Between the Lebanon and Anti-Lebanon mountain ranges lies the rich agricultural plain of the Bekaa Valley with its vast open spaces, fertile land, vineyards and famous Lebanese hospitality. This fascinating region which throughout history has served as a crossroads between East and West still retains many traces of its long and diverse history.

The Valley, located at 900 meters above sea level, maintains a seasonal climate with hot, dry summers and mild winters.

Chtaura is situated in the center of the Bekaa Valley, and is a gateway to the area. It occupies the most centralized location on the main highway connecting Beirut and Damascus. Chtaura, over the past fifteen years, has become the prime business and residential center in the Bekaa Valley. The importance of this area stems from its proximity to major cities such as Beirut, Damascus and Zahle, combined with its healthy, relaxed and residential environment. With the newly approved project for the Arab Highway, the drive to Beirut will soon be a mere 20 to 30 minutes. This in itself is a very compelling reason for people from the Bekaa to prefer to live in their own area and commute to Beirut, thus avoiding the harsh climate and stress of the capital.

Chtaura is the area preferred most by immigrants returning to live in their country. After the completion of the new highway, an
approximate one kilometer stretch of the existing main road, which is just 150 meters from Valley View's location, will be renovated in
accordance with city planning, into a tourist boulevard to facilitate tourist attractions such as sidewalk cafes, shops, nightclubs, hotels
and existing businesses. Valley View is located on a lot that is adjacent to many famous places such as the five-star Park Hotel, the
prestigious L'Auberge restaurant and casino, and our famous Ghazale Superstore, well-known nationwide. It is also a short drive
away from the city of Zahle and its famous Wadi el Bardouni. Approximately twenty major banks also have branches in the immediate
vicinity.

The location has just recently been approved by the zoning department for the highest percentage of building allowance, known as Zone A-1, allowing 40% land use and 200% building area, which is the highest in the region and the most appealing for investment. In other words, every square meter of land allows 2.5 square meters of habitable construction. This ratio is the highest ratio permitted by law in the county.

Several factors have contributed to the growing popularity of Lebanon, and Chtaura in particular, as tourist attractions. First, the tragic
events of September 11, 2001 have fostered a reluctance among affluent Arab tourists to visit the United States or Europe due to
restrictions on travel to these countries and a concern over potential prejudice. Second, the withdrawal of Syrian forces from the
country following the assassination of former Prime Minister Rafiq el Hariri has transformed the image of the Bekaa Valley from a Syrian
military stronghold to a flourishing tourist destination. For these and many other reasons, the region is witnessing surging popularity
among Arab investors. Recent countrywide statistics reveal an increase in real estate value which is expected to be maintained in
coming years.

Valley View will be built on lot #2619 with an area of 17,400 m2, which according to the zoning regulations mentioned above, will
render a total living area of 47,000 m2. This living area will provide 220 apartment units of varying sizes. Valley View is a complete,
integrated housing development complex that includes modern lifestyle facilities such as professional landscaping, children's
playgrounds, swimming pool, tennis court, game room/clubhouse, gym and jogging trail. The project also contains all necessary
public utilities like water and electrical services, private generators, TV cable service and private parking for tenants and visitors.

Ghazale Enterprises, Inc. was founded in 1991 by Hassan H. Ghazale to be a leading real estate development company. It is
registered in the commerce department under registration number 13315. The end of the civil war in Lebanon brought construction
into the foreground as one of the country's main post-war objectives. Ghazale Enterprises, Inc. was established under this pretext and
has become a pioneer in post-war construction in the region. Our most recently completed project consists of a four-building
residential complex with 41 luxury apartment units and 6 rooftop duplex units. For more information on the developers and recent
projects, please refer to our website at www.ghazale-ei.com

• The central location of Valley View and its proximity to large cities like Beirut, Damascus and Zahle is an important and attractive
feature.

• The A-1 zoning classification in the area consists of only about 30,000 m2 available for construction, of which approximately 60% is owned by Ghazale Enterprises, Inc. The remaining portion consists of small and poorly located lots, rendering competition in the area insignificant.

• The size of apartment units stipulated in Valley View meets the growing market demand by young professionals, visiting immigrants and Arabs from neighboring countries.

• Expansion of the private sector and the liberalization of the economy are encouraging factors for investing in the Lebanese real estate market.

• Real estate is unique among asset classes due to its ability to capture and maintain value over time.

• Lebanon's constitution guarantees and protects private property. In addition, a number of national and international organizations including the National Investment Guarantee Corporation (NIGC), IAIGC (Arab Consortium), COFACE (France), HERMES (Germany), ECGD (United Kingdom), OPIC, The Export Import Bank (United States), MIGA, and others insure investments against non commercial risks. Note that NIGC is a public corporation which provides coverage against a number of non-commercial risks and whose obligations are guaranteed by the Lebanese state.

• Lebanon offers a well-developed legal framework that grants Lebanese and non-Lebanese equal rights. In addition, a Lebanese Arbitration Center has recently been established in close affiliation with the Chamber of Commerce, Industry and Agriculture of Beirut (CCIAB) whose regulations are similar to those of the International Chamber of Commerce of Paris. Lebanon has also ratified the New York Convention of 1958 relating to international arbitration.

• Tax Rates: Tax rates on profits

Net income Rate

Up to $6000 4%

$6000-$16,000 7%

$16,000-$36,000 12%

Greater than $36,000 15%

• Deed registration tax is 5%