace 77 Shanghai Hongqiao Commercial Core Lijiang

Lashihai Resort Masterplan etc

In 2006 she was selected Wallpaper magazinersquos first annual 40

under 40 designer of the year

Delphine is the chief master planner and architect for naked

Home Village and naked Stables Private Reserve She also

oversees the visuals and styling of the naked Brand

叶凯欣 - 上海Ben Wood设计室合伙人

ϜǮΩɺ=Ben Wood ˤƗľѽOumlѵƢ=śęAringλƭѡλ6ȅ˛ŝтʣ=ФΒIJ5ɷКũuuacuteľѽ6ȅ˛ŝŮ=CcediloWoodũZapataĤЩΪTHORNΙɧOumlƢethľѽ613ɱʲƕ=ϜǮΩɺBen Wood ˤƗľѽūƃˆ6

ϾѯxŸϽșǑϏOumlϜǮΩɺ=EacuteˇȥηucircijocircΙɧOumlƢeth=VȂţјͻůTHORN5њƝƶecircĈųВ5˛ŝЕ5[ǎłatilde5˛ŝŭʦ˙ϛѓΫ5ȗƯȄŝoacuteƟAacuteѵŔŷˤƗUgrave6

ɱ=ˏκȥWallpaperСьǃɱoacuteϡ΅OumlˤƗ˰6

ϜǮΩnakedƝВAacuteũnaked RetreatsOumlѵˤƗеũƭѡ˰6˶ϚĤЩƢethnaked˙nOumlFũĘķˤƗ6

42

Kang Yang Lim ndash Group Chief Operating Officer naked Group

Group with over 13 years corporate finance and real estate

development experience Previously he was Director of the

real estate division of APP China taking responsibility for the

initial positioning and development of the USD15 billion lsquoWhite

Magnolia Plazarsquo mixed use development project (including

the development of Shanghairsquos first W Hotel) He also led the

concept and development of APPrsquos branded residence and resort

project in Sheshan Shanghai

Finance division of PricewaterhouseCoopers in Melbourne

Australia where he specialized in business value and strategy

worked in inhouse strategy roles for CocaCola GB in London

and to British venture capital firm of the year (2004) ISIS Equity

Partners before coming to China in 2005

Accountants Australia in 2002 and is also an affiliate of the

of Commerce and Diploma in Modern Languages from the

University of Melbourne Australia

林纲洋- naked 集团首席营运官

ƞˏnakedƍOumlȩ˪ϴϾŚɱOumlʝϛ~ƎTHORNǭāǑϏ6Фfrac14тʣ=ѽѓŘDŽŒOumlTHORNǭāOumlѵƢ=ĤЩƠч13ϢЏOumlucircϸ8JЈȈœ9ǭāΙɧOumlcopy˽κшũǭāVȂ˛ŝszligϞƝ ǙacircOumlǭālt6˶ϚщNtildeȥDŽŒƍФ˛ŝҁ˗ʑʁѢЭũoacuteƟAacuteΙɧOumlȓɲũǭā6

ФDŽŒƍˇфтʣ=ȩİϑGAringȚφɣyuml_ʔŴϷOacuteƁƗ˰OumlǑȓ=ѥѣЂ˙ϛƠчũЯɁѰξ6ȩ˪Ф13ɱȅOgraveѓŘтʣэȑǭʔŴϷOacuteŮOumlϞotilde˶ƣɬ=ѽǵǺǵȎɂugraveŁɬOumlЯɁēͺ˰=ϡƎISISOumlʼnʏūѽƃRФϯŘɂugraveOumlϯŘĘΌѱŁˇф6

ȩ˪ФɱƅOtildeȥGAringȚφηƁƗ˰ƁũGAringȚφпʻωǗOumlƁГѱķ6˶ϚƅOtildeȥGAringȚφɣyuml_AringλOuml˙ϛλλϡƎCcedilЇϊλп6

43

Gabriela Lo ndash Managing Director naked Retreats

With over 15 years experience in high end events and PR

management Gabriela has been instrumental in bringing naked

to where it is today As one of the original members of the

naked Team Gabriela has led the growth of naked Retreats

to become one of the most famous eco retreat destinations in

China attracting guests and publicity from around the world

Originally from Macao Gabriela has rich multi cultural and

multinational living and working experience having worked and

studied for many years in Greater China England and Italy

卢家宝 - naked 度假村常务董事

ϴϾŚ13ɱOumlijocircƂiacuteũŁŃŋ΄ŎȓǑϏ=nakedDžOumlǜІȶƝXēxǭ6ѽħdivideOumlmiddot˽ГтϞ=ȶƝXϠǑAEligȭnakedѓŘѻϾɜOuml˪ȾϽɧOumlTHORNтϞ=ͼϭȥȅѳǁĹTHORNOumlǸˆ6ȶƝXȅѳGɑ=ϴϾĖĥOumlucircЏŸũucircŘǝѢũľѽǑϏ=ЬФAringѓŴTHORNʵ=ϯŘũϤAringȚϾѯucircɱωǗǑș6

Judy Zhu ndash General Manager naked Group

Zhu is the General Manager for naked Group ensuring smooth

operations of the group with a particular focus on government

朱燕 - naked 集团总经理

њώ=iquestnaked Retreatsmiddot˽ǭ˽ǜũij˪ūѽ6њώѽƍѵǑȓ=ĤЩIcircTHORNũŋ΄ʽWƍРѽ6Фƞˏnakedтʣ=њώФ˛ŝũ[ǎiquestŚηucircІ˙ϛϾŋOumlфϛ6ФΪͻȈƅOtilde˙ϛλ6

44

Kurt Berman ndash General Manager naked Stables Private Reserve

With over 16 years experience in FampB and high end luxury

resort management Kurt brings a wealth of experience and

will lead the preopening and operations of our new resort ndash

naked Stables Private Reserve Prior to joining naked Kurt was

the preopening General Manager at Six Senses Laamu and

Resident Manager for Six Senses Soneva Gili by Six Senses Kurt

has also worked at other prestigious resorts including Fregate

his career in hospitality in FampB and was a trained Chef with

experience working in many prestigious institutions including

The Dorchester Hotel in London Kurt is from South Africa and

has a masters certificate in hospitality management from Cornell

University

Kurt Berman - naked私人度假村总经理

ϾѯŚɱϬƎijIumlŤŴoacuteƟAacuteOumlŎȓǑϏ=ƮϡĖĥOumlǑϏȭNtildeͰɒΪoacuteƟAacute77)$ 0OumlϱϛũРϱ6Фƞˏ)$ тʣ=10ЬEacuteˇŚ8szligȳĭǦ9+1ϱϛѵǑȓũ8szligȳĭǦ9-2 ((OumlѤacircǑȓ610ŻЬˇфЂamp0ˆŝETHũ1+4UgraveʙўɜoacuteƟˮTHORN610OumlϛʜzЂϬαϛ=ϚϡϞĸФŬucircўɜƉńVȂ-0-0 -$-ltľѽŚOumlρȡϾOumlnot˰610ȅѳɫč=sϴϾǰɪyumlAringλЃOumlǙacircŎȓλ6

Richard Johnston ndash General Manager naked Home Village

Hailing from the United Kingdom but with most of his working

life in resorts throughout Africa Richard brings with him over

20 years experience in General Management and Director level

roles in world class resorts including Azura Retreats Cape Grace

hotel and the Saxon Hotel Richard plays a key role in the set

up of systems training and operating standards His years

of experience and mentoring leadership style make Richard a

natural inspiration for our young hotel management team

Richard Johnston - naked 家园村总经理

RichardȅѳϯŘ=IgraveAringucircOumloacuteƟAacuteľѽiumlФмĸčљ=ϴϾŚɱOumlѴūŎȓũǁƐoacuteƟAacuteVȂAzura

Retreats Cape Grace hotel and the Saxon HotelltijʒŎȓǑϏ6RichardФƭȜ΄5ʅρũРαnѬĈɘʜѯŋƨѽϸ6ĖĥOumlǑϏũȭNtildeĘķ˼OtildeoslashͰɒɱʬOumlǙacircŎȓdivideϾѯѳʿOumlƊȘ6

45

Teun Hanegraaf ndash Sales Director naked Retreats

Teun obtained a Bachelors in Business Studies and Masters

in Strategic Management with a focus on Chinese Business

Culture Teun increased our corporate sales business by 350

in his first year with us bringing international companies

ranging from international conglomerates Unilever and Coca

Cola to more local institutions such as The Shanghai American

School and leading Chinese companies such as Bank of China

韩天宁销售总监

ȅѳŧȈɥEcirc=şɵϴϾ˙ϛλλλ5ЯɁŎȓѥѣЂѓŘ˙ϛŸlt6ȅƍOumlszligϞɱşɵƮŁOumlΝϛijȥ13=sŁAEligȅȥx˟ŘƙβOumlAringŁǸŲ=жʙѓϾŘƙAringʝϛȠūȚŴũǵǺǵȎ=ϚϾ˛ŝɐŘλΠUgraveIcircTHORNƉńũѓŘϫαUgraveѓŘȴʝϛ6

Oliver Yuen ndash nature Reserve amp Recreation Manager

naked Stables Private will be the first private reserve in China

with a wealth of new flora and fauna introduced to the project

from Sydney University Australia and as a fully qualified Ranger

working in many of the worldrsquos best wildlife parks Oliver takes a

special role in ensuring the environment of naked Retreats and

naked Stables Private Reserve will be full of life and a natural

self supporting eco system Oliverrsquos passion for both people and

nature make him the perfect person to teach our guests about

what we do and make their stay not only a relaxing one but

also a fun fulfilling educational one as well Oliver previously

worked in wildlife parks and resorts such as Azura Retreats in

Mozambique Mobala Private Game Reserve in South Africa and

Sydney Aquarium in Australia

袁鹏威 - 活动经理和度假村 生物学家

naked StablesƮѓŘszligϞĸϭljΪOumlцʾũiacuteʾOumlˆoacuteƟʵ6OliverѽϞɜGAringȚφͿɯAringλūķOuml˪λƝiacuteλƝ=ϡƎФǁĹTHORNOumlϙ˪iacuteВľѽOumlľѽе=Ф˼naked Retreats ũnaked StablesϾѯĖĥ˪ѱЕ5ʿѳĺOuml˪΄Oumlźǔľѽ˛QύѯіϘƶ˔6АʊoslashˆȏũѳʿOumlƊʮ˼ѻūOumlˆȅĵͰɒOumlǸˆͰɒѼOuml˷ɋ=sʨ˂ɒФжȕOuml˶ŒxLjLjČ=˶Ϛ˂ɒOumlǝѢǑșlOtildeϾǭΫcurren˹ũϾƷЋϤϦ6АʊтʣФɫčũGAringȚφͿɯѹŏiquestϙ˪iacuteВũWŰʵOumlľѽVȂMozambique OumlAzura Retreats Mobala Private Game Reservelt6

46

Philip C Davis Company Director naked Retreats

Phil joined the Board of Directors for naked Retreats hotel

management company in 2011 His previous board experience

includes Tian Rui Hotel Corporation holder of the master license

for Super 8 economy hotels in China and Hong Kong from 2006

to 2008 He also was a founding shareholder of Tian Rui and

served as its President and Managing Director from 2006 to

2008 He was a board member of Tian Xian Cheng a bai jiu

concern which is a joint venture between Pernod Ricard and a

2010

Phil was previously Chairman of the Budweiser (Wuhan)

International Brewing Company and Managing Director of the

AnheuserBusch business in China and Hong Kong from the

beginning of 1996 through 2002 From 2003 to 2005 he

headed the AnheuserBusch liaison office with Tsingtao Brewing

Company

Phil holds a PhD in history from Washington University and

started his career as a market researcher at a major advertising

agency in the US before moving to AnheuserBusch and

heading its consumer planning and new product development

functions in the 1980s

Philip CDavis naked 度假村公司董事长

PhilЂɱƞˏȥnakedoacuteƟʵǙacircŎȓŁOumligraveƁ6ϡĖĥOumlǑϏVȂФːǙacircƍˇф5ϡƎЂɱэɱФѓŘũѓŘΒIJEacuteˇSuper ǑƖǙacirc ʼnˆ6˶=ϚːǙacircƍOumlmiddot˽ʼnecirc=ФɱэɱʖƣEacuteˇƍOumlѵ|ũigrave6ɱэɱʖƣ=ϞƝІWȎȞƞũJǙ˪ȴʝϛƬɫūѱOumlʝϛ77ΐOumligraveƁГ6

iquestɱэɱ=Phil͵šBudweiserŘƙɳǙŁOumligraveƎѓŘũѓŘΒIJCŝyŁOumligrave6iquestɱэ13ɱ=CŝyũʫETHʌǙŁOumlȠɆdegOumlĤЩˆ6PhilϴϾŴ˭uacuteAringλOumlș˻дλvλ=ФǁɱCcedilȅOgraveCŝy5ĤЩΞĒŔŷũΪʑǭāĿɭтʣ=OumlϛʜzЂɐŘOumlϞƝœĵCcedilȓŁ=Eacuteˇaeligω6

47

OUR INTERNATIONAL TEAM

International team

Chief master planners amp architects

the urban landscape of modern China with Xintiandi in

Shanghai a commercial cultural and entertainment district

Since then the studio has worked on projects in very diverse

categories both small and large scale projects include mixed

use projects like the ldquoTiandirdquo in Hangzhou Chongqing Wuhan

and Foshan luxury villa and high rise residential complexes in

Shanghai and Vietnam as well as various boutique hotels and

Chalet Architects

A00 Architecture is most well known for their research

inenvironmental sustainability and its application to their

work in Architecture Interiors and Furniture Their portfolio

includes feature restaurants luxury spas retail stores design

conversion of dozens of historic Shanghai homes into highly

personalized residences

Interior Designers AIM (Architecture amp Design) brings expertise

in the combination of world architectural styles and design

influences to the interior designs at naked Stables Private

Reserve With the Shanghai office led by the two founding

on comfort warmth and a unique blend between African and

Asian design sensibilities

Landscape Architect

Design Land Collaborative (DLC) is a professional consulting firm

comprised of landscape architects and planners with an office in

Shanghai and the United States Projects have a strong emphasis

on cultural resources historic preservation and ecological

design involving both the public and private sectors

ͰɒOumlāЮdivide

ɴǵϡΑάOumlёȣ

ŘƙŸdivide

首席规划师和建筑师

benwood Studio Shanghai OumlсɜΙɧтϞѠĨШ˛ŝΪTHORNľ=˼ʙƍ˙ϛ5Ÿ5ЄȎϞOumlʵЉ6тŮ=ЁƻȥĹȏŔɟAringΟOumlΙɧ=VȂţјOumlͻůTHORN=іʱ5͵šƎę˗OumlŤŴpϡƎФ˛ŝũЛɫOumlijѢЭʵ=ȮŻϾФѓŘƎˉ_OumlĹȏǐʑǙacircƎoacuteƟ6

小圆房建筑

AOO Architecture ФźǔWŰƎǵ θāЮĈɘϾѯѭЛOumlƭ=s˘ƮʙƭϰϸЂɬƝѩ6ɒƻŚOumlΙɧVȂ˔5ŤŴȤѓΫ5ȫ˙acirc5ˤƗίǙacirc˛ŝυНǙacirc lt5ˆoacuteƟϡƎϞ΄ȧOuml˛ŝș˻ѢЭOumlCcedilŸƎˆŸĨШ6

ɬ ˤƗ˰AIMƭѡˤƗltѥѣЂǁƭѡĘķũˤƗOumlɐƿū=ϭNtildenaked StablesOumlɬˤƗ6ФȅѳŧȈũaȚ˶OumlūѽmiddotTˆȭNtildeOuml˛ŝTdegOumlUѠ΅=ˤƗѣі5ũφčˤƗȓɲOumlntildeˊū6

景观设计

Design Land Collaborative (DLC) ϞƝiquestǒōˤƗІŔŷOumlѥϛѰξŁ=Ф˛ŝІɐŘǩˤϾēрƉń6ʙΙɧ˘ЂŋѣŸș˻ĻЕ=ƿūźW˪ǴƔ=ѥѣЂŁŃƎϾTHORNOumlŔŷ6

48

Engineering amp Project Management team

Scott Wilson Group PLC is a globalintegrated design and

engineering consultancy for the built and natural environments

Scott Wilson is responsible for the project management the

electrical and mechanical engineering for the project

Environmental Consultants

Environmental Resources Management (ERM) a leading global

provider of environmental health and safety risk and social

consulting services ERM deliver innovative solutions for business

and government clients helping them understand and manage

their impacts on the world around them ERM have 137 offices

in 39 countries and employ approximately 3300 staff

Sustainability Consultants

Bisagni Environmental Enterprises (BEE) works with the

engineering and design teams to ensure the environmental

goals set out at the inception of the project are achieved

LEED Consultants

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

Local Design Institute

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

General Contractor

and have been responsible for some of Chinarsquos most iconic

properties such as the World Financial Centre in Shanghai

工程及项目管理团队

Scott Wilson Group PLCϞƝʺʳŔɟOumlźWˤƗƎľѰξŁ6Scott WilsonĤЩΙɧOumlaacuteʠƎƉΤľ6

环境咨询

Environmental Resources Management (ERM)ϞƝʺʳαϛȭѰξŁ=ŀźǔWŰ5ƫǰCʺƎŁŃˣƁĘΌUgraveѰξĞ6ERM˙ϛƎоġɑǸŲŀĨĶβOumlǀǧĈF=UѠɒȥǀsŎȓʙǑϱoslashˣƁźǔAEligȅOumlϳΗ6ERMФʺʳϾ137ĸēрƉń=myĸŘƝ=ϴϾAringК3300ɜГľ6

可持续发展咨询

Bisagni Environmental Enterprises (BEE)ІľˤƗdivideΑűūѽ=ϡʽWФΙɧǭ˽ƼotildeˤȜOumlźǔWŰǵ θāЮɧnOumlȚ˹6

绿色建筑认证咨询

Shanghai Pacific Energy Center (SPEC)ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlŁтϞ6

本地设计公司

Shanghai Baoye Construction Corp Ltd ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlαϛȭŁтϞ6

总承包商

ϞƝŘƝƐľVŁ=ϠƻȥηucircѓŘnьβΙɧ=țˍ˛ŝźʳDŽˊѓΫ6

49

naked COVERAGE

wwwcnngocom

ldquo25 killer things to do this summerrdquo

26 April 2010

Time Magazine

ldquoRun to the Moganshan Hillrdquo

新浪博客

ldquo避世的可能rdquo

31 December 2009

wwwenglisheastdaycom

ldquoThe first batch of ldquoChina Treasured Towns ldquo released

December 2009

Shanghai Urbanatomy

ldquoGet naked this time with horsesrdquo

Shanghai Daily

ldquoGreen MaGIC Casts design spellrdquo

14 October 2009

新浪商品

ldquo中国最佳设计酒店大赏rdquo

September 2009

wwwchannelnewsasiacom

ldquoChinarsquos green resort allows travellers to vacation on good consciencerdquo

2 September 2009

wwwbijianlinblshecom

ldquo莫干隐居rdquo

25 Aug 2009

wwwassociatecontentcom

ldquoThe Exquisite Moganshan Mountains of Chinardquo

Ɏ

Wikitravel

ldquoMoganshanrdquo

德清新闻网

ldquo承包国营林场建造生态ldquo逸站rdquo

wwwsinoeventcom

ldquo亚洲旅游地产及景点峰会成功举行rdquo

wwwchinatravelbrandingcom

ldquoPursuing Green for Greenrdquo

wwwbrandrepublicasia

ldquoMaking moves towards ecofriendly eventsrdquo

7 May 2009

wwwhandsonshanghaiorg

ldquoHands On Asia Conference Summeryrdquo

May 2009

wwwmyvacationcn

ldquo莫干山居rdquo

3 April 2009

wwwshanghaidailycom

ldquoThe naked truth Time to clean up Moganshan litterrdquo

4 March 2009

wwwgreennovateorg

ldquoMoganshan Project Kick Offrdquo

13 February 2009

Travesias

ldquonaked retreatsrdquo

Feb 2009

合肥在线

ldquo大山里的裸家族rdquo

20 October 2008

wwwentrepreneurcom

ldquoThe arrival of the Olympics showcases Chinarsquos burgeoning entrepreneurial spirit ldquo

7 August 2008

50

Shanghaiist

ldquoWeekend escape to Moganshan 莫干山rdquo

9 April 2008

私家地理

ldquo艳阳下的荫凉rdquo

30 May 2008

City Weekend

ldquoGet naked in Moganshanrdquo

25 January 2008

wwwbundpiccom

ldquo在这绿中撒点野rdquo

wwwhuzhougovcn

ldquo相中德清筏头的青山绿水南非客商莫干山下建生态逸站rdquo

wwwurbanatomycom

ldquo24 Hours in Moganshanrdquo

wwwhkheadlinecom

ldquo杭州莫干山竹林深处人家rdquo

15 May 2009

wwwnewsweekcom

ldquoBack from abroadrdquo

May 2009

Chinatravelnet

ldquoMoganshan A Heavenly Hideaway of Bamboo Forests amp Tea Plantationsrdquo

April 2009

wwwmzztmcagovcn

ldquo2009年踏青乐游路线推荐大公布rdquo

16 March 2009

第三媒体

ldquo规划一条畅快随性的踏青之旅rdquo

28 October 2009

wwwdqnewszjolcomcn

ldquo三九坞 ldquo裸家族rdquo钟爱的世外桃源rdquo

28 October 2008

ldquo自驾行天下rdquo之中国莫干山rdquo

Sep 2008

ldquoShiffting Gearsrdquo

Sep 2008

April 2008

Chewed up amp Spit Out

ldquoGet nakedrdquo

19 February 2008

ldquoBest Weekend Getaway Hotels Shanghairdquo

富世

Ecoefficient hotel低碳下榻

April 2011

Spa China Guy 男士派

Experiencing The Unique

2010

Cosmo 时尚

跨洋建屋隐居不隐世

April 2010

Global Times

The Mountain of legends

Global City Geography 城市地理

莫干山 naked Retreats 都市人一ldquo裸rdquo到底的山居生活

Dec 2009

China Daily

Rural Retreat

20 March 2011

China Daily

4th March 2011

Modern Weekly周末画报

圣诞低碳游

Dec 2010

Elite Traveler 携程自由行

旅尚

Esquire

Hidden Best Restaurants

Feb 2011

51

52

53

Page 22: Detailed Investor's Report

21

Level 1 一层

Interior area 室内面积 7088sqm

Exterior area 室外面积 102sqm

Level 2 二层

Interior area 室内面积 668sqm

Exterior area 室外面积 398sqm

22

Treetop villa 3 bedroom villa ccedilp˓ͱĉ

Interior area 室内面积 20214sqm

Exterior area 室外面积 664sqm

Total usable area 实际使用面积 26854sqm

23

Level 1 一层

Interior area 室内面积 10334sqm

Exterior area 室外面积 118sqm

Level 2 二层

Interior area 室内面积 988sqm

Exterior area 室外面积 546sqm

24

Treetop villa 4 bedroom villa ccedilpͱĉ

Interior area 室内面积 2667sqm

Exterior area 室外面积 863sqm

Total usable area 实际使用面积 353sqm

25

Level 1 一层

Interior area 室内面积 136sqm

Exterior area 室外面积 168sqm

Level 2 二层

Interior area 室内面积 1307sqm

Exterior area 室外面积 695sqm

26

FITTINGS amp FINISHES SCHEDULE

EXTERIOR AND INTERIOR FINISHES

External walls

Structure is built from steel and SIP (Structural Insulated Panels) External wall is cladded with painted fiber cement board

Internal walls

emulsion paint

Ceiling

Ceiling is finished with emulsion paint

Flooring

Bedroom is finished with heavy strand bamboo flooring

Balcony

Balcony floor is finished with Wood Plastic Composite decking (M wood) Railing and trellis made with Liu An wood Balustrade is fitted with metal and Liu An wood

Window

bedrooms are fitted with double glazed LowE glass and Roto hardware

Kitchen amp powder room

Floor is finished with natural tile Kitchen cabinets and sink are provided Kitchen counter top is fitted with natural stone

Bathroom

Wall and floor are finished with natural stone

Doors

Entrance door is made of solid core timber fitted with Saflok RFID locks Bedroom doors are fitted with hollow core timber fitted with Saflok RFID security locks

ƭѡȦƎˤ]ɛ

室内外材料

oacuteƟͳʥ

oacuteƟͳƿńˤƗĮƿńƎƿńWOSIPlt6ʥϸΉɮOũʘ6

ɬʥ

ǸćƎͱтɬʥǩϸĔƎˎƲʘ6

ų

ųɘˎƲʘ6

THORN

ǸćģūɦTHORNO6ͱіќTHORNO

ȹ

ȹϸɦOʓʟ6ʈȲҎɦѐШOuml6ȇĬϸDŽрƎȲҎɦĜ6

acuteŲ

Ǹć5ͱOumlacuteŲϸȽɦѐacuteȀʆ-3ѓǹtȟƎ-0-ͶDŽʆƪ6

notĉ

THORNϡƎɘϡʿTHORNѦʓʟ=notĉŀlaquoŖϡƎʇ6notĉɘʿ˵6

Ќ

Ќʥ˦ƎTHORNϡʿ˵ʓʟ6

ɑ

ˏǺAringɑϸ˹Ψɦɑʆ˛-)ljordfɑNJ΄6ͱɑϸǹΨɦɑʆ˛SaflokljordfɑNJ΄6

27

MECHANICAL AND ELECTRICAL INSTALLATIONS

Heating and Cooling

AIRWELL centralized water source heat pump is provided Fresh air intake with heat recovery system is installed

Electrical provisions

are provided

Electricity

Concealed conduits are provided Threephase electricity supply with miniature circuit breaker distribution board is provided

TV telephone and internet connection

Satellite TV with all major international channels

is provided in all the villas Telephone outlets and wireless internet connection is provided

Hot water supply

Huang Ming solar hot water heater and Rinnai gas water heaters are installed for the villa

Water supply and pipes

Concealed copper pipes are used for both hot water and PPR pipes are used for cold water

The resort will be patrolled 24 hours a day CCTV system is in operation throughout the resort 24 hours a day All the villa front doors and bedroom doors are fitted with Saflok RFID security lock system

APPLIANCES TO BE PROVIDED OR INSTALLED IN EACH DOMESTIC

UNIT

机电设施配套

ŀɻũѐȐ

ɽyumlƍѓ˾Е˅`΄6ΪĘ˅ſ΄6

Ɲaacute

ʆEΐNtildeŎOumlǭŋϡƎѿ6

aacuteȞŀϰ

ѩϾϮ˾ΐȺ=ʆϾίoumlȺʠ=ʆaacuteΓOuml˓ΑaacuteЕŀϰ6

aacuteƎςˤ]

έaacute=ʹΐaacuteŹũʹΐȺ6

˅ˤ]

žɛϒɭ˅ʠƎȩɬɌʡ˅ʠ

Ŏ

˅ŀϰŎǩϸϮc˾ĮŎ=ȐŀϰŎŎ6

WCˤ]

oacuteƟAacuteˤϾϾΟ˶ѽOumlgȺaacute΄ϡƎΟ˶OumlπɄ6ˏǺAringɑƎͱϸSaflokljordfɑNJ΄

标准住宅单位附送以下设备

Stove BAUMATICExaust fan BAUMATICOven BAUMATICMicrowave BAUMATICFridge BAUMATICBARMini fridge (2 3 bedroom) BAIXUEWine fridge (4 bedroom) BAUMATICBEDROOMMini fridge BAIXUEBath KOHLERTERRACEBarbeque grill

TelevisionDVDBATHROOMShower KOHLERBasin KOHLER

notĉ aacuteraquoȷ ʄɇUcircǷnotĉϼχƉ ʄɇUcircǷnotĉaacuteDZΓ ʄɇUcircǷuȷ ʄɇUcircǷɬяrΓ ʄɇUcircǷHΟrΓ=ĉlt JμǙŖĉlt ʄɇUcircǷͱΟrΓ JμЌį Ǵȍȹ˞DZΓҒĉaacute ɯDVD ɯЌȪЌʠ Ǵȍʇ Ǵȍ

28

NOTE

1 The Developer reserves the right to substitute other materials

or appliances of comparable quality and standard for the

intended items as listed in above fittings and finished schedule

2 The fittings and finished as listed above shall be subject to

the terms of formal Agreement for Sale and Purchase Those

provisions may have slight variation in the color measurement

3 The Developer reserves the right to make modifications and

changes to the building design fittings and finishes without

prior notice

4 Fittings and finishes of the Special Units may be different

from those of the Typical Units

备注

āЮ˙WȰϞʧʹȞ=Dв˹ƙʮȁεϘϡUgraveётƭѡȦϡƎˤ]Ccedil˛ȧĹΙ6

˛ȧĹΙȦϡƎˤ]ǩϡн˾ɈɉūКOumlǿщegraveѬ6ĹΙƭѡȦƎˤ]ǵɭƁФϋ˔=ȣoacutepoundAcirc5ȓ5ѺуƎƆľ˛ordfʬp6

āЮ˙WȰϞʧʹȞδeacuteϡƎĽĨϛOumlˤƗ5ƭѡȦϡƎˤ]ʹεȮαс6

˔EumlЏOumlēƭѡȦϡƎˤ]І˛oȧĹΙǵɭϾx6

29

PURCHASE OPTIONS

Buying a Tree-top Villa at naked Stables Private Reserve involves signing a Sale and Purchase Agreement with the development

company and a Lease and Management Agreement and Deed of Conditions with the Hotel Management Company The Management

Agreement requires the purchaser to lease the property back to the Hotel Management Company to manage on the ownerrsquos behalf

There are two different plans which are available for buyers

在 naked Stables 购买一套拥有不动产权的树顶别墅包括与发展公司签署一份买卖协议以及与酒店管理公司签署一份租赁管理协

议和条件契约管理协议要求购买者以业主的名义向管理公司出租其别墅以供其管理买家有两种方案可供选择

ŅɈκΙ

30

OPTION 1 - FLEXIBILITY

1Owner Usage Rights

Zero usage restrictions

Early reservations are required to secure Villarsquos especially during prime and peak seasons If a Villa Owner does not provide the

required advance notice for a reservation the resort may be required to offer the owner a different unit or in the worst case no

availability at all

1 业主使用权限

ȫ˼ϸΏѐ

ϘʴʣЎegraveˏѢp=ϺʙФƐƕ6ˍřpϛѝɍϾŀϘʴOumlϸЂЎegraveOumlЎс=oacuteƟAacuteƮʙŀȮϞdegѢdeg=ƆеѻЦĴOumlʮȁɍϾǹĉ6

2 Rental Revenue

2 租金收入

a Rental revenue

Whilst not in residence the owner will be eligible to earn a pro rata 36 of the room revenue generated by the Reserve during their

absence Ie Everyday the revenue generated by the entire resort is divided amongst the owners not in residence on that day When

an owner is in residence he forfeits his opportunity to earn revenue

ѸDŽˏ

ϛѝxǝѢʖƣ=ƮOtildeOgraveoacuteƟAacuteordfѸʙĉͳOtildeϧOuml6ɏoacuteƟAacuteordfѸɨΡxǝѢФfrac14OumlϛѝOumlĉͳOtildeOumlϧƮ^ʒǩēʆĺжΡϛѝ6IcircϛѝǝѢФʙpȕ˶=Ʈ˱ʸƅOtildeϧOumlƉƁ6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

选项1-灵活性

31

c Cashing out your returns

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

gtƮɴOumlſYŚDŽĈ˾ʷordf

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſYϧ6ˍřϛѝκЪxʷordfOumlϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3 有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecom services

included in the Services Fee to the owner whilst in residence The services fee is 300rmb per room per night This fee is charged on

all rooms regardless of which are in use

4 服务费用

IcircϛѝФoacuteƟAacuteǝѢ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸѓ6ɏĸĉƣɏOumlĞĒϸЏˆəe6жĸĒϸΛϾĉƣʷOuml=xɃfrac14ĉƣĚФ˼ϸ6

5Maintenance

4 of hotel room revenue will be reserved for ongoing building maintenance This will be deducted from the ownerrsquos share of total

room revenue

5 维护

ǙacircǸĉˏOumlƮ^ȰѽŮθƭѡδтĒϸ6ħēDŽuumlƮiquestϾˆǵēOtildeOumlǙacircǸĉˏĕuumlѓǻshy6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGEEarnings Per Room (36 of gross room revenue) 124173 170827 221315 253507 263647 2066942 Bedroom 收益 ndash 双人间 248346 341653 442631 507013 527294 4133873 Bedroom 收益 ndash 三人间 372519 512480 663946 760520 790941 6200814 Bedroom 收益 ndash 四人间 496692 683306 885261 1014027 1054588 826775

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 41 57 74 85 88 69

3 Bedroom 收益 ndash 三人间 9000000 41 57 74 85 88 69

4 Bedroom 收益 ndash 四人间 12000000 41 57 74 85 88 69

Hotel revenues and owner rental yield - Option 1 Flexibility

32

OPTION 2- STABILITY

1Usage Rights

1 使用权限

选项2-稳定性

Total Permitted Usage Prime Peak SeasonPermitted Usage

Peak SeasonPermitted Usage

Out-of-SeasonPermitted Usage Blackout

40 days per yearNo occupancypermitted

Up to 20 days per year but no more than 7consecutive daysfor any one stay

Up to 20 days per year but no more than 7consecutive days for any one stay

No occupancypermitted

允许使用总数主要的旺季允许使用

旺季允许使用

淡季允许使用

无折扣期

每年40天 不允许占用 每年20天但是每人

不能连续居住7天每年20天但是每人 不能连续居住7天

不允许占用

Prime Peak Season To be published by naked Retreats in according to government notification every year Prime Peak Season

Middle Autumn Festival (Sept) excluding Blackout dates

Ɛƕɏɱϻnaked RetreatsĻǟоġĵāordfс6ƐƕVȂѓŘsup1ƽϞМĀМlt5ȋiacuteƽͶМlt5Řʱƽ˴Мlt5ʭɛƽМlt5ѓʲƽǘМlt=xVȂʹгǻʖ6

ƕiquest˓МOgrave˴ϞМʖƣOuml10ĸїɡϡƎ10ĸľѽˉїʖ=xVȂƐƕũʹгǻʖ6

OutofSeason 20 days during December to February excluding Prime Peak Season and Blackout dates

Iacuteƕiquest˴ĀМOgraveĀМʖƣOuml=xVȂƐƕũʹгǻʖ6

Blackout Dates Peak demand dates such as holidays sporting events groups and citywide conventions Local cultural events

all as specified by the Hotel from time to time

ʹгǻʖεʴijėʖVȂƟʖ5Ћ˒5ũʺβOumlƁϨ6IcircTHORNɾyumlOumlŸƂiacuteiumlƮDвǙacircOumlɛljα6

2 Rental Revenue

2 租金收入

a Rental revenue

Regardless of your usage of your property your rental return will be fixed at 5 for the first 5 years of operation After this period

you will automatically migrate to the Flexibility plan

ѸDŽˏ

xɃɰOumlĉ˼ϸoacuteˍŪ=ͶɱOumlѸDŽϧiumlŊegraveOuml136ФжтŮ=ɴƮѳiacuteѧˏȬƂβĈF6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

33

c Cashing out your returns

gtƮɴOumlſYϡDŽĈ˾ʷordf

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſY6ˍřϛѝκЪxʷordfʙϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecoms services

rental option

4服务费用

IcircϛѝǝѢФoacuteƟAacuteȕ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸȕ6жϞȏOumlĞĒϸxVȂegraveβordfѸʆ6

5 Maintenance

Of the 5 guaranteed return generated form your property during the period you are not in residence the management company

will retain 4 of this return for maintaining your Villa The maintenance fund will be pooled and used for all Villarsquos in the resort

5维护

ɴxǝѢʖƣiquestɴOumlĉѓƮ˪Ouml13OumlſY=ŎȓŁƮWȰжbſYѓOumlϸѽɴpOumlŰ6ŰƈDŽƮ^ūsʜȅsϸЂϾoacuteƟAacutepOumlŰ6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Hotel projections

Rooms Available 可用房间 not relevant 非主要Estimated occupancy 预计使用率 not relevant 非主要Estimated average daily room rate 预计每日平均房价 not relevant 非主要Growth in room rate 房价增长率 not relevant 非主要Annual room sales 年房间销售额 not relevant 非主要RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE2 Bedroom 收益 ndash 双人间 50 50 50 50 50 503 Bedroom 收益 ndash 三人间 50 50 50 50 50 504 Bedroom 收益 ndash 四人间 50 50 50 50 50 50

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 300000 300000 300000 300000 300000 300000

3 Bedroom 收益 ndash 三人间 9000000 450000 450000 450000 450000 450000 450000

4 Bedroom 收益 ndash 四人间 12000000 600000 600000 600000 600000 600000 600000

Hotel revenues and owner rental yield - Option 1 Flexibility

34

Option 1 - FLEXIBILITY Option 2 ndash STABILITY

investment returns for your Villa are influenced by the

success of the resort and the number of days you use

your Villa

Stable implies both your returns and your annual

usage rights to your property are fixed Regardless of

how well the resort operates your returns will remain

the same Equally you will only have a fixed number

of days allowed in residence

Usage Have unlimited usage rights to their Villa 40 days usage per year

Rental ReturnEarn 36 of the pooled returns from the entire resort

whilst not in residence

5 guaranteed return on their investment regardless

of resort performance

Resort Discount20 discount on all resort amenities and activities

(including SPA and Restaurants)

20 discount on all resort amenities and activities

(including SPA and Restaurants)

Services FeePay a Services Fee of 300rmb per room per night

whilst in residence

Maintenance4 of all room revenue is retained for maintaining

the owners Villa

4 of all room revenue is retained for maintaining

the owners Villa

选项1 ndash 灵活性 选项 2 ndash 稳定性

ȬƂβϸЂ˼ϸІſY6ɰOumlpѱſYʷǧЂoacuteƟAacuteOumlĿǑϱũɰoslashpOuml˼ϸoacute

ŊegraveβϤѯɰOumlſYũɏɱoslashЂɰOumlĉOuml˼ϸʹΏiumlŊegraveOuml6xɃoacuteƟAacuteOumlǑϱѫȁϾucircť=ɰOumlſYiumlŊegraveOuml6ϖTHORN=ɰъϾŊegraveOumlПηǝѢOuml6

使用 ʹΏѐOumlp˼ϸʹΏ ɏɱOuml˼ϸʹΏ

租金收入 ФxǝѢʖƣ=ƅOtildeмĸoacuteƟAacuteūsſYOuml xɃoacuteƟAacuteǑϱѫȁˍŪ=Wп13OumlſYϸЂѱ

度假村折扣 ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt

服务费用 ǝѢʖƣ=ɏĉƣɏЏˆəeOumlĞĒϸ čѝϘ

维护 ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ

OPTION COMPARISON

选项对比

35

36

INDUSTRY RETURNS AND BENCHMARKS

INDUSTRY REPORT

行业报告

Tourism and urban resorts is one of the fastest growing industries in China According to industry consultant HVS cities such

as Shanghai Beijing Shenzhen Guangzhou Hangzhou and Tianjin all have a population where a critical mass of highly affluent

individuals and successful companies exist generating demand for suburban resorts

ФѓŘ=ȾϽϛũoacuteƟAacuteσɓāЮOumlαϛтϞ6ĻǟʺʳǙacircĞϛltOumlϞΙYĵ˿=ФѓŘOumlѝϘˍ˛ŝ5[ǎ5˧5œј5ţјũdžǩēyѯAringȣOumlĥЍˆʾũĿOumlʝϛ=ϻfrac14ϚƊāȥoslashƴʵoacuteƟAacuteOumlƌAringεʴ6

Amongst other things the exponential growth in private vehicles has seen a huge increase in demand in the leisure market With

the completion of the shenjiahu highway in 2010 the travel time from downtown Shanghai to Deqing is now 2 hours Also with

stop at Deqing) scheduled to open in late 2011 travel time from downtown Shanghai to Moganshan will take between 15 to 2

hours When comparing travel times to get to other resort destinations in China ndash eg Hainan or Lijiang flight times might be within

2 or 3 hours total travel time including travel to airports and check in make the whole trip 6 to 7 hours plus additional travel cost

Within the 2 hour travel radius of Shanghai the quality of resort destinations is also (in our opinion) not at an international standard

with most hotels simply being lsquocity hotels in the countryrsquo rather than true resort properties operating at international standards

shyfrac14т=ѯĸˆγΊOumlāЮ=ĸˆƸϴϾȿϚσʂ˫6ѳɱ˥ƛůijϡŮ=iquest˛ŝOgraveOcircʭϚLjεϘĸΟ˶Ouml6ΪƭOumlijǵϡФ13ēєɬiquest˛ŝUumlAumlţј6ƏƮФɱYacuteǫľOumliquestţјOgraveɫǎOumlijѓϾϞаDzOcircʭlt=ъεϞĸSΟ˶OgraveȢĸΟ˶ǜǵϡiquest˛ŝѓΫOgraveAumlɢī˗6ˍřІѓŘOumloacuteƟˮTHORNŝɫ5ȒƯUgraveaƹ=shyȥϘųĒэĸΟ˶Oumlďα˶ƣ=ŻϘФVȂʣƉ=CʺƤũUgraveEgraveOslashƉ˛ų˛эĸΟ˶=ĽxϸɨΡuumlOumlαųΝȥ6Ѷō˛ŝїiΟ˶ɬOumlγΊoacuteƟʸdeg=э˟ͰɒˈltІŘƙŸnѬŻϾѯɛOumlǢ6AringēOumloacuteƟǙacircϚũѓOumlɨΡǙacircɍϾ_ёOumlʵp=ЗЗAumlxOgraveинŘƙϤϦ˛oacuteƟίĉΙɧOumlϘʴ6

ϛѝЎʖſYІaƹ

37

OUR NICHE

我们的利基

naked sees a need in the market for world class expertly designed and operated resorts which are within 1 to 2 hour travel time

of major cities in China As with other urban resorts we believe that the Leisure market and the MICE (Meetings Incentives

Conferences Events) market will be a huge driver for our business In addition we feel that we are already at the forefront of

the growing focus and concern on environmental design building and operations as well as the growing interest in nature and

environmental education At naked we also place a high emphasis on facilities and services for the entire extended family ndash from

children to parents to grandparents that other resorts do not place dedicated resources for

nakedЎƧOgraveȥФѓŘжϞεʴƏǢȑѝϘϞэȢĸΟ˶Ouml=˶ЁhζǁϞȱOumlѥϛˤƗũŎȓOumloacuteƟΙɧ6ͰɒΑάγΊũƁƁϨ5ưȘȾϽ5AringίʝϛƁϨ5ƂiacuteЮȉltOumloslashͰɒϛOumlіAringʤȞ6frac14=ͰɒФŋѣũiacuteźWίˤƗ5ƭШ5ŎȓũźWȓɲœ˛ϠǑѷФȥαϛȭя=ФnakedІαϛеxͰɒϚіoslashЂˣʵѓOumlŜѲ5Ɲ5ȌеOumlĞũˏ6

As such we feel very confident in the rates and occupancies that we will achieve Regarding room prices when benchmarking

against some of the other leading hotel brands in the resort market such as Aman Fayun Hangzhou Banyan Tree Hangzhou Fuchun

Resort Hangzhou Mandarin Oriental Hainan and Commune by the Great Wall average rates in March 2011 for single bedrooms in

this set are ~ RMB2800

ϩfrac14=ͰɒoslashЂˏѢĉƠϡƎˏѢȿcurrenɊάΫ6ФˏѢĉƠĈɘ=ІʙФoacuteƟAacute˛OumlсɜǙacircʑʁaƹ=ˍCҊĂО5ţјНҏѨ5ĥsup1˗ǝ5˓φŴecircĈǙacircũƵ΅OumlŁˣ=Фɱ˓МOumlEumlˆƣʒǩƠķ=6

Regarding occupancies we are confident to achieve occupancies of around 60 after about 4 years of operation but forecast

conservatively that our occupancies will start from around 35 in the 1st year of operation and grow steadily to 45 in year 2

55 in year 3 and 60 after the hotel is lsquomaturersquo from year 4 onwards

ФˏѢȿĈɘ=ͰɒŬϾάΫǑŚɱOumlǑϱ=ͰɒǵϡAumlOgraveOumlˏѢȿ6WŇƗ=ͰɒOumlˏѢȿƮƁϻszligϞɱOuml13=egraveЫOgravefrac34ɱOuml13ũszlig˓ɱOuml1313=szligɱϡŮƮƁЫOgrave6

Given the above estimates we believe that owners can expect attractive investment terms as illustrated in the table below

Ļǟϡ˛OumlŇƗ=ЎƗϛѝɭņOtildeOgraveOumlѱſYƮƁˍ΅o˿

CҊĂО

НҏѨ

ĥsup1˗ǝ

˓φŴecircĈǙacirc

Ƶ΅OumlŁˣ

RMB4270

RMB3500

RMB2000

RMB2150

RMB2388

Aman Fayun Hangzhou

Banyan Tree Hangzhou

Fuchun Resort Hangzhou

Mandarin Oriental Hainan

Commune by the Great Wall Beijing

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966

38

39

ͰɒOumldivideTHE TEAM

40

Grant Horsfield ndash Chairman naked Group

Grant a native of South Africa is Founder and Chairman of the

naked Group

Before coming to China in 2005 Grant worked in England

and South Africa with more than 10 years business ownership

experience With background in IT he launched eBites

Limited in 2000 Operating nationally eBites was both a

publishing company and a callcentre facilitations company with

headquarters based in Cape Town In 2004 Grant received

an MBA from University of Cape Town Graduate School of

Business Upon graduation he decided to come to China as he

saw China is where business opportunities lie

After spending two years in Shanghai he found himself

overwhelmed by the metropolis and missed the natural beauty

of his home From this desire and need sprouted the concept

for naked Retreats which was launched in 2007 Grantrsquos vision is

to create sanctuaries that are in harmony with the environment

where people can appreciate the simple way of nature and

embrace the naked lifestyle Grantrsquos tireless efforts in promoting

ecotourism in the rural areas not only created jobs but also

pride for the local community He received an environmental

award from the Huzhou Government in 2008

高天成 - naked集团总裁

ij=ɫčIcircTHORNˆ=nakedƍOumlmiddot˽ˆũѵ|6

Ф13ɱȅOgraveѓŘтʣ=ij˪ЬФϯŘƎɫčľѽ=ϾŚɱOuml˙ϛǑϱƎРѽǑϏ6ФʙITǒOumlUѠ΅=ɱij˪ƭȜȥeBitesϾΏŁ=eBitesŁƮϱΝІaacuteŹĞѓΫLJɖƿū=ʙѵˤФǭʔugrave6ɱ=ijƅOtildeȥǭʔugraveAringλ˙λЙOumlMBAλ6dϛŮ=ǧegraveȅѓŘ=ϩǯOgraveȥжȕOuml˙Ɖ6

Ф˛ŝEgraveȥȢɱтŮ=āѳƓxȥ˪Ƃ=sʨAtilde˱ȥѳʿɐǒ6ФжѕИІεʴOumlʶ˼΅=ƭȜnaked Retreats

OumlΖĂФɱOtildeOgraveȥ˹˲6ijOumlΖĂƭШϞĸ˯THORNІѳʿũΣŃdeg=ˆɒǵϡΘѳʿ=ΘnakedOuml˪ƂĈ˾6ij˫ΔAacuteTHORNʵ˪ȾϽѽordfOumlxΦɹȞ=xLjmiddotШȥľѽıŻOtildeOgraveȥIcircTHORNˣʵOumlХϐ6ij˪ƅOtildeȥɱůјоġNāOumlźWAring˼ư6

41

Delphine Yip-Horsfield ndash Partner Ben Wood Studio Shanghai

received her Master of Architecture degree from Harvard

Boston prior to moving to Shanghai to oversee the award

winning Xintiandi project on behalf of Wood and Zapata In

the fall of 2005 Delphine became partner at Ben Wood Studio

Shanghai

Drawing from her own experience of diverse cultures Delphine

has led a multitude of high profile projects such as Hangzhou

Xihutiandi Zhujiajiao Oriental Garden Shanghai Waitanyuan

Beijing Palace 77 Shanghai Hongqiao Commercial Core Lijiang

Lashihai Resort Masterplan etc

In 2006 she was selected Wallpaper magazinersquos first annual 40

under 40 designer of the year

Delphine is the chief master planner and architect for naked

Home Village and naked Stables Private Reserve She also

oversees the visuals and styling of the naked Brand

叶凯欣 - 上海Ben Wood设计室合伙人

ϜǮΩɺ=Ben Wood ˤƗľѽOumlѵƢ=śęAringλƭѡλ6ȅ˛ŝтʣ=ФΒIJ5ɷКũuuacuteľѽ6ȅ˛ŝŮ=CcediloWoodũZapataĤЩΪTHORNΙɧOumlƢethľѽ613ɱʲƕ=ϜǮΩɺBen Wood ˤƗľѽūƃˆ6

ϾѯxŸϽșǑϏOumlϜǮΩɺ=EacuteˇȥηucircijocircΙɧOumlƢeth=VȂţјͻůTHORN5њƝƶecircĈųВ5˛ŝЕ5[ǎłatilde5˛ŝŭʦ˙ϛѓΫ5ȗƯȄŝoacuteƟAacuteѵŔŷˤƗUgrave6

ɱ=ˏκȥWallpaperСьǃɱoacuteϡ΅OumlˤƗ˰6

ϜǮΩnakedƝВAacuteũnaked RetreatsOumlѵˤƗеũƭѡ˰6˶ϚĤЩƢethnaked˙nOumlFũĘķˤƗ6

42

Kang Yang Lim ndash Group Chief Operating Officer naked Group

Group with over 13 years corporate finance and real estate

development experience Previously he was Director of the

real estate division of APP China taking responsibility for the

initial positioning and development of the USD15 billion lsquoWhite

Magnolia Plazarsquo mixed use development project (including

the development of Shanghairsquos first W Hotel) He also led the

concept and development of APPrsquos branded residence and resort

project in Sheshan Shanghai

Finance division of PricewaterhouseCoopers in Melbourne

Australia where he specialized in business value and strategy

worked in inhouse strategy roles for CocaCola GB in London

and to British venture capital firm of the year (2004) ISIS Equity

Partners before coming to China in 2005

Accountants Australia in 2002 and is also an affiliate of the

of Commerce and Diploma in Modern Languages from the

University of Melbourne Australia

林纲洋- naked 集团首席营运官

ƞˏnakedƍOumlȩ˪ϴϾŚɱOumlʝϛ~ƎTHORNǭāǑϏ6Фfrac14тʣ=ѽѓŘDŽŒOumlTHORNǭāOumlѵƢ=ĤЩƠч13ϢЏOumlucircϸ8JЈȈœ9ǭāΙɧOumlcopy˽κшũǭāVȂ˛ŝszligϞƝ ǙacircOumlǭālt6˶ϚщNtildeȥDŽŒƍФ˛ŝҁ˗ʑʁѢЭũoacuteƟAacuteΙɧOumlȓɲũǭā6

ФDŽŒƍˇфтʣ=ȩİϑGAringȚφɣyuml_ʔŴϷOacuteƁƗ˰OumlǑȓ=ѥѣЂ˙ϛƠчũЯɁѰξ6ȩ˪Ф13ɱȅOgraveѓŘтʣэȑǭʔŴϷOacuteŮOumlϞotilde˶ƣɬ=ѽǵǺǵȎɂugraveŁɬOumlЯɁēͺ˰=ϡƎISISOumlʼnʏūѽƃRФϯŘɂugraveOumlϯŘĘΌѱŁˇф6

ȩ˪ФɱƅOtildeȥGAringȚφηƁƗ˰ƁũGAringȚφпʻωǗOumlƁГѱķ6˶ϚƅOtildeȥGAringȚφɣyuml_AringλOuml˙ϛλλϡƎCcedilЇϊλп6

43

Gabriela Lo ndash Managing Director naked Retreats

With over 15 years experience in high end events and PR

management Gabriela has been instrumental in bringing naked

to where it is today As one of the original members of the

naked Team Gabriela has led the growth of naked Retreats

to become one of the most famous eco retreat destinations in

China attracting guests and publicity from around the world

Originally from Macao Gabriela has rich multi cultural and

multinational living and working experience having worked and

studied for many years in Greater China England and Italy

卢家宝 - naked 度假村常务董事

ϴϾŚ13ɱOumlijocircƂiacuteũŁŃŋ΄ŎȓǑϏ=nakedDžOumlǜІȶƝXēxǭ6ѽħdivideOumlmiddot˽ГтϞ=ȶƝXϠǑAEligȭnakedѓŘѻϾɜOuml˪ȾϽɧOumlTHORNтϞ=ͼϭȥȅѳǁĹTHORNOumlǸˆ6ȶƝXȅѳGɑ=ϴϾĖĥOumlucircЏŸũucircŘǝѢũľѽǑϏ=ЬФAringѓŴTHORNʵ=ϯŘũϤAringȚϾѯucircɱωǗǑș6

Judy Zhu ndash General Manager naked Group

Zhu is the General Manager for naked Group ensuring smooth

operations of the group with a particular focus on government

朱燕 - naked 集团总经理

њώ=iquestnaked Retreatsmiddot˽ǭ˽ǜũij˪ūѽ6њώѽƍѵǑȓ=ĤЩIcircTHORNũŋ΄ʽWƍРѽ6Фƞˏnakedтʣ=њώФ˛ŝũ[ǎiquestŚηucircІ˙ϛϾŋOumlфϛ6ФΪͻȈƅOtilde˙ϛλ6

44

Kurt Berman ndash General Manager naked Stables Private Reserve

With over 16 years experience in FampB and high end luxury

resort management Kurt brings a wealth of experience and

will lead the preopening and operations of our new resort ndash

naked Stables Private Reserve Prior to joining naked Kurt was

the preopening General Manager at Six Senses Laamu and

Resident Manager for Six Senses Soneva Gili by Six Senses Kurt

has also worked at other prestigious resorts including Fregate

his career in hospitality in FampB and was a trained Chef with

experience working in many prestigious institutions including

The Dorchester Hotel in London Kurt is from South Africa and

has a masters certificate in hospitality management from Cornell

University

Kurt Berman - naked私人度假村总经理

ϾѯŚɱϬƎijIumlŤŴoacuteƟAacuteOumlŎȓǑϏ=ƮϡĖĥOumlǑϏȭNtildeͰɒΪoacuteƟAacute77)$ 0OumlϱϛũРϱ6Фƞˏ)$ тʣ=10ЬEacuteˇŚ8szligȳĭǦ9+1ϱϛѵǑȓũ8szligȳĭǦ9-2 ((OumlѤacircǑȓ610ŻЬˇфЂamp0ˆŝETHũ1+4UgraveʙўɜoacuteƟˮTHORN610OumlϛʜzЂϬαϛ=ϚϡϞĸФŬucircўɜƉńVȂ-0-0 -$-ltľѽŚOumlρȡϾOumlnot˰610ȅѳɫč=sϴϾǰɪyumlAringλЃOumlǙacircŎȓλ6

Richard Johnston ndash General Manager naked Home Village

Hailing from the United Kingdom but with most of his working

life in resorts throughout Africa Richard brings with him over

20 years experience in General Management and Director level

roles in world class resorts including Azura Retreats Cape Grace

hotel and the Saxon Hotel Richard plays a key role in the set

up of systems training and operating standards His years

of experience and mentoring leadership style make Richard a

natural inspiration for our young hotel management team

Richard Johnston - naked 家园村总经理

RichardȅѳϯŘ=IgraveAringucircOumloacuteƟAacuteľѽiumlФмĸčљ=ϴϾŚɱOumlѴūŎȓũǁƐoacuteƟAacuteVȂAzura

Retreats Cape Grace hotel and the Saxon HotelltijʒŎȓǑϏ6RichardФƭȜ΄5ʅρũРαnѬĈɘʜѯŋƨѽϸ6ĖĥOumlǑϏũȭNtildeĘķ˼OtildeoslashͰɒɱʬOumlǙacircŎȓdivideϾѯѳʿOumlƊȘ6

45

Teun Hanegraaf ndash Sales Director naked Retreats

Teun obtained a Bachelors in Business Studies and Masters

in Strategic Management with a focus on Chinese Business

Culture Teun increased our corporate sales business by 350

in his first year with us bringing international companies

ranging from international conglomerates Unilever and Coca

Cola to more local institutions such as The Shanghai American

School and leading Chinese companies such as Bank of China

韩天宁销售总监

ȅѳŧȈɥEcirc=şɵϴϾ˙ϛλλλ5ЯɁŎȓѥѣЂѓŘ˙ϛŸlt6ȅƍOumlszligϞɱşɵƮŁOumlΝϛijȥ13=sŁAEligȅȥx˟ŘƙβOumlAringŁǸŲ=жʙѓϾŘƙAringʝϛȠūȚŴũǵǺǵȎ=ϚϾ˛ŝɐŘλΠUgraveIcircTHORNƉńũѓŘϫαUgraveѓŘȴʝϛ6

Oliver Yuen ndash nature Reserve amp Recreation Manager

naked Stables Private will be the first private reserve in China

with a wealth of new flora and fauna introduced to the project

from Sydney University Australia and as a fully qualified Ranger

working in many of the worldrsquos best wildlife parks Oliver takes a

special role in ensuring the environment of naked Retreats and

naked Stables Private Reserve will be full of life and a natural

self supporting eco system Oliverrsquos passion for both people and

nature make him the perfect person to teach our guests about

what we do and make their stay not only a relaxing one but

also a fun fulfilling educational one as well Oliver previously

worked in wildlife parks and resorts such as Azura Retreats in

Mozambique Mobala Private Game Reserve in South Africa and

Sydney Aquarium in Australia

袁鹏威 - 活动经理和度假村 生物学家

naked StablesƮѓŘszligϞĸϭljΪOumlцʾũiacuteʾOumlˆoacuteƟʵ6OliverѽϞɜGAringȚφͿɯAringλūķOuml˪λƝiacuteλƝ=ϡƎФǁĹTHORNOumlϙ˪iacuteВľѽOumlľѽе=Ф˼naked Retreats ũnaked StablesϾѯĖĥ˪ѱЕ5ʿѳĺOuml˪΄Oumlźǔľѽ˛QύѯіϘƶ˔6АʊoslashˆȏũѳʿOumlƊʮ˼ѻūOumlˆȅĵͰɒOumlǸˆͰɒѼOuml˷ɋ=sʨ˂ɒФжȕOuml˶ŒxLjLjČ=˶Ϛ˂ɒOumlǝѢǑșlOtildeϾǭΫcurren˹ũϾƷЋϤϦ6АʊтʣФɫčũGAringȚφͿɯѹŏiquestϙ˪iacuteВũWŰʵOumlľѽVȂMozambique OumlAzura Retreats Mobala Private Game Reservelt6

46

Philip C Davis Company Director naked Retreats

Phil joined the Board of Directors for naked Retreats hotel

management company in 2011 His previous board experience

includes Tian Rui Hotel Corporation holder of the master license

for Super 8 economy hotels in China and Hong Kong from 2006

to 2008 He also was a founding shareholder of Tian Rui and

served as its President and Managing Director from 2006 to

2008 He was a board member of Tian Xian Cheng a bai jiu

concern which is a joint venture between Pernod Ricard and a

2010

Phil was previously Chairman of the Budweiser (Wuhan)

International Brewing Company and Managing Director of the

AnheuserBusch business in China and Hong Kong from the

beginning of 1996 through 2002 From 2003 to 2005 he

headed the AnheuserBusch liaison office with Tsingtao Brewing

Company

Phil holds a PhD in history from Washington University and

started his career as a market researcher at a major advertising

agency in the US before moving to AnheuserBusch and

heading its consumer planning and new product development

functions in the 1980s

Philip CDavis naked 度假村公司董事长

PhilЂɱƞˏȥnakedoacuteƟʵǙacircŎȓŁOumligraveƁ6ϡĖĥOumlǑϏVȂФːǙacircƍˇф5ϡƎЂɱэɱФѓŘũѓŘΒIJEacuteˇSuper ǑƖǙacirc ʼnˆ6˶=ϚːǙacircƍOumlmiddot˽ʼnecirc=ФɱэɱʖƣEacuteˇƍOumlѵ|ũigrave6ɱэɱʖƣ=ϞƝІWȎȞƞũJǙ˪ȴʝϛƬɫūѱOumlʝϛ77ΐOumligraveƁГ6

iquestɱэɱ=Phil͵šBudweiserŘƙɳǙŁOumligraveƎѓŘũѓŘΒIJCŝyŁOumligrave6iquestɱэ13ɱ=CŝyũʫETHʌǙŁOumlȠɆdegOumlĤЩˆ6PhilϴϾŴ˭uacuteAringλOumlș˻дλvλ=ФǁɱCcedilȅOgraveCŝy5ĤЩΞĒŔŷũΪʑǭāĿɭтʣ=OumlϛʜzЂɐŘOumlϞƝœĵCcedilȓŁ=Eacuteˇaeligω6

47

OUR INTERNATIONAL TEAM

International team

Chief master planners amp architects

the urban landscape of modern China with Xintiandi in

Shanghai a commercial cultural and entertainment district

Since then the studio has worked on projects in very diverse

categories both small and large scale projects include mixed

use projects like the ldquoTiandirdquo in Hangzhou Chongqing Wuhan

and Foshan luxury villa and high rise residential complexes in

Shanghai and Vietnam as well as various boutique hotels and

Chalet Architects

A00 Architecture is most well known for their research

inenvironmental sustainability and its application to their

work in Architecture Interiors and Furniture Their portfolio

includes feature restaurants luxury spas retail stores design

conversion of dozens of historic Shanghai homes into highly

personalized residences

Interior Designers AIM (Architecture amp Design) brings expertise

in the combination of world architectural styles and design

influences to the interior designs at naked Stables Private

Reserve With the Shanghai office led by the two founding

on comfort warmth and a unique blend between African and

Asian design sensibilities

Landscape Architect

Design Land Collaborative (DLC) is a professional consulting firm

comprised of landscape architects and planners with an office in

Shanghai and the United States Projects have a strong emphasis

on cultural resources historic preservation and ecological

design involving both the public and private sectors

ͰɒOumlāЮdivide

ɴǵϡΑάOumlёȣ

ŘƙŸdivide

首席规划师和建筑师

benwood Studio Shanghai OumlсɜΙɧтϞѠĨШ˛ŝΪTHORNľ=˼ʙƍ˙ϛ5Ÿ5ЄȎϞOumlʵЉ6тŮ=ЁƻȥĹȏŔɟAringΟOumlΙɧ=VȂţјOumlͻůTHORN=іʱ5͵šƎę˗OumlŤŴpϡƎФ˛ŝũЛɫOumlijѢЭʵ=ȮŻϾФѓŘƎˉ_OumlĹȏǐʑǙacircƎoacuteƟ6

小圆房建筑

AOO Architecture ФźǔWŰƎǵ θāЮĈɘϾѯѭЛOumlƭ=s˘ƮʙƭϰϸЂɬƝѩ6ɒƻŚOumlΙɧVȂ˔5ŤŴȤѓΫ5ȫ˙acirc5ˤƗίǙacirc˛ŝυНǙacirc lt5ˆoacuteƟϡƎϞ΄ȧOuml˛ŝș˻ѢЭOumlCcedilŸƎˆŸĨШ6

ɬ ˤƗ˰AIMƭѡˤƗltѥѣЂǁƭѡĘķũˤƗOumlɐƿū=ϭNtildenaked StablesOumlɬˤƗ6ФȅѳŧȈũaȚ˶OumlūѽmiddotTˆȭNtildeOuml˛ŝTdegOumlUѠ΅=ˤƗѣі5ũφčˤƗȓɲOumlntildeˊū6

景观设计

Design Land Collaborative (DLC) ϞƝiquestǒōˤƗІŔŷOumlѥϛѰξŁ=Ф˛ŝІɐŘǩˤϾēрƉń6ʙΙɧ˘ЂŋѣŸș˻ĻЕ=ƿūźW˪ǴƔ=ѥѣЂŁŃƎϾTHORNOumlŔŷ6

48

Engineering amp Project Management team

Scott Wilson Group PLC is a globalintegrated design and

engineering consultancy for the built and natural environments

Scott Wilson is responsible for the project management the

electrical and mechanical engineering for the project

Environmental Consultants

Environmental Resources Management (ERM) a leading global

provider of environmental health and safety risk and social

consulting services ERM deliver innovative solutions for business

and government clients helping them understand and manage

their impacts on the world around them ERM have 137 offices

in 39 countries and employ approximately 3300 staff

Sustainability Consultants

Bisagni Environmental Enterprises (BEE) works with the

engineering and design teams to ensure the environmental

goals set out at the inception of the project are achieved

LEED Consultants

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

Local Design Institute

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

General Contractor

and have been responsible for some of Chinarsquos most iconic

properties such as the World Financial Centre in Shanghai

工程及项目管理团队

Scott Wilson Group PLCϞƝʺʳŔɟOumlźWˤƗƎľѰξŁ6Scott WilsonĤЩΙɧOumlaacuteʠƎƉΤľ6

环境咨询

Environmental Resources Management (ERM)ϞƝʺʳαϛȭѰξŁ=ŀźǔWŰ5ƫǰCʺƎŁŃˣƁĘΌUgraveѰξĞ6ERM˙ϛƎоġɑǸŲŀĨĶβOumlǀǧĈF=UѠɒȥǀsŎȓʙǑϱoslashˣƁźǔAEligȅOumlϳΗ6ERMФʺʳϾ137ĸēрƉń=myĸŘƝ=ϴϾAringК3300ɜГľ6

可持续发展咨询

Bisagni Environmental Enterprises (BEE)ІľˤƗdivideΑűūѽ=ϡʽWФΙɧǭ˽ƼotildeˤȜOumlźǔWŰǵ θāЮɧnOumlȚ˹6

绿色建筑认证咨询

Shanghai Pacific Energy Center (SPEC)ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlŁтϞ6

本地设计公司

Shanghai Baoye Construction Corp Ltd ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlαϛȭŁтϞ6

总承包商

ϞƝŘƝƐľVŁ=ϠƻȥηucircѓŘnьβΙɧ=țˍ˛ŝźʳDŽˊѓΫ6

49

naked COVERAGE

wwwcnngocom

ldquo25 killer things to do this summerrdquo

26 April 2010

Time Magazine

ldquoRun to the Moganshan Hillrdquo

新浪博客

ldquo避世的可能rdquo

31 December 2009

wwwenglisheastdaycom

ldquoThe first batch of ldquoChina Treasured Towns ldquo released

December 2009

Shanghai Urbanatomy

ldquoGet naked this time with horsesrdquo

Shanghai Daily

ldquoGreen MaGIC Casts design spellrdquo

14 October 2009

新浪商品

ldquo中国最佳设计酒店大赏rdquo

September 2009

wwwchannelnewsasiacom

ldquoChinarsquos green resort allows travellers to vacation on good consciencerdquo

2 September 2009

wwwbijianlinblshecom

ldquo莫干隐居rdquo

25 Aug 2009

wwwassociatecontentcom

ldquoThe Exquisite Moganshan Mountains of Chinardquo

Ɏ

Wikitravel

ldquoMoganshanrdquo

德清新闻网

ldquo承包国营林场建造生态ldquo逸站rdquo

wwwsinoeventcom

ldquo亚洲旅游地产及景点峰会成功举行rdquo

wwwchinatravelbrandingcom

ldquoPursuing Green for Greenrdquo

wwwbrandrepublicasia

ldquoMaking moves towards ecofriendly eventsrdquo

7 May 2009

wwwhandsonshanghaiorg

ldquoHands On Asia Conference Summeryrdquo

May 2009

wwwmyvacationcn

ldquo莫干山居rdquo

3 April 2009

wwwshanghaidailycom

ldquoThe naked truth Time to clean up Moganshan litterrdquo

4 March 2009

wwwgreennovateorg

ldquoMoganshan Project Kick Offrdquo

13 February 2009

Travesias

ldquonaked retreatsrdquo

Feb 2009

合肥在线

ldquo大山里的裸家族rdquo

20 October 2008

wwwentrepreneurcom

ldquoThe arrival of the Olympics showcases Chinarsquos burgeoning entrepreneurial spirit ldquo

7 August 2008

50

Shanghaiist

ldquoWeekend escape to Moganshan 莫干山rdquo

9 April 2008

私家地理

ldquo艳阳下的荫凉rdquo

30 May 2008

City Weekend

ldquoGet naked in Moganshanrdquo

25 January 2008

wwwbundpiccom

ldquo在这绿中撒点野rdquo

wwwhuzhougovcn

ldquo相中德清筏头的青山绿水南非客商莫干山下建生态逸站rdquo

wwwurbanatomycom

ldquo24 Hours in Moganshanrdquo

wwwhkheadlinecom

ldquo杭州莫干山竹林深处人家rdquo

15 May 2009

wwwnewsweekcom

ldquoBack from abroadrdquo

May 2009

Chinatravelnet

ldquoMoganshan A Heavenly Hideaway of Bamboo Forests amp Tea Plantationsrdquo

April 2009

wwwmzztmcagovcn

ldquo2009年踏青乐游路线推荐大公布rdquo

16 March 2009

第三媒体

ldquo规划一条畅快随性的踏青之旅rdquo

28 October 2009

wwwdqnewszjolcomcn

ldquo三九坞 ldquo裸家族rdquo钟爱的世外桃源rdquo

28 October 2008

ldquo自驾行天下rdquo之中国莫干山rdquo

Sep 2008

ldquoShiffting Gearsrdquo

Sep 2008

April 2008

Chewed up amp Spit Out

ldquoGet nakedrdquo

19 February 2008

ldquoBest Weekend Getaway Hotels Shanghairdquo

富世

Ecoefficient hotel低碳下榻

April 2011

Spa China Guy 男士派

Experiencing The Unique

2010

Cosmo 时尚

跨洋建屋隐居不隐世

April 2010

Global Times

The Mountain of legends

Global City Geography 城市地理

莫干山 naked Retreats 都市人一ldquo裸rdquo到底的山居生活

Dec 2009

China Daily

Rural Retreat

20 March 2011

China Daily

4th March 2011

Modern Weekly周末画报

圣诞低碳游

Dec 2010

Elite Traveler 携程自由行

旅尚

Esquire

Hidden Best Restaurants

Feb 2011

51

52

53

Page 23: Detailed Investor's Report

22

Treetop villa 3 bedroom villa ccedilp˓ͱĉ

Interior area 室内面积 20214sqm

Exterior area 室外面积 664sqm

Total usable area 实际使用面积 26854sqm

23

Level 1 一层

Interior area 室内面积 10334sqm

Exterior area 室外面积 118sqm

Level 2 二层

Interior area 室内面积 988sqm

Exterior area 室外面积 546sqm

24

Treetop villa 4 bedroom villa ccedilpͱĉ

Interior area 室内面积 2667sqm

Exterior area 室外面积 863sqm

Total usable area 实际使用面积 353sqm

25

Level 1 一层

Interior area 室内面积 136sqm

Exterior area 室外面积 168sqm

Level 2 二层

Interior area 室内面积 1307sqm

Exterior area 室外面积 695sqm

26

FITTINGS amp FINISHES SCHEDULE

EXTERIOR AND INTERIOR FINISHES

External walls

Structure is built from steel and SIP (Structural Insulated Panels) External wall is cladded with painted fiber cement board

Internal walls

emulsion paint

Ceiling

Ceiling is finished with emulsion paint

Flooring

Bedroom is finished with heavy strand bamboo flooring

Balcony

Balcony floor is finished with Wood Plastic Composite decking (M wood) Railing and trellis made with Liu An wood Balustrade is fitted with metal and Liu An wood

Window

bedrooms are fitted with double glazed LowE glass and Roto hardware

Kitchen amp powder room

Floor is finished with natural tile Kitchen cabinets and sink are provided Kitchen counter top is fitted with natural stone

Bathroom

Wall and floor are finished with natural stone

Doors

Entrance door is made of solid core timber fitted with Saflok RFID locks Bedroom doors are fitted with hollow core timber fitted with Saflok RFID security locks

ƭѡȦƎˤ]ɛ

室内外材料

oacuteƟͳʥ

oacuteƟͳƿńˤƗĮƿńƎƿńWOSIPlt6ʥϸΉɮOũʘ6

ɬʥ

ǸćƎͱтɬʥǩϸĔƎˎƲʘ6

ų

ųɘˎƲʘ6

THORN

ǸćģūɦTHORNO6ͱіќTHORNO

ȹ

ȹϸɦOʓʟ6ʈȲҎɦѐШOuml6ȇĬϸDŽрƎȲҎɦĜ6

acuteŲ

Ǹć5ͱOumlacuteŲϸȽɦѐacuteȀʆ-3ѓǹtȟƎ-0-ͶDŽʆƪ6

notĉ

THORNϡƎɘϡʿTHORNѦʓʟ=notĉŀlaquoŖϡƎʇ6notĉɘʿ˵6

Ќ

Ќʥ˦ƎTHORNϡʿ˵ʓʟ6

ɑ

ˏǺAringɑϸ˹Ψɦɑʆ˛-)ljordfɑNJ΄6ͱɑϸǹΨɦɑʆ˛SaflokljordfɑNJ΄6

27

MECHANICAL AND ELECTRICAL INSTALLATIONS

Heating and Cooling

AIRWELL centralized water source heat pump is provided Fresh air intake with heat recovery system is installed

Electrical provisions

are provided

Electricity

Concealed conduits are provided Threephase electricity supply with miniature circuit breaker distribution board is provided

TV telephone and internet connection

Satellite TV with all major international channels

is provided in all the villas Telephone outlets and wireless internet connection is provided

Hot water supply

Huang Ming solar hot water heater and Rinnai gas water heaters are installed for the villa

Water supply and pipes

Concealed copper pipes are used for both hot water and PPR pipes are used for cold water

The resort will be patrolled 24 hours a day CCTV system is in operation throughout the resort 24 hours a day All the villa front doors and bedroom doors are fitted with Saflok RFID security lock system

APPLIANCES TO BE PROVIDED OR INSTALLED IN EACH DOMESTIC

UNIT

机电设施配套

ŀɻũѐȐ

ɽyumlƍѓ˾Е˅`΄6ΪĘ˅ſ΄6

Ɲaacute

ʆEΐNtildeŎOumlǭŋϡƎѿ6

aacuteȞŀϰ

ѩϾϮ˾ΐȺ=ʆϾίoumlȺʠ=ʆaacuteΓOuml˓ΑaacuteЕŀϰ6

aacuteƎςˤ]

έaacute=ʹΐaacuteŹũʹΐȺ6

˅ˤ]

žɛϒɭ˅ʠƎȩɬɌʡ˅ʠ

Ŏ

˅ŀϰŎǩϸϮc˾ĮŎ=ȐŀϰŎŎ6

WCˤ]

oacuteƟAacuteˤϾϾΟ˶ѽOumlgȺaacute΄ϡƎΟ˶OumlπɄ6ˏǺAringɑƎͱϸSaflokljordfɑNJ΄

标准住宅单位附送以下设备

Stove BAUMATICExaust fan BAUMATICOven BAUMATICMicrowave BAUMATICFridge BAUMATICBARMini fridge (2 3 bedroom) BAIXUEWine fridge (4 bedroom) BAUMATICBEDROOMMini fridge BAIXUEBath KOHLERTERRACEBarbeque grill

TelevisionDVDBATHROOMShower KOHLERBasin KOHLER

notĉ aacuteraquoȷ ʄɇUcircǷnotĉϼχƉ ʄɇUcircǷnotĉaacuteDZΓ ʄɇUcircǷuȷ ʄɇUcircǷɬяrΓ ʄɇUcircǷHΟrΓ=ĉlt JμǙŖĉlt ʄɇUcircǷͱΟrΓ JμЌį Ǵȍȹ˞DZΓҒĉaacute ɯDVD ɯЌȪЌʠ Ǵȍʇ Ǵȍ

28

NOTE

1 The Developer reserves the right to substitute other materials

or appliances of comparable quality and standard for the

intended items as listed in above fittings and finished schedule

2 The fittings and finished as listed above shall be subject to

the terms of formal Agreement for Sale and Purchase Those

provisions may have slight variation in the color measurement

3 The Developer reserves the right to make modifications and

changes to the building design fittings and finishes without

prior notice

4 Fittings and finishes of the Special Units may be different

from those of the Typical Units

备注

āЮ˙WȰϞʧʹȞ=Dв˹ƙʮȁεϘϡUgraveётƭѡȦϡƎˤ]Ccedil˛ȧĹΙ6

˛ȧĹΙȦϡƎˤ]ǩϡн˾ɈɉūКOumlǿщegraveѬ6ĹΙƭѡȦƎˤ]ǵɭƁФϋ˔=ȣoacutepoundAcirc5ȓ5ѺуƎƆľ˛ordfʬp6

āЮ˙WȰϞʧʹȞδeacuteϡƎĽĨϛOumlˤƗ5ƭѡȦϡƎˤ]ʹεȮαс6

˔EumlЏOumlēƭѡȦϡƎˤ]І˛oȧĹΙǵɭϾx6

29

PURCHASE OPTIONS

Buying a Tree-top Villa at naked Stables Private Reserve involves signing a Sale and Purchase Agreement with the development

company and a Lease and Management Agreement and Deed of Conditions with the Hotel Management Company The Management

Agreement requires the purchaser to lease the property back to the Hotel Management Company to manage on the ownerrsquos behalf

There are two different plans which are available for buyers

在 naked Stables 购买一套拥有不动产权的树顶别墅包括与发展公司签署一份买卖协议以及与酒店管理公司签署一份租赁管理协

议和条件契约管理协议要求购买者以业主的名义向管理公司出租其别墅以供其管理买家有两种方案可供选择

ŅɈκΙ

30

OPTION 1 - FLEXIBILITY

1Owner Usage Rights

Zero usage restrictions

Early reservations are required to secure Villarsquos especially during prime and peak seasons If a Villa Owner does not provide the

required advance notice for a reservation the resort may be required to offer the owner a different unit or in the worst case no

availability at all

1 业主使用权限

ȫ˼ϸΏѐ

ϘʴʣЎegraveˏѢp=ϺʙФƐƕ6ˍřpϛѝɍϾŀϘʴOumlϸЂЎegraveOumlЎс=oacuteƟAacuteƮʙŀȮϞdegѢdeg=ƆеѻЦĴOumlʮȁɍϾǹĉ6

2 Rental Revenue

2 租金收入

a Rental revenue

Whilst not in residence the owner will be eligible to earn a pro rata 36 of the room revenue generated by the Reserve during their

absence Ie Everyday the revenue generated by the entire resort is divided amongst the owners not in residence on that day When

an owner is in residence he forfeits his opportunity to earn revenue

ѸDŽˏ

ϛѝxǝѢʖƣ=ƮOtildeOgraveoacuteƟAacuteordfѸʙĉͳOtildeϧOuml6ɏoacuteƟAacuteordfѸɨΡxǝѢФfrac14OumlϛѝOumlĉͳOtildeOumlϧƮ^ʒǩēʆĺжΡϛѝ6IcircϛѝǝѢФʙpȕ˶=Ʈ˱ʸƅOtildeϧOumlƉƁ6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

选项1-灵活性

31

c Cashing out your returns

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

gtƮɴOumlſYŚDŽĈ˾ʷordf

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſYϧ6ˍřϛѝκЪxʷordfOumlϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3 有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecom services

included in the Services Fee to the owner whilst in residence The services fee is 300rmb per room per night This fee is charged on

all rooms regardless of which are in use

4 服务费用

IcircϛѝФoacuteƟAacuteǝѢ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸѓ6ɏĸĉƣɏOumlĞĒϸЏˆəe6жĸĒϸΛϾĉƣʷOuml=xɃfrac14ĉƣĚФ˼ϸ6

5Maintenance

4 of hotel room revenue will be reserved for ongoing building maintenance This will be deducted from the ownerrsquos share of total

room revenue

5 维护

ǙacircǸĉˏOumlƮ^ȰѽŮθƭѡδтĒϸ6ħēDŽuumlƮiquestϾˆǵēOtildeOumlǙacircǸĉˏĕuumlѓǻshy6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGEEarnings Per Room (36 of gross room revenue) 124173 170827 221315 253507 263647 2066942 Bedroom 收益 ndash 双人间 248346 341653 442631 507013 527294 4133873 Bedroom 收益 ndash 三人间 372519 512480 663946 760520 790941 6200814 Bedroom 收益 ndash 四人间 496692 683306 885261 1014027 1054588 826775

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 41 57 74 85 88 69

3 Bedroom 收益 ndash 三人间 9000000 41 57 74 85 88 69

4 Bedroom 收益 ndash 四人间 12000000 41 57 74 85 88 69

Hotel revenues and owner rental yield - Option 1 Flexibility

32

OPTION 2- STABILITY

1Usage Rights

1 使用权限

选项2-稳定性

Total Permitted Usage Prime Peak SeasonPermitted Usage

Peak SeasonPermitted Usage

Out-of-SeasonPermitted Usage Blackout

40 days per yearNo occupancypermitted

Up to 20 days per year but no more than 7consecutive daysfor any one stay

Up to 20 days per year but no more than 7consecutive days for any one stay

No occupancypermitted

允许使用总数主要的旺季允许使用

旺季允许使用

淡季允许使用

无折扣期

每年40天 不允许占用 每年20天但是每人

不能连续居住7天每年20天但是每人 不能连续居住7天

不允许占用

Prime Peak Season To be published by naked Retreats in according to government notification every year Prime Peak Season

Middle Autumn Festival (Sept) excluding Blackout dates

Ɛƕɏɱϻnaked RetreatsĻǟоġĵāordfс6ƐƕVȂѓŘsup1ƽϞМĀМlt5ȋiacuteƽͶМlt5Řʱƽ˴Мlt5ʭɛƽМlt5ѓʲƽǘМlt=xVȂʹгǻʖ6

ƕiquest˓МOgrave˴ϞМʖƣOuml10ĸїɡϡƎ10ĸľѽˉїʖ=xVȂƐƕũʹгǻʖ6

OutofSeason 20 days during December to February excluding Prime Peak Season and Blackout dates

Iacuteƕiquest˴ĀМOgraveĀМʖƣOuml=xVȂƐƕũʹгǻʖ6

Blackout Dates Peak demand dates such as holidays sporting events groups and citywide conventions Local cultural events

all as specified by the Hotel from time to time

ʹгǻʖεʴijėʖVȂƟʖ5Ћ˒5ũʺβOumlƁϨ6IcircTHORNɾyumlOumlŸƂiacuteiumlƮDвǙacircOumlɛljα6

2 Rental Revenue

2 租金收入

a Rental revenue

Regardless of your usage of your property your rental return will be fixed at 5 for the first 5 years of operation After this period

you will automatically migrate to the Flexibility plan

ѸDŽˏ

xɃɰOumlĉ˼ϸoacuteˍŪ=ͶɱOumlѸDŽϧiumlŊegraveOuml136ФжтŮ=ɴƮѳiacuteѧˏȬƂβĈF6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

33

c Cashing out your returns

gtƮɴOumlſYϡDŽĈ˾ʷordf

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſY6ˍřϛѝκЪxʷordfʙϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecoms services

rental option

4服务费用

IcircϛѝǝѢФoacuteƟAacuteȕ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸȕ6жϞȏOumlĞĒϸxVȂegraveβordfѸʆ6

5 Maintenance

Of the 5 guaranteed return generated form your property during the period you are not in residence the management company

will retain 4 of this return for maintaining your Villa The maintenance fund will be pooled and used for all Villarsquos in the resort

5维护

ɴxǝѢʖƣiquestɴOumlĉѓƮ˪Ouml13OumlſY=ŎȓŁƮWȰжbſYѓOumlϸѽɴpOumlŰ6ŰƈDŽƮ^ūsʜȅsϸЂϾoacuteƟAacutepOumlŰ6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Hotel projections

Rooms Available 可用房间 not relevant 非主要Estimated occupancy 预计使用率 not relevant 非主要Estimated average daily room rate 预计每日平均房价 not relevant 非主要Growth in room rate 房价增长率 not relevant 非主要Annual room sales 年房间销售额 not relevant 非主要RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE2 Bedroom 收益 ndash 双人间 50 50 50 50 50 503 Bedroom 收益 ndash 三人间 50 50 50 50 50 504 Bedroom 收益 ndash 四人间 50 50 50 50 50 50

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 300000 300000 300000 300000 300000 300000

3 Bedroom 收益 ndash 三人间 9000000 450000 450000 450000 450000 450000 450000

4 Bedroom 收益 ndash 四人间 12000000 600000 600000 600000 600000 600000 600000

Hotel revenues and owner rental yield - Option 1 Flexibility

34

Option 1 - FLEXIBILITY Option 2 ndash STABILITY

investment returns for your Villa are influenced by the

success of the resort and the number of days you use

your Villa

Stable implies both your returns and your annual

usage rights to your property are fixed Regardless of

how well the resort operates your returns will remain

the same Equally you will only have a fixed number

of days allowed in residence

Usage Have unlimited usage rights to their Villa 40 days usage per year

Rental ReturnEarn 36 of the pooled returns from the entire resort

whilst not in residence

5 guaranteed return on their investment regardless

of resort performance

Resort Discount20 discount on all resort amenities and activities

(including SPA and Restaurants)

20 discount on all resort amenities and activities

(including SPA and Restaurants)

Services FeePay a Services Fee of 300rmb per room per night

whilst in residence

Maintenance4 of all room revenue is retained for maintaining

the owners Villa

4 of all room revenue is retained for maintaining

the owners Villa

选项1 ndash 灵活性 选项 2 ndash 稳定性

ȬƂβϸЂ˼ϸІſY6ɰOumlpѱſYʷǧЂoacuteƟAacuteOumlĿǑϱũɰoslashpOuml˼ϸoacute

ŊegraveβϤѯɰOumlſYũɏɱoslashЂɰOumlĉOuml˼ϸʹΏiumlŊegraveOuml6xɃoacuteƟAacuteOumlǑϱѫȁϾucircť=ɰOumlſYiumlŊegraveOuml6ϖTHORN=ɰъϾŊegraveOumlПηǝѢOuml6

使用 ʹΏѐOumlp˼ϸʹΏ ɏɱOuml˼ϸʹΏ

租金收入 ФxǝѢʖƣ=ƅOtildeмĸoacuteƟAacuteūsſYOuml xɃoacuteƟAacuteǑϱѫȁˍŪ=Wп13OumlſYϸЂѱ

度假村折扣 ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt

服务费用 ǝѢʖƣ=ɏĉƣɏЏˆəeOumlĞĒϸ čѝϘ

维护 ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ

OPTION COMPARISON

选项对比

35

36

INDUSTRY RETURNS AND BENCHMARKS

INDUSTRY REPORT

行业报告

Tourism and urban resorts is one of the fastest growing industries in China According to industry consultant HVS cities such

as Shanghai Beijing Shenzhen Guangzhou Hangzhou and Tianjin all have a population where a critical mass of highly affluent

individuals and successful companies exist generating demand for suburban resorts

ФѓŘ=ȾϽϛũoacuteƟAacuteσɓāЮOumlαϛтϞ6ĻǟʺʳǙacircĞϛltOumlϞΙYĵ˿=ФѓŘOumlѝϘˍ˛ŝ5[ǎ5˧5œј5ţјũdžǩēyѯAringȣOumlĥЍˆʾũĿOumlʝϛ=ϻfrac14ϚƊāȥoslashƴʵoacuteƟAacuteOumlƌAringεʴ6

Amongst other things the exponential growth in private vehicles has seen a huge increase in demand in the leisure market With

the completion of the shenjiahu highway in 2010 the travel time from downtown Shanghai to Deqing is now 2 hours Also with

stop at Deqing) scheduled to open in late 2011 travel time from downtown Shanghai to Moganshan will take between 15 to 2

hours When comparing travel times to get to other resort destinations in China ndash eg Hainan or Lijiang flight times might be within

2 or 3 hours total travel time including travel to airports and check in make the whole trip 6 to 7 hours plus additional travel cost

Within the 2 hour travel radius of Shanghai the quality of resort destinations is also (in our opinion) not at an international standard

with most hotels simply being lsquocity hotels in the countryrsquo rather than true resort properties operating at international standards

shyfrac14т=ѯĸˆγΊOumlāЮ=ĸˆƸϴϾȿϚσʂ˫6ѳɱ˥ƛůijϡŮ=iquest˛ŝOgraveOcircʭϚLjεϘĸΟ˶Ouml6ΪƭOumlijǵϡФ13ēєɬiquest˛ŝUumlAumlţј6ƏƮФɱYacuteǫľOumliquestţјOgraveɫǎOumlijѓϾϞаDzOcircʭlt=ъεϞĸSΟ˶OgraveȢĸΟ˶ǜǵϡiquest˛ŝѓΫOgraveAumlɢī˗6ˍřІѓŘOumloacuteƟˮTHORNŝɫ5ȒƯUgraveaƹ=shyȥϘųĒэĸΟ˶Oumlďα˶ƣ=ŻϘФVȂʣƉ=CʺƤũUgraveEgraveOslashƉ˛ų˛эĸΟ˶=ĽxϸɨΡuumlOumlαųΝȥ6Ѷō˛ŝїiΟ˶ɬOumlγΊoacuteƟʸdeg=э˟ͰɒˈltІŘƙŸnѬŻϾѯɛOumlǢ6AringēOumloacuteƟǙacircϚũѓOumlɨΡǙacircɍϾ_ёOumlʵp=ЗЗAumlxOgraveинŘƙϤϦ˛oacuteƟίĉΙɧOumlϘʴ6

ϛѝЎʖſYІaƹ

37

OUR NICHE

我们的利基

naked sees a need in the market for world class expertly designed and operated resorts which are within 1 to 2 hour travel time

of major cities in China As with other urban resorts we believe that the Leisure market and the MICE (Meetings Incentives

Conferences Events) market will be a huge driver for our business In addition we feel that we are already at the forefront of

the growing focus and concern on environmental design building and operations as well as the growing interest in nature and

environmental education At naked we also place a high emphasis on facilities and services for the entire extended family ndash from

children to parents to grandparents that other resorts do not place dedicated resources for

nakedЎƧOgraveȥФѓŘжϞεʴƏǢȑѝϘϞэȢĸΟ˶Ouml=˶ЁhζǁϞȱOumlѥϛˤƗũŎȓOumloacuteƟΙɧ6ͰɒΑάγΊũƁƁϨ5ưȘȾϽ5AringίʝϛƁϨ5ƂiacuteЮȉltOumloslashͰɒϛOumlіAringʤȞ6frac14=ͰɒФŋѣũiacuteźWίˤƗ5ƭШ5ŎȓũźWȓɲœ˛ϠǑѷФȥαϛȭя=ФnakedІαϛеxͰɒϚіoslashЂˣʵѓOumlŜѲ5Ɲ5ȌеOumlĞũˏ6

As such we feel very confident in the rates and occupancies that we will achieve Regarding room prices when benchmarking

against some of the other leading hotel brands in the resort market such as Aman Fayun Hangzhou Banyan Tree Hangzhou Fuchun

Resort Hangzhou Mandarin Oriental Hainan and Commune by the Great Wall average rates in March 2011 for single bedrooms in

this set are ~ RMB2800

ϩfrac14=ͰɒoslashЂˏѢĉƠϡƎˏѢȿcurrenɊάΫ6ФˏѢĉƠĈɘ=ІʙФoacuteƟAacute˛OumlсɜǙacircʑʁaƹ=ˍCҊĂО5ţјНҏѨ5ĥsup1˗ǝ5˓φŴecircĈǙacircũƵ΅OumlŁˣ=Фɱ˓МOumlEumlˆƣʒǩƠķ=6

Regarding occupancies we are confident to achieve occupancies of around 60 after about 4 years of operation but forecast

conservatively that our occupancies will start from around 35 in the 1st year of operation and grow steadily to 45 in year 2

55 in year 3 and 60 after the hotel is lsquomaturersquo from year 4 onwards

ФˏѢȿĈɘ=ͰɒŬϾάΫǑŚɱOumlǑϱ=ͰɒǵϡAumlOgraveOumlˏѢȿ6WŇƗ=ͰɒOumlˏѢȿƮƁϻszligϞɱOuml13=egraveЫOgravefrac34ɱOuml13ũszlig˓ɱOuml1313=szligɱϡŮƮƁЫOgrave6

Given the above estimates we believe that owners can expect attractive investment terms as illustrated in the table below

Ļǟϡ˛OumlŇƗ=ЎƗϛѝɭņOtildeOgraveOumlѱſYƮƁˍ΅o˿

CҊĂО

НҏѨ

ĥsup1˗ǝ

˓φŴecircĈǙacirc

Ƶ΅OumlŁˣ

RMB4270

RMB3500

RMB2000

RMB2150

RMB2388

Aman Fayun Hangzhou

Banyan Tree Hangzhou

Fuchun Resort Hangzhou

Mandarin Oriental Hainan

Commune by the Great Wall Beijing

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966

38

39

ͰɒOumldivideTHE TEAM

40

Grant Horsfield ndash Chairman naked Group

Grant a native of South Africa is Founder and Chairman of the

naked Group

Before coming to China in 2005 Grant worked in England

and South Africa with more than 10 years business ownership

experience With background in IT he launched eBites

Limited in 2000 Operating nationally eBites was both a

publishing company and a callcentre facilitations company with

headquarters based in Cape Town In 2004 Grant received

an MBA from University of Cape Town Graduate School of

Business Upon graduation he decided to come to China as he

saw China is where business opportunities lie

After spending two years in Shanghai he found himself

overwhelmed by the metropolis and missed the natural beauty

of his home From this desire and need sprouted the concept

for naked Retreats which was launched in 2007 Grantrsquos vision is

to create sanctuaries that are in harmony with the environment

where people can appreciate the simple way of nature and

embrace the naked lifestyle Grantrsquos tireless efforts in promoting

ecotourism in the rural areas not only created jobs but also

pride for the local community He received an environmental

award from the Huzhou Government in 2008

高天成 - naked集团总裁

ij=ɫčIcircTHORNˆ=nakedƍOumlmiddot˽ˆũѵ|6

Ф13ɱȅOgraveѓŘтʣ=ij˪ЬФϯŘƎɫčľѽ=ϾŚɱOuml˙ϛǑϱƎРѽǑϏ6ФʙITǒOumlUѠ΅=ɱij˪ƭȜȥeBitesϾΏŁ=eBitesŁƮϱΝІaacuteŹĞѓΫLJɖƿū=ʙѵˤФǭʔugrave6ɱ=ijƅOtildeȥǭʔugraveAringλ˙λЙOumlMBAλ6dϛŮ=ǧegraveȅѓŘ=ϩǯOgraveȥжȕOuml˙Ɖ6

Ф˛ŝEgraveȥȢɱтŮ=āѳƓxȥ˪Ƃ=sʨAtilde˱ȥѳʿɐǒ6ФжѕИІεʴOumlʶ˼΅=ƭȜnaked Retreats

OumlΖĂФɱOtildeOgraveȥ˹˲6ijOumlΖĂƭШϞĸ˯THORNІѳʿũΣŃdeg=ˆɒǵϡΘѳʿ=ΘnakedOuml˪ƂĈ˾6ij˫ΔAacuteTHORNʵ˪ȾϽѽordfOumlxΦɹȞ=xLjmiddotШȥľѽıŻOtildeOgraveȥIcircTHORNˣʵOumlХϐ6ij˪ƅOtildeȥɱůјоġNāOumlźWAring˼ư6

41

Delphine Yip-Horsfield ndash Partner Ben Wood Studio Shanghai

received her Master of Architecture degree from Harvard

Boston prior to moving to Shanghai to oversee the award

winning Xintiandi project on behalf of Wood and Zapata In

the fall of 2005 Delphine became partner at Ben Wood Studio

Shanghai

Drawing from her own experience of diverse cultures Delphine

has led a multitude of high profile projects such as Hangzhou

Xihutiandi Zhujiajiao Oriental Garden Shanghai Waitanyuan

Beijing Palace 77 Shanghai Hongqiao Commercial Core Lijiang

Lashihai Resort Masterplan etc

In 2006 she was selected Wallpaper magazinersquos first annual 40

under 40 designer of the year

Delphine is the chief master planner and architect for naked

Home Village and naked Stables Private Reserve She also

oversees the visuals and styling of the naked Brand

叶凯欣 - 上海Ben Wood设计室合伙人

ϜǮΩɺ=Ben Wood ˤƗľѽOumlѵƢ=śęAringλƭѡλ6ȅ˛ŝтʣ=ФΒIJ5ɷКũuuacuteľѽ6ȅ˛ŝŮ=CcediloWoodũZapataĤЩΪTHORNΙɧOumlƢethľѽ613ɱʲƕ=ϜǮΩɺBen Wood ˤƗľѽūƃˆ6

ϾѯxŸϽșǑϏOumlϜǮΩɺ=EacuteˇȥηucircijocircΙɧOumlƢeth=VȂţјͻůTHORN5њƝƶecircĈųВ5˛ŝЕ5[ǎłatilde5˛ŝŭʦ˙ϛѓΫ5ȗƯȄŝoacuteƟAacuteѵŔŷˤƗUgrave6

ɱ=ˏκȥWallpaperСьǃɱoacuteϡ΅OumlˤƗ˰6

ϜǮΩnakedƝВAacuteũnaked RetreatsOumlѵˤƗеũƭѡ˰6˶ϚĤЩƢethnaked˙nOumlFũĘķˤƗ6

42

Kang Yang Lim ndash Group Chief Operating Officer naked Group

Group with over 13 years corporate finance and real estate

development experience Previously he was Director of the

real estate division of APP China taking responsibility for the

initial positioning and development of the USD15 billion lsquoWhite

Magnolia Plazarsquo mixed use development project (including

the development of Shanghairsquos first W Hotel) He also led the

concept and development of APPrsquos branded residence and resort

project in Sheshan Shanghai

Finance division of PricewaterhouseCoopers in Melbourne

Australia where he specialized in business value and strategy

worked in inhouse strategy roles for CocaCola GB in London

and to British venture capital firm of the year (2004) ISIS Equity

Partners before coming to China in 2005

Accountants Australia in 2002 and is also an affiliate of the

of Commerce and Diploma in Modern Languages from the

University of Melbourne Australia

林纲洋- naked 集团首席营运官

ƞˏnakedƍOumlȩ˪ϴϾŚɱOumlʝϛ~ƎTHORNǭāǑϏ6Фfrac14тʣ=ѽѓŘDŽŒOumlTHORNǭāOumlѵƢ=ĤЩƠч13ϢЏOumlucircϸ8JЈȈœ9ǭāΙɧOumlcopy˽κшũǭāVȂ˛ŝszligϞƝ ǙacircOumlǭālt6˶ϚщNtildeȥDŽŒƍФ˛ŝҁ˗ʑʁѢЭũoacuteƟAacuteΙɧOumlȓɲũǭā6

ФDŽŒƍˇфтʣ=ȩİϑGAringȚφɣyuml_ʔŴϷOacuteƁƗ˰OumlǑȓ=ѥѣЂ˙ϛƠчũЯɁѰξ6ȩ˪Ф13ɱȅOgraveѓŘтʣэȑǭʔŴϷOacuteŮOumlϞotilde˶ƣɬ=ѽǵǺǵȎɂugraveŁɬOumlЯɁēͺ˰=ϡƎISISOumlʼnʏūѽƃRФϯŘɂugraveOumlϯŘĘΌѱŁˇф6

ȩ˪ФɱƅOtildeȥGAringȚφηƁƗ˰ƁũGAringȚφпʻωǗOumlƁГѱķ6˶ϚƅOtildeȥGAringȚφɣyuml_AringλOuml˙ϛλλϡƎCcedilЇϊλп6

43

Gabriela Lo ndash Managing Director naked Retreats

With over 15 years experience in high end events and PR

management Gabriela has been instrumental in bringing naked

to where it is today As one of the original members of the

naked Team Gabriela has led the growth of naked Retreats

to become one of the most famous eco retreat destinations in

China attracting guests and publicity from around the world

Originally from Macao Gabriela has rich multi cultural and

multinational living and working experience having worked and

studied for many years in Greater China England and Italy

卢家宝 - naked 度假村常务董事

ϴϾŚ13ɱOumlijocircƂiacuteũŁŃŋ΄ŎȓǑϏ=nakedDžOumlǜІȶƝXēxǭ6ѽħdivideOumlmiddot˽ГтϞ=ȶƝXϠǑAEligȭnakedѓŘѻϾɜOuml˪ȾϽɧOumlTHORNтϞ=ͼϭȥȅѳǁĹTHORNOumlǸˆ6ȶƝXȅѳGɑ=ϴϾĖĥOumlucircЏŸũucircŘǝѢũľѽǑϏ=ЬФAringѓŴTHORNʵ=ϯŘũϤAringȚϾѯucircɱωǗǑș6

Judy Zhu ndash General Manager naked Group

Zhu is the General Manager for naked Group ensuring smooth

operations of the group with a particular focus on government

朱燕 - naked 集团总经理

њώ=iquestnaked Retreatsmiddot˽ǭ˽ǜũij˪ūѽ6њώѽƍѵǑȓ=ĤЩIcircTHORNũŋ΄ʽWƍРѽ6Фƞˏnakedтʣ=њώФ˛ŝũ[ǎiquestŚηucircІ˙ϛϾŋOumlфϛ6ФΪͻȈƅOtilde˙ϛλ6

44

Kurt Berman ndash General Manager naked Stables Private Reserve

With over 16 years experience in FampB and high end luxury

resort management Kurt brings a wealth of experience and

will lead the preopening and operations of our new resort ndash

naked Stables Private Reserve Prior to joining naked Kurt was

the preopening General Manager at Six Senses Laamu and

Resident Manager for Six Senses Soneva Gili by Six Senses Kurt

has also worked at other prestigious resorts including Fregate

his career in hospitality in FampB and was a trained Chef with

experience working in many prestigious institutions including

The Dorchester Hotel in London Kurt is from South Africa and

has a masters certificate in hospitality management from Cornell

University

Kurt Berman - naked私人度假村总经理

ϾѯŚɱϬƎijIumlŤŴoacuteƟAacuteOumlŎȓǑϏ=ƮϡĖĥOumlǑϏȭNtildeͰɒΪoacuteƟAacute77)$ 0OumlϱϛũРϱ6Фƞˏ)$ тʣ=10ЬEacuteˇŚ8szligȳĭǦ9+1ϱϛѵǑȓũ8szligȳĭǦ9-2 ((OumlѤacircǑȓ610ŻЬˇфЂamp0ˆŝETHũ1+4UgraveʙўɜoacuteƟˮTHORN610OumlϛʜzЂϬαϛ=ϚϡϞĸФŬucircўɜƉńVȂ-0-0 -$-ltľѽŚOumlρȡϾOumlnot˰610ȅѳɫč=sϴϾǰɪyumlAringλЃOumlǙacircŎȓλ6

Richard Johnston ndash General Manager naked Home Village

Hailing from the United Kingdom but with most of his working

life in resorts throughout Africa Richard brings with him over

20 years experience in General Management and Director level

roles in world class resorts including Azura Retreats Cape Grace

hotel and the Saxon Hotel Richard plays a key role in the set

up of systems training and operating standards His years

of experience and mentoring leadership style make Richard a

natural inspiration for our young hotel management team

Richard Johnston - naked 家园村总经理

RichardȅѳϯŘ=IgraveAringucircOumloacuteƟAacuteľѽiumlФмĸčљ=ϴϾŚɱOumlѴūŎȓũǁƐoacuteƟAacuteVȂAzura

Retreats Cape Grace hotel and the Saxon HotelltijʒŎȓǑϏ6RichardФƭȜ΄5ʅρũРαnѬĈɘʜѯŋƨѽϸ6ĖĥOumlǑϏũȭNtildeĘķ˼OtildeoslashͰɒɱʬOumlǙacircŎȓdivideϾѯѳʿOumlƊȘ6

45

Teun Hanegraaf ndash Sales Director naked Retreats

Teun obtained a Bachelors in Business Studies and Masters

in Strategic Management with a focus on Chinese Business

Culture Teun increased our corporate sales business by 350

in his first year with us bringing international companies

ranging from international conglomerates Unilever and Coca

Cola to more local institutions such as The Shanghai American

School and leading Chinese companies such as Bank of China

韩天宁销售总监

ȅѳŧȈɥEcirc=şɵϴϾ˙ϛλλλ5ЯɁŎȓѥѣЂѓŘ˙ϛŸlt6ȅƍOumlszligϞɱşɵƮŁOumlΝϛijȥ13=sŁAEligȅȥx˟ŘƙβOumlAringŁǸŲ=жʙѓϾŘƙAringʝϛȠūȚŴũǵǺǵȎ=ϚϾ˛ŝɐŘλΠUgraveIcircTHORNƉńũѓŘϫαUgraveѓŘȴʝϛ6

Oliver Yuen ndash nature Reserve amp Recreation Manager

naked Stables Private will be the first private reserve in China

with a wealth of new flora and fauna introduced to the project

from Sydney University Australia and as a fully qualified Ranger

working in many of the worldrsquos best wildlife parks Oliver takes a

special role in ensuring the environment of naked Retreats and

naked Stables Private Reserve will be full of life and a natural

self supporting eco system Oliverrsquos passion for both people and

nature make him the perfect person to teach our guests about

what we do and make their stay not only a relaxing one but

also a fun fulfilling educational one as well Oliver previously

worked in wildlife parks and resorts such as Azura Retreats in

Mozambique Mobala Private Game Reserve in South Africa and

Sydney Aquarium in Australia

袁鹏威 - 活动经理和度假村 生物学家

naked StablesƮѓŘszligϞĸϭljΪOumlцʾũiacuteʾOumlˆoacuteƟʵ6OliverѽϞɜGAringȚφͿɯAringλūķOuml˪λƝiacuteλƝ=ϡƎФǁĹTHORNOumlϙ˪iacuteВľѽOumlľѽе=Ф˼naked Retreats ũnaked StablesϾѯĖĥ˪ѱЕ5ʿѳĺOuml˪΄Oumlźǔľѽ˛QύѯіϘƶ˔6АʊoslashˆȏũѳʿOumlƊʮ˼ѻūOumlˆȅĵͰɒOumlǸˆͰɒѼOuml˷ɋ=sʨ˂ɒФжȕOuml˶ŒxLjLjČ=˶Ϛ˂ɒOumlǝѢǑșlOtildeϾǭΫcurren˹ũϾƷЋϤϦ6АʊтʣФɫčũGAringȚφͿɯѹŏiquestϙ˪iacuteВũWŰʵOumlľѽVȂMozambique OumlAzura Retreats Mobala Private Game Reservelt6

46

Philip C Davis Company Director naked Retreats

Phil joined the Board of Directors for naked Retreats hotel

management company in 2011 His previous board experience

includes Tian Rui Hotel Corporation holder of the master license

for Super 8 economy hotels in China and Hong Kong from 2006

to 2008 He also was a founding shareholder of Tian Rui and

served as its President and Managing Director from 2006 to

2008 He was a board member of Tian Xian Cheng a bai jiu

concern which is a joint venture between Pernod Ricard and a

2010

Phil was previously Chairman of the Budweiser (Wuhan)

International Brewing Company and Managing Director of the

AnheuserBusch business in China and Hong Kong from the

beginning of 1996 through 2002 From 2003 to 2005 he

headed the AnheuserBusch liaison office with Tsingtao Brewing

Company

Phil holds a PhD in history from Washington University and

started his career as a market researcher at a major advertising

agency in the US before moving to AnheuserBusch and

heading its consumer planning and new product development

functions in the 1980s

Philip CDavis naked 度假村公司董事长

PhilЂɱƞˏȥnakedoacuteƟʵǙacircŎȓŁOumligraveƁ6ϡĖĥOumlǑϏVȂФːǙacircƍˇф5ϡƎЂɱэɱФѓŘũѓŘΒIJEacuteˇSuper ǑƖǙacirc ʼnˆ6˶=ϚːǙacircƍOumlmiddot˽ʼnecirc=ФɱэɱʖƣEacuteˇƍOumlѵ|ũigrave6ɱэɱʖƣ=ϞƝІWȎȞƞũJǙ˪ȴʝϛƬɫūѱOumlʝϛ77ΐOumligraveƁГ6

iquestɱэɱ=Phil͵šBudweiserŘƙɳǙŁOumligraveƎѓŘũѓŘΒIJCŝyŁOumligrave6iquestɱэ13ɱ=CŝyũʫETHʌǙŁOumlȠɆdegOumlĤЩˆ6PhilϴϾŴ˭uacuteAringλOumlș˻дλvλ=ФǁɱCcedilȅOgraveCŝy5ĤЩΞĒŔŷũΪʑǭāĿɭтʣ=OumlϛʜzЂɐŘOumlϞƝœĵCcedilȓŁ=Eacuteˇaeligω6

47

OUR INTERNATIONAL TEAM

International team

Chief master planners amp architects

the urban landscape of modern China with Xintiandi in

Shanghai a commercial cultural and entertainment district

Since then the studio has worked on projects in very diverse

categories both small and large scale projects include mixed

use projects like the ldquoTiandirdquo in Hangzhou Chongqing Wuhan

and Foshan luxury villa and high rise residential complexes in

Shanghai and Vietnam as well as various boutique hotels and

Chalet Architects

A00 Architecture is most well known for their research

inenvironmental sustainability and its application to their

work in Architecture Interiors and Furniture Their portfolio

includes feature restaurants luxury spas retail stores design

conversion of dozens of historic Shanghai homes into highly

personalized residences

Interior Designers AIM (Architecture amp Design) brings expertise

in the combination of world architectural styles and design

influences to the interior designs at naked Stables Private

Reserve With the Shanghai office led by the two founding

on comfort warmth and a unique blend between African and

Asian design sensibilities

Landscape Architect

Design Land Collaborative (DLC) is a professional consulting firm

comprised of landscape architects and planners with an office in

Shanghai and the United States Projects have a strong emphasis

on cultural resources historic preservation and ecological

design involving both the public and private sectors

ͰɒOumlāЮdivide

ɴǵϡΑάOumlёȣ

ŘƙŸdivide

首席规划师和建筑师

benwood Studio Shanghai OumlсɜΙɧтϞѠĨШ˛ŝΪTHORNľ=˼ʙƍ˙ϛ5Ÿ5ЄȎϞOumlʵЉ6тŮ=ЁƻȥĹȏŔɟAringΟOumlΙɧ=VȂţјOumlͻůTHORN=іʱ5͵šƎę˗OumlŤŴpϡƎФ˛ŝũЛɫOumlijѢЭʵ=ȮŻϾФѓŘƎˉ_OumlĹȏǐʑǙacircƎoacuteƟ6

小圆房建筑

AOO Architecture ФźǔWŰƎǵ θāЮĈɘϾѯѭЛOumlƭ=s˘ƮʙƭϰϸЂɬƝѩ6ɒƻŚOumlΙɧVȂ˔5ŤŴȤѓΫ5ȫ˙acirc5ˤƗίǙacirc˛ŝυНǙacirc lt5ˆoacuteƟϡƎϞ΄ȧOuml˛ŝș˻ѢЭOumlCcedilŸƎˆŸĨШ6

ɬ ˤƗ˰AIMƭѡˤƗltѥѣЂǁƭѡĘķũˤƗOumlɐƿū=ϭNtildenaked StablesOumlɬˤƗ6ФȅѳŧȈũaȚ˶OumlūѽmiddotTˆȭNtildeOuml˛ŝTdegOumlUѠ΅=ˤƗѣі5ũφčˤƗȓɲOumlntildeˊū6

景观设计

Design Land Collaborative (DLC) ϞƝiquestǒōˤƗІŔŷOumlѥϛѰξŁ=Ф˛ŝІɐŘǩˤϾēрƉń6ʙΙɧ˘ЂŋѣŸș˻ĻЕ=ƿūźW˪ǴƔ=ѥѣЂŁŃƎϾTHORNOumlŔŷ6

48

Engineering amp Project Management team

Scott Wilson Group PLC is a globalintegrated design and

engineering consultancy for the built and natural environments

Scott Wilson is responsible for the project management the

electrical and mechanical engineering for the project

Environmental Consultants

Environmental Resources Management (ERM) a leading global

provider of environmental health and safety risk and social

consulting services ERM deliver innovative solutions for business

and government clients helping them understand and manage

their impacts on the world around them ERM have 137 offices

in 39 countries and employ approximately 3300 staff

Sustainability Consultants

Bisagni Environmental Enterprises (BEE) works with the

engineering and design teams to ensure the environmental

goals set out at the inception of the project are achieved

LEED Consultants

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

Local Design Institute

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

General Contractor

and have been responsible for some of Chinarsquos most iconic

properties such as the World Financial Centre in Shanghai

工程及项目管理团队

Scott Wilson Group PLCϞƝʺʳŔɟOumlźWˤƗƎľѰξŁ6Scott WilsonĤЩΙɧOumlaacuteʠƎƉΤľ6

环境咨询

Environmental Resources Management (ERM)ϞƝʺʳαϛȭѰξŁ=ŀźǔWŰ5ƫǰCʺƎŁŃˣƁĘΌUgraveѰξĞ6ERM˙ϛƎоġɑǸŲŀĨĶβOumlǀǧĈF=UѠɒȥǀsŎȓʙǑϱoslashˣƁźǔAEligȅOumlϳΗ6ERMФʺʳϾ137ĸēрƉń=myĸŘƝ=ϴϾAringК3300ɜГľ6

可持续发展咨询

Bisagni Environmental Enterprises (BEE)ІľˤƗdivideΑűūѽ=ϡʽWФΙɧǭ˽ƼotildeˤȜOumlźǔWŰǵ θāЮɧnOumlȚ˹6

绿色建筑认证咨询

Shanghai Pacific Energy Center (SPEC)ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlŁтϞ6

本地设计公司

Shanghai Baoye Construction Corp Ltd ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlαϛȭŁтϞ6

总承包商

ϞƝŘƝƐľVŁ=ϠƻȥηucircѓŘnьβΙɧ=țˍ˛ŝźʳDŽˊѓΫ6

49

naked COVERAGE

wwwcnngocom

ldquo25 killer things to do this summerrdquo

26 April 2010

Time Magazine

ldquoRun to the Moganshan Hillrdquo

新浪博客

ldquo避世的可能rdquo

31 December 2009

wwwenglisheastdaycom

ldquoThe first batch of ldquoChina Treasured Towns ldquo released

December 2009

Shanghai Urbanatomy

ldquoGet naked this time with horsesrdquo

Shanghai Daily

ldquoGreen MaGIC Casts design spellrdquo

14 October 2009

新浪商品

ldquo中国最佳设计酒店大赏rdquo

September 2009

wwwchannelnewsasiacom

ldquoChinarsquos green resort allows travellers to vacation on good consciencerdquo

2 September 2009

wwwbijianlinblshecom

ldquo莫干隐居rdquo

25 Aug 2009

wwwassociatecontentcom

ldquoThe Exquisite Moganshan Mountains of Chinardquo

Ɏ

Wikitravel

ldquoMoganshanrdquo

德清新闻网

ldquo承包国营林场建造生态ldquo逸站rdquo

wwwsinoeventcom

ldquo亚洲旅游地产及景点峰会成功举行rdquo

wwwchinatravelbrandingcom

ldquoPursuing Green for Greenrdquo

wwwbrandrepublicasia

ldquoMaking moves towards ecofriendly eventsrdquo

7 May 2009

wwwhandsonshanghaiorg

ldquoHands On Asia Conference Summeryrdquo

May 2009

wwwmyvacationcn

ldquo莫干山居rdquo

3 April 2009

wwwshanghaidailycom

ldquoThe naked truth Time to clean up Moganshan litterrdquo

4 March 2009

wwwgreennovateorg

ldquoMoganshan Project Kick Offrdquo

13 February 2009

Travesias

ldquonaked retreatsrdquo

Feb 2009

合肥在线

ldquo大山里的裸家族rdquo

20 October 2008

wwwentrepreneurcom

ldquoThe arrival of the Olympics showcases Chinarsquos burgeoning entrepreneurial spirit ldquo

7 August 2008

50

Shanghaiist

ldquoWeekend escape to Moganshan 莫干山rdquo

9 April 2008

私家地理

ldquo艳阳下的荫凉rdquo

30 May 2008

City Weekend

ldquoGet naked in Moganshanrdquo

25 January 2008

wwwbundpiccom

ldquo在这绿中撒点野rdquo

wwwhuzhougovcn

ldquo相中德清筏头的青山绿水南非客商莫干山下建生态逸站rdquo

wwwurbanatomycom

ldquo24 Hours in Moganshanrdquo

wwwhkheadlinecom

ldquo杭州莫干山竹林深处人家rdquo

15 May 2009

wwwnewsweekcom

ldquoBack from abroadrdquo

May 2009

Chinatravelnet

ldquoMoganshan A Heavenly Hideaway of Bamboo Forests amp Tea Plantationsrdquo

April 2009

wwwmzztmcagovcn

ldquo2009年踏青乐游路线推荐大公布rdquo

16 March 2009

第三媒体

ldquo规划一条畅快随性的踏青之旅rdquo

28 October 2009

wwwdqnewszjolcomcn

ldquo三九坞 ldquo裸家族rdquo钟爱的世外桃源rdquo

28 October 2008

ldquo自驾行天下rdquo之中国莫干山rdquo

Sep 2008

ldquoShiffting Gearsrdquo

Sep 2008

April 2008

Chewed up amp Spit Out

ldquoGet nakedrdquo

19 February 2008

ldquoBest Weekend Getaway Hotels Shanghairdquo

富世

Ecoefficient hotel低碳下榻

April 2011

Spa China Guy 男士派

Experiencing The Unique

2010

Cosmo 时尚

跨洋建屋隐居不隐世

April 2010

Global Times

The Mountain of legends

Global City Geography 城市地理

莫干山 naked Retreats 都市人一ldquo裸rdquo到底的山居生活

Dec 2009

China Daily

Rural Retreat

20 March 2011

China Daily

4th March 2011

Modern Weekly周末画报

圣诞低碳游

Dec 2010

Elite Traveler 携程自由行

旅尚

Esquire

Hidden Best Restaurants

Feb 2011

51

52

53

Page 24: Detailed Investor's Report

23

Level 1 一层

Interior area 室内面积 10334sqm

Exterior area 室外面积 118sqm

Level 2 二层

Interior area 室内面积 988sqm

Exterior area 室外面积 546sqm

24

Treetop villa 4 bedroom villa ccedilpͱĉ

Interior area 室内面积 2667sqm

Exterior area 室外面积 863sqm

Total usable area 实际使用面积 353sqm

25

Level 1 一层

Interior area 室内面积 136sqm

Exterior area 室外面积 168sqm

Level 2 二层

Interior area 室内面积 1307sqm

Exterior area 室外面积 695sqm

26

FITTINGS amp FINISHES SCHEDULE

EXTERIOR AND INTERIOR FINISHES

External walls

Structure is built from steel and SIP (Structural Insulated Panels) External wall is cladded with painted fiber cement board

Internal walls

emulsion paint

Ceiling

Ceiling is finished with emulsion paint

Flooring

Bedroom is finished with heavy strand bamboo flooring

Balcony

Balcony floor is finished with Wood Plastic Composite decking (M wood) Railing and trellis made with Liu An wood Balustrade is fitted with metal and Liu An wood

Window

bedrooms are fitted with double glazed LowE glass and Roto hardware

Kitchen amp powder room

Floor is finished with natural tile Kitchen cabinets and sink are provided Kitchen counter top is fitted with natural stone

Bathroom

Wall and floor are finished with natural stone

Doors

Entrance door is made of solid core timber fitted with Saflok RFID locks Bedroom doors are fitted with hollow core timber fitted with Saflok RFID security locks

ƭѡȦƎˤ]ɛ

室内外材料

oacuteƟͳʥ

oacuteƟͳƿńˤƗĮƿńƎƿńWOSIPlt6ʥϸΉɮOũʘ6

ɬʥ

ǸćƎͱтɬʥǩϸĔƎˎƲʘ6

ų

ųɘˎƲʘ6

THORN

ǸćģūɦTHORNO6ͱіќTHORNO

ȹ

ȹϸɦOʓʟ6ʈȲҎɦѐШOuml6ȇĬϸDŽрƎȲҎɦĜ6

acuteŲ

Ǹć5ͱOumlacuteŲϸȽɦѐacuteȀʆ-3ѓǹtȟƎ-0-ͶDŽʆƪ6

notĉ

THORNϡƎɘϡʿTHORNѦʓʟ=notĉŀlaquoŖϡƎʇ6notĉɘʿ˵6

Ќ

Ќʥ˦ƎTHORNϡʿ˵ʓʟ6

ɑ

ˏǺAringɑϸ˹Ψɦɑʆ˛-)ljordfɑNJ΄6ͱɑϸǹΨɦɑʆ˛SaflokljordfɑNJ΄6

27

MECHANICAL AND ELECTRICAL INSTALLATIONS

Heating and Cooling

AIRWELL centralized water source heat pump is provided Fresh air intake with heat recovery system is installed

Electrical provisions

are provided

Electricity

Concealed conduits are provided Threephase electricity supply with miniature circuit breaker distribution board is provided

TV telephone and internet connection

Satellite TV with all major international channels

is provided in all the villas Telephone outlets and wireless internet connection is provided

Hot water supply

Huang Ming solar hot water heater and Rinnai gas water heaters are installed for the villa

Water supply and pipes

Concealed copper pipes are used for both hot water and PPR pipes are used for cold water

The resort will be patrolled 24 hours a day CCTV system is in operation throughout the resort 24 hours a day All the villa front doors and bedroom doors are fitted with Saflok RFID security lock system

APPLIANCES TO BE PROVIDED OR INSTALLED IN EACH DOMESTIC

UNIT

机电设施配套

ŀɻũѐȐ

ɽyumlƍѓ˾Е˅`΄6ΪĘ˅ſ΄6

Ɲaacute

ʆEΐNtildeŎOumlǭŋϡƎѿ6

aacuteȞŀϰ

ѩϾϮ˾ΐȺ=ʆϾίoumlȺʠ=ʆaacuteΓOuml˓ΑaacuteЕŀϰ6

aacuteƎςˤ]

έaacute=ʹΐaacuteŹũʹΐȺ6

˅ˤ]

žɛϒɭ˅ʠƎȩɬɌʡ˅ʠ

Ŏ

˅ŀϰŎǩϸϮc˾ĮŎ=ȐŀϰŎŎ6

WCˤ]

oacuteƟAacuteˤϾϾΟ˶ѽOumlgȺaacute΄ϡƎΟ˶OumlπɄ6ˏǺAringɑƎͱϸSaflokljordfɑNJ΄

标准住宅单位附送以下设备

Stove BAUMATICExaust fan BAUMATICOven BAUMATICMicrowave BAUMATICFridge BAUMATICBARMini fridge (2 3 bedroom) BAIXUEWine fridge (4 bedroom) BAUMATICBEDROOMMini fridge BAIXUEBath KOHLERTERRACEBarbeque grill

TelevisionDVDBATHROOMShower KOHLERBasin KOHLER

notĉ aacuteraquoȷ ʄɇUcircǷnotĉϼχƉ ʄɇUcircǷnotĉaacuteDZΓ ʄɇUcircǷuȷ ʄɇUcircǷɬяrΓ ʄɇUcircǷHΟrΓ=ĉlt JμǙŖĉlt ʄɇUcircǷͱΟrΓ JμЌį Ǵȍȹ˞DZΓҒĉaacute ɯDVD ɯЌȪЌʠ Ǵȍʇ Ǵȍ

28

NOTE

1 The Developer reserves the right to substitute other materials

or appliances of comparable quality and standard for the

intended items as listed in above fittings and finished schedule

2 The fittings and finished as listed above shall be subject to

the terms of formal Agreement for Sale and Purchase Those

provisions may have slight variation in the color measurement

3 The Developer reserves the right to make modifications and

changes to the building design fittings and finishes without

prior notice

4 Fittings and finishes of the Special Units may be different

from those of the Typical Units

备注

āЮ˙WȰϞʧʹȞ=Dв˹ƙʮȁεϘϡUgraveётƭѡȦϡƎˤ]Ccedil˛ȧĹΙ6

˛ȧĹΙȦϡƎˤ]ǩϡн˾ɈɉūКOumlǿщegraveѬ6ĹΙƭѡȦƎˤ]ǵɭƁФϋ˔=ȣoacutepoundAcirc5ȓ5ѺуƎƆľ˛ordfʬp6

āЮ˙WȰϞʧʹȞδeacuteϡƎĽĨϛOumlˤƗ5ƭѡȦϡƎˤ]ʹεȮαс6

˔EumlЏOumlēƭѡȦϡƎˤ]І˛oȧĹΙǵɭϾx6

29

PURCHASE OPTIONS

Buying a Tree-top Villa at naked Stables Private Reserve involves signing a Sale and Purchase Agreement with the development

company and a Lease and Management Agreement and Deed of Conditions with the Hotel Management Company The Management

Agreement requires the purchaser to lease the property back to the Hotel Management Company to manage on the ownerrsquos behalf

There are two different plans which are available for buyers

在 naked Stables 购买一套拥有不动产权的树顶别墅包括与发展公司签署一份买卖协议以及与酒店管理公司签署一份租赁管理协

议和条件契约管理协议要求购买者以业主的名义向管理公司出租其别墅以供其管理买家有两种方案可供选择

ŅɈκΙ

30

OPTION 1 - FLEXIBILITY

1Owner Usage Rights

Zero usage restrictions

Early reservations are required to secure Villarsquos especially during prime and peak seasons If a Villa Owner does not provide the

required advance notice for a reservation the resort may be required to offer the owner a different unit or in the worst case no

availability at all

1 业主使用权限

ȫ˼ϸΏѐ

ϘʴʣЎegraveˏѢp=ϺʙФƐƕ6ˍřpϛѝɍϾŀϘʴOumlϸЂЎegraveOumlЎс=oacuteƟAacuteƮʙŀȮϞdegѢdeg=ƆеѻЦĴOumlʮȁɍϾǹĉ6

2 Rental Revenue

2 租金收入

a Rental revenue

Whilst not in residence the owner will be eligible to earn a pro rata 36 of the room revenue generated by the Reserve during their

absence Ie Everyday the revenue generated by the entire resort is divided amongst the owners not in residence on that day When

an owner is in residence he forfeits his opportunity to earn revenue

ѸDŽˏ

ϛѝxǝѢʖƣ=ƮOtildeOgraveoacuteƟAacuteordfѸʙĉͳOtildeϧOuml6ɏoacuteƟAacuteordfѸɨΡxǝѢФfrac14OumlϛѝOumlĉͳOtildeOumlϧƮ^ʒǩēʆĺжΡϛѝ6IcircϛѝǝѢФʙpȕ˶=Ʈ˱ʸƅOtildeϧOumlƉƁ6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

选项1-灵活性

31

c Cashing out your returns

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

gtƮɴOumlſYŚDŽĈ˾ʷordf

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſYϧ6ˍřϛѝκЪxʷordfOumlϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3 有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecom services

included in the Services Fee to the owner whilst in residence The services fee is 300rmb per room per night This fee is charged on

all rooms regardless of which are in use

4 服务费用

IcircϛѝФoacuteƟAacuteǝѢ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸѓ6ɏĸĉƣɏOumlĞĒϸЏˆəe6жĸĒϸΛϾĉƣʷOuml=xɃfrac14ĉƣĚФ˼ϸ6

5Maintenance

4 of hotel room revenue will be reserved for ongoing building maintenance This will be deducted from the ownerrsquos share of total

room revenue

5 维护

ǙacircǸĉˏOumlƮ^ȰѽŮθƭѡδтĒϸ6ħēDŽuumlƮiquestϾˆǵēOtildeOumlǙacircǸĉˏĕuumlѓǻshy6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGEEarnings Per Room (36 of gross room revenue) 124173 170827 221315 253507 263647 2066942 Bedroom 收益 ndash 双人间 248346 341653 442631 507013 527294 4133873 Bedroom 收益 ndash 三人间 372519 512480 663946 760520 790941 6200814 Bedroom 收益 ndash 四人间 496692 683306 885261 1014027 1054588 826775

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 41 57 74 85 88 69

3 Bedroom 收益 ndash 三人间 9000000 41 57 74 85 88 69

4 Bedroom 收益 ndash 四人间 12000000 41 57 74 85 88 69

Hotel revenues and owner rental yield - Option 1 Flexibility

32

OPTION 2- STABILITY

1Usage Rights

1 使用权限

选项2-稳定性

Total Permitted Usage Prime Peak SeasonPermitted Usage

Peak SeasonPermitted Usage

Out-of-SeasonPermitted Usage Blackout

40 days per yearNo occupancypermitted

Up to 20 days per year but no more than 7consecutive daysfor any one stay

Up to 20 days per year but no more than 7consecutive days for any one stay

No occupancypermitted

允许使用总数主要的旺季允许使用

旺季允许使用

淡季允许使用

无折扣期

每年40天 不允许占用 每年20天但是每人

不能连续居住7天每年20天但是每人 不能连续居住7天

不允许占用

Prime Peak Season To be published by naked Retreats in according to government notification every year Prime Peak Season

Middle Autumn Festival (Sept) excluding Blackout dates

Ɛƕɏɱϻnaked RetreatsĻǟоġĵāordfс6ƐƕVȂѓŘsup1ƽϞМĀМlt5ȋiacuteƽͶМlt5Řʱƽ˴Мlt5ʭɛƽМlt5ѓʲƽǘМlt=xVȂʹгǻʖ6

ƕiquest˓МOgrave˴ϞМʖƣOuml10ĸїɡϡƎ10ĸľѽˉїʖ=xVȂƐƕũʹгǻʖ6

OutofSeason 20 days during December to February excluding Prime Peak Season and Blackout dates

Iacuteƕiquest˴ĀМOgraveĀМʖƣOuml=xVȂƐƕũʹгǻʖ6

Blackout Dates Peak demand dates such as holidays sporting events groups and citywide conventions Local cultural events

all as specified by the Hotel from time to time

ʹгǻʖεʴijėʖVȂƟʖ5Ћ˒5ũʺβOumlƁϨ6IcircTHORNɾyumlOumlŸƂiacuteiumlƮDвǙacircOumlɛljα6

2 Rental Revenue

2 租金收入

a Rental revenue

Regardless of your usage of your property your rental return will be fixed at 5 for the first 5 years of operation After this period

you will automatically migrate to the Flexibility plan

ѸDŽˏ

xɃɰOumlĉ˼ϸoacuteˍŪ=ͶɱOumlѸDŽϧiumlŊegraveOuml136ФжтŮ=ɴƮѳiacuteѧˏȬƂβĈF6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

33

c Cashing out your returns

gtƮɴOumlſYϡDŽĈ˾ʷordf

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſY6ˍřϛѝκЪxʷordfʙϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecoms services

rental option

4服务费用

IcircϛѝǝѢФoacuteƟAacuteȕ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸȕ6жϞȏOumlĞĒϸxVȂegraveβordfѸʆ6

5 Maintenance

Of the 5 guaranteed return generated form your property during the period you are not in residence the management company

will retain 4 of this return for maintaining your Villa The maintenance fund will be pooled and used for all Villarsquos in the resort

5维护

ɴxǝѢʖƣiquestɴOumlĉѓƮ˪Ouml13OumlſY=ŎȓŁƮWȰжbſYѓOumlϸѽɴpOumlŰ6ŰƈDŽƮ^ūsʜȅsϸЂϾoacuteƟAacutepOumlŰ6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Hotel projections

Rooms Available 可用房间 not relevant 非主要Estimated occupancy 预计使用率 not relevant 非主要Estimated average daily room rate 预计每日平均房价 not relevant 非主要Growth in room rate 房价增长率 not relevant 非主要Annual room sales 年房间销售额 not relevant 非主要RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE2 Bedroom 收益 ndash 双人间 50 50 50 50 50 503 Bedroom 收益 ndash 三人间 50 50 50 50 50 504 Bedroom 收益 ndash 四人间 50 50 50 50 50 50

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 300000 300000 300000 300000 300000 300000

3 Bedroom 收益 ndash 三人间 9000000 450000 450000 450000 450000 450000 450000

4 Bedroom 收益 ndash 四人间 12000000 600000 600000 600000 600000 600000 600000

Hotel revenues and owner rental yield - Option 1 Flexibility

34

Option 1 - FLEXIBILITY Option 2 ndash STABILITY

investment returns for your Villa are influenced by the

success of the resort and the number of days you use

your Villa

Stable implies both your returns and your annual

usage rights to your property are fixed Regardless of

how well the resort operates your returns will remain

the same Equally you will only have a fixed number

of days allowed in residence

Usage Have unlimited usage rights to their Villa 40 days usage per year

Rental ReturnEarn 36 of the pooled returns from the entire resort

whilst not in residence

5 guaranteed return on their investment regardless

of resort performance

Resort Discount20 discount on all resort amenities and activities

(including SPA and Restaurants)

20 discount on all resort amenities and activities

(including SPA and Restaurants)

Services FeePay a Services Fee of 300rmb per room per night

whilst in residence

Maintenance4 of all room revenue is retained for maintaining

the owners Villa

4 of all room revenue is retained for maintaining

the owners Villa

选项1 ndash 灵活性 选项 2 ndash 稳定性

ȬƂβϸЂ˼ϸІſY6ɰOumlpѱſYʷǧЂoacuteƟAacuteOumlĿǑϱũɰoslashpOuml˼ϸoacute

ŊegraveβϤѯɰOumlſYũɏɱoslashЂɰOumlĉOuml˼ϸʹΏiumlŊegraveOuml6xɃoacuteƟAacuteOumlǑϱѫȁϾucircť=ɰOumlſYiumlŊegraveOuml6ϖTHORN=ɰъϾŊegraveOumlПηǝѢOuml6

使用 ʹΏѐOumlp˼ϸʹΏ ɏɱOuml˼ϸʹΏ

租金收入 ФxǝѢʖƣ=ƅOtildeмĸoacuteƟAacuteūsſYOuml xɃoacuteƟAacuteǑϱѫȁˍŪ=Wп13OumlſYϸЂѱ

度假村折扣 ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt

服务费用 ǝѢʖƣ=ɏĉƣɏЏˆəeOumlĞĒϸ čѝϘ

维护 ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ

OPTION COMPARISON

选项对比

35

36

INDUSTRY RETURNS AND BENCHMARKS

INDUSTRY REPORT

行业报告

Tourism and urban resorts is one of the fastest growing industries in China According to industry consultant HVS cities such

as Shanghai Beijing Shenzhen Guangzhou Hangzhou and Tianjin all have a population where a critical mass of highly affluent

individuals and successful companies exist generating demand for suburban resorts

ФѓŘ=ȾϽϛũoacuteƟAacuteσɓāЮOumlαϛтϞ6ĻǟʺʳǙacircĞϛltOumlϞΙYĵ˿=ФѓŘOumlѝϘˍ˛ŝ5[ǎ5˧5œј5ţјũdžǩēyѯAringȣOumlĥЍˆʾũĿOumlʝϛ=ϻfrac14ϚƊāȥoslashƴʵoacuteƟAacuteOumlƌAringεʴ6

Amongst other things the exponential growth in private vehicles has seen a huge increase in demand in the leisure market With

the completion of the shenjiahu highway in 2010 the travel time from downtown Shanghai to Deqing is now 2 hours Also with

stop at Deqing) scheduled to open in late 2011 travel time from downtown Shanghai to Moganshan will take between 15 to 2

hours When comparing travel times to get to other resort destinations in China ndash eg Hainan or Lijiang flight times might be within

2 or 3 hours total travel time including travel to airports and check in make the whole trip 6 to 7 hours plus additional travel cost

Within the 2 hour travel radius of Shanghai the quality of resort destinations is also (in our opinion) not at an international standard

with most hotels simply being lsquocity hotels in the countryrsquo rather than true resort properties operating at international standards

shyfrac14т=ѯĸˆγΊOumlāЮ=ĸˆƸϴϾȿϚσʂ˫6ѳɱ˥ƛůijϡŮ=iquest˛ŝOgraveOcircʭϚLjεϘĸΟ˶Ouml6ΪƭOumlijǵϡФ13ēєɬiquest˛ŝUumlAumlţј6ƏƮФɱYacuteǫľOumliquestţјOgraveɫǎOumlijѓϾϞаDzOcircʭlt=ъεϞĸSΟ˶OgraveȢĸΟ˶ǜǵϡiquest˛ŝѓΫOgraveAumlɢī˗6ˍřІѓŘOumloacuteƟˮTHORNŝɫ5ȒƯUgraveaƹ=shyȥϘųĒэĸΟ˶Oumlďα˶ƣ=ŻϘФVȂʣƉ=CʺƤũUgraveEgraveOslashƉ˛ų˛эĸΟ˶=ĽxϸɨΡuumlOumlαųΝȥ6Ѷō˛ŝїiΟ˶ɬOumlγΊoacuteƟʸdeg=э˟ͰɒˈltІŘƙŸnѬŻϾѯɛOumlǢ6AringēOumloacuteƟǙacircϚũѓOumlɨΡǙacircɍϾ_ёOumlʵp=ЗЗAumlxOgraveинŘƙϤϦ˛oacuteƟίĉΙɧOumlϘʴ6

ϛѝЎʖſYІaƹ

37

OUR NICHE

我们的利基

naked sees a need in the market for world class expertly designed and operated resorts which are within 1 to 2 hour travel time

of major cities in China As with other urban resorts we believe that the Leisure market and the MICE (Meetings Incentives

Conferences Events) market will be a huge driver for our business In addition we feel that we are already at the forefront of

the growing focus and concern on environmental design building and operations as well as the growing interest in nature and

environmental education At naked we also place a high emphasis on facilities and services for the entire extended family ndash from

children to parents to grandparents that other resorts do not place dedicated resources for

nakedЎƧOgraveȥФѓŘжϞεʴƏǢȑѝϘϞэȢĸΟ˶Ouml=˶ЁhζǁϞȱOumlѥϛˤƗũŎȓOumloacuteƟΙɧ6ͰɒΑάγΊũƁƁϨ5ưȘȾϽ5AringίʝϛƁϨ5ƂiacuteЮȉltOumloslashͰɒϛOumlіAringʤȞ6frac14=ͰɒФŋѣũiacuteźWίˤƗ5ƭШ5ŎȓũźWȓɲœ˛ϠǑѷФȥαϛȭя=ФnakedІαϛеxͰɒϚіoslashЂˣʵѓOumlŜѲ5Ɲ5ȌеOumlĞũˏ6

As such we feel very confident in the rates and occupancies that we will achieve Regarding room prices when benchmarking

against some of the other leading hotel brands in the resort market such as Aman Fayun Hangzhou Banyan Tree Hangzhou Fuchun

Resort Hangzhou Mandarin Oriental Hainan and Commune by the Great Wall average rates in March 2011 for single bedrooms in

this set are ~ RMB2800

ϩfrac14=ͰɒoslashЂˏѢĉƠϡƎˏѢȿcurrenɊάΫ6ФˏѢĉƠĈɘ=ІʙФoacuteƟAacute˛OumlсɜǙacircʑʁaƹ=ˍCҊĂО5ţјНҏѨ5ĥsup1˗ǝ5˓φŴecircĈǙacircũƵ΅OumlŁˣ=Фɱ˓МOumlEumlˆƣʒǩƠķ=6

Regarding occupancies we are confident to achieve occupancies of around 60 after about 4 years of operation but forecast

conservatively that our occupancies will start from around 35 in the 1st year of operation and grow steadily to 45 in year 2

55 in year 3 and 60 after the hotel is lsquomaturersquo from year 4 onwards

ФˏѢȿĈɘ=ͰɒŬϾάΫǑŚɱOumlǑϱ=ͰɒǵϡAumlOgraveOumlˏѢȿ6WŇƗ=ͰɒOumlˏѢȿƮƁϻszligϞɱOuml13=egraveЫOgravefrac34ɱOuml13ũszlig˓ɱOuml1313=szligɱϡŮƮƁЫOgrave6

Given the above estimates we believe that owners can expect attractive investment terms as illustrated in the table below

Ļǟϡ˛OumlŇƗ=ЎƗϛѝɭņOtildeOgraveOumlѱſYƮƁˍ΅o˿

CҊĂО

НҏѨ

ĥsup1˗ǝ

˓φŴecircĈǙacirc

Ƶ΅OumlŁˣ

RMB4270

RMB3500

RMB2000

RMB2150

RMB2388

Aman Fayun Hangzhou

Banyan Tree Hangzhou

Fuchun Resort Hangzhou

Mandarin Oriental Hainan

Commune by the Great Wall Beijing

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966

38

39

ͰɒOumldivideTHE TEAM

40

Grant Horsfield ndash Chairman naked Group

Grant a native of South Africa is Founder and Chairman of the

naked Group

Before coming to China in 2005 Grant worked in England

and South Africa with more than 10 years business ownership

experience With background in IT he launched eBites

Limited in 2000 Operating nationally eBites was both a

publishing company and a callcentre facilitations company with

headquarters based in Cape Town In 2004 Grant received

an MBA from University of Cape Town Graduate School of

Business Upon graduation he decided to come to China as he

saw China is where business opportunities lie

After spending two years in Shanghai he found himself

overwhelmed by the metropolis and missed the natural beauty

of his home From this desire and need sprouted the concept

for naked Retreats which was launched in 2007 Grantrsquos vision is

to create sanctuaries that are in harmony with the environment

where people can appreciate the simple way of nature and

embrace the naked lifestyle Grantrsquos tireless efforts in promoting

ecotourism in the rural areas not only created jobs but also

pride for the local community He received an environmental

award from the Huzhou Government in 2008

高天成 - naked集团总裁

ij=ɫčIcircTHORNˆ=nakedƍOumlmiddot˽ˆũѵ|6

Ф13ɱȅOgraveѓŘтʣ=ij˪ЬФϯŘƎɫčľѽ=ϾŚɱOuml˙ϛǑϱƎРѽǑϏ6ФʙITǒOumlUѠ΅=ɱij˪ƭȜȥeBitesϾΏŁ=eBitesŁƮϱΝІaacuteŹĞѓΫLJɖƿū=ʙѵˤФǭʔugrave6ɱ=ijƅOtildeȥǭʔugraveAringλ˙λЙOumlMBAλ6dϛŮ=ǧegraveȅѓŘ=ϩǯOgraveȥжȕOuml˙Ɖ6

Ф˛ŝEgraveȥȢɱтŮ=āѳƓxȥ˪Ƃ=sʨAtilde˱ȥѳʿɐǒ6ФжѕИІεʴOumlʶ˼΅=ƭȜnaked Retreats

OumlΖĂФɱOtildeOgraveȥ˹˲6ijOumlΖĂƭШϞĸ˯THORNІѳʿũΣŃdeg=ˆɒǵϡΘѳʿ=ΘnakedOuml˪ƂĈ˾6ij˫ΔAacuteTHORNʵ˪ȾϽѽordfOumlxΦɹȞ=xLjmiddotШȥľѽıŻOtildeOgraveȥIcircTHORNˣʵOumlХϐ6ij˪ƅOtildeȥɱůјоġNāOumlźWAring˼ư6

41

Delphine Yip-Horsfield ndash Partner Ben Wood Studio Shanghai

received her Master of Architecture degree from Harvard

Boston prior to moving to Shanghai to oversee the award

winning Xintiandi project on behalf of Wood and Zapata In

the fall of 2005 Delphine became partner at Ben Wood Studio

Shanghai

Drawing from her own experience of diverse cultures Delphine

has led a multitude of high profile projects such as Hangzhou

Xihutiandi Zhujiajiao Oriental Garden Shanghai Waitanyuan

Beijing Palace 77 Shanghai Hongqiao Commercial Core Lijiang

Lashihai Resort Masterplan etc

In 2006 she was selected Wallpaper magazinersquos first annual 40

under 40 designer of the year

Delphine is the chief master planner and architect for naked

Home Village and naked Stables Private Reserve She also

oversees the visuals and styling of the naked Brand

叶凯欣 - 上海Ben Wood设计室合伙人

ϜǮΩɺ=Ben Wood ˤƗľѽOumlѵƢ=śęAringλƭѡλ6ȅ˛ŝтʣ=ФΒIJ5ɷКũuuacuteľѽ6ȅ˛ŝŮ=CcediloWoodũZapataĤЩΪTHORNΙɧOumlƢethľѽ613ɱʲƕ=ϜǮΩɺBen Wood ˤƗľѽūƃˆ6

ϾѯxŸϽșǑϏOumlϜǮΩɺ=EacuteˇȥηucircijocircΙɧOumlƢeth=VȂţјͻůTHORN5њƝƶecircĈųВ5˛ŝЕ5[ǎłatilde5˛ŝŭʦ˙ϛѓΫ5ȗƯȄŝoacuteƟAacuteѵŔŷˤƗUgrave6

ɱ=ˏκȥWallpaperСьǃɱoacuteϡ΅OumlˤƗ˰6

ϜǮΩnakedƝВAacuteũnaked RetreatsOumlѵˤƗеũƭѡ˰6˶ϚĤЩƢethnaked˙nOumlFũĘķˤƗ6

42

Kang Yang Lim ndash Group Chief Operating Officer naked Group

Group with over 13 years corporate finance and real estate

development experience Previously he was Director of the

real estate division of APP China taking responsibility for the

initial positioning and development of the USD15 billion lsquoWhite

Magnolia Plazarsquo mixed use development project (including

the development of Shanghairsquos first W Hotel) He also led the

concept and development of APPrsquos branded residence and resort

project in Sheshan Shanghai

Finance division of PricewaterhouseCoopers in Melbourne

Australia where he specialized in business value and strategy

worked in inhouse strategy roles for CocaCola GB in London

and to British venture capital firm of the year (2004) ISIS Equity

Partners before coming to China in 2005

Accountants Australia in 2002 and is also an affiliate of the

of Commerce and Diploma in Modern Languages from the

University of Melbourne Australia

林纲洋- naked 集团首席营运官

ƞˏnakedƍOumlȩ˪ϴϾŚɱOumlʝϛ~ƎTHORNǭāǑϏ6Фfrac14тʣ=ѽѓŘDŽŒOumlTHORNǭāOumlѵƢ=ĤЩƠч13ϢЏOumlucircϸ8JЈȈœ9ǭāΙɧOumlcopy˽κшũǭāVȂ˛ŝszligϞƝ ǙacircOumlǭālt6˶ϚщNtildeȥDŽŒƍФ˛ŝҁ˗ʑʁѢЭũoacuteƟAacuteΙɧOumlȓɲũǭā6

ФDŽŒƍˇфтʣ=ȩİϑGAringȚφɣyuml_ʔŴϷOacuteƁƗ˰OumlǑȓ=ѥѣЂ˙ϛƠчũЯɁѰξ6ȩ˪Ф13ɱȅOgraveѓŘтʣэȑǭʔŴϷOacuteŮOumlϞotilde˶ƣɬ=ѽǵǺǵȎɂugraveŁɬOumlЯɁēͺ˰=ϡƎISISOumlʼnʏūѽƃRФϯŘɂugraveOumlϯŘĘΌѱŁˇф6

ȩ˪ФɱƅOtildeȥGAringȚφηƁƗ˰ƁũGAringȚφпʻωǗOumlƁГѱķ6˶ϚƅOtildeȥGAringȚφɣyuml_AringλOuml˙ϛλλϡƎCcedilЇϊλп6

43

Gabriela Lo ndash Managing Director naked Retreats

With over 15 years experience in high end events and PR

management Gabriela has been instrumental in bringing naked

to where it is today As one of the original members of the

naked Team Gabriela has led the growth of naked Retreats

to become one of the most famous eco retreat destinations in

China attracting guests and publicity from around the world

Originally from Macao Gabriela has rich multi cultural and

multinational living and working experience having worked and

studied for many years in Greater China England and Italy

卢家宝 - naked 度假村常务董事

ϴϾŚ13ɱOumlijocircƂiacuteũŁŃŋ΄ŎȓǑϏ=nakedDžOumlǜІȶƝXēxǭ6ѽħdivideOumlmiddot˽ГтϞ=ȶƝXϠǑAEligȭnakedѓŘѻϾɜOuml˪ȾϽɧOumlTHORNтϞ=ͼϭȥȅѳǁĹTHORNOumlǸˆ6ȶƝXȅѳGɑ=ϴϾĖĥOumlucircЏŸũucircŘǝѢũľѽǑϏ=ЬФAringѓŴTHORNʵ=ϯŘũϤAringȚϾѯucircɱωǗǑș6

Judy Zhu ndash General Manager naked Group

Zhu is the General Manager for naked Group ensuring smooth

operations of the group with a particular focus on government

朱燕 - naked 集团总经理

њώ=iquestnaked Retreatsmiddot˽ǭ˽ǜũij˪ūѽ6њώѽƍѵǑȓ=ĤЩIcircTHORNũŋ΄ʽWƍРѽ6Фƞˏnakedтʣ=њώФ˛ŝũ[ǎiquestŚηucircІ˙ϛϾŋOumlфϛ6ФΪͻȈƅOtilde˙ϛλ6

44

Kurt Berman ndash General Manager naked Stables Private Reserve

With over 16 years experience in FampB and high end luxury

resort management Kurt brings a wealth of experience and

will lead the preopening and operations of our new resort ndash

naked Stables Private Reserve Prior to joining naked Kurt was

the preopening General Manager at Six Senses Laamu and

Resident Manager for Six Senses Soneva Gili by Six Senses Kurt

has also worked at other prestigious resorts including Fregate

his career in hospitality in FampB and was a trained Chef with

experience working in many prestigious institutions including

The Dorchester Hotel in London Kurt is from South Africa and

has a masters certificate in hospitality management from Cornell

University

Kurt Berman - naked私人度假村总经理

ϾѯŚɱϬƎijIumlŤŴoacuteƟAacuteOumlŎȓǑϏ=ƮϡĖĥOumlǑϏȭNtildeͰɒΪoacuteƟAacute77)$ 0OumlϱϛũРϱ6Фƞˏ)$ тʣ=10ЬEacuteˇŚ8szligȳĭǦ9+1ϱϛѵǑȓũ8szligȳĭǦ9-2 ((OumlѤacircǑȓ610ŻЬˇфЂamp0ˆŝETHũ1+4UgraveʙўɜoacuteƟˮTHORN610OumlϛʜzЂϬαϛ=ϚϡϞĸФŬucircўɜƉńVȂ-0-0 -$-ltľѽŚOumlρȡϾOumlnot˰610ȅѳɫč=sϴϾǰɪyumlAringλЃOumlǙacircŎȓλ6

Richard Johnston ndash General Manager naked Home Village

Hailing from the United Kingdom but with most of his working

life in resorts throughout Africa Richard brings with him over

20 years experience in General Management and Director level

roles in world class resorts including Azura Retreats Cape Grace

hotel and the Saxon Hotel Richard plays a key role in the set

up of systems training and operating standards His years

of experience and mentoring leadership style make Richard a

natural inspiration for our young hotel management team

Richard Johnston - naked 家园村总经理

RichardȅѳϯŘ=IgraveAringucircOumloacuteƟAacuteľѽiumlФмĸčљ=ϴϾŚɱOumlѴūŎȓũǁƐoacuteƟAacuteVȂAzura

Retreats Cape Grace hotel and the Saxon HotelltijʒŎȓǑϏ6RichardФƭȜ΄5ʅρũРαnѬĈɘʜѯŋƨѽϸ6ĖĥOumlǑϏũȭNtildeĘķ˼OtildeoslashͰɒɱʬOumlǙacircŎȓdivideϾѯѳʿOumlƊȘ6

45

Teun Hanegraaf ndash Sales Director naked Retreats

Teun obtained a Bachelors in Business Studies and Masters

in Strategic Management with a focus on Chinese Business

Culture Teun increased our corporate sales business by 350

in his first year with us bringing international companies

ranging from international conglomerates Unilever and Coca

Cola to more local institutions such as The Shanghai American

School and leading Chinese companies such as Bank of China

韩天宁销售总监

ȅѳŧȈɥEcirc=şɵϴϾ˙ϛλλλ5ЯɁŎȓѥѣЂѓŘ˙ϛŸlt6ȅƍOumlszligϞɱşɵƮŁOumlΝϛijȥ13=sŁAEligȅȥx˟ŘƙβOumlAringŁǸŲ=жʙѓϾŘƙAringʝϛȠūȚŴũǵǺǵȎ=ϚϾ˛ŝɐŘλΠUgraveIcircTHORNƉńũѓŘϫαUgraveѓŘȴʝϛ6

Oliver Yuen ndash nature Reserve amp Recreation Manager

naked Stables Private will be the first private reserve in China

with a wealth of new flora and fauna introduced to the project

from Sydney University Australia and as a fully qualified Ranger

working in many of the worldrsquos best wildlife parks Oliver takes a

special role in ensuring the environment of naked Retreats and

naked Stables Private Reserve will be full of life and a natural

self supporting eco system Oliverrsquos passion for both people and

nature make him the perfect person to teach our guests about

what we do and make their stay not only a relaxing one but

also a fun fulfilling educational one as well Oliver previously

worked in wildlife parks and resorts such as Azura Retreats in

Mozambique Mobala Private Game Reserve in South Africa and

Sydney Aquarium in Australia

袁鹏威 - 活动经理和度假村 生物学家

naked StablesƮѓŘszligϞĸϭljΪOumlцʾũiacuteʾOumlˆoacuteƟʵ6OliverѽϞɜGAringȚφͿɯAringλūķOuml˪λƝiacuteλƝ=ϡƎФǁĹTHORNOumlϙ˪iacuteВľѽOumlľѽе=Ф˼naked Retreats ũnaked StablesϾѯĖĥ˪ѱЕ5ʿѳĺOuml˪΄Oumlźǔľѽ˛QύѯіϘƶ˔6АʊoslashˆȏũѳʿOumlƊʮ˼ѻūOumlˆȅĵͰɒOumlǸˆͰɒѼOuml˷ɋ=sʨ˂ɒФжȕOuml˶ŒxLjLjČ=˶Ϛ˂ɒOumlǝѢǑșlOtildeϾǭΫcurren˹ũϾƷЋϤϦ6АʊтʣФɫčũGAringȚφͿɯѹŏiquestϙ˪iacuteВũWŰʵOumlľѽVȂMozambique OumlAzura Retreats Mobala Private Game Reservelt6

46

Philip C Davis Company Director naked Retreats

Phil joined the Board of Directors for naked Retreats hotel

management company in 2011 His previous board experience

includes Tian Rui Hotel Corporation holder of the master license

for Super 8 economy hotels in China and Hong Kong from 2006

to 2008 He also was a founding shareholder of Tian Rui and

served as its President and Managing Director from 2006 to

2008 He was a board member of Tian Xian Cheng a bai jiu

concern which is a joint venture between Pernod Ricard and a

2010

Phil was previously Chairman of the Budweiser (Wuhan)

International Brewing Company and Managing Director of the

AnheuserBusch business in China and Hong Kong from the

beginning of 1996 through 2002 From 2003 to 2005 he

headed the AnheuserBusch liaison office with Tsingtao Brewing

Company

Phil holds a PhD in history from Washington University and

started his career as a market researcher at a major advertising

agency in the US before moving to AnheuserBusch and

heading its consumer planning and new product development

functions in the 1980s

Philip CDavis naked 度假村公司董事长

PhilЂɱƞˏȥnakedoacuteƟʵǙacircŎȓŁOumligraveƁ6ϡĖĥOumlǑϏVȂФːǙacircƍˇф5ϡƎЂɱэɱФѓŘũѓŘΒIJEacuteˇSuper ǑƖǙacirc ʼnˆ6˶=ϚːǙacircƍOumlmiddot˽ʼnecirc=ФɱэɱʖƣEacuteˇƍOumlѵ|ũigrave6ɱэɱʖƣ=ϞƝІWȎȞƞũJǙ˪ȴʝϛƬɫūѱOumlʝϛ77ΐOumligraveƁГ6

iquestɱэɱ=Phil͵šBudweiserŘƙɳǙŁOumligraveƎѓŘũѓŘΒIJCŝyŁOumligrave6iquestɱэ13ɱ=CŝyũʫETHʌǙŁOumlȠɆdegOumlĤЩˆ6PhilϴϾŴ˭uacuteAringλOumlș˻дλvλ=ФǁɱCcedilȅOgraveCŝy5ĤЩΞĒŔŷũΪʑǭāĿɭтʣ=OumlϛʜzЂɐŘOumlϞƝœĵCcedilȓŁ=Eacuteˇaeligω6

47

OUR INTERNATIONAL TEAM

International team

Chief master planners amp architects

the urban landscape of modern China with Xintiandi in

Shanghai a commercial cultural and entertainment district

Since then the studio has worked on projects in very diverse

categories both small and large scale projects include mixed

use projects like the ldquoTiandirdquo in Hangzhou Chongqing Wuhan

and Foshan luxury villa and high rise residential complexes in

Shanghai and Vietnam as well as various boutique hotels and

Chalet Architects

A00 Architecture is most well known for their research

inenvironmental sustainability and its application to their

work in Architecture Interiors and Furniture Their portfolio

includes feature restaurants luxury spas retail stores design

conversion of dozens of historic Shanghai homes into highly

personalized residences

Interior Designers AIM (Architecture amp Design) brings expertise

in the combination of world architectural styles and design

influences to the interior designs at naked Stables Private

Reserve With the Shanghai office led by the two founding

on comfort warmth and a unique blend between African and

Asian design sensibilities

Landscape Architect

Design Land Collaborative (DLC) is a professional consulting firm

comprised of landscape architects and planners with an office in

Shanghai and the United States Projects have a strong emphasis

on cultural resources historic preservation and ecological

design involving both the public and private sectors

ͰɒOumlāЮdivide

ɴǵϡΑάOumlёȣ

ŘƙŸdivide

首席规划师和建筑师

benwood Studio Shanghai OumlсɜΙɧтϞѠĨШ˛ŝΪTHORNľ=˼ʙƍ˙ϛ5Ÿ5ЄȎϞOumlʵЉ6тŮ=ЁƻȥĹȏŔɟAringΟOumlΙɧ=VȂţјOumlͻůTHORN=іʱ5͵šƎę˗OumlŤŴpϡƎФ˛ŝũЛɫOumlijѢЭʵ=ȮŻϾФѓŘƎˉ_OumlĹȏǐʑǙacircƎoacuteƟ6

小圆房建筑

AOO Architecture ФźǔWŰƎǵ θāЮĈɘϾѯѭЛOumlƭ=s˘ƮʙƭϰϸЂɬƝѩ6ɒƻŚOumlΙɧVȂ˔5ŤŴȤѓΫ5ȫ˙acirc5ˤƗίǙacirc˛ŝυНǙacirc lt5ˆoacuteƟϡƎϞ΄ȧOuml˛ŝș˻ѢЭOumlCcedilŸƎˆŸĨШ6

ɬ ˤƗ˰AIMƭѡˤƗltѥѣЂǁƭѡĘķũˤƗOumlɐƿū=ϭNtildenaked StablesOumlɬˤƗ6ФȅѳŧȈũaȚ˶OumlūѽmiddotTˆȭNtildeOuml˛ŝTdegOumlUѠ΅=ˤƗѣі5ũφčˤƗȓɲOumlntildeˊū6

景观设计

Design Land Collaborative (DLC) ϞƝiquestǒōˤƗІŔŷOumlѥϛѰξŁ=Ф˛ŝІɐŘǩˤϾēрƉń6ʙΙɧ˘ЂŋѣŸș˻ĻЕ=ƿūźW˪ǴƔ=ѥѣЂŁŃƎϾTHORNOumlŔŷ6

48

Engineering amp Project Management team

Scott Wilson Group PLC is a globalintegrated design and

engineering consultancy for the built and natural environments

Scott Wilson is responsible for the project management the

electrical and mechanical engineering for the project

Environmental Consultants

Environmental Resources Management (ERM) a leading global

provider of environmental health and safety risk and social

consulting services ERM deliver innovative solutions for business

and government clients helping them understand and manage

their impacts on the world around them ERM have 137 offices

in 39 countries and employ approximately 3300 staff

Sustainability Consultants

Bisagni Environmental Enterprises (BEE) works with the

engineering and design teams to ensure the environmental

goals set out at the inception of the project are achieved

LEED Consultants

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

Local Design Institute

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

General Contractor

and have been responsible for some of Chinarsquos most iconic

properties such as the World Financial Centre in Shanghai

工程及项目管理团队

Scott Wilson Group PLCϞƝʺʳŔɟOumlźWˤƗƎľѰξŁ6Scott WilsonĤЩΙɧOumlaacuteʠƎƉΤľ6

环境咨询

Environmental Resources Management (ERM)ϞƝʺʳαϛȭѰξŁ=ŀźǔWŰ5ƫǰCʺƎŁŃˣƁĘΌUgraveѰξĞ6ERM˙ϛƎоġɑǸŲŀĨĶβOumlǀǧĈF=UѠɒȥǀsŎȓʙǑϱoslashˣƁźǔAEligȅOumlϳΗ6ERMФʺʳϾ137ĸēрƉń=myĸŘƝ=ϴϾAringК3300ɜГľ6

可持续发展咨询

Bisagni Environmental Enterprises (BEE)ІľˤƗdivideΑűūѽ=ϡʽWФΙɧǭ˽ƼotildeˤȜOumlźǔWŰǵ θāЮɧnOumlȚ˹6

绿色建筑认证咨询

Shanghai Pacific Energy Center (SPEC)ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlŁтϞ6

本地设计公司

Shanghai Baoye Construction Corp Ltd ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlαϛȭŁтϞ6

总承包商

ϞƝŘƝƐľVŁ=ϠƻȥηucircѓŘnьβΙɧ=țˍ˛ŝźʳDŽˊѓΫ6

49

naked COVERAGE

wwwcnngocom

ldquo25 killer things to do this summerrdquo

26 April 2010

Time Magazine

ldquoRun to the Moganshan Hillrdquo

新浪博客

ldquo避世的可能rdquo

31 December 2009

wwwenglisheastdaycom

ldquoThe first batch of ldquoChina Treasured Towns ldquo released

December 2009

Shanghai Urbanatomy

ldquoGet naked this time with horsesrdquo

Shanghai Daily

ldquoGreen MaGIC Casts design spellrdquo

14 October 2009

新浪商品

ldquo中国最佳设计酒店大赏rdquo

September 2009

wwwchannelnewsasiacom

ldquoChinarsquos green resort allows travellers to vacation on good consciencerdquo

2 September 2009

wwwbijianlinblshecom

ldquo莫干隐居rdquo

25 Aug 2009

wwwassociatecontentcom

ldquoThe Exquisite Moganshan Mountains of Chinardquo

Ɏ

Wikitravel

ldquoMoganshanrdquo

德清新闻网

ldquo承包国营林场建造生态ldquo逸站rdquo

wwwsinoeventcom

ldquo亚洲旅游地产及景点峰会成功举行rdquo

wwwchinatravelbrandingcom

ldquoPursuing Green for Greenrdquo

wwwbrandrepublicasia

ldquoMaking moves towards ecofriendly eventsrdquo

7 May 2009

wwwhandsonshanghaiorg

ldquoHands On Asia Conference Summeryrdquo

May 2009

wwwmyvacationcn

ldquo莫干山居rdquo

3 April 2009

wwwshanghaidailycom

ldquoThe naked truth Time to clean up Moganshan litterrdquo

4 March 2009

wwwgreennovateorg

ldquoMoganshan Project Kick Offrdquo

13 February 2009

Travesias

ldquonaked retreatsrdquo

Feb 2009

合肥在线

ldquo大山里的裸家族rdquo

20 October 2008

wwwentrepreneurcom

ldquoThe arrival of the Olympics showcases Chinarsquos burgeoning entrepreneurial spirit ldquo

7 August 2008

50

Shanghaiist

ldquoWeekend escape to Moganshan 莫干山rdquo

9 April 2008

私家地理

ldquo艳阳下的荫凉rdquo

30 May 2008

City Weekend

ldquoGet naked in Moganshanrdquo

25 January 2008

wwwbundpiccom

ldquo在这绿中撒点野rdquo

wwwhuzhougovcn

ldquo相中德清筏头的青山绿水南非客商莫干山下建生态逸站rdquo

wwwurbanatomycom

ldquo24 Hours in Moganshanrdquo

wwwhkheadlinecom

ldquo杭州莫干山竹林深处人家rdquo

15 May 2009

wwwnewsweekcom

ldquoBack from abroadrdquo

May 2009

Chinatravelnet

ldquoMoganshan A Heavenly Hideaway of Bamboo Forests amp Tea Plantationsrdquo

April 2009

wwwmzztmcagovcn

ldquo2009年踏青乐游路线推荐大公布rdquo

16 March 2009

第三媒体

ldquo规划一条畅快随性的踏青之旅rdquo

28 October 2009

wwwdqnewszjolcomcn

ldquo三九坞 ldquo裸家族rdquo钟爱的世外桃源rdquo

28 October 2008

ldquo自驾行天下rdquo之中国莫干山rdquo

Sep 2008

ldquoShiffting Gearsrdquo

Sep 2008

April 2008

Chewed up amp Spit Out

ldquoGet nakedrdquo

19 February 2008

ldquoBest Weekend Getaway Hotels Shanghairdquo

富世

Ecoefficient hotel低碳下榻

April 2011

Spa China Guy 男士派

Experiencing The Unique

2010

Cosmo 时尚

跨洋建屋隐居不隐世

April 2010

Global Times

The Mountain of legends

Global City Geography 城市地理

莫干山 naked Retreats 都市人一ldquo裸rdquo到底的山居生活

Dec 2009

China Daily

Rural Retreat

20 March 2011

China Daily

4th March 2011

Modern Weekly周末画报

圣诞低碳游

Dec 2010

Elite Traveler 携程自由行

旅尚

Esquire

Hidden Best Restaurants

Feb 2011

51

52

53

Page 25: Detailed Investor's Report

24

Treetop villa 4 bedroom villa ccedilpͱĉ

Interior area 室内面积 2667sqm

Exterior area 室外面积 863sqm

Total usable area 实际使用面积 353sqm

25

Level 1 一层

Interior area 室内面积 136sqm

Exterior area 室外面积 168sqm

Level 2 二层

Interior area 室内面积 1307sqm

Exterior area 室外面积 695sqm

26

FITTINGS amp FINISHES SCHEDULE

EXTERIOR AND INTERIOR FINISHES

External walls

Structure is built from steel and SIP (Structural Insulated Panels) External wall is cladded with painted fiber cement board

Internal walls

emulsion paint

Ceiling

Ceiling is finished with emulsion paint

Flooring

Bedroom is finished with heavy strand bamboo flooring

Balcony

Balcony floor is finished with Wood Plastic Composite decking (M wood) Railing and trellis made with Liu An wood Balustrade is fitted with metal and Liu An wood

Window

bedrooms are fitted with double glazed LowE glass and Roto hardware

Kitchen amp powder room

Floor is finished with natural tile Kitchen cabinets and sink are provided Kitchen counter top is fitted with natural stone

Bathroom

Wall and floor are finished with natural stone

Doors

Entrance door is made of solid core timber fitted with Saflok RFID locks Bedroom doors are fitted with hollow core timber fitted with Saflok RFID security locks

ƭѡȦƎˤ]ɛ

室内外材料

oacuteƟͳʥ

oacuteƟͳƿńˤƗĮƿńƎƿńWOSIPlt6ʥϸΉɮOũʘ6

ɬʥ

ǸćƎͱтɬʥǩϸĔƎˎƲʘ6

ų

ųɘˎƲʘ6

THORN

ǸćģūɦTHORNO6ͱіќTHORNO

ȹ

ȹϸɦOʓʟ6ʈȲҎɦѐШOuml6ȇĬϸDŽрƎȲҎɦĜ6

acuteŲ

Ǹć5ͱOumlacuteŲϸȽɦѐacuteȀʆ-3ѓǹtȟƎ-0-ͶDŽʆƪ6

notĉ

THORNϡƎɘϡʿTHORNѦʓʟ=notĉŀlaquoŖϡƎʇ6notĉɘʿ˵6

Ќ

Ќʥ˦ƎTHORNϡʿ˵ʓʟ6

ɑ

ˏǺAringɑϸ˹Ψɦɑʆ˛-)ljordfɑNJ΄6ͱɑϸǹΨɦɑʆ˛SaflokljordfɑNJ΄6

27

MECHANICAL AND ELECTRICAL INSTALLATIONS

Heating and Cooling

AIRWELL centralized water source heat pump is provided Fresh air intake with heat recovery system is installed

Electrical provisions

are provided

Electricity

Concealed conduits are provided Threephase electricity supply with miniature circuit breaker distribution board is provided

TV telephone and internet connection

Satellite TV with all major international channels

is provided in all the villas Telephone outlets and wireless internet connection is provided

Hot water supply

Huang Ming solar hot water heater and Rinnai gas water heaters are installed for the villa

Water supply and pipes

Concealed copper pipes are used for both hot water and PPR pipes are used for cold water

The resort will be patrolled 24 hours a day CCTV system is in operation throughout the resort 24 hours a day All the villa front doors and bedroom doors are fitted with Saflok RFID security lock system

APPLIANCES TO BE PROVIDED OR INSTALLED IN EACH DOMESTIC

UNIT

机电设施配套

ŀɻũѐȐ

ɽyumlƍѓ˾Е˅`΄6ΪĘ˅ſ΄6

Ɲaacute

ʆEΐNtildeŎOumlǭŋϡƎѿ6

aacuteȞŀϰ

ѩϾϮ˾ΐȺ=ʆϾίoumlȺʠ=ʆaacuteΓOuml˓ΑaacuteЕŀϰ6

aacuteƎςˤ]

έaacute=ʹΐaacuteŹũʹΐȺ6

˅ˤ]

žɛϒɭ˅ʠƎȩɬɌʡ˅ʠ

Ŏ

˅ŀϰŎǩϸϮc˾ĮŎ=ȐŀϰŎŎ6

WCˤ]

oacuteƟAacuteˤϾϾΟ˶ѽOumlgȺaacute΄ϡƎΟ˶OumlπɄ6ˏǺAringɑƎͱϸSaflokljordfɑNJ΄

标准住宅单位附送以下设备

Stove BAUMATICExaust fan BAUMATICOven BAUMATICMicrowave BAUMATICFridge BAUMATICBARMini fridge (2 3 bedroom) BAIXUEWine fridge (4 bedroom) BAUMATICBEDROOMMini fridge BAIXUEBath KOHLERTERRACEBarbeque grill

TelevisionDVDBATHROOMShower KOHLERBasin KOHLER

notĉ aacuteraquoȷ ʄɇUcircǷnotĉϼχƉ ʄɇUcircǷnotĉaacuteDZΓ ʄɇUcircǷuȷ ʄɇUcircǷɬяrΓ ʄɇUcircǷHΟrΓ=ĉlt JμǙŖĉlt ʄɇUcircǷͱΟrΓ JμЌį Ǵȍȹ˞DZΓҒĉaacute ɯDVD ɯЌȪЌʠ Ǵȍʇ Ǵȍ

28

NOTE

1 The Developer reserves the right to substitute other materials

or appliances of comparable quality and standard for the

intended items as listed in above fittings and finished schedule

2 The fittings and finished as listed above shall be subject to

the terms of formal Agreement for Sale and Purchase Those

provisions may have slight variation in the color measurement

3 The Developer reserves the right to make modifications and

changes to the building design fittings and finishes without

prior notice

4 Fittings and finishes of the Special Units may be different

from those of the Typical Units

备注

āЮ˙WȰϞʧʹȞ=Dв˹ƙʮȁεϘϡUgraveётƭѡȦϡƎˤ]Ccedil˛ȧĹΙ6

˛ȧĹΙȦϡƎˤ]ǩϡн˾ɈɉūКOumlǿщegraveѬ6ĹΙƭѡȦƎˤ]ǵɭƁФϋ˔=ȣoacutepoundAcirc5ȓ5ѺуƎƆľ˛ordfʬp6

āЮ˙WȰϞʧʹȞδeacuteϡƎĽĨϛOumlˤƗ5ƭѡȦϡƎˤ]ʹεȮαс6

˔EumlЏOumlēƭѡȦϡƎˤ]І˛oȧĹΙǵɭϾx6

29

PURCHASE OPTIONS

Buying a Tree-top Villa at naked Stables Private Reserve involves signing a Sale and Purchase Agreement with the development

company and a Lease and Management Agreement and Deed of Conditions with the Hotel Management Company The Management

Agreement requires the purchaser to lease the property back to the Hotel Management Company to manage on the ownerrsquos behalf

There are two different plans which are available for buyers

在 naked Stables 购买一套拥有不动产权的树顶别墅包括与发展公司签署一份买卖协议以及与酒店管理公司签署一份租赁管理协

议和条件契约管理协议要求购买者以业主的名义向管理公司出租其别墅以供其管理买家有两种方案可供选择

ŅɈκΙ

30

OPTION 1 - FLEXIBILITY

1Owner Usage Rights

Zero usage restrictions

Early reservations are required to secure Villarsquos especially during prime and peak seasons If a Villa Owner does not provide the

required advance notice for a reservation the resort may be required to offer the owner a different unit or in the worst case no

availability at all

1 业主使用权限

ȫ˼ϸΏѐ

ϘʴʣЎegraveˏѢp=ϺʙФƐƕ6ˍřpϛѝɍϾŀϘʴOumlϸЂЎegraveOumlЎс=oacuteƟAacuteƮʙŀȮϞdegѢdeg=ƆеѻЦĴOumlʮȁɍϾǹĉ6

2 Rental Revenue

2 租金收入

a Rental revenue

Whilst not in residence the owner will be eligible to earn a pro rata 36 of the room revenue generated by the Reserve during their

absence Ie Everyday the revenue generated by the entire resort is divided amongst the owners not in residence on that day When

an owner is in residence he forfeits his opportunity to earn revenue

ѸDŽˏ

ϛѝxǝѢʖƣ=ƮOtildeOgraveoacuteƟAacuteordfѸʙĉͳOtildeϧOuml6ɏoacuteƟAacuteordfѸɨΡxǝѢФfrac14OumlϛѝOumlĉͳOtildeOumlϧƮ^ʒǩēʆĺжΡϛѝ6IcircϛѝǝѢФʙpȕ˶=Ʈ˱ʸƅOtildeϧOumlƉƁ6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

选项1-灵活性

31

c Cashing out your returns

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

gtƮɴOumlſYŚDŽĈ˾ʷordf

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſYϧ6ˍřϛѝκЪxʷordfOumlϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3 有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecom services

included in the Services Fee to the owner whilst in residence The services fee is 300rmb per room per night This fee is charged on

all rooms regardless of which are in use

4 服务费用

IcircϛѝФoacuteƟAacuteǝѢ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸѓ6ɏĸĉƣɏOumlĞĒϸЏˆəe6жĸĒϸΛϾĉƣʷOuml=xɃfrac14ĉƣĚФ˼ϸ6

5Maintenance

4 of hotel room revenue will be reserved for ongoing building maintenance This will be deducted from the ownerrsquos share of total

room revenue

5 维护

ǙacircǸĉˏOumlƮ^ȰѽŮθƭѡδтĒϸ6ħēDŽuumlƮiquestϾˆǵēOtildeOumlǙacircǸĉˏĕuumlѓǻshy6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGEEarnings Per Room (36 of gross room revenue) 124173 170827 221315 253507 263647 2066942 Bedroom 收益 ndash 双人间 248346 341653 442631 507013 527294 4133873 Bedroom 收益 ndash 三人间 372519 512480 663946 760520 790941 6200814 Bedroom 收益 ndash 四人间 496692 683306 885261 1014027 1054588 826775

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 41 57 74 85 88 69

3 Bedroom 收益 ndash 三人间 9000000 41 57 74 85 88 69

4 Bedroom 收益 ndash 四人间 12000000 41 57 74 85 88 69

Hotel revenues and owner rental yield - Option 1 Flexibility

32

OPTION 2- STABILITY

1Usage Rights

1 使用权限

选项2-稳定性

Total Permitted Usage Prime Peak SeasonPermitted Usage

Peak SeasonPermitted Usage

Out-of-SeasonPermitted Usage Blackout

40 days per yearNo occupancypermitted

Up to 20 days per year but no more than 7consecutive daysfor any one stay

Up to 20 days per year but no more than 7consecutive days for any one stay

No occupancypermitted

允许使用总数主要的旺季允许使用

旺季允许使用

淡季允许使用

无折扣期

每年40天 不允许占用 每年20天但是每人

不能连续居住7天每年20天但是每人 不能连续居住7天

不允许占用

Prime Peak Season To be published by naked Retreats in according to government notification every year Prime Peak Season

Middle Autumn Festival (Sept) excluding Blackout dates

Ɛƕɏɱϻnaked RetreatsĻǟоġĵāordfс6ƐƕVȂѓŘsup1ƽϞМĀМlt5ȋiacuteƽͶМlt5Řʱƽ˴Мlt5ʭɛƽМlt5ѓʲƽǘМlt=xVȂʹгǻʖ6

ƕiquest˓МOgrave˴ϞМʖƣOuml10ĸїɡϡƎ10ĸľѽˉїʖ=xVȂƐƕũʹгǻʖ6

OutofSeason 20 days during December to February excluding Prime Peak Season and Blackout dates

Iacuteƕiquest˴ĀМOgraveĀМʖƣOuml=xVȂƐƕũʹгǻʖ6

Blackout Dates Peak demand dates such as holidays sporting events groups and citywide conventions Local cultural events

all as specified by the Hotel from time to time

ʹгǻʖεʴijėʖVȂƟʖ5Ћ˒5ũʺβOumlƁϨ6IcircTHORNɾyumlOumlŸƂiacuteiumlƮDвǙacircOumlɛljα6

2 Rental Revenue

2 租金收入

a Rental revenue

Regardless of your usage of your property your rental return will be fixed at 5 for the first 5 years of operation After this period

you will automatically migrate to the Flexibility plan

ѸDŽˏ

xɃɰOumlĉ˼ϸoacuteˍŪ=ͶɱOumlѸDŽϧiumlŊegraveOuml136ФжтŮ=ɴƮѳiacuteѧˏȬƂβĈF6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

33

c Cashing out your returns

gtƮɴOumlſYϡDŽĈ˾ʷordf

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſY6ˍřϛѝκЪxʷordfʙϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecoms services

rental option

4服务费用

IcircϛѝǝѢФoacuteƟAacuteȕ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸȕ6жϞȏOumlĞĒϸxVȂegraveβordfѸʆ6

5 Maintenance

Of the 5 guaranteed return generated form your property during the period you are not in residence the management company

will retain 4 of this return for maintaining your Villa The maintenance fund will be pooled and used for all Villarsquos in the resort

5维护

ɴxǝѢʖƣiquestɴOumlĉѓƮ˪Ouml13OumlſY=ŎȓŁƮWȰжbſYѓOumlϸѽɴpOumlŰ6ŰƈDŽƮ^ūsʜȅsϸЂϾoacuteƟAacutepOumlŰ6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Hotel projections

Rooms Available 可用房间 not relevant 非主要Estimated occupancy 预计使用率 not relevant 非主要Estimated average daily room rate 预计每日平均房价 not relevant 非主要Growth in room rate 房价增长率 not relevant 非主要Annual room sales 年房间销售额 not relevant 非主要RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE2 Bedroom 收益 ndash 双人间 50 50 50 50 50 503 Bedroom 收益 ndash 三人间 50 50 50 50 50 504 Bedroom 收益 ndash 四人间 50 50 50 50 50 50

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 300000 300000 300000 300000 300000 300000

3 Bedroom 收益 ndash 三人间 9000000 450000 450000 450000 450000 450000 450000

4 Bedroom 收益 ndash 四人间 12000000 600000 600000 600000 600000 600000 600000

Hotel revenues and owner rental yield - Option 1 Flexibility

34

Option 1 - FLEXIBILITY Option 2 ndash STABILITY

investment returns for your Villa are influenced by the

success of the resort and the number of days you use

your Villa

Stable implies both your returns and your annual

usage rights to your property are fixed Regardless of

how well the resort operates your returns will remain

the same Equally you will only have a fixed number

of days allowed in residence

Usage Have unlimited usage rights to their Villa 40 days usage per year

Rental ReturnEarn 36 of the pooled returns from the entire resort

whilst not in residence

5 guaranteed return on their investment regardless

of resort performance

Resort Discount20 discount on all resort amenities and activities

(including SPA and Restaurants)

20 discount on all resort amenities and activities

(including SPA and Restaurants)

Services FeePay a Services Fee of 300rmb per room per night

whilst in residence

Maintenance4 of all room revenue is retained for maintaining

the owners Villa

4 of all room revenue is retained for maintaining

the owners Villa

选项1 ndash 灵活性 选项 2 ndash 稳定性

ȬƂβϸЂ˼ϸІſY6ɰOumlpѱſYʷǧЂoacuteƟAacuteOumlĿǑϱũɰoslashpOuml˼ϸoacute

ŊegraveβϤѯɰOumlſYũɏɱoslashЂɰOumlĉOuml˼ϸʹΏiumlŊegraveOuml6xɃoacuteƟAacuteOumlǑϱѫȁϾucircť=ɰOumlſYiumlŊegraveOuml6ϖTHORN=ɰъϾŊegraveOumlПηǝѢOuml6

使用 ʹΏѐOumlp˼ϸʹΏ ɏɱOuml˼ϸʹΏ

租金收入 ФxǝѢʖƣ=ƅOtildeмĸoacuteƟAacuteūsſYOuml xɃoacuteƟAacuteǑϱѫȁˍŪ=Wп13OumlſYϸЂѱ

度假村折扣 ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt

服务费用 ǝѢʖƣ=ɏĉƣɏЏˆəeOumlĞĒϸ čѝϘ

维护 ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ

OPTION COMPARISON

选项对比

35

36

INDUSTRY RETURNS AND BENCHMARKS

INDUSTRY REPORT

行业报告

Tourism and urban resorts is one of the fastest growing industries in China According to industry consultant HVS cities such

as Shanghai Beijing Shenzhen Guangzhou Hangzhou and Tianjin all have a population where a critical mass of highly affluent

individuals and successful companies exist generating demand for suburban resorts

ФѓŘ=ȾϽϛũoacuteƟAacuteσɓāЮOumlαϛтϞ6ĻǟʺʳǙacircĞϛltOumlϞΙYĵ˿=ФѓŘOumlѝϘˍ˛ŝ5[ǎ5˧5œј5ţјũdžǩēyѯAringȣOumlĥЍˆʾũĿOumlʝϛ=ϻfrac14ϚƊāȥoslashƴʵoacuteƟAacuteOumlƌAringεʴ6

Amongst other things the exponential growth in private vehicles has seen a huge increase in demand in the leisure market With

the completion of the shenjiahu highway in 2010 the travel time from downtown Shanghai to Deqing is now 2 hours Also with

stop at Deqing) scheduled to open in late 2011 travel time from downtown Shanghai to Moganshan will take between 15 to 2

hours When comparing travel times to get to other resort destinations in China ndash eg Hainan or Lijiang flight times might be within

2 or 3 hours total travel time including travel to airports and check in make the whole trip 6 to 7 hours plus additional travel cost

Within the 2 hour travel radius of Shanghai the quality of resort destinations is also (in our opinion) not at an international standard

with most hotels simply being lsquocity hotels in the countryrsquo rather than true resort properties operating at international standards

shyfrac14т=ѯĸˆγΊOumlāЮ=ĸˆƸϴϾȿϚσʂ˫6ѳɱ˥ƛůijϡŮ=iquest˛ŝOgraveOcircʭϚLjεϘĸΟ˶Ouml6ΪƭOumlijǵϡФ13ēєɬiquest˛ŝUumlAumlţј6ƏƮФɱYacuteǫľOumliquestţјOgraveɫǎOumlijѓϾϞаDzOcircʭlt=ъεϞĸSΟ˶OgraveȢĸΟ˶ǜǵϡiquest˛ŝѓΫOgraveAumlɢī˗6ˍřІѓŘOumloacuteƟˮTHORNŝɫ5ȒƯUgraveaƹ=shyȥϘųĒэĸΟ˶Oumlďα˶ƣ=ŻϘФVȂʣƉ=CʺƤũUgraveEgraveOslashƉ˛ų˛эĸΟ˶=ĽxϸɨΡuumlOumlαųΝȥ6Ѷō˛ŝїiΟ˶ɬOumlγΊoacuteƟʸdeg=э˟ͰɒˈltІŘƙŸnѬŻϾѯɛOumlǢ6AringēOumloacuteƟǙacircϚũѓOumlɨΡǙacircɍϾ_ёOumlʵp=ЗЗAumlxOgraveинŘƙϤϦ˛oacuteƟίĉΙɧOumlϘʴ6

ϛѝЎʖſYІaƹ

37

OUR NICHE

我们的利基

naked sees a need in the market for world class expertly designed and operated resorts which are within 1 to 2 hour travel time

of major cities in China As with other urban resorts we believe that the Leisure market and the MICE (Meetings Incentives

Conferences Events) market will be a huge driver for our business In addition we feel that we are already at the forefront of

the growing focus and concern on environmental design building and operations as well as the growing interest in nature and

environmental education At naked we also place a high emphasis on facilities and services for the entire extended family ndash from

children to parents to grandparents that other resorts do not place dedicated resources for

nakedЎƧOgraveȥФѓŘжϞεʴƏǢȑѝϘϞэȢĸΟ˶Ouml=˶ЁhζǁϞȱOumlѥϛˤƗũŎȓOumloacuteƟΙɧ6ͰɒΑάγΊũƁƁϨ5ưȘȾϽ5AringίʝϛƁϨ5ƂiacuteЮȉltOumloslashͰɒϛOumlіAringʤȞ6frac14=ͰɒФŋѣũiacuteźWίˤƗ5ƭШ5ŎȓũźWȓɲœ˛ϠǑѷФȥαϛȭя=ФnakedІαϛеxͰɒϚіoslashЂˣʵѓOumlŜѲ5Ɲ5ȌеOumlĞũˏ6

As such we feel very confident in the rates and occupancies that we will achieve Regarding room prices when benchmarking

against some of the other leading hotel brands in the resort market such as Aman Fayun Hangzhou Banyan Tree Hangzhou Fuchun

Resort Hangzhou Mandarin Oriental Hainan and Commune by the Great Wall average rates in March 2011 for single bedrooms in

this set are ~ RMB2800

ϩfrac14=ͰɒoslashЂˏѢĉƠϡƎˏѢȿcurrenɊάΫ6ФˏѢĉƠĈɘ=ІʙФoacuteƟAacute˛OumlсɜǙacircʑʁaƹ=ˍCҊĂО5ţјНҏѨ5ĥsup1˗ǝ5˓φŴecircĈǙacircũƵ΅OumlŁˣ=Фɱ˓МOumlEumlˆƣʒǩƠķ=6

Regarding occupancies we are confident to achieve occupancies of around 60 after about 4 years of operation but forecast

conservatively that our occupancies will start from around 35 in the 1st year of operation and grow steadily to 45 in year 2

55 in year 3 and 60 after the hotel is lsquomaturersquo from year 4 onwards

ФˏѢȿĈɘ=ͰɒŬϾάΫǑŚɱOumlǑϱ=ͰɒǵϡAumlOgraveOumlˏѢȿ6WŇƗ=ͰɒOumlˏѢȿƮƁϻszligϞɱOuml13=egraveЫOgravefrac34ɱOuml13ũszlig˓ɱOuml1313=szligɱϡŮƮƁЫOgrave6

Given the above estimates we believe that owners can expect attractive investment terms as illustrated in the table below

Ļǟϡ˛OumlŇƗ=ЎƗϛѝɭņOtildeOgraveOumlѱſYƮƁˍ΅o˿

CҊĂО

НҏѨ

ĥsup1˗ǝ

˓φŴecircĈǙacirc

Ƶ΅OumlŁˣ

RMB4270

RMB3500

RMB2000

RMB2150

RMB2388

Aman Fayun Hangzhou

Banyan Tree Hangzhou

Fuchun Resort Hangzhou

Mandarin Oriental Hainan

Commune by the Great Wall Beijing

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966

38

39

ͰɒOumldivideTHE TEAM

40

Grant Horsfield ndash Chairman naked Group

Grant a native of South Africa is Founder and Chairman of the

naked Group

Before coming to China in 2005 Grant worked in England

and South Africa with more than 10 years business ownership

experience With background in IT he launched eBites

Limited in 2000 Operating nationally eBites was both a

publishing company and a callcentre facilitations company with

headquarters based in Cape Town In 2004 Grant received

an MBA from University of Cape Town Graduate School of

Business Upon graduation he decided to come to China as he

saw China is where business opportunities lie

After spending two years in Shanghai he found himself

overwhelmed by the metropolis and missed the natural beauty

of his home From this desire and need sprouted the concept

for naked Retreats which was launched in 2007 Grantrsquos vision is

to create sanctuaries that are in harmony with the environment

where people can appreciate the simple way of nature and

embrace the naked lifestyle Grantrsquos tireless efforts in promoting

ecotourism in the rural areas not only created jobs but also

pride for the local community He received an environmental

award from the Huzhou Government in 2008

高天成 - naked集团总裁

ij=ɫčIcircTHORNˆ=nakedƍOumlmiddot˽ˆũѵ|6

Ф13ɱȅOgraveѓŘтʣ=ij˪ЬФϯŘƎɫčľѽ=ϾŚɱOuml˙ϛǑϱƎРѽǑϏ6ФʙITǒOumlUѠ΅=ɱij˪ƭȜȥeBitesϾΏŁ=eBitesŁƮϱΝІaacuteŹĞѓΫLJɖƿū=ʙѵˤФǭʔugrave6ɱ=ijƅOtildeȥǭʔugraveAringλ˙λЙOumlMBAλ6dϛŮ=ǧegraveȅѓŘ=ϩǯOgraveȥжȕOuml˙Ɖ6

Ф˛ŝEgraveȥȢɱтŮ=āѳƓxȥ˪Ƃ=sʨAtilde˱ȥѳʿɐǒ6ФжѕИІεʴOumlʶ˼΅=ƭȜnaked Retreats

OumlΖĂФɱOtildeOgraveȥ˹˲6ijOumlΖĂƭШϞĸ˯THORNІѳʿũΣŃdeg=ˆɒǵϡΘѳʿ=ΘnakedOuml˪ƂĈ˾6ij˫ΔAacuteTHORNʵ˪ȾϽѽordfOumlxΦɹȞ=xLjmiddotШȥľѽıŻOtildeOgraveȥIcircTHORNˣʵOumlХϐ6ij˪ƅOtildeȥɱůјоġNāOumlźWAring˼ư6

41

Delphine Yip-Horsfield ndash Partner Ben Wood Studio Shanghai

received her Master of Architecture degree from Harvard

Boston prior to moving to Shanghai to oversee the award

winning Xintiandi project on behalf of Wood and Zapata In

the fall of 2005 Delphine became partner at Ben Wood Studio

Shanghai

Drawing from her own experience of diverse cultures Delphine

has led a multitude of high profile projects such as Hangzhou

Xihutiandi Zhujiajiao Oriental Garden Shanghai Waitanyuan

Beijing Palace 77 Shanghai Hongqiao Commercial Core Lijiang

Lashihai Resort Masterplan etc

In 2006 she was selected Wallpaper magazinersquos first annual 40

under 40 designer of the year

Delphine is the chief master planner and architect for naked

Home Village and naked Stables Private Reserve She also

oversees the visuals and styling of the naked Brand

叶凯欣 - 上海Ben Wood设计室合伙人

ϜǮΩɺ=Ben Wood ˤƗľѽOumlѵƢ=śęAringλƭѡλ6ȅ˛ŝтʣ=ФΒIJ5ɷКũuuacuteľѽ6ȅ˛ŝŮ=CcediloWoodũZapataĤЩΪTHORNΙɧOumlƢethľѽ613ɱʲƕ=ϜǮΩɺBen Wood ˤƗľѽūƃˆ6

ϾѯxŸϽșǑϏOumlϜǮΩɺ=EacuteˇȥηucircijocircΙɧOumlƢeth=VȂţјͻůTHORN5њƝƶecircĈųВ5˛ŝЕ5[ǎłatilde5˛ŝŭʦ˙ϛѓΫ5ȗƯȄŝoacuteƟAacuteѵŔŷˤƗUgrave6

ɱ=ˏκȥWallpaperСьǃɱoacuteϡ΅OumlˤƗ˰6

ϜǮΩnakedƝВAacuteũnaked RetreatsOumlѵˤƗеũƭѡ˰6˶ϚĤЩƢethnaked˙nOumlFũĘķˤƗ6

42

Kang Yang Lim ndash Group Chief Operating Officer naked Group

Group with over 13 years corporate finance and real estate

development experience Previously he was Director of the

real estate division of APP China taking responsibility for the

initial positioning and development of the USD15 billion lsquoWhite

Magnolia Plazarsquo mixed use development project (including

the development of Shanghairsquos first W Hotel) He also led the

concept and development of APPrsquos branded residence and resort

project in Sheshan Shanghai

Finance division of PricewaterhouseCoopers in Melbourne

Australia where he specialized in business value and strategy

worked in inhouse strategy roles for CocaCola GB in London

and to British venture capital firm of the year (2004) ISIS Equity

Partners before coming to China in 2005

Accountants Australia in 2002 and is also an affiliate of the

of Commerce and Diploma in Modern Languages from the

University of Melbourne Australia

林纲洋- naked 集团首席营运官

ƞˏnakedƍOumlȩ˪ϴϾŚɱOumlʝϛ~ƎTHORNǭāǑϏ6Фfrac14тʣ=ѽѓŘDŽŒOumlTHORNǭāOumlѵƢ=ĤЩƠч13ϢЏOumlucircϸ8JЈȈœ9ǭāΙɧOumlcopy˽κшũǭāVȂ˛ŝszligϞƝ ǙacircOumlǭālt6˶ϚщNtildeȥDŽŒƍФ˛ŝҁ˗ʑʁѢЭũoacuteƟAacuteΙɧOumlȓɲũǭā6

ФDŽŒƍˇфтʣ=ȩİϑGAringȚφɣyuml_ʔŴϷOacuteƁƗ˰OumlǑȓ=ѥѣЂ˙ϛƠчũЯɁѰξ6ȩ˪Ф13ɱȅOgraveѓŘтʣэȑǭʔŴϷOacuteŮOumlϞotilde˶ƣɬ=ѽǵǺǵȎɂugraveŁɬOumlЯɁēͺ˰=ϡƎISISOumlʼnʏūѽƃRФϯŘɂugraveOumlϯŘĘΌѱŁˇф6

ȩ˪ФɱƅOtildeȥGAringȚφηƁƗ˰ƁũGAringȚφпʻωǗOumlƁГѱķ6˶ϚƅOtildeȥGAringȚφɣyuml_AringλOuml˙ϛλλϡƎCcedilЇϊλп6

43

Gabriela Lo ndash Managing Director naked Retreats

With over 15 years experience in high end events and PR

management Gabriela has been instrumental in bringing naked

to where it is today As one of the original members of the

naked Team Gabriela has led the growth of naked Retreats

to become one of the most famous eco retreat destinations in

China attracting guests and publicity from around the world

Originally from Macao Gabriela has rich multi cultural and

multinational living and working experience having worked and

studied for many years in Greater China England and Italy

卢家宝 - naked 度假村常务董事

ϴϾŚ13ɱOumlijocircƂiacuteũŁŃŋ΄ŎȓǑϏ=nakedDžOumlǜІȶƝXēxǭ6ѽħdivideOumlmiddot˽ГтϞ=ȶƝXϠǑAEligȭnakedѓŘѻϾɜOuml˪ȾϽɧOumlTHORNтϞ=ͼϭȥȅѳǁĹTHORNOumlǸˆ6ȶƝXȅѳGɑ=ϴϾĖĥOumlucircЏŸũucircŘǝѢũľѽǑϏ=ЬФAringѓŴTHORNʵ=ϯŘũϤAringȚϾѯucircɱωǗǑș6

Judy Zhu ndash General Manager naked Group

Zhu is the General Manager for naked Group ensuring smooth

operations of the group with a particular focus on government

朱燕 - naked 集团总经理

њώ=iquestnaked Retreatsmiddot˽ǭ˽ǜũij˪ūѽ6њώѽƍѵǑȓ=ĤЩIcircTHORNũŋ΄ʽWƍРѽ6Фƞˏnakedтʣ=њώФ˛ŝũ[ǎiquestŚηucircІ˙ϛϾŋOumlфϛ6ФΪͻȈƅOtilde˙ϛλ6

44

Kurt Berman ndash General Manager naked Stables Private Reserve

With over 16 years experience in FampB and high end luxury

resort management Kurt brings a wealth of experience and

will lead the preopening and operations of our new resort ndash

naked Stables Private Reserve Prior to joining naked Kurt was

the preopening General Manager at Six Senses Laamu and

Resident Manager for Six Senses Soneva Gili by Six Senses Kurt

has also worked at other prestigious resorts including Fregate

his career in hospitality in FampB and was a trained Chef with

experience working in many prestigious institutions including

The Dorchester Hotel in London Kurt is from South Africa and

has a masters certificate in hospitality management from Cornell

University

Kurt Berman - naked私人度假村总经理

ϾѯŚɱϬƎijIumlŤŴoacuteƟAacuteOumlŎȓǑϏ=ƮϡĖĥOumlǑϏȭNtildeͰɒΪoacuteƟAacute77)$ 0OumlϱϛũРϱ6Фƞˏ)$ тʣ=10ЬEacuteˇŚ8szligȳĭǦ9+1ϱϛѵǑȓũ8szligȳĭǦ9-2 ((OumlѤacircǑȓ610ŻЬˇфЂamp0ˆŝETHũ1+4UgraveʙўɜoacuteƟˮTHORN610OumlϛʜzЂϬαϛ=ϚϡϞĸФŬucircўɜƉńVȂ-0-0 -$-ltľѽŚOumlρȡϾOumlnot˰610ȅѳɫč=sϴϾǰɪyumlAringλЃOumlǙacircŎȓλ6

Richard Johnston ndash General Manager naked Home Village

Hailing from the United Kingdom but with most of his working

life in resorts throughout Africa Richard brings with him over

20 years experience in General Management and Director level

roles in world class resorts including Azura Retreats Cape Grace

hotel and the Saxon Hotel Richard plays a key role in the set

up of systems training and operating standards His years

of experience and mentoring leadership style make Richard a

natural inspiration for our young hotel management team

Richard Johnston - naked 家园村总经理

RichardȅѳϯŘ=IgraveAringucircOumloacuteƟAacuteľѽiumlФмĸčљ=ϴϾŚɱOumlѴūŎȓũǁƐoacuteƟAacuteVȂAzura

Retreats Cape Grace hotel and the Saxon HotelltijʒŎȓǑϏ6RichardФƭȜ΄5ʅρũРαnѬĈɘʜѯŋƨѽϸ6ĖĥOumlǑϏũȭNtildeĘķ˼OtildeoslashͰɒɱʬOumlǙacircŎȓdivideϾѯѳʿOumlƊȘ6

45

Teun Hanegraaf ndash Sales Director naked Retreats

Teun obtained a Bachelors in Business Studies and Masters

in Strategic Management with a focus on Chinese Business

Culture Teun increased our corporate sales business by 350

in his first year with us bringing international companies

ranging from international conglomerates Unilever and Coca

Cola to more local institutions such as The Shanghai American

School and leading Chinese companies such as Bank of China

韩天宁销售总监

ȅѳŧȈɥEcirc=şɵϴϾ˙ϛλλλ5ЯɁŎȓѥѣЂѓŘ˙ϛŸlt6ȅƍOumlszligϞɱşɵƮŁOumlΝϛijȥ13=sŁAEligȅȥx˟ŘƙβOumlAringŁǸŲ=жʙѓϾŘƙAringʝϛȠūȚŴũǵǺǵȎ=ϚϾ˛ŝɐŘλΠUgraveIcircTHORNƉńũѓŘϫαUgraveѓŘȴʝϛ6

Oliver Yuen ndash nature Reserve amp Recreation Manager

naked Stables Private will be the first private reserve in China

with a wealth of new flora and fauna introduced to the project

from Sydney University Australia and as a fully qualified Ranger

working in many of the worldrsquos best wildlife parks Oliver takes a

special role in ensuring the environment of naked Retreats and

naked Stables Private Reserve will be full of life and a natural

self supporting eco system Oliverrsquos passion for both people and

nature make him the perfect person to teach our guests about

what we do and make their stay not only a relaxing one but

also a fun fulfilling educational one as well Oliver previously

worked in wildlife parks and resorts such as Azura Retreats in

Mozambique Mobala Private Game Reserve in South Africa and

Sydney Aquarium in Australia

袁鹏威 - 活动经理和度假村 生物学家

naked StablesƮѓŘszligϞĸϭljΪOumlцʾũiacuteʾOumlˆoacuteƟʵ6OliverѽϞɜGAringȚφͿɯAringλūķOuml˪λƝiacuteλƝ=ϡƎФǁĹTHORNOumlϙ˪iacuteВľѽOumlľѽе=Ф˼naked Retreats ũnaked StablesϾѯĖĥ˪ѱЕ5ʿѳĺOuml˪΄Oumlźǔľѽ˛QύѯіϘƶ˔6АʊoslashˆȏũѳʿOumlƊʮ˼ѻūOumlˆȅĵͰɒOumlǸˆͰɒѼOuml˷ɋ=sʨ˂ɒФжȕOuml˶ŒxLjLjČ=˶Ϛ˂ɒOumlǝѢǑșlOtildeϾǭΫcurren˹ũϾƷЋϤϦ6АʊтʣФɫčũGAringȚφͿɯѹŏiquestϙ˪iacuteВũWŰʵOumlľѽVȂMozambique OumlAzura Retreats Mobala Private Game Reservelt6

46

Philip C Davis Company Director naked Retreats

Phil joined the Board of Directors for naked Retreats hotel

management company in 2011 His previous board experience

includes Tian Rui Hotel Corporation holder of the master license

for Super 8 economy hotels in China and Hong Kong from 2006

to 2008 He also was a founding shareholder of Tian Rui and

served as its President and Managing Director from 2006 to

2008 He was a board member of Tian Xian Cheng a bai jiu

concern which is a joint venture between Pernod Ricard and a

2010

Phil was previously Chairman of the Budweiser (Wuhan)

International Brewing Company and Managing Director of the

AnheuserBusch business in China and Hong Kong from the

beginning of 1996 through 2002 From 2003 to 2005 he

headed the AnheuserBusch liaison office with Tsingtao Brewing

Company

Phil holds a PhD in history from Washington University and

started his career as a market researcher at a major advertising

agency in the US before moving to AnheuserBusch and

heading its consumer planning and new product development

functions in the 1980s

Philip CDavis naked 度假村公司董事长

PhilЂɱƞˏȥnakedoacuteƟʵǙacircŎȓŁOumligraveƁ6ϡĖĥOumlǑϏVȂФːǙacircƍˇф5ϡƎЂɱэɱФѓŘũѓŘΒIJEacuteˇSuper ǑƖǙacirc ʼnˆ6˶=ϚːǙacircƍOumlmiddot˽ʼnecirc=ФɱэɱʖƣEacuteˇƍOumlѵ|ũigrave6ɱэɱʖƣ=ϞƝІWȎȞƞũJǙ˪ȴʝϛƬɫūѱOumlʝϛ77ΐOumligraveƁГ6

iquestɱэɱ=Phil͵šBudweiserŘƙɳǙŁOumligraveƎѓŘũѓŘΒIJCŝyŁOumligrave6iquestɱэ13ɱ=CŝyũʫETHʌǙŁOumlȠɆdegOumlĤЩˆ6PhilϴϾŴ˭uacuteAringλOumlș˻дλvλ=ФǁɱCcedilȅOgraveCŝy5ĤЩΞĒŔŷũΪʑǭāĿɭтʣ=OumlϛʜzЂɐŘOumlϞƝœĵCcedilȓŁ=Eacuteˇaeligω6

47

OUR INTERNATIONAL TEAM

International team

Chief master planners amp architects

the urban landscape of modern China with Xintiandi in

Shanghai a commercial cultural and entertainment district

Since then the studio has worked on projects in very diverse

categories both small and large scale projects include mixed

use projects like the ldquoTiandirdquo in Hangzhou Chongqing Wuhan

and Foshan luxury villa and high rise residential complexes in

Shanghai and Vietnam as well as various boutique hotels and

Chalet Architects

A00 Architecture is most well known for their research

inenvironmental sustainability and its application to their

work in Architecture Interiors and Furniture Their portfolio

includes feature restaurants luxury spas retail stores design

conversion of dozens of historic Shanghai homes into highly

personalized residences

Interior Designers AIM (Architecture amp Design) brings expertise

in the combination of world architectural styles and design

influences to the interior designs at naked Stables Private

Reserve With the Shanghai office led by the two founding

on comfort warmth and a unique blend between African and

Asian design sensibilities

Landscape Architect

Design Land Collaborative (DLC) is a professional consulting firm

comprised of landscape architects and planners with an office in

Shanghai and the United States Projects have a strong emphasis

on cultural resources historic preservation and ecological

design involving both the public and private sectors

ͰɒOumlāЮdivide

ɴǵϡΑάOumlёȣ

ŘƙŸdivide

首席规划师和建筑师

benwood Studio Shanghai OumlсɜΙɧтϞѠĨШ˛ŝΪTHORNľ=˼ʙƍ˙ϛ5Ÿ5ЄȎϞOumlʵЉ6тŮ=ЁƻȥĹȏŔɟAringΟOumlΙɧ=VȂţјOumlͻůTHORN=іʱ5͵šƎę˗OumlŤŴpϡƎФ˛ŝũЛɫOumlijѢЭʵ=ȮŻϾФѓŘƎˉ_OumlĹȏǐʑǙacircƎoacuteƟ6

小圆房建筑

AOO Architecture ФźǔWŰƎǵ θāЮĈɘϾѯѭЛOumlƭ=s˘ƮʙƭϰϸЂɬƝѩ6ɒƻŚOumlΙɧVȂ˔5ŤŴȤѓΫ5ȫ˙acirc5ˤƗίǙacirc˛ŝυНǙacirc lt5ˆoacuteƟϡƎϞ΄ȧOuml˛ŝș˻ѢЭOumlCcedilŸƎˆŸĨШ6

ɬ ˤƗ˰AIMƭѡˤƗltѥѣЂǁƭѡĘķũˤƗOumlɐƿū=ϭNtildenaked StablesOumlɬˤƗ6ФȅѳŧȈũaȚ˶OumlūѽmiddotTˆȭNtildeOuml˛ŝTdegOumlUѠ΅=ˤƗѣі5ũφčˤƗȓɲOumlntildeˊū6

景观设计

Design Land Collaborative (DLC) ϞƝiquestǒōˤƗІŔŷOumlѥϛѰξŁ=Ф˛ŝІɐŘǩˤϾēрƉń6ʙΙɧ˘ЂŋѣŸș˻ĻЕ=ƿūźW˪ǴƔ=ѥѣЂŁŃƎϾTHORNOumlŔŷ6

48

Engineering amp Project Management team

Scott Wilson Group PLC is a globalintegrated design and

engineering consultancy for the built and natural environments

Scott Wilson is responsible for the project management the

electrical and mechanical engineering for the project

Environmental Consultants

Environmental Resources Management (ERM) a leading global

provider of environmental health and safety risk and social

consulting services ERM deliver innovative solutions for business

and government clients helping them understand and manage

their impacts on the world around them ERM have 137 offices

in 39 countries and employ approximately 3300 staff

Sustainability Consultants

Bisagni Environmental Enterprises (BEE) works with the

engineering and design teams to ensure the environmental

goals set out at the inception of the project are achieved

LEED Consultants

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

Local Design Institute

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

General Contractor

and have been responsible for some of Chinarsquos most iconic

properties such as the World Financial Centre in Shanghai

工程及项目管理团队

Scott Wilson Group PLCϞƝʺʳŔɟOumlźWˤƗƎľѰξŁ6Scott WilsonĤЩΙɧOumlaacuteʠƎƉΤľ6

环境咨询

Environmental Resources Management (ERM)ϞƝʺʳαϛȭѰξŁ=ŀźǔWŰ5ƫǰCʺƎŁŃˣƁĘΌUgraveѰξĞ6ERM˙ϛƎоġɑǸŲŀĨĶβOumlǀǧĈF=UѠɒȥǀsŎȓʙǑϱoslashˣƁźǔAEligȅOumlϳΗ6ERMФʺʳϾ137ĸēрƉń=myĸŘƝ=ϴϾAringК3300ɜГľ6

可持续发展咨询

Bisagni Environmental Enterprises (BEE)ІľˤƗdivideΑűūѽ=ϡʽWФΙɧǭ˽ƼotildeˤȜOumlźǔWŰǵ θāЮɧnOumlȚ˹6

绿色建筑认证咨询

Shanghai Pacific Energy Center (SPEC)ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlŁтϞ6

本地设计公司

Shanghai Baoye Construction Corp Ltd ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlαϛȭŁтϞ6

总承包商

ϞƝŘƝƐľVŁ=ϠƻȥηucircѓŘnьβΙɧ=țˍ˛ŝźʳDŽˊѓΫ6

49

naked COVERAGE

wwwcnngocom

ldquo25 killer things to do this summerrdquo

26 April 2010

Time Magazine

ldquoRun to the Moganshan Hillrdquo

新浪博客

ldquo避世的可能rdquo

31 December 2009

wwwenglisheastdaycom

ldquoThe first batch of ldquoChina Treasured Towns ldquo released

December 2009

Shanghai Urbanatomy

ldquoGet naked this time with horsesrdquo

Shanghai Daily

ldquoGreen MaGIC Casts design spellrdquo

14 October 2009

新浪商品

ldquo中国最佳设计酒店大赏rdquo

September 2009

wwwchannelnewsasiacom

ldquoChinarsquos green resort allows travellers to vacation on good consciencerdquo

2 September 2009

wwwbijianlinblshecom

ldquo莫干隐居rdquo

25 Aug 2009

wwwassociatecontentcom

ldquoThe Exquisite Moganshan Mountains of Chinardquo

Ɏ

Wikitravel

ldquoMoganshanrdquo

德清新闻网

ldquo承包国营林场建造生态ldquo逸站rdquo

wwwsinoeventcom

ldquo亚洲旅游地产及景点峰会成功举行rdquo

wwwchinatravelbrandingcom

ldquoPursuing Green for Greenrdquo

wwwbrandrepublicasia

ldquoMaking moves towards ecofriendly eventsrdquo

7 May 2009

wwwhandsonshanghaiorg

ldquoHands On Asia Conference Summeryrdquo

May 2009

wwwmyvacationcn

ldquo莫干山居rdquo

3 April 2009

wwwshanghaidailycom

ldquoThe naked truth Time to clean up Moganshan litterrdquo

4 March 2009

wwwgreennovateorg

ldquoMoganshan Project Kick Offrdquo

13 February 2009

Travesias

ldquonaked retreatsrdquo

Feb 2009

合肥在线

ldquo大山里的裸家族rdquo

20 October 2008

wwwentrepreneurcom

ldquoThe arrival of the Olympics showcases Chinarsquos burgeoning entrepreneurial spirit ldquo

7 August 2008

50

Shanghaiist

ldquoWeekend escape to Moganshan 莫干山rdquo

9 April 2008

私家地理

ldquo艳阳下的荫凉rdquo

30 May 2008

City Weekend

ldquoGet naked in Moganshanrdquo

25 January 2008

wwwbundpiccom

ldquo在这绿中撒点野rdquo

wwwhuzhougovcn

ldquo相中德清筏头的青山绿水南非客商莫干山下建生态逸站rdquo

wwwurbanatomycom

ldquo24 Hours in Moganshanrdquo

wwwhkheadlinecom

ldquo杭州莫干山竹林深处人家rdquo

15 May 2009

wwwnewsweekcom

ldquoBack from abroadrdquo

May 2009

Chinatravelnet

ldquoMoganshan A Heavenly Hideaway of Bamboo Forests amp Tea Plantationsrdquo

April 2009

wwwmzztmcagovcn

ldquo2009年踏青乐游路线推荐大公布rdquo

16 March 2009

第三媒体

ldquo规划一条畅快随性的踏青之旅rdquo

28 October 2009

wwwdqnewszjolcomcn

ldquo三九坞 ldquo裸家族rdquo钟爱的世外桃源rdquo

28 October 2008

ldquo自驾行天下rdquo之中国莫干山rdquo

Sep 2008

ldquoShiffting Gearsrdquo

Sep 2008

April 2008

Chewed up amp Spit Out

ldquoGet nakedrdquo

19 February 2008

ldquoBest Weekend Getaway Hotels Shanghairdquo

富世

Ecoefficient hotel低碳下榻

April 2011

Spa China Guy 男士派

Experiencing The Unique

2010

Cosmo 时尚

跨洋建屋隐居不隐世

April 2010

Global Times

The Mountain of legends

Global City Geography 城市地理

莫干山 naked Retreats 都市人一ldquo裸rdquo到底的山居生活

Dec 2009

China Daily

Rural Retreat

20 March 2011

China Daily

4th March 2011

Modern Weekly周末画报

圣诞低碳游

Dec 2010

Elite Traveler 携程自由行

旅尚

Esquire

Hidden Best Restaurants

Feb 2011

51

52

53

Page 26: Detailed Investor's Report

25

Level 1 一层

Interior area 室内面积 136sqm

Exterior area 室外面积 168sqm

Level 2 二层

Interior area 室内面积 1307sqm

Exterior area 室外面积 695sqm

26

FITTINGS amp FINISHES SCHEDULE

EXTERIOR AND INTERIOR FINISHES

External walls

Structure is built from steel and SIP (Structural Insulated Panels) External wall is cladded with painted fiber cement board

Internal walls

emulsion paint

Ceiling

Ceiling is finished with emulsion paint

Flooring

Bedroom is finished with heavy strand bamboo flooring

Balcony

Balcony floor is finished with Wood Plastic Composite decking (M wood) Railing and trellis made with Liu An wood Balustrade is fitted with metal and Liu An wood

Window

bedrooms are fitted with double glazed LowE glass and Roto hardware

Kitchen amp powder room

Floor is finished with natural tile Kitchen cabinets and sink are provided Kitchen counter top is fitted with natural stone

Bathroom

Wall and floor are finished with natural stone

Doors

Entrance door is made of solid core timber fitted with Saflok RFID locks Bedroom doors are fitted with hollow core timber fitted with Saflok RFID security locks

ƭѡȦƎˤ]ɛ

室内外材料

oacuteƟͳʥ

oacuteƟͳƿńˤƗĮƿńƎƿńWOSIPlt6ʥϸΉɮOũʘ6

ɬʥ

ǸćƎͱтɬʥǩϸĔƎˎƲʘ6

ų

ųɘˎƲʘ6

THORN

ǸćģūɦTHORNO6ͱіќTHORNO

ȹ

ȹϸɦOʓʟ6ʈȲҎɦѐШOuml6ȇĬϸDŽрƎȲҎɦĜ6

acuteŲ

Ǹć5ͱOumlacuteŲϸȽɦѐacuteȀʆ-3ѓǹtȟƎ-0-ͶDŽʆƪ6

notĉ

THORNϡƎɘϡʿTHORNѦʓʟ=notĉŀlaquoŖϡƎʇ6notĉɘʿ˵6

Ќ

Ќʥ˦ƎTHORNϡʿ˵ʓʟ6

ɑ

ˏǺAringɑϸ˹Ψɦɑʆ˛-)ljordfɑNJ΄6ͱɑϸǹΨɦɑʆ˛SaflokljordfɑNJ΄6

27

MECHANICAL AND ELECTRICAL INSTALLATIONS

Heating and Cooling

AIRWELL centralized water source heat pump is provided Fresh air intake with heat recovery system is installed

Electrical provisions

are provided

Electricity

Concealed conduits are provided Threephase electricity supply with miniature circuit breaker distribution board is provided

TV telephone and internet connection

Satellite TV with all major international channels

is provided in all the villas Telephone outlets and wireless internet connection is provided

Hot water supply

Huang Ming solar hot water heater and Rinnai gas water heaters are installed for the villa

Water supply and pipes

Concealed copper pipes are used for both hot water and PPR pipes are used for cold water

The resort will be patrolled 24 hours a day CCTV system is in operation throughout the resort 24 hours a day All the villa front doors and bedroom doors are fitted with Saflok RFID security lock system

APPLIANCES TO BE PROVIDED OR INSTALLED IN EACH DOMESTIC

UNIT

机电设施配套

ŀɻũѐȐ

ɽyumlƍѓ˾Е˅`΄6ΪĘ˅ſ΄6

Ɲaacute

ʆEΐNtildeŎOumlǭŋϡƎѿ6

aacuteȞŀϰ

ѩϾϮ˾ΐȺ=ʆϾίoumlȺʠ=ʆaacuteΓOuml˓ΑaacuteЕŀϰ6

aacuteƎςˤ]

έaacute=ʹΐaacuteŹũʹΐȺ6

˅ˤ]

žɛϒɭ˅ʠƎȩɬɌʡ˅ʠ

Ŏ

˅ŀϰŎǩϸϮc˾ĮŎ=ȐŀϰŎŎ6

WCˤ]

oacuteƟAacuteˤϾϾΟ˶ѽOumlgȺaacute΄ϡƎΟ˶OumlπɄ6ˏǺAringɑƎͱϸSaflokljordfɑNJ΄

标准住宅单位附送以下设备

Stove BAUMATICExaust fan BAUMATICOven BAUMATICMicrowave BAUMATICFridge BAUMATICBARMini fridge (2 3 bedroom) BAIXUEWine fridge (4 bedroom) BAUMATICBEDROOMMini fridge BAIXUEBath KOHLERTERRACEBarbeque grill

TelevisionDVDBATHROOMShower KOHLERBasin KOHLER

notĉ aacuteraquoȷ ʄɇUcircǷnotĉϼχƉ ʄɇUcircǷnotĉaacuteDZΓ ʄɇUcircǷuȷ ʄɇUcircǷɬяrΓ ʄɇUcircǷHΟrΓ=ĉlt JμǙŖĉlt ʄɇUcircǷͱΟrΓ JμЌį Ǵȍȹ˞DZΓҒĉaacute ɯDVD ɯЌȪЌʠ Ǵȍʇ Ǵȍ

28

NOTE

1 The Developer reserves the right to substitute other materials

or appliances of comparable quality and standard for the

intended items as listed in above fittings and finished schedule

2 The fittings and finished as listed above shall be subject to

the terms of formal Agreement for Sale and Purchase Those

provisions may have slight variation in the color measurement

3 The Developer reserves the right to make modifications and

changes to the building design fittings and finishes without

prior notice

4 Fittings and finishes of the Special Units may be different

from those of the Typical Units

备注

āЮ˙WȰϞʧʹȞ=Dв˹ƙʮȁεϘϡUgraveётƭѡȦϡƎˤ]Ccedil˛ȧĹΙ6

˛ȧĹΙȦϡƎˤ]ǩϡн˾ɈɉūКOumlǿщegraveѬ6ĹΙƭѡȦƎˤ]ǵɭƁФϋ˔=ȣoacutepoundAcirc5ȓ5ѺуƎƆľ˛ordfʬp6

āЮ˙WȰϞʧʹȞδeacuteϡƎĽĨϛOumlˤƗ5ƭѡȦϡƎˤ]ʹεȮαс6

˔EumlЏOumlēƭѡȦϡƎˤ]І˛oȧĹΙǵɭϾx6

29

PURCHASE OPTIONS

Buying a Tree-top Villa at naked Stables Private Reserve involves signing a Sale and Purchase Agreement with the development

company and a Lease and Management Agreement and Deed of Conditions with the Hotel Management Company The Management

Agreement requires the purchaser to lease the property back to the Hotel Management Company to manage on the ownerrsquos behalf

There are two different plans which are available for buyers

在 naked Stables 购买一套拥有不动产权的树顶别墅包括与发展公司签署一份买卖协议以及与酒店管理公司签署一份租赁管理协

议和条件契约管理协议要求购买者以业主的名义向管理公司出租其别墅以供其管理买家有两种方案可供选择

ŅɈκΙ

30

OPTION 1 - FLEXIBILITY

1Owner Usage Rights

Zero usage restrictions

Early reservations are required to secure Villarsquos especially during prime and peak seasons If a Villa Owner does not provide the

required advance notice for a reservation the resort may be required to offer the owner a different unit or in the worst case no

availability at all

1 业主使用权限

ȫ˼ϸΏѐ

ϘʴʣЎegraveˏѢp=ϺʙФƐƕ6ˍřpϛѝɍϾŀϘʴOumlϸЂЎegraveOumlЎс=oacuteƟAacuteƮʙŀȮϞdegѢdeg=ƆеѻЦĴOumlʮȁɍϾǹĉ6

2 Rental Revenue

2 租金收入

a Rental revenue

Whilst not in residence the owner will be eligible to earn a pro rata 36 of the room revenue generated by the Reserve during their

absence Ie Everyday the revenue generated by the entire resort is divided amongst the owners not in residence on that day When

an owner is in residence he forfeits his opportunity to earn revenue

ѸDŽˏ

ϛѝxǝѢʖƣ=ƮOtildeOgraveoacuteƟAacuteordfѸʙĉͳOtildeϧOuml6ɏoacuteƟAacuteordfѸɨΡxǝѢФfrac14OumlϛѝOumlĉͳOtildeOumlϧƮ^ʒǩēʆĺжΡϛѝ6IcircϛѝǝѢФʙpȕ˶=Ʈ˱ʸƅOtildeϧOumlƉƁ6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

选项1-灵活性

31

c Cashing out your returns

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

gtƮɴOumlſYŚDŽĈ˾ʷordf

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſYϧ6ˍřϛѝκЪxʷordfOumlϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3 有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecom services

included in the Services Fee to the owner whilst in residence The services fee is 300rmb per room per night This fee is charged on

all rooms regardless of which are in use

4 服务费用

IcircϛѝФoacuteƟAacuteǝѢ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸѓ6ɏĸĉƣɏOumlĞĒϸЏˆəe6жĸĒϸΛϾĉƣʷOuml=xɃfrac14ĉƣĚФ˼ϸ6

5Maintenance

4 of hotel room revenue will be reserved for ongoing building maintenance This will be deducted from the ownerrsquos share of total

room revenue

5 维护

ǙacircǸĉˏOumlƮ^ȰѽŮθƭѡδтĒϸ6ħēDŽuumlƮiquestϾˆǵēOtildeOumlǙacircǸĉˏĕuumlѓǻshy6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGEEarnings Per Room (36 of gross room revenue) 124173 170827 221315 253507 263647 2066942 Bedroom 收益 ndash 双人间 248346 341653 442631 507013 527294 4133873 Bedroom 收益 ndash 三人间 372519 512480 663946 760520 790941 6200814 Bedroom 收益 ndash 四人间 496692 683306 885261 1014027 1054588 826775

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 41 57 74 85 88 69

3 Bedroom 收益 ndash 三人间 9000000 41 57 74 85 88 69

4 Bedroom 收益 ndash 四人间 12000000 41 57 74 85 88 69

Hotel revenues and owner rental yield - Option 1 Flexibility

32

OPTION 2- STABILITY

1Usage Rights

1 使用权限

选项2-稳定性

Total Permitted Usage Prime Peak SeasonPermitted Usage

Peak SeasonPermitted Usage

Out-of-SeasonPermitted Usage Blackout

40 days per yearNo occupancypermitted

Up to 20 days per year but no more than 7consecutive daysfor any one stay

Up to 20 days per year but no more than 7consecutive days for any one stay

No occupancypermitted

允许使用总数主要的旺季允许使用

旺季允许使用

淡季允许使用

无折扣期

每年40天 不允许占用 每年20天但是每人

不能连续居住7天每年20天但是每人 不能连续居住7天

不允许占用

Prime Peak Season To be published by naked Retreats in according to government notification every year Prime Peak Season

Middle Autumn Festival (Sept) excluding Blackout dates

Ɛƕɏɱϻnaked RetreatsĻǟоġĵāordfс6ƐƕVȂѓŘsup1ƽϞМĀМlt5ȋiacuteƽͶМlt5Řʱƽ˴Мlt5ʭɛƽМlt5ѓʲƽǘМlt=xVȂʹгǻʖ6

ƕiquest˓МOgrave˴ϞМʖƣOuml10ĸїɡϡƎ10ĸľѽˉїʖ=xVȂƐƕũʹгǻʖ6

OutofSeason 20 days during December to February excluding Prime Peak Season and Blackout dates

Iacuteƕiquest˴ĀМOgraveĀМʖƣOuml=xVȂƐƕũʹгǻʖ6

Blackout Dates Peak demand dates such as holidays sporting events groups and citywide conventions Local cultural events

all as specified by the Hotel from time to time

ʹгǻʖεʴijėʖVȂƟʖ5Ћ˒5ũʺβOumlƁϨ6IcircTHORNɾyumlOumlŸƂiacuteiumlƮDвǙacircOumlɛljα6

2 Rental Revenue

2 租金收入

a Rental revenue

Regardless of your usage of your property your rental return will be fixed at 5 for the first 5 years of operation After this period

you will automatically migrate to the Flexibility plan

ѸDŽˏ

xɃɰOumlĉ˼ϸoacuteˍŪ=ͶɱOumlѸDŽϧiumlŊegraveOuml136ФжтŮ=ɴƮѳiacuteѧˏȬƂβĈF6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

33

c Cashing out your returns

gtƮɴOumlſYϡDŽĈ˾ʷordf

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſY6ˍřϛѝκЪxʷordfʙϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecoms services

rental option

4服务费用

IcircϛѝǝѢФoacuteƟAacuteȕ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸȕ6жϞȏOumlĞĒϸxVȂegraveβordfѸʆ6

5 Maintenance

Of the 5 guaranteed return generated form your property during the period you are not in residence the management company

will retain 4 of this return for maintaining your Villa The maintenance fund will be pooled and used for all Villarsquos in the resort

5维护

ɴxǝѢʖƣiquestɴOumlĉѓƮ˪Ouml13OumlſY=ŎȓŁƮWȰжbſYѓOumlϸѽɴpOumlŰ6ŰƈDŽƮ^ūsʜȅsϸЂϾoacuteƟAacutepOumlŰ6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Hotel projections

Rooms Available 可用房间 not relevant 非主要Estimated occupancy 预计使用率 not relevant 非主要Estimated average daily room rate 预计每日平均房价 not relevant 非主要Growth in room rate 房价增长率 not relevant 非主要Annual room sales 年房间销售额 not relevant 非主要RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE2 Bedroom 收益 ndash 双人间 50 50 50 50 50 503 Bedroom 收益 ndash 三人间 50 50 50 50 50 504 Bedroom 收益 ndash 四人间 50 50 50 50 50 50

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 300000 300000 300000 300000 300000 300000

3 Bedroom 收益 ndash 三人间 9000000 450000 450000 450000 450000 450000 450000

4 Bedroom 收益 ndash 四人间 12000000 600000 600000 600000 600000 600000 600000

Hotel revenues and owner rental yield - Option 1 Flexibility

34

Option 1 - FLEXIBILITY Option 2 ndash STABILITY

investment returns for your Villa are influenced by the

success of the resort and the number of days you use

your Villa

Stable implies both your returns and your annual

usage rights to your property are fixed Regardless of

how well the resort operates your returns will remain

the same Equally you will only have a fixed number

of days allowed in residence

Usage Have unlimited usage rights to their Villa 40 days usage per year

Rental ReturnEarn 36 of the pooled returns from the entire resort

whilst not in residence

5 guaranteed return on their investment regardless

of resort performance

Resort Discount20 discount on all resort amenities and activities

(including SPA and Restaurants)

20 discount on all resort amenities and activities

(including SPA and Restaurants)

Services FeePay a Services Fee of 300rmb per room per night

whilst in residence

Maintenance4 of all room revenue is retained for maintaining

the owners Villa

4 of all room revenue is retained for maintaining

the owners Villa

选项1 ndash 灵活性 选项 2 ndash 稳定性

ȬƂβϸЂ˼ϸІſY6ɰOumlpѱſYʷǧЂoacuteƟAacuteOumlĿǑϱũɰoslashpOuml˼ϸoacute

ŊegraveβϤѯɰOumlſYũɏɱoslashЂɰOumlĉOuml˼ϸʹΏiumlŊegraveOuml6xɃoacuteƟAacuteOumlǑϱѫȁϾucircť=ɰOumlſYiumlŊegraveOuml6ϖTHORN=ɰъϾŊegraveOumlПηǝѢOuml6

使用 ʹΏѐOumlp˼ϸʹΏ ɏɱOuml˼ϸʹΏ

租金收入 ФxǝѢʖƣ=ƅOtildeмĸoacuteƟAacuteūsſYOuml xɃoacuteƟAacuteǑϱѫȁˍŪ=Wп13OumlſYϸЂѱ

度假村折扣 ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt

服务费用 ǝѢʖƣ=ɏĉƣɏЏˆəeOumlĞĒϸ čѝϘ

维护 ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ

OPTION COMPARISON

选项对比

35

36

INDUSTRY RETURNS AND BENCHMARKS

INDUSTRY REPORT

行业报告

Tourism and urban resorts is one of the fastest growing industries in China According to industry consultant HVS cities such

as Shanghai Beijing Shenzhen Guangzhou Hangzhou and Tianjin all have a population where a critical mass of highly affluent

individuals and successful companies exist generating demand for suburban resorts

ФѓŘ=ȾϽϛũoacuteƟAacuteσɓāЮOumlαϛтϞ6ĻǟʺʳǙacircĞϛltOumlϞΙYĵ˿=ФѓŘOumlѝϘˍ˛ŝ5[ǎ5˧5œј5ţјũdžǩēyѯAringȣOumlĥЍˆʾũĿOumlʝϛ=ϻfrac14ϚƊāȥoslashƴʵoacuteƟAacuteOumlƌAringεʴ6

Amongst other things the exponential growth in private vehicles has seen a huge increase in demand in the leisure market With

the completion of the shenjiahu highway in 2010 the travel time from downtown Shanghai to Deqing is now 2 hours Also with

stop at Deqing) scheduled to open in late 2011 travel time from downtown Shanghai to Moganshan will take between 15 to 2

hours When comparing travel times to get to other resort destinations in China ndash eg Hainan or Lijiang flight times might be within

2 or 3 hours total travel time including travel to airports and check in make the whole trip 6 to 7 hours plus additional travel cost

Within the 2 hour travel radius of Shanghai the quality of resort destinations is also (in our opinion) not at an international standard

with most hotels simply being lsquocity hotels in the countryrsquo rather than true resort properties operating at international standards

shyfrac14т=ѯĸˆγΊOumlāЮ=ĸˆƸϴϾȿϚσʂ˫6ѳɱ˥ƛůijϡŮ=iquest˛ŝOgraveOcircʭϚLjεϘĸΟ˶Ouml6ΪƭOumlijǵϡФ13ēєɬiquest˛ŝUumlAumlţј6ƏƮФɱYacuteǫľOumliquestţјOgraveɫǎOumlijѓϾϞаDzOcircʭlt=ъεϞĸSΟ˶OgraveȢĸΟ˶ǜǵϡiquest˛ŝѓΫOgraveAumlɢī˗6ˍřІѓŘOumloacuteƟˮTHORNŝɫ5ȒƯUgraveaƹ=shyȥϘųĒэĸΟ˶Oumlďα˶ƣ=ŻϘФVȂʣƉ=CʺƤũUgraveEgraveOslashƉ˛ų˛эĸΟ˶=ĽxϸɨΡuumlOumlαųΝȥ6Ѷō˛ŝїiΟ˶ɬOumlγΊoacuteƟʸdeg=э˟ͰɒˈltІŘƙŸnѬŻϾѯɛOumlǢ6AringēOumloacuteƟǙacircϚũѓOumlɨΡǙacircɍϾ_ёOumlʵp=ЗЗAumlxOgraveинŘƙϤϦ˛oacuteƟίĉΙɧOumlϘʴ6

ϛѝЎʖſYІaƹ

37

OUR NICHE

我们的利基

naked sees a need in the market for world class expertly designed and operated resorts which are within 1 to 2 hour travel time

of major cities in China As with other urban resorts we believe that the Leisure market and the MICE (Meetings Incentives

Conferences Events) market will be a huge driver for our business In addition we feel that we are already at the forefront of

the growing focus and concern on environmental design building and operations as well as the growing interest in nature and

environmental education At naked we also place a high emphasis on facilities and services for the entire extended family ndash from

children to parents to grandparents that other resorts do not place dedicated resources for

nakedЎƧOgraveȥФѓŘжϞεʴƏǢȑѝϘϞэȢĸΟ˶Ouml=˶ЁhζǁϞȱOumlѥϛˤƗũŎȓOumloacuteƟΙɧ6ͰɒΑάγΊũƁƁϨ5ưȘȾϽ5AringίʝϛƁϨ5ƂiacuteЮȉltOumloslashͰɒϛOumlіAringʤȞ6frac14=ͰɒФŋѣũiacuteźWίˤƗ5ƭШ5ŎȓũźWȓɲœ˛ϠǑѷФȥαϛȭя=ФnakedІαϛеxͰɒϚіoslashЂˣʵѓOumlŜѲ5Ɲ5ȌеOumlĞũˏ6

As such we feel very confident in the rates and occupancies that we will achieve Regarding room prices when benchmarking

against some of the other leading hotel brands in the resort market such as Aman Fayun Hangzhou Banyan Tree Hangzhou Fuchun

Resort Hangzhou Mandarin Oriental Hainan and Commune by the Great Wall average rates in March 2011 for single bedrooms in

this set are ~ RMB2800

ϩfrac14=ͰɒoslashЂˏѢĉƠϡƎˏѢȿcurrenɊάΫ6ФˏѢĉƠĈɘ=ІʙФoacuteƟAacute˛OumlсɜǙacircʑʁaƹ=ˍCҊĂО5ţјНҏѨ5ĥsup1˗ǝ5˓φŴecircĈǙacircũƵ΅OumlŁˣ=Фɱ˓МOumlEumlˆƣʒǩƠķ=6

Regarding occupancies we are confident to achieve occupancies of around 60 after about 4 years of operation but forecast

conservatively that our occupancies will start from around 35 in the 1st year of operation and grow steadily to 45 in year 2

55 in year 3 and 60 after the hotel is lsquomaturersquo from year 4 onwards

ФˏѢȿĈɘ=ͰɒŬϾάΫǑŚɱOumlǑϱ=ͰɒǵϡAumlOgraveOumlˏѢȿ6WŇƗ=ͰɒOumlˏѢȿƮƁϻszligϞɱOuml13=egraveЫOgravefrac34ɱOuml13ũszlig˓ɱOuml1313=szligɱϡŮƮƁЫOgrave6

Given the above estimates we believe that owners can expect attractive investment terms as illustrated in the table below

Ļǟϡ˛OumlŇƗ=ЎƗϛѝɭņOtildeOgraveOumlѱſYƮƁˍ΅o˿

CҊĂО

НҏѨ

ĥsup1˗ǝ

˓φŴecircĈǙacirc

Ƶ΅OumlŁˣ

RMB4270

RMB3500

RMB2000

RMB2150

RMB2388

Aman Fayun Hangzhou

Banyan Tree Hangzhou

Fuchun Resort Hangzhou

Mandarin Oriental Hainan

Commune by the Great Wall Beijing

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966

38

39

ͰɒOumldivideTHE TEAM

40

Grant Horsfield ndash Chairman naked Group

Grant a native of South Africa is Founder and Chairman of the

naked Group

Before coming to China in 2005 Grant worked in England

and South Africa with more than 10 years business ownership

experience With background in IT he launched eBites

Limited in 2000 Operating nationally eBites was both a

publishing company and a callcentre facilitations company with

headquarters based in Cape Town In 2004 Grant received

an MBA from University of Cape Town Graduate School of

Business Upon graduation he decided to come to China as he

saw China is where business opportunities lie

After spending two years in Shanghai he found himself

overwhelmed by the metropolis and missed the natural beauty

of his home From this desire and need sprouted the concept

for naked Retreats which was launched in 2007 Grantrsquos vision is

to create sanctuaries that are in harmony with the environment

where people can appreciate the simple way of nature and

embrace the naked lifestyle Grantrsquos tireless efforts in promoting

ecotourism in the rural areas not only created jobs but also

pride for the local community He received an environmental

award from the Huzhou Government in 2008

高天成 - naked集团总裁

ij=ɫčIcircTHORNˆ=nakedƍOumlmiddot˽ˆũѵ|6

Ф13ɱȅOgraveѓŘтʣ=ij˪ЬФϯŘƎɫčľѽ=ϾŚɱOuml˙ϛǑϱƎРѽǑϏ6ФʙITǒOumlUѠ΅=ɱij˪ƭȜȥeBitesϾΏŁ=eBitesŁƮϱΝІaacuteŹĞѓΫLJɖƿū=ʙѵˤФǭʔugrave6ɱ=ijƅOtildeȥǭʔugraveAringλ˙λЙOumlMBAλ6dϛŮ=ǧegraveȅѓŘ=ϩǯOgraveȥжȕOuml˙Ɖ6

Ф˛ŝEgraveȥȢɱтŮ=āѳƓxȥ˪Ƃ=sʨAtilde˱ȥѳʿɐǒ6ФжѕИІεʴOumlʶ˼΅=ƭȜnaked Retreats

OumlΖĂФɱOtildeOgraveȥ˹˲6ijOumlΖĂƭШϞĸ˯THORNІѳʿũΣŃdeg=ˆɒǵϡΘѳʿ=ΘnakedOuml˪ƂĈ˾6ij˫ΔAacuteTHORNʵ˪ȾϽѽordfOumlxΦɹȞ=xLjmiddotШȥľѽıŻOtildeOgraveȥIcircTHORNˣʵOumlХϐ6ij˪ƅOtildeȥɱůјоġNāOumlźWAring˼ư6

41

Delphine Yip-Horsfield ndash Partner Ben Wood Studio Shanghai

received her Master of Architecture degree from Harvard

Boston prior to moving to Shanghai to oversee the award

winning Xintiandi project on behalf of Wood and Zapata In

the fall of 2005 Delphine became partner at Ben Wood Studio

Shanghai

Drawing from her own experience of diverse cultures Delphine

has led a multitude of high profile projects such as Hangzhou

Xihutiandi Zhujiajiao Oriental Garden Shanghai Waitanyuan

Beijing Palace 77 Shanghai Hongqiao Commercial Core Lijiang

Lashihai Resort Masterplan etc

In 2006 she was selected Wallpaper magazinersquos first annual 40

under 40 designer of the year

Delphine is the chief master planner and architect for naked

Home Village and naked Stables Private Reserve She also

oversees the visuals and styling of the naked Brand

叶凯欣 - 上海Ben Wood设计室合伙人

ϜǮΩɺ=Ben Wood ˤƗľѽOumlѵƢ=śęAringλƭѡλ6ȅ˛ŝтʣ=ФΒIJ5ɷКũuuacuteľѽ6ȅ˛ŝŮ=CcediloWoodũZapataĤЩΪTHORNΙɧOumlƢethľѽ613ɱʲƕ=ϜǮΩɺBen Wood ˤƗľѽūƃˆ6

ϾѯxŸϽșǑϏOumlϜǮΩɺ=EacuteˇȥηucircijocircΙɧOumlƢeth=VȂţјͻůTHORN5њƝƶecircĈųВ5˛ŝЕ5[ǎłatilde5˛ŝŭʦ˙ϛѓΫ5ȗƯȄŝoacuteƟAacuteѵŔŷˤƗUgrave6

ɱ=ˏκȥWallpaperСьǃɱoacuteϡ΅OumlˤƗ˰6

ϜǮΩnakedƝВAacuteũnaked RetreatsOumlѵˤƗеũƭѡ˰6˶ϚĤЩƢethnaked˙nOumlFũĘķˤƗ6

42

Kang Yang Lim ndash Group Chief Operating Officer naked Group

Group with over 13 years corporate finance and real estate

development experience Previously he was Director of the

real estate division of APP China taking responsibility for the

initial positioning and development of the USD15 billion lsquoWhite

Magnolia Plazarsquo mixed use development project (including

the development of Shanghairsquos first W Hotel) He also led the

concept and development of APPrsquos branded residence and resort

project in Sheshan Shanghai

Finance division of PricewaterhouseCoopers in Melbourne

Australia where he specialized in business value and strategy

worked in inhouse strategy roles for CocaCola GB in London

and to British venture capital firm of the year (2004) ISIS Equity

Partners before coming to China in 2005

Accountants Australia in 2002 and is also an affiliate of the

of Commerce and Diploma in Modern Languages from the

University of Melbourne Australia

林纲洋- naked 集团首席营运官

ƞˏnakedƍOumlȩ˪ϴϾŚɱOumlʝϛ~ƎTHORNǭāǑϏ6Фfrac14тʣ=ѽѓŘDŽŒOumlTHORNǭāOumlѵƢ=ĤЩƠч13ϢЏOumlucircϸ8JЈȈœ9ǭāΙɧOumlcopy˽κшũǭāVȂ˛ŝszligϞƝ ǙacircOumlǭālt6˶ϚщNtildeȥDŽŒƍФ˛ŝҁ˗ʑʁѢЭũoacuteƟAacuteΙɧOumlȓɲũǭā6

ФDŽŒƍˇфтʣ=ȩİϑGAringȚφɣyuml_ʔŴϷOacuteƁƗ˰OumlǑȓ=ѥѣЂ˙ϛƠчũЯɁѰξ6ȩ˪Ф13ɱȅOgraveѓŘтʣэȑǭʔŴϷOacuteŮOumlϞotilde˶ƣɬ=ѽǵǺǵȎɂugraveŁɬOumlЯɁēͺ˰=ϡƎISISOumlʼnʏūѽƃRФϯŘɂugraveOumlϯŘĘΌѱŁˇф6

ȩ˪ФɱƅOtildeȥGAringȚφηƁƗ˰ƁũGAringȚφпʻωǗOumlƁГѱķ6˶ϚƅOtildeȥGAringȚφɣyuml_AringλOuml˙ϛλλϡƎCcedilЇϊλп6

43

Gabriela Lo ndash Managing Director naked Retreats

With over 15 years experience in high end events and PR

management Gabriela has been instrumental in bringing naked

to where it is today As one of the original members of the

naked Team Gabriela has led the growth of naked Retreats

to become one of the most famous eco retreat destinations in

China attracting guests and publicity from around the world

Originally from Macao Gabriela has rich multi cultural and

multinational living and working experience having worked and

studied for many years in Greater China England and Italy

卢家宝 - naked 度假村常务董事

ϴϾŚ13ɱOumlijocircƂiacuteũŁŃŋ΄ŎȓǑϏ=nakedDžOumlǜІȶƝXēxǭ6ѽħdivideOumlmiddot˽ГтϞ=ȶƝXϠǑAEligȭnakedѓŘѻϾɜOuml˪ȾϽɧOumlTHORNтϞ=ͼϭȥȅѳǁĹTHORNOumlǸˆ6ȶƝXȅѳGɑ=ϴϾĖĥOumlucircЏŸũucircŘǝѢũľѽǑϏ=ЬФAringѓŴTHORNʵ=ϯŘũϤAringȚϾѯucircɱωǗǑș6

Judy Zhu ndash General Manager naked Group

Zhu is the General Manager for naked Group ensuring smooth

operations of the group with a particular focus on government

朱燕 - naked 集团总经理

њώ=iquestnaked Retreatsmiddot˽ǭ˽ǜũij˪ūѽ6њώѽƍѵǑȓ=ĤЩIcircTHORNũŋ΄ʽWƍРѽ6Фƞˏnakedтʣ=њώФ˛ŝũ[ǎiquestŚηucircІ˙ϛϾŋOumlфϛ6ФΪͻȈƅOtilde˙ϛλ6

44

Kurt Berman ndash General Manager naked Stables Private Reserve

With over 16 years experience in FampB and high end luxury

resort management Kurt brings a wealth of experience and

will lead the preopening and operations of our new resort ndash

naked Stables Private Reserve Prior to joining naked Kurt was

the preopening General Manager at Six Senses Laamu and

Resident Manager for Six Senses Soneva Gili by Six Senses Kurt

has also worked at other prestigious resorts including Fregate

his career in hospitality in FampB and was a trained Chef with

experience working in many prestigious institutions including

The Dorchester Hotel in London Kurt is from South Africa and

has a masters certificate in hospitality management from Cornell

University

Kurt Berman - naked私人度假村总经理

ϾѯŚɱϬƎijIumlŤŴoacuteƟAacuteOumlŎȓǑϏ=ƮϡĖĥOumlǑϏȭNtildeͰɒΪoacuteƟAacute77)$ 0OumlϱϛũРϱ6Фƞˏ)$ тʣ=10ЬEacuteˇŚ8szligȳĭǦ9+1ϱϛѵǑȓũ8szligȳĭǦ9-2 ((OumlѤacircǑȓ610ŻЬˇфЂamp0ˆŝETHũ1+4UgraveʙўɜoacuteƟˮTHORN610OumlϛʜzЂϬαϛ=ϚϡϞĸФŬucircўɜƉńVȂ-0-0 -$-ltľѽŚOumlρȡϾOumlnot˰610ȅѳɫč=sϴϾǰɪyumlAringλЃOumlǙacircŎȓλ6

Richard Johnston ndash General Manager naked Home Village

Hailing from the United Kingdom but with most of his working

life in resorts throughout Africa Richard brings with him over

20 years experience in General Management and Director level

roles in world class resorts including Azura Retreats Cape Grace

hotel and the Saxon Hotel Richard plays a key role in the set

up of systems training and operating standards His years

of experience and mentoring leadership style make Richard a

natural inspiration for our young hotel management team

Richard Johnston - naked 家园村总经理

RichardȅѳϯŘ=IgraveAringucircOumloacuteƟAacuteľѽiumlФмĸčљ=ϴϾŚɱOumlѴūŎȓũǁƐoacuteƟAacuteVȂAzura

Retreats Cape Grace hotel and the Saxon HotelltijʒŎȓǑϏ6RichardФƭȜ΄5ʅρũРαnѬĈɘʜѯŋƨѽϸ6ĖĥOumlǑϏũȭNtildeĘķ˼OtildeoslashͰɒɱʬOumlǙacircŎȓdivideϾѯѳʿOumlƊȘ6

45

Teun Hanegraaf ndash Sales Director naked Retreats

Teun obtained a Bachelors in Business Studies and Masters

in Strategic Management with a focus on Chinese Business

Culture Teun increased our corporate sales business by 350

in his first year with us bringing international companies

ranging from international conglomerates Unilever and Coca

Cola to more local institutions such as The Shanghai American

School and leading Chinese companies such as Bank of China

韩天宁销售总监

ȅѳŧȈɥEcirc=şɵϴϾ˙ϛλλλ5ЯɁŎȓѥѣЂѓŘ˙ϛŸlt6ȅƍOumlszligϞɱşɵƮŁOumlΝϛijȥ13=sŁAEligȅȥx˟ŘƙβOumlAringŁǸŲ=жʙѓϾŘƙAringʝϛȠūȚŴũǵǺǵȎ=ϚϾ˛ŝɐŘλΠUgraveIcircTHORNƉńũѓŘϫαUgraveѓŘȴʝϛ6

Oliver Yuen ndash nature Reserve amp Recreation Manager

naked Stables Private will be the first private reserve in China

with a wealth of new flora and fauna introduced to the project

from Sydney University Australia and as a fully qualified Ranger

working in many of the worldrsquos best wildlife parks Oliver takes a

special role in ensuring the environment of naked Retreats and

naked Stables Private Reserve will be full of life and a natural

self supporting eco system Oliverrsquos passion for both people and

nature make him the perfect person to teach our guests about

what we do and make their stay not only a relaxing one but

also a fun fulfilling educational one as well Oliver previously

worked in wildlife parks and resorts such as Azura Retreats in

Mozambique Mobala Private Game Reserve in South Africa and

Sydney Aquarium in Australia

袁鹏威 - 活动经理和度假村 生物学家

naked StablesƮѓŘszligϞĸϭljΪOumlцʾũiacuteʾOumlˆoacuteƟʵ6OliverѽϞɜGAringȚφͿɯAringλūķOuml˪λƝiacuteλƝ=ϡƎФǁĹTHORNOumlϙ˪iacuteВľѽOumlľѽе=Ф˼naked Retreats ũnaked StablesϾѯĖĥ˪ѱЕ5ʿѳĺOuml˪΄Oumlźǔľѽ˛QύѯіϘƶ˔6АʊoslashˆȏũѳʿOumlƊʮ˼ѻūOumlˆȅĵͰɒOumlǸˆͰɒѼOuml˷ɋ=sʨ˂ɒФжȕOuml˶ŒxLjLjČ=˶Ϛ˂ɒOumlǝѢǑșlOtildeϾǭΫcurren˹ũϾƷЋϤϦ6АʊтʣФɫčũGAringȚφͿɯѹŏiquestϙ˪iacuteВũWŰʵOumlľѽVȂMozambique OumlAzura Retreats Mobala Private Game Reservelt6

46

Philip C Davis Company Director naked Retreats

Phil joined the Board of Directors for naked Retreats hotel

management company in 2011 His previous board experience

includes Tian Rui Hotel Corporation holder of the master license

for Super 8 economy hotels in China and Hong Kong from 2006

to 2008 He also was a founding shareholder of Tian Rui and

served as its President and Managing Director from 2006 to

2008 He was a board member of Tian Xian Cheng a bai jiu

concern which is a joint venture between Pernod Ricard and a

2010

Phil was previously Chairman of the Budweiser (Wuhan)

International Brewing Company and Managing Director of the

AnheuserBusch business in China and Hong Kong from the

beginning of 1996 through 2002 From 2003 to 2005 he

headed the AnheuserBusch liaison office with Tsingtao Brewing

Company

Phil holds a PhD in history from Washington University and

started his career as a market researcher at a major advertising

agency in the US before moving to AnheuserBusch and

heading its consumer planning and new product development

functions in the 1980s

Philip CDavis naked 度假村公司董事长

PhilЂɱƞˏȥnakedoacuteƟʵǙacircŎȓŁOumligraveƁ6ϡĖĥOumlǑϏVȂФːǙacircƍˇф5ϡƎЂɱэɱФѓŘũѓŘΒIJEacuteˇSuper ǑƖǙacirc ʼnˆ6˶=ϚːǙacircƍOumlmiddot˽ʼnecirc=ФɱэɱʖƣEacuteˇƍOumlѵ|ũigrave6ɱэɱʖƣ=ϞƝІWȎȞƞũJǙ˪ȴʝϛƬɫūѱOumlʝϛ77ΐOumligraveƁГ6

iquestɱэɱ=Phil͵šBudweiserŘƙɳǙŁOumligraveƎѓŘũѓŘΒIJCŝyŁOumligrave6iquestɱэ13ɱ=CŝyũʫETHʌǙŁOumlȠɆdegOumlĤЩˆ6PhilϴϾŴ˭uacuteAringλOumlș˻дλvλ=ФǁɱCcedilȅOgraveCŝy5ĤЩΞĒŔŷũΪʑǭāĿɭтʣ=OumlϛʜzЂɐŘOumlϞƝœĵCcedilȓŁ=Eacuteˇaeligω6

47

OUR INTERNATIONAL TEAM

International team

Chief master planners amp architects

the urban landscape of modern China with Xintiandi in

Shanghai a commercial cultural and entertainment district

Since then the studio has worked on projects in very diverse

categories both small and large scale projects include mixed

use projects like the ldquoTiandirdquo in Hangzhou Chongqing Wuhan

and Foshan luxury villa and high rise residential complexes in

Shanghai and Vietnam as well as various boutique hotels and

Chalet Architects

A00 Architecture is most well known for their research

inenvironmental sustainability and its application to their

work in Architecture Interiors and Furniture Their portfolio

includes feature restaurants luxury spas retail stores design

conversion of dozens of historic Shanghai homes into highly

personalized residences

Interior Designers AIM (Architecture amp Design) brings expertise

in the combination of world architectural styles and design

influences to the interior designs at naked Stables Private

Reserve With the Shanghai office led by the two founding

on comfort warmth and a unique blend between African and

Asian design sensibilities

Landscape Architect

Design Land Collaborative (DLC) is a professional consulting firm

comprised of landscape architects and planners with an office in

Shanghai and the United States Projects have a strong emphasis

on cultural resources historic preservation and ecological

design involving both the public and private sectors

ͰɒOumlāЮdivide

ɴǵϡΑάOumlёȣ

ŘƙŸdivide

首席规划师和建筑师

benwood Studio Shanghai OumlсɜΙɧтϞѠĨШ˛ŝΪTHORNľ=˼ʙƍ˙ϛ5Ÿ5ЄȎϞOumlʵЉ6тŮ=ЁƻȥĹȏŔɟAringΟOumlΙɧ=VȂţјOumlͻůTHORN=іʱ5͵šƎę˗OumlŤŴpϡƎФ˛ŝũЛɫOumlijѢЭʵ=ȮŻϾФѓŘƎˉ_OumlĹȏǐʑǙacircƎoacuteƟ6

小圆房建筑

AOO Architecture ФźǔWŰƎǵ θāЮĈɘϾѯѭЛOumlƭ=s˘ƮʙƭϰϸЂɬƝѩ6ɒƻŚOumlΙɧVȂ˔5ŤŴȤѓΫ5ȫ˙acirc5ˤƗίǙacirc˛ŝυНǙacirc lt5ˆoacuteƟϡƎϞ΄ȧOuml˛ŝș˻ѢЭOumlCcedilŸƎˆŸĨШ6

ɬ ˤƗ˰AIMƭѡˤƗltѥѣЂǁƭѡĘķũˤƗOumlɐƿū=ϭNtildenaked StablesOumlɬˤƗ6ФȅѳŧȈũaȚ˶OumlūѽmiddotTˆȭNtildeOuml˛ŝTdegOumlUѠ΅=ˤƗѣі5ũφčˤƗȓɲOumlntildeˊū6

景观设计

Design Land Collaborative (DLC) ϞƝiquestǒōˤƗІŔŷOumlѥϛѰξŁ=Ф˛ŝІɐŘǩˤϾēрƉń6ʙΙɧ˘ЂŋѣŸș˻ĻЕ=ƿūźW˪ǴƔ=ѥѣЂŁŃƎϾTHORNOumlŔŷ6

48

Engineering amp Project Management team

Scott Wilson Group PLC is a globalintegrated design and

engineering consultancy for the built and natural environments

Scott Wilson is responsible for the project management the

electrical and mechanical engineering for the project

Environmental Consultants

Environmental Resources Management (ERM) a leading global

provider of environmental health and safety risk and social

consulting services ERM deliver innovative solutions for business

and government clients helping them understand and manage

their impacts on the world around them ERM have 137 offices

in 39 countries and employ approximately 3300 staff

Sustainability Consultants

Bisagni Environmental Enterprises (BEE) works with the

engineering and design teams to ensure the environmental

goals set out at the inception of the project are achieved

LEED Consultants

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

Local Design Institute

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

General Contractor

and have been responsible for some of Chinarsquos most iconic

properties such as the World Financial Centre in Shanghai

工程及项目管理团队

Scott Wilson Group PLCϞƝʺʳŔɟOumlźWˤƗƎľѰξŁ6Scott WilsonĤЩΙɧOumlaacuteʠƎƉΤľ6

环境咨询

Environmental Resources Management (ERM)ϞƝʺʳαϛȭѰξŁ=ŀźǔWŰ5ƫǰCʺƎŁŃˣƁĘΌUgraveѰξĞ6ERM˙ϛƎоġɑǸŲŀĨĶβOumlǀǧĈF=UѠɒȥǀsŎȓʙǑϱoslashˣƁźǔAEligȅOumlϳΗ6ERMФʺʳϾ137ĸēрƉń=myĸŘƝ=ϴϾAringК3300ɜГľ6

可持续发展咨询

Bisagni Environmental Enterprises (BEE)ІľˤƗdivideΑűūѽ=ϡʽWФΙɧǭ˽ƼotildeˤȜOumlźǔWŰǵ θāЮɧnOumlȚ˹6

绿色建筑认证咨询

Shanghai Pacific Energy Center (SPEC)ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlŁтϞ6

本地设计公司

Shanghai Baoye Construction Corp Ltd ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlαϛȭŁтϞ6

总承包商

ϞƝŘƝƐľVŁ=ϠƻȥηucircѓŘnьβΙɧ=țˍ˛ŝźʳDŽˊѓΫ6

49

naked COVERAGE

wwwcnngocom

ldquo25 killer things to do this summerrdquo

26 April 2010

Time Magazine

ldquoRun to the Moganshan Hillrdquo

新浪博客

ldquo避世的可能rdquo

31 December 2009

wwwenglisheastdaycom

ldquoThe first batch of ldquoChina Treasured Towns ldquo released

December 2009

Shanghai Urbanatomy

ldquoGet naked this time with horsesrdquo

Shanghai Daily

ldquoGreen MaGIC Casts design spellrdquo

14 October 2009

新浪商品

ldquo中国最佳设计酒店大赏rdquo

September 2009

wwwchannelnewsasiacom

ldquoChinarsquos green resort allows travellers to vacation on good consciencerdquo

2 September 2009

wwwbijianlinblshecom

ldquo莫干隐居rdquo

25 Aug 2009

wwwassociatecontentcom

ldquoThe Exquisite Moganshan Mountains of Chinardquo

Ɏ

Wikitravel

ldquoMoganshanrdquo

德清新闻网

ldquo承包国营林场建造生态ldquo逸站rdquo

wwwsinoeventcom

ldquo亚洲旅游地产及景点峰会成功举行rdquo

wwwchinatravelbrandingcom

ldquoPursuing Green for Greenrdquo

wwwbrandrepublicasia

ldquoMaking moves towards ecofriendly eventsrdquo

7 May 2009

wwwhandsonshanghaiorg

ldquoHands On Asia Conference Summeryrdquo

May 2009

wwwmyvacationcn

ldquo莫干山居rdquo

3 April 2009

wwwshanghaidailycom

ldquoThe naked truth Time to clean up Moganshan litterrdquo

4 March 2009

wwwgreennovateorg

ldquoMoganshan Project Kick Offrdquo

13 February 2009

Travesias

ldquonaked retreatsrdquo

Feb 2009

合肥在线

ldquo大山里的裸家族rdquo

20 October 2008

wwwentrepreneurcom

ldquoThe arrival of the Olympics showcases Chinarsquos burgeoning entrepreneurial spirit ldquo

7 August 2008

50

Shanghaiist

ldquoWeekend escape to Moganshan 莫干山rdquo

9 April 2008

私家地理

ldquo艳阳下的荫凉rdquo

30 May 2008

City Weekend

ldquoGet naked in Moganshanrdquo

25 January 2008

wwwbundpiccom

ldquo在这绿中撒点野rdquo

wwwhuzhougovcn

ldquo相中德清筏头的青山绿水南非客商莫干山下建生态逸站rdquo

wwwurbanatomycom

ldquo24 Hours in Moganshanrdquo

wwwhkheadlinecom

ldquo杭州莫干山竹林深处人家rdquo

15 May 2009

wwwnewsweekcom

ldquoBack from abroadrdquo

May 2009

Chinatravelnet

ldquoMoganshan A Heavenly Hideaway of Bamboo Forests amp Tea Plantationsrdquo

April 2009

wwwmzztmcagovcn

ldquo2009年踏青乐游路线推荐大公布rdquo

16 March 2009

第三媒体

ldquo规划一条畅快随性的踏青之旅rdquo

28 October 2009

wwwdqnewszjolcomcn

ldquo三九坞 ldquo裸家族rdquo钟爱的世外桃源rdquo

28 October 2008

ldquo自驾行天下rdquo之中国莫干山rdquo

Sep 2008

ldquoShiffting Gearsrdquo

Sep 2008

April 2008

Chewed up amp Spit Out

ldquoGet nakedrdquo

19 February 2008

ldquoBest Weekend Getaway Hotels Shanghairdquo

富世

Ecoefficient hotel低碳下榻

April 2011

Spa China Guy 男士派

Experiencing The Unique

2010

Cosmo 时尚

跨洋建屋隐居不隐世

April 2010

Global Times

The Mountain of legends

Global City Geography 城市地理

莫干山 naked Retreats 都市人一ldquo裸rdquo到底的山居生活

Dec 2009

China Daily

Rural Retreat

20 March 2011

China Daily

4th March 2011

Modern Weekly周末画报

圣诞低碳游

Dec 2010

Elite Traveler 携程自由行

旅尚

Esquire

Hidden Best Restaurants

Feb 2011

51

52

53

Page 27: Detailed Investor's Report

26

FITTINGS amp FINISHES SCHEDULE

EXTERIOR AND INTERIOR FINISHES

External walls

Structure is built from steel and SIP (Structural Insulated Panels) External wall is cladded with painted fiber cement board

Internal walls

emulsion paint

Ceiling

Ceiling is finished with emulsion paint

Flooring

Bedroom is finished with heavy strand bamboo flooring

Balcony

Balcony floor is finished with Wood Plastic Composite decking (M wood) Railing and trellis made with Liu An wood Balustrade is fitted with metal and Liu An wood

Window

bedrooms are fitted with double glazed LowE glass and Roto hardware

Kitchen amp powder room

Floor is finished with natural tile Kitchen cabinets and sink are provided Kitchen counter top is fitted with natural stone

Bathroom

Wall and floor are finished with natural stone

Doors

Entrance door is made of solid core timber fitted with Saflok RFID locks Bedroom doors are fitted with hollow core timber fitted with Saflok RFID security locks

ƭѡȦƎˤ]ɛ

室内外材料

oacuteƟͳʥ

oacuteƟͳƿńˤƗĮƿńƎƿńWOSIPlt6ʥϸΉɮOũʘ6

ɬʥ

ǸćƎͱтɬʥǩϸĔƎˎƲʘ6

ų

ųɘˎƲʘ6

THORN

ǸćģūɦTHORNO6ͱіќTHORNO

ȹ

ȹϸɦOʓʟ6ʈȲҎɦѐШOuml6ȇĬϸDŽрƎȲҎɦĜ6

acuteŲ

Ǹć5ͱOumlacuteŲϸȽɦѐacuteȀʆ-3ѓǹtȟƎ-0-ͶDŽʆƪ6

notĉ

THORNϡƎɘϡʿTHORNѦʓʟ=notĉŀlaquoŖϡƎʇ6notĉɘʿ˵6

Ќ

Ќʥ˦ƎTHORNϡʿ˵ʓʟ6

ɑ

ˏǺAringɑϸ˹Ψɦɑʆ˛-)ljordfɑNJ΄6ͱɑϸǹΨɦɑʆ˛SaflokljordfɑNJ΄6

27

MECHANICAL AND ELECTRICAL INSTALLATIONS

Heating and Cooling

AIRWELL centralized water source heat pump is provided Fresh air intake with heat recovery system is installed

Electrical provisions

are provided

Electricity

Concealed conduits are provided Threephase electricity supply with miniature circuit breaker distribution board is provided

TV telephone and internet connection

Satellite TV with all major international channels

is provided in all the villas Telephone outlets and wireless internet connection is provided

Hot water supply

Huang Ming solar hot water heater and Rinnai gas water heaters are installed for the villa

Water supply and pipes

Concealed copper pipes are used for both hot water and PPR pipes are used for cold water

The resort will be patrolled 24 hours a day CCTV system is in operation throughout the resort 24 hours a day All the villa front doors and bedroom doors are fitted with Saflok RFID security lock system

APPLIANCES TO BE PROVIDED OR INSTALLED IN EACH DOMESTIC

UNIT

机电设施配套

ŀɻũѐȐ

ɽyumlƍѓ˾Е˅`΄6ΪĘ˅ſ΄6

Ɲaacute

ʆEΐNtildeŎOumlǭŋϡƎѿ6

aacuteȞŀϰ

ѩϾϮ˾ΐȺ=ʆϾίoumlȺʠ=ʆaacuteΓOuml˓ΑaacuteЕŀϰ6

aacuteƎςˤ]

έaacute=ʹΐaacuteŹũʹΐȺ6

˅ˤ]

žɛϒɭ˅ʠƎȩɬɌʡ˅ʠ

Ŏ

˅ŀϰŎǩϸϮc˾ĮŎ=ȐŀϰŎŎ6

WCˤ]

oacuteƟAacuteˤϾϾΟ˶ѽOumlgȺaacute΄ϡƎΟ˶OumlπɄ6ˏǺAringɑƎͱϸSaflokljordfɑNJ΄

标准住宅单位附送以下设备

Stove BAUMATICExaust fan BAUMATICOven BAUMATICMicrowave BAUMATICFridge BAUMATICBARMini fridge (2 3 bedroom) BAIXUEWine fridge (4 bedroom) BAUMATICBEDROOMMini fridge BAIXUEBath KOHLERTERRACEBarbeque grill

TelevisionDVDBATHROOMShower KOHLERBasin KOHLER

notĉ aacuteraquoȷ ʄɇUcircǷnotĉϼχƉ ʄɇUcircǷnotĉaacuteDZΓ ʄɇUcircǷuȷ ʄɇUcircǷɬяrΓ ʄɇUcircǷHΟrΓ=ĉlt JμǙŖĉlt ʄɇUcircǷͱΟrΓ JμЌį Ǵȍȹ˞DZΓҒĉaacute ɯDVD ɯЌȪЌʠ Ǵȍʇ Ǵȍ

28

NOTE

1 The Developer reserves the right to substitute other materials

or appliances of comparable quality and standard for the

intended items as listed in above fittings and finished schedule

2 The fittings and finished as listed above shall be subject to

the terms of formal Agreement for Sale and Purchase Those

provisions may have slight variation in the color measurement

3 The Developer reserves the right to make modifications and

changes to the building design fittings and finishes without

prior notice

4 Fittings and finishes of the Special Units may be different

from those of the Typical Units

备注

āЮ˙WȰϞʧʹȞ=Dв˹ƙʮȁεϘϡUgraveётƭѡȦϡƎˤ]Ccedil˛ȧĹΙ6

˛ȧĹΙȦϡƎˤ]ǩϡн˾ɈɉūКOumlǿщegraveѬ6ĹΙƭѡȦƎˤ]ǵɭƁФϋ˔=ȣoacutepoundAcirc5ȓ5ѺуƎƆľ˛ordfʬp6

āЮ˙WȰϞʧʹȞδeacuteϡƎĽĨϛOumlˤƗ5ƭѡȦϡƎˤ]ʹεȮαс6

˔EumlЏOumlēƭѡȦϡƎˤ]І˛oȧĹΙǵɭϾx6

29

PURCHASE OPTIONS

Buying a Tree-top Villa at naked Stables Private Reserve involves signing a Sale and Purchase Agreement with the development

company and a Lease and Management Agreement and Deed of Conditions with the Hotel Management Company The Management

Agreement requires the purchaser to lease the property back to the Hotel Management Company to manage on the ownerrsquos behalf

There are two different plans which are available for buyers

在 naked Stables 购买一套拥有不动产权的树顶别墅包括与发展公司签署一份买卖协议以及与酒店管理公司签署一份租赁管理协

议和条件契约管理协议要求购买者以业主的名义向管理公司出租其别墅以供其管理买家有两种方案可供选择

ŅɈκΙ

30

OPTION 1 - FLEXIBILITY

1Owner Usage Rights

Zero usage restrictions

Early reservations are required to secure Villarsquos especially during prime and peak seasons If a Villa Owner does not provide the

required advance notice for a reservation the resort may be required to offer the owner a different unit or in the worst case no

availability at all

1 业主使用权限

ȫ˼ϸΏѐ

ϘʴʣЎegraveˏѢp=ϺʙФƐƕ6ˍřpϛѝɍϾŀϘʴOumlϸЂЎegraveOumlЎс=oacuteƟAacuteƮʙŀȮϞdegѢdeg=ƆеѻЦĴOumlʮȁɍϾǹĉ6

2 Rental Revenue

2 租金收入

a Rental revenue

Whilst not in residence the owner will be eligible to earn a pro rata 36 of the room revenue generated by the Reserve during their

absence Ie Everyday the revenue generated by the entire resort is divided amongst the owners not in residence on that day When

an owner is in residence he forfeits his opportunity to earn revenue

ѸDŽˏ

ϛѝxǝѢʖƣ=ƮOtildeOgraveoacuteƟAacuteordfѸʙĉͳOtildeϧOuml6ɏoacuteƟAacuteordfѸɨΡxǝѢФfrac14OumlϛѝOumlĉͳOtildeOumlϧƮ^ʒǩēʆĺжΡϛѝ6IcircϛѝǝѢФʙpȕ˶=Ʈ˱ʸƅOtildeϧOumlƉƁ6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

选项1-灵活性

31

c Cashing out your returns

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

gtƮɴOumlſYŚDŽĈ˾ʷordf

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſYϧ6ˍřϛѝκЪxʷordfOumlϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3 有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecom services

included in the Services Fee to the owner whilst in residence The services fee is 300rmb per room per night This fee is charged on

all rooms regardless of which are in use

4 服务费用

IcircϛѝФoacuteƟAacuteǝѢ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸѓ6ɏĸĉƣɏOumlĞĒϸЏˆəe6жĸĒϸΛϾĉƣʷOuml=xɃfrac14ĉƣĚФ˼ϸ6

5Maintenance

4 of hotel room revenue will be reserved for ongoing building maintenance This will be deducted from the ownerrsquos share of total

room revenue

5 维护

ǙacircǸĉˏOumlƮ^ȰѽŮθƭѡδтĒϸ6ħēDŽuumlƮiquestϾˆǵēOtildeOumlǙacircǸĉˏĕuumlѓǻshy6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGEEarnings Per Room (36 of gross room revenue) 124173 170827 221315 253507 263647 2066942 Bedroom 收益 ndash 双人间 248346 341653 442631 507013 527294 4133873 Bedroom 收益 ndash 三人间 372519 512480 663946 760520 790941 6200814 Bedroom 收益 ndash 四人间 496692 683306 885261 1014027 1054588 826775

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 41 57 74 85 88 69

3 Bedroom 收益 ndash 三人间 9000000 41 57 74 85 88 69

4 Bedroom 收益 ndash 四人间 12000000 41 57 74 85 88 69

Hotel revenues and owner rental yield - Option 1 Flexibility

32

OPTION 2- STABILITY

1Usage Rights

1 使用权限

选项2-稳定性

Total Permitted Usage Prime Peak SeasonPermitted Usage

Peak SeasonPermitted Usage

Out-of-SeasonPermitted Usage Blackout

40 days per yearNo occupancypermitted

Up to 20 days per year but no more than 7consecutive daysfor any one stay

Up to 20 days per year but no more than 7consecutive days for any one stay

No occupancypermitted

允许使用总数主要的旺季允许使用

旺季允许使用

淡季允许使用

无折扣期

每年40天 不允许占用 每年20天但是每人

不能连续居住7天每年20天但是每人 不能连续居住7天

不允许占用

Prime Peak Season To be published by naked Retreats in according to government notification every year Prime Peak Season

Middle Autumn Festival (Sept) excluding Blackout dates

Ɛƕɏɱϻnaked RetreatsĻǟоġĵāordfс6ƐƕVȂѓŘsup1ƽϞМĀМlt5ȋiacuteƽͶМlt5Řʱƽ˴Мlt5ʭɛƽМlt5ѓʲƽǘМlt=xVȂʹгǻʖ6

ƕiquest˓МOgrave˴ϞМʖƣOuml10ĸїɡϡƎ10ĸľѽˉїʖ=xVȂƐƕũʹгǻʖ6

OutofSeason 20 days during December to February excluding Prime Peak Season and Blackout dates

Iacuteƕiquest˴ĀМOgraveĀМʖƣOuml=xVȂƐƕũʹгǻʖ6

Blackout Dates Peak demand dates such as holidays sporting events groups and citywide conventions Local cultural events

all as specified by the Hotel from time to time

ʹгǻʖεʴijėʖVȂƟʖ5Ћ˒5ũʺβOumlƁϨ6IcircTHORNɾyumlOumlŸƂiacuteiumlƮDвǙacircOumlɛljα6

2 Rental Revenue

2 租金收入

a Rental revenue

Regardless of your usage of your property your rental return will be fixed at 5 for the first 5 years of operation After this period

you will automatically migrate to the Flexibility plan

ѸDŽˏ

xɃɰOumlĉ˼ϸoacuteˍŪ=ͶɱOumlѸDŽϧiumlŊegraveOuml136ФжтŮ=ɴƮѳiacuteѧˏȬƂβĈF6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

33

c Cashing out your returns

gtƮɴOumlſYϡDŽĈ˾ʷordf

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſY6ˍřϛѝκЪxʷordfʙϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecoms services

rental option

4服务费用

IcircϛѝǝѢФoacuteƟAacuteȕ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸȕ6жϞȏOumlĞĒϸxVȂegraveβordfѸʆ6

5 Maintenance

Of the 5 guaranteed return generated form your property during the period you are not in residence the management company

will retain 4 of this return for maintaining your Villa The maintenance fund will be pooled and used for all Villarsquos in the resort

5维护

ɴxǝѢʖƣiquestɴOumlĉѓƮ˪Ouml13OumlſY=ŎȓŁƮWȰжbſYѓOumlϸѽɴpOumlŰ6ŰƈDŽƮ^ūsʜȅsϸЂϾoacuteƟAacutepOumlŰ6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Hotel projections

Rooms Available 可用房间 not relevant 非主要Estimated occupancy 预计使用率 not relevant 非主要Estimated average daily room rate 预计每日平均房价 not relevant 非主要Growth in room rate 房价增长率 not relevant 非主要Annual room sales 年房间销售额 not relevant 非主要RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE2 Bedroom 收益 ndash 双人间 50 50 50 50 50 503 Bedroom 收益 ndash 三人间 50 50 50 50 50 504 Bedroom 收益 ndash 四人间 50 50 50 50 50 50

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 300000 300000 300000 300000 300000 300000

3 Bedroom 收益 ndash 三人间 9000000 450000 450000 450000 450000 450000 450000

4 Bedroom 收益 ndash 四人间 12000000 600000 600000 600000 600000 600000 600000

Hotel revenues and owner rental yield - Option 1 Flexibility

34

Option 1 - FLEXIBILITY Option 2 ndash STABILITY

investment returns for your Villa are influenced by the

success of the resort and the number of days you use

your Villa

Stable implies both your returns and your annual

usage rights to your property are fixed Regardless of

how well the resort operates your returns will remain

the same Equally you will only have a fixed number

of days allowed in residence

Usage Have unlimited usage rights to their Villa 40 days usage per year

Rental ReturnEarn 36 of the pooled returns from the entire resort

whilst not in residence

5 guaranteed return on their investment regardless

of resort performance

Resort Discount20 discount on all resort amenities and activities

(including SPA and Restaurants)

20 discount on all resort amenities and activities

(including SPA and Restaurants)

Services FeePay a Services Fee of 300rmb per room per night

whilst in residence

Maintenance4 of all room revenue is retained for maintaining

the owners Villa

4 of all room revenue is retained for maintaining

the owners Villa

选项1 ndash 灵活性 选项 2 ndash 稳定性

ȬƂβϸЂ˼ϸІſY6ɰOumlpѱſYʷǧЂoacuteƟAacuteOumlĿǑϱũɰoslashpOuml˼ϸoacute

ŊegraveβϤѯɰOumlſYũɏɱoslashЂɰOumlĉOuml˼ϸʹΏiumlŊegraveOuml6xɃoacuteƟAacuteOumlǑϱѫȁϾucircť=ɰOumlſYiumlŊegraveOuml6ϖTHORN=ɰъϾŊegraveOumlПηǝѢOuml6

使用 ʹΏѐOumlp˼ϸʹΏ ɏɱOuml˼ϸʹΏ

租金收入 ФxǝѢʖƣ=ƅOtildeмĸoacuteƟAacuteūsſYOuml xɃoacuteƟAacuteǑϱѫȁˍŪ=Wп13OumlſYϸЂѱ

度假村折扣 ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt

服务费用 ǝѢʖƣ=ɏĉƣɏЏˆəeOumlĞĒϸ čѝϘ

维护 ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ

OPTION COMPARISON

选项对比

35

36

INDUSTRY RETURNS AND BENCHMARKS

INDUSTRY REPORT

行业报告

Tourism and urban resorts is one of the fastest growing industries in China According to industry consultant HVS cities such

as Shanghai Beijing Shenzhen Guangzhou Hangzhou and Tianjin all have a population where a critical mass of highly affluent

individuals and successful companies exist generating demand for suburban resorts

ФѓŘ=ȾϽϛũoacuteƟAacuteσɓāЮOumlαϛтϞ6ĻǟʺʳǙacircĞϛltOumlϞΙYĵ˿=ФѓŘOumlѝϘˍ˛ŝ5[ǎ5˧5œј5ţјũdžǩēyѯAringȣOumlĥЍˆʾũĿOumlʝϛ=ϻfrac14ϚƊāȥoslashƴʵoacuteƟAacuteOumlƌAringεʴ6

Amongst other things the exponential growth in private vehicles has seen a huge increase in demand in the leisure market With

the completion of the shenjiahu highway in 2010 the travel time from downtown Shanghai to Deqing is now 2 hours Also with

stop at Deqing) scheduled to open in late 2011 travel time from downtown Shanghai to Moganshan will take between 15 to 2

hours When comparing travel times to get to other resort destinations in China ndash eg Hainan or Lijiang flight times might be within

2 or 3 hours total travel time including travel to airports and check in make the whole trip 6 to 7 hours plus additional travel cost

Within the 2 hour travel radius of Shanghai the quality of resort destinations is also (in our opinion) not at an international standard

with most hotels simply being lsquocity hotels in the countryrsquo rather than true resort properties operating at international standards

shyfrac14т=ѯĸˆγΊOumlāЮ=ĸˆƸϴϾȿϚσʂ˫6ѳɱ˥ƛůijϡŮ=iquest˛ŝOgraveOcircʭϚLjεϘĸΟ˶Ouml6ΪƭOumlijǵϡФ13ēєɬiquest˛ŝUumlAumlţј6ƏƮФɱYacuteǫľOumliquestţјOgraveɫǎOumlijѓϾϞаDzOcircʭlt=ъεϞĸSΟ˶OgraveȢĸΟ˶ǜǵϡiquest˛ŝѓΫOgraveAumlɢī˗6ˍřІѓŘOumloacuteƟˮTHORNŝɫ5ȒƯUgraveaƹ=shyȥϘųĒэĸΟ˶Oumlďα˶ƣ=ŻϘФVȂʣƉ=CʺƤũUgraveEgraveOslashƉ˛ų˛эĸΟ˶=ĽxϸɨΡuumlOumlαųΝȥ6Ѷō˛ŝїiΟ˶ɬOumlγΊoacuteƟʸdeg=э˟ͰɒˈltІŘƙŸnѬŻϾѯɛOumlǢ6AringēOumloacuteƟǙacircϚũѓOumlɨΡǙacircɍϾ_ёOumlʵp=ЗЗAumlxOgraveинŘƙϤϦ˛oacuteƟίĉΙɧOumlϘʴ6

ϛѝЎʖſYІaƹ

37

OUR NICHE

我们的利基

naked sees a need in the market for world class expertly designed and operated resorts which are within 1 to 2 hour travel time

of major cities in China As with other urban resorts we believe that the Leisure market and the MICE (Meetings Incentives

Conferences Events) market will be a huge driver for our business In addition we feel that we are already at the forefront of

the growing focus and concern on environmental design building and operations as well as the growing interest in nature and

environmental education At naked we also place a high emphasis on facilities and services for the entire extended family ndash from

children to parents to grandparents that other resorts do not place dedicated resources for

nakedЎƧOgraveȥФѓŘжϞεʴƏǢȑѝϘϞэȢĸΟ˶Ouml=˶ЁhζǁϞȱOumlѥϛˤƗũŎȓOumloacuteƟΙɧ6ͰɒΑάγΊũƁƁϨ5ưȘȾϽ5AringίʝϛƁϨ5ƂiacuteЮȉltOumloslashͰɒϛOumlіAringʤȞ6frac14=ͰɒФŋѣũiacuteźWίˤƗ5ƭШ5ŎȓũźWȓɲœ˛ϠǑѷФȥαϛȭя=ФnakedІαϛеxͰɒϚіoslashЂˣʵѓOumlŜѲ5Ɲ5ȌеOumlĞũˏ6

As such we feel very confident in the rates and occupancies that we will achieve Regarding room prices when benchmarking

against some of the other leading hotel brands in the resort market such as Aman Fayun Hangzhou Banyan Tree Hangzhou Fuchun

Resort Hangzhou Mandarin Oriental Hainan and Commune by the Great Wall average rates in March 2011 for single bedrooms in

this set are ~ RMB2800

ϩfrac14=ͰɒoslashЂˏѢĉƠϡƎˏѢȿcurrenɊάΫ6ФˏѢĉƠĈɘ=ІʙФoacuteƟAacute˛OumlсɜǙacircʑʁaƹ=ˍCҊĂО5ţјНҏѨ5ĥsup1˗ǝ5˓φŴecircĈǙacircũƵ΅OumlŁˣ=Фɱ˓МOumlEumlˆƣʒǩƠķ=6

Regarding occupancies we are confident to achieve occupancies of around 60 after about 4 years of operation but forecast

conservatively that our occupancies will start from around 35 in the 1st year of operation and grow steadily to 45 in year 2

55 in year 3 and 60 after the hotel is lsquomaturersquo from year 4 onwards

ФˏѢȿĈɘ=ͰɒŬϾάΫǑŚɱOumlǑϱ=ͰɒǵϡAumlOgraveOumlˏѢȿ6WŇƗ=ͰɒOumlˏѢȿƮƁϻszligϞɱOuml13=egraveЫOgravefrac34ɱOuml13ũszlig˓ɱOuml1313=szligɱϡŮƮƁЫOgrave6

Given the above estimates we believe that owners can expect attractive investment terms as illustrated in the table below

Ļǟϡ˛OumlŇƗ=ЎƗϛѝɭņOtildeOgraveOumlѱſYƮƁˍ΅o˿

CҊĂО

НҏѨ

ĥsup1˗ǝ

˓φŴecircĈǙacirc

Ƶ΅OumlŁˣ

RMB4270

RMB3500

RMB2000

RMB2150

RMB2388

Aman Fayun Hangzhou

Banyan Tree Hangzhou

Fuchun Resort Hangzhou

Mandarin Oriental Hainan

Commune by the Great Wall Beijing

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966

38

39

ͰɒOumldivideTHE TEAM

40

Grant Horsfield ndash Chairman naked Group

Grant a native of South Africa is Founder and Chairman of the

naked Group

Before coming to China in 2005 Grant worked in England

and South Africa with more than 10 years business ownership

experience With background in IT he launched eBites

Limited in 2000 Operating nationally eBites was both a

publishing company and a callcentre facilitations company with

headquarters based in Cape Town In 2004 Grant received

an MBA from University of Cape Town Graduate School of

Business Upon graduation he decided to come to China as he

saw China is where business opportunities lie

After spending two years in Shanghai he found himself

overwhelmed by the metropolis and missed the natural beauty

of his home From this desire and need sprouted the concept

for naked Retreats which was launched in 2007 Grantrsquos vision is

to create sanctuaries that are in harmony with the environment

where people can appreciate the simple way of nature and

embrace the naked lifestyle Grantrsquos tireless efforts in promoting

ecotourism in the rural areas not only created jobs but also

pride for the local community He received an environmental

award from the Huzhou Government in 2008

高天成 - naked集团总裁

ij=ɫčIcircTHORNˆ=nakedƍOumlmiddot˽ˆũѵ|6

Ф13ɱȅOgraveѓŘтʣ=ij˪ЬФϯŘƎɫčľѽ=ϾŚɱOuml˙ϛǑϱƎРѽǑϏ6ФʙITǒOumlUѠ΅=ɱij˪ƭȜȥeBitesϾΏŁ=eBitesŁƮϱΝІaacuteŹĞѓΫLJɖƿū=ʙѵˤФǭʔugrave6ɱ=ijƅOtildeȥǭʔugraveAringλ˙λЙOumlMBAλ6dϛŮ=ǧegraveȅѓŘ=ϩǯOgraveȥжȕOuml˙Ɖ6

Ф˛ŝEgraveȥȢɱтŮ=āѳƓxȥ˪Ƃ=sʨAtilde˱ȥѳʿɐǒ6ФжѕИІεʴOumlʶ˼΅=ƭȜnaked Retreats

OumlΖĂФɱOtildeOgraveȥ˹˲6ijOumlΖĂƭШϞĸ˯THORNІѳʿũΣŃdeg=ˆɒǵϡΘѳʿ=ΘnakedOuml˪ƂĈ˾6ij˫ΔAacuteTHORNʵ˪ȾϽѽordfOumlxΦɹȞ=xLjmiddotШȥľѽıŻOtildeOgraveȥIcircTHORNˣʵOumlХϐ6ij˪ƅOtildeȥɱůјоġNāOumlźWAring˼ư6

41

Delphine Yip-Horsfield ndash Partner Ben Wood Studio Shanghai

received her Master of Architecture degree from Harvard

Boston prior to moving to Shanghai to oversee the award

winning Xintiandi project on behalf of Wood and Zapata In

the fall of 2005 Delphine became partner at Ben Wood Studio

Shanghai

Drawing from her own experience of diverse cultures Delphine

has led a multitude of high profile projects such as Hangzhou

Xihutiandi Zhujiajiao Oriental Garden Shanghai Waitanyuan

Beijing Palace 77 Shanghai Hongqiao Commercial Core Lijiang

Lashihai Resort Masterplan etc

In 2006 she was selected Wallpaper magazinersquos first annual 40

under 40 designer of the year

Delphine is the chief master planner and architect for naked

Home Village and naked Stables Private Reserve She also

oversees the visuals and styling of the naked Brand

叶凯欣 - 上海Ben Wood设计室合伙人

ϜǮΩɺ=Ben Wood ˤƗľѽOumlѵƢ=śęAringλƭѡλ6ȅ˛ŝтʣ=ФΒIJ5ɷКũuuacuteľѽ6ȅ˛ŝŮ=CcediloWoodũZapataĤЩΪTHORNΙɧOumlƢethľѽ613ɱʲƕ=ϜǮΩɺBen Wood ˤƗľѽūƃˆ6

ϾѯxŸϽșǑϏOumlϜǮΩɺ=EacuteˇȥηucircijocircΙɧOumlƢeth=VȂţјͻůTHORN5њƝƶecircĈųВ5˛ŝЕ5[ǎłatilde5˛ŝŭʦ˙ϛѓΫ5ȗƯȄŝoacuteƟAacuteѵŔŷˤƗUgrave6

ɱ=ˏκȥWallpaperСьǃɱoacuteϡ΅OumlˤƗ˰6

ϜǮΩnakedƝВAacuteũnaked RetreatsOumlѵˤƗеũƭѡ˰6˶ϚĤЩƢethnaked˙nOumlFũĘķˤƗ6

42

Kang Yang Lim ndash Group Chief Operating Officer naked Group

Group with over 13 years corporate finance and real estate

development experience Previously he was Director of the

real estate division of APP China taking responsibility for the

initial positioning and development of the USD15 billion lsquoWhite

Magnolia Plazarsquo mixed use development project (including

the development of Shanghairsquos first W Hotel) He also led the

concept and development of APPrsquos branded residence and resort

project in Sheshan Shanghai

Finance division of PricewaterhouseCoopers in Melbourne

Australia where he specialized in business value and strategy

worked in inhouse strategy roles for CocaCola GB in London

and to British venture capital firm of the year (2004) ISIS Equity

Partners before coming to China in 2005

Accountants Australia in 2002 and is also an affiliate of the

of Commerce and Diploma in Modern Languages from the

University of Melbourne Australia

林纲洋- naked 集团首席营运官

ƞˏnakedƍOumlȩ˪ϴϾŚɱOumlʝϛ~ƎTHORNǭāǑϏ6Фfrac14тʣ=ѽѓŘDŽŒOumlTHORNǭāOumlѵƢ=ĤЩƠч13ϢЏOumlucircϸ8JЈȈœ9ǭāΙɧOumlcopy˽κшũǭāVȂ˛ŝszligϞƝ ǙacircOumlǭālt6˶ϚщNtildeȥDŽŒƍФ˛ŝҁ˗ʑʁѢЭũoacuteƟAacuteΙɧOumlȓɲũǭā6

ФDŽŒƍˇфтʣ=ȩİϑGAringȚφɣyuml_ʔŴϷOacuteƁƗ˰OumlǑȓ=ѥѣЂ˙ϛƠчũЯɁѰξ6ȩ˪Ф13ɱȅOgraveѓŘтʣэȑǭʔŴϷOacuteŮOumlϞotilde˶ƣɬ=ѽǵǺǵȎɂugraveŁɬOumlЯɁēͺ˰=ϡƎISISOumlʼnʏūѽƃRФϯŘɂugraveOumlϯŘĘΌѱŁˇф6

ȩ˪ФɱƅOtildeȥGAringȚφηƁƗ˰ƁũGAringȚφпʻωǗOumlƁГѱķ6˶ϚƅOtildeȥGAringȚφɣyuml_AringλOuml˙ϛλλϡƎCcedilЇϊλп6

43

Gabriela Lo ndash Managing Director naked Retreats

With over 15 years experience in high end events and PR

management Gabriela has been instrumental in bringing naked

to where it is today As one of the original members of the

naked Team Gabriela has led the growth of naked Retreats

to become one of the most famous eco retreat destinations in

China attracting guests and publicity from around the world

Originally from Macao Gabriela has rich multi cultural and

multinational living and working experience having worked and

studied for many years in Greater China England and Italy

卢家宝 - naked 度假村常务董事

ϴϾŚ13ɱOumlijocircƂiacuteũŁŃŋ΄ŎȓǑϏ=nakedDžOumlǜІȶƝXēxǭ6ѽħdivideOumlmiddot˽ГтϞ=ȶƝXϠǑAEligȭnakedѓŘѻϾɜOuml˪ȾϽɧOumlTHORNтϞ=ͼϭȥȅѳǁĹTHORNOumlǸˆ6ȶƝXȅѳGɑ=ϴϾĖĥOumlucircЏŸũucircŘǝѢũľѽǑϏ=ЬФAringѓŴTHORNʵ=ϯŘũϤAringȚϾѯucircɱωǗǑș6

Judy Zhu ndash General Manager naked Group

Zhu is the General Manager for naked Group ensuring smooth

operations of the group with a particular focus on government

朱燕 - naked 集团总经理

њώ=iquestnaked Retreatsmiddot˽ǭ˽ǜũij˪ūѽ6њώѽƍѵǑȓ=ĤЩIcircTHORNũŋ΄ʽWƍРѽ6Фƞˏnakedтʣ=њώФ˛ŝũ[ǎiquestŚηucircІ˙ϛϾŋOumlфϛ6ФΪͻȈƅOtilde˙ϛλ6

44

Kurt Berman ndash General Manager naked Stables Private Reserve

With over 16 years experience in FampB and high end luxury

resort management Kurt brings a wealth of experience and

will lead the preopening and operations of our new resort ndash

naked Stables Private Reserve Prior to joining naked Kurt was

the preopening General Manager at Six Senses Laamu and

Resident Manager for Six Senses Soneva Gili by Six Senses Kurt

has also worked at other prestigious resorts including Fregate

his career in hospitality in FampB and was a trained Chef with

experience working in many prestigious institutions including

The Dorchester Hotel in London Kurt is from South Africa and

has a masters certificate in hospitality management from Cornell

University

Kurt Berman - naked私人度假村总经理

ϾѯŚɱϬƎijIumlŤŴoacuteƟAacuteOumlŎȓǑϏ=ƮϡĖĥOumlǑϏȭNtildeͰɒΪoacuteƟAacute77)$ 0OumlϱϛũРϱ6Фƞˏ)$ тʣ=10ЬEacuteˇŚ8szligȳĭǦ9+1ϱϛѵǑȓũ8szligȳĭǦ9-2 ((OumlѤacircǑȓ610ŻЬˇфЂamp0ˆŝETHũ1+4UgraveʙўɜoacuteƟˮTHORN610OumlϛʜzЂϬαϛ=ϚϡϞĸФŬucircўɜƉńVȂ-0-0 -$-ltľѽŚOumlρȡϾOumlnot˰610ȅѳɫč=sϴϾǰɪyumlAringλЃOumlǙacircŎȓλ6

Richard Johnston ndash General Manager naked Home Village

Hailing from the United Kingdom but with most of his working

life in resorts throughout Africa Richard brings with him over

20 years experience in General Management and Director level

roles in world class resorts including Azura Retreats Cape Grace

hotel and the Saxon Hotel Richard plays a key role in the set

up of systems training and operating standards His years

of experience and mentoring leadership style make Richard a

natural inspiration for our young hotel management team

Richard Johnston - naked 家园村总经理

RichardȅѳϯŘ=IgraveAringucircOumloacuteƟAacuteľѽiumlФмĸčљ=ϴϾŚɱOumlѴūŎȓũǁƐoacuteƟAacuteVȂAzura

Retreats Cape Grace hotel and the Saxon HotelltijʒŎȓǑϏ6RichardФƭȜ΄5ʅρũРαnѬĈɘʜѯŋƨѽϸ6ĖĥOumlǑϏũȭNtildeĘķ˼OtildeoslashͰɒɱʬOumlǙacircŎȓdivideϾѯѳʿOumlƊȘ6

45

Teun Hanegraaf ndash Sales Director naked Retreats

Teun obtained a Bachelors in Business Studies and Masters

in Strategic Management with a focus on Chinese Business

Culture Teun increased our corporate sales business by 350

in his first year with us bringing international companies

ranging from international conglomerates Unilever and Coca

Cola to more local institutions such as The Shanghai American

School and leading Chinese companies such as Bank of China

韩天宁销售总监

ȅѳŧȈɥEcirc=şɵϴϾ˙ϛλλλ5ЯɁŎȓѥѣЂѓŘ˙ϛŸlt6ȅƍOumlszligϞɱşɵƮŁOumlΝϛijȥ13=sŁAEligȅȥx˟ŘƙβOumlAringŁǸŲ=жʙѓϾŘƙAringʝϛȠūȚŴũǵǺǵȎ=ϚϾ˛ŝɐŘλΠUgraveIcircTHORNƉńũѓŘϫαUgraveѓŘȴʝϛ6

Oliver Yuen ndash nature Reserve amp Recreation Manager

naked Stables Private will be the first private reserve in China

with a wealth of new flora and fauna introduced to the project

from Sydney University Australia and as a fully qualified Ranger

working in many of the worldrsquos best wildlife parks Oliver takes a

special role in ensuring the environment of naked Retreats and

naked Stables Private Reserve will be full of life and a natural

self supporting eco system Oliverrsquos passion for both people and

nature make him the perfect person to teach our guests about

what we do and make their stay not only a relaxing one but

also a fun fulfilling educational one as well Oliver previously

worked in wildlife parks and resorts such as Azura Retreats in

Mozambique Mobala Private Game Reserve in South Africa and

Sydney Aquarium in Australia

袁鹏威 - 活动经理和度假村 生物学家

naked StablesƮѓŘszligϞĸϭljΪOumlцʾũiacuteʾOumlˆoacuteƟʵ6OliverѽϞɜGAringȚφͿɯAringλūķOuml˪λƝiacuteλƝ=ϡƎФǁĹTHORNOumlϙ˪iacuteВľѽOumlľѽе=Ф˼naked Retreats ũnaked StablesϾѯĖĥ˪ѱЕ5ʿѳĺOuml˪΄Oumlźǔľѽ˛QύѯіϘƶ˔6АʊoslashˆȏũѳʿOumlƊʮ˼ѻūOumlˆȅĵͰɒOumlǸˆͰɒѼOuml˷ɋ=sʨ˂ɒФжȕOuml˶ŒxLjLjČ=˶Ϛ˂ɒOumlǝѢǑșlOtildeϾǭΫcurren˹ũϾƷЋϤϦ6АʊтʣФɫčũGAringȚφͿɯѹŏiquestϙ˪iacuteВũWŰʵOumlľѽVȂMozambique OumlAzura Retreats Mobala Private Game Reservelt6

46

Philip C Davis Company Director naked Retreats

Phil joined the Board of Directors for naked Retreats hotel

management company in 2011 His previous board experience

includes Tian Rui Hotel Corporation holder of the master license

for Super 8 economy hotels in China and Hong Kong from 2006

to 2008 He also was a founding shareholder of Tian Rui and

served as its President and Managing Director from 2006 to

2008 He was a board member of Tian Xian Cheng a bai jiu

concern which is a joint venture between Pernod Ricard and a

2010

Phil was previously Chairman of the Budweiser (Wuhan)

International Brewing Company and Managing Director of the

AnheuserBusch business in China and Hong Kong from the

beginning of 1996 through 2002 From 2003 to 2005 he

headed the AnheuserBusch liaison office with Tsingtao Brewing

Company

Phil holds a PhD in history from Washington University and

started his career as a market researcher at a major advertising

agency in the US before moving to AnheuserBusch and

heading its consumer planning and new product development

functions in the 1980s

Philip CDavis naked 度假村公司董事长

PhilЂɱƞˏȥnakedoacuteƟʵǙacircŎȓŁOumligraveƁ6ϡĖĥOumlǑϏVȂФːǙacircƍˇф5ϡƎЂɱэɱФѓŘũѓŘΒIJEacuteˇSuper ǑƖǙacirc ʼnˆ6˶=ϚːǙacircƍOumlmiddot˽ʼnecirc=ФɱэɱʖƣEacuteˇƍOumlѵ|ũigrave6ɱэɱʖƣ=ϞƝІWȎȞƞũJǙ˪ȴʝϛƬɫūѱOumlʝϛ77ΐOumligraveƁГ6

iquestɱэɱ=Phil͵šBudweiserŘƙɳǙŁOumligraveƎѓŘũѓŘΒIJCŝyŁOumligrave6iquestɱэ13ɱ=CŝyũʫETHʌǙŁOumlȠɆdegOumlĤЩˆ6PhilϴϾŴ˭uacuteAringλOumlș˻дλvλ=ФǁɱCcedilȅOgraveCŝy5ĤЩΞĒŔŷũΪʑǭāĿɭтʣ=OumlϛʜzЂɐŘOumlϞƝœĵCcedilȓŁ=Eacuteˇaeligω6

47

OUR INTERNATIONAL TEAM

International team

Chief master planners amp architects

the urban landscape of modern China with Xintiandi in

Shanghai a commercial cultural and entertainment district

Since then the studio has worked on projects in very diverse

categories both small and large scale projects include mixed

use projects like the ldquoTiandirdquo in Hangzhou Chongqing Wuhan

and Foshan luxury villa and high rise residential complexes in

Shanghai and Vietnam as well as various boutique hotels and

Chalet Architects

A00 Architecture is most well known for their research

inenvironmental sustainability and its application to their

work in Architecture Interiors and Furniture Their portfolio

includes feature restaurants luxury spas retail stores design

conversion of dozens of historic Shanghai homes into highly

personalized residences

Interior Designers AIM (Architecture amp Design) brings expertise

in the combination of world architectural styles and design

influences to the interior designs at naked Stables Private

Reserve With the Shanghai office led by the two founding

on comfort warmth and a unique blend between African and

Asian design sensibilities

Landscape Architect

Design Land Collaborative (DLC) is a professional consulting firm

comprised of landscape architects and planners with an office in

Shanghai and the United States Projects have a strong emphasis

on cultural resources historic preservation and ecological

design involving both the public and private sectors

ͰɒOumlāЮdivide

ɴǵϡΑάOumlёȣ

ŘƙŸdivide

首席规划师和建筑师

benwood Studio Shanghai OumlсɜΙɧтϞѠĨШ˛ŝΪTHORNľ=˼ʙƍ˙ϛ5Ÿ5ЄȎϞOumlʵЉ6тŮ=ЁƻȥĹȏŔɟAringΟOumlΙɧ=VȂţјOumlͻůTHORN=іʱ5͵šƎę˗OumlŤŴpϡƎФ˛ŝũЛɫOumlijѢЭʵ=ȮŻϾФѓŘƎˉ_OumlĹȏǐʑǙacircƎoacuteƟ6

小圆房建筑

AOO Architecture ФźǔWŰƎǵ θāЮĈɘϾѯѭЛOumlƭ=s˘ƮʙƭϰϸЂɬƝѩ6ɒƻŚOumlΙɧVȂ˔5ŤŴȤѓΫ5ȫ˙acirc5ˤƗίǙacirc˛ŝυНǙacirc lt5ˆoacuteƟϡƎϞ΄ȧOuml˛ŝș˻ѢЭOumlCcedilŸƎˆŸĨШ6

ɬ ˤƗ˰AIMƭѡˤƗltѥѣЂǁƭѡĘķũˤƗOumlɐƿū=ϭNtildenaked StablesOumlɬˤƗ6ФȅѳŧȈũaȚ˶OumlūѽmiddotTˆȭNtildeOuml˛ŝTdegOumlUѠ΅=ˤƗѣі5ũφčˤƗȓɲOumlntildeˊū6

景观设计

Design Land Collaborative (DLC) ϞƝiquestǒōˤƗІŔŷOumlѥϛѰξŁ=Ф˛ŝІɐŘǩˤϾēрƉń6ʙΙɧ˘ЂŋѣŸș˻ĻЕ=ƿūźW˪ǴƔ=ѥѣЂŁŃƎϾTHORNOumlŔŷ6

48

Engineering amp Project Management team

Scott Wilson Group PLC is a globalintegrated design and

engineering consultancy for the built and natural environments

Scott Wilson is responsible for the project management the

electrical and mechanical engineering for the project

Environmental Consultants

Environmental Resources Management (ERM) a leading global

provider of environmental health and safety risk and social

consulting services ERM deliver innovative solutions for business

and government clients helping them understand and manage

their impacts on the world around them ERM have 137 offices

in 39 countries and employ approximately 3300 staff

Sustainability Consultants

Bisagni Environmental Enterprises (BEE) works with the

engineering and design teams to ensure the environmental

goals set out at the inception of the project are achieved

LEED Consultants

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

Local Design Institute

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

General Contractor

and have been responsible for some of Chinarsquos most iconic

properties such as the World Financial Centre in Shanghai

工程及项目管理团队

Scott Wilson Group PLCϞƝʺʳŔɟOumlźWˤƗƎľѰξŁ6Scott WilsonĤЩΙɧOumlaacuteʠƎƉΤľ6

环境咨询

Environmental Resources Management (ERM)ϞƝʺʳαϛȭѰξŁ=ŀźǔWŰ5ƫǰCʺƎŁŃˣƁĘΌUgraveѰξĞ6ERM˙ϛƎоġɑǸŲŀĨĶβOumlǀǧĈF=UѠɒȥǀsŎȓʙǑϱoslashˣƁźǔAEligȅOumlϳΗ6ERMФʺʳϾ137ĸēрƉń=myĸŘƝ=ϴϾAringК3300ɜГľ6

可持续发展咨询

Bisagni Environmental Enterprises (BEE)ІľˤƗdivideΑűūѽ=ϡʽWФΙɧǭ˽ƼotildeˤȜOumlźǔWŰǵ θāЮɧnOumlȚ˹6

绿色建筑认证咨询

Shanghai Pacific Energy Center (SPEC)ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlŁтϞ6

本地设计公司

Shanghai Baoye Construction Corp Ltd ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlαϛȭŁтϞ6

总承包商

ϞƝŘƝƐľVŁ=ϠƻȥηucircѓŘnьβΙɧ=țˍ˛ŝźʳDŽˊѓΫ6

49

naked COVERAGE

wwwcnngocom

ldquo25 killer things to do this summerrdquo

26 April 2010

Time Magazine

ldquoRun to the Moganshan Hillrdquo

新浪博客

ldquo避世的可能rdquo

31 December 2009

wwwenglisheastdaycom

ldquoThe first batch of ldquoChina Treasured Towns ldquo released

December 2009

Shanghai Urbanatomy

ldquoGet naked this time with horsesrdquo

Shanghai Daily

ldquoGreen MaGIC Casts design spellrdquo

14 October 2009

新浪商品

ldquo中国最佳设计酒店大赏rdquo

September 2009

wwwchannelnewsasiacom

ldquoChinarsquos green resort allows travellers to vacation on good consciencerdquo

2 September 2009

wwwbijianlinblshecom

ldquo莫干隐居rdquo

25 Aug 2009

wwwassociatecontentcom

ldquoThe Exquisite Moganshan Mountains of Chinardquo

Ɏ

Wikitravel

ldquoMoganshanrdquo

德清新闻网

ldquo承包国营林场建造生态ldquo逸站rdquo

wwwsinoeventcom

ldquo亚洲旅游地产及景点峰会成功举行rdquo

wwwchinatravelbrandingcom

ldquoPursuing Green for Greenrdquo

wwwbrandrepublicasia

ldquoMaking moves towards ecofriendly eventsrdquo

7 May 2009

wwwhandsonshanghaiorg

ldquoHands On Asia Conference Summeryrdquo

May 2009

wwwmyvacationcn

ldquo莫干山居rdquo

3 April 2009

wwwshanghaidailycom

ldquoThe naked truth Time to clean up Moganshan litterrdquo

4 March 2009

wwwgreennovateorg

ldquoMoganshan Project Kick Offrdquo

13 February 2009

Travesias

ldquonaked retreatsrdquo

Feb 2009

合肥在线

ldquo大山里的裸家族rdquo

20 October 2008

wwwentrepreneurcom

ldquoThe arrival of the Olympics showcases Chinarsquos burgeoning entrepreneurial spirit ldquo

7 August 2008

50

Shanghaiist

ldquoWeekend escape to Moganshan 莫干山rdquo

9 April 2008

私家地理

ldquo艳阳下的荫凉rdquo

30 May 2008

City Weekend

ldquoGet naked in Moganshanrdquo

25 January 2008

wwwbundpiccom

ldquo在这绿中撒点野rdquo

wwwhuzhougovcn

ldquo相中德清筏头的青山绿水南非客商莫干山下建生态逸站rdquo

wwwurbanatomycom

ldquo24 Hours in Moganshanrdquo

wwwhkheadlinecom

ldquo杭州莫干山竹林深处人家rdquo

15 May 2009

wwwnewsweekcom

ldquoBack from abroadrdquo

May 2009

Chinatravelnet

ldquoMoganshan A Heavenly Hideaway of Bamboo Forests amp Tea Plantationsrdquo

April 2009

wwwmzztmcagovcn

ldquo2009年踏青乐游路线推荐大公布rdquo

16 March 2009

第三媒体

ldquo规划一条畅快随性的踏青之旅rdquo

28 October 2009

wwwdqnewszjolcomcn

ldquo三九坞 ldquo裸家族rdquo钟爱的世外桃源rdquo

28 October 2008

ldquo自驾行天下rdquo之中国莫干山rdquo

Sep 2008

ldquoShiffting Gearsrdquo

Sep 2008

April 2008

Chewed up amp Spit Out

ldquoGet nakedrdquo

19 February 2008

ldquoBest Weekend Getaway Hotels Shanghairdquo

富世

Ecoefficient hotel低碳下榻

April 2011

Spa China Guy 男士派

Experiencing The Unique

2010

Cosmo 时尚

跨洋建屋隐居不隐世

April 2010

Global Times

The Mountain of legends

Global City Geography 城市地理

莫干山 naked Retreats 都市人一ldquo裸rdquo到底的山居生活

Dec 2009

China Daily

Rural Retreat

20 March 2011

China Daily

4th March 2011

Modern Weekly周末画报

圣诞低碳游

Dec 2010

Elite Traveler 携程自由行

旅尚

Esquire

Hidden Best Restaurants

Feb 2011

51

52

53

Page 28: Detailed Investor's Report

27

MECHANICAL AND ELECTRICAL INSTALLATIONS

Heating and Cooling

AIRWELL centralized water source heat pump is provided Fresh air intake with heat recovery system is installed

Electrical provisions

are provided

Electricity

Concealed conduits are provided Threephase electricity supply with miniature circuit breaker distribution board is provided

TV telephone and internet connection

Satellite TV with all major international channels

is provided in all the villas Telephone outlets and wireless internet connection is provided

Hot water supply

Huang Ming solar hot water heater and Rinnai gas water heaters are installed for the villa

Water supply and pipes

Concealed copper pipes are used for both hot water and PPR pipes are used for cold water

The resort will be patrolled 24 hours a day CCTV system is in operation throughout the resort 24 hours a day All the villa front doors and bedroom doors are fitted with Saflok RFID security lock system

APPLIANCES TO BE PROVIDED OR INSTALLED IN EACH DOMESTIC

UNIT

机电设施配套

ŀɻũѐȐ

ɽyumlƍѓ˾Е˅`΄6ΪĘ˅ſ΄6

Ɲaacute

ʆEΐNtildeŎOumlǭŋϡƎѿ6

aacuteȞŀϰ

ѩϾϮ˾ΐȺ=ʆϾίoumlȺʠ=ʆaacuteΓOuml˓ΑaacuteЕŀϰ6

aacuteƎςˤ]

έaacute=ʹΐaacuteŹũʹΐȺ6

˅ˤ]

žɛϒɭ˅ʠƎȩɬɌʡ˅ʠ

Ŏ

˅ŀϰŎǩϸϮc˾ĮŎ=ȐŀϰŎŎ6

WCˤ]

oacuteƟAacuteˤϾϾΟ˶ѽOumlgȺaacute΄ϡƎΟ˶OumlπɄ6ˏǺAringɑƎͱϸSaflokljordfɑNJ΄

标准住宅单位附送以下设备

Stove BAUMATICExaust fan BAUMATICOven BAUMATICMicrowave BAUMATICFridge BAUMATICBARMini fridge (2 3 bedroom) BAIXUEWine fridge (4 bedroom) BAUMATICBEDROOMMini fridge BAIXUEBath KOHLERTERRACEBarbeque grill

TelevisionDVDBATHROOMShower KOHLERBasin KOHLER

notĉ aacuteraquoȷ ʄɇUcircǷnotĉϼχƉ ʄɇUcircǷnotĉaacuteDZΓ ʄɇUcircǷuȷ ʄɇUcircǷɬяrΓ ʄɇUcircǷHΟrΓ=ĉlt JμǙŖĉlt ʄɇUcircǷͱΟrΓ JμЌį Ǵȍȹ˞DZΓҒĉaacute ɯDVD ɯЌȪЌʠ Ǵȍʇ Ǵȍ

28

NOTE

1 The Developer reserves the right to substitute other materials

or appliances of comparable quality and standard for the

intended items as listed in above fittings and finished schedule

2 The fittings and finished as listed above shall be subject to

the terms of formal Agreement for Sale and Purchase Those

provisions may have slight variation in the color measurement

3 The Developer reserves the right to make modifications and

changes to the building design fittings and finishes without

prior notice

4 Fittings and finishes of the Special Units may be different

from those of the Typical Units

备注

āЮ˙WȰϞʧʹȞ=Dв˹ƙʮȁεϘϡUgraveётƭѡȦϡƎˤ]Ccedil˛ȧĹΙ6

˛ȧĹΙȦϡƎˤ]ǩϡн˾ɈɉūКOumlǿщegraveѬ6ĹΙƭѡȦƎˤ]ǵɭƁФϋ˔=ȣoacutepoundAcirc5ȓ5ѺуƎƆľ˛ordfʬp6

āЮ˙WȰϞʧʹȞδeacuteϡƎĽĨϛOumlˤƗ5ƭѡȦϡƎˤ]ʹεȮαс6

˔EumlЏOumlēƭѡȦϡƎˤ]І˛oȧĹΙǵɭϾx6

29

PURCHASE OPTIONS

Buying a Tree-top Villa at naked Stables Private Reserve involves signing a Sale and Purchase Agreement with the development

company and a Lease and Management Agreement and Deed of Conditions with the Hotel Management Company The Management

Agreement requires the purchaser to lease the property back to the Hotel Management Company to manage on the ownerrsquos behalf

There are two different plans which are available for buyers

在 naked Stables 购买一套拥有不动产权的树顶别墅包括与发展公司签署一份买卖协议以及与酒店管理公司签署一份租赁管理协

议和条件契约管理协议要求购买者以业主的名义向管理公司出租其别墅以供其管理买家有两种方案可供选择

ŅɈκΙ

30

OPTION 1 - FLEXIBILITY

1Owner Usage Rights

Zero usage restrictions

Early reservations are required to secure Villarsquos especially during prime and peak seasons If a Villa Owner does not provide the

required advance notice for a reservation the resort may be required to offer the owner a different unit or in the worst case no

availability at all

1 业主使用权限

ȫ˼ϸΏѐ

ϘʴʣЎegraveˏѢp=ϺʙФƐƕ6ˍřpϛѝɍϾŀϘʴOumlϸЂЎegraveOumlЎс=oacuteƟAacuteƮʙŀȮϞdegѢdeg=ƆеѻЦĴOumlʮȁɍϾǹĉ6

2 Rental Revenue

2 租金收入

a Rental revenue

Whilst not in residence the owner will be eligible to earn a pro rata 36 of the room revenue generated by the Reserve during their

absence Ie Everyday the revenue generated by the entire resort is divided amongst the owners not in residence on that day When

an owner is in residence he forfeits his opportunity to earn revenue

ѸDŽˏ

ϛѝxǝѢʖƣ=ƮOtildeOgraveoacuteƟAacuteordfѸʙĉͳOtildeϧOuml6ɏoacuteƟAacuteordfѸɨΡxǝѢФfrac14OumlϛѝOumlĉͳOtildeOumlϧƮ^ʒǩēʆĺжΡϛѝ6IcircϛѝǝѢФʙpȕ˶=Ʈ˱ʸƅOtildeϧOumlƉƁ6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

选项1-灵活性

31

c Cashing out your returns

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

gtƮɴOumlſYŚDŽĈ˾ʷordf

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſYϧ6ˍřϛѝκЪxʷordfOumlϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3 有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecom services

included in the Services Fee to the owner whilst in residence The services fee is 300rmb per room per night This fee is charged on

all rooms regardless of which are in use

4 服务费用

IcircϛѝФoacuteƟAacuteǝѢ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸѓ6ɏĸĉƣɏOumlĞĒϸЏˆəe6жĸĒϸΛϾĉƣʷOuml=xɃfrac14ĉƣĚФ˼ϸ6

5Maintenance

4 of hotel room revenue will be reserved for ongoing building maintenance This will be deducted from the ownerrsquos share of total

room revenue

5 维护

ǙacircǸĉˏOumlƮ^ȰѽŮθƭѡδтĒϸ6ħēDŽuumlƮiquestϾˆǵēOtildeOumlǙacircǸĉˏĕuumlѓǻshy6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGEEarnings Per Room (36 of gross room revenue) 124173 170827 221315 253507 263647 2066942 Bedroom 收益 ndash 双人间 248346 341653 442631 507013 527294 4133873 Bedroom 收益 ndash 三人间 372519 512480 663946 760520 790941 6200814 Bedroom 收益 ndash 四人间 496692 683306 885261 1014027 1054588 826775

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 41 57 74 85 88 69

3 Bedroom 收益 ndash 三人间 9000000 41 57 74 85 88 69

4 Bedroom 收益 ndash 四人间 12000000 41 57 74 85 88 69

Hotel revenues and owner rental yield - Option 1 Flexibility

32

OPTION 2- STABILITY

1Usage Rights

1 使用权限

选项2-稳定性

Total Permitted Usage Prime Peak SeasonPermitted Usage

Peak SeasonPermitted Usage

Out-of-SeasonPermitted Usage Blackout

40 days per yearNo occupancypermitted

Up to 20 days per year but no more than 7consecutive daysfor any one stay

Up to 20 days per year but no more than 7consecutive days for any one stay

No occupancypermitted

允许使用总数主要的旺季允许使用

旺季允许使用

淡季允许使用

无折扣期

每年40天 不允许占用 每年20天但是每人

不能连续居住7天每年20天但是每人 不能连续居住7天

不允许占用

Prime Peak Season To be published by naked Retreats in according to government notification every year Prime Peak Season

Middle Autumn Festival (Sept) excluding Blackout dates

Ɛƕɏɱϻnaked RetreatsĻǟоġĵāordfс6ƐƕVȂѓŘsup1ƽϞМĀМlt5ȋiacuteƽͶМlt5Řʱƽ˴Мlt5ʭɛƽМlt5ѓʲƽǘМlt=xVȂʹгǻʖ6

ƕiquest˓МOgrave˴ϞМʖƣOuml10ĸїɡϡƎ10ĸľѽˉїʖ=xVȂƐƕũʹгǻʖ6

OutofSeason 20 days during December to February excluding Prime Peak Season and Blackout dates

Iacuteƕiquest˴ĀМOgraveĀМʖƣOuml=xVȂƐƕũʹгǻʖ6

Blackout Dates Peak demand dates such as holidays sporting events groups and citywide conventions Local cultural events

all as specified by the Hotel from time to time

ʹгǻʖεʴijėʖVȂƟʖ5Ћ˒5ũʺβOumlƁϨ6IcircTHORNɾyumlOumlŸƂiacuteiumlƮDвǙacircOumlɛljα6

2 Rental Revenue

2 租金收入

a Rental revenue

Regardless of your usage of your property your rental return will be fixed at 5 for the first 5 years of operation After this period

you will automatically migrate to the Flexibility plan

ѸDŽˏ

xɃɰOumlĉ˼ϸoacuteˍŪ=ͶɱOumlѸDŽϧiumlŊegraveOuml136ФжтŮ=ɴƮѳiacuteѧˏȬƂβĈF6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

33

c Cashing out your returns

gtƮɴOumlſYϡDŽĈ˾ʷordf

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſY6ˍřϛѝκЪxʷordfʙϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecoms services

rental option

4服务费用

IcircϛѝǝѢФoacuteƟAacuteȕ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸȕ6жϞȏOumlĞĒϸxVȂegraveβordfѸʆ6

5 Maintenance

Of the 5 guaranteed return generated form your property during the period you are not in residence the management company

will retain 4 of this return for maintaining your Villa The maintenance fund will be pooled and used for all Villarsquos in the resort

5维护

ɴxǝѢʖƣiquestɴOumlĉѓƮ˪Ouml13OumlſY=ŎȓŁƮWȰжbſYѓOumlϸѽɴpOumlŰ6ŰƈDŽƮ^ūsʜȅsϸЂϾoacuteƟAacutepOumlŰ6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Hotel projections

Rooms Available 可用房间 not relevant 非主要Estimated occupancy 预计使用率 not relevant 非主要Estimated average daily room rate 预计每日平均房价 not relevant 非主要Growth in room rate 房价增长率 not relevant 非主要Annual room sales 年房间销售额 not relevant 非主要RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE2 Bedroom 收益 ndash 双人间 50 50 50 50 50 503 Bedroom 收益 ndash 三人间 50 50 50 50 50 504 Bedroom 收益 ndash 四人间 50 50 50 50 50 50

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 300000 300000 300000 300000 300000 300000

3 Bedroom 收益 ndash 三人间 9000000 450000 450000 450000 450000 450000 450000

4 Bedroom 收益 ndash 四人间 12000000 600000 600000 600000 600000 600000 600000

Hotel revenues and owner rental yield - Option 1 Flexibility

34

Option 1 - FLEXIBILITY Option 2 ndash STABILITY

investment returns for your Villa are influenced by the

success of the resort and the number of days you use

your Villa

Stable implies both your returns and your annual

usage rights to your property are fixed Regardless of

how well the resort operates your returns will remain

the same Equally you will only have a fixed number

of days allowed in residence

Usage Have unlimited usage rights to their Villa 40 days usage per year

Rental ReturnEarn 36 of the pooled returns from the entire resort

whilst not in residence

5 guaranteed return on their investment regardless

of resort performance

Resort Discount20 discount on all resort amenities and activities

(including SPA and Restaurants)

20 discount on all resort amenities and activities

(including SPA and Restaurants)

Services FeePay a Services Fee of 300rmb per room per night

whilst in residence

Maintenance4 of all room revenue is retained for maintaining

the owners Villa

4 of all room revenue is retained for maintaining

the owners Villa

选项1 ndash 灵活性 选项 2 ndash 稳定性

ȬƂβϸЂ˼ϸІſY6ɰOumlpѱſYʷǧЂoacuteƟAacuteOumlĿǑϱũɰoslashpOuml˼ϸoacute

ŊegraveβϤѯɰOumlſYũɏɱoslashЂɰOumlĉOuml˼ϸʹΏiumlŊegraveOuml6xɃoacuteƟAacuteOumlǑϱѫȁϾucircť=ɰOumlſYiumlŊegraveOuml6ϖTHORN=ɰъϾŊegraveOumlПηǝѢOuml6

使用 ʹΏѐOumlp˼ϸʹΏ ɏɱOuml˼ϸʹΏ

租金收入 ФxǝѢʖƣ=ƅOtildeмĸoacuteƟAacuteūsſYOuml xɃoacuteƟAacuteǑϱѫȁˍŪ=Wп13OumlſYϸЂѱ

度假村折扣 ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt

服务费用 ǝѢʖƣ=ɏĉƣɏЏˆəeOumlĞĒϸ čѝϘ

维护 ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ

OPTION COMPARISON

选项对比

35

36

INDUSTRY RETURNS AND BENCHMARKS

INDUSTRY REPORT

行业报告

Tourism and urban resorts is one of the fastest growing industries in China According to industry consultant HVS cities such

as Shanghai Beijing Shenzhen Guangzhou Hangzhou and Tianjin all have a population where a critical mass of highly affluent

individuals and successful companies exist generating demand for suburban resorts

ФѓŘ=ȾϽϛũoacuteƟAacuteσɓāЮOumlαϛтϞ6ĻǟʺʳǙacircĞϛltOumlϞΙYĵ˿=ФѓŘOumlѝϘˍ˛ŝ5[ǎ5˧5œј5ţјũdžǩēyѯAringȣOumlĥЍˆʾũĿOumlʝϛ=ϻfrac14ϚƊāȥoslashƴʵoacuteƟAacuteOumlƌAringεʴ6

Amongst other things the exponential growth in private vehicles has seen a huge increase in demand in the leisure market With

the completion of the shenjiahu highway in 2010 the travel time from downtown Shanghai to Deqing is now 2 hours Also with

stop at Deqing) scheduled to open in late 2011 travel time from downtown Shanghai to Moganshan will take between 15 to 2

hours When comparing travel times to get to other resort destinations in China ndash eg Hainan or Lijiang flight times might be within

2 or 3 hours total travel time including travel to airports and check in make the whole trip 6 to 7 hours plus additional travel cost

Within the 2 hour travel radius of Shanghai the quality of resort destinations is also (in our opinion) not at an international standard

with most hotels simply being lsquocity hotels in the countryrsquo rather than true resort properties operating at international standards

shyfrac14т=ѯĸˆγΊOumlāЮ=ĸˆƸϴϾȿϚσʂ˫6ѳɱ˥ƛůijϡŮ=iquest˛ŝOgraveOcircʭϚLjεϘĸΟ˶Ouml6ΪƭOumlijǵϡФ13ēєɬiquest˛ŝUumlAumlţј6ƏƮФɱYacuteǫľOumliquestţјOgraveɫǎOumlijѓϾϞаDzOcircʭlt=ъεϞĸSΟ˶OgraveȢĸΟ˶ǜǵϡiquest˛ŝѓΫOgraveAumlɢī˗6ˍřІѓŘOumloacuteƟˮTHORNŝɫ5ȒƯUgraveaƹ=shyȥϘųĒэĸΟ˶Oumlďα˶ƣ=ŻϘФVȂʣƉ=CʺƤũUgraveEgraveOslashƉ˛ų˛эĸΟ˶=ĽxϸɨΡuumlOumlαųΝȥ6Ѷō˛ŝїiΟ˶ɬOumlγΊoacuteƟʸdeg=э˟ͰɒˈltІŘƙŸnѬŻϾѯɛOumlǢ6AringēOumloacuteƟǙacircϚũѓOumlɨΡǙacircɍϾ_ёOumlʵp=ЗЗAumlxOgraveинŘƙϤϦ˛oacuteƟίĉΙɧOumlϘʴ6

ϛѝЎʖſYІaƹ

37

OUR NICHE

我们的利基

naked sees a need in the market for world class expertly designed and operated resorts which are within 1 to 2 hour travel time

of major cities in China As with other urban resorts we believe that the Leisure market and the MICE (Meetings Incentives

Conferences Events) market will be a huge driver for our business In addition we feel that we are already at the forefront of

the growing focus and concern on environmental design building and operations as well as the growing interest in nature and

environmental education At naked we also place a high emphasis on facilities and services for the entire extended family ndash from

children to parents to grandparents that other resorts do not place dedicated resources for

nakedЎƧOgraveȥФѓŘжϞεʴƏǢȑѝϘϞэȢĸΟ˶Ouml=˶ЁhζǁϞȱOumlѥϛˤƗũŎȓOumloacuteƟΙɧ6ͰɒΑάγΊũƁƁϨ5ưȘȾϽ5AringίʝϛƁϨ5ƂiacuteЮȉltOumloslashͰɒϛOumlіAringʤȞ6frac14=ͰɒФŋѣũiacuteźWίˤƗ5ƭШ5ŎȓũźWȓɲœ˛ϠǑѷФȥαϛȭя=ФnakedІαϛеxͰɒϚіoslashЂˣʵѓOumlŜѲ5Ɲ5ȌеOumlĞũˏ6

As such we feel very confident in the rates and occupancies that we will achieve Regarding room prices when benchmarking

against some of the other leading hotel brands in the resort market such as Aman Fayun Hangzhou Banyan Tree Hangzhou Fuchun

Resort Hangzhou Mandarin Oriental Hainan and Commune by the Great Wall average rates in March 2011 for single bedrooms in

this set are ~ RMB2800

ϩfrac14=ͰɒoslashЂˏѢĉƠϡƎˏѢȿcurrenɊάΫ6ФˏѢĉƠĈɘ=ІʙФoacuteƟAacute˛OumlсɜǙacircʑʁaƹ=ˍCҊĂО5ţјНҏѨ5ĥsup1˗ǝ5˓φŴecircĈǙacircũƵ΅OumlŁˣ=Фɱ˓МOumlEumlˆƣʒǩƠķ=6

Regarding occupancies we are confident to achieve occupancies of around 60 after about 4 years of operation but forecast

conservatively that our occupancies will start from around 35 in the 1st year of operation and grow steadily to 45 in year 2

55 in year 3 and 60 after the hotel is lsquomaturersquo from year 4 onwards

ФˏѢȿĈɘ=ͰɒŬϾάΫǑŚɱOumlǑϱ=ͰɒǵϡAumlOgraveOumlˏѢȿ6WŇƗ=ͰɒOumlˏѢȿƮƁϻszligϞɱOuml13=egraveЫOgravefrac34ɱOuml13ũszlig˓ɱOuml1313=szligɱϡŮƮƁЫOgrave6

Given the above estimates we believe that owners can expect attractive investment terms as illustrated in the table below

Ļǟϡ˛OumlŇƗ=ЎƗϛѝɭņOtildeOgraveOumlѱſYƮƁˍ΅o˿

CҊĂО

НҏѨ

ĥsup1˗ǝ

˓φŴecircĈǙacirc

Ƶ΅OumlŁˣ

RMB4270

RMB3500

RMB2000

RMB2150

RMB2388

Aman Fayun Hangzhou

Banyan Tree Hangzhou

Fuchun Resort Hangzhou

Mandarin Oriental Hainan

Commune by the Great Wall Beijing

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966

38

39

ͰɒOumldivideTHE TEAM

40

Grant Horsfield ndash Chairman naked Group

Grant a native of South Africa is Founder and Chairman of the

naked Group

Before coming to China in 2005 Grant worked in England

and South Africa with more than 10 years business ownership

experience With background in IT he launched eBites

Limited in 2000 Operating nationally eBites was both a

publishing company and a callcentre facilitations company with

headquarters based in Cape Town In 2004 Grant received

an MBA from University of Cape Town Graduate School of

Business Upon graduation he decided to come to China as he

saw China is where business opportunities lie

After spending two years in Shanghai he found himself

overwhelmed by the metropolis and missed the natural beauty

of his home From this desire and need sprouted the concept

for naked Retreats which was launched in 2007 Grantrsquos vision is

to create sanctuaries that are in harmony with the environment

where people can appreciate the simple way of nature and

embrace the naked lifestyle Grantrsquos tireless efforts in promoting

ecotourism in the rural areas not only created jobs but also

pride for the local community He received an environmental

award from the Huzhou Government in 2008

高天成 - naked集团总裁

ij=ɫčIcircTHORNˆ=nakedƍOumlmiddot˽ˆũѵ|6

Ф13ɱȅOgraveѓŘтʣ=ij˪ЬФϯŘƎɫčľѽ=ϾŚɱOuml˙ϛǑϱƎРѽǑϏ6ФʙITǒOumlUѠ΅=ɱij˪ƭȜȥeBitesϾΏŁ=eBitesŁƮϱΝІaacuteŹĞѓΫLJɖƿū=ʙѵˤФǭʔugrave6ɱ=ijƅOtildeȥǭʔugraveAringλ˙λЙOumlMBAλ6dϛŮ=ǧegraveȅѓŘ=ϩǯOgraveȥжȕOuml˙Ɖ6

Ф˛ŝEgraveȥȢɱтŮ=āѳƓxȥ˪Ƃ=sʨAtilde˱ȥѳʿɐǒ6ФжѕИІεʴOumlʶ˼΅=ƭȜnaked Retreats

OumlΖĂФɱOtildeOgraveȥ˹˲6ijOumlΖĂƭШϞĸ˯THORNІѳʿũΣŃdeg=ˆɒǵϡΘѳʿ=ΘnakedOuml˪ƂĈ˾6ij˫ΔAacuteTHORNʵ˪ȾϽѽordfOumlxΦɹȞ=xLjmiddotШȥľѽıŻOtildeOgraveȥIcircTHORNˣʵOumlХϐ6ij˪ƅOtildeȥɱůјоġNāOumlźWAring˼ư6

41

Delphine Yip-Horsfield ndash Partner Ben Wood Studio Shanghai

received her Master of Architecture degree from Harvard

Boston prior to moving to Shanghai to oversee the award

winning Xintiandi project on behalf of Wood and Zapata In

the fall of 2005 Delphine became partner at Ben Wood Studio

Shanghai

Drawing from her own experience of diverse cultures Delphine

has led a multitude of high profile projects such as Hangzhou

Xihutiandi Zhujiajiao Oriental Garden Shanghai Waitanyuan

Beijing Palace 77 Shanghai Hongqiao Commercial Core Lijiang

Lashihai Resort Masterplan etc

In 2006 she was selected Wallpaper magazinersquos first annual 40

under 40 designer of the year

Delphine is the chief master planner and architect for naked

Home Village and naked Stables Private Reserve She also

oversees the visuals and styling of the naked Brand

叶凯欣 - 上海Ben Wood设计室合伙人

ϜǮΩɺ=Ben Wood ˤƗľѽOumlѵƢ=śęAringλƭѡλ6ȅ˛ŝтʣ=ФΒIJ5ɷКũuuacuteľѽ6ȅ˛ŝŮ=CcediloWoodũZapataĤЩΪTHORNΙɧOumlƢethľѽ613ɱʲƕ=ϜǮΩɺBen Wood ˤƗľѽūƃˆ6

ϾѯxŸϽșǑϏOumlϜǮΩɺ=EacuteˇȥηucircijocircΙɧOumlƢeth=VȂţјͻůTHORN5њƝƶecircĈųВ5˛ŝЕ5[ǎłatilde5˛ŝŭʦ˙ϛѓΫ5ȗƯȄŝoacuteƟAacuteѵŔŷˤƗUgrave6

ɱ=ˏκȥWallpaperСьǃɱoacuteϡ΅OumlˤƗ˰6

ϜǮΩnakedƝВAacuteũnaked RetreatsOumlѵˤƗеũƭѡ˰6˶ϚĤЩƢethnaked˙nOumlFũĘķˤƗ6

42

Kang Yang Lim ndash Group Chief Operating Officer naked Group

Group with over 13 years corporate finance and real estate

development experience Previously he was Director of the

real estate division of APP China taking responsibility for the

initial positioning and development of the USD15 billion lsquoWhite

Magnolia Plazarsquo mixed use development project (including

the development of Shanghairsquos first W Hotel) He also led the

concept and development of APPrsquos branded residence and resort

project in Sheshan Shanghai

Finance division of PricewaterhouseCoopers in Melbourne

Australia where he specialized in business value and strategy

worked in inhouse strategy roles for CocaCola GB in London

and to British venture capital firm of the year (2004) ISIS Equity

Partners before coming to China in 2005

Accountants Australia in 2002 and is also an affiliate of the

of Commerce and Diploma in Modern Languages from the

University of Melbourne Australia

林纲洋- naked 集团首席营运官

ƞˏnakedƍOumlȩ˪ϴϾŚɱOumlʝϛ~ƎTHORNǭāǑϏ6Фfrac14тʣ=ѽѓŘDŽŒOumlTHORNǭāOumlѵƢ=ĤЩƠч13ϢЏOumlucircϸ8JЈȈœ9ǭāΙɧOumlcopy˽κшũǭāVȂ˛ŝszligϞƝ ǙacircOumlǭālt6˶ϚщNtildeȥDŽŒƍФ˛ŝҁ˗ʑʁѢЭũoacuteƟAacuteΙɧOumlȓɲũǭā6

ФDŽŒƍˇфтʣ=ȩİϑGAringȚφɣyuml_ʔŴϷOacuteƁƗ˰OumlǑȓ=ѥѣЂ˙ϛƠчũЯɁѰξ6ȩ˪Ф13ɱȅOgraveѓŘтʣэȑǭʔŴϷOacuteŮOumlϞotilde˶ƣɬ=ѽǵǺǵȎɂugraveŁɬOumlЯɁēͺ˰=ϡƎISISOumlʼnʏūѽƃRФϯŘɂugraveOumlϯŘĘΌѱŁˇф6

ȩ˪ФɱƅOtildeȥGAringȚφηƁƗ˰ƁũGAringȚφпʻωǗOumlƁГѱķ6˶ϚƅOtildeȥGAringȚφɣyuml_AringλOuml˙ϛλλϡƎCcedilЇϊλп6

43

Gabriela Lo ndash Managing Director naked Retreats

With over 15 years experience in high end events and PR

management Gabriela has been instrumental in bringing naked

to where it is today As one of the original members of the

naked Team Gabriela has led the growth of naked Retreats

to become one of the most famous eco retreat destinations in

China attracting guests and publicity from around the world

Originally from Macao Gabriela has rich multi cultural and

multinational living and working experience having worked and

studied for many years in Greater China England and Italy

卢家宝 - naked 度假村常务董事

ϴϾŚ13ɱOumlijocircƂiacuteũŁŃŋ΄ŎȓǑϏ=nakedDžOumlǜІȶƝXēxǭ6ѽħdivideOumlmiddot˽ГтϞ=ȶƝXϠǑAEligȭnakedѓŘѻϾɜOuml˪ȾϽɧOumlTHORNтϞ=ͼϭȥȅѳǁĹTHORNOumlǸˆ6ȶƝXȅѳGɑ=ϴϾĖĥOumlucircЏŸũucircŘǝѢũľѽǑϏ=ЬФAringѓŴTHORNʵ=ϯŘũϤAringȚϾѯucircɱωǗǑș6

Judy Zhu ndash General Manager naked Group

Zhu is the General Manager for naked Group ensuring smooth

operations of the group with a particular focus on government

朱燕 - naked 集团总经理

њώ=iquestnaked Retreatsmiddot˽ǭ˽ǜũij˪ūѽ6њώѽƍѵǑȓ=ĤЩIcircTHORNũŋ΄ʽWƍРѽ6Фƞˏnakedтʣ=њώФ˛ŝũ[ǎiquestŚηucircІ˙ϛϾŋOumlфϛ6ФΪͻȈƅOtilde˙ϛλ6

44

Kurt Berman ndash General Manager naked Stables Private Reserve

With over 16 years experience in FampB and high end luxury

resort management Kurt brings a wealth of experience and

will lead the preopening and operations of our new resort ndash

naked Stables Private Reserve Prior to joining naked Kurt was

the preopening General Manager at Six Senses Laamu and

Resident Manager for Six Senses Soneva Gili by Six Senses Kurt

has also worked at other prestigious resorts including Fregate

his career in hospitality in FampB and was a trained Chef with

experience working in many prestigious institutions including

The Dorchester Hotel in London Kurt is from South Africa and

has a masters certificate in hospitality management from Cornell

University

Kurt Berman - naked私人度假村总经理

ϾѯŚɱϬƎijIumlŤŴoacuteƟAacuteOumlŎȓǑϏ=ƮϡĖĥOumlǑϏȭNtildeͰɒΪoacuteƟAacute77)$ 0OumlϱϛũРϱ6Фƞˏ)$ тʣ=10ЬEacuteˇŚ8szligȳĭǦ9+1ϱϛѵǑȓũ8szligȳĭǦ9-2 ((OumlѤacircǑȓ610ŻЬˇфЂamp0ˆŝETHũ1+4UgraveʙўɜoacuteƟˮTHORN610OumlϛʜzЂϬαϛ=ϚϡϞĸФŬucircўɜƉńVȂ-0-0 -$-ltľѽŚOumlρȡϾOumlnot˰610ȅѳɫč=sϴϾǰɪyumlAringλЃOumlǙacircŎȓλ6

Richard Johnston ndash General Manager naked Home Village

Hailing from the United Kingdom but with most of his working

life in resorts throughout Africa Richard brings with him over

20 years experience in General Management and Director level

roles in world class resorts including Azura Retreats Cape Grace

hotel and the Saxon Hotel Richard plays a key role in the set

up of systems training and operating standards His years

of experience and mentoring leadership style make Richard a

natural inspiration for our young hotel management team

Richard Johnston - naked 家园村总经理

RichardȅѳϯŘ=IgraveAringucircOumloacuteƟAacuteľѽiumlФмĸčљ=ϴϾŚɱOumlѴūŎȓũǁƐoacuteƟAacuteVȂAzura

Retreats Cape Grace hotel and the Saxon HotelltijʒŎȓǑϏ6RichardФƭȜ΄5ʅρũРαnѬĈɘʜѯŋƨѽϸ6ĖĥOumlǑϏũȭNtildeĘķ˼OtildeoslashͰɒɱʬOumlǙacircŎȓdivideϾѯѳʿOumlƊȘ6

45

Teun Hanegraaf ndash Sales Director naked Retreats

Teun obtained a Bachelors in Business Studies and Masters

in Strategic Management with a focus on Chinese Business

Culture Teun increased our corporate sales business by 350

in his first year with us bringing international companies

ranging from international conglomerates Unilever and Coca

Cola to more local institutions such as The Shanghai American

School and leading Chinese companies such as Bank of China

韩天宁销售总监

ȅѳŧȈɥEcirc=şɵϴϾ˙ϛλλλ5ЯɁŎȓѥѣЂѓŘ˙ϛŸlt6ȅƍOumlszligϞɱşɵƮŁOumlΝϛijȥ13=sŁAEligȅȥx˟ŘƙβOumlAringŁǸŲ=жʙѓϾŘƙAringʝϛȠūȚŴũǵǺǵȎ=ϚϾ˛ŝɐŘλΠUgraveIcircTHORNƉńũѓŘϫαUgraveѓŘȴʝϛ6

Oliver Yuen ndash nature Reserve amp Recreation Manager

naked Stables Private will be the first private reserve in China

with a wealth of new flora and fauna introduced to the project

from Sydney University Australia and as a fully qualified Ranger

working in many of the worldrsquos best wildlife parks Oliver takes a

special role in ensuring the environment of naked Retreats and

naked Stables Private Reserve will be full of life and a natural

self supporting eco system Oliverrsquos passion for both people and

nature make him the perfect person to teach our guests about

what we do and make their stay not only a relaxing one but

also a fun fulfilling educational one as well Oliver previously

worked in wildlife parks and resorts such as Azura Retreats in

Mozambique Mobala Private Game Reserve in South Africa and

Sydney Aquarium in Australia

袁鹏威 - 活动经理和度假村 生物学家

naked StablesƮѓŘszligϞĸϭljΪOumlцʾũiacuteʾOumlˆoacuteƟʵ6OliverѽϞɜGAringȚφͿɯAringλūķOuml˪λƝiacuteλƝ=ϡƎФǁĹTHORNOumlϙ˪iacuteВľѽOumlľѽе=Ф˼naked Retreats ũnaked StablesϾѯĖĥ˪ѱЕ5ʿѳĺOuml˪΄Oumlźǔľѽ˛QύѯіϘƶ˔6АʊoslashˆȏũѳʿOumlƊʮ˼ѻūOumlˆȅĵͰɒOumlǸˆͰɒѼOuml˷ɋ=sʨ˂ɒФжȕOuml˶ŒxLjLjČ=˶Ϛ˂ɒOumlǝѢǑșlOtildeϾǭΫcurren˹ũϾƷЋϤϦ6АʊтʣФɫčũGAringȚφͿɯѹŏiquestϙ˪iacuteВũWŰʵOumlľѽVȂMozambique OumlAzura Retreats Mobala Private Game Reservelt6

46

Philip C Davis Company Director naked Retreats

Phil joined the Board of Directors for naked Retreats hotel

management company in 2011 His previous board experience

includes Tian Rui Hotel Corporation holder of the master license

for Super 8 economy hotels in China and Hong Kong from 2006

to 2008 He also was a founding shareholder of Tian Rui and

served as its President and Managing Director from 2006 to

2008 He was a board member of Tian Xian Cheng a bai jiu

concern which is a joint venture between Pernod Ricard and a

2010

Phil was previously Chairman of the Budweiser (Wuhan)

International Brewing Company and Managing Director of the

AnheuserBusch business in China and Hong Kong from the

beginning of 1996 through 2002 From 2003 to 2005 he

headed the AnheuserBusch liaison office with Tsingtao Brewing

Company

Phil holds a PhD in history from Washington University and

started his career as a market researcher at a major advertising

agency in the US before moving to AnheuserBusch and

heading its consumer planning and new product development

functions in the 1980s

Philip CDavis naked 度假村公司董事长

PhilЂɱƞˏȥnakedoacuteƟʵǙacircŎȓŁOumligraveƁ6ϡĖĥOumlǑϏVȂФːǙacircƍˇф5ϡƎЂɱэɱФѓŘũѓŘΒIJEacuteˇSuper ǑƖǙacirc ʼnˆ6˶=ϚːǙacircƍOumlmiddot˽ʼnecirc=ФɱэɱʖƣEacuteˇƍOumlѵ|ũigrave6ɱэɱʖƣ=ϞƝІWȎȞƞũJǙ˪ȴʝϛƬɫūѱOumlʝϛ77ΐOumligraveƁГ6

iquestɱэɱ=Phil͵šBudweiserŘƙɳǙŁOumligraveƎѓŘũѓŘΒIJCŝyŁOumligrave6iquestɱэ13ɱ=CŝyũʫETHʌǙŁOumlȠɆdegOumlĤЩˆ6PhilϴϾŴ˭uacuteAringλOumlș˻дλvλ=ФǁɱCcedilȅOgraveCŝy5ĤЩΞĒŔŷũΪʑǭāĿɭтʣ=OumlϛʜzЂɐŘOumlϞƝœĵCcedilȓŁ=Eacuteˇaeligω6

47

OUR INTERNATIONAL TEAM

International team

Chief master planners amp architects

the urban landscape of modern China with Xintiandi in

Shanghai a commercial cultural and entertainment district

Since then the studio has worked on projects in very diverse

categories both small and large scale projects include mixed

use projects like the ldquoTiandirdquo in Hangzhou Chongqing Wuhan

and Foshan luxury villa and high rise residential complexes in

Shanghai and Vietnam as well as various boutique hotels and

Chalet Architects

A00 Architecture is most well known for their research

inenvironmental sustainability and its application to their

work in Architecture Interiors and Furniture Their portfolio

includes feature restaurants luxury spas retail stores design

conversion of dozens of historic Shanghai homes into highly

personalized residences

Interior Designers AIM (Architecture amp Design) brings expertise

in the combination of world architectural styles and design

influences to the interior designs at naked Stables Private

Reserve With the Shanghai office led by the two founding

on comfort warmth and a unique blend between African and

Asian design sensibilities

Landscape Architect

Design Land Collaborative (DLC) is a professional consulting firm

comprised of landscape architects and planners with an office in

Shanghai and the United States Projects have a strong emphasis

on cultural resources historic preservation and ecological

design involving both the public and private sectors

ͰɒOumlāЮdivide

ɴǵϡΑάOumlёȣ

ŘƙŸdivide

首席规划师和建筑师

benwood Studio Shanghai OumlсɜΙɧтϞѠĨШ˛ŝΪTHORNľ=˼ʙƍ˙ϛ5Ÿ5ЄȎϞOumlʵЉ6тŮ=ЁƻȥĹȏŔɟAringΟOumlΙɧ=VȂţјOumlͻůTHORN=іʱ5͵šƎę˗OumlŤŴpϡƎФ˛ŝũЛɫOumlijѢЭʵ=ȮŻϾФѓŘƎˉ_OumlĹȏǐʑǙacircƎoacuteƟ6

小圆房建筑

AOO Architecture ФźǔWŰƎǵ θāЮĈɘϾѯѭЛOumlƭ=s˘ƮʙƭϰϸЂɬƝѩ6ɒƻŚOumlΙɧVȂ˔5ŤŴȤѓΫ5ȫ˙acirc5ˤƗίǙacirc˛ŝυНǙacirc lt5ˆoacuteƟϡƎϞ΄ȧOuml˛ŝș˻ѢЭOumlCcedilŸƎˆŸĨШ6

ɬ ˤƗ˰AIMƭѡˤƗltѥѣЂǁƭѡĘķũˤƗOumlɐƿū=ϭNtildenaked StablesOumlɬˤƗ6ФȅѳŧȈũaȚ˶OumlūѽmiddotTˆȭNtildeOuml˛ŝTdegOumlUѠ΅=ˤƗѣі5ũφčˤƗȓɲOumlntildeˊū6

景观设计

Design Land Collaborative (DLC) ϞƝiquestǒōˤƗІŔŷOumlѥϛѰξŁ=Ф˛ŝІɐŘǩˤϾēрƉń6ʙΙɧ˘ЂŋѣŸș˻ĻЕ=ƿūźW˪ǴƔ=ѥѣЂŁŃƎϾTHORNOumlŔŷ6

48

Engineering amp Project Management team

Scott Wilson Group PLC is a globalintegrated design and

engineering consultancy for the built and natural environments

Scott Wilson is responsible for the project management the

electrical and mechanical engineering for the project

Environmental Consultants

Environmental Resources Management (ERM) a leading global

provider of environmental health and safety risk and social

consulting services ERM deliver innovative solutions for business

and government clients helping them understand and manage

their impacts on the world around them ERM have 137 offices

in 39 countries and employ approximately 3300 staff

Sustainability Consultants

Bisagni Environmental Enterprises (BEE) works with the

engineering and design teams to ensure the environmental

goals set out at the inception of the project are achieved

LEED Consultants

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

Local Design Institute

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

General Contractor

and have been responsible for some of Chinarsquos most iconic

properties such as the World Financial Centre in Shanghai

工程及项目管理团队

Scott Wilson Group PLCϞƝʺʳŔɟOumlźWˤƗƎľѰξŁ6Scott WilsonĤЩΙɧOumlaacuteʠƎƉΤľ6

环境咨询

Environmental Resources Management (ERM)ϞƝʺʳαϛȭѰξŁ=ŀźǔWŰ5ƫǰCʺƎŁŃˣƁĘΌUgraveѰξĞ6ERM˙ϛƎоġɑǸŲŀĨĶβOumlǀǧĈF=UѠɒȥǀsŎȓʙǑϱoslashˣƁźǔAEligȅOumlϳΗ6ERMФʺʳϾ137ĸēрƉń=myĸŘƝ=ϴϾAringК3300ɜГľ6

可持续发展咨询

Bisagni Environmental Enterprises (BEE)ІľˤƗdivideΑűūѽ=ϡʽWФΙɧǭ˽ƼotildeˤȜOumlźǔWŰǵ θāЮɧnOumlȚ˹6

绿色建筑认证咨询

Shanghai Pacific Energy Center (SPEC)ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlŁтϞ6

本地设计公司

Shanghai Baoye Construction Corp Ltd ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlαϛȭŁтϞ6

总承包商

ϞƝŘƝƐľVŁ=ϠƻȥηucircѓŘnьβΙɧ=țˍ˛ŝźʳDŽˊѓΫ6

49

naked COVERAGE

wwwcnngocom

ldquo25 killer things to do this summerrdquo

26 April 2010

Time Magazine

ldquoRun to the Moganshan Hillrdquo

新浪博客

ldquo避世的可能rdquo

31 December 2009

wwwenglisheastdaycom

ldquoThe first batch of ldquoChina Treasured Towns ldquo released

December 2009

Shanghai Urbanatomy

ldquoGet naked this time with horsesrdquo

Shanghai Daily

ldquoGreen MaGIC Casts design spellrdquo

14 October 2009

新浪商品

ldquo中国最佳设计酒店大赏rdquo

September 2009

wwwchannelnewsasiacom

ldquoChinarsquos green resort allows travellers to vacation on good consciencerdquo

2 September 2009

wwwbijianlinblshecom

ldquo莫干隐居rdquo

25 Aug 2009

wwwassociatecontentcom

ldquoThe Exquisite Moganshan Mountains of Chinardquo

Ɏ

Wikitravel

ldquoMoganshanrdquo

德清新闻网

ldquo承包国营林场建造生态ldquo逸站rdquo

wwwsinoeventcom

ldquo亚洲旅游地产及景点峰会成功举行rdquo

wwwchinatravelbrandingcom

ldquoPursuing Green for Greenrdquo

wwwbrandrepublicasia

ldquoMaking moves towards ecofriendly eventsrdquo

7 May 2009

wwwhandsonshanghaiorg

ldquoHands On Asia Conference Summeryrdquo

May 2009

wwwmyvacationcn

ldquo莫干山居rdquo

3 April 2009

wwwshanghaidailycom

ldquoThe naked truth Time to clean up Moganshan litterrdquo

4 March 2009

wwwgreennovateorg

ldquoMoganshan Project Kick Offrdquo

13 February 2009

Travesias

ldquonaked retreatsrdquo

Feb 2009

合肥在线

ldquo大山里的裸家族rdquo

20 October 2008

wwwentrepreneurcom

ldquoThe arrival of the Olympics showcases Chinarsquos burgeoning entrepreneurial spirit ldquo

7 August 2008

50

Shanghaiist

ldquoWeekend escape to Moganshan 莫干山rdquo

9 April 2008

私家地理

ldquo艳阳下的荫凉rdquo

30 May 2008

City Weekend

ldquoGet naked in Moganshanrdquo

25 January 2008

wwwbundpiccom

ldquo在这绿中撒点野rdquo

wwwhuzhougovcn

ldquo相中德清筏头的青山绿水南非客商莫干山下建生态逸站rdquo

wwwurbanatomycom

ldquo24 Hours in Moganshanrdquo

wwwhkheadlinecom

ldquo杭州莫干山竹林深处人家rdquo

15 May 2009

wwwnewsweekcom

ldquoBack from abroadrdquo

May 2009

Chinatravelnet

ldquoMoganshan A Heavenly Hideaway of Bamboo Forests amp Tea Plantationsrdquo

April 2009

wwwmzztmcagovcn

ldquo2009年踏青乐游路线推荐大公布rdquo

16 March 2009

第三媒体

ldquo规划一条畅快随性的踏青之旅rdquo

28 October 2009

wwwdqnewszjolcomcn

ldquo三九坞 ldquo裸家族rdquo钟爱的世外桃源rdquo

28 October 2008

ldquo自驾行天下rdquo之中国莫干山rdquo

Sep 2008

ldquoShiffting Gearsrdquo

Sep 2008

April 2008

Chewed up amp Spit Out

ldquoGet nakedrdquo

19 February 2008

ldquoBest Weekend Getaway Hotels Shanghairdquo

富世

Ecoefficient hotel低碳下榻

April 2011

Spa China Guy 男士派

Experiencing The Unique

2010

Cosmo 时尚

跨洋建屋隐居不隐世

April 2010

Global Times

The Mountain of legends

Global City Geography 城市地理

莫干山 naked Retreats 都市人一ldquo裸rdquo到底的山居生活

Dec 2009

China Daily

Rural Retreat

20 March 2011

China Daily

4th March 2011

Modern Weekly周末画报

圣诞低碳游

Dec 2010

Elite Traveler 携程自由行

旅尚

Esquire

Hidden Best Restaurants

Feb 2011

51

52

53

Page 29: Detailed Investor's Report

28

NOTE

1 The Developer reserves the right to substitute other materials

or appliances of comparable quality and standard for the

intended items as listed in above fittings and finished schedule

2 The fittings and finished as listed above shall be subject to

the terms of formal Agreement for Sale and Purchase Those

provisions may have slight variation in the color measurement

3 The Developer reserves the right to make modifications and

changes to the building design fittings and finishes without

prior notice

4 Fittings and finishes of the Special Units may be different

from those of the Typical Units

备注

āЮ˙WȰϞʧʹȞ=Dв˹ƙʮȁεϘϡUgraveётƭѡȦϡƎˤ]Ccedil˛ȧĹΙ6

˛ȧĹΙȦϡƎˤ]ǩϡн˾ɈɉūКOumlǿщegraveѬ6ĹΙƭѡȦƎˤ]ǵɭƁФϋ˔=ȣoacutepoundAcirc5ȓ5ѺуƎƆľ˛ordfʬp6

āЮ˙WȰϞʧʹȞδeacuteϡƎĽĨϛOumlˤƗ5ƭѡȦϡƎˤ]ʹεȮαс6

˔EumlЏOumlēƭѡȦϡƎˤ]І˛oȧĹΙǵɭϾx6

29

PURCHASE OPTIONS

Buying a Tree-top Villa at naked Stables Private Reserve involves signing a Sale and Purchase Agreement with the development

company and a Lease and Management Agreement and Deed of Conditions with the Hotel Management Company The Management

Agreement requires the purchaser to lease the property back to the Hotel Management Company to manage on the ownerrsquos behalf

There are two different plans which are available for buyers

在 naked Stables 购买一套拥有不动产权的树顶别墅包括与发展公司签署一份买卖协议以及与酒店管理公司签署一份租赁管理协

议和条件契约管理协议要求购买者以业主的名义向管理公司出租其别墅以供其管理买家有两种方案可供选择

ŅɈκΙ

30

OPTION 1 - FLEXIBILITY

1Owner Usage Rights

Zero usage restrictions

Early reservations are required to secure Villarsquos especially during prime and peak seasons If a Villa Owner does not provide the

required advance notice for a reservation the resort may be required to offer the owner a different unit or in the worst case no

availability at all

1 业主使用权限

ȫ˼ϸΏѐ

ϘʴʣЎegraveˏѢp=ϺʙФƐƕ6ˍřpϛѝɍϾŀϘʴOumlϸЂЎegraveOumlЎс=oacuteƟAacuteƮʙŀȮϞdegѢdeg=ƆеѻЦĴOumlʮȁɍϾǹĉ6

2 Rental Revenue

2 租金收入

a Rental revenue

Whilst not in residence the owner will be eligible to earn a pro rata 36 of the room revenue generated by the Reserve during their

absence Ie Everyday the revenue generated by the entire resort is divided amongst the owners not in residence on that day When

an owner is in residence he forfeits his opportunity to earn revenue

ѸDŽˏ

ϛѝxǝѢʖƣ=ƮOtildeOgraveoacuteƟAacuteordfѸʙĉͳOtildeϧOuml6ɏoacuteƟAacuteordfѸɨΡxǝѢФfrac14OumlϛѝOumlĉͳOtildeOumlϧƮ^ʒǩēʆĺжΡϛѝ6IcircϛѝǝѢФʙpȕ˶=Ʈ˱ʸƅOtildeϧOumlƉƁ6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

选项1-灵活性

31

c Cashing out your returns

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

gtƮɴOumlſYŚDŽĈ˾ʷordf

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſYϧ6ˍřϛѝκЪxʷordfOumlϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3 有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecom services

included in the Services Fee to the owner whilst in residence The services fee is 300rmb per room per night This fee is charged on

all rooms regardless of which are in use

4 服务费用

IcircϛѝФoacuteƟAacuteǝѢ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸѓ6ɏĸĉƣɏOumlĞĒϸЏˆəe6жĸĒϸΛϾĉƣʷOuml=xɃfrac14ĉƣĚФ˼ϸ6

5Maintenance

4 of hotel room revenue will be reserved for ongoing building maintenance This will be deducted from the ownerrsquos share of total

room revenue

5 维护

ǙacircǸĉˏOumlƮ^ȰѽŮθƭѡδтĒϸ6ħēDŽuumlƮiquestϾˆǵēOtildeOumlǙacircǸĉˏĕuumlѓǻshy6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGEEarnings Per Room (36 of gross room revenue) 124173 170827 221315 253507 263647 2066942 Bedroom 收益 ndash 双人间 248346 341653 442631 507013 527294 4133873 Bedroom 收益 ndash 三人间 372519 512480 663946 760520 790941 6200814 Bedroom 收益 ndash 四人间 496692 683306 885261 1014027 1054588 826775

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 41 57 74 85 88 69

3 Bedroom 收益 ndash 三人间 9000000 41 57 74 85 88 69

4 Bedroom 收益 ndash 四人间 12000000 41 57 74 85 88 69

Hotel revenues and owner rental yield - Option 1 Flexibility

32

OPTION 2- STABILITY

1Usage Rights

1 使用权限

选项2-稳定性

Total Permitted Usage Prime Peak SeasonPermitted Usage

Peak SeasonPermitted Usage

Out-of-SeasonPermitted Usage Blackout

40 days per yearNo occupancypermitted

Up to 20 days per year but no more than 7consecutive daysfor any one stay

Up to 20 days per year but no more than 7consecutive days for any one stay

No occupancypermitted

允许使用总数主要的旺季允许使用

旺季允许使用

淡季允许使用

无折扣期

每年40天 不允许占用 每年20天但是每人

不能连续居住7天每年20天但是每人 不能连续居住7天

不允许占用

Prime Peak Season To be published by naked Retreats in according to government notification every year Prime Peak Season

Middle Autumn Festival (Sept) excluding Blackout dates

Ɛƕɏɱϻnaked RetreatsĻǟоġĵāordfс6ƐƕVȂѓŘsup1ƽϞМĀМlt5ȋiacuteƽͶМlt5Řʱƽ˴Мlt5ʭɛƽМlt5ѓʲƽǘМlt=xVȂʹгǻʖ6

ƕiquest˓МOgrave˴ϞМʖƣOuml10ĸїɡϡƎ10ĸľѽˉїʖ=xVȂƐƕũʹгǻʖ6

OutofSeason 20 days during December to February excluding Prime Peak Season and Blackout dates

Iacuteƕiquest˴ĀМOgraveĀМʖƣOuml=xVȂƐƕũʹгǻʖ6

Blackout Dates Peak demand dates such as holidays sporting events groups and citywide conventions Local cultural events

all as specified by the Hotel from time to time

ʹгǻʖεʴijėʖVȂƟʖ5Ћ˒5ũʺβOumlƁϨ6IcircTHORNɾyumlOumlŸƂiacuteiumlƮDвǙacircOumlɛljα6

2 Rental Revenue

2 租金收入

a Rental revenue

Regardless of your usage of your property your rental return will be fixed at 5 for the first 5 years of operation After this period

you will automatically migrate to the Flexibility plan

ѸDŽˏ

xɃɰOumlĉ˼ϸoacuteˍŪ=ͶɱOumlѸDŽϧiumlŊegraveOuml136ФжтŮ=ɴƮѳiacuteѧˏȬƂβĈF6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

33

c Cashing out your returns

gtƮɴOumlſYϡDŽĈ˾ʷordf

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſY6ˍřϛѝκЪxʷordfʙϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecoms services

rental option

4服务费用

IcircϛѝǝѢФoacuteƟAacuteȕ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸȕ6жϞȏOumlĞĒϸxVȂegraveβordfѸʆ6

5 Maintenance

Of the 5 guaranteed return generated form your property during the period you are not in residence the management company

will retain 4 of this return for maintaining your Villa The maintenance fund will be pooled and used for all Villarsquos in the resort

5维护

ɴxǝѢʖƣiquestɴOumlĉѓƮ˪Ouml13OumlſY=ŎȓŁƮWȰжbſYѓOumlϸѽɴpOumlŰ6ŰƈDŽƮ^ūsʜȅsϸЂϾoacuteƟAacutepOumlŰ6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Hotel projections

Rooms Available 可用房间 not relevant 非主要Estimated occupancy 预计使用率 not relevant 非主要Estimated average daily room rate 预计每日平均房价 not relevant 非主要Growth in room rate 房价增长率 not relevant 非主要Annual room sales 年房间销售额 not relevant 非主要RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE2 Bedroom 收益 ndash 双人间 50 50 50 50 50 503 Bedroom 收益 ndash 三人间 50 50 50 50 50 504 Bedroom 收益 ndash 四人间 50 50 50 50 50 50

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 300000 300000 300000 300000 300000 300000

3 Bedroom 收益 ndash 三人间 9000000 450000 450000 450000 450000 450000 450000

4 Bedroom 收益 ndash 四人间 12000000 600000 600000 600000 600000 600000 600000

Hotel revenues and owner rental yield - Option 1 Flexibility

34

Option 1 - FLEXIBILITY Option 2 ndash STABILITY

investment returns for your Villa are influenced by the

success of the resort and the number of days you use

your Villa

Stable implies both your returns and your annual

usage rights to your property are fixed Regardless of

how well the resort operates your returns will remain

the same Equally you will only have a fixed number

of days allowed in residence

Usage Have unlimited usage rights to their Villa 40 days usage per year

Rental ReturnEarn 36 of the pooled returns from the entire resort

whilst not in residence

5 guaranteed return on their investment regardless

of resort performance

Resort Discount20 discount on all resort amenities and activities

(including SPA and Restaurants)

20 discount on all resort amenities and activities

(including SPA and Restaurants)

Services FeePay a Services Fee of 300rmb per room per night

whilst in residence

Maintenance4 of all room revenue is retained for maintaining

the owners Villa

4 of all room revenue is retained for maintaining

the owners Villa

选项1 ndash 灵活性 选项 2 ndash 稳定性

ȬƂβϸЂ˼ϸІſY6ɰOumlpѱſYʷǧЂoacuteƟAacuteOumlĿǑϱũɰoslashpOuml˼ϸoacute

ŊegraveβϤѯɰOumlſYũɏɱoslashЂɰOumlĉOuml˼ϸʹΏiumlŊegraveOuml6xɃoacuteƟAacuteOumlǑϱѫȁϾucircť=ɰOumlſYiumlŊegraveOuml6ϖTHORN=ɰъϾŊegraveOumlПηǝѢOuml6

使用 ʹΏѐOumlp˼ϸʹΏ ɏɱOuml˼ϸʹΏ

租金收入 ФxǝѢʖƣ=ƅOtildeмĸoacuteƟAacuteūsſYOuml xɃoacuteƟAacuteǑϱѫȁˍŪ=Wп13OumlſYϸЂѱ

度假村折扣 ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt

服务费用 ǝѢʖƣ=ɏĉƣɏЏˆəeOumlĞĒϸ čѝϘ

维护 ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ

OPTION COMPARISON

选项对比

35

36

INDUSTRY RETURNS AND BENCHMARKS

INDUSTRY REPORT

行业报告

Tourism and urban resorts is one of the fastest growing industries in China According to industry consultant HVS cities such

as Shanghai Beijing Shenzhen Guangzhou Hangzhou and Tianjin all have a population where a critical mass of highly affluent

individuals and successful companies exist generating demand for suburban resorts

ФѓŘ=ȾϽϛũoacuteƟAacuteσɓāЮOumlαϛтϞ6ĻǟʺʳǙacircĞϛltOumlϞΙYĵ˿=ФѓŘOumlѝϘˍ˛ŝ5[ǎ5˧5œј5ţјũdžǩēyѯAringȣOumlĥЍˆʾũĿOumlʝϛ=ϻfrac14ϚƊāȥoslashƴʵoacuteƟAacuteOumlƌAringεʴ6

Amongst other things the exponential growth in private vehicles has seen a huge increase in demand in the leisure market With

the completion of the shenjiahu highway in 2010 the travel time from downtown Shanghai to Deqing is now 2 hours Also with

stop at Deqing) scheduled to open in late 2011 travel time from downtown Shanghai to Moganshan will take between 15 to 2

hours When comparing travel times to get to other resort destinations in China ndash eg Hainan or Lijiang flight times might be within

2 or 3 hours total travel time including travel to airports and check in make the whole trip 6 to 7 hours plus additional travel cost

Within the 2 hour travel radius of Shanghai the quality of resort destinations is also (in our opinion) not at an international standard

with most hotels simply being lsquocity hotels in the countryrsquo rather than true resort properties operating at international standards

shyfrac14т=ѯĸˆγΊOumlāЮ=ĸˆƸϴϾȿϚσʂ˫6ѳɱ˥ƛůijϡŮ=iquest˛ŝOgraveOcircʭϚLjεϘĸΟ˶Ouml6ΪƭOumlijǵϡФ13ēєɬiquest˛ŝUumlAumlţј6ƏƮФɱYacuteǫľOumliquestţјOgraveɫǎOumlijѓϾϞаDzOcircʭlt=ъεϞĸSΟ˶OgraveȢĸΟ˶ǜǵϡiquest˛ŝѓΫOgraveAumlɢī˗6ˍřІѓŘOumloacuteƟˮTHORNŝɫ5ȒƯUgraveaƹ=shyȥϘųĒэĸΟ˶Oumlďα˶ƣ=ŻϘФVȂʣƉ=CʺƤũUgraveEgraveOslashƉ˛ų˛эĸΟ˶=ĽxϸɨΡuumlOumlαųΝȥ6Ѷō˛ŝїiΟ˶ɬOumlγΊoacuteƟʸdeg=э˟ͰɒˈltІŘƙŸnѬŻϾѯɛOumlǢ6AringēOumloacuteƟǙacircϚũѓOumlɨΡǙacircɍϾ_ёOumlʵp=ЗЗAumlxOgraveинŘƙϤϦ˛oacuteƟίĉΙɧOumlϘʴ6

ϛѝЎʖſYІaƹ

37

OUR NICHE

我们的利基

naked sees a need in the market for world class expertly designed and operated resorts which are within 1 to 2 hour travel time

of major cities in China As with other urban resorts we believe that the Leisure market and the MICE (Meetings Incentives

Conferences Events) market will be a huge driver for our business In addition we feel that we are already at the forefront of

the growing focus and concern on environmental design building and operations as well as the growing interest in nature and

environmental education At naked we also place a high emphasis on facilities and services for the entire extended family ndash from

children to parents to grandparents that other resorts do not place dedicated resources for

nakedЎƧOgraveȥФѓŘжϞεʴƏǢȑѝϘϞэȢĸΟ˶Ouml=˶ЁhζǁϞȱOumlѥϛˤƗũŎȓOumloacuteƟΙɧ6ͰɒΑάγΊũƁƁϨ5ưȘȾϽ5AringίʝϛƁϨ5ƂiacuteЮȉltOumloslashͰɒϛOumlіAringʤȞ6frac14=ͰɒФŋѣũiacuteźWίˤƗ5ƭШ5ŎȓũźWȓɲœ˛ϠǑѷФȥαϛȭя=ФnakedІαϛеxͰɒϚіoslashЂˣʵѓOumlŜѲ5Ɲ5ȌеOumlĞũˏ6

As such we feel very confident in the rates and occupancies that we will achieve Regarding room prices when benchmarking

against some of the other leading hotel brands in the resort market such as Aman Fayun Hangzhou Banyan Tree Hangzhou Fuchun

Resort Hangzhou Mandarin Oriental Hainan and Commune by the Great Wall average rates in March 2011 for single bedrooms in

this set are ~ RMB2800

ϩfrac14=ͰɒoslashЂˏѢĉƠϡƎˏѢȿcurrenɊάΫ6ФˏѢĉƠĈɘ=ІʙФoacuteƟAacute˛OumlсɜǙacircʑʁaƹ=ˍCҊĂО5ţјНҏѨ5ĥsup1˗ǝ5˓φŴecircĈǙacircũƵ΅OumlŁˣ=Фɱ˓МOumlEumlˆƣʒǩƠķ=6

Regarding occupancies we are confident to achieve occupancies of around 60 after about 4 years of operation but forecast

conservatively that our occupancies will start from around 35 in the 1st year of operation and grow steadily to 45 in year 2

55 in year 3 and 60 after the hotel is lsquomaturersquo from year 4 onwards

ФˏѢȿĈɘ=ͰɒŬϾάΫǑŚɱOumlǑϱ=ͰɒǵϡAumlOgraveOumlˏѢȿ6WŇƗ=ͰɒOumlˏѢȿƮƁϻszligϞɱOuml13=egraveЫOgravefrac34ɱOuml13ũszlig˓ɱOuml1313=szligɱϡŮƮƁЫOgrave6

Given the above estimates we believe that owners can expect attractive investment terms as illustrated in the table below

Ļǟϡ˛OumlŇƗ=ЎƗϛѝɭņOtildeOgraveOumlѱſYƮƁˍ΅o˿

CҊĂО

НҏѨ

ĥsup1˗ǝ

˓φŴecircĈǙacirc

Ƶ΅OumlŁˣ

RMB4270

RMB3500

RMB2000

RMB2150

RMB2388

Aman Fayun Hangzhou

Banyan Tree Hangzhou

Fuchun Resort Hangzhou

Mandarin Oriental Hainan

Commune by the Great Wall Beijing

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966

38

39

ͰɒOumldivideTHE TEAM

40

Grant Horsfield ndash Chairman naked Group

Grant a native of South Africa is Founder and Chairman of the

naked Group

Before coming to China in 2005 Grant worked in England

and South Africa with more than 10 years business ownership

experience With background in IT he launched eBites

Limited in 2000 Operating nationally eBites was both a

publishing company and a callcentre facilitations company with

headquarters based in Cape Town In 2004 Grant received

an MBA from University of Cape Town Graduate School of

Business Upon graduation he decided to come to China as he

saw China is where business opportunities lie

After spending two years in Shanghai he found himself

overwhelmed by the metropolis and missed the natural beauty

of his home From this desire and need sprouted the concept

for naked Retreats which was launched in 2007 Grantrsquos vision is

to create sanctuaries that are in harmony with the environment

where people can appreciate the simple way of nature and

embrace the naked lifestyle Grantrsquos tireless efforts in promoting

ecotourism in the rural areas not only created jobs but also

pride for the local community He received an environmental

award from the Huzhou Government in 2008

高天成 - naked集团总裁

ij=ɫčIcircTHORNˆ=nakedƍOumlmiddot˽ˆũѵ|6

Ф13ɱȅOgraveѓŘтʣ=ij˪ЬФϯŘƎɫčľѽ=ϾŚɱOuml˙ϛǑϱƎРѽǑϏ6ФʙITǒOumlUѠ΅=ɱij˪ƭȜȥeBitesϾΏŁ=eBitesŁƮϱΝІaacuteŹĞѓΫLJɖƿū=ʙѵˤФǭʔugrave6ɱ=ijƅOtildeȥǭʔugraveAringλ˙λЙOumlMBAλ6dϛŮ=ǧegraveȅѓŘ=ϩǯOgraveȥжȕOuml˙Ɖ6

Ф˛ŝEgraveȥȢɱтŮ=āѳƓxȥ˪Ƃ=sʨAtilde˱ȥѳʿɐǒ6ФжѕИІεʴOumlʶ˼΅=ƭȜnaked Retreats

OumlΖĂФɱOtildeOgraveȥ˹˲6ijOumlΖĂƭШϞĸ˯THORNІѳʿũΣŃdeg=ˆɒǵϡΘѳʿ=ΘnakedOuml˪ƂĈ˾6ij˫ΔAacuteTHORNʵ˪ȾϽѽordfOumlxΦɹȞ=xLjmiddotШȥľѽıŻOtildeOgraveȥIcircTHORNˣʵOumlХϐ6ij˪ƅOtildeȥɱůјоġNāOumlźWAring˼ư6

41

Delphine Yip-Horsfield ndash Partner Ben Wood Studio Shanghai

received her Master of Architecture degree from Harvard

Boston prior to moving to Shanghai to oversee the award

winning Xintiandi project on behalf of Wood and Zapata In

the fall of 2005 Delphine became partner at Ben Wood Studio

Shanghai

Drawing from her own experience of diverse cultures Delphine

has led a multitude of high profile projects such as Hangzhou

Xihutiandi Zhujiajiao Oriental Garden Shanghai Waitanyuan

Beijing Palace 77 Shanghai Hongqiao Commercial Core Lijiang

Lashihai Resort Masterplan etc

In 2006 she was selected Wallpaper magazinersquos first annual 40

under 40 designer of the year

Delphine is the chief master planner and architect for naked

Home Village and naked Stables Private Reserve She also

oversees the visuals and styling of the naked Brand

叶凯欣 - 上海Ben Wood设计室合伙人

ϜǮΩɺ=Ben Wood ˤƗľѽOumlѵƢ=śęAringλƭѡλ6ȅ˛ŝтʣ=ФΒIJ5ɷКũuuacuteľѽ6ȅ˛ŝŮ=CcediloWoodũZapataĤЩΪTHORNΙɧOumlƢethľѽ613ɱʲƕ=ϜǮΩɺBen Wood ˤƗľѽūƃˆ6

ϾѯxŸϽșǑϏOumlϜǮΩɺ=EacuteˇȥηucircijocircΙɧOumlƢeth=VȂţјͻůTHORN5њƝƶecircĈųВ5˛ŝЕ5[ǎłatilde5˛ŝŭʦ˙ϛѓΫ5ȗƯȄŝoacuteƟAacuteѵŔŷˤƗUgrave6

ɱ=ˏκȥWallpaperСьǃɱoacuteϡ΅OumlˤƗ˰6

ϜǮΩnakedƝВAacuteũnaked RetreatsOumlѵˤƗеũƭѡ˰6˶ϚĤЩƢethnaked˙nOumlFũĘķˤƗ6

42

Kang Yang Lim ndash Group Chief Operating Officer naked Group

Group with over 13 years corporate finance and real estate

development experience Previously he was Director of the

real estate division of APP China taking responsibility for the

initial positioning and development of the USD15 billion lsquoWhite

Magnolia Plazarsquo mixed use development project (including

the development of Shanghairsquos first W Hotel) He also led the

concept and development of APPrsquos branded residence and resort

project in Sheshan Shanghai

Finance division of PricewaterhouseCoopers in Melbourne

Australia where he specialized in business value and strategy

worked in inhouse strategy roles for CocaCola GB in London

and to British venture capital firm of the year (2004) ISIS Equity

Partners before coming to China in 2005

Accountants Australia in 2002 and is also an affiliate of the

of Commerce and Diploma in Modern Languages from the

University of Melbourne Australia

林纲洋- naked 集团首席营运官

ƞˏnakedƍOumlȩ˪ϴϾŚɱOumlʝϛ~ƎTHORNǭāǑϏ6Фfrac14тʣ=ѽѓŘDŽŒOumlTHORNǭāOumlѵƢ=ĤЩƠч13ϢЏOumlucircϸ8JЈȈœ9ǭāΙɧOumlcopy˽κшũǭāVȂ˛ŝszligϞƝ ǙacircOumlǭālt6˶ϚщNtildeȥDŽŒƍФ˛ŝҁ˗ʑʁѢЭũoacuteƟAacuteΙɧOumlȓɲũǭā6

ФDŽŒƍˇфтʣ=ȩİϑGAringȚφɣyuml_ʔŴϷOacuteƁƗ˰OumlǑȓ=ѥѣЂ˙ϛƠчũЯɁѰξ6ȩ˪Ф13ɱȅOgraveѓŘтʣэȑǭʔŴϷOacuteŮOumlϞotilde˶ƣɬ=ѽǵǺǵȎɂugraveŁɬOumlЯɁēͺ˰=ϡƎISISOumlʼnʏūѽƃRФϯŘɂugraveOumlϯŘĘΌѱŁˇф6

ȩ˪ФɱƅOtildeȥGAringȚφηƁƗ˰ƁũGAringȚφпʻωǗOumlƁГѱķ6˶ϚƅOtildeȥGAringȚφɣyuml_AringλOuml˙ϛλλϡƎCcedilЇϊλп6

43

Gabriela Lo ndash Managing Director naked Retreats

With over 15 years experience in high end events and PR

management Gabriela has been instrumental in bringing naked

to where it is today As one of the original members of the

naked Team Gabriela has led the growth of naked Retreats

to become one of the most famous eco retreat destinations in

China attracting guests and publicity from around the world

Originally from Macao Gabriela has rich multi cultural and

multinational living and working experience having worked and

studied for many years in Greater China England and Italy

卢家宝 - naked 度假村常务董事

ϴϾŚ13ɱOumlijocircƂiacuteũŁŃŋ΄ŎȓǑϏ=nakedDžOumlǜІȶƝXēxǭ6ѽħdivideOumlmiddot˽ГтϞ=ȶƝXϠǑAEligȭnakedѓŘѻϾɜOuml˪ȾϽɧOumlTHORNтϞ=ͼϭȥȅѳǁĹTHORNOumlǸˆ6ȶƝXȅѳGɑ=ϴϾĖĥOumlucircЏŸũucircŘǝѢũľѽǑϏ=ЬФAringѓŴTHORNʵ=ϯŘũϤAringȚϾѯucircɱωǗǑș6

Judy Zhu ndash General Manager naked Group

Zhu is the General Manager for naked Group ensuring smooth

operations of the group with a particular focus on government

朱燕 - naked 集团总经理

њώ=iquestnaked Retreatsmiddot˽ǭ˽ǜũij˪ūѽ6њώѽƍѵǑȓ=ĤЩIcircTHORNũŋ΄ʽWƍРѽ6Фƞˏnakedтʣ=њώФ˛ŝũ[ǎiquestŚηucircІ˙ϛϾŋOumlфϛ6ФΪͻȈƅOtilde˙ϛλ6

44

Kurt Berman ndash General Manager naked Stables Private Reserve

With over 16 years experience in FampB and high end luxury

resort management Kurt brings a wealth of experience and

will lead the preopening and operations of our new resort ndash

naked Stables Private Reserve Prior to joining naked Kurt was

the preopening General Manager at Six Senses Laamu and

Resident Manager for Six Senses Soneva Gili by Six Senses Kurt

has also worked at other prestigious resorts including Fregate

his career in hospitality in FampB and was a trained Chef with

experience working in many prestigious institutions including

The Dorchester Hotel in London Kurt is from South Africa and

has a masters certificate in hospitality management from Cornell

University

Kurt Berman - naked私人度假村总经理

ϾѯŚɱϬƎijIumlŤŴoacuteƟAacuteOumlŎȓǑϏ=ƮϡĖĥOumlǑϏȭNtildeͰɒΪoacuteƟAacute77)$ 0OumlϱϛũРϱ6Фƞˏ)$ тʣ=10ЬEacuteˇŚ8szligȳĭǦ9+1ϱϛѵǑȓũ8szligȳĭǦ9-2 ((OumlѤacircǑȓ610ŻЬˇфЂamp0ˆŝETHũ1+4UgraveʙўɜoacuteƟˮTHORN610OumlϛʜzЂϬαϛ=ϚϡϞĸФŬucircўɜƉńVȂ-0-0 -$-ltľѽŚOumlρȡϾOumlnot˰610ȅѳɫč=sϴϾǰɪyumlAringλЃOumlǙacircŎȓλ6

Richard Johnston ndash General Manager naked Home Village

Hailing from the United Kingdom but with most of his working

life in resorts throughout Africa Richard brings with him over

20 years experience in General Management and Director level

roles in world class resorts including Azura Retreats Cape Grace

hotel and the Saxon Hotel Richard plays a key role in the set

up of systems training and operating standards His years

of experience and mentoring leadership style make Richard a

natural inspiration for our young hotel management team

Richard Johnston - naked 家园村总经理

RichardȅѳϯŘ=IgraveAringucircOumloacuteƟAacuteľѽiumlФмĸčљ=ϴϾŚɱOumlѴūŎȓũǁƐoacuteƟAacuteVȂAzura

Retreats Cape Grace hotel and the Saxon HotelltijʒŎȓǑϏ6RichardФƭȜ΄5ʅρũРαnѬĈɘʜѯŋƨѽϸ6ĖĥOumlǑϏũȭNtildeĘķ˼OtildeoslashͰɒɱʬOumlǙacircŎȓdivideϾѯѳʿOumlƊȘ6

45

Teun Hanegraaf ndash Sales Director naked Retreats

Teun obtained a Bachelors in Business Studies and Masters

in Strategic Management with a focus on Chinese Business

Culture Teun increased our corporate sales business by 350

in his first year with us bringing international companies

ranging from international conglomerates Unilever and Coca

Cola to more local institutions such as The Shanghai American

School and leading Chinese companies such as Bank of China

韩天宁销售总监

ȅѳŧȈɥEcirc=şɵϴϾ˙ϛλλλ5ЯɁŎȓѥѣЂѓŘ˙ϛŸlt6ȅƍOumlszligϞɱşɵƮŁOumlΝϛijȥ13=sŁAEligȅȥx˟ŘƙβOumlAringŁǸŲ=жʙѓϾŘƙAringʝϛȠūȚŴũǵǺǵȎ=ϚϾ˛ŝɐŘλΠUgraveIcircTHORNƉńũѓŘϫαUgraveѓŘȴʝϛ6

Oliver Yuen ndash nature Reserve amp Recreation Manager

naked Stables Private will be the first private reserve in China

with a wealth of new flora and fauna introduced to the project

from Sydney University Australia and as a fully qualified Ranger

working in many of the worldrsquos best wildlife parks Oliver takes a

special role in ensuring the environment of naked Retreats and

naked Stables Private Reserve will be full of life and a natural

self supporting eco system Oliverrsquos passion for both people and

nature make him the perfect person to teach our guests about

what we do and make their stay not only a relaxing one but

also a fun fulfilling educational one as well Oliver previously

worked in wildlife parks and resorts such as Azura Retreats in

Mozambique Mobala Private Game Reserve in South Africa and

Sydney Aquarium in Australia

袁鹏威 - 活动经理和度假村 生物学家

naked StablesƮѓŘszligϞĸϭljΪOumlцʾũiacuteʾOumlˆoacuteƟʵ6OliverѽϞɜGAringȚφͿɯAringλūķOuml˪λƝiacuteλƝ=ϡƎФǁĹTHORNOumlϙ˪iacuteВľѽOumlľѽе=Ф˼naked Retreats ũnaked StablesϾѯĖĥ˪ѱЕ5ʿѳĺOuml˪΄Oumlźǔľѽ˛QύѯіϘƶ˔6АʊoslashˆȏũѳʿOumlƊʮ˼ѻūOumlˆȅĵͰɒOumlǸˆͰɒѼOuml˷ɋ=sʨ˂ɒФжȕOuml˶ŒxLjLjČ=˶Ϛ˂ɒOumlǝѢǑșlOtildeϾǭΫcurren˹ũϾƷЋϤϦ6АʊтʣФɫčũGAringȚφͿɯѹŏiquestϙ˪iacuteВũWŰʵOumlľѽVȂMozambique OumlAzura Retreats Mobala Private Game Reservelt6

46

Philip C Davis Company Director naked Retreats

Phil joined the Board of Directors for naked Retreats hotel

management company in 2011 His previous board experience

includes Tian Rui Hotel Corporation holder of the master license

for Super 8 economy hotels in China and Hong Kong from 2006

to 2008 He also was a founding shareholder of Tian Rui and

served as its President and Managing Director from 2006 to

2008 He was a board member of Tian Xian Cheng a bai jiu

concern which is a joint venture between Pernod Ricard and a

2010

Phil was previously Chairman of the Budweiser (Wuhan)

International Brewing Company and Managing Director of the

AnheuserBusch business in China and Hong Kong from the

beginning of 1996 through 2002 From 2003 to 2005 he

headed the AnheuserBusch liaison office with Tsingtao Brewing

Company

Phil holds a PhD in history from Washington University and

started his career as a market researcher at a major advertising

agency in the US before moving to AnheuserBusch and

heading its consumer planning and new product development

functions in the 1980s

Philip CDavis naked 度假村公司董事长

PhilЂɱƞˏȥnakedoacuteƟʵǙacircŎȓŁOumligraveƁ6ϡĖĥOumlǑϏVȂФːǙacircƍˇф5ϡƎЂɱэɱФѓŘũѓŘΒIJEacuteˇSuper ǑƖǙacirc ʼnˆ6˶=ϚːǙacircƍOumlmiddot˽ʼnecirc=ФɱэɱʖƣEacuteˇƍOumlѵ|ũigrave6ɱэɱʖƣ=ϞƝІWȎȞƞũJǙ˪ȴʝϛƬɫūѱOumlʝϛ77ΐOumligraveƁГ6

iquestɱэɱ=Phil͵šBudweiserŘƙɳǙŁOumligraveƎѓŘũѓŘΒIJCŝyŁOumligrave6iquestɱэ13ɱ=CŝyũʫETHʌǙŁOumlȠɆdegOumlĤЩˆ6PhilϴϾŴ˭uacuteAringλOumlș˻дλvλ=ФǁɱCcedilȅOgraveCŝy5ĤЩΞĒŔŷũΪʑǭāĿɭтʣ=OumlϛʜzЂɐŘOumlϞƝœĵCcedilȓŁ=Eacuteˇaeligω6

47

OUR INTERNATIONAL TEAM

International team

Chief master planners amp architects

the urban landscape of modern China with Xintiandi in

Shanghai a commercial cultural and entertainment district

Since then the studio has worked on projects in very diverse

categories both small and large scale projects include mixed

use projects like the ldquoTiandirdquo in Hangzhou Chongqing Wuhan

and Foshan luxury villa and high rise residential complexes in

Shanghai and Vietnam as well as various boutique hotels and

Chalet Architects

A00 Architecture is most well known for their research

inenvironmental sustainability and its application to their

work in Architecture Interiors and Furniture Their portfolio

includes feature restaurants luxury spas retail stores design

conversion of dozens of historic Shanghai homes into highly

personalized residences

Interior Designers AIM (Architecture amp Design) brings expertise

in the combination of world architectural styles and design

influences to the interior designs at naked Stables Private

Reserve With the Shanghai office led by the two founding

on comfort warmth and a unique blend between African and

Asian design sensibilities

Landscape Architect

Design Land Collaborative (DLC) is a professional consulting firm

comprised of landscape architects and planners with an office in

Shanghai and the United States Projects have a strong emphasis

on cultural resources historic preservation and ecological

design involving both the public and private sectors

ͰɒOumlāЮdivide

ɴǵϡΑάOumlёȣ

ŘƙŸdivide

首席规划师和建筑师

benwood Studio Shanghai OumlсɜΙɧтϞѠĨШ˛ŝΪTHORNľ=˼ʙƍ˙ϛ5Ÿ5ЄȎϞOumlʵЉ6тŮ=ЁƻȥĹȏŔɟAringΟOumlΙɧ=VȂţјOumlͻůTHORN=іʱ5͵šƎę˗OumlŤŴpϡƎФ˛ŝũЛɫOumlijѢЭʵ=ȮŻϾФѓŘƎˉ_OumlĹȏǐʑǙacircƎoacuteƟ6

小圆房建筑

AOO Architecture ФźǔWŰƎǵ θāЮĈɘϾѯѭЛOumlƭ=s˘ƮʙƭϰϸЂɬƝѩ6ɒƻŚOumlΙɧVȂ˔5ŤŴȤѓΫ5ȫ˙acirc5ˤƗίǙacirc˛ŝυНǙacirc lt5ˆoacuteƟϡƎϞ΄ȧOuml˛ŝș˻ѢЭOumlCcedilŸƎˆŸĨШ6

ɬ ˤƗ˰AIMƭѡˤƗltѥѣЂǁƭѡĘķũˤƗOumlɐƿū=ϭNtildenaked StablesOumlɬˤƗ6ФȅѳŧȈũaȚ˶OumlūѽmiddotTˆȭNtildeOuml˛ŝTdegOumlUѠ΅=ˤƗѣі5ũφčˤƗȓɲOumlntildeˊū6

景观设计

Design Land Collaborative (DLC) ϞƝiquestǒōˤƗІŔŷOumlѥϛѰξŁ=Ф˛ŝІɐŘǩˤϾēрƉń6ʙΙɧ˘ЂŋѣŸș˻ĻЕ=ƿūźW˪ǴƔ=ѥѣЂŁŃƎϾTHORNOumlŔŷ6

48

Engineering amp Project Management team

Scott Wilson Group PLC is a globalintegrated design and

engineering consultancy for the built and natural environments

Scott Wilson is responsible for the project management the

electrical and mechanical engineering for the project

Environmental Consultants

Environmental Resources Management (ERM) a leading global

provider of environmental health and safety risk and social

consulting services ERM deliver innovative solutions for business

and government clients helping them understand and manage

their impacts on the world around them ERM have 137 offices

in 39 countries and employ approximately 3300 staff

Sustainability Consultants

Bisagni Environmental Enterprises (BEE) works with the

engineering and design teams to ensure the environmental

goals set out at the inception of the project are achieved

LEED Consultants

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

Local Design Institute

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

General Contractor

and have been responsible for some of Chinarsquos most iconic

properties such as the World Financial Centre in Shanghai

工程及项目管理团队

Scott Wilson Group PLCϞƝʺʳŔɟOumlźWˤƗƎľѰξŁ6Scott WilsonĤЩΙɧOumlaacuteʠƎƉΤľ6

环境咨询

Environmental Resources Management (ERM)ϞƝʺʳαϛȭѰξŁ=ŀźǔWŰ5ƫǰCʺƎŁŃˣƁĘΌUgraveѰξĞ6ERM˙ϛƎоġɑǸŲŀĨĶβOumlǀǧĈF=UѠɒȥǀsŎȓʙǑϱoslashˣƁźǔAEligȅOumlϳΗ6ERMФʺʳϾ137ĸēрƉń=myĸŘƝ=ϴϾAringК3300ɜГľ6

可持续发展咨询

Bisagni Environmental Enterprises (BEE)ІľˤƗdivideΑűūѽ=ϡʽWФΙɧǭ˽ƼotildeˤȜOumlźǔWŰǵ θāЮɧnOumlȚ˹6

绿色建筑认证咨询

Shanghai Pacific Energy Center (SPEC)ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlŁтϞ6

本地设计公司

Shanghai Baoye Construction Corp Ltd ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlαϛȭŁтϞ6

总承包商

ϞƝŘƝƐľVŁ=ϠƻȥηucircѓŘnьβΙɧ=țˍ˛ŝźʳDŽˊѓΫ6

49

naked COVERAGE

wwwcnngocom

ldquo25 killer things to do this summerrdquo

26 April 2010

Time Magazine

ldquoRun to the Moganshan Hillrdquo

新浪博客

ldquo避世的可能rdquo

31 December 2009

wwwenglisheastdaycom

ldquoThe first batch of ldquoChina Treasured Towns ldquo released

December 2009

Shanghai Urbanatomy

ldquoGet naked this time with horsesrdquo

Shanghai Daily

ldquoGreen MaGIC Casts design spellrdquo

14 October 2009

新浪商品

ldquo中国最佳设计酒店大赏rdquo

September 2009

wwwchannelnewsasiacom

ldquoChinarsquos green resort allows travellers to vacation on good consciencerdquo

2 September 2009

wwwbijianlinblshecom

ldquo莫干隐居rdquo

25 Aug 2009

wwwassociatecontentcom

ldquoThe Exquisite Moganshan Mountains of Chinardquo

Ɏ

Wikitravel

ldquoMoganshanrdquo

德清新闻网

ldquo承包国营林场建造生态ldquo逸站rdquo

wwwsinoeventcom

ldquo亚洲旅游地产及景点峰会成功举行rdquo

wwwchinatravelbrandingcom

ldquoPursuing Green for Greenrdquo

wwwbrandrepublicasia

ldquoMaking moves towards ecofriendly eventsrdquo

7 May 2009

wwwhandsonshanghaiorg

ldquoHands On Asia Conference Summeryrdquo

May 2009

wwwmyvacationcn

ldquo莫干山居rdquo

3 April 2009

wwwshanghaidailycom

ldquoThe naked truth Time to clean up Moganshan litterrdquo

4 March 2009

wwwgreennovateorg

ldquoMoganshan Project Kick Offrdquo

13 February 2009

Travesias

ldquonaked retreatsrdquo

Feb 2009

合肥在线

ldquo大山里的裸家族rdquo

20 October 2008

wwwentrepreneurcom

ldquoThe arrival of the Olympics showcases Chinarsquos burgeoning entrepreneurial spirit ldquo

7 August 2008

50

Shanghaiist

ldquoWeekend escape to Moganshan 莫干山rdquo

9 April 2008

私家地理

ldquo艳阳下的荫凉rdquo

30 May 2008

City Weekend

ldquoGet naked in Moganshanrdquo

25 January 2008

wwwbundpiccom

ldquo在这绿中撒点野rdquo

wwwhuzhougovcn

ldquo相中德清筏头的青山绿水南非客商莫干山下建生态逸站rdquo

wwwurbanatomycom

ldquo24 Hours in Moganshanrdquo

wwwhkheadlinecom

ldquo杭州莫干山竹林深处人家rdquo

15 May 2009

wwwnewsweekcom

ldquoBack from abroadrdquo

May 2009

Chinatravelnet

ldquoMoganshan A Heavenly Hideaway of Bamboo Forests amp Tea Plantationsrdquo

April 2009

wwwmzztmcagovcn

ldquo2009年踏青乐游路线推荐大公布rdquo

16 March 2009

第三媒体

ldquo规划一条畅快随性的踏青之旅rdquo

28 October 2009

wwwdqnewszjolcomcn

ldquo三九坞 ldquo裸家族rdquo钟爱的世外桃源rdquo

28 October 2008

ldquo自驾行天下rdquo之中国莫干山rdquo

Sep 2008

ldquoShiffting Gearsrdquo

Sep 2008

April 2008

Chewed up amp Spit Out

ldquoGet nakedrdquo

19 February 2008

ldquoBest Weekend Getaway Hotels Shanghairdquo

富世

Ecoefficient hotel低碳下榻

April 2011

Spa China Guy 男士派

Experiencing The Unique

2010

Cosmo 时尚

跨洋建屋隐居不隐世

April 2010

Global Times

The Mountain of legends

Global City Geography 城市地理

莫干山 naked Retreats 都市人一ldquo裸rdquo到底的山居生活

Dec 2009

China Daily

Rural Retreat

20 March 2011

China Daily

4th March 2011

Modern Weekly周末画报

圣诞低碳游

Dec 2010

Elite Traveler 携程自由行

旅尚

Esquire

Hidden Best Restaurants

Feb 2011

51

52

53

Page 30: Detailed Investor's Report

29

PURCHASE OPTIONS

Buying a Tree-top Villa at naked Stables Private Reserve involves signing a Sale and Purchase Agreement with the development

company and a Lease and Management Agreement and Deed of Conditions with the Hotel Management Company The Management

Agreement requires the purchaser to lease the property back to the Hotel Management Company to manage on the ownerrsquos behalf

There are two different plans which are available for buyers

在 naked Stables 购买一套拥有不动产权的树顶别墅包括与发展公司签署一份买卖协议以及与酒店管理公司签署一份租赁管理协

议和条件契约管理协议要求购买者以业主的名义向管理公司出租其别墅以供其管理买家有两种方案可供选择

ŅɈκΙ

30

OPTION 1 - FLEXIBILITY

1Owner Usage Rights

Zero usage restrictions

Early reservations are required to secure Villarsquos especially during prime and peak seasons If a Villa Owner does not provide the

required advance notice for a reservation the resort may be required to offer the owner a different unit or in the worst case no

availability at all

1 业主使用权限

ȫ˼ϸΏѐ

ϘʴʣЎegraveˏѢp=ϺʙФƐƕ6ˍřpϛѝɍϾŀϘʴOumlϸЂЎegraveOumlЎс=oacuteƟAacuteƮʙŀȮϞdegѢdeg=ƆеѻЦĴOumlʮȁɍϾǹĉ6

2 Rental Revenue

2 租金收入

a Rental revenue

Whilst not in residence the owner will be eligible to earn a pro rata 36 of the room revenue generated by the Reserve during their

absence Ie Everyday the revenue generated by the entire resort is divided amongst the owners not in residence on that day When

an owner is in residence he forfeits his opportunity to earn revenue

ѸDŽˏ

ϛѝxǝѢʖƣ=ƮOtildeOgraveoacuteƟAacuteordfѸʙĉͳOtildeϧOuml6ɏoacuteƟAacuteordfѸɨΡxǝѢФfrac14OumlϛѝOumlĉͳOtildeOumlϧƮ^ʒǩēʆĺжΡϛѝ6IcircϛѝǝѢФʙpȕ˶=Ʈ˱ʸƅOtildeϧOumlƉƁ6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

选项1-灵活性

31

c Cashing out your returns

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

gtƮɴOumlſYŚDŽĈ˾ʷordf

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſYϧ6ˍřϛѝκЪxʷordfOumlϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3 有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecom services

included in the Services Fee to the owner whilst in residence The services fee is 300rmb per room per night This fee is charged on

all rooms regardless of which are in use

4 服务费用

IcircϛѝФoacuteƟAacuteǝѢ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸѓ6ɏĸĉƣɏOumlĞĒϸЏˆəe6жĸĒϸΛϾĉƣʷOuml=xɃfrac14ĉƣĚФ˼ϸ6

5Maintenance

4 of hotel room revenue will be reserved for ongoing building maintenance This will be deducted from the ownerrsquos share of total

room revenue

5 维护

ǙacircǸĉˏOumlƮ^ȰѽŮθƭѡδтĒϸ6ħēDŽuumlƮiquestϾˆǵēOtildeOumlǙacircǸĉˏĕuumlѓǻshy6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGEEarnings Per Room (36 of gross room revenue) 124173 170827 221315 253507 263647 2066942 Bedroom 收益 ndash 双人间 248346 341653 442631 507013 527294 4133873 Bedroom 收益 ndash 三人间 372519 512480 663946 760520 790941 6200814 Bedroom 收益 ndash 四人间 496692 683306 885261 1014027 1054588 826775

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 41 57 74 85 88 69

3 Bedroom 收益 ndash 三人间 9000000 41 57 74 85 88 69

4 Bedroom 收益 ndash 四人间 12000000 41 57 74 85 88 69

Hotel revenues and owner rental yield - Option 1 Flexibility

32

OPTION 2- STABILITY

1Usage Rights

1 使用权限

选项2-稳定性

Total Permitted Usage Prime Peak SeasonPermitted Usage

Peak SeasonPermitted Usage

Out-of-SeasonPermitted Usage Blackout

40 days per yearNo occupancypermitted

Up to 20 days per year but no more than 7consecutive daysfor any one stay

Up to 20 days per year but no more than 7consecutive days for any one stay

No occupancypermitted

允许使用总数主要的旺季允许使用

旺季允许使用

淡季允许使用

无折扣期

每年40天 不允许占用 每年20天但是每人

不能连续居住7天每年20天但是每人 不能连续居住7天

不允许占用

Prime Peak Season To be published by naked Retreats in according to government notification every year Prime Peak Season

Middle Autumn Festival (Sept) excluding Blackout dates

Ɛƕɏɱϻnaked RetreatsĻǟоġĵāordfс6ƐƕVȂѓŘsup1ƽϞМĀМlt5ȋiacuteƽͶМlt5Řʱƽ˴Мlt5ʭɛƽМlt5ѓʲƽǘМlt=xVȂʹгǻʖ6

ƕiquest˓МOgrave˴ϞМʖƣOuml10ĸїɡϡƎ10ĸľѽˉїʖ=xVȂƐƕũʹгǻʖ6

OutofSeason 20 days during December to February excluding Prime Peak Season and Blackout dates

Iacuteƕiquest˴ĀМOgraveĀМʖƣOuml=xVȂƐƕũʹгǻʖ6

Blackout Dates Peak demand dates such as holidays sporting events groups and citywide conventions Local cultural events

all as specified by the Hotel from time to time

ʹгǻʖεʴijėʖVȂƟʖ5Ћ˒5ũʺβOumlƁϨ6IcircTHORNɾyumlOumlŸƂiacuteiumlƮDвǙacircOumlɛljα6

2 Rental Revenue

2 租金收入

a Rental revenue

Regardless of your usage of your property your rental return will be fixed at 5 for the first 5 years of operation After this period

you will automatically migrate to the Flexibility plan

ѸDŽˏ

xɃɰOumlĉ˼ϸoacuteˍŪ=ͶɱOumlѸDŽϧiumlŊegraveOuml136ФжтŮ=ɴƮѳiacuteѧˏȬƂβĈF6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

33

c Cashing out your returns

gtƮɴOumlſYϡDŽĈ˾ʷordf

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſY6ˍřϛѝκЪxʷordfʙϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecoms services

rental option

4服务费用

IcircϛѝǝѢФoacuteƟAacuteȕ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸȕ6жϞȏOumlĞĒϸxVȂegraveβordfѸʆ6

5 Maintenance

Of the 5 guaranteed return generated form your property during the period you are not in residence the management company

will retain 4 of this return for maintaining your Villa The maintenance fund will be pooled and used for all Villarsquos in the resort

5维护

ɴxǝѢʖƣiquestɴOumlĉѓƮ˪Ouml13OumlſY=ŎȓŁƮWȰжbſYѓOumlϸѽɴpOumlŰ6ŰƈDŽƮ^ūsʜȅsϸЂϾoacuteƟAacutepOumlŰ6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Hotel projections

Rooms Available 可用房间 not relevant 非主要Estimated occupancy 预计使用率 not relevant 非主要Estimated average daily room rate 预计每日平均房价 not relevant 非主要Growth in room rate 房价增长率 not relevant 非主要Annual room sales 年房间销售额 not relevant 非主要RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE2 Bedroom 收益 ndash 双人间 50 50 50 50 50 503 Bedroom 收益 ndash 三人间 50 50 50 50 50 504 Bedroom 收益 ndash 四人间 50 50 50 50 50 50

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 300000 300000 300000 300000 300000 300000

3 Bedroom 收益 ndash 三人间 9000000 450000 450000 450000 450000 450000 450000

4 Bedroom 收益 ndash 四人间 12000000 600000 600000 600000 600000 600000 600000

Hotel revenues and owner rental yield - Option 1 Flexibility

34

Option 1 - FLEXIBILITY Option 2 ndash STABILITY

investment returns for your Villa are influenced by the

success of the resort and the number of days you use

your Villa

Stable implies both your returns and your annual

usage rights to your property are fixed Regardless of

how well the resort operates your returns will remain

the same Equally you will only have a fixed number

of days allowed in residence

Usage Have unlimited usage rights to their Villa 40 days usage per year

Rental ReturnEarn 36 of the pooled returns from the entire resort

whilst not in residence

5 guaranteed return on their investment regardless

of resort performance

Resort Discount20 discount on all resort amenities and activities

(including SPA and Restaurants)

20 discount on all resort amenities and activities

(including SPA and Restaurants)

Services FeePay a Services Fee of 300rmb per room per night

whilst in residence

Maintenance4 of all room revenue is retained for maintaining

the owners Villa

4 of all room revenue is retained for maintaining

the owners Villa

选项1 ndash 灵活性 选项 2 ndash 稳定性

ȬƂβϸЂ˼ϸІſY6ɰOumlpѱſYʷǧЂoacuteƟAacuteOumlĿǑϱũɰoslashpOuml˼ϸoacute

ŊegraveβϤѯɰOumlſYũɏɱoslashЂɰOumlĉOuml˼ϸʹΏiumlŊegraveOuml6xɃoacuteƟAacuteOumlǑϱѫȁϾucircť=ɰOumlſYiumlŊegraveOuml6ϖTHORN=ɰъϾŊegraveOumlПηǝѢOuml6

使用 ʹΏѐOumlp˼ϸʹΏ ɏɱOuml˼ϸʹΏ

租金收入 ФxǝѢʖƣ=ƅOtildeмĸoacuteƟAacuteūsſYOuml xɃoacuteƟAacuteǑϱѫȁˍŪ=Wп13OumlſYϸЂѱ

度假村折扣 ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt

服务费用 ǝѢʖƣ=ɏĉƣɏЏˆəeOumlĞĒϸ čѝϘ

维护 ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ

OPTION COMPARISON

选项对比

35

36

INDUSTRY RETURNS AND BENCHMARKS

INDUSTRY REPORT

行业报告

Tourism and urban resorts is one of the fastest growing industries in China According to industry consultant HVS cities such

as Shanghai Beijing Shenzhen Guangzhou Hangzhou and Tianjin all have a population where a critical mass of highly affluent

individuals and successful companies exist generating demand for suburban resorts

ФѓŘ=ȾϽϛũoacuteƟAacuteσɓāЮOumlαϛтϞ6ĻǟʺʳǙacircĞϛltOumlϞΙYĵ˿=ФѓŘOumlѝϘˍ˛ŝ5[ǎ5˧5œј5ţјũdžǩēyѯAringȣOumlĥЍˆʾũĿOumlʝϛ=ϻfrac14ϚƊāȥoslashƴʵoacuteƟAacuteOumlƌAringεʴ6

Amongst other things the exponential growth in private vehicles has seen a huge increase in demand in the leisure market With

the completion of the shenjiahu highway in 2010 the travel time from downtown Shanghai to Deqing is now 2 hours Also with

stop at Deqing) scheduled to open in late 2011 travel time from downtown Shanghai to Moganshan will take between 15 to 2

hours When comparing travel times to get to other resort destinations in China ndash eg Hainan or Lijiang flight times might be within

2 or 3 hours total travel time including travel to airports and check in make the whole trip 6 to 7 hours plus additional travel cost

Within the 2 hour travel radius of Shanghai the quality of resort destinations is also (in our opinion) not at an international standard

with most hotels simply being lsquocity hotels in the countryrsquo rather than true resort properties operating at international standards

shyfrac14т=ѯĸˆγΊOumlāЮ=ĸˆƸϴϾȿϚσʂ˫6ѳɱ˥ƛůijϡŮ=iquest˛ŝOgraveOcircʭϚLjεϘĸΟ˶Ouml6ΪƭOumlijǵϡФ13ēєɬiquest˛ŝUumlAumlţј6ƏƮФɱYacuteǫľOumliquestţјOgraveɫǎOumlijѓϾϞаDzOcircʭlt=ъεϞĸSΟ˶OgraveȢĸΟ˶ǜǵϡiquest˛ŝѓΫOgraveAumlɢī˗6ˍřІѓŘOumloacuteƟˮTHORNŝɫ5ȒƯUgraveaƹ=shyȥϘųĒэĸΟ˶Oumlďα˶ƣ=ŻϘФVȂʣƉ=CʺƤũUgraveEgraveOslashƉ˛ų˛эĸΟ˶=ĽxϸɨΡuumlOumlαųΝȥ6Ѷō˛ŝїiΟ˶ɬOumlγΊoacuteƟʸdeg=э˟ͰɒˈltІŘƙŸnѬŻϾѯɛOumlǢ6AringēOumloacuteƟǙacircϚũѓOumlɨΡǙacircɍϾ_ёOumlʵp=ЗЗAumlxOgraveинŘƙϤϦ˛oacuteƟίĉΙɧOumlϘʴ6

ϛѝЎʖſYІaƹ

37

OUR NICHE

我们的利基

naked sees a need in the market for world class expertly designed and operated resorts which are within 1 to 2 hour travel time

of major cities in China As with other urban resorts we believe that the Leisure market and the MICE (Meetings Incentives

Conferences Events) market will be a huge driver for our business In addition we feel that we are already at the forefront of

the growing focus and concern on environmental design building and operations as well as the growing interest in nature and

environmental education At naked we also place a high emphasis on facilities and services for the entire extended family ndash from

children to parents to grandparents that other resorts do not place dedicated resources for

nakedЎƧOgraveȥФѓŘжϞεʴƏǢȑѝϘϞэȢĸΟ˶Ouml=˶ЁhζǁϞȱOumlѥϛˤƗũŎȓOumloacuteƟΙɧ6ͰɒΑάγΊũƁƁϨ5ưȘȾϽ5AringίʝϛƁϨ5ƂiacuteЮȉltOumloslashͰɒϛOumlіAringʤȞ6frac14=ͰɒФŋѣũiacuteźWίˤƗ5ƭШ5ŎȓũźWȓɲœ˛ϠǑѷФȥαϛȭя=ФnakedІαϛеxͰɒϚіoslashЂˣʵѓOumlŜѲ5Ɲ5ȌеOumlĞũˏ6

As such we feel very confident in the rates and occupancies that we will achieve Regarding room prices when benchmarking

against some of the other leading hotel brands in the resort market such as Aman Fayun Hangzhou Banyan Tree Hangzhou Fuchun

Resort Hangzhou Mandarin Oriental Hainan and Commune by the Great Wall average rates in March 2011 for single bedrooms in

this set are ~ RMB2800

ϩfrac14=ͰɒoslashЂˏѢĉƠϡƎˏѢȿcurrenɊάΫ6ФˏѢĉƠĈɘ=ІʙФoacuteƟAacute˛OumlсɜǙacircʑʁaƹ=ˍCҊĂО5ţјНҏѨ5ĥsup1˗ǝ5˓φŴecircĈǙacircũƵ΅OumlŁˣ=Фɱ˓МOumlEumlˆƣʒǩƠķ=6

Regarding occupancies we are confident to achieve occupancies of around 60 after about 4 years of operation but forecast

conservatively that our occupancies will start from around 35 in the 1st year of operation and grow steadily to 45 in year 2

55 in year 3 and 60 after the hotel is lsquomaturersquo from year 4 onwards

ФˏѢȿĈɘ=ͰɒŬϾάΫǑŚɱOumlǑϱ=ͰɒǵϡAumlOgraveOumlˏѢȿ6WŇƗ=ͰɒOumlˏѢȿƮƁϻszligϞɱOuml13=egraveЫOgravefrac34ɱOuml13ũszlig˓ɱOuml1313=szligɱϡŮƮƁЫOgrave6

Given the above estimates we believe that owners can expect attractive investment terms as illustrated in the table below

Ļǟϡ˛OumlŇƗ=ЎƗϛѝɭņOtildeOgraveOumlѱſYƮƁˍ΅o˿

CҊĂО

НҏѨ

ĥsup1˗ǝ

˓φŴecircĈǙacirc

Ƶ΅OumlŁˣ

RMB4270

RMB3500

RMB2000

RMB2150

RMB2388

Aman Fayun Hangzhou

Banyan Tree Hangzhou

Fuchun Resort Hangzhou

Mandarin Oriental Hainan

Commune by the Great Wall Beijing

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966

38

39

ͰɒOumldivideTHE TEAM

40

Grant Horsfield ndash Chairman naked Group

Grant a native of South Africa is Founder and Chairman of the

naked Group

Before coming to China in 2005 Grant worked in England

and South Africa with more than 10 years business ownership

experience With background in IT he launched eBites

Limited in 2000 Operating nationally eBites was both a

publishing company and a callcentre facilitations company with

headquarters based in Cape Town In 2004 Grant received

an MBA from University of Cape Town Graduate School of

Business Upon graduation he decided to come to China as he

saw China is where business opportunities lie

After spending two years in Shanghai he found himself

overwhelmed by the metropolis and missed the natural beauty

of his home From this desire and need sprouted the concept

for naked Retreats which was launched in 2007 Grantrsquos vision is

to create sanctuaries that are in harmony with the environment

where people can appreciate the simple way of nature and

embrace the naked lifestyle Grantrsquos tireless efforts in promoting

ecotourism in the rural areas not only created jobs but also

pride for the local community He received an environmental

award from the Huzhou Government in 2008

高天成 - naked集团总裁

ij=ɫčIcircTHORNˆ=nakedƍOumlmiddot˽ˆũѵ|6

Ф13ɱȅOgraveѓŘтʣ=ij˪ЬФϯŘƎɫčľѽ=ϾŚɱOuml˙ϛǑϱƎРѽǑϏ6ФʙITǒOumlUѠ΅=ɱij˪ƭȜȥeBitesϾΏŁ=eBitesŁƮϱΝІaacuteŹĞѓΫLJɖƿū=ʙѵˤФǭʔugrave6ɱ=ijƅOtildeȥǭʔugraveAringλ˙λЙOumlMBAλ6dϛŮ=ǧegraveȅѓŘ=ϩǯOgraveȥжȕOuml˙Ɖ6

Ф˛ŝEgraveȥȢɱтŮ=āѳƓxȥ˪Ƃ=sʨAtilde˱ȥѳʿɐǒ6ФжѕИІεʴOumlʶ˼΅=ƭȜnaked Retreats

OumlΖĂФɱOtildeOgraveȥ˹˲6ijOumlΖĂƭШϞĸ˯THORNІѳʿũΣŃdeg=ˆɒǵϡΘѳʿ=ΘnakedOuml˪ƂĈ˾6ij˫ΔAacuteTHORNʵ˪ȾϽѽordfOumlxΦɹȞ=xLjmiddotШȥľѽıŻOtildeOgraveȥIcircTHORNˣʵOumlХϐ6ij˪ƅOtildeȥɱůјоġNāOumlźWAring˼ư6

41

Delphine Yip-Horsfield ndash Partner Ben Wood Studio Shanghai

received her Master of Architecture degree from Harvard

Boston prior to moving to Shanghai to oversee the award

winning Xintiandi project on behalf of Wood and Zapata In

the fall of 2005 Delphine became partner at Ben Wood Studio

Shanghai

Drawing from her own experience of diverse cultures Delphine

has led a multitude of high profile projects such as Hangzhou

Xihutiandi Zhujiajiao Oriental Garden Shanghai Waitanyuan

Beijing Palace 77 Shanghai Hongqiao Commercial Core Lijiang

Lashihai Resort Masterplan etc

In 2006 she was selected Wallpaper magazinersquos first annual 40

under 40 designer of the year

Delphine is the chief master planner and architect for naked

Home Village and naked Stables Private Reserve She also

oversees the visuals and styling of the naked Brand

叶凯欣 - 上海Ben Wood设计室合伙人

ϜǮΩɺ=Ben Wood ˤƗľѽOumlѵƢ=śęAringλƭѡλ6ȅ˛ŝтʣ=ФΒIJ5ɷКũuuacuteľѽ6ȅ˛ŝŮ=CcediloWoodũZapataĤЩΪTHORNΙɧOumlƢethľѽ613ɱʲƕ=ϜǮΩɺBen Wood ˤƗľѽūƃˆ6

ϾѯxŸϽșǑϏOumlϜǮΩɺ=EacuteˇȥηucircijocircΙɧOumlƢeth=VȂţјͻůTHORN5њƝƶecircĈųВ5˛ŝЕ5[ǎłatilde5˛ŝŭʦ˙ϛѓΫ5ȗƯȄŝoacuteƟAacuteѵŔŷˤƗUgrave6

ɱ=ˏκȥWallpaperСьǃɱoacuteϡ΅OumlˤƗ˰6

ϜǮΩnakedƝВAacuteũnaked RetreatsOumlѵˤƗеũƭѡ˰6˶ϚĤЩƢethnaked˙nOumlFũĘķˤƗ6

42

Kang Yang Lim ndash Group Chief Operating Officer naked Group

Group with over 13 years corporate finance and real estate

development experience Previously he was Director of the

real estate division of APP China taking responsibility for the

initial positioning and development of the USD15 billion lsquoWhite

Magnolia Plazarsquo mixed use development project (including

the development of Shanghairsquos first W Hotel) He also led the

concept and development of APPrsquos branded residence and resort

project in Sheshan Shanghai

Finance division of PricewaterhouseCoopers in Melbourne

Australia where he specialized in business value and strategy

worked in inhouse strategy roles for CocaCola GB in London

and to British venture capital firm of the year (2004) ISIS Equity

Partners before coming to China in 2005

Accountants Australia in 2002 and is also an affiliate of the

of Commerce and Diploma in Modern Languages from the

University of Melbourne Australia

林纲洋- naked 集团首席营运官

ƞˏnakedƍOumlȩ˪ϴϾŚɱOumlʝϛ~ƎTHORNǭāǑϏ6Фfrac14тʣ=ѽѓŘDŽŒOumlTHORNǭāOumlѵƢ=ĤЩƠч13ϢЏOumlucircϸ8JЈȈœ9ǭāΙɧOumlcopy˽κшũǭāVȂ˛ŝszligϞƝ ǙacircOumlǭālt6˶ϚщNtildeȥDŽŒƍФ˛ŝҁ˗ʑʁѢЭũoacuteƟAacuteΙɧOumlȓɲũǭā6

ФDŽŒƍˇфтʣ=ȩİϑGAringȚφɣyuml_ʔŴϷOacuteƁƗ˰OumlǑȓ=ѥѣЂ˙ϛƠчũЯɁѰξ6ȩ˪Ф13ɱȅOgraveѓŘтʣэȑǭʔŴϷOacuteŮOumlϞotilde˶ƣɬ=ѽǵǺǵȎɂugraveŁɬOumlЯɁēͺ˰=ϡƎISISOumlʼnʏūѽƃRФϯŘɂugraveOumlϯŘĘΌѱŁˇф6

ȩ˪ФɱƅOtildeȥGAringȚφηƁƗ˰ƁũGAringȚφпʻωǗOumlƁГѱķ6˶ϚƅOtildeȥGAringȚφɣyuml_AringλOuml˙ϛλλϡƎCcedilЇϊλп6

43

Gabriela Lo ndash Managing Director naked Retreats

With over 15 years experience in high end events and PR

management Gabriela has been instrumental in bringing naked

to where it is today As one of the original members of the

naked Team Gabriela has led the growth of naked Retreats

to become one of the most famous eco retreat destinations in

China attracting guests and publicity from around the world

Originally from Macao Gabriela has rich multi cultural and

multinational living and working experience having worked and

studied for many years in Greater China England and Italy

卢家宝 - naked 度假村常务董事

ϴϾŚ13ɱOumlijocircƂiacuteũŁŃŋ΄ŎȓǑϏ=nakedDžOumlǜІȶƝXēxǭ6ѽħdivideOumlmiddot˽ГтϞ=ȶƝXϠǑAEligȭnakedѓŘѻϾɜOuml˪ȾϽɧOumlTHORNтϞ=ͼϭȥȅѳǁĹTHORNOumlǸˆ6ȶƝXȅѳGɑ=ϴϾĖĥOumlucircЏŸũucircŘǝѢũľѽǑϏ=ЬФAringѓŴTHORNʵ=ϯŘũϤAringȚϾѯucircɱωǗǑș6

Judy Zhu ndash General Manager naked Group

Zhu is the General Manager for naked Group ensuring smooth

operations of the group with a particular focus on government

朱燕 - naked 集团总经理

њώ=iquestnaked Retreatsmiddot˽ǭ˽ǜũij˪ūѽ6њώѽƍѵǑȓ=ĤЩIcircTHORNũŋ΄ʽWƍРѽ6Фƞˏnakedтʣ=њώФ˛ŝũ[ǎiquestŚηucircІ˙ϛϾŋOumlфϛ6ФΪͻȈƅOtilde˙ϛλ6

44

Kurt Berman ndash General Manager naked Stables Private Reserve

With over 16 years experience in FampB and high end luxury

resort management Kurt brings a wealth of experience and

will lead the preopening and operations of our new resort ndash

naked Stables Private Reserve Prior to joining naked Kurt was

the preopening General Manager at Six Senses Laamu and

Resident Manager for Six Senses Soneva Gili by Six Senses Kurt

has also worked at other prestigious resorts including Fregate

his career in hospitality in FampB and was a trained Chef with

experience working in many prestigious institutions including

The Dorchester Hotel in London Kurt is from South Africa and

has a masters certificate in hospitality management from Cornell

University

Kurt Berman - naked私人度假村总经理

ϾѯŚɱϬƎijIumlŤŴoacuteƟAacuteOumlŎȓǑϏ=ƮϡĖĥOumlǑϏȭNtildeͰɒΪoacuteƟAacute77)$ 0OumlϱϛũРϱ6Фƞˏ)$ тʣ=10ЬEacuteˇŚ8szligȳĭǦ9+1ϱϛѵǑȓũ8szligȳĭǦ9-2 ((OumlѤacircǑȓ610ŻЬˇфЂamp0ˆŝETHũ1+4UgraveʙўɜoacuteƟˮTHORN610OumlϛʜzЂϬαϛ=ϚϡϞĸФŬucircўɜƉńVȂ-0-0 -$-ltľѽŚOumlρȡϾOumlnot˰610ȅѳɫč=sϴϾǰɪyumlAringλЃOumlǙacircŎȓλ6

Richard Johnston ndash General Manager naked Home Village

Hailing from the United Kingdom but with most of his working

life in resorts throughout Africa Richard brings with him over

20 years experience in General Management and Director level

roles in world class resorts including Azura Retreats Cape Grace

hotel and the Saxon Hotel Richard plays a key role in the set

up of systems training and operating standards His years

of experience and mentoring leadership style make Richard a

natural inspiration for our young hotel management team

Richard Johnston - naked 家园村总经理

RichardȅѳϯŘ=IgraveAringucircOumloacuteƟAacuteľѽiumlФмĸčљ=ϴϾŚɱOumlѴūŎȓũǁƐoacuteƟAacuteVȂAzura

Retreats Cape Grace hotel and the Saxon HotelltijʒŎȓǑϏ6RichardФƭȜ΄5ʅρũРαnѬĈɘʜѯŋƨѽϸ6ĖĥOumlǑϏũȭNtildeĘķ˼OtildeoslashͰɒɱʬOumlǙacircŎȓdivideϾѯѳʿOumlƊȘ6

45

Teun Hanegraaf ndash Sales Director naked Retreats

Teun obtained a Bachelors in Business Studies and Masters

in Strategic Management with a focus on Chinese Business

Culture Teun increased our corporate sales business by 350

in his first year with us bringing international companies

ranging from international conglomerates Unilever and Coca

Cola to more local institutions such as The Shanghai American

School and leading Chinese companies such as Bank of China

韩天宁销售总监

ȅѳŧȈɥEcirc=şɵϴϾ˙ϛλλλ5ЯɁŎȓѥѣЂѓŘ˙ϛŸlt6ȅƍOumlszligϞɱşɵƮŁOumlΝϛijȥ13=sŁAEligȅȥx˟ŘƙβOumlAringŁǸŲ=жʙѓϾŘƙAringʝϛȠūȚŴũǵǺǵȎ=ϚϾ˛ŝɐŘλΠUgraveIcircTHORNƉńũѓŘϫαUgraveѓŘȴʝϛ6

Oliver Yuen ndash nature Reserve amp Recreation Manager

naked Stables Private will be the first private reserve in China

with a wealth of new flora and fauna introduced to the project

from Sydney University Australia and as a fully qualified Ranger

working in many of the worldrsquos best wildlife parks Oliver takes a

special role in ensuring the environment of naked Retreats and

naked Stables Private Reserve will be full of life and a natural

self supporting eco system Oliverrsquos passion for both people and

nature make him the perfect person to teach our guests about

what we do and make their stay not only a relaxing one but

also a fun fulfilling educational one as well Oliver previously

worked in wildlife parks and resorts such as Azura Retreats in

Mozambique Mobala Private Game Reserve in South Africa and

Sydney Aquarium in Australia

袁鹏威 - 活动经理和度假村 生物学家

naked StablesƮѓŘszligϞĸϭljΪOumlцʾũiacuteʾOumlˆoacuteƟʵ6OliverѽϞɜGAringȚφͿɯAringλūķOuml˪λƝiacuteλƝ=ϡƎФǁĹTHORNOumlϙ˪iacuteВľѽOumlľѽе=Ф˼naked Retreats ũnaked StablesϾѯĖĥ˪ѱЕ5ʿѳĺOuml˪΄Oumlźǔľѽ˛QύѯіϘƶ˔6АʊoslashˆȏũѳʿOumlƊʮ˼ѻūOumlˆȅĵͰɒOumlǸˆͰɒѼOuml˷ɋ=sʨ˂ɒФжȕOuml˶ŒxLjLjČ=˶Ϛ˂ɒOumlǝѢǑșlOtildeϾǭΫcurren˹ũϾƷЋϤϦ6АʊтʣФɫčũGAringȚφͿɯѹŏiquestϙ˪iacuteВũWŰʵOumlľѽVȂMozambique OumlAzura Retreats Mobala Private Game Reservelt6

46

Philip C Davis Company Director naked Retreats

Phil joined the Board of Directors for naked Retreats hotel

management company in 2011 His previous board experience

includes Tian Rui Hotel Corporation holder of the master license

for Super 8 economy hotels in China and Hong Kong from 2006

to 2008 He also was a founding shareholder of Tian Rui and

served as its President and Managing Director from 2006 to

2008 He was a board member of Tian Xian Cheng a bai jiu

concern which is a joint venture between Pernod Ricard and a

2010

Phil was previously Chairman of the Budweiser (Wuhan)

International Brewing Company and Managing Director of the

AnheuserBusch business in China and Hong Kong from the

beginning of 1996 through 2002 From 2003 to 2005 he

headed the AnheuserBusch liaison office with Tsingtao Brewing

Company

Phil holds a PhD in history from Washington University and

started his career as a market researcher at a major advertising

agency in the US before moving to AnheuserBusch and

heading its consumer planning and new product development

functions in the 1980s

Philip CDavis naked 度假村公司董事长

PhilЂɱƞˏȥnakedoacuteƟʵǙacircŎȓŁOumligraveƁ6ϡĖĥOumlǑϏVȂФːǙacircƍˇф5ϡƎЂɱэɱФѓŘũѓŘΒIJEacuteˇSuper ǑƖǙacirc ʼnˆ6˶=ϚːǙacircƍOumlmiddot˽ʼnecirc=ФɱэɱʖƣEacuteˇƍOumlѵ|ũigrave6ɱэɱʖƣ=ϞƝІWȎȞƞũJǙ˪ȴʝϛƬɫūѱOumlʝϛ77ΐOumligraveƁГ6

iquestɱэɱ=Phil͵šBudweiserŘƙɳǙŁOumligraveƎѓŘũѓŘΒIJCŝyŁOumligrave6iquestɱэ13ɱ=CŝyũʫETHʌǙŁOumlȠɆdegOumlĤЩˆ6PhilϴϾŴ˭uacuteAringλOumlș˻дλvλ=ФǁɱCcedilȅOgraveCŝy5ĤЩΞĒŔŷũΪʑǭāĿɭтʣ=OumlϛʜzЂɐŘOumlϞƝœĵCcedilȓŁ=Eacuteˇaeligω6

47

OUR INTERNATIONAL TEAM

International team

Chief master planners amp architects

the urban landscape of modern China with Xintiandi in

Shanghai a commercial cultural and entertainment district

Since then the studio has worked on projects in very diverse

categories both small and large scale projects include mixed

use projects like the ldquoTiandirdquo in Hangzhou Chongqing Wuhan

and Foshan luxury villa and high rise residential complexes in

Shanghai and Vietnam as well as various boutique hotels and

Chalet Architects

A00 Architecture is most well known for their research

inenvironmental sustainability and its application to their

work in Architecture Interiors and Furniture Their portfolio

includes feature restaurants luxury spas retail stores design

conversion of dozens of historic Shanghai homes into highly

personalized residences

Interior Designers AIM (Architecture amp Design) brings expertise

in the combination of world architectural styles and design

influences to the interior designs at naked Stables Private

Reserve With the Shanghai office led by the two founding

on comfort warmth and a unique blend between African and

Asian design sensibilities

Landscape Architect

Design Land Collaborative (DLC) is a professional consulting firm

comprised of landscape architects and planners with an office in

Shanghai and the United States Projects have a strong emphasis

on cultural resources historic preservation and ecological

design involving both the public and private sectors

ͰɒOumlāЮdivide

ɴǵϡΑάOumlёȣ

ŘƙŸdivide

首席规划师和建筑师

benwood Studio Shanghai OumlсɜΙɧтϞѠĨШ˛ŝΪTHORNľ=˼ʙƍ˙ϛ5Ÿ5ЄȎϞOumlʵЉ6тŮ=ЁƻȥĹȏŔɟAringΟOumlΙɧ=VȂţјOumlͻůTHORN=іʱ5͵šƎę˗OumlŤŴpϡƎФ˛ŝũЛɫOumlijѢЭʵ=ȮŻϾФѓŘƎˉ_OumlĹȏǐʑǙacircƎoacuteƟ6

小圆房建筑

AOO Architecture ФźǔWŰƎǵ θāЮĈɘϾѯѭЛOumlƭ=s˘ƮʙƭϰϸЂɬƝѩ6ɒƻŚOumlΙɧVȂ˔5ŤŴȤѓΫ5ȫ˙acirc5ˤƗίǙacirc˛ŝυНǙacirc lt5ˆoacuteƟϡƎϞ΄ȧOuml˛ŝș˻ѢЭOumlCcedilŸƎˆŸĨШ6

ɬ ˤƗ˰AIMƭѡˤƗltѥѣЂǁƭѡĘķũˤƗOumlɐƿū=ϭNtildenaked StablesOumlɬˤƗ6ФȅѳŧȈũaȚ˶OumlūѽmiddotTˆȭNtildeOuml˛ŝTdegOumlUѠ΅=ˤƗѣі5ũφčˤƗȓɲOumlntildeˊū6

景观设计

Design Land Collaborative (DLC) ϞƝiquestǒōˤƗІŔŷOumlѥϛѰξŁ=Ф˛ŝІɐŘǩˤϾēрƉń6ʙΙɧ˘ЂŋѣŸș˻ĻЕ=ƿūźW˪ǴƔ=ѥѣЂŁŃƎϾTHORNOumlŔŷ6

48

Engineering amp Project Management team

Scott Wilson Group PLC is a globalintegrated design and

engineering consultancy for the built and natural environments

Scott Wilson is responsible for the project management the

electrical and mechanical engineering for the project

Environmental Consultants

Environmental Resources Management (ERM) a leading global

provider of environmental health and safety risk and social

consulting services ERM deliver innovative solutions for business

and government clients helping them understand and manage

their impacts on the world around them ERM have 137 offices

in 39 countries and employ approximately 3300 staff

Sustainability Consultants

Bisagni Environmental Enterprises (BEE) works with the

engineering and design teams to ensure the environmental

goals set out at the inception of the project are achieved

LEED Consultants

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

Local Design Institute

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

General Contractor

and have been responsible for some of Chinarsquos most iconic

properties such as the World Financial Centre in Shanghai

工程及项目管理团队

Scott Wilson Group PLCϞƝʺʳŔɟOumlźWˤƗƎľѰξŁ6Scott WilsonĤЩΙɧOumlaacuteʠƎƉΤľ6

环境咨询

Environmental Resources Management (ERM)ϞƝʺʳαϛȭѰξŁ=ŀźǔWŰ5ƫǰCʺƎŁŃˣƁĘΌUgraveѰξĞ6ERM˙ϛƎоġɑǸŲŀĨĶβOumlǀǧĈF=UѠɒȥǀsŎȓʙǑϱoslashˣƁźǔAEligȅOumlϳΗ6ERMФʺʳϾ137ĸēрƉń=myĸŘƝ=ϴϾAringК3300ɜГľ6

可持续发展咨询

Bisagni Environmental Enterprises (BEE)ІľˤƗdivideΑűūѽ=ϡʽWФΙɧǭ˽ƼotildeˤȜOumlźǔWŰǵ θāЮɧnOumlȚ˹6

绿色建筑认证咨询

Shanghai Pacific Energy Center (SPEC)ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlŁтϞ6

本地设计公司

Shanghai Baoye Construction Corp Ltd ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlαϛȭŁтϞ6

总承包商

ϞƝŘƝƐľVŁ=ϠƻȥηucircѓŘnьβΙɧ=țˍ˛ŝźʳDŽˊѓΫ6

49

naked COVERAGE

wwwcnngocom

ldquo25 killer things to do this summerrdquo

26 April 2010

Time Magazine

ldquoRun to the Moganshan Hillrdquo

新浪博客

ldquo避世的可能rdquo

31 December 2009

wwwenglisheastdaycom

ldquoThe first batch of ldquoChina Treasured Towns ldquo released

December 2009

Shanghai Urbanatomy

ldquoGet naked this time with horsesrdquo

Shanghai Daily

ldquoGreen MaGIC Casts design spellrdquo

14 October 2009

新浪商品

ldquo中国最佳设计酒店大赏rdquo

September 2009

wwwchannelnewsasiacom

ldquoChinarsquos green resort allows travellers to vacation on good consciencerdquo

2 September 2009

wwwbijianlinblshecom

ldquo莫干隐居rdquo

25 Aug 2009

wwwassociatecontentcom

ldquoThe Exquisite Moganshan Mountains of Chinardquo

Ɏ

Wikitravel

ldquoMoganshanrdquo

德清新闻网

ldquo承包国营林场建造生态ldquo逸站rdquo

wwwsinoeventcom

ldquo亚洲旅游地产及景点峰会成功举行rdquo

wwwchinatravelbrandingcom

ldquoPursuing Green for Greenrdquo

wwwbrandrepublicasia

ldquoMaking moves towards ecofriendly eventsrdquo

7 May 2009

wwwhandsonshanghaiorg

ldquoHands On Asia Conference Summeryrdquo

May 2009

wwwmyvacationcn

ldquo莫干山居rdquo

3 April 2009

wwwshanghaidailycom

ldquoThe naked truth Time to clean up Moganshan litterrdquo

4 March 2009

wwwgreennovateorg

ldquoMoganshan Project Kick Offrdquo

13 February 2009

Travesias

ldquonaked retreatsrdquo

Feb 2009

合肥在线

ldquo大山里的裸家族rdquo

20 October 2008

wwwentrepreneurcom

ldquoThe arrival of the Olympics showcases Chinarsquos burgeoning entrepreneurial spirit ldquo

7 August 2008

50

Shanghaiist

ldquoWeekend escape to Moganshan 莫干山rdquo

9 April 2008

私家地理

ldquo艳阳下的荫凉rdquo

30 May 2008

City Weekend

ldquoGet naked in Moganshanrdquo

25 January 2008

wwwbundpiccom

ldquo在这绿中撒点野rdquo

wwwhuzhougovcn

ldquo相中德清筏头的青山绿水南非客商莫干山下建生态逸站rdquo

wwwurbanatomycom

ldquo24 Hours in Moganshanrdquo

wwwhkheadlinecom

ldquo杭州莫干山竹林深处人家rdquo

15 May 2009

wwwnewsweekcom

ldquoBack from abroadrdquo

May 2009

Chinatravelnet

ldquoMoganshan A Heavenly Hideaway of Bamboo Forests amp Tea Plantationsrdquo

April 2009

wwwmzztmcagovcn

ldquo2009年踏青乐游路线推荐大公布rdquo

16 March 2009

第三媒体

ldquo规划一条畅快随性的踏青之旅rdquo

28 October 2009

wwwdqnewszjolcomcn

ldquo三九坞 ldquo裸家族rdquo钟爱的世外桃源rdquo

28 October 2008

ldquo自驾行天下rdquo之中国莫干山rdquo

Sep 2008

ldquoShiffting Gearsrdquo

Sep 2008

April 2008

Chewed up amp Spit Out

ldquoGet nakedrdquo

19 February 2008

ldquoBest Weekend Getaway Hotels Shanghairdquo

富世

Ecoefficient hotel低碳下榻

April 2011

Spa China Guy 男士派

Experiencing The Unique

2010

Cosmo 时尚

跨洋建屋隐居不隐世

April 2010

Global Times

The Mountain of legends

Global City Geography 城市地理

莫干山 naked Retreats 都市人一ldquo裸rdquo到底的山居生活

Dec 2009

China Daily

Rural Retreat

20 March 2011

China Daily

4th March 2011

Modern Weekly周末画报

圣诞低碳游

Dec 2010

Elite Traveler 携程自由行

旅尚

Esquire

Hidden Best Restaurants

Feb 2011

51

52

53

Page 31: Detailed Investor's Report

30

OPTION 1 - FLEXIBILITY

1Owner Usage Rights

Zero usage restrictions

Early reservations are required to secure Villarsquos especially during prime and peak seasons If a Villa Owner does not provide the

required advance notice for a reservation the resort may be required to offer the owner a different unit or in the worst case no

availability at all

1 业主使用权限

ȫ˼ϸΏѐ

ϘʴʣЎegraveˏѢp=ϺʙФƐƕ6ˍřpϛѝɍϾŀϘʴOumlϸЂЎegraveOumlЎс=oacuteƟAacuteƮʙŀȮϞdegѢdeg=ƆеѻЦĴOumlʮȁɍϾǹĉ6

2 Rental Revenue

2 租金收入

a Rental revenue

Whilst not in residence the owner will be eligible to earn a pro rata 36 of the room revenue generated by the Reserve during their

absence Ie Everyday the revenue generated by the entire resort is divided amongst the owners not in residence on that day When

an owner is in residence he forfeits his opportunity to earn revenue

ѸDŽˏ

ϛѝxǝѢʖƣ=ƮOtildeOgraveoacuteƟAacuteordfѸʙĉͳOtildeϧOuml6ɏoacuteƟAacuteordfѸɨΡxǝѢФfrac14OumlϛѝOumlĉͳOtildeOumlϧƮ^ʒǩēʆĺжΡϛѝ6IcircϛѝǝѢФʙpȕ˶=Ʈ˱ʸƅOtildeϧOumlƉƁ6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

选项1-灵活性

31

c Cashing out your returns

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

gtƮɴOumlſYŚDŽĈ˾ʷordf

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſYϧ6ˍřϛѝκЪxʷordfOumlϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3 有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecom services

included in the Services Fee to the owner whilst in residence The services fee is 300rmb per room per night This fee is charged on

all rooms regardless of which are in use

4 服务费用

IcircϛѝФoacuteƟAacuteǝѢ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸѓ6ɏĸĉƣɏOumlĞĒϸЏˆəe6жĸĒϸΛϾĉƣʷOuml=xɃfrac14ĉƣĚФ˼ϸ6

5Maintenance

4 of hotel room revenue will be reserved for ongoing building maintenance This will be deducted from the ownerrsquos share of total

room revenue

5 维护

ǙacircǸĉˏOumlƮ^ȰѽŮθƭѡδтĒϸ6ħēDŽuumlƮiquestϾˆǵēOtildeOumlǙacircǸĉˏĕuumlѓǻshy6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGEEarnings Per Room (36 of gross room revenue) 124173 170827 221315 253507 263647 2066942 Bedroom 收益 ndash 双人间 248346 341653 442631 507013 527294 4133873 Bedroom 收益 ndash 三人间 372519 512480 663946 760520 790941 6200814 Bedroom 收益 ndash 四人间 496692 683306 885261 1014027 1054588 826775

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 41 57 74 85 88 69

3 Bedroom 收益 ndash 三人间 9000000 41 57 74 85 88 69

4 Bedroom 收益 ndash 四人间 12000000 41 57 74 85 88 69

Hotel revenues and owner rental yield - Option 1 Flexibility

32

OPTION 2- STABILITY

1Usage Rights

1 使用权限

选项2-稳定性

Total Permitted Usage Prime Peak SeasonPermitted Usage

Peak SeasonPermitted Usage

Out-of-SeasonPermitted Usage Blackout

40 days per yearNo occupancypermitted

Up to 20 days per year but no more than 7consecutive daysfor any one stay

Up to 20 days per year but no more than 7consecutive days for any one stay

No occupancypermitted

允许使用总数主要的旺季允许使用

旺季允许使用

淡季允许使用

无折扣期

每年40天 不允许占用 每年20天但是每人

不能连续居住7天每年20天但是每人 不能连续居住7天

不允许占用

Prime Peak Season To be published by naked Retreats in according to government notification every year Prime Peak Season

Middle Autumn Festival (Sept) excluding Blackout dates

Ɛƕɏɱϻnaked RetreatsĻǟоġĵāordfс6ƐƕVȂѓŘsup1ƽϞМĀМlt5ȋiacuteƽͶМlt5Řʱƽ˴Мlt5ʭɛƽМlt5ѓʲƽǘМlt=xVȂʹгǻʖ6

ƕiquest˓МOgrave˴ϞМʖƣOuml10ĸїɡϡƎ10ĸľѽˉїʖ=xVȂƐƕũʹгǻʖ6

OutofSeason 20 days during December to February excluding Prime Peak Season and Blackout dates

Iacuteƕiquest˴ĀМOgraveĀМʖƣOuml=xVȂƐƕũʹгǻʖ6

Blackout Dates Peak demand dates such as holidays sporting events groups and citywide conventions Local cultural events

all as specified by the Hotel from time to time

ʹгǻʖεʴijėʖVȂƟʖ5Ћ˒5ũʺβOumlƁϨ6IcircTHORNɾyumlOumlŸƂiacuteiumlƮDвǙacircOumlɛljα6

2 Rental Revenue

2 租金收入

a Rental revenue

Regardless of your usage of your property your rental return will be fixed at 5 for the first 5 years of operation After this period

you will automatically migrate to the Flexibility plan

ѸDŽˏ

xɃɰOumlĉ˼ϸoacuteˍŪ=ͶɱOumlѸDŽϧiumlŊegraveOuml136ФжтŮ=ɴƮѳiacuteѧˏȬƂβĈF6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

33

c Cashing out your returns

gtƮɴOumlſYϡDŽĈ˾ʷordf

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſY6ˍřϛѝκЪxʷordfʙϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecoms services

rental option

4服务费用

IcircϛѝǝѢФoacuteƟAacuteȕ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸȕ6жϞȏOumlĞĒϸxVȂegraveβordfѸʆ6

5 Maintenance

Of the 5 guaranteed return generated form your property during the period you are not in residence the management company

will retain 4 of this return for maintaining your Villa The maintenance fund will be pooled and used for all Villarsquos in the resort

5维护

ɴxǝѢʖƣiquestɴOumlĉѓƮ˪Ouml13OumlſY=ŎȓŁƮWȰжbſYѓOumlϸѽɴpOumlŰ6ŰƈDŽƮ^ūsʜȅsϸЂϾoacuteƟAacutepOumlŰ6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Hotel projections

Rooms Available 可用房间 not relevant 非主要Estimated occupancy 预计使用率 not relevant 非主要Estimated average daily room rate 预计每日平均房价 not relevant 非主要Growth in room rate 房价增长率 not relevant 非主要Annual room sales 年房间销售额 not relevant 非主要RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE2 Bedroom 收益 ndash 双人间 50 50 50 50 50 503 Bedroom 收益 ndash 三人间 50 50 50 50 50 504 Bedroom 收益 ndash 四人间 50 50 50 50 50 50

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 300000 300000 300000 300000 300000 300000

3 Bedroom 收益 ndash 三人间 9000000 450000 450000 450000 450000 450000 450000

4 Bedroom 收益 ndash 四人间 12000000 600000 600000 600000 600000 600000 600000

Hotel revenues and owner rental yield - Option 1 Flexibility

34

Option 1 - FLEXIBILITY Option 2 ndash STABILITY

investment returns for your Villa are influenced by the

success of the resort and the number of days you use

your Villa

Stable implies both your returns and your annual

usage rights to your property are fixed Regardless of

how well the resort operates your returns will remain

the same Equally you will only have a fixed number

of days allowed in residence

Usage Have unlimited usage rights to their Villa 40 days usage per year

Rental ReturnEarn 36 of the pooled returns from the entire resort

whilst not in residence

5 guaranteed return on their investment regardless

of resort performance

Resort Discount20 discount on all resort amenities and activities

(including SPA and Restaurants)

20 discount on all resort amenities and activities

(including SPA and Restaurants)

Services FeePay a Services Fee of 300rmb per room per night

whilst in residence

Maintenance4 of all room revenue is retained for maintaining

the owners Villa

4 of all room revenue is retained for maintaining

the owners Villa

选项1 ndash 灵活性 选项 2 ndash 稳定性

ȬƂβϸЂ˼ϸІſY6ɰOumlpѱſYʷǧЂoacuteƟAacuteOumlĿǑϱũɰoslashpOuml˼ϸoacute

ŊegraveβϤѯɰOumlſYũɏɱoslashЂɰOumlĉOuml˼ϸʹΏiumlŊegraveOuml6xɃoacuteƟAacuteOumlǑϱѫȁϾucircť=ɰOumlſYiumlŊegraveOuml6ϖTHORN=ɰъϾŊegraveOumlПηǝѢOuml6

使用 ʹΏѐOumlp˼ϸʹΏ ɏɱOuml˼ϸʹΏ

租金收入 ФxǝѢʖƣ=ƅOtildeмĸoacuteƟAacuteūsſYOuml xɃoacuteƟAacuteǑϱѫȁˍŪ=Wп13OumlſYϸЂѱ

度假村折扣 ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt

服务费用 ǝѢʖƣ=ɏĉƣɏЏˆəeOumlĞĒϸ čѝϘ

维护 ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ

OPTION COMPARISON

选项对比

35

36

INDUSTRY RETURNS AND BENCHMARKS

INDUSTRY REPORT

行业报告

Tourism and urban resorts is one of the fastest growing industries in China According to industry consultant HVS cities such

as Shanghai Beijing Shenzhen Guangzhou Hangzhou and Tianjin all have a population where a critical mass of highly affluent

individuals and successful companies exist generating demand for suburban resorts

ФѓŘ=ȾϽϛũoacuteƟAacuteσɓāЮOumlαϛтϞ6ĻǟʺʳǙacircĞϛltOumlϞΙYĵ˿=ФѓŘOumlѝϘˍ˛ŝ5[ǎ5˧5œј5ţјũdžǩēyѯAringȣOumlĥЍˆʾũĿOumlʝϛ=ϻfrac14ϚƊāȥoslashƴʵoacuteƟAacuteOumlƌAringεʴ6

Amongst other things the exponential growth in private vehicles has seen a huge increase in demand in the leisure market With

the completion of the shenjiahu highway in 2010 the travel time from downtown Shanghai to Deqing is now 2 hours Also with

stop at Deqing) scheduled to open in late 2011 travel time from downtown Shanghai to Moganshan will take between 15 to 2

hours When comparing travel times to get to other resort destinations in China ndash eg Hainan or Lijiang flight times might be within

2 or 3 hours total travel time including travel to airports and check in make the whole trip 6 to 7 hours plus additional travel cost

Within the 2 hour travel radius of Shanghai the quality of resort destinations is also (in our opinion) not at an international standard

with most hotels simply being lsquocity hotels in the countryrsquo rather than true resort properties operating at international standards

shyfrac14т=ѯĸˆγΊOumlāЮ=ĸˆƸϴϾȿϚσʂ˫6ѳɱ˥ƛůijϡŮ=iquest˛ŝOgraveOcircʭϚLjεϘĸΟ˶Ouml6ΪƭOumlijǵϡФ13ēєɬiquest˛ŝUumlAumlţј6ƏƮФɱYacuteǫľOumliquestţјOgraveɫǎOumlijѓϾϞаDzOcircʭlt=ъεϞĸSΟ˶OgraveȢĸΟ˶ǜǵϡiquest˛ŝѓΫOgraveAumlɢī˗6ˍřІѓŘOumloacuteƟˮTHORNŝɫ5ȒƯUgraveaƹ=shyȥϘųĒэĸΟ˶Oumlďα˶ƣ=ŻϘФVȂʣƉ=CʺƤũUgraveEgraveOslashƉ˛ų˛эĸΟ˶=ĽxϸɨΡuumlOumlαųΝȥ6Ѷō˛ŝїiΟ˶ɬOumlγΊoacuteƟʸdeg=э˟ͰɒˈltІŘƙŸnѬŻϾѯɛOumlǢ6AringēOumloacuteƟǙacircϚũѓOumlɨΡǙacircɍϾ_ёOumlʵp=ЗЗAumlxOgraveинŘƙϤϦ˛oacuteƟίĉΙɧOumlϘʴ6

ϛѝЎʖſYІaƹ

37

OUR NICHE

我们的利基

naked sees a need in the market for world class expertly designed and operated resorts which are within 1 to 2 hour travel time

of major cities in China As with other urban resorts we believe that the Leisure market and the MICE (Meetings Incentives

Conferences Events) market will be a huge driver for our business In addition we feel that we are already at the forefront of

the growing focus and concern on environmental design building and operations as well as the growing interest in nature and

environmental education At naked we also place a high emphasis on facilities and services for the entire extended family ndash from

children to parents to grandparents that other resorts do not place dedicated resources for

nakedЎƧOgraveȥФѓŘжϞεʴƏǢȑѝϘϞэȢĸΟ˶Ouml=˶ЁhζǁϞȱOumlѥϛˤƗũŎȓOumloacuteƟΙɧ6ͰɒΑάγΊũƁƁϨ5ưȘȾϽ5AringίʝϛƁϨ5ƂiacuteЮȉltOumloslashͰɒϛOumlіAringʤȞ6frac14=ͰɒФŋѣũiacuteźWίˤƗ5ƭШ5ŎȓũźWȓɲœ˛ϠǑѷФȥαϛȭя=ФnakedІαϛеxͰɒϚіoslashЂˣʵѓOumlŜѲ5Ɲ5ȌеOumlĞũˏ6

As such we feel very confident in the rates and occupancies that we will achieve Regarding room prices when benchmarking

against some of the other leading hotel brands in the resort market such as Aman Fayun Hangzhou Banyan Tree Hangzhou Fuchun

Resort Hangzhou Mandarin Oriental Hainan and Commune by the Great Wall average rates in March 2011 for single bedrooms in

this set are ~ RMB2800

ϩfrac14=ͰɒoslashЂˏѢĉƠϡƎˏѢȿcurrenɊάΫ6ФˏѢĉƠĈɘ=ІʙФoacuteƟAacute˛OumlсɜǙacircʑʁaƹ=ˍCҊĂО5ţјНҏѨ5ĥsup1˗ǝ5˓φŴecircĈǙacircũƵ΅OumlŁˣ=Фɱ˓МOumlEumlˆƣʒǩƠķ=6

Regarding occupancies we are confident to achieve occupancies of around 60 after about 4 years of operation but forecast

conservatively that our occupancies will start from around 35 in the 1st year of operation and grow steadily to 45 in year 2

55 in year 3 and 60 after the hotel is lsquomaturersquo from year 4 onwards

ФˏѢȿĈɘ=ͰɒŬϾάΫǑŚɱOumlǑϱ=ͰɒǵϡAumlOgraveOumlˏѢȿ6WŇƗ=ͰɒOumlˏѢȿƮƁϻszligϞɱOuml13=egraveЫOgravefrac34ɱOuml13ũszlig˓ɱOuml1313=szligɱϡŮƮƁЫOgrave6

Given the above estimates we believe that owners can expect attractive investment terms as illustrated in the table below

Ļǟϡ˛OumlŇƗ=ЎƗϛѝɭņOtildeOgraveOumlѱſYƮƁˍ΅o˿

CҊĂО

НҏѨ

ĥsup1˗ǝ

˓φŴecircĈǙacirc

Ƶ΅OumlŁˣ

RMB4270

RMB3500

RMB2000

RMB2150

RMB2388

Aman Fayun Hangzhou

Banyan Tree Hangzhou

Fuchun Resort Hangzhou

Mandarin Oriental Hainan

Commune by the Great Wall Beijing

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966

38

39

ͰɒOumldivideTHE TEAM

40

Grant Horsfield ndash Chairman naked Group

Grant a native of South Africa is Founder and Chairman of the

naked Group

Before coming to China in 2005 Grant worked in England

and South Africa with more than 10 years business ownership

experience With background in IT he launched eBites

Limited in 2000 Operating nationally eBites was both a

publishing company and a callcentre facilitations company with

headquarters based in Cape Town In 2004 Grant received

an MBA from University of Cape Town Graduate School of

Business Upon graduation he decided to come to China as he

saw China is where business opportunities lie

After spending two years in Shanghai he found himself

overwhelmed by the metropolis and missed the natural beauty

of his home From this desire and need sprouted the concept

for naked Retreats which was launched in 2007 Grantrsquos vision is

to create sanctuaries that are in harmony with the environment

where people can appreciate the simple way of nature and

embrace the naked lifestyle Grantrsquos tireless efforts in promoting

ecotourism in the rural areas not only created jobs but also

pride for the local community He received an environmental

award from the Huzhou Government in 2008

高天成 - naked集团总裁

ij=ɫčIcircTHORNˆ=nakedƍOumlmiddot˽ˆũѵ|6

Ф13ɱȅOgraveѓŘтʣ=ij˪ЬФϯŘƎɫčľѽ=ϾŚɱOuml˙ϛǑϱƎРѽǑϏ6ФʙITǒOumlUѠ΅=ɱij˪ƭȜȥeBitesϾΏŁ=eBitesŁƮϱΝІaacuteŹĞѓΫLJɖƿū=ʙѵˤФǭʔugrave6ɱ=ijƅOtildeȥǭʔugraveAringλ˙λЙOumlMBAλ6dϛŮ=ǧegraveȅѓŘ=ϩǯOgraveȥжȕOuml˙Ɖ6

Ф˛ŝEgraveȥȢɱтŮ=āѳƓxȥ˪Ƃ=sʨAtilde˱ȥѳʿɐǒ6ФжѕИІεʴOumlʶ˼΅=ƭȜnaked Retreats

OumlΖĂФɱOtildeOgraveȥ˹˲6ijOumlΖĂƭШϞĸ˯THORNІѳʿũΣŃdeg=ˆɒǵϡΘѳʿ=ΘnakedOuml˪ƂĈ˾6ij˫ΔAacuteTHORNʵ˪ȾϽѽordfOumlxΦɹȞ=xLjmiddotШȥľѽıŻOtildeOgraveȥIcircTHORNˣʵOumlХϐ6ij˪ƅOtildeȥɱůјоġNāOumlźWAring˼ư6

41

Delphine Yip-Horsfield ndash Partner Ben Wood Studio Shanghai

received her Master of Architecture degree from Harvard

Boston prior to moving to Shanghai to oversee the award

winning Xintiandi project on behalf of Wood and Zapata In

the fall of 2005 Delphine became partner at Ben Wood Studio

Shanghai

Drawing from her own experience of diverse cultures Delphine

has led a multitude of high profile projects such as Hangzhou

Xihutiandi Zhujiajiao Oriental Garden Shanghai Waitanyuan

Beijing Palace 77 Shanghai Hongqiao Commercial Core Lijiang

Lashihai Resort Masterplan etc

In 2006 she was selected Wallpaper magazinersquos first annual 40

under 40 designer of the year

Delphine is the chief master planner and architect for naked

Home Village and naked Stables Private Reserve She also

oversees the visuals and styling of the naked Brand

叶凯欣 - 上海Ben Wood设计室合伙人

ϜǮΩɺ=Ben Wood ˤƗľѽOumlѵƢ=śęAringλƭѡλ6ȅ˛ŝтʣ=ФΒIJ5ɷКũuuacuteľѽ6ȅ˛ŝŮ=CcediloWoodũZapataĤЩΪTHORNΙɧOumlƢethľѽ613ɱʲƕ=ϜǮΩɺBen Wood ˤƗľѽūƃˆ6

ϾѯxŸϽșǑϏOumlϜǮΩɺ=EacuteˇȥηucircijocircΙɧOumlƢeth=VȂţјͻůTHORN5њƝƶecircĈųВ5˛ŝЕ5[ǎłatilde5˛ŝŭʦ˙ϛѓΫ5ȗƯȄŝoacuteƟAacuteѵŔŷˤƗUgrave6

ɱ=ˏκȥWallpaperСьǃɱoacuteϡ΅OumlˤƗ˰6

ϜǮΩnakedƝВAacuteũnaked RetreatsOumlѵˤƗеũƭѡ˰6˶ϚĤЩƢethnaked˙nOumlFũĘķˤƗ6

42

Kang Yang Lim ndash Group Chief Operating Officer naked Group

Group with over 13 years corporate finance and real estate

development experience Previously he was Director of the

real estate division of APP China taking responsibility for the

initial positioning and development of the USD15 billion lsquoWhite

Magnolia Plazarsquo mixed use development project (including

the development of Shanghairsquos first W Hotel) He also led the

concept and development of APPrsquos branded residence and resort

project in Sheshan Shanghai

Finance division of PricewaterhouseCoopers in Melbourne

Australia where he specialized in business value and strategy

worked in inhouse strategy roles for CocaCola GB in London

and to British venture capital firm of the year (2004) ISIS Equity

Partners before coming to China in 2005

Accountants Australia in 2002 and is also an affiliate of the

of Commerce and Diploma in Modern Languages from the

University of Melbourne Australia

林纲洋- naked 集团首席营运官

ƞˏnakedƍOumlȩ˪ϴϾŚɱOumlʝϛ~ƎTHORNǭāǑϏ6Фfrac14тʣ=ѽѓŘDŽŒOumlTHORNǭāOumlѵƢ=ĤЩƠч13ϢЏOumlucircϸ8JЈȈœ9ǭāΙɧOumlcopy˽κшũǭāVȂ˛ŝszligϞƝ ǙacircOumlǭālt6˶ϚщNtildeȥDŽŒƍФ˛ŝҁ˗ʑʁѢЭũoacuteƟAacuteΙɧOumlȓɲũǭā6

ФDŽŒƍˇфтʣ=ȩİϑGAringȚφɣyuml_ʔŴϷOacuteƁƗ˰OumlǑȓ=ѥѣЂ˙ϛƠчũЯɁѰξ6ȩ˪Ф13ɱȅOgraveѓŘтʣэȑǭʔŴϷOacuteŮOumlϞotilde˶ƣɬ=ѽǵǺǵȎɂugraveŁɬOumlЯɁēͺ˰=ϡƎISISOumlʼnʏūѽƃRФϯŘɂugraveOumlϯŘĘΌѱŁˇф6

ȩ˪ФɱƅOtildeȥGAringȚφηƁƗ˰ƁũGAringȚφпʻωǗOumlƁГѱķ6˶ϚƅOtildeȥGAringȚφɣyuml_AringλOuml˙ϛλλϡƎCcedilЇϊλп6

43

Gabriela Lo ndash Managing Director naked Retreats

With over 15 years experience in high end events and PR

management Gabriela has been instrumental in bringing naked

to where it is today As one of the original members of the

naked Team Gabriela has led the growth of naked Retreats

to become one of the most famous eco retreat destinations in

China attracting guests and publicity from around the world

Originally from Macao Gabriela has rich multi cultural and

multinational living and working experience having worked and

studied for many years in Greater China England and Italy

卢家宝 - naked 度假村常务董事

ϴϾŚ13ɱOumlijocircƂiacuteũŁŃŋ΄ŎȓǑϏ=nakedDžOumlǜІȶƝXēxǭ6ѽħdivideOumlmiddot˽ГтϞ=ȶƝXϠǑAEligȭnakedѓŘѻϾɜOuml˪ȾϽɧOumlTHORNтϞ=ͼϭȥȅѳǁĹTHORNOumlǸˆ6ȶƝXȅѳGɑ=ϴϾĖĥOumlucircЏŸũucircŘǝѢũľѽǑϏ=ЬФAringѓŴTHORNʵ=ϯŘũϤAringȚϾѯucircɱωǗǑș6

Judy Zhu ndash General Manager naked Group

Zhu is the General Manager for naked Group ensuring smooth

operations of the group with a particular focus on government

朱燕 - naked 集团总经理

њώ=iquestnaked Retreatsmiddot˽ǭ˽ǜũij˪ūѽ6њώѽƍѵǑȓ=ĤЩIcircTHORNũŋ΄ʽWƍРѽ6Фƞˏnakedтʣ=њώФ˛ŝũ[ǎiquestŚηucircІ˙ϛϾŋOumlфϛ6ФΪͻȈƅOtilde˙ϛλ6

44

Kurt Berman ndash General Manager naked Stables Private Reserve

With over 16 years experience in FampB and high end luxury

resort management Kurt brings a wealth of experience and

will lead the preopening and operations of our new resort ndash

naked Stables Private Reserve Prior to joining naked Kurt was

the preopening General Manager at Six Senses Laamu and

Resident Manager for Six Senses Soneva Gili by Six Senses Kurt

has also worked at other prestigious resorts including Fregate

his career in hospitality in FampB and was a trained Chef with

experience working in many prestigious institutions including

The Dorchester Hotel in London Kurt is from South Africa and

has a masters certificate in hospitality management from Cornell

University

Kurt Berman - naked私人度假村总经理

ϾѯŚɱϬƎijIumlŤŴoacuteƟAacuteOumlŎȓǑϏ=ƮϡĖĥOumlǑϏȭNtildeͰɒΪoacuteƟAacute77)$ 0OumlϱϛũРϱ6Фƞˏ)$ тʣ=10ЬEacuteˇŚ8szligȳĭǦ9+1ϱϛѵǑȓũ8szligȳĭǦ9-2 ((OumlѤacircǑȓ610ŻЬˇфЂamp0ˆŝETHũ1+4UgraveʙўɜoacuteƟˮTHORN610OumlϛʜzЂϬαϛ=ϚϡϞĸФŬucircўɜƉńVȂ-0-0 -$-ltľѽŚOumlρȡϾOumlnot˰610ȅѳɫč=sϴϾǰɪyumlAringλЃOumlǙacircŎȓλ6

Richard Johnston ndash General Manager naked Home Village

Hailing from the United Kingdom but with most of his working

life in resorts throughout Africa Richard brings with him over

20 years experience in General Management and Director level

roles in world class resorts including Azura Retreats Cape Grace

hotel and the Saxon Hotel Richard plays a key role in the set

up of systems training and operating standards His years

of experience and mentoring leadership style make Richard a

natural inspiration for our young hotel management team

Richard Johnston - naked 家园村总经理

RichardȅѳϯŘ=IgraveAringucircOumloacuteƟAacuteľѽiumlФмĸčљ=ϴϾŚɱOumlѴūŎȓũǁƐoacuteƟAacuteVȂAzura

Retreats Cape Grace hotel and the Saxon HotelltijʒŎȓǑϏ6RichardФƭȜ΄5ʅρũРαnѬĈɘʜѯŋƨѽϸ6ĖĥOumlǑϏũȭNtildeĘķ˼OtildeoslashͰɒɱʬOumlǙacircŎȓdivideϾѯѳʿOumlƊȘ6

45

Teun Hanegraaf ndash Sales Director naked Retreats

Teun obtained a Bachelors in Business Studies and Masters

in Strategic Management with a focus on Chinese Business

Culture Teun increased our corporate sales business by 350

in his first year with us bringing international companies

ranging from international conglomerates Unilever and Coca

Cola to more local institutions such as The Shanghai American

School and leading Chinese companies such as Bank of China

韩天宁销售总监

ȅѳŧȈɥEcirc=şɵϴϾ˙ϛλλλ5ЯɁŎȓѥѣЂѓŘ˙ϛŸlt6ȅƍOumlszligϞɱşɵƮŁOumlΝϛijȥ13=sŁAEligȅȥx˟ŘƙβOumlAringŁǸŲ=жʙѓϾŘƙAringʝϛȠūȚŴũǵǺǵȎ=ϚϾ˛ŝɐŘλΠUgraveIcircTHORNƉńũѓŘϫαUgraveѓŘȴʝϛ6

Oliver Yuen ndash nature Reserve amp Recreation Manager

naked Stables Private will be the first private reserve in China

with a wealth of new flora and fauna introduced to the project

from Sydney University Australia and as a fully qualified Ranger

working in many of the worldrsquos best wildlife parks Oliver takes a

special role in ensuring the environment of naked Retreats and

naked Stables Private Reserve will be full of life and a natural

self supporting eco system Oliverrsquos passion for both people and

nature make him the perfect person to teach our guests about

what we do and make their stay not only a relaxing one but

also a fun fulfilling educational one as well Oliver previously

worked in wildlife parks and resorts such as Azura Retreats in

Mozambique Mobala Private Game Reserve in South Africa and

Sydney Aquarium in Australia

袁鹏威 - 活动经理和度假村 生物学家

naked StablesƮѓŘszligϞĸϭljΪOumlцʾũiacuteʾOumlˆoacuteƟʵ6OliverѽϞɜGAringȚφͿɯAringλūķOuml˪λƝiacuteλƝ=ϡƎФǁĹTHORNOumlϙ˪iacuteВľѽOumlľѽе=Ф˼naked Retreats ũnaked StablesϾѯĖĥ˪ѱЕ5ʿѳĺOuml˪΄Oumlźǔľѽ˛QύѯіϘƶ˔6АʊoslashˆȏũѳʿOumlƊʮ˼ѻūOumlˆȅĵͰɒOumlǸˆͰɒѼOuml˷ɋ=sʨ˂ɒФжȕOuml˶ŒxLjLjČ=˶Ϛ˂ɒOumlǝѢǑșlOtildeϾǭΫcurren˹ũϾƷЋϤϦ6АʊтʣФɫčũGAringȚφͿɯѹŏiquestϙ˪iacuteВũWŰʵOumlľѽVȂMozambique OumlAzura Retreats Mobala Private Game Reservelt6

46

Philip C Davis Company Director naked Retreats

Phil joined the Board of Directors for naked Retreats hotel

management company in 2011 His previous board experience

includes Tian Rui Hotel Corporation holder of the master license

for Super 8 economy hotels in China and Hong Kong from 2006

to 2008 He also was a founding shareholder of Tian Rui and

served as its President and Managing Director from 2006 to

2008 He was a board member of Tian Xian Cheng a bai jiu

concern which is a joint venture between Pernod Ricard and a

2010

Phil was previously Chairman of the Budweiser (Wuhan)

International Brewing Company and Managing Director of the

AnheuserBusch business in China and Hong Kong from the

beginning of 1996 through 2002 From 2003 to 2005 he

headed the AnheuserBusch liaison office with Tsingtao Brewing

Company

Phil holds a PhD in history from Washington University and

started his career as a market researcher at a major advertising

agency in the US before moving to AnheuserBusch and

heading its consumer planning and new product development

functions in the 1980s

Philip CDavis naked 度假村公司董事长

PhilЂɱƞˏȥnakedoacuteƟʵǙacircŎȓŁOumligraveƁ6ϡĖĥOumlǑϏVȂФːǙacircƍˇф5ϡƎЂɱэɱФѓŘũѓŘΒIJEacuteˇSuper ǑƖǙacirc ʼnˆ6˶=ϚːǙacircƍOumlmiddot˽ʼnecirc=ФɱэɱʖƣEacuteˇƍOumlѵ|ũigrave6ɱэɱʖƣ=ϞƝІWȎȞƞũJǙ˪ȴʝϛƬɫūѱOumlʝϛ77ΐOumligraveƁГ6

iquestɱэɱ=Phil͵šBudweiserŘƙɳǙŁOumligraveƎѓŘũѓŘΒIJCŝyŁOumligrave6iquestɱэ13ɱ=CŝyũʫETHʌǙŁOumlȠɆdegOumlĤЩˆ6PhilϴϾŴ˭uacuteAringλOumlș˻дλvλ=ФǁɱCcedilȅOgraveCŝy5ĤЩΞĒŔŷũΪʑǭāĿɭтʣ=OumlϛʜzЂɐŘOumlϞƝœĵCcedilȓŁ=Eacuteˇaeligω6

47

OUR INTERNATIONAL TEAM

International team

Chief master planners amp architects

the urban landscape of modern China with Xintiandi in

Shanghai a commercial cultural and entertainment district

Since then the studio has worked on projects in very diverse

categories both small and large scale projects include mixed

use projects like the ldquoTiandirdquo in Hangzhou Chongqing Wuhan

and Foshan luxury villa and high rise residential complexes in

Shanghai and Vietnam as well as various boutique hotels and

Chalet Architects

A00 Architecture is most well known for their research

inenvironmental sustainability and its application to their

work in Architecture Interiors and Furniture Their portfolio

includes feature restaurants luxury spas retail stores design

conversion of dozens of historic Shanghai homes into highly

personalized residences

Interior Designers AIM (Architecture amp Design) brings expertise

in the combination of world architectural styles and design

influences to the interior designs at naked Stables Private

Reserve With the Shanghai office led by the two founding

on comfort warmth and a unique blend between African and

Asian design sensibilities

Landscape Architect

Design Land Collaborative (DLC) is a professional consulting firm

comprised of landscape architects and planners with an office in

Shanghai and the United States Projects have a strong emphasis

on cultural resources historic preservation and ecological

design involving both the public and private sectors

ͰɒOumlāЮdivide

ɴǵϡΑάOumlёȣ

ŘƙŸdivide

首席规划师和建筑师

benwood Studio Shanghai OumlсɜΙɧтϞѠĨШ˛ŝΪTHORNľ=˼ʙƍ˙ϛ5Ÿ5ЄȎϞOumlʵЉ6тŮ=ЁƻȥĹȏŔɟAringΟOumlΙɧ=VȂţјOumlͻůTHORN=іʱ5͵šƎę˗OumlŤŴpϡƎФ˛ŝũЛɫOumlijѢЭʵ=ȮŻϾФѓŘƎˉ_OumlĹȏǐʑǙacircƎoacuteƟ6

小圆房建筑

AOO Architecture ФźǔWŰƎǵ θāЮĈɘϾѯѭЛOumlƭ=s˘ƮʙƭϰϸЂɬƝѩ6ɒƻŚOumlΙɧVȂ˔5ŤŴȤѓΫ5ȫ˙acirc5ˤƗίǙacirc˛ŝυНǙacirc lt5ˆoacuteƟϡƎϞ΄ȧOuml˛ŝș˻ѢЭOumlCcedilŸƎˆŸĨШ6

ɬ ˤƗ˰AIMƭѡˤƗltѥѣЂǁƭѡĘķũˤƗOumlɐƿū=ϭNtildenaked StablesOumlɬˤƗ6ФȅѳŧȈũaȚ˶OumlūѽmiddotTˆȭNtildeOuml˛ŝTdegOumlUѠ΅=ˤƗѣі5ũφčˤƗȓɲOumlntildeˊū6

景观设计

Design Land Collaborative (DLC) ϞƝiquestǒōˤƗІŔŷOumlѥϛѰξŁ=Ф˛ŝІɐŘǩˤϾēрƉń6ʙΙɧ˘ЂŋѣŸș˻ĻЕ=ƿūźW˪ǴƔ=ѥѣЂŁŃƎϾTHORNOumlŔŷ6

48

Engineering amp Project Management team

Scott Wilson Group PLC is a globalintegrated design and

engineering consultancy for the built and natural environments

Scott Wilson is responsible for the project management the

electrical and mechanical engineering for the project

Environmental Consultants

Environmental Resources Management (ERM) a leading global

provider of environmental health and safety risk and social

consulting services ERM deliver innovative solutions for business

and government clients helping them understand and manage

their impacts on the world around them ERM have 137 offices

in 39 countries and employ approximately 3300 staff

Sustainability Consultants

Bisagni Environmental Enterprises (BEE) works with the

engineering and design teams to ensure the environmental

goals set out at the inception of the project are achieved

LEED Consultants

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

Local Design Institute

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

General Contractor

and have been responsible for some of Chinarsquos most iconic

properties such as the World Financial Centre in Shanghai

工程及项目管理团队

Scott Wilson Group PLCϞƝʺʳŔɟOumlźWˤƗƎľѰξŁ6Scott WilsonĤЩΙɧOumlaacuteʠƎƉΤľ6

环境咨询

Environmental Resources Management (ERM)ϞƝʺʳαϛȭѰξŁ=ŀźǔWŰ5ƫǰCʺƎŁŃˣƁĘΌUgraveѰξĞ6ERM˙ϛƎоġɑǸŲŀĨĶβOumlǀǧĈF=UѠɒȥǀsŎȓʙǑϱoslashˣƁźǔAEligȅOumlϳΗ6ERMФʺʳϾ137ĸēрƉń=myĸŘƝ=ϴϾAringК3300ɜГľ6

可持续发展咨询

Bisagni Environmental Enterprises (BEE)ІľˤƗdivideΑűūѽ=ϡʽWФΙɧǭ˽ƼotildeˤȜOumlźǔWŰǵ θāЮɧnOumlȚ˹6

绿色建筑认证咨询

Shanghai Pacific Energy Center (SPEC)ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlŁтϞ6

本地设计公司

Shanghai Baoye Construction Corp Ltd ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlαϛȭŁтϞ6

总承包商

ϞƝŘƝƐľVŁ=ϠƻȥηucircѓŘnьβΙɧ=țˍ˛ŝźʳDŽˊѓΫ6

49

naked COVERAGE

wwwcnngocom

ldquo25 killer things to do this summerrdquo

26 April 2010

Time Magazine

ldquoRun to the Moganshan Hillrdquo

新浪博客

ldquo避世的可能rdquo

31 December 2009

wwwenglisheastdaycom

ldquoThe first batch of ldquoChina Treasured Towns ldquo released

December 2009

Shanghai Urbanatomy

ldquoGet naked this time with horsesrdquo

Shanghai Daily

ldquoGreen MaGIC Casts design spellrdquo

14 October 2009

新浪商品

ldquo中国最佳设计酒店大赏rdquo

September 2009

wwwchannelnewsasiacom

ldquoChinarsquos green resort allows travellers to vacation on good consciencerdquo

2 September 2009

wwwbijianlinblshecom

ldquo莫干隐居rdquo

25 Aug 2009

wwwassociatecontentcom

ldquoThe Exquisite Moganshan Mountains of Chinardquo

Ɏ

Wikitravel

ldquoMoganshanrdquo

德清新闻网

ldquo承包国营林场建造生态ldquo逸站rdquo

wwwsinoeventcom

ldquo亚洲旅游地产及景点峰会成功举行rdquo

wwwchinatravelbrandingcom

ldquoPursuing Green for Greenrdquo

wwwbrandrepublicasia

ldquoMaking moves towards ecofriendly eventsrdquo

7 May 2009

wwwhandsonshanghaiorg

ldquoHands On Asia Conference Summeryrdquo

May 2009

wwwmyvacationcn

ldquo莫干山居rdquo

3 April 2009

wwwshanghaidailycom

ldquoThe naked truth Time to clean up Moganshan litterrdquo

4 March 2009

wwwgreennovateorg

ldquoMoganshan Project Kick Offrdquo

13 February 2009

Travesias

ldquonaked retreatsrdquo

Feb 2009

合肥在线

ldquo大山里的裸家族rdquo

20 October 2008

wwwentrepreneurcom

ldquoThe arrival of the Olympics showcases Chinarsquos burgeoning entrepreneurial spirit ldquo

7 August 2008

50

Shanghaiist

ldquoWeekend escape to Moganshan 莫干山rdquo

9 April 2008

私家地理

ldquo艳阳下的荫凉rdquo

30 May 2008

City Weekend

ldquoGet naked in Moganshanrdquo

25 January 2008

wwwbundpiccom

ldquo在这绿中撒点野rdquo

wwwhuzhougovcn

ldquo相中德清筏头的青山绿水南非客商莫干山下建生态逸站rdquo

wwwurbanatomycom

ldquo24 Hours in Moganshanrdquo

wwwhkheadlinecom

ldquo杭州莫干山竹林深处人家rdquo

15 May 2009

wwwnewsweekcom

ldquoBack from abroadrdquo

May 2009

Chinatravelnet

ldquoMoganshan A Heavenly Hideaway of Bamboo Forests amp Tea Plantationsrdquo

April 2009

wwwmzztmcagovcn

ldquo2009年踏青乐游路线推荐大公布rdquo

16 March 2009

第三媒体

ldquo规划一条畅快随性的踏青之旅rdquo

28 October 2009

wwwdqnewszjolcomcn

ldquo三九坞 ldquo裸家族rdquo钟爱的世外桃源rdquo

28 October 2008

ldquo自驾行天下rdquo之中国莫干山rdquo

Sep 2008

ldquoShiffting Gearsrdquo

Sep 2008

April 2008

Chewed up amp Spit Out

ldquoGet nakedrdquo

19 February 2008

ldquoBest Weekend Getaway Hotels Shanghairdquo

富世

Ecoefficient hotel低碳下榻

April 2011

Spa China Guy 男士派

Experiencing The Unique

2010

Cosmo 时尚

跨洋建屋隐居不隐世

April 2010

Global Times

The Mountain of legends

Global City Geography 城市地理

莫干山 naked Retreats 都市人一ldquo裸rdquo到底的山居生活

Dec 2009

China Daily

Rural Retreat

20 March 2011

China Daily

4th March 2011

Modern Weekly周末画报

圣诞低碳游

Dec 2010

Elite Traveler 携程自由行

旅尚

Esquire

Hidden Best Restaurants

Feb 2011

51

52

53

Page 32: Detailed Investor's Report

31

c Cashing out your returns

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

gtƮɴOumlſYŚDŽĈ˾ʷordf

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſYϧ6ˍřϛѝκЪxʷordfOumlϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3 有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecom services

included in the Services Fee to the owner whilst in residence The services fee is 300rmb per room per night This fee is charged on

all rooms regardless of which are in use

4 服务费用

IcircϛѝФoacuteƟAacuteǝѢ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸѓ6ɏĸĉƣɏOumlĞĒϸЏˆəe6жĸĒϸΛϾĉƣʷOuml=xɃfrac14ĉƣĚФ˼ϸ6

5Maintenance

4 of hotel room revenue will be reserved for ongoing building maintenance This will be deducted from the ownerrsquos share of total

room revenue

5 维护

ǙacircǸĉˏOumlƮ^ȰѽŮθƭѡδтĒϸ6ħēDŽuumlƮiquestϾˆǵēOtildeOumlǙacircǸĉˏĕuumlѓǻshy6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGEEarnings Per Room (36 of gross room revenue) 124173 170827 221315 253507 263647 2066942 Bedroom 收益 ndash 双人间 248346 341653 442631 507013 527294 4133873 Bedroom 收益 ndash 三人间 372519 512480 663946 760520 790941 6200814 Bedroom 收益 ndash 四人间 496692 683306 885261 1014027 1054588 826775

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 41 57 74 85 88 69

3 Bedroom 收益 ndash 三人间 9000000 41 57 74 85 88 69

4 Bedroom 收益 ndash 四人间 12000000 41 57 74 85 88 69

Hotel revenues and owner rental yield - Option 1 Flexibility

32

OPTION 2- STABILITY

1Usage Rights

1 使用权限

选项2-稳定性

Total Permitted Usage Prime Peak SeasonPermitted Usage

Peak SeasonPermitted Usage

Out-of-SeasonPermitted Usage Blackout

40 days per yearNo occupancypermitted

Up to 20 days per year but no more than 7consecutive daysfor any one stay

Up to 20 days per year but no more than 7consecutive days for any one stay

No occupancypermitted

允许使用总数主要的旺季允许使用

旺季允许使用

淡季允许使用

无折扣期

每年40天 不允许占用 每年20天但是每人

不能连续居住7天每年20天但是每人 不能连续居住7天

不允许占用

Prime Peak Season To be published by naked Retreats in according to government notification every year Prime Peak Season

Middle Autumn Festival (Sept) excluding Blackout dates

Ɛƕɏɱϻnaked RetreatsĻǟоġĵāordfс6ƐƕVȂѓŘsup1ƽϞМĀМlt5ȋiacuteƽͶМlt5Řʱƽ˴Мlt5ʭɛƽМlt5ѓʲƽǘМlt=xVȂʹгǻʖ6

ƕiquest˓МOgrave˴ϞМʖƣOuml10ĸїɡϡƎ10ĸľѽˉїʖ=xVȂƐƕũʹгǻʖ6

OutofSeason 20 days during December to February excluding Prime Peak Season and Blackout dates

Iacuteƕiquest˴ĀМOgraveĀМʖƣOuml=xVȂƐƕũʹгǻʖ6

Blackout Dates Peak demand dates such as holidays sporting events groups and citywide conventions Local cultural events

all as specified by the Hotel from time to time

ʹгǻʖεʴijėʖVȂƟʖ5Ћ˒5ũʺβOumlƁϨ6IcircTHORNɾyumlOumlŸƂiacuteiumlƮDвǙacircOumlɛljα6

2 Rental Revenue

2 租金收入

a Rental revenue

Regardless of your usage of your property your rental return will be fixed at 5 for the first 5 years of operation After this period

you will automatically migrate to the Flexibility plan

ѸDŽˏ

xɃɰOumlĉ˼ϸoacuteˍŪ=ͶɱOumlѸDŽϧiumlŊegraveOuml136ФжтŮ=ɴƮѳiacuteѧˏȬƂβĈF6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

33

c Cashing out your returns

gtƮɴOumlſYϡDŽĈ˾ʷordf

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſY6ˍřϛѝκЪxʷordfʙϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecoms services

rental option

4服务费用

IcircϛѝǝѢФoacuteƟAacuteȕ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸȕ6жϞȏOumlĞĒϸxVȂegraveβordfѸʆ6

5 Maintenance

Of the 5 guaranteed return generated form your property during the period you are not in residence the management company

will retain 4 of this return for maintaining your Villa The maintenance fund will be pooled and used for all Villarsquos in the resort

5维护

ɴxǝѢʖƣiquestɴOumlĉѓƮ˪Ouml13OumlſY=ŎȓŁƮWȰжbſYѓOumlϸѽɴpOumlŰ6ŰƈDŽƮ^ūsʜȅsϸЂϾoacuteƟAacutepOumlŰ6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Hotel projections

Rooms Available 可用房间 not relevant 非主要Estimated occupancy 预计使用率 not relevant 非主要Estimated average daily room rate 预计每日平均房价 not relevant 非主要Growth in room rate 房价增长率 not relevant 非主要Annual room sales 年房间销售额 not relevant 非主要RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE2 Bedroom 收益 ndash 双人间 50 50 50 50 50 503 Bedroom 收益 ndash 三人间 50 50 50 50 50 504 Bedroom 收益 ndash 四人间 50 50 50 50 50 50

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 300000 300000 300000 300000 300000 300000

3 Bedroom 收益 ndash 三人间 9000000 450000 450000 450000 450000 450000 450000

4 Bedroom 收益 ndash 四人间 12000000 600000 600000 600000 600000 600000 600000

Hotel revenues and owner rental yield - Option 1 Flexibility

34

Option 1 - FLEXIBILITY Option 2 ndash STABILITY

investment returns for your Villa are influenced by the

success of the resort and the number of days you use

your Villa

Stable implies both your returns and your annual

usage rights to your property are fixed Regardless of

how well the resort operates your returns will remain

the same Equally you will only have a fixed number

of days allowed in residence

Usage Have unlimited usage rights to their Villa 40 days usage per year

Rental ReturnEarn 36 of the pooled returns from the entire resort

whilst not in residence

5 guaranteed return on their investment regardless

of resort performance

Resort Discount20 discount on all resort amenities and activities

(including SPA and Restaurants)

20 discount on all resort amenities and activities

(including SPA and Restaurants)

Services FeePay a Services Fee of 300rmb per room per night

whilst in residence

Maintenance4 of all room revenue is retained for maintaining

the owners Villa

4 of all room revenue is retained for maintaining

the owners Villa

选项1 ndash 灵活性 选项 2 ndash 稳定性

ȬƂβϸЂ˼ϸІſY6ɰOumlpѱſYʷǧЂoacuteƟAacuteOumlĿǑϱũɰoslashpOuml˼ϸoacute

ŊegraveβϤѯɰOumlſYũɏɱoslashЂɰOumlĉOuml˼ϸʹΏiumlŊegraveOuml6xɃoacuteƟAacuteOumlǑϱѫȁϾucircť=ɰOumlſYiumlŊegraveOuml6ϖTHORN=ɰъϾŊegraveOumlПηǝѢOuml6

使用 ʹΏѐOumlp˼ϸʹΏ ɏɱOuml˼ϸʹΏ

租金收入 ФxǝѢʖƣ=ƅOtildeмĸoacuteƟAacuteūsſYOuml xɃoacuteƟAacuteǑϱѫȁˍŪ=Wп13OumlſYϸЂѱ

度假村折扣 ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt

服务费用 ǝѢʖƣ=ɏĉƣɏЏˆəeOumlĞĒϸ čѝϘ

维护 ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ

OPTION COMPARISON

选项对比

35

36

INDUSTRY RETURNS AND BENCHMARKS

INDUSTRY REPORT

行业报告

Tourism and urban resorts is one of the fastest growing industries in China According to industry consultant HVS cities such

as Shanghai Beijing Shenzhen Guangzhou Hangzhou and Tianjin all have a population where a critical mass of highly affluent

individuals and successful companies exist generating demand for suburban resorts

ФѓŘ=ȾϽϛũoacuteƟAacuteσɓāЮOumlαϛтϞ6ĻǟʺʳǙacircĞϛltOumlϞΙYĵ˿=ФѓŘOumlѝϘˍ˛ŝ5[ǎ5˧5œј5ţјũdžǩēyѯAringȣOumlĥЍˆʾũĿOumlʝϛ=ϻfrac14ϚƊāȥoslashƴʵoacuteƟAacuteOumlƌAringεʴ6

Amongst other things the exponential growth in private vehicles has seen a huge increase in demand in the leisure market With

the completion of the shenjiahu highway in 2010 the travel time from downtown Shanghai to Deqing is now 2 hours Also with

stop at Deqing) scheduled to open in late 2011 travel time from downtown Shanghai to Moganshan will take between 15 to 2

hours When comparing travel times to get to other resort destinations in China ndash eg Hainan or Lijiang flight times might be within

2 or 3 hours total travel time including travel to airports and check in make the whole trip 6 to 7 hours plus additional travel cost

Within the 2 hour travel radius of Shanghai the quality of resort destinations is also (in our opinion) not at an international standard

with most hotels simply being lsquocity hotels in the countryrsquo rather than true resort properties operating at international standards

shyfrac14т=ѯĸˆγΊOumlāЮ=ĸˆƸϴϾȿϚσʂ˫6ѳɱ˥ƛůijϡŮ=iquest˛ŝOgraveOcircʭϚLjεϘĸΟ˶Ouml6ΪƭOumlijǵϡФ13ēєɬiquest˛ŝUumlAumlţј6ƏƮФɱYacuteǫľOumliquestţјOgraveɫǎOumlijѓϾϞаDzOcircʭlt=ъεϞĸSΟ˶OgraveȢĸΟ˶ǜǵϡiquest˛ŝѓΫOgraveAumlɢī˗6ˍřІѓŘOumloacuteƟˮTHORNŝɫ5ȒƯUgraveaƹ=shyȥϘųĒэĸΟ˶Oumlďα˶ƣ=ŻϘФVȂʣƉ=CʺƤũUgraveEgraveOslashƉ˛ų˛эĸΟ˶=ĽxϸɨΡuumlOumlαųΝȥ6Ѷō˛ŝїiΟ˶ɬOumlγΊoacuteƟʸdeg=э˟ͰɒˈltІŘƙŸnѬŻϾѯɛOumlǢ6AringēOumloacuteƟǙacircϚũѓOumlɨΡǙacircɍϾ_ёOumlʵp=ЗЗAumlxOgraveинŘƙϤϦ˛oacuteƟίĉΙɧOumlϘʴ6

ϛѝЎʖſYІaƹ

37

OUR NICHE

我们的利基

naked sees a need in the market for world class expertly designed and operated resorts which are within 1 to 2 hour travel time

of major cities in China As with other urban resorts we believe that the Leisure market and the MICE (Meetings Incentives

Conferences Events) market will be a huge driver for our business In addition we feel that we are already at the forefront of

the growing focus and concern on environmental design building and operations as well as the growing interest in nature and

environmental education At naked we also place a high emphasis on facilities and services for the entire extended family ndash from

children to parents to grandparents that other resorts do not place dedicated resources for

nakedЎƧOgraveȥФѓŘжϞεʴƏǢȑѝϘϞэȢĸΟ˶Ouml=˶ЁhζǁϞȱOumlѥϛˤƗũŎȓOumloacuteƟΙɧ6ͰɒΑάγΊũƁƁϨ5ưȘȾϽ5AringίʝϛƁϨ5ƂiacuteЮȉltOumloslashͰɒϛOumlіAringʤȞ6frac14=ͰɒФŋѣũiacuteźWίˤƗ5ƭШ5ŎȓũźWȓɲœ˛ϠǑѷФȥαϛȭя=ФnakedІαϛеxͰɒϚіoslashЂˣʵѓOumlŜѲ5Ɲ5ȌеOumlĞũˏ6

As such we feel very confident in the rates and occupancies that we will achieve Regarding room prices when benchmarking

against some of the other leading hotel brands in the resort market such as Aman Fayun Hangzhou Banyan Tree Hangzhou Fuchun

Resort Hangzhou Mandarin Oriental Hainan and Commune by the Great Wall average rates in March 2011 for single bedrooms in

this set are ~ RMB2800

ϩfrac14=ͰɒoslashЂˏѢĉƠϡƎˏѢȿcurrenɊάΫ6ФˏѢĉƠĈɘ=ІʙФoacuteƟAacute˛OumlсɜǙacircʑʁaƹ=ˍCҊĂО5ţјНҏѨ5ĥsup1˗ǝ5˓φŴecircĈǙacircũƵ΅OumlŁˣ=Фɱ˓МOumlEumlˆƣʒǩƠķ=6

Regarding occupancies we are confident to achieve occupancies of around 60 after about 4 years of operation but forecast

conservatively that our occupancies will start from around 35 in the 1st year of operation and grow steadily to 45 in year 2

55 in year 3 and 60 after the hotel is lsquomaturersquo from year 4 onwards

ФˏѢȿĈɘ=ͰɒŬϾάΫǑŚɱOumlǑϱ=ͰɒǵϡAumlOgraveOumlˏѢȿ6WŇƗ=ͰɒOumlˏѢȿƮƁϻszligϞɱOuml13=egraveЫOgravefrac34ɱOuml13ũszlig˓ɱOuml1313=szligɱϡŮƮƁЫOgrave6

Given the above estimates we believe that owners can expect attractive investment terms as illustrated in the table below

Ļǟϡ˛OumlŇƗ=ЎƗϛѝɭņOtildeOgraveOumlѱſYƮƁˍ΅o˿

CҊĂО

НҏѨ

ĥsup1˗ǝ

˓φŴecircĈǙacirc

Ƶ΅OumlŁˣ

RMB4270

RMB3500

RMB2000

RMB2150

RMB2388

Aman Fayun Hangzhou

Banyan Tree Hangzhou

Fuchun Resort Hangzhou

Mandarin Oriental Hainan

Commune by the Great Wall Beijing

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966

38

39

ͰɒOumldivideTHE TEAM

40

Grant Horsfield ndash Chairman naked Group

Grant a native of South Africa is Founder and Chairman of the

naked Group

Before coming to China in 2005 Grant worked in England

and South Africa with more than 10 years business ownership

experience With background in IT he launched eBites

Limited in 2000 Operating nationally eBites was both a

publishing company and a callcentre facilitations company with

headquarters based in Cape Town In 2004 Grant received

an MBA from University of Cape Town Graduate School of

Business Upon graduation he decided to come to China as he

saw China is where business opportunities lie

After spending two years in Shanghai he found himself

overwhelmed by the metropolis and missed the natural beauty

of his home From this desire and need sprouted the concept

for naked Retreats which was launched in 2007 Grantrsquos vision is

to create sanctuaries that are in harmony with the environment

where people can appreciate the simple way of nature and

embrace the naked lifestyle Grantrsquos tireless efforts in promoting

ecotourism in the rural areas not only created jobs but also

pride for the local community He received an environmental

award from the Huzhou Government in 2008

高天成 - naked集团总裁

ij=ɫčIcircTHORNˆ=nakedƍOumlmiddot˽ˆũѵ|6

Ф13ɱȅOgraveѓŘтʣ=ij˪ЬФϯŘƎɫčľѽ=ϾŚɱOuml˙ϛǑϱƎРѽǑϏ6ФʙITǒOumlUѠ΅=ɱij˪ƭȜȥeBitesϾΏŁ=eBitesŁƮϱΝІaacuteŹĞѓΫLJɖƿū=ʙѵˤФǭʔugrave6ɱ=ijƅOtildeȥǭʔugraveAringλ˙λЙOumlMBAλ6dϛŮ=ǧegraveȅѓŘ=ϩǯOgraveȥжȕOuml˙Ɖ6

Ф˛ŝEgraveȥȢɱтŮ=āѳƓxȥ˪Ƃ=sʨAtilde˱ȥѳʿɐǒ6ФжѕИІεʴOumlʶ˼΅=ƭȜnaked Retreats

OumlΖĂФɱOtildeOgraveȥ˹˲6ijOumlΖĂƭШϞĸ˯THORNІѳʿũΣŃdeg=ˆɒǵϡΘѳʿ=ΘnakedOuml˪ƂĈ˾6ij˫ΔAacuteTHORNʵ˪ȾϽѽordfOumlxΦɹȞ=xLjmiddotШȥľѽıŻOtildeOgraveȥIcircTHORNˣʵOumlХϐ6ij˪ƅOtildeȥɱůјоġNāOumlźWAring˼ư6

41

Delphine Yip-Horsfield ndash Partner Ben Wood Studio Shanghai

received her Master of Architecture degree from Harvard

Boston prior to moving to Shanghai to oversee the award

winning Xintiandi project on behalf of Wood and Zapata In

the fall of 2005 Delphine became partner at Ben Wood Studio

Shanghai

Drawing from her own experience of diverse cultures Delphine

has led a multitude of high profile projects such as Hangzhou

Xihutiandi Zhujiajiao Oriental Garden Shanghai Waitanyuan

Beijing Palace 77 Shanghai Hongqiao Commercial Core Lijiang

Lashihai Resort Masterplan etc

In 2006 she was selected Wallpaper magazinersquos first annual 40

under 40 designer of the year

Delphine is the chief master planner and architect for naked

Home Village and naked Stables Private Reserve She also

oversees the visuals and styling of the naked Brand

叶凯欣 - 上海Ben Wood设计室合伙人

ϜǮΩɺ=Ben Wood ˤƗľѽOumlѵƢ=śęAringλƭѡλ6ȅ˛ŝтʣ=ФΒIJ5ɷКũuuacuteľѽ6ȅ˛ŝŮ=CcediloWoodũZapataĤЩΪTHORNΙɧOumlƢethľѽ613ɱʲƕ=ϜǮΩɺBen Wood ˤƗľѽūƃˆ6

ϾѯxŸϽșǑϏOumlϜǮΩɺ=EacuteˇȥηucircijocircΙɧOumlƢeth=VȂţјͻůTHORN5њƝƶecircĈųВ5˛ŝЕ5[ǎłatilde5˛ŝŭʦ˙ϛѓΫ5ȗƯȄŝoacuteƟAacuteѵŔŷˤƗUgrave6

ɱ=ˏκȥWallpaperСьǃɱoacuteϡ΅OumlˤƗ˰6

ϜǮΩnakedƝВAacuteũnaked RetreatsOumlѵˤƗеũƭѡ˰6˶ϚĤЩƢethnaked˙nOumlFũĘķˤƗ6

42

Kang Yang Lim ndash Group Chief Operating Officer naked Group

Group with over 13 years corporate finance and real estate

development experience Previously he was Director of the

real estate division of APP China taking responsibility for the

initial positioning and development of the USD15 billion lsquoWhite

Magnolia Plazarsquo mixed use development project (including

the development of Shanghairsquos first W Hotel) He also led the

concept and development of APPrsquos branded residence and resort

project in Sheshan Shanghai

Finance division of PricewaterhouseCoopers in Melbourne

Australia where he specialized in business value and strategy

worked in inhouse strategy roles for CocaCola GB in London

and to British venture capital firm of the year (2004) ISIS Equity

Partners before coming to China in 2005

Accountants Australia in 2002 and is also an affiliate of the

of Commerce and Diploma in Modern Languages from the

University of Melbourne Australia

林纲洋- naked 集团首席营运官

ƞˏnakedƍOumlȩ˪ϴϾŚɱOumlʝϛ~ƎTHORNǭāǑϏ6Фfrac14тʣ=ѽѓŘDŽŒOumlTHORNǭāOumlѵƢ=ĤЩƠч13ϢЏOumlucircϸ8JЈȈœ9ǭāΙɧOumlcopy˽κшũǭāVȂ˛ŝszligϞƝ ǙacircOumlǭālt6˶ϚщNtildeȥDŽŒƍФ˛ŝҁ˗ʑʁѢЭũoacuteƟAacuteΙɧOumlȓɲũǭā6

ФDŽŒƍˇфтʣ=ȩİϑGAringȚφɣyuml_ʔŴϷOacuteƁƗ˰OumlǑȓ=ѥѣЂ˙ϛƠчũЯɁѰξ6ȩ˪Ф13ɱȅOgraveѓŘтʣэȑǭʔŴϷOacuteŮOumlϞotilde˶ƣɬ=ѽǵǺǵȎɂugraveŁɬOumlЯɁēͺ˰=ϡƎISISOumlʼnʏūѽƃRФϯŘɂugraveOumlϯŘĘΌѱŁˇф6

ȩ˪ФɱƅOtildeȥGAringȚφηƁƗ˰ƁũGAringȚφпʻωǗOumlƁГѱķ6˶ϚƅOtildeȥGAringȚφɣyuml_AringλOuml˙ϛλλϡƎCcedilЇϊλп6

43

Gabriela Lo ndash Managing Director naked Retreats

With over 15 years experience in high end events and PR

management Gabriela has been instrumental in bringing naked

to where it is today As one of the original members of the

naked Team Gabriela has led the growth of naked Retreats

to become one of the most famous eco retreat destinations in

China attracting guests and publicity from around the world

Originally from Macao Gabriela has rich multi cultural and

multinational living and working experience having worked and

studied for many years in Greater China England and Italy

卢家宝 - naked 度假村常务董事

ϴϾŚ13ɱOumlijocircƂiacuteũŁŃŋ΄ŎȓǑϏ=nakedDžOumlǜІȶƝXēxǭ6ѽħdivideOumlmiddot˽ГтϞ=ȶƝXϠǑAEligȭnakedѓŘѻϾɜOuml˪ȾϽɧOumlTHORNтϞ=ͼϭȥȅѳǁĹTHORNOumlǸˆ6ȶƝXȅѳGɑ=ϴϾĖĥOumlucircЏŸũucircŘǝѢũľѽǑϏ=ЬФAringѓŴTHORNʵ=ϯŘũϤAringȚϾѯucircɱωǗǑș6

Judy Zhu ndash General Manager naked Group

Zhu is the General Manager for naked Group ensuring smooth

operations of the group with a particular focus on government

朱燕 - naked 集团总经理

њώ=iquestnaked Retreatsmiddot˽ǭ˽ǜũij˪ūѽ6њώѽƍѵǑȓ=ĤЩIcircTHORNũŋ΄ʽWƍРѽ6Фƞˏnakedтʣ=њώФ˛ŝũ[ǎiquestŚηucircІ˙ϛϾŋOumlфϛ6ФΪͻȈƅOtilde˙ϛλ6

44

Kurt Berman ndash General Manager naked Stables Private Reserve

With over 16 years experience in FampB and high end luxury

resort management Kurt brings a wealth of experience and

will lead the preopening and operations of our new resort ndash

naked Stables Private Reserve Prior to joining naked Kurt was

the preopening General Manager at Six Senses Laamu and

Resident Manager for Six Senses Soneva Gili by Six Senses Kurt

has also worked at other prestigious resorts including Fregate

his career in hospitality in FampB and was a trained Chef with

experience working in many prestigious institutions including

The Dorchester Hotel in London Kurt is from South Africa and

has a masters certificate in hospitality management from Cornell

University

Kurt Berman - naked私人度假村总经理

ϾѯŚɱϬƎijIumlŤŴoacuteƟAacuteOumlŎȓǑϏ=ƮϡĖĥOumlǑϏȭNtildeͰɒΪoacuteƟAacute77)$ 0OumlϱϛũРϱ6Фƞˏ)$ тʣ=10ЬEacuteˇŚ8szligȳĭǦ9+1ϱϛѵǑȓũ8szligȳĭǦ9-2 ((OumlѤacircǑȓ610ŻЬˇфЂamp0ˆŝETHũ1+4UgraveʙўɜoacuteƟˮTHORN610OumlϛʜzЂϬαϛ=ϚϡϞĸФŬucircўɜƉńVȂ-0-0 -$-ltľѽŚOumlρȡϾOumlnot˰610ȅѳɫč=sϴϾǰɪyumlAringλЃOumlǙacircŎȓλ6

Richard Johnston ndash General Manager naked Home Village

Hailing from the United Kingdom but with most of his working

life in resorts throughout Africa Richard brings with him over

20 years experience in General Management and Director level

roles in world class resorts including Azura Retreats Cape Grace

hotel and the Saxon Hotel Richard plays a key role in the set

up of systems training and operating standards His years

of experience and mentoring leadership style make Richard a

natural inspiration for our young hotel management team

Richard Johnston - naked 家园村总经理

RichardȅѳϯŘ=IgraveAringucircOumloacuteƟAacuteľѽiumlФмĸčљ=ϴϾŚɱOumlѴūŎȓũǁƐoacuteƟAacuteVȂAzura

Retreats Cape Grace hotel and the Saxon HotelltijʒŎȓǑϏ6RichardФƭȜ΄5ʅρũРαnѬĈɘʜѯŋƨѽϸ6ĖĥOumlǑϏũȭNtildeĘķ˼OtildeoslashͰɒɱʬOumlǙacircŎȓdivideϾѯѳʿOumlƊȘ6

45

Teun Hanegraaf ndash Sales Director naked Retreats

Teun obtained a Bachelors in Business Studies and Masters

in Strategic Management with a focus on Chinese Business

Culture Teun increased our corporate sales business by 350

in his first year with us bringing international companies

ranging from international conglomerates Unilever and Coca

Cola to more local institutions such as The Shanghai American

School and leading Chinese companies such as Bank of China

韩天宁销售总监

ȅѳŧȈɥEcirc=şɵϴϾ˙ϛλλλ5ЯɁŎȓѥѣЂѓŘ˙ϛŸlt6ȅƍOumlszligϞɱşɵƮŁOumlΝϛijȥ13=sŁAEligȅȥx˟ŘƙβOumlAringŁǸŲ=жʙѓϾŘƙAringʝϛȠūȚŴũǵǺǵȎ=ϚϾ˛ŝɐŘλΠUgraveIcircTHORNƉńũѓŘϫαUgraveѓŘȴʝϛ6

Oliver Yuen ndash nature Reserve amp Recreation Manager

naked Stables Private will be the first private reserve in China

with a wealth of new flora and fauna introduced to the project

from Sydney University Australia and as a fully qualified Ranger

working in many of the worldrsquos best wildlife parks Oliver takes a

special role in ensuring the environment of naked Retreats and

naked Stables Private Reserve will be full of life and a natural

self supporting eco system Oliverrsquos passion for both people and

nature make him the perfect person to teach our guests about

what we do and make their stay not only a relaxing one but

also a fun fulfilling educational one as well Oliver previously

worked in wildlife parks and resorts such as Azura Retreats in

Mozambique Mobala Private Game Reserve in South Africa and

Sydney Aquarium in Australia

袁鹏威 - 活动经理和度假村 生物学家

naked StablesƮѓŘszligϞĸϭljΪOumlцʾũiacuteʾOumlˆoacuteƟʵ6OliverѽϞɜGAringȚφͿɯAringλūķOuml˪λƝiacuteλƝ=ϡƎФǁĹTHORNOumlϙ˪iacuteВľѽOumlľѽе=Ф˼naked Retreats ũnaked StablesϾѯĖĥ˪ѱЕ5ʿѳĺOuml˪΄Oumlźǔľѽ˛QύѯіϘƶ˔6АʊoslashˆȏũѳʿOumlƊʮ˼ѻūOumlˆȅĵͰɒOumlǸˆͰɒѼOuml˷ɋ=sʨ˂ɒФжȕOuml˶ŒxLjLjČ=˶Ϛ˂ɒOumlǝѢǑșlOtildeϾǭΫcurren˹ũϾƷЋϤϦ6АʊтʣФɫčũGAringȚφͿɯѹŏiquestϙ˪iacuteВũWŰʵOumlľѽVȂMozambique OumlAzura Retreats Mobala Private Game Reservelt6

46

Philip C Davis Company Director naked Retreats

Phil joined the Board of Directors for naked Retreats hotel

management company in 2011 His previous board experience

includes Tian Rui Hotel Corporation holder of the master license

for Super 8 economy hotels in China and Hong Kong from 2006

to 2008 He also was a founding shareholder of Tian Rui and

served as its President and Managing Director from 2006 to

2008 He was a board member of Tian Xian Cheng a bai jiu

concern which is a joint venture between Pernod Ricard and a

2010

Phil was previously Chairman of the Budweiser (Wuhan)

International Brewing Company and Managing Director of the

AnheuserBusch business in China and Hong Kong from the

beginning of 1996 through 2002 From 2003 to 2005 he

headed the AnheuserBusch liaison office with Tsingtao Brewing

Company

Phil holds a PhD in history from Washington University and

started his career as a market researcher at a major advertising

agency in the US before moving to AnheuserBusch and

heading its consumer planning and new product development

functions in the 1980s

Philip CDavis naked 度假村公司董事长

PhilЂɱƞˏȥnakedoacuteƟʵǙacircŎȓŁOumligraveƁ6ϡĖĥOumlǑϏVȂФːǙacircƍˇф5ϡƎЂɱэɱФѓŘũѓŘΒIJEacuteˇSuper ǑƖǙacirc ʼnˆ6˶=ϚːǙacircƍOumlmiddot˽ʼnecirc=ФɱэɱʖƣEacuteˇƍOumlѵ|ũigrave6ɱэɱʖƣ=ϞƝІWȎȞƞũJǙ˪ȴʝϛƬɫūѱOumlʝϛ77ΐOumligraveƁГ6

iquestɱэɱ=Phil͵šBudweiserŘƙɳǙŁOumligraveƎѓŘũѓŘΒIJCŝyŁOumligrave6iquestɱэ13ɱ=CŝyũʫETHʌǙŁOumlȠɆdegOumlĤЩˆ6PhilϴϾŴ˭uacuteAringλOumlș˻дλvλ=ФǁɱCcedilȅOgraveCŝy5ĤЩΞĒŔŷũΪʑǭāĿɭтʣ=OumlϛʜzЂɐŘOumlϞƝœĵCcedilȓŁ=Eacuteˇaeligω6

47

OUR INTERNATIONAL TEAM

International team

Chief master planners amp architects

the urban landscape of modern China with Xintiandi in

Shanghai a commercial cultural and entertainment district

Since then the studio has worked on projects in very diverse

categories both small and large scale projects include mixed

use projects like the ldquoTiandirdquo in Hangzhou Chongqing Wuhan

and Foshan luxury villa and high rise residential complexes in

Shanghai and Vietnam as well as various boutique hotels and

Chalet Architects

A00 Architecture is most well known for their research

inenvironmental sustainability and its application to their

work in Architecture Interiors and Furniture Their portfolio

includes feature restaurants luxury spas retail stores design

conversion of dozens of historic Shanghai homes into highly

personalized residences

Interior Designers AIM (Architecture amp Design) brings expertise

in the combination of world architectural styles and design

influences to the interior designs at naked Stables Private

Reserve With the Shanghai office led by the two founding

on comfort warmth and a unique blend between African and

Asian design sensibilities

Landscape Architect

Design Land Collaborative (DLC) is a professional consulting firm

comprised of landscape architects and planners with an office in

Shanghai and the United States Projects have a strong emphasis

on cultural resources historic preservation and ecological

design involving both the public and private sectors

ͰɒOumlāЮdivide

ɴǵϡΑάOumlёȣ

ŘƙŸdivide

首席规划师和建筑师

benwood Studio Shanghai OumlсɜΙɧтϞѠĨШ˛ŝΪTHORNľ=˼ʙƍ˙ϛ5Ÿ5ЄȎϞOumlʵЉ6тŮ=ЁƻȥĹȏŔɟAringΟOumlΙɧ=VȂţјOumlͻůTHORN=іʱ5͵šƎę˗OumlŤŴpϡƎФ˛ŝũЛɫOumlijѢЭʵ=ȮŻϾФѓŘƎˉ_OumlĹȏǐʑǙacircƎoacuteƟ6

小圆房建筑

AOO Architecture ФźǔWŰƎǵ θāЮĈɘϾѯѭЛOumlƭ=s˘ƮʙƭϰϸЂɬƝѩ6ɒƻŚOumlΙɧVȂ˔5ŤŴȤѓΫ5ȫ˙acirc5ˤƗίǙacirc˛ŝυНǙacirc lt5ˆoacuteƟϡƎϞ΄ȧOuml˛ŝș˻ѢЭOumlCcedilŸƎˆŸĨШ6

ɬ ˤƗ˰AIMƭѡˤƗltѥѣЂǁƭѡĘķũˤƗOumlɐƿū=ϭNtildenaked StablesOumlɬˤƗ6ФȅѳŧȈũaȚ˶OumlūѽmiddotTˆȭNtildeOuml˛ŝTdegOumlUѠ΅=ˤƗѣі5ũφčˤƗȓɲOumlntildeˊū6

景观设计

Design Land Collaborative (DLC) ϞƝiquestǒōˤƗІŔŷOumlѥϛѰξŁ=Ф˛ŝІɐŘǩˤϾēрƉń6ʙΙɧ˘ЂŋѣŸș˻ĻЕ=ƿūźW˪ǴƔ=ѥѣЂŁŃƎϾTHORNOumlŔŷ6

48

Engineering amp Project Management team

Scott Wilson Group PLC is a globalintegrated design and

engineering consultancy for the built and natural environments

Scott Wilson is responsible for the project management the

electrical and mechanical engineering for the project

Environmental Consultants

Environmental Resources Management (ERM) a leading global

provider of environmental health and safety risk and social

consulting services ERM deliver innovative solutions for business

and government clients helping them understand and manage

their impacts on the world around them ERM have 137 offices

in 39 countries and employ approximately 3300 staff

Sustainability Consultants

Bisagni Environmental Enterprises (BEE) works with the

engineering and design teams to ensure the environmental

goals set out at the inception of the project are achieved

LEED Consultants

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

Local Design Institute

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

General Contractor

and have been responsible for some of Chinarsquos most iconic

properties such as the World Financial Centre in Shanghai

工程及项目管理团队

Scott Wilson Group PLCϞƝʺʳŔɟOumlźWˤƗƎľѰξŁ6Scott WilsonĤЩΙɧOumlaacuteʠƎƉΤľ6

环境咨询

Environmental Resources Management (ERM)ϞƝʺʳαϛȭѰξŁ=ŀźǔWŰ5ƫǰCʺƎŁŃˣƁĘΌUgraveѰξĞ6ERM˙ϛƎоġɑǸŲŀĨĶβOumlǀǧĈF=UѠɒȥǀsŎȓʙǑϱoslashˣƁźǔAEligȅOumlϳΗ6ERMФʺʳϾ137ĸēрƉń=myĸŘƝ=ϴϾAringК3300ɜГľ6

可持续发展咨询

Bisagni Environmental Enterprises (BEE)ІľˤƗdivideΑűūѽ=ϡʽWФΙɧǭ˽ƼotildeˤȜOumlźǔWŰǵ θāЮɧnOumlȚ˹6

绿色建筑认证咨询

Shanghai Pacific Energy Center (SPEC)ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlŁтϞ6

本地设计公司

Shanghai Baoye Construction Corp Ltd ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlαϛȭŁтϞ6

总承包商

ϞƝŘƝƐľVŁ=ϠƻȥηucircѓŘnьβΙɧ=țˍ˛ŝźʳDŽˊѓΫ6

49

naked COVERAGE

wwwcnngocom

ldquo25 killer things to do this summerrdquo

26 April 2010

Time Magazine

ldquoRun to the Moganshan Hillrdquo

新浪博客

ldquo避世的可能rdquo

31 December 2009

wwwenglisheastdaycom

ldquoThe first batch of ldquoChina Treasured Towns ldquo released

December 2009

Shanghai Urbanatomy

ldquoGet naked this time with horsesrdquo

Shanghai Daily

ldquoGreen MaGIC Casts design spellrdquo

14 October 2009

新浪商品

ldquo中国最佳设计酒店大赏rdquo

September 2009

wwwchannelnewsasiacom

ldquoChinarsquos green resort allows travellers to vacation on good consciencerdquo

2 September 2009

wwwbijianlinblshecom

ldquo莫干隐居rdquo

25 Aug 2009

wwwassociatecontentcom

ldquoThe Exquisite Moganshan Mountains of Chinardquo

Ɏ

Wikitravel

ldquoMoganshanrdquo

德清新闻网

ldquo承包国营林场建造生态ldquo逸站rdquo

wwwsinoeventcom

ldquo亚洲旅游地产及景点峰会成功举行rdquo

wwwchinatravelbrandingcom

ldquoPursuing Green for Greenrdquo

wwwbrandrepublicasia

ldquoMaking moves towards ecofriendly eventsrdquo

7 May 2009

wwwhandsonshanghaiorg

ldquoHands On Asia Conference Summeryrdquo

May 2009

wwwmyvacationcn

ldquo莫干山居rdquo

3 April 2009

wwwshanghaidailycom

ldquoThe naked truth Time to clean up Moganshan litterrdquo

4 March 2009

wwwgreennovateorg

ldquoMoganshan Project Kick Offrdquo

13 February 2009

Travesias

ldquonaked retreatsrdquo

Feb 2009

合肥在线

ldquo大山里的裸家族rdquo

20 October 2008

wwwentrepreneurcom

ldquoThe arrival of the Olympics showcases Chinarsquos burgeoning entrepreneurial spirit ldquo

7 August 2008

50

Shanghaiist

ldquoWeekend escape to Moganshan 莫干山rdquo

9 April 2008

私家地理

ldquo艳阳下的荫凉rdquo

30 May 2008

City Weekend

ldquoGet naked in Moganshanrdquo

25 January 2008

wwwbundpiccom

ldquo在这绿中撒点野rdquo

wwwhuzhougovcn

ldquo相中德清筏头的青山绿水南非客商莫干山下建生态逸站rdquo

wwwurbanatomycom

ldquo24 Hours in Moganshanrdquo

wwwhkheadlinecom

ldquo杭州莫干山竹林深处人家rdquo

15 May 2009

wwwnewsweekcom

ldquoBack from abroadrdquo

May 2009

Chinatravelnet

ldquoMoganshan A Heavenly Hideaway of Bamboo Forests amp Tea Plantationsrdquo

April 2009

wwwmzztmcagovcn

ldquo2009年踏青乐游路线推荐大公布rdquo

16 March 2009

第三媒体

ldquo规划一条畅快随性的踏青之旅rdquo

28 October 2009

wwwdqnewszjolcomcn

ldquo三九坞 ldquo裸家族rdquo钟爱的世外桃源rdquo

28 October 2008

ldquo自驾行天下rdquo之中国莫干山rdquo

Sep 2008

ldquoShiffting Gearsrdquo

Sep 2008

April 2008

Chewed up amp Spit Out

ldquoGet nakedrdquo

19 February 2008

ldquoBest Weekend Getaway Hotels Shanghairdquo

富世

Ecoefficient hotel低碳下榻

April 2011

Spa China Guy 男士派

Experiencing The Unique

2010

Cosmo 时尚

跨洋建屋隐居不隐世

April 2010

Global Times

The Mountain of legends

Global City Geography 城市地理

莫干山 naked Retreats 都市人一ldquo裸rdquo到底的山居生活

Dec 2009

China Daily

Rural Retreat

20 March 2011

China Daily

4th March 2011

Modern Weekly周末画报

圣诞低碳游

Dec 2010

Elite Traveler 携程自由行

旅尚

Esquire

Hidden Best Restaurants

Feb 2011

51

52

53

Page 33: Detailed Investor's Report

32

OPTION 2- STABILITY

1Usage Rights

1 使用权限

选项2-稳定性

Total Permitted Usage Prime Peak SeasonPermitted Usage

Peak SeasonPermitted Usage

Out-of-SeasonPermitted Usage Blackout

40 days per yearNo occupancypermitted

Up to 20 days per year but no more than 7consecutive daysfor any one stay

Up to 20 days per year but no more than 7consecutive days for any one stay

No occupancypermitted

允许使用总数主要的旺季允许使用

旺季允许使用

淡季允许使用

无折扣期

每年40天 不允许占用 每年20天但是每人

不能连续居住7天每年20天但是每人 不能连续居住7天

不允许占用

Prime Peak Season To be published by naked Retreats in according to government notification every year Prime Peak Season

Middle Autumn Festival (Sept) excluding Blackout dates

Ɛƕɏɱϻnaked RetreatsĻǟоġĵāordfс6ƐƕVȂѓŘsup1ƽϞМĀМlt5ȋiacuteƽͶМlt5Řʱƽ˴Мlt5ʭɛƽМlt5ѓʲƽǘМlt=xVȂʹгǻʖ6

ƕiquest˓МOgrave˴ϞМʖƣOuml10ĸїɡϡƎ10ĸľѽˉїʖ=xVȂƐƕũʹгǻʖ6

OutofSeason 20 days during December to February excluding Prime Peak Season and Blackout dates

Iacuteƕiquest˴ĀМOgraveĀМʖƣOuml=xVȂƐƕũʹгǻʖ6

Blackout Dates Peak demand dates such as holidays sporting events groups and citywide conventions Local cultural events

all as specified by the Hotel from time to time

ʹгǻʖεʴijėʖVȂƟʖ5Ћ˒5ũʺβOumlƁϨ6IcircTHORNɾyumlOumlŸƂiacuteiumlƮDвǙacircOumlɛljα6

2 Rental Revenue

2 租金收入

a Rental revenue

Regardless of your usage of your property your rental return will be fixed at 5 for the first 5 years of operation After this period

you will automatically migrate to the Flexibility plan

ѸDŽˏ

xɃɰOumlĉ˼ϸoacuteˍŪ=ͶɱOumlѸDŽϧiumlŊegraveOuml136ФжтŮ=ɴƮѳiacuteѧˏȬƂβĈF6

b Monitoring your returns

Owners will receive regular financial information in the form of an electronic or hardcopy statement with details including owner

records of stays amounts spent revenue generated etc Owners may request to receive these statements daily weekly or monthly

Should the owner wish to lsquocash outrsquo and withdraw cash generated from their villa ownership this will be available biannually at the

gtƢethɰOumlſY

ϛѝƮƁegraveʖOgraveaacuteѲPƆɘP~Yo=ɬˋʭregOumlȧordfϛѝOumlˏѢƘȼ=ΞĒƘȼ=ˏſYUgrave6ϛѝǵκЪɏˉ=ɏέʖ=ƆɏĸМOgravefrac14Yo6ˍϛѝoslashѳƓФoacuteƟAacuteѓOumlˏſYljα=ɨɋǵɍSɱ˹˲Ϟfrac346ƆɏɱOumlМƆɏɱOumlМ6

33

c Cashing out your returns

gtƮɴOumlſYϡDŽĈ˾ʷordf

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſY6ˍřϛѝκЪxʷordfʙϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecoms services

rental option

4服务费用

IcircϛѝǝѢФoacuteƟAacuteȕ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸȕ6жϞȏOumlĞĒϸxVȂegraveβordfѸʆ6

5 Maintenance

Of the 5 guaranteed return generated form your property during the period you are not in residence the management company

will retain 4 of this return for maintaining your Villa The maintenance fund will be pooled and used for all Villarsquos in the resort

5维护

ɴxǝѢʖƣiquestɴOumlĉѓƮ˪Ouml13OumlſY=ŎȓŁƮWȰжbſYѓOumlϸѽɴpOumlŰ6ŰƈDŽƮ^ūsʜȅsϸЂϾoacuteƟAacutepOumlŰ6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Hotel projections

Rooms Available 可用房间 not relevant 非主要Estimated occupancy 预计使用率 not relevant 非主要Estimated average daily room rate 预计每日平均房价 not relevant 非主要Growth in room rate 房价增长率 not relevant 非主要Annual room sales 年房间销售额 not relevant 非主要RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE2 Bedroom 收益 ndash 双人间 50 50 50 50 50 503 Bedroom 收益 ndash 三人间 50 50 50 50 50 504 Bedroom 收益 ndash 四人间 50 50 50 50 50 50

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 300000 300000 300000 300000 300000 300000

3 Bedroom 收益 ndash 三人间 9000000 450000 450000 450000 450000 450000 450000

4 Bedroom 收益 ndash 四人间 12000000 600000 600000 600000 600000 600000 600000

Hotel revenues and owner rental yield - Option 1 Flexibility

34

Option 1 - FLEXIBILITY Option 2 ndash STABILITY

investment returns for your Villa are influenced by the

success of the resort and the number of days you use

your Villa

Stable implies both your returns and your annual

usage rights to your property are fixed Regardless of

how well the resort operates your returns will remain

the same Equally you will only have a fixed number

of days allowed in residence

Usage Have unlimited usage rights to their Villa 40 days usage per year

Rental ReturnEarn 36 of the pooled returns from the entire resort

whilst not in residence

5 guaranteed return on their investment regardless

of resort performance

Resort Discount20 discount on all resort amenities and activities

(including SPA and Restaurants)

20 discount on all resort amenities and activities

(including SPA and Restaurants)

Services FeePay a Services Fee of 300rmb per room per night

whilst in residence

Maintenance4 of all room revenue is retained for maintaining

the owners Villa

4 of all room revenue is retained for maintaining

the owners Villa

选项1 ndash 灵活性 选项 2 ndash 稳定性

ȬƂβϸЂ˼ϸІſY6ɰOumlpѱſYʷǧЂoacuteƟAacuteOumlĿǑϱũɰoslashpOuml˼ϸoacute

ŊegraveβϤѯɰOumlſYũɏɱoslashЂɰOumlĉOuml˼ϸʹΏiumlŊegraveOuml6xɃoacuteƟAacuteOumlǑϱѫȁϾucircť=ɰOumlſYiumlŊegraveOuml6ϖTHORN=ɰъϾŊegraveOumlПηǝѢOuml6

使用 ʹΏѐOumlp˼ϸʹΏ ɏɱOuml˼ϸʹΏ

租金收入 ФxǝѢʖƣ=ƅOtildeмĸoacuteƟAacuteūsſYOuml xɃoacuteƟAacuteǑϱѫȁˍŪ=Wп13OumlſYϸЂѱ

度假村折扣 ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt

服务费用 ǝѢʖƣ=ɏĉƣɏЏˆəeOumlĞĒϸ čѝϘ

维护 ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ

OPTION COMPARISON

选项对比

35

36

INDUSTRY RETURNS AND BENCHMARKS

INDUSTRY REPORT

行业报告

Tourism and urban resorts is one of the fastest growing industries in China According to industry consultant HVS cities such

as Shanghai Beijing Shenzhen Guangzhou Hangzhou and Tianjin all have a population where a critical mass of highly affluent

individuals and successful companies exist generating demand for suburban resorts

ФѓŘ=ȾϽϛũoacuteƟAacuteσɓāЮOumlαϛтϞ6ĻǟʺʳǙacircĞϛltOumlϞΙYĵ˿=ФѓŘOumlѝϘˍ˛ŝ5[ǎ5˧5œј5ţјũdžǩēyѯAringȣOumlĥЍˆʾũĿOumlʝϛ=ϻfrac14ϚƊāȥoslashƴʵoacuteƟAacuteOumlƌAringεʴ6

Amongst other things the exponential growth in private vehicles has seen a huge increase in demand in the leisure market With

the completion of the shenjiahu highway in 2010 the travel time from downtown Shanghai to Deqing is now 2 hours Also with

stop at Deqing) scheduled to open in late 2011 travel time from downtown Shanghai to Moganshan will take between 15 to 2

hours When comparing travel times to get to other resort destinations in China ndash eg Hainan or Lijiang flight times might be within

2 or 3 hours total travel time including travel to airports and check in make the whole trip 6 to 7 hours plus additional travel cost

Within the 2 hour travel radius of Shanghai the quality of resort destinations is also (in our opinion) not at an international standard

with most hotels simply being lsquocity hotels in the countryrsquo rather than true resort properties operating at international standards

shyfrac14т=ѯĸˆγΊOumlāЮ=ĸˆƸϴϾȿϚσʂ˫6ѳɱ˥ƛůijϡŮ=iquest˛ŝOgraveOcircʭϚLjεϘĸΟ˶Ouml6ΪƭOumlijǵϡФ13ēєɬiquest˛ŝUumlAumlţј6ƏƮФɱYacuteǫľOumliquestţјOgraveɫǎOumlijѓϾϞаDzOcircʭlt=ъεϞĸSΟ˶OgraveȢĸΟ˶ǜǵϡiquest˛ŝѓΫOgraveAumlɢī˗6ˍřІѓŘOumloacuteƟˮTHORNŝɫ5ȒƯUgraveaƹ=shyȥϘųĒэĸΟ˶Oumlďα˶ƣ=ŻϘФVȂʣƉ=CʺƤũUgraveEgraveOslashƉ˛ų˛эĸΟ˶=ĽxϸɨΡuumlOumlαųΝȥ6Ѷō˛ŝїiΟ˶ɬOumlγΊoacuteƟʸdeg=э˟ͰɒˈltІŘƙŸnѬŻϾѯɛOumlǢ6AringēOumloacuteƟǙacircϚũѓOumlɨΡǙacircɍϾ_ёOumlʵp=ЗЗAumlxOgraveинŘƙϤϦ˛oacuteƟίĉΙɧOumlϘʴ6

ϛѝЎʖſYІaƹ

37

OUR NICHE

我们的利基

naked sees a need in the market for world class expertly designed and operated resorts which are within 1 to 2 hour travel time

of major cities in China As with other urban resorts we believe that the Leisure market and the MICE (Meetings Incentives

Conferences Events) market will be a huge driver for our business In addition we feel that we are already at the forefront of

the growing focus and concern on environmental design building and operations as well as the growing interest in nature and

environmental education At naked we also place a high emphasis on facilities and services for the entire extended family ndash from

children to parents to grandparents that other resorts do not place dedicated resources for

nakedЎƧOgraveȥФѓŘжϞεʴƏǢȑѝϘϞэȢĸΟ˶Ouml=˶ЁhζǁϞȱOumlѥϛˤƗũŎȓOumloacuteƟΙɧ6ͰɒΑάγΊũƁƁϨ5ưȘȾϽ5AringίʝϛƁϨ5ƂiacuteЮȉltOumloslashͰɒϛOumlіAringʤȞ6frac14=ͰɒФŋѣũiacuteźWίˤƗ5ƭШ5ŎȓũźWȓɲœ˛ϠǑѷФȥαϛȭя=ФnakedІαϛеxͰɒϚіoslashЂˣʵѓOumlŜѲ5Ɲ5ȌеOumlĞũˏ6

As such we feel very confident in the rates and occupancies that we will achieve Regarding room prices when benchmarking

against some of the other leading hotel brands in the resort market such as Aman Fayun Hangzhou Banyan Tree Hangzhou Fuchun

Resort Hangzhou Mandarin Oriental Hainan and Commune by the Great Wall average rates in March 2011 for single bedrooms in

this set are ~ RMB2800

ϩfrac14=ͰɒoslashЂˏѢĉƠϡƎˏѢȿcurrenɊάΫ6ФˏѢĉƠĈɘ=ІʙФoacuteƟAacute˛OumlсɜǙacircʑʁaƹ=ˍCҊĂО5ţјНҏѨ5ĥsup1˗ǝ5˓φŴecircĈǙacircũƵ΅OumlŁˣ=Фɱ˓МOumlEumlˆƣʒǩƠķ=6

Regarding occupancies we are confident to achieve occupancies of around 60 after about 4 years of operation but forecast

conservatively that our occupancies will start from around 35 in the 1st year of operation and grow steadily to 45 in year 2

55 in year 3 and 60 after the hotel is lsquomaturersquo from year 4 onwards

ФˏѢȿĈɘ=ͰɒŬϾάΫǑŚɱOumlǑϱ=ͰɒǵϡAumlOgraveOumlˏѢȿ6WŇƗ=ͰɒOumlˏѢȿƮƁϻszligϞɱOuml13=egraveЫOgravefrac34ɱOuml13ũszlig˓ɱOuml1313=szligɱϡŮƮƁЫOgrave6

Given the above estimates we believe that owners can expect attractive investment terms as illustrated in the table below

Ļǟϡ˛OumlŇƗ=ЎƗϛѝɭņOtildeOgraveOumlѱſYƮƁˍ΅o˿

CҊĂО

НҏѨ

ĥsup1˗ǝ

˓φŴecircĈǙacirc

Ƶ΅OumlŁˣ

RMB4270

RMB3500

RMB2000

RMB2150

RMB2388

Aman Fayun Hangzhou

Banyan Tree Hangzhou

Fuchun Resort Hangzhou

Mandarin Oriental Hainan

Commune by the Great Wall Beijing

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966

38

39

ͰɒOumldivideTHE TEAM

40

Grant Horsfield ndash Chairman naked Group

Grant a native of South Africa is Founder and Chairman of the

naked Group

Before coming to China in 2005 Grant worked in England

and South Africa with more than 10 years business ownership

experience With background in IT he launched eBites

Limited in 2000 Operating nationally eBites was both a

publishing company and a callcentre facilitations company with

headquarters based in Cape Town In 2004 Grant received

an MBA from University of Cape Town Graduate School of

Business Upon graduation he decided to come to China as he

saw China is where business opportunities lie

After spending two years in Shanghai he found himself

overwhelmed by the metropolis and missed the natural beauty

of his home From this desire and need sprouted the concept

for naked Retreats which was launched in 2007 Grantrsquos vision is

to create sanctuaries that are in harmony with the environment

where people can appreciate the simple way of nature and

embrace the naked lifestyle Grantrsquos tireless efforts in promoting

ecotourism in the rural areas not only created jobs but also

pride for the local community He received an environmental

award from the Huzhou Government in 2008

高天成 - naked集团总裁

ij=ɫčIcircTHORNˆ=nakedƍOumlmiddot˽ˆũѵ|6

Ф13ɱȅOgraveѓŘтʣ=ij˪ЬФϯŘƎɫčľѽ=ϾŚɱOuml˙ϛǑϱƎРѽǑϏ6ФʙITǒOumlUѠ΅=ɱij˪ƭȜȥeBitesϾΏŁ=eBitesŁƮϱΝІaacuteŹĞѓΫLJɖƿū=ʙѵˤФǭʔugrave6ɱ=ijƅOtildeȥǭʔugraveAringλ˙λЙOumlMBAλ6dϛŮ=ǧegraveȅѓŘ=ϩǯOgraveȥжȕOuml˙Ɖ6

Ф˛ŝEgraveȥȢɱтŮ=āѳƓxȥ˪Ƃ=sʨAtilde˱ȥѳʿɐǒ6ФжѕИІεʴOumlʶ˼΅=ƭȜnaked Retreats

OumlΖĂФɱOtildeOgraveȥ˹˲6ijOumlΖĂƭШϞĸ˯THORNІѳʿũΣŃdeg=ˆɒǵϡΘѳʿ=ΘnakedOuml˪ƂĈ˾6ij˫ΔAacuteTHORNʵ˪ȾϽѽordfOumlxΦɹȞ=xLjmiddotШȥľѽıŻOtildeOgraveȥIcircTHORNˣʵOumlХϐ6ij˪ƅOtildeȥɱůјоġNāOumlźWAring˼ư6

41

Delphine Yip-Horsfield ndash Partner Ben Wood Studio Shanghai

received her Master of Architecture degree from Harvard

Boston prior to moving to Shanghai to oversee the award

winning Xintiandi project on behalf of Wood and Zapata In

the fall of 2005 Delphine became partner at Ben Wood Studio

Shanghai

Drawing from her own experience of diverse cultures Delphine

has led a multitude of high profile projects such as Hangzhou

Xihutiandi Zhujiajiao Oriental Garden Shanghai Waitanyuan

Beijing Palace 77 Shanghai Hongqiao Commercial Core Lijiang

Lashihai Resort Masterplan etc

In 2006 she was selected Wallpaper magazinersquos first annual 40

under 40 designer of the year

Delphine is the chief master planner and architect for naked

Home Village and naked Stables Private Reserve She also

oversees the visuals and styling of the naked Brand

叶凯欣 - 上海Ben Wood设计室合伙人

ϜǮΩɺ=Ben Wood ˤƗľѽOumlѵƢ=śęAringλƭѡλ6ȅ˛ŝтʣ=ФΒIJ5ɷКũuuacuteľѽ6ȅ˛ŝŮ=CcediloWoodũZapataĤЩΪTHORNΙɧOumlƢethľѽ613ɱʲƕ=ϜǮΩɺBen Wood ˤƗľѽūƃˆ6

ϾѯxŸϽșǑϏOumlϜǮΩɺ=EacuteˇȥηucircijocircΙɧOumlƢeth=VȂţјͻůTHORN5њƝƶecircĈųВ5˛ŝЕ5[ǎłatilde5˛ŝŭʦ˙ϛѓΫ5ȗƯȄŝoacuteƟAacuteѵŔŷˤƗUgrave6

ɱ=ˏκȥWallpaperСьǃɱoacuteϡ΅OumlˤƗ˰6

ϜǮΩnakedƝВAacuteũnaked RetreatsOumlѵˤƗеũƭѡ˰6˶ϚĤЩƢethnaked˙nOumlFũĘķˤƗ6

42

Kang Yang Lim ndash Group Chief Operating Officer naked Group

Group with over 13 years corporate finance and real estate

development experience Previously he was Director of the

real estate division of APP China taking responsibility for the

initial positioning and development of the USD15 billion lsquoWhite

Magnolia Plazarsquo mixed use development project (including

the development of Shanghairsquos first W Hotel) He also led the

concept and development of APPrsquos branded residence and resort

project in Sheshan Shanghai

Finance division of PricewaterhouseCoopers in Melbourne

Australia where he specialized in business value and strategy

worked in inhouse strategy roles for CocaCola GB in London

and to British venture capital firm of the year (2004) ISIS Equity

Partners before coming to China in 2005

Accountants Australia in 2002 and is also an affiliate of the

of Commerce and Diploma in Modern Languages from the

University of Melbourne Australia

林纲洋- naked 集团首席营运官

ƞˏnakedƍOumlȩ˪ϴϾŚɱOumlʝϛ~ƎTHORNǭāǑϏ6Фfrac14тʣ=ѽѓŘDŽŒOumlTHORNǭāOumlѵƢ=ĤЩƠч13ϢЏOumlucircϸ8JЈȈœ9ǭāΙɧOumlcopy˽κшũǭāVȂ˛ŝszligϞƝ ǙacircOumlǭālt6˶ϚщNtildeȥDŽŒƍФ˛ŝҁ˗ʑʁѢЭũoacuteƟAacuteΙɧOumlȓɲũǭā6

ФDŽŒƍˇфтʣ=ȩİϑGAringȚφɣyuml_ʔŴϷOacuteƁƗ˰OumlǑȓ=ѥѣЂ˙ϛƠчũЯɁѰξ6ȩ˪Ф13ɱȅOgraveѓŘтʣэȑǭʔŴϷOacuteŮOumlϞotilde˶ƣɬ=ѽǵǺǵȎɂugraveŁɬOumlЯɁēͺ˰=ϡƎISISOumlʼnʏūѽƃRФϯŘɂugraveOumlϯŘĘΌѱŁˇф6

ȩ˪ФɱƅOtildeȥGAringȚφηƁƗ˰ƁũGAringȚφпʻωǗOumlƁГѱķ6˶ϚƅOtildeȥGAringȚφɣyuml_AringλOuml˙ϛλλϡƎCcedilЇϊλп6

43

Gabriela Lo ndash Managing Director naked Retreats

With over 15 years experience in high end events and PR

management Gabriela has been instrumental in bringing naked

to where it is today As one of the original members of the

naked Team Gabriela has led the growth of naked Retreats

to become one of the most famous eco retreat destinations in

China attracting guests and publicity from around the world

Originally from Macao Gabriela has rich multi cultural and

multinational living and working experience having worked and

studied for many years in Greater China England and Italy

卢家宝 - naked 度假村常务董事

ϴϾŚ13ɱOumlijocircƂiacuteũŁŃŋ΄ŎȓǑϏ=nakedDžOumlǜІȶƝXēxǭ6ѽħdivideOumlmiddot˽ГтϞ=ȶƝXϠǑAEligȭnakedѓŘѻϾɜOuml˪ȾϽɧOumlTHORNтϞ=ͼϭȥȅѳǁĹTHORNOumlǸˆ6ȶƝXȅѳGɑ=ϴϾĖĥOumlucircЏŸũucircŘǝѢũľѽǑϏ=ЬФAringѓŴTHORNʵ=ϯŘũϤAringȚϾѯucircɱωǗǑș6

Judy Zhu ndash General Manager naked Group

Zhu is the General Manager for naked Group ensuring smooth

operations of the group with a particular focus on government

朱燕 - naked 集团总经理

њώ=iquestnaked Retreatsmiddot˽ǭ˽ǜũij˪ūѽ6њώѽƍѵǑȓ=ĤЩIcircTHORNũŋ΄ʽWƍРѽ6Фƞˏnakedтʣ=њώФ˛ŝũ[ǎiquestŚηucircІ˙ϛϾŋOumlфϛ6ФΪͻȈƅOtilde˙ϛλ6

44

Kurt Berman ndash General Manager naked Stables Private Reserve

With over 16 years experience in FampB and high end luxury

resort management Kurt brings a wealth of experience and

will lead the preopening and operations of our new resort ndash

naked Stables Private Reserve Prior to joining naked Kurt was

the preopening General Manager at Six Senses Laamu and

Resident Manager for Six Senses Soneva Gili by Six Senses Kurt

has also worked at other prestigious resorts including Fregate

his career in hospitality in FampB and was a trained Chef with

experience working in many prestigious institutions including

The Dorchester Hotel in London Kurt is from South Africa and

has a masters certificate in hospitality management from Cornell

University

Kurt Berman - naked私人度假村总经理

ϾѯŚɱϬƎijIumlŤŴoacuteƟAacuteOumlŎȓǑϏ=ƮϡĖĥOumlǑϏȭNtildeͰɒΪoacuteƟAacute77)$ 0OumlϱϛũРϱ6Фƞˏ)$ тʣ=10ЬEacuteˇŚ8szligȳĭǦ9+1ϱϛѵǑȓũ8szligȳĭǦ9-2 ((OumlѤacircǑȓ610ŻЬˇфЂamp0ˆŝETHũ1+4UgraveʙўɜoacuteƟˮTHORN610OumlϛʜzЂϬαϛ=ϚϡϞĸФŬucircўɜƉńVȂ-0-0 -$-ltľѽŚOumlρȡϾOumlnot˰610ȅѳɫč=sϴϾǰɪyumlAringλЃOumlǙacircŎȓλ6

Richard Johnston ndash General Manager naked Home Village

Hailing from the United Kingdom but with most of his working

life in resorts throughout Africa Richard brings with him over

20 years experience in General Management and Director level

roles in world class resorts including Azura Retreats Cape Grace

hotel and the Saxon Hotel Richard plays a key role in the set

up of systems training and operating standards His years

of experience and mentoring leadership style make Richard a

natural inspiration for our young hotel management team

Richard Johnston - naked 家园村总经理

RichardȅѳϯŘ=IgraveAringucircOumloacuteƟAacuteľѽiumlФмĸčљ=ϴϾŚɱOumlѴūŎȓũǁƐoacuteƟAacuteVȂAzura

Retreats Cape Grace hotel and the Saxon HotelltijʒŎȓǑϏ6RichardФƭȜ΄5ʅρũРαnѬĈɘʜѯŋƨѽϸ6ĖĥOumlǑϏũȭNtildeĘķ˼OtildeoslashͰɒɱʬOumlǙacircŎȓdivideϾѯѳʿOumlƊȘ6

45

Teun Hanegraaf ndash Sales Director naked Retreats

Teun obtained a Bachelors in Business Studies and Masters

in Strategic Management with a focus on Chinese Business

Culture Teun increased our corporate sales business by 350

in his first year with us bringing international companies

ranging from international conglomerates Unilever and Coca

Cola to more local institutions such as The Shanghai American

School and leading Chinese companies such as Bank of China

韩天宁销售总监

ȅѳŧȈɥEcirc=şɵϴϾ˙ϛλλλ5ЯɁŎȓѥѣЂѓŘ˙ϛŸlt6ȅƍOumlszligϞɱşɵƮŁOumlΝϛijȥ13=sŁAEligȅȥx˟ŘƙβOumlAringŁǸŲ=жʙѓϾŘƙAringʝϛȠūȚŴũǵǺǵȎ=ϚϾ˛ŝɐŘλΠUgraveIcircTHORNƉńũѓŘϫαUgraveѓŘȴʝϛ6

Oliver Yuen ndash nature Reserve amp Recreation Manager

naked Stables Private will be the first private reserve in China

with a wealth of new flora and fauna introduced to the project

from Sydney University Australia and as a fully qualified Ranger

working in many of the worldrsquos best wildlife parks Oliver takes a

special role in ensuring the environment of naked Retreats and

naked Stables Private Reserve will be full of life and a natural

self supporting eco system Oliverrsquos passion for both people and

nature make him the perfect person to teach our guests about

what we do and make their stay not only a relaxing one but

also a fun fulfilling educational one as well Oliver previously

worked in wildlife parks and resorts such as Azura Retreats in

Mozambique Mobala Private Game Reserve in South Africa and

Sydney Aquarium in Australia

袁鹏威 - 活动经理和度假村 生物学家

naked StablesƮѓŘszligϞĸϭljΪOumlцʾũiacuteʾOumlˆoacuteƟʵ6OliverѽϞɜGAringȚφͿɯAringλūķOuml˪λƝiacuteλƝ=ϡƎФǁĹTHORNOumlϙ˪iacuteВľѽOumlľѽе=Ф˼naked Retreats ũnaked StablesϾѯĖĥ˪ѱЕ5ʿѳĺOuml˪΄Oumlźǔľѽ˛QύѯіϘƶ˔6АʊoslashˆȏũѳʿOumlƊʮ˼ѻūOumlˆȅĵͰɒOumlǸˆͰɒѼOuml˷ɋ=sʨ˂ɒФжȕOuml˶ŒxLjLjČ=˶Ϛ˂ɒOumlǝѢǑșlOtildeϾǭΫcurren˹ũϾƷЋϤϦ6АʊтʣФɫčũGAringȚφͿɯѹŏiquestϙ˪iacuteВũWŰʵOumlľѽVȂMozambique OumlAzura Retreats Mobala Private Game Reservelt6

46

Philip C Davis Company Director naked Retreats

Phil joined the Board of Directors for naked Retreats hotel

management company in 2011 His previous board experience

includes Tian Rui Hotel Corporation holder of the master license

for Super 8 economy hotels in China and Hong Kong from 2006

to 2008 He also was a founding shareholder of Tian Rui and

served as its President and Managing Director from 2006 to

2008 He was a board member of Tian Xian Cheng a bai jiu

concern which is a joint venture between Pernod Ricard and a

2010

Phil was previously Chairman of the Budweiser (Wuhan)

International Brewing Company and Managing Director of the

AnheuserBusch business in China and Hong Kong from the

beginning of 1996 through 2002 From 2003 to 2005 he

headed the AnheuserBusch liaison office with Tsingtao Brewing

Company

Phil holds a PhD in history from Washington University and

started his career as a market researcher at a major advertising

agency in the US before moving to AnheuserBusch and

heading its consumer planning and new product development

functions in the 1980s

Philip CDavis naked 度假村公司董事长

PhilЂɱƞˏȥnakedoacuteƟʵǙacircŎȓŁOumligraveƁ6ϡĖĥOumlǑϏVȂФːǙacircƍˇф5ϡƎЂɱэɱФѓŘũѓŘΒIJEacuteˇSuper ǑƖǙacirc ʼnˆ6˶=ϚːǙacircƍOumlmiddot˽ʼnecirc=ФɱэɱʖƣEacuteˇƍOumlѵ|ũigrave6ɱэɱʖƣ=ϞƝІWȎȞƞũJǙ˪ȴʝϛƬɫūѱOumlʝϛ77ΐOumligraveƁГ6

iquestɱэɱ=Phil͵šBudweiserŘƙɳǙŁOumligraveƎѓŘũѓŘΒIJCŝyŁOumligrave6iquestɱэ13ɱ=CŝyũʫETHʌǙŁOumlȠɆdegOumlĤЩˆ6PhilϴϾŴ˭uacuteAringλOumlș˻дλvλ=ФǁɱCcedilȅOgraveCŝy5ĤЩΞĒŔŷũΪʑǭāĿɭтʣ=OumlϛʜzЂɐŘOumlϞƝœĵCcedilȓŁ=Eacuteˇaeligω6

47

OUR INTERNATIONAL TEAM

International team

Chief master planners amp architects

the urban landscape of modern China with Xintiandi in

Shanghai a commercial cultural and entertainment district

Since then the studio has worked on projects in very diverse

categories both small and large scale projects include mixed

use projects like the ldquoTiandirdquo in Hangzhou Chongqing Wuhan

and Foshan luxury villa and high rise residential complexes in

Shanghai and Vietnam as well as various boutique hotels and

Chalet Architects

A00 Architecture is most well known for their research

inenvironmental sustainability and its application to their

work in Architecture Interiors and Furniture Their portfolio

includes feature restaurants luxury spas retail stores design

conversion of dozens of historic Shanghai homes into highly

personalized residences

Interior Designers AIM (Architecture amp Design) brings expertise

in the combination of world architectural styles and design

influences to the interior designs at naked Stables Private

Reserve With the Shanghai office led by the two founding

on comfort warmth and a unique blend between African and

Asian design sensibilities

Landscape Architect

Design Land Collaborative (DLC) is a professional consulting firm

comprised of landscape architects and planners with an office in

Shanghai and the United States Projects have a strong emphasis

on cultural resources historic preservation and ecological

design involving both the public and private sectors

ͰɒOumlāЮdivide

ɴǵϡΑάOumlёȣ

ŘƙŸdivide

首席规划师和建筑师

benwood Studio Shanghai OumlсɜΙɧтϞѠĨШ˛ŝΪTHORNľ=˼ʙƍ˙ϛ5Ÿ5ЄȎϞOumlʵЉ6тŮ=ЁƻȥĹȏŔɟAringΟOumlΙɧ=VȂţјOumlͻůTHORN=іʱ5͵šƎę˗OumlŤŴpϡƎФ˛ŝũЛɫOumlijѢЭʵ=ȮŻϾФѓŘƎˉ_OumlĹȏǐʑǙacircƎoacuteƟ6

小圆房建筑

AOO Architecture ФźǔWŰƎǵ θāЮĈɘϾѯѭЛOumlƭ=s˘ƮʙƭϰϸЂɬƝѩ6ɒƻŚOumlΙɧVȂ˔5ŤŴȤѓΫ5ȫ˙acirc5ˤƗίǙacirc˛ŝυНǙacirc lt5ˆoacuteƟϡƎϞ΄ȧOuml˛ŝș˻ѢЭOumlCcedilŸƎˆŸĨШ6

ɬ ˤƗ˰AIMƭѡˤƗltѥѣЂǁƭѡĘķũˤƗOumlɐƿū=ϭNtildenaked StablesOumlɬˤƗ6ФȅѳŧȈũaȚ˶OumlūѽmiddotTˆȭNtildeOuml˛ŝTdegOumlUѠ΅=ˤƗѣі5ũφčˤƗȓɲOumlntildeˊū6

景观设计

Design Land Collaborative (DLC) ϞƝiquestǒōˤƗІŔŷOumlѥϛѰξŁ=Ф˛ŝІɐŘǩˤϾēрƉń6ʙΙɧ˘ЂŋѣŸș˻ĻЕ=ƿūźW˪ǴƔ=ѥѣЂŁŃƎϾTHORNOumlŔŷ6

48

Engineering amp Project Management team

Scott Wilson Group PLC is a globalintegrated design and

engineering consultancy for the built and natural environments

Scott Wilson is responsible for the project management the

electrical and mechanical engineering for the project

Environmental Consultants

Environmental Resources Management (ERM) a leading global

provider of environmental health and safety risk and social

consulting services ERM deliver innovative solutions for business

and government clients helping them understand and manage

their impacts on the world around them ERM have 137 offices

in 39 countries and employ approximately 3300 staff

Sustainability Consultants

Bisagni Environmental Enterprises (BEE) works with the

engineering and design teams to ensure the environmental

goals set out at the inception of the project are achieved

LEED Consultants

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

Local Design Institute

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

General Contractor

and have been responsible for some of Chinarsquos most iconic

properties such as the World Financial Centre in Shanghai

工程及项目管理团队

Scott Wilson Group PLCϞƝʺʳŔɟOumlźWˤƗƎľѰξŁ6Scott WilsonĤЩΙɧOumlaacuteʠƎƉΤľ6

环境咨询

Environmental Resources Management (ERM)ϞƝʺʳαϛȭѰξŁ=ŀźǔWŰ5ƫǰCʺƎŁŃˣƁĘΌUgraveѰξĞ6ERM˙ϛƎоġɑǸŲŀĨĶβOumlǀǧĈF=UѠɒȥǀsŎȓʙǑϱoslashˣƁźǔAEligȅOumlϳΗ6ERMФʺʳϾ137ĸēрƉń=myĸŘƝ=ϴϾAringК3300ɜГľ6

可持续发展咨询

Bisagni Environmental Enterprises (BEE)ІľˤƗdivideΑűūѽ=ϡʽWФΙɧǭ˽ƼotildeˤȜOumlźǔWŰǵ θāЮɧnOumlȚ˹6

绿色建筑认证咨询

Shanghai Pacific Energy Center (SPEC)ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlŁтϞ6

本地设计公司

Shanghai Baoye Construction Corp Ltd ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlαϛȭŁтϞ6

总承包商

ϞƝŘƝƐľVŁ=ϠƻȥηucircѓŘnьβΙɧ=țˍ˛ŝźʳDŽˊѓΫ6

49

naked COVERAGE

wwwcnngocom

ldquo25 killer things to do this summerrdquo

26 April 2010

Time Magazine

ldquoRun to the Moganshan Hillrdquo

新浪博客

ldquo避世的可能rdquo

31 December 2009

wwwenglisheastdaycom

ldquoThe first batch of ldquoChina Treasured Towns ldquo released

December 2009

Shanghai Urbanatomy

ldquoGet naked this time with horsesrdquo

Shanghai Daily

ldquoGreen MaGIC Casts design spellrdquo

14 October 2009

新浪商品

ldquo中国最佳设计酒店大赏rdquo

September 2009

wwwchannelnewsasiacom

ldquoChinarsquos green resort allows travellers to vacation on good consciencerdquo

2 September 2009

wwwbijianlinblshecom

ldquo莫干隐居rdquo

25 Aug 2009

wwwassociatecontentcom

ldquoThe Exquisite Moganshan Mountains of Chinardquo

Ɏ

Wikitravel

ldquoMoganshanrdquo

德清新闻网

ldquo承包国营林场建造生态ldquo逸站rdquo

wwwsinoeventcom

ldquo亚洲旅游地产及景点峰会成功举行rdquo

wwwchinatravelbrandingcom

ldquoPursuing Green for Greenrdquo

wwwbrandrepublicasia

ldquoMaking moves towards ecofriendly eventsrdquo

7 May 2009

wwwhandsonshanghaiorg

ldquoHands On Asia Conference Summeryrdquo

May 2009

wwwmyvacationcn

ldquo莫干山居rdquo

3 April 2009

wwwshanghaidailycom

ldquoThe naked truth Time to clean up Moganshan litterrdquo

4 March 2009

wwwgreennovateorg

ldquoMoganshan Project Kick Offrdquo

13 February 2009

Travesias

ldquonaked retreatsrdquo

Feb 2009

合肥在线

ldquo大山里的裸家族rdquo

20 October 2008

wwwentrepreneurcom

ldquoThe arrival of the Olympics showcases Chinarsquos burgeoning entrepreneurial spirit ldquo

7 August 2008

50

Shanghaiist

ldquoWeekend escape to Moganshan 莫干山rdquo

9 April 2008

私家地理

ldquo艳阳下的荫凉rdquo

30 May 2008

City Weekend

ldquoGet naked in Moganshanrdquo

25 January 2008

wwwbundpiccom

ldquo在这绿中撒点野rdquo

wwwhuzhougovcn

ldquo相中德清筏头的青山绿水南非客商莫干山下建生态逸站rdquo

wwwurbanatomycom

ldquo24 Hours in Moganshanrdquo

wwwhkheadlinecom

ldquo杭州莫干山竹林深处人家rdquo

15 May 2009

wwwnewsweekcom

ldquoBack from abroadrdquo

May 2009

Chinatravelnet

ldquoMoganshan A Heavenly Hideaway of Bamboo Forests amp Tea Plantationsrdquo

April 2009

wwwmzztmcagovcn

ldquo2009年踏青乐游路线推荐大公布rdquo

16 March 2009

第三媒体

ldquo规划一条畅快随性的踏青之旅rdquo

28 October 2009

wwwdqnewszjolcomcn

ldquo三九坞 ldquo裸家族rdquo钟爱的世外桃源rdquo

28 October 2008

ldquo自驾行天下rdquo之中国莫干山rdquo

Sep 2008

ldquoShiffting Gearsrdquo

Sep 2008

April 2008

Chewed up amp Spit Out

ldquoGet nakedrdquo

19 February 2008

ldquoBest Weekend Getaway Hotels Shanghairdquo

富世

Ecoefficient hotel低碳下榻

April 2011

Spa China Guy 男士派

Experiencing The Unique

2010

Cosmo 时尚

跨洋建屋隐居不隐世

April 2010

Global Times

The Mountain of legends

Global City Geography 城市地理

莫干山 naked Retreats 都市人一ldquo裸rdquo到底的山居生活

Dec 2009

China Daily

Rural Retreat

20 March 2011

China Daily

4th March 2011

Modern Weekly周末画报

圣诞低碳游

Dec 2010

Elite Traveler 携程自由行

旅尚

Esquire

Hidden Best Restaurants

Feb 2011

51

52

53

Page 34: Detailed Investor's Report

33

c Cashing out your returns

gtƮɴOumlſYϡDŽĈ˾ʷordf

Owners will be able to cash out their returns twice a year If the owner chooses not to cash out his returns the resort allows the

owners to use their returns at the resort This option allows the owners to deduct returns pretax

ϛѝɭņɏɱȢfrac34ϡDŽĈ˾ʷordfɒOumlſY6ˍřϛѝκЪxʷordfʙϧ=ǵϡФoacuteƟAacuteѓ˼ϸ6жѕκΙПηϛѝǻshyɩʣOumlſY6

3 Discounted Resort Services

All services available at the resort are offered to owners and their guests at a 20 discount off list prices These services include

restaurants wellness centre and activities centre

3有折扣优惠的度假村服务

oacuteƟAacuteȕϾŀĺϛѝϡƎɒǸˆOumlĞiumlDвnƠĺЃOumlгǻ6жΡĞVȂ5ƫǰѓΫũƂiacuteѓΫ6

4 Services Fee

When the owner is in residence the resort continues to offer services on their behalf These services include Butler Bell

Housekeeping and Room Service In addition to these the resort offers water electricity wireless Internet and telecoms services

rental option

4服务费用

IcircϛѝǝѢФoacuteƟAacuteȕ˶=oacuteƟAacuteƮƚθϡɒOumlɜϦϛѝŀĞ6жΡĞVȂϵˆ5αȔ5ƝоũǸĉĞ6shyȥжΡт=oacuteƟAacuteФϛѝǝѢʖƣŻŀ5aacute5ʹΐűȠϡƎaacuteάĞ=жΡiumlVŠФĞĒϸȕ6жϞȏOumlĞĒϸxVȂegraveβordfѸʆ6

5 Maintenance

Of the 5 guaranteed return generated form your property during the period you are not in residence the management company

will retain 4 of this return for maintaining your Villa The maintenance fund will be pooled and used for all Villarsquos in the resort

5维护

ɴxǝѢʖƣiquestɴOumlĉѓƮ˪Ouml13OumlſY=ŎȓŁƮWȰжbſYѓOumlϸѽɴpOumlŰ6ŰƈDŽƮ^ūsʜȅsϸЂϾoacuteƟAacutepOumlŰ6

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Hotel projections

Rooms Available 可用房间 not relevant 非主要Estimated occupancy 预计使用率 not relevant 非主要Estimated average daily room rate 预计每日平均房价 not relevant 非主要Growth in room rate 房价增长率 not relevant 非主要Annual room sales 年房间销售额 not relevant 非主要RENTAL RETURN ESTIMATES - RMB Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE2 Bedroom 收益 ndash 双人间 50 50 50 50 50 503 Bedroom 收益 ndash 三人间 50 50 50 50 50 504 Bedroom 收益 ndash 四人间 50 50 50 50 50 50

INDICATIVE YIELD Indicative selling price Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

2 Bedroom 收益 ndash 双人间 6000000 300000 300000 300000 300000 300000 300000

3 Bedroom 收益 ndash 三人间 9000000 450000 450000 450000 450000 450000 450000

4 Bedroom 收益 ndash 四人间 12000000 600000 600000 600000 600000 600000 600000

Hotel revenues and owner rental yield - Option 1 Flexibility

34

Option 1 - FLEXIBILITY Option 2 ndash STABILITY

investment returns for your Villa are influenced by the

success of the resort and the number of days you use

your Villa

Stable implies both your returns and your annual

usage rights to your property are fixed Regardless of

how well the resort operates your returns will remain

the same Equally you will only have a fixed number

of days allowed in residence

Usage Have unlimited usage rights to their Villa 40 days usage per year

Rental ReturnEarn 36 of the pooled returns from the entire resort

whilst not in residence

5 guaranteed return on their investment regardless

of resort performance

Resort Discount20 discount on all resort amenities and activities

(including SPA and Restaurants)

20 discount on all resort amenities and activities

(including SPA and Restaurants)

Services FeePay a Services Fee of 300rmb per room per night

whilst in residence

Maintenance4 of all room revenue is retained for maintaining

the owners Villa

4 of all room revenue is retained for maintaining

the owners Villa

选项1 ndash 灵活性 选项 2 ndash 稳定性

ȬƂβϸЂ˼ϸІſY6ɰOumlpѱſYʷǧЂoacuteƟAacuteOumlĿǑϱũɰoslashpOuml˼ϸoacute

ŊegraveβϤѯɰOumlſYũɏɱoslashЂɰOumlĉOuml˼ϸʹΏiumlŊegraveOuml6xɃoacuteƟAacuteOumlǑϱѫȁϾucircť=ɰOumlſYiumlŊegraveOuml6ϖTHORN=ɰъϾŊegraveOumlПηǝѢOuml6

使用 ʹΏѐOumlp˼ϸʹΏ ɏɱOuml˼ϸʹΏ

租金收入 ФxǝѢʖƣ=ƅOtildeмĸoacuteƟAacuteūsſYOuml xɃoacuteƟAacuteǑϱѫȁˍŪ=Wп13OumlſYϸЂѱ

度假村折扣 ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt

服务费用 ǝѢʖƣ=ɏĉƣɏЏˆəeOumlĞĒϸ čѝϘ

维护 ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ

OPTION COMPARISON

选项对比

35

36

INDUSTRY RETURNS AND BENCHMARKS

INDUSTRY REPORT

行业报告

Tourism and urban resorts is one of the fastest growing industries in China According to industry consultant HVS cities such

as Shanghai Beijing Shenzhen Guangzhou Hangzhou and Tianjin all have a population where a critical mass of highly affluent

individuals and successful companies exist generating demand for suburban resorts

ФѓŘ=ȾϽϛũoacuteƟAacuteσɓāЮOumlαϛтϞ6ĻǟʺʳǙacircĞϛltOumlϞΙYĵ˿=ФѓŘOumlѝϘˍ˛ŝ5[ǎ5˧5œј5ţјũdžǩēyѯAringȣOumlĥЍˆʾũĿOumlʝϛ=ϻfrac14ϚƊāȥoslashƴʵoacuteƟAacuteOumlƌAringεʴ6

Amongst other things the exponential growth in private vehicles has seen a huge increase in demand in the leisure market With

the completion of the shenjiahu highway in 2010 the travel time from downtown Shanghai to Deqing is now 2 hours Also with

stop at Deqing) scheduled to open in late 2011 travel time from downtown Shanghai to Moganshan will take between 15 to 2

hours When comparing travel times to get to other resort destinations in China ndash eg Hainan or Lijiang flight times might be within

2 or 3 hours total travel time including travel to airports and check in make the whole trip 6 to 7 hours plus additional travel cost

Within the 2 hour travel radius of Shanghai the quality of resort destinations is also (in our opinion) not at an international standard

with most hotels simply being lsquocity hotels in the countryrsquo rather than true resort properties operating at international standards

shyfrac14т=ѯĸˆγΊOumlāЮ=ĸˆƸϴϾȿϚσʂ˫6ѳɱ˥ƛůijϡŮ=iquest˛ŝOgraveOcircʭϚLjεϘĸΟ˶Ouml6ΪƭOumlijǵϡФ13ēєɬiquest˛ŝUumlAumlţј6ƏƮФɱYacuteǫľOumliquestţјOgraveɫǎOumlijѓϾϞаDzOcircʭlt=ъεϞĸSΟ˶OgraveȢĸΟ˶ǜǵϡiquest˛ŝѓΫOgraveAumlɢī˗6ˍřІѓŘOumloacuteƟˮTHORNŝɫ5ȒƯUgraveaƹ=shyȥϘųĒэĸΟ˶Oumlďα˶ƣ=ŻϘФVȂʣƉ=CʺƤũUgraveEgraveOslashƉ˛ų˛эĸΟ˶=ĽxϸɨΡuumlOumlαųΝȥ6Ѷō˛ŝїiΟ˶ɬOumlγΊoacuteƟʸdeg=э˟ͰɒˈltІŘƙŸnѬŻϾѯɛOumlǢ6AringēOumloacuteƟǙacircϚũѓOumlɨΡǙacircɍϾ_ёOumlʵp=ЗЗAumlxOgraveинŘƙϤϦ˛oacuteƟίĉΙɧOumlϘʴ6

ϛѝЎʖſYІaƹ

37

OUR NICHE

我们的利基

naked sees a need in the market for world class expertly designed and operated resorts which are within 1 to 2 hour travel time

of major cities in China As with other urban resorts we believe that the Leisure market and the MICE (Meetings Incentives

Conferences Events) market will be a huge driver for our business In addition we feel that we are already at the forefront of

the growing focus and concern on environmental design building and operations as well as the growing interest in nature and

environmental education At naked we also place a high emphasis on facilities and services for the entire extended family ndash from

children to parents to grandparents that other resorts do not place dedicated resources for

nakedЎƧOgraveȥФѓŘжϞεʴƏǢȑѝϘϞэȢĸΟ˶Ouml=˶ЁhζǁϞȱOumlѥϛˤƗũŎȓOumloacuteƟΙɧ6ͰɒΑάγΊũƁƁϨ5ưȘȾϽ5AringίʝϛƁϨ5ƂiacuteЮȉltOumloslashͰɒϛOumlіAringʤȞ6frac14=ͰɒФŋѣũiacuteźWίˤƗ5ƭШ5ŎȓũźWȓɲœ˛ϠǑѷФȥαϛȭя=ФnakedІαϛеxͰɒϚіoslashЂˣʵѓOumlŜѲ5Ɲ5ȌеOumlĞũˏ6

As such we feel very confident in the rates and occupancies that we will achieve Regarding room prices when benchmarking

against some of the other leading hotel brands in the resort market such as Aman Fayun Hangzhou Banyan Tree Hangzhou Fuchun

Resort Hangzhou Mandarin Oriental Hainan and Commune by the Great Wall average rates in March 2011 for single bedrooms in

this set are ~ RMB2800

ϩfrac14=ͰɒoslashЂˏѢĉƠϡƎˏѢȿcurrenɊάΫ6ФˏѢĉƠĈɘ=ІʙФoacuteƟAacute˛OumlсɜǙacircʑʁaƹ=ˍCҊĂО5ţјНҏѨ5ĥsup1˗ǝ5˓φŴecircĈǙacircũƵ΅OumlŁˣ=Фɱ˓МOumlEumlˆƣʒǩƠķ=6

Regarding occupancies we are confident to achieve occupancies of around 60 after about 4 years of operation but forecast

conservatively that our occupancies will start from around 35 in the 1st year of operation and grow steadily to 45 in year 2

55 in year 3 and 60 after the hotel is lsquomaturersquo from year 4 onwards

ФˏѢȿĈɘ=ͰɒŬϾάΫǑŚɱOumlǑϱ=ͰɒǵϡAumlOgraveOumlˏѢȿ6WŇƗ=ͰɒOumlˏѢȿƮƁϻszligϞɱOuml13=egraveЫOgravefrac34ɱOuml13ũszlig˓ɱOuml1313=szligɱϡŮƮƁЫOgrave6

Given the above estimates we believe that owners can expect attractive investment terms as illustrated in the table below

Ļǟϡ˛OumlŇƗ=ЎƗϛѝɭņOtildeOgraveOumlѱſYƮƁˍ΅o˿

CҊĂО

НҏѨ

ĥsup1˗ǝ

˓φŴecircĈǙacirc

Ƶ΅OumlŁˣ

RMB4270

RMB3500

RMB2000

RMB2150

RMB2388

Aman Fayun Hangzhou

Banyan Tree Hangzhou

Fuchun Resort Hangzhou

Mandarin Oriental Hainan

Commune by the Great Wall Beijing

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966

38

39

ͰɒOumldivideTHE TEAM

40

Grant Horsfield ndash Chairman naked Group

Grant a native of South Africa is Founder and Chairman of the

naked Group

Before coming to China in 2005 Grant worked in England

and South Africa with more than 10 years business ownership

experience With background in IT he launched eBites

Limited in 2000 Operating nationally eBites was both a

publishing company and a callcentre facilitations company with

headquarters based in Cape Town In 2004 Grant received

an MBA from University of Cape Town Graduate School of

Business Upon graduation he decided to come to China as he

saw China is where business opportunities lie

After spending two years in Shanghai he found himself

overwhelmed by the metropolis and missed the natural beauty

of his home From this desire and need sprouted the concept

for naked Retreats which was launched in 2007 Grantrsquos vision is

to create sanctuaries that are in harmony with the environment

where people can appreciate the simple way of nature and

embrace the naked lifestyle Grantrsquos tireless efforts in promoting

ecotourism in the rural areas not only created jobs but also

pride for the local community He received an environmental

award from the Huzhou Government in 2008

高天成 - naked集团总裁

ij=ɫčIcircTHORNˆ=nakedƍOumlmiddot˽ˆũѵ|6

Ф13ɱȅOgraveѓŘтʣ=ij˪ЬФϯŘƎɫčľѽ=ϾŚɱOuml˙ϛǑϱƎРѽǑϏ6ФʙITǒOumlUѠ΅=ɱij˪ƭȜȥeBitesϾΏŁ=eBitesŁƮϱΝІaacuteŹĞѓΫLJɖƿū=ʙѵˤФǭʔugrave6ɱ=ijƅOtildeȥǭʔugraveAringλ˙λЙOumlMBAλ6dϛŮ=ǧegraveȅѓŘ=ϩǯOgraveȥжȕOuml˙Ɖ6

Ф˛ŝEgraveȥȢɱтŮ=āѳƓxȥ˪Ƃ=sʨAtilde˱ȥѳʿɐǒ6ФжѕИІεʴOumlʶ˼΅=ƭȜnaked Retreats

OumlΖĂФɱOtildeOgraveȥ˹˲6ijOumlΖĂƭШϞĸ˯THORNІѳʿũΣŃdeg=ˆɒǵϡΘѳʿ=ΘnakedOuml˪ƂĈ˾6ij˫ΔAacuteTHORNʵ˪ȾϽѽordfOumlxΦɹȞ=xLjmiddotШȥľѽıŻOtildeOgraveȥIcircTHORNˣʵOumlХϐ6ij˪ƅOtildeȥɱůјоġNāOumlźWAring˼ư6

41

Delphine Yip-Horsfield ndash Partner Ben Wood Studio Shanghai

received her Master of Architecture degree from Harvard

Boston prior to moving to Shanghai to oversee the award

winning Xintiandi project on behalf of Wood and Zapata In

the fall of 2005 Delphine became partner at Ben Wood Studio

Shanghai

Drawing from her own experience of diverse cultures Delphine

has led a multitude of high profile projects such as Hangzhou

Xihutiandi Zhujiajiao Oriental Garden Shanghai Waitanyuan

Beijing Palace 77 Shanghai Hongqiao Commercial Core Lijiang

Lashihai Resort Masterplan etc

In 2006 she was selected Wallpaper magazinersquos first annual 40

under 40 designer of the year

Delphine is the chief master planner and architect for naked

Home Village and naked Stables Private Reserve She also

oversees the visuals and styling of the naked Brand

叶凯欣 - 上海Ben Wood设计室合伙人

ϜǮΩɺ=Ben Wood ˤƗľѽOumlѵƢ=śęAringλƭѡλ6ȅ˛ŝтʣ=ФΒIJ5ɷКũuuacuteľѽ6ȅ˛ŝŮ=CcediloWoodũZapataĤЩΪTHORNΙɧOumlƢethľѽ613ɱʲƕ=ϜǮΩɺBen Wood ˤƗľѽūƃˆ6

ϾѯxŸϽșǑϏOumlϜǮΩɺ=EacuteˇȥηucircijocircΙɧOumlƢeth=VȂţјͻůTHORN5њƝƶecircĈųВ5˛ŝЕ5[ǎłatilde5˛ŝŭʦ˙ϛѓΫ5ȗƯȄŝoacuteƟAacuteѵŔŷˤƗUgrave6

ɱ=ˏκȥWallpaperСьǃɱoacuteϡ΅OumlˤƗ˰6

ϜǮΩnakedƝВAacuteũnaked RetreatsOumlѵˤƗеũƭѡ˰6˶ϚĤЩƢethnaked˙nOumlFũĘķˤƗ6

42

Kang Yang Lim ndash Group Chief Operating Officer naked Group

Group with over 13 years corporate finance and real estate

development experience Previously he was Director of the

real estate division of APP China taking responsibility for the

initial positioning and development of the USD15 billion lsquoWhite

Magnolia Plazarsquo mixed use development project (including

the development of Shanghairsquos first W Hotel) He also led the

concept and development of APPrsquos branded residence and resort

project in Sheshan Shanghai

Finance division of PricewaterhouseCoopers in Melbourne

Australia where he specialized in business value and strategy

worked in inhouse strategy roles for CocaCola GB in London

and to British venture capital firm of the year (2004) ISIS Equity

Partners before coming to China in 2005

Accountants Australia in 2002 and is also an affiliate of the

of Commerce and Diploma in Modern Languages from the

University of Melbourne Australia

林纲洋- naked 集团首席营运官

ƞˏnakedƍOumlȩ˪ϴϾŚɱOumlʝϛ~ƎTHORNǭāǑϏ6Фfrac14тʣ=ѽѓŘDŽŒOumlTHORNǭāOumlѵƢ=ĤЩƠч13ϢЏOumlucircϸ8JЈȈœ9ǭāΙɧOumlcopy˽κшũǭāVȂ˛ŝszligϞƝ ǙacircOumlǭālt6˶ϚщNtildeȥDŽŒƍФ˛ŝҁ˗ʑʁѢЭũoacuteƟAacuteΙɧOumlȓɲũǭā6

ФDŽŒƍˇфтʣ=ȩİϑGAringȚφɣyuml_ʔŴϷOacuteƁƗ˰OumlǑȓ=ѥѣЂ˙ϛƠчũЯɁѰξ6ȩ˪Ф13ɱȅOgraveѓŘтʣэȑǭʔŴϷOacuteŮOumlϞotilde˶ƣɬ=ѽǵǺǵȎɂugraveŁɬOumlЯɁēͺ˰=ϡƎISISOumlʼnʏūѽƃRФϯŘɂugraveOumlϯŘĘΌѱŁˇф6

ȩ˪ФɱƅOtildeȥGAringȚφηƁƗ˰ƁũGAringȚφпʻωǗOumlƁГѱķ6˶ϚƅOtildeȥGAringȚφɣyuml_AringλOuml˙ϛλλϡƎCcedilЇϊλп6

43

Gabriela Lo ndash Managing Director naked Retreats

With over 15 years experience in high end events and PR

management Gabriela has been instrumental in bringing naked

to where it is today As one of the original members of the

naked Team Gabriela has led the growth of naked Retreats

to become one of the most famous eco retreat destinations in

China attracting guests and publicity from around the world

Originally from Macao Gabriela has rich multi cultural and

multinational living and working experience having worked and

studied for many years in Greater China England and Italy

卢家宝 - naked 度假村常务董事

ϴϾŚ13ɱOumlijocircƂiacuteũŁŃŋ΄ŎȓǑϏ=nakedDžOumlǜІȶƝXēxǭ6ѽħdivideOumlmiddot˽ГтϞ=ȶƝXϠǑAEligȭnakedѓŘѻϾɜOuml˪ȾϽɧOumlTHORNтϞ=ͼϭȥȅѳǁĹTHORNOumlǸˆ6ȶƝXȅѳGɑ=ϴϾĖĥOumlucircЏŸũucircŘǝѢũľѽǑϏ=ЬФAringѓŴTHORNʵ=ϯŘũϤAringȚϾѯucircɱωǗǑș6

Judy Zhu ndash General Manager naked Group

Zhu is the General Manager for naked Group ensuring smooth

operations of the group with a particular focus on government

朱燕 - naked 集团总经理

њώ=iquestnaked Retreatsmiddot˽ǭ˽ǜũij˪ūѽ6њώѽƍѵǑȓ=ĤЩIcircTHORNũŋ΄ʽWƍРѽ6Фƞˏnakedтʣ=њώФ˛ŝũ[ǎiquestŚηucircІ˙ϛϾŋOumlфϛ6ФΪͻȈƅOtilde˙ϛλ6

44

Kurt Berman ndash General Manager naked Stables Private Reserve

With over 16 years experience in FampB and high end luxury

resort management Kurt brings a wealth of experience and

will lead the preopening and operations of our new resort ndash

naked Stables Private Reserve Prior to joining naked Kurt was

the preopening General Manager at Six Senses Laamu and

Resident Manager for Six Senses Soneva Gili by Six Senses Kurt

has also worked at other prestigious resorts including Fregate

his career in hospitality in FampB and was a trained Chef with

experience working in many prestigious institutions including

The Dorchester Hotel in London Kurt is from South Africa and

has a masters certificate in hospitality management from Cornell

University

Kurt Berman - naked私人度假村总经理

ϾѯŚɱϬƎijIumlŤŴoacuteƟAacuteOumlŎȓǑϏ=ƮϡĖĥOumlǑϏȭNtildeͰɒΪoacuteƟAacute77)$ 0OumlϱϛũРϱ6Фƞˏ)$ тʣ=10ЬEacuteˇŚ8szligȳĭǦ9+1ϱϛѵǑȓũ8szligȳĭǦ9-2 ((OumlѤacircǑȓ610ŻЬˇфЂamp0ˆŝETHũ1+4UgraveʙўɜoacuteƟˮTHORN610OumlϛʜzЂϬαϛ=ϚϡϞĸФŬucircўɜƉńVȂ-0-0 -$-ltľѽŚOumlρȡϾOumlnot˰610ȅѳɫč=sϴϾǰɪyumlAringλЃOumlǙacircŎȓλ6

Richard Johnston ndash General Manager naked Home Village

Hailing from the United Kingdom but with most of his working

life in resorts throughout Africa Richard brings with him over

20 years experience in General Management and Director level

roles in world class resorts including Azura Retreats Cape Grace

hotel and the Saxon Hotel Richard plays a key role in the set

up of systems training and operating standards His years

of experience and mentoring leadership style make Richard a

natural inspiration for our young hotel management team

Richard Johnston - naked 家园村总经理

RichardȅѳϯŘ=IgraveAringucircOumloacuteƟAacuteľѽiumlФмĸčљ=ϴϾŚɱOumlѴūŎȓũǁƐoacuteƟAacuteVȂAzura

Retreats Cape Grace hotel and the Saxon HotelltijʒŎȓǑϏ6RichardФƭȜ΄5ʅρũРαnѬĈɘʜѯŋƨѽϸ6ĖĥOumlǑϏũȭNtildeĘķ˼OtildeoslashͰɒɱʬOumlǙacircŎȓdivideϾѯѳʿOumlƊȘ6

45

Teun Hanegraaf ndash Sales Director naked Retreats

Teun obtained a Bachelors in Business Studies and Masters

in Strategic Management with a focus on Chinese Business

Culture Teun increased our corporate sales business by 350

in his first year with us bringing international companies

ranging from international conglomerates Unilever and Coca

Cola to more local institutions such as The Shanghai American

School and leading Chinese companies such as Bank of China

韩天宁销售总监

ȅѳŧȈɥEcirc=şɵϴϾ˙ϛλλλ5ЯɁŎȓѥѣЂѓŘ˙ϛŸlt6ȅƍOumlszligϞɱşɵƮŁOumlΝϛijȥ13=sŁAEligȅȥx˟ŘƙβOumlAringŁǸŲ=жʙѓϾŘƙAringʝϛȠūȚŴũǵǺǵȎ=ϚϾ˛ŝɐŘλΠUgraveIcircTHORNƉńũѓŘϫαUgraveѓŘȴʝϛ6

Oliver Yuen ndash nature Reserve amp Recreation Manager

naked Stables Private will be the first private reserve in China

with a wealth of new flora and fauna introduced to the project

from Sydney University Australia and as a fully qualified Ranger

working in many of the worldrsquos best wildlife parks Oliver takes a

special role in ensuring the environment of naked Retreats and

naked Stables Private Reserve will be full of life and a natural

self supporting eco system Oliverrsquos passion for both people and

nature make him the perfect person to teach our guests about

what we do and make their stay not only a relaxing one but

also a fun fulfilling educational one as well Oliver previously

worked in wildlife parks and resorts such as Azura Retreats in

Mozambique Mobala Private Game Reserve in South Africa and

Sydney Aquarium in Australia

袁鹏威 - 活动经理和度假村 生物学家

naked StablesƮѓŘszligϞĸϭljΪOumlцʾũiacuteʾOumlˆoacuteƟʵ6OliverѽϞɜGAringȚφͿɯAringλūķOuml˪λƝiacuteλƝ=ϡƎФǁĹTHORNOumlϙ˪iacuteВľѽOumlľѽе=Ф˼naked Retreats ũnaked StablesϾѯĖĥ˪ѱЕ5ʿѳĺOuml˪΄Oumlźǔľѽ˛QύѯіϘƶ˔6АʊoslashˆȏũѳʿOumlƊʮ˼ѻūOumlˆȅĵͰɒOumlǸˆͰɒѼOuml˷ɋ=sʨ˂ɒФжȕOuml˶ŒxLjLjČ=˶Ϛ˂ɒOumlǝѢǑșlOtildeϾǭΫcurren˹ũϾƷЋϤϦ6АʊтʣФɫčũGAringȚφͿɯѹŏiquestϙ˪iacuteВũWŰʵOumlľѽVȂMozambique OumlAzura Retreats Mobala Private Game Reservelt6

46

Philip C Davis Company Director naked Retreats

Phil joined the Board of Directors for naked Retreats hotel

management company in 2011 His previous board experience

includes Tian Rui Hotel Corporation holder of the master license

for Super 8 economy hotels in China and Hong Kong from 2006

to 2008 He also was a founding shareholder of Tian Rui and

served as its President and Managing Director from 2006 to

2008 He was a board member of Tian Xian Cheng a bai jiu

concern which is a joint venture between Pernod Ricard and a

2010

Phil was previously Chairman of the Budweiser (Wuhan)

International Brewing Company and Managing Director of the

AnheuserBusch business in China and Hong Kong from the

beginning of 1996 through 2002 From 2003 to 2005 he

headed the AnheuserBusch liaison office with Tsingtao Brewing

Company

Phil holds a PhD in history from Washington University and

started his career as a market researcher at a major advertising

agency in the US before moving to AnheuserBusch and

heading its consumer planning and new product development

functions in the 1980s

Philip CDavis naked 度假村公司董事长

PhilЂɱƞˏȥnakedoacuteƟʵǙacircŎȓŁOumligraveƁ6ϡĖĥOumlǑϏVȂФːǙacircƍˇф5ϡƎЂɱэɱФѓŘũѓŘΒIJEacuteˇSuper ǑƖǙacirc ʼnˆ6˶=ϚːǙacircƍOumlmiddot˽ʼnecirc=ФɱэɱʖƣEacuteˇƍOumlѵ|ũigrave6ɱэɱʖƣ=ϞƝІWȎȞƞũJǙ˪ȴʝϛƬɫūѱOumlʝϛ77ΐOumligraveƁГ6

iquestɱэɱ=Phil͵šBudweiserŘƙɳǙŁOumligraveƎѓŘũѓŘΒIJCŝyŁOumligrave6iquestɱэ13ɱ=CŝyũʫETHʌǙŁOumlȠɆdegOumlĤЩˆ6PhilϴϾŴ˭uacuteAringλOumlș˻дλvλ=ФǁɱCcedilȅOgraveCŝy5ĤЩΞĒŔŷũΪʑǭāĿɭтʣ=OumlϛʜzЂɐŘOumlϞƝœĵCcedilȓŁ=Eacuteˇaeligω6

47

OUR INTERNATIONAL TEAM

International team

Chief master planners amp architects

the urban landscape of modern China with Xintiandi in

Shanghai a commercial cultural and entertainment district

Since then the studio has worked on projects in very diverse

categories both small and large scale projects include mixed

use projects like the ldquoTiandirdquo in Hangzhou Chongqing Wuhan

and Foshan luxury villa and high rise residential complexes in

Shanghai and Vietnam as well as various boutique hotels and

Chalet Architects

A00 Architecture is most well known for their research

inenvironmental sustainability and its application to their

work in Architecture Interiors and Furniture Their portfolio

includes feature restaurants luxury spas retail stores design

conversion of dozens of historic Shanghai homes into highly

personalized residences

Interior Designers AIM (Architecture amp Design) brings expertise

in the combination of world architectural styles and design

influences to the interior designs at naked Stables Private

Reserve With the Shanghai office led by the two founding

on comfort warmth and a unique blend between African and

Asian design sensibilities

Landscape Architect

Design Land Collaborative (DLC) is a professional consulting firm

comprised of landscape architects and planners with an office in

Shanghai and the United States Projects have a strong emphasis

on cultural resources historic preservation and ecological

design involving both the public and private sectors

ͰɒOumlāЮdivide

ɴǵϡΑάOumlёȣ

ŘƙŸdivide

首席规划师和建筑师

benwood Studio Shanghai OumlсɜΙɧтϞѠĨШ˛ŝΪTHORNľ=˼ʙƍ˙ϛ5Ÿ5ЄȎϞOumlʵЉ6тŮ=ЁƻȥĹȏŔɟAringΟOumlΙɧ=VȂţјOumlͻůTHORN=іʱ5͵šƎę˗OumlŤŴpϡƎФ˛ŝũЛɫOumlijѢЭʵ=ȮŻϾФѓŘƎˉ_OumlĹȏǐʑǙacircƎoacuteƟ6

小圆房建筑

AOO Architecture ФźǔWŰƎǵ θāЮĈɘϾѯѭЛOumlƭ=s˘ƮʙƭϰϸЂɬƝѩ6ɒƻŚOumlΙɧVȂ˔5ŤŴȤѓΫ5ȫ˙acirc5ˤƗίǙacirc˛ŝυНǙacirc lt5ˆoacuteƟϡƎϞ΄ȧOuml˛ŝș˻ѢЭOumlCcedilŸƎˆŸĨШ6

ɬ ˤƗ˰AIMƭѡˤƗltѥѣЂǁƭѡĘķũˤƗOumlɐƿū=ϭNtildenaked StablesOumlɬˤƗ6ФȅѳŧȈũaȚ˶OumlūѽmiddotTˆȭNtildeOuml˛ŝTdegOumlUѠ΅=ˤƗѣі5ũφčˤƗȓɲOumlntildeˊū6

景观设计

Design Land Collaborative (DLC) ϞƝiquestǒōˤƗІŔŷOumlѥϛѰξŁ=Ф˛ŝІɐŘǩˤϾēрƉń6ʙΙɧ˘ЂŋѣŸș˻ĻЕ=ƿūźW˪ǴƔ=ѥѣЂŁŃƎϾTHORNOumlŔŷ6

48

Engineering amp Project Management team

Scott Wilson Group PLC is a globalintegrated design and

engineering consultancy for the built and natural environments

Scott Wilson is responsible for the project management the

electrical and mechanical engineering for the project

Environmental Consultants

Environmental Resources Management (ERM) a leading global

provider of environmental health and safety risk and social

consulting services ERM deliver innovative solutions for business

and government clients helping them understand and manage

their impacts on the world around them ERM have 137 offices

in 39 countries and employ approximately 3300 staff

Sustainability Consultants

Bisagni Environmental Enterprises (BEE) works with the

engineering and design teams to ensure the environmental

goals set out at the inception of the project are achieved

LEED Consultants

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

Local Design Institute

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

General Contractor

and have been responsible for some of Chinarsquos most iconic

properties such as the World Financial Centre in Shanghai

工程及项目管理团队

Scott Wilson Group PLCϞƝʺʳŔɟOumlźWˤƗƎľѰξŁ6Scott WilsonĤЩΙɧOumlaacuteʠƎƉΤľ6

环境咨询

Environmental Resources Management (ERM)ϞƝʺʳαϛȭѰξŁ=ŀźǔWŰ5ƫǰCʺƎŁŃˣƁĘΌUgraveѰξĞ6ERM˙ϛƎоġɑǸŲŀĨĶβOumlǀǧĈF=UѠɒȥǀsŎȓʙǑϱoslashˣƁźǔAEligȅOumlϳΗ6ERMФʺʳϾ137ĸēрƉń=myĸŘƝ=ϴϾAringК3300ɜГľ6

可持续发展咨询

Bisagni Environmental Enterprises (BEE)ІľˤƗdivideΑűūѽ=ϡʽWФΙɧǭ˽ƼotildeˤȜOumlźǔWŰǵ θāЮɧnOumlȚ˹6

绿色建筑认证咨询

Shanghai Pacific Energy Center (SPEC)ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlŁтϞ6

本地设计公司

Shanghai Baoye Construction Corp Ltd ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlαϛȭŁтϞ6

总承包商

ϞƝŘƝƐľVŁ=ϠƻȥηucircѓŘnьβΙɧ=țˍ˛ŝźʳDŽˊѓΫ6

49

naked COVERAGE

wwwcnngocom

ldquo25 killer things to do this summerrdquo

26 April 2010

Time Magazine

ldquoRun to the Moganshan Hillrdquo

新浪博客

ldquo避世的可能rdquo

31 December 2009

wwwenglisheastdaycom

ldquoThe first batch of ldquoChina Treasured Towns ldquo released

December 2009

Shanghai Urbanatomy

ldquoGet naked this time with horsesrdquo

Shanghai Daily

ldquoGreen MaGIC Casts design spellrdquo

14 October 2009

新浪商品

ldquo中国最佳设计酒店大赏rdquo

September 2009

wwwchannelnewsasiacom

ldquoChinarsquos green resort allows travellers to vacation on good consciencerdquo

2 September 2009

wwwbijianlinblshecom

ldquo莫干隐居rdquo

25 Aug 2009

wwwassociatecontentcom

ldquoThe Exquisite Moganshan Mountains of Chinardquo

Ɏ

Wikitravel

ldquoMoganshanrdquo

德清新闻网

ldquo承包国营林场建造生态ldquo逸站rdquo

wwwsinoeventcom

ldquo亚洲旅游地产及景点峰会成功举行rdquo

wwwchinatravelbrandingcom

ldquoPursuing Green for Greenrdquo

wwwbrandrepublicasia

ldquoMaking moves towards ecofriendly eventsrdquo

7 May 2009

wwwhandsonshanghaiorg

ldquoHands On Asia Conference Summeryrdquo

May 2009

wwwmyvacationcn

ldquo莫干山居rdquo

3 April 2009

wwwshanghaidailycom

ldquoThe naked truth Time to clean up Moganshan litterrdquo

4 March 2009

wwwgreennovateorg

ldquoMoganshan Project Kick Offrdquo

13 February 2009

Travesias

ldquonaked retreatsrdquo

Feb 2009

合肥在线

ldquo大山里的裸家族rdquo

20 October 2008

wwwentrepreneurcom

ldquoThe arrival of the Olympics showcases Chinarsquos burgeoning entrepreneurial spirit ldquo

7 August 2008

50

Shanghaiist

ldquoWeekend escape to Moganshan 莫干山rdquo

9 April 2008

私家地理

ldquo艳阳下的荫凉rdquo

30 May 2008

City Weekend

ldquoGet naked in Moganshanrdquo

25 January 2008

wwwbundpiccom

ldquo在这绿中撒点野rdquo

wwwhuzhougovcn

ldquo相中德清筏头的青山绿水南非客商莫干山下建生态逸站rdquo

wwwurbanatomycom

ldquo24 Hours in Moganshanrdquo

wwwhkheadlinecom

ldquo杭州莫干山竹林深处人家rdquo

15 May 2009

wwwnewsweekcom

ldquoBack from abroadrdquo

May 2009

Chinatravelnet

ldquoMoganshan A Heavenly Hideaway of Bamboo Forests amp Tea Plantationsrdquo

April 2009

wwwmzztmcagovcn

ldquo2009年踏青乐游路线推荐大公布rdquo

16 March 2009

第三媒体

ldquo规划一条畅快随性的踏青之旅rdquo

28 October 2009

wwwdqnewszjolcomcn

ldquo三九坞 ldquo裸家族rdquo钟爱的世外桃源rdquo

28 October 2008

ldquo自驾行天下rdquo之中国莫干山rdquo

Sep 2008

ldquoShiffting Gearsrdquo

Sep 2008

April 2008

Chewed up amp Spit Out

ldquoGet nakedrdquo

19 February 2008

ldquoBest Weekend Getaway Hotels Shanghairdquo

富世

Ecoefficient hotel低碳下榻

April 2011

Spa China Guy 男士派

Experiencing The Unique

2010

Cosmo 时尚

跨洋建屋隐居不隐世

April 2010

Global Times

The Mountain of legends

Global City Geography 城市地理

莫干山 naked Retreats 都市人一ldquo裸rdquo到底的山居生活

Dec 2009

China Daily

Rural Retreat

20 March 2011

China Daily

4th March 2011

Modern Weekly周末画报

圣诞低碳游

Dec 2010

Elite Traveler 携程自由行

旅尚

Esquire

Hidden Best Restaurants

Feb 2011

51

52

53

Page 35: Detailed Investor's Report

34

Option 1 - FLEXIBILITY Option 2 ndash STABILITY

investment returns for your Villa are influenced by the

success of the resort and the number of days you use

your Villa

Stable implies both your returns and your annual

usage rights to your property are fixed Regardless of

how well the resort operates your returns will remain

the same Equally you will only have a fixed number

of days allowed in residence

Usage Have unlimited usage rights to their Villa 40 days usage per year

Rental ReturnEarn 36 of the pooled returns from the entire resort

whilst not in residence

5 guaranteed return on their investment regardless

of resort performance

Resort Discount20 discount on all resort amenities and activities

(including SPA and Restaurants)

20 discount on all resort amenities and activities

(including SPA and Restaurants)

Services FeePay a Services Fee of 300rmb per room per night

whilst in residence

Maintenance4 of all room revenue is retained for maintaining

the owners Villa

4 of all room revenue is retained for maintaining

the owners Villa

选项1 ndash 灵活性 选项 2 ndash 稳定性

ȬƂβϸЂ˼ϸІſY6ɰOumlpѱſYʷǧЂoacuteƟAacuteOumlĿǑϱũɰoslashpOuml˼ϸoacute

ŊegraveβϤѯɰOumlſYũɏɱoslashЂɰOumlĉOuml˼ϸʹΏiumlŊegraveOuml6xɃoacuteƟAacuteOumlǑϱѫȁϾucircť=ɰOumlſYiumlŊegraveOuml6ϖTHORN=ɰъϾŊegraveOumlПηǝѢOuml6

使用 ʹΏѐOumlp˼ϸʹΏ ɏɱOuml˼ϸʹΏ

租金收入 ФxǝѢʖƣ=ƅOtildeмĸoacuteƟAacuteūsſYOuml xɃoacuteƟAacuteǑϱѫȁˍŪ=Wп13OumlſYϸЂѱ

度假村折扣 ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt ϾoacuteƟAacuteˤ˲ũƂiacuteOumlгǻVȂSPAũlt

服务费用 ǝѢʖƣ=ɏĉƣɏЏˆəeOumlĞĒϸ čѝϘ

维护 ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ ϾĉƣˏOumlƮ^WȰϸЂϛѝpOumlŰ

OPTION COMPARISON

选项对比

35

36

INDUSTRY RETURNS AND BENCHMARKS

INDUSTRY REPORT

行业报告

Tourism and urban resorts is one of the fastest growing industries in China According to industry consultant HVS cities such

as Shanghai Beijing Shenzhen Guangzhou Hangzhou and Tianjin all have a population where a critical mass of highly affluent

individuals and successful companies exist generating demand for suburban resorts

ФѓŘ=ȾϽϛũoacuteƟAacuteσɓāЮOumlαϛтϞ6ĻǟʺʳǙacircĞϛltOumlϞΙYĵ˿=ФѓŘOumlѝϘˍ˛ŝ5[ǎ5˧5œј5ţјũdžǩēyѯAringȣOumlĥЍˆʾũĿOumlʝϛ=ϻfrac14ϚƊāȥoslashƴʵoacuteƟAacuteOumlƌAringεʴ6

Amongst other things the exponential growth in private vehicles has seen a huge increase in demand in the leisure market With

the completion of the shenjiahu highway in 2010 the travel time from downtown Shanghai to Deqing is now 2 hours Also with

stop at Deqing) scheduled to open in late 2011 travel time from downtown Shanghai to Moganshan will take between 15 to 2

hours When comparing travel times to get to other resort destinations in China ndash eg Hainan or Lijiang flight times might be within

2 or 3 hours total travel time including travel to airports and check in make the whole trip 6 to 7 hours plus additional travel cost

Within the 2 hour travel radius of Shanghai the quality of resort destinations is also (in our opinion) not at an international standard

with most hotels simply being lsquocity hotels in the countryrsquo rather than true resort properties operating at international standards

shyfrac14т=ѯĸˆγΊOumlāЮ=ĸˆƸϴϾȿϚσʂ˫6ѳɱ˥ƛůijϡŮ=iquest˛ŝOgraveOcircʭϚLjεϘĸΟ˶Ouml6ΪƭOumlijǵϡФ13ēєɬiquest˛ŝUumlAumlţј6ƏƮФɱYacuteǫľOumliquestţјOgraveɫǎOumlijѓϾϞаDzOcircʭlt=ъεϞĸSΟ˶OgraveȢĸΟ˶ǜǵϡiquest˛ŝѓΫOgraveAumlɢī˗6ˍřІѓŘOumloacuteƟˮTHORNŝɫ5ȒƯUgraveaƹ=shyȥϘųĒэĸΟ˶Oumlďα˶ƣ=ŻϘФVȂʣƉ=CʺƤũUgraveEgraveOslashƉ˛ų˛эĸΟ˶=ĽxϸɨΡuumlOumlαųΝȥ6Ѷō˛ŝїiΟ˶ɬOumlγΊoacuteƟʸdeg=э˟ͰɒˈltІŘƙŸnѬŻϾѯɛOumlǢ6AringēOumloacuteƟǙacircϚũѓOumlɨΡǙacircɍϾ_ёOumlʵp=ЗЗAumlxOgraveинŘƙϤϦ˛oacuteƟίĉΙɧOumlϘʴ6

ϛѝЎʖſYІaƹ

37

OUR NICHE

我们的利基

naked sees a need in the market for world class expertly designed and operated resorts which are within 1 to 2 hour travel time

of major cities in China As with other urban resorts we believe that the Leisure market and the MICE (Meetings Incentives

Conferences Events) market will be a huge driver for our business In addition we feel that we are already at the forefront of

the growing focus and concern on environmental design building and operations as well as the growing interest in nature and

environmental education At naked we also place a high emphasis on facilities and services for the entire extended family ndash from

children to parents to grandparents that other resorts do not place dedicated resources for

nakedЎƧOgraveȥФѓŘжϞεʴƏǢȑѝϘϞэȢĸΟ˶Ouml=˶ЁhζǁϞȱOumlѥϛˤƗũŎȓOumloacuteƟΙɧ6ͰɒΑάγΊũƁƁϨ5ưȘȾϽ5AringίʝϛƁϨ5ƂiacuteЮȉltOumloslashͰɒϛOumlіAringʤȞ6frac14=ͰɒФŋѣũiacuteźWίˤƗ5ƭШ5ŎȓũźWȓɲœ˛ϠǑѷФȥαϛȭя=ФnakedІαϛеxͰɒϚіoslashЂˣʵѓOumlŜѲ5Ɲ5ȌеOumlĞũˏ6

As such we feel very confident in the rates and occupancies that we will achieve Regarding room prices when benchmarking

against some of the other leading hotel brands in the resort market such as Aman Fayun Hangzhou Banyan Tree Hangzhou Fuchun

Resort Hangzhou Mandarin Oriental Hainan and Commune by the Great Wall average rates in March 2011 for single bedrooms in

this set are ~ RMB2800

ϩfrac14=ͰɒoslashЂˏѢĉƠϡƎˏѢȿcurrenɊάΫ6ФˏѢĉƠĈɘ=ІʙФoacuteƟAacute˛OumlсɜǙacircʑʁaƹ=ˍCҊĂО5ţјНҏѨ5ĥsup1˗ǝ5˓φŴecircĈǙacircũƵ΅OumlŁˣ=Фɱ˓МOumlEumlˆƣʒǩƠķ=6

Regarding occupancies we are confident to achieve occupancies of around 60 after about 4 years of operation but forecast

conservatively that our occupancies will start from around 35 in the 1st year of operation and grow steadily to 45 in year 2

55 in year 3 and 60 after the hotel is lsquomaturersquo from year 4 onwards

ФˏѢȿĈɘ=ͰɒŬϾάΫǑŚɱOumlǑϱ=ͰɒǵϡAumlOgraveOumlˏѢȿ6WŇƗ=ͰɒOumlˏѢȿƮƁϻszligϞɱOuml13=egraveЫOgravefrac34ɱOuml13ũszlig˓ɱOuml1313=szligɱϡŮƮƁЫOgrave6

Given the above estimates we believe that owners can expect attractive investment terms as illustrated in the table below

Ļǟϡ˛OumlŇƗ=ЎƗϛѝɭņOtildeOgraveOumlѱſYƮƁˍ΅o˿

CҊĂО

НҏѨ

ĥsup1˗ǝ

˓φŴecircĈǙacirc

Ƶ΅OumlŁˣ

RMB4270

RMB3500

RMB2000

RMB2150

RMB2388

Aman Fayun Hangzhou

Banyan Tree Hangzhou

Fuchun Resort Hangzhou

Mandarin Oriental Hainan

Commune by the Great Wall Beijing

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966

38

39

ͰɒOumldivideTHE TEAM

40

Grant Horsfield ndash Chairman naked Group

Grant a native of South Africa is Founder and Chairman of the

naked Group

Before coming to China in 2005 Grant worked in England

and South Africa with more than 10 years business ownership

experience With background in IT he launched eBites

Limited in 2000 Operating nationally eBites was both a

publishing company and a callcentre facilitations company with

headquarters based in Cape Town In 2004 Grant received

an MBA from University of Cape Town Graduate School of

Business Upon graduation he decided to come to China as he

saw China is where business opportunities lie

After spending two years in Shanghai he found himself

overwhelmed by the metropolis and missed the natural beauty

of his home From this desire and need sprouted the concept

for naked Retreats which was launched in 2007 Grantrsquos vision is

to create sanctuaries that are in harmony with the environment

where people can appreciate the simple way of nature and

embrace the naked lifestyle Grantrsquos tireless efforts in promoting

ecotourism in the rural areas not only created jobs but also

pride for the local community He received an environmental

award from the Huzhou Government in 2008

高天成 - naked集团总裁

ij=ɫčIcircTHORNˆ=nakedƍOumlmiddot˽ˆũѵ|6

Ф13ɱȅOgraveѓŘтʣ=ij˪ЬФϯŘƎɫčľѽ=ϾŚɱOuml˙ϛǑϱƎРѽǑϏ6ФʙITǒOumlUѠ΅=ɱij˪ƭȜȥeBitesϾΏŁ=eBitesŁƮϱΝІaacuteŹĞѓΫLJɖƿū=ʙѵˤФǭʔugrave6ɱ=ijƅOtildeȥǭʔugraveAringλ˙λЙOumlMBAλ6dϛŮ=ǧegraveȅѓŘ=ϩǯOgraveȥжȕOuml˙Ɖ6

Ф˛ŝEgraveȥȢɱтŮ=āѳƓxȥ˪Ƃ=sʨAtilde˱ȥѳʿɐǒ6ФжѕИІεʴOumlʶ˼΅=ƭȜnaked Retreats

OumlΖĂФɱOtildeOgraveȥ˹˲6ijOumlΖĂƭШϞĸ˯THORNІѳʿũΣŃdeg=ˆɒǵϡΘѳʿ=ΘnakedOuml˪ƂĈ˾6ij˫ΔAacuteTHORNʵ˪ȾϽѽordfOumlxΦɹȞ=xLjmiddotШȥľѽıŻOtildeOgraveȥIcircTHORNˣʵOumlХϐ6ij˪ƅOtildeȥɱůјоġNāOumlźWAring˼ư6

41

Delphine Yip-Horsfield ndash Partner Ben Wood Studio Shanghai

received her Master of Architecture degree from Harvard

Boston prior to moving to Shanghai to oversee the award

winning Xintiandi project on behalf of Wood and Zapata In

the fall of 2005 Delphine became partner at Ben Wood Studio

Shanghai

Drawing from her own experience of diverse cultures Delphine

has led a multitude of high profile projects such as Hangzhou

Xihutiandi Zhujiajiao Oriental Garden Shanghai Waitanyuan

Beijing Palace 77 Shanghai Hongqiao Commercial Core Lijiang

Lashihai Resort Masterplan etc

In 2006 she was selected Wallpaper magazinersquos first annual 40

under 40 designer of the year

Delphine is the chief master planner and architect for naked

Home Village and naked Stables Private Reserve She also

oversees the visuals and styling of the naked Brand

叶凯欣 - 上海Ben Wood设计室合伙人

ϜǮΩɺ=Ben Wood ˤƗľѽOumlѵƢ=śęAringλƭѡλ6ȅ˛ŝтʣ=ФΒIJ5ɷКũuuacuteľѽ6ȅ˛ŝŮ=CcediloWoodũZapataĤЩΪTHORNΙɧOumlƢethľѽ613ɱʲƕ=ϜǮΩɺBen Wood ˤƗľѽūƃˆ6

ϾѯxŸϽșǑϏOumlϜǮΩɺ=EacuteˇȥηucircijocircΙɧOumlƢeth=VȂţјͻůTHORN5њƝƶecircĈųВ5˛ŝЕ5[ǎłatilde5˛ŝŭʦ˙ϛѓΫ5ȗƯȄŝoacuteƟAacuteѵŔŷˤƗUgrave6

ɱ=ˏκȥWallpaperСьǃɱoacuteϡ΅OumlˤƗ˰6

ϜǮΩnakedƝВAacuteũnaked RetreatsOumlѵˤƗеũƭѡ˰6˶ϚĤЩƢethnaked˙nOumlFũĘķˤƗ6

42

Kang Yang Lim ndash Group Chief Operating Officer naked Group

Group with over 13 years corporate finance and real estate

development experience Previously he was Director of the

real estate division of APP China taking responsibility for the

initial positioning and development of the USD15 billion lsquoWhite

Magnolia Plazarsquo mixed use development project (including

the development of Shanghairsquos first W Hotel) He also led the

concept and development of APPrsquos branded residence and resort

project in Sheshan Shanghai

Finance division of PricewaterhouseCoopers in Melbourne

Australia where he specialized in business value and strategy

worked in inhouse strategy roles for CocaCola GB in London

and to British venture capital firm of the year (2004) ISIS Equity

Partners before coming to China in 2005

Accountants Australia in 2002 and is also an affiliate of the

of Commerce and Diploma in Modern Languages from the

University of Melbourne Australia

林纲洋- naked 集团首席营运官

ƞˏnakedƍOumlȩ˪ϴϾŚɱOumlʝϛ~ƎTHORNǭāǑϏ6Фfrac14тʣ=ѽѓŘDŽŒOumlTHORNǭāOumlѵƢ=ĤЩƠч13ϢЏOumlucircϸ8JЈȈœ9ǭāΙɧOumlcopy˽κшũǭāVȂ˛ŝszligϞƝ ǙacircOumlǭālt6˶ϚщNtildeȥDŽŒƍФ˛ŝҁ˗ʑʁѢЭũoacuteƟAacuteΙɧOumlȓɲũǭā6

ФDŽŒƍˇфтʣ=ȩİϑGAringȚφɣyuml_ʔŴϷOacuteƁƗ˰OumlǑȓ=ѥѣЂ˙ϛƠчũЯɁѰξ6ȩ˪Ф13ɱȅOgraveѓŘтʣэȑǭʔŴϷOacuteŮOumlϞotilde˶ƣɬ=ѽǵǺǵȎɂugraveŁɬOumlЯɁēͺ˰=ϡƎISISOumlʼnʏūѽƃRФϯŘɂugraveOumlϯŘĘΌѱŁˇф6

ȩ˪ФɱƅOtildeȥGAringȚφηƁƗ˰ƁũGAringȚφпʻωǗOumlƁГѱķ6˶ϚƅOtildeȥGAringȚφɣyuml_AringλOuml˙ϛλλϡƎCcedilЇϊλп6

43

Gabriela Lo ndash Managing Director naked Retreats

With over 15 years experience in high end events and PR

management Gabriela has been instrumental in bringing naked

to where it is today As one of the original members of the

naked Team Gabriela has led the growth of naked Retreats

to become one of the most famous eco retreat destinations in

China attracting guests and publicity from around the world

Originally from Macao Gabriela has rich multi cultural and

multinational living and working experience having worked and

studied for many years in Greater China England and Italy

卢家宝 - naked 度假村常务董事

ϴϾŚ13ɱOumlijocircƂiacuteũŁŃŋ΄ŎȓǑϏ=nakedDžOumlǜІȶƝXēxǭ6ѽħdivideOumlmiddot˽ГтϞ=ȶƝXϠǑAEligȭnakedѓŘѻϾɜOuml˪ȾϽɧOumlTHORNтϞ=ͼϭȥȅѳǁĹTHORNOumlǸˆ6ȶƝXȅѳGɑ=ϴϾĖĥOumlucircЏŸũucircŘǝѢũľѽǑϏ=ЬФAringѓŴTHORNʵ=ϯŘũϤAringȚϾѯucircɱωǗǑș6

Judy Zhu ndash General Manager naked Group

Zhu is the General Manager for naked Group ensuring smooth

operations of the group with a particular focus on government

朱燕 - naked 集团总经理

њώ=iquestnaked Retreatsmiddot˽ǭ˽ǜũij˪ūѽ6њώѽƍѵǑȓ=ĤЩIcircTHORNũŋ΄ʽWƍРѽ6Фƞˏnakedтʣ=њώФ˛ŝũ[ǎiquestŚηucircІ˙ϛϾŋOumlфϛ6ФΪͻȈƅOtilde˙ϛλ6

44

Kurt Berman ndash General Manager naked Stables Private Reserve

With over 16 years experience in FampB and high end luxury

resort management Kurt brings a wealth of experience and

will lead the preopening and operations of our new resort ndash

naked Stables Private Reserve Prior to joining naked Kurt was

the preopening General Manager at Six Senses Laamu and

Resident Manager for Six Senses Soneva Gili by Six Senses Kurt

has also worked at other prestigious resorts including Fregate

his career in hospitality in FampB and was a trained Chef with

experience working in many prestigious institutions including

The Dorchester Hotel in London Kurt is from South Africa and

has a masters certificate in hospitality management from Cornell

University

Kurt Berman - naked私人度假村总经理

ϾѯŚɱϬƎijIumlŤŴoacuteƟAacuteOumlŎȓǑϏ=ƮϡĖĥOumlǑϏȭNtildeͰɒΪoacuteƟAacute77)$ 0OumlϱϛũРϱ6Фƞˏ)$ тʣ=10ЬEacuteˇŚ8szligȳĭǦ9+1ϱϛѵǑȓũ8szligȳĭǦ9-2 ((OumlѤacircǑȓ610ŻЬˇфЂamp0ˆŝETHũ1+4UgraveʙўɜoacuteƟˮTHORN610OumlϛʜzЂϬαϛ=ϚϡϞĸФŬucircўɜƉńVȂ-0-0 -$-ltľѽŚOumlρȡϾOumlnot˰610ȅѳɫč=sϴϾǰɪyumlAringλЃOumlǙacircŎȓλ6

Richard Johnston ndash General Manager naked Home Village

Hailing from the United Kingdom but with most of his working

life in resorts throughout Africa Richard brings with him over

20 years experience in General Management and Director level

roles in world class resorts including Azura Retreats Cape Grace

hotel and the Saxon Hotel Richard plays a key role in the set

up of systems training and operating standards His years

of experience and mentoring leadership style make Richard a

natural inspiration for our young hotel management team

Richard Johnston - naked 家园村总经理

RichardȅѳϯŘ=IgraveAringucircOumloacuteƟAacuteľѽiumlФмĸčљ=ϴϾŚɱOumlѴūŎȓũǁƐoacuteƟAacuteVȂAzura

Retreats Cape Grace hotel and the Saxon HotelltijʒŎȓǑϏ6RichardФƭȜ΄5ʅρũРαnѬĈɘʜѯŋƨѽϸ6ĖĥOumlǑϏũȭNtildeĘķ˼OtildeoslashͰɒɱʬOumlǙacircŎȓdivideϾѯѳʿOumlƊȘ6

45

Teun Hanegraaf ndash Sales Director naked Retreats

Teun obtained a Bachelors in Business Studies and Masters

in Strategic Management with a focus on Chinese Business

Culture Teun increased our corporate sales business by 350

in his first year with us bringing international companies

ranging from international conglomerates Unilever and Coca

Cola to more local institutions such as The Shanghai American

School and leading Chinese companies such as Bank of China

韩天宁销售总监

ȅѳŧȈɥEcirc=şɵϴϾ˙ϛλλλ5ЯɁŎȓѥѣЂѓŘ˙ϛŸlt6ȅƍOumlszligϞɱşɵƮŁOumlΝϛijȥ13=sŁAEligȅȥx˟ŘƙβOumlAringŁǸŲ=жʙѓϾŘƙAringʝϛȠūȚŴũǵǺǵȎ=ϚϾ˛ŝɐŘλΠUgraveIcircTHORNƉńũѓŘϫαUgraveѓŘȴʝϛ6

Oliver Yuen ndash nature Reserve amp Recreation Manager

naked Stables Private will be the first private reserve in China

with a wealth of new flora and fauna introduced to the project

from Sydney University Australia and as a fully qualified Ranger

working in many of the worldrsquos best wildlife parks Oliver takes a

special role in ensuring the environment of naked Retreats and

naked Stables Private Reserve will be full of life and a natural

self supporting eco system Oliverrsquos passion for both people and

nature make him the perfect person to teach our guests about

what we do and make their stay not only a relaxing one but

also a fun fulfilling educational one as well Oliver previously

worked in wildlife parks and resorts such as Azura Retreats in

Mozambique Mobala Private Game Reserve in South Africa and

Sydney Aquarium in Australia

袁鹏威 - 活动经理和度假村 生物学家

naked StablesƮѓŘszligϞĸϭljΪOumlцʾũiacuteʾOumlˆoacuteƟʵ6OliverѽϞɜGAringȚφͿɯAringλūķOuml˪λƝiacuteλƝ=ϡƎФǁĹTHORNOumlϙ˪iacuteВľѽOumlľѽе=Ф˼naked Retreats ũnaked StablesϾѯĖĥ˪ѱЕ5ʿѳĺOuml˪΄Oumlźǔľѽ˛QύѯіϘƶ˔6АʊoslashˆȏũѳʿOumlƊʮ˼ѻūOumlˆȅĵͰɒOumlǸˆͰɒѼOuml˷ɋ=sʨ˂ɒФжȕOuml˶ŒxLjLjČ=˶Ϛ˂ɒOumlǝѢǑșlOtildeϾǭΫcurren˹ũϾƷЋϤϦ6АʊтʣФɫčũGAringȚφͿɯѹŏiquestϙ˪iacuteВũWŰʵOumlľѽVȂMozambique OumlAzura Retreats Mobala Private Game Reservelt6

46

Philip C Davis Company Director naked Retreats

Phil joined the Board of Directors for naked Retreats hotel

management company in 2011 His previous board experience

includes Tian Rui Hotel Corporation holder of the master license

for Super 8 economy hotels in China and Hong Kong from 2006

to 2008 He also was a founding shareholder of Tian Rui and

served as its President and Managing Director from 2006 to

2008 He was a board member of Tian Xian Cheng a bai jiu

concern which is a joint venture between Pernod Ricard and a

2010

Phil was previously Chairman of the Budweiser (Wuhan)

International Brewing Company and Managing Director of the

AnheuserBusch business in China and Hong Kong from the

beginning of 1996 through 2002 From 2003 to 2005 he

headed the AnheuserBusch liaison office with Tsingtao Brewing

Company

Phil holds a PhD in history from Washington University and

started his career as a market researcher at a major advertising

agency in the US before moving to AnheuserBusch and

heading its consumer planning and new product development

functions in the 1980s

Philip CDavis naked 度假村公司董事长

PhilЂɱƞˏȥnakedoacuteƟʵǙacircŎȓŁOumligraveƁ6ϡĖĥOumlǑϏVȂФːǙacircƍˇф5ϡƎЂɱэɱФѓŘũѓŘΒIJEacuteˇSuper ǑƖǙacirc ʼnˆ6˶=ϚːǙacircƍOumlmiddot˽ʼnecirc=ФɱэɱʖƣEacuteˇƍOumlѵ|ũigrave6ɱэɱʖƣ=ϞƝІWȎȞƞũJǙ˪ȴʝϛƬɫūѱOumlʝϛ77ΐOumligraveƁГ6

iquestɱэɱ=Phil͵šBudweiserŘƙɳǙŁOumligraveƎѓŘũѓŘΒIJCŝyŁOumligrave6iquestɱэ13ɱ=CŝyũʫETHʌǙŁOumlȠɆdegOumlĤЩˆ6PhilϴϾŴ˭uacuteAringλOumlș˻дλvλ=ФǁɱCcedilȅOgraveCŝy5ĤЩΞĒŔŷũΪʑǭāĿɭтʣ=OumlϛʜzЂɐŘOumlϞƝœĵCcedilȓŁ=Eacuteˇaeligω6

47

OUR INTERNATIONAL TEAM

International team

Chief master planners amp architects

the urban landscape of modern China with Xintiandi in

Shanghai a commercial cultural and entertainment district

Since then the studio has worked on projects in very diverse

categories both small and large scale projects include mixed

use projects like the ldquoTiandirdquo in Hangzhou Chongqing Wuhan

and Foshan luxury villa and high rise residential complexes in

Shanghai and Vietnam as well as various boutique hotels and

Chalet Architects

A00 Architecture is most well known for their research

inenvironmental sustainability and its application to their

work in Architecture Interiors and Furniture Their portfolio

includes feature restaurants luxury spas retail stores design

conversion of dozens of historic Shanghai homes into highly

personalized residences

Interior Designers AIM (Architecture amp Design) brings expertise

in the combination of world architectural styles and design

influences to the interior designs at naked Stables Private

Reserve With the Shanghai office led by the two founding

on comfort warmth and a unique blend between African and

Asian design sensibilities

Landscape Architect

Design Land Collaborative (DLC) is a professional consulting firm

comprised of landscape architects and planners with an office in

Shanghai and the United States Projects have a strong emphasis

on cultural resources historic preservation and ecological

design involving both the public and private sectors

ͰɒOumlāЮdivide

ɴǵϡΑάOumlёȣ

ŘƙŸdivide

首席规划师和建筑师

benwood Studio Shanghai OumlсɜΙɧтϞѠĨШ˛ŝΪTHORNľ=˼ʙƍ˙ϛ5Ÿ5ЄȎϞOumlʵЉ6тŮ=ЁƻȥĹȏŔɟAringΟOumlΙɧ=VȂţјOumlͻůTHORN=іʱ5͵šƎę˗OumlŤŴpϡƎФ˛ŝũЛɫOumlijѢЭʵ=ȮŻϾФѓŘƎˉ_OumlĹȏǐʑǙacircƎoacuteƟ6

小圆房建筑

AOO Architecture ФźǔWŰƎǵ θāЮĈɘϾѯѭЛOumlƭ=s˘ƮʙƭϰϸЂɬƝѩ6ɒƻŚOumlΙɧVȂ˔5ŤŴȤѓΫ5ȫ˙acirc5ˤƗίǙacirc˛ŝυНǙacirc lt5ˆoacuteƟϡƎϞ΄ȧOuml˛ŝș˻ѢЭOumlCcedilŸƎˆŸĨШ6

ɬ ˤƗ˰AIMƭѡˤƗltѥѣЂǁƭѡĘķũˤƗOumlɐƿū=ϭNtildenaked StablesOumlɬˤƗ6ФȅѳŧȈũaȚ˶OumlūѽmiddotTˆȭNtildeOuml˛ŝTdegOumlUѠ΅=ˤƗѣі5ũφčˤƗȓɲOumlntildeˊū6

景观设计

Design Land Collaborative (DLC) ϞƝiquestǒōˤƗІŔŷOumlѥϛѰξŁ=Ф˛ŝІɐŘǩˤϾēрƉń6ʙΙɧ˘ЂŋѣŸș˻ĻЕ=ƿūźW˪ǴƔ=ѥѣЂŁŃƎϾTHORNOumlŔŷ6

48

Engineering amp Project Management team

Scott Wilson Group PLC is a globalintegrated design and

engineering consultancy for the built and natural environments

Scott Wilson is responsible for the project management the

electrical and mechanical engineering for the project

Environmental Consultants

Environmental Resources Management (ERM) a leading global

provider of environmental health and safety risk and social

consulting services ERM deliver innovative solutions for business

and government clients helping them understand and manage

their impacts on the world around them ERM have 137 offices

in 39 countries and employ approximately 3300 staff

Sustainability Consultants

Bisagni Environmental Enterprises (BEE) works with the

engineering and design teams to ensure the environmental

goals set out at the inception of the project are achieved

LEED Consultants

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

Local Design Institute

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

General Contractor

and have been responsible for some of Chinarsquos most iconic

properties such as the World Financial Centre in Shanghai

工程及项目管理团队

Scott Wilson Group PLCϞƝʺʳŔɟOumlźWˤƗƎľѰξŁ6Scott WilsonĤЩΙɧOumlaacuteʠƎƉΤľ6

环境咨询

Environmental Resources Management (ERM)ϞƝʺʳαϛȭѰξŁ=ŀźǔWŰ5ƫǰCʺƎŁŃˣƁĘΌUgraveѰξĞ6ERM˙ϛƎоġɑǸŲŀĨĶβOumlǀǧĈF=UѠɒȥǀsŎȓʙǑϱoslashˣƁźǔAEligȅOumlϳΗ6ERMФʺʳϾ137ĸēрƉń=myĸŘƝ=ϴϾAringК3300ɜГľ6

可持续发展咨询

Bisagni Environmental Enterprises (BEE)ІľˤƗdivideΑűūѽ=ϡʽWФΙɧǭ˽ƼotildeˤȜOumlźǔWŰǵ θāЮɧnOumlȚ˹6

绿色建筑认证咨询

Shanghai Pacific Energy Center (SPEC)ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlŁтϞ6

本地设计公司

Shanghai Baoye Construction Corp Ltd ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlαϛȭŁтϞ6

总承包商

ϞƝŘƝƐľVŁ=ϠƻȥηucircѓŘnьβΙɧ=țˍ˛ŝźʳDŽˊѓΫ6

49

naked COVERAGE

wwwcnngocom

ldquo25 killer things to do this summerrdquo

26 April 2010

Time Magazine

ldquoRun to the Moganshan Hillrdquo

新浪博客

ldquo避世的可能rdquo

31 December 2009

wwwenglisheastdaycom

ldquoThe first batch of ldquoChina Treasured Towns ldquo released

December 2009

Shanghai Urbanatomy

ldquoGet naked this time with horsesrdquo

Shanghai Daily

ldquoGreen MaGIC Casts design spellrdquo

14 October 2009

新浪商品

ldquo中国最佳设计酒店大赏rdquo

September 2009

wwwchannelnewsasiacom

ldquoChinarsquos green resort allows travellers to vacation on good consciencerdquo

2 September 2009

wwwbijianlinblshecom

ldquo莫干隐居rdquo

25 Aug 2009

wwwassociatecontentcom

ldquoThe Exquisite Moganshan Mountains of Chinardquo

Ɏ

Wikitravel

ldquoMoganshanrdquo

德清新闻网

ldquo承包国营林场建造生态ldquo逸站rdquo

wwwsinoeventcom

ldquo亚洲旅游地产及景点峰会成功举行rdquo

wwwchinatravelbrandingcom

ldquoPursuing Green for Greenrdquo

wwwbrandrepublicasia

ldquoMaking moves towards ecofriendly eventsrdquo

7 May 2009

wwwhandsonshanghaiorg

ldquoHands On Asia Conference Summeryrdquo

May 2009

wwwmyvacationcn

ldquo莫干山居rdquo

3 April 2009

wwwshanghaidailycom

ldquoThe naked truth Time to clean up Moganshan litterrdquo

4 March 2009

wwwgreennovateorg

ldquoMoganshan Project Kick Offrdquo

13 February 2009

Travesias

ldquonaked retreatsrdquo

Feb 2009

合肥在线

ldquo大山里的裸家族rdquo

20 October 2008

wwwentrepreneurcom

ldquoThe arrival of the Olympics showcases Chinarsquos burgeoning entrepreneurial spirit ldquo

7 August 2008

50

Shanghaiist

ldquoWeekend escape to Moganshan 莫干山rdquo

9 April 2008

私家地理

ldquo艳阳下的荫凉rdquo

30 May 2008

City Weekend

ldquoGet naked in Moganshanrdquo

25 January 2008

wwwbundpiccom

ldquo在这绿中撒点野rdquo

wwwhuzhougovcn

ldquo相中德清筏头的青山绿水南非客商莫干山下建生态逸站rdquo

wwwurbanatomycom

ldquo24 Hours in Moganshanrdquo

wwwhkheadlinecom

ldquo杭州莫干山竹林深处人家rdquo

15 May 2009

wwwnewsweekcom

ldquoBack from abroadrdquo

May 2009

Chinatravelnet

ldquoMoganshan A Heavenly Hideaway of Bamboo Forests amp Tea Plantationsrdquo

April 2009

wwwmzztmcagovcn

ldquo2009年踏青乐游路线推荐大公布rdquo

16 March 2009

第三媒体

ldquo规划一条畅快随性的踏青之旅rdquo

28 October 2009

wwwdqnewszjolcomcn

ldquo三九坞 ldquo裸家族rdquo钟爱的世外桃源rdquo

28 October 2008

ldquo自驾行天下rdquo之中国莫干山rdquo

Sep 2008

ldquoShiffting Gearsrdquo

Sep 2008

April 2008

Chewed up amp Spit Out

ldquoGet nakedrdquo

19 February 2008

ldquoBest Weekend Getaway Hotels Shanghairdquo

富世

Ecoefficient hotel低碳下榻

April 2011

Spa China Guy 男士派

Experiencing The Unique

2010

Cosmo 时尚

跨洋建屋隐居不隐世

April 2010

Global Times

The Mountain of legends

Global City Geography 城市地理

莫干山 naked Retreats 都市人一ldquo裸rdquo到底的山居生活

Dec 2009

China Daily

Rural Retreat

20 March 2011

China Daily

4th March 2011

Modern Weekly周末画报

圣诞低碳游

Dec 2010

Elite Traveler 携程自由行

旅尚

Esquire

Hidden Best Restaurants

Feb 2011

51

52

53

Page 36: Detailed Investor's Report

35

36

INDUSTRY RETURNS AND BENCHMARKS

INDUSTRY REPORT

行业报告

Tourism and urban resorts is one of the fastest growing industries in China According to industry consultant HVS cities such

as Shanghai Beijing Shenzhen Guangzhou Hangzhou and Tianjin all have a population where a critical mass of highly affluent

individuals and successful companies exist generating demand for suburban resorts

ФѓŘ=ȾϽϛũoacuteƟAacuteσɓāЮOumlαϛтϞ6ĻǟʺʳǙacircĞϛltOumlϞΙYĵ˿=ФѓŘOumlѝϘˍ˛ŝ5[ǎ5˧5œј5ţјũdžǩēyѯAringȣOumlĥЍˆʾũĿOumlʝϛ=ϻfrac14ϚƊāȥoslashƴʵoacuteƟAacuteOumlƌAringεʴ6

Amongst other things the exponential growth in private vehicles has seen a huge increase in demand in the leisure market With

the completion of the shenjiahu highway in 2010 the travel time from downtown Shanghai to Deqing is now 2 hours Also with

stop at Deqing) scheduled to open in late 2011 travel time from downtown Shanghai to Moganshan will take between 15 to 2

hours When comparing travel times to get to other resort destinations in China ndash eg Hainan or Lijiang flight times might be within

2 or 3 hours total travel time including travel to airports and check in make the whole trip 6 to 7 hours plus additional travel cost

Within the 2 hour travel radius of Shanghai the quality of resort destinations is also (in our opinion) not at an international standard

with most hotels simply being lsquocity hotels in the countryrsquo rather than true resort properties operating at international standards

shyfrac14т=ѯĸˆγΊOumlāЮ=ĸˆƸϴϾȿϚσʂ˫6ѳɱ˥ƛůijϡŮ=iquest˛ŝOgraveOcircʭϚLjεϘĸΟ˶Ouml6ΪƭOumlijǵϡФ13ēєɬiquest˛ŝUumlAumlţј6ƏƮФɱYacuteǫľOumliquestţјOgraveɫǎOumlijѓϾϞаDzOcircʭlt=ъεϞĸSΟ˶OgraveȢĸΟ˶ǜǵϡiquest˛ŝѓΫOgraveAumlɢī˗6ˍřІѓŘOumloacuteƟˮTHORNŝɫ5ȒƯUgraveaƹ=shyȥϘųĒэĸΟ˶Oumlďα˶ƣ=ŻϘФVȂʣƉ=CʺƤũUgraveEgraveOslashƉ˛ų˛эĸΟ˶=ĽxϸɨΡuumlOumlαųΝȥ6Ѷō˛ŝїiΟ˶ɬOumlγΊoacuteƟʸdeg=э˟ͰɒˈltІŘƙŸnѬŻϾѯɛOumlǢ6AringēOumloacuteƟǙacircϚũѓOumlɨΡǙacircɍϾ_ёOumlʵp=ЗЗAumlxOgraveинŘƙϤϦ˛oacuteƟίĉΙɧOumlϘʴ6

ϛѝЎʖſYІaƹ

37

OUR NICHE

我们的利基

naked sees a need in the market for world class expertly designed and operated resorts which are within 1 to 2 hour travel time

of major cities in China As with other urban resorts we believe that the Leisure market and the MICE (Meetings Incentives

Conferences Events) market will be a huge driver for our business In addition we feel that we are already at the forefront of

the growing focus and concern on environmental design building and operations as well as the growing interest in nature and

environmental education At naked we also place a high emphasis on facilities and services for the entire extended family ndash from

children to parents to grandparents that other resorts do not place dedicated resources for

nakedЎƧOgraveȥФѓŘжϞεʴƏǢȑѝϘϞэȢĸΟ˶Ouml=˶ЁhζǁϞȱOumlѥϛˤƗũŎȓOumloacuteƟΙɧ6ͰɒΑάγΊũƁƁϨ5ưȘȾϽ5AringίʝϛƁϨ5ƂiacuteЮȉltOumloslashͰɒϛOumlіAringʤȞ6frac14=ͰɒФŋѣũiacuteźWίˤƗ5ƭШ5ŎȓũźWȓɲœ˛ϠǑѷФȥαϛȭя=ФnakedІαϛеxͰɒϚіoslashЂˣʵѓOumlŜѲ5Ɲ5ȌеOumlĞũˏ6

As such we feel very confident in the rates and occupancies that we will achieve Regarding room prices when benchmarking

against some of the other leading hotel brands in the resort market such as Aman Fayun Hangzhou Banyan Tree Hangzhou Fuchun

Resort Hangzhou Mandarin Oriental Hainan and Commune by the Great Wall average rates in March 2011 for single bedrooms in

this set are ~ RMB2800

ϩfrac14=ͰɒoslashЂˏѢĉƠϡƎˏѢȿcurrenɊάΫ6ФˏѢĉƠĈɘ=ІʙФoacuteƟAacute˛OumlсɜǙacircʑʁaƹ=ˍCҊĂО5ţјНҏѨ5ĥsup1˗ǝ5˓φŴecircĈǙacircũƵ΅OumlŁˣ=Фɱ˓МOumlEumlˆƣʒǩƠķ=6

Regarding occupancies we are confident to achieve occupancies of around 60 after about 4 years of operation but forecast

conservatively that our occupancies will start from around 35 in the 1st year of operation and grow steadily to 45 in year 2

55 in year 3 and 60 after the hotel is lsquomaturersquo from year 4 onwards

ФˏѢȿĈɘ=ͰɒŬϾάΫǑŚɱOumlǑϱ=ͰɒǵϡAumlOgraveOumlˏѢȿ6WŇƗ=ͰɒOumlˏѢȿƮƁϻszligϞɱOuml13=egraveЫOgravefrac34ɱOuml13ũszlig˓ɱOuml1313=szligɱϡŮƮƁЫOgrave6

Given the above estimates we believe that owners can expect attractive investment terms as illustrated in the table below

Ļǟϡ˛OumlŇƗ=ЎƗϛѝɭņOtildeOgraveOumlѱſYƮƁˍ΅o˿

CҊĂО

НҏѨ

ĥsup1˗ǝ

˓φŴecircĈǙacirc

Ƶ΅OumlŁˣ

RMB4270

RMB3500

RMB2000

RMB2150

RMB2388

Aman Fayun Hangzhou

Banyan Tree Hangzhou

Fuchun Resort Hangzhou

Mandarin Oriental Hainan

Commune by the Great Wall Beijing

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966

38

39

ͰɒOumldivideTHE TEAM

40

Grant Horsfield ndash Chairman naked Group

Grant a native of South Africa is Founder and Chairman of the

naked Group

Before coming to China in 2005 Grant worked in England

and South Africa with more than 10 years business ownership

experience With background in IT he launched eBites

Limited in 2000 Operating nationally eBites was both a

publishing company and a callcentre facilitations company with

headquarters based in Cape Town In 2004 Grant received

an MBA from University of Cape Town Graduate School of

Business Upon graduation he decided to come to China as he

saw China is where business opportunities lie

After spending two years in Shanghai he found himself

overwhelmed by the metropolis and missed the natural beauty

of his home From this desire and need sprouted the concept

for naked Retreats which was launched in 2007 Grantrsquos vision is

to create sanctuaries that are in harmony with the environment

where people can appreciate the simple way of nature and

embrace the naked lifestyle Grantrsquos tireless efforts in promoting

ecotourism in the rural areas not only created jobs but also

pride for the local community He received an environmental

award from the Huzhou Government in 2008

高天成 - naked集团总裁

ij=ɫčIcircTHORNˆ=nakedƍOumlmiddot˽ˆũѵ|6

Ф13ɱȅOgraveѓŘтʣ=ij˪ЬФϯŘƎɫčľѽ=ϾŚɱOuml˙ϛǑϱƎРѽǑϏ6ФʙITǒOumlUѠ΅=ɱij˪ƭȜȥeBitesϾΏŁ=eBitesŁƮϱΝІaacuteŹĞѓΫLJɖƿū=ʙѵˤФǭʔugrave6ɱ=ijƅOtildeȥǭʔugraveAringλ˙λЙOumlMBAλ6dϛŮ=ǧegraveȅѓŘ=ϩǯOgraveȥжȕOuml˙Ɖ6

Ф˛ŝEgraveȥȢɱтŮ=āѳƓxȥ˪Ƃ=sʨAtilde˱ȥѳʿɐǒ6ФжѕИІεʴOumlʶ˼΅=ƭȜnaked Retreats

OumlΖĂФɱOtildeOgraveȥ˹˲6ijOumlΖĂƭШϞĸ˯THORNІѳʿũΣŃdeg=ˆɒǵϡΘѳʿ=ΘnakedOuml˪ƂĈ˾6ij˫ΔAacuteTHORNʵ˪ȾϽѽordfOumlxΦɹȞ=xLjmiddotШȥľѽıŻOtildeOgraveȥIcircTHORNˣʵOumlХϐ6ij˪ƅOtildeȥɱůјоġNāOumlźWAring˼ư6

41

Delphine Yip-Horsfield ndash Partner Ben Wood Studio Shanghai

received her Master of Architecture degree from Harvard

Boston prior to moving to Shanghai to oversee the award

winning Xintiandi project on behalf of Wood and Zapata In

the fall of 2005 Delphine became partner at Ben Wood Studio

Shanghai

Drawing from her own experience of diverse cultures Delphine

has led a multitude of high profile projects such as Hangzhou

Xihutiandi Zhujiajiao Oriental Garden Shanghai Waitanyuan

Beijing Palace 77 Shanghai Hongqiao Commercial Core Lijiang

Lashihai Resort Masterplan etc

In 2006 she was selected Wallpaper magazinersquos first annual 40

under 40 designer of the year

Delphine is the chief master planner and architect for naked

Home Village and naked Stables Private Reserve She also

oversees the visuals and styling of the naked Brand

叶凯欣 - 上海Ben Wood设计室合伙人

ϜǮΩɺ=Ben Wood ˤƗľѽOumlѵƢ=śęAringλƭѡλ6ȅ˛ŝтʣ=ФΒIJ5ɷКũuuacuteľѽ6ȅ˛ŝŮ=CcediloWoodũZapataĤЩΪTHORNΙɧOumlƢethľѽ613ɱʲƕ=ϜǮΩɺBen Wood ˤƗľѽūƃˆ6

ϾѯxŸϽșǑϏOumlϜǮΩɺ=EacuteˇȥηucircijocircΙɧOumlƢeth=VȂţјͻůTHORN5њƝƶecircĈųВ5˛ŝЕ5[ǎłatilde5˛ŝŭʦ˙ϛѓΫ5ȗƯȄŝoacuteƟAacuteѵŔŷˤƗUgrave6

ɱ=ˏκȥWallpaperСьǃɱoacuteϡ΅OumlˤƗ˰6

ϜǮΩnakedƝВAacuteũnaked RetreatsOumlѵˤƗеũƭѡ˰6˶ϚĤЩƢethnaked˙nOumlFũĘķˤƗ6

42

Kang Yang Lim ndash Group Chief Operating Officer naked Group

Group with over 13 years corporate finance and real estate

development experience Previously he was Director of the

real estate division of APP China taking responsibility for the

initial positioning and development of the USD15 billion lsquoWhite

Magnolia Plazarsquo mixed use development project (including

the development of Shanghairsquos first W Hotel) He also led the

concept and development of APPrsquos branded residence and resort

project in Sheshan Shanghai

Finance division of PricewaterhouseCoopers in Melbourne

Australia where he specialized in business value and strategy

worked in inhouse strategy roles for CocaCola GB in London

and to British venture capital firm of the year (2004) ISIS Equity

Partners before coming to China in 2005

Accountants Australia in 2002 and is also an affiliate of the

of Commerce and Diploma in Modern Languages from the

University of Melbourne Australia

林纲洋- naked 集团首席营运官

ƞˏnakedƍOumlȩ˪ϴϾŚɱOumlʝϛ~ƎTHORNǭāǑϏ6Фfrac14тʣ=ѽѓŘDŽŒOumlTHORNǭāOumlѵƢ=ĤЩƠч13ϢЏOumlucircϸ8JЈȈœ9ǭāΙɧOumlcopy˽κшũǭāVȂ˛ŝszligϞƝ ǙacircOumlǭālt6˶ϚщNtildeȥDŽŒƍФ˛ŝҁ˗ʑʁѢЭũoacuteƟAacuteΙɧOumlȓɲũǭā6

ФDŽŒƍˇфтʣ=ȩİϑGAringȚφɣyuml_ʔŴϷOacuteƁƗ˰OumlǑȓ=ѥѣЂ˙ϛƠчũЯɁѰξ6ȩ˪Ф13ɱȅOgraveѓŘтʣэȑǭʔŴϷOacuteŮOumlϞotilde˶ƣɬ=ѽǵǺǵȎɂugraveŁɬOumlЯɁēͺ˰=ϡƎISISOumlʼnʏūѽƃRФϯŘɂugraveOumlϯŘĘΌѱŁˇф6

ȩ˪ФɱƅOtildeȥGAringȚφηƁƗ˰ƁũGAringȚφпʻωǗOumlƁГѱķ6˶ϚƅOtildeȥGAringȚφɣyuml_AringλOuml˙ϛλλϡƎCcedilЇϊλп6

43

Gabriela Lo ndash Managing Director naked Retreats

With over 15 years experience in high end events and PR

management Gabriela has been instrumental in bringing naked

to where it is today As one of the original members of the

naked Team Gabriela has led the growth of naked Retreats

to become one of the most famous eco retreat destinations in

China attracting guests and publicity from around the world

Originally from Macao Gabriela has rich multi cultural and

multinational living and working experience having worked and

studied for many years in Greater China England and Italy

卢家宝 - naked 度假村常务董事

ϴϾŚ13ɱOumlijocircƂiacuteũŁŃŋ΄ŎȓǑϏ=nakedDžOumlǜІȶƝXēxǭ6ѽħdivideOumlmiddot˽ГтϞ=ȶƝXϠǑAEligȭnakedѓŘѻϾɜOuml˪ȾϽɧOumlTHORNтϞ=ͼϭȥȅѳǁĹTHORNOumlǸˆ6ȶƝXȅѳGɑ=ϴϾĖĥOumlucircЏŸũucircŘǝѢũľѽǑϏ=ЬФAringѓŴTHORNʵ=ϯŘũϤAringȚϾѯucircɱωǗǑș6

Judy Zhu ndash General Manager naked Group

Zhu is the General Manager for naked Group ensuring smooth

operations of the group with a particular focus on government

朱燕 - naked 集团总经理

њώ=iquestnaked Retreatsmiddot˽ǭ˽ǜũij˪ūѽ6њώѽƍѵǑȓ=ĤЩIcircTHORNũŋ΄ʽWƍРѽ6Фƞˏnakedтʣ=њώФ˛ŝũ[ǎiquestŚηucircІ˙ϛϾŋOumlфϛ6ФΪͻȈƅOtilde˙ϛλ6

44

Kurt Berman ndash General Manager naked Stables Private Reserve

With over 16 years experience in FampB and high end luxury

resort management Kurt brings a wealth of experience and

will lead the preopening and operations of our new resort ndash

naked Stables Private Reserve Prior to joining naked Kurt was

the preopening General Manager at Six Senses Laamu and

Resident Manager for Six Senses Soneva Gili by Six Senses Kurt

has also worked at other prestigious resorts including Fregate

his career in hospitality in FampB and was a trained Chef with

experience working in many prestigious institutions including

The Dorchester Hotel in London Kurt is from South Africa and

has a masters certificate in hospitality management from Cornell

University

Kurt Berman - naked私人度假村总经理

ϾѯŚɱϬƎijIumlŤŴoacuteƟAacuteOumlŎȓǑϏ=ƮϡĖĥOumlǑϏȭNtildeͰɒΪoacuteƟAacute77)$ 0OumlϱϛũРϱ6Фƞˏ)$ тʣ=10ЬEacuteˇŚ8szligȳĭǦ9+1ϱϛѵǑȓũ8szligȳĭǦ9-2 ((OumlѤacircǑȓ610ŻЬˇфЂamp0ˆŝETHũ1+4UgraveʙўɜoacuteƟˮTHORN610OumlϛʜzЂϬαϛ=ϚϡϞĸФŬucircўɜƉńVȂ-0-0 -$-ltľѽŚOumlρȡϾOumlnot˰610ȅѳɫč=sϴϾǰɪyumlAringλЃOumlǙacircŎȓλ6

Richard Johnston ndash General Manager naked Home Village

Hailing from the United Kingdom but with most of his working

life in resorts throughout Africa Richard brings with him over

20 years experience in General Management and Director level

roles in world class resorts including Azura Retreats Cape Grace

hotel and the Saxon Hotel Richard plays a key role in the set

up of systems training and operating standards His years

of experience and mentoring leadership style make Richard a

natural inspiration for our young hotel management team

Richard Johnston - naked 家园村总经理

RichardȅѳϯŘ=IgraveAringucircOumloacuteƟAacuteľѽiumlФмĸčљ=ϴϾŚɱOumlѴūŎȓũǁƐoacuteƟAacuteVȂAzura

Retreats Cape Grace hotel and the Saxon HotelltijʒŎȓǑϏ6RichardФƭȜ΄5ʅρũРαnѬĈɘʜѯŋƨѽϸ6ĖĥOumlǑϏũȭNtildeĘķ˼OtildeoslashͰɒɱʬOumlǙacircŎȓdivideϾѯѳʿOumlƊȘ6

45

Teun Hanegraaf ndash Sales Director naked Retreats

Teun obtained a Bachelors in Business Studies and Masters

in Strategic Management with a focus on Chinese Business

Culture Teun increased our corporate sales business by 350

in his first year with us bringing international companies

ranging from international conglomerates Unilever and Coca

Cola to more local institutions such as The Shanghai American

School and leading Chinese companies such as Bank of China

韩天宁销售总监

ȅѳŧȈɥEcirc=şɵϴϾ˙ϛλλλ5ЯɁŎȓѥѣЂѓŘ˙ϛŸlt6ȅƍOumlszligϞɱşɵƮŁOumlΝϛijȥ13=sŁAEligȅȥx˟ŘƙβOumlAringŁǸŲ=жʙѓϾŘƙAringʝϛȠūȚŴũǵǺǵȎ=ϚϾ˛ŝɐŘλΠUgraveIcircTHORNƉńũѓŘϫαUgraveѓŘȴʝϛ6

Oliver Yuen ndash nature Reserve amp Recreation Manager

naked Stables Private will be the first private reserve in China

with a wealth of new flora and fauna introduced to the project

from Sydney University Australia and as a fully qualified Ranger

working in many of the worldrsquos best wildlife parks Oliver takes a

special role in ensuring the environment of naked Retreats and

naked Stables Private Reserve will be full of life and a natural

self supporting eco system Oliverrsquos passion for both people and

nature make him the perfect person to teach our guests about

what we do and make their stay not only a relaxing one but

also a fun fulfilling educational one as well Oliver previously

worked in wildlife parks and resorts such as Azura Retreats in

Mozambique Mobala Private Game Reserve in South Africa and

Sydney Aquarium in Australia

袁鹏威 - 活动经理和度假村 生物学家

naked StablesƮѓŘszligϞĸϭljΪOumlцʾũiacuteʾOumlˆoacuteƟʵ6OliverѽϞɜGAringȚφͿɯAringλūķOuml˪λƝiacuteλƝ=ϡƎФǁĹTHORNOumlϙ˪iacuteВľѽOumlľѽе=Ф˼naked Retreats ũnaked StablesϾѯĖĥ˪ѱЕ5ʿѳĺOuml˪΄Oumlźǔľѽ˛QύѯіϘƶ˔6АʊoslashˆȏũѳʿOumlƊʮ˼ѻūOumlˆȅĵͰɒOumlǸˆͰɒѼOuml˷ɋ=sʨ˂ɒФжȕOuml˶ŒxLjLjČ=˶Ϛ˂ɒOumlǝѢǑșlOtildeϾǭΫcurren˹ũϾƷЋϤϦ6АʊтʣФɫčũGAringȚφͿɯѹŏiquestϙ˪iacuteВũWŰʵOumlľѽVȂMozambique OumlAzura Retreats Mobala Private Game Reservelt6

46

Philip C Davis Company Director naked Retreats

Phil joined the Board of Directors for naked Retreats hotel

management company in 2011 His previous board experience

includes Tian Rui Hotel Corporation holder of the master license

for Super 8 economy hotels in China and Hong Kong from 2006

to 2008 He also was a founding shareholder of Tian Rui and

served as its President and Managing Director from 2006 to

2008 He was a board member of Tian Xian Cheng a bai jiu

concern which is a joint venture between Pernod Ricard and a

2010

Phil was previously Chairman of the Budweiser (Wuhan)

International Brewing Company and Managing Director of the

AnheuserBusch business in China and Hong Kong from the

beginning of 1996 through 2002 From 2003 to 2005 he

headed the AnheuserBusch liaison office with Tsingtao Brewing

Company

Phil holds a PhD in history from Washington University and

started his career as a market researcher at a major advertising

agency in the US before moving to AnheuserBusch and

heading its consumer planning and new product development

functions in the 1980s

Philip CDavis naked 度假村公司董事长

PhilЂɱƞˏȥnakedoacuteƟʵǙacircŎȓŁOumligraveƁ6ϡĖĥOumlǑϏVȂФːǙacircƍˇф5ϡƎЂɱэɱФѓŘũѓŘΒIJEacuteˇSuper ǑƖǙacirc ʼnˆ6˶=ϚːǙacircƍOumlmiddot˽ʼnecirc=ФɱэɱʖƣEacuteˇƍOumlѵ|ũigrave6ɱэɱʖƣ=ϞƝІWȎȞƞũJǙ˪ȴʝϛƬɫūѱOumlʝϛ77ΐOumligraveƁГ6

iquestɱэɱ=Phil͵šBudweiserŘƙɳǙŁOumligraveƎѓŘũѓŘΒIJCŝyŁOumligrave6iquestɱэ13ɱ=CŝyũʫETHʌǙŁOumlȠɆdegOumlĤЩˆ6PhilϴϾŴ˭uacuteAringλOumlș˻дλvλ=ФǁɱCcedilȅOgraveCŝy5ĤЩΞĒŔŷũΪʑǭāĿɭтʣ=OumlϛʜzЂɐŘOumlϞƝœĵCcedilȓŁ=Eacuteˇaeligω6

47

OUR INTERNATIONAL TEAM

International team

Chief master planners amp architects

the urban landscape of modern China with Xintiandi in

Shanghai a commercial cultural and entertainment district

Since then the studio has worked on projects in very diverse

categories both small and large scale projects include mixed

use projects like the ldquoTiandirdquo in Hangzhou Chongqing Wuhan

and Foshan luxury villa and high rise residential complexes in

Shanghai and Vietnam as well as various boutique hotels and

Chalet Architects

A00 Architecture is most well known for their research

inenvironmental sustainability and its application to their

work in Architecture Interiors and Furniture Their portfolio

includes feature restaurants luxury spas retail stores design

conversion of dozens of historic Shanghai homes into highly

personalized residences

Interior Designers AIM (Architecture amp Design) brings expertise

in the combination of world architectural styles and design

influences to the interior designs at naked Stables Private

Reserve With the Shanghai office led by the two founding

on comfort warmth and a unique blend between African and

Asian design sensibilities

Landscape Architect

Design Land Collaborative (DLC) is a professional consulting firm

comprised of landscape architects and planners with an office in

Shanghai and the United States Projects have a strong emphasis

on cultural resources historic preservation and ecological

design involving both the public and private sectors

ͰɒOumlāЮdivide

ɴǵϡΑάOumlёȣ

ŘƙŸdivide

首席规划师和建筑师

benwood Studio Shanghai OumlсɜΙɧтϞѠĨШ˛ŝΪTHORNľ=˼ʙƍ˙ϛ5Ÿ5ЄȎϞOumlʵЉ6тŮ=ЁƻȥĹȏŔɟAringΟOumlΙɧ=VȂţјOumlͻůTHORN=іʱ5͵šƎę˗OumlŤŴpϡƎФ˛ŝũЛɫOumlijѢЭʵ=ȮŻϾФѓŘƎˉ_OumlĹȏǐʑǙacircƎoacuteƟ6

小圆房建筑

AOO Architecture ФźǔWŰƎǵ θāЮĈɘϾѯѭЛOumlƭ=s˘ƮʙƭϰϸЂɬƝѩ6ɒƻŚOumlΙɧVȂ˔5ŤŴȤѓΫ5ȫ˙acirc5ˤƗίǙacirc˛ŝυНǙacirc lt5ˆoacuteƟϡƎϞ΄ȧOuml˛ŝș˻ѢЭOumlCcedilŸƎˆŸĨШ6

ɬ ˤƗ˰AIMƭѡˤƗltѥѣЂǁƭѡĘķũˤƗOumlɐƿū=ϭNtildenaked StablesOumlɬˤƗ6ФȅѳŧȈũaȚ˶OumlūѽmiddotTˆȭNtildeOuml˛ŝTdegOumlUѠ΅=ˤƗѣі5ũφčˤƗȓɲOumlntildeˊū6

景观设计

Design Land Collaborative (DLC) ϞƝiquestǒōˤƗІŔŷOumlѥϛѰξŁ=Ф˛ŝІɐŘǩˤϾēрƉń6ʙΙɧ˘ЂŋѣŸș˻ĻЕ=ƿūźW˪ǴƔ=ѥѣЂŁŃƎϾTHORNOumlŔŷ6

48

Engineering amp Project Management team

Scott Wilson Group PLC is a globalintegrated design and

engineering consultancy for the built and natural environments

Scott Wilson is responsible for the project management the

electrical and mechanical engineering for the project

Environmental Consultants

Environmental Resources Management (ERM) a leading global

provider of environmental health and safety risk and social

consulting services ERM deliver innovative solutions for business

and government clients helping them understand and manage

their impacts on the world around them ERM have 137 offices

in 39 countries and employ approximately 3300 staff

Sustainability Consultants

Bisagni Environmental Enterprises (BEE) works with the

engineering and design teams to ensure the environmental

goals set out at the inception of the project are achieved

LEED Consultants

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

Local Design Institute

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

General Contractor

and have been responsible for some of Chinarsquos most iconic

properties such as the World Financial Centre in Shanghai

工程及项目管理团队

Scott Wilson Group PLCϞƝʺʳŔɟOumlźWˤƗƎľѰξŁ6Scott WilsonĤЩΙɧOumlaacuteʠƎƉΤľ6

环境咨询

Environmental Resources Management (ERM)ϞƝʺʳαϛȭѰξŁ=ŀźǔWŰ5ƫǰCʺƎŁŃˣƁĘΌUgraveѰξĞ6ERM˙ϛƎоġɑǸŲŀĨĶβOumlǀǧĈF=UѠɒȥǀsŎȓʙǑϱoslashˣƁźǔAEligȅOumlϳΗ6ERMФʺʳϾ137ĸēрƉń=myĸŘƝ=ϴϾAringК3300ɜГľ6

可持续发展咨询

Bisagni Environmental Enterprises (BEE)ІľˤƗdivideΑűūѽ=ϡʽWФΙɧǭ˽ƼotildeˤȜOumlźǔWŰǵ θāЮɧnOumlȚ˹6

绿色建筑认证咨询

Shanghai Pacific Energy Center (SPEC)ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlŁтϞ6

本地设计公司

Shanghai Baoye Construction Corp Ltd ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlαϛȭŁтϞ6

总承包商

ϞƝŘƝƐľVŁ=ϠƻȥηucircѓŘnьβΙɧ=țˍ˛ŝźʳDŽˊѓΫ6

49

naked COVERAGE

wwwcnngocom

ldquo25 killer things to do this summerrdquo

26 April 2010

Time Magazine

ldquoRun to the Moganshan Hillrdquo

新浪博客

ldquo避世的可能rdquo

31 December 2009

wwwenglisheastdaycom

ldquoThe first batch of ldquoChina Treasured Towns ldquo released

December 2009

Shanghai Urbanatomy

ldquoGet naked this time with horsesrdquo

Shanghai Daily

ldquoGreen MaGIC Casts design spellrdquo

14 October 2009

新浪商品

ldquo中国最佳设计酒店大赏rdquo

September 2009

wwwchannelnewsasiacom

ldquoChinarsquos green resort allows travellers to vacation on good consciencerdquo

2 September 2009

wwwbijianlinblshecom

ldquo莫干隐居rdquo

25 Aug 2009

wwwassociatecontentcom

ldquoThe Exquisite Moganshan Mountains of Chinardquo

Ɏ

Wikitravel

ldquoMoganshanrdquo

德清新闻网

ldquo承包国营林场建造生态ldquo逸站rdquo

wwwsinoeventcom

ldquo亚洲旅游地产及景点峰会成功举行rdquo

wwwchinatravelbrandingcom

ldquoPursuing Green for Greenrdquo

wwwbrandrepublicasia

ldquoMaking moves towards ecofriendly eventsrdquo

7 May 2009

wwwhandsonshanghaiorg

ldquoHands On Asia Conference Summeryrdquo

May 2009

wwwmyvacationcn

ldquo莫干山居rdquo

3 April 2009

wwwshanghaidailycom

ldquoThe naked truth Time to clean up Moganshan litterrdquo

4 March 2009

wwwgreennovateorg

ldquoMoganshan Project Kick Offrdquo

13 February 2009

Travesias

ldquonaked retreatsrdquo

Feb 2009

合肥在线

ldquo大山里的裸家族rdquo

20 October 2008

wwwentrepreneurcom

ldquoThe arrival of the Olympics showcases Chinarsquos burgeoning entrepreneurial spirit ldquo

7 August 2008

50

Shanghaiist

ldquoWeekend escape to Moganshan 莫干山rdquo

9 April 2008

私家地理

ldquo艳阳下的荫凉rdquo

30 May 2008

City Weekend

ldquoGet naked in Moganshanrdquo

25 January 2008

wwwbundpiccom

ldquo在这绿中撒点野rdquo

wwwhuzhougovcn

ldquo相中德清筏头的青山绿水南非客商莫干山下建生态逸站rdquo

wwwurbanatomycom

ldquo24 Hours in Moganshanrdquo

wwwhkheadlinecom

ldquo杭州莫干山竹林深处人家rdquo

15 May 2009

wwwnewsweekcom

ldquoBack from abroadrdquo

May 2009

Chinatravelnet

ldquoMoganshan A Heavenly Hideaway of Bamboo Forests amp Tea Plantationsrdquo

April 2009

wwwmzztmcagovcn

ldquo2009年踏青乐游路线推荐大公布rdquo

16 March 2009

第三媒体

ldquo规划一条畅快随性的踏青之旅rdquo

28 October 2009

wwwdqnewszjolcomcn

ldquo三九坞 ldquo裸家族rdquo钟爱的世外桃源rdquo

28 October 2008

ldquo自驾行天下rdquo之中国莫干山rdquo

Sep 2008

ldquoShiffting Gearsrdquo

Sep 2008

April 2008

Chewed up amp Spit Out

ldquoGet nakedrdquo

19 February 2008

ldquoBest Weekend Getaway Hotels Shanghairdquo

富世

Ecoefficient hotel低碳下榻

April 2011

Spa China Guy 男士派

Experiencing The Unique

2010

Cosmo 时尚

跨洋建屋隐居不隐世

April 2010

Global Times

The Mountain of legends

Global City Geography 城市地理

莫干山 naked Retreats 都市人一ldquo裸rdquo到底的山居生活

Dec 2009

China Daily

Rural Retreat

20 March 2011

China Daily

4th March 2011

Modern Weekly周末画报

圣诞低碳游

Dec 2010

Elite Traveler 携程自由行

旅尚

Esquire

Hidden Best Restaurants

Feb 2011

51

52

53

Page 37: Detailed Investor's Report

36

INDUSTRY RETURNS AND BENCHMARKS

INDUSTRY REPORT

行业报告

Tourism and urban resorts is one of the fastest growing industries in China According to industry consultant HVS cities such

as Shanghai Beijing Shenzhen Guangzhou Hangzhou and Tianjin all have a population where a critical mass of highly affluent

individuals and successful companies exist generating demand for suburban resorts

ФѓŘ=ȾϽϛũoacuteƟAacuteσɓāЮOumlαϛтϞ6ĻǟʺʳǙacircĞϛltOumlϞΙYĵ˿=ФѓŘOumlѝϘˍ˛ŝ5[ǎ5˧5œј5ţјũdžǩēyѯAringȣOumlĥЍˆʾũĿOumlʝϛ=ϻfrac14ϚƊāȥoslashƴʵoacuteƟAacuteOumlƌAringεʴ6

Amongst other things the exponential growth in private vehicles has seen a huge increase in demand in the leisure market With

the completion of the shenjiahu highway in 2010 the travel time from downtown Shanghai to Deqing is now 2 hours Also with

stop at Deqing) scheduled to open in late 2011 travel time from downtown Shanghai to Moganshan will take between 15 to 2

hours When comparing travel times to get to other resort destinations in China ndash eg Hainan or Lijiang flight times might be within

2 or 3 hours total travel time including travel to airports and check in make the whole trip 6 to 7 hours plus additional travel cost

Within the 2 hour travel radius of Shanghai the quality of resort destinations is also (in our opinion) not at an international standard

with most hotels simply being lsquocity hotels in the countryrsquo rather than true resort properties operating at international standards

shyfrac14т=ѯĸˆγΊOumlāЮ=ĸˆƸϴϾȿϚσʂ˫6ѳɱ˥ƛůijϡŮ=iquest˛ŝOgraveOcircʭϚLjεϘĸΟ˶Ouml6ΪƭOumlijǵϡФ13ēєɬiquest˛ŝUumlAumlţј6ƏƮФɱYacuteǫľOumliquestţјOgraveɫǎOumlijѓϾϞаDzOcircʭlt=ъεϞĸSΟ˶OgraveȢĸΟ˶ǜǵϡiquest˛ŝѓΫOgraveAumlɢī˗6ˍřІѓŘOumloacuteƟˮTHORNŝɫ5ȒƯUgraveaƹ=shyȥϘųĒэĸΟ˶Oumlďα˶ƣ=ŻϘФVȂʣƉ=CʺƤũUgraveEgraveOslashƉ˛ų˛эĸΟ˶=ĽxϸɨΡuumlOumlαųΝȥ6Ѷō˛ŝїiΟ˶ɬOumlγΊoacuteƟʸdeg=э˟ͰɒˈltІŘƙŸnѬŻϾѯɛOumlǢ6AringēOumloacuteƟǙacircϚũѓOumlɨΡǙacircɍϾ_ёOumlʵp=ЗЗAumlxOgraveинŘƙϤϦ˛oacuteƟίĉΙɧOumlϘʴ6

ϛѝЎʖſYІaƹ

37

OUR NICHE

我们的利基

naked sees a need in the market for world class expertly designed and operated resorts which are within 1 to 2 hour travel time

of major cities in China As with other urban resorts we believe that the Leisure market and the MICE (Meetings Incentives

Conferences Events) market will be a huge driver for our business In addition we feel that we are already at the forefront of

the growing focus and concern on environmental design building and operations as well as the growing interest in nature and

environmental education At naked we also place a high emphasis on facilities and services for the entire extended family ndash from

children to parents to grandparents that other resorts do not place dedicated resources for

nakedЎƧOgraveȥФѓŘжϞεʴƏǢȑѝϘϞэȢĸΟ˶Ouml=˶ЁhζǁϞȱOumlѥϛˤƗũŎȓOumloacuteƟΙɧ6ͰɒΑάγΊũƁƁϨ5ưȘȾϽ5AringίʝϛƁϨ5ƂiacuteЮȉltOumloslashͰɒϛOumlіAringʤȞ6frac14=ͰɒФŋѣũiacuteźWίˤƗ5ƭШ5ŎȓũźWȓɲœ˛ϠǑѷФȥαϛȭя=ФnakedІαϛеxͰɒϚіoslashЂˣʵѓOumlŜѲ5Ɲ5ȌеOumlĞũˏ6

As such we feel very confident in the rates and occupancies that we will achieve Regarding room prices when benchmarking

against some of the other leading hotel brands in the resort market such as Aman Fayun Hangzhou Banyan Tree Hangzhou Fuchun

Resort Hangzhou Mandarin Oriental Hainan and Commune by the Great Wall average rates in March 2011 for single bedrooms in

this set are ~ RMB2800

ϩfrac14=ͰɒoslashЂˏѢĉƠϡƎˏѢȿcurrenɊάΫ6ФˏѢĉƠĈɘ=ІʙФoacuteƟAacute˛OumlсɜǙacircʑʁaƹ=ˍCҊĂО5ţјНҏѨ5ĥsup1˗ǝ5˓φŴecircĈǙacircũƵ΅OumlŁˣ=Фɱ˓МOumlEumlˆƣʒǩƠķ=6

Regarding occupancies we are confident to achieve occupancies of around 60 after about 4 years of operation but forecast

conservatively that our occupancies will start from around 35 in the 1st year of operation and grow steadily to 45 in year 2

55 in year 3 and 60 after the hotel is lsquomaturersquo from year 4 onwards

ФˏѢȿĈɘ=ͰɒŬϾάΫǑŚɱOumlǑϱ=ͰɒǵϡAumlOgraveOumlˏѢȿ6WŇƗ=ͰɒOumlˏѢȿƮƁϻszligϞɱOuml13=egraveЫOgravefrac34ɱOuml13ũszlig˓ɱOuml1313=szligɱϡŮƮƁЫOgrave6

Given the above estimates we believe that owners can expect attractive investment terms as illustrated in the table below

Ļǟϡ˛OumlŇƗ=ЎƗϛѝɭņOtildeOgraveOumlѱſYƮƁˍ΅o˿

CҊĂО

НҏѨ

ĥsup1˗ǝ

˓φŴecircĈǙacirc

Ƶ΅OumlŁˣ

RMB4270

RMB3500

RMB2000

RMB2150

RMB2388

Aman Fayun Hangzhou

Banyan Tree Hangzhou

Fuchun Resort Hangzhou

Mandarin Oriental Hainan

Commune by the Great Wall Beijing

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966

38

39

ͰɒOumldivideTHE TEAM

40

Grant Horsfield ndash Chairman naked Group

Grant a native of South Africa is Founder and Chairman of the

naked Group

Before coming to China in 2005 Grant worked in England

and South Africa with more than 10 years business ownership

experience With background in IT he launched eBites

Limited in 2000 Operating nationally eBites was both a

publishing company and a callcentre facilitations company with

headquarters based in Cape Town In 2004 Grant received

an MBA from University of Cape Town Graduate School of

Business Upon graduation he decided to come to China as he

saw China is where business opportunities lie

After spending two years in Shanghai he found himself

overwhelmed by the metropolis and missed the natural beauty

of his home From this desire and need sprouted the concept

for naked Retreats which was launched in 2007 Grantrsquos vision is

to create sanctuaries that are in harmony with the environment

where people can appreciate the simple way of nature and

embrace the naked lifestyle Grantrsquos tireless efforts in promoting

ecotourism in the rural areas not only created jobs but also

pride for the local community He received an environmental

award from the Huzhou Government in 2008

高天成 - naked集团总裁

ij=ɫčIcircTHORNˆ=nakedƍOumlmiddot˽ˆũѵ|6

Ф13ɱȅOgraveѓŘтʣ=ij˪ЬФϯŘƎɫčľѽ=ϾŚɱOuml˙ϛǑϱƎРѽǑϏ6ФʙITǒOumlUѠ΅=ɱij˪ƭȜȥeBitesϾΏŁ=eBitesŁƮϱΝІaacuteŹĞѓΫLJɖƿū=ʙѵˤФǭʔugrave6ɱ=ijƅOtildeȥǭʔugraveAringλ˙λЙOumlMBAλ6dϛŮ=ǧegraveȅѓŘ=ϩǯOgraveȥжȕOuml˙Ɖ6

Ф˛ŝEgraveȥȢɱтŮ=āѳƓxȥ˪Ƃ=sʨAtilde˱ȥѳʿɐǒ6ФжѕИІεʴOumlʶ˼΅=ƭȜnaked Retreats

OumlΖĂФɱOtildeOgraveȥ˹˲6ijOumlΖĂƭШϞĸ˯THORNІѳʿũΣŃdeg=ˆɒǵϡΘѳʿ=ΘnakedOuml˪ƂĈ˾6ij˫ΔAacuteTHORNʵ˪ȾϽѽordfOumlxΦɹȞ=xLjmiddotШȥľѽıŻOtildeOgraveȥIcircTHORNˣʵOumlХϐ6ij˪ƅOtildeȥɱůјоġNāOumlźWAring˼ư6

41

Delphine Yip-Horsfield ndash Partner Ben Wood Studio Shanghai

received her Master of Architecture degree from Harvard

Boston prior to moving to Shanghai to oversee the award

winning Xintiandi project on behalf of Wood and Zapata In

the fall of 2005 Delphine became partner at Ben Wood Studio

Shanghai

Drawing from her own experience of diverse cultures Delphine

has led a multitude of high profile projects such as Hangzhou

Xihutiandi Zhujiajiao Oriental Garden Shanghai Waitanyuan

Beijing Palace 77 Shanghai Hongqiao Commercial Core Lijiang

Lashihai Resort Masterplan etc

In 2006 she was selected Wallpaper magazinersquos first annual 40

under 40 designer of the year

Delphine is the chief master planner and architect for naked

Home Village and naked Stables Private Reserve She also

oversees the visuals and styling of the naked Brand

叶凯欣 - 上海Ben Wood设计室合伙人

ϜǮΩɺ=Ben Wood ˤƗľѽOumlѵƢ=śęAringλƭѡλ6ȅ˛ŝтʣ=ФΒIJ5ɷКũuuacuteľѽ6ȅ˛ŝŮ=CcediloWoodũZapataĤЩΪTHORNΙɧOumlƢethľѽ613ɱʲƕ=ϜǮΩɺBen Wood ˤƗľѽūƃˆ6

ϾѯxŸϽșǑϏOumlϜǮΩɺ=EacuteˇȥηucircijocircΙɧOumlƢeth=VȂţјͻůTHORN5њƝƶecircĈųВ5˛ŝЕ5[ǎłatilde5˛ŝŭʦ˙ϛѓΫ5ȗƯȄŝoacuteƟAacuteѵŔŷˤƗUgrave6

ɱ=ˏκȥWallpaperСьǃɱoacuteϡ΅OumlˤƗ˰6

ϜǮΩnakedƝВAacuteũnaked RetreatsOumlѵˤƗеũƭѡ˰6˶ϚĤЩƢethnaked˙nOumlFũĘķˤƗ6

42

Kang Yang Lim ndash Group Chief Operating Officer naked Group

Group with over 13 years corporate finance and real estate

development experience Previously he was Director of the

real estate division of APP China taking responsibility for the

initial positioning and development of the USD15 billion lsquoWhite

Magnolia Plazarsquo mixed use development project (including

the development of Shanghairsquos first W Hotel) He also led the

concept and development of APPrsquos branded residence and resort

project in Sheshan Shanghai

Finance division of PricewaterhouseCoopers in Melbourne

Australia where he specialized in business value and strategy

worked in inhouse strategy roles for CocaCola GB in London

and to British venture capital firm of the year (2004) ISIS Equity

Partners before coming to China in 2005

Accountants Australia in 2002 and is also an affiliate of the

of Commerce and Diploma in Modern Languages from the

University of Melbourne Australia

林纲洋- naked 集团首席营运官

ƞˏnakedƍOumlȩ˪ϴϾŚɱOumlʝϛ~ƎTHORNǭāǑϏ6Фfrac14тʣ=ѽѓŘDŽŒOumlTHORNǭāOumlѵƢ=ĤЩƠч13ϢЏOumlucircϸ8JЈȈœ9ǭāΙɧOumlcopy˽κшũǭāVȂ˛ŝszligϞƝ ǙacircOumlǭālt6˶ϚщNtildeȥDŽŒƍФ˛ŝҁ˗ʑʁѢЭũoacuteƟAacuteΙɧOumlȓɲũǭā6

ФDŽŒƍˇфтʣ=ȩİϑGAringȚφɣyuml_ʔŴϷOacuteƁƗ˰OumlǑȓ=ѥѣЂ˙ϛƠчũЯɁѰξ6ȩ˪Ф13ɱȅOgraveѓŘтʣэȑǭʔŴϷOacuteŮOumlϞotilde˶ƣɬ=ѽǵǺǵȎɂugraveŁɬOumlЯɁēͺ˰=ϡƎISISOumlʼnʏūѽƃRФϯŘɂugraveOumlϯŘĘΌѱŁˇф6

ȩ˪ФɱƅOtildeȥGAringȚφηƁƗ˰ƁũGAringȚφпʻωǗOumlƁГѱķ6˶ϚƅOtildeȥGAringȚφɣyuml_AringλOuml˙ϛλλϡƎCcedilЇϊλп6

43

Gabriela Lo ndash Managing Director naked Retreats

With over 15 years experience in high end events and PR

management Gabriela has been instrumental in bringing naked

to where it is today As one of the original members of the

naked Team Gabriela has led the growth of naked Retreats

to become one of the most famous eco retreat destinations in

China attracting guests and publicity from around the world

Originally from Macao Gabriela has rich multi cultural and

multinational living and working experience having worked and

studied for many years in Greater China England and Italy

卢家宝 - naked 度假村常务董事

ϴϾŚ13ɱOumlijocircƂiacuteũŁŃŋ΄ŎȓǑϏ=nakedDžOumlǜІȶƝXēxǭ6ѽħdivideOumlmiddot˽ГтϞ=ȶƝXϠǑAEligȭnakedѓŘѻϾɜOuml˪ȾϽɧOumlTHORNтϞ=ͼϭȥȅѳǁĹTHORNOumlǸˆ6ȶƝXȅѳGɑ=ϴϾĖĥOumlucircЏŸũucircŘǝѢũľѽǑϏ=ЬФAringѓŴTHORNʵ=ϯŘũϤAringȚϾѯucircɱωǗǑș6

Judy Zhu ndash General Manager naked Group

Zhu is the General Manager for naked Group ensuring smooth

operations of the group with a particular focus on government

朱燕 - naked 集团总经理

њώ=iquestnaked Retreatsmiddot˽ǭ˽ǜũij˪ūѽ6њώѽƍѵǑȓ=ĤЩIcircTHORNũŋ΄ʽWƍРѽ6Фƞˏnakedтʣ=њώФ˛ŝũ[ǎiquestŚηucircІ˙ϛϾŋOumlфϛ6ФΪͻȈƅOtilde˙ϛλ6

44

Kurt Berman ndash General Manager naked Stables Private Reserve

With over 16 years experience in FampB and high end luxury

resort management Kurt brings a wealth of experience and

will lead the preopening and operations of our new resort ndash

naked Stables Private Reserve Prior to joining naked Kurt was

the preopening General Manager at Six Senses Laamu and

Resident Manager for Six Senses Soneva Gili by Six Senses Kurt

has also worked at other prestigious resorts including Fregate

his career in hospitality in FampB and was a trained Chef with

experience working in many prestigious institutions including

The Dorchester Hotel in London Kurt is from South Africa and

has a masters certificate in hospitality management from Cornell

University

Kurt Berman - naked私人度假村总经理

ϾѯŚɱϬƎijIumlŤŴoacuteƟAacuteOumlŎȓǑϏ=ƮϡĖĥOumlǑϏȭNtildeͰɒΪoacuteƟAacute77)$ 0OumlϱϛũРϱ6Фƞˏ)$ тʣ=10ЬEacuteˇŚ8szligȳĭǦ9+1ϱϛѵǑȓũ8szligȳĭǦ9-2 ((OumlѤacircǑȓ610ŻЬˇфЂamp0ˆŝETHũ1+4UgraveʙўɜoacuteƟˮTHORN610OumlϛʜzЂϬαϛ=ϚϡϞĸФŬucircўɜƉńVȂ-0-0 -$-ltľѽŚOumlρȡϾOumlnot˰610ȅѳɫč=sϴϾǰɪyumlAringλЃOumlǙacircŎȓλ6

Richard Johnston ndash General Manager naked Home Village

Hailing from the United Kingdom but with most of his working

life in resorts throughout Africa Richard brings with him over

20 years experience in General Management and Director level

roles in world class resorts including Azura Retreats Cape Grace

hotel and the Saxon Hotel Richard plays a key role in the set

up of systems training and operating standards His years

of experience and mentoring leadership style make Richard a

natural inspiration for our young hotel management team

Richard Johnston - naked 家园村总经理

RichardȅѳϯŘ=IgraveAringucircOumloacuteƟAacuteľѽiumlФмĸčљ=ϴϾŚɱOumlѴūŎȓũǁƐoacuteƟAacuteVȂAzura

Retreats Cape Grace hotel and the Saxon HotelltijʒŎȓǑϏ6RichardФƭȜ΄5ʅρũРαnѬĈɘʜѯŋƨѽϸ6ĖĥOumlǑϏũȭNtildeĘķ˼OtildeoslashͰɒɱʬOumlǙacircŎȓdivideϾѯѳʿOumlƊȘ6

45

Teun Hanegraaf ndash Sales Director naked Retreats

Teun obtained a Bachelors in Business Studies and Masters

in Strategic Management with a focus on Chinese Business

Culture Teun increased our corporate sales business by 350

in his first year with us bringing international companies

ranging from international conglomerates Unilever and Coca

Cola to more local institutions such as The Shanghai American

School and leading Chinese companies such as Bank of China

韩天宁销售总监

ȅѳŧȈɥEcirc=şɵϴϾ˙ϛλλλ5ЯɁŎȓѥѣЂѓŘ˙ϛŸlt6ȅƍOumlszligϞɱşɵƮŁOumlΝϛijȥ13=sŁAEligȅȥx˟ŘƙβOumlAringŁǸŲ=жʙѓϾŘƙAringʝϛȠūȚŴũǵǺǵȎ=ϚϾ˛ŝɐŘλΠUgraveIcircTHORNƉńũѓŘϫαUgraveѓŘȴʝϛ6

Oliver Yuen ndash nature Reserve amp Recreation Manager

naked Stables Private will be the first private reserve in China

with a wealth of new flora and fauna introduced to the project

from Sydney University Australia and as a fully qualified Ranger

working in many of the worldrsquos best wildlife parks Oliver takes a

special role in ensuring the environment of naked Retreats and

naked Stables Private Reserve will be full of life and a natural

self supporting eco system Oliverrsquos passion for both people and

nature make him the perfect person to teach our guests about

what we do and make their stay not only a relaxing one but

also a fun fulfilling educational one as well Oliver previously

worked in wildlife parks and resorts such as Azura Retreats in

Mozambique Mobala Private Game Reserve in South Africa and

Sydney Aquarium in Australia

袁鹏威 - 活动经理和度假村 生物学家

naked StablesƮѓŘszligϞĸϭljΪOumlцʾũiacuteʾOumlˆoacuteƟʵ6OliverѽϞɜGAringȚφͿɯAringλūķOuml˪λƝiacuteλƝ=ϡƎФǁĹTHORNOumlϙ˪iacuteВľѽOumlľѽе=Ф˼naked Retreats ũnaked StablesϾѯĖĥ˪ѱЕ5ʿѳĺOuml˪΄Oumlźǔľѽ˛QύѯіϘƶ˔6АʊoslashˆȏũѳʿOumlƊʮ˼ѻūOumlˆȅĵͰɒOumlǸˆͰɒѼOuml˷ɋ=sʨ˂ɒФжȕOuml˶ŒxLjLjČ=˶Ϛ˂ɒOumlǝѢǑșlOtildeϾǭΫcurren˹ũϾƷЋϤϦ6АʊтʣФɫčũGAringȚφͿɯѹŏiquestϙ˪iacuteВũWŰʵOumlľѽVȂMozambique OumlAzura Retreats Mobala Private Game Reservelt6

46

Philip C Davis Company Director naked Retreats

Phil joined the Board of Directors for naked Retreats hotel

management company in 2011 His previous board experience

includes Tian Rui Hotel Corporation holder of the master license

for Super 8 economy hotels in China and Hong Kong from 2006

to 2008 He also was a founding shareholder of Tian Rui and

served as its President and Managing Director from 2006 to

2008 He was a board member of Tian Xian Cheng a bai jiu

concern which is a joint venture between Pernod Ricard and a

2010

Phil was previously Chairman of the Budweiser (Wuhan)

International Brewing Company and Managing Director of the

AnheuserBusch business in China and Hong Kong from the

beginning of 1996 through 2002 From 2003 to 2005 he

headed the AnheuserBusch liaison office with Tsingtao Brewing

Company

Phil holds a PhD in history from Washington University and

started his career as a market researcher at a major advertising

agency in the US before moving to AnheuserBusch and

heading its consumer planning and new product development

functions in the 1980s

Philip CDavis naked 度假村公司董事长

PhilЂɱƞˏȥnakedoacuteƟʵǙacircŎȓŁOumligraveƁ6ϡĖĥOumlǑϏVȂФːǙacircƍˇф5ϡƎЂɱэɱФѓŘũѓŘΒIJEacuteˇSuper ǑƖǙacirc ʼnˆ6˶=ϚːǙacircƍOumlmiddot˽ʼnecirc=ФɱэɱʖƣEacuteˇƍOumlѵ|ũigrave6ɱэɱʖƣ=ϞƝІWȎȞƞũJǙ˪ȴʝϛƬɫūѱOumlʝϛ77ΐOumligraveƁГ6

iquestɱэɱ=Phil͵šBudweiserŘƙɳǙŁOumligraveƎѓŘũѓŘΒIJCŝyŁOumligrave6iquestɱэ13ɱ=CŝyũʫETHʌǙŁOumlȠɆdegOumlĤЩˆ6PhilϴϾŴ˭uacuteAringλOumlș˻дλvλ=ФǁɱCcedilȅOgraveCŝy5ĤЩΞĒŔŷũΪʑǭāĿɭтʣ=OumlϛʜzЂɐŘOumlϞƝœĵCcedilȓŁ=Eacuteˇaeligω6

47

OUR INTERNATIONAL TEAM

International team

Chief master planners amp architects

the urban landscape of modern China with Xintiandi in

Shanghai a commercial cultural and entertainment district

Since then the studio has worked on projects in very diverse

categories both small and large scale projects include mixed

use projects like the ldquoTiandirdquo in Hangzhou Chongqing Wuhan

and Foshan luxury villa and high rise residential complexes in

Shanghai and Vietnam as well as various boutique hotels and

Chalet Architects

A00 Architecture is most well known for their research

inenvironmental sustainability and its application to their

work in Architecture Interiors and Furniture Their portfolio

includes feature restaurants luxury spas retail stores design

conversion of dozens of historic Shanghai homes into highly

personalized residences

Interior Designers AIM (Architecture amp Design) brings expertise

in the combination of world architectural styles and design

influences to the interior designs at naked Stables Private

Reserve With the Shanghai office led by the two founding

on comfort warmth and a unique blend between African and

Asian design sensibilities

Landscape Architect

Design Land Collaborative (DLC) is a professional consulting firm

comprised of landscape architects and planners with an office in

Shanghai and the United States Projects have a strong emphasis

on cultural resources historic preservation and ecological

design involving both the public and private sectors

ͰɒOumlāЮdivide

ɴǵϡΑάOumlёȣ

ŘƙŸdivide

首席规划师和建筑师

benwood Studio Shanghai OumlсɜΙɧтϞѠĨШ˛ŝΪTHORNľ=˼ʙƍ˙ϛ5Ÿ5ЄȎϞOumlʵЉ6тŮ=ЁƻȥĹȏŔɟAringΟOumlΙɧ=VȂţјOumlͻůTHORN=іʱ5͵šƎę˗OumlŤŴpϡƎФ˛ŝũЛɫOumlijѢЭʵ=ȮŻϾФѓŘƎˉ_OumlĹȏǐʑǙacircƎoacuteƟ6

小圆房建筑

AOO Architecture ФźǔWŰƎǵ θāЮĈɘϾѯѭЛOumlƭ=s˘ƮʙƭϰϸЂɬƝѩ6ɒƻŚOumlΙɧVȂ˔5ŤŴȤѓΫ5ȫ˙acirc5ˤƗίǙacirc˛ŝυНǙacirc lt5ˆoacuteƟϡƎϞ΄ȧOuml˛ŝș˻ѢЭOumlCcedilŸƎˆŸĨШ6

ɬ ˤƗ˰AIMƭѡˤƗltѥѣЂǁƭѡĘķũˤƗOumlɐƿū=ϭNtildenaked StablesOumlɬˤƗ6ФȅѳŧȈũaȚ˶OumlūѽmiddotTˆȭNtildeOuml˛ŝTdegOumlUѠ΅=ˤƗѣі5ũφčˤƗȓɲOumlntildeˊū6

景观设计

Design Land Collaborative (DLC) ϞƝiquestǒōˤƗІŔŷOumlѥϛѰξŁ=Ф˛ŝІɐŘǩˤϾēрƉń6ʙΙɧ˘ЂŋѣŸș˻ĻЕ=ƿūźW˪ǴƔ=ѥѣЂŁŃƎϾTHORNOumlŔŷ6

48

Engineering amp Project Management team

Scott Wilson Group PLC is a globalintegrated design and

engineering consultancy for the built and natural environments

Scott Wilson is responsible for the project management the

electrical and mechanical engineering for the project

Environmental Consultants

Environmental Resources Management (ERM) a leading global

provider of environmental health and safety risk and social

consulting services ERM deliver innovative solutions for business

and government clients helping them understand and manage

their impacts on the world around them ERM have 137 offices

in 39 countries and employ approximately 3300 staff

Sustainability Consultants

Bisagni Environmental Enterprises (BEE) works with the

engineering and design teams to ensure the environmental

goals set out at the inception of the project are achieved

LEED Consultants

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

Local Design Institute

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

General Contractor

and have been responsible for some of Chinarsquos most iconic

properties such as the World Financial Centre in Shanghai

工程及项目管理团队

Scott Wilson Group PLCϞƝʺʳŔɟOumlźWˤƗƎľѰξŁ6Scott WilsonĤЩΙɧOumlaacuteʠƎƉΤľ6

环境咨询

Environmental Resources Management (ERM)ϞƝʺʳαϛȭѰξŁ=ŀźǔWŰ5ƫǰCʺƎŁŃˣƁĘΌUgraveѰξĞ6ERM˙ϛƎоġɑǸŲŀĨĶβOumlǀǧĈF=UѠɒȥǀsŎȓʙǑϱoslashˣƁźǔAEligȅOumlϳΗ6ERMФʺʳϾ137ĸēрƉń=myĸŘƝ=ϴϾAringК3300ɜГľ6

可持续发展咨询

Bisagni Environmental Enterprises (BEE)ІľˤƗdivideΑűūѽ=ϡʽWФΙɧǭ˽ƼotildeˤȜOumlźǔWŰǵ θāЮɧnOumlȚ˹6

绿色建筑认证咨询

Shanghai Pacific Energy Center (SPEC)ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlŁтϞ6

本地设计公司

Shanghai Baoye Construction Corp Ltd ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlαϛȭŁтϞ6

总承包商

ϞƝŘƝƐľVŁ=ϠƻȥηucircѓŘnьβΙɧ=țˍ˛ŝźʳDŽˊѓΫ6

49

naked COVERAGE

wwwcnngocom

ldquo25 killer things to do this summerrdquo

26 April 2010

Time Magazine

ldquoRun to the Moganshan Hillrdquo

新浪博客

ldquo避世的可能rdquo

31 December 2009

wwwenglisheastdaycom

ldquoThe first batch of ldquoChina Treasured Towns ldquo released

December 2009

Shanghai Urbanatomy

ldquoGet naked this time with horsesrdquo

Shanghai Daily

ldquoGreen MaGIC Casts design spellrdquo

14 October 2009

新浪商品

ldquo中国最佳设计酒店大赏rdquo

September 2009

wwwchannelnewsasiacom

ldquoChinarsquos green resort allows travellers to vacation on good consciencerdquo

2 September 2009

wwwbijianlinblshecom

ldquo莫干隐居rdquo

25 Aug 2009

wwwassociatecontentcom

ldquoThe Exquisite Moganshan Mountains of Chinardquo

Ɏ

Wikitravel

ldquoMoganshanrdquo

德清新闻网

ldquo承包国营林场建造生态ldquo逸站rdquo

wwwsinoeventcom

ldquo亚洲旅游地产及景点峰会成功举行rdquo

wwwchinatravelbrandingcom

ldquoPursuing Green for Greenrdquo

wwwbrandrepublicasia

ldquoMaking moves towards ecofriendly eventsrdquo

7 May 2009

wwwhandsonshanghaiorg

ldquoHands On Asia Conference Summeryrdquo

May 2009

wwwmyvacationcn

ldquo莫干山居rdquo

3 April 2009

wwwshanghaidailycom

ldquoThe naked truth Time to clean up Moganshan litterrdquo

4 March 2009

wwwgreennovateorg

ldquoMoganshan Project Kick Offrdquo

13 February 2009

Travesias

ldquonaked retreatsrdquo

Feb 2009

合肥在线

ldquo大山里的裸家族rdquo

20 October 2008

wwwentrepreneurcom

ldquoThe arrival of the Olympics showcases Chinarsquos burgeoning entrepreneurial spirit ldquo

7 August 2008

50

Shanghaiist

ldquoWeekend escape to Moganshan 莫干山rdquo

9 April 2008

私家地理

ldquo艳阳下的荫凉rdquo

30 May 2008

City Weekend

ldquoGet naked in Moganshanrdquo

25 January 2008

wwwbundpiccom

ldquo在这绿中撒点野rdquo

wwwhuzhougovcn

ldquo相中德清筏头的青山绿水南非客商莫干山下建生态逸站rdquo

wwwurbanatomycom

ldquo24 Hours in Moganshanrdquo

wwwhkheadlinecom

ldquo杭州莫干山竹林深处人家rdquo

15 May 2009

wwwnewsweekcom

ldquoBack from abroadrdquo

May 2009

Chinatravelnet

ldquoMoganshan A Heavenly Hideaway of Bamboo Forests amp Tea Plantationsrdquo

April 2009

wwwmzztmcagovcn

ldquo2009年踏青乐游路线推荐大公布rdquo

16 March 2009

第三媒体

ldquo规划一条畅快随性的踏青之旅rdquo

28 October 2009

wwwdqnewszjolcomcn

ldquo三九坞 ldquo裸家族rdquo钟爱的世外桃源rdquo

28 October 2008

ldquo自驾行天下rdquo之中国莫干山rdquo

Sep 2008

ldquoShiffting Gearsrdquo

Sep 2008

April 2008

Chewed up amp Spit Out

ldquoGet nakedrdquo

19 February 2008

ldquoBest Weekend Getaway Hotels Shanghairdquo

富世

Ecoefficient hotel低碳下榻

April 2011

Spa China Guy 男士派

Experiencing The Unique

2010

Cosmo 时尚

跨洋建屋隐居不隐世

April 2010

Global Times

The Mountain of legends

Global City Geography 城市地理

莫干山 naked Retreats 都市人一ldquo裸rdquo到底的山居生活

Dec 2009

China Daily

Rural Retreat

20 March 2011

China Daily

4th March 2011

Modern Weekly周末画报

圣诞低碳游

Dec 2010

Elite Traveler 携程自由行

旅尚

Esquire

Hidden Best Restaurants

Feb 2011

51

52

53

Page 38: Detailed Investor's Report

37

OUR NICHE

我们的利基

naked sees a need in the market for world class expertly designed and operated resorts which are within 1 to 2 hour travel time

of major cities in China As with other urban resorts we believe that the Leisure market and the MICE (Meetings Incentives

Conferences Events) market will be a huge driver for our business In addition we feel that we are already at the forefront of

the growing focus and concern on environmental design building and operations as well as the growing interest in nature and

environmental education At naked we also place a high emphasis on facilities and services for the entire extended family ndash from

children to parents to grandparents that other resorts do not place dedicated resources for

nakedЎƧOgraveȥФѓŘжϞεʴƏǢȑѝϘϞэȢĸΟ˶Ouml=˶ЁhζǁϞȱOumlѥϛˤƗũŎȓOumloacuteƟΙɧ6ͰɒΑάγΊũƁƁϨ5ưȘȾϽ5AringίʝϛƁϨ5ƂiacuteЮȉltOumloslashͰɒϛOumlіAringʤȞ6frac14=ͰɒФŋѣũiacuteźWίˤƗ5ƭШ5ŎȓũźWȓɲœ˛ϠǑѷФȥαϛȭя=ФnakedІαϛеxͰɒϚіoslashЂˣʵѓOumlŜѲ5Ɲ5ȌеOumlĞũˏ6

As such we feel very confident in the rates and occupancies that we will achieve Regarding room prices when benchmarking

against some of the other leading hotel brands in the resort market such as Aman Fayun Hangzhou Banyan Tree Hangzhou Fuchun

Resort Hangzhou Mandarin Oriental Hainan and Commune by the Great Wall average rates in March 2011 for single bedrooms in

this set are ~ RMB2800

ϩfrac14=ͰɒoslashЂˏѢĉƠϡƎˏѢȿcurrenɊάΫ6ФˏѢĉƠĈɘ=ІʙФoacuteƟAacute˛OumlсɜǙacircʑʁaƹ=ˍCҊĂО5ţјНҏѨ5ĥsup1˗ǝ5˓φŴecircĈǙacircũƵ΅OumlŁˣ=Фɱ˓МOumlEumlˆƣʒǩƠķ=6

Regarding occupancies we are confident to achieve occupancies of around 60 after about 4 years of operation but forecast

conservatively that our occupancies will start from around 35 in the 1st year of operation and grow steadily to 45 in year 2

55 in year 3 and 60 after the hotel is lsquomaturersquo from year 4 onwards

ФˏѢȿĈɘ=ͰɒŬϾάΫǑŚɱOumlǑϱ=ͰɒǵϡAumlOgraveOumlˏѢȿ6WŇƗ=ͰɒOumlˏѢȿƮƁϻszligϞɱOuml13=egraveЫOgravefrac34ɱOuml13ũszlig˓ɱOuml1313=szligɱϡŮƮƁЫOgrave6

Given the above estimates we believe that owners can expect attractive investment terms as illustrated in the table below

Ļǟϡ˛OumlŇƗ=ЎƗϛѝɭņOtildeOgraveOumlѱſYƮƁˍ΅o˿

CҊĂО

НҏѨ

ĥsup1˗ǝ

˓φŴecircĈǙacirc

Ƶ΅OumlŁˣ

RMB4270

RMB3500

RMB2000

RMB2150

RMB2388

Aman Fayun Hangzhou

Banyan Tree Hangzhou

Fuchun Resort Hangzhou

Mandarin Oriental Hainan

Commune by the Great Wall Beijing

HOTEL PROJECTIONS 酒店规划 Year 1 Year 2 Year 3 Year 4 Year 5 AVERAGE

Rooms Available 可用房间 121 121 121 121 121 121Estimated occupancy 预计使用率 35 45 55 60 60 51Estimated average daily room rate 预计每日平均房价 2500 2675 2836 2977 3096 2817Growth in room rate 房价增长率 7 6 5 4 6Annual room sales 年房间销售额 38644375 53163619 68876422 78894810 82050603 64325966

38

39

ͰɒOumldivideTHE TEAM

40

Grant Horsfield ndash Chairman naked Group

Grant a native of South Africa is Founder and Chairman of the

naked Group

Before coming to China in 2005 Grant worked in England

and South Africa with more than 10 years business ownership

experience With background in IT he launched eBites

Limited in 2000 Operating nationally eBites was both a

publishing company and a callcentre facilitations company with

headquarters based in Cape Town In 2004 Grant received

an MBA from University of Cape Town Graduate School of

Business Upon graduation he decided to come to China as he

saw China is where business opportunities lie

After spending two years in Shanghai he found himself

overwhelmed by the metropolis and missed the natural beauty

of his home From this desire and need sprouted the concept

for naked Retreats which was launched in 2007 Grantrsquos vision is

to create sanctuaries that are in harmony with the environment

where people can appreciate the simple way of nature and

embrace the naked lifestyle Grantrsquos tireless efforts in promoting

ecotourism in the rural areas not only created jobs but also

pride for the local community He received an environmental

award from the Huzhou Government in 2008

高天成 - naked集团总裁

ij=ɫčIcircTHORNˆ=nakedƍOumlmiddot˽ˆũѵ|6

Ф13ɱȅOgraveѓŘтʣ=ij˪ЬФϯŘƎɫčľѽ=ϾŚɱOuml˙ϛǑϱƎРѽǑϏ6ФʙITǒOumlUѠ΅=ɱij˪ƭȜȥeBitesϾΏŁ=eBitesŁƮϱΝІaacuteŹĞѓΫLJɖƿū=ʙѵˤФǭʔugrave6ɱ=ijƅOtildeȥǭʔugraveAringλ˙λЙOumlMBAλ6dϛŮ=ǧegraveȅѓŘ=ϩǯOgraveȥжȕOuml˙Ɖ6

Ф˛ŝEgraveȥȢɱтŮ=āѳƓxȥ˪Ƃ=sʨAtilde˱ȥѳʿɐǒ6ФжѕИІεʴOumlʶ˼΅=ƭȜnaked Retreats

OumlΖĂФɱOtildeOgraveȥ˹˲6ijOumlΖĂƭШϞĸ˯THORNІѳʿũΣŃdeg=ˆɒǵϡΘѳʿ=ΘnakedOuml˪ƂĈ˾6ij˫ΔAacuteTHORNʵ˪ȾϽѽordfOumlxΦɹȞ=xLjmiddotШȥľѽıŻOtildeOgraveȥIcircTHORNˣʵOumlХϐ6ij˪ƅOtildeȥɱůјоġNāOumlźWAring˼ư6

41

Delphine Yip-Horsfield ndash Partner Ben Wood Studio Shanghai

received her Master of Architecture degree from Harvard

Boston prior to moving to Shanghai to oversee the award

winning Xintiandi project on behalf of Wood and Zapata In

the fall of 2005 Delphine became partner at Ben Wood Studio

Shanghai

Drawing from her own experience of diverse cultures Delphine

has led a multitude of high profile projects such as Hangzhou

Xihutiandi Zhujiajiao Oriental Garden Shanghai Waitanyuan

Beijing Palace 77 Shanghai Hongqiao Commercial Core Lijiang

Lashihai Resort Masterplan etc

In 2006 she was selected Wallpaper magazinersquos first annual 40

under 40 designer of the year

Delphine is the chief master planner and architect for naked

Home Village and naked Stables Private Reserve She also

oversees the visuals and styling of the naked Brand

叶凯欣 - 上海Ben Wood设计室合伙人

ϜǮΩɺ=Ben Wood ˤƗľѽOumlѵƢ=śęAringλƭѡλ6ȅ˛ŝтʣ=ФΒIJ5ɷКũuuacuteľѽ6ȅ˛ŝŮ=CcediloWoodũZapataĤЩΪTHORNΙɧOumlƢethľѽ613ɱʲƕ=ϜǮΩɺBen Wood ˤƗľѽūƃˆ6

ϾѯxŸϽșǑϏOumlϜǮΩɺ=EacuteˇȥηucircijocircΙɧOumlƢeth=VȂţјͻůTHORN5њƝƶecircĈųВ5˛ŝЕ5[ǎłatilde5˛ŝŭʦ˙ϛѓΫ5ȗƯȄŝoacuteƟAacuteѵŔŷˤƗUgrave6

ɱ=ˏκȥWallpaperСьǃɱoacuteϡ΅OumlˤƗ˰6

ϜǮΩnakedƝВAacuteũnaked RetreatsOumlѵˤƗеũƭѡ˰6˶ϚĤЩƢethnaked˙nOumlFũĘķˤƗ6

42

Kang Yang Lim ndash Group Chief Operating Officer naked Group

Group with over 13 years corporate finance and real estate

development experience Previously he was Director of the

real estate division of APP China taking responsibility for the

initial positioning and development of the USD15 billion lsquoWhite

Magnolia Plazarsquo mixed use development project (including

the development of Shanghairsquos first W Hotel) He also led the

concept and development of APPrsquos branded residence and resort

project in Sheshan Shanghai

Finance division of PricewaterhouseCoopers in Melbourne

Australia where he specialized in business value and strategy

worked in inhouse strategy roles for CocaCola GB in London

and to British venture capital firm of the year (2004) ISIS Equity

Partners before coming to China in 2005

Accountants Australia in 2002 and is also an affiliate of the

of Commerce and Diploma in Modern Languages from the

University of Melbourne Australia

林纲洋- naked 集团首席营运官

ƞˏnakedƍOumlȩ˪ϴϾŚɱOumlʝϛ~ƎTHORNǭāǑϏ6Фfrac14тʣ=ѽѓŘDŽŒOumlTHORNǭāOumlѵƢ=ĤЩƠч13ϢЏOumlucircϸ8JЈȈœ9ǭāΙɧOumlcopy˽κшũǭāVȂ˛ŝszligϞƝ ǙacircOumlǭālt6˶ϚщNtildeȥDŽŒƍФ˛ŝҁ˗ʑʁѢЭũoacuteƟAacuteΙɧOumlȓɲũǭā6

ФDŽŒƍˇфтʣ=ȩİϑGAringȚφɣyuml_ʔŴϷOacuteƁƗ˰OumlǑȓ=ѥѣЂ˙ϛƠчũЯɁѰξ6ȩ˪Ф13ɱȅOgraveѓŘтʣэȑǭʔŴϷOacuteŮOumlϞotilde˶ƣɬ=ѽǵǺǵȎɂugraveŁɬOumlЯɁēͺ˰=ϡƎISISOumlʼnʏūѽƃRФϯŘɂugraveOumlϯŘĘΌѱŁˇф6

ȩ˪ФɱƅOtildeȥGAringȚφηƁƗ˰ƁũGAringȚφпʻωǗOumlƁГѱķ6˶ϚƅOtildeȥGAringȚφɣyuml_AringλOuml˙ϛλλϡƎCcedilЇϊλп6

43

Gabriela Lo ndash Managing Director naked Retreats

With over 15 years experience in high end events and PR

management Gabriela has been instrumental in bringing naked

to where it is today As one of the original members of the

naked Team Gabriela has led the growth of naked Retreats

to become one of the most famous eco retreat destinations in

China attracting guests and publicity from around the world

Originally from Macao Gabriela has rich multi cultural and

multinational living and working experience having worked and

studied for many years in Greater China England and Italy

卢家宝 - naked 度假村常务董事

ϴϾŚ13ɱOumlijocircƂiacuteũŁŃŋ΄ŎȓǑϏ=nakedDžOumlǜІȶƝXēxǭ6ѽħdivideOumlmiddot˽ГтϞ=ȶƝXϠǑAEligȭnakedѓŘѻϾɜOuml˪ȾϽɧOumlTHORNтϞ=ͼϭȥȅѳǁĹTHORNOumlǸˆ6ȶƝXȅѳGɑ=ϴϾĖĥOumlucircЏŸũucircŘǝѢũľѽǑϏ=ЬФAringѓŴTHORNʵ=ϯŘũϤAringȚϾѯucircɱωǗǑș6

Judy Zhu ndash General Manager naked Group

Zhu is the General Manager for naked Group ensuring smooth

operations of the group with a particular focus on government

朱燕 - naked 集团总经理

њώ=iquestnaked Retreatsmiddot˽ǭ˽ǜũij˪ūѽ6њώѽƍѵǑȓ=ĤЩIcircTHORNũŋ΄ʽWƍРѽ6Фƞˏnakedтʣ=њώФ˛ŝũ[ǎiquestŚηucircІ˙ϛϾŋOumlфϛ6ФΪͻȈƅOtilde˙ϛλ6

44

Kurt Berman ndash General Manager naked Stables Private Reserve

With over 16 years experience in FampB and high end luxury

resort management Kurt brings a wealth of experience and

will lead the preopening and operations of our new resort ndash

naked Stables Private Reserve Prior to joining naked Kurt was

the preopening General Manager at Six Senses Laamu and

Resident Manager for Six Senses Soneva Gili by Six Senses Kurt

has also worked at other prestigious resorts including Fregate

his career in hospitality in FampB and was a trained Chef with

experience working in many prestigious institutions including

The Dorchester Hotel in London Kurt is from South Africa and

has a masters certificate in hospitality management from Cornell

University

Kurt Berman - naked私人度假村总经理

ϾѯŚɱϬƎijIumlŤŴoacuteƟAacuteOumlŎȓǑϏ=ƮϡĖĥOumlǑϏȭNtildeͰɒΪoacuteƟAacute77)$ 0OumlϱϛũРϱ6Фƞˏ)$ тʣ=10ЬEacuteˇŚ8szligȳĭǦ9+1ϱϛѵǑȓũ8szligȳĭǦ9-2 ((OumlѤacircǑȓ610ŻЬˇфЂamp0ˆŝETHũ1+4UgraveʙўɜoacuteƟˮTHORN610OumlϛʜzЂϬαϛ=ϚϡϞĸФŬucircўɜƉńVȂ-0-0 -$-ltľѽŚOumlρȡϾOumlnot˰610ȅѳɫč=sϴϾǰɪyumlAringλЃOumlǙacircŎȓλ6

Richard Johnston ndash General Manager naked Home Village

Hailing from the United Kingdom but with most of his working

life in resorts throughout Africa Richard brings with him over

20 years experience in General Management and Director level

roles in world class resorts including Azura Retreats Cape Grace

hotel and the Saxon Hotel Richard plays a key role in the set

up of systems training and operating standards His years

of experience and mentoring leadership style make Richard a

natural inspiration for our young hotel management team

Richard Johnston - naked 家园村总经理

RichardȅѳϯŘ=IgraveAringucircOumloacuteƟAacuteľѽiumlФмĸčљ=ϴϾŚɱOumlѴūŎȓũǁƐoacuteƟAacuteVȂAzura

Retreats Cape Grace hotel and the Saxon HotelltijʒŎȓǑϏ6RichardФƭȜ΄5ʅρũРαnѬĈɘʜѯŋƨѽϸ6ĖĥOumlǑϏũȭNtildeĘķ˼OtildeoslashͰɒɱʬOumlǙacircŎȓdivideϾѯѳʿOumlƊȘ6

45

Teun Hanegraaf ndash Sales Director naked Retreats

Teun obtained a Bachelors in Business Studies and Masters

in Strategic Management with a focus on Chinese Business

Culture Teun increased our corporate sales business by 350

in his first year with us bringing international companies

ranging from international conglomerates Unilever and Coca

Cola to more local institutions such as The Shanghai American

School and leading Chinese companies such as Bank of China

韩天宁销售总监

ȅѳŧȈɥEcirc=şɵϴϾ˙ϛλλλ5ЯɁŎȓѥѣЂѓŘ˙ϛŸlt6ȅƍOumlszligϞɱşɵƮŁOumlΝϛijȥ13=sŁAEligȅȥx˟ŘƙβOumlAringŁǸŲ=жʙѓϾŘƙAringʝϛȠūȚŴũǵǺǵȎ=ϚϾ˛ŝɐŘλΠUgraveIcircTHORNƉńũѓŘϫαUgraveѓŘȴʝϛ6

Oliver Yuen ndash nature Reserve amp Recreation Manager

naked Stables Private will be the first private reserve in China

with a wealth of new flora and fauna introduced to the project

from Sydney University Australia and as a fully qualified Ranger

working in many of the worldrsquos best wildlife parks Oliver takes a

special role in ensuring the environment of naked Retreats and

naked Stables Private Reserve will be full of life and a natural

self supporting eco system Oliverrsquos passion for both people and

nature make him the perfect person to teach our guests about

what we do and make their stay not only a relaxing one but

also a fun fulfilling educational one as well Oliver previously

worked in wildlife parks and resorts such as Azura Retreats in

Mozambique Mobala Private Game Reserve in South Africa and

Sydney Aquarium in Australia

袁鹏威 - 活动经理和度假村 生物学家

naked StablesƮѓŘszligϞĸϭljΪOumlцʾũiacuteʾOumlˆoacuteƟʵ6OliverѽϞɜGAringȚφͿɯAringλūķOuml˪λƝiacuteλƝ=ϡƎФǁĹTHORNOumlϙ˪iacuteВľѽOumlľѽе=Ф˼naked Retreats ũnaked StablesϾѯĖĥ˪ѱЕ5ʿѳĺOuml˪΄Oumlźǔľѽ˛QύѯіϘƶ˔6АʊoslashˆȏũѳʿOumlƊʮ˼ѻūOumlˆȅĵͰɒOumlǸˆͰɒѼOuml˷ɋ=sʨ˂ɒФжȕOuml˶ŒxLjLjČ=˶Ϛ˂ɒOumlǝѢǑșlOtildeϾǭΫcurren˹ũϾƷЋϤϦ6АʊтʣФɫčũGAringȚφͿɯѹŏiquestϙ˪iacuteВũWŰʵOumlľѽVȂMozambique OumlAzura Retreats Mobala Private Game Reservelt6

46

Philip C Davis Company Director naked Retreats

Phil joined the Board of Directors for naked Retreats hotel

management company in 2011 His previous board experience

includes Tian Rui Hotel Corporation holder of the master license

for Super 8 economy hotels in China and Hong Kong from 2006

to 2008 He also was a founding shareholder of Tian Rui and

served as its President and Managing Director from 2006 to

2008 He was a board member of Tian Xian Cheng a bai jiu

concern which is a joint venture between Pernod Ricard and a

2010

Phil was previously Chairman of the Budweiser (Wuhan)

International Brewing Company and Managing Director of the

AnheuserBusch business in China and Hong Kong from the

beginning of 1996 through 2002 From 2003 to 2005 he

headed the AnheuserBusch liaison office with Tsingtao Brewing

Company

Phil holds a PhD in history from Washington University and

started his career as a market researcher at a major advertising

agency in the US before moving to AnheuserBusch and

heading its consumer planning and new product development

functions in the 1980s

Philip CDavis naked 度假村公司董事长

PhilЂɱƞˏȥnakedoacuteƟʵǙacircŎȓŁOumligraveƁ6ϡĖĥOumlǑϏVȂФːǙacircƍˇф5ϡƎЂɱэɱФѓŘũѓŘΒIJEacuteˇSuper ǑƖǙacirc ʼnˆ6˶=ϚːǙacircƍOumlmiddot˽ʼnecirc=ФɱэɱʖƣEacuteˇƍOumlѵ|ũigrave6ɱэɱʖƣ=ϞƝІWȎȞƞũJǙ˪ȴʝϛƬɫūѱOumlʝϛ77ΐOumligraveƁГ6

iquestɱэɱ=Phil͵šBudweiserŘƙɳǙŁOumligraveƎѓŘũѓŘΒIJCŝyŁOumligrave6iquestɱэ13ɱ=CŝyũʫETHʌǙŁOumlȠɆdegOumlĤЩˆ6PhilϴϾŴ˭uacuteAringλOumlș˻дλvλ=ФǁɱCcedilȅOgraveCŝy5ĤЩΞĒŔŷũΪʑǭāĿɭтʣ=OumlϛʜzЂɐŘOumlϞƝœĵCcedilȓŁ=Eacuteˇaeligω6

47

OUR INTERNATIONAL TEAM

International team

Chief master planners amp architects

the urban landscape of modern China with Xintiandi in

Shanghai a commercial cultural and entertainment district

Since then the studio has worked on projects in very diverse

categories both small and large scale projects include mixed

use projects like the ldquoTiandirdquo in Hangzhou Chongqing Wuhan

and Foshan luxury villa and high rise residential complexes in

Shanghai and Vietnam as well as various boutique hotels and

Chalet Architects

A00 Architecture is most well known for their research

inenvironmental sustainability and its application to their

work in Architecture Interiors and Furniture Their portfolio

includes feature restaurants luxury spas retail stores design

conversion of dozens of historic Shanghai homes into highly

personalized residences

Interior Designers AIM (Architecture amp Design) brings expertise

in the combination of world architectural styles and design

influences to the interior designs at naked Stables Private

Reserve With the Shanghai office led by the two founding

on comfort warmth and a unique blend between African and

Asian design sensibilities

Landscape Architect

Design Land Collaborative (DLC) is a professional consulting firm

comprised of landscape architects and planners with an office in

Shanghai and the United States Projects have a strong emphasis

on cultural resources historic preservation and ecological

design involving both the public and private sectors

ͰɒOumlāЮdivide

ɴǵϡΑάOumlёȣ

ŘƙŸdivide

首席规划师和建筑师

benwood Studio Shanghai OumlсɜΙɧтϞѠĨШ˛ŝΪTHORNľ=˼ʙƍ˙ϛ5Ÿ5ЄȎϞOumlʵЉ6тŮ=ЁƻȥĹȏŔɟAringΟOumlΙɧ=VȂţјOumlͻůTHORN=іʱ5͵šƎę˗OumlŤŴpϡƎФ˛ŝũЛɫOumlijѢЭʵ=ȮŻϾФѓŘƎˉ_OumlĹȏǐʑǙacircƎoacuteƟ6

小圆房建筑

AOO Architecture ФźǔWŰƎǵ θāЮĈɘϾѯѭЛOumlƭ=s˘ƮʙƭϰϸЂɬƝѩ6ɒƻŚOumlΙɧVȂ˔5ŤŴȤѓΫ5ȫ˙acirc5ˤƗίǙacirc˛ŝυНǙacirc lt5ˆoacuteƟϡƎϞ΄ȧOuml˛ŝș˻ѢЭOumlCcedilŸƎˆŸĨШ6

ɬ ˤƗ˰AIMƭѡˤƗltѥѣЂǁƭѡĘķũˤƗOumlɐƿū=ϭNtildenaked StablesOumlɬˤƗ6ФȅѳŧȈũaȚ˶OumlūѽmiddotTˆȭNtildeOuml˛ŝTdegOumlUѠ΅=ˤƗѣі5ũφčˤƗȓɲOumlntildeˊū6

景观设计

Design Land Collaborative (DLC) ϞƝiquestǒōˤƗІŔŷOumlѥϛѰξŁ=Ф˛ŝІɐŘǩˤϾēрƉń6ʙΙɧ˘ЂŋѣŸș˻ĻЕ=ƿūźW˪ǴƔ=ѥѣЂŁŃƎϾTHORNOumlŔŷ6

48

Engineering amp Project Management team

Scott Wilson Group PLC is a globalintegrated design and

engineering consultancy for the built and natural environments

Scott Wilson is responsible for the project management the

electrical and mechanical engineering for the project

Environmental Consultants

Environmental Resources Management (ERM) a leading global

provider of environmental health and safety risk and social

consulting services ERM deliver innovative solutions for business

and government clients helping them understand and manage

their impacts on the world around them ERM have 137 offices

in 39 countries and employ approximately 3300 staff

Sustainability Consultants

Bisagni Environmental Enterprises (BEE) works with the

engineering and design teams to ensure the environmental

goals set out at the inception of the project are achieved

LEED Consultants

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

Local Design Institute

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

General Contractor

and have been responsible for some of Chinarsquos most iconic

properties such as the World Financial Centre in Shanghai

工程及项目管理团队

Scott Wilson Group PLCϞƝʺʳŔɟOumlźWˤƗƎľѰξŁ6Scott WilsonĤЩΙɧOumlaacuteʠƎƉΤľ6

环境咨询

Environmental Resources Management (ERM)ϞƝʺʳαϛȭѰξŁ=ŀźǔWŰ5ƫǰCʺƎŁŃˣƁĘΌUgraveѰξĞ6ERM˙ϛƎоġɑǸŲŀĨĶβOumlǀǧĈF=UѠɒȥǀsŎȓʙǑϱoslashˣƁźǔAEligȅOumlϳΗ6ERMФʺʳϾ137ĸēрƉń=myĸŘƝ=ϴϾAringК3300ɜГľ6

可持续发展咨询

Bisagni Environmental Enterprises (BEE)ІľˤƗdivideΑűūѽ=ϡʽWФΙɧǭ˽ƼotildeˤȜOumlźǔWŰǵ θāЮɧnOumlȚ˹6

绿色建筑认证咨询

Shanghai Pacific Energy Center (SPEC)ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlŁтϞ6

本地设计公司

Shanghai Baoye Construction Corp Ltd ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlαϛȭŁтϞ6

总承包商

ϞƝŘƝƐľVŁ=ϠƻȥηucircѓŘnьβΙɧ=țˍ˛ŝźʳDŽˊѓΫ6

49

naked COVERAGE

wwwcnngocom

ldquo25 killer things to do this summerrdquo

26 April 2010

Time Magazine

ldquoRun to the Moganshan Hillrdquo

新浪博客

ldquo避世的可能rdquo

31 December 2009

wwwenglisheastdaycom

ldquoThe first batch of ldquoChina Treasured Towns ldquo released

December 2009

Shanghai Urbanatomy

ldquoGet naked this time with horsesrdquo

Shanghai Daily

ldquoGreen MaGIC Casts design spellrdquo

14 October 2009

新浪商品

ldquo中国最佳设计酒店大赏rdquo

September 2009

wwwchannelnewsasiacom

ldquoChinarsquos green resort allows travellers to vacation on good consciencerdquo

2 September 2009

wwwbijianlinblshecom

ldquo莫干隐居rdquo

25 Aug 2009

wwwassociatecontentcom

ldquoThe Exquisite Moganshan Mountains of Chinardquo

Ɏ

Wikitravel

ldquoMoganshanrdquo

德清新闻网

ldquo承包国营林场建造生态ldquo逸站rdquo

wwwsinoeventcom

ldquo亚洲旅游地产及景点峰会成功举行rdquo

wwwchinatravelbrandingcom

ldquoPursuing Green for Greenrdquo

wwwbrandrepublicasia

ldquoMaking moves towards ecofriendly eventsrdquo

7 May 2009

wwwhandsonshanghaiorg

ldquoHands On Asia Conference Summeryrdquo

May 2009

wwwmyvacationcn

ldquo莫干山居rdquo

3 April 2009

wwwshanghaidailycom

ldquoThe naked truth Time to clean up Moganshan litterrdquo

4 March 2009

wwwgreennovateorg

ldquoMoganshan Project Kick Offrdquo

13 February 2009

Travesias

ldquonaked retreatsrdquo

Feb 2009

合肥在线

ldquo大山里的裸家族rdquo

20 October 2008

wwwentrepreneurcom

ldquoThe arrival of the Olympics showcases Chinarsquos burgeoning entrepreneurial spirit ldquo

7 August 2008

50

Shanghaiist

ldquoWeekend escape to Moganshan 莫干山rdquo

9 April 2008

私家地理

ldquo艳阳下的荫凉rdquo

30 May 2008

City Weekend

ldquoGet naked in Moganshanrdquo

25 January 2008

wwwbundpiccom

ldquo在这绿中撒点野rdquo

wwwhuzhougovcn

ldquo相中德清筏头的青山绿水南非客商莫干山下建生态逸站rdquo

wwwurbanatomycom

ldquo24 Hours in Moganshanrdquo

wwwhkheadlinecom

ldquo杭州莫干山竹林深处人家rdquo

15 May 2009

wwwnewsweekcom

ldquoBack from abroadrdquo

May 2009

Chinatravelnet

ldquoMoganshan A Heavenly Hideaway of Bamboo Forests amp Tea Plantationsrdquo

April 2009

wwwmzztmcagovcn

ldquo2009年踏青乐游路线推荐大公布rdquo

16 March 2009

第三媒体

ldquo规划一条畅快随性的踏青之旅rdquo

28 October 2009

wwwdqnewszjolcomcn

ldquo三九坞 ldquo裸家族rdquo钟爱的世外桃源rdquo

28 October 2008

ldquo自驾行天下rdquo之中国莫干山rdquo

Sep 2008

ldquoShiffting Gearsrdquo

Sep 2008

April 2008

Chewed up amp Spit Out

ldquoGet nakedrdquo

19 February 2008

ldquoBest Weekend Getaway Hotels Shanghairdquo

富世

Ecoefficient hotel低碳下榻

April 2011

Spa China Guy 男士派

Experiencing The Unique

2010

Cosmo 时尚

跨洋建屋隐居不隐世

April 2010

Global Times

The Mountain of legends

Global City Geography 城市地理

莫干山 naked Retreats 都市人一ldquo裸rdquo到底的山居生活

Dec 2009

China Daily

Rural Retreat

20 March 2011

China Daily

4th March 2011

Modern Weekly周末画报

圣诞低碳游

Dec 2010

Elite Traveler 携程自由行

旅尚

Esquire

Hidden Best Restaurants

Feb 2011

51

52

53

Page 39: Detailed Investor's Report

38

39

ͰɒOumldivideTHE TEAM

40

Grant Horsfield ndash Chairman naked Group

Grant a native of South Africa is Founder and Chairman of the

naked Group

Before coming to China in 2005 Grant worked in England

and South Africa with more than 10 years business ownership

experience With background in IT he launched eBites

Limited in 2000 Operating nationally eBites was both a

publishing company and a callcentre facilitations company with

headquarters based in Cape Town In 2004 Grant received

an MBA from University of Cape Town Graduate School of

Business Upon graduation he decided to come to China as he

saw China is where business opportunities lie

After spending two years in Shanghai he found himself

overwhelmed by the metropolis and missed the natural beauty

of his home From this desire and need sprouted the concept

for naked Retreats which was launched in 2007 Grantrsquos vision is

to create sanctuaries that are in harmony with the environment

where people can appreciate the simple way of nature and

embrace the naked lifestyle Grantrsquos tireless efforts in promoting

ecotourism in the rural areas not only created jobs but also

pride for the local community He received an environmental

award from the Huzhou Government in 2008

高天成 - naked集团总裁

ij=ɫčIcircTHORNˆ=nakedƍOumlmiddot˽ˆũѵ|6

Ф13ɱȅOgraveѓŘтʣ=ij˪ЬФϯŘƎɫčľѽ=ϾŚɱOuml˙ϛǑϱƎРѽǑϏ6ФʙITǒOumlUѠ΅=ɱij˪ƭȜȥeBitesϾΏŁ=eBitesŁƮϱΝІaacuteŹĞѓΫLJɖƿū=ʙѵˤФǭʔugrave6ɱ=ijƅOtildeȥǭʔugraveAringλ˙λЙOumlMBAλ6dϛŮ=ǧegraveȅѓŘ=ϩǯOgraveȥжȕOuml˙Ɖ6

Ф˛ŝEgraveȥȢɱтŮ=āѳƓxȥ˪Ƃ=sʨAtilde˱ȥѳʿɐǒ6ФжѕИІεʴOumlʶ˼΅=ƭȜnaked Retreats

OumlΖĂФɱOtildeOgraveȥ˹˲6ijOumlΖĂƭШϞĸ˯THORNІѳʿũΣŃdeg=ˆɒǵϡΘѳʿ=ΘnakedOuml˪ƂĈ˾6ij˫ΔAacuteTHORNʵ˪ȾϽѽordfOumlxΦɹȞ=xLjmiddotШȥľѽıŻOtildeOgraveȥIcircTHORNˣʵOumlХϐ6ij˪ƅOtildeȥɱůјоġNāOumlźWAring˼ư6

41

Delphine Yip-Horsfield ndash Partner Ben Wood Studio Shanghai

received her Master of Architecture degree from Harvard

Boston prior to moving to Shanghai to oversee the award

winning Xintiandi project on behalf of Wood and Zapata In

the fall of 2005 Delphine became partner at Ben Wood Studio

Shanghai

Drawing from her own experience of diverse cultures Delphine

has led a multitude of high profile projects such as Hangzhou

Xihutiandi Zhujiajiao Oriental Garden Shanghai Waitanyuan

Beijing Palace 77 Shanghai Hongqiao Commercial Core Lijiang

Lashihai Resort Masterplan etc

In 2006 she was selected Wallpaper magazinersquos first annual 40

under 40 designer of the year

Delphine is the chief master planner and architect for naked

Home Village and naked Stables Private Reserve She also

oversees the visuals and styling of the naked Brand

叶凯欣 - 上海Ben Wood设计室合伙人

ϜǮΩɺ=Ben Wood ˤƗľѽOumlѵƢ=śęAringλƭѡλ6ȅ˛ŝтʣ=ФΒIJ5ɷКũuuacuteľѽ6ȅ˛ŝŮ=CcediloWoodũZapataĤЩΪTHORNΙɧOumlƢethľѽ613ɱʲƕ=ϜǮΩɺBen Wood ˤƗľѽūƃˆ6

ϾѯxŸϽșǑϏOumlϜǮΩɺ=EacuteˇȥηucircijocircΙɧOumlƢeth=VȂţјͻůTHORN5њƝƶecircĈųВ5˛ŝЕ5[ǎłatilde5˛ŝŭʦ˙ϛѓΫ5ȗƯȄŝoacuteƟAacuteѵŔŷˤƗUgrave6

ɱ=ˏκȥWallpaperСьǃɱoacuteϡ΅OumlˤƗ˰6

ϜǮΩnakedƝВAacuteũnaked RetreatsOumlѵˤƗеũƭѡ˰6˶ϚĤЩƢethnaked˙nOumlFũĘķˤƗ6

42

Kang Yang Lim ndash Group Chief Operating Officer naked Group

Group with over 13 years corporate finance and real estate

development experience Previously he was Director of the

real estate division of APP China taking responsibility for the

initial positioning and development of the USD15 billion lsquoWhite

Magnolia Plazarsquo mixed use development project (including

the development of Shanghairsquos first W Hotel) He also led the

concept and development of APPrsquos branded residence and resort

project in Sheshan Shanghai

Finance division of PricewaterhouseCoopers in Melbourne

Australia where he specialized in business value and strategy

worked in inhouse strategy roles for CocaCola GB in London

and to British venture capital firm of the year (2004) ISIS Equity

Partners before coming to China in 2005

Accountants Australia in 2002 and is also an affiliate of the

of Commerce and Diploma in Modern Languages from the

University of Melbourne Australia

林纲洋- naked 集团首席营运官

ƞˏnakedƍOumlȩ˪ϴϾŚɱOumlʝϛ~ƎTHORNǭāǑϏ6Фfrac14тʣ=ѽѓŘDŽŒOumlTHORNǭāOumlѵƢ=ĤЩƠч13ϢЏOumlucircϸ8JЈȈœ9ǭāΙɧOumlcopy˽κшũǭāVȂ˛ŝszligϞƝ ǙacircOumlǭālt6˶ϚщNtildeȥDŽŒƍФ˛ŝҁ˗ʑʁѢЭũoacuteƟAacuteΙɧOumlȓɲũǭā6

ФDŽŒƍˇфтʣ=ȩİϑGAringȚφɣyuml_ʔŴϷOacuteƁƗ˰OumlǑȓ=ѥѣЂ˙ϛƠчũЯɁѰξ6ȩ˪Ф13ɱȅOgraveѓŘтʣэȑǭʔŴϷOacuteŮOumlϞotilde˶ƣɬ=ѽǵǺǵȎɂugraveŁɬOumlЯɁēͺ˰=ϡƎISISOumlʼnʏūѽƃRФϯŘɂugraveOumlϯŘĘΌѱŁˇф6

ȩ˪ФɱƅOtildeȥGAringȚφηƁƗ˰ƁũGAringȚφпʻωǗOumlƁГѱķ6˶ϚƅOtildeȥGAringȚφɣyuml_AringλOuml˙ϛλλϡƎCcedilЇϊλп6

43

Gabriela Lo ndash Managing Director naked Retreats

With over 15 years experience in high end events and PR

management Gabriela has been instrumental in bringing naked

to where it is today As one of the original members of the

naked Team Gabriela has led the growth of naked Retreats

to become one of the most famous eco retreat destinations in

China attracting guests and publicity from around the world

Originally from Macao Gabriela has rich multi cultural and

multinational living and working experience having worked and

studied for many years in Greater China England and Italy

卢家宝 - naked 度假村常务董事

ϴϾŚ13ɱOumlijocircƂiacuteũŁŃŋ΄ŎȓǑϏ=nakedDžOumlǜІȶƝXēxǭ6ѽħdivideOumlmiddot˽ГтϞ=ȶƝXϠǑAEligȭnakedѓŘѻϾɜOuml˪ȾϽɧOumlTHORNтϞ=ͼϭȥȅѳǁĹTHORNOumlǸˆ6ȶƝXȅѳGɑ=ϴϾĖĥOumlucircЏŸũucircŘǝѢũľѽǑϏ=ЬФAringѓŴTHORNʵ=ϯŘũϤAringȚϾѯucircɱωǗǑș6

Judy Zhu ndash General Manager naked Group

Zhu is the General Manager for naked Group ensuring smooth

operations of the group with a particular focus on government

朱燕 - naked 集团总经理

њώ=iquestnaked Retreatsmiddot˽ǭ˽ǜũij˪ūѽ6њώѽƍѵǑȓ=ĤЩIcircTHORNũŋ΄ʽWƍРѽ6Фƞˏnakedтʣ=њώФ˛ŝũ[ǎiquestŚηucircІ˙ϛϾŋOumlфϛ6ФΪͻȈƅOtilde˙ϛλ6

44

Kurt Berman ndash General Manager naked Stables Private Reserve

With over 16 years experience in FampB and high end luxury

resort management Kurt brings a wealth of experience and

will lead the preopening and operations of our new resort ndash

naked Stables Private Reserve Prior to joining naked Kurt was

the preopening General Manager at Six Senses Laamu and

Resident Manager for Six Senses Soneva Gili by Six Senses Kurt

has also worked at other prestigious resorts including Fregate

his career in hospitality in FampB and was a trained Chef with

experience working in many prestigious institutions including

The Dorchester Hotel in London Kurt is from South Africa and

has a masters certificate in hospitality management from Cornell

University

Kurt Berman - naked私人度假村总经理

ϾѯŚɱϬƎijIumlŤŴoacuteƟAacuteOumlŎȓǑϏ=ƮϡĖĥOumlǑϏȭNtildeͰɒΪoacuteƟAacute77)$ 0OumlϱϛũРϱ6Фƞˏ)$ тʣ=10ЬEacuteˇŚ8szligȳĭǦ9+1ϱϛѵǑȓũ8szligȳĭǦ9-2 ((OumlѤacircǑȓ610ŻЬˇфЂamp0ˆŝETHũ1+4UgraveʙўɜoacuteƟˮTHORN610OumlϛʜzЂϬαϛ=ϚϡϞĸФŬucircўɜƉńVȂ-0-0 -$-ltľѽŚOumlρȡϾOumlnot˰610ȅѳɫč=sϴϾǰɪyumlAringλЃOumlǙacircŎȓλ6

Richard Johnston ndash General Manager naked Home Village

Hailing from the United Kingdom but with most of his working

life in resorts throughout Africa Richard brings with him over

20 years experience in General Management and Director level

roles in world class resorts including Azura Retreats Cape Grace

hotel and the Saxon Hotel Richard plays a key role in the set

up of systems training and operating standards His years

of experience and mentoring leadership style make Richard a

natural inspiration for our young hotel management team

Richard Johnston - naked 家园村总经理

RichardȅѳϯŘ=IgraveAringucircOumloacuteƟAacuteľѽiumlФмĸčљ=ϴϾŚɱOumlѴūŎȓũǁƐoacuteƟAacuteVȂAzura

Retreats Cape Grace hotel and the Saxon HotelltijʒŎȓǑϏ6RichardФƭȜ΄5ʅρũРαnѬĈɘʜѯŋƨѽϸ6ĖĥOumlǑϏũȭNtildeĘķ˼OtildeoslashͰɒɱʬOumlǙacircŎȓdivideϾѯѳʿOumlƊȘ6

45

Teun Hanegraaf ndash Sales Director naked Retreats

Teun obtained a Bachelors in Business Studies and Masters

in Strategic Management with a focus on Chinese Business

Culture Teun increased our corporate sales business by 350

in his first year with us bringing international companies

ranging from international conglomerates Unilever and Coca

Cola to more local institutions such as The Shanghai American

School and leading Chinese companies such as Bank of China

韩天宁销售总监

ȅѳŧȈɥEcirc=şɵϴϾ˙ϛλλλ5ЯɁŎȓѥѣЂѓŘ˙ϛŸlt6ȅƍOumlszligϞɱşɵƮŁOumlΝϛijȥ13=sŁAEligȅȥx˟ŘƙβOumlAringŁǸŲ=жʙѓϾŘƙAringʝϛȠūȚŴũǵǺǵȎ=ϚϾ˛ŝɐŘλΠUgraveIcircTHORNƉńũѓŘϫαUgraveѓŘȴʝϛ6

Oliver Yuen ndash nature Reserve amp Recreation Manager

naked Stables Private will be the first private reserve in China

with a wealth of new flora and fauna introduced to the project

from Sydney University Australia and as a fully qualified Ranger

working in many of the worldrsquos best wildlife parks Oliver takes a

special role in ensuring the environment of naked Retreats and

naked Stables Private Reserve will be full of life and a natural

self supporting eco system Oliverrsquos passion for both people and

nature make him the perfect person to teach our guests about

what we do and make their stay not only a relaxing one but

also a fun fulfilling educational one as well Oliver previously

worked in wildlife parks and resorts such as Azura Retreats in

Mozambique Mobala Private Game Reserve in South Africa and

Sydney Aquarium in Australia

袁鹏威 - 活动经理和度假村 生物学家

naked StablesƮѓŘszligϞĸϭljΪOumlцʾũiacuteʾOumlˆoacuteƟʵ6OliverѽϞɜGAringȚφͿɯAringλūķOuml˪λƝiacuteλƝ=ϡƎФǁĹTHORNOumlϙ˪iacuteВľѽOumlľѽе=Ф˼naked Retreats ũnaked StablesϾѯĖĥ˪ѱЕ5ʿѳĺOuml˪΄Oumlźǔľѽ˛QύѯіϘƶ˔6АʊoslashˆȏũѳʿOumlƊʮ˼ѻūOumlˆȅĵͰɒOumlǸˆͰɒѼOuml˷ɋ=sʨ˂ɒФжȕOuml˶ŒxLjLjČ=˶Ϛ˂ɒOumlǝѢǑșlOtildeϾǭΫcurren˹ũϾƷЋϤϦ6АʊтʣФɫčũGAringȚφͿɯѹŏiquestϙ˪iacuteВũWŰʵOumlľѽVȂMozambique OumlAzura Retreats Mobala Private Game Reservelt6

46

Philip C Davis Company Director naked Retreats

Phil joined the Board of Directors for naked Retreats hotel

management company in 2011 His previous board experience

includes Tian Rui Hotel Corporation holder of the master license

for Super 8 economy hotels in China and Hong Kong from 2006

to 2008 He also was a founding shareholder of Tian Rui and

served as its President and Managing Director from 2006 to

2008 He was a board member of Tian Xian Cheng a bai jiu

concern which is a joint venture between Pernod Ricard and a

2010

Phil was previously Chairman of the Budweiser (Wuhan)

International Brewing Company and Managing Director of the

AnheuserBusch business in China and Hong Kong from the

beginning of 1996 through 2002 From 2003 to 2005 he

headed the AnheuserBusch liaison office with Tsingtao Brewing

Company

Phil holds a PhD in history from Washington University and

started his career as a market researcher at a major advertising

agency in the US before moving to AnheuserBusch and

heading its consumer planning and new product development

functions in the 1980s

Philip CDavis naked 度假村公司董事长

PhilЂɱƞˏȥnakedoacuteƟʵǙacircŎȓŁOumligraveƁ6ϡĖĥOumlǑϏVȂФːǙacircƍˇф5ϡƎЂɱэɱФѓŘũѓŘΒIJEacuteˇSuper ǑƖǙacirc ʼnˆ6˶=ϚːǙacircƍOumlmiddot˽ʼnecirc=ФɱэɱʖƣEacuteˇƍOumlѵ|ũigrave6ɱэɱʖƣ=ϞƝІWȎȞƞũJǙ˪ȴʝϛƬɫūѱOumlʝϛ77ΐOumligraveƁГ6

iquestɱэɱ=Phil͵šBudweiserŘƙɳǙŁOumligraveƎѓŘũѓŘΒIJCŝyŁOumligrave6iquestɱэ13ɱ=CŝyũʫETHʌǙŁOumlȠɆdegOumlĤЩˆ6PhilϴϾŴ˭uacuteAringλOumlș˻дλvλ=ФǁɱCcedilȅOgraveCŝy5ĤЩΞĒŔŷũΪʑǭāĿɭтʣ=OumlϛʜzЂɐŘOumlϞƝœĵCcedilȓŁ=Eacuteˇaeligω6

47

OUR INTERNATIONAL TEAM

International team

Chief master planners amp architects

the urban landscape of modern China with Xintiandi in

Shanghai a commercial cultural and entertainment district

Since then the studio has worked on projects in very diverse

categories both small and large scale projects include mixed

use projects like the ldquoTiandirdquo in Hangzhou Chongqing Wuhan

and Foshan luxury villa and high rise residential complexes in

Shanghai and Vietnam as well as various boutique hotels and

Chalet Architects

A00 Architecture is most well known for their research

inenvironmental sustainability and its application to their

work in Architecture Interiors and Furniture Their portfolio

includes feature restaurants luxury spas retail stores design

conversion of dozens of historic Shanghai homes into highly

personalized residences

Interior Designers AIM (Architecture amp Design) brings expertise

in the combination of world architectural styles and design

influences to the interior designs at naked Stables Private

Reserve With the Shanghai office led by the two founding

on comfort warmth and a unique blend between African and

Asian design sensibilities

Landscape Architect

Design Land Collaborative (DLC) is a professional consulting firm

comprised of landscape architects and planners with an office in

Shanghai and the United States Projects have a strong emphasis

on cultural resources historic preservation and ecological

design involving both the public and private sectors

ͰɒOumlāЮdivide

ɴǵϡΑάOumlёȣ

ŘƙŸdivide

首席规划师和建筑师

benwood Studio Shanghai OumlсɜΙɧтϞѠĨШ˛ŝΪTHORNľ=˼ʙƍ˙ϛ5Ÿ5ЄȎϞOumlʵЉ6тŮ=ЁƻȥĹȏŔɟAringΟOumlΙɧ=VȂţјOumlͻůTHORN=іʱ5͵šƎę˗OumlŤŴpϡƎФ˛ŝũЛɫOumlijѢЭʵ=ȮŻϾФѓŘƎˉ_OumlĹȏǐʑǙacircƎoacuteƟ6

小圆房建筑

AOO Architecture ФźǔWŰƎǵ θāЮĈɘϾѯѭЛOumlƭ=s˘ƮʙƭϰϸЂɬƝѩ6ɒƻŚOumlΙɧVȂ˔5ŤŴȤѓΫ5ȫ˙acirc5ˤƗίǙacirc˛ŝυНǙacirc lt5ˆoacuteƟϡƎϞ΄ȧOuml˛ŝș˻ѢЭOumlCcedilŸƎˆŸĨШ6

ɬ ˤƗ˰AIMƭѡˤƗltѥѣЂǁƭѡĘķũˤƗOumlɐƿū=ϭNtildenaked StablesOumlɬˤƗ6ФȅѳŧȈũaȚ˶OumlūѽmiddotTˆȭNtildeOuml˛ŝTdegOumlUѠ΅=ˤƗѣі5ũφčˤƗȓɲOumlntildeˊū6

景观设计

Design Land Collaborative (DLC) ϞƝiquestǒōˤƗІŔŷOumlѥϛѰξŁ=Ф˛ŝІɐŘǩˤϾēрƉń6ʙΙɧ˘ЂŋѣŸș˻ĻЕ=ƿūźW˪ǴƔ=ѥѣЂŁŃƎϾTHORNOumlŔŷ6

48

Engineering amp Project Management team

Scott Wilson Group PLC is a globalintegrated design and

engineering consultancy for the built and natural environments

Scott Wilson is responsible for the project management the

electrical and mechanical engineering for the project

Environmental Consultants

Environmental Resources Management (ERM) a leading global

provider of environmental health and safety risk and social

consulting services ERM deliver innovative solutions for business

and government clients helping them understand and manage

their impacts on the world around them ERM have 137 offices

in 39 countries and employ approximately 3300 staff

Sustainability Consultants

Bisagni Environmental Enterprises (BEE) works with the

engineering and design teams to ensure the environmental

goals set out at the inception of the project are achieved

LEED Consultants

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

Local Design Institute

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

General Contractor

and have been responsible for some of Chinarsquos most iconic

properties such as the World Financial Centre in Shanghai

工程及项目管理团队

Scott Wilson Group PLCϞƝʺʳŔɟOumlźWˤƗƎľѰξŁ6Scott WilsonĤЩΙɧOumlaacuteʠƎƉΤľ6

环境咨询

Environmental Resources Management (ERM)ϞƝʺʳαϛȭѰξŁ=ŀźǔWŰ5ƫǰCʺƎŁŃˣƁĘΌUgraveѰξĞ6ERM˙ϛƎоġɑǸŲŀĨĶβOumlǀǧĈF=UѠɒȥǀsŎȓʙǑϱoslashˣƁźǔAEligȅOumlϳΗ6ERMФʺʳϾ137ĸēрƉń=myĸŘƝ=ϴϾAringК3300ɜГľ6

可持续发展咨询

Bisagni Environmental Enterprises (BEE)ІľˤƗdivideΑűūѽ=ϡʽWФΙɧǭ˽ƼotildeˤȜOumlźǔWŰǵ θāЮɧnOumlȚ˹6

绿色建筑认证咨询

Shanghai Pacific Energy Center (SPEC)ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlŁтϞ6

本地设计公司

Shanghai Baoye Construction Corp Ltd ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlαϛȭŁтϞ6

总承包商

ϞƝŘƝƐľVŁ=ϠƻȥηucircѓŘnьβΙɧ=țˍ˛ŝźʳDŽˊѓΫ6

49

naked COVERAGE

wwwcnngocom

ldquo25 killer things to do this summerrdquo

26 April 2010

Time Magazine

ldquoRun to the Moganshan Hillrdquo

新浪博客

ldquo避世的可能rdquo

31 December 2009

wwwenglisheastdaycom

ldquoThe first batch of ldquoChina Treasured Towns ldquo released

December 2009

Shanghai Urbanatomy

ldquoGet naked this time with horsesrdquo

Shanghai Daily

ldquoGreen MaGIC Casts design spellrdquo

14 October 2009

新浪商品

ldquo中国最佳设计酒店大赏rdquo

September 2009

wwwchannelnewsasiacom

ldquoChinarsquos green resort allows travellers to vacation on good consciencerdquo

2 September 2009

wwwbijianlinblshecom

ldquo莫干隐居rdquo

25 Aug 2009

wwwassociatecontentcom

ldquoThe Exquisite Moganshan Mountains of Chinardquo

Ɏ

Wikitravel

ldquoMoganshanrdquo

德清新闻网

ldquo承包国营林场建造生态ldquo逸站rdquo

wwwsinoeventcom

ldquo亚洲旅游地产及景点峰会成功举行rdquo

wwwchinatravelbrandingcom

ldquoPursuing Green for Greenrdquo

wwwbrandrepublicasia

ldquoMaking moves towards ecofriendly eventsrdquo

7 May 2009

wwwhandsonshanghaiorg

ldquoHands On Asia Conference Summeryrdquo

May 2009

wwwmyvacationcn

ldquo莫干山居rdquo

3 April 2009

wwwshanghaidailycom

ldquoThe naked truth Time to clean up Moganshan litterrdquo

4 March 2009

wwwgreennovateorg

ldquoMoganshan Project Kick Offrdquo

13 February 2009

Travesias

ldquonaked retreatsrdquo

Feb 2009

合肥在线

ldquo大山里的裸家族rdquo

20 October 2008

wwwentrepreneurcom

ldquoThe arrival of the Olympics showcases Chinarsquos burgeoning entrepreneurial spirit ldquo

7 August 2008

50

Shanghaiist

ldquoWeekend escape to Moganshan 莫干山rdquo

9 April 2008

私家地理

ldquo艳阳下的荫凉rdquo

30 May 2008

City Weekend

ldquoGet naked in Moganshanrdquo

25 January 2008

wwwbundpiccom

ldquo在这绿中撒点野rdquo

wwwhuzhougovcn

ldquo相中德清筏头的青山绿水南非客商莫干山下建生态逸站rdquo

wwwurbanatomycom

ldquo24 Hours in Moganshanrdquo

wwwhkheadlinecom

ldquo杭州莫干山竹林深处人家rdquo

15 May 2009

wwwnewsweekcom

ldquoBack from abroadrdquo

May 2009

Chinatravelnet

ldquoMoganshan A Heavenly Hideaway of Bamboo Forests amp Tea Plantationsrdquo

April 2009

wwwmzztmcagovcn

ldquo2009年踏青乐游路线推荐大公布rdquo

16 March 2009

第三媒体

ldquo规划一条畅快随性的踏青之旅rdquo

28 October 2009

wwwdqnewszjolcomcn

ldquo三九坞 ldquo裸家族rdquo钟爱的世外桃源rdquo

28 October 2008

ldquo自驾行天下rdquo之中国莫干山rdquo

Sep 2008

ldquoShiffting Gearsrdquo

Sep 2008

April 2008

Chewed up amp Spit Out

ldquoGet nakedrdquo

19 February 2008

ldquoBest Weekend Getaway Hotels Shanghairdquo

富世

Ecoefficient hotel低碳下榻

April 2011

Spa China Guy 男士派

Experiencing The Unique

2010

Cosmo 时尚

跨洋建屋隐居不隐世

April 2010

Global Times

The Mountain of legends

Global City Geography 城市地理

莫干山 naked Retreats 都市人一ldquo裸rdquo到底的山居生活

Dec 2009

China Daily

Rural Retreat

20 March 2011

China Daily

4th March 2011

Modern Weekly周末画报

圣诞低碳游

Dec 2010

Elite Traveler 携程自由行

旅尚

Esquire

Hidden Best Restaurants

Feb 2011

51

52

53

Page 40: Detailed Investor's Report

39

ͰɒOumldivideTHE TEAM

40

Grant Horsfield ndash Chairman naked Group

Grant a native of South Africa is Founder and Chairman of the

naked Group

Before coming to China in 2005 Grant worked in England

and South Africa with more than 10 years business ownership

experience With background in IT he launched eBites

Limited in 2000 Operating nationally eBites was both a

publishing company and a callcentre facilitations company with

headquarters based in Cape Town In 2004 Grant received

an MBA from University of Cape Town Graduate School of

Business Upon graduation he decided to come to China as he

saw China is where business opportunities lie

After spending two years in Shanghai he found himself

overwhelmed by the metropolis and missed the natural beauty

of his home From this desire and need sprouted the concept

for naked Retreats which was launched in 2007 Grantrsquos vision is

to create sanctuaries that are in harmony with the environment

where people can appreciate the simple way of nature and

embrace the naked lifestyle Grantrsquos tireless efforts in promoting

ecotourism in the rural areas not only created jobs but also

pride for the local community He received an environmental

award from the Huzhou Government in 2008

高天成 - naked集团总裁

ij=ɫčIcircTHORNˆ=nakedƍOumlmiddot˽ˆũѵ|6

Ф13ɱȅOgraveѓŘтʣ=ij˪ЬФϯŘƎɫčľѽ=ϾŚɱOuml˙ϛǑϱƎРѽǑϏ6ФʙITǒOumlUѠ΅=ɱij˪ƭȜȥeBitesϾΏŁ=eBitesŁƮϱΝІaacuteŹĞѓΫLJɖƿū=ʙѵˤФǭʔugrave6ɱ=ijƅOtildeȥǭʔugraveAringλ˙λЙOumlMBAλ6dϛŮ=ǧegraveȅѓŘ=ϩǯOgraveȥжȕOuml˙Ɖ6

Ф˛ŝEgraveȥȢɱтŮ=āѳƓxȥ˪Ƃ=sʨAtilde˱ȥѳʿɐǒ6ФжѕИІεʴOumlʶ˼΅=ƭȜnaked Retreats

OumlΖĂФɱOtildeOgraveȥ˹˲6ijOumlΖĂƭШϞĸ˯THORNІѳʿũΣŃdeg=ˆɒǵϡΘѳʿ=ΘnakedOuml˪ƂĈ˾6ij˫ΔAacuteTHORNʵ˪ȾϽѽordfOumlxΦɹȞ=xLjmiddotШȥľѽıŻOtildeOgraveȥIcircTHORNˣʵOumlХϐ6ij˪ƅOtildeȥɱůјоġNāOumlźWAring˼ư6

41

Delphine Yip-Horsfield ndash Partner Ben Wood Studio Shanghai

received her Master of Architecture degree from Harvard

Boston prior to moving to Shanghai to oversee the award

winning Xintiandi project on behalf of Wood and Zapata In

the fall of 2005 Delphine became partner at Ben Wood Studio

Shanghai

Drawing from her own experience of diverse cultures Delphine

has led a multitude of high profile projects such as Hangzhou

Xihutiandi Zhujiajiao Oriental Garden Shanghai Waitanyuan

Beijing Palace 77 Shanghai Hongqiao Commercial Core Lijiang

Lashihai Resort Masterplan etc

In 2006 she was selected Wallpaper magazinersquos first annual 40

under 40 designer of the year

Delphine is the chief master planner and architect for naked

Home Village and naked Stables Private Reserve She also

oversees the visuals and styling of the naked Brand

叶凯欣 - 上海Ben Wood设计室合伙人

ϜǮΩɺ=Ben Wood ˤƗľѽOumlѵƢ=śęAringλƭѡλ6ȅ˛ŝтʣ=ФΒIJ5ɷКũuuacuteľѽ6ȅ˛ŝŮ=CcediloWoodũZapataĤЩΪTHORNΙɧOumlƢethľѽ613ɱʲƕ=ϜǮΩɺBen Wood ˤƗľѽūƃˆ6

ϾѯxŸϽșǑϏOumlϜǮΩɺ=EacuteˇȥηucircijocircΙɧOumlƢeth=VȂţјͻůTHORN5њƝƶecircĈųВ5˛ŝЕ5[ǎłatilde5˛ŝŭʦ˙ϛѓΫ5ȗƯȄŝoacuteƟAacuteѵŔŷˤƗUgrave6

ɱ=ˏκȥWallpaperСьǃɱoacuteϡ΅OumlˤƗ˰6

ϜǮΩnakedƝВAacuteũnaked RetreatsOumlѵˤƗеũƭѡ˰6˶ϚĤЩƢethnaked˙nOumlFũĘķˤƗ6

42

Kang Yang Lim ndash Group Chief Operating Officer naked Group

Group with over 13 years corporate finance and real estate

development experience Previously he was Director of the

real estate division of APP China taking responsibility for the

initial positioning and development of the USD15 billion lsquoWhite

Magnolia Plazarsquo mixed use development project (including

the development of Shanghairsquos first W Hotel) He also led the

concept and development of APPrsquos branded residence and resort

project in Sheshan Shanghai

Finance division of PricewaterhouseCoopers in Melbourne

Australia where he specialized in business value and strategy

worked in inhouse strategy roles for CocaCola GB in London

and to British venture capital firm of the year (2004) ISIS Equity

Partners before coming to China in 2005

Accountants Australia in 2002 and is also an affiliate of the

of Commerce and Diploma in Modern Languages from the

University of Melbourne Australia

林纲洋- naked 集团首席营运官

ƞˏnakedƍOumlȩ˪ϴϾŚɱOumlʝϛ~ƎTHORNǭāǑϏ6Фfrac14тʣ=ѽѓŘDŽŒOumlTHORNǭāOumlѵƢ=ĤЩƠч13ϢЏOumlucircϸ8JЈȈœ9ǭāΙɧOumlcopy˽κшũǭāVȂ˛ŝszligϞƝ ǙacircOumlǭālt6˶ϚщNtildeȥDŽŒƍФ˛ŝҁ˗ʑʁѢЭũoacuteƟAacuteΙɧOumlȓɲũǭā6

ФDŽŒƍˇфтʣ=ȩİϑGAringȚφɣyuml_ʔŴϷOacuteƁƗ˰OumlǑȓ=ѥѣЂ˙ϛƠчũЯɁѰξ6ȩ˪Ф13ɱȅOgraveѓŘтʣэȑǭʔŴϷOacuteŮOumlϞotilde˶ƣɬ=ѽǵǺǵȎɂugraveŁɬOumlЯɁēͺ˰=ϡƎISISOumlʼnʏūѽƃRФϯŘɂugraveOumlϯŘĘΌѱŁˇф6

ȩ˪ФɱƅOtildeȥGAringȚφηƁƗ˰ƁũGAringȚφпʻωǗOumlƁГѱķ6˶ϚƅOtildeȥGAringȚφɣyuml_AringλOuml˙ϛλλϡƎCcedilЇϊλп6

43

Gabriela Lo ndash Managing Director naked Retreats

With over 15 years experience in high end events and PR

management Gabriela has been instrumental in bringing naked

to where it is today As one of the original members of the

naked Team Gabriela has led the growth of naked Retreats

to become one of the most famous eco retreat destinations in

China attracting guests and publicity from around the world

Originally from Macao Gabriela has rich multi cultural and

multinational living and working experience having worked and

studied for many years in Greater China England and Italy

卢家宝 - naked 度假村常务董事

ϴϾŚ13ɱOumlijocircƂiacuteũŁŃŋ΄ŎȓǑϏ=nakedDžOumlǜІȶƝXēxǭ6ѽħdivideOumlmiddot˽ГтϞ=ȶƝXϠǑAEligȭnakedѓŘѻϾɜOuml˪ȾϽɧOumlTHORNтϞ=ͼϭȥȅѳǁĹTHORNOumlǸˆ6ȶƝXȅѳGɑ=ϴϾĖĥOumlucircЏŸũucircŘǝѢũľѽǑϏ=ЬФAringѓŴTHORNʵ=ϯŘũϤAringȚϾѯucircɱωǗǑș6

Judy Zhu ndash General Manager naked Group

Zhu is the General Manager for naked Group ensuring smooth

operations of the group with a particular focus on government

朱燕 - naked 集团总经理

њώ=iquestnaked Retreatsmiddot˽ǭ˽ǜũij˪ūѽ6њώѽƍѵǑȓ=ĤЩIcircTHORNũŋ΄ʽWƍРѽ6Фƞˏnakedтʣ=њώФ˛ŝũ[ǎiquestŚηucircІ˙ϛϾŋOumlфϛ6ФΪͻȈƅOtilde˙ϛλ6

44

Kurt Berman ndash General Manager naked Stables Private Reserve

With over 16 years experience in FampB and high end luxury

resort management Kurt brings a wealth of experience and

will lead the preopening and operations of our new resort ndash

naked Stables Private Reserve Prior to joining naked Kurt was

the preopening General Manager at Six Senses Laamu and

Resident Manager for Six Senses Soneva Gili by Six Senses Kurt

has also worked at other prestigious resorts including Fregate

his career in hospitality in FampB and was a trained Chef with

experience working in many prestigious institutions including

The Dorchester Hotel in London Kurt is from South Africa and

has a masters certificate in hospitality management from Cornell

University

Kurt Berman - naked私人度假村总经理

ϾѯŚɱϬƎijIumlŤŴoacuteƟAacuteOumlŎȓǑϏ=ƮϡĖĥOumlǑϏȭNtildeͰɒΪoacuteƟAacute77)$ 0OumlϱϛũРϱ6Фƞˏ)$ тʣ=10ЬEacuteˇŚ8szligȳĭǦ9+1ϱϛѵǑȓũ8szligȳĭǦ9-2 ((OumlѤacircǑȓ610ŻЬˇфЂamp0ˆŝETHũ1+4UgraveʙўɜoacuteƟˮTHORN610OumlϛʜzЂϬαϛ=ϚϡϞĸФŬucircўɜƉńVȂ-0-0 -$-ltľѽŚOumlρȡϾOumlnot˰610ȅѳɫč=sϴϾǰɪyumlAringλЃOumlǙacircŎȓλ6

Richard Johnston ndash General Manager naked Home Village

Hailing from the United Kingdom but with most of his working

life in resorts throughout Africa Richard brings with him over

20 years experience in General Management and Director level

roles in world class resorts including Azura Retreats Cape Grace

hotel and the Saxon Hotel Richard plays a key role in the set

up of systems training and operating standards His years

of experience and mentoring leadership style make Richard a

natural inspiration for our young hotel management team

Richard Johnston - naked 家园村总经理

RichardȅѳϯŘ=IgraveAringucircOumloacuteƟAacuteľѽiumlФмĸčљ=ϴϾŚɱOumlѴūŎȓũǁƐoacuteƟAacuteVȂAzura

Retreats Cape Grace hotel and the Saxon HotelltijʒŎȓǑϏ6RichardФƭȜ΄5ʅρũРαnѬĈɘʜѯŋƨѽϸ6ĖĥOumlǑϏũȭNtildeĘķ˼OtildeoslashͰɒɱʬOumlǙacircŎȓdivideϾѯѳʿOumlƊȘ6

45

Teun Hanegraaf ndash Sales Director naked Retreats

Teun obtained a Bachelors in Business Studies and Masters

in Strategic Management with a focus on Chinese Business

Culture Teun increased our corporate sales business by 350

in his first year with us bringing international companies

ranging from international conglomerates Unilever and Coca

Cola to more local institutions such as The Shanghai American

School and leading Chinese companies such as Bank of China

韩天宁销售总监

ȅѳŧȈɥEcirc=şɵϴϾ˙ϛλλλ5ЯɁŎȓѥѣЂѓŘ˙ϛŸlt6ȅƍOumlszligϞɱşɵƮŁOumlΝϛijȥ13=sŁAEligȅȥx˟ŘƙβOumlAringŁǸŲ=жʙѓϾŘƙAringʝϛȠūȚŴũǵǺǵȎ=ϚϾ˛ŝɐŘλΠUgraveIcircTHORNƉńũѓŘϫαUgraveѓŘȴʝϛ6

Oliver Yuen ndash nature Reserve amp Recreation Manager

naked Stables Private will be the first private reserve in China

with a wealth of new flora and fauna introduced to the project

from Sydney University Australia and as a fully qualified Ranger

working in many of the worldrsquos best wildlife parks Oliver takes a

special role in ensuring the environment of naked Retreats and

naked Stables Private Reserve will be full of life and a natural

self supporting eco system Oliverrsquos passion for both people and

nature make him the perfect person to teach our guests about

what we do and make their stay not only a relaxing one but

also a fun fulfilling educational one as well Oliver previously

worked in wildlife parks and resorts such as Azura Retreats in

Mozambique Mobala Private Game Reserve in South Africa and

Sydney Aquarium in Australia

袁鹏威 - 活动经理和度假村 生物学家

naked StablesƮѓŘszligϞĸϭljΪOumlцʾũiacuteʾOumlˆoacuteƟʵ6OliverѽϞɜGAringȚφͿɯAringλūķOuml˪λƝiacuteλƝ=ϡƎФǁĹTHORNOumlϙ˪iacuteВľѽOumlľѽе=Ф˼naked Retreats ũnaked StablesϾѯĖĥ˪ѱЕ5ʿѳĺOuml˪΄Oumlźǔľѽ˛QύѯіϘƶ˔6АʊoslashˆȏũѳʿOumlƊʮ˼ѻūOumlˆȅĵͰɒOumlǸˆͰɒѼOuml˷ɋ=sʨ˂ɒФжȕOuml˶ŒxLjLjČ=˶Ϛ˂ɒOumlǝѢǑșlOtildeϾǭΫcurren˹ũϾƷЋϤϦ6АʊтʣФɫčũGAringȚφͿɯѹŏiquestϙ˪iacuteВũWŰʵOumlľѽVȂMozambique OumlAzura Retreats Mobala Private Game Reservelt6

46

Philip C Davis Company Director naked Retreats

Phil joined the Board of Directors for naked Retreats hotel

management company in 2011 His previous board experience

includes Tian Rui Hotel Corporation holder of the master license

for Super 8 economy hotels in China and Hong Kong from 2006

to 2008 He also was a founding shareholder of Tian Rui and

served as its President and Managing Director from 2006 to

2008 He was a board member of Tian Xian Cheng a bai jiu

concern which is a joint venture between Pernod Ricard and a

2010

Phil was previously Chairman of the Budweiser (Wuhan)

International Brewing Company and Managing Director of the

AnheuserBusch business in China and Hong Kong from the

beginning of 1996 through 2002 From 2003 to 2005 he

headed the AnheuserBusch liaison office with Tsingtao Brewing

Company

Phil holds a PhD in history from Washington University and

started his career as a market researcher at a major advertising

agency in the US before moving to AnheuserBusch and

heading its consumer planning and new product development

functions in the 1980s

Philip CDavis naked 度假村公司董事长

PhilЂɱƞˏȥnakedoacuteƟʵǙacircŎȓŁOumligraveƁ6ϡĖĥOumlǑϏVȂФːǙacircƍˇф5ϡƎЂɱэɱФѓŘũѓŘΒIJEacuteˇSuper ǑƖǙacirc ʼnˆ6˶=ϚːǙacircƍOumlmiddot˽ʼnecirc=ФɱэɱʖƣEacuteˇƍOumlѵ|ũigrave6ɱэɱʖƣ=ϞƝІWȎȞƞũJǙ˪ȴʝϛƬɫūѱOumlʝϛ77ΐOumligraveƁГ6

iquestɱэɱ=Phil͵šBudweiserŘƙɳǙŁOumligraveƎѓŘũѓŘΒIJCŝyŁOumligrave6iquestɱэ13ɱ=CŝyũʫETHʌǙŁOumlȠɆdegOumlĤЩˆ6PhilϴϾŴ˭uacuteAringλOumlș˻дλvλ=ФǁɱCcedilȅOgraveCŝy5ĤЩΞĒŔŷũΪʑǭāĿɭтʣ=OumlϛʜzЂɐŘOumlϞƝœĵCcedilȓŁ=Eacuteˇaeligω6

47

OUR INTERNATIONAL TEAM

International team

Chief master planners amp architects

the urban landscape of modern China with Xintiandi in

Shanghai a commercial cultural and entertainment district

Since then the studio has worked on projects in very diverse

categories both small and large scale projects include mixed

use projects like the ldquoTiandirdquo in Hangzhou Chongqing Wuhan

and Foshan luxury villa and high rise residential complexes in

Shanghai and Vietnam as well as various boutique hotels and

Chalet Architects

A00 Architecture is most well known for their research

inenvironmental sustainability and its application to their

work in Architecture Interiors and Furniture Their portfolio

includes feature restaurants luxury spas retail stores design

conversion of dozens of historic Shanghai homes into highly

personalized residences

Interior Designers AIM (Architecture amp Design) brings expertise

in the combination of world architectural styles and design

influences to the interior designs at naked Stables Private

Reserve With the Shanghai office led by the two founding

on comfort warmth and a unique blend between African and

Asian design sensibilities

Landscape Architect

Design Land Collaborative (DLC) is a professional consulting firm

comprised of landscape architects and planners with an office in

Shanghai and the United States Projects have a strong emphasis

on cultural resources historic preservation and ecological

design involving both the public and private sectors

ͰɒOumlāЮdivide

ɴǵϡΑάOumlёȣ

ŘƙŸdivide

首席规划师和建筑师

benwood Studio Shanghai OumlсɜΙɧтϞѠĨШ˛ŝΪTHORNľ=˼ʙƍ˙ϛ5Ÿ5ЄȎϞOumlʵЉ6тŮ=ЁƻȥĹȏŔɟAringΟOumlΙɧ=VȂţјOumlͻůTHORN=іʱ5͵šƎę˗OumlŤŴpϡƎФ˛ŝũЛɫOumlijѢЭʵ=ȮŻϾФѓŘƎˉ_OumlĹȏǐʑǙacircƎoacuteƟ6

小圆房建筑

AOO Architecture ФźǔWŰƎǵ θāЮĈɘϾѯѭЛOumlƭ=s˘ƮʙƭϰϸЂɬƝѩ6ɒƻŚOumlΙɧVȂ˔5ŤŴȤѓΫ5ȫ˙acirc5ˤƗίǙacirc˛ŝυНǙacirc lt5ˆoacuteƟϡƎϞ΄ȧOuml˛ŝș˻ѢЭOumlCcedilŸƎˆŸĨШ6

ɬ ˤƗ˰AIMƭѡˤƗltѥѣЂǁƭѡĘķũˤƗOumlɐƿū=ϭNtildenaked StablesOumlɬˤƗ6ФȅѳŧȈũaȚ˶OumlūѽmiddotTˆȭNtildeOuml˛ŝTdegOumlUѠ΅=ˤƗѣі5ũφčˤƗȓɲOumlntildeˊū6

景观设计

Design Land Collaborative (DLC) ϞƝiquestǒōˤƗІŔŷOumlѥϛѰξŁ=Ф˛ŝІɐŘǩˤϾēрƉń6ʙΙɧ˘ЂŋѣŸș˻ĻЕ=ƿūźW˪ǴƔ=ѥѣЂŁŃƎϾTHORNOumlŔŷ6

48

Engineering amp Project Management team

Scott Wilson Group PLC is a globalintegrated design and

engineering consultancy for the built and natural environments

Scott Wilson is responsible for the project management the

electrical and mechanical engineering for the project

Environmental Consultants

Environmental Resources Management (ERM) a leading global

provider of environmental health and safety risk and social

consulting services ERM deliver innovative solutions for business

and government clients helping them understand and manage

their impacts on the world around them ERM have 137 offices

in 39 countries and employ approximately 3300 staff

Sustainability Consultants

Bisagni Environmental Enterprises (BEE) works with the

engineering and design teams to ensure the environmental

goals set out at the inception of the project are achieved

LEED Consultants

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

Local Design Institute

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

General Contractor

and have been responsible for some of Chinarsquos most iconic

properties such as the World Financial Centre in Shanghai

工程及项目管理团队

Scott Wilson Group PLCϞƝʺʳŔɟOumlźWˤƗƎľѰξŁ6Scott WilsonĤЩΙɧOumlaacuteʠƎƉΤľ6

环境咨询

Environmental Resources Management (ERM)ϞƝʺʳαϛȭѰξŁ=ŀźǔWŰ5ƫǰCʺƎŁŃˣƁĘΌUgraveѰξĞ6ERM˙ϛƎоġɑǸŲŀĨĶβOumlǀǧĈF=UѠɒȥǀsŎȓʙǑϱoslashˣƁźǔAEligȅOumlϳΗ6ERMФʺʳϾ137ĸēрƉń=myĸŘƝ=ϴϾAringК3300ɜГľ6

可持续发展咨询

Bisagni Environmental Enterprises (BEE)ІľˤƗdivideΑűūѽ=ϡʽWФΙɧǭ˽ƼotildeˤȜOumlźǔWŰǵ θāЮɧnOumlȚ˹6

绿色建筑认证咨询

Shanghai Pacific Energy Center (SPEC)ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlŁтϞ6

本地设计公司

Shanghai Baoye Construction Corp Ltd ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlαϛȭŁтϞ6

总承包商

ϞƝŘƝƐľVŁ=ϠƻȥηucircѓŘnьβΙɧ=țˍ˛ŝźʳDŽˊѓΫ6

49

naked COVERAGE

wwwcnngocom

ldquo25 killer things to do this summerrdquo

26 April 2010

Time Magazine

ldquoRun to the Moganshan Hillrdquo

新浪博客

ldquo避世的可能rdquo

31 December 2009

wwwenglisheastdaycom

ldquoThe first batch of ldquoChina Treasured Towns ldquo released

December 2009

Shanghai Urbanatomy

ldquoGet naked this time with horsesrdquo

Shanghai Daily

ldquoGreen MaGIC Casts design spellrdquo

14 October 2009

新浪商品

ldquo中国最佳设计酒店大赏rdquo

September 2009

wwwchannelnewsasiacom

ldquoChinarsquos green resort allows travellers to vacation on good consciencerdquo

2 September 2009

wwwbijianlinblshecom

ldquo莫干隐居rdquo

25 Aug 2009

wwwassociatecontentcom

ldquoThe Exquisite Moganshan Mountains of Chinardquo

Ɏ

Wikitravel

ldquoMoganshanrdquo

德清新闻网

ldquo承包国营林场建造生态ldquo逸站rdquo

wwwsinoeventcom

ldquo亚洲旅游地产及景点峰会成功举行rdquo

wwwchinatravelbrandingcom

ldquoPursuing Green for Greenrdquo

wwwbrandrepublicasia

ldquoMaking moves towards ecofriendly eventsrdquo

7 May 2009

wwwhandsonshanghaiorg

ldquoHands On Asia Conference Summeryrdquo

May 2009

wwwmyvacationcn

ldquo莫干山居rdquo

3 April 2009

wwwshanghaidailycom

ldquoThe naked truth Time to clean up Moganshan litterrdquo

4 March 2009

wwwgreennovateorg

ldquoMoganshan Project Kick Offrdquo

13 February 2009

Travesias

ldquonaked retreatsrdquo

Feb 2009

合肥在线

ldquo大山里的裸家族rdquo

20 October 2008

wwwentrepreneurcom

ldquoThe arrival of the Olympics showcases Chinarsquos burgeoning entrepreneurial spirit ldquo

7 August 2008

50

Shanghaiist

ldquoWeekend escape to Moganshan 莫干山rdquo

9 April 2008

私家地理

ldquo艳阳下的荫凉rdquo

30 May 2008

City Weekend

ldquoGet naked in Moganshanrdquo

25 January 2008

wwwbundpiccom

ldquo在这绿中撒点野rdquo

wwwhuzhougovcn

ldquo相中德清筏头的青山绿水南非客商莫干山下建生态逸站rdquo

wwwurbanatomycom

ldquo24 Hours in Moganshanrdquo

wwwhkheadlinecom

ldquo杭州莫干山竹林深处人家rdquo

15 May 2009

wwwnewsweekcom

ldquoBack from abroadrdquo

May 2009

Chinatravelnet

ldquoMoganshan A Heavenly Hideaway of Bamboo Forests amp Tea Plantationsrdquo

April 2009

wwwmzztmcagovcn

ldquo2009年踏青乐游路线推荐大公布rdquo

16 March 2009

第三媒体

ldquo规划一条畅快随性的踏青之旅rdquo

28 October 2009

wwwdqnewszjolcomcn

ldquo三九坞 ldquo裸家族rdquo钟爱的世外桃源rdquo

28 October 2008

ldquo自驾行天下rdquo之中国莫干山rdquo

Sep 2008

ldquoShiffting Gearsrdquo

Sep 2008

April 2008

Chewed up amp Spit Out

ldquoGet nakedrdquo

19 February 2008

ldquoBest Weekend Getaway Hotels Shanghairdquo

富世

Ecoefficient hotel低碳下榻

April 2011

Spa China Guy 男士派

Experiencing The Unique

2010

Cosmo 时尚

跨洋建屋隐居不隐世

April 2010

Global Times

The Mountain of legends

Global City Geography 城市地理

莫干山 naked Retreats 都市人一ldquo裸rdquo到底的山居生活

Dec 2009

China Daily

Rural Retreat

20 March 2011

China Daily

4th March 2011

Modern Weekly周末画报

圣诞低碳游

Dec 2010

Elite Traveler 携程自由行

旅尚

Esquire

Hidden Best Restaurants

Feb 2011

51

52

53

Page 41: Detailed Investor's Report

40

Grant Horsfield ndash Chairman naked Group

Grant a native of South Africa is Founder and Chairman of the

naked Group

Before coming to China in 2005 Grant worked in England

and South Africa with more than 10 years business ownership

experience With background in IT he launched eBites

Limited in 2000 Operating nationally eBites was both a

publishing company and a callcentre facilitations company with

headquarters based in Cape Town In 2004 Grant received

an MBA from University of Cape Town Graduate School of

Business Upon graduation he decided to come to China as he

saw China is where business opportunities lie

After spending two years in Shanghai he found himself

overwhelmed by the metropolis and missed the natural beauty

of his home From this desire and need sprouted the concept

for naked Retreats which was launched in 2007 Grantrsquos vision is

to create sanctuaries that are in harmony with the environment

where people can appreciate the simple way of nature and

embrace the naked lifestyle Grantrsquos tireless efforts in promoting

ecotourism in the rural areas not only created jobs but also

pride for the local community He received an environmental

award from the Huzhou Government in 2008

高天成 - naked集团总裁

ij=ɫčIcircTHORNˆ=nakedƍOumlmiddot˽ˆũѵ|6

Ф13ɱȅOgraveѓŘтʣ=ij˪ЬФϯŘƎɫčľѽ=ϾŚɱOuml˙ϛǑϱƎРѽǑϏ6ФʙITǒOumlUѠ΅=ɱij˪ƭȜȥeBitesϾΏŁ=eBitesŁƮϱΝІaacuteŹĞѓΫLJɖƿū=ʙѵˤФǭʔugrave6ɱ=ijƅOtildeȥǭʔugraveAringλ˙λЙOumlMBAλ6dϛŮ=ǧegraveȅѓŘ=ϩǯOgraveȥжȕOuml˙Ɖ6

Ф˛ŝEgraveȥȢɱтŮ=āѳƓxȥ˪Ƃ=sʨAtilde˱ȥѳʿɐǒ6ФжѕИІεʴOumlʶ˼΅=ƭȜnaked Retreats

OumlΖĂФɱOtildeOgraveȥ˹˲6ijOumlΖĂƭШϞĸ˯THORNІѳʿũΣŃdeg=ˆɒǵϡΘѳʿ=ΘnakedOuml˪ƂĈ˾6ij˫ΔAacuteTHORNʵ˪ȾϽѽordfOumlxΦɹȞ=xLjmiddotШȥľѽıŻOtildeOgraveȥIcircTHORNˣʵOumlХϐ6ij˪ƅOtildeȥɱůјоġNāOumlźWAring˼ư6

41

Delphine Yip-Horsfield ndash Partner Ben Wood Studio Shanghai

received her Master of Architecture degree from Harvard

Boston prior to moving to Shanghai to oversee the award

winning Xintiandi project on behalf of Wood and Zapata In

the fall of 2005 Delphine became partner at Ben Wood Studio

Shanghai

Drawing from her own experience of diverse cultures Delphine

has led a multitude of high profile projects such as Hangzhou

Xihutiandi Zhujiajiao Oriental Garden Shanghai Waitanyuan

Beijing Palace 77 Shanghai Hongqiao Commercial Core Lijiang

Lashihai Resort Masterplan etc

In 2006 she was selected Wallpaper magazinersquos first annual 40

under 40 designer of the year

Delphine is the chief master planner and architect for naked

Home Village and naked Stables Private Reserve She also

oversees the visuals and styling of the naked Brand

叶凯欣 - 上海Ben Wood设计室合伙人

ϜǮΩɺ=Ben Wood ˤƗľѽOumlѵƢ=śęAringλƭѡλ6ȅ˛ŝтʣ=ФΒIJ5ɷКũuuacuteľѽ6ȅ˛ŝŮ=CcediloWoodũZapataĤЩΪTHORNΙɧOumlƢethľѽ613ɱʲƕ=ϜǮΩɺBen Wood ˤƗľѽūƃˆ6

ϾѯxŸϽșǑϏOumlϜǮΩɺ=EacuteˇȥηucircijocircΙɧOumlƢeth=VȂţјͻůTHORN5њƝƶecircĈųВ5˛ŝЕ5[ǎłatilde5˛ŝŭʦ˙ϛѓΫ5ȗƯȄŝoacuteƟAacuteѵŔŷˤƗUgrave6

ɱ=ˏκȥWallpaperСьǃɱoacuteϡ΅OumlˤƗ˰6

ϜǮΩnakedƝВAacuteũnaked RetreatsOumlѵˤƗеũƭѡ˰6˶ϚĤЩƢethnaked˙nOumlFũĘķˤƗ6

42

Kang Yang Lim ndash Group Chief Operating Officer naked Group

Group with over 13 years corporate finance and real estate

development experience Previously he was Director of the

real estate division of APP China taking responsibility for the

initial positioning and development of the USD15 billion lsquoWhite

Magnolia Plazarsquo mixed use development project (including

the development of Shanghairsquos first W Hotel) He also led the

concept and development of APPrsquos branded residence and resort

project in Sheshan Shanghai

Finance division of PricewaterhouseCoopers in Melbourne

Australia where he specialized in business value and strategy

worked in inhouse strategy roles for CocaCola GB in London

and to British venture capital firm of the year (2004) ISIS Equity

Partners before coming to China in 2005

Accountants Australia in 2002 and is also an affiliate of the

of Commerce and Diploma in Modern Languages from the

University of Melbourne Australia

林纲洋- naked 集团首席营运官

ƞˏnakedƍOumlȩ˪ϴϾŚɱOumlʝϛ~ƎTHORNǭāǑϏ6Фfrac14тʣ=ѽѓŘDŽŒOumlTHORNǭāOumlѵƢ=ĤЩƠч13ϢЏOumlucircϸ8JЈȈœ9ǭāΙɧOumlcopy˽κшũǭāVȂ˛ŝszligϞƝ ǙacircOumlǭālt6˶ϚщNtildeȥDŽŒƍФ˛ŝҁ˗ʑʁѢЭũoacuteƟAacuteΙɧOumlȓɲũǭā6

ФDŽŒƍˇфтʣ=ȩİϑGAringȚφɣyuml_ʔŴϷOacuteƁƗ˰OumlǑȓ=ѥѣЂ˙ϛƠчũЯɁѰξ6ȩ˪Ф13ɱȅOgraveѓŘтʣэȑǭʔŴϷOacuteŮOumlϞotilde˶ƣɬ=ѽǵǺǵȎɂugraveŁɬOumlЯɁēͺ˰=ϡƎISISOumlʼnʏūѽƃRФϯŘɂugraveOumlϯŘĘΌѱŁˇф6

ȩ˪ФɱƅOtildeȥGAringȚφηƁƗ˰ƁũGAringȚφпʻωǗOumlƁГѱķ6˶ϚƅOtildeȥGAringȚφɣyuml_AringλOuml˙ϛλλϡƎCcedilЇϊλп6

43

Gabriela Lo ndash Managing Director naked Retreats

With over 15 years experience in high end events and PR

management Gabriela has been instrumental in bringing naked

to where it is today As one of the original members of the

naked Team Gabriela has led the growth of naked Retreats

to become one of the most famous eco retreat destinations in

China attracting guests and publicity from around the world

Originally from Macao Gabriela has rich multi cultural and

multinational living and working experience having worked and

studied for many years in Greater China England and Italy

卢家宝 - naked 度假村常务董事

ϴϾŚ13ɱOumlijocircƂiacuteũŁŃŋ΄ŎȓǑϏ=nakedDžOumlǜІȶƝXēxǭ6ѽħdivideOumlmiddot˽ГтϞ=ȶƝXϠǑAEligȭnakedѓŘѻϾɜOuml˪ȾϽɧOumlTHORNтϞ=ͼϭȥȅѳǁĹTHORNOumlǸˆ6ȶƝXȅѳGɑ=ϴϾĖĥOumlucircЏŸũucircŘǝѢũľѽǑϏ=ЬФAringѓŴTHORNʵ=ϯŘũϤAringȚϾѯucircɱωǗǑș6

Judy Zhu ndash General Manager naked Group

Zhu is the General Manager for naked Group ensuring smooth

operations of the group with a particular focus on government

朱燕 - naked 集团总经理

њώ=iquestnaked Retreatsmiddot˽ǭ˽ǜũij˪ūѽ6њώѽƍѵǑȓ=ĤЩIcircTHORNũŋ΄ʽWƍРѽ6Фƞˏnakedтʣ=њώФ˛ŝũ[ǎiquestŚηucircІ˙ϛϾŋOumlфϛ6ФΪͻȈƅOtilde˙ϛλ6

44

Kurt Berman ndash General Manager naked Stables Private Reserve

With over 16 years experience in FampB and high end luxury

resort management Kurt brings a wealth of experience and

will lead the preopening and operations of our new resort ndash

naked Stables Private Reserve Prior to joining naked Kurt was

the preopening General Manager at Six Senses Laamu and

Resident Manager for Six Senses Soneva Gili by Six Senses Kurt

has also worked at other prestigious resorts including Fregate

his career in hospitality in FampB and was a trained Chef with

experience working in many prestigious institutions including

The Dorchester Hotel in London Kurt is from South Africa and

has a masters certificate in hospitality management from Cornell

University

Kurt Berman - naked私人度假村总经理

ϾѯŚɱϬƎijIumlŤŴoacuteƟAacuteOumlŎȓǑϏ=ƮϡĖĥOumlǑϏȭNtildeͰɒΪoacuteƟAacute77)$ 0OumlϱϛũРϱ6Фƞˏ)$ тʣ=10ЬEacuteˇŚ8szligȳĭǦ9+1ϱϛѵǑȓũ8szligȳĭǦ9-2 ((OumlѤacircǑȓ610ŻЬˇфЂamp0ˆŝETHũ1+4UgraveʙўɜoacuteƟˮTHORN610OumlϛʜzЂϬαϛ=ϚϡϞĸФŬucircўɜƉńVȂ-0-0 -$-ltľѽŚOumlρȡϾOumlnot˰610ȅѳɫč=sϴϾǰɪyumlAringλЃOumlǙacircŎȓλ6

Richard Johnston ndash General Manager naked Home Village

Hailing from the United Kingdom but with most of his working

life in resorts throughout Africa Richard brings with him over

20 years experience in General Management and Director level

roles in world class resorts including Azura Retreats Cape Grace

hotel and the Saxon Hotel Richard plays a key role in the set

up of systems training and operating standards His years

of experience and mentoring leadership style make Richard a

natural inspiration for our young hotel management team

Richard Johnston - naked 家园村总经理

RichardȅѳϯŘ=IgraveAringucircOumloacuteƟAacuteľѽiumlФмĸčљ=ϴϾŚɱOumlѴūŎȓũǁƐoacuteƟAacuteVȂAzura

Retreats Cape Grace hotel and the Saxon HotelltijʒŎȓǑϏ6RichardФƭȜ΄5ʅρũРαnѬĈɘʜѯŋƨѽϸ6ĖĥOumlǑϏũȭNtildeĘķ˼OtildeoslashͰɒɱʬOumlǙacircŎȓdivideϾѯѳʿOumlƊȘ6

45

Teun Hanegraaf ndash Sales Director naked Retreats

Teun obtained a Bachelors in Business Studies and Masters

in Strategic Management with a focus on Chinese Business

Culture Teun increased our corporate sales business by 350

in his first year with us bringing international companies

ranging from international conglomerates Unilever and Coca

Cola to more local institutions such as The Shanghai American

School and leading Chinese companies such as Bank of China

韩天宁销售总监

ȅѳŧȈɥEcirc=şɵϴϾ˙ϛλλλ5ЯɁŎȓѥѣЂѓŘ˙ϛŸlt6ȅƍOumlszligϞɱşɵƮŁOumlΝϛijȥ13=sŁAEligȅȥx˟ŘƙβOumlAringŁǸŲ=жʙѓϾŘƙAringʝϛȠūȚŴũǵǺǵȎ=ϚϾ˛ŝɐŘλΠUgraveIcircTHORNƉńũѓŘϫαUgraveѓŘȴʝϛ6

Oliver Yuen ndash nature Reserve amp Recreation Manager

naked Stables Private will be the first private reserve in China

with a wealth of new flora and fauna introduced to the project

from Sydney University Australia and as a fully qualified Ranger

working in many of the worldrsquos best wildlife parks Oliver takes a

special role in ensuring the environment of naked Retreats and

naked Stables Private Reserve will be full of life and a natural

self supporting eco system Oliverrsquos passion for both people and

nature make him the perfect person to teach our guests about

what we do and make their stay not only a relaxing one but

also a fun fulfilling educational one as well Oliver previously

worked in wildlife parks and resorts such as Azura Retreats in

Mozambique Mobala Private Game Reserve in South Africa and

Sydney Aquarium in Australia

袁鹏威 - 活动经理和度假村 生物学家

naked StablesƮѓŘszligϞĸϭljΪOumlцʾũiacuteʾOumlˆoacuteƟʵ6OliverѽϞɜGAringȚφͿɯAringλūķOuml˪λƝiacuteλƝ=ϡƎФǁĹTHORNOumlϙ˪iacuteВľѽOumlľѽе=Ф˼naked Retreats ũnaked StablesϾѯĖĥ˪ѱЕ5ʿѳĺOuml˪΄Oumlźǔľѽ˛QύѯіϘƶ˔6АʊoslashˆȏũѳʿOumlƊʮ˼ѻūOumlˆȅĵͰɒOumlǸˆͰɒѼOuml˷ɋ=sʨ˂ɒФжȕOuml˶ŒxLjLjČ=˶Ϛ˂ɒOumlǝѢǑșlOtildeϾǭΫcurren˹ũϾƷЋϤϦ6АʊтʣФɫčũGAringȚφͿɯѹŏiquestϙ˪iacuteВũWŰʵOumlľѽVȂMozambique OumlAzura Retreats Mobala Private Game Reservelt6

46

Philip C Davis Company Director naked Retreats

Phil joined the Board of Directors for naked Retreats hotel

management company in 2011 His previous board experience

includes Tian Rui Hotel Corporation holder of the master license

for Super 8 economy hotels in China and Hong Kong from 2006

to 2008 He also was a founding shareholder of Tian Rui and

served as its President and Managing Director from 2006 to

2008 He was a board member of Tian Xian Cheng a bai jiu

concern which is a joint venture between Pernod Ricard and a

2010

Phil was previously Chairman of the Budweiser (Wuhan)

International Brewing Company and Managing Director of the

AnheuserBusch business in China and Hong Kong from the

beginning of 1996 through 2002 From 2003 to 2005 he

headed the AnheuserBusch liaison office with Tsingtao Brewing

Company

Phil holds a PhD in history from Washington University and

started his career as a market researcher at a major advertising

agency in the US before moving to AnheuserBusch and

heading its consumer planning and new product development

functions in the 1980s

Philip CDavis naked 度假村公司董事长

PhilЂɱƞˏȥnakedoacuteƟʵǙacircŎȓŁOumligraveƁ6ϡĖĥOumlǑϏVȂФːǙacircƍˇф5ϡƎЂɱэɱФѓŘũѓŘΒIJEacuteˇSuper ǑƖǙacirc ʼnˆ6˶=ϚːǙacircƍOumlmiddot˽ʼnecirc=ФɱэɱʖƣEacuteˇƍOumlѵ|ũigrave6ɱэɱʖƣ=ϞƝІWȎȞƞũJǙ˪ȴʝϛƬɫūѱOumlʝϛ77ΐOumligraveƁГ6

iquestɱэɱ=Phil͵šBudweiserŘƙɳǙŁOumligraveƎѓŘũѓŘΒIJCŝyŁOumligrave6iquestɱэ13ɱ=CŝyũʫETHʌǙŁOumlȠɆdegOumlĤЩˆ6PhilϴϾŴ˭uacuteAringλOumlș˻дλvλ=ФǁɱCcedilȅOgraveCŝy5ĤЩΞĒŔŷũΪʑǭāĿɭтʣ=OumlϛʜzЂɐŘOumlϞƝœĵCcedilȓŁ=Eacuteˇaeligω6

47

OUR INTERNATIONAL TEAM

International team

Chief master planners amp architects

the urban landscape of modern China with Xintiandi in

Shanghai a commercial cultural and entertainment district

Since then the studio has worked on projects in very diverse

categories both small and large scale projects include mixed

use projects like the ldquoTiandirdquo in Hangzhou Chongqing Wuhan

and Foshan luxury villa and high rise residential complexes in

Shanghai and Vietnam as well as various boutique hotels and

Chalet Architects

A00 Architecture is most well known for their research

inenvironmental sustainability and its application to their

work in Architecture Interiors and Furniture Their portfolio

includes feature restaurants luxury spas retail stores design

conversion of dozens of historic Shanghai homes into highly

personalized residences

Interior Designers AIM (Architecture amp Design) brings expertise

in the combination of world architectural styles and design

influences to the interior designs at naked Stables Private

Reserve With the Shanghai office led by the two founding

on comfort warmth and a unique blend between African and

Asian design sensibilities

Landscape Architect

Design Land Collaborative (DLC) is a professional consulting firm

comprised of landscape architects and planners with an office in

Shanghai and the United States Projects have a strong emphasis

on cultural resources historic preservation and ecological

design involving both the public and private sectors

ͰɒOumlāЮdivide

ɴǵϡΑάOumlёȣ

ŘƙŸdivide

首席规划师和建筑师

benwood Studio Shanghai OumlсɜΙɧтϞѠĨШ˛ŝΪTHORNľ=˼ʙƍ˙ϛ5Ÿ5ЄȎϞOumlʵЉ6тŮ=ЁƻȥĹȏŔɟAringΟOumlΙɧ=VȂţјOumlͻůTHORN=іʱ5͵šƎę˗OumlŤŴpϡƎФ˛ŝũЛɫOumlijѢЭʵ=ȮŻϾФѓŘƎˉ_OumlĹȏǐʑǙacircƎoacuteƟ6

小圆房建筑

AOO Architecture ФźǔWŰƎǵ θāЮĈɘϾѯѭЛOumlƭ=s˘ƮʙƭϰϸЂɬƝѩ6ɒƻŚOumlΙɧVȂ˔5ŤŴȤѓΫ5ȫ˙acirc5ˤƗίǙacirc˛ŝυНǙacirc lt5ˆoacuteƟϡƎϞ΄ȧOuml˛ŝș˻ѢЭOumlCcedilŸƎˆŸĨШ6

ɬ ˤƗ˰AIMƭѡˤƗltѥѣЂǁƭѡĘķũˤƗOumlɐƿū=ϭNtildenaked StablesOumlɬˤƗ6ФȅѳŧȈũaȚ˶OumlūѽmiddotTˆȭNtildeOuml˛ŝTdegOumlUѠ΅=ˤƗѣі5ũφčˤƗȓɲOumlntildeˊū6

景观设计

Design Land Collaborative (DLC) ϞƝiquestǒōˤƗІŔŷOumlѥϛѰξŁ=Ф˛ŝІɐŘǩˤϾēрƉń6ʙΙɧ˘ЂŋѣŸș˻ĻЕ=ƿūźW˪ǴƔ=ѥѣЂŁŃƎϾTHORNOumlŔŷ6

48

Engineering amp Project Management team

Scott Wilson Group PLC is a globalintegrated design and

engineering consultancy for the built and natural environments

Scott Wilson is responsible for the project management the

electrical and mechanical engineering for the project

Environmental Consultants

Environmental Resources Management (ERM) a leading global

provider of environmental health and safety risk and social

consulting services ERM deliver innovative solutions for business

and government clients helping them understand and manage

their impacts on the world around them ERM have 137 offices

in 39 countries and employ approximately 3300 staff

Sustainability Consultants

Bisagni Environmental Enterprises (BEE) works with the

engineering and design teams to ensure the environmental

goals set out at the inception of the project are achieved

LEED Consultants

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

Local Design Institute

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

General Contractor

and have been responsible for some of Chinarsquos most iconic

properties such as the World Financial Centre in Shanghai

工程及项目管理团队

Scott Wilson Group PLCϞƝʺʳŔɟOumlźWˤƗƎľѰξŁ6Scott WilsonĤЩΙɧOumlaacuteʠƎƉΤľ6

环境咨询

Environmental Resources Management (ERM)ϞƝʺʳαϛȭѰξŁ=ŀźǔWŰ5ƫǰCʺƎŁŃˣƁĘΌUgraveѰξĞ6ERM˙ϛƎоġɑǸŲŀĨĶβOumlǀǧĈF=UѠɒȥǀsŎȓʙǑϱoslashˣƁźǔAEligȅOumlϳΗ6ERMФʺʳϾ137ĸēрƉń=myĸŘƝ=ϴϾAringК3300ɜГľ6

可持续发展咨询

Bisagni Environmental Enterprises (BEE)ІľˤƗdivideΑűūѽ=ϡʽWФΙɧǭ˽ƼotildeˤȜOumlźǔWŰǵ θāЮɧnOumlȚ˹6

绿色建筑认证咨询

Shanghai Pacific Energy Center (SPEC)ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlŁтϞ6

本地设计公司

Shanghai Baoye Construction Corp Ltd ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlαϛȭŁтϞ6

总承包商

ϞƝŘƝƐľVŁ=ϠƻȥηucircѓŘnьβΙɧ=țˍ˛ŝźʳDŽˊѓΫ6

49

naked COVERAGE

wwwcnngocom

ldquo25 killer things to do this summerrdquo

26 April 2010

Time Magazine

ldquoRun to the Moganshan Hillrdquo

新浪博客

ldquo避世的可能rdquo

31 December 2009

wwwenglisheastdaycom

ldquoThe first batch of ldquoChina Treasured Towns ldquo released

December 2009

Shanghai Urbanatomy

ldquoGet naked this time with horsesrdquo

Shanghai Daily

ldquoGreen MaGIC Casts design spellrdquo

14 October 2009

新浪商品

ldquo中国最佳设计酒店大赏rdquo

September 2009

wwwchannelnewsasiacom

ldquoChinarsquos green resort allows travellers to vacation on good consciencerdquo

2 September 2009

wwwbijianlinblshecom

ldquo莫干隐居rdquo

25 Aug 2009

wwwassociatecontentcom

ldquoThe Exquisite Moganshan Mountains of Chinardquo

Ɏ

Wikitravel

ldquoMoganshanrdquo

德清新闻网

ldquo承包国营林场建造生态ldquo逸站rdquo

wwwsinoeventcom

ldquo亚洲旅游地产及景点峰会成功举行rdquo

wwwchinatravelbrandingcom

ldquoPursuing Green for Greenrdquo

wwwbrandrepublicasia

ldquoMaking moves towards ecofriendly eventsrdquo

7 May 2009

wwwhandsonshanghaiorg

ldquoHands On Asia Conference Summeryrdquo

May 2009

wwwmyvacationcn

ldquo莫干山居rdquo

3 April 2009

wwwshanghaidailycom

ldquoThe naked truth Time to clean up Moganshan litterrdquo

4 March 2009

wwwgreennovateorg

ldquoMoganshan Project Kick Offrdquo

13 February 2009

Travesias

ldquonaked retreatsrdquo

Feb 2009

合肥在线

ldquo大山里的裸家族rdquo

20 October 2008

wwwentrepreneurcom

ldquoThe arrival of the Olympics showcases Chinarsquos burgeoning entrepreneurial spirit ldquo

7 August 2008

50

Shanghaiist

ldquoWeekend escape to Moganshan 莫干山rdquo

9 April 2008

私家地理

ldquo艳阳下的荫凉rdquo

30 May 2008

City Weekend

ldquoGet naked in Moganshanrdquo

25 January 2008

wwwbundpiccom

ldquo在这绿中撒点野rdquo

wwwhuzhougovcn

ldquo相中德清筏头的青山绿水南非客商莫干山下建生态逸站rdquo

wwwurbanatomycom

ldquo24 Hours in Moganshanrdquo

wwwhkheadlinecom

ldquo杭州莫干山竹林深处人家rdquo

15 May 2009

wwwnewsweekcom

ldquoBack from abroadrdquo

May 2009

Chinatravelnet

ldquoMoganshan A Heavenly Hideaway of Bamboo Forests amp Tea Plantationsrdquo

April 2009

wwwmzztmcagovcn

ldquo2009年踏青乐游路线推荐大公布rdquo

16 March 2009

第三媒体

ldquo规划一条畅快随性的踏青之旅rdquo

28 October 2009

wwwdqnewszjolcomcn

ldquo三九坞 ldquo裸家族rdquo钟爱的世外桃源rdquo

28 October 2008

ldquo自驾行天下rdquo之中国莫干山rdquo

Sep 2008

ldquoShiffting Gearsrdquo

Sep 2008

April 2008

Chewed up amp Spit Out

ldquoGet nakedrdquo

19 February 2008

ldquoBest Weekend Getaway Hotels Shanghairdquo

富世

Ecoefficient hotel低碳下榻

April 2011

Spa China Guy 男士派

Experiencing The Unique

2010

Cosmo 时尚

跨洋建屋隐居不隐世

April 2010

Global Times

The Mountain of legends

Global City Geography 城市地理

莫干山 naked Retreats 都市人一ldquo裸rdquo到底的山居生活

Dec 2009

China Daily

Rural Retreat

20 March 2011

China Daily

4th March 2011

Modern Weekly周末画报

圣诞低碳游

Dec 2010

Elite Traveler 携程自由行

旅尚

Esquire

Hidden Best Restaurants

Feb 2011

51

52

53

Page 42: Detailed Investor's Report

41

Delphine Yip-Horsfield ndash Partner Ben Wood Studio Shanghai

received her Master of Architecture degree from Harvard

Boston prior to moving to Shanghai to oversee the award

winning Xintiandi project on behalf of Wood and Zapata In

the fall of 2005 Delphine became partner at Ben Wood Studio

Shanghai

Drawing from her own experience of diverse cultures Delphine

has led a multitude of high profile projects such as Hangzhou

Xihutiandi Zhujiajiao Oriental Garden Shanghai Waitanyuan

Beijing Palace 77 Shanghai Hongqiao Commercial Core Lijiang

Lashihai Resort Masterplan etc

In 2006 she was selected Wallpaper magazinersquos first annual 40

under 40 designer of the year

Delphine is the chief master planner and architect for naked

Home Village and naked Stables Private Reserve She also

oversees the visuals and styling of the naked Brand

叶凯欣 - 上海Ben Wood设计室合伙人

ϜǮΩɺ=Ben Wood ˤƗľѽOumlѵƢ=śęAringλƭѡλ6ȅ˛ŝтʣ=ФΒIJ5ɷКũuuacuteľѽ6ȅ˛ŝŮ=CcediloWoodũZapataĤЩΪTHORNΙɧOumlƢethľѽ613ɱʲƕ=ϜǮΩɺBen Wood ˤƗľѽūƃˆ6

ϾѯxŸϽșǑϏOumlϜǮΩɺ=EacuteˇȥηucircijocircΙɧOumlƢeth=VȂţјͻůTHORN5њƝƶecircĈųВ5˛ŝЕ5[ǎłatilde5˛ŝŭʦ˙ϛѓΫ5ȗƯȄŝoacuteƟAacuteѵŔŷˤƗUgrave6

ɱ=ˏκȥWallpaperСьǃɱoacuteϡ΅OumlˤƗ˰6

ϜǮΩnakedƝВAacuteũnaked RetreatsOumlѵˤƗеũƭѡ˰6˶ϚĤЩƢethnaked˙nOumlFũĘķˤƗ6

42

Kang Yang Lim ndash Group Chief Operating Officer naked Group

Group with over 13 years corporate finance and real estate

development experience Previously he was Director of the

real estate division of APP China taking responsibility for the

initial positioning and development of the USD15 billion lsquoWhite

Magnolia Plazarsquo mixed use development project (including

the development of Shanghairsquos first W Hotel) He also led the

concept and development of APPrsquos branded residence and resort

project in Sheshan Shanghai

Finance division of PricewaterhouseCoopers in Melbourne

Australia where he specialized in business value and strategy

worked in inhouse strategy roles for CocaCola GB in London

and to British venture capital firm of the year (2004) ISIS Equity

Partners before coming to China in 2005

Accountants Australia in 2002 and is also an affiliate of the

of Commerce and Diploma in Modern Languages from the

University of Melbourne Australia

林纲洋- naked 集团首席营运官

ƞˏnakedƍOumlȩ˪ϴϾŚɱOumlʝϛ~ƎTHORNǭāǑϏ6Фfrac14тʣ=ѽѓŘDŽŒOumlTHORNǭāOumlѵƢ=ĤЩƠч13ϢЏOumlucircϸ8JЈȈœ9ǭāΙɧOumlcopy˽κшũǭāVȂ˛ŝszligϞƝ ǙacircOumlǭālt6˶ϚщNtildeȥDŽŒƍФ˛ŝҁ˗ʑʁѢЭũoacuteƟAacuteΙɧOumlȓɲũǭā6

ФDŽŒƍˇфтʣ=ȩİϑGAringȚφɣyuml_ʔŴϷOacuteƁƗ˰OumlǑȓ=ѥѣЂ˙ϛƠчũЯɁѰξ6ȩ˪Ф13ɱȅOgraveѓŘтʣэȑǭʔŴϷOacuteŮOumlϞotilde˶ƣɬ=ѽǵǺǵȎɂugraveŁɬOumlЯɁēͺ˰=ϡƎISISOumlʼnʏūѽƃRФϯŘɂugraveOumlϯŘĘΌѱŁˇф6

ȩ˪ФɱƅOtildeȥGAringȚφηƁƗ˰ƁũGAringȚφпʻωǗOumlƁГѱķ6˶ϚƅOtildeȥGAringȚφɣyuml_AringλOuml˙ϛλλϡƎCcedilЇϊλп6

43

Gabriela Lo ndash Managing Director naked Retreats

With over 15 years experience in high end events and PR

management Gabriela has been instrumental in bringing naked

to where it is today As one of the original members of the

naked Team Gabriela has led the growth of naked Retreats

to become one of the most famous eco retreat destinations in

China attracting guests and publicity from around the world

Originally from Macao Gabriela has rich multi cultural and

multinational living and working experience having worked and

studied for many years in Greater China England and Italy

卢家宝 - naked 度假村常务董事

ϴϾŚ13ɱOumlijocircƂiacuteũŁŃŋ΄ŎȓǑϏ=nakedDžOumlǜІȶƝXēxǭ6ѽħdivideOumlmiddot˽ГтϞ=ȶƝXϠǑAEligȭnakedѓŘѻϾɜOuml˪ȾϽɧOumlTHORNтϞ=ͼϭȥȅѳǁĹTHORNOumlǸˆ6ȶƝXȅѳGɑ=ϴϾĖĥOumlucircЏŸũucircŘǝѢũľѽǑϏ=ЬФAringѓŴTHORNʵ=ϯŘũϤAringȚϾѯucircɱωǗǑș6

Judy Zhu ndash General Manager naked Group

Zhu is the General Manager for naked Group ensuring smooth

operations of the group with a particular focus on government

朱燕 - naked 集团总经理

њώ=iquestnaked Retreatsmiddot˽ǭ˽ǜũij˪ūѽ6њώѽƍѵǑȓ=ĤЩIcircTHORNũŋ΄ʽWƍРѽ6Фƞˏnakedтʣ=њώФ˛ŝũ[ǎiquestŚηucircІ˙ϛϾŋOumlфϛ6ФΪͻȈƅOtilde˙ϛλ6

44

Kurt Berman ndash General Manager naked Stables Private Reserve

With over 16 years experience in FampB and high end luxury

resort management Kurt brings a wealth of experience and

will lead the preopening and operations of our new resort ndash

naked Stables Private Reserve Prior to joining naked Kurt was

the preopening General Manager at Six Senses Laamu and

Resident Manager for Six Senses Soneva Gili by Six Senses Kurt

has also worked at other prestigious resorts including Fregate

his career in hospitality in FampB and was a trained Chef with

experience working in many prestigious institutions including

The Dorchester Hotel in London Kurt is from South Africa and

has a masters certificate in hospitality management from Cornell

University

Kurt Berman - naked私人度假村总经理

ϾѯŚɱϬƎijIumlŤŴoacuteƟAacuteOumlŎȓǑϏ=ƮϡĖĥOumlǑϏȭNtildeͰɒΪoacuteƟAacute77)$ 0OumlϱϛũРϱ6Фƞˏ)$ тʣ=10ЬEacuteˇŚ8szligȳĭǦ9+1ϱϛѵǑȓũ8szligȳĭǦ9-2 ((OumlѤacircǑȓ610ŻЬˇфЂamp0ˆŝETHũ1+4UgraveʙўɜoacuteƟˮTHORN610OumlϛʜzЂϬαϛ=ϚϡϞĸФŬucircўɜƉńVȂ-0-0 -$-ltľѽŚOumlρȡϾOumlnot˰610ȅѳɫč=sϴϾǰɪyumlAringλЃOumlǙacircŎȓλ6

Richard Johnston ndash General Manager naked Home Village

Hailing from the United Kingdom but with most of his working

life in resorts throughout Africa Richard brings with him over

20 years experience in General Management and Director level

roles in world class resorts including Azura Retreats Cape Grace

hotel and the Saxon Hotel Richard plays a key role in the set

up of systems training and operating standards His years

of experience and mentoring leadership style make Richard a

natural inspiration for our young hotel management team

Richard Johnston - naked 家园村总经理

RichardȅѳϯŘ=IgraveAringucircOumloacuteƟAacuteľѽiumlФмĸčљ=ϴϾŚɱOumlѴūŎȓũǁƐoacuteƟAacuteVȂAzura

Retreats Cape Grace hotel and the Saxon HotelltijʒŎȓǑϏ6RichardФƭȜ΄5ʅρũРαnѬĈɘʜѯŋƨѽϸ6ĖĥOumlǑϏũȭNtildeĘķ˼OtildeoslashͰɒɱʬOumlǙacircŎȓdivideϾѯѳʿOumlƊȘ6

45

Teun Hanegraaf ndash Sales Director naked Retreats

Teun obtained a Bachelors in Business Studies and Masters

in Strategic Management with a focus on Chinese Business

Culture Teun increased our corporate sales business by 350

in his first year with us bringing international companies

ranging from international conglomerates Unilever and Coca

Cola to more local institutions such as The Shanghai American

School and leading Chinese companies such as Bank of China

韩天宁销售总监

ȅѳŧȈɥEcirc=şɵϴϾ˙ϛλλλ5ЯɁŎȓѥѣЂѓŘ˙ϛŸlt6ȅƍOumlszligϞɱşɵƮŁOumlΝϛijȥ13=sŁAEligȅȥx˟ŘƙβOumlAringŁǸŲ=жʙѓϾŘƙAringʝϛȠūȚŴũǵǺǵȎ=ϚϾ˛ŝɐŘλΠUgraveIcircTHORNƉńũѓŘϫαUgraveѓŘȴʝϛ6

Oliver Yuen ndash nature Reserve amp Recreation Manager

naked Stables Private will be the first private reserve in China

with a wealth of new flora and fauna introduced to the project

from Sydney University Australia and as a fully qualified Ranger

working in many of the worldrsquos best wildlife parks Oliver takes a

special role in ensuring the environment of naked Retreats and

naked Stables Private Reserve will be full of life and a natural

self supporting eco system Oliverrsquos passion for both people and

nature make him the perfect person to teach our guests about

what we do and make their stay not only a relaxing one but

also a fun fulfilling educational one as well Oliver previously

worked in wildlife parks and resorts such as Azura Retreats in

Mozambique Mobala Private Game Reserve in South Africa and

Sydney Aquarium in Australia

袁鹏威 - 活动经理和度假村 生物学家

naked StablesƮѓŘszligϞĸϭljΪOumlцʾũiacuteʾOumlˆoacuteƟʵ6OliverѽϞɜGAringȚφͿɯAringλūķOuml˪λƝiacuteλƝ=ϡƎФǁĹTHORNOumlϙ˪iacuteВľѽOumlľѽе=Ф˼naked Retreats ũnaked StablesϾѯĖĥ˪ѱЕ5ʿѳĺOuml˪΄Oumlźǔľѽ˛QύѯіϘƶ˔6АʊoslashˆȏũѳʿOumlƊʮ˼ѻūOumlˆȅĵͰɒOumlǸˆͰɒѼOuml˷ɋ=sʨ˂ɒФжȕOuml˶ŒxLjLjČ=˶Ϛ˂ɒOumlǝѢǑșlOtildeϾǭΫcurren˹ũϾƷЋϤϦ6АʊтʣФɫčũGAringȚφͿɯѹŏiquestϙ˪iacuteВũWŰʵOumlľѽVȂMozambique OumlAzura Retreats Mobala Private Game Reservelt6

46

Philip C Davis Company Director naked Retreats

Phil joined the Board of Directors for naked Retreats hotel

management company in 2011 His previous board experience

includes Tian Rui Hotel Corporation holder of the master license

for Super 8 economy hotels in China and Hong Kong from 2006

to 2008 He also was a founding shareholder of Tian Rui and

served as its President and Managing Director from 2006 to

2008 He was a board member of Tian Xian Cheng a bai jiu

concern which is a joint venture between Pernod Ricard and a

2010

Phil was previously Chairman of the Budweiser (Wuhan)

International Brewing Company and Managing Director of the

AnheuserBusch business in China and Hong Kong from the

beginning of 1996 through 2002 From 2003 to 2005 he

headed the AnheuserBusch liaison office with Tsingtao Brewing

Company

Phil holds a PhD in history from Washington University and

started his career as a market researcher at a major advertising

agency in the US before moving to AnheuserBusch and

heading its consumer planning and new product development

functions in the 1980s

Philip CDavis naked 度假村公司董事长

PhilЂɱƞˏȥnakedoacuteƟʵǙacircŎȓŁOumligraveƁ6ϡĖĥOumlǑϏVȂФːǙacircƍˇф5ϡƎЂɱэɱФѓŘũѓŘΒIJEacuteˇSuper ǑƖǙacirc ʼnˆ6˶=ϚːǙacircƍOumlmiddot˽ʼnecirc=ФɱэɱʖƣEacuteˇƍOumlѵ|ũigrave6ɱэɱʖƣ=ϞƝІWȎȞƞũJǙ˪ȴʝϛƬɫūѱOumlʝϛ77ΐOumligraveƁГ6

iquestɱэɱ=Phil͵šBudweiserŘƙɳǙŁOumligraveƎѓŘũѓŘΒIJCŝyŁOumligrave6iquestɱэ13ɱ=CŝyũʫETHʌǙŁOumlȠɆdegOumlĤЩˆ6PhilϴϾŴ˭uacuteAringλOumlș˻дλvλ=ФǁɱCcedilȅOgraveCŝy5ĤЩΞĒŔŷũΪʑǭāĿɭтʣ=OumlϛʜzЂɐŘOumlϞƝœĵCcedilȓŁ=Eacuteˇaeligω6

47

OUR INTERNATIONAL TEAM

International team

Chief master planners amp architects

the urban landscape of modern China with Xintiandi in

Shanghai a commercial cultural and entertainment district

Since then the studio has worked on projects in very diverse

categories both small and large scale projects include mixed

use projects like the ldquoTiandirdquo in Hangzhou Chongqing Wuhan

and Foshan luxury villa and high rise residential complexes in

Shanghai and Vietnam as well as various boutique hotels and

Chalet Architects

A00 Architecture is most well known for their research

inenvironmental sustainability and its application to their

work in Architecture Interiors and Furniture Their portfolio

includes feature restaurants luxury spas retail stores design

conversion of dozens of historic Shanghai homes into highly

personalized residences

Interior Designers AIM (Architecture amp Design) brings expertise

in the combination of world architectural styles and design

influences to the interior designs at naked Stables Private

Reserve With the Shanghai office led by the two founding

on comfort warmth and a unique blend between African and

Asian design sensibilities

Landscape Architect

Design Land Collaborative (DLC) is a professional consulting firm

comprised of landscape architects and planners with an office in

Shanghai and the United States Projects have a strong emphasis

on cultural resources historic preservation and ecological

design involving both the public and private sectors

ͰɒOumlāЮdivide

ɴǵϡΑάOumlёȣ

ŘƙŸdivide

首席规划师和建筑师

benwood Studio Shanghai OumlсɜΙɧтϞѠĨШ˛ŝΪTHORNľ=˼ʙƍ˙ϛ5Ÿ5ЄȎϞOumlʵЉ6тŮ=ЁƻȥĹȏŔɟAringΟOumlΙɧ=VȂţјOumlͻůTHORN=іʱ5͵šƎę˗OumlŤŴpϡƎФ˛ŝũЛɫOumlijѢЭʵ=ȮŻϾФѓŘƎˉ_OumlĹȏǐʑǙacircƎoacuteƟ6

小圆房建筑

AOO Architecture ФźǔWŰƎǵ θāЮĈɘϾѯѭЛOumlƭ=s˘ƮʙƭϰϸЂɬƝѩ6ɒƻŚOumlΙɧVȂ˔5ŤŴȤѓΫ5ȫ˙acirc5ˤƗίǙacirc˛ŝυНǙacirc lt5ˆoacuteƟϡƎϞ΄ȧOuml˛ŝș˻ѢЭOumlCcedilŸƎˆŸĨШ6

ɬ ˤƗ˰AIMƭѡˤƗltѥѣЂǁƭѡĘķũˤƗOumlɐƿū=ϭNtildenaked StablesOumlɬˤƗ6ФȅѳŧȈũaȚ˶OumlūѽmiddotTˆȭNtildeOuml˛ŝTdegOumlUѠ΅=ˤƗѣі5ũφčˤƗȓɲOumlntildeˊū6

景观设计

Design Land Collaborative (DLC) ϞƝiquestǒōˤƗІŔŷOumlѥϛѰξŁ=Ф˛ŝІɐŘǩˤϾēрƉń6ʙΙɧ˘ЂŋѣŸș˻ĻЕ=ƿūźW˪ǴƔ=ѥѣЂŁŃƎϾTHORNOumlŔŷ6

48

Engineering amp Project Management team

Scott Wilson Group PLC is a globalintegrated design and

engineering consultancy for the built and natural environments

Scott Wilson is responsible for the project management the

electrical and mechanical engineering for the project

Environmental Consultants

Environmental Resources Management (ERM) a leading global

provider of environmental health and safety risk and social

consulting services ERM deliver innovative solutions for business

and government clients helping them understand and manage

their impacts on the world around them ERM have 137 offices

in 39 countries and employ approximately 3300 staff

Sustainability Consultants

Bisagni Environmental Enterprises (BEE) works with the

engineering and design teams to ensure the environmental

goals set out at the inception of the project are achieved

LEED Consultants

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

Local Design Institute

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

General Contractor

and have been responsible for some of Chinarsquos most iconic

properties such as the World Financial Centre in Shanghai

工程及项目管理团队

Scott Wilson Group PLCϞƝʺʳŔɟOumlźWˤƗƎľѰξŁ6Scott WilsonĤЩΙɧOumlaacuteʠƎƉΤľ6

环境咨询

Environmental Resources Management (ERM)ϞƝʺʳαϛȭѰξŁ=ŀźǔWŰ5ƫǰCʺƎŁŃˣƁĘΌUgraveѰξĞ6ERM˙ϛƎоġɑǸŲŀĨĶβOumlǀǧĈF=UѠɒȥǀsŎȓʙǑϱoslashˣƁźǔAEligȅOumlϳΗ6ERMФʺʳϾ137ĸēрƉń=myĸŘƝ=ϴϾAringК3300ɜГľ6

可持续发展咨询

Bisagni Environmental Enterprises (BEE)ІľˤƗdivideΑűūѽ=ϡʽWФΙɧǭ˽ƼotildeˤȜOumlźǔWŰǵ θāЮɧnOumlȚ˹6

绿色建筑认证咨询

Shanghai Pacific Energy Center (SPEC)ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlŁтϞ6

本地设计公司

Shanghai Baoye Construction Corp Ltd ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlαϛȭŁтϞ6

总承包商

ϞƝŘƝƐľVŁ=ϠƻȥηucircѓŘnьβΙɧ=țˍ˛ŝźʳDŽˊѓΫ6

49

naked COVERAGE

wwwcnngocom

ldquo25 killer things to do this summerrdquo

26 April 2010

Time Magazine

ldquoRun to the Moganshan Hillrdquo

新浪博客

ldquo避世的可能rdquo

31 December 2009

wwwenglisheastdaycom

ldquoThe first batch of ldquoChina Treasured Towns ldquo released

December 2009

Shanghai Urbanatomy

ldquoGet naked this time with horsesrdquo

Shanghai Daily

ldquoGreen MaGIC Casts design spellrdquo

14 October 2009

新浪商品

ldquo中国最佳设计酒店大赏rdquo

September 2009

wwwchannelnewsasiacom

ldquoChinarsquos green resort allows travellers to vacation on good consciencerdquo

2 September 2009

wwwbijianlinblshecom

ldquo莫干隐居rdquo

25 Aug 2009

wwwassociatecontentcom

ldquoThe Exquisite Moganshan Mountains of Chinardquo

Ɏ

Wikitravel

ldquoMoganshanrdquo

德清新闻网

ldquo承包国营林场建造生态ldquo逸站rdquo

wwwsinoeventcom

ldquo亚洲旅游地产及景点峰会成功举行rdquo

wwwchinatravelbrandingcom

ldquoPursuing Green for Greenrdquo

wwwbrandrepublicasia

ldquoMaking moves towards ecofriendly eventsrdquo

7 May 2009

wwwhandsonshanghaiorg

ldquoHands On Asia Conference Summeryrdquo

May 2009

wwwmyvacationcn

ldquo莫干山居rdquo

3 April 2009

wwwshanghaidailycom

ldquoThe naked truth Time to clean up Moganshan litterrdquo

4 March 2009

wwwgreennovateorg

ldquoMoganshan Project Kick Offrdquo

13 February 2009

Travesias

ldquonaked retreatsrdquo

Feb 2009

合肥在线

ldquo大山里的裸家族rdquo

20 October 2008

wwwentrepreneurcom

ldquoThe arrival of the Olympics showcases Chinarsquos burgeoning entrepreneurial spirit ldquo

7 August 2008

50

Shanghaiist

ldquoWeekend escape to Moganshan 莫干山rdquo

9 April 2008

私家地理

ldquo艳阳下的荫凉rdquo

30 May 2008

City Weekend

ldquoGet naked in Moganshanrdquo

25 January 2008

wwwbundpiccom

ldquo在这绿中撒点野rdquo

wwwhuzhougovcn

ldquo相中德清筏头的青山绿水南非客商莫干山下建生态逸站rdquo

wwwurbanatomycom

ldquo24 Hours in Moganshanrdquo

wwwhkheadlinecom

ldquo杭州莫干山竹林深处人家rdquo

15 May 2009

wwwnewsweekcom

ldquoBack from abroadrdquo

May 2009

Chinatravelnet

ldquoMoganshan A Heavenly Hideaway of Bamboo Forests amp Tea Plantationsrdquo

April 2009

wwwmzztmcagovcn

ldquo2009年踏青乐游路线推荐大公布rdquo

16 March 2009

第三媒体

ldquo规划一条畅快随性的踏青之旅rdquo

28 October 2009

wwwdqnewszjolcomcn

ldquo三九坞 ldquo裸家族rdquo钟爱的世外桃源rdquo

28 October 2008

ldquo自驾行天下rdquo之中国莫干山rdquo

Sep 2008

ldquoShiffting Gearsrdquo

Sep 2008

April 2008

Chewed up amp Spit Out

ldquoGet nakedrdquo

19 February 2008

ldquoBest Weekend Getaway Hotels Shanghairdquo

富世

Ecoefficient hotel低碳下榻

April 2011

Spa China Guy 男士派

Experiencing The Unique

2010

Cosmo 时尚

跨洋建屋隐居不隐世

April 2010

Global Times

The Mountain of legends

Global City Geography 城市地理

莫干山 naked Retreats 都市人一ldquo裸rdquo到底的山居生活

Dec 2009

China Daily

Rural Retreat

20 March 2011

China Daily

4th March 2011

Modern Weekly周末画报

圣诞低碳游

Dec 2010

Elite Traveler 携程自由行

旅尚

Esquire

Hidden Best Restaurants

Feb 2011

51

52

53

Page 43: Detailed Investor's Report

42

Kang Yang Lim ndash Group Chief Operating Officer naked Group

Group with over 13 years corporate finance and real estate

development experience Previously he was Director of the

real estate division of APP China taking responsibility for the

initial positioning and development of the USD15 billion lsquoWhite

Magnolia Plazarsquo mixed use development project (including

the development of Shanghairsquos first W Hotel) He also led the

concept and development of APPrsquos branded residence and resort

project in Sheshan Shanghai

Finance division of PricewaterhouseCoopers in Melbourne

Australia where he specialized in business value and strategy

worked in inhouse strategy roles for CocaCola GB in London

and to British venture capital firm of the year (2004) ISIS Equity

Partners before coming to China in 2005

Accountants Australia in 2002 and is also an affiliate of the

of Commerce and Diploma in Modern Languages from the

University of Melbourne Australia

林纲洋- naked 集团首席营运官

ƞˏnakedƍOumlȩ˪ϴϾŚɱOumlʝϛ~ƎTHORNǭāǑϏ6Фfrac14тʣ=ѽѓŘDŽŒOumlTHORNǭāOumlѵƢ=ĤЩƠч13ϢЏOumlucircϸ8JЈȈœ9ǭāΙɧOumlcopy˽κшũǭāVȂ˛ŝszligϞƝ ǙacircOumlǭālt6˶ϚщNtildeȥDŽŒƍФ˛ŝҁ˗ʑʁѢЭũoacuteƟAacuteΙɧOumlȓɲũǭā6

ФDŽŒƍˇфтʣ=ȩİϑGAringȚφɣyuml_ʔŴϷOacuteƁƗ˰OumlǑȓ=ѥѣЂ˙ϛƠчũЯɁѰξ6ȩ˪Ф13ɱȅOgraveѓŘтʣэȑǭʔŴϷOacuteŮOumlϞotilde˶ƣɬ=ѽǵǺǵȎɂugraveŁɬOumlЯɁēͺ˰=ϡƎISISOumlʼnʏūѽƃRФϯŘɂugraveOumlϯŘĘΌѱŁˇф6

ȩ˪ФɱƅOtildeȥGAringȚφηƁƗ˰ƁũGAringȚφпʻωǗOumlƁГѱķ6˶ϚƅOtildeȥGAringȚφɣyuml_AringλOuml˙ϛλλϡƎCcedilЇϊλп6

43

Gabriela Lo ndash Managing Director naked Retreats

With over 15 years experience in high end events and PR

management Gabriela has been instrumental in bringing naked

to where it is today As one of the original members of the

naked Team Gabriela has led the growth of naked Retreats

to become one of the most famous eco retreat destinations in

China attracting guests and publicity from around the world

Originally from Macao Gabriela has rich multi cultural and

multinational living and working experience having worked and

studied for many years in Greater China England and Italy

卢家宝 - naked 度假村常务董事

ϴϾŚ13ɱOumlijocircƂiacuteũŁŃŋ΄ŎȓǑϏ=nakedDžOumlǜІȶƝXēxǭ6ѽħdivideOumlmiddot˽ГтϞ=ȶƝXϠǑAEligȭnakedѓŘѻϾɜOuml˪ȾϽɧOumlTHORNтϞ=ͼϭȥȅѳǁĹTHORNOumlǸˆ6ȶƝXȅѳGɑ=ϴϾĖĥOumlucircЏŸũucircŘǝѢũľѽǑϏ=ЬФAringѓŴTHORNʵ=ϯŘũϤAringȚϾѯucircɱωǗǑș6

Judy Zhu ndash General Manager naked Group

Zhu is the General Manager for naked Group ensuring smooth

operations of the group with a particular focus on government

朱燕 - naked 集团总经理

њώ=iquestnaked Retreatsmiddot˽ǭ˽ǜũij˪ūѽ6њώѽƍѵǑȓ=ĤЩIcircTHORNũŋ΄ʽWƍРѽ6Фƞˏnakedтʣ=њώФ˛ŝũ[ǎiquestŚηucircІ˙ϛϾŋOumlфϛ6ФΪͻȈƅOtilde˙ϛλ6

44

Kurt Berman ndash General Manager naked Stables Private Reserve

With over 16 years experience in FampB and high end luxury

resort management Kurt brings a wealth of experience and

will lead the preopening and operations of our new resort ndash

naked Stables Private Reserve Prior to joining naked Kurt was

the preopening General Manager at Six Senses Laamu and

Resident Manager for Six Senses Soneva Gili by Six Senses Kurt

has also worked at other prestigious resorts including Fregate

his career in hospitality in FampB and was a trained Chef with

experience working in many prestigious institutions including

The Dorchester Hotel in London Kurt is from South Africa and

has a masters certificate in hospitality management from Cornell

University

Kurt Berman - naked私人度假村总经理

ϾѯŚɱϬƎijIumlŤŴoacuteƟAacuteOumlŎȓǑϏ=ƮϡĖĥOumlǑϏȭNtildeͰɒΪoacuteƟAacute77)$ 0OumlϱϛũРϱ6Фƞˏ)$ тʣ=10ЬEacuteˇŚ8szligȳĭǦ9+1ϱϛѵǑȓũ8szligȳĭǦ9-2 ((OumlѤacircǑȓ610ŻЬˇфЂamp0ˆŝETHũ1+4UgraveʙўɜoacuteƟˮTHORN610OumlϛʜzЂϬαϛ=ϚϡϞĸФŬucircўɜƉńVȂ-0-0 -$-ltľѽŚOumlρȡϾOumlnot˰610ȅѳɫč=sϴϾǰɪyumlAringλЃOumlǙacircŎȓλ6

Richard Johnston ndash General Manager naked Home Village

Hailing from the United Kingdom but with most of his working

life in resorts throughout Africa Richard brings with him over

20 years experience in General Management and Director level

roles in world class resorts including Azura Retreats Cape Grace

hotel and the Saxon Hotel Richard plays a key role in the set

up of systems training and operating standards His years

of experience and mentoring leadership style make Richard a

natural inspiration for our young hotel management team

Richard Johnston - naked 家园村总经理

RichardȅѳϯŘ=IgraveAringucircOumloacuteƟAacuteľѽiumlФмĸčљ=ϴϾŚɱOumlѴūŎȓũǁƐoacuteƟAacuteVȂAzura

Retreats Cape Grace hotel and the Saxon HotelltijʒŎȓǑϏ6RichardФƭȜ΄5ʅρũРαnѬĈɘʜѯŋƨѽϸ6ĖĥOumlǑϏũȭNtildeĘķ˼OtildeoslashͰɒɱʬOumlǙacircŎȓdivideϾѯѳʿOumlƊȘ6

45

Teun Hanegraaf ndash Sales Director naked Retreats

Teun obtained a Bachelors in Business Studies and Masters

in Strategic Management with a focus on Chinese Business

Culture Teun increased our corporate sales business by 350

in his first year with us bringing international companies

ranging from international conglomerates Unilever and Coca

Cola to more local institutions such as The Shanghai American

School and leading Chinese companies such as Bank of China

韩天宁销售总监

ȅѳŧȈɥEcirc=şɵϴϾ˙ϛλλλ5ЯɁŎȓѥѣЂѓŘ˙ϛŸlt6ȅƍOumlszligϞɱşɵƮŁOumlΝϛijȥ13=sŁAEligȅȥx˟ŘƙβOumlAringŁǸŲ=жʙѓϾŘƙAringʝϛȠūȚŴũǵǺǵȎ=ϚϾ˛ŝɐŘλΠUgraveIcircTHORNƉńũѓŘϫαUgraveѓŘȴʝϛ6

Oliver Yuen ndash nature Reserve amp Recreation Manager

naked Stables Private will be the first private reserve in China

with a wealth of new flora and fauna introduced to the project

from Sydney University Australia and as a fully qualified Ranger

working in many of the worldrsquos best wildlife parks Oliver takes a

special role in ensuring the environment of naked Retreats and

naked Stables Private Reserve will be full of life and a natural

self supporting eco system Oliverrsquos passion for both people and

nature make him the perfect person to teach our guests about

what we do and make their stay not only a relaxing one but

also a fun fulfilling educational one as well Oliver previously

worked in wildlife parks and resorts such as Azura Retreats in

Mozambique Mobala Private Game Reserve in South Africa and

Sydney Aquarium in Australia

袁鹏威 - 活动经理和度假村 生物学家

naked StablesƮѓŘszligϞĸϭljΪOumlцʾũiacuteʾOumlˆoacuteƟʵ6OliverѽϞɜGAringȚφͿɯAringλūķOuml˪λƝiacuteλƝ=ϡƎФǁĹTHORNOumlϙ˪iacuteВľѽOumlľѽе=Ф˼naked Retreats ũnaked StablesϾѯĖĥ˪ѱЕ5ʿѳĺOuml˪΄Oumlźǔľѽ˛QύѯіϘƶ˔6АʊoslashˆȏũѳʿOumlƊʮ˼ѻūOumlˆȅĵͰɒOumlǸˆͰɒѼOuml˷ɋ=sʨ˂ɒФжȕOuml˶ŒxLjLjČ=˶Ϛ˂ɒOumlǝѢǑșlOtildeϾǭΫcurren˹ũϾƷЋϤϦ6АʊтʣФɫčũGAringȚφͿɯѹŏiquestϙ˪iacuteВũWŰʵOumlľѽVȂMozambique OumlAzura Retreats Mobala Private Game Reservelt6

46

Philip C Davis Company Director naked Retreats

Phil joined the Board of Directors for naked Retreats hotel

management company in 2011 His previous board experience

includes Tian Rui Hotel Corporation holder of the master license

for Super 8 economy hotels in China and Hong Kong from 2006

to 2008 He also was a founding shareholder of Tian Rui and

served as its President and Managing Director from 2006 to

2008 He was a board member of Tian Xian Cheng a bai jiu

concern which is a joint venture between Pernod Ricard and a

2010

Phil was previously Chairman of the Budweiser (Wuhan)

International Brewing Company and Managing Director of the

AnheuserBusch business in China and Hong Kong from the

beginning of 1996 through 2002 From 2003 to 2005 he

headed the AnheuserBusch liaison office with Tsingtao Brewing

Company

Phil holds a PhD in history from Washington University and

started his career as a market researcher at a major advertising

agency in the US before moving to AnheuserBusch and

heading its consumer planning and new product development

functions in the 1980s

Philip CDavis naked 度假村公司董事长

PhilЂɱƞˏȥnakedoacuteƟʵǙacircŎȓŁOumligraveƁ6ϡĖĥOumlǑϏVȂФːǙacircƍˇф5ϡƎЂɱэɱФѓŘũѓŘΒIJEacuteˇSuper ǑƖǙacirc ʼnˆ6˶=ϚːǙacircƍOumlmiddot˽ʼnecirc=ФɱэɱʖƣEacuteˇƍOumlѵ|ũigrave6ɱэɱʖƣ=ϞƝІWȎȞƞũJǙ˪ȴʝϛƬɫūѱOumlʝϛ77ΐOumligraveƁГ6

iquestɱэɱ=Phil͵šBudweiserŘƙɳǙŁOumligraveƎѓŘũѓŘΒIJCŝyŁOumligrave6iquestɱэ13ɱ=CŝyũʫETHʌǙŁOumlȠɆdegOumlĤЩˆ6PhilϴϾŴ˭uacuteAringλOumlș˻дλvλ=ФǁɱCcedilȅOgraveCŝy5ĤЩΞĒŔŷũΪʑǭāĿɭтʣ=OumlϛʜzЂɐŘOumlϞƝœĵCcedilȓŁ=Eacuteˇaeligω6

47

OUR INTERNATIONAL TEAM

International team

Chief master planners amp architects

the urban landscape of modern China with Xintiandi in

Shanghai a commercial cultural and entertainment district

Since then the studio has worked on projects in very diverse

categories both small and large scale projects include mixed

use projects like the ldquoTiandirdquo in Hangzhou Chongqing Wuhan

and Foshan luxury villa and high rise residential complexes in

Shanghai and Vietnam as well as various boutique hotels and

Chalet Architects

A00 Architecture is most well known for their research

inenvironmental sustainability and its application to their

work in Architecture Interiors and Furniture Their portfolio

includes feature restaurants luxury spas retail stores design

conversion of dozens of historic Shanghai homes into highly

personalized residences

Interior Designers AIM (Architecture amp Design) brings expertise

in the combination of world architectural styles and design

influences to the interior designs at naked Stables Private

Reserve With the Shanghai office led by the two founding

on comfort warmth and a unique blend between African and

Asian design sensibilities

Landscape Architect

Design Land Collaborative (DLC) is a professional consulting firm

comprised of landscape architects and planners with an office in

Shanghai and the United States Projects have a strong emphasis

on cultural resources historic preservation and ecological

design involving both the public and private sectors

ͰɒOumlāЮdivide

ɴǵϡΑάOumlёȣ

ŘƙŸdivide

首席规划师和建筑师

benwood Studio Shanghai OumlсɜΙɧтϞѠĨШ˛ŝΪTHORNľ=˼ʙƍ˙ϛ5Ÿ5ЄȎϞOumlʵЉ6тŮ=ЁƻȥĹȏŔɟAringΟOumlΙɧ=VȂţјOumlͻůTHORN=іʱ5͵šƎę˗OumlŤŴpϡƎФ˛ŝũЛɫOumlijѢЭʵ=ȮŻϾФѓŘƎˉ_OumlĹȏǐʑǙacircƎoacuteƟ6

小圆房建筑

AOO Architecture ФźǔWŰƎǵ θāЮĈɘϾѯѭЛOumlƭ=s˘ƮʙƭϰϸЂɬƝѩ6ɒƻŚOumlΙɧVȂ˔5ŤŴȤѓΫ5ȫ˙acirc5ˤƗίǙacirc˛ŝυНǙacirc lt5ˆoacuteƟϡƎϞ΄ȧOuml˛ŝș˻ѢЭOumlCcedilŸƎˆŸĨШ6

ɬ ˤƗ˰AIMƭѡˤƗltѥѣЂǁƭѡĘķũˤƗOumlɐƿū=ϭNtildenaked StablesOumlɬˤƗ6ФȅѳŧȈũaȚ˶OumlūѽmiddotTˆȭNtildeOuml˛ŝTdegOumlUѠ΅=ˤƗѣі5ũφčˤƗȓɲOumlntildeˊū6

景观设计

Design Land Collaborative (DLC) ϞƝiquestǒōˤƗІŔŷOumlѥϛѰξŁ=Ф˛ŝІɐŘǩˤϾēрƉń6ʙΙɧ˘ЂŋѣŸș˻ĻЕ=ƿūźW˪ǴƔ=ѥѣЂŁŃƎϾTHORNOumlŔŷ6

48

Engineering amp Project Management team

Scott Wilson Group PLC is a globalintegrated design and

engineering consultancy for the built and natural environments

Scott Wilson is responsible for the project management the

electrical and mechanical engineering for the project

Environmental Consultants

Environmental Resources Management (ERM) a leading global

provider of environmental health and safety risk and social

consulting services ERM deliver innovative solutions for business

and government clients helping them understand and manage

their impacts on the world around them ERM have 137 offices

in 39 countries and employ approximately 3300 staff

Sustainability Consultants

Bisagni Environmental Enterprises (BEE) works with the

engineering and design teams to ensure the environmental

goals set out at the inception of the project are achieved

LEED Consultants

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

Local Design Institute

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

General Contractor

and have been responsible for some of Chinarsquos most iconic

properties such as the World Financial Centre in Shanghai

工程及项目管理团队

Scott Wilson Group PLCϞƝʺʳŔɟOumlźWˤƗƎľѰξŁ6Scott WilsonĤЩΙɧOumlaacuteʠƎƉΤľ6

环境咨询

Environmental Resources Management (ERM)ϞƝʺʳαϛȭѰξŁ=ŀźǔWŰ5ƫǰCʺƎŁŃˣƁĘΌUgraveѰξĞ6ERM˙ϛƎоġɑǸŲŀĨĶβOumlǀǧĈF=UѠɒȥǀsŎȓʙǑϱoslashˣƁźǔAEligȅOumlϳΗ6ERMФʺʳϾ137ĸēрƉń=myĸŘƝ=ϴϾAringК3300ɜГľ6

可持续发展咨询

Bisagni Environmental Enterprises (BEE)ІľˤƗdivideΑűūѽ=ϡʽWФΙɧǭ˽ƼotildeˤȜOumlźǔWŰǵ θāЮɧnOumlȚ˹6

绿色建筑认证咨询

Shanghai Pacific Energy Center (SPEC)ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlŁтϞ6

本地设计公司

Shanghai Baoye Construction Corp Ltd ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlαϛȭŁтϞ6

总承包商

ϞƝŘƝƐľVŁ=ϠƻȥηucircѓŘnьβΙɧ=țˍ˛ŝźʳDŽˊѓΫ6

49

naked COVERAGE

wwwcnngocom

ldquo25 killer things to do this summerrdquo

26 April 2010

Time Magazine

ldquoRun to the Moganshan Hillrdquo

新浪博客

ldquo避世的可能rdquo

31 December 2009

wwwenglisheastdaycom

ldquoThe first batch of ldquoChina Treasured Towns ldquo released

December 2009

Shanghai Urbanatomy

ldquoGet naked this time with horsesrdquo

Shanghai Daily

ldquoGreen MaGIC Casts design spellrdquo

14 October 2009

新浪商品

ldquo中国最佳设计酒店大赏rdquo

September 2009

wwwchannelnewsasiacom

ldquoChinarsquos green resort allows travellers to vacation on good consciencerdquo

2 September 2009

wwwbijianlinblshecom

ldquo莫干隐居rdquo

25 Aug 2009

wwwassociatecontentcom

ldquoThe Exquisite Moganshan Mountains of Chinardquo

Ɏ

Wikitravel

ldquoMoganshanrdquo

德清新闻网

ldquo承包国营林场建造生态ldquo逸站rdquo

wwwsinoeventcom

ldquo亚洲旅游地产及景点峰会成功举行rdquo

wwwchinatravelbrandingcom

ldquoPursuing Green for Greenrdquo

wwwbrandrepublicasia

ldquoMaking moves towards ecofriendly eventsrdquo

7 May 2009

wwwhandsonshanghaiorg

ldquoHands On Asia Conference Summeryrdquo

May 2009

wwwmyvacationcn

ldquo莫干山居rdquo

3 April 2009

wwwshanghaidailycom

ldquoThe naked truth Time to clean up Moganshan litterrdquo

4 March 2009

wwwgreennovateorg

ldquoMoganshan Project Kick Offrdquo

13 February 2009

Travesias

ldquonaked retreatsrdquo

Feb 2009

合肥在线

ldquo大山里的裸家族rdquo

20 October 2008

wwwentrepreneurcom

ldquoThe arrival of the Olympics showcases Chinarsquos burgeoning entrepreneurial spirit ldquo

7 August 2008

50

Shanghaiist

ldquoWeekend escape to Moganshan 莫干山rdquo

9 April 2008

私家地理

ldquo艳阳下的荫凉rdquo

30 May 2008

City Weekend

ldquoGet naked in Moganshanrdquo

25 January 2008

wwwbundpiccom

ldquo在这绿中撒点野rdquo

wwwhuzhougovcn

ldquo相中德清筏头的青山绿水南非客商莫干山下建生态逸站rdquo

wwwurbanatomycom

ldquo24 Hours in Moganshanrdquo

wwwhkheadlinecom

ldquo杭州莫干山竹林深处人家rdquo

15 May 2009

wwwnewsweekcom

ldquoBack from abroadrdquo

May 2009

Chinatravelnet

ldquoMoganshan A Heavenly Hideaway of Bamboo Forests amp Tea Plantationsrdquo

April 2009

wwwmzztmcagovcn

ldquo2009年踏青乐游路线推荐大公布rdquo

16 March 2009

第三媒体

ldquo规划一条畅快随性的踏青之旅rdquo

28 October 2009

wwwdqnewszjolcomcn

ldquo三九坞 ldquo裸家族rdquo钟爱的世外桃源rdquo

28 October 2008

ldquo自驾行天下rdquo之中国莫干山rdquo

Sep 2008

ldquoShiffting Gearsrdquo

Sep 2008

April 2008

Chewed up amp Spit Out

ldquoGet nakedrdquo

19 February 2008

ldquoBest Weekend Getaway Hotels Shanghairdquo

富世

Ecoefficient hotel低碳下榻

April 2011

Spa China Guy 男士派

Experiencing The Unique

2010

Cosmo 时尚

跨洋建屋隐居不隐世

April 2010

Global Times

The Mountain of legends

Global City Geography 城市地理

莫干山 naked Retreats 都市人一ldquo裸rdquo到底的山居生活

Dec 2009

China Daily

Rural Retreat

20 March 2011

China Daily

4th March 2011

Modern Weekly周末画报

圣诞低碳游

Dec 2010

Elite Traveler 携程自由行

旅尚

Esquire

Hidden Best Restaurants

Feb 2011

51

52

53

Page 44: Detailed Investor's Report

43

Gabriela Lo ndash Managing Director naked Retreats

With over 15 years experience in high end events and PR

management Gabriela has been instrumental in bringing naked

to where it is today As one of the original members of the

naked Team Gabriela has led the growth of naked Retreats

to become one of the most famous eco retreat destinations in

China attracting guests and publicity from around the world

Originally from Macao Gabriela has rich multi cultural and

multinational living and working experience having worked and

studied for many years in Greater China England and Italy

卢家宝 - naked 度假村常务董事

ϴϾŚ13ɱOumlijocircƂiacuteũŁŃŋ΄ŎȓǑϏ=nakedDžOumlǜІȶƝXēxǭ6ѽħdivideOumlmiddot˽ГтϞ=ȶƝXϠǑAEligȭnakedѓŘѻϾɜOuml˪ȾϽɧOumlTHORNтϞ=ͼϭȥȅѳǁĹTHORNOumlǸˆ6ȶƝXȅѳGɑ=ϴϾĖĥOumlucircЏŸũucircŘǝѢũľѽǑϏ=ЬФAringѓŴTHORNʵ=ϯŘũϤAringȚϾѯucircɱωǗǑș6

Judy Zhu ndash General Manager naked Group

Zhu is the General Manager for naked Group ensuring smooth

operations of the group with a particular focus on government

朱燕 - naked 集团总经理

њώ=iquestnaked Retreatsmiddot˽ǭ˽ǜũij˪ūѽ6њώѽƍѵǑȓ=ĤЩIcircTHORNũŋ΄ʽWƍРѽ6Фƞˏnakedтʣ=њώФ˛ŝũ[ǎiquestŚηucircІ˙ϛϾŋOumlфϛ6ФΪͻȈƅOtilde˙ϛλ6

44

Kurt Berman ndash General Manager naked Stables Private Reserve

With over 16 years experience in FampB and high end luxury

resort management Kurt brings a wealth of experience and

will lead the preopening and operations of our new resort ndash

naked Stables Private Reserve Prior to joining naked Kurt was

the preopening General Manager at Six Senses Laamu and

Resident Manager for Six Senses Soneva Gili by Six Senses Kurt

has also worked at other prestigious resorts including Fregate

his career in hospitality in FampB and was a trained Chef with

experience working in many prestigious institutions including

The Dorchester Hotel in London Kurt is from South Africa and

has a masters certificate in hospitality management from Cornell

University

Kurt Berman - naked私人度假村总经理

ϾѯŚɱϬƎijIumlŤŴoacuteƟAacuteOumlŎȓǑϏ=ƮϡĖĥOumlǑϏȭNtildeͰɒΪoacuteƟAacute77)$ 0OumlϱϛũРϱ6Фƞˏ)$ тʣ=10ЬEacuteˇŚ8szligȳĭǦ9+1ϱϛѵǑȓũ8szligȳĭǦ9-2 ((OumlѤacircǑȓ610ŻЬˇфЂamp0ˆŝETHũ1+4UgraveʙўɜoacuteƟˮTHORN610OumlϛʜzЂϬαϛ=ϚϡϞĸФŬucircўɜƉńVȂ-0-0 -$-ltľѽŚOumlρȡϾOumlnot˰610ȅѳɫč=sϴϾǰɪyumlAringλЃOumlǙacircŎȓλ6

Richard Johnston ndash General Manager naked Home Village

Hailing from the United Kingdom but with most of his working

life in resorts throughout Africa Richard brings with him over

20 years experience in General Management and Director level

roles in world class resorts including Azura Retreats Cape Grace

hotel and the Saxon Hotel Richard plays a key role in the set

up of systems training and operating standards His years

of experience and mentoring leadership style make Richard a

natural inspiration for our young hotel management team

Richard Johnston - naked 家园村总经理

RichardȅѳϯŘ=IgraveAringucircOumloacuteƟAacuteľѽiumlФмĸčљ=ϴϾŚɱOumlѴūŎȓũǁƐoacuteƟAacuteVȂAzura

Retreats Cape Grace hotel and the Saxon HotelltijʒŎȓǑϏ6RichardФƭȜ΄5ʅρũРαnѬĈɘʜѯŋƨѽϸ6ĖĥOumlǑϏũȭNtildeĘķ˼OtildeoslashͰɒɱʬOumlǙacircŎȓdivideϾѯѳʿOumlƊȘ6

45

Teun Hanegraaf ndash Sales Director naked Retreats

Teun obtained a Bachelors in Business Studies and Masters

in Strategic Management with a focus on Chinese Business

Culture Teun increased our corporate sales business by 350

in his first year with us bringing international companies

ranging from international conglomerates Unilever and Coca

Cola to more local institutions such as The Shanghai American

School and leading Chinese companies such as Bank of China

韩天宁销售总监

ȅѳŧȈɥEcirc=şɵϴϾ˙ϛλλλ5ЯɁŎȓѥѣЂѓŘ˙ϛŸlt6ȅƍOumlszligϞɱşɵƮŁOumlΝϛijȥ13=sŁAEligȅȥx˟ŘƙβOumlAringŁǸŲ=жʙѓϾŘƙAringʝϛȠūȚŴũǵǺǵȎ=ϚϾ˛ŝɐŘλΠUgraveIcircTHORNƉńũѓŘϫαUgraveѓŘȴʝϛ6

Oliver Yuen ndash nature Reserve amp Recreation Manager

naked Stables Private will be the first private reserve in China

with a wealth of new flora and fauna introduced to the project

from Sydney University Australia and as a fully qualified Ranger

working in many of the worldrsquos best wildlife parks Oliver takes a

special role in ensuring the environment of naked Retreats and

naked Stables Private Reserve will be full of life and a natural

self supporting eco system Oliverrsquos passion for both people and

nature make him the perfect person to teach our guests about

what we do and make their stay not only a relaxing one but

also a fun fulfilling educational one as well Oliver previously

worked in wildlife parks and resorts such as Azura Retreats in

Mozambique Mobala Private Game Reserve in South Africa and

Sydney Aquarium in Australia

袁鹏威 - 活动经理和度假村 生物学家

naked StablesƮѓŘszligϞĸϭljΪOumlцʾũiacuteʾOumlˆoacuteƟʵ6OliverѽϞɜGAringȚφͿɯAringλūķOuml˪λƝiacuteλƝ=ϡƎФǁĹTHORNOumlϙ˪iacuteВľѽOumlľѽе=Ф˼naked Retreats ũnaked StablesϾѯĖĥ˪ѱЕ5ʿѳĺOuml˪΄Oumlźǔľѽ˛QύѯіϘƶ˔6АʊoslashˆȏũѳʿOumlƊʮ˼ѻūOumlˆȅĵͰɒOumlǸˆͰɒѼOuml˷ɋ=sʨ˂ɒФжȕOuml˶ŒxLjLjČ=˶Ϛ˂ɒOumlǝѢǑșlOtildeϾǭΫcurren˹ũϾƷЋϤϦ6АʊтʣФɫčũGAringȚφͿɯѹŏiquestϙ˪iacuteВũWŰʵOumlľѽVȂMozambique OumlAzura Retreats Mobala Private Game Reservelt6

46

Philip C Davis Company Director naked Retreats

Phil joined the Board of Directors for naked Retreats hotel

management company in 2011 His previous board experience

includes Tian Rui Hotel Corporation holder of the master license

for Super 8 economy hotels in China and Hong Kong from 2006

to 2008 He also was a founding shareholder of Tian Rui and

served as its President and Managing Director from 2006 to

2008 He was a board member of Tian Xian Cheng a bai jiu

concern which is a joint venture between Pernod Ricard and a

2010

Phil was previously Chairman of the Budweiser (Wuhan)

International Brewing Company and Managing Director of the

AnheuserBusch business in China and Hong Kong from the

beginning of 1996 through 2002 From 2003 to 2005 he

headed the AnheuserBusch liaison office with Tsingtao Brewing

Company

Phil holds a PhD in history from Washington University and

started his career as a market researcher at a major advertising

agency in the US before moving to AnheuserBusch and

heading its consumer planning and new product development

functions in the 1980s

Philip CDavis naked 度假村公司董事长

PhilЂɱƞˏȥnakedoacuteƟʵǙacircŎȓŁOumligraveƁ6ϡĖĥOumlǑϏVȂФːǙacircƍˇф5ϡƎЂɱэɱФѓŘũѓŘΒIJEacuteˇSuper ǑƖǙacirc ʼnˆ6˶=ϚːǙacircƍOumlmiddot˽ʼnecirc=ФɱэɱʖƣEacuteˇƍOumlѵ|ũigrave6ɱэɱʖƣ=ϞƝІWȎȞƞũJǙ˪ȴʝϛƬɫūѱOumlʝϛ77ΐOumligraveƁГ6

iquestɱэɱ=Phil͵šBudweiserŘƙɳǙŁOumligraveƎѓŘũѓŘΒIJCŝyŁOumligrave6iquestɱэ13ɱ=CŝyũʫETHʌǙŁOumlȠɆdegOumlĤЩˆ6PhilϴϾŴ˭uacuteAringλOumlș˻дλvλ=ФǁɱCcedilȅOgraveCŝy5ĤЩΞĒŔŷũΪʑǭāĿɭтʣ=OumlϛʜzЂɐŘOumlϞƝœĵCcedilȓŁ=Eacuteˇaeligω6

47

OUR INTERNATIONAL TEAM

International team

Chief master planners amp architects

the urban landscape of modern China with Xintiandi in

Shanghai a commercial cultural and entertainment district

Since then the studio has worked on projects in very diverse

categories both small and large scale projects include mixed

use projects like the ldquoTiandirdquo in Hangzhou Chongqing Wuhan

and Foshan luxury villa and high rise residential complexes in

Shanghai and Vietnam as well as various boutique hotels and

Chalet Architects

A00 Architecture is most well known for their research

inenvironmental sustainability and its application to their

work in Architecture Interiors and Furniture Their portfolio

includes feature restaurants luxury spas retail stores design

conversion of dozens of historic Shanghai homes into highly

personalized residences

Interior Designers AIM (Architecture amp Design) brings expertise

in the combination of world architectural styles and design

influences to the interior designs at naked Stables Private

Reserve With the Shanghai office led by the two founding

on comfort warmth and a unique blend between African and

Asian design sensibilities

Landscape Architect

Design Land Collaborative (DLC) is a professional consulting firm

comprised of landscape architects and planners with an office in

Shanghai and the United States Projects have a strong emphasis

on cultural resources historic preservation and ecological

design involving both the public and private sectors

ͰɒOumlāЮdivide

ɴǵϡΑάOumlёȣ

ŘƙŸdivide

首席规划师和建筑师

benwood Studio Shanghai OumlсɜΙɧтϞѠĨШ˛ŝΪTHORNľ=˼ʙƍ˙ϛ5Ÿ5ЄȎϞOumlʵЉ6тŮ=ЁƻȥĹȏŔɟAringΟOumlΙɧ=VȂţјOumlͻůTHORN=іʱ5͵šƎę˗OumlŤŴpϡƎФ˛ŝũЛɫOumlijѢЭʵ=ȮŻϾФѓŘƎˉ_OumlĹȏǐʑǙacircƎoacuteƟ6

小圆房建筑

AOO Architecture ФźǔWŰƎǵ θāЮĈɘϾѯѭЛOumlƭ=s˘ƮʙƭϰϸЂɬƝѩ6ɒƻŚOumlΙɧVȂ˔5ŤŴȤѓΫ5ȫ˙acirc5ˤƗίǙacirc˛ŝυНǙacirc lt5ˆoacuteƟϡƎϞ΄ȧOuml˛ŝș˻ѢЭOumlCcedilŸƎˆŸĨШ6

ɬ ˤƗ˰AIMƭѡˤƗltѥѣЂǁƭѡĘķũˤƗOumlɐƿū=ϭNtildenaked StablesOumlɬˤƗ6ФȅѳŧȈũaȚ˶OumlūѽmiddotTˆȭNtildeOuml˛ŝTdegOumlUѠ΅=ˤƗѣі5ũφčˤƗȓɲOumlntildeˊū6

景观设计

Design Land Collaborative (DLC) ϞƝiquestǒōˤƗІŔŷOumlѥϛѰξŁ=Ф˛ŝІɐŘǩˤϾēрƉń6ʙΙɧ˘ЂŋѣŸș˻ĻЕ=ƿūźW˪ǴƔ=ѥѣЂŁŃƎϾTHORNOumlŔŷ6

48

Engineering amp Project Management team

Scott Wilson Group PLC is a globalintegrated design and

engineering consultancy for the built and natural environments

Scott Wilson is responsible for the project management the

electrical and mechanical engineering for the project

Environmental Consultants

Environmental Resources Management (ERM) a leading global

provider of environmental health and safety risk and social

consulting services ERM deliver innovative solutions for business

and government clients helping them understand and manage

their impacts on the world around them ERM have 137 offices

in 39 countries and employ approximately 3300 staff

Sustainability Consultants

Bisagni Environmental Enterprises (BEE) works with the

engineering and design teams to ensure the environmental

goals set out at the inception of the project are achieved

LEED Consultants

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

Local Design Institute

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

General Contractor

and have been responsible for some of Chinarsquos most iconic

properties such as the World Financial Centre in Shanghai

工程及项目管理团队

Scott Wilson Group PLCϞƝʺʳŔɟOumlźWˤƗƎľѰξŁ6Scott WilsonĤЩΙɧOumlaacuteʠƎƉΤľ6

环境咨询

Environmental Resources Management (ERM)ϞƝʺʳαϛȭѰξŁ=ŀźǔWŰ5ƫǰCʺƎŁŃˣƁĘΌUgraveѰξĞ6ERM˙ϛƎоġɑǸŲŀĨĶβOumlǀǧĈF=UѠɒȥǀsŎȓʙǑϱoslashˣƁźǔAEligȅOumlϳΗ6ERMФʺʳϾ137ĸēрƉń=myĸŘƝ=ϴϾAringК3300ɜГľ6

可持续发展咨询

Bisagni Environmental Enterprises (BEE)ІľˤƗdivideΑűūѽ=ϡʽWФΙɧǭ˽ƼotildeˤȜOumlźǔWŰǵ θāЮɧnOumlȚ˹6

绿色建筑认证咨询

Shanghai Pacific Energy Center (SPEC)ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlŁтϞ6

本地设计公司

Shanghai Baoye Construction Corp Ltd ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlαϛȭŁтϞ6

总承包商

ϞƝŘƝƐľVŁ=ϠƻȥηucircѓŘnьβΙɧ=țˍ˛ŝźʳDŽˊѓΫ6

49

naked COVERAGE

wwwcnngocom

ldquo25 killer things to do this summerrdquo

26 April 2010

Time Magazine

ldquoRun to the Moganshan Hillrdquo

新浪博客

ldquo避世的可能rdquo

31 December 2009

wwwenglisheastdaycom

ldquoThe first batch of ldquoChina Treasured Towns ldquo released

December 2009

Shanghai Urbanatomy

ldquoGet naked this time with horsesrdquo

Shanghai Daily

ldquoGreen MaGIC Casts design spellrdquo

14 October 2009

新浪商品

ldquo中国最佳设计酒店大赏rdquo

September 2009

wwwchannelnewsasiacom

ldquoChinarsquos green resort allows travellers to vacation on good consciencerdquo

2 September 2009

wwwbijianlinblshecom

ldquo莫干隐居rdquo

25 Aug 2009

wwwassociatecontentcom

ldquoThe Exquisite Moganshan Mountains of Chinardquo

Ɏ

Wikitravel

ldquoMoganshanrdquo

德清新闻网

ldquo承包国营林场建造生态ldquo逸站rdquo

wwwsinoeventcom

ldquo亚洲旅游地产及景点峰会成功举行rdquo

wwwchinatravelbrandingcom

ldquoPursuing Green for Greenrdquo

wwwbrandrepublicasia

ldquoMaking moves towards ecofriendly eventsrdquo

7 May 2009

wwwhandsonshanghaiorg

ldquoHands On Asia Conference Summeryrdquo

May 2009

wwwmyvacationcn

ldquo莫干山居rdquo

3 April 2009

wwwshanghaidailycom

ldquoThe naked truth Time to clean up Moganshan litterrdquo

4 March 2009

wwwgreennovateorg

ldquoMoganshan Project Kick Offrdquo

13 February 2009

Travesias

ldquonaked retreatsrdquo

Feb 2009

合肥在线

ldquo大山里的裸家族rdquo

20 October 2008

wwwentrepreneurcom

ldquoThe arrival of the Olympics showcases Chinarsquos burgeoning entrepreneurial spirit ldquo

7 August 2008

50

Shanghaiist

ldquoWeekend escape to Moganshan 莫干山rdquo

9 April 2008

私家地理

ldquo艳阳下的荫凉rdquo

30 May 2008

City Weekend

ldquoGet naked in Moganshanrdquo

25 January 2008

wwwbundpiccom

ldquo在这绿中撒点野rdquo

wwwhuzhougovcn

ldquo相中德清筏头的青山绿水南非客商莫干山下建生态逸站rdquo

wwwurbanatomycom

ldquo24 Hours in Moganshanrdquo

wwwhkheadlinecom

ldquo杭州莫干山竹林深处人家rdquo

15 May 2009

wwwnewsweekcom

ldquoBack from abroadrdquo

May 2009

Chinatravelnet

ldquoMoganshan A Heavenly Hideaway of Bamboo Forests amp Tea Plantationsrdquo

April 2009

wwwmzztmcagovcn

ldquo2009年踏青乐游路线推荐大公布rdquo

16 March 2009

第三媒体

ldquo规划一条畅快随性的踏青之旅rdquo

28 October 2009

wwwdqnewszjolcomcn

ldquo三九坞 ldquo裸家族rdquo钟爱的世外桃源rdquo

28 October 2008

ldquo自驾行天下rdquo之中国莫干山rdquo

Sep 2008

ldquoShiffting Gearsrdquo

Sep 2008

April 2008

Chewed up amp Spit Out

ldquoGet nakedrdquo

19 February 2008

ldquoBest Weekend Getaway Hotels Shanghairdquo

富世

Ecoefficient hotel低碳下榻

April 2011

Spa China Guy 男士派

Experiencing The Unique

2010

Cosmo 时尚

跨洋建屋隐居不隐世

April 2010

Global Times

The Mountain of legends

Global City Geography 城市地理

莫干山 naked Retreats 都市人一ldquo裸rdquo到底的山居生活

Dec 2009

China Daily

Rural Retreat

20 March 2011

China Daily

4th March 2011

Modern Weekly周末画报

圣诞低碳游

Dec 2010

Elite Traveler 携程自由行

旅尚

Esquire

Hidden Best Restaurants

Feb 2011

51

52

53

Page 45: Detailed Investor's Report

44

Kurt Berman ndash General Manager naked Stables Private Reserve

With over 16 years experience in FampB and high end luxury

resort management Kurt brings a wealth of experience and

will lead the preopening and operations of our new resort ndash

naked Stables Private Reserve Prior to joining naked Kurt was

the preopening General Manager at Six Senses Laamu and

Resident Manager for Six Senses Soneva Gili by Six Senses Kurt

has also worked at other prestigious resorts including Fregate

his career in hospitality in FampB and was a trained Chef with

experience working in many prestigious institutions including

The Dorchester Hotel in London Kurt is from South Africa and

has a masters certificate in hospitality management from Cornell

University

Kurt Berman - naked私人度假村总经理

ϾѯŚɱϬƎijIumlŤŴoacuteƟAacuteOumlŎȓǑϏ=ƮϡĖĥOumlǑϏȭNtildeͰɒΪoacuteƟAacute77)$ 0OumlϱϛũРϱ6Фƞˏ)$ тʣ=10ЬEacuteˇŚ8szligȳĭǦ9+1ϱϛѵǑȓũ8szligȳĭǦ9-2 ((OumlѤacircǑȓ610ŻЬˇфЂamp0ˆŝETHũ1+4UgraveʙўɜoacuteƟˮTHORN610OumlϛʜzЂϬαϛ=ϚϡϞĸФŬucircўɜƉńVȂ-0-0 -$-ltľѽŚOumlρȡϾOumlnot˰610ȅѳɫč=sϴϾǰɪyumlAringλЃOumlǙacircŎȓλ6

Richard Johnston ndash General Manager naked Home Village

Hailing from the United Kingdom but with most of his working

life in resorts throughout Africa Richard brings with him over

20 years experience in General Management and Director level

roles in world class resorts including Azura Retreats Cape Grace

hotel and the Saxon Hotel Richard plays a key role in the set

up of systems training and operating standards His years

of experience and mentoring leadership style make Richard a

natural inspiration for our young hotel management team

Richard Johnston - naked 家园村总经理

RichardȅѳϯŘ=IgraveAringucircOumloacuteƟAacuteľѽiumlФмĸčљ=ϴϾŚɱOumlѴūŎȓũǁƐoacuteƟAacuteVȂAzura

Retreats Cape Grace hotel and the Saxon HotelltijʒŎȓǑϏ6RichardФƭȜ΄5ʅρũРαnѬĈɘʜѯŋƨѽϸ6ĖĥOumlǑϏũȭNtildeĘķ˼OtildeoslashͰɒɱʬOumlǙacircŎȓdivideϾѯѳʿOumlƊȘ6

45

Teun Hanegraaf ndash Sales Director naked Retreats

Teun obtained a Bachelors in Business Studies and Masters

in Strategic Management with a focus on Chinese Business

Culture Teun increased our corporate sales business by 350

in his first year with us bringing international companies

ranging from international conglomerates Unilever and Coca

Cola to more local institutions such as The Shanghai American

School and leading Chinese companies such as Bank of China

韩天宁销售总监

ȅѳŧȈɥEcirc=şɵϴϾ˙ϛλλλ5ЯɁŎȓѥѣЂѓŘ˙ϛŸlt6ȅƍOumlszligϞɱşɵƮŁOumlΝϛijȥ13=sŁAEligȅȥx˟ŘƙβOumlAringŁǸŲ=жʙѓϾŘƙAringʝϛȠūȚŴũǵǺǵȎ=ϚϾ˛ŝɐŘλΠUgraveIcircTHORNƉńũѓŘϫαUgraveѓŘȴʝϛ6

Oliver Yuen ndash nature Reserve amp Recreation Manager

naked Stables Private will be the first private reserve in China

with a wealth of new flora and fauna introduced to the project

from Sydney University Australia and as a fully qualified Ranger

working in many of the worldrsquos best wildlife parks Oliver takes a

special role in ensuring the environment of naked Retreats and

naked Stables Private Reserve will be full of life and a natural

self supporting eco system Oliverrsquos passion for both people and

nature make him the perfect person to teach our guests about

what we do and make their stay not only a relaxing one but

also a fun fulfilling educational one as well Oliver previously

worked in wildlife parks and resorts such as Azura Retreats in

Mozambique Mobala Private Game Reserve in South Africa and

Sydney Aquarium in Australia

袁鹏威 - 活动经理和度假村 生物学家

naked StablesƮѓŘszligϞĸϭljΪOumlцʾũiacuteʾOumlˆoacuteƟʵ6OliverѽϞɜGAringȚφͿɯAringλūķOuml˪λƝiacuteλƝ=ϡƎФǁĹTHORNOumlϙ˪iacuteВľѽOumlľѽе=Ф˼naked Retreats ũnaked StablesϾѯĖĥ˪ѱЕ5ʿѳĺOuml˪΄Oumlźǔľѽ˛QύѯіϘƶ˔6АʊoslashˆȏũѳʿOumlƊʮ˼ѻūOumlˆȅĵͰɒOumlǸˆͰɒѼOuml˷ɋ=sʨ˂ɒФжȕOuml˶ŒxLjLjČ=˶Ϛ˂ɒOumlǝѢǑșlOtildeϾǭΫcurren˹ũϾƷЋϤϦ6АʊтʣФɫčũGAringȚφͿɯѹŏiquestϙ˪iacuteВũWŰʵOumlľѽVȂMozambique OumlAzura Retreats Mobala Private Game Reservelt6

46

Philip C Davis Company Director naked Retreats

Phil joined the Board of Directors for naked Retreats hotel

management company in 2011 His previous board experience

includes Tian Rui Hotel Corporation holder of the master license

for Super 8 economy hotels in China and Hong Kong from 2006

to 2008 He also was a founding shareholder of Tian Rui and

served as its President and Managing Director from 2006 to

2008 He was a board member of Tian Xian Cheng a bai jiu

concern which is a joint venture between Pernod Ricard and a

2010

Phil was previously Chairman of the Budweiser (Wuhan)

International Brewing Company and Managing Director of the

AnheuserBusch business in China and Hong Kong from the

beginning of 1996 through 2002 From 2003 to 2005 he

headed the AnheuserBusch liaison office with Tsingtao Brewing

Company

Phil holds a PhD in history from Washington University and

started his career as a market researcher at a major advertising

agency in the US before moving to AnheuserBusch and

heading its consumer planning and new product development

functions in the 1980s

Philip CDavis naked 度假村公司董事长

PhilЂɱƞˏȥnakedoacuteƟʵǙacircŎȓŁOumligraveƁ6ϡĖĥOumlǑϏVȂФːǙacircƍˇф5ϡƎЂɱэɱФѓŘũѓŘΒIJEacuteˇSuper ǑƖǙacirc ʼnˆ6˶=ϚːǙacircƍOumlmiddot˽ʼnecirc=ФɱэɱʖƣEacuteˇƍOumlѵ|ũigrave6ɱэɱʖƣ=ϞƝІWȎȞƞũJǙ˪ȴʝϛƬɫūѱOumlʝϛ77ΐOumligraveƁГ6

iquestɱэɱ=Phil͵šBudweiserŘƙɳǙŁOumligraveƎѓŘũѓŘΒIJCŝyŁOumligrave6iquestɱэ13ɱ=CŝyũʫETHʌǙŁOumlȠɆdegOumlĤЩˆ6PhilϴϾŴ˭uacuteAringλOumlș˻дλvλ=ФǁɱCcedilȅOgraveCŝy5ĤЩΞĒŔŷũΪʑǭāĿɭтʣ=OumlϛʜzЂɐŘOumlϞƝœĵCcedilȓŁ=Eacuteˇaeligω6

47

OUR INTERNATIONAL TEAM

International team

Chief master planners amp architects

the urban landscape of modern China with Xintiandi in

Shanghai a commercial cultural and entertainment district

Since then the studio has worked on projects in very diverse

categories both small and large scale projects include mixed

use projects like the ldquoTiandirdquo in Hangzhou Chongqing Wuhan

and Foshan luxury villa and high rise residential complexes in

Shanghai and Vietnam as well as various boutique hotels and

Chalet Architects

A00 Architecture is most well known for their research

inenvironmental sustainability and its application to their

work in Architecture Interiors and Furniture Their portfolio

includes feature restaurants luxury spas retail stores design

conversion of dozens of historic Shanghai homes into highly

personalized residences

Interior Designers AIM (Architecture amp Design) brings expertise

in the combination of world architectural styles and design

influences to the interior designs at naked Stables Private

Reserve With the Shanghai office led by the two founding

on comfort warmth and a unique blend between African and

Asian design sensibilities

Landscape Architect

Design Land Collaborative (DLC) is a professional consulting firm

comprised of landscape architects and planners with an office in

Shanghai and the United States Projects have a strong emphasis

on cultural resources historic preservation and ecological

design involving both the public and private sectors

ͰɒOumlāЮdivide

ɴǵϡΑάOumlёȣ

ŘƙŸdivide

首席规划师和建筑师

benwood Studio Shanghai OumlсɜΙɧтϞѠĨШ˛ŝΪTHORNľ=˼ʙƍ˙ϛ5Ÿ5ЄȎϞOumlʵЉ6тŮ=ЁƻȥĹȏŔɟAringΟOumlΙɧ=VȂţјOumlͻůTHORN=іʱ5͵šƎę˗OumlŤŴpϡƎФ˛ŝũЛɫOumlijѢЭʵ=ȮŻϾФѓŘƎˉ_OumlĹȏǐʑǙacircƎoacuteƟ6

小圆房建筑

AOO Architecture ФźǔWŰƎǵ θāЮĈɘϾѯѭЛOumlƭ=s˘ƮʙƭϰϸЂɬƝѩ6ɒƻŚOumlΙɧVȂ˔5ŤŴȤѓΫ5ȫ˙acirc5ˤƗίǙacirc˛ŝυНǙacirc lt5ˆoacuteƟϡƎϞ΄ȧOuml˛ŝș˻ѢЭOumlCcedilŸƎˆŸĨШ6

ɬ ˤƗ˰AIMƭѡˤƗltѥѣЂǁƭѡĘķũˤƗOumlɐƿū=ϭNtildenaked StablesOumlɬˤƗ6ФȅѳŧȈũaȚ˶OumlūѽmiddotTˆȭNtildeOuml˛ŝTdegOumlUѠ΅=ˤƗѣі5ũφčˤƗȓɲOumlntildeˊū6

景观设计

Design Land Collaborative (DLC) ϞƝiquestǒōˤƗІŔŷOumlѥϛѰξŁ=Ф˛ŝІɐŘǩˤϾēрƉń6ʙΙɧ˘ЂŋѣŸș˻ĻЕ=ƿūźW˪ǴƔ=ѥѣЂŁŃƎϾTHORNOumlŔŷ6

48

Engineering amp Project Management team

Scott Wilson Group PLC is a globalintegrated design and

engineering consultancy for the built and natural environments

Scott Wilson is responsible for the project management the

electrical and mechanical engineering for the project

Environmental Consultants

Environmental Resources Management (ERM) a leading global

provider of environmental health and safety risk and social

consulting services ERM deliver innovative solutions for business

and government clients helping them understand and manage

their impacts on the world around them ERM have 137 offices

in 39 countries and employ approximately 3300 staff

Sustainability Consultants

Bisagni Environmental Enterprises (BEE) works with the

engineering and design teams to ensure the environmental

goals set out at the inception of the project are achieved

LEED Consultants

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

Local Design Institute

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

General Contractor

and have been responsible for some of Chinarsquos most iconic

properties such as the World Financial Centre in Shanghai

工程及项目管理团队

Scott Wilson Group PLCϞƝʺʳŔɟOumlźWˤƗƎľѰξŁ6Scott WilsonĤЩΙɧOumlaacuteʠƎƉΤľ6

环境咨询

Environmental Resources Management (ERM)ϞƝʺʳαϛȭѰξŁ=ŀźǔWŰ5ƫǰCʺƎŁŃˣƁĘΌUgraveѰξĞ6ERM˙ϛƎоġɑǸŲŀĨĶβOumlǀǧĈF=UѠɒȥǀsŎȓʙǑϱoslashˣƁźǔAEligȅOumlϳΗ6ERMФʺʳϾ137ĸēрƉń=myĸŘƝ=ϴϾAringК3300ɜГľ6

可持续发展咨询

Bisagni Environmental Enterprises (BEE)ІľˤƗdivideΑűūѽ=ϡʽWФΙɧǭ˽ƼotildeˤȜOumlźǔWŰǵ θāЮɧnOumlȚ˹6

绿色建筑认证咨询

Shanghai Pacific Energy Center (SPEC)ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlŁтϞ6

本地设计公司

Shanghai Baoye Construction Corp Ltd ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlαϛȭŁтϞ6

总承包商

ϞƝŘƝƐľVŁ=ϠƻȥηucircѓŘnьβΙɧ=țˍ˛ŝźʳDŽˊѓΫ6

49

naked COVERAGE

wwwcnngocom

ldquo25 killer things to do this summerrdquo

26 April 2010

Time Magazine

ldquoRun to the Moganshan Hillrdquo

新浪博客

ldquo避世的可能rdquo

31 December 2009

wwwenglisheastdaycom

ldquoThe first batch of ldquoChina Treasured Towns ldquo released

December 2009

Shanghai Urbanatomy

ldquoGet naked this time with horsesrdquo

Shanghai Daily

ldquoGreen MaGIC Casts design spellrdquo

14 October 2009

新浪商品

ldquo中国最佳设计酒店大赏rdquo

September 2009

wwwchannelnewsasiacom

ldquoChinarsquos green resort allows travellers to vacation on good consciencerdquo

2 September 2009

wwwbijianlinblshecom

ldquo莫干隐居rdquo

25 Aug 2009

wwwassociatecontentcom

ldquoThe Exquisite Moganshan Mountains of Chinardquo

Ɏ

Wikitravel

ldquoMoganshanrdquo

德清新闻网

ldquo承包国营林场建造生态ldquo逸站rdquo

wwwsinoeventcom

ldquo亚洲旅游地产及景点峰会成功举行rdquo

wwwchinatravelbrandingcom

ldquoPursuing Green for Greenrdquo

wwwbrandrepublicasia

ldquoMaking moves towards ecofriendly eventsrdquo

7 May 2009

wwwhandsonshanghaiorg

ldquoHands On Asia Conference Summeryrdquo

May 2009

wwwmyvacationcn

ldquo莫干山居rdquo

3 April 2009

wwwshanghaidailycom

ldquoThe naked truth Time to clean up Moganshan litterrdquo

4 March 2009

wwwgreennovateorg

ldquoMoganshan Project Kick Offrdquo

13 February 2009

Travesias

ldquonaked retreatsrdquo

Feb 2009

合肥在线

ldquo大山里的裸家族rdquo

20 October 2008

wwwentrepreneurcom

ldquoThe arrival of the Olympics showcases Chinarsquos burgeoning entrepreneurial spirit ldquo

7 August 2008

50

Shanghaiist

ldquoWeekend escape to Moganshan 莫干山rdquo

9 April 2008

私家地理

ldquo艳阳下的荫凉rdquo

30 May 2008

City Weekend

ldquoGet naked in Moganshanrdquo

25 January 2008

wwwbundpiccom

ldquo在这绿中撒点野rdquo

wwwhuzhougovcn

ldquo相中德清筏头的青山绿水南非客商莫干山下建生态逸站rdquo

wwwurbanatomycom

ldquo24 Hours in Moganshanrdquo

wwwhkheadlinecom

ldquo杭州莫干山竹林深处人家rdquo

15 May 2009

wwwnewsweekcom

ldquoBack from abroadrdquo

May 2009

Chinatravelnet

ldquoMoganshan A Heavenly Hideaway of Bamboo Forests amp Tea Plantationsrdquo

April 2009

wwwmzztmcagovcn

ldquo2009年踏青乐游路线推荐大公布rdquo

16 March 2009

第三媒体

ldquo规划一条畅快随性的踏青之旅rdquo

28 October 2009

wwwdqnewszjolcomcn

ldquo三九坞 ldquo裸家族rdquo钟爱的世外桃源rdquo

28 October 2008

ldquo自驾行天下rdquo之中国莫干山rdquo

Sep 2008

ldquoShiffting Gearsrdquo

Sep 2008

April 2008

Chewed up amp Spit Out

ldquoGet nakedrdquo

19 February 2008

ldquoBest Weekend Getaway Hotels Shanghairdquo

富世

Ecoefficient hotel低碳下榻

April 2011

Spa China Guy 男士派

Experiencing The Unique

2010

Cosmo 时尚

跨洋建屋隐居不隐世

April 2010

Global Times

The Mountain of legends

Global City Geography 城市地理

莫干山 naked Retreats 都市人一ldquo裸rdquo到底的山居生活

Dec 2009

China Daily

Rural Retreat

20 March 2011

China Daily

4th March 2011

Modern Weekly周末画报

圣诞低碳游

Dec 2010

Elite Traveler 携程自由行

旅尚

Esquire

Hidden Best Restaurants

Feb 2011

51

52

53

Page 46: Detailed Investor's Report

45

Teun Hanegraaf ndash Sales Director naked Retreats

Teun obtained a Bachelors in Business Studies and Masters

in Strategic Management with a focus on Chinese Business

Culture Teun increased our corporate sales business by 350

in his first year with us bringing international companies

ranging from international conglomerates Unilever and Coca

Cola to more local institutions such as The Shanghai American

School and leading Chinese companies such as Bank of China

韩天宁销售总监

ȅѳŧȈɥEcirc=şɵϴϾ˙ϛλλλ5ЯɁŎȓѥѣЂѓŘ˙ϛŸlt6ȅƍOumlszligϞɱşɵƮŁOumlΝϛijȥ13=sŁAEligȅȥx˟ŘƙβOumlAringŁǸŲ=жʙѓϾŘƙAringʝϛȠūȚŴũǵǺǵȎ=ϚϾ˛ŝɐŘλΠUgraveIcircTHORNƉńũѓŘϫαUgraveѓŘȴʝϛ6

Oliver Yuen ndash nature Reserve amp Recreation Manager

naked Stables Private will be the first private reserve in China

with a wealth of new flora and fauna introduced to the project

from Sydney University Australia and as a fully qualified Ranger

working in many of the worldrsquos best wildlife parks Oliver takes a

special role in ensuring the environment of naked Retreats and

naked Stables Private Reserve will be full of life and a natural

self supporting eco system Oliverrsquos passion for both people and

nature make him the perfect person to teach our guests about

what we do and make their stay not only a relaxing one but

also a fun fulfilling educational one as well Oliver previously

worked in wildlife parks and resorts such as Azura Retreats in

Mozambique Mobala Private Game Reserve in South Africa and

Sydney Aquarium in Australia

袁鹏威 - 活动经理和度假村 生物学家

naked StablesƮѓŘszligϞĸϭljΪOumlцʾũiacuteʾOumlˆoacuteƟʵ6OliverѽϞɜGAringȚφͿɯAringλūķOuml˪λƝiacuteλƝ=ϡƎФǁĹTHORNOumlϙ˪iacuteВľѽOumlľѽе=Ф˼naked Retreats ũnaked StablesϾѯĖĥ˪ѱЕ5ʿѳĺOuml˪΄Oumlźǔľѽ˛QύѯіϘƶ˔6АʊoslashˆȏũѳʿOumlƊʮ˼ѻūOumlˆȅĵͰɒOumlǸˆͰɒѼOuml˷ɋ=sʨ˂ɒФжȕOuml˶ŒxLjLjČ=˶Ϛ˂ɒOumlǝѢǑșlOtildeϾǭΫcurren˹ũϾƷЋϤϦ6АʊтʣФɫčũGAringȚφͿɯѹŏiquestϙ˪iacuteВũWŰʵOumlľѽVȂMozambique OumlAzura Retreats Mobala Private Game Reservelt6

46

Philip C Davis Company Director naked Retreats

Phil joined the Board of Directors for naked Retreats hotel

management company in 2011 His previous board experience

includes Tian Rui Hotel Corporation holder of the master license

for Super 8 economy hotels in China and Hong Kong from 2006

to 2008 He also was a founding shareholder of Tian Rui and

served as its President and Managing Director from 2006 to

2008 He was a board member of Tian Xian Cheng a bai jiu

concern which is a joint venture between Pernod Ricard and a

2010

Phil was previously Chairman of the Budweiser (Wuhan)

International Brewing Company and Managing Director of the

AnheuserBusch business in China and Hong Kong from the

beginning of 1996 through 2002 From 2003 to 2005 he

headed the AnheuserBusch liaison office with Tsingtao Brewing

Company

Phil holds a PhD in history from Washington University and

started his career as a market researcher at a major advertising

agency in the US before moving to AnheuserBusch and

heading its consumer planning and new product development

functions in the 1980s

Philip CDavis naked 度假村公司董事长

PhilЂɱƞˏȥnakedoacuteƟʵǙacircŎȓŁOumligraveƁ6ϡĖĥOumlǑϏVȂФːǙacircƍˇф5ϡƎЂɱэɱФѓŘũѓŘΒIJEacuteˇSuper ǑƖǙacirc ʼnˆ6˶=ϚːǙacircƍOumlmiddot˽ʼnecirc=ФɱэɱʖƣEacuteˇƍOumlѵ|ũigrave6ɱэɱʖƣ=ϞƝІWȎȞƞũJǙ˪ȴʝϛƬɫūѱOumlʝϛ77ΐOumligraveƁГ6

iquestɱэɱ=Phil͵šBudweiserŘƙɳǙŁOumligraveƎѓŘũѓŘΒIJCŝyŁOumligrave6iquestɱэ13ɱ=CŝyũʫETHʌǙŁOumlȠɆdegOumlĤЩˆ6PhilϴϾŴ˭uacuteAringλOumlș˻дλvλ=ФǁɱCcedilȅOgraveCŝy5ĤЩΞĒŔŷũΪʑǭāĿɭтʣ=OumlϛʜzЂɐŘOumlϞƝœĵCcedilȓŁ=Eacuteˇaeligω6

47

OUR INTERNATIONAL TEAM

International team

Chief master planners amp architects

the urban landscape of modern China with Xintiandi in

Shanghai a commercial cultural and entertainment district

Since then the studio has worked on projects in very diverse

categories both small and large scale projects include mixed

use projects like the ldquoTiandirdquo in Hangzhou Chongqing Wuhan

and Foshan luxury villa and high rise residential complexes in

Shanghai and Vietnam as well as various boutique hotels and

Chalet Architects

A00 Architecture is most well known for their research

inenvironmental sustainability and its application to their

work in Architecture Interiors and Furniture Their portfolio

includes feature restaurants luxury spas retail stores design

conversion of dozens of historic Shanghai homes into highly

personalized residences

Interior Designers AIM (Architecture amp Design) brings expertise

in the combination of world architectural styles and design

influences to the interior designs at naked Stables Private

Reserve With the Shanghai office led by the two founding

on comfort warmth and a unique blend between African and

Asian design sensibilities

Landscape Architect

Design Land Collaborative (DLC) is a professional consulting firm

comprised of landscape architects and planners with an office in

Shanghai and the United States Projects have a strong emphasis

on cultural resources historic preservation and ecological

design involving both the public and private sectors

ͰɒOumlāЮdivide

ɴǵϡΑάOumlёȣ

ŘƙŸdivide

首席规划师和建筑师

benwood Studio Shanghai OumlсɜΙɧтϞѠĨШ˛ŝΪTHORNľ=˼ʙƍ˙ϛ5Ÿ5ЄȎϞOumlʵЉ6тŮ=ЁƻȥĹȏŔɟAringΟOumlΙɧ=VȂţјOumlͻůTHORN=іʱ5͵šƎę˗OumlŤŴpϡƎФ˛ŝũЛɫOumlijѢЭʵ=ȮŻϾФѓŘƎˉ_OumlĹȏǐʑǙacircƎoacuteƟ6

小圆房建筑

AOO Architecture ФźǔWŰƎǵ θāЮĈɘϾѯѭЛOumlƭ=s˘ƮʙƭϰϸЂɬƝѩ6ɒƻŚOumlΙɧVȂ˔5ŤŴȤѓΫ5ȫ˙acirc5ˤƗίǙacirc˛ŝυНǙacirc lt5ˆoacuteƟϡƎϞ΄ȧOuml˛ŝș˻ѢЭOumlCcedilŸƎˆŸĨШ6

ɬ ˤƗ˰AIMƭѡˤƗltѥѣЂǁƭѡĘķũˤƗOumlɐƿū=ϭNtildenaked StablesOumlɬˤƗ6ФȅѳŧȈũaȚ˶OumlūѽmiddotTˆȭNtildeOuml˛ŝTdegOumlUѠ΅=ˤƗѣі5ũφčˤƗȓɲOumlntildeˊū6

景观设计

Design Land Collaborative (DLC) ϞƝiquestǒōˤƗІŔŷOumlѥϛѰξŁ=Ф˛ŝІɐŘǩˤϾēрƉń6ʙΙɧ˘ЂŋѣŸș˻ĻЕ=ƿūźW˪ǴƔ=ѥѣЂŁŃƎϾTHORNOumlŔŷ6

48

Engineering amp Project Management team

Scott Wilson Group PLC is a globalintegrated design and

engineering consultancy for the built and natural environments

Scott Wilson is responsible for the project management the

electrical and mechanical engineering for the project

Environmental Consultants

Environmental Resources Management (ERM) a leading global

provider of environmental health and safety risk and social

consulting services ERM deliver innovative solutions for business

and government clients helping them understand and manage

their impacts on the world around them ERM have 137 offices

in 39 countries and employ approximately 3300 staff

Sustainability Consultants

Bisagni Environmental Enterprises (BEE) works with the

engineering and design teams to ensure the environmental

goals set out at the inception of the project are achieved

LEED Consultants

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

Local Design Institute

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

General Contractor

and have been responsible for some of Chinarsquos most iconic

properties such as the World Financial Centre in Shanghai

工程及项目管理团队

Scott Wilson Group PLCϞƝʺʳŔɟOumlźWˤƗƎľѰξŁ6Scott WilsonĤЩΙɧOumlaacuteʠƎƉΤľ6

环境咨询

Environmental Resources Management (ERM)ϞƝʺʳαϛȭѰξŁ=ŀźǔWŰ5ƫǰCʺƎŁŃˣƁĘΌUgraveѰξĞ6ERM˙ϛƎоġɑǸŲŀĨĶβOumlǀǧĈF=UѠɒȥǀsŎȓʙǑϱoslashˣƁźǔAEligȅOumlϳΗ6ERMФʺʳϾ137ĸēрƉń=myĸŘƝ=ϴϾAringК3300ɜГľ6

可持续发展咨询

Bisagni Environmental Enterprises (BEE)ІľˤƗdivideΑűūѽ=ϡʽWФΙɧǭ˽ƼotildeˤȜOumlźǔWŰǵ θāЮɧnOumlȚ˹6

绿色建筑认证咨询

Shanghai Pacific Energy Center (SPEC)ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlŁтϞ6

本地设计公司

Shanghai Baoye Construction Corp Ltd ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlαϛȭŁтϞ6

总承包商

ϞƝŘƝƐľVŁ=ϠƻȥηucircѓŘnьβΙɧ=țˍ˛ŝźʳDŽˊѓΫ6

49

naked COVERAGE

wwwcnngocom

ldquo25 killer things to do this summerrdquo

26 April 2010

Time Magazine

ldquoRun to the Moganshan Hillrdquo

新浪博客

ldquo避世的可能rdquo

31 December 2009

wwwenglisheastdaycom

ldquoThe first batch of ldquoChina Treasured Towns ldquo released

December 2009

Shanghai Urbanatomy

ldquoGet naked this time with horsesrdquo

Shanghai Daily

ldquoGreen MaGIC Casts design spellrdquo

14 October 2009

新浪商品

ldquo中国最佳设计酒店大赏rdquo

September 2009

wwwchannelnewsasiacom

ldquoChinarsquos green resort allows travellers to vacation on good consciencerdquo

2 September 2009

wwwbijianlinblshecom

ldquo莫干隐居rdquo

25 Aug 2009

wwwassociatecontentcom

ldquoThe Exquisite Moganshan Mountains of Chinardquo

Ɏ

Wikitravel

ldquoMoganshanrdquo

德清新闻网

ldquo承包国营林场建造生态ldquo逸站rdquo

wwwsinoeventcom

ldquo亚洲旅游地产及景点峰会成功举行rdquo

wwwchinatravelbrandingcom

ldquoPursuing Green for Greenrdquo

wwwbrandrepublicasia

ldquoMaking moves towards ecofriendly eventsrdquo

7 May 2009

wwwhandsonshanghaiorg

ldquoHands On Asia Conference Summeryrdquo

May 2009

wwwmyvacationcn

ldquo莫干山居rdquo

3 April 2009

wwwshanghaidailycom

ldquoThe naked truth Time to clean up Moganshan litterrdquo

4 March 2009

wwwgreennovateorg

ldquoMoganshan Project Kick Offrdquo

13 February 2009

Travesias

ldquonaked retreatsrdquo

Feb 2009

合肥在线

ldquo大山里的裸家族rdquo

20 October 2008

wwwentrepreneurcom

ldquoThe arrival of the Olympics showcases Chinarsquos burgeoning entrepreneurial spirit ldquo

7 August 2008

50

Shanghaiist

ldquoWeekend escape to Moganshan 莫干山rdquo

9 April 2008

私家地理

ldquo艳阳下的荫凉rdquo

30 May 2008

City Weekend

ldquoGet naked in Moganshanrdquo

25 January 2008

wwwbundpiccom

ldquo在这绿中撒点野rdquo

wwwhuzhougovcn

ldquo相中德清筏头的青山绿水南非客商莫干山下建生态逸站rdquo

wwwurbanatomycom

ldquo24 Hours in Moganshanrdquo

wwwhkheadlinecom

ldquo杭州莫干山竹林深处人家rdquo

15 May 2009

wwwnewsweekcom

ldquoBack from abroadrdquo

May 2009

Chinatravelnet

ldquoMoganshan A Heavenly Hideaway of Bamboo Forests amp Tea Plantationsrdquo

April 2009

wwwmzztmcagovcn

ldquo2009年踏青乐游路线推荐大公布rdquo

16 March 2009

第三媒体

ldquo规划一条畅快随性的踏青之旅rdquo

28 October 2009

wwwdqnewszjolcomcn

ldquo三九坞 ldquo裸家族rdquo钟爱的世外桃源rdquo

28 October 2008

ldquo自驾行天下rdquo之中国莫干山rdquo

Sep 2008

ldquoShiffting Gearsrdquo

Sep 2008

April 2008

Chewed up amp Spit Out

ldquoGet nakedrdquo

19 February 2008

ldquoBest Weekend Getaway Hotels Shanghairdquo

富世

Ecoefficient hotel低碳下榻

April 2011

Spa China Guy 男士派

Experiencing The Unique

2010

Cosmo 时尚

跨洋建屋隐居不隐世

April 2010

Global Times

The Mountain of legends

Global City Geography 城市地理

莫干山 naked Retreats 都市人一ldquo裸rdquo到底的山居生活

Dec 2009

China Daily

Rural Retreat

20 March 2011

China Daily

4th March 2011

Modern Weekly周末画报

圣诞低碳游

Dec 2010

Elite Traveler 携程自由行

旅尚

Esquire

Hidden Best Restaurants

Feb 2011

51

52

53

Page 47: Detailed Investor's Report

46

Philip C Davis Company Director naked Retreats

Phil joined the Board of Directors for naked Retreats hotel

management company in 2011 His previous board experience

includes Tian Rui Hotel Corporation holder of the master license

for Super 8 economy hotels in China and Hong Kong from 2006

to 2008 He also was a founding shareholder of Tian Rui and

served as its President and Managing Director from 2006 to

2008 He was a board member of Tian Xian Cheng a bai jiu

concern which is a joint venture between Pernod Ricard and a

2010

Phil was previously Chairman of the Budweiser (Wuhan)

International Brewing Company and Managing Director of the

AnheuserBusch business in China and Hong Kong from the

beginning of 1996 through 2002 From 2003 to 2005 he

headed the AnheuserBusch liaison office with Tsingtao Brewing

Company

Phil holds a PhD in history from Washington University and

started his career as a market researcher at a major advertising

agency in the US before moving to AnheuserBusch and

heading its consumer planning and new product development

functions in the 1980s

Philip CDavis naked 度假村公司董事长

PhilЂɱƞˏȥnakedoacuteƟʵǙacircŎȓŁOumligraveƁ6ϡĖĥOumlǑϏVȂФːǙacircƍˇф5ϡƎЂɱэɱФѓŘũѓŘΒIJEacuteˇSuper ǑƖǙacirc ʼnˆ6˶=ϚːǙacircƍOumlmiddot˽ʼnecirc=ФɱэɱʖƣEacuteˇƍOumlѵ|ũigrave6ɱэɱʖƣ=ϞƝІWȎȞƞũJǙ˪ȴʝϛƬɫūѱOumlʝϛ77ΐOumligraveƁГ6

iquestɱэɱ=Phil͵šBudweiserŘƙɳǙŁOumligraveƎѓŘũѓŘΒIJCŝyŁOumligrave6iquestɱэ13ɱ=CŝyũʫETHʌǙŁOumlȠɆdegOumlĤЩˆ6PhilϴϾŴ˭uacuteAringλOumlș˻дλvλ=ФǁɱCcedilȅOgraveCŝy5ĤЩΞĒŔŷũΪʑǭāĿɭтʣ=OumlϛʜzЂɐŘOumlϞƝœĵCcedilȓŁ=Eacuteˇaeligω6

47

OUR INTERNATIONAL TEAM

International team

Chief master planners amp architects

the urban landscape of modern China with Xintiandi in

Shanghai a commercial cultural and entertainment district

Since then the studio has worked on projects in very diverse

categories both small and large scale projects include mixed

use projects like the ldquoTiandirdquo in Hangzhou Chongqing Wuhan

and Foshan luxury villa and high rise residential complexes in

Shanghai and Vietnam as well as various boutique hotels and

Chalet Architects

A00 Architecture is most well known for their research

inenvironmental sustainability and its application to their

work in Architecture Interiors and Furniture Their portfolio

includes feature restaurants luxury spas retail stores design

conversion of dozens of historic Shanghai homes into highly

personalized residences

Interior Designers AIM (Architecture amp Design) brings expertise

in the combination of world architectural styles and design

influences to the interior designs at naked Stables Private

Reserve With the Shanghai office led by the two founding

on comfort warmth and a unique blend between African and

Asian design sensibilities

Landscape Architect

Design Land Collaborative (DLC) is a professional consulting firm

comprised of landscape architects and planners with an office in

Shanghai and the United States Projects have a strong emphasis

on cultural resources historic preservation and ecological

design involving both the public and private sectors

ͰɒOumlāЮdivide

ɴǵϡΑάOumlёȣ

ŘƙŸdivide

首席规划师和建筑师

benwood Studio Shanghai OumlсɜΙɧтϞѠĨШ˛ŝΪTHORNľ=˼ʙƍ˙ϛ5Ÿ5ЄȎϞOumlʵЉ6тŮ=ЁƻȥĹȏŔɟAringΟOumlΙɧ=VȂţјOumlͻůTHORN=іʱ5͵šƎę˗OumlŤŴpϡƎФ˛ŝũЛɫOumlijѢЭʵ=ȮŻϾФѓŘƎˉ_OumlĹȏǐʑǙacircƎoacuteƟ6

小圆房建筑

AOO Architecture ФźǔWŰƎǵ θāЮĈɘϾѯѭЛOumlƭ=s˘ƮʙƭϰϸЂɬƝѩ6ɒƻŚOumlΙɧVȂ˔5ŤŴȤѓΫ5ȫ˙acirc5ˤƗίǙacirc˛ŝυНǙacirc lt5ˆoacuteƟϡƎϞ΄ȧOuml˛ŝș˻ѢЭOumlCcedilŸƎˆŸĨШ6

ɬ ˤƗ˰AIMƭѡˤƗltѥѣЂǁƭѡĘķũˤƗOumlɐƿū=ϭNtildenaked StablesOumlɬˤƗ6ФȅѳŧȈũaȚ˶OumlūѽmiddotTˆȭNtildeOuml˛ŝTdegOumlUѠ΅=ˤƗѣі5ũφčˤƗȓɲOumlntildeˊū6

景观设计

Design Land Collaborative (DLC) ϞƝiquestǒōˤƗІŔŷOumlѥϛѰξŁ=Ф˛ŝІɐŘǩˤϾēрƉń6ʙΙɧ˘ЂŋѣŸș˻ĻЕ=ƿūźW˪ǴƔ=ѥѣЂŁŃƎϾTHORNOumlŔŷ6

48

Engineering amp Project Management team

Scott Wilson Group PLC is a globalintegrated design and

engineering consultancy for the built and natural environments

Scott Wilson is responsible for the project management the

electrical and mechanical engineering for the project

Environmental Consultants

Environmental Resources Management (ERM) a leading global

provider of environmental health and safety risk and social

consulting services ERM deliver innovative solutions for business

and government clients helping them understand and manage

their impacts on the world around them ERM have 137 offices

in 39 countries and employ approximately 3300 staff

Sustainability Consultants

Bisagni Environmental Enterprises (BEE) works with the

engineering and design teams to ensure the environmental

goals set out at the inception of the project are achieved

LEED Consultants

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

Local Design Institute

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

General Contractor

and have been responsible for some of Chinarsquos most iconic

properties such as the World Financial Centre in Shanghai

工程及项目管理团队

Scott Wilson Group PLCϞƝʺʳŔɟOumlźWˤƗƎľѰξŁ6Scott WilsonĤЩΙɧOumlaacuteʠƎƉΤľ6

环境咨询

Environmental Resources Management (ERM)ϞƝʺʳαϛȭѰξŁ=ŀźǔWŰ5ƫǰCʺƎŁŃˣƁĘΌUgraveѰξĞ6ERM˙ϛƎоġɑǸŲŀĨĶβOumlǀǧĈF=UѠɒȥǀsŎȓʙǑϱoslashˣƁźǔAEligȅOumlϳΗ6ERMФʺʳϾ137ĸēрƉń=myĸŘƝ=ϴϾAringК3300ɜГľ6

可持续发展咨询

Bisagni Environmental Enterprises (BEE)ІľˤƗdivideΑűūѽ=ϡʽWФΙɧǭ˽ƼotildeˤȜOumlźǔWŰǵ θāЮɧnOumlȚ˹6

绿色建筑认证咨询

Shanghai Pacific Energy Center (SPEC)ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlŁтϞ6

本地设计公司

Shanghai Baoye Construction Corp Ltd ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlαϛȭŁтϞ6

总承包商

ϞƝŘƝƐľVŁ=ϠƻȥηucircѓŘnьβΙɧ=țˍ˛ŝźʳDŽˊѓΫ6

49

naked COVERAGE

wwwcnngocom

ldquo25 killer things to do this summerrdquo

26 April 2010

Time Magazine

ldquoRun to the Moganshan Hillrdquo

新浪博客

ldquo避世的可能rdquo

31 December 2009

wwwenglisheastdaycom

ldquoThe first batch of ldquoChina Treasured Towns ldquo released

December 2009

Shanghai Urbanatomy

ldquoGet naked this time with horsesrdquo

Shanghai Daily

ldquoGreen MaGIC Casts design spellrdquo

14 October 2009

新浪商品

ldquo中国最佳设计酒店大赏rdquo

September 2009

wwwchannelnewsasiacom

ldquoChinarsquos green resort allows travellers to vacation on good consciencerdquo

2 September 2009

wwwbijianlinblshecom

ldquo莫干隐居rdquo

25 Aug 2009

wwwassociatecontentcom

ldquoThe Exquisite Moganshan Mountains of Chinardquo

Ɏ

Wikitravel

ldquoMoganshanrdquo

德清新闻网

ldquo承包国营林场建造生态ldquo逸站rdquo

wwwsinoeventcom

ldquo亚洲旅游地产及景点峰会成功举行rdquo

wwwchinatravelbrandingcom

ldquoPursuing Green for Greenrdquo

wwwbrandrepublicasia

ldquoMaking moves towards ecofriendly eventsrdquo

7 May 2009

wwwhandsonshanghaiorg

ldquoHands On Asia Conference Summeryrdquo

May 2009

wwwmyvacationcn

ldquo莫干山居rdquo

3 April 2009

wwwshanghaidailycom

ldquoThe naked truth Time to clean up Moganshan litterrdquo

4 March 2009

wwwgreennovateorg

ldquoMoganshan Project Kick Offrdquo

13 February 2009

Travesias

ldquonaked retreatsrdquo

Feb 2009

合肥在线

ldquo大山里的裸家族rdquo

20 October 2008

wwwentrepreneurcom

ldquoThe arrival of the Olympics showcases Chinarsquos burgeoning entrepreneurial spirit ldquo

7 August 2008

50

Shanghaiist

ldquoWeekend escape to Moganshan 莫干山rdquo

9 April 2008

私家地理

ldquo艳阳下的荫凉rdquo

30 May 2008

City Weekend

ldquoGet naked in Moganshanrdquo

25 January 2008

wwwbundpiccom

ldquo在这绿中撒点野rdquo

wwwhuzhougovcn

ldquo相中德清筏头的青山绿水南非客商莫干山下建生态逸站rdquo

wwwurbanatomycom

ldquo24 Hours in Moganshanrdquo

wwwhkheadlinecom

ldquo杭州莫干山竹林深处人家rdquo

15 May 2009

wwwnewsweekcom

ldquoBack from abroadrdquo

May 2009

Chinatravelnet

ldquoMoganshan A Heavenly Hideaway of Bamboo Forests amp Tea Plantationsrdquo

April 2009

wwwmzztmcagovcn

ldquo2009年踏青乐游路线推荐大公布rdquo

16 March 2009

第三媒体

ldquo规划一条畅快随性的踏青之旅rdquo

28 October 2009

wwwdqnewszjolcomcn

ldquo三九坞 ldquo裸家族rdquo钟爱的世外桃源rdquo

28 October 2008

ldquo自驾行天下rdquo之中国莫干山rdquo

Sep 2008

ldquoShiffting Gearsrdquo

Sep 2008

April 2008

Chewed up amp Spit Out

ldquoGet nakedrdquo

19 February 2008

ldquoBest Weekend Getaway Hotels Shanghairdquo

富世

Ecoefficient hotel低碳下榻

April 2011

Spa China Guy 男士派

Experiencing The Unique

2010

Cosmo 时尚

跨洋建屋隐居不隐世

April 2010

Global Times

The Mountain of legends

Global City Geography 城市地理

莫干山 naked Retreats 都市人一ldquo裸rdquo到底的山居生活

Dec 2009

China Daily

Rural Retreat

20 March 2011

China Daily

4th March 2011

Modern Weekly周末画报

圣诞低碳游

Dec 2010

Elite Traveler 携程自由行

旅尚

Esquire

Hidden Best Restaurants

Feb 2011

51

52

53

Page 48: Detailed Investor's Report

47

OUR INTERNATIONAL TEAM

International team

Chief master planners amp architects

the urban landscape of modern China with Xintiandi in

Shanghai a commercial cultural and entertainment district

Since then the studio has worked on projects in very diverse

categories both small and large scale projects include mixed

use projects like the ldquoTiandirdquo in Hangzhou Chongqing Wuhan

and Foshan luxury villa and high rise residential complexes in

Shanghai and Vietnam as well as various boutique hotels and

Chalet Architects

A00 Architecture is most well known for their research

inenvironmental sustainability and its application to their

work in Architecture Interiors and Furniture Their portfolio

includes feature restaurants luxury spas retail stores design

conversion of dozens of historic Shanghai homes into highly

personalized residences

Interior Designers AIM (Architecture amp Design) brings expertise

in the combination of world architectural styles and design

influences to the interior designs at naked Stables Private

Reserve With the Shanghai office led by the two founding

on comfort warmth and a unique blend between African and

Asian design sensibilities

Landscape Architect

Design Land Collaborative (DLC) is a professional consulting firm

comprised of landscape architects and planners with an office in

Shanghai and the United States Projects have a strong emphasis

on cultural resources historic preservation and ecological

design involving both the public and private sectors

ͰɒOumlāЮdivide

ɴǵϡΑάOumlёȣ

ŘƙŸdivide

首席规划师和建筑师

benwood Studio Shanghai OumlсɜΙɧтϞѠĨШ˛ŝΪTHORNľ=˼ʙƍ˙ϛ5Ÿ5ЄȎϞOumlʵЉ6тŮ=ЁƻȥĹȏŔɟAringΟOumlΙɧ=VȂţјOumlͻůTHORN=іʱ5͵šƎę˗OumlŤŴpϡƎФ˛ŝũЛɫOumlijѢЭʵ=ȮŻϾФѓŘƎˉ_OumlĹȏǐʑǙacircƎoacuteƟ6

小圆房建筑

AOO Architecture ФźǔWŰƎǵ θāЮĈɘϾѯѭЛOumlƭ=s˘ƮʙƭϰϸЂɬƝѩ6ɒƻŚOumlΙɧVȂ˔5ŤŴȤѓΫ5ȫ˙acirc5ˤƗίǙacirc˛ŝυНǙacirc lt5ˆoacuteƟϡƎϞ΄ȧOuml˛ŝș˻ѢЭOumlCcedilŸƎˆŸĨШ6

ɬ ˤƗ˰AIMƭѡˤƗltѥѣЂǁƭѡĘķũˤƗOumlɐƿū=ϭNtildenaked StablesOumlɬˤƗ6ФȅѳŧȈũaȚ˶OumlūѽmiddotTˆȭNtildeOuml˛ŝTdegOumlUѠ΅=ˤƗѣі5ũφčˤƗȓɲOumlntildeˊū6

景观设计

Design Land Collaborative (DLC) ϞƝiquestǒōˤƗІŔŷOumlѥϛѰξŁ=Ф˛ŝІɐŘǩˤϾēрƉń6ʙΙɧ˘ЂŋѣŸș˻ĻЕ=ƿūźW˪ǴƔ=ѥѣЂŁŃƎϾTHORNOumlŔŷ6

48

Engineering amp Project Management team

Scott Wilson Group PLC is a globalintegrated design and

engineering consultancy for the built and natural environments

Scott Wilson is responsible for the project management the

electrical and mechanical engineering for the project

Environmental Consultants

Environmental Resources Management (ERM) a leading global

provider of environmental health and safety risk and social

consulting services ERM deliver innovative solutions for business

and government clients helping them understand and manage

their impacts on the world around them ERM have 137 offices

in 39 countries and employ approximately 3300 staff

Sustainability Consultants

Bisagni Environmental Enterprises (BEE) works with the

engineering and design teams to ensure the environmental

goals set out at the inception of the project are achieved

LEED Consultants

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

Local Design Institute

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

General Contractor

and have been responsible for some of Chinarsquos most iconic

properties such as the World Financial Centre in Shanghai

工程及项目管理团队

Scott Wilson Group PLCϞƝʺʳŔɟOumlźWˤƗƎľѰξŁ6Scott WilsonĤЩΙɧOumlaacuteʠƎƉΤľ6

环境咨询

Environmental Resources Management (ERM)ϞƝʺʳαϛȭѰξŁ=ŀźǔWŰ5ƫǰCʺƎŁŃˣƁĘΌUgraveѰξĞ6ERM˙ϛƎоġɑǸŲŀĨĶβOumlǀǧĈF=UѠɒȥǀsŎȓʙǑϱoslashˣƁźǔAEligȅOumlϳΗ6ERMФʺʳϾ137ĸēрƉń=myĸŘƝ=ϴϾAringК3300ɜГľ6

可持续发展咨询

Bisagni Environmental Enterprises (BEE)ІľˤƗdivideΑűūѽ=ϡʽWФΙɧǭ˽ƼotildeˤȜOumlźǔWŰǵ θāЮɧnOumlȚ˹6

绿色建筑认证咨询

Shanghai Pacific Energy Center (SPEC)ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlŁтϞ6

本地设计公司

Shanghai Baoye Construction Corp Ltd ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlαϛȭŁтϞ6

总承包商

ϞƝŘƝƐľVŁ=ϠƻȥηucircѓŘnьβΙɧ=țˍ˛ŝźʳDŽˊѓΫ6

49

naked COVERAGE

wwwcnngocom

ldquo25 killer things to do this summerrdquo

26 April 2010

Time Magazine

ldquoRun to the Moganshan Hillrdquo

新浪博客

ldquo避世的可能rdquo

31 December 2009

wwwenglisheastdaycom

ldquoThe first batch of ldquoChina Treasured Towns ldquo released

December 2009

Shanghai Urbanatomy

ldquoGet naked this time with horsesrdquo

Shanghai Daily

ldquoGreen MaGIC Casts design spellrdquo

14 October 2009

新浪商品

ldquo中国最佳设计酒店大赏rdquo

September 2009

wwwchannelnewsasiacom

ldquoChinarsquos green resort allows travellers to vacation on good consciencerdquo

2 September 2009

wwwbijianlinblshecom

ldquo莫干隐居rdquo

25 Aug 2009

wwwassociatecontentcom

ldquoThe Exquisite Moganshan Mountains of Chinardquo

Ɏ

Wikitravel

ldquoMoganshanrdquo

德清新闻网

ldquo承包国营林场建造生态ldquo逸站rdquo

wwwsinoeventcom

ldquo亚洲旅游地产及景点峰会成功举行rdquo

wwwchinatravelbrandingcom

ldquoPursuing Green for Greenrdquo

wwwbrandrepublicasia

ldquoMaking moves towards ecofriendly eventsrdquo

7 May 2009

wwwhandsonshanghaiorg

ldquoHands On Asia Conference Summeryrdquo

May 2009

wwwmyvacationcn

ldquo莫干山居rdquo

3 April 2009

wwwshanghaidailycom

ldquoThe naked truth Time to clean up Moganshan litterrdquo

4 March 2009

wwwgreennovateorg

ldquoMoganshan Project Kick Offrdquo

13 February 2009

Travesias

ldquonaked retreatsrdquo

Feb 2009

合肥在线

ldquo大山里的裸家族rdquo

20 October 2008

wwwentrepreneurcom

ldquoThe arrival of the Olympics showcases Chinarsquos burgeoning entrepreneurial spirit ldquo

7 August 2008

50

Shanghaiist

ldquoWeekend escape to Moganshan 莫干山rdquo

9 April 2008

私家地理

ldquo艳阳下的荫凉rdquo

30 May 2008

City Weekend

ldquoGet naked in Moganshanrdquo

25 January 2008

wwwbundpiccom

ldquo在这绿中撒点野rdquo

wwwhuzhougovcn

ldquo相中德清筏头的青山绿水南非客商莫干山下建生态逸站rdquo

wwwurbanatomycom

ldquo24 Hours in Moganshanrdquo

wwwhkheadlinecom

ldquo杭州莫干山竹林深处人家rdquo

15 May 2009

wwwnewsweekcom

ldquoBack from abroadrdquo

May 2009

Chinatravelnet

ldquoMoganshan A Heavenly Hideaway of Bamboo Forests amp Tea Plantationsrdquo

April 2009

wwwmzztmcagovcn

ldquo2009年踏青乐游路线推荐大公布rdquo

16 March 2009

第三媒体

ldquo规划一条畅快随性的踏青之旅rdquo

28 October 2009

wwwdqnewszjolcomcn

ldquo三九坞 ldquo裸家族rdquo钟爱的世外桃源rdquo

28 October 2008

ldquo自驾行天下rdquo之中国莫干山rdquo

Sep 2008

ldquoShiffting Gearsrdquo

Sep 2008

April 2008

Chewed up amp Spit Out

ldquoGet nakedrdquo

19 February 2008

ldquoBest Weekend Getaway Hotels Shanghairdquo

富世

Ecoefficient hotel低碳下榻

April 2011

Spa China Guy 男士派

Experiencing The Unique

2010

Cosmo 时尚

跨洋建屋隐居不隐世

April 2010

Global Times

The Mountain of legends

Global City Geography 城市地理

莫干山 naked Retreats 都市人一ldquo裸rdquo到底的山居生活

Dec 2009

China Daily

Rural Retreat

20 March 2011

China Daily

4th March 2011

Modern Weekly周末画报

圣诞低碳游

Dec 2010

Elite Traveler 携程自由行

旅尚

Esquire

Hidden Best Restaurants

Feb 2011

51

52

53

Page 49: Detailed Investor's Report

48

Engineering amp Project Management team

Scott Wilson Group PLC is a globalintegrated design and

engineering consultancy for the built and natural environments

Scott Wilson is responsible for the project management the

electrical and mechanical engineering for the project

Environmental Consultants

Environmental Resources Management (ERM) a leading global

provider of environmental health and safety risk and social

consulting services ERM deliver innovative solutions for business

and government clients helping them understand and manage

their impacts on the world around them ERM have 137 offices

in 39 countries and employ approximately 3300 staff

Sustainability Consultants

Bisagni Environmental Enterprises (BEE) works with the

engineering and design teams to ensure the environmental

goals set out at the inception of the project are achieved

LEED Consultants

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

Local Design Institute

Shanghai Baoye Construction Corp Ltd is a Grade A design

institute based in Shanghai It is one of the largest and most

trusted companies in China

General Contractor

and have been responsible for some of Chinarsquos most iconic

properties such as the World Financial Centre in Shanghai

工程及项目管理团队

Scott Wilson Group PLCϞƝʺʳŔɟOumlźWˤƗƎľѰξŁ6Scott WilsonĤЩΙɧOumlaacuteʠƎƉΤľ6

环境咨询

Environmental Resources Management (ERM)ϞƝʺʳαϛȭѰξŁ=ŀźǔWŰ5ƫǰCʺƎŁŃˣƁĘΌUgraveѰξĞ6ERM˙ϛƎоġɑǸŲŀĨĶβOumlǀǧĈF=UѠɒȥǀsŎȓʙǑϱoslashˣƁźǔAEligȅOumlϳΗ6ERMФʺʳϾ137ĸēрƉń=myĸŘƝ=ϴϾAringК3300ɜГľ6

可持续发展咨询

Bisagni Environmental Enterprises (BEE)ІľˤƗdivideΑűūѽ=ϡʽWФΙɧǭ˽ƼotildeˤȜOumlźǔWŰǵ θāЮɧnOumlȚ˹6

绿色建筑认证咨询

Shanghai Pacific Energy Center (SPEC)ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlŁтϞ6

本地设计公司

Shanghai Baoye Construction Corp Ltd ϞƝ˛ŝƐˤƗŁ=ϚѓŘŔɟѻAring5ѻчOtildeάȆOumlαϛȭŁтϞ6

总承包商

ϞƝŘƝƐľVŁ=ϠƻȥηucircѓŘnьβΙɧ=țˍ˛ŝźʳDŽˊѓΫ6

49

naked COVERAGE

wwwcnngocom

ldquo25 killer things to do this summerrdquo

26 April 2010

Time Magazine

ldquoRun to the Moganshan Hillrdquo

新浪博客

ldquo避世的可能rdquo

31 December 2009

wwwenglisheastdaycom

ldquoThe first batch of ldquoChina Treasured Towns ldquo released

December 2009

Shanghai Urbanatomy

ldquoGet naked this time with horsesrdquo

Shanghai Daily

ldquoGreen MaGIC Casts design spellrdquo

14 October 2009

新浪商品

ldquo中国最佳设计酒店大赏rdquo

September 2009

wwwchannelnewsasiacom

ldquoChinarsquos green resort allows travellers to vacation on good consciencerdquo

2 September 2009

wwwbijianlinblshecom

ldquo莫干隐居rdquo

25 Aug 2009

wwwassociatecontentcom

ldquoThe Exquisite Moganshan Mountains of Chinardquo

Ɏ

Wikitravel

ldquoMoganshanrdquo

德清新闻网

ldquo承包国营林场建造生态ldquo逸站rdquo

wwwsinoeventcom

ldquo亚洲旅游地产及景点峰会成功举行rdquo

wwwchinatravelbrandingcom

ldquoPursuing Green for Greenrdquo

wwwbrandrepublicasia

ldquoMaking moves towards ecofriendly eventsrdquo

7 May 2009

wwwhandsonshanghaiorg

ldquoHands On Asia Conference Summeryrdquo

May 2009

wwwmyvacationcn

ldquo莫干山居rdquo

3 April 2009

wwwshanghaidailycom

ldquoThe naked truth Time to clean up Moganshan litterrdquo

4 March 2009

wwwgreennovateorg

ldquoMoganshan Project Kick Offrdquo

13 February 2009

Travesias

ldquonaked retreatsrdquo

Feb 2009

合肥在线

ldquo大山里的裸家族rdquo

20 October 2008

wwwentrepreneurcom

ldquoThe arrival of the Olympics showcases Chinarsquos burgeoning entrepreneurial spirit ldquo

7 August 2008

50

Shanghaiist

ldquoWeekend escape to Moganshan 莫干山rdquo

9 April 2008

私家地理

ldquo艳阳下的荫凉rdquo

30 May 2008

City Weekend

ldquoGet naked in Moganshanrdquo

25 January 2008

wwwbundpiccom

ldquo在这绿中撒点野rdquo

wwwhuzhougovcn

ldquo相中德清筏头的青山绿水南非客商莫干山下建生态逸站rdquo

wwwurbanatomycom

ldquo24 Hours in Moganshanrdquo

wwwhkheadlinecom

ldquo杭州莫干山竹林深处人家rdquo

15 May 2009

wwwnewsweekcom

ldquoBack from abroadrdquo

May 2009

Chinatravelnet

ldquoMoganshan A Heavenly Hideaway of Bamboo Forests amp Tea Plantationsrdquo

April 2009

wwwmzztmcagovcn

ldquo2009年踏青乐游路线推荐大公布rdquo

16 March 2009

第三媒体

ldquo规划一条畅快随性的踏青之旅rdquo

28 October 2009

wwwdqnewszjolcomcn

ldquo三九坞 ldquo裸家族rdquo钟爱的世外桃源rdquo

28 October 2008

ldquo自驾行天下rdquo之中国莫干山rdquo

Sep 2008

ldquoShiffting Gearsrdquo

Sep 2008

April 2008

Chewed up amp Spit Out

ldquoGet nakedrdquo

19 February 2008

ldquoBest Weekend Getaway Hotels Shanghairdquo

富世

Ecoefficient hotel低碳下榻

April 2011

Spa China Guy 男士派

Experiencing The Unique

2010

Cosmo 时尚

跨洋建屋隐居不隐世

April 2010

Global Times

The Mountain of legends

Global City Geography 城市地理

莫干山 naked Retreats 都市人一ldquo裸rdquo到底的山居生活

Dec 2009

China Daily

Rural Retreat

20 March 2011

China Daily

4th March 2011

Modern Weekly周末画报

圣诞低碳游

Dec 2010

Elite Traveler 携程自由行

旅尚

Esquire

Hidden Best Restaurants

Feb 2011

51

52

53

Page 50: Detailed Investor's Report

49

naked COVERAGE

wwwcnngocom

ldquo25 killer things to do this summerrdquo

26 April 2010

Time Magazine

ldquoRun to the Moganshan Hillrdquo

新浪博客

ldquo避世的可能rdquo

31 December 2009

wwwenglisheastdaycom

ldquoThe first batch of ldquoChina Treasured Towns ldquo released

December 2009

Shanghai Urbanatomy

ldquoGet naked this time with horsesrdquo

Shanghai Daily

ldquoGreen MaGIC Casts design spellrdquo

14 October 2009

新浪商品

ldquo中国最佳设计酒店大赏rdquo

September 2009

wwwchannelnewsasiacom

ldquoChinarsquos green resort allows travellers to vacation on good consciencerdquo

2 September 2009

wwwbijianlinblshecom

ldquo莫干隐居rdquo

25 Aug 2009

wwwassociatecontentcom

ldquoThe Exquisite Moganshan Mountains of Chinardquo

Ɏ

Wikitravel

ldquoMoganshanrdquo

德清新闻网

ldquo承包国营林场建造生态ldquo逸站rdquo

wwwsinoeventcom

ldquo亚洲旅游地产及景点峰会成功举行rdquo

wwwchinatravelbrandingcom

ldquoPursuing Green for Greenrdquo

wwwbrandrepublicasia

ldquoMaking moves towards ecofriendly eventsrdquo

7 May 2009

wwwhandsonshanghaiorg

ldquoHands On Asia Conference Summeryrdquo

May 2009

wwwmyvacationcn

ldquo莫干山居rdquo

3 April 2009

wwwshanghaidailycom

ldquoThe naked truth Time to clean up Moganshan litterrdquo

4 March 2009

wwwgreennovateorg

ldquoMoganshan Project Kick Offrdquo

13 February 2009

Travesias

ldquonaked retreatsrdquo

Feb 2009

合肥在线

ldquo大山里的裸家族rdquo

20 October 2008

wwwentrepreneurcom

ldquoThe arrival of the Olympics showcases Chinarsquos burgeoning entrepreneurial spirit ldquo

7 August 2008

50

Shanghaiist

ldquoWeekend escape to Moganshan 莫干山rdquo

9 April 2008

私家地理

ldquo艳阳下的荫凉rdquo

30 May 2008

City Weekend

ldquoGet naked in Moganshanrdquo

25 January 2008

wwwbundpiccom

ldquo在这绿中撒点野rdquo

wwwhuzhougovcn

ldquo相中德清筏头的青山绿水南非客商莫干山下建生态逸站rdquo

wwwurbanatomycom

ldquo24 Hours in Moganshanrdquo

wwwhkheadlinecom

ldquo杭州莫干山竹林深处人家rdquo

15 May 2009

wwwnewsweekcom

ldquoBack from abroadrdquo

May 2009

Chinatravelnet

ldquoMoganshan A Heavenly Hideaway of Bamboo Forests amp Tea Plantationsrdquo

April 2009

wwwmzztmcagovcn

ldquo2009年踏青乐游路线推荐大公布rdquo

16 March 2009

第三媒体

ldquo规划一条畅快随性的踏青之旅rdquo

28 October 2009

wwwdqnewszjolcomcn

ldquo三九坞 ldquo裸家族rdquo钟爱的世外桃源rdquo

28 October 2008

ldquo自驾行天下rdquo之中国莫干山rdquo

Sep 2008

ldquoShiffting Gearsrdquo

Sep 2008

April 2008

Chewed up amp Spit Out

ldquoGet nakedrdquo

19 February 2008

ldquoBest Weekend Getaway Hotels Shanghairdquo

富世

Ecoefficient hotel低碳下榻

April 2011

Spa China Guy 男士派

Experiencing The Unique

2010

Cosmo 时尚

跨洋建屋隐居不隐世

April 2010

Global Times

The Mountain of legends

Global City Geography 城市地理

莫干山 naked Retreats 都市人一ldquo裸rdquo到底的山居生活

Dec 2009

China Daily

Rural Retreat

20 March 2011

China Daily

4th March 2011

Modern Weekly周末画报

圣诞低碳游

Dec 2010

Elite Traveler 携程自由行

旅尚

Esquire

Hidden Best Restaurants

Feb 2011

51

52

53

Page 51: Detailed Investor's Report

50

Shanghaiist

ldquoWeekend escape to Moganshan 莫干山rdquo

9 April 2008

私家地理

ldquo艳阳下的荫凉rdquo

30 May 2008

City Weekend

ldquoGet naked in Moganshanrdquo

25 January 2008

wwwbundpiccom

ldquo在这绿中撒点野rdquo

wwwhuzhougovcn

ldquo相中德清筏头的青山绿水南非客商莫干山下建生态逸站rdquo

wwwurbanatomycom

ldquo24 Hours in Moganshanrdquo

wwwhkheadlinecom

ldquo杭州莫干山竹林深处人家rdquo

15 May 2009

wwwnewsweekcom

ldquoBack from abroadrdquo

May 2009

Chinatravelnet

ldquoMoganshan A Heavenly Hideaway of Bamboo Forests amp Tea Plantationsrdquo

April 2009

wwwmzztmcagovcn

ldquo2009年踏青乐游路线推荐大公布rdquo

16 March 2009

第三媒体

ldquo规划一条畅快随性的踏青之旅rdquo

28 October 2009

wwwdqnewszjolcomcn

ldquo三九坞 ldquo裸家族rdquo钟爱的世外桃源rdquo

28 October 2008

ldquo自驾行天下rdquo之中国莫干山rdquo

Sep 2008

ldquoShiffting Gearsrdquo

Sep 2008

April 2008

Chewed up amp Spit Out

ldquoGet nakedrdquo

19 February 2008

ldquoBest Weekend Getaway Hotels Shanghairdquo

富世

Ecoefficient hotel低碳下榻

April 2011

Spa China Guy 男士派

Experiencing The Unique

2010

Cosmo 时尚

跨洋建屋隐居不隐世

April 2010

Global Times

The Mountain of legends

Global City Geography 城市地理

莫干山 naked Retreats 都市人一ldquo裸rdquo到底的山居生活

Dec 2009

China Daily

Rural Retreat

20 March 2011

China Daily

4th March 2011

Modern Weekly周末画报

圣诞低碳游

Dec 2010

Elite Traveler 携程自由行

旅尚

Esquire

Hidden Best Restaurants

Feb 2011

51

52

53

Page 52: Detailed Investor's Report

51

52

53

Page 53: Detailed Investor's Report

52

53

Page 54: Detailed Investor's Report

53