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January 24, 2008
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Subject
Agreement for Zoning of Treasure Bay, Bintan as an Exclusive Integrated
Tourism Zone ("EITZ") in Bintan Island, Riau Archipelago, Republic of
Indonesia
Content
The Board of Directors of Landmarks Berhad wishes to announce that its indirect 74%-owned subsidiary, Bintan Treasure Bay Pte Ltd ("BTB"), has on 24 January 2008, signed an agreement for the zoning ("Zoning") of the Bintan land owned by its subsidiary, PT Pelangi Bintan Indah ("Treasure Bay, Bintan") in Bintan Island with PT Wisata Hiburia ("PTWH"), a company incorporated in the Republic of Indonesia. The Zoning would involve the designation of Treasure Bay, Bintan as an EITZ for conducting certain licensed activities as elaborated below.
PTWH has been granted a Surat Izin Tetap Usaha Wisata Internasional Terpadu Eksklusif (Decree for Permanent Licence of International Exclusive Integrated Tourism) by the Bupati of Kabupaten Kepulauan Riau (now redesignated as Kebupaten Bintan) which allows PTWH to zone land in Bintan Island where the following activities can be conducted:
i. Wisata Medis or medical tourism;
ii. Teknologi Multimedia dan Informatika Wisata or multimedia and information technology hosting; and
iii. Permainan dan Hiburan or games and entertainment, including gaming.
BTB is undertaking the development of resorts, commercial and residential properties at Treasure Bay, Bintan covering an area of 3,381,380 square meters ("Proposed Development"). Within the Proposed Development, certain plots have been identified for development as integrated resorts ("Proposed IR Development").
The Board believes the zoning and the collaboration with PTWH will greatly enhance the development potential of Treasure Bay, Bintan as a leading tourism destination in the region.
The zoning fee payable by BTB to PTWH for designating the Proposed Development as an EITZ will be based on 10% of the net profit on the sale of the Proposed IR Development.
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