This is to inform  that  Dr. Mohamed Abdulaziz Kalmoor, a Director on the Board  of Oman Investment & Finance Co. SAOG has  resigned from  the post of Managing Director.  His resignation has been accepted   with effect from 01st January 2009.

MOHAMED ABDULLA AL KHONJI'

CHAIRMAN - BOARD OF DIRECTORS.

1. Approved unanimously the Directors Report for the financial year ended 30/9/2008.
2. Approved unanimously Corporate Governance Report for the financial year ended 30/9/2008.
3. Approved unanimously the Independent auditor's report and Balance sheet balance sheet for the financial year ended 30/9/2008.
4. Approved unanimously the distribution of cash dividends to shareholders by 30% of the capital for the rate of 30 Baisa per share.
5. Approved unanimously the setting fees for Board of Directors as well as subcommittees earn by the board members for the last financial year, and the setting fees for the next financial year..
6. Approved unanimously the distribution of bonuses to the Board of Directors members of (56.000) O.R. for the last financial year.
7. Approved unanimously at the company's transactions with related parties during the financial year ended 30/9/2008.
8. Approved unanimously the transactions to be conducted by the company with related parties during the financial year ending 30/9/2009.
9. M/s. Ernst & Young was selected as Independent Auditors for the financial year ending 30/9/2009.

A meeting of Board of Directors of AES Barka SAOG (the Company) was held on 13 December 2008 at the offices of the Company. The Board unanimously made the following decision:

1. The Board reviewed and approved the un-audited financials of the company for the period Jan 01 – Oct 31, 2008 with revenues of RO 33.96 Million as compared to RO 34.73 Million for the same period in 2007. The net profit for the period Jan 01 – Oct 31, 2008 was RO 6.98 Million as compared to RO 7.57 Million for the same period in 2007.
2. The Board approved the distribution of 15% Cash dividend amounting to RO 2,400,000 (Rial Omani Two Million Four Hundred Thousand Only) based on the retained earnings as per audited financial statements as at December 31, 2007, and authorized Mr. Nadeem Rizvi to sign necessary documents and statements for payment of dividends. The record date for distribution of Dividend is December 23, 2008.
3. The Board accepted the resignation of Mr. Rohit Ghokale who has left the Company and appointed Mr. Kuppusami Venkatachalam as a temporary director until the next ordinary general meeting.

Chief Executive Officer

Date                   NAv

01.12.08          1.329

The Board of Directors, at their meeting held on 02nd December 2008, resolved to reverse the earlier  decision taken on 29th October 2008  to buy back  the shares  of the Company to the extent  of 10%  of the capital  of the Company.

This is due to the fact that the company is not in a position  to  comply with the CMA  regulations  specified   under Article 8,  paragraph -A,  Administrative   Decision No: 06/2005 concerning  the buy back of  shares by Joint  Stock Companies.