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COMPANY PROFILE

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CONTINENTAL SURVEY & EVALUATION was established in 1994 by Mr Walid Al Malahi, andcurrently represents one of the most established valuation practices in the Middle East for the past 20years, with a strong reputation for excellence.

Our services are performed by certified Valuers affiliated to RICS (Royal Institution of CharteredSurveyors) 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 PropertyValuers Profession which is affiliated to IVSC (International valuation Standards Council).

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

CSE have offices strategically located in Dubai, Sharjah, Ajman and Abu Dhabi to ensure a fastefficient and cost effective service to the Client. In addition the Company holds well establishedpartnerships 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 (BuildingMaintenance) 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 marketproperties such as schools, places of worship, academic and training academies.

CONTACT

Dubai Head Office 04-3309090 Cheryl McAdam 050-2593778

Sharjah 06-5725665 Abadallah Al Akkad 050-7190170

Abu Dhabi 02-6816833 Mahmoud Meawwad 052-9027700

Ajman 06-7447544 Nooman Al Malahi 050-6322981

POSTAL ADDRESS

P O Box 115367, Dubai

www.cre-me.com

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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 valuationstandard-setters and professional associations from 41 different countries (including the AppraisalInstitute, 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 (InternationalValuation Standards Council) as well as RICS (ROYAL INSTITUTION OF CHARTERED SURVEYORS) criteriaand conform to the requirement for secured mortgage lending, acquisition, disposal, audit, insurance re-instatement, or arbitration purposes.

The definition for Market Value as adopted by the IVSC 2008 (International Valuation StandardsCouncil) is defined as:

“The estimated amount for which a property should exchange on the date of valuation betweena willing buyer and a willing seller in an arm’s length transaction after proper marketingwherein 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 workin our organization which places us in a good position to understand market dynamics peculiar to theMiddle East and North Africa region.

The Valuation staff comprises a multi-lingual team of Real Estate Professionals with diversified skillsdelivering extensive and in-depth professional service, accurate and independent reporting, beyondClient expectations.

INTRODUCTION OF THE CHAIRMAN

The Company known as CONTINENTAL REAL ESTATE was established by Mr Walid Al Malahi thecurrent 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.

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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

Ms. Cheryl McAdam - (Senior Valuer)

Property Valuation graduate, University of South Africa (1996) Appointed Appraiser to the High Court of South Africa (1998) South African Council for Valuers Registration 4082/4 IVS - (International

Valuation Standards) 17 years un-restricted experience in valuation-South Africa and the MENA

region

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.

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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 andprivate clients in the UAE and in other locations around the Gulf. Our regional clients includeinter-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

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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 GroupAl Safeer Group Ali & Moosa’s Sons Group Arabian Capital HoldingAry Group of Companies Beijing Emirates Bin Saqar GroupBuhaira Nat. Insurance Crystal Plaza Dr Sheikh Faisal Al QassimiEmirates Industrial City Gibca Ltd Iran & Dubai Company LLCMAG Group UAE Mohd. Omar Bin Hider Group Saif Darwish Al KetbiSheikh Tarik Al Qassimi Sultaco Tameem GroupTrident Int. Holdings Mustafa Galadari Inv. Office I & Galadari GroupAlmadar Group Al Sayegh Bros Al Khazna InsuranceIntegra Saeed Ahmed Lootah & Sons. ETA StarKuwaiti Commercial Real Estate Solanki Group Modern Building ContractingACICO Group Toufiq Furniture Company Omis Contracting CompanyAl Buhaira National Insurance Saad Steel Construction Jascom Real Estate

Al Tameer Real Estate Al Safwa Islamic FinancialServices Sultan Karmostaji Group

Moafaq Al Gaddah Group (MAG) Sameer Al Mahmoud SonsTrading

SNASCO Real EstateInvestment and Development

Hercules Group Al Manama Hypermarket &Supermarket Al Owais Investments

Jauan Salem Establishment Adnan Saffarini Eng'g Consultant St. George HotelAl Saah Building Contracting Al Manakh Group of Companies Rami Hotel Group

Allay Real Estate Kashwani Law Firm Kassem & Abdullah Sons ofDarwish Fakhroo

Subway Fashion Unesco Real Estate Fastlink Mobile LLCOptimum Foundation Co. LLC Canton Chinese Furniture Enshaa PSCAnsar Mall Interplast Co. Ltd Al Huzaifa Furniture

Taif Al Emirates Bldg Cont'g United Arab Emirates Institute ofAdmin. Bukhatir Group

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INVESTORS, DEVELOPERS, PRIVATE & PUBLIC COMPANIES (Contd.)

GulFX Detergents & Lub. Haider Bin Haider Advocates &Legal Consultants

Marconi Electrical Co. LLCDubai

Dheeraj & East Coast LLC Al Muhairi Real Estate Al Obaidli & Al ZarooniAdvocates & Legal Consultants

Jawad & Alwan Bldg Cont Co Archigroup ConsultantsMubarak Abdulaziz Al Hassawi& Kuwait Commercial RealEstate Centre Co. Shj

Mughal Wood Works FactoryLLC Sama Emirates Real Estate Remix Tech

Al Intilak Real Estate & Cont. Interplast Co. Ltd Tech GroupSharjah Furniture Complex Emirates & Kuwait Real Estate Everest Metal Industries L.L.C.Abu Abdulla Al Hashimi Group Al Thuraya Real Estate Ajman HoldingsKashwani Law Firm Aber Group Nakheel Investment LtdNational Bank of Dubai Aber Group

Makeen PropertiesZenath Real Estate Al Marmoka Capital L.L.C.T.M.S. Trading Co. H. Mahmood J. Al Bunnia & SonsNew FormConsultants/Engineer/Architects Power Group of Companies Gulf Medical University

Emco Building Cont. Tameem Group of Companies Al Wasit MachineryLegal Consultant Sadaf Group of Companies Alfa Holding

DUBAI & ABU DHABI GBU Sq Ft

Trade Centre, Dubai 698,529Trade Centre, Dubai 633,793Port Saeed, Dubai 434,199City of Arabia 10,906,352Shj,DXB, Abu Dhabi 868,854Shj, DXB, Abu Dhabi 525,387Shj, DXB, Abu Dhabi 606,714Al Qudra, Abu Dhabi 279,230Khot al Raha, Abu Dhabi 610,566Danet, Abu Dhabi 421,369Dubai Waterfront 681,178Al Baker Plaza 706,526Shams, Abu Dhabi 257,957

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HI-RISE & MID-RISETOWERS

Crystal Towers, Bukhatir Towers, Liberty Towers, Al Baker Plaza, SkhRakadh Building, Siraj Tower, Scala Tower, Al Khazna Tower, Al AqeedTower, Juma Aman Tower,

HOTELS Summeland, Al Bustan, Dubai Regent Palace, Eureka Dubai ConcordeHotel and Residence, Six Scense Hideaway Oman, Fujairah Resort & Spa,

SHOPPING MALLS Ansar Mall, Safeer MallVACANT PLOTS Extensively over the UAERESIDENTIAL Extensively over the UAEWAREHOUSES Extensively over the UAEFACTORIES Interplast, Cosmoplast, Intermetal, Lootah Industries AjmanFARMS Mariam, Sheikh Faisal farm in Al Dhaid, Camel farms Ras Al Khaimah,

Date Farms Al Ain

SHARJAH GBU Sq Ft

Hasna Awad Butti Al Rashid – Al Majaz 550,988Al Buhairia National Insurance Company – Al Majaz 728,395Emirates Islamic Bank – Al Majaz 245,947Ahmad Mohammad Hussain Al Marzoki – Al Majaz 3 157,560Sheikh Tariq Bin Faisal Bin Khalid Bin Al Qassimi 130,778Mr Abdul Lateef Abdullah Humaid Al Sheba – Al Mamzar 127,440Sheik Tariq Faisal Khaled Al Qassimi – Al Mamzar 926,570Sheikh Tariq Bin Faisal Bin Khalid Al Qassimi – Al Khan 125,617Sheikh Mohamed Bin Saoud & Sultan Sagger Al Qassimi – Al Khan 143,985Nasim Husain Mohammad Al Katib – Al Khan 145,308Jamal Bin Johar Bin Mohammed Al Johar – Al Khan 178,020Dr Obaid Khalifa Aa’abi – Al Qassimia 134,169Mr Yousif Ghuloum Ali Abdulla Khouri – Al Naba’a 191,387Mr Ahmed Saeed Abdul Rahim Al Mallah – Al Nahda 359,933

AJMAN GBU Sq Ft

Kumarial Menghraj Tahiliani – Industrial Area – Sector H 289,278Sugathan Janardhanan – New Industrial Area 96,079Sarh Al Madina Real Estate – Al Hamara Village RAK 513,790Sarh Al Madina Real Estate – Al Marjan Island 431,042Ali M Salim Abu Ades – Al Zorah 1,739,130Gibca Limited – Industrial Area – Sector H 329,337Khatri Hussain Ismail – Industrial Area – Sector H 80,000Al Marmoka Capital LLC - Mushairef 224,601Mr Humaid Ali Abdullah Al Owais – Al Nakheel 524,694Mr Khalid Katash Al Hamad & Mr Salah El Deen Khalid, Al Naemyah 153,569Mr Abdul Khader Shiek & Mr Rashed Abdullah Bu Hassan – Al Nakheel 33,860

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VALUATION METHODOLGY

The appraiser has to think about the "scope of work", the type of value, the property itself, and thequality and quantity of data available for each approach

There are a number of methods used for determining value for instance; appraisals of properties thatare typically purchased by investors (e.g., skyscrapers, office buildings) may give greater weight tothe Income Approach.

Buyers interested in purchasing single family residential property would rather compare price, in thiscase 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 newstructure or building.

The Discounted Cash Flow Method is usually adopted for valuing a project, hotel, company, or assetusing the concepts of the Time Value of Money.

The Residual Approach is generally used for properties ripe for development or redevelopment or forbare 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 comparableproperties to account for differences in zoning, location, plot area and shape, potential built-up areaallowance, 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 openmarket 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 IncomeApproach. The rental income to be capitalized refers to net rental income, that is, the income streamafter deductions for the associated operating expenses of the property as provided by the Client.Thecapitalization rate adopted depends on the type of property, its economic life and the quality, quantityand duration of the income stream.

The capitalized income stream therefore refers to the Net Passing Rent under the existingoccupational leases that are present within the subject premises, for the duration applicable to eachrespective tenancy.

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Cognizance will be given to the operational costs as provided by the Client, however, should this levelof expenditure not fall within the market norm, or alternatively, should these expenses not be providedby the Client, we will consider the unique characteristics of the subject property, and adopt what isconsidered 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 themarket value of the land as if vacant. Similarly, the depreciated replacement cost refers to the cost toconstruct less a depreciation factor applied for physical age and condition, economic and functionalobsolescence, 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 (8th Edition) as afinancial modeling technique based on explicit assumptions regarding the prospective cash flow of theproperty. This analysis involves the projection of a series of periodic cash flows a property isanticipated to generate. To this projected cash flow series, an appropriate discount rate is applied toestablish 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 lessvacancy 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 componentswhich are not to be operated, but instead sold immediately upon completion, anticipated at the end ofthe projection period, is then discounted at the discount rate, being a cost of capital or a rate of returnused 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 potentialgrowth, or otherwise, inherent in a property investment based upon the physical, tenancy or marketcharacteristics related to that property. In addition projected operating costs and allowances, andfuture 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 areassociated with developing the land, including selling expenses, construction costs, purchase costs,interest charges, professional fees, together with an entrepreneurial margin for profit and risk whichwill in turn deliver the capital/residual value of the land.

FOR AND ON BEHALF OF CONTINENTAL SURVEY & EVALUATION

Engr. Abdallah Al Akkad+971 - 6 - 5725665