SEPTEMBER – REV 0 MONTHLY PROGRESS REPORT

2016 Control Copy No. 00

BALQIS RESIDENCE KINGDOM OF SHEBA, The Palm Jumairah, , UAE

0

CONTENTS

Introduction

Introduction 2 Distribution 3 Project Brief 4 Project Particulars 5

Section I Executive Summary

Executive Narrative 7 Narrative Of Completed Works – On September 2016 8 Development Master Schedule 11 Financial Summary 12 Tender Status 13

Section II Progress Details

Time Management 15 Financial Management 18 Change & Claims Management 22 Quality Management 27 Project Management 32 Risk Register 35 Progress Photograph 38

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INTRODUCTION 2. The progress Details

The Monthly Progress Report is intended to be a reporting This section will provide details on progress achieved to date on the document. Accordingly, a separate section on Actions and Alerts has project. The progress will be reported in accordance with the nine

been highlighted for each action along with the Due Dates. areas of knowledge set by the Project Management Institute (PMI)

including; time, cost, risk, scope, procurement, resources, quality, This report also provides a streamlined analysis of the actual, planned communications in addition to change management and jurisdiction and forecasted events of the project. approvals status.

The Monthly Progress Report

3. Appendices The progress report consists of three main sections:

This section will include additional reports that provide more details 1. Executive Summary on the project status. The contents of those reports, logs, etc are used

in the executive summary and progress details sections and might be This section will provide a brief narrative on the project status referred to when an issue is being analysed. including actions required by the Owner and other team players.

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DISTRIBUTION Control Employee Position Issue Date Copy No. Khaled Esbaitah IFA H&R ME CEO 10th October 2016 1 Joe Sita Chief Executive Officer - IFA Investments 10th October 2016 2 Patrick Smith IFA HI SVP Asset Management 10th October 2016 3 Numan Numan IFA HI SVP Finance & Admin 10th October 2016 4 Waleed Abudayeh VP Finance - ME 10th October 2016 5 Mark Doucet VP Legal Affairs 10th October 2016 6 Stuart Cassidy IFA H&R ME VP Client Operations 10th October 2016 7 James Palmer IFA HI Funding Advisor 10th October 2016 8 Geoff Chester IFA H&R VP Corporate Legal 10th October 2016 9 Antonio Castela IFA H&R ME VP Development 10th October 2016 10

Jonathon Robinson Gleeds Gulf - Country Manager 10th October 2016 11

Andrew Poole Gleeds Gulf – Associate Director 10th October 2016 12

File/Development Department - 10th October 2016 13

Natasha Hannoun IAF – Associate Director 10th October 2016 14

Mazin Daood IAF - Associate 10th October 2016 15

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PROJECT BRIEF

• This project comprises the continuation to completion of a five- star quality freehold residential/vacation club apartment blocks, surrounded by low rise Villas and all associated external works, collectively known as “Balqis Residence”. The total Built- Up area of the project equals 171,689 m². The main “Balqis” building consists of Basement floor, Ground floor and 12 no. upper floors. The project aesthetic is that of a unique Yemeni architectural styling.

• The Apartment blocks consist of 16 Penthouse apartments, 12 Town Houses and 320 Apartments (Including 102 Vacation Club Serviced Apartments out of which 6 will be converted into a VC experience centre). Together with 34 no. freestanding Villas, the Balqis Residence is comprised of a residential compound of 382 keys. As of Today, Villa 22 is ready and serves as a client show villa.

• North of (adjacent to) Balqis Residence project, Yotel project involves the construction of B+G+6 serviced Apartment building.

• On the south side of Balqis Residence project site exists the largely vacant PJCRH14 Plot owned by IFA – Th8.

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PROJECT PARTICULARS

Project Title : Balqis Residence

Location : The Palm Jumeirah, Dubai, UAE

Client / Owner : Balqis Residence FZE

Developer : IFA and Resorts ME

Consultant : Schuster Pechtold Partners (SPP Architects), Consultant

Main Contractor : DCE (Dubai Civil Engineering L.L.C.), Main Contractor

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Section I

EXECUTIVE SUMMARY

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1. EXECUTIVE NARRATIVE 1.1 Project Contract Status

The Contract Agreement with Dubai Civil Engineering LLC (DCE) was signed on the 9th of February 2014. The objective for the works, as set out in the contract, is for DCE to provide a turnkey solution for the completion of all remaining Balqis Residence works to enable the handover of a five-star quality project to the end-users while achieving cost certainty through a lump sum fixed price. The agreed time of completion for the project is 18 months from commencement. The contract commencement date, as set by the Employer’s Representative – Antonio Castela – VP Development – IFA Hotels & Resorts ME, was the 18th of June, 2014 with a completion date of December 17, 2015. Due to Modifications to Block B and C including design layout changes to reception lobby in block B, reception lobby and experience centre in block C and kids room a granted extension of time for 105 days has been approved driving the project completion date to 31st March 2016.

New amendment no. 02 for the contract agreement has been signed on 24th May 2016 granted an extension of time of 426 calendar days showing the new project completion date on 31st May 2017.

Project Achieved Milestone:

 Building Permit in DCE’s name obtained from Trakhees on April 1st, 2014.  COC-I submission was made to EHS on the 29th of May and was issued on the 12th of June 2014.  COC-II submission was made to EHS on the 13th of August and was issued on the 14th of September 2014.  COC-III submission was made to EHS on the 16th of September and issued on the 27th of November 2014 (Reissued under SPP name on 05-Jan-15)  RERA inspection for accomplishing 85.02% progress dated on 03rd September 2015.

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1.2 Narrative Of Completed Works – On September 2016

Work Work Sl. No Description of Work Status Category Zone 1 Civil Fixing of Ironmongery (excet main door) - 6F apartments A Completed 2 Civil Fixing of Ironmongery (excet main door) - 7F apartments A Completed 3 Civil Fixing of Ironmongery (excet main door) - 8F apartments A Completed 4 Civil Laying of Floor tiles & Skirting - Corridor common area - GF A Completed 5 Civil Ceiling grid installation - Corridor common area - GF A Completed 6 Civil Suspended ceiling - Corridor common area - GF A Completed 7 Civil Laying of gypsum tile - wet area apartments - 10F A Completed 8 Civil Laying of gypsum tile - wet area apartments - 11F A Completed 9 Civil Laying of gypsum tile - wet area apartments - 12F A Completed 10 Civil Fixing of Ironmongery (excet main door) - 9F apartments A Completed 11 Civil Fixing of Ironmongery (excet main door) - 10F apartments A Completed 12 Civil Suspended ceiling wet area - pent house 11 & 12 Floor B Completed 13 Civil Ceiling grid installation - 8F Corridor B Completed 14 Civil Ceiling grid installation - wet area - 1F B Completed 15 Civil Ceiling grid installation - wet area - 2F B Completed 16 Civil Laying of floor tile - dry area , apartments - 10F C Completed 17 Civil Laying of floor tile - wet area , apartments - 10F C Completed

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W ork W ork Sl. No Description of W ork Status Category Zone 18 MEP Pipe Insulation - 10F corridor (B1 & B2) B Completed 19 MEP Duct Insulation - 10F corridor (B1 & B2) B Completed 20 MEP VCD Installation - 10F corridor (B1 & B2) B Completed 21 MEP Flexible fixing - 10F corridor (B1 & B2) B Completed 22 MEP Pressure test - 10F corridor (B1 & B2) B Completed 23 MEP Grill Fixing - (Apartments) - 3F B Completed 24 MEP Grill Fixing - (Apartments) - 4F B Completed 25 MEP Grill Fixing - (Apartments) - 5F B Completed 26 MEP Sanitary ware installation - WC, Wash basin, Bidet - V 23 Villa Completed 27 MEP Booster pump Installation - V19 Villa Completed

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1.1 NCR’s Status – as of September 2016

Sr. Authority Service for NOC NOC Reference Number NOC Received Date Status No.

1100872 06-Mar-16 Approved DEWA-POWER Block A & B 10.50 1 MW (Owner Name Change Revision) 01-Sep-16 Approved

1107508 27-Aug-16 Approved DEWA-POWER Block C & Yotel Hotel 2 10.10 MW (Owner Name Change Revision) 01-Sep-16 Approved

3 DEWA - CABLE Shifting 200015475 17-Feb-13 Approved 4 DU-STRUCTURED Cabling 3448 06-Aug-15 Approved

5 DU/ETISALAT-GSM 3448 06-Sep-15 Approved 6 DUBAI POLICE - CCTV DRGS Third Party Approval by DCE 27-Jun-16 Approved 7 DUBAI CIVIL DEFENCE EEN0000044223-2016 02-Nov-15 Approved

8 DEWA - WATER SERVICES W-8057387 07-Sep-16 Approved 9 IRRIGATION-NOC EHS/DRG/3871/08 UGP 05-Nov-07 In process 10 DRAINAGE-NOC EHS/DRG/3871/08 UGP 05-Nov-07 Approved

11 STORM WATER-NOC EHS/DRG/3871/08 UGP 05-Nov-07 Approved 12 EMPOWER (Tower A) 24022016-0004 29-Feb-16 In process 13 EMPOWER (Tower B) 24022016-0005 29-Feb-16 In process 14 EMPOWER (Tower C) 24022016-0006 29-Feb-16 In process Exemption received from 15 AIRCRAFT WARNING LIGHT AL2015/6086196637 01-May-15 DCAA

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2. DEVELOPMENT PROJECT SCHEDULE

2.1 Master Schedule – Rev. 02

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Kingdom Of Sheba - BALQIS RESIDENCE Palm Jumeirah Crescent Activity ID Activity Name Original Duration % Start Finish Total 2016 2017 2018 Duration Complete MayFloat June July August September October November December January February March April May June July August September October November December JanuaryFebruary 1 2 2 0 1 1 2 0 1 1 2 3 0 1 2 2 0 1 1 2 0 0 1 2 3 0 1 2 2 0 1 1 2 0 0 1 2 2 0 1 1 2 0 1 1 2 0 0 1 2 3 0 1 2 2 0 1 1 2 0 0 1 2 3 0 1 2 2 0 1 1 2 0 0 1 2 2 0 1 1 2 0 1 1 2 3 0 1 2 2 01 Balqis Residence KOS Project 1091 71.84% 18-Jun-14 A 31-May-17 0 31-May-17, Balqis Residence KOS Project Notice to Commence worksStartObtain fromContruction Good Client for ConstructionWork Drawings ObtainObtain COC Building 3 Permit & Other Authorities KEYNOC's PROJECT MILESTONESMock Up Units Completion 950 67.66% 18-Jun-14 A 31-May-17 0 Revised Project start date as per new contract 31-May-17,ZoneExternalProject 132 Completion(Block- &(Block Infrastructure KEY A CB& PROJECT &Villas Villas # Works #1 8to16MILESTONES to 7 to 15&Completion 20 23 & & 29to 33) 28)to -32) Works- Works - Works Completion Completion Completion MOBILISATION WORKS 602 97.68% 18-Jun-14 A 12-Jun-16 0 12-Jun-16, MOBILISATION WORKS AUTHORITY APPROVALS & NOC 44 0% 25-May-16 18-Jul-16 150DEWACivilDEWADMEmpower Defence- NOC- -NOC Electrical NOC for NOC for Sewerage Water NOC18-Jul-16,DEWA supply for Network allocated- Electrical networkAUTHORITY load NOC Zone forAPPROVALS 1allocated & 2 load & NOC Zone 3 ENGINEERING AND PROCUREMENT 720 80.43% 08-Jul-14 A 14-Nov-16 113 14-Nov-16, ENGINEERING AND PROCUREMENT ENGINEERING 634 96.21% 08-Jul-14 A 12-Jul-16 204 12-Jul-16, ENGINEERING ShowerWaterproofing GlassMetalWallBalconyCatStair Enclosures DoorsLaddersScreedBlockworkTiling Case / &Roofing Terrace(All HandrailsPaint Floortypes) System Tiles TilesMirrors / GlazedKitchenTimberWardrobesLaundryVanity / MarbleInsulation Counter BalustradesDoorsCabinets CabinetsTiles &GypsumLight SkirtingExternalSwimmingMetal Fittings (AllBoard Grid RenderTypes) & AccessoriesPoolCeilingsCeilingSanitary Works WaresAluminiumCCTVCeilingInfrastructureGRC & LiftElectronicAccessories Access MaterialAluminiumParking PergolasSubcontractorGarbageExternal Jacuzzi PanelsCard & SurfaceFinishes Landscaping Doors Lock &Lighting / LinenInternal Finish /System& Door Windows Chute ApplicatorWorksSignages Finishes InformationMetalKitchen / /Roller ProprietryPrequalification AppliancesKitchen Shutter21-Jul-15Corner expansion Equipements Doors Guard A, for Subcontractorjoint / garageWheelRequired system Stopper/ parking Information areas / Prequalification Required 634 100% 21-Jul-14 A 21-Jul-15 A Material Submission 634 98.11% 08-Jul-14 A 26-Jun-16 216 26-Jun-16, Material Submission Material Approval 622 96.14% 22-Jul-14 A 12-Jul-16 204 12-Jul-16, Material Approval PROCUREMENT 696 79.75% 15-Sep-14 A 14-Nov-16 113 14-Nov-16, PROCUREMENT Material Order 606 91.59% 15-Sep-14 A 26-Jul-16 192 26-Jul-16, Material Order Material Procurement 690 79.58% 20-Sep-14 A 14-Nov-16 113 14-Nov-16, Material Procurement CONSTRUCTION WORK 20-Jun-15FOR MOCK A, CONSTRUCTION UP UNITS WORK FOR MOCK UP UNITS 385 100% 18-Jun-14 A 20-Jun-15 A APARTMENT 1201A (BLOCK10-Jun-15 A, A, APARTMENT LEVEL 1201A01) (BLOCK A, LEVEL 01) 187 100% 18-Jun-14 A 10-Jun-15 A Apartments11-Apr-15 / A,Houses Apartments / Houses 135 100% 18-Jun-14 A 11-Apr-15 A Access / Start Construction work for 1st Floor CivilBlockwork AccessPlasterInternalAccess Access W/Access Complete11-Apr-15Ceiling Scaffold After Finishes After WallGrid (common WallA, FinishesFinish Internal Tiling Areas) Finishes 127 100% 18-Jun-14 A 11-Apr-15 A FlooringWallShaftFlooringPlasterGrid01-Mar-15Ceiling Clearance ClearanceClosure Clearance ClearanceFixingClearanceMEP A, ClearanceMEPClearanceWet WorksFor Wet For AreasDry WorksCeiling WallsAreas 118 100% 01-Nov-14 A 01-Mar-15 A Snagging & Handing Over10-Jun-15Mock up unit A, completionSnagging & Handing Over 22 100% 17-May-15 A 10-Jun-15 A PENTHOUSE - SHEBA 15-Jun-15PH1601 A, PENTHOUSE(BLOCK A, - SHEBA LEVELS PH1601 06 (BLOCK & 07) A, LEVELS 06 & 07) 165 100% 01-Dec-14 A 15-Jun-15 A Penthouse Level 06 - (PH15-Jun-15 1601) A, Penthouse Level 06 - (PH 1601) 165 100% 01-Dec-14 A 15-Jun-15 A AccessCivil Access / Start W/ Construction Scaffold (common workBlockwork forPlaster Areas)ShaftWall penthouseFlooringPlasterFlooringGridCeiling ClearanceClosureComplete AccessClearanceApartments AccessClearance Fixing ClearanceCeilingClearance Level06 Clearance AccessWet ClearanceAfter GridFor Areas-For Wet (PH1601)DryWall Ceiling Finish30-Apr-15After/ WallsHouses Areas Finishes Wall TilingA, Apartments / Houses 127 100% 01-Dec-14 A 30-Apr-15 A Snagging & Handing Over15-Jun-15Floor Completion A, Snagging & Handing Over 38 100% 02-May-15 A 15-Jun-15 A Penthouse Level 07 - (PH15-Jun-15 1601) A, Penthouse Level 07 - (PH 1601) 165 100% 01-Dec-14 A 15-Jun-15 A AccessCivil Access / Start W/ Construction Scaffold Blockwork(commonPlaster work for Complete Areas)Access ShaftWallPenthouseFlooringPlasterFlooringGridCeiling Clearance Closure ApartmentsClearance Clearance Fixing Access ClearanceLevelCeiling Clearance WetClearance 07 ForAccessAfter Grid ForWet-Areas (PH1601) DryCeiling/ WallWallsFinish HousesAreas Areas After Finishes20-May-15 Wall Tiling A, Apartments / Houses 143 100% 01-Dec-14 A 20-May-15 A Snagging & Handing Over15-Jun-15Floor Completion A, Snagging & Handing Over 26 100% 17-May-15 A 15-Jun-15 A VACATION CLUB - 3 BED20-Jun-15 30009/30010 A, VACATION + CLUBADJACENT - 3 BED 30009/30010 STUDIO + ADJACENT 30008 STUDIO 30008328 100% 01-Dec-14 A 20-Jun-15 A Apartments 02-May-15/ Houses A, Apartments / Houses 328 100% 01-Dec-14 A 02-May-15 A AccessCivilBlockwork AccessPlaster / Start Access W/ ConstructionComplete Scaffold (common work for Areas) GF FloorAccessInternalAccess VacationCeiling After After FinishesGrid Club Wall Wall Finish 02-May-15Mock Finishes Tiling up apartment A, Internal Finishes 128 100% 01-Dec-14 A 02-May-15 A FlooringShaftWallPlasterFlooringGridCeiling ClosureClearance Clearance Clearance Clearance Clearance Fixing Clearance WetClearance For MEPWet For DryAreas Ceiling AreasWalls AreasWorks27-Apr-15 A, MEP Works 326 100% 04-Dec-14 A 27-Apr-15 A Common16-Apr-15 Lobby A, AreaCommon Lobby Area 112 100% 06-Dec-14 A 16-Apr-15 A AccessBlockworkPlaster / Start Complete Access Construction work for commonInternalCeiling Accesslobby Grid mock16-Apr-15Finishes After Finish up Wall A, Finishes Internal Finishes 112 100% 06-Dec-14 A 16-Apr-15 A FlooringGridCeiling ClearanceMEPClearance Fixing04-Apr-15 Works Clearance For Ceiling A, MEP Works 78 100% 04-Jan-15 A 04-Apr-15 A Snagging & Handing Over20-Jun-15Floor Completion A, Snagging & Handing Over 27 100% 20-May-15 A 20-Jun-15 A Villa # 21 (Show Villa)30-May-15 A, Villa # 21 (Show Villa) 209 100% 30-Sep-14 A 30-May-15 A Civil & MEP Works17-May-15 A, Civil & MEP Works 198 100% 30-Sep-14 A 17-May-15 A AccessCivil Access / Start W/ ConstructionCeiling ScaffoldGridCeilingPlaster Grid ClearanceShaft (common FixingFinish workClearance ClosureCistern ClearanceforForBlockwork Areas)Access mock ClearanceCeiling WallForAccessPlaster upWalls AfterClearance Access Villas CompleteWallAfter # 21 FinishesWallRooms Tiling / Halls / Plants17-May-15 / Roof A, Rooms / Halls / Plants / Roof 198 100% 30-Sep-14 A 17-May-15 A Snagging & Handing30-May-15Villa Over Completion A, Snagging & Handing Over 17 100% 10-May-15 A 30-May-15 A CONSTRUCTION WORKS BALQIS RESIDENCES 1036 70.34% 18-Jun-14 A 31-May-17 0 31-May-17, CONSTRUCTION WORKS BALQIS RESIDENCES Contract Agreement Signed / Amended on KOS-KPM-1000 Contract Agreement Signed / Amended on 0 100% 18-Jun-14 A ZONE 1 1035 70.35% 18-Jun-14 A 31-May-17 0 31-May-17, ZONE 1 Block A - Construction Works 953 76.46% 18-Jun-14 A 23-Feb-17 69 23-Feb-17, Block A - Construction Works BlockworkAccessAccessBlockworkBlockwork After/Plaster Start Access/ Start WallAccess Construction AccessComplete Construction FinishesAccessBlockworkCivilCivilCivilAccessCivilCivilAccessAccessCivil Civil workAccess Access CivilAccess Access CivilAccesswork AccessCivil After/CivilAccess Start/forAccess AccessStart /Access/ StartAccess StartAccessfor W/GF2nd Wall/W/W/ Start/ ConstructionW/ /W/ Start3rdConstruction/W/ ScaffoldStartW/ ScaffoldFloor ScaffoldStartFloorConstruction Construction W/FinishesScaffoldScaffold W/Scaffold FloorConstructionScaffold W/ W/ ConstructionScaffoldConstruction ConstructionScaffold ScaffoldScaffold (common (common(common (common(common work(common(common work (common workwork(common (common (commonworkfor work forAreas) work Areas)Areas) workfor forGF1st3rd9thAreas) Areas) 4th Areas)Areas)for 5th 6thfor Areas)Floorfor forAreas)FloorAccess7th Areas) CivilAreas) Plaster11thFloorFloor12th 10th Floor Access Floor Floor Floor/ CompletePlasterStartFlooringFlooring W/AccessAccessFlooring ConstructionFlooring ClearanceScaffoldFlooring Clearance Clearance After After Clearance ClearanceAccess (common ClearanceWall WallAccess ForWallwork WallDryWetAccess DryFinishesWallsFinishes After ClearanceforWetDry Areas ClearanceAreas/Areas)AreasWallWetDry Start2nd AreasWetDryWallAreas AfterPlaster Areas AreasClearance WallPlasterGrid Floor AreasConstructionAreasWall GridFinishesGridWall GridWetWallCivilPlasterCeilingPlasterGrid CeilingWetClearance AccessClearanceWallFlooring Clearance GridCeiling PlasterCeilingAccessWallClearanceFlooring AreasClearanceCeilingFinishes PlasterFlooringWallAccess ClearanceFlooringAreasAccessGrid& Wet ClearancePlaster CeilingGridAccessClearanceFixing ClearanceFlooringFixingAccessCeilingFlooringGridPlasterBlockworkCeilingMEPAccess After PlasterAccessFlooringClearance GridFixing CeilingClearanceFixingworkFlooring ClearanceCeilingAreasAfterPlasterGrid FlooringWetClearanceFor PlasterFlooringCeiling ForAfterFlooring ClearanceWet ForFlooringClearance/ ClearanceForShaftCeilingPlaster WetFixingClearanceFlooringWall ForCeilingFinishStartGridFinishes /GridFixing forForClearanceCeiling/ AccessFinishAreasClearanceWallStart CeilingAfterWallsClearanceAccess CompleteStart AfterWetFixingGridCeiling AccessAreasGridWall AccessForCeilingClearance ForAccessCeilingWallsCompleteAreas BlockworkWet10thClearance FixingTiling ClearanceCeilingClosureFinishClearance ConstructionFinishWet ClearanceAccess ClearanceGridWet FinishesForClearanceAccessConstructionComplete ClearanceWallAccessBlockworkGridAreas WallsClearanceFinishConstructionCeilingWalls WallForFinishWetFinishesClearance AccessGrid AreasCeilingGridClearanceFloorAfterForBlockworkDry Flooring AfterDry AreasForCeiling AfterWallsAreasClearanceCeilingAfterClearance GridFixingPlasterFinishAfterShaftCeilingForFinishesClearanceWallsFinish AccessAreas BlockworkTilingAreas CeilingFinish ClearanceFinish AreasGrid/Plaster BlockworkShaftWallWallsAccess AfterAfter WetWallStartPlasterShaft BlockworkFor WallsGridWallFinish Wall/WetWallCeiling DryCeilingAccessClosure ClearanceStartPlaster ClearanceWetGridFixingwork ClearanceCompleteWetDryFixing Tiling AccessAreasWallsWall ClosureworkTilingAfterWall Construction AreasFinishworkFinishesClosure AreasFinishesCompleteTilingFor ShaftAccess AreasForCompleteConstructionAccessFinish Areas forGrid FixingClearance AccessFinishesShaftPlasterTilingComplete ClearanceforWallBlockwork ClearanceCeilingAccessfor Ceiling6thShaft PlasterBlockwork ClosureClearance8th PlasterFinishClearance4thFor TilingAfterClosureClearanceFloorShaft GridBlockworkFloor Complete FloorCeilingClosureCeilingPlasterworkPlaster Complete WallGridAccess GridworkCompleteClearance ClosureBlockworkShaftGrid AccessCeiling forCeilingShaftClearanceCeilingBlockwork Plaster CeilingGridTilingClearance ClearanceCompleteforCompletePlasterClearance Grid5thClearanceAccessGridClosureShaft CeilingFlooring 7thClosureCeilingFinish ClearanceFixingCeilingFloor Fixing Grid Clearance CeilingForCompleteFixingAccessShaftBlockwork ClearanceCivilFloor CeilingBlockwork Complete ClosureCeilingAccess CeilingGridForClearanceCeilingFinish ClearanceForFixing FixingAccess Clearance GridForClearance ClosureGridPlaster ClearanceCeilingGrid CeilingAfterFixingCeiling/Clearance GridStartCeiling ForCeilingClearanceFinishAccess FixingClearance ForAccessFinishAccess W/WallComplete Fixing ClearanceFinishCeiling ConstructionFixingForCeilingGrid FlooringScaffoldWetDry ClearanceGrid Tiling CeilingFor AfterClearanceAreasFinish Areas ClearanceFlooringAccessFor Finish Ceiling Clearance(commonWall Ceiling work After ClearanceFinishes for WallAreas) Dry 8th AreasTiling FloorWet Areas953 76.46% 18-Jun-14 A 23-Feb-17 69 AccessPlasterBlockworkFlooring CompleteAfter /Clearance Start Access Wall Construction FinishesAccessCisternCivilBlockworkAccessFlooringAccessCistern work Access WallAccessBlockworkPlasterCeiling/ Startfor FlooringAfter Grid BlockworkShaftWallClearanc Vertical Transport / Risers 566 75.64% 18-Jun-14 A 28-Nov-16 126 28-Nov-16, Vertical Transport / Risers External Facades / Balconies 348 57.81% 30-Sep-15 A 21-Nov-16 141 21-Nov-16, External Facades / Balconies Villas - Construction Works 796 73.77% 18-Jun-14 A 06-Feb-17 91 06-Feb-17, Villas - Construction Works Access / Start Construction work forAccessAccess AccessCivilAccessVillasCivilCivil Access Access Access# // 05Start/Start/ StartStart Access W/ W/ConstructionConstruction W/AccessBlockworkCisternPlaster ConstructionConstruction CivilScaffoldScaffold ScaffoldAccessCisternShaftAccessPlaster AfterAccess Shaft ClearanceWallAfter/Cistern StartAccessShaftBlockworkCisternClosureBlockworkPlasterGrid Access (common (common WallAfter (commonPlaster workClearanceClosurework ClearanceWallAfter work workW/ ConstructionClearanceClosure WallCisternGrid FinishesClearance Wall AfterClearance forScaffoldClearance TilingforFor Wall forPlaster forClearanceAccess Access CeilingGrid Areas)Clearance Areas)VillasClearance Villas Areas)TilingClearance VillasWallsWallVillas ClearanceTilingWallForAccessPlaster PlasterAccessClearanceFor PlasterAccessCeiling (common Clearance## TilingFixing workWalls#For# 0204Clearance Grid03 Ceiling 07Shaft06For CeilingGridCistern ShaftAccessForComplete BlockworkCisternAfterWallsBlockwork CompleteAfter forCeilingFixing CompleteClearanceAfterWallsCeiling Closure CeilingClearanceForAreas)Villas ClosureWallFor Wall Fixing Wall WallPlaster AfterClearanceWallCeilingRoadFixing Ceiling Walls #GridFinishesAccess AccessCeilingFinishes GridAccess CeilingClearance01 CeilingFinishesTilingForClearanceWallCeiling Clearance ClearanceForFinishSide FixingClearanceWallsCeiling FinishesGrid GridCeiling GridAfter Grid Ceiling Villas ClearanceCeilingFinish FinishCeiling ClearanceFinishWallFinish For CeilingFor GridTiling WallsFixing FixingCeiling FinishGrid For Clearance Clearance CeilingFinish 732 75.15% 18-Jun-14 A 05-Jan-17 101 VillaVilla VillaCompletionVilla CompletionVilla Completion VillaCompletion05-Jan-17,Villa Completion Completion Completion Road Side Villas AccessBlockwork / Start Access Construction work for Villas # 27 CivilAccess AccessAccessCivil / Start W/ Access /AccessScaffold StartAccessConstructionCivilCivil W/AccessConstructionAccess / (commonStart/Scaffold Start W/ConstructionworkW/ Construction ScaffoldScaffold(common Areas) workfor Villas Civilfor (common(common PlasterworkAreas)Villas Access#work 23 for #for Complete 24Areas) VillasAreas)W/ Villas Scaffold # # Beach26 25 (common Side VillasAreas)CisternCisternCisternShaftCisternAccess WallBlockworkCivil CisternWallShaftBlockwork Closure AccessClearanceShaftWall BlockworkWallClearance/ BlockworkShaftClosureStart WallGridPlaster AccessPlasterShaftClearance AccessClosureClearancePlaster CeilingPlasterClearance Access W/GridConstructionClosureBlockworkClearanceAccessAccessPlaster Access GridCisternClosure GridPlasterClearanceScaffoldAccess Complete ClearanceAfterClearanceAccessPlaster Access ClearanceCeilingFixing ClearanceCompleteAccessPlaster Grid AfterClearanceClearance CeilingClearance AfterAccess WallAfterAccessPlaster ClearancePlasterAccess GridClearance CeilingFor Clearance(common AccessClearance CompleteWall CeilingAccessAfterGridworkAfter CeilingCeiling CompleteWallClearanceAfter Finishes ClearanceForWallCeilingForGridClearance CeilingCeilingFor After TilingCompleteCeilingFinish AfterClearanceWallForCeilingFixing forWallForAfter FinishesWallsForCeiling WallAfterGrid TilingFinish AfterWallsGridFixing For Areas)Villas CeilingWall ForCeiling FinishesWallFixing FinishesWallsFixing Wall ClearanceTiling FinishGridWallFor WallsFixingFinishWall CeilingFor TilingClearance# Finishes ForTiling Walls28 ClearanceFinishFinishes ClearanceCeilingTiling Clearance Walls 796 73.77% 18-Jun-14 A 06-Feb-17 91 VillaVillaVilla CompletionVilla Completion CompletionVilla Completion06-Feb-17,Villa Completion Completion Beach Side Villas ZONE 1- CLOSE OUT 307 0% 25-May-16 31-May-17 0 31-May-17, ZONE 1- CLOSE OUT Authority Approvals / Final Snags & Desnags/ Final T&C / Handing Over 307 0% 25-May-16 31-May-17 0 SubmissionObtainReceive Design ofReceive Design DesignInformationLoad NOC loaddesign Informations tofromfor DEWAinformation Telecom EmpowerDEWA forby FireconsultantDrawings for estimate FightingGasComplete Supply payment SystemComplete SewerageComplete byCompletionComplete client Storm System DUWater ApprovalWater ChilledApproval of Supply gas System Water forWorks SystemReceived telephoneSewerage SystemStorm room SystemChilled Water WorksCivil ready WaterSystem Works forHandover System usereadyInspection forready of EmpoweruseTelephone for useEHS Service RoomsObtain Inspection onBCC and31-May-17,/ Trakhees NOC Approval Authority Approvals / Final Snags & Desnags/ Final T&C / Handing Over ZONE 2 894 65.68% 18-Jun-14 A 31-May-17 0 31-May-17, ZONE 2

Actual Work Milestone 1/2 Date Revision Chec... A... 26-Jun-16 Rev. 00 Remaining Work Summary Detailed Baseline - Rev.02 11-Jul-16 Rev. 01 Critical Remaining Work 23-Aug-16 Rev. 02 Kingdom Of Sheba - BALQIS RESIDENCE Palm Jumeirah Crescent Activity ID Activity Name Original Duration % Start Finish Total 2016 2017 2018 Duration Complete MayFloat June July August September October November December January February March April May June July August September October November December JanuaryFebruary 1 2 2 0 1 1 2 0 1 1 2 3 0 1 2 2 0 1 1 2 0 0 1 2 3 0 1 2 2 0 1 1 2 0 0 1 2 2 0 1 1 2 0 1 1 2 0 0 1 2 3 0 1 2 2 0 1 1 2 0 0 1 2 3 0 1 2 2 0 1 1 2 0 0 1 2 2 0 1 1 2 0 1 1 2 3 0 1 2 2 01 Block B - Construction Works 854 70.57% 18-Jun-14 A 13-Apr-17 41 13-Apr-17, Block B - Construction Works AccessCivil Access / Start W/Construction Scaffold (common work for Areas)3rd7th8th Floor AccessAccessCivil Access / Start /AccessAccess Start AccessShaftConstructionCivil W/ Construction Scaffold/Access/CivilAccess ClosureStartStart /BlockworkAccess AccessStartAccess Construction&Construction Grid/W/ /(common work StartPlasterClearanceMEPStartConstruction AccessworkScaffold / / Clearance Start/ Start forAccess StartConstructionConstruction AccessFinishes Access forCompleteAccess1st Access Areas)ConstructionConstruction /Constructionwork2ndwork (commonFlooring StartFloor work For / Floor/ for /forStartStart Construction/Start Start Ceilingwork 6thworkfor5thClearance Areas) Construction Construction GFConstructionworkFloor workFloor Construction workforfor Floor 9th10th forfor for work Floor11th4th Grid12thFloor workFloor workforFloorwork workClearanceFloor 11th forfor for for 1stFloor2nd3rd 4th6th 7th8th Floor ForFloorFloor Floor Ceiling 854 70.57% 18-Jun-14 A 13-Apr-17Access41 / Start CivilBlockworkFlooringWallPlasterAccessShaftGridConstructionPlasterAccessPlasterAccessGrid AccessClearance CeilingClosureAccess Clearance CompleteAfter /CeilingClearance Access Start CompleteClearance AfterCompleteClearanceAccessCeilingAfter CeilingW/Ceiling GridWall GridworkAfter AccessClearanceCeilingConstruction CeilingGrid CeilingWallForWetGridWallScaffoldCeilingGrid After FinishFixing FinishesClearanceAfterFor Ceiling forWallAccessCisternCeilingGridWetDryFixingCeilingClearance AreasTiling FinishForTilingFor Clearance Fixing AccessBlockworkPlasterCeilingAfterFixingWallCeiling5thWallsGridCeiling AreasFixing Wall AreasClearanceFinishesTilingFinish(common WallsFlooringWallsCeiling GridClearanceFloor Fixing WallTilingWall /CeilingFinish workClearance ClearanceFinishesStartCeiling ForGrid CompleteFixingClearanceAfterCeiling/ ForFinishStart ClearanceFor FinishesAccessGrid FixingClearanceCeilingfor ClearanceConstruction GridFinishAreas) GridCeilingWall FixingClearance Ceiling 9th10th12thConstructionFixingCeilingFinish GridClearance CeilingFinishFinishesCeilingFloorBlockworkShaft FloorGrid ClearanceCeiling ClearanceCeiling GridCeilingCeiling ClearanceClosure GridworkGridCeilingCeiling CeilingFinishClearanceGridForworkCeilingGrid GridCeilingAccessFinish FinishFixingClearanceforGrid Ceiling ForFinish FixingClearance FixingforGridCeilingGridFinishBasement CeilingFixing ForFixingFinish Clearance GridAccessCisternFixingCeilingBFClearanceCeilingCivil FinishFor Clearance FlooringShaftWallAccessBlockworkPlasterCeilingGridClearance CeilingClearanceFloor ClearanceFixingFinish ForPlasterCeilingAccessGridClearance PlasterAccessGridCeilingClearance Fixing ClearanceFinishWallForGrid/CeilingFloorClosure AccessCeiling Start Fixing Complete ForFinishAfterGrid/Clearance Ceiling Start FixingClearance FinishCompleteCeilingAccess ForW/Grid CompleteClearanceBlockworkShaft AfterCeilingConstruction FixingForCeilingFinishWall ClearanceAfter ClearanceScaffoldCeilingConstructionCeiling Access ClearanceWet FixingClearanceWallCeiling ClosureGridFixing Finishes ClearanceWallForWetDry GridCeilingAreas For GridFinishesAccess For FinishClearance (common CeilingAreas AfterClearanceAreasFixingFinishesTiling Floor FinishWallswork CeilingClearanceFloor WallsFinishClearanceFor FloorFixingwork FloorWall FloorCompletionClearancePlasterAccessforCeiling FloorCompletion Grid Areas)CeilingFloor Completionfor GridTilingClearanceGroundFloorCompletion FloorCompletion AccessGF FloorCompletionFor Finish CompleteClearanceAfterClearanceCompletion Completion FixingFloorCeiling Completion Ceiling FloorCompletionCeiling FloorWallFloor After CompletionClearance Grid Finishes ForCompletionForCompletion WallFixing Finish WallsCeiling Tiling ClearanceFloor13-Apr-17,Floor Completion Completion Civil & MEP Finishes Vertical Transport / Risers 560 68.67% 11-Mar-15 A 15-Jan-17 86 15-Jan-17, Vertical Transport / Risers External Facades / Balconies 355 76.36% 20-Sep-15 A 21-Nov-16 141 21-Nov-16, External Facades / Balconies Villas - Construction Works 813 72.22% 18-Jun-14 A 26-Feb-17 77 26-Feb-17, Villas - Construction Works AccessCivil Access /Access AccessStartCivilAccessAccessAccessCivilAccessCivil Access Construction W/ Access/ Access /Start Start /Scaffold / / Start/ Start StartStart W/ Construction Construction W/ W/ ConstructionScaffold Construction ConstructionConstruction (commonScaffold workScaffold for (common work (commonVillaswork(common Areas) work work workwork for for# Shaft Areas)for 15Cisternfor Villasfor forVillas Areas)Shaft Areas) Villas CisternVillas VillasVillas PlasterClosurePlaster #PlasterAccess # WallClosureAccessPlaster 08 # 10Grid# ShaftAccessPlaster## AccessBlockworkPlaster 09Shaft 1213WallBlockworkPlaster 11Cistern14Cistern PlasterShaftCistern ClearanceComplete CompletePlasterBlockworkAccess ClearanceClearance CompletePlasterGridCisternShaftAccessAfter Closure CompleteBlockworkGrid AfterClearanceCistern ClosureGrid ClearanceAfterBlockworkShaft ClearanceBlockworkClosureAfter CompleteGridCeilingCistern ClearanceWallRoad WallClearanceClosure Wall ClearanceAccessAfter WallClearanceAccess Wall AfterGridCeilingPlaster WallAccess CeilingAccessClosure WallAccessClearance WallClearance CeilingFinishesClearanceForClearanceAccess GridFinishesAccess WallClearanceSide ClearanceCeiling WallClearanceFinishes AccessFor AccessCeilingClearanceFinishesForCeilingClearance FixingGridForComplete Fixing AfterAccessForFinishAfterCeiling FinishesForClearanceCeilingFixing Walls FinishesFor WallsVillasAfter AccessCeiling FixingCeilingForFinishWalls FixingCeilingWalls Wall AccessClearanceAfterWallCeilingWallsClearance Clearance ForGridWallCeilingAfterGridAccess Clearance TilingGrid FinishesAfterGridFixingWall ClearanceAccessCeiling Finish TilingFinishWallAfter Finish CeilingFinishTiling WallAfter Clearance TilingWall After TilingWall Grid Tiling Wall Tiling Finish Tiling Civil Access W/ Scaffold 803(common 73.11%Areas) 18-Jun-14 A 14-Feb-17 68 VillaVillaVilla VillaCompletionVilla Completion VillaCompletion VillaCompletion Completion14-Feb-17,Villa Completion Completion Completion Road Side Villas AccessCivilAccessAccessCivilCivil Access /Access StartAccess // StartStart W/ Construction W/ ScaffoldConstructionW/Construction Scaffold Scaffold (common work(common (common workwork for Areas) forforVillas Areas) VillasAreas)Villas # 30 ## 3132 BeachAccessAccess Side After After Villas Wall Wall Tiling Tiling AccessCisternCivilCistern AccessShaftCistern /BlockworkCisternWall ShaftStart Wall Closure BlockworkClearanceW/ ConstructionBlockworkClosureWallShaft ClearanceWall ShaftScaffold AccessGridPlasterBlockwork AccessPlasterGridClearance AccessClearanceClosureAccess PlasterGridAccessClosureGridAccessPlaster AccessCeilingClearanceCeilingPlasterClearance CeilingPlasterClearance CeilingAccessPlaster(common ClearanceClearance CompleteAfter workAfter After Clearance AccessCompleteAfter CompleteClearanceGridAfter GridFixing Clearance FixingClearanceGridFixing CompleteWallforAfterWall Wall For Wall Areas)FinishForFinish Wall Villas FinishClearance For FinishesForClearance TilingClearanceWall Ceiling Tiling CeilingFinishes ForFinishes WallsCeilingCeilingFor# For Finishes29Walls Walls Walls 773 70.78% 18-Jun-14 A 26-Feb-17 77 VillaVilla26-Feb-17,Villa Completion Completion Completion Beach Side Villas ZONE 2 - CLOSE OUT 307 0% 25-May-16 31-May-17 0 31-May-17, ZONE 2 - CLOSE OUT Authority Approvals / Final Snags & Desnags/ Final T&C / Handing Over 307 0% 25-May-16 31-May-17 0 SubmissionReceive of Design Information load tofor DEWA TelecomEmpowerDU by Approval consultantDrawings estimateReceiveComplete for telephone paymentReceive DesignComplete SewerageComplete design Informationsbyroom client Storm SystemWorks informationWater Water for Supply FireCompletion System for CompleteFightingSystem GasSewerage Supply of SystemApproval ChilledgasStorm SystemWorks Chilled WaterReceived ready SystemWater for System useready for ready Empoweruse forCivil EHSuse HandoverWorks ServiceObtain Inspection InspectionPermanent on BCCof Telephone and 31-May-17,/ Trakhees NOCPower Rooms Available ApprovalAuthority forApprovals Project / Final Snags & Desnags/ Final T&C / Handing Over ZONE 3 894 65.68% 18-Jun-14 A 31-May-17 0 31-May-17, ZONE 3 Block C - Construction Works 635 61.44% 18-Jun-14 A 06-Apr-17 47 06-Apr-17, Block C - Construction Works Civil & MEP Finishes 616 60.22% 18-Jun-14 A 06-Apr-17 47 AccessCivilAccessBlockworkPlasterFlooringAccessBlockworkPlasterFlooringCivil AccessAccessBlockworkPlasterFlooringAccessCivil /AccessAccessBlockworkPlasterFlooring Start CompleteAfter Complete/AccessAfter /Clearance AccessFlooringClearance ShaftCivilStartStart Shaft Access AccessCompleteW/FlooringBlockworkPlasterAfter /Blockwork /AccessCivilClearanceBlockworkConstruction StartFlooring StartWall AccessWall CompleteW/AfterWall Scaffold/PlasterShaftAccessBlockworkFlooringConstruction ClosureClearanceConstruction FlooringShaftStart PlasterCivilClosureAccess/ WallAccessPlaster W/Flooring BlockworkAccessPlasterFlooringScaffoldStartClearance ConstructionFinishesPlasterBlockworkWallConstructionCivilFinishes Complete After/Shaft WallAccessClearance /AccessBlockworkPlasterFlooringClosure ScaffoldStartBlockwork PlasterFlooringConstructionAccessClosureStartCisternClearanceFinishesAccess W/AccessFlooring ClearanceCompletePlasterAccessAfter CivilWall/AccessConstructionFlooring(commonShaftClearance AccessBlockworkPlasterGrid StartAccessBlockworkPlasterFlooringClearanceWallW/Complete ClearanceFinishesAccessPlaster CompleteClearanceClosureScaffoldCivilGridAccessFlooringAfter /PlasterClearanceConstructionworkCompleteBlockwork CeilingClearance(common FlooringShaftConstructionStartAccessBlockworkPlasterFlooring ClearanceAfterCompleteWallFlooring ScaffoldAccessPlasterworkAfter/W/ CeilingworkClearanceAccessWet BlockworkShaftClosure(commonWall PlasterConstructionFinishes/Start FlooringClearanceAccess AfterClearance GridStartAccessClearanceWetWall CeilingGridW/AccessFlooringfor CompleteGridBlockworkworkAccess AfterCompleteCeilingClearanceworkScaffold/PlasterShaftAfter Construction/PlasterClosureWet CompleteClearance FinishesAfterWallStartAreas)ForAreas AfterClearanceGridforWallStart for(commonClearanceAccess WetFor1st2nd3rdworkScaffold AccessCompleteClosureCeilingFlooringConstruction AfterGridShaftDryWet/W/AreasClearance WallCompleteClearanceGrid FinishesConstructionAfterCeilingWet ClearanceAreas)BlockworkworkStartAccess After(commonDry1stforClearanceCeilingPlasterAreasWall BlockworkShaftFlooring2nd3rdforWalls4thWall AccessClearanceCeilingClosure W/FinishesPlasterGridFloor WallFinishClearanceConstructionFinishesWallsWetWall ScaffoldAfterGridFlooringAreasFloorConstructionFixing Areas)ShaftCeilingPlasterworkAccess AfterForCompleteBlockworkShaftPlasterAreasClearance forCeiling4thworkWallAccessFloor5th6th Tiling(commonAreasFinishWetFinishesGridPlasterClearanceClosureFor FloorForWall ScaffoldFloorCeilingGridDryforConstruction AccessWallFinishesGrid FinishesBlockworkPlaster AccessDryworkAfterCeilingClearanceClosure GridFinishAreas5th6thTiling(commonFixing AccessClearanceFinishesCeilingWallsWetFloorAreas) WallGridFloor CeilingForAfterClearancefor CompleteWetWallWallsClosureDryFixing7th GridCeilingAreasFinishesClosureClearanceforAreasAccess workAfterClearanceCeilingGrid PlasterGridClearance FinishesForCeilingAccessClearanceAreas)Areas ForAccessFloorTilingGridFinish ForCompleteFlooringWetFixing(commonCeilingClearance AfterAccessCeilingFor7thClearance forWallAreaswork AfterWallsCompletePlasterGridAccessCeiling8thFloor AreasFinishesAccessFinish ClearanceDryworkAreas ClearanceWallTilingCeilingClearance (commonAccessCompleteFixing CeilingAreas)GridAfterClearanceWet CeilingForforWallClearance CeilingAccessFinish8th9thAfterGridFloor CeilingAreasworkClearanceWallsAccesswork FixingFloor WallAccessCeilingGrid FinishesAreas)AreasCeilingClearanceAfterGrid forWallClearanceFinishWet Ceiling9thAfterAccessDry10th ForCeilingFixingforTilingCeilingWalls WetGridFloorworkPlasterAreas ClearanceAccessGridFor ClearanceGridWallFinishes CompleteCeilingFinishClearance AfterForDryWallGridCeilingWet10th AfterFixingforAreas)CeilingAccessGrid ForforTiling Finish11th12thFloorGridPlasterCeilingBasementGround AreasAccessDryCeilingFinishFixingGridFinishesClearance WallForFixingAfterGrid FloorWallsAccessAreasWall AfterAreas)Finish ClearanceForCeilingWetGridBFforAreasFixingGridCeilingWallsFinish GF11th12thTilingForClearance GridAreasFixingCeiling ForFinishesClearanceWallsGridFloorWall ForCeilingFinishClearanceAreas WallAfterFixingFloorForClearanceCeiling Complete FinishAfterClearance CeilingFixingGridGFTilingFloor CeilingFixingClearance ForGridWallFinishesCeilingAreasFloor ClearanceCeilingFinish WallAfterGridClearanceFinishFloorCeiling ClearanceFixingCompleteCeilingClearance AfterForFloor CeilingFinishDryTilingClearance FinishesFixingGridAfterForFloorWallClearance Ceiling CeilingWallsFinishWall ClearanceFloorGridFixingFinish TilingFor CeilingFixingClearanceFinishes FinishCeilingClearanceWall AreasFixing ForGrid WallCeilingGrid ClearanceFinish TilingForWall ForCeiling FinishesCeili Vertical Transport / Risers 581 70.38% 04-Mar-15 A 02-Feb-17 101 02-Feb-17, Vertical Transport / Risers External Facades / Balconies 145 0% 18-Aug-16 14-Feb-17 72 14-Feb-17, External Facades / Balconies Villas - Construction Works 829 70.82% 18-Jun-14 A 16-Mar-17 65 16-Mar-17, Villas - Construction Works AccessBlockworkCivil Access / Start Access W/ Construction Scaffold (common work for Areas) Villas # Access22CivilAccessCivilAccess CivilAccess Access /Civil Start/Access Access StartCivil /Access StartW/ Construction Access /W/Construction Start Scaffold /W/ ConstructionScaffoldStart W/ ScaffoldConstruction W/ ScaffoldConstruction (common Scaffold (commonwork work (common work (commonfor for work(common Areas) Villas Areas)forworkVillas Areas)forVillas #Areas)for #Villas19 Areas) 20 Villas# 16 # 18# 17 ShaftRoadBlockworkCisternPlasterGridPlaster AccessClosureCistern SideCistern ClearanceCisternCeiling Wall Complete CeilingCisternPlasterAccessClearance ShaftCeilingGrid AfterWallBlockworkCisternClearanceVillas ClearanceShaftWall PlasterGridWallBlockworkAccess Clearance ClearanceFixingWallShaft ClearanceClosureWallBlockworkAccessFor FixingClearance Closure FinishClearanceWallShaft For GridPlasterFinishesCeilingComplete ClearanceAccessBlockwork Closure AccessPlasterClearanceAfterAccess GridPlaster WallsClearanceAfterAccessPlasterClearanceClosure AccessClearance For ClearanceAccess GridForPlasterWall CeilingPlasterAccessClearanceAccessPlaster CompleteWallPlasterAfterCeilingClearance AccessGridAfterWallsClearance ClearanceAccessCompleteFinishesAfterAccess Ceiling ClearanceAfterAccess Ceiling Tiling CompleteGridWallClearance Ceiling AfterCompleteWallAfterFor ClearanceGridWall After WallCeilingFor FinishFixingFinishesCeilingAfter GridWallTilingAfterCeiling WallFor Finish FinishesForFixingGrid WallsCeilingTilingWall WallFixingGrid WallsFinishFinishesForClearanceTilingWallCeiling Finish For FinishesFixingClearance CeilingWallsTilingFinish TilingWallsClearance Clearance 803 73.11% 18-Jun-14 A 14-Feb-17 91 VillaVillaVilla CompletionVilla14-Feb-17,Villa Completion Completion Completion Completion Road Side Villas AccessBlockworkCivil Access / Start Access W/ Construction Scaffold (common work for Areas) Villas # 33 AccessCivil Access / Start W/Construction ScaffoldGridPlaster (common work Clearance Complete for Areas)VillasCeiling ForBeach # Ceiling34 AccessGrid Side FinishAccess CeilingAfter Villas Wall After Fixing Tiling Wall Clearance Finishes CisternShaft WallBlockworkGridPlasterAccessPlasterCeiling ShaftClosureClearance PlasterClearanceCistern Clearance CompleteAfterClosureGridFixing Access ClearanceAccess FinishWall ClearanceFor Clearance ForFinishesClearanceCeiling After ForWalls Wall Walls Tiling 829 70.82% 18-Jun-14 A 16-Mar-17 62 Villa Completion16-Mar-17,Villa Completion Beach Side Villas ZONE 3 - CLOSE OUT 286 0% 19-Jun-16 31-May-17 0 31-May-17, ZONE 3 - CLOSE OUT Authority Approvals / Final Snags & Desnags/ Final T&C / Handing Over 286 0% 19-Jun-16 31-May-17 0 SubmissionReceive DesignInformationObtain of Design Informations Design for load Telecom Load to DUforDEWA NOCApprovalFireDrawingsComplete by Fightingfrom consultant for DEWA Receive telephoneComplete SystemSewerageComplete Completedesign Stormroom System Water information WorksWater Chilled Supply System Water Systemfor SewerageGas SystemCompletion SupplyStorm SystemChilled WaterApproval of gas Waterready System Works Received forSystem useready ready for Empoweruse forCivil use WorksEHS HandoverService Inspection Inspection on of Telephone 31-May-17,and NOC Rooms Authority Approvals / Final Snags & Desnags/ Final T&C / Handing Over EXTERNAL & INFRASTRUCTURE WORKS 251 0% 01-Aug-16 31-May-17 0 31-May-17, EXTERNAL & INFRASTRUCTURE WORKS KOS-Z2-EX-1005Overall Infrastructure, External Works & Swimming Pool Works 251 0% 01-Aug-16 31-May-17 0 Overall Infrastructure, External Works & Swimming Pool Works KOS-Z2-EX-1010Preparation of Trench (blinding , bedding for pipes) 20 0% 18-Aug-16 15-Sep-16 0 Preparation of Trench (blinding , bedding for pipes) KOS-Z2-EX-1020Excavation for Services below Carriage Way 15 0% 01-Aug-16 18-Aug-16 0 Excavation for Services below Carriage Way Sewage Network 22 0% 18-Aug-16 18-Sep-16 35 18-Sep-16, Sewage Network Strom Water Network 33 0% 28-Aug-16 11-Oct-16 16 11-Oct-16, Strom Water Network Water supply network 27 0% 15-Sep-16 18-Oct-16 10 18-Oct-16, Water supply network Chilled Water Network 31 0% 22-Sep-16 30-Oct-16 17 30-Oct-16, Chilled Water Network Electrical Network 27 0% 15-Sep-16 18-Oct-16 68 18-Oct-16, Electrical Network Fire fighting Network 25 0% 22-Sep-16 23-Oct-16 64 23-Oct-16, Fire fighting Network Gas Network 36 0% 15-Sep-16 29-Oct-16 59 29-Oct-16, Gas Network Telecom Network 43 0% 22-Sep-16 13-Nov-16 46 13-Nov-16, Telecom Network Irrigation Network 36 0% 04-Oct-16 15-Nov-16 0 15-Nov-16, Irrigation Network Roadworks 121 0% 10-Jan-17 31-May-17 0 31-May-17, Roadworks Main Swimming Pool Works 174 0% 27-Oct-16 23-May-17 7 23-May-17, Main Swimming Pool Works Finishes 56 0% 27-Oct-16 05-Jan-17 7 05-Jan-17, Finishes Plantation 49 0% 27-Oct-16 27-Dec-16 7 27-Dec-16, Plantation Pump Room 174 0% 27-Oct-16 23-May-17 7 23-May-17, Pump Room Ancillary Buildings 177 0% 01-Nov-16 31-May-17 0 31-May-17, Ancillary Buildings

Actual Work Milestone 2/2 Date Revision Chec... A... 26-Jun-16 Rev. 00 Remaining Work Summary Detailed Baseline - Rev.02 11-Jul-16 Rev. 01 Critical Remaining Work 23-Aug-16 Rev. 02

3. FINANCIAL SUMMARY

MPR – September 16 Page 12 Balqis Residance

5. TENDER STATUS 5.1. Awarded Contract

ITEM CONTRACT CONTRACT TITLE AWARDED TO LOA DATE COMMENCEMENT DATE STATUS

The design, supply, construction, commissioning, 1 1022/0001 testing and completion, including the remedying DCE (Dubai Civil Engineering L.L.C.) 09th February 2014 18th June 2014 On Progress of all defects, for the Balqis Residence Project.

1.1 - Lift Installation OTIS 13th October 2014 13th October 2014 On Progress

Schuster Pechtold Partners 1.2 - Consultansy Services 21st December 2014 21st December 2014 On Progress (SPP Architects)

2 - Agreement to Secondment Services Projacs International 31st July 2014 31st July 2014 On Progress

MPR – September 16 Page 13 Balqis Residance

Section II

PROGRESS DETAILS

MPR – September 16 Page 14 Balqis Residance

1. TIME MANAGEMENT

1.1 Committed Contract Status (DCE)

Description Contract Start Date 18-Jun-14 Contract Completion Date 17-Dec-15 Overall Contract Duration 548 day Mobilization Duration 61 day Mobilization Completion 17-Aug-14 Origional Construction Start Date 18-Aug-14 Construction Duration 487 day Construction Completion Date 17-Dec-15 Granted Extension of Time 104 day

01 Revised Project Duration 652 day Revised

Amm. No. Revised Completion Date 31-Mar-16 Granted Extension of Time 427 day Revised Project Duration 371 day

Project Overall Status Overall Project Revise Project Start Date 25-May-16 Revised Completion Date 31-May-17 Time Elapsed % 77% Planned Progress to Date* Revised

Amm. No. 02 Actual Progress to Date* Variance to Date 0.00% Expected Completion Date* 31-May-17 Delays (Calendar Days) 00 day

MPR – September 16 Page 15 Balqis Residance

1.2 Progress S-curve – Cash Flow:

MPR – September 16 Page 16 Balqis Residance

1.3 Manpower Histogram

MPR – September 16 Page 17 Balqis Residance

2. FINANCIAL MANAGEMENT 2.1 Project Financial Details Budget Actual Cash flow Approved Approved Anticipated Company & Contract Amount Certified Amount Paid to Date Pending to Date Scope of Works Budget Variation Contract Amount Contract No. AED AED AED AED AED AED AED

TOTAL AMOUNT 462,379,011.00 461,819,848.00 23,808,502.74 485,515,350.74 121,414,510.74 108,727,563.61 12,686,947.13

AConstruction Cost 367,338,789.00 370,000,000.00 14,578,579.85 384,578,579.85 105,114,020.00 97,630,322.47 7,483,697.53

The design, supply, construction, commissioning, testing and 370,000,000.00 370,000,000.00 100,414,020.00 95,330,322.47 5,083,697.53 completion, including the remedying of all defects, for the Balqis Residence 1- Deductions (Site Office, Consultant Fees) (2,661,211.00) (-2,300,000.00) 2,300,000.00 2,300,000.00 0.00

3- Size changes of Crema Marfil flooring (Penthouses in various floors) (-250,000.00) 0.00 0.00 0.00

4- RAK Ceramic floor and wall tiles in (-500,000.00) 0.00 0.00 0.00 DCE lieu of Reconstituted Marble tiles (Dubai Civil 5-Design Modification Block B+C Engineering L.L.C.) 2,854,579.85 0.00 0.00 0.00 1022/0001 6-Modification in Penthhouse 21012 Block B2 70,000.00 0.00 0.00 0.00 7-Modification in Villa 23 54,000.00 0.00 0.00 0.00

Offset for Phase2 cancellation 250,000.00 0.00 0.00 0.00

Additional Cost of EOT's 14,400,000.00 2,400,000.00 0.00 2,400,000.00

TOTAL 367,338,789.00 370,000,000.00 14,578,579.85 384,578,579.85 105,114,020.00 97,630,322.47 7,483,697.53

MPR – September 16 Page 18 Balqis Residance

BFF&E -Budget 35,000,000.00 35,000,000.00 0.00 35,000,000.00 0.00 0.00 0.00

CInsurance 226,181.00 226,181.00 0.00 226,181.00 159,878.00 159,878.00 0.00

DUtilities & Infrastructure 45,461,444.00 45,461,444.00 0.00 45,461,444.00 5,766,208.00 3,656,128.00 2,110,080.00

ESPP Consultant 4,332,000.00 4,332,000.00 5,682,041.00 10,014,041.00 4,412,016.05 3,260,626.25 1,151,389.80

PDI Interior Design 460,000.00 65,000.00 525,000.00 525,000.00 525,000.00 0.00

Projacs Appointment of Secondment Staff 3,683,138.00 3,369,881.89 7,053,019.89 4,782,512.69 2,840,732.89 1,941,779.80 International 6,143,138.00

Provision for Other Consultants as - 2,000,000.00 0.00 2,000,000.00 0.00 0.00 0.00 required

Tebodin ME Environmental Impact Study 0.00 0.00 47,000.00 37,600.00 37,600.00 0.00

RTC Road & Traffic Traffic Imapact Study 0.00 0.00 62,500.00 62,500.00 62,500.00 0.00 Engg

OD Middle East Traffic Survey Report for TIS 0.00 0.00 3,500.00 3,500.00 3,500.00 0.00

Provision Utilized 0.00 113,000.00 Balance to Utilze 0.00 1,887,000.00

FProfessional Fees 6,143,138.00 6,143,138.00 3,547,881.89 9,578,019.89 5,411,112.69 3,469,332.89 1,941,779.80

MPR – September 16 Page 19 Balqis Residance

GMockup Unit Balqis Vacation Club 0.00 657,085.00 0.00 657,085.00 551,276.00 551,276.00 0.00

HSales Fees 2,350,085.00 0.00 0.00 0.00 0.00 0.00 0.00

IOld Consultants 1,527,374.00 0.00 0.00 0.00 0.00 0.00 0.00

TOTAL AMOUNT 462,379,011.00 461,819,848.00 23,808,502.74 485,515,350.74 121,414,510.74 108,727,563.61 12,686,947.13

MPR – September 16 Page 20 Balqis Residance

2.2 Contractor Payments Details CONTRACT NO. 1022/0001 The design, supply, construction, commissioning, testing and completion, including the remedying of all SCOPE OF WORKS defects, for the Balqis Residence Project. CLIENT Balqis Residence FZE. CONTRACTOR DCE (Dubai Civil Engineering L.L.C.), CONTRACT AMOUNT 370,000,000.00 RETENTION 37,000,000.00 10%CLAIMED VARIATION AED 0.00 PERFORMANCE SECURITY AED 18,500,000.00 5% APPROVED VARIATION AED 14,578,579.85 ADVANCE PAYMENT 1 10,000,000.00 2.7%NEW CONTRACT AMOUNT AED 384,578,579.85 ADVANCE PAYMENT 2 27,000,000.00 7.3%

Date Submitted Invoice Tracking Invoice No. Invoice Date. Claimed Amount Certified Amount Status Actual Amount Paid to IFA Form Date

A. Advanced Payment Advance 1 10,000,000.00 10,000,000.00 Paid 10,000,000.00 Advance 2 27,000,000.00 27,000,000.00 Paid 27,000,000.00 B. Progress Payment 1 Up to 31.03.2014 4,388,800.00 1,839,797.89 Paid 1,839,797.89 2 Up to June 2014 3,192,947.12 2,662,792.00 Paid 2,662,792.00 3 Up to Jan 2015 6,125,170.51 5,264,210.00 Paid 5,264,210.00 4 Feb-15 4,767,043.77 4,565,132.00 Paid 4,565,132.33 5 Mar-15 7,866,638.97 5,079,010.00 Paid 5,079,010.00 6 Apr-15 5,529,425.56 5,416,759.00 Paid 5,416,759.00 7 May-15 8,572,111.15 7,710,872.19 Paid 7,710,872.19 8 Jun-15 5,052,151.97 4,425,636.17 Paid 4,425,636.17 9 Jul-15 4,495,976.15 3,777,536.79 Paid 3,777,536.79 10 Aug-15 6,697,014.18 5,610,289.62 Paid 5,610,289.62 11 Sep-15 4,749,294.16 4,228,302.74 Paid 4,228,302.74 12 Oct-15 3,145,339.87 2,574,288.35 Paid 2,574,288.35 13 Nov-16 2,533,324.51 1,950,596.82 Paid 1,950,596.82 14 Dec 2015 - Jan 2016 2,632,868.83 1,983,268.61 Paid 1,983,268.61 15 Feb 2016 - April 2016 794,713.89 783,276.63 Paid 783,276.63 16 May-16 1,001,243.78 939,993.79 Paid 939,993.79 17 Jun-16 1,838,366.25 1,818,559.54 Paid 1,818,559.54 18 Jul-16 2,379,773.93 2,341,410.95 In Process - 19 Aug-16 5,311,047.55 5,142,287.20 In Process - 118,073,252.15 105,114,020.29 97,630,322.47

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3. CHANGE & CLAIMS MANAGEMENT 3.1. Potential Claim Status

Raised Status Ball S.N. Description Remarks / Recommendation Date Status Date in Court DCE to submit 1 Removal of 5 nos. dish washers from studio apartments in vacation club. Design Change 01-Jan-15 negative DCE variation Rejected. No 2 Two numbers extra light points in bedrooms of Vacation Club. Design Change 06-Jan-15 19-Jan-15 - entitlement

Substitution of suspended ceiling system of Cast Gypsum Tile (600 x 600) mm To be checked technically and financially by IFA 3 Dano Gyps by Black Groove Suspension system (600 x 600) mm Square Edge 08-Jan-15 Under Review - IFA / SPP with the support of SPP Vinyl Coated ceiling.

RAK Ceramic floor and wall tiles in lieu of Reconstituted Marble tiles in Approved subject to submission of complete 4 15-Jan-15 Approved 15-Jan-15 - certain dry and wet areas of apartments substantiations

Removal of washing machines from all five bedroom villas (only pantry in 5 DCE to submit negative variation 21-Jan-15 Pending DCE roof floor but not from laundry room)

Addition of shower enclosure and modification of utility room in Vacation 6 DCE to submit the variation 18-May-15 Pending DCE Club Mock-up apartment.

7 Exhaust system for garbage room New scope 04-Jun-15 Pending IFA

Waved off and considered as a discount against Approved - 8 Relocation of vent pipe riser in Pent house PH 21012 in Block B 27-Jul-15 10-Aug-15 - the previous Variation no. 11.1 Waved off

Due to change in some authority regulations, 9 Changes in the Authorities Regulations TBA Pending DCE some variations might be raised by DCE Due to some additional requirements requested 10 Additional requirements of IFARS in BOH areas by IFARS in the BOH areas for operational purpose TBA Pending DCE a variation will be raised by DCE

a variation will be raised by DCE to execute some joinery works which were excluded from their 11 Joinery works in Blocks B & C public area TBA Pending DCE previously approved variation in public area of Block B & C (ref. IFA/KOS1022/DCE/KE/mk/0008)

a variation might be raised by DCE to implement 12 Cooling/ Ventilation in Public Stores cooling/ ventilation system in public stores TBA Pending DCE where it’s not there in the original design

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3.2. Variation Order Status Approved Variations

Contract Amount AED Approval VO No. Description Original Previous VOs This VO Revised Ref. # Date

Deductions (e.g. Office Rental, CAR 1 370,000,000.00 0.00 (-2,300,000.00) 367,700,000.00 Mutuall Agreed - Insurance, Consultant Fees)

Size changes of Crema Marfil flooring 2 370,000,000.00 (-2,300,000.00) (-250,000.00) 367,450,000.00 IFA/KOS1022/BR/DCE/MA/HI/0033 13-Jan-15 (Penthouses in various floors)

RAK Ceramic floor and wall tiles in lieu of 3 370,000,000.00 (-2,550,000.00) (-500,000.00) 366,950,000.00 IFA/KOS1022/BR/DCE/MK/rm/0037 13-Jan-15 Reconstituted Marble tiles Modifications to Block B and C including 4 370,000,000.00 (-3,050,000.00) 2,854,580.00 369,804,580.00 IFA/KOS1022/DCE/KE/mk/0008 03-Feb-15 design layout changes to FF & GF. Amendment no.2 to the constrcution 5 370,000,000.00 (-195,420.00) 14,400,000.00 384,204,580.00 KOS/BR/TS/0152 24-May-16 Contract

6 Offset for phase 2 cancellation 370,000,000.00 14,204,580.00 250,000.00 384,454,580.00

7 Modification to P.H 370,000,000.00 14,454,580.00 70,000.00 384,524,580.00

8 Variation modification N Villa 23 370,000,000.00 14,524,580.00 54,000.00 384,578,580.00

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Potential Variations

VO No. Description DCE Values DCE Ref. # Date Status

1 Additional Joinery in Public Area 1,612,665.06 AHD500/VM/IFA/LT315/16 17-Aug-16 Under review

Facility Management requirements for 2 137,657.59 AHD500/VM/IFA/LT301/16 31-Jul-16 Under review some additional power and data sockets

IT/Control rool + Server room as per Salt-ts 3 371,464.47 AHD500/VM/IFA/LT302/16 31-Jul-16 Under review request

4 Multinational socket 27,742.00 AHD500/VM/IFA/LT305/16 03-Aug-16 Under review

5 Bathtub + shower 633,950.80 AHD500/VM/IFA/LT316/16 21-Aug-16 Under review

6 Relocation of site offices 1,500,046.50 AHD500/VM/IFA/LT311/16 10-Aug-16 Under review

7 Sustation exhaust system 1,227,353.60 AHD500/EF/IFA/LT322/16 24-Aug-16 Under review

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Potential Variations

VO No. Description DCE Values DCE Ref. # Date Status

IT Requirement(VC+Public Area+Guest Room+Blocks B & C +BOH) Low Current 8 9,905,731.00 AHD500/EF/IFA/LT330/16 06-Sep-16 Under review System Requirements under review by DCE/ Requested by Salt-Ts

9 Access Locks + Circuit System pending Awaiting for DCE to submit Under review

Vacation Club lights (as per Design quantity) 7,741.80 AHD500/EF/IFA/LT333/16 07-Sep-16 Under review

10 Vacation Club lights (as per modification on 68,244.00 AHD500/EF/IFA/LT332/16 07-Sep-16 Under review shop drawings)

Changing of Authorities 4,516,163.99 AHD500/EF/IFA/LT323/16 04-Sep-16 Under review 11 Associated Cost to 3 months extention of 3,600,000.00 AHD500/EF/IFA/LT323/16 04-Sep-16 Under review time due to changing of Authorites

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Potential Variations

VO No. Description DCE Values DCE Ref. # Date Status

Executing Wooden lockers in Gym and Pool 12 124,190.00 AHD500/EF/IFA/LT331/16 07-Sep-16 Under review toilets

13 Gate Barriers for VC parking Zone 150,000.00 AHD500/EF/IFA/LT327/16 06-Sep-16 Under review

14 Empower requirement on ETS room 2,337,420.64 AHD500/EF/IFA/LT336/16 08-Sep-16 Under review

15 Changing furniture layout in Vacation Club 112,464.00 AHD500/EF/IFA/LT335/16 07-Sep-16 Under review

3.2. Extension of Time Status

Project Completion Date Period of EOT Approval EOT No. Description Arising from Overall EOT Original Previous Revised Ref. # Date current event to Completion Modifications to Block B and C including 105 105 EOT-1 17th December 2015 17th December 2015 31st March 2016 IFA/KOS1022/DCE/KE/mk/0008 03-Feb-15 design layout changes to FF & GF. Calendar days Calendar days

Amendment no.2 to the constrcution 425 530 EOT-2 17th December 2015 31st March 2016 31st May 2017 KOS/BR/TS/0152 24-May-16 Contract Calendar days Calendar days

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4. QUALITY MANAGEMENT

4.1 Shop Drawings Submitted

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4.1 Work inspections carried out

4.1.1 WIR during September 2016

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4.1.2 WIR through Project Duration

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4.2 NCR

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5. PROJECT MANAGEMENT 5.1 Long Lead Items – as of 30 September 2016 PLUMBING AND FIRE FIGHTING STATUS Sl.NO ITEM DESCRIPTION REMARKS APPROVAL ORDER DELIVERY 1 WATER HEATER APPROVED ORDERED DELIVERED ALL AVAILABLE AT SITE - 60% OF INSTALLATION COMPLETED

2 MANHOLE COVER, GRATINGS APPROVED ORDERED AFTER 5 WEEK PLUMBING PUMPS-BOOSTER AND 3 APPROVED ORDERED DELIVERED ALL AVAILABLE AT SITE TRANSFER PUMP 4 SUMP PUMP APPROVED ORDERED DELIVERED ALL AVAILABLE AT SITE

5 GRP SECTIONAL WATER TANK APPROVED ORDERED DELIVERED ALL AVAILABLE AT SITE - 60% OF INSTALLATION COMPLETED SANITARY WARE WITH MIXERS AND ALL AVAILABLE AT SITE 20% OF INSTALLTION COMPLETED 6 ACCOSSORIES FOR APPARTMENT APPROVED ORDERED DELIVERED (C.TANK &C.MIXER) AND VILLAS SANITARY WARE WITH MIXERS AND 7 APPROVED ORDERED PARTIALLY DELIVERED ACCESSORIES FOR VACATION CLUB UNDER PROCESSING 8 KITCHEN SINK MIXERS AFTER 8 WEEKS FROM DATE OF ORDER SUBMITTAL FIRE FIGHTING EQUPMENT- 9 APPROVED ORDERED DELIVERED SPRINKLER, HOSE REEL AND VALVES 10 FIRE PUMPS APPROVED ORDERED DELIVERED FIRE HYDRANTS AND VAVES WITH 11 APPROVED ORDERED AFTER 8 WEEK TO BE DELIVERED FINAL INSTALLATION PUMP HDPE PIPES AND FITTINGS FOR FIRE 12 APPROVED ORDERED 8 WEEKS TO BE DELIVERED HYDRANT

13 FM 200 SYSTEMS APPROVED ORDERED AFTER 8 WEEK TO BE DELIVERED

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ELECTRICAL

STATUS REMARKS SRL ITEM DESCRIPTION No. APPROVAL ORDER DELIVERY

1 Light Fitting Approved In process 10-14 Weeks

2 Switch Gear Approved In process 8-10 Weeks

3 Generator To be submitted In process 12-16 Weeks

4 Bus Bar Approved Delivered Installed Partially

5 Wiring Accessories Approved In process 6-8 Weeks

6 Central Battery Emergency System Approved In process 10-12 Weeks

7 CCTV Approved In process 12-14 Weeks

8 Access Central System Approved In process 12-14 Weeks

9 Intercom System Approved In process 8-12 Weeks 10 Public Address System Approved In process 8-12 Weeks

11 Lighting Control System Approved In process 8-10 Weeks HVAC Partially 1 FAHU Approved 8 Weeks Delivered 2 CHILLED WATER PUMP Approved Delivered

3 CAR PARK AND LIFE SAFETY FAN Under Processing

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4.1 Sub-contractors List Sl.no Description Sub-Contractor Scope Of Works Remarks

Handrails or guardrails will be provided on 1 Staircase Handrail M/s Bin Tameer all open sides of stair flights in Villas & apartments as specified 2 Rolling Shutter for Garage door Under processing 3 Gate Barrier Under processing 4 Expansion Joint Under processing 5 Swimming Pool work Under processing Creating the right environment with palms, 6 Soft Landscaping and Irrigation M/s Sahara Landscape trees, shrubs, ground covers and lawn with perfect irrigation system Installation of Garbage/Linen chute at blocks 7 Garbage Chute / Linen Chute M/S Hamad Industrial Company for effective handling of garbage & dirty clothes To be Installed primarily to access roofs for 8 Cat ladder for building M/S Al Hamad towers & Villas Supply of all material and equipment necessary 9 Kitchen appliances for Vacation club M/s Haider Murad & Sun for a complete installation of kitchen appliances as specified To be laid around the main pool deck area with 10 Stamp concrete for Main pool deck M/s Summer Stone unique pattern To direct or carry from a lower to a higher 11 Lift M/s OTIS position

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6.0 RISK REGISTER Qualitative Analysis Current Risk Rank in Risk Risk Risk Description of Risk Risk Impact Trigger Risk Response Status of the No. Probability Impact rank Owner (1%-99%) (1%-99%) Risk Last Update

Changes in Authorities having Jurisdiction on the Project 1- All NOC's are available, 1- Re-apply for design and DEWA design NOC for Block construction NOC's C, surrounded villas & (Approval Obtained) are obtained subject to power availability from J6. 2- new authorities requirements 2- on the project affecting the I- Civil Defense NOC approval design as well as previously obtained with 52 comments executed works, such as: Delay in obtaining NOCs & Change of authorities with which were discussed and R001 25% 35% 9% approval beyond: (*Date to IFA Active - Jurisdiction on the project, such as: Civil Defense minimum height solved with DCD to be only 1 be determined later) EMPOWER & Civil Defense requirement for the external comment (previously Palm district cooling & GRC balustrades EHS fire department respectively) ii- EMPOWER's ETS room & valves requirements been sorted out with EMPOWER and NOC is expected to be EMPOWER's ETS room and issued early October based on locked valves requirements the payment done by Balqis. Risk is edused bsed on the 60% payment done to Empower. Vacation Club Operator Requirements M/s Aria been appointed as No operator appointed yet for the Delay in appointing VC vacation club operator. R002 Vacation Club, hence the - - - Operator beyond: (*Date to - Requirements for M/s Aria N/A - requirements are still unknown, Delay in project completion be determined later) matching with DTCM especially with regards to the BMS requirements system

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Fire Hydrant System

Delay in issuing the changes/ 1-Delay to the completion of Civil Defense approval R003 requirements for the project's fire external works and to the start - - - N/A - N/A - obtained hydrant system of the landscaping works 2-Delay to overall project completion by 2 to 6 months

Sewerage Connection

R004 Delay in obtaining Nakheel/ DM Extension to the project - - - N/A - Approval Obtained N/A - approval on the sewerage completion date by 2 to 6 connection months

Main Contractor Engineering & Procurement Delays

1- Delay by Contractor in completing All shop drawings and the MEP site survey, submitting Shop R005 - - - N/A -materials submitted and N/A - drawings, Prequels and material Delay in project completion, approved approvals obtaining BCC and final handing over 2- Delay by Contractor in Clause 8.3 Program & Cash flow submission and approval Once Balqis & DCE agree on the financial impact, the R006 IFA RS Additional requirements Delay in project completion - - - Active Contractor will submit his impact -if any

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DTCM Regulations for Vacation Club

1- Extension to the project completion Vacation club design finalized R007 Regulations for the Vacation Club's - - - N/A - N/A - as per DTCM requirements "Hotel Apartments" classification are 2- Requirements to re- apply not yet finalized by DTCM for certain authorities approvals 3- Additional Fees for consultants Block B & C Redesign areas

1-Potential Impact on the whole ID engineering work finalized ID and MEP Design finalization & cost R008 building fire strategy and - - - N/A - and an agreement been signed N/A - agreement for the redesign areas in related MEP services design with the Main Contractor block B and C M/s DCE 2-Delay in project completion

As per M/s NAKHEEL latest 1-Delay in handing over of update, no power availability R009 J6 Power for Block C - - - N/A N/A - tower C from J6 before November 2016

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7.0 PROGRESS PHOTOGRAPH

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PHOTOS OF VC SHOW UNITS

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SHOW VILLA # 22 PHOTOS

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VILLA-21

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