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Board of Directors resolutions disclosure 05 Jul 2015

The Board of Directors of Phoenix Power Company SAOG (the “Company”) advises the Capital Market Authority, the Muscat Securities Market and the investors’ community that in accordance with the resolutions passed at the Annual General Meeting of the Company on the 30th March 2015 and as previously disclosed in the prospectus issued by the Company in relation to its recently concluded initial public offering of shares, the Board of Directors of the Company at their meeting held on the 8th June 2015 have resolved:

“To distribute  cash dividend of Baizas 1.7 per share, out of the retained earnings as per the audited financial statements for the financial year ended 31st December 2014 to the shareholders of the Company who are registered in the Company’s shareholders’ register with the Muscat Clearing & Depository Company SAOC as on 15th July 2015.”