General Contractors

  An example of the guaranteed maximum price, torn-key construction agreements negotiated for its projects, such as Club Tamesloht/ Marrackesh Resort Hotels, follows:

  Societe Generale des Travaux du Maroc ("SGTM") has entered into a 867 million Dirham (approximately Euro 85 million) turn-key, guaranteed maximum price construction contract (the "Construction Contract") with Tamesloht Partners Maroc, SA to construct the Project.

  Under the terms of the Construction Contract, SGTM has agreed to "absolutely and unconditionally guarantee to construct, equip, complete and pay for the Works in accordance with the terms of this guarantee and to keep the Project free and clear of all liens arising from the construction, equipping or completion of the Works whether equal or prior in lien or other priority or subordinate to the lien of the mortgage of the Construction Lender".

  SGTM was established in September 1971, and its capital is approximately 80 Million Dirhams (approximately Euro 8 million).

  SGTM’s offices are located at 2, Boulevard Zerktouni, Casablanca, Morocco.