Government of Dubai

Land Department

Attn: Mr. Sultan Ibrahim Al Akraf - Senior Director Real Estate Registration Services.

Project name: Dubai Lagoon

Developer: Town Center Management

Real Estate company: Schon Properties

Dear Sir,

we are a group of investors who invested in the above mentioned project.

We were informed by Schon properties that we are all requested to comply to the circular letter you issued on 19th March 2015 (subject: registration of Real Estate rights).

As you might be aware, this project has gone through some troubles and has been recently split into different zones.

While few zones are under [slow] construction, there is no sign of progress for all the other zones.

This has happened for the past - at least - 5 years and we are convinced that these zones will never be built without the Government intervention and intimation.

We are ready to comply with the new rules and regulation but we kindly request you to look into this matter, because we do not feel that paying a registration fee now for something that was bought in 2006 or 2007 - and up-to-date has shown only sand - would improve the situation and enhance our confidence that the project will be terminated.

Despite numerous attempts of finding a solution with the developer, the project has confirmed to be a failure and we have already lost our money in this non-existing project, sadly known also by the Land Department.

We do not feel that paying the registration fee would help improve the situation, considering that there is no progress at all in the construction.

We would appreciate any support and advice.

Regards

DL Investors Group