EFTA02312276

From: Karyna Shuliak Sent: Monday, April 1, 1 1 : To: Jeffrey Subject: Fwd: Bin Ennakhil Begin forwarded message: From: "Marc.Kensington" Date: April 1, 201= at 5:18:29 AM EDT To: Karyna Shuliak Cc: Mark Llo=d >, Ale= Peto =ubject: 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 EFTA_R1_01200368 EFTA02312276 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. =p class="MsoNormal" style="margin:0cm 0cm Eipt;line-height:15.6933px;fon=-size:11ptfont- family:Calibri,sans-serif">S=cond 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 new=directors 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)"> </=iv> 2 EFTA_R1_01200369 EFTA02312277