The valuations of the owned and jointly owned development properties and held for sale property (the “properties”) are carried out by Olaat Properties Management and Coldwell Banker. Some of the individuals involved at the valuation from the appraiser’s side are temporarily licensed by the Saudi Authority for Accredited Valuers (TAQEEM). Management has used the average of the two valuations for the purposes of disclosing the fair value of the properties. The properties were valued taking into consideration number of factors, including the area and type of properties, and valuation techniques using significant unobservable inputs, including the financial & fragmentation plot analysis, the cost method, the direct comparison method, residual value method, and the discounted cash flow method.