CITI ISLAMIC INVESTMENT BANK EC INTERIM FINANCIAL INFORMATION. 31 March 2009

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1 CITI ISLAMIC INVESTMENT BANK EC INTERIM FINANCIAL INFORMATION Commercial registration : (registered with Central Bank of Bahrain as an Islamic wholesale investment bank). Ultimate holding company : Citigroup Inc., USA Offices : Citibank House Al Seef District PO Box 548, Manama, Kingdom of Bahrain Telephone , Fax Directors : Mohammed Al-Shroogi (Chairman) Atiq-Ur Rehman Khalid Qurashi Javed Kureishi Muwaffik Bibi Managing Director : Mayank Malik (Citi Country Officer, Citibank N.A.) Chief Executive Officer : Samad Sirohey (Citi - Islamic Business) Auditors : KPMG Fakhro

2 Citi Islamic Investment Bank EC INTERIM FINANCIAL INFORMATION for the three month period ended CONTENTS Page Independent auditors report on review of the interim financial information 1 Interim financial information Condensed statement of financial position 2 Condensed income statement 3 Condensed statement of comprehensive income 4 Condensed statement of changes in equity 5 Condensed statement of cash flows 6 Condensed statement of changes in restricted investment accounts 7 Notes to the interim financial information 8

3 1 Independent auditors report on review of the interim financial information The Board of Directors Citi Islamic Investment Bank EC Al Seef District Kingdom of Bahrain 20 May Introduction We have reviewed the accompanying condensed statement of financial position of Citi Islamic Investment Bank EC (the Bank ) as at, and the related condensed statements of income, comprehensive income, changes in equity, cash flows and changes in restricted investment accounts for the three month period then ended (the interim financial information ). The Board of Directors of the Bank is responsible for the preparation and presentation of this interim financial information in accordance with International Financial Reporting Standard IAS 34 - Interim Financial Reporting. Our responsibility is to express a conclusion on this interim financial information based on our review. Scope of Review We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial information is not prepared, in all material respects, in accordance with IAS 34 - Interim Financial Reporting.

4 Citi Islamic Investment Bank EC 2 CONDENSED STATEMENT OF FINANCIAL POSITION as at 31 December ASSETS (Reviewed) (Audited) Cash and bank balances Murabaha receivables 27,485 27,447 Fixed and other assets Total assets 27,596 27,714 LIABILITIES AND EQUITY Payables and other accrued expenses Total liabilities Equity Share capital 10,000 10,000 Retained earnings 15,719 15,807 Statutory reserve 1,756 1,756 Total equity (page 5) 27,475 27,563 Total liabilities and equity 27,596 27,714 Restricted investment accounts (page 7) 99,871 17,069 The interim financial information, which consists of pages 2 to 8 was approved by the Board of Directors on 20 May and signed on their behalf by: Mohammed Al-Shroogi Chairman Mayank Malik Managing Director

5 Citi Islamic Investment Bank EC 3 CONDENSED INCOME STATEMENT for the three month period ended (Reviewed) (Reviewed) INCOME Income from murabaha contracts Income from restricted investment accounts Income from advisory services Total income 177 1,178 EXPENSES Staff costs Other expenses Total expenses (Loss)/ profit for the period (88) 908 The interim financial information, which consists of pages 2 to 8 was approved by the Board of Directors on 20 May and signed on their behalf by: Mohammed Al-Shroogi Chairman Mayank Malik Managing Director

6 Citi Islamic Investment Bank EC 4 CONDENSED STATEMENT OF COMPREHENSIVE INCOME for the three month period ended (Reviewed) (Reviewed) (Loss)/ profit for the period (88) 908 Other comprehensive income for the period - - Total comprehensive income for the period (88) 908 The interim financial information consist of pages 2 to 8.

7 Citi Islamic Investment Bank EC 5 CONDENSED STATEMENT OF CHANGES IN EQUITY for the three month period ended (Reviewed) Share capital Retained earnings Statutory reserve Total As at 1 January 10,000 15,807 1,756 27,563 Total comprehensive income for the period - (88) - (88) As at 10,000 15,719 1,756 27,475 (Reviewed) Share Capital Retained earnings Statutory reserve Total As at 1 January 10,000 14,404 1,600 26,004 Total comprehensive income for the period As at 10,000 15,312 1,600 26,912 The interim financial information consist of pages 2 to 8.

8 Citi Islamic Investment Bank EC 6 CONDENSED STATEMENT OF CASH FLOWS for the three month period ended (Reviewed) (Reviewed) OPERATING ACTIVITIES Receipt of advisory income Receipts of income from murabaha contracts Receipts of income from restricted investment accounts Payment to employees and suppliers (272) (229) Management fees paid (25) (32) Cash flows (utilised in)/ from operating activities (118) 932 Net (decrease)/ increase in cash and cash equivalents (118) 932 Cash and cash equivalents at 1 January 27,683 26,096 Cash and cash equivalents at 27,565 27,028 Cash and cash equivalents comprise: Cash and bank balances Murabaha receivables 80 27, ,822 Cash and cash equivalents at 27,565 27,028 The interim financial information consist of pages 2 to 8.

9 Citi Islamic Investment Bank EC 7 CONDENSED STATEMENT OF CHANGES IN RESTRICTED INVESTMENT ACCOUNTS for the three month period ended Deposit Murabaha As at 1 January 17, ,024 Net deposits/ (withdrawals) 82,562 (264,424) Gross income 271 3,788 Bank s income as an agent (31) (118) As at 99, ,270 The Bank acts as an agent and invests the funds only in Commodity Murabaha transactions on behalf of its customers. The interim financial information consist of pages 2 to 8.

10 Citi Islamic Investment Bank EC 8 NOTES TO THE INTERIM FINANCIAL INFORMATION for the three month period ended 1 The interim financial information has been prepared in summarised form in accordance with International Accounting Standard 34, Interim Financial Reporting. The interim financial information do not include all of the information required for full annual financial statements and should be read in conjunction with the audited financial statements of the Bank for the year ended 31 December. 2 The interim financial information is not audited but has been reviewed by KPMG. The corresponding figures for the statement of financial position have been extracted from the audited financial statements for the year ended 31 December and the corresponding figures for the statements of income, comprehensive income, changes in equity, cash flows and changes in restricted investment accounts have been extracted from the reviewed interim financial information for the three month period ended. 3 During the period, the Bank adopted Revised IAS 1 Presentation of Financial Statements on the required application date of 1 January. Revised IAS 1 introduces the term total comprehensive income, which represents changes in equity during a period other than those changes resulting from transactions with owners in their capacity as owners. Total comprehensive income may be presented in either 1) a single statement of comprehensive income (effectively combining both the income statement and all non-owner changes in equity in a single statement), or 2) in an income statement and a separate statement of comprehensive income. The Bank has opted to present the total comprehensive income in 2 separate statements an income statement and a separate statement of comprehensive income. The adoption of revised IAS 1 impacted the type and amount of disclosures made in the interim financial information, but had no impact on the reported profits or the financial position of the Bank. In accordance with the transitional requirements of the standard, the Bank has provided full comparative information. There were no other changes to the accounting policies and risk management framework as set out in the financial statements for the year ended 31 December. 4 Due to the effect of cyclical variations the results reported in the interim financial information may not represent a proportionate share of the overall annual results. 5 Appropriations of profits if any, are made only at the year end. 6 RELATED PARTY TRANASCTIONS As at As at 31 December Murabaha receivables 27,485 27,447 Cash and bank balances Three month period ended Income from murabaha contracts Head office charges Management fees Sharia board expenses

CITI ISLAMIC INVESTMENT BANK EC 30 JUNE 2013 CONDENSED INTERIM FINANCIAL INFORMATION

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