Private & Confidential
vvvvvv Private & Confidential Private & Confidential Al Rajhi Capital, Riyadh, KSA – December 2020 Valuation Report (18) REAL ESTATE ASSETS, VARIOUS LOCATIONS ACROSS THE KSA AL RAJHI REIT FUND REPORT ISSUED 09 FEBRUARY 2021 ValuStrat Consulting 703 Palace Towers 6th floor, South tower 111, Jameel square Dubai Silicon Oasis Al Faisaliah Complex Tahlia Road Dubai Riyadh Jeddah United Arab Emirates Saudi Arabia Saudi Arabia Tel.: +971 4 326 2233 Tel.: +966 11 2935127 Tel.: +966 12 2831455 Fax: +971 4 326 2223 Fax: +966 11 2933683 Fax: +966 12 2831530 www.valustrat.com 2 of 72 Valuation Report – (18) Portfolio of Real Estate Assets Private & Confidential Al Rajhi Capital, Riyadh, KSA – December 2020 TABLE OF CONTENTS 1 Executive Summary 4 1.1 THE CLIENT 4 1.2 THE PURPOSE OF VALUATION 4 1.3 INTEREST TO BE VALUED 4 1.4 VALUATION APPROACH 4 1.5 DATE OF VALUATION 5 1.6 OPINION OF VALUE 5 1.7 SALIENT POINTS (General Comments) 5 2 Valuation Report 8 2.1 INTRODUCTION 8 2.2 VALUATION INSTRUCTIONS/INTEREST TO BE VALUED 6 2.3 PURPOSE OF VALUATION 8 2.4 VALUATION REPORTING COMPLIANCE 9 2.5 BASIS OF VALUATION 9 2.6 EXTENT OF INVESTIGATION 11 2.7 SOURCES OF INFORMATION 12 2.8 PRIVACY/LIMITATION ON DISCLOSURE OF VALUATION 13 2.9 DETAILS AND GENERAL DESCRIPTION 13 2.10 ENVIRONMENT MATTERS 31 2.11 TENURE/TITLE 32 2.12 VALUATION METHODOLOGY & RATIONALE 33 2.13 VALUATION 42 2.14 MARKET CONDITIONS & MARKET ANALYSIS 44 2.15 VALUATION UNCERTAINTY 50 2.16 DISCLAIMER 51 2.17 CONCLUSION 51 APPENDIX 1 – PHOTOGRAPHS 3 of 72 Valuation Report – (18) Portfolio of Real Estate Assets Private & Confidential Al Rajhi Capital, Riyadh, KSA – December 2020 1 EXECUTIVE SUMMARY THE EXECUTIVE 1.1 THE CLIENT SUMMARY AND Al Rajhi Capital – Fund Manager, Al Rajhi REIT Fund, VALUATION SHOULD NOT P.O.
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