Notice of Default No.3

Our Ref: xxx

Date: xxx

To                    :           xxx Middle East,

                                    P.O.Box xxx,

            Dubai – UAE.

Attention          :           Mr. xxx

                        :           Project Manager

Project             :           xxx Towers Project, Dubai

Subject :     Notice of Default No.3

Reference: a) Uxxx dated 15 August xxxx

                    b) xxx dated 29 August xxxx

Dear Sir,

We are writing again to inform you that despite our several reminders and requests by mail, AL XXXX is still in delay on releasing our overdue certified payments of June xxxx & July xxxx.

We remind you that as per our Work Order No. xxx, Terms of Payment, clause (b): “payment: 75% of order value will be paid against material delivery. Payment to be made within 75 days from the date of IPA and certification to be issued by AL XXXX within 15 days of IPA.”

Accordingly, our IPA#4 was submitted on 30 June xxxx and the due date for payment is 75 days from IPA date therefore due date was 13 September xxxx.

• 57 days of delay till date in the release of payment amounting to AED xxx.

Also, our IPA#5 was submitted on 31 July xxxx and the due date for payment is 75 days from IPA date therefore due date was 14 October xxxx.

• 26 days of delay till date in the release of payment amounting to AED xxx.

Kindly note that these recurring delays in payment and certification release are causing undue financial damage to Xxxx and we kindly urge you to release our due payments amounting of more than AED xxx million with immediate effect.

We reserve our rights for an Extension of Time (EOT) equivalent to the same number of days by which our payments and progress payments certification are delayed. Also, Xxxx will not be held liable for any impact the above may have on the delivery of pods, or for any direct or indirect impact on site progress. These liabilities reside with Al XXXX.

Yours faithfully,

On behalf of  xxx LLC

xxx

Project Manager