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NBB agrees Workout Plan with Riffa Views to

complete remaining villas

February 19th, 2015 - National Bank of Bahrain B.S.C.

National Bank of Bahrain ( NBB ) along with major creditors of Riffa Views and Riffa Views B.S.C. (c)
("Riffa Views"), the Bahrain-based real estate development company are pleased to announce that a
Workout Plan agreement has been reached to complete the remaining villas in the Riffa Views
development. NBB , as the sole secured creditor, arrived at a Workout Plan that involves completion of
the unfinished villas in the project, which would enhance the recovery of dues of various parties. The
agreed plan will entail new funding by NBB and will also involve active participation and funding by
Contractors namely, Projects Construction Company WLL, Poullaides Construction Company WLL and
Cyprus Cybarco Tabet JV WLL and Cyprus Building and Road Construction Company WLL (acting
together).

The Workout Plan, expected to be completed over the next 48 months, entails construction of incomplete
villas and sale of these villas. The proceeds of the sale would then be utilized to settle various creditors.
In the Workout Plan, the Bank has taken into account the interests of the 140 existing homeowners, by
incorporating a scheme to eventually handover title deeds during the course of the Plan from Riffa Views
Company. Despite being the only secured creditor, NBB continued its efforts to include other creditors in
the Workout Plan to make sure that the interests of various concerned parties are addressed and the
project reaches its proper conclusion. The Workout Plan has taken into account the interest of affected
parties related to those specific assets that are mortgaged to the Bank and provides an opportunity to
recover a reasonable portion of their dues as well as continue to work towards the completion of the
development.

Mr. Abdul Razak A. Al Qassim, Chief Executive Officer and Director of NBB , said "We are pleased to
have worked collaboratively with all parties involved in the plan to reach an agreement that maximizes
recoveries for stakeholders and supports the real estate sector in the Kingdom of Bahrain. As a gesture of
goodwill and to emphasise NBB 's commitment to the project as well as upholding the image of the
Kingdom of Bahrain, NBB would not only provide additional funding to the project but would also ensure
that the title deeds of 140 villas would be released to the existing home owners within a stipulated time
frame as laid out in the Workout Plan agreement. We believe that we are all working towards a common
goal which involves not only completing this prestigious project but also serves as a model for other such
projects in the Kingdom which need revival." Mr. Yasser Al Raee, the Managing Director of Riffa Views,
said "We, at Riffa Views, are happy to have rejuvenated this project with the assistance of all our
partners.

Although it has taken a while to reach this agreement, we believe that we have finally reached a
constructive conclusion to go ahead with the completion. With the signing of the Workout Plan
Agreement, the entire Riffa Views project would be completed within the stipulated time frame as
mentioned in the agreement. We would like to thank NBB and all the other partners who have continued
to pursue an active course of action with the view of fulfilling their commitments to the project." Mr. Ashraf
Obeid, on behalf of the majority of Creditors/Contractors, said "We express our thanks and appreciation
to NBB for their overall help and contribution towards the finalization of this Agreement; hoping that all
parties will be supporting the Workout Plan for the successful completion of the project. We also express
gratefulness to Bahraini officials who assisted all parties in sincere advices and guidance." Riffa Views is
Bahrain's first master-planned golf residential community of over 1,056 villas set around an 18-hole
signature championship golf course designed by Colin Montgomery and hosts the Royal Golf Club, the
Royal Country Club, Riffa Views International School (RVIS), the RVIS Tennis Academy, the RVIS
Soccer

Academy,

three

-Ends Press Release 2015

Mosques

and

Riffa

Palms,

the

retail

and

restaurant

amenities.

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