ANNUAL REPORT

28Middle East Development Singapore ltdannual report 2007CORPORATE GOVERNANCESTATEMENTThe Company does not practice selective disclosure. Price sensitive information is first publicly released through SGXNET before theCompany meets with any group of investors or analysts. Results and annual reports are announced or issued within the mandatoryperiod. These are also available on the Company’s website.All shareholders of the Company will receive a copy of the Annual Report and Notice of Annual General Meeting (the “AGM”). At AGMs,shareholders will be given the opportunity and time to air their views and raise any questions. The external auditors are present toaddress shareholders’ queries on the conduct of audit and the preparation and content of the auditors’ report. In addition, the Chairmenof the AC, RC and NC will normally be available at the meeting to answer those questions relating to the work of these committees.(E)DEALING IN SECURITIESThe Company has adopted a Code of Conduct to provide guidance with respect to dealings in the Company’s securities by directors andofficers of the Group in compliance with the SGX-ST’s Listing Manual.Directors and officers of the Group are prohibited to deal in the Company’s shares when they are in possession of unpublished pricesensitiveinformation during the periods commencing one month before the announcement of the Group’s quarterly, half-yearly or fullyear results and ending on the date of the announcement of such results, or on short-term considerations when they are in possessionof unpublished price-sensitive information on the Group. To provide further guidance to employees on dealing in the Company’s shares,the Company has adopted a Code of Conduct on transactions in the Company’s shares. The Code of Conduct was modelled after the BestPractices Guide with some modifications. Directors and executives are also expected to observe insider-trading laws at all times.(F)INTERESTED PERSON TRANSACTIONSThe Company has adopted an internal policy in respect of any transactions with interested persons and has set out the procedures forreview and approval of the Company’s interested person transactions. The AC and the Board review all material transactions with interestedpersons to ensure that all interested person transactions are conducted on arm’s length basis and on normal commercial terms.On 20 April 2007, the Company announced that it had entered into a conditional project and construction management agreementwith M E Development LLC and a conditional project and construction management agreement with Advance Middle East, a companyregistered in Manama, Kingdom of Bahrain, which is a wholly-owned subsidiary of M E Development LLC (collectively the “ProjectConstruction Management Agreements”). The Directors of the Company are convening an Extraodinary General Meeting to be heldon 26 October 2007 to seek the approval of the Shareholders for (i) the Project Construction Management Agreements; and (ii) theproposed Shareholders’ Mandate for Interested Person Transactions.Save for the above, no interested person transaction of a value exceeding S$100,000 was entered into by the Group during FY 2007.