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Box: 185799 48 Bur) Gate, next to Bur] Khalifa Metro Station (Downtown Dubai, UAE, E: infowhaiftimetransiation.com, W: www:halfuimetransiation.com Exhibit 60 THI-CR-2013-001 Written Resolution of the Board of Directors of Tameer Holding Investment LLC (the “Company") Circulated on 12 Dacomber 2013, ‘The Board of Directors (the "Board") considered the Company's debts due and owing to: ()) ABU Dhabi {slamic Bank ("ADIB") pursuant the two Identified Lease Contracts Ending in Ownership (with variable element) dated July 23, 2008, as amended on August 22, 2011, with respect to the leased assets, Gonsisting of residential / commercial properties at Plots # 26 and 22, Marsa Dubai Area, Emirate of Dual, entered between the ADIG and Tameer; and i) fo Mashreqbank Mashreq’) pursuant to the AED {500,000,000 Master Murabaha Agreement dated 26 February 2008 entered into between the Bank and the Customer, 28 amended by the letter agreements dated 25 May 2009, 20 April 2010, and 21 April 2011. | The Management has advised to the Board that the folal combined debt with ADIB and Mashreatank is approximately UAE cithams seven hundred eighty seven milion two hundred seventy thousand eight hundred nineteen (AED 787,270,819), with current defauted payments to ADIB being AED 143,997,498, The Company is in defauit on the proft odigations to ADIB since 30 April 2012 and fon the principal payments since 30 September 2012. The Company defaulted on the principal payments {fo Mashreq on 20 January 2013 and that default continued for each consecutive due dete through 20 June 2013 when the full principal outstanding became due (AED 243,333,320), The Management has reported to the Board that the Company does not have liquidity at this time to manage these large imp sum payments. As @ result of Tamers defaults, Mashreq is now demanding a full balloon payment of the principal ‘amount. ADIB has moved to itgations as further summarized below. The Management confirmed again to the Board that ADIG had launched a lawsuit against Tameer, Eng ‘Ahmad Al Rajhi (MAR) and Dr Ibrahim al Rajhi (VAR) on 7 January 2013 as a precautionary attachment On 8 January, the coun ordered the precautionary attachment in the amount of AED 553,598,888. The Court ordered the attachment ofthe bank accounts listed by ADIB, cars of the defendants, and all lands to bbe reported by the Land Department Tameer consulted the law frm Prestige Advocates and the law firm advised as follows: (I) the land, cars, ‘and banks accounts of Tamer are under precautionary attachment, including the plots financed to ADIB ‘and Mashed, and (i) It was learned on 28 March 2013 that Immigration has placed a passport seizure Notice in for AAR and IAR and establishing an effective travel ban into or out of the United Arab Emirates, ADIB has also proceeded with separate procedures for the auction ofall the mortgaged plots. ADIB has Published notices in the newspaper for 4 of the plols mortgage to ADIE on 29 August 2013 to begin the auction procedures. This action covers the following plots: ()) Plot No. 1 at Al Soufoun, Dubai (Hard Rock Cale) (i) Plot 253 (88.804.003) situated at Business Bay, (i) Dubai; Plot 304 (88,804,002) situated at Business Bay, Dubai: and ('v) Piot 262 (BB.804.004) situated at Business Bay, Dubai. According to Consultation withthe law firm Prestige Advocates, this procedure will result in plots sold by auction within four months at the latest. namely on or before 29 December 2013, Distress sale at auction will likely not ‘recover even a major portion of the outstanding debt owed by Tameer. The Shareholders will then be called upon to cover this outstanding. ‘The Management has tried to delay this day of reckoning and explored many options to sell the above- mentioned plots to ty and manage this situation. The Management successfully delayed any action from ADIB for 10 months. The Management is unsure how much longer they can hold off Mashreq from taking similar actions. Unfortunately, the Management has not been able to effectuate a sale of the above mentioned plots ti date at a price that would release the Company trom is debt obligations. ‘The Management has advised the Board that time is of the essence since the Land Department procedures shall run thelr official course on or before 26 December 2013. Tameer has to take any action possible to release the abovementioned plots and the 2 Sharjah plots for sale to any buyer at an amount that will release Tamer from its debt Page of7 THI-CR-2013-001 The Management provided the below history to update the Board on all of its efforts and Board notations ti date on this issue. Previous | tntroduetion 1. Throughout the period of 2005-2008 Tameer Holding Investment LLC (‘Tamer’) invested in purchasing various lands in the UAE, in particular, the Plot 1 in the Al Safoun il, Tameer 3 Business Bay Plots and 2 Sharjah Plots as more particularly referenced in Exhibit 7 (the “Properties’) In 2008, Tamer undertook Islamic financing facilities from Badr Al Islami Mashreqbank PSC (‘Mashreqbank’) and Abu Dhabi Islamic Bank (ADIS') and as Tameer's financial situation detenorated, provided mortgages aver the Properties. 2 Currently the outstanding principal amounts are AED 500,000,000 dihams (ADIB) and AED 243,333,920 erhems (Mashreqbank). The overdue principal to AOIB is AED 100 millon and the overdue profit is approximately AED 76,111,111 as of 15 December 2013, The negotiated ‘amount to terminate this financing arrangement is AED 543,937,498. Tameer has negotiated a feduction in the profit amount from ADIB whereby a discount of AED 32,173,612 has been achieved, As at 15 December 2013, the total debt to these financial institutions Is AED 787,270,819 (the “Debts” and each such enumerated default is a ‘Debt’) (please see more details In Section li ofthis Resolution) 3. Shortly after Tameer arranged financing with both Mashregbank and ADIB, the unprecedented slobeal and UAE financial crisis hit the real estate market causing a crash in property values. The Fesulting massive customer defauit and liquidity crisis hes led to a severely restricted cash flow for Tamer and associated ciffcuties with servicing the Debis, 4 Despite such difficulties, Tamer continued to apply diligent efforts to make payments to Mashreq ‘and ADIB. Most of the funds generated by Tameer for servicing the Debis between 2009-2012 came from: () supporting shareholder loans; (i) restructuring/renegotiating commercial deals with ‘existing customers; andior (i) saling the invertary in Tamers projects, such as Princess Tower, Elite Residence, Al Jawza, Palace Tower, Regal Tower and Silver Tower. 5 Given continuous cash-flow restrictions, Tameer worked closely with Mashreq and ADIB and was successful in restructuring the facilities by deferring the due installments to provide time to complete Tameer's projects and generate income from new sales in the completed Tameey's projects © AS of 31 December 2012, ali the above-mentioned cash-generating projects have been ‘completed and delivered to customers by Tameer. Tameer no longer has avalable inventory in any of these projects 10 generate new sales sufficient to continue service of the Debte. Furthermore, Tameer is not currenty ina financial position to commence arly new projeots which ‘would generate sufficient funds for servicing the Debts. Therefore, Tameer does not expect its cote activities 38 3 real estate developer (to develop and sell real estate projects) to generate sufficient cash flow in the foreseeable future to meot the payments due to ADIB and Mashreq, 7. From 2008 ti now, Tameer and its management have applied extensive efforts to sell Tameers ‘mortgaged tands and available land bank to unaffiiated third partes to enable Tamear to meet its payment obigations to ADIB and Mashreq and discharge the Debts. Such efforts resulted in @ ‘successful sale of only one plot (Platinum, Plot No. 361, Business Bay) at severe discount of AED 662,995,000 from its purchase price [Exhibit 2]. Unfortunately, none of the mortgaged Properties ware sold due to buyer non-interest which remains the sitvation as of the date of this Board Resolution (please see more details in Section V of this Resolution). Page 2of7 4 12. 13. THE-CR 2013-001, ‘Therefore, based on a lack of sufficient cash-generating unit sales In projects and sustained lack Of interest from third parties to purchase the Properties, Tameer does not foresee sufficient liquidity to continue making the payments required for regular Debt repayment to ADIB and Masnreq. In spite of efforts to settle with the banks (including offering them the Properties as ‘settlement [Exhibit 3], ADIB has already taken legal action in Dubai Cour against Tameer and its shareholders claiming repayment of the full debt amount and the Dubai court has issued an order tormake @ precautionary attachment on the assets of Tamer and its shareholders, ‘The Management has pursued the sale of the Properties for 5 years without success. The Naragement has requested the shareholders to provide @ stable buyer for the Properties in light of the Management's inability to effectuate a 3" Party sale given the recovering but stil weak Property market for such lage scale transactions ‘Shareholder Requested Action ‘Tamer has requested that the Board and shareholders epprove a transaction that will purchase the Properties for AED 787,270,819 and extinguish or assume the Debts pursuant to the contampiated transaction. In the proposed transaction, the new purchaser will buy Tameer's mortgaged plots at the value of the debt and terminate the financing arrangements with each of Mashreq and ADIB by paying the debt or entering into new financing arrangements Details of the ADIB & Mashregbank Faciltios Oetails of the ADIB Facility Tamer and Abu Dhabi Islamic Bank (ADIB) entered into an Wara Agreement dated 23 July 2008 (Exhibit 4), whereby an AED 500,000,000 dirhams Islamic facility was extended by ADIB to Tameer and the current profit rate is currently 8%. Throughout 2008-2011 Tameer has extensively worked with ADIB and agreed on a restructuring of this facility which allowed deferring payment of certain due instalments. To date Tamesr has defauited on principal payments amounts of AED 100,000,000 as of 15 December 2013. The overdue proft amount is approximately AED 76.111.117 05 of 15 Jecember 2013, ‘The Debt to ADIG is currently secured by the following + Joint and Several Guarantee of Mr. Ahmed Al Rajhi and Dr Ibrahim Al Rajni {Exhibit §] © degree mortgage in favor of ADIB on the following plots: Business Bay Plots 253, Dubai, UAE [Exhibit 6] Business Bay Plot 304, Dubai, UAE [Exhibit 7] Business Bay Plot 252, Oubai, UAE [Exhibit 8) nan Sharjah Prot 1230, Shariah, UAE [Exhibit 9] nan Sharjah Plot 1227, Sharjah, UAE [Exhibit 10] + 2" degree mortgage: A! Safoun Il Plot 1, 382/113, Oubal, UAE [Exhibit 11) + Tamer has assigned the sale proceeds from Palace, Elte and Princess units (any surplus in the escrow account after final payment is made to the Contractor, Consultent ‘and DEWA should be only utlized against settement of the outstanding ‘taclity with DIB), Page 3 0f7 ‘TH-CR-2013-001 ADIE.is now itigating agains! Tameer on all fronts to preserve its rahis. The Company has only months left before itlosas the Pronertes to the auction oroceduces. 2 Datas of he Mashregbank Facity 2.1 Tamer and Mashreqbank entered into 2 Master Murabaha Agreement dated 26 February 2008 (Exhiot 12}. Throughout 2008-2011, Tamer has extensively worked with Mashreqbank and ‘agreed on 3 restructurings of this facilty which allowed deferring payment of certain due instalments and locking the profit margin [Exhibit 13], 22 One sixth of the principal amount is overdue since 20 January 2013 and @ further one-sixth of Principal amount was due each subsequent month. Tameer falled to make any of these Payments. Therefore, as of 20 June 2013, Tameer is in default cf the full principal obligation of AED 263,333,320 and continues to be in default to this day. 23 The Debt to Mashveabank is currently secured by the folowing: Joint and Several Guarantee of Mr. Ahmed Al Rajhi and Mr. Abdullah Al Rajhi (Exhibit 14) Post Dated Cheques (POCS) for the outstanding principal and profit payments [Exhbit 15) + sstdegree mortgage: Al Safouh Plt 1, 382/119, Oubai, UAE [Exhibit 16} Mashreq is now demancing payment in fl The Company does not have sufcient quit to pay in full te Mashreq 'V. Proposed Transaction for Sale of Lands and Debt Settlement ‘The Management requested the Board to ask the Shareholders to provide @ third party to effectuate @ land debt swap and the shareholders have now confirmed to the Board that a third party is available to settle the Debis and shall swap ownership of the Properties to this new party as part of the rescue package requested by the Management. ‘The Shareholders have presented this opportunity to their brothers’ new property investment companies, Gemstone Investment LLC, Moonstone Investment LLC and Sunstone Investment LLC whereby Tameer willbe releases ofits Debts to ADIB and Mashreq and in return, Tameer will ransfer the Properties to the new companies as they direct Thereby Tameer wil be released from this burden that it cannot meet at this time ‘The Management has arranged for the current market valuation of the Dubai Properties by the Land Department as of € November 2013 [Exhibit 6A} and by CBRE fer the Sharjah plos (AI Khan Pot No 1227; Ai Kran Pit No. 1230) [Exhint 168] and has found the folowing valves are assigned fo each of Ihe Properties Piot Value Plot 304, Burj Khalifa ‘AED 68,919,500 - Plot 263, Burj Khalifa ‘AED 112,252,000, lot 252, Burj Khalifa AED 61,678,720 Piot 1, Al Safoun Second ‘AED _100,880,000- ‘SUBTOTAL FOR DUBAI [Ae 343, Plot 1227, Al Khan, Sharjah AED 26,797,050 230, Al Khan, Sharjah [AED 23,490,500 : "SUBTOTAL FOR SHARJAH D 50,287,560 TOTAL 393,717,770 Page dof? ‘THI-CR2013-001 ‘The Management has advised that based on these valuations, the debt removal is in excess of the current land value, Therefore, the total value of the Properties is AED 383,717,770. AAs such, the secured deal is in favor of ‘Tamer as Tameer is achieving a debt release value (AED 787,270,819) is far greater than the Properties 2s currently being valued for sale to third parties. The values as assigned in the Land Sale Agreement with the new buyer may not correspond a per the above table as they will be negotiated valves that also ‘coincide withthe bank documentation, Both transactions with ADIB and Mashreq are to close with a value date of 15 December 2013. However, if Temeer is not able to arrange the land transfer in accordance with that value date in accordance with the transactions, itis agreed that Tameer will py in cash to ADIB the different in prof from the set value ‘ate of 15 December 2013 ‘The Board is considering the Sharehlder proposal in light ofthe folowing history V. Evidence that Tameer Has Tri to Sell the Properties 1 Management have conducted a comprehensive test of the market establishing various interest levels from unafiiated third parties in purchasing the Propertes. Tameer has been trying to sell the Properties to unaffliated third partes for § years and the Board minutes reflect the same, Unfortunately, no sale could be consummated due to the buyer lack of interest to pay an amount enough to cover the Debts. Therefore, Tameer pursued other avenues for the sale of the Properties and also attempted to discharge the Debis via sale of the Properties to an unaffilated third party where the sale proceeds would have gone directly to the banks to repay them. 2 Tamer documents the following attempts at sale of Tamers lands as recorded in the Board Minutes: () inthe 4 September 2008 Board Meeting Minutes, the possi sale of the Business Bay Properties was advised to the Soard of Diractors and the Board urged the management to sell such properties [Exhibit 17} (i) inthe 16 December 2008 Board Mesting, the sale ofthe all undeveloped lands was again ‘advised to Tameer's management (Exhiait 18]; (li) in the 18 January 2008 Board Meeting Minutes itis recorded that Ghassan Sakhninl, the exCEO of Tameer, received an offer for the sale of the Business Bay Properties for ‘AED 135,000,000 but it never consummated due to buyer non-interest {Exhibit 19]; (iv) in the 22 Apri 2009 Board Meeting Minutes, Ghassan Sakhnin, the ex-CEO of Tamer, advised of an offer forthe Business Bay Property (Plot BB.04.002) in en amount equal to ‘AED 127,296,000, but again not consummsted due to unatfliated 3" party not being interested [Extibit 20), (¥)_ im the 31 October 2010 Board Meeting Minutes, the management collaborated with its then Chairman, Ibrahim Al Rajh, to attempt arranging the sale of the Ai Safouh Il Plot 41,382/113 (Sheikh Zayed Road,” Dubai, UAE) to a buyer in Abu Dhabi which did not proceed due to buyer non-interest (Exhicit 21]; and (vi) in the 27 April 2011 Board Meeting Minutes, the management reported an informal offer ‘made from an investor to purchase the Properties for a price equal to the Debts (by either ‘assuming the Debts or paying such amount directly to Temeer to extinguish the Debts), however this transaction was not consummated due to the buyer's norvinterest [Exhibit 22 Pages of 7 wee THI-CR-2013-001 3. Since Apri 2011 Board Mesting, the Management has pursued the discharge of the Debts as follows (Sale to HAMG using the proceeds to discharge the Debts. HAMG did not respond in epite of providing (ful due cigence; (i) sale agreements; li) and in principle verbal approval for the deal. The Management has been waiting over several years now to close this deal and it has nat happened. [Exhibits 23) (i) ‘Swap of Properties against Debt offered to ADIB and itwas refused. [Exhibit 24] (ii) Properties offered on market and brokers refused due to Tameer pricing. Therefore auch efforts undertaken by the brokers have not resuited in any offers from unaffliated third partes. [Exhibits 25) ‘Alter due consideration of ‘twas resolved that the Board approved the terms of, and the transactions contemplated by the sale of the Progerties in retum for the settlement of Tameer's debt with ADIB and Meshreq as set out under Section IV of this Resolution. It was resolved that the Board authorizes either Eng Faisal Al Rajhi or Mr. Federico Tauber (ointly or severally) to negotiate, approve and execute the Bank documentation, removal of mortgage, and the Lend Sale and Purchase Agreement where it is approved in form and substance by the Chief Legal Officer, Aasma Khan; and also authorizes either of Eng Faisal Al Rajni or Federico Tauber (jointly or severally) to represent the Company and the Shareholders wherever requied before any and all banks ‘and governmental authorities to execute the land transfer documentation, the above facts, the Board resolved as follows: ‘The undersigned persons entiled to vote on the Resolution on 12 December 2013, hereby irevocably agree tothe Resolution ‘Signad by Ahmed Ibrahim A Al Bassam Date: 12 December 2013 ‘Signed by Mona Nchamed Moneeb Agha Date: 12 December 2013 Signed by Khalié Hamed © Jaberah Date: 12 December 2013 Page 6 of 7 THL-CR-2013-001, 3 Since Apr 2011 Board Mesting, the Management has pursued the discharge of the Debts as follows (i) Sale to HAMG using he proceeds to aischarge the Debs, HAM didnot respond in ste ‘of providing (fill ue diigence, 3) sale agreements (i) and in princine verbal approval forthe deal. The Management has been wating over several years row to close thes deal andithas not happened. [Exhibits 23] i)_‘Swap of Properties against Debt offered to ADIG and it was refused, [Exhibit 24] ii) Properties offered on market and brokers retused due to Tameer pricing. Therefore such efforts undertaken by the brokers have net resulted in any offers from unaffiliated third parties. [Exhibits 25) ‘Aller due consideration of all the above fact, the Board resolved as follows: twas resolved that the Board approved the terms of, and the transactions contemplated by the sale of the Properties in return for the setiement of Tameer's debt with ADIG and Mashreq as set out under Section IV of tis Resolution, {t was resolved that tne Board authorizes either Eng Faisal Al Rajhi or Mr. Federico Tauber (jointy or severally) to negotiste, approve and execute the Bank documentation, removal of mortgage, and the Land Sala and Purchase Agreement where it is approved in form and substance by the Chief Legal Officer, Aasma Khan; and also authorizes either of Eng Faisal Al Rajhi or Federico Tauber (jointly or severally) to represent the Company and the Shareholders wherever required before sry and all banks ‘and governmental authorities to execute the land transfer documentation, “The undersigned persons entitled to vote on the Resolution on 12 December 2013, hereby Irrevocaby agree to the Resoluton: Signed by Ahmed Ibrahim A Al Bassam Date: 12 December 2013 ‘Signed by Mona Mohamed Moneeb Agha Date. 12 December 2013 ‘Signed by Khalid Hamed O Jaberah Date’ 12 December 2013 Page 6of7 ‘THICR-2013-001 3 Since Apri 2011 Board Meeting, the Management has pursued the discharge of the Debts as follows (0) Sale to HAMG using the proceeds to discharge the Debis. HAMG did not respond in spite ‘of providing (i) full due diigence; (i) sale agreements; (il) and in principle verbal approval {or the deal. Tho Management has been waiting over several years now to close this ‘deal and it has not happened, [Exhibits 23] (i) ‘Swap of Properties against Debt offered to ADIB and it was refused. (Exhibit 24] (ii) Properties offered on market and brokers refused due to Tamer pricing. Therefore such efforts undertaken by the brokers have not resulted in any offers from unafilated thirc partis. [Exhibits 25] Atler due consideration ofall the above facts, the Board resolved as follows: | was resolved that the Board approved the terms of, and the transactions contemplated by the sale of the Properties in retum for the settlement of Tameer's debt with ADIB and Mashreq as set out under Section IV of this Resolution It was resolved thet the Board authorizes either Eng Faisal Al Rajhi or Mr. Federico Tauber (jointly or severally) to negotiate, approve and execute the Bank documentation, removal of mortgage, and the Land Sale and Purchase Agreement where it is approved in form and substance by the Chief Legal Officer, Aasma Khan; an¢ also authorizes either of Eng Faisal Al Rajhi or Federico Tauber (jointly or severally) to represent the Company and the Shareholders wherever required before any and all banks and governmental authorities to execute the land transfer documentation. The undersigned persons entited to vote on the Resolution on 12 December 2013, hereby irrevocably agree to the Resolution: 7 ‘Signed by Ahmed Ibrahim A Al Bassam (Date: 12 Decamber 2013 Signed by Mona Mohemed Moneeb Agha Date: 12 December 2013, ‘Signed by Khalid Hamed 0 Jaberah Date’ 12 December 2013, Page 6 of 7 THICR-2013-002, Exhibit + The Propertios {| Safouh Second Plot 1,362/113 (Shelkh Zayed Road, Dubal, UAE), Plot 252 (Business Bay, Dubai, UAE); lot 263 (Business Bay, Dubai, UAE): Pot 304 (Business 83y, Dube, UAE): Plot 1227 (Sharjah, UAE); wp ) Pot 1230 (Sharjah, UAE), Wi” Page 7 of 7