On completion of the refinancing, liquidity will remain at an adequate level, with total cash balances estimated to remain relatively unchanged from the year-end 2005 balance of US$3.0 billion.

We are focused on ensuring timely completion of SABA Towers and can assure investors that all three towers will be delivered on schedule. The first project to be delivered will be the landmark SABA Tower 1, which is the first freehold luxury office project in the UAE. The project offers businesses a unique opportunity to own an office, effectively allowing them to turn the expense of rent into an asset. Equally, it allows business professionals to work from business premises that reflect their corporate objectives.

We are focused on ensuring timely completion of Saba Towers and can assure investors that all three towers will be delivered on schedule.

Upon completion of our investigation, further action may be taken. (The charges) are very serious in nature.

Completion of the national roll out of the Customer Management System must be put on hold, or they will be extending a failing IT system to even more customers.

It is in this context that I understand that the achievement of the completion date will be challenging.