Board Election

Bank Audi SAL - Audi Saradar Group

Board Election

April 13, 2010

The Ordinary General Assembly of Shareholders of Bank Audi S.A.L. - Audi Saradar Group convened on April 12, 2010 and resolved, in consideration of the fact that the mandate of the Board of Directors has reached its term, to elect a new Board of Directors for a 3 years mandate (that will end upon holding the Annual General Assembly that will examine the accounts of the year 2012) composed as follows:

Mr. Raymond W. Audi (Reelected);

Dr. Marwan M. Ghandour (Reelected);

Dr. Georges A. Gedeon Achi (Reelected);

Mr. Samir N. Hanna (Reelected);

Dr. Freddie C. Baz (Reelected);

Sheikha Suad H. Al Homaizi (Reelected);

Sheikha Mariam N. Al Sabbah (Reelected);

Mr. Marc J. Audi (Reelected);

Dr. Imad I. Itani (Reelected);

Mr. Mario J. Saradar (Reelected);

Mr. Abdullah I. Al Hobayb (New);

Dr. Khalil M. Bitar (New).

The newly elected Board convened following the General Assembly and resolved, amongst other things, to:

(i) re-elect:

- Mr. Raymond W. Audi as Chairman of the Board - General Manager;

- Dr. Marwan M. Ghandour as Vice-Chairman;

and

(ii) confirm the re-appointment of the General Managers including the reappointment of Mr. Samir Hanna (Group CEO - General Manager).

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Profiles of the new Directors:

Mr. Abdullah I. Al Hobayb

Age: 67- Saudi Arabia

Non Executive

Abdullah Al-Hobayb is the Chairman of Audi Capital (an Investment Banking Subsidiary of Bank Audi, incorporated in the Kingdom of Saudi Arabia), a member of the Board of Directors of Bank Audi s.a.e. in Egypt and was an Advisor to the outgoing Bank Audi's Board of Directors.

He is also Chairman of several leading companies in Saudi Arabia comprising ABB Saudi Arabia (a leader in power and automation technologies), General Lighting Company Ltd (one of the largest manufacturers of lighting luminaires in the Middle East), Ink Products Company Ltd (manufacturer of industrial ink) and United Industrial Investments Company Ltd (a leading Paint manufacturing company).

Abdullah Al-Hobayb holds a Master's Degree in Electrical Engineering from Karlsruhe University in Germany.

Dr. Khalil M. Bitar

Age: 67 - Lebanon

Non Executive

Khalil Bitar is a current Professor of Physics and a former Dean of the Faculty of Arts and Sciences of the American University of Beirut (AUB). He held this last position from 1997 until 2009 playing an instrumental role in advocating AUB's strengths and regional position as the premier center for higher education, and in re-establishing its PhD programs.

Throughout his career, he held several academic and administrative positions, including Associate Director of the Supercomputer Computations Research Institute - Florida State University - (between the years 1994 and 1997) and visiting professor at leading Academic Institutes in Europe and North America (including the European Organization for Nuclear Research in Geneva, the International Centre for Theoretical Physics in Italy, The Institute for Advanced Study in New Jersey, the Fermi National Accelerator Laboratory (Fermilab) in Illinois, the University of Illinois, Brookhaven National Lab. in New York, the Max Planck Institute in Munich and the Rockefeller University in New York).

He also served two mandates as member of The Institute for Advanced Study in Princeton, New Jersey between 1968 and 1972.

Dr. Bitar holds a Bachelor of Science degree in Physics from the American University of Beirut and a Master's of Science degree in Physics and a Ph.D. in Theoretical Physics from Yale University in the United States.