March 9, 2018 Fattal Properties (Europe) Ltd. 3 Azrieli Center Triangular Tower 35 th Floor Tel Aviv Israel

March 9, 2018 Fattal Properties (Europe) Ltd. 3 Azrieli Center Triangular Tower 35 th Floor Tel Aviv Israel Valuation Report Dear Sirs, At your request, we the undersigned, hereby grant our consent to Fattal Properties (Europe) Ltd. (hereinafter: "the Company") to the inclusion of the Valuation Update Report, carried out by our firm dated 31 December 2017 of the following property - Leonardo Hotel Overamstel, Willem Fenengastraat 29-35, Amsterdam (hereinafter: "the Valuation Report") - within the Company's interim reviewed financial reports and/or the annual audited financial reports (hereinafter: "Annual Report"), published in 2018. The Valuation Report will only be published as a whole and not in separate parts. In addition, we hereby grant our consent to the inclusion of this letter within the Company's Annual Report. Best Regards, Partner / Director Valuations N.C. Bloem MRE MRICS RT

VALUATION UPDATE THE PROPERTY LEONARDO HOTEL OVERAMSTEL, Willem Fenengastraat 29-35, Amsterdam EXECUTED BY Colliers International Valuations B.V. Buitenveldertselaan 5 1082 VA AMSTERDAM VALUATION DATE 31 March 2018 FILE NUMBER NL-P2018000292 CLIENT Fattal Hotels (Netherlands) B.V. Landsberger Allee 117 A 10407 BERLIN GERMANY DATE REPORT 9 May 2018 VALUER M.J. Turenhout MSc MRICS RT CIS HypZert (MLV) REV REVIEWING VALUER M. Hoogvorst MSc MSRE MRICS RT

VALUATION REPORT WILLEM FENENGASTRAAT 29-35, AMSTERDAM NL-P2018000292 31 MARCH 2018 SUMMARY General Client Valuation date Fattal Hotels (Netherlands) B.V. NL-P2018000292 Date of inspection 9 May 2018 Type / name 3 *** / Leonardo Hotel Overamstel Street Willem Fenengastraat 29-35 Postal code / City District Province 1096 BL Amsterdam Overamstel/Amstelkwartier Noord Holland Plot Amsterdam AG 823, 824, 873,874,1470 and 1471 Plot size 3.646 m 2 Tenure Leasehold Term of ground lease/ Expiration date Period based ground lease 30 September 2061 Ground rent: 100,227 per annum Tenancy details Property Owner / operator Valuation Gross floor area 20,587 m² Purpose Balance sheet Lettable floor area 18,528 m² Type of valuation Market update Parking spaces 173 spaces inside Special Assumption: Market value after completion and in use as a hotel per 31-03-2018 Year of construction 2018 Market value excl. P.C. 82,190,000,- State of repair Excellent Owner/occupier Location Good Market rent per year incl. vacancy 5,032,841,- Parking Good Market value as is 54,700,000,- Accessibility Marketability Functionality Particulars By car Good By public transportation Good Lettability Good Saleability Good Good None

VALUATION REPORT WILLEM FENENGASTRAAT 29-35, AMSTERDAM NL-P2018000292 31 MARCH 2018 GENERAL AND VALUATION Client Client Attn. Address Postal code / City Fattal Hotels (Netherlands) B.V. Mr. N. Maher Landsberger Allee 117 A 10407 Berlin Germany Purpose of valuation As per your written instructions, Colliers International Valuations B.V. has carried out a market update on 31 March 2018, with the purpose of determining the market value, as is on the valuation date, with a view to a balance sheet, in accordance with the International Financing Reporting Standards (IFRS) (VPGA 1). This valuation has been carried out in conformity with the agreements recorded in the engagement with reference number NL2017001833 and the e-mail received from Client on 28 February 2018, confirming the assignment for revaluation. Principles and assumptions This valuation report is an integral part of the original valuation report, with valuation date 31 December 2016 and the first update valuations with valuation dates: 31 March 2017 30 June 2017 30 September 2017 31 December 2017 All principles, applications, standards, liability and (special) assumption mentioned in this report, apply to this valuation report as well, unless stated otherwise. In addition, we stipulate that a lease agreement is in place between Fattal Hotels (Netherlands) B.V. as Lessor and Leonardo Opco Overamstel B.V. as Lessee. As the two firms are affiliated, the Market Value is based on the estimated Sustainable Market Rent and not the Rental Income as agreed in the Lease Agreement. Special assumptions This valuation is based on the following special assumptions: Value after completion and in use per 31-03-2018, as the valuation concerns a parcel on which a building is under construction with the specifications as written in the planlist and floorplans, drawn up by Neudahm on 24 February 2017. The effect on the valuation if the special assumption is not included is: 82,190,000 minus 54,700,000 = 27,490,000,- negative. COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES 3 2017 COLLIERS INTERNATIONAL VALUATIONS BV This report exclusively intended for the client and purpose stated in this report. No responsibility is accepted by any other party than the client, without the written permission of Colliers International Valuations B.V.

VALUATION REPORT WILLEM FENENGASTRAAT 29-35, AMSTERDAM NL-P2018000292 31 MARCH 2018 Back testing The subject property subject to registration was previously valued by Colliers International B.V. on 31-12-2016, 31-3-2017, 30-6-2017, 30-9-2017 and 31-12-2017. For an overview of the differences between the valuation on 31-12-2017 and 31-03-2018 we refer you to the Summary in the calculation sheet. market value, after completion project value 76,2 77,4 77,4 77,8 79,6 82,2 54,7 38,6 40,6 46,7 30,5 23,2 D E C - 16 MA R - 17 J U N - 17 SEP-17 D E C - 17 MA R - 18 Quantitative sensitivity analysis For the purpose of describing market risks, we performed a quantitative sensitivity analysis showing the effects of hypothetical changes, in relevant risk variables for the market value after completion. We have identified the and the ed cashflow as relevant risk variables and thus applied a risk surcharge or of +/-5%. The total market value after completion will have an impact in the project value, which is shown in the corresponding figures. Discount rate 6,34% 6,04% 5,77% +5,00% 54.900.000 58.075.000 61.525.000 0,00% 51.700.000 54.700.000 57.975.000-5,00% 48.450.000 51.300.000 54.400.000 61.525.000 65.000.000 54.700.000 60.000.000 48.450.000 55.000.000 50.000.000 45.000.000 40.000.000 5,00% 0,00% -5,00% Discount rate 6,04% Discount rate 6,34% Discount rate 5,77% By adopting a range in the between 4,891,748 p.a. and 5,406,669 p.a. and a range for the rate between 5.77% and 6.34%, we arrive at a range for the project value between 48,450,000 and 61,525,000. This is a deviation of the Market Value of -11.4% and +12.5%. COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES 4 2017 COLLIERS INTERNATIONAL VALUATIONS BV This report exclusively intended for the client and purpose stated in this report. No responsibility is accepted by any other party than the client, without the written permission of Colliers International Valuations B.V.

VALUATION REPORT WILLEM FENENGASTRAAT 29-35, AMSTERDAM NL-P2018000292 31 MARCH 2018 As we have used the residual valuation method to come to the project value, additional risk variables are identified as relevant. We have identified the construction costs as relevant risk variable and thus, applied a risk surcharge or of +/-5%. We also have identified the profit/risk for the project development as relevant risk variable, and thus applied an analyses of risk / profit at 3%, 6% and 9%. These analyses have been integrated with the previous sensitivity analyses of the Market Value after completion. The effect of the analyses is shown in the figures below. 65.000.000 60.000.000 55.000.000 50.000.000 45.000.000 Sensitivity Analyses, based on construction costs 63.225.000 54.700.000 construction costs 5,00% construction costs 0,00% construction costs -5,00% 46.750.000 40.000.000 +5% rate +5% +5% rate 0% +5% rate -5% 0% rate +5% 0% rate 0% 0% rate -5% -5% rate +5% -5% rate 0% -5% rate -5% By adopting a range in the remaining construction costs between 22,022,239 and 25,610,392, we arrive at a range for the project value between 46,750,000 and 63,225,000 or a deviation to the Project Value of -14.5% or +15.6%. 64.225.000 Sensitivity Analyses, based on risk/profit Profit / risk project development 9,00% 54.700.000 46.200.000 Profit / risk project development 6,00% Profit / risk project development 3,00% 65.000.000 60.000.000 55.000.000 50.000.000 45.000.000 40.000.000 +5% rate +5% +5% rate 0% +5% rate -5% 0% rate +5% 0% rate 0% 0% rate -5% -5% rate +5% -5% rate 0% -5% rate -5% By adopting a range in the risk / profit for the project development, we arrive at a range for the project value between 37,925,000 and 56,575,000 or a deviation to the Project Value of -18.6% or +20.8%. COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES 5 2017 COLLIERS INTERNATIONAL VALUATIONS BV This report exclusively intended for the client and purpose stated in this report. No responsibility is accepted by any other party than the client, without the written permission of Colliers International Valuations B.V.

VALUATION REPORT WILLEM FENENGASTRAAT 29-35, AMSTERDAM NL-P2018000292 31 MARCH 2018 Valuation On the basis of the assumptions, circumstances and provisos described in this report and the previous reports, the undersigned declare that on 31 December 2017, they attribute to the property a value of: Market value with special assumption after completion and in use 82,190,000 P.C. (purchasing costs payable by the purchaser) In words: eighty-two million one hundred and ninety thousand euros purchasing costs payable by the purchaser Market value as is 54,700,000 P.C. (purchasing costs payable by the purchaser) In words: fifty four million seven hundred thousand euros purchasing costs payable by the purchaser The values does not include any payable VAT, transfer tax (6%), tenants fixtures and fittings in place, fixed company equipment, machinery in place or company-specific facilities. Thus carried out in good faith, to the best of our knowledge and ability, on behalf of Colliers International Valuations B.V Amsterdam, 9 May 2018 M.J. Turenhout MSc. MRICS RT CIS HypZert (MLV) REV RT375775793 RRV6525276 Head of Hospitality & International valuation COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES 6 2017 COLLIERS INTERNATIONAL VALUATIONS BV This report exclusively intended for the client and purpose stated in this report. No responsibility is accepted by any other party than the client, without the written permission of Colliers International Valuations B.V.

VALUATION REPORT WILLEM FENENGASTRAAT 29-35, AMSTERDAM NL-P2018000292 31 MARCH 2018 APPENDIX I: VALUATION MODELS Summary DCF real estate Projections Residual value Plausibility statement COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES 7 2017 COLLIERS INTERNATIONAL VALUATIONS BV This report exclusively intended for the client and purpose stated in this report. No responsibility is accepted by any other party than the client, without the written permission of Colliers International Valuations B.V.

Summary Willem Fenengastraat 29-35 1096 BL, Amsterdam Client: Fattal Hotels (Netherlands) B.V. File no: NL-P2018000292 Version: Final Entitled party: Fattal Hotels (Netherlands) B.V. Property name: Leonardo Hotel Overamstel Valuation date: 31-3-2018 Valuation type: Update Hotel type: 3 *** Inspection date: 8-5-2018 General information Sources consulted Type hotel 3 *** Total lettable area 18.528 m² * land registry details municipality: Amsterdam Year of construction 2018 Total gross area 20.587 m² section: AG Real right Ground Lease cadastral area: 3.646 m² No. Rooms 490 number(s): 823, 824, 873,874,1470 and 1471 Assumptions Quality * Potential buyer is a owner/opertor Poor Moderate Reasonable Good Excellent * Market participants are competent operators State of repair Location Accessibility Special assumptions Lettability * as of the valuation date, the subject has already been completed and occupied Saleability * the intended use is permitted under existing zoning Functionality Photo Valuation Stablized year - 2021 Total Per room Per sqm % of total turnover Total turnover 23.514.954 47.990 1.269 100% GOP 8.891.004 18.145 480 38% EBITDA 8.122.815 16.577 438 35% Conform 5.384.395 10.989 291 23% Market value of Real Estate (excl. acq. costs) 82.190.000 167.735 4.436 GIY (excl. acq.costs): 5,5% Year 1 Multiplier: 18,3 GIY (excl. acq.costs): 6,3% Stablized year - 2021 Multiplier: 16 Indication sale price at forced sale under time limit #WAARDE! #WAARDE! #WAARDE! #WAARDE! #WAARDE! #DEEL/0! Year 1 #DEEL/0! #DEEL/0! Stablized year - 2021 #DEEL/0! Backtesting (parameters) Backtesting (explanation) Direct Capitalizatio DCF Valuation date 31-12-2017 31-3-2018 Difference in % Market rent in stabilized year 5.032.841 5.149.209 116.368 2,31% Total stabilized turnover 23.628.597 23.514.954 113.643- -0,48% GOP in stabilized year 8.933.973 8.891.004 42.968- -0,48% Turnover in year 1 19.632.852 19.632.852-0,00% GOP in 1st year 7.423.181 7.423.181-0,00% Operating Expenses 387.936 388.810 874 0,23% Net initial yield 5,16% 5,00% -0,16% -3,16% Real estate rate 6,07% 6,04% -0,03% -0,56% GIY (excl. acq.costs) 5,65% 5,47% -0,18% -3,14% Market value of Real Estate (excl. acq. costs) 79.610.000 82.190.000 2.580.000 3,24% Since the previous valuation, the inflation forecast has been adjusted, on average 0.25% higher. This results in a higher turnover in the stabilized year. The derived is therefore also higher. The risk free interest rate has been lowered from 0.48% to 0.41%. All considered, the Market Value, after completion, increases by 2,58 million or 3.24%. The total construction costs are now lower. This is caused by the fact that 2 additional construction invoice has been issued (6 payments remaining), and the additional costs have been lowered, as the construction period decreased by 3 months. We have been informed by the Client that completion is estimated at 31-3-2019. Due to this delay, the March invoice was not issued. Further, we have allocated income and expenses for 75% in year 1 and 25% in year 2. The profit/risk component has been lowered by 180 basispoints. The considerations mentioned result in an increase of the Project Value by 7.975 million or 17.07%. Project cost of construction excl. VAT 29.068.235 23.816.316 5.251.919- -18,07% Market Value project (excl. P.C.) 46.725.000 54.700.000 7.975.000 17,07% Signatures M.J. Turenhout MSc. MRICS RT CIS HypZert (MLV) REV RT375775793 - RRV6525276 Head of Hospitality & International valuation Notes to the valuation The subject valued comprises a building site on the former industrial area, locally known as Overamstel/Amstelkwartier (redevelopment area), located in the south of Amsterdam. This area is by public transport only 10 minutes away from the City Centre of Amsterdam. The immediate surrounding is slowly transformed to a mix of functions, such as residential, leisure, retail and hotels. According to data received by the client, a hotel will be developed on site with 490 hotelrooms, a restaurant/bar, meeting rooms and an upperground parking garage with 173 parking places. The designated use within the private law as been altered to a hotel and an integrated environmental permit has been applied. The valuation is based in the special assumption that the hotel is finished, in use as descriped and no restrictions arise regarding any legal issues, on valuation date 31-3-2018. Valuers have made a 10-year P&L statement, on the basis of comparable hotels and data from STR, from which the is derived.

DCF 10 years real estate Willem Fenengastraat 29-35 1096 BL, Amsterdam Client: Fattal Hotels (Netherlands) B.V. File no: NL-P2018000292 Version: Final Entitled party: Fattal Hotels (Netherlands) B.V. Property name: Leonardo Hotel Overamstel Valuation date: 31-3-2018 Valuation type: Update Hotel type: 3 *** Inspection date: 8-5-2018 Market rent based on total turnover 5.621.959 (25%) Market rent based on GOP 4.676.458 (55%) Feasible rent (stablized year) 5.149.209 23% of total room turnover Sustainable per room 10.509 490 rooms Sustainable rent per sqm 278 STABLE 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 T Total turnover totale omzet totale o 19.632.852 21.852.171 23.514.954 23.985.253 24.464.958 25.022.625 25.453.343 25.962.410 26.481.658 27.085.295 GOP GOP GOP 7.423.181 8.262.306 8.891.004 9.068.824 9.250.201 9.461.055 9.623.909 9.816.387 10.012.715 10.240.950 EBITDA EBITDA EBITDA 6.741.942 7.532.352 8.122.815 8.285.271 8.450.977 8.644.479 8.792.396 8.968.244 9.147.609 9.357.062 Total costs -12.890.910-14.319.820-15.699.982-16.013.982-16.378.147-16.660.947-16.994.166-17.334.049-17.728.233 Sustainable per room 9.174 10.212 10.989 11.208 11.433 11.693 11.894 12.132 12.375 12.657 No. Rooms 490 490 490 490 490 490 490 490 490 490 Feasible rent 4.495.481 5.003.656 5.384.395 5.492.083 5.601.925 5.729.618 5.828.243 5.944.808 6.063.704 6.201.923 Operating revenue attributable to property 5.149.209 5.199.414 5.257.907 5.324.945 5.404.820 5.485.892 5.568.180 5.651.703 5.736.478 5.822.526 less: tenant inducements to be granted - - - - - - - - - - less: turnover vacancy - - - - - - - - - - less: initial vacancy - - - - - - - - - - less: start-up losses attributable to property -653.727-212.493 - - - - - - - - Feasible rent 4.495.481 4.986.921 5.257.907 5.324.945 5.404.820 5.485.892 5.568.180 5.651.703 5.736.478 5.822.526 Operating Expenses/Lump sum adjustments -388.810-394.114-400.259-407.283-415.623-424.135-432.823-441.690-450.741-459.978 Ground Lease -100.227-101.530-103.053-104.805-106.901-109.039-111.220-113.445-115.714-118.028 Current ground rent -100.227-101.530-103.053-104.805-106.901-109.039-111.220-113.445-115.714-118.028 Operating Expenses -288.582-292.583-297.206-302.478-308.721-315.095-321.602-328.245-335.027-341.951 Cash flow 4.106.672 4.592.807 4.857.648 4.917.662 4.989.197 5.061.757 5.135.358 5.210.013 5.285.738 5.362.547 Discount rate 6,0% 81.208.512 PV factor: 0,97 0,92 0,86 0,81 0,77 0,72 0,68 0,64 0,61 0,57 Discounted Cash Flow 3.988.049 4.206.198 4.195.450 4.005.459 3.832.351 3.666.714 3.508.225 3.356.576 3.211.474 3.072.635 82.216.050 Market Value (excl. acquisition's costs) 82.190.000 Market value per room (excl. acquisition costs) 167.735 Feasible rent Operating Expenses/Lump sum adjustments Cash flow Exit yield 7,04% Market value per sqm (excl. acquisition costs) 4.436 Cash flow year 11 5.976.943 Exit value (excl. acquisition cost) 81.183.512 Year 1 GIY (excl. acq.costs) 5,47% Multiplier 18,28 Total PV (incl. p.c.) 82.216.050 Stablized year - 2021 Transfer tax (on ground rent) - GIY on TRI 6,27% Transfer tax (on sales price) - net of purchaser's costs 15,96 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Notary fee -25.000 Market Value 82.191.050

Projections Willem Fenengastraat 29-35 1096 BL, Amsterdam Client: Fattal Hotels (Netherlands) B.V. File no: NL-P2018000292 Version: Final Entitled party: Fattal Hotels (Netherlands) B.V. Property name: Leonardo Hotel Overamstel Valuation date: 31-3-2018 Valuation type: Update Hotel type: 3 *** Inspection date: 8-5-2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Rooms available 178.850 179.340 178.850 178.850 178.850 179.340 178.850 178.850 178.850 179.340 Rooms occupied 123.407 132.712 137.715 137.715 137.715 138.092 137.715 137.715 137.715 138.092 Occupancy 69,0% 74,0% 77,0% 77,0% 77,0% 77,0% 77,0% 77,0% 77,0% 77,0% ADR 105,0 108,7 112,7 114,9 117,2 119,6 122,0 124,4 126,9 129,5 Revpar 72,5 80,4 86,8 88,5 90,3 92,1 93,9 95,8 97,7 99,7 Days per annum 365 366 365 365 365 366 365 365 365 366 Occupancy growth n.a. 5,0% 3,0% 0,0% 0,0% 0,0% 0,0% 0,0% 0,0% 0,0% Growth ADR n.a. 3,5% 1,7% 2,0% 2,0% 2,0% 2,0% 2,0% 2,0% 2,0% Growth RevPAR n.a. 11,0% 7,9% 2,0% 2,0% 2,0% 2,0% 2,0% 2,0% 2,0% Inflation 1,5% 1,7% 2,0% 2,0% 2,0% 2,0% 2,0% 2,0% 2,0% 2,0% Turnover other rooms 12.957.683 66,0% 14.422.433 66,0% 15.519.870 66,0% 15.830.267 66,0% 16.146.873 66,0% 16.514.933 66,0% 16.799.206 66,0% 17.135.190 66,0% 17.477.894 66,0% 17.876.294 66,0% Turnover other F&B 4.711.885 24,0% 5.244.521 24,0% 5.643.589 24,0% 5.756.461 24,0% 5.871.590 24,0% 6.005.430 24,0% 6.108.802 24,0% 6.230.978 24,0% 6.355.598 24,0% 6.500.471 24,0% Turnover other 1.963.285 10,0% 2.185.217 10,0% 2.351.495 10,0% 2.398.525 10,0% 2.446.496 10,0% 2.502.263 10,0% 2.545.334 10,0% 2.596.241 10,0% 2.648.166 10,0% 2.708.529 10,0% Total turnover 19.632.852 100,0% 21.852.171 100,0% 23.514.954 100,0% 23.985.253 100,0% 24.464.958 100,0% 25.022.625 100,0% 25.453.343 100,0% 25.962.410 100,0% 26.481.658 100,0% 27.085.295 100,0% Cost of sales rooms 647.884 5,0% 721.122 5,0% 775.993 5,0% 791.513 5,0% 807.344 5,0% 825.747 5,0% 839.960 5,0% 856.760 5,0% 873.895 5,0% 893.815 5,0% Cost of sales F&B 1.177.971 25,0% 1.311.130 25,0% 1.410.897 25,0% 1.439.115 25,0% 1.467.898 25,0% 1.501.358 25,0% 1.527.201 25,0% 1.557.745 25,0% 1.588.899 25,0% 1.625.118 25,0% Cost of sales other 981.643 50,0% 1.092.609 50,0% 1.175.748 50,0% 1.199.263 50,0% 1.223.248 50,0% 1.251.131 50,0% 1.272.667 50,0% 1.298.120 50,0% 1.324.083 50,0% 1.354.265 50,0% Total cost of sales 2.807.498 14,3% 3.124.861 14,3% 3.362.638 14,3% 3.429.891 14,3% 3.498.489 14,3% 3.578.235 14,3% 3.639.828 14,3% 3.712.625 14,3% 3.786.877 14,3% 3.873.197 14,3% Payroll rooms 1.943.652 9,9% 2.163.365 9,9% 2.327.980 9,9% 2.374.540 9,9% 2.422.031 9,9% 2.477.240 9,9% 2.519.881 9,9% 2.570.279 9,9% 2.621.684 9,9% 2.681.444 9,9% Payroll F&B 1.177.971 6,0% 1.311.130 6,0% 1.410.897 6,0% 1.439.115 6,0% 1.467.898 6,0% 1.501.358 6,0% 1.527.201 6,0% 1.557.745 6,0% 1.588.899 6,0% 1.625.118 6,0% Payroll Mod/Other income 88.348 0,5% 98.335 0,5% 105.817 0,5% 107.934 0,5% 110.092 0,5% 112.602 0,5% 114.540 0,5% 116.831 0,5% 119.167 0,5% 121.884 0,5% Payroll Administrative & General 785.314 4,0% 874.087 4,0% 940.598 4,0% 959.410 4,0% 978.598 4,0% 1.000.905 4,0% 1.018.134 4,0% 1.038.496 4,0% 1.059.266 4,0% 1.083.412 4,0% Payroll Marketing 588.986 3,0% 655.565 3,0% 705.449 3,0% 719.558 3,0% 733.949 3,0% 750.679 3,0% 763.600 3,0% 778.872 3,0% 794.450 3,0% 812.559 3,0% Payroll Prop. Operations & Maintenance 785.314 4,0% 874.087 4,0% 940.598 4,0% 959.410 4,0% 978.598 4,0% 1.000.905 4,0% 1.018.134 4,0% 1.038.496 4,0% 1.059.266 4,0% 1.083.412 4,0% Total payroll 5.369.585 27,4% 5.976.569 27,4% 6.431.340 27,4% 6.559.967 27,4% 6.691.166 27,4% 6.843.688 27,4% 6.961.489 27,4% 7.100.719 27,4% 7.242.733 27,4% 7.407.828 27,4% OPEX rooms 907.038 4,6% 1.009.570 4,6% 1.086.391 4,6% 1.108.119 4,6% 1.130.281 4,6% 1.156.045 4,6% 1.175.944 4,6% 1.199.463 4,6% 1.223.453 4,6% 1.251.341 4,6% OPEX F&B 376.951 1,9% 419.562 1,9% 451.487 1,9% 460.517 1,9% 469.727 1,9% 480.434 1,9% 488.704 1,9% 498.478 1,9% 508.448 1,9% 520.038 1,9% V OPEX Mod/Other income - 0,0% - 0,0% - 0,0% - 0,0% - 0,0% - 0,0% - 0,0% - 0,0% - 0,0% - 0,0% OPEX Administrative & General 1.177.971 6,0% 1.311.130 6,0% 1.410.897 6,0% 1.439.115 6,0% 1.467.898 6,0% 1.501.358 6,0% 1.527.201 6,0% 1.557.745 6,0% 1.588.899 6,0% 1.625.118 6,0% OPEX Marketing 588.986 3,0% 655.565 3,0% 705.449 3,0% 719.558 3,0% 733.949 3,0% 750.679 3,0% 763.600 3,0% 778.872 3,0% 794.450 3,0% 812.559 3,0% OPEX Prop. Operations & Maintenance 392.657 2,0% 437.043 2,0% 470.299 2,0% 479.705 2,0% 489.299 2,0% 500.453 2,0% 509.067 2,0% 519.248 2,0% 529.633 2,0% 541.706 2,0% OPEX Utilities 588.986 3,0% 655.565 3,0% 705.449 3,0% 719.558 3,0% 733.949 3,0% 750.679 3,0% 763.600 3,0% 778.872 3,0% 794.450 3,0% 812.559 3,0% OPEX Total undistributed 4.032.588 20,5% 4.488.436 20,5% 4.829.972 20,5% 4.926.571 20,5% 5.025.102 20,5% 5.139.647 20,5% 5.228.117 20,5% 5.332.679 20,5% 5.439.333 20,5% 5.563.319 20,5% GOP 7.423.181 37,8% 8.262.306 37,8% 8.891.004 37,8% 9.068.824 37,8% 9.250.201 37,8% 9.461.055 37,8% 9.623.909 37,8% 9.816.387 37,8% 10.012.715 37,8% 10.240.950 37,8% Income before fixed charges 7.423.181 37,8% 8.262.306 37,8% 8.891.004 37,8% 9.068.824 37,8% 9.250.201 37,8% 9.461.055 37,8% 9.623.909 37,8% 9.816.387 37,8% 10.012.715 37,8% 10.240.950 37,8% Property Taxes & Insurance (PTI) 157.951 0,8% 160.320 0,7% 163.045 0,7% 166.306 0,7% 169.633 0,7% 173.025 0,7% 176.486 0,7% 180.015 0,7% 183.616 0,7% 187.288 0,7% Reserve for replacement FF&E 392.657 2,0% 437.043 2,0% 470.299 2,0% 479.705 2,0% 489.299 2,0% 500.453 2,0% 509.067 2,0% 519.248 2,0% 529.633 2,0% 541.706 2,0% Miscellaneous 130.631 0,7% 132.591 0,6% 134.845 0,6% 137.542 0,6% 140.293 0,6% 143.098 0,6% 145.960 0,6% 148.880 0,6% 151.857 0,6% 154.894 0,6% Total fixed charges 681.239 3,5% 729.954 3,3% 768.189 3,3% 783.553 3,3% 799.224 3,3% 816.576 3,3% 831.513 3,3% 848.143 3,3% 865.106 3,3% 883.888 3,3% EBITDA / NOI 6.741.942 34,3% 7.532.352 34,5% 8.122.815 34,5% 8.285.271 34,5% 8.450.977 34,5% 8.644.479 34,5% 8.792.396 34,5% 8.968.244 34,5% 9.147.609 34,5% 9.357.062 34,5%

foto Market Value (Residual Project Value) Willem Fenengastraat 29-35 Amsterdam Leonardo *** Hotel Overamstel Principal / client: File number: Fattal Hotels (Netherlands) B.V. NL-P2018000292 Colliers International 31-3-2018 www.colliers.nl Valuation date: 31-3-2018 Gross plot area 100% 3.646 m2 Infrastructure 0% 0 m2 Allocable 100% 3.646 m2 Developing Program aantal G.F.A. % gfa-lfa L.F.A. Rental Value Rental Value Gross Inital Yield construction costs Commercial number of rooms sqm sqm per room p.a. incl. purch.costs per room / laring place Hotel 490 20.587 90% 18.528 10.509 5.149.209 6,27% 1.586 Parking spaces inside 173 4.678 0 6,27% 15.000 Total Revenues per room per sqm per m2 G.F.A. uitgeefbaar Hotel 167.735 3.253 82.190.000 Total revenues incl. acq. cost excl. VAT 82.190.000 overall investment costs subgrade per sqm G.F.A. per m2 uitgeefbaar Profit / risk project development 6,00% 82.190.000 195 1.353 4.931.400 Plan development costs 1,00% 82.190.000 821.900 Direct construction costs 17,9% 581 14.687.500 Fee architect/constructor/advice (12.6%-14.2%) 3,35% 35.250.000 partially pre construction phase 1.180.725 Administrative charges 0,67% 35.250.000 6 payment terms remaining per valuation date 236.145 General operating costs 0,84% 82.190.000 6 payment terms remaining per valuation date 688.254 Sales/brokers costs 0,00% 82.190.000 - Subtotal costs 22.545.923 Unanticipated 3,50% 22.545.923 789.107 Loss of interest overall investment costs 5,50% construction period 0,75 years 481.285 project cost of construction excl. VAT 48.605 943 23.816.316 PROJECT VALUE allocable ready for development 119.130 2.310 16.010 58.373.684 ratio of project cost 71% Residual project value (project value at allocation minus add.costs and vacancy/incentives) (price level: present) 58.373.684 buyers interest plot/construction at presell 5,50% 70% Planning year 1 year 2 year 3 year 4 year 5 year 6 year 7 allocation per year 75% 25% 0% 0% 0% 0% 0% 100% allocation on basis of GFA 18.949 6.316 - - - - - index profits 61.949.946 20.856.482 0 0 0 0 0 1,00% overall investment costs 18.039.975 6.133.591 0 0 0 0 0 2,00% ready for development/infrastructure 0 0 0 0 0 0 0 2,00% vacancy/incentives 0 0 0 0 0 0 0 interest payment buyers 0 0 0 0 0 0 0 balance groundrevenues 43.909.971 14.722.890 0 0 0 0 0 Discount rate 5,50% interest charges 3.525.042 Total residual value (ed value balance land revenues) excl. acq costs 54.848.642 Acquisition charges 0,25% 136.780 Total actual Residual project value excl. acq. costs 111.657 2.166 54.711.862 Marketvalue (residual project value) excl. acq. costs rounded as per 31-03-18 54.700.000 Indicatie Opbrengst bij gedwongen verkoop onder tijdslimiet 80% afgerond per 31-03-18 43.760.000 COLLIERS INTERNATIONAL

Referenties Willem Fenengastraat 29-35 1096 BL,Amsterdam Client: Fattal Hotels (Netherlands) B.V. File no: NL-P2018000292 Version: Final Entitled party: Fattal Hotels (Netherlands) B.V. Property name: Leonardo Hotel Overamstel Valuation date: 31-3-2018 Valuation type: Update Hotel type: 3 *** Inspection date: 8-5-2018 Comparable evidence Transaction date Place Adress Occupier Constructio surface (m2) # rooms Transaction price ( ) Transaction Transaction price Rental income GIY (yield) remarks Source n year price ( ) / m2 ( ) per room 29-12-2017 Amsterdam Spaklerweg / Amstelvlietstraat QO Hotel Amstelkwartier 2018 16.550 289 110.000.000 6.646 380.623 6.670.000 6,06% rental income estimated, 30 year lease Colliers database Subject Valued 31-3-2018 Amsterdam Willem Fenengastraat 29-35 3 *** 2018 18.528 490 82.190.000 4.436 167.735 5.149.209 6,27%

Plausibility statement M. Hoogvorst MSc MSRE MRICS RT, Company name: Colliers International Valuations B.V. Address: Buitenveldertselaan 5, 1082 VA City: Amsterdam Registred with the NRVT under registration number: further referred to as the undersigned, declares: The undersigned has assessed valuation report with number NL-P2018000292 of the property Willem Fenengastraat 29-35 in, Amsterdam, known in the land registry under: nummer 823, 824, 873,874,1470 and 1471, section AG, municipality Amsterdam, valued by M.J. Turenhout MSc. MRICS RT CIS HypZert (MLV) REV assessed on plausibility of the value and underpinning of the The undersigned has assessed valuation report d.d. 14-05-2018. The undesigned has performed geen inspectie of the property. The undersigned has reviewed all attachments in relation to the content of the valuation report. The undersigned does not give any guarantees on the completeness of the valuation report and its att Based on the assessed documents, the undersigned is of the opinion that the value mentioned in the report is plausible. Thus the undersigned, Amsterdam, 14-05-2018 Signature undersigned