Our valuation reports are endorsed by leading banks, financial institutions; Government sectors the Sharjah Court and Sharjah Municipality.

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1 COMPANY PROFILE 1

2 CONTINENTAL SURVEY & EVALUATION was established in 1994 by Mr Walid Al Malahi, and currently represents one of the most established valuation practices in the Middle East for the past 20 years, with a strong reputation for excellence. Our services are performed by certified Valuers affiliated to RICS (Royal Institution of Chartered Surveyors) which is the world s leading qualification when it comes to professional standards in land, property and construction worldwide, as well as being members of the S A Council for Property Valuers Profession which is affiliated to IVSC (International valuation Standards Council). Our valuation reports are endorsed by leading banks, financial institutions; Government sectors the Sharjah Court and Sharjah Municipality. CSE have offices strategically located in Dubai, Sharjah, Ajman and Abu Dhabi to ensure a fast efficient and cost effective service to the Client. In addition the Company holds well established partnerships throughout the GCC States including Arab Countries such as, Syria, Lebanon, Jordan, Egypt, Libya, Kenya and Southern Africa which form part of our serviced area. Subsidiary companies include CCE (Continental Consulting Engineers), INJAZ (Building Maintenance) and Continental Owners Association Management. VALUATIONS Valuations are performed over all sub-markets and include, but not limited to, residential, commercial, industrial, labor accommodation, vacant land plots, the hospitality industry - hotels and non market properties such as schools, places of worship, academic and training academies. CONTACT Dubai Head Office Cheryl McAdam Sharjah Abadallah Al Akkad Abu Dhabi Mahmoud Meawwad Ajman Nooman Al Malahi POSTAL ADDRESS P O Box , Dubai 2

QUALITY AND EXTENT OF REPORTS The IVSC The International Valuation Standards Council, is a Non-governmental Organization (NGO) member of the UN, with membership that encompasses all the major

3 QUALITY AND EXTENT OF REPORTS The IVSC The International Valuation Standards Council, is a Non-governmental Organization (NGO) member of the UN, with membership that encompasses all the major national valuation standard-setters and professional associations from 41 different countries (including the Appraisal Institute, the American Society of Appraisers, the RICS, the (Practising Valuers Association of India) and the Appraisal Institute of Canada. All CONTINENTAL SURVEY & EVALUATION Reports are prepared in accordance with IVSC (International Valuation Standards Council) as well as RICS (ROYAL INSTITUTION OF CHARTERED SURVEYORS) criteria and conform to the requirement for secured mortgage lending, acquisition, disposal, audit, insurance reinstatement, or arbitration purposes. The definition for Market Value as adopted by the IVSC 2008 (International Valuation Standards Council) is defined as: The estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm s length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion CONSULTANCY SERVICES TEAM We believe that we have appointed the most talented and competent and experienced people to work in our organization which places us in a good position to understand market dynamics peculiar to the Middle East and North Africa region. The Valuation staff comprises a multi-lingual team of Real Estate Professionals with diversified skills delivering extensive and in-depth professional service, accurate and independent reporting, beyond Client expectations. INTRODUCTION OF THE CHAIRMAN The Company known as CONTINENTAL REAL ESTATE was established by Mr Walid Al Malahi the current Chief Executive Officer and later expanded to include CONTINENTAL SURVEY & EVALUATION Mr Walid Al Malahi B.A. Degree from Alexandria University, Egypt (1979) Highly respected valuation expertise in Real Estate for more than 25 years Certified by the Institute of International Research in the faculty of Valuation and Finance of Real Estate projects. 3

high-rise towers, quantity surveying and property appraisals Appointed Arbitrator Engr.

4 All or some, of the CSE team members listed below, will be assigned to the project. Engr. Abdallah Al Akkad - General Manager CSE Master s and B.Sc. Civil Engineering graduate Garyounis University, Libya 26 years experience in construction and property sector Expert Engineer Registered member of Society of Engineers UAE Techno Economic Study for high-rise towers, quantity surveying and property appraisals Appointed Arbitrator Engr. Edmon Watfeh Engineering Graduate Damascus University, Syria 33 years experience in the construction industry (23 years UAE experience) Extensive experience as Consultant, Designer, Developer, Owner Representative, Arbitrator and Real Estate Management Property Valuation and Sales Mr. Richard Jones - Valuer Msc Property & Construction, Napier University UK. Valuation & Estate Management graduate, Business Administration and Building Construction Management. 15 years experience in valuation, property and construction management Engr. Wilfredo Paculan Survey Engineer B.Sc. Civil Engineering Adamson University, Manilla, Phillipines Licensed Civil Engineer 2002 Qualified Autocad Technician Land Surveying and Property Valuation experience Primarily for Financial Institutions and Governmental bodies for approximately 9 years. 4

5 PRODUCT OFFERING Property Evaluation & Appraisal Development Consultancy Feasibility Studies Rent Assessment and Review Acquisition and Disposal Consultancy Freehold Consultancy Leasing Marketing Market Research Investment Advisory Continental Group of Companies has been involved with a number of banks, governmental and private clients in the UAE and in other locations around the Gulf. Our regional clients include inter-alia; BANKS & FINANCIAL INSTITUTIONS Al Wifaq Finance First Gulf Bank Emirates International Bank ADCB Premium Financial Services Blom Bank France Dubai Bank Sedarat Iran Invest Bank Sharjah Bank National Bank of Abu Dhabi Aseel Finance Emirates NBD Bank El Neilein Bank C B International Dubai Islamic Bank Emirates Islamic Bank Sharjah Islamic Bank Ajman Bank Arab Bank for Inv & Trade N.B.Q Commercial Bank of Dubai H.S.B.C Arab Bank Union National Bank United Arab Bank Emirates Investment Bank Bank of Baroda Nat. Bank of Oman Al Masraf Bank 5

6 GOVERNMENT SECTORS Federal Court of First Instance Dubai Court Sharjah Court Abu Dhabi Court Municipality Al Ain - Abu Dhabi Economic Development Department Chamber of Commerce & Industry INVESTORS, DEVELOPERS, PRIVATE & PUBLIC COMPANIES (Inter Alia) Al Futaim Al Habtoor Construction Al Otaiba Group Al Safeer Group Ali & Moosa s Sons Group Arabian Capital Holding Ary Group of Companies Beijing Emirates Bin Saqar Group Buhaira Nat. Insurance Crystal Plaza Dr Sheikh Faisal Al Qassimi Emirates Industrial City Gibca Ltd Iran & Dubai Company LLC MAG Group UAE Mohd. Omar Bin Hider Group Saif Darwish Al Ketbi Sheikh Tarik Al Qassimi Sultaco Tameem Group Trident Int. Holdings Mustafa Galadari Inv. Office I & Galadari Group Almadar Group Al Sayegh Bros Al Khazna Insurance Integra Saeed Ahmed Lootah & Sons. ETA Star Kuwaiti Commercial Real Estate Solanki Group Modern Building Contracting ACICO Group Toufiq Furniture Company Omis Contracting Company Al Buhaira National Insurance Saad Steel Construction Jascom Real Estate Al Tameer Real Estate Al Safwa Islamic Financial Sultan Karmostaji Group Services Moafaq Al Gaddah Group (MAG) Sameer Al Mahmoud Sons SNASCO Real Estate Trading Investment and Development Hercules Group Al Manama Hypermarket & Supermarket Al Owais Investments Jauan Salem Establishment Adnan Saffarini Eng'g Consultant St. George Hotel Al Saah Building Contracting Al Manakh Group of Companies Rami Hotel Group Allay Real Estate Kashwani Law Firm Kassem & Abdullah Sons of Darwish Fakhroo Subway Fashion Unesco Real Estate Fastlink Mobile LLC Optimum Foundation Co. LLC Canton Chinese Furniture Enshaa PSC Ansar Mall Interplast Co. Ltd Al Huzaifa Furniture Taif Al Emirates Bldg Cont'g United Arab Emirates Institute of Admin. Bukhatir Group 6

7 INVESTORS, DEVELOPERS, PRIVATE & PUBLIC COMPANIES (Contd.) GulFX Detergents & Lub. Dheeraj & East Coast LLC Jawad & Alwan Bldg Cont Co Haider Bin Haider Advocates & Legal Consultants Al Muhairi Real Estate Archigroup Consultants Marconi Electrical Co. LLC Dubai Al Obaidli & Al Zarooni Advocates & Legal Consultants Mubarak Abdulaziz Al Hassawi & Kuwait Commercial Real Estate Centre Co. Shj Mughal Wood Works Factory LLC Sama Emirates Real Estate Remix Tech Al Intilak Real Estate & Cont. Interplast Co. Ltd Tech Group Sharjah Furniture Complex Emirates & Kuwait Real Estate Everest Metal Industries L.L.C. Abu Abdulla Al Hashimi Group Al Thuraya Real Estate Ajman Holdings Kashwani Law Firm Aber Group Nakheel Investment Ltd National Bank of Dubai Aber Group Zenath Real Estate Al Marmoka Capital L.L.C. Makeen Properties T.M.S. Trading Co. H. Mahmood J. Al Bunnia & Sons New Form Consultants/Engineer/Architects Power Group of Companies Gulf Medical University Emco Building Cont. Tameem Group of Companies Al Wasit Machinery Legal Consultant Sadaf Group of Companies Alfa Holding DUBAI & ABU DHABI GBU Sq Ft Trade Centre, Dubai 698,529 Trade Centre, Dubai 633,793 Port Saeed, Dubai 434,199 City of Arabia 10,906,352 Shj,DXB, Abu Dhabi 868,854 Shj, DXB, Abu Dhabi 525,387 Shj, DXB, Abu Dhabi 606,714 Al Qudra, Abu Dhabi 279,230 Khot al Raha, Abu Dhabi 610,566 Danet, Abu Dhabi 421,369 Dubai Waterfront 681,178 Al Baker Plaza 706,526 Shams, Abu Dhabi 257,957 7

8 SHARJAH GBU Sq Ft Hasna Awad Butti Al Rashid Al Majaz 550,988 Al Buhairia National Insurance Company Al Majaz 728,395 Emirates Islamic Bank Al Majaz 245,947 Ahmad Mohammad Hussain Al Marzoki Al Majaz 3 157,560 Sheikh Tariq Bin Faisal Bin Khalid Bin Al Qassimi 130,778 Mr Abdul Lateef Abdullah Humaid Al Sheba Al Mamzar 127,440 Sheik Tariq Faisal Khaled Al Qassimi Al Mamzar 926,570 Sheikh Tariq Bin Faisal Bin Khalid Al Qassimi Al Khan 125,617 Sheikh Mohamed Bin Saoud & Sultan Sagger Al Qassimi Al Khan 143,985 Nasim Husain Mohammad Al Katib Al Khan 145,308 Jamal Bin Johar Bin Mohammed Al Johar Al Khan 178,020 Dr Obaid Khalifa Aa abi Al Qassimia 134,169 Mr Yousif Ghuloum Ali Abdulla Khouri Al Naba a 191,387 Mr Ahmed Saeed Abdul Rahim Al Mallah Al Nahda 359,933 AJMAN GBU Sq Ft Kumarial Menghraj Tahiliani Industrial Area Sector H 289,278 Sugathan Janardhanan New Industrial Area 96,079 Sarh Al Madina Real Estate Al Hamara Village RAK 513,790 Sarh Al Madina Real Estate Al Marjan Island 431,042 Ali M Salim Abu Ades Al Zorah 1,739,130 Gibca Limited Industrial Area Sector H 329,337 Khatri Hussain Ismail Industrial Area Sector H 80,000 Al Marmoka Capital LLC - Mushairef 224,601 Mr Humaid Ali Abdullah Al Owais Al Nakheel 524,694 Mr Khalid Katash Al Hamad & Mr Salah El Deen Khalid, Al Naemyah 153,569 Mr Abdul Khader Shiek & Mr Rashed Abdullah Bu Hassan Al Nakheel 33,860 HI-RISE & MID-RISE TOWERS HOTELS SHOPPING MALLS VACANT PLOTS RESIDENTIAL WAREHOUSES FACTORIES FARMS Crystal Towers, Bukhatir Towers, Liberty Towers, Al Baker Plaza, Skh Rakadh Building, Siraj Tower, Scala Tower, Al Khazna Tower, Al Aqeed Tower, Juma Aman Tower, Summeland, Al Bustan, Dubai Regent Palace, Eureka Dubai Concorde Hotel and Residence, Six Scense Hideaway Oman, Fujairah Resort & Spa, Ansar Mall, Safeer Mall Extensively over the UAE Extensively over the UAE Extensively over the UAE Interplast, Cosmoplast, Intermetal, Lootah Industries Ajman Mariam, Sheikh Faisal farm in Al Dhaid, Camel farms Ras Al Khaimah, Date Farms Al Ain 8

9 VALUATION METHODOLGY The appraiser has to think about the "scope of work", the type of value, the property itself, and the quality and quantity of data available for each approach There are a number of methods used for determining value for instance; appraisals of properties that are typically purchased by investors (e.g., skyscrapers, office buildings) may give greater weight to the Income Approach. Buyers interested in purchasing single family residential property would rather compare price, in this case the Sales Comparison Approach (market analysis approach) would be more applicable. The Cost Approach to value is most useful in determining insurable value, and cost to construct a new structure or building. The Discounted Cash Flow Method is usually adopted for valuing a project, hotel, company, or asset using the concepts of the Time Value of Money. The Residual Approach is generally used for properties ripe for development or redevelopment or for bare land only. These Approaches can more specifically be described as follows; Direct Comparison Approach The Direct Comparison Approach involves making adjustments to the sale price of comparable properties to account for differences in zoning, location, plot area and shape, potential built-up area allowance, height allowance, date of sale, potential views and other individual characteristics. Comparison of transactional evidence of similar properties/vacant land which have traded in the open market in arm s length transactions, provide the most accurate means of assessing worth. Income Capitalization Approach In assessing the Market Value of the property, we have adopted the Capitalization of Net Income Approach. The rental income to be capitalized refers to net rental income, that is, the income stream after deductions for the associated operating expenses of the property as provided by the Client.The capitalization rate adopted depends on the type of property, its economic life and the quality, quantity and duration of the income stream. The capitalized income stream therefore refers to the Net Passing Rent under the existing occupational leases that are present within the subject premises, for the duration applicable to each respective tenancy. 9

10 Cognizance will be given to the operational costs as provided by the Client, however, should this level of expenditure not fall within the market norm, or alternatively, should these expenses not be provided by the Client, we will consider the unique characteristics of the subject property, and adopt what is considered to be our opinion of operational expenditure. Cost Approach The Cost Approach refers to the cost of construction plus professional fees which is added to the market value of the land as if vacant. Similarly, the depreciated replacement cost refers to the cost to construct less a depreciation factor applied for physical age and condition, economic and functional obsolescence, which is then added to the land as if vacant. Discounted Cash Flow Approach Discounting Cash Flow analysis is defined in the International Valuation Standards (8 th Edition) as a financial modeling technique based on explicit assumptions regarding the prospective cash flow of the property. This analysis involves the projection of a series of periodic cash flows a property is anticipated to generate. To this projected cash flow series, an appropriate discount rate is applied to establish an indication of the present value of the income stream associated with the property. In regards to any operating property, periodic cash flows are typically estimated as gross income less vacancy and operating expenses and other outgoings. The series of periodic net operating incomes, along with an estimate of the terminal value and any sales proceeds from other property components which are not to be operated, but instead sold immediately upon completion, anticipated at the end of the projection period, is then discounted at the discount rate, being a cost of capital or a rate of return used to convert a monetary sum, payable or receivable in the future into a present value. The projected income stream is explicit, therefore allowing for the extraneous adjustment for potential growth, or otherwise, inherent in a property investment based upon the physical, tenancy or market characteristics related to that property. In addition projected operating costs and allowances, and future capital expenditure can also be reflected in the cash flow as can growth of these factors. Residual Approach Basically from the Gross Realization assessed, certain costs are deducted. These costs are associated with developing the land, including selling expenses, construction costs, purchase costs, interest charges, professional fees, together with an entrepreneurial margin for profit and risk which will in turn deliver the capital/residual value of the land. FOR AND ON BEHALF OF CONTINENTAL SURVEY & EVALUATION Engr. Abdallah Al Akkad

No. NAME OF THE JOB CONSULTANT MAIN CONTRACTOR / CLIENT 1 (G + M + 6) STOREY BUILDING GULF ENG. BUREAU H.E. AHMAD AL GROOBTY

No. NAME OF THE JOB CONSULTANT MAIN CONTRACTOR / CLIENT 1 (G + M + 6) STOREY BUILDING GULF ENG. BUREAU H.E. AHMAD AL GROOBTY 2 (G+7) B;DG FOR ZAIN AL ABDEEN ENG. ADNAN SAFFARINI AL MOOSA GEN. CONT. 3 4