August 2014 Valuation Report Project Diem Valuation Report 21 August 2014 Project Diem V6638 Contents 1 Executive Summary ............................................................................................................................... 6 2 Schedule of Market Values.................................................................................................................... 7 3 Property Schedule Executive Summaries ........................................................................................... 8 3.1 Summary Overview Table ........................................................................................................................ 8 Property 1 - The Dubai Mall (incl. The Dubai Mall Fashion Avenue extension) ............................................. 9 Property 2 - Dubai Marina Mall and Pier 7 ....................................................................................................... 11 Property 3 - Souk Al Bahar ............................................................................................................................... 12 Property 4 - Dukkan Al Manzil .......................................................................................................................... 13 Property 5 - Dukkan Qamardeen ..................................................................................................................... 14 Property 6 - Dukkan Tamerhind ....................................................................................................................... 15 Property 7 - Residences 1 Retail ...................................................................................................................... 16 Property 8 - Residences 2 Retail ...................................................................................................................... 17 Property 9 - Residences 3 Retail - South Ridge ............................................................................................... 18 Property 10 - Building 789 Retail ...................................................................................................................... 19 Property 11 - Emaar Square Buildings 1 and 4 Retail ...................................................................................... 20 Property 12 - 8 Boulevard Walk Retail ............................................................................................................. 21 Property 13 - Burj Views Retail ........................................................................................................................ 22 Property 14 - The Lofts Retail .......................................................................................................................... 23 Property 15 - Boulevard Plaza Retail ............................................................................................................... 24 Property 16 - Claren 1 Retail ............................................................................................................................ 25 Property 17 - Boulevard Central Retail ............................................................................................................. 26 Property 18 - 29 Boulevard Retail .................................................................................................................... 27 Property 19 - Stand Point Retail ....................................................................................................................... 28 Property 20 - The Address Boulevard Retail .................................................................................................... 29 Property 21 - Boulevard Specialty .................................................................................................................... 30 Property 22 - Marina Walk ................................................................................................................................ 31 Property 23 - Al Majarah and Al Sahab Retail .................................................................................................. 32 Property 24 - Marina Promenade aka 7WX Retail............................................................................................ 33 Property 25 - Marina Quays Retail ................................................................................................................... 34 Property 26 - Park Island Retail ....................................................................................................................... 35 Property 27 - Dubai Marina Mall - Pier 7 .......................................................................................................... 36 Property 28 - Marina Plaza Retail .................................................................................................................... 37 Property 29 - Gold and Diamond Park ............................................................................................................. 38 Property 30 - The Meadows City Centre .......................................................................................................... 39 Property 31 - The Meadows Town Centre ........................................................................................................ 40 Property 32 - The Springs Community Centre ................................................................................................. 41 Property 33 - Emaar Towers Retail .................................................................................................................. 42 Property 34 - Arabian Ranches 1 ..................................................................................................................... 43 Property 35 - The Greens Community Centre .................................................................................................. 44 Property 36 - The Dubai Mall Fashion Avenue Extension ................................................................................ 45 Property 37 - The Arabian Ranches 2 .............................................................................................................. 46 4 Terms of Engagement ......................................................................................................................... 47 4.1 Client 47 4.2 Addressees .............................................................................................................................................47 COPYRIGHT © JONES LANG LASALLE IP, INC. 2014. All Rights Reserved 3 Valuation Report 21 August 2014 Project Diem V6638 4.3 Instructions and Purpose of Valuation ....................................................................................................47 4.4 Valuation Standards ................................................................................................................................47 4.5 Subject of Valuation ................................................................................................................................47 4.6 Previous Involvement ..............................................................................................................................47 4.7 Conflict of Interest ...................................................................................................................................47 4.8 Status of Valuer ......................................................................................................................................48 4.9 Interest Valued ........................................................................................................................................48 4.10 Basis of Valuation ...................................................................................................................................48 4.11 Valuation Date ........................................................................................................................................48 4.12 Currency to be adopted ..........................................................................................................................48 4.13 Publication ..............................................................................................................................................48 4.14 Liability 49 5 Investigations ....................................................................................................................................... 50 5.1 Nature and sources of information relied upon .......................................................................................50 5.2 Extent of Investigations ...........................................................................................................................51 5.2.1 Title and Tenure ..................................................................................................................................... 51 5.2.2 Inspection and Areas ............................................................................................................................. 52 5.2.3 State of Repair ....................................................................................................................................... 52 5.2.4 Utilities and Building Services ................................................................................................................ 52 5.2.5 Planning and Building Regulations .......................................................................................................