Document:

Exhibit 10.8.2 

 

	PRIVATE
                           & CONFIDENTIAL

         

        www.dtz.com
	

 

 

Report and Valuation 

 

Prepared on behalf
of

 

OMAGINE LLC

 

In respect of

 

SITE OF THE OMAGINE
PROJECT

AL MAWALEH NORTH

AL SEEB

SULTANATE OF OMAN

 

Valuation Date: 15 January 2015

 

Report Date: 15 January 2015

 

Contract Ref No: AEVA2438

 

 

    	 

    	 
 
 
Report and Valuation | Omagine LLC
 	 
 

    

  

	15 JANUARY 2015	 
	 	 
	CONTENTS	 
	 	 
	EXECUTIVE SUMMARY	4
	 	 
	1.      
    TERMS OF INSTRUCTION	7
	 	 
	 	1.1.	Valuation Instruction	7
	 	 	 	 
	 	1.2.	Our Appointment and Valuation Date	7
	 	 	 	 
	 	1.3.	Compliance with RICS Valuation Standards	7
	 	 	 	 
	 	1.4.	Status of Valuer and Conflicts of Interest	7
	 	 	 	 
	 	1.5.	Valuation Summary	7
	 	 	 	 
	 	1.6.	DTZ Terms of Business	7
	 	 	 	 
	 	1.7.	Valuation Terms and Conditions	8
	 	 	 	 
	2.      
    BASIS OF VALUATION	9
	 	 
	 	2.1.	Observations and Assumptions	9
	 	 	 	 
	3.      
    EXTENT OF DUE DILIGENCE AND INFORMATION SOURCES	10
	 	 
	 	3.1.	Inspection	10
	 	 	 	 
	 	3.2.	Valuers	10
	 	 	 	 
	 	3.3.	Information	10
	 	 	 	 
	 	3.4.	Tenure and Title	11
	 	 	 	 
	 	3.5.	Development Agreement	12
	 	 	 	 
	4.        VALUATION
    ASSUMPTIONS	13
	 	 
	5.      
    PROPERTY DESCRIPTION	14
	 	 
	 	5.1.	Location and Situation	14
	 	 	 	 
	 	5.2.	Description	15
	 	 	 	 
	 	5.2.1.	Proposed Development	16
	 	 	 	 
	6.      
    OMAN SOCIO-ECONOMIC OVERVIEW	18
	 	 
	 	6.1.	Introduction	18
	 	 	 	 
	 	6.2.	Overview	18
	 	 	 	 
	 	6.3.	GENERAL ECONOMIC OVERVIEW	19
	 	 	 	 
	 	6.4.	Economic Forecasts	21
	 	 	 	 
	 	6.5.	Demographics	22
	 	 	 	 
	7.      
    OMAN REAL ESTATE MARKET COMMENTARY	24
	 	 
	 	7.1.	Residential Overview	24
	 	 	 	 
	 	7.2.	Residential - Integrated Tourism Complexes (ITCs)	24
	 	 	 	 
	 	7.2.1.	The Wave Muscat	25
	 	 	 	 
	 	7.2.2.	Muscat Hills Golf and Country Club	27
	 	 	 	 
	 	7.2.3.	Shangri La Barr Al Jissah Resort & Spa	28
	 	 	 	 
	 	7.2.4.	Jebel Sifah	29
	 	 	 	 
	 	7.2.5.	Saraya Bandar Jissah	30
	 	 	 	 
	 	7.2.6.	ITC Outlook	30
	 	 	 	 
	 	7.3.	Tourism Market Overview	31
	 	 	 	 
	 	7.3.1.	Hotel Market Overview	33
	 	 	 	 
	 	7.3.2.	Retail Market Overview	35

 

    	 
DTZ COI No | AEVA2438
Valuation Date | 15 January 2015	 
 
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	8.
          INVESTIGATIONS AND ENQUIRIES	39
	 	 
	 	8.1.	Transparency	39
	 	 	 	 
		8.2.	Environmental Matters	39
	 	 	 	 
	 	8.3.	Ground Conditions	40
	 	 	 	 
	 	8.4.	Planning	40
	 	 	 	 
	 	8.5.	Services	40
	 	 	 	 
	 	8.6.	Highways and Infrastructure	40
	 	 	 	 
	 	8.7.	Tenure	41
	 	 	 	 
	9.
          VALUATION APPROACH, METHODOLOGY AND ASSUMPTIONS	42
	 	 
	 	9.1.	Construction Costs	43
	 	 	 	 
	 	9.2.	Residential Sales Prices	44
	 	 	 	 
	 	9.3.	Timing	45
	 	 	 	 
	 	9.4.	Commercial Property	46
	 	 	 	 
	 	9.5.	Target Internal Rate of Return (IRR)	47
	 	 	 	 
	 	9.6.	Financial Model Findings	47
	 	 	 	 
	10.
          VALUATION CERTIFICATION	48
	 	 
	11.
          DISCLOSURE AND CONFIDENTIALITY	49
	 	 
	APPENDIX 1 - DEFINITIONS OF THE BASES OF VALUATION	50
	 	 
	APPENDIX 2 - VALUATION TERMS CONDITIONS AND ASSUMPTIONS	53
	 	 
	APPENDIX 3 – TITLE DOCUMENTS (KROOKI)	55
	 	 
	APPENDIX 4 – USUFRUCT AGREEMENT	61
	 	 
	APPENDIX 5 – CONSTRUCTION COSTS	69
	 	 
	APPENDIX 6 – ITC LOCATION MAP	70
	 	 
	APPENDIX 7 – APPRAISAL SUMMARY	71

  

    	 
DTZ COI No | AEVA2438
Valuation Date | 15 January 2015	 
 
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	EXECUTIVE SUMMARY	 
	 	 
	Client:	Omagine LLC
	 	 
	Property Address:	Site of the Omagine Project (plot no. 01-05-012-01-1), Al Mawaleah North,
    Al Seeb, Sultanate of Oman
	 	 
	Type of Property:	Development land
	 	 
	Use:	Integrated Tourism Complex (ITC)
	 	 
	Proposed Use:	Mixed use
	 	 
	Purpose of Valuation:	For loan security purposes and for inclusion in report filing with the United
    States of America Securities and Exchange Commission (the ‘SEC’)
	 	 
	Date of Instruction:	6 December 2014
	 	 
	Date of Inspection:	N/A – Desktop study
	 	 
	Date of Valuation:	15 January 2015
	 	 
	COI No:	AEVA2438
	 	 
	Basis of Valuation:	Market Value
	 	 
	Valued Interest:	Usufruct / Freehold
	 	 
	Valuation Assumptions:	In providing our assessment of value for the Subject Property detailed herein
    we have made the following assumptions:
	 	 
	 	·     The
    Usufruct interest is unencumbered and can be transferred without restriction in accordance with Royal Decree No. 12/2006 and
    the Development Agreement
	 	 
	 	·     The
    subject property is clear of any improvements
	 	 
	 	·     The
    completed units within the development will be transferred to third parties under Royal Decree 12/2006 with international
    freehold status
	 	 
	 	·     Sold
    units are on an individual unit basis
	 	 
	 	·     Adequate
    parking is provided in accordance with municipality guidelines
	 	 
	 	·     All
    pre-sales payments are deposited into an ESCROW account and drawn down for development works

 

    	 
DTZ COI No | AEVA2438
Valuation Date | 15 January 2015	 
 
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	 	·      Construction
    costs provided by Omagine LLC have been adopted
	 	 
	 	·      Utility
    services will be provided to the boundary of the subject property and will be sufficient for the proposed development
	 	 
	 	·      Access
    roads connecting the subject property will be sufficient for proposed use
	 	 
	 	·      The
    hotels within the scheme will be managed by high profile global operators
	 	 
	 	·      The
    hotels will be granted alcohol licences
	 	 
	 	·      The
    serviced chalets and apartments will be managed by the hotel operators
	 	 
	 	·      Market
    value of the subject property is based upon the proposed scheme/massing present as “Project related site value”
	 	 
	 	·      All
    information provided and relied upon is accurate as at the date of valuation
	 	 
	Sources of Information:	For the purpose of this valuation we have relied upon the following information
    provided by the Client:
	 	 
	 	·      Usufruct
    Agreement (dated August 2014)
	 	 
	 	·      Krooki
    (dated 16 June 2014)
	 	 
	 	·      Proposed
    scheme design and specification
	 	 
	 	·      Construction
    costs provided by Majan Engineering Consultants and Consolidated Contractors Company
	 	 
	 	·      Master
    plan with gross and net areas in accordance with the Development Agreement
	 	 
	 	·      Development
    Agreement (dated 2 October 2014)
	 	 
	Standards:	The report has been prepared in accordance with the RICS Valuation –
    Professional Standards 2014
	 	 
	Independence and Objectivity:	We confirm that we have had no material involvement with the property or the
    client(s), that we act objectively and that this report represents our independent opinion of value where DTZ does not consider
    that any conflict arises in preparing the advice requested.

  

    	 
DTZ COI No | AEVA2438
Valuation Date | 15 January 2015	 
 
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	 	We confirm that we have the knowledge, skills and understanding
    to undertake the valuation competently and that we would undertake the valuation acting independently as an external valuer,
    qualified for the purpose of the valuation
	 	 
	 	DTZ does not consider that any conflict arises in preparing the advice requested.
	 	 
	Market Value:	OMR 385,000,000
	 	 
	 	(Three Hundred and Eighty Five Million Omani Rials)
	 	 
	Valuer Details:	Rashpal Heer BSc. (Hons) MRICS
	 	Associate Director - Valuation
	 	 
	 	Antony Schober AAPI CRV
	 	Director and Head of Valuation UAE

  

    	 
DTZ COI No | AEVA2438
Valuation Date | 15 January 2015	 
 
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		1.	TERMS
                                         OF INSTRUCTION 

 

1.1. Valuation Instruction

 

In
accordance with your instructions dated 6 December 2014 between Omagine LLC ("the Client") and DTZ International Ltd
- Dubai (the “Consultant”), the Client requires a report and valuation (the "Valuation Report") to assess
the current market value of the land comprising the ‘Omagine Project’, Plot No. 01-05-012-01-1 Al Mawaleah North,
Al Seeb, Sultanate of Oman (“Subject Property”).

 

We understand the valuation report is
required for loan security purposes and report filing with the United States Securities and Exchange Commission (the ‘SEC’).

 

A copy of our Terms and Conditions
of Engagement for Valuations and our Assumptions are attached as Appendix II.

 

1.2. Our Appointment and
Valuation Date 

 

In accordance with your instructions,
DTZ have valued the Usufruct interest in the Subject Property in accordance with Usufruct Agreement and Royal Decree No. 12/2006
as at 30 December 2014.

 

1.3. Compliance with RICS
Valuation Standards 

 

We confirm
that the valuation report has been prepared in accordance with the appropriate sections of the Professional Standards (“PS”),
RICS Global Valuation Practice Statements (“VPS”), RICS Global Valuation Practice Guidance – Applications (“VPGAs”)
contained within the RICS Valuation – Professional Standards 2014 (the “Red Book”). It follows that the valuation
is compliant with International Valuation Standards.

 

1.4. Status of Valuer
and Conflicts of Interest 

 

We further confirm that we
have no current, anticipated or previous recent involvement with the property and therefore do not consider that any conflict
arises in preparing the advice requested under PS 2.4.

 

We confirm
that we have the knowledge, skills and understanding to undertake the valuation competently and that we have undertaken the valuation
acting independently as an external valuer, qualified for the purpose of the valuation as set out in PS 2.3.

 

1.5. Valuation Summary

 

The
Subject Property is described within this Valuation Report which also includes our market analysis and valuation approach in the
assessment of current market value. The valuation referred to below must be read in conjunction with the other sections of this
Valuation Report.

 

1.6. DTZ Terms of Business

 

The valuation instruction
has been prepared in accordance with the agreed terms of business stipulated in the agreed and executed engagement letter and
DTZ terms of business detailed herein.

  

    	 
DTZ COI No | AEVA2438
Valuation Date | 15 January 2015	 
 
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1.7. Valuation Terms and Conditions

 

These are the general
terms, conditions and assumptions (Refer to Appendix 2) upon which our valuation and report has been prepared. They apply to the
valuation contained in this Report unless we have specifically mentioned otherwise elsewhere in this Report.

  

    	 
DTZ COI No | AEVA2438
Valuation Date | 15 January 2015	 
 
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		2.	BASIS
                                         OF VALUATION 

 

In accordance with our instructions
we have valued the property on the basis of Market Value.

 

Market Value is an internationally recognised
basis of valuation and is defined as;

 

“the estimated
amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an
arm's length transaction after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion”.

 

The Market Value
is our estimate of price that would be agreed, with no adjustment made for the costs that would be incurred by the parties in
any transaction. It is also gross of any mortgage, similar financial encumbrances and without offset of any associated taxes.

 

We have set out the full definition
of the above bases of valuation in Appendix 1 of this Valuation Report.

 

Our report findings
are subject to our standard Valuation Conditions and Assumptions which are included in Appendix 2 of this report. In the event
that any of our Assumptions prove to be incorrect, then our valuations should be reviewed.

 

2.1. Observations and Assumptions

 

The Subject
Property forms part of a mixed use area and is subject to planning restrictions. Consistent with normal valuation practice, we
have taken account of the planning and other constraints and reflected demand for this type of property, in accordance with the
Red Book.

  

    	 
DTZ COI No | AEVA2438
Valuation Date | 15 January 2015	 
 
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		3.	EXTENT
                                         OF DUE DILIGENCE AND INFORMATION SOURCES 

 

3.1. Inspection 

 

The property has not been inspected
where we have undertaken a desktop assessment of Market Value with reference to the information provided.

 

Where our analysis
takes the form of a Desktop Overview we would draw your attention to the fact that we have not inspected the subject property
nor have we undertaken full verification or research. The opinions detailed herein are totally dependent on the adequacy and accuracy
of the information supplied and the assumptions made. It should be noted that should these prove to be incorrect, the accuracy
of this opinion will be affected.

 

3.2. Valuers 

 

The
property has been valued by Rashpal Heer BSc (Hons) MRICS, Associate Director – Valuation and Antony Schober AAPI CPV, Director
and Head of Valuation UAE, within the requirements as to the competences under PS 2.3 of the RICS Valuation – Professional
Standards Incorporating the International Valuation Standards January 2014 issued by the Royal Institute of Chartered Surveyors
(RICS).

 

3.3. Information 

 

The Client has provided specific
details in respect of the subject property. DTZ has relied upon this information provided and assumed it to be correct.

 

In preparing the Valuation
Report we have had regard to the following information:

 

		·	Krooki
                                         dated 16 June 2014 (title document) (Appendix 3)

 

		·	Usufruct
                                         Agreement dated August 2014(Appendix 4)

 

		·	Construction
                                         costs provided by Omagine LLC (comprising costs from Majan Engineering Consultants and
                                         Consolidated Contractors Company) undated (Mean summary attached as Appendix 5)

 

		·	Development
                                         built up areas (included within construction costs)

 

		·	Development
                                         Agreement dated 2 October 2014

 

We have relied
upon the accuracy of the above information in preparing the Valuation Report, and our report is subject to the accuracy of this
information. It should be noted that we have not had sight of the Development Agreement.

  

    	 
DTZ COI No | AEVA2438
Valuation Date | 15 January 2015	 
 
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3.4. Tenure and Title

 

We have been provided with the Krooki
and Usufruct for the subject property. The salient details are as

follows:

 

Krooki

 

	 	 
	Date:	16 June 2014
	 	 
	Location:	Al Mawaleah North, Al Seeb, Sultanate of Oman
	 	 
	Krooki No:	01-05-12-01-1
	 	 
	Plot Area:	1,000,000 sq m
	 	 
	Tenure:	Usufruct
	 	 
	Use:	Tourism (Integrated Tourism Complex)

 

Usufruct Agreement

 

	 	 
	Property:	Plot No. 1, Block No. 74SW, Al Hail North, Al Seeb
	 	 
	Date:	August 2014
	 	 
	Beneficiary:	Omagine LLC
	 	 
	Governorate:	Muscat
	 	 
	Owner:	Government of Oman represented by the Ministry
    of Tourism
	 	 
	Plot Area:	1,000,000 sq m
	 	 
	Tenure:	50 year Usufruct, renewable subject to written
    agreement between the parties
	 	 
	Start date:	Date of registration of the Usufruct
	 	 
	Usufruct Fee:	OMR 90,000 per annum, less any land transferred
    freehold to a third party
	 	 
	Grace Period:	5 years
	 	 
	Land Purchase Price:	OMR 25 per square metre
	 	 

  

    	 
DTZ COI No | AEVA2438
Valuation Date | 15 January 2015	 
 
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Usufruct Agreement

 

	Use:	Tourism (Integrated Tourism Complex)

 

Please refer to Appendix 3 and 4 for
provided documents

 

We have assumed
that good title could be shown with no unusual or onerous covenants or restrictions, which might adversely affect value. We are
not aware of any other outgoings, easements or rights’ of way affecting the property and our valuation assumes that none
exist.

 

The commentary provided in this report
is based on our understanding of the title situation. This may need to be verified by a solicitor and/or the Ministry of Tourism,
Oman.

 

For the purpose
of this assignment we have assumed the property to be an unencumbered Usufruct interest, with ITC designation and with freehold
sales permitted in accordance with Royal Decree No. 12/2006, the Usufruct Agreement and the Development Agreement without any
undue restrictions.

 

3.5. Development Agreement 

 

We have not been
provided with a copy of the Development Agreement between the Government of Oman and Omagine LLC. However, we have been provided
with the following extract regarding the Minimum Build Obligation:

 

Minimum Build
Obligations or MBO means all acts as specified in SCHEDULE 6 to be performed by the Project Company for the Substantial Completion
of the Project, within a specified period of time, in order to commence commercial operation of the tourism and other elements
of the Project and in order for the Project to constitute an Integrated Tourism Complex. 

 

Substantial
Completion means, that in respect of the Minimum Build Obligations, Specific MBO, Project Company Infrastructure and Utilities,
Buildings, Units or Works that all necessary work has taken place, Completion Certificates have been issued, permits and licenses
have been granted, the subject matter is both fit for use and is either able to commence commercial operation or is habitable
for its intended purpose without hindrance, and that only immaterial outstanding or remedial work remains to be completed. 

 

The Minimum
Build Obligation is comprised of and constitutes the Substantial Completion in accordance with the DCP and the requirements of
this Development Agreement of the construction of (a) the seven (7) Pearls, and (b) one (1) of the Hotels. 

 

It is our understanding
that the elements within the Minimum Build Obligation are to be completed within 5 years of the Ratification Date (the date the
agreement was ratified by the Ministry of Finance expected to be January 2015)

 

    	 
DTZ COI No | AEVA2438
Valuation Date | 15 January 2015	 
 
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		4.	VALUATION
                                         ASSUMPTIONS 

 

We have been provided with information
pertaining to the physical location and development consents which have been utilised and relied upon in our assessment of market
value.

 

For the purpose of this valuation assignment,
we have made the following assumptions:

 

		·	The
                                         Usufruct interest is unencumbered and can be transferred without restriction in accordance
                                         with Royal Decree No. 12/2006 and the Development Agreement

 

		·	The
                                         subject property is clear of any improvements

 

		·	The
                                         completed units within the development will be transferred to third parties under Royal
                                         Decree 12/2006 with international freehold status

 

		·	Sold
                                         units are on an individual unit basis

 

		·	Adequate
                                         parking is provided in accordance with municipality guidelines

 

		·	All
                                         pre-sales payments are deposited into an ESCROW account and drawn down for development
                                         works

 

		·	Construction
                                         costs provided by Omagine LLC have been adopted

 

		·	Utility
                                         services will be provided to the boundary of the subject property and will be sufficient
                                         for the proposed development

 

		·	Access
                                         roads connecting the subject property will be sufficient for proposed use

 

		·	The
                                         hotels within the scheme will be managed by high profile global operators

 

		·	The
                                         hotels will be granted alcohol licences

 

		·	The
                                         serviced chalets and apartments will be managed by the hotel operators

 

		·	Market
                                         value of the subject property is based upon the proposed scheme/massing present as “Project
                                         related site value”

 

		·	All
                                         information as provided and relied upon is accurate as at the valuation date

 

The report
has been prepared assuming an environment of social, economic and political stability on a macro and micro scale. We are therefore
not responsible for any variations in value should this environment alter other than that set out in our report.

 

Our valuation
has been assessed based on information provided to us by the client. This information is set out in the body of this report. DTZ
has not verified all of this information and our valuation is on the basis that the information provided to us is correct. If
any of the information provided is altered or incorrect, DTZ reserve the right to amend our valuation accordingly.

 

Should further investigations
reveal variances to that as relied upon and those documented within the contents of this report, we reserve the right of comment
and/or reappraisal.

 

    	 
DTZ COI No | AEVA2438
Valuation Date | 15 January 2015	 
 
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5. PROPERTY DESCRIPTION

 

5.1. Location and
Situation

 

The subject property is located immediately
fronting the beach on the north eastern coast of the Sultanate of Oman some 1.7 kilometres from the A’Seeb Street Highway,
a dual carriageway which runs from the border of Oman with the UAE emirate of Fujairah 254 kilometres to the north west and the
centre of Muscat, the capital of the Sultanate of Oman, some 29 kilometres to the east. The property lies approximately 6 kilometres
from Seeb International Airport to the south east and 20 kilometres from Shatti Al Qurum to the west.

 

The image below from Google Earth shows
the subject location from a macro perspective within the wider Sultanate of Oman:

 

 

The image from Google Earth on the following
page shows the location of the property within the Governorate of Muscat from a mirco perspective.

 

The property is
accessed from 18th November Street which runs parallel with southern boundary of the subject property. The main entrance
to the Wave ITC is situated approximately 700 metres to the east.

  

    	 
DTZ COI No | AEVA2438
Valuation Date | 15 January 2015	 
 
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Whilst the immediate area of the subject
property is mostly undeveloped, the wider area, particularly to the west of the subject property, is largely developed, comprising
primarily of low rise residential units.

 

The local topography is generally flat,
being part of the coastal plain between the Al Hajar Mountains and the Gulf of Oman.

 

The area has witnessed a large increase
in residential development in recent years, including development within The Wave ITC and the wider area in line with the general
increase in residential development in the Governorate of Muscat and Al Batinah.

 

5.2. Description

 

	Plot: 	01-05-012-01-1
	 	 
	Type: 	Development land
	 	 
	Use: 	Integrated Tourism Complex
	 	 
	Plot Area: 	1,000,000 sq m
	 	 
	Beach Frontage: 	6 kilometres (approximate)

 

We understand the property is completely
undeveloped and has no infrastructure in place.

 

The property includes beach and sea
area along the northern boundary extending out 130 metres – please refer to the Krooki Schedule 1 Part C included as Appendix
3.

 

    	 
DTZ COI No | AEVA2438
Valuation Date | 15 January 2015	 
 
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Neighbouring plots to the east and west
are undeveloped but are likely to be developed in the medium to long term.

 

5.2.1.
Proposed Development

 

We have been provided with the proposed
master plan, included below:

 

 

We have also been
provided with a detailed breakdown of the proposed development, the main elements are as follows:

 

	 	 	 	 	Gross Area per	 	Gross Area	 
	 	 	 	 	unit	 	Total	 
	Element	 	No. of Units	 	(sq m)	 	(sq m)	 
	Oceanfront Villas	 	8	 	1000	 	 	8,000	 
	Oceanfront Villas	 	10	 	840	 	 	8,400	 
	Ocean View Villas	 	12	 	700	 	 	8,400	 
	Ocean View Villas	 	24	 	580	 	 	13,920	 
	Wadi Park Villas	 	120	 	525	 	 	63,000	 
	Wadi Park Villas	 	120	 	476	 	 	57,120	 
	Ocean View Townhouse	 	50	 	300	 	 	15,000	 
	Wadi Park Townhouse	 	160	 	300	 	 	48,000	 
	4BR Oceanfront Apartment	 	80	 	250	 	 	20,000	 
	4BR Ocean View Apartment	 	100	 	250	 	 	25,000	 
	4BR Wadi Park Apartment	 	200	 	250	 	 	50,000	 
	3BR Ocean View Apartment	 	250	 	230	 	 	57,500	 

  

    	 
DTZ COI No | AEVA2438
Valuation Date | 15 January 2015	 
 
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	 	 	 	 	Gross Area per	 	Gross Area	 
	 	 	 	 	unit	 	Total	 
	Element	 	No. of Units	 	(sq m)	 	(sq m)	 
	3BR Wadi Park Apartment	 	250	 	230	 	 	57,500	 
	2BR Oceanfront Apartment	 	200	 	200	 	 	46,000	 
	2BR Ocean View Apartment	 	200	 	200	 	 	40,000	 
	2BR Wadi Park Apartment	 	200	 	200	 	 	40,000	 
	1BR Ocean View Apartment	 	90	 	170	 	 	18,000	 
	1BR Wadi Park Apartment	 	90	 	170	 	 	15,300	 
	Amphitheatre	 	1	 	700	 	 	700	 
	Movie theatre	 	1	 	2,500	 	 	2,500	 
	Pearl Retail	 	TBA	 	TBA	 	 	5,250	 
	Retail (general)	 	TBA	 	TBA	 	 	4,985	 
	Retail Mall	 	1	 	2,500	 	 	6,620	 
	Office Space	 	TBA	 	TBA	 	 	46,468	 
	Hotel 1 – 5 star	 	280 keys	 	96.02	 	 	26,885	 
	Hotel 2 – 4 star	 	280 keys	 	89.18	 	 	24,970	 
	Hotel 3 – 4 star	 	280 keys	 	89.18	 	 	24,970	 
	2-bed Serviced Chalets	 	300	 	115	 	 	34,500	 
	1-bed Serviced Chalets	 	300	 	85	 	 	25,500	 
	2-bed Serviced Apartments	 	343	 	125	 	 	42,875	 
	1-bed Serviced Apartments	 	300	 	110	 	 	33,000	 
	Studio Serviced Apartment	 	81	 	40	 	 	3,240	 
	Pearls (landmarks)	 	7	 	314.16	 	 	2,199.12	 
	 	 	 	 	 	 	 	 	 
	Total	 	 	 	 	 	 	875,102.12	 

 

Additional ancillary items such as children’s
play areas, mosque, beach area, boardwalk etc are included within the master plan but have not been included in the list above.

  

    	 
DTZ COI No | AEVA2438
Valuation Date | 15 January 2015	 
 
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		6.	OMAN
                                         SOCIO-ECONOMIC OVERVIEW 

 

6.1. Introduction 

 

This section of
the report provides an overview of the socio-economic drivers of the Sultanate of Oman assessing key economic, population and
demographic trends. Data from this section has been taken from a number of sources, including the National Centre for Statistics
and Information (Oman), Oxford Business Group, Oxford Economics, Economist Intelligence Unit, the World Bank, the World Economic
Forum, Oman Economic Review, IMF and government ministries.

 

6.2. Overview 

 

The Sultanate of
Oman is the second largest country in the GCC and has a coastline of over 3,000 km bordering the Gulf of Oman and Arabian Sea.
The land area of the Sultanate is 309,500 sq km with an overall average population density, based on November 2014 population
figures, of 13.21 residents per square kilometre (source: DTZ/Royal Oman Police).

 

Principal topographic
features of Oman are plains, wadis and mountains. A key area is the plain overlooking the Gulf of Oman, where much of the development
of the country has arisen, and is approximately 3% of the total land area. Mountain ranges occupy 15% of the total, principally
the Hajr mountains, extending in an arc formation from Ras Musandam in the north to Ras Al-Had and Al Qara in the south western
corner of Oman. The remaining area is largely sand and desert which includes part of Ar Rub Al-Khali.

 

Oman shares borders with Saudi Arabia,
the United Arab Emirates and Yemen.

 

 

  

Muscat, the capital
city, is situated on the coast of the Gulf of Oman, to the north of the country. It is home to the government and the centre of
economic activity in Oman, which has led to an influx of residents from other governorates and regions of Oman.

  

    	 
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Muscat’s
population experienced rapid growth over the past decade against the backdrop of increased economic activity and a period of high
oil prices. The official population figures show that the size of the population has almost doubled in the past decade; 632,000
residents in 2003 and 1,245,183 residents in November 2014 (Source: Royal Oman Poilce).

 

Muscat Governorate has the highest population
density of all the governorates at approximately 345 residents per square kilometre whilst also being one of the smallest governorates
by land mass.

 

Oman is split into 11 Governorates,
of which Muscat Governorate, the region the subject property is situated in, lies in the north of the country on the Gulf of Oman;
It is shown on the map below marked as number 9.

 

 

 

6.3. GENERAL
ECONOMIC OVERVIEW 

 

Oman’s economy
has been relatively resilient over the past few years and has seen good levels of growth since the global economic crisis. GDP
for 2013, at current prices, was 30.63 billion OMR (source: NCSI), an increase of 2.8% from 2012; GDP increased by over 11% in
2012. Figures for 2014 are currently unavailable.

 

Oman’s main
industry is hydrocarbons, primarily oil, although the government and private companies are investing heavily in gas. In 2013 hydrocarbons
amounted to OMR 15.22 billion of GDP, approximately 49.69% of total activity.

  

    	 
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Oman
is dependent on oil and produced approximately 945,600 barrels of crude oil a day over the first seven months of 2014. Much of
the GDP growth recorded in recent years was down to an increase in oil production and rising global prices. Oil extraction is
estimated to become uneconomical in many of the existing fields by the year 2020 which the government is trying to address by
investing heavily in infrastructure with the intention of expanding numerous sectors including tourism, industry and logistics.

 

Oman's fiscal breakeven
price for oil in 2013 was approximately US$104 per barrel, according to a 2012 government announcement, meaning that Oman's government
needed the export price of oil to remain at or above that level to secure sufficient revenues. For 2014 the International Monetary
Fund estimated the Oman government required an average price of US$102 per barrel to breakeven. The budget for 2015 of OMR 14.1
billion is based on an average oil price of US$75 per barrel.

 

The continued viability
of developing Oman's oil and natural gas resources relies heavily on extraction technologies. Several enhanced oil recovery (EOR)
techniques are already used in Oman, including polymer, miscible, and steam-injection techniques. Due to the relatively high cost
of production in the country, Oman's government offers incentives to international oil companies for exploration and development
activities in the country's difficult-to-recover hydrocarbon fields.

 

A report published
by the U.S. Geological Survey in 2012 stated that the estimated mean undiscovered energy resources in the South Oman Salt Basin—located
in the southern part of the country—totalled more than 370 million barrels of oil, 315 billion cubic feet (Bcf) of natural
gas, and over 40 million barrels of natural gas liquids (NGLs). With rising domestic consumption, a growing petrochemical sector—which
relies on liquefied petroleum gases (LPG) and NGLs—and additional potential resources, the country is unlikely to significantly
alter its dependence on hydrocarbons in the short term. For context, in 2011 oil accounted for 71% of Oman's total primary energy
consumption, while natural gas made up the remaining 29% (source: US Energy Information Administration).

 

	 	 	Oman summary energy statistics	 	 
	 	 	Oil (million barrels)	 	 
	 	 	 	 	Total petroleum	 	Reserves-to-production
	Proven reserves, 2013	 	Total oil supply, 2012	 	consumption, 2012	 	ratio
	 	 	 	 	 	 	 
	5,500	 	338	 	53	 	16

 

	 	 	Natural Gas (billion cubic feet)	 	 
		 	Dry natural gas	 	Dry natural gas	 	Reserves-to-production
	Proved reserves, 2013	 	production, 2011	 	consumption, 2011	 	ratio
	 	 	 	 	 	 	 
	30,000	 	937	 	619	 	32

 

The industrial
sector is seeing the benefit of the large investment in infrastructure, particularly the deepwater ports in Sohar and Duqm. A
number of international industrial giants have recently begun operations in Oman, including Vale, the Brazilian mining giant,
who opened their Middle Eastern headquarters in Sohar in April 2011 and are already looking to expand capacity at their 524 million
OMR iron ore plant from 9 million metric tonnes to 12 million metric tonnes per year by 2015.

  

    	 
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Additional investment
in the oil industry is also proposed, including a new 2.3 billion OMR oil refinery in Duqm, a joint venture between Abu Dhabi’s
international Petroleum Investment Company (IPIC) and the state backed Oman Oil Company.

 

Additional state
spending is also expected over the next 4 years. The budget for the 8th five-year plan (2011-2015) was increased from
its initial sum by 26% to 54 billion OMR in a bid to create additional jobs and improve living conditions. A breakdown of the
2013 GDP figures is shown in the chart below:

 

Break Down of Gross Domestic Product
2013 (listed clockwise) 

 

 

 

6.4. Economic
Forecasts 

 

Oman's GDP will
grow by 3.4 per cent in 2014, according to the International Monetary Fund (IMF) in its World Economic Outlook, slowing from 5.1
per cent in 2013 (Oman’s NCSI state growth of 2.8% for 2013). The slowdown is likely to be led by lower growth in the hydrocarbon
sector and an external environment that remains rather cool. Nonetheless, growth should remain fairly robust. Indeed, the government
is more optimistic about the outlook, forecasting 5 per cent GDP expansion in its 2014 budget. Moody's Investors Service, the
ratings agency, said that it expected a rate of 4.1 per cent in a report on Oman published in August. The report confirmed Oman's
sovereign rating as A1 – upper-medium investment grade – with stable outlook, thanks to the progress in diversification
(non-hydrocarbon sectors have grown more quickly than the oil and gas industry in recent years), strong fiscal buffers thanks
to years of running a surplus, a stable financial sector, and – importantly – Oman's open stance on trade and investment.

  

    	 
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The 2015 budget
foresees expenditure of RO14.1bn, up 4.5 per cent on 2014. The increase in spending against slower revenue growth will create
a budget deficit forecast at RO2.5bn. This will mean that the government will be less likely to be able to channel resources into
the State General Reserve Fund (SGRF), the country's sovereign wealth fund (SWF), which has grown an average 8 per cent per year
to RO14bn and will undoubtedly play a central role in Oman's diversification drive, as well as building up the country's assets
internationally with an eye on providing long-term revenues (source: Oman Economic Review).

 

6.5.
Demographics

 

The National Centre
for Statistics and Information (NCSI) puts the population of Oman at 4,088,201 as at the end of November 2014, an increase of
96,245 inhabitants (approx 2.4%) since the end of March 2014. The numbers are based on registration with the Directorate General
of Civil Status – Royal Oman Police.

 

The total expatriate community has been
put at 1,793,669, an increase of 27,746 (approx 1.57%) over the same period. The overall population comprises 56.1% Omani and
43.8% expatriate residents.

 

As with many developing
countries, Oman has a relatively young populous, particularly when compared to many developed countries in regions such as Europe.
In Oman 45.3% of the population was below 25 years of age at the 2010 census; an overall breakdown is provided in the table below.

 

 

Oman
Census 2010 

 

Muscat Governorate
is the most populated region in the Sultanate with a total population of 1,208,114, of which 464,236 (approx 38.43%) are Omani
nationals and 743,878 (61.57%) are expatriate (source: DTZ/ROP November 2014).

  

    	 
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Muscat Governorate
and the Batinah region (north and south combined) account for over 50% of the population. Al Batinah (south and north combined)
has a population of 1,032,604, equating to a population density of approximately 81 residents per square kilometre. The least
densely populated region is Al Wusta with an overall population of 41,201.

 

The population
of the sultanate has steadily grown over the past decade and this is expected to continue into the future, although at a slower
pace than experienced in recent years due to tighter Omanisation rules restricting the number of expatriates working in the private
sector. There could potentially be a fall in the expatriate community over the medium to long term; the government approved restricting
the number of expatriate workers to 33% of the country’s total population but have not given a timescale for implementation.
Recent government initiatives have included 6 month suspensions on the registration of new domestic employees and labourers –
it was extended for a further 6 months with effect from 4 May 2014 – and restrictions on expatriates moving company within
two years of joining.

 

The Public Authority
for Social Insurance (PASI) reports the average income for Omani males to be 402 OMR per month, and 356 OMR per month for Omani
women, as at the end of March 2014. However, 61% of all Omanis earn less than 300 OMR per month and only 5.7% of Omanis earn more
than 900 OMR per month. A breakdown for expatriate income is not currently available.

  

    	 
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		7.	OMAN
                                         REAL ESTATE MARKET COMMENTARY 

 

7.1. Residential Overview 

 

The residential
letting market is seeing consistent levels of activity from its traditional requirement base of expatriate new arrivals and relocating
residents. As with most MENA real estate markets, values depreciated substantially in the years subsequent to 2008, however the
market has recovered in recent years with many areas experiencing good levels of growth.

 

The supply / demand
ratio for quality units has not changed significantly in recent years but is likely to do so over the next 12 to 18 months as
supply of quality and well located apartments and villas increases. This new supply should also address the shortage of compound
housing, which is popular with expatriate families due to the facilities provided and security. Most good compound housing developments
such Hatat House and Dolphin Village enjoy near 100% occupancy rates.

 

Central areas such
as Shatti Al Qurum, Qurum and Madinat Al Sultan Qaboos have seen steady growth in both rental and capital values in recent years
due to their locations and popularity with the general populous, in particular Shatti Al Qurum and Madinat Al Sultan Qaboos which
are very popular with western expatriates. Other popular areas such as The Wave, Muscat Hills, Azaiba and parts of Al Khuwair
have also experienced good levels of growth over the past 12-18 months.

 

New property, well
designed and correctly priced units continues to sell and let at levels at the higher end of market expectations. Units within
compounds providing additional facilities attract a higher level of interest and continue to demand premium values.

 

7.2. Residential - Integrated
Tourism Complexes (ITCs) 

 

Non Omani and GCC residents are permitted
to purchase real estate in Oman within ITCs following the implementation of Royal Decree No. 12/2006.

 

Since the implementation of the Royal
Decree a number of ITCs have been developed, some more successfully than others.

 

Many ITC schemes
were conceived at the height of the market, but few have made it off the drawing boards, and many others have been delayed or
put on hold indefinitely due to financial viability concerns and poor sales. The proposed developments that have actually produced
finished units within the Muscat area are listed below:

 

		·	The
                                         Wave

 

		·	Muscat
                                         Hills

 

		·	Barr
                                         Al Jisah

 

		·	Jebel
                                         Sifah

 

Recent activity in the market has included
the following:

 

		·	Release
                                         of Marsa 1 and 2 at The Wave (121 water front flats)

 

		·	Launch
                                         of Marsa 3 apartments at The Wave

  

    	 
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		·	Release
                                         of Reehan Gardens at The Wave (107 villas)

 

		·	New
                                         Badr Muscat Hills development (20 town houses – situated within the Muscat Hills
                                         scheme but developed by a third party)

 

		·	Release
                                         of Muscat Hills Phase 2 (79 villas)

 

		·	Launch
                                         of 3 residential phases at Saraya Bandar Jissah (the hotel element is currently also
                                         being developed)

 

To date the most
popular ITC schemes have been Muscat Hills and The Wave. Both enjoy good occupancy rates and reasonable levels of demand for new
units. Both benefit from being situated within reasonable distance of central Muscat and benefit from a good road network.

 

Muscat Hills and
The Wave are approximately 16km and 19km west of central Muscat respectively. Jebel Sifah is the furthest of all developed ITC
schemes at circa 41 km east of central Muscat. Barr Al Jissah is approximately 22 km to the east (see Appendix 6 for ITC location
map).

 

Whilst Barr Al
Jissah is a similar distance to The Wave the road network serving both Barr Al Jissah and Jebel Sifah are not practical for commuting
to central Muscat due to the routes passing through the heavily congested Ruwi and CBD areas.

 

All developed ITC
schemes are generally designed to a high specification when compared to the general housing stock. The Wave has better facilities
than the other ITC schemes. It includes a beach, marina, golf course, communal swimming pools, restaurants and convenience stores.
Muscat Hills’ facilities are limited to a golf course and a temporary club house; a new club house is expected to be situated
within the grounds of the new 250 key Intercontinental Hotel expected to be completed in 2015.

 

A brief overview
of the individual developed schemes is provided on the following pages. A location map of the ITC schemes of note is included
as Appendix 7.

 

		7.2.1.	The
                                         Wave Muscat 

 

Development details 

 

	Location:	Seeb, Muscat
	 	 
	Developer:	Majid Al Futtaim (UAE), Waterfront Investments SAOC (representing the government
    of Oman) and National Investment Funds Company (Omani Pension Funds)
	 	 
	Land size:	2.5 million square metres
	 	 
	Product mix:	1,630 villas/townhouses and 2,770 apartments (4,400 units)
	 	 
	Features:	Beachfront location, golf course, 400 berth marina (120 completed to date),
    retail including Waitrose, Pizza Express, Shang Thai, Costa Coffee and Al Fair

  

    	 
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	Status:	According
                           to the developer 1,123 units have been completed. First batch of units were handed over in October
                           2008 and the recent launches of Reehan Gardens (villas), Siraj (flats) and Marsa 1 (flats) have seen
                           a reasonable level of interest.

         

        A 12,000 sq m retail and commercial
        element was completed June 2014 – we understand approximately 60% was pre-leased

	 	 
	Projected Completion Date:	2018 (projected by the developer, but very doubtful)

 

The
Wave is prominently located close to the existing and new airport and approximately 20 kilometres west of central Muscat. Whilst
The Wave is in close proximity to the airport it is not under any flight paths and is not unduly affected by aircraft noise. However,
this may change as the new airport comes on line.

 

The Wave has a semi-private
beach for the residents but it can also be accessed by the general public relatively easily via the development.

 

The
development is a joint venture between Oman’s Waterfront Investments (representing the Government of the Sultanate of Oman),
Majid Al Futtaim Properties from Dubai and the National Investment Funds Company (representing the Omani pension funds).

 

The
site covers an approximate area of 2.5 million square metres and originally comprised four 5 star hotels, a golf course, marina,
commercial zone and 4400 luxury residential units – to date only two hotels have been confirmed; a 5 star Kempinski and
a 4 star hotel. Currently neither hotel has been built but works on the Kempinski started in 2013 and it is due to be completed
in 2015.

 

The
Wave is the mostly densely developed of all the ITC schemes, but is also the most successful, and offers a greater variety of
villas, townhouses and apartments with varying sizes, specifications, locations and facilities. At the top of the scale are the
large luxury beach front villas.

 

The
development is popular with both the expatriate and Omani communities. Omanis initially acquired units within the scheme for investment
purposes, but in recent years an increasing number of young affluent Omani families have relocated to The Wave from more traditional
areas within the city.

 

The
first release of units in ‘The Wave’ took place in mid 2006 when 221 villas and apartments were sold on a lottery
basis and numerous releases and auctions have followed. The early market enthusiasm enjoyed by The Wave, peaking in late 2008
/ early 2009, has since subsided.

 

The historic average sales rate has
been circa 190 units per year, but this has been surpassed in recent years. The developer is targeting 336 sales in 2014, 405
in 2015, rising to 497 by the year 2020.

 

Average apartment
sales are in the region of 1,100-1,200 OMR sq m, and townhouses/villa sales are in the region of 850-1,200 OMR per sq ft, dependent
on location. Beach fronting 5 bedroom villas are available for circa OMR 1.5 million (OMR 3,363 per sq m).

 

    	 
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Reehan
Garden units sold off-plan in 2012, and still under construction, are currently being offered for sale on the secondary market;
a 5 bed unit (B02) purchased for 279,000 OMR is currently available for 335,000 OMR (OMR 750 per sq m).

 

Subsequent to the
market collapsing in late 2008 / early 2009 the scheme was remodelled to provide a wider range of units rather than just at the
luxury end. There are currently no plans to reduce the number of units, although completion is likely to be significantly later
than 2018. However, The Wave is likely to continue to be popular and we envisage demand for its products to remain strong.

 

		7.2.2.	Muscat
                                         Hills Golf and Country Club 

 

	Development details	 
	 	 
	Location:	Seeb, Muscat
	 	 
	Developer:	Muscat Golf Projects L.L.C
	 	 
	Land size:	2 million square metres
	 	 
	Product mix:	148 villas and 135 apartments
	 	 
	Features:	Golf course
	 	 
	Status:	Second phase of 79 villas has been released and is currently under construction
	 	 
	Projected Completion Date:	2015/2016

 

The project, which
is situated in the foothills of Seeb Heights, was the first ‘tourism zoned’ development in Oman. The project was conceived
to provide the most challenging PGA championship golf course in the Middle East. The residential element was included within the
scheme to support the cost of the golf amenities and is currently one of the least densely developed ITC schemes in Muscat.

 

The project encountered
a number of issues in the early stages with time delays and increased costs, primarily because it was a ground breaking development
and some regulatory reform was required. However, the delays resulted in the scheme also being affected by the downturn. The units
were sold on the basis of costs calculated 3 years prior to commencement and the sharp rise in costs resulted in the developer
going back to purchasers to revise the purchase price upwards. The first completed unit was handed over in 2010; a full 6 years
after the release date.

 

Phase 1, which
has been completed, comprised 88 villas and 135 apartments, all of which have been sold. Phase 2 was launched October 2012 and
comprises 79 four and five bedroom villas ranging in size from 350 sq m to 565 sq m. The prices range from 285,000 OMR to 575,000
OMR, dependent on size of plot and location within the development. The 4 and 5 bedroom detached villas range in price from 950
OMR per sq m to 1,350 OMR per sq m. The 4 bedroom semi-detached villas range in price from 814 OMR per sq m to 957 OMR per sq
m.

 

The owners entered
into a joint venture with WJ Towell Group to develop Phase 2, and it is expected to be completed late 2015. Phase 2 also includes
a new 5 star hotel to be managed by the Intercontinental Hotels Group. A completion date for construction has not been given.

  

    	 
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The development
is popular with both the expatriate and Omani communities. Omanis initially acquired units within the scheme for investment purposes,
but in recent years an increasing number of young affluent Omani families have relocated from more traditional areas within the
city.

 

Whilst the scheme
is popular it lacks amenities such as retail outlets and is sparsely developed. It lacks the community element that has evolved
at The Wave and is generally regarded as secondary to The Wave. However, given the limited level of stock we envisage Phase 2
units to sell, although many potential purchasers are likely to consider The Wave as an alternative, and given the price points
of Phase 2, The Wave offers better value for money.

 

Badr Muscat Hills,
a small development of 20 townhouses, was undertaken by a third party within the grounds of Muscat Hills. The first units were
completed in early 2013. The units ranged from 292 sq m to 380 sq m and were priced at 195,000 OMR to 250,000 OMR.

 

		7.2.3.	Shangri
                                         La Barr Al Jissah Resort & Spa 

 

	Development details	 
	 	 
	Location:	Barr Al Jissah Beach
	 	 
	Developer:	Zubair Corporation
	 	 
	Land Size:	500,000 square metres
	 	 
	Product Mix:	15 villas and 56 townhouses
	 	 
	Features:	Beachfront location, marina, souk, retail space, three luxury hotels, including
    the 6 star Al Husn hotel
	 	 
	Status:	Original project is completed. However the developers are looking at building
    apartment units

 

Situated at the
Barr Jissah the Shangri La development is directly on the beachfront, and is a joint venture between the Oman government and Zubair
Corporation. The site covers an area of approximately 500,000 square metres with a choice of three 5 star hotels.  

 

The development
comprises 71 luxury villas and townhouses that were released for sale in 2007. We understand the developers are looking at building
apartments within the scheme and are in the process of finalising plans, costs and sale prices – nothing has been released
to date.

 

There have been numerous reports about
poor workmanship and quality of materials, having a negative impact on the secondary market.

 

The scheme was
marketed and developed as a luxury tourist and residential destination. It is impractical for residents working in the central
Muscat area to live here due to the poor road network connecting the development to central Muscat. Both the resort and residential
element have a low occupancy rate.

 

Transactions within this scheme are
limited, although the number of units available on the market has been high in recent years. The lack of sales is primarily down
to a disconnect between the potential sellers and buyers; generally sellers are unwilling to
accept a price significantly lower than what they paid for the properties. Prices currently range in the region of 1,100 OMR to
2,300 OMR per sq m.

  

    	 
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		7.2.4.	Jebel
                                         Sifah 

 

Development Details 

 

	Location:	Sifah Beach (45km south of Muscat)
	 	 
	Developer:	Muriya Tourism (joint venture between Omani government and Orascom Hotels
    & Resorts of Egypt)
	 	 
	Land size:	6.2 million square metres
	 	 
	Product mix:	Stated as 500 Apartments and 450 Villas – we believe this has been scaled
    back significantly but details are currently unavailable
	 	 
	Features:	Beach restaurant, 94 wet berth and 100 dry berth marina, boutique hotel, Four
    Seasons Hotel, Banyan Hotel and Missoni Hotel
	 	 
	Status:	Construction is on hold
	 	 
	Projected Completion Date:	2020

 

Muriya was established
in Oman in March 2006, as a joint venture between Egypt’s Orascom Hotels & Development (70 per cent) and Omran, the
Omani government tourism development company (30 per cent). The development has a long rocky beach frontage and comprises a mix
of residential units and hotels.

 

The scheme was
launched with a residential mix of 450 villas and 500 apartments. However, we believe this has been reduced significantly due
to poor sales. The apartments were to be housed over 18 blocks and range in size from 118 square metres (1-bed) to 344 square
metres (4-bed). The villa plot sizes range from 1,000 square metres to 2,075 square metres and the units themselves range from
234 square metres (3-bed) to 896 square metres (6-bed).

 

Construction ceased
shortly after the global financial crisis when many purchasers failed to continue making staged payments. Activity has been limited
to completion of a few of these units over the past 12 months where the developer and purchaser have come to an agreement.

 

At present only the boutique hotel has
been completed, but we are advised the Missoni hotel will be completed within the next 3 years.

 

This scheme is
the least practical for residents working in the central Muscat area due to the poor road network and distance from central Muscat.
However, recent improvements to the highway through the Ruwi area will improve journey times.

 

Occupancy of the residential element
is very low, as is demand.

 

We do not envisage many units being
sold in the near future.

  

    	 
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		7.2.5.	Saraya
                                         Bandar Jissah

 

Development Details

 

	Location:	Qantab Beach
	 	 
	Developer:	Saraya Oman Holdings Co. SAOC (joint venture between Saraya and Omran)
	 	 
	Land size:	2.5 million square metres
	 	 
	Product mix:	398 townhouses and villas
	 	 
	Features:	Two 5 star Jumeirah hotels, spa, dive centre and a number of food and beverage
    outlets
	 	 
	Status:	The hotels and phases 1-3 of the residential units are currently under construction
	 	 
	Projected Completion Date:	2017

 

Saraya Bandar Jissah is situated
in a remote cove and has a private beach. The beach, prior to being sold for private development, was one of the most popular
in the Muscat area.

 

This
is the first ITC to be launched since 2007. The residential element is targeting the high-end market and was launched late 2014.
Sales are likely to be impacted by the same issues affecting Barr Al Jissah and Jebel Siffah, i.e. the travel time to central
Muscat.

 

The product mix includes
villas, twin villas and apartments. Prices range from OMR 950-1,045 per sq m for the villas, OMR 920-1,005 per sq m for the twin
villas and OMR 710-1,130 per sq m for the apartments.

 

We understand take-up has
been reasonable; however, the scheme may be hampered if a percentage of off-plan sales are required to warrant development.

 

		7.2.6.	ITC
                                         Outlook 

 

Demand for ITC
residential units within the central ITC schemes, Muscat Hills and The Wave, is substantially greater than demand for units in
any of the other ITC schemes. Both have recently released additional phases. Recent releases in both have been more market-facing,
i.e. greater selection of units including smaller more affordable villas, townhouses and flats. We envisage reasonable demand
in both schemes to continue for the foreseeable future. Both have seen an increase in demand due to increased infrastructure works
in the area, such as the construction of the new airport, and the general migration of commercial uses west towards the airport.

 

Secondary sales
at all ITC schemes are limited as sellers are unwilling to reduce prices below those paid at the height of the market and buyers
are unwilling to meet these unrealistic prices. In some cases secondary sales are affected by additional sales costs imposed on
the seller by the developer, i.e. at The Wave the developer has imposed a fee of 2% of the original sales price to register a
transfer of ownership.

  

    	 
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In general, off-plan sales are not as prevalent
as they were 4-5 years ago due to the number of cancelled and delayed schemes in recent years. For off-plan sales to be successful
a less onerous staged payment plan is required. Off-plan sales are likely to be substantially lower for a new scheme than for an
additional phase at an existing development.

 

Numerous other ITC schemes are in the medium
term development pipeline, the most notable is Alargan Towell’s 500,000 sq m Barka scheme. The development of this scheme
is expected to have a nominal impact on the Omagine scheme. The main competition for the Omagine scheme is The Wave and Muscat
Hills.

 

Sales prices at a new scheme will need to be
competitive in the early phases to compete with The Wave and Muscat Hills, with prices increasing once the development is established.

 

We are of the opinion that for an ITC scheme
to be successful it will need to be located within the central Muscat area, have good access, have all or most of the facilities
available in the early phase of development and be affordable.

 

Analysis from ITC sales suggest Omanis are
the greatest buyers of units, followed by other GCC nationals and Europeans, and Indians. The following table gives a full breakdown
of sales at The Wave.

 

	Nationality	 	Percentage of Total	 
	 	 	Buyers	 
	 	 	 	 
	Omani	 	 	42	%
	GCC & Region	 	 	19	%
	UK & European	 	 	19	%
	Indian	 	 	11	%
	Other	 	 	9	%

 

Omanis traditionally have purchased in ITC
developments for investment purposes but there has been a shift in recent years with more Omanis opting to reside within the ITCs.

 

7.3. Tourism Market Overview 

 

Oman has benefitted from a number of recent
government initiatives to increase the number of tourist visitors to the country. Other than improvements to the general infrastructure
such as airports and roads, the initiatives have included road shows to both developed and developing countries and advertising
campaigns on global television channels such as BBC World News.

 

Oman has also benefitted from prolonged instability
in other regional markets such as Egypt and Tunisia, and is regarded as a safer more stable option. Furthermore, Muscat has been
recognised by a number of international travel organisations in recent years; Lonely Planet guide ranked Muscat as the second “must
visit” place for 2012, second only to London, Muscat was named Capital of Arab Tourism for 2012 and National Geographic Magazine
ranked Oman in its top 20 tourist destinations of 2012.

 

Oman Ministry of Tourism has also opened representative
offices in key markets to showcase Oman and Omani events and tourism. A recent addition has been the opening of an office in Riyadh.

 

    	 
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The initiatives are part of the drive to increase
the number of visitors to Oman to 12 million by 2020 from the 1,394,851 tourists in 2011 (Ministry of Tourism). The number of tourists
in Oman for 2013 has been reported as 2,121,229 by the Ministry of Tourism, an increase of 2.8% on 2012 – the figures for
2014 are currently not available.

 

The National Centre for Statistics and Information
(NCSI)) has stated the number of international passenger arrivals at Muscat International Airport at a record 3,789,716 for 2013,
an increase of 9.4% on 2012 figures. Total passenger numbers including international and domestic arrivals and departures was 8,308,878
for 2013.

 

As can be seen from the graph below, the number
of hotel guests recorded by the Ministry of National Economy – Directorate General of Economic Statistics has increased year-on-year
over the last three years. It is likely this pattern will continue into the foreseeable future as more initiatives are implemented
and more hotel accommodation comes on line. The latest recorded statistic for 2013 shows a total of 161,685 guests in 2013 up to
the end of May, an increase of 8.1% on comparative figure of 149,539 guests in 2012.

 

 

Source: NCSI

 

Another key growth area has been the cruise
ship sector. Muscat’s cruise ship arrivals increased to 230,000 in 2011, up from 44,000 in 2007. It is expected this number
will exceed 300,000 by 2015.

 

As can be seen from the table on the following
page, hotel revenue has also been rising. The increase in 2011 compared to 2010 was fairly nominal, this was due to the adverse
publicity the wider Gulf region experienced from the Arab springs in neighbouring countries. Some hotels experienced significant
falls in occupancy in the early part of 2011 which led many to reduce prices to attract guests.

 

    	 
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Source: NCSI

 

The World Economic Forum in their Travel and
Competitiveness report (2013) ranked Oman 57th globally and 5th regionally with an estimated revenue of 812
million OMR (US$ 2.12 bn in 2012). They also predicted average annual growth of 5.2% over 2013-2022. Oman was ranked 68 in 2009
and 61 in 2011.

 

It is expected that the tourism industry will become one of the largest contributors to GDP by 2020. In 2011 tourism
accounted for 2.6% (Oman Ministry of Tourism) of GDP and the World Travel & Tourism Council (WTTC) expects the direct contribution
of the industry to grow by 5.4% per annum to 3.3% of GDP by 2021, assuming constant prices and exchange rates. The overall contribution
to the economy by tourism-related activity is expected to increase from 6.8% of GDP in 2011 to 7.7% of GDP by 2021.

 

	7.3.1.	Hotel Market Overview 

 

The Muscat hotel market is dominated by a handful
of international four and five star operators; the Intercontinental, Crowne Plaza, Grand Hyatt, Radisson Blu and Park Inn. The
total four and five star offering within the wider Muscat region is included within the table on the following page.

 

	HOTEL	 	STAR RATING	 	ROOMS & SUITES	 
	The Chedi (resort)	 	5	 	158	 
	Ritz Carlton (resort)	 	5	 	250	 
	Shangri La (resort) – Al Waha	 	5	 	262	 
	Shangri La (resort) – Al Bandar	 	5	 	198	 
	Shangri La (resort) – Al Husn	 	5	 	170	 
	Intercontinental	 	5	 	258	 
	Grand Hyatt	 	5	 	280	 
	Radisson Blu	 	4	 	153	 
	Park Inn	 	4	 	119	 
	Crowne Plaza	 	4	 	205	 

  

    	 
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	HOTEL	 	STAR RATING	 	ROOMS & SUITES	 
	Al Falaj Hotel	 	4	 	 	140	 
	Al Maha International Hotel	 	4	 	 	70	 
	Golden Tulip Seeb	 	4	 	 	177	 
	Hotel Al Madinah Holiday	 	4	 	 	107	 
	Hotel Muscat Holiday	 	4	 	 	123	 
	Majan Continental Hotel	 	4	 	 	159	 
	Qurum Beach Resort	 	4	 	 	7	 
	Ramada	 	4	 	 	86	 
	Ramee Guestline	 	4	 	 	90	 
	Sifawy Hotel	 	4	 	 	55	 
	City Seasons	 	4	 	 	269	 
	Best Western	 	4	 	 	206	 
	Holiday Inn	 	4	 	 	185	 
	 	 	TOTALS	 	 	 	 
	 	 	Total Five Star	 	 	1,576	 
	 	 	Total Four Star	 	 	2,151	 

 

There have been a number of recent additions
to the Omani hotel market, the most recent being the 185 key Holiday Inn in Al Seeb (February 2014). There are numerous proposed
hotels in the development pipeline, many of which were conceived at the height of the market and have not yet commenced. Many are
unlikely to be built within the next 3 years, if at all.

 

Hotels reported to be completed within the
next 2-3 years include the following:

 

		·	The new 300 key Millennium Group hotel,
Tilal Complex, Al Khuwair (5 star) 

 

		·	The refurbished 230 key Sheraton hotel
in Ruwi (5 star) 

 

		·	The new 300 key Kempinski hotel at The
Wave (5 star) 

 

		·	The new 190 key Village Plaza Hotel, The
Wave (4 star) 

 

		·	The new 240 key Aziaba Hotel, Airport
Heights (expected to be 4 star) 

 

		·	The new 245 key Sundus Rotana, Airport
Heights (4 star) 

 

		·	The new 318 key Jumeirah hotels at Saraya
Bandar Jisah (2 x 5 star) 

 

The Sheraton Hotel is expected to be open within
the near future following a protracted refurbishment programme and a recent tie up with UAE based Tawasel International Trading
Company. However, it’s star rating is yet to be confirmed as the standard room sizes no longer meet the requirements for
a five star hotel, although the facilities do.

 

Work on the Kempinski has been delayed but
started late 2013 and is due to be completed by late 2015.

 

The five star market is limited to international
operators whilst the four star market is primarily international with a number of regional operators such as City Seasons.

  

    	 
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At present the number of international 4 and
5 star rated hotels without beach frontage is limited to the Park Inn, Radisson Blu, Best Western, Holiday Inn and Golden Tulip,
all of which are 4 star. The only 5 star rated hotel inland is the Sheraton in Ruwi which is currently being refurbished, although
as previously mentioned there is a question mark over the hotel’s rating due to room sizes.

 

Occupancy rates for internationally branded
hotels vary but generally average over 60%. NCSI state the overall occupancy of the 4 star market for 2013 to be 56.7%, and 60.6%
for the 5 star market. However, the better branded and located hotels achieve occupancy rates in excess of 75%.

 

Average daily room rates (ADR) vary, depending
on the type of hotel. The weighted ADRs of some of the key hotels in the Muscat area are included in the table on the following
page:

 

	HOTEL	 	RATING	 	WEIGHTED ADR
	Park Inn	 	4 star	 	83 OMR
	Best Western	 	4 star	 	68 OMR
	City Seasons	 	4 star	 	56 OMR
	Radisson Blu	 	4 Star	 	89 OMR
	Crowne Plaza	 	4 Star	 	93 OMR
	Grand Hyatt	 	5 star	 	110 OMR
	Intercontinental	 	5 star	 	113 OMR
	Source: Tripadvisor / DTZ	 	 	 	 

 

The weighted ADRs of some comparable hotels
/ resorts in the wider Muscat area are included in the table below:

 

	HOTEL	 	RATING	 	WEIGHTED ADR
	Al Bustan Palace (Ritz Carlton)	 	5 star	 	193 OMR
	Al Waha, Shangri-La	 	5 Star	 	145 OMR
	Al Bandar, Shangri-La	 	5 Star	 	181 OMR
	The Chedi	 	5 star	 	250 OMR
	Source: Tripadvisor / DTZ	 	 	 	 

 

Alcohol is a key driver in the hotel industry
in Muscat and many of the large hotels derive a high level of income from food and beverage sales. Hotels that do not sell alcohol
such as the Ramada and the Platinum experience lower occupancy rates and revenue. Furthermore, an international operator is unlikely
to consider the proposed development without the ability to sell alcohol.

 

There is a large drive to increase the number
of hotel rooms within Oman to accommodate the government’s target of 12 million tourists by 2020 – at present the number
of hotel rooms is significantly below that required.

 

We envisage demand for hotel accommodation
increasing for the foreseeable future. However, we are of the opinion that an international operator should be secured prior to
starting work on the development.

 

	7.3.2. 	Retail Market Overview 

 

The Omani retail landscape is relatively undeveloped
in comparison to neighbouring GCC countries with few modern large retail malls. The main reason being the small population and
the low population to land ratio, i.e. 13 people per square kilometre. This is much lower than those found in neighbouring established
markets in states such as the UAE. However, the Omani population is growing and becoming increasingly affluent resulting in one
of the most rapidly evolving retail markets in the Gulf. 

 

    	 
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Oman has been on the international retail brand
radar for a few years and the number of brands debuting in Oman has increased in recent years. Global and regional brands such
as Matalan, Redtag, Tim Hortons, Sharaf DG and Gymboree have opened stores in the Sultanate in the past 12-24 months. Many of these
new brands have taken space in the recently completed Muscat Grand Mall.

 

The existing established malls such as Qurum
City Centre, Muscat City Centre, Markaz Al Bahja and Muscat Grand Mall are popular with both Omani nationals and the expatriate
community. Demand for units within these malls is good, in particular the two City Centre schemes both of which are practically
100% occupied.

 

Other malls within the wider area include Sabco
Centre (Qurum), Al Araimi (Qurum), Zakher Mall (Al Khuwair), Al Masa Mall (Shatti Al Qurum), Bareeq Al Shatti (Shatti Al Qurum),
Jawaharat Al Shatti (Shatti Al Qurum) and Oasis by the Sea (Shatti Al Qurum). Despite some of these being quite dated they still
have some global brands and are popular. Oasis by the Sea and Jawaharat Al Shatti are generally food and beverage malls comprising
both local and global brands.

 

The most recent large scale addition to the
retail mall landscape has been the 36,000 sq m (net) Muscat Grand Mall at the Tilal Complex in Bausher, situated opposite the subject
mall. It was partially opened the 1st of March 2012 with Carrefour Convenience being the only anchor tenant of note.
Occupancy at the time of the formal opening in mid 2012, we understand, was in the region of 36%. We now understand it is practically
100% let. We are advised a significant number of the units have been let on a turnover basis.

 

We understand Muscat Grand Mall signed a franchise
agreement with Azadea Group Holding to franchise their brands in Oman. Azadea Group Holding has various franchises in the MENA
region including Mango, Gap, Zara and Gymboree, some of which made their Oman debut in Muscat Grand Mall. We understand plans are
in place for an extension to the mall.

 

Opera Galleria (6,500 sq m gross), situated
at the Royal Opera House Muscat, Shatti Al Qurum, is another recently completed mall, opened on 26 November 2012, but it is not
comparable to the larger malls. It is a high end retail boutique mall with approximately 50 outlets. We understand about 70% of
the units have been let. Tenants include Patek Philippe, Bulgari, Jean D’Arcel, and Richoux.

 

The 77,828 sq m (gross floor area) mall adjacent
to the Lulu Hypermarket in Bausher is expected to be completed this year. Details of tenants have not yet been released but it
encompasses the existing Lulu hypermarket.

 

There are also a number of retail mall schemes
in the development pipeline. The ones that will most likely be completed are:

 

		·	Majid Al Futtaim’s Mall of Oman (Bausher)

 

		·	Al-Futtaim’s Oman Convention and
Exhibition Centre Mall (anchored by Ikea)(Airport Heights) 

 

		·	Al Jarwani Group’s Downtown Muscat
Mall (Mabella (South Batinah) 

 

Supply is expected to exceed demand should
the various malls within the development pipeline be constructed. However, well designed, managed and located malls with good
anchors will continue to attract both shoppers and tenants. The older developments, that are poorly laid out and lack major anchor
tenants, such as Sabco Centre, will see a reduction in both footfall and tenant demand, negatively impacting rental revenue. New
poorly designed malls and malls being developed by companies without good international retail brands within their portfolio to
take space will face similar challenges as older style developments. In the current market it is essential for a mall developer
to have attractive in-house retail brands to occupy space or have a major anchor, such as a hypermarket or a large global brand
new to Muscat, such as Ikea. 

 

    	 
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Over the medium to long term, demand for retail
space should expand through both population growth and increasing affluence; the population has grown significantly since the year
2000 and Oman has averaged a GDP growth of 4.9% per annum over the years 2000 to 2012 (source: World Bank).

 

Rental levels vary within malls, dependent
on size of unit, location and operator, i.e. McDonald’s would typically pay less than a local food retailer as it creates
footfall. Many are also now agreed on a turnover basis. General market rents for good modern malls are in the region of the following:

 

		·	Anchor tenant such as a hypermarket operator
– 3.5-5 OMR per sq m per month 

 

		·	Junior anchor tenants - 10-15 OMR per
sq m per month 

 

		·	General units - 18-25 OMR per sq m per
month. 

 

Overall average rent for the key malls in Oman
is approximately 15 OMR per sq m per month. Rents at the Opera Galleria are in the region of OMR 30-40 per sq m per month.

 

The key shopping malls situated within the
wider Muscat region include the following:

 

Muscat City Centre 

 

	Location	As Sultan Qaboos Street, Seeb
	Opened	October 2001, expanded in 2007
	Floors	2
	Gross Area	155,400 sq m
	Net Area	60,484 sq m (initially 33,036 sq m but expanded early 2007)
	No. of Outlets	147
	Parking	2,250 spaces
	Major Outlets	Carrefour Hypermarket (13,936 sq m)
	 	Home Centre (5,791 sq m)
	 	Centrepoint (4,599 sq m)
	 	Marks and Spencer (1,900 sq m)
	 	E-max (2,789 sq m)
	 	Max (2,775 sq m)
	 	Zara & Zara Home (2,014 sq m)
	 	Magic Planet (1,561 sq m)
	 	Toys R Us (1,368 sq m)
	Dining	18 cafes and restaurants

 

Qurum City Centre

 

	Location	Qurum
	Opened	October 2008
	Floors	2 (ground floor is limited)
	Gross Area	42,000 sq m
	Net Area	20,600 sq m
	No. of Outlets	75
	Parking	1,100 spaces
	Major Outlets	Carrefour Hypermarket (12,552 sq m)
	 	H&M (771 sq m)
	 	Mango (408 sq m)
	 	Borders (242 sq m)
	Dining	11 cafes and restaurants

  

    	 
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Muscat Grand Mall

 

	Location	Al Khuwair / Bausher
	Opened	March 2012
	Floors	2
	Gross Area	62,000 sq m
	Net Area	36,000 sq m
	No. of Outlets	148
	Parking	2,000 spaces (71,379 sq m)
	Major Outlets	Carrefour Convenience
	 	Sharaf DG
	 	Homes R Us
	 	Daiso
	 	City Cinema
	Dining	Current offering is limited but a number of international brands are present including Tim Hortons and McDonalds

 

Markaz Al Bahja

 

	Location	Seeb
	Opened	November 2002
	Floors	3
	Gross Area	34,396 sq m
	Net Area	20,000 sq m
	No. of Outlets	80
	Parking	1,200 spaces
	Major Outlets	ID Design (3,000 sq m)
	 	Al Fair (2,000 sq m)
	 	Matalan (2,200 sq m)
	 	Redtag (1,700 sq m)
	Dining	Various

  

    	 
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	8.	INVESTIGATIONS
    AND ENQUIRIES 

 

8.1. Transparency 

 

The Middle East and North Africa (MENA) region
incorporates 14 regional real estate markets including Oman. While markets around the World are improving their real estate transparency
the average score across the MENA region remains lower than in other regions including Asia Pacific, Americas, and Europe in the
Global Real Estate Transparency Index (GRETI) 2014.

 

Oman is ranked 80th out of 102 and
is classified as within the ‘low transparency tier’ (Tier 4) of the MENA real estate market, which is fourth least
transparent market out of five. It has fallen by 6 places since 2012 but this is partly mitigated by the expansion of entrants
to 102 from 97.

 

For comparison purposes Dubai, Abu Dhabi and
Bahrain are classified as ‘semi-transparent tier’ (Tier 3) and Sudan, Syria and Algeria are classified as ‘opaque
(incomprehensible) tier’ (Tier 5). There are no MENA real estate markets classified as ‘transparent tier’ (Tier
2) or ‘highly transparent tier’ (Tier 1), which contains the United States and the United Kingdom. Markets benefitting
from improved transparency and greater openness of transactional information tend to be those easier to conduct business
within.

 

Less transparent markets tend to be characterised
by increased risk and greater uncertainty, lower sales activity, lower foreign participation and higher volatility of market cycles.
The financial markets have seen significant turbulence over the last year or so resulting in severe liquidity shortages. The turmoil
in the credit markets had an immediate effect on the real estate market resulting in some transactions failing and/or prices being
renegotiated downwards. This has caused a reduction in the volume of transactions with activity below the levels of recent years.
There is greater volatility in the evidence generated by comparable transactions and in these circumstances there is a greater
degree of uncertainty than that which exists in a more active and stronger market in forming an opinion of the realisation prices
of property assets.

 

8.2. Environmental Matters 

 

We have not made any investigations in relation
to the presence or potential presence of contamination in land forming the subject property. We have considered the information
provided and made an assumption that if investigations were made to an appropriate extent, then nothing would be discovered sufficient
to affect value. We have not carried out any investigation into past use, either of the properties or any adjacent lands, to establish
whether there is any potential for contamination from such uses or sites and have, therefore, made an assumption that none exist.
Based on the foregoing assumption, we have not made any allowance in the valuation for any effect in respect of actual or potential
contamination of land.

 

In practice, purchasers in the property market
do not typically make assumptions about contamination and a purchaser of the property may require appropriate investigations to
be made so as to assess any risk before completing a transaction.

 

    	 
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8.3. Ground Conditions 

 

We have made the assumption that ground conditions
are suitable for any proposed future development of the property.

 

Since our normal enquiries did not suggest
there are likely to be archaeological remains present in or on the property, we have assumed no abnormal constraints or costs would
be imposed by the need to investigate or preserve historic features.

 

8.4. Planning 

 

The property is designated for ITC use and
we assume the required planning consents are in place in accordance with the Development Agreement.

 

8.5. Services 

 

We assume all utility services are available
at the boundary of the property and are sufficient for the proposed use.

 

8.6. Highways and Infrastructure 

 

From our knowledge of the area, we are not
aware of any proposed road schemes which might adversely affect the property although we have not made any specific enquiries in
this regard.

 

The proposed Al Batinah Expressway (extension
of the existing expressway) should benefit the general area and reduce travel time to the UAE border.

 

Additionally we understand there are plans
to widen 18th November Street which will benefit the property, however an implementation date has not been released.

 

The new Muscat International Airport development
project is the largest project to have ever been undertaken in Oman. The design is based on an initial capacity of 12 million annual
passengers and has a net floor area of 340,000 sq m.

 

The existing airport which was designed back
in 1973 has reached its maximum capacity and the design of the new airport aims to meet the nation's passenger growth numbers targeted
by the Ministry of Tourism.

 

The new facilities and features of the airport
include:

 

		·	a state of the art Passenger Terminal Building

 

		·	28 contact gates 

 

		·	two runways capable of accommodation the
A380 aeroplane

 

		·	a 97 meter high Air Traffic Control Tower
 

 

		·	more than 7,000 parking spaces 

 

		·	dual 3 lanes access road and impressive
landscaping along the access and at the entrance to the airport and new Passenger Terminal Building 

  

    	 
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		·	70 ancillary buildings including workshops,
a fuel farm and data centres 

 

		·	30 remote stands, multi-level parking facilities
and a highway to the airport 

 

The airport has been designed with expansion
in mind. The expansion has been phased out to accommodate 24 million passengers annually, followed by 36 million and at the final
stage, the capacity will reach 48 million passengers a year.

 

We are not aware of the subject property being
under a flight path but this should be confirmed with the airport authority.

 

8.7. Tenure 

 

Where Certificate of Titles have been made
available, we have reflected its contents in our valuation(s). Save as disclosed either in any such Certificate of Title or as
referred to in our Valuation Report, we have made the assumption that there is good and marketable title and the property is free
from rights of way or easements, restrictive covenants, disputes or onerous or unusual outgoings. We have also made the assumption
that the property is free from mortgages, charges or other encumbrances.

 

Where a Valuation Report contains site plans
these are based on extracts of the Ordnance Survey or other maps showing, for identification purposes only, our understanding of
the extent of title based on site inspections or copy title plans supplied to us. If verification of the accuracy of these plans
is required the matter must be referred by you to your solicitors.

  

    	 
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	9.	VALUATION
    APPROACH, METHODOLOGY AND ASSUMPTIONS 

 

In our assessment of market value, we have
had consideration of the various recognised valuation methodologies appropriate for the assessment of a substantial vacant parcel
of land with Integrated Tourism Complex consent including the residual and Market Approach (also known as the direct comparison
method) methods of valuation.

 

The Market Approach method involves the analysis
of transactions relating to direct comparables where available and is deemed an appropriate approach to adopt in making an assessment
of market value of vacant land. The residual approach relies on assumptions made regarding the different variables of costs, revenues,
finance and timeframe particularly when the land has an outline scheme and development agreement in place.

 

With limited sales of large parcels of land
with ITC consent, we consider the residual method of valuation based upon the proposed development scheme as detail herein to be
the most appropriate.

 

The residual method of valuation considers
the market value from a developer’s/investor’s or market participant’s perspective and allows for the individual
elements of a development to be explicitly modelled so as to reflect for example, sales price growth which, in a major principally
residential development such as this, would expect to grow at a higher level than standard price growth in the early years as the
development gains traction and popularity in the market.

 

The residual method reflects the expectations
of market participants of the value of the property when complete also referred to as the Gross Development Value (GDV), derived
through the use of direct comparison approach, less deductions for the costs required to complete the project and appropriate adjustments
for profit and risk. The resultant figure is the residual land value as at the date of valuation, reflecting the price a purchaser
would theoretically be willing to pay in order to build out the proposed scheme and take their required return / profit margin.
The residual valuation reflects all key assumptions and market conditions as at date of valuation and has been based upon development
guidelines as provided and detailed herein supplied by the client.

 

The GDV reflects the proposed specification
for the schemes, and reflects location and assumed high standard of construction. We have conducted our own research and analysis
in order to find comparable evidence to benchmark the subject schemes against, which takes into account market conditions as at
date of valuation.

 

The associated costs of development are deducted
from the GDV; these include:

 

		·	Construction costs to complete 

		·	Professional fees 

		·	Contingency 

		·	Finance costs 

		·	Developer's profit / return requirements

		·	Promotion and marketing 

 

The developers profit and risk is reflected
through an assessed Internal Rate of Return (IRR) and represents a potential investor’s target rate of return or profit margin
for developing the proposed scheme. We have had reference to market investigations, discussions with real estate investors and
further DTZ assignments of similar opportunities throughout the region when adopting an appropriate IRR.

  

    	 
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We have assumed in arriving at our opinion
of value that the proposed development is completed in accordance with the master plan to a high specification.

 

It should be noted that this valuation method
is extremely sensitive to small changes in the variables such as sales prices, build costs, rates of return, timing of costs and
revenues. If any of these assumptions proves incorrect, it could impact on the value reported.

 

9.1. Construction Costs 

 

Our build cost data has been provided by Omagine
LLC. The cost adopted is the mean of the two costs provided by Majan Engineering Consultants and Consolidated Contractors Company
– see Appendix 5. We believe these costs to be reasonable and reflective of the market.

 

In addition to the build costs we have allowed
for professional fees of 14%, construction contingency of 5%, sales agency fees of 0.5%, letting agency fees of 8%, marketing costs
of OMR 900,000 and land purchase cost of OMR 25 per square metre at disposal.

 

A breakdown of the construction cost is included
in the table below:

 

	Element	 	Cost (OMR) (exchange rate of US$ = OMR 0.385)
	 	 	 
	Residential Units	 	613 per sq m
	 	 	 
	Retail Space	 	719.89 per sq m
	 	 	 
	Office Space	 	530.19 per sq m
	 	 	 
	Hotels	 	1,157.32 per sq m
	 	 	 
	Serviced Chalets	 	663.60 per sq m
	 	 	 
	Serviced Apartments	 	663.60 per sq m
	 	 	 
	Movie Theatre	 	719.89 per sq m
	 	 	 
	Amphitheatre	 	719.89 per sq m
	 	 	 
	Pearls	 	43,034,364
	 	 	 
	Attractions/Exhibition Space	 	2,718.74 per sq m
	 	 	 
	Parking	 	2,850,132
	 	 	 
	Infrastructure	 	13,513,772
	 	 	 
	Marine Works	 	19,077,771
	 	 	 
	Landscaping	 	5,974,883

  

    	 
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Note: it should be noted that we assumed the
build cost provided for the leisure element to retail, movie theatre and amphitheatre.

 

9.2. Residential Sales Prices 

 

Sales prices have been taken from sales achieved
at other ITC developments in Oman and adjusted to reflect both the location of the subject property, the higher specification and
the status of the development (i.e. not yet commenced). Sales prices would tend to be discounted for the initial release of properties
in order to get the construction going with growth in these prices being achieved once construction is well under way. Generally,
once a development is underway and potential buyers can see the finished product, demand will increase thereby allowing prices
to be inflated provided of course that the entry pricing is correct.

 

The pricing adopted for the residential elements
is set out in the table below. The prices adopted reflect the assumption that these units will be finished to a significantly higher
specification than units within comparable ITC schemes.

 

	 	 	Gross Unit Size	 	 	Gross Unit Size	 	 	 	 	 	Price Per	 
	Unit Type	 	(sq m)	 	 	(sq m)	 	 	Price per sq m (OMR)	 	 	Unit (OMR)	 
	Oceanfront Villas	 	 	1,000	 	 	 	1,000	 	 	 	1,500	 	 	 	1,500,000	 
	Oceanfront Villas	 	 	840	 	 	 	840	 	 	 	1,500	 	 	 	1,260,000	 
	Ocean View Villas	 	 	700	 	 	 	700	 	 	 	1,200	 	 	 	840,000	 
	Ocean View Villas	 	 	580	 	 	 	580	 	 	 	1,300	 	 	 	754,000	 
	Wadi Park Villas	 	 	525	 	 	 	525	 	 	 	1,000	 	 	 	525,000	 
	Wadi Park Villas	 	 	476	 	 	 	476	 	 	 	1,000	 	 	 	476,000	 
	Ocean View Townhouse	 	 	300	 	 	 	300	 	 	 	1,200	 	 	 	360,000	 
	Wadi Park Townhouse	 	 	300	 	 	 	300	 	 	 	1,000	 	 	 	300,000	 
	4BR Oceanfront Apartment	 	 	250	 	 	 	250	 	 	 	1,300	 	 	 	260,000	 
	4BR Ocean View Apartment	 	 	250	 	 	 	250	 	 	 	1,200	 	 	 	240,000	 
	4BR Wadi Park Apartment	 	 	250	 	 	 	250	 	 	 	1,050	 	 	 	210,000	 
	3BR Ocean View Apartment	 	 	230	 	 	 	230	 	 	 	1,250	 	 	 	230,000	 
	3BR Wadi Park Apartment	 	 	230	 	 	 	230	 	 	 	1,100	 	 	 	202,400	 
	2BR Oceanfront Apartment	 	 	200	 	 	 	160	 	 	 	1,350	 	 	 	216,000	 
	2BR Ocean View Apartment	 	 	200	 	 	 	160	 	 	 	1,250	 	 	 	200,000	 
	2BR Wadi Park Apartment	 	 	200	 	 	 	160	 	 	 	1,100	 	 	 	176,000	 
	1BR Ocean View Apartment	 	 	170	 	 	 	136	 	 	 	1,250	 	 	 	170,000	 
	1BR Wadi Park Apartment	 	 	170	 	 	 	136	 	 	 	1,150	 	 	 	156,400	 

  

    	 
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Our assumptions on sales price growth are set
out below:

 

	Year 	 	Growth Rate 	 
	2015	 	 	4	%
	2016	 	 	4	%
	2017	 	 	4	%
	2018	 	 	8	%

 

	Year 	 	Growth Rate 	 
	2019	 	 	14	%
	2020	 	 	8	%
	2021	 	 	8	%
	2022-into perpetuity	 	 	4	%

 

The base data has been sourced from Oxford
Economics.

 

9.3. Timing 

 

We have allowed a period of 18 months for the
finalisation of plans/permits and contractor selection/mobilisation. We have then allowed a period of 24 months for the development
of each residential phase, staggered by 12 months, i.e. each phase starts 12 months from the start of the preceding phase. Post
construction sales periods vary between 10 and 12 months.

 

All commercial elements are assumed to be developed
in phase 1 with the exception of the Pearls and the Pearl retail element, which is assumed to be developed in year 4 to be completed
by year 5 in accordance with the Development Agreement.

 

A holding period of 3 years is assumed for
the commercial element for the hospitality elements to achieve stabilisation prior to exit.

 

We have based the timing of the residential
development on the quantum of sales being achieved at other ITC schemes in Oman. Over the past few years, development at competing
schemes has been fairly subdued but we have based our opinions on sales achieved at The Wave. Over the period 2012 and 2013, sales
at The Wave averaged around 250 units per annum. Sales are anticipated to pick up going forwards, projected at over 300 for 2014
and then around 400 units per annum from 2015 onwards. We have adopted an average sales rate of approximately 211 units per annum
over a 123 month development period (7 phases).

 

Our calculations allow for varying percentages
of off-plan sales for the different unit types, varying from 0 to 11% in phase one and ramping up to as high as 27% for some of
the multi unit elements in phase 7.

  

    	 
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9.4. Commercial Property 

 

The development includes elements
of retail/restaurants, a shopping mall as well as local community facilities including children’s play areas, mosque, etc.

 

The development also includes three
Hotels providing a total of 840 keys; 1 x 5 star and 2 x 4 star. It also includes 600 one and two bedroom serviced chalets and
724 studio, one and two bedroom serviced apartments. Our main assumptions for the commercial elements are set out in the table
below:

 

	 	 	 	 	 	Initial Rent	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	Free	 	 	Market Rent	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Net Area	 	 	Period	 	 	per sq m per	 	 	Stabilisation	 	 	Void Costs	 	 	% non	 	 	Capitalisation	 
	 	 	(sq m)	 	 	(months)	 	 	annum (OMR)	 	 	Occupancy	 	 	(OMR per sq m) 	 	 	recoverables	 	 	Yield	 
	Office Space	 	 	39,497.8	 	 	 	3	 	 	 	144	 	 	 	83	%	 	 	15	 	 	 	10	%	 	 	10	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Retail Mall	 	 	4,303	 	 	 	6	 	 	 	480	 	 	 	95	%	 	 	20	 	 	 	20	%	 	 	8.5	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	General Retail	 	 	4,985	 	 	 	6	 	 	 	300	 	 	 	95	%	 	 	20	 	 	 	20	%	 	 	9.00	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Amphitheatre	 	 	700	 	 	 	n/a	 	 	 	36	 	 	 	n/a	 	 	 	20	 	 	 	n/a	 	 	 	11	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Movie Theatre	 	 	2500	 	 	 	n/a	 	 	 	36	 	 	 	n/a	 	 	 	20	 	 	 	n/a	 	 	 	9	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Pearl Retail	 	 	5,250	 	 	 	6	 	 	 	300	 	 	 	95	%	 	 	20	 	 	 	20	%	 	 	9	%

  

Our main assumptions for the hospitality
element are set out in the table below:

 

	 	 	 	 	 	 	 	 	 	 	 	Additional	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	F&B Revenue	 	 	Revenue as %	 	 	 	 	Room	 	 	All Other	 	 	 	 
	 	 	 	 	 	ADR	 	 	as % of Room	 	 	of Room	 	 	Stabilisation	 	Revenue	 	 	Revenue	 	 	Capitalisation	 
	 	 	Keys 	 	 	(OMR)	 	 	Revenue	 	 	Revenue	 	 	Occupancy	 	Costs	 	 	Costs	 	 	Yield	 
	Hotel 1	 	 	280	 	 	 	185	 	 	 	50	%	 	 	20	%	 	75% (year 3)	 	 	65	%	 	 	65	%	 	 	7	%
	Hotel 2	 	 	280	 	 	 	125	 	 	 	40	%	 	 	20	%	 	75% (year 3)	 	 	65	%	 	 	65	%	 	 	7	%
	Hotel 3	 	 	280	 	 	 	125	 	 	 	40	%	 	 	20	%	 	75% (year 3)	 	 	65	%	 	 	65	%	 	 	7	%
	1 Bed Serviced Chalets	 	 	300	 	 	 	135	 	 	 	50	%	 	 	15	%	 	75% (year 3)	 	 	30	%	 	 	50	%	 	 	7	%
	2 Bed Serviced Chalets	 	 	300	 	 	 	150	 	 	 	50	%	 	 	15	%	 	75% (year 3)	 	 	30	%	 	 	50	%	 	 	7	%
	Studio Serviced Apartments	 	 	81	 	 	 	50	 	 	 	n/a	 	 	 	n/a	 	 	80% (year 3)	 	 	20	%	 	 	n/a	 	 	 	8	%
	1 Bed Serviced Apartments	 	 	300	 	 	 	60	 	 	 	n/a	 	 	 	n/a	 	 	80% (year 3)	 	 	20	%	 	 	n/a	 	 	 	8	%
	2 Bed Serviced Apartments	 	 	343	 	 	 	80	 	 	 	n/a	 	 	 	n/a	 	 	80% (year 3)	 	 	20	%	 	 	n/a	 	 	 	8	%

  

    	 
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Our assumptions on rental / revenue growth
are set out below. Inflation has been adopted at a rate of 2% into perpetuity:

 

	Element	 	Growth Rate
	 	 	 
	Hospitality	 	3% into perpetuity
	 	 	 
	Office	 	2% into perpetuity
	 	 	 
	Retail	 	2% into perpetuity

 

9.5. Target Internal Rate of Return
(IRR) 

 

The IRR reflects the optimism or pessimism
applied to all of the other inputs and has to be sufficient to allow for unforeseen delays, changes in construction costs, sales
prices which fall short of projected figures, units sold not achieving sales figures projected or a combination of these. The IRR
also has to cover the risk inherent within the commercial element of the development including room rates and projected occupancy
not being achieved, the covenant of the operator/tenant not being considered prime and the shopping centre not getting the anticipated
tenant line up or projected rental levels.

 

The IRR adopted is an ungeared return over
the life of the development. For the purposes of our calculations we have adopted an IRR of 15% which we consider fairly reflects
the risk inherent within this residual appraisal.

 

Additional assumptions are included in the
table below:

 

	Item	 	Assumption
	Project start date	 	January 2015
	Finance Rate	 	7% per annum
	Debt:equity Ratio	 	60:40% (Draw down preference for debt to equity is 1 for equity and 2 for debt)
	Total GDV	 	OMR 2,062,609,863
	Revenue Over Holding Period	 	OMR 23,090,691
	Total Construction Cost	 	OMR 840,567,659
	Professional Fees	 	OMR 98,143,712
	Letting Agency Fees	 	OMR 804,328
	Sales Agency Costs	 	OMR 10,241,141
	Finance Costs	 	OMR 48,944,348
	Total Development Costs	 	OMR1,445,199,204
	Developer’s Profit	 	OMR 841,691,275 (58.24% of costs)

 

9.6. Financial Model Findings

 

From reference to the provided information,
assumptions, independent opinion as to revenue generation and market conditions, we have drawn the following conclusion from the
residual valuation model:

 

Key Findings from Financial Model

 

	Assessed Market Value	 	OMR 385,546,000 say OMR 385,000,000
	 	 	 
	Assessed rate	 	OMR 385 per sq m over land area

 

Please refer to Appendix 8 for financial model
summary

  

    	 
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Valuation Date | 15 January 2015	 
 
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10.
VALUATION CERTIFICATION 

 

We are of the opinion that the total Market
Value of the Usufruct interest of the subject property as described herein based upon the residual method, as at 15 January 2015,
subject to the assumptions and comments in this Valuation Report and the Appendices is:-

 

Market Value 

 

OMR 385,000,000 

 

(Three Hundred and Eighty Five
Million Omani Rials) 

 

/s/ Rashpal Heer

Rashpal Heer

Associate Director - Valuation

  

/s/ Antony Schober

Antony Schober AAPI CPV

Director

Head of Valuation UAE

 

Please note – Our valuation has been
based on information provided to us by the client and relevant valuation assumptions. This information is set out in the body of
this report. DTZ has not verified all of this information and our valuation is on the basis that the information provided to us
is correct. If any of the information provided is altered or incorrect, DTZ reserve the right to amend our valuation accordingly.

  

    	 
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11.
DISCLOSURE AND CONFIDENTIALITY 

 

The contents of this Valuation Report and Appendices
are confidential to the party to whom they are addressed for the specific purpose to which they refer and are for their use only.
Consequently, and in accordance with current practice, no responsibility is accepted to any other party in respect of the whole
or any part of their contents. Before this Valuation Report, or any part thereof, is reproduced or referred to, in any document,
circular or statement, and before its contents, or any part thereof, are disclosed orally or otherwise to a third party, except
by the party to whom this is addressed, the valuer's written approval as to the form and context of such publication or disclosure
must first be obtained. Such publication or disclosure will not be permitted unless, where relevant, it incorporates adequate reference
to the Special Assumptions and/or Departures from the RICS Valuation Standards referred to herein. For the avoidance of doubt,
such approval is required whether or not DTZ International Limited is referred to by name and whether or not the contents
of our Report are combined with others.

  

    	 
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Valuation Date | 15 January 2015	 
 
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Appendix
1 - Definitions of the bases of valuation 

 

The Property has been valued in accordance
with the relevant parts of the current RICS Professional Standards January 2014 (the “Red Book”). In particular, the
bases of valuation are as follows:

 

Market Value 

 

We have assessed Market Value in accordance
with International Valuation Standards 29 Under these provisions, the term “Market Value” means “the
estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller
in an arm's-length transaction after proper marketing and where the parties had each acted knowledgeably, prudently and without
compulsion”.

 

In undertaking our valuation on the basis of
Market Value we have applied the conceptual framework which has been settled by the International Valuation Standards Committee
(IVSC). The conceptual framework is included in IVS 30 and is reproduced below:-

 

(a)
“the estimated amount” refers to a price expressed in terms of money payable for the asset in an arm’s length
market transaction. Market value is the most probable price
reasonably obtainable in the market on the valuation date in
keeping with the market value definition. It is the best
price reasonably obtainable by the seller and the most advantageous price reasonably obtainable by the buyer. This estimate specifically
excludes an estimated price inflated or deflated by special terms or circumstances such as atypical financing, sale and leaseback
arrangements, special considerations or concessions granted by anyone associated with the sale, or any element of special
value; 

 

(b)'an asset should exchange ...' Refers
to the fact an asset should exchange” refers to the fact that the value of an asset is an estimated amount rather than a
predetermined amount or actual sale price. It is the price in a transaction that meets all the elements of the market value definition
at the valuation date;

 

(c) “on the valuation date” requires that the value is time-specific as of a given
date. Because markets and market conditions may change, the estimated value may be incorrect or inappropriate at another time.
The valuation amount will reflect the market state and circumstances as at the valuation date, not those at any other date;

 

(d) '”between a willing buyer” refers to one who is motivated, but not compelled to buy. This buyer is neither
over eager nor determined to buy at any price. This buyer is also one who purchases in accordance with the realities of the current
market and with current market expectations, rather than in relation to an imaginary or hypothetical market that cannot be demonstrated
or anticipated to exist. The assumed buyer would not pay a higher price than the market requires. The present owner is included
among those who constitute “the market”;

 

(e) “a willing seller “Is
neither an is neither an over eager nor a forced seller prepared to sell at any price, nor one prepared to hold out for a price
not considered reasonable in the current market. The willing seller is motivated to sell the asset at market terms for the best
price attainable in the open market after proper marketing, whatever that price may be. The factual circumstances of the actual
owner are not a part of this consideration because the willing seller is a hypothetical owner;

 

(f) “in an arm's-length transaction”'
Is one between parties who do not have a particular or special relationship, eg parent and subsidiary companies or landlord and
tenant, that may make the price level uncharacteristic of the market or inflated because of an element of special value.
The market value transaction is presumed to be between unrelated parties, each acting independently;

  

    	 
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(g) “after proper marketing”
means that the asset would be exposed to the market in the most appropriate manner to effect its disposal at the best price reasonably
obtainable in accordance with the market value definition. The method of sale is deemed to be that most appropriate to obtain
the best price in the market to which the seller has access. The length of exposure time is not a fixed period but will vary according
to the type of asset and market conditions. The only criterion is that there must have been sufficient time to allow the asset
to be brought to the attention of an adequate number of market participants. The exposure period occurs prior to the valuation
date;

 

(h) where the parties had each acted
knowledgeably, prudently ...' Presumes presumes that both the willing buyer and the willing seller are reasonably informed
about the nature and characteristics of the asset, its actual and potential uses and the state of the market as of the valuation
date. Each is further presumed to use that knowledge prudently to seek the price that is most favourable for their respective
positions in the transaction. Prudence is assessed by referring to the state of the market at the valuation date, not with
benefit of hindsight at some later date. For example, it is not necessarily imprudent for a seller to sell assets in a market with
falling prices at a price that is lower than previous market levels. In such cases, as is true for other exchanges in markets with
changing prices, the prudent buyer or seller will act in accordance with the best market information available at the time;

 

(i) and without compulsion' establishes
that each party is motivated to undertake the transaction, but neither is forced or unduly coerced to complete it.

 

35.           Market
Value is the estimated exchange price of an asset without regard to the seller’s costs of sale or the buyer’s costs
of purchase and without adjustment for any taxes payable by either party as a direct result of the transaction.

 

Market Rent 

 

We have assessed Market Rent in accordance
with International Valuation Standards 230. Under these provisions the term “Market Rent” is the estimated amount for
which an interest in real property should be leased on the valuation date between a willing lessor and a willing lessee
on appropriate lease terms in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably,
prudently and without compulsion.

 

The commentary given for the similar definition
of market value in the IVS Framework can be applied to assist in the interpretation of market rent. In particular,
the estimated amount excludes a rent inflated or deflated by special terms, considerations or concessions. The “appropriate
lease terms” are terms that would typically be agreed in the market for the type of property on the valuation date between
market participants. A valuation of market rent should only be provided in conjunction with an indication of the principal
lease terms that have been assumed.

 

The contract rent is the rent payable under
the terms of an actual lease. It may be fixed for the duration of the lease or variable. The frequency and basis of calculating
variations in the rent will be setout in the lease and must be identified and understood in order to establish the total benefits
accruing to the lessor and the liability of the lessee.

  

    	 
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Taxation and costs 

 

In no case have we made any adjustment to reflect
any liability to taxation that may arise on disposal, nor for any costs associated with disposal incurred by the owner.

 

No allowance has been made to reflect any liability
to repay any government or other grants, taxation allowance or lottery funding that may arise on disposal.

  

    	 
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Appendix
2 - Valuation terms conditions and assumptions 

 

These are the terms, conditions and assumptions
upon which our valuations and reports are normally prepared. They apply to the valuation(s) that are the subject of this instruction
unless we have specifically mentioned otherwise in this Valuation Report. We have made certain Assumptions in relation to facts,
conditions or situations affecting the subject of, or approach to, our valuations that we have not verified as part of the valuation
process. In the event that any of these Assumptions prove to be incorrect then our valuation(s) should be reviewed.

 

	1.	Title 

 

We have not had access to the title deeds of
the property. Where a Certificate of Title has been made available, we have reflected its contents in our valuation. Save as disclosed
either in any such Certificate of Title or as referred to in our Report, we have made an Assumption that there is good and marketable
title and that the property is free from rights of way or easements, restrictive covenants, disputes or onerous or unusual outgoings.
We have also made an Assumption that the property is free from mortgages, charges or other encumbrances.

 

	2.	Condition of structure and services, deleterious materials, plant and machinery and goodwill 

 

Due regard has been paid to the apparent state
of repair and condition of the property, but a condition survey has not been undertaken, nor have woodwork or other parts of the
structure which are covered, unexposed or inaccessible, been inspected. Therefore, we are unable to report that the property is
structurally sound or is free from any defects. We have made an Assumption the property is free from any rot, infestation, adverse
toxic chemical treatments, and structural or design defects other than such as may be mentioned in the body of our Report and the
appendices.

 

We have not arranged for investigations to
be made to determine whether high alumina cement concrete, calcium chloride additive or any other deleterious material have been
used in the construction or any alterations, and therefore we cannot confirm that the property is free from risk in this regard.
For the purposes of this valuation, we have made an Assumption that any such investigation would not reveal the presence of such
materials in any adverse condition.

 

No mining, geological or other investigations
have been undertaken to certify that the site is free from any defect as to foundations. Where relevant, we have made an Assumption
that the load bearing qualities of the site of the property are sufficient to support the buildings constructed, or to be constructed
thereon. We have also made an Assumption that there are no abnormal ground conditions, nor archaeological remains present, which
might adversely affect the present or future occupation, development or value of the property.

 

No tests have been carried out as to electrical,
electronic, heating, plant and machinery equipment or any other services nor have the drains been tested. However, we have made
an Assumption that all services are functioning satisfactorily.

 

No allowance has been made in this valuation
for any items of plant or machinery not forming part of the service installations of the building. We have specifically excluded
all items of plant, machinery and equipment installed wholly or primarily in connection with any of the occupants’ businesses.
We have also excluded furniture and furnishings, fixtures, fittings, vehicles, stock and loose tools. Further, no account has been
taken in our valuation of any goodwill that may arise from the present occupation of the property.

  

    	 
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It is a condition of DTZ International Ltd
Abu Dhabi or any related company, or any qualified employee, providing advice and opinions as to value, that the client and/or
third parties (whether notified to us or not) accept that the valuation report will in no way relate to, or give warranties as
to, the condition of the structure, foundations, soil and services.

 

	3.	Statutory requirements and planning 

 

Verbal or written enquiries have been made
of the relevant planning authority in whose area the property lies as to the possibility of highway proposals, comprehensive development
schemes and other ancillary planning matters that could affect property values. The results of our enquiries have been included
within our Report where relevant.

 

Save as disclosed in a Certificate of Title
or unless otherwise advised, we have made an Assumption that the building has been constructed in full compliance with valid town
planning and building regulations approvals, that where necessary it has the benefit of a current Fire Certificate and that the
property is not subject to any outstanding statutory notices as to its construction, use or occupation. Unless our enquiries have
revealed to the contrary, we have made a further Assumption that the existing use of the property is duly authorised or established
and that no adverse planning conditions or restrictions apply.

 

	4.	Information 

 

We have made an Assumption that the information
that you and the applicant, and your/their respective professional advisers have supplied to us in respect of the property is both
full and correct.

 

It follows that we have made an Assumption
that details of all matters likely to affect value within your/their collective knowledge have been made available to us and that
the information is up to date.

 

	5.	Legal Issues  

 

Legal issues, and in particular the interpretation
of matters relating to title and leases, may have a significant bearing on the value of an interest in property. Where we have
expressed an opinion upon legal issues affecting the valuation, then such opinion should be subject to verification by the client
with a suitable qualified lawyer. In these circumstances, we accept no responsibility or liability for the true interpretation
of the legal position of the client or other parties in respect of the valuation of the property.

  

    	 
DTZ COI No | AEVA2438
Valuation Date | 15 January 2015	 
 
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Appendix
3 – Title Documents (Krooki) 

 

Schedule 1

 

Krooki; Mulkiya; Sea Area; Layout

 

Notwithstanding anything to the contrary contained
anywhere else in this Development Agreement or in the Schedules to this Development Agreement, the Parties hereby agree that:

 

		I.	the Krooki dated June 16, 2014 as defined
in Clause 1 and shown below as Part A of this Schedule 1 is the Krooki for the Existing Land, and 

 

		II.	any diagrams, drawings, photographs or
the like contained in any Schedule to this Development Agreement showing boundaries of the Existing Land different from the boundaries
shown in the Krooki are indicative only and are hereby amended to represent and mean the boundaries of the Existing Land as definitively
shown in the June 16, 2014 Krooki. 

  

    	 
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Part A

 

Krooki dated June 16, 2014

 

 

 

    	 
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Part C 

The Sea Area

 

The Parties hereby agree as follows:

 

The area constituting the Sea Area, in respect
of which an Environmental Impact Assessment has beeneffected, will evolve and change shape as the Project is Developed and Reclaimed
Land and Created Waterways come into existence.

 

The dimensions and location of the Sea Area
are indicatively shown in the drawing below and the Ministry of Tourism (“MOT”) hereby agrees and consents to the
final dimensions and location of the Sea Area, provided that, the Project Company receives the prior written
Approval for such final dimensions and location from the Ministry of Environment and Climate Affairs within 12 Months after the
Effective Date.

 

Subject always to this Development Agreement
and the Law the Project Company shall have no claim or right of action against the MOT in the event that the Ministry of Environment
and Climate Affairs does not Approve the dimensions and location of the Sea Area as contemplated by this Development Agreement
as stated below in this Part C of Schedule 1.

 

The Sea Area at any time is never Reclaimed
Land or Created Waterways and it will be that rectangular area of the Gulf of Oman indicatively shown below and which rectangle:

 

		(i)	has a side (the “First Side”) that is co-existent with that line in the Gulf of Oman
which is the high high water mark (“HHWM”) adjacent to theKrooki boundary line facing the Sea Area (the “Outer
Boundary”), and

 

		(ii)	has an opposite and parallel side (the “Second Side”) the coordinates of which are
perpendicular to the First Side and subject to the approval of the Ministry of Environment and Climate Affairs, is one hundred
thirty (130) meters in a north-easterly direction from the First Side, and

 

		(iii)	is bounded on its other two sides by:

 

		a)	a side (the “Third Side”) which is that line originating at the point that is the north-western
boundary point of the Krooki and running perpendicular to and through the First Side up to that point where it intersects the Second
Side, and

 

		b)	a side (the “Fourth Side”) which is parallel to the Third Side and which Fourth Side
is that line originating at the point that is the south-eastern boundary point of the Krooki and running perpendicular to and through
the First Side up to that point where it intersects the Second Side.

 

The Sea Area on the Execution Date
is indicated by the drawing below in Part C of this Schedule 1 and the Parties hereby agree that the “Sea Bed” means
that part of the Project Area that at any time has the same coordinates as the Sea Area andwhich is under the Sea Area.

  

    	 
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The Sea Area

 

(All dimensions show are indicate only)

  

    	 
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Part D

 

Layout Plan:

 

Aerial Photograph
and

Contour survey map

 

[Note: The Parties
agree that this is an indicative Layout Plan only and shall at all times be subject to any Approvals which the Law requires from
the relevant Government Authorities.]

 

 

 

    	 
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Appendix 4 – Usufruct Agreement

 

 

    	 
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Appendix 5 – CONSTRUCTION
COSTS 

 

	 	 	 	 	MEAN ESTIMATE SUMMARY	 	 	MEAN	 
	 	 	 	 	 	 	 	 	 	 	CURRENCY:US$	 	 	CURRENCY:US$	 
	 	 	 	 	CONSTRUCTION	 	 	FIT OUT	 	 	TOTAL	 	 	TOTAL	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	OMR (US$)	 
	1	 	Off-Site Developments	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.1	 	Airport Welcome	 	 	 	 	 	$	111,201	 	 	$	111,201	 	 	$	111,201	 
	 	 	Off-Site Developments Total	 	 	 	 	 	$	111,201	 	 	$	111,201	 	 	$	111,201	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2	 	Landmark Zone	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2.1	 	Oman Pearl	 	$	3,779,048	 	 	$	12,000,000	 	 	$	15,779,048	 	 	$	15,779,048	 
	2.2	 	Culture Pearl	 	$	3,907,220	 	 	$	12,000,000	 	 	$	15,907,220	 	 	$	15,907,220	 
	2.3	 	Innovation Pearl	 	$	3,862,220	 	 	$	12,000,000	 	 	$	15,862,220	 	 	$	15,862,220	 
	2.4	 	Energy Pearl	 	$	3,777,040	 	 	$	12,000,000	 	 	$	15,777,040	 	 	$	15,777,040	 
	2.5	 	Sea Pearl	 	$	3,750,680	 	 	$	12,000,000	 	 	$	15,750,680	 	 	$	15,750,680	 
	2.6	 	Earth Pearl	 	$	3,750,680	 	 	$	12,000,000	 	 	$	15,750,680	 	 	$	15,750,680	 
	2.7	 	Sky Pearl	 	$	4,950,680	 	 	$	12,000,000	 	 	$	16,950,680	 	 	$	15,950,680	 
	2.8	 	Attraction/Exhibition Space	 	$	16,568,374	 	 	$	39,925,000	 	 	$	56,493,374	 	 	$	56,493,374	 
	2.9	 	Infrastructure	 	$	4,616,736	 	 	 	 	 	 	$	4,616,736	 	 	$	4,616,736	 
	2.10	 	Marine Works	 	$	8,532,926	 	 	 	 	 	 	$	8,532,926	 	 	$	8,532,926	 
	2.11	 	Landscaping	 	$	2,672,389	 	 	 	 	 	 	$	2,672,389	 	 	$	2,672,389	 
	 	 	Landmark Total	 	$	60,167,993	 	 	$	123,925,000	 	 	$	184,092,992	 	 	$	184,092,992	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3	 	Tourist and Cultural Zone	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.1	 	Resorts	 	$	199,933,310	 	 	$	31,004,784	 	 	$	230,938,094	 	 	$	230,938,094	 
	3.2	 	Serviced Accommodations	 	$	226,433,622	 	 	$	13,351,517	 	 	$	239,785,139	 	 	$	239,785,139	 
	3.3	 	Leisure Areas	 	$	37,143,473	 	 	 	 	 	 	$	37,143,473	 	 	$	37,143,473	 
	3.4	 	Office Tenant Space	 	$	63,991,828	 	 	 	 	 	 	$	63,991,828	 	 	$	63,991,828	 
	3.5	 	Lighting	 	$	9,846,220	 	 	 	 	 	 	$	9,846,220	 	 	$	9,846,220	 
	3.6	 	Parking	 	$	95,335,582	 	 	 	 	 	 	$	95,335,582	 	 	$	95,335,582	 
	3.7	 	Back of House Facilities	 	$	6,468,102	 	 	 	 	 	 	$	6,468,102	 	 	$	6,468,102	 
	3.8	 	Infrastructure	 	$	63,484,245	 	 	 	 	 	 	$	63,484,245	 	 	$	63,484,245	 
	3.9	 	Marine works	 	$	44,720,754	 	 	 	 	 	 	$	44,720,754	 	 	$	44,720,754	 
	3.10	 	Landscaping	 	$	19,192,084	 	 	 	 	 	 	$	19,192,084	 	 	$	19,192,084	 
	 	 	Tourist and Cultural Total	 	$	766,549,219	 	 	$	44,356,301	 	 	$	810,905,520	 	 	$	810,905,520	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4	 	Residential Zone	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4.1	 	Residential	 	$	923,933,823	 	 	 	 	 	 	$	923,933,823	 	 	$	923,933,823	 
	4.2	 	Parting	 	$	7,402,941	 	 	 	 	 	 	$	7,402,941	 	 	$	7,402,941	 
	4.3	 	Infrastructure	 	$	35,100,706	 	 	 	 	 	 	$	35,100,706	 	 	$	35,100,706	 
	4.4	 	Marine works	 	$	49,552,652	 	 	 	 	 	 	$	49,552,652	 	 	$	49,552,652	 
	4.5	 	Landscaping	 	$	15,519,177	 	 	 	 	 	 	$	15,519,177	 	 	$	15,519,177	 
	 	 	Residential Total	 	$	1,031,509,299	 	 	$	-	 	 	$	1,031,509,299	 	 	$	1,031,509,299	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Development Total	 	$	1,858,226,510	 	 	$	168,392,501	 	 	$	2,026,619,012	 	 	$	2,026,619,012	 

 

    	 
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Valuation Date | 15 January 2015	 
 
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Appendix 6 – ITC Location
Map

 

 

  

    	 
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Appendix 7 – Appraisal Summary

  

    	 
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DTZ

 

Development Appraisal

 

Muscat

 

Report Date:
January 12, 2015

 

Prepared by RH

 

    	 

    	 	 

    

 

	APPRAISAL SUMMARY	DTZ

 

	Summary Appraisal for Merged Phases 1 2 3 4 5 6 7 8 9

 

	Currency in OMR

 

	REVENUE	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sales Valuation	 	Units	 	m2	 	 	Rate m2	 	 	Unit Price	 	 	Gross Sales	 	 	Adjustment	 	 	Net Sales	 
	‡ Villa -
    Oceanfront	 	2	 	 	2,000.00	 	 	 	1,500.00	 	 	 	1,500,000	 	 	 	3,000,000	 	 	 	245,424	 	 	 	3,245,424	 
	‡ Villa - Oceanfront	 	2	 	 	1,680.00	 	 	 	1,500.00	 	 	 	1,260,000	 	 	 	2,520,000	 	 	 	206,156	 	 	 	2,726,156	 
	‡ Villa - Ocean View	 	2	 	 	1,400.00	 	 	 	1,200.00	 	 	 	840,000	 	 	 	1,680,000	 	 	 	137,437	 	 	 	1,817,437	 
	‡ Villa - Ocean View	 	4	 	 	2,320.00	 	 	 	1,300.00	 	 	 	754,000	 	 	 	3,016,000	 	 	 	378,208	 	 	 	3,394,208	 
	‡ Villa - Wadi Park	 	18	 	 	9,450.00	 	 	 	1,000.00	 	 	 	525,000	 	 	 	9,450,000	 	 	 	1,251,330	 	 	 	10,701,330	 
	‡ Villa - Wadi Park	 	18	 	 	8,568.00	 	 	 	1,000.00	 	 	 	476,000	 	 	 	8,568,000	 	 	 	1,134,540	 	 	 	9,702,540	 
	‡ Townhouse - Ocean View	 	8	 	 	2,400.00	 	 	 	1,200.00	 	 	 	360,000	 	 	 	2,880,000	 	 	 	209,746	 	 	 	3,089,746	 
	‡ Townhouse - Wadi Park	 	23	 	 	6,900.00	 	 	 	1,000.00	 	 	 	300,000	 	 	 	6,900,000	 	 	 	874,255	 	 	 	7,774,255	 
	‡ Apartment - 4br Oceanfront	 	14	 	 	2,800.00	 	 	 	1,300.00	 	 	 	260,000	 	 	 	3,640,000	 	 	 	543,457	 	 	 	4,183,457	 
	‡ Apartment - 4br Ocean View	 	16	 	 	3,200.00	 	 	 	1,200.00	 	 	 	240,000	 	 	 	3,840,000	 	 	 	556,754	 	 	 	4,396,754	 
	‡ Apartment - 4br Wadi Park	 	29	 	 	5,800.00	 	 	 	1,050.00	 	 	 	210,000	 	 	 	6,090,000	 	 	 	890,617	 	 	 	6,980,617	 
	‡ Apartment - 3br Ocean View	 	36	 	 	6,624.00	 	 	 	1,250.00	 	 	 	230,000	 	 	 	8,280,000	 	 	 	1,184,109	 	 	 	9,464,109	 
	‡ Apartment - 3br Wadi Park	 	36	 	 	6,624.00	 	 	 	1,100.00	 	 	 	202,400	 	 	 	7,286,400	 	 	 	1,247,787	 	 	 	8,534,187	 
	‡ Apartment - 2br Oceanfront	 	29	 	 	4,640.00	 	 	 	1,350.00	 	 	 	216,000	 	 	 	6,264,000	 	 	 	843,795	 	 	 	7,107,795	 
	‡ Apartment - 2br Ocean View	 	29	 	 	4,640.00	 	 	 	1,250.00	 	 	 	200,000	 	 	 	5,800,000	 	 	 	781,292	 	 	 	6,581,292	 
	‡ Apartment - 2br Wadi Park	 	29	 	 	4,640.00	 	 	 	1,100.00	 	 	 	176,000	 	 	 	5,104,000	 	 	 	687,537	 	 	 	5,791,537	 
	‡ Apartment - 1br Ocean View	 	13	 	 	1,768.00	 	 	 	1,250.00	 	 	 	170,000	 	 	 	2,210,000	 	 	 	326,608	 	 	 	2,536,608	 
	‡ Apartment - 1br Wadi Park	 	13	 	 	1,768.00	 	 	 	1,150.00	 	 	 	156,400	 	 	 	2,033,200	 	 	 	274,316	 	 	 	2,307,516	 
	‡ Villa - Oceanfront	 	1	 	 	1,000.00	 	 	 	1,500.00	 	 	 	1,500,000	 	 	 	1,500,000	 	 	 	154,530	 	 	 	1,654,530	 
	‡ Villa - Oceanfront	 	2	 	 	1,680.00	 	 	 	1,500.00	 	 	 	1,260,000	 	 	 	2,520,000	 	 	 	504,161	 	 	 	3,024,161	 
	‡ Villa - Ocean View	 	2	 	 	1,400.00	 	 	 	1,200.00	 	 	 	840,000	 	 	 	1,680,000	 	 	 	176,107	 	 	 	1,856,107	 
	‡ Villa - Ocean View	 	4	 	 	2,320.00	 	 	 	1,300.00	 	 	 	754,000	 	 	 	3,016,000	 	 	 	327,080	 	 	 	3,343,080	 
	‡ Villa - Wadi Park	 	17	 	 	8,925.00	 	 	 	1,000.00	 	 	 	525,000	 	 	 	8,925,000	 	 	 	2,002,901	 	 	 	10,927,901	 
	‡ Villa - Wadi Park	 	17	 	 	8,092.00	 	 	 	1,000.00	 	 	 	476,000	 	 	 	8,092,000	 	 	 	1,815,964	 	 	 	9,907,964	 
	‡ Townhouse - Ocean View	 	7	 	 	2,100.00	 	 	 	1,200.00	 	 	 	360,000	 	 	 	2,520,000	 	 	 	287,059	 	 	 	2,807,059	 
	‡ Townhouse - Wadi Park	 	23	 	 	6,900.00	 	 	 	1,000.00	 	 	 	300,000	 	 	 	6,900,000	 	 	 	1,501,166	 	 	 	8,401,166	 
	‡ Apartment - 4br Oceanfront	 	11	 	 	2,200.00	 	 	 	1,300.00	 	 	 	260,000	 	 	 	2,860,000	 	 	 	617,462	 	 	 	3,477,462	 
	‡ Apartment - 4br Ocean View	 	14	 	 	2,800.00	 	 	 	1,200.00	 	 	 	240,000	 	 	 	3,360,000	 	 	 	346,147	 	 	 	3,706,147	 
	‡ Apartment - 4br Wadi Park	 	29	 	 	5,800.00	 	 	 	1,050.00	 	 	 	210,000	 	 	 	6,090,000	 	 	 	627,391	 	 	 	6,717,391	 
	‡ Apartment - 3br Ocean View	 	36	 	 	6,624.00	 	 	 	1,250.00	 	 	 	230,000	 	 	 	8,280,000	 	 	 	853,005	 	 	 	9,133,005	 
	‡ Apartment - 3br Wadi Park	 	36	 	 	6,624.00	 	 	 	1,100.00	 	 	 	202,400	 	 	 	7,286,400	 	 	 	1,850,425	 	 	 	9,136,825	 
	‡ Apartment - 2br Oceanfront	 	29	 	 	4,640.00	 	 	 	1,350.00	 	 	 	216,000	 	 	 	6,264,000	 	 	 	1,298,859	 	 	 	7,562,859	 
	‡ Apartment - 2br Ocean View	 	29	 	 	4,640.00	 	 	 	1,250.00	 	 	 	200,000	 	 	 	5,800,000	 	 	 	1,202,647	 	 	 	7,002,647	 
	‡ Apartment - 2br Wadi Park	 	29	 	 	4,640.00	 	 	 	1,100.00	 	 	 	176,000	 	 	 	5,104,000	 	 	 	1,058,329	 	 	 	6,162,329	 
	‡ Apartment - 1br Ocean View	 	13	 	 	1,768.00	 	 	 	1,250.00	 	 	 	170,000	 	 	 	2,210,000	 	 	 	504,742	 	 	 	2,714,742	 
	‡ Apartment - 1br Wadi Park	 	13	 	 	1,768.00	 	 	 	1,150.00	 	 	 	156,400	 	 	 	2,033,200	 	 	 	415,711	 	 	 	2,448,911	 
	‡ Villa - Oceanfront	 	1	 	 	1,000.00	 	 	 	1,500.00	 	 	 	1,500,000	 	 	 	1,500,000	 	 	 	253,489	 	 	 	1,753,489	 

  

    	 

    	 	 

    

  

	APPRAISAL SUMMARY	DTZ

 

	‡ Villa - Oceanfront	 	2	 	 	1,680.00	 	 	 	1,500.00	 	 	 	1,260,000	 	 	 	2,520,000	 	 	 	766,404	 	 	 	3,286,404	 
	‡ Villa - Ocean View	 	2	 	 	1,400.00	 	 	 	1,200.00	 	 	 	840,000	 	 	 	1,680,000	 	 	 	290,226	 	 	 	1,970,226	 
	‡ Villa - Ocean View	 	4	 	 	2,320.00	 	 	 	1,300.00	 	 	 	754,000	 	 	 	3,016,000	 	 	 	543,855	 	 	 	3,559,855	 
	‡ Villa - Wadi Park	 	17	 	 	8,925.00	 	 	 	1,000.00	 	 	 	525,000	 	 	 	8,925,000	 	 	 	3,050,551	 	 	 	11,975,551	 
	‡ Villa - Wadi Park	 	17	 	 	8,092.00	 	 	 	1,000.00	 	 	 	476,000	 	 	 	8,092,000	 	 	 	2,765,833	 	 	 	10,857,833	 
	‡ Townhouse - Ocean View	 	7	 	 	2,100.00	 	 	 	1,200.00	 	 	 	360,000	 	 	 	2,520,000	 	 	 	483,337	 	 	 	3,003,337	 
	‡ Townhouse - Wadi Park	 	23	 	 	6,900.00	 	 	 	1,000.00	 	 	 	300,000	 	 	 	6,900,000	 	 	 	2,367,142	 	 	 	9,267,142	 
	‡ Apartment - 4br Oceanfront	 	11	 	 	2,200.00	 	 	 	1,300.00	 	 	 	260,000	 	 	 	2,860,000	 	 	 	943,911	 	 	 	3,803,911	 
	‡ Apartment - 4br Ocean View	 	14	 	 	2,800.00	 	 	 	1,200.00	 	 	 	240,000	 	 	 	3,360,000	 	 	 	567,816	 	 	 	3,927,816	 
	‡ Apartment - 4br Wadi Park	 	29	 	 	5,800.00	 	 	 	1,050.00	 	 	 	210,000	 	 	 	6,090,000	 	 	 	1,029,167	 	 	 	7,119,167	 
	‡ Apartment - 3br Ocean View	 	36	 	 	6,624.00	 	 	 	1,250.00	 	 	 	230,000	 	 	 	8,280,000	 	 	 	1,399,262	 	 	 	9,679,262	 
	‡ Apartment - 3br Wadi Park	 	36	 	 	6,624.00	 	 	 	1,100.00	 	 	 	202,400	 	 	 	7,286,400	 	 	 	2,618,361	 	 	 	9,904,761	 
	‡ Apartment - 2br Oceanfront	 	29	 	 	4,640.00	 	 	 	1,350.00	 	 	 	216,000	 	 	 	6,264,000	 	 	 	2,005,366	 	 	 	8,269,366	 
	‡ Apartment - 2br Ocean View	 	29	 	 	4,640.00	 	 	 	1,250.00	 	 	 	200,000	 	 	 	5,800,000	 	 	 	1,856,820	 	 	 	7,656,820	 
	‡ Apartment - 2br Wadi Park	 	29	 	 	4,640.00	 	 	 	1,100.00	 	 	 	176,000	 	 	 	5,104,000	 	 	 	1,634,002	 	 	 	6,738,002	 
	‡ Apartment - 1br Ocean View	 	13	 	 	1,768.00	 	 	 	1,250.00	 	 	 	170,000	 	 	 	2,210,000	 	 	 	766,522	 	 	 	2,976,522	 
	‡ Apartment - 1br Wadi Park	 	13	 	 	1,768.00	 	 	 	1,150.00	 	 	 	156,400	 	 	 	2,033,200	 	 	 	644,101	 	 	 	2,677,301	 
	‡ Villa - Oceanfront	 	1	 	 	1,000.00	 	 	 	1,500.00	 	 	 	1,500,000	 	 	 	1,500,000	 	 	 	445,662	 	 	 	1,945,662	 
	‡ Villa - Oceanfront	 	1	 	 	840.00	 	 	 	1,500.00	 	 	 	1,260,000	 	 	 	1,260,000	 	 	 	374,356	 	 	 	1,634,356	 
	‡ Villa - Ocean View	 	2	 	 	1,400.00	 	 	 	1,200.00	 	 	 	840,000	 	 	 	1,680,000	 	 	 	511,104	 	 	 	2,191,104	 
	‡ Villa - Ocean View	 	3	 	 	1,740.00	 	 	 	1,300.00	 	 	 	754,000	 	 	 	2,262,000	 	 	 	704,389	 	 	 	2,966,389	 
	‡ Villa - Wadi Park	 	17	 	 	8,925.00	 	 	 	1,000.00	 	 	 	525,000	 	 	 	8,925,000	 	 	 	4,159,866	 	 	 	13,084,866	 
	‡ Villa - Wadi Park	 	17	 	 	8,092.00	 	 	 	1,000.00	 	 	 	476,000	 	 	 	8,092,000	 	 	 	3,771,612	 	 	 	11,863,612	 
	‡ Townhouse - Ocean View	 	7	 	 	2,100.00	 	 	 	1,200.00	 	 	 	360,000	 	 	 	2,520,000	 	 	 	858,365	 	 	 	3,378,365	 
	‡ Townhouse - Wadi Park	 	23	 	 	6,900.00	 	 	 	1,000.00	 	 	 	300,000	 	 	 	6,900,000	 	 	 	3,245,300	 	 	 	10,145,300	 
	‡ Apartment - 4br Oceanfront	 	11	 	 	2,200.00	 	 	 	1,300.00	 	 	 	260,000	 	 	 	2,860,000	 	 	 	1,294,184	 	 	 	4,154,184	 
	‡ Apartment - 4br Ocean View	 	14	 	 	2,800.00	 	 	 	1,200.00	 	 	 	240,000	 	 	 	3,360,000	 	 	 	998,283	 	 	 	4,358,283	 
	‡ Apartment - 4br Wadi Park	 	29	 	 	5,800.00	 	 	 	1,050.00	 	 	 	210,000	 	 	 	6,090,000	 	 	 	1,809,389	 	 	 	7,899,389	 
	‡ Apartment - 3br Ocean View	 	36	 	 	6,624.00	 	 	 	1,250.00	 	 	 	230,000	 	 	 	8,280,000	 	 	 	2,460,056	 	 	 	10,740,056	 
	‡ Apartment - 3br Wadi Park	 	36	 	 	6,624.00	 	 	 	1,100.00	 	 	 	202,400	 	 	 	7,286,400	 	 	 	3,513,365	 	 	 	10,799,765	 
	‡ Apartment - 2br Oceanfront	 	29	 	 	4,640.00	 	 	 	1,350.00	 	 	 	216,000	 	 	 	6,264,000	 	 	 	2,782,280	 	 	 	9,046,280	 
	‡ Apartment - 2br Ocean View	 	29	 	 	4,640.00	 	 	 	1,250.00	 	 	 	200,000	 	 	 	5,800,000	 	 	 	2,576,185	 	 	 	8,376,185	 
	‡ Apartment - 2br Wadi Park	 	29	 	 	4,640.00	 	 	 	1,100.00	 	 	 	176,000	 	 	 	5,104,000	 	 	 	2,267,043	 	 	 	7,371,043	 
	‡ Apartment - 1br Ocean View	 	13	 	 	1,768.00	 	 	 	1,250.00	 	 	 	170,000	 	 	 	2,210,000	 	 	 	1,034,695	 	 	 	3,244,695	 
	‡ Apartment - 1br Wadi Park	 	13	 	 	1,768.00	 	 	 	1,150.00	 	 	 	156,400	 	 	 	2,033,200	 	 	 	897,345	 	 	 	2,930,545	 
	‡ Villa - Oceanfront	 	1	 	 	1,000.00	 	 	 	1,500.00	 	 	 	1,500,000	 	 	 	1,500,000	 	 	 	658,896	 	 	 	2,158,896	 
	‡ Villa - Oceanfront	 	1	 	 	840.00	 	 	 	1,500.00	 	 	 	1,260,000	 	 	 	1,260,000	 	 	 	553,473	 	 	 	1,813,473	 
	‡ Villa - Ocean View	 	2	 	 	1,400.00	 	 	 	1,200.00	 	 	 	840,000	 	 	 	1,680,000	 	 	 	745,742	 	 	 	2,425,742	 
	‡ Villa - Ocean View	 	3	 	 	1,740.00	 	 	 	1,300.00	 	 	 	754,000	 	 	 	2,262,000	 	 	 	1,014,607	 	 	 	3,276,607	 
	‡ Villa - Wadi Park	 	17	 	 	8,925.00	 	 	 	1,000.00	 	 	 	525,000	 	 	 	8,925,000	 	 	 	5,132,444	 	 	 	14,057,444	 
	‡ Villa - Wadi Park	 	17	 	 	8,092.00	 	 	 	1,000.00	 	 	 	476,000	 	 	 	8,092,000	 	 	 	4,653,416	 	 	 	12,745,416	 
	‡ Townhouse - Ocean View	 	7	 	 	2,100.00	 	 	 	1,200.00	 	 	 	360,000	 	 	 	2,520,000	 	 	 	1,177,709	 	 	 	3,697,709	 
	‡ Townhouse - Wadi Park	 	23	 	 	6,900.00	 	 	 	1,000.00	 	 	 	300,000	 	 	 	6,900,000	 	 	 	3,998,842	 	 	 	10,898,842	 
	‡ Apartment - 4br Oceanfront	 	11	 	 	2,200.00	 	 	 	1,300.00	 	 	 	260,000	 	 	 	2,860,000	 	 	 	1,615,895	 	 	 	4,475,895	 

 

    	 

    	 	 

    

 

	APPRAISAL SUMMARY	DTZ

 

	‡ Apartment - 4br Ocean View	 	14	 	 	2,800.00	 	 	 	1,200.00	 	 	 	240,000	 	 	 	3,360,000	 	 	 	1,475,927	 	 	 	4,835,927	 
	‡ Apartment - 4br Wadi Park	 	29	 	 	5,800.00	 	 	 	1,050.00	 	 	 	210,000	 	 	 	6,090,000	 	 	 	2,675,119	 	 	 	8,765,119	 
	‡ Apartment - 3br Ocean View	 	36	 	 	6,624.00	 	 	 	1,250.00	 	 	 	230,000	 	 	 	8,280,000	 	 	 	3,637,107	 	 	 	11,917,107	 
	‡ Apartment - 3br Wadi Park	 	36	 	 	6,624.00	 	 	 	1,100.00	 	 	 	202,400	 	 	 	7,286,400	 	 	 	4,251,007	 	 	 	11,537,407	 
	‡ Apartment - 2br Oceanfront	 	29	 	 	4,640.00	 	 	 	1,350.00	 	 	 	216,000	 	 	 	6,264,000	 	 	 	3,497,005	 	 	 	9,761,005	 
	‡ Apartment - 2br Ocean View	 	29	 	 	4,640.00	 	 	 	1,250.00	 	 	 	200,000	 	 	 	5,800,000	 	 	 	3,237,968	 	 	 	9,037,968	 
	‡ Apartment - 2br Wadi Park	 	29	 	 	4,640.00	 	 	 	1,100.00	 	 	 	176,000	 	 	 	5,104,000	 	 	 	2,849,412	 	 	 	7,953,412	 
	‡ Apartment - 1br Ocean View	 	13	 	 	1,768.00	 	 	 	1,250.00	 	 	 	170,000	 	 	 	2,210,000	 	 	 	1,276,655	 	 	 	3,486,655	 
	‡ Apartment - 1br Wadi Park	 	13	 	 	1,768.00	 	 	 	1,150.00	 	 	 	156,400	 	 	 	2,033,200	 	 	 	1,130,445	 	 	 	3,163,645	 
	‡ Villa - Oceanfront	 	1	 	 	1,000.00	 	 	 	1,500.00	 	 	 	1,500,000	 	 	 	1,500,000	 	 	 	831,608	 	 	 	2,331,608	 
	‡ Villa - Oceanfront	 	1	 	 	840.00	 	 	 	1,500.00	 	 	 	1,260,000	 	 	 	1,260,000	 	 	 	698,551	 	 	 	1,958,551	 
	‡ Villa - Ocean View	 	2	 	 	1,400.00	 	 	 	1,200.00	 	 	 	840,000	 	 	 	1,680,000	 	 	 	939,802	 	 	 	2,619,802	 
	‡ Villa - Ocean View	 	3	 	 	1,740.00	 	 	 	1,300.00	 	 	 	754,000	 	 	 	2,262,000	 	 	 	1,276,736	 	 	 	3,538,736	 
	‡ Villa - Wadi Park	 	17	 	 	8,925.00	 	 	 	1,000.00	 	 	 	525,000	 	 	 	8,925,000	 	 	 	5,887,062	 	 	 	14,812,062	 
	‡ Villa - Wadi Park	 	17	 	 	8,092.00	 	 	 	1,000.00	 	 	 	476,000	 	 	 	8,092,000	 	 	 	5,337,603	 	 	 	13,429,603	 
	‡ Townhouse - Ocean View	 	7	 	 	2,100.00	 	 	 	1,200.00	 	 	 	360,000	 	 	 	2,520,000	 	 	 	1,473,526	 	 	 	3,993,526	 
	‡ Townhouse - Wadi Park	 	23	 	 	6,900.00	 	 	 	1,000.00	 	 	 	300,000	 	 	 	6,900,000	 	 	 	4,577,079	 	 	 	11,477,079	 
	‡ Apartment - 4br Oceanfront	 	11	 	 	2,200.00	 	 	 	1,300.00	 	 	 	260,000	 	 	 	2,860,000	 	 	 	1,861,605	 	 	 	4,721,605	 
	‡ Apartment - 4br Ocean View	 	14	 	 	2,800.00	 	 	 	1,200.00	 	 	 	240,000	 	 	 	3,360,000	 	 	 	1,862,802	 	 	 	5,222,802	 
	‡ Apartment - 4br Wadi Park	 	29	 	 	5,800.00	 	 	 	1,050.00	 	 	 	210,000	 	 	 	6,090,000	 	 	 	3,376,328	 	 	 	9,466,328	 
	‡ Apartment - 3br Ocean View	 	36	 	 	6,624.00	 	 	 	1,250.00	 	 	 	230,000	 	 	 	8,280,000	 	 	 	4,590,476	 	 	 	12,870,476	 
	‡ Apartment - 3br Wadi Park	 	36	 	 	6,624.00	 	 	 	1,100.00	 	 	 	202,400	 	 	 	7,286,400	 	 	 	4,873,508	 	 	 	12,159,908	 
	‡ Apartment - 2br Oceanfront	 	29	 	 	4,640.00	 	 	 	1,350.00	 	 	 	216,000	 	 	 	6,264,000	 	 	 	4,046,833	 	 	 	10,310,833	 
	‡ Apartment - 2br Ocean View	 	29	 	 	4,640.00	 	 	 	1,250.00	 	 	 	200,000	 	 	 	5,800,000	 	 	 	3,747,068	 	 	 	9,547,068	 
	‡ Apartment - 2br Wadi Park	 	29	 	 	4,640.00	 	 	 	1,100.00	 	 	 	176,000	 	 	 	5,104,000	 	 	 	3,297,420	 	 	 	8,401,420	 
	‡ Apartment - 1br Ocean View	 	13	 	 	1,768.00	 	 	 	1,250.00	 	 	 	170,000	 	 	 	2,210,000	 	 	 	1,459,716	 	 	 	3,669,716	 
	‡ Apartment - 1br Wadi Park	 	13	 	 	1,768.00	 	 	 	1,150.00	 	 	 	156,400	 	 	 	2,033,200	 	 	 	1,310,193	 	 	 	3,343,393	 
	‡ Villa - Oceanfront	 	1	 	 	1,000.00	 	 	 	1,500.00	 	 	 	1,500,000	 	 	 	1,500,000	 	 	 	971,064	 	 	 	2,471,064	 
	‡ Villa - Oceanfront	 	1	 	 	840.00	 	 	 	1,500.00	 	 	 	1,260,000	 	 	 	1,260,000	 	 	 	815,694	 	 	 	2,075,694	 
	‡ Villa - Ocean View	 	1	 	 	700.00	 	 	 	1,200.00	 	 	 	840,000	 	 	 	840,000	 	 	 	543,796	 	 	 	1,383,796	 
	‡ Villa - Ocean View	 	3	 	 	1,740.00	 	 	 	1,300.00	 	 	 	754,000	 	 	 	2,262,000	 	 	 	1,476,578	 	 	 	3,738,578	 
	‡ Villa - Wadi Park	 	17	 	 	8,925.00	 	 	 	1,000.00	 	 	 	525,000	 	 	 	8,925,000	 	 	 	6,552,493	 	 	 	15,477,493	 
	‡ Villa - Wadi Park	 	17	 	 	8,092.00	 	 	 	1,000.00	 	 	 	476,000	 	 	 	8,092,000	 	 	 	5,940,927	 	 	 	14,032,927	 
	‡ Townhouse - Ocean View	 	7	 	 	2,100.00	 	 	 	1,200.00	 	 	 	360,000	 	 	 	2,520,000	 	 	 	1,672,383	 	 	 	4,192,383	 
	‡ Townhouse - Wadi Park	 	22	 	 	6,600.00	 	 	 	1,000.00	 	 	 	300,000	 	 	 	6,600,000	 	 	 	4,834,098	 	 	 	11,434,098	 
	‡ Apartment - 4br Oceanfront	 	11	 	 	2,200.00	 	 	 	1,300.00	 	 	 	260,000	 	 	 	2,860,000	 	 	 	2,081,194	 	 	 	4,941,194	 
	‡ Apartment - 4br Ocean View	 	14	 	 	2,800.00	 	 	 	1,200.00	 	 	 	240,000	 	 	 	3,360,000	 	 	 	2,175,184	 	 	 	5,535,184	 
	‡ Apartment - 4br Wadi Park	 	26	 	 	5,200.00	 	 	 	1,050.00	 	 	 	210,000	 	 	 	5,460,000	 	 	 	3,534,674	 	 	 	8,994,674	 
	‡ Apartment - 3br Ocean View	 	34	 	 	6,256.00	 	 	 	1,250.00	 	 	 	230,000	 	 	 	7,820,000	 	 	 	5,062,482	 	 	 	12,882,482	 
	‡ Apartment - 3br Wadi Park	 	34	 	 	6,256.00	 	 	 	1,100.00	 	 	 	202,400	 	 	 	6,881,600	 	 	 	5,092,639	 	 	 	11,974,239	 
	‡ Apartment - 2br Oceanfront	 	26	 	 	4,160.00	 	 	 	1,350.00	 	 	 	216,000	 	 	 	5,616,000	 	 	 	4,021,500	 	 	 	9,637,500	 
	‡ Apartment - 2br Ocean View	 	26	 	 	4,160.00	 	 	 	1,250.00	 	 	 	200,000	 	 	 	5,200,000	 	 	 	3,723,611	 	 	 	8,923,611	 
	‡ Apartment - 2br Wadi Park	 	26	 	 	4,160.00	 	 	 	1,100.00	 	 	 	176,000	 	 	 	4,576,000	 	 	 	3,276,778	 	 	 	7,852,778	 
	‡ Apartment - 1br Ocean View	 	12	 	 	1,632.00	 	 	 	1,250.00	 	 	 	170,000	 	 	 	2,040,000	 	 	 	1,493,687	 	 	 	3,533,687	 

  

    	 

    	 	 

    

  

	APPRAISAL SUMMARY	DTZ

 

	‡ Apartment
    - 1br Wadi Park	 	12	 	 	1,632.00	 	 	 	1,150.00	 	 	 	156,400	 	 	 	1,876,800	 	 	 	1,344,170	 	 	 	3,220,970	 
	Totals	 	2,165	 	 	511,020.00	 	 	 	 	 	 	 	 	 	 	 	582,412,000	 	 	 	234,649,229	 	 	 	817,061,229	 

 

	Rental Area Summary	 	 	 	 	 	 	 	 	 	Initial	 	 	Net Rent	 	 	Initial	 	 	Net MRV	 
	 	 	Units	 	m2	 	 	Rate m2	 	 	MRV/Unit	 	 	at Sale	 	 	MRV	 	 	at Sale	 
	Attractions/Exhibition Space	 	1	 	 	8,000.00	 	 	 	 	 	 	 	0	 	 	 	0	 	 	 	 	 	 	 	 	 
	‡ Pearl Retail	 	1	 	 	5,250.00	 	 	 	300.00	 	 	 	1,575,000	 	 	 	1,391,142	 	 	 	1,575,000	 	 	 	1,391,142	 
	2 Bed Serviced Chalets	 	300	 	 	34,500.00	 	 	 	 	 	 	 	0	 	 	 	0	 	 	 	 	 	 	 	 	 
	1 Bed Serviced Chalets	 	300	 	 	25,500.00	 	 	 	 	 	 	 	0	 	 	 	0	 	 	 	 	 	 	 	 	 
	2 Bed Serviced Apartments	 	343	 	 	42,875.00	 	 	 	 	 	 	 	0	 	 	 	0	 	 	 	 	 	 	 	 	 
	1 Bed Serviced Apartments	 	300	 	 	33,000.00	 	 	 	 	 	 	 	0	 	 	 	0	 	 	 	 	 	 	 	 	 
	Studio Serviced Apartments	 	81	 	 	3,240.00	 	 	 	 	 	 	 	0	 	 	 	0	 	 	 	 	 	 	 	 	 
	Hotel 1- 5 star	 	280	 	 	18,600.00	 	 	 	 	 	 	 	0	 	 	 	0	 	 	 	 	 	 	 	 	 
	Hotel 2 - 4 star	 	280	 	 	18,600.00	 	 	 	 	 	 	 	0	 	 	 	0	 	 	 	 	 	 	 	 	 
	Hotel 3 - 4 star	 	280	 	 	18,600.00	 	 	 	 	 	 	 	0	 	 	 	0	 	 	 	 	 	 	 	 	 
	‡ Office Space	 	1	 	 	39,497.80	 	 	 	144.00	 	 	 	5,687,683	 	 	 	5,822,091	 	 	 	5,687,683	 	 	 	5,822,091	 
	‡ Mall	 	1	 	 	4,303.00	 	 	 	480.00	 	 	 	2,065,440	 	 	 	1,770,937	 	 	 	2,065,440	 	 	 	1,879,333	 
	‡ Movie Theatre	 	1	 	 	2,500.00	 	 	 	36.00	 	 	 	90,000	 	 	 	96,459	 	 	 	90,000	 	 	 	102,363	 
	‡ Amphitheatre	 	1	 	 	700.00	 	 	 	36.00	 	 	 	25,200	 	 	 	27,009	 	 	 	25,200	 	 	 	28,662	 
	‡ General Retail	 	1	 	 	4,985.00	 	 	 	300.00	 	 	 	1,495,500	 	 	 	1,282,263	 	 	 	1,495,500	 	 	 	1,360,747	 
	Totals	 	2,171	 	 	260,150.80	 	 	 	 	 	 	 	 	 	 	 	10,389,901	 	 	 	10,938,823	 	 	 	10,584,338	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Investment Valuation	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Pearl Retail	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Market Rent	 	1,391,142	 	 	YP  @	 	 	 	9.0000	%	 	 	11.1111	 	 	 	 	 	 	 	 	 	 	 	 	 
	(0yrs 6mths Rent Free)	 	 	 	 	PV
                                         0yrs 6mths  @	 	 	 	9.0000	%	 	 	0.9578	 	 	 	14,805,247	 	 	 	 	 	 	 	 	 
	Re-Letting Void	 	(1,391,142	) 	 	YP
                                         0yrs 6mths  @	 	 	 	9.0000	%	 	 	0.4686	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	PV
                                         5yrs  @	 	 	 	9.0000	%	 	 	0.6499	 	 	 	(423,680	)	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	14,381,566	 	 	 	 	 	 	 	 	 
	2 Bed Serviced Chalets	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Room Revenue	 	15,131,542	 	 	YP  @	 	 	 	7.0000	%	 	 	14.2857	 	 	 	216,164,886	 	 	 	 	 	 	 	 	 
	F&B Revenue	 	9,293,970	 	 	YP  @	 	 	 	7.0000	%	 	 	14.2857	 	 	 	132,771,005	 	 	 	 	 	 	 	 	 
	Additional Revenue	 	2,788,191	 	 	YP  @	 	 	 	7.0000	%	 	 	14.2857	 	 	 	39,831,302	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	388,767,193	 	 	 	 	 	 	 	 	 
	Running Costs	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Room Running Costs	 	(5,210,253	)	 	YP  @	 	 	 	7.0000	%	 	 	14.2857	 	 	 	(74,432,188	)	 	 	 	 	 	 	 	 
	Additional Revenue Costs	 	(8,683,755	) 	 	YP  @	 	 	 	7.0000	%	 	 	14.2857	 	 	 	(124,053,647	)	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(198,485,835	)	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	190,281,358	 	 	 	 	 	 	 	 	 
	1 Bed Serviced Chalets	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Room Revenue	 	13,618,388	 	 	YP  @	 	 	 	7.0000	%	 	 	14.2857	 	 	 	194,548,398	 	 	 	 	 	 	 	 	 
	F&B Revenue	 	8,364,573	 	 	YP  @	 	 	 	7.0000	%	 	 	14.2857	 	 	 	119,493,905	 	 	 	 	 	 	 	 	 

  

    	 

    	 	 

    

  

	APPRAISAL SUMMARY	DTZ

 

	Additional Revenue	 	2,509,372	 	 	YP  @	 	 	 	7.0000	%	 	 	14.2857	 	 	 	35,848,171	 	 	 		 	 	 		 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	349,890,474	 	 	 	 	 	 	 	 	 
	Running Costs	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Room Running Costs	 	(4,689,228	) 	 	YP  @	 	 	 	7.0000	%	 	 	14.2857	 	 	 	(66,988,969	)	 	 	 	 	 	 	 	 
	Additional Revenue Costs	 	(7,815,380	 )	 	YP  @	 	 	 	7.0000	%	 	 	14.2857	 	 	 	(111,648,282	)	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(178,637,251	)	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	171,253,223	 	 	 	 	 	 	 	 	 
	2 Bed Serviced Apartments	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenue	 	9,842,003	 	 	YP  @	 	 	 	8.0000	%	 	 	12.5000	 	 	 	123,025,041	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Running Costs	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Item 1	 	(2,259,269	) 	 	YP  @	 	 	 	8.0000	%	 	 	12.5000	 	 	 	(28,240,859	)	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	94,784,183	 	 	 	 	 	 	 	 	 
	1 Bed Serviced Apartments	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Item 1	 	6,456,125	 	 	YP  @	 	 	 	8.0000	%	 	 	12.5000	 	 	 	80,701,558	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Running Costs	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Running Costs	 	(1,482,028	)	 	YP  @	 	 	 	8.0000	%	 	 	12.5000	 	 	 	(18,525,345	)	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	62,176,213	 	 	 	 	 	 	 	 	 
	Studio Serviced Apartments	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Item 1	 	1,452,628	 	 	YP  @	 	 	 	8.0000	%	 	 	12.5000	 	 	 	18,157,850	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Running Costs	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Item 1	 	(333,456	) 	 	YP  @	 	 	 	8.0000	%	 	 	12.5000	 	 	 	(4,168,203	)	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	13,989,648	 	 	 	 	 	 	 	 	 
	Hotel 1- 5 star	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Room Revenue	 	17,418,086	 	 	YP  @	 	 	 	7.0000	%	 	 	14.2857	 	 	 	248,829,803	 	 	 	 	 	 	 	 	 
	F&B	 	10,698,393	 	 	YP  @	 	 	 	7.0000	%	 	 	14.2857	 	 	 	152,834,179	 	 	 	 	 	 	 	 	 
	Other Revenue	 	4,279,357	 	 	YP  @	 	 	 	7.0000	%	 	 	14.2857	 	 	 	61,133,672	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	462,797,654	 	 	 	 	 	 	 	 	 
	Running Costs	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Item 1	 	(12,994,757	)	 	YP  @	 	 	 	7.0000	%	 	 	14.2857	 	 	 	(185,639,391	)	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	277,158,263	 	 	 	 	 	 	 	 	 
	Hotel 2 - 4 star	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Room Revenue	 	11,768,977	 	 	YP  @	 	 	 	7.0000	%	 	 	14.2857	 	 	 	168,128,245	 	 	 	 	 	 	 	 	 

  

    	 

    	 	 

    

  

	APPRAISAL SUMMARY	DTZ

 

	F&B	 	5,782,915	 	 	YP  @	 	 	 	7.0000	%	 	 	14.2857	 	 	 	82,613,070	 	 	 		 	 	 		 
	Other Revenue	 	2,891,457	 	 	YP  @	 	 	 	7.0000	%	 	 	14.2857	 	 	 	41,306,535	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	292,047,850	 	 	 	 	 	 	 	 	 
	Running Costs	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Item 1	 	(8,780,241	) 	 	YP  @	 	 	 	7.0000	%	 	 	14.2857	 	 	 	(125,432,021	)	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	166,615,829	 	 	 	 	 	 	 	 	 
	Hotel 3 - 4 star	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Room Revenue	 	11,768,977	 	 	YP  @	 	 	 	7.0000	%	 	 	14.2857	 	 	 	168,128,245	 	 	 	 	 	 	 	 	 
	F&B	 	5,782,915	 	 	YP  @	 	 	 	7.0000	%	 	 	14.2857	 	 	 	82,613,070	 	 	 	 	 	 	 	 	 
	Other Revenue	 	2,891,457	 	 	YP  @	 	 	 	7.0000	%	 	 	14.2857	 	 	 	41,306,535	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	292,047,850	 	 	 	 	 	 	 	 	 
	Running Costs	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Item 1	 	(8,780,241	)	 	YP  @	 	 	 	7.0000	%	 	 	14.2857	 	 	 	(125,432,021	)	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	166,615,829	 	 	 	 	 	 	 	 	 
	Office Space	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Market Rent	 	5,822,091	 	 	YP  @	 	 	 	10.0000	%	 	 	10.0000	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	PV
                                         0yrs 9mths  @	 	 	 	10.0000	%	 	 	0.9310	 	 	 	54,204,396	 	 	 	 	 	 	 	 	 
	Re-Letting Void & Rent Free	 	(5,822,091	)	 	YP
                                         0yrs 9mths  @	 	 	 	10.0000	%	 	 	0.6899	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	PV
                                         3yrs 6mths  @	 	 	 	10.0000	%	 	 	0.7164	 	 	 	(2,877,235	)	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	51,327,161	 	 	 	 	 	 	 	 	 
	Mall	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Current Rent	 	1,770,937	 	 	YP  @	 	 	 	8.5000	%	 	 	11.7647	 	 	 	20,834,556	 	 	 	 	 	 	 	 	 
	Re-Letting Void & Rent Free	 	(1,770,937	)	 	YP
                                         0yrs 6mths  @	 	 	 	8.5000	%	 	 	0.4702	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	PV
                                         2yrs  @	 	 	 	8.5000	%	 	 	0.8495	 	 	 	(707,377	)	 	 	 	 	 	 	 	 
	Reversion	 	108,396	 	 	YP  @	 	 	 	8.5000	%	 	 	11.7647	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	PV
                                         2yrs 6mths  @	 	 	 	8.5000	%	 	 	0.8155	 	 	 	1,039,963	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	21,167,142	 	 	 	 	 	 	 	 	 
	Movie Theatre	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Current Rent	 	96,459	 	 	YP  @	 	 	 	9.0000	%	 	 	11.1111	 	 	 	1,071,768	 	 	 	 	 	 	 	 	 
	Re-Letting Void	 	(96,459	)	 	YP
                                         0yrs 3mths  @	 	 	 	9.0000	%	 	 	0.2368	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	PV
                                         2yrs  @	 	 	 	9.0000	%	 	 	0.8417	 	 	 	(19,227	)	 	 	 	 	 	 	 	 
	Reversion	 	5,904	 	 	YP  @	 	 	 	9.0000	%	 	 	11.1111	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	PV
                                         2yrs 3mths  @	 	 	 	9.0000	%	 	 	0.8237	 	 	 	54,038	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	1,106,578	 	 	 	 	 	 	 	 	 
	Amphitheatre	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Current Rent	 	27,009	 	 	YP  @	 	 	 	11.0000	%	 	 	9.0909	 	 	 	245,532	 	 	 	 	 	 	 	 	 
	Re-Letting Void	 	(27,009	)	 	YP
                                         0yrs 6mths  @	 	 	 	11.0000	%	 	 	0.4622	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	PV
                                         2yrs  @	 	 	 	11.0000	%	 	 	0.8116	 	 	 	(10,132	)	 	 	 	 	 	 	 	 
	Reversion	 	1,653	 	 	YP  @	 	 	 	11.0000	%	 	 	9.0909	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	PV
                                         2yrs 6mths  @	 	 	 	11.0000	%	 	 	0.7704	 	 	 	11,577	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	246,978	 	 	 	 	 	 	 	 	 

  

    	 

    	 	 

    

  

	APPRAISAL SUMMARY	DTZ

 

	General Retail	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Current Rent	 	1,282,263	 	 	YP
                                         @	 	 	 	9.0000	%	 	 	11.1111	 	 	 	14,247,363	 	 	 		 	 	 		 
	Re-Letting Void & Rent Free	 	(1,282,263	) 	 	YP
                                         0yrs 6mths @	 	 	 	9.0000	%	 	 	0.4686	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	PV
                                         2yrs @	 	 	 	9.0000	%	 	 	0.8417	 	 	 	(505,735	)	 	 	 	 	 	 	 	 
	Reversion	 	78,485	 	 	YP
                                         @	 	 	 	9.0000	%	 	 	11.1111	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	PV
                                         2yrs 6mths @	 	 	 	9.0000	%	 	 	0.8062	 	 	 	703,034	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	14,444,662	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	1,245,548,634	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Operated Assets	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2 Bed Serviced Chalets	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Room Revenue	 	 	 	 	 	 	 	 	37,240,852	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	F&B Revenue	 	 	 	 	 	 	 	 	21,644,712	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Additional Revenue	 	 	 	 	 	 	 	 	6,493,414	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	65,378,978	 	 	 	 	 	 	 	 	 	 	 	 	 
	Running Costs	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Room Running Costs	 	 	 	 	 	 	 	 	(12,356,596	)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Additional Revenue Costs	 	 	 	 	 	 	 	 	(20,594,327	)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	(32,950,924	)	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	32,428,054	 	 	 	 	 	 	 	 	 
	1 Bed Serviced Chalets	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Room Revenue	 	 	 	 	 	 	 	 	33,516,767	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	F&B Revenue	 	 	 	 	 	 	 	 	19,480,241	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Additional Revenue	 	 	 	 	 	 	 	 	5,844,072	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	58,841,081	 	 	 	 	 	 	 	 	 	 	 	 	 
	Running Costs	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Room Running Costs	 	 	 	 	 	 	 	 	(11,120,937	)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Additional Revenue Costs	 	 	 	 	 	 	 	 	(18,534,895	)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	(29,655,832	)	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	29,185,249	 	 	 	 	 	 	 	 	 
	2 Bed Serviced Apartments	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenue	 	 	 	 	 	 	 	 	25,594,524	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	25,594,524	 	 	 	 	 	 	 	 	 	 	 	 	 
	Running Costs	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Item 1	 	 	 	 	 	 	 	 	(5,657,692	)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	(5,657,692	)	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	19,936,832	 	 	 	 	 	 	 	 	 
	1 Bed Serviced Apartments	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Item 1	 	 	 	 	 	 	 	 	16,789,411	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	16,789,411	 	 	 	 	 	 	 	 	 	 	 	 	 

  

    	 

    	 	 

    

  

	APPRAISAL SUMMARY	DTZ

 

	Running Costs	 		 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 
	Running Costs	 	 	 	 	 	 	 	 	(3,711,314	)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	(3,711,314	)	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	13,078,097	 	 	 	 	 	 	 	 	 
	Studio Serviced Apartments	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Item 1	 	 	 	 	 	 	 	 	3,777,617	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	3,777,617	 	 	 	 	 	 	 	 	 	 	 	 	 
	Running Costs	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Item 1	 	 	 	 	 	 	 	 	(835,046	)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	(835,046	)	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	2,942,572	 	 	 	 	 	 	 	 	 
	Hotel 1- 5 star	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Room Revenue	 	 	 	 	 	 	 	 	42,868,359	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	F&B	 	 	 	 	 	 	 	 	24,915,469	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Other Revenue	 	 	 	 	 	 	 	 	9,966,188	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	77,750,015	 	 	 	 	 	 	 	 	 	 	 	 	 
	Running Costs	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Item 1	 	 	 	 	 	 	 	 	(30,818,267	)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	(30,818,267	)	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	46,931,748	 	 	 	 	 	 	 	 	 
	Hotel 2 - 4 star	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Room Revenue	 	 	 	 	 	 	 	 	28,965,107	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	F&B	 	 	 	 	 	 	 	 	13,467,821	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Other Revenue	 	 	 	 	 	 	 	 	6,733,911	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	49,166,839	 	 	 	 	 	 	 	 	 	 	 	 	 
	Running Costs	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Item 1	 	 	 	 	 	 	 	 	(20,823,153	)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	(20,823,153	)	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	28,343,686	 	 	 	 	 	 	 	 	 
	Hotel 3 - 4 star	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Room Revenue	 	 	 	 	 	 	 	 	28,965,107	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	F&B	 	 	 	 	 	 	 	 	13,467,821	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Other Revenue	 	 	 	 	 	 	 	 	6,733,911	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	49,166,839	 	 	 	 	 	 	 	 	 	 	 	 	 
	Running Costs	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Item 1	 	 	 	 	 	 	 	 	(20,823,153	)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	(20,823,153	)	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	28,343,686	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	GROSS DEVELOPMENT VALUE	 	 	 	 	 	 	 	 	 	 	2,062,609,863	 	 	 	 	 	 	 	 	 	 	 	 	 

  

    	 

    	 	 

    

  

	APPRAISAL SUMMARY	DTZ

 

	Income from Tenants	 		 	 		 	 			 	 	 		 	 	 		 	 	 		 	 	 		 
	Office Space	 	 	 	 	 	 	 	 	 	 	 	 	15,087,289	 	 	 	 	 	 	 	 	 	 	 	 	 
	Mall	 	 	 	 	 	 	 	 	 	 	 	 	4,427,343	 	 	 	 	 	 	 	 	 	 	 	 	 
	Movie Theatre	 	 	 	 	 	 	 	 	 	 	 	 	289,377	 	 	 	 	 	 	 	 	 	 	 	 	 
	Amphitheatre	 	 	 	 	 	 	 	 	 	 	 	 	81,026	 	 	 	 	 	 	 	 	 	 	 	 	 
	General Retail	 	 	 	 	 	 	 	 	 	 	 	 	3,205,657	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	23,090,691	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	NET REALISATION	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	2,286,890,479	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	OUTLAY	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	ACQUISITION COSTS	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Residualised Price (1,000,000.00 m2 385.55 pm2)	 	 	 	 	 	 	 	 	 	 	 	 	385,546,690	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	385,546,690	 	 	 	 	 	 	 	 	 

 

	CONSTRUCTION COSTS	 	 	 	 	 	 	 	 	 	 
	Construction	 	Units	 	Unit Amount	 	Cost	 	 	 	 
	‡ Oman Pearl	 	1 un	 	6,074,933	 	 	6,638,994	 	 	 		 
	‡ Culture Pearl	 	1 un	 	6,124,280	 	 	6,692,923	 	 	 	 	 
	‡ Innovation Pearl	 	1 un	 	6,106,955	 	 	6,673,989	 	 	 	 	 
	‡ Energy Pearl	 	1 un	 	6,074,160	 	 	6,638,149	 	 	 	 	 
	‡ Sea Pearl	 	1 un	 	6,064,012	 	 	6,627,059	 	 	 	 	 
	‡ Earth Pearl	 	1 un	 	6,064,012	 	 	6,627,059	 	 	 	 	 
	‡ Sky Pearl	 	1 un	 	6,526,012	 	 	7,131,956	 	 	 	 	 
	Totals	 	 	 	 	 	 	47,030,128	 	 	 	 	 

 

	 	 	m2	 	Rate m2	 	Cost	 	 	 	 
	‡ Attractions/Exhibition Space	 	8,000.00 m2	 	2,718.74 pm2	 	 	23,769,444	 	 	 	 	 
	‡ Pearl Retail	 	5,250.00 m2	 	719.89 pm2	 	 	4,130,344	 	 	 	 	 
	‡ 2 Bed Serviced Chalets	 	34,500.00 m2	 	663.60 pm2	 	 	24,061,132	 	 	 	 	 
	‡ 1 Bed Serviced Chalets	 	25,500.00 m2	 	663.60 pm2	 	 	17,784,315	 	 	 	 	 
	‡ 2 Bed Serviced Apartments	 	42,875.00 m2	 	663.61 pm2	 	 	29,902,510	 	 	 	 	 
	‡ 1 Bed Serviced Apartments	 	33,000.00 m2	 	663.60 pm2	 	 	23,014,996	 	 	 	 	 
	‡ Studio Serviced Apartments	 	3,240.00 m2	 	663.64 pm2	 	 	2,259,790	 	 	 	 	 
	‡ Hotel 1- 5 star	 	26,885.00 m2	 	1,157.32 pm2	 	 	32,700,477	 	 	 	 	 
	‡ Hotel 2 - 4 star	 	24,970.00 m2	 	1,157.32 pm2	 	 	30,371,244	 	 	 	 	 
	‡ Hotel 3 - 4 star	 	24,970.00 m2	 	1,157.32 pm2	 	 	30,371,244	 	 	 	 	 
	‡ Office Space	 	46,468.00 m2	 	530.19 pm2	 	 	25,892,610	 	 	 	 	 
	‡ Mall	 	6,620.00 m2	 	719.89 pm2	 	 	5,008,581	 	 	 	 	 
	‡ Movie Theatre	 	2,500.00 m2	 	719.89 pm2	 	 	1,891,458	 	 	 	 	 
	‡ Amphitheatre	 	700.00 m2	 	719.89 pm2	 	 	529,608	 	 	 	 	 
	‡ General Retail	 	4,985.00 m2	 	719.89 pm2	 	 	3,771,568	 	 	 	 	 
	‡ Villa - Oceanfront	 	2,000.00 m2	 	613.00 pm2	 	 	1,288,490	 	 	 	 	 

  

    	 

    	 	 

    

  

	APPRAISAL SUMMARY	DTZ

 

	‡ Villa - Oceanfront	 	1,680.00 m2	 	613.00 pm2	 	 	1,082,332	 	 	 		 
	‡ Villa - Ocean View	 	1,400.00 m2	 	613.00 pm2	 	 	901,943	 	 	 	 	 
	‡ Villa - Ocean View	 	2,320.00 m2	 	613.00 pm2	 	 	1,494,648	 	 	 	 	 
	‡ Villa - Wadi Park	 	9,450.00 m2	 	613.00 pm2	 	 	6,088,115	 	 	 	 	 
	‡ Villa - Wadi Park	 	8,568.00 m2	 	613.00 pm2	 	 	5,519,891	 	 	 	 	 
	‡ Townhouse - Ocean View	 	2,400.00 m2	 	613.00 pm2	 	 	1,546,188	 	 	 	 	 
	‡ Townhouse - Wadi Park	 	6,900.00 m2	 	613.00 pm2	 	 	4,445,291	 	 	 	 	 
	‡ Apartment - 4br Oceanfront	 	3,500.00 m2	 	613.00 pm2	 	 	2,254,858	 	 	 	 	 
	‡ Apartment - 4br Ocean View	 	4,000.00 m2	 	613.00 pm2	 	 	2,576,980	 	 	 	 	 
	‡ Apartment - 4br Wadi Park	 	7,250.00 m2	 	613.00 pm2	 	 	4,670,776	 	 	 	 	 
	‡ Apartment - 3br Ocean View	 	8,280.00 m2	 	613.00 pm2	 	 	5,334,349	 	 	 	 	 
	‡ Apartment - 3br Wadi Park	 	8,280.00 m2	 	613.00 pm2	 	 	5,334,349	 	 	 	 	 
	‡ Apartment - 2br Oceanfront	 	5,800.00 m2	 	613.00 pm2	 	 	3,736,621	 	 	 	 	 
	‡ Apartment - 2br Ocean View	 	5,800.00 m2	 	613.00 pm2	 	 	3,736,621	 	 	 	 	 
	‡ Apartment - 2br Wadi Park	 	5,800.00 m2	 	613.00 pm2	 	 	3,736,621	 	 	 	 	 
	‡ Apartment - 1br Ocean View	 	2,210.00 m2	 	613.00 pm2	 	 	1,423,781	 	 	 	 	 
	‡ Apartment - 1br Wadi Park	 	2,210.00 m2	 	613.00 pm2	 	 	1,423,781	 	 	 	 	 
	‡ Villa - Oceanfront	 	1,000.00 m2	 	613.00 pm2	 	 	657,130	 	 	 	 	 
	‡ Villa - Oceanfront	 	1,680.00 m2	 	613.00 pm2	 	 	1,103,978	 	 	 	 	 
	‡ Villa - Ocean View	 	1,400.00 m2	 	613.00 pm2	 	 	919,982	 	 	 	 	 
	‡ Villa - Ocean View	 	2,320.00 m2	 	613.00 pm2	 	 	1,524,541	 	 	 	 	 
	‡ Villa - Wadi Park	 	8,925.00 m2	 	613.00 pm2	 	 	5,864,884	 	 	 	 	 
	‡ Villa - Wadi Park	 	8,092.00 m2	 	613.00 pm2	 	 	5,317,495	 	 	 	 	 
	‡ Townhouse - Ocean View	 	2,100.00 m2	 	613.00 pm2	 	 	1,379,973	 	 	 	 	 
	‡ Townhouse - Wadi Park	 	6,900.00 m2	 	613.00 pm2	 	 	4,534,196	 	 	 	 	 
	‡ Apartment - 4br Oceanfront	 	2,750.00 m2	 	613.00 pm2	 	 	1,807,107	 	 	 	 	 
	‡ Apartment - 4br Ocean View	 	3,500.00 m2	 	613.00 pm2	 	 	2,299,955	 	 	 	 	 
	‡ Apartment - 4br Wadi Park	 	7,250.00 m2	 	613.00 pm2	 	 	4,764,192	 	 	 	 	 
	‡ Apartment - 3br Ocean View	 	8,280.00 m2	 	613.00 pm2	 	 	5,441,036	 	 	 	 	 
	‡ Apartment - 3br Wadi Park	 	8,280.00 m2	 	613.00 pm2	 	 	5,441,036	 	 	 	 	 
	‡ Apartment - 2br Oceanfront	 	5,800.00 m2	 	613.00 pm2	 	 	3,811,353	 	 	 	 	 
	‡ Apartment - 2br Ocean View	 	5,800.00 m2	 	613.00 pm2	 	 	3,811,353	 	 	 	 	 
	‡ Apartment - 2br Wadi Park	 	5,800.00 m2	 	613.00 pm2	 	 	3,811,353	 	 	 	 	 
	‡ Apartment - 1br Ocean View	 	2,210.00 m2	 	613.00 pm2	 	 	1,452,257	 	 	 	 	 
	‡ Apartment - 1br Wadi Park	 	2,210.00 m2	 	613.00 pm2	 	 	1,452,257	 	 	 	 	 
	‡ Villa - Oceanfront	 	1,000.00 m2	 	613.00 pm2	 	 	670,273	 	 	 	 	 
	‡ Villa - Oceanfront	 	1,680.00 m2	 	613.00 pm2	 	 	1,126,058	 	 	 	 	 
	‡ Villa - Ocean View	 	1,400.00 m2	 	613.00 pm2	 	 	938,382	 	 	 	 	 
	‡ Villa - Ocean View	 	2,320.00 m2	 	613.00 pm2	 	 	1,555,032	 	 	 	 	 
	‡ Villa - Wadi Park	 	8,925.00 m2	 	613.00 pm2	 	 	5,982,182	 	 	 	 	 
	‡ Villa - Wadi Park	 	8,092.00 m2	 	613.00 pm2	 	 	5,423,845	 	 	 	 	 
	‡ Townhouse - Ocean View	 	2,100.00 m2	 	613.00 pm2	 	 	1,407,572	 	 	 	 	 
	‡ Townhouse - Wadi Park	 	6,900.00 m2	 	613.00 pm2	 	 	4,624,880	 	 	 	 	 
	‡ Apartment - 4br Oceanfront	 	2,750.00 m2	 	613.00 pm2	 	 	1,843,249	 	 	 	 	 

  

    	 

    	 	 

    

 

	APPRAISAL SUMMARY	DTZ

 

	‡ Apartment - 4br Ocean View	 	3,500.00 m2	 	613.00 pm2	 	 	2,345,954	 	 	 		 
	‡ Apartment - 4br Wadi Park	 	7,250.00 m2	 	613.00 pm2	 	 	4,859,476	 	 	 	 	 
	‡ Apartment - 3br Ocean View	 	8,280.00 m2	 	613.00 pm2	 	 	5,549,856	 	 	 	 	 
	‡ Apartment - 3br Wadi Park	 	8,280.00 m2	 	613.00 pm2	 	 	5,549,856	 	 	 	 	 
	‡ Apartment - 2br Oceanfront	 	5,800.00 m2	 	613.00 pm2	 	 	3,887,581	 	 	 	 	 
	‡ Apartment - 2br Ocean View	 	5,800.00 m2	 	613.00 pm2	 	 	3,887,581	 	 	 	 	 
	‡ Apartment - 2br Wadi Park	 	5,800.00 m2	 	613.00 pm2	 	 	3,887,581	 	 	 	 	 
	‡ Apartment - 1br Ocean View	 	2,210.00 m2	 	613.00 pm2	 	 	1,481,302	 	 	 	 	 
	‡ Apartment - 1br Wadi Park	 	2,210.00 m2	 	613.00 pm2	 	 	1,481,302	 	 	 	 	 
	‡ Villa - Oceanfront	 	1,000.00 m2	 	613.00 pm2	 	 	683,678	 	 	 	 	 
	‡ Villa - Oceanfront	 	840.00 m2	 	613.00 pm2	 	 	574,289	 	 	 	 	 
	‡ Villa - Ocean View	 	1,400.00 m2	 	613.00 pm2	 	 	957,149	 	 	 	 	 
	‡ Villa - Ocean View	 	1,740.00 m2	 	613.00 pm2	 	 	1,189,600	 	 	 	 	 
	‡ Villa - Wadi Park	 	8,925.00 m2	 	613.00 pm2	 	 	6,101,826	 	 	 	 	 
	‡ Villa - Wadi Park	 	8,092.00 m2	 	613.00 pm2	 	 	5,532,322	 	 	 	 	 
	‡ Townhouse - Ocean View	 	2,100.00 m2	 	613.00 pm2	 	 	1,435,724	 	 	 	 	 
	‡ Townhouse - Wadi Park	 	6,900.00 m2	 	613.00 pm2	 	 	4,717,378	 	 	 	 	 
	‡ Apartment - 4br Oceanfront	 	2,750.00 m2	 	613.00 pm2	 	 	1,880,114	 	 	 	 	 
	‡ Apartment - 4br Ocean View	 	3,500.00 m2	 	613.00 pm2	 	 	2,392,873	 	 	 	 	 
	‡ Apartment - 4br Wadi Park	 	7,250.00 m2	 	613.00 pm2	 	 	4,956,665	 	 	 	 	 
	‡ Apartment - 3br Ocean View	 	8,280.00 m2	 	613.00 pm2	 	 	5,660,853	 	 	 	 	 
	‡ Apartment - 3br Wadi Park	 	8,280.00 m2	 	613.00 pm2	 	 	5,660,853	 	 	 	 	 
	‡ Apartment - 2br Oceanfront	 	5,800.00 m2	 	613.00 pm2	 	 	3,965,332	 	 	 	 	 
	‡ Apartment - 2br Ocean View	 	5,800.00 m2	 	613.00 pm2	 	 	3,965,332	 	 	 	 	 
	‡ Apartment - 2br Wadi Park	 	5,800.00 m2	 	613.00 pm2	 	 	3,965,332	 	 	 	 	 
	‡ Apartment - 1br Ocean View	 	2,210.00 m2	 	613.00 pm2	 	 	1,510,928	 	 	 	 	 
	‡ Apartment - 1br Wadi Park	 	2,210.00 m2	 	613.00 pm2	 	 	1,510,928	 	 	 	 	 
	‡ Villa - Oceanfront	 	1,000.00 m2	 	613.00 pm2	 	 	697,352	 	 	 	 	 
	‡ Villa - Oceanfront	 	840.00 m2	 	613.00 pm2	 	 	585,775	 	 	 	 	 
	‡ Villa - Ocean View	 	1,400.00 m2	 	613.00 pm2	 	 	976,292	 	 	 	 	 
	‡ Villa - Ocean View	 	1,740.00 m2	 	613.00 pm2	 	 	1,213,392	 	 	 	 	 
	‡ Villa - Wadi Park	 	8,925.00 m2	 	613.00 pm2	 	 	6,223,862	 	 	 	 	 
	‡ Villa - Wadi Park	 	8,092.00 m2	 	613.00 pm2	 	 	5,642,968	 	 	 	 	 
	‡ Townhouse - Ocean View	 	2,100.00 m2	 	613.00 pm2	 	 	1,464,438	 	 	 	 	 
	‡ Townhouse - Wadi Park	 	6,900.00 m2	 	613.00 pm2	 	 	4,811,725	 	 	 	 	 
	‡ Apartment - 4br Oceanfront	 	2,750.00 m2	 	613.00 pm2	 	 	1,917,717	 	 	 	 	 
	‡ Apartment - 4br Ocean View	 	3,500.00 m2	 	613.00 pm2	 	 	2,440,730	 	 	 	 	 
	‡ Apartment - 4br Wadi Park	 	7,250.00 m2	 	613.00 pm2	 	 	5,055,798	 	 	 	 	 
	‡ Apartment - 3br Ocean View	 	8,280.00 m2	 	613.00 pm2	 	 	5,774,071	 	 	 	 	 
	‡ Apartment - 3br Wadi Park	 	8,280.00 m2	 	613.00 pm2	 	 	5,774,071	 	 	 	 	 
	‡ Apartment - 2br Oceanfront	 	5,800.00 m2	 	613.00 pm2	 	 	4,044,639	 	 	 	 	 
	‡ Apartment - 2br Ocean View	 	5,800.00 m2	 	613.00 pm2	 	 	4,044,639	 	 	 	 	 
	‡ Apartment - 2br Wadi Park	 	5,800.00 m2	 	613.00 pm2	 	 	4,044,639	 	 	 	 	 
	‡ Apartment - 1br Ocean View	 	2,210.00 m2	 	613.00 pm2	 	 	1,541,147	 	 	 	 	 

   

    	 

    	 	 

    

 

	APPRAISAL SUMMARY	DTZ

 

	‡ Apartment - 1br Wadi Park	 	2,210.00 m2	 	613.00 pm2	 	 	1,541,147	 	 	 	 	 
	‡ Villa - Oceanfront	 	1,000.00 m2	 	613.00 pm2	 	 	711,299	 	 	 	 	 
	‡ Villa - Oceanfront	 	840.00 m2	 	613.00 pm2	 	 	597,491	 	 	 	 	 
	‡ Villa - Ocean View	 	1,400.00 m2	 	613.00 pm2	 	 	995,818	 	 	 	 	 
	‡ Villa - Ocean View	 	1,740.00 m2	 	613.00 pm2	 	 	1,237,659	 	 	 	 	 
	‡ Villa - Wadi Park	 	8,925.00 m2	 	613.00 pm2	 	 	6,348,339	 	 	 	 	 
	‡ Villa - Wadi Park	 	8,092.00 m2	 	613.00 pm2	 	 	5,755,828	 	 	 	 	 
	‡ Townhouse - Ocean View	 	2,100.00 m2	 	613.00 pm2	 	 	1,493,727	 	 	 	 	 
	‡ Townhouse - Wadi Park	 	6,900.00 m2	 	613.00 pm2	 	 	4,907,960	 	 	 	 	 
	‡ Apartment - 4br Oceanfront	 	2,750.00 m2	 	613.00 pm2	 	 	1,956,071	 	 	 	 	 
	‡ Apartment - 4br Ocean View	 	3,500.00 m2	 	613.00 pm2	 	 	2,489,545	 	 	 	 	 
	‡ Apartment - 4br Wadi Park	 	7,250.00 m2	 	613.00 pm2	 	 	5,156,914	 	 	 	 	 
	‡ Apartment - 3br Ocean View	 	8,280.00 m2	 	613.00 pm2	 	 	5,889,552	 	 	 	 	 
	‡ Apartment - 3br Wadi Park	 	8,280.00 m2	 	613.00 pm2	 	 	5,889,552	 	 	 	 	 
	‡ Apartment - 2br Oceanfront	 	5,800.00 m2	 	613.00 pm2	 	 	4,125,532	 	 	 	 	 
	‡ Apartment - 2br Ocean View	 	5,800.00 m2	 	613.00 pm2	 	 	4,125,532	 	 	 	 	 
	‡ Apartment - 2br Wadi Park	 	5,800.00 m2	 	613.00 pm2	 	 	4,125,532	 	 	 	 	 
	‡ Apartment - 1br Ocean View	 	2,210.00 m2	 	613.00 pm2	 	 	1,571,970	 	 	 	 	 
	‡ Apartment - 1br Wadi Park	 	2,210.00 m2	 	613.00 pm2	 	 	1,571,970	 	 	 	 	 
	‡ Villa - Oceanfront	 	1,000.00 m2	 	613.00 pm2	 	 	725,525	 	 	 	 	 
	‡ Villa - Oceanfront	 	840.00 m2	 	613.00 pm2	 	 	609,441	 	 	 	 	 
	‡ Villa - Ocean View	 	700.00 m2	 	613.00 pm2	 	 	507,867	 	 	 	 	 
	‡ Villa - Ocean View	 	1,740.00 m2	 	613.00 pm2	 	 	1,262,413	 	 	 	 	 
	‡ Villa - Wadi Park	 	8,925.00 m2	 	613.00 pm2	 	 	6,475,306	 	 	 	 	 
	‡ Villa - Wadi Park	 	8,092.00 m2	 	613.00 pm2	 	 	5,870,944	 	 	 	 	 
	‡ Townhouse - Ocean View	 	2,100.00 m2	 	613.00 pm2	 	 	1,523,601	 	 	 	 	 
	‡ Townhouse - Wadi Park	 	6,600.00 m2	 	613.00 pm2	 	 	4,788,462	 	 	 	 	 
	‡ Apartment - 4br Oceanfront	 	2,750.00 m2	 	613.00 pm2	 	 	1,995,192	 	 	 	 	 
	‡ Apartment - 4br Ocean View	 	3,500.00 m2	 	613.00 pm2	 	 	2,539,336	 	 	 	 	 
	‡ Apartment - 4br Wadi Park	 	6,500.00 m2	 	613.00 pm2	 	 	4,715,909	 	 	 	 	 
	‡ Apartment - 3br Ocean View	 	7,820.00 m2	 	613.00 pm2	 	 	5,673,602	 	 	 	 	 
	‡ Apartment - 3br Wadi Park	 	7,820.00 m2	 	613.00 pm2	 	 	5,673,602	 	 	 	 	 
	‡ Apartment - 2br Oceanfront	 	5,200.00 m2	 	613.00 pm2	 	 	3,772,727	 	 	 	 	 
	‡ Apartment - 2br Ocean View	 	5,200.00 m2	 	613.00 pm2	 	 	3,772,727	 	 	 	 	 
	‡ Apartment - 2br Wadi Park	 	5,200.00 m2	 	613.00 pm2	 	 	3,772,727	 	 	 	 	 
	‡ Apartment - 1br Ocean View	 	2,040.00 m2	 	613.00 pm2	 	 	1,480,070	 	 	 	 	 
	‡ Apartment - 1br Wadi Park	 	2,040.00 m2	 	613.00 pm2	 	 	1,480,070	 	 	 	 	 
	Totals	 	873,603.00 m2	 		 	 	653,996,389	 	 	 	701,026,517	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Contingency	 	 	 	5.00%	 	 	35,051,326	 	 	 	 	 
	Infrastructure	 	 	 	 	 	 	39,732,650	 	 	 	 	 
	Parking	 	 	 	 	 	 	39,554,333	 	 	 	 	 
	Marine Works	 	 	 	 	 	 	39,580,438	 	 	 	 	 
	Landscaping	 	 	 	 	 	 	14,392,707	 	 	 	 	 

  

    	 

    	 	 

    

 

	APPRAISAL SUMMARY	DTZ

 

	Lighting	 		 		 	 	3,790,795	 	 	 		 
	Back of House Facilities	 	 	 	 	 	 	2,490,219	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	174,592,468	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	PROFESSIONAL FEES	 	 	 	 	 	 	 	 	 	 	 	 
	Professional Fees	 	 	 	14.00%	 	 	98,143,712	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	98,143,712	 
	MARKETING & LETTING	 	 	 	 	 	 	 	 	 	 	 	 
	Marketing	 	 	 	 	 	 	900,000	 	 	 	 	 
	Letting Agent Fee	 	 	 	8.00%	 	 	804,328	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	1,704,328	 
	DISPOSAL FEES	 	 	 	 	 	 	 	 	 	 	 	 
	Sales Agency Fees	 	 	 	0.50%	 	 	501,675	 	 	 	 	 
	Land Purchase	 	772,000.00 m2	 	25.00 pm2	 	 	19,300,000	 	 	 	 	 
	Sales Agency Fee	 	 	 	0.50%	 	 	1,042,055	 	 	 	 	 
	Ageny Fee	 	 	 	0.50%	 	 	580,650	 	 	 	 	 
	Sales Costs	 	 	 	0.50%	 	 	8,116,761	 	 	 	 	 
	Land Payment	 	228,000.00 m2	 	25.00 pm2	 	 	5,700,000	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	35,241,141	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Interest and Fees	 	 	 	 	 	 	 	 	 	 	 	 
	Interest paid to Debt Sources:	 	 	 	 	 	 	 	 	 	 	 	 
	Debt (7.000%)	 	 	 	48,944,348	 	 	 	 	 	 	 	 
	Total Interest paid to Debt Sources:	 	 	 	 	 	 	48,944,348	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Interest Paid	 	 	 	 	 	 	 	 	 	 	48,944,348	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	TOTAL COSTS	 	 	 	 	 	 	 	 	 	 	1,445,199,204	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	PROFIT	 	 	 	 	 	 	 	 	 	 	 	 
	Balancing Account	 	 	 	 	 	 	841,691,275	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	841,691,275	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Performance Measures	 	 	 	 	 	 	 	 	 	 	 	 
	Profit on Cost%	 	 	 	58.24%	 	 	 	 	 	 	 	 
	Profit on GDV%	 	 	 	40.81%	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Ungeared IRR%	 	 	 	15.00%	 	 	 	 	 	 	 	 
	Geared IRR% (without Interest)	 	 	 	15.00%	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cost per Gross m2	 	 	 	1,654.30 pm2	 	 	 	 	 	 	 	 
	Cost per Net m2	 	 	 	1,874.03 pm2	 	 	 	 	 	 	 	 
	Land Cost pm2	 	 	 	385.55 pm2	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 

  

    	 

    	 	 

    

 

	APPRAISAL SUMMARY	DTZ

 

‡ Inflation/Growth applied

 

	Growth on Sales	 	 	 	Ungrown	 	 	Growth	 	 	Total	 
	Villa - Oceanfront	 	Residential Sales Growth at 4.000% var.	 	 	3,000,000	 	 	 	245,424	 	 	 	3,245,424	 
	Villa - Oceanfront	 	Residential Sales Growth at 4.000% var.	 	 	2,520,000	 	 	 	206,156	 	 	 	2,726,156	 
	Villa - Ocean View	 	Residential Sales Growth at 4.000% var.	 	 	1,680,000	 	 	 	137,437	 	 	 	1,817,437	 
	Villa - Ocean View	 	Residential Sales Growth at 4.000% var.	 	 	3,016,000	 	 	 	378,208	 	 	 	3,394,208	 
	Villa - Wadi Park	 	Residential Sales Growth at 4.000% var.	 	 	9,450,000	 	 	 	1,251,330	 	 	 	10,701,330	 
	Villa - Wadi Park	 	Residential Sales Growth at 4.000% var.	 	 	8,568,000	 	 	 	1,134,540	 	 	 	9,702,540	 
	Townhouse - Ocean View	 	Residential Sales Growth at 4.000% var.	 	 	2,880,000	 	 	 	209,746	 	 	 	3,089,746	 
	Townhouse - Wadi Park	 	Residential Sales Growth at 4.000% var.	 	 	6,900,000	 	 	 	874,255	 	 	 	7,774,255	 
	Apartment - 4br Oceanfront	 	Residential Sales Growth at 4.000% var.	 	 	3,640,000	 	 	 	543,457	 	 	 	4,183,457	 
	Apartment - 4br Ocean View	 	Residential Sales Growth at 4.000% var.	 	 	3,840,000	 	 	 	556,754	 	 	 	4,396,754	 
	Apartment - 4br Wadi Park	 	Residential Sales Growth at 4.000% var.	 	 	6,090,000	 	 	 	890,617	 	 	 	6,980,617	 
	Apartment - 3br Ocean View	 	Residential Sales Growth at 4.000% var.	 	 	8,280,000	 	 	 	1,184,109	 	 	 	9,464,109	 
	Apartment - 3br Wadi Park	 	Residential Sales Growth at 4.000% var.	 	 	7,286,400	 	 	 	1,247,787	 	 	 	8,534,187	 
	Apartment - 2br Oceanfront	 	Residential Sales Growth at 4.000% var.	 	 	6,264,000	 	 	 	843,795	 	 	 	7,107,795	 
	Apartment - 2br Ocean View	 	Residential Sales Growth at 4.000% var.	 	 	5,800,000	 	 	 	781,292	 	 	 	6,581,292	 
	Apartment - 2br Wadi Park	 	Residential Sales Growth at 4.000% var.	 	 	5,104,000	 	 	 	687,537	 	 	 	5,791,537	 
	Apartment - 1br Ocean View	 	Residential Sales Growth at 4.000% var.	 	 	2,210,000	 	 	 	326,608	 	 	 	2,536,608	 
	Apartment - 1br Wadi Park	 	Residential Sales Growth at 4.000% var.	 	 	2,033,200	 	 	 	274,316	 	 	 	2,307,516	 
	Villa - Oceanfront	 	Residential Sales Growth at 4.000% var.	 	 	1,500,000	 	 	 	154,530	 	 	 	1,654,530	 
	Villa - Oceanfront	 	Residential Sales Growth at 4.000% var.	 	 	2,520,000	 	 	 	504,161	 	 	 	3,024,161	 
	Villa - Ocean View	 	Residential Sales Growth at 4.000% var.	 	 	1,680,000	 	 	 	176,107	 	 	 	1,856,107	 
	Villa - Ocean View	 	Residential Sales Growth at 4.000% var.	 	 	3,016,000	 	 	 	327,080	 	 	 	3,343,080	 
	Villa - Wadi Park	 	Residential Sales Growth at 4.000% var.	 	 	8,925,000	 	 	 	2,002,901	 	 	 	10,927,901	 
	Villa - Wadi Park	 	Residential Sales Growth at 4.000% var.	 	 	8,092,000	 	 	 	1,815,964	 	 	 	9,907,964	 
	Townhouse - Ocean View	 	Residential Sales Growth at 4.000% var.	 	 	2,520,000	 	 	 	287,059	 	 	 	2,807,059	 
	Townhouse - Wadi Park	 	Residential Sales Growth at 4.000% var.	 	 	6,900,000	 	 	 	1,501,166	 	 	 	8,401,166	 
	Apartment - 4br Oceanfront	 	Residential Sales Growth at 4.000% var.	 	 	2,860,000	 	 	 	617,462	 	 	 	3,477,462	 
	Apartment - 4br Ocean View	 	Residential Sales Growth at 4.000% var.	 	 	3,360,000	 	 	 	346,147	 	 	 	3,706,147	 
	Apartment - 4br Wadi Park	 	Residential Sales Growth at 4.000% var.	 	 	6,090,000	 	 	 	627,391	 	 	 	6,717,391	 
	Apartment - 3br Ocean View	 	Residential Sales Growth at 4.000% var.	 	 	8,280,000	 	 	 	853,005	 	 	 	9,133,005	 
	Apartment - 3br Wadi Park	 	Residential Sales Growth at 4.000% var.	 	 	7,286,400	 	 	 	1,850,425	 	 	 	9,136,825	 
	Apartment - 2br Oceanfront	 	Residential Sales Growth at 4.000% var.	 	 	6,264,000	 	 	 	1,298,859	 	 	 	7,562,859	 
	Apartment - 2br Ocean View	 	Residential Sales Growth at 4.000% var.	 	 	5,800,000	 	 	 	1,202,647	 	 	 	7,002,647	 
	Apartment - 2br Wadi Park	 	Residential Sales Growth at 4.000% var.	 	 	5,104,000	 	 	 	1,058,329	 	 	 	6,162,329	 
	Apartment - 1br Ocean View	 	Residential Sales Growth at 4.000% var.	 	 	2,210,000	 	 	 	504,742	 	 	 	2,714,742	 
	Apartment - 1br Wadi Park	 	Residential Sales Growth at 4.000% var.	 	 	2,033,200	 	 	 	415,711	 	 	 	2,448,911	 
	Villa - Oceanfront	 	Residential Sales Growth at 4.000% var.	 	 	1,500,000	 	 	 	253,489	 	 	 	1,753,489	 
	Villa - Oceanfront	 	Residential Sales Growth at 4.000% var.	 	 	2,520,000	 	 	 	766,404	 	 	 	3,286,404	 
	Villa - Ocean View	 	Residential Sales Growth at 4.000% var.	 	 	1,680,000	 	 	 	290,226	 	 	 	1,970,226	 
	Villa - Ocean View	 	Residential Sales Growth at 4.000% var.	 	 	3,016,000	 	 	 	543,855	 	 	 	3,559,855	 
	Villa - Wadi Park	 	Residential Sales Growth at 4.000% var.	 	 	8,925,000	 	 	 	3,050,551	 	 	 	11,975,551	 

  

    	 

    	 	 

    

 

	APPRAISAL SUMMARY	DTZ

 

	Villa - Wadi Park	 	Residential Sales Growth at 4.000% var.	 	 	8,092,000	 	 	 	2,765,833	 	 	 	10,857,833	 
	Townhouse - Ocean View	 	Residential Sales Growth at 4.000% var.	 	 	2,520,000	 	 	 	483,337	 	 	 	3,003,337	 
	Townhouse - Wadi Park	 	Residential Sales Growth at 4.000% var.	 	 	6,900,000	 	 	 	2,367,142	 	 	 	9,267,142	 
	Apartment - 4br Oceanfront	 	Residential Sales Growth at 4.000% var.	 	 	2,860,000	 	 	 	943,911	 	 	 	3,803,911	 
	Apartment - 4br Ocean View	 	Residential Sales Growth at 4.000% var.	 	 	3,360,000	 	 	 	567,816	 	 	 	3,927,816	 
	Apartment - 4br Wadi Park	 	Residential Sales Growth at 4.000% var.	 	 	6,090,000	 	 	 	1,029,167	 	 	 	7,119,167	 
	Apartment - 3br Ocean View	 	Residential Sales Growth at 4.000% var.	 	 	8,280,000	 	 	 	1,399,262	 	 	 	9,679,262	 
	Apartment - 3br Wadi Park	 	Residential Sales Growth at 4.000% var.	 	 	7,286,400	 	 	 	2,618,361	 	 	 	9,904,761	 
	Apartment - 2br Oceanfront	 	Residential Sales Growth at 4.000% var.	 	 	6,264,000	 	 	 	2,005,366	 	 	 	8,269,366	 
	Apartment - 2br Ocean View	 	Residential Sales Growth at 4.000% var.	 	 	5,800,000	 	 	 	1,856,820	 	 	 	7,656,820	 
	Apartment - 2br Wadi Park	 	Residential Sales Growth at 4.000% var.	 	 	5,104,000	 	 	 	1,634,002	 	 	 	6,738,002	 
	Apartment - 1br Ocean View	 	Residential Sales Growth at 4.000% var.	 	 	2,210,000	 	 	 	766,522	 	 	 	2,976,522	 
	Apartment - 1br Wadi Park	 	Residential Sales Growth at 4.000% var.	 	 	2,033,200	 	 	 	644,101	 	 	 	2,677,301	 
	Villa - Oceanfront	 	Residential Sales Growth at 4.000% var.	 	 	1,500,000	 	 	 	445,662	 	 	 	1,945,662	 
	Villa - Oceanfront	 	Residential Sales Growth at 4.000% var.	 	 	1,260,000	 	 	 	374,356	 	 	 	1,634,356	 
	Villa - Ocean View	 	Residential Sales Growth at 4.000% var.	 	 	1,680,000	 	 	 	511,104	 	 	 	2,191,104	 
	Villa - Ocean View	 	Residential Sales Growth at 4.000% var.	 	 	2,262,000	 	 	 	704,389	 	 	 	2,966,389	 
	Villa - Wadi Park	 	Residential Sales Growth at 4.000% var.	 	 	8,925,000	 	 	 	4,159,866	 	 	 	13,084,866	 
	Villa - Wadi Park	 	Residential Sales Growth at 4.000% var.	 	 	8,092,000	 	 	 	3,771,612	 	 	 	11,863,612	 
	Townhouse - Ocean View	 	Residential Sales Growth at 4.000% var.	 	 	2,520,000	 	 	 	858,365	 	 	 	3,378,365	 
	Townhouse - Wadi Park	 	Residential Sales Growth at 4.000% var.	 	 	6,900,000	 	 	 	3,245,300	 	 	 	10,145,300	 
	Apartment - 4br Oceanfront	 	Residential Sales Growth at 4.000% var.	 	 	2,860,000	 	 	 	1,294,184	 	 	 	4,154,184	 
	Apartment - 4br Ocean View	 	Residential Sales Growth at 4.000% var.	 	 	3,360,000	 	 	 	998,283	 	 	 	4,358,283	 
	Apartment - 4br Wadi Park	 	Residential Sales Growth at 4.000% var.	 	 	6,090,000	 	 	 	1,809,389	 	 	 	7,899,389	 
	Apartment - 3br Ocean View	 	Residential Sales Growth at 4.000% var.	 	 	8,280,000	 	 	 	2,460,056	 	 	 	10,740,056	 
	Apartment - 3br Wadi Park	 	Residential Sales Growth at 4.000% var.	 	 	7,286,400	 	 	 	3,513,365	 	 	 	10,799,765	 
	Apartment - 2br Oceanfront	 	Residential Sales Growth at 4.000% var.	 	 	6,264,000	 	 	 	2,782,280	 	 	 	9,046,280	 
	Apartment - 2br Ocean View	 	Residential Sales Growth at 4.000% var.	 	 	5,800,000	 	 	 	2,576,185	 	 	 	8,376,185	 
	Apartment - 2br Wadi Park	 	Residential Sales Growth at 4.000% var.	 	 	5,104,000	 	 	 	2,267,043	 	 	 	7,371,043	 
	Apartment - 1br Ocean View	 	Residential Sales Growth at 4.000% var.	 	 	2,210,000	 	 	 	1,034,695	 	 	 	3,244,695	 
	Apartment - 1br Wadi Park	 	Residential Sales Growth at 4.000% var.	 	 	2,033,200	 	 	 	897,345	 	 	 	2,930,545	 
	Villa - Oceanfront	 	Residential Sales Growth at 4.000% var.	 	 	1,500,000	 	 	 	658,896	 	 	 	2,158,896	 
	Villa - Oceanfront	 	Residential Sales Growth at 4.000% var.	 	 	1,260,000	 	 	 	553,473	 	 	 	1,813,473	 
	Villa - Ocean View	 	Residential Sales Growth at 4.000% var.	 	 	1,680,000	 	 	 	745,742	 	 	 	2,425,742	 
	Villa - Ocean View	 	Residential Sales Growth at 4.000% var.	 	 	2,262,000	 	 	 	1,014,607	 	 	 	3,276,607	 
	Villa - Wadi Park	 	Residential Sales Growth at 4.000% var.	 	 	8,925,000	 	 	 	5,132,444	 	 	 	14,057,444	 
	Villa - Wadi Park	 	Residential Sales Growth at 4.000% var.	 	 	8,092,000	 	 	 	4,653,416	 	 	 	12,745,416	 
	Townhouse - Ocean View	 	Residential Sales Growth at 4.000% var.	 	 	2,520,000	 	 	 	1,177,709	 	 	 	3,697,709	 
	Townhouse - Wadi Park	 	Residential Sales Growth at 4.000% var.	 	 	6,900,000	 	 	 	3,998,842	 	 	 	10,898,842	 
	Apartment - 4br Oceanfront	 	Residential Sales Growth at 4.000% var.	 	 	2,860,000	 	 	 	1,615,895	 	 	 	4,475,895	 
	Apartment - 4br Ocean View	 	Residential Sales Growth at 4.000% var.	 	 	3,360,000	 	 	 	1,475,927	 	 	 	4,835,927	 
	Apartment - 4br Wadi Park	 	Residential Sales Growth at 4.000% var.	 	 	6,090,000	 	 	 	2,675,119	 	 	 	8,765,119	 
	Apartment - 3br Ocean View	 	Residential Sales Growth at 4.000% var.	 	 	8,280,000	 	 	 	3,637,107	 	 	 	11,917,107	 
	Apartment - 3br Wadi Park	 	Residential Sales Growth at 4.000% var.	 	 	7,286,400	 	 	 	4,251,007	 	 	 	11,537,407	 

  

    	 

    	 	 

    

 

	APPRAISAL SUMMARY	DTZ

 

	Apartment - 2br Oceanfront	 	Residential Sales Growth at 4.000% var.	 	 	6,264,000	 	 	 	3,497,005	 	 	 	9,761,005	 
	Apartment - 2br Ocean View	 	Residential Sales Growth at 4.000% var.	 	 	5,800,000	 	 	 	3,237,968	 	 	 	9,037,968	 
	Apartment - 2br Wadi Park	 	Residential Sales Growth at 4.000% var.	 	 	5,104,000	 	 	 	2,849,412	 	 	 	7,953,412	 
	Apartment - 1br Ocean View	 	Residential Sales Growth at 4.000% var.	 	 	2,210,000	 	 	 	1,276,655	 	 	 	3,486,655	 
	Apartment - 1br Wadi Park	 	Residential Sales Growth at 4.000% var.	 	 	2,033,200	 	 	 	1,130,445	 	 	 	3,163,645	 
	Villa - Oceanfront	 	Residential Sales Growth at 4.000% var.	 	 	1,500,000	 	 	 	831,608	 	 	 	2,331,608	 
	Villa - Oceanfront	 	Residential Sales Growth at 4.000% var.	 	 	1,260,000	 	 	 	698,551	 	 	 	1,958,551	 
	Villa - Ocean View	 	Residential Sales Growth at 4.000% var.	 	 	1,680,000	 	 	 	939,802	 	 	 	2,619,802	 
	Villa - Ocean View	 	Residential Sales Growth at 4.000% var.	 	 	2,262,000	 	 	 	1,276,736	 	 	 	3,538,736	 
	Villa - Wadi Park	 	Residential Sales Growth at 4.000% var.	 	 	8,925,000	 	 	 	5,887,062	 	 	 	14,812,062	 
	Villa - Wadi Park	 	Residential Sales Growth at 4.000% var.	 	 	8,092,000	 	 	 	5,337,603	 	 	 	13,429,603	 
	Townhouse - Ocean View	 	Residential Sales Growth at 4.000% var.	 	 	2,520,000	 	 	 	1,473,526	 	 	 	3,993,526	 
	Townhouse - Wadi Park	 	Residential Sales Growth at 4.000% var.	 	 	6,900,000	 	 	 	4,577,079	 	 	 	11,477,079	 
	Apartment - 4br Oceanfront	 	Residential Sales Growth at 4.000% var.	 	 	2,860,000	 	 	 	1,861,605	 	 	 	4,721,605	 
	Apartment - 4br Ocean View	 	Residential Sales Growth at 4.000% var.	 	 	3,360,000	 	 	 	1,862,802	 	 	 	5,222,802	 
	Apartment - 4br Wadi Park	 	Residential Sales Growth at 4.000% var.	 	 	6,090,000	 	 	 	3,376,328	 	 	 	9,466,328	 
	Apartment - 3br Ocean View	 	Residential Sales Growth at 4.000% var.	 	 	8,280,000	 	 	 	4,590,476	 	 	 	12,870,476	 
	Apartment - 3br Wadi Park	 	Residential Sales Growth at 4.000% var.	 	 	7,286,400	 	 	 	4,873,508	 	 	 	12,159,908	 
	Apartment - 2br Oceanfront	 	Residential Sales Growth at 4.000% var.	 	 	6,264,000	 	 	 	4,046,833	 	 	 	10,310,833	 
	Apartment - 2br Ocean View	 	Residential Sales Growth at 4.000% var.	 	 	5,800,000	 	 	 	3,747,068	 	 	 	9,547,068	 
	Apartment - 2br Wadi Park	 	Residential Sales Growth at 4.000% var.	 	 	5,104,000	 	 	 	3,297,420	 	 	 	8,401,420	 
	Apartment - 1br Ocean View	 	Residential Sales Growth at 4.000% var.	 	 	2,210,000	 	 	 	1,459,716	 	 	 	3,669,716	 
	Apartment - 1br Wadi Park	 	Residential Sales Growth at 4.000% var.	 	 	2,033,200	 	 	 	1,310,193	 	 	 	3,343,393	 
	Villa - Oceanfront	 	Residential Sales Growth at 4.000% var.	 	 	1,500,000	 	 	 	971,064	 	 	 	2,471,064	 
	Villa - Oceanfront	 	Residential Sales Growth at 4.000% var.	 	 	1,260,000	 	 	 	815,694	 	 	 	2,075,694	 
	Villa - Ocean View	 	Residential Sales Growth at 4.000% var.	 	 	840,000	 	 	 	543,796	 	 	 	1,383,796	 
	Villa - Ocean View	 	Residential Sales Growth at 4.000% var.	 	 	2,262,000	 	 	 	1,476,578	 	 	 	3,738,578	 
	Villa - Wadi Park	 	Residential Sales Growth at 4.000% var.	 	 	8,925,000	 	 	 	6,552,493	 	 	 	15,477,493	 
	Villa - Wadi Park	 	Residential Sales Growth at 4.000% var.	 	 	8,092,000	 	 	 	5,940,927	 	 	 	14,032,927	 
	Townhouse - Ocean View	 	Residential Sales Growth at 4.000% var.	 	 	2,520,000	 	 	 	1,672,383	 	 	 	4,192,383	 
	Townhouse - Wadi Park	 	Residential Sales Growth at 4.000% var.	 	 	6,600,000	 	 	 	4,834,098	 	 	 	11,434,098	 
	Apartment - 4br Oceanfront	 	Residential Sales Growth at 4.000% var.	 	 	2,860,000	 	 	 	2,081,194	 	 	 	4,941,194	 
	Apartment - 4br Ocean View	 	Residential Sales Growth at 4.000% var.	 	 	3,360,000	 	 	 	2,175,184	 	 	 	5,535,184	 
	Apartment - 4br Wadi Park	 	Residential Sales Growth at 4.000% var.	 	 	5,460,000	 	 	 	3,534,674	 	 	 	8,994,674	 
	Apartment - 3br Ocean View	 	Residential Sales Growth at 4.000% var.	 	 	7,820,000	 	 	 	5,062,482	 	 	 	12,882,482	 
	Apartment - 3br Wadi Park	 	Residential Sales Growth at 4.000% var.	 	 	6,881,600	 	 	 	5,092,639	 	 	 	11,974,239	 
	Apartment - 2br Oceanfront	 	Residential Sales Growth at 4.000% var.	 	 	5,616,000	 	 	 	4,021,500	 	 	 	9,637,500	 
	Apartment - 2br Ocean View	 	Residential Sales Growth at 4.000% var.	 	 	5,200,000	 	 	 	3,723,611	 	 	 	8,923,611	 
	Apartment - 2br Wadi Park	 	Residential Sales Growth at 4.000% var.	 	 	4,576,000	 	 	 	3,276,778	 	 	 	7,852,778	 
	Apartment - 1br Ocean View	 	Residential Sales Growth at 4.000% var.	 	 	2,040,000	 	 	 	1,493,687	 	 	 	3,533,687	 
	Apartment - 1br Wadi Park	 	Residential Sales Growth at 4.000% var.	 	 	1,876,800	 	 	 	1,344,170	 	 	 	3,220,970	 

 

	Growth on Capitalised Rent	 	 	 	 	Ungrown	 	 	 	Growth	 	 	 	Total	 
	Pearl Retail	 	Office/ Retail at 2.000%	 	 	13,025,828	 	 	 	1,355,739	 	 	 	14,381,566	 

  

    	 

    	 	 

    

 

	APPRAISAL SUMMARY	DTZ

 

	Office Space	 	Office/ Retail at 2.000%	 	 	45,128,004	 	 	 	6,199,157	 	 	 	51,327,161	 
	Mall	 	Office/ Retail at 2.000%	 	 	18,779,425	 	 	 	2,387,717	 	 	 	21,167,142	 
	Movie Theatre	 	Office/ Retail at 2.000%	 	 	982,060	 	 	 	124,518	 	 	 	1,106,578	 
	Amphitheatre	 	Office/ Retail at 2.000%	 	 	219,638	 	 	 	27,340	 	 	 	246,978	 
	General Retail	 	Office/ Retail at 2.000%	 	 	12,821,463	 	 	 	1,623,199	 	 	 	14,444,662	 

 

	Inflation on Construction Costs	 	 	 	Uninflated	 	 	Inflation	 	 	Total	 
	Villa - Oceanfront	 	Inflation Set 1 at 2.000%	 	 	1,226,000	 	 	 	62,490	 	 	 	1,288,490	 
	Villa - Oceanfront	 	Inflation Set 1 at 2.000%	 	 	1,029,840	 	 	 	52,492	 	 	 	1,082,332	 
	Villa - Ocean View	 	Inflation Set 1 at 2.000%	 	 	858,200	 	 	 	43,743	 	 	 	901,943	 
	Villa - Ocean View	 	Inflation Set 1 at 2.000%	 	 	1,422,160	 	 	 	72,488	 	 	 	1,494,648	 
	Villa - Wadi Park	 	Inflation Set 1 at 2.000%	 	 	5,792,850	 	 	 	295,265	 	 	 	6,088,115	 
	Villa - Wadi Park	 	Inflation Set 1 at 2.000%	 	 	5,252,184	 	 	 	267,707	 	 	 	5,519,891	 
	Townhouse - Ocean View	 	Inflation Set 1 at 2.000%	 	 	1,471,200	 	 	 	74,988	 	 	 	1,546,188	 
	Townhouse - Wadi Park	 	Inflation Set 1 at 2.000%	 	 	4,229,700	 	 	 	215,591	 	 	 	4,445,291	 
	Apartment - 4br Oceanfront	 	Inflation Set 1 at 2.000%	 	 	2,145,500	 	 	 	109,358	 	 	 	2,254,858	 
	Apartment - 4br Ocean View	 	Inflation Set 1 at 2.000%	 	 	2,452,000	 	 	 	124,980	 	 	 	2,576,980	 
	Apartment - 4br Wadi Park	 	Inflation Set 1 at 2.000%	 	 	4,444,250	 	 	 	226,526	 	 	 	4,670,776	 
	Apartment - 3br Ocean View	 	Inflation Set 1 at 2.000%	 	 	5,075,640	 	 	 	258,709	 	 	 	5,334,349	 
	Apartment - 3br Wadi Park	 	Inflation Set 1 at 2.000%	 	 	5,075,640	 	 	 	258,709	 	 	 	5,334,349	 
	Apartment - 2br Oceanfront	 	Inflation Set 1 at 2.000%	 	 	3,555,400	 	 	 	181,221	 	 	 	3,736,621	 
	Apartment - 2br Ocean View	 	Inflation Set 1 at 2.000%	 	 	3,555,400	 	 	 	181,221	 	 	 	3,736,621	 
	Apartment - 2br Wadi Park	 	Inflation Set 1 at 2.000%	 	 	3,555,400	 	 	 	181,221	 	 	 	3,736,621	 
	Apartment - 1br Ocean View	 	Inflation Set 1 at 2.000%	 	 	1,354,730	 	 	 	69,051	 	 	 	1,423,781	 
	Apartment - 1br Wadi Park	 	Inflation Set 1 at 2.000%	 	 	1,354,730	 	 	 	69,051	 	 	 	1,423,781	 
	Villa - Oceanfront	 	Inflation Set 1 at 2.000%	 	 	613,000	 	 	 	44,130	 	 	 	657,130	 
	Villa - Oceanfront	 	Inflation Set 1 at 2.000%	 	 	1,029,840	 	 	 	74,138	 	 	 	1,103,978	 
	Villa - Ocean View	 	Inflation Set 1 at 2.000%	 	 	858,200	 	 	 	61,782	 	 	 	919,982	 
	Villa - Ocean View	 	Inflation Set 1 at 2.000%	 	 	1,422,160	 	 	 	102,381	 	 	 	1,524,541	 
	Villa - Wadi Park	 	Inflation Set 1 at 2.000%	 	 	5,471,025	 	 	 	393,859	 	 	 	5,864,884	 
	Villa - Wadi Park	 	Inflation Set 1 at 2.000%	 	 	4,960,396	 	 	 	357,099	 	 	 	5,317,495	 
	Townhouse - Ocean View	 	Inflation Set 1 at 2.000%	 	 	1,287,300	 	 	 	92,673	 	 	 	1,379,973	 
	Townhouse - Wadi Park	 	Inflation Set 1 at 2.000%	 	 	4,229,700	 	 	 	304,496	 	 	 	4,534,196	 
	Apartment - 4br Oceanfront	 	Inflation Set 1 at 2.000%	 	 	1,685,750	 	 	 	121,357	 	 	 	1,807,107	 
	Apartment - 4br Ocean View	 	Inflation Set 1 at 2.000%	 	 	2,145,500	 	 	 	154,455	 	 	 	2,299,955	 
	Apartment - 4br Wadi Park	 	Inflation Set 1 at 2.000%	 	 	4,444,250	 	 	 	319,942	 	 	 	4,764,192	 
	Apartment - 3br Ocean View	 	Inflation Set 1 at 2.000%	 	 	5,075,640	 	 	 	365,396	 	 	 	5,441,036	 
	Apartment - 3br Wadi Park	 	Inflation Set 1 at 2.000%	 	 	5,075,640	 	 	 	365,396	 	 	 	5,441,036	 
	Apartment - 2br Oceanfront	 	Inflation Set 1 at 2.000%	 	 	3,555,400	 	 	 	255,953	 	 	 	3,811,353	 
	Apartment - 2br Ocean View	 	Inflation Set 1 at 2.000%	 	 	3,555,400	 	 	 	255,953	 	 	 	3,811,353	 
	Apartment - 2br Wadi Park	 	Inflation Set 1 at 2.000%	 	 	3,555,400	 	 	 	255,953	 	 	 	3,811,353	 
	Apartment - 1br Ocean View	 	Inflation Set 1 at 2.000%	 	 	1,354,730	 	 	 	97,527	 	 	 	1,452,257	 
	Apartment - 1br Wadi Park	 	Inflation Set 1 at 2.000%	 	 	1,354,730	 	 	 	97,527	 	 	 	1,452,257	 
	Villa - Oceanfront	 	Inflation Set 1 at 2.000%	 	 	613,000	 	 	 	57,273	 	 	 	670,273	 

  

    	 

    	 	 

    

 

	APPRAISAL SUMMARY	DTZ

 

	Villa – Oceanfront	 	Inflation Set 1 at 2.000%	 	 	1,029,840	 	 	 	96,218	 	 	 	1,126,058	 
	Villa - Ocean View	 	Inflation Set 1 at 2.000%	 	 	858,200	 	 	 	80,182	 	 	 	938,382	 
	Villa - Ocean View	 	Inflation Set 1 at 2.000%	 	 	1,422,160	 	 	 	132,872	 	 	 	1,555,032	 
	Villa - Wadi Park	 	Inflation Set 1 at 2.000%	 	 	5,471,025	 	 	 	511,157	 	 	 	5,982,182	 
	Villa - Wadi Park	 	Inflation Set 1 at 2.000%	 	 	4,960,396	 	 	 	463,449	 	 	 	5,423,845	 
	Townhouse - Ocean View	 	Inflation Set 1 at 2.000%	 	 	1,287,300	 	 	 	120,272	 	 	 	1,407,572	 
	Townhouse - Wadi Park	 	Inflation Set 1 at 2.000%	 	 	4,229,700	 	 	 	395,180	 	 	 	4,624,880	 
	Apartment - 4br Oceanfront	 	Inflation Set 1 at 2.000%	 	 	1,685,750	 	 	 	157,499	 	 	 	1,843,249	 
	Apartment - 4br Ocean View	 	Inflation Set 1 at 2.000%	 	 	2,145,500	 	 	 	200,454	 	 	 	2,345,954	 
	Apartment - 4br Wadi Park	 	Inflation Set 1 at 2.000%	 	 	4,444,250	 	 	 	415,226	 	 	 	4,859,476	 
	Apartment - 3br Ocean View	 	Inflation Set 1 at 2.000%	 	 	5,075,640	 	 	 	474,216	 	 	 	5,549,856	 
	Apartment - 3br Wadi Park	 	Inflation Set 1 at 2.000%	 	 	5,075,640	 	 	 	474,216	 	 	 	5,549,856	 
	Apartment - 2br Oceanfront	 	Inflation Set 1 at 2.000%	 	 	3,555,400	 	 	 	332,181	 	 	 	3,887,581	 
	Apartment - 2br Ocean View	 	Inflation Set 1 at 2.000%	 	 	3,555,400	 	 	 	332,181	 	 	 	3,887,581	 
	Apartment - 2br Wadi Park	 	Inflation Set 1 at 2.000%	 	 	3,555,400	 	 	 	332,181	 	 	 	3,887,581	 
	Apartment - 1br Ocean View	 	Inflation Set 1 at 2.000%	 	 	1,354,730	 	 	 	126,572	 	 	 	1,481,302	 
	Apartment - 1br Wadi Park	 	Inflation Set 1 at 2.000%	 	 	1,354,730	 	 	 	126,572	 	 	 	1,481,302	 
	Villa - Oceanfront	 	Inflation Set 1 at 2.000%	 	 	613,000	 	 	 	70,678	 	 	 	683,678	 
	Villa - Oceanfront	 	Inflation Set 1 at 2.000%	 	 	514,920	 	 	 	59,369	 	 	 	574,289	 
	Villa - Ocean View	 	Inflation Set 1 at 2.000%	 	 	858,200	 	 	 	98,949	 	 	 	957,149	 
	Villa - Ocean View	 	Inflation Set 1 at 2.000%	 	 	1,066,620	 	 	 	122,980	 	 	 	1,189,600	 
	Villa - Wadi Park	 	Inflation Set 1 at 2.000%	 	 	5,471,025	 	 	 	630,801	 	 	 	6,101,826	 
	Villa - Wadi Park	 	Inflation Set 1 at 2.000%	 	 	4,960,396	 	 	 	571,926	 	 	 	5,532,322	 
	Townhouse - Ocean View	 	Inflation Set 1 at 2.000%	 	 	1,287,300	 	 	 	148,424	 	 	 	1,435,724	 
	Townhouse - Wadi Park	 	Inflation Set 1 at 2.000%	 	 	4,229,700	 	 	 	487,678	 	 	 	4,717,378	 
	Apartment - 4br Oceanfront	 	Inflation Set 1 at 2.000%	 	 	1,685,750	 	 	 	194,364	 	 	 	1,880,114	 
	Apartment - 4br Ocean View	 	Inflation Set 1 at 2.000%	 	 	2,145,500	 	 	 	247,373	 	 	 	2,392,873	 
	Apartment - 4br Wadi Park	 	Inflation Set 1 at 2.000%	 	 	4,444,250	 	 	 	512,415	 	 	 	4,956,665	 
	Apartment - 3br Ocean View	 	Inflation Set 1 at 2.000%	 	 	5,075,640	 	 	 	585,213	 	 	 	5,660,853	 
	Apartment - 3br Wadi Park	 	Inflation Set 1 at 2.000%	 	 	5,075,640	 	 	 	585,213	 	 	 	5,660,853	 
	Apartment - 2br Oceanfront	 	Inflation Set 1 at 2.000%	 	 	3,555,400	 	 	 	409,932	 	 	 	3,965,332	 
	Apartment - 2br Ocean View	 	Inflation Set 1 at 2.000%	 	 	3,555,400	 	 	 	409,932	 	 	 	3,965,332	 
	Apartment - 2br Wadi Park	 	Inflation Set 1 at 2.000%	 	 	3,555,400	 	 	 	409,932	 	 	 	3,965,332	 
	Apartment - 1br Ocean View	 	Inflation Set 1 at 2.000%	 	 	1,354,730	 	 	 	156,198	 	 	 	1,510,928	 
	Apartment - 1br Wadi Park	 	Inflation Set 1 at 2.000%	 	 	1,354,730	 	 	 	156,198	 	 	 	1,510,928	 
	Villa - Oceanfront	 	Inflation Set 1 at 2.000%	 	 	613,000	 	 	 	84,352	 	 	 	697,352	 
	Villa - Oceanfront	 	Inflation Set 1 at 2.000%	 	 	514,920	 	 	 	70,855	 	 	 	585,775	 
	Villa - Ocean View	 	Inflation Set 1 at 2.000%	 	 	858,200	 	 	 	118,092	 	 	 	976,292	 
	Villa - Ocean View	 	Inflation Set 1 at 2.000%	 	 	1,066,620	 	 	 	146,772	 	 	 	1,213,392	 
	Villa - Wadi Park	 	Inflation Set 1 at 2.000%	 	 	5,471,025	 	 	 	752,837	 	 	 	6,223,862	 
	Villa - Wadi Park	 	Inflation Set 1 at 2.000%	 	 	4,960,396	 	 	 	682,572	 	 	 	5,642,968	 
	Townhouse - Ocean View	 	Inflation Set 1 at 2.000%	 	 	1,287,300	 	 	 	177,138	 	 	 	1,464,438	 
	Townhouse - Wadi Park	 	Inflation Set 1 at 2.000%	 	 	4,229,700	 	 	 	582,025	 	 	 	4,811,725	 
	Apartment - 4br Oceanfront	 	Inflation Set 1 at 2.000%	 	 	1,685,750	 	 	 	231,967	 	 	 	1,917,717	 

  

    	 

    	 	 

    

 

   

	APPRAISAL SUMMARY	DTZ

 

	Apartment - 4br Ocean View	 	Inflation Set 1 at 2.000%	 	 	2,145,500	 	 	 	295,230	 	 	 	2,440,730	 
	Apartment - 4br Wadi Park	 	Inflation Set 1 at 2.000%	 	 	4,444,250	 	 	 	611,548	 	 	 	5,055,798	 
	Apartment - 3br Ocean View	 	Inflation Set 1 at 2.000%	 	 	5,075,640	 	 	 	698,431	 	 	 	5,774,071	 
	Apartment - 3br Wadi Park	 	Inflation Set 1 at 2.000%	 	 	5,075,640	 	 	 	698,431	 	 	 	5,774,071	 
	Apartment - 2br Oceanfront	 	Inflation Set 1 at 2.000%	 	 	3,555,400	 	 	 	489,239	 	 	 	4,044,639	 
	Apartment - 2br Ocean View	 	Inflation Set 1 at 2.000%	 	 	3,555,400	 	 	 	489,239	 	 	 	4,044,639	 
	Apartment - 2br Wadi Park	 	Inflation Set 1 at 2.000%	 	 	3,555,400	 	 	 	489,239	 	 	 	4,044,639	 
	Apartment - 1br Ocean View	 	Inflation Set 1 at 2.000%	 	 	1,354,730	 	 	 	186,417	 	 	 	1,541,147	 
	Apartment - 1br Wadi Park	 	Inflation Set 1 at 2.000%	 	 	1,354,730	 	 	 	186,417	 	 	 	1,541,147	 
	Villa – Oceanfront	 	Inflation Set 1 at 2.000%	 	 	613,000	 	 	 	98,299	 	 	 	711,299	 
	Villa – Oceanfront	 	Inflation Set 1 at 2.000%	 	 	514,920	 	 	 	82,571	 	 	 	597,491	 
	Villa - Ocean View	 	Inflation Set 1 at 2.000%	 	 	858,200	 	 	 	137,618	 	 	 	995,818	 
	Villa - Ocean View	 	Inflation Set 1 at 2.000%	 	 	1,066,620	 	 	 	171,039	 	 	 	1,237,659	 
	Villa - Wadi Park	 	Inflation Set 1 at 2.000%	 	 	5,471,025	 	 	 	877,314	 	 	 	6,348,339	 
	Villa - Wadi Park	 	Inflation Set 1 at 2.000%	 	 	4,960,396	 	 	 	795,432	 	 	 	5,755,828	 
	Townhouse - Ocean View	 	Inflation Set 1 at 2.000%	 	 	1,287,300	 	 	 	206,427	 	 	 	1,493,727	 
	Townhouse - Wadi Park	 	Inflation Set 1 at 2.000%	 	 	4,229,700	 	 	 	678,260	 	 	 	4,907,960	 
	Apartment - 4br Oceanfront	 	Inflation Set 1 at 2.000%	 	 	1,685,750	 	 	 	270,321	 	 	 	1,956,071	 
	Apartment - 4br Ocean View	 	Inflation Set 1 at 2.000%	 	 	2,145,500	 	 	 	344,045	 	 	 	2,489,545	 
	Apartment - 4br Wadi Park	 	Inflation Set 1 at 2.000%	 	 	4,444,250	 	 	 	712,664	 	 	 	5,156,914	 
	Apartment - 3br Ocean View	 	Inflation Set 1 at 2.000%	 	 	5,075,640	 	 	 	813,912	 	 	 	5,889,552	 
	Apartment - 3br Wadi Park	 	Inflation Set 1 at 2.000%	 	 	5,075,640	 	 	 	813,912	 	 	 	5,889,552	 
	Apartment - 2br Oceanfront	 	Inflation Set 1 at 2.000%	 	 	3,555,400	 	 	 	570,132	 	 	 	4,125,532	 
	Apartment - 2br Ocean View	 	Inflation Set 1 at 2.000%	 	 	3,555,400	 	 	 	570,132	 	 	 	4,125,532	 
	Apartment - 2br Wadi Park	 	Inflation Set 1 at 2.000%	 	 	3,555,400	 	 	 	570,132	 	 	 	4,125,532	 
	Apartment - 1br Ocean View	 	Inflation Set 1 at 2.000%	 	 	1,354,730	 	 	 	217,240	 	 	 	1,571,970	 
	Apartment - 1br Wadi Park	 	Inflation Set 1 at 2.000%	 	 	1,354,730	 	 	 	217,240	 	 	 	1,571,970	 
	Villa - Oceanfront	 	Inflation Set 1 at 2.000%	 	 	613,000	 	 	 	112,525	 	 	 	725,525	 
	Villa - Oceanfront	 	Inflation Set 1 at 2.000%	 	 	514,920	 	 	 	94,521	 	 	 	609,441	 
	Villa - Ocean View	 	Inflation Set 1 at 2.000%	 	 	429,100	 	 	 	78,767	 	 	 	507,867	 
	Villa - Ocean View	 	Inflation Set 1 at 2.000%	 	 	1,066,620	 	 	 	195,793	 	 	 	1,262,413	 
	Villa - Wadi Park	 	Inflation Set 1 at 2.000%	 	 	5,471,025	 	 	 	1,004,281	 	 	 	6,475,306	 
	Villa - Wadi Park	 	Inflation Set 1 at 2.000%	 	 	4,960,396	 	 	 	910,548	 	 	 	5,870,944	 
	Townhouse - Ocean View	 	Inflation Set 1 at 2.000%	 	 	1,287,300	 	 	 	236,301	 	 	 	1,523,601	 
	Townhouse - Wadi Park	 	Inflation Set 1 at 2.000%	 	 	4,045,800	 	 	 	742,662	 	 	 	4,788,462	 
	Apartment - 4br Oceanfront	 	Inflation Set 1 at 2.000%	 	 	1,685,750	 	 	 	309,442	 	 	 	1,995,192	 
	Apartment - 4br Ocean View	 	Inflation Set 1 at 2.000%	 	 	2,145,500	 	 	 	393,836	 	 	 	2,539,336	 
	Apartment - 4br Wadi Park	 	Inflation Set 1 at 2.000%	 	 	3,984,500	 	 	 	731,409	 	 	 	4,715,909	 
	Apartment - 3br Ocean View	 	Inflation Set 1 at 2.000%	 	 	4,793,660	 	 	 	879,942	 	 	 	5,673,602	 
	Apartment - 3br Wadi Park	 	Inflation Set 1 at 2.000%	 	 	4,793,660	 	 	 	879,942	 	 	 	5,673,602	 
	Apartment - 2br Oceanfront	 	Inflation Set 1 at 2.000%	 	 	3,187,600	 	 	 	585,127	 	 	 	3,772,727	 
	Apartment - 2br Ocean View	 	Inflation Set 1 at 2.000%	 	 	3,187,600	 	 	 	585,127	 	 	 	3,772,727	 
	Apartment - 2br Wadi Park	 	Inflation Set 1 at 2.000%	 	 	3,187,600	 	 	 	585,127	 	 	 	3,772,727	 
	Apartment - 1br Ocean View	 	Inflation Set 1 at 2.000%	 	 	1,250,520	 	 	 	229,550	 	 	 	1,480,070	 

 

    	 

    	 	 

    

 

	APPRAISAL SUMMARY	DTZ

 

	Apartment - 1br Wadi Park	 	Inflation Set 1 at 2.000%	 	 	1,250,520	 	 	 	229,550	 	 	 	1,480,070	 
	Oman Pearl	 	Inflation Set 1 at 2.000%	 	 	6,074,933	 	 	 	564,061	 	 	 	6,638,994	 
	Culture Pearl	 	Inflation Set 1 at 2.000%	 	 	6,124,280	 	 	 	568,643	 	 	 	6,692,923	 
	Innovation Pearl	 	Inflation Set 1 at 2.000%	 	 	6,106,955	 	 	 	567,034	 	 	 	6,673,989	 
	Energy Pearl	 	Inflation Set 1 at 2.000%	 	 	6,074,160	 	 	 	563,989	 	 	 	6,638,149	 
	Sea Pearl	 	Inflation Set 1 at 2.000%	 	 	6,064,012	 	 	 	563,047	 	 	 	6,627,059	 
	Earth Pearl	 	Inflation Set 1 at 2.000%	 	 	6,064,012	 	 	 	563,047	 	 	 	6,627,059	 
	Sky Pearl	 	Inflation Set 1 at 2.000%	 	 	6,526,012	 	 	 	605,944	 	 	 	7,131,956	 
	Attractions/Exhibition Space	 	Inflation Set 1 at 2.000%	 	 	21,749,949	 	 	 	2,019,495	 	 	 	23,769,444	 
	Pearl Retail	 	Inflation Set 1 at 2.000%	 	 	3,779,422	 	 	 	350,921	 	 	 	4,130,344	 
	2 Bed Serviced Chalets	 	Inflation Set 1 at 2.000%	 	 	22,894,200	 	 	 	1,166,932	 	 	 	24,061,132	 
	1 Bed Serviced Chalets	 	Inflation Set 1 at 2.000%	 	 	16,921,800	 	 	 	862,515	 	 	 	17,784,315	 
	2 Bed Serviced Apartments	 	Inflation Set 1 at 2.000%	 	 	28,452,279	 	 	 	1,450,231	 	 	 	29,902,510	 
	1 Bed Serviced Apartments	 	Inflation Set 1 at 2.000%	 	 	21,898,800	 	 	 	1,116,196	 	 	 	23,014,996	 
	Studio Serviced Apartments	 	Inflation Set 1 at 2.000%	 	 	2,150,194	 	 	 	109,597	 	 	 	2,259,790	 
	Hotel 1- 5 star	 	Inflation Set 1 at 2.000%	 	 	31,114,548	 	 	 	1,585,929	 	 	 	32,700,477	 
	Hotel 2 - 4 star	 	Inflation Set 1 at 2.000%	 	 	28,898,280	 	 	 	1,472,964	 	 	 	30,371,244	 
	Hotel 3 - 4 star	 	Inflation Set 1 at 2.000%	 	 	28,898,280	 	 	 	1,472,964	 	 	 	30,371,244	 
	Office Space	 	Inflation Set 1 at 2.000%	 	 	24,636,854	 	 	 	1,255,756	 	 	 	25,892,610	 
	Mall	 	Inflation Set 1 at 2.000%	 	 	4,765,672	 	 	 	242,909	 	 	 	5,008,581	 
	Movie Theatre	 	Inflation Set 1 at 2.000%	 	 	1,799,725	 	 	 	91,733	 	 	 	1,891,458	 
	Amphitheatre	 	Inflation Set 1 at 2.000%	 	 	503,923	 	 	 	25,685	 	 	 	529,608	 
	General Retail	 	Inflation Set 1 at 2.000%	 	 	3,588,652	 	 	 	182,916	 	 	 	3,771,568	 

 

    	 

    	 	 

    

 

	SENSITIVITY ANALYSIS REPORT	DTZ

 

Table of Land Cost and Profit on Cost%

 

	Construction: Gross Cost
	Sales: Gross Sales	 	-20.000%	 	-10.000%	 	  0.000%	 	+10.000%	 	+20.000%
	-20.000% 	 	(OMR408,378,191) 62.097%	 	(OMR361,710,102) 58.461%	 	(OMR315,043,708) 54.763%	 	(OMR268,376,892) 51.274%	 	(OMR221,708,802)  47.555%
	-10.000% 	 	(OMR443,630,040) 63.573%	 	(OMR396,963,066) 60.104%	 	(OMR350,295,298)   56.594%	 	(OMR303,628,682) 53.116%	 	(OMR256,961,774) 49.540%
	0.000% 	 	(OMR478,881,852) 64.952%	 	(OMR432,214,939) 61.722%	 	(OMR385,546,690)   58.241%	 	(OMR338,880,374) 54.844%	 	(OMR292,213,608) 51.589%
	+10.000% 	 	(OMR514,133,612) 66.256%	 	(OMR467,466,786) 63.214%	 	(OMR420,799,816) 59.878%	 	(OMR374,131,923) 56.570%	 	(OMR327,465,372) 53.299%
	+20.000% 	 	(OMR549,385,304) 67.491%	 	(OMR502,718,596) 64.505%	 	(OMR456,051,687) 61.313%	 	(OMR409,383,268)  58.105%	 	(OMR362,717,032) 54.911%

 

Sensitivity Analysis : Assumptions for Calculation

 

Construction: Gross Cost

Original Values are varied by Steps of 10.000%.

 

	Heading	 	Phase	 	 	Amount	 	 	No. of Steps	 
	Villa - Oceanfront	 	 	1	 	 	OMR	1,226,000	 	 	 	2 Up & Down	 
	Villa - Oceanfront	 	 	1	 	 	OMR	1,029,840	 	 	 	2 Up & Down	 
	Villa - Ocean View	 	 	1	 	 	OMR	858,200	 	 	 	2 Up & Down	 
	Villa - Ocean View	 	 	1	 	 	OMR	1,422,160	 	 	 	2 Up & Down	 
	Villa - Wadi Park	 	 	1	 	 	OMR	5,792,850	 	 	 	2 Up & Down	 
	Villa - Wadi Park	 	 	1	 	 	OMR	5,252,184	 	 	 	2 Up & Down	 
	Townhouse - Ocean View	 	 	1	 	 	OMR	1,471,200	 	 	 	2 Up & Down	 
	Townhouse - Wadi Park	 	 	1	 	 	OMR	4,229,700	 	 	 	2 Up & Down	 
	Apartment - 4br Oceanfront	 	 	1	 	 	OMR	2,145,500	 	 	 	2 Up & Down	 
	Apartment - 4br Ocean View	 	 	1	 	 	OMR	2,452,000	 	 	 	2 Up & Down	 
	Apartment - 4br Wadi Park	 	 	1	 	 	OMR	4,444,250	 	 	 	2 Up & Down	 
	Apartment - 3br Ocean View	 	 	1	 	 	OMR	5,075,640	 	 	 	2 Up & Down	 
	Apartment - 3br Wadi Park	 	 	1	 	 	OMR	5,075,640	 	 	 	2 Up & Down	 
	Apartment - 2br Oceanfront	 	 	1	 	 	OMR	3,555,400	 	 	 	2 Up & Down	 
	Apartment - 2br Ocean View	 	 	1	 	 	OMR	3,555,400	 	 	 	2 Up & Down	 
	Apartment - 2br Wadi Park	 	 	1	 	 	OMR	3,555,400	 	 	 	2 Up & Down	 
	Apartment - 1br Ocean View	 	 	1	 	 	OMR	1,354,730	 	 	 	2 Up & Down	 
	Apartment - 1br Wadi Park	 	 	1	 	 	OMR	1,354,730	 	 	 	2 Up & Down	 
	Villa - Oceanfront	 	 	2	 	 	OMR	613,000	 	 	 	2 Up & Down	 
	Villa - Oceanfront	 	 	2	 	 	OMR	1,029,840	 	 	 	2 Up & Down	 
	Villa - Ocean View	 	 	2	 	 	OMR	858,200	 	 	 	2 Up & Down	 

 

    	 

    	 	 

    

 

	SENSITIVITY ANALYSIS REPORT	DTZ

 

	Villa - Ocean View	 	 	2	 	 	OMR	1,422,160	 	 	 	2 Up & Down	 
	Villa - Wadi Park	 	 	2	 	 	OMR	5,471,025	 	 	 	2 Up & Down	 
	Villa - Wadi Park	 	 	2	 	 	OMR	4,960,396	 	 	 	2 Up & Down	 
	Townhouse - Ocean View	 	 	2	 	 	OMR	1,287,300	 	 	 	2 Up & Down	 
	Townhouse - Wadi Park	 	 	2	 	 	OMR	4,229,700	 	 	 	2 Up & Down	 
	Apartment - 4br Oceanfront	 	 	2	 	 	OMR	1,685,750	 	 	 	2 Up & Down	 
	Apartment - 4br Ocean View	 	 	2	 	 	OMR	2,145,500	 	 	 	2 Up & Down	 
	Apartment - 4br Wadi Park	 	 	2	 	 	OMR	4,444,250	 	 	 	2 Up & Down	 
	Apartment - 3br Ocean View	 	 	2	 	 	OMR	5,075,640	 	 	 	2 Up & Down	 
	Apartment - 3br Wadi Park	 	 	2	 	 	OMR	5,075,640	 	 	 	2 Up & Down	 
	Apartment - 2br Oceanfront	 	 	2	 	 	OMR	3,555,400	 	 	 	2 Up & Down	 
	Apartment - 2br Ocean View	 	 	2	 	 	OMR	3,555,400	 	 	 	2 Up & Down	 
	Apartment - 2br Wadi Park	 	 	2	 	 	OMR	3,555,400	 	 	 	2 Up & Down	 
	Apartment - 1br Ocean View	 	 	2	 	 	OMR	1,354,730	 	 	 	2 Up & Down	 
	Apartment - 1br Wadi Park	 	 	2	 	 	OMR	1,354,730	 	 	 	2 Up & Down	 
	Villa - Oceanfront	 	 	3	 	 	OMR	613,000	 	 	 	2 Up & Down	 
	Villa - Oceanfront	 	 	3	 	 	OMR	1,029,840	 	 	 	2 Up & Down	 
	Villa - Ocean View	 	 	3	 	 	OMR	858,200	 	 	 	2 Up & Down	 
	Villa - Ocean View	 	 	3	 	 	OMR	1,422,160	 	 	 	2 Up & Down	 
	Villa - Wadi Park	 	 	3	 	 	OMR	5,471,025	 	 	 	2 Up & Down	 
	Villa - Wadi Park	 	 	3	 	 	OMR	4,960,396	 	 	 	2 Up & Down	 
	Townhouse - Ocean View	 	 	3	 	 	OMR	1,287,300	 	 	 	2 Up & Down	 
	Townhouse - Wadi Park	 	 	3	 	 	OMR	4,229,700	 	 	 	2 Up & Down	 
	Apartment - 4br Oceanfront	 	 	3	 	 	OMR	1,685,750	 	 	 	2 Up & Down	 
	Apartment - 4br Ocean View	 	 	3	 	 	OMR	2,145,500	 	 	 	2 Up & Down	 
	Apartment - 4br Wadi Park	 	 	3	 	 	OMR	4,444,250	 	 	 	2 Up & Down	 
	Apartment - 3br Ocean View	 	 	3	 	 	OMR	5,075,640	 	 	 	2 Up & Down	 
	Apartment - 3br Wadi Park	 	 	3	 	 	OMR	5,075,640	 	 	 	2 Up & Down	 
	Apartment - 2br Oceanfront	 	 	3	 	 	OMR	3,555,400	 	 	 	2 Up & Down	 
	Apartment - 2br Ocean View	 	 	3	 	 	OMR	3,555,400	 	 	 	2 Up & Down	 
	Apartment - 2br Wadi Park	 	 	3	 	 	OMR	3,555,400	 	 	 	2 Up & Down	 
	Apartment - 1br Ocean View	 	 	3	 	 	OMR	1,354,730	 	 	 	2 Up & Down	 
	Apartment - 1br Wadi Park	 	 	3	 	 	OMR	1,354,730	 	 	 	2 Up & Down	 
	Villa - Oceanfront	 	 	4	 	 	OMR	613,000	 	 	 	2 Up & Down	 
	Villa - Oceanfront	 	 	4	 	 	OMR	514,920	 	 	 	2 Up & Down	 
	Villa - Ocean View	 	 	4	 	 	OMR	858,200	 	 	 	2 Up & Down	 
	Villa - Ocean View	 	 	4	 	 	OMR	1,066,620	 	 	 	2 Up & Down	 
	Villa - Wadi Park	 	 	4	 	 	OMR	5,471,025	 	 	 	2 Up & Down	 
	Villa - Wadi Park	 	 	4	 	 	OMR	4,960,396	 	 	 	2 Up & Down	 
	Townhouse - Ocean View	 	 	4	 	 	OMR	1,287,300	 	 	 	2 Up & Down	 
	Townhouse - Wadi Park	 	 	4	 	 	OMR	4,229,700	 	 	 	2 Up & Down	 

 

    	 

    	 	 

    

 

	SENSITIVITY ANALYSIS REPORT	DTZ

 

	Apartment - 4br Oceanfront	 	 	4	 	 	OMR	1,685,750	 	 	 	2 Up & Down	 
	Apartment - 4br Ocean View	 	 	4	 	 	OMR	2,145,500	 	 	 	2 Up & Down	 
	Apartment - 4br Wadi Park	 	 	4	 	 	OMR	4,444,250	 	 	 	2 Up & Down	 
	Apartment - 3br Ocean View	 	 	4	 	 	OMR	5,075,640	 	 	 	2 Up & Down	 
	Apartment - 3br Wadi Park	 	 	4	 	 	OMR	5,075,640	 	 	 	2 Up & Down	 
	Apartment - 2br Oceanfront	 	 	4	 	 	OMR	3,555,400	 	 	 	2 Up & Down	 
	Apartment - 2br Ocean View	 	 	4	 	 	OMR	3,555,400	 	 	 	2 Up & Down	 
	Apartment - 2br Wadi Park	 	 	4	 	 	OMR	3,555,400	 	 	 	2 Up & Down	 
	Apartment - 1br Ocean View	 	 	4	 	 	OMR	1,354,730	 	 	 	2 Up & Down	 
	Apartment - 1br Wadi Park	 	 	4	 	 	OMR	1,354,730	 	 	 	2 Up & Down	 
	Villa - Oceanfront	 	 	5	 	 	OMR	613,000	 	 	 	2 Up & Down	 
	Villa - Oceanfront	 	 	5	 	 	OMR	514,920	 	 	 	2 Up & Down	 
	Villa - Ocean View	 	 	5	 	 	OMR	858,200	 	 	 	2 Up & Down	 
	Villa - Ocean View	 	 	5	 	 	OMR	1,066,620	 	 	 	2 Up & Down	 
	Villa - Wadi Park	 	 	5	 	 	OMR	5,471,025	 	 	 	2 Up & Down	 
	Villa - Wadi Park	 	 	5	 	 	OMR	4,960,396	 	 	 	2 Up & Down	 
	Townhouse - Ocean View	 	 	5	 	 	OMR	1,287,300	 	 	 	2 Up & Down	 
	Townhouse - Wadi Park	 	 	5	 	 	OMR	4,229,700	 	 	 	2 Up & Down	 
	Apartment - 4br Oceanfront	 	 	5	 	 	OMR	1,685,750	 	 	 	2 Up & Down	 
	Apartment - 4br Ocean View	 	 	5	 	 	OMR	2,145,500	 	 	 	2 Up & Down	 
	Apartment - 4br Wadi Park	 	 	5	 	 	OMR	4,444,250	 	 	 	2 Up & Down	 
	Apartment - 3br Ocean View	 	 	5	 	 	OMR	5,075,640	 	 	 	2 Up & Down	 
	Apartment - 3br Wadi Park	 	 	5	 	 	OMR	5,075,640	 	 	 	2 Up & Down	 
	Apartment - 2br Oceanfront	 	 	5	 	 	OMR	3,555,400	 	 	 	2 Up & Down	 
	Apartment - 2br Ocean View	 	 	5	 	 	OMR	3,555,400	 	 	 	2 Up & Down	 
	Apartment - 2br Wadi Park	 	 	5	 	 	OMR	3,555,400	 	 	 	2 Up & Down	 
	Apartment - 1br Ocean View	 	 	5	 	 	OMR	1,354,730	 	 	 	2 Up & Down	 
	Apartment - 1br Wadi Park	 	 	5	 	 	OMR	1,354,730	 	 	 	2 Up & Down	 
	Oman Pearl	 	 	6	 	 	OMR	6,074,933	 	 	 	2 Up & Down	 
	Culture Pearl	 	 	6	 	 	OMR	6,124,280	 	 	 	2 Up & Down	 
	Innovation Pearl	 	 	6	 	 	OMR	6,106,955	 	 	 	2 Up & Down	 
	Energy Pearl	 	 	6	 	 	OMR	6,074,160	 	 	 	2 Up & Down	 
	Sea Pearl	 	 	6	 	 	OMR	6,064,012	 	 	 	2 Up & Down	 
	Earth Pearl	 	 	6	 	 	OMR	6,064,012	 	 	 	2 Up & Down	 
	Sky Pearl	 	 	6	 	 	OMR	6,526,012	 	 	 	2 Up & Down	 
	Attractions/Exhibition Space	 	 	6	 	 	OMR	21,749,949	 	 	 	2 Up & Down	 
	Pearl Retail	 	 	6	 	 	OMR	3,779,423	 	 	 	2 Up & Down	 
	2 Bed Serviced Chalets	 	 	7	 	 	OMR	22,894,200	 	 	 	2 Up & Down	 
	1 Bed Serviced Chalets	 	 	7	 	 	OMR	16,921,800	 	 	 	2 Up & Down	 
	2 Bed Serviced Apartments	 	 	7	 	 	OMR	28,452,279	 	 	 	2 Up & Down	 
	1 Bed Serviced Apartments	 	 	7	 	 	OMR	21,898,800	 	 	 	2 Up & Down	 

 

    	 

    	 	 

    

 

	SENSITIVITY ANALYSIS REPORT	DTZ

 

	Studio Serviced Apartments	 	 	7	 	 	OMR	2,150,194	 	 	 	2 Up & Down	 
	Hotel 1- 5 star	 	 	7	 	 	OMR	31,114,548	 	 	 	2 Up & Down	 
	Hotel 2 - 4 star	 	 	7	 	 	OMR	28,898,280	 	 	 	2 Up & Down	 
	Hotel 3 - 4 star	 	 	7	 	 	OMR	28,898,280	 	 	 	2 Up & Down	 
	Office Space	 	 	7	 	 	OMR	24,636,854	 	 	 	2 Up & Down	 
	Mall	 	 	7	 	 	OMR	4,765,672	 	 	 	2 Up & Down	 
	Movie Theatre	 	 	7	 	 	OMR	1,799,725	 	 	 	2 Up & Down	 
	Amphitheatre	 	 	7	 	 	OMR	503,923	 	 	 	2 Up & Down	 
	General Retail	 	 	7	 	 	OMR	3,588,652	 	 	 	2 Up & Down	 
	Villa - Oceanfront	 	 	8	 	 	OMR	613,000	 	 	 	2 Up & Down	 
	Villa - Oceanfront	 	 	8	 	 	OMR	514,920	 	 	 	2 Up & Down	 
	Villa - Ocean View	 	 	8	 	 	OMR	858,200	 	 	 	2 Up & Down	 
	Villa - Ocean View	 	 	8	 	 	OMR	1,066,620	 	 	 	2 Up & Down	 
	Villa - Wadi Park	 	 	8	 	 	OMR	5,471,025	 	 	 	2 Up & Down	 
	Villa - Wadi Park	 	 	8	 	 	OMR	4,960,396	 	 	 	2 Up & Down	 
	Townhouse - Ocean View	 	 	8	 	 	OMR	1,287,300	 	 	 	2 Up & Down	 
	Townhouse - Wadi Park	 	 	8	 	 	OMR	4,229,700	 	 	 	2 Up & Down	 
	Apartment - 4br Oceanfront	 	 	8	 	 	OMR	1,685,750	 	 	 	2 Up & Down	 
	Apartment - 4br Ocean View	 	 	8	 	 	OMR	2,145,500	 	 	 	2 Up & Down	 
	Apartment - 4br Wadi Park	 	 	8	 	 	OMR	4,444,250	 	 	 	2 Up & Down	 
	Apartment - 3br Ocean View	 	 	8	 	 	OMR	5,075,640	 	 	 	2 Up & Down	 
	Apartment - 3br Wadi Park	 	 	8	 	 	OMR	5,075,640	 	 	 	2 Up & Down	 
	Apartment - 2br Oceanfront	 	 	8	 	 	OMR	3,555,400	 	 	 	2 Up & Down	 
	Apartment - 2br Ocean View	 	 	8	 	 	OMR	3,555,400	 	 	 	2 Up & Down	 
	Apartment - 2br Wadi Park	 	 	8	 	 	OMR	3,555,400	 	 	 	2 Up & Down	 
	Apartment - 1br Ocean View	 	 	8	 	 	OMR	1,354,730	 	 	 	2 Up & Down	 
	Apartment - 1br Wadi Park	 	 	8	 	 	OMR	1,354,730	 	 	 	2 Up & Down	 
	Villa - Oceanfront	 	 	9	 	 	OMR	613,000	 	 	 	2 Up & Down	 
	Villa - Oceanfront	 	 	9	 	 	OMR	514,920	 	 	 	2 Up & Down	 
	Villa - Ocean View	 	 	9	 	 	OMR	429,100	 	 	 	2 Up & Down	 
	Villa - Ocean View	 	 	9	 	 	OMR	1,066,620	 	 	 	2 Up & Down	 
	Villa - Wadi Park	 	 	9	 	 	OMR	5,471,025	 	 	 	2 Up & Down	 
	Villa - Wadi Park	 	 	9	 	 	OMR	4,960,396	 	 	 	2 Up & Down	 
	Townhouse - Ocean View	 	 	9	 	 	OMR	1,287,300	 	 	 	2 Up & Down	 
	Townhouse - Wadi Park	 	 	9	 	 	OMR	4,045,800	 	 	 	2 Up & Down	 
	Apartment - 4br Oceanfront	 	 	9	 	 	OMR	1,685,750	 	 	 	2 Up & Down	 
	Apartment - 4br Ocean View	 	 	9	 	 	OMR	2,145,500	 	 	 	2 Up & Down	 
	Apartment - 4br Wadi Park	 	 	9	 	 	OMR	3,984,500	 	 	 	2 Up & Down	 
	Apartment - 3br Ocean View	 	 	9	 	 	OMR	4,793,660	 	 	 	2 Up & Down	 
	Apartment - 3br Wadi Park	 	 	9	 	 	OMR	4,793,660	 	 	 	2 Up & Down	 
	Apartment - 2br Oceanfront	 	 	9	 	 	OMR	3,187,600	 	 	 	2 Up & Down	 

 

    	 

    	 	 

    

 

	SENSITIVITY ANALYSIS REPORT	DTZ

 

	Apartment - 2br Ocean View	 	 	9	 	 	OMR	3,187,600	 	 	 	2 Up & Down	 
	Apartment - 2br Wadi Park	 	 	9	 	 	OMR	3,187,600	 	 	 	2 Up & Down	 
	Apartment - 1br Ocean View	 	 	9	 	 	OMR	1,250,520	 	 	 	2 Up & Down	 
	Apartment - 1br Wadi Park	 	 	9	 	 	OMR	1,250,520	 	 	 	2 Up & Down	 

 

Sales: Gross Sales

Original Values are varied by Steps of 10.000%.

 

	Heading	 	Phase	 	 	Amount	 	 	No. of Steps	 
	Villa - Oceanfront	 	 	1	 	 	OMR	3,000,000	 	 	 	2 Up & Down	 
	Villa - Oceanfront	 	 	1	 	 	OMR	2,520,000	 	 	 	2 Up & Down	 
	Villa - Ocean View	 	 	1	 	 	OMR	1,680,000	 	 	 	2 Up & Down	 
	Villa - Ocean View	 	 	1	 	 	OMR	3,016,000	 	 	 	2 Up & Down	 
	Villa - Wadi Park	 	 	1	 	 	OMR	9,450,000	 	 	 	2 Up & Down	 
	Villa - Wadi Park	 	 	1	 	 	OMR	8,568,000	 	 	 	2 Up & Down	 
	Townhouse - Ocean View	 	 	1	 	 	OMR	2,880,000	 	 	 	2 Up & Down	 
	Townhouse - Wadi Park	 	 	1	 	 	OMR	6,900,000	 	 	 	2 Up & Down	 
	Apartment - 4br Oceanfront	 	 	1	 	 	OMR	3,640,000	 	 	 	2 Up & Down	 
	Apartment - 4br Ocean View	 	 	1	 	 	OMR	3,840,000	 	 	 	2 Up & Down	 
	Apartment - 4br Wadi Park	 	 	1	 	 	OMR	6,090,000	 	 	 	2 Up & Down	 
	Apartment - 3br Ocean View	 	 	1	 	 	OMR	8,280,000	 	 	 	2 Up & Down	 
	Apartment - 3br Wadi Park	 	 	1	 	 	OMR	7,286,400	 	 	 	2 Up & Down	 
	Apartment - 2br Oceanfront	 	 	1	 	 	OMR	6,264,000	 	 	 	2 Up & Down	 
	Apartment - 2br Ocean View	 	 	1	 	 	OMR	5,800,000	 	 	 	2 Up & Down	 
	Apartment - 2br Wadi Park	 	 	1	 	 	OMR	5,104,000	 	 	 	2 Up & Down	 
	Apartment - 1br Ocean View	 	 	1	 	 	OMR	2,210,000	 	 	 	2 Up & Down	 
	Apartment - 1br Wadi Park	 	 	1	 	 	OMR	2,033,200	 	 	 	2 Up & Down	 
	Villa - Oceanfront	 	 	2	 	 	OMR	1,500,000	 	 	 	2 Up & Down	 
	Villa - Oceanfront	 	 	2	 	 	OMR	2,520,000	 	 	 	2 Up & Down	 
	Villa - Ocean View	 	 	2	 	 	OMR	1,680,000	 	 	 	2 Up & Down	 
	Villa - Ocean View	 	 	2	 	 	OMR	3,016,000	 	 	 	2 Up & Down	 
	Villa - Wadi Park	 	 	2	 	 	OMR	8,925,000	 	 	 	2 Up & Down	 
	Villa - Wadi Park	 	 	2	 	 	OMR	8,092,000	 	 	 	2 Up & Down	 
	Townhouse - Ocean View	 	 	2	 	 	OMR	2,520,000	 	 	 	2 Up & Down	 
	Townhouse - Wadi Park	 	 	2	 	 	OMR	6,900,000	 	 	 	2 Up & Down	 
	Apartment - 4br Oceanfront	 	 	2	 	 	OMR	2,860,000	 	 	 	2 Up & Down	 
	Apartment - 4br Ocean View	 	 	2	 	 	OMR	3,360,000	 	 	 	2 Up & Down	 
	Apartment - 4br Wadi Park	 	 	2	 	 	OMR	6,090,000	 	 	 	2 Up & Down	 
	Apartment - 3br Ocean View	 	 	2	 	 	OMR	8,280,000	 	 	 	2 Up & Down	 
	Apartment - 3br Wadi Park	 	 	2	 	 	OMR	7,286,400	 	 	 	2 Up & Down	 
	Apartment - 2br Oceanfront	 	 	2	 	 	OMR	6,264,000	 	 	 	2 Up & Down	 

 

    	 

    	 	 

    

 

	SENSITIVITY ANALYSIS REPORT	DTZ

 

	Apartment - 2br Ocean View	 	 	2	 	 	OMR	5,800,000	 	 	 	2 Up & Down	 
	Apartment - 2br Wadi Park	 	 	2	 	 	OMR	5,104,000	 	 	 	2 Up & Down	 
	Apartment - 1br Ocean View	 	 	2	 	 	OMR	2,210,000	 	 	 	2 Up & Down	 
	Apartment - 1br Wadi Park	 	 	2	 	 	OMR	2,033,200	 	 	 	2 Up & Down	 
	Villa - Oceanfront	 	 	3	 	 	OMR	1,500,000	 	 	 	2 Up & Down	 
	Villa - Oceanfront	 	 	3	 	 	OMR	2,520,000	 	 	 	2 Up & Down	 
	Villa - Ocean View	 	 	3	 	 	OMR	1,680,000	 	 	 	2 Up & Down	 
	Villa - Ocean View	 	 	3	 	 	OMR	3,016,000	 	 	 	2 Up & Down	 
	Villa - Wadi Park	 	 	3	 	 	OMR	8,925,000	 	 	 	2 Up & Down	 
	Villa - Wadi Park	 	 	3	 	 	OMR	8,092,000	 	 	 	2 Up & Down	 
	Townhouse - Ocean View	 	 	3	 	 	OMR	2,520,000	 	 	 	2 Up & Down	 
	Townhouse - Wadi Park	 	 	3	 	 	OMR	6,900,000	 	 	 	2 Up & Down	 
	Apartment - 4br Oceanfront	 	 	3	 	 	OMR	2,860,000	 	 	 	2 Up & Down	 
	Apartment - 4br Ocean View	 	 	3	 	 	OMR	3,360,000	 	 	 	2 Up & Down	 
	Apartment - 4br Wadi Park	 	 	3	 	 	OMR	6,090,000	 	 	 	2 Up & Down	 
	Apartment - 3br Ocean View	 	 	3	 	 	OMR	8,280,000	 	 	 	2 Up & Down	 
	Apartment - 3br Wadi Park	 	 	3	 	 	OMR	7,286,400	 	 	 	2 Up & Down	 
	Apartment - 2br Oceanfront	 	 	3	 	 	OMR	6,264,000	 	 	 	2 Up & Down	 
	Apartment - 2br Ocean View	 	 	3	 	 	OMR	5,800,000	 	 	 	2 Up & Down	 
	Apartment - 2br Wadi Park	 	 	3	 	 	OMR	5,104,000	 	 	 	2 Up & Down	 
	Apartment - 1br Ocean View	 	 	3	 	 	OMR	2,210,000	 	 	 	2 Up & Down	 
	Apartment - 1br Wadi Park	 	 	3	 	 	OMR	2,033,200	 	 	 	2 Up & Down	 
	Villa - Oceanfront	 	 	4	 	 	OMR	1,500,000	 	 	 	2 Up & Down	 
	Villa - Oceanfront	 	 	4	 	 	OMR	1,260,000	 	 	 	2 Up & Down	 
	Villa - Ocean View	 	 	4	 	 	OMR	1,680,000	 	 	 	2 Up & Down	 
	Villa - Ocean View	 	 	4	 	 	OMR	2,262,000	 	 	 	2 Up & Down	 
	Villa - Wadi Park	 	 	4	 	 	OMR	8,925,000	 	 	 	2 Up & Down	 
	Villa - Wadi Park	 	 	4	 	 	OMR	8,092,000	 	 	 	2 Up & Down	 
	Townhouse - Ocean View	 	 	4	 	 	OMR	2,520,000	 	 	 	2 Up & Down	 
	Townhouse - Wadi Park	 	 	4	 	 	OMR	6,900,000	 	 	 	2 Up & Down	 
	Apartment - 4br Oceanfront	 	 	4	 	 	OMR	2,860,000	 	 	 	2 Up & Down	 
	Apartment - 4br Ocean View	 	 	4	 	 	OMR	3,360,000	 	 	 	2 Up & Down	 
	Apartment - 4br Wadi Park	 	 	4	 	 	OMR	6,090,000	 	 	 	2 Up & Down	 
	Apartment - 3br Ocean View	 	 	4	 	 	OMR	8,280,000	 	 	 	2 Up & Down	 
	Apartment - 3br Wadi Park	 	 	4	 	 	OMR	7,286,400	 	 	 	2 Up & Down	 
	Apartment - 2br Oceanfront	 	 	4	 	 	OMR	6,264,000	 	 	 	2 Up & Down	 
	Apartment - 2br Ocean View	 	 	4	 	 	OMR	5,800,000	 	 	 	2 Up & Down	 
	Apartment - 2br Wadi Park	 	 	4	 	 	OMR	5,104,000	 	 	 	2 Up & Down	 
	Apartment - 1br Ocean View	 	 	4	 	 	OMR	2,210,000	 	 	 	2 Up & Down	 
	Apartment - 1br Wadi Park	 	 	4	 	 	OMR	2,033,200	 	 	 	2 Up & Down	 
	Villa - Oceanfront	 	 	5	 	 	OMR	1,500,000	 	 	 	2 Up & Down	 

 

    	 

    	 	 

    

 

	SENSITIVITY ANALYSIS REPORT	DTZ

 

	Villa - Oceanfront	 	 	5	 	 	OMR	1,260,000	 	 	 	2 Up & Down	 
	Villa - Ocean View	 	 	5	 	 	OMR	1,680,000	 	 	 	2 Up & Down	 
	Villa - Ocean View	 	 	5	 	 	OMR	2,262,000	 	 	 	2 Up & Down	 
	Villa - Wadi Park	 	 	5	 	 	OMR	8,925,000	 	 	 	2 Up & Down	 
	Villa - Wadi Park	 	 	5	 	 	OMR	8,092,000	 	 	 	2 Up & Down	 
	Townhouse - Ocean View	 	 	5	 	 	OMR	2,520,000	 	 	 	2 Up & Down	 
	Townhouse - Wadi Park	 	 	5	 	 	OMR	6,900,000	 	 	 	2 Up & Down	 
	Apartment - 4br Oceanfront	 	 	5	 	 	OMR	2,860,000	 	 	 	2 Up & Down	 
	Apartment - 4br Ocean View	 	 	5	 	 	OMR	3,360,000	 	 	 	2 Up & Down	 
	Apartment - 4br Wadi Park	 	 	5	 	 	OMR	6,090,000	 	 	 	2 Up & Down	 
	Apartment - 3br Ocean View	 	 	5	 	 	OMR	8,280,000	 	 	 	2 Up & Down	 
	Apartment - 3br Wadi Park	 	 	5	 	 	OMR	7,286,400	 	 	 	2 Up & Down	 
	Apartment - 2br Oceanfront	 	 	5	 	 	OMR	6,264,000	 	 	 	2 Up & Down	 
	Apartment - 2br Ocean View	 	 	5	 	 	OMR	5,800,000	 	 	 	2 Up & Down	 
	Apartment - 2br Wadi Park	 	 	5	 	 	OMR	5,104,000	 	 	 	2 Up & Down	 
	Apartment - 1br Ocean View	 	 	5	 	 	OMR	2,210,000	 	 	 	2 Up & Down	 
	Apartment - 1br Wadi Park	 	 	5	 	 	OMR	2,033,200	 	 	 	2 Up & Down	 
	Villa - Oceanfront	 	 	8	 	 	OMR	1,500,000	 	 	 	2 Up & Down	 
	Villa - Oceanfront	 	 	8	 	 	OMR	1,260,000	 	 	 	2 Up & Down	 
	Villa - Ocean View	 	 	8	 	 	OMR	1,680,000	 	 	 	2 Up & Down	 
	Villa - Ocean View	 	 	8	 	 	OMR	2,262,000	 	 	 	2 Up & Down	 
	Villa - Wadi Park	 	 	8	 	 	OMR	8,925,000	 	 	 	2 Up & Down	 
	Villa - Wadi Park	 	 	8	 	 	OMR	8,092,000	 	 	 	2 Up & Down	 
	Townhouse - Ocean View	 	 	8	 	 	OMR	2,520,000	 	 	 	2 Up & Down	 
	Townhouse - Wadi Park	 	 	8	 	 	OMR	6,900,000	 	 	 	2 Up & Down	 
	Apartment - 4br Oceanfront	 	 	8	 	 	OMR	2,860,000	 	 	 	2 Up & Down	 
	Apartment - 4br Ocean View	 	 	8	 	 	OMR	3,360,000	 	 	 	2 Up & Down	 
	Apartment - 4br Wadi Park	 	 	8	 	 	OMR	6,090,000	 	 	 	2 Up & Down	 
	Apartment - 3br Ocean View	 	 	8	 	 	OMR	8,280,000	 	 	 	2 Up & Down	 
	Apartment - 3br Wadi Park	 	 	8	 	 	OMR	7,286,400	 	 	 	2 Up & Down	 
	Apartment - 2br Oceanfront	 	 	8	 	 	OMR	6,264,000	 	 	 	2 Up & Down	 
	Apartment - 2br Ocean View	 	 	8	 	 	OMR	5,800,000	 	 	 	2 Up & Down	 
	Apartment - 2br Wadi Park	 	 	8	 	 	OMR	5,104,000	 	 	 	2 Up & Down	 
	Apartment - 1br Ocean View	 	 	8	 	 	OMR	2,210,000	 	 	 	2 Up & Down	 
	Apartment - 1br Wadi Park	 	 	8	 	 	OMR	2,033,200	 	 	 	2 Up & Down	 
	Villa - Oceanfront	 	 	9	 	 	OMR	1,500,000	 	 	 	2 Up & Down	 
	Villa - Oceanfront	 	 	9	 	 	OMR	1,260,000	 	 	 	2 Up & Down	 
	Villa - Ocean View	 	 	9	 	 	OMR	840,000	 	 	 	2 Up & Down	 
	Villa - Ocean View	 	 	9	 	 	OMR	2,262,000	 	 	 	2 Up & Down	 
	Villa - Wadi Park	 	 	9	 	 	OMR	8,925,000	 	 	 	2 Up & Down	 
	Villa - Wadi Park	 	 	9	 	 	OMR	8,092,000	 	 	 	2 Up & Down	 

 

    	 

    	 	 

    

 

	SENSITIVITY ANALYSIS REPORT	DTZ

 

	Townhouse - Ocean View	 	 	9	 	 	OMR	2,520,000	 	 	 	2 Up & Down	 
	Townhouse - Wadi Park	 	 	9	 	 	OMR	6,600,000	 	 	 	2 Up & Down	 
	Apartment - 4br Oceanfront	 	 	9	 	 	OMR	2,860,000	 	 	 	2 Up & Down	 
	Apartment - 4br Ocean View	 	 	9	 	 	OMR	3,360,000	 	 	 	2 Up & Down	 
	Apartment - 4br Wadi Park	 	 	9	 	 	OMR	5,460,000	 	 	 	2 Up & Down	 
	Apartment - 3br Ocean View	 	 	9	 	 	OMR	7,820,000	 	 	 	2 Up & Down	 
	Apartment - 3br Wadi Park	 	 	9	 	 	OMR	6,881,600	 	 	 	2 Up & Down	 
	Apartment - 2br Oceanfront	 	 	9	 	 	OMR	5,616,000	 	 	 	2 Up & Down	 
	Apartment - 2br Ocean View	 	 	9	 	 	OMR	5,200,000	 	 	 	2 Up & Down	 
	Apartment - 2br Wadi Park	 	 	9	 	 	OMR	4,576,000	 	 	 	2 Up & Down	 
	Apartment - 1br Ocean View	 	 	9	 	 	OMR	2,040,000	 	 	 	2 Up & Down	 
	Apartment - 1br Wadi Park	 	 	9	 	 	OMR	1,876,800	 	 	 	2 Up & Down	 

 

    	 

    	 	 

    

 

	GROUPED CASH FLOW	DTZ

 

	Grouped Cash Flow (Merged Phases)	Page A 1

 

	 	 	001:Jan 2015	 	 	002:Feb 2015	 	 	003:Mar 2015	 	 	004:Apr 2015	 	 	005:May 2015	 	 	006:Jun 2015	 	 	007:Jul 2015	 	 	008:Aug 2015	 	 	009:Sep 2015	 
	MonthlyB/F	 	 	0	 	 	 	(385,546,690	)	 	 	(385,546,690	)	 	 	(385,546,690	)	 	 	(385,546,690	)	 	 	(385,546,690	)	 	 	(385,546,690	)	 	 	(385,546,690	)	 	 	(385,546,690	)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Land Purchase	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Residualised Price	 	 	(385,546,690	)	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	Construction Costs	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Construction Cost	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	Contingency	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	Infrastructure	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	Professional Fees	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Professional Fees	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	Other Cost	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sales Costs	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	Marketing/Letting	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Marketing	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	Letting Agent Fee	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	Capitalisation	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Unit Sales	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	Capitalised Rent	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	Other Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Tenant Rent Flow	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	Operated Assets	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Op. Asset Rev/Expense	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Period Total Before
    Finance	 	 	(385,546,690	)	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	Finance Costs (All Loans)	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	Period Total After Finance	 	 	(385,546,690	)	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	Cumulative Total C/f Monthly	 	 	(385,546,690	)	 	 	(385,546,690	)	 	 	(385,546,690	)	 	 	(385,546,690	)	 	 	(385,546,690	)	 	 	(385,546,690	)	 	 	(385,546,690	)	 	 	(385,546,690	)	 	 	(385,546,690	)

 

    	 

    	 	 

    

 

	GROUPED CASH FLOW	DTZ

 

	Grouped Cash Flow (Merged Phases)	Page A 2

 

	010:Oct 2015	 	 	011:Nov 2015	 	 	012:Dec 2015	 	 	013:Jan 2016	 	 	014:Feb 2016	 	 	015:Mar 2016	 	 	016:Apr 2016	 	 	017:May 2016	 	 	018:Jun 2016	 	 	019:Jul 2016	 	 	020:Aug 2016	 
	 	(385,546,690	)	 	 	(385,546,690	)	 	 	(385,546,690	)	 	 	(385,546,690	)	 	 	(385,546,690	)	 	 	(385,546,690	)	 	 	(385,546,690	)	 	 	(385,546,690	)	 	 	(385,546,690	)	 	 	(385,546,690	)	 	 	(484,422,606	)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	(1,888,396	)	 	 	(4,139,919	)
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	(94,420	)	 	 	(206,996	)
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	(97,949,741	)	 	 	0	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	(99,932,557	)	 	 	(4,346,915	)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	(264,375	)	 	 	(579,589	)
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	(264,375	)	 	 	(579,589	)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	(6,638	)	 	 	(4,753	)
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	(6,638	)	 	 	(4,753	)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1,327,654	 	 	 	950,575	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	(98,875,916	)	 	 	(3,980,682	)
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	(98,875,916	)	 	 	(3,980,682	)
	 	(385,546,690	)	 	 	(385,546,690	)	 	 	(385,546,690	)	 	 	(385,546,690	)	 	 	(385,546,690	)	 	 	(385,546,690	)	 	 	(385,546,690	)	 	 	(385,546,690	)	 	 	(385,546,690	)	 	 	(484,422,606	)	 	 	(488,403,288	)

 

    	 

    	 	 

    

 

	GROUPED CASH FLOW	DTZ

 

	Grouped Cash Flow (Merged Phases)	Page A 3

 

	021:Sep 2016	 	 	022:Oct 2016	 	 	023:Nov 2016	 	 	024:Dec 2016	 	 	025:Jan 2017	 	 	026:Feb 2017	 	 	027:Mar 2017	 	 	028:Apr 2017	 	 	029:May 2017	 	 	030:Jun 2017	 	 	031:Jul 2017	 
	 	(488,403,288	)	 	 	(495,751,816	)	 	 	(503,082,594	)	 	 	(514,653,754	)	 	 	(527,958,795	)	 	 	(540,534,418	)	 	 	(556,693,086	)	 	 	(574,211,114	)	 	 	(590,171,551	)	 	 	(609,448,285	)	 	 	(629,150,952	)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	(6,207,368	)	 	 	(8,089,811	)	 	 	(9,786,316	)	 	 	(11,295,946	)	 	 	(12,617,760	)	 	 	(13,750,817	)	 	 	(14,694,169	)	 	 	(15,446,869	)	 	 	(16,007,963	)	 	 	(16,376,496	)	 	 	(16,919,640	)
	 	(310,368	)	 	 	(404,491	)	 	 	(489,316	)	 	 	(564,797	)	 	 	(630,888	)	 	 	(687,541	)	 	 	(734,708	)	 	 	(772,343	)	 	 	(800,398	)	 	 	(818,825	)	 	 	(845,982	)
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	(5,916,652	)
	 	(6,517,736	)	 	 	(8,494,302	)	 	 	(10,275,632	)	 	 	(11,860,743	)	 	 	(13,248,648	)	 	 	(14,438,358	)	 	 	(15,428,878	)	 	 	(16,219,212	)	 	 	(16,808,361	)	 	 	(17,195,321	)	 	 	(23,682,274	)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	(869,031	)	 	 	(1,132,574	)	 	 	(1,370,084	)	 	 	(1,581,432	)	 	 	(1,766,486	)	 	 	(1,925,114	)	 	 	(2,057,184	)	 	 	(2,162,562	)	 	 	(2,241,115	)	 	 	(2,292,710	)	 	 	(2,368,750	)
	 	(869,031	)	 	 	(1,132,574	)	 	 	(1,370,084	)	 	 	(1,581,432	)	 	 	(1,766,486	)	 	 	(1,925,114	)	 	 	(2,057,184	)	 	 	(2,162,562	)	 	 	(2,241,115	)	 	 	(2,292,710	)	 	 	(2,368,750	)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	(192	)	 	 	(11,538	)	 	 	(375	)	 	 	(689	)	 	 	(12,259	)	 	 	(1,029	)	 	 	0	 	 	 	(12,842	)	 	 	0	 	 	 	(628	)	 	 	(41,888	)
	 	(192	)	 	 	(11,538	)	 	 	(375	)	 	 	(689	)	 	 	(12,259	)	 	 	(1,029	)	 	 	0	 	 	 	(12,842	)	 	 	0	 	 	 	(628	)	 	 	(41,888	)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	38,432	 	 	 	2,307,636	 	 	 	74,931	 	 	 	137,823	 	 	 	2,451,770	 	 	 	205,834	 	 	 	0	 	 	 	2,568,333	 	 	 	0	 	 	 	125,697	 	 	 	8,377,673	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	(7,348,528	)	 	 	(7,330,778	)	 	 	(11,571,160	)	 	 	(13,305,042	)	 	 	(12,575,623	)	 	 	(16,158,667	)	 	 	(17,486,062	)	 	 	(15,826,283	)	 	 	(19,049,476	)	 	 	(19,362,962	)	 	 	(17,715,239	)
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	(31,966	)	 	 	(134,155	)	 	 	(227,258	)	 	 	(339,705	)	 	 	(454,637	)
	 	(7,348,528	)	 	 	(7,330,778	)	 	 	(11,571,160	)	 	 	(13,305,042	)	 	 	(12,575,623	)	 	 	(16,158,667	)	 	 	(17,518,028	)	 	 	(15,960,437	)	 	 	(19,276,734	)	 	 	(19,702,668	)	 	 	(18,169,876	)
	 	(495,751,816	)	 	 	(503,082,594	)	 	 	(514,653,754	)	 	 	(527,958,795	)	 	 	(540,534,418	)	 	 	(556,693,086	)	 	 	(574,211,114	)	 	 	(590,171,551	)	 	 	(609,448,285	)	 	 	(629,150,952	)	 	 	(647,320,829	)

 

    	 

    	 	 

    

 

	GROUPED CASH FLOW	DTZ

 

	Grouped Cash Flow (Merged Phases)	Page A 4

 

	032:Aug 2017	 	 	033:Sep 2017	 	 	034:Oct 2017	 	 	035:Nov 2017	 	 	036:Dec 2017	 	 	037:Jan 2018	 	 	038:Feb 2018	 	 	039:Mar 2018	 	 	040:Apr 2018	 	 	041:May 2018	 	 	042:Jun 2018	 
	 	(647,320,829	)	 	 	(663,022,270	)	 	 	(684,408,810	)	 	 	(697,257,473	)	 	 	(718,505,647	)	 	 	(739,012,179	)	 	 	(750,408,243	)	 	 	(769,048,668	)	 	 	(786,662,078	)	 	 	(793,589,938	)	 	 	(807,576,804	)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	(17,339,091	)	 	 	(17,527,213	)	 	 	(17,482,854	)	 	 	(17,204,862	)	 	 	(16,692,080	)	 	 	(15,943,347	)	 	 	(14,957,498	)	 	 	(13,733,364	)	 	 	(12,269,772	)	 	 	(10,565,547	)	 	 	(8,619,509	)
	 	(866,955	)	 	 	(876,361	)	 	 	(874,143	)	 	 	(860,243	)	 	 	(834,604	)	 	 	(797,167	)	 	 	(747,875	)	 	 	(686,668	)	 	 	(613,489	)	 	 	(528,277	)	 	 	(430,975	)
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	(18,206,046	)	 	 	(18,403,573	)	 	 	(18,356,997	)	 	 	(18,065,105	)	 	 	(17,526,684	)	 	 	(16,740,514	)	 	 	(15,705,373	)	 	 	(14,420,032	)	 	 	(12,883,261	)	 	 	(11,093,825	)	 	 	(9,050,484	)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	(2,427,473	)	 	 	(2,453,810	)	 	 	(2,447,600	)	 	 	(2,408,681	)	 	 	(2,336,891	)	 	 	(2,232,069	)	 	 	(2,094,050	)	 	 	(1,922,671	)	 	 	(1,717,768	)	 	 	(1,479,177	)	 	 	(1,206,731	)
	 	(2,427,473	)	 	 	(2,453,810	)	 	 	(2,447,600	)	 	 	(2,408,681	)	 	 	(2,336,891	)	 	 	(2,232,069	)	 	 	(2,094,050	)	 	 	(1,922,671	)	 	 	(1,717,768	)	 	 	(1,479,177	)	 	 	(1,206,731	)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	(27,602	)	 	 	(618	)	 	 	(43,884	)	 	 	(390	)	 	 	(1,673	)	 	 	(43,578	)	 	 	(1,613	)	 	 	0	 	 	 	(45,460	)	 	 	0	 	 	 	(1,981	)
	 	(27,602	)	 	 	(618	)	 	 	(43,884	)	 	 	(390	)	 	 	(1,673	)	 	 	(43,578	)	 	 	(1,613	)	 	 	0	 	 	 	(45,460	)	 	 	0	 	 	 	(1,981	)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	5,520,307	 	 	 	123,682	 	 	 	8,776,792	 	 	 	77,928	 	 	 	334,589	 	 	 	8,715,592	 	 	 	322,581	 	 	 	0	 	 	 	9,092,082	 	 	 	0	 	 	 	396,299	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	(15,140,814	)	 	 	(20,734,319	)	 	 	(12,071,689	)	 	 	(20,396,248	)	 	 	(19,530,660	)	 	 	(10,300,569	)	 	 	(17,478,454	)	 	 	(16,342,703	)	 	 	(5,554,407	)	 	 	(12,573,001	)	 	 	(9,862,898	)
	 	(560,628	)	 	 	(652,220	)	 	 	(776,975	)	 	 	(851,925	)	 	 	(975,873	)	 	 	(1,095,495	)	 	 	(1,161,972	)	 	 	(1,270,707	)	 	 	(1,373,452	)	 	 	(1,413,865	)	 	 	(1,495,455	)
	 	(15,701,442	)	 	 	(21,386,539	)	 	 	(12,848,664	)	 	 	(21,248,173	)	 	 	(20,506,533	)	 	 	(11,396,063	)	 	 	(18,640,426	)	 	 	(17,613,410	)	 	 	(6,927,860	)	 	 	(13,986,866	)	 	 	(11,358,353	)
	 	(663,022,270	)	 	 	(684,408,810	)	 	 	(697,257,473	)	 	 	(718,505,647	)	 	 	(739,012,179	)	 	 	(750,408,243	)	 	 	(769,048,668	)	 	 	(786,662,078	)	 	 	(793,589,938	)	 	 	(807,576,804	)	 	 	(818,935,156	)

 

    	 

    	 	 

    

 

	GROUPED CASH FLOW	DTZ

 

	Grouped Cash Flow (Merged Phases)	Page A 5

 

	043:Jul 2018	 	 	044:Aug 2018	 	 	045:Sep 2018	 	 	046:Oct 2018	 	 	047:Nov 2018	 	 	048:Dec 2018	 	 	049:Jan 2019	 	 	050:Feb 2019	 	 	051:Mar 2019	 	 	052:Apr 2019	 	 	053:May 2019	 
	 	(818,935,156	)	 	 	(766,566,947	)	 	 	(756,893,214	)	 	 	(755,899,231	)	 	 	(745,368,293	)	 	 	(747,292,585	)	 	 	(748,956,436	)	 	 	(746,146,480	)	 	 	(752,822,620	)	 	 	(761,444,583	)	 	 	(758,394,249	)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	(3,602,094	)	 	 	(4,045,997	)	 	 	(4,415,196	)	 	 	(4,709,319	)	 	 	(4,927,991	)	 	 	(5,070,835	)	 	 	(6,741,953	)	 	 	(8,927,308	)	 	 	(10,634,717	)	 	 	(11,861,795	)	 	 	(12,606,148	)
	 	(180,105	)	 	 	(202,300	)	 	 	(220,760	)	 	 	(235,466	)	 	 	(246,400	)	 	 	(253,542	)	 	 	(337,098	)	 	 	(446,365	)	 	 	(531,736	)	 	 	(593,090	)	 	 	(630,307	)
	 	(5,916,652	)	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	(6,091,489	)	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	(9,698,851	)	 	 	(4,248,296	)	 	 	(4,635,956	)	 	 	(4,944,785	)	 	 	(5,174,391	)	 	 	(5,324,377	)	 	 	(13,170,539	)	 	 	(9,373,673	)	 	 	(11,166,453	)	 	 	(12,454,885	)	 	 	(13,236,455	)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	(504,293	)	 	 	(566,440	)	 	 	(618,127	)	 	 	(659,305	)	 	 	(689,919	)	 	 	(709,917	)	 	 	(943,873	)	 	 	(1,249,823	)	 	 	(1,488,860	)	 	 	(1,660,651	)	 	 	(1,764,861	)
	 	(504,293	)	 	 	(566,440	)	 	 	(618,127	)	 	 	(659,305	)	 	 	(689,919	)	 	 	(709,917	)	 	 	(943,873	)	 	 	(1,249,823	)	 	 	(1,488,860	)	 	 	(1,660,651	)	 	 	(1,764,861	)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	(2,855,877	)	 	 	(55,916	)	 	 	(14,909	)	 	 	(56,699	)	 	 	(2,846	)	 	 	(4,244	)	 	 	(56,429	)	 	 	(4,236	)	 	 	(2,513	)	 	 	(58,574	)	 	 	(2,569	)
	 	(2,855,877	)	 	 	(55,916	)	 	 	(14,909	)	 	 	(56,699	)	 	 	(2,846	)	 	 	(4,244	)	 	 	(56,429	)	 	 	(4,236	)	 	 	(2,513	)	 	 	(58,574	)	 	 	(2,569	)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	(200,000	)	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	(693,036	)	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	(893,036	)	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	63,246,674	 	 	 	11,183,227	 	 	 	2,981,760	 	 	 	11,339,869	 	 	 	569,139	 	 	 	848,850	 	 	 	11,285,755	 	 	 	847,132	 	 	 	502,630	 	 	 	11,714,800	 	 	 	513,727	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	30,867	 	 	 	0	 	 	 	0	 	 	 	1,402,439	 	 	 	0	 	 	 	0	 	 	 	2,165,739	 	 	 	0	 	 	 	0	 	 	 	2,165,739	 	 	 	0	 
	 	30,867	 	 	 	0	 	 	 	0	 	 	 	1,402,439	 	 	 	0	 	 	 	0	 	 	 	2,165,739	 	 	 	0	 	 	 	0	 	 	 	2,165,739	 	 	 	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	4,604,438	 	 	 	4,617,388	 	 	 	4,481,016	 	 	 	4,643,422	 	 	 	4,506,296	 	 	 	4,669,634	 	 	 	4,682,807	 	 	 	4,241,571	 	 	 	4,709,289	 	 	 	4,570,256	 	 	 	4,735,953	 
	 	4,604,438	 	 	 	4,617,388	 	 	 	4,481,016	 	 	 	4,643,422	 	 	 	4,506,296	 	 	 	4,669,634	 	 	 	4,682,807	 	 	 	4,241,571	 	 	 	4,709,289	 	 	 	4,570,256	 	 	 	4,735,953	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	53,929,921	 	 	 	10,929,963	 	 	 	2,193,784	 	 	 	11,724,940	 	 	 	(791,720	)	 	 	(520,055	)	 	 	3,963,459	 	 	 	(5,539,028	)	 	 	(7,445,908	)	 	 	4,276,685	 	 	 	(9,754,205	)
	 	(1,561,712	)	 	 	(1,256,231	)	 	 	(1,199,801	)	 	 	(1,194,002	)	 	 	(1,132,572	)	 	 	(1,143,797	)	 	 	(1,153,503	)	 	 	(1,137,111	)	 	 	(1,176,055	)	 	 	(1,226,350	)	 	 	(1,208,557	)
	 	52,368,209	 	 	 	9,673,733	 	 	 	993,983	 	 	 	10,530,938	 	 	 	(1,924,292	)	 	 	(1,663,852	)	 	 	2,809,956	 	 	 	(6,676,140	)	 	 	(8,621,963	)	 	 	3,050,334	 	 	 	(10,962,761	)
	 	(766,566,947	)	 	 	(756,893,214	)	 	 	(755,899,231	)	 	 	(745,368,293	)	 	 	(747,292,585	)	 	 	(748,956,436	)	 	 	(746,146,480	)	 	 	(752,822,620	)	 	 	(761,444,583	)	 	 	(758,394,249	)	 	 	(769,357,010	)

 

    	 

    	 	 

    

 

	GROUPED CASH FLOW	DTZ

 

	Grouped Cash Flow (Merged Phases)	Page A 6

 

	054:Jun 2019	 	 	055:Jul 2019	 	 	056:Aug 2019	 	 	057:Sep 2019	 	 	058:Oct 2019	 	 	059:Nov 2019	 	 	060:Dec 2019	 	 	061:Jan 2020	 	 	062:Feb 2020	 	 	063:Mar 2020	 	 	064:Apr 2020	 
	 	(769,357,010	)	 	 	(780,390,825	)	 	 	(748,397,773	)	 	 	(745,737,749	)	 	 	(754,064,840	)	 	 	(749,185,382	)	 	 	(756,430,174	)	 	 	(761,099,204	)	 	 	(735,973,694	)	 	 	(736,915,260	)	 	 	(737,759,478	)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	(12,865,374	)	 	 	(12,389,040	)	 	 	(12,593,333	)	 	 	(12,308,948	)	 	 	(11,533,463	)	 	 	(10,264,445	)	 	 	(8,499,457	)	 	 	(5,197,115	)	 	 	(5,183,100	)	 	 	(5,091,231	)	 	 	(4,921,121	)
	 	(643,269	)	 	 	(619,452	)	 	 	(629,667	)	 	 	(615,447	)	 	 	(576,673	)	 	 	(513,222	)	 	 	(424,973	)	 	 	(259,856	)	 	 	(259,155	)	 	 	(254,562	)	 	 	(246,056	)
	 	0	 	 	 	(5,916,652	)	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	(13,508,642	)	 	 	(18,925,144	)	 	 	(13,223,000	)	 	 	(12,924,396	)	 	 	(12,110,136	)	 	 	(10,777,668	)	 	 	(8,924,430	)	 	 	(5,456,971	)	 	 	(5,442,255	)	 	 	(5,345,792	)	 	 	(5,167,177	)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	(1,801,152	)	 	 	(1,734,466	)	 	 	(1,763,067	)	 	 	(1,723,253	)	 	 	(1,614,685	)	 	 	(1,437,022	)	 	 	(1,189,924	)	 	 	(727,596	)	 	 	(725,634	)	 	 	(712,772	)	 	 	(688,957	)
	 	(1,801,152	)	 	 	(1,734,466	)	 	 	(1,763,067	)	 	 	(1,723,253	)	 	 	(1,614,685	)	 	 	(1,437,022	)	 	 	(1,189,924	)	 	 	(727,596	)	 	 	(725,634	)	 	 	(712,772	)	 	 	(688,957	)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	(4,786	)	 	 	(2,785,168	)	 	 	(66,214	)	 	 	(10,057	)	 	 	(60,151	)	 	 	(3,215	)	 	 	(4,817	)	 	 	(1,582,906	)	 	 	(4,807	)	 	 	(2,839	)	 	 	(62,778	)
	 	(4,786	)	 	 	(2,785,168	)	 	 	(66,214	)	 	 	(10,057	)	 	 	(60,151	)	 	 	(3,215	)	 	 	(4,817	)	 	 	(1,582,906	)	 	 	(4,807	)	 	 	(2,839	)	 	 	(62,778	)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	(100,000	)	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	(100,000	)	 	 	0	 	 	 	0	 	 	 	0	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	(111,291	)	 	 	0	 	 	 	0	 	 	 	0	 
	 	0	 	 	 	(100,000	)	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	(211,291	)	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	957,122	 	 	 	49,105,094	 	 	 	13,242,784	 	 	 	2,011,422	 	 	 	12,030,271	 	 	 	642,999	 	 	 	963,339	 	 	 	12,081,229	 	 	 	961,389	 	 	 	567,858	 	 	 	12,555,654	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	14,381,566	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	2,165,739	 	 	 	0	 	 	 	0	 	 	 	2,165,739	 	 	 	0	 	 	 	0	 	 	 	2,165,739	 	 	 	0	 	 	 	0	 	 	 	2,165,739	 
	 	0	 	 	 	2,165,739	 	 	 	0	 	 	 	0	 	 	 	2,165,739	 	 	 	0	 	 	 	0	 	 	 	2,165,739	 	 	 	0	 	 	 	0	 	 	 	2,165,739	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	4,596,149	 	 	 	5,603,868	 	 	 	5,619,765	 	 	 	5,453,919	 	 	 	5,651,723	 	 	 	5,484,953	 	 	 	5,683,902	 	 	 	5,700,076	 	 	 	5,347,511	 	 	 	5,732,591	 	 	 	5,563,483	 
	 	4,596,149	 	 	 	5,603,868	 	 	 	5,619,765	 	 	 	5,453,919	 	 	 	5,651,723	 	 	 	5,484,953	 	 	 	5,683,902	 	 	 	5,700,076	 	 	 	5,347,511	 	 	 	5,732,591	 	 	 	5,563,483	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	(9,761,310	)	 	 	33,329,922	 	 	 	3,810,268	 	 	 	(7,192,365	)	 	 	6,062,760	 	 	 	(6,089,954	)	 	 	(3,471,930	)	 	 	26,349,845	 	 	 	136,204	 	 	 	239,045	 	 	 	14,365,964	 
	 	(1,272,506	)	 	 	(1,336,870	)	 	 	(1,150,244	)	 	 	(1,134,727	)	 	 	(1,183,302	)	 	 	(1,154,838	)	 	 	(1,197,099	)	 	 	(1,224,335	)	 	 	(1,077,770	)	 	 	(1,083,262	)	 	 	(1,088,187	)
	 	(11,033,816	)	 	 	31,993,052	 	 	 	2,660,025	 	 	 	(8,327,092	)	 	 	4,879,458	 	 	 	(7,244,792	)	 	 	(4,669,030	)	 	 	25,125,509	 	 	 	(941,566	)	 	 	(844,218	)	 	 	13,277,777	 
	 	(780,390,825	)	 	 	(748,397,773	)	 	 	(745,737,749	)	 	 	(754,064,840	)	 	 	(749,185,382	)	 	 	(756,430,174	)	 	 	(761,099,204	)	 	 	(735,973,694	)	 	 	(736,915,260	)	 	 	(737,759,478	)	 	 	(724,481,701	)

 

    	 

    	 	 

    

 

	GROUPED CASH FLOW	DTZ

 

	Grouped Cash Flow (Merged Phases)	Page A 7

 

	065:May 2020	 	 	066:Jun 2020	 	 	067:Jul 2020	 	 	068:Aug 2020	 	 	069:Sep 2020	 	 	070:Oct 2020	 	 	071:Nov 2020	 	 	072:Dec 2020	 	 	073:Jan 2021	 	 	074:Feb 2021	 	 	075:Mar 2021	 
	 	(724,481,701	)	 	 	(725,287,239	)	 	 	(725,392,019	)	 	 	(676,991,695	)	 	 	(661,474,009	)	 	 	(658,868,178	)	 	 	(643,214,025	)	 	 	(642,592,447	)	 	 	(641,563,937	)	 	 	(626,228,605	)	 	 	(625,793,350	)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	(4,672,383	)	 	 	(4,344,630	)	 	 	(3,684,490	)	 	 	(4,138,546	)	 	 	(4,516,190	)	 	 	(4,817,041	)	 	 	(5,040,715	)	 	 	(5,186,827	)	 	 	(5,254,990	)	 	 	(5,244,818	)	 	 	(5,155,922	)
	 	(233,619	)	 	 	(217,232	)	 	 	(184,224	)	 	 	(206,927	)	 	 	(225,810	)	 	 	(240,852	)	 	 	(252,036	)	 	 	(259,341	)	 	 	(262,750	)	 	 	(262,241	)	 	 	(257,796	)
	 	0	 	 	 	0	 	 	 	(5,916,652	)	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	(4,906,002	)	 	 	(4,561,862	)	 	 	(9,785,366	)	 	 	(4,345,473	)	 	 	(4,742,000	)	 	 	(5,057,894	)	 	 	(5,292,751	)	 	 	(5,446,168	)	 	 	(5,517,740	)	 	 	(5,507,059	)	 	 	(5,413,718	)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	(654,134	)	 	 	(608,248	)	 	 	(515,829	)	 	 	(579,396	)	 	 	(632,267	)	 	 	(674,386	)	 	 	(705,700	)	 	 	(726,156	)	 	 	(735,699	)	 	 	(734,275	)	 	 	(721,829	)
	 	(654,134	)	 	 	(608,248	)	 	 	(515,829	)	 	 	(579,396	)	 	 	(632,267	)	 	 	(674,386	)	 	 	(705,700	)	 	 	(726,156	)	 	 	(735,699	)	 	 	(734,275	)	 	 	(721,829	)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	(2,440	)	 	 	(2,808,953	)	 	 	(73,159	)	 	 	(11,059	)	 	 	(66,297	)	 	 	(3,504	)	 	 	(5,226	)	 	 	(66,517	)	 	 	(5,192	)	 	 	(3,066	)
	 	0	 	 	 	(2,440	)	 	 	(2,808,953	)	 	 	(73,159	)	 	 	(11,059	)	 	 	(66,297	)	 	 	(3,504	)	 	 	(5,226	)	 	 	(66,517	)	 	 	(5,192	)	 	 	(3,066	)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	0	 	 	 	(100,000	)	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	0	 	 	 	0	 	 	 	(100,000	)	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	487,923	 	 	 	53,862,131	 	 	 	14,631,839	 	 	 	2,211,841	 	 	 	13,259,320	 	 	 	700,724	 	 	 	1,045,104	 	 	 	13,303,322	 	 	 	1,038,301	 	 	 	613,287	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	0	 	 	 	2,165,739	 	 	 	0	 	 	 	0	 	 	 	2,165,739	 	 	 	0	 	 	 	0	 	 	 	2,165,739	 	 	 	0	 	 	 	0	 
	 	0	 	 	 	0	 	 	 	2,165,739	 	 	 	0	 	 	 	0	 	 	 	2,165,739	 	 	 	0	 	 	 	0	 	 	 	2,165,739	 	 	 	0	 	 	 	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	5,765,332	 	 	 	5,595,278	 	 	 	6,598,646	 	 	 	6,617,584	 	 	 	6,422,504	 	 	 	6,655,659	 	 	 	6,459,480	 	 	 	6,694,001	 	 	 	6,713,273	 	 	 	6,081,070	 	 	 	6,752,022	 
	 	5,765,332	 	 	 	5,595,278	 	 	 	6,598,646	 	 	 	6,617,584	 	 	 	6,422,504	 	 	 	6,655,659	 	 	 	6,459,480	 	 	 	6,694,001	 	 	 	6,713,273	 	 	 	6,081,070	 	 	 	6,752,022	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	205,196	 	 	 	910,652	 	 	 	49,416,368	 	 	 	16,251,394	 	 	 	3,249,020	 	 	 	16,282,141	 	 	 	1,158,250	 	 	 	1,561,555	 	 	 	15,862,379	 	 	 	872,846	 	 	 	1,226,695	 
	 	(1,010,733	)	 	 	(1,015,432	)	 	 	(1,016,044	)	 	 	(733,708	)	 	 	(643,189	)	 	 	(627,988	)	 	 	(536,672	)	 	 	(533,046	)	 	 	(527,046	)	 	 	(437,590	)	 	 	(435,051	)
	 	(805,538	)	 	 	(104,780	)	 	 	48,400,324	 	 	 	15,517,686	 	 	 	2,605,831	 	 	 	15,654,153	 	 	 	621,578	 	 	 	1,028,509	 	 	 	15,335,333	 	 	 	435,255	 	 	 	791,644	 
	 	(725,287,239	)	 	 	(725,392,019	)	 	 	(676,991,695	)	 	 	(661,474,009	)	 	 	(658,868,178	)	 	 	(643,214,025	)	 	 	(642,592,447	)	 	 	(641,563,937	)	 	 	(626,228,605	)	 	 	(625,793,350	)	 	 	(625,001,706	)

 

    	 

    	 	 

    

 

	GROUPED CASH FLOW	DTZ

 

	Grouped Cash Flow (Merged Phases)	Page A 8

 

	076:Apr 2021	 	 	077:May 2021	 	 	078:Jun 2021	 	 	079:Jul 2021	 	 	080:Aug 2021	 	 	081:Sep 2021	 	 	082:Oct 2021	 	 	083:Nov 2021	 	 	084:Dec 2021	 	 	085:Jan 2022	 	 	086:Feb 2022	 
	 	(625,001,706	)	 	 	(608,902,329	)	 	 	(608,088,876	)	 	 	(606,556,816	)	 	 	659,213,986	 	 	 	667,820,398	 	 	 	664,715,491	 	 	 	673,412,757	 	 	 	668,047,336	 	 	 	662,843,336	 	 	 	671,012,762	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	(4,987,911	)	 	 	(4,740,395	)	 	 	(4,412,981	)	 	 	(3,758,179	)	 	 	(4,221,317	)	 	 	(4,606,514	)	 	 	(4,913,382	)	 	 	(5,141,530	)	 	 	(5,290,563	)	 	 	(5,360,090	)	 	 	(5,349,715	)
	 	(249,396	)	 	 	(237,020	)	 	 	(220,649	)	 	 	(187,909	)	 	 	(211,066	)	 	 	(230,326	)	 	 	(245,669	)	 	 	(257,076	)	 	 	(264,528	)	 	 	(268,005	)	 	 	(267,486	)
	 	0	 	 	 	0	 	 	 	0	 	 	 	(5,916,652	)	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	(5,237,307	)	 	 	(4,977,415	)	 	 	(4,633,630	)	 	 	(9,862,740	)	 	 	(4,432,383	)	 	 	(4,836,840	)	 	 	(5,159,051	)	 	 	(5,398,606	)	 	 	(5,555,092	)	 	 	(5,628,095	)	 	 	(5,617,200	)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	(698,308	)	 	 	(663,655	)	 	 	(617,817	)	 	 	(526,145	)	 	 	(590,984	)	 	 	(644,912	)	 	 	(687,874	)	 	 	(719,814	)	 	 	(740,679	)	 	 	(750,413	)	 	 	(748,960	)
	 	(698,308	)	 	 	(663,655	)	 	 	(617,817	)	 	 	(526,145	)	 	 	(590,984	)	 	 	(644,912	)	 	 	(687,874	)	 	 	(719,814	)	 	 	(740,679	)	 	 	(750,413	)	 	 	(748,960	)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	(69,079	)	 	 	0	 	 	 	(2,635	)	 	 	(14,696,036	)	 	 	(68,491	)	 	 	(11,944	)	 	 	(73,177	)	 	 	(3,784	)	 	 	(5,644	)	 	 	(73,415	)	 	 	(5,589	)
	 	(69,079	)	 	 	0	 	 	 	(2,635	)	 	 	(14,696,036	)	 	 	(68,491	)	 	 	(11,944	)	 	 	(73,177	)	 	 	(3,784	)	 	 	(5,644	)	 	 	(73,415	)	 	 	(5,589	)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	(100,000	)	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	(100,000	)	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	13,815,702	 	 	 	0	 	 	 	526,957	 	 	 	60,111,494	 	 	 	13,698,271	 	 	 	2,388,789	 	 	 	14,635,480	 	 	 	756,782	 	 	 	1,128,712	 	 	 	14,683,003	 	 	 	1,117,843	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	1,231,167,068	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	2,165,739	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	2,165,739	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	6,553,063	 	 	 	6,791,044	 	 	 	6,590,960	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	6,553,063	 	 	 	6,791,044	 	 	 	6,590,960	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	16,529,810	 	 	 	1,149,974	 	 	 	1,863,834	 	 	 	1,266,093,640	 	 	 	8,606,413	 	 	 	(3,104,907	)	 	 	8,715,378	 	 	 	(5,365,422	)	 	 	(5,172,702	)	 	 	8,231,081	 	 	 	(5,253,906	)
	 	(430,433	)	 	 	(336,520	)	 	 	(331,775	)	 	 	(322,838	)	 	 	0	 	 	 	0	 	 	 	(18,112	)	 	 	0	 	 	 	(31,298	)	 	 	(61,655	)	 	 	(14,000	)
	 	16,099,377	 	 	 	813,453	 	 	 	1,532,059	 	 	 	1,265,770,802	 	 	 	8,606,413	 	 	 	(3,104,907	)	 	 	8,697,266	 	 	 	(5,365,422	)	 	 	(5,204,000	)	 	 	8,169,426	 	 	 	(5,267,906	)
	 	(608,902,329	)	 	 	(608,088,876	)	 	 	(606,556,816	)	 	 	659,213,986	 	 	 	667,820,398	 	 	 	664,715,491	 	 	 	673,412,757	 	 	 	668,047,336	 	 	 	662,843,336	 	 	 	671,012,762	 	 	 	665,744,856	 

 

    	 

    	 	 

    

 

	GROUPED CASH FLOW	DTZ

 

	Grouped Cash Flow (Merged Phases)	Page A 9

 

	087:Mar 2022	 	 	088:Apr 2022	 	 	089:May 2022	 	 	090:Jun 2022	 	 	091:Jul 2022	 	 	092:Aug 2022	 	 	093:Sep 2022	 	 	094:Oct 2022	 	 	095:Nov 2022	 	 	096:Dec 2022	 	 	097:Jan 2023	 
	 	665,744,856	 	 	 	660,096,774	 	 	 	669,113,197	 	 	 	663,334,225	 	 	 	658,476,390	 	 	 	708,067,843	 	 	 	717,266,010	 	 	 	714,268,553	 	 	 	723,645,197	 	 	 	718,335,492	 	 	 	713,219,590	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	(5,259,040	)	 	 	(5,087,669	)	 	 	(4,835,203	)	 	 	(4,501,241	)	 	 	(3,810,151	)	 	 	(4,254,900	)	 	 	(4,622,410	)	 	 	(4,912,297	)	 	 	(5,124,172	)	 	 	(5,257,647	)	 	 	(5,312,330	)
	 	(262,952	)	 	 	(254,383	)	 	 	(241,760	)	 	 	(225,062	)	 	 	(190,508	)	 	 	(212,745	)	 	 	(231,121	)	 	 	(245,615	)	 	 	(256,209	)	 	 	(262,882	)	 	 	(265,617	)
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	(5,916,652	)	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	(5,521,992	)	 	 	(5,342,053	)	 	 	(5,076,963	)	 	 	(4,726,303	)	 	 	(9,917,311	)	 	 	(4,467,645	)	 	 	(4,853,531	)	 	 	(5,157,912	)	 	 	(5,380,381	)	 	 	(5,520,529	)	 	 	(5,577,947	)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	(736,266	)	 	 	(712,274	)	 	 	(676,928	)	 	 	(630,174	)	 	 	(533,421	)	 	 	(595,686	)	 	 	(647,137	)	 	 	(687,722	)	 	 	(717,384	)	 	 	(736,071	)	 	 	(743,726	)
	 	(736,266	)	 	 	(712,274	)	 	 	(676,928	)	 	 	(630,174	)	 	 	(533,421	)	 	 	(595,686	)	 	 	(647,137	)	 	 	(687,722	)	 	 	(717,384	)	 	 	(736,071	)	 	 	(743,726	)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	(3,291	)	 	 	(76,123	)	 	 	0	 	 	 	(2,801	)	 	 	(2,855,065	)	 	 	(71,666	)	 	 	(12,579	)	 	 	(76,582	)	 	 	(3,960	)	 	 	(5,888	)	 	 	(76,785	)
	 	(3,291	)	 	 	(76,123	)	 	 	0	 	 	 	(2,801	)	 	 	(2,855,065	)	 	 	(71,666	)	 	 	(12,579	)	 	 	(76,582	)	 	 	(3,960	)	 	 	(5,888	)	 	 	(76,785	)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	(100,000	)	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	(100,000	)	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	658,196	 	 	 	15,224,550	 	 	 	0	 	 	 	560,234	 	 	 	63,084,378	 	 	 	14,333,163	 	 	 	2,515,791	 	 	 	15,316,345	 	 	 	792,020	 	 	 	1,177,558	 	 	 	15,357,014	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	(5,603,352	)	 	 	9,094,100	 	 	 	(5,753,892	)	 	 	(4,799,043	)	 	 	49,678,581	 	 	 	9,198,167	 	 	 	(2,997,457	)	 	 	9,394,129	 	 	 	(5,309,705	)	 	 	(5,084,929	)	 	 	8,958,556	 
	 	(44,729	)	 	 	(77,677	)	 	 	(25,081	)	 	 	(58,791	)	 	 	(87,129	)	 	 	0	 	 	 	0	 	 	 	(17,485	)	 	 	0	 	 	 	(30,973	)	 	 	(60,816	)
	 	(5,648,082	)	 	 	9,016,424	 	 	 	(5,778,972	)	 	 	(4,857,835	)	 	 	49,591,452	 	 	 	9,198,167	 	 	 	(2,997,457	)	 	 	9,376,644	 	 	 	(5,309,705	)	 	 	(5,115,902	)	 	 	8,897,740	 
	 	660,096,774	 	 	 	669,113,197	 	 	 	663,334,225	 	 	 	658,476,390	 	 	 	708,067,843	 	 	 	717,266,010	 	 	 	714,268,553	 	 	 	723,645,197	 	 	 	718,335,492	 	 	 	713,219,590	 	 	 	722,117,330	 

 

    	 

    	 	 

    

 

	GROUPED CASH FLOW	DTZ

 

	Grouped Cash Flow (Merged Phases)	Page A 10

 

	098:Feb 2023	 	 	099:Mar 2023	 	 	100:Apr 2023	 	 	101:May 2023	 	 	102:Jun 2023	 	 	103:Jul 2023	 	 	104:Aug 2023	 	 	105:Sep 2023	 	 	106:Oct 2023	 	 	107:Nov 2023	 	 	108:Dec 2023	 
	 	722,117,330	 	 	 	716,972,641	 	 	 	711,446,147	 	 	 	721,265,945	 	 	 	715,617,047	 	 	 	710,925,677	 	 	 	764,707,453	 	 	 	774,192,110	 	 	 	772,733,910	 	 	 	777,860,897	 	 	 	774,931,604	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	(5,287,832	)	 	 	(5,183,759	)	 	 	(4,999,716	)	 	 	(4,735,310	)	 	 	(4,390,142	)	 	 	(3,299,147	)	 	 	(3,295,267	)	 	 	(3,252,429	)	 	 	(3,170,440	)	 	 	(3,049,108	)	 	 	(2,888,237	)
	 	(264,392	)	 	 	(259,188	)	 	 	(249,986	)	 	 	(236,765	)	 	 	(219,507	)	 	 	(164,957	)	 	 	(164,763	)	 	 	(162,621	)	 	 	(158,522	)	 	 	(152,455	)	 	 	(144,412	)
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	(5,552,224	)	 	 	(5,442,947	)	 	 	(5,249,702	)	 	 	(4,972,075	)	 	 	(4,609,649	)	 	 	(3,464,104	)	 	 	(3,460,030	)	 	 	(3,415,050	)	 	 	(3,328,962	)	 	 	(3,201,563	)	 	 	(3,032,649	)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	(740,296	)	 	 	(725,726	)	 	 	(699,960	)	 	 	(662,943	)	 	 	(614,620	)	 	 	(461,881	)	 	 	(461,337	)	 	 	(455,340	)	 	 	(443,862	)	 	 	(426,875	)	 	 	(404,353	)
	 	(740,296	)	 	 	(725,726	)	 	 	(699,960	)	 	 	(662,943	)	 	 	(614,620	)	 	 	(461,881	)	 	 	(461,337	)	 	 	(455,340	)	 	 	(443,862	)	 	 	(426,875	)	 	 	(404,353	)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	(5,813	)	 	 	(3,423	)	 	 	(79,601	)	 	 	0	 	 	 	(2,913	)	 	 	(2,843,269	)	 	 	(67,367	)	 	 	(12,122	)	 	 	(44,765	)	 	 	(3,513	)	 	 	(5,010	)
	 	(5,813	)	 	 	(3,423	)	 	 	(79,601	)	 	 	0	 	 	 	(2,913	)	 	 	(2,843,269	)	 	 	(67,367	)	 	 	(12,122	)	 	 	(44,765	)	 	 	(3,513	)	 	 	(5,010	)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	(100,000	)	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	(100,000	)	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	1,162,557	 	 	 	684,524	 	 	 	15,920,222	 	 	 	0	 	 	 	582,644	 	 	 	60,725,226	 	 	 	13,473,391	 	 	 	2,424,312	 	 	 	8,953,083	 	 	 	702,659	 	 	 	1,002,024	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	(5,135,776	)	 	 	(5,487,571	)	 	 	9,890,959	 	 	 	(5,635,019	)	 	 	(4,644,539	)	 	 	53,855,973	 	 	 	9,484,657	 	 	 	(1,458,199	)	 	 	5,135,493	 	 	 	(2,929,293	)	 	 	(2,439,988	)
	 	(8,913	)	 	 	(38,923	)	 	 	(71,161	)	 	 	(13,879	)	 	 	(46,831	)	 	 	(74,197	)	 	 	0	 	 	 	0	 	 	 	(8,506	)	 	 	0	 	 	 	(17,088	)
	 	(5,144,688	)	 	 	(5,526,494	)	 	 	9,819,798	 	 	 	(5,648,898	)	 	 	(4,691,370	)	 	 	53,781,776	 	 	 	9,484,657	 	 	 	(1,458,199	)	 	 	5,126,987	 	 	 	(2,929,293	)	 	 	(2,457,076	)
	 	716,972,641	 	 	 	711,446,147	 	 	 	721,265,945	 	 	 	715,617,047	 	 	 	710,925,677	 	 	 	764,707,453	 	 	 	774,192,110	 	 	 	772,733,910	 	 	 	777,860,897	 	 	 	774,931,604	 	 	 	772,474,529	 

 

    	 

    	 	 

    

 

	GROUPED CASH FLOW	DTZ

 

	Grouped Cash Flow (Merged Phases)	Page A 11

 

	109:Jan 2024	 	 	110:Feb 2024	 	 	111:Mar 2024	 	 	112:Apr 2024	 	 	113:May 2024	 	 	114:Jun 2024	 	 	115:Jul 2024	 	 	116:Aug 2024	 	 	117:Sep 2024	 	 	118:Oct 2024	 	 	119:Nov 2024	 
	 	772,474,529	 	 	 	777,963,559	 	 	 	776,104,143	 	 	 	774,223,576	 	 	 	781,178,681	 	 	 	779,412,765	 	 	 	778,516,070	 	 	 	826,956,500	 	 	 	834,798,420	 	 	 	837,307,098	 	 	 	838,031,837	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	(2,687,633	)	 	 	(2,447,100	)	 	 	(2,166,442	)	 	 	(1,845,463	)	 	 	(1,483,964	)	 	 	(1,081,747	)	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	(134,382	)	 	 	(122,355	)	 	 	(108,322	)	 	 	(92,273	)	 	 	(74,198	)	 	 	(54,087	)	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	(2,822,015	)	 	 	(2,569,455	)	 	 	(2,274,764	)	 	 	(1,937,736	)	 	 	(1,558,162	)	 	 	(1,135,835	)	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	(376,269	)	 	 	(342,594	)	 	 	(303,302	)	 	 	(258,365	)	 	 	(207,755	)	 	 	(151,445	)	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	(376,269	)	 	 	(342,594	)	 	 	(303,302	)	 	 	(258,365	)	 	 	(207,755	)	 	 	(151,445	)	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	(43,813	)	 	 	(5,290	)	 	 	(3,560	)	 	 	(46,096	)	 	 	0	 	 	 	(2,015	)	 	 	(2,796,405	)	 	 	(39,407	)	 	 	(12,606	)	 	 	(3,642	)	 	 	(3,654	)
	 	(43,813	)	 	 	(5,290	)	 	 	(3,560	)	 	 	(46,096	)	 	 	0	 	 	 	(2,015	)	 	 	(2,796,405	)	 	 	(39,407	)	 	 	(12,606	)	 	 	(3,642	)	 	 	(3,654	)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	(100,000	)	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	(100,000	)	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	8,762,546	 	 	 	1,057,923	 	 	 	711,905	 	 	 	9,219,118	 	 	 	0	 	 	 	402,901	 	 	 	51,352,366	 	 	 	7,881,327	 	 	 	2,521,285	 	 	 	728,381	 	 	 	730,765	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	5,520,450	 	 	 	(1,859,416	)	 	 	(1,869,720	)	 	 	6,976,922	 	 	 	(1,765,917	)	 	 	(886,393	)	 	 	48,455,961	 	 	 	7,841,920	 	 	 	2,508,678	 	 	 	724,739	 	 	 	727,111	 
	 	(31,420	)	 	 	0	 	 	 	(10,847	)	 	 	(21,817	)	 	 	0	 	 	 	(10,301	)	 	 	(15,532	)	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	5,489,030	 	 	 	(1,859,416	)	 	 	(1,880,567	)	 	 	6,955,106	 	 	 	(1,765,917	)	 	 	(896,694	)	 	 	48,440,429	 	 	 	7,841,920	 	 	 	2,508,678	 	 	 	724,739	 	 	 	727,111	 
	 	777,963,559	 	 	 	776,104,143	 	 	 	774,223,576	 	 	 	781,178,681	 	 	 	779,412,765	 	 	 	778,516,070	 	 	 	826,956,500	 	 	 	834,798,420	 	 	 	837,307,098	 	 	 	838,031,837	 	 	 	838,758,948	 

 

    	 

    	 	 

    

 

	GROUPED
    CASH FLOW	DTZ

 

	Grouped Cash Flow (Merged Phases)	Page A 12

 

	120:Dec 2024	 	 	121:Jan 2025	 	 	122:Feb 2025	 	 	123:Mar 2025	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	838,758,948	 	 	 	839,488,440	 	 	 	840,220,320	 	 	 	840,954,595	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	(3,666	)	 	 	(3,678	)	 	 	(3,690	)	 	 	(3,702	)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	(3,666	)	 	 	(3,678	)	 	 	(3,690	)	 	 	(3,702	)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	733,157	 	 	 	735,558	 	 	 	737,966	 	 	 	740,381	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	729,492	 	 	 	731,880	 	 	 	734,276	 	 	 	736,680	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	729,492	 	 	 	731,880	 	 	 	734,276	 	 	 	736,680	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	839,488,440	 	 	 	840,220,320	 	 	 	840,954,595	 	 	 	841,691,275Exhibit 10.8.3

 

	23
June 2015

                                            

                                           Omagine
                                         Plot, Muscat, Oman

                                            

        Valuation
        Report
	 

 

 

    	 

    	 

    

 

	 	
        Jones Lang LaSalle UAE Limited, Dubai Branch

        Emaar Square, Bldg 1, Office 403

        Sheikh Zayed Road, Dubai UAE

        tel +971 4 426 6999 fax +971 4 365 3260

         
www.jll-mena.com
		 	 
	Omagine LLC	Your ref	Signed proposal 15 Jan 2014
	P.O Box 708	
        Our
ref
	
        V6815

	Madinat Sultan Qaboos	
        Direct
line 
	
        +971
4 436 2438

	Postal Code 115

Muscat	Email	
        youcef.elhachemi@jll.com

        simon.brand@jll.com

	Sultanate of Oman	
        Date 
	
        23
June 2015

 

For
the attention of Agron Telaku sent by email to: agron.telaku@omagine.com

 

Dear
Sirs,

 

EXECUTIVE
SUMMARY – VALUATION OF DEVELOPMENT LAND PLOT KNOWN AS OMAGINE, MUSCAT, OMAN

 

In
accordance with your instructions we have carried out a Fair Value assessment for the Usufruct Right over the development land
plot known as the Omagine site, Muscat, Oman.

 

	Instruction

         
	 	We
    refer to the instructions received from Omagine LLC requesting Jones Lang LaSalle UAE Limited (Dubai Branch) to provide our
    opinion of the value of the Usufruct Right, subject to the Development Agreement, in the Subject Property.
	 	 	 
	Subject
                                         Property:

        
	 	Mixed
                                         use development site of 1,000,000 sq m in Muscat, Oman.

        

	 	 	 
	Tenure: 
	 	Usufruct
                                         Right.

	 	 	 
	Date
                                         of Valuation: 
	 	31
                                         December 2014

	 	 	 
	Purpose
                                         of Valuation:

         
	 	As
per your instructions, agreed in our proposal dated 15 January 2015, we have provided our opinion of the Fair Value of the Property
for financial reporting purposes only. You have informed us that your financial statements are prepared in accordance with International
Financial Reporting Standards (IFRS).

	 	 	 
	Valuation
    Approach:
        
		Income
                                         Approach (Residual Land Valuation based on a Discounted Cash flow).

	 	 	 
	Basis
                                         of Valuation:

         
	 	Our
                                         valuation has been prepared on the basis of Fair Value, defined by the International
                                         Accounting Standards Board (IASB) in IFRS 13 as: 

	 	 	 
	 	 	“The
price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date.”

	 	 	 
	Inspection:

         
	 	The
Subject Property was inspected by Youcef Elhachemi MRICS and Miles Walby on 09 February
2015. The inspection was conducted on a visual basis only.

 

    	COPYRIGHT © JONES LANG LASALLE IP, INC. 2015. All Rights Reserved	 

    	 

    

 

	Omagine Plot, Muscat, Oman	23 June 2015

 

	Sources
    of Information:	 	We
    have inspected the premises and carried out all the necessary enquiries. We have relied on information provided by the Client,
    including Initial Master Plan, Development Agreement and Usufruct Agreement.
	 	 	 
	Market
                                         Condition:

         
	 	Whilst
we have undertaken all reasonable efforts to understand the prevailing real estate market and to analyse relevant sale transactions
as is usual for property valuation professionals acting in accordance with the RICS Valuation – Professional Standards,
we draw the reader’s attention to the following:

	 	 	 	 
	 	 	●	the
                                         lack of liquidity in MENA real estate markets combined with low levels of transparency
                                         and the consequent difficulty of verifying reported transactions;

	 	 	 	 
	 	 	●	the
                                         rapidly evolving real estate laws, regulations and planning controls relating to property
                                         and property dealings; 

	 	 	 	 
	 	 	●	the
                                         volatility of real estate investment and development markets; and

	 	 	 	 
	 	 	●	the
                                         restricted investor base together with the significant influence of state sponsored developers
                                         and operators, in relatively small markets.

 

	 	 	These
                                         factors result in our assessments being reliant on generally less complete and less reliable
                                         information and consequently being subject to a greater level of uncertainty than is
                                         usual in more mature markets. As such, this greater level of uncertainty must be taken
                                         into account by any parties seeking to rely or base decisions upon valuations undertaken
                                         in these circumstances.

	 	 	 
	IFRS
                                         13 Commentary:

         
	 	IFRS 13 also
    requires a commentary to be made on the hierarchy of the inputs used in measuring Fair Value. Due to the opaque nature of
    the market and there being a lack of recent, directly comparable evidence, our valuation has also been prepared using the
    Income Approach based on a discounted cash flow model. We have based our inputs on the most appropriate market based information
    available to us. However, our model contains a number of ‘unobservable inputs’ and should therefore be categorised
    within Level 3 of the fair value hierarchy.
	 	 	 
	 	 	The
    significant unobservable inputs adopted in our model are as follows:

 

	 	 	●	Project
                                         phasing;

	 	 	 	 
	 	 	●	Construction
                                         costs;

	 	 	 	 
	 	 	●	Project
                                         discount rate.

 

	 	 	Our
                                         model is sensitive to isolated changes in the inputs, particularly those highlighted
                                         above. Any significant increase (delay) in the project phasing, construction costs and
                                         project discount rate will result in a significant decrease in Fair Value. However, an
                                         increase in the project phasing may also, if it is associated with an increased risk
                                         of receiving the forecasted net cash flow, be accompanied by an increase in the project
                                         discount rate.

 

    	COPYRIGHT © JONES LANG LASALLE IP, INC. 2015. All Rights Reserved	 

    	 

    

 

	Omagine Plot, Muscat, Oman	23 June 2015

 

	Disclosure:

         
	 	We
                                         have not previously valued the Subject Property and are not aware of any existing or
                                         potential conflicts of interest, either on the part of JLL or the individual members
                                         of the Valuation team to be assigned to this project, which would prevent us from providing
                                         an independent and objective opinion of value of the Subject Property.

	 	 	 
	Special
                                         Assumption:

         
	 	We
                                         have been instructed to provide our opinion of Fair Value based on a Special Assumption
                                         as detailed below:

 

	 	 	●	We
are informed that although the Usufruct Agreement has been agreed as an attachment to the Development Agreement, the Usufruct
Agreement is yet to be separately officially signed by the Omani Government. We have been informed by the Client that communication
has been received from the Minister of Tourism that the official signature will be provided in the short term. We have therefore
provided our opinion of Fair Value based on the Special Assumption that this agreement is officially signed.

	 	 	 
	Fair
Value:
	 	We
                                         are of the opinion that the Fair Value of the Usufruct Right of the Property as at 31
                                         December 2014 is:

	 	 	 
			OMR 150,000,000  
	 	 	 
	 	 	(ONE
                                         HUNDRED AND FIFTY MILLION OMANI RIYALS)

         

	 	 	USD
389,610,000*

	 	 	 
	 	 	(THREE
HUNDRED AND EIGHTY NINE MILLION SIX HUNDRED AND 

TEN THOUSAND UNITED STATES DOLLARS)*

         

	 	 	*(based
                                         on 24/06/2015 XE Currency Converter exchange rate)

         

	 	 	No
                                         allowance has been made for any expenses of realisation or for taxation which might arise
                                         in the event of a disposal or for a purchaser’s cost of acquisition.

 

    	COPYRIGHT © JONES LANG LASALLE IP, INC. 2015. All Rights Reserved	 

    	 

    

 

	Omagine Plot, Muscat, Oman	23 June 2015

 

Contents

 

	1	 	Terms of Engagement	 	 	3	 
	1.1	 	Instruction 	 	 	3	 
	1.2	 	Purpose of Valuation	 	 	3	 
	1.3	 	Liability	 	 	3	 
	1.4	 	Confidentiality and Publication	 	 	3	 
	1.5	 	Information Relied Upon	 	 	3	 
	1.6	 	Valuation Standards	 	 	3	 
	1.7	 	Basis of Valuation	 	 	4	 
	1.8	 	Special Assumption 	 	 	4	 
	1.9	 	Conflict of Interest	 	 	4	 
	1.10	 	Previous Involvement	 	 	4	 
	1.11	 	Status of Valuer	 	 	4	 
	1.12	 	Date of Valuation 	 	 	5	 
	1.13	 	Inspection 	 	 	5	 
	 	 	 	 	 	 	 
	2	 	Property Description 	 	 	6	 
	2.1	 	Location	 	 	6	 
	2.2	 	Property Description 	 	 	7	 
	2.3	 	Master Plan Description	 	 	8	 
	2.4	 	Surrounding Context and Attributes	 	 	13	 
	2.5	 	Accessibility and Visibility	 	 	14	 
	2.6	 	Proximity to Demand Generators	 	 	14	 
	2.7	 	Site SWOT Analysis	 	 	14	 
	 	 	 	 	 	 	 
	3	 	Legal Commentary	 	 	15	 
	3.1	 	Nature and Sources of Information Relied Upon	 	 	15	 
	3.2	 	Title and Tenure	 	 	15	 
	3.3	 	Development Agreement	 	 	16	 
	3.4	 	Infrastructure Timeframe and Obligations	 	 	17	 
	3.5	 	Private Sector Public Infrastructure and Utilities (PSPIU)	 	 	23	 
	3.6	 	Freehold Acquisition Plan	 	 	25	 
	3.7	 	Time Chart of Key Milestone within the Development Agreement	 	 	28	 
	3.8	 	Client Timetable for Project Implementation	 	 	29	 
	 	 	 	 	 	 	 
	4	 	Country and City Overview	 	 	30	 
	4.1	 	Country Overview	 	 	30	 
	4.2	 	Muscat Real Estate Market Overview	 	 	40	 
	 	 	 	 	 	 	 
	5	 	Valuation Methodology	 	 	50	 
	5.1	 	Master Plans and Development Plans	 	 	50	 
	5.2	 	Valuation Method	 	 	50	 
	 	 	 	 	 	 	 
	6	 	Income Approach	 	 	51	 
	6.1	 	Valuation Rationale - Revenue	 	 	51	 
	6.2	 	Development Phasing	 	 	51	 
	6.3	 	Landmark Plot No.1 - Revenue	 	 	53	 
	6.4	 	Hotel Revenue Assumptions	 	 	55	 
	6.5	 	Marina Revenue	 	 	57	 

 

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	Omagine Plot, Muscat, Oman	23 June 2015

  

	6.6	 	Residential Component	 	 	57	 
	6.7	 	Office Component	 	 	60	 
	6.8	 	Retail Component	 	 	61	 
	6.9	 	Sales Escalation	 	 	62	 
	6.10	 	Sales Revenue Collection Profile	 	 	62	 
	6.11	 	Gross Project Revenue	 	 	62	 
	6.12	 	Administration and Legal, Marketing and Sales Commission	 	 	62	 
	6.13	 	Usufruct Land Purchase Cost	 	 	63	 
	6.14	 	Net Project Revenue	 	 	63	 
	6.15	 	Development Costs	 	 	63	 
	6.16	 	Usufruct Rent	 	 	65	 
	6.17	 	Project Discount Rate/Target Project IRR	 	 	65	 
	6.18	 	Residual Land Valuation Summary	 	 	65	 
	 	 	 	 	 	 	 
	7	 	Land Market Commentary	 	 	67	 
	7.1	 	Comparable Land Transactions	 	 	67	 
	7.2	 	Large Comparable Asking Prices in Oman	 	 	68	 
	7.3	 	Conclusion	 	 	69	 
	 	 	 	 	 	 	 
	8	 	Fair Value Commentary	 	 	70	 
	 	 	 	 	 	 	 
	9	 	Fair Value	 	 	71	 
	9.1	 	Opinion of Fair Value	 	 	71	 
	9.2	 	Principal Risks	 	 	71	 
	9.3	 	Saleability of the Asset	 	 	72	 
	9.4	 	Confidentiality and Publication	 	 	72	 
	 	 	 	 	 	 	 
	10	 	Assumptions and Caveats Relative to Valuation	 	 	74	 
	10.1	 	General	 	 	74	 
	10.2	 	Title and Ownership	 	 	74	 
	10.3	 	Condition and Compliance of Land	 	 	74	 
	 	 	 	 	 	 	 
	Appendix A: General Principles Adopted in the Preparations
    of Valuations and Reports	 	 	76	 
	 	 	 	 	 
	Appendix B: Interpretative Commentary of Fair Value	 	 	78	 
	 	 	 	 	 
	Appendix C: Photographs	 	 	79	 
	 	 	 	 	 
	Appendix D: Initial Master Plan with Phasing	 	 	81	 
	 	 	 	 	 
	Appendix E: Integrated Tourism Complex Licence	 	 	82	 
	 	 	 	 	 
	Appendix F: Omagine Marina Configuration	 	 	83	 
	 	 	 	 	 
	Appendix G: Krooki	 	 	84	 
	 	 	 	 	 
	Appendix H: Estate Master DF Summary Sheet	 	 	85	 

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

	1	Terms of
    Engagement

 

	1.1	Instruction

 

We
refer to the instructions received from Omagine LLC (“Omagine”/“Client”/“you”) requesting
Jones Lang LaSalle UAE Limited (Dubai Branch) (“JLL”/“we”/“our”) to provide our opinion of
the Fair Value of the Usufruct Right over development land known as: 

 

	 	●	Omagine Project,
    Muscat, Oman.

 

Hereinafter
referred to as the “Subject Property”. 

 

	1.2	Purpose
    of Valuation

 

Our
valuation is provided for internal financial reporting purposes only. You have informed us that your financial statements are
prepared in accordance with International Financial Reporting Standards (IFRS).

 

	1.3	Liability

 

Our
liability is to our Client only and limited in aggregate to the fee for this assignment. This liability proviso does not apply
with respect to ‘Clients Information’ as such information is considered the responsibility of the Client.

 

	1.4	Confidentiality
    and Publication

 

This
report is confidential to Omagine LLC only, for the specific purpose to which it refers. No responsibility whatsoever is accepted
to any third party and neither the whole of the report, nor any part, nor references thereto, may be published in any document,
statement or circular, nor in any communication with third parties without our prior written approval of the form and context
in which it will appear.

 

RICS
Valuation Standards require us to draw your attention to the possibility that this valuation may be investigated by the RICS for
the purposes of ensuring compliance with the Standards. Should this occur it will be done with strict confidentiality by the RICS.

 

	1.5	Information
    Relied Upon

 

We
have relied extensively on information provided during discussions and in hardcopy by Omagine LLC which include master plan details,
the Development Agreement dated 02 October 2014 (including an unsigned copy of the Usufruct Agreement), areas, project status
and construction costs. Whilst we believe that the data collected is accurate and reliable, JLL has not, as part of the valuation,
performed an independent audit or review of the information gathered and does not express an opinion or any other form of assurance
on the accuracy of such information. No responsibility is assumed for errors or omissions, or for information not disclosed which
might otherwise affect the valuation.

 

	1.6	Valuation
    Standards

 

Our
valuation has been undertaken in accordance with the RICS Valuation – Professional Standards (January 2014) (“Standards”)
which comply with the International Valuation Standards.

 

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	Omagine Plot, Muscat, Oman	23 June 2015

  

	1.7	Basis of Valuation

 

In accordance with IFRS 13 we have reported our opinion of
the Fair Value of the Subject Property, defined as follows:

 

“The price that would be received to sell an asset
or paid to transfer a liability in an orderly transaction between market participants at the measurement date.”

 

The references in IFRS 13 to market participants and a sale
make it clear that for most practical purposes the concept of Fair Value is consistent with that of Market Value, and so there
would be no difference between them in terms of the valuation figure reported.

 

No allowance has been made in our valuation for expenses
relating to realising the value of the Subject Property or for taxation which might arise in the event of its disposal.

 

	1.8	Special Assumption

 

We have been
instructed to provide our opinion of Fair Value based on a Special Assumption as detailed below: 

 

	 	● 	We are informed that although the Usufruct Agreement has been agreed as an attachment to the Development Agreement, the Usufruct Agreement is yet to be separately officially signed by the Omani Government. We have been informed by the Client that communication has been received from the Minister of Tourism that the official signature will be provided in the short term. We have therefore provided our opinion of Fair Value based on the Special Assumption that this agreement is officially signed.

 

	1.9	Conflict of Interest

 

We are not aware of a conflict of interest that would prevent
us from reporting our honest and objective opinion of the value of the Subject Property.

 

	1.10	Previous Involvement

 

We have not previously
valued the Subject Property and are not aware of any existing or potential conflicts of interest, either on the part of JLL or
the individual members of the Valuation team to be assigned to this project, which would prevent us from providing an independent
and objective opinion of value of the Subject Property.

 

	1.11	Status of Valuer

 

We have acted as an
External Valuer, defined by the Standards as:

 

“A valuer who, together with any associates, has
no material links with the client, an agent acting on behalf of the client or the subject of the assignment.”

 

This report has been prepared by Youcef Elhachemi
MRICS, Associate and Miles Walby, Assistant Valuer and Faizan Ahmed, Assistant Valuer under the supervision of Simon Brand FRICS,
Head of Valuation Advisory MENA. A review has been conducted by Alan Robertson FRICS CEO, JLL MENA. We have the knowledge, skills
and understanding required to undertake the valuation competently.

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

	1.12	Date of Valuation

 

The date of our valuation is 31 December 2014. 

 

	1.13	Inspection

 

The Subject Property was inspected on 09 February
2015 by Youcef Elhachemi MRICS and Miles Walby. Our inspection was conducted on a visual basis only.

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

	2	Property Description

 

	2.1	Location

 

The Property is situated in North Hail Awamer within the
Al Seeb area of Muscat, Oman. The Property borders The Wave development to the East, vacant land to the West, the Gulf of Oman
Sea to the North and the “Seeb Coastal Road”/”Main Road” to the South, which separates the Property
from the Al Mawallih North residential area.

 

Macro
Location 

Source: Google
Earth

 

Micro
Location

 Source: Google Earth 

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

	2.2	Property Description

 

The Subject Property
consists of a 1,000,000 sq m land plot. The plot is irregular in shape and has a flat gradient but uneven topography. There has
been excavation around the site boundary which has created a raised mound along most of the site’s perimeter. The site is
covered in indigenous succulent groundcover with native trees and was inhabited by camels at the date of inspection. The Property
also has several fishing buildings with boats moored on the beach in front of them on the northern boundary. There is a minor road
that intersects the west of the Property that is known as the “Cornish Road”. This area is known to flood regularly.

 

Photographs
of the Property

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

	2.3	Master Plan
    Description

 

	2.3.1	Overview

 

Introduction

 

The
Government of the Sultanate of Oman has created, and is progressively implementing, Vision 2020. This is an integrated strategy
for economic diversification, aimed at securing sustainable future economic growth for the Sultanate of Oman. This growth is to
be achieved by leveraging current revenues from finite oil and gas reserves, to drive investment in essential infrastructure.
In turn, this will support the development of value added, service based industries in Oman. A key focus is the development of
the tourism and hospitality industry sector.

 

Large
scale developments like the Omagine Project are being designed and implemented in support of this government imperative. We have
been provided with Omagine’s Initial Master Plan for the Subject Property as agreed under the Development Agreement (Section
3.3).

 

The
Pearls

 

Omagine‘s
Master Plan is centred around the “Pearls” which are to be placed along the boardwalk surrounding the marina. Omagine‘s
Pearls will be iconic architectural forms housing entertaining tourism visitor experiences. The visitor experiences must align
with Omagine’s strategic vision of:

 

	 	●	Providing entertainment with a purpose as a part of a uniquely spectacular tourist experience;

  

	 	●	Inspiring all visitors, especially youth to let their imaginations soar;

 

	 	●	Transferring accurate knowledge and information in a subtle and entertaining
fashion;

 

	 	●	Sparking the visitors imagination and confidence in their own personal
potential;

 

	 	●	Aligning with the Sultanate’s objectives for promoting human capacity
building in support of ongoing Government economic and industrial planning efforts;

 

	 	●	Maintaining the Sultanate’s culture and rich biodiversity;

 

	 	●	Enjoying the entertainment experience.

 

The
entertainment content and visitor experiences of the Pearls will be specifically designed to provide “entertainment with
a purpose”. The focus is on “high culture”, science, history and the arts not just “pop culture”
although popular culture will not be held in disdain. The journey through, around and among the Pearls tells the stories of Oman,
Culture, Innovation, Energy, Sea, Earth and Sky. The stories will be told in inspiring, illuminating and exhilarating ways by
means of the Pearl entertainment content and visitor experiences. The primary focus of the visitor experiences is entertainment
but no visitor experience is to be designed unless it is in alignment with the several objectives stated above.

 

The
seven pearls will provide the following experiences:

 

	 	1.	Oman Pearl

 

	 	●	Using the latest high definition projection and IMAX technologies Oman’s
coastline, mountains, seas and changing
topography is revealed.

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

	 	●	An
interactive sports and activity centre will provide young and old with the opportunity to take part in “virtual” extreme
sports in perfect safety.

 

	 	●	An
    Omani heritage centre providing music, dance, historical data and stories via cinema, exhibits and interactive media from
    around Oman.

 

	 	●	A
    musically guided adventure journey up close and personal (possibly with indigenous animals including the Arabian Oryx, the
    turtles of Ras AlHad and the famous Arabian Horses of Oman).

 

	 	2.	Culture Pearl

 

	 	●	Visitors
    take a ride-based journey that explores the origins of civilization in Mesopotamia, the flowering of Arabian culture and the
    transmission to the West by great Arab scholars of the ancient wisdom of Greece.

 

	 	●	Around
    a central stage used for international music performances, fashion shows and other diverting entertainment, visitors relax
    while enjoying a variety of foods from around the world.

 

	 	●	A
    multipurpose gallery space provides changing exhibitions of works. An adjacent space provides virtual access to the great
    museums and galleries of the world.

 

	 	●	A
    media resource centre provides a space for visitors to explore their own creative abilities in a relaxed and entertaining
    way.

 

	 	●	A
    centre of modern Arabian Culture provides music, dance and cinema from around the Arabian world.

 

	 	3.	Innovation Pearl

 

	 	●	Visitors
    enter a ‘time machine’ which is a large motion simulator with projection windows looking out on the places it
    visits.

 

	 	●	On
    leaving the time machine visitors then enter an interactive demonstration area where “Omagineers” assist them
    to explore the latest innovations and access information about scientific activity today. The area will include demonstrations
    and exhibits relevant to school curricula.

 

	 	●	Using
    actors, interactive media, computer generated graphics and simulator technology, visitors to Omagine’s Innovation Pearl
    have the opportunity to see, meet and talk with a number people of the past.

 

	 	●	The
    Innovation Pearl will personalise the experiences for visitors by allowing them to access a range of animations, simulations,
    games and tests via smart cards.

 

	 	4.	Energy Pearl

 

	 	●	Visitors
    will be slowly spun in their seats as they revolve around a stage viewing unique shows projected onto the inner shell of the
    Energy Pearl.

 

	 	●	Visitors
    may interact with the Energy Pearls’ “Omagineers” (or virtually with cutting edge engineers and scientists).

 

	 	●	An
    entertaining sports and health café provides a nonthreatening atmosphere to transmit the most current scientific nutrition
    advice and best practices.

 

	 	●	Futuristic movement
    based and virtual experiences will allow visitors to explore space.

 

	 	5.	Sea Pearl

 

	 	●	In
    a unique experience with 4D seating fitted with aquatic tubes, visitors revolve around and/or through a semi darkened aquarium
    as barracuda, colourful fish and sea life swim through the audience via the lighted aquatic tubes.

 

	 	●	Visitors will
    partake in experiences – both live and via interactive multimedia technology.

 

	 	●	Seated
    in a motion based dhow in the centre of a 360 degree projection theatre, visitors will explore the oceans as some of the great
    Arabian and other maritime explorers narrate the journey.

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

	 	●	An
entertaining and interactive centre offering fun packed water rides and experiences (possibly swimming with the dolphins).

 

	 	●	Using
    simulators visitors pass through a “virtual” ocean of marine wonders, navigate the Gulf of Oman or steer a ship
    to the ports of Muscat, Sohar or Salalah.

 

	 	●	From
    viewing platforms visitors may explore the origin and evolution of life in the sea and the societal and economic benefits
    mankind derives from the seas.

 

	 	6.	Earth Pearl

 

	 	●	Visitors to the
    Earth Pearl will experience motion based theatre.

 

	 	●	Up-close
    encounters with some of the strangest animals and most beautiful plants from around the world will delight visitors.

 

	 	●	Selecting
    from an interactive database visitors can choose virtual visits to any of the world’s landmarks.

 

	 	●	Amusing
    multimedia display presentations will invite visitors to interact with the world’s weather systems, population shifts
    and topographical features.

 

	 	●	Engaging exhibitions
    and interactive activities demonstrate for visitors:

 

	 	7.	Sky Pearl

 

	 	●	Visitors will
    experience a seated planetarium.

 

	 	●	Using
    simulation technology visitors will walk on the moon with Farouk El Baz (an Egyptian space scientist who worked with NASA)
    and fly to the stars with Al Adrisi.

 

	 	●	As
    their seats ascend through the retracting roof, visitors get a unique view of the Gulf of Oman. After the “flight”
    arrives an “Omagineer” receptionist takes them on a tour of the hotel during which, through a huge observation
    window in the Space Hotel’s reception area, visitors enjoy a stunning view of earth from space. They visit high-tech
    luxury rooms, dining areas, space gyms, leisure areas and shops. Each room has windows looking out into space. Visitors might
    also be taken to a Space Port where simulator pods take them on short rides into space.

 

	 	●	In
    another area of the Sky Pearl, accessible either through the Space Hotel or separately, visitors may design their own space
    cities of the future.

 

	 	●	Nearby
    at the Sky Pearl’s live bird sanctuary, a variety of live performers, multimedia experiences and “Omagineers”
    are available to guide visitors as they interact with various birds.

 

	 	●	Simulated
    flights, powerful interactive technologies and space telescopes allow visitors to explore the universe’s lights, radio
    waves and radiations.

 

The
image below provides an impression of the boardwalk area with the Pearls on completion:

 

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

The Initial Master Plan Design

 

The Initial
Master Plan, which has been granted with an Integrated Tourism Complex Licence allowing for unrestricted freehold land and built
property sales, includes the following:

 

	 	●	Hotels and Chalets:
	 	 	 	 	 
	 	 	 	■	One 5 Star Hotel - 280 keys;
	 	 	 	 	 
	 	 	 	■	Two 4 Star Hotels – 280 keys each;
	 	 	 	 	 
	 	 	 	■	Serviced Chalets – 600 units.
	 	 	 	 	 
	 	●	Rental Property:
	 	 	 	 	 
	 	 	 	■	Office space – 46,468 sq m of Leasable Area;
	 	 	 	 	 
	 	 	 	■	High end retail – 6,620 sq m of Leasable Area;
	 	 	 	 	 
	 	 	 	■	Serviced Apartments – 79,115 sq m of Leasable Area.
	 	 	 	 	 
	 	●	Landmark (Plot 1):
	 	 	 	 	 
	 	 	 	■	Theme park 19,800 sq m of Gross Floor Area;
	 	 	 	 	 
	 	 	 	■	Retail – 40,849 sq m of Leasable Area;
	 	 	 	 	 
	 	 	 	■	Cafes – 2,035 sq m of Leasable Area;
	 	 	 	 	 
	 	 	 	■	Movie Theatre – 3,895 sq m of Leasable Area.
	 	 	 	 	 
	 	●	Residential:
	 	 	 
	 	 	 	■	Villas – 294 units;
	 	 	 	 	 
	 	 	 	■	Townhouses
    – 210 units;
	 	 	 	 	 
	 	 	 	■	Apartments – 1,660 units.

 

The land areas
for the foregoing can be found in the table below:

 

	 	Parcel No.	 	Item	 	Parcel Area (Sq M)	 	Permissible BUA (Sq M)	 	FAR
	 	1	 	Landmark	 	88,918	 	123,133	 	1.38
	 	2	 	5 Star Hotel - Balcon	 	116,800	 	86,885	 	0.74
	 	3	 	4 Star Hotel - Theatre	 	8,054	 	24,970	 	3.10
	 	4	 	Serviced Apartments	 	17,937	 	79,115	 	4.41
	 	5	 	4 Star Hotel - Marina	 	33,717	 	24,970	 	0.74
	 	6	 	Apartments	 	24,369	 	75,049	 	3.08
	 	7	 	Apartments	 	4,071	 	13,503	 	3.32
	 	8	 	Apartments	 	5,910	 	28,020	 	4.74
	 	9	 	Apartments	 	6,499	 	34,836	 	5.36
	 	10	 	High End Souk	 	13,859	 	6,620	 	0.48
	 	11	 	Tower 3 - Marina	 	3,623	 	300	 	0.08
	 	12	 	Marina Operations	 	11,807	 	1,179	 	0.10
	 	13	 	Apartments	 	13,700	 	42,685	 	3.12
	 	14	 	Apartments	 	13,884	 	40,607	 	2.92
	 	15	 	Apartments	 	8,946	 	18,519	 	2.07
	 	16	 	Market	 	4,350	 	1,318	 	0.30
	 	17	 	Parking Structure	 	11,115	 	69,781	 	6.28
	 	18	 	Omagine Operations	 	21,193	 	4,385	 	0.21
	 	19	 	Apartments	 	7,494	 	31,278	 	4.17
	 	20	 	Apartments	 	15,268	 	44,877	 	2.94
	 	21	 	Welcome Centre	 	4,175	 	100	 	0.02
	 	22	 	Apartments	 	12,875	 	29,892	 	2.32

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

	 	Parcel No.	 	Item	 	Parcel Area (Sq M)	 	Permissible BUA (Sq M)	 	FAR
	 	23	 	Apartments	 	13,585	 	32,970	 	2.43
	 	24	 	Apartments	 	4,798	 	12,414	 	2.59
	 	25	 	Mosque	 	1,890	 	2,000	 	1.06
	 	26	 	Townhouses	 	26,890	 	29,892	 	2.32
	 	27	 	Townhouses	 	14,879	 	32,970	 	2.43
	 	28	 	Townhouses	 	9,501	 	12,414	 	2.59
	 	29	 	Office	 	10,988	 	11,617	 	1.06
	 	30	 	Office	 	11,098	 	11,617	 	1.05
	 	31	 	Office	 	10,993	 	11,617	 	1.06
	 	32	 	Office	 	14,098	 	11,617	 	0.82
	 	33	 	Clubhouse	 	18,865	 	278 	 	0.01
	 	34	 	 Residential Freehold	 	 235,986	 	222,920	 	 0.94
	 	Total (including community areas)	 	1,105,483	 	1,148,163	 	1.04

 

Coverage
of the development on the site is not to exceed 30% of the Existing Land, of which a maximum of 50% of the Development shall be
for non-tourism purposes and the balance of the Development is to be for Tourism purposes. The design and layout is shown in the
map below (which correlates with the table above):

 

Source: Omagine LLC

 

We
have been informed that the additional strip of land on the North West boundary of the site, as added under the revised krooki
attached at Appendix G, is undevelopable.

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

Land Areas

 

The Initial
Master Plan design incorporates reclaimed land from the sea bed as well as existing land used for the Marina and Lagoon. The adjusted
land area has been calculated below:

 

	 	Item	 	Area (Sq M)	 
	 	Existing Land Area (Krooki)	 	 	1,000,000	 
	 	Additional Reclaimed Land and Sea Bed	 	 	277,427	 
	 	Proposed Land and Sea Bed Area	 	 	1,277,427	 
	 	Existing Land Used for the Canals and Waterways	 	 	(171,944	)
	 	Net Land Area	 	 	1,105,483	 

  

The additional
reclaimed land is expected to extend 130m out from the shoreline at its furthest point. The existing land area which currently
exists but is proposed to be excavated and created into a canal is 171,994 sq m.

 

	2.3.2	Community Development
    Plan 

Community Facilities

 

The
Development Agreement emphasises the construction of community facilities in the Master Plan, which are as listed below:

 

	 	1.	Retail outlets; stores and marketplace
	 	2.	Restaurants; kiosks
	 	3.	Entertainment venues; amphitheatre
	 	4.	Marina
	 	5.	Pearl buildings and exhibitions
	 	6.	Open areas
	 	7.	Beaches
	 	8.	Boardwalk
	 	9.	Roads and pathways within the Initial Master Plan
	 	10.	Perimeter Landscaped Area
	 	11.	Marine structures
	 	12.	Created waterways
	 	13.	Parks and gardens
	 	14.	Utility services and drainage
	 	15.	Parking areas

 

Infrastructure

 

All infrastructure,
including roadways, sewage, water, telephone and electricity, within the Inner Boundary (refer to Section 3.4) will be provided
at the expense of the Client. The Government of Oman has agreed to connect current off-site infrastructure to the relevant connection
points along the Inner Boundary within a timeframe agreed in the Development Agreement and this will be at the expense of the
Government.

 

	2.4	Surrounding Context and Attributes

 

The
Property is situated in the North Hail Awamer area of Al Seeb. This area, which is a mainly zoned for residential villas, is to
the West of Muscat and approximately 9.3 km from Muscat International Airport. The largest developments in the area include The
Wave and Muscat International Airport Expansion. We understand that land within this is area is mainly owned by the Government
of Oman.

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

	2.5	Accessibility and Visibility

 

The Property
is accessible via Seeb Coastal Road known as “The Main Road” bearing off west from 18th of November Street.
The Property is clearly visible from The Main Road. There are two further service roads, one at the western boundary known as
the Cornish Road and the other at the eastern boundary, an unnamed road.

 

	2.6	Proximity to Demand Generators

 

The
main demand generators close to the Property can be seen in the table below:

 

	 	Demand Generator	 	Proximity to the Property (km)	 	Direction
	 	The Wave Development	 	0.8	 	West
	 	Markaz Al Baja Mall	 	1.7	 	Southwest
	 	Muscat City Centre Mall	 	3.3	 	Southwest
	 	Muscat International Airport (Old and New)	 	9.3	 	Southeast
	 	Al Sahwa Park	 	4.1	 	Southwest
	 	Muscat Hills	 	7.9	 	Southeast

  

	2.7	Site SWOT Analysis

 

	 	Strength	 	Weakness
	 	●	The
    Development Agreement provides the “Client” with an income tax free period until 2019; with the option to renew
    for another 5 years;	 	●	The
    Property is subject to a Usufruct Agreement which on expiry reverts all land and unsold assets related to the land back to
    the Government on Oman;
	 	 	 	 	 	 
	 	●
    	Unrestricted
    freehold title for internal land plots once servicing has been provided and for built property;	 	●
    	The
    Property is subject to a Development Agreement (DA) which has a construction time limit and minimum build obligations;
	 	 	 	 	 	 
	 	●
    	The
    freehold title of completed developments on the Property can be sold to international purchasers which grants them a residence
    visa for the duration of their ownership (see Section 4.1.7);	 	●
    	As
    part of the DA, a fee is payable by the potential purchaser of OMR 25/sq m of land area within the development with a 6% price
    escalation per annum. 
	 	 	 	 	 	 
	 	●	Location
    adjacent to large scale new developments such as The Wave and Airport.	 	 	This
    is to be paid to the Ministry of Tourism on transfer of title to a third party.

 

	 	Opportunity	 	Threat
	 	●	Large
    plot to create iconic development along the sea front;	 	●	Competition
    from other ITCs;
	 	 	 	 	 	 
	 	●	Emerging
    area of Muscat;	 	●	Reliant
    on an economy that is heavily dependent on oil
    prices;
	 			 	 	
	 	●	Changes
    to Omani Law is likely to have a positive effect on investor sentiment in Oman;	 	●	Delays
    of the Minimum Build Obligations over the deadline will incur a weekly delay penalty charge of OMR
    30,000.
	 	 	 	 	 	 
	 	●	Government
    promotion of Tourism as part of their overall plan to diversify the Omani economy.	 	 	

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

	3	Legal Commentary

 

	3.1	Nature and Sources of Information Relied Upon

 

We
have been provided with the following documentation by the Client which we have relied upon as being accurate:

 

	 	●	Development Agreement, including:

 

	 	●	Usufruct Agreement;
	 	 	 
	 	●	Initial Master Plan details;
	 	 	 
	 	●	Integrated Tourism Complex Licence;
	 	 	 
	 	●	Krooki, Layout Plan and Project Boundary;
	 	 	 
	 	●	Site plan including reclamation area;
	 	 	 
	 	●	Marina Configuration Plan.

 

	 	●	Project construction costs;
	 	 	 
	 	●	Operational costs and forecast income from proposed property operations.

 

	3.2	Title and Tenure

 

We have
been provided with a copy of the Development Agreement signed by the Client (Omagine LLC) and The Government of the Sultanate
of Oman as represented by the Ministry of Tourism on 2 October 2014. Within this document reference is made to a Usufruct Agreement
which grants Omagine LLC the right and obligation to develop the Omagine Project. We are informed that although the Usufruct Agreement
has been agreed as an attachment to the Development Agreement the Usufruct Agreement is yet to be officially signed by the Omani
Government. We have been informed by the Client that communication has been received from the Minister of Tourism that the official
signature will be provided in the following couple of weeks. We have therefore provided our opinion of Fair Value based on the
Special Assumption that this agreement is officially signed.

 

A copy of
the title deed included in the Development Agreement provided to us states that the freehold title is held by the Government of
the Sultanate of Oman. We have not been provided the actual title deed and have assumed that the Omani Government has the right
to grant Omagine LLC with a Usufruct Right over the Subject Property and on commencement of the development project the Government
of the Sultanate of Oman will grant Omagine LLC the freehold title of any sub-divided land parcels and or units proposed for development.
The Development Agreement states that the Subject Property will be provided to Omagine LLC free of any third party interests.

 

Further
details regarding the Usufruct Agreement that forms part of the Development Agreement are summarised in the table below:

 

	 	Usufruct
    Agreement (UA) Summary
	 	 
	 	Dated	August
    2014 but yet to be signed by The Government of the Sultanate of Oman.
	 	 	 
	 	First
    Party	The
    Government Of The Sultanate Of Oman as represented by the Ministry of Tourism (“Government”)
	 	 	 
	 	Second
    Party	Omagine
    LLC
	 	 	 
	 	Term	50
    Years (renewable subject to a written agreement between the parties)

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

	 	Usufruct Agreement (UA) Summary
	 	 
	 	Rent
    Free	5
    Years
	 	 	 
	 	Usufruct
    

Rent/Fee	The
    fee shall be equal to three hundred Baisa (RO 0.300) per square meter. This fee shall be multiplied by the total number of
    square meters of Reclaimed Land and Existing Land that is in existence and constituting Rentable area. This will be calculated
    on 31st December of each year after the Effective Date. Omagine will incur 5 years of rent free after the Effective
    Date, after which the Usufruct Fee will be due annually until expiry of the agreement.

 

	 	Usufruct	 	●	On
    the Effective Date (date on which clause 2 has been satisfied) the parties shall enter into the Usufruct Agreement;
	 	Agreement 	 	●	Upon
    expiry of the Usufruct Agreement, all rights to and over the land shall revert to the Government;
	 	(UA)	 	●	The DA shall prevail should there be any inconsistency
        between the DA and UA;

        The UA shall survive the Term.

	 	 	 	 	 
	 	Rights
    of UA	 	●	The
right to use, design, plan, construct and Develop the Existing Land;

	 	 	 	●	Subject
    to Approvals and EIAs, the right to design, plan, construct, build, create, operate, manage, own and control the Created Waterways;
	 	 	 	●	The
    right to charge fees or service charges appropriate for the purpose of upkeep, maintenance, operation and management of the
    Development;
	 	 	 	●	The
    right to connect, have access to, use and utilise government infrastructure;
	 	 	 	●	The
    right to impose and to procure compliance with the Standards, the Final Master Plan, the Development Control Plan and timeframes
    set forth within Schedule 7 with the Project Area;
	 	 	 	●	The
    right to use and manage the Sea Area within the area of a marina;
	 	 	 	●	The
    right to do all such things that are necessary so as to create one or more plots and to subdivide any part or all of the Project
    Area;
	 	 	 	●	The
    right to sell, lease, mortgage, utilise or undertake dealings in respect of Units, Plots or any part of the Project Area including
    buildings;
	 	 	 	●	The
    right to grant exclusive and non-exclusive commercial licences;
	 	 	 	●	The
    exclusive right to levy such fees on Third Party Purchasers who are granted rights of usage, usufruct or any sort of occupation;
	 	 	 	●	The
    right to create an encumbrance by way of Security Interest for the purpose of securing finance for the Project;
	 	 	 	●	The
    right, subject to Law, to use and/or reclaim such area of the Sea Bed and Sea Area as is necessary and to acquire the Usufruct
    Rights or Freehold Title to the Reclaimed Land, subject to Government approval;
	 	 	 	●	The
    right to develop, build and operate in the Project Area a sewage treatment plant;
	 	 	 	●	The
    right to dispose of waste in sites provided by the government;
	 	 	 	●	The
    right to access the Project Area and to grant access to third parties;
	 	 	 	●	The
    Project Company shall primarily operate and benefit from the Project through the sale and leasing of plots, buildings or units.
	 	 	 	●	If
    the Project Company shall affect any of the Customary Rights identified in a Government approved Social Impact Assessment
    for the Project Area, then the Project Company shall pay all such compensation as shall be required by Law.

 

	 	Transferability	As
    confirmed by Omagine’s legal advisor, the Usufruct Agreement is transferable in a market transaction as stated in the
    DA under in Clause 5. 

 

	3.3	Development
    Agreement

 

As
informed by the Client, Omagine LLC have a Development Agreement (which includes a Usufruct Agreement as detailed above) with
The Government of the Sultanate of Oman. A summary of this Agreement is detailed in the table below:

 

	 	Development
    Agreement (DA) Summary
	 	 
	 	Dated	02
    October 2014
	 	 	 
	 	Parties	The
    Government Of The Sultanate Of Oman as represented by the Ministry of Tourism (“Government”)
	 	 	 
	 	 	OMAGINE
    LLC, the “Project Company”

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

Development Agreement (DA) Summary

 

	 	Objectives	 	1.	To
    promote the development of hotel and tourism facilities in the Sultanate of Oman;      
	 	 	 	2.	To
    utilise the specialised knowledge of, and experience and expertise in the development and related facilities of the Project;
	 	 	 	3.	Designate
    the Project as an Integrated Tourism Project;
	 	 	 	4.	To
    complete the Project in accordance with the Development Agreement including the Minimum Building Obligations and grant the
    Project Company sufficient legal rights with respect to the Project Area.

 

	 	Term	20
    years with certain clauses surviving the term until expiry of the Usufruct Term

 

	 	Grants	The
    Ministry of Tourism grant Omagine Project the recipe of Integrated Tourism Complexes.

 

	 	Founder
    Shareholders	The Founder Shareholders of the Project Company are: 
	 	 	 
	 	 	 	●	Royal
    Court of Affairs
	 	 	 	●	Omagine
    Inc., Delaware USA corporation
	 	 	 	●	Journey
    of Light, Inc., a New York USA corporation
	 	 	 	●	Consolidated
    Contracting Company, SA., a Panamanian company
	 	 	 	●	Consolidated
    Contractors Co. Oman LLC, an Omani company

 

	 	Minimum
    Building Obligations (MBO)	 	1.	The
    seven sphere shaped Buildings, each approximately 20m in diameter and identified as item number 1 in the drawing of the
    Initial Master Plan in Schedule 6, defined as the “Pearls”;
	 		 	2.	Two
    hotel Buildings, one being a five star hotel and one being a four star hotel, and identified as item number 2 in the drawing
    of the Initial Master Plan in Schedule 6, defined as the “Hotels”;
	 	 	 	3.	Notwithstanding
    the definition in Clause 1, the MBO is comprised of and constitutes the Substantial Completion in accordance with the DCP
    and the requirements of this DA of the construction of (a) the seven Pearls and (b) one of the hotels;
	 	 	 	4.	The
    Project Company will keep the Government informed of the progress of the design and construction of the MBO via the MBO report
    to be delivered to the Government pursuant to Clause 7.1.3. 
	 	 	 	5.	The
    Parties agree that the Final Master Plan will be prepared by the Project Company and Approved by the Government pursuant to
    the provisions of the DCPF.

 
   

		Exemptions	The
    DA exempts Omagine LLC from Omani income taxes until 2020 (renewable in 2019 for another 5 years)

  

We
are aware that under Section 5.1.2 of the Development Agreement, an Environmental Impact Assessment is to be conducted on the
area of sea bed that will be affected by the reclamation works for the project. We have not been provided with any evidence of
this study and therefore have provided our opinion of Fair Value based on the Assumption that this will be conducted within the
short term, without affecting the project timeframe, and will not have a detrimental outcome to the project costs and timeframe.
We are informed that the costs related to this study have been included within the cost information provided to us by the Client
for the proposed project.

 

	3.4	Infrastructure
    Timeframe and Obligations

 

We
are aware that the Client will not bear any costs related to the design or provision of Government Infrastructure up to the Inner
Boundary, and including (a) the Water Utility Tie-ins for the potable water utility and (b) the Road Connection Points, all of
which the foregoing (a) and (b) are located on the Inner Boundary, or (c) the Roads, and all such costs shall be borne by the
Government.

 

The
Client shall not bear any costs with respect to the removal of any buildings or structures in existence in or upon the site as
of the execution date, and all such costs shall be borne by the Government.

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

Schedule
8 of the Development Agreement constitutes the minimum requirements for the Government Infrastructure. The locations and specifications
of the Roads and water utility are specified below, and have been agreed by the Ministry of Tourism (“MOT”), provided
that, the Client receives the Approval for the final locations and specifications of such Roads and water utility from the relevant
Government Authority. The Final Master Plan shall include at least the following with respect to the provision of such Government
Infrastructure:

 

With
respect to the Roads and water supply, the parties agree as follows:

 

	 	1.	The
Government will procure the construction of the:

 

		a.	Roads
                                         to the Road Connection Points and the Inner Boundary, and
	 	 	 
		b.	associated
                                         pedestrian walkways, curbs and reservations, ancillary hard and soft landscaping, signage
                                         and traffic management systems to the Inner Boundary (collectively, the “Road Elements”)
                                         which are to be procured and provided up to the Inner Boundary, plus the procurement,
                                         provision and construction of:
	 	 	 
		c.	the
                                         Water Utility Tie-ins, and
	 	 	 
		d.	all
                                         associated infrastructure either outside the Initial Master Plan or within the perimeter
                                         landscaped area.

 

	 	2.	The
    parties shall grant each other all access and other rights as may be reasonably required for the purposes of the Government’s
    construction, installation or delivery of the Roads, the Road Elements, the connection of the Roads at the Road Connection
    Points, and for the purpose of the Government’s connection of the water utility to each appropriate Water Utility Tie-in.
	 	 	 
	 	3.	The
    Government undertakes to Substantially Complete or procure the Substantial Completion of the construction of all:

  

	 	a.	Road
    Elements, and
	 	 	 
	 	b.	Roads
    up to each Road Connection Point and to the Inner Boundary not later than that date specified therefore in the tables below.

 

	 	4.	It
    is understood and agreed by the parties that:

 

	 	a.	The
    Government, at its cost and expense, will procure all property rights, easements or right-of-way necessary to build, install
    and deliver:

 

		i.	the
                                         Government Infrastructure and, if applicable, the Private Sector Public Infrastructure
                                         and Utilities and any infrastructure associated therewith over, under and/or through
                                         the perimeter landscaped area to the Inner Boundary, and
	 	 	 
		ii.	the
                                         Road Elements; and

 

	 	b.	the
    Government shall:

 

		i.	connect
                                         the Roads to the Main Road at the appropriate Road Connection Point, and
	 	 	 
		ii.	connect
                                         the potable water utility to the appropriate Water Utility Tie-ins at the appropriate
                                         Water Utility Delivery Points, and
	 	 	 
		iii.	deliver
                                         the potable water via the PC Distribution Network to the end users; and

	 	5.	In
    the event that the development of the Initial Master Plan exceeds the assumptions set out in the Development Agreement and
    as contained in the traffic impact assessment or the Final Master Plan, which extra development creates additional demand
    unable to be supplied from the Government Infrastructure constructed as required, the Government or the Private Sector Utility
    Companies shall, if requested by the Client and at the cost of the Client, carry out all works as are necessary to expand
    the Government Infrastructure or Private Sector Public Infrastructure and Utilities in so far as this is necessary to satisfy
    the additional demand.

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

Road Infrastructure

 

Those roads which
are to be constructed and maintained by the Government in accordance with the specifications set out in the table below are defined
as the “Roads”. Each of those points on the Inner Boundary identified below up to which the Government is to construct
the Roads is defined as a “Road Connection Point”.

 

The table below summaries
the specifications:

 

	 	Item	 	Description
	 	 	 	 
	 	Roads
    to be constructed up to the Inner Boundary:	 	The Roads shall be at least two lanes in either direction with the appropriate turning lanes, roundabouts, traffic signage and signals. The Roads are to be constructed from the Main Road to the Inner Boundary and through and upon the Perimeter Landscaped Area at the locations indicatively shown on the Roadways Infrastructure and Utilities drawing attached below and such Roads are to be connected to the four Road Connection Points and to the Inner Boundary at the locations shown indicatively on the Roadways Drawing. The Roads are to be constructed in accordance with the specifications contained in the Final Master Plan.
	 	 	 	 
	 	Timing for completion:	 	The Substantial Completion of the Roads will be required within
    eighteen months after the Effective Date.

 

The diagram below shows the extent of the road
infrastructure:

 

   

 

Source: Omagine LLC

 

Potable Water

 

Each of those points on the Inner Boundary as shown on
the diagram below, up to which (i) all the required Works for the water utility is to be constructed, and (ii) the water utility
is to be delivered by the Government, is defined as a “Water Utility Delivery Point” and the structure, interface and
related equipment to be provided by the Government at each Water Utility Delivery Point, necessary to connect the water utility
to the PC Distribution Network is defined as a “Water Utility Tie-in”.

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

The Government will procure the supply and delivery
of the potable water utility to the relevant Water Utility Delivery Point as set below.

 

	 	1.	The Government will:

 

		a.	procure and provide each Water Utility Tie-in for potable water that is required to connect the
potable water utility at each Water Utility Delivery Point, and
	 	 	 
		b.	design, build, install, test, maintain and connect each Water Utility Tie-in and the infrastructure
necessary to connect the potable water utility to the PC Distribution Network.

 

	 	2.	The Government shall, for the purposes of complying with its obligations with respect to the provision of the Government Infrastructure,
be granted free access to, and use of, the PC Distribution Network and the Government will procure that all quantities of water
consumed or utilised within the Initial Master Plan shall be delivered, collected or removed by underground route and sold and
billed directly by the Government to the end user.
	 	 	 
	 	3.	

The Client shall liaise closely with the
Government with regard to the Government’s design, schedule of work, completion and connection of each Water Utility
Tie-in at each Water Utility Delivery Point to ensure that such construction and connection takes place in accordance with
the relative specification set out in the Final Master Plan.

	 	 	 
	 	4.	The Government or the Government company
supplying potable water to the Initial Master Plan shall procure that the quantities of potable water delivered to end users
shall be determined on a monthly basis by a reading of the relevant meter.
	 	 	 
	 	5.	The Government undertakes to Substantially Complete
or procure the Substantial Completion of the construction of all pipes, trenches and other related
structures up to and including each Water Utility Delivery Point and to the Inner Boundary so that each Water Utility Tie-in has
been tested and commissioned and has the full capacity of potable water available for immediate use by end users not later than
the dates specified therefore in the table below.

 

	 	Item	 	Description
	 	 	 	 
	 	Infrastructure:	 	Underground potable water trunk mains connected to the appropriate connection points at
the relevant Water Utility Tie-ins with a capacity sufficient to supply not less than 8,200 cubic meters of potable water per
day to the Initial Master Plan at the minimum pressure and flow rates to suit the form of Development envisaged by the Development
Control Plan.
	 	 	 	 
	 	Points of construction

 and tie-ins	 	All potable water infrastructure is to be constructed up to the Inner Boundary. The Water Utility Tie-ins shall be situated and constructed at the Water Utility Delivery Points on the Inner Boundary and such points are indicatively marked A, B, and C on the preliminary Water, Communications, Electricity drawing below (the “WCE Drawing”) and their precise locations will be definitively shown in the Final Master Plan.
	 	 	 	 
	 	Timing	 	The supply of potable water shall be available commensurate
with the start of construction and shall be provided progressively at the volumes
requested from time to time by the Client to suit the rate of Development as determined from time to time by the Client. The table
below sets out the indicative timing required for the supply of such potable water which timing may be varied by the Client from
time to time by reasonable notice to the Government.

 

	 	 	Volume per day (m3)	 	 	Months	 	 
	 	 	 	902	 	 	 	4	 	 
	 	 	 	1,886	 	 	 	16	 	 
	 	 	 	4,674	 	 	 	32	 	 
	 	 	 	5,822	 	 	 	44	 	 
	 	 	 	6,724	 	 	 	51	 	 
	 	 	 	8,200	 	 	 	60	 	 

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

The
following diagram shows the extent of the infrastructure:

 

 Source: Omagine LLC

 

Sewage

 

The
table below shows the infrastructure specifications for sewage management:

 

	 	 	Treated	 	Raw
	 	Infrastructure	Underground
    Treated Sewage trunk mains connected to the appropriate connection points at the relevant Utility Tie-in with a capacity sufficient
    to convey not less than 1,050 cubic meters per day of Treated Sewage without surcharge, backup or overflow from the connection
    point at the relevant Utility Tie-in to the PC Distribution Network and adequate to convey the flow.	 	Underground
    Raw Sewage trunk mains will be constructed and connected by the relevant Private Sector Utility Company to the appropriate
    connection points at the relevant Utility Tie-in so that the Raw Sewage generated and conveyed via the PC Distribution Network
    to such Utility Tie-in, will be discharged into the relevant Private Sector Utility Company’s Raw Sewage collection
    system without surcharge, backup or overflow. The aforementioned underground Raw Sewage trunk mains will have the capacity
    to accept a minimum of 6,400 cubic meters per day of Raw Sewage from the Initial Master Plan.

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

	 	 	Treated	 	Raw
	 	Points
    of construction

 and tie-ins	All
                                         Treated Sewage infrastructure is to be constructed up to the Inner Boundary. The Utility
                                         Tie-ins for Treated Sewage shall be situated and constructed at the Utility Delivery
                                         Points on the Inner Boundary and are marked S1 and S2 on the preliminary sewage collection
                                         drawing below.

	 	All
                                         Raw Sewage infrastructure is to be constructed up to the Inner Boundary. The Utility
                                         Tie-ins for Raw Sewage shall be situated and constructed at the Utility Delivery Points
                                         on the Inner Boundary and are indicatively marked S1 and S2.

 

	 	Timing	The
        supply of Treated Sewage shall be available commensurate with the start of construction, and shall be provided progressively
        at the volumes requested from time to time by the Client to suit the rate of development. The figures below set out the
        indicative timing required for the supply of such Treated Sewage:
	 	The
    capacity for discharge of the Raw Sewage generated into the Private Sector Utility Company’s Raw Sewage collection system
    shall be available commensurate with the start of construction, and shall be provided progressively at the volumes requested
    by the Client to suit the rate of development. The figures below set out the indicative timing required for the supply of
    such Treated Sewage:

 

	 	Volume
    per day (m3)	 	 	Months	 	 	Volume
    per day (m3)	 	 	Months	 
	 	 	430	 	 	 	8	 	 	 	704	 	 	 	4	 
	 	 	750	 	 	 	20	 	 	 	2,048	 	 	 	18	 
	 	 	1,050	 	 	 	32	 	 	 	3,776	 	 	 	26	 
	 	 	 	 	 	 	 	 	 	 	5,248	 	 	 	32	 
	 	 	 	 	 	 	 	 	 	 	6,400	 	 	 	44	 

 

The diagram below shows the
extent of the Sewage Infrastructure:

 

 

 

Source: Omagine LLC

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

Electricity
and Telephone (ET)

 

The table below
shows the specification for the Electricity and Telephone Infrastructure:

 

	 	Item	 	Description
	 	 	 	 
	 	Infrastructure: 	 	Underground electrical cables connected to the appropriate Utility Tie-in with a capacity sufficient to supply not less than 56 megawatts demand and 537 megawatt-hours of electricity usage per day plus such other underground cables, wires and/or pipes or conduits as may be required for fibre optics, telephone and satellite communications’ lines in accordance with the specifications shown in the Approved PSPI&U Plan and Final Master Plan.
	 	 	 	 
	 	Points of construction and tie-ins 	 	All ET infrastructure is to be constructed up to the Inner Boundary. The two Utility Tie-ins for ET shall be situated and constructed (i) at the Utility Delivery Point on the Inner Boundary  indicatively marked as point A on the ET Drawing below, and (ii) at one other redundant Utility Delivery Point to be identified in the Final Master Plan and PSPI&U Plan.
	 	 	 	 
	 	Timing  	 	Supply of ET shall be available commensurate with the start of construction, and shall be provided progressively at the rates requested from time to time by the Client to suit the rate of Development as determined from time to time by the Client. The figures below show the timing required for the supply of the indicated megawatt hours per Day of electrical power, which timing may be varied by the Client from time to time by reasonable notice to the relevant Private Sector Utility Company.
	 	 	 	 

	 	 	Megawatt-hours per day	 	 	Months	 	 
	 	 	 	107	 	 	 	5	 	 
	 	 	 	322	 	 	 	15	 	 
	 	 	 	429	 	 	 	36	 	 
	 	 	 	510	 	 	 	44	 	 
	 	 	 	537	 	 	 	50	 	 

  

The diagram following the Portable
Water infrastructure specification also reflects the extent of the Electricity and Telephone infrastructure.

 

Please note, the timing, capacity requirements and
final design of the Government Infrastructure will be contained in the Final Master Plan. The parties agree that the Government
Infrastructure as approved shall meet at least the foregoing minimum requirements.

 

	3.5	Private Sector Public Infrastructure and Utilities (PSPIU)

 

The Client and each relevant
Private Sector Utility Company (“PSUC”) shall meet and agree on the final plan for PSPIU (the “PSPI&U Plan”).

 

The Client shall not bear any costs related to the
design or provision of the PSPIU up to Inner Boundary and including the Utility Delivery Points and Utility Tie-ins located on
the Inner Boundary, and all such costs shall be borne by the relevant PSUC.

 

We understand the
following has been agreed:

 

	 	1.	The relevant PSUC will procure the construction of the:

 

	 	a.	power supply, and

 

	 	b.	discharge of storm water and waste water services,

 

which are to be procured and provided up to the
Inner Boundary, plus the procurement, provision and construction of

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

	 	c.	all
    Utility Tie-ins, and
	 	 	 
	 	d. 	all
associated infrastructure either outside the Initial Master Plan or within the perimeter landscaped area, and associated with
any of the foregoing,

 

in
accordance with the requirements and specifications set out in the DA.

 

	 	2.	The
    Parties shall each grant to the other and to the relevant PSUC all access and other rights as may be reasonably required for
    the purposes of the relevant PSUC’s construction, installation or delivery of the PSPIU and for the purpose of its connection
    of the utilities to each appropriate Utility Tie-in.
	 	 	 
	 	3.	Except
    for the potable water utility which will be supplied by the Government, the relevant PSUC will procure the delivery of each
    utility to the relevant Utility Delivery Point as set forth in the DA.
	 	 	 
	 	4.	The
    relevant PSUC will:

		i.	procure
                                         and provide each Utility Tie-in that is required to connect to each of the utility services
                                         supplied at each relevant Utility Delivery Point, and
	 	 	 
		ii.	design,
                                         build, install, test, maintain and connect each such Utility Tie-in and the infrastructure
                                         necessary to connect each such utility to the PC Distribution Network

 

	 	5.	The
    relevant PSUC shall be granted free access to and use of the PC Distribution Network and will procure that all quantities
    of any utility consumed or utilised within the Initial Master Plan shall be delivered, collected or removed, as the case may
    be, by underground route and sold and billed directly by such PSUC to the end user.
	 	 	 
	 	6.	The
    Client shall liaise closely with the relevant PSUC with regard to such PSUC’s design, schedule of work, completion and
    connection of each Utility Tie-in at each Utility Delivery Point to ensure that such construction and connection takes place
    in accordance with the relative specification set out in the PSPI&U Plan and Final Master Plan.
	 	 	 
	 	7.	The
    relevant PSUC supplying any utility to the Initial Master Plan shall procure that the quantities of such  utility delivered
    to end users shall be determined on a monthly basis by a reading of the relevant end user’s metre.
	 	 	 
	 	8.	The
    relevant PSUC undertakes to substantially complete or procure the substantial completion of the construction of all pipes,
    cables and trenches and other related structures up to and including each Utility Delivery Point and to the Inner Boundary
    so that each Utility Tie-in has been tested and commissioned and has the full capacity of the relative utility available for
    immediate use by end users not later than the dates specified.
	 	 	 
	 	9.	It
    is understood and agreed that:

 

		a.	the
                                         Client shall not own the Private Sector Public Infrastructure and Utilities and that
                                         all Private Sector Public Infrastructure and Utilities shall remain the property of the
                                         relevant Private Sector Utility Company; and
	 	 	 
		b.	the
                                         Client shall never have any liability to any person resulting from or connected with
                                         the existence, use, maintenance or operation of the Private Sector Public Infrastructure
                                         and Utilities;
	 	 	 
		c.	except
                                         as otherwise stated herein, the relevant PSUC, at its cost and expense, will procure
                                         all property rights, easements or right-of-way necessary to build, install and deliver
                                         the Private Sector Public Infrastructure and Utilities and any infrastructure associated
                                         therewith over, under and/or through the perimeter landscaped area to the Inner Boundary;
                                         and
	 	 	 
		d.	the
                                         relevant PSUC shall:

 

	 	i.	connect
    the Private Sector Public Infrastructure and Utilities at the appropriate Utility Delivery Point to the appropriate Utility
    Tie-in, and

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

	 	ii.	deliver the utilities via the PC Distribution Network to the end users; and

 

	 	e.	In the event that the development of the Initial Master Plan exceeds the assumptions set out in the DA and as contained in the traffic impact assessment or the Final Master Plan, which extra development creates additional demand unable to be supplied from the Private Sector Public Infrastructure and Utilities constructed as required by Clause 9.2 and the DA, the Private Sector Utility Companies shall, at the request of the Client and at the cost of the Client, carry out all works as are necessary to expand the Private Sector Public Infrastructure and Utilities in so far as this is necessary to satisfy the additional demand.

 

	3.6	Freehold
    Acquisition Plan

 

	 	1.	Acquisition
    of Freehold Title

 

At
any time during the term of the Usufruct Agreement, the Client, Third Party Developers, Third Party Purchasers and their respective
Affiliates shall each have the right to acquire freehold title of any unit, plot or sub-plot of the Initial Master Plan from the
Government, subject to the Development Agreement.

 

	 	2.	The
    Client’s Acquisition of Freehold Title

 

In
the event that the Client wishes to acquire a Freehold Title, the parties shall proceed as follows:

 

	 	a.	The
    Client shall give a ninety (90) Days written notice (as per the attached form) to the Government Authorities of its intention
    to acquire the Freehold Title (“Notice of Intention to Purchase”).

 

	 	b.	The
    parties shall execute thereafter, but no later than ninety (90) Days from the date of delivery of the Notice of Intention
    to Purchase to the Government, a Freehold Sale and Purchase Agreement for the respective unit, plot or sub-plot of the Initial
    Master Plan (“Purchased Unit”), in the format as required by the Law.

 

	 	c.	The
    registration fee for the transfer of the Freehold Title to the Client shall be based on the Land Price.

 

	 	d.	Upon
    the transfer of the Land Price for the respective Purchased Unit and within ninety (90) Days from the Delivery date of the
    Request, the Government shall transfer the Freehold Title of the Purchaser’s Plot to the Purchaser; free from any other
    Third Party or Customary Rights and do all such things, registration acts and declarations as are necessary for such transfer
    to become effective as soon as practicably possible.

 

	 	3.	Affiliate’s
    acquisition of Freehold Title

 

In
the event that an Affiliate of the Client wishes to acquire a Freehold Title by way of assignment of the right to acquire Freehold
Title, the parties shall proceed as follows:

 

	 	a.	The
    conditions stated in Clauses 4 and 24 of the Development Agreement have been complied with.

 

	 	b.	The
    Client shall give a Notice of Intention to Purchase to the Government of its intention for an Affiliate of the Client to acquire
    the Freehold Title.

 

	 	c.	The
    Parties shall execute hereafter, but no later than ninety (90) Days from the date of delivery of the Notice of Intention to
    Purchase to the Government, a Freehold Sale and Purchase Agreement for the Purchased Unit, in the format as required by the
    Law.

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

	 	4.	Third
    Party Developer or Third Party Purchaser’s acquisition of Freehold

 

	 	a.	The Government shall be under no obligation to transfer
Freehold Title directly to Third Party Purchasers of individual residences. In such case, the Client or an affiliate shall purchase
the Freehold Title from the Government and register the same, after which time the Freehold Title may then be sold to the Third
Party Purchaser or Third Party Developer in accordance with a commercial sales agreement entered into between the Parties. Such
commercial sales agreement shall reflect the full commercial value of the building apartment or structure at the time of registration
of the transfer of the Freehold Title.

 

	 	b.	The Client may, at any time, assign the right to acquire Freehold Title to a, Plot or sub-plot, to a Third Party Developer, a Third Party Purchaser or any of their respective Affiliates. However registration of a Plot or sub-plot may only occur after Substantial Completion or in accordance with Clause 6.7 of the Development Agreement.

 

	 	c.	If the Client assigns the right to acquire Freehold Title to any Third Party Developer or Third Party Purchaser, then such Third Party Developer or Third Party Purchaser shall not be entitled to further assign such right to any Third Party.

 

	 	d.	At any time after Substantial Completion, or if prior to Substantial Completion upon satisfaction of the requirements of the Development Agreement and upon a written request by the Client, the Government shall directly transfer a Freehold Title of a Unit to a Third Party Developer or a Third Party Purchaser (each referred to hereinafter as “Purchaser”), provided that the Client has: (a) declared in writing to the Government that it has executed a valid agreement with the Purchaser regarding the assignment of its Freehold Title acquisition rights under the Development Agreement to the Purchaser; (b) requested the Government to register Freehold Title in accordance with the conditions set out in the Development Agreement (“Request”); (c) provided the Government with all necessary details and copies of documents, as are legally required, for the valid registration of the Purchaser’s Unit from the Government directly to the Purchaser; and (d) provides evidence that there is deposited into the designated Government Account, the Land Price for the Purchaser’s Unit.

 

	 	e.	The Government and the Purchaser shall execute not later than thirty (30) Days after the delivery of the Request, a Freehold Sale and Purchase Agreement for the Purchased Unit, whereby the Government’s sole consideration shall be the Land Price.

 

	 	f.	Upon the transfer of the Land Price for the respective Purchased Unit and within ninety (90) Days from the Delivery date of the Request, the Government shall transfer the Freehold Title of the Purchaser’s Plot to the Purchaser; free from any other Third Party or Customary Rights and do all such things, registration acts and declarations as are necessary for such transfer to become effective as soon as practicably possible.

 

	 	g.	It is expressly agreed that the registration fees to be charged by the Government for the registration of Freehold Title pursuant to an assignment of a right to acquire Freehold Title will be based in the purchase price paid by the Third Party Developer or Third Party Purchaser (which shall be the full commercial value of the land or buildings) that has been paid or is payable to the Client, if such assignment is duly notified to the Government. The Freehold Title must be registered within twelve (12) Months from the date of the completion of the buildings to be erected on the Unit which was subject of the transfer.

 

For the avoidance
of doubt, after Substantial Completion has occurred:

 

	 	i.	the Client may transfer the Freehold Title to undeveloped Land directly to any Third Party other than to Third Party Purchasers of undeveloped land used for individual residential units;

 

	 	ii.	in
    case of a sale to Third Party Purchasers of undeveloped land for individual Residence Units, Freehold Title shall only be
    transferred if the necessary infrastructure and utilities have been substantially completed up to the respective Plot (namely
    roads, pavements, street  lighting, electricity, water and sewage),
except where infrastructure falls under the responsibility of a Private Sector Utility Company; and

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

	 	iii.	the Client shall not enter into any new agreements to assign its right to acquire Freehold Title to any Third Party Developers
and Third Party Purchasers and the Government shall only transfer Freehold Title directly to the Client, or any of its Affiliates,
save for transfers or assignments that have been agreed prior to Substantial Completion.

 

	 	h.	Within ninety (90) days from the date of signature of any agreement,
    regarding the assignment of  the right to acquire Freehold Title, the Client
shall inform the Government in writing of the name and address and particulars of the plot, sub-plot or unit relating to the assignment.

 

Should the Project Company require Freehold Title
to or to pass transfer thereof to Third Parties, the Reclaimed Land or any portion thereof, the Project Company shall pay to the
Government the Land Price. Land Price means the price payable to the Ministry of Housing for Freehold Title to the Existing Land
(or any part thereof) granted pursuant to the Usufruct Agreement, the value of which shall be OMR 25 per square meter and increased
by six per cent (6%) (or such other percentage as determined by Law from time to time), each year from the registration date of
the Usufruct Agreement to the end of the month in which the request for registration of Freehold Title has been submitted to the
Ministry of Housing.

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

	3.7	Time Chart of Key Milestone
    within the Development Agreement

*Government Deadline as per the Development Agreement

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

	3.8	Client Timetable
    for Project Implementation

 

  

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	Omagine Plot, Muscat, Oman	23 June 2015

 

	4 	Country
    and City Overview 

  

	4.1	Country Overview

 

Oman is pushing to diversify its economy and
reduce its dependence on the oil sector. While this process has been underway for some time, the development of other sectors of
the economy such as transport, tourism and agriculture has become even more important given the recent major decline in oil prices.
The government pledged a 4.5% increase in spending in 2015, although a deterioration of government oil revenues will likely impact
the progress of large infrastructure projects planned for this year. The Ministry of Finance is looking for ways to minimise potential
shortfalls and has proposed new taxes and tariffs in specific industries, but the fiscal deficit is still expected to widen going
forward.

 

	4.1.1	Economic and Fiscal Indicators

 

Based on the most recent figures published
by Oxford Economics, Oman’s Nominal GDP as at 2014 stood at approximately USD 80.4 billion in 2014, with a growth rate of
3.2% from the previous year.

 

 

 

Source: Oxford Economics, 2015

 

The
financial downturn in the second half of 2008 slowed down GDP growth in the country. Over the coming years, GDP growth was expected
to grow between 3.0% and 4.0% but this has been revised down to between 2.5% and 3.0% to reflect the fall in oil
prices. Oman’s GDP remains dominated by the industry (incl. oil) sector which accounts for approximately 67% of its GDP
by output, thereby making the country’s GDP heavily dependent on the global price of crude oil. However, despite the recent
significant drop in oil prices, Oman raised its spending in its 2015 Government budget, signalling resilience towards investments
on major projects and infrastructure improvement.

 

 

 

Source: Oxford Economics, 2015

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

We
note although oil is the major contributor to GDP in Oman, the percentage of GDP generated by oil is decreasing. Conversely over
the past decade, both industrial and service activities have increased their individual contribution to the country’s economy.
As outlined in its Vision 2020 Plan, Oman intends to put further emphasis on growth in industry, financial services and tourism.

 

	4.1.2	Demographic
    and Employment Indicators

 

Based
on figures from the Oxford Economics February 2015, the Sultanate’s population was approximately 3.9 million in 2013, of
which approximately 55% are Omani nationals.

 

The
graph below indicates the growth in population over the past two years, as well as the forecasted growth leading up to 2018. The
population has experienced a constant increase in recent years as many expatriates have moved to Oman following the increase in
development within the region.

 

Source: Oxford Economics, 2015

 

It
is also important to note that approximately 40% of the population is under 25 years of age. Thus, a large quantum of working
population is expected to enter the economy in the short to mid-term.

 

The
Governorate of Muscat had a population of approximately 1.16 million 2013, such that it comprised approximately 29% of the country’s
population. Within Muscat, expatriates accounted for approximately 60.9% of the workforce population in the Governorate.

 

The
graph below shows the increase in employment number over the past few years and predicts future numbers.

 

Source: Oxford Economics, 2015

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

The rise
in expatriate population in the region is likely to increase the workforce in the country. At the same time, Oman’s relatively
large national workforce will ensure workforce participation growth in the near future, unlike other countries in the region which
rely more heavily on foreign labour.

 

The
graphs below indicate the breakdown between expatriates and Omanis in the Sultanate that work in the Government and Public sector.

 

 

Source: Oxford Economics, 2015

 

It is evident
from these graphs that the public sector is comprises mainly of Omani workers (86%) and this is the reverse for the private sector
which is 89% comprised of expatriate workers.

 

	4.1.3	Investment Indicators

 

A number
of economic projects under development have already attracted the attention of multinational companies such as the Sohar Industry
Port Company (SIPC), which was launched in 2002 as a JV between the Government of Oman and The Port of Rotterdam. This area will
form the backbone of the country’s economic diversification program and has already received over USD 14 billion in investment.

 

Additionally,
the recent US-Oman Free Trade Agreement (FTA) is another element of the diversification strategy and contains prominent features
on investment promotion, especially in the fields of construction, engineering, telecommunications and finance.

 

These development
strategies fall under the Government’s Vision 2020 plan for economic diversification and have generated significant foreign
interest through investment. Although Oman does not have the large scale, high economic growth of some of its neighbours it has
assessed and positioned itself tactically to attract investors in ways that are parallel to its own course of growth in the future.

 

Due to its
sustained and measured development, Oman ranks very low in FDI (Foreign Direct Investment) and FDI intensity as compared to its
GCC neighbours. However, its highly favourable World Bank and Economic Freedom ranks (ranked 5th out of 19 countries in the Middle
East and North Africa region in 2012) are positive and could play a part in raising foreign investor interest in the future.

 

In terms
of the outlook, there are new free zones being set up near ports and other key transportation links which are likely to have a
positive impact on the economy. Although Oman is not likely to enter bilateral trade agreements, additional FTAs are likely to
be signed along with the rest of the GCC. A GCC-Singapore FTA was signed in 2008 and similar pacts are under negotiation with
the EU, India, China, South Korea, Australia and New Zealand.

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

	4.1.4	Tourism Indicators and Analysis

 

According
to a report by the World Travel and Tourism Council, the tourism industry directly contributed 3% to Oman’s GDP in 2013.
Furthermore, the total contribution of the industry to Oman’s GDP stood at approximately 6.4% during 2013 and is expected
to have risen by 9.4% in 2014.

 

Based
on statistics from the same report, travel and tourism direct contribution to GDP is expected to grow by approximately 10.2% in
2014 and observe a growth of approximately 5.4% per annum in the next decade.

 

According
to the 2014 Statistical Yearbook, the number of guests in the country increased from 1.63 million to 1.84 million between 2010
and 2012. This represents a growth of 6.2% over the two-year period.

 

While
a variety of nationalities visit the country, it should be noted that the majority of the guests visiting Oman are from GCC countries.
Furthermore, guests from other Arab countries in the Middle East and North Africa comprise close to 60% of all guests visiting
the country.

 

With
favourable tourism policies, opportunities exist to target tourism from other continents into Oman, as well as boosting its attractiveness
with the already existing tourist base.

 

	4.1.5	Infrastructure Developments and Transportation Networks

 

Oman’s
infrastructure is currently witnessing expansion, with numerous road projects, bridges, tunnels and national railway networks
to be developed over the next few years.

 

In
the Oman Projects Forum 2013, it was revealed that the country is set to see a large surge in infrastructure spending, with approximately
USD 50 billion being injected in the next few years both from the private and public sectors in order to boost the economy.

 

Of
the USD 50 billion, an estimated USD 20 billion will be spent on transportation projects, including the Oman National Railway
project, Sohar, Ras Al Hadd, Duqm and Adam airports, upgrades to Batina coastal road and expressways, and Muscat and Salalah Airports
expansion schemes.

 

USD
17 billion will be injected in the oil and gas sector, and an estimated USD 13 billion will be invested in the manufacturing and
industrial sectors.

 

With
the Omani economy heavily relying on the oil and gas industry, infrastructure projects are an efficient way for the Government
to reinvest oil and gas earnings into the national economy.

 

The
Government is starting to realise that Oman is well positioned to become a regional logistics hub due to its favourable geographic
position and improving infrastructure. However, this can only be realised through strong and active partnerships between the Government
and the private sector.

 

Some
of the major infrastructure works include 60 kilometres of roads that have been constructed and another 50 kilometres illuminated
in 2012.

 

Plans
for pedestrian walkways are also in place in Ras Al Hail Street (5 km), Al Taimeer Street (8 km), Al Huda Street (7 km), adjacent
to A’Sayyeda Mayzoon Mosque (4 km) and Dama Street (4 km).

 

Additionally,
four parks have also been built in South Al Hail, South and North Mawaleh and Al Khoud.

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

Implications

 

Substantial
investments in Muscat infrastructure are being made or planned, and they are focused on the developed areas as well as the western
parts of Muscat.

 

With
infrastructure around the site area already being developed, it is expected that the continuous upgrading of such transportation
networks around the area will positively impact the visibility and accessibility of the site, thereby capturing a wider target
market.

 

	4.1.5.1	Airport Developments

 

Muscat
International and Salalah International Airport including three regional airports are under development and will be the new gateway
to the Sultanate of Oman.

 

The
New Salalah International will able to handle one million passengers per annum and the new Muscat International Airport will have
capacity to handle 12 million passengers per annum (MPPA). Both these new airports are schedule to be completed in the coming
years.

 

The
total gross floor area for the new Muscat International terminal building is 344,995 sq m with an overall airport land area of
21 sq km. Further expansions is planned for Muscat International airport in three subsequent phases, ultimately boosting the airport`s
capacity to 24, 36 and 48 MPPA.

 

See
below the key facts of the new developments:

 

	 	Key Facts	 	Muscat	 	Salalah
	 	Terminal Building BUA (sq m)	 	344,995	 	65,638
	 	ATC Tower height (metres)	 	97	 	57
	 	Check-in counters	 	96	 	24
	 	Aircraft remote stands	 	30	 	8
	 	Passenger boarding bridges	 	29	 	8
	 	Bags per hour baggage processing capacity	 	5,500	 	n/a
	 	Airside Hotel	 	Yes	 	n/a
	 	A380 capable	 	Yes	 	Yes

 

The
new Muscat International Airport will have the capacity to handle 12 million passengers annually. Further expansions planned
in three subsequent phases will ultimately boost the airport capacity to 24, 36 and 48 million passengers when the demand is
required.

 

	4.1.6	PESTLE Analysis

 

	 	Political	 	Social
	 	 	 	 
	 	●	The country has enjoyed stable governance over the past few decades, with the exception of the protests that were triggered by the Arab Spring;	 	●	Young citizen population provides opportunity for high workforce availability in the country;
	 	 	 	 	 	 
	 	●	The Government quickly responded to protests in 2011 by reshuffling the cabinet and introducing economic reforms;	 	●	Strong Government incentives to reduce reliance on the foreign workforce;
	 	 	 	 	 	 
	 	●	The health of Sultan Qaboos is a concern for the stability of the country as no successor confirmed.	 	●	Omanisation policy to enable locals to better enter the workforce with focus on the private sector.
	 	 	 	 	 	 
	 	●	The civil unrest in Yemen also poses a threat to Oman on its Western border.	 	 	 

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

	 	Economic	 	Legal
	 	 	 	 
	 	●	The
    country’s large geographic area and strategic location in relation to European and Asian markets provide potential opportunities
    for the country;	 	●	Until
    recently, GCC nationals were the only foreigners allowed to buy land in Oman, according to Royal Decree 21/2004 which extended
    land ownership rights to GCC nationals and GCC corporate entities (wholly owned by GCC nationals). However, the Royal decree
    12/2006 has expanded foreign ownership rights to include non-GCC nationals in ITC projects;
	 	 	 	 	 	 
	 	●	Inflation
    was at 1.2% in 2013 and is expected to have been around 1% for 2014;	 	●	Investors
    are now allowed to own majority stakes in Omani companies, with a cap of 70% being offered for foreign investors in large
    industrial projects;
	 	 	 	 	 	 
	 	●	Expansion
    of Sohar and Salalah ports to increase industrial activity;	 	●	100% ownership
    is granted in specific cases by the Development Council for projects capitalised above USD 1.3 million.
	 	 	 	 	 	 
	 	●	Free Trade
    Agreement with the US to increase growth in trade;	 	 	 
	 	 	 	 	 	 
	 	●	Real estate
    ownership for expatriates within Integrated Tourism Complexes (ITCs) to increase investment in real estate and diversify the
    economy;	 	 	 
	 	 	 	 	 	 
	 	●	Stable GDP
    growth representing the Government's careful planning and diversification policies in non-oil sectors;	 	 	 
	 	 	 	 	 	 
	 	●	Increase
    in minimum wages for Omani citizens in private sector to increase Omani representation in the private sector workforce.	 	 	 
	 	 	 	 	 	 
	 	Technological	 	Environmental
	 	 	 	 	 	 
	 	●	Advances
    in Oman’s telecommunications sector, including tie-ups with Omantel and international carriers.	 	●	Varied climate
    in different parts of the country could increase tourism (e.g. Salalah);
	 	 	 	 	 
	 	 	 	 	●	Diverse and
    unspoiled natural beauty that include mountainous areas, desert oasis, long beaches and large amount of marine eco life;
	 	 	 	 	 
	 	 	 	 	●	Tropical
    storms and floods due to the exposure to the Sea of Oman/Indian ocean.

 

	4.1.7	Legal Framework

 

The following tables have regard to
legislation relevant to the Subject Property:

 

Royal Decree No. 21/2004

 

	 	Purpose	To Regulate the ownership of real estate by GCC Citizens in the member state
	 	 	 	 
	 	Details	As of 2004, a Royal Decree was issued by the Government of Oman:
	 	 	 
	 	 	Article 1	GCC Citizens may rent and own built properties and lands for housing or investing purpose in any state by one of the following methods affirmed by law, or by testament or inheritance, and they shall be treated in this regard as the citizens of the state where the estate is located.
	 	 	Article 2	If the estate is a land, it shall be built completely or invested during four years from the date of registering it in the name of the citizen. Otherwise, the country involved shall have the right of the property disposal and compensating the owner with the same property value at the time of its purchase or the value at the time of its sale whatsoever less in addition to preserving his right of complaint before the competent authority. The state shall have the right to extend the said period if convinced by the reasons of the owner delay for construction.
	 	 	Article 3	The owner may dispose the built estate in any time, if the estate is a land, he has the right to dispose it from the date of completing its construction, or investing it or from passing four years since it was registered in his name. An exception for disposal may be given before such period provided that permission from the authorised entity is obtained.

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

Royal Decree No. 12/2006

 

	 	Purpose	To Promulgate the Real Estate Ownership Act in the Integrated Tourism Complexes
	 	 	 	 
	 	Details	As of 2004, a Royal Decree was issued by the Government of Oman:
	 	 	 
	 	 	Article 1	Omani and Non-Omani of natural or juridical personalities are allowed, for the purpose of accommodation or investment by way of one of the legally recognized forms of ownership, to own lands or constructed units in integrated tourism complexes licensed by competent government authorities. Without prejudice to the right of the government to restrict ownership to Omanis in any integrated tourism complex, the Executive Regulations shall lay down the procedures, rules conditions and criteria of ownership in these complexes with respect to both Omanis and non-Omanis.
	 	 	Article 2	Subject to the approval of the Ministry of Tourism, a natural or juridical personalities who have acquired properties in integrated tourism complexes by a usufruct and have provided it with public services and utilities, may dispose the built units or lands subdivisions prepared for building subject to, the payment of an upgrade levy to the Ministry of Housing Electricity and Water. The amount of the upgrade levy shall be proportional to the total value of the land held in usufruct. The Executive Regulations shall determine the value of the upgrade levy contingent upon the approval of the Ministry of Finance.
	 	 	Article 3	It is permissible for the owner to sell built real estates at any time. However, anyone who bought a plot of land in an integrated tourism complex should develop it to a finished appearance or exploit it within four years from the date of registering it in his name. No disposition of land shall be made within these four years except by mortgage to finance its development. If the land is not developed or utilized during this period, the Ministry of Housing, Electricity and Water may dispose it by sale on public auction and reimburse the owner the price of the plot at the time of purchasing it or its price at the time of selling it, whichever is less, without prejudice to the owner’s right to judicial appeal before the competent authorities.
	 	 	Article 4	The Ministry of Housing, Electricity and Water may extend the period mentioned in the preceding article if the purchaser submitted to Ministry of Tourism an application for extension outlining the grounds for the required extension and if the delay is deemed justifiable on the basis of the recommendation of the Ministry of Tourism. This additional period shall not exceed more than two years. The Executive Regulations shall lay down the procedures and the details of such application and the period of its submission.
	 	 	Article 5	The sale by public auction shall be performed by a government committee to be formed and its statement of the procedures and rules governing it by a decision of the Minister of Housing, Electricity and Water in coordination with the Ministry of Tourism. This Committee shall include technical, financial and legal resources as well as a representative of the Ministry of Tourism.
	 	 	Article 6	This act shall not prejudice the right of the state to expropriate property for the public interest against the payment of a fair compensation pursuant to laws and rules prevailing in the Sultanate of Oman.
	 	 	Article 7	Rights of inheritance, wills and all after-death dispositions of properties subject to this act shall be in accordance to the laws of the country to which the owner belongs. If one year ended after  the death of the owner and the notification of the embassy of the country that the owner belong, no heir has submitted a claim of the estate of the deceased owner, then the Ministry of Tourism shall determine who would manage the property, provided that it shall be devolved to the government of Oman after the elapse of fifteen years, save the right of any legitimate heir to compensation. The Executive Regulations shall demonstrate the procedures for the submission of applications and claims to inheritance together with supportive documents. The Executive Regulations shall also decide the government unit which should handle the notification, the amount of the property management fees and shall establish the procedures for the execution of after-death transaction.
	 	 	Article 8	A Non-Omani owner of a property built for accommodation or investment may be granted residence permit for him and his first-degree relatives. The Executive Regulations shall after coordination with the parties concerned, establish the procedures and stipulations for granting such residence permits.
	 	 	Article 9	The Minister of Tourism shall form a government committee to be entrusted with the task of licensing integrated tourism complexes in accordance with established rules and criteria. The ministerial decision forming the committee shall also determine its mandate and modus opera.
	 	 	Article 10	All dispositions and transactions carried out in respect of tourism complexes prior to the enforcement of this act shall be valid and legally binding.

 

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Royal Decree No. 191/2007

 

	 	Purpose	Issuing the Executive Regulations of the Real Estate Ownership Act in Integrated Tourism Complexes
	 	 	 	 	 
	 	Details	As of 2004, a Royal Decree was issued by the Government of Oman:
	 	 	 	 
	 	 	Article 1	Definitions – See Full Document
	 	 	Article 2	Non-Omani natural or juridical personalities may own built-up property or plots of land, prepared for building or exploitation, in integrated tourism complexes, within the intent of accommodation or investment purposes, in accordance to the Act and this executive regulation.
	 	 	Article 3	The Ministerial Committee – pursuant to the public interest – may advise the Government Licensing Committee to withhold the title of integrated tourism complex from certain sites wherein the Committee deems to restrict ownership to Omani nationals only.
	 	 	Article 4	Two natural first-degree relatives may jointly own a built unit or a land plot prepared for building but shall severally and jointly be subject to the rules and provisions of this executive regulation.
	 	 	Article 5	The following conditions will have to be met in order to obtain a license for setting up an integrated tourism complex:
	 	 	 	a)	The minimum project land area shall be 200 thousand square meters. However, in case a Tourism Complex requires, for the erection of its facilities, an area of government land greater than the stipulated minimum limit, then such an area shall be determined by the Tourism Ministerial committee subject to the approval of the Council of Ministers.
	 	 	 	b)	The Land must be designated for commercial, commercial/residential or tourism use.
	 	 	 	c)	The developers shall produce a conceptual plan to be approved by the Ministry of Tourism and the government committee for permits.
	 	 	 	d)	The percentage of land exploited for building shall not exceed 30% of total land area.
	 	 	 	e)	The ratio of land used for setting up non-tourism properties shall not exceed 50% of the total area of land exploited for building.
	 	 	 	f)	The developers shall satisfy all planning and environmental requirements of integrated tourism complexes.
	 	 	 	g)	The distance between the site of the integrated tourism complex and the nearest international boundaries of the Sultanate of Oman shall not be less than 20 kilometres.
	 	 	 	h)	The proposed site of the tourism integrated complex must be free from any restrictions.
	 	 	 	i)	The number of residential units in the complex shall not exceed the number of the hotel units *.
	 	 	 	* This clause is added by the Ministerial Decision No. (98/ 2009)
	 	 	 	The Minister of Tourism may, in coordination with the Minister, qualify the licensing conditions for setting up an integrated tourism complex in pursuance of public interest.
	 	 	Article 6	The developer - prior to fulfilment of registration formalities of property units or land plots – shall make available the infrastructure facilities, connect utilities to the project and complete one of the proposed tourism projects in the integrated tourism complex; in accordance to the provisions of this executive regulation and the development agreement.
	 	 	Article 8	
        For the purpose of implementing the provisions of article
        (2) of this Act , the calculation of the levy value

        (price per square meter) of the land awarded by a usufruct
        right shall be as follow:

	 	 	 	a.	The market value per meter of land at the time of award of the usufruct rights which shall be known by calculating the average of three estimates made by three real estate specialists, with the concurrence of the Ministry of Finance.
	 	 	 	b.	A simple 6% rate of the market value per meter shall be added annually from the date of the award of the usufruct rights up to the date of registration.
	 	 	 	The Ministerial Committee may revise this rate in accordance to public interest.
	 	 	Article 9	The developer who is granted usufruct right over a government land shall not be allowed to transfer the title of the constructed units or the land plots prepared for construction in an integrated tourism complex; except if the levy of such units or plots has been paid in compliance with article (8) of this executive regulation and the stipulated fees has been paid to the Ministry.
	 	 	Article 10	The Ministry shall maintain a separate real estate registry for integrated tourism complexes, in which all transactions pertaining to each integrated tourism complex shall be recorded, including transactions following death. Those eligible and concerned persons may access such registry and obtain legal certificates extracted from it against payment of a fixed fee.
	 	 	Article 11	The owner shall commit to provide building completion on the land plot owned in an integrated tourism complex, or such a land plot shall, at least, be developed into a form of finished structure or be utilized for the designated purpose, within a period that does not exceed four years from the date of the plot registration in the name of the owner in the real estate cadastre.

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

Royal Decree No. 191/2007

 

	 	 	Article 12	The Ministry may, on the basis of a recommendation from the Ministry of Tourism, extend the period stipulated in article (11) herein for the development or exploitation of the plot by not more than two years upon an application submitted by the owner to the Ministry of Tourism with supportive justifications provided that it is submitted before the original period expiration.
	 	 	Article 13	The extension of time given to the owner shall not be in excess of two years, commencing from the day following the expiry of the four year period stated in Article (11) herein.
	 	 	Article 14	The developer shall commit to inform in writing the Ministry of Tourism and the Committee of the cases of default by the owners on the requirement of exploitation or development of the land within the period stipulated in articles (11) and (12) herein. This communication shall be made within the last month of such a period as applied to each owner.
	 	 	Article 15	The owner is not allowed to dispose of the land plot owned in an integrated tourism complex except by means of mortgage to finance its development; however he may dispose it if it is developed, or developed into a form of finished structure, or exploited for the designated purpose.

 

Decision No. 49/2009

 

	 	Purpose	The amendments of the Implementing Regulations of the Expatriate Residence Law which are relevant to a purchaser/owner of a property in Integrated Tourism Complex (such as The Wave, Muscat) could be summarized in the following points:
	 	 	 	 
	 	Details	1. Multiple Entry Visa:
	 	 	 	This Visa will be granted by the Concerned Authority to an expatriate who wishes to enter the Sultanate for more than one time. It allows its holder to enter the country and stay for the period specified therein. It is a condition that the holder enters the Sultanate within three months from the date of its issuance. This Visa shall be granted to an expatriate purchaser of a plot of land prepared for construction or a constructed unit at one of the Integrated Tourism Complexes the registration of which has not been completed and without a sponsor. Following that the visa may be granted to the purchaser’s family members of first degree and also to the legal representative of a juristic person who purchased a plot of land or a property for a maximum of two natural persons. The Visa shall be valid for a period of not less than six (6) months and not more than one (1) year and may be renewed to a similar period. The Visa allows its holder to enter and stay in the country for a period of not more than three (3) weeks each time.
	 	 	2. Owner’s Visa:
	 	 	 	To be granted by the Concerned Authority without a sponsor to an expatriate who owns a constructed unit at one of the Integrated Tourism Complexes in the Sultanate. It may also be granted to two natural persons who legally represent the owner of a constructed unit if the owner is a juristic person. The Visa shall be used within six (6) months from the date of issue.
	 	 	3. Joining an Owner Visa:
	 	 	 	To be granted by the Concerned Authority without a sponsor to the spouse of the expatriate owner of a constructed unit and holds an Owner’s Residence in the Sultanate and to his family members of first degree. The Visa shall be used within six (6) months from the date of issue.
	 	 	4. Owner’s Residence:
	 	 	 	To be granted by the Concerned Authority without a sponsor to an expatriate who owns a constructed unit in one of the Integrated Tourism Complexes in the Sultanate. It may also be granted to two natural persons legally representing the owner of a constructed unit if the owner is a juristic person.
	 	 	5. Residence for Joining an Owner:
	 	 	 	To be granted by the Concerned Authority without a sponsor to the spouse of an expatriate who owns a constructed unit and holds an Owner’s Residence in the Sultanate and to be granted to his family members of first degree.
	 	 	6. Normally the residence of each child will expires when the child reaches the age of twenty one and the residence of each of the expatriate’s brothers/sisters will expire when the brother/sister attains the age of eighteen unless such a child, or brother/sister is granted a residence of his/her own. However, those who obtain Residence for joining an Owner will be exempted from the age stipulation as per Decision No. 49/2009.

 

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Decision No. 49/2009

 

	 	 	7. The Residence of an expatriate who owns a Property in an Integrated Tourism Complex will expire when the expatriate disposes of his property by any action which transfers the ownership following which the Residence of expatriate’s wife, children and family members will also expire.
	 	 	 
	 	 	8. Normally and under Article (21) of the Implementing Regulations of the Expatriate Residence Law, an expatriate must apply through his sponsor, for the renewal of his residence within a period not less than 15 days before its expiry. The application for renewal must be signed by the expatriate and his sponsor. The expatriate’s passport must be valid for at least 90 days. However, under this new Decision, a new paragraph has been added to Article (21) stating: “As an exception to that, the application for renewal may be applied by the expatriate directly in case of residence without a sponsor”.

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

	4.2	Muscat Real Estate Market Overview

 

The
Muscat Real Estate Market is a small and opaque market. Up until recently, the Expat community in Muscat was very small. With
tourism and expat workers increasing in the region, Muscat and Oman as a whole has become a more attractive market for investment
and development.

 

The
Omani Government has recently enabled the freehold purchase of land/property to expatriates. This has been restricted to certain
areas known as Integrated Tourism Complexes. A foreign national can now purchase the freehold right of a property in these areas
which also brings the benefit of an Omani visa for the period that the property title is held under the name of the foreign national.

 

Integrated
Tourism Complex Overview

		●	An
                                         Integrated Tourism Complex (ITC) is a piece of land designated to setting up a tourism
                                         scheme that offers all or some tourism property services; whether such a designation
                                         is made on the basis of usufruct or proprietary rights depending on the license issued
                                         by the Government licensing committee.

		●	Prior
                                         to 2006 and according to Royal Decree 21/2004, GCC nationals were the only foreigners
                                         allowed to buy land in Oman, where land ownership rights were extended to GCC nationals
                                         and GCC corporate entities (wholly owned by GCC nationals). However, the Royal decree
                                         12/2006 has expanded foreign ownership rights to include non-GCC nationals in ITC projects.

		●	In
                                         order to encourage FDIs, specifically in real estate, the Government of Oman has established
                                         Integrated Tourism Complexes. These have been driven by financial policies by the Central
                                         Bank of Oman, increased real estate and tourism demand for select locations in Oman,
                                         as well as long-term Government initiatives and investments.

		●	Foreigners
                                         who purchase property in ITCs automatically get a residency visa for themselves as well
                                         as their family members, which has been encouraging non-residents to invest in property
                                         in Oman for retirement or investment purposes, or to use as a second home.

		●	ITCs
                                         are starting to reshape Muscat’s real estate, by addressing the increasingly sophisticated
                                         needs of both Omani and international investors. The natural beauty of numerous areas
                                         in Oman is also contributing to the success of ITCs as many of them are designed around
                                         unspoiled natural landscape.

 

	4.2.1	Retail Market Overview
	 	 
	 	Evolution of Muscat Retail Market

 

Throughout
the past decade, Muscat has witnessed the reshaping of consumerism through the creation of new shopping centres. Traditionally
Muscat’s population relied on souks to purchase wares and foodstuff.

 

In
the past decade, however, the introduction of more modern shopping centres and hypermarkets in Muscat has provided an alternative
shopping experience for Omanis and expatriates alike. The four existing major malls, namely Muscat City Centre, Qurum City Centre,
Markaz Al Bahja and Muscat Grand Mall, represent 45% of quality retail area in Muscat. Within these shopping centres, hypermarkets
and/or supermarkets are integral to the retail mix and drive footfall. Of the major hypermarkets present in Muscat, Lulu and Carrefour
exhibit high market shares.

 

Besides
major malls and retail centres, Muscat is characterised by a large quantum of street retail. Quality, high street retail within
the city generally experiences high occupancy levels with rental rates in many cases reaching as high as those attained by major
malls. Key retail streets include Ruwi High Street, Al Khoud High Street, Seeb High Street and Al Khuwair Commercial Street.

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

As the retail
market works to improve its offering with major upcoming malls in the pipeline, such as Palm Mall and Muscat Festival City, and
existing malls, such as Muscat Grand Mall, work to improve and expand, the retail market is expected to become more competitive
in the short to medium term.

 

Existing
Stock

 

As
demonstrated in the chart below, community shopping centres comprise the majority of quality retail
GLA in Muscat, accounting for 56% of total quality stock. Regional centres follow with 33% of existing stock and include Muscat
City Centre, the largest mall in the city.

 

 

Source:
JLL, 2014

 

Approximately
76% of the existing quality retail stock is concentrated in the city’s four largest and most prominent
shopping malls, namely Markaz Al Bahja, Qurum City Centre, Muscat City Centre and Muscat Grand Mall.

 

Although
there exists a small percentage of neighbourhood centres, there
are very few high quality developments of this type, with the exception of The Walk at The Wave, which was opened in 2014. As
a consequence, many consumers shop for convenience goods at alternative retail centres, such as hypermarkets, traditional souks
and/or ground floor shops located in residential areas.

 

In addition
to the retail types above, there also exists a significant amount of street retail within the city. High street retail stock benefits
from high occupancies and includes major streets such as Ruwi High Street, Al Khoud High Street, Seeb High Street and Al Khuwair
Commercial Street, where the retail offering is geared towards providing lower quality brands that cater to the demographics of
the surrounding population.

 

The table
below presents a summary of quality retail locations in the city. It does not enumerate total existing retail stock.

 

Selection
of Existing Quality Retail Stock

 

	 	No.	 	Name of Centre	 	Type	 	GLA (sq m)	 
	 	1	 	Muscat City Centre	 	Regional	 	 	60,484	 
	 	2	 	Muscat Grand Mall	 	Community	 	 	40,000	 
	 	3	 	Qurum City Centre	 	Community	 	 	20,600	 
	 	4	 	Markaz Al Bahja	 	Community	 	 	19,000	 
	 	5	 	Al Araimi Complex	 	Community	 	 	12,000	 
	 	6	 	The Walk – The Wave	 	Community	 	 	10,850	 
	 	7	 	Zakher Mall	 	Neighbourhood	 	 	8,000	 
	 	8	 	Opera Galleria	 	Speciality	 	 	6,500	 
	 	9	 	Jawharat Al Shatti	 	Speciality	 	 	5,000	 
	 	10	 	Ruwi Plaza	 	Speciality	 	 	1,200	 
	 	Total	 	 	 	 	 	 	183,634	 

 

Source:
JLL Research

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

Future
Supply

 

Demand for
retail space in Muscat has stimulated the future development of a significant number of “mega” malls to be completed
in the coming years, as well as the expansion plans within existing major malls in the city, such as Muscat Grand Mall, Muscat
City Centre and Qurum City Centre.

 

The
chart below highlights the trend towards significant future development of regional retail centres, ultimately accounting for
more than 65% of expected future retail supply.

 

 

Source:
JLL, 2014

 

Within
these future retail centres, developers are increasingly looking to improve entertainment and leisure options for Muscat’s
consumers in order to improve the overall shopping experience, drive footfall and increase the average time spent within given
shopping centres.

 

The chart
above also indicates future development of community and neighbourhood centres located in proximity to residential communities.
This particular trend is in response to demand for quality retail of these types, best exemplified until now by The Walk at the
Wave.

 

The table
below presents the expected future retail development until 2020. 

 

Future
Retail Supply

 

	 	No.	 	Name of Centre	 	Type	 	GLA (sq m)	 	 	Expected Completion Date
	 	1	 	Avenues Mall	 	Regional	 	 	70,000	 	 	2015
	 	2	 	Muscat Grand Mall Expansion	 	Community	 	 	40,000	 	 	2015
	 	3	 	Panorama Mall	 	Community	 	 	21,000	 	 	2015
	 	4	 	Muscat Oasis Mall	 	Community	 	 	20,246	 	 	2015
	 	5	 	Muscat City Centre Expansion	 	Regional	 	 	10,000	 	 	2015
	 	6	 	Qurum City Centre Expansion	 	Regional	 	 	5,000	 	 	2015
	 	7	 	Palm Mall	 	Super Regional	 	 	56,500	 	 	2017
	 	8	 	Muscat Festival City	 	Regional	 	 	100,000	 	 	2019
	 	Total	 	 	 	 	 	 	322,746	 	 	 

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

It can be noted that there is a substantial
amount of quality retail supply expected to enter the market in the next five years, with approximately 40% of this future supply
expected to be completed in 2015.

 

Market
Performance Indicators 

 

Market Trends:

 

		●	The
                                         retail rental market in Muscat continues to move in favour of the regional and community
                                         shopping centres as well as prime, high street locations.
	 	 	 
		●	However,
                                         as retail supply increases rental growth is expected to come under strain, particularly
                                         in regards to secondary and/or less competitive retail centres.

 

Market Occupancy:

 

		●	Current
                                         occupancy levels in major regional and community malls remain high, regularly reaching
                                         90% to 100%.
	 	 	 
		●	High
                                         street retail, such as those spaces located along Ruwi High Street, Al Khoud High Street,
                                         Seeb High Street and Al Khuwair Commercial Street, also benefit from high occupancies
                                         and rental rates in many cases
as high as those achieved by major malls.
	 	 	 
		●	Although
                                         overall occupancy is expected to decrease in the near future with the entrance of a large
                                         quantity of supply in the market, occupancy rates in the larger malls in Muscat are likely
                                         to remain above 80%.
	 	 	 
		●	In
                                         the case of less desirable shopping centres, these developments are likely to experience
                                         greater rental decreases, resulting in the emergence of a two-tier retail market.

 

Rental
Values

 

The table
below highlights average retail rent performances in the Muscat market. 

 

Retail Rental Performance

 

	 	Shop Type	 	Rental Range	 	Basis of Rent
	 	Anchor	 	1% - 2%	 	% of Turnover
	 	Line Shop	 	15-20	 	OMR/sq m/month
	 	F and B	 	20-25	 	OMR/sq m/month
	 	RMUs (Kiosks)	 	350-500	 	OMR/month

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

	4.2.2	Hospitality Market Overview

 

Factors
influencing the Market

 

Tourism
Marketing and Growth:

 

		●	One
of the main objectives of the Omani Government is to diversify the economy by reducing the reliance on oil and increasing the
focus on alternative revenue-producing sectors, such as tourism, which is expected to become a major contributor to the economy
in the near future.
	 	 	 
		●	Accordingly,
                                         the Ministry of Tourism (MoT) was created in June 2004 and became an independent ministry
                                         in charge of promoting Oman as an upscale tourist destination. Since then, the ministry
                                         has participated in several tourism related fairs and exhibitions in Japan, Germany and
                                         the United Kingdom, to create awareness among travel and trade professionals.
	 	 	 
		●	The
                                         MoT is also planning to diversify the tourism product to include opportunities for eco-tourism,
                                         adventure tourism and cultural tourism. One of the main concerns of the authorities is
                                         to preserve and protect the country’s natural environment and local customs and
                                         traditions.
	 	 	 
		●	In
                                         the beginning of 2012, the Ministry of Tourism announced ambitious growth plans for the
                                         tourism sector in Oman. The authorities have set a target of receiving 12 million visitors
                                         annually by 2020. This represents a CAGR of 22% between 2010 and 2020.
	 	 	 
		●	The
                                         announcement of this objective has reaffirmed the Ministry’s position to promote
                                         and develop tourism in the country. Part of this growth is expected to come from the
                                         increase in cruise tourism to the country.

 

Business
Environment:

 

		●	The
                                         business environment and future outlook that Oman offers has a direct impact on the volume
                                         of business and corporate travellers.
	 	 	 
		●	Oman
                                         is enhancing its position as a business hub in the region, with many multinationals (London
                                         Mining, Citi Bank, Shoe Mart, Mulk Group amongst others) from various sectors, such as
                                         Finance, Banking, Legal, Consulting, Construction, Information Technology, Advertising
                                         and many more, are relocating their offices from neighbouring countries to Oman.

 

Foreign
Direct Investment in Tourism (Integrated Tourism Complex):

 

		●	Foreign
                                         Direct Investment (FDI) is a key contributing factor to the growth of Oman’s tourism
                                         sector and this investment is further encouraged by offering freehold development opportunities
                                         in tourism designated areas.
	 	 	 
		●	An
                                         Integrated Tourism Complex (ITC) is defined as a piece of land designated for setting
                                         up a development that offers all or some of tourism property services. Whether such a
                                         designation is made on the basis of usufruct or proprietary rights depends on the license
                                         issued by the Government licensing committee.
	 	 	 
		●	In
                                         addition to ITCs, a number of joint ventures between the Omani Government and investors
                                         are also anticipated to stimulate FDI.
	 	 	 
		●	The
                                         following are some of the main investments that are expected to positively contribute
                                         to the tourism sector in Muscat:

 

		●	“The
                                         Wave” is a USD 805 million freehold ITC, which once completed will cover an area
                                         of over 2.5 million sqm combining 4,000 residential units, retail, leisure and hotel
                                         accommodation, a marina and a golf course. Around 1,800 units have been completed, while
                                         the remaining units are being progressively handed over between now and 2018.

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

		●	“Muscat
Hills” is an estimated USD 780 million project including an 18-hole golf course, a gated residential development, a boutique
resort hotel, premium office space, retail outlets and entertainment facilities. The construction of the first phase of residential
units and infrastructure is complete. Currently only a handful of two-bedroom apartments and villas from the first phase are still
available for sale. Phase two is expected to offer additional residential units and a hotel.

 

		●	Other
                                         ambitious ITC projects such as the “Yiti Resort” and “Saraya Bandar
                                         Jissah” are also expected to put Muscat at the forefront of the regional luxury
                                         tourism scene.

 

		●	The
                                         “Saraya Bandar Jissah” project is under construction and the first phase
                                         components, forming approximately 70% of the total planned project components, are expected
                                         to be ready in 2017. Phase 2 is expected to be completed by 2021.
	 	 	 
		●	The
                                         “Yiti Resort” development is currently on hold with no concrete project start
                                         date. Negotiations with Qatari Diar to buy Sama Dubai’s stake in the project are
                                         ongoing.

 

		●	Oman
                                         Convention and Exhibition Centre is currently under development near the Muscat International
                                         Airport. Scheduled for completion in 2016, the project is estimated at USD 1.8 billion.
                                         The facility will offer more than 22,000 sqm of meeting and exhibition space along with
                                         a 3,200 seat auditorium. The centre is expected to have four hotels within the precinct
                                         of the facility.
	 	 	 
		●	Muriya
                                         Tourism Development Company, promoted by Orascom Development Holding and Omran, has secured
                                         the portfolios of leading international hospitality brands, including Four Seasons Hotels
                                         and Resorts and Missoni Hotel for its tourism destination “Jebel Siffah.”
                                         Currently, it has started operations at the Sifawy boutique hotel, which has a total
                                         of 55 guest rooms.
	 	 	 
		●	Besides
                                         the large ITC projects, a number of smaller individual resort developments such as the
                                         “Bandar Khairan Resort” and the “Al Qalah Resort” are expected
                                         to enter the market. These developments will also have a positive impact on the tourism
                                         sector in Oman.

 

Current
and Future Stock Mapping

 

The following
map shows the existing and future quality hotels in Muscat.

 

 

	 	1	Al
    Bustan	8	Golden Tulip	15	Platinum Hotel	22	Safeer International
    Hotel	29	Kempinski
	 	2	Intercontinental	9	Muscat Holiday
    Inn 	16	Ramee Dream
    Resort	23	Safeer Continental	30	InterContinental
	 	3	Oman Sheraton	10	Al Falaj Mercure	17	Ruwi Hotel	24	Park Inn 	31	Fairmont
	 	4	Grand Hyatt	11	Radisson Blu	18	Bawsher 	25	Ibis 	32	Four Seasons
	 	5	The Chedi
    	12	Haffa House	19	Al Bahjah	26	Best Western
    Premier	33	Missoni
	 	6	Shangri La	13	Majan 	20	Rami Guest
    Line (Holiday Inn Villa)	27	City Seasons
    Hotel	 	 
	 	7	Crowne Plaza	14	Ramada	21	Sifawy Hotel	28	Oberoi	 	 

 

Source: JLL

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

Current
Stock

 

		●	Approximately
                                         3,710 rooms of the total hotel room supply in Muscat exist within quality hotels. All
                                         the 5-star hotels in the city are managed by international hotel chains.
	 	 	 
		●	In
                                         2011, the Al Bustan Palace was rebranded as a Ritz Carlton property, taking over the
                                         management of the hotel from InterContinental.
	 	 	 
		●	There
                                         were also plans to demolish the InterContinental Muscat and build three new hotels on
                                         that site. However, as per JLL’s understanding, the contract of the InterContinental
                                         has been renewed, and the existing hotel will continue to operate for the next 4 to 5
                                         years with minor refurbishments.
	 	 	 
		●	Most
                                         of the 4-star city centre hotels primarily cater to business demand.
	 	 	 
		●	In
                                         terms of leisure demand, hotels such as the Ritz-Carlton, The Chedi, Grand Hyatt and
                                         Shangri La Barr Al Jissah Resort Complex are the main leisure properties. All of these
                                         hotels have waterfront and offer access to a beach.
	 	 	 
		●	A
                                         boutique hotel has commenced operations in the Jebel Siffah development during 2012.
                                         This property is the first to open in a project that comprises residential and other
                                         hospitality components. At the time of JLL’s visit to the hotel in July 2014, the
                                         occupancy rates were around 5 – 10%.
	 	 	 
		●	Sheraton
                                         Muscat is currently closed for renovation and was expected to reopen in mid-2013. However,
                                         refurbishment work is still ongoing

 

Future
Supply

 

		●	Approximately
                                         2,125 quality branded rooms are in the pipeline for the Muscat market.
	 	 	 
		●	It
                                         must be noted that while several projects have been announced in the past few years,
                                         many are undergoing financing difficulties halting the development progress and materially
                                         slowing down the actual timeframe of completing these properties. As a result, most of
                                         these projects, as per our understanding, will only enter the market between 2015 –
                                         2017.
	 	 	 
		●	Various
                                         projects, such as the Kempinski and the Fairmont at The Wave, have faced delays. The
                                         Kempinski is currently under construction and is expected to be completed during 2015.
                                         The Four Seasons and Missoni Hotel in Jebel Sifah are yet to start any construction work,
                                         as developers sort out financing issues. Saraya Bander Jissah is also progressing slowly.
	 	 	 
		●	Projects
                                         such as Salam Yiti are currently on hold as the joint venture between Omran and Sama
                                         Dubai has been dissolved and the development is currently on hold due to the restructuring
                                         of the developers. However, talks with Qatari Diar to buy Sama Dubai’s stake in
                                         the project are ongoing.
	 	 	 
		●	One
                                         of the key development players in Oman is the Oman Tourism Development Co., also known
                                         as Omran. It is the development arm of the Ministry of Tourism and is currently promoting
                                         the Convention Centre that should enter the market in the next two years.

  

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	Omagine Plot, Muscat, Oman	23 June 2015

 

Market
Performance Indicators

 

		●	Post
                                         2008, the overall hotel performance in Muscat declined due to the effect of the economic
                                         downturn and limited increase in visitor numbers. Performance decline was more significant
                                         in terms of occupancy rather than ADR, as hotels tried to retain previous ADR levels.
	 	 	 
		●	However,
                                         slow signs of stability and modest recovery started to be witnessed in early 2012, with
                                         occupancy levels picking up, though ADR had declined by 7% between 2011 and 2012 and
                                         then at a lower, but still negative growth of 1.9% between 2012 and 2013, reflecting
                                         a decline in city-wide average rates.
	 	 	 
		●	Between
                                         2012 and 2013, occupancy levels grew by 11% and ADR contracted by 1.7%.
	 	 	 
		●	The
                                         cyclical pattern in occupancy observed is a clear indication of the level of seasonality
                                         experienced by the market.
	 	 	 
		●	The
                                         period ranging from November to April experiences high level of demand, with occupancies
                                         in this period ranging between 65% and 80%, followed by shoulder periods of May, September
                                         and October. The period ranging from June to August is considered to be low season.
	 	 	 
		●	The
                                         period of low season continues to remain a concern. 2011 witnessed higher levels of decline
                                         with occupancy performance ranging between 29% and 38%. However, occupancy significantly
                                         improved in the last few years with 2014 on track to close at around an average of 68%.

 

	4.2.3	Residential Market Overview

 

Residential
developments across the city

 

		●	A
                                         large part of the residential developments in Muscat is outdated and old, especially
                                         in old areas such as Ruwi, Wadi al Kabir and the Port area;
	 	 	 
		●	High-quality
                                         residential villas are mostly found in Shatti al Qurum, Qurum, Madinat A’Sultan
                                         Qaboos and more recently in Airport Heights;
	 	 	 
		●	New
                                         developments such as “The Wave” and “Muscat Hills” are setting
                                         up new standards for quality residential development.

 

Future
Supply Characteristics and Trends

 

		●	As
                                         developers continue to accommodate the changing tastes and preferences of Muscat’s
                                         expatriates and local community, residential supply will continue to grow.
	 	 	 
		●	The
                                         growth is seen to stretch the western borders of the city, towards Airport Heights where
                                         mixed-use gated community “The Wave” is seeing ongoing construction. As the
                                         area becomes more developed, more residents will be willing to move there driven by higher
                                         quality product and improving surrounding infrastructure and supporting amenities.
	 	 	 
		●	Historically
                                         areas such as Qurum, Shatti Al Qurum and Madinat Sultan Qaboos have been popular among
                                         expatriates. These remain popular areas given their proximity to the beachfront, numerous
                                         demand generators, major landmarks of the city as well as most of the office buildings
                                         of regional and international corporations.

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

		●	Developments
such as The Wave and Muscat Hills remain highly popular among Muscat’s expatriates community despite their location away
from the city centre.
	 	 	 
		●	It
                                         is expected that more developments will capitalise on tenants’ willingness to sacrifice
                                         location for a higher quality product catering to their specific tastes and preferences.

 

Market
Performance Indicators

 

		●	The
                                         following tables provide a general overview of the prices and rents achievable in various
                                         areas of Muscat.
	 	 	 
		●	It
                                         should be noted that many factors determine the achievable rates such as size, location,
                                         quality and availability. The rates provided exclude gated communities and ITC developments.
	 	 	 
		●	Non
                                         GCC nationals are not permitted to purchase real estate property in Oman unless it is
                                         within an ITC.

 

	Villa Sales Prices in 2014	 	 Apartment
Sales Prices in 2014

	Area	 	OMR/Sq M	 	Area	 	OMR/Sq M
	Shatti Al Qurum	 	850 – 2,300	 	Shatti Al Qurum	 	850 – 2,300
	Qurum	 	750 – 2,100	 	Qurum	 	750 – 2,100
	Athaiba	 	550 – 2,000	 	Athaiba	 	550 – 2,000
	Madinat Sultan Qaboos	 	600 – 1,900	 	Madinat Sultan Qaboos	 	600 – 1,900
	Al Bawshar	 	650 – 1,100	 	Al Bawshar	 	650 – 1,100
	Al Khuwair	 	550 – 1,000	 	Al Khuwair	 	550 – 1,000

 

Source: JLL Research

 

	4.2.4	Office Market Overview

 

Current Trends

 

		●	While
                                         demand for office space is steadily expected to grow, the relatively large introduction
                                         of office supply in the past 24 months create reservation for any immediate proposal
                                         for new introductions. This has created ample supply within the following locations:

 

	 	●	Old Muscat;
	 	 	 
	 	●	Al Khuwair;
	 	 	 
	 	●	Qurum.

 

		●	This
                                         recent supply is expected to suffice Oman’s office requirements in the short term.
	 	 	 
		●	Although,
                                         statistics would suggest that the office market in Muscat is healthy, any introduction
                                         or provision of office space should be in due consideration of the current market conditions
                                         indicating prolonged
absorption periods due to large introductions of supply over the past couple of years.
	 	 	 
		●	Although
                                         there is a major over supply of Grade B and C office space, the demand for higher quality
                                         Grade A office space is strong with occupancy within certain schemes ranging from 75%
                                         to 90%.
	 	 	 
		●	Average
                                         office rents range from OMR 48/sq m per annum to OMR 96/sq m per annum. We are aware
                                         that rents for Grade A office space have remained stable.

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

Future
Supply

 

		●	Due
to the current demand for Grade A office space, there are several developments in the pipeline or recently completed:

 

		●	Al
                                         Khonji Real Estate and Development LLC announced the launch of a project which includes
                                         a mix of 58 super-modern office, with additional shops, a showroom and restaurants in
                                         2013. This will be located in Al Khuwair.
	 	 	 
		●	The
                                         Wave, currently under development, has a commercial component which will offer office
                                         space.
	 	 	 
		●	Construction
                                         has completed on office space within Tilal Residence, Al Khuwair spread over 41,000 sq
                                         m of land.

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

	5	Valuation Methodology

 

	5.1	Master Plans and Development Plans

 

The project is assumed to be completed in accordance with the current
master plan as advised by the Client. JLL has not independently assessed or verified the viability of the current plans but has
relied upon information provided by the Client in terms of development content and areas. A copy of the master plan is attached
at Appendix D.

 

	5.2	Valuation Method

 

In arriving
at our opinion of Fair Value of the Usufruct Right in the Property, we have, as agreed with the Client, used the Income Approach
based on a discounted cash flow (DCF). Given the specific conditions contained within the Usufruct Agreement and Development Agreement
it is difficult to compare the Subject Property with other usufruct agreements as they rarely exist within the Middle East and
North Africa property markets and hence we are not aware of any transactions occurring. That said, we have provided a land market
commentary to contextualise the opinion of Fair Value.

 

Income
Approach

 

The Income
Approach is based on a discounted cash flow approach that determines the current value of the property by first determining the
sales values of the built units and serviced land that will be available for sale in the development and are phased over an appropriate
sale period. From the estimated value of the sales proceeds we deduct the estimated costs to complete the service infrastructure
and buildings, which are also phased over an appropriate period. The projected net cash flow is discounted at an appropriate risk
adjusted target Internal Rate of Return to arrive at a residual value for the land. This represents the best price a well-informed,
rational and efficient developer/investor would pay for the land in its current condition at the valuation date. Due to the number
of inputs this approach is sensitive to any change in the inputs and this can have a significant effect on the reported value.

 

We have
modelled our discounted cash flow using the ‘Estate Master Development Feasibility’ software package.

 

Market
Approach

 

The Market
Approach derives the value of the Property by comparing it to other properties for which the price is known. Ideally, the Property
is compared and contrasted to identical properties which have recently been sold or where no recent transactions have taken place,
the asking price at which the comparable properties are currently listed for sale. Adjustments may be required to reflect the
period of time that has passed between the transaction date and the date of valuation or the price that is expected to be achieved
following a negotiated sale.

 

Following
an analysis of the terms of sale, an appropriate unit of comparison is chosen, for example, a rate per square foot of land/built-up
area. Further subsequent adjustments may be required to factor in differences in location, size (quantum), quality and specification,
permitted use and density (Floor Area Ratio) etc. The market approach is the process in which value is derived by analysing sales
which occurred around the date of valuation regarding similar properties/sites and comparing these properties to the Subject Property.

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

	6	Income Approach

 

	6.1	Valuation Rationale - Revenue

 

We have
been provided with an Initial Master Plan (Section 2.3.1) as provided by the Client. We have used the Income Approach based on
a discounted cash flow to provide an opinion of Fair Value assuming the land will be fully developed in line with the Development
Agreement. We have assumed all residential units will be sold on a presales strategy while other components will be operated over
a five year period after which a sale is forecast.

 

We have
assumed that all community and operations land and buildings will not be sold. The map in Section 2.3.1 provides plot locations
within the master plan.

 

The following
section provides our forecast sales phasing and construction phasing as provided by the Client.

 

	6.2	Development Phasing

 

	6.2.1	Sales Phasing

 

We
have assumed that the various components of the project will be progressively sold over the development period with the following
table illustrating the sales phasing we have adopted for the residual land valuation.

 

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

 

Source:
JLL, 2015

 

	6.2.2	Construction Phasing

 

A twelve
month project planning and tender period is reflected in the cash flow before infrastructure work commences

 

Adopted
Construction Phasing

 

	 		 		 	Cash flow Period
	 	Plot No.	 	Component Type	 	Start
    Date - End Date
	 	-	 	Land Reclamation	 	Jan-16 - Dec-19
	 	-	 	Utilities	 	Jan-16 - Dec-19
	 	-	 	Infrastructure	 	Jan-17 - Dec-19
	 	1	 	Landmark - Pearls and Ancillaries	 	Jan-17 - Dec-19
	 	2	 	5* Hotel - Balcon	 	Jan-17 - Dec-18
	 	3	 	4* Hotel - Theatre	 	Jan-17 - Dec-18
	 	4	 	Serviced Apartments	 	Jan-18 - Dec-20
	 	5	 	4* Hotel	 	Jan-18 - Dec-19
	 	6	 	Apartments	 	Jan-18 - Dec-18
	 	7	 	Apartments	 	Jan-18 - Dec-18
	 	8	 	Apartments	 	Jan-18 - Dec-18
	 	9	 	Apartments	 	Jan-18 - Dec-18
	 	10	 	High End Souk	 	Jan-18 - Dec-18
	 	11	 	Tower 3 - Marina	 	Jan-18 - Dec-18
	 	13	 	Apartments	 	Jan-19 - Dec-19
	 	14	 	Apartments	 	Jan-19 - Dec-19
	 	15	 	Apartments	 	Jan-19 - Dec-19
	 	16	 	Market Place	 	Jan-19 - Dec-19
	 	19	 	Apartments	 	Jan-20 - Dec-20
	 	20	 	Apartments	 	Jan-20 - Dec-20
	 	22	 	Apartments	 	Jan-21 - Dec-21
	 	23	 	Apartments	 	Jan-21 - Dec-21
	 	24	 	Apartments	 	Jan-20 - Dec-20
	 	26	 	Townhouses	 	Jan-21 - Dec-21
	 	27	 	Townhouses	 	Jan-22 - Dec-22
	 	28	 	Townhouses	 	Jan-22 - Dec-22
	 	29	 	Office	 	Jan-20 - Dec-20
	 	30	 	Office	 	Jan-20 - Dec-20
	 	31	 	Office	 	Jan-22 - Dec-22
	 	32	 	Office	 	Jan-22 - Dec-22
	 	33	 	Clubhouse	 	Jan-18 - Dec-18
	 	34	 	Listed Below	 	 
	 	 	 	12 Bedrooms – Oceanfront	 	Jan-18 - Dec-18
	 	 	 	8 Bedrooms - Oceanfront	 	Jan-18 - Dec-18
	 	 	 	7 Bedrooms - Ocean View	 	Jan-18 - Dec-18
	 	 	 	6 Bedrooms - Ocean View	 	Jan-17 - Dec-17
	 	 	 	5 Bedrooms - Ocean Access	 	Jan-17 - Dec-18
	 	 	 	4 Bedrooms - Wadi Park	 	Jan-18 - Dec-19
	 	 	 	Apartment – Plot 34	 	Jan-21 – Dec-22

 

 Source:
JLL, 2015

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

	6.3	Landmark Plot No.1 - Revenue

 

We
have made several high level assumptions regarding the revenue and potential value of the Landmark PlotNo.1. We have relied upon
retail lease rates within Muscat and also leisure and retail rental rates within the United Arab Emirates where there is an established
tourist and entertainment market.

 

The table
below provides comparable pre-lease rental rates for properties within the Wave. 

 

The Wave Retail Lease Transactions

 

	 	Location	 	Tenant	 	Size (Sq M)	 	Rent (OMR/Sq M pm)
	 	Retail Centre, The Wave (pre-let)	 	More Café	 	495	 	16
	 	Retail Centre, The Wave (pre-let)	 	Gloria Jeans	 	146	 	24
	 	Retail Centre, The Wave (pre-let)	 	Kwik Kleen	 	34	 	18
	 	Retail Centre, The Wave (pre-let)	 	Omantel	 	75	 	22

 

The research
shows that rental rates range from OMR 16/sq m per month to OMR 24/sq m per month. These leases were generally for five year terms
with rental uplifts every two years.

 

The table
below represents passing rental rates for entertainment properties within Dubai. Although the much of the information is confidential
the equivalent rental rates range from the equivalent of OMR 6.7/sq m per month for theme park space extending to 7,041 sq m to
OMR 11.7/sq m per month for children’s entertainment space extending to 4,565 sq m.

 

Dubai
Retail Lease Transactions

 

	 	Location	 	Tenant Type	 	Size (Sq M)	 	Rent (AED/Sq M pa)	 	Rent (OMR/Sq M pm)	 	Turnover Rent
	 	Confidential	 	Theme Park Operator	 	7,041	 	807	 	6.7	 	N/A
	 	Confidential	 	Children’s Entertainment	 	4,565	 	1,399	 	11.7	 	N/A
	 	Confidential	 	Ice Rink	 	3,887	 	807	 	6.7	 	Clause Present
	 	Confidential	 	Aquarium	 	3,332	 	1,399	 	11.7	 	N/A
	 	Ibn Battuta Mall	 	Cinema	 	-	 	1,270	 	10.6	 	N/A
	 	Bowling City	 	Entertainment	 	2,044	 	829	 	6.9	 	N/A

 

Based on
our research we have adopted the following gross rental rates after growth for the different elements of the Landmark plot as
detailed in the table below.

 

Adopted
LandmarkPlot No. 1 Rental Rates

 

	 	Landmark Property	 	Leasable Area	 	Use	 	Rent 
(OMR/Sq M pm)	 	Rent 
(OMR/Sq M pa)	 	Gross Rental Income After Growth (OMR)
	 	Oman Pearl	 	1,520	 	Leisure	 	10	 	120	 	221,917
	 	Culture Pearl	 	1,188	 	Leisure	 	10	 	120	 	173,373
	 	Innovation Pearl	 	1,520	 	Leisure	 	10	 	120	 	221,917
	 	Energy Pearl	 	1,520	 	Leisure	 	10	 	120	 	221,917
	 	Sea Pearl	 	950	 	Leisure	 	10	 	120	 	138,698
	 	Earth Pearl	 	1,188	 	Leisure	 	10	 	120	 	173,373
	 	Sky Pearl	 	1,520	 	Leisure	 	10	 	120	 	221,917
	 	Exhibition Space	 	7,600	 	Leisure	 	5	 	60	 	554,794
	 	Towers 1	 	190	 	F and B	 	35	 	420	 	97,089
	 	Towers 2	 	190	 	F and B	 	35	 	420	 	97,089
	 	Pearl Retail Units	 	4,090	 	Retail	 	30	 	360	 	1,791,290
	 	Pearl Food Kiosks	 	898	 	F and B	 	45	 	540	 	589,815
	 	Retail Units	 	2,375	 	Retail	 	25	 	300	 	866,865
	 	Restaurants	 	1,496	 	F and B	 	35	 	420	 	764,575
	 	Movie/Performance Theatre	 	2,375	 	Cinema	 	10	 	120	 	346,746
	 	Total	 	28,620	 	 	 	 	 	 	 	6,481,375

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

We have
assumed that the remaining parts of the property will be ancillary to the Pearls as detailed below.

 

Landmark
Plot No. 1 - Ancillary Facilities

 

	 	Landmark	 	BUA (Sq M)	 
	 	Concourse (Below Boardwalk)	 	 	22,400	 
	 	Service Corridor	 	 	11,756	 
	 	Boardwalk	 	 	22,400	 
	 	Child Play Area	 	 	100	 
	 	Beach Creation	 	 	1,300	 
	 	Amphitheatre	 	 	2,500	 
	 	Green Room and Backstage Area	 	 	700	 
	 	Technical Production Studio Structure	 	 	500	 
	 	Public Restrooms	 	 	600	 
	 	Personal Rapid Transit Way (People Mover)	 	 	11,000	 
	 	Piazza - Central Park Space	 	 	13,652	 
	 	Back Of House Support	 	 	1,200	 
	 	Site works - Landmark	 	 	2,800	 
	 	Omagine Guide Service (Kiosks)	 	 	200	 

 

The
escalated gross rental revenue for the first year is estimated at OMR 4,861,034 before deductions for incentives, leasing fees
and operating expenditure.

 

Entertainment
zones/parks would generally be purchased on the basis of future revenue potential. The table below summarises the inputs and assumptions
we have made with regard to the Landmark Plot No. 1:

 

Landmark
Operating Revenue and Cost Estimation, Year 1 to Year 5

 

	 	Revenue Assumptions	 	Unit	 	Year 1	 	 	Year 2	 	 	Year 3	 	 	Year 4	 	 	Year 5	 
	 	Gross Rental Income	 	OMR	 	 	4,861,034	 	 	 	6,481,378	 	 	 	6,481,378	 	 	 	6,675,819	 	 	 	6,675,819	 
	 	Outgoings and Vacancy	 	OMR	 	 	972,207	 	 	 	1,296,276	 	 	 	1,296,276	 	 	 	1,335,164	 	 	 	1,335,164	 
	 	Letting Costs	 	OMR	 	 	388,883	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	Net Operating Income	 	OMR	 	 	3,499,944	 	 	 	5,185,102	 	 	 	5,185,102	 	 	 	5,340,655	 	 	 	5,340,655	 
	 	Exit Yield	 	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	8	%
	 	Property Resale	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	66,758,190	 
	 	Total Rental Income	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	31,175,427	 
	 	Total Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	97,933,618	 

 

Source:
JLL, 2015

 

To
derive the rental revenue we have assumed that the proposed Landmark Plot No. 1 will comprise of 28,619 sq m of leasable retail
space. We have adopted a 8% exit yield which is applied at the end of year 5. This provides an exit sales price of OMR 66,758,190
and a total escalated rental revenue of AED 31,175,427 over the 5 years of operation.

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

	6.4	Hotel Revenue Assumptions

 

Hospitality
investments are generally purchased on the basis of future income potential. Past performance provides some guide to the future
performance of a hotel, but often new macro-economic factors or local supply issues mean that a fresh view needs to be taken of
the performance potential of the hotel.

 

	6.4.1	5 Star Hotel

 

We are instructed
that the 5 star hotel will comprise of 280 keys and the anticipated target operators for this type of hotel include the likes
of Kempinski and JW Marriot. We have made several assumptions regarding the value of the hotel component of the development.

 

The Client
has provided the number of keys which the proposed hotel would comprise. This assumptions equates to a net room area of 100 sq
m for a 5 star hotel which, based on current market norms, is generous. The revenue per key reflects the fact that the rooms are
larger than standard for this type of product.

 

With reference
to competitive market occupancy rates, the details of our calculation are provided below: 

 

Hotel and Serviced Chalet Revenue
Estimation, Year 1 to Year 5

 

	 	Revenue Assumptions	 	Unit	 	Year 1	 	 	Year 2	 	 	Year 3	 	 	Year 4	 	 	Year 5	 
	 	ADR	 	OMR/ Key / Day	 	 	125	 	 	 	140	 	 	 	150	 	 	 	156	 	 	 	162	 
	 	ADR Chalets	 	OMR/ Key / Day	 	 	188	 	 	 	210	 	 	 	225	 	 	 	234	 	 	 	243	 
	 	Occupancy –Hotel	 	%	 	 	50.00	%	 	 	55.00	%	 	 	60.00	%	 	 	65.00	%	 	 	67.50	%
	 	Occupancy – Chalets	 	%	 	 	15.00	%	 	 	20.00	%	 	 	25.00	%	 	 	30.00	%	 	 	30.00	%
	 	RevPAR	 	OMR/ Key / Day	 	 	91	 	 	 	119	 	 	 	146	 	 	 	171	 	 	 	182	 
	 	F and B	 	%	 	 	35	%	 	 	37	%	 	 	37	%	 	 	37	%	 	 	37	%
	 	OTH	 	%	 	 	5	%	 	 	10	%	 	 	10	%	 	 	10	%	 	 	10	%
	 	Total RevPAR	 	 	 	 	127	 	 	 	175	 	 	 	215	 	 	 	252	 	 	 	268	 
	 	Profit Margin	 	%	 	 	30	%	 	 	32	%	 	 	35	%	 	 	35	%	 	 	35	%
	 	Profit Per Room (RevPAR)	 	 	 	 	38	 	 	 	56	 	 	 	75	 	 	 	88	 	 	 	94	 
	 	Net Operating Income (NOI)	 	OMR	 	 	8,057,831	 	 	 	11,850,458	 	 	 	15,908,259	 	 	 	18,665,691	 	 	 	19,853,508	 
	 	Sold Chalets	 	OMR	 	 	25,875,000	 	 	 	26,910,000	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Hotel Resale @ 10%	 	OMR	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	198,535,078	 
	 	Total Cash flow	 	OMR	 	 	33,932,831	 	 	 	38,760,458	 	 	 	15,908,259	 	 	 	18,665,691	 	 	 	218,388,586	 

 

Source: JLL, 2015

 

The total
escalated rental and sales revenue after five years of operation followed by a sale is OMR 325,655,825. The sale price in year
five of the cash flow after adopting a 10% exit yield is OMR 198,535,078.

 

We have
applied a 13% discount rate to this cash flow. This provides a Net Present Value at Year 1 of OMR 233,971,712 after growth.

 

	6.4.2	4 Star Hotel - Theatre

 

We
have assumed the 4 star hotel comprises 280 keys and anticipated target operators for this type of hotel include the likes of
Sheraton and Radisson. We have made several assumptions regarding the value of the hotel component of the development.

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

The
Client has provided the number of keys which the proposed hotel could comprise. This assumption equates to a net room area of
80 sq m for a 4 star hotel which, based on current market norms, is generous. The revenue per key reflects the fact that the rooms
are larger than standard for this type of product.

 

With reference
to competitive market occupancy rates, the details of our calculation are provided below: 

 

Hotel and Serviced Chalet Revenue
Estimation, Year 1 to Year 5

 

	 	Revenue Assumptions	 	Unit	 	Year 1	 	 	Year 2	 	 	Year 3	 	 	Year 4	 	 	Year 5	 
	 	ADR	 	OMR/ Key / Day	 	 	90	 	 	 	99	 	 	 	107	 	 	 	111	 	 	 	116	 
	 	Occupancy	 	%	 	 	57.00	%	 	 	65.00	%	 	 	72.00	%	 	 	72.00	%	 	 	72.00	%
	 	RevPAR	 	OMR/ Key / Day	 	 	51	 	 	 	64	 	 	 	77	 	 	 	80	 	 	 	83	 
	 	F and B	 	%	 	 	32	%	 	 	35	%	 	 	35	%	 	 	35	%	 	 	35	%
	 	OTH	 	%	 	 	3	%	 	 	5	%	 	 	7	%	 	 	7	%	 	 	7	%
	 	Total RevPAR	 	 	 	 	69	 	 	 	90	 	 	 	109	 	 	 	114	 	 	 	118	 
	 	Profit Margin	 	%	 	 	32	%	 	 	34	%	 	 	38	%	 	 	38	%	 	 	38	%
	 	Profit Per Room (RevPAR)	 	 	 	 	22	 	 	 	31	 	 	 	42	 	 	 	43	 	 	 	45	 
	 	Net Operating Income (NOI)	 	OMR	 	 	2,264,916	 	 	 	3,130,447	 	 	 	4,245,358	 	 	 	4,415,172	 	 	 	4,591,779	 
	 	Hotel Resale @ 9%	 	OMR	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	51,019,765	 
	 	Total Cash flow	 	OMR	 	 	2,264,916	 	 	 	3,130,447	 	 	 	4,245,358	 	 	 	4,415,172	 	 	 	55,611,544	 

 

Source: JLL, 2015

 

The total
escalated rental and sales revenue after five years of operation followed by sale is OMR 69,667,437. The sale price in year 5
after adopting a 9% exit yield is OMR 51,019,765.

 

We have
applied a 12% discount rate to this cash flow. This provides a Net Present Value at Year 1 of OMR 49,134,060 after growth.

 

	6.4.3	4 Star Hotel

 

We have
assumed the 4 star hotel comprises 280 keys and anticipated target operators for this type of hotel include the likes of Sheraton
and Radisson. We have made several assumptions regarding the value of the hotel component of the development.

 

The Client
has provided the number of keys which the proposed hotel would comprise. This assumption equates to a net room area of 80 sq m
for a 4 star hotel which, based on current market norms, is generous. The revenue per key reflects the fact that the rooms are
larger than standard for this type of product.

 

With reference
to competitive market occupancy rates, the details of our calculation are provided below: 

 

Hotel and Serviced Chalet Revenue
Estimation, Year 1 to Year 5

 

	 	Revenue Assumptions	 	Unit	 	Year 1	 	 	Year 2	 	 	Year 3	 	 	Year 4	 	 	Year 5	 
	 	ADR	 	OMR/ Key / Day	 	 	100	 	 	 	110	 	 	 	119	 	 	 	124	 	 	 	128	 
	 	Occupancy	 	%	 	 	55	%	 	 	65	%	 	 	73	%	 	 	73	%	 	 	73	%
	 	RevPAR	 	OMR/ Key / Day	 	 	55	 	 	 	72	 	 	 	87	 	 	 	90	 	 	 	94	 
	 	F and B	 	%	 	 	30	%	 	 	35	%	 	 	35	%	 	 	35	%	 	 	35	%
	 	OTH	 	%	 	 	5	%	 	 	10	%	 	 	10	%	 	 	10	%	 	 	10	%
	 	Total RevPAR	 	 	 	 	74	 	 	 	104	 	 	 	126	 	 	 	131	 	 	 	136	 
	 	Profit Margin	 	%	 	 	30	%	 	 	33	%	 	 	37	%	 	 	37	%	 	 	37	%
	 	Profit Per Room (RevPAR)	 	 	 	 	22	 	 	 	34	 	 	 	47	 	 	 	48	 	 	 	50	 
	 	Net Operating Income (NOI)	 	OMR	 	 	2,276,505	 	 	 	3,496,543	 	 	 	4,755,103	 	 	 	4,945,307	 	 	 	5,143,119	 
	 	Hotel Resale @ 9%	 	OMR	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	57,145,770	 
	 	Total Cash flow	 	OMR	 	 	2,276,505	 	 	 	3,496,543	 	 	 	4,755,103	 	 	 	4,945,307	 	 	 	62,288,890	 

 

Source:
JLL, 2015

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

he total escalated rental and sales revenue after 5 years of operation
followed by sale is OMR 77,762,348. The sale price in year five after adopting a 9% exit yield is OMR 57,145,770.

 

We have
applied a 12% discount rate to this cash flow. This provides a Net Present Value at Year 1 of OMR 57,182,686 after growth.

 

	6.5	Marina Revenue

 

We have
made several high level assumptions regarding the revenue and potential value of the Marina.

 

Marinas rarely transact as a standalone
asset and would generally be purchased along with a hotel. They are usually valued on the basis of future revenue potential. The
table below summarises the inputs and assumptions we have made with regard to the Marina.

 

Marina
Operating Revenue and Cost Estimation, Year 1 to Year 10

 

	 	Item	 	Unit	 	Yr
    1	 	 	Yr
    2	 	 	Yr
    3	 	 	Yr
    4	 	 	Yr
    5	 	 	Yr
    6	 	 	Yr
    7	 	 	Yr
    8	 	 	Yr
    9	 	 	Yr
    10	 
	 	Total Revenue	 	OMR	 	 	582,222	 	 	 	584,055	 	 	 	768,384	 	 	 	824,101	 	 	 	932,904	 	 	 	932,904	 	 	 	1,079,787	 	 	 	1,079,787	 	 	 	1,079,787	 	 	 	1,079,787	 
	 	Occupancy	 	%	 	 	45.0	%	 	 	45.0	%	 	 	60.0	%	 	 	65.0	%	 	 	75.0	%	 	 	75.0	%	 	 	90.0	%	 	 	90.0	%	 	 	90.0	%	 	 	90.0	%
	 	Net Revenue	 	OMR	 	 	494,889	 	 	 	496,446	 	 	 	653,126	 	 	 	700,486	 	 	 	792,968	 	 	 	792,968	 	 	 	917,819	 	 	 	917,819	 	 	 	917,819	 	 	 	917,819	 
	 	Resale	 	12%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	7,648,491	 
	 	Cash flow	 	OMR	 	 	494,889	 	 	 	496,446	 	 	 	653,126	 	 	 	700,486	 	 	 	792,968	 	 	 	792,968	 	 	 	917,819	 	 	 	917,819	 	 	 	917,819	 	 	 	8,566,310	 

 

Source:
JLL, 2015

 

The
total revenue after 10 years of operation followed by sale is OMR 15,250,650. We have reflected construction costs of OMR 1,334,494
in year one of the Cash flow and have adopted a discount rate of 15%. This produces an Net Present Value of OMR 5,396,178.

 

	6.6		Residential Component

 

We
have gathered evidence of sales and quoting prices from ITC developments within Muscat. A sample of the sales prices achieved
within The Wave development for villas, townhouses and apartments are shown in the following table.

 

	 	No.	 	Location	 	Type	 	 	View	 	 	No. of Beds	 	 	Area 

    (Sq M)	 	 	Price	 	 	Rate

    (OMR/Sq M)	 
	 	1	 	The Wave	 	 	Townhouse	 	 	 	Community	 	 	 	2	 	 	 	209	 	 	 	175,000	 	 	 	837	 
	 	2	 	The Wave	 	 	Townhouse	 	 	 	Community	 	 	 	2	 	 	 	125	 	 	 	175,000	 	 	 	1,401	 
	 	3	 	The Wave	 	 	Townhouse	 	 	 	Community	 	 	 	3	 	 	 	356	 	 	 	250,000	 	 	 	702	 
	 	4	 	The Wave	 	 	Villa	 	 	 	Community	 	 	 	3	 	 	 	356	 	 	 	376,000	 	 	 	1,056	 
	 	5	 	The Wave	 	 	Villa	 	 	 	Community	 	 	 	5	 	 	 	516	 	 	 	495,000	 	 	 	959	 
	 	6	 	The Wave	 	 	Villa	 	 	 	Lakefront	 	 	 	4	 	 	 	525	 	 	 	652,000	 	 	 	1,242	 
	 	7	 	The Wave	 	 	Villa	 	 	 	Beachfront	 	 	 	5	 	 	 	540	 	 	 	1,400,000	 	 	 	2,593	 
	 	8	 	The Wave	 	 	Apartment	 	 	 	Community	 	 	 	2	 	 	 	134	 	 	 	159,000	 	 	 	1,187	 
	 	9	 	The Wave	 	 	Apartment	 	 	 	Community	 	 	 	3	 	 	 	200	 	 	 	225,000	 	 	 	1,125	 
	 	10	 	The Wave	 	 	Apartment	 	 	 	Community	 	 	 	1	 	 	 	76.6	 	 	 	105,000	 	 	 	1,371	 
	 	11	 	The Wave	 	 	Apartment	 	 	 	Sea	 	 	 	3	 	 	 	200	 	 	 	320,000	 	 	 	1,600	 
	 	12	 	The Wave	 	 	Apartment	 	 	 	Sea	 	 	 	3	 	 	 	200	 	 	 	350,000	 	 	 	1,750	 

 

Source:
Varions

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

	6.6.1		Villas

 

Based on
the commentary at Section 4.2.3 and further research, we are of the opinion that villa units at the Omagine development could
achieve the following sales rates:

 

Residential
Villas - Adopted Sales Rate

 

	 	Item	 	Adopted sales rate

    (OMR per sq m)	 
	 	4 Bedrooms - Wadi Park	 	 	1,200	 
	 	5 Bedrooms	 	 	1,200	 
	 	5 Bedrooms - Ocean Access	 	 	1,300	 
	 	6 Bedrooms - Ocean View	 	 	1,500	 
	 	7 Bedrooms - Ocean View	 	 	1,450	 
	 	8 Bedrooms - Oceanfront	 	 	2,000	 
	 	12 Bedrooms - Oceanfront	 	 	1,950	 

 

Source:
JLL, 2015

 

The
rates are blended rates and reflect the fact that some units will achieve higher and lower sales price rates, subject to micro-location
characteristics, such as views, and proximity to the beach.

 

Based
on the rates above, the breakdown of the total revenue for the residential component on Plot No.34 is as follows:

 

Residential
Villas – Calculation Summary

 

	 	No.	 	Item	 	Net Sales Area 

    (sq m)	 	 	Sales Rate

    (OMR per sq m)	 	 	Total Current Sales Revenue

    (OMR)	 	 	Total Escalated Sales Revenue

    (OMR)	 
	 	1	 	4 Bed - Wadi Park	 	 	57,120	 	 	 	1,200	 	 	 	68,544,000	 	 	 	77,102,678	 
	 	2	 	5 Bed	 	 	31,500	 	 	 	1,200	 	 	 	37,800,000	 	 	 	44,220,654	 
	 	3	 	5 Bed - Ocean Access	 	 	31,500	 	 	 	1,300	 	 	 	40,950,000	 	 	 	47,905,708	 
	 	4	 	6 Bed - Ocean View	 	 	13,920	 	 	 	1,500	 	 	 	20,880,000	 	 	 	23,487,160	 
	 	5	 	7 Bed - Ocean View	 	 	8,400	 	 	 	1,450	 	 	 	12,180,000	 	 	 	13,700,844	 
	 	6	 	8 Bed - Oceanfront	 	 	8,400	 	 	 	2,000	 	 	 	16,800,000	 	 	 	18,897,715	 
	 	7	 	12 Bed - Oceanfront	 	 	8,000	 	 	 	1,950	 	 	 	15,600,000	 	 	 	17,547,878	 
	 	 	 	Total	 	 	158,840	 	 	 	 	 	 	 	212,754,000	 	 	 	242,862,637	 

 

 Source:
JLL, 2015

 

The total
escalated sales revenue after pre-sales and sales phasing is OMR 242,862,637.

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

	6.6.2		Townhouses

 

Based on
the commentary at Section 4.2.3 and further research, we are of the opinion that residential units at the Omagine development
would achieve the following blended sales rates:

 

Residential
Townhouses - Adopted Sales Rate

 

	 	Item	 	Adopted Sales Rate

    (OMR per sq m)	 
	 	Townhouse	 	 	1,000	 

 

Source:
JLL, 2015

 

The rates
are blended rates and reflect the fact that some units will achieve higher and lower sales prices, subject to micro-location characteristics,
such as views and proximity to the beach.

 

Based on
the rates above, the breakdown of the total revenue for the land plots 26, 27 and 28 is as follows: 

 

Townhouses
– Calculation Summary

 

	 	No.	 	Item	 	Net Sales Area 

    (sq m)	 	 	Sales Rate

    (OMR per sq m)	 	 	Total Current Sales Revenue

    (OMR)	 	 	Total Escalated Sales Revenue

    (OMR)	 
	 	1	 	Townhouses - 26	 	 	49,091	 	 	 	1,000	 	 	 	49,091,000	 	 	 	62,115,984	 
	 	2	 	Townhouses - 27	 	 	27,164	 	 	 	1,000	 	 	 	27,164,000	 	 	 	35,745,358	 
	 	3	 	Townhouses - 28	 	 	17,345	 	 	 	1,000	 	 	 	17,345,000	 	 	 	22,825,233	 
	 	 	 	Total	 	 	93,600	 	 	 	 	 	 	 	93,600,000	 	 	 	120,686,575	 

 Source:
JLL, 2015

 

The total
escalated sales revenue after pre-sales and sales phasing is OMR 120,686,575.

 

	6.6.3		Apartments

 

Based on
the commentary at Section 4.2.3 and further research, we are the opinion that residential apartment units at the Omagine development
would achieve the following sales rates:

 

Residential
Apartments - Adopted Sales Rate

 

	 	Item	 	Adopted Sales Rate

    (OMR per sq m)	 
	 	Apartments - 6,7,8,15	 	 	1,200	 
	 	Apartments - 9,13,14	 	 	1,600	 
	 	Apartments -22,23	 	 	1,000	 
	 	Apartments -24	 	 	1,100	 
	 	Plot 34 Apartments	 	 	1,200	 

 

Source:
JLL, 2015

 

The rates
are blended rates and reflect the fact that some units will achieve higher and lower sales price rates, subject to micro-location
characteristics.

 

Based on
the rates above, the breakdown of the total revenue for the residential apartments is as follows: 

 

Apartments – Calculation
Summary

 

	 	No.	 	Item	 	Net Sales Area 

    (sq m)	 	 	Average Sales Rate

    (OMR per sq m)	 	 	Total Current Sales Revenue

    (OMR)	 	 	Total Escalated Sales Revenue

    (OMR)	 
	 	1	 	Apartments	 	 	378,188	 	 	 	1,254	 	 	 	480,575,700	 	 	 	575,391,121	 

 

Source:
JLL, 2015

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

The
total escalated sales revenue after pre-sales and sales phasing is OMR 575,391,121.

 

We are informed
that some of the apartment buildings have a ground floor retail component. We have considered this and believe that although a
higher rate of sale would be achieved, due to the reduced efficiency of retail space, the overall effect would be equal to that
of apartment space.

 

	6.6.4		Serviced Apartments

 

Based on
the commentary at Section 4.2.3 and further research, we are of the opinion that proposed serviced apartment units on Plot No.
4 would achieve the following sales rate:

 

Residential
Apartments - Adopted Sales Rate

 

	 	Item	 	Adopted Sales Rate

    (OMR per sq m)	 
	 	Apartments	 	 	1,300	 

 

Source:
JLL, 2015

 

The rates
are blended rates and reflect the fact that some units will achieve higher and lower sales price rates, subject to micro-location
characteristics.

 

Based on
the rates above, the breakdown of the total sales revenue for the proposed Plot No. 4 is as follows:

 

Serviced
Apartments – Calculation Summary

 

	 	No.	 	Item	 	Net Sales Area 
(sq m)	 	 	Sales Rate 
(OMR per sq m)	 	 	Total Current Sales Revenue 
(OMR)	 	 	Total Escalated Sales Revenue 
(OMR)	 
	 	1	 	Serviced Apartments	 	 	67,248	 	 	 	1,300	 	 	 	87,435,525	 	 	 	100,320,135	 

 

Source:
JLL, 2015

 

The total
escalated sales revenue after pre-sales and sales is OMR 100,320,135.

 

	6.7		Office Component

 

We
have investigated market rents for Grade A and various types of office space in Muscat. That said, we are of the view that any
office space on Omagine project would be developed to Grade A specification. The table below provides lease rental rates for properties
within Muscat.

 

Office
Lease Rates

 

	 	Location	 	Size 

    (Sq M)	 	 	Net Rent

    (OMR/Sq M pm)	 
	 	Al Khuwair	 	 	275	 	 	 	10	 
	 	Shatti Al Qurm	 	 	10,870	 	 	 	9	 
	 	Al Khuwair	 	 	928	 	 	 	9	 
	 	Al Khuwair	 	 	928	 	 	 	9	 
	 	Ghala	 	 	27,610	 	 	 	10	 

 

The research
shows that rental rates for Grade A office space range from OMR 9/sq m per month to OMR 10/sq m per month.

 

Considering
the above, we have formed our opinion of the net market rent at OMR 120/sq m pa.

 

	 	Item	 	Adopted Net Rental Rate (OMR per sq m)	 
	 	Office	 	 	120	 

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

To estimate
the sales revenue of the office component of the development we have used the Income Capitalisation Method. This method requires
the capitalisation of the Net Operating Income of the office units.

 

We
understand that neither a proposed tenant mix nor proposed designs for the office space are available. In the absence of this,
we have assumed that the gross office space will comprise an efficiency of 80%. As such, the total leasable area of the office
space amounts to 37,174 sq m.

 

Below is
a summary of the calculation for the office component of the Omagine development. 

 

Office
Component – Calculation Summary

 

	 	Description	 	Leasable Area (sq m)	 	 	Current Total (OMR)	 	 	Escalated Total	 
	 	Net Operating Income	 	 	37,174	 	 	 	4,460,880	 	 	 	 	 
	 	Cap Rate	 	 	 	 	 	 	10	%	 	 	 	 
	 	Resale Value (Yr 1)	 	 	 	 	 	 	47,397,360	 	 	 	61,266,348	 

 

Source:
JLL, 2015

 

The calculation
above provides an escalated total revenue of OMR 61,266,348 on sale of all the office space as strata on the first year of construction
completion of each office plot.

 

	6.8		Retail Component

 

We have
investigated market rent for various types of retail space in Muscat. The table below provides pre-lease rental rates for properties
within the Wave.

 

The Wave
Retail Lease Rates

 

	 	Location	 	Tenant	 	Size 

    (Sq M)	 	 	Gross
    Rent 

    (OMR/sq m pm)	 
	 	Retail Centre, The Wave (pre-let)	 	More Café	 	 	495	 	 	 	16	 
	 	Retail Centre, The Wave (pre-let)	 	Gloria Jeans	 	 	146	 	 	 	24	 
	 	Retail Centre, The Wave (pre-let)	 	Kwik Kleen	 	 	34	 	 	 	18	 
	 	Retail Centre, The Wave (pre-let)	 	Omantel	 	 	75	 	 	 	22	 

 

The research
shows that rental rates range from OMR 16/sq m per month to OMR 24/sq m per month. These leases were generally for five year terms
with rental uplifts every two years.

 

Considering
the above, we have formed our opinion of the net market rent.

 

	 	Item	 	Adopted Net Rental Rate (OMR/sq m per annum)	 
	 	High End Souk	 	 	222	 
	 	Tower 3	 	 	222	 
	 	Market Place	 	 	222	 

 

To
estimate the sales revenue of the retail components of the development we have used the Income Capitalisation Method. This method
requires the capitalisation of the Net Operating Income of the retail units.

 

We
understand that neither a proposed tenant mix nor proposed designs for the retail space are available. In the absence of this,
we have assumed that the Tower 3 space will comprise an efficiency of 80% whereas the High End Souk and Market Place will comprise
an efficiency of 60%. As such, the total leasable area of the retail space amounts to 5,003 sq m.

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

Below is a summary of the calculation for the retail component
of the Omagine development.

 

Retail Components – Calculation Summary

 

	 	Description	 	High
    End Souk	 	 	Tower
    3	 	 	Market
    Place	 	 	Current

Total

OMR	 	 	Escalated
    Total 
 OMR	 
	 	Leasable Area (sq m)	 	 	3,972	 	 	 	240	 	 	 	791	 	 	 	5,003	 	 	 	-	 
	 	Net Operating Income	 	 	794,400	 	 	 	48,000	 	 	 	158,200	 	 	 	1,000,600	 	 	 	1,258,456	 
	 	Cap Rate	 	 	9	%	 	 	9	%	 	 	9	%	 	 	9	%	 	 	 	 
	 	Resale Value (Yr 1)	 	 	8,826,667	 	 	 	533,333	 	 	 	1,757,778	 	 	 	11,117,778	 	 	 	12,584,558	 

 

Source: JLL, 2015

 

The calculation above provides an escalated total
revenue of OMR 12,584,558 on sale of all the retail space on the first year of completion.

 

	6.9	Sales Escalation

 

We have adopted a sales price escalation
rate at 4%. 

 

	6.10	Sales Revenue Collection Profile

 

The following table illustrates the revenue collection
profiles we have adopted for each phase in the residual land valuation based on years after date of exchange or sale.

 

Sales Revenue Collection Profile

 

	 	Item	 	Year 0 

%	 	 	Year 1 

%	 	 	Year 3 - Balance on settlement

 %	 
	 	Serviced Apartments, Townhouses, 4 Bedroom Villas	 	 	30.00	%	 	 	30.00	%	 	 	40.00	%
	 	All Villas (excluding 4 Bedroom Villas)	 	 	90.00	%	 	 	0.00	%	 	 	10.00	%
	 	Plot No. 34 Apartments	 	 	50.00	%	 	 	40.00	%	 	 	10.00	%
	 	All Apartments (excluding those on Plot No. 34)	 	 	30.00	%	 	 	0.00	%	 	 	70.00	%

 

Source: JLL, 2015

 

	6.11	Gross Project Revenue

 

The Gross Escalated Project Revenue for the full
development of the Omagine project calculates to OMR 1,525,554,199.

 

	6.12	Administration and Legal, Marketing and Sales Commission

 

We have allocated 0.5% of total sales for marketing
costs and 0.5% of total sales for administration and legal costs. We have also allocated sales commission of 2% of the gross sale
price for agents/brokers.

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

	6.13	Usufruct Land Purchase Cost

 

Under the Development Agreement, Omagine received
the Subject Property at an agreed deferred price of OMR 25/sq m of land area. This price will be escalated at a fixed rate of 6%
pa from the Effective Date. This is payable when the Usufruct owner assigns the title of any part of the land. Any land that is
not sold within the Usufruct’s term will be return to the Omani Government at zero cost to Omagine. The table below details
the annual forecast fees payable per year for the freehold title sales

 

	 	Year	 	 	Fees (OMR)	 
	 	1	 	 	 	-	 
	 	2	 	 	 	-	 
	 	3	 	 	 	-	 
	 	4	 	 	 	436,046	 
	 	5	 	 	 	10,828,815	 
	 	6	 	 	 	7,476,741	 
	 	7	 	 	 	1,665,022	 
	 	8	 	 	 	1,491,413	 
	 	9	 	 	 	2,755,203	 
	 	10	 	 	 	985,616	 
	 	11	 	 	 	-	 
	 	12	 	 	 	4,219,823	 
	 	Total	 	 	 	29,858,679	 

 

Source: JLL, 2015

 

	6.14	Net Project Revenue

 

The Omagine project has a Total Net Project Revenue
of OMR 1,466,274,002. We note that the Total Net Project Revenue is after deduction of selling/letting costs and the Usufruct Land
Purchase Costs.

 

	6.15	Development Costs 

 

Construction Costs

 

The construction costs equate to the full development
of the Subject Property as specified in the Development Agreement.

 

Land Reclamation costs are those costs associated
with the dredging and reclaiming of land within the Subject Property and adjacent seabed to form the Initial Master Plan land area.

 

The infrastructure and utilities costs relate
to all infrastructure and utilities needed within the Inner Boundary of the plot. The details of this can be found in Section 3.4.

 

All other costs are associated with the construction
of operational, saleable and community assets. The table below summarises the construction costs used for the proposed project.

 

Adopted Construction Costs

 

	 	Component	 	No. Units	 	 	Size (Sq M)	 	 	Cost/Unit	 	 	Cost/Sq M	 	 	Total Current Cost (OMR)	 	 	Total Escalated Cost (OMR)	 
	 	Land Reclamation	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	29,741,357	 	 	 	30,633,597	 
	 	Utilities	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	17,240,848	 	 	 	17,758,073	 
	 	Infrastructure	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	24,577,048	 	 	 	26,073,790	 
	 	1 - Landmark - Pearls & Ancillaries	 	 	-	 	 	 	123,133	 	 	 	-	 	 	 	630	 	 	 	77,625,130	 	 	 	82,352,501	 
	 	2 - 5* Hotel - Balcon	 	 	280	 	 	 	86,885	 	 	 	272,369	 	 	 	878	 	 	 	76,263,324	 	 	 	80,907,760	 
	 	3 - 4* Hotel - Theatre	 	 	280	 	 	 	24,970	 	 	 	95,590	 	 	 	1,072	 	 	 	26,765,263	 	 	 	28,395,267	 
	 	4 - Serviced Apartments	 	 	724	 	 	 	79,115	 	 	 	61,829	 	 	 	566	 	 	 	44,764,145	 	 	 	48,914,990	 
	 	5 - 4* Hotel	 	 	280	 	 	 	24,970	 	 	 	95,590	 	 	 	1,072	 	 	 	26,765,263	 	 	 	29,247,125	 
	 	6 - Apartments	 	 	334	 	 	 	75,049	 	 	 	115,584	 	 	 	514	 	 	 	38,605,070	 	 	 	42,184,802	 
	 	7 - Apartments	 	 	60	 	 	 	13,503	 	 	 	115,765	 	 	 	514	 	 	 	6,945,919	 	 	 	7,589,993	 
	 	8 - Apartments	 	 	125	 	 	 	28,020	 	 	 	115,307	 	 	 	514	 	 	 	14,413,437	 	 	 	15,749,952	 

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

	 	Component	 	No. Units	 	 	Size (Sq M)	 	 	Cost/Unit	 	 	Cost/Sq M	 	 	Total Current Cost (OMR)	 	 	Total Escalated Cost (OMR)	 
	 	9 - Apartments	 	 	155	 	 	 	34,836	 	 	 	115,610	 	 	 	514	 	 	 	17,919,575	 	 	 	19,581,204	 
	 	10 - High End Souk	 	 	1	 	 	 	6,620	 	 	 	2,666,059	 	 	 	403	 	 	 	2,666,059	 	 	 	2,913,274	 
	 	11 - Tower 3 - Marina	 	 	1	 	 	 	300	 	 	 	130,797	 	 	 	436	 	 	 	130,797	 	 	 	142,925	 
	 	12 - Marina Operations (with berths)	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	Boat Slips/Piers	 	 	50	 	 	 	 	 	 	 	24,247	 	 	 	-	 	 	 	1,212,347	 	 	 	1,248,717	 
	 	Boaters' Building	 	 	1	 	 	 	174	 	 	 	16,524	 	 	 	95	 	 	 	16,524	 	 	 	17,020	 
	 	Marina Operations Building	 	 	1	 	 	 	335	 	 	 	75,505	 	 	 	225	 	 	 	75,505	 	 	 	77,771	 
	 	Marina Services Building	 	 	1	 	 	 	670	 	 	 	30,117	 	 	 	45	 	 	 	30,117	 	 	 	31,021	 
	 	13 - Apartments	 	 	190	 	 	 	42,685	 	 	 	115,564	 	 	 	514	 	 	 	21,957,087	 	 	 	24,712,894	 
	 	14 - Apartments	 	 	180	 	 	 	40,607	 	 	 	116,045	 	 	 	514	 	 	 	20,888,167	 	 	 	23,509,816	 
	 	15 - Apartments	 	 	82	 	 	 	18,519	 	 	 	116,172	 	 	 	514	 	 	 	9,526,140	 	 	 	10,721,755	 
	 	16 - Market Place	 	 	1	 	 	 	1,318	 	 	 	18,031	 	 	 	14	 	 	 	18,031	 	 	 	20,294	 
	 	19 - Apartments	 	 	139	 	 	 	31,278	 	 	 	115,751	 	 	 	514	 	 	 	16,089,346	 	 	 	18,651,962	 
	 	20 - Apartments	 	 	199	 	 	 	44,877	 	 	 	116,003	 	 	 	514	 	 	 	23,084,647	 	 	 	26,761,433	 
	 	22 - Apartments	 	 	133	 	 	 	29,892	 	 	 	115,612	 	 	 	514	 	 	 	15,376,391	 	 	 	18,360,215	 
	 	23 - Apartments	 	 	147	 	 	 	32,970	 	 	 	115,372	 	 	 	514	 	 	 	16,959,708	 	 	 	20,250,779	 
	 	24 - Apartments	 	 	55	 	 	 	12,414	 	 	 	116,104	 	 	 	514	 	 	 	6,385,739	 	 	 	7,402,822	 
	 	26 - Townhouses	 	 	110	 	 	 	49,091	 	 	 	247,802	 	 	 	555	 	 	 	27,258,234	 	 	 	32,547,757	 
	 	27 - Townhouses	 	 	61	 	 	 	27,164	 	 	 	247,258	 	 	 	555	 	 	 	15,082,754	 	 	 	18,549,885	 
	 	28 - Townhouses	 	 	39	 	 	 	17,345	 	 	 	246,951	 	 	 	555	 	 	 	9,631,107	 	 	 	11,845,047	 
	 	29 - Office	 	 	-	 	 	 	11,617	 	 	 	-	 	 	 	467	 	 	 	5,430,514	 	 	 	6,295,454	 
	 	30 - Office	 	 	-	 	 	 	11,617	 	 	 	-	 	 	 	467	 	 	 	5,430,514	 	 	 	6,295,454	 
	 	31 - Office	 	 	-	 	 	 	11,617	 	 	 	-	 	 	 	467	 	 	 	5,430,514	 	 	 	6,678,847	 
	 	32 - Office	 	 	-	 	 	 	11,617	 	 	 	-	 	 	 	467	 	 	 	5,430,514	 	 	 	6,678,847	 
	 	33 - Clubhouse	 	 	1	 	 	 	278	 	 	 	149,929	 	 	 	539	 	 	 	149,929	 	 	 	163,832	 
	 	34 - Villas	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	Villas - 12 Bedrooms - Oceanfront	 	 	8	 	 	 	8,000	 	 	 	648,818	 	 	 	649	 	 	 	5,190,544	 	 	 	5,671,847	 
	 	Villas - 8 Bedrooms - Oceanfront	 	 	10	 	 	 	8,400	 	 	 	554,124	 	 	 	660	 	 	 	5,541,239	 	 	 	6,055,062	 
	 	Villas - 7 Bedrooms - Ocean View	 	 	12	 	 	 	8,400	 	 	 	471,267	 	 	 	673	 	 	 	5,655,200	 	 	 	6,179,590	 
	 	Villas - 6 Bedrooms - Ocean View	 	 	24	 	 	 	13,920	 	 	 	362,259	 	 	 	625	 	 	 	8,694,221	 	 	 	9,223,700	 
	 	Villas - 5 Bedrooms - Ocean Access	 	 	120	 	 	 	63,000	 	 	 	329,708	 	 	 	628	 	 	 	39,564,980	 	 	 	41,974,487	 
	 	Villas - 4 Bedrooms - Wadi Park	 	 	120	 	 	 	57,120	 	 	 	282,981	 	 	 	594	 	 	 	33,957,705	 	 	 	37,106,501	 
	 	Apartments	 	 	285	 	 	 	64,080	 	 	 	115,658	 	 	 	514	 	 	 	32,962,636	 	 	 	39,359,111	 
	 	Total	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	741,453,589	 	 	 	818,837,173	 

 

Source:
Omagine LLC, 2015

 

The total construction costs
for the project total to an un-escalated cost of OMR 741,453,589 and an escalated cost of OMR 818,837,173, both excluding contingency
allowance.

 

We would however caution that
JLL have not undertaken cost investigations and that a more accurate construction cost survey should be undertaken by a professional
qualified quantity surveyor. Should the outcome of a more rigorous expert cost analysis reveal costs which are significantly different
to the costs we have adopted, we would recommend a re-valuation of the property is conducted.

 

Professional Fees and Contingency

 

We have adopted Project and
Development Management fees of 2% of project costs and Professional fees of 8% of project cost. These costs (escalated) add up
to OMR 107,575,601 for the full development.

 

We have assumed a escalated
construction cost contingency allowance of OMR 81,883,717 which equates to approximately 10% of total construction costs.

 

Cost Escalation

 

We have assumed a 3% per annum construction cost
escalation adopted from year one of the cash flow onwards with reference to Oxford Economics inflation indexes.

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

	6.16	Usufruct Rent

 

As stated in Section 3.2,
the Usufruct Agreement owner has to pay an annual fee which is calculated at a rate of OMR 0.3/Sq M and is multiplied by the remaining
Existing land and Reclaimed Land that the Project Company are in possession of on 31 December of each year. The Usufruct Agreement
stipulates that this fee is not to be charged for the first five years after Ratification (signing of the Usufruct Agreement) but
will be paid every year thereafter until expiry of the Usufruct Agreement. The table below details the annual forecast fees payable
per year for the Usufruct Rent.

 

	 	Year	 	 	1-5	 	 	 	6	 	 	 	7	 	 	 	8	 	 	 	9	 	 	 	10	 	 	 	11	 	 	 	12-25	 
	 	Usufruct fees (OMR)	 	 	0	 	 	 	147,912	 	 	 	138,810	 	 	 	130,557	 	 	 	128,741	 	 	 	109,142	 	 	 	100,250	 	 	 	100,250	 

 

	6.17	Project Discount Rate/Target Project IRR

 

Rational developers in the
region use high discount rates for high risk projects. The project discount rate is a reflection of the risk-free rate and a risk
premium for the development, risk to the associated cash flows as well as the opportunity cost of the capital. We have also taken
into account the risks associated with the completion of the construction programme and in achieving the anticipated projected
income.

 

The various risks associated
with development have necessitated the use of a 15% project discount rate or target Internal Rate of Return (IRR). The project
discount rate is a reflection of the risk-free rate and a risk premium for the development, risk to the associated cash flows as
well as the opportunity cost of the capital. We have also taken into account the risks associated with the completion of the construction
programme and in achieving the anticipated projected income.

 

	6.18	Residual Land Valuation Summary

 

Based on the foregoing report commentary and assumptions,
we conclude that the residual land value calculation based on a discounted cash flow returns a value which reflects the full development
of the Omagine Project. We provide a summary of our residual land valuation calculation below after adopted growth but before discounting.

 

Residual Land Valuation Summary

 

	 	Description	 	Total
    After Growth (OMR)	 
	 	Landmark Plot*	 	 	66,758,190	 
	 	Hotel Units	 	 	340,288,458	 
	 	Marina Unit	 	 	5,396,178	 
	 	Residential Units	 	 	1,039,260,467	 
	 	Office Units	 	 	61,266,348	 
	 	Retail Units	 	 	12,584,558	 
	 	Less Selling Costs	 	 	53,972,973	 
	 	Less Usufruct Land Purchase Costs	 	 	29,858,683	 
	 	NET SALES REVENUE	 	 	1,441,722,544	 
	 	Landmark Plot	 	 	31,175,427	 
	 	Less Outgoings
    and Vacancies	 	 	6,235,085	 
	 	Less Letting Fees	 	 	388,883	 
	 	NET RENTAL INCOME	 	 	24,551,459	 
	 	TOTAL REVENUE	 	 	1,466,274,002	 

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

	 	Construction Costs	 	 	818,837,172	 
	 	Contingency at 10%	 	 	81,883,717	 
	 	Professional Fees	 	 	107,575,601	 
	 	Usufruct Rent (per annum)	 	 	2,158,913	 
	 	TOTAL COSTS	 	 	1,162,187,788	 
	 	Project Discount Rate	 	 	15	%
	 	Net Present Value	 	 	151,374,405	 
	 	Fair Value (Rounded)	 	 	150,000,000	 

 

*Total rental income over a five
year holding period of the Landmark Plot.

 

This calculates to OMR 137/sq m of land area and
OMR 132/sq m of BUA. A summary of the Estate Master calculation is provided at Appendix H.

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

	7	Land Market Commentary

 

We have provided a land market commentary for
large raw and serviced development land which have transacted in the past or are advertised on the market within Oman and the UAE.

 

	7.1	Comparable Land Transactions

 

Muscat is characterised as an ‘opaque market’
hence no centralised database exists where transactions are recorded and publically available.

 

We have been provided with the land transaction
details of plots that have sold in Muscat Hills as previous mentioned in the section above. Muscat Hills Golf and Country Club
has embarked on a serviced land sales strategy for approximately 100,000 sq m of land located at the Muscat Hills development.

 

	 	Date	 	Location	 	Type	 	Description	 	Land
    Size
 (Sq M)*	 	 	BUA

    (Sq M)	 	 	Price

    (OMR)	 	 	Rate
    on Land
 (OMR/Sq M)	 	 	BUA
    Rate
 (OMR/Sq M)	 
	 	Q3/Q4
    2014	 	Muscat Hills	 	Residential	 	G+7
    @ 70%	 	 	10,000	 	 	 	56,000	 	 	 	4,500,000	 	 	 	450	 	 	 	80	 
	 	Q3/Q4
    2014	 	Muscat
    Hills	 	Residential	 	G+7
    @ 70%	 	 	10,000	 	 	 	56,000	 	 	 	6,000,000	 	 	 	600	 	 	 	107	 

 

*Approximate area

 

Due to the scale of the Subject Property, a significant
discount for quantum would be attributed to the land rate of these comparables as the Subject Property is approximately 100 times
the size of the serviced land transactions conducted. We would also apply a discount for the Usufruct and Development Agreement
obligations.

 

Due to the market being opaque and the limited
availability of freehold land within Muscat we are not aware of many publically available arm’s length land transactions
in Muscat particularly with a sea frontage. We have therefore relied on transactions for land in similar locations within the United
Arab Emirates whether there is more market transparency and sea front freehold and has previously transacted within the market.

 

An example of a recent transaction in Dubai that
we are aware of includes a luxury residential villa and golf course zoned plot located in DubaiLand. The site area for the residential
land is 15,000,000 sq ft and we are aware that the purchase price was approx. AED 533,000,000. However, the purchase price is to
be spread over five years and by using a Discount Rate of 10%, the Net Present Value reflects a purchase price closer to AED 400,000,000.
This therefore calculates to a day one estimated price of AED 26/sq ft (OMR 26/sq m) of land area.

 

We are aware of a recent serviced unrestricted
freehold land transaction for sea/beach front land within Dubai’s Palm Jumeirah transacting at AED 650/sq ft of land which
is the equivalent of OMR 700/sq m of land area. The land area had an FAR of 1.

 

An un-serviced waterfront land transaction occurred
in the Business Bay/Dubai Health Care City Phase 2 master plan that extended to approximately 10,000 sq m with an FAR of 1. The
purchase price was AED 212/sq ft of land area in 2006 with recent formal offers being made in the order of AED 360/sq ft of land
area. This equates to approximately OMR 233/sq m and OMR 390/sq m of land area respectively.

 

We are also aware that Damac Real Estate purchased
the 5,109,667 sq m “Akoya Oxygen” land plot for the equivalent of OMR 197,474,220. This equates to a rate of OMR 39/sq
m and was one of the few single cash payments conducted for development land of this size over the recent past.

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

We have highlighted recorded land transactions from the Dubai
Land Department via REIDIN in the table below. The table shows what investors have historically paid for large parcels of undeveloped
land within Dubai and demonstrates that quantum discounts that can be expected for large parcels of land over smaller more easily
developed land plots.

 

Comparable Transactions

 

	 	Location	 	Registration
 Date	 	Plot Area
 (Sq Ft)	 	 	Plot Area
 (Sq M)	 	 	Price
 (AED)	 	 	Price
 (AED/sq ft)	 	 	Equivalent
 (OMR/Sq M)	 
	 	Nad Al Shiba	 	Dec-13	 	 	1,108,231	 	 	 	102,958	 	 	 	4,552,381	 	 	 	4.1	 	 	 	4.4	 
	 	Grayttesah	 	Nov-13	 	 	1,967,869	 	 	 	182,821	 	 	 	14,959,424	 	 	 	7.6	 	 	 	8.2	 
	 	Um Nahed First	 	Mar-13	 	 	1,999,999	 	 	 	185,806	 	 	 	60,000,000	 	 	 	30	 	 	 	32.3	 
	 	Lehbab First	 	Apr-12	 	 	1,189,949	 	 	 	110,550	 	 	 	15,000,000	 	 	 	13	 	 	 	14.0	 
	 	Wadi Al Safa 4	 	Mar-11	 	 	2,000,000	 	 	 	185,806	 	 	 	20,000,000	 	 	 	10	 	 	 	10.8	 
	 	Al Khawaneej Second	 	Mar-11	 	 	1,000,000	 	 	 	92,903	 	 	 	10,000,000	 	 	 	10	 	 	 	10.8	 
	 	Dubai Lifestyle City	 	Jan-10	 	 	2,238,183	 	 	 	207,934	 	 	 	71,622,000	 	 	 	32	 	 	 	34.4	 
	 	Dubai Land	 	Jul-09	 	 	24,719,462	 	 	 	2,296,513	 	 	 	681,463,020	 	 	 	28	 	 	 	30.1	 

 

Source: Reidin

 

We note that none of these transactions have a
sea frontage with sea frontage land commanding a premium. The table above shows that registered land sale prices based on land
area have ranged between AED 4.1/sq ft of land (OMR 4/sq m) and AED 32/sq ft of land area (OMR 32/sq m) depending upon location.
The largest land transaction is identified as transaction no. 1 located in Dubai which sold in 2009 for a sales rate of AED 28/sq
ft of land area (OMR 30/sq m).

 

	7.2	Large Comparable Asking Prices in Oman

 

As mentioned, we have not been able to identify
any recent arms-length transactions for large plots of land within Muscat. We have had discussions with various agents and property
consultants who are marketing plots for sale throughout Muscat. The general consensus is that vendor price expectations are above
what can be achieved in the market. The largest advertised land plots near the Subject Property are provided in the table below.

 

Comparable Asking Prices

 

	 	No.	 	Location	 	Use	 	Plot Area
 (Sq M)	 	 	Asking Price
 (OMR)	 	 	Rate
 (OMR/Sq M)	 
	 	1	 	A'Nakheel Beach, Muscat	 	ITC	 	 	295,692	 	 	 	103,492,200	 	 	 	350	 
	 	2	 	A'Zaibah, Muscat	 	Residential	 	 	263,351	 	 	 	144,843,050	 	 	 	550	 
	 	3	 	Rusayl, Muscat	 	Residential - Gated	 	 	119,000	 	 	 	35,700,000	 	 	 	300	 
	 	4	 	Wadi Al Lawami, Al Seeb	 	Commercial	 	 	40,577	 	 	 	8,000,000	 	 	 	197	 
	 	5	 	Al Seeb	 	-	 	 	181,000	 	 	 	23,000,000	 	 	 	127	 
	 	6	 	Muttrah, Muscat	 	Commercial	 	 	78,100	 	 	 	55,600,000	 	 	 	712	 
	 	7	 	Al Seeb	 	Residential	 	 	13,880	 	 	 	13,000,000	 	 	 	937	 

 

Source: JLL

 

The quoting rate for the above properties vary
significantly. The largest properties are comparable no. 1, 2 and 3. We are of the opinion that these are the most comparable,
subsequently they have more consistent asking rates ranging from OMR 300/sq m to OMR 550/sq m of land area. The variance between
these is likely to be due to location and zoning type. Due to the opaque nature of the property market we have been unable to ascertain
the specific permissible FAR for these properties but we are informed that they are generally below 3 with comparable no. 1 and
2 having an FAR of below 2.

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

	7.3	Conclusion

 

Given the recent transactions and asking prices
available in Muscat, Dubai and Ras Al Khaimah, land prices for unrestricted freehold land generally ranges from the equivalent
of OMR 26/sq m to OMR 750/sq m for land ranging from 13,880 sq m to 2,296,513 sq m with a significant quantum discount for land
that is larger than 300,000 sq m. Un-serviced large land transactions that we are aware with an area of over 300,000 sq m have
not transacted within the region in an arms-length transaction and an upfront cash payment for more than OMR 100/sq m of land area
in the recent past. The Subject Property has the following characteristics, some of which would not be present within a freehold
title, that make direct comparison challenging:

 

	 	1.	Usufruct Rights including an annual rental fee which we estimate to be OMR 2,158,913;
	 	2.	Usufruct land cost on creation of freehold title at OMR 25/sq m with 6% increase pa for the Effective Date which we estimate to be OMR 29,858,679.
	 	3.	Development minimum build obligations including deferred land payment;
	 	4.	The land extends to 1,000,000 sq m;
	 	5.	Beach frontage with limited availability of prime beach frontage land in Oman;
	 	6.	A low floor to area ratio (FAR).

 

We are therefore of the view that the opinion of
Fair Value arrived to using the Income Approach based on a discounted cash flow is appropriate.

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

	8	Fair Value Commentary

 

	8.1	IFRS 13 Commentary

 

The guidance contained in IFRS 13 indicates that
a Fair Value measurement requires an entity to determine the following:

 

	 	Item	 	 	Our Approach
	 	a)	The particular asset or liability that is the subject
    of the measurement (consistently with its unit of account).	 	In this case the asset comprises the Property described in this report on the basis of the ownership specified.
	 	b)	For a non-financial asset, the valuation premises
    that is appropriate for the measurement (consistently with its highest and best use).	 	We have been instructed to assume the Property represents
the highest and best use.
	 	c)	The principal (or most advantageous) market for the
    asset 

    or liability.	 	We consider this to be the open market for development land.
	 	d)	The valuation technique(s) appropriate for the measurement,
    considering the availability of data with which to develop inputs that represent the assumptions that market participants
    would use when pricing the asset or liability and the level of fair value hierarchy within which the inputs are categorised.	 	Development land assets which are comparable to the Property in terms of scale rarely transact in the open market. Therefore, we have agreed to use the Income Approach based on a discounted cash flow model to measure the Fair Value of the Property.

 

IFRS 13 requires a commentary to be made on the
hierarchy of the inputs used in measuring Fair Value. Due to the opaque nature of the market and the fact that office buildings
which are comparable to the Property in terms of scale are rarely traded in the Dubai property market, our valuation has been prepared
using the Income Approach based on a discounted cash flow model. We have based our inputs on the most appropriate market based
information available to us. However, our model contains a number of ‘unobservable inputs’ and should therefore be
categorised within Level 3 of the fair value hierarchy.

 

The significant unobservable inputs adopted in
our model are as follows:

 

●        
Project phasing;

 

●        
Construction costs;

 

●        
Project discount rate.

 

Our model is sensitive to isolated changes in
the inputs, particularly those highlighted above. Any significant increase (delay) in the project phasing, construction costs and
project discount rate will result in a significant decrease in Fair Value. However, an increase in the project phasing may also,
if it is associated with an increased risk of receiving the forecasted net cash flow, be accompanied by an increase in the project
discount rate.

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

	9	Fair Value

 

	9.1	Opinion of Fair Value

 

Based on the foregoing, we
are of the opinion that the Fair Value of the Usufruct Right of the Property as at 31 December 2014 is:

 

OMR 150,000,000

 

(ONE HUNDERED AND FIFTY
MILLION OMANI RIYALS)

 

No allowance has been made
for any expenses of realisation or for taxation which might arise in the event of a disposal or for a purchaser’s cost of
acquisition.

 

Liability

 

Our liability will be to our
Client only and will be limited in aggregate to the fee for this assignment. This liability proviso does not apply with respect
to ‘Clients Information’ as such information is considered the responsibility of the Client.

 

	9.2	Principal Risks

 

Omagine is a long term development
project which will require continued public and private sector support to overcome considerable engineering, economic and financial
challenges. In our valuation we have identified a number of specific risks as noted below:

 

	 	●	General economic and demographic conditions: an increase in the resident population as a result of economic and employment expansion may increase demand although the fall in oil prices may have a significant effect on the Oman economy due to its reliance on oil as the largest contributor to GDP.

 

	 	●	The stability of Oman is of significant concern. Sultan Qaboos, the ruler of Oman, brought stability to the country when he took over from his father in a bloodless coup. Recently, the Sultan has been living abroad while receiving medical treatment and has not been conducting public duties. There are also concerns over the conflict arising in neighbouring Yemen.

  

	 	●	The scale of the development and nature of the site will significantly limit the number of potential buyers and the market might not be able to absorb the individual product offerings in the master development which can lead to oversupply conditions and possible resultant price corrections.

 

	 	●	The success of the land sales and subsequent absorption by third party investors is dependent upon and integral to the overall development and implementation of the project and its adherence to the master plan and time frame.

  

	 	●	Infrastructure risks: the timely provision of infrastructure, including water and electricity as well as connections to the road network is critical to the completion and saleability of assets under development and any delays may adversely impact sales receipts. Raising capital for the future sale/reimbursement of infrastructure works by a developer such as Omagine LLC could prove problematic and the disposal time may be pro-longed.

  

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	Omagine Plot, Muscat, Oman	23 June 2015

 

	 	●	Construction costs:
    our analysis assumes that the developer has conducted an audit of construction costs for each phase of the development and
    that the construction costs adopted are in line with market to undertake or complete service and development works required.
    Should construction costs be significantly different and/or rise more rapidly or earlier than anticipated this can have an
    adverse effect on the underlying land value.

 

	 	●	External factors: with a significant component of purchaser demand from off-shore, any increased political instability in the region may affect confidence in or immigration to Muscat which can impact demand for property in the Sultanate both positively and negatively. Changes in economic conditions in source markets, both within the Middle East and more widely in markets such as Russia and CIS, India and Pakistan and Western Europe also impact demand for investment and second home properties.

 

	 	●	Increased competition from comparable projects within Muscat, could adversely impact future demand with a few similarly sized projects in the pipeline.

 

The Sultanate of Oman has experienced a rapid growth
in population and commensurate development and investment activity over the past few years as a result of government plans, infrastructure
projects, law and regulation changes and other stimulants to the economy. The government have actively encouraged the development
of tourism and entertainment projects. The use of ITC’s will encourage FDIs and open Oman up to global tourism as foreign
nationals are able to gain residency in the Sultanate.

 

	9.3	Saleability of the Asset

 

The saleability of the asset is restricted by the
size and scale of the proposed development, the limited number of buyers who would have the capability and financial resources
to buy or deliver the development as planned and the limited availability of financing.

 

We therefore consider that the timeframe to achieve
a sale could take an extended marketing period of more than six months.

 

	9.4	Confidentiality and Publication

 

Finally, and in accordance with our normal practice
we confirm that the Report is confidential to the parties to whom it is addressed for the specific purpose to which it refers.
No responsibility whatsoever is accepted to any third party and neither the whole of the Report, nor any part, nor references thereto,
may be published in any document, statement or circular, nor in any communication with third parties without our prior written
approval of the form and context in which it will appear.

 

We further confirm the following:

 

	 	●	The statements of fact presented in the report are correct to the best of the Valuers knowledge;

 

	 	●	The analyses and conclusions are limited only by the reported assumptions and conditions;

 

	 	●	JLL are ‘External Valuers’ and its valuation consultants have no interest in the Subject Property.

 

	 	●	JLL’s fee is not contingent upon any aspect of the report;

 

	 	●	The valuation was performed in accordance with RICS ethical code and performance standards;

 

	 	●	The Valuers have satisfied professional education requirements;

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

		●	The Valuers have experience in the category of the Property being valued;

 

		●	The Valuers have made a personal inspection of the Property;
	 	 	 
		●	The Valuation maybe subject to RICS monitoring regulations

    

We trust that we have carried out the valuation in accordance
with your instruction and should there be any points that require clarification, please contact the undersigned.

 

Yours faithfully,

 

For and on behalf of Jones Lang LaSalle UAE Limited (Dubai
Branch)

 

	 	/s/ Youcef Elhachemi	 	/s/ Simon Brand
	 	Youcef Elhachemi mrics	 	Simon Brand frics
	 	Associate – Valuation Advisory	 	Head
of Valuation Advisory - MENA

                            

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	Omagine Plot, Muscat, Oman	23 June 2015

 

	10	Assumptions and Caveats Relative to Valuation

 

	10.1	General

 

	 	●	We assume no responsibility for economic or physical factors which may affect the opinions in this report which occur after the valuation date.

 

	 	●	We have relied extensively on information provided during discussions and in hardcopy by the Client. Whilst we believe that the data collected is accurate and reliable, JLL has not, as part of the valuation, performed an independent audit or review of the information gathered and does not express an opinion or any other form of assurance on the accuracy of such information. No responsibility is assumed for errors or omissions, or for information not disclosed which might otherwise affect the valuation estimate.

  

	 	●	We have accepted advice given to us on such matters as planning or statutory notices, easements, tenure, identification of property, site and areas, and all other relevant information. Dimensions, measurements and areas included in the valuation are based on information provided by Client and are assumed to be in line with RICS Code of Measuring Practice. No on-site measurements have been made. We have been advised that no material facts have been omitted from the information supplied.

  

	 	●	No opinion is intended to be expressed for matters which require legal expertise or specialised investigation or knowledge beyond that customarily employed by property valuers.

  

	 	●	Unless otherwise noted, no consideration has been given in this valuation to the value of the property if any located on the premises which is considered to be personal property, only the real immovable property has been considered.

  

	 	●	Maps and exhibits included in this report are for illustration only as an aid in visualizing matters discussed within the report. They should not be considered as surveys or relied upon for any other purpose, nor should they be removed from, reproduced or used apart from the report.

 

	10.2	Title and Ownership

 

	 	●	No opinion to title is rendered. Data relating to ownership and legal description was obtained from the client or public records considered reliable. Title is assumed to be marketable and free and clear of all liens, encumbrances, easements, and restrictions except if specifically discussed in the report. The property is valued assuming it to be under responsible ownership, competent management and available for its highest and best use.

  

	 	●	The Property is valued as if wholly owned with no account being taken of any outstanding monies due in respect of mortgage bonds, loans or any other third party claims.

 

	10.3	Condition and Compliance of Land

 

	 	●	The Property is valued assuming that it is in full compliance with all applicable state and local environmental regulations and laws.

 

	 	●	The Property is valued assuming all applicable zoning and use regulations and restrictions have been and will be complied with, unless otherwise stated and would not significantly change in future.

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

	 	●	We have assumed no responsibility for hidden or unapparent conditions of the Property, subsoil, or structures that render it more or less valuable. No responsibility is assumed for arranging for engineering studies that may be required to discover them.

 

	 	●	No detailed soil studies covering the Property was available for this valuation. It is therefore assumed that soil conditions are adequate and will continue to support the existing building construction consistent with highest and best use.

 

	 	●	Unless otherwise stated in this report, the valuers signing this report have no knowledge concerning the presence or absence of toxic materials in the improvements and/or hazardous waste on the land. No responsibility is assumed for any such conditions or for any expertise or engineering to discover them.

  

	 	●	No engineering survey has been made by the valuers. Except if specifically stated, no encroachment of real property improvements is considered to exist.

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

Appendix
A: General Principles Adopted in the Preparations of Valuations and Reports

 

These
General Principles should be read in conjunction with JLL’s General Terms and Conditions of Business except insofar as this
may be in conflict with other contractual arrangements.

 

	1	RICS Valuation - Professional Standards (January 2014)

 

All work is carried out in accordance with the
Practice Statements contained in the RICS Valuation – Professional Standards (January 2014) published by the Royal Institution
of Chartered Surveyors, by valuers who conform to the requirements thereof. Our valuations may be subject to monitoring by the
RICS.

 

	2	Valuation Basis:

 

Our reports state the purpose of the valuation
and, unless otherwise noted, the basis of valuation is as defined in the RICS Valuation – Professional Standards (January
2014). The full definition of the basis, which we have adopted, is either set out in our report or appended to these General Principles.

 

	3	Disposal Costs Taxation and Other Liabilities:

 

No allowances are made for any expenses of realisation,
or for taxation, which might arise in the event of a disposal. All property is considered as if free and clear of all mortgages
or other charges, which may be secured thereon.

 

No allowance is made for the possible impact of
potential legislation which is under consideration.

 

Valuations are prepared and expressed exclusive of VAT payments, unless otherwise
stated.

 

	4	Documentation:

 

We do not normally read leases or documents of
title. We assume, unless informed to the contrary, that each property has a good and marketable title, that all documentation is
satisfactorily drawn and that there are no encumbrances, restrictions, easements or other outgoings of an onerous nature, which
would have a material effect on the value of the interest under consideration, nor material litigation pending. Where we have been
provided with documentation we recommend that reliance should not be placed on our interpretation without verification by your
lawyers.

 

	5	Tenants:

 

Although we reflect our general understanding of
a tenant’s status in our valuations, enquiries as to the financial standing of actual or prospective tenants are not normally
made unless specifically requested. Where properties are valued with the benefit of lettings, it is therefore assumed, unless we
are informed otherwise, that the tenants are capable of meeting their financial obligations under the lease and that there are
no arrears of rent or undisclosed breaches of covenant.

 

	6	Measurements:

 

All measurement is carried out in accordance with
the Code of Measuring Practice (6th Edition) issued by the Royal Institution of Chartered Surveyors, except where we specifically
state that we have relied on another source. The areas adopted are purely for the purpose of assisting us in forming an opinion
of capital value. They should not be relied upon for other purposes nor used by other parties without our written authorisation.

 

	7	Estimated Rental Value:

 

Our opinion of rental value is formed purely for
the purposes of assisting in the formation of an opinion of capital value. It does not necessarily represent the amount that might
be agreed by negotiation, or determined by an Expert, Arbitrator or Court, at rent review or lease renewal.

 

	8	Town Planning and Other Statutory Regulations:

 

Information on town planning is, wherever possible,
obtained either verbally from local planning authority officers or publicly available electronic or other sources. It is obtained
purely to assist us in forming an opinion of capital value and should not be relied upon for other purposes. If reliance is required
we recommend that verification be obtained from lawyers that:-

 

	 	i	the position is correctly stated in our report;
	 	ii	the property is not adversely affected by any other decisions made, or conditions prescribed, by public
authorities;
	 	iii    	that there are no outstanding statutory notices.

 

Our valuations are prepared on the basis that the
premises (and any works thereto) comply with all relevant statutory and EC regulations, including fire regulations, access and
use by disabled persons and control and remedial measures for asbestos in the workplace.

 

	9	Structural Surveys:

 

Unless expressly instructed, we do not carry out
a structural survey, nor do we test the services and we therefore do not give any assurance that any property is free from defect.
We seek to reflect in our valuations any readily apparent defects or items of disrepair, which we note during our inspection, or
costs of repair which are brought to our attention. Unless stated otherwise in our reports we assume any tenants are fully responsible
for the repair of their demise either directly or through a service charge.

 

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	10	Deleterious Materials:

 

We do not normally carry out investigations on
site to ascertain whether any building was constructed or altered using deleterious materials or techniques (including, by way
of example high alumina cement concrete, woodwool as permanent shuttering, calcium chloride or asbestos). Unless we are otherwise
informed, our valuations are on the basis that no such materials or techniques have been used.

 

	11	Site Conditions:

 

We do not normally carry out investigations on
site in order to determine the suitability of ground conditions and services for the purposes for which they are, or are intended
to be, put; nor do we undertake archaeological, ecological or environmental surveys. Unless we are otherwise informed, our valuations
are on the basis that these aspects are satisfactory and that, where development is contemplated, no extraordinary expenses, delays
or restrictions will be incurred during the construction period due to these matters.

 

	12	Environmental Contamination:

 

Unless expressly instructed,
we do not carry out site surveys or environmental assessments, or investigate historical records, to establish whether any land
or premises are, or have been, contaminated. Therefore, unless advised to the contrary, our valuations are carried out on the basis
that properties are not affected by environmental contamination. However, should our site inspection and further reasonable enquiries
during the preparation of the valuation lead us to believe that the land is likely to be contaminated we will discuss our concerns
with you.

 

	13	Insurance:

 

Unless expressly advised to the contrary we assume
that appropriate cover is and will continue to be available on commercially acceptable terms, for example in regard to the following:

 

Composite Panels

 

Insurance cover, for buildings incorporating certain
types of composite panel may only be available subject to limitation, for additional premium, or unavailable. Information as to
the type of panel used is not normally available. Accordingly, our opinions of value make no allowance for the risk that insurance
cover for any property may not be available, or may only be available on onerous terms.

 

Terrorism

 

Our valuations have been made on the basis that
the properties are insured against risks of loss or damage including damage caused by acts of Terrorism. We have assumed that the
insurer, with whom cover has been placed, has been suitably reinsured.

 

Flood and Rising Water Table

 

Our valuations have been made on the assumption
that the properties are insured against damage by flood and rising water table. Unless stated to the contrary our opinions of value
make no allowance for the risk that insurance cover for any property may not be available, or may only be available on onerous
terms.

 

	14	Outstanding Debts:

 

In the case of property where construction works
are in hand, or have recently been completed, we do not normally make allowance for any liability already incurred, but not yet
discharged, in respect of completed works, or obligations in favour of contractors, subcontractors or any members of the professional
or design team.

 

	15	Confidentiality and Third Party Liability:

 

Our Valuations and Reports are confidential
to the party to whom they are addressed and for the specific purpose to which they refer, and no responsibility whatsoever is
accepted to any third parties. Neither the whole, nor any part, nor reference thereto, may be published in any document,
statement or circular, nor in any communication with third parties, without our prior written approval of the form and
context in which it will appear.

 

	16	Statement of Valuation Approach:

 

We are required to make a statement of our valuation
approach. In the absence of any particular statements in our report the following provides a generic summary of our approach.

 

The majority of institutional portfolios comprise
income producing properties. We usually value such properties adopting the investment approach where we apply a capitalisation
rate, as a multiplier, against the current and, if any, reversionary income streams. Following market practice we construct our
valuations adopting hardcore methodology where the reversions are generated from regular short term uplifts of market rent. We
would normally apply a term and reversion approach where the next event is one which fundamentally changes the nature of the income
or characteristics of the investment. Where there is an actual exposure or a risk thereto of irrecoverable costs, including those
of achieving a letting, an allowance is reflected in the valuation.

 

Vacant buildings, in addition to the above methodology,
may also be valued and analysed on a comparison method with other capital value transactions where applicable.

 

Where land is held for development we adopt the
comparison method when there is good evidence, and/or the residual method, particularly on more complex and bespoke proposals.

 

There are situations in valuations for accounts
where we include in our valuation properties which are owner-occupied. These are valued on the basis of existing use value, thereby
assuming the premises are vacant and will be required for the continuance of the existing business. Such valuations ignore any
higher value that might exist from an alternative use.

 

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	Omagine Plot, Muscat, Oman	23 June 2015

 

Appendix B: Interpretative
Commentary of Fair Value

 

Definition and Interpretive Commentary reproduced from
the RICS Valuation – Professional Standards January 2014, VPS 4

 

Valuations based on fair value shall
adopt the definition and the conceptual framework settled by the International Valuation Standards Council (IVSC):

 

Definition

 

There are two recognised definitions of fair value –
it is essential that the valuer makes explicit which definition is being adopted in any given case. The two definitions are:

 

		(a)	the definition adopted by the International Accounting
Standards Board (IASB) in IFRS 13:

 

The price that would be received to sell an
asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

 

and

 

		(b)	the definition adopted by the IVSC in IVS Framework
paragraph 38:

 

The estimated price for the transfer of an asset
or liability between identified knowledgeable and wiling parties that reflects the respective interests of those parties.

 

	1.	It is important to recognise that the two definitions of fair value are not the same. When adopting the basis of fair value it is essential that the valuer establishes the correct definition for the purpose and sets it out in full in the terms of engagement and the report.

 

	2.	The guidance in IFRS 13 includes:

 

	 	Overview of fair value measurement approach	 
	 	 	 
	 	The objective of a fair value measurement is to estimate the price at which an orderly transaction to sell the asset or to transfer the liability would take place between market participants at the measurement date under current market conditions. A fair value measurement requires an entity to determine all of the following:	 
	 	 	 
	 	●	the particular asset or liability that is the subject of the measurement (consistently with its unit of account)	 
	 	 	 	 
	 	●	for a non-financial asset, the valuation premise that is appropriate for the measurement (consistently with its highest and best use)	 
	 	 	 	 
	 	●	the principal (or most advantageous) market for the asset or liability	 
	 	 	 	 
	 	●	the
    valuation technique(s) appropriate for the measurement, considering the availability of data with which to develop inputs
    that represent the assumptions that market participants would use when pricing the asset or liability and the level of the
    fair value hierarchy within which the inputs are categorised.	 
	 	 	 	 
	 	 	Copyright
    © IFRS Foundation. 

All rights reserved. Reproduced by Royal Institution of Chartered Surveyors with the permission of
    the IFRS Foundation®. No permission granted to third parties to reproduce or distribute.	 

 

The references in IFRS 13 to market participants
and a sale make it clear that for most practical purposes the concept of fair value is consistent with that of market
value, and so there would be no difference between them in terms of the valuation figure reported.

 

	3.	In applying the IVS definition, valuers should refer to IVS Framework paragraphs 38-42.
	 	 
	4.	For more detailed guidance on the application of fair value for financial statements see VPGA 1, Valuations for inclusion in financial statements.

 

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	Omagine Plot,
    Muscat, Oman	23
    June 2015

 

Appendix C: Photographs

  

 

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	Omagine Plot,
    Muscat, Oman	23
    June 2015

 

 

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	Omagine Plot,
    Muscat, Oman	23
    June 2015

 

Appendix D: Initial Master Plan
with Phasing

 

 

 

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	Omagine Plot,
    Muscat, Oman	23
    June 2015

 

Appendix E: Integrated Tourism
Complex Licence

 

 

 

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	Omagine Plot,
    Muscat, Oman	23
    June 2015

 

Appendix F: Omagine Marina Configuration

 

 

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	Omagine Plot,
    Muscat, Oman	23
    June 2015

 

Appendix G: Krooki

 

 

 

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	Omagine Plot,
    Muscat, Oman	23
    June 2015

 

Appendix H: Estate Master DF
Summary Sheet

 

 

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	Simon
    Brand FRICS

Head of Valuation Advisory MENA

 Emaar Square, Building 1 

Dubai, UAE 

PO Box 214029 

+ 971 4 436 2487

 simon.brand@eu.jll.com	Youcef
    Elhachemi MRICS 

Associate – Valuation Advisory MENA 

Emaar Square, Building 1 

Dubai, UAE 

PO Box 214 029 

+ 971 (4) 436
    24 50

 youcef.elhachemi@eu.jll.com	

 

 

 

 

 

 

 

 

www.jll-mena.com

 

COPYRIGHT © JONES LANG
LASALLE IP, INC. 2015.

 

This publication is the sole
property of Jones Lang LaSalle IP, Inc. and must not be copied, reproduced or transmitted in any form or by any means, either
in whole or in part, without the prior written consent of Jones Lang LaSalle IP, Inc. The information contained in this publication
has been obtained from sources generally regarded to be reliable. However, no representation is made, or warranty given, in respect
of the accuracy of this information. We would like to be informed of any inaccuracies so that we may correct them. Jones Lang
LaSalle does not accept any liability in negligence or otherwise for any loss or damage suffered by any party resulting from reliance
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