United Development Company (UDC) has received a letter from QNB, representative of the strategic shareholder, elucidating that the said shareholder stipulates his joining before the Annual General Meeting that will distribute the bonus shares to the current shareholders, and that the said shareholder has decided to withdraw if his stipulation was not met. The strategic shareholder based his decision on the argument that the offer was made on basis of some factors at the then.

UDC answered the letter indicating that this new stipulation, made after the acceptance of the Strategic Shareholder's offer and its disclosure at the Qatar Exchange, is strange and surprising. UDC stressed that the factors, after the distribution of the bonus shares and the joining of the Strategic Shareholder, clearly indicate a better position.

This is to inform you that the Strategic Shareholder has decided to withdraw his offer of joining as Strategic Shareholder.

And the Company Board of Directors has resolved that the Agenda of Extraordinary meeting which will be held on 28 February 2012 shall be amended to be as follows:

Extraordinary General Meeting Agenda

Recommending to the Extraordinary General Assembly to distribute 64,350,000 shares as bonus shares at the rate of 4 shares for each ten shares (%40 of the capital) and thus increase the capital of the Company QR.   2,252,250,000 and amend the Memorandum and Articles of Association accordingly.

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