al khaliji Annual General Assembly Approves 2014 Financial Statements and the Distribution of Cash Dividends

Doha, 26 February 2015: Al Khalij Commercial Bank (al khaliji) Q.S.C. held its Annual General Assembly (AGA) and its Extraordinary General Assembly (EGA) meetings on Wednesday 25 February 2015.

During the Extraordinary General Assembly meeting, the shareholders approved the proposed amendment to Article (7) of the Articles of Association of the Bank by adding a provision to read as follows: “Qatar Holding LLC has replaced Qatari Diyar Real Estate Investment Company in performing all its authorities and rights”. This follow the transfer of all shares owned by Qatari Diar Real Estate Investment Company to Qatar Investment Authority (QIA), represented by Qatar Holding LLC, after completing all regulatory requirements for this transaction.

During the Annual General Assembly meeting, the shareholders approved the 2014 financial statements which reflect a Net Profit After Tax of QAR 562.9 million as of 31 December 2014, up from QR 550.9 in 2013.

His Excellency Sheikh Hamad Bin Faisal Bin Thani Al-Thani, Chairman and Managing Director of al khaliji, presented the Board of Directors’ report on the Bank’s activities and financial position for the year ended 31 December 2014.

Commenting on the 2014 activities, His Excellency said:

“In 2014 we continued to implement our clear goal, outlined in our three year strategy 2013-2015, to be a unique specialist bank with a smart way of competing in relevant banking markets. This transparent process provides our stakeholders with confidence in the long-term returns available as we continue to support the economic growth agenda of Qatar and the National Vision 2030.”

During the meeting, the shareholders of al khaliji reviewed and endorsed the External Auditor’s Report on the Bank’s financial position and the accounts submitted by the Board of Directors for 2014. They also approved the Board’s proposal to distribute cash dividends of 10% of the Bank’s paid-up capital i.e. QAR 1 per share.

The AGA equally approved the increase in the EMTN program for non convertible bonds from USD 750 Million approved in 2012 up to USD 2.5 billion or the equivalent in other currencies, i.e. an increase of US$ 1.750.000.000 (1 billion seven hundred fifty million), in accordance with the provisions of the Commercial Companies Law No. 5 of 2002 and its amendments and the Qatar Central Bank Instructions and delegated the Board of Directors to approve the amount, terms and conditions for any new issuance, subject to applicable regulatory requirements and approvals and the relevant terms and conditions set forth under the said Companies Law.

al khaliji shareholders discussed and approved the Corporate Governance Report for 2014, and approved the re-appointment of Ernest and Young as External Auditors for 2015 and fixed their fees. They also absolved the Board members from any liability, and fixed their remuneration for 2014.

Finally, al khaliji shareholders endorsed the appointment of His Excellency Sheikh Hamad Bin Faisal Al-Thani as Chairman by Qatar Holding in accordance with article (28) of the Bank’s Articles of Association and elected 6 members for the new Board of Directors for a three-year term (2015 – 2017):

• Mr. Abdullah Nasser Al Misnad, Independent (Qatar)
• Sheikh Mohamed Bin Mansoor Bin Mohamed Bin Jaber Al Thani, representative of Qatar Holding (Qatar)
• Sheikh Mohamed Bin Faisal Bin Qassem Bin Faisal Al Thani, representative of Al Faisal International for Investment (Qatar)
• Mr. Abdul Salam Al Murshidi, representative of Al Nawras Development Co. (Oman)
• Mr. Hisham S. Al Saie, representative of Union Investment House (Bahrain)
• Mr. Faisal Abdullah Khaled Al Manaa, Independent (Qatar)

Sheikh Hamad Bin Faisal Bin Thani Al Thani concluded:

“I present our sincere gratitude and admiration, on behalf of the Board of Directors and the Bank, to His Highness the Emir, Sheikh Tamim Bin Hamad Al Thani, and to His Highness the Father Emir, Sheikh Hamad Bin Khalifa Al Thani for their continuous support to the Qatari economy and institutions.

The Board also expresses its gratitude to His Excellency Sheikh Abdullah Bin Nasser Bin Khalifa Al Thani, the Prime Minister and Minister of the Interior for his constant support. Our appreciation is also extended to His Excellency Sheikh Abdullah Bin Saud Al-Thani, the Governor of Qatar Central Bank, for his dedicated efforts to develop Qatar’s banking sector and to all regulators, in particular, the Ministry of Economy and Commerce, the Qatar Financial Markets Authority and the Qatar Exchange for their unwavering support. I would like also to thank the executive management and all staff of al khaliji Group for their efforts in implementing the Bank’s strategy and achieving its goals and objectives.

Finally, I reaffirm our commitment to all our customers and shareholders that in 2015 we will continue to focus on areas that represent the best opportunities for al khaliji and to dedicate all our efforts to achieve a continued strong and sustainable growth rate and to deliver on our strategic goals to enhance future returns and the position of al khaliji in Qatar and the region.”

The Annual General Assembly (AGA) and the Extraordinary General Assembly (EGA) meetings were held at the Four Seasons Hotel and were attended by al khaliji shareholders, Board members, management and staff, and other investors and analysts.