Article (1): The following definitions shall apply for the purposes of the terms and phrases used in the present regulations:

1. Fund means the Real Estate Fund subject of the standards for establishment of the Real Estate Fund adopted by the Securities and Exchange High Council.

2. Organization means the Securities and Exchange Organization under article 5 of the Securities Market Act ratified in November 2005.

3. Tender means a method for sale of assets in which the seller or his representative publicly announces the specifications of the tender subject matter and fixes a specified period to receive the purchase price offers from buyers. Prior to the expiry of such period, the offered prices shall not be disclosed. At the termination of the period fixed for offering prices, the given asset is sold to the highest bidder. In this process, in order to avoid the winning party's withdrawal from buying the tender subject matter, the participants shall be required to deposit performance bonds for such purpose. Accordingly a base price shall be accounted for the subject matter of the tender.

4. Participant means a person who has satisfied the conditions laid down in the tender notice to offer his/its price and has, within the specified period and as per the procedures stated, submitted his/its application containing the offered or stated price to purchase the tendered asset.

5. Base Price means a price which together with the specifications of tender subject matter has been stated for the asset and the prices which are offered lower than that by the participants shall be dismissed.

6. Subject Matter of Tender means the asset which has been offered for sale as per the tender procedures.

7. Tenderer means a person who is responsible to carry out the tender for the sale of tender subject matter. As regards the Fund, the tenderer is one of the fund bodies specified in the articles of association.

8. Highest/Successful Bidder means a participant so named in the process of organizing a tender and undertakes to buy the subject matter of tender at his/its own offered price within a specified period of time. The highest bidders of a tender are chosen and announced in the order of the participants who have offered the highest price(s) to purchase the subject matter of the tender.

9. Project means a construction project for which purpose the fund has been formed and its specifications have been set forth in the Fund's prospectus.

10. Appurtenances of Tender Offer means all items which do not constitute the tender subject matter but affect its price. As regards the building, the shared/communal areas such as elevator(s), greenspace, courtyard, stairs and utilities connections are parts of building appurtenances (fixtures).

Article (2): The Real Estate Fund shall have to take up the tender process for forward sale or sale of its building apartment units. The tender documents, tender schedule and implemental stages, advertising budget, advertising method, base price and sample contracts, which will be entered into with the highest bidder shall be prepared and handled pursuant to the rules herein and shall be approved by the Organization prior to the performance of stages prescribed in the articles of associations of such funds.

Article (3): The tender documents which have been prepared by the fund manager and delivered to applicants shall contain the required information for decision-making by purchasers or forward purchasers of the building apartment units of the fund's project as follows:

1- particulars of the seller of the tender subject matter in full;

2- tenderer's particulars in full;

3- full specifications of tender subject matter and its appurtenances on the date that tender documents are published;

4- the delivery date of the tender subject matter and related performance bonds;

5- the specifications of the tender subject matter and its appurtenances at delivery time;

6- method of informing the seller's readiness to the buyer for delivery of the tender subject matter;

7- transfer date of official title deed in the name of the purchaser with an indication of the party who should reimburse expenses incurred as well as the purchaser and seller or third parties along with their duties and responsibilities to effect the transfer and provision of the related performance bonds;

8- the sample contract which shall be concluded with the highest bidder to sell the tender subject matter in compliance with article 4;

9- the base price fixed for the tender subject matter;

10- the amount of deposit for participation in the tender, manner, of payment and the way of handling such deposit in case the highest bidder does not appear in a timely manner to conclude a contract for purchase of the tender subject matter or fails to take the necessary measures;

11- the deadline for payment of deposit and indication of price offers;

12- the price offering form which should be compiled and completed in accordance with article 5;

13- the documents due to be submitted by the participant, procedures for completion and submission of such documents and related receipt form;

14- the manner of submitting offers to the tenderer as per the article 6;

15- the manner of prioritization between tender subject-matters by the participant if several offers have been tendered;

16- the manner and period of withdrawing from the tender prior to opening the envelops containing the price offers, way of handling the deposit paid, the amount paid for purchase of the notes and documents so delivered;

17- the time and manner of opening the envelops containing the price offers;

18- the manner of selecting the tender highest bidders and their prioritization;

19- the deadline set for the tender highest bidder to appear for conclusion of contract, manner of appointing date, hour and location for appearance and the measures that he is due to take before signing a contract such as the documents he should produce and the amount he should pay;

20- the manner of releasing the deposits made by the participants who have not won the tender;

21- the manner of refunding the deposits paid by the highest bidders if the bidder with the lower priority, has taken all measures required to buy the tender subject-matter;

22- the amount that the applicant for receiving tender documents has to pay for such documents and the manner of such payment;

23- the deadline for and the manner of visits by applicants of the tender subject-matter;

24- the manner and the schedule of paying the offered price, amounts which should be paid in cash and its installments, interest rate on installments and its repayment schedule;

25- the amounts due to be paid by the tender highest bidder in addition to the offered price and the time and manner of such payments;

26- the manner of transferring the tender subject-matter from one buyer to another before its delivery or execution of an official title deed;

27- the procedures for handling the matter if, at the delivery time, the descriptions so given for the tender subject-matter are contrary to the descriptions stated in the tender documents;

28- other information which, at the discretion of the Organization, is required to be presented;

29- the envelopes used for submitting documents and price offer.

Article (4): The contents of the sample contract concluded with the highest bidders for sale of tender subject-matter shall conform with the contents of the tender documents and, further, contain at least paragraphs 3 to 7 and 24 to 27 of article 3 in addition to putting in an item to provide the particulars, addresses and telephone numbers of the seller and the buyer.

Article (5): The price offer form shall contain the following items:

1- a space to provide the date of completion;

2- a space to provide the participant's particulars, address and telephone number;

3- a space to provide or choose the tender subject-matter;

4- a space to provide the price offer.

Article (6): The price offer forms shall be put in the-pre-designed and sealed envelopes and delivered to the tenderer against a receipt containing the date and hour of delivery. The procedure of receiving and keeping such envelopes shall be in a manner to ensure that the prices offered are not disclosed prior to the date and hour appointed for opening the envelopes.

Article (7): The base price shall be fixed subject to the appraisal made by the official expert to the Judiciary in the related field as confirmed by the fund's board of directors and approved by the fund's general meeting. The official expert(s) shall be selected by the fund manager or other bodies with the approval of the board of directors. The price offers less than the base price shall not be accepted. Following each execution of the tender, if the tender subject-matter is not sold, the fund's board of directors shall have the authority to adjust the base price at the rate it may consider necessary.

Article (8): The existing regulations comprising 8 articles were approved on Apr. 18, 2009 by the board members of the Securities and Exchange Organization and would enter into force as of the approval date.