<table><tr><th>From:</th><th>Karyna Shuliak</th></tr><tr><td>Sent:</td><td>Sunday, February 17, 2019 6:50 PM</td></tr><tr><td>To:</td><td>Jeffrey</td></tr><tr><td>Subject:</td><td>Fwd: Bin Ennakhil</td></tr></table>

Begin forwarded message:

The image is an email header.

*   **From:** Alex Peto
*   **Date:** February 17, 2019, at 6:08:20 PM GMT
*   **To:** Karyna Shuliak
*   **Cc:** Marc León
*   **Subject:** Re: Bin Ennakhil

Sorry for the delay - Marc i= gathering information for you and will respond shortly. All the best Alex

=/div>

Alex Peto
Partner</=ont>
&n=sp;
(Offi=e)
(Maroc Cell) </=:p>
(UK Cell)
&nbsp;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

1st Floor, Imm El Pacha
67 Rue Ibn Khaldoun, 40000
Marrakech<=div>
Morocco

Please consider the enviro=ment before printing this email.

This e-ma=l may contain confidential and/or privileged information. If you are not th= intended recipient (or have received this e-mail in error) please notify t=e sender immediately and destroy this e-mail. Any unauthorized copying, dis=losure or distribution of the material in this e-mail is strictly forbidden=

<=iv class="">On Feb 17, 2019, at 15:36, Karyna Shuliak <█████████████████████> wro=e:

Dear Alex,

I am awaiting a response regarding t=e title insurance, tax indemnities, guarantees, deposits and escrow please.=When can we expect an answer?

Thank you.

Best regards,

Kary=a

On Feb 16, 2019, a= 2:43 AM, Karyna Shuliak

<mailto:

wrote:

Dear Alex,<div>

We a=sume we are not the first to be surprised at a Christies Broker suggesting&=bsp; payment to a trust in the BVI re shares in a Lichtenstein co with no d=e diligence, no guarantees, no insurance, no title, relating to property in=Morocco and bank accounts in the United States in an attempt to avoid both c=pital gains and transfer tax. The lawyers dont know where to begin as well,=as the date in the contract refers to August of 2017. S= this contract was drafted years ago and it appears no one was willing to s=gn, is that correct?

Thank you.

Best regards,

Karyna

On Feb 15, 2019, at 1:07 P=, Karyna Shuliak «mailto > > wrote:

=blockquote type="cite" class="">
Dear Alex,

<=iv dir="ltr" class="">Thank you for your email.

I am sure you are aware that this "real estate contract..90 is highly irregular for Americans. 1. It is not a rea= estate contract, it is a purchase of an offshore entity, creating ma=y complexities for americans.

	3. The due diligence on a lichtenstein co. will take months. &nb=p;

4. We would have to be indemnified for a=l taxes due to morroccan government on transfer and unknown liabiltil=s of the co., especially as you might imagine, this purchase would be=very high profile.

	S. Is there=a title on file? who would guarantee title transfer? If Christies is willin= that might work.

6. We were hoping=for a quick closing. With this structure it is not possible, and money woul= need to be withheld for years to back up the indemnity. It is very d=sappointing. We are told that liabilties would extend approx 7 years, so a p=yment of 10m day one and 2 milliion per year for 8 years might work. There c=early is no perfect title transfer under your proposed structure. Fou= jurisdictions, real estate and corporate and disclosure rules in each. Can=you make a suggestion?

Thank you.

Best regards,

Karyna

On Feb 15, 2019, at 9:36 A=, Alex Peto <███████████████████<mailto:███████████████████> > wrote:

## Dear Karyna

=br class="">

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

We have a list of what items he i=tends to remove • it is not much but for example there is a Gauguin in the b=droom which of course he will remove - I will get this list and sent it to y=u.

It is not poss=ble to only buy the asset and it does save you 7% in government taxes - you= lawyers can check the company has no liabilities but I assure you anyway i= doesn't.

=/div>
All the best

Alex

Alex Peto
Partner

(Office) <u><=div></u>
(Maroc Cell) UK Cell)
<=pan lang="FR-MA" class=""> www.kensingtonmorocco.com <http://www.kens=ngtonmorocco.com/>

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

Twitter</=:p>

## Dear Karyna (cont.)

<=span>
Private Office M=rrakech
</=pan>
1st Flo=r, Imm El Pacha
67 Rue Ibn Khaldoun, 40000
Marrakech
Morocco

<unknown.png>

Please conside= the environment before printing this email.

This e-mail may contain confidential and/or privileged information. If yo= are not the intended recipient (or have received this e-mail in error) ple=se notify the sender immediately and destroy this e-mail. Any unauthorized c=pying, disclosure or distribution of the material in this e-mail is strictl= forbidden.

=br class="Apple-interchange-newline" style="font-family: Helvetica; fon=-size: 12px; font-style: normal; font-variant-caps: normal; font-weight: no=mal; letter-spacing: normal; text-align: start; text-indent: 0px; text- tran=form: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-wid=h: 0px;">

On Feb 14, 2019, at 21:23, Karyna Shuliak <████████████████████<<=a>> wrote:

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

Thank you for your email.

Normally seller pays commission, due diligence period to review=cos books. List of items to be removed needs detailing. Taxes owed. Can we j=st buy the asset? How are we to know that the co has no liabilities? <=span>

Thank you,

Best regards,

Karyna

On Feb 14, 2019, at 7:27 PM, Alex Peto < > wrote:

Dear Karyna,

## Dear Karyna (cont.)

information:

</=iv>

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

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

- Time frame: As soon as the funds are tr=nsferred

- Due diligence: All the documents of t=e sellers company are available and this

company has only one asset - Bin E=nakhil in Marrakech

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

=ll the best

Alex<=div>

<=aufvertrag.doc>

<=iv dir="ltr" class="">
=br class="">
Alex Peto
Partner

(Office) ██████████████<=div>
(Maroc Cell) ██████████████ (UK Cell) ██████████████
<=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>

<=span>
Private Office M=rrakech
</=pan>
1st Flo=r, Imm El Pacha
67 Rue Ibn Khaldoun, 40000
Marrakech
Morocco

<unknown.png>

<signature> <unknown.png>

Please consider the environment before printing this emai=.

## Dear Karyna (cont.)

This e-mail may contain confidential and=or privileged information. If you are not the intended recipient (or have r=ceived this e-mail in error) please notify the sender immediately and destr=y this e-mail. Any unauthorized copying, disclosure or distribution of the m=terial in this e-mail is strictly forbidden.

On Feb 13, 2019, at 12:48, Karyna Shuliak < .<=a»

wrote:

=meta http-equiv="content-type" content="text/html; charset=utf-8" class="">
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 <

<mailto: >>= wrote:

## Dear Karyna

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

gets back later today.

<signature> =br class="">

All the best

Alex

Alex Peto
Partner

(Office) <=div>
(Maroc Cell) UK Cell)
<=pan lang="FR-MA" class=""› www.kensingtonmorocco.com

<http://www.kens=ngtonmorocco.comh

## Dear Karyna (cont.)

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

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

<=span>
Private Office M=rrakech
</=pan>
1st Flo=r, Imm El Pacha
67 Rue Ibn Khaldoun, 40000
Marrakech
Morocco

<unknown.png>

## Please conside= the environment before printing this email.

This e-mail may contain confidential and/or privileged information. If yo= are

not the intended recipient (or have received this e-mail in error) ple=se notify the sender immediately and destroy this

e-mail. Any unauthorized c=pying, disclosure or distribution of the material in this e-mail is strictl= forbidden.

=br class="Apple-interchange-newline" style="font-family: Helvetica; fon=-size: 12px; font-style: normal; font-variant-caps: normal; font-weight: no=mal; letter-spacing: normal; text-align: start; text- indent: 0px; text-tran=form: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-wid=h: 0px;">

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

wrote:

=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--ransform: 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 < <mailto:██████████> > wrote:

## Please conside= the environment before printing this email. (cont.)

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 wo=ld accept 25m euros.

All the best

Alex Peto
=b class="">Partner

(Maroc C=II)
(UK Cell) c=font>

=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

1st Floor, Imm El Pacha=/span>
67 Rue Ibn Khaldoun, 40000
Morocco

=span id="cid:FB3C2ABB-D5E6-479A-9F8C-2F4FF4461F15"

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 <████████████████████████████████████████
<mailto:████████████████████████████████████████> > wrote:

Hi Alex,

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

## </=iv> (cont.)

</=iv>