Corporate Governance

The framework for Ma'aden's Corporate Governance is set by the provisions of the Corporate Governance Regulations issued by Capital Market Authority (CMA) of the Kingdom of Saudi Arabia, the Companies law and Ma'aden Articles of Association.

The objective of Corporate Governance is to ensure compliance with the best governance practices in order to protect the shareholders rights, as well as the rights of other stakeholders.

In its Articles of Association, Ma'aden creates the mechanism for the shareholders to exercise their rights during General Assembly Meetings, including the appointment of the Board of Directors at the General Assembly.

Ma'aden aims at complying with standards of corporate governance which are in accordance with the international best practice. We are sensitive to the expectations of our shareholder.

Ma'aden is diligent in its approach to reporting financial results and its ongoing communication with investor community, as well as fulfilling its disclosure obligations.

According to Ma'aden's Articles of Association, there are the following governing bodies:

• the General Assembly
• the Board of Directors

Ma'aden aims to meet and exceed the continuous disclosure obligations contained in the applicable Listing Rules of the CMA and places considerable importance on effective communication with its stakeholders and market participants.

Ma'aden's Investor Relations Department maintains continuous dialogue with the investor community at large, concerning their questions, suggestions and expectations of the Company. Sensitive feedback that is received is channeled to the President and CEO, who in turn, brings it to the attention of the Board for discussion and direction.

As part of Ma'aden's investor relations program, meetings with analysts and shareholders are held on a regular basis. In particular, presentations are made to analysts, fund managers and other market participants. During 2010, the principal method of communicating with shareholders was by e-communication and the Company's website at www.maaden.com.sa, as well as, one-on-one meetings and investors conferences.

Ma'aden announces its quarterly and annual results to the Saudi Arabian Stock Exchange (Tadawul) in Riyadh.