Private & Confidential: VVVVVV

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Private & Confidential

Osool & Bakheet Investment Co., Riyadh, KSA – Dec 2017
Valuation Report
(12) MIXED PORTFOLIO OF REAL ESTATE ASSETS,

RIYADH, KINGDOM OF SAUDI ARABIA
AL MA’ATHAR REIT
DECEMBER 2017
ValuStrat Consulting
703 Palace Towers 6th floor, South tower 111, Jameel square
Dubai Silicon Oasis Al Faisaliah Complex Tahlia Road
Dubai Riyadh Jeddah
United Arab Emirates 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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Valuation Report – (12) Mixed Portfolio Real Estate Assets
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 8
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 11
2.10 ENVIRONMENT MATTERS 24
2.11 TENURE/TITLE 25
2.12 VALUATION METHODOLOGY & RATIONALE 27
2.13 VALUATION 32
2.14 MARKET CONDITIONS & MARKET ANALYSIS 33
2.15 VALUATION UNCERTAINTY 33
2.16 DISCLAIMER 34
2.17 CONCLUSION 34
APPENDIX 1 – PHOTOGRAPHS
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1 EXECUTIVE SUMMARY
THE EXECUTIVE 1.1 THE CLIENT
SUMMARY AND
Osool & Bakheet Investment Company
VALUATION SHOULD NOT
P.O. Box 63762, Riyadh 11526, KSA
BE CONSIDERED OTHER
&
THAN AS PART OF THE
Al Ma’athar REIT
ENTIRE REPORT.
1.2 THE PURPOSE OF VALUATION

The valuation is required for the annual valuation exercise and for financial
statements.
1.3 INTEREST TO BE VALUED

The below-mentioned (12) mixed portfolio real estate assets located within the
Riyadh, Kingdom of Saudi Arabia are the scope of this valuation exercise.
No. Asset Class Area City GPS Co-ordinates

1 Residential / Commercial / Offices Al Ma'athar Riyadh 24°40'53.3"N 46°40'00.3"E
2 Showroom - Toyota / Lexus Al Takhassusi Riyadh 24°40'51.38"N 46°40'40.11"E
3 Residential / Commercial - Furnished Apt / Shops Al Rabie Riyadh 24°46'57.1"N 46°38'58.0"E
4 Commercial / Offices - King Fahd Rd Al Mohammadeya Riyadh 24°40'55.12"N 46°41'11.77"E
5 Commercial Showrooms King Abdul Aziz Road Al Rabie Rafal Riyadh 24°47'16.76"N 46°39'31.71"E
6 Commercial Showroom & Office Quds Riyadh 24°45'35.82"N 46°44'25.01"E
7 Commercial Wadi Laban Riyadh 24°38'6.63"N 46°34'8.33"E
8 Commercial Office & Showroom Al Dabbab Riyadh 24°39'38.12"N 46°42'33.27"E
9 Commercial Office Tower (Saudi Health Council) Al Sahafa 210 Riyadh 24°46'47.89"N 46°38'30.91"E
10 Commercial Office Tower Al Sahafa 310 Riyadh 24°47'48.62"N 46°38'0.27"E
11 Warehouses Al Sulai Riyadh 24°40'32.4"N 46°50'22.6"E
12 Warehouses Al Hair Riyadh 24°33'45.11"N 46°44'29.07"E
Source: Client 2017 & ValuStrat Research 2017
1.4 VALUATION APPROACH

Investment Method – Income Capitalisation for the freehold interest. On the other
hand, the leasehold interest, we have utilised the discounted cash flow (DCF).
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1.5 DATE OF VALUATION

Unless stated to the contrary, our valuations have been assessed as at the date of
our report based on 31st December 2017.
The valuation reflects our opinion of value as at this date. Property values are
subject to fluctuation over time as market conditions may change.
1.6 OPINION OF VALUE

Property No. Property Interest Overall Price (SAR)
1 to 4 & 9 to 12 Freehold Interest Property 585,661,707
5 to 8 Leasehold Interest Property 14,998,000
Total Price (SAR) [Rounded] 600,700,000
The executive summary and valuation should not be considered other than as part of the entire report.
1.7 SALIENT POINTS (GENERAL COMMENTS)

We are unaware of planning or other proposals in the area or other matters which
would be of detriment to the subject property, 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 property 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 properties are 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 properties.
It is assumed that the subject properties are freehold and are 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
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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.
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.
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 portfolio of property referred within this report is a mix of prime, secondary and
tertiary locations along with a mixture of type and style of property. The following
factors of age, style and location can deter investors in an uncertain market period
(declining prices in many areas) in the Kingdom of Saudi Arabia. Also, proximity of
industrial uses and tertiary locations can deter investors. Investors are strongly
advised to carry out thorough due diligence prior to any financial commitment.
Note: It must be borne in mind that both capital values and rental values can fall as
well as rise.
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.
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 Osool & Bakheet Investment Company & Al
Ma’athar REIT (‘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
No. Asset Class Area City GPS Co-ordinates
1 Residential / Commercial / Offices Al Ma'athar Riyadh 24°40'53.3"N 46°40'00.3"E
2 Showroom - Toyota / Lexus Al Takhassusi Riyadh 24°40'51.38"N 46°40'40.11"E
3 Residential / Commercial - Furnished Apt / Shops Al Rabie Riyadh 24°46'57.1"N 46°38'58.0"E
4 Commercial / Offices - King Fahd Rd Al Mohammadeya Riyadh 24°40'55.12"N 46°41'11.77"E
5 Commercial Showrooms King Abdul Aziz Road Al Rabie Rafal Riyadh 24°47'16.76"N 46°39'31.71"E
6 Commercial Showroom & Office Quds Riyadh 24°45'35.82"N 46°44'25.01"E
7 Commercial Wadi Laban Riyadh 24°38'6.63"N 46°34'8.33"E
8 Commercial Office & Showroom Al Dabbab Riyadh 24°39'38.12"N 46°42'33.27"E
9 Commercial Office Tower (Saudi Health Council) Al Sahafa 210 Riyadh 24°46'47.89"N 46°38'30.91"E
10 Commercial Office Tower Al Sahafa 310 Riyadh 24°47'48.62"N 46°38'0.27"E
11 Warehouses Al Sulai Riyadh 24°40'32.4"N 46°50'22.6"E
12 Warehouses Al Hair Riyadh 24°33'45.11"N 46°44'29.07"E
Source: Client 2017
2.3 PURPOSE OF VALUATION

The valuation is required for the annual valuation exercise and for financial
statements.
2.4 VALUATION REPORTING COMPLIANCE

The valuation has been conducted in accordance with Taqeem Regulations (Saudi
Authority for Accredited Valuers) and 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
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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-
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”;
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“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
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 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;
‘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 favorable 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.
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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.
2.5.2 VALUER(S)
The Valuer on behalf of ValuStrat, with responsibility of this report is Mr. Ramez Al
Medlaj (Taqeem Member) having sufficient and current knowledge of the Saudi
market and the skills and understanding to undertake the valuation competently.
Mr. Al Medlaj has no previous material connection or involvement with the subject of
the valuation or with the client and can provide an objective and unbiased valuation.
2.5.3 STATUS OF VALUER
Status of Valuer Survey Date Valuation Date

rd th
External Valuer Between 23 December 2017 to 28 December 2017 31st December 2017
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 site inspection was limited to the visual assessment of the exterior & interior
conditions of the subject properties including some of its facilities. For the purpose
of our report we have expressly assumed that the condition of any un-seen areas 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 properties are valued under the assumption of property held on a Private
interest with the benefit of trading potential of existing operational entity in
possession; written information provided to us by the Client is up to date, complete
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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 properties
comply with all relevant statutory requirements (including, but not limited to, those of
Fire Regulations, By-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 properties
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 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 THE PROPERTIES
The subject properties consist of (12) real estate assets located in and around
Riyadh, individually situated as follows:
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Property No. 1 - Residential / Commercial / Offices, Al Ma’ather, Riyadh
The subject consists of a mixed used development of service apartments,

commercial showrooms and offices.
There are 131 tenants occupying the development between residential and
commercial tenants producing an income of SAR 16,965,000 per annum (as
provided by the client).
The subject was built about a year ago (circa. 2016) within an established area of
west Riyadh within easy reach of the Riyadh’s CBD.
Source: Google Extract 2017 - For Illustrative Purposes Only
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Property No. 2 – Showroom Toyota / Lexus, Al Takhassusi, Riyadh
The subject consists of commercial showroom with single tenant occupation (Toyota
/ Lexus – car showroom) producing a rental income of SAR 4,675,000 per annum.
The subject showroom was newly built in 2017 and is situated within an established
commercial area of central Riyadh.
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Property No. 3 – Residential / Commercial - Furnished Apt / Shops, Al Rabie, Riyadh
The subject property consists of a double story building containing 3 tenants

producing a rental income of SAR 3,969,540 per annum as provided by the client.
The subject property fronts on busy Prince Saud Ibn Muhammad Ibn Muqrin Road
close to the junction of Ath-Thumamah Road within a upcoming district of Al Rabie,
North Riyadh. The subject building is part of new build completed about a year ago.
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Property No. 4 – Commercial / offices, King Fahd Road, Al Mohammadeya Area,

Riyadh.
The subject consists of office towers building fronting on the main arterial road, King
Fahd Road close to the junction of Makkah Al Mukarramah Road situated within the
CBD area of Riyadh.
The subject building is producing a rental income of SAR 8,206,300 per annum from
2 tenants as provided by the client. The subject office tower is approximately 8 years
old.
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Property No. 5 – Commercial Showrooms, King Abdul Aziz Road, Al Rabie Rafal,
Riyadh.
The subject consists of showrooms containing 4 tenants producing a rental income

of SAR 1,117,000 per annum on a leasehold interest.
The subject fronts onto the main King Abdulaziz Road close to the junction of Prince
Saud Ibn Muhammad Ibn Muqrin Road in a upcoming district of Al Rabie, North
Riyadh. The showrooms were built about 7 years ago.
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Property No. 6 – Commercial Showroom & Office, Quds, Riyadh
The subject consists of retail showrooms within a dense area of east Riyadh very
close to junction at King Abdullah Road and East Ring Road.
The subject consists of a leasehold interest with no details provided producing a

rental income of SAR 640,000 per annum as provided by the client.
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Property No. 7 – Commercial Retail Shops with upper part consisting of residential,
Wadi Laban, Riyadh
The subject consists of low density development producing a rental income of SAR
570,000 per annum as provided by the client based on a leasehold interest.
The subject is situated within a low-income area of south west Riyadh fronting onto
Al Shafa close to the junction of the West Ring. For ease of reference refer to the
illustration below:
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Property No. 8 – Commercial office and showroom, Al Dabbab Riyadh
GPS Co-ordinates: 24°39'38.12"N 46°42'33.27"E
The subject consists of a 7 storey office tower with retail showrooms at ground
floor level within an established south Riyadh area with a densely populated
district.
The subject development is producing a rental income of SAR 900,000 per annum
based on a leasehold interest as provided by the client. No details of the lease
have been provided.
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Property No. 9 – Commercial office tower, Al Sahafa, Riyadh
The subject consists of an 8 storey office tower occupied by a single tenant

producing a rental income of SAR 4,670,000 per annum. The subject is situated
within an up and coming area of Sahafa district with metro overhead line opposite
the building.
The subject building was built and completed about 3 years ago on a land that
extends to approximately 2,380 sq. m with a built-up area (BUA) of 10,880 sq. m.
The immediate locality is of an up and nature with the new King Abdullah Financial
District (KAFD) on the opposite site on King Fahad Road.
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The subject consists of an 8 storey office tower built and completed around 4 years
ago. The subject is situated within an up and coming Sahafa district and fonts on
Olaya Street close to junction of Al Imam Saud Ibn Faysal Road.
There is the Rafal tower close-by at the Junction of King Fahad Road and Al Imam
Saud Ibn Faysal Road. The subject is occupied by a single tenant producing a
rental income of SAR 4,312,666 per annum as provided by the client.
The subject office tower extends on a land area of approximately 2,520 sq. m with a
built-up area (BUA) of 11,340 sq. m.
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Property No. 11 – Warehouses, Sulai, Riyadh
GPS co-ordinates: 24°40'32.4"N 46°50'22.6"E
The subject consists of a warehouse complex with multi-occupied tenants

consisting of 30 tenants. The subject is approximately 20 years old producing a
rental income of SAR 5,523,550 per annum as provided by the client.
The subject warehouse complex is situated within established Sulai district of south
Riyadh within a predominantly industrial/warehouse area. For ease of reference
refer to the illustration below. The subject is also improved on land area of 54,075
sq. m with a built-up area (BUA) of 38,305 sq. m.
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Property No. 12 – Warehouses, Al Hair, Riyadh
GPS co-ordinates: 24°33'45.11"N 46°44'29.07"E
The subject warehouse complex is part of an established warehouse development

in south Riyadh approximately 9 years old.
The subject is situated close to Arafat Road close to junction of Al Hair Road which
leads north to south Ring Road. For ease of reference to the illustration below
identifying the subject.
The subject warehouse complex is multi-tenanted occupied with 28 tenants

producing a rental income of SAR 1,625,000 per annum as provided by the client.
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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
Based on the document supplied by the client, the land areas of the subject properties are referred
Area
above through section 2.11.2 (below).
Topography Generally, the properties are mostly regular in shape and on a level terrain
Drainage Assumed available and connected.
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
Flooding 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: It is understood that there is no known flooding in the areas where the properties are
located.
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
Landslip
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.
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
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of this valuation, we have assumed that all necessary consents have been obtained
for the subject property referred within this report. Should this not be the case, we
reserve the right to amend our valuation and report.
2.10.2 SERVICES
We have assumed that the subject properties referred within this report have
available supplies of electricity & water and are connected to a drainage system and
other municipality services considering that most of the properties are situated
outside the city center.
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. The subject properties were registered under the below-mentioned title
deeds which we had assumed it to be on freehold basis. Should this not be the case
we reserve the right to amend our valuation and this report.
2.11.1 LEGAL SUMMARY
No. Asset Class Area City Interest Title Deed No. Title Deed Date
310112050696 22/11/1438
1 Residential / Commercial / Offices Al Ma'athar Riyadh Freehold
710114038491 17/11/1438
2 Showroom - Toyota / Lexus Al Takhassusi Riyadh Freehold 810114038490 17/11/1438
3 Residential / Furnished Apt / Shops Al Rabie Riyadh Freehold 910114038368 14/11/1438
4 Commercial / Offices - King Fahd Rd Al Mohammadeya Riyadh Freehold 310115043345 26/02/1437
5 Showrooms King Abdul Aziz Road Al Rabie Rafal Riyadh Leasehold 3/53311 07/10/1426
6 Commercial Showroom & Office Quds Riyadh Leasehold 16/868 30/03/1404
7 Commercial Wadi Laban Riyadh Leasehold 17/91 10/02/1404
8 Commercial Office & Showroom Al Dabbab Riyadh Leasehold 1/512 08/05/1393
9 Commercial Office Tower Al Sahafa 210 Riyadh Freehold 310105051292 16/11/1438
10 Commercial Office Tower Al Sahafa 310 Riyadh Freehold 910105051293 16/11/1438
11 Warehouses Al Sulai Riyadh Freehold 310108046400 23/11/1438
12 Warehouses Al Hair Riyadh Freehold 910106051847 21/11/1438
Source: Client 2017
25 of 38
2.11.2 FREEHOLD & LEASEHOLD PROPERTY SUMMARY
Area (Riyadh No. of Land Size BUA Age Legal Interest

No. Asset Class
Districts) Tenants (sq. m) (sq. m) (yrs.)
Freehold (multiple
1 Residential / Commercial / Offices Al Ma'athar 131 10,709.16 22,707.37 1
tenants)
Freehold (single
2 Showroom - Toyota / Lexus Al Takhassusi 1 4,248 6,610.61 1
tenant)
Freehold (multiple
3 Residential / Commercial Al Rabie 3 3,900 8,589.53 1
tenants)
Freehold (two
4 Commercial / Offices Al Mohammadeya 2 2,109 15,582.92 8
tenants)
Leasehold Interest
5 Showrooms King Abdul Aziz Rd Al Rabie Rafal 4 2,450 1,413.26 7
(4 year unexpired)
Leasehold Interest
6 Showroom & Office Quds 4 895.50 1,257.84 4
(9 year unexpired)
Leasehold Interest
7 Commercial Wadi Laban 4 895.50 1,645.02 4
(9 year unexpired)
Leasehold Interest
8 Commercial Office & Showroom Al Dabbab 1 774.50 3,060.48 3
(13 year unexpired)
Freehold (single
9 Commercial Office Tower Al Sahafa 210 1 2,380 10,880.00 3
tenant)
Freehold (single
10 Commercial Office Tower Al Sahafa 310 1 2,520 11,340.00 4
tenant)
Freehold (multiple
11 Warehouses Al Sulai 30 54,075 46,158.00 20
tenants)
Freehold (multiple
12 Warehouses Al Hair 28 13,544.45 11,970.00 9
tenants)
The above-mentioned property portfolio consists of multiple tenants with

occupational leases and leasehold interest. Investors should carry out a thorough
legal due diligence covering all clauses within these documents. We have seen
these documents (Arabic language); however, it was not possible to attach all the
lease/rental documents with this report due the large size and capacity. Should it be
discovered from legal advisors any form of inaccuracies or onerous terms, or even
impact on values due to interpretation of translation, etc. within these documents,
the matter needs to be referred back to the valuer for review and revision. We
reserve the right to amend our valuation and report should the above discrepancies
be discovered.
For the purpose of this, we have assumed that a good and marketable title is held
free from any encumbrances, mortgages, charges, third party interests, etc. Should
this not be the case, we reserve the right to amend our valuation and report.
We recommend that the tenure information is verified by your legal representatives.

Furthermore, we would stress that the above assumptions regarding tenure should
not be relied on until they have been confirmed as being accurate by your legal
representatives.
As mentioned above, we have been provided with leases of individual
lessees/occupiers’ documentation in respect of the occupational interests within the
subject property(s). We have assumed that all lessees are in a position to renew on
26 of 38
their forthcoming renewals process considering the weak demand currently in sector
markets in KSA.
For the purpose of this valuation, we have explicitly assumed that the tenancy
schedule provided is accurate and actual. Should this not be the case, we reserve
the right to amend our valuation and report.
Given the legal terminology, interpretation and Arabic translation, we strongly advise
that your legal representatives check and advise. Should any onerous terms exist,
we reserve the right to amend our valuation and report. It is also advised that legal
binding contracts, lease(s) or individual tenancy agreements are examined by
interested purchasers/investors/parties to verify the covenants and terms.
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
property we have utilized the Income Capitalization Approach for income generating
properties taking into consideration the annual rent income provided by the Client.
On the other-hand, we have utilised the Discounted Cash Flow (DCF) approach for
the leasehold interest property.
2.12.1 INCOME CAPITALIZATION APPROACH (FREEHOLD INTEREST)
The subject property falls into a broad category of investment property with the prime
value determinant being the properties ability to generate rentals and rental growth
through the ongoing letting and reasonable maintenance.
In determining our opinion of Market Value of the subject property we have utilized
the Investment Approach utilizing an Income Capitalization Approach to Valuation.
Income producing real estate is typically purchased as an investment essentially
exchanging present money for the right to receive future income. The indication of
value using the income capitalization approach requires consideration of market
oriented assumptions and data. This method requires a market derived projection of
economic annual net operating income (NOI) for a subject property based on the
current and expected lease or other arrangements and occupant profile. This NOI is
then capitalized in perpetuity (or to lease expiry in the case of leasehold property)
using a market derived capitalization rate to give the Market Value estimate.
Allowance is made for any capital expenditure costs required as well as making
provision for a vacancy factor with reference to historic letting experience.
27 of 38
2.12.2 DISCOUNTED CASH FLOW (LEASEHOLD INTEREST)
The DCF approach involves the discounting of the Net Operating Profit on a yearly
basis over an assumed explicit cash flow period at an appropriate discount rate to
reflect risk. The property is currently held under a leasehold right for a term period
of which the following for each property as follows:
No. Asset Class Expiry Term (Yrs.)

5 Commercial Showrooms King Abdul Aziz Road 4 years unexpired
6 Commercial Showroom & Office 9 years unexpired
7 Commercial 9 years unexpired
8 Commercial Office & Showroom 13 years unexpired
Upon expiry of the above-mentioned term for each property, the cash flow horizon,
we have determined the Net Present Value (NPV) of the cash flow, derived from the
anticipated sustainable Net Operating Profit. The summation of the NPV indicates
our assessment of market value. The projected income stream is explicit, and
therefore externally reflects anticipated growth, or otherwise, inherent in a property
investment based upon the physical, tenancy or market characteristics related to that
property.
2.12.3 MARKET RENTS, VALUATION ASSUMPTIONS & COMMENTARY
Rental evidence for similar properties within Riyadh are not readily available or
transparent due to the nature of the property market within the Kingdom of Saudi
Arabia. Much if not all of the evidence is anecdotal, and this limitation may place on
the non-reliability of such information and impact on values reported. In forming our
opinion of Market Rent for the subject properties referred within this report, we have
looked at the following market rental rates for similar properties within the vicinity of
the subject properties.
No. Area Market Benchmark (Range SAR) per sq. m)

1 Al Ma'athar 600 - 1,000
2 Al Takhassusi 1,000 - 1,900
3 Al Rabie 400 - 550
4 Al Mohammadeya 450 - 650
5 Al Rabie Rafal 550 - 800
6 Quds 400 - 650
7 Wadi Laban 650 - 800
8 Al Dabbab 300 - 500
9 Al Sahafa 210 350 - 550
10 Al Sahafa 310 350 - 550
11 Al Sulai 120 - 180
12 Al Hair 120 - 180
28 of 38
2.12.4 OPERATIONAL COST, YIELDS AND DISCOUNT RATES
In this instance, we have adopted the following rates:
Operational Cost
In terms of the Operating Costs for each property referred in this report refer to the
below to table and information provided by the client referred on the succeeding
page:
No. Asset Class Area OPEX Market Benchmark Range

1 Residential / Commercial / Offices Al Ma'athar 10% 8-12%
2 Showroom - Toyota / Lexus Al Takhassusi 5% 3-7%
3 Residential / Commercial - Furnished Apt / Shops Al Rabie 5% 3-7%
4 Commercial / Offices - King Fahd Rd Al Mohammadeya 5% 3-7%
5 Commercial Showrooms King Abdul Aziz Road Al Rabie Rafal 7% 5-10%
6 Commercial Showroom & Office Quds 7% 5-10%
7 Commercial Wadi Laban 7% 5-10%
8 Commercial Office & Showroom Al Dabbab 7% 5-10%
9 Commercial Office Tower (Saudi Health Council) Al Sahafa 210 5% 3-7%
10 Commercial Office Tower Al Sahafa 310 5% 3-7%
11 Warehouses Al Sulai 5% 3-7%
12 Warehouses Al Hair 5% 3-7%

Source: Client 2017 & ValuStrat Research 2017
Discount Rates:
Theoretically the discount rate reflects the opportunity cost of capital. It reflects the
return required to mitigate the risk associated with the particular investment type in
question. To this we have to add elements of market risk and property specific risk.
The market risk comes in the form of, inter alia, potential competition from existing
and latent supply. Market risk will also reflect where we are in the property cycle.
We are currently experiencing a depressed market situation due to wider economic
uncertainty. The property specific risk reflects the illiquidity of the market for large
assets, the additional costs in maintaining and operating a centre, and the risk of
damage to or loss of the centre. For the purpose of our valuation calculations we
have adopted discount rate as follows:
No. Asset Class Area Discount Rate

5 Commercial Showrooms King Abdul Aziz Road Al Rabie Rafal 11%
6 Commercial Showroom & Office Quds 11%
7 Commercial Wadi Laban 12%
8 Commercial Office & Showroom Al Dabbab 12%
29 of 38
Net Initial Yield (NIY) - The yield is a resultant extracted from transactional evidence
in the market; however, due to anecdotal evidence and limited market activity we
have had to rely on anticipated investor expectations from typical property
investments referred within this report. These typically vary between 7.5% to 8.5%,
depending on the quality, type of property and the location. Also, investors across
the region are less indefinable and sensitive to real estate classification types and
locations in general. The investor appetite for real estate is for long term cash flow,
secured by strong covenant(s) and tenants.
Based on the above measures, we are of the opinion that yields for the subject
property is as follows:
No. Asset Class Area Yield

1 Residential / Commercial / Offices Al Ma'athar 8%
2 Showroom - Toyota / Lexus Al Takhassusi 8%
3 Residential / Commercial - Furnished Apt / Shops Al Rabie 8%
4 Commercial / Offices - King Fahd Rd Al Mohammadeya 7.75%
9 Commercial Office Tower (Saudi Health Council) Al Sahafa 210 8%
10 Commercial Office Tower Al Sahafa 310 8%
11 Warehouses Al Sulai 8%
12 Warehouses Al Hair 8%
2.12.5 VALUATION COMMENTARY
For the purpose of this valuation exercise, we have determined the tenancy
information provided by the client, although we have not physically seen the
individual occupational leases for the individual tenants. Accordingly, we assume
onerous terms and conditions exist and we further have assumed all tenancies will
renewed successfully in successive years. Should any form of onerous terms and
conditions exist, we reserve the right to amend our valuation and report. Legal
advisers to confirm and verify.
All other assumptions refer above and have determined any tenancy agreements
not all agreements were provided. It appears the contracted rents are broadly in line
with the prevailing market conditions.
Factors such as occupational demand, liquidity, lot size and covenant strength are
important verdicts for potential investors who consider purchasing typical property
referred within this report. Investors are often attracted to mixed-use property
portfolio due to the high yields offered. This is great for investors wanting an income-
stream based investment over a long period given that the risk is spread over a
number of property.
The report is based upon the information provided by the client and we have
assumed that the information with which we have been provided is substantially true,
accurate and complete. We have not independently verified the accuracy of the
30 of 38
information supplied to us, although we have analysed the locations, tenancy

schedule and limited management data. We have concluded that, within the limits of
our investigations, the information proved by the client is within reasonable
expectations of typical property at the subject property location(s) referred within this
report.
We have undertaken inspections of the subject property and location in connection

with this valuation and we have had regard to the property, location, style,
performance and the local demographic and competitive environment plus key
performance indices compared with other property in the area and region.
The subject property referred within this report is subject to individual compliance
requirements based on KSA regulations and we have assumed its compliance with
current government legislation and all other local municipality registration
requirements.
In reaching our opinion of the value, we have assumed that the subject property
referred within this report will be professionally operated in perpetuity. In particular,
we have assumed the owner will be able to professionally manage, repair and
upgrade in heightened market competition.
We have also assumed that the trading position, financial and market conditions will
not vary significantly during the stated period of the REIT fund. In the event of future
change, in the trading potential or actual level of trade from that indicated, the values
reported can vary.
Accordingly, we provide our valuation referred in the below section(s):
2.12.6 SUMMARY OF MARKET VALUE
The resultant value based upon the above variables/assumptions for the subject
property referred is as follows:
Freehold Property:
Gross
No. Asset Class City Interest OPEX Yield Price (SAR)
Income
1 Residential / Commercial / Offices Riyadh Freehold 16,965,000 10% 8% 190,856,250
2 Showroom - Toyota / Lexus Riyadh Freehold 4,675,000 5% 8% 55,515,625
3 Residential / Commercial - Furnished Apt / Shops Riyadh Freehold 3,969,540 5% 8% 47,138,288
4 Commercial / Offices - King Fahd Rd Riyadh Freehold 8,206,300 5% 7.75% 100,593,355
9 Commercial Office Tower (Saudi Health Council) Riyadh Freehold 4,670,000 5% 8% 55,456,250
10 Commercial Office Tower Riyadh Freehold 4,312,666 5% 8% 51,212,909
11 Warehouses Riyadh Freehold 5,523,550 5% 8% 65,592,156
12 Warehouses Riyadh Freehold 1,625,000 5% 8% 19,296,875
31 of 38
Leasehold Property:
No. Asset Class City Interest Income OPEX Discount Rate Price (SAR)
5 Commercial Showrooms King Abdul Aziz Rd Riyadh Leasehold 1,117,000 5% 11% 3,223,000
6 Commercial Showroom & Office Riyadh Leasehold 640,000 5% 11% 3,300,000
7 Commercial Riyadh Leasehold 570,000 5% 12% 2,825,000
8 Commercial Office & Showroom Riyadh Leasehold 900,000 5% 12% 5,650,000
2.12.7 OVERALL SUMMARY OF PORTFOLIO
The resultant value based upon the property referred within this report is as follows:
Property No. Property Interest Overall Price (SAR)

1 to 4 & 9 to 12 Freehold Interest Property 585,661,707
5 to 8 Leasehold Interest Property 14,998,000
Total Price (SAR) [Rounded] 600,700,000
2.13 VALUATION
2.13.1 MARKET VALUE

ValuStrat is of the opinion that the Market Value of the Freehold & Leasehold interest
in the subject property(s) referred within this report, as of the date of valuation, based
upon the assumptions expressed within this report, may be fairly stated as follows;
Market Value (rounded and subject to details in the full report):
SAR 600,700,000 (Six Hundred Million Seven Hundred Thousand 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.’
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 value provided in this report is at the top end of the range for properties of this location and character
and will necessitate that the property be maintained to a good standard to maintain its value.
The portfolio of property referred within this report is a mix of prime, secondary and tertiary locations along
with a mixture of type and style of property. The following factors of age, style and location can deter
investors in an uncertain market period (declining prices in many areas) in the Kingdom of Saudi Arabia.
Also, proximity of industrial uses and tertiary locations can deter investors. Investors are strongly advised
to carry out a thorough due diligence prior to any financial commitment.
Note: It must be borne in mind that capital values and rental values can both fall as well as rise.
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.
32 of 38
2.14 MARKET CONDITIONS SNOPSHOT

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.
2.15 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 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,
33 of 38
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 Yousuf Siddiki (Taqeem Member No.

No. 1210000320) 1210001039)
Senior Associate, Real Estate KSA Director - Real Estate, KSA
34 of 38
APPENDIX 1 - PHOTOGRAPHS
Property No. 1 - Residential / Commercial / Offices, Al Ma’ather, Riyadh
Property No. 2 – Showroom Toyota / Lexus, Al Takhassusi, Riyadh
Property No. 3 – Residential/Commercial - Furnished Apt / Shops, Al Rabie, Riyadh
Property No. 4 – Commercial/offices, King Fahd Road, Al Mohammadeya, Riyadh.
35 of 38
Property No. 5 – Commercial Showrooms, King Abdul Aziz Rd, Al Rabie Rafal,
Riyadh.
Property No. 6 – Commercial Showroom & Office, Quds, Riyadh
Property No. 7 – Commercial Retail Shops with upper part consisting of residential,
Wadi Laban, Riyadh
Property No. 8 – Commercial office and showroom, Al Dabbab Riyadh
36 of 38
Property No. 11 – Warehouses, Sulai, Riyadh
Property No. 12 – Warehouses, Al Hair, Riyadh
37 of 38
Dubai, United Arab Emirates Riyadh, Saudi Arabia Jeddah, Saudi Arabia Doha, Qatar
Office 703, Palace Towers 6th floor, South Tower, Office 105, Jameel Square Office 404, QFC Tower 2
Dubai Silicon Oasis, Emirates Road King Faisal Foundation, Tahlia Road West Bay
P.O.Box 341234 Faisaliah Complex, King Fahad Rd, Jeddah, Kingdom of Saudi Arabia Doha
Dubai, United Arab Emirates Riyadh, Kingdom of Saudi Arabia Qatar
Phone +971 4 326 2233 Phone + 966 1 293 5127 Phone +966 12 2831455
Fax +971 4 326 2223 Fax +966 1 293 3683 Fax +966 12 2831530 Phone +974 4 496 8121
email [email protected] email [email protected] email [email protected] email [email protected]

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(12) MIXED PORTFOLIO OF REAL ESTATE ASSETS,

1.2 THE PURPOSE OF VALUATION

1.3 INTEREST TO BE VALUED

No. Asset Class Area City GPS Co-ordinates

1.4 VALUATION APPROACH

1.5 DATE OF VALUATION

1.6 OPINION OF VALUE

1.7 SALIENT POINTS (GENERAL COMMENTS)

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

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

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

2.2 VALUATION INSTRUCTIONS / PROPERTY INTEREST

2.3 PURPOSE OF VALUATION

2.4 VALUATION REPORTING COMPLIANCE

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

2.5 BASIS OF VALUATION

2.5.1 MARKET VALUE

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

2.5.3 STATUS OF VALUER

Status of Valuer Survey Date Valuation Date

2.6 EXTENT OF INVESTIGATION

2.7 SOURCES OF INFORMATION

2.7.1 VALUATION ASSUMPTIONS / SPECIAL ASSUMPTIONS

This valuation assignment is undertaken on the following assumptions:

2.8 PRIVACY/LIMITATION ON DISCLOSURE OF VALUATION

2.9 DETAILS AND GENERAL DESCRIPTION

2.9.1 LOCATION OF THE PROPERTIES

Property No. 1 - Residential / Commercial / Offices, Al Ma’ather, Riyadh

The subject consists of a mixed used development of service apartments,

Source: Google Extract 2017 - For Illustrative Purposes Only

Property No. 2 – Showroom Toyota / Lexus, Al Takhassusi, Riyadh

Source: Google Extract 2017 - For Illustrative Purposes Only

Property No. 3 – Residential / Commercial - Furnished Apt / Shops, Al Rabie, Riyadh

The subject property consists of a double story building containing 3 tenants

Source: Google Extract 2017 - For Illustrative Purposes Only

Property No. 4 – Commercial / offices, King Fahd Road, Al Mohammadeya Area,

Source: Google Extract 2017 - For Illustrative Purposes Only

The subject consists of showrooms containing 4 tenants producing a rental income

Source: Google Extract 2017 - For Illustrative Purposes Only

Property No. 6 – Commercial Showroom & Office, Quds, Riyadh

The subject consists of a leasehold interest with no details provided producing a

Source: Google Extract 2017 - For Illustrative Purposes Only

Source: Google Extract 2017 - For Illustrative Purposes Only

Property No. 8 – Commercial office and showroom, Al Dabbab Riyadh

GPS Co-ordinates: 24°39'38.12"N 46°42'33.27"E

Source: Google Extract 2017 - For Illustrative Purposes Only

Property No. 9 – Commercial office tower, Al Sahafa, Riyadh

GPS Co-ordinates: 24°46'47.89"N 46°38'30.91"E

The subject consists of an 8 storey office tower occupied by a single tenant

Source: Google Extract 2017 - For Illustrative Purposes Only

Property No. 10 – Commercial office tower, Al Sahafa, Riyadh

GPS Co-ordinates: 24°47'48.62"N 46°38'0.27"E

Source: Google Extract 2017 - For Illustrative Purposes Only

Property No. 11 – Warehouses, Sulai, Riyadh

GPS co-ordinates: 24°40'32.4"N 46°50'22.6"E

The subject consists of a warehouse complex with multi-occupied tenants

Source: Google Extract 2017 - For Illustrative Purposes Only