Questions and Answers

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Scott Miller
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Questions and Answers 1. Who is the owner of the project? Epsilon Investimentos, S.A, is the owner and developer of the project. Épsilon has offices in Av.

1 Questions and Answers 1. Who is the owner of the project? Epsilon Investimentos, S.A, is the owner and developer of the project. Épsilon has offices in Av. Mártires da Machava, 1627, Maputo (Mozambique). Épsilon is a Mozambican Investment Company, mainly focused on real estate development. As part of its portofolio, Epsilon has developed iconic residential and commercial buildings in Maputo City such as Xiluva and the Edifício 24. For more information on Épsilon, check out: Investimentos-SA/ More information on Epsilon Investimentos can be shared upon request. 2. The Real Estate Developer has ownership of Villa Alfândegas? Yes, Épsilon has full ownership rights of that part of the Customs House building where Villa Alfândegas is being developed as may be evidenced by a certificate of registry of title, which is a public document. 3. Can the lofts of Villa Alfândegas be purchased and owned by foreigners? There is no legal limitation to the acquisition and ownership of the Villa Alfândegas lofts by foreigners. 4. Will the buyer have full ownership rights to his/her loft? Yes, and this is applicable to both nationals and foreigners. 5. People that have bought houses in the past 10 years in Ilha de Moçambique have complained that it is hard and takes a long time for buyers to acquire the title to the property. Will the same happen with the lofts? We have heard similar stories, which are caused by irregularities in the registration of title over such houses or even because the seller does not have any document evidencing legal title over the house on sale.

2 This is not the case with Villa Alfândegas, as the ownership, paperwork and registry of legal title are fully in order. Therefore, we can t see why future buyers would have any issues to register their title on the lofts. 6. What is the price of the lofts? The price of the lofts vary according to the usable area, orientation (if it is facing the sea), characteristics of the loft and if it has a private exterior area. The prices in USD are: Loft A 170,000 Loft B 200,000 Loft C Sold Loft D 170,000 Loft E 240,000 Loft F 240,000 Loft G Sold 7. What are the payment conditions? -- 30% - on execution of the promissory sale agreement; -- 30% - 6 months after execution of the promissory sale agreement; -- 30% - once Villa Alfândegas is complete; -- 10% (or any amount outstanding payment) - on the date of execution of the public deed of sale. Payments can also be made in Meticais in accordance with BCI s exchange rate for sale at the date of payment. 8. Is it possible to execute a promissory agreement / binding offer now? Yes. We have a draft promissory sale agreement that may be executed now. 9. Will the complex Villa Alfândegas function as a condominium? Yes. All lofts A-G can be part of the condominium, but the future owners of lofts F and G may elect to become autonomous units.

3 10. How will the condominium work? Épsilon will prepare standard regulation for the condominium. However, the decision as to include any services will be taken in the future by the owners. Villa Alfândegas was developed so that minimum services (thus, decisions and costs) would have to be shared and, therefore, avoiding unnecessary conflicts. In any case, the condominium will include vast and pleasant common areas patios 1 & 2 and the jetty as well as a toilet for maids and other employees of the lofts and of the condominium (such as guards). The condominium will have its own water and power meters for the common areas. Any additional services such as guards and maintenance of the common areas and buildings (and corresponding costs) will have to be discussed and agreed to by future owners. 11. Can changes be made to the common areas? If the future owners wish to take full advantage of their common areas, much more can be done i.e., making a pool on the jetty (subject to GACIM approval) and other recreational infrastructures. The associated costs and approval will fall on the condominium and the future owners. 12. When is the refurbishment of the lofts and common areas expected to be complete? We anticipate that the refurbishment of the lofts shall be complete by December 2015 and the work on the common areas shall be finalised by June The work on the common areas includes not only the refurbishment of the patios and partial rehabilitation of the jetty, but also all technical areas and the supply of a cistern, sewage system, elevated water tank and pump, and water and electricity to each loft. 13. After the works mentioned in 12 above are completed, will future owners have to do further work on the common areas?

4 No. Épsilon will do all works related to patios 1 & 2 which will include the floors, walls, the bouganvillia gardens, an outdoor shower and tap near the beach, outdoor storage facilities, staff toilet (with a separation for male and female), exterior lights for the patios and a rainwater cistern for use on the garden. Épsilon will also partially refurbish the jetty which will include stairs giving direct access to a semi private beach. 14. The brochure mentions a partial refurbishment of the jetty. Will it be usable? Yes, the jetty may be used to dock small-medium sized boats. 15. I don t live in Ilha de Moçambique. How can I finalise the interior of my loft? As mentioned in the brochure, we have been working with an architect (Yorick Houdayer, com 40 years experience, particularly in the refurbishment of buildings in Ilha de Mozambique, which is very specific). Yorick has not only prepared the architectural projects, but has also been managing and monitoring the development of the project very efficiently. Nonetheless, there are other architects in Ilha de Moçambique which you may contact. We also recommend our contractor Mansur Services as he has been doing an excellent work on the refurbishment of Villa Alfândegas. Again, there are other options on Ilha that you may contact. Épsilon can help make the first contact with our recommended architect and contractor if the client wishes, but we take no responsibility over their availability, works process and results and on the costs. 16. Are there any restrictions to the refurbishment works of the interiors of my loft? No. The restrictions apply only to the exterior, in particular the facades. With regards to outdoors (including common areas) and facades, there are rules set out by GACIM that must be complied with and Épsilon has been strictly following these. The condominium regulations will set out some rules on the use of common areas, maintenance and change of internal and external facades of Villa Alfândegas (e.g., colours used on the walls, window and doors).

5 17. How much will my loft s interior works cost? It is impossible to anticipate this cost because this depends entirely on what each owner will decide to do on his loft. However, we may share the estimate costs for the refurbishment of loft C, which is close to USD 60,000. The project for this loft includes 4 en suite bedrooms (in two floors) and a block including a kitchen, pantry, laundry area, a bathroom and a mezzanine. This estimated cost assumes that all materials will be imported exempt of import duties and tax (we may provide more information on this if required). 18. The brochure also mentions the possibility of having a deck on the beach for lofts E and F with direct access to the beach. How would this work? The permission for the construction of these 2 decks has already been given by the competent authorities. The sale price for loft F already includes the construction of a deck (3.5x10m) on the beach with direct access to the beach. The sale price of loft E does not include the construction of the deck (the responsibility and cost would fall on the future owner). 19. It was mentioned above that Épsilon has installed new roofing in the lofts. What were the materials used and what is the supplier guarantee? Épsilon used poliuretane sandwich panels (Rooftec-5) in accordance with Norms EN14509 (PUR) and certified by EC. This norm gives a 10 year guarantee. Translucent panels were used in loft C, the Tax Authorities building and in the museum allowing for more natural lighting. Future owners may choose to install such panels at their own cost and responsibility. Epsilon can share the relevant catalogues upon request. 20. The brochure states that the future owners may import materials for the construction of their lofts interiors benefiting from the customs and tax exemptions granted to Épsilon. How would this process work? CPI Investment Promotion Centre has granted Épsilon this tax exemption that includes customs duties and VAT and comprises a vast list of products from construction materials (excepting cement and paint), to equipment and household electronics, kitchen cabinets, furniture and even leisure boats until December However, Epsilon has already requested an extension until December All imports will have to be made in the name of Épsilon. The buyer will have to buy the materials and request that the supplier issues a

6 receipt in the name of Épsilon, who will facilitate the importation process alongside customs. If this support from Épsilon is required, Épsilon will charge 3% of the overall import amount. Epsilon can share the list of materials which benefit from such exemptions if requested. 21. Are there any restrictions to seeking some earnings from my loft e.g., renting? No. 22. Can you provide more information on the location of Villa Alfândegas in Ilha de Moçambique in addition to what is stated in the brochure? The building is facing the continent, granting it more protection from the storms. This is the perfect orientation to enjoy a beautiful sunset on the sea. In addition to Villa Alfândegas private jetty, the building is just next to a bigger jetty (see pictures in Villa Alfândegas page in facebook) that was refurbished a few years ago. This jetty is mainly used for diving into the sea (has several staircases giving access to the sea, as if it was a gigantic swimming pool) and is the hotspot where local families and expats gather to watch the sunset and have a beer at the jetty bar. The building faces 3 different beaches and has almost exclusive access to one of them. Prepared in June 2015

REDUCED. 3+1 Bedroom Villa with Pool and Sea View, Tavira VILLA IN TAVIRA THE ALGARVE PROPERTY SPECIALISTS

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