<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:
To:</td><td>Saturday, July 11, 2015 9:49 AM
Marc Leon</td></tr><tr><td>Subject:</td><td>Re:</td></tr></table>

no question the house i= superb. . separate from mechanical upgrades and r=fresh. all new furniture , carpets. etc. and thorough =leaning. really amazing.

if it were transpo=table , and able to be taken to a market. like your picasso or work of art m=taphor. it would be worth 100 million.. there are diamond min=s in congorwand.. . copper in zaire , calculated to be worth billions .

however=C2* as there is also no way to transport those things =o market , they sell for little or no money. and there h=ve been no signifigant sales in the past 10 years.

I ha=e now also looked into politcal risk insurance for the country and its availab=lity , and asked whether I could insure the house purchase. . ie a terro=ist event , again unlike the Picasso. , would immediatel= render the house worthless.

The only buyer sQ=A0 are the middle easterners, and they won't buy this ever. 4>=A0 the main bedrooms are too small. dar olfa. much=better in this regard, the layout of guest , toilets kit=hen, make it difficult as yhou know to find the next buyer. =C2*

When I returned to france I saw a huge chateau, =C2410 huge parks, fountains, . as you are aware ma=y for sale. and no purchases of note.

That being said I wo=ld buy the house at a fair price. but I fear, mr kiss asking p=ice is nowhere near.

I have asked distinterested thrid=party experts to give me an appraisal. so that i may check or correc= my instincts I will share their response to you when it arriv=s.

thank you for your professiionalism4=A0 and sorry for the scrathces on your car

On Sat, Jul 11, 2015 at 5:24 AM,=Marc Leon wrote:

Dear Jeffrey,=u>

=u>

Very difficult exercise for a Saturday morning !</=pan>

Marrakech is =till 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 properties=

As comps, we have only 3 properties in Marrakech:

=/u>

-=span style="font:7.0pt "Times New Roman""> =C24> Bab Atlas on 50 acres with 220 000 sq. feet built =p, the property bought 3 years ago by Sheikh Khalifa Al Thani. This proper=y was listed at 100 million C and the price of the transaction is =nknown.

<=pan>- =C2   Bab Atlas on 24 acres with 100 000 sq. feet =uilt up, Dar Olfa, listed at 65 million €. The
expenses for this p=operty should have been around 40 million + 5 million furniture.=/u>

-    =C2   Family Agnelli

-=C2      Ali Bongo

The second highe=t sale in Marrakech, done in the Palmeraie, was signed three months ago at=12 million C, for an 8 acres property with 15 000 sq. feet bu=lt up. A comfortable hotel would have been your comment.

These =re fact but not the right way to valuate Bin Ennakhil.

<=u>

	>=A0 Bin Ennakhil is probably impossible the redo today

- =C240 Bin =nnakhil offers less sq. feet than other properties, but how many cubic fee= with the 12 and 14 m high ceilings ? Millions hours work for hundreds of =rtists.



4fr=A0 Bin Ennakhil can only become the property of an art =over



=C24) You could valuate some Picasso by sq. inch, but how wou=d you estimate the loconde ?

Google =aps location: 31=C2=AE40'58.7"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=l Estate

Private Office MarrakechAvenue Yacoub El Mansour

Arset Bata 3, App. 13, 52 =C34kt.

Gueliz - 40000 - Marrakech (Morocco)

Tel.:
Fax:

Cell:

=span style="font-size:10.0pt;font-family:"Verdana",sans-serif;=olor:gray" lang="EN-US">Cell: +212 600 070701=/p>

www.kensington-morocco.com

<=>:

De : =effrey E. [mailto:jeevacation@gmail.com <mailto:jeevacation@gmail.com>
Envoye : samedi 11juill=t 2015 04:27
A : Kensington
Objet : =/u>

<= class="MsoNormal">I understand the property is unique I have look=d at comp sales. politial risk insurance. financial risk of country.=C240 /. Not sure what i am missing. but i can'=t get close to his SO million number. can you send me comps in=the palamerai, both for what is on the market and what has sold.Q=A0

--<J=>

=C2

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