Document:

Exhibit 10.25

 

 

 

 

M/s. Brooge Petroleum and Gas Investment Company
FZC 

P.O. Box. No. 50170, Fujairah,

United Arab Emirates,

 

Date: 13/11/2014

 

Subject : Facility Offer Letter
(Addendum)

Reference : CAD/185/14

 

Dear Sirs,

 

Reference to our Facility Offer Letter (Ref. No CAD/100/14
dated 24/07/2014) which has been already signed and accepted by you.

 

Please be informed that your request for extension
of documentation and security perfection date from 31/10/2014 to 31/01/2015 has been approved.

 

Please also be informed that this will be the
last extension for the documents perfection without any further consideration in this regard

 

This letter is an addendum to the above mentioned
Facility Offer Letter. All other terms and conditions in the Facility Offer Letter remain unchanged.

 

National Bank of Abu Dhabi, PJSC-Islamic Banking
Division

 

	Signature:		 	Signature:	 
	 	 	 	 	 
	Date:	16-11-2014	 	Date:	16-11-2014

 

M/s. Brooge Petroleum and Gas Investment Company FZC

 

	Signature:		 	 
	 	 	 	 
	 		 	 
	 	 	 	 
	Date:	16.11.2014Exhibit 10.26

 

 

 

 

M/s. Brooge Petroleum and Gas Investment Company
FZC

P.O. Box. No. 50170, Fujairah,

United Arab Emirates,

 

		Date	: 31/12/2014

 

		Subject	: Facility Offer Letter (Addendum)

		Reference	: CAD/228/14

 

Dear Sirs,

 

Reference to our Facility Offer Letter (Ref. No CAD/185/14
dated 13/11/2014) which has been already signed and accepted by you.

 

Please be informed that your request for extension
of documentation and security perfection date from 31/01/2015 to 31/03/2015 has been approved.

 

Please also be informed that this will be the
last extension for the documents perfection without any further consideration in this regard.

 

This letter is an addendum to the above mentioned
Facility Offer Letter. All other terms and conditions in the Facility Offer Letter remain unchanged.

 

National Bank of Abu Dhabi, PJSC-Islamic Banking
Division

 

	Signature:		 	Signature:	
	Date:	31-12-2014	 	Date:	31-12-2014

 

M/s. Brooge Petroleum and Gas Investment Company FZC

 

	Signature:		
	Date:	31-12-2014Exhibit 10.27

 

Certain identified information has been excluded from the exhibit because it is both not material and would
likely cause competitive harm to the registrant if publicly disclosed.

 

		 	 

 

Date: 13th April 2015

Ref: A-008/B15

  

		To:	Fujairah Oil Industry Zone (FOIZ)

P.O. Box No.9900

Fujairah, UAE.

 

Kind Attention:                                                                             

 

		Copy to:	National Bank of Abu Dhabi- Islamic Banking Division
(ADNIF),

P.O.Box No. 40057

Abu Dhabi, United Arab Emirates

 

FUJAIRAH OIL INDUSTRY ZONE
(FOIZ) NO-OBJECTION IN RESPECT OF THE OIL STORAGE TERMINAL PROJECT BY M/s. BROOGE PETROLEUM AND GAS INVESTMENT CO. FZC IN THE
EMIRATE OF FUJAIRAH 

 

Dear Sirs,

 

We refer to the proposed development
by Brooge Petroleum & Gas Investment Co. FZC (BPGIC) of an Oil Storage Terminal in Fujairah (the “Project”)
on Property No. 130, Block A, Al Suda Region, Fujairah (the “Property”).

 

BPGIC in its capacity,
as the Lessee , has entered into a forward lease agreement (Ijara Mawsufa Fi”l-Dhimma) with National Bank of Abu Dhabi PJSC
- Islamic Banking Division (ADNIF) in respect of the project, as part of the financing made available to BPGIC by ADNIF (the Islamic
Financing).

 

		1.	PROJECT

Please note (and by acknowledging this letter confirm
your no-objection) that in the context of the project and Islamic Financing:

 

		1.1	BPGIC, a Fujairah Free Zone Company, pursuant to the
Land Lease Agreement is leasing land, bearing Plot number 130, Block A, located at Al Sudah in Fujairah;

		1.2	BPGIC, a Fujairah Free Zone Company shall operate
from Al Sudah in Fujairah

		1.3	BPGIC is the Lessee under the land lease agreement
(the “Land Lease Agreement”) dated 10 Mar 2013 between Fujairah Municipality, novated to Fujairah Oil Industries
Zone (FOIZ) on 01.September 2014 and Brooge Petroleum and Gas Investment Co. FZC, a company incorporated in the Fujairah Free
Zone, with registration number 13-FZC-1117.

		1.4	The Property is free of any administrative impediments,
legal disputes, rights in rem or others’ rights, whatsoever.

 

	 	Abu Dhabi, UAE 
	 	P.O.Box 29939
	 	Tel  +971 2 633 3116
	 	Fax +971 2 633 3955
	www.bpgic.com	E-mail:info@bpgic.com

 

     

     

    

 

		 	 

 

		1.5	BPGIC is granting mortgage over the constructed facilities
required to be built on the Property in favor of ADNIF as one of the finance guarantees, and such mortgage remains valid till
the date of full repayment. For clarification, the Land shall not be subject to any lien, whatsoever.

		1.6	In case of the mortgage of the constructed facilities;
the termination of such mortgage during the finance period may be claimed only as per a written letter by ADNIF ;

		1.7	BPGIC and ADNIF are entitled to construct buildings
on the Property according to the plans, drawings and schedules to be agreed upon in the finance terms.

		1.8	BPGIC may not dispose of the financed constructed facilities or the leased Property or any
                                                                                  part thereof, grant third party any rights therein, or take any other disposal that may dilute the whole or any part of
                                                                                  the mortgage before obtaining the written consent of ADNIF and FOIZ;

		1.9	The lease contract of the Property between FOIZ in
its capacity as the Lessor and Brooge Petroleum and Gas Investment Company in its capacity as the Lessee must not be terminated
whatsoever throughout the finance period, provided however, BPGIC is not in material breach of the terms and conditions as enunciated
in the Land Lease Agreement between FOIZ & BPGIC dated September 01, 2014. If such material breach was raised; then FOIZ shall
notify ADNIF in order to either rectify the breach or replace BPGIC in all the rights under the lease contract;

		1.10	ADNIF is entitled to request to replace BPGIC in all
the rights under the lease contract at any time during the finance period, meanwhile, BPGIC shall continue fulfilling the obligations
thereof under the lease contract. Such request shall be conditional by providing proof that BPGIC is in continuous breach of fulfilling
the repayment of its due finance installments.

 

Yours faithfully,

 

 

 

For and on behalf of:

Brooge Petroleum and Gas Investment Co. FZC

Name: Housam Salman Al Amri

Title: CEO / Vice Chairman

Date: 13th April 2015

  

We acknowledge receipt of this letter and
confirm that we have no objection to any of its terms.

 

 

 

For and on behalf of:

FUJAIRAH OIL INDUSTRY ZONE

Name: St. Rashid Bin Hamad Al Sharqi

Title: Deputy Chairman

Date: 19.04.2015

 

	 		Abu Dhabi, UAE 
	 	P.O.Box 29939
	 	Tel +971 2 633 3116 
	 	Fax +971 2 633 3955
	www.bpgic.com	 	E-mail:info@bpgic.comExhibit 10.28

 

 

 

 

 

 

 

M/s. Brooge Petroleum and Gas Investment
Company FZC 

P.O. Box. No. 50170, Fujairah,

United Arab Emirates,

 

		Date	: 24/06/2015

 

		Subject	: Facility Offer Letter (Addendum)

		Reference	: CAD/162/15

 

Dear Sirs,

 

Reference to our Facility
Offer Letter addendum (Ref. No CAD/228/14 dated 31/12/2014) which has been already signed and accepted by you.

 

Please be informed that your
request for increase of tenor, extension of documentation and security perfection date from 31/01/2015 to 31/03/2015 and disbursement
of AED 48 million against advance payment guarantee (APG) has been approved subject to following conditions:

 

		1.	Confirmation that 18% of the total contribution has been utilized in the
project, same to be confirmed by technical project advisor (MUC)

 

		2.	Undertaking that remaining 7% of the contribution will be utilized prior
to any further drawdown other than advance payment disbursement to the contractor

 

		3.	A mechanism to established whereby all your remaining contribution to be
deposited in NBAD account to ensure proper tracking.

 

		4.	Non-refundable study and documentation fees to fully paid prior to disbursement
of advance payment.

 

		5.	Over all tenor has been increased by 2 months (i.e. total tenor 13 years
and 11 months) due to delay in commencement of the work, any further delay in project to be notified to ISD-NBAD in due course
in order to extend the validity of the guarantees.

  

		6.	Documents perfection validity has
                                         been extended till 1st of July 2015

 

		7.	Pricing has been change from 6MEBOR to 3MEBOR noting that repayment frequency
of the facility is quarterly

  

	 
	National Bank of Abu Dhabi PJSC | P.O. Box 40057 | Abu Dhabi | United Arab Emirates | Toll Free 800 23643

 

     

     

    

 

 

  

 

 

This letter is an addendum to the above mentioned
Facility Offer Letter. All other terms and conditions in the Facility Offer Letter remain unchanged.

 

National Bank of Abu Dhabi, PJSC-Islamic Banking
Division

 

	Signature:	 	 	Signature:	 
	Date:	29-06-2015	 	Date:	29-06-2015

 

M/s. Brooge Petroleum and Gas Investment Company FZC.

 

	Signature:	 	 
	Date:	29-06-2015	 

  

	 
	National Bank of Abu Dhabi PJSC | P.O. Box 40057 | Abu Dhabi | United Arab Emirates | Toll Free 800 23643Exhibit 10.29

 

EXECUTION VERSION [4]

  

 

 

Master
Istisna’ Agreement

 

 

 

 

 

Dated    29-06-2015

 

 

 

 

 

 

 

 

Brooge
Petroleum and Gas Investment Company FZC

(The
Seller)

 

National
Bank of Abu Dhabi PJSC - Islamic Banking Division

(The
Investment Agent)

 

 

 

 

 

 

 

 

 

 

	Dentons
                           & Co

Suite
1204 Al Ghaith Tower

Hamdan
Street

PO
Box 47656

Abu
Dhabi

United
Arab Emirates

	 

 

     

     

    

 

Contents

 

	1	Definitions and interpretation	1
	2	Istisna’ Facility	4
	3	Investment Agent’s rights and obligations	4
	4	Conditions precedent	5
	5	Istisna’ Agreement	6
	6	Conditions precedent to the making of Istisna’ Payments	7
	7	Specific sale and purchase provisions	8
	8	Payment obligations	9
	9	Representations and warranties	10
	10	Information undertakings	11
	11	Positive undertakings	12
	12	Negative undertakings	13
	13	Istisna’ Events of Default	13
	14	Events of Default and Events of Mandatory Prepayment	14
	15	Early termination by the Seller before the Istisna’ Agreement exists	14
	16	Indemnity	15
	17	Governing law	16
	18	Enforcement	16
	 	 	 
	Schedule 1   –   Form of Offer Letter and Acceptance	18
	Schedule A  –   Specifications and other matters	20
	Schedule 2   –   Istisna’ Instalment Notice	21

  

    Contents (i)

     

    

 

Master
Istisna’ Agreement

 

Dated

 

Between

 

	(1)	Broege
                                         Petroleum and Gas Investment Company FZC incorporated under the laws of Fujairah
                                         Free Zone, Fujairah, United Arab Emirates of P. O. Box 50170, Fujairah, United Arab Emirates
                                         (the Seller); and

 

	(2)	National
                                         Bank of Abu Dhabi PJSC - Islamic Banking Division, of P. O. Box 40057, Abu
                                         Dhabi, United Arab Emirates, acting in its capacity as Investment Agent for an on behalf
                                         of the Participants (the Investment Agent).

  

Recitals

 

	A	In
                                         accordance with the Investment Agency Agreement, the Participants have, amongst other
                                         things, appointed the Investment Agent as their agent under and in connection with the
                                         Transaction Documents, including this Master Istisna’ Agreement (the Agreement).

 

	B	Under
                                         the Istisna’ Facility, the Investment Agent will buy the Istisna’ Development
                                         from the Seller in accordance with the terms of this Agreement.

 

	C	The
                                         Seller has independently reviewed the Transaction Documents for the purpose of ensuring
                                         its compliance with the Shari’ah, and is satisfied that they do so comply.

 

It
is agreed:

 

	1	Definitions
                                         and interpretation

 

	1.1	Definitions

 

	1.1.1	Unless
                                         the context otherwise requires or unless otherwise defined in this Agreement, words and
expressions defined in the Common Terms Agreement (whether directly or indirectly) shall have the same meaning when used in this
Agreement.

 

	1.1.2	In
                                         addition, in this Agreement:

 

Acceptance
means a document substantially in the form set out in Part 2 of Schedule 1 (Form of Offer Letter and Acceptance) or
such other form as may be mutually agreed between the Seller and the Investment Agent.

 

Availability
Period means the period from and including the date of this Agreement and ending on the Termination Date.

 

Available
Commitment means at any time, in relation to a Participant, the Participant’s Commitment minus:

 

		(a)	the
amount of its Participant Contribution in relation to any Istisna’ Instalments that have been paid; and

 

    Page 1

     

    

 

		(b)	in
                                         relation to any proposed Istisna’ Instalment, the amount of its Participant Contribution
                                         in relation to any Istisna’ Instalments that are due to be made on or before the
                                         proposed Istisna’ Payment Date.

 

Available
Facility means the aggregate for the time being of each Participant’s Available Commitment.

 

Common
Terms Agreement means, in relation to the Istisna’ Development, that agreement made on or about the date of this Agreement
between the Seller (acting in the capacity as the Company) and the Investment Agent.

 

Completion
Certificate means, in relation to the Istisna’ Development, the certificate, howsoever described in the Main Construction
Agreement and which is issued under the Main Construction Agreement, confirming that the Istisna’ Development has been completed
and is ready for handover.

 

Construction
Event of Default means, in relation to the Istisna’ Development, those events howsoever described in the Main Construction
Agreement.

 

Development
Completion Date means, in relation to the Istisna’ Development, the date when the Completion Certificate is issued which
must be on or before the Projected Completion Date.

 

Final
Istisna’ Instalment means, in relation to the Istisna’ Agreement, the last scheduled Istisna’ Instalment
which is due to be paid on the Development Completion Date.

 

Istisna’
Agreement means an istisna’ agreement in which the Seller sells and the Investment Agent buys the Istisna’ Development
in accordance with the provisions of this Agreement.

 

Istisna’
Development means the assets to be constructed under the Istisna’ Agreement in accordance with the Specifications, as
described in the Istisna’ Agreement.

 

Istisna’
Event of Default means any of the events listed in Clause 13 (Istisna’ Events of Default).

 

Istisna’
Facility means a facility in a maximum amount equal to the Total Commitments.

 

Istisna’
Instalment Notice means a notice substantially in the form contained in Schedule 2 (Istisna’ Instalment
Notice).

 

Istisna’
Instalments means, in relation to the Istisna’ Agreement, the instalments of the Purchase Price payable in accordance
with this Agreement, the Istisna’ Agreement and the other Transaction Documents.

 

Istisna’
Payment means the payment of an Istisna’ Instalment.

 

Istisna’
Payment Date means a date when an Istisna’ Payment is made or has been paid or, as the context requires, is to be made.

 

Istisna’
Repeating Representations means each of the representations and warranties set out in Clause 9.2 (Main Construction Agreement).

  

Main
Construction Agreement means, in relation to the Istisna’ Development, the construction agreement entered into between
the  Seller and Main Contractor for the construction of the Istisna’ Development as described in Schedule A (Specifications
and other matters) to the Istisna’ Agreement created by the Offer Letter and Acceptance.

 

    Page 2

     

    

 

Main
Contractor means, in relation to the Istisna’ Development, the contractor under the Main Construction Agreement described
in Schedule A (Specifications and other matters) to the Istisna’ Agreement created by the Offer Letter and Acceptance.

 

Main
Contractor Insurances means, in relation to the Istisna’ Development, all policies and other contracts of insurance
to be maintained by the Main Contractor under the Main Construction Contract.

 

Offer
Letter means a document substantially in the form set out in Part 1 of Schedule 1 (Form of Offer Letter and Acceptance)
or such other form as may be mutually agreed between the Seller and the Investment Agent.

 

Party
means a party to this Agreement.

 

Payment
Support Documents means, in relation to the Istisna’ Development, those documents that are to accompany an
Istisna’ Instalment Notice as advised from time-to-time by the Technical Advisor.

 

Progress
Reports means all progress reports received by the Seller under or in connection with the Istisna’ Development.

 

Projected
Completion Date means, in relation to the Istisna’ Development, the date specified in the Offer Letter or such later
date as the Parties may agree.

 

Purchase
Price means, in relation to the Istisna’ Agreement, AED 310,718,000.

 

Specifications
means the specifications of the Istisna’ Development that are contained in Schedule A to the Istisna’ Agreement
created by the Offer Letter and Acceptance.

 

Technical
Advisor means the party nominated by, or otherwise acceptable to, the Investment Agent,

 

Termination
Date means the sooner to occur of:

 

		(a)	the
                                         Projected Completion Date; and

 

		(b)	the
                                         date falling 23 months after the first Istisna’ Payment Date.

 

	1.2	Construction

 

The
principles of construction used in the Common Terms Agreement shall apply to this Agreement to the extent they are relevant to
it and, subject to any necessary changes, as they apply to the Common Terms Agreement.

 

	1.3	Third
                                         party rights

 

	1.3.1	Subject
                                         to Clause 1.3.2, unless expressly provided to the contrary in this Agreement a person
                                         who is not a Party has no right under the Third Parties Act to enforce to enjoy the benefit
                                         of any term of this Agreement.

 

    Page 3

     

    

 

	1.3.2	Each
                                         Participant may, except as otherwise stated in the Transaction Documents, enforce or
                                         enjoy the benefit of any term of this Agreement which it would be able to enforce or
                                         enjoy if it were a party to this Agreement.

 

	1.3.3	Notwithstanding
                                         any term of any Transaction Document, the Parties may rescind, vary, waive, release,
                                         assign, novate or otherwise dispose of all or any of their respective rights or obligations
                                         under this Agreement without the consent of any person who is not a Party.

 

	1.4	Common
                                         Terms Agreement

 

This
Agreement and the rights and obligations of the Parties hereunder are subject to the provisions of the Common Terms Agreement.
The provisions of the Common Terms Agreement that are expressed to apply to all Transaction Documents apply equally to this Agreement.

 

	2	Istisna’
                                         Facility

 

	2.1	Istisna’
                                         Facility

 

Subject
to the terms and conditions of this Agreement and the Common Terms Agreement, the Investment Agent makes available to the Seller
the Istisna’ Facility.

 

	2.2	Purpose

 

	2.2.1	The Istisna’ Facility shall be used by the Seller to construct the Istisna’
                                         Development to be sold to the Investment Agent under the terms of this Agreement.

 

	2.2.2	No
                                         Finance Party is bound to monitor or verify the application of any Istisna’ Instalment
                                         paid to the Seller under this Agreement.

 

	2.3	Cancellation
                                         of Commitments

 

The
Commitments which, at that time, are unutilised shall be immediately cancelled at the end of the Availability Period.

 

	3	Investment
                                         Agent’s rights and obligations

 

The
Seller acknowledges and agrees that:

 

		(a)	the
                                         Investment Agent is only obliged to fund any Istisna’ Instalment if the Investment
                                         Agent receives cleared funds from the Participants for that purpose;

 

		(b)	the
                                         obligations of each Participant under the Investment Agency Agreement are several;

 

		(c)	if
                                         a Participant:

 

		(i)	fails
                                         to perform any of its obligations under the Investment Agency Agreement; or

 

	 	(ii)	is not required to perform its obligations
as a result of Clause 14 (Illegality) of the Common Terms Agreements (a Relevant Event), the Investment Agent is not responsible
either for the obligations of the defaulting Participant or for the payment of the relevant Istisna’ Instalment. The Seller
waives and releases any right, recourse or claim it might otherwise have against the Investment Agent or its assets (including
any right of set-off or counterclaim) as a result of such Relevant Event; and

 

    Page 4

     

    

  

		(d)	to
                                         the extent that the full amount of an Istisna’ Instalment is not paid this will
                                         not affect the relevant Istisna’ Agreement which will continue with the Purchase
                                         Price unaffected but, subject to their being no Event of Default which has occurred and
                                         is continuing, with the Commitment (along with the other rights and obligations of the
                                         relevant defaulting Participant) transferred to National Bank of Abu Dhabi PJSC - Islamic
                                         Banking Division (in its capacity as Participant) pursuant to clause 15.2 (National
                                         Bank of Abu Dhabi PJSC - Islamic Banking Division payment undertaking) of
                                         the Common Terms Agreement.

 

	4	Conditions
                                         precedent

 

	4.1	Initial
                                         conditions precedent

 

Without
limiting the provisions of Clause 4.2 (Further conditions precedent), the Seller may not deliver the Offer Letter unless
the Investment Agent has issued a notice that the provisions of clause 2 (Initial conditions precedent) of the Common Terms
Agreement have been satisfied.

 

	4.2	Further
                                         conditions precedent

 

The
Investment Agent shall only be obliged to enter into the Istisna’ Agreement if:

 

		(a)	each
                                         of the following have been entered into:

 

		(i)	the
                                         Forward Lease;

 

		(ii)	the
                                         Service Agency Agreement;

 

		(iii)	the
                                         Sale Undertaking;

 

		(iv)	the
Purchase Undertaking; and

 

		(v)	the
Seller Option Deed.

 

		(b)	on
                                         the date of the Offer Letter and the Acceptance:

 

		(i)	no
                                         Default is continuing or would result from the entry into of the proposed Istisna’
                                         Agreement;

 

		(ii)	the
                                         Repeating Representations to be made by each Obligor are true in all material respects;
                                         and

 

		(iii)	the
                                         Istisna’ Repeating Representations to be made by each Obligor are true in all material
                                         respects;

 

		(c)	the
                                         Purchase Price:

 

		(i)	is
                                         denominated in Dirham; and

  

		(ii)	equals
                                         or is less than the Total Commitments;

 

    Page 5

     

    

 

		(d)	the
                                         Offer Letter is issued in the Availability Period;

 

		(e)	the
                                         Final Istisna’ Instalment does not fall after the Termination Date; and

 

		(f)	it
                                         is not illegal or unlawful for the Investment Agent to enter into the Istisna’
                                         Agreement.

 

	5	Istisna’
                                         Agreement

 

	5.1	Offer
                                         Letter

 

	5.1.1	Subject
                                         to the terms and conditions of this Agreement, if the Seller wants to enter into the
                                         Istisna’ Agreement it must deliver a completed and signed Offer letter to the Investment
                                         Agent.

 

	5.1.2	The
                                         Offer Letter must be issued on a Business Day falling within the Availability Period.

 

	5.1.3	Once
                                         given, the Offer Letter shall be irrevocable.

 

	5.1.4	As
                                         soon as practicable after the Investment Agent receives the Offer letter, it shall send
                                         a copy to each Participant.

 

	5.2	Acceptance

 

If
the Investment Agent receives affirmative confirmations from all of the Participants that they wish to proceed and that they will
provide their Participant Contributions in relation to the proposed Istisna’ Agreement, it shall deliver the Acceptance
to the Seller.

 

	5.3	Failure to respond affirmatively to the Seller

 

If
the Investment Agent does not issue the Acceptance within three Business Days of the date of receipt of the Offer Letter, the
Investment Agent (for the Participants) will be deemed to have refused to enter into the proposed Istisna’ Agreement. (For
the avoidance of doubt, the Investment Agent acknowledges that, on the date of this Agreement, it has received confirmation from
the sole Participant, National Bank of Abu Dhabi PJSC - Islamic Banking Division, that it will provide its Participant Contributions
in relation to the proposed Istisna’ Agreement detailed in the Offer Letter of the same date and that the Investment Agent
shall, accordingly, also issue the related Acceptance on the date of this Agreement).

  

	5.4	No
                                         liability for failing to issue the Acceptance

 

Neither
the Investment Agent nor any Participant shall be:

 

		(a)	obliged to give reasons for
any refusal to issue the Acceptance; or
	 	 	 
	 	(b)	liable
                                                                                                                                                                                                                                                                             in any way to the Seller for not issuing the Acceptance.

 

    Page 6

     

    

 

	6	Conditions precedent to the making of Istisna’
payments

 

In
relation to the Istisna’ Agreement:

 

	6.1	Conditions
                                         precedent

 

The
Investment Agent shall only be obliged make an Istisna’ Payment if:

 

		(a)	the
                                         Istisna’ Instalment Notice is received no later than 11 a.m. on the day falling
                                         two Business Days prior to the proposed Istisna’ Payment Date;

 

		(b)	the
                                         proposed Istisna’ Payment Date is within the Availability Period;

 

		(c)	in
                                         relation to the first Istisna’ Payment, the Investment Agent receives a status
                                         report from the Technical Advisor in form and substance satisfactory to the Investment
                                         Agent which includes the following information:

 

		(i)	confirmation
                                         that the expected Projected Completion Date will be achieved by the completion date specified
                                         in the Main Construction Agreement;

 

		(ii)	the
                                         current completion status;

 

		(iii)	the
outstanding work to be completed;

 

		(iv)	the
                                         amounts paid by the Main Contractor under the Main Construction Agreement; and

 

		(v)	details
                                         of any variations made or to be made to the Main Construction Agreement.

 

		(d)	in
                                         relation to each Istisna’ Payment (other than the Final Istisna’ Instalment),
                                         the Investment Agent receives a certificate from the Technical Advisor confirming that
                                         the Technical Advisor is satisfied that the Payment Support Documents attached to the
                                         Istisna’ Instalment Notice evidences that the construction of the Istisna’
                                         Development has reached the relevant construction milestones;

 

		(e)	in
                                         relation to the Final Istisna’ Instalment, the Investment Agent receives a certificate
                                         from the Technical Advisor confirming that the Technical Advisor is satisfied that the
                                         Payment Support Documents attached to the Istisna’ Instalment Notice support the
                                         request for the Istisna’ Payment;

 

		(f)	the
                                         Istisna’ Payment:

 

		(i)	is
                                         denominated in Dirhams;

 

		(ii)	equals
                                         or is less than the Available Facility;

 

		(iii)	is
                                         not more than 90 per cent of the amount of the instalment due to the Main Contractor
                                         by the Seller pursuant to the Main Construction Agreement and referred to in the Payment
                                         Support Documents; and

 

		(iv)	is
                                         an integral multiple of AED1,000,000 (except in relation to the Final Istisna’
                                         Instalment, which may be AED1,718,000);

 

		(g)	the
                                         Investment Agent has received from the Seller an amount equal to 10 percent of the payment
                                         due to the Main Contractor by the Seller pursuant to the Main Construction Agreement
                                         and referred to in the Payment Support Documents together with irrevocable instructions
                                         to pay that amount to the Main Contractor and/or

 

    Page 7

     

    

 

		(h)	on
                                         the Istisna’ Payment Date:

 

		(i)	no
Default is continuing; and

 

		(ii)	the
                                         Repeating Representations and the Istisna’ Repeating Representations to be made
                                         by each Obligor are true in all material respects.

 

	6.2	Completion
of an Istisna’ Instalment Notice

 

An
Istisna’ Instalment Notice is irrevocable and will not be regarded as having been duly completed unless it complies with
the provisions of this Agreement.

 

	6.3	Istisna’
                                         Payments

 

If
the Investment Agent determines that the conditions precedent contained in Clause 6.1 (Conditions precedent) have been
satisfied, the Investment Agent shall make the relevant Istisna’ Payment on the relevant Istisna’ Payment Date.

 

	7	Specific
sale and purchase provisions

 

Unless
specifically provided to the contrary the provisions of this Clause 7 (Specific sale and purchase provisions) shall
apply to the Istisna’ Agreement.

 

	7.1	General

 

	7.1.1	The
                                         Seller sells the Istisna’ Development to the Investment Agent:

 

		(a)	for
the Purchase Price which shall be paid by the making of the Istisna’ Instalments;

 

		(b)	in
accordance with the Specifications; and

 

		(c)	with
                                         completion of the Istisna’ Development being on or before the Projected Completion
                                         Date, all in accordance with the provisions of this Agreement, the Istisna’ Agreement
                                         and the other Transaction Documents.

  

	7.1.2	The
                                         Investment Agent purchases the Istisna’ Development in accordance with the terms
                                         of this Agreement, the Istisna’ Agreement and the other Transaction Documents.

 

	7.2	Transfer
                                         of title and ownership

 

	7.2.1	Provided
                                         that the Development Completion Date occurs on or before the Projected Completion Date,
                                         the Final Istisna’ Instalment shall be paid on the Development Completion Date.

 

	7.2.2	On
                                         payment of the Final Istisna’ Instalment:

 

		(a)	title,
                                         possession and risk to the Istisna’ Development shall automatically pass and transfer
                                         from the Seller to the Investment Agent free of any Security other than for any Permitted
                                         Security; and

 

    Page 8

     

    

  

		(b)	the
                                         Seller shall provide the same warranties to the Investment Agent in relation to the Istisna’
                                         Development as it receives under the Main Construction Agreement, in form and substance
                                         satisfactory to the Investment Agent.

 

	7.3	Right
                                         to be on the property

 

On
the same date as the matters described in Clause 7.2.2 occur, the Seller shall grant to the Investment Agent (at no additional
cost) such legal rights that the Investment Agent requires in order to be legally on the real estate on which the Istisna’
Development is situated.

 

	7.4	Further
                                         assurances

 

Without
limiting Clause 11.2 (Further documents), the Seller shall, at the request of the Investment Agent and at the Seller’s
expense, take whatever action is required by the Investment Agent to give effect to Clause 7.2 (Transfer of title and ownership)
and Clause 7.3 (Right to be on the property).

 

	7.5	Position
                                         if title not registered in the name of the Investment Agent

  

If
for whatever reason title to the Istisna’ Development is not registered in the name of the Investment Agent but remains
registered in the name of the Seller, the Seller shall hold the registered title on the following terms:

 

		(a)	the
                                         registration of title in the name of the Seller shall be held and maintained by the Seller
                                         as agent for and on behalf of the Investment Agent;

 

		(b)	the
                                         Seller acknowledges that the Seller’s right, title and interest in and to the Istisna’
                                         Development has been transferred to the Investment Agent in accordance with this Agreement
                                         and the Seller also acknowledges that the Seller is no longer the owner of the Istisna’
                                         Development;

 

		(c)	the
                                         Investment Agent has an absolute right of disposal in respect of the Istisna’ Development
                                         in any manner whatsoever; and

 

		(d)	the
                                         Seller shall not, without the prior written permission of the Investment Agent, take
                                         any action that may result in any change in registration or ownership of the Istisna’
                                         Development.

  

	8	Payment
                                         obligations

 

	8.1	Istisna’
                                         Instalment Notices

 

	8.1.1	In
                                         relation to the Istisna’ Agreement, at least two Business Days before a Istisna’
                                         Payment Date, the Seller must give an Istisna’ Instalment Notice to the Investment
                                         Agent.

 

	8.1.2	The
                                         first Istisna’ Instalment Notice in relation to the Istisna’ Agreement cannot be issued until the Investment Agent is satisfied that it has received all of the
                                         documents and other evidence listed in Schedule 1 (Specific conditions precedent in
                                         relation to the Forward Lease) to the Master Forward Lease Agreement and which relate
                                         to the Forward Lease whose Leased Assets correspond to the Istisna’ Development
                                         of that Istisna’ Agreement, in form and substance satisfactory to the Investment
                                         Agent.

 

    Page 9

     

    

 

	8.2	Payment
                                         procedure for the Istisna’ Instalments (other than the Final Istisna’ Instalment)

 

	8.2.1	In
                                         relation to the Istisna’ Agreement, with regard to an Istisna’ Instalment
                                         other than the Final Istisna’ Instalment, within seven days of receiving an Istisna’
                                         Instalment Notice, the Investment Agent shall inform the Seller that either:

 

		(a)	it
                                         is satisfied that the Payment Support Documents attached to the Istisna’ Instalment
                                         Notice evidence that the construction of the Istisna’ Development has reached the
                                         required construction phase as determined by the Technical Advisor; or

 

		(b)	it
                                         is not satisfied.

 

	8.2.2	In
                                         the case of Clause 8.2.1(a), the Investment Agent shall make the Istisna’ Payment
                                         on the Istisna’ Payment Date.

 

	8.2.3	In
                                         the case of Clause 8.2.1(b), the Seller may submit revised Payment Support Documents
                                         (and may do so on more than one occasion) until such time as the Investment Agent confirms
                                         that it is satisfied as described in Clause 8.2.1(a) at which time (and subject to the
                                         terms of this Agreement and the other Transaction Documents) the Investment Agent shall
                                         make the Istisna’ Payment to the Seller.

 

	8.3	Payment
                                         procedure for the Final Istisna’ Instalment

 

In
relation to the Istisna’ Agreement, with regard to the Final Istisna’ Instalment, and provided that the Investment
Agent receives an Istisna’ Instalment Notice that has been accompanied by the Completion Certificate on or before the Projected
Completion Date, the Investment Agent shall make the Istisna’ Payment relating to the Final Istisna’ Instalment on
the Istisna’ Payment Date.

 

	8.4	Account
                                         details for payments

 

The
Investment Agent shall pay each Istisna’ Instalment to the main contractor under the Main Construction Agreement on the
irrevocable instructions of the Seller to the account notified by the Seller for such purpose.

 

	9	Representations
and warranties

 

The
Investment Agent and each other Finance Party has entered into the Transaction Documents in reliance on the representations of
each Obligor set out in this Clause 9, and each Obligor warrants to the Investment Agent and each other Finance Party on the date
of this Agreement as set out in this Clause 9.

 

	9.1	General
                                         application

 

The
representations described below shall apply by reference to the Istisna’ Agreement.

 

	9.2	Main
                                         Construction Agreement

 

	9.2.1	The
                                         obligations expressed to be assumed by it and the Main Contractor in the Main Construction
                                         Agreement are legal, valid, binding and enforceable obligations.

 

    Page 10

     

    

 

	9.2.2	The
                                         entry into and performance by it and the Main Contractor of, and the transactions contemplated
                                         by, the Main Construction Agreement do not and will not conflict with any law or regulation
                                         applicable to it or the Main Contractor.

 

	9.2.3	It
                                         has the power to enter into, perform and deliver, and has taken all necessary action
                                         to authorise its entry into, performance and delivery of, the Main Construction Agreement
                                         and the transactions contemplated by the Main Construction Agreement.

 

	9.2.4	All
                                         Authorisations required or desirable:

 

		(a)	to
                                         enable it lawfully to enter into, exercise its rights and comply with its obligations
                                         in the Main Construction Agreement; and

 

		(b)	to
                                         make the Main Construction Agreement admissible in evidence in each Relevant Jurisdiction, have
been obtained or effected and are in full force and effect.

  

	9.2.5	The
Main Contractor has not taken any action nor (to the best of its knowledge and belief) have any steps been taken or legal proceedings
been started or threatened against it for its winding-up, dissolution or reorganisation, for the enforcement of any Security over
its assets or for the appointment of a liquidator, supervisor, receiver, administrator, administrative receiver, compulsory manager,
trustee or other similar officer of it or in respect of any of its assets.

 

	9.2.6	No
event of default (howsoever described under the Main Construction Agreement) or other event or circumstance is outstanding which
constitutes (or would do so with the expiry of a grace period, the giving of notice, the making of any determination, the satisfaction
of any other condition or any combination of any of the foregoing) a default or termination event (howsoever described) under
the Main Construction Agreement.

 

	9.3	Repetition

 

The
representations and warranties set out in this Clause 9 shall survive the execution of this Agreement and are deemed to be repeated
by each Obliger by reference to the facts in relation to the Istisna’ Agreement then existing on:

 

		(a)	the
                                         date of the Offer Letter;

 

		(b)	the
                                         date of the Acceptance;

 

		(c)	the
                                         date of each Istisna’ Instalment Notice; and

 

		(d)	each
                                         Istisna’ Payment Date.

  

	10	Information
                                         undertakings

 

The
undertakings in this Clause 10 remain in force from the date of this Agreement until the expiry of the Security Period.

 

	10.1	Progress Reports

 

The
Seller shall supply to the Investment Agent in sufficient copies for all the Participants copies of Progress Reports promptly
upon receiving them.

 

    Page 11

     

    

 

	10.2	Environmental
                                         Claims

 

The
Seller shall promptly upon becoming aware of the same, inform the Investment Agent in writing of:

 

		(a)	any
                                         Environmental Claim that relates to the Istisna’ Development which is current,
                                         pending or threatened; and

 

		(b)	any
                                         facts or circumstances which are reasonably likely to result in any Environmental Claim
                                         being commenced or threatened in relation to the Istisna’ Development.

 

	11	Positive
                                         undertakings

 

The
undertakings in this Clause 11 remain in force from the date of this Agreement until the expiry of the Security Period.

 

	11.1	Access

  

The
Seller shall permit the Investment Agent, the Security Agent and any person (being an accountant, auditor, solicitor, valuer or
other professional adviser of the Investment Agent or the Security Agent) authorised by the Investment Agent or the Security Agent
to have, at all reasonable times during normal business hours, and on reasonable notice, access to the Istisna’ Development.

 

	11.2	Development

 

The
Seller must ensure that the Istisna’ Development is promptly commenced and is diligently carried out and is completed:

 

		(a)	in
                                         accordance with the Specifications and the Transaction Documents; and

 

		(b)	in
                                         a good and workmanlike manner, using materials of good quality which are fit for their
                                         respective purposes.

 

	11.3	Further
                                         documents

 

Without
limiting the terms of clause 8.5 (Further documents) of the Common Terms Agreement, the Seller shall, at the request of
the Investment Agent, do or arrange for the doing of all such things and execute or arrange for the execution of all such documents
as are, in the opinion of the Investment Agent, necessary or desirable to ensure that the Finance Parties obtain all the rights
and benefits intended to be conferred on them in relation to the Istisna’ Development.

 

	11.4	Main
                                         Construction Agreement compliance

 

In
relation to the Istisna’ Agreement, the Seller shall:

 

		(a)	comply
                                         with all the provisions of the Main Construction Agreement;

 

		(b)	obtain,
maintain, file (where applicable) and ensure compliance with all requisite Environmental Permits required for the Istisna’
Development; and

  

		(c)	implement
procedures to monitor compliance with and to prevent liability under any Environmental Law in relation to the Istisna’ Development.

 

    Page 12

     

    

 

	11.5	Dangerous
                                         Materials

 

The
Seller shall ensure that all Dangerous Materials treated, kept and stored, produced, manufactured, generated, refined or used
from, in, upon or under the Istisna’ Development are held and kept upon such real property in such a manner and up to such
standards as they would be kept by a prudent company carrying on such development activities.

 

	11.6	Insurance

 

	11.6.1	In
                                         relation to the Istisna’ Agreement, the Seller shall ensure that the Main Contractor:

 

		(a)	complies
                                         with all of its obligations under the Main Construction Agreement to provide and maintain
                                         in full force and effect the Main Contractor Insurances;

 

		(b)	complies
                                         with the requirements of all covenants, undertakings and conditions as to insurance which
                                         are imposed by the terms of the Main Construction Agreement;

 

		(c)	duly
                                         and punctually pays all premiums and other moneys due and payable in respect of the Main
                                         Contractor Insurances and promptly at the request of the Seller (including if so requested
                                         by the Investment Agent) produce receipts for the payment of the premiums;

 

		(d)	at
                                         the request of the Seller (including if so requested by the Investment Agent), deposit
                                         with or produce for inspection (to the Investment Agent or, at the Investment Agent’s
                                         request, to the Security Agent) the Main Contractor Insurances; and

 

		(e)	uses
                                         all reasonable endeavours to prevent the happening of any act, omission, breach or default
                                         which would be reasonably likely to render void or voidable any insurances effected by
                                         it.

 

	12	Negative
                                         undertakings

 

The
undertakings in this Clause 12 remain in force from the date of this Agreement until the expiry of the Security Period.

 

	12.1	Negative
                                         pledge

 

The
Seller shall not (and the Seller shall ensure that no other Group Company will not) create or permit to subsist any Security over
the Istisna’ Development.

 

	12.2	Main
                                         Construction Agreement

 

No
Obliger shall amend, vary or terminate the Main Construction Agreement in relation to the Istisna’ Agreement without the
consent of the Investment Agent.

 

	13	Istisna’
                                         Events of Default

 

Each
of the events or circumstances set out in this Clause 13 is an Istisna’ Event of Default.

 

    Page 13

     

    

 

	13.1	Construction
                                         Event of Default

 

A
Construction Event of Default occurs or the Investment Agent reasonably believes that a Construction Event of Default is likely
to occur.

 

	13.2	Completion
                                         Certificate

 

The
Completion Certificate is not issued on or before the Projected Completion Date for the Istisna’ Development.

 

	14	Events
                                         of Default and Events of Mandatory Prepayment

 

If:

 

		(a)	any
                                         Event of Default; or

  

		(b)	any
Event of Mandatory Prepayment,

 

occurs,
the Investment Agent may exercise the rights and remedies set out in clause 12 (Acceleration) of the Common Terms Agreement
including those rights and remedies relating to this Agreement, the Istisna’ Agreement and any other Transaction Document.

 

	15	Early termination
    by the Seller before the Istisna’ Agreement exists

 

	15.1	Notice

 

Provided
that the Seller has not issued an Offer Letter, the Seller may give the Investment Agent not less than 30 days’ notice (or
such shorter period as the Majority Participants may agree) that it no longer wishes to issue an Offer Letter.

 

	15.2	Effect
                                         of the notice

 

Once
the notice has been issued:

 

		(a)	all
                                         Available Commitments shall be reduced to zero; and

 

		(b)	the
Seller may not utilise any part of the Available Facility.

 

	15.3	Copies

 

The
Investment Agent shall immediately send copies of the notice to the other Finance Parties.

 

	15.4	Cancellation

 

Any
cancellation under this Clause 15 shall reduce the Commitments of the Participants rateably under the Istisna’ Facility.

 

    Page 14

     

    

 

	16	Indemnity

 

	16.1	Indemnity
                                         claims

 

	16.1.1	Without
                                         prejudice to the indemnities contained in clause 16 (Other indemnities) of the Common
                                         Terms Agreement, the Seller acknowledges that the Istisna’ Development is being
                                         leased by the Investment Agent under the Forward Lease and that the Investment Agent
                                         is relying on the Seller to perform its obligations under this Agreement and the Istisna’
                                         Agreement in order for it to fulfil its own obligations under the Forward Lease and accordingly
                                         the Seller shall, within three Business Days of demand, indemnify each Secured Party
                                         and each Secured Party’s officers and employees against any Losses incurred by
                                         that Secured Party or any of its officers and employees as a result of:

 

		(a)	the
                                         Development Completion Date not occurring on or before the relevant Projected Completion
                                         Date;

 

		(b)	the
                                         Istisna’ Development not being constructed in accordance with the relevant Specifications;

 

		(c)	there
                                         being any defects (including latent defects) relating to all or any part of the Istisna’
                                         Development including any claims based on decennial liability claims;

 

		(d)	any
                                         claim under any Environmental Laws, legislation, judgments, awards and decisions, including
                                         notices and orders which are breached in relation to the Istisna’ Development or
                                         the construction of the Istisna’ Development; and

  

		(e)	whether
                                         directly or indirectly, in or through the design or construction of the Istisna’
                                         Development.

 

	16.1.2	Losses
                                         shall include any claim that the Lessee may have against the Investment Agent (acting
                                         as the Lessor) under the Forward Lease (including the return of any Advance Rental Payments)
                                         on the grounds that the Commencement Date has not occurred or will not occur on or before
                                         the relevant Projected Completion Date and whether caused by the Seller or the Investment
                                         Agent terminating this Agreement, the Istisna’ Agreement or the Forward Lease or
                                         for any other reason.

 

	16.2	General

 

Any
certificate of any Finance Party as to the amount of any Losses sustained or incurred by it and which are being claimed under
Clause 16.1 (Indemnity claims) shall be conclusive and binding on any Obligor except for any manifest error.

 

	16.3	Exclusions

 

The
indemnities contained in this Clause 16 shall not extend to any liability, loss or damage that is caused by the gross negligence
or wilful misconduct of a Secured Party or that Secured Party’s officers and employees.

 

	16.4	Survival

 

The
obligations of the Seller in respect of the indemnities described in this Clause 16 shall survive the expiration or termination
of this Agreement, the Istisna’ Agreement for any reason whatsoever (including any fundamental or repudiatory breach by
the Seller).

 

    Page 15

     

    

 

	17	Governing
                                         law

 

	17.1	English
                                         law

 

	17.1.1	Subject
                                         to Clause 17.1.2, this Agreement and the Istisna’ Agreement and all non-contractual
                                         obligations arising out of or connected with it shall be governed by, and construed in
                                         accordance with, English law.

 

	17.1.2	The
                                         Parties agree that the creation and transfer of any proprietary rights of the Parties
                                         in relation to the Istisna’ Development shall be governed by, and construed in
                                         accordance with, the laws of Fujairah and the federal laws of the United Arab Emirates
                                         as applied by the civil courts of Fujairah, in each case, to the extent those laws do
                                         not conflict with Shari’a. In the event of any contradiction between the laws of
                                         Fujairah and the federal laws of the United Arab Emirates and the principles of Shari’a,
                                         the principles of Shari’a shall prevail.

 

	17.2	Interest

 

The
Parties recognise and agree that the principle of the payment of interest is repugnant to the Shari’ah and accordingly,
to the extent that any legal system would (but for the provisions of this Clause) impose (whether by contract or by statute)
any obligation to pay interest, the Parties hereby irrevocably and unconditionally expressly waive and reject any entitlement
to recover interest from each other.

 

	18	Enforcement

 

	18.1	Jurisdiction

 

	18.1.1	Subject
                                         to Clause 18.1.2, the Parties submit, and waive any objection, to the exclusive jurisdiction
                                         of the courts of the Dubai International Financial Centre, Emirate of Dubai, United Arab
                                         Emirates to settle any dispute arising out of or in connection with this Agreement and
                                         the Istisna’ Agreement (including a dispute relating to the existence, validity
                                         or termination of this Agreement and the Istisna’ Agreement or any non-contractual
                                         obligation arising out of or in connection with this Agreement and the Istisna’
                                         Agreement) (a Dispute). The Parties agree that the courts of the Dubai International
                                         Financial Centre, Emirate of Dubai, United Arab Emirates are the most appropriate and
                                         convenient courts to settle Disputes and accordingly no
Party will argue to the contrary.

 

	18.1.2	The
                                         Parties agree that the civil courts of Fujairah shall have the exclusive jurisdiction
                                         to settle any dispute arising out of or in connection with the creation and transfer
                                         of any proprietary rights of the Parties in relation to the Istisna’ Development.

 

	18.1.3	Notwithstanding
                                         Clauses 18.1.1 and 18.1.2, the Parties agree that the Investment Agent may take proceedings
                                         relating to a Dispute in any other court with jurisdiction. To the extent allowed by
                                         law, the Investment Agent may take concurrent proceedings in any number of jurisdictions.
                                         This Clause 18.1.3 is for the benefit of the Investment Agent only.

 

	18.2	State
                                         Immunity

 

	18.2.1	Each
Party acknowledges and agrees, to the extent relevant, that its execution, performance and delivery of this Agreement and the
Istisna’ Agreement shall constitute a private commercial transaction entered into entirely in its commercial capacity.

 

    Page 16

     

    

 

	18.2.2	To
                                         the extent that any Party may in any jurisdiction claim for itself or its assets immunity
                                         from legal proceedings, and to the extent that in any jurisdiction there may be attributed
                                         to any Party or its assets such immunity (whether claimed or not), that Party irrevocably
                                         and unconditionally and to the full extent permitted by the laws of the Relevant Jurisdiction:

 

		(a)	agrees
                                         not to claim such immunity;

 

		(b)	waives
                                         any such immunity which it or its assets now has or may in future acquire; and

 

		(c)	consents,
                                         in any legal proceedings arising out of or in connection with this Agreement, the Istisna’
                                         Agreement to the giving of relief by enforcement, execution (including the arrest, detention
                                         or sale of any state property) or attachment (whether before judgment, in aid of execution
                                         or otherwise) against any of its assets.

 

	18.2.3	In
                                         relation to any legal proceedings that may be taken in England, the foregoing waiver
                                         of immunity shall have effect under, and be construed in accordance with, the State Immunity
                                         Act 1978.

 

	18.2.4	For
the purposes of this Clause 18.2:

 

legal
proceedings includes any service of process, suit, judgment, execution, attachment (whether before judgment, in aid of execution,
or otherwise), arbitral proceedings or other dispute resolution mechanisms; and

 

asset
includes any asset not used solely for commercial purposes.

 

This
Agreement is entered into by the Parties on the date stated at the beginning of this Agreement.

 

    Page 17

     

    

 

Execution
Page of Master Istisna’ Agreement

 

The
Seller

 

	Signed by	)	 
	 	)
	duly authorised in accordance with the	)
	laws of Fujairah Free Zone, United Arab	)
	Emirates for and on behalf of Brooge	)
	Petroleum and Gas Investment Company	)
	FZC in the presence of:	)
	 	 
	Signature of witness	)

  

	Name
    of witness:	 	 
	 	 	 
	Address
    of witness:	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

The
Investment Agent

 

	Signed by	)	/s/ Aqeel
    Bughio                                             /s/
    Omar Katri
	 	)	 
	authorised in accordance with the	)	 
	laws of Abu Dhabi, United Arab Emirates for	)	 
	and
    on behalf of National Bank of Abu	)	 
	Dhabi
    PJSC - Islamic Banking Division in 	)	 
	the presence of:	)	 
	 	 	 
	Signature of witness	)	 

 

	Name
    of witness:	 	 
	 	 	 
	 	 	 
	Address
    of witness:	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

 

 Page 18

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