BankMuscat Extraordinary General Meeting and AGM

BankMuscat Extraordinary General Meeting and Annual Ordinary General Meeting Resolutions.

The following resolution was passed in the Extraordinary General Meeting held on March 20, 2010.

1. Approval of amendments to articles 5 and 22 of the Articles of Association of the Bank.

The following resolutions were also passed in the Annual Ordinary General Meeting held on March 20, 2010.

1. Approval of the Report of the Board of Directors for the financial year ended December 31, 2009.

2. Approval of the Corporate Governance Report for the financial year ended December 31, 2009.

3. Approval of the audited financial statements for the financial year ended December 31 2009.

4. Approval of the distribution of cash dividends to the shareholders at the rate of 20% of the issued share capital of the bank (being 20 Baisa per share) for the financial year ended December 31, 2009.

5. Approval of the Board of Directors recommendation to distribute stock dividend at the rate of 25% per share of the issued share capital of the bank (being 25 bonus shares for each 100 shares) for the financial year ended December 31, 2009.

6. Approval of the sitting fees for the Board of Directors and its committees' meetings for the financial year ended December 31, 2009 which amounted to RO 80,100 and fixing sitting fees for the financial year 2010.

7. Approval of the Board of Directors remuneration of RO. 119,900 for the financial year ended December 31, 2009.

8. Approval of the related parties' transactions during the financial year ended December 31, 2009.

9. Approval of the Board of Directors recommendations to lease three branch premises from related parties (2009-2014) on yearly renewable leases.

10. Approval of the Board of Directors proposal on the sale of three buildings providing that the sale is completed within two years ending on March 31, 2012.

11. Approval of the reappointment of PricewaterhouseCoopers as auditors for the financial year ended December 31, 2010 and approval of their remuneration 

In addition, and pursuant to the Commercial Companies Law no. (4/1974) and its amendments, a new Board of Directors for the Bank was elected for three years at the Annual General Meeting by the shareholders of the Bank. This is subject to necessary regulatory approvals. The newly elected Board is as follows;

Following its election, the Board of Directors met and elected Sheikh AbdulMalik bin Abdullah Al Khalili, as Chairman, and Sheikh Khalid bin Mustahail Al Mashani, as Deputy Chairman.