Renaissance Services SAOG

Annual General Meeting Resolutions

The Annual General Meeting (AGM) of Renaissance Services SAOG was held at 4:00 P.M on Tuesday 31^st March 2015 at the Meeting Hall of the Capital Market Authority (CMA). The AGM was attended by the CMA delegate, a representative of the Legal Advisors and representatives of the Statutory Auditors of the Company. The percentage of shares represented in the meeting amounted to 79.79%. The resolutions endorsed at the meeting were as follows:

1.     The Shareholders approved the report of the Board of Directors for the financial year ended 31^st December 2014.

2.     The Shareholders approved the Report on Corporate Governance for the financial year ended 31^st December 2014.

3.     The Shareholders approved the Auditors’ Report, the Balance Sheet and the Profit and Loss Account for the financial year ended 31^st December 2014.

4.     The Shareholders approved the proposed cash dividend distribution of 10% of the paid up Capital (at the rate of 10 baizas per share).

5.     The Shareholders approved the sitting fees availed by the members of the Board of  Directors and members of the Board’s sub-committees for the financial year ended 31^st December 2014. The Shareholders also approved the sitting fees for the financial year ending 31 December 2015.

6.     The Shareholders approved the Directors’ remuneration of Rial 169,550 for the financial year ended 31^st December 2014.

7.     The transactions entered into with related parties during the financial year ended 31^st December 2014 were brought to the attention of the Shareholders.

8.     The amounts paid for Corporate Social Responsibility(‘CSR’) programs for the financial year ended 31^st December 2014 were brought to the attention of the Shareholders.

9.    The Shareholders approved an amount of Rial 254,000 for CSR programmes. This amount will be used out of the 2015 profits.

10. The Shareholders appointed PricewaterhouseCoopers as the statutory Auditors for the financial year ending 31^st December 2015 and approved their fees.

There being no other business, the AGM concluded its business on the same day and date indicated above.