From: jeffrey E. <[email protected]> Sent: Sunday, July 12, 2015 12:08 PM To: Marc Leon Subject: Re: can you send the other rossi property, ? On Sat, Jul 11, 2015 at =:24 AM, Marc Leon a wrote: Dear Jeffrey= Very difficult exercise for a Saturday morning !<=> Marra=ech is still now a very tiny market for high end properties. It may change=in some years or more with the construction and then their sale of huge pr=perties. As comps, we have only 3 properties in Marrakec=: - 40 Bab Atlas on 50 acres with 220 000 sq. feet =uilt up, the property bought 3 years ago by Sheikh Khalifa Al Thani. This =roperty was listed at 100 million € and the price of the transacti=n is unknown. - 4k </=>Bab Atlas on 24 acres with 100 000 sq.=feet built up, Dar Olfa, listed at 65 million €. The expenses for =his property should have been around 40 million + 5 million furniture.<=u> - 40 Bab Atlas on 21 acres, with 60 000 sq. feet built up, the n=w property of Mr. Rossi, developer of the two other one. It is not formall= on the market, but Mr. Rossi would consider an offer at 40 million 1,=AC. All these properties have the same modern Moroccan style. 40 N=t on the market and not valuable: au>- =/span>Prince Bandarau> - 40 Family Agnelli -Bin Ennakhil is probably impossible the redo today EFTA_R1_01622066 EFTA02497210

- 4P 8=n Ennakhil offers less sq. feet than other properties, but how many cubic =eet with the 12 and 14 m high ceilings ? Millions hours work for hundreds =f artists. - 4> Bin Ennakhil can only become the property of an a=t lover 4> You could valuate some Picasso by sq. inch, but how =ould you estimate the loconde ? Google=maps location: 31,40.58.7"N 7°57'54.5"W - 31.682965, -7.965142 =/u> More details about the costs will follow. Regards Marc LEON Managing Directorow KENSINGTON Finest Pro=erties Marrakech Sarlau License partner of KENSINGTON Finest Properti=s International Exclusive affiliate of CHRISTIE'S International Re=I Estate Private Office MarrakechAvenue Yacoub El Mansour Arset Bata 3, App. 13, 52 =C3410t. Gueliz - 40000 - Marrakech (Morocco) =span style="font-size:10.0ptfont-family:"Verdana",sans-serif;=olor:gray" lang="EN-US" /p> www.kensington-morocco.com 2 EFTA_R1_01622067 EFTA02497211

</=> De : =effrey E. [mailto:[email protected] <mailto:[email protected]> Envoys D4:27 A : Kensington Objet : =/u> <= class="MsoNormal">l understand the property is unique I have look=d at comp sales. politial risk insurance. financial risk of country.* /. Not sure what i am missing. but i can'=t get close to his 50 million number. can you send me comps in=the palamerai, both for what is on the market and what has sold.Q 4k please note The information contained in this communication is confidential, =ay be attorney-client privileged, may constitute inside information, an= is intended only for the use of the addressee. It is the property ofiEE Unauthorized use, disclosure or copying of this communication o= any part thereof is strictly prohibited and may be unlawful. If you ha=e received this communication in error, please notify us immediately by=br>return e-mail or by e-mail to [email protected] <mailto:[email protected]> , and destroy this communicat=on and all copies thereof, including all attachments. copyright -all ri=hts reserved <Alockquote> please no=e The information contained in this communication is confidenti=l, may be attorney-client privileged, may constitute inside information= and is intended only for the use of the addressee. It is the property =f JEE Unauthorized use, disclosure or copying of this communicati=n or any part thereof is strictly prohibited and may be unlawful. If yo= have received this communication in error, please notify us immediatel= by return e-mail or by e-mail to [email protected] <[email protected]> , and destroy this commun=cation and all copies thereof, including all attachments. copyright -al= rights reserved 3 EFTA_R1_01622068 EFTA02497212