Profit before taxation 10,363 1,729 26,399 20,878 27,218. Taxation (2,146) (93) (6,124) (4,843) (9,816)

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1 Profit and Loss Account 30 September 2006 AUDITED For the Quarter Ending For the Six Months Ending Year Ended 30Sep 30Sep 30Sep 30Sep 31Mar $000 $000 $000 $000 $000 Revenue 175, , , , ,433 Direct Expenses (73,412) (63,309) (143,427) (127,773) (253,611) Gross Profit 102,314 86, , , ,822 Other operating income 1,908 1,104 3,065 2,735 5,823 Administration expenses (39,073) (37,826) (78,003) (76,714) (170,922) Other operating expenses (57,315) (51,048) (113,910) (101,206) (223,107) Operating profit 7,834 (1,621) 22,244 14,358 16,616 Interest Income 4,015 4,200 7,408 8,440 15,861 Interest Expense (1,486) (850) (3,253) (1,920) (5,259) Profit before taxation 10,363 1,729 26,399 20,878 27,218 Taxation (2,146) (93) (6,124) (4,843) (9,816) NET PROFIT/(LOSS) 8,217 1,636 20,275 16,035 17,402 PROFIT PER STOCK UNIT 06.83cents 01.36cents cents cents cents

2 Balance Sheet on 30 September 2006 UNAUDITED UNAUDITED AUDITED Sep06 Sep05 Mar06 $'000 $'000 $'000 NET ASSET EMPLOYED Fixed Assets 3,187,745 2,922,765 3,215,550 Investments 90,000 Current Assets Inventories 25,912 27,009 25,903 Accounts receivable 50,503 36,985 73,157 Investments 135,817 10,000 74,256 Taxation recoverable 0 12,367 0 Cash and short term deposits 13,188 3,294 52, ,420 89, ,180 Current Liabilities Bank overdraft Accounts payable 44,798 24,017 76,962 Taxation payable 12,518 27,284 16,811 Current portion of long term liability 9,960 20,067 16,500 67,276 71, ,273 Net Current Assets 158,144 18, ,907 3,345,889 3,031,052 3,331,457 FINANCED BY Share Capital 120, , ,166 Capital Reserves 2,359,308 2,126,872 2,359,308 Replacement Reserve 4,561 (5,276) Accumulated Surplus 43,097 33,472 22,822 2,527,132 2,275,234 2,502,296 Deferred Tax Liabilities 791, , ,200 Long Term Liability 27,557 1,602 37,961 3,345,889 3,031,104 3,331,457

3 PEGASUS HOTELS OF JAMAICA LTD STATEMENT OF CASH FLOWS PERIOD ENDED SEPTEMBER /9/06 31/3/06 $000 $000 CASH RESOURCES WERE (USED IN)/ PROVIDED BY: Operating Activities Net Profit 20,275 17,402 Items not affecting cash Depreciation 31,452 53,754 Gain on disposal of fixed assets (325) Exchange gain on foreign balances (1,616) Interest income (7,408) (15,861) Interest expense 3,253 5,259 Taxation expense 6,124 9,816 53,696 68,429 Changes in operating assets and liabilities: Inventories (9) (977) Receivables 22,654 1,525 Payables (32,164) 33,836 Retirement benefits Net cash provided by operating activities 44, ,813 Interest received 10,827 16,494 Taxation paid (10,417) (22,101) Net cash provided by operating activities 44,587 97,206 Cash Flows From Financing Activities Dividend paid (36,050) Long term loan repaid (16,945) (20,054) Long term loan received 40,000 Interest paid (3,253) (5,259) Net cash (used in )/provided by financing activities (20,198) (21,363) Cash Flows from Investing Activities Purchase of investments (61,561) Proceeds from sale of investments 27,500 Purchase of fixed assets (3,647) (87,292) Proceeds on disposal of fixed asstes 782 Net cash used in investing activities (65,208) (59,010) (40,819) 16,833 Exchange gain on net foreign cash balances 1,143 1,616 Net increase in cash and cash equivalent (39,676) 18,449 Cash and cash equivalents at beginning of year 52,864 34,415 CASH AND CASH EQUIVALENTS AT END OF PERIOD 13,188 52,864

4 Statement of Changes of Equity Six (6) Months ended 30 September 2006 Number Share Capital Replacement Retained of Shares Capital Reserve Reserve Earnings Total 000 $'000 $'000 $'000 $'000 $'000 Balance as at 1 April , ,166 2,126,872 41,470 2,288,508 Divedinds paid (36,050) (36,050) Fair value adjustments to land and buildings, net of taxation 232, ,436 Net Profit 17,402 17,402 Balance as at 1 April , ,166 2,359,308 22,822 2,502,296 Provision for replacement 17,864 17,864 Replacement utilization (13,303) (13,303) Dividends paid Net Profit 20,275 20,275 Balance at 30 September , ,166 2,359,308 4,561 43,097 2,527,132

5 Notes to Report Six (6) Months ended 30 September 2006 Accounting Policies (a) Basis of Preparation These financial statements have been prepared in accordance with and comply with International Financial Reporting Standards (IFRS). (b) Fixed Assets and Depreciation Land and buildings are shown at fair value, based on annual valuations by external independent valuers, less subsequent depreciation for buildings. All other fixed assets are stated at historical cost, less depreciation. (c ) Investments Investments are classified as originated debt. Management determines the classification of investments at the time of purchase. Securities which are purchased directly from the issuer, are classified as originated debt. These include bonds and investment debentures. (d) Deferred Taxation Deferred tax is the tax that is expected to be paid or recovered on difference between the carrying amounts of assets and liabilities and the corresponding tax bases. Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Currently enacted tax rates are used in the determination of deferred income tax. Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. (e) Earnings Per Stock Unit Earnings per stock unit is calculated by dividing the net profit attributable to stockholders by the weighted average number of ordinary stock units in issue during the year. (f) Comparative Information Where necessary, comparative figures have been reclassified to conform with changes in presentation in the current year.

6 DIRECTORS AND EXECUTIVE MANAGEMENT STOCKHOLDERS DIRECTORS NO.OF STOCKS John J. Issa 9,169,568 Christopher Bovell 2,517 EXECUTIVE MANAGEMENT Eldon Bremner Heathcliffe Bremner 15,750 Teisha Bremner 15,750 Janira Bremner 7,875 Charmaine Blackwood 11,571 TEN (10) MAJOR STOCKHOLDERS NAMES NO. OF STOCKS National Hotels & Properties Limited 71,865,384 Middle East Ventures 19,840,103 John J. Issa 9,169,568 Harry Maragh 1,698,488 Capital Finance Limited 1,557,114 Pelican Securities Limited 1,168,945 Scotia Jamaica Investment Management A/C #319 1,088,669 Scotia Jamaica Investment Management A/C # ,966 G. Raymond Chang Limited 896,877 Frank Beda 864,915 30Sept06

Al Madina Investment CO. (S.A.O.G.)

Al Madina Investment CO. (S.A.O.G.) Page (7) 1 Legal status and principal activities Al Madina Investment Company SAOG (previously Transgulf Investment Holding Company SAOG) ( the Company or Company ) was incorporated as an Omani joint stock