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National Centrai Cooling Co.

26 January 2014

Ref.:TB/SH/SWH/623/01-14/SWH

H.E. Ibrahim Al Zaabi
Deputy CEO, Legai Affairs, lssuance & Research
Securities & Commodities Authority
Abu Dhabi - UAE
Mr. Hassan Abdulrahman Alserkal
Executive Vice President
Chief Operations Officer (COO)

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Dubai Financial Market
Dubai- UAE

Subject: Results of the Board Meeting of the National Centrai Cooling Company CPJSC) held on 23 January 2014

Greetings,
With reference to Artide 36/7 and 36/11 of the Disclosure and Transparency Regulations number 3 of 2000 (as amended), we would like to inform you that the Board of Directors of the National Centrai Cooling Company (PJSC) (Tabreed) convened a meeting on 23 January
2014, at 10:00 am and resolved as follows: Approvai of Annual Accounts
1. Approved the Audited Accounts of the
Company for the period ended 31

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2. Approved the release of the Accounts and the press release to the Securities and Commodities Authority and the Dubai Financial Market.
Annual Generai Assembly (AGA} Meeting
Approved to convene the Annua! Generai Assembly meeting of the shareholders of Tabreed on Tuesday 18 March 2014.
Should the first AGA fail to reach a quorum, a second AGA will be convened on Monday 24
March 2014.

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P_ Q _Box 29478, Abu Dhabi, UAE Tel: +971 2 6455007

Fax: +971 2 6455008 www _ labreed . ae

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Dividend Recommendation

Approved to recommend to the shareholders of

Tabreed at the upcoming Annual Generai

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National Centrai Cooling Co.

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Assembly meeting the distribution to

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shareholders of cash dividends of 5 fils per share

or 5% of Tabreed's capitai in respect of the fiscal

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year ending 31 December 2013.

Mandatory Convertible Bonds

The Board noted that if shareholders approve the Board's recommendation to pay cash dividends, ali common shareholders will receive a cash dividend of 5 fils per share and under the terms of the existing mandatory convertible bonds (MCBs) issued by Tabreed to MDC lndustry Holding Company LLC (MDCI) in Aprii 2011, December

2012 and May 2013, this cash dividend would trigger an equivalent 5 fils per share payment to MDCI.

The Board further noted that pursuant to an agreement made between Tabreed and MDCI in December 2012, MDCI waived its rights to receive such cash dividends on its MCBs in respect of the financial year ended 31 December

2013 in return for an adjustment to the redemption amount of the non-coupon bearing mandatory convertible bond issued by the Company in May 2013. Any such adjustment to the redemption amount shall be made in accordance with the applicable terms and conditions of the bond.

Other matters

The Board also considered other administrative matters.

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