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  • ESKAN TOWER 5 MUSCAT CAPITAL

    DECEMBER 2019

    VALUATION REPORT

    MAKKAH CITY

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    REF: WCRE-19-396 Date: 31/12/2019 M/ M/S Muscat Capital Contact No: +966 11 279 9546 Attn Mr. Saud Al Otaibi Email: saudo@muscatcapital.com.sa

    Subject: Valuation Report for Eskan Tower 5 in Makkah City, Saudi Arabia. Dear Sir, With reference to your request and approval dated on December 20, 2019 for valuation service of the hospitality project (Eskan Tower 5) located in Makkah city, please find hereafter our detailed valuation report including other information related to the mentioned property. . Issued without prejudice and liabilities WHITE CUBES REAL ESTATE Dr. Mohammad Taha – CEO WHITE CUBES GLOBAL Member of the Saudi Authority of Accredited Valuers (Taqeem) License No. 1220000263 Member of the International Association of certified valuer License No. MIE00394 Member of the Arab Academy for Valuation License No. 20100112 Senior Sworn Valuer in the Lebanese Ministry of Justice Member of the American Institute for Valuation

    Mr. Essam Al Hussaini – GM- WHITE CUBES KSA Member of the Saudi Authority of Accredited Valuers (Taqeem) License No. 1210000474

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    COPYRIGHT © WHITE CUBES REAL ESTATE. 2020 This report is the sole property of WHITE CUBES REAL ESTATE and must not be copied in any form or by any means, either in whole or in part, without the prior written consent of WHITE CUBES REAL ESTATE. The information included in this report has been obtained and collected from external sources generally known to be reliable. However, no warranty given in respect to the accuracy of these information. We would like to be informed of any inaccuracies so that we may correct them. WHITE CUBES REAL ESTATE is the exclusive real estate advisory agent for TAHA CORP CONSULTING in the Kingdom of SAUDI ARABIA

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    Table of Contents (Please Click on the Title for Direct Access)

    INSTRUCTION 7 CLIENT 7 INTEREST TO BE VALUED 7 STATUS OF CONSULTANT / VALUER 7 INDEPENDENT CONSULTANT 7 STRUCTURAL STABILITY (IF ANY) 8 OPINION OF VALUE 8 VALUATION STANDARDS 8 PURPOSE OF VALUATION 8

    CLIENT APPROVAL DATE 9 INSPECTION DATE 9 VALUATION DATE 9 REPORT DATE 9 INSPECTION ROLE 9 MARKET SURVEY 10 REPORT CURRENCY 10 INSURANCE 10 LEGAL NOTICES 10 INFORMATION SOURCE 11 KNOWLEDGE & SKILLS 12 OUR ACCREDITED VALUERS IN TAQEEM 12 VALUATION COMPLIANCE 13 VALUATION STANDARDS 13 BASIS OF VALUATION 13 VALUATION APPROACH 16 DISCLOSING CONFLICT OF INTEREST 19 CONFIDENTIALITY 19 ENVIRONMENTAL MATTERS 19

    PROPERTY DESCRIPTION 21 TITLE DEED & OWNERSHIP 22 CONSTRUCTION & BUILDINGS 23 PILGRIM PERMIT 24

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    STATUS & CONDITION 24 LAND SPECS 25 INFRASTRUCTURE FACILITIES: 25 LOCATION 26 PHOTO RECORD 27

    DOCUMENTS RECIEVED 28 GENERAL ASSUMPTIONS 28 SWOT ANALYSIS 29 SECTOR BRIEF 29 RISK ANALYSIS 31 INPUT EVALUATION PROCESS 32 COST APPROACH (DRC) 33 INCOME APPROACH – MARKET RATES 35 INCOME APPROACH – LEASING CONTRACT 37 SUBJECT PROPERTY VALUE IN DIFFERENT APPROACHES 37 SUBJECT PROPERTY VALUE 38 REPORT USE 38 DISCLAIMER 38 CONCLUSION 38

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    INSTRUCTION We have received instruction from Muscat Capital dated on December 20, 2019 to proceed with the valuation service for Eskan Tower 5 in Makkah city. Valuation Type Real Estate Instructions From Muscat Capital Property Type Hospitality Property Name Eskan Tower 5 Location KSA, Makkah

    CLIENT The client to whom this report