Baron R. Ah Moo Chief Executive Officer baron@karavansara.

com +84938002021

Contents
Defining Karavansara

Company Background Operational Strategies Current Portfolio Future Locations Management Team Kalan Real Estate

What does KARAVANSARA mean?

The name Karavansara is derived from the word roots: Persian: krvnsar or krvnsari, Turkish: kervansaray Caravanserais supported the flow of commerce, information, and people across the network of trade routes covering Asia, North Africa, and South-Eastern Europe, especially along the Silk Road. This seemed a perfect image for our concept. The fusion of east and west as told through the stories and experiences of the modern generation of cultural travelers. The idea is to combine the global experience of our guests with an authentic and genuine localized experience. Our guests will stay with us not just for the comfort and style of our hotels but also for the activities that we make available to them. As travelers and traders moved back and forth along the ancient silk road the caravanserai was a safe place within the sultans palace that was open for travelers to rest, replenish and share stories of the open road. Another important part will is the involvement of the local community into our cultural experience. Whether it be through food, dance, song or the built environment there will be a strong emphasis on cultural exchange, community contribution and long term sustainability.

Who We Are
The Karavansara Group was formed in 2005 to develop and manage high end properties in Asias leading locations. Our vision is to create opportunities which are founded in sound business sense and at the same time promote and enhance the unique cultural heritage of Asia. The partners of the group have over 45 years of experience developing hotels and resorts in Asia in various sections including design/construction, financial institutions, and hotel management. This complimentary combination of skills gives us a well rounded approach to developing and managing investments. The initial success of the group has been in South East Asian and East Asian properties. To date we have completed 4 projects: 3 in Cambodia and 1 in Japan. The group currently manages 2 properties and has 10 other management agreements under negotiation.

Competitive Advantages
Were Not Just Managers, We Are Owners Karavansaras roots are in acquiring and investing in Hospitality Real Estate. Through the various transactions, we quickly realized that many of the hotel operators do not align their interest with the owners. Karavansara was created as an Owners Operator to ensure the property accurately reflects the vision and expectations of the shareholders Flexibility The global operators often times have strict standards which often times drive up development costs or can create logistical or timing issues. As Karavansara not only owns but operates hotels, we have developed a concept which promotes local and regional sourcing and allows for the owners input through the design, development and management stages. Regional Focus, Global Attraction Karavansara was developed to highlight the different experiences of Asia. Thus its operating model is built to appeal not only to the l traveler who is looking for quality accommodations, but to the l guest who is looking for a hotel that can provide an ambiance that exudes a sense of the local culture and place > .

Operational Strengths
One of the Karavansara Hotel groups core strengths is its ability to maximize shareholder value through operational management. With over 25 years of experience in hotel, restaurant and golf course management, the group provides both a qualitative and quantitative approach to the business.

Detailed Cost Analysis

Revenue and Yield Maximization

Capital Expenditure and Financial Auditing

Industry Benchmarking

Asset Oversight and Strategy

Marketing A Core Competency

> Internet Marketing Website and an online booking engine will be a core business strategy for the model and will be targeted to account for over 70% of all reservations.
Social Media Options Will use all media options including social networking such as Facebook, Twitter, Four Square and group buying engines like Groupon and Living Social. Dynamic Pricing Model Leveraging technology to allow for strict rate integrity while driving loyalty to the Karavansara Website through Best Rate Guarantees, Frequent Guest Programs and aligning the brand with complimentary products and services, i.e. cultural and educational travel programs, Key Partners Contract suppliers to be brand stewards and align interest with all vendors who seek to partner with us

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Search Engine Optimization Search engine optimization with the aim to dominate boutique hotel searches in English and the regional local languages
3R Commitment Unique booking feature will allow guests to receive discounts based on what they agree to not use in the room (e.g., TV, air conditioning, towels and toiletries). Premise is incetivize the guest to reduce their carbon footprint which will in turn lower the hotels operating costs.

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The 3 R Commitment (Reduce, Recycle, Reuse)

Key to the Karavansara Concept is its commitment to reducing its impact on the surrounding community and the environment. The hotel is also dedicated to giving back to the environment and each property will contribute a portion of its income to an environmental program that will be selected by the employees. Service Discount (Example) > Opt Out of Air Conditioning/Heat $6 off the BAR > Opt Out of Daily Housekeeping $5 off the BAR Towels Provided By Guest $5 off the BAR Opt Out of WIFI $5 off the BAR

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To that end, one of the innovations that is being incorporated into the model will be its Reverse Ala Carte or RAC pricing model. The room rate structure will feature all in one pricing, with discounts offered for those who wish to reduce their carbon footprint. As an example, if the Best Available Rate (BAR) for a guests stay is $100 a night, they will be offered the following options The implementation and execution of this system will be leveraged through the advanced technologies, such that guests will be able to activate and deactivate these services in the room or online

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> Amenities Provided By Guest (Soap, Shampoo) $3 off the BAR

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Opt Out of Television $2 off the BAR

> Opt Out of Local/Long Distance Telephone $2 off the BAR

Current Karavansara Properties

The current Karavansara properties include the Karavansara Retreat, the Karavansara Residences and the Karavansara Machiya Retreat Kyoto.
The Retreat and the Residences are both located in Central Siem Reap and were awarded the leading development in Cambodia by South East Asian Magazine. Both properties have been featured in highly regarded trade publications including Conde Naste China and Design Bureau Magazine. The Machiya Retreat in Kyoto, Japan was recently opened as an exclusive destination for families and groups who want to experience an authentic traditional Japanese environment. The machiya has been renovated with modern amenities to give our guest the highest level of comfort.

Future Locations
Key World Cultural Heritage (WCH) sites and countries that have been identified for future locations.

Indonesia: 7 WCH Sites Japan: 16 WCH Sites

Lao PDR: 2 WCH Sites

Malaysia:

3 WCH Sites

Myanmar: 3 WCH Sites (pending)

Nepal:
Philippines:

4 WCH Sites
5 WCH Sites

Sri Lanka: 5 WCH Sites

Thailand: 5 WCH Sites

Vietnam:

7 WCH Sites

Executive Management
Haukur Hardarson, Co-Founder & Chairman
Haukur has spent his life as a serial entrepreneur. Prior to founding the Kalan Group he was the first chairman and co-founder of a boutique investment bank in Iceland, Askar Capital. Before that he was the founder and CEO of a real estate investment management company AVP that he sold in a cash transaction in 2006. His most successful venture prior to Kalan was as founder and executive chairman of Landmat, a mobile value added services company that after a merger with Enpocket Inc became the worlds largest mobile marketing company and Haukur became the chairman of the combined company. Enpocket was sold to Nokia in a significant cash transaction. Haukur holds a BARCH in Architecture (Illinois Institute of Technology, Chicago, USA).

Baron R. Ah Moo, CEO Karavansara/Kalan RE

Baron is the CEO of Kalan Real Estate and is a 20 year veteran of the hospitality and real estate industry. He has lived and worked in Asia, the US, Mexico, and the Pacific Islands. Prior to joining Kalan, Baron was the former CEO and Co-founder of Indochina Hotels and Resorts and helped to acquire, development and manage a $500 million portfolio of hospitality real estate in Vietnam. In addition to his position with Kalan, Baron also serves as the Chairman of the Tourism Working Group for the Vietnam Business Forum, has appeared on Bloomberg Television and has guest lectured at Cornell Universitys School of Hotel Administration in Ithaca, NY and at the Cornell Nanyang Institute in Singapore. Baron holds a Masters Degree in Hospitality Finance and Marketing from Cornell University.

Thomas Reilley, Co-Founder & CEO

Mr. Reilley holds a B.A. in International Relations and Economics (University of Minnesota, Minneapolis, USA). In 1997, Mr. Reilley joined Bear, Stearns & Co. Inc in Boston, and became a Senior Managing Director in charge of overseeing relationships with ultra-high net worth individuals and institutions. In 2002, he was seconded to Bear, Stearns International Limited (BSIL) in London to establish the International Private Client Services division and served as its Executive Director. Within BSIL, he served as one of the eight members of the Executive Committee, which was responsible for overseeing the European business. He left in October 2007 to form Kalan Capital.

Joshua Levine, Founder, Karavansara Hotels

Joshua holds a B.A. in Environmental Design from UC Berkeley (1986) and a Master in Architecture from the Harvard University Graduate School of Design (1992). He has spent over 20 years of his professional career working as an Architect and Developer throughout Asia most extensively in South East Asia and Japan. He was the founder of REAL Architecture in 1996 which was one of Vietnams first international Architectural Design Studios. In 2005, he founded the Karavansara Group with a commitment to responsible and profitable property development in South East Asia.

A Division of Kalan Real Estate

> Part of a global investment group focused on real asset investment primarily in geothermal power and heating, financial services, mobile VAS, real estate and shipping.

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Team of professionals operating from offices in Ho Chi Minh City, Hong Kong, Boston, Kyoto and Reykjavik.
Participates in all areas of the Real Estate Investment Cycle including M&A, legal and capital structure, debt financing, design and development, project management, asset management and exit and disposition. The Executive Team has over 45 years of experience in the hospitality and real estate industry and have owned and operated properties throughout the world.

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