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BANQUE SAUDI FRANSI CONSOLIDATED BALANCE SHEET As at December 31, 2008 and 2007 - page 49 / 51

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BANQUE SAUDI FRANSI

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

35 Related party transactions

In the ordinary course of its activities, the Bank transacts business with related parties. In the opinion of the management and the Board, the related party transactions are carried out on an arm’s length basis. The related party transactions are governed by limits set by the Banking Control Law and Regulations issued by SAMA. The balances as at December 31 resulting from such transactions included in the consolidated financial statements are as follows:

-

887,079

1,689,461

902,457

197,965

1,318,272

(321,010)

(808,682)

1,256,709

2,180,233

SAR’ 000

Credit Agri cole Group

Investments Due from banks and other financial institutions Due to banks and other financial institutions Derivatives at fair value, net Commitments and contingencies

Associates

2008

2007

Investments Loans and advances Due to banks and other financial institutions Customers’ deposits Commitments and contingencies

Directors, other major shareho

lders’ and their affiliates

Loans and advances Customers’ deposits Derivatives at positive fair value Commitments and contingencies

Bank’s mutual funds Investments Customers’ deposits

2,288,631

2,165,060

3,752,342

3,914,117

147,922

32,923

243,877

244,046

176,859

124,595

186,250

3,750

71,333

72,811

227,805

2,973

20,927

21,795

53,251

88,818

580,169

497,189

Other major shareholders represent shareholdings excluding the foreign shareholder of more than 5% of the Bank’s share capital.

Income and expenses pertaining to transactions with related parties included in the consolidated financial statements are as follows:

120,563

97,811

257,744

212,452

12,912

38,684

2,792

2,774

175

373

SAR’ 000

Special commission income Special commission expense Fees from banking services Directors’ fees Other general and administrative expenses

2008

2007

The total amount of short term benefits paid to key management personnel during the year is SAR 55 million (2007: SAR 45 million). The key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Bank, directly or indirectly.

49

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