ANNUAL REPORT 2016

FINANCIAL STATEMENTS

1.0 RESOLUTIONS PROPOSED BY THE BOARD OF DIRECTORS TO THE ANNUAL GENERAL ASSEMBLY

EXCERPTS OF RESOLUTIONS PROPOSED TO THE ANNUAL GENERAL ASSEMBLY OF SHAREHOLDERS OF 10 APRIL 2017

Proposal No. 1

The Ordinary General Assembly of shareholders of the Bank is invited to approve the Bank’s accounts, in particular the balance sheet and the Profit and Loss Statement as at and for the year ended on 31 December 2016, and to grant full discharge to the Chairman and members of the Board of Directors in respect of their management of the Bank’s activities during the year 2016.

Proposal No. 2

The Ordinary General Assembly of shareholders of the Bank is invited to appropriate the 2016 profits in accordance with the proposal of the Board of Directors, encompassing distributions to holders of preferred shares and dividends to holders of common shares as follows:
  • To holders of 1,500,000 series “F” preferred shares on the basis of USD 6.00 per share at the exchange rate of LBP 1,507.50 per USD;
  • To holders of 1,500,000 series “G” preferred shares on the basis of USD 6.00 per share at the exchange rate of LBP 1,507.50 per USD;
  • To holders of 750,000 series “H” preferred shares on the basis of USD 6.50 per share at the exchange rate of LBP 1,507.50 per USD;
  • To holders of 2,500,000 series “I” preferred shares on the basis of USD 3.00 per share at the exchange rate of LBP 1,507.50 per USD;
  • To holders of 399,749,204 common shares on the basis of LBP 753.75 per common share.

Proposal No. 3

In line with the aforementioned proposed resolutions, the Ordinary General Assembly of shareholders of the Bank is invited to announce distributions and dividends subject to the withholding of distribution tax, and is invited to resolve that all distributions and dividends will be paid starting 18 April 2017, to the holders of shares on record as at 13 April 2017 (“Record Date”) as per the records of Midclear sal.