Update on Proposed Merger between OMINVEST and ONICH

Further to our disclosure on the 31^st December 2014 regarding the execution of a Memorandum of Understanding (“MOU”) between Oman International Development and Investment Company SAOG (“OMINVEST”) and Oman National Investment Corporation Holding SAOG (“ONICH”) to explore the possibility of a merger, the Board of Directors of ONIC met on 19^th April 2015 to review the next steps.

In light of satisfactory completion of due diligence; the Board of Directors of ONIC has approved the proposed merger on the same terms as agreed in the MOU.

The merger will be subject to approvals from the respective shareholders; and all necessary legal, regulatory, and other approvals including approvals required from Capital Market Authority, the Ministry of Commerce and Industry and other relevant authorities.

Further details, included in an Information Memorandum, shall be provided to the shareholders at the EGM to be convened in due course.