Dear ACW Holdings

It appears that you (A.C.W Holdings Ltd) have not yet complied with the Dubai property laws, for that purpose, I hereby notify you and advise investors of the following:

1- Clients are intitled to refrain from signing the Agreement and making any further payments against the Purchase Price as per the schedule of the installments set forth in the Agreement until A.C.W Holdings Ltd completes its registration as a developer in the Developer Register in the Land Department and the opening of its Trust Account as per Article 6 of Law No. 8 of 2007;

2- The payments made by the Clients against the Purchase Price are deemed to be held in trust by A.C.W Holdings Ltd, and should be returned to Clients if A.C.W Holdings Ltd fails, by the 28th of December 2007 (the Dubai Land Department deadline for registration), to complete its registration as a developer in the Developer Register in the Land Department
and to ope ning of its Trust Account as per Article 6 of Law No. 8 of 2007.

The action taken hereunder shall not be interpreted as a breach or a default by the Client (purchaser), it shall be merely deemed as a measure to safeguard the interest of Clients for the reason that A.C.W Holdings Ltd is not entided, by virtue of the Dubai laws, to carry out real estate development and to sell off-plan apartments and units.