VALUATION REPORT

Erf 1688 Okahandja

INSTRUCTION Taaqir Kader instructed me to determine the value

of the above-mentioned property. LOCATION OF PROPERTY Nau-Aib Extension 1, Okahandja AREA OF LAND 4419 m² ZONING General Residential (1:100) DATE OF INSPECTION 11 September 2015 MARKET VALUE N$ 2,540,000.00

National Diploma Property Valuations (Tech SA) Sworn Appraiser

Cell: 081 128 3856 Fax: 061-231 452

E-mail: admin1@pwv.com.na PO Box 31362 Pioniers Park, Windhoek, Namibia  

DESCRIPTION OF LAND The land is vacant and not serviced. VALUATION METHOD The direct sale comparison method is used to determine the present market value of the subject land. “Market value is defined as “the estimated amount for which a property would exchange on the date of the valuation between a willing buyer and a willing seller in an arm`s length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion. COMPARABLE SALES

Erf Nr Erf m² Date of Sale Purchase Price N$ per m² A/150/277 Okh 4541 02/2015 N$ 3,000,000 660 B/150/277 Okh 6375 03/2015 N$ 5,100,000 800 E/151/277 Okh 2307 02/2015 N$ 1,600,000 693 G/151/277 Okh 4475 03/2015 N$ 3,100,000 693 The above sales give a good indication on similar erven that have sold in Okahandja that have been serviced. The subject property has an inferior location as the sales, therefore a fair square meter rate of N$ 575.00 will be applied to the report. VALUATION Erf 1688 4419 m² x 575 p.unit = N$ 2 540 925Market Value Say: N$ 2 540 000

Forced Sale Value N$ 2 032 000 RECOMMENDED MARKET VALUE The valuation determines a market value of N$ 2,540,000 (Two Million Five Hundred and Forty Thousand Namibian Dollars) is recommended.

GENERAL COMMENTS I valued the property in its existing state. I have not undertaken any structural surveys of the buildings nor have I arranged for tests or inspections to be carried out on any service installation. My valuation assumes that the services are in a satisfactory condition and that the building plans are up to date at the municipality. This valuation may not be used for litigation purposes without my written permission.

PJJ Wilders Date: 11 September 2015