<table><tr><th>From:</th><th>Karyna Shuliak</th></tr><tr><td>Sent:</td><td>Monday, April 1, 2019 12:36 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:

Email details:

*   **From**: "Marc.Kensington"
*   **Date**: April 1, 201= at 5:18:29 AM EDT
*   **To**: Karyna Shuliak
*   **CC**: Mark Llo=d, Ale= Peto
*   **Subject**: Bin Ennakhil

## Dear K=ryna

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

Following, the vendor= full point of view

The property

The AML

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 client= are "clean".

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

The Due Diligence

Since 1990, th= 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

## Dear K=ryna (cont.)

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

First one: sale of the 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.

Eipt;line-height:15.6933px;fon=-size:11ptfont-family:Calibri,sans-serif">S=cond the shareholder =p class="MsoNormal" of the Pamur Anstalt, style="margin:0cm one: Sale and nothing of the Pamur 0cm changes Anstalt in Morocco, shares in except Liechtenstein. new=directors Haze Trust or any other entity is

I enjoyed to=exchange with you, did not play a game between two "competitors" and wish you a happy investme=t in Morocco.

Yours sincerely

Marc LEON
Partner

KENSINGTON
Luxury Properties Sarl

Private Office Marrakech

67, rue Ibn Khaldoun

Imm. E= Pacha, ler etage

40000 - Marrakech (Morocco)

www.kensingtonmorocco.com <http://www.kensingtonmor=cco.com>=span style="color:rgb(112,0,0)">

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