At its meeting of July 14, 2010 the Board of Directors of Saudi Re appointed Dr. Salman bin Abulrahman bin Ahmad Al Sudairy to be a Member of the Board. This appointmnet is to fill the vacant position left by the resignation of Mr. Saud bin Abdulaziz Al Gosaibi and will be submitted for approval at the next General Assembly meeting.

At the same meeting, Mr. Nouhad Taleb, Chief Executive Officer, announced his intention not to extend his contract, which is due to expire on March 31, 2011. The Board thanked Mr. Nouhad Taleb for his efforts in establishing the Company. It also asked the Chairman to look for a replacement for Mr. Taleb and submit his proposal to the Board at an upcoming meeting.