The Company applies all the provisions contained in the Corporate Governance Regulations issued by the Capital Market Authority (“CMA”), except the guiding provision quoted below:

Article No.	Article provision	Reasons
Article 54 – clause (B)	The Chairman of the Audit Committee shall be an Independent Director.	The formation of the Audit Committee, which includes more than two Independent Directors, achieves the independence required by the Corporate Governance Regulations in a way that carries out the Committee’s duties.
Article 95	If the Board forms a Corporate Governance Committee, it shall assign to it the competences stipulated in Article (94) of these Regulations. Such Committee shall oversee any matters relating to the implementation of governance, and shall provide the Board with its reports and recommendations at least annually.	Referring to Article 50 clause (1) which stipulates that “the Board shall form specialized committees as follows; (1) as may be needed depending on the Company’s circumstances in order to enable it to effectively perform its duties”. The Board of Directors does not see a need to form such specialized committees, since the Board and all its committees are performing their duties in a manner that reflects corporate governance principles and in accordance to the provisions of the Governance Manual.