22 October 2014 Press Release on the Outcomes of SIIL Board of Directors Meeting Held on 21/10/2014

The Board of Directors (BOD) of Salam International Investment Limited (SIIL) held its meeting on Tuesday, 21/10/2014 and passed the following resolutions:

  1. Financial Results for Period Ending 30/09/14:

The BOD approved the interim consolidated financial statements as of 30/09/2014 which showed a net profit of QR 72 million, where the owners' equity in the parent company amounted to approximately QR 67.2 million. This compares with a net profit achieved during the same period in 2013 amounting to approximately QR 103.5 million. Consequently; earnings per share reached QR 0.59 compared to QR 0.94 for the same period in 2013.

The interim consolidated financial statements as of 30/09/2014 shall be published in the local newspapers within the next few days.

  1. 2.     Offer to Purchase All Salam Bounian Shares:

The BOD primarily approved to present an offer to purchase all the remaining shares of Salam Bounian. This will be recommended to the General Assembly in its next meeting, whereby if approved, will raise the stake in Salam Bounian from 64% to 100%. The purchasing details will be based on the findings of an independent evaluator and the process is to be transparent and published accordingly.

This proposed project will act as an alternative to that announced in the past where Salam Bounian's shares were to be acquired through share swap.

Moreover, the BOD discussed other issues and followed up on the execution of the previous resolutions.

It is worth mentioning that the approval of above the mentioned project is a primary approval only. Whereby, the company may decide not to proceed with the project due to future developments and findings arising from evaluations and final studies for justified reasons to protect the interests of the company and its shareholders.

Therefore, SIIL encourages its shareholders and interested investors to take this matter into consideration.

Dr. Adnan Steitieh

Secretary to the Board of Directors

Note : this text has been translated from its original Arabic equivalent which remains the official version.

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