<table><tr><th>From:</th><th>Karyna Shuliak &lt;</th></tr><tr><td>Sent:</td><td>Sunday, December 23, 2018 1:48 PM</td></tr><tr><td>To:</td><td>Jeffrey</td></tr><tr><td>Subject:</td><td>Fwd: Marrakech Property</td></tr></table>

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Begin forwarded message:

- From: Alex Peto <redacted; mailto redacted>
- Date: December 23, 2018 at 4:34:20 AM E=T (appears as "E=T" in image)
- To: Karyna Shuliak <redacted; mailto redacted>
- Subject: Marrakech Propert= (truncated in image)
- Notes: Header contains HTML artifact 'div dir="ltr"'; visible parts of email addresses are redacted with black boxes.

Dear Karyna

It was a pleasure to meet you and show you some prope=ties during your visit to Marrakech. Below is a brief synopsis of each of t=e 3 properties you saw.

Bin Ennakhil • the asking price remains at 55m euros but as discussed=this price is negotiable and we had it under contact last year but due to h=alth reasons the purchaser had to pull out. I now believe an offer circa 35= euros would be acceptable. This property is unique and will never be able t= be recreated, it is a work of art or a monument as much as fabulous proper=y.

Dar Olfa - lik= Bin Ennakhil the asking price remains at 65m euros and was also under cont=ct last year but due tax reasons the deal did not go ahead - it is likely a=figure around 40 - 45m euros would be acceptable. The only comparable recen= sale was in this compound known as Bab Atlas and was the sale of the large=t property there for a reputed 100m euros to The Emir of Qatar.

Ksar Swan - also located in B=b Atlas with an asking price of 30m euros is less negotiable. This property=is owned by the developer of the whole project and as you saw has some wond=rful workmanship with hand carved cedar ceilings and beautiful gardens. As i= is lived in most of the year it has a much warmer or homely feeling to the=all the others you saw.

The very high end property market in Marrakech is as expected a tiny p=rt of the market and there are no comparable sales since the purchase by th= Emir however right now Ali Bongo from Gabon and Al Nahyan family of Abu Dh=bi are both building palaces which will cost over 40m euros each.

Normally when purchasing a p=operty in Morocco one should add approximately 10% to the purchase price sp=lt 6% in government taxes, 1% Notaire fees and 3% real estate agency fees h=wever in the case of Bin Ennakhil for example as the property is owned by a=company in Lichtenstein there are no government taxes to be paid in Morocco=

= am sending via wetransfer more pictures of Bin Ennakhil, Ksar Swan and Da= Olfa and you have the PDF brochures for each property.

I look forward to hearing from y=u and of course I remain at your disposal should you have any more question=.

Kind regards

Alex

Alex Peto
Partner4=ont>
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