With reference to the above mentioned subject, and to CMA instructions number(هـ .أ.م. / ق.ر. / إ.م. / 2/2/2012) regarding the disclosure of material information and to our disclosure letters sent to KSE on 6/5/2014, 5/11/2014, 10/11/2014 and 22/12/2014 respectively, we hereby declare that Gulf Investments Company (GIC) – a closed Bahraini shareholding company (under liquidation) represented by the liquidation committee, held its General Assembly on 9/11/2014, where it discussed the company’s consolidated financial position as on 4/5/2014 which includes assets (cash & assets). Since we are a major shareholder in the said company, owning (99%), we have old financial claims amounting to 107.9 million US dollars representing around 82% of the company’s total debts according to the said financial position. Accordingly an action was taken by the liquidation committee on 22/12/2014 to repay NIC an amount representing 33% of its total debt which was recorded as profit in Q4 2014 financials, and on 29/3/2015 the liquidation committee has also repaid part of the debt in the form of assets for 28,957,500 USD (Twenty Eight Million Nine Hundred Fifty Seven Thousand Five Hundred USD) amounting around 8.7 million KWD which represents 27% of total debt. This amount will be realized as profit in Q1 2015 financials, and accordingly NIC would have collected 60% of its total debt receivables from GIC. Moreover, it is difficult to accurately estimate the remaining amount that will be collected until full liquidation, which will have a positive impact on our financial position once collected. It is also worth mentioning that, (NIC) has stopped consolidating the figures of the affiliate in our books since 31/12/1992, and full provision was taken against book value and our investment debt in (GIC).


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