Gulf International Services’ Board of Directors Meeting

Gulf International Services’ Board of Directors Meeting

25-02-2009

The Board discussed the items on the agenda, which include:

1.    The financial statements of the Company for the period from February 12, 2008 to December 31, 2008.  The Company’s Profit for the year 2008 was QR 0.42 billion, while Earnings per Share was QR 3.45. In this matter, the Board of Directors recommended a dividend payout per share of QR 1.30 (One Qatari Riyal, Thirty Dirhams), representing 13% of nominal value, and 10 % bonus shares.Dividends shall be distributed as from March 25th 2009, following the Annual General Assembly Meeting to be held on Tuesday, March 24th 2009. Dividends will be payable to shareholders registered with the DSM at the close of trading on Monday, March 23nd 2009.
2.    Suggest a recommended action regarding the fraction shares which may result from the bonus shares distribution for 2008, by selling these fractions and donating their proceeds.
3.    Calling for Extraordinary General Assembly Meeting to amend GIS’ Articles of Association as follows:

(i) Increase the company’s issued capital due to bonus shares distribution.
(ii) Notice for the AGAM. Instead of notice by ordinary mail, such notice shall be published in two daily Qatari newspapers issued in Arabic and English not less than fifteen (15) days prior to the proposed date of the General Assembly.

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