Dear Partner,

Veranda Resorts, promoter of Heritage Golf & Spa Resort, and Pristine Resorts Ltd, owner of Le Telfair Golf & Spa Resort, are pleased to hereby inform you that they have agreed in principle to pull together their resources and strength so as to enhance their core competencies and competitive capabilities with the ultimate goal of improving further the performance, experience and satisfaction of their partners and customers.

Through this merger in progress under the umbrella of Veranda Resorts, a subsidiary of Rogers Group, this partnership provides superior synergy and perfect complementarity to the entire benefit of all respective stakeholders, including of course the Tour Operators concerned in Russia & CIS.

Contracts with the latter (either via Pristine Resort or via Indigo Hotels and Resorts) shall remain valid until the end of the current contracting season (till 31 OCT 09) and the terms and conditions therein will be strictly adhered to.

Under the leadership of François Eynaud, Managing Director of Veranda Resorts, you will carry on interacting with your usual interlocutors, like Fabien Lefébure flefebure@indigohotels.com in Marketing and Brigitte Maurel brigitte.maurel@veranda-resorts.com in so far as Sales are concerned. The undersigned will keep lending his full support and expertise to the new entity.

Starting from 4 th of April 2009 Pulse Management stop their activity as exclusive representation office of Le Telfair Golf & Spa Resort in Russia & CIS. We thank you beforehand for your continued support and your much appreciated fidelity.

Yours sincerely

Alvaro A. PROVEJS

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