BASES FOR VALUATION AND COMMENTS

BASES FOR VALUATION AND COMMENTS

VALUATION: PROPERTY OF CHOSAAN ENTERPRISES AT THE BIJILO TOURISM
DEVELOPMENT AREA, KOMBO NORTH DISTRICT, WEST COAST REGION,
THE GAMBIA; SUB-LEASE SERIAL REGISTRATION NUMBER K406/2009 –
FOR LAMIN SILLAH T/A CHOSAAN ENTERPRISES.

BASES FOR VALUATION
The valuation is based on Estimated Market Value as at January 2012.

Market value is the estimated amount for which an asset should exchange on the date of valuationbetween a willing buyer and a willing seller in an arm’s-length transaction after proper marketing wherein the parties had acted knowledgeably, prudently and without compulsion”
Source: International Valuation Standards
The method used in arriving at the value is the Depreciated Replacement Cost Method for the buildingsand the Comparison Method for the land. This valuation is carried out in accordance with International Valuation Standards

VALUATION
It is our opinion that the Current Estimated Open Market Value of the above property as at
January 2012 is D13,905,000.00 (Thirteen million, nine hundred and five thousand Dalasi).

DATE:
17th January 2012
Prepared by
Malick Njai - B.Sc (Hons), MRICS
(Chartered Quantity Surveyor)

VALUATION: PROPERTY OF CHOSAAN ENTERPRISES AT THE BIJILO TOURISM
DEVELOPMENT AREA, KOMBO NORTH DISTRICT, WEST COAST REGION,
THE GAMBIA; SUB-LEASE SERIAL REGISTRATION NUMBER K406/2009 –
FOR LAMIN SILLAH T/A CHOSAAN ENTERPRISES.

COMMENTS
This valuation only covers fixed assets, i.e. Land, Building(s) and other improvements. It excludes equipment, plant and furniture. This report has been prepared, unless otherwise stated, in accordance with the guidance notes of the International Valuation Standards.

We have not been advised of any outstanding notices, disputes or encumbrances, which would otherwise affect the value.

In accordance with the terms of our instructions, we have not undertaken a structural survey or arranged a test of any of the services and are therefore not able to report that the structure is free from any structural faults.

No provision has been made in respect of any retention of title claims upon goods supplied, and for whichvalues are contained in this report.

This report has been prepared having regard to the economic and property market conditions as at January 2012. Any change in these conditions may materially affect the views expressed.