Venture Capital Bank: Interim Consolidated Financial Statements Nine-Month Ended 31 March 2017

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INTERIM CONSOLIDATED FINANCIAL STATEMENTS Nine-month ended 31 March 2017 INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 31 March 2017 (Reviewed) USD 000’s 31 March 2017 30 June 2016 (Reviewed) (Audited) ASSETS 8,282 170,268 188,255 accounted under the equity method 27,225 28,046 Murabaha financing to investee companies 34,750 40,993 Receivables 33,733 38,030 1,056 4,231 32,324 18,030 Investments Investments in associates and a joint venture Funding to project companies Other assets 8,143 8,434 310,829 334,301 101,424 101,734 Employee accruals 3,807 Other liabilities Property and equipment TOTAL ASSETS Total liabilities Statutory reserve Investments fair value reserve Foreign currency translation reserve 2017 461 892 1,834 2016 banking services - net - Dividend income 1 28 9 45 Rental and other income 440 669 2,105 2,549 Total revenue 902 1,591 4,077 7,805 Finance income 3,746 investments carried at fair value 7,643 4,527 through profit or loss - net 112,874 110,007 5,859 (25) (129) (127) 2,250 28,562 224,294 TOTAL LIABILITIES AND EQUITY 310,829 334,301 115(411) 1,017 Staff costs Travel and business development expenses Legal and professional fees Finance expense 1,180 (11,148) at fair value through profit or loss 15,225 5,748 313 356 Depreciation Foreign currency translation difference on investment -(129)(2) 1,987(13,743) 2,057 Investments in associates and a joint venture 616(419) accounted under the equity method -(33,750) Financing to an investee 3,456(29) Receivables 1,528 1,755 4,623 141 152 346 3,175(4,003) Funding to project companies 4,932 (14,294) Other assets 380 611 128 1,175 453 1,458 1,030 3,931 1,384 96 119 313 356 904 591 2,980 1,789 Total expenses 4,738 3,775 13,368 9,294 LOSS BEFORE IMPAIRMENT 3,116 Net cash used in operating activities INVESTING ACTIVITIES -(4,500) Dividends paid Dividends received 129 Property and equipment - net (22)(57) Net cash from (used in) investing activities 107(4,555) Murabaha financing to investee companies 6,243- and a joint venture - net (25)(78) (4,952) 24,488 8,282 2,724 3,330 27,212 Cash and cash equivalents at beginning of the period CASH AND CASH EQUIVALENTS AT END OF (205)(347) LOSS BEFORE BOARD OF THE PERIOD Cash and cash equivalents per the consolidated DIRECTORS’ REMUNERATION (3,746)(2,673) Board of Directors’ remuneration for 2015 NET LOSS FOR THE PERIOD (26,312)(6,334) -- -(365) (3,746)(2,673) (26,312)(6,699) statement of financial position Balances with banks Placements with financial institutions INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 2,402 9,192 928 18,020 3,330 27,212 Nine-month period ended 31 March 2017 (Reviewed) Share capital Unvested shares of Investments employee share Statutory fair value ownership plan reserve reserve Foreign currency translation reserve Retained earnings Balance at 1 July 2016 190,000 - 5,859 - (127) 28,562 Net loss for the period - - - - - (26,312) Foreign currency translation difference on investment in an associate - - - - (2) - Net movement in cumulative changes in fair value of available-for-sale investments - - - (25) - - Balance at 31 March 2017 190,000 - 5,859 (25) (129) 2,250 Balance at 1 July 2015 190,000 (10,000) 4,931 - (175) 34,711 Net loss for the period - - - - - (6,699) Dividends for 2015 - - - - - (4,500) Full cancellation of ESOP shares and issue of bonus shares - 10,000 - - - (10,000) Foreign currency translation difference on investment in an associate - - - - 55 - Net movement in cumulative changes in fair value of available-for-sale investments - - - 48 - - Balance at 31 March 2016 190,000 80,829 (2)(55) NET INCREASE IN CASH AND CASH EQUIVALENTS Share of loss of associates 10,142 5,933 Foreign currency translation adjustments 1,250 70,687 (310) Islamic financing payables (24,516)(7,237) 2 FINANCING ACTIVITIES Net cash from financing activities (3,721)(2,595) 1,471 (10,990)(51,731) Medium term borrowing raised Impairment allowances 3,985 61(3,743) Employee accruals Other liabilities Other expenses A JOINT VENTURE 347 Fair value losses on investments carried in operating assets and liabilities(9,107)(1,500) (15,225)(5,748) (provided) / released - net-- (1,591) Abdullatif M. Janahi Board Member and Chief Executive Officer 205 1,591(1,250) Impairment allowances Investments OF LOSS OF ASSOCIATES AND Abdulfatah M. R. Marafie Chairman accounted under the equity method Operating losses before changes PROVISION AND SHARE Extracted from the interim financial statements reviewed by Ernst & Young and approved for issue by the Board on 10 May 2017. Share of loss of associates and a joint venture Changes in operating assets and liabilities: EXPENSES Depreciation 3,5453,756 OPERATING ACTIVITIES Dividend income 190,000 20172016 in an associate 5,859 USD 000’s Adjustments for non-cash items: 5,209 2129 2 190,000 Nine-month period ended 31 March 2017 (Reviewed) Net loss for the period(26,312)(6,699) Income from investment 197,955 OFF STATEMENT OF FINANCIAL POSITION ITEMS Equity of investment account holders 2016 INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS Nine-month ended 31 March 2017 Total equity Retained earnings Three-month ended 31 March Fair value losses on EQUITY Share capital USD 000’s OTHER LOSSES LIABILITIES Islamic financing payables Nine-month period ended 31 March 2017 (Reviewed) REVENUE 3,330 Balances and placements with banks INTERIM CONSOLIDATED STATEMENT OF INCOME - 4,931 48 Licensed as an Islamic Wholesale Bank by the CBB, www.vc-bank.com (120) 13,512 USD 000’s Total 224,294 (26,312) (2) (25) 197,955 219,467 (6,699) (4,500) 55 48 208,371