Ordinary General Assembly Meeting of Shareholding Private Joint-Stock Damascus Cham Holding Co.:

Ordinary General Assembly Meeting of Shareholding Private Joint-Stock Damascus Cham Holding Co.

General Assembly meeting of Shareholding Private Joint-Stock Damascus Cham Holding Co was held at 11:00 a.m. of Saturday 26-5-2018 in the martyr Basil al-Assad hall within the governorate building of Damascus. in presence of Chairman Dr. Bishr al-Sabban and Engineer Adel Al Olabi, Vice Chairman of the Board of Directors, and board members of Damascus Cham Holding, the representative of the Companies Directorate at the Ministry of Internal Commerce and Consumer Protection; both the external auditor and the legal advisor to the company, and the Executive Director of Damascus Cham Holding Company. The agenda was discussed upon the invitation of the Assembly. Chairman of the Board of Directors, Dr. Bishr Al-Sabban, congratulated the leader of our beloved homeland on the great victory achieved against terrorism by the endeavors and sacrifices of our great army, with mercy and glorification for our generous martyrs, and with the most sublime of wishes of swift recovery for the wounded. The chairman affirmed that the year 2017 unfolded many challenges and changes that pushed us to coordinate with the board of directors since the beginning of this year to set clear goals and strategies according to the means of Decree 19 of 2015 concerning managing and investing in the properties and services of Damascus governorate, attracting national expertise and competencies in order to construct plans and policies to launch business, accommodating the adequate investment environment which helps attract investors, establishing service companies that seeks to upgrade the developmental and service level of the governorate, boosting necessary and sufficient financial resources to provide growth requirements in Damascus, thus ensuring the demands and luxury of its inhabitants. In terms of company's achievements, the chairman clarified that Damascus Cham Holding was able to launch several subsidiaries with national investors and provide investments with economic, social, and developmental profits. During 2017, Damascus Cham Holding was able to establish four companies specialized in the field of real estate development for some Holding company's plots in Marota City. Its capital amounted to 191.5 billion Syrian pounds, with an additional 188 billion SP worth contract with Aman Holding to bring the total share of Holding company of about 192.5 billion SP in these partnerships. The Chairman of the Board of Directors responded to the inquiries of the members of the General Assembly, which focused on ways to attract investment and investors, the need to focus on national investment, and the mechanisms of the Board of Directors to implement the system of governance and good governance. Concerning the administration's plan for the fiscal year 2018, it included the following axis: • Real estate development of the regulated areas: In terms of Marota City, it will include the completion of coordination with the directorates concerned in enforcing Decree 66 to follow up the implementation of the regulated area infrastructure, and the implementation of alternative housing according to the approved program in this regard. As for the second regulated area / Pascilia City: Work is underway to develop a general plan for investment within this area after the completion of coordination to end the measures taken by the Damascus governorate in terms of ratifying the organizational diagram and determine Damascus governorate plot and enlisting them in the real estate registry. • Investing Damascus Governorate properties outside the regulated areas: Work is underway to complete this inventory, establish an integrated database, linking it with the latest systems that provide strategic planning, and prepare adequate economic studies to attract local and regional investors. • In the field of services: Planning has been done to establish a number of private companies to provide services in regulated areas according to the regulation of Decree 19. Especially in licensing, quality systems, service management for new cities, specialized equipment for high buildings, alternative housing, real estate finance and information technology, constituting a qualitative leap at all levels in terms of providing the requirements of smart cities and the technical linkage of all its services in accordance with the latest technology and equipment. The plan also includes the establishment of several companies specialized in the field of transport management, waste management, advertising, media marketing and real estate development. At the end of the meeting, all items on the agenda were approved and an auditor was elected for the fiscal year 2018.