QATAR GENERAL INSURANCE & REINSURANCE CO. (S.A.Q.) DOHA - QATAR

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1 QATAR GENERAL INSURANCE & REINSURANCE CO. (S.A.Q.) DOHA - QATAR FINANCIAL STATEMENTS AND AUDITORS' REPORT FOR THE YEAR ENDED DECEMBER 31, 2006

2 QATAR GENERAL INSURANCE & REINSURANCE CO. (S.A.Q.) DOHA - QATAR INDEX Auditor s Report PAGE Balance Sheet 1 Statement of Income 2 Statement of Changes in Shareholders Equity 3 Statement of Cash Flows 4 Notes to the Financial Statements 5-21

3 AUDITOR S REPORT TO The Shareholders Qatar General Insurance & Reinsurance Co. (S.A.Q.) Doha - Qatar We have audited the accompanying balance sheet of Qatar General Insurance & Reinsurance Co. (S.A.Q.), Doha - Qatar, as of December 31, 2006, and the related statements of income, changes in shareholders equity and cash flows for the year then ended. These financial statements are the responsibility of the Company s management. Our responsibility is to express an opinion on these financial statements based on our audit. The previous year audit was preformed by another auditor and expressed an unqualified audit opinion. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statements' presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Qatar General Insurance & Reinsurance Co. (S.A.Q.) as of December 31, 2006 and the results of its operations, changes in shareholders equity and cash flows for the year then ended in conformity with International Financial Reporting Standards. Further more, in our opinion, the company has maintained proper accounting records and the financial statements are in agreement therewith. We have reviewed the accompanying report of the board of directors and confirm that the information contained therein is consistent with the financial statements. To the best of our knowledge and belief, we are not aware of any violations of the Qatar Commercial Companies Law No. 5 of 2002 or the terms of the company s memorandum and articles of association have occurred during the year that might have had a material adverse effect on the business of the company or its financial position. Satisfactory explanations and information have been provided to us by management in response to all our request. For Grant Thornton - AL EID & CO. Rustom M. Shadid (License No. 67) Doha, January 27,2007 QATAR GENERAL INSURANCE & REINSURANCE CO. (S.A.Q.) DOHA QATAR

4 BALANCE SHEET AS OF DECEMBER 31, 2006 (Expressed in Qatari Riyals 000) Notes ASSETS Cash and cash equivalents ,692 51,561 Statutory deposits - 4-4,500 4,500 Investments In trading securities , ,707 In available for sales securities , ,766 In associate companies ,783 25,857 In property , ,642 Receivables Policyholders ,204 72,879 Insurance and reinsurance companies 27,269 18,852 Others ,215 12,191 Property and equipments ,826 19,358 Total Assets 1,308,311 ========= 1,465,313 ========= LIABILITIES AND SHAREHOLDERS EQUITY LIABILITIES Payables and accrued liabilities Policyholders 12,717 10,560 Insurance and reinsurance companies 93,700 58,949 Others 16,723 20,955 Due to Banks , ,127 Insurance funds Outstanding claims net ,509 50,693 Unearned premiums ,024 44,962 Provision for employees leaving indemnities ,616 13,959 Total Liabilities 457, ,205 SHAREHOLDERS EQUITY Share capital ,667 85,250 Statutory reserve ,857 28,417 Investments fair value reserve 431, ,592 Retained earnings 266, ,849 Total Shareholders Equity 850,380 1,135,108 Total Libilities and Shareholders Equity 1,308,311 ========= 1,465,313 ========= The financial statements were approved on January 27, 2007 and signed on behalf of the Board of Directors the company by. Sh. Nasser Bin Ali Bin Saud Al Thani Chairman and Managing Director Member of the Board THE ACCOMPANYING NOTES FORM PART OF THESE FINANCIAL STATEMENTS QATAR GENERAL INSURANCE & REINSURANCE CO. (S.A.Q.) DOHA QATAR

5 STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 2006 (Expressed in Qatari Riyals 000) Notes Gross premiums 602, ,565 Reinsurance cessions ( 423,290) ( 237,173) Retained premiums 179, ,392 Unearned premiums adjustments -17- ( 26,062) ( 17,682) Net premiums earned in the year ,377 95,710 Net commission income 31,679 27,047 Other income technical Underwriting revenue 185, ,249 Gross claims paid ( 148,120) ( 90,212) Reinsurance and other recoveries 59,642 30,513 Outstanding claims adjustment net -18- ( 12,816) ( 9,578) Net claims incurred -18- ( 101,294) ( 69,277) Underwriting profit before allocation of underwriting expenses & investment income 84,415 53,972 Underwriting expenses -21- ( 37,051) ( 36,178) Investment income attributable to underwriting ,458 Underwriting profit for the year 48,259 29,252 Investment income ,790 97,607 Other income / (expenses) -20-3,594 ( 93) General and administrative expenses -21- ( 21,346) ( 22,363) Net profit for the year 60, ,403 == Earnings per share (Qatari Riyals) The financial statements were approved on January 27, 2007 and signed on behalf of the Board of Directors the company by. Sh. Nasser Bin Ali Bin Saud Al Thani Chairman and Managing Director Member of the Board THE ACCOMPANYING NOTES FORM PART OF THESE FINANCIAL STATEMENTS - 2 -

6 QATAR GENERAL INSURANCE & REINSURANCE CO. (S.A.Q.) DOHA - QATAR STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY FOR YEAR ENDED DECEMBER 31, 2006 (Expressed in Qatari Riyals 000) Share Capital Statutory Reserve Investments Fair Value Reserve Retained Earnings Total Balance as of January 1, ,833 21, , , ,306 Transfer to share capital 28, ( 28,417 ) Transfer to statutory reserve (2004) - 0-7, ( 7,188 ) Dividend declared (2004) ( 17,050 ) ( 17,050 ) Directors remuneration paid (2004) ( 1,600 ) ( 1,600 ) Transfer to income statement on sale of investments ( 6,714 ) ( 1,872 ) ( 8,586 ) Year end fair value adjustments in available for sale securities , ,635 Net profit for the year , ,403 Balance as of December 31, ,250 28, , ,849 1,135,108 Transfer to share capital 28, ( 28,417 ) Transfer to statutory reserve (2005) , ( 10,440 ) Dividend declared (2005) ( 25,575 ) ( 25,575 ) Directors remuneration paid (2005) ( 2,400 ) ( 2,400 ) Transfer to income statement on sale of investments ( 48,633 ) ( 4,632 ) ( 53,265 ) Year end fair value adjustments in available for sale securities ( 263,785 ) ( 263,785 ) Net profit for the year ,297 60,297 Balance as of December 31, ,667 ======== 38,857 ======== 431,174 ======== 266,682 ======= 850,380 ========= THE ACCOMPANYING NOTES FORM PART OF THESE FINANCIAL STATEMENTS - 3 -

7 QATAR GENERAL INSURANCE & REINSURANCE CO. (S.A.Q.) DOHA QATAR STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2006 (Expressed in Qatari Riyals 000) OPERATING ACTIVITIES Net profit 60, ,403 Adjustments:- Depreciation 3,071 3,121 Profit on sale of investments ( 46,784) ( 60,490) Revaluation gain on trading securities 50,567 ( 18,826) Income from investments in associates ( 3,351) ( 4,256) Transfer to income statement on sale of investments ( 4,632) ( 1,872) 59,168 22,080 Changes in Operating Assets and Liabilities Accounts and other receivables ( 41,349) ( 10,258) Reinsurance balances 26,334 3,327 Insurance funds 38,878 27,260 Creditors and other accounts payables ( 1,418) ( 10,239) Net cash generated from operating activities 81,613 32,170 INVESTING ACTIVITIES Purchase of investment securities ( 33,106) ( 189,175) Purchase of shares in associate companies ( 61,575) ( 3,778) Purchase of investment property ( 76,403) ( 61,684) Purchase of property and equipment ( 1,112) ( 1,602) Proceeds from sale of investment securities 69,174 85,332 Net cash used in investing activities ( 103,022) ( 170,907) FINANCING ACTIVITIES Dividends paid ( 25,575) ( 17,050) Directors remuneration paid ( 2,400) ( 1,600) Bank borrowings 55, ,127 Net cash generated from financing activities 27, ,477 Increase/ (decrease) in cash and cash equivalents 6,131 ( 27,260) Cash and cash equivalents at the beginning of the year 51,561 78,821 Cash and cash equivalents at the end of the year 57,692 51,561 THE ACCOMPANYING NOTES FORM PART OF THESE FINANCIAL STATEMENTS - 4 -

8 QATAR GENERAL INSURANCE & REINSURANCE CO. (S.A.Q.) DOHA - QATAR NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECAMBER 31, 2006 (Expressed in Qatari Riyals 000) _ 1. STATUS AND OPERATIONS Qatar General Insurance and Reinsurance Co. (S.A.Q.) was incorporated as a Qatari shareholding company by Emiri Decree No. 52 for The company is engaged in the business of all kind of general insurance and reinsurance. 2. SIGNIFICANT ACCOUNTING POLICIES Basis of preparation The financial statements have been prepared in accordance with International Financial Reporting Standards and the applicable requirements of the Qatar Commercial Companies Law No. 5 of The financial statements are prepared in Qatari Riyals on the historical cost basis, except for investment in securities which are started at their fair value. The following accounting policies have been consistently applied by the company and are consistent with those used in the previous year. Consolidation The financial statements include the assets, liabilities and the result of operations of the company s activities in Qatar and its branch in Dubai United Arab Emirates. Foreign Currency Transactions Transaction in foreign currencies are recorded in Qatari Riyals at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the rate of exchange ruling at the balance sheet date. All exchange differences are taken to the income statements. Nonmonetary assets and liabilities are translated at rates ruling at the date of the transaction. INSURANCE OPERATIONS Gross Premiums Gross premiums in respect of annual policies, are credited at policy inception. In respect of policies with term of more than one year, the premiums are spread over the tenure of the policies on a straight-line basis, the un-expired portion of such premiums being included under Unearned Premium in the balance sheet

9 Unearned Premiums Unearned premiums represent the portion of net retained premiums relating to the unexpired period or coverage. This has been calculated principally on the basis of 40% of net retained premiums during the year for all classes of business. Policyholders Receivables Policyholders receivables are stated at original invoice amount less any impairment losses. Reinsurance In the ordinary course of business, the company assumes and cedes reinsurance. Such reinsurance arrangements provide for greater diversification of business, allow management to control exposure to potential losses arising from large risks, and provide additional capacity for growth. A significant portion of the reinsurance is effected under treaty, facultative and excessof-loss reinsurance contracts. Amounts receivable from reinsurers are estimated in a manner consistent with the claim liability associated with the reinsured parties. Claims Paid Claims settled during the year are charged to the income statement net of reinsurance and other recoveries. Outstanding Claims Provision is made for all outstanding claims, including claims incurred but not reported (IBNR). The provision for outstanding claims is based on estimates of the loss which will eventually be payable on each unpaid claim, established by management in the light of available information and on past experience and modified for changes in current conditions, increase exposure, rising claims cost and the severity and frequency of recent claims as appropriate. The IBNR provision is based on statistical information related to actual past experience of claims incurred but not reported. The IBNR provision also includes a further amount, subject to annual review by the management, to meet certain contingencies such as: a) Unexpected and unfavorable court judgments which may require a higher payout than original estimated. b) Settlement of claims, which may take longer than excepted, results in actual payouts being higher than estimated. General insurance provisions are not discounted for time value of money. Any difference between the provisions at the balance sheet date and settlements and provision in the following year is included in the income statement for the year. Liability adequacy test At each balance sheet date, liability adequacy tests are performed to ensure the adequacy of the insurance liabilities. In performing these tests, current best estimates of future cash flows and claims handling and administration expenses are used. Any deficiency is immediately charged to the income statements

10 Commissions Earned Commissions are recognized as income in the period in which these are earned. Commissions Paid Commissions paid are accounted for, at the time policies are written. INVESTMENTS - Classification Trading investments are financial assets that are held for resale with the intent of generating a profit from short-term fluctuations in price. These constitute quoted and unquoted equity instruments and investments in managed funds. Available for sale (AFS) investments are financial assets that are not held for trading purposes or held to maturity. These constitute quoted and unquoted equity instruments and investments in managed funds. - Recognition Trading and AFS investments are initially recorded at cost, including transaction costs. - Subsequent measurements Trading investments are stated at their fair value, with any resultant gain or loss transferred to the income statement. AFS investments are stated at their fair value, with any resultant gain or loss transferred to an investments fair value reserve. In the event of sale or impairment, the cumulative gains or losses recognized in shareholders' equity are included in the net profit or loss for the year. Bonds are classified as available for sale investments because the company does not have the intent to hold them till maturity date. Furthermore, some bonds are subject to call options. Purchase and sale of Trading and AFS investments are accounted for, on the trade date. Investments in Associates Companies Associate companies are those entities in which the company has significant influence but not control over the financial and operating policies.the financial statements include the Company's share of total recognized gains and losses of associates on an equity accounted basis, from the date that significant influence commences until the date that significant influence ceases. Investment In property Investments in property are measured by applying the cost value model and are stated at cost of acquisition less depreciation and impairment losses. These are depreciated using the straight -line method over their estimated useful lives of 20 years. Investments fair value reserve Investments fair value reserve represents the unrealized gains or losses on the year-end valuation of AFS investments. In the event of sale or impairment, the cumulative gains or losses recognized under investments fair value reserve are included in the income statement for the year.

11 - 7 - Investment income Interest, rent and dividend income are recognized on an accrual basis. Gains and losses arising from changes in the fair value of held for trading investments are included in the income statement in the period in which they arise. When available for sale investments are disposed of, the related fair value adjustments are included in the income statement. Investment income arising from general business investment assets are allocated to the underwriting results of the general insurance businesses based on the proportion of their respective insurance funds to shareholders' funds during the financial year. Insurance funds comprise of technical reserves, policyholder payables, insurance and reinsurance companies payables and other insurance payables less policyholder receivables and insurance and reinsurance companies receivables. Shareholders' funds comprise of total shareholders' equity. Financial instruments Financial instruments comprise cash and cash equivalents, due to banks, investments, receivables, outstanding claims, payables and certain other assets and liabilities. Fair values of financial instruments are based on quoted prices for marketable instruments, or estimated fair values, calculated using methods such as net present values of future cash flows. Off-balance sheet items These are items resulting from the company being a party to an option contract involving selling of put options and covered call options, where they do not constitute actual assets or liabilities at the balance sheet date. Property and equipment Property and equipment are stated at cost less accumulated depreciation and impairment losses. Subsequent expenditure Expenditure subsequent to initial recognition is capitalized only when it increases future economic benefits embodied in the item of property and equipment. All other expenditures are recognized in the income statement as an expense when incurred. Depreciation Depreciation is provided on cost by the straight-line method and is charged to the income statement, at annual rates which are intended to write off the cost of the assets over their estimated useful lives as follows: Buildings Furniture, fixtures and computers Motor vehicles 20 years 4 years 4 years Employee Benefits End of service benefits The Company provides for end of service benefits determined in accordance with the Qatar and UAE labour laws for expatriate employees at the Head-office and the branch respectively, based on expatriate employees' salaries at the time of leaving and number of years of service. Although the expected costs of these benefits are accrued over the period of employment, these are paid to employees only on completion of their term of employment with the Company

12 Defined Contribution Plans The company makes contribution to the government pension fund calculated as a percentage of the Qatari employees' salaries in accordance with the requirements of Law NO.24 of 2002 pertaining to Retirement and Pensions Obligations for contributions to government pension plans are recognized as an expense in the statement of income as incurred. Impairment The carrying amount of the Company's assets are reviewed at each balance sheet date to determine whether there is any indication of impairment. If any such indication exists, the recoverable amount of the assets is estimated. An impairment loss is recognized whenever the carrying amount of an asset exceeds its recoverable amount. All impairment losses are recognized in the income statement. Cash and Cash Equivalents Cash and cash equivalents comprise cash in hand and at bank and short-term deposits. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value. Dividends and Directors Remuneration Dividends and directors' remuneration are recognized as a liability in the period when they are declared

13 3. Cash and Cash Equivalents Cash and bank balances 11,559 10,795 Time deposits maturing within three months 46,133 40,766 57,692 51, Statutory Deposit Statutory deposits are maintained under the provisions of the UAE Federal law relating to insurance companies and agents. Such deposits cannot be withdrawn except with the prior approval of the Ministry of Commerce. 5. Investment in Securities Trading Investments Quoted equities 70, ,978 Managed funds 4,356 1,729 75,317 ======== 132,707 ======== Available for Sales Investments Quoted equities 661, ,141 Bonds 30,446 13, Investment in Associate Companies 691, ,766 Owner ship % Equity Method United Insurance Bureau 25.0% International Financial Securities* 12.0% 2,997 3,283 Gulf Petroleum 20.0% Trust Insurance Algeria 22.5% 13,356 4,306 Trust Investment Algeria 20.0% 12,993 5,211 Trust Bank Algeria* 3.7% 6,776 6,475 Trust Syria Insurance 32.0% 19, Trust Libya Insurance* 15.0% 1, ,079 20,689 Cost Method Gulf Assist 8.00% Fair Oil & Energy Syndicate 2.85% Gulf Union Co. for Cooperative Insurance 3.35% 4,211 4,211 Wataniya Restaurant 3.00% 3, Lebanese Canadian Bank 3.00% 24, ,704 5,168 90,783 25,857 *The company has accounted for these investments under equity method, though the ownership percentages are less than 20%, as it has representatives in the board of directors of these associate companies

14 7. Investment in Property Land Buildings Buildings Under Construction Total Cost Balance as of January 1, ,347 40,914 11, ,293 Additions 47,538 1,000 27,865 76,403 Balance as of December 31, ,885 41,914 38, ,696 Depreciation Balance as of January 1, , ,651 Charge for the year - 0-1, ,427 Balance as of December 31, , ,078 Net book value as of December 31, ,885 ======= 5,836 ======= 38,897 ======== 215,618 ======== Net book value as of December 31, ,347 ======= 6,263 ======= 11,032 ======== 140,642 ======== The fair value of investment property was determined by external appraiser is QR 1,071,924 thousand as at 31 December 2006 (2005: QR 761,755 thousand). 8. Receivables from Policyholders Gross receivables 141, ,892 Less: provision for impairment ( 34,131) ( 33,013) 107,204 72, Other Receivables Staff loans 6,083 1,907 Accrued dividend and rental income 6,674 4,982 Prepayments and others 10,428 9,713 23,185 16,602 Less: provision for impairment ( 3,970) ( 4,411) ,215 12,191

15 10. Property and Equipment Cost Furniture & Motor Land Buildings Fixtures Computers Vehicles Total Balance as of January 1, ,548 21,166 6,867 4, ,813 Additions ,112 Balance as of December 31,2006 7,548 21,392 7,314 5, ,925 Depreciation Balance as of January 1, ,055 6,248 3, ,455 Charge for the year - 0-1, ,644 Balance as of December 31, ,094 6,553 3, ,099 Net book value as of December 31, ,548 9, , ,826 ======= ======= ======= ======= Net book value as of December 31, ,548 10, , ,358 ======= ======= ======= =======

16 11. Due to Banks Bank overdrafts 90,722 80,127 Loans 94,920 50, , ,127 Bank overdrafts represent two credit facilities with a limit of QR 50 million each for a period of one year starting from 27 January 2006 and 5 November These facilities are renewable automatically unless otherwise notified by either party. Loan represents a short term facility of QR 100 million and QR 18 million on each out of which QR 84 million and QR 11 million were utilized. These loan facilities are renewable automatically on yearly basis unless otherwise notified by the either party. The company pledged part of its investment portfolio to secure the above facilities. As of 31 December 2006, the effective interest rate of the overdraft facilities is 7%. The effective interest rate of the loan facility is 6.8%. 12. Movements in Insurance Liabilities and Related Reinsurance Assets Gross Reinsurance Net Gross Reinsurance Net As of January 1, Reported claims 94,470 ( 53,277) 41,193 81,604 ( 49,989) 31,615 IBNR 47,256 ( 37,756) 9,500 47,256 ( 37,756) 9,500 Total 141,726 ( 91,033) 50, ,860 ( 87,745) 41,415 Reported claims 3,576 9,240 12,816 12,866 ( 3,288) 9,578 Movement during the year 3,576 9,240 12,816 12,866 ( 3,288) 9,578 As of December 31, Reported claims 98,046 ( 44,037) 54,009 94,470 ( 53,277) 41,193 IBNR 47,256 ( 37,756) 9,500 47,256 ( 37,756) 9,500 Total 145,302 ( 81,793) 63, ,726 ( 91,033) 50,693 ======= ======= ======= ======= ======= ======= 13. Unearned Premiums As of January 1 44,962 27,280 Increases during the year 71,024 44,962 Release during the year ( 44,962) ( 27,280) As of December 31, 71,024 44,

17 14. Provision for Employees Leaving Indemnities Expatriate employees are entitled to leaving indemnities payable under the Qatari Labour Law and the UAE Labour Law (for the Dubai branch), based on length of service and final remuneration. The liability, which is unfunded, is provided for on the basis of the notional cost had all employees left at the balance sheet date. As of January 1, 13,959 12,730 Charge for the year 4,244 1,232 Paid during the year ( 3,587) ( 3) As of December 31, 14,616 13, Share Capital Authorized, issued any fully paid up share capital (11,366,700 shares of QR 10 each) As of December 31, 113,667 85, Statutory Reserve The Qatar Commercial Companies Law NO.5 of 2002 requires that 10% of the net profit for each year should be appropriated to a Statutory Reserve until the balance therein equals to 50% of the paid up capital. The balance under this reserve is not available for distribution, except in the circumstances specified in the above law. 17. Retained Premiums and Earned Premiums Gross Reinsurance Net Gross Reinsurance Net Written premiums 602,729 ( 423,290) 179, ,565 ( 237,173) 113,392 Unearned premiums adjustments ( 67,910) 41,848 ( 26,062) ( 27,418) 9,736 ( 17,682) 534,819 ( 381,442) 153, ,147 ( 227,437) 95,710 ======= ======= ======= ======= ======= =======

18 18. Net Claims Incurred Gross Reinsurance Net Gross Reinsurance Net Claims Settled ( 148,120) 59,642 ( 88,478) ( 90,212) 30,513 ( 59,699) Outstanding claims adjustments ( 3,576) ( 9,240) ( 12,816) ( 12,866) 3,288 ( 9,578) ( 151,696) 50,402 (101,294) ( 103,078) 33,801 ( 69,277) ======= ======= ======= ======= ======= ======= 19. Investment Income Rent 7,480 5,037 Profit on sale of investments 54,684 62,363 Dividend income 17,480 15,478 Year end fair value adjustments - trading securities ( 50,567) 18,826 Others 1,608 7,361 30, ,065 Investment income attributable to underwriting ( 895) ( 11,458) 29,790 97, Other Income /(Expenses) Interest income 1,817 1,568 Foreign exchange gain / (loss) 1,617 ( 2,587) Miscellaneous income General and Administrative Expenses 3,594 ( 93) Staff cost 35,922 33,295 Depreciation 3,072 3,121 Finance cost 11,633 6,032 Others 7,770 16,093 58,397 58,541 Transferred to underwriting expenses ( 37,051) ( 36,178) ,346 22,363

19 22. Earnings Per Share Net profit for the year 60, ,403 Number of shares outstanding ( 000) 11,367 8,525 Earnings per QR 10 per share (Qatari Riyals) The earnings per share has been computed on the basis of net profit for the year divided by the number of shares outstanding at 31 December Related Party Transactions These represent transactions with related parties, i.e. shareholders, companies affiliated to the shareholders, directors and senior management of the Company and companies of which they are principal owners. Pricing policies, terms and payment for these transactions are approved by the Company's management. The significant related party transactions during the year were mainly in respect of reinsurance arrangements The related party balances at the end of the year as follows: Reinsurance companies payable ( 12,628) ( 4,624) Other receivables 4,652 6,549 Investment in associate companies 56,889 15,991 In the opinion of management there are no additional significant related party transactions. 24. Profit Appropriations The Board of Directors propose a cash dividend of QR 2 per QR 10 shares from current year profit and bonus shares 20% (i.e.1 share for every 5 shares issued).these and other appropriations mentioned below are subject to the shareholders' approval at the annual general meeting: Statutory reserve 6,030 10,440 Proposed dividend 22,733 25,575 Proposed bonus shares 22,733 28,417 Directors remuneration 1,600 2,400 53,096 66, Departmental Underwriting Results

20 The classification of business for departmental purposes is as follows: General accident : Motor comprehensive and third party and workmen s compensation etc. Fire : Fire, other consequential losses due to fire etc. Marine and war : Marine hull, cargo and war risk etc. Engineering and others : Energy, engineering, machinery break down, contractors all risks etc. General Accident Fire Marine and War Engineering and Others Total 2006 Gross premiums 167,048 17,932 38, , ,729 Reinsurance ceded ( 10,261 ) ( 15,760 ) ( 35,554 ) ( 361,715) ( 423,290 ) Retained premiums 156,787 2,172 2,859 17, ,439 Unearned premium adjustments ( 25,419 ) ( 625 ) ( 260) 242 ( 26,062 ) Net premium earned 131,368 1,547 2,599 17, ,377 Net commission income 1,118 2,501 6,171 21,889 31,679 Other income technical Net claims incurred ( 98,949) 9 ( 408 ) ( 1,946) (101,294 ) Underwriting profit before allocating of underwriting expenses and investment income 33,610 4,072 8,797 37,936 84,415 ==== ===== ========== 2005 Gross premiums 104,142 15,775 22, , ,565 Reinsurance ceded ( 10,905 ) ( 15,164 ) ( 20,046 ) ( 191,058 ) ( 237,173 ) Retained premiums 93, ,201 17, ,392 Unearned premium adjustments ( 12,023 ) 48 ( 303 ) ( 5,404 ) ( 17,682 ) Net premium earned 81, ,898 11,939 95,710 Net commission income 1,330 3,079 4,152 18,486 27,047 Other income technical Net claims incurred ( 66,945 ) ( 704 ) ( 752 ) ( 876 ) ( 69,277 ) Underwriting profit before allocating of underwriting expenses and investment income 15,694 3,076 5,551 29,651 53,972 ==== ===== ========== As the company s activities are performed on an integrated basis, a segmental analysis of assets and liabilities between these segments will not be meaningful

21 26. Concentration of Insurance Risk There are no significant transactions outside the state of Qatar. 27. Financial Instruments and Risk Management Financial instruments consist of financial assets and financial liabilities. Financial assets of the Company include cash and cash equivalents, deposits, investments and receivables. Financial liabilities of the Company include payables to policyholders, insurance and reinsurance companies and other accrued liabilities. The Company uses" covered call Option". Accounting policies for financial assets and liabilities are set out in note 2. The risks involved with financial instruments and the Company's approach to managing such risks are discussed below: Reinsurance risk In common with other insurance companies, in order to minimise financial exposure arising from large claims, the Company, in the normal course of business, enters into agreements with other parties for reinsurance purposes. To minimise its exposure to significant losses from reinsurer insolvencies, the Company evaluates the financial condition of its reinsurers and monitors concentrations of credit risk arising from similar geographic regions, activities or economic characteristics of the reinsurers. Reinsurance ceded contracts do not relieve the Company from its obligations to policyholders and as a result, the Company remains liable for the portion of outstanding claims reinsured to the extent that the reinsurer fails to meet the obligations under the reinsurance agreements. Around 90% of the reinsurance exposure of the Company is concentrated in Europe. Currency risk Currency risk is the risk that the value of a financial instrument will fluctuate due to changes in foreign exchange rates. The Qatari Riyal is effectively pegged to the United States dollar and thus currency risk occurs only in respect of currencies other than the United States Dollar. The Company does not have significant exposures in other currencies. Interest rate risk Interest rate risk is the risk that the value of a financial instrument will fluctuate due to changes in market interest rates. The Company has time deposits that are subject to interest rate risk. Interest rate risk to the Company is the risk of changes in market interest rates reducing the overall return on its interest bearing time deposits. The Company limits interest rate risk by monitoring changes in interest rates in the currencies in which its time deposits are denominated

22 Details of maturities of the major classes of assets as of 31, December are follows: 2006 Less than 6 More than 6 months months Total Cash and bank balances 11, ,623 Time deposits 46, ,069 Investments in securities 75, , , ,009 ======= 782,670 ======= 915,679 ======= 2005 Cash and bank balances 10, ,795 Time deposits 40, ,766 Investments in securities 132,707 1,012,623 1,145, ,268 ======= 1,012,623 ======= 1,196,891 ======= The effective interest rate of the time deposits, which are principally denominated in US Dollars 3.7 % (2005: 2.25% to 2.75%) Market Risk Market risk is the risk that the value of a financial instrument will fluctuate as a result of changes in market prices, whether those changes are caused by factors specific to the individual security, or its issuer, or factors affecting all securities traded in the market. The Company is exposed to market risk with respect to its investments in equities and managed funds. The Company limits market risk by maintaining a diversified portfolio and by continuous monitoring of developments in the equity markets. In addition, the Company actively monitors the key factors that affect stock market movements, including analysis of the operational and financial performance of investees. Geographical concentration of investments in securities: Qatar 712,583 1,070,615 Other GCC 31,256 43,369 Middle East 43, North Africa 34,356 15,992 North America 35,974 15, ,987 1,145,

23 Credit Risk Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The Company adopts policies and procedures in order to maintain credit risk exposures within limits. These limits have been set on the basis of the types of exposures and the credit rating of the counter party and hence the Company is of the opinion that no credit loss will occur. Substantially all of the Company's underwriting activities are carried out in the State of Qatar. Substantially all of the Company's cash and bank balances, time deposits and investments are placed with institutions in the State of Qatar. Credit risk on premiums receivable is limited to policyholders in Qatar and the United Arab Emirates. Credit risk on insurance balances receivable is substantially on major reinsurance companies located in London. For all classes of financial instruments held by the Company, other than those relating to reinsurance contracts as described above and investments which are carried at fair value, the maximum credit risk exposure to the Company is the carrying value as disclosed in the financial statements at the balance sheet date. Liquidity risk Liquidity risk is the risk that an enterprise will encounter difficulty in raising funds to meet commitments associated with financial liabilities. Liquidity requirements are monitored on a regular basis and management ensures that sufficient funds are available to meet any commitments as they arise. Fair values Fair value is the amount for which an asset could be exchanged or a liability settled between knowledgeable, willing parties in an arm's length transaction. Underlying the definition of fair value is a presumption that an enterprise is a going concern without any intention or need to liquidate, curtail materially the scale of its operations or undertake a transaction on adverse terms. The fair value of financial assets and liabilities, apart from land and buildings, are not materially different from their carrying values at the balance sheet date. 28. Contingent Liabilities Letters of guarantee 6,438 6,

24 29. Off Balance Sheet Items Covered call options 1,583 7, Comparative Information Certain corresponding figures for 2005 have been reclassified where necessary to preserve comparability with the current year presentation. Such reclassifications have no effect on the net profit or shareholders' equity for the last year

25

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