Construction Lenders

  An example of the construction financing for its projects, such as Club Tamesloht/ Marrackesh Resort Hotels, follows:

  Banque Marocaine Commerce et Exterieur ("BMCE Bank") has agreed to provide a construction loan to Tamesloht Partners Maroc, SA in the amount of One Billion Dirhams and an equity loan to Tamesloht Partners Limited in the amount of 500 Million Dirhams (approximately Euro 140 million in the aggregate), for a term, subject to extensions, of three (3) years, including a six (6) month pre-construction period and a two (2) year construction period, maturing six (6) months after the completion of construction, with an option to extend for two (2) additional twelve (12) month periods.

  BMCE Bank was established in September 1959, and its capital is approximately Euro 160 million.

  BMCE Bank’s principal shareholders include Royale Marocaine d’Assurance, Commerzbank, Union Bancaire Privee and Nomura, among others.

  BMCE Bank’s main office is located at 140, avenue Hassan II, Casablanca, Morocco and its website may be found at www.ebmcebank.ma.