In light of recent local and international governance developments and reporting requirements, ITI is continuously revising its financial reporting to disclose the contents of its internal corporate governance rules in a transparent manner.

The following sets of corporate governance rules are currently enforced in IT Investments, in addition to the Articles of Association:

• Rules governing the Board of Directors

• Terms of Reference of the Investment Committee (as an Advisory Body to the Board of Directors)

The current structure and composition of IT Investments' governing bodies was stipulated in the Articles of Association and the Commercial Registration # 239 dated June 6th. 1995 ratified by Ministerial Decree # 282 for the year 1995, which was subsequently amended by a resolution adopted by the General Assembly on June 1st. 1998 and subsequent resolutions. These changes were introduced to improve the decision-making process and to reinforce good governance standards in the company. The main corporate governance measures introduced were as follows:

Management criteria:

The number of directors serving on the Board was increased to include members who are fully involved in the finance, investment and banking sectors. Due to the contractual relationship with the fund manager “IT Ventures", the role of the Executive Committee was eliminated in favor of an Investment Committee composed from certain members of the Board

• Law 159, the Articles of Association and the Company's By-Laws enacted the Rules governing the board of Directors. They set forth the rights and obligations of IT Investments' directors and the rules of business conduct and ethics that they are required to observe, in line with guidelines laid down in the Codes of Conduct.

• A new corporate governance body: the Investment Committee, was created by Board Resolution # 4 dated June 1st. 1999 (under the interpretation of Article 25 of the Articles of Association) to act as an advisory body to the Board of Directors. The purpose of this committee is to review and assess investment opportunities in order to provide the Board of Directors with its recommendations. Members of the committee are drawn exclusively from the Board of Directors. The Board also approved the Rules of Procedure of the Investment Committee governing the conduct of its business and meetings under certain Terms of Reference ratified by the same Resolution.

• IT Investments' governing bodies operate according to the rules and regulations contained in the documents listed below. Some are internal, while others are available to the general public from their specified registrars:

Ø       Articles of Association

Ø       Commercial Registry

Ø       Rules governing the Board of Directors

Ø       Terms of Reference for the Investment Committee

Ø       Management Contract with IT Ventures

Ø       Financial by-Laws