To: All Licensed Banks

Subject: Non-Exercise of Voting Rights in Respect of the Equity Holdings Held in Fiduciary Capacity or While Transacting Business in Terms of the Specific Licences Such as Investment Banking Licence

1. In pursuance of the provisions of Article 10 of Oman Regulation No. BM/REG/38/04/1994 covering the investment banking activities in the Sultanate of Oman, banks are advised that they shall not exercise Voting Rights of whatsoever nature in respect of the equity holdings of a commercial bank and or its associated parties held by them on behalf of their clients, even when such Voting Rights are conferred on them by means of proxy or otherwise, in the process of transacting investment banking business licensed to be undertaken in terms of the Regulation referred to above. For the purposes of this Circular “a commercial bank and its associated parties” would mean and include as detailed herein below: