Directors Report :    English / Arabic Unaudited Consolidated Balance Sheet: English / Arabic Unaudited Profit and Loss Account :  English / Arabic Unaudited Consolidated Cash Flow Statement:  English / Arabic Statement of change in Equity: English / Arabic Notes  : English / Arabic Published Accounts: English / Arabic

Oadc/msm/2008 27^thAugust, 2008. Muscat Securities Market, Ruwi, Sultanate of Oman. After Compliments, Sub: Directors Report for the period May 2008 to July 2008. On behalf of the Board, I have pleasure to submit the first quarter un-audited results for the period May 2008 to July 2008. Sales for the first quarter period May 2008 to July 2008 was Rials 1,582,000 as compared to Rials 1,292,000 for the same period last year. Gross profit for the period was Rials 443,000 as compared to Rials 370,000 for the same period last year, due to the increase in Dairy production and sales by 22%. Higher international oil prices increased the prices of raw material used for packaging products by 44%. Cost of cattle feed increased by 64%. Sales distribution expenses also increased on account of higher discount and various schemes provided to super markets for increased shelf space. Hence the net profit for the three months period May 2008 to July 2008 before taxation after depreciation was Rials 26,000 as compared to Rials 31,000 for the same period last year. I have the greatest honor in extending my gratitude and respect to His Majesty Sultan Qaboos Bin Said, and his benevolent Government with prayers to God, the Almighty for blessing Oman and its citizens with all peace and progress under the great patronage of His Majesty Sultan Qaboos Bin Said. Yours faithfully, For Oman Agriculture Development Company SAOG. Mr. Mohamed Suleiman Al Ismaily. Chairman