Property Development Modelling.

1. Helios Apartments;
Bahamas, Nassau
Property Development Summary: 2013

2. Main Objectives:
•
To acquire 3,36 acre, 209 liner beach front, clear and freehold title land
parcel in Cable Beach, Bahamas, Nassau New Providence area;
•
Develop Nr:44,LEED platinum certified, contemporary style, high
energy efficient serviced apartments targeted to holiday, business visits
and permanent residence markets to attract wider audience than
current market rivals.
•
Position Helios Apartments, as Land Mark building of the area,
symbol of sustainable luxury attracting world wide attention;
•
Provide long term on site asset and business management services to
ensure high living standards and asset income levels are maintained.

3. Geographic Position:

4. International Direct Flights from Nassau:

5. Direct Flights from Miami
Traffic gateway for local islands

6. Development Site:
3.36 acres –Freehold;
209 liner beach front;
Lush site tropical
vegetation;
Electricity,water,phone
line on site;

7. Development Site Pictures;

8. Development Site Details:
PROPERTY IDENTIFICATION:
Lot numbers 5 and 6 of Cable Beach Subdivision;
ADDRESS:
On the north side of West Bay Street in the Cable Beach area;
SITE AREA:
146,256.21 sq. ft. or 3.36 acres
GROSS FLOOR AREA:
9,806 sq. ft.
ZONING:
Single/multi-family residential;
HIGHEST AND BEST USE:
Multi-family residence;
TYPE OF PROPERTY:
Single family residence;
ZONING:
Single family/multi-family residential and resort development;
HIGHEST AND BEST USE:
Multi-family residential /resort development is the best use for land;
SERVICES:
City water, electricity, telephone lines and cable. Drainage by septic tank;
NEIGHBOURHOOD:
Cable Beach is a high income residential area, about ninety percent
developed in single family houses, condominiums, timeshare developments and hotels with most buildings being over
twenty years old. Values therein range from $150,000 to multi-million dollar hotels. Distances to grade school: 1 mile,
high school: 6 miles, shopping: immediate, and downtown Nassau: 6 miles.
OFF-SITE IMPROVEMENTS:
West Bay Street is asphalt paved and has street lights;
REMARKS:
The property is located in a very convenient location in Cable Beach and is
on the waterfront with a good quality beach. It is within short walking distance to the new Baha Mar resort.

9. Investment Highlights :
Geographical:
1. Easy access by air from America and
Europe cities ( Miami, NY, London)
2. Idyllic climatic conditions. September to
May, with temperatures averaging 21-24
Celsius, remainder of the year 26-30.
3. High visibility destination, ideal for luxury
brand positioning;
Political:
1. The Commonwealth of The Bahamas is one of
the most politically stable countries in the
world, with the constitution based on the
Westminster Model.
2. Peaceful and stable democracy since 1729
Physical:
1. Land parcel is correct rectangular form;
2. 22 ft above sea level;
3. Zoned for residential/hotel/resort development;
4. Max build high up to 7 stories;
5. Essential services already on site;
Economical:
1. Bahamas imposes no taxes on capital gains inheritance,
corporate and personal income dividends and interest.
2. Sound economy guided by prudent fiscal policy.
3. Proactive incentives for investment.
4. Safe investment environment .
5. Essential public services and modern infrastructure.

10. Market Opportunity:
Declining Mortgages Rates:
Construction Confidence:
Tourism Activity:
Tourism Numbers in mln:
Tourism
Increase
0.3
0.4
0.1
5.2
5.6
5.7
6
2010
2011
2012
2013
Gross Domestic Product ( GDP);
The Bahamas enjoyed GDP growth of 3% p.a. from 1997 to 2007. Growth halted in 2008 (-2.3% GDP) and
2009 (-4.9% GDP), due to the global financial crisis. Growth was since recovered, with 0.9% growth in
2010, 0.9% and 2011, 2.5% (estimated) in 2012, and expansion of 2.7% expected in 2013.
Rental Market:
Nassau tends to have the highest average gross rental yields around 8%, while waterfront condominiums yield
an average of around 7%.Monthly rents for waterfront condos in Nassau range from US$2,000 to US$ 5,000
per month.

11. Building Green – increases asset value

12. Business Structure:
Developer
Helios Group
Asset Delivery Stage:
Contractor
Nominated
Earthworks
Asset
Managers
Nominated
Substructure
Nominated
Superstructure
Helios Group
(Bahamas)
Asset Management Stage:
Business
Operators
Site
Operations
Lead
Generators
Promotions
and
marketing

13. Strategic Alliances:
Real Estate Sales
and Marketing
For Client Mortgages and
development finance
Legal associates

14. Financial Modelling: Helios Apartments:
Land Parcel and Proposed Unit Number for Development:
Unit:
Land Parcel
Beach Front
Size in Acres
Size in Ha
Size in sq/m
3,36
1,359
TOT Nr:
Size sq/feet:
13,590
Price:
5,900,000.00 $
TOT Size in
sq/feet:
146,361.60
209 linear feet
Penthouse:
4
4600
18,400.00
3 bedrrom
20
2500
50,000.00
2 bedroom
20
1900
38,000.00
TOTAL area:
44
134,090.91 $
106,400.00

15. Construction Costs
Assumptions per unit:
Penthouse
Hard costs
sq/fee
per
170.00 $
Size sq/foot
4,600.00
Soft Costs
per
sq/feet
60.00 $
TOT Number:
4.00
Land Acqusition cost per TOT costs per
TOT per sq/foot
unit
sq/fee
incl land
134,090.91 $
TOT cost p/apt
1,058,000.00 $
Land costs:
1,192,090.91 $
Size sq/foot:
TOT Number:
2,500.00
Land costs:
3 bedroom apart
20.00
TOT costs:
2 bedroom apart
TOT Construction Costs:
230.00 $
134,090.91 $
TOT costs:
TOT costs:
Size sq/foot:
1,900.00
Land costs:
TOT costs:
20.00
4,768,363.64 $
283.64 $
14,181,818.18 $
300.57 $
11,421,818.18 $
TOT cost p/apt:
575,000.00 $
134,090.91 $
709,090.91 $
TOT Number:
259.15 $
TOT cost p/apt:
437,000.00 $
134,090.91 $
571,090.91 $
Profesional fees:
1,000,000.00 $
Architecture/Desing/Landscaping:
Site Set up/clearance:
30,372,000.00 $
2,000,000.00 $
2,000,000.00 $
Contingency @ 5%:
0.05
30,372,000.00 $
1,518,600.00 $
36,890,600.00 $

16. TOT Construction Costs per Apt type
11,421,818.18 $
2bedroom Nr: 20
- $
14,181,818.18 $
3bedroom Nr: 20
- $
4,768,363.64 $
Penthouse Nr: 4
$0
$ 2,000,000
$ 4,000,000
$ 6,000,000
$ 8,000,000
$ 10,000,000
Penthouse Nr: 4
3bedroom Nr: 20
2bedroom Nr: 20
$ 12,000,000
$ 14,000,000
$ 16,000,000

17. Additional Project Costs:
Land Acquisitions:
0.025
Due diligence 2,5% 50:50
5,900,000.00 $
73,750.00 $
0.1
Stamp Duty @ 10%
590,000.00 $
Development Costs:
0.03
Sales and Marketing @ 3%
36,890,600.00 $
1,106,718.00 $
0.01
Extras @ 1%
TOT additional costs:
TOT Development Costs, excluding
Depth Service:
368,906.00 $
2,139,374.00 $
39,029,974.00 $

18. Loan to Value (LTV 70%-30%)
Loan amount:
Equity Amount:
Depth and Equity
Assumptions:
70%
27,320,981.80 $
0.7
30%
11,708,992.20 $
TOT development Costs excluding
depth service
Annual Interest;
TOTALS:
0.3
39,029,974.00 $
0.02
Interest @ 2% Y1
26,774,562.16 $
546,419.64 $
Interest @ 2% Y2
26,239,070.92 $
535,491.24 $
Interest @ 2% Y3
25,703,579.68 $
524,781.42 $
TOT interest:
TOT Capital to repay:
TOT Development Costs incl
depth service:
1,606,692.30 $
1,606,692.30 $
28,927,674.10 $
28,927,674.10 $
40,636,666.30 $

19. Development Costs by Group
11,225,400.13 $
Stake 1 3point interest:
11,708,992.20 $
Stakeholder 1Equity:
1,606,692.30 $
Senior 3Y Interest:
27,320,981.80 $
Senior Depth:
2,139,374.00 $
Additional Costs:
6,518,600.00 $
Additional Building Costs:
30,372,000.00 $
Building Costs:
$-
$ 5,000,000
$ 10,000,000
$ 15,000,000
$ 20,000,000
$ 25,000,000
$ 30,000,000
$ 35,000,000

20. Sales Forecasts/Equity
Accumulation:
Current Market
Valuation
Land Price:
Purchase Price:
5,900,000.00 $
Penthouse:
Penthouse size:
Price per unit:
Cost to Build
TOT Number
Tree point average:
3 bedroom apt;
3 bedroom size:
Price per unit:
Cost to Build
TOT Number:
Tree point average:
2 bedroom apt;
2 bedroom size:
Price per unit
Cost to Build:
TOT Number
Tree point average:
TOT Sales + Equity:
TOT build cost incl land
Low price sales sq/feet
sq/feet
Planning approved @ 15
increase
885,000.00 $
Medium price sales
sq/feet
Equity Accumulated
0.15
885,000.00 $
High price sales sq/feet
259.15 $
4,600.00
1,192,090.91
4.00
4,768,363.64 $
500.00 $
4,600.00
2,300,000.00
4.00
9,200,000.00 $
650.00 $
4,600.00
2,990,000.00
4.00
11,960,000.00 $
850.00 $
4,600.00
3,910,000.00
4.00
15,640,000.00 $
36,800,000.00 $
283.64 $
2,500.00
709,090.91
20.00
500.00 $
2,500.00
1,250,000.00
20.00
650.00 $
2,500.00
1,625,000.00
20.00
850.00 $
2,500.00
2,125,000.00
20.00
14,181,818.18 $
25,000,000.00 $
32,500,000.00 $
42,500,000.00 $
100,000,000.00 $
300.57 $
1,900.00
500.00 $
1,900.00
650.00 $
1,900.00
850.00 $
1,900.00
571,090.91
20.00
950,000.00
20.00
1,235,000.00
20.00
11,421,818.18 $
19,000,000.00 $
53,200,000.00 $
24,700,000.00 $
69,160,000.00 $
1,615,000.00
20.00
12,266,666.67 $
33,333,333.33 $
76,000,000.00 $
25,333,333.33 $
32,300,000.00 $
90,440,000.00 $
71,818,333.33 $

21. Cash Flow Projections:
Period Ending:
Month:
Sales Proceeds 3point avg:
Cashflows for a period of 36months: From 1/05/2013 - 1/05/2016;
Jun-13
Jul-13
Aug-13
Sep-13
2.0
3.0
4.0
5.0
2,244,322.92 $
May-13
1.0
Oct-13
6.0
2,244,322.9 $
TOT Development Costs, exc, Depth
Service:
Land parcel Purchase:
Due Dilligence:
Stamp Duty:
Profesional Fees:
Architec/Design/Landscap
Site set up/work/clearance
Contingency Fund:
Building Costs:
Other Project Costs:
Sales and Marketing:
Extras:
TOT project costs:
Depth Repayments:
Senior Loan Interest:
Senior Loan :
Balance Left:
Stakeholder 1 Equity:
Stake Interest 3point aver
Balance Left:
Cash Balance left:
-10,000.00 $
-1,000.00 $
- $
-1,000.00 $
-2,950,000.0 $
-41,875.0 $
-295,000.0 $
-10,000.0 $
-5,000.0 $
- $
-1,000.0 $
-2,950,000.0 $
-31,875.0 $
-295,000.0 $
-30,000.0 $
-15,000.0 $
-58,823.5 $
-1,000.0 $
-1,000.00 $
-10,000.0 $
-1,000.0 $
-2,000.0 $
-10,000.0 $
-1,000.0 $
-3,000.0 $
-31,297.7 $
-1,000.0 $
-33,718.7 $
-31,297.7 $
-1,000.0 $
-30,000.0
-30,000.0
-58,823.5
-47,612.5
-949,125.0
-33,718.7
-31,297.7
-11,653.3
-34,000.0 $
-3,315,875.0 $
-3,416,996.3 $
-171,840.0 $
-1,192,230.8 $
-1,228,876.0 $
50,209.1 $
853,780.7 $
26,416,992.0 $
365,906.0 $
- $
11,343,086.2 $
50,209.1 $
853,780.7 $
25,513,002.2 $
365,906.0 $
- $
10,977,180.2 $
974,427.09 $
974,427.09 $
-10,000.0 $
-
$
$
$
$
$
$
-34,000.00 $
-
$
$
$
$
$
$
-3,315,875.00 $
-
$
$
$
$
$
$
-3,416,996.25 $
-30,000.0
-15,000.0
-58,823.5
-2,000.0
-
$
$
$
$
$
$
$
$
$
$
-171,839.98 $
$
$
$
$
$
$
$
$
-30,000.0
-66,645.2
-58,823.5
-47,612.5
-949,125.0
-33,718.7
-31,297.7
-11,653.3
$
$
$
$
$
$
$
$

22. Cash Flow Projections:
Period Ending:
Month:
Sales Proceeds 3point avg:
Nov-13
7.0
Dec-13
8.0
Jan-14
9.0
Feb-14
10.0
Mar-14
11.0
Apr-14
12.0
2,244,322.9 $
2,244,322.92 $
2,244,322.92 $
2,244,322.92 $
2,244,322.92 $
2,244,322.92 $
- $
- $
- $
-30,000.0 $
-66,645.16 $
-58,823.53 $
-47,612.50 $
-949,125.0 $
-33,718.73 $
-31,297.72 $
-11,653.31 $
- $
- $
- $
-30,000.0 $
-66,645.2 $
-58,823.5 $
-47,612.5 $
-949,125.0 $
-33,718.7 $
-31,297.72 $
-11,653.31 $
- $
- $
- $
-30,000.0 $
-66,645.2 $
-58,823.5 $
-47,612.5 $
-949,125.0 $
-33,718.7 $
-31,297.72 $
-11,653.31 $
- $
- $
- $
-30,000.0 $
-66,645.2 $
-58,823.5 $
-47,612.5 $
-949,125.0 $
-33,718.7 $
-31,297.72 $
-11,653.31 $
- $
- $
- $
-30,000.0 $
-66,645.2 $
-58,823.5 $
-47,612.5 $
-949,125.0 $
-33,718.7 $
-31,297.72 $
-11,653.31 $
- $
- $
- $
-30,000.0 $
-66,645.2 $
-58,823.5 $
-47,612.5 $
-949,125.0 $
-33,718.7 $
-31,297.72 $
-11,653.31 $
-1,228,876.0 $
-1,228,876.0 $
-1,228,876.0 $
-1,228,876.0 $
-1,228,876.0 $
-1,228,876.0 $
50,209.1 $
853,780.7 $
10,073,190.4 $
365,906.01 $
- $
10,611,274.18 $
50,209.13 $
853,780.68 $
9,169,200.56 $
365,906.0 $
- $
10,245,368.2 $
50,209.13 $
853,780.68 $
8,265,210.74 $
365,906.0 $
- $
9,879,462.2 $
50,209.13 $
853,780.68 $
7,361,220.93 $
365,906.0 $
- $
9,513,556.2 $
50,209.13 $
853,780.68 $
6,457,231.11 $
365,906.0 $
- $
9,147,650.2 $
50,209.13 $
853,780.68 $
5,553,241.29 $
365,906.0 $
- $
8,781,744.2 $
974,427.1 $
974,427.1 $
974,427.1 $
974,427.1 $
974,427.1 $
974,427.1 $
TOT Development Costs, exc, Depth
Service:
Land parcel Purchase:
Due Dilligence:
Stamp Duty:
Profesional Fees:
Architec/Design/Landscap
Site set up/work/clearance
Contingency Fund:
Building Costs:
Other Project Costs:
Sales and Marketing:
Extras:
TOT project costs:
Development Funding:
Senior Loan Interest:
Senior Loan:
Balance Left:
Stakeholder 1 Equity:
Stake Interest 3point aver
Balance Left:
Cash Balance left:

23. Profit/Loss
TOT project sales:
Profit Before Taxation:
Profit Before Costs:
Low price sales
Medium price sales
54,085,000.00 $
13,448,333.70 $
70,045,000.00 $
29,408,333.70 $
124.74%
76.73%
75.35%
129.87%
79.89%
(Subject to company structure)
29,408,333.70 $
31,181,667.04 $
0.75
0.75
30,477,499.72 $
30,477,499.72 $
536,534.10 $
899,261.37 $
1,382,897.73 $
939,564.40 $
0.25
10,159,166.57 $
0.25
10,159,166.57 $
18.93
0.25
10,159,166.57 $
11.30
0.25
10,159,166.57 $
7.35
10.81
1,229,204.55 $
1,591,931.82 $
2,075,568.18 $
1,632,234.85 $
23,274,743.95 $
17,984,427.06 $
15,247,723.95 $
Investment Performace:
17,648,759.05 $
Y1, 2013, 4months
-11,708,992.20 $
-11,708,992.20 $
Y3,2015,12months
Y4, 2016,4months
26,931,875.00 $
26,931,875.00 $
8,977,291.67 $
0.833
7,478,083.96 $
0.3
-11,708,992.20 $
Y2,2014, 12months
8,977,291.67 $
1
Extraction of 30% equity:
Present Value of Cashflow:
50,688,333.70 $
0.75
30,477,499.72 $
PV factor (@20%)
Present Value of Cashflow:
- $
30,477,499.72 $
Y0
Cash Flow Summary:
- $
0.75
Breakeven in Unit Number:
Breakeven in USD:
- $
13,448,333.70 $
Conribution per apartment
Apt, everage sales price:
71,818,333.33 $
31,181,667.04 $
72.37%
- $
Fixed Costs: 25% of TOT develop cost incl
depth
91,325,000.00 $
50,688,333.70 $
34.46%
Taxation on profits :
Variable Costs: 75% of TOT develop cost
incl depth
Sales 3point average
33.09%
Profit on Costs ex depth
NET profit:
High price sales
0.694
18,690,721.25 $
0.579
0.482
15,593,555.63 $
2,693,187.50 $
8,079,562.50 $
8,079,562.50 $
2,243,425.19 $
5,607,216.38 $
4,678,066.69 $
$
4,327,054.58 $
2,693,187.50
1,298,116.38 $
$ 2,117,832.43
Net Present Value (NPV):
Internal Rate of Return (IRR);
-11,708,992.20 $
2,693,187.50 $
8,079,562.50 $
8,079,562.50 $
$
2,693,187.50
28.86%

24. NET profit Distribution:
Equity lended:
Profit + Risk Margin @ 20% of
NET sales
TOT Repaid:
ROI per annum
0.2
ROI per annum %
TOT ROI %
3
Stakeholder Nr 1:
$ 11,708,992.20
Low Sale profits:
$ 11,708,992.20
$
2,689,666.74
$
14,398,658.94
$
896,555.58
7.66%
22.97%
Medium sale profits:
$ 11,708,992.20
$
5,881,666.74
$
17,590,658.94
$
1,960,555.58
16.74%
50.23%
High Sale profits:
$ 11,708,992.20
$
10,137,666.74
$
21,846,658.94
$
3,379,222.25
28.86%
86.58%
Three Point Average:
$ 11,708,992.20
$
6,236,333.41
$
17,945,325.61
$
2,078,777.80
17.75%
53.26%
TOT Development Costs vs. Sales and NET profits
40,636,666.30 $
TOT Development Costs
71,818,333.33 $
3 Point Average Sales
28,063,500.33 $
91,325,000.00 $
High Sales
70,045,000.00 $
Medium Sales
26,467,500.33 $
12,103,500.33 $
54,085,000.00 $
Low Sales
$-
$ 20,000,000
$ 40,000,000
45,619,500.33 $
$ 60,000,000
$ 80,000,000
$ 100,000,000
$ 120,000,000
$ 140,000,000

25. Alternative Strategy:
Alternative Option:
Actual Price:
Land Purchase:
$ 5,900,000.00
Purchase Costs:
$
663,750.00
$
Project preparation:
300,000.00
Planning fees:
$
30,000.00
TOT Costs:
$ 6,893,750.00
Resale Option:
$ 7,778,750.00
Return:
12.84%
Invetsment Duartion:
6months
Investment Comparison:
Duration in years:
Capital Invested:
Security Level:
20% NET Profit Share:
Low Sales:
Real Estate Development:
Medium Sales:
High Sales:
3
3
3
$ 11,708,992.20
Capital Repaid:
$ 11,708,992.20
$ 11,708,992.20
Alternative Investment Options:
Irish Bonds:
Germany Bonds:
Persion Sheme:
3
$ 11,708,992.20
3
$ 11,708,992.20
3
$ 11,708,992.20
Medium/High
Medium/High
Medium/High
Low/Medium
Low/Medium
Low/Medium
20
20
20
0
0
0
Projected Returns in 3 year $ 2,689,666.74
time:
Return per annum:
7.66%
TOT 3Y Return:
Potential increase
@15%
$ 885,000.00
22.97%
$ 14,398,658.94
$ 5,881,666.74
$ 10,137,666.74
$ 1,462,031.60
$
716,683.99
$ 1,652,913.06
16.74%
28.86%
4.00%
2.00%
4.50%
50.23%
86.58%
12.00%
8.00%
13.50%
$ 17,590,658.94
$ 21,846,658.94
$ 13,171,023.80
$ 12,425,676.19
$ 13,361,905.26

26. Proposed Building Shape and Sustainability Concept

27. Proposed Building Shape and Sustainability Concept

28. Apartment Features:
•Beach and Ocean
views;
•100%
independent,
renewable energy for
cooling, lighting;
•Full back up power
generator;
•Floor
to
ceiling
windows;
•Porcelain floor tiling;
•Granite
kitchen
surface with solid wood
cabinetry;
•Smart
energy
management system;
•Electric
hurricane
shutters;
•Marble
bathroom
vanity surface;
•Contemporary
furniture and designer
service to serve clients
needs;
•Interned and digital TV
wiring;

29. Proposed Interior Design :

30. Proposed Exterior Design:

31. Development Features:

32. Action Plans:

33. Bahamas – Notable Residents:
•Nicolas Cage - owns estate residence on Paradise Island and a private island in the Exuma chains;
•Johnny Depp - owns private island;
•Tiger Woods - owns the Albany Estate;
•Joe Lewis - British billionaire (347th richest person on Forbes list of billionaires), owns a property in Lyford Cay;
•Mariah Carey - owns a house on Windermere, a private island connected to Eleuthera;
Bahamas Video : http://www.youtube.com/watch?v=rbY4AjafLdY
http://www.youtube.com/watch?v=m_Ln73W2RyU

34. Required capital amount will be secured against land parcel, which is located in Bahamas, Nassau New Providence; Capital release will be monitored by escrow
Capital
Security;
account fiduciary which will be nominated by Helios and Stakeholder 1 agreement; Escrow facility will be used as security feature for international investor capital
withdrawals when project evolves into construction stage;
Due to high energy efficiency, strategic geographic location, contemporary design, attractive economic fiscal policies, bank willingness to lend for local and
Income
Security:
international buyers and scarcity of high end serviced apartments on the island, the project will attract upper class clients from USA, China, Russia, Germany,
Canada as lucrative investment opportunity, therefore sales of the units will start right after all necessary local authority approvals are issued;
Inflation in 2012/July was recorded at 2.1%. The proposed development profit share is well secured against inflation and stands @ fixed 20% NET profit share. Risk
Inflation:
against inflating labour, materials and service prices will be limited through contractual obligations.
This investment is not a subject to capital growth for the stakeholder 1. Capital appreciation will be felt after completion for the product end user and tend to
Capital
increase @ 3% after project is accomplished. Income generating from business-vacation rentals is subject to increase commensurate to yearly inflation levels.
Growth:
Structural Risk – will be monitored through contracts, and well established building contractors;
Legislative Risk – project will imply LEED platinum energy ranking methods, design and management procedures; this will guarantee that increasing
environmental standards will be met well in advance;
Taxation – Bahamas imply no taxation on income received from capital gains, interest, inheritance, corporate or personal income. It is attractive investment
location.
Risk profile:
Default by the contractor – retention from nominated contractor will be required before to work commencement.
Stagnant Sales – having in mind that development will contain only 44 high class units, sales distribution network will be developed well in advance, where off
plan sales will be offered at certain discount with 70% financial assistance from local banking partners. The attractive incentive is that properties purchased
above $500k, allows owners to become a resident of Bahamas and enjoy residency privileges stay in the country all year around. This option is attractive to
Russian speaking economies.

35. http://www.thenassauguardian.com/index.php?option=com_c
ontent&view=article&id=37802:top-firm-eyes-luxury-propertyboom&catid=40:business&Itemid=2