EGM Statement

6th February, 2011.

BankMuscat Extraordinary General Meeting Resolutions

The following resolutions were passed in the Extraordinary General Meeting held on Sunday, February 6 2011.

1. The shareholders approved the setting up of a US$ 800 million Euro Medium Term Note ("EMTN") program to issue negotiable bonds in the international markets through public subscription or private placement. The bond issues made pursuant to the EMTN program would be of different currencies, in different amounts on different dates and varying terms of subscription. The total amount of bonds outstanding, as part of the program shall not exceed $800m.

2. The shareholders authorized the Board of Directors of the Bank, or such person or persons as delegated from time to time, by the Board of Directors to determine the amount, date and terms of subscription of each issue, provided that the total negotiable bonds offered shall not exceed US$ 800 Million. Each issue of bonds would be available for subscription on obtaining the required approvals of the regulatory authorities.