Outstanding Payments

M/s xxx Pojects Co.

P.O. Box xxx, Riyadh, K.S.A

Tel : xxx

Fax: xxx

Attention:       Mr. xxx

                        Chief Executive Officer

Cc:                  Eng. xxx

                        Sr. Project Engineer

                        Eng. xxx

                        Project Manager

Project:          xxx Project -KSA      

Subject            :           Outstanding Payments

Dear Sir,

We are writing to you in relation to the contract and works that we have carried out for the Xxx Hotel & Resort project in Riyadh, KSA under Manafea For Investment & Tourism Real Estate Development Company. In 2012, we, Xxx(Name of the Sub-Contractor) Interiors under the Al Rajhi Holding has entered into an agreement with Manafea For Investment & Tourism Real Estate Development Company to carry out the Joinery Fit-out Works for the Xxx Hotel Guest Rooms and Public Areas which we have successfully completed.

The works have been carried out and completed in accordance with the contract and the premises has been taken over by the Client and subsequently utilized it for its intended purpose, notwithstanding the completion of the works and the subsequent occupation and utilization by the Client, no official Taking-Over Certificate has been issued to Xxx(Name of the Sub-Contractor) Interiors.

However, despite the non-issuance of the Taking-Over Certificate (TOC) by the Client, the project has been considered successfully completed and duly accepted by the Client, due to the fact that our original contract amount has been fully paid and there was no notice of rejection that has been issued to Xxx(Name of the Sub-Contractor) Interiors which is required by the Contract in the event that the works is not acceptable to the Client.

In view of all the aforesaid, as the premises have been permanently occupied and used for its intended purpose, we have requested from Manafea For Investment & Tourism Real Estate Development Company the release of our retention money which is already been due, however, despite sending them several letters regarding the same, our request has not been answered.

Consequently, we would like to seek your assistance in the release of our due payments as our communications with Manafea For Investment & Tourism Real Estate Development Company turns out negative and the continuous delay in the release of our retention money has greatly affected our cash flow situation.

We have attached to this letter, the correspondences that have been issued to Manafea For Investment & Real Estate Development Company for your information and reference; and we look forward to your positive and favorable assistance on this matter.

Best Regards,

For: Xxx(Name of the Sub-Contractor) Interiors L.L.C.

xxx

Commercial Manager