San Antonio appears to be a resort town constituted by excellently located lands on the coast of Rocha in 4 rows of blocks facing the Atlantic Ocean, a convenient 5km from La Pedrera (a rapidly expanding resort town), with untouched beaches and unique geography and vegetation. However, San Antonio is the possible and desirable future for dozens of citizens worldwide.

Buyers and prospective buyers of San Antonio are acquiring a place to live out their lives (either fully or partially), with maximum respect for their environment, including any permitted comfort, but always with a component of caring for nature. Solar and wind energy, water treatment plants, underground wells to have the best water quality, clear but non-restrictive coexistence rules where RESPECT for others and the species that coexist is the primary value.

Those who purchase San Antonio are buying idealism, what they could do with the rest of their lives. It's a conducive environment to develop this lifestyle, often pursued by individuals who have found economic success derived from being good at what they dedicated their lives to and who perceive their city lives lack the values they can find here. Clearly, there are people who at a certain point in their lives seek other values (art, music, fruitful cultural life) and would not be attracted to San Antonio, nor to a bustling social life, but there are many who choose a simple life in harmony with their neighbors and the environment.

In conclusion, those who approach San Antonio are buying the possibility of a better life and future (much like what Europeans were looking for in the Americas some centuries ago), preserving and taking care of the environment.

In our country, investment benefits are in effect according to the latest regulations provided in Decree 455/007, which established a procedure with greater transparency and certainties for the investor, as well as the specific provisions set out in Decree 175/003. Since December 2010, there is a novelty with Decree 404/2010 that declares promoted the activity developed by Condo-Hotels, aimed at offering accommodation services to capture tourism demand, under the Investment Law No. 16.906 of January 7, 1998. This Decree presents significant fiscal benefits and exemptions for the development of the Tourism and Hospitality activity, as the Executive Branch considers that the activity has revealed an unexploited development potential. Throughout the year 2010, without being in effect, it had already generated interest to be promoted by the Executive Branch in more than 40 projects for approximately USD 200 million. Without a doubt, the figure of the Condo-Hotels will facilitate the capture of funds of different sizes or groups of investors interested in the development of new real estate ventures but aimed at the tourist activity of accommodation services. BENEFICIARIES OF THE REGIME The regulations include as beneficiaries of the regime as long as they generate tourist demand for accommodation, cultural, commercial, congress, sports, recreational, leisure, or health services, hotels, aparthotels, hostels, motels, and tourist stays. All this cast of activities must obtain the corresponding categorization from the Application Commission (COMAP). The ventures for which the benefits are proposed are those in which three subjects participate: 1) promoter company: builds and sells property units to an investor or buyer, 2) buyers: are those who buy the units and transfer their use and/or usufruct to an operating company 3) operating company: entity that receives the use and/or usufruct for a period of not less than 10 years, and develops the hotel activity managing the units. In exchange for this transfer, investors or buyers receive an annual income that arises from the operation of the hotel service. The promoter company and the operating company may coincide in a single legal entity.

FISCAL BENEFITS

With the introduction of this new Decree, investments in Condo-Hotels will have the tax benefits indicated in the following table for each of the parties involved:

The promoter company and the operating company may coincide in a single legal entity.