<table><tr><th>From:</th><th>Marc Leon</th></tr><tr><td>Sent:</td><td>Tuesday, July 14, 2015 9:53 AM</td></tr><tr><td>To:</td><td>Jeffrey E.</td></tr><tr><td>Subject:</td><td>RE:</td></tr></table>

Dear Jeffrey,

I understand all your comments and I would =ever insure this property. Your friendship with Jaseem is the best =ecurity.

Did not see the values determined by the =irms.

It will be difficult to avoid all the =errorist attacks in any place of the world. But no more or less risk in =arrakech than in Paris, Madrid and may be in =oha.

The Sheikhs from Middle East didn't =nvest in Tunisia or in Algeria. They do it massively in Morocco. If =hey trust in Morocco's future, we all can also do =t.

You mention some friends who would not pay =ore than 25 million. I know their theory.

	=/span>Price per hectare: 2 million for well =lanted plots

=/span>Price per sq. meter: around 2 500 =E2 , which is a ridiculous price given some years ago by a =oroccan architect

	=/span>

If you add everything you will arrive at =ore or less 25 million.

This calculation was may be =orrect for the purchase made by Rossi. They priced a shell and =enovate everything, because there was no valuable art =ork.

You cannot apply it for Dar Olfa: more or =ess 4 000 € / sq. meter

For Bin Ennakhil, you are probably at =5 000 € / sq. meter for the main building. Impossible to =rice it really.

You have only two ways to approach Bin =nnakhil:

-

=/span>You don't have the feeling and you =ffer 25 million or may be less

=/span>It is your dream and you add a real =oodwill. You know that with 2 or 3 additional million you will increase =eriously the value of this monument.

I hope that you will not have more headache =ith my comments.

Regards

Av=nue Yacoub El Mansour

Ar=et Bata 3, App. 13, 59 et.

Gu=C3 liz - 40000 - Marrakech (Morocco)



<http://www.kensington-marrakech.com/>

De : jeffrey E. =mailto:jeevacation@gmail.com] Envoye : lundi 13 =uillet 2015 18:52 A : =ensington Objet :

I =uesss you are not surprised by the values that the firms have =etermined , 1. only ten acres. 2. currently need new =echanicals . wiring, guest house, or houses.. . 2. =irtually unsalable at the moment. 3 political risk, =igh to extreme according to markets. can not get insurance =or more than 15 million. and that is a stretch. I m aware that =our client

will not currently sell for under 50m. but =t ,by all accounts, is at least twice market. I I spoke =o some of the other houses on your list , and none would sell for more =han 25.. not sure what to do.

-- =o:p>
please =ote

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