CAPITAL PROTECTEDINVESTMENT

Projected Annualized IRR in Excess of 96%

Strictly Private & Confidential

International Home Finance & Development, LLC

With a total population of 35 million (approximately 48% females and 52% males), almost 46% of the total population is under 15 years of age and 68% below the age of 30 years, therefore, indicating a great potential and demand for housing

A relatively “virgin” real estate market across Afghanistan (shortage of over 1 million housing units), especially within Kabul, which has witnessed the highest level of shortage (with a requirement of over 300,000 housing units to house more than 3 million people in Kabul) in the accommodation availability

More than 70% of the housing units in Kabul consist of informal housing, without any infrastructure, such as, roads / streets, sewage, water supply, electricity, etc. The Government plans to relocate the population to better planned housing with adequate infrastructure and services within Kabul New City Development

Economy, Demographics & Real Estate

Afghanistan has witnessed improved economic performance since 2002 with double digit growth year after year

A new city, 12 miles northeast of Downtown Kabul; to accommodate >3 million people – 1.5 times larger than existing Kabul; 742 km2 area

Budgeted investments: > US$ 80 Billion

Commercial Hub of the New Greater Kabul

Promoter: DCDA (Dehsabz-Barikab City Development Authority) Governed by an independent Board Expected to be converted to a Corporation

in the next few months Headed and managed by honest,

competent and professional people

About Kabul New City

13,000 housing units to aommodate up to 70,000 people and >3.3 million m2 of commercial space.

Area under contract is 838 Hectares. 450 hectares to be developed by IHFD. Remainder is non-revenue generating land e.g. Parks, public facilities, etc. financed by DCDA.

DCDA will provide primary infrastructure, IHFD will build secondary and tertiary infrastructure

IHFD Project

The Project’s Site

A Capital Protected Investment Opportunity

The investment amount in the project will be fully insured by Multilateral Investment Guarantee Agency (“MIGA”). MIGA is a member of the World Bank Group and provides political risk insurance and provides comprehensive political risk insurance and helps investors to focus on commercial aspects of their investments by shifting the non-commercial risks to MIGA.

The present investment offers coverage of up to USD 200M so that both the initial investment and any undistributed profits can be recovered. MIGA covers the following risks:

- Currency transfer restrictions and inconvertibility- War and civil disturbance, including sabotage / terrorism and business interruption- Expropriation, including creeping expropriation- Breach of contract, for example, breach of an undertaking / commitment made by the

host government (being the Government of Afghanistan), and;- Non-Honoring of Sovereign Financial Obligations, if any, and as agreed.

A Capital Protected Investment by World Bank

PROJECTED INTERNAL RATE OF RETURN (IRR)

OVERALL PROJECT: 135% PER ANNUM

ANTICIPATED FOR ALL OF THE PROJECT THROUGHOUT THE INVESTMENT PERIOD OF

PROJECTIONS

- Low material cost, low labor cost leads to low cost of construction

- Due to huge demand and inadequate supply resulting in 300,000 unit shortage in today’s Kabul, prices of real estate are very high.

- Additional cost savings due to use of lower cost and more efficient construction material

A Highly Profitable Investment Opportunity Overall Project

50% shareholding with $50 million investmentPROJECTED INTERNAL RATE OF RETURN (IRR)

FOR INVESTORS: 96% PER ANNUM

THROUGHOUT THE INVESTMENT PERIOD OF PROJECTIONS (5 Years)

- Investors paid out equity from project cash-flows within 2-3 years with 8% interest rate per annum.

- Preferred shares with equivalent voting rights.

- Exit strategy at the end of the financial projections,

Land Acquisition

Land Investment of $ 54 million Govt. acquires the land and provides to

IHFD at cost + a nominal fee Contract with the Govt. allows IHFD to

directly agree with various land owners (on partnership or direct purchase basis) to acquire the land as well.

Consortium of Landowners are part of promoters group.

250 Ha out of needed 450 Ha already acquired.

Balance being acquired. No upfront cost implications for investors for all of the required land.

Donor Contribution of $97 million

JICA, Japan - US$ 77 million for Parcel 1 (IHFD’s Site) for the Construction Roads Network, water, sewer and other primary infrastructure

ADB (Asian development Bank) - US$ 20 million for the provision of power for Phase 1

Other commitments by IDB, ADB and other donors for all of KNC

Donor Contribution

Strategic Partners / The Team

Project management

Design

Financial Governance

Corporate / Shareholder Structure

IHFD Limited (Cayman Islands)

Promoters Group {50%}

Potential Investor(s)

{50%}

IHFD, LLC (USA)

IHFD, LLC (Afghanistan)

Kabul New City Development

Placement Objectives

Provide the Company enhanced financial resources in order to achieve its business plan;

Enable the Company to enhance its market share in real estate sector by fulfilling the huge demand for quality real estate developments in Afghanistan; and

Enhance performance of the Company through the introduction of professional expertise and relationships from new Shareholders.

In accordance with the Business Plan developed by the Promoters of the Company, the proceeds of this Offering will be used as per the breakdown mentioned in the above Table

Details US$ ‘000’

Cost of development 29,543

General & administrative expense 8,729

Direct sales & marketing expense 3,562

Other expenses 7,500

Fixed assets 666

Total Initial Capital Deployed 50,000

Residential Units & Commercial Space

Particulars Year 1 Year 2 Year 3 Year 4 Year 5 Total

Residential Units 1,548 1,700 3,441 5,040 1,552 13,281

Shops 350 0 650 1,780 970 3,750

Commercial Space:

Local Commercial 32 171 104 108 0 415

Central Commercial 1,663 1,663

District Commercial 725 347 126 1,197

Total Commercial 32 171 829 455 1,789 3,275

(Commercial Space in “000” Square Meters)

Investors’ Returns

Details Year 0 Year 1 Year 2 Year 3 Year 4 Year 5

Revenue 0 98 251 1,040 996 2,512

Gross Margin (6) 10 29 474 363 1,262

EBITDA (10) 0 16 442 330 1,196

Net Profit After Tax (13) (5) 9 350 260 953

Dividend Paid 0 0 7 262 260 953

Conclusion

An Unique Investment Opportunity which is PROTECTED by MIGA against Sovereign and Political Risks

Significantly Higher than the Average Returns under a Well-Calculated Risk Concentration

High Impact Project, Mainly to Address the Government’s Housing Initiative within Kabul

Environment-Friendly Project with respect to the Development Techniques and Solutions to be Deployed

Socially and Culturally Valuable Project

Developed by an Experienced Team which includes Fortune-500 Company

Contact:Rafaat Ludin, President & CEO Sultan Maqsood Fazel, CEO Afghanistan

3055 Roslyn Street, Suite 207, Darul Amman Road, Kabul, Afghanistan

Denver, CO 80238, USA Phone: +93-700-292-363 / +93-78-888-8042

Phone: +1-303-643-5850, ext 201 E-Mail: smfazel@ihfdllc.com

Fax: +1-303-643-5853

E-mail: rludin@ihfdllc.com

Web: www.ihfd.com

H&J Corporate Services (Cayman) Ltd Jamil Qureshi, Managing Director GCG

5th Floor, Anderson Square, GulfCap Group,

Shedden Road, P.O. Box 866, Aspect Tower, Business Bay, Dubai, UAE

George Town, Grand Cayman KY1-1103, Phone: +971-55-2000-184

Cayman Islands E-Mail: jq@GulfCapGroup.com

Existing Real Estate Pricing in Kabul – IHFD Pricing: Ca. 60%

LocationPrice of 2 Room

Apartment (in US$)Size (m2)

Price of 3 Room Apartment (in US$)

Size (m2)Price of 4 Room

Apartment (in US$)Size (m2) Remarks

Wazir Akbar Khan $150,000 - $170,000 60m2 $230,000 - $260,000 75m2 $270,000 - $320,000 95m2 Old apartments

Shar-e-Now $110,000 - $140,000 65m2 $1900,000 - $250,000 80m2 $270,000 - $300,000 110m2 New apartments. Mainly in the main streets

Shar-e-Now $153,000.00 85m2 $180,000 100m2 $252,000 140m2This is Onyx plaza in Shar-e-Now. Price per square meter is $1,920

Karte Char $70,000 - $75,000 65 - 70m2 $85,000 - $100,000 80 - 90m2 $120,000 - $150,000 95 - 120m2 New apartments. Mainly in the main streets

Karte Say/Karte Char $132,000.00 80m2 $156,000 95m2 $222,750 135m2This is Onyx plaza in Demazang area. Price per square meter is $1,650

Khair Khana $65,000 - $75,000 68m2 $85,000 - $105,000 75m2 $105,000 - $135,000 100m2New apartments. Apartments in sub-streets are upto 20% cheaper. They are in the main streets

Karte Now $65,000 - $75,000 80m2 $120,000 - $130,000 110m2 $140,000 - $190,000 160m2 New apartments

Qasaba $40,000.00 63m2 $53,000 83m2 $66,000 103m2Government scheme - this is not the Abu Dhabi Fund project. This is Khawaja Rash Blocks

Taymanee $70,000 - $80,000 70m2 $90,000 - $115,000 80m2 $135,000 - $185,000 110m2 New apartments. Main and sub-streets

Kot-e-Sangi $70,000 - $75,000 70m2 $90,000 - $100,000 80m2 $110,000 - $135,000 110m2 New apartments (3 - 6 years old).

Micro Rayan $65,000 - $75,000 65m2 $80,000 - $100,000 78m2 $130,000 - $160,000 87m2 Old apartments

Shahrak-e-Arya $75,000 - 80,000 70m2 - 75m2 $105,000 85m2 $120,000 - $140,000 95 - 120m2 New apartments

Karte Parwan $50,000 - $60,000 60 - 65m2 $65,000 - $70,000 75 - 85m2 $85,000 - $100,000 90 - 110m2 New apartments. Main and sub-streets

Khushal Khan $70,000 - $72,000 70m2 $85,000 - $95,000 80m2 $11,000 - $125,000 110m2 New apartments (2 - 5 years old).

Arzan Qimat - Shahrak Saleem Karwan $110,000 165m2

New apartments. They only have 4 rooms apartments and are with good quality

Apartments

Existing Real Estate Pricing in Kabul – IHFD Pricing: ca. 60%

LocationPrice of the House

(in US$)Size of the

Plot

Size of the House

(square meters)

Number of Rooms

Approximately When built

Remarks

Wazir Akbar Khan $700,000 - $800,000 500m2 200m2 8 more than 30 years

$140,000/piswa with house and $115,000/piswa without a house. The prices differs in each street btw $20,000 to $25,000 per Piswa. Also there are some house which are more than 500m2 and the prices are much higher

Shar-e-Now $800,000 - $850,000 600m2 250 - 300m2 8 Old and New

The prices of houses also differs in each location of Shar-e-Now btw $20,000 - $30,000 per Piswa. Its means that if the price of a house is $850,000 in one location with 500 - 700m2, the same size price may be more than $900,000 in other location

Karte Char $260,000.00 400m2 200m2 6 Old Construction Karte Char and Karte Say prices almost are the same

Karte Char/Karte Say $280,000.00 350m2 220m2 6 Old Construction

Karte char $420,000.00 500m2 250m2 12 New Construction

Karte Char/Karte Say $600,000.00 1000m2 400m2 10 Old Construction

Khair Khana $300,000.00 350m2 200m2 10 New Construction

Khair Khana $180,000.00 300m2 150m2 5 Old Construction

Karte Now $250,000.00 300m2 200m2 8 New Construction

Qasaba $120,000.00 300 m2 200m2 5 New Construction These houses are medium construction quality

Taymanee $300,000.00 500m2 250m2 6 Old ConstructionTaymanee

$1,000,000.00 2000m2 400m2 10 Old Construction

Kot-e-Sangi $250,000.00 500m2 250m2 5 Old Construction

Micro Rayan N/A There is no single family house in this Shahrak

Shahrak-e-Arya N/A There is no single family house in Macrorayan

Khushal Khan $225,000 500m2 300m2 6 New ConstructionShahrak-e-Karwan Saleem in Arzan Qimat $250,000.00 300m2 200m2 9 New Construction

Single Family Homes