Draft group letter to RERA Dear Sirs, Reference: GPD Investments Developer Ref Project & Number Contractual completion date & current status 270 GPD Investments LLC The Concourse 15 ??? not started Eaton 3167 ??? on hold 276 GPD Investments SPV Eight Limited Park Lane 3184 ??? not started Mayfair 2978 ??? stopped 273 GPD Investments SPV Four Limited Cambridge 2848 ??? on hold 271 GPD Investments SPV One Limited Empire Heights 323 nearing completion 275 GPD Investments SPV Six Limited Kensington 3121 ??? not started 272 GPD Investments SPV Three Limited Oxford 3168 31/12/2010 on hold We, the undersigned are a significant group of investors who have individual investments in various projects with the property developer GPD Investments. We wish to bring this company and these projects to your urgent attention for investigation. We fully understand that any contractual disputes we may have with GPD Investments are matters for Arbitration and due legal process and are not the immediate concern or RERA. It is our belief, however, that RERA has special responsibility in respect of the integrity and viability of individual development projects and with the creation and maintenance of a safe, credible and attractive investment environment in Dubai; it is in respect of these matters that we are writing. Firstly, we are writing to express our concerns about GPD Investments itself. We believe there are reasons to doubt this company’s suitability, trustworthiness and probity. We can provide ample evidence of dissembling, the giving of misleading or in accurate information, of breaches of customer confidentiality, of bullying or strong-arm tactics designed to pressurise investors into non-contractual payments or default, and of possible failures in respect of Dubai regulations concerning land registration. In addition, we believe there are reasons to be concerned about this company’s financial viability in both the short and long terms. Recently, it has significantly changed its advertised financing model. It claimed to be able to offer the ‘30% deposit/70% on completion model’ (which is the basis of all our contracts) because it had ‘other sources of finance’. Its website has now removed this claim and they are seeking to impose non-contractual restructuring of payment plans which, incidentally, they claim have been approved by RERA. It also appears that the company is under heavy cash burdens in respect of its only live project, Empire Heights (323). This project is unrelated to our projects but if GPD Investments is under any significant financial exposure then this poses a risk to its ability to finance and deliver on any of its other projects, to say nothing of a risk to the investments we have already made. The fact that all the other projects on GPD Investment’s list are either stalled, well-over-due or not even started, supports this serious apprehension. We also have serious concerns about the viability of the projects themselves and feel sure you will wish to investigate these. Our projects are all in International City 3, a larger development project which itself must now be uncertain and in need of review. Other developers have withdrawn and GPD Investment’s failure and apparent inability even to begin work on several of these projects has serious implications for the viability of the two projects that were begun two years ago and which have been stalled for some considerable time. Poor infrastructure, service and support in IC3 with, at best, only isolated developments raises pressing questions about the commercial viability of these developments either in the real-estate or rental markets. That we have come together as a group of some 80+ members is indicative of the level of our concern and intent and also of our expectation that RERA will respond with vigour and thoroughness. Together, we have a very significant amount of capital invested in these projects with little hope that they will be completed any time soon - if ever - and with a company of dubious intentions; this is financial capital which could otherwise be made available for significant investment in other attractive opportunities in Dubai. We believe a failure to see prompt and decisive action to bring this company and its malpractice to book could lose this investment, not only to ourselves, but to the greater interest of Dubai and its reputation. Yours faithfully,