We make no representation regarding the appropriateness of the agreed-upon procedures

lbrahim Ahmed Al-Bassam & Co C.rttt a Pr5rc Aernnnr ^- t,a-t l Co.

lrnornbor nD ot PxF lnlormrronlr)

To the shareholders of Raydan Food Conpany leddah, Kingdom of ^Saudi Arabia

PK7

Agreed-Up@

kocedus

^Repon

m

the Decrease in Share Capital

of

Raydan Food Company

Pupose

ofthb

Agre€d-IJpon Procedures Report and Resriction on Use end Disgibution

Our repon is solely for the purpose ofassisting Raydan Food Company (A Saudi |oint ^{Stock Company)} (the "Company") and its subsidiary (They are collectively referred to as the group) to submit the result

of our

findings

to the

Capital

Market Authority ("CMA")

regarding issuance

of

Agreed-Upon Procedures Repon on the Decrease in Share Capital of the Company from SAR 337,500,000 to SAR 158,084,670 through the cancellation of 17,941,533 shares ofSAR l0 ^each, by transferring from share capital to carry forward losses by SAR 179,415,330.

We have conducted our engagement in accordance with the International Standard on Related Services (ISRS) ,1,()0 (Revised) "Agreed-Upon Procedures Engagements" approved

in

the Kingdom of Saudi Arabia applicable to Agreed-Upon Procedures engagements. These procedures were implemented only to assist the Company in reducing the Company's capital.

Accordingly, our report may not be suitable for any other purpose. This report is provided only to the management of the Company and submitted to the Capital Market Authority and should not be used by, or distribured to. any other parties.

Responsibfity of the CoEnissioniDg P8rty

The Company has acknowledged that the agreed-upon procedures are appropriate for the purpose

of the

engagement. The Company

is

responsible

for the

subject matters on

which the

agreed-upon procedures are performed,

Practitioner's Responsibilities

We have conducted the agreed-upon procedures engagement

in

accordance

with

the Internadonal Standard on Related Services (ISRS) 4,rc0 (Revised), Agreed-Upon Procedures Engagemezt which is endorsed

in the

Kingdom

of

Saudi Arabia.

An

agreed-upon procedures engagement involves our performing the procedures that have been agreed

with

Raydan Food Company, and reporting the findings,

which

are

the

factual results

of the

agreed-upon procedures performed.

We

make no representation regarding the appropriateness of the agreed-upon procedures.

This agreed-upon procedures engagement is not an assurance engagement. Accordingly, we do nor express an opinion or an assurance conclusion.

Had we performed additioual procedures, other matters might have come to our attention that would have been reported.

iIYIDH

T.l. +t66 I | 206 5333 PO Aor 69658

Far rt66ll2065441 Fryodh 11557

JEODATI

I.l. 196612 652 !333 ?O8or15651

F.r,966 l2652 289( .Jedd.h2l45{

AL XHOAAR

Iet. .964 13 Bt3 3378 PO Bor {636

F.t ^{r95613493 3319 Al} {hoba.l1557

lA-a.-dt I C..lCI.l0I03E5804 A? !knr. 520r I 1132:l is. Rnrb.r n,holrn.Pl(F in'.€mational Lmr.d*n,ch idminrrler. a larrlyol t.!.tl, !.der.nded tms..d.tEe

n d .(c.pl xy ..sCotrsblly or liabrl{, !o. lh. ..lrhs d rn&nds ol Fy

'.drv'duil h.hh.. or .qrdpMdonr trm o. trhr EdI mto r@prl .om W.L ww ^prt tbars.h coi

lbrahim Ahmed Al-Bassam & Co C..r.a Praac A.carnbnr. - Ar-6-.e a C6.

(momh* tm ot PkF rnr.rn.nmar)

To the shareholders of Raydan Food C.ompany Jeddah, Kingdom of Saudi Arabia

PK7

Professional Ethics and Qrality ^C.ontrol

We have complied

with

the International Code of Ethics for Professional Accourtants, issued by the International Ethics Standard Board for Accountants,

which

is endorsed

in

the Kingdom

of

Saudi Arabia by the Saudi Organization for Chanered and Professional Accountants ("SOCPA"), "referred to as IESBA Code" and the independence requirements in Part 4A ofIESBA Code.

Our firm applies lnternational Standard on Quality Control ^(ISQC)

l,

Quality Control for ^Firms that Perform Audits and Reviews

of

Financial Statements, and Other Assurance and Related Services Engagements,

which is

endorsed

in the

Kingdorn

of

Saudi Arabia and accordingly, maintains ^a comprehensive system

of

quality control including documented policies and procedures regarding compliance

with

ethical requirements, professional standards, and applicable legal and regulatory requirements,

Procedures and Findiags

We have performed the procedures described below, which were agreed upon

with

Raydan Food Company in the terms of engagement, in determining the Decrease in Share Capital.

nrY oH

T.l. ^]966 I I 206 5ll3 PO 8or 69658

F.r ,966 11 206 5444 Rryrdi 11557

JEDOATI

f.I _'t6612 652 !133

F.r ^{.966 I ? 652 289{ rO S.r 15651}

I

# Procedures Findings

a- Obtaining

the

minutes

of the

meeting

of

the minutes

ofthe

Exraordinary General Assembly meeting

held on 9 Rabi' al-Awwal

l,l44H, corresponding to 5 October 2022, in which the shareholders decided

to

reduce the Company's capital by 53.160/o from SAR 337,500,000 to SAR 158,084,670

by

canceling 17,941,533 shares ("1.06 shares

will

be reduced for ^each 2 shares

held") at a nominal value of SAR 10 per share,

reducing the

accumulated losses

by

^SAR

179,415,330.

Minutes of the meeting were obtained fiom the Extraordinary General Assembly meeting held on 9 Rabi' al-Awwal1444H, corresponding to 5

October 2022, in which the

shareholders decided

to

reduce

the

Company's capital by 53.160lo

from SAR

337,500,000

to

^SAR

158,084,670

by

canceling 17,941,533 shares

("1.06 shares

will

be reduced). per

2

shares")

with

a nominal value ofSAR 10 per share, and a

reduction in

accumulated losses

by

^SAR

179,415,330. No exceptions noted.

b Obtaining the consolidated financial position

of the

Company showing

the

capital as

on

⁶

October 2022, as well as the accumulated losses on that date.

The

consolidated

financial position of

the Company was obtained showing the capital as

on 6 October 2022, as well ^as the accumulated losses on that date. No exceptions noted.

hol a...rr.ny r4F.eb y o.liebnny'o. lh. i.nons q n&nons ot a^y rndrdi.l h.mb.. or.reipMd.nt ^nrm or nrm. :dll mlo sr@pti..om W.L ws pr,arb.srim.om

fureed-IJpm Procedrnes R€port or1 the Deaease in Sbere C-epial

of

Ray&n Food Company (continued)

/

^aL xHoale

I T.L .96611a9t 137{l PoBor4636

, Far ^{,966 13 893 3319} AlHhotdr1l557

To the shareholden of Raydan Food Company Jeddah, Kingdom of Saudi Arabia

Procedures and Findings (continued)

For Al-Bassan & Co.

Public Accountant 'License No. 477

Jeddah: ²² Rabi-Al -Thani 1,144H Corresponding to: 16 November 2022

RIYAOH

T.l. ^+t66 I I 206 5333 P0 aor 69658

Far r9A6ll206 5441 Rryddh 11557

JCODIH

T.t. .966 12 652 5333

Frt ^{1966 l2 652 2494} JaOdah 2115(

PK7

Agre€d-Upon Procedures Report on the Decrease in Share Capital

of

Raydm Food Company (continued)

lL r(8oalR T.t. _'966 l3 893 337E

F.x r966l38933349

# Procedures

Findins

c- Verifu that the movement was recorded on 6 October 2022,

in the

Company's accounting records by

writing

off the share capital of SAR 179,415,330 against

the

accumulated losses

in

accordance

with the

shareholders' decision mentioned in the above item.

Verify

that the movement was recorded on 6 October 2022,

in the

Company's accounting records by writing off the share capital of SAR 179,415,330 against the accumulated losses

in

accordance

with

the shareholders' decision.

It was found that the

recorded movement ^is consistent

with the

shareholders' decision mentioned in Procedure no. (a).

d- Checking the arithmetic accurary

in

Appendix

1

The

arithmetic accuracy

of

Appendix

1

was checked and no exceptions were noted.

e Verify the calculation ofaccumulated losses as a percentage of the capital.

The

accumulated losses

were

reduced after reducing the capital and turned

into

retained eamings by an amount of SAR 864,509 so that

the

percentage

of

accumulated losses

as

^a

percentage ofthe capital after the reduction was zeroolo

ofthe

capital.

c.a. r 01038580.

2n^r/]

tsrm

I

^c

tr!

lbrahim Ahmed Al-Bassam & Co

c.n'&d Pubr'6leolnr. 3 !aGenaco_

ner h,/ ^r rf c r)kt nr. Dr..r'

I

A

(l /A [P*"r* ^F(x)D

^{coMPAr\ Y}

[\"Saudi

^{foint Stock company)}

O ^I I-Fl!I!l

Condersed Consolid.ted strtement of Finrnciel PositioD (Unaudited) As ar 6 October 2022

(Expressed in Saudi Arabian Riyals)

6 October 2022 (Unaudited)

3l

December 2021 (Audited) Alrcts

NoD{urr.e[t agsct!

Property, plant and equipment, Net Inlangible assets. Net

Right-of-use assets. Net

lnvestment in company by equity method

No[-currclt rscts

Currenl

rsetl

lnventories- Net Trade receivables. Net Due from related panies

Prepayments and other receivables Non-current assels held for sale Cash and cash equivalents Currcnt

A$etr

Toarl Assets

Shereholders' multv rnd lirbilities Shareholders' Equity

Share capital statutory reserve

Retained eamings (accumulated losses) Foreign curency translation Reserve

Totrl equity

rttributrble

lo shereholden of tho Compeny

Nonronlrolling interests

Totrl equity Lirbilities

Non{urreot

llrbilitica

Lease liabilities- Non-cunent ponion Long term loans- Nonturrcnt portion End ofservice benefits

Noo{urrcnt

lirbiliaica Current lhbilitieis

Lease liabilities- curr€nt ponion [,ong-term loans ^- curent ponion Trade payables

Due to related parties Accrued zakat

Tolel

Curent

liebilities

Totrl

Lirbilities

Totel Shrreholders' Equity and liabilities

2'.t2,212,614 225. t 30.633 2,250,237

5,711,'.t20 9,748,407 12,122,438 41,768,643

2.360.691 3.331.492 8.482.038 6,146.376 3.200,000 76, r 88,384

71,600,844 ^99.708.9E1

l?4.83e.614

158,084,670 27,413,79E 864,509 4,t8,392

337,500,000 2'1,4t3,798

( t 57,504.t07) 50E,3 t4

186,781,369 5,142

207.918.005

2,3t2 186,785,511 207.e20.3t1

43,993,762 12,207,896 12,484,2't6

{4,099,37 t

t.1.318.738 15.,{18.3

tl

69,085,874 73.856.122

6,197,186 4,750,000 .t1,752,613

5,271,278

9,293.535 6,000.000 t6.397.741 I

l.l6l.7l0

209.866

27,971,077 43.062.875

97,056,951 t 16,919,291

AU _,

Chief F Ollice r Chief Executive O Vice Chairman

N\

119,063,955 252,950 35,342,060 57,583,653

127,779,21?

t35,1@

35,590.920 6l,625J41

283343,462

283,84:1,462

124.83e.614