The Borad of Directors of United Power Company SAOG is pleased to advise the Muscat Securities Market and the investors' community that it has resolved the following in its meeting held on 14 July 2015:

First:

1-       Approval of the Unaudited Financial Statements and the Directors’ Report for the period ended 30 June 2015. The Unaudited Financial Statements are available at the Muscat Securities Market and the Company’s website at www.upcmanah.com.

Second:

2- After reviewing the Articles of Association of the Company and based on the Extraordinary General Meeting dated 22 March 2015 to reduce the Company’s issued capital from OMR Five million  (5,000,000)  to OMR Two million (2,000,000) and to reduce the legal reserve accordingly to the third of the Company’s issued capital after the last capital reduction, and upon completing the legal procedures outlined in the Explanatory Notes attached to the EGM invitation, it is hereby decided:

2.1 The Board of Directors will distribute the amounts resulting from the capital reduction to the Shareholders registered with Muscat Clearing and Depository Company at the end of trading day on 2 August 2015 (OMR 1 for each share reduced)

2.2 The Board of Directors hereby approves to transfer the excess funds resulting from reducing the legal reserve to the retained earnings account.

2.3 The Board of Directors will distribute the excess funds resulting from reducing the legal reserve to the Shareholders registered with Muscat Clearing and Depository Company at the end of trading day on 9 September 2015 at a rate of 50% of the nominal value (500 Bzs per share).