Table Of Contents

WILLIAMS INDUSTRIES INC.

Index to the Consolidated Financial Statements For the Year ended 31 December 2008

Our Code Of Conduct 1

Chairman’s Report   2

Auditors’ Report   14

Consolidated Income Statement   15

Consolidated Balance Sheet   16

Consolidated Statement of Changes in Equity   18

Consolidated Statement of Cash Flows   19

Notes to the Consolidated Financial Statements   21

Owners of Williams Industries Inc.   45