Please be informed that the board of directors have met on Monday the 23^rd of

March and approved the financial results for the year ended in 2008:

1. Year Ended Results:

-          Total Revenue from related parties reached 0 (zero) Kuwaiti Dinar

-          Total Expenses with related parties reached 44,501,000  Kuwaiti Dinar  

2. Proposed Distribution 

The Board of Directors has decided not to distribute dividends for the year ended 2008, knowing that this recommendation is subject to the approval of the Annual general assembly and other competent authorities

3. Details of the Qualification and Emphasis of Matter expressed in the auditors report

 Basis of Qualified Opinion

As further discussed in Note 29 (e) to the consolidated financial statements, during the year ended 31 December 2006, a performance guarantee amounting to KD 10.1 million was called by a counterparty in relation to non performance of obligations under a contract operated by a subsidiary (in which the Parent Company owns 60.6% of the issued share capital of the subsidiary) of the Parent Company and encashed during the year ended 31 December 2007. The amount was not expensed in the consolidated financial statements in respect of the year ended 31 December 2006, which in our opinion, is not in accordance with International Financial Reporting Standards. We qualified our opinion in this regard on the consolidated financial statements for the years ended 31 December 2006 and 2007. Subsequent to 31 December 2008, the expert department of the Ministry of Justice issued a report on this matter which stated that the verdict should be issued in favour of the subsidiary in respect of most of the issues arising from the case. Pending final court ruling on this matter, in our opinion, other current assets should be decreased by KD 10.1 million and retained earnings attributable to the equity holders of the Parent Company should be decreased by KD 6.1 million and minority interests should be decreased by KD 4.0 million. 

Qualified Opinion

In our opinion, except for the effect of the matter described in the Basis of Qualified Opinion paragraph, the consolidated financial statements present fairly, in all material respects, the financial position of the Group as of 31 December 2008 and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards.

Emphasis of matter

Without qualifying our opinion, we draw attention to the contingencies explained in Note 29 (a), (b) and (c) to the consolidated financial statements.