FRACTIONAL OWNERSHIP FRACTIONAL OWNERSHIP

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1 FRACTIONAL OWNERSHIP FRACTIONAL OWNERSHIP

2 DEVELOPMENT FEATURES Fancourt is set on 613 hectares (3 x size of Monaco). Situated on the Garden Route 7km away from the George airport with direct flights from Cape Town, Johannesburg and Durban. Hospitality facilities include The Manor House Boutique Hotel The Fancourt Luxury Hotel & Spa Hair Salon A variety of restaurants: La Cantina (Italian and Mediterranean Cuisine) Monet (Bistro Café and Deli) Henry White s (Classic Dining) Club Lounge and Bar (selection of cocktail snacks, club house steaks and burgers) Leisure Centre and poolside Café Gym and aerobics studio The Leisure Centre also houses: The Teen Lounge (equipped with gaming facilities, table tennis, table football and pool table) Kidz Club (offers supervised activities for children aged 3 10) Leisure trails and running and mountain bike trails 4 Tennis courts 3 Championship Golf Courses designed by Gary Player: The Links Montagu Outeniqua A golf pro shop and comprehensive golf practice facilities Access to qualified PGA specialists Fancourt also offers conferencing halls, boardrooms and meeting rooms

3 INFORMATION PERTAINING TO THE SALES OF SHARES Costs associated to ownership of syndicated property at Fancourt are as follows: Fancourt membership subscriptions for membership to the Montagu and Outeniqua golf courses and use of practice facilities, 4 tennis courts, Leisure Centre (gym and aerobics studio and indoor pool) and Leisure trails (running and mountain bike) are payable in advance in April each year. The costs thereof are dependent on the number of syndicated members in each property, which is supplied separately hereto. The levy structure for properties at Fancourt are payable to the Fancourt Home Owner s Association monthly and these are reviewed annually in October. Municipal rates & taxes are levied by the Municipality according to their valuation of the property. Consumptive costs relating to electricity useage, water useage would be charged dependent on useage. Further costs in relation to the specific property for running and maintenance thereof inclusive of secretarial and administration costs, insurance, DSTV subscriptions, etc are budgeted for the year in advance for the specific property and these costs are shared proportionately dependent on the size of ownership in the property. Specific useage rights are determined by the rules of the specific property.

4 COLONIAL LODGES Although the number of weeks useage per annum may vary, the following is an example of what typically may apply: In a 2 bedroom Colonial lodge there are usually 8 shareholders which would therefore entitle the owner to 6 weeks usage per annum and every alternate year the owner would get 7 weeks useage. The weeks run from a Friday to the following Friday. The 6 weeks useage would not follow in consecutive weeks, but typically the owner would enjoy 1 week s useage every 8 weeks. The owner s specific week s useage would rotate on an annual basis. In a 3 bedroom lodge there are usually 12 shareholders which would therefore entitle the owner to 4 weeks usage per annum and every third year the owner would get 5 weeks useage. The weeks also run from a Friday to the following Friday. The 4 weeks useage would not follow in consecutive weeks, but typically the owner would enjoy 1 week s useage every 12 weeks. The owner s specific week s useage would rotate on an annual basis. TRANSFER DUTY Upon purchase of the syndicated share the proportionate share of transfer duty would be payable based on the total value of the property at that time.

5 MONTAGU RIDGE VILLAS The same principles apply with regard to the weeks useage in the Montagu Ridge Villas. A 2 bedroom Montagu Ridge Villa share owner would enjoy 3 separate weeks annual useage that would rotate on an annual basis. Whereas a 4 bedroom Montagu Ridge Villa share owner would enjoy 2 separate weeks annual usage that would rotate on an annual basis. TRANSFER DUTY Upon purchase of the syndicated share the proportionate share of transfer duty would be payable based on the total value of the property at that time.

6 LEVY STRUCTURE Effective from 1 October 2017 to 30 September 2018 COLONIAL STYLE RESORT LODGES - SYNDICATED Type A 4 Bedroom R Type B 3 Bedroom R Type C 2 Bedroom R Type D 2 Bedroom conversion R Type E 1 Bedroom R Type E 1 Bedroom converted to 2 Bedroom R Corporate Lodge R COLONIAL STYLE RESORT LODGES - PRIVATE Type A 4 Bedroom R Type B 3 Bedroom R Type C 2 Bedroom R Type D 2 Bedroom conversion R Type E 1 Bedroom R Type E 1 Bedroom converted to 2 Bedroom R Corporate Lodge R Garages R 317 Golf Cart Levy per cart stored R 136 Please note that this excludes the CSOSA(Community Schemes Ombud Service Act) levy of R40, which is still applicable. Levy covers Garden Maintenance: Fertilizer/compost as per schedule, cutting of lawns and weed control. Exterior Maintenance: Varnishing all exterior woodwork every 18 months. Will change to every two years with changeover to Rubbol painting of external walls every five years & fascias every two years,roofs - high pressure cleaned every 18 month, gutters, valleys and drains cleaned. Other: Security; Exterior pest control; Refuse removal (household refuse only); Electricity & Water (common areas); Management fees (includes audit fees, bank charges, print, postage & stationery). Levy does not cover: Garden Maintenance: upgrading, development i.e. new plants Maintenance: paving around lodge, any structural damage, damage to moveable assets as a result of water leakage or burst geyser, replacement of windows damaged by golf balls,dampness problems, maintenance falling outside the specs i.e. special varnish required, special bonding material at cracks etc. Other: Electricity & Water consumption (internal); Insurance (contents and golf cart); Interior pest control; Annual rates & taxes; Housekeeping; Resort transport; Golf Cart maintenance.

7 FANCOURT COUNTRY CLUB SUBSCRIPTIONS FOR THE YEAR 01 April 2017 to 31 MARCH 2018 Please refer to the Fancourt Country Club Membership Rules, to be read in Conjunction with the Fancourt Country Club Constitution for more details. Member means a member of the Club approved and admitted by Plattner Golf and Membership shall have a corresponding meaning. A Membership includes a husband and wife and their dependent children. This will include any children from a previous marriage on the part of either the husband or the wife. Dependent Child is the term that will be used to describe dependent children under the age of 25 years on 31st of March 2017.

8 OPTION ONE This model accommodates those who own properties (both residential and lodge) owned by one individual, which have not been syndicated. It also applies to syndicated lodge owners who are either permanently resident within a 100km radius (see Addendum A) of Fancourt or who own a third share or half share in any property. Annual fee option A: R (R if paid by 31 March 2017) This entitles the Membership the use of the Country Club Facilities and entitles one nominated golfer in the Membership to unlimited golf per annum. If a member had selected this option and the member s spouse does play golf, the spouse is considered a non-member and shall pay R760 (from 1 Nov 2017 R875) per round hotel guest fee. The same rule will apply to any Dependent child playing and the child shall pay R190 per round. Annual fee option B: R (R if paid by 31 March 2017) This entitles the Membership to use of the Country Club Facilities and entitles two adult golfers to unlimited golf per day per annum. For the 2017/2018 Golf Year any Membership who elects Option B shall be entitled to unlimited Dependent Child Golf for the Members. This shall be reviewed annually. The above fees include unlimited use of the Country Club facilities. (Tennis, swimming pools & Gym)

9 OPTION TWO This accommodates those members who are owners of a syndicated property share at Fancourt. It applies to syndicated lodge owners who are permanently resident outside of a 100km radius (see Addendum A) of Fancourt. Members who own part of a lodge which has been syndicated into 2 or 3 shares should refer to the Residential Membership Options One above. 4 to 6 shares per property - R per annum (R if paid by 31 March 2017) 7 to 9 shares per property - R per annum (R if paid by 31 March 2017) 10 to 12 shares per property - R per annum (R if paid by 31 March 2017) 13 to 25 shares per property - R per annum (R if paid by 31 March 2017) The above fees include unlimited use of the Country Club facilities while in residence on the estate. (The Member need not be in residence in his/her own lodge, but must be in residence within Fancourt Estate.) These fees include unlimited golf for 2 Adult golfers per Membership per day. For the 2017/2018 Golf Year it will also include unlimited Dependent Child Golf for the Members. This shall be reviewed annually.

10 MEMBER GUEST PLAY (Accompanied Guests) Member Guests R 375 per day Off - Peak (01/04/17 31/10/17) R 450 per day Peak (01/11/17 30/03/18) Dependent Child Member Guests R 190 per day Members Guests residing permanently within a 100km radius (see Addendum A) of Fancourt will be limited to playing 1 day per month. Members Guests residing permanently outside of this radius, who stay at Fancourt as a Resident Guest of a member will be permitted to play golf for the duration of their stay at Fancourt i.e. the same principle will apply to them as applies to Hotel Guests. NOTE: Any adult or dependent child member who is part of a Membership does not qualify as a Member Guest under any circumstances.

11 UNACCOMPANIED LODGE GUESTS Currently short-term rentals of less than 30 days are only permitted in the Lodges that are contracted to the Rental Pool. In the event that a Member wishes to allow a Guest to make complimentary use of his lodge a R210 per day Unaccompanied Guest Fee will be levied in order to cover the above mentioned services. The unaccompanied guest fee shall be waived for direct family of a Member staying in member s lodge. In order to qualify for this, members will be required to send through to Plattner Golf the names and ID numbers of their children, including those over the age of 25 or their parents (in the event that the child is the member) so that Plattner Golf has this on record. Where Residential properties are concerned no Unaccompanied Guest Fee is applicable as the Unaccompanied Guest Fee was intended for short term rentals and short term rentals are not permitted in the Residential Homes in terms of the Rules of the FMHA. (Long term rentals are covered below and Membership is required). An unaccompanied guest who is staying in a Lodge that has booked through the correct hotel channels will be entitled to play golf for the duration of his or her stay at the rates below, which are the rates that will apply to Resident Hotel Guests: Unaccompanied Resident Guests and Resident Hotel Guests Resident Hotel Guest Adult Golfer Resident Hotel Guest Dependent Child R 760 per day or R 3800 per week R 190 per day or R 950 per week

12 TENANTS A Residential Member who rents his property out for a period of 90 days or longer shall have the option to rent his or her Membership with the property. This must be an FMHA approved lease. (The terms around this shall be communicated in a separate document to Members by the FMHA). Transfer of a membership with a lease must be confirmed by the Golf Committee and Plattner Golf before it is effective. Transfers shall only be permitted once in any one subscription year. The Admin Fee of R1 140 VAT included shall be levied. If a Membership has been transferred to a tenant, the Member forfeits rights to use the Country Club facilities. The Member may not make use of the facilities in any way (unless of course that Member owns a second Membership). The Member shall retain the voting rights on club matters. The tenant shall have no voting rights. The Member shall take full responsibility for the behavior of his Tenant as is the case with a Member Guest. More details are available in the Fancourt Country Club Membership Rules. TRANSIENT MEMBERSHIP This category will accommodate Long-term rentals where the owner of a property does not wish to rent his or her membership with their property. Long-term rentals have to be approved by the FMHA and are defined as non-property owners who rent for a period of longer than 30 days. The same fees as option 1 above apply as these individuals are residents. This allows tenants to use the facilities and golf course. Annual fee option A: R (R if paid by 31 March 2017) This entitles the Tenant to use of the Country Club Facilities and entitles one nominated golfer in the Membership to unlimited golf per annum. If a member had selected this option and the member s spouse does play golf, the spouse is considered a non-member and shall pay R760 (from 1 Nov 2017 R875) per round hotel guest fee. The same rule will apply to any Dependent child playing and the child shall pay R190 per round. Annual fee option B: R (R if paid by 31 March 2017) This entitles the Membership to use of the Country Club Facilities and entitles the entire Membership to unlimited golf per day per annum. For the 2017/2018 Golf Year any Membership who elects Option B shall be entitled to unlimited Dependent Child Golf for the Members. This shall be reviewed annually.

13 NON-GOLFERS Non golfers who wish to apply to be exempt from paying a fully inclusive Country Club fee should apply to the Director of Sport & Recreation for exemption. Once the Director of Sport & Recreation has considered the request, consideration shall then be given to a fee reduction. All non golfers have to re-apply on an annual basis for exemption from paying a full inclusive Country Club fee. GENERAL POLICIES Subscriptions are due within 30 days of invoice. Access to the Country Club shall not be granted unless the subscriptions are paid in full, whereupon the membership shall become active. No member shall be granted pro rata fees unless that member is a new Member who has joined the club during a membership year.

14 Membership accounts will work as follows: Subs will be invoiced on a Membership account. Only once full payment is received from the Member for his subs will he or she be deemed an active member. Only an active member will qualify for a Country Club account facility and the relevant member discounts on food, beverage, spa, etc. Residential Members will be billed monthly for all charges to their Country Club accounts. Statements for Residential member accounts will be sent to members on the last day of each month and the billing period will run from the 26thof the previous month to the 25th of the current month. Members will have until the 15th of the month to query their invoices. Payment is due within 15 days of statement. Any member who has not settled their Country Club account within 15 days shall have their account facility frozen. Syndicated Lodge Members shall be allocated a Country Club account upon arrival at Fancourt and the account shall be settled upon departure from Fancourt on each visit. A cart barn fee will be levied to those members who make use of this facility or service. This fee will be levied by FMHA. ADDENDUM A: 100KM RADIUS

15 CONTACT DETAILS Web: pamgolding.co.za/fancourt Tel: +27 (0) Disclaimer: The information contained in this brochure is for general information purposes only and does not constitute legal or other specialist advice. Any reliance thereon is at the reader s own risk and further subject to the applicable disclaimers contained on the Pam Golding Properties website. Whilst we have taken reasonable care to ensure accuracy, the Pam Golding Group accepts no responsibility for errors or omissions in this brochure. Please consult your professional adviser for legal, tax, residency, financial or other relevant specialist advice.