Qatar Real Estate Investment Company

Qatar Real Estate Investment Company Q.S.C. held its Ordinary General Meeting and Extraordinary General Meeting on the 30th of March 2010 at 6pm

16 February 2012

The following resolutions were unanimously approved:

I. Ordinary General Meeting

  1. To examine the report of the Board and the business plan for the year 2010.
  2. To examine the report of the auditors concerning the balance sheet of the company for the year 2009.
  3. To study and approve the balance sheet, the profit and losses statement for the financial year ending on the 31st of December 2009, and to approve
    the proposition of the Board regarding the distribution of profits in cash in a percentage of 20%, at a rate of 2 Qatari Riyals per share.
  4. To discharge the members of the Board of Directors of any liability concerning the financial year ending on the 31st of December 2009, for all the term of their Board of Directors membership, and approve the remuneration of the Board of Directors members.
  5. To appoint an auditor for the financial year 2010, and to determine his remuneration.
  6. To elect new members of the Board of Directors.

The following five (5) candidates presented their nomination and won by default:

  1. Mr. Khalifa bin Ahmad Al Suwaidi / Independent
  2. Mr. Faisal bin Ahmad Al Sada / Independent
  3. Mr Mohamed Ismail Mandani / Independent
  4. Mr. Jassem bin Ahmad Al Suwaidi / Independent
  5. Mr.Albdulbasit Ahmed Al Sheibi / Representative, Qatar International Islamic Bank

The membership to the Board of Directors of the following individuals expired:

  • Sheikh Hammad Bin Abdulla Bin Khalifa Al- Thani / Representative QIPCO Holding
  • Mr. Mohammad bin Ali Al-Kubaisi / Representative, Qatar International Real Estate Investment Company
  • Mr. Mohammad Abdullatif Al-Mana / Representative, Qatar Islamic Bank

Moreover, Qatari Diar nominated the following representatives to the new Board of Directors:

  1. Sheikh Khalid Bin Khalifa Bin Jassim Al Thani
  2. Sheikh Saud bin Nasser bin Jassim Al Thani

II. Extraordinary General Meeting

  1. To approve the terms and conditions of the implementation agreement and transaction (the offer by Barwa Real Estate Company Q.S.C. to acquire the entire issued share capital of Qatar Real Estate Investment Company Q.S.C.
  2. To approve that the prohibition on any shareholder owning more than five percent (5%) of the share capital of Qatar Real Estate Investment Company Q.S.C. shall, subject to the offer by Barwa becoming unconditional in all respects, not apply to Barwa;
  3. To approve that, automatically upon the acquisition by Barwa of more than fifty-percent (50%) of the issued shares of Alaqaria, the number of directors constituting the full board of directors of Alaqaria shall be increased from seven (7) to eight (8), and Barwa shall be exclusively entitled to appoint one director to fill the vacancy created by such increase
  4. To approve the suspension of trading of Alaqaria Shares on the Qatar Exchange, subject to the offer by Barwa becoming unconditional in all respects