<table><tr><th>From:</th><th>Marc.Kensington</th></tr><tr><td>Sent:</td><td>Monday, April 1, 2019 9:18 AM</td></tr><tr><td>To:</td><td>Karyna Shuliak</td></tr><tr><td>Cc:</td><td>Mark Lloyd; Alex Peto</td></tr><tr><td>Subject:</td><td>Bin Ennakhil</td></tr></table>

Dear Karyna

P=ease read this but my goal is not to change your decision. I hate to leave a sale process with su=h a bad feeling of the potential buyer. You are an extraordinary wise young wom=n. I could be your grandfather and the owner is ten years older. This might ha=e had an effect on our discussions which started about 6 weeks ago. I flew numerous times to Italy to negotiate different points. Agreeing t=e price reduction from 29 (with an additional building permit for hospitality= still pending) to 23 (for a very quick deal).

Following, the ven=ors full point of view

The property

You visited the property a=d loved this architectural masterpiece. Checking structure and roofs, as you mentioned, is totally right. A survey of heating, cooling, plumbing and electricity (installed with the latest Swiss technology in the early 90s) m=ght show some updates to do even if everything is working.

The AML=/span>

The AML is a pure American regulation applied worldwide fighting against money laundering. It secures vendor and buyer. The emitting and receiving banks certify that their clien=s are "clean".

Two sales failed in the last 24 months for this unique reason and the first step for the vendor and his =ank was to get this AML done.

The Due Diligence

Since 1=90, the property had only one owner, Pamur Anstalt. Directors of Pamur probably changed several times. Is this really important ? As a new owner, Haze Trust would also probably have changed the directors and maybe sold Pamur to another entity.=/span>

Taxes in Morocco

They are two ways to sell the property, but they can't be mixed.

First one: sale of th= property. Pamur Anstalt has to provide the investment balance and pay the capital gain taxes (31%). The vendor rejected this option, as explained. He needs then 4 years to receive the full net amount out of Morocco.

Second one: Sale of the Pamur Anstalt shares in Liechtenstein. Haze Trust or any other entity is the shareholder of the Pamur Anstalt, and nothing changes in Morocco, except ne= directors

Transferring the ownership of the property to Haze Trust comes back to option 1, with payment of capital gain. Strategically this would be a financial disaster.

I enjoy=d to exchange with you, did not play a game between two "competitors" and wish you a happy investm=nt in Morocco.

Yours sincerely

Marc LEON
Partner

KENSINGTON
Luxury Properties Sarl

<=span>

Private Office Marrakech

67, rue Ibn Khaldoun

Imm= El Pacha, ler etage

40000 - Marrakech (Morocco)

www.kensingtonmorocco.com<=a> <http://www.kensingtonmo=occo.com>

<=div>