<table><tr><th>From:</th><th>Karyna Shuliak</th></tr><tr><td>Sent:</td><td>Saturday, February 16, 2019 1:44 AM</td></tr><tr><td>To:</td><td>Alex Peto</td></tr><tr><td>Cc:</td><td>Marc León</td></tr><tr><td>Subject:</td><td>Re: Bin Ennakhil</td></tr></table>

Dear Alex,

We assume we are not the first to be surprised at a Christi=s Broker suggesting payment to a trust in the BVI re shares in a Lich=enstein co with no due diligence, no guarantees, no insurance, no title, re=ating to property in Morocco and bank accounts in the United States in an a=tempt to avoid both capital gains and transfer tax. The lawyers dont know w=ere to begin as well, as the date in the contract refers to August of 2017.= So this contract was drafted years ago and it appears n= one was willing to sign, is that correct?

Thank=you.

## Best regards,

=span style="background-color: rgba(255, 255, 255, 0);">

<=iv dir="ltr">Ka=yna

On Feb 15, 2019, at 1:07 PM, Karyna Sh=liak

wrote:

Dear Alex,

Thank you for your email. =/div>

I am sure you are aware that this "real estate contract"=is highly irregular for Americans. 1. It is not a real e=tate contract, it is a purchase of an offshore entity, creating many c=mplexities for americans.

2. There was never a=y discussion about real estate fees on top of the price. We have bought man= properties, including through Christies and a commission was always paid b= seller.

	3. The due diligence on a lichtenstein co.=will take months.

4. We would have to be indemnified=for all taxes due to morroccan government on transfer and unknown lia=iltiles of the co., especially as you might imagine, this purchase wo=ld be very high profile.

	5. Is there a title on file= who would guarantee title transfer? If Christies is willing that mi=ht work.

6. We were hoping for a quick closing. With this struct=re it is not possible, and money would need to be withheld for years to bac= up the indemnity. It is very disappointing. We are told that liabilt=es would extend approx 7 years, so a payment of 10m day one and 2 milliion p=r year for 8 years might work. There clearly is no perfect title transfer u=der your proposed structure. Four jurisdictions, real estate and corp=rate and disclosure rules in each. Can you make a suggestion?

<=iv dir="ltr">
Thank you.

## Best regards,

=br>

## Best regards, (cont.)

## Karyna

## On Feb 15, 2019, at 9=36 AM, Alex Peto

Dear Karyna=div class="">

The vendor will not acc=pt less than 25m euros net to him - our agency fees can either be paid by y=u or by the vendor but if he pays then the price would need to be 26m euros=

We have a list o= what items he intends to remove - it is not much but for example there is a=Gauguin in the bedroom which of course he will remove - I will get this lis= and sent it to you.

If you would like to discuss any of the above over the tel=phone please let me know a convenient time to call you.

All the best

Alex

<=div>

Alex Peto
Partner</=ont>

&n=sp:

&nb=p;www.k=nsingtonmorocco.com <http://www.kensingtonmorocco.com/>

Find us on Facebook <https://www.fac=book.com/kensingtonmorocco/> | <=
href="https://www.instagram.com/kensington.morocco/" style="color: rgb=149, 79, 114);" class="""">Instag=am | Twitter=/o:p>

=nbsp; Private Office Marrakech
██████████████████████████████

<unknown.png>

Please consider the environment before printing th=s email.

## On Feb 15, 2019, at 9=36 AM, Alex Peto (cont.)

This e-mail may contain confident=al and/or privileged information. If you are not the intended recipient (or=have received this e-mail in error) please notify the sender immediately an= destroy this e-mail. Any unauthorized copying, disclosure or distribution o= the material in this e-mail is strictly forbidden.

<=iv class="">On Feb 14, 2019, at 21:23, Karyna Shuliak █████████████████████████

Dear Alex,

Thank you for your email.

Than= you,

Best regards,

<=span>
Karyna
On Feb 14, 2019, at 7:27 PM, Alex Peto ██████████████ wrote:
=br class="">

Dear Karyna,

Please find attached a draft of the sale contract of the shares an= some requested

information:

- No transfer taxes. It is a share deal without transfer taxesq=iv>

- Closing costs: Only our real estate agent's fees, 3% e= VAT

- Time frame: As soon as the funds are transferre=

- Due diligence: All the documents of the selle=s company are available and this

company has only one asset - Bin Ennakhil i= Marrakech

- MEP, roofs control: No but can be done at=anytime

All the b=st

Alex

<Kaufvertr=g.doc>

Alex Peto

Partner

<=pan lang="FR-MA" class="">www.kensingtonmorocco.com

<http://www.kens=ngtonmorocco.com/>

## On Feb 15, 2019, at 9=36 AM, Alex Peto (cont.)

Instagram=/span> | Twitter</=:p>

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On Feb 13, 2019, at 12:48, Karyna Shuliak

wrote:

<meta http-equiv="content-type" content="text/html; charset=utf-8" cla=s=""/>
Dear Alex,

As you may already know, we are in negotiation= on another property, so please provide as much info as you can, as soon as=you are able to. Taxes on transfer, estimated closing costs, inspections, t=me frame. Has a recent MEP survey been done? Have the roofs been examined? 1= it is in co form, is there due diligence that has been done on sellers co.=

=div dir="ltr" class="Thank you.

Best regards,

Karyna

On Feb 13, 2019, at 9:04 AM, Alex P=to

wrote:

4

## On Feb 15, 2019, at 9=36 AM, Alex Peto (cont.)

Dear Karyna

Marc is on his way back from Italy today but w=11 send you a contract when he

gets back later today.

=br class="">
All the best

Alex

Alex Peto
Partner

<=pan lang="FR-MA" class=""> www.kensingtonmorocco.com

<http://www.kens=ngtonmorocco.com/>

Find us on Facebook <https://www.facebo=k.com/kensingtonmorocco/>

Instagram=/span> | Twitter</=:p>

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On Feb 12, 2019, at 23:20, Karyna Shuliak <██████████████████████████████████████████

wrote:

## On Feb 15, 2019, at 9=36 AM, Alex Peto (cont.)

=div dir="ltr" style="caret-color: rgb(0, 0, 0); font-family: Helvetica;=font-size: 12px; font-style: normal; font-variant-caps: normal; font-weight= normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration: none;" class="">

Alex,

Thank you.

Karyna

On Feb 12, 2=19, at 4:57 PM, Alex Peto <██████████████████████████ wrote:

Hi Karyna

</=iv>

This is not true. Marc (my business partner you met) fle= to Italy yesterday and is currently with the owner, he has a written offer=@ 29m euros but with one complication. The owner is not well and does not w=nt to wait for this to be resolved so for a very quick deal I am told he world accept 25m euros.

All the best

Alex Peto
=b class="">Partner

=www.ken=ingtonmorocco.com <http://www.kensingtonmorocco.com/>
&nbs=;

&n=sp; Find us o= =acebook

<https://www.facebook.com/kensingtonmorocco/> | <https://www.instagram.com/kensing=on.morocco/> Twitter <https://twitter.com/kens_properties>

Private Office Marrakech

████████████████████████████

## On Feb 15, 2019, at 9=36 AM, Alex Peto (cont.)

class=""""><unknown=png>

Please consider the environment before printing this email.&n=sp; This e-mail may contain confidential and/or p=ivileged information. If you are not the intended recipient (or have receiv=d this e-mail in error) please notify the sender immediately and destroy th=s e-mail. Any unauthorized copying, disclosure or distribution of the mater=al in this e-mail is strictly forbidden.

On Feb 12, 2019, at 15:51, Ka=yna Shuliak
wrote:

Hi Alex,

l=heard that your buyer walked away, is that true?

</=iv>