State Agency for Real Estate Maintenance, Surveys and Cartography CERTIFICATE OF OWNERSHIP The undersigned head of the land register at Sidi Youssef Ben Ali [ISO: sidi yuwsif bin ‘aly] confirms hereby the following: The property located in El Nakhil El Junanet [ISO: alnahil al§unanat], Marrakesh, kro by the designation of "Pamur" [ISO: bamuwr], land register sheet no. 56989/04, with an area of 4 ha, 58 a and 60 ca consisting of land bearing date palms as well as a single-store residential building and three-storey buildings and other structures, among them a swimming pool, a tank, a room with technical equipment, 5 wells and a garage, is owned by 1) the company PAMUR ANSTALT (*STE *PAMUR ANSTALT) With exception of the following the land register sheet mentioned above does not contain any restrictions of real rights or charges on the land: Conditions for the owner: - The conditions and obligations mentioned in the Division ‘Charges’: - Condition of annulment Made out in Marrakesh on 14/03/2013 at 12:32:18 hrs. Nr. 2757 s : R Paid: MAD 75 Fayda El Zahia (ISO: fayda 3] Date: 14/03/2013 signed [signature] Applicant: Mr Murad Choukri [ISO: murad Sukry] Lisia Darakia [ISO: lisia daraqi‘] signed [signature] [illegible stamp] Land register sheet no. 56989/04 ge 1/1 Land register of Sidi Youssef Ben Ali [Contact data of the land register, transl. note] 1, Gert Himmler, a sworn translator (German, English, Arabic) for the courts and notaries of Berlin, gistered at Berlin Regional Court, Federal Republic of Germany, hereby certify that the foregoing is a complete ard factually correct translation of a document in Arabic. Berlin, 07.10.2013 EFTA00522893

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Certified translation of a document in the Arabic language Kingdom of Morocco Ministry of the Interior Province Sidi Youssef Ben Ali (ISO: sidi yuwsif bin ‘aly] Community of El Nakhil [ISO: alnahil] General Secretariat Department for Construction and Housing Building Permit No. 13/96 In accordance with the regulations of the Royal Decree on the Organisation of Municipalities, dated 5 Shawwal 1396 (which is 30 September 1976, correspondingly), in accordance with the Royal Decree on Construction, dated 15 Dhu al-Hijja 1412 (Which is 17 June 1992, correspondingly), in accordance with the application for a building permit submitted by Mohamed El|Kornaoui (ISO: muhamad alkurnawy], architect, on behalf of the company Pamur Anstalt rega residential building located at the El Nakhil corridor on the plot no. 56989/04, and in accordance with the expert opinion no. 17/5/1996, dated 25 October 1996, issued by the urbanisation authority the Chairman of the Community Council of the community of El Nakhil her roves Paragraph 1: that the company Pamur Anstalt may erect a residential building on the property with the address given above; Paragraph 2: for which the approved design drawings have to be submitted upon request and the works have to be supervised for facilitating local control; Paragraph 3: _ all structures that are not consistent with the approved design drawings have to be removed at the expense of the applicant; Paragraph 4: that the applicant has to preserve the date palms existing on the p perty and that these date palms may be moved or removed only with previously acquired approval; Paragraph 5: that the applicant has to display the number and date of the building permit at the building site before starting the works; Paragraph 6: _ provided that the validity of said permit expires one year after it has been issued. [stamp:] District El Nakhil-North True copy of the original presented to us and returned to holder after having been viewed. Marrakesh, [date stamp:] 12 October 2012 [illegible round seal] signed [signature] signed [signature] |, Gert Himmler, a sworn translator (German, English, Arabic) for Re courts Berlin Regional Court, Federal Republic of Germany, hereby cer 4 . factually correct translation of a document in Arabic. lin, registered at nd notaries of Ber! EFTA00522894

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: ly Community of Nakhil [ISO: al General Secretariat _ Department for Construction and Housing Residential Permit No. [illeg ble] The Chairman of the Community Council of the community of EI Nakhil has resolved in accordance with the regulations of the Royal decree on the Organisation of the municipalities, dated 5 Shawwal 1396 (which is 30 September 1976, accordance with the Royal Decree on Construction, dated Dhu al-Hijja 1412 (which is 17 June 1992, Correspondingly), in Particular Art, 56, Paragraph III, On the basis of the approval granted for the company Pamur Anstalt on 25/10/1996 with the number 13, in accordance with the application no. for a residential permit submitted company Pamur Anstalt, dated 01/06/1997, ang the ; as follows: bul Rey Pam Anstalt is awarded the residential permit forthe m c building, for erecting it in accordance with the approved design drawings and for using [stamp:] District EI Nakhil-North True copy of the Original [illegible] returned to holder [Stamp with date:] 12 October 201[digit illegible) [round seal:] EI Nakhil, dated [illegible] 1997 Kingdom of Morocco [remaining text illegible] Chairman of the Community Council signed [signature] signed [signature] [name stamp:] [round seal:] Mohammed EL KHAYARI Ministry of the Interior Province Sidi Youssef Ben Ali Community of El Nakhil [illegible stamp] EFTA00522895