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                     Elaine Jones
             Asteco Property Management

Experience               Expertise        Excellence
                      30th March 2011
                  Dubai Real Estate Market

          Excellent Infrastructure
 Cosmopolitan society tolerant of all creeds
           colours and religions               Regional political and economic unrest
    Personal Safety of the highest level                   Legal system
  Systems in place to govern the property      Inconsistency of laws and regulations
        - Home Owners Association

            Opportunities                                 Weaknesses
   Neighbouring Emirates and regions            Property Ownership and Registration
              developing                                       Visa
Significant young population in the region                  Inheritance
Mortgages and lending becoming available                   Legal System
                    Dubai Real Estate Monitor

   Excerpt from Asteco Property Management’s Q1 2011 report

Experience                            Expertise               Excellence
                                  30th March 2011
                          Property Market Highlights
                                                     Rental Rate                   Sales Price
                                                      (AED/pa)                     (AED/ft2)

                                             Min                    Max      Min                 Max
   APARTMENT            Studio              15,000                 55,000
                        1 BR                23,000                 120,000
                                                                             350                 1,800
                        2 BR                35,000                 140,000
                        3 BR                70,000                 190,000
   VILLA                2 BR                60,000                 120.000
                        3 BR                70,000                 300,000
                                                                             550                 3,400
                        4 BR                90,000                 350,000
                        5 BR               100,000                 550,000
   OFFICE               Per   ft2            30                     290      500                 2,400

          Asteco has recorded no significant change in sales prices for either the residential
           or office markets.
          The rental market, on the other hand, has continued its downward trend, albeit at
           a lower rate. This is attributed to the pressure of new stock on the already
           oversupplied market, especially for apartments and offices.
          Internal movement is still high and is predominantly driven by flight to quality and
           value for money.
          Rental rates and sales prices will continue to ease, but are expected to level out in
           the short- to medium term.

   Excerpt from Asteco Property Management’s Q1 2011 report
Experience                                           Expertise                                           Excellence
                                            30th March 2011
                                 The Office Market
     Office rental rates reduced by 10% compared with the last quarter of 2010 on the back of
      continuing supply of new office space. However, enquiries for offices increased by approximately
      20% in the first quarter of 2011.

     The increase in enquiries is driven by a number of factors, such as the flight to quality within
      Dubai and from the Northern Emirates, as well as an inflow of capital from international and
      regional investors and corporations amidst the regional uncertainty.

     The UAE's political stability, well-established financial credentials and strategic location at the
      crossroad of the east and west has always attracted inward investment and currently could well
      be viewed by many as a safer haven.

     Internal movements continue to be at the forefront, with areas such as Sheikh Zayed Road,
      DIFC, Al Barsha and Jumeirah Lakes Towers witnessing high levels of enquiries as companies
      focus on location, value for money and quality.

     Good quality property management has evolved as a deciding factor when choosing one building
      over another and single ownership is often the preferred choice.

     It is important to emphasise that, although rental rates for office space are continuing to
      decrease, the decline is now at a much slower rate.

   Excerpt from Asteco Property Management’s Q1 2011 report
Experience                                     Expertise                                       Excellence
                                           30th March 2011

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