We would like to inform that as agreed in the meetings between the Ministerial Committee and representatives of the Board of Directors  of the Corporation, ending with the last meeting held on 8/3/2015, the Ministry of Finance, vide the letter of the Undersecretary of the Ministry ref : FUO/2/2/73291/10016 dated 18/8/2015 issued based  on the resolution issued by the   Financial Affairs and Energy Resources Council on 21/6/2015, has  approved the Voluntary End of Service Payment Schemefor all the Omani staff in the Corporation, wherein a comprehensive compensation of one month basic salary will be paid for every year of past service of the Omani employee. The Ministry of Finance has also agreed to share the total cost of the Schemeequally with the Corporation (i.e. 50% each).

Accordingly, the Corporation is taking all actions towards implementation of the Scheme. It is worthmentioning that the maximum share of the total cost to the Corporation will be in the amount of RO 2,076,165.500 in case all Omani employees opt to take the Scheme. However,   the actual cost of the Schemewill depend upon the number of staff who will opt for the Voluntary End of Service Schemeand submit their resignation. The cost of this Scheme, which will be accounted by the Corporation during the year ended31 December 2015, will be disclosed after concluding implementation of the Schemewhich will determine   the number of Omani Staff who opt for the Scheme.

Based on the assurance given by the Ministerial Committee in theirmeetings with the representatives of the Board of Directors of the Corporation referred above, the Board of Directors hereby also notifies that the Corporation will continue with its existing operations and activities in Port Sultan Qaboos and at the sametimeis pursuing projectsrelated to tourism port, dry port and Port of Khasab in coordination with the concerned authorities.

Saud Bin Ahmed Al Navarre

Chief Executive Officer

Secretary of the Board of Directors