The Admiral - World Class Golf Course and Residences

The Admiral Resort Corporation's Beneficial Land Ownership opportunity allows you to participate in an exciting new development project called The Admiral Resort, a four-season waterfront golf course resort.

This development of a worldclass waterfront resort with championship golf course and ancillary residential development is proposed on 315 acres of magnificent real estate in Southern Ontario's "cottage country", with 750 feet of sandy shoreline on Georgian Bay.

All this is accessible via a four-lane divided highway and is half the travel time from the Greater Toronto Area than competitive resorts in Muskoka and Huntsville.

Why participate in the Beneficial Ownership of Land opportunity?

• Investors have the opportunity to participate in the Real Estate Industry without the large outlay of investment capital typically required for large-scale developments such as resort and golf course developments.
• Investors are able to participate in an extremely profitable market segment that is seeing unprecedented growth. Golf courses associated with resorts continue to provide investors with superior returns.
• Investors have the opportunity to participate in a major project that is already in progress. A large land assembly is already in place, and the project is approaching the second phase of the development process.
• Investors are able to participate in a project headed by an internationally experienced development team. The Admiral Resort Corporation development team is in place to fast-track the initial development concept along side a brilliant management team has an excellent track record for developing successful real estate projects.
• The opportunity to participate is still at the inception stages or "ground-floor" level via the Beneficial Ownership of Land offering. As with other investment opportunities, "getting in early" is the key to maximizing your return on investment.
• The Admiral Resort project promises exceptional investment returns.

Regional Context Analysis

• The subject land assembly is east of Victoria Harbour on Sturgeon Bay, west of Waubaushene in the Township of Tay in the County of Simcoe, Ontario.
• The 315 acres of land has been assembled over the last ten years for the development of a major resort/residential destination less than 1.5 hours away from a consumer base of over 6 million inhabitants in the GTA.
• The property is 2 kilometres west of the intersection of Provincial Highway 12 and Highway 400 - excellent proximity to both summer and winter recreational facilities.
• The lands are only 20 minutes from Casino-Rama in Orillia and 10 minutes from the Mount St. Louis Moonstone ski complex.
• The site is within a 10-minute drive to Historic Midland and 30 minutes from Barrie.
• Fishing and boating abound on Georgian Bay, one of the world's most magnificent natural water havens.

• The lands consist of approximately 315 acres, with approximately 750 feet /15 acres of waterfront on Sturgeon Bay (Georgian Bay).
• The balance of the land consists of spectacular mixed forest, undulating land that rises from the sandy beaches of Sturgeon Bay and a river and crystal-clear trout stream that supports diverse wildlife habitats.
• The land fronts on two-lane Provincial Highway 12 with Highway 400, a four-lane expressway to Toronto. Highway 12 connects to the historic Town of Midland to the west and to the planned redevelopment of the old CPR Port McNicoll site.
• The lands offer an abundance of potential for recreational amenities including jogging, mountain biking and cross-country skiing.

Property values in Southern Ontario's cottage country have "skyrocketed" on the larger lakes and Georgian Bay. The impact of telecommuting and the dream of "Freedom 55" are continuing to fuel the demand for upscale resort lifestyle developments within reach of the GTA.

The demand for golf and recreation properties is best illustrated by the remarkable growth of Club Link: within 11 years, it has become Canada's largest owner, operator and developer of high quality golf courses and resort properties driven by golf as their key amenity. Their rapid growth in Muskoka with four resort properties and three additional properties in development attest to the escalating demand for resort lifestyle golf course developments.

In North America 500 million rounds of golf are played by 25 million golfers on 15,000 courses annually. The number of players have continued to increase over the past 10 years - by the end of year 2000, the number of players increased by 35% throughout North America, Canada and the GTA sub-market.

A recent study commissioned by the National Golf Foundation (NGF) found that 18.4% of all Canadians 12 years of age or older had golfed at least once in 1999. The 3.9 million Canadian golfers averaged 13.6 rounds of golf. This results in a total of 53 million rounds of golf played by Canadians at that time.

Golf is projected to grow an average of 3.3% per year between 2001 and 2011. Of particular significance to The Admiral Resort project is the fact that of the 3.9 million Canadian golfers, 3.3 million (83 percent) are public course players, and compared to other provinces in Canada, there are more golfers in Ontario than any other province.

The Business of Admiral Resorts Inc. - summary

In an effort to condense the full version of the prospectus to a more suitable online format, the most technical in formation has not been included. However, a detailed report - including the company bio, corporate objectives and strategies, and the project advisors - can be obtained by emailing your request to admiral@artengroup.com

The Admiral Resort Corporation is engaged in the land acquisition and development of land for resort development and the building and marketing of adjacent residential properties. The activities of the Corporation are concentrated in the Province of Ontario with particular focus on the Greater Toronto Recreational Area.

The Admiral Resort Corporation's strategic objective is to ultimately direct its business towards large-scale projects and develop core competencies in the area of resort projects and ancillary residential development. In line with this strategic objective, Admiral Resort Corporation intends to focus its development efforts initially on this site on Sturgeon Bay. Over the long term, Admiral Resorts Inc. intends to also focus on other larger scale development projects in this market segment and geographic area some of which include retirement communities and secondary residencies, for which a significant demand is also anticipated.

The Investment Opportunity

This is a 10 to 15-year investment opportunity which still at 'ground-level', and promises exceptional returns. As beneficial interest in the assembled lands, Admiral Resorts Inc. is offering 33% equity of the subject lands for a total $1.97 million investment, whereby incremental units of $10,000 investments for example, will acquire 1.97% of beneficial ownership of the land.

Investors will receive project reports on a regular basis, updating them on the progress of this exciting, long-term development project and keeping them informed on the status of their investment.

In the short-term, plans are in place to make the waterfront and surrounding land available this summer for use exclusively by investors and their guests until the golf course element reaches the development stage.

For the assembled lands, the legal address, legal description, name of the trustee and encumbrances are available for review upon request as is the draft legal document to participate in the beneficial ownership of the land.

Want to find out how you can get involved in The Admiral Resort Project?

Contact Kathy Gyimesy your Admiral Resort Corporation Representative at 905-737-5700 Extension 228 to discuss this opportunity or to set up an appointment with Dean Artenosi, project advisor/investor.