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MUTTAWAR A-g-P-5d Aileal! yglat aS. MUTTAWAR OMANI CO. $.4.0.C Memoranoum OF UNDERSTANDING ‘This Memorandum of Understanding (hereinafter referred to as the “MoU) is made and entered into on this day of April24, 2013. BY AND BETWEEN: 2) Oman Arab Bank whose registered address is at P.O. Box 2010, PC. 112, Ruwi, Sultanate of (Oman (hereinafter referred to as “BANK” which expression shall include members of the (Oman Arab Bank of subsidiaries and aflities and their permitted assignees); and 2) Muttawar Omani Company S.A.0.C. whose registered office is P.0.B0x 1982, PC 111, Sultanate of Oman (hereinafter referred to as “DEVELOPER” which expression shall include its successors in title and permitted assignees and together with BANK, the “Parties” and eacha Party” PREAMBLE (A) WHEREAS, DEVELOPER is undertaking the development of Lamar Bausher residential and ‘mixed-use development (each the “Project” and together the “Projects"}; (8) WHEREAS, the Project is planned to comprise of 357 apartments ranging from one to three bedrooms and a self serving reall development on a 15,500 square meters of prime land in Bausher area, (0) WHEREAS, DEVELOPER has requested the BANK to consider providing financing to potential purchasers ("Purchasers") of the residential units of DEVELOPER on a non- exclusive basis, subject to the BANK's rules, regulations and policies as prevailing from time to time; NOW, THEREFORE, the Parties agree as follows: 1. The Parties agree that this MoU shall not constitute any binding agreement, but is intended ‘only as an outline of their present understanding and does not give rise to legally enforceable rights or obligations for either of the Parties except for the obligations arising under clauses (4), (5) and (6) below. 2. The BANK confirms its interest to undertake financing of the purchasers of the residential Units sold by the DEVELOPER POBor 1118 Muscat PE 111 CPO Sultanate of Oman b aS ( +958 234 919 19 +960 244 877 56 CR Not 098205 MUTTAWAR P-g-p-ut Auilaall yelatl aS 5% MUTTAWAR OMANI CO. $.A.0.¢ 3. The BANK shall be entitled to conduct a detailed due diligence as part of its appraisal process ‘during which DEVELOPER shall provide information requested by the BANK for this purpose, ‘and the decision of the BANK to finance the purchasers of the residential units sold by the DEVELOPER shall be subject to, among others, the results of its appraisal process. 4. The Parties agree to exercise their best efforts to conclude the relevant financing agreements within atime frame acceptable to both parties 5. Each of the Parties shall keep confidential and shall not disclose to any other person,nor use for any purpose except the purposes set out in this MoU, any information obtained from the other Party as a result of negotiating, entering into or performing any of its obligations under this MoU other than information which: is required to be disclosed by operation of law or regulations or any binding judgement or order, or any requirement of a competent authority; or * is reasonably required to be disclosed in confidence to a Party's professional advisers for use in connection with this MoU and/or matters contemplated herein; ‘+ is independently developed by either Party without use of such information or without breach of duties hereunder; or ‘+ is obtained by third parties without restrictions herein contained; oF ‘© is or becomes within the public domain (otherwise than through the default of the recipient Party); or ‘© isexpressly approved for disclosure. 6. No public announcement or press release in connection with the subject matter of this MoU shall be made or issued by or on behalf of either Party without the prior written approval of the other, except such as may be required by law or by any stock exchange or by any ‘governmental authority. 7. This MoU shall be governed by and construed in accordance with the laws of the Sultanate ‘of Oman. Each Party irrevocably agrees to submit to the jurisdiction of the courts of the Sultanate of Oman any dispute or proceedings arising out of or in connection with this MoU. ‘THIS MoU has been entered into on the date stated at the beginning hereof. Popo 1118 Musost Po114 ceo 2 Sukanate of Oman b (+965 234615 19 $1968 244 877 56 CA No 1098246 MUTTAWAR P-£-P-o2 Auileat) gall AS MUTTAWAR OMANI CO. §.4.0.¢ ‘SIGNED for and on behalf of OMAN ARAB BANK: (MIR. RASHAD JAFFAR AL-SHAIKH [AUTHORIZED REPRESENTATIVE. SIGNED for and on behalf of MUTTAWAR OMANI COMPANY S.A.0.C of x ENG. MOHAMIVIED AL GHASSANI AUTHORIZED REPRESENTATIVE POBox 1118 Muscat Pc. 111 ceo 5 Sultanate of Omen +968 234 919 19 +968 244 877 56 CR No 1098245