EXHIBT 99.8
[Translated]
Ysabel Solis Padilla
Arquitect
CAP 3689
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Appraisal Report for Property located at Jiron Francisco Bolognesi Number
191-171, District of Miraflores, Province and Department of Lima
[ Photo of property in question]
Owner: Bruce Grupo Diversion S.A.
Client: Bruce Grupo Diversion S.A.
Location: Jiron Francisco Bolognesi Number 191-171, District of
Miraflores, Province and Department of Lima
Appraisal Date: June 1, 2004
Commercial Value: $19,259,737.00 (U.S. Dollars)
Appraiser: Arquitect Ysabel Solis Padilla
CAP 3689
REPEV # 176
Certified Appraiser, registered in the S.B. y S.
(offical organization) Authorization to practice
is current
(Letterhead of Solis Padilla)
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APPRAISAL OF PROPERTY LOCATED AT JIRON FRANCISCO BOLOGNESI NUMBER 191-171,
DISTRICT OF MIRAFLORES, PROVINCE AND DEPARTMENT OF LIMA
1. GENERAL INFORMATION:
1.1 INSTRUCTIONS RECEIVED AND PURPOSE OF THE APPRAISAL
The object of the appraisal is to determine the commercial market value of the
property in accordance with that laid out in the R.G.T.R.M. #370-85-VC-9300.
(official registration number) We received instructions from the owners of Bruce
Grupo Diversion S.A. to appraise the property owned by Bruce Grupo Diversion
S.A., located at Jiron Francisco Bolognesi # 171-191, in Miraflores, for the
purpose of determining its commercial value.
1.2 PROPERTY LOCATION
Jiron Francisco Bolognesi # 171-191 in the Miraflores District, Province and
Department of Lima.
1.3 DESCRIPTION AND DISTRIBUTION OF PROPERTY
Description: The property in question is comprised of 2 legally inscribed
buildings (in separate registries) of 7 and of 14 floors respectively, and which
are physically connected and have been conditioned to be used as office space,
casino and hotel (Hotel Cinco Estrellas). There are three entrances, the main
one on Bolognesi 191, a secondary entrance on Berlin and the third through the
parking garage, which they also own.
DISTRIBUTION:
FIRST FLOOR: Main entrance, entrance hall, main access stairs to the second
floor and basement, lobby, luggage storage room, hall elevators, reception, bar
1, secondary entrance on Berlin, private entrance, hallway 1 and fire escape
(stairs) 1 and fire escape stairs 2, freightlift.
Entering through the hall entrance on the left we have: slot machine parlor 1,
men's bathroom (3 sinks, 3 toilets and 3 urinals), women's bathroom (3 sinks and
3 toilets), slots cashier 1, then going more to the left we find a snack bar
area with tables and a kitchen snack bar.
Towards the back with access to hallway 1 and parking garage we have: Reception
area for personnel, systems chief's office, switchboard office, pump room,
private mens bathroom and dressing rooms (3 sinks, 2 urinals, 2 toilets, 3
showers), private womens bathroom and dressing rooms (3 sinks, 2 toilets and 3
showers), election substation.
BASEMENT 1: hall space, Reception area for Sauna, hall elevators, changing
rooms, zone for hydromassages and water wells/baths, half bathroom, shower area,
dry sauna, steam sauna , relaxation room, bar 4, hallway, 10 massage rooms, 1
storage room, women's hairdresser, pedicure area, 3/4 bathroom, service hall,
access stairs to 1st floor, pump room 1, pump room 2, storage 2, storage 3, hall
space, freightlift, laundryroom and access to basement 2.
SUB-BASEMENT: BOILERROOM AND TANKS.
SECOND FLOOR: hall space, access stairs to 3rd floor, floor to the left, large
casino area, bar 2, men's bathroom (3 sinks, 2 urinals, 2 toilets), women's room
(2 sinks and 4 toilets), bar 3, freight elevator, fire escape stairs 1, fire
escape stairs 2, Casino Cashier 2 and Slots parlor 2.
To the left entering through the casino we have a vestibule-hall area, access
stairs 3 to the 3rd floor, hall space 1, half bathroom, dealers lounge, cleaning
storage room, women dealers' bathroom ( 3 sinks, 2 toilets, 2 showers), men
dealer's bathroom (2 sinks, 2 urinals, 2 toilets and 2 showers), office of
casino management with 1/2 bath, elevator 2, cleaning storeroom and casino video
room.
THIRD FLOOR: hall reception area, bar 5, "western dining" dining room,
"oriental dining" dining room, hall bathrooms, mens (3 sinks, 2 urinals, 3
toilets), women's bathroom (3 sinks, 3 toilets), Tables parlor 2, hall area,
women's bathroom (2 sinks, 1 toilet), men's bathroom (2 sinks, 2 urinals, 2
toilets), storage, private Karaoke room 1, private Karaoke room 2, oriental food
bar/area, pastry/dessert area, dishwashing area, service hallways, private
dining room, mens dressing/bathrooms (2 urinals, 2 toiilets), half bath, chef's
office for "Western Dining".
Towards the left we have, hall/vestibule space, stairs 2 with access to the 4th
floor, elevator and conference room.
FOURTH FLOOR: Hotel area: elevators,
hallway space/distribution, fire escape 1, fire esscape 2, 6 rooms (3 standard,
3 double) with full bath and dressing rooms, cleaning room and freight lift.
Administrative area: hall/vestibule area, access stairs to the 5th fl.,
elevator, to the right, secretary's office, office of legal aid (lawyer's
office), office of maintenance,safety/security and logistics, assistant
management office with private bathroom , men's bathroom (1/2 bath), women's
bathroom (1/2 bath); to the left are the offices for slots and casino with
livingroom and bedroom.
FIFTH FLOOR: Hotel area, elevators, main hall area, fire
escape 1, fire escape 2, 6 rooms (3 standard, 3 double) with full bath and
dressing rooms, cleaning room and freight lift.
Administrative area: hall-vestibule, access stairs to 6th fl., elevator, to the
right, secretary's office, men's bathroom (1/2), women's bathroom (1/2), meeting
rooms, hallway, accounting office1, accounting office 2, human resources,
Assistant management office with bedroom and bathroom, office of management.
SIXTH FLOOR: Hotel area, elevators, main hall area, fire escape 1, fire escape
2, 6 rooms (3 standard, 3 double) with full bath and dressing rooms, cleaning
room and freight lift. Administrative area: hall-vestibule area, access stairs
to the 7th floor, elevator, to the right, office of management secretary,
meeting rooms, management office with 1/2 bath, office of general management
with livingroom, bedroom, full bath and sauna.
SEVENTH FLOOR: Hotel area, elevators, main hall area, fire escape 1, fire escape
2, 5 rooms (2 standard, 3 doubles) with full bath and dressing rooms,, Suite
(livingroom, bedroom with dressing room and full bath), cleaning room and
freight lift. Administrative area: hall-vestibule area, to the left: boardroom
with kitchenet and bathroom (sink, urinal and toilet); to the right, storage,
3/4 bathroom, 4 bedrooms and space for bedroom and bathroom.
EIGHTH FLOOR: Hotel area, elevators, main hall area, fire escape 1, fire escape
2, 5 rooms (2 standard, 3 doubles) with full bath and dressing rooms,, Suite
(livingroom, bedroom with dressing room and full bath), cleaning closet and
freight lift.
NINTH FLOOR: hotel area: elevators, hallway space, fire escape 1,
fire escape 2, 5 rooms (2 stands.,1double) with full bath and dressing rooms, 2
suites (livingroom, bedroom with dressing room and full bath), cleaning closet
and freight lift.
TENTH FLOOR: hotel area: elevators, hallway space, fire escape
1, fire escape 2, 4 rooms (3 stands.,1double) with full bath and dressing rooms,
2 suites (livingroom, bedroom with dressing room and full bath), cleaning closet
and freight lift.
ELEVENTH FLOOR: hotel area: elevators, hallway space, fire
escape 1, fire escape 2, 4 rooms (3 stands.,1double) with full bath and dressing
rooms, 2 suites (livingroom, bedroom with dressing room and full bath), cleaning
closet and freight lift.
TWELFTH FLOOR: hotel area: elevators, hallway space,
fire escape 1, fire escape 2, 6 rooms (2 stands.,4 double) with full bath and
dressing rooms, 2 suites (livingroom, bedroom with dressing room and full bath),
cleaning closet and freight lift.
THIRTEENTH FLOOR: hotel area: elevators, hallway space, fire escape 1, fire
escape 2, "Minister's Room" (living and dining rooms, kitchenet, bedroom with
full bath and dressing room), "Presidential Room" (first level: living and
dining rooms, full bath, 1/2 bath, kitchen, bedroom with closet and full bath;
second level: main bedroom with closet, dressing room, gym, full bath),
cleaning closet, storage 1 and storage 2.
Rooftop: bedroom, storage, elevator machine/motor room, pump and cistern rooms.
1.4 DATE OF VALUE ASSIGNMENT
June 1, 1999
1.5 REPORT OF WORK CARRIED OUT
The appraisal was carried out without delays and was authorized for an visual
walk-through inspection.
1.6 REACH AND LIMITATIONS OF THE WORK
The appraisal is for the purpose of finding out its commercial value.
1.7 INSURANCE POLICIES
Unknown
II- VERIFICATIONS CARRIED OUT.
2.1 URBAN INFRASTRUCTURE OF SURROUNDING AREAS
The surrounding area in which the property is located boasts finished works of
urban infrastructure, such as asphalt roads, concrete sidewalks, city water and
sewage, public electricity and garbage collection as well as phone lines. There
are also other commercial properties located in the zone. The structuralization
area is urban. The zoning is commercial.
2.2 BOUNDERIES AND PERIMETER MEASUREMENTS:
According to the deeds
2.3 Areas:
BOLOGNESI 171:
Land/lot area 300.00 M(2) (according to deeds)
Construction area 1st floor 263.16 M(2) (self-appraisal)
Construction area 2nd floor 263.80 M(2) (self-appraisal)
Construction area 3rd floor 226.04 M(2) (self-appraisal)
Construction area 4th floor 250.48 M(2) (self-appraisal)
Construction area 5th floor 237.87 M(2) (self-appraisal)
Construction area 6th floor 237.87 M(2) (self-appraisal)
Construction area 7th floor 80.56 M(2) (self-appraisal)
Construction area 7th floor-
add on 157.31 M(2) (according to plans)
BOLOGNESI 191:
Land/lot area 900.00 M(2) (according to deeds)
Construction area basement 507.32 M(2) (according to plans)
Construction area sub-basement 131.14 M(2) (according to plans)
Construction area 1st floor 981.20 M(2) (according to plans)
Construction area 2nd floor 973.06 M(2) (according to plans)
Construction area 3rd floor 667.30 M(2) (according to plans)
Construction area 4th-
14th floors 3,926.96 M(2) (according to plans)
Add-on area of Construction
14th fl. 70.58 M(2) (according to plans)
2.4 STRUCTURE:
BOLOGNESI 171
o Steeled concrete foundation (poured cement with steel)
o Steeled concrete columns, beams, stairwells
o Steeled concrete light horizontal roofing with metal siding covered
with sheets of Ethernit for 7th floor add-on
o Walls made of brick o Finished wall and ceiling textured of cement and
sand mix
o Imported hardware locks/knobs etc.
o Washable latex wall and ceiling paint; enamel paint on wrought iron.
o Built-in triphasic Electrical instalations
o Built-in drains, sanitary fixtures as well as hot/cold water systems.
1st & 2nd Floors
o Imported marble floors in the Snack Bar and Kitchen Snack Bar areas;
ceramic (porcelainized) tiles in Reception-personnel areas; carpet in
office of systems chief, switchboard; porcelainized tiles in personnel
bathrooms (mens and womens); polished cement in Electrical substation.
o Acoustic false drop ceiling tile
o Porcelainized ceramic baseboards en mens and womens changing rooms.
o Wood moulding.
o Wood doors (hollow drum) painted "al duco" inside; two-sided metal
sheet doors in the electrical substation.
o Dome shaped polarized, tempered glass walls/counters in Snack
bar/table areas.
3rd Floor
o Imported carpet flooring in the private table rooms; porcelainized
bathrooms
o Acustic false drop ceiling
o Ceramic porcelainized baseboards in mens and womens bathrooms
o Wood moulding
o framed hollow drum doors painted on the inside "al duco"
4th to 7th Floors
o Carpeted floors in offices; bathrooms with "celima brand" fixtures
o Acustic false drop ceiling
o "Celima brand" moulding [Celima is a Peruvian fixture company]
o Wood moulding
o framed hollow drum doors painted on the inside "al duco"
THE PROPERTY ALSO BOASTS:
o Steeled concrete stairs finished with sand/paint
o Bar made of wood covered in sheets of marble, upholstered in leather;
above brass wine glass racks
o Operational elevator for 12
o Well, pump equipment and elevated tank
Bolognesi 191
o Steeled concrete foundation
o Steeled concrete columns, beams, stairwells
o Steeled concrete light horizontal roofing with metal siding covered
with sheets of Ethernit for 14th floor add-on
o Walls made of brick
o Finished wall and ceiling textured of cement and sand mix
o Imported hardware locks/knobs etc.
o Washable latex wall and ceiling paint; enamel paint on wrought iron. o
Built-in triphase Electrical instalations
o Built-in drains, sanitary fixtures as well as hot/cold water systems.
Basement- Sub-basement
o Imported marble floors in vestibule area, hairdressers, pedicure
areas; carpeting in the lounge area and in the lounge, hallway,
massage rooms, supply room; imported floor tiles in the dressing
rooms, the bath areas and service vestibule; porcelainized flooring in
the steam sauna; polished cement flooring in pump room, storages,
laundry and sub-basement space.
o False drop-down acustic ceiling in bath and shower area
o Imported tile, porcelainized and "celima brand" moulding
o Wood moulding
o Paneled and decorated doors (hollow drum)
o Imported, glazed, white sanitary fixtures
o Imported faucets and spigots
o Bar made of exotic wood with wood table and brass wineglass rack
o Dry sauna of Oregon pine.
1st-2nd Floors
o Imported marble tiles in the front hallway of first floor and
bathrooms; imported carpeting in the slots areas 1 and 2 and casino
floor
o False drop-down acustic ceiling made of exotic wood covered in
goldleaf, on another level there is indirect lighting and imported
crystal chandeliers in the main areas of the casino floor and slots
areas 1 and 2; exotic painted wood "al duco" at various levels for
indirect lighting and crystal chandeliers in lobby.
o Imported marble veneer columns and walls in lobby and slots parlor 1
and 2; on casino floor there are imported marble, exotic wood, mirrors
and walls (upholstered and covered with imported material)
o Marble baseboards in bathrooms.
o Wood moulding
o Imported white glazed sanitary fixtures.
o Imported faucets.
o Sink counter done in custom imported marble and terracota. o Banister
of bronze tubing in the casino mirador (lookout).
o Bar made of wood covered in sheets of marble, upholstered in leather;
above brass wine glass racks
3rd Floor
o Imported carpeting in Dining room of "Oriental Dining", conference
room and private Karaoke room; Imported marble in dining room of
"Oriental Dining"; porcelainized tiles in bathrooms, and "celima"
fixtures in kitchens.
o False drop-down ceiling made of exotic wood painted "al duco" at
various levels for indirect lighting in the "Western Dining" area;
exotic wood and mirrors, with goldleaf borders/edges at various levels
for indirect lighting with imported crystal chandeliers in the main
area and in the "Oriental Dining" area; acustic tiles in the
conference room.
o Exotic wood veneer with upholstery fabric in the "Oriental Dining"
area and in the private Karaoke room.
o Baseboards made of colored "mayolica" (terracota tiles) in the
"Western and Oriental" areas.
o Framed lined, paneled doors o Framed wood partitions with decorative
glass in entrance to dining area.
o Sanitary fixtures, imported white glazed.
o Imported faucets
o Custom built sink coutertops made of imported marble and terracota.
o Bell extractor fans made of sheets of stainless steel.
o 3 tub dishwashing sink of stainless steel in the dishwasher area.
o Wooden bar covered in sheets of marble and upholstered in leather with
tubed, brass wine racks overhead.
4th -14th Floors
o High traffic carpet in hallways and in rooms; imported marble in
livingroom and bathrooms of the Presidential Suite and in the bathroom
of Minister's Suite; imported tiled floors in bathrooms of the rooms.
o Exotic wood veneer and imported wallpaper in hallways and in the open
areas of the Minister's and Presidental Suites. o Wood and marble
moulding o Framed lined and paneled doors.
o Black anonized aluminium windows with clear tempered glass in rooms.
o Imported door hardware
o Imported white and colored glazed sanitary fixtures; well with
hydromassage sistem in the Ministers and Presidential Suites.
o Imported faucets.
o Sinks and countertops of imported marble slabs and custom terracotta.
o Kitchen pantries made of wood with formica table in Presidential
Suite.
o Wood closets with hangers/racks, drawers and room safe.
o Wood stairs with wood steps and banister in Presidential Suite.
THE PROPERTY ALSO BOASTS:
o Custom built brickwork portico with imported marble overlay in
entrance ways.
o Stained glass perimeter of double height that ends in a dome, of
tempered reflecting glass on the first floor.
o Steeled concrete staircase, overlaid in mable, with bronze tube
railings/banisters, complete with imported glass appliques, in the
access ways to the basement, 2nd and 3rd floors.
o 2 fire escapes of built concrete covered in "terrazo" (sand-paint
texturing), with railings and wrought iron banisters.
o Elevators
a) 02 elevators, "SCHINDLER" brand, for hotel guests with 14 stops.
b) Freight elevator "PACIFICO" brand, 14 stops for exclusive use of
hotel personnel and service.
-Steam system: 02 steam-generated boilers of 30 bhps, "FULTON"
brand from the USA, with 1035 pounds per hour of steam
production, and pressure up to 125 psis, fed by liquid gas (GLP).
Also with condensation tanks and steam-fed piping installations,
fuel and gas exhaust...electric control panel, thermal
insulation, supports..etc.
-Hot water system: 02 boilers (steam/water) made in Peru, of the
vertical type, producing 1,500 ll/h of hot water, standing .9
meters X 1.8 meters tall. Built of stainless steel sheets ASTM A
283-C, 1/4 inch thickness y covered in fiberglass. 02 electric
pumps, "HIDROSTAL" brand, for hot water circulation (3.4 HP 220V
/ 3 0/60 Hz. Electric panel, temperature accessories, feeding
pipe for steam, water, drainage, electric etc..
-Water Treatment System: Twin softener with twin columns of 24" 0 X
1.80 m high. Built out of 1/4" stainless steel sheets with soldered
seams, made in Peru and equipped with automatic control valve,
"ECONOMINDER" brand ( 1 1/2" 0 with resin and salt tank). Piping
instalation for feeding and discharging cationic resin etc..
-Petroleum Liquid Gas System: 500 gals. GLP storage tanks, one
horizontal measuring 1.04m X 1.50m cylindrical length with semispheric
lids of 1/4" thickness and body of 5/16". Built out of ASTM E 24
sheets. Built within legal requirements of ASME section VIII for test
pressure of 375 psi and design pressure of 250 psi, equipped with all
its valves. Networks of piping for fill and return of GLP, for
distribution of GLP to the restaurant areas and boiler areas. The
pipes are galvanized steel, SCH 80, with pressure regulators along the
different feeding points and its respective shut-off valves. Metal
supports throughout all the piping network as well as being painted
yellow.
-Sauna and Steam Chamber Systems:
a) sauna chamber built entirely of Oregon Pine with air / heat
exchange, temperature control to graduate to 70 degrees C.
Thermal door with doble pane peep window and wood frame (2"
X 8"), special lighting. Approximate dimensions: 2.4 ml. X
2.2 ml. X 2.1 ml. high. Made in Peru.
b) Steam chamber built out of brick and covered in
white"mayolica" (porcelain-like coating). With direct steam
injection, with domed roof made of acrylic. Made in Peru.
c) 02 Spanish showers. Peruvian. d) 03 general/shared showers.
Peruvian.
e) 02 pools with halogen lighting, stainless steel railing (
2ml. x 3 ml. x 1.8 ml.)
f) Hot water spa up to 40 degrees C with recirculation of water
and water jets....7.5 cubic meter capacity. Covered in blue
"mayolica" with halogen central overhead light. Steam
heating equipment of 20 Kw...including tests and
installation. Peruvian.
g) Recirculating electric water pump in Spa with filter.
(Jacuzzi brand)
h) Electric pump for water jets (Jacuzzi brand)
i) Electric pump for water recirculation of swimming pool with
filter (Jacuzzi).
j) Electric panel for pump control. Peruvian.
-Fire Alarm System
a) 02 Electric pumps, WEG, 25 HP, 300 GPM, activated my elec.
motor SIEMENS, 25 HP 220/440 V. F Class insulation, 3530 RPM
with IP54 protection, feed and distribution tubing of 4"
seamless steel ASTM -A- 53, from the siamese valve up to the
pump room entrance; 6" for vertical mount and 4" for the
connection between the elevated tank and the purge valve,
14th floor. Series # 9821452 and 9821451.
b) 14 built-in fire boxes with two 1 1/2" valves and 100' long
nylon hose, with NST washer and combo stream/fog whistle; 2
1/2" valve for exclusive use by the Fire Department. The
fire box doors are made of double paned glass and their
frames of galvanized steel sheets, with cover door and
respective keys. Chromed siamese (twin) valve, 4" x 2 1/2 X
2 1/2" with its respective steel fireproofed hatch of 4" of
600 psi just like the fireproofed check valve.
c) 33 extinguishers KIDDE, carbon gas, 5 lbs. USA
d) 08 extinguishers KIDDE, pressurized water, 2.5 gallons,
imported.
e) 21 PSQ extinguishers, 12 kgs. of nominal capacity. Peruvian.
f) 19 PSQ extinguishers, 6 kgs. of nominal capacity. Peruvian.
g) 02 rolling PDQ extinguishers, 25 kgs, nominal capacity.
Peruvian.
System of Constant Pressure and Variable Speed Pumps:
a) 03 vertical, multi-step centrifuge electric pumps, inline
"SALMSON", 7.5 HP motor, 220V of 60 Hz, for a waterflow of
1.1 to 4.2 l/sec. And an ADT of 65m. with suction and
discharge, 11/2" including the following accessories:
01 VLT frecuency regulator
01 VLA 31 control
01 MBS 33 pressure sensor
01 handmeter for discharge, range from 0-100 psi.
b) Structural steel base with suction and discharge manifold,
4", with set of 1 1/2" valves
c) 01 control panel and pump start switch with control
instruments. Series of pumps # 98040424;98040425;98040426.
d) Soft water storage tank, ASTM 283 A steel, hot galvanized,
with 3/8" sheeting. 3.2 m tall x 1.0 m in diameter, 800
gallon capacity.
e) Diafragm tank, 1.2 m tall x 0.7 m in diameter to work with
air pressure at 70 psi....made of 1/8" galvanized sheeting.
USA.
Cold Water System Pumps
a) 02 electric pumps, HIDROSTAL, to pump from raised tank of the hotel
with triphase electric motor, 8.6 HP, 3450 RPM, 220/60 Hz., coupled in
monoblock with 2' suction and 1 1/2" discharge with electric WEG
motor.
The pumps' technical characteristics as follows:
-4 liter/second flow, ADT of 60 meters; automatic level control,
ASEVER brand and a 2" standing valve. -electrical panel,
alternator, equipped with direct startes, contacts, relay
switches, fuses, manual/automatic starters. Series #97120523 and
97010165.
b) 02 electric pumps, PEDROLLO brand, to pump to raissed tank of the
administrative bldg. (a 7 floor bldg.), with triphase elec. motor, 3
HP, 3450 RPM, 220/60 Hz., coupled in monoblock with 1 1/2" suction and
1 1/2" discharge, with electric motor, SIEMENS.
The pumps' technical characteristics as follows:
- 4 liter/second flow. 30 meters of ADT; automatic level control,
ASEVER brand, and 11/2" standing valve.
- Electric control panel, alternator equiped with direct
starters, contacts, relays, fuses, selector for manual/
automatic start.
O DOUBLE SUMP PUMP EQUIPMENT:
Electric pump for sump wells 1 and 2:
04 electric immersible pumps HIDROSTAL brand, with Microsmaster
monophase control (2.7 HP, 220 volts, to discharge residual water
towards the outside Sedapal drain.
For alternate and / or simultaneous functioning of the electric pumps
For a flow of 5 L/second, ADT of 9 meters, 3500 RPMs.
With 2" suction and discharge and built-in level controls, sieries #
98010354 to 98010357.
2 electrical control panels for the electric pumps to protect the 2.7
HP motor.
O HYDROPNEUMATIC SYSTEM FOR 10TH TO 13TH FLOORS:
02 elec. pumps for pumping (HIDROSTAL) for water levels 10 - 13 with
triphase elec. motor, 3.4 HP, 3450 RPM, 220/60 Hz, coupled on
monoblock with suction and 11/2" discharge, with WEG elec. motor. The
technical characteristics of the pump are as follow:
- 4 L/sec. flow, 35 meter ADT, automatic level control,
ASEVER.
- Elec. control panel, alternator equiped with directo
starters, contacts, relays, fuses, sector for manual or
automatic start. Series # F56HJO198 and F56HJO197.
- Hydropneumatic galvanized steel tank, 1.8m high x 0.9 m
diameter, 150 gallon capacity, equiped with air charger,
presostat and handmeter for pressure control.
O CENTRAL AIR CONDITIONING SYSTEM:
a) CARRIER brand cold water cooling equipment of the Chiller
reciprocating type, with air cooler condensator through 6
vents..cooling capacity- 90 ton. Elec. feed 220 v/ 3 ph 60 Hz,
series #4797F10307.
b) 25 fan coil CARRIER air conditioning units, 1,200 CFM, 240 VAC- 1
ph -60 Hz.
c) 9 fan coil CARRIER air conditioning units, 800 CFM, 240 VAC- 1 ph
-60 Hz.
d) 4 fan coil CARRIER air conditioning units, 400 CFM, 240 VAC- 1 ph
-60 Hz.
e) 1 CARRIER air conditioning unit, 3,000 CFM, 3 HP, 240 VAC- 3 ph
-60 Hz.
f) 10 HP TACO brand electric pump and flow of 240 GPH that works
with electrical feed, 220 VAC -3ph -60 Hz.
g) Electric control panel, alternator equipped with with direct
starters, contacts, relays, fuses, manual/autom. start selector
switch for 10 HP pumps.
h) Ductwork and other annexes:
-ductwork for feed and return, fiberglass, 1" thick, covered in
aluminium foil, in accordance with ASHRAE bylaws.
-grates or vents, made of aluminium and painted.
-System of cold water tubing and accessories made of SCH 40 black
iron with polystyrene, 1" thickness in accordance with
ASHRAE bylaws.
O HEATING AND AIRCONDITIONING SYSTEMS IN ROOMS:
a) 66 split a/c and heating units, HUALING brand, with 1.22 Kw
evaporator, operated with remote control, built into wall. Elec.
feed 220V/ 1 /50-60 Hz. 5.9 Amps. y flow of 546 cubic meters/hr.
Chinese.
b) 03 split a/c and heating units, HUALING brand, with 1.1 Kw
evaporator, operated with remote control, built into wall. Elec.
feed 220V/ 1 /50-60 Hz. 5.9 Amps. y flow of 486 cubic meters/hr.
Chinese.
c) 03 split a/c and heating units, HUALING brand, with 2.2 Kw
evaporator, operated with remote control, built into wall. Elec.
feed 220V/ 1 /50-60 Hz. 5.9 Amps. y flow of 856 cubic meters/hr.
Chinese.
O BASEMENT AIR EXTRACTION SYSTEM:
a) centrifuge extractor, MAGNETEK, 6,000 CFM., aluminium, .85m. in
diameter, triphase 5 HP elec. motor. Series # 9-890768.
b) Duct of galvanized sheeting with interior insulation, 1" DUCTLINE
y suction grates made of aluminium.
O AIR EXTRACTORS IN PUBLIC RESTROOMS AND ROOMS:
a) 80 extractors of the centrifuge type 220 v, 1/8 HP. o
O ELECTROGENIC GROUP SYSTEM:
a) Electrogenic Group, CARTERPILLAR [SIC], 200 KVA, 220V/440V, cos
0.86 with 4 speed diesel engine, 160 HP and 1800 RPM.
b) Auxiliary equipment:
- 1" acustic panels
- Duct for extraction of gas exhaust, 6" x 20 m.
- Storage tank for diesel, 300 gallon capacity, vertical,
1.60m x 0.65 m x 1.2m. Made from steel sheeting ASTM-A-283
with 1/8" thickness.With connections for fill, return,
ventillation, distribution and purging etc.. all with
solderable couplets, steel SCH 40. Peruvian; finished off
with anti-rust paint on the exterior.
FIRE ALARM SYSTEMS:
Comprised of the following equipment:
-Contro panel, model MS920, FIRE LITE
-Fire Announcer (keyboard) with LCD screen, model FL-LCD40, FIRE LITE
-99 photoelectric smoke detectors
-223 temperature detectors
-35 strobe lights with sound alert
-5 manual buttons (alarm buttons)
-13 standard manual alarm buttons
-81 directional monitor modules
-Transformer 220 vac/110 vac, 150 W
-02 batteries, 12 VDC/12AH to activate in event of electrical failure
-24 bobbins, 500 type, #16 cable for fire.
O CENTRAL TELEPHONE SYSTEM- PANASONIC
-digital control unit
-02 expansion units, 14 slots
-04 line trunk cards
-10 cards for lines of 08 ports
-10 cards for simple annexations
-Card for operator's console
-Remote maintenance card
-03 battery adapters
-8 port, 512 mailbox voice processor
-02 multifunction phones with screens
-69 phones with "message awaiting" signal
-95 regular phones
-64 General Electric "gondola" (cradle) type phones -SISAT system of
telephonic administration
-05 fax machines for regular paper
-Ferroresonant voltage stabilizor, 500 VA
-System for grounding, electrostatic screen
-Equipment installations in general
-Structured cable for computer networking, annexes.
O KITCHEN EXTRACTION SYSTEMS
a)bell extractor for oriental cooking with stainless steel grill, 16
calibre, with 45 degree incline towards the front. 4.5m x 1m x 0.90 m.
b)Centrifuge extractor, 7,500 CFM. Triphasic electric motor with elec. feet
220 V/ 3 /60 Hz. Extraction duct made of galvanized sheeting, 1/27" thick.
(12.5m long), lighting and aluminium filters.
c)Bell extractor for international cooking made of stainless steel
sheeting, 16 calibre,with 45 deg. incline towards the front. 3.5 ml x 1 ml.
x 0.70 ml. tall.
d)Centrifuge extractor, 4,000 CFM. Triphasic elec. motor with elec. feed,
220 V/3 /60 Hz.
e)Extraction duct made of galvanized sheeting, 1/27" thick (8.5m. long),
lighting and aluminium filters.
O TELEMUSIC SYSTEM
AMPLIFIER MAINFRAME
-05 amplifiers ASAJI model 1062
-03 pedestal microphones SHURE
-142 speakers LOWELL, 5", 15 watts, USA
O CLOSED CIRCUIT TV SYSTEM
-Closed circuit surveillance system for casino floor and slot areas.
Comprised of the following:
For the casino:
-05 monitors, PANASONIC, 27" console
-04 monitors, PANASONIC, 14"
-04 multiplexors, SENSORMATIC
-45 VHS, PANASONIC for up to 6 hour recording
-04 VHS, PANASONIC for up to 24 hr. recording
-Multiplexor 16, SENSORMATIC.
For the hotel:
-05 monitors, PANASONIC, 19"
-02 monitors, PANASONIC, 13"
-03 Multiplexors 9, SENSORMATIC.
-02 Multiplexors 16, SENSORMATIC.
-furniture for the monitors
-cabling and camera installation on ceiling of open areas throughout the
casino floor and slot areas.
O ELECTRICAL SYSTEM
a)Cable installation, half tension 10 KV from substation.
b)Substation:
Arrival Cell: made up of head, inside terminal, section fuse, tripolar
air power, 12 KV, operation with charge, fuses hand control and
automatic,simultaneous 3 polar disconnect. Opening unipolar sections
without pole-activating charge.
Transformer Cell: Bars of electrolitic copper, bar carrying
insulators, triphasic transformer, 800 KVA R?T 10 KV / 230 KV. Tpas
100% - +2.5% -+5% connection DY 5, Vcc 4.5%
c) General Panel: equiped with interrupter Cutler Hamer. Network
analizers que visulaize all electric parameters: f, V, l, Hz, KW,
KVAR, KW-H, etc. en maximum and minimum values.
Emergency Panel: Equiped with interruptors Cutler Hammer -
Westinghouse.
Automatic Transfer: Intelligent control, Cutler-Hammer LD-65
interruptors, tension regulators, automatic battery chargers.
Condenser Automatic Bank: Equiped with 10 stages of 30 Kvar, 300 Kvar,
automatic regulator of reactive energy, connection 1:2, 2:2 for 12
stages. ICAR brand antiexplosion condensors.
Distribution panels: there are a total of 50 distribution panels. 12
electric control panels, alterante equipment with direct starters,
contacts, relays, fuses, and selector for auto/manual start.
d)Installation of panels and feed cable for panels and subpanels.
O DECORATIVE LIGHTING SYSTEM AND PUBLIC LIGHTING SIGNAGE.
a) Decorative lighting on glass frontispice of Hotel, comprised of 365 m
of linear lighting, containing protective tivolis and translucid
tubing of a rectangular design...boasts a programable sequencing
device from right to left, left to right and also of the entire
lighting veins, constantly repeating the programming.
b) Public signage on the exterior, 7.5 m x 1.55 m; 5.0 m x 1.70 m and 4.0
m x 1.1 m. of an attractive design and in whose construction stands
out shiny gold aluminium for the upper and lower borders.
c) Lighted decoration composed of Tivolis in sequential movement
installed on the gold aluminium borders with the following texts:
"BRUCE HOTEL", "BRUCE SLOT MACHINES" AND "BRUCE CASINO", all of which
carry the Bruce logo. The background of the screen is green.
O LAUNDRY SYSTEMS:
a) Automatic centrifuge washer for hot/cold water with a 20 kg. dry
clothes capacity, with a 420 RPM speed in centrifugal extraction. Uses
current:220 V/3 /60 Hz. Chinese.
b) Dryer with a 18 to 20 kg. capacity per load. Steam heating with an
interchange of 3.8 BHP/hour. With manual time and temperature control.
Takes 220/3/60 current. Chinese.
c) Flat ironing calender with a 64 to 96 lbs. capacity of dry
clothes/hour. Uses steam heating with stainless steel cylinders...110"
long x 121" wide. uses 220 V/3/60 Hz. Chinese.
d) Universal press with steam iron, specially used for ironing with
water, with a production capacity of 30 to 40 pieces/hour. Steam heat
and compressed air and water feed. Chinese.
e) Dry cleaning machine, automatic, capacity up to 18 kg. of dry clothes.
With solvent-recovering steel filter, with refrigeration unit and heat
recycling. 3 solvent tanks, high capacity distillers, water
separators. Control for low cooling water level. With safety tray for
the recovery of solvent for steam heat. Uses 220V/3/60 Hz. Chinese.
f) Manequin for dry cleaning. Allows for ironing of sportscoats,
uniforms, jackets etc. Reciprocating air compressor (2 stages), 5 HP,
1715 RPM and a capacity to 175 cubic feet/minute. Vertical tank, 60
gallon capacity, elec. feed, 220V/3/60 Hz. Chinese.
g) Reciprocating air compressor in two stages, 5 HP motor, 1715 RPM cap.
to 175 psig, 15 cubic feet/minute. With vertical tank, cap. 60
gallons, elec. feed 220V/3/60 Hz. INGERSOLL RAND, USA.
O KITCHEN AND RESTAURANT EQUIPMENT
For international cooking:
a) 02 vertical refrigerated food storage units, TRUE brand, 12 cu.ft.,
with 1/3 HP compressor, elec. feed 220V/60 Hz. Stainless steel. Series
#11997927-11997928.
b) Coffee urn, AMERICAN brand, elec. 110/220 V. 3 gal. capacity.
c) 3-speed Dough mixer, UNIVEX, 0.5 HP motor 208/230 V 60 Hz, mixing bowl
and stainless steel blades/wands. Flat white pedestal. 240 v/60 Hz.
Series # M000117.
d) Ice maker, SCOTSMAN, stainless steel, with HP motor [SIC]. Elec. feed
110/220 V can produce 1,000 cubes per hour. Series # 121671-12B.
e) Electric Toaster, TOASTMASTER, 2.1 Kw, elec. feed 220 V, 8.8 Amp. 60
Hz. Series # 013410398.
f) Convection oven, IMPERIAL, with fan motor, .88 KW and GLP consumption
of 70,000 BTU/hour. Elec. feed 110V, 8 amps, 60 Hz. Stainless steel,
120V/60 Hz. Series # 07144198.
g) Bain Marie Equipment, HACO, stainless, elec. 240 V/60 Hz and 450
watts. Siries # 8544499807.
h) Dish washer, CMA/DISHMACHINE, with wash production of 800 plates/hr.,
stainless, cold and hot water feeds, 110 v. Series 129343.
i) 02 garbage disposals, WATE KING with elec. motor, 0.5 HP, 110/220
V/3/6o Hz. Series # 98-03-00180-3.
j) Gas operated French fryer IMPERIAL, 110,000 BTU/hr. with 2 compartment
wells and baskets, all in stainless steel.
k) Frier/Grill, peruvian brand NOVA GAS, 1.2 m wide X .45 m. deep x 1.2
m. tall.
l) Stove with 6 burners, IMPERIAL, with built-in oven, with LP (liquid
propane gas)
m) 02 Expresso coffee makers, GRINDMASTER.
n) Hot water urn, TENGFEL, stainless, elec. 220V/60 Hz. from 3 and 0.4
kw. with 10 liter capacity.
o) Carpet shampooer, ELECTROLUX, 2,000 watts, 220V/60 Hz., blue. Series
#970491974.
p) 02 vertical refrigerators, TRUE brand, 13 cubic ft. cap. 1,058
watts..220V/60 Hz. Series # 11806281.
From the "Oriental Cooking" Kitchen:
a) 4 burner stove with ovenproofing and water feed, dual LPG (liq.
propane gas) fuel/oil, between 25-30 psi (half pressure) fuel work
pressure. 200,000 BTU/hr.
b) 2 burner stoves with ovenproofing and feed, water, fuel, dual LPG
(liq. propane gas) for pressure fuel work between 25-30 psi (half
pressure), 100 BTU/hr.
c) Food storage unit, stainless, 1.8 ml. x 1.6 ml. x .07 ml.
d) Industrial stove, NOVA GAS, porcelainized iron, 3 ovens that work with
LPG, Peruvian.
e) Food storage unit, TRUE, vertical with glass doors, 12 cubic ft. cap.,
110 V. with compressor (1/3 HP).
f) Electric deli meat slicer, OMAS brand, 130/270 watts, 220 V, series #
A3506
g) Microwave, WHIRPOOL [SIC], 1 cu. ft. white, series # 429711-000958.
220 v/60 Hz.
h) Horizontal food storage unit, DUREX, 12 cu. ft, 220 V/60 Hz. Cream
color. Series # FJ-47526.
i) Freezer, DAHAI brand, stainless, 0.9 Kw. 220V/60 Hz. 1.80 m. x 0.85 m
x 2.02 m high.
From Other Hotel Areas:
a) 2 horizontal refrigerators, TRUE, 12 cu. ft, elec. 220V/60 Hz, white.
1058 watts., series # 11806281, 11806280.
b) Microwave, DAEWOO, 1 cu.ft., white, series # KJXEA0436, 220v/60
Hz, 0.9 Kw.
c) 02 Expresso coffee makers., ESPRESSIMO brand, 1,700 watts,
120V/60 Hz, series #312634TF, 312636TF.
d) Expresso coffee maker AMERICAN METAL WARE, 7.5/5.5 Kw, 120 V/60
Hz, 29/25 amp. series # 103488.
O CLEANING EQUIPMENT
a) 05 vacuum cleaners, LUX PROFESIONAL, 1,100/1,200 watts, 220V/50-60 Hz.
Series,# 80400076, 80400073,8040077,8040091
b) Carpet dryer, ELECTROLUX, series# 952301143. Monophase 220V/60 Hz. 1.8
amps.
c)Floor polishing machines, LUX PROFESIONAL, white and red, elec. 220V/60
Hz. monophase, series# 970692682.
d)Electric hand dryers, GLOBAL DRYER in public bathrooms,, 220V/60 Hz. 0
amp. white, for wall mount.
2.5 AGE AND STATE OF CONSERVATION:
The buildings with street number assignments of 171 and 191 have recently
been remodeled, and of which, the appraiser estimates an age of 2 years;
finding them in a very good state of conservation.
2.6 DEPRECIATION:
In compliance with the (Peruvian Tax Code) Reglamento General de Tasaciones
del Peru, tabla numero 2.4.03 (Edificios), there is a 0.00% corresponding
depreciation, the adjustment factor being 1.00 for the unit value of the
building.
2.7 REGISTRATION:
The buildings in question, Edificio Bolognesi 171, according to the Public
Record in presence of the Notary Public, Oscar Leyton Zarate, dated
November 26, 1996, belong to BRUCE GRUPO DIVERSION S.A. - BRUGRUDIV S.A.;
and whose domain is duely registered in File number 1646871 (Ficha numero
164871, Asiento 1-c) of the Public Buildings Registry of Lima.
The building known as Edificio Bolognesi 191, according to the Public
Record in the presence of Notary Public, Fidel D'jalma Torres Zevallos,
dated August 7, 1996, belongs to BRUCE GRUPO DIVERSION S.A. - BRUGRUDIV
S.A.; and whose domain is duely registered in File numbers 1119538 to
1119540; 1119553 to 1119563;1119546 to 1119552; 1119882, 1119542, 1119564
to 1119566, 1119595 to 111602, 1119591 to 1119594; 1119543, 1119544 and
1119603 of the Public Buildings Registry of Lima.
2.8 BACKTAXES:
None known.
2.9 LEANS:
None known.
III. APPLIED METHODOLOGY
3.1 BASIS FOR ITS DEVELOPMENT
A field visit as well as a property inspection visit, took place around the
property area in order to determine the commercial purchase and sale price
of properties with similar characteristics.
3.2 DESCRIPTION OF METHODOLOGY USED
The appraisal was carried out in accordance with that stipulated in the
by-laws of the R.G.T. R.M. number 370-85-VC-9300, applying the direct
appraisal method.
3.3 INVESTIGATION OF COMMERCIAL VALUE OF REFERENCE PROPERTIES
LOCATION DISTANCE TO UNIT PRICE REFERENCE
PROPERTY
Jiron Bolognesi Cdra*. 1 - meters US $ 1500/m(2) Database
Jiron Berlin Cdra*. 5-6 - meters US $ 1200/m(2) CTTP
Av. Pardo 6-7 50.0 meters US $ 1800/ m(2) Houses & lots
*cuadra=block
CONCLUSION
It is noted that the market tendency to date for the location and type of
property demands a higher price; the surroundings are adequate to date for high
sectors. The appraisal of lots, considering that many potential buyers have not
expressed interest as of yet, allows us to reasonably determine the price at US
$ 1,500.00/ m(2) for said property.
3.4 ANALISIS OF THE BEST AND MOST INTENSE USE OF THE PROPERTY
As a casino-hotel.
3.5 SUPPORT
The analysis that was carried out on the property in question leads us to
indicate that the referenced appreciations are the most reasonable for
determining its value.
IV. CALCULATIONS MADE
4.1 Repositioning Value of the Property (VR)
a. Lot Value (VT)
From the analysis of commercial value for the building market, in terms of
purchase and sale of properties that are similar in question of location
and urban surroundings, we deem the commercial unit value to be US $ 1,500
/ m(2); therefore:
Edificio Bolognesi 171:
VT a = 300.00 m(2) x US $ 1,500/ m(2)
VT a = US $ 450,000
Edificio Bolognesi 191:
VT b = 900.00 m(2) x US $ 1,500/ m(2)
VT b = US $ 1,350,000
b. Construction Value (VE)
According to the characteristics described in the property, and referring
to current building costs; we consider the following as the commercial
unit value:
VE = Area of construction X Depreciated Commercial Unit Value EDIFICIO
BOLOGNESI 171 (VE a) 1st floor:
VE1 = 300.00 m(2) x US $ 1,400 / m(2)
VE1 = US $ 420,000
2nd floor:
VE2 = 263.80 m(2) x US $ 1,100 / m(2)
VE2 = US $ 290,180
3rd floor:
VE3 = 226.04 m(2) x US $ 1,500 / m(2)
VE3 = US $ 339,060
4th - 6th floors:
VE4 = 726.22 m(2) x US $ 800 / m(2)
VE4 = US $ 580,976
7th floor:
VE5 = 80.26 m(2) x US $ 450 / m(2)
VE5 = US $ 36,117
7th floor addition:
VE6 = 157.31 m(2) x US $ 280 / m(2)
VE6 = US S$ 44,046.80
Edificio Bolognesi 171:
VE a = VE1 + VE2 + VE3 + VE4 + VE5 + VE6
VE a = US $ 1,710,379.80
EDIFICIO BOLOGNESI 191 (VE b)
Basement - Sub-Basement:
VE1 = 638.46 m(2) x US $ 605 / m(2)
VE1 = 386,268.30
1st Floor:
VE2 = 981.20 m(2) x US $ 1,800 / m(2)
VE2 = US $ 1,766,160
2nd floor:
VE3 = 973.06 m(2) x US $ 1,800 / m(2)
VE3 = US $ 1,751,508
3rd floor:
VE4 = 667.30 m(2) x US $ 1,600 / m(2)
VE4 = US $ 1,067,680
4th-14th floors:
VE5 = 3,926.96 m(2) x US $ 1,500 / m(2)
VE5 = US $ 5,890,440
14th floor addition:
VE6 = 70.58 m(2) x US $ 429 / m(2)
VE6 + US $ 30,278.82
Edificio Bolognesi 191:
VE b = VE1 + VE2 + VE3 + VE4 + VE5 + VE6
VE b = US $ 10,892,335.12
d- Value of Complementary Property Construction (VOC):
Edificio Bolognesi 171 (VOC a):
Cistern and raised tank:
VOC1 = Estimate
VOC1 = US $ 6,000
Elevator:
VOC2 = Estimate
VOC2 = US $ 51, 430
Curved Screen/partition double height on 1st floor:
VOC3 = Estimate
VOC3 = US $ 225,000
VOC a = VOC1 + VOC2 + VOC3
VOC a = US $ 6,000 + US $ 51,430 + US $ 225,000 VOC a = US $ 282,430
Edificio Bolognesi 191 (VOCb):
Double height partition on 1st floor:
VOC1 = Estimate
VOC1 = US $ 1,275,000
2 Elevators:
VOC2 = Estimate
VOC2 = US $ 117,000
Freight Elevator/lift:
VOC3 = Estimate
VOC3 = US $ 158,000
Electrical Installation:
VOC4 = 630.00 Kw. x US $ 150 / Kw.
VOC4 = US $ 94,500 Steam System:
VOC5 = Estimate
VOC5 = US $S 127,775
Hot Water System:
VOC6 = Estimate
VOC6 = US $ 54,539
Water Treatment System:
VOC7 = Estimate
VOC7 = US $ 26, 050
Liquid Gas System:
VOC8 = Estimate
VOC8 = US S$ 30,148
Sauna and Steam Chamber System:
VOC9 = Estimate
VOC9 = US $ 33,320
Fire Prevention System:
VOC10 = Estimate
VOC10 = US $ 49,400
System of Pressure and Variable Speed Pumps:
VOC11 = Estimate
VOC11 = US $50,950
Cold Water Pump System:
VOC12 = Estimate
VOC12 = US $ 10,106
Double Sump Pump Equipment:
VOC13 = Estimate
VOC13 = US $ 5,790
Hydropneumatic System:
VOC14 = Estimate
VOC14 = US $ 5,074
Central Air System:
VOC15 = Estimate
VOC15 = US $ 203,591
Room Air Conditioning and Heating Systems:
VOC16 = Estimate
VOC16 = US $ 73, 380
Basement Air Extraction System:
VOC17 = Estimate
VOC17 = US $ 12, 382
Air Extractors for Public Bathrooms and Rooms:
VOC18 = Estimate
VOC18 = US $6, 400
Electrogenic Group System:
VOC19 = Estimate
VOC19 = US $ 35, 235
Fire Alarm System:
VOC20 = Estimate
VOC20 = US $53, 100
Central Telephone System:
VOC21 = Estimate
VOC21 = US $106,000
Kitchen Extraction Systems:
VOC22 = Estimate
VOC22 = US $13,186
Telemusic System:
VOC23 = Estimate
VOC23 = US $19,144 [error in labling this item. NOT VOC23 and VOC24 per
original document). From this point on, the original subnumbers will be
off by one. Closed Circuit TV - CCTV:
VOC24 = Estimate
VOC24 = US $ 476, 407
Electrical System:
VOC25 = Estimate
VOC25 = US $ 274, 611
Decorative Lighting system and Public lighting Signage:
VOC26 = Estimate
VOC26= Us $ 124,343
Laundry System:
VOC27 = Estimate
VOC27 = US $ 206,958
Kitchen and Restaurant Equipment:
VOC28 = Estimate
VOC28 = US $ 78,969
Cleaning Equipment:
VOC29 = Estimate
VOC29 = US $ 4,085
VOC b = VOC1 .......... + VOC29 (Original in Spanish says "VOC30" due to
misnumbering) VOC b = US $ 4, 574, 592
c- Value of Property Repositioning (VR):
Edificio Bolognesi 171:
VRa = VTa + VEa + VOCa
VRa = US $ 450,000 + US $ 1,710,379.80 US $ 282, 430
VRa = US $ 2,442,809.80
Edificio Bolognesi 191:
VRb = VTb + VEb + VOCb
VRb = US $ 1,350,000 + US $ 10,892,335,12 + US $ 4, 574, 592
VRb = US $ 16, 816, 927.12
4.2 COMMERCIAL PROPERTY VALUE (VC)
In accordance to the price study of the surroundings, the appraiser considers
that the value of calculated repositioning adequately reflects the commercial
market value to date that said property has; therefore:
Edificio Bolognesi 171
VCa = US $ 2,442,810
(Two Million Four Hundred Forty Two Thousand Eight Hundred Ten US Dollars)
US $ 1.00 = S/. 3.38 (soles)
Edificio Bolognesi 191
VCb = US $ 16, 816, 927
(Sixteen million, Eight Hundred Sixteen Thousand Nine Hundred Twenty Seven US
Dollars)
US $ 1.00 = S/. 3.38 (soles)
VC = VCa + VCb
VC = US $ 2,442,810 + US $ 16, 816, 927
VC = US $ 19,259,737
(Nineteen Million, Two Hundred Fifty Nine Thousand Seven Hundred Thirty Seven US
Dollars) US $ 1.00 = S/. 3.38 (soles)
V. - INTEGRAL OPINION OF THE EVALUATING APPRAISER
5.1. - The appraisal has taken place with independence of criteria, applying
current norms.
5.2.- Life Term of the Appraisal: Unless market value conditions or unforeseen
circumstances vary, the appraisal will be in effect for 180 days.
5.3.- Recommendations: Maintain proper upkeep of property so as it stays in very
good condition.
VI. SUPPORTING DOCUMENTATION
The minimum amount of legal documentation was needed.
The information on pricing was gathered in the field as well as from Specialized
Journals, and was cross checked with our databases.
We availed ourselves to the information contained in the journal "1/2 de
Construccion", CTTP data bases, and articles from the daily journal `El
Comercio" on the evolution of the building property market.
Lima, June 1, 2004
[Illegible signature]
Arquitect Ysabel Solis Padilla
CAP 3689
REPEV # 176
Registered Appraiser in the S.B. y S
Current Term Valid
Photograph of property in question
OUTSIDE VIEW - CASINO BUILDING - HOTEL