- REAL ESTATE - CONSTRUCTION- INTRODUCTION LETTER

- REAL ESTATE - CONSTRUCTION- INTRODUCTION LETTER

INTRODUCTION LETTER Ref: January 2014 The BÉRARD - ABELLI Group is composed of several companies dedicated to different activities in real estate construction. The geographical scope of these companies comprises namely the North of the Hautes-Alpes Department, having completed several high-level villas and buildings in the Departments of the Alpes Maritimes, Bouches-du-Rhône and Var. Additionally, SOCALP has ongoing structural framing work in large work in the areas of AIX EN PROVENCE and MARSEILLE. The net sales of the group, all activities combined is approximately 22 million excluding taxes per year. Headquarters for our various companies are all located in Briancon with secondary offices in Serre Chevalier 1350, Serre Chevalier 1400 and Montgenèvre. Our personnel resides in Briançonnais. All group activities are displayed on our internal site: www.bafimmo.com OUR BUSINESS - OUR EXPERIENCE Construction - Structural Framing Business: 47years Project Management - Coordination: 34 years Engineering Firm - Facility Management Design - Computer Drawing -: 34 years Real Estate Development - Marketing: 34 years Real Estate Agency - Management: 23 years Architecture-Design Workshop: 5 years 1 - CONSTRUCTION - PROJECT MANAGEMENT "LES MAISONS CLAUDE ABELLI": Construction and project management company, Single Family-Home Builder, with a production of about twenty houses or cottages per year, or about 400 houses since 1980, plus project management and coordination for real estate developments carried out by the Group (see No. 3), or by other property developers. This company has a computerized engineering office developing their villas or property projects. Headquarters: 13, Avenue Maurice Petsche - 05100 BRIANCON Paid-up capital: 100,000 Annual average turnover excluding taxes: 3,135,339 Manager: Mr. Dominique BERARD Date formed: 1979 Number of employees: 7 Member of the UNION DES MAISONS FRANCAISES (French Housing Union) and the SOCOTEC QUALITE association BANK REFERENCES: Briançon - BNP Briançon - CIC Briançon Siret (Business Registration) No. BP 317 856 367 00022701A - RCS (Commercial Registration) Gap 317 856 367 80 B 14 January 2014 2

2 - REAL ESTATE AGENCIES BANK GUARANTEE, performance bond provided since 1980 by CAISSE DE GARANTIE IMMOBILIÈRE DE LA FEDERATION NATIONALE BATIMENT, rue la Pérouse in Paris (CGI - BAT). BUILDER'S LIABILITY INSURANCE: AXA BUISSON Briançon CONTRACTOR INSURANCE: Auxiliary Gap The "BERARD-ABELLI" and "FRILET IMMO" real estate agencies: based out of Briançon -Montgenèvre - Serre Chevalier, cover all the key tourist centres from Briançonnais to the North of the Department of Hautes Alpes. The two Montgenèvre agencies are close to Italy. These agencies sell our properties and also new buildings from fellow promoters and traditional resale. These agencies are responsible also for the vacancy rental management by the year of apartments or villas that we are entrusted to them by investors. The company also conducts residential development promoting construction of single-family homes by "Les Maisons Claude Abelli." (See No. 4) - Company Name: Dominique BERARD Claude ABELLI immobilier - Headquarters: 13, avenue Maurice Petsche - 05100 BRIANÇON - Offices: Briançon - Montgenèvre - Serre Chevalier 1350 - Serre Chevalier 1400 - Legal form: SARL (LLC) - Manager: Dominique BÉRARD - Capital: 40,000 - Bank references: B.N.P, B.P.D.A and CIC Briançon. - Business licenses: Issued by the Prefecture of the Hautes Alpes. Case No. 05.87 - transaction No. 05.116 -. Financial guarantees- Management: C.G. FNAIM: 280,000 Transaction: C.G. FNAIM: 120,000 -. Insurance Professional. Civil Management: FNAIM AIG Europe No. 7.950.214 - Professional Union: FNAIM N 23 244Q - Number of employees: 8 people - Average annual sales, excluding taxes: 1,500,000 BANK REFERENCES: BP Briançon - BNP Briançon - CIC Briançon 3 -REAL ESTATE PROMOTION The BERARD ABELLI Group has managed and built, in addition to the 400 single-family homes, through several Property Investment Partnerships (SCI/SCCV), 35 real developments representing: 721 apartments 850 garages Shops and offices 01 - SCI (Property Investment Partnership) "LE HAMEAU DE L'AIGLETTE" Housing complex Le Hameau de L'Aiglette: 1983/1984 10 houses Villard Saint Pancrace - 05100 BRIANCON * BANK REFERENCES: BNP Briançon 02 - SCI (Property Investment Partnership) "LE CERVEYRIN" Housing complex Le Bois des Fontenilles: 1989/1990 8 apartments Fontchristiane - 05100 BRIANCON Turnover: 580,000, excluding taxes January 2014 3

Housing complex Le Cerveyrin: 1990/1991 26 apartments Pont de Cervières - 05100 BRIANCON Turnover: 1,912,000, excluding taxes * BANK REFERENCES: CAIXA BANK CGIB Grenoble 03 - SCI (Property Investment Partnership) "LE CLOS DU ROCHAS" Housing complex Le Clos du Rochas: 1989/1990 4 apartments Freyssinet - 05220 MONETIERS LES BAINS Turnover: 220,000, excluding taxes Chalet des Siyées: 1990/1991 5 apartments Chantemerle - 05330 SAINT CHAFFREY Turnover: 362,000, excluding taxes * BANK REFERENCES: BNP Briançon 04 - SCI (Property Investment Partnership) "LES RESIDENCES DU VILLARD" Les Résidences du Villard : 1991/1992 33 apartments Villard Laté - Chantemerle - 05330 SAINT CHAFFREY Turnover: 2,932,000, excluding taxes * BANK REFERENCES: CAIXA BANK CGIB Grenoble - BNP Briançon 05 - SCI (Property Investment Partnership) "LE SERRE JUAN" Housing complex Le Serre Juan: 1992/1993 19 apartments Chemin de la Croix du frêne - 05100 BRIANCON Turnover: 1,525,000, excluding taxes * BANK REFERENCES: CAIXA BANK CGIB Grenoble 06 - SCI (Property Investment Partnership) "CHALETS DU GRAND PRE" Chalets du Grand Pré: 1993/1994 7 apartments St-Antoine - 05340 PELVOUX Turnover: 481,000, excluding taxes * BANK REFERENCES: CAIXA BANK CGIB Grenoble - BPRD Briançon 07 - SCI (Property Investment Partnership) "LES AGNELYS" Housing complex Les Agnelys: 1994/1995 6 apartments + 5 chalets ARVIEUX - QUEYRAS Turnover: 518,000, excludin g taxes * BANK REFERENCES: BNP Gap Briançon 08 - SCI (Property Investment Partnership) "LE PALATIN" Housing complex Le Palatin: 1995/1996 18 apartments + offices 9 Bld du Lautaret- 05100 BRIANCON Turnover: 1,830,000, excluding taxes La Tourmaline: 1999/2000 7 apartments with garages 27 Chemin de la Tour - 05100 BRIANCON * BANK REFERENCES: CAIXA BANK CGIB Grenoble - BNP Briançon * BANK REFERENCES: BNP Briançon January 2014 4

09 - SCI (Property Investment Partnership) "LES AMARYLLIS" Housing complex Les Amaryllis: 1996/1997 27 apartments in two buildings Fortville - 05100 BRIANCON Turnover: 2,020,000, excluding taxes * BANK REFERENCES: CAIXA BANK CGIB Grenoble Housing complex Les Peyronilles: 2000/2001 39 apartments with garages, Chantermerle - 05330 SAINT CHAFFREY Turnover: 4,664,000, excluding taxes * BANK REFERENCES: CAIXA BANK Neuilly et Grenoble 10 - SCI (Property Investment Partnership) "LE VERGER DU QUEYRAS" Housing complex Le Verger du Queyras: 1997/1998 24 apartments in two buildings Close to Centre de GUILLESTRE - 05600 Turnover: 1,350,000, excluding taxes Housing complex Le Jardin: 2002/2003 13 apartments with garages 05600 GUILLESTRE Turnover: 1,174,000, excluding taxes 11 - SCI (Property Investment Partnership) "CHALET L'HYSOPE" Chalet la Silène 5 apartments in town 05220 MONETIER LES BAINS * BANK REFERENCES: BNP Briançon 12 - SCI (Property Investment Partnership) "LE JARDIN DE NOTRE DAME" Housing complex Le Jardin de Notre Dame: 1999/2000 35 apartments + commercial At the centre of BRIANCON Turnover: 3 059,000, excluding taxes 13 - SCI (Property Investment Partnership) "CENTRAL PARC NEIGE" Housing complex Central Parc Neige: 2000/2001/2002/2003 68 apartments with garages ZAC Parc Chancel - 05100 BRIANCON Turnover: 7,321,000, exclu ding taxes Le Hameau des Preyts: 2005/2006 5 town-homes with garages and yards Pont de Cervières - 05100 BRIANCON Turnover: 984,000, excluding taxes Le Hameau du Moulin: 2006/2007 5 track-homes with garages and yards plus 1 single-family home Chamandrin - 05100 BRIANCON Turnover: 1,071,000, excluding taxes January 2014 5

Le Hameau des Blanches: 2006/2007 4 house complex with 2 half detached homes with garages and yards Route des Maisons Blanches - 05100 BRIANCON Turnover: 876,000, excludin g taxes Housing complex Les Prenailles: 2006/2007 20 apartments with garages Le Serre Paix - 05100 BRIANCON Turnover: 3 515,000, excluding taxes * BANK REFERENCES: BPA Grenoble 14 - SCI (Property Investment Partnership) "LES CLARINES" Housing complex Les Clarines: 2003/2004 33 luxury apartments with garages Chantemerle 05330 SAINT CHAFFREY Turnover: 5 528,000, excluding taxes * BANK REFERENCES: CAIXA BANK Neuilly et Grenoble 15 - SCI (Property Investment Partnership) L'ORPIN Housing complex L'Orpin: 2005/2006 25 luxury apartments with 45 garages and 16 commercial premises "resort centre" Serre Chevalier 1350 Chantemerle - 05330 SAINT CHAFFREY. Turnover: 9,206,000, excluding taxes * BANK REFERENCES: CAIXA BANK Neuilly et Grenoble 16 - SCI (Property Investment Partnership) LES NEIGES Housing complex Les Gentianes: 2005/2006 17 apartments with garages "Les Faysses" - 05240 VILLENEUVE LA SALLE Turnover: 2,936,000, excluding taxes 17 - SCCV "LE PRE DE SAINT ANDRE" Le Pré de Saint André: 2008/2009 7 villas spread in 3 complexes with garages and yards Place known as "l'eglise" - 05200 ST ANDRE D'EMBRUN Turnover: 1,538,000, excluding taxes * BANK REFERENCES: CA Briançon Avignon 18 - SCI (Property Investment Partnership) "LES CHALETS DU BOIS DE SUFFIN" Les Chalets du Bois de Suffin - 1 st section: 2006/2007 3 Luxury chalets in Montgenèvre including each 7 apartments with 7 garages for a total of 21 apartments on the slopes ZAC DE L'Obélisque - 05100 MONTGENEVRE. Turnover: 5,731,000, excluding taxes Les Chalets du Bois de Suffin - 2 nd section: 2008/2009 2 Luxury chalets in Montgenèvre including each 7 apartments with 7 garages for a total of 14 apartments on the slopes ZAC DE L'Obélisque - 05100 MONTGENEVRE. Turnover: 4,302,000, excluding taxes January 2014 6

Les Chalets du Janus - 2010/2011 Luxury housing complex in Montgenèvre including 27 apartments with 30 garages HAMEAU DE L'Obélisque - 05100 MONTGENEVRE. Turnover: 10,016,000, exclu ding taxes * BANK REFERENCES: in progress Chalet St Anne - 2011/2012 Luxury chalet with 3 apartments, 2 commercial premises on the ground floor and 5 underground garages Hameau de L'Obélisque - 05100 MONTGENEVRE. Turnover: To be analyzed * BANK REFERENCES: in progress 19 - SCI (Property Investment Partnership) "LES CORALINES" Housing complex Les Coralines 2: 2006/2007/2008/2009 35 apartments with garages Champ Colomb - 05100 BRIANCON Turnover: 6,487,000, excluding taxes * BANK REFERENCES: CA Briançon Avignon Housing complex Les Coralines 1: 2007/2008/2009 42 apartments with garages Champ Colomb - 05100 BRIANCON Turnover: 8,679,000, excluding taxes * BANK REFERENCES: CA Briançon Avignon 20 - SCI (Property Investment Partnership) "L'AIGLE BLEU" Housing complex L'Aigle Bleu: 2006/2007/2008/2009 59 apartments with commercial premises with 210 underground parking spaces Avenue René Froger - 05100 BRIANCON Turnover: 16 500,000, excluding taxes 21 - EURL ROWBACK Real estate construction project in ZAC Durance - 05100 BRIANCON * BANK REFERENCES: in progress 22 - SCI (Property Investment Partnership) CENTRAL PARC NEIGE (same as n 13) Hameau du Petit Internet: 2010/2011 3 houses with garages 8 Allée Albert Bourges - Pont de Cervieres - 05100 BRIANCON Turnover: 623,000, excluding taxes Le Clos Saint Pierre: 2011/2012 41 apartments with garages Centre Ville - 05100 BRIANCON Turnover: 9,000,000, excluding taxes * BANK REFERENCES: Not specified January 2014 7

4 - SUBDIVISIONS 15 subdivisions from 3 to 25 lots and more to supply the single-family home builder. These subdivisions, amounting to 137 lots, are handled mainly by LLC Dominique BERARD - Claude ABELLI. Project management, marketing and constructions of these subdivisions are provided by the group's companies. 1 - MAISONS BLANCHES 3 lots in Pont de Cervières - 05100 BRIANCON: 1983 2 - LES OISEAUX 3 lots Avenue de Savoie - 05100 BRIANCON: 1984 3 - LE ROSTIER 8 lots Belvoir - 05100 PUY SAINT PIERRE: 1987 4 - LES FLORALIES 6 lots Bd du Lautaret - 05100 BRIANCON: 1987 5 - L'EGLANTIER 30 lots in AFU (Urban Land Association) and Town-Hall - 05100 VILLARD ST PANCRACE: 1991/1992 6- LES CHAUMES 11 lots Le Jourdaret Route de Grenoble - 05100 BRIANCON: 1993 7 - CHALETS DU JARDIN ALPIN 6 lots- 05240 VILLENEUVE LA SALLE: 1995 8 - CHAMP GUY - LES ROCAILLES 23 lots Pierre Feu - 05100 PUY SAINT PIERRE: 1996/1997 9 - LE HAMEAU DES FORTS 6 lots Chemin des Combes - 05100 BRIANCON: 1998 10 - LES BALCONS DU SERRE 38 lots "Le Serre Paix" - 05100 BRIANCON: 2000/2001 11 - LE CHEMIN DES BLES 4 lots in 05100 PUY SAINT PIERRE with high-end chalets: 2003/2004 12 - LES BLANCHES 2 10 lots Les Blanches - 05600 EYGLIERS: 2010/2011 13 - LES PEYRON S 33 lots (1 st section) in association (AFU): 2008/2011 Les Peyrons - 05330 CHANTEMERLE 14 - LE HAMEAU DU GENEVRIER 6 lots Quartier de l'abeil - 05600 SAINT CREPIN: 2009/2011 15 - LES TERRASSES DE BOYERE 20 lots Les Blancs - 05600 EYGLIERS: 2010/2011 5 - BUILDING AND PUBLIC WORKS COMPANY SOCALP: General Building and Public Works Company: Headquarters: Briançon Sud Business Area Paid-up capital: 100,000 Average annual turnover, 10,317,355, excluding taxes Manager: M. Stéphane ABELLI Number of employees: 40 including worksite and office personnel * BANK REFERENCES: BPRD - SLB - BNP BRIANÇON This company was purchased by the BÉRARD ABELLI Group in 2000, formerly EGB ABELLI, formed in 1967. January 2014 8

6 - ARCHITECTURAL FIRM A2B ARCHITECTURE: independent company, working in collaboration with the Bérard-Abelli Group for 2 years. Paid-up capital: 8,000 headquarters: 4 Avenue René Froger - 05100 BRIANCON Co-managers: Emmanuelle Biaut and Dominique Bérard Licensed Architect: Emmanuelle Biaut Number of employees: 2 (a secretary and a CAD technician) BANK REFERENCES: BP des Alpes - Briançon SIRET (Business Registration) No.: 51039957900018 7 - FINANCIAL HOLDING COMPANY - "HOLDING BERARD FINANCE" SARL (LLC) Company holding 50% of the shares of the three main LLCs: SOCALP, Les Maisons Claude ABELLI, Dominique BERARD-Claude ABELLI IMMOBILIER. - Shares of this holding are held by Dominique BERARD: 75% and Brigitte BERARD: 25%: Paid-up capital: 1,420,675 Headquarters: 13 avenue Maurice du Lautaret - 05100 BRIANCON Date formed: 04.11.2009 Manager: Dominique BERARD Number of employees: 0 BANK REFERENCES: Banque. Populaire - Gap SIRET (Business Registration): RCS (Commercial Registration) Gap 517 868 667 - File No. 2009 B 390 8 - CSA ABELLI FINANCIAL HOLDING COMPANY - "HOLDING CSA" SARL (LLC) - Shares of this holding are held by Pierre Claude ABELLI: 32.50% and Stéphane ABELLI: 67.50% Paid-up capital: 1,430,575 Headquarters: ZA Sud - 05100 BRIANCON Date formed: 30/04/2010 Manager: Stéphane ABELLI Number of employees: 0 BANK REFERENCES: CIC Lyonnaise de Banque - Gap SIRET (Business Registration): RCS (Commercial Registration) Gap 522 101 716 - File No. 2010 B 150 These various companies complement each other, which makes it possible for us to work together ensuring higher competitiveness and greater profitability for all. In addition, with this setup we are able to control our properties at all levels. Briançon, 20 January 2014 The Manager Dominique BÉRARD January 2014 9