Salam Bounian holds its General Assembly meeting

The meeting was held at the Millennium Hotel -Al Sadd Area in Doha, headed by its Chairman Mr. Issa Abu Issa and in the presence of the Board Members, after a quorum was met.

Mr. Abu Issa welcomed the representatives of the Ministry of Economy and Commerce-Commercial Affairs and the company's Auditors, Messrs. Talal Abu Ghazaleh, to the meeting and announced that the Company's conservative policy in investments has protected the company against the effects of the Global Economic crisis.

He went on to add that Salam Bounian will continue developing its project in Qatar due to the low-risk nature of investment, while its developments abroad will be limited. Studies for future potential investments will be prepared and taken into consideration once the crisis is over.

The following is the agenda that was discussed and approved during the General Assembly:

First: The Board of Directors ' Report & Future plans of Company

The General Assembly endorsed the Board of Directors' Report for the fiscal year ended on 31/12/2008.

Second: Auditor's Report and Financial Statements

The auditors, Messrs Talal Abu Ghazaleh, presented the consolidated financial statements for the fiscal year ended on 31/12/ 2008 to the General Assembly and the General Assembly endorsed the balance sheet and the income statement that showed net profit of approximately QR8.9m, and a growth in the shareholders' equity that reached QR573.60m , resulting in the book value which reached approximately QR11.50 per share.

The General Assembly also endorsed and approved the retaining of 2008 profits to the next fiscal year in order to invest in and develop the company's projects.

Third: Absolving the Board Members against any liabilities for the fiscal year ended on 31/12 2008

The General Assembly endorsed the absolving of the Board Members against any liabilities for the year ended 31/12/2008.

Fourth : Appointing the Financial Auditors and Identifying their fees

The General Assembly approved the appointment of the financial auditors; Messrs. Talal Abu Ghazaleh for the fiscal year ending on 31/12/2009 and authorized the Board Members to identify their fees.

Fifth : Appointing New Members of Board

Due to the resignation of both Board Member Dr. Abdul Aziz Al Kawari and Mr. Talal Al Sorayai ,the Board of Directors endorsed the appointment of Mr. Adel Abdul Rahman Al Mannai and Mr. Omran Hamad Al Kawari as members of the first Board of Directors to complete the remaining period of their predecessors up until the end of 2011.

Extraordinary General Assembly

Upon concluding the Ordinary General Assembly and discussing its Agenda, the Extraordinary Assembly commenced after the quorum was met and the following decision was approved:

An Amendment of Company's Bylaws:

The General Assembly endorsed the amendment to some of the articles from the Company's Bylaws in order to comply with the amendment of the Commercial Law no. 5 /2002. Also it has endorsed the amendment of article no. 15 which is related to the system of managing the shares.