<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Sunday, July 12, 2015 12:08 PM</td></tr><tr><td>To:</td><td>Marc Leon</td></tr><tr><td>Subject:</td><td>Re:</td></tr></table>

can you send the other rossi property, ?

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

Dear Jeffrey=

Very difficult exercise for a Saturday morning !<=>

Marra=ech is still 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 pr=perties.

As comps, we have only 3 properties in Marrakec=:

- =C240 Bab Atlas on 50 acres with 220 000 sq. feet =uilt up, the property bought 3 years ago by Sheikh Khalifa Al Thani. This =roperty was listed at 100 million € and the price of the transacti=n is unknown.

- =C24k </=>Bab Atlas on 24 acres with 100 000 sq.=feet built up, Dar Olfa, listed at 65 million €. The expenses for =his property should have been around 40 million + 5 million furniture.<=u>

- 40=A0 Bab Atlas on 21acres, with 60 000 sq. feet built up, the n=w property of Mr. Rossi, developer of the two other one. It is not formall= on the market, but Mr. Rossi would consider an offer at 40 million 1,=AC. All these properties have the same modern Moroccan style.

## =AO

N=t on the market and not valuable:

<=u>-     =/span>Prince Bandar<=u>

- =A0 Family Agnelli

-Bin Ennakhil is probably impossible the redo today

## =AO (cont.)

- 4P=A0 8=n Ennakhil offers less sq. feet than other properties, but how many cubic =eet with the 12 and 14 m high ceilings ? Millions hours work for hundreds =f artists.

=C2�>>

Bin Ennakhil can only become the property of an at lover



4>=A0 You could valuate some Picasso by sq. inch, but how =ould you estimate the loconde ?

Google maps location: 31=C2�40'58.7"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=I Estate

Private Office MarrakechAvenue Yacoub El Mansour

Arset Bata 3, App. 13, 5° =C3�t.

Gueliz - 40000 - Marrakech (Morocco)

/p>

=span style="font-size:10.0pt;font-family:"Verdana",sans-serif;=olor:gray" lang="EN-US":

www.kensington-morocco.com

## =AO (cont.)

</=>

De : <u>=effrey E. [mailto:jeevacation@gmail.com</u> <mailto:jeevacation@gmail.com>
Envoys D4:27
A : Kensington
Objet : =/u>

<= class="MsoNormal">l understand the property is unique I have look=d at comp sales. politial risk insurance. financial risk of country.=C2* /. Not sure what i am missing. but i can'=t get close to his 50 million number. can you send me comps in=the palamerai, both for what is on the market and what has sold.Q=A0

<=r>-

=C2

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