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BANQUE SAUDI FRANSI CONSOLIDATED BALANCE SHEET As at December 31, 2008 and 2007 - page 25 / 51

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BANQUE SAUDI FRANSI

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the years ended December 31, 2008 and 2007 _______________________________________________________________________________________________

e) Loans and advances include finance lease receivables, which are analyzed as follows:

SAR’ 000

2008

Gross receivable from finance leases:

Less than 1 year 1 to 5 years More than 5 years

31,066 660,392 444,061

Unearned future finance income on finance leases

1,135,519 (15,001)

Net receivable from finance leases

1,120,518

8

Investment in associates

2007

34,711 334,458 405,772

774,941 (15,467)

759,474

2008

2007

124,595 39,821 12,443

35,404 82,500 6,691

176,859

124,595

SAR’ 000

Opening balance Cost of investment during the year Share of undistributed profit

Closing balance

Investment in associates represents 27% shareholding in interest in the Banque BEMO Saudi Fransi (2007: 27%), a bank incorporated in Syria and 50% shareholding in InSaudi Insurance Company (2007: 50%) incorporated in Kingdom of Bahrain and 32.5% shareholding in Saudi Fransi Cooperative Insurance Company (Allianz Saudi Fransi) (2007: 32.5%) incorporated in the Kingdom of Saudi Arabia .

The Bank also owns 50% of Sofinco Saudi Fransi (2007: 50%), which involve in consumer lease finance and 45% of CALYON Saudi Fransi (2007:Nil), which involve in corporate financial advisory services.

The Bank’s share of the associate’s financial statements:

SAR’ 000

Bemo Saudi Fransi

Allianz Saudi Fransi

2,015,354

1,723,115

65,627

33,734

1,932,244

1,674,544

46,117

6,359

83,110

48,571

19,510

27,375

51,285

32,401

1,177

202

34,911

22,961

13,953

5,326

Total assets Total liabilities Total equity

Total Income Total expenses

2008

2007

2008

2007

The results of other three associates i.e. InSaudi Insurance Company, Sofinco Saudi Fransi and CALYON Saudi Fransi are not significant and are not disclosed in these consolidated financial statements.

25

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