THE VERY LATEST NEWS AND INFORMATION FROM MEDITERRANIA-SAIDIA

RYANAIR ANNOUNCES LONG TERM AGREEMENT WITH THE GOVERNMENT OF MOROCCO

Ryanair, Europe’s leading low fares airline announced on 25 May 2006 the completion of a five year agreement with the Government of Morocco to develop low cost air access and tourism to the country from Ryanair’s bases throughout Europe. The announcement marks the culmination of discussions between the airline and the Government which have taken place over the last six months and reflects the Moroccan Government’s policy of encouraging significant growth in its tourism industry as well as providing low cost access for its citizens for business and leisure purposes. The agreement covers most of the regional airports in Morocco and involves the commitment by Ryanair to develop up to 20 routes delivering almost 1 million passengers per annum by the end of the five year period.

Announcing the agreement in Rabat, Ryanair’s Deputy Chief Executive, Michael Cawley said: “We are delighted to make this joint announcement with the Government of Morocco . This represents a singularly important initiative in the development of tourism and business for the country. The Government has recognised that low cost air access is a growth vehicle for tourism throughout Europe and by joining the Open Skies regime and embracing Europe’s leading low fares airline, the Government in Morocco has made a clear statement about its intentions to develop its tourism industry in the next five years”.

“Ryanair’s commitment to establish up to 20 routes and carry close to 1 million passengers per annum on flights to Morocco is a vote of confidence by the airline in the excellence and attractiveness of Morocco as a destination both for weekend breaks, mid-week trips and longer holidays. Our low fares will also help ex-patriate Moroccans to see their families more often and facilitate local businesses in accessing markets with low fare routes including those already announced to both Frankfurt and Marseille”.

“Ryanair will be making many more new route announcements in Morocco over the coming months and years as we build on the solid basis which this long term agreement provides. I congratulate the Government of Morocco on this initiative and look forward to working successfully with it to develop it’s tourism and other business”.

Since launching our portfolio of Morocco property various questions have been raised by our customers. To help you we have listed a series of frequently asked questions with the appropriate answers, in the hope that this will provide you with further information.

It’s essential to engage a reputable, experienced local solicitor. We have established connections with a number of Moroccan solicitors who can advise on all aspects of property purchase. We particularly recommend Legalex as they have provided many clients with a swift and professional service and we have negotiated a reduced fee for Superior clients of just 1% (the usual fee is 1.5%). We can, on request provide you with a full list of other reputable solicitors.

Will I need a Moroccan bank account?

Yes, we can do this for you. We will supply all the relevant forms and translations. The bank we use is Societe General du Maroc. We advise that all currency transactions are carried out through a foreign exchange broker such as Moneycorp.

Will I be able to rent out my property?

Properties at Mediterrania-Saïdia should provide lucrative year-round rental potential due to the exceptional climate and outstanding facilities. An added bonus is that owners are income tax-exempt for the first 3 years. Projected investment figures are available on the website.

What ongoing costs should I expect?

Running costs are expected to be less than £200 per month, this figure includes all utilities and for the first two years the following fixed annual fees: approx €600 per annum contribution to the maintenance of the whole Mediterrania Saidia Resort, a further €600 per annum towards maintenance of the common areas within Oasis Beach and Golf Resort and £500 per annum (maximum figure) membership of The Oasis Beach and Golf Resort clubhouse and on-site facilities.

What is the capital gains tax situation?

The tax due will be either calculated as 20% of the net profit or as 3% of the declared resale price, whichever is higher. There is a double taxation treaty between the UK and Morocco to ensure that this is not paid in both countries.

What building guarantees are in place?

The builder will provide a 10 year construction warranty and the details will be provided at completion along with an RPS 2000 Seismic Guarantee.

What if I want to re-sell before completion?

You can sell on to a 3rd party (once the initial 20% has been paid) via a transfer contract drawn up by your solicitor. Superior offers a resale service, the sales commission for this is 8% and we will market the resale property to prospective purchasers through our website, extensive nationwide exhibitions and our large network of agents.

Do you have details on the furnishings for Oasis and is a furnishing service available for Fadesa units?

We are currently looking into furnishing options for Morocco Oasis units and will provide customers with full details as soon as they have been confirmed. In relation to the Fadesa units we have chosen a partner ‘Villapac’ who can provide furnishing options from the basic standard to a very luxury bespoke package.

Who is responsible for insuring my property?

The home owner is responsible for insuring the property and contents after completion. The Superior Group has researched many providers and can recommend a suitable broker who also offers motor, travel, marine and health policies called Lloyd and Whyte International.

How will the properties be separated from neighbours e.g. what type of boundary is in place?

The boundary will be as stated in the contract ‘single torsion mesh enclosures’. This is a type of wire fence that plants will be encouraged to grow along so in time it will be covered with greenery.

Is there a clause within the contract which stipulates that we can report and get corrected any problems or outstanding works after completion?

It is not necessary to include a written clause in the contract with regards to ‘snagging lists’ as they are an integral part of any property purchase. It goes without saying that any problems will be corrected. Superior offers a completions service which includes drawing up a snagging list.

Do the appliances come with warranties?

All appliances will have the standard manufacturer’s warranty, which may vary with the type of appliance. These will be handed over on completion along with the appropriate operating instructions.

Who runs the management company for the maintenance? Is it the developer or home owners?

A Home Owners Association/Community of Owners will be set up and all owners will be invited to become members. In most cases a chair person will be elected to ensure the development is maintained and the fees are fair. Therefore the quotas of the costs of the owners will be directly proportional to the properties they own and hence the cost as well.

What is TVA?

TVA is the Moroccan equivalent of VAT and this tax is included in your purchase price.

Completion – do I have to attend or can I appoint a third party to attend completion on my behalf?

The client can either choose to do it personally or give a power of attorney to a third person (usually the lawyer) who will represent them at the final contract.

Can I bring my car and other goods into Morocco and are there import duties?

Depending what you want to import you will have to contact the customs in Morocco. If goods are for your own use or owned by yourself there is no charge, if they are for commercial or retail use 35% import tax applies. The maximum time you can leave your car in Morocco is 6 months, however you can drive to the Spanish enclave of Melilla at the end of the 6 months and sign the car out and then re-enter on the same day.

Are there any discounts on green fees/golf membership?

All owners are entitled to half price membership of the golf club for two people.

We are buying at Oasis can we make changes to the furnishings package?

No, any changes or additions required will have to be addressed after completion and will be at the owners’ expense. The properties are furnished to a high standard.

Can we get satellite television within the site?

Individual satellite dishes are not allowed, there is a central system which is piped to and available for connection to all units.

When does the total site of Mediterrania Saidia complete?

Completion is due 2010.

Where can I find more information on Morocco?

Superior Customer Care Department
Superior House 3 Brook Office Park Emersons Green Bristol BS16 7FL
08707 50 44 77 http://www.superiorworld.com This e-mail address is being protected from spam bots, you need JavaScript enabled to view it

Superior Morocco
Superior House, Urb. Monte Halcones Centro Commercial, Officina 3 Carreta de Ronda 29679 Benhavis Malaga Spain
0034 952 769 008 This e-mail address is being protected from spam bots, you need JavaScript enabled to view it www.oasismorocco.com

Moneycorp
100 Brompton Road Knightsbridge London SW3 1ER
0207 589 3000 www.moneycorp.com This e-mail address is being protected from spam bots, you need JavaScript enabled to view it

Villapac
80 Clarence Street Bolton Lancashire BL1 2DQ
0870 766 9695 www.villapac.co.uk

Moroccan Embassy
49 Queens Gate Gardens, London SW7 5NE
020 7581 5001 www.morocco.embassyhomepage.com

Legalex Solicitors
Edif Milla de Oro Ctra Nacional 340, KM 179.3 29600 Marbella Spain
0034 352 778 644 www.legalexgroup.com

Lloyd and Whyte International
UK Head Office Emanuel Court 20-24 Reddicroft Sutton Coldfield West Midlands B73 6BN
08000 273002 www.lloydwhyteintl.com