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Private & Confidential

3 RESIDENTIAL BLOCKS (G2, G3 & G4), SALAMAH DISTRICT, JEDDAH

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Valuation Report

329 APARTMENTS - 3 RESIDENTIAL BLOCKS (G2, G3 & G4), SALAMAH DISTRICT, JEDDAH, KSA

SEMI-ANNUAL VALUATION - ALAHLI SEDCO RESIDENTIAL DEVELOPMENT FUND NCB CAPITAL

DECEMBER 2017

ValuStrat Consulting خبير التثمين العقاري 703 Palace Towers 6th Floor, South Tower 105 Jameel Square Dubai Silicon Oasis King Faisal Foundation Building Tahlia Road Dubai Al Faisaliiah Complex Jeddah United Arab Emirates Riyadh, Saudi Arabia Saudi Arabia Tel.: +971 4 326 2233 Tel.: +966 11 2935127 Tel.: +966 12 2831455 Fax: +971 4 326 2223 Fax: +966 11 2933683 Fax: +966 12 2831530

www.valustrat.com


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TABLE OF CONTENTS

1 Executive Summary 4

1.1 THE CLIENT 4

1.2 THE PURPOSE OF VALUATION 4

1.3 INTEREST TO BE VALUED 4

1.4 VALUATION APPROACH 4

1.5 DATE OF VALUATION 5

1.6 OPINION OF VALUE 5

1.7 SALIENT POINTS (General Comments) 5

2 Valuation Report 7

2.1 INTRODUCTION 7

2.2 VALUATION INSTRUCTIONS/INTEREST TO BE VALUED 6

2.3 PURPOSE OF VALUATION 7

2.4 VALUATION REPORTING COMPLIANCE 7

2.5 BASIS OF VALUATION 7

2.6 EXTENT OF INVESTIGATION 10

2.7 SOURCES OF INFORMATION 10

2.8 PRIVACY/LIMITATION ON DISCLOSURE OF VALUATION 11

2.9 DETAILS AND GENERAL DESCRIPTION 12

2.10 ENVIRONMENT MATTERS 22

2.11 TENURE/TITLE 23

2.12 VALUATION METHODOLOGY & RATIONALE 24

2.13 VALUATION 35

2.14 MARKET CONDITIONS SNAPSHOT 36

2.15 VALUATION UNCERTAINTY 37

2.16 DISCLAIMER 38

2.17 CONCLUSION 38

APPENDIX 1 – EXTERNAL PHOTOGRAPHS


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1 EXECUTIVE SUMMARY

1.1 THE CLIENT

Mr. Mohammed Al Ali

Director, Head of Product Development and

Acting Head of Local Real Estate Business Development

NCB Capital

P.O. Box 886, Jeddah 21421, Kingdom of Saudi Arabia

1.2 THE PURPOSE OF VALUATION

This report is for the purpose of the semi-annual valuation for AlAhli SEDCO

Residential Development Fund.

1.3 INTEREST TO BE VALUED

The below-mentioned property is the scope of this valuation exercise.

Source: Client 2017

*Refer to Section 2.9.2 for complete details of the apartment units.

1.4 VALUATION APPROACH

Comparative Approach to valuation.

1.5 DATE OF VALUATION

Unless stated to the contrary, our valuations have been assessed as at the date of

our report based on our external inspection of the subject properties on 18th

December 2017. Please note that the inspection was external and visual in nature

only.

The valuation reflects our opinion of value as at this date. Property values are

subject to fluctuation over time as market conditions may change.

THE EXECUTIVE

SUMMARY AND

VALUATION SHOULD NOT

BE CONSIDERED OTHER

THAN AS PART OF THE

ENTIRE REPORT.

Property Details Total GFA (m²) Owner Location Interest

*329 Apartment Units 73,183.88 NCB Capital Real Estate Investment

Salamah District, Jeddah Freehold


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1.6 OPINION OF VALUE

No. of Apartment Total Gross Area (m²) Total Value (SAR) [Rounded]

Unsold Units 329 65,455 327,000,000

The executive summary and valuation should not be considered other than as part of the entire report.

1.7 SALIENT POINTS (GENERAL COMMENTS)

In the event should it transpire that all of the apartments are to be sold to a single

purchaser/investor, we would assume a quantum discounting factor would be

applicable for the summation of the value. Accordingly, the values referred in this

report ignore any potential discounting factor resulting from the apartments forming

part of a portfolio or connected purchase.

We are unaware of planning or other proposals in the area or other matters which

would be of detriment to the subject apartments, although your legal representative

should make their usual searches and enquiries in this respect. `

We confirm that on-site measurement exercise was not conducted by ValuStrat

International, and we have relied on the site areas provided by the Client. In the event

that the areas of the villas and site boundary prove erroneous, our opinion of Market

Value may be materially affected, and we reserve the right to amend our valuation

and report.

We have assumed that the property is not subject to any unusual or especially

onerous restrictions, encumbrances or outgoings and good title can be shown. For

the avoidance of doubt, these items should be ascertained by the client’s legal

representatives.

ValuStrat draws your attention to any assumptions made within this report. We

consider that the assumptions we have made accord with those that would be

reasonable to expect a purchaser to make.

We are unaware of any adverse conditions which may affect future marketability for

the subject apartment units.

It is assumed that the subject property is freehold and is not subject to any rights,

obligations, restrictions and covenants.

This report should be read in conjunction with all the information set out in this report,

we would point out that we have made various assumptions as to tenure, town

planning and associated valuation opinions. If any of the assumptions on which the

valuation is based is subsequently found to be incorrect, then the figures presented

in this report may also need revision and should be referred back to the valuer.


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Please note property values are subject to fluctuation over time as market conditions

may change. Valuation considered full figure and may not be easily achievable in the

event of an early re-sale.

It should be noted that the valuation provided is of the property (excluding any element

of value attributable to furnishings, removable fittings and sales incentives) as new. It

is possible that the valuation figure will not be subsequently attainable on a resale as

a’ second hand apartment especially if comparable new properties are on offer at the

same time.

The valuation assumes that the freehold title should confirm arrangements for future

management of the building and maintenance provisions are adequate, and no

onerous obligations affecting the valuation. This should be confirmed by your legal

advisers.

The client is advised that whilst all reasonable measures have been taken to supply

an accurate valuation as possible as at the Valuation date, this figure should be

considered in the context of the volatility of today’s market place.

Valuation considered full figure and may not be achievable in the event of an early

re-sale.

This executive summary and valuation should not be considered other than as part of the entire report.


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2 VALUATION REPORT

2.1 INTRODUCTION

Thank you for the instruction regarding the subject valuation services.

We (‘ValuStrat’, which implies our relevant legal entities) would be pleased to

undertake this assignment for NCB Capital (‘the client’) of providing valuation

services for the properties mentioned in this report subject to valuation assumptions,

reporting conditions and restrictions as stated hereunder.

2.2 VALUATION INSTRUCTIONS / PROPERTY INTEREST TO BE VALUED

Property Details Total GFA (m²) Owner Location Interest

*329 Apartment Units 73,183.88 NCB Capital Real Estate Investment

Salamah District, Jeddah, KSA

Freehold

Source: Client 2017

*Refer to Section 2.9.2 for complete details of the apartment units

2.3 PURPOSE OF VALUATION

This report is for the purpose of the semi-annual valuation for AlAhli SEDCO

Residential Development Fund.

2.4 VALUATION REPORTING COMPLIANCE

The valuation has been conducted in accordance with Taqeem Regulations (Saudi

Authority for Accredited Valuers) and the Royal Institution of Chartered Surveyors

(RICS) Valuation – Global Standards (July 2017)) and in conformity with the

International Valuation Standards Council (IVSCs’) International Valuations

Standards (January 2017).

It should be further noted that this valuation is undertaken in compliance with

generally accepted valuation concepts, principles and definitions as promulgated in

the IVSCs International Valuation Standards (IVS) as set out in the IVS General

Standards, IVS Asset Standards, and IVS Valuation Applications.

2.5 BASIS OF VALUATION

2.5.1 MARKET VALUE

The valuation of the subject property, and for the above stated purpose, has been

undertaken on the Market Value basis of valuation in compliance with the above-


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mentioned Valuation Standards as promulgated by the IVSC and adopted by the

RICS. Market Value 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 have each acted

knowledgeably, prudently and without compulsion.

The definition of Market Value is applied in accordance with the following conceptual

framework:

“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;

“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;

“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;

“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”;

“and a willing seller” 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;

“in an arm’s-length transaction” is one between parties who do not have a

particular or special relationship, e.g. parent and subsidiary companies or landlord


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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;

“after proper marketing” means that the asset would be exposed to the market in

the most appropriate manner to affect 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;

‘where the parties had each acted knowledgeably, prudently’ 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;

‘and without compulsion’ establishes that each party is motivated to undertake the

transaction, but neither is forced or unduly coerced to complete it.

Market value is the basis of value that is most commonly required, being an

internationally recognized definition. It describes an exchange between parties that

are unconnected (acting at arm’s length) and are operating freely in the marketplace

and represents the figure that would appear in a hypothetical contract of sale, or

equivalent legal document, on the valuation date, reflecting all those factors that

would be taken into account in framing their bids by market participants at large and

reflecting the highest and best use of the asset. The highest and best use of an asset

is the use of an asset that maximizes its productivity and that is possible, legally

permissible and financially feasible.

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.

It should be further noted that the subject property is best described as a trade

related property that is a property that is trading and is commonly sold in the market

as an operating asset with trading potential, and for which ownership of such a

property normally passes with the sale of the business as an operational entity.


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2.5.2 VALUER(S):

The Valuer on behalf of ValuStrat, with responsibility of this report is Mr Ramez Al

Medlaj (Taqeem Member – Saudi Authority for Accredited Valuers) and assisted by

Mr. Jang Shabbir, BSc (Hon) MRICS, (Registered Valuer).

We further confirm that either the Valuer or ValuStrat have no previous material

connection or involvement with the subject of the valuation assignment apart from

this same assignment undertaken.

2.5.3 STATUS OF VALUER

Status of Valuer Survey Date Valuation Date

External Valuer *18th December 2017 18th December 2017

*The inspection was external and visual in nature only

2.6 EXTENT OF INVESTIGATION

In accordance to instructions received we have carried out an external and internal

inspection of the property. The subject of this valuation assignment is to produce a

valuation report and not a structural / building or building services survey, and hence

structural survey and detailed investigation of the services are outside the scope of

this assignment. We have not carried out any structural survey, nor tested any

services, checked fittings of any parts of the property.

Our inspection was limited to the visual external assessment of the subject

apartment building. For the purpose of our report we have expressly assumed that

the condition of any un-seen areas and villas is commensurate with those which

were seen. We reserve the right to amend our report should this prove not to be the

case.

2.7 SOURCES OF INFORMATION

For the purpose of this report, it is assumed that written information provided to us

by the Client is up to date, complete and correct in relation to title, planning consent

and other relevant matters as set out in the report. Should this not be the case, we

reserve the right to amend our valuation and report.

2.7.1 VALUATION ASSUMPTIONS / SPECIAL ASSUMPTIONS

This valuation assignment is undertaken on the following assumptions:

The subject property is valued under the assumption of property held on a Private

interest with the benefit of trading potential of existing operational entity in

possession;


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Written information provided to us by the Client is up to date, complete and correct

in relation to issues such as title, tenure, details of the operating entity, and other

relevant matters that are set out in the report;

That no contaminative or potentially contaminative use has ever been carried out on

the site;

We assume no responsibility for matters legal in character, nor do we render any

opinion as to the title of the property, which we assume to be good and free of any

undisclosed onerous burdens, outgoings, restrictions or other encumbrances.

Information regarding tenure and tenancy must be checked by your legal advisors;

This subject is a valuation report and not a structural/building survey, and hence a

building and structural survey is outside the scope of the subject assignment. We

have not carried out any structural survey, nor have we tested any services, checked

fittings or any parts of the structures which are covered, exposed or inaccessible,

and, therefore, such parts are assumed to be in good repair and condition and the

services are assumed to be in full working order;

We have not arranged for any investigation to be carried out to determine whether

or not any deleterious or hazardous material have been used in the construction of

the property, or have since been incorporated, and we are therefore unable to report

that the property is free from risk in this respect. For the purpose of this valuation we

have assumed that such investigations would not disclose the presence of any such

material to any significant extent;

That, unless we have been informed otherwise, the property complies with all

relevant statutory requirements (including, but not limited to, those of Fire

Regulations, Bye-Laws, Health and Safety at work);

We have made no investigation, and are unable to give any assurances, on the

combustibility risk of any cladding material that may have been used in construction

of the subject building. We would recommend that the client makes their own

enquiries in this regard; and,

The market value conclusion arrived at for the property reflect the full contract value

and no account is taken of any liability to taxation on sale or of the costs involved in

effecting the sale.

2.8 PRIVACY/LIMITATION ON DISCLOSURE OF VALUATION

This valuation is for the sole use of the named Client. This report is confidential to

the Client, and that of their advisors, and we accept no responsibility whatsoever to

any third party.

No responsibility is accepted to any third party who may use or rely upon the whole

or any part of the contents of this report. It should be noted that any subsequent


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amendments or changes in any form thereto will only be notified to the Client to

whom it is authorised.

2.9 DETAILS AND GENERAL DESCRIPTION

2.9.1 LOCATION OF PROPERTY

The subject property consists of 329 apartment units located along the southeast

side of Umar Abdul Jabar Street within Salamah District, City of Jeddah, Kingdom of

Saudi Arabia.

It is situated about 150 meters west of Madinah Road, some 1.20 kilometers south

of Hera Street and approximately 1.25 kilometers east of Prince Sultan Street.

The property is located within a residential area of development (mostly apartment

buildings) and is well accessible to the rest of Jeddah City through Madinah Road

and Prince Sultan Street.

Salamah District is mainly a residential area except for some commercial

developments located along Madinah Road and Prince Sultan Street. Some of the

prominent landmarks within the vicinity of the property are Habitat Hotel, Deaf Club,

Mental Educational Institute, Ice Land Theme Park, Sultan Mall, Home Plaza Center,

etc. For ease of reference, refer to the illustration below

Source: Google Extract 2017 - For Illustrative Purposes Only

The illustration below further shows the location of the subject property and its

proximity to important landmarks in Jeddah.

Habitat Hotel

Ice Land Theme Park

Sultan Mall

Deaf Club

Mental Educational Institute

SUBJECT PROPERTY

Home Plaza Center


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Source: Google Extract 2017 - For Illustrative Purposes Only.

2.9.2 DESCRIPTION

As mentioned above, the subject property consists of 329 unsold apartment units

situated in 12 apartment buildings with each building consisting of ground floor

(services, parking and facilities), 4 typical upper apartment floors and rooftop

annexes. It has a total gross area of 65,455 square meters. The subject property is

part of a 372-units newly built residential community apartments. The details of each

apartment units are shown on the table below.

# Unit Number Batch Block # Building # Type Area (sq. m) Price (SAR)

1 GR-G2-A-1-4BD-1-101 5 G2 A 4BED 214.71 1,073,550

2 GR-G2-A-1-3BD-4-102 5 G2 A 3BED 180.34 901,700

3 GR-G2-A -1-3BD-2-103 5 G2 A 3BED 172.27 861,350

4 GR-G2-A-1 -3BD-3-104 5 G2 A 3BED 163.44 817,200

5 GR-G2-A-1-3BD-1A-105 5 G2 A 3BED 171.01 855,050

6 GR-G2-A-1-3BD-1-106 5 G2 A 3BED 169.36 846,800

7 GR-G2-A-1-3BD-4A-107 5 G2 A 3BED 166.2 831,000

8 GR-G2-A-2-4BD-1-201 5 G2 A 4BED 214.71 1,073,550

9 GR-G2-A-2-3BD-4-202 5 G2 A 3BED 180.34 901,700

10 GR-G2-A-2-3BD-2-203 5 G2 A 3BED 172.27 861,350

11 GR-G2-A-2-3BD-3-204 5 G2 A 3BED 163.44 817,200

12 GR-G2-A-2-3BD-1A-205 5 G2 A 3BED 171.01 855,050

13 GR-G2-A-2-3BD-1-206 5 G2 A 3BED 169.36 846,800

14 GR-G2-A-2-3BD-4C-207 5 G2 A 3BED 170.41 852,050

Subject Property

King Abdul Aziz International

Airport

Kingdom Tower

Jeddah Islamic Port

R E D S E A

King Abdul Aziz University

Jeddah


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15 GR-G2-A-3-4BD-1-301 5 G2 A 4BED 214.71 1,073,550

16 GR-G2-A-3-3BD-4-302 5 G2 A 3BED 180.34 901,700

17 GR-G2-A-3-3BD-2-303 5 G2 A 3BED 172.27 861,350

18 GR-G2-A-3-3BD-3-304 5 G2 A 3BED 163.44 817,200

19 GR-G2-A-3-3BD-1A-305 5 G2 A 3BED 171.01 855,050

20 GR-G2-A-3-3BD-1-306 5 G2 A 3BED 169.36 846,800

21 GR-G2-A-3-3BD-4C-307 5 G2 A 3BED 170.41 852,050

22 GR-G2 A-4-4BD-1-401 5 G2 A 4BED 214.71 1,073,550

23 GR-G2-A-4-3BD-4-402 5 G2 A 3BED 180.34 901,700

24 GR-G2-A-4-3BD-2-403 5 G2 A 3BED 172.27 861,350

25 GR-G2-A-4-3BD-3-404 5 G2 A 3BED 163.44 817,200

26 GR-G2-A-4-3BD-1A-405 5 G2 A 3BED 171.01 855,050

27 GR-G2-A-4-3BD-1-406 5 G2 A 3BED 169.36 846,800

28 GR-G2-A-4-3BD-4C-407 5 G2 A 3BED 170.41 852,050

29 GR-G2-A -PH 4BD-4-501 5 G2 A 4BED 471.92 2,359,600

30 GR-G2-A-PH 4BD-3-502 5 G2 A 4BED 337.03 1,685,150

31 GR-G2-A-PH 4BD-2-503 5 G2 A 4BED 293.55 1,467,750

32 GR-G2-B-1-3BD-1-101 5 G2 B 3BED 169.27 846,350

33 GR -G2 -B -1- 3BD -1A -102 5 G2 B 3BED 170.94 854,700

34 GR- G2- B -1 -3BD -3A -103 5 G2 B 3BED 162.72 813,600

35 GR- G2- B -1 -3BD- 2A -104 5 G2 B 3BED 171.2 856,000

36 GR -G2- B -1 -3BD -4- 105 5 G2 B 3BED 181.58 907,900

37 GR -G2-B -1 -4BD -1A -106 5 G2 B 4BED 219.31 1,096,550

38 GR -G2 -B -1- 3BD- 4B -107 5 G2 B 3BED 166.59 832,950

39 GR- G2- B-2 -3BD -1- 201 5 G2 B 3BED 169.27 846,350

40 GR -G2 -B -2 -3BD- 1A- 202 5 G2 B 3BED 170.94 854,700

41 GR -G2 -B -2 -3BD- 3A -203 5 G2 B 3BED 162.72 813,600

42 GR -G2- B -2 -3BD- 2A- 204 5 G2 B 3BED 171.2 856,000

43 GR- G2- B -2- 3BD- 4 -205 5 G2 B 3BED 181.58 907,900

44 GR- G2- B -2 -4BD -1A- 206 5 G2 B 4BED 219.31 1,096,550

45 GR-G2-B-2-3BD-4D-207 5 G2 B 3BED 170.8 854,000

46 GR-G2-B-3-3BD-1-301 5 G2 B 3BED 169.27 846,350

47 GR-G2-B-3-3BD-1A-302 5 G2 B 3BED 170.94 854,700

48 GR-G2-B-3-3BD-3A-303 5 G2 B 3BED 162.72 813,600

49 GR-G2-B-3-3BD-2A-304 5 G2 B 3BED 171.2 856,000

50 GR-G2-B-3-3BD-4-305 5 G2 B 3BED 181.58 907,900

51 GR-G2-B-3-4BD-1A-306 5 G2 B 4BED 219.31 1,096,550

52 GR-G2-B-3-3BD-4D-307 5 G2 B 3BED 170.8 854,000

53 GR-G2-B-4-3BD-1-401 5 G2 B 3BED 169.27 846,350


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54 GR-G2-B-4-3BD-1A-402 5 G2 B 3BED 170.94 854,700

55 GR-G2-B-4-3BD-3A-403 5 G2 B 3BED 162.72 813,600

56 GR-G2-B-4-3BD-2A-404 5 G2 B 3BED 171.2 856,000

57 GR-G2-B-4-3BD-4-405 5 G2 B 3BED 181.58 907,900

58 GR-G2-B-4-4BD-1A-406 5 G2 B 4BED 219.31 1,096,550

59 GR-G2-B-4-3BD-4D-407 5 G2 B 3BED 170.8 854,000

60 GR-G2-B-PH 4BD-2-501 5 G2 B 4BED 321.39 1,606,950

61 GR-G2-B-PH 4BD-6-502 5 G2 B 4BED 345.95 1,729,750

62 GR-G2-B-PH 4BD-5-503 5 G2 B 4BED 486.41 2,432,050

63 GR-G2-C-1-3BD-1A-101 5 G2 C 3BED 171.01 855,050

64 GR-G2-C-1-3BD-1-102 5 G2 C 3BED 169.36 846,800

65 GR-G2-C-1-3BD-4A-103 5 G2 C 3BED 166.2 831,000

66 GR-G2-C-1-4BD-1-104 5 G2 C 4BED 214.71 1,073,550

67 GR-G2-C-1-3BD-4-105 5 G2 C 3BED 180.34 901,700

68 GR-G2-C-1-3BD-2-106 5 G2 C 3BED 172.27 861,350

69 GR-G2-C-1-3BD-3-107 5 G2 C 3BED 163.44 817,200

70 GR-G2-C-2-3BD-1A-201 5 G2 C 3BED 171.01 855,050

71 GR-G2-C-2-3BD-1-202 5 G2 C 3BED 169.36 846,800

72 GR-G2-C-2-3BD-4C-203 5 G2 C 3BED 170.41 852,050

73 GR-G2-C-2-4BD-1-204 4 G2 C 4BED 214.71 1,073,550

74 GR-G2-C-2-3BD-4-205 4 G2 C 3BED 180.34 901,700

75 GR-G2-C-2-3BD-2-206 4 G2 C 3BED 172.27 861,350

76 GR-G2-C-2-3BD-3-207 4 G2 C 3BED 163.44 817,200

77 GR-G2-C-3-3BD-1A-301 4 G2 C 3BED 171.01 855,050

78 GR-G2-C-3-3BD-1-302 4 G2 C 3BED 169.36 846,800

79 GR-G2-C-3-3BD-4C-303 4 G2 C 3BED 170.41 852,050

80 GR-G2-C-3-4BD-1-304 4 G2 C 4BED 214.71 1,073,550

81 GR-G2-C-3-3BD-4-305 4 G2 C 3BED 180.34 901,700

82 GR-G2-C-3-3BD-2-306 4 G2 C 3BED 172.27 861,350

83 GR-G2-C-3-3BD-3-307 4 G2 C 3BED 163.44 817,200

84 GR-G2-C-4-3BD-1A-401 4 G2 C 3BED 171.01 855,050

85 GR-G2-C-4-3BD-1-402 4 G2 C 3BED 169.36 846,800

86 GR-G2-C-4-3BD-4C-403 4 G2 C 3BED 170.41 852,050

87 GR-G2-C-4-4BD-1-404 4 G2 C 4BED 214.71 1,073,550

88 GR-G2-C-4-3BD-4-405 4 G2 C 3BED 180.34 901,700

89 GR-G2-C-4-3BD-2-406 4 G2 C 3BED 172.27 861,350

90 GR-G2-C-4-3BD-3-407 4 G2 C 3BED 163.44 817,200

91 GR-G2-C-PH 4BD-2-501 4 G2 C 4BED 293.55 1,467,750

92 GR-G2-C-PH 4BD-4-502 4 G2 C 4BED 471.92 2,359,600


16


93 GR-G2-C-PH 4BD-3-503 4 G2 C 4BED 337.03 1,685,150

94 GR-G2-D-1-4BD-1A-101 4 G2 D 4BED 219.31 1,096,550

95 GR-G2-D-1-3BD-4B-102 4 G2 D 3BED 166.59 832,950

96 GR-G2-D-1-3BD-1-103 4 G2 D 3BED 169.27 846,350

97 GR-G2-D-1-3BD-1A-104 4 G2 D 3BED 170.94 854,700

98 GR-G2-D-1-3BD-3A-105 4 G2 D 3BED 162.72 813,600

99 GR-G2-D-1-3BD-2A-106 4 G2 D 3BED 171.2 856,000

100 GR-G2-D-1-3BD-4-107 4 G2 D 3BED 181.58 907,900

101 GR-G2-D-2-4BD-1A-201 4 G2 D 4BED 219.31 1,096,550

102 GR-G2-D-2-3BD-4D-202 4 G2 D 3BED 170.8 854,000

103 GR-G2-D-2-3BD-1-203 4 G2 D 3BED 169.27 846,350

104 GR-G2-D-2-3BD-1A-204 4 G2 D 3BED 170.94 854,700

105 GR-G2-D-2-3BD-3A-205 4 G2 D 3BED 162.72 813,600

106 GR-G2-D-2-3BD-2A-206 4 G2 D 3BED 171.2 856,000

107 GR-G2-D-2-3BD-4-207 4 G2 D 3BED 181.58 907,900

108 GR-G2-D-3-4BD-1A-301 4 G2 D 4BED 219.31 1,096,550

109 GR-G2-D-3-3BD-4D-302 4 G2 D 3BED 170.8 854,000

110 GR-G2-D-3-3BD-1-303 4 G2 D 3BED 169.27 846,350

111 GR-G2-D-3-3BD-1A-304 4 G2 D 3BED 170.94 854,700

112 GR-G2-D-3-3BD-3A-305 4 G2 D 3BED 162.72 813,600

113 GR-G2-D-3-3BD-2A-306 4 G2 D 3BED 171.2 856,000

114 GR-G2-D-3-3BD-4-307 4 G2 D 3BED 181.58 907,900

115 GR-G2-D-4-4BD-1A-401 4 G2 D 4BED 219.31 1,096,550

116 GR-G2-D-4-3BD-4D-402 4 G2 D 3BED 170.8 854,000

117 GR-G2-D-4-3BD-1-403 4 G2 D 3BED 169.27 846,350

118 GR-G2-D-4-3BD-1A-404 4 G2 D 3BED 170.94 854,700

119 GR-G2-D-4-3BD-3A-405 4 G2 D 3BED 162.72 813,600

120 GR-G2-D-4-3BD-2A-406 4 G2 D 3BED 171.2 856,000

121 GR-G2-D-4-3BD-4-407 5 G2 D 3BED 181.58 907,900

122 GR-G2-D-PH 4BD-5-501 4 G2 D 4BED 486.41 2,432,050

123 GR-G2-D-PH 4BD-2-502 4 G2 D 4BED 321.39 1,606,950

124 GR-G2-D-PH 4BD-6-503 4 G2 D 4BED 345.95 1,729,750

125 GR-G3-A-1-4BD-1-101 4 G3 A 4BED 214.71 1,073,550

127 GR-G3-A-1-3BD-2-103 4 G3 A 3BED 172 861,350

128 GR-G3-A-1-3BD-3-104 2 G3 A 3BED 163 817,200

129 GR-G3-A-1-3BD-1A-105 2 G3 A 3BED 171 855,050

130 GR-G3-A-1-3BD 1-106 2 G3 A 3BED 169 846,800

131 GR-G3-A-1-3BD-4A-107 2 G3 A 3BED 166 831,000

134 GR-G3-A-2-3BD-2-203 4 G3 A 3BED 172 861,350


17


135 GR-G3-A-2-3BD-3-204 2 G3 A 3BED 163 817,200

136 GR-G3-A-2-3BD-1A-205 2 G3 A 3BED 171 855,050

137 GR-G3-A-2-3BD-1-206 2 G3 A 3BED 169 846,800

138 GR-G3-A-2-3BD 4C-207 2 G3 A 3BED 170 852,050

139 GR-G3-A-3-4BD-1-301 4 G3 A 4BED 215 1,073,550

140 GR-G3-A-3-3BD-4-302 4 G3 A 3BED 180 901,700

141 GR-G3-A-3-3BD-2-303 4 G3 A 3BED 172 861,350

142 GR-G3-A-3-3BD-3-304 2 G3 A 3BED 163 817,200

143 GR-G3-A-3-3BD-1A-305 2 G3 A 3BED 171 855,050

144 GR-G3-A-3-3BD-1-306 2 G3 A 3BED 169 846,800

145 GR-G3-A-3-3BD-4C-307 2 G3 A 3BED 170 852,050

146 GR-G3-A-4-4BD-1-401 4 G3 A 4BED 215 1,073,550

147 GR-G3-A-4-3BD-4-402 4 G3 A 3BED 180 901,700

148 GR-G3-A-4-3BD-2-403 4 G3 A 3BED 172 861,350

149 GR-G3-A-4-3BD-3-404 2 G3 A 3BED 163 817,200

150 GR-G3-A-4-3BD-1A-405 2 G3 A 3BED 171 855,050

151 GR-G3-A-4-3BD-1-406 4 G3 A 3BED 169 846,800

152 GR-G3-A-4-3BD-4C-407 2 G3 A 3BED 170 852,050

153 GR-G3-A-PH 4BD-4-501 2 G3 A 4BED 472 2,359,600

154 GR-G3-A-PH 4BD-3-502 2 G3 A 4BED 337 1,685,150

155 GR-G3-A-PH 4BD-2-503 2 G3 A 4BED 294 1,467,750

156 GR-G3-B-1-3BD-1-101 1 G3 B 3BED 169 846,350

157 GR-G3-B-1-3BD-1A-102 1 G3 B 3BED 171 854,700

158 GR-G3-B-1-3BD-3A-103 1 G3 B 3BED 163 813,600

160 GR-G3-B-1-3BD-4-105 1 G3 B 3BED 182 907,900

161 GR-G3-B-1-4BD-1A-106 1 G3 B 4BED 219 1,096,550

162 GR-G3-B-1-3BD-4B-107 1 G3 B 3BED 167 832,950

163 GR-G3-B-2-3BD-1-201 1 G3 B 3BED 169 846,350

164 GR-G3-B-2-3BD-1A-202 1 G3 B 3BED 171 854,700

165 GR-G3-B-2-3BD-3A-203 1 G3 B 3BED 163 813,600

167 GR-G3-B-2-3BD-4-205 1 G3 B 3BED 182 907,900

169 GR-G3-B-2-3BD-4D-207 2 G3 B 3BED 171 854,000

170 GR-G3-B-3-3BD-1-301 4 G3 B 3BED 169 846,350

171 GR-G3-B-3-3BD-1A-302 4 G3 B 3BED 171 854,700

172 GR-G3-B-3-3BD-3A-303 4 G3 B 3BED 163 813,600

173 GR-G3-B-3-3BD-2A-304 4 G3 B 3BED 171 856,000

176 GR-G3-B-3-3BD-4D-307 2 G3 B 3BED 171 854,000

179 GR-G3-B-4-3BD-3A-403 2 G3 B 3BED 163 813,600

180 GR-G3-B-4-3BD-2A-404 2 G3 B 3BED 171 856,000


18


181 GR-G3-B-4-3BD-4-405 3 G3 B 3BED 182 907,900

183 GR-G3-B-4-3BD-4D-407 2 G3 B 3BED 171 854,000

184 GR-G3-B-PH 4BD-2-501 3 G3 B 4BED 321 1,606,950

185 GR-G3-B-PH 4BD-6-502 3 G3 B 4BED 346 1,729,750

186 GR-G3-B-PH 4BD-5-503 3 G3 B 4BED 486 2,432,050

188 GR-G3-C-1-3BD-1-102 1 G3 C 3BED 169 846,800

193 GR-G3-C-1-3BD-3-107 1 G3 C 3BED 163 817,200

196 GR-G3-C-2-3BD-4C-203 1 G3 C 3BED 170 852,050

197 GR-G3-C-2-4BD-1-204 1 G3 C 4BED 215 1,073,550

198 GR-G3-C-2-3BD-4-205 1 G3 C 3BED 180 901,700

202 GR-G3-C-3-3BD-1-302 1 G3 C 3BED 169 846,800

203 GR-G3-C-3-3BD-4C-303 1 G3 C 3BED 170 852,050

204 GR-G3-C-3-4BD-1-304 1 G3 C 4BED 215 1,073,550

205 GR-G3-C-3-3BD-4-305 1 G3 C 3BED 180 901,700

206 GR-G3-C-3-3BD-2-306 1 G3 C 3BED 172 861,350

208 GR-G3-C-4-3BD-1A-401 1 G3 C 3BED 171 855,050

210 GR-G3-C-4-3BD-4C-403 1 G3 C 3BED 170 852,050

211 GR-G3-C-4-4BD-1-404 1 G3 C 4BED 215 1,073,550

213 GR-G3-C-4-3BD-2-406 1 G3 C 3BED 172 861,350

214 GR-G3-C-4-3BD-3-407 1 G3 C 3BED 163 817,200

215 GR-G3-C-PH 4BD-2-501 1 G3 C 4BED 294 1,467,750

216 GR-G3-C-PH 4BD-4-502 1 G3 C 4BED 472 2,359,600

217 GR-G3-C-PH 4BD-3-503 1 G3 C 4BED 337 1,685,150

218 GR-G3-D-1-4BD-1A-101 1 G3 D 4BED 219 1,096,550

219 GR-G3-D-1-3BD-4B-102 1 G3 D 3BED 167 832,950

220 GR-G3-D-1-3BD-1-103 1 G3 D 3BED 169 846,350

228 GR-G3-D-2-3BD-1A-204 1 G3 D 3BED 171 854,700

229 GR-G3-D-2-3BD-3A-205 1 G3 D 3BED 163 813,600

233 GR-G3-D-3-3BD-4D-302 1 G3 D 3BED 171 854,000

239 GR-G3-D-4-4BD-1A-401 1 G3 D 4BED 219 1,096,550

240 GR-G3-D-4-3BD-4D-402 1 G3 D 3BED 171 854,000

243 GR-G3-D-4-3BD-3A-405 1 G3 D 3BED 163 813,600

246 GR-G3-D-PH 4BD-5-501 1 G3 D 4BED 486 2,432,050

247 GR-G3-D-PH 4BD-2-502 1 G3 D 4BED 321 1,606,950

248 GR-G3-D-PH 4BD-6-503 1 G3 D 4BED 346 1,729,750

249 GR-G4-A-1-4BD-1-101 5 G4 A 4BED 215 1,073,550

250 GR-G4-A-1-3BD-4-102 5 G4 A 3BED 180 901,700

251 GR-G4-A-1-3BD-2-103 5 G4 A 3BED 172 861,350

252 GR-G4-A-1-3BD-3-104 5 G4 A 3BED 163 817,200


19


253 GR-G4-A-1-3BD-1A-105 5 G4 A 3BED 171 855,050

254 GR-G4-A-1-3BD-1-106 5 G4 A 3BED 169 846,800

255 GR-G4-A-1-3BD-4A-107 5 G4 A 3BED 166 831,000

256 GR-G4-A-2-4BD-1-201 5 G4 A 4BED 215 1,073,550

257 GR-G4-A-2-3BD-4-202 5 G4 A 3BED 180 901,700

258 GR-G4-A-2-3BD-2-203 5 G4 A 3BED 172 861,350

259 GR-G4-A-2-3BD-3-204 5 G4 A 3BED 163 817,200

260 GR-G4-A-2-3BD-1A-205 5 G4 A 3BED 171 855,050

261 GR-G4-A-2-3BD-1-206 5 G4 A 3BED 169 846,800

262 GR-G4-A-2-3BD-4C-207 5 G4 A 3BED 170 852,050

263 GR-G4-A-3-4BD-1-301 5 G4 A 4BED 215 1,073,550

264 GR-G4-A-3-3BD-4-302 5 G4 A 3BED 180 901,700

265 GR-G4-A-3-3BD-2-303 5 G4 A 3BED 172 861,350

266 GR-G4-A-3-3BD-3-304 5 G4 A 3BED 163 817,200

267 GR-G4-A-3-3BD-1A-305 5 G4 A 3BED 171 855,050

268 GR-G4-A-3-3BD-1-306 5 G4 A 3BED 169 846,800

269 GR-G4-A-3-3BD-4C-307 5 G4 A 3BED 170 852,050

270 GR-G4-A-4-4BD-1-401 5 G4 A 4BED 215 1,073,550

271 GR-G4-A-4-3BD-4-402 5 G4 A 3BED 180 901,700

272 GR- G4 -A- 4-3BD- 2- 403 5 G4 A 3BED 172 861,350

273 GR- G4 A- 4- 3BD- 3- 404 5 G4 A 3BED 163 817,200

274 GR-G4-A-4-3BD-1A-405 5 G4 A 3BED 171 855,050

275 GR-G4-A-4-3BD-1-406 5 G4 A 3BED 169 846,800

276 GR-G4-A-4-3BD-4C-407 5 G4 A 3BED 170 852,050

277 GR-G4-A-PH 4BD-4-501 5 G4 A 4BED 472 2,359,600

278 GR-G4-A-PH 4BD-3-502 5 G4 A 4BED 337 1,685,150

279 GR-G4-A-PH 4BD-2-503 5 G4 A 4BED 294 1,467,750

280 GR-G4-B-1-3BD-1-101 5 G4 B 3BED 169 846,350

281 GR-G4-B-1-3BD-1A-102 5 G4 B 3BED 171 854,700

282 GR-G4-B-1-3BD-3A-103 5 G4 B 3BED 163 813,600

283 GR-G4-B-1-3BD-2A-104 5 G4 B 3BED 171 856,000

284 GR-G4-B-1-3BD-4-105 5 G4 B 3BED 182 907,900

285 GR-G4-B-1-4BD-1A-106 5 G4 B 4BED 219 1,096,550

286 GR-G4-B-1-3BD-4B-107 5 G4 B 3BED 167 832,950

287 GR-G4-B-2-3BD-1-201 5 G4 B 3BED 169 846,350

288 GR-G4-B-2-3BD-1A-202 5 G4 B 3BED 171 854,700

289 GR- G4 B -2 -3BD- 3A -203 5 G4 B 3BED 163 813,600

290 GR -G4- B -2 -3BD -2A -204 5 G4 B 3BED 171 856,000

291 GR -G4- B- 2- 3BD -4 -205 5 G4 B 3BED 182 907,900


20


292 GR- G4 -B -2- 4BD- 1A- 206 5 G4 B 4BED 219 1,096,550

293 GR -G4- B- 2 -3BD- 4D- 207 5 G4 B 3BED 171 854,000

294 GR- G4- B -3 -3BD- 1 -301 5 G4 B 3BED 169 846,350

295 GR -G4 -B- 3- 3BD- 1A -302 5 G4 B 3BED 171 854,700

296 GR- G4- B -3- 3BD- 3A- 303 5 G4 B 3BED 163 813,600

297 GR- G4- B- 3 -3BD -2A- 304 5 G4 B 3BED 171 856,000

298 GR- G4 -B- 3- 3BD- 4 -305 5 G4 B 3BED 182 907,900

299 GR -G4- B- 3- 4BD- 1A- 306 5 G4 B 4BED 219 1,096,550

300 GR -G4 -B- 3 -3BD- 4D- 307 5 G4 B 3BED 171 854,000

301 GR- G4 -B -4- 3BD- 1- 401 5 G4 B 3BED 169 846,350

302 GR- G4- B -4- 3BD- 1A- 402 5 G4 B 3BED 171 854,700

303 GR -G4- B- 4- 3BD- 3A -403 5 G4 B 3BED 163 813,600

304 GR- G4- B- 4- 3BD- A -404 5 G4 B 3BED 171 856,000

305 GR- G4 -B- 4-3BD- 4 -405 5 G4 B 3BED 182 907,900

306 GR- G4- B- 4- 4BD -1A -406 5 G4 B 4BED 219 1,096,550

307 GR- G4 -B- 4- 3BD- 4D -407 5 G4 B 3BED 171 854,000

308 GR- G4- B- PH 4BD- 2- 501 5 G4 B 4BED 321 1,606,950

309 GR -G4- B- PH 4BD -6 -502 5 G4 B 4BED 346 1,729,750

310 GR- G4- B -PH 4BD- 5 -503 5 G4 B 4BED 486 2,432,050

311 GR -G4- C -1 -3BD- 1A -101 2 G4 C 3BED 171 855,050

312 GR -G4 -C -1 -3BD -1 -102 2 G4 C 3BED 169 846,800

313 GR -G4 -C- 1 -3BD- 4A- 103 2 G4 C 3BED 166 831,000

314 GR -G4 -C -1 -4BD- 1- 104 2 G4 C 4BED 215 1,073,550

315 GR -G4- C -1 -3BD- 4 -105 2 G4 C 3BED 180 901,700

316 GR -G4 -C -1- 3BD- 2 -106 2 G4 C 3BED 172 861,350

317 GR- G4- C- 1- 3BD -3 -107 1 G4 C 3BED 163 817,200

318 GR -G4- C- 2 -3BD -1A -201 2 G4 C 3BED 171 855,050

319 GR-G4- C -2- 3BD- 1 -202 2 G4 C 3BED 169 846,800

320 GR- G4- C- 2- 3BD -4C- 203 2 G4 C 3BED 170 852,050

321 GR -G4 C- 2 -4BD -1-204 2 G4 C 4BED 215 1,073,550

322 GR- G4 -C- 2 -3BD-4 -205 3 G4 C 3BED 180 901,700

323 GR -G4- C -2 -3BD -2 -206 3 G4 C 3BED 172 861,350

324 GR -G4 C- 2 -3BD -3 -207 3 G4 C 3BED 163 817,200

325 GR -G4 C- 3 -3BD -1A- 301 3 G4 C 3BED 171 855,050

326 GR -G4- C-3- 3BD- 1 -302 3 G4 C 3BED 169 846,800

327 GR -G4- C- 3- 3BD- 4C -303 3 G4 C 3BED 170 852,050

328 GR -G4- C -3- 4BD -1-304 3 G4 C 4BED 215 1,073,550

329 GR -G4- C- 3- 3BD- 4-305 3 G4 C 3BED 180 901,700

330 GR-G4 C- 3- 3BD -2 -306 3 G4 C 3BED 172 861,350


21


331 GR -G4 -C 3 -3BD- 3 -307 3 G4 C 3BED 163 817,200

332 GR -G4 -C -4- 3BD -1A-401 3 G4 C 3BED 171 855,050

333 GR- G4- C- 4- 3BD -1 -402 3 G4 C 3BED 169 846,800

334 GR -G4 -C- 4 -3BD -4C -403 3 G4 C 3BED 170 852,050

335 GR -G4 C- 4 -4BD- 1 -404 3 G4 C 4BED 215 1,073,550

336 GR -G4 -C -4- 3BD -4-405 3 G4 C 3BED 180 901,700

337 GR -G4- C- 4 -3BD- 2 -406 3 G4 C 3BED 172 861,350

338 GR -G4 -C -4 -3BD- 3- 407 3 G4 C 3BED 163 817,200

339 GR -G4 -C -PH 4BD- 2 -501 3 G4 C 4BED 294 1,467,750

340 GR- G4-C -PH 4BD -4- 502 3 G4 C 4BED 472 2,359,600

341 GR -G4 -C -PH 4BD- 3- 503 3 G4 C 4BED 337 1,685,150

342 GR -G4 -D- 1 -4BD -1A -101 3 G4 D 4BED 219 1,096,550

343 GR -G4 D- 1 -3BD- 4B- 102 3 G4 D 3BED 167 832,950

344 GR- G4 -D -1- 3BD -1 -103 3 G4 D 3BED 169 846,350

345 GR -G4 D-1- 3BD -1A- 104 3 G4 D 3BED 171 854,700

346 GR- G4- D -1- 3BD -3A-105 3 G4 D 3BED 163 813,600

347 GR- G4- D- 1- 3BD- 2A- 106 3 G4 D 3BED 171 856,000

348 GR- G4- D- 1 -3BD- 4 -107 3 G4 D 3BED 182 907,900

349 GR- G4 -D- 2- 4BD- 1A -201 3 G4 D 4BED 219 1,096,550

350 GR- G4- D- 2- 3BD- 4D -202 3 G4 D 3BED 171 854,000

351 GR- G4- D- 2- 3BD -1 -203 3 G4 D 3BED 169 846,350

352 GR- G4- D- 2- 3BD- 1A -204 3 G4 D 3BED 171 854,700

353 GR -G4 -D -2 -3BD- 3A- 205 3 G4 D 3BED 163 813,600

354 GR -G4- D -2 -3BD -2A- 206 3 G4 D 3BED 171 856,000

355 GR -G4- D- 2- 3BD -4 -207 3 G4 D 3BED 182 907,900

356 GR -G4- D -3 -4BD- 1A -301 3 G4 D 4BED 219 1,096,550

357 GR -G4- D -3- 3BD -4D -302 3 G4 D 3BED 171 854,000

358 GR- G4 D- 3 -3BD- 1- 303 3 G4 D 3BED 169 846,350

359 GR- G4- D -3- 3BD -1A- 304 3 G4 D 3BED 171 854,700

360 GR -G4- D -3- 3BD -3A -305 3 G4 D 3BED 163 813,600

361 GR- G4 -D -3 -3BD -2A- 306 3 G4 D 3BED 171 856,000

362 GR-G4-D--3-3BD-4-307 3 G4 D 3BED 182 907,900

363 GR-G4-D-4-4BD-1A-401 3 G4 D 4BED 219 1,096,550

364 GR-G4-D-4-3BD-4D-402 3 G4 D 3BED 171 854,000

365 GR-G4-D-4-3BD-1-403 3 G4 D 3BED 169 846,350

366 GR-G4-D-4-3BD-1A-404 3 G4 D 3BED 171 854,700

367 GR-G4-D-4-3BD-3A-405 3 G4 D 3BED 163 813,600

368 GR-G4-D-4-3BD-2A-406 3 G4 D 3BED 171 856,000

369 GR-G4-D-4-3BD-4-407 3 G4 D 3BED 182 907,900


22


370 GR-G4-D-PH 4BD-5-501 3 G4 D 4BED 486 2,432,050

371 GR-G4-D-PH4BD-2-502 3 G4 D 4BED 321 1,606,950

372 GR-G4-D-PH 4BD-6-503 3 G4 D 4BED 346 1,729,750

Total [Rounded] 65,455 327,000,700

Source: Client 2017

2.10 ENVIRONMENT MATTERS

We are not aware of the content of any environmental audit or other environmental

investigation or soil survey which may have been carried out on the property and

which may draw attention to any contamination or the possibility of any such

contamination. In undertaking our work, we have been instructed to assume that no

contaminative or potentially contaminative use has ever been carried out on the

property.

We have not carried out any investigation into past or present use, either of the

property or of any neighbouring land, to establish whether there is any contamination

or potential for contamination to the subject property from the use or site and have

therefore assumed that none exists.

However, should it be established subsequently that contamination exists at the

property or on any neighbouring land, or that the premises has been or is being put

to any contaminative use, this might reduce the value now reported.

Details

Area Based on the information provided by the client, the total gross area of the 329 apartment units is 65,455 square meters

Topography Generally, the land of the apartment buildings appears to be level and regular in shape

Drainage Assumed available and connected.

Flooding

ValuStrat’s verbal inquiries with local authorities were unable to confirm whether flooding is a point of concern at the subject property. For the purposes of this valuation, ValuStrat has assumed that the subject property is not flood prone. A formal written submission will be required for any further investigation which is outside of this report’s scope of work. Note that it was understood that there is no known flooding in this area.

Landslip

ValuStrat’s’ verbal inquiries with local authorities were unable to confirm whether land slip is a point of concern at the subject property. For the purposes of this valuation, ValuStrat has assumed that the subject property is not within a landslip designated area. A formal written submission will be required for any further investigation which is outside of this report’s scope of work.


23


2.10.1 TOWN PLANNING

Neither from our knowledge nor as a result of our inspection are we aware of any

planning proposals which are likely to directly adversely affect this property.

In the absence of any information to the contrary, it is assumed that the existing use

is lawful, has valid planning consent and the planning consent is not personal to the

existing occupiers and there are no particularly onerous or adverse conditions which

would affect our valuation.

In arriving at our valuation, it has been assumed that each and every building enjoys

permanent planning consent for their existing use or enjoys, or would be entitled to

enjoy, the benefit of a “Lawful Development” Certificate under the Town & Country

Planning Acts, or where it is reasonable to make such an assumption with continuing

user rights for their existing use purposes, subject to specific comments.

We are not aware of any potential development or change of use of the property or

properties in the locality which would materially affect our valuation. For the purpose

of this valuation, we have assumed that all necessary consents have been obtained

for the subject villas referred within this report. Should this not be the case, we

reserve the right to amend our valuation and report.

2.10.2 SERVICES

The property referred within this report is assumed to be connected to mains

electricity, water, drainage, and other municipality services.

2.11 TENURE/TITLE

Unless otherwise stated we have assumed the freehold title is free from

encumbrances and that Solicitors’ local searches and usual enquiries would not

reveal the existence of statutory notices or other matters which would materially

affect our valuation.

We are unaware of any rights of way, easements or restrictive covenants which

affect the property, however we would recommend that the solicitors investigate the

title in order to ensure this is correct.

The valuation assumes that the freehold title should confirm arrangements for future

management of the building and maintenance provisions are adequate, and no

onerous obligations affecting the valuation. This should be confirmed by your legal

advisers.

We were not provided with the individual title deeds of the subject apartment units

although the title deeds of the lands were provided as shown below, which we had

assumed them to be on freehold basis. Should this not be the case we reserve the

right to amend our valuation and this report.


24


Plot No. Title Deed No. Title Deed Date Land Area (m²) Owner Interest

2 320205015177 13-08-1435 HD 8,642 NCB Capital Real Estate Investment

Freehold 3 920205015176 13-08-1435 HD 8,650

4 320205015178 13-08-1435 HD 8,642

Total 25,934

NB: All aspects of tenure/title should be checked by the client’s legal representatives

prior to exchange of contract/drawdown and insofar as any assumption made within

the body of this report is proved to be incorrect then the matter should be referred

back to the valuer in order to ensure the valuation is not adversely affected.

2.12 METHODOLOGY & APPROACH

In determining our opinion of Market Value for the freehold interest in the subject

apartments we have utilized the Comparative Approach to valuation.

2.12.1 COMPARATIVE APPROACH

This method requires the collection of comparative market transactions that have

occurred within the location of the subject site. Upon analysis and subsequent

subjective adjustments, such evidence has then been applied to the subject

property. Due to the nature of the property market within the Kingdom of Saudi

Arabia, sales for similar properties are not readily available or transparent. Much if

not all of the evidence is anecdotal and consequently in most circumstances this can

place limitations on the veracity of such information and subsequently impact on

values reported.

Accordingly, the valuation has been prepared in accordance with normal practice

taking into account our usual research and enquiries and our discussions with

leading local commercial agents. We have analysed existing market commentaries

and data in determining our opinion as to the applicable values. Information has also

been sought from internal records and internet based property intelligence sites.

We draw your attention to any assumptions made within this report. We consider

that the assumptions we have made accord with those that it would be reasonable

to expect a purchaser to make.

2.12.2 MARKET PRICES

We are currently experiencing a very uncertain property market and due to the

reduced level of transactions, there is an acute shortage of comparable evidence

upon which to base valuations. Due to this shortage, it may be necessary at times

for a Valuer to draw upon evidence which is of a historical nature.


25


We discussed the tone of the property values in the immediate vicinity of the subject

property with local agents/sellers. The following comparable evidence was compiled

and analysed.

No. of Bedroom Area (m²) Year Constructed Selling Price (SAR) Price/m² (SAR)

4 217 2017 1,350,000 6,221

5 250 2015 1,500,000 6,000

4 105 - 580,000 5,524

4 107 2016 500,000 4,673

5 190 2015 850,000 4,474

4 125 2017 580,000 4,640

4 180 - 800,000 4,444

Average per m² (SAR) 4,959

Based from the above information, the prevailing selling prices of apartment units in

the vicinity of the subject property ranges from SAR 4,500 to SAR 6,220 per square

meter or an average of approximately SAR 5,000 per square meter. The client has

also provided us below the details of the previously sold 43 apartment units as

follows:

# ID Unit Number Block # Building # Type Area (sq. m) Sold Price (SAR)

126 GR-G3-A-1-3BD-4-102 G3 A 3BED 180.34 1,185,900

132 GR-G3-A-2-4BD-1-201 G3 A 4BED 214.71 1,440,570

133 GR-G3-A-2-3BD-4-202 G3 A 3BED 180.34 1,185,600

159 GR-G3-B-1-3BD-2A-104 G3 B 3BED 171.2 1,010,910

166 GR-G3-B-2-3BD-2A-204 G3 B 3BED 171.2 1,033,230

168 GR-G3-B-2-4BD-1A-206 G3 B 4BED 219.31 1,377,330

174 GR-G3-B-3-3BD-4-305 G3 B 3BED 181.58 1,106,700

175 GR-G3-B-3-4BD-1A-306 G3 B 4BED 219.31 1,400,580

177 GR-G3-B-4-3BD-1-401 G3 B 3BED 169.27 1,097,400

178 GR-G3-B-4-3BD-1A-402 G3 B 3BED 170.94 1,096,470

182 GR-G3-B-4-4BD-1A-406 G3 B 4BED 219.31 1,494,760

187 GR-G3-C-1-3BD-1A-101 G3 C 3BED 171.01 981,150

189 GR-G3-C-1-3BD-4A-103 G3 C 3BED 166.2 880,710

190 GR-G3-C-1-4BD-1-104 G3 C 4BED 214.71 1,241,550

191 GR-G3-C-1-3BD-4-105 G3 C 3BED 180.34 978,360

192 GR-G3-C-1-3BD-2-106 G3 C 3BED 172.27 962,550

194 GR-G3-C-2-3BD-1A-201 G3 C 3BED 171.01 1,003,470

195 GR-G3-C-2-3BD-1-202 G3 C 3BED 169.36 980,220

199 GR-G3-C-2-3BD-2-206 G3 C 3BED 172.27 1,009,870

200 GR-G3-C-2-3BD-3-207 G3 C 3BED 163.44 894,660

201 GR-G3-C-3-3BD-1A-301 G3 C 3BED 171.01 1,021,140


26


207 GR-G3-C-3-3BD-3-307 G3 C 3BED 163.44 911,400

209 GR-G3-C-4-3BD-1-402 G3 C 3BED 169.36 1,015,560

212 GR-G3-C-4-3BD-4-405 G3 C 3BED 180.34 1,039,740

221 GR-G3-D-1-3BD-1A-104 G3 D 3BED 170.94 916,980

222 GR-G3-D-1-3BD-3A-105 G3 D 3BED 162.72 906,640

223 GR-G3-D-1-3BD-2A-106 G3 D 3BED 171.2 979,180

224 GR-G3-D-1-3BD-4-107 G3 D 3BED 181.58 1,048,000

225 GR-G3-D-2-4BD-1A-201 G3 D 4BED 219.31 1,343,300

226 GR-G3-D-2-3BD-4D-202 G3 D 3BED 170.8 918,840

227 GR-G3-D-2-3BD-1-203 G3 D 3BED 169.27 964,410

230 GR-G3-D-2-3BD-2A-206 G3 D 3BED 171.2 1,001,500

231 GR-G3-D-2-3BD-4-207 G3 D 3BED 181.58 1,046,250

232 GR-G3-D-3-4BD-1A-301 G3 D 4BED 219.31 1,366,100

234 GR-G3-D-3-3BD-1-303 G3 D 3BED 169.27 982,080

235 GR-G3-D-3-3BD-1A-304 G3 D 3BED 170.94 957,900

236 GR-G3-D-3-3BD-3A-305 G3 D 3BED 162.72 919,770

237 GR-G3-D-3-3BD-2A-306 G3 D 3BED 171.2 994,170

238 GR-G3-D-3-3BD-4-307 G3 D 3BED 181.58 1,064,850

241 GR-G3-D 4-3BD-1-403 G3 D 3BED 169.27 999,750

242 GR-G3-D-4-3BD-1A-404 G3 D 3BED 170.94 975,570

244 GR-G3-D-4-3BD-2A-406 G3 D 3BED 171.2 1,012,770

245 GR-G3-D-4-3BD-4-407 G3 D 3BED 181.58 1,084,380

45,832,270

Source: Client 2016/17

Based upon the foregoing information and as a result taking into account the

prevailing market prices of comparable apartment units in the vicinity of the subject

property, as well as the previously sold apartment units provided by the client and

considering the current market conditions in KSA; we are of the opinion that the

subject apartments are reasonably priced at an average of SAR 5,000 per sq. m.

We can accurately reflect the Market Value of the subject apartments as follows:

# Unit Number Batch Block # Building # Type Area (sq. m) Price (SAR)

1 GR-G2-A-1-4BD-1-101 5 G2 A 4BED 214.71 1,073,550

2 GR-G2-A-1-3BD-4-102 5 G2 A 3BED 180.34 901,700

3 GR-G2-A -1-3BD-2-103 5 G2 A 3BED 172.27 861,350

4 GR-G2-A-1 -3BD-3-104 5 G2 A 3BED 163.44 817,200

5 GR-G2-A-1-3BD-1A-105 5 G2 A 3BED 171.01 855,050

6 GR-G2-A-1-3BD-1-106 5 G2 A 3BED 169.36 846,800

7 GR-G2-A-1-3BD-4A-107 5 G2 A 3BED 166.2 831,000


27


8 GR-G2-A-2-4BD-1-201 5 G2 A 4BED 214.71 1,073,550

9 GR-G2-A-2-3BD-4-202 5 G2 A 3BED 180.34 901,700

10 GR-G2-A-2-3BD-2-203 5 G2 A 3BED 172.27 861,350

11 GR-G2-A-2-3BD-3-204 5 G2 A 3BED 163.44 817,200

12 GR-G2-A-2-3BD-1A-205 5 G2 A 3BED 171.01 855,050

13 GR-G2-A-2-3BD-1-206 5 G2 A 3BED 169.36 846,800

14 GR-G2-A-2-3BD-4C-207 5 G2 A 3BED 170.41 852,050

15 GR-G2-A-3-4BD-1-301 5 G2 A 4BED 214.71 1,073,550

16 GR-G2-A-3-3BD-4-302 5 G2 A 3BED 180.34 901,700

17 GR-G2-A-3-3BD-2-303 5 G2 A 3BED 172.27 861,350

18 GR-G2-A-3-3BD-3-304 5 G2 A 3BED 163.44 817,200

19 GR-G2-A-3-3BD-1A-305 5 G2 A 3BED 171.01 855,050

20 GR-G2-A-3-3BD-1-306 5 G2 A 3BED 169.36 846,800

21 GR-G2-A-3-3BD-4C-307 5 G2 A 3BED 170.41 852,050

22 GR-G2 A-4-4BD-1-401 5 G2 A 4BED 214.71 1,073,550

23 GR-G2-A-4-3BD-4-402 5 G2 A 3BED 180.34 901,700

24 GR-G2-A-4-3BD-2-403 5 G2 A 3BED 172.27 861,350

25 GR-G2-A-4-3BD-3-404 5 G2 A 3BED 163.44 817,200

26 GR-G2-A-4-3BD-1A-405 5 G2 A 3BED 171.01 855,050

27 GR-G2-A-4-3BD-1-406 5 G2 A 3BED 169.36 846,800

28 GR-G2-A-4-3BD-4C-407 5 G2 A 3BED 170.41 852,050

29 GR-G2-A -PH 4BD-4-501 5 G2 A 4BED 471.92 2,359,600

30 GR-G2-A-PH 4BD-3-502 5 G2 A 4BED 337.03 1,685,150

31 GR-G2-A-PH 4BD-2-503 5 G2 A 4BED 293.55 1,467,750

32 GR-G2-B-1-3BD-1-101 5 G2 B 3BED 169.27 846,350

33 GR -G2 -B -1- 3BD -1A -102 5 G2 B 3BED 170.94 854,700

34 GR- G2- B -1 -3BD -3A -103 5 G2 B 3BED 162.72 813,600

35 GR- G2- B -1 -3BD- 2A -104 5 G2 B 3BED 171.2 856,000

36 GR -G2- B -1 -3BD -4- 105 5 G2 B 3BED 181.58 907,900

37 GR -G2-B -1 -4BD -1A -106 5 G2 B 4BED 219.31 1,096,550

38 GR -G2 -B -1- 3BD- 4B -107 5 G2 B 3BED 166.59 832,950

39 GR- G2- B-2 -3BD -1- 201 5 G2 B 3BED 169.27 846,350

40 GR -G2 -B -2 -3BD- 1A- 202 5 G2 B 3BED 170.94 854,700

41 GR -G2 -B -2 -3BD- 3A -203 5 G2 B 3BED 162.72 813,600

42 GR -G2- B -2 -3BD- 2A- 204 5 G2 B 3BED 171.2 856,000

43 GR- G2- B -2- 3BD- 4 -205 5 G2 B 3BED 181.58 907,900

44 GR- G2- B -2 -4BD -1A- 206 5 G2 B 4BED 219.31 1,096,550

45 GR-G2-B-2-3BD-4D-207 5 G2 B 3BED 170.8 854,000

46 GR-G2-B-3-3BD-1-301 5 G2 B 3BED 169.27 846,350


28


47 GR-G2-B-3-3BD-1A-302 5 G2 B 3BED 170.94 854,700

48 GR-G2-B-3-3BD-3A-303 5 G2 B 3BED 162.72 813,600

49 GR-G2-B-3-3BD-2A-304 5 G2 B 3BED 171.2 856,000

50 GR-G2-B-3-3BD-4-305 5 G2 B 3BED 181.58 907,900

51 GR-G2-B-3-4BD-1A-306 5 G2 B 4BED 219.31 1,096,550

52 GR-G2-B-3-3BD-4D-307 5 G2 B 3BED 170.8 854,000

53 GR-G2-B-4-3BD-1-401 5 G2 B 3BED 169.27 846,350

54 GR-G2-B-4-3BD-1A-402 5 G2 B 3BED 170.94 854,700

55 GR-G2-B-4-3BD-3A-403 5 G2 B 3BED 162.72 813,600

56 GR-G2-B-4-3BD-2A-404 5 G2 B 3BED 171.2 856,000

57 GR-G2-B-4-3BD-4-405 5 G2 B 3BED 181.58 907,900

58 GR-G2-B-4-4BD-1A-406 5 G2 B 4BED 219.31 1,096,550

59 GR-G2-B-4-3BD-4D-407 5 G2 B 3BED 170.8 854,000

60 GR-G2-B-PH 4BD-2-501 5 G2 B 4BED 321.39 1,606,950

61 GR-G2-B-PH 4BD-6-502 5 G2 B 4BED 345.95 1,729,750

62 GR-G2-B-PH 4BD-5-503 5 G2 B 4BED 486.41 2,432,050

63 GR-G2-C-1-3BD-1A-101 5 G2 C 3BED 171.01 855,050

64 GR-G2-C-1-3BD-1-102 5 G2 C 3BED 169.36 846,800

65 GR-G2-C-1-3BD-4A-103 5 G2 C 3BED 166.2 831,000

66 GR-G2-C-1-4BD-1-104 5 G2 C 4BED 214.71 1,073,550

67 GR-G2-C-1-3BD-4-105 5 G2 C 3BED 180.34 901,700

68 GR-G2-C-1-3BD-2-106 5 G2 C 3BED 172.27 861,350

69 GR-G2-C-1-3BD-3-107 5 G2 C 3BED 163.44 817,200

70 GR-G2-C-2-3BD-1A-201 5 G2 C 3BED 171.01 855,050

71 GR-G2-C-2-3BD-1-202 5 G2 C 3BED 169.36 846,800

72 GR-G2-C-2-3BD-4C-203 5 G2 C 3BED 170.41 852,050

73 GR-G2-C-2-4BD-1-204 4 G2 C 4BED 214.71 1,073,550

74 GR-G2-C-2-3BD-4-205 4 G2 C 3BED 180.34 901,700

75 GR-G2-C-2-3BD-2-206 4 G2 C 3BED 172.27 861,350

76 GR-G2-C-2-3BD-3-207 4 G2 C 3BED 163.44 817,200

77 GR-G2-C-3-3BD-1A-301 4 G2 C 3BED 171.01 855,050

78 GR-G2-C-3-3BD-1-302 4 G2 C 3BED 169.36 846,800

79 GR-G2-C-3-3BD-4C-303 4 G2 C 3BED 170.41 852,050

80 GR-G2-C-3-4BD-1-304 4 G2 C 4BED 214.71 1,073,550

81 GR-G2-C-3-3BD-4-305 4 G2 C 3BED 180.34 901,700

82 GR-G2-C-3-3BD-2-306 4 G2 C 3BED 172.27 861,350

83 GR-G2-C-3-3BD-3-307 4 G2 C 3BED 163.44 817,200

84 GR-G2-C-4-3BD-1A-401 4 G2 C 3BED 171.01 855,050

85 GR-G2-C-4-3BD-1-402 4 G2 C 3BED 169.36 846,800


29


86 GR-G2-C-4-3BD-4C-403 4 G2 C 3BED 170.41 852,050

87 GR-G2-C-4-4BD-1-404 4 G2 C 4BED 214.71 1,073,550

88 GR-G2-C-4-3BD-4-405 4 G2 C 3BED 180.34 901,700

89 GR-G2-C-4-3BD-2-406 4 G2 C 3BED 172.27 861,350

90 GR-G2-C-4-3BD-3-407 4 G2 C 3BED 163.44 817,200

91 GR-G2-C-PH 4BD-2-501 4 G2 C 4BED 293.55 1,467,750

92 GR-G2-C-PH 4BD-4-502 4 G2 C 4BED 471.92 2,359,600

93 GR-G2-C-PH 4BD-3-503 4 G2 C 4BED 337.03 1,685,150

94 GR-G2-D-1-4BD-1A-101 4 G2 D 4BED 219.31 1,096,550

95 GR-G2-D-1-3BD-4B-102 4 G2 D 3BED 166.59 832,950

96 GR-G2-D-1-3BD-1-103 4 G2 D 3BED 169.27 846,350

97 GR-G2-D-1-3BD-1A-104 4 G2 D 3BED 170.94 854,700

98 GR-G2-D-1-3BD-3A-105 4 G2 D 3BED 162.72 813,600

99 GR-G2-D-1-3BD-2A-106 4 G2 D 3BED 171.2 856,000

100 GR-G2-D-1-3BD-4-107 4 G2 D 3BED 181.58 907,900

101 GR-G2-D-2-4BD-1A-201 4 G2 D 4BED 219.31 1,096,550

102 GR-G2-D-2-3BD-4D-202 4 G2 D 3BED 170.8 854,000

103 GR-G2-D-2-3BD-1-203 4 G2 D 3BED 169.27 846,350

104 GR-G2-D-2-3BD-1A-204 4 G2 D 3BED 170.94 854,700

105 GR-G2-D-2-3BD-3A-205 4 G2 D 3BED 162.72 813,600

106 GR-G2-D-2-3BD-2A-206 4 G2 D 3BED 171.2 856,000

107 GR-G2-D-2-3BD-4-207 4 G2 D 3BED 181.58 907,900

108 GR-G2-D-3-4BD-1A-301 4 G2 D 4BED 219.31 1,096,550

109 GR-G2-D-3-3BD-4D-302 4 G2 D 3BED 170.8 854,000

110 GR-G2-D-3-3BD-1-303 4 G2 D 3BED 169.27 846,350

111 GR-G2-D-3-3BD-1A-304 4 G2 D 3BED 170.94 854,700

112 GR-G2-D-3-3BD-3A-305 4 G2 D 3BED 162.72 813,600

113 GR-G2-D-3-3BD-2A-306 4 G2 D 3BED 171.2 856,000

114 GR-G2-D-3-3BD-4-307 4 G2 D 3BED 181.58 907,900

115 GR-G2-D-4-4BD-1A-401 4 G2 D 4BED 219.31 1,096,550

116 GR-G2-D-4-3BD-4D-402 4 G2 D 3BED 170.8 854,000

117 GR-G2-D-4-3BD-1-403 4 G2 D 3BED 169.27 846,350

118 GR-G2-D-4-3BD-1A-404 4 G2 D 3BED 170.94 854,700

119 GR-G2-D-4-3BD-3A-405 4 G2 D 3BED 162.72 813,600

120 GR-G2-D-4-3BD-2A-406 4 G2 D 3BED 171.2 856,000

121 GR-G2-D-4-3BD-4-407 5 G2 D 3BED 181.58 907,900

122 GR-G2-D-PH 4BD-5-501 4 G2 D 4BED 486.41 2,432,050

123 GR-G2-D-PH 4BD-2-502 4 G2 D 4BED 321.39 1,606,950

124 GR-G2-D-PH 4BD-6-503 4 G2 D 4BED 345.95 1,729,750


30


125 GR-G3-A-1-4BD-1-101 4 G3 A 4BED 214.71 1,073,550

127 GR-G3-A-1-3BD-2-103 4 G3 A 3BED 172 861,350

128 GR-G3-A-1-3BD-3-104 2 G3 A 3BED 163 817,200

129 GR-G3-A-1-3BD-1A-105 2 G3 A 3BED 171 855,050

130 GR-G3-A-1-3BD 1-106 2 G3 A 3BED 169 846,800

131 GR-G3-A-1-3BD-4A-107 2 G3 A 3BED 166 831,000

134 GR-G3-A-2-3BD-2-203 4 G3 A 3BED 172 861,350

135 GR-G3-A-2-3BD-3-204 2 G3 A 3BED 163 817,200

136 GR-G3-A-2-3BD-1A-205 2 G3 A 3BED 171 855,050

137 GR-G3-A-2-3BD-1-206 2 G3 A 3BED 169 846,800

138 GR-G3-A-2-3BD 4C-207 2 G3 A 3BED 170 852,050

139 GR-G3-A-3-4BD-1-301 4 G3 A 4BED 215 1,073,550

140 GR-G3-A-3-3BD-4-302 4 G3 A 3BED 180 901,700

141 GR-G3-A-3-3BD-2-303 4 G3 A 3BED 172 861,350

142 GR-G3-A-3-3BD-3-304 2 G3 A 3BED 163 817,200

143 GR-G3-A-3-3BD-1A-305 2 G3 A 3BED 171 855,050

144 GR-G3-A-3-3BD-1-306 2 G3 A 3BED 169 846,800

145 GR-G3-A-3-3BD-4C-307 2 G3 A 3BED 170 852,050

146 GR-G3-A-4-4BD-1-401 4 G3 A 4BED 215 1,073,550

147 GR-G3-A-4-3BD-4-402 4 G3 A 3BED 180 901,700

148 GR-G3-A-4-3BD-2-403 4 G3 A 3BED 172 861,350

149 GR-G3-A-4-3BD-3-404 2 G3 A 3BED 163 817,200

150 GR-G3-A-4-3BD-1A-405 2 G3 A 3BED 171 855,050

151 GR-G3-A-4-3BD-1-406 4 G3 A 3BED 169 846,800

152 GR-G3-A-4-3BD-4C-407 2 G3 A 3BED 170 852,050

153 GR-G3-A-PH 4BD-4-501 2 G3 A 4BED 472 2,359,600

154 GR-G3-A-PH 4BD-3-502 2 G3 A 4BED 337 1,685,150

155 GR-G3-A-PH 4BD-2-503 2 G3 A 4BED 294 1,467,750

156 GR-G3-B-1-3BD-1-101 1 G3 B 3BED 169 846,350

157 GR-G3-B-1-3BD-1A-102 1 G3 B 3BED 171 854,700

158 GR-G3-B-1-3BD-3A-103 1 G3 B 3BED 163 813,600

160 GR-G3-B-1-3BD-4-105 1 G3 B 3BED 182 907,900

161 GR-G3-B-1-4BD-1A-106 1 G3 B 4BED 219 1,096,550

162 GR-G3-B-1-3BD-4B-107 1 G3 B 3BED 167 832,950

163 GR-G3-B-2-3BD-1-201 1 G3 B 3BED 169 846,350

164 GR-G3-B-2-3BD-1A-202 1 G3 B 3BED 171 854,700

165 GR-G3-B-2-3BD-3A-203 1 G3 B 3BED 163 813,600

167 GR-G3-B-2-3BD-4-205 1 G3 B 3BED 182 907,900

169 GR-G3-B-2-3BD-4D-207 2 G3 B 3BED 171 854,000


31


170 GR-G3-B-3-3BD-1-301 4 G3 B 3BED 169 846,350

171 GR-G3-B-3-3BD-1A-302 4 G3 B 3BED 171 854,700

172 GR-G3-B-3-3BD-3A-303 4 G3 B 3BED 163 813,600

173 GR-G3-B-3-3BD-2A-304 4 G3 B 3BED 171 856,000

176 GR-G3-B-3-3BD-4D-307 2 G3 B 3BED 171 854,000

179 GR-G3-B-4-3BD-3A-403 2 G3 B 3BED 163 813,600

180 GR-G3-B-4-3BD-2A-404 2 G3 B 3BED 171 856,000

181 GR-G3-B-4-3BD-4-405 3 G3 B 3BED 182 907,900

183 GR-G3-B-4-3BD-4D-407 2 G3 B 3BED 171 854,000

184 GR-G3-B-PH 4BD-2-501 3 G3 B 4BED 321 1,606,950

185 GR-G3-B-PH 4BD-6-502 3 G3 B 4BED 346 1,729,750

186 GR-G3-B-PH 4BD-5-503 3 G3 B 4BED 486 2,432,050

188 GR-G3-C-1-3BD-1-102 1 G3 C 3BED 169 846,800

193 GR-G3-C-1-3BD-3-107 1 G3 C 3BED 163 817,200

196 GR-G3-C-2-3BD-4C-203 1 G3 C 3BED 170 852,050

197 GR-G3-C-2-4BD-1-204 1 G3 C 4BED 215 1,073,550

198 GR-G3-C-2-3BD-4-205 1 G3 C 3BED 180 901,700

202 GR-G3-C-3-3BD-1-302 1 G3 C 3BED 169 846,800

203 GR-G3-C-3-3BD-4C-303 1 G3 C 3BED 170 852,050

204 GR-G3-C-3-4BD-1-304 1 G3 C 4BED 215 1,073,550

205 GR-G3-C-3-3BD-4-305 1 G3 C 3BED 180 901,700

206 GR-G3-C-3-3BD-2-306 1 G3 C 3BED 172 861,350

208 GR-G3-C-4-3BD-1A-401 1 G3 C 3BED 171 855,050

210 GR-G3-C-4-3BD-4C-403 1 G3 C 3BED 170 852,050

211 GR-G3-C-4-4BD-1-404 1 G3 C 4BED 215 1,073,550

213 GR-G3-C-4-3BD-2-406 1 G3 C 3BED 172 861,350

214 GR-G3-C-4-3BD-3-407 1 G3 C 3BED 163 817,200

215 GR-G3-C-PH 4BD-2-501 1 G3 C 4BED 294 1,467,750

216 GR-G3-C-PH 4BD-4-502 1 G3 C 4BED 472 2,359,600

217 GR-G3-C-PH 4BD-3-503 1 G3 C 4BED 337 1,685,150

218 GR-G3-D-1-4BD-1A-101 1 G3 D 4BED 219 1,096,550

219 GR-G3-D-1-3BD-4B-102 1 G3 D 3BED 167 832,950

220 GR-G3-D-1-3BD-1-103 1 G3 D 3BED 169 846,350

228 GR-G3-D-2-3BD-1A-204 1 G3 D 3BED 171 854,700

229 GR-G3-D-2-3BD-3A-205 1 G3 D 3BED 163 813,600

233 GR-G3-D-3-3BD-4D-302 1 G3 D 3BED 171 854,000

239 GR-G3-D-4-4BD-1A-401 1 G3 D 4BED 219 1,096,550

240 GR-G3-D-4-3BD-4D-402 1 G3 D 3BED 171 854,000

243 GR-G3-D-4-3BD-3A-405 1 G3 D 3BED 163 813,600


32


246 GR-G3-D-PH 4BD-5-501 1 G3 D 4BED 486 2,432,050

247 GR-G3-D-PH 4BD-2-502 1 G3 D 4BED 321 1,606,950

248 GR-G3-D-PH 4BD-6-503 1 G3 D 4BED 346 1,729,750

249 GR-G4-A-1-4BD-1-101 5 G4 A 4BED 215 1,073,550

250 GR-G4-A-1-3BD-4-102 5 G4 A 3BED 180 901,700

251 GR-G4-A-1-3BD-2-103 5 G4 A 3BED 172 861,350

252 GR-G4-A-1-3BD-3-104 5 G4 A 3BED 163 817,200

253 GR-G4-A-1-3BD-1A-105 5 G4 A 3BED 171 855,050

254 GR-G4-A-1-3BD-1-106 5 G4 A 3BED 169 846,800

255 GR-G4-A-1-3BD-4A-107 5 G4 A 3BED 166 831,000

256 GR-G4-A-2-4BD-1-201 5 G4 A 4BED 215 1,073,550

257 GR-G4-A-2-3BD-4-202 5 G4 A 3BED 180 901,700

258 GR-G4-A-2-3BD-2-203 5 G4 A 3BED 172 861,350

259 GR-G4-A-2-3BD-3-204 5 G4 A 3BED 163 817,200

260 GR-G4-A-2-3BD-1A-205 5 G4 A 3BED 171 855,050

261 GR-G4-A-2-3BD-1-206 5 G4 A 3BED 169 846,800

262 GR-G4-A-2-3BD-4C-207 5 G4 A 3BED 170 852,050

263 GR-G4-A-3-4BD-1-301 5 G4 A 4BED 215 1,073,550

264 GR-G4-A-3-3BD-4-302 5 G4 A 3BED 180 901,700

265 GR-G4-A-3-3BD-2-303 5 G4 A 3BED 172 861,350

266 GR-G4-A-3-3BD-3-304 5 G4 A 3BED 163 817,200

267 GR-G4-A-3-3BD-1A-305 5 G4 A 3BED 171 855,050

268 GR-G4-A-3-3BD-1-306 5 G4 A 3BED 169 846,800

269 GR-G4-A-3-3BD-4C-307 5 G4 A 3BED 170 852,050

270 GR-G4-A-4-4BD-1-401 5 G4 A 4BED 215 1,073,550

271 GR-G4-A-4-3BD-4-402 5 G4 A 3BED 180 901,700

272 GR- G4 -A- 4-3BD- 2- 403 5 G4 A 3BED 172 861,350

273 GR- G4 A- 4- 3BD- 3- 404 5 G4 A 3BED 163 817,200

274 GR-G4-A-4-3BD-1A-405 5 G4 A 3BED 171 855,050

275 GR-G4-A-4-3BD-1-406 5 G4 A 3BED 169 846,800

276 GR-G4-A-4-3BD-4C-407 5 G4 A 3BED 170 852,050

277 GR-G4-A-PH 4BD-4-501 5 G4 A 4BED 472 2,359,600

278 GR-G4-A-PH 4BD-3-502 5 G4 A 4BED 337 1,685,150

279 GR-G4-A-PH 4BD-2-503 5 G4 A 4BED 294 1,467,750

280 GR-G4-B-1-3BD-1-101 5 G4 B 3BED 169 846,350

281 GR-G4-B-1-3BD-1A-102 5 G4 B 3BED 171 854,700

282 GR-G4-B-1-3BD-3A-103 5 G4 B 3BED 163 813,600

283 GR-G4-B-1-3BD-2A-104 5 G4 B 3BED 171 856,000

284 GR-G4-B-1-3BD-4-105 5 G4 B 3BED 182 907,900


33


285 GR-G4-B-1-4BD-1A-106 5 G4 B 4BED 219 1,096,550

286 GR-G4-B-1-3BD-4B-107 5 G4 B 3BED 167 832,950

287 GR-G4-B-2-3BD-1-201 5 G4 B 3BED 169 846,350

288 GR-G4-B-2-3BD-1A-202 5 G4 B 3BED 171 854,700

289 GR- G4 B -2 -3BD- 3A -203 5 G4 B 3BED 163 813,600

290 GR -G4- B -2 -3BD -2A -204 5 G4 B 3BED 171 856,000

291 GR -G4- B- 2- 3BD -4 -205 5 G4 B 3BED 182 907,900

292 GR- G4 -B -2- 4BD- 1A- 206 5 G4 B 4BED 219 1,096,550

293 GR -G4- B- 2 -3BD- 4D- 207 5 G4 B 3BED 171 854,000

294 GR- G4- B -3 -3BD- 1 -301 5 G4 B 3BED 169 846,350

295 GR -G4 -B- 3- 3BD- 1A -302 5 G4 B 3BED 171 854,700

296 GR- G4- B -3- 3BD- 3A- 303 5 G4 B 3BED 163 813,600

297 GR- G4- B- 3 -3BD -2A- 304 5 G4 B 3BED 171 856,000

298 GR- G4 -B- 3- 3BD- 4 -305 5 G4 B 3BED 182 907,900

299 GR -G4- B- 3- 4BD- 1A- 306 5 G4 B 4BED 219 1,096,550

300 GR -G4 -B- 3 -3BD- 4D- 307 5 G4 B 3BED 171 854,000

301 GR- G4 -B -4- 3BD- 1- 401 5 G4 B 3BED 169 846,350

302 GR- G4- B -4- 3BD- 1A- 402 5 G4 B 3BED 171 854,700

303 GR -G4- B- 4- 3BD- 3A -403 5 G4 B 3BED 163 813,600

304 GR- G4- B- 4- 3BD- A -404 5 G4 B 3BED 171 856,000

305 GR- G4 -B- 4-3BD- 4 -405 5 G4 B 3BED 182 907,900

306 GR- G4- B- 4- 4BD -1A -406 5 G4 B 4BED 219 1,096,550

307 GR- G4 -B- 4- 3BD- 4D -407 5 G4 B 3BED 171 854,000

308 GR- G4- B- PH 4BD- 2- 501 5 G4 B 4BED 321 1,606,950

309 GR -G4- B- PH 4BD -6 -502 5 G4 B 4BED 346 1,729,750

310 GR- G4- B -PH 4BD- 5 -503 5 G4 B 4BED 486 2,432,050

311 GR -G4- C -1 -3BD- 1A -101 2 G4 C 3BED 171 855,050

312 GR -G4 -C -1 -3BD -1 -102 2 G4 C 3BED 169 846,800

313 GR -G4 -C- 1 -3BD- 4A- 103 2 G4 C 3BED 166 831,000

314 GR -G4 -C -1 -4BD- 1- 104 2 G4 C 4BED 215 1,073,550

315 GR -G4- C -1 -3BD- 4 -105 2 G4 C 3BED 180 901,700

316 GR -G4 -C -1- 3BD- 2 -106 2 G4 C 3BED 172 861,350

317 GR- G4- C- 1- 3BD -3 -107 1 G4 C 3BED 163 817,200

318 GR -G4- C- 2 -3BD -1A -201 2 G4 C 3BED 171 855,050

319 GR-G4- C -2- 3BD- 1 -202 2 G4 C 3BED 169 846,800

320 GR- G4- C- 2- 3BD -4C- 203 2 G4 C 3BED 170 852,050

321 GR -G4 C- 2 -4BD -1-204 2 G4 C 4BED 215 1,073,550

322 GR- G4 -C- 2 -3BD-4 -205 3 G4 C 3BED 180 901,700

323 GR -G4- C -2 -3BD -2 -206 3 G4 C 3BED 172 861,350


34


324 GR -G4 C- 2 -3BD -3 -207 3 G4 C 3BED 163 817,200

325 GR -G4 C- 3 -3BD -1A- 301 3 G4 C 3BED 171 855,050

326 GR -G4- C-3- 3BD- 1 -302 3 G4 C 3BED 169 846,800

327 GR -G4- C- 3- 3BD- 4C -303 3 G4 C 3BED 170 852,050

328 GR -G4- C -3- 4BD -1-304 3 G4 C 4BED 215 1,073,550

329 GR -G4- C- 3- 3BD- 4-305 3 G4 C 3BED 180 901,700

330 GR-G4 C- 3- 3BD -2 -306 3 G4 C 3BED 172 861,350

331 GR -G4 -C 3 -3BD- 3 -307 3 G4 C 3BED 163 817,200

332 GR -G4 -C -4- 3BD -1A-401 3 G4 C 3BED 171 855,050

333 GR- G4- C- 4- 3BD -1 -402 3 G4 C 3BED 169 846,800

334 GR -G4 -C- 4 -3BD -4C -403 3 G4 C 3BED 170 852,050

335 GR -G4 C- 4 -4BD- 1 -404 3 G4 C 4BED 215 1,073,550

336 GR -G4 -C -4- 3BD -4-405 3 G4 C 3BED 180 901,700

337 GR -G4- C- 4 -3BD- 2 -406 3 G4 C 3BED 172 861,350

338 GR -G4 -C -4 -3BD- 3- 407 3 G4 C 3BED 163 817,200

339 GR -G4 -C -PH 4BD- 2 -501 3 G4 C 4BED 294 1,467,750

340 GR- G4-C -PH 4BD -4- 502 3 G4 C 4BED 472 2,359,600

341 GR -G4 -C -PH 4BD- 3- 503 3 G4 C 4BED 337 1,685,150

342 GR -G4 -D- 1 -4BD -1A -101 3 G4 D 4BED 219 1,096,550

343 GR -G4 D- 1 -3BD- 4B- 102 3 G4 D 3BED 167 832,950

344 GR- G4 -D -1- 3BD -1 -103 3 G4 D 3BED 169 846,350

345 GR -G4 D-1- 3BD -1A- 104 3 G4 D 3BED 171 854,700

346 GR- G4- D -1- 3BD -3A-105 3 G4 D 3BED 163 813,600

347 GR- G4- D- 1- 3BD- 2A- 106 3 G4 D 3BED 171 856,000

348 GR- G4- D- 1 -3BD- 4 -107 3 G4 D 3BED 182 907,900

349 GR- G4 -D- 2- 4BD- 1A -201 3 G4 D 4BED 219 1,096,550

350 GR- G4- D- 2- 3BD- 4D -202 3 G4 D 3BED 171 854,000

351 GR- G4- D- 2- 3BD -1 -203 3 G4 D 3BED 169 846,350

352 GR- G4- D- 2- 3BD- 1A -204 3 G4 D 3BED 171 854,700

353 GR -G4 -D -2 -3BD- 3A- 205 3 G4 D 3BED 163 813,600

354 GR -G4- D -2 -3BD -2A- 206 3 G4 D 3BED 171 856,000

355 GR -G4- D- 2- 3BD -4 -207 3 G4 D 3BED 182 907,900

356 GR -G4- D -3 -4BD- 1A -301 3 G4 D 4BED 219 1,096,550

357 GR -G4- D -3- 3BD -4D -302 3 G4 D 3BED 171 854,000

358 GR- G4 D- 3 -3BD- 1- 303 3 G4 D 3BED 169 846,350

359 GR- G4- D -3- 3BD -1A- 304 3 G4 D 3BED 171 854,700

360 GR -G4- D -3- 3BD -3A -305 3 G4 D 3BED 163 813,600

361 GR- G4 -D -3 -3BD -2A- 306 3 G4 D 3BED 171 856,000

362 GR-G4-D--3-3BD-4-307 3 G4 D 3BED 182 907,900


35


363 GR-G4-D-4-4BD-1A-401 3 G4 D 4BED 219 1,096,550

364 GR-G4-D-4-3BD-4D-402 3 G4 D 3BED 171 854,000

365 GR-G4-D-4-3BD-1-403 3 G4 D 3BED 169 846,350

366 GR-G4-D-4-3BD-1A-404 3 G4 D 3BED 171 854,700

367 GR-G4-D-4-3BD-3A-405 3 G4 D 3BED 163 813,600

368 GR-G4-D-4-3BD-2A-406 3 G4 D 3BED 171 856,000

369 GR-G4-D-4-3BD-4-407 3 G4 D 3BED 182 907,900

370 GR-G4-D-PH 4BD-5-501 3 G4 D 4BED 486 2,432,050

371 GR-G4-D-PH4BD-2-502 3 G4 D 4BED 321 1,606,950

372 GR-G4-D-PH 4BD-6-503 3 G4 D 4BED 346 1,729,750

Total [Rounded] 65,455 327,000,000

2.12.3 SUMMARY & ANALYSIS

No. of Apartment Total Gross Area (m²) Total Value (SAR) [Rounded]

Sold Units 43 7,728.88 45,832,270

Unsold Units 329 65,455 327,000,000

The aggregate value for both sold & unsold units currently is in the region of 372,832,000. Do note this is an indicator and should not be used in an official capacity unless sold transactions are verified by agreed sales memorandums or agreed sales contracts.

2.13 VALUATION

2.13.1 MARKET VALUE

ValuStrat is of the opinion that the Market Value of the freehold interest in the subject

villas (Unsold Units) referred within this report, as of the date of valuation, based

upon the Comparative Approach assumptions expressed within this report, may be

fairly stated as follows;

Market Value (rounded and subject to details in the full report):

SAR 327,000,000 (Three Hundred Twenty-Seven Million Saudi Arabian Riyals).

The client is advised that whilst all reasonable measures have been taken to supply an accurate valuation as possible as at the Valuation date, this figure should be considered in the context of the volatility of today’s market place.

We are currently experiencing a very uncertain property market and due to the reduced level of transactions, there is an acute shortage of comparable evidence upon which to base valuations. Due to this shortage, it may be necessary at times for a Valuer to draw upon evidence which is of a historical

nature.’

In the event should it transpire that all of the apartments are to be sold to a single purchaser/investor, we would assume a quantum discounting factor would be applicable for the summation of the value.

Accordingly, the values referred in this report ignore any potential discounting factor resulting from the plots forming part of a portfolio or connected purchase.

Valuation considered full figure and may not be easily achievable in the event of an early re-sale.


36


2.14 MARKET CONDITIONS SNAPSHOT

The real estate sector generally follows the fortunes of the greater economy. As oil

prices remained strong in previous years, the Saudi economy and consequently its

real estate market remained buoyant too. However, for the past 18 months, KSA has

been facing a protracted spell of economic stress, much of which can be attributed

to the falling oil prices coupled with regional political issues. The resulting budget

deficit earlier in 2017 had prompted the Saudi government to implement subsidy

reforms, review its investment strategies and cut capital spending. All of this has

resulted in declining capital and rental values in the real estate market with prices

falling across all sectors including land. Despite short term challenges and both

investors and buyers remaining cautious, the Saudi economy has shown signs of

ambition with the government unveiling a number of reforms, including full foreign

ownership of retail and wholesale operations along with opening up of the Tadawul

Stock Market to foreign investment. Moreover, tax on development land should keep

the construction sector afloat, encouraging real estate developers. Adapting to a new

KSA economic reality has been inevitable, although the Kingdom’s oil dynamics

remain pivotal for future development within the KSA 2030 economic vision plan.

We expect demand to remain stable due to fundamentals of a growing young

population, reducing family size, increasing middle-class and a sizeable affluent

population – all of which keeps the long-term growth potential intact. On the other

hand, market volatility remains currently, and prices are likely to witness further

deterioration in the short term. A watching brief should be kept on the economy as

2017 closes, although we expect the economy to gather some pace in 2018.

Property values are subject to fluctuation over time as market conditions may

change. Valuation considered full figure and may not be easily achievable in the

event of an early re-sale.

2.14.1 RISK ASSESSMENT

The residential market has for some time been dominated by a shortage of suitable

units and a constrained development pipeline. In turn the sales market has shown

weaker performance as a lack of affordability and limited access to finance has

focused demand towards the rental market. This current dynamic may prevail in the

short term while stimulus packages and sector reform work through the system.

Below are some of the factors that currently restrain the residential market.

• Lack of alternative investments

• High land prices

• Financing schemes to ease home ownership

• Affordability of the housing units

• Size of the housing units

• Suitability of stocks that meets the requirements of home buyers

• Potential taxation under consideration by the government


37


• The quality of construction, though it has been improved recently

• Sustainable zoning to ensure that future developments meet the needs of the

market.

2.14.2 PRINCIPAL GAINS AND RISK (SWOT ANALYSIS)

Strengths Weaknesses

• Located in Salamah District, west of Jeddah City

where residential demands are mostly

concentrated.

• Growing infrastructure in surrounding areas.

• Good visibility of the subject site provides good

exposure for any potential development;

• The site’s surrounding infrastructure, and future

plans will further enhance the connectivity of the

property within Jeddah city center and the

upcoming sub-centers.

• The private sector is dependent on expat

labor, reflecting a shortage of marketable

skills among nationals and a fairly high

unemployment rate among locals.

Opportunities Threats

• Due to the great number of upcoming development

in the area, the subject development can be

developed to benefit from this uplift and

establishment in the market.

• Continued investment in the economy by the

government will help maintain growth and

business.

• Various regulatory efforts by the government

aimed to ease accessibility and affordability of real

estate assets.

• Perceptions of high security risks deter some

investors and the possibility of change in

governmental policies causing an effect on

investment value and general business

activity.

• Vacant Lands/Undeveloped land have the

recent threat of land tax levy which may

affect land prices in the near future

• Lower family disposable income due to the

effects of the government’s subsidy reform

and impending VAT implementation.

• Threat of KSA recession in 2018.

2.15 VALUATION UNCERTAINTY

This valuation has been undertaken against a background of significant levels of

Market volatility is one of the main reasons of Valuation uncertainty in the real estate

market in the Kingdom and within the GCC region given the dramatic changes in

markets in current oil price slump and other factors too. We are currently

experiencing a very uncertain property market and due to the reduced level of

transactions, there is an acute shortage of comparable evidence upon which to base


38


valuations. Given the current uncertainties it may be necessary at times for a Valuer

to draw upon evidence which is of a historical nature. The current shortage of

transaction, combined with a rapidly changing market only serves to highlight the

unpredictability of the current market, which is subject to change on a day by day

basis. The RICS valuation standards consider it essential to draw attention to

foreseen valuation uncertainties that could have a material effect on valuations, and

further advises to indicate the cause of the uncertainty and the degree to which this

is reflected in reported valuations. We further state that given the valuation

uncertainty stated above our valuation represents our impartial calculated opinion /

judgement of the properties, based on relevant market data and perceptions as at

the date of valuation. The client is advised that whilst all reasonable measures have

been taken to supply as accurate a valuation as possible as at the Valuation date,

this figure should be considered in the context of the volatility of today’s market place

The client is also recommended to consider the benefits in such a market, of having

more frequent valuations to monitor the value of the subject property.

2.16 DISCLAIMER

In undertaking and executing this assignment, an extreme care and precaution has

been exercised. This report is based on information provided by the Client. Values

will differ or vary periodically due to various unforeseen factors beyond our control

such as supply and demand, inflation, local policies and tariffs, poor maintenance,

variation in costs of various inputs, etc. It is beyond the scope of our services to

ensure the consistency in values due to changing scenarios.

2.17 CONCLUSION

This report is compiled based on the information received to the best of our belief,

knowledge and understanding. The information revealed in these report is strictly

confidential and issued for the consideration of the Client. No part of this report may

be reproduced either electronically or otherwise for further distribution without our

prior and written consent. We trust that this report and valuation fulfils the

requirement of your instruction. This report is issued without any prejudice and

personal liability.

For and on Behalf of, ValuStrat

Ramez Al Medlaj (Taqeem Member No. 1210000320) Senior Associate Real Estate, KSA

Yousuf Siddiki (Taqeem Member No. 1210001039) Director – Real Estate, KSA


39


APPENDIX 1 - EXTERNAL PHOTOGRAPHS ONLY

Dubai, United Arab EmiratesOffice 703, Palace TowersDubai Silicon Oasis, Emirates RoadP.O.Box 341234Dubai, United Arab Emirates

Phone +971 4 326 2233Fax +971 4 326 2223email [email protected]

Riyadh, Saudi Arabia6th floor, South Tower, King Faisal Foundation,Faisaliah Complex, King Fahad Rd,Riyadh, Kingdom of Saudi Arabia

Phone + 966 1 293 5127Fax +966 1 293 3683email [email protected]

Jeddah, Saudi ArabiaOffice 105, Jameel SquareTahlia RoadJeddah, Kingdom of Saudi Arabia

Phone +966 12 2831455Fax +966 12 2831530email [email protected]

Doha, QatarOffice 404, QFC Tower 2West BayDohaQatar

Phone +974 4 496 8121email [email protected]

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